Federal Reserve Bulletin, 1970-03
F E D E R A L R E S E R V E BULLETIN * ★ ★ * . - < ^ 5 ^ 2 ^ . . ' ' * f^ A L R E if : MARCH 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
F E D E R A L RESERVE BULLETIN NUMBER 3 □ VOLUME 56 □ MARCH 1970 CONTENTS 195 Recent Changes in the Structure of Commercial Banking 211 Changes in Time and Savings Deposits, July-October 1969 225 Treasury and Federal Reserve Foreign Exchange Operations 247 Statements to Congress 267 Record of Policy Actions of the Federal Open Market Committee 279 Law Department 310 Announcements 313 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 109 Board of Governors and Staff A 110 Open Market Committee and Staff; Federal Advisory Council A 111 Federal Reserve Banks and Branches A 112 Federal Reserve Board Publications A 116 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 edi torial committee. This committee is responsible for opinions expressed except in official statements and signed articles. Direction for the art work is provided by Mack Rowe. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Recent Changes in the Structure of Commercial Banking COMMERCIAL BANKING STRUCTURE in the United States has developed within a framework of both State and Federal regula tions—regulations that include controls over the chartering of new banks, merging, branching, and holding company formations and acquisitions. State laws that prohibit interstate branching and that vary greatly in their provisions relating to intrastate branching and holding company activity have contributed to the evolution of different State and regional banking structures. And both State and Federal regulations have had a substantial influence on bank ing structure at local levels. Between 1961 and 1969, the number of banking organizations in the United States increased slightly; and the proportion of deposits held by the largest organizations—concentration—re mained relatively unchanged. These changes stand in contrast to those of the 1950’s. During that decade the number of banking organizations declined and concentration increased in the Nation as a whole, partly as the result of mergers, including mergers among relatively large banks. RECENT CHANGES IN The Bank Holding Company Act of 1956 required the Board of FEDERAL LAW Governors of the Federal Reserve System to evaluate the com petitive effects, among other factors, of multiple bank holding company formations and acquisitions. The Bank Merger Act of 1960 further required the Federal Reserve and other bank regu latory agencies to evaluate the competitive effects, among other factors, of bank mergers. In 1966 Congress amended both the Bank Holding Company Act and the Bank Merger Act to clarify Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
196 FEDERAL RESERVE BULLETIN □ MARCH 1970 the relationship between those two banking acts and the Federal antitrust laws—that is, the Sherman Act and the Clayton Act. The amendments prescribed, among other things, that the same competitive standards would be applied by the Federal bank regu latory agencies and the Department of Justice in all cases involving bank mergers and registered bank holding company formations and acquisitions. Under the amended legislation, as under that in effect earlier, all bank mergers must receive prior approval from the appropriate Federal regulatory agency, and all registered bank holding com pany formations and acquisitions must receive prior approval from the Board of Governors of the Federal Reserve System. The agen cies may not approve under any circumstances acquisitions that would violate the antimonopoly provisions (Section 2) of the Sherman Act. They are also forbidden to approve any acquisition the effect of which “may be substantially to lessen competition, or to tend to create a monopoly” (the language of Section 7 of the Clayton Act), or which “would be in restraint of trade” (that is, be in violation of Section 1 of the Sherman Act), unless “the anticompetitive effects . . . are clearly outweighed in the public interest by the probable effect of the transaction in meeting the convenience and needs of the community to be served.” Even if an acquisition is approved by the relevant banking agency, how ever, the Department of Justice may bring suit under the Clayton and/or Sherman Acts. But if that Department does not act within 30 days, it is thereafter barred from entering suit except under Section 2 of the Sherman Act. An intended effect of the amendments was to reduce the number of anticompetitive bank acquisitions, particularly among large institutions. During the 1950’s, the number of banks in the United States had been reduced by about 5 per cent, and the prin cipal cause of the reduction had been mergers—including acquisi tions of a number of relatively large banks by other large banks. STRUCTURE AT On June 30, 1969, there were 13,634 banks in the United States, THE NATIONAL LEVEL ^ increase of 203 since the end of 1961. (See Table 1.) This increase resulted principally from the fact that the number of newly chartered banks was substantially larger than the number of banks that disappeared through merger. The years 1963,1964, and 1965 had an unusually large number of new charters—in fact, in that period the number of new banks exceeded the number of mergers by an annual average of 134. In contrast, in the decade Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STRUCTURE OF COMMERCIAL BANKING 197 before 1962, the number of new banks chartered had averaged 59 fewer per year than the number of banks that were acquired through merger. Changes in the number of banks for the Nation as a whole may give a broad indication of changes in banking structure, but these changes must be interpreted cautiously for several reasons. First, large banks and small banks often differ in the range and extent of services provided; thus the effects on banking structure and performance of a given change in the number of large banks may differ greatly from those effects caused by an equivalent change in the number of small banks. Secondly, as discussed below, structure has not changed at the same rate throughout the country. In some areas structure has changed very rapidly; in others, not at all. Consequently, changes on a nationwide basis may give a misleading impression about any given area. Finally, a number of banks are affiliated with regis tered bank holding companies, which appear to play a significant role in policy and operating decisions for all affiliates. In conse quence, the number of banks tends to overstate the number of independent decision-making banking institutions. If all banks in a registered bank holding company are con sidered as a single organization, figures reflecting changes in the number of banks should be adjusted to reflect changes in the number of “banking organizations.” When this is done, the number of banking organizations—consisting of holding com- TABLE 1 CHANGES IN NUMBER OF COMMERCIAL BANKS IN THE UNITED STATES January 1962-June 1969 Number, and nature of change 1962 1963 1964 1965 1966 1967 1968 1969 (Jan.-June) Number, beginning of period............................... 13,431 13,426 13,570 13,761 13,804 13,769 13,720 13,678 Increases: New banks organized...................................... 183 300 335 198 117 102 87 55 Reopenings...................................................... 1 1 1 Decreases: Mergers, consolidations, and absorptions: Banks, converted into branches.............. 164 139 120 130 113 114 120 56 Other......................................................... 18 12 13 19 24 19 10 41 Suspensions...................................................... 2 2 8 7 1 4 2 Voluntary liquidations.................................... 4 2 2 4 11 Other changes.................................................. 1 1 1 10 3 Number, end of period........................................ 13,426 13,570 13,761 13,804 13,769 13,720 13,678 13,634 Net increase, or decrease (—)............................. -5 144 191 43 -35 -49 -42 -44 Note.—Data in this table are for all commercial banks; they differ slightly from data for insured commercial banks shown in the special table on p. 210. Data for 1969 are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
198 FEDERAL RESERVE BULLETIN □ MARCH 1970 pany groups and independent banks—is only slightly different from the number of banks; but the increase in number of bank ing organizations between 1961 and 1968 is considerably less than the increase in number of banks. At the end of 1961 there # were 13,081 banking organizations; by the beginning of 1969 the number had risen to 13,171. Thus, the number of banking orga nizations expanded by 90 over the period, as compared with the number of banks, which increased by 247. TABLE 2 PERCENTAGE OF TOTAL DEPOSITS HELD BY LARGEST BANKS AND BANKING ORGANIZATIONS June 1961 and 1968 1961 1968 Number Banking Banking Banks organi Banks organi zations zations 5 largest............... 13.70 14.33 14.02 14.25 100 largest............... 46.31 49.44 45.66 48.99 300 largest............... 60.29 62.95 59.23 62.80 The divergence between number of banks and number of banking organizations reflects the rapid growth of registered bank holding companies, particularly since the mid-1960’s. At the end of 1961 there were 41 separate bank holding com panies with 427 subsidiary banks; there had been relatively little change in these numbers by December 1965; but by the end of 1969 the number of holding companies had increased to 86 and the number of banks to 724. Even more impressive than the changes in these numbers, however, was the increase in the share of total deposits of subsidiaries. At the beginning of 1962 holding company subsidiaries held 8.0 per cent of all commer cial bank deposits; at the end of 1965, they held 8.3 per cent; but by the end of 1969, the share of subsidiaries had risen to 14.5 per cent. Multiple-office banking expanded rapidly not only through holding company growth but also through branch banking. The number of banking offices expanded to roughly 32,500 by Jan uary 1969—an increase of almost one-fifth since December 1961; and almost 97 per cent of the growth was accounted for by newly established branches. Since population in the United States in creased at a slower rate than banking offices, the number of people per banking office declined from 7,500 to 6,200. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STRUCTURE OF COMMERCIAL BANKING 199 Concentration of deposits. One broad measure of banking struc ture is the amount of business done by the largest units. This is sometimes expressed as the percentage of total deposits held by the largest banking organizations. In 1968 the five largest such organizations in the Nation held more than 14 per cent of all commercial bank deposits, the same as in 1961. (See Table 2.) The proportion of total deposits held by the 100 largest bank ing organizations also remained about the same over the period. These organizations may be viewed as representing the principal connections of large nationwide businesses in the United States. While they represent less than 1 per cent of all organizations in the banking system and hold about half the total deposits, their number is reasonably large in absolute terms, and the proportion of deposits held would not seem to represent an unduly high concentration. Size distribution of banking organizations. The size of individ ual banking organizations grew rapidly during the period June 1961-June 1968. The median-sized organization increased from $3.4 million to more than $6 million. In 1961, more than 10 per cent of all banking organizations had $1 million or less in de posits; in 1968, less than 3 per cent were in that size class. TABLE 3 SIZE OF BANKING ORGANIZATIONS June 1961 and 1968 1961 1968 Size class (in millions of Percent Percent dollars) Number age Number age distri distri bution bution More than 500........ 56 .4 106 .8 100-500..:............. 221 1.7 348 2.7 50-100................... 209 1.6 380 2.9 20-50..................... 681 5.3 1,283 9.8 10-20..................... 1,236 9.7 2,107 16.2 5-10..................... 2,245 17.6 3,256 25.0 2-5....................... 4,268 33.4 3,733 28.7 1-2....................... 2,540 19.9 1,437 11.0 1 or less................... 1,325 10.4 382 2.9 All size classes........ 12,781 100.0 13,032 100.0 (See Table 3.) There were only 56 banking organizations with deposits of more than $500 million in 1961; by mid-1968, the number had nearly doubled. A principal cause of the upward shift in size during the 1961-68 period was the growth of total bank deposits in the Nation, although this factor was no doubt of greater importance in some parts of the country than in others. Over the period, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
200 FEDERAL RESERVE BULLETIN □ MARCH 1970 deposits held by all banking organizations increased from $250 billion to $393 billion, or by about 57 per cent. One-bank holding companies. Among the significant develop ments in banking during the 1960’s was the accelerated growth of one-bank holding companies—corporations that hold 25 per cent or more of the stock of only one bank. In 1955 there were only 117 known one-bank holding companies, and their banks held $11.6 billion in total deposits, about 6.0 per cent of the national total. Although the number of such companies had risen to 550 by the end of 1965, the proportion of total deposits that they held had decreased to 4.5 per cent. One-bank holding com panies were typically, though not invariably, small concerns holding small banks as well as other properties. Since 1965 the number of one-bank holding companies and the proportion of bank deposits they hold have increased dramat ically. In particular, both accelerated sharply during the latter half of 1968 and in 1969, when many of the largest banks in the Nation converted their corporate structure to include a one-bank holding company. Thus by the end of 1969 there were more than 890 known one-bank holding companies, which held banks with about $181 billion in deposits—about 43 per cent of total de posits of all insured commercial banks in the country. One-bank holding companies may legally enter almost any industry in any geographic area. Large banks have thus been mo tivated to form such companies in order to enter product and geographic markets that they had formerly been barred or dis couraged from entering by either law or regulation. Some ob servers have viewed the recent movement as a response to com petitive pressures and to customer demands for a wider variety of services. But others have viewed it with some apprehension because of potential abuses that might result from expansion into new types of activity. Among matters of concern are the possi bilities of undue concentration of economic power; preferential treatment by an affiliated bank of the nonbank affiliates of the holding company, particularly in the extension of credit; and dangers to the soundness of affiliated banks arising from pressures to favor customers of its affiliated businesses in credit decisions. STATE BANKING LAWS As already noted, banking structure is significantly affected by State as well as by Federal law and regulation. On the basis of their branch banking laws, States (including the District of Co lumbia) may be classified into three groups as follows: (1) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STRUCTURE OF COMMERCIAL BANKING 201 STATEWIDE BRANCH BANKING predominates in West and on East Coast; UNIT BANKING prevails in Midwest Numbers indicate the following for each State: 1—no explicit requires State approval; 3—law permits holding companies but holding company law; 2—law permits holding companies but restricts operations; 4—law prohibits holding companies. States that permit geographically unrestricted branching (state wide branching); (2) States that permit branching within limited geographic areas, usually the county in which the bank is head quartered, or that county plus contiguous counties (limited branching); and (3) States that prohibit branch banking (unit banking). As the map shows, statewide branching is widespread in the Far West, and it is predominant on the East Coast; limited branching is prevalent in States between the East Coast and the Mississippi River; and unit banking is dominant throughout the Midwest. There have been few changes in State banking laws in recent years. During the 1960’s, only four States—New York, Virginia, New Hampshire, and New Jersey—significantly changed their branching laws. All enacted less restrictive provisions. The New York law, which generally limits branching to the areas within nine banking districts into which the State is divided, was amended in 1960 to permit more liberal branching by banks in the New York City area. The change permitted reciprocal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
202 FEDERAL RESERVE BULLETIN □ MARCH 1970 branching between banks in three New York City counties (second New York banking district) and (1) the banks in Nassau County (first banking district) or (2) those in Westchester County (third banking district). In Virginia, the law was changed in 1962 to permit state wide branching by merger. Branching, both de novo and by merger, had formerly been restricted to a limited area around a bank’s head office; this earlier restriction remained in effect for de novo branching. In New Hampshire, the law was amended in 1963 to permit branch banking within limited geographic areas, subject to homeoffice protection and several other limitations. Until that time branch banking had been prohibited. In 1969 branching privileges were also liberalized in New Jersey. Before that time, branching had been limited to head office counties and had been further limited by the prohibition of de novo branching into communities where banking offices (head offices or branches) were located. Branching in New Jersey is now permitted within each of the three banking districts into which the State has been divided. De novo branching into communities containing head offices is still prohibited; how ever, de novo branching into communities with branch offices is prohibited only in communities with populations of less than 7,500. The map also shows that 30 States do not have specific legis lation regulating registered bank holding companies. Of the remaining States, five require State approval of the acquisition of banks by holding companies; four restrict such acquisitions, generally by specifying the maximum percentage of a bank’s stock or of the total deposits in the State that the holding com pany may control; and 12 prohibit registered bank holding com panies. Seventeen of the 21 States with holding company statutes have enacted such legislation since the Bank Holding Company Act of 1956. New York, Virginia, and New Jersey are examples of States in which branching restrictions and holding company law inter act to produce special types of banking structures. In New York, statewide banking can be accomplished only through the holding company mechanism because, as noted earlier, branching is gen erally restricted within nine State banking districts. In recent years a number of large holding companies have been organized Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STRUCTURE OF COMMERCIAL BANKING 203 and have made acquisitions in a substantial number of urban areas in the State. In Virginia, holding company formations and acquisitions are also encouraged by restrictions on de novo branching, even though the State is not divided into districts as is New York and even though branching by merger is permitted throughout the State. This encouragement stems from the fact that de novo branching is restricted to a limited geographic area around a bank’s head office. The acquisition of a distant bank through merger thereby eliminates the acquired bank’s head office and its de novo branching privileges. On the other hand, the acquisition of the same distant bank by a holding company would not de stroy the identity of the acquired bank’s head office and would not eliminate its branching privileges. As in New York, a num ber of holding companies have been formed in Virginia in recent years and have acquired banks in many urban areas throughout the State. New Jersey, like New York and unlike Virginia, has been divid ed into banking districts (three) within which banks may estab lish branches. As in New York, bank holding companies may op erate across district lines; and several proposals for bank holding company formations would establish statewide organizations. In all three States, branching has, for the most part, been limited to regions within the State, while holding company ex pansion has been permitted or encouraged throughout the State. To some degree, the banking structure that evolves from these laws reflects the desire of State legislatures to maintain the iden tities of local banks, while affording them the possibility of af filiation with corporate organizations large enough to provide the range and depth of services demanded from modern bank ing organizations. STRUCTURE AT Changes in banking structure at the State level, as already noted, THE STATE LEVEL are significantly affected by laws that regulate multiple-office banking; and it is useful to highlight some of the structural changes that have occurred among States grouped according to branching law. In June 1961 about half of the Nation’s insured commercial banks were located in 15 unit-banking States. (See special table on page 210.) By June 1969 the proportion had increased by slightly more than 4 percentage points, as the num ber of banks in unit-banking States increased while the number Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
204 FEDERAL RESERVE BULLETIN □ MARCH 1970 in the 16 limited branching and 20 statewide branching States declined. The change in number of banks in unit-banking and branchbanking States is determined almost completely by the number of new banks chartered and the number of mergers. More than 700 new banks were chartered in unit-banking States between June 1961 and June 1969—over 50 per cent of all new charters in the Nation. On the other hand, there were fewer than 90 mergers in unit-banking States over the period—around 7 per cent of the total number of mergers. More new banks have appeared in unit-banking States be cause this is the only means for providing additional full-service banking facilities. Fewer mergers have occurred because a primary objective of merger—to acquire additional offices—is not attainable. Registered bank holding companies. Prohibition of the estab lishment of full-service branches, whether de novo or by merger, has often been advanced as the principal reason for the growth in importance of holding companies in unit-banking States. In these States at the beginning of 1962, there were 26 registered bank holding companies with 244 banks—57 per cent of all holding-company-affiliated banks in the Nation. By the end of 1968 there were 44 holding companies with 349 banks in unitbanking States—about 55 per cent of all affiliated banks. While most banks affiliated with holding companies are in unit-banking States, these figures, taken alone, could be mis leading as an indication of the relative intrastate importance of holding companies in other States. Holding companies are of about the same importance in limited and statewide branching States as they are in unit-banking States. The 349 affiliated banks in unit-banking States represent 4.8 per cent of the total number of banks in those States; banks affiliated with holding companies in limited branching and statewide branching States represent 3.7 and 6.8 per cent, respectively, of the numbers of banks in those States. Banks affiliated with holding companies in unit-banking States hold 13.3 per cent of total bank deposits in those States; the comparable figures are 13.0 per cent in limited branching States and 14.0 per cent in statewide branching States. Holding companies have grown in importance in certain branching States for the same basic reason as in unit-banking States. The holding company organizational form has provided a means for developing multiple-office organizations on a geo Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STRUCTURE OF COMMERCIAL BANKING 205 graphically extensive basis where banking laws prohibit or re strict such development by banks. As noted above, holding companies have become a popular organizational form in recent years in Virginia, a statewide branching State, and in New York, a limited branching State, as a means for developing statewide banking organizations; and planned formations in New Jersey, another limited branching State, suggest that the holding com pany will grow in importance there for the same reason. Concentration of deposits. The proportion of total deposits held by the largest banking organizations in each State shows great variation, but it tends to be highest in statewide branching States and lowest in unit-banking States. (Concentration in local markets does not necessarily parallel concentration at the State level. A State with relatively low concentration statewide, for example, may contain high concentration in local markets.) For example, in six States—Rhode Island, Arizona, Nevada, Dela ware, the District of Columbia, and Hawaii—the proportion of deposits held by the five largest organizations exceeds 90 per cent. All are statewide branching States with small populations. The statewide branching State with the lowest concentration ratio is South Dakota, with 46 per cent. All three of the States with concentration ratios (for the five largest organizations) of less than 20 per cent—Kansas, Iowa, and West Virginia—are unit-banking States. The most highly concentrated unit-banking State is Montana, with approximately 60 per cent of total deposits held by the five largest banking organizations. Changes in State concentration between 1961 and 1969 have also shown great variation. The concentration ratio remained approximately the same in seven States. Increases in concentration occurred in 14 States and decreases in 30 States, with increases mainly in branching States and decreases mainly in unit-banking States. The largest increase (20.5 percentage points) occurred in Virginia, a State that adopted statewide branching in 1962; the largest decrease (10.4 percentage points) was in Louisiana, a limited branching State. While concentration is generally higher in branching States, the ratio of population to banking offices, a rough measure of convenience of banking services, tends to be lower. In state wide branching States there are 5,700 persons per banking office; in limited branching States, 6,100 per office; and in unitbanking States, 7,400 per office. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
206 FEDERAL RESERVE BULLETIN □ MARCH 1970 STRUCTURE IN For most individuals and for most small and medium-sized busi- METROPOLITAN AREAS nesses, alternative banking sources are generally limited to the local area. For such individuals and businesses, the relevant banking structure includes all banking offices that exert significant competitive influence on the type and quality of services made available locally and the prices charged for them. Standard Metropolitan Statistical Areas (SMSA’s) are some times used to approximate relevant market areas for small and medium-sized accounts. While individual SMSA’s may be either larger or smaller than relevant market areas determined by detailed analysis, they serve, when properly qualified, as rea sonably valid approximations of market areas for purposes of comparison. The extent of branch banking, however, is one of several factors that affect the geographic extent of local markets. Where branching is permitted, a larger SMSA is more likely to constitute one local market area than where branching is not permitted. TABLE 4 AVERAGE NUMBER OF BANKING ORGANIZATIONS AND BANKING OFFICES IN METROPOLITAN AREAS June 29, 1968 Population of Statewide Limited Unitstandard metropolitan branching branching banking statistical area States States States Banking organizations 50,000-100,000.......................... 6 5 7 100,000-500,000........................ 8 11 18 500,000-1,000,000..................... 15 18 38 1,000,000 and over.................... 35 46 120 All SMSA’s......................... 13 16 29 Banking offices 50,000-100,000.......................... 19 10 9 100,000-500,000........................ 40 35 23 500,000-1,000,000..................... 112 89 48 1,000,000 and over.................... 353 368 142 All SMSA’s......................... 93 86 36 Average numbers of banking organizations and offices in SMSA’s are given in Table 4. As might be expected, metropolitan areas in unit-banking States contain the largest average number of banking organizations, with 29, followed by metropolitan areas in limited branching States and then by those in statewide branching States. While the average number of organizations increases with population in all branching-law classifications, it Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STRUCTURE OF COMMERCIAL BANKING 207 increases faster in unit-banking States than in either of the other two types of States; and metropolitan areas in unit-banking States have the largest average number of organizations in all size classes. They are followed, except in the smallest size class, by metropolitan areas in limited branching States. However, the ordering of the three groups of States is generally reversed in all size classes when the number of banking offices is considered rather than the number of banking organizations. Data on the percentage of total deposits held by the largest and by the two largest banking organizations in all SMSA’s are presented in Table 5. The largest banking organizations hold, on average, 30 per cent or more of total deposits, while the two largest hold 50 per cent or more. In small SMSA’s concentration ratios in States with different types of branching laws show rela tively little difference. But in larger SMSA’s the percentages tend to be lowest in unit-banking States, followed by those in limited branching and then statewide branching States. While concentration ratios tend to decline with population, even the lowest percentages are relatively high. The lowest ratios of deposits held by the two largest organizations, for example, are in the 1,000,000 and over population group. These ratios range from 43 per cent in unit-banking States to 55 per cent in statewide branching States. TABLE 5 PERCENTAGE OF TOTAL DEPOSITS HELD BY LARGEST BANKING ORGANIZATIONS IN METROPOLITAN AREAS June 29, 1968 Largest organization Two largest organizations Population of standard metropolitan Statewide Limited Unit- Statewide Limited Unitstatistical area branching branching banking branching branching banking States States States States States States Percentage of total deposits 50,000-100,000.................... 43.8 38.9 39.8 69.5 65.4 68.5 100,000-500,000.................. 42.7 39.0 31.1 68.5 64.4 53.5 500,000-1,000,000.............. 40.8 34.9 25.9 69.1 57.7 47.8 1,000,000 and over............. 32.7 31.1 23.9 55.0 51.5 42.7 All SMSA’s................... 41.1 37.3 31.5 66.9 61.7 54.6 Percentage of total deposits in accounts of $10,000 or less 50,000-100,000.................... 43.1 32.3 35.9 65.7 63.2 62.1 100,000-500,000.................. 40.3 36.2 24.5 66.4 60.6 44.0 500,000-1,000,000.............. 37.2 30.2 15.7 64.0 52.4 30.8 1,000,000 and over............. 32.5 24.5 13.9 54.7 42.5 24.5 All SMSA’s................... 38.9 33.5 24.6 64.3 57.0 44.0 Notf.—Percentage of deposits is the mean for individual metropolitan areas. SMSA’s that overlap State lines have been classified in States in which they are principally located. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
208 FEDERAL RESERVE BULLETIN □ MARCH 1970 Concentration ratios for deposit accounts of $10,000 or less are also given in Table 5. It is believed that a greater proportion of these small accounts are generally owned by individuals and relatively small businesses that are not well known outside their own localities and are therefore limited to doing business with local banking institutions. Concentration measures based on small accounts may therefore be better approximations for ana lyzing likely bank performance in the provision of services to locally limited customers. The percentage of deposits in small accounts held by the largest and the two largest banking organizations is generally lower than for total deposits. This is particularly true in large metropolitan areas. The difference among population classes in statewide branching States is not great; but the difference is larger in limited branching States, and it is much larger in unitbanking States. In unit-banking SMSA’s with populations of 1,000,000 and over, the two largest banking organizations hold, on the average, 43 per cent of total deposits; but they hold less than 25 per cent of deposits in small accounts. This difference in the percentage of total deposits and of small deposits held by large banking organizations in unit-bank ing States is accounted for mainly by the fact that large central city banks in these States cannot branch into the suburbs to fol low population movements. They are thus restricted in their ability to attract deposits from individuals who have moved to the suburbs and from small business establishments in new population centers. * * * In recent years there have been several significant develop ments in banking structure in the United States. Although the number of banking organizations increased only slightly, this was a change from the previous decade when there was a de cline in the number of organizations. The number of banking offices increased substantially—particularly in statewide branch ing States. The size of the median organization increased by 80 per cent, but it is still only slightly larger than $6 million in total deposits. Thus, while there are a number of banking or ganizations of large absolute size, most are still relatively small. Banking institutions, especially large ones, continued to expand into new geographic and product markets—particularly through the bank holding company mechanism. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STRUCTURE OF COMMERCIAL BANKING 209 Important changes in banking law occurred during the period at both the Federal and State level. At the Federal level, the Bank Merger Act and the Bank Holding Company Act were amended, primarily to clarify the relationship between the two banking acts and the antitrust laws. Substantial changes in bank ing laws at the State level occurred in only four States; all liberalized their branching or holding company restrictions, or both. Structural changes at the State level were varied. Increases in the number of banking organizations, however, occurred in more than twice as many States as decreases; and decreases in concentration of deposits also occurred in more than twice as many States as increases. The number of States in which regis tered bank holding companies operate changed little over the period; but the number of holding companies, the number of affiliated banks, and the proportion of total bank deposits in these States in holding company affiliates increased substantially. There are considerable differences among numbers of bank ing organizations in branching and nonbranching metropolitan areas, but numbers rise in all cases with population. Concentra tion of total deposits, however, is generally high in all metro politan areas. □ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NUMBER OF COMMERCIAL BANKS AND BANKING ORGANIZATIONS AND DEPOSITS OF LARGEST FIVE ORGANIZATIONS June 1961 and 1969 Number 5 largest banking organizations Type of banking, and State Banks Banking organizations Deposits as percentage of deposits of all Change organizations (percentage points), Change, Change, 1961-69 1961 1969 1961-69 1961 1969 1961-69 1961 1969 Statewide branching Alaska.............................................. 10 9 -1 10 9 -1 85.16 85.03 -.13 Arizona............................................ 9 13 4 8 12 4 98.09 95.46 -2.63 California........................................ 113 149 36 112 146 34 81.90 78.00 -3.90 Connecticut..................................... 59 63 4 59 63 4 56.40 56.54 .14 Delaware.......................................... 19 19 0 19 19 0 91.69 91.71 .02 District of Columbia....................... 11 14 3 11 13 2 88.74 90.92 2.18 Hawaii............................................. 7 7 0 7 7 0 96.62 90.67 -5.95 Idaho........................... ................. 32 26 -6 32 26 -6 84.48 86.36 1.88 Maine............................................... 43 40 -3 42 35 -7 47.45 51.68 4.23 Maryland......................................... 132 120 -12 132 117 -15 56.77 62.94 6.17 Nevada............................................ 7 9 2 6 8 2 98.62 95.38 -3.24 North Carolina............................... 178 116 -62 178 116 -62 57.30 67.48 10.18 Oregon............................................. 47 48 1 47 48 1 89.22 87.61 -1.61 Rhode Island.................................. 8 11 3 8 11 3 98.18 96.25 -1.93 South Carolina................................ 140 110 -30 140 110 -30 52.98 59.10 6.12 South Dakota.................................. 174 165 -9 165 153 -12 43.40 46.14 2.74 Utah................................................. 46 53 7 45 52 7 76.59 72.03 -4.56 Vermont.......................................... 54 44 -10 54 44 -10 35.97 49.43 13.46 Virginia............................................ 305 236 -69 301 193 -108 27.08 47.55 20.47 Washington................................... 87 92 5 83 88 5 73.52 73.73 .21 Total......................................... 1,481 1,344 -137 1,459 1,270 -189 Limited branching Alabama.......................................... 238 268 30 238 268 30 39.26 32.47 -6.79 Georgia............................................ 362 421 59 345 406 61 56.93 51.72 -5.21 Indiana............................................ 437 409 -28 435 407 -28 29.82 26.94 -2.88 Kentucky......................................... 344 340 -4 343 339 -4 33.89 33.24 -.65 Louisiana......................................... 190 229 39 190 229 39 40.15 29.78 -10.37 Massachusetts................................. 162 155 -7 141 136 -5 64.17 63.68 -.49 Michigan.......................................... 374 330 -44 374 330 -44 50.00 47.57 -2.43 Mississippi....................................... 191 183 -8 191 183 -8 28.42 32.62 4.20 New Hampshire.............................. 70 75 5 64 69 5 34.87 36.35 1.48 New Jersey...................................... 249 227 -22 249 227 -22 22.87 21.34 -1.53 New Mexico.................................... 57 64 7 53 58 5 55.69 50.38 -5.31 New York........................................ 379 298 -81 365 267 -98 54.89 57.40 2.51 582 521 -61 560 491 -69 33.42 31.46 -1.96 Pennsylvania.................................... 680 490 -190 680 490 -190 38.66 36.75 -1.91 Tennessee......................................... 291 301 10 285 293 8 49.94 40.44 -9.50 Wisconsin........................................ 557 602 45 545 558 13 33.33 31.32 -2.01 Total......................................... 5,163 4,913 -250 5,058 4,751 -307 Unit banking Arkansas.......................................... 232 245 13 232 245 13 23.87 20.55 -3.32 Colorado.......................................... 164 220 56 162 205 43 47.87 46.78 -1.09 Florida............................................. 313 462 149 302 377 75 21.75 25.82 4.07 Illinois.............................................. 967 1,072 105 964 1,070 106 42.31 38.45 -3.86 641 659 18 626 639 13 19.24 16.99 -2.25 Kansas............................................. 585 600 15 585 600 15 19.27 16.10 -3.17 Minnesota........................................ 679 721 42 566 608 42 63.11 58.66 -4.45 Missouri.......................................... 613 660 47 609 643 34 35.38 29.47 -5.91 Montana.......................................... 121 135 14 95 103 8 57.31 59.14 1.83 Nebraska.......................................... 394 435 41 390 431 41 41.25 35.45 -5.80 North Dakota................................. 153 166 13 122 137 15 54.34 48.37 -5.97 Oklahoma........................................ 386 424 38 386 424 38 37.44 33.52 -3.92 Texas................................................ 999 1,146 147 990 1,136 146 26.99 22.43 -4.56 West Virginia............... ............... 181 195 14 181 195 14 22.10 18.34 -3.76 Wyoming......................................... 55 70 15 53 68 15 45.97 37.35 -8.62 Total........................................ 6,483 7,210 727 6,263 6,881 618 Note.—Data are for insured commercial banks; those for 1969 are preliminary. Digitized for FRASER 210 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Changes in Time and Savings Deposits, July-October 1969 Interest rates paid on major types of time and Information on changes in interest rates savings deposits held by individuals, partner paid by insured commercial banks and on ships, and corporations (IPC) were at flows into time and savings deposits during or close to ceiling levels at most commercial the 3 months ending October 1969 was ob banks on October 31, 1969. Virtually all of tained from a survey conducted jointly by the large banks and most of the smaller ones the Federal Reserve System and the Federal had been paying ceiling rates for many Deposit Insurance Corporation on October months. An appreciable number of the few 31, 1969. The data were reported by all remaining smaller banks moved to the ceiling member banks and by a sample of insured levels during the quarter—continuing the nonmember banks; data for the latter have trend noted in other recent surveys.1 The rate been expanded to give universe estimates. In structure at the end of October reflected the addition to information on amounts out continued pressure from high yields on mar standing and rates of interest paid on new ket instruments, which were near record deposits, the most recent survey provides, for highs during this period. member banks only, information on maturity In the 3 months before the October survey, and denomination of the various types of commercial banks experienced an even small-denomination time deposit instruments larger net outflow of time and savings de and on the estimated percentage of each posits than in the preceding quarter. The de major type of time deposits held by busi cline in such deposits was due for the most nesses. part to continued massive declines in large- Effective January 21, 1970, the Board of denomination time deposits, held mainly by Governors increased the ceiling rates on sav businesses, and to lesser reductions in small- ings and other time deposits payable by mem denomination certificates of deposit and ber banks, and the FDIC made similar regular savings deposits. Only consumer- adjustments in ceiling rates for insured non type, open account deposits in passbook or member banks. The new ceilings are shown statement form continued to expand appre on page A 11 of this Bulletin. ciably, although at a much slower pace than NET CHANGES IN DEPOSITS in earlier quarters. Total time and savings deposits, IPC, at in Note.—Caroline H. Cagle of the Board’s Division of Research and Statistics prepared this article. sured commercial banks declined by $2.8 1 Previous surveys of time and savings deposits at all billion, or about 1.6 per cent, in the 3 months member banks were conducted by the Board of Gov ernors in late 1965, in early 1966, and quarterly in ending October 31, 1969. (See Table 1.) 1967. Beginning in 1968 the quarterly surveys were ex This compares with a decline of 1.4 per cent panded to provide figures for all insured commercial banks and were conducted jointly by the Board of Gov in the preceding quarter and with increases ernors and the Federal Deposit Insurance Corporation. in earlier survey periods. The results of earlier surveys have appeared in Bulle tins in 1966, 1967, 1968, and 1969, the most recent Businesses accounted for most of the re being October 1969, pp. 804-14. duction in deposits, as might be expected in Appendix tables for this article appear on pp. 218view of their ready access during this period 24 of this Bulletin. 211 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
212 FEDERAL RESERVE BULLETIN □ MARCH 1970 TABLE 1 TYPES OF TIME AND SAVINGS DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS HELD BY INSURED COMMERCIAL BANKS ON SURVEY DATES IN 1969 Number of issuing banks Amount (in millions of dollars) Percentage change in deposits (quarterly rate) 1969 1969 Type of deposit Jan. Apr. July 31- 30- 31- Jan. Apr. July Oct. Jan. Apr. July Oct. Apr. July Oct. 31 30 31 31 31 30 31 31 30, 31, 31, 1969 1969 1969 Total time and savings deposits............................. 13,259 13,268 13,290 13,161180,226180,801178,318175,485 • 3 -1.4 -1.6 Savings................................................................. 12,714 12,791 12,819 12,628 93,593 93,215 92,075 91,529 -.4 -1.2 -.6 Time deposits in denominations of less than $100,000—total.............................................. n.a. n.a. n.a. n.a. 58,333 60,978 63,934 64,324 4.5 4.8 .6 Issued mainly to consumers—total............... 11,851 12,065 12,413 12,544 52,993 55,243 58,927 59,782 4.2 6.7 1.5 Certificates of deposit1............................... 11,684 11,937 12,254 12,378 45,355 45,610 46,611 46,274 .6 2.2 -.7 Open account (passbook or statement form) 2...................................................... 1,209 1,658 2,064 2,293 7,638 9,633 12,317 13,508 26.1 27.9 9.7 Issued mainly (or in large part) to busi nesses—total................................................ 7,236 7,508 7,372 6,998 5,340 5,735 5,007 4,542 7.4 -12.7 -9.3 Certificates of deposit3............................... 6,610 6,755 6,685 6,405 4,033 4,058 3,464 3,029 .6 -14.6 -12.6 Open account4............................................ 1,600 1,710 1,677 1,713 1,307 1,677 1,543 1,513 28.3 -8.0 -1.9 Time deposits in denominations of $100,000 or more (issued mainly to businesses)—total. .. 4,031 4,030 4,258 4,086 23,388 21,185 16,735 13,945 -9.4 -21.0 -16.7 Negotiable CD’s.......................................... 1,897 1,946 1,906 1,630 15,285 12,853 9,525 7,686 -15.9 -25.9 -19.3 Nonnegotiable CD’s.................................. 2,244 2,263 2,486 2,569 6,042 6,048 5,411 4,729 .1 -10.5 -12.6 Open account.............................................. 580 552 534 523 2,061 2,284 1,799 1,530 10.8 -21.2 -15.0 Christmas savings and other special funds.... 7,683 7,984 7,982 7,472 4,912 5,423 5,573 5,686 10.4 2.8 2.0 n.a. Not available. 4 Includes time deposits, open account, in denominations of less 1 Includes all time certificates of deposit in denominations of less than $100,000, other than those described in footnote 2. These instru than $100,000 for which, in the judgment of the reporting banks, 50 ments are issued both to consumers and to businesses. per cent or more of the outstanding volume of deposits was issued to Note.—Data were compiled jointly by the Board of Governors of consumers (nonbusiness holders). the Federal Reserve System and the Federal Deposit Insurance Cor 2 Includes time deposits, open account, issued in passbook, state poration. For Jan. 31, Apr. 30, and July 31, 1969, the information ment, or other forms that are direct alternatives for regular savings was reported by a probability sample of all insured commercial accounts. Most of these are believed to be in accounts totaling less banks; for Oct. 31, 1969, the data for member banks were reported by than $100,000. virtually all member banks and for insured nonmember banks by 3 Includes all time certificates of deposit in denominations of less the same sample of these banks reporting in earlier surveys. than $100,000 for which, in the judgment of the reporting bank, 50 Some deposit categories include a small amount of deposits out per cent or more of the outstanding volume of deposits was issued to standing in a relatively few banks that no longer issue these types of businesses. deposits and are not included in the number of issuing banks. Dollar amounts may not add to totals because of rounding. to alternative investments yielding much forms of time deposits that paid higher rates. more than the prevailing ceiling rates on time Accordingly, small consumer-held certifi deposits. Negotiable CD’s in denominations cates had been expanding until the October of $100,000 or more declined by $1.8 bil survey period, but by that time smaller de lion, or nearly 20 per cent, while smaller- positors too had become increasingly at denomination instruments held mainly by tracted by higher yields elsewhere, and businesses fell by 9 per cent. they drew down such deposits by nearly 1 per Deposits held by consumers and nonprofit cent in that period. Only the relatively new organizations—which account for the bulk consumer-type open account deposits showed of the time deposits at commercial banks— appreciable further growth. Nevertheless, the showed little further growth in the most re 9.7 per cent increase in these deposits in the cent quarter after expanding briskly in earlier period from July to October was less than survey periods. Savings deposits—which car half the rate that had prevailed earlier in ried a 4 per cent ceiling rate until January the year. 1970—declined steadily throughout 1969, In connection with the October 1969 sur reflecting in large part shifts into various vey, the Federal Reserve System again col- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TIME AND SAVINGS DEPOSITS 213 lected information from member banks, as it Large banks accounted for most of the had a year earlier, on small-denomination contraction in time and savings deposits in consumer certificates that carry a bank- the most recent quarter—reflecting in part guaranteed rate for more than 1 year. Such the fact that a larger percentage of their de certificates generally permit withdrawal of posits are those of businesses and that their funds at regular intervals—usually 90 days. nonbusiness depositors are quite sensitive to At the end of October, 853 member banks changes in interest rates. For banks with total had such deposits outstanding in the amount deposits of $100 million and over, total time of $5.3 billion (Appendix Table 9). These and savings deposits, IPC, declined by some deposits, which were mainly in banks paying what more than 2 per cent between July and a 5 per cent rate, accounted for about 17 per October, mainly because of a reduction in cent of the total amount of consumer certifi large-denomination instruments. By contrast, cates outstanding. Both the number of issuing at smaller banks, where business-held de banks and the amount of such deposits were posits are less important and nonbusiness about the same as a year earlier. depositors are somewhat less rate-sensitive TABLE 2 ESTIMATED PERCENTAGE OF TIME DEPOSITS, IPC, HELD BY BUSINESSES AT MEMBER BANKS ON OCTOBER 31, 1969 Denominations of less than $100,000 Denominations of $100,000 and over All Certificates of deposit Time deposits, time open account deposits (exclud Group i s n a g b v o i p n o a g k s s s ) ty A p l e l s I t s o s u c e o d n s m um ai e n r l s y m Is a su in e l d y b In o o p k a s o s r ty A p l e l s N tia e b g l o e n t N i e a o g b n o le - - de T o p p i o m e s n i e ts, to state All CD’s CD’s account Interest busi ment other rate All nesses form guar other anteed 1 All banks reporting information....... 19.9 7.6 2.3 4.4 88.1 3.3 20.9 65.0 72.9 51.1 63.4 Size of bank (total deposits in millions of dollars): Less than 10.............................. 6.4 5.2 2.6 2.8 84.6 3.9 8.7 46.9 52.2 45.2 31.9 10-50.......................................... 10.4 7.4 2.8 3.9 89.2 4.5 10.3 49.6 54.6 46.5 43.6 50-100........................................ 15.6 8.7 2.0 5.2 89.7 5.1 17.5 56.2 62.3 48.6 50.0 100-500...................................... 21.8 10.1 2.3 7.0 86.2 3.5 20.2 61.7 65.9 52.2 53.5 500 and over............................. 26.8 7.2 2.2 3.7 88.9 2.7 43.3 68.8 78.1 52.3 65.2 Federal Reserve district: Boston........................................ 28.6 10.3 2.0 10.5 80.1 5.5 28.7 79.3 79.6 74.3 83.4 New York................................. 32.8 11.2 1.2 6.6 90.5 5.5 21.8 62.4 73.7 49.2 57.0 Philadelphia............................... 12.7 7.2 1.9 3.3 89.8 16.8 20.4 64.9 76.6 46.3 59.8 Cleveland................................... 13.7 5.9 2.5 3.4 92.1 2.8 39.0 65.0 69.4 52.1 76.1 Richmond.................................. 20.7 10.2 2.3 4.6 88.2 6.4 17.7 68.8 74.6 62.6 61.1 Atlanta....................................... 13.6 5.5 2.2 3.5 88.3 2.3 16.6 43.5 60.0 29.3 40.0 Chicago...................................... 12.4 5.1 4.6 3.2 96.2 1.4 18.2 68.1 78.4 52.9 57.5 St. Louis.................................... 11.5 7.2 1.8 5.1 94.0 3.3 4.3 44.7 42.2 48.5 48.8 Minneapolis............................... 11.7 7.8 2.0 6.1 85.0 1.2 16.7 70.6 77.3 55.9 96.3 Kansas City............................... 14.3 7.1 1.1 3.5 79.8 2.4 10.1 56.7 59.3 47.4 96.6 Dallas........................................ 32.1 12.5 3.1 8.4 74.7 7.3 6.7 65.4 66.9 59.0 63.8 San Francisco........................... 28.2 8.2 3.4 4.3 89.9 1.6 57.2 73.0 81.4 55.9 98.3 Total time deposits (other than sav ings) at member banks reporting information—Oct. 31, 1969 (in millions of dollars)......................... 57,227 44,943 5,274 26,088 1,758 10,772 1,051 12,284 7,063 3,800 1,421 i Consumer CD’s with interest rate guaranteed for more than 12 ported this information. For a description of small-denomination months. instruments issued mainly to consumers and those issued mainly to Note.—Data are for member banks of the Federal Reserve System businesses, see Table 1, footnotes 1-4. that supplied this information. No insured nonmember banks re Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
214 FEDERAL RESERVE BULLETIN □ MARCH 1970 than at big banks, total time and savings de denomination time deposits more than nineposits declined by less than 1 per cent. tenths of the issuing banks, which hold vir tually all of such deposits, were paying the BUSINESS-HELD TIME DEPOSITS 5 per cent ceiling on October 31. (See Table Businesses held nearly two-thirds of all time 3.) On regular savings accounts these per deposits in denominations of $100,000 and centages were somewhat lower: four-fifths of over at member banks on October 31,1969 the banks holding more than nine-tenths of —but the proportion was less than one-tenth the deposits were paying the 4 per cent for time deposits in small denominations ceiling. (other than regular savings). (See Table 2.) On time deposits in denominations of Reflecting largely differences in customer $100,000 and over, most of which are issued orientation, the proportions of total time de by large money market banks, nearly all of posits (other than savings) held by busi fering rates at these banks were at the ceiling nesses varied considerably by size of bank— levels at the end of October. The ceiling rates from about one-fourth for large banks to ranged from 5 Vi per cent on maturities of about 6 per cent for banks in the smallest less than 60 days to 6V4 per cent for maturi size class (total deposits of less than $10 mil ties of 180 days and over. As of October 31, lion). In the smaller bank-size groups, even more than four-fifths of all large-denomina the large-denomination instruments are held tion time deposits were in banks that re to a considerable extent by consumers. ported offering rates of 6 or 6V4 per cent. The estimated proportion of total time deposits, IPC (other than savings), held by MINIMUM DENOMINATION AND MATURITY REQUIREMENTS businesses declined substantially in the year ending October 1969—from one-third to less Nearly all 5,900 member banks offered some than one-fifth—mainly because of the re kind of consumer-type time certificate on duction in deposits in denominations of October 31,1969. About half of these banks $100,000 and over during 1969. Among reported that the minimum amount required large negotiable CD’s—where business hold to purchase such an instrument was $500 or ers have always predominated—business less, while another two-fifths of the total indi holdings dropped from over four-fifths to less cated the requirement was between $500 and than three-fourths of the total volume out $1,000. Only about 1 in 10 of the banks had standing. Even among small-denomination a requirement of more than $1,000. (See instruments, the percentage held by busi Appendix Table 11.)* nesses declined from about 10 to less than 8 Minimum balance requirements were per cent. somewhat higher on small-denomination CD’s issued mainly to businesses than on RATE CHANGES AND RATE similar instruments issued principally to con STRUCTURE sumers. For example, nearly three-fifths of At most commercial banks, offering rates on the issuing banks had a requirement of more major types of time and savings deposits on than $500 on instruments issued mainly to October 31, 1969, were at the maximum businesses, whereas less than half of the permitted by regulation. Of the relatively few banks had a requirement that high for similar banks that had been paying lower rates in instruments issued principally to consumers. earlier surveys, an appreciable number moved to ceiling levels during the recent pe 2 Similar data for insured nonmember banks are not riod. (See Appendix Table 10.) On small- available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TIME AND SAVINGS DEPOSITS 215 TABLE 3 TIME AND SAVINGS DEPOSITS, IPC, HELD BY INSURED COMMERCIAL BANKS ON JULY 31 AND OCTOBER 31, 1969, BY TYPE OF DEPOSIT, BY MOST COMMON RATE PAID ON NEW DEPOSITS IN EACH CATEGORY, AND BY SIZE OF BANK Size of bank (total deposits in Size of bank (total deposits in millions of dollars) millions of dollars) All banks All banks Group Less than 100 100 and over Less than 100 100 and over Oct. July Oct. July Oct. July Oct. July Oct. July Oct. July 31 31 31 31 31 31 31 31 31 31 31 31 Number of banks, or percentage distribution Amo o u r n p t e o rc f e d n e ta p g o e s it d s i s ( t i r n i b m u i t l i l o i n ons of dollars), Savings deposits: Issuing banks.. 12,622 12,819 12,137 12,333 485 486 91,529 92,075 37,692 37,920 53,836 54,155 Percentage distribution by most com mon rate paid on new deposits: 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......................................... 3.50 or less. 19.3 20.8 19.8 21.4 6.8 6.4 6.2 7.0 10.0 12.3 3.5 3.2 3.51-4.00.. 80.7 79.2 80.2 78.6 93.2 93.6 93.8 93.0 90.0 87.7 96.5 96.8 Time deposits in denominations of less than $100,000: Issued mainly to consumers: Issuing banks................................... 12,541 12,413 12,064 11,943 477 470 59,776 58,927 33,709 33,665 26,067 25,263 Percentage distribution by most common rate paid on new deposits : 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............................................. .6 1.0 4.50 or less. 3.0 3.3 3.1 3.3 .8 1.5 1.3 .1 .2 4.51-4.75.. O) O) O) O) O) C1) O) 4.76-5.00.. 91.0 96.7 96.9 96.7 99.2 *98!5 99.4 99.2 99.0 98.7 99 *. 9 99! 8 Issued mainly to businesses: Issuing banks..................... 6,979 7,372 6,579 6,955 400 417 4,498 4,970 2,606 2,635 1,893 2,337 Percentage distribution by most common rate paid on new deposits: 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............................................. 4 4. . 5 5 0 1 - o 4 r . 7 le 5 s . s . . 6. . 8 1 9. .1 2 6. . 8 1 9. .1 2 7.5 9.1 2. .1 2 O 3. ) 8 2 . . 1 7 4 O .7 ) 1.7 2.7 4.76-5.00.. 93.1 90.7 93.1 90.7 92.5 90’.9' 97.7 96.2 97.2 95.3 98.3 97! 3 Time deposits in denominations of $100,000 or more: Issuing banks................................... 4,258 3,602 467 474 13,797 16,732 2,806 3,250 10,991 13,482 Percentage distribution by most common rate paid on new deposits: 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............................................. 1.8 1.1 1.2 4 4 . . 5 5 0 1 - o 4 r . 7 le 5 s . s . . 3. . 1 1 3. .3 2 3. .1 2 3 . . 3 6 .2 11.8 6 1 .. . 1 3 0 . .1 5 1 . . 1 5 2. . 3 4 2..81 2. .1 0 4.76-5.00.. 24.4 33.1 26.3 35.7 9.6 7.1 18.6 28.3 5 5 5 . . . 5 0 2 1 1 6 - - - 5 5 5 . . . 7 5 2 5 0 5 . . . . . . 71. . . 9 06 8 1 .. . 6 3 5 6 1 . . . 9 7 5 8 1 .. . 65 0 9 2. . . 4 4 6 8 3. .. 4 06 8. . . 8 9 2 7 1 . . . 1 7 5 51.. . 17 6 31.. . 18 4 9. . .1 6 9 8 1 .. . 16 5 5.76-6.00.. 15.9 17.6 15.4 16.9 19.9 23.6 21.7 17.3 16.4 21.9 23.0 16.2 6.01-6.25.. 47.0 35.4 45.9 33.4 56.1 51.5 61.0 65.7 56.0 41.8 62.3 71.5 1 Less than 0.05 per cent. While rate ranges of 1/a of a percentage point are shown in this and other tables, the most common rate reported by most banks was the Note.—The most common interest rate for each instrument or top rate in the range; for example, 4.00, 4.50, etc. On business-type group of instruments refers to the basic stated rate per annum (before time deposits in denominations of $100,000 and over, however, some compounding) in effect on the survey date that was generating the large banks have had on past surveys rates at intervals of ys of a largest dollar volume of deposit inflows. If the posted rates were percentage point, such as 5.625 and 5.875. unchanged during the 30-day period just preceding the survey date, For a descript on of time deposits in denominations of less than the rate reported as the most common rate was the rate in effect on $100,000 issued mainly to consumers and those issued mainly to the largest dollar volume of deposit inflows during that 30-day period. businesses, see n Jtes to Table 1. Time deposits in>denominations of If the rate changed during that period, the rate reported was the rate $100,000 and over (issued mainly to businesses) include negotiable prevailing on the largest dollar volume of inflows from the time of and nonnegotiable CD’s and open accounts. Figures may not add to the last rate change to the survey date. totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
216 FEDERAL RESERVE BULLETIN □ MARCH 1970 About one out of two of the banks that would accept was 12 months, except on small issue small-denomination time deposits re CD’s with guaranteed interest rate. ported that they would accept maturities of On consumer CD’s on which the interest 3 months or less on these instruments. At the rate was guaranteed by the bank for more same time, 9 out of 10 of the reporting banks than 12 months, not all banks reported usable indicated that the longest maturity they information on maximum maturity. But for TABLE 4 AVERAGE OF MOST COMMON INTEREST RATES PAID ON VARIOUS CATEGORIES OF TIME AND SAVINGS DEPOSITS, IPC, AT INSURED COMMERCIAL BANKS ON OCTOBER 31, 1969 Per cent per annum Business-type time deposits Consumer-type time deposits in denominations of— All Savings Bank location and size of bank time and and Time, $100,000 or more (total deposits in millions of dollars) savings consumer- Savings open deposits type time account Less than deposits Total CD’s (passbook $100,0001 Nego or state tiable Other ment form) CD’s All banks: All size groups............................. 4.51 4.36 3.95 4.99 5.00 4.99 4.96 6.05 5.95 Less than 10............................. 4.54 4.51 3.85 4.99 4.99 4.89 4.97 5.82 5.62 10-50........................................ 4.47 4.40 3.92 4.99 4.99 4.99 4.97 6.05 5.81 50-100...................................... 4.49 4.36 3.95 5.00 5.00 5.00 4.98 6.08 5.82 100-500.................................... 4.46 4.28 3.94 5.00 5.00 5.00 4.98 6.11 5.95 500 and over............................ 4.57 4.32 4.00 5.00 5.00 4.99 4.91 6.02 6.03 Banks in— Selected large SMSA’s2: All size groups......................... 4.52 4.31 3.98 5.00 5.00 5.00 4.96 6.05 6.00 Less than 10......................... 4.41 4.35 3.95 4.98 4.99 4.92 4.95 5.90 5.86 10-50.................................... 4.41 4.31 3.95 4.99 4.99 5.00 4.98 6.10 5.90 50-100................................... 4.47 4.33 3.96 5.00 5.00 5.00 4.98 6.10 5.94 100-500................................. 4.48 4.28 3.95 5.00 5.00 5.00 4.98 6.12 5.99 500 and over........................ 4.57 4.32 4.00 5.00 5.00 4.99 4.91 6.02 6.02 All other SMSA’s: All size groups......................... 4.46 4.34 3.91 5.00 5.00 5.00 4.98 6.08 5.92 Less than 10......................... 4.39 4.35 3.81 4.99 4.99 5.00 4.94 5.94 5.71 10-50.................................... 4.46 4.37 3.91 5.00 5.00 5.00 4.97 6.00 5.77 50-100.................................. 4.51 4.39 3.94 5.00 5.00 5.00 4.97 6.06 5.90 100-500................................. 4.43 4.29 3.89 5.00 5.00 4.99 4.99 6.09 5.88 500 and over........................ 4.52 4.34 3.96 5.00 5.00 5.00 5.00 6.22 6.24 Banks outside SMSA’s: All size groups............................. 4.53 4.48 3.89 4.99 4.99 4.98 4.97 6.01 5.66 Less than 10............................. 4.59 4.56 3.83 4.99 4.99 4.85 4.97 5.69 5.58 10-50........................................ 4.51 4.46 3.90 4.99 4.99 4.99 4.96 6.01 5.73 50-100...................................... 4.47 4.36 3.95 5.00 5.00 4.99 4.98 6.11 5.54 100-500.................................... 4.40 4.31 3.97 5.00 5.00 5.00 4.99 6.07 5.68 500 and over............................ 4.58 4.50 4.00 5.00 5.00 5.00 5.00 6.25 1 Includes CD’s and small-denomination time deposits, open account, other than those in passbook or statement form. 2 The selected large Standard Metropolitan Statistical Areas, as defined by the Bureau of the Budget and arranged by size of population in the 1960 census, are as follows: New York City Buffalo SanBernardino-Riverside Norfolk-Portsmouth Nashville Los Angeles Houston Tampa-St. Petersburg Gary-Hammond-E. Chicago Salt Lake City Chicago Milwaukee Louisville Ft. Worth Flint Philadelphia Paterson-Clifton-Passaic Indianapolis Syracuse Wichita Detroit Seattle Dayton Hartford Ft. Lauderdale-Hollywood San Francisco-Oakland Dallas San Antonio Akron Orlando Boston Cincinnati Columbus Oklahoma City Charlotte Pittsburgh Kansas City Phoenix Youngstown-Warren Des Moines St. Louis San Diego Albany-Schenectady-Troy Sacramento Ft. Wayne Washington, D.C. Atlanta San Jose Honolulu Baton Rouge Cleveland Miami Birmingham Omaha West Palm Beach Baltimore Denver Memphis Jacksonville Rockford Newark New Orleans Jersey City Tulsa Jackson, Miss. Minneapolis-St. Paul Portland, Ore. Rochester Richmond Note.—The average rates were calculated by weighting the most common rate reported on each type of deposit at each bank by the amount of that type of deposit outstanding. Christmas savings and other special funds, for which no rate information was collected, were excluded. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TIME AND SAVINGS DEPOSITS 217 those that did, four-fifths stated that the mum denomination requirement of over longest maturity offered was 5 years or less. $500; a year later only about one-third of Most of these banks were paying the 5 per the banks had a requirement as high as this. cent ceiling rate. Nevertheless, as many as Some relaxation of these requirements was 80 banks with $1.5 billion of such deposits also evident for other types of smalloffered a maximum maturity of more than denomination instruments. 5 years, with 29 of these banks (holding AVERAGE INTEREST RATES $500 million of deposits) offering a maxi mum maturity of more than 10 years. In this Weighted average interest rates paid on the latter group a substantial proportion of the major forms of time and savings deposits as deposits were in the Philadelphia Federal of October 31, 1969, are shown in Table 4. Reserve District where the instrument used In the 3 months ending October 1969, the was generally a savings bond with a 14-year average rate on all forms of time and savings maturity. deposits declined slightly from 4.53 to 4.51 Some easing of non-rate terms offered by per cent—reflecting in large part the sizable banks on consumer-type time deposits oc reduction in large-denomination time de curred in the year ending October 1969. posits on which the highest rates are paid. With nearly all member banks paying the On consumer- and business-type small- 5 per cent maximum rate permitted by regu denomination time deposits, average rates lation and unable to compete further on a were at or near the regulatory ceiling—as rate basis, a number of banks reduced their they had been in other recent surveys—re minimum denomination requirements on gardless of bank size or whether the bank these instruments. This was particularly was located in or outside a standard metro noticeable on open account deposits in pass politan statistical area. On regular savings book or statement form that showed a con accounts and on large-denomination time tinued rapid rate of expansion during 1969. deposits, however, the smaller banks con In October 1968 more than half of the tinued to offer somewhat lower rates than banks offering this instrument had a mini the larger banks. □ NOTES TO APPENDIX TABLES 1-9: 1 Less than $500,000. Note.—Data were compiled from information reported by all 2 Omitted to avoid individual bank disclosure. member banks and by a probability sample of all insured nonmember 3 Includes all CD’s in denominations of less than $100,000 of banks. The latter were expanded to provide universe estimates. which, in the judgment of the issuing bank, 50 per cent or more Figures exclude banks that reported no interest rate paid and that of the total amount outstanding on the survey date was issued to held no deposits on the survey dates, and they also exclude a few nonbusiness (consumer) holders. banks that had discontinued issuing these instruments but still had 4 Includes all CD’s in denominations of less than $100,000 of some deposits outstanding on the survey date. Time deposits, open which, in the judgment of the reporting bank, 50 per cent or more of account, exclude Christmas savings and other special accounts. Dollar the total amount outstanding on the survey date was issued to amounts may not add to totals because of rounding. businesses. In the headings of these tables under “Most common rate paid 5 Includes all time deposits, open account, in denominations of (per cent)” the rates shown are those being paid by nearly all reporting less than $100,000 except those in passbook or statement form used banks. However, for the relatively few banks that reported a rate in as direct alternatives for savings deposits, shown separately in between those shown, the bank was included in the next higher rate. Appendix Table 3. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
218 FEDERAL RESERVE BULLETIN □ MARCH 1970 APPENDIX TABLE 1— SAVINGS DEPOSITS Most common interest rates paid by insured commercial banks on new deposits on October 31, 1969 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total o 3 r .0 le 0 ss 3.50 4.00 o 3 r . l 0 e 0 ss 3.50 4.00 NUMBER OF BANKS MILLIONS OF DOLLARS All banks........................................................................ 12,622 1,827 610 10,185 91,529 3,007 2,630 85,892 Size of bank (total deposits in millions of dollars): Less than 10............................................................... 7,542 1,406 401 5,735 7,393 754 323 6,317 10-50........................................................................... 4,114 385 174 3,555 21,559 1,293 819 19,447 50-100......................................................................... 481 19 19 443 8,740 235 330 8,175 100-500....................................................................... 383 16 15 352 20,410 686 1,052 18,672 500 and over.............................................................. 102 1 1 100 33,426 (2) (2) 33,281 Federal Reserve district: Boston........................................................................ 343 8 335 3,836 51 3 785 New York.................................................................. 443 11 6 426 15,281 443 254 14,584 Philadelphia............................................................... 460 92 88 280 5,672 514 1,298 3,859 Cleveland................................................................... 782 114 18 650 8,960 212 106 8,642 Richmond................................................................... 837 45 15 777 7,051 76 142 6,834 Atlanta....................................................................... 1,438 98 69 1,271 6,010 67 262 5,681 Chicago....................................................................... 2,443 484 119 1,840 16,482 788 380 15,314 St. Louis..................................................................... 1,158 181 17 960 2,759 312 27 2,420 Minneapolis............................................................... 1,304 544 197 563 1,699 446 123 1,130 Kansas City............................................................... 1,839 238 30 1,571 3,204 77 26 3,101 Dallas......................................................................... 1,210 12 51 1,147 3,333 21 10 3,303 San Francisco............................................................ 365 365 17,240 17,240 APPENDIX TABLE 2— CERTIFICATES OF DEPOSIT, IPC, IN DENOMINATIONS OF LESS THAN $100,000— ISSUED MAINLY TO CONSUMERS 3 Most common interest rates paid by insured commercial banks on new deposits on October 31, 1969 Most common rate paid (per cent) Most common rate paid (per cent) Group Total 3.50 Total 3.50 or 4.00 4.50 4.75 5.00 or 4.00 4.50 4.75 5.00 less less NUMBER OF BANKS MILLIONS OF DOLLARS 21 All banks................................... 12,375 149 191 5 12,009 46,269 13 105 206 3 45,943 Size of bank (total deposits in mi L lli e o s n s s t h o a f n d o 1 ll 0 a . r .. s . ) . : ................. 7,515 105 123 7,270 9,823 34 81 1 9,704 5 1 1 0 0 0 - 0 - 1 - 5 5 0 0 0 0 . 0 . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,9 4 3 3 6 5 8 9 5 392 3 65 2 1 3,8 4 3 2 6 5 6 3 2 1 4 6 5 , , , 0 9 64 3 2 1 6 6 (2) ( O 6 2 4 ) ) ( ( 8 2 2 7 ) ) (2) 1 4 6 5 , , , 0 9 4 1 0 78 0 7 500 and over..................... 98 98 9,844 9,844 Federal Reserve district: 1 Boston............................... 249 238 249 248 N Ph e i w la d Y e o lp r h k i . a .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 3 3 6 3 4 4 3 0 4 6 6 2 3 , , 1 4 1 2 3 8 ( ( 2 2 ) ) 83 59 (2) 2 3 , ,3 1 6 0 1 4 Cleveland........................... 755 685 3,257 (2) 18 19 1 3,219 A R t ic la h n m ta o . n ... d .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,4 7 2 2 3 7 1,3 7 7 0 9 5 2 3 , , 6 9 6 5 7 7 O) 1 4 5 9 6 2 3 , , 6 9 4 4 3 7 Chicago............................. 2,428 2,396 10,153 4 17 30 10,102 S M t. i n L n o e u a i p s o .. l . i .. s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 , . 2 2 4 7 8 9 1 1 , , 2 2 5 39 2 4 4 , , 1 2 4 5 5 0 ( (2 2 ) ) 1 1 7 4 298 4 4, , 2 09 2 9 6 D K Sa a a n n ll s a F a s r s . a .. C n .. c . i . t i . y s .. c . . . . o . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 , . 8 2 3 3 8 5 9 0 0 1 1, , 2 7 3 6 5 4 1 5 7 3 3 5 , , , 2 7 1 0 1 3 5 5 2 O (2 ) )' (2 4 4 ) 3 1 2 0 (2) 3 3 5 , , , 1 6 1 9 7 2 1 7 5 For notes to Appendix Tables 1-9, see p. 217. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TIME AND SAVINGS DEPOSITS 219 APPENDIX TABLE 3— TIME DEPOSITS, OPEN ACCOUNT, IPC— CONSUMER-TYPE IN PASSBOOK OR STATEMENT FORM Most common interest rates paid by insured commercial banks on new deposits on October 31, 1969 Most common rate paid (per cent) Most common rate paid (per cent) Group Total 3.50 Total 3.50 or 4.00 4.50 4.75 5.00 or 4.00 4.50 4.75 5.00 less less NUMBER OF BANKS MILLIONS OF DOLLARS All banks................................... 2,289 39 157 8 2,085 13,506 102 4 .............. 13,398 Size of bank (total deposits in mi L l 1 li 0 e o s - n s 5 s 0 t h o .. a f . . n . d . . o . 1 . l . l 0 . a . . . r . . . s . . . ) . . : . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 1,0 7 6 1 0 7 2 1 7 0 9 4 8 9 5 1 1,0 5 0 8 0 7 2,3 3 3 2 1 1 1 1 3 1 5 7 1 2,3 2 1 8 3 5 50-100................................. 243 2 3 1 237 1,567 (2) 4 (2) 1,563 100-500.............................. 197 6 1 190 2,896 9 (2) 2,883 500 and over..................... 72 1 71 6,391 (2) 6,354 Federal Reserve district: Boston................................. 212 2 1 209 1,124 (2) (2) 1,114 N Ph e i w la d Y e o lp r h k i . a .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 1 8 6 2 4 7 1 29 9 2 1 1 4 53 4 2,0 3 3 1 8 6 (21) 381 ( ( 2 2 ) ) 1,9 3 9 1 9 5 C R l i e c v h e m la o n n d d .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 9 71 5 1 33 4 2 2 1 6 6 1 5 1 1 , ,2 15 7 9 6 (21) 41 (2) 1 1, , 2 1 7 5 5 4 Atlanta............................... 433 3 30 400 996 35 961 Chicago............................... 474 1 10 2 461 4,055 (2) 10 (2) 4,042 St. Louis............................. 112 26 27 59 204 O) O) 203 Minneapolis........................ 35 35 93 93 Kansas City......................... 68 6 62 125 125 D Sa a n l la F s r . a .. n ... c . i . s .. c .. o .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 8 5 8 5 4 3 1 8 5 4 2 1,8 3 0 1 7 2 l 1,8 3 0 11 6 APPENDIX TABLE 4— CERTIFICATES OF DEPOSIT, IPC, IN DENOMINATIONS OF LESS THAN $100,000— ISSUED MAINLY TO BUSINESSES 4 Most common interest rates paid by insured commercial banks on new deposits on October 31, 1969 Most common rate paid (per cent) Most common rate paid (per cent) Group Total 3.50 Total 3.50 or 4.00 4.50 4.75 5.00 or 4.00 4.50 4.75 5.00 less less NUMBER OF BANKS MILLIONS OF DOLLARS All banks................................... 6,401 13 62 107 3 6,216 3,027 O) 23 2,995 Size of bank (total deposits in millions of dollars): Less than 10...................... 3,261 34 3,159 478 O) 3 12 461 10-50................................. 2,476 22 2,406 965 O) 2 7 956 5 1 0 0 - 0 1 - 0 5 0 0 . 0 .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 6 23 7 3 3 2 31 6 7 0 6 3 2 2 9 9 ( (2 2 ) ) (0 1 (2 3 ) 3 62 2 5 7 500 and over..................... 74 74 627 627 Federal Reserve district: Boston............................... 218 4 212 81 (2) (21) 80 N Ph e i w la d Y e o lp r h k i . a .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 8 7 3 7 6 3 2 1 6 6 8 8 3 1 1 2 8 4 ( ( 2 2 ) ) 0) 1 (2) 3 1 1 2 5 0 1 1 Cleveland........................... 375 28 337 142 1 (2) 141 Richmond......................... 478 2 471 332 (2) 1 (2) 328 Atlanta............................... 713 6 698 312 4 308 Chicago............................. ,401 8 1,377 387 O) 1 2 384 S M t. i n L n o e u a i p s o .. l . i .. s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 5 32 7 7 4 7 1 5 3 5 2 8 6 21 98 4 (2) 0 2 ) (2)' 21 9 1 8 Kansas City....................... 834 34 792 292 (2) 0) 9 284 Dallas................................. 757 6 749 307 (2) C1) 306 San Francisco................... 264 260 420 (2) (2) 419 For notes to Appendix Tables 1-9, see p. 217. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
220 FEDERAL RESERVE BULLETIN □ MARCH 1970 APPENDIX TABLE 5— TIME DEPOSITS, OPEN ACCOUNT, IPC, IN DENOMINATONS OF LESS THAN $100,000- BUSINESS TYPE 5 Most common interest rates paid by insured commercial banks on new deposits on October 31, 1969 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 3.50 3.50 or 4.00 4.50 4.75 5.00 or 4.00 4.50 4.75 5.00 less less NUMBER OF BANKS MILLIONS OF DOLLARS All banks................................... ,679 64 566 74 973 1,473 20 72 15 (2) 1,366 Size of bank (total deposits in millions of dollars): Less than 10...................... 568 19 202 22 324 126 1 9 4 (2) 112 10-50................................. 767 23 287 38 418 494 1 35 8 (2) 450 50-100............................... 132 8 35 7 82 213 O) 10 2 200 100-500............................. 146 11 27 6 102 449 2 8 1 439 500 and over..................... 66 3 15 1 47 191 16 11 (2) 164 Federal Reserve district: Boston............................... 94 32 10 52 43 4 2 37 New York......................... 206 9 57 17 123 281 5 6 2 267 Philadelphia....................... 187 26 67 15 79 187 2 9 5 171 Cleveland........................... 158 8 116 1 33 72 O) 19 (2) 52 Richmond......................... 223 3 119 9 92 170 O) 24 2 143 Atlanta............................... 253 4 63 1 185 91 O) 2 (2) 89 Chicago............................. 162 2 44 8 108 291 (2) 3 1 2§7 St. Louis............................ 102 2 16 3 81 45 (2) 1 O) 43 Minneapolis....................... 39 2 2 35 34 (2) (2) 34 Kansas City....................... 67 4 33 2 28 28 O) 2 (2) 26 Dallas................................. 103 1 12 3 86 92 (2) 1 0) (2) 91 San Francisco................... 85 3 5 5 71 139 12 O) 1 (2) 126 APPENDIX TABLE 6— NEGOTIABLE CERTIFICATES OF DEPOSIT, IPC, IN DENOMINATIONS OF $100,000 OR MORE Most common interest rates paid by insured commercial banks on new deposits on October 31, 1969 Most common rate paid (per cent) Most common rate paid (per cent) Group Total 4.50 Total 4.50 or 4.75 5.00 5.25 5.50 5.75 6.00 6.25 or 4.75 5.00 5.25 5.50 5.75 6.00 6.25 less less NUMBER OF BANKS MILLIONS OF DOLLARS All banks.................................... 1,627 16 1 303 15 88 33 323 848 7,685 104 (2) 157 14 669 911,8154,834 Size of bank (total deposits in mil lions of dollars): Less than 10....................... 316 6 123 3 13 10 38 123 66 3 15 1 3 3 9 33 10-50.................................. 795 6 1 136 11 34 14 164 429 567 1 (2) 48 9 20 8 104 376 50-100................................ 189 2 28 12 2 45 100 515 (2) 33 14 (2) 116 347 100-500.............................. 234 1 15 1 18 3 48 148 1,939 (2) 59 (2) 114 11 4021,348 500 and over...................... 93 1 1 11 4 28 48 4,597 (2) (2) 518 651,1842,731 Federal Reserve district: Boston................................ 121 6 5 3 40 67 366 3 22 9 50 281 New York.......................... 162 3 19 14 5 39 82 1,403 O) 8 66 45 574 709 Philadelphia....................... 35 12 6 7 10 175 4 62 51 59 Cleveland........................... 81 37 1 4 1 11 27 383 6 (2) 54 (2) 229 93 Richmond........................... 102 2 24 1 5 1 14 55 308 (2) 18 (2) 8 (2) 41 240 Atlanta............................... 226 2 69 6 3 52 94 426 (2) 15 3 16 63 327 Chicago.............................. 175 39 16 4 35 81 829 37 41 4 172 575 St. Louis............................. 67 1 18 3 4 12 29 206 (2) 23 61 5 10 108 Minneapolis....................... 71 1 13 3 4 19 31 139 (2) 3 23 10 54 49 Kansas City....................... 147 4 29 1 8 1 26 78 355 3 19 (2) 7 (2) 89 232 Dallas................................. 320 2 29 12 12 6 33 226 1,292 (2) 15 8 16 1 281 872 San Francisco..................... 120 1 1 8 6 1 35 68 1,803 (2) (2) 5 305 (2) 2001,290 For notes to Appendix Tables 1-9, see p. 217. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TIME AND SAVINGS DEPOSITS 221 APPENDIX TABLE 7— NON NEGOTIABLE CERTIFICATES OF DEPOSIT, IPC, IN DENOMINATIONS OF $100,000 OR MORE Most common interest rates paid by insured commercial banks on new deposits on October 31, 1969 Most common rate paid (per cent) Most common rate paid (per cent) Group Total 4.50 Total 4.50 or 4.75 5.00 5.25 5.50 5.75 6.00 6.25 or 4.75 5.00 5.25 5.50 5.75 6.00 6.25 less less NUMBER OF BANKS MILLIONS OF DOLLARS All banks..................................... 2,564 31 3 800 20 202 32 3721,104 4,723 12 7 610 18 250 38 6853,104 Size of bank (total deposits in mil lions of dollars): Less than 10....................... 666 6 1 271 4 52 4 87 241 215 1 (2) 105 1 14 O) 18 76 10-50................................... 1,303 21 1 354 12 104 16 196 599 779 7 (2) 165 6 62 8 124 408 50-100................................. 301 2 97 2 24 5 47 124 532 (2) 132 (2) 34 6 88 269 100-500............................... 221 2 1 58 2 18 5 29 106 910 (2) (2) 70 (2) 82 11 91 636 500 and over....................... 73 20 4 2 13 34 2,287 138 57 (2) 3651,715 Federal Reserve district: Boston................................. 68 19 8 18 23 45 5 6 12 23 New York........................... 146 3 36 2 18 3 35 49 806 O) 22 (2) 66 6 362 349 Philadelphia....................... 119 1 62 3 15 4 14 20 141 (2) 40 1 17 4 9 69 Cleveland............................ 141 5 57 1 11 1 16 50 163 3 26 (2) 9 (2) 17 104 Richmond........................... 251 4 61 1 44 3 26 112 418 1 108 (2) 26 2 33 246 Atlanta............................... 382 2 141 3 19 5 37 175 562 (2) 102 12 37 11 32 366 Chicago............................... 446 3 1 161 4 53 4 76 144 610 1 (2) 78 1 35 2 77 416 St. Louis............................. 182 4 2 43 3 8 1 26 95 164 O) (2) 25 1 24 (2) 31 74 Minneapolis....................... 120 1 61 1 3 3 12 39 86 (2) 32 (2) 1 1 31 21 Kansas City....................... 254 5 63 1 9 6 61 109 168 3 23 (2) 4 2 36 100 Dallas................................. 325 3 78 1 12 33 198 353 1 52 (2) 8 27 264 San Francisco..................... 130 18 2 2 18 90 1,207 98 (2) (2) 171,071 APPENDIX TABLE 8— TIME DEPOSITS, OPEN ACCOUNT, IPC, IN DENOMINATONS OF $100,000 OR MORE Most common interest rates paid by insured commercial banks on new deposits on October 31, 1969 Most common rate paid (per cent) Most common rate paid (per cent) Group Total 4.50 Total 4.50 or 4.75 5.00 5.25 5.50 5.75 6.00 6.25 or 4.75 5.00 5.25 5.50 5.75 6.00 6.25 less less NUMBER OF BANKS MILLIONS OF DOLLARS All banks...................................... 485 125 130 25 40 154 1,501 46 (2) 227 1 234 5 289 698 Size of bank (total deposits in mil lio L ns e s o s f t d h o a l n la 1 r 0 s) . : ........................ 141 49 1 1 2 38 10-50..................................... 135 45 18 (2) 5 6 8 5 1 0 0 - 0 1 - 0 50 0 0 .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 6 8 2 1 3 2 8 5 ( ( 2 2 ) ) 1 1 3 0 V2) ( 1 2 8 ) (2) 11 5 6 1 0 7 500 and over......................... 59 1,242 185 210 264 575 Federal Reserve district: Boston................................... 23 2 5 (2) 16 New York............................. 981 10 22 207 263 478 Philadelphia......................... 103 4 (2) 80 6 (2) 12 (2) Cleveland............................. 27 92 13 (2) (2) 3 21 Richmond............................. 15 9 .. .. 3 Atlanta................................. 51 (2) 5 (2) 39 Chicago................................. 22 O) 6 C2) (2) (2) (2) St. Louis............................... 36 11 3 (2) (2) (2) 22 Minneapolis......................... (2) (2) (2) Kansas City......................... 3 (2) Dallas................................... 40 C2) (2) (2) (2) 14 San Francisco....................... 12 198 10 (2) 117 For notes to Appendix Tables 1-9, see p. 217. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
222 FEDERAL RESERVE BULLETIN □ MARCH 1970 APPENDIX TABLE 9— CERTIFICATES OF DEPOSIT, IPC, IN DENOMINATIONS OF LESS THAN $100,000— ISSUED MAINLY TO CONSUMERS BY MEMBER BANKS 3 Most common interest rates paid on new deposits on October 31, 1969 Most common rate paid (per cent) Most common rate paid (per cent) Group Total 3.50 Total 3.50 or 4.00 4.50 4.75 5.00 or 4.00 4.50 4.75 5.00 less less NUMBER OF BANKS MILLIONS OF DOLLARS Consumer-type CD’s—with rate guaranteed over 12 months All banks.................................... 853 9 33 66 10 735 5,295 4 18 72 5,198 Size of bank (total deposits in millions of dollars): Less than 10....................... 268 3 14 228 261 0) 8 (») 244 10-50.................................... 374 3 18 316 844 3 7 3 812 50-100.................................. 66 59 311 308 100-500................................ 90 3 1 80 923 1 (2) (2) 885 500 and over........................ 55 52 2,957 2,949 Federal Reserve district: Boston.................................. 36 34 118 (2) (2) 118 New York............................ 63 2 3 53 858 (2) O) 2 855 Philadelphia......................... 106 1 5 91 1,036 (2) 5 37 (2) 995 Cleveland............................. 98 10 81 518 8 11 500 Richmond............................ 61 1 2 52 338 (2) (2) 4 1 333 Atlanta................................. 140 6 125 769 4 761 Chicago................................ 72 1 62 216 (2) 10 206 St. Louis............................... 54 4 45 193 0) 2 191 Minneapolis......................... 31 28 72 2 70 D Ka a n ll s a a s s . .. C ... i . t . y .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 5 1 9 2 2 11 4 9 3 2 30 7 7 0 (2) ( (2 2) ) 21 O) 30 68 6 San Francisco...................... 32 2 29 799 (2) (2) 796 Consumer-type CD’s—all other All banks.................................... 5,004 18 95 98 5 4,788 26,264 11 84 132 26,033 Size of bank (total deposits in millions of dollars): Less than 10....................... 2,242 2,111 3,319 23 57 (2) 3,236 10-50.................................. 2,105 2,030 8,782 55 64 3 8,655 5 1 0 00 -1 -5 0 0 0 0 .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 9 7 8 5 2 27 9 1 4 4 2 , , 7 7 4 1 5 7 (2) ( ( 2 2 ) ) ( ( 2 2) ) 2 4, , 7 7 3 0 8 4 500 and over....................... 84 82 6,701 (2) (2) 6,700 Federal Reserve district: Boston................................ 116 111 85 (2) 84 New York.......................... 274 259 999 (2) 2 (2) 990 Philadelphia....................... 243 222 1,545 3 22 1,520 Cleveland........................... 378 352 1,945 (2) 10 11 (2) 1,923 R A i t c la h n m ta o . n .. d .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 3 3 0 2 2 4 2 1 7 8 9 1 1 , ,7 3 0 7 1 9 (2) 141 4 6 (2) 1 1 , , 6 3 9 5 5 9 Chicago................................ 904 871 6,098 4 18 27 6,049 St. Louis.............................. 414 392 1,985 (2) 14 28 1,942 Minneapolis......................... 465 456 2,849 (2) 14 8 2,825 Kansas City......................... 800 769 2,355 O) 4 15 (2) 2,336 D Sa a n l l F as r . a .. n .. c .. i . s . c .. o .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 1 1 5 7 9 5 1 0 5 2 7 3 1 , , 7 6 2 0 2 2 (2)‘ (2 3 ) 10 3 1 , , 7 5 2 89 0 For notes to Appendix Tables 1-9, see p. 217. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TIME AND SAVINGS DEPOSITS 223 APPENDIX TABLE 10— INSURED COMMERCIAL BANKS CHANGING THE MOST COMMON RATE PAID ON NEW TIME AND SAVINGS DEPOSITS, IPC, BETWEEN JULY 31 AND OCTOBER 31, 1969 Business-type time Savings Consumer-type time Instruments of less than Instruments of $100,000 $100,000 or more Group Size of bank (total Size of bank (total Size of bank (total Size of bank (total deposits in millions deposits in millions deposits in millions deposits in millions of dollars) of dollars) of dollars) of dollars) All All All All bank bank bank bank sizes Less 10- 100 sizes Less 10- 100 sizes Less 10- 100 sizes Less 10- 100 than 100 and than 100 and than 100 and than 100 and 10 over 10 over 10 over 10 over Number of issuing banks Oct. 31, 1969............... 12,622 7,542 4,595 485 12,541 7,584 4,480 477 6,979 3,544 3,035 400 4,069 1,080 2,522 467 PERCENTAGE DISTRIBUTION OF NUMBER OF BANKS IN GROUP * Total......................... 100.0 100.0 100.0 100.C 100.0 100.0 100.0 100.0 No change in rate, July 31-Oct. 31, 1969.......... 97.5 99.4 60.8 57.9 61.5 64.6 Banks raising rate............ 1.7 .4 17.0 14.9 17.2 20.6 New most common ratei (per cent) 3.50 or less.......... 3.51-4.00 . 4.01-4.5 0 4.51-4.7...............5 4.76-5.0 0 5.01-5.2 5 5.26-5.5 0 5.51-5.7 5 5.76-6.0 0 6.01-6.2 5 Banks reducing rate........ New most common rate1 (per cent) 3.50 or less.......... 3.51-4.0 0 4.01-4.5 0 4.51-4.7 5 4.76-5.0 0 5.01-5.2 5 5.26-5.5 0 5.51-5.7 5 5.76-6.0 0 Banks introducing new instrument.................... Most common rate1 (per cent) 4.00 or less.......... 4.01-4.5 0 4.51-4.7 5 4.76-5.0 0 12.4 5.01-5.2 5 5.26-5.5 0 5.51-5.7 5 5.76-6.0 0 6.01-6.2 5 * Shaded areas indicate that rates shown in the stub are higher thanthe maximum permissible rate on the various instruments. 1 For description of most common rate, see Note to Table 3, p. 215. 1969, with the rates reported by the same banks on July 31, 1969. The table excludes banks that issued these types of deposits on July 31, but 2 Less than 0.05 per cent. no longer issued them on October 31. Percentages may not add to totals because of rounding. Note.—This table was compiled by comparing rates as reported by the For a description of consumer-type time deposits and business-type time sample banks that had these types of deposits outstanding on October 31, deposits, see Table 1, p. 212. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
APPENDIX TABLE 11— MINIMUM DENOMINATION AND LONGEST AND SHORTEST MATURITY ON WHICH MOST COMMON RATE WAS PAID ON TIME DEPOSITS IN DENOMINATIONS OF LESS THAN $100,000 ON OCTOBER 31, 1969, BY MEMBER BANKS OF THE FEDERAL RESERVE SYSTEM Number of banks Longest maturity (in months) Shortest maturity (in months) Minimum denomination All All (in dollars) m ri a ti t e u s 6 le o ss r 7-12 13-24 25-48 49-60 61-120 1 1 2 6 1 8 - o a 1 v n 6 e d 9 r m ri a ti t e u s 3 le o ss r 4-6 7-12 13-24 25-60 O 6 v 0 er Consumer-type CD’s—excluding CD’s with rate guaranteed over 12 mos. 5,003 1,093 3,664 66 71 92 10 3 4 5,003 2,786 1,312 892 6 6 1 1,262 271 921 15 17 30 4 1 3 1,262 741 291 225 4 1 101 500............................... 1,333 289 969 13 34 26 1 1 1,333 742 375 211 3 2 501-1,000........................... 1,906 409 1,414 28 16 32 5 1 1 1,906 1,073 479 354 1 001 5 000. 437 110 312 7 4 4 437 188 155 91 3 5001 25 000 61 14 44 3 61 40 10 11 Over 25 000 4 4 4 2 2 Consumer-type CD’s—with rate guaranteed over 12 mos.i All denominations................. 441 57 61 243 51 12 17 850 386 92 238 28 103 3 100 and less........................ 206 9 24 135 20 10 8 331 179 23 72 6 49 2 101-500............................... 77 20 12 35 7 1 2 173 73 24 56 8 12 501-1 000........................... 131 24 18 60 22 1 6 271 114 36 78 9 33 1 1 001-5 000 . 20 2 7 10 1 62 16 8 28 3 7 5*001-25 000 6 2 3 1 11 3 1 3 2 2 Over 25 000 1 1 2 1 1 Small-denomination CD’s—-issued mainly to businesses All denominations................. 2,610 538 1,908 54 52 52 5 1 2,610 1,730 537 334 3 6 100 and less........................ 493 104 345 12 18 12 1 1 493 313 104 73 3 101-500............................... 629 115 472 9 19 14 629 410 139 78 1 1 501-1,000........................... 1,100 221 818 24 12 21 4 1,100 746 216 134 2 2 1 001-5 000....................... 306 73 218 8 3 4 306 193 70 43 5 001-25 000 70 22 46 1 1 70 58 6 6 Over 25 000. 12 3 9 12 10 2 Time deposits, open account, in passbook or statement form All denominations................. 1,130 837 212 8 7 30 13 1 22 1,130 1,072 38 15 3 2 100 and less....................... 311 223 56 4 1 15 6 6 311 293 12 5 1 101-500.............................. 418 309 80 2 2 7 6 12 418 404 8 4 1 1 501-1.000........................... 365 277 70 2 2 8 1 1 4 365 344 15 4 1 1 1,001-5,000....................... 33 26 5 2 33 29 2 2 5 001-25 000 3 2 1 3 2 1 Over 25,000....................... All other time deposits, open account, less than $100,000 All denominations 903 553 311 903 715 136 100 and less---- 384 290 84 384 298 72 101-500............ 144 68 64 144 126 10 501-1,000........ 244 124 108 244 194 32 1.001-5,000... 75 42 30 75 54 12 5.001-25.000.. 50 26 22 50 38 91 Over 25,000. .. 6 3 3 6 5 1 A sizable number of banks that issued these instruments did not Note.—Insured nonmember banks did not report this information. report usable information on longest maturity, and a few banks failed to report information on shortest maturity. Digitized for FRA2S2E4R http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Treasury and Federal Reserve Foreign Exchange Operations This 16th joint interim report reflects the This report was prepared by Charles A. Treasury-Federal Reserve policy of making Coombs, Senior Vice President in charge of available additional information on foreign the Foreign Department of the Federal Re exchange operations from time to time. The serve Bank of New York, and Special Man Federal Reserve Bank of New York acts as ager, System Open Market Account. It agent for both the Treasury and the Federal covers the period September 1969 to March Open Market Committee of the Federal Re 1970. Previous reports were published in the serve System in the conduct of foreign March and September Bulletins of each exchange operations. year beginning with September 1962. The recurrent speculative storms that had dollar markets were major beneficiaries of swept across the foreign exchanges during these outflows from Germany, many other the first 9 months of 1969 were succeeded currencies that had suffered from earlier during the fall and winter months by a gen hedging on the mark also reacted buoyantly eral clearing-away of market fears and ten to the unwinding of speculative positions. sions. Earlier apprehension that the acute The swing of the pendulum in the exchange disequilibria in the French and German markets was accompanied by a similar swing payments positions might trigger a world of creditor and debtor positions in the Fed financial crisis was relieved by the succes eral Reserve swap network and related sive devaluation of the French franc in Au facilities. (See Tables 2 and 3.) gust and revaluation of the mark in October. Particularly noteworthy was the remark The vigorous recovery of sterling from able shift in the Bank of England’s use of earlier deficits to a position of sustained its $2 billion swap line with the Federal surplus finally overcame bearish market Reserve. From a peak commitment of sentiment toward the pound and encouraged $1,415 million in May 1969, that Bank’s the rebuilding of foreign balances normally debt to the Federal Reserve declined to held in London. More generally, the activa $815 million as of the end of July and, tion of the special drawing rights (SDR’s) after rising to $1,145 million during Au agreement, together with the abrupt decline gust and September, was progressively re in the free market price of gold, contributed duced to $650 million at the year-end and to a strong revival of confidence in the con finally was completely liquidated by Feb tinuing viability of the international finan ruary 11, 1970. During this period the cial system. Bank of England also effected heavy repay In this relaxed atmosphere, hedging and ments to other creditors. speculative positions taken earlier in the As of the end of August 1969, the Na year were steadily unwound, most strikingly tional Bank of Belgium and the Nether evidenced in net outflows from Germany of lands Bank were indebted to the System $5 billion during the final quarter of the under the swap lines to the extent of $224 year. While the United States and the Euro- million and $109.7 million, respectively. Digitized for FRASER 225 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
226 FEDERAL RESERVE BULLETIN □ MARCH 1970 In these two instances the pendulum swung speculative funds reversed itself, enabling back well beyond center as both the Belgian the Treasury to liquidate its swap within a franc and the Dutch guilder became re week’s time. The Federal Reserve swap garded by the market as possible candidates debt was subsequently reduced by $170 mil for revaluation along with the German lion to $130 million equivalent, which re mark. The resultant influx of funds into mained outstanding as of March 10. Brussels and Amsterdam not only enabled Although the Swiss franc had remained both the Belgian and the Dutch central relatively unaffected by speculation on the banks to repay all outstanding debt due to mark during the summer months of 1969, a the Federal Reserve, but shortly thereafter general tightening of liquidity in Switzer necessitated System borrowing under the land toward the end of September brought two swap lines to absorb a heavy volume of an influx of dollars, most of which were surplus dollars acquired by each central absorbed by a $200 million drawing by the bank. In the case of the swap line with the Federal Reserve on its swap line with the National Bank of Belgium, Federal Reserve Swiss National Bank. This debt was paid drawings rose by February 10 to a level of down by $25 million in November and a further $30 million in December as Swiss TABLE 1 francs became available through the mar FEDERAL RESERVE RECIPROCAL CURRENCY ARRANGEMENTS ket. The remaining balance of $145 million In millions of dollars equivalent was liquidated during February 1970 through two transactions effected di Amount of facility, rectly with the Swiss National Bank. Institution Mar. 10, 1970 The French franc benefited consider Austrian National Bank...................................... 200 ably during the fourth quarter of 1969 from National Bank of Belgium...............................t. 500 Bank of Canada................................................... 1,000 the return flow of funds from Germany N Ba a n ti k o n o a f l E B n a g n l k an o d f . . D ... e .. n .. m . a . r .. k .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,020000 and has remained strong since the turn of Bank of France.................................................... 1,000 the year, enabling the Bank of France to German Federal Bank......................................... 1,000 Bank of Italy........................................................ 1,000 make further sizable payments of short Bank of Japan...................................................... 1,000 Bank of Mexico................................................... 130 term central bank credits. In connection Netherlands Bank................................................ 300 Bank of Norway.................................................. 200 with these repayments the Bank of France Bank of Sweden................................................... 250 Swiss National Bank........................................... 600 activated its swap line with the Federal Re Bank for International Settlements: serve on January 8, drawing $100 million Swiss francs/dollars.......................................... 600 Other authorized European currencies/dollars 1,000 as interim financing of a debt repayment Total............................................................. 10,980 due to Germany; the French drawing on the System swap line was repaid on Feb $85 million equivalent, all of which re ruary 2, and the $1 billion facility reverted mained outstanding as of March 10, 1970. to a standby basis. As of March 10, 1970, The flow of funds to the Netherlands was earlier credits of $200 million extended considerably heavier, necessitating not only by the U.S. Treasury to the Bank of France drawings totaling $300 million equivalent had been paid down to $95 million. by the Federal Reserve in October 1969, The Italian lira became subject to pres but also a concurrent special swap of $200 sure in September 1969 with the approach million by the U.S. Treasury. As soon as the of the German elections and, to cover mar Dutch Government formally rejected any ket losses, the Bank of Italy activated its revaluation of the guilder, the flow of $1 billion swap line with the Federal Re Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FOREIGN EXCHANGE OPERATIONS 227 TABLE 2 FEDERAL RESERVE SYSTEM SWAP ACTIVITY UNDER ITS RECIPROCAL SWAP LINES In millions of dollars equivalent Drawings, or repayments (—) System System Transactions with— swap 1969 1970 swap drawings, Jan. 1- drawings, Jan. 1, Mar. 10 Mar. 10, 1969 I II III IV 1970 National Bank of Belgium. 55.0 30.0 85.0 German Federal Bank 112.1 -112.1 f 40.0 300.0 Netherlands Bank......................................... -40.0 -170.0 j 130.0 Swiss National Bank.................................... 320.0 / \ .... - .. 2 ... 8 .. 0 ... . . 0 .... - 1 4 0 5 0 . . 0 0 -95.0 - 2 5 0 5 0 . . 0 0 -145.0 \ / .................... Tn+al 432.1 \ / -39 4 2 0 . . 1 0 - 1 8 0 5 0 . . 0 0 -95.0 -2 5 2 5 5 5 . . 0 0 -14 3 5 0 . . 0 0 } 215.0 serve on September 23 by drawing $300 governments of the same countries million. Following the mark revaluation, the amounted to $9.5 billion. lira recovered as a return flow of funds from The Federal Reserve swap network was Germany got under way, and by Novem further enlarged in October 1969 by in ber 14 the Bank of Italy was able to repay creases from $100 million to $200 million the $300 million drawn from the Federal each in the Federal Reserve swap facilities Reserve. Later in December the lira once with the Austrian National Bank, the Na again came under pressure, reflecting the tional Bank of Denmark, and the Bank of impact of widespread strikes in November, Norway. The System’s over-all swap net domestic political uncertainties, and the work was thereby raised to $10,980 million pull of higher interest rates abroad. As a (see Table 1). result, the Bank of Italy reactivated its Since the last report in this series, no swap line with the Federal Reserve on Jan new operations in the forward markets uary 23, 1970, drawing $200 million on have been undertaken by either the Federal that day and making additional drawings in Reserve or the Treasury. Technical forward February. commitments in lire assumed by the U.S. Drawings on the swap lines by the Fed Treasury in earlier years were fully liqui eral Reserve and its foreign central bank dated by the end of November 1969. partners amounted to $3.1 billion in 1969. From time to time beginning in May The total of such drawings from the incep 1969 the Federal Reserve bought foreign tion of the swap network in March 1962 currencies on a 3-month swap basis from through the end of 1969 came to $20.5 bil the Treasury’s Exchange Stabilization Fund lion. Over the same period, other credits in order to free some of the Fund’s re provided by foreign central banks and the sources for current operations, primarily U.S. Treasury on an ad hoc basis totaled gold purchases from foreign countries. more than $11.5 billion. Gold transactions These swaps reached a peak of $1 billion between the U.S. Treasury and the foreign early in January, but were fully reversed central banks in the swap network came to later that month after the U.S. Treasury $9.0 billion, while drawings on the Inter had monetized $1 billion of gold previously national Monetary Fund (IMF) by the held by the Exchange Stabilization Fund. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
228 FEDERAL RESERVE BULLETIN □ MARCH 1970 During the period under review, the U.S. November 1968 level and the volume of out Treasury redeemed foreign currency secu standing market swap commitments of the rities valued at a total of $850.6 million German Federal Bank had been significant equivalent. In October the Austrian Na ly reduced. tional Bank encashed prior to maturity the During the first quarter of 1969 the out remaining $25.1 million equivalent note flow of funds from Germany continued un denominated in schillings (see Table 4). abated, as the authorities pursued a policy In November the German Federal Bank of monetary ease at a time when Euro-dollar encashed prior to maturity four mark- rates were rising sharply. In addition to the denominated notes valued at $199.6 mil substantial flow into the short-term Euro lion equivalent and, in January, four notes dollar market, long-term capital exports rose valued at $500.5 million equivalent issued to record levels, as foreign borrowers flood to it under the 1967 and 1968 agreements ed the German capital market with loan de to neutralize the balance of payments costs mands and securities issues in response to of U.S. military expenditures in Germany. the relatively low borrowing costs in Ger In January 1970, the Treasury redeemed at many. maturity a lira-denominated note for $125.4 By early April, however, congestion in the million equivalent held by the Bank of Italy. capital market was becoming severe and the As a result of these transactions, and taking West German Capital Market Committee into account certain valuation changes fol acted to space out issuance of securities by lowing the German mark’s revaluation, to foreign borrowers. With capital outflows tal U.S. Treasury foreign currency-denom dropping sharply, the steady decline in Ger inated securities outstanding declined from man reserves came to an end. Moreover, the $2.2 billion to $1.4 billion equivalent dur gradual shift in official policy toward re ing the period. straint aroused concern that reliance on monetary means to curb inflationary pres GERMAN MARK sures might result in reflows of funds to Ger During 1968 there were recurrent rumors of many and consequent renewed buying pres imminent revaluation of the mark as Ger sure on the mark. The 1 percentage point many continued to show a very large sur jump to 4 per cent in the Federal Bank’s dis plus in its balance of payments on current count rate on April 18 pointed up this po account. Although the current-account sur tential dilemma inherent in official efforts to plus was offset by an even larger outflow of avert domestic inflation while avoiding in long-term capital, the markets remained ternationally disruptive shifts of funds into apprehensive that the outflow could not be Germany. Late in April, demand for marks sustained and that German competitive rose sharply with the approach of the refer strength eventually would force a mark endum on which General de Gaulle had revaluation. These fears culminated in a staked his presidency. (See Chart 1.) The huge rush of funds into Germany in Novem German Federal Bank immediately resumed ber 1968, but speculation receded in the mark swap operations, however, and there face of the determined refusal by the Ger by succeeded in rechanneling to the inter man Government to revalue the mark. national money markets most of the $500 Reversal of the massive influx of funds took million taken in during this period. some time, but by early 1969 German The market atmosphere changed dra monetary reserves were back to their pre- matically overnight, however, following re Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FOREIGN EXCHANGE OPERATIONS 229 ports that German official circles might be to swing heavily in favor of the mark, and willing to consider a mark revaluation as outright speculation began again. Between part of a multilateral realignment of parities. April 30 and Friday, May 2, the Federal Demand for marks soared as firms with com Bank purchased over $850 million. mitments in marks rushed to hedge them, Speculative pressures built up on an even commercial payments leads and lags began more massive scale during the following week. Frenzied speculation induced huge 1 EXCHANGE RATES: Jan. 1969 to Mar. 1970 shifts of funds to Germany, exerting strong * N.Y. noon offered rates pressure on the Euro-dollar market and dan CENTS PER UNIT OF FOREIGN CURRENCY gerously straining the international reserves 242.00 of some of Germany’s trading partners. The 240.00 speculation did not halt until the German 238.00 Government announced late on May 9 that 20.4082 18.1406 it would not revalue the mark and that sup 20.2550 18.0044* porting measures would be announced in a 20.1045 17.8699 few days. By then the exchange markets had 27.5482 witnessed the heaviest flow in international 27.3224+ financial history. The speculative onslaught 27.1003 between the end of April and May 9 in creased German monetary reserves by some $4.1 billion—including $2.5 billion on May 8 and 9 alone—to a record level of $12.4 billion. The exchange markets began returning to normal following the German Govern ment’s decision, which was backed up by an .1612 official communique from Basle declaring .1600 that agreement had been reached among the .1589 central banks on steps to recycle the specu 27.8358 lative flows. Thereafter, there was a large 27.6243 outflow of funds from Germany that con 27.4160 tinued through early June, as Euro-dollar 2.0151 rates moved higher and as the Federal Bank 2.0000 resumed swap operations. A tightening of 1.9851 liquidity conditions in Germany around the mid-June tax date temporarily checked the outflow, which resumed toward the monthend and continued into early July. By then JAN. MAR. MAY JULY SEPT. NOV. JAN. MAR. nearly $3 billion had returned to the inter 1969 1970 national markets. Black rule indicates par value of currency. The devaluation of the French franc on Weekly averages of daily rates. Upper and lower boundaries of panels represent official buying and selling rates of dollars August 8 introduced new uncertainties and against the various currencies. However, the Bank of Canada has informed the market that its intervention points in trans triggered a fresh rush of demand for marks. actions with banks are $0.9324 (upper limit) and $0.9174 (lower limit). The Federal Bank once again purchased * indicates change as of August 10, 1969. t indicates change as of October 26, 1969. dollars, but the buying pressures were not Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
230 FEDERAL RESERVE BULLETIN □ MARCH 1970 TABLE 3 DRAWINGS AND REPAYMENTS ON FEDERAL RESERVE SYSTEM BY ITS SWAP PARTNERS In millions of dollars Drawings, or repayments (—) Drawings Drawings Banks drawing on System on System, on System, Jan. 1, 1969 Dec. 31, 1969 1969 I II III IV Austrian National Bank....................................................... -50.0 50.0 PanV nf Rplcn’iim 7.5 / \ -5 7 8 4 . . 5 0 -1 1 100 9 40 5 . . .00 0 -1 2 5 4 4 4 . . 0 0 -204.0 I National Bank of Denmark................................................ 1 / -2 2 5 5 . . 0 0 -100.0 465.0 !.................... U n m \r /~\ f* r*1 n m r\ 1,150.0 \ -50.0 -5 4 4 6 0 5 . . 0 0 -2 3 5 3 5 0 . . 0 0 -450.0 | 650.0 RanW nf Franrp 430.0 \ / -1 2 9 2 4 5 . . 0 0 — 461.0 -6 6 5 5 . . 0 0 / I .................... Bank of Italy......................................................................... 300.0 -300.0 N Ba e m t n h k a e r r k f la o s n ) r . d .. I s .. n . B . t . e . a . r . n . n . k . a . . . t . . i . . o . . . . n . . . . a . . . . l . . . . . . . . S . . . . e . . t . . . . t . . l . . e . . . . m . . . . . . e . . n . . . . . . t . . s . . . . . . . . ( . . a . . . . g . . . . a . . . . i . . n . . . . s . . t . . . . . . . . G . . . . . . e . . . . r . . . . m . . . . . . a . . . . n . . . . . . . . 80.0 \ / f .... - .. 1 ... 3 . 5 . 1 . i . . . . O . 0 .. .. -2 8 2 5 2 5 . . . 0 2 0 - 1 8 - 0 4 2 4 9 . . . . 0 2 0 7 — - 1 6 6 0 2 2 9 . . . 0 0 7 J { Total.............................................................................. 1,667.5 / \ -4 3 5 7 8 5 . . 5 0 -1,2 9 3 1 0 7 . . 0 2 1 -6 ,0 1 5 0 2 . . 2 7 -1,12 6 5 2 . . 7 0 | 650.0 sustained and the authorities were able to on that day, the German authorities, at the swap back to the market a substantial part suggestion of the Federal Bank, announced of the inflow. their decision to suspend official foreign ex The market then remained quiet for a few change dealings until after the elections, weeks but, as the date of the German elec thereby forestalling an influx of funds into tions approached, there was sizable covering Germany that might well have approached of foreign currency positions by Germans as the massive proportions of the two preced well as mark hedging by foreigners, and the ing crises—in November 1968 and May German Federal Bank purchased increasing 1969. The mark continued to be traded amounts of dollars during the course of Sep that afternoon in New York and on Thurs tember. The Federal Bank was simultane day and Friday in all international ex ously selling dollars on a swap basis, but on changes, but activity was limited. With no September 18, after such sales had reached official intervention and with conflicting ru $0.7 billion over a 10-day period, the Fed mors swaying the market, the rate moved eral Bank raised its swap rate, thus bringing above its ceiling of $0.2518% to as high as to a virtual halt the covered movements of $0.2570 on Thursday, September 25 (Chart German funds into the Euro-dollar market. 2). Although anxious to encourage a reflow of The election returns, which came in Sun funds, the authorities felt that the market day night, showed that no party had won a swaps were again beginning to be used to parliamentary majority. Negotiations were finance speculative purchases of marks. The promptly undertaken, however, by the Social spot inflow continued unabated, however, Democratic and Free Democratic parties to and by September 24, the Wednesday before form a coalition government, which would the election weekend, the Federal Bank had presumably favor revaluation. Against this purchasd $1.5 billion in an increasingly political background, the Federal Bank re active market. entered the market on Monday morning, After the close of the Frankfurt market September 29, and was immediately flooded Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FOREIGN EXCHANGE OPERATIONS 231 with $245 million in the first hour and a half pecting the new parity to be set at $0.27027 of trading. At that point the German Gov (DM 3.70). ernment accepted a recommendation by the Second, the German Federal Bank exert Federal Bank that the mark be permitted to ed a strongly stabilizing influence by stand “float” temporarily—by suspension of inter ing ready each day to buy marks at rates vention at the ceiling. slightly below those prevailing in the mar The mark immediately rose above the ket, thereby in effect placing a floor just be ceiling and within a week—by early Octo low each successive advance of the rate. ber—had reached a premium of about 6% Since the mark was technically weak at the per cent; it advanced more slowly thereafter time because of the withdrawal of foreign to a premium of some 1V4 per cent by mid funds that was already under way, there month and then fluctuated narrowly around could have been wide fluctuations in the spot that level. Despite continuing nervousness, rate and repeated departures from the the market adapted to the changed circum longer-term equilibrium rate had the Fed stances satisfactorily as two factors com eral Bank not stood ready to prevent dis bined to ensure orderly conditions during the orderly fluctuations. The Federal Bank’s transition period. dollar sales in these operations varied widely from day to day, but amounted to $1 billion 2 I GERMAN MARK: Sept. 29 to Oct. 24, 1969 by the time the new parity was fixed. On Friday, October 24, the German Government revalued the mark by 9.3 per cent to $0.27321/4. As had been expected, it also eliminated the special border-tax ad justments that had been introduced in No vember 1968 to make exports more expen sive and imports cheaper and that had been temporarily suspended on October 11, 1969. The revaluation was larger than had generally been anticipated, thus decisively removing the mark from the realm of specu lation while setting into action economic 23 25 29 1 3 7 9 14 16 20 22 24 28 30 forces that should tend to foster both in ternal and external equilibrium. The move Black rule indicates par value of currency. New York noon was well received by the market, which offered rates. quickly became convinced that a period of First, by October 2 it had become reason much greater calm would ensue. ably clear that a Social Democratic-Free The German mark traded at its new floor Democratic coalition government would of $0.2710 when the market opened on take office when the Bundestag reconvened Monday, October 27, and, apart from a on October 21 and would revalue the mark short-lived rally in early December, re shortly thereafter. Thus, the main question mained there through the end of the year in the market became the size, rather than while the substantial positions built up in the possibility, of a parity change. And even September and during earlier periods were on this score there was little diversity of being unwound. Moreover, with interest views in the market, with traders widely ex rates lower in Germany than abroad, foreign Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
232 FEDERAL RESERVE BULLETIN □ MARCH 1970 firms made large drawings on credit lines pansion and capital outflows, the Federal established with German banks earlier in the Bank raised its “Lombard” rate on secured year. Consequently, there were extremely advances by XVi percentage points to 9 per heavy dollar sales by the Federal Bank. By cent, thus widening the spread between that the year-end, such sales totaled more than rate and the discount rate (which had been $6Vi billion—including the $1 billion sold raised to 6 per cent on September 11) to 3 during the period when the mark was per percentage points, an unusually large mitted to float—but were partly offset by amount. Furthermore, in mid-December, about $1*4 billion in maturing forward con the authorities eliminated the prohibition tracts. The net outflow of $5 billion created against payment of interest by German both internal and external problems. Do banks on foreign-owned deposits, which had mestically, the authorities were not averse been designed to discourage inflows of short to having some additional pressure exerted term funds. on liquidity, since this reinforced their On the external side, in financing the huge policy of monetary restraint, but they were outflow of funds, the Federal Bank had used anxious to avoid the development of too up most of its liquid dollar holdings by midsevere or abrupt a squeeze. From an inter November, although total official reserves national point of view, a considerable reflow remained very large. As a consequence, the of capital was desirable, since it would help German authorities encashed in advance of rebuild the reserves of other countries, but maturity four mark-denominated U.S. the actual size of the reflow was of such a Treasury notes totaling DM 800 million. magnitude as to reduce sharply the Federal The Treasury purchased the necessary marks Bank’s holdings of liquid dollars. directly from the German Federal Bank To provide some relief to German com against dollars. In addition to the dollars ac mercial banks from the liquidity-tightening quired in this transaction, Germany had re effects of the outflow, effective November 1 course to its creditor position within the the Federal Bank reduced minimum reserve IMF—drawing $540 million on November requirements by 10 per cent for resident de 26, and mobilizing an additional $550 mil posits and 30 per cent for nonresident de lion on December 9 representing its claims posits. The bank also eliminated the special under the General Arrangements to Borrow. 100 per cent marginal reserve requirement There were further heavy outflows during that had been imposed earlier on foreign the second half of December, and Germany deposits; reserve requirements against non sold $500 million of gold to the U.S. Treas resident liabilities were thus again brought ury on December 29. In the first half of Jan into line with those applying to domestic uary, furthermore, the Federal Bank en liabilities. Credit conditions continued to cashed in advance of maturity four 4 Vi-year tighten, however, as the outflow persisted, mark-denominated U.S. Treasury securities and commercial banks were forced to bor totaling DM 2 billion that had been issued row heavily from the Federal Bank. When to it under the 1967 and 1968 agreements year-end stringencies began to add to the to neutralize the balance of payments costs pressure, the Federal Bank announced on to the United States of maintaining military December 4 that reserve requirements would forces in Germany. The Treasury again be lowered by another 10 per cent, but for acquired the marks through direct purchases the month of December only. At the same from the Federal Bank, which used the dol time, to discourage both domestic credit ex lars to build up its liquid balances. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FOREIGN EXCHANGE OPERATIONS 233 Germany’s reserve losses were very heavy obligations to the IMF and to begin repay in December, as U.S. and European corpo ing outstanding shorter-term indebtedness. rations, which had transferred funds to Ger By early April, the Bank of England had re many earlier in 1969 for investment in in duced its drawings from the Federal Reserve struments maturing prior to the end of the from $1,150 million to $950 million. Later year, repatriated those funds in order to in April, sterling weakened as the French meet balance of payments targets or year- constitutional referendum approached, but end needs. Moreover, there were exception there was no large-scale selling and official ally large takedowns of long-term credits support costs were modest. from German banks. After such year-end Just as the market was beginning to re positioning had been completed and with gain its equilibrium, a new wave of specula the sharp decline in Euro-dollar rates, the tion on possible parity realignments was un outflows from Germany came to an abrupt leashed by reports of German official will halt. The mark then firmed and generally ingness to consider revaluing the mark as traded above its floor in January, although part of a broader readjustment of parities. it eased slightly in February, moving close As funds flowed from virtually every major to the floor by the month-end. During this center into Germany at the beginning of period the Federal Reserve built up its mark May, sterling was particularly hard hit, with balances. In early March, the mark strength the familiar build-up of selling pressure in ened on anticipation of a further tightening advance of the weekends. Over 10 days of of German monetary policy. The spot rate hectic speculation, Bank of England support then jumped sharply on March 6 when the costs in the spot market were very large, Federal Bank announced a Wi percentage while forward sterling discounts widened point rise in its discount rate to IV2 per cent sharply. and a one-half percentage point rise in its This episode, of course, interrupted the “ Lombard” rate to 9 Vi per cent. progress the U.K. authorities had been making in reducing their external indebted STERLING ness, and the Bank of England had to draw In 1969 the United Kingdom’s balance of on the swap line with the Federal Reserve payments on current and long-term capital to help cover market losses. At their peak, accounts at last turned from deficit to sur swap drawings reached $1,415 million, but plus. It was not until late autumn that this sterling had been very heavily oversold and improvement was reflected in market senti rebounded sharply following the German ment, however, since the underlying demand Government’s rejection of a revaluation of for sterling that set in early in the year was the mark on May 9. During the remainder repeatedly swamped by bouts of heavy sell of May and through July the Bank of Eng ing during the periods of speculative activity land was able to make sizable reserve gains in the German mark and French franc. despite the upsurge of interest rates in the Although the United Kingdom’s basic Euro-dollar market. balance of payments remained in small defi The reserve gains once again were used cit during the first quarter, seasonal strength to make repayments of debt under various in the exports of the overseas sterling area international credit lines. By the end of July enabled the Bank of England to make sub the Bank of England had succeeded in re stantial market gains. The British authorities ducing its outstanding drawings from the used the dollar inflow to meet repayment Federal Reserve to $815 million. In addi Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
234 FEDERAL RESERVE BULLETIN □ MARCH 1970 tion, during May and June the United King make only a small additional drawing on its dom made a large scheduled repayment to Federal Reserve swap line, bringing the total the IMF and liquidated the bulk of the credit outstanding to $1,145 million. When the still outstanding under the 1968 sterling bal German mark was allowed to appreciate, ances arrangement. On the other hand, the sterling moved up smartly and the Bank of Bank of England obtained new credit from England resumed its dollar purchases. The the German Federal Bank, under a recycling bank then made repayments on the swap arrangement designed to neutralize part of line, reducing drawings outstanding to the speculative flow from the United King $1,100 million at the end of September. dom into Germany, and drew $500 million The recovery continued throughout Octo from the IMF under a new standby facility. ber, sustained by oil company purchases of The market remained nervous, however, sterling for tax and royalty payments, by the and there were a few selling flurries during announcement of the second consecutive the summer months. In these circumstances, monthly trade surplus, for September, and the devaluation of the French franc on by the rise in the market value of the Ger August 8 brought renewed speculation that man mark—which made further speculation abruptly halted the Bank of England’s gains. in marks unattractive and induced some Both spot and forward sterling rates fell profit-taking. The sterling spot rate reached sharply, and pressures became substantial the $2.39 level by mid-October, for the first on August 13, with the release of figures time since early August; it rose further in showing an enlarged British trade deficit. the second half of the month and fluctuated Heavy support of the spot rate was required just below parity during most of the remain for a few days, and the Bank of England ing 2 months of the year. At the same time drew $160 million on its swap line with the forward sterling discounts narrowed sharply, Federal Reserve. But more sterling had been the 3-month rate moving down to under 1 sold than the market could deliver, and once per cent per annum from a range of 6 to 9 again the Bank of England quickly re per cent in August-September. The much couped a significant part of its losses. Never improved tone of the market reflected a new theless, the underlying tone of the market confidence in the basic soundness of Brit remained pessimistic and, once the cash ain’s balance of payments position, a belief squeeze had ended, sterling again drifted that was bolstered by continued monthly down close to its floor and required modest trade surpluses and reserve gains as well as support. At the end of August, drawings on by the announcement that, in the third quar the swap line stood at $975 million. ter, the United Kingdom had achieved a This atmosphere persisted into early Sep second consecutive quarterly surplus in its tember, and on September 2 and 3, the Bank basic balance. The renewed confidence led of England again drew on its swap line with to a strong reversal of the unfavorable shift the System. Thereafter, however, sterling in commercial leads and lags that had oc recovered strongly, particularly following curred in late summer, and enabled sterling the release of data indicating that the United to remain firm even toward the year-end, Kingdom’s underlying balance of payments when the very high levels to which Euro had been in substantial surplus during the dollar interest rates had advanced were second quarter. The approach of the Ger exerting a considerable pull. man elections brought sterling under modest Euro-dollar rates dropped sharply in the pressure, but the Bank of England had to last 2 days of December, and sterling moved Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FOREIGN EXCHANGE OPERATIONS 235 above par for the first time since April 1968. FRENCH FRANC The spot rate dipped slightly in early Janu The 11.1 per cent devaluation of the French ary, when the market became worried by a franc on last August 8 was greeted with re wave of very large wage demands, but rose lief in the foreign exchange markets, which above par again as short positions were be had been repeatedly rocked by speculation ing covered and funds began to move into against the franc since the events of May the London money market. During the sec 1968. During the earlier months of 1969 the ond half of January and throughout Febru franc had been under heavy pressure, as lack ary and early March, a period of seasonal of confidence in the franc and excess demand strength, sterling advanced further in wide in the economy led to a rapidly rising trade spread and sustained demand, reaching a deficit as well as to a smaller but continuing high of $2.4086 on March 4. outflow of capital. The situation was aggra With this strong undertone in the market, vated, moreover, by political uncertainties the Bank of England was able to purchase and labor unrest. A much calmer atmos dollars throughout the fourth quarter of phere had set in early in the summer, as the 1969 and in the first 2 months of this year. political crisis was resolved and the labor Although the United Kingdom’s reserves difficulties were held in abeyance over the were allowed to increase moderately, the vacation period; but the market remained bulk of the reserve gain was used to repay pessimistic about France’s underlying pay debts. Thus, during the fourth quarter the ments position, and the franc stayed close Bank of England reduced its swap drawings to its floor. on the Federal Reserve by $200 million each The devaluation, which was to be backed in October and November and by an addi up by a further tightening of economic pol tional $50 million in December, bringing icy, was therefore welcomed as attacking the outstanding drawings down to $650 million payments problem at its root. More gener at the end of 1969. These drawings were ally, the size of the devaluation was judged fully liquidated in early 1970 through repay —by the market as well as by the authori ments of $300 million in January and of ties of other countries—to be within the $350 million in February, thereby restoring limits that could be accommodated by the the $2 billion swap line to a fully available existing framework of exchange rates. More standby basis for the first time since July over, at the end of August the French Gov 1968. Certain other short-term credits ex ernment announced that it had $1.6 billion tended to the Bank of England by the U.S. of international credits available and was Treasury still remain outstanding. During applying to the IMF for a facility of $985 this period the Federal Reserve and the million. In early September the authorities Treasury received scheduled repayments strengthened their austerity program with totaling $156 million of British borrowings further curbs on consumer credit, measures associated with the first sterling-balances to encourage savings, and substantial cuts in arrangement of June 1966. Very substantial public spending. Finance Minister Giscard debt repayments were also made to other d’Estaing declared that the new measures creditors. In view of the exceptionally strong were designed to bring the French trade performance of sterling during recent balance into equilibrium by July 1, 1970. months, the Bank of England on March 5 These measures at first met with a rather cut its discount rate by one-half of a percent lukewarm reception in the exchange market, age point to IV2 per cent. since even more severe action had been ex Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
236 FEDERAL RESERVE BULLETIN □ MARCH 1970 pected, and the French franc tended to ing for virtually no increase in expenditures weaken early in September in both spot and in real terms and for a shift from a sizable forward markets. It came under increasing deficit in 1969 to a small surplus in 1970. pressure later that month as several major On November 5 the National Credit Coun strikes and renewed labor militancy added to cil extended the ceiling on bank credit to the the uncertainties generated by the approach end of June 1970 and placed ceilings on ing German elections, and by mid-Septem medium-term and mortgage credits. ber the spot rate had declined below par. This significant stiffening of French eco The franc remained under pressure through nomic policy was well received by the mar mid-October—even though the German ket and the atmosphere was also improved mark had been allowed to appreciate con by Finance Minister Giscard d’Estaing’s re siderably above its old ceiling—because the affirmation of his confidence that France’s market remained disturbed by France’s large trade deficit would be eliminated by midcurrent-account deficit and by the labor situ 1970. The release of trade figures that ation. As a consequence, the Bank of France showed considerable progress in October, had to provide substantial support to the November, and December reinforced that spot market throughout this period. On forecast. September 25 the Bank of France reacti Benefiting from the shift in sentiment, as vated its swap line with the Federal Reserve, well as from the very taut credit conditions drawing $65 million to help cover recent in France, the spot franc remained firm in market losses. This credit was repaid the November and the first half of December, following day with part of the initial $500 while forward rates strengthened markedly. million takedown on France’s standby agree The franc rose sharply toward the close of ment with the IMF. the year, bolstered by corporate purchases A clear improvement got under way after for year-end needs. In November and De mid-October. By the end of the month the cember the Bank of France more than re spot franc was firmer and—although for couped its losses of the two previous months ward discounts remained relatively wide— and used the major portion of these gains the Bank of France was purchasing dollars to repay short-term international debts and almost every day. While reflows of funds maturing foreign exchange deposits of from Germany provided the initial strength, French commercial banks. it is now clear that the firming of the spot The upswing in the spot rate continued franc reflected the improved underlying situ into the new year, as the pull of the Euro ation as well as both tight domestic credit dollar market lessened, domestic credit con conditions and a change in market senti ditions were kept tight, and commercial de ment. Several measures underscored the mand continued strong. Even though the French authorities’ resolve to slow the franc had exhibited sustained strength for growth of domestic demand. The Bank of some time, the authorities maintained their France on October 8 raised its discount policy of domestic restraint. The franc rates by 1 percentage point to exceptionally reached parity in January and traded above high levels—8 per cent for the basic rate and that level through the end of the period un IOV2 per cent for the penalty rate—thus der review. signaling even firmer monetary restraint. The Bank of France continued to pur Also early in October, the Government ap chase dollars in January and February, and proved a very tight budget for 1970, provid again used the bulk of these market gains to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FOREIGN EXCHANGE OPERATIONS 237 reduce foreign official indebtedness and for were attracted by the broad range of finan eign exchange deposits of French commer cial instruments available in foreign money cial banks. In connection with these repay and capital markets, as well as by the ments, the Bank of France activated its swap anonymity which foreign placements pro line with the Federal Reserve on January 8, vide. In addition, the Italian lira—like many drawing $100 million as interim financing of other currencies—was subjected to heavy a debt repayment due to Germany. Addi selling during each bout of speculation on tional repayments of foreign official assist the German mark. ance were made with the proceeds of the To curtail the outflow of funds and pro final drawing of $485 million on February 2 tect official reserves, the Italian authorities under France’s standby arrangement with took a number of steps during the first half the IMF. The French drawing on the System of the year. Italian banks were asked to re line was repaid, and the $1 billion facility patriate funds by midyear, long-term invest reverted to a standby basis. Included also ment abroad was restricted, and the authori was a repayment of $70 million to the U.S. ties moved to reduce excess domestic liquid Treasury, reducing the commitment to $130 ity and to align Italian interest rates more million. In early March, a further $35 mil closely with those abroad. lion repayment brought the debt down to The cumulative impact of these measures $95 million. Thus, partly on the basis of the brought the lira rate above par by late April, IMF drawings but also because of the im and the Bank of Italy purchased some dol proved performance of the franc in recent lars. The recovery ended, however, with the months, France has been able to liquidate new eruption of mark revaluation fears. a substantial volume of short-term debt in Italian residents joined the speculative rush foreign exchange. Moreover, the Bank of for marks and also sold lire in order to cover France added to its official reserves, bring the commitments in German marks, and to ing them to $3,957 million at the end of some extent in Swiss francs, that they had February, some $365 million above the low undertaken because of relatively low inter point last July prior to the devaluation. est rates in Germany and Switzerland. As the spot rate dropped, the Bank of Italy pro ITALIAN LIRA vided substantial support through May 9. After 5 years of surplus, the Italian balance Once the speculation in marks subsided of payments moved into deficit in 1969. The the lira market improved, and during late deficit stemmed from a sharp rise in capital spring and early summer there was some outflows rather than from a deterioration of reflow from German marks. This reflow, Italy’s competitive position in world mar combined with repatriations of funds by kets. Net capital outflows reached $2.8 bil Italian banks acting under the official re lion in 1969, fully two-thirds of which quest, more than offset the further outflow moved abroad through the export of Italian of Italian capital via export of Italian cur bank notes. Political uncertainties and labor rency. Effective July 1, the Bank of Italy unrest, especially in the second half of the reinforced its defensive measures by impos year, spurred withdrawals of foreign and ing a penalty rate of VA points above its domestic funds; the upward surge of interest discount rate of 3 Vi per cent for banks mak rates in the Euro-dollar and Euro-bond mar ing excessive use of central bank borrowing. kets resulted in heavy outflows of funds from New uncertainties unsettled the lira mar Italy; and as in earlier years, Italian savings ket with the fall of the Italian Government Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
238 FEDERAL RESERVE BULLETIN □ MARCH 1970 in early July. Despite the subsequent forma September 23, drawing $300 million. Under tion of a new government, a strong under these circumstances, the U.S. and Italian current of apprehension persisted. When the authorities agreed that it was appropriate to French franc was devalued, the spot rate terminate the U.S. Treasury’s remaining dropped to its floor, and during the next few technical forward lira commitments which days of exchange market uncertainties lire had arisen in connection with dollar/lira were offered in heavy volume, with the Bank swaps extended by the Italian Exchange of Italy extending sizable support. On Au Office to its commercial banks. Conse gust 14 the Bank of Italy raised its discount quently, these commitments were reduced rate to 4 per cent, and as the speculative progressively during the autumn, and by the pressures subsided the lira firmed. It held end of November they had been fully well above the floor through the end of liquidated. August. Although the lira remained at the floor At the beginning of September, however, in early October, pressures eased consider the lira came under renewed pressure as ably as soon as the German mark was per sporadic strikes presaged difficult wage ne mitted to appreciate. By midmonth a much gotiations and possible inflationary settle firmer tone had set in as the unwinding of ments late in the year, when large labor con mark positions got under way. With repatri tracts were due to expire. Moreover, with ations from Germany continuing and the ex the German elections approaching, Italian change markets more relaxed, the lira residents who had commitments outstanding moved up close to its parity by the middle of in German marks and Swiss francs moved November. During this period the Bank of quickly to cover themselves by buying these Italy was able to absorb dollars from the currencies. The lira dropped back to its market and, on November 14, it repaid its floor, and the Italian authorities had to pro outstanding $300 million swap commitment vide substantial support. To cover market to the Federal Reserve. losses, the Bank of Italy activated its $ 1 bil The lira held just below par in the first lion swap line with the Federal Reserve on half of December but, as the impact of No table 4 U.S. TREASURY SECURITIES, FOREIGN CURRENCY SERIES In millions of dollars equivalent. Issues, or redemptions (—) Out Out Issued to— standing, 1969 1970 standing, Jan. 1, Jan. 1- Mar. 10, 1969 Mar. 10 1970 I II III IV Austrian National Bank............................... 50.3 -25.2 -25.1 1,176.3 \ J .... 1 ... - .. 5 .. 0 ... . . 0 .... - 1 4 2 9 4 . . 9 3 — 199.6 -500.5 } 2519.6 German banks.............................................. 125.1 125.1 Bank of Italy................................................. 225.6 3-100.2 -125.4 Swiss National Bank.................................... 444.7 25.4 39.5 30.0 ........540.6 Bank for International Settlements4............ 207.7 I \ ......... 4 .. 9 ... . . 7 .... -53.2 } 204.4 2,229.7 25.2 113.8 -148.6 -224.7 -625.9 21,389.7 1 In addition, on January 16, 1969, the U.S. Treasury issued a medium-term security in place of a certificate of indebtedness purchased by the German Federal Bank on December 27, 1968. 2 Reflects new transactions, inclusive of revaluation adjustments. 3 Security issued in favor of Ufficio Italiano dei Cambi. 4 Denominated in Swiss francs. Note.—Discrepancies in totals are due to valuation adjustments and to rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FOREIGN EXCHANGE OPERATIONS 239 vember’s strikes began to be felt in reduced risk on the notes they buy, naturally brought exports and higher imports, it began to about a drop in the prices offered for Italian weaken and by early January had reached bank notes abroad. Finally, the authorities its floor again. This deterioration in the cur moved to reduce the possibility of large rent account—which is seasonally weak in shifts in commercial leads and lags: prepay the winter months in any case—was accom ments of imports were limited to no more panied by further pressures on the capital than 30 days in advance of delivery and re side and, therefore, the lira remained under patriations of export earnings were required persistent selling pressure through January within 120 days of shipment, compared with and February. The outflow of funds through 1 year in each case under the earlier regula bank-note exports continued heavy. The tions. Furthermore, on March 6, the Bank Italian commercial banks, moreover, were of Italy announced that it was increasing its highly liquid and, because interest rates discount rate from 4 to 5 Vi per cent. were higher abroad, were placing their ex DUTCH GUILDER cess funds in very short-term Euro-dollar investments. In addition, they were lending The guilder was under selling pressure early to Italian corporations that wanted to re in 1969, with the high and rising interest pay foreign loans and to foreigners who be rates available abroad attracting funds out gan to borrow in Italy. As a result, the Bank of the Netherlands at a time when the cur of Italy had to extend sizable support and to rent account was seasonally weak. In the cover market losses reactivated its swap line spring and early summer, monetary policy with the Federal Reserve on January 23, was tightened substantially as the authorities drawing $200 million on that day and mak moved against the strong inflationary pres ing additional drawings in February. sures set off by the continuing vigorous eco In mid-February the Bank of Italy took nomic expansion. To help finance these steps designed to curtail the capital outflow. sizable outflows, the Federal Reserve’s out First, it reminded the Italian commercial standing swap drawing of $40 million banks that, under the exchange regulations, equivalent on the Netherlands Bank was re lending to nonresidents required official ap paid, and later the Dutch central bank in proval. Second, it modified the regulations turn drew on the swap line, for a total of pertaining to the handling of Italian bank $192 million by the end of July. Further notes purchased by foreign banks and pre tightening measures in July and August— sented for conversion. Previously, Italian and the onset of seasonal balance of pay banks had paid the foreign banks on the ments strength—gave rise to a demand for basis of a telephoned notification that Italian guilders, and the spot rate soon moved above bank notes were being shipped for conver par. The Netherlands Bank began adding to sion. Under the new regulations the Bank of its reserves and, late in August, repaid $82.2 Italy makes the payment directly or transfers million of its swap indebtedness to the the lire to the external account of the foreign System. bank with an Italian correspondent and only In the latter part of September, the wide after it has physically received and counted spread nervousness in the exchange markets the notes at the head office in Rome. The over the outcome of the German elections new procedure, by lengthening the period and its implications for the mark parity be during which foreign banks have to bear— came a major influence in the guilder mar or otherwise find cover for—an exchange ket. The market viewed the guilder as a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
240 FEDERAL RESERVE BULLETIN □ MARCH 1970 leading candidate to follow a possible mark remaining fairly strong as the Dutch money revaluation, and hedging and speculative in market tightened and local interest rates flows into the Netherlands brought heavy tended to rise. With trading in guilders gen demand for guilders. After the German Fed erally balanced, the Federal Reserve was eral Bank suspended its intervention at the able to repay a further $30 million equiva mark ceiling and the mark rate rose sharply, lent on its swap debt, as the Netherlands buying of guilders intensified and inflows Bank reduced its dollar position by convert into the Netherlands became increasingly ing into dollars the guilders which Germany heavy through October. The Netherlands had obtained as part of an IMF drawing at Bank at first held the spot rate just below the end of the month. the ceiling, but later allowed the rate to In December, Dutch funds moved to the move up to that level. By October 24, the Euro-dollar market where interest rates inflow into Dutch reserves during the period were rising rapidly. As a result, the spot of the “floating” mark had reached $785 guilder began to weaken and the Nether million. Part of these gains had been used lands Bank provided support to ease the to liquidate by October 8 the Netherlands decline of the rate. The dollar losses by the Bank’s outstanding drawings of $109.7 mil Netherlands Bank enabled the System to re lion under the Federal Reserve swap line. pay a further $70 million equivalent of its In order to provide cover for some of the swap debt, reducing its outstanding com Netherlands Bank’s additional dollar intake, mitments in guilders to $130 million by the the System in turn subsequently reactivated year-end. the swap arrangement, drawing the full Demand for guilders softened further in $300 million equivalent of guilders available January and early February, reflecting the under that line, and sold guilder balances seasonal weakness of the Netherlands’ cur to absorb a further $5 million. In addition, rent account in the early months of the year on October 29, the U.S. Treasury covered and some easing of domestic credit condi $200 million through a special 1-week swap tions. Despite the decline in the spot rate, with the Netherlands Bank. however, the Dutch authorities did not have On the same weekend that the mark was to intervene, and as of March 10 the Federal formally revalued, the Dutch Government Reserve swap drawings in Dutch guilders re made known its decision not to revalue the mained at $130 million equivalent. guilder. The spot rate then quickly backed away from the ceiling as speculative posi SWISS FRANC tions were unwound. By November 5 the As the movement of funds from Switzerland Netherlands Bank had sold slightly more to the Euro-dollar market lessened after than one-third of the dollars it had pur midyear, the Swiss franc firmed, reflecting chased in October. Consequently, the U.S. the continuing large current-account sur Treasury had no difficulty in repaying its plus. Throughout 1969, Swiss exports had swap and the Federal Reserve repaid $70 pursued their strong expansion, accelerating million equivalent of its indebtedness on the pace of domestic economic activity and November 6, thereby reducing its outstand leading to a build-up of inflationary forces. ing swap commitments in guilders to $230 Imports soared as a consequence, but the million. current-account surplus, also bolstered by More normal trading activity prevailed rising earnings on foreign investments, re throughout November, with the spot rate mained very substantial. Although there was Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FOREIGN EXCHANGE OPERATIONS 241 a considerable churning of funds into and press and market discussion of the possibility out of Switzerland, the Swiss franc remained of a Swiss franc revaluation linked to a large relatively free of the speculative fluctuations revaluation of the German mark, there was besetting the other major European curren no speculative rush into francs when the cies. mark parity was changed. In mid-November In view of the increasing pressures on the a flurry did occur, however, and the spot labor supply, industrial capacity, and prices, rate advanced sharply, but the rumors were the Swiss authorities began to tighten do quickly dispelled by a reaffirmation of the mestic policy late in August. Moreover, in Swiss Government’s decision not to revalue mid-September, in response to rising inter the franc. est rates at home and abroad, the Swiss Na The franc began to firm again in the sec tional Bank raised its discount rate by % ond half of November, largely reflecting percentage point to 3% per cent and its the usual year-end demand. As in previous “Lombard” rate on secured advances by a years, to help the commercial banks cover full percentage point to 43A per cent. The their year-end liquidity requirements the Swiss National Bank also advised the com Swiss National Bank offered market swaps mercial banks that it would undertake no of Swiss francs against dollars. These swaps, September quarter-end swaps and that dis the first of which were contracted in early count facilities would be limited. Accord December, totaled $793 million by the end ingly, it requested the banks to repatriate of the month—a record amount—and funds from abroad to meet their liquidity helped keep the spot rate for the franc be needs. low its ceiling. As in the past, the Swiss Na With domestic credit conditions thus be tional Bank returned the dollars thus ac ginning to tighten, the Swiss banks met their quired to the Euro-dollar market in order quarterly requirements at the end of Septem to neutralize the effects of the year-end ber in large part through the repatriation of withdrawals on that market. funds. This demand helped push the franc On December 30 the Federal Reserve rate to its ceiling, and the Swiss National reduced its swap indebtedness to the Swiss Bank took in a substantial amount of dol National Bank by $30 million equivalent to lars. The Federal Reserve consequently re $145 million, mainly using francs purchased activated its $600 million swap facility with in the market in the latter part of November the Swiss National Bank on October 10, and early in December. The Swiss franc be drawing $200 million equivalent in order to gan to ease toward the end of December, as absorb most of that bank’s dollar gains. year-end positioning proceeded smoothly After the quarter-end, however, the pull of with the National Bank’s help, and declined high Euro-dollar interest rates began to draw further in early January when, with year-end funds out of Switzerland and the franc soon demand out of the way, Swiss banks were began to weaken, reaching an 18-month low temporarily in a very liquid position in on November 6. During this period the Fed francs. The decline, however, was smaller eral Reserve acquired small amounts of Swiss and shorter than in previous years, and the francs in the New York market and from a spot franc soon firmed, as repayments of correspondent, and on November 10 it re swaps with the National Bank tightened paid $25 million equivalent of its swap debt the commercial banks’ Swiss franc liquidity to the Swiss National Bank. positions. Although there had been considerable In the meantime, the Swiss authorities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
242 FEDERAL RESERVE BULLETIN □ MARCH 1970 were moving further to combat the infla available. A calmer atmosphere soon tionary pressures generated by the export- emerged, however, as the market came to led boom. Late in December the Govern appreciate the strength of Belgium’s under ment announced it had decided to complete lying balance of payments position. The by April 1 the tariff cuts it had agreed to franc strengthened and the authorities be undertake in 1971 and 1972 under the Ken gan to recoup some of their reserve loss. In nedy-round negotiations. In January the Na late August the National Bank repaid $20 tional Bank and the Swiss commercial banks million of the outstanding drawings, reduc reached an understanding whereby the ing the total to $224 million. Meanwhile, banks would more closely limit their credit negotiations had been completed for an in expansion during the first half of 1970. crease in the reciprocal credit facility with Early in February the Federal Reserve the Federal Reserve by $200 million to repaid $20 million of its swap indebtedness $500 million and this increase was put into to the Swiss National Bank, purchasing the effect on September 2. The National Bank francs from that bank. Later in the month, of Belgium simultaneously obtained a new the Federal Reserve and the Swiss National $100 million equivalent credit facility from Bank decided that, with relative calm in the the German Federal Bank. markets, the time had come to clear up the The Belgian franc began rising sharply in System’s remaining swap debt, which had September despite growing speculation in been outstanding since last October. Conse German marks. The improved tone of the quently, the National Bank sold $120.7 mil franc was especially pronounced after mid lion equivalent of francs to the System. The month when the Belgian authorities an Federal Reserve used these francs and some nounced a number of anti-inflationary meas from balances to repay the swap drawing, ures: the introduction of the value-added thereby restoring the swap arrangement to a tax, scheduled for January 1, 1970, was fully available standby basis. postponed for another year in order to avoid further increases in domestic prices, while BELGIAN FRANC the National Bank raised its discount rate The Belgian franc strengthened during July, another one-half of a percentage point to following official measures to tighten domes 7Vi per cent, effective September 18, and tic credit conditions and to insulate the Bel tightened quantitative credit restrictions. gian money market from credit pressures Supported by these domestic measures and abroad. In early August, however, this firm the increased availability of foreign official ing was brought to an abrupt halt by the credit, the franc firmed toward the end of devaluation of the French franc, which was September. As the rate strengthened, the followed by widespread market rumors that National Bank purchased dollars in the mar the Belgian franc also would be devalued. ket, enabling it to repay $20 million of out The spot rate quickly dropped to its floor standing drawings on its swap line with the under heavy selling pressure, and in the first Federal Reserve by the end of the month. week following the French move the Na As soon as the German mark was allowed tional Bank of Belgium suffered substantial to rise above its ceiling, the exchange mar reserve losses. To cover the drain, the Na kets again demonstrated their capacity for tional Bank reactivated its swap line with abrupt changes; the Belgian franc suddenly the Federal Reserve, drawing a total of was seen as a candidate for revaluation $244 million out of the $300 million then along with the mark only 2 months after it Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FOREIGN EXCHANGE OPERATIONS 243 had been subjected to heavy speculative sell nel of “swapped” deposits. (In these trans ing. The spot rate moved to parity early in actions, Canadian dollar funds are convert October and rose to its ceiling later that ed into U.S. dollars on a covered basis and month, while the National Bank made in the U.S. dollars placed on deposit with creasingly large market gains. The specula Canadian banks; the latter in turn invest tion reached its climax on Monday, October such funds in U.S. dollar instruments.) The 27, the first business day after the German persistent outflow of short-term funds at a revaluation. The next day the Belgian Gov time of seasonal weakness in Canada’s cur ernment stated firmly that the franc would rent-account balance led to a steady soften not be revalued, and the speculation died ing of the spot rate despite continued heavy down. By that time the National Bank had long-term capital inflows. acquired an amount of dollars more than To curtail the outflow of short-term funds, sufficient to repay in full during the course the Bank of Canada raised its discount rate of October its remaining $204 million swap in two steps of one-half of a percentage indebtedness to the Federal Reserve. point each in mid-June and mid-July, to 8 Even after the speculative outburst had per cent, and it asked the Canadian banks ended, however, the demand for francs re to regard their July 15 level of swapped mained very strong. Commercial leads and deposits as a temporary ceiling. As the lags, which had moved sharply against Bel Canadian banks complied with this request, gium in August and September, were being and with the domestic money market tight reversed in subsequent months. Credit con ening in response to heavy credit demands ditions, moreover, remained very tight, and the discount rate increases, the outflow causing short-term funds to flow in. With the was substantially reduced and the spot rate spot rate not far from its ceiling, the Na immediately moved above par. Seasonal tional Bank took in dollars from time to strength in the current account and an in time throughout the rest of 1969 and into creased volume of long-term capital inflows early 1970. In order to provide cover for further added to the demand for Canadian some of these dollars, the Federal Reserve dollars, and the spot rate firmed through the reactivated its swap line with the National end of August. Bank, drawing a total of $55 million equiva The rolling-over of a large amount of lent in November and December. Additional maturing swapped deposits temporarily de drawings of $30 million in February raised pressed the spot rate in September and early the System’s commitment to $85 million. October. However, the rate was soon pushed up sharply again by strong commercial de CANADIAN DOLLAR mand. Furthermore, because the Canadian- During the first half of 1969 the Canadian chartered banks had previously built up dollar felt the effects of rapidly rising in positions in U.S. dollars, they were able to terest rates abroad. While monetary condi accommodate the usual year-end demand tions were also becoming progressively for U.S. dollars without having much re tighter in Canada—partly in response to the course to the spot market. This, along with authorities’ anti-inflationary policies—the tight monetary conditions in Canada, helped attraction of substantially higher returns on push the Canadian dollar to its effective U.S. dollar instruments not subject to Regu ceiling ($0.9324) by the year-end, and it lation 0 ceilings led to a large short-term traded at or just below that rate throughout capital outflow, primarily through the chan January. Toward the end of that month the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
244 FEDERAL RESERVE BULLETIN □ MARCH 1970 Bank of Canada also moved to halt the prac place reserve requirements against borrow tice of splitting swapped deposit transactions ings from nonaffiliated foreign banks. —a practice whereby swaps were done with These measures reduced the incentive for one bank and the U.S. dollars placed on de U.S. banks to seek Euro-dollar funds and posit with another. This move tended fur encouraged them to look for other sources ther to strengthen the spot rate, and the of funds. One alternative that many banks Bank of Canada made some moderate re found attractive was the commercial paper serve gains. The demand for Canadian market and, as Euro-dollar liabilities stabi dollar balances began to ease early in Feb lized, commercial paper borrowings rose ruary, however, and the spot rate moved sharply during the summer months. In Sep slightly away from its effective ceiling. tember, U.S. banks’ liabilities to their for Continuing tight money in Canada, eign branches declined slightly, thus helping coupled with large month-end corporate de to bring about some easing of Euro-dollar mands, resulted in a strengthening of the rates for the shorter maturities: the 3-month Canadian dollar late in February and, in the rate declined to less than 11 per cent per closing days of the month, the Bank of annum by September 17. After a sharp but Canada made fairly sizable purchases of brief recovery around the time of the Ger dollars when the rate reached the interven man elections, the rates resumed their de tion level. cline and, under the pressure of the heavy reflux of funds from Germany in October, EURO-DOLLAR MARKET they dropped below 9 per cent. During late summer the Euro-dollar borrow As the use of the commercial paper mar ings of U.S. banks through their foreign ket by banks through the intermediary of branches had tended to stabilize at around bank-affiliated holding companies or sub $14Vi billion—a level $7 billion higher sidiaries grew, the Board of Governors bethan the 1968 peak—and interest rates had 3 I YIELD COMPARISONS: 3-month maturities started to recede from their mid-June record highs (Charts 3 and 4). This tendency was reinforced by several measures taken by the Board of Governors of the Federal Reserve System in order to prevent a resurgence of the flow of Euro-dollars to U.S. banks. First, the Board amended Regulation D (which governs reserves of member banks) in order to eliminate a technical loophole that had led banks to increase their use of overnight borrowing of Euro-dollars. Subsequently, it amended Regulation M (which governs the foreign activities of member banks) by placing a reserve requirement of 10 per cent on member bank liabilities to foreign branches in excess of the levels outstanding in a base period and on U.S. assets acquired IAN. MAR. MAY JULY SEPT. NOV. by foreign branches from their home offices. 1969 1970 Also, Regulation D was further amended to Weekly averages of daily rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FOREIGN EXCHANGE OPERATIONS 245 LIABILITIES OF U.S. BANKS reached 12% per cent, and that for 3-month TO FOREIGN BRANCHES funds 11%6 per cent. After allowance for the 10 per cent marginal reserve require BILLIONS OF 00LLARS 16 ment, the effective cost of 1-month Euro dollars for U.S. banks that were above the ceiling of their base period reached at times 14 per cent, exceeding the record levels attained in June. However, during the last 2 weeks of December, as repatriations of funds by U.S. corporations preparing to meet their balance of payments guidelines reached yet a new year-end high, U.S. banks’ takings of Euro-dollar funds fell by IAN. MAR. MAV JULY SEPT. NOV. JAN. MAR. 1969 1970 some $1.6 billion, bringing the level of their liabilities to their foreign branches to $13.0 Data as of Wednesday of each week. billion. came concerned that such borrowing might As soon as the pressures of year-end reduce the impact of monetary restraint. demand disappeared, Euro-dollar rates Consequently, the Board announced on dropped. They continued to recede in Jan October 29 that it was considering an uary, but the movement stopped toward the amendment to Regulation Q that would month-end. The increase of Regulation Q subject all such bank-related commercial ceilings on January 21 had no immediate paper to the interest rate ceilings that apply effect on rates, since permissible CD rates to large CD’s. Moreover, in a separate but were still well below Euro-dollar quotations, related action, the Board ruled that com but it probably contributed to market expec mercial paper issued by subsidiaries of tations that rates were likely to decline member banks already is covered by exist somewhat in coming months. ing provisions of Regulations Q and D. Euro-dollar rates fluctuated within very The prospect of closer regulation of mem narrow margins in February. Tightening ber banks’ use of the commercial paper mar monetary conditions in a number of conti ket was swiftly reflected in the Euro-dollar nental European countries, as well as the market and, combined with the expectation flows into the United Kingdom, tended to of continuing tight credit conditions in the draw short-term funds from the Euro-dollar United States, contributed to a surge in in market; on the other hand, U.S. banks’ tak terest rates from late October to mid-No- ings from their foreign branches, which had vember. In December the short-term rates risen by $1.3 billion after the year-end, be moved even higher, as banks attempted to gan to decline in mid-January, reaching maintain their Euro-dollar borrowings in the $12.8 billion by March 4, while outflows face of year-end repatriations of funds by from Italy increased the supply of Euro U.S. corporations and foreign banks. By dollars. By early March, Euro-dollar rates December 18, call money was at 11 per for most maturities were between 9 and 9% cent, the rate for 1-month deposits had per cent per annum. □ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Statements to Congress Statement by Arthur F. Burns, Chairman, demonstrated by their actions during the Board of Governors of the Federal Reserve past year that they were willing to apply the System, before the Joint Economic Commit restraints needed to bring inflation under tee, February 18, 1970. control. The administration asked for, and ultimately obtained, extension of the income I am glad to have the opportunity to present tax surcharge at 10 per cent through the end to this committee the views of the Board of of the year and also a repeal of the invest Governors of the Federal Reserve System on ment tax credit effective April 21. The the state of the economy. growth of Federal expenditures was kept I would like to begin by reviewing the down. Between the fourth quarter of 1968 progress made during 1969 in combating the and the fourth quarter of 1969, total Federal inflation that has been so damaging to our economy and to our international balance of spending, as recorded in the national income payments during recent years. accounts, increased only half as much as it had in the previous four quarters. As a result PROGRESS IN 1969 of these measures, we were still enjoying a A year ago the prevailing view of the public surplus in the Federal budget at an annual —and especially of the business and finan rate of about $7 billion during the latter cial community—was that the administra half of last year. tion and the Congress lacked the will to In the field of monetary policy, the view pursue fiscal restraint with sufficient vigor to that financial restraints would last only a accomplish lasting results. The income tax few months also proved to be wrong. Mone surcharge, it was assumed, would not be ex tary restraint intensified during the year, as tended beyond mid-1969. More importantly, the Federal Reserve modified its open mar perhaps, it was widely believed that when ket policies and regulations, thereby limit fiscal 1970 began the gates would be opened ing the growth of the money supply and the to a new flood of Federal spending that provision of credit through the banking sys might engulf the economy once more. tem. By the latter half of 1969, growth of In the monetary field, we faced a similar the money supply had virtually ceased. And problem. The financial community was in the growth of bank credit—even including clined to assume that monetary restraints of all of the funds that the banks were able to any real significance would last only a few obtain from such nondepositary sources as months—that the Federal Reserve would borrowing in the commercial paper market lose courage and begin to back off at the and in the Euro-dollar market—had slowed first signs that financial restraints were be to an annual rate of less than 3 per cent. ginning to bite. Thus, great strides were made in 1969 to These expectations of an early resumption wards demonstrating the Government’s of inflationary policies, however, were not determination to follow an effective eco fulfilled. On the contrary, the Congress, the nomic stabilization policy. But we accom administration, and the Federal Reserve plished more than this, too. As the year un 247 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
248 FEDERAL RESERVE BULLETIN □ MARCH 1970 folded, evidence accumulated that the conditions were pointing to reduced demand growth of total spending was finally slowing pressures. By the fourth quarter of last year, down. By the second quarter of 1969, a new the expansion in our Nation’s total output mood of caution gripped consumers, and of goods and services apparently came to a retail sales began to show signs of weakness. halt, and this January the unemployment In the durable goods area, particularly, sales rate again approached 4 per cent. declined in the late summer and autumn to Regrettably, these evidences of cooling in the point where substantial cuts in produc the economy have not yet been reflected in a tion of autos, appliances, and other consum moderation of prices. I hope, however, that er durables became necessary. Output of disappointment about the recent perform defense equipment began to drift off in the ance of wholesale and consumer prices will spring months and to decline sharply in the not distort our judgment. We need to bear summer, when total Federal employment in mind that the response of costs and prices also began to contract. The availability of to changes in the underlying balance be mortgage credit declined substantially, de tween demands and supplies entails a proc spite massive funds poured into the mort ess that takes a considerable period of time. gage market by the Federal National Mort Businesses continue to be faced with rising gage Association and the Federal home loan costs as economic growth slows, since pro banks, and housing starts fell to an annual ductivity gains typically are depressed while rate of 1.3 million by the fourth quarter— wage increases remain large for a time. The one-fifth below the year-earlier level. Many response of business firms in these circum State and local governments, meanwhile, stances is often to test their product mar found credit so difficult to obtain and so kets by passing on rising costs in the form costly that they were forced to curtail their of higher prices, but then to back away from planned capital outlays. list prices when the volume of sales begins The effects of monetary restraint last year to decline. Such discounts from list prices —though uneven—were not, however, con are not fully reflected in our price indexes, fined to housing and to State and local con which may, in the early stages of disinfla struction. Many businesses, including even tion, continue to register unusually large in some very large firms, were unable to raise creases, as they have recently. Eventually, the funds on which they had counted. Fur however, list prices, too, will begin to give thermore, the protracted decline in the bond way under the pressure of increased com and stock markets strongly affected expecta petition; and as the easing in prices at the tions as well as asset values, and may well wholesale level carries through to the con have been an important factor in the con sumer level, the prospects for more mod servative spending patterns of consumers. erate wage settlements are enhanced. The results of our monetary and fiscal The lags involved in this process are long, restraints showed up most clearly in the and they are likely to be longer the more moderating pace of the major indicators of deeply entrenched are the inflationary ex aggregate economic activity. Industrial pro pectations. We are paying the price now for duction began to decline last August and has letting inflationary developments build up a continued to fall since then. The markets for head of steam over the past 5 years. By the labor likewise began to ease in the summer, end of 1969, however, we had succeeded in and by the late fall and early winter months eliminating the excess demand for goods and the more sensitive measures of labor market services that has been at the root of the in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATEMENTS TO CONGRESS 249 flationary problem. We must now have the of sustainable noninflationary growth. There patience to wait for the improvement in is now room for substantial optimism on this price performance that will eventually re score, given the progress already made. sult. We must also be realistic about our ability In the international field, we also began to forecast economic developments. The un to make some progress last year toward im certainties are especially large in a period of proving our fragile trade balance. Once the transition such as we are now experiencing. effects of the dock strike were over, exports On the one hand, there is still the possi responded to rising demand abroad, while bility that the cooling-off process will be cut the dampening of excess demand in the short, and that longer-run inflationary ex United States slowed the rate of increase of pectations will thereby be reinforced and in our imports. Nevertheless, our over-all bal tensified. But there is also the possibility that ance of payments registered a heavy deficit the recent weakening tendencies in the econ on the liquidity basis—as other components omy will persist and intensify, delaying the of the accounts worsened, especially the out time when a satisfactory rate of growth will flow of U.S. private capital. Financing of the be resumed. deficit was mainly accomplished by enor In a situation such as the present, we mous borrowings in the Euro-dollar market must therefore be especially alert to new by U.S. banks. I should add, and if time and unexpected developments. With this permitted I would give emphasis to the fact, reservation, it seems to me that the projec that a very significant improvement in the tion of the gross national product for 1970 stability of the international monetary sys presented by the Council of Economic Ad tem occurred last year, as some necessary visers is a reasonable one, in terms of what exchange-rate adjustments were made, as the is both achievable and desirable. The Coun issuance of Special Drawing Rights was cil has projected a period of little economic agreed to, and as the status of gold was growth early this year, followed by mod stabilized. erate expansion thereafter. The Board of While we can take some satisfaction from Governors also expects to see a resumption the changes in our international accounts of growth in total real output and in in and in international financial arrangements dustrial production before too long. But no during 1969, we need to recognize that the one should be surprised if the sluggish pace condition of our balance of payments still of total spending that developed in the fall remains very unsatisfactory. The need to re and winter months of 1969 continues for a store a reasonable surplus in our trade with while. other countries reinforces the domestic In the homebuilding industry, some fur reasons for making sure that inflation sub ther decline in housing starts appears likely, sides. in view of the current state of the mortgage market and the lag with which changes in EXPECTATIONS FOR 1970 this market affect construction. For State and Let us turn now to the year ahead. What local governments, also, funds have been can we reasonably expect and hope for in exceptionally scarce and expensive in recent the fight against inflation during 1970? We months, and the postponements and stretch must, of course, be realistic. The battle outs of projects that have already occurred against inflation is not over, and further will continue to affect activity in the months adjustments must be made to regain a path ahead. We may also see some retrenchment Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
250 FEDERAL RESERVE BULLETIN □ MARCH 1970 in the rate of inventory investment early this some quarters that the economy during the year. At present, stocks of durable goods are second half of this year is likely to experi rather high in relation to sales, and efforts to ence such a vigorous rebound as to destroy bring stock/sales ratios down, already under our chances of getting inflation under con way, could well continue. Defense spending, trol. With the release early this month of furthermore, is moving downward, and sub the administration’s budget, some of the stantial additional cutbacks are scheduled fears expressed earlier have been quieted. for 1970, reflecting both reduced purchases We are all aware, of course, that budget of defense goods and a decline in the size of expectations and budget results are often at the Armed Forces. variance. Howeyer, if the degree of fiscal Prospective weaknesses in these areas, stringency called for in the administration’s however, will tend to be offset by elements budget is realized, the resumption of eco of strength in other sectors of the economy. nomic growth we are looking forward to Business investment in plant and equipment later this year will not, I believe, be exces has been growing at a rapid pace, and vari sively rapid. Instead, we should find that the ous surveys point to substantial further in pace of economic expansion stays well with creases in the near term. Furthermore, the in the bounds of our resource capabilities, demand for consumer goods is likely to be and that a gradual process of disinflation shored up by the rise in disposable income continues throughout the year. that will accompany the phasing out of the I wish I could assure this committee that surcharge by midyear and the second-quar the disconcerting advance of the consumer ter increase in social security benefits. price level will soon come to an end. Un If events develop along these lines, we fortunately, such optimism is not warranted. would be setting the stage for the resumption This year there will be wage-contract nego of sustained economic expansion later this tiations in a number of major industries. year. Furthermore, that expansion would, I Workers will be striving to obtain wage in believe, display a better distribution of out creases large enough to permit some im put in two respects. First, over this past half provement in their standard of living be year, retail sales—in real terms—have ac sides making up for the erosion in real earn tually declined, while businesses have con ings caused by inflation during recent years. tinued to add substantial amounts to plant These negotiations will take place in an capacity. If this imbalance continued atmosphere in which product markets are through 1970, it would be a matter of real more competitive and business profits are concern. However, as the year progresses, being squeezed. Employer resistance to in retail sales are likely to pick up, while the flationary wage contracts will therefore be expansion of business investment in new larger than in recent years. Nevertheless, it plant and equipment tapers off in response seems evident that negotiated contracts will to the cost-price squeeze in which business provide for wage increases exceeding the is now caught. Second, if economic develop growth rate of productivity, so that unit ments proceed as outlined above, we would labor costs will still be rising. We should have both the real and the financial re not, consequently, expect an end to inflation sources later this year for the resumption of this year, but we can look forward to a pro growth in homebuilding, which is so vital to gressive moderation in the rate of price the welfare of our society. advance. There has been considerable concern in Such a course of economic developments Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATEMENTS TO CONGRESS 251 in 1970 would provide an opportunity for tolerable. The continuation of such intense improvement in our balance of international monetary restraint for any extended period trade. The readjustments of the economy in would threaten marked further declines in the first half of the year should help to hold homebuilding and in State and local gov down the rise in imports. On the other hand, ernment activities, and would increasingly with strong expansion continuing in Europe dry up the sources of finance for small and and Japan, our exports should fare reason medium-size businesses that are not able to ably well. Our trade balance would thus be tap the public capital markets. showing a gain over the depressed level of As we all recognize, monetary policy must the past 2 years, but there would still be stand ready to adapt quickly to unantici ample room for future improvement. pated developments in the economy and in Unfortunately, these gains in our trade financial markets. At the present stage of account could be cancelled by adverse flows our battle against inflation, this principle of capital, so that our balance of payments has particular force. The Board cannot over would continue to suffer. Larger outflows of look the possibility that the present slow U.S. capital may occur if credit conditions down in economic activity, which is a in our country become markedly easier than healthy development, may yet be followed in other industrial countries. Moreover, by a recession. Monetary policy might have U.S. companies appear to be planning larger to change quickly if that risk should become outlays for foreign plant and equipment this larger. There is also the possibility, how year. Our balance of payments accounts on ever, that the inflationary processes with the official settlements basis will also be which we are dealing may prove more affected adversely if—as now seems likely— stubborn than we realize. If too vigorous a the large inflow of Euro-dollars to U.S. rebound in the total demand for goods and banks that occurred last year is reversed or services were to occur later this year, as was even reduced. the case in late 1967 and early 1968, we could lose the battle against inflation that IMPLICATIONS FOR MONETARY POLICY the combined forces of our Government Let me now turn to monetary policy and its have so courageously fought. role in assuring that the gradual diminution For some time this year, our monetary of inflationary pressures anticipated for and credit policies are therefore likely to 1970 becomes a reality. tread a narrow path between too much re Monetary policy moved progressively, in straint and too much ease, as we go through the course of the past year, to a posture of the transition from an overheated economy severe restraint—virtually halting the growth to a path of noninflationary growth. As I of the money supply and putting an ex indicated in my testimony to the House tremely tight rein on the ability of banks Banking and Currency Committee earlier and other financial intermediaries to finance this month, a tight rein on Federal expendi the Nation’s economic needs. From the per tures, as called for in the administration’s spective of history, we know that a policy of budget for fiscal 1971, would lay the basis such severity could not and should not be for moderation in over-all credit conditions. continued indefinitely. Quite apart from the I may add here that if the economy follows cumulative effects of such a policy on ag the course that I have outlined and a diminu gregate demand, its uneven impact on key tion of inflationary pressures is realized, sectors of the economy would become in monetary policy could well move as the year Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
252 FEDERAL RESERVE BULLETIN □ MARCH 1970 progresses toward a posture more nearly The release of those projections a year in keeping with our economy’s long-run ago helped to foster the mistaken judgments, needs for money and credit. And as infla which I mentioned earlier, that the Federal tionary expectations abate, we should see a Reserve planned only a brief period of mon significant reduction in the over-all tensions etary restraint. As a result, commercial in credit markets, one aspect of which would banks and other lenders were more willing be a downward movement of interest rates to make loan commitments to businesses, toward historically more normal levels. and the effects of monetary restraint on busi I trust that the committee will under ness spending were delayed. Our effort to get stand why it would be difficult, if not im inflation under control was therefore ham proper, for me to present a more precise pered. I do not think this committee would projection of the monetary outlook. Despite like to see such a misadventure repeated. centuries of disinterested thought and in The Board is watching very closely de quiry, the role of monetary variables in eco velopments in the economy during this dif nomic activity and in prices is still subject to ficult period of transition. I assure this com troublesome margins of uncertainty. I can mittee that the Federal Reserve will do perhaps best illustrate this point by refer everything in its power to prevent a reces ence to the projections of GNP and financial sion. Large backlogs of demand have been flows that were presented by the Board’s built up in important sectors of the econ staff to this committee a year ago. Looking omy, so that total spending can be expected back at those estimates, you will find that to respond with speed and vigor to monetary the actual growth of the dollar value of our stimulus. But I also want this committee to Nation’s total output in 1969 proved to be in know that the Board is determined not to excess of the amount projected. So also was forsake the present opportunity to obtain the level of private borrowing. On the other control over inflationary pressures. hand, the actual rates of growth of bank reserves, the money supply, commercial A LONGER-RANGE VIEW OF STABILIZATION bank time deposits, and bank credit during POLICIES 1969 were all below the lower limits of the Before closing, let us look ahead briefly to projected ranges. For example, the Board’s the challenges and the opportunities of the staff a year ago projected a growth rate of decade just beginning. Our recent overrid the money supply in the range of 3 to 6 per ing problem, of course, has been to deal with cent. The actual increase was 2Vi per cent. inflation. In longer-range planning, our na Time deposits at commercial banks were tional attention has tended to shift from a projected to increase within a range of 1 to focus on economic growth to a concentra 5 per cent. In fact, these deposits declined tion on re-evaluating our national priorities by 5 per cent. for resource use. This shift in emphasis in I do not cite these statistics by way of longer-range planning was badly needed. criticism of the Board’s staff, which I hold But we cannot overlook the fact that the in the highest regard. The nub of the matter economic and social problems of this coun is that the financial restraint needed to keep try will be more readily resolved if our re inflation from getting out of hand last year sources are utilized in ways that maximize proved to be much greater than almost any the long-run potential for economic expan one had anticipated, and the monetary au sion. thorities therefore found it necessary to fol The potential for economic growth and low a highly restrictive course. prosperity over the next decade is, it seems Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATEMENTS TO CONGRESS 253 to me, enormous. In just the last 5 years, that faces us now, in the area of stabiliza over $100 billion has been spent for research tion policy, is to see whether we can learn and development carried out in the private from the experience of recent years—wheth sector. Surely, this is the very foundation of er we can devise the means to avoid infla economic growth—the new ideas, the new tion and to maintain the rapid economic products, and the new processes that innova growth that our resources make possible. tions, embodied in a growing stock of ma On the fiscal side, the most obvious and chines and industrial plants, make possible. pressing need is to avoid the disruptive Demographic factors will be working in changes in the level of Federal expenditures our favor during this decade. Projections by that give rise to huge budgetary deficits, to the Bureau of Labor Statistics suggest that inflation, and to misallocation of resources. growth in the labor force will be even more If sharp increases in high priority outlays rapid in the 1970’s than in the 1960’s. The are required, as may happen, other Federal composition of the increase in labor force expenditures must be curtailed through a will also be favorable to economic growth, reordering of priorities, or offsetting adjust since the proportion of adult males in the ments in taxes must be considered immedi total expansion is expected to rise appre ately. Discipline will also have to be main ciably. Steady increases in the number of tained to avoid wasteful use of resources in young adults in the labor force should pro outmoded programs. We must, I believe, vide employers with a pool of more highly anticipate that the resources utilized for new trained and dependable workers. Productivi Federal programs—of which there are likely ty increases should quicken, because these to be many in the years ahead—will have to additional workers will be better educated come principally from discarding old pro than their predecessors and will be provided grams or from the revenue increases that with more machinery and equipment in normally accompany economic growth. handling their jobs than previously. In our search for fiscal stability and effi There is little reason to expect that de cient use of resources at the Federal level, ficiencies in demand will keep us from en we cannot concentrate simply on activities joying the fruits of our enhanced capacity to that register their effects in the budget totals. produce. Growth in demand for goods and It will be necessary to maintain a watchful services will continue to be supported by an eye on the lending and borrowing programs ever-increasing population, even if birth of Government-sponsored agencies, and rates continue the downtrend of recent also on the growing volume of Governmentyears. In addition, the age distribution of guaranteed credits—both of which go on our population assures a substantial increase outside of the budget. The programs of in the number of new households, with ac these agencies have a legitimate and impor companying large needs for housing, for tant role to play in a competitive economy. schools, and for a wide variety of services They improve the functioning of our finan requiring massive capital expenditures by cial markets by absorbing risks that private State and local governments. Indeed, outlays markets do not now assume. They facilitate on housing must rise substantially just to credit flows to sectors of high social priority make up the deficiency that has accumulated that for one reason or another cannot ade in recent years. quately compete in private financial mar There is no automatic assurance that we kets. They help to buffer the effects of finan will enjoy all of the potential benefits that cial restraint on the housing market. None these opportunities present. The challenge theless, these programs, too, must be care Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
254 FEDERAL RESERVE BULLETIN □ MARCH 1970 fully scrutinized because of their impact on We will need to reconsider our regulatory resource utilization and aggregate demand. devices and procedures in light of the way In the monetary area, one of the impor financial flows have been affected in recent tant considerations for future policy will be years. to determine the appropriate range of varia The decade just closed might well go tion in the major monetary and credit aggre down in history as marking the renaissance gates. This committee has expressed its of central banking. We rediscovered how concern repeatedly that monetary policy has terribly important monetary policy is to the permitted excessively wide variations in the health of our economy, and the need for a growth rates of money and bank credit. Let proper balance of monetary and fiscal ac me assure you that the Board shares your tions to promote our national economic ob concern on this matter. We have lived jectives. We also learned that we knew less through a period in which the disadvantages about the workings of these policies than we of marked changes in the degree of mone had supposed. We must now move forward tary restraint or ease have been all too evi rapidly to begin closing the wide gaps in dent. We are well aware that monetary our knowledge if we are to fulfill the promise policy works in complex ways, with lagged of the years ahead. effects that are difficult to predict as to tim ing, magnitude, and sectoral impact. Cer Statement by Sherman J. Maisel, Member, tainly, if fiscal policy makes a more positive Board of Governors of the Federal Reserve contribution to economic stability in the System, before the Subcommittee on Housing years ahead, wide variations in the posture and Urban Affairs of the Committee on of monetary policy would be less appropri Banking and Currency of the U.S. Senate, ate. March 2, 1970. If monetary policy is to make a better I welcome your invitation to present the contribution in the future to economic sta views of the Board of Governors of the Fed bility and a proper distribution of resources, eral Reserve System on three bills pending we must do more than merely adjust our before this Subcommittee on Housing and policies in ways that alter the growth rates Urban Affairs. of the monetary aggregates. We must find the At the outset, let me say that improve means to reduce the uneven impact of mone ments in the primary and secondary mort tary restraint on such sectors as housing and gage market, above and beyond the numer State and local governments. I do not come ous steps already taken, are clearly needed. here today with solutions to offer, but I can We need to make residential mortgages more assure you that the problem will be under competitive so that they can attract a larger intensive study in the Federal Reserve. share of the total pool of available money Finally, it seems to me that our policies and credit. At the same time, a more efficient will need to be directed towards promoting mortgage market would help to promote a a greater adaptability of all of our financial more efficient allocation of resources in institutions to changes in financial markets general. and in the needs of the economy. Our finan cial institutions have shown an extraordi S. 2958 nary ability to innovate and adapt, but more S. 2958 would permit the Federal National recent developments have suggested that Mortgage Association to buy, sell, and hold more still remains to be done in this regard. conventional residential mortgages in addi Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATEMENTS TO CONGRESS 255 tion to its present authority to handle Gov posure could be offset by the provisions of ernment-underwritten loans. Some difficult S. 2958 that would limit FNMA’s conven policy and technical questions would be tional loan acquisitions to mortgages bear posed if FNMA’s ability to deal in mort ing loan-to-value ratios no higher than 80 gages were broadened to include authority per cent or those for which, to quote the lan to purchase, service, sell, lend on the secu guage of the bill, “. . . that portion of the un rity of, or otherwise deal in conventional paid principal balance which is in excess of residential loans, as S. 2958 would permit. such 80 per centum is guaranteed or insured To date, FNMA’s activities have been con by an institution, and under a contract, deter fined to residential mortgages that adhere mined by the corporation [FNMA] to be to public policies and safeguards as expressed generally acceptable to other institutional in the underwriting of loans by the Federal mortgage investors.” Housing Administration, the Veterans Ad The problem of much secondary mortgage ministration, and the Farmers Home Admin lending is that of “adverse selection” against istration. Conventional mortgages, on the the secondary lender. Given the imprecise other hand, are not standardized as to quality art of real estate appraisal and the declines of construction, borrower characteristics, that could occur from time to time in prices loan terms, and origination practices gen of individual houses or even of groups of erally. dwellings, a margin of one-fifth between the Both FNMA’s costs and risks would be in price of the collateral and the amount of the creased if FNMA were authorized to deal in loan would provide no assurance of invest conventional mortgages that lack the protec ment liquidity or of capital safety comparable tive features of Government-underwritten to that inherent in federally underwritten loans. Conventional mortgages, by defini mortgages. tion, lack any assurance available from a Even conventional loans bearing private Federal agency, backed by the U.S. Treas insurance can offer no certain guarantee to ury, against loss of principal and interest. the lender of liquidity or against loss in case Hence, additions of conventional mortgages of default and foreclosure. Most contracts of to FNMA’s assets would broaden FNMA’s private insurance reserve to the insurer the exposure to potential losses considerably be option of meeting his limited liability by pay yond present minimal limits. FNMA might ing either a stated percentage (often 20 per well have to expand its capital base in order cent) of the outstanding debt or 80 per cent to shore up the volume of its resources avail of the total loss ultimately experienced after able to meet its liabilities. the lender has disposed of the property, To allow FNMA to deal in conventional whichever amount is the lesser. In this con mortgages would also raise questions about nection, nearly two out of every three claims the liquidity of the portfolio that FNMA settled by one large private mortgage insur might come to hold, and therefore about ance company during a recent period were FNMA’s ability to finance itself by issuing based on the 20 per cent option. That is, they debt in the private market. To the extent that represented claims involving net losses in ex FNMA debt became a less attractive instru cess of one-fifth. ment, FNMA’s ability to raise funds and to Other serious questions arise as to whether sustain Federal housing credit programs entry by the housing agencies into the con would be impaired. ventional mortgage markets might not occur Only a part of FNMA’s increased risk ex largely at the cost of lessened support avail Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
256 FEDERAL RESERVE BULLETIN □ MARCH 1970 able for the Federal housing credit programs. do now lack the degree of homogeneity re These programs are charged with a special quired for active trading in the secondary public interest in part because they have market. But many measures can and should helped facilitate mortgage borrowing by low- be taken to standardize the conventional and middle-income groups under regulations mortgage independently of granting FNMA that provide various forms of protection to authority to deal in this type of instrument. the home buyer. Drafting a uniform mortgage code for adop FNMA’s capacity to support the residen tion by the States, for example, need not— tial mortgage market ultimately rests on its and should not—await the creation of a ability to finance its mortgage acquisitions by Federal secondary market facility for con borrowing in the market for Federal agency ventional mortgages. Nor should we delay issues. Use of Government agencies to raise efforts to bring greater uniformity in the laws funds in the market can channel some money governing mortgage investment standards, to housing away from other users. The total as noted below. credit available in the economy is, however, limited. Thus, attempts to overload the tasks S. 3503 of the agency markets will increase the rates S. 3503 would authorize advances by the the agencies must pay. Each additional sum Federal home loan banks to lenders who will raised will increase the cost mortgage bor use the proceeds to make mortgage loans for rowers pay. At the same time, a larger and families with incomes of $10,000 or less. The larger share of the money flowing through the Federal home loan banks would obtain funds agencies will be attracted from lenders who for this purpose by borrowing from the Fed would otherwise, directly or indirectly, have eral Reserve System, which would be re put their funds into mortgages. quired to discount the FHLB obligations at Related to this issue of which portions of a maximum interest rate of 6 per cent. The the mortgage market should have priority for sum of such borrowing is unspecified except FNMA support is the question of the effi that it would be limited to $3 billion the first ciency with which aid can be allocated. The year plus $3 billion for each additional year various Federal housing credit programs are the act is in force. specifically designed to assist low- and mod- Thus the bill would authorize a lending erate-income consumers. On the average, program of $3 billion annually outside the these households require less financing assist budget. The Board believes, however, that ance than do borrowers who rely on conven whatever subsidies the Congress determines tional mortgages that typically finance more to be necessary and justified in order to aid expensive homes. To the degree that FNMA housing should be included in the budget, so purchased conventional mortgages rather that the Congress may weigh them against than federally underwritten loans, any given other Federal outlays, and then reduce other amount of FNMA’s funds would support outlays that have a lower priority, or increase fewer dwellings than would otherwise be the revenues to cover their cost. case. This is the approach the administration All these considerations aside, it may be proposes to use in increasing flows of funds argued that enactment of S. 2958 would from the Federal home loan banks to their eventually hasten efforts to standardize the member institutions for mortgage loans. The conventional residential mortgage—a desir administration would authorize appropria able step in itself. Conventional mortgages tions to cover part of the cost of borrowing by Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATEMENTS TO CONGRESS 257 the Federal home loan banks in the market, sentatives on legislation that would authorize so that they may make advances at reduced use of Federal Reserve credit to rehabilitate rates to their member institutions. If the rates urban and rural pockets of poverty. State and on advances to members are not reduced, local governments generally are having diffi the members might discontinue mortgage culty borrowing for schools and hospitals; lending in order to repay the amounts they they, too, could use 6 per cent loans from the have borrowed from the Federal home loan Federal Reserve. To compel the Federal Re banks. The Board supports this proposal as a serve to meet credit needs of these magni more efficient procedure. Congress will, of tudes would lead at first to a weakened mar course, have to consider whether subsidies ket position for Treasury securities—as the for middle-income families are needed in ad System made offsetting sales of Treasury dition to, or in place of, this general housing issues—and ultimately to inflation, as it be subsidy. But the Board believes that what came impossible in practice to offset the ex ever subsidies are authorized should be iden pansion of Federal Reserve credit in that tified and subjected to the appropriations fashion. process. S. 3442 If, as provided in S. 3503, the Federal Re serve were directed to increase its holdings S. 3442 would implement certain recom of Federal home loan bank obligations by up mendations of the Commission on Mortgage to $3 billion a year, credit markets would Interest Rates, as set forth in its report of have to absorb a corresponding amount of August 1969. The Board supports the pro Treasury obligations over and above what posed experimental dual-market system of would otherwise be marketed. In order to setting contract interest rates on new FHA keep control of the reserve base, the Federal and VA mortgages, as authorized by Section Reserve would have to offset its loans on 1 of the bill. The trial period to last until Federal home loan bank obligations with January 1, 1972—during which contract in sales of Treasury securities—or forego pur terest rates could be established either by chases of Treasury securities it would other regulation, as at present, or by the market— wise have made. Sales of $3 billion additional will offer the opportunity for determining Treasury obligations in the capital markets how far it is appropriate to move toward would, of course, attract funds away from more flexible rates. Whatever greater flexi other uses, including credit that would other bility can be achieved, of course, will allow wise finance housing as well as other capital standardized FHA and VA mortgages to improvements. compete more readily with conventional Moreover, the Board opposes tapping mortgages as well as with other capital mar Federal Reserve credit for special-purpose ket instruments. And it will broaden the lending, no matter how worthy, because it potential scope of the secondary market for could frustrate the objectives of monetary Government-underwritten mortgages. policy. A $3 billion a year program to help The Board of Governors is also in accord middle-income families buy homes could with the principles of Section 2 of S. 3442, soon lead to proposals for other types of spe which would explore ways and means of re cial lending. There are, of course, other pur ducing and, where possible, standardizing poses—perhaps equally worthy—for which charges for attorneys’ fees, property surveys, funds are urgently needed. Hearings have title insurance, and other settlement costs on just been completed in the House of Repre FHA and VA mortgages. Appropriate guide Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
258 FEDERAL RESERVE BULLETIN □ MARCH 1970 lines in this area could help to lessen the ciations and national banks, and would per costs of transactions and thereby improve the mit a Federal savings and loan association efficiency with which the real estate market to act as a trustee for certain trusts. With re operates. spect to mortgages, there is a pressing need The Special Advisory Commission on to standardize, as far as possible, the author Housing authorized by Section 3 of the bill ity of all types of financial institutions to in would be required to submit broad recom vest in these assets. mendations about the next fiscal year’s hous Section 5 of S. 3442 would liberalize the ing output, Federal costs of meeting this goal, authority of national banks to make real needed legislative and administrative actions, estate loans. For conventional mortgage and “. . . the fiscal and monetary policies, loans, the loan-to-value limit would be raised both long- and short-range, which are neces from 80 to 90 per cent, and the maximum sary to achieve recommended levels of hous maturity from 25 to 30 years; for loans on ing production. . . . ” construction projects, the maximum maturity In this connection, it should be pointed out would be extended from 3 years to 5 years. that the Commission’s annual report would The Board continues to support this change have to be submitted well before the admin as a means of stimulating increased mortgage istration’s proposed budget has been com lending by banks. pleted for the next fiscal year; according to The bill does re-emphasize the need for the bill, the report should be submitted by broad and equitable standards that would be November 1. While one purpose of the Com applicable to investment in mortgages by all mission’s report is to help guide prospective federally chartered financial institutions. fiscal as well as monetary actions, fiscal and Moving toward greater uniformity in mort monetary policies must take account of the gage investment standards at the Federal broadest aspects of the economy, with hous level would then provide a basis for similar ing being only one—though an important action among the more numerous and heter one—of many competing demands for the ogeneous State-chartered lenders. Such Nation’s resources. There is the danger, standardization, in turn, would promote a therefore, that the Commission’s early recom more effective primary and secondary market mendations may not be consistent with, or for all the different types of lenders that place attainable within, the general framework of funds in the mortgage instrument. public economic policy as it ultimately Legislation is needed to improve the work evolves. ing of the mortgage market. Similarly the Incidentally, the limit established by Sec burden of monetary restraint on the mort tion 3(d) (2) of the bill on the rate that the gage market should be lightened, and the Commission could pay for temporary and Board is studying ways and means to accom intermittent services in seeking guidance plish this without impairing the use of mone about its recommendations appears low. A tary policy in achieving national economic $50-a-day ceiling on consultant fees for in objectives. But it should be kept in mind that dividuals would hardly seem likely to the problems of the housing industry are not strengthen the Commission’s hands in ob related solely to credit. Rising costs of con taining the most qualified sources of advice. struction and land have been major impedi Sections 4 and 5 of S. 3442 would liberal ments. ize certain restrictions on the mortgage lend However efficient the mortgage market ing powers of Federal savings and loan asso becomes, and however successful the Federal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATEMENTS TO CONGRESS 259 Reserve is in achieving a more uniform im have together served to retard the growth of pact of monetary restraint, another step is total spending. needed to ensure that sufficient funds will be In the early stages of our restrictive pol available to reach the national housing goals. icy, adjustments in the pace of activity were We must enlarge the total pool of credit. We confined to a relatively few industries— probably cannot achieve our Nation’s hous principally, construction and defense pro ing goals merely by enabling housing to at duction. Last summer, however, consumer tract a larger share of the available pool of spending on durable goods weakened and capital. It seems to me that the most feasible output in the affected industries soon began way to expand the pool of housing credit is to decline. In the autumn many firms that to reduce the demands that the Federal Gov supply equipment or materials to the con ernment is making on the private capital struction industry, to producers of defense markets. This is a major reason that we must goods, and to manufacturers of consumer examine with caution proposals that increase durable goods found their orders and sales rather than diminish the total credit de falling below their earlier pace, and they too mands of the Government and its agencies. began to cut back their production. As is usual in periods of economic slow down, retrenchment in the industrial sector Statement by Arthur F. Burns, Chairman, has been substantially greater than in the Board of Governors of the Federal Reserve economy as a whole. Total output of goods System, before the Committee on Banking and services continued to rise in the third and Currency of the U.S. Senate, March 18, quarter of 1969 and then flattened out in 1970. the fourth. Industrial production, on the I am pleased to be here today, representing other hand, began to decline in August and the Board of Governors of the Federal Re in the fourth quarter averaged about 1.5 serve System, to discuss with this commit per cent below the third quarter level. In the tee the current condition of our national first 2 months of this year, declines in indus economy. trial production continued and became I shall begin by reviewing recent eco somewhat more general. Cutbacks of pro nomic trends, then report on progress in our duction spread to nondurable goods, the governmental efforts to regain a path of non- length of the workweek in manufacturing inflationary growth, and close by noting the declined sharply, and the unemployment rate tasks that lie ahead for monetary and fiscal rose to 4.2 per cent. policy. In short, a number of important economic indicators have been pointing downward RECENT DEVELOPMENTS recently, thereby giving rise to concern that As this committee knows, our Nation has the corrective measures taken by the Gov been wrestling for several years with a very ernment may go too far and perhaps lead serious—indeed, a dangerous—problem of to a business recession. At the Board, every inflation. Measures of fiscal restraint were piece of incoming information is constantly needed and were finally taken in a series reviewed and weighed with care. Based on of actions that began with passage of the our analysis of ongoing and prospective de Revenue and Expenditure Control Act of velopments in key sectors of the economy, 1968. These measures were later supple it is still our view that the current economic mented by stern monetary actions, and they adjustment lacks the pervasive and cumula Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
260 FEDERAL RESERVE BULLETIN □ MARCH 1970 tive characteristics of a recession, and that goods began to diminish in the late spring in any event the economy will resume its of 1969, and the rate of retail inventory ac upward course later this year. cumulation began to rise rapidly during the Defense expenditures. Let me begin by late summer months. Producers reacted considering the role of defense expenditures promptly to avoid a build-up of undesired in the adjustment currently in process. Large inventories. Between July 1969 and January increases in outlays for defense from mid- 1970, the output of automobiles declined 1965 until the latter part of 1968, when the about 25 per cent, and production of du Federal budget was badly out of balance, rable household goods fell nearly 10 per were one of the major sources of inflation cent—in the latter case, partly because of during recent years. More recently, with better fiscal management and gradual de- strikes in the electrical equipment industry. escalation of the Vietnam conflict, the de Last month, further reductions occurred in fense budget has ceased to be a stimulating the production of automobiles and some factor in the economy. other consumer durables. New orders from the U.S. Government The recent decline in the output of con to the aerospace industries began to taper sumer durable goods has exceeded by a con off early in 1968. Later that year, output of siderable margin the decline in consumer defense equipment began to decline, and it purchases. As a consequence, we have has continued to fall since then. During already seen evidence that excess inven 1970 total defense expenditures will aver tories are being worked off. Retail inven age about 6 per cent below the 1969 level, tories of autos, after seasonal adjustment, if the administration’s budget is realized. declined in December and retail inventories The turnaround of these expenditures of other durables stopped rising. Preliminary has played a vital role in helping to slow the figures indicate that retail inventories de growth of aggregate demand for goods and clined during January in both of these cate services. Our hopes for getting inflation un gories. der control, and for making resources avail The reestablishment of balance between able to meet other national objectives of production and sales has thus been proceed high priority, have been appreciably en ing smoothly for consumer durables. Fur hanced thereby. thermore, the prospects seem favorable for In the near term, defense expenditures will an early pick-up in buying, since consumer be exerting a further downward influence incomes will be bolstered by a rise in social on the economy.. However, other Federal security benefits beginning in the second expenditures are scheduled to rise, and they quarter and by the removal of the remaining will more than offset the decrease in defense income tax surcharge at midyear. spending. The consumer durable goods sector is Consumer durable goods. Though we now exercising less drag on the economy should expect the decline in defense produc than in the recent past, and it could well tion to continue, there is reason to think that become a source of stimulus. Auto produc the adjustments that got under way last tion schedules already have been increased summer in another major sector of our econ moderately this month, and we may also see omy—the consumer durable goods trade— a resumption of somewhat higher production may already be in large part behind us. The rates for other durable goods in the second volume of consumer purchases of durable quarter. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATEMENTS TO CONGRESS 261 Residential construction. I wish it were year is business spending for new plant and possible to be equally optimistic for the near equipment. These outlays continued to rise term about homebuilding. The February up at a rather rapid pace in the second half of turn in housing starts, while encouraging, last year, and a further increase is in pros is of doubtful significance. Recent trends in pect for 1970. However, the magnitude of building permits and in the volume of out the increase may be overstated by recent standing mortgage commitments of private surveys of business plans. financial institutions suggest that housing The most recent governmental survey of starts may decline somewhat further in the capital outlays suggests that since late last months immediately ahead. fall there has been some strengthening in the There are grounds for believing, however, expenditures planned by business firms— that some improvement in the trend of especially, the expenditures planned for the homebuilding will begin this summer. Un second half of this year. Private surveys derlying demands for housing space are in have been pointing in the same direction. tense, and a resurgence of starts and con But we know from past experience that struction will take place when mortgage downward revisions in capital expenditure funds become more readily available. Con plans often occur when the economy is in ditions in the credit market are now moving process of transition, as it is now. In each in that direction. Yields on short-term mar of the past three periods of economic slug ket securities have declined substantially gishness—in 1967, 1960, and 1958—actual from earlier peaks, and banks and other de expenditures for plant and equipment fell positary institutions now may pay higher short of the anticipations reported early in interest rates on time and savings deposits. the year. Consequently, we may soon see a notably Moreover, some indicators of plant and larger flow of savings to banks and thrift equipment spending are even now pointing institutions. In recent weeks a renewed in downward. New orders for machinery and flow of time and savings deposits has already equipment fell significantly in December begun to develop at the Nation’s commercial and January, and new capital appropria banks. Preliminary data suggest, moreover, tions by large manufacturing firms declined that outflows from savings and loan associa in the fourth quarter of last year. tions and mutual savings banks have ended, As I interpret the somewhat contradic and that there was a small inflow of deposits tory indicators of activity in this sector, to these institutions in February. further large increases in outlays for plant Financial institutions must commit funds and equipment seem likely during the first to builders well in advance to ensure full half of this year. Order backlogs for capital participation in the financing later on of a goods are still sizable, and a significant part housing recovery. Mortgage lenders are of the increase in planned outlays for early aware of this, and some are already reeval 1970 is in the public utilities and communi uating their commitment policies in light of cations industries, where pressures on avail their expectation of renewed strength in able capacity are being felt. In these indus home construction later this year. Others tries capital spending programs are not will be following their example. likely to be revised downward. As the year Business capital outlays. Another major progresses, however, further narrowing of sector of private expenditures that will play profit margins and a rise in idle capacity are a key role in economic developments this likely to convince an increasing number of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
262 FEDERAL RESERVE BULLETIN □ MARCH 1970 manufacturing firms that stretchouts or post sonable to expect a resumption of economic ponements of capital expenditure programs growth in the relatively near future. are in order. Business capital investment will If this judgment is correct, the adjustment nevertheless remain at a very high level we are now experiencing will prove to be a throughout this year. healthy one. It will set the stage for a more balanced economic expansion beginning IMPLICATIONS FOR 1970 later in the year—an expansion in which Let us now consider how developments in housing, State and local construction, and the several sectors on which I have focused consumer buying will all participate. And may interact to shape the course of over-all most importantly, the adjustment will have economic activity during the remainder of established the necessary conditions for a 1970. Although the state of our knowledge moderation of the rise in wholesale and con does not permit precise forecasts, I think sumer prices. some tentative conclusions can be drawn Prices. There is no longer any doubt that, from the interplay of economic forces pres taking economic activity in the aggregate, ently at work. excess demand has been eliminated. So far, We must be prepared, it seems to me, for however, there has been very little hard some relatively unfavorable economic news evidence that price pressures are easing. In in the weeks ahead. Housing starts may fall deed, the rate of price increases late last further. In some durable goods lines, efforts year seemed to be accelerating while the now under way to bring inventories into pace of economic activity was weakening. better balance with sales and orders could Consumer prices rose this January as much lead to a further decline in manufacturing as in December, and the rise in wholesale output. Defense expenditures will be declin prices was even larger than in December. ing. State and local construction outlays Very recently, however, price develop may show little growth until later this year, ments have offered just the faintest glimmer since the near-term trend in these expendi of hope that the rate of price increase may tures will continue to be affected by the ex be in process of decelerating. Wholesale tremely tight conditions that prevailed until prices in February showed the smallest in quite recently in the market for State and crease in several months. Prices of farm local government securities. products rose at about half the rate of the The adjustment now under way, however, final quarter of 1969, and there is now rea does not seem to have the pervasive or son for hope that supplies of some basic cumulative characteristics that mark a busi farm products will be more ample this year. ness recession. A basic feature of historical Especially heartening was the reduced rate recessions has always been a decline in ex of advance that occurred in February in the penditures on business plant and equipment; wholesale prices of industrial commodities. in the months ahead, however, these ex While these developments are encourag penditures will almost certainly be rising. ing, we obviously cannot conclude from the Besides, production of consumer durable evidence of a single month that a significant goods may start increasing fairly soon—if, further reduction in the rate of price ad as seems likely, there is some pick up in con vance is just around the corner. The process sumer buying this spring. Consequently, of unwinding from the intense inflationary while a sluggish pace of economic activity pressures that have developed over the past may continue a while longer, it seems rea 5 years is bound to take time. Pressures on Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATEMENTS TO CONGRESS 263 costs intensified greatly last year, as the requested a postponement of the pay raise growth of productivity was slowed mate for Federal employees from mid-1970 until rially by the overheated condition of the the beginning of 1971. This courageous pro economy during much of the year. The rate posal for moderation in Federal wage scales of increase in productivity is likely to re is sound in present circumstances, and I urge main below the long-term trend until eco the Congress to support it. If wage and price nomic expansion is resumed. Inflation, decisions in the private sector are made with meanwhile, has eroded the real earnings of equal concern for getting inflation under workers, and they will be striving in con control, the return to a path of noninflatract negotiations during 1970 to obtain tionary growth will be greatly hastened. wage gains large enough to raise their living Balance of payments. Our concern for re standards. Unit costs of production, there ducing upward pressures on prices and costs fore, seem certain to remain under substan stems principally from recognition of the tial pressure in the next few months. damaging effects of inflation on the domestic While there is little basis for expecting economy. But inflation also has an impor an end to inflation this year, there is reason tant impact on our position in international to expect substantial progress in slowing the markets, and this too must be taken into rate of price increase. Wholesale price trends account. in February are illustrative of developments Some observers have been lulled into be that should become more common as the lieving that international aspects of our year goes on. Product markets are much economy can safely be ignored. They point more competitive now, because idle capac to the paradoxical situation last year, when ity has begun to increase and inventories the strength of the dollar was unquestioned, of unsold goods have become more abun despite a record liquidity deficit. But when dant. Markets are likely to remain more the structure of our balance of payments competitive all this year. Many businesses and the role of the dollar as a world cur will probably find that they cannot pass on rency are considered carefully, it becomes cost increases to their customers so readily entirely clear that there are no grounds for as before, and selective price cutting will satisfaction with our performance. develop as competing firms fight for a larger The principal features of our balance of share of the market. Profit margins will be payments in recent years are well known. squeezed further, and employer resistance The trade balance has deteriorated. Military to large wage gains will intensify. And as expenditures abroad have continued to be a economic growth resumes later this year, the heavy burden. The outflow of private capital rate of increase in productivity should im has been held in check by governmental re prove, and this too will temper the rise in strictions and relatively tight U.S. credit unit costs of production. markets. A major and unexpected source of Past history assures us that market forces support has come from foreign purchases of will slow the rate of price advance, provided U.S. corporate securities and a huge inflow we avoid a renewed outbreak of excess de to our banks of foreign liquid funds. mand for goods and services. I would hope The task of restoring a reasonable trade that businessmen and labor leaders will con surplus will not be easy, nor will our mili sider very carefully the prospects for labor tary responsibilities abroad quickly dimin and product markets as wage and price poli ish. At this time, our credit markets are cies are made this year. The President has not tightening relative to those abroad; on Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
264 FEDERAL RESERVE BULLETIN a MARCH 1970 the contrary, recent trends have been in the responsibilities. In February of this year, other direction, so that private capital move only 38 per cent of the unemployed were ments may become less favorable to our adult males. In 1957, 17 per cent of the un balance of payments. In particular, we must employed were teenagers; today the figure be prepared for the possibility of a substan is 29 per cent. These differences reflect the tial reduction in the debt of U.S. banks to changing structure of our labor force in re their branches abroad, accompanied by a cent times. Women and teenagers, who are rise in foreign official dollar holdings. far more likely than men to be intermittent There are many positive aspects of recent or part-time workers, now constitute a much changes in the world’s monetary system— larger fraction of the labor force—and an the creation of Special Drawing Rights, the even greater fraction of the unemployed— correction of exchange rates that had gotten than in earlier years. The unemployment out of line, the defeat of gold speculation, rate for nonwhite workers, moreover, is not and the continuing evidence of a cooperative so high now as it was in 1957, though it is spirit among monetary authorities. But if still much higher than the rate for white large U.S. deficits continue, they will put workers. increasing strains on an international finan Much of the recent increase in joblessness cial system that has served us well during has resulted from production cutbacks in the past quarter century. Definite movement manufacturing and has been concentrated in toward the objective of noninflationary the auto industry—where, as I noted pre growth is essential to improve our balance of viously, production schedules for March payments position. have been raised somewhat from the low Unemployment. The battle that the Execu level in February. Many of those who lost tive Branch, the Congress, and the Federal jobs have been workers with sufficient time Reserve have been waging against inflation on the job to receive unemployment insur has not been costless. An economic slow ance benefits. In the auto industry, more down means loss of output that otherwise over, many of those who have been laid off would have been available to help meet pri qualify for supplemental unemployment vate or public needs. It also means jobs lost, benefits. and rising unemployment. In the first 2 Thus, the social and economic signifi months of this year the unemployment rate cance of present unemployment has been in rose to the highest level since October 1965. fluenced materially by the changes in the It will probably rise somewhat further be structure of our labor force and by the na fore beginning to decline. This is a matter ture of the economic adjustment process we of deep concern to all of us. As I interpret are now passing through. I do not wish to the statistics, however, the nature of current minimize the hardships that unemployment unemployment is sufficiently different from brings to many families and, in some cases, earlier periods of adjustment to warrant to whole communities. A strengthening of notice. our unemployment insurance system along For example, if we go back about a dozen the lines proposed by the administration years, we find that the unemployment rate would help to reduce these hardships, and in 1957 averaged 4.3 per cent—close to the so, too, would rapid expansion of training February 1970 level. Almost 54 per cent programs and computerized job banks. By of the unemployed in 1957 were adult males these devices both the amount and the bur —that is, men who ordinarily have family den of unemployment can be kept down. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATEMENTS TO CONGRESS 265 And surely, if we succeed in limiting the ex the timing and the degree of relaxation of tent of the current economic adjustment and its control over the growth of bank reserves, lay the groundwork for a prolonged rise in bank credit, and the money supply. Un economic activity with stable prices, the happily, a central banker cannot discuss costs that are being paid to rid ourselves of such issues freely without running the risk the menace of inflation will be more than of rocking financial markets. I must avoid justified. such an indiscretion. I would like, however, to review briefly for the committee some of MONETARY POLICY the salient developments in financial mar Let me turn now to the basic tasks of mone kets during recent weeks. tary and fiscal policy that lie immediately Of greatest significance to borrowers is ahead. the marked decline that has taken place in The administration’s budget calls for tight interest rates. Yields on 3-month Treasury control over expenditures to keep excess bills, for example, have dropped from over demand for goods and services from re- 8 per cent in late December to well below 7 emerging. Apart from a temporary rise in per cent recently. Yields on short-term se the second quarter, when checks will be sent curities of Federal agencies have shown a out to cover the retroactive portion of the similar decline. Commercial paper rates increase in social security benefits, the path have fallen from over 9 per cent to 8.5 per of total Federal expenditures scheduled for cent. Long-term security markets also have calendar 1970 rises very little. This is the witnessed appreciable interest rate declines, kind of policy we ought to pursue now, and though during the last week or so long-term I would urge the Congress to take the neces yields have moved up again. Such temporary sary action to ensure realization of the de reversals are not uncommon, representing gree of stringency called for in the budget. as they do the swings that occur in market I noted in my testimony before the Joint psychology and short-term changes in the Economic Committee a month ago that the supply of new securities. task of monetary policy in the year ahead The downward interest rate adjustments will be to tread the narrow path that lies that have taken place reflect primarily a between too much restraint and too much recognition by market participants that the ease. Monetary policy must do what it can economy is slowing, that inflationary ex to ensure that the retrenchment in industrial pectations are beginning to be replaced by production, which has been in process since more sober judgments about the outlook for last July, does not go on much longer or prices, and that some easing in monetary threaten to become more widespread. We policy might soon take place. Whatever must be careful, however, to avoid stimulus their source, these adjustments have given to later spending on a scale that could rise to a considerable, and very healthy, jeopardize the progress we have made in our lessening of tensions in credit markets. battle against inflation. In the early weeks of this year, the decline I also stated a month ago that the Board in interest rates occurred while most mone realizes that monetary policies as severe as tary aggregates were contracting. In recent those pursued in the latter half of 1969 weeks, however, these aggregates have could not continue indefinitely. In this re shown a stronger tendency. With market gard, the questions the Federal Reserve has interest rates declining and ceiling rates on had to face—and is facing now—relate to time and savings deposits higher since late Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
January, banks have been able to attract in the level of interest rates. By any stand funds that otherwise would have gone into ard except that of the very recent past, the market securities. Since the week of Febru cost of credit in this country is exception ary 4, total time deposits of commercial ally high. Interest rates are still at levels banks—which last year declined by 5 per that would have seemed unthinkable just a cent—have been increasing at an average few years ago. If the rate of advance of the rate of about $400 million to $500 million general price level gradually abates in 1970, per week. The money supply too has grown as I believe it will, borrowing at today’s in moderately in recent weeks. And weekly terest rates will appear extremely unattrac statistics suggest that total bank credit— tive to businesses and other borrowers. that is, loans and investments—has also be The tranquilization of inflationary pres gun to rise again. sures we so urgently need, and for which I would not wish to make too much of all of us in Government have been working the magnitude of changes in these variables, so hard, is within our grasp this year. We since erratic movements often take place in have succeeded, with our monetary and fis the short run. The important point is that cal policies, in slowing the growth of total the direction of these financial quantities has spending to the point where excess demand changed; their trend is no longer downward, for goods and services has been eliminated. as it was earlier. In due course, the benefits of this slowdown As 1970 progresses, the Federal Reserve will be evident in a moderation of price will stand ready to adapt monetary policy advances. to actual and prospective economic devel Progress toward this end will be enhanced opments. Although uncertainties as to the if businesses and labor leaders exercise mod course of economic development are con eration in their wage and price policies this siderable, we do not propose to stand idly year. The principal responsibility for eco by and watch the current adjustment de nomic stabilization, however, rests on the generate into a recession. Neither do we in shoulders of the Government. The task tend to let excess demand for goods and ahead is a formidable one. We must firmly services burst out anew later this year— establish this year the basis for lasting fueled either by excessively high rates of growth without inflation. But we must also business capital spending or by other avoid a recession. The role of both mone sources. tary and fiscal policies in achieving these Perhaps I am overly optimistic, but I objectives is of critical importance. We can think we stand a reasonable chance of avoid not afford to err in the direction either of too ing both extremes. I would hope to see eco much restraint or of too much stimulus. The nomic conditions emerge in 1970 that will stakes are much too high. I assure you that be conducive to early renewal of sustained the Federal Reserve will do its very best to economic growth and to further reductions avoid both extremes. □ 266 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 Com mittee at each meeting, in the form in which they will appear in the Board’s Annual Report, are released approximately 90 days following the date of the meeting and are subsequently published in the Federal Reserve B ulletin. The record for each meeting includes the votes on the policy deci sions made at the meeting as well as a resume of the basis for the decisions. The summary descriptions of economic and financial condi tions are based on the information that was available to the Committee at the time of the meeting, rather than on data as they may have been revised since then. Policy directives of the Federal Open Market Committee are issued to the Federal Reserve Bank of New York—the Bank selected by the Committee to execute transactions for the System Open Market Account. Records of policy actions for the meetings held during 1967 and 1968 were published in the B ulletin 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 28 were published in the B ulletins 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; Novem ber, pages 879-87; December, pages 928-37; January 1970, pages 23-34; and February, pages 131-36. The records for the meetings held on November 25, and December 16, 1969, follow: Digitized for FRASER 267 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
268 FEDERAL RESERVE BULLETIN □ MARCH 1970 MEETING HELD ON NOVEMBER 25, 1969 1. Authority to effect transactions in System Account. According to reports at this meeting, growth in real GNP apparently was slowing further in the fourth quarter from the 2 per cent annual rate of the second and third quarters. Prices and costs were continuing to rise at a rapid pace. Staff projections suggested that there might be no growth in real GNP in the first half of 1970, and that the rate of price advance might moderate somewhat as a result of reduced demand pressures. Data for October were generally consistent with the view that the economic expansion was weakening. Industrial production edged down for the third successive month. Although total nonfarm employment increased, the unemployment rate, at 3.9 per cent, was little changed from the 4.0 per cent level to which it had risen in September. In man ufacturing, both the number employed and the average length of the work-week declined. As in September, personal income increased much less than it had earlier in the year. In addition, two important series that had risen sharply in September—new orders for durable goods and housing starts—declined in October. Average prices of industrial commodities increased considerably further from mid-September to mid-October, and the over-all whole sale price index advanced substantially even though prices of farm products and foods changed little. The consumer price index continued upward at a rapid pace despite a seasonal decline in food prices. In contrast to most broad categories of final demand, both recent and prospective business outlays on plant and equipment now appeared to be stronger than they had earlier. In revising the GNP figures for the third quarter, the Commerce Department had raised its estimates of the increase in business capital spending while reducing its estimates of growth in spending by consumers and State and local governments. Similarly, in staff projections for the fourth quarter and for the first half of 1970, growth rates for business capital outlays had been revised up ward somewhat, partly on the basis of the results of a recent private survey of business spending plans. But despite these revisions, it was expected that growth in capital outlays would slow progressively Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RECORD OF POLICY ACTIONS OF FOMC 269 through mid-1970—particularly if, as assumed, the investment tax credit were repealed. In other respects, the broad outlines of the staff projections were es sentially unchanged. It was still anticipated that Federal purchases of goods and services would decline through mid-1970, mainly because of reductions in defense outlays, and that inventory accumulation would slow in the first half of the new year. The expansion of final demands in the private sector was expected to remain moderate even if, as assumed, the income tax surcharge were reduced to 5 per cent at the end of 1969 and social security benefits were increased by 10 per cent on April 1. A small surplus re-emerged in the U.S. foreign trade balance in the third quarter, following three quarters of deficit. With respect to the over-all balance of payments, the deficit on the liquidity basis was again very large, although smaller than in the second quarter. The official settlements balance, after having been in surplus for more than a year, shifted into deficit in the third quarter as a result of a marked slacken ing of the rise in Euro-dollar borrowings of U.S. banks. Tentative esti mates suggested that there had been considerable improvement in the liquidity balance in October and early November—apparently in large part because of a reversal of earlier speculative flows into German marks. Since the revaluation of the German mark on October 27, that cur rency had been under fairly persistent selling pressure in foreign ex change markets. Demand had been strong for sterling and had firmed for the lira and the French franc. In the Euro-dollar market interest rates had declined until late October, but they then advanced sharply and steadily—in part as a result of renewed bidding for Euro-dollars by U.S. banks. The price of gold in the London market had declined sharply in recent weeks—from about $40 to a little more than $35, the lowest level since the “two-tier” arrangement had been put into effect in March 1968. On November 21 the Treasury auctioned $2.5 billion of tax-anticipation bills, of which $1 billion were due in April 1970 and $1.5 billion in June. This financing, together with the addition of $100 million to each of the weekly bill auctions, was expected to cover the Treasury’s cash requirements through early 1970. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
270 FEDERAL RESERVE BULLETIN □ MARCH 1970 System open market operations since the October 28 meeting of the Committee had been directed at maintaining prevailing firm conditions in money and short-term credit markets. Operations were complicated by heavy reserve drains, stemming in part from repayments by foreign central banks of swap drawings on the Federal Reserve. To offset the resulting tendencies toward tighter money market conditions, the Sys tem supplied an unusually large volume of reserves, making net pur chases of about $2.6 billion of U.S. Government securities. During the period the effective rate on Federal funds averaged slightly more than 9 per cent, little changed from the preceding interval. Member bank borrowings averaged about $1.2 billion in the 4 weeks ending November 19, compared with about $1.1 billion in the preceding 3 weeks. Interest rates on most short- and long-term securities had declined during much of October, but in the latter part of that month such rates began to rise sharply and by the time of this meeting they had reached levels close to or above earlier peaks. To a large extent the upturn in rates reflected a reversal of earlier expectations that pressures in financial markets would soon abate. Recently, market participants had come in creasingly to the view that monetary restraints were not likely to be relaxed soon, as a result of both a growing belief that fiscal policy would be eased significantly and fading hopes for a near-term settle ment in Vietnam. In the judgment of many financial observers, that view was supported by the announcement of the Board of Governors on October 29 that it (1) was considering an amendment to Regula tion O under which the rules regarding the payment of interest on de posits would apply to funds received by member banks from the issu ance of commercial paper or similar obligations by bank affiliates and (2) had determined that such obligations of subsidiaries of member banks were subject to Regulations D and Q. Also contributing to the recent advance in interest rates was the con tinuing heavy demand for funds reflected in the large current and prospective volume of security issues by corporations, State and local governments, and Federal agencies. Upward pressures on Treasury bill rates were augmented by the substantial supply of new bill issues and by large sales of bills by the German Federal Bank following the revaluation of the mark. On the day before this meeting the market rate on 3-month Treasury bills was at a record 7.42 per cent, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RECORD OF POLICY ACTIONS OF FOMC 271 more than 40 basis points above its level of 4 weeks earlier. Average interest rates on home mortgages rose to new highs in October in both the primary market for conventional loans and the secondary market for FHA-insured loans. New mortgage commit ments appeared to have declined somewhat at savings and loan asso ciations during October, and the backlog of outstanding commitments edged lower for the sixth consecutive month. There were unusually large net outflows of savings funds at such associations following quarterly interest crediting at the end of September. Commercial banks also experienced net outflows of consumer-type time and savings deposits during October. The run-off of large-denomination CD’s at banks continued, but at a much slower rate than earlier in the year because increases in foreign official deposits largely offset further reductions in holdings of domestic depositors. Private demand deposits and the money stock changed little from September to October —the former declined slightly, but the latter edged up as a result of an increase in currency outstanding. U.S. Government deposits fell considerably on the average. Daily-average member bank deposits—the bank credit proxy—de clined at an annual rate of about 9 per cent from September to October. Euro-dollar borrowings of U.S. banks changed little on the average, and there were further reductions in funds obtained by sales of loans to nonbank customers under repurchase agreements. However, the out standing total volume of funds obtained by banks from “nondeposit” sources increased as a result of a substantial rise in funds obtained through sales of commercial paper by bank affiliates. After adjustment for these developments, the proxy series declined at an annual rate of 7.5 per cent. Staff estimates suggested that the bank credit proxy would probably rise at an annual rate of 9 to 12 per cent from October to November, and that the advance would be even more rapid—perhaps at a 12 to 15 per cent rate—after adjustment for an increase in the outstanding volume of funds obtained from nondeposit sources. Whereas the ex pansion in the proxy series was attributable in large part to a rise in the average level of U.S. Government deposits, the estimates suggested relatively rapid increases also in private demand deposits and the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
272 FEDERAL RESERVE BULLETIN □ MARCH 1970 money stock—for the latter, the increase was estimated at a rate in a 4 to 7 per cent range. Much slower growth in the bank credit proxy appeared to be in prospect for December. Staff projections suggested that if prevailing conditions were maintained in money and short-term credit markets, the proxy series would rise from November to December at an annual rate in the range of 0 to 3 per cent, and in a 1 to 4 per cent range after adjustment for an expected further increase in funds from non deposit sources. It seemed likely that the money stock would decline slightly on the average in December. In its discussion of policy the Committee took account of the indi cations that the economic expansion was slowing further and of the evidences of strain in financial markets. The members agreed, how ever, that a relaxation of monetary restraint would not be appropriate at this time in view of the continuing strength of inflationary pressures and expectations. The uncertainties with respect to fiscal policy, par ticularly the possibility of significant easing of fiscal restraint in 1970, were also cited in this connection. 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. It was also agreed that operations should be modified if pressures arose in connection with regulatory action by the Board of Governors in the area of bank-related commercial paper. A number of members expressed the view that operations should not be undertaken to resist tendencies toward lower interest rates should they develop as a result of market forces. The following current economic policy directive was issued to the Federal Reserve Bank of New York: The information reviewed at this meeting indicates that real eco nomic activity has expanded only moderately in recent quarters and that a further slowing of growth appears to be in process. Prices and costs, however, are continuing to rise at a rapid pace. Most market interest rates have again been advancing in recent weeks, in many cases reaching new highs as a result of demand pressures, including heavy Treasury and foreign official bill sales, and a reversal of earlier Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RECORD OF POLICY ACTIONS OF FOMC 273 market expectations partly stemming from growing concern about the outlook for fiscal policy. In October bank credit declined on average and the money supply changed little, but both appear to be increasing relatively rapidly in November. Recently the net contraction of out standing large-denomination CD’s has slowed markedly, apparently reflecting mainly an increase in foreign official time deposits. How ever, flows of consumer-type time and savings funds at banks and non bank thrift institutions have remained weak. In the third quarter a small surplus in U.S. foreign trade re-emerged, but there was another very large deficit in the over-all balance of payments on the liquidity basis and the official settlements balance, which had been in surplus earlier, was also in deficit. More recently, return flows out of the Ger man mark have apparently contributed to some short-run improve ment in the U.S. payments position. In light of the foregoing develop ments, 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 pay ments. To implement this policy, System open market operations until the next meeting of the Committee shall be conducted with a view to main taining the prevailing firm conditions in money and short-term credit markets; provided, however, that operations shall be modified if bank credit appears to be deviating significantly from current projec tions or if pressures arise in connection with possible bank regulatory changes. Votes for this action. Messrs. Martin, Hayes, Bopp, Brimmer, Clay, Coldwell, Daane, Mitchell, Robert son, Scanlon, and Sherrill. Votes against this action: None. Absent and not voting: Mr. Maisel. 2. Actions with respect to continuing authority directive. At this meeting the Committee ratified an action taken by members on November 14, 1969, effective on that date, amending paragraph 1(a) of the continuing authority directive to the Federal Reserve Bank of New York regarding domestic open market operations. The effect of the amendment was to raise from $2 billion to $3 billion the limit on changes in holdings of U.S. Government securities in the System Open Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
274 FEDERAL RESERVE BULLETIN □ MARCH 1970 Market Account between meetings of the Committee. With this amend ment, paragraph 1(a) read as follows: To buy or sell U.S. Government securities in the open market, from or to Government securities dealers and foreign and international ac counts maintained at the Federal Reserve Bank of New York, on a cash, regular, or deferred delivery basis, for the System Open Market Account at market prices and, for such Account, to exchange maturing U.S. Government securities with the Treasury or allow them to ma ture without replacement; provided that the aggregate amount of such securities held in such Account at the close of business on the day of a meeting of the Committee at which action is taken with respect to a current economic policy directive shall not be increased or decreased by more than $3.0 billion during the period commencing with the open ing of business on the day following such meeting and ending with the close of business on the day of the next such meeting. Votes for ratification of this action: Messrs. Mar tin, Hayes, Bopp, Brimmer, Clay, Coldwell, Daane, Mitchell, Robertson, Scanlon, and Sherrill. Votes against ratification of this action: None. Absent and not voting: Mr. Maisel. Later in the course of this meeting the Committee amended para graph 1(a) of the continuing authority directive to restore the $2 bil lion limit in effect prior to November 14. Votes for this action: Messrs. Martin, Hayes, Bopp, Brimmer, Clay, Coldwell, Daane, Mitchell, Robertson, Scanlon, and Sherrill. Votes against this action: None. Absent and not voting: Mr. Maisel. The action of November 14 was taken after the Account Manager advised that a temporary increase in the “leeway” was needed to ac commodate the large reserve-supplying operations found necessary in implementing the current economic policy directive then in effect. The paragraph was restored to its previously existing form on recommenda tion of the Manager, who advised that the temporary need for the larger leeway had passed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RECORD OF POLICY ACTIONS OF FOMC 275 MEETING HELD ON DECEMBER 16, 1969 Authority to effect transactions in System Account. Reports at this meeting suggested that growth in real GNP, which had been only moderate earlier in the year, was slowing further and perhaps coming to a halt in the fourth quarter. Prices and costs were continuing to rise rapidly. Staff projections suggested that there would be little or no expansion in real GNP in the first half of 1970 and some slowing in the rate of increase in prices. With few exceptions, data for November supported the view of a weakening in economic expansion. Industrial production declined for the fourth consecutive month. Although the unemployment rate fell sharply—to 3.4 per cent from 3.9 per cent in October—other measures suggested some further easing of labor market conditions; in particular, total nonfarm employment did not increase, employment and overtime hours in manufacturing fell, and claims for unemployment compensa tion rose further. Retail sales declined in November and, after adjust ment for price increases, remained below the level of a year earlier. The wholesale price index advanced considerably further from mid- October to mid-November, partly because of an exceptionally large rise in average prices of farm products and foods. Average prices of indus trial products also increased substantially. The latest Commerce-SEC survey of business plans, taken in No vember, suggested that outlays on new plant and equipment would rise sharply in the first half of 1970. As a result, staff projections of fixed investment spending by business in that period had again been revised upward. However, the strengthening of the outlook in this sector did not appear sufficient to change materially the prospect for little or no growth in real GNP in the first half. On the other hand, it was noted that legislation now under consideration in Congress relating to Federal taxes and social security benefits, if enacted, would result in a con siderably greater relaxation of fiscal restraint than had been assumed in the projections. The U.S. balance of payments appeared to be improving in the fourth quarter; in November the deficit on the liquidity basis had di minished further and the official settlements balance had reverted to surplus. However, the improvement seemed to reflect such relatively Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
276 FEDERAL RESERVE BULLETIN □ MARCH 1970 volatile elements as return flows from the German mark and a sharp increase in November in outstanding Euro-dollar borrowings of U.S. banks. In recent weeks interest rates in the Euro-dollar market had remained under upward pressure, in part as a result of actions by the German monetary authorities to encourage German banks to reduce their net foreign assets. Interest rates on most types of domestic market securities had risen considerably further in recent weeks. Yields on long-term Treasury and municipal bonds currently were at new highs, and yields on new corporate bonds were close to peaks that had been reached in early December. On the day before this meeting the market rate on 3-month Treasury bills was at a record level of 7.92 per cent, 50 basis points above its level of 3 weeks earlier. These rate advances had occurred against the background of con tinued heavy demands for funds, and—in the Treasury bill market— large dealer inventories and sustained high financing costs. To an im portant extent, however, they appeared to reflect expectational factors, including market concern about the possibility that fiscal restraint would be relaxed significantly and the related prospect that the period of severe monetary restraint would be prolonged. System open market operations since the preceding meeting of the Committee had been directed at maintaining prevailing firm conditions in the money market while taking account of strains in the Treasury bill market as bill rates adjusted sharply upward. The effective rate on Federal funds continued to fluctuate mostly in a range of 8V2 to 9Vz per cent. Member bank borrowings averaged $1.2 billion in the 3 weeks ending December 10, unchanged from their average in the preceding 4 weeks. At nonbank thrift institutions there were net outflows of savings funds in October, after quarterly interest crediting, and the inflows in November and early December were at a rate well below that usually expected for the season. Moreover, there was widespread concern about the possibility of very heavy outflows at such institutions around the turn of the year, following year-end interest crediting. At commercial banks the volume of business loans outstanding changed little over the course of November, and holdings of U.S. Gov ernment securities declined somewhat further despite bank underwriting Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RECORD OF POLICY ACTIONS OF FOMC 277 of the tax-anticipation bills auctioned by the Treasury late in the month. Holdings of other securities and loans to securities dealers increased sharply, although perhaps only temporarily. From October to Novem ber the bank credit proxy—daily-average member bank deposits— expanded on the average at an annual rate of 11 per cent. After ad justment for further growth in the outstanding volume of funds obtained by banks from “nondeposit” sources—including Euro-dollar borrow ings and funds acquired through sales of commercial paper by bank affiliates—the proxy series increased at a rate of about 13.5 per cent. So adjusted, the proxy series had declined at annual rates of 7.5 per cent in October and 4.3 per cent in the third quarter. Private demand deposits and the money stock also expanded on the average in November. The latter grew at an annual rate of about 3.5 per cent, after rising only fractionally in October and remaining un changed in the third quarter. U.S. Government deposits increased sharply in November, mainly as a result of Treasury financing opera tions. Outflows of consumer-type time and savings deposits continued, but the net contraction in the volume of large-denomination CD’s out standing remained more moderate than earlier in the year as a result of further sizable increases in foreign official time deposits. Revised staff projections suggested that if prevailing conditions in the money market were maintained there would be little change in the bank credit proxy from November to December and a slight rise after adjustment for an expected further increase in funds from nondeposit sources. It was anticipated that total time and savings deposits would increase somewhat on the average, but that U.S. Government deposits and private demand deposits—as well as the money stock—would de cline somewhat. Projections for January suggested that the proxy series would decline at an annual rate of 1 to 4 per cent—and less after ad justment for another expected increase in nondeposit funds—and that the money stock would remain about unchanged. The Committee agreed that no relaxation of monetary policy would be appropriate at this time, in view of the persistence of inflationary pressures and expectations and the high degree of uncertainty with respect to the extent to which fiscal policy might be relaxed. The mem bers concluded that open market operations should be directed at maintaining the prevailing firm conditions in the money market. It was also agreed that operations should be modified if unusual liquidity Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
pressures should develop. A number of members expressed the view that any tendencies toward lower interest rates that might be produced by market forces should not be resisted. The following current economic policy directive was issued to the Federal Reserve Bank of New York: The information reviewed at this meeting indicates that real eco nomic activity has expanded only moderately in recent quarters and that a further slowing of growth appears to be in process. Prices and costs, however, are continuing to rise at a rapid pace. Most market interest rates have advanced further in recent weeks partly as a result of expectational factors, including concern about the outlook for fiscal policy. Bank credit rose rapidly in November after declining on average in October, while the money supply increased moderately over the 2month period; in the third quarter, bank credit had declined on balance and the money supply was about unchanged. The net contraction of outstanding large-denomination CD’s has slowed markedly since late summer, apparently reflecting mainly an increase in foreign official time deposits. However, flows of consumer-type time and savings funds at banks and nonbank thrift institutions have remained weak, and there is considerable market concern about the potential size of net outflows expected around the year-end. In November the balance of payments deficit on the liquidity basis diminished further and the official settlements balance reverted to surplus, mainly as a result of return flows out of the German mark and renewed borrowing by U.S. banks from their foreign branches. In light of the foregoing develop ments, it is the policy of the Federal Open Market Committee to foster financial conditions conducive to the reduction of inflationary pres sures, with a view to encouraging sustainable economic growth and attaining reasonable equilibrium in the country’s balance of payments. To implement this policy, System open market operations until the next meeting of the Committee shall be conducted with a view to maintaining the prevailing firm conditions in the money market; pro vided, however, that operations shall be modified if bank credit ap pears to be deviating significantly from current projections or if un usual liquidity pressures should develop. Votes for this action: Messrs. Martin, Hayes, Bopp, Brimmer, Clay, Coldwell, Maisel, Mitchell, Robertson, Scanlon, and Sherrill. Votes against this action: None. Absent and not voting: Mr. Daane. 278 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Law Department Statutes, regulations, interpretations, and decisions INTEREST ON DEPOSITS vides that, for purposes of the Regulation, “any The Board of Governors on February 26, 1970, payment to or for the account of any depositor as amended the Supplement to Regulation Q, “Interest compensation for the use of funds constituting a on Deposits,” to permit member banks to pay, deposit shall be considered interest.” In applying effective January 21, 1970, (1) 5Vi per cent on this provision on and after March 1, 1970, the multiple maturity time deposits payable only one Board of Governors will regard premiums (whether year or more after the date of deposit, or one year in the form of merchandise, credit, or cash) given or more after the last preceding date on which it by member banks to their depositors as an adver might have been paid, and (2) 53A per cent on tising or promotional expense rather than a pay such deposits payable only two years or more after ment of interest if (a) the premium is given to a the date of deposit, or two years or more after the depositor only at the time of the opening of a new last preceding date on which it might have been account or an addition to an existing account; (b) paid. The Board previously authorized member the premium is not given to any depositor on a re banks to pay, effective January 21, 1970, such rates curring basis; and (c) the value of the premium on single maturity time deposits in amounts less than or, in the case of articles of merchandise, the $100,000 and with like maturities (1970 Federal wholesale cost (excluding shipping and packaging Reserve B ulletin, page 138). The text of the costs) does not exceed $5.00, except that the value amendment reads as follows: or wholesale cost may be not more than $10.00 if the amount of the deposit is $5,000 or more. SUPPLEMENT TO REGULATION Q INFORMATION REGARDING COMPUTA Effective January 21, 1970 TION OF INTEREST ON DEPOSITS (as amended February 26, 1970) Section 217.6(f) of the Board’s Regulation Q, SECTION 217.7—MAXIMUM RATES OF relating to payment of interest on deposits, pro INTEREST PAYABLE BY MEMBER BANKS vides : ON TIME AND SAVINGS DEPOSITS * * * * # (f) Accuracy of advertising. No member bank shall make any advertisement, announcement, or solici (b) Multiple maturity time deposits. No member tation relating to the interest paid on deposits that is bank shall pay interest on a multiple maturity time inaccurate or misleading or that misrepresents its de posit contracts. deposit at a rate in excess of the applicable rate Within the spirit of this provision and in order to under the following schedule: avoid misunderstandings on the part of its cus Maturity intervals Maximum per cent tomers, every member bank should inform the 30 days or more but holder of a time or savings account at the time of less than 90 days 4Vi the opening of such account as to the method that 90 days or more but less will be used in computing and paying interest on than 1 year 5 the account, including any provision for nonpay 1 year or more but less ment of interest on deposits made after the begin than 2 years 5Vi ning of an interest-payment period or withdrawn 2 years or more 5V4 before the end of such period. In addition, if the bank subsequently makes a change in such method, * * * that will be less favorable to a depositor than the INTERPRETATIONS OF REGULATION Q previous method, notice of such change should be mailed to each depositor at his last known address. PREMIUMS NOT CONSIDERED PAYMENT OF INTEREST FOREIGN BANKING AND FINANCING CORPORATIONS Section 217.2(b) of the Board’s Regulation Q, The Board of Governors, effective March 3, relating to the payment of interest on deposits, pro 1970, amended section 211.9(b) (4) (i) of Regula Digitized for FRASER http://fraser.stlouisfed.org/ 279 Federal Reserve Bank of St. Louis
280 FEDERAL RESERVE BULLETIN □ MARCH 1970 tion K, “Corporations Engaged in Foreign Bank with the basis of the provision for cash-item deduc ing and Financing under the Federal Reserve Act,” tions—to avoid situations in which two member to make clear that obligations to the extent insured banks maintain reserves against the same funds. against foreign political and credit risk by the Ex- The Board considers that it should bring its regu port-Import Bank and the Foreign Credit Insurance lations and interpretations in this area into har Association are exempt from the limitations on mony. Withdrawal of the 1928 ruling would elimi loans to one borrower set forth in section 211.9(b). nate the incongruity between such ruling and the The text of the amendment reads as follows: provisions of § 204.1(g). Most Federal funds transactions are presently handled through entries AMENDMENT TO REGULATION K on the books of the Reserve Banks (and do not Effective March 3, 1970, section 211.9(b) (4) (i) involve the issuance of a check), and all such is amended to read as follows: transactions can be handled in that manner. Con sequently, withdrawal of the 1928 ruling would SECTION 211.9—LIMITATIONS AND have little impact. Also, adopting such course of RESTRICTIONS action seems clearly preferable to modifying * * * * * § 204.2(b) to prohibit the deduction from gross (b) Liabilities of one borrower. * * * The limi demand deposits of a certain class of cash items— tations of this paragraph shall not apply to * * * namely, those received in repayment of a Federal (4) obligations to the extent supported by the full funds transaction. faith and credit of the following: Accordingly, the 1928 ruling is withdrawn. Here (i) The United States or any department, after, as provided in § 204.1(g) of Regulation D, agency, or establishment thereof or corporation wholly owned thereby (including obligations to “The term ‘gross demand deposits’ means the sum the extent insured against foreign political and of all demand deposits, including . . . all outstand ing certified and officers’ checks”. (Emphasis credit risks by the Export-Import Bank and the added.) Foreign Credit Insurance Association), the Inter national Bank for Reconstruction and Develop INTERPRETATION OF REGULATIONS T AND G ment, the International Finance Corporation, the International Development Association, or the “DEEP IN THE MONEY PUT AND CALL Inter-American Development Bank; OPTIONS” AS EXTENSIONS OF CREDIT * * ❖ ❖ ❖ The Board of Governors has been asked to de termine whether the business of selling instruments INTERPRETATION OF REGULATION D described as “deep in the money put and call op OFFICERS’ CHECKS IN REPAYMENT OF tions” would involve an extension of credit for the “FEDERAL FUNDS” TRANSACTIONS purposes of the Board’s regulations governing mar INCLUDED AS “GROSS DEMAND gin requirements for securities transactions. Most DEPOSITS” of such options would be of the “call” type, such The Board has reviewed its ruling (1928 Fed as the following proposal that was presented to the eral Reserve B ulletin, page 656) that a check Board for its consideration: issued by a member bank in repayment of a Fed If X stock is selling at $100 per share, the customer eral funds transaction may be excluded from its would pay about $3,250 for a contract to purchase 100 shares of X at $70 per share within a 30-day period. deposit liabilities. The contract would be guaranteed by an exchange Such ruling is in effect an exemption from the member, as are standard “puts” and “calls.” When the provisions of § 204.1(g) of Regulation D, which contract is made with the customer, the seller, who will also be the writer of the contract, will immediately pur requires all officers’ checks issued by a member chase 100 shares of X at $100 per share through the bank to be included in its gross demand deposits guarantor member firm in a margin account. If the cus for reserve purposes. Nonetheless, a member bank tomer exercises the option, the shares will be delivered to him; if the option is not exercised, the writer will sell is permitted by § 204.2(b) of Regulation D to de the shares in the margin account to close out the trans duct all “cash items in process of collection” from action. As a practical matter, it is anticipated that the customer will exercise the option in almost every case. its gross demand deposits, in computing its reserve requirements. Permitting the issuing bank to ex An ordinary “put” is an option given to a per clude from its deposit liabilities a check issued by son to sell to the writer of the put a specified it and also permitting the receiving bank to deduct amount of securities at a stated price within a the item from its deposit liabilities is inconsistent certain time. A “call” is an option given to a per Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 281 son to buy from the writer a specified amount of ordinary profitable call, and the contract right securities at a stated price within a certain time. would be exercised. But even if the price fell, un To be freely saleable, options must be indorsed, like the situation with a normal option, the buyer or guaranteed, by a member firm of the exchange would still be virtually certain to exercise his right on which the security is registered. The guarantor to purchase before it expired, in order to minimize charges a fee for this service. his loss. The result would be that the buyer would The option embodied in the normal put or call not have a genuine choice whether or not to buy. is exercisable either at the market price of the Rather, the instrument would have made it possible security at the time the option is written, or some for him, in effect, to purchase stock as of the time “points away” from the market. The price of a the contract was written by depositing 30 per cent normal option is modest by comparison with the of the stock’s current market price. margin required to take a position. Writers of nor It was suggested that the proposed contract is mal options are persons who are satisfied with the not unusual, since there are examples of ordinary current price of a security, and are prepared to pur options selling at up to 28 per cent of current chase or sell at that price, with the small profit market value. However, such examples are of provided by the fee. Moreover, since a large pro options running for 12 months, and reflect expec portion of all options are never exercised, a person tations of changes in the price of the stock over who customarily writes normal options can antici that period. The 30-day contracts discussed above pate that the fee would be clear profit in many are not comparable to such 12-month options, be cases, and he will not be obliged to buy or sell the cause instances of true expectations of price stock in question. changes of this magnitude over a 30-day period The stock exchanges require that the writer of would be exceedingly rare. And a contract that an option deposit and maintain in his margin ac does not reflect such true expectations of price count with the indorser 30 per cent of the current change, plus a reasonable fee for the services of market price in the case of a call (unless he has the writer, is not an option in the accepted mean a long position in the stock) and 25 per cent in ing of the term. the case of a put (unless he has a short position Because of the virtual certainty that the contract in the stock). Many indorsing firms in fact require right would be exercised under the proposal de larger deposits. Under § 220.3(a) of Regulation T, scribed above, the writer would buy the stock in a all financial relations between a broker and his margin account with an indorsing firm immediately customer must be included in the customer’s gen on writing the contract. The indorsing firm would eral account, unless specifically eligible for one of extend credit in the amount of 20 per cent of the the special accounts authorized by § 220.4. Accord current market price of the stock, the maximum ingly, the writer, as a customer of the member firm, permitted by the current § 220.8 (supplement to must make a deposit, which is included in his gen Regulation T). The writer would deposit the 30 eral account. per cent supplied by the buyer, and furnish the In order to prevent the deposit from being avail remaining 50 per cent out of his own working able against other margin purchases, and in effect capital. His account with the endorsing firm would counted twice, § 220.3(d) (5) requires that in com thus be appropriately margined. puting the customer’s adjusted debit balance, there As to the buyer, however, the writer would shall be included “the amount of any margin cus function as a broker. In effect, he would purchase tomarily required by the creditor in connection the stock for the account, or use, of the buyer, with his endorsement or guarantee of any put, call, on what might be described as a deferred payment or other option”. No other margin deposit is re arrangement. Like an ordinary broker, the writer quired in connection with a normal put or call of the contract described above would put up option under Regulation T. funds to pay for the difference between the price of Turning to the “deep in the money” proposed securities the customer wished to purchase and the option contract described above, the price paid by customer’s own contribution. His only risk would the buyer can be divided into (1) a deposit of 30 be that the price of the securities would decline in per cent of the current market value of the stock, excess of the customer’s contribution. True, he and (2) an additional fixed charge, or fee. To the would be locked in, and could not liquidate the extent that the price of the stock rose during the customer’s collateral for 30 days even if the mar 30 ensuing days the proposed instrument would ket price should fall in excess of 30 per cent, but produce results similar to those in the case of an the risk of such a decline is extremely slight. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
282 FEDERAL RESERVE BULLETIN □ MARCH 1970 Like any other broker who extends credit in a branches of the resulting bank. Notice of the pro margin account, the writer who was in the busi posed merger, in form approved by the Board, has ness of writing and selling such a contract would been published pursuant to said Act. be satisfied with a fixed predetermined amount of Upon consideration of all relevant material in return on his venture, since he would realize only the light of the factors set forth in said Act, in the fee charged. Unlike a writer of ordinary puts cluding reports furnished by the Comptroller of and calls, he would not receive a substantial part the Currency, the Federal Deposit Insurance Cor of his income from fees on unexercised contract poration, and the Attorney General on the com rights. The similarity of his activities to those of a petitive factors involved in the proposed merger, broker, and the dissimilarity to a writer of ordi It is hereby ordered, for the reasons set forth nary options, would be underscored by the fact in the Board’s Statement of this date, that said that his fee would be a fixed predetermined amount application be and hereby is approved, provided of return similar to an interest charge, rather than that said merger shall not be consummated (a) a fee arrived at individually for each transaction before the thirtieth calendar day following the date according to the volatility of the stock and other of this Order or (b) later than three months after individual considerations. the date of this Order unless such period is ex The buyer’s general account with the writer tended for good cause by the Board or by the would in effect reflect a debit for the purchase Federal Reserve Bank of Philadelphia pursuant to price of the stock and, on the credit side, a deposit delegated authority. of cash in the amount of 30 per cent of that price, Dated at Washington, D.C., this 26th day of plus an extension of credit for the remaining 70 February, 1970. per cent, rather than the maximum permissible 20 By order of the Board of Governors. per cent. Voting for this action: Chairman Martin and Gov For the reason stated above, the Board con ernors Daane, Maisel, and Sherrill. Voting against this cluded that the proposed contracts would involve action: Governors Robertson, Mitchell, and Brimmer. Chairman Burns was not a member of the Board at the extensions of credit by the writer as broker in time of its action on this application. an amount exceeding that permitted by the cur (Signed) K enneth A. Kenyon, rent supplement to Regulation T. Accordingly, the Deputy Secretary. writing of such contracts by a brokerage firm is [seal] presently prohibited by such regulation, and any brokerage firm that indorses such a contract would be arranging for credit in an amount greater than Statement the firm itself could extend, a practice that is pro The Bank of New Jersey, Camden, New Jersey hibited by § 220.7(a). (“Camden Bank”), with total deposits of $254 million, has applied, pursuant to the Bank Merger ORDERS UNDER BANK MERGER ACT Act (12 U.S.C. 1828(c)), for the Board’s prior approval of the merger of that bank with Garden THE BANK OF NEW JERSEY State Bank, Cinnaminson, New Jersey (“Cinna In the matter of the application of The Bank minson Bank”), which has total deposits of $32 of New Jersey for approval of merger with Garden million.1 The banks would merge under the char State Bank. ter and name of Camden Bank, which is a mem ber of the Federal Reserve System. As an incident Order Approving M erger of Banks to the merger, the four offices of Cinnaminson Bank would become branches of Camden Bank, There has come before the Board of Governors, increasing the number of its offices to 25.2 pursuant to the Bank Merger Act (12 U.S.C. 1828(c)), an application by The Bank of New Competition. Camden Bank, one of the two largest banks in New Jersey’s Third Banking Dis Jersey, Camden, New Jersey, a State member trict, operates its head office and 20 branches in bank of the Federal Reserve System, for the Camden County; the bank has received approval Board’s prior approval of the merger of that bank to establish four additional branches, two in Cam and Garden State Bank, Cinnaminson, New Jersey, den County and two in Gloucester County, which under the charter and name of The Bank of New Jersey. As an incident to the merger, the four 1 Figures are as of June 30, 1969. offices of Garden State Bank would become 2 Authorized but unopened offices are not included. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 283 is south of, and contiguous to, Camden County. the banks proposing to merge are reasonably satis Cinnaminson Bank operates its head office and one factory, as they would be with respect to the branch in Cinnaminson (population 15,000), and resulting bank. one branch each in Riverton and Palmyra. All Convenience and needs of the community. The offices of Cinnaminson Bank are in Burlington principal effect of the merger on banking conveni County, which lies just north of Camden County. ence and needs would be in the area presently Cinnaminson Bank’s in-town branch is about served by Cinnaminson Bank. six miles northwest of Camden Bank’s Cherry Hill The present population (354,000) of Burlington branch, and they are the nearest offices of the two County represents an increase of 58 per cent since banks. There are 11 offices of five other banks in 1960; the population of Cinnaminson increased by the intervening area. Neither Camden Bank nor 86 per cent during the same period. Cinnaminson Bank obtains as much as one per Both farming and industrial activities are impor cent of its deposits from the area served by the tant economic pursuits in Burlington County. other. Cinnaminson Bank derives about four per Cinnaminson, Riverton and Palmyra, known lo cent of its loans from the area served by Camden cally as the “Tri-Boros”, are primarily residential Bank. The percentages of Camden Bank’s loans in character; many residents commute to work in that originate in the area served by Cinnaminson Camden and Philadelphia. Bank range from less than one per cent in the case The replacement of Cinnaminson Bank by of instalment loans to seven per cent in the case of offices of Camden Bank would provide a conveni real estate mortgage loans. ent alternative source of full banking services for Camden Trust derives the preponderance of its the Tri-Boros communities and would remove business from an area comprising the northern half home-office-protection in the case of Cinnaminson, of Camden County, and adjoining portions of so that other banks could establish de novo Gloucester and Burlington Counties. Camden branches there. As was indicated earlier, two banks Bank, with about 26 per cent of the deposits in the have already filed applications to establish de novo area, ranks first in this respect among the 22 banks branches in Cinnaminson. that operate offices in the area. Cinnaminson Bank Summary and conclusion. In the judgment of holds less than three per cent of area deposits. the Board, the slightly adverse effect of the pro Both Camden Bank and Cinnaminson Bank are posed merger on competition would be outweighed precluded by the home-office-protection provision by the benefits for the banking convenience and of New Jersey law from establishing a de novo needs of the Cinnaminson, Riverton and Palmyra branch in the community in which the other is communities. headquartered. State law also provides branch- Accordingly, the Board concludes that the ap office-protection for municipalities with popula plication should be approved. tions under 7,500. In the area served by Cinna minson Bank, only Palmyra (population 7,700), Dissenting Statement of Governers which is served by a branch of Cinnaminson Bank, Robertson and Brimmer is open to de novo branching. There are several communities in the area served by Camden Bank As we understand the reasoning of the majority, that are open to de novo branching, but Cinna a crucial consideration weighing in favor of ap minson Bank, largely because of its size, does not proval of the merger of Camden Bank and Cinna appear to be a likely entrant. The merger would minson Bank is the benefit expected to result from open the Cinnaminson community to de novo the fact that the transaction will remove homebranching by other Third District banks. First office-protection from Cinnaminson and open the National Bank of Riverside (deposits $10 million) community to de novo branching by other banks and South Jersey National Bank (deposits $264 in New Jersey’s Third Banking District; supposedly, million) have each filed an application to establish other banks will enter the community, which will a de novo branch in Cinnaminson, contingent on enhance competition and result in better banking approval of the application in this case. services. The proposed transaction would have a slightly A net benefit for the public might indeed flow adverse effect on competition. from the merger of Cinnaminson Bank with one of Financial and managerial resources and pros the many other banks in the Third Banking Dis pects. The banking factors with respect to each of trict that is not now operating in the greater Cam Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
284 FEDERAL RESERVE BULLETIN □ MARCH 1970 den area, and that is not one of the largest banks ed for good cause by the Board or by the Federal in the District. However, the merger of Cinna Reserve Bank of Philadelphia pursuant to dele minson Bank into Camden Bank will enhance the gated authority. already dominant position of the latter in the Dated at Washington, D.C., this 26th day of greater Camden market, as well as eliminate exist February, 1970. ing and potential competition between the two By order of the Board of Governors. institutions. Voting for this action: Chairman Martin and Gover In our judgment, the removal of home-office- nors Robertson, Mitchell, Daane, Maisel, Brimmer, and Sherrill. Chairman Burns was not a member of the protection through merger must be viewed gener Board at the time of its action on this application. ally as conferring, at best, a somewhat illusory (Signed) K enneth A. Kenyon, benefit, since home-office-protection is nothing but Deputy Secretary. a legislatively contrived impediment to competi [seal] tion. Where, as here, the merger is between two banks in the same market and the market is highly Statement concentrated and dominated by the acquiring bank, the removal of home-office-protection is, in our The Bank of New Jersey, Camden, New Jersey view, essentially meaningless. (“Camden Bank”), with total deposits of $254 We would deny the application. million, has applied, pursuant to the Bank Merger Act (12 U.S.C. 1828(c)), for the Board’s prior approval of the merger of that bank with The THE BANK OF NEW JERSEY Tradesmens Bank and Trust Company of Vineland, In the matter of the application of The Bank of Vineland, New Jersey (“Vineland Bank”), which New Jersey for approval of merger with The has total deposits of $32 million.1 The banks would Tradesmens Bank and Trust Company. merge under the charter and name of Camden Bank, which is a member of the Federal Reserve System. As an incident to the merger, the four Order Approving Merger of Banks offices of Vineland Bank would become branches There has come before the Board of Governors, of Camden Bank, increasing the number of its pursuant to the Bank Merger Act (12 U.S.C. offices to 25.2 1828(c)), an application by The Bank of New Competition. Camden Bank, one of the two larg Jersey, Camden, New Jersey, a State member bank est banks in New Jersey’s Third Banking District, of the Federal Reserve System, for the Board’s operates its head office and 20 branches in Cam prior approval of the merger of that bank and The den County; the bank has received approval to Tradesmens Bank and Trust Company of Vine establish four additional branches, two in Camden land, Vineland, New Jersey, under the charter and County and two in Gloucester County, which is name of The Bank of New Jersey. As an incident south of, and contiguous to, Camden County. to the merger, the six offices of The Tradesmens Vineland Bank operates its head office and two Bank and Trust Company would become branches branches in Vineland (population 47,000), which of the resulting bank. Notice of the proposed mer is in Cumberland County, about 30 miles south ger, in form approved by the Board, has been of Camden. Vineland Bank has received approval published pursuant to said Act. to establish two additional branches, one in Vine Upon consideration of all relevant material in land and one in Hammonton (Atlantic County), the light of the factors set forth in said Act, includ about 15 miles northeast of Vineland. The nearest ing reports furnished by the Comptroller of the offices of Camden Bank and Vineland Bank are 25 Currency, the Federal Deposit Insurance Corpora miles apart. The site of Vineland Bank’s proposed tion, and the Attorney General on the competitive branch in Hammonton is 13 miles southeast of factors involved in the proposed merger, Camden Bank’s Pine Hall branch. There are many It is hereby ordered, for the reasons set forth offices of other banks in the area separating the in the Board’s Statement of this date, that said offices of Camden Bank and Vineland Bank. There application be and hereby is approved, provided is virtually no competition between the two banks. that said merger shall not be consummated (a) be Under New Jersey law, banks may establish de fore the thirtieth calendar day following the date of this Order or (b) later than three months after 1 Figures are as of June 30, 1969. the date of this Order unless such period is extend 2 Authorized but unopened offices are not included. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 285 novo branches within the banking district in which ices would benefit the banking convenience and they are headquartered, subject, however to a needs of the residents of the area now served by home-office-protection feature for all municipali Vineland Bank. ties and to a branch-office-protection feature for Summary and conclusion. In the judgment of the municipalities with populations under 7,500. Thus, Board, the effect of the merger on competition both Camderi Bank and Vineland Bank are pre would not be adverse, and the transaction would cluded by State law from establishing a de novo result in benefits for the banking convenience and branch in the headquarters community of the needs of the Vineland community and environs. other; further, Vineland Bank’s size, and the bank Accordingly, the Board concludes that the appli ing structure in the area presently served by Cam cation should be approved. den Bank, make Vineland Bank an unlikely entrant there. BANKERS TRUST COMPANY OF The large communities in Cumberland County, ROCHESTER in addition to Vineland, i.e., Millville and Bridge In the matter of the application of Bankers ton, are closed to de novo entry by Camden Bank Trust Company of Rochester, Rochester, New because of home-office-protection. There are no York, for approval of acquisition of assets of four other communities in the county with populations offices of Central Trust Company Rochester, N.Y., of 7,500 or more, and there are only three com Rochester, New York. munities with populations under 7,500 that have no banking office. Thus, the opportunities for Cam den Trust to enter Cumberland County by de novo Order Aproving Acquisition of Bank’s Assets branching are limited. There has come before the Board of Governors, Vineland Bank is the second largest of the eight pursuant to the Bank Merger Act (12 U.S.C. banks that operate in Cumberland County. The 1828(c)), an application by Bankers Trust Com largest bank operating in the county is South pany of Rochester, Rochester, New York, a State Jersey National Bank, Camden (total deposits $264 member bank of the Federal Reserve System, for million), which recently acquired The Millville the Board’s prior approval of its acquisition of National Bank (deposits $37 million). Of the re assets and assumption of deposit liabilities of four maining banks, three have deposits in excess of offices of Central Trust Company Rochester, N.Y., $24 million, and deposits at the other three range Rochester, New York, and, as an incident thereto, from $6 million to $9 million. Bankers Trust Company of Rochester has applied, The effect of the proposed merger on competi under section 9 of the Federal Reserve Act (12 tion would not be adverse. U.S.C. 321), for the Board’s prior approval of the Financial and managerial resources and pros establishment as branches of that bank of the four pects. The principal effect of the merger on bank offices to be acquired. Notice of the proposed ing convenience and needs would be in the area acquisition of assets and assumption of deposit presently served by Vineland Bank. liabilities, in form approved by the Board, has been The population of Cumberland County increased published pursuant to said Act. from 107,000 to about 128,000, or by approxi Upon consideration of all relevant material in mately 20 per cent, between 1960 and 1968; dur the light of the factors set forth in said Act, includ ing the same period the population of Vineland, ing reports furnished by the Comptroller of the which is the county’s largest municipality, increased Currency, the Federal Deposit Insurance Corpora by about 26 per cent. The county’s commercial tion, and the Attorney General on the competitive and industrial activity is centered in Vineland, factors involved in the proposed transaction. Bridgeton and Millville. It is hereby ordered, for the reasons set forth Camden Bank would offer a much greater vari in the Board’s Statement1 accompanying its Order ety of banking services than Vineland Bank pro concerning the application of Bankers Trust New vides, and the lending limit now prevailing at the York Corporation to acquire voting shares of offices of Vineland Bank would be increased by Bankers Trust Company of Rochester, that said about sevenfold. While the services that Camden applications be and hereby are approved, provided Bank would offer are, or will be, available from that said acquisition of assets and assumption of the recently established Cumberland County offices deposit liabilities and establishment of branches of South Jersey National Bank, the addition of a convenient alternative source of full banking serv 1 See page 295 of this Bulletin. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
286 FEDERAL RESERVE BULLETIN □ MARCH 1970 shall not be consummated (a) before the thirtieth It is hereby ordered, for the reasons set forth calendar day following the date of this Order or in the Board’s Statement of this date, that said (b) later than three months after the date of this application be and hereby is approved, provided Order unless such period is extended for good that the action so approved shall not be consum cause by the Board or by the Federal Reserve mated (a) before the thirtieth calendar day follow Bank of New York pursuant to delegated authority. ing the date of this Order or (b) later than three Dated at Washington, D.C., this 3rd day of months after the date of this Order, unless such March 1970. time shall be extended by the Board, or by the By order of the Board of Governors. Federal Reserve Bank of Atlanta pursuant to dele Voting for this action: Chairman Burns and Gover gated authority. nors Mitchell, Daane, Maisel, and Sherrill. Voting Dated at Washington, D.C., this 12th day of against this action: Governors Robertson and Brimmer. February 1970. (Signed) K enneth A. Kenyon, By order of the Board of Governors. Deputy Secretary. Voting for this action: Vice Chairman Robertson and [seal] Governors Mitchell, Daane, Maisel, and Brimmer. Ab sent and not voting: Chairman Martin and Governor Sherrill. Chairman Burns was not a member of the ORDERS UNDER SECTION 3 OF BANK HOLDING Board on the date of the Board’s decision. COMPANY ACT (Signed) K enneth A. Kenyon, FIRST FLORIDA BANCORPORATION, Deputy Secretary. HAINES CITY, FLORIDA [seal] In the matter of the application of First Florida Bancorporation, Haines City, Florida, for approval Statement of acquisition of 51 per cent or more of the voting First Florida Bancorporation, Haines City, Flor shares of The Orlando Bank and Trust Company, ida (“Applicant”), a registered bank holding com Orlando, Florida. pany, has applied to the Board of Governors, pur suant to section 3(a)(3) of the Bank Holding Order Approving Application Under Company Act of 1956 (12 U.S.C. 1842(a)(3)), Bank Holding Company Act for prior approval of the acquisition of 51 per cent or more of the voting shares of The Orlando Bank There has come before the Board of Governors, and Trust Company, Orlando, Florida (“Bank”). pursuant to section 3(a)(3) of the Bank Holding Company Act of 1956 (12 U.S.C. 1842(a) (3)) and Views and recommendation of supervisory section 222.3(a) of Federal Reserve Regulation Y authority. As required by section 3(b) of the Act, (12 CFR 222.3(a)), the application of First Flor notice of receipt of the application was given to ida Bancorporation, Haines City, Florida, for the the Florida Commissioner of Banking and his Board’s prior approval of the acquisition of 51 views and recommendation were requested. The per cent or more of the voting shares of The Or Commissioner recommended approval of the appli lando Bank and Trust Company, Orlando, Florida. cation. As required by section 3(b) of the Act, the Statutory considerations. Section 3(c) of the Board gave written notice of receipt of the appli Act provides that the Board shall not approve an cation to the Florida Commissioner of Banking, acquisition that would result in a monopoly or and requested his views and recommendation. The would be in furtherance of any combination or Commissioner recommended approval of the conspiracy to monopolize or to attempt to mo application. nopolize the business of banking in any part of Notice of receipt of the application was pub the United States. Nor may the Board approve a lished in the Federal Register on October 16, 1969 proposed acquisition, the effect of which, in any (34 Federal Register 16565), providing an oppor section of the country, may be substantially to tunity for interested persons to submit comments lessen competition, or to tend to create a monop and views with respect to the proposal. A copy of oly, or which in any other manner would be in the application was forwarded to the United States restraint of trade, unless the Board finds that the Department of Justice for its consideration. Time anticompetitive effects of the proposed transaction for filing comments and views has expired and all are clearly outweighed in the public interest by the those received have been considered by the Board. probable effect of the transaction in meeting the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 287 convenience and needs of the communities to be Competition within Orange County would thereby served. In each case, the Board is required to take be increased, and, to the extent that Bank is more into consideration the financial and managerial successful in competing with larger organizations resources and future prospects of the bank holding in the area, deconcentration of banking resources company and the banks concerned, and the con would be facilitated. It does not appear that there venience and needs of the communities to be would be significant adverse effects on smaller served. banks, which already compete with organizations Competitive effect of the proposed transaction. much larger than Applicant. Applicant, the ninth largest bank holding company Based upon the foregoing, the Board concludes and the ninth largest banking organization in the that consummation of the proposed acquisition State of Florida, controls banks with total de would not result in a monopoly or be in further posits of $250.2 million, representing 2.0 per cent ance of any combination, conspiracy, or attempt of total deposits held by all commercial banks in to monopolize the business of banking in any area, the State.1 Applicant’s largest subsidiary is Marine and would not substantially lessen competition, Bank & Trust Company of Tampa, with $109.9 tend to create a monopoly, or restrain trade in million in deposits; its other subsidiaries are rela any section of the country. tively small banks serving communities in their Financial and managerial resources and future immediate vicinity. Upon acquisition, Bank ($35.1 prospects. The financial condition of Applicant million deposits) would be Applicant’s second and its subsidiary banks is considered to be gener largest subsidiary. Applicant’s control of State ally satisfactory, giving effect to current efforts by deposits would increase to 2.3 per cent, but its Applicant to augment the capital of its lead bank. position relative to other banking organizations Applicant and its subsidiaries have capable man in the State would otherwise remain unchanged. agements and prospects of the group appear favor Bank, which serves an area coextensive with able. Orange County, has a single office in Orlando. It is Applicant also proposes to provide additional the sixth largest of the 20 commercial banks lo capital needed by Bank, and to institute loan con cated in the county and controls 5.4 per cent of trols to correct practices which have resulted in the deposits of the county. The largest banking or certain asset weaknesses. Bank’s prospects would ganization in the county is a bank holding com be greatly enhanced by implementation of these pany which has six banking subsidiaries in the proposals. county and controls 42 per cent of county deposits. As they relate to Applicant and its present sub The economy of Orange County (population 347,- sidiaries, these considerations are consistent with 000) is dominated by the City of Orlando, which approval of the present application; as they relate is a distribution and transportation center for to Bank, they weigh heavily in support of such central Florida. action. Applicant has no subsidiaries in Orange County; Convenience and needs of the communities in its closest subsidiary banks are two banks located volved. Consummation of the proposed transaction in Sanford, Seminole County, approximately 22 would have no effect on customers of Applicant’s miles north of Orlando. Neither Bank nor any of present subsidiary banks. the present subsidiaries derives a significant amount The banking needs of the Orange County area of business from an area served by the other. Be are being adequately met by banks now serving cause of the distance separating Bank from Appli the area. However, affiliation with Applicant would cant’s subsidiaries, the presence of numerous alter provide Bank with greater facility in arranging native sources of banking services in the interven loan participations, and the financial improvements ing areas, and the fact that Florida law prohibits and operational controls which Applicant proposes branch banking, consummation of the proposal to institute should provide the Orange County would neither eliminate present competition nor community with a stronger and more viable full foreclose potential competition. service alternative to other banking organizations It appears likely that Bank’s competitive posture serving the area. will be improved as a subsidiary of Applicant. These considerations support approval of the application. 1 Unless otherwise noted, all banking data are as of June Summary and conclusion. On the basis of all 30, 1969, refer to insured commercial banks, and reflect the relevant facts contained in the record, and in holding company formations and acquisitions approved by the Board to date. the light of the factors set forth in section 3(c) of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
288 FEDERAL RESERVE BULLETIN □ MARCH 1970 the Act, it is the Board’s judgment that the pro By order of the Board of Governors. posed transaction would be in the public interest Voting for this action: Chairman Martin and Gov and that the application should be approved. ernors Robertson, Mitchell, Maisel, Brimmer, and Sher rill. Absent and not voting: Governor Daane. Chairman Burns was not a member of the Board on the date of FIRST NATIONAL CORPORATION, the Board’s decision. APPLETON, WISCONSIN (Signed) K enneth A. Kenyon, Deputy Secretary. In the matter of the application of First National Corporation, Appleton, Wisconsin, for approval of [seal] acquisition of 80 per cent or more of the voting shares of Freedom State Bank, Freedom, Wiscon Statement sin. First National Corporation, Appleton, Wiscon sin (“Applicant”), a registered bank holding com Order Approving Acquisition of Bank Shares pany, has applied to the Board of Governors, pur by Bank Holding Company suant to section 3(a)(3) of the Bank Holding There has come before the Board of Governors, Company Act of 1956 (12 U.S.C. 1842(a)(3)), pursuant to section 3(a)(3) of the Bank Holding for prior approval of the acquisition of 80 per Company Act of 1956 (12 U.S.C. 1842(a)(3)) cent or more of the voting shares of Freedom and section 222.3(a) of Federal Reserve Regula State Bank, Freedom, Wisconsin (“Bank”). tion Y (12 CFR 222.3(a)), an application by Views and recommendation of supervisory First National Corporation, Appleton, Wisconsin, authority. As required by section 3(b) of the Act, a registered bank holding company, for the Board’s the Board gave written notice of receipt of the prior approval of the acquisition of 80 per cent or application to the Commissioner of Banking for more of the voting shares of Freedom State Bank, the State of Wisconsin, and requested his views Freedom, Wisconsin. and recommendation. The Commissioner indicated As required by section 3(b) of the Act, the that he had no objection to approval of the appli Board gave written notice of receipt of the applica cation. tion to the Commissioner of Banking for the State Statutory considerations. Section 3(c) of the of Wisconsin and requested his views and recom Act provides that the Board shall not approve an mendation. The Commissioner indicated that he acquisition that would result in a monopoly or had no objection to approval of the application. would be in furtherance of any combination or Notice of receipt of the application was pub conspiracy to monopolize or to attempt to mo lished in the Federal Register on November 13, nopolize the business of banking in any part of 1969 (34 Federal Register 18203), providing an the United States. Nor may the Board approve a opportunity for interested persons to submit com proposed acquisition, the effect of which, in any ments and views with respect to the proposal. A section of the country, may be substantially to copy of the application was forwarded to the lessen competition, or to tend to create a monop United States Department of Justice for its con oly, or which in any other manner would be in sideration. Time for filing comments and views has restraint of trade, unless the Board finds that the expired and all those received have been consid anticompetitive effects of the proposed transaction ered by the Board. are clearly outweighed in the public interest by It is hereby ordered, for the reasons set forth the probable effect of the transaction in meeting in the Board’s Statement of this date, that said the convenience and needs of the communities to application be and hereby is approved, provided be served. In each case, the Board is required to that the acquisition so approved shall not be con take into consideration the financial and mana summated (a) before the thirtieth calendar day gerial resources and future prospects of the bank following the date of this Order, or (b) later than holding company and the banks concerned, and the three months after the date of this Order, unless convenience and needs of the communities to be such period is extended for good cause by the served. Board, or by the Federal Reserve Bank of Chicago Competitive effect of the proposed transaction. pursuant to delegated authority. The 10 largest banking organizations in Wiscon Dated at Washington, D.C., this 20th day of sin, all of which are bank holding companies, con February 1970. trol aggregate deposits of $3.3 billion, an amount Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 289 equal to 39.1 per cent of the deposits held by all is past the usual retirement age. Applicant’s pro banks in the State.1 Applicant controls four banks posal would provide a means of resolving Bank’s with total deposits of $94.8 million. Bank has management problem, thereby enhancing its pros deposits of $2 million which represent less than .1 pects. per cent of the State’s total deposits. Upon acquisi The Board concludes that considerations under tion of Bank, Applicant would be the eighth larg the banking factors, as they concern Applicant, est banking organization in the State, controlling are consistent with approval of the application, 1.1 per cent of State deposits. and, as they pertain to Bank, lend weight in favor Bank’s only office is located in Freedom, in the of such action. southeastern section of Outagamie County, Wis Convenience and needs of the communities in consin. It serves an area with a population of volved. Consummation of the proposal would have 4,500 which includes the town and the surround no significant effect on customers served by Appli ing area within a five-mile radius. There are no cant’s present subsidiaries. banking competitors within Bank’s service area. The village of Freedom has a population of 325 However, three banks located eight miles south and is situated 22 miles southwest of Green Bay, compete with Bank; two of these have deposits and approximately 16 miles northeast of Appleton. of $6 million each, and the third has deposits of The town and surrounding area are agriculturally $12 million. Bank is considerably smaller, based oriented, and dairy farming is the principal in on its total deposits, than any of the competing dustry. A few supporting retail and service estab banks, and ranks third among the four banks in lishments in Freedom also contribute to the econ its rate of deposit and loan growth over the last omy of the community. five years. It appears that affiliation with Applicant It appears that all major banking needs of the would strengthen Bank’s ability to compete with area are being served at the present time. However, the area banks without undue adverse effects on Applicant proposes to improve present banking any of the competing banks. convenience by enabling Bank to offer full trust Applicant’s closest subsidiaries to Bank are The services, estate planning, and computer services. First National Bank of Seymour, located 11 miles Applicant will also serve as a source for wellnorth of Freedom, and the First National Bank trained personnel, and its plans for greater em of Appleton, located 16 miles southwest of Bank. phasis on business development should benefit the There is no significant competition between Bank local area. and any of Applicant’s present subsidiaries, and Considerations relating to the convenience and because of Bank’s size, its geographical location, needs of the communities served by Bank provide and branching restrictions under Wisconsin law, some weight in favor of approval of the applica no substantial degree of future competition appears tion. likely to develop between them. Summary and conclusion. On the basis of all For the foregoing reasons, the Board concludes relevant facts contained in the record, and in the that consummation of the present proposal would light of the factors set forth in section 3(c) of not result in a monopoly or be in furtherance of the Act, it is the Board’s judgment that the pro any combination, conspiracy or attempt to monop posed acquisition would be in the public interest olize the business of banking in any part of the and that the application should be approved. United States, and would not restrain trade, sub stantially lessen competition, or tend to create a SOCIETY CORPORATION, monopoly in any section of the country. CLEVELAND, OHIO Financial and managerial resources and future In the matter of the application of Society Cor prospects. The financial condition, management, poration, Cleveland, Ohio, for approval of acquisi and prospects of Applicant and its subsidiary banks tion of up to 100 per cent of the voting shares are regarded as generally satisfactory. (less directors' qualifying shares) of The Xenia The financial condition of Bank is satisfactory, National Bank, Xenia, Ohio. as is its present management. However, no pro vision has been made by Bank for management Order Approving Acquisition of Bank Stock succession, and its only full-time executive officer by Bank Holding Company 1 Banking data are as of June 30, 1969, unless otherwise There has come before the Board of Governors, noted, and reflect holding company formations and acquisi pursuant to section 3(a)(3) of the Bank Holding tions approved by the Board to date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
290 FEDERAL RESERVE BULLETIN □ MARCH 1970 Company Act of 1956 (12 U.S.C. 1842(a)(3)) shares of The Xenia National Bank, Xenia, Ohio and section 222.3(a) of Federal Reserve Regula (“Bank”). tion Y 12 CFR 22.3(a)), an application by So Views and recommendation of supervisory au ciety Corporation, Cleveland, Ohio, a registered thority. As required by section 3(b) of the Act, bank holding company, for the Board’s prior ap the Board gave written notice of receipt of the proval of the acquisition of up to 100 per cent application to the Comptroller of the Currency, (less directors’ qualifying shares) of the voting and requested his views and recommendation. The shares of The Xenia National Bank, Xenia, Ohio. Comptroller recommended approval of the ap As required by section 3(b) of the Act, the plication. Board gave written notice of receipt of the appli Statutory considerations. Section 3(c) of the Act cation to the Comptroller of the Currency and provides that the Board shall not approve an requested his views and recommendation. The acquisition that would result in a monopoly or Comptroller recommended approval of the appli would be in furtherance of any combination or cation. conspiracy to monopolize or to attempt to mo Notice of receipt of the application was pub nopolize the business of banking in any part of lished in the Federal Register on November 15, the United States. Nor may the Board approve a 1969 (34 Federal Register 18339), providing an proposed acquisition the effect of which, in any opportunity for interested persons to submit com section of the country, may be substantially to ments and views with respect to the proposal. A lessen competition, or tend to create a monopoly, copy of the application was forwarded to the or which in any other manner would be in restraint United States Department of Justice for its con of trade, unless the Board finds that the anticom sideration. Time for filing comments and views petitive effects of the proposed transaction are has expired and all those received have been con clearly outweighed in the public interest by the sidered by the Board. probable effect of the transaction in meeting the It is hereby ordered, for the reasons set forth convenience and needs of the communities to be in the Board’s Statement of this date, that said served. In each case the Board is required to take application be and hereby is approved, provided into consideration the financial and managerial that the acquisition so approved shall not be con resources and future prospects of the bank hold summated (a) before the thirtieth calendar day ing company and the banks concerned, and the following the date of this Order or (b) later than convenience and needs of the communities to be three months after the date of this Order, unless served. such period is extended for good cause by the Competitive effect of the proposed transaction. Board, or by the Federal Reserve Bank of Cleve Applicant is the second largest holding company land pursuant to delegated authority. and the fifth largest banking organization in Ohio. Dated at Washington, D.C., this 20th day of Its five subsidiary banks hold aggregate deposits February 1970. of $831 million,1 which represent 4.2 per cent of By order of the Board of Governors. deposits held by all Ohio banks. The six registered Voting for this action: Vice Chairman Robertson and bank holding companies and the 10 largest banking Governors Mitchell, Daane, Maisel, and Brimmer. organizations in Ohio, hold, respectively, 17.4 per Absent and not voting: Chairman Martin and Gover cent and 44.3 per cent of such deposits. Upon nor Sherrill. Chairman Burns was not a member of the Board on the date of the Board’s decision. consummation of the proposed transaction, Appli (Signed) K enneth A. Kenyon, cant will hold 4.3 per cent of the deposits held Deputy Secretary. by all Ohio banks. It is reasonably concluded, therefore, that Applicant’s acquisition of Bank will [seal] increase the concentration of State banking re sources by only an insignificant amount. Statement Bank, with deposits of approximately $2,0 mil Society Corporation, Cleveland, Ohio (“Appli lion, maintains its head office and one branch in cant”), a registered bank holding company, has Xenia, Greene County, Ohio. Bank, the second applied to the Board of Governors, pursuant to largest of six banks located in the County, holds section 3(a)(3) of the Bank Holding Company 22.5 per cent of all Greene County bank deposits. Act of 1956 (12 U.S.C. 1842(a)(3)), for prior approval of the acquisition of up to 100 per cent 1 All banking data are as of June 30, 1969, refer to insured commercial banks, and include all holding company applica (less directors’ qualifying shares) of the voting tions approved by the Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 291 Applicant’s closest subsidiary to Bank is The processing and investment advice. Applicant states Springfield Bank (deposits $70 million), located that it intends to make these additional services in Springfield, Clark County, Ohio, which is con available to Greene County residents through tiguous to Greene County. Springfield Bank and Bank. Also, the increased lending capacity Ap Bank are separated by a distance of 19 miles, plicant intends to make available to customers in however, and alternative banking services are avail the area, through participation loans between Bank able in the intervening area. Neither bank draws and other subsidiaries of Applicant, should reason a significant amount of business from the area ably result in benefits to Greene County borrowers. served by the other. All other subsidiaries of Considerations relating to the convenience and Applicant are located at least 130 miles from Bank. needs factors, therefore, weigh somewhat in favor The Board concludes, therefore, that there is no of approval of the application. substantial existing competition between Bank and Summary and conclusion. On the basis of all present subsidiaries of Applicant that will be the relevant facts contained in the record, and eliminated by consummation of the proposed trans in the light of the factors set forth in section 3(c) action. In view of the Ohio law restricting the es of the Act, it is the Board’s judgment that the tablishment of de novo branches across county proposed acquisition would be in the public in lines, it appears that consummation of the pro terest, and that the application should be approved. posal will not reduce potential competition to any significant extent. DENVER U. S. BANCORPORATION, INC., This is Applicant’s initial entry into Greene DENVER, COLORADO County. The number of banking alternatives in In the matter of the application of Denver U. S. Greene County will not be reduced as a result Bancorporation, Inc., Denver, Colorado, for ap of the proposed transaction; nor does it appear proval of acquisition of 80 per cent or more of that the proposed acquisition will have any undue the voting shares of Villa National Bank, Lake adverse competitive effect on the remaining wood, Colorado. Greene County banks, four of which are reason ably comparable in size to Bank. Order Approving Application Under Based upon the foregoing, the Board concludes Bank Holding Company Act that consummation of the proposed acquisition There has come before the Board of Governors, would not result in a monopoly nor be in further pursuant to section 3(a)(3) of the Bank Holding ance of any combination, conspiracy or attempt Company Act of 1956 (12 U.S.C. 1842(a)(3)), to monopolize the business of banking in any area, and section 222.3(a) of Federal Reserve Regula and would not substantially lessen competition, tion Y (12 CFR 222.3 (a)), an application by Den tend to create a monopoly, nor restrain trade in ver U. S. Bancorporation, Inc., Denver, Colorado, any section of the country. a registered bank holding company, for the Board’s Financial and managerial resources and future prior approval of the acquisition of 80 per cent or prospects. Applicant’s financial condition, together more of the voting shares of Villa National Bank, with that of its subsidiary banks, is considered to Lakewood, Colorado. be generally satisfactory. Applicant’s management As required by section 3(b) of the Act, the and prospects, together with those of its subsidi Board notified the Comptroller of the Currency aries, are regarded as favorable. Bank is well- of the application and requested his views and managed, its financial condition is satisfactory, recommendation. The Comptroller recommended and its prospects are regarded as favorable. approval of the application. Considerations under the banking factors, there Notice of receipt of the application was pub fore, are regarded as consistent with approval of lished in the Federal Register on November 27, the application. 1969 (34 Federal Register 18995), providing an Convenience and needs of the communities in opportunity for interested persons to submit com volved. Consummation of the proposed transaction ments and views with respect to the proposed would not affect customers located within the areas transaction. A copy of the application was for served by Applicant’s present subsidiaries. warded to the United States Department of There are a number of banking services that are Justice for its consideration. Time for filing com not presently being offered to residents of Greene ments and views has expired and all those re County by banks located therein, including serv ceived have been considered by the Board. ices relating to trusts, international banking, data It is hereby ordered, for the reasons set forth Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
292 FEDERAL RESERVE BULLETIN □ MARCH 1970 in the Board’s Statement of this date, that said the banks concerned, and the convenience and application be and hereby is approved, provided needs of the community to be served. that the application so approved shall not be con Competitive effect of proposed transaction. Ap summated (a) before the thirtieth calendar day plicant is the second largest banking organization following the date of this Order or (b) later than and bank holding company in the City and the three months after the date of this Order, unless County of Denver (coterminous areas), and in such period is extended for good cause by the the relevant market area—the Denver SMS A. Ap Board or by the Federal Reserve Bank of Kansas plicant controls seven subsidiary banks, all of which City pursuant to delegated authority. are located in Colorado. Its largest subsidiary bank, Dated at Washington, D.C., this 26th day of Denver United States National Bank, Denver, February 1970. Colorado, has deposits of $431 million;1 deposits By order of the Board of Governors. of the six other subsidiaries aggregate $117 mil Voting for this action: Acting Chairman Mitchell and lion.2 Acquisition of Villa National, with total Governors Maisel, Brimmer, and Sherrill. Absent and not voting: Chairman Burns and Governors Robertson deposits of $6 million, would increase Applicant’s and Daane. share of total commercial bank deposits in the (Signed) K enneth A. Kenyon, State (presently 14.5 per cent) by .1 per cent, Deputy Secretary. and of such deposits in the Denver SMS A (pres [SEAL] ently 19.2 per cent) by .2 per cent. Villa National is located in Lakewood, south Statement west of Denver, in a large shopping center that Denver U. S. Bancorporation, Inc., Denver, contains nearly 100 business outlets employing Colorado (“Applicant”), a registered bank hold 1,700 people. Villa National’s service area con ing company, has applied to the Board of Gov tains about 44,000 people; the City of Lakewood ernors, pursuant to section 3(a)(3) of the Bank is estimated to have a population of 90,000. Bank Holding Company Act of 1956 (12 U.S.C. is the third smallest of eight banks that are located 1842(a)(3)), for prior approval of the acquisi within five miles of Bank and compete with it. tion of 80 per cent or more of the voting shares The Board has found, contrary to Applicant’s of Villa National Bank, Lakewood, Colorado position, that Bank’s service area lies wholly within (“Villa National” or “Bank”). that of Denver U. S. National Bank, Applicant’s Views and recommendation of supervisory au lead bank, located about five miles east and two thority. As required by section 3(b) of the Act, miles north in downtown Denver. the Board notified the Comptroller of the Cur None of Applicant’s Denver area subsidiaries are rency of receipt of the application and requested located in Villa National’s service area; however, his views and recommendation thereon. The Comp Denver U. S. National Bank, its proximity to Bank troller recommended approval of the application. earlier noted, does derive deposits and loans Statutory considerations. Section 3(c) of the Act amounting to less than 2 per cent of its totals of provides that the Board shall not approve an acqui each from Villa National’s service area. A large sition that would result in a monopoly or would portion of the deposits and loans thus derived, be in furtherance of any combination or conspiracy however, are those of customers whose size and to monopolize or to attempt to monopolize the related requirements are beyond Bank’s service business of banking in any part of the United States. potential. The record reflects, further, that an in Nor may the Board approve a proposed acquisi significant portion of Villa National’s business is tion the effect of which, in any section of the derived from the Denver area, and substantial country, may be substantially to lessen competi portions of its deposits and loans are derived from tion, or to tend to create a monopoly, or which in areas outside its service area and the Denver any other manner would be in restraint of trade, SMSA. No competition is found to exist between unless the Board finds that the anticompetitive Villa National and Applicant’s other three Denver effects of the proposed transaction are clearly out area banks, and the potential for such is not weighed in the public interest by the probable reasonably foreseen. Nor, in view of the nature, effect of the transaction in meeting the convenience and needs of the community to be served. In each 1 All banking data are as of June 30, 1969, unless otherwise case, the Board is required to take into considera noted. tion the financial and managerial resources and 2 Applicant also has an application pending before the Board for approval of the acquisition of Colorado Springs future prospects of the bank holding company and National Bank, Colorado Springs. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 293 size, and derivation of accounts from Villa Na Villa National was originally chartered in April tional’s area held by Denver U. S. National Bank, 1963 under a different name and location. In does it appear to the Board that significant com January 1966, Bank moved to its present location petition between the two banks would develop under the Villa National name. Bank’s operation in the foreseeable future. under present ownership, while benefiting from Regarding the likely effect of the proposed ac additional capital funds provided in 1967 and by quisition on the seven banks earlier noted as com substantial deposits maintained by its controlling peting with Villa National, as noted, only two of ownership, offers only fair operational prospects these banks are smaller than Villa National, and for the future. The present controlling owners of it is the second most geographically removed from Bank have made known their intent to sell that Bank of the seven competitors. Two of the com interest. In May and July 1969, respectively, peting banks are subsidiaries of registered bank Bank’s President and Vice President resigned. The holding companies. Two of the banks are nearly positions remained vacant until filled in August twice Bank’s size, one is slightly more than twice and September, respectively, by two loan officers its size, and a third, located two miles from Bank, drawn from Applicant’s lead bank. These officers is over seven times its size. It does not appear that are regarded as highly competent, experienced any increase in the competitive ability of Villa bank officers, particularly in the fields of commer National as a result of its ownership by Appli cial and instalment loans. Should this application cant would affect in any undue manner the com be denied, Applicant’s officers will be withdrawn petitive effectiveness of these banks. In all respects and a search for executive officers again begun. considered, particularly Bank’s present lack of The latter occurrence, combined with the an competitive force in its market area, the Board nounced intention of Bank’s present owners to views as a desirable consequence the likelihood sell controlling interest, does not constitute favor that Bank will, through its ownership by Appli able future prospects for Bank. Considering, how cant, offer more responsive and meaningful com ever, the satisfactory nature of management found petition. in Applicant and its subsidiary banks, Villa Na Consummation of the proposal would not result tional’s prospects appear far more favorable if in a monopoly or be in furtherance of any com its operations continue under the management now bination, conspiracy, or attempt to monopolize, being provided by Applicant, and under Appli nor would it substantially lessen competition, tend cant’s ownership and control. In general, considera to create a monopoly, or restrain trade in any tions relating to the factors of financial and man section of the country. agerial resources and future prospects weigh sub Financial and managerial resources and future stantially in favor of approval of the application. prospects. Applicant’s financial condition is re Convenience and needs of the community in garded as reasonably satisfactory, although a pre volved. The community whose convenience and existing and continuing need for increased capital needs would be directly affected by Applicant’s pro in certain of its subsidiary banks places a financial posal is that comprising the regional shopping center burden on Applicant not wholly favorable to ap in which Villa Bank is located and the residential proval action on a proposed additional bank ac area surrounding that center. As earlier noted, the quisition that would further increase Applicant’s shopping center has approximately 100 busi debt position. The record does reflect Applicant’s nesses which generated some $35 million in busi recent efforts with respect to debt retirement and ness in 1968, a volume projected to be exceeded capital augmentation of the banks mentioned. As in 1969. While the major banking requirements of surances currently given in connection with the the commercial establishments in the center and Villa National proposal regarding amelioration of the near 44,000 residential population in the area the debt and capital problems are, in relation to are served by the eight banks operating in Villa the circumstances attending this proposal, suffi National’s service area, and to a certain extent ciently satisfactory as not to offer an impediment by other of the banks in Metropolitan Denver, to approval. Villa National is confronted with Villa National’s operation under Applicant’s con sufficiently severe problems with respect to finan trol will afford a highly convenient and desirable cial and managerial resources as to make its banking outlet offering expanded retail credit future prospects only fair absent the stability, services, including credit card facilities. Equally guidance, and potential for public confidence of important, in the Board’s judgment, to the con fered by an organization such as Applicant. venience and expanded service factors mentioned Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
294 FEDERAL RESERVE BULLETIN □ MARCH 1970 is the potential afforded by this proposal for a requested his views and recommendation. The Su stability in Bank’s operation that will in turn perintendent indicated that he favored approval engender a confidence in the Bank on the part of the application. of its commercial and residential customers. Identi Notice of receipt of the application was pub fication with Applicant’s banking system will pro lished in the Federal Register on October 17, 1969 vide a local ownership identification and service (34 Federal Register 16641), which provided an reputation that should enhance Villa National’s opportunity for interested persons to submit com operating prospects and competitive force. This ments and views with respect to the proposed prospect, together with those aforementioned, pro acquisition. A copy of the application was for vide support to approval of the application. warded to the United States Department of Justice Summary and conclusion. On the basis of all for its consideration. Time for filing comments and relevant facts contained in the record, and in the views has expired and all those received have been light of the factors set forth in section 3(c) of the considered by the Board. Act, it is the Board’s judgment that the proposed It is hereby ordered, for the reasons set forth transaction would be in the public interest and in the Board’s Statement of this date, that said that the application should be approved. application be and hereby is approved, provided that the acquisition so approved shall not be con CHARTER NEW YORK CORPORATION, summated (a) before the thirtieth calendar day NEW YORK, NEW YORK following the date of this Order or (b) later than three months after the date of this Order, unless In the matter of the application of Charter New such period is extended for good cause by the York Corporation New York, New York, for Board, or by the Federal Reserve Bank of New approval of acquisition of all of the voting shares York pursuant to delegated authority, and pro of Central Trust Company Rochester, N. Y., vided further that sale of the aforementioned Rochester, New York. assets takes place simultaneously with Applicant’s acquisition of the voting shares of Bank. Order Approving Acquisition of Bank Stock Dated at Washington, D.C., this 3rd day of by Bank H olding Company March 1970. There has come before the Board of Gover By order of the Board of Governors. nors, pursuant to section 3(a)(3) of the Bank Voting for this action: Chairman Burns and Gover Holding Company Act of 1956 (12 U.S.C. nors Mitchell, Daane, Maisel, and Sherrill. Voting 1842(a)(3)) and section 222.3(a) of Federal against this action: Governors Robertson and Brimmer. Reserve Regulation Y (12 CFR 222.3(a)), an (Signed) K enneth A. Kenyon, application by Charter New York Corporation, Deputy Secretary. New York, New York (“Applicant”), for the [seal] Board’s prior approval of the acquisition of all of the voting shares of Central Trust Company Rochester, N. Y., Rochester, New York (“Bank”). BANKERS TRUST NEW YORK On October 28, 1968, the Board denied an CORPORATION, earlier application by Applicant to acquire shares NEW YORK, NEW YORK of Bank, for competitive reasons fully discussed In the matter of the application of Bankers in a Statement which accompanied the Board’s Trust New York Corporation, New York, New Order on that matter (1968 Federal Reserve B ul York, for approval of acquisition of all of the letin 925). Subsequently, Applicant filed the pres voting shares of Bankers Trust Company of Roch ent application, by which it proposes, as a condi ester, Rochester, New York, a proposed new bank. tion to approval of the transaction, that Bank will divest to a subsidiary to be established by Bankers Order Approving Acquisition of Bank Stock Trust New York Corporation, New York, New by Bank H olding Company York, which also is a registered bank holding company, four identified offices, together with the There has come before the Board of Governors, banking business relating to those offices. pursuant to section 3(a)(3) of the Bank Holding As required by section 3(b) of the Act, the Company Act of 1956 (12 U.S.C. 1842(a)(3)), Board notified the New York Superintendent of and section 222.3(a) of Federal Reserve Regula Banks of receipt of the subject application and tion Y (12 CFR 222.3(a)), an application by Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 295 Bankers Trust New York Corporation, New York, Company Act of 1956 (12 U.S.C. 1842(a)(3)), New York, a registered bank holding company, for prior approval of the acquisition of all of the for the Board’s prior approval of the acquisition voting shares of Central Trust Company Rochester, of all of the voting shares of Bankers Trust Com N. Y., Rochester, New York (“Central Trust”). pany of Rochester, Rochester, New York, a pro Bankers Trust New York Corporation, New posed new bank. York, New York (“Bankers Trust”), a registered As required by section 3(b) of the Act, the bank holding company, has applied to the Board, Board notified the Superintendent of Banks of the pursuant to the same section, for prior approval State of New York of the application and re of the acquisition of all of the voting shares of quested his views and recommendation. The New Bankers Trust Company of Rochester, Rochester, York State Banking Board advised the Board of New York, a proposed new bank (“the new its action, consistent with a recommendation made bank”). to it by the Superintendent, approving an applica In a related application filed pursuant to the tion filed pursuant to the New York Banking Law Bank Merger Act (12 U.S.C. 1828(c)), it is pro with respect to the same transaction. posed that the new bank to be acquired by Bankers Notice of receipt of the application was pub Trust would acquire four of the present offices of lished in the Federal Register on December 9, Central Trust, together with the banking business 1969 (34 Federal Register 19479), providing an pertaining to such offices. opportunity for interested persons to submit com In view of the relationship between the appli ments and views with respect to the proposed cation of Charter and that of Bankers Trust, this transaction. A copy of the application was for Statement contains the Board’s findings and con warded to the United States Department of Justice clusions with respect to both. for its consideration. Time for filing comments Statutory considerations. Section 3(c) of the Act and views has expired and all those received have provides that the Board shall not approve an ac been considered by the Board. quisition that would result in a monopoly or would It is hereby ordered, for the reasons set forth be in furtherance of any combination or conspiracy in the Board’s Statement of this date, that said to monopolize or to attempt to monopolize the application be and hereby is approved, provided business of banking in any part of the United that the acquisition so approved shall not be con States. Nor may the Board approve a proposed summated (a) before the thirtieth calendar day acquisition, the effect of which, in any section of following the date of this Order, or (b) later than the country, may be substantially to lessen com three months after the date of this Order, and petition, or to tend to create a monopoly, or which provided further that (c) Bankers Trust Company in any other manner would be in restraint of trade, of Rochester shall be open for business not later unless the Board finds that the anticompetitive than six months after the date of this Order. The effects of the proposed transaction are clearly out periods described in (b) and (c) hereof may be weighed in the public interest by the probable extended for good cause by the Board or by the effect of the transaction in meeting the convenience Federal Reserve Bank of New York pursuant to and needs of the communities to be served. In delegated authority. each case the Board is required to take into con Dated at Washington, D.C., this 3rd day of sideration the financial and managerial resources March 1970. and future prospects of the bank holding company By order of the Board of Governors. and the banks concerned, and the convenience and Voting for this action: Chairman Burns and Gover needs of the communities to be served. nors Mitchell, Daane, Maisel, and Sherrill. Voting Background. On October 28, 1968, the Board, against this action: Governors Robertson and Brimmer. by a 4-3 vote, denied an earlier proposal by Char (Signed) K enneth A. Kenyon, ter to acquire voting shares of Central Trust, citing, Deputy Secretary. among other considerations, the extent of banking [seal] concentration in the Rochester area and the fact that the financial and management resources of Statement Charter were such as to lead to the conclusion that Charter New York Corporation, New York, it was among the ablest of a small number of or New York (“Charter”), a registered bank holding ganizations capable of entering into competition in company, has applied to the Board of Governors, the Rochester area in a manner which would pro pursuant to section 3(a)(3) of the Bank Holding mote deconcentration. The Board concluded that Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
296 FEDERAL RESERVE BULLETIN □ MARCH 1970 Charter’s acquisition of Central Trust would elimi Superintendent, a copy of which was provided to nate that potential, and would raise additional this Board. barriers to entry by others, and that the anti Competitive effect of proposed transactions. competitive consequences of that proposal were Charter is the third largest bank holding company not outweighed by any other considerations pres and the eighth largest banking organization in the ent in the record then before the Board.1 State of New York, while Bankers Trust is the It is proposed, under the present applications, largest bank holding company and the fifth largest to ameliorate the existing competitive situation in banking organization in the State.2 Charter’s sub the Rochester area which contributed to the sidiary banks control 5.6 per cent of the commer Board’s earlier adverse decision. This would be cial bank deposits in the State, a share which accomplished through the sale, simultaneous with would be increased to 5.8 per cent by consumma Charter’s acquisition of Central Trust, of four tion of the transactions contemplated by the sub offices of Central Trust and the banking business ject applications; Bankers Trust’s 7.5 per cent share pertaining thereto to a purchaser who would es of State deposits would not change materially. The tablish a new bank in Rochester. In order to pro State’s 10 largest banking organizations, among vide assurance that this could be accomplished, which are four bank holding companies, would Charter entered into an agreement for the sale of hold 82.1 per cent of State deposits, an increase such offices and business to Bankers Trust. The from 81.8 per cent at present. four offices involved are the Clinton office, Clinton Charter’s seven banking subsidiaries hold total Avenue, Rochester; the Ridge—Seneca office, deposits of $4.5 billion, and are located in the Ridge Road East, Rochester; the Greece—Ridge Second, Third, Fourth, Sixth, Seventh, and Ninth office, Ridge Road West, Rochester; and the Wil Banking Districts of the State of New York. Bank liamson office, Main Street West, Williamson, New ers Trust has six subsidiary banks, with total de York. The Clinton office would become the head posits of $6 billion; its subsidiaries are located in office of the new bank which Bankers Trust pro New York’s First, Second, Third, Fourth, and poses to acquire under its application, and the Ninth Banking Districts. three other offices would be operated as branches. Central Trust, with $196 million in deposits, is The four offices have a total of $38 million in the fourth largest of five banks in the city of deposits. Under the agreement, the new bank Rochester and of 31 banks in the Eighth Banking would assume these deposit liabilities, and would District. Its 16 offices account for about 13 per have assigned to it all loans and other assets of cent of the deposits held by 17 banks in the greater these offices. Provision has also been made for Rochester area, which consists of Monroe, Living the orderly transfer of certain personnel from ston, and Wayne Counties. Consummation of both Central Trust to the new bank. of the subject proposals would result in Charter’s Views and recommendations of supervisory au acquisition of 12 Rochester area offices with $158 thority. As required by section 3(b) of the Act, million in deposits (11 per cent of the area total); the Board notified the Superintendent of Banks of the $38 million in deposits held by the four offices the State of New York of receipt of the applica to be acquired by Bankers Trust New York equals tions, and requested his views and recommenda 2 per cent of the area total. tions. The Superintendent noted that the New The Board’s Statement with respect to Charter’s York State Banking Board, on his recommenda earlier proposal involving Central Trust reflected tion, had approved Charter’s proposed acquisition its conclusion that the effect of such acquisition of Central Trust in 1968, and he indicated that on existing competition did not constitute a signif he continued to favor approval of that acquisition. icant obstacle to approval of that application, based The Board was subsequently advised that, on on the lack of any significant competition between January 6, 1970, the New York State Banking Central Trust and subsidiaries of Charter. The facts Board approved an application, filed with it pur upon which that conclusion was based have not suant to Article III—A of the New York Banking changed, and the conclusion therefore is equally Law, relating to Bankers Trust’s proposal to ac applicable at this time. Similarly, Bankers Trust quire the new bank in Rochester; that action was would, under its proposal, enter into significant also consistent with a recommendation of the 2 Banking data are as of June 30, 1969, and include bank 1 The Board’s Order and Statement in that matter are pub holding company formations and acquisitions approved by lished at 1968 Federal Reserve Bulletin 925. the Board to date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 297 competition in the Rochester area and the Eighth mediately be affected; the share of area deposits Banking District for the first time. held by the four largest, however, would be de The central issue raised by the present proposals creased from 95 per cent to 93 per cent. More is the extent to which the creation of a new bank, important than this, however, the new bank, which with immediate strength provided by the divested would become the area’s fifth largest, would likely assets and its status as a subsidiary of Bankers possess a competitive capability much greater than Trust, one of the State’s major banking organiza that reflected by its $38 million of deposits and tions, would have beneficial competitive effects suf 2 per cent market share, because of its ability to ficient to moderate or eliminate those anticompeti draw upon the resources and expertise of one of tive effects which the Board earlier foresaw as the largest banking organizations in the State. For likely to result from Charter’s acquisition of Cen similar reasons, the competitive ability of Central tral Trust. It is important, in that connection to Trust would be enhanced by its affiliation with recognize that the Charter and Bankers Trust pro Charter. The result would likely be an eventual posals are not only related, but interdependent. decrease in banking concentration in the area, and Bankers Trust’s application to acquire the new an immediate significant increase in the number of bank is a direct outgrowth of its agreement with alternative sources of full banking services. Five Charter, which would enable the proposed new holding companies would be represented by sub bank to achieve an immediate market position; sidiaries in the area. Three of these are Statewide unless Charter’s application is approved, Bankers organizations, and two, the parent companies of Trust does not contemplate acting on any author the area’s largest and third largest banks, are ity which it may be given to acquire a new bank regional organizations with operations centered in in Rochester. On the other hand, in the absence the upstate area. These changes in the present com of approval of the Bankers Trust proposal, and in petitive situation are regarded as weighing in favor the absence of a similar proposal from another of approval of the two applications. qualified purchaser of the assets to be divested, the In the Statement with respect to Charter’s earlier considerations applicable to Charter’s proposed ac application, the Board cited other considerations quisition of Central Trust would be essentially the adverse to the proposal which are not entirely same as those which caused the Board’s denial of eliminated by the actions now contemplated. The the proposal earlier. The issue, therefore, is wheth Department of Justice, in a letter to the Board er the public interest in a competitive banking presenting its views on the subject proposals, system would be better served by the changes stressed these effects, and concluded that, since which would result from consummation of the two they would not be eliminated under the present proposals than it would be by retaining the com applications, the proposed acquisitions “would have petitive status quo in the Rochester area. an adverse effect on potential competition in Roch At present, five banks are headquartered in Roch ester, the Eighth District, and in other areas of ester, the four largest of which are Lincoln Roch upstate New York.” The considerations cited by ester Trust Company ($726 million deposits), a the Department are: subsidiary of Lincoln First Banks Inc.; Marine Midland Trust Company ($434 million deposits), that the proposed acquisition would tend to concen trate leading market positions in adjacent areas among a subsidiary of Marine Midland Banks, Inc.; Se a few giant banking institutions, raise barriers to entry curity Trust Company ($315 million deposits), a in the Rochester area, eliminate Charter as a potential entrant into the area in a manner more consistent with subsidiary of Security New York State Corpora the fostering of competition among as many able com tion; and Central Trust. The fifth bank in the city petitors as possible, and eliminate one of the very few is First National Bank of Rochester, an indepen remaining independent banks in upstate New York capable of becoming a principal member of a new in dent bank chartered in 1963, which has total de stitution capable of providing competition on a regional posits of $13 million. The three largest Rochester basis to Charter and the other large holding companies banks hold about 82 per cent of the deposits of which dominate the major banking markets in upstate New York. the greater Rochester area, and the four largest account for about 95 per cent. The concern which the Board has expressed in The subject proposals would result in six banks several cases with respect to the expansion of a being located in Rochester, and would create a State’s largest banking organizations through ac new competitor which would be the fifth largest quisition of banks which rank among the largest in the entire Eighth Banking District. The market in concentrated markets stems from the Board’s share of the three largest banks would not im judgment that such organizations have the poten Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
298 FEDERAL RESERVE BULLETIN □ MARCH 1970 tial for entry into competition through means which regional holding company, the effects on competi can achieve meaningful deconcentration, and that tion in the Rochester area would likely be less such potential will be unrealized if they are author beneficial than those which would result from the ized to pursue easier, but less publicly beneficial, instant proposals, since such a regional affiliation avenues of expansion. would not increase the number of competitors in In the present case, however, Charter’s acquisi Rochester, and might increase the barriers to entry tion, coupled with the proposed divestiture, would by other organizations into that area. Yet such result in immediate beneficial effects on area com a proposal would not be barred for that reason petition and a greatly enhanced potential for fur alone. ther deconcentration in the future. While Charter Neither is it essential, in the present case, to would be eliminated as a potential de novo com preserve the possibility of Central Trust’s affilia petitor, Bankers Trust’s potential would be realized. tion with a regional organization in order to pre Although Charter and Bankers Trust might each vent the domination of the Rochester area by be regarded as potential competitors in the Roch Statewide organizations. While that might be a ester area, the entry of either through a de novo significant consideration in another context, it does acquisition would reduce the likelihood that the not, in itself, constitute a bar to attainment of the other would enter in a similar manner. Since the procompetitive effects of the present applications, potential of the two Applicants, is, therefore, more in view of the fact that the largest and third largest properly regarded as alternative rather than joint, banks in the Rochester area are subsidiaries of it would be an oversimplification to regard the such regional organizations. fact that the proposals would add only one actual It appears that the limited anticompetitive effects competitor to the market, while eliminating two which might arise from Applicant’s proposals potential competitors, as a consideration adverse would primarily affect the broader upstate area, to their approval. Also, the fact that entry barriers while the effects in the Rochester area would be would to some extent be increased is not in itself significantly procompetitive. The Board has previ a significant impediment to approval of a proposal ously had occasion to express itself with respect with significant procompetitive effects. To some to the weight which should be attributed to anti extent, new entry by any method, particularly by competitive effects of a proposal which, while not large organizations, decreases the attractiveness of insignificant, are not so serious as to violate the an area to other potential competitors; that effect antitrust laws, and which are offset in the particular must be weighed together with other effects of the case by procompetitive effects which would result proposal to arrive at a conclusion regarding the in another area. Its reasoning in that case is equally overall effects on competition. applicable to the present proposals: It is true that the acquisition of Central Trust when, as here, the anticompetitive effects of a pro by Charter would eliminate that bank as a possible posal are not so substantial in any area as to violate the participant in a new holding company which could antitrust standard of the Act, it is clearly appropriate, in determining whether the public interest would be served compete with the applicants and other large or by consummation of the transaction, to view the com ganizations, not only in Rochester, but in other petitive considerations as consistent with that interest based on the overall effect of the proposal, rather than upstate areas. In view of the limited number of to condemn the entire proposal because of limited anti remaining independent banks in the upstate area competitive effects in a given area.3 of a size comparable to that of Central Trust, that It is the Board’s view that the overall effects of effect is a matter of some concern, in that it elimi the subject proposals on competition would not be nates a potential for increased competition in up adverse. state areas in which such an organization might Based upon the foregoing, the Board concludes effect entry. But, in the Board’s judgment, the that consummation of the acquisitions proposed instant proposals should not be condemned on that would not result in a monopoly or be in furtherance basis alone. Any proposal involving one of the few of any combination, conspiracy, or attempt to mo large banks remaining in upstate New York is nopolize the business of banking in any area, and likely to present potential effects in some areas would not substantially lessen competition, tend to which, by comparison with the effects likely to create a monopoly, or restrain trade in any section result from possible alternatives, are at least po of the country. tentially adverse to competition. For example, if 5 Application of The B. N. Y. Company Inc., 1969 Federal Central Trust were to become a participant in a Reserve Bulletin 363, 367. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 299 Financial and managerial resources and future with which participations may be arranged with prospects. The financial condition, management, its other subsidiaries, to increase the ability of and prospects of Charter, Bankers Trust, and pres Central Trust to serve the larger credit needs of ent subsidiaries of each, are regarded as satisfac developing businesses in the area, without restrict tory. ing its continuing service to small and medium The financial condition of Central Trust is rea sized area businesses. International banking services sonably satisfactory, its management is satisfactory would be made available through the bank, and and its prospects appear favorable. However, the trust, consumer lending, and other domestic serv bank has, over the past several years, faced re ices would be expanded. Further, in order to pro curring requirements for additional capital. While vide assurance that its proposal will result in a it has succeeded in meeting those needs without net increase in the number of banking offices serv assistance in the past, and probably could do so ing the greater Rochester area, Charter has indi in the future, the proposed affiliation with Charter cated its intention, in the event its proposal is would greatly facilitate its raising of such additional approved, to cause Central Trust to establish four capital as will likely be needed in the future. Cen new offices in the area, at the rate of not less than tral Trust has also experienced some difficulty in one per year. attracting junior officers; consummation of the The new bank will provide all of the services proposal would be of assistance to it in that regard, now offered by the four offices of Central Trust, with beneficial effects on its operations and pros and, in addition, will have the potential for offer pects. ing expanded services in competition not only with The new bank will be adequately capitalized, the three largest banks in Rochester, but also with and will be staffed with personnel drawn from Central Trust. Its establishment as an affiliate of Central Trust, or furnished by Bankers Trust from Bankers Trust would create a new and competi other subsidiaries as required. The unusual nature tive source of quality banking services in the Ro of the proposal presents some uncertainties which chester area. are not presented with respect to established insti These considerations weigh in favor of approval tutions of the size with which the bank will com of the subject applications. mence operations. However, it seems apparent that Summary and conclusion. On the basis of all the the new bank will begin at a considerably advanced relevant facts contained in the record, and in the position relative to the usual de novo bank, and light of the factors set forth in section 3(c) of the Bankers Trust has the resources to cope with any Act, it is the Board’s judgment that the proposed unforeseen problems which might develop. From transactions would be in the public interest, and its advanced starting point, the bank should become that the applications should be approved. a significant competitor in the Rochester market within a relatively short period of time, and its Dissenting Statement of Governors prospects are, therefore, regarded as favorable. Robertson and Brimmer These considerations provide some weight in favor of approval of the applications. In October 1968, we joined in Board action Convenience and needs of the communities in denying an application by Charter New York Cor volved. Consummation of the proposals would not poration for approval of its proposed acquisition significantly affect the convenience or needs of cus of Central Trust Company. The Board’s Statement tomers served by present subsidiaries of Charter in support of its denial expressed concern over, and Bankers Trust. and opposition to, any proposal that would tend It does not appear that there are any major toward the “creation of a banking structure con banking needs of the Rochester area which are sisting of a few giant banking organizations com not being served by banks located there. However, peting only among themselves in a State’s signif expansion and improvements contemplated in the icant banking markets”. The Board’s Statement services offered by Central Trust, and the creation cited earlier Board action in May 1967 (affirmed of a new full service bank in the area as a result on reconsideration in January 1968), based on of Bankers Trust’s proposal, will result in a sig similar reasoning, that denied an application by nificant increase in the number of alternative BT New York Corporation to acquire voting sources providing area residents with virtually every shares of Liberty National Bank and Trust Com important banking service. pany, Buffalo. The October 1968 denial involved Charter proposes, through the greater facility the same applicant (Charter Corporation) and the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
300 FEDERAL RESERVE BULLETIN □ MARCH 1970 same proposed subsidiary bank (Central Trust meaningless because this proposal would continue Company) as here involved; the second applicant the trend toward domination of up-state markets here (BT New York Corporation) was involved by a small number of State-wide banking organi in the May 1967 denial; both earlier cases pre zations. sented proposals by dominant banking organiza As earlier noted, consummation of this proposal tions to acquire large banks in already highly con will eliminate one of the few remaining indepen centrated major banking markets. These identical dent banks in upstate New York possessing the circumstances are presented by the instant appli capacity to become a lead bank of a new holding cations. In our judgment, nothing in the proposal company system capable of competing on a re now before the Board warrants action differing gional basis with the large holding companies now in any way from the previous denial actions of dominating this market. Existing entry barriers the Board. into Rochester and the State’s Eighth Banking The present applications contain precisely the District will be significantly raised by consumma same adverse competitive considerations that re tion of these acquisitions. In contrast, the potential quired denial of each of the earlier noted pro for entry into the Rochester area of certainly one, posals. And, as in the earlier cases, the present and possibly two, significant competitors in a applications are conspicuously lacking in any bene manner far more consistent with future viable fits that, as required by law for approval, could competition would be greatly enhanced if the ap “clearly outweigh” the adverse competitive con plications are denied. siderations. One feature distinguishes the present Turning to a consideration of the convenience proposal from the earlier two proposals denied by and needs of the communities involved, there is the Board and makes the current proposal even no evidence, and neither applicant seriously con weaker; now two large scale banking organizations, tends, that present banking facilities in the Ro rather than one, will be eliminated as potential de chester area are failing to respond adequately to novo entrants into an already highly concentrated all demands for major banking services. Charter banking market. lists some 100 services which would be initiated The apparency of pro-competitive features of or expanded at Central Trust following consum the Charter Corporation-BT New York proposal, mation of the proposed acquisitions. Nearly onein our judgment, is effectively destroyed upon anal half of the new services proposed pertain to in ysis of the record presented and a reasonable pro ternational banking functions. Nearly 80 per cent jection of the likely consequences of the acquisi of the services marked for improvement are pres tions in question. It is asserted in support of these ently available at other Rochester banks. A fea applications that, through Charter’s acquisition of ture of the proposal that has been stressed by Ap Central Trust and the simultaneous divestiture of plicant, but which appears to us to offer little in four of that bank’s offices and their acquisition by the public interest, is Charter Company’s intention BT New York’s subsidiary banks, a new and sig to assist Central Trust in better serving loan de nificant competitive force will be introduced into mands in the Rochester area by providing some the Rochester market. A related assertion is that $20-$25 million realized through retrenchment of BT New York’s acquisition constitutes a step to real estate and construction loans by its lead bank, ward deconcentration of the Rochester market of Irving Trust Company, New York City. With a nature sought by the Board’s earlier Charter respect to the latter proposal, as the Board noted and BT New York denials. in its 1968 Statement regarding the identical pro The validity of these assertions, in our judgment, posal, a contraction of credit in one sector of the is negated by the following facts. There are pres economy—especially the hard-pressed mortgage ently five major holding companies in New York sector—in order to meet no more deserving busi State. At least two, and as many as four, are repre ness credit demands in the Rochester area, pro sented in each of the four largest upstate markets: vides no support for approval. three in Albany; four in Syracuse; two in Buffalo; We believe the record on the two applications and two in Rochester. Consummation of the pres before the Board evidences adverse potential com ent proposals would increase to four the number petitive consequences—a conclusion in which the of large size holding companies operating in and United States Department of Justice concurs. In from Rochester. We conclude that the asserted these circumstances the Bank Holding Company competitive advantage of adding a fifth major Act mandates denial by the Board of such pro competitor to the Rochester market becomes posals unless it finds that such anti-competitive Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 301 consequences are “clearly outweighed” in the pub three months after the date of this Order, unless lic interest by the probable effects of the trans such period is extended for good cause by the actions in meeting the convenience and needs of Board, or by the Federal Reserve Bank of New the communities to be served. No such probable York pursuant to delegated authority. —and beneficial—effects have been evidenced with Dated at Washington, D.C., this 5th day of respect to these proposals. March 1970. Accordingly, we would deny both applications. By order of the Board of Governors. Voting for this action: Chairman Martin and Gov SECURITY NEW YORK STATE ernors Robertson, Mitchell, Daane, Maisel, and Brim mer. Absent and not voting: Governor Sherrill. Chair CORPORATION, man Burns was not a member of the Board on the date ROCHESTER, NEW YORK of the Board’s decision. In the matter of the application of Security New (Signed) K enneth A. Kenyon, Deputy Secretary. York State Corporation, Rochester, New York, for approval of acquisition of all of the voting [seal] shares of The Bank of Le Roy, Le Roy, New York. In the matter of the application of Security New Order Approving Application Under York State Corporation, Rochester, New York, for Bank Holding Company Act approval of the acquisition of all of the voting shares of The Citizens Bank, Attica, New York. There has come before the Board of Governors, pursuant to section 3(a)(3) of the Bank Holding Order Approving Application Under Company Act of 1956 (12 U.S.C. 1842(a)(3)) Bank Holding Company Act and section 222.3(a) of Federal Reserve Regula tion Y (12 CFR 222.3(a)), an application by There has come before the Board of Gover Security New York State Corporation, Rochester, nors, pursuant to section 3(a)(3) of the Bank New York, a registered bank holding company, Holding Company Act of 1956 (12 U.S.C. for the Board’s prior approval of the acquisition 1842(a)(3)), and section 222.3(a) of Federal of all of the voting shares of The Bank of Le Roy, Reserve Regulation Y (12 CFR 222.3(a)), an Le Roy, New York. application by Security New York State Corpora As required by section 3(b) of the Act, the tion, Rochester, New York, a registered bank hold Board notified the Superintendent of Banks of ing company, for the Board’s prior approval of the State of New York of the application and re the acquisition of all of the voting shares of The quested his views and recommendation. The New Citizens Bank, Attica, New York. York State Banking Board advised the Board of As required by section 3(b) of the Act, the its action, consistent with a recommendation made Board notified the Superintendent of Banks of the to it by the Superintendent, approving an applica State of New York of the application and requested tion filed pursuant to the New York Banking Law his views and recommendation. The New York with respect to the same transaction. State Banking Board advised the Board of its Notice of receipt of the application was pub action, consistent with a recommendation made to lished in the Federal Register on October 16, 1969 it by the Superintendent, approving an application (34 Federal Register 16566), which provided an filed pursuant to the New York Banking Law with opportunity for interested persons to submit com respect to the same transaction. ments and views with respect to the proposed Notice of receipt of the application was pub transaction. A copy of the application was for lished in the Federal Register on October 16, 1969 warded to the United States Department of Justice (34 Federal Register 16566), providing an oppor for its consideration. The time for filing comments tunity for interested persons to submit comments and views has expired and all those received have and views with respect to the proposed acquisi been considered by the Board. tion. A copy of the application was forwarded to It is hereby ordered, for the reasons set forth the United States Department of Justice for its in the Board’s Statement of this date, that said consideration. Time for filing comments and views application be and hereby is approved, provided has expired and all those received have been con that the acquisition so approved shall not be con sidered by the Board. summated (a) before the thirtieth calendar day It is hereby ordered, for the reasons set forth following the date of this Order or (b) later than in the Board’s Statement of this date, that said Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
302 FEDERAL RESERVE BULLETIN □ MARCH 1970 application be and hereby is approved, provided spiracy to monopolize or to attempt to monopolize that the acquisition so approved shall not be con the business of banking in any part of the United summated (a) before the thirtieth calendar day States. Nor may the Board approve a proposed following the date of this Order, or (b) later than acquisition the effect of which, in any section of three months after the date of this Order, unless the country, may be substantially to lessen com such period is extended for good cause by the petition, or to tend to create a monopoly, or which Board, or by the Federal Reserve Bank of New in any other manner would be in restraint of trade, York pursuant to delegated authority. unless the Board finds that the anticompetitive Dated at Washington, D.C., this 5th day of effects of the proposed transaction are clearly out March 1970. weighed in the public interest by the probable By order of the Board of Governors. effect of the transaction in meeting the convenience Voting for this action: Chairman Martin and Gover and needs of the communities to be served. In each nors Robertson, Mitchell, Daane, Maisel, and Brimmer. case the Board is required to take into considera Absent and not voting: Governor Sherrill. Chairman tion the financial and managerial resources and Burns was not a member of the Board on the date of the Board’s decision. future prospects of the bank holding company and (Signed) K enneth A. Kenyon, the banks concerned, and the convenience and Deputy Secretary. needs of the communities to be served. Competitive effect of the proposed transactions. [seal] Applicant controls about $329 million in deposits, Statement .4 per cent of the State’s total deposits, and is the nineteenth largest banking organization and the Security New York State Corporation, Roches sixth largest bank holding company operating in ter, New York (“Applicant”), a registered bank New York State.1 The 10 largest banking organi holding company, has applied to the Board, pur zations, which include four bank holding com suant to section 3(a)(3) of the Bank Holding panies, control about $65.5 billion in total deposits, Company Act of 1956, for prior approval of the representing 81.7 per cent of the total deposits held acquisition of all of the voting shares of both The by all commercial banks in the State. Applicant’s Bank of Le Roy, Le Roy, New York (“Le Roy acquisition of Le Roy Bank ($11.6 million de Bank”), and The Citizens Bank, Attica, New York posits) and Attica Bank ($8.3 million deposits) (“Attica Bank”). Each of the applications has would have a minimal effect on State-wide con been separately considered and is the subject of centration. a separate Board Order. However, since certain Applicant’s largest subsidiary bank is Security facts and circumstances are common to both ap Trust Company of Rochester, Rochester, New plications, this Statement contains the Board’s find York, which has deposits of $315 million. Its only ings and conclusions with respect to both. other subsidiary bank is the State Bank of Seneca Views and recommendations of supervisory au Falls, with $14.6 million in deposits. Applicant is thority. As required by section 3(b) of the Act, the eighth largest banking organization in upstate the Board notified the Superintendent of Banks of New York, and controls 3 per cent of deposits the State of New York of receipt of both appli in that area, which is comprised of New York cations and requested his views and recommenda Banking Districts Three through Nine, excluding tions thereon. In view of his coordinate responsi Westchester County. Security Trust Company and bilities under New York law, the Superintendent State Bank of Seneca Falls are located in the did not comment directly to the Board. The New Eighth and Sixth Banking Districts, respectively. York State Banking Board, however, advised this The proposed subsidiary banks, each of which Board of its actions, consistent with the recom has only one office, are located in the Ninth Bank mendations of the Superintendent (a copy of which ing District, and are among 33 commercial banks was also provided to the Board), approving ap in that District. Le Roy Bank, located in Genesee plications with respect to the same transactions, County, is the fourteenth largest in the District. pursuant to Article III-A of the New York Bank Attica Bank is located to the south in adjacent ing Law. Wyoming County, and is smaller than all but 11 Statutory considerations. Section 3(c) of the Act banks in the District. There is no significant com provides that the Board shall not approve an ac quisition that would result in a monopoly or would 1 All banking data are as of June 30, 1969, unless other wise noted, and reflect all holding company acquisitions ap be in furtherance of any combination or con proved by the Board to date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 303 petition between the two banks, which are sepa Financial and managerial resources and future rated by 20 road miles. Five offices of three banks prospects. The financial condition of Applicant and are located in the intervening area. its subsidiary banks is regarded as reasonably satis The nearest office of a present subsidiary to the factory, giving effect to Applicant’s stated intention Attica Bank is the Mt. Morris branch of Security of implementing a program to improve the capital Trust Company, some 25 miles from Attica. position of its largest subsidiary. Managements of Neither Attica Bank nor either of the present Applicant and its subsidiary banks are competent, subsidiaries derives more than a minimal amount and their prospects favorable. The financial con of business from the area served by the other. dition and management of Le Roy Bank are satis The office of a subsidiary of Applicant closest factory, and its prospects also appear favorable. to Le Roy Bank is the Churchville office of Secu In the event it acquires Attica Bank, Applicant rity Trust Company, 11 miles northeast of Le Roy. proposes to increase the bank’s capital. This, in Security Trust Company obtains only a negligible addition to stronger credit administration and over amount of its business from the area served by all strengthening of management which should re the Le Roy Bank; in total, such business is equal sult from affiliation with Applicant, would effect to about 3 per cent of deposits and 5 per cent of significant improvement in prospects of that bank. loans held by Le Roy Bank. Most of such busi Considerations relating to the banking factors ness is held in Security Trust Company’s offices are consistent with approval of Applicant’s pro in and near Rochester, rather than the closer posed acquisition of Le Roy Bank, and weigh in Churchville office, and reflects commuting patterns favor of approval of the application involving and the attraction of shopping center offices. Attica Bank. It does not appear that the acquisitions would Convenience and needs of the communities in eliminate significant existing competition between volved. Consummation of Applicant’s proposals the proposed subsidiary banks or between either would not significantly affect the convenience or of them and a subsidiary of Applicant. needs of communities served by Applicant’s present The potential for increased future competition subsidiaries. between either of the proposed subsidiary banks The banking needs of communities served by and Applicant’s subsidiaries is limited by the small Attica Bank and Le Roy Bank are being met by size of the proposed subsidiaries and the fact New banks located in and near those areas. However, York law prohibits both the present and proposed the services provided by each of the subject banks subsidiaries from establishing or acquiring offices would likely be improved under the proposed af outside the Banking District in which they are filiation. Le Roy Bank has operated very conserva located. Since Le Roy Bank and Attica Bank are tively, deliberately retarding deposit growth in located in the same Banking District, some po order to assure continuing capital adequacy, and tential for increased competition between them pursuing stringent credit policies. Various credit would be eliminated. However, such potential com services not now offered by either bank would be petition appears remote, due to the small size of provided under Applicant’s proposal, and addi the banks, and would be limited in any event by tional funds could be made available to the areas the fact that banks are precluded by the “home through participation of loans among Applicant’s office protection” feature of New York law from subsidiaries. broadening into Attica and Le Roy. Under the Considerations under this factor favor approval law, acquisition of the subject banks by Applicant of both applications. will remove that restriction, thus creating a possi Summary and conclusion. On the basis of all bility of increased competition in Attica and Le relevant facts contained in the records, and in Roy by entry of other Ninth District banks. light of the factors set forth in section 3(c) of the On the basis of the foregoing, the Board con Act, it is the Board’s judgment that the proposed cludes that consummation of either or both of the acquisitions would be in the public interest and proposed acquisitions would not result in a mo that both applications should be approved. nopoly or be in furtherance of any combination, conspiracy, or attempt to monopolize the business BARNETT BANKS OF FLORIDA, INC., of banking in any relevant area, and would not JACKSONVILLE, FLORIDA substantially lessen competition, tend to create a monopoly, or restrain trade in any section of the In the matter of the application of Barnett Banks country. of Florida, Inc., Jacksonville, Florida, for approval Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
304 FEDERAL RESERVE BULLETIN □ MARCH 1970 of acquisition of 80 per cent or more of the voting company, has applied to the Board of Governors, shares of Tropical Bank & Trust Company, Sebring, pursuant to section 3(a)(3) of the Bank Holding Florida. Company Act of 1956 (12 U.S.C. 1842(a)(3)), for prior approval of the acquisition of 80 per Order Approving Application Under cent or more of the voting shares of Tropical Bank H olding Company Act Bank & Trust Company, Sebring, Florida (“Bank”). There has come before the Board of Governors, Applicant controls 18 banks with aggregate total pursuant to section 3(a)(3) of the Bank Holding deposits of $557 million.1 Bank, with total de Company Act of 1956 (12 U.S.C. 1842(a)(3)) posits of $23 million, is the largest of four banks and section 222.3(a) of Federal Reserve Regula in Highlands County and is located approximately tion Y (12 CFR 222.3(a)), the application of 48 miles from Applicant’s closest subsidiary. Barnett Banks of Florida, Inc., Jacksonville, Flor Views and recommendation of supervisory au ida, for the Board’s prior approval of the acquisi thority. As required by section 3(b) of the Act, tion of 80 per cent or more of the voting shares the Board gave written notice of receipt of the of Tropical Bank & Trust Company, Sebring, Flor application to the Florida Commissioner of Bank ida. ing and requested his views and recommendation. As required by section 3(b) of the Act, the The Commissioner recommended approval of the Board gave written notice of receipt of the appli application. cation to the Florida Commissioner of Banking, Statutory considerations. Section 3(c) of the and requested his views and recommendation. The Act provides that the Board shall not approve an Commissioner recommended approval of the ap acquisition that would result in a monopoly or plication. would be in furtherance of any combination or Notice of receipt of the application was pub conspiracy to monopolize or to attempt to monop lished in the Federal Register on December 20, olize the business of banking in any part of the 1969 (34 Federal Register 20008), providing an United States. Nor may the Board approve a pro opportunity for interested persons to submit com posed acquisition, the effect of which, in any sec ments and views with respect to the proposal. A tion of the country, may be substantially to lessen copy of the application was forwarded to the competition, or to tend to create a monopoly, or United States Department of Justice for its con which in any other manner would be in restraint sideration. Time for filing comments and views of trade, unless the Board finds that the anti has expired and all those received have been con competitive effects of the proposed transaction are sidered by the Board. clearly outweighed in the public interest by the It is hereby ordered, for the reasons set forth probable effect of the transaction in meeting the in the Board’s Statement of this date, that said convenience and needs of the community to be application be and hereby is approved, provided served. In each case, the Board is required to that the action so approved shall not be consum take into consideration the financial and mana mated (a) before the thirtieth calendar day follow gerial resources and future prospects of the bank ing the date of this Order or (b) later than three holding company and the banks concerned, and months after the date of this Order, unless such the convenience and needs of the community to time shall be extended by the Board, or by the be served. Federal Reserve Bank of Atlanta pursuant to dele Competitive effect of the proposed transaction. gated authority. The 10 largest banking organizations in Florida, Dated at Washington, D.C., this 5th day of each of which is a bank holding company, control March 1970. close to 38 per cent of the total deposits in the By order of the Board of Governors. State. Applicant, the third largest banking organi Voting for this action: Acting Chairman Mitchell zation on the basis of deposits, controls 4.8 per and Governors Maisel, Brimmer, and Sherrill. Absent and not voting: Chairman Burns and Governors Robert cent of such deposits. After acquisition of Bank, son and Daane. Applicant would control 5 per cent of total bank (Signed) K enneth A. Kenyon, deposits in the State and continue to rank third. Deputy Secretary. Thus, acquisition of Bank would have little effect [seal] upon Applicant’s share of control. Statement 1 Unless otherwise noted, all banking data are as of June 30, 1969, refer to insured commercial banks, and reflect hold Barnett Banks of Florida, Inc., Jacksonville, ing company formations and acquisitions for which Board Florida (“Applicant”), a registered bank holding approvals have been issued to date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 305 Bank’s service area is regarded as including all about 12,000 people. The banking needs of High of Highlands County. Neither Applicant nor any lands County appear to be generally well served other holding company has a subsidiary in the by the area’s banks. However, affiliation with Ap county. No banking alternative would be elimi plicant would enable Bank to expand its lending nated by the proposed acquisition. Bank, with 41.4 function and improve trust services. Applicant per cent of total deposits in the county, ranks first. proposes to provide assistance to Bank in those However, two of the other three banks located in areas and also to offer participation in Applicant’s the county are affiliated and together control 43.9 credit card program. Considerations under con per cent of deposits there. The acquisition of Bank venience and needs lend only slight weight toward would have no significant effect upon concentra approval of the application. tion of banking resources in any relevant area. Summary and conclusion. On the basis of all the There is no significant competition between Bank relevant facts contained in the record, and in the and any of Applicant’s subsidiaries. The distances light of the factors set forth in section 3(c) of the separating Bank from Applicant’s subsidiaries, the Act, it is the Board’s judgment that the proposed presence of alternative sources of banking services transaction would be in the public interest and that in the intervening areas, the fact that Florida law the application should be approved. prohibits branch banking, and the fact that there is no apparent need at this time for another bank in Highlands County make it unlikely that future MID-OHIO BANC-SHARES, INC., competition would develop between Bank and any MANSFIELD, OHIO of Applicant’s subsidiaries. It appears that con In the matter of the application of Mid-Ohio summation of the proposal would not have any Banc-Shares, Inc., Mansfield, Ohio, for approval significantly adverse effect upon the competitive of action to become a bank holding company ability of the banks in Highlands County, nor on through the acquisition of 80 per cent or more the banks that compete with Applicant’s present of the voting shares of The Sutton State Bank, subsidiaries. A ttica, Ohio. On the record before it, the Board concludes that consummation of the proposed acquisition Order Approving Application Under would not result in a monopoly nor be in further Bank H olding Company Act ance of any combination or conspiracy to monop olize or attempt to monopolize the business of There has come before the Board of Governors, banking in any area, and would not substantially pursuant to section 3(a)(1) of the Bank Holding lessen competition, tend to create a monopoly, nor Company Act of 1956 (12 U.S.C. 1842(a)(1)) in any other manner restrain trade in any section and section 222.3(a) of Federal Reserve Regula of the country. tion Y (12 CFR 222.3(a)), an application by Mid- Financial and managerial resources and future Ohio Banc-Shares, Inc., Mansfield, Ohio, for the prospects. The financial condition of Applicant and Board’s prior approval of action whereby Appli its subsidiary banks, and their managements, are cant would become a bank holding company considered to be satisfactory. Prospects of the through the acquisition of 80 per cent or more group appear favorable. of the voting shares of The Sutton State Bank, The financial condition and management of Attica, Ohio. Applicant presently owns almost all Bank are regarded as fair. Affiliation with Appli of the voting shares of The Richland Trust Com cant would make available to Bank the resources pany, Mansfield, Ohio. of Applicant to provide additional capital and ex As required by section 3(b) of the Act, the perienced management. Prospects of Bank appear Board notified the Superintendent of Banks of favorable and would be enhanced by affiliation the State of Ohio of receipt of the application and with Applicant. The banking factors are consistent requested his views and recommendation. The with and weigh somewhat toward approval of the Superintendent recommended approval of the ap application. plication. Convenience and needs of the community in Notice of receipt of the application was pub volved. Highlands County, Bank’s service area, lished in the Federal Register on December 30, with an estimated population of 26,800, is located 1969 (34 Federal Register 20369), providing an in south-central Florida, in an area that is princi opportunity for interested persons to submit com pally agricultural. Sebring, the county seat, has ments and views with respect to the proposal. A Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
306 FEDERAL RESERVE BULLETIN □ MARCH 1970 copy of the application was forwarded to the De in any other manner would be in restraint of partment of Justice for its consideration. Time for trade, unless the Board finds that the anticompeti filing comments and views has expired and all tive effects of the proposed transaction are clearly those received have been considered by the Board. outweighed in the public interest by the probable It is hereby ordered, for the reasons set forth effect of the transaction in meeting the convenience in the Board’s Statement of this date, that said and needs of the communities to be served. In each application be and hereby is approved, provided case the Board is required to take into considera that the action so approved shall not be consum tion the financial and managerial resources and mated (a) before the thirtieth calendar day follow future prospects of the bank holding company and ing the date of this Order or (b) later than three the banks concerned, and the convenience and months after the date of this Order, unless such needs of the communities to be served. period is extended for good cause by the Board, Competitive effect of proposed transaction. Ap or by the Federal Reserve Bank of Cleveland pur plicant was formed in 1968, in which year it ac suant to delegated authority. quired over 99 per cent of the outstanding shares Dated at Washington, D.C., this 5th day of of Richland Trust ($61.2 million deposits).1 There March 1970. are six bank holding companies in the State of By order of the Board of Governors. Ohio, which, in the aggregate, hold deposits of Voting for this action: Vice Chairman Robertson and $3.5 billion, representing 17.8 per cent of the Governors Mitchell, Daane, Maisel, and Brimmer. Ab State’s total deposits. Upon acquisition of Sutton sent and not voting: Chairman Burns and Governor Bank ($5.9 million deposits), Applicant would Sherrill. rank sixth in size among seven bank holding com (Signed) K enneth A. Kenyon, panies in the State. The consummation of Appli Deputy Secretary. cant’s proposal would increase the percentage of [seal] banking deposits held by bank holding companies in Ohio by only .25 per cent, and therefore would Statement not significantly affect State-wide banking concen Mid-Ohio Banc-Shares, Inc., Mansfield, Ohio tration. (“Applicant”), has filed with the Board, pursuant Richland Trust is the second largest of seven to section 3(a) (1) of the Bank Holding Company banks located in Richland County; Sutton Bank Act of 1956, an application for approval of action is the sixth largest of eight banks located in Seneca to become a bank holding company. Applicant, County. Sutton Bank’s single office is 32 miles which presently owns almost all of the voting from the nearest of Richland Trust’s nine offices. shares of The Richland Trust Company (“Rich One county and offices of four banks are located land Trust”), Mansfield, Ohio, would become a in the intervening area. Neither bank derives any bank holding company through the acquisition of significant amount of business from the service 80 per cent or more of the voting shares of The area of the other, and, under State law, neither Sutton State Bank, Attica, Ohio (“Sutton Bank”). bank can establish branches in the county in which Views and recommendation of supervisory au the other is located. Accordingly, consummation thority. As required by section 3(b) of the Act, of the proposal will have no significant effect on the Board gave written notice of receipt of the present competition and there will be no fore application to the Superintendent of Banks of the closure of potential competition. State of Ohio and requested his views and recom On the basis of the foregoing, the Board con mendation. The Superintendent recommended ap cludes that consummation of the proposed trans proval of the application. action would not result in a monopoly, nor be in Statutory considerations. Section 3(c) of the Act furtherance of any combination, conspiracy or provides that the Board shall not approve an ac attempt to monopolize the business of banking in quisition that would result in a monopoly or would any part of the United States, and would not be in furtherance of any combination or conspir restrain trade, substantially lessen competition, or acy to monopolize or to attempt to monopolize the tend to create a monopoly in any part of the business of banking in any part of the United country. States. Nor may the Board approve a proposed Financial and managerial resources and future acquisition, the effect of which, in any section of the country, may be substantially to lessen com 1 All banking data are as of June 30, 1969, unless other wise noted, and are adjusted to reflect holding company for petition, or to tend to create a monopoly, or which mations and acquisitions approved by the Board to date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 307 prospects. Applicant and each of the banks are copy of the application was forwarded to the in sound financial condition and their management United States Department of Justice for its con and prospects are regarded as satisfactory and con sideration. Time for filing comments and views sistent with approval of the application. has expired and all those received have been con Convenience and needs of the communities in sidered by the Board. volved. The proposed transaction would have little It is hereby ordered, for the reasons set forth effect on the operations of Richland Trust. Most in the Board’s Statement of this date, that said banking needs of Seneca County appear to be application be and hereby is approved, provided served adequately by Sutton Bank and its com that the action so approved shall not be consum petitors; however, trust services are not available mated (a) before the thirtieth calendar day fol locally. Applicant proposes to have a trust officer lowing the date of this Order or (b) later than visit Sutton Bank from time to time to provide three months after the date of this Order, unless such services. These considerations are consistent such time shall be extended by the Board, or by with approval of the application, and lend some the Federal Reserve Bank of Richmond pursuant weight in support thereof. to delegated authority. Summary and conclusion. On the basis of all By order of the Board of Governors, March 9, relevant facts contained in the record, and in the 1970. light of the factors set forth in section 3(c) of Voting for this action: Acting Chairman Mitchell the Act, it is the Board’s judgment that the pro and Governors Maisel, Brimmer, and Sherrill. Absent and not voting: Chairman Burns and Governors Rob posed action would be in the public interest and ertson and Daane. that the application should be approved. (Signed) K enneth A. Kenyon, Deputy Secretary. DOMINION BANKSHARES CORPORATION, [seal] ROANOKE, VIRGINIA Statement In the matter of the application of Dominion Dominion Bankshares Corporation, Roanoke, Bankshares Corporation, Roanoke, Virginia, for Virginia (“Applicant”), a registered bank holding approval of acquisition of 80 per cent or more company, has applied to the Board of Governors, of the voting shares of Cumberland Bank & Trust pursuant to section 3(a)(3) of the Bank Holding Company, Grundy, Virginia. Company Act of 1956 (12 U.S.C. 1842(a)(3)), for prior approval of the acquisition of 80 per cent Order Approving Application Under or more of the voting shares of Cumberland Bank Bank Holding Company Act & Trust Company, Grundy, Virginia (“Bank”). There has come before the Board of Governors, Views and recommendation of supervisory au pursuant to section 3(a)(3) of the Bank Holding thority. As required by section 3(b) of the Act, Company Act of 1956 (12 U.S.C. 1842(a)(3)), notice of receipt of the application was given to and section 222.3(a) of Federal Reserve Regula the Virginia Commissioner of Banking and his tion Y (12 CFR 222.3(a)), the application of views and recommendation were requested. The Dominion Bankshares Corporation, Roanoke, Vir Commissioner recommended approval of the ap ginia, for the Board’s prior approval of the acqui plication. sition of 80 per cent or more of the voting shares Statutory considerations. Section 3(c) of the Act of Cumberland Bank & Trust Company, Grundy, provides that the Board shall not approve an ac Virginia. quisition that would result in a monopoly or would As required by section 3(b) of the Act, the be in furtherance of any combination or conspiracy Board gave written notice of receipt of the appli to monopolize or to attempt to monopolize the cation to the Virginia Commissioner of Banking, business of banking in any part of the United and requested his views and recommendation. The States. Nor may the Board approve a proposed Commissioner recommended approval of the ap acquisition, the effect of which, in any section of plication. the country, may be substantially to lessen com Notice of receipt of the application was pub petition, or to tend to create a monopoly, or which lished in the Federal Register on September 17, in any other manner would be in restraint of trade, 1969 (34 Federal Register 14488), providing an unless the Board finds that the anticompetitive opportunity for interested persons to submit com effects of the proposed transaction are clearly out ments and views with respect to the proposal. A weighed in the public interest by the probable Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
308 FEDERAL RESERVE BULLETIN □ MARCH 1970 effect of the transaction in meeting the conven more than a minimal amount of business from the ience and needs of the communities to be served. two-county area. In each case, the Board is required to take into The Richlands office of Exchange Bank is 21 consideration the financial and managerial re miles from Bank’s Oakwood Branch, and 30 miles sources and future prospects of the bank holding from Bank’s home office in Grundy. The Rich company and the banks concerned, and the con lands office derives $2.9 million in deposits from venience and needs of the communities to be individuals, partnerships, and corporations located served. in Buchanan and Dickenson Counties. The St. Competitive effect of the proposed transaction. Paul office of Exchange Bank, which is located Applicant, the fifth largest banking organization 32 miles from Bank’s branch in Clintwood, and in the State of Virginia, controls six banks with 41 miles from its branch in Haysi, derives $1.4 aggregate deposits of $463 million, which repre million in such deposits from Buchanan and Dick sents 6.8 per cent of the total deposits held by enson counties. The amount of such deposits held all commercial banks in the State.1 Upon acquisi by the two offices is equal to 15 per cent of the tion of Bank ($36 million deposits), Applicant’s deposits held by Bank, but is insignificant when control of deposits in the State would increase to compared to the total deposits of Exchange Bank. 7.3 per cent, and its position relative to other bank Further, such business appears to be primarily ing organizations in the State would remain un related to such incidental factors as personal re changed. lationships rather than to competition between the Bank’s main office is in Grundy, Buchanan institutions. It does not appear that increased com County. It has a branch in Oakwood, also in petition is likely to develop between present sub Buchanan County, and one branch each in Clint- sidiaries and Bank because of the underdeveloped wood and Haysi, which are in the adjoining county and stable nature of the two-county economy, and of Dickenson. The two counties are situated among because Virginia law prohibits Applicant’s sub the mountains in southwestern Virginia and are sidiaries from branching de novo into the two somewhat isolated from surrounding counties by counties. natural barriers. Because of the topography of the Based upon the foregoing, the Board concludes area and established customer trade patterns, these that consummation of the proposed acquisition two counties, from which Bank derives over 96 per would not result in a monopoly or be in further cent of its deposits and 94 per cent of its loans, ance of any combination, conspiracy, or attempt are considered to constitute a relevant market. to monopolize the business of banking in any area. Only one other bank, Grundy National Bank While the acquisition would eliminate some pres ($9 million deposits), is located in the two-county ent competition, it does not appear that such com area. That bank, which was established in 1964, petition is significant. The Board therefore further has exhibited satisfactory growth, and it does not concludes that the proposal would not substantially appear likely to be adversely affected by Appli lessen competition, tend to create a monopoly, or cant’s acquisition of Bank. On the contrary, it restrain trade in any section of the country. appears likely that Grundy National Bank will real ize some benefit from any success which Applicant Financial and managerial resources and future might have in promoting economic development prospects. The financial condition of Applicant and of the area. its subsidiary banks is considered to be satisfactory. Management is competent and the prospects of The only one of Applicant’s subsidiaries which the holding company and its subsidiaries appear competes with Bank is The First National Ex favorable. change Bank of Virginia (“Exchange Bank”), Ap plicant’s largest subsidiary. Exchange Bank oper Bank also is in satisfactory financial condition. ates 18 offices in southwestern Virginia, five of As is discussed more fully below, Applicant plans which are in counties contiguous to Buchanan and to reorient Bank’s investment policy to encourage Dickenson; however, only two of such offices (the to a greater extent the economic development of Richlands office and the St. Paul office) derive the two-county area. Applicant has expressed will ingness to meet the additional capital needs of 1 Unless otherwise rioted, all banking data are as of June Bank which this reorientation will cause. 30, 1969, refer to insured commercial banks, and reflect hold Bank has been run competently, though con ing company formations and acquisitions approved by the Board to date. servatively; however, it may soon face a serious Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 309 management succession problem for which affilia 43 per cent of deposits, and the bank is heavily tion of some type appears to be the only feasible invested in high-grade securities. solution. Applicant proposes to meet this need as Applicant has submitted numerous letters from it arises by assignment of personnel from its sys businesses in the area to the effect that local credit tem, and by providing training for personnel re demands are not being met by the conservatively cruited from Bank’s area. Bank’s prospects would operated Bank and by the relatively small Grundy be generally improved by the assistance which National Bank. Applicant proposes to direct its Applicant proposes to provide. efforts toward encouraging the economic develop ment of the area. In particular, it would increase As they relate to Applicant, these considera mortgage and commercial lending, thereby encour tions are consistent with approval of the present aging capital investment in the two counties. The application; as they relate to Bank, they weigh in availability of convenient, full service banking support of such action. would provide some inducement for industrial con Convenience and needs of the communities con cerns to locate in the area. In accomplishing its cerned. Consummation of the proposed transac purpose of assisting economic development of the tion would have no effect on customers of Appli area, Applicant not only has the necessary financial cant’s present subsidiary banks. resources, but, in addition, has the advantage of Buchanan and Dickenson Counties, with a popu experience developed through operating subsidiary lation of 56,000 in 1968 (which had declined from banks with offices in communities which have 57,000 in 1960, although Virginia’s population had analogous problems. increased over 20 per cent in that time), are a These considerations lend additional weight to part of Appalachia, the economic condition of ward approval of the application. which is extremely depressed. Improvement in the Summary and conclusion. On the basis of all economy appears to be dependent on develop the relevant facts contained in the record, and in ment of the area’s coal, mineral, and timber re the light of the factors set forth in section 3(c) of sources, or on the attraction of new industry. Al the Act, it is the Board’s judgment that the pro though Bank has been competently run, it has posed transaction would be in the public interest not encouraged this development; loans equal only and that the application should be approved. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Announcements REDESIGNATION OF MR. ROBERTSON and screened by the Reserve Bank and additional AS VICE CHAIRMAN OF THE BOARD material is requested from the applicant when President Nixon on February 27, 1970, redesig necessary. Applications are then forwarded to the nated Mr. J. L. Robertson as Vice Chairman of Board where they are screened by the staff before the Board of Governors of the Federal Reserve formal consideration and action by the Board System and to serve as such for a term of 4 years itself. from March 1, 1970, unless and until his services Mr. Leavitt, a native of Greybull, Wyoming, is as a member of the Board of Governors shall have a graduate of the University of Wyoming, and sooner terminated. served as Assistant Bank Examiner for the State of Mr. Robertson was first appointed as a member Wyoming before joining the Federal Reserve Bank of the Board on February 18, 1952, for the un of Kansas City in 1950 as an Assistant Examiner. expired portion of the 14-year term that began He was named Examiner in 1951 and was ap February 1, 1950. He was appointed to a full 14- pointed to the Board’s staff as a Review Examiner year term beginning February 1, 1964, and first in 1955. He was later promoted to the positions designated as Vice Chairman by former President of Supervisory Review Examiner and Assistant Lyndon B. Johnson for a term of 4 years beginning Director and in January 1968 was named Deputy March 1, 1966. Director in the Division of Supervision and Regu lation. PROGRAM DIRECTOR FOR BANKING STRUCTURE RESIGNATION OF DIRECTOR The Board of Governors of the Federal Reserve System has announced the appointment of Brenton Newell B. Dayton, who had served since January C. Leavitt as Program Director for Banking Struc 1, 1965, as a director of the Salt Lake City Branch ture, a new post. Mr. Leavitt will also retain his of the Federal Reserve Bank of San Francisco, re present title as Deputy Director, Division of Super signed effective March 5, 1970. Mr. Dayton is vision and Regulation. Honorary Chairman of the Board of Tracy-Collins Mr. Leavitt’s responsibilities will be to coordi Bank and Trust Company in Salt Lake City. nate staff resources to expedite the processing of INCREASE IN INTEREST RATES the increasing number of banking applications filed with the Board, especially those involving regis The Board of Governors of the Federal Reserve tered bank holding companies. The Board issued System announced on March 3, 1970, an increase decisions during 1969 on 91 applications filed un in the maximum interest rates member banks may der the Bank Holding Company Act compared pay on multiple-maturity time deposits of 1 year with 44 in 1968 and 17 in 1965. During the first or more, bringing them in line with new maximum 9 weeks of 1970, the Board issued decisions in 21 rates on single-maturity deposits of less than bank holding company cases. $100,000. The first goal in the program is to complete the The new maximum rates are 5l/i per cent on processing of the rising number of merger and multiple-maturity time deposits payable at inter bank holding company applications within 90 days vals of 1 year to 2 years, and 53A per cent on such after their acceptance by a Federal Reserve Bank. deposits payable at intervals of 2 years or more. Later, efforts will be made to reduce the process The previous maximum rate was 5 per cent on ing time even further, consistent with the mainte both types of instruments. For multiple-maturity nance of acceptable quality. Under the Board’s rules time deposits maturing in 90 days to 1 year the and procedures, applications are filed first with the maximum rate remains at 5 per cent. Federal Reserve Bank for the district in which the A multiple-maturity time deposit means any applicant is located. Applications are investigated time deposit that is payable at the depositor’s op Digitized for FRASER3 10 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
tion on more than one date; for example, by auto rangement with the Bank of Italy has been in matic renewal at maturity if the depositor does creased by $250 million, bringing the total of that not withdraw his funds at that time. arrangement to $1,250,000,000. On January 20, the Board announced an increase In addition to the increase in the Federal Re in the maximum rates banks may pay on single serve swap line, the U.S. Treasury will make maturity time deposits of 1 year or more, effective available a credit facility of $250 million to Italy. on January 21. The new action—effective retro The $250 million increase in the Federal Re actively to January 21—was taken in view of the serve arrangement with the Bank of Italy enlarges convenience to bank customers of the automatic the System’s swap network with 14 central banks renewal feature and the practice followed by the and the Bank for International Settlements to Federal Home Loan Bank Board in permitting re $11,230,000,000. newal of similar deposits in savings and loan in stitutions. FOREIGN CREDIT RESTRAINT GUIDELINES The Federal Deposit Insurance Corporation is The Board of Governors of the Federal Reserve issuing similar regulations covering insured State System on March 17 amended its foreign credit nonmember commercial and mutual savings banks restraint guidelines to restore language that, until and savings banks in Massachusetts not insured by last December, provided an exception to a sub the FDIC. sidiary restraint against issuance by banks of new term loans to residents of developed countries of PROPOSAL TO AMEND REGULATIONS D AND Q continental Western Europe. The amended language On March 2, 1970, the Board of Governors an (guideline provision II-A-3-b) reads as follows: nounced a proposal to amend its Regulations D “A bank should not make new term loans to such and Q, relating to member bank reserve require residents, except loans that finance U.S. exports.” ments and interest rate ceilings, in order to bring The corresponding language in the guidelines as certain subordinated obligations of member banks revised December 17, 1969 (B ulletin, January within the definition of deposits for purposes of 1970, p. 11), provided that such loans should not those regulations (Federal Register for March 10, be made except if they qualified as “Export Term 1970, 35 F.R. 4307). It was indicated that the Loans.” proposed amendments would not affect “any instru The amendment expands the exception from ment issued before March 9, 1970, that has an term loans for financing U.S. exports of goods and original maturity of more than two years, is un services of an amount of $250,000 or more to secured, and states expressly that it is subordinated such loans of any amount. to the claims of depositors.” In order to alleviate hardships, if any, that COMMITTEE TO STUDY AGRICULTURAL might be imposed upon some member banks that CREDIT PROBLEMS had made public offerings of subordinated notes The Board of Governors has established a special before March 9, 1970, and have not completed committee within the Federal Reserve System to the sale of such notes, the Board has concluded investigate agricultural credit problems in capital that, if the proposed amendments should be deficit areas and possibilities for their amelioration adopted, the language above quoted would be through improvements in the marketability of bank changed so that notes of the kind described would agricultural paper. not be subject to the regulations if they are issued Such a study was originally suggested in the before the effective date of such amendments and document, “Reappraisal of the Federal Reserve pursuant to a public offering made before March Discount Mechanism: Report of a System Com 9, 1970. mittee,” published in July 1968. While action on This modification in the proposed amendment the other recommendations of the Discount Study will not extend the time for comments beyond the has not yet been completed, the Board concluded original deadline of April 2, 1970. that agricultural credit developments were such as to make it advisable that work proceed in this area RECIPROCAL CURRENCY ARRANGEMENTS on an independent basis. The Federal Reserve announced on March 11, The Committee formed has as its chairman 1970, that its reciprocal currency (“swap”) ar President Hugh D. Galusha, Jr., of the Federal 311 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Reserve Bank of Minneapolis. Other members in class of transactions within a State if the State law clude President Monroe Kimbrel, Federal Reserve provides requirements substantially similar to those Bank of Atlanta; President George H. Clay, imposed by the Federal law and there is adequate Federal Reserve Bank of Kansas City; and Gov provision for enforcement. ernor George W. Mitchell. In addition, it is ex Last July 2, the Board issued as Supplement II pected that former Governor Charles N. Shepard- to its Truth in Lending Regulation Z the rules and son will work with the committee in his capacity procedures to be followed by States wishing to as a Special Consultant to the Board. While the regulate credit transactions under their own laws. precise course and timetable that the study will Maine was the first State to file an application follow have not yet been decided upon, staff mem with the Board. Pending applications have been bers throughout the System with special interest received from Massachusetts, Connecticut, Vir and expertise in this area, and perhaps others of ginia, Oklahoma, and Utah. similar qualifications outside the System, are ex The Board also amended Regulation Z to pre pected to participate. serve the ability of consumers to file civil actions MAINE EXEMPTED FROM LENDING ACT in either Federal or State courts after exemptions from the Federal statute are granted by the Board. The Board of Governors of the Federal Reserve Under the amendment, criminal and adminis System announced on March 12, 1970, that it had trative responsibility with respect to exempted granted Maine the first State exemption under the transactions will be turned over to a Stcite but Truth in Lending Act, effective April 1. Maine law, which is substantially similar to the Federal the consumer will retain his ability to seek redress statute, will apply to all classes of credit transac for disclosure violations in either Federal or State tions within that State, except those in which a court, and to avail himself of Federal or State federally chartered institution—such as a Federal rules of court procedure. credit union, Federal savings and loan association, The Federal statute provides these civil penal or national bank—is a creditor. ties for violations: twice the amount of the finance Section 123 of the Truth in Lending Act pro charge (but in no case less than $100 or more vides that the Board shall exempt from the dis than $1,000), court costs, and reasonable at closure and rescission requirements of the Act any torney’s fees. □ Digitized for FRASER3 12 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
National Summary of Business Conditions Released for publication March 16 Industrial production and manufacturing employ Production of industrial and commercial equip ment declined in February. The unemployment rate ment and defense products rose because of the rose appreciably further. Industrial commodity strike settlement. Among industrial materials, pro prices increased more moderately than in preced duction of most durable and nondurable materials ing months. The average money supply receded, dropped, including steel, paper, rubber, and chemi about offsetting the sharp January rise. Between cals. mid-February and mid-March, most interest rates EMPLOYMENT declined further but some long-term rates have tended up recently. Demands for labor were reduced further in Febru ary. The unemployment rate rose from 3.9 to 4.2 INDUSTRIAL PRODUCTION per cent reflecting a sharp increase in the rates for Industrial production declined further in February adult men and women. Total nonfarm payroll em and was 169.4 per cent of the 1957-59 average, off ployment was little changed as employment in 0.5 per cent from the January level of 170.2. Out creases in trade and construction about offset the put declines were widespread in manufacturing and declines in manufacturing. Declines were wide more than offset the 0.5 per cent increase in pro spread in manufacturing employment—off by duction resulting from settlement of the General 158,000, and the drop would have been sharper Electric strike. but for the net return of about 120,000 workers Among consumer goods, auto assemblies were from the General Electric strike. The largest re reduced again—to an annual rate of 6.5 million duction was at auto plants when output was cur units, down almost one-third from mid-1969. Pro tailed sharply in the reporting week. The average duction schedules for March indicate some rise in workweek of manufacturing production workers auto output. Partly in response to the strike settle was also reduced further—by 0.4 hour—to 39.9 ment, production of appliances and television sets hours, the lowest level since January 1962. rose in February but was still 15 per cent below the 1969 high. Output of most other consumer goods RETAIL SALES declined. Output of trucks also declined further. The value of retail sales changed little in February from January and a year earlier. A rise in sales at INDUSTRIAL PRODUCTION nondurable goods stores was about offset by a de 1957-59=100 cline in sales at durable goods stores. Unit sales of new domestic autos rose in February to an an 180 nual rate of 7.9 million units, 16 per cent above a 160 month ago but 10 per cent below a year earlier. In the first selling period of March, auto sales declined 140 moderately from the February level. COMMODITY PRICES 200 The wholesale price index for February increased 180 0.3 per cent from mid-January to mid-February, with prices of both industrial and agricultural com 160 modities up more moderately than in recent months. Since mid-February, price increases have been an 140 nounced for various chemicals. Consumer prices rose 0.4 per cent in January as costs of services and prices of foods registered substantial increases. F.R. indexes, seasonally adjusted. Latest figures: February. 313 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BANK CREDIT, DEPOSITS, AND RESERVES Excess reserves declined slightly while member bank borrowings returned to the December level. Commercial bank credit increased $1.1 billion in February—less than half of the January decline. A SECURITY MARKETS substantial $1.8 billion increase in loans was par Treasury bill rates declined on balance between tially offset by a moderate reduction in bank hold mid-February and mid-March, with the 3-month ings of investments, mainly U.S. Government secu issue bid at around 6.75 per cent in the middle of rities. A large part of the loan expansion was in March compared with about 6.85 per cent a month credit extended to securities brokers and dealers; other loan categories continued to expand only earlier. Yields on intermediate-term Government moderately. notes and bonds also fell over the same period, al though rates on long-term bonds tended to back Following a large increase in January, the money up slightly. supply in February receded to a level close to the Yields on newly issued corporate bonds, which June-December average as demand deposits fell declined through the end of February, edged up sharply. Time and savings deposits declined slightly on average in February, but the trend of these de ward in March in the face of an extremely heavy posits turned upward during the month as large supply scheduled over the next several weeks. banks obtained a substantial volume of time de Seasoned corporate bond yields continued to de posits from foreign official sources and as smaller cline slightly. banks began to experience inflows of time deposits Municipal bond yields declined steadily after following the rise in Regulation Q ceilings in Jan mid-February; the decline of 40-50 basis points uary. U.S. Government deposits rose slightly during brought such yields to the lowest level in about February. 5 months. Net borrowed reserves of member banks aver Stock prices on the two major exchanges rose aged $950 million for the four weeks ending Feb slightly on balance. The volume of shares traded ruary 25, higher than the reduced January level. remained moderate. PRICES INTEREST RATES Wholesale Consumer PER CENT 1957-59=100 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, January; Wholesale, February. years or more and for 90-day Treasury bills. Latest figures: week ending Mar. 6. 314 Digitized for FRASER 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 A 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 2 FEDERAL RESERVE BULLETIN □ MARCH 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 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: Banking and monetary statistics, 1969: A 94 Member bank reserves, Federal Reserve Bank credit, and related items A 96 Reserves and borrowings of member banks A 98 Assets and liabilities of large commercial banks A 103 “Term” commercial and industrial loans of large commercial banks A 103 Commercial and industrial loans of large commercial banks A 106 Money market rates A 107 Bond and stock yields A 108 Number of par and nonpar banking offices A 116 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 in clude not fully guaranteed issues) as well as direct obligations of the Treasury. “State and local govt.” also includes municipalities, special districts, and other political subdivisions. In some of the tables details do not add to totals because of rounding. The footnotes labeled Note (which always appear last) provide (1) the source or sources of data that do not originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the data. TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE 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............................. Mar. 1970 A-108 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: Stock exchange firms, detailed debit 196 8 May 1969 A-91—A-94 and credit balances.. Sept. 1969 A-94 196 9 Mar. 1970 A-94—A-l 07 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 4 BANK RESERVES AND RELATED ITEMS □ MARCH 1970 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Reserve Bank credit outstanding Treas U.S. Govt, securities 1 Special ury Period or date Drawing cur Dis Gold Rights rency Held counts Other stock certificate out under and Float 2 F.R. Total 4 account stand Bought repur ad assets 3 ing out chase vances right agree ment Averages of daily figures 1939—Dec.. 2,510 2,510 83 2,612 17,518 2,956 1941—Dec.. 2,219 2,219 5 170 2,404 22,759 3,239 1945—Dec.. 23.708 23,708 381 652 24,744 20,047 4,322 1950—Dec.. 20,345 20,336 142 1,117 21,606 22,879 4,629 1960—Dec.. 27,248 27,170 78 94 1,665 29,060 17,954 5,396 1965—Dec.. 40,885 40,772 113 490 2,349 43.853 13,799 5,565 1966—Dec.. 43,760 43,274 486 570 2,383 46,864 13,158 6,284 1967—Dec.. 48,891 48,810 81 238 2,030 51,268 12,436 6,777 1968—Dec.. 52,529 52,454 75 765 3,251 56,610 10.367 6,810 1969—Feb.. 52,265 52,074 191 824 2,602 55,786 10.367 6,806 Mar.. 52,122 51,987 135 918 2,367 55,477 10.367 6,815 Apr.. 52,463 52,257 206 996 2.429 2,837 58,821 10.367 6,750 May. 53,390 52,898 492 1,402 2,218 2,876 59,999 10.367 6.737 June. 54,028 53,926 102 1,407 2,463 2,614 60,565 10.367 6,746 July. 54,298 54,252 46 1,190 2,684 2,670 60,887 10.367 6.737 Aug.. 54,599 54,334 265 1,249 1,230 2.672 60,876 10.367 6,739 Sept.. 53,840 53,722 118 1,067 2,477 3,032 60,459 10.367 6,761 Oct.. 54.708 54,497 211 1,135 2,462 3,153 61,516 10.367 6,785 Nov.. 56.499 56,424 75 1,241 2,541 2,460 62,788 10.367 6,810 Dec.. 57.500 57,295 205 1,086 3,235 2,204 64,100 10.367 6,841 1970—Jan.?. 56,273 56,182 91 964 3.429 2,114 62.853 11,141 155 6,856 Feb. p. 55,949 55,548 401 1,099 2,441 1 ,853 61,433 11.367 243 6,869 Week ending— 1969—Dec. 3. 57,479 57,311 168 1,191 2,539 2,008 63,273 10.367 6,823 10. 57,664 57,483 181 1,200 2,688 2,035 63,654 10.367 6,836 17. 57,435 57,279 156 1,044 3,050 2,134 63,740 10.367 6,841 24. 57,237 57,173 64 1,096 3,556 2,248 64,203 10.367 6,846 31. 57,491 57,154 337 1,104 3,976 2,480 65,149 10.367 6,848 1970—Jan. 7.. 57,319 56,980 339 852 3,707 2,731 64,708 10.367 6,858 2 1 1 4. . . . 5 5 6 6 , , 2 2 9 4 7 0 5 5 6 6 , , 2 2 9 4 7 0 9 8 6 65 3 3 3 , , 7 5 6 9 7 8 1 1 , , 8 8 7 8 4 7 6 6 2 2 , , 8 7 6 4 9 9 1 1 1 1 . . 3 3 6 6 7 7 2 2 0 0 0 0 6 6 . . 8 8 5 5 6 6 28®. 55,502 55,502 1,028 3,073 2,033 61,698 11.367 200 6,854 Feb. 4®. 55,892 55,511 381 1,258 2,460 1,905 61,602 11.367 200 6.857 11®. 55.768 55,521 247 1,071 2,478 2,003 61,401 11.367 200 6,865 18 ®. 56,299 55,543 756 1,111 2,370 1,729 61,633 11.367 229 6,867 25®. 55.769 55,487 282 1,076 2,506 1,765 61,199 11.367 300 6,873 End of month 1969—Dec................... 57,154 657,154 183 3,440 2,743 63,584 10,367 6,848 1970—Jan.*. 55,739 55,517 1,566 2,509 1,929 61,826 11.367 200 6,853 Feb.®. 55,823 55,823 1,147 2,557 1,977 61,560 11.367 300 6,886 Wednesday 1969—Dec. 3. 57,832 6 57,656 176 814 2,649 2,043 63,399 10.367 6,829 10. 57.153 6 57,153 666 2,616 2,082 62,575 10.367 6,839 17. 57,584 6 57,229 355 683 3,429 2,257 64,056 10.367 6,844 24. 57,609 6 57,160 449 721 3,844 2,264 64,539 10.367 6,846 31. 57.154 6 57,154 183 3,440 2,743 63,584 10.367 6,848 1970—Jan. 7®. 56,691 6 756,691 164 3,770 2,704 63,393 10.367 6,860 14®. 55,699 6.755,699 1,006 3,113 1,877 61,758 11.367 200 6.856 21®. 56.155 *7 56,155 2,031 3,326 1,862 63,437 11.367 200 6.856 28®. 55,568 6.755,568 1,070 2,642 2,012 61,352 11.367 200 6,854 Feb. 4®. 56,304 755,517 787 186 2,923 1,852 62,369 11.367 200 6,866 11®. 56,211 755,544 667 998 2,163 1,829 61,329 11.367 200 6,864 18*. 56,371 755.543 828 663 2,435 1,572 61,180 11.367 300 6,872 25®. 55,749 755.543 206 873 1,840 1,802 60,349 11.367 300 6,879 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 1970 a 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 r C e c i n i u n r c r y T p u r a e r s a y h s with r e F s . e R rv . e B s, a nks O F a t . c h R e . r b O F i l l t . i i h R a ti e e . r s reserves Period or date c ti u o la n h i o ng ld s T u re r a y s F ei o g r n Other2 counts3 ca a p n it d al3 W F.R ith . r C e a n n u c d r y Total Banks coin 5 Averages of daily figures 7,609 2,402 616 739 248 11,473 11,473 . 1939—Dec. 10,985 2,189 592 1,531 292 12,812 12,812 . 1941—Dec. 28,452 2,269 625 1 747 493 16,027 16,027 . 1945—Dec. 27 806 1,290 615 920 353 739 17,391 17,391 . 1950—Dec. 33,019 408 522 250 495 1,029 16,688 2,595 19,283 . 1960—Dec. 42,206 808 683 154 231 389 18,747 3,972 22,719 . 1965—Dec. 44,579 1,191 291 164 429 83 19,568 4,262 23,830 . 1966—Dec. 47.000 1,428 902 150 451 -204 20,753 4,507 25,260 .1967—Dec. 50,609 756 360 225 458 -1,105 22,484 4,737 27,221 .1968—Dec. 49,226 762 641 130 488 -932 22,644 4,647 27,291 . 1969—Feb. 49,436 728 536 152 463 -902 22,246 4,508 26,754 ............Mar. 49,703 707 369 131 510 1,937 22,581 4,498 27,079 ............Apr. 49,947 691 549 132 445 1,968 23,371 4,532 27,903 ...........May 50,693 672 970 107 458 2,010 22,768 4,549 27,317 ............June 51,256 657 1,117 142 473 2,038 22,309 4,671 26,980 .............July 51,328 671 881 141 469 2,062 22,430 4,649 27,079 ...........Aug. 51,438 678 597 128 454 2,055 22,238 4,733 26,971 ............Sept. 51,683 665 983 121 479 2,078 22,659 4,681 27,340 ............Oct. 52,468 666 1,074 135 445 2,140 23,037 4,727 27,764 ..........Nov. 53,591 656 1,194 146 458 2,192 23,071 4,960 28,031 ............Dec. 52,722 655 1,206 170 642 2,044 23,566 5,272 28,838 .1970—Jan.® 52,113 610 1,060 182 710 2,160 23,077 4,865 27,943 ............Feb.® Week ending— 5 5 3 3 , , 2 0 8 6 7 4 6 6 5 59 2 1 1 , , 0 18 2 3 2 1 1 2 3 3 8 4 4 5 2 5 7 2 2 , , 2 3 3 1 8 8 2 22 2 , , 9 8 0 5 2 2 4 4, , 8 9 3 2 5 3 2 2 7 7, , 7 7 7 3 5 7 . . 1 . 9 .. 6 . 9 . — ... D .. e . c . . 1 0 3 53,525 656 975 149 437 2,126 23,080 4,936 28,016 ...................17 53,757 651 1,246 143 449 2,133 23,037 4,839 27,876 ...................24 53,975 659 1,405 163 517 2,153 23,493 5,187 28,680 ...................31 53,586 666 1,263 207 530 1 ,967 23,713 4,983 28,696 .1970—Jan. 7® 5 5 2 3 , , 5 0 2 4 1 0 6 6 5 5 1 9 1 1, ,1 26 09 2 1 1 6 8 1 1 6 67 7 1 8 2 1 , , 0 9 5 9 7 7 2 2 4 3 , , 0 4 0 7 3 4 5 5 , , 3 5 9 1 7 4 2 2 9 8 , ,9 4 8 0 8 0 . .. . . . .. . . . .. . . . .. . . . .. . . . .. . . . .1 2 4 1 ® ® 52,090 649 1,197 137 675 2,105 23,266 5,291 28,557 ...................28® 5 52 1 , , 1 9 4 6 3 0 6 63 1 3 8 1 1, , 0 1 7 6 1 4 1 15 5 7 0 6 6 8 3 2 0 2 2, , 2 1 6 9 7 0 2 2 2 3 , , 8 3 6 3 1 2 5 5 , , 0 1 5 0 9 4 2 2 7 8, , 3 9 9 6 1 5 ..F.e.b... 114®® 52,202 607 1,047 169 724 2,084 23,262 4,780 28,042 ........18® 52,080 600 1,085 196 759 2,100 22,919 4,631 27,550 ........25® End of month 53,885 657 1,312 134 807 1,919 22,085 5,187 27,272 .................1969—Dec. 51,869 640 1,127 152 692 2,163 23,603 5,059 28,662 .1970—Jan.® 52,026 596 915 313 776 2,156 23,332 4,799 28,131 ............Feb.® Wednesday 53,253 659 1 ,267 113 465 2,286 22,553 4,835 27,388 .1969—Dec. 3 53,555 657 1 ,116 104 416 2,316 21,617 4,927 26,544 .............10 53,684 667 861 128 450 2,110 23,367 4,939 28,306 ...................17 54,029 657 1 ,058 168 521 2,163 23,156 4,839 27,995 ...................24 53,885 657 1 ,312 134 807 1,919 22,085 5,187 27,272 ...................31 53,385 679 1 ,057 229 503 1 ,978 22,788 5,003 27,791 .1970—Jan. 7" 52,889 652 1 ,194 122 703 2,037 22,585 5,468 28,053 ...................14® 52,380 660 1,131 121 706 2,076 24,786 5,419 30,205 ...................21 v 52,080 643 1 ,256 158 701 2,127 22,808 5,291 28,099 ...................28 p 52,108 620 1,205 178 681 2,236 23,774 5,059 28,833 ............Feb. 4® 52,335 613 1 ,019 136 753 2,299 22,605 5,104 27,709 .............11® 52,207 605 872 187 773 2,091 22,984 4,780 27,764 .............18® 52,224 602 900 228 837 2,125 21,979 4,631 26,610 ...................25® 1 U.S. Govt, securities include Federal agency obligations. 5 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 close- 3 Beginning Apr. 16, 1969, “Other F.R. assets” and “Other F.R. of-business figures for reserve period 2 weeks previous to report date. liabilities and capital” are shown separately; formerly, they were 6 Reflects securities sold, and scheduled Ur 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 □ MARCH 1970 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City City of Chicago Period Reserves Bor Reserves Bor Reserves Bor T h o e t l a d l qu R ir e e d 1 B r F i o a n a . n w g R t k s . s s F er r r v e e e e s T h o e t l a d l qu R ir e e d 1Excess B r F i o a n a . n w R g t k s . s se F r r r e v e e e s T h o e t l a d l quir R e e d i Excess B F r i a o n . n a R w g t k s . s s F e r r r e v e e e s 1939—Dec.. . 211,473 6,462 5,011 3 5,008 5,623 3,012 2,611 2,611 1,141 601 540 540 1941—Dec.. . 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 1.143 848 295 295 1945—Dec.. . 16,027 14.536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1950—Dec.. . 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1.199 1,191 3 1960—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 26 -21 1 19 9 6 6 4 5 — — D D e e c c . . . . . . 2 21 2 , , 6 71 0 9 9 2 2 2 1 , , 2 1 6 9 7 8 4 41 5 1 2 4 2 5 43 4 1 - 6 2 8 4 4 , , 3 0 0 8 1 3 4 4 , , 2 0 6 6 0 2 4 2 1 1 11 3 1 5 - - 7 1 0 4 1 1 . , 1 0 4 8 3 3 1 1 , , 1 0 2 8 8 6 15 2 2 3 8 -3 -8 1 1966—Dec... 23,830 23,438 392 557 -165 4,583 4,556 27 122 -95 1,119 1,115 54 -50 1967—Dec... 25,260 24,915 345 238 107 5,052 5,034 18 40 -22 1,225 1,217 13 -5 1968—Dec.. . 27,221 26,766 455 765 -310 5,157 5,057 100 230 — 130 1.199 1 ,184 15 85 -70 1969—Feb.. . 27,291 27,063 228 824 -596 5,190 5,194 -4 63 -67 1,259 1.253 39 -33 M Ap a r r . . . . . . 2 2 7 6 . , 0 7 7 5 9 4 2 26 6. ,9 53 2 7 7 2 1 1 5 7 2 9 9 1 9 8 6 - - 7 8 0 4 1 4 5 5, , 0 04 39 0 5 5 , , 0 0 4 1 5 9 - 2 6 1 1 6 11 5 -1 -4 17 4 1 1, ,2 20 0 2 4 1 1, . 2 20 0 7 2 1 9 1 8 6 - -1 1 0 1 1 6 J M u a n y e . . . . 2 2 7 7, , 9 3 0 1 3 7 2 2 7 6 , , 6 9 0 7 3 4 3 3 4 0 3 0 1 1 , , 4 4 0 0 7 2 - -1 1 , , 0 1 6 0 4 2 5 4. , 9 17 62 4 4 5 , , 8 1 9 3 4 4 4 68 0 1 9 2 6 9 - - 2 8 8 9 1 1 , ,2 2 4 7 1 7 1 1, , 2 2 8 0 1 6 35 1 2 4 7 4 -148 8 J A u u ly g _ .. _ . 2 27 6 . , 0 9 7 8 9 0 2 2 6 6 , , 8 7 6 7 4 6 3 1 0 1 3 6 1 1 , , 2 1 4 9 9 0 -1 - , 9 0 4 7 6 4 4 4 , . 8 96 3 3 7 4 4 , , 8 9 1 2 7 2 4 2 1 0 9 8 3 6 - -5 6 2 6 1 1 , , 1 1 9 88 7 1 1 . , 2 1 0 9 7 6 -1 -8 0 39 5 - - 4 15 7 Sept... 26,971 26,735 236 1,067 -831 4,990 4,967 23 87 -64 1.200 1,186 14 51 -37 Oct__ 27,340 27,197 143 1,135 -992 5,195 5,183 12 138 -126 1,228 1,235 -7 19 -26 N De o c 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 , , 2 0 4 8 1 6 - -8 9 2 8 9 8 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 28 4 5 4 1 1 , . 2 2 6 5 7 4 -1 1 0 5 27 7 -6 -9 7 1970—Jan. p.. 28,838 28,692 146 964 -818 5,667 5.659 7 141 -134 1 ,317 1,316 1 86 -85 Feb. p. 27,943 27,712 231 1 ,091 -860 5,456 5,425 31 110 -79 1 ,253 1,263 -10 46 -56 Week ending- 1969--Feb. 152.. 2 2 7 7 , , 4 2 3 6 7 0 2 2 7 7 , , 2 03 0 9 2 2 2 2 3 1 5 7 79 4 9 4 - - 5 57 0 8 9 5 5 , ,1 1 0 3 9 0 5 5 , , 1 1 2 6 5 6 - - 3 1 6 6 9 8 1 7 - - 1 1 2 0 7 3 1 1 , , 2 28 4 1 3 1 1, , 2 2 4 7 5 0 - 1 2 1 81 4 -7 -6 0 2 19 6 . . . 2 2 7 7, , 5 0 9 9 1 9 2 2 6 7 , , 8 2 9 2 5 8 2 3 0 63 4 1.0 7 4 57 4 - - 5 68 5 1 3 5 5 , , 1 4 9 3 1 3 5 5 , , 3 1 4 4 3 4 4 9 7 0 2 6 1 4 2 2 6 6 1 1 . . 2 2 2 7 9 4 1 1 , , 2 22 7 8 6 -2 1 2 33 9 - -3 3 1 2 Oct. 1.. 27.400 27,080 320 1,436 -1,116 5,134 5,062 72 99 -27 1,211 1,212 -1 158 -159 2 1 8 2 5 . . . , . , 2 2 2 7 7 7 , , , 1 3 6 5 7 1 3 9 4 2 2 2 7 7 7 , , , 1 4 0 6 5 1 1 8 4 2 1 1 1 3 5 8 9 6 1 1 , , 3 0 9 1 4 6 5 7 7 -1 - - , 8 8 1 5 2 2 9 8 9 5 5 5 , , , 2 2 0 2 1 9 2 2 6 5 5 5 , . , 0 3 1 4 5 8 1 5 6 - - 5 2 3 9 9 6 2 1 2 4 9 2 2 8 - - -1 2 1 0 2 8 1 7 6 1 1 1. , . 2 1 2 7 9 4 1 2 2 1 1 1 , , , 2 1 2 3 9 7 1 2 7 - - 1 1 5 1 - -1 1 -5 1 6 29.. 27,172 27,092 80 1,179 -1,099 5,158 5,148 10 65 55 1,227 1,239 -12 -28 Nov. 2 1 1 5 2 6 9 . . . . . . . . 2 2 2 2 7 7 7 7 , , , , 6 6 9 7 6 0 2 6 1 1 5 9 2 2 2 2 7 7 7 7 , , , , 3 8 4 3 6 2 6 5 5 3 3 4 2 3 1 1 7 9 4 3 1 6 6 8 1 1 1 1 . , , , 0 3 2 2 7 2 4 1 1 8 4 0 -1 1 - - , 9 8 , 0 0 7 2 7 3 5 3 2 2 5 5 5 5 , , , , 3 5 2 4 7 4 8 0 5 7 8 4 5 5 5 5 , , , , 5 2 2 3 5 5 6 1 9 9 7 8 9 2 8 9 06 6 3 1 2 5 4 5 0 4 8 -2 -5 - 6 2 4 4 4 1 1 1 1 . , , . 2 2 2 2 8 3 7 4 7 2 6 2 1 1 1 1 . . , , 2 2 2 2 7 3 4 5 9 7 4 4 128 - 1 8 - 7 6 3 1 8 Dec. 3.. 27,737 27,534 203 1,191 -988 5,300 5,294 6 266 -260 1.229 1,227 2 1 1 1 7 0. . . . 2 2 7 8 , , 7 0 7 1 5 6 2 2. 7 7 , , 4 9 8 1 4 9 29 9 1 7 1 1 . , 0 2 4 0 4 0 - - 9 9 0 4 9 7 5 5 , , 4 4 6 4 5 4 5 5 , . 4 3 7 5 1 5 - 8 6 9 2 1 9 6 9 4 - - 2 1 1 7 0 0 1 1, , 2 2 9 5 1 4 1 1 , . 2 2 5 8 7 7 -3 4 -3 4 24. . 27,876 27,612 264 1 ,096 -832 5,255 5,238 17 296 -279 1.242 1.238 4 4 31 .. 28,680 28,152 528 1 ,104 -576 5,628 5,515 113 348 -235 1 ,320 1,304 16 120 -104 1970—Jan. 7.. 28,696 28,411 285 852 -567 5,624 5,604 20 196 -176 1,304 1,312 197 -205 2 1 1 4 . . . . 2 2 8 9 , . 9 4 8 0 8 0 2 2 8 9 , , 9 1 1 9 1 6 2 7 0 7 4 9 8 6 6 3 5 - - 7 7 8 5 8 9 5 5 , , 9 7 2 4 3 7 5 5, , 8 7 7 8 3 0 -3 5 3 0 23 8 4 0 -2 -3 6 0 7 1 1 , , 3 3 6 35 6 1 1 , , 3 36 4 0 0 7 2 7 9 - - 7 3 1 4 28p. 28,557 28,399 158 1,028 -870 5,408 5,451 -43 86 -129 1.288 1.279 16 -25 Feb. 11 4 p p . . 2 2 7 8 , , 9 39 6 1 5 2 28 7 , , 2 8 1 1 1 6 1 1 4 8 9 0 1 1 . , 0 2 7 5 1 8 -1 - , 9 0 2 7 2 8 5 5 , , 5 41 2 6 4 5 5 , , 4 4 8 0 9 4 3 1 5 2 1 7 3 5 0 -1 -4 1 0 8 1 1 . . 2 2 7 7 2 4 1 1 . , 2 2 8 6 7 0 10 12 4 -119 2 2 1 5 8 p p . . 2 2 7 8 , , 5 0 5 42 0 2 27 7 , , 8 4 1 0 9 4 2 1 2 4 3 6 1 1, , 1 0 1 6 1 4 - - 9 8 1 8 8 8 5 5 , , 3 6 1 4 8 6 5 5, , 5 31 7 7 6 70 1 218 -148 1 1 1, , 2 2 7 5 1 2 1 1, , 2 2 3 9 7 2 121 6 -1 - 4 9 2 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 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 Borrow Reserves Borrow Period ings at Free ings at Free F.R. reserves F.R. reserves T h o e t l a d l Required Excess Banks T h o e t l a d l Required1 Excess Banks 761 749 12 409 -397 632 610 22 327 -305 648 528 120 58 62 441 344 96 126 -30 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 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 6,689 6,458 232 50 182 4,761 4,099 663 29 634 ...........................1950—Dec. 7,950 7,851 100 20 80 6,689 6,066 623 40 583 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 9,056 8,989 67 228 -161 8,219 7,889 330 92 238 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. 10,965 10,948 17 420 -403 9,877 9,668 209 302 -93 ...........................1969—Feb. 10,761 10,768 -7 449 -456 9,749 9,543 206 306 -100 10,914 10,923 -9 512 -521 9,924 9,757 167 257 -90 11,275 11,195 80 618 -538 10,177 9,993 184 511 -327 10,986 10,922 64 713 -649 10,128 9,952 176 571 -395 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 10,668 10,654 14 461 -447 10,113 9,928 185 468 -283 10,745 10,772 -27 531 -558 10,172 10,007 165 447 -282 10,888 10,841 47 572 -525 10,256 10,066 190 443 -253 10,970 10,964 6 479 -473 10,335 10,158 177 321 -144 11,291 11,314 -23 454 -477 10,563 10,402 161 283 -122 ...........................1970—Jan.** 10,963 10,921 42 535 -493 10,270 10,103 167 400 -233 Week ending— 11,090 11,038 52 310 -258 9,995 9,794 201 343 -142 .....................1969—Feb. 5 10,955 10,955 350 -350 9,894 9,648 246 277 -31 ..........................................12 11,038 10,984 54 619 -565 9,846 9,625 221 332 -111 ..........................................19 10,847 10,868 -21 439 -460 9,832 9,655 177 264 -87 ..........................................26 10,786 10,724 62 626 -564 10,269 10,082 187 553 -366 .................................Oct. 1 10,737 10,744 -7 351 -358 10,212 10,032 180 418 -238 .......................................... 8 10,813 10,824 -11 664 -675 10,102 9,920 182 439 -257 ..........................................15 10,894 10,846 48 562 -514 10,153 9,985 168 396 -228 ..........................................22 10,613 10,669 -56 587 -643 10,174 10,036 138 511 -373 ..........................................29 10,815 10,804 11 505 -494 10,227 10,050 177 490 -313 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 10,155 174 379 -205 10,846 10,818 28 522 -494 10,231 10,054 177 379 -202 ..........................................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 11,280 11,223 57 216 -159 10,488 10,272 216 243 -27 .....................1970—Jan. 7 11,349 11,439 -90 440 -530 10,557 10,352 205 162 43 ..........................................14 11,455 11,482 -27 554 -581 10,656 10,481 175 252 -77 ..........................................21 11,241 11,216 25 541 -516 10,621 10,453 167 385 -218 ..........................................28p 11,120 11,115 5 595 -590 10,475 10,320 155 484 -329 10,955 11,024 -69 607 -676 10,321 10,128 193 322 -129 10,919 10,921 -2 386 -388 10,206 10,030 176 386 -210 10,777 10,773 4 592 -588 10,203 10,077 126 466 -340 ..........................................25* 1 Beginning Sept. 12, 1968, amount is based on close-of-business fig weeks ending on Wed. that fall within the month. Beginning with Jan. ures for reserve period 2 weeks previous to report date. 1964, reserves are estimated except for weekly averages. 2 This total excludes, and that in the preceding table includes, $51 Total reserves held: Based on figures at close of business through Nov. million in balances of unlicensed banks. 1959; thereafter on closing figures for balances with F.R. Banks and open ing figures for allowable cash; see also note 3 to preceding table. Note.— Averages of daily figures. Monthly data are averages of daily Required reserves: Based on deposits as of opening of business each day. figures within the calendar month; they are not averages of the 4 or 5 Borrowings at F.R. Banks: Based on closing figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 8 MAJOR RESERVE CITY BANKS □ MARCH 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 ding— s E e x r r v c e e e s s s i r a o B t B w a F o n in . r k R g s . s F f i b e n u N d a n t n e e e d t r r k s a l S d u e r o f p i r c lu it s r P e e q a r u v o c i g f r e . e n d t c P ha u s r e s Sales t a w c t T r t o a i o o - n t w n a s l s a y 2 b c o u P h f y a u n i s r n e e g t s s o b S e a f l a n l n l i e k n e s s g t d L ea o t l a o e n rs s 3 de f r B i a r o n o l o g w e m r s r s 4 lo N a e n t s trans. reserves banks Total—64 Banks 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 46.9 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 1970—Feb. 4............ 18............ 66 463 2,718 -3,115 25.3 6,530 3,812 2,856 3,674 957 595 224 372 25........... 1 481 4,240 -4,720 38.7 7,517 3,277 2,716 4,801 561 869 233 636 101 479 3,728 -4,106 33.4 7,332 3,604 2,713 4,619 892 606 287 319 8 in New York City 130 271 3,236 -3,377 28.4 6,640 3,404 2,459 4,181 945 892 257 635 1970—Jan. 7............ 87 196 1 215 -1,325 25.9 2,351 1,136 1,136 1,215 1,104 128 976 14............ — 5 234 1 407 -1 645 30.2 2,532 1,125 1,125 1 ,*407 930 117 813 21............ 52 75 1 243 -1 266 23 6 2*475 1,231 1 ,232 1 *243 678 110 569 28............ 7 86 -3 -76 1.5 1 *658 r,66i 1*159 *499 502 611 125 486 Feb. 4............ 24 75 -460 409 8.2 1,537 1,997 1,343 194 654 515 156 358 11............ 29 130 706 -806 16.4 2,008 1,303 1,195 813 107 766 171 595 18............ 65 218 565 -718 14.1 1,934 1,369 1,200 734 169 552 186 366 25........... 66 177 -111 2.3 1,807 1,630 1,188 619 442 730 136 594 38 outside New York City 1970—Jan. 7............ 231 327 3,588 -3,684 49.7 5,294 1,706 1,647 3,647 59 250 18 233 14............ -15 281 4,085 -4,381 57.9 5,690 1,605 1,474 4,216 131 421 20 401 21........... 4 340 3,761 -4,097 54.0 5,436 1,675 1,650 3,786 25 165 18 148 28............ 37 200 3,185 -3,348 45.5 4,994 1,809 1,552 3,443 258 138 59 78 Feb. 4........... 42 388 3,178 -3,524 48.2 4,994 1,816 1,513 3,480 303 80 67 13 11............ -28 351 3,535 -3,913 53.8 5,508 1,974 1,520 3,988 453 103 62 41 18............ 36 261 3,163 -3,388 47.0 5,398 2,235 1,513 3,885 723 54 101 +47 25............ 64 271 3,059 -3,266 46.3 4,833 1,774 1,271 3,562 503 162 121 41 5 in City of Chicago 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 Feb. 4............ -6 93 807 -906 77.1 1,108 301 301 807 43 43 11............ 6 1,156 -1,151 100.5 1,432 275 275 1,156 54 54 18............ -10 101 1 097 -1,208 102.5 1,367 271 271 1 096 23 23 25............ 8 1 *231 -1,224 108.8 1 *489 258 258 1,231 40 40 33 others 1970—Jan. 7............ 228 130 2,474 -2,376 38.3 3,881 1,406 1,348 2,533 59 194 18 177 14............ -11 253 2,660 -2,923 46.1 3,984 1,324 1,194 2,790 131 363 20 342 21............ 1 266 2,751 -3,016 47.5 4,050 1,299 1,274 2,775 25 124 18 106 28............ 27 200 2,218 -2,391 38.6 3,689 1,471 1,214 2,476 258 104 59 45 Feb. 4............ 49 295 2,371 -2,618 42.6 3,886 1,515 1,213 2,673 303 38 67 +30 11........... -33 351 2,378 -2,762 45.1 4,077 1,699 1,245 2,832 453 50 62 + 13 18............ 47 160 2,067 -2,180 36.2 4,031 1,964 1,242 2,789 723 31 101 +70 25........... 57 271 1,828 -2,042 34.4 3,344 1,516 1,013 2,330 503 122 121 2 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
MARCH 1970 □ DISCOUNT RATES A 9 FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Discounts for and advances to member banks Advances to all others under Advances and discounts under Advances under last par. Sec. 133 Federal Reserve Bank Secs. 13 and 13a 1 Sec. 10(b) 2 R Fe a 1 b t 9 e . 7 0 2 o 8 n , Ef d fe a c t t e ive Pre ra v t i e ous R Fe a 1 b t 9 e . 7 2 0 o 8 n , Ef d fe a c t t e ive Pre ra v t i e ous R Fe a 1 b t 9 e . 7 0 2 o 8 n , Ef d fe a c t t e ive Pre ra v t i e ous Boston.......... Apr. 8, 1969 5% 61/z Apr. 8, 1969 71/2 Feb. 2, 1970 7 New York. . . Apr. 4, 1969 5Vi Apr. 4, 1969 71/2 Apr. 4, 1969 7 C P R h l i e c il v h a e m d la e o n l n p d d h . . i . a . . . . . . 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 V y % 2 i 6 66 V %V i i A A A p p p r r r . . . 4 4 4 , , , 1 1 1 9 9 9 6 6 6 9 9 9 7 7 7 1 1 1/ / / 2 2 2 A F F e e p b b r . . . 1 1 4 8 0 , , , 1 1 19 9 9 6 7 7 9 0 0 7 7 7 Atlanta.......... Apr. 4, 1969 5% 61/2 Apr. 4, 1969 71/2 Feb. 10, 1970 7 Chicago........ Apr. 4, 1969 5 Vi 61/2 Apr. 4, 1969 7 Apr. 4, 1969 61/2 St. Louis....... Apr. 4, 1969 5 Vi 61/2 Apr. 4, 1969 7 Apr. 4, 1969 6Vi Minneapolis.. Apr. 4, 1969 5% 61/2 Apr. 4, 1969 71/2 Apr. 4, 1969 61/2 K D a a n ll s a a s s . .. C ... i . t . y ... . . . A A p p r r . . 4 4 , , 1 1 9 9 6 6 9 9 5 5 * V 4 i 6 61 V /2 i A A p pr r. . 4 4 , , 1 1 9 96 6 9 9 7711//22 F F e eb b . . 1 1 8 8 , , 1 1 9 9 7 7 0 0 7 7 San Francisco Apr. 4, 1969 5% 61/2 Apr. 4, 1969 7 Apr. 4, 1969 6 Vi 1 Discounts of eligible paper and advances secured by such paper or by 2 Advances secured to the satisfaction of the F.R. Bank. Maximum U.S. Govt, obligations or any other obligations eligible for Federal maturity: 4 months. Reserve Bank purchase. Maximum maturity: 90 days except that dis 3 Advances to individuals, partnerships, or corporations other than counts of certain bankers’ acceptances and of agricultural paper may member banks secured by direct obligations of, or obligations fully have maturities not over 6 months and 9 months, respectively. guaranteed as to principal and interest by, the U.S. Govt, or any agency thereof. Maximum maturity: 90 days. FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Range F.R. Range F.R. Range F.R. Effective (or level)— Bank Effective (or level)- Bank Effective (or level)— Bank date All F.R. of date All F.R. of date All F.R. of Banks N.Y. Banks N.Y. Banks N.Y. Tn effect Dec. 31, 1941 1 -IV2 1955—Cont. 1960 Sept. 9................. 2 -2% June 3......................... 4 Apr. 11....... 1 .. 9 . 4 .. 2 ........... 1 1 Nov. 1 1 3 8 21/2 4 V-4 21/2 1 2V 8 i 1 1 0 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . m 3 Vi Oct. 3 1 0 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . V % i- t 1 Vi 23 2Vi 2Vi A Se u p g t . . 1 9 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 -3 Vi 3 1946 1956 1963 M Ap a r y . 2 1 5 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . t V 1 i-i Apr. 2 1 0 3 . . 2 2 V *4 £ - - 3 3 2 2 * * 4 4 July 2 1 6 7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 - V 3 i Vi 18 Aug. 24. 2*4-3 3 Jan. 12....... 1 .. 9 . 4 .. 8 ........... 1 -11/4 1V4 31. 1957 3 3 Nov. 2 30 4 . . . . . . . . 1 . . . . 9 . . . . 6 . . 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 V 4 i-4 4 4 Aug. 2 1 1 3 9 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . W4 1 1V -VW 4 1 2 i m Vi A N u o g v . . 2 1 9 3 5 . . . 3 3 3 - - V 3 3 i 1 V /2 i 3 3 3 Vi Dec. 1 6 3 ... . 1 .. 9 .. 6 . 5 ................ 4 4 - V 4 i Vi 1950 Dec. 2. 3 3 1967 Aug. 21....................... 1 Vi-l *4 1*4 1958 Apr. 7......................... 4 -4 Vi 4 25....................... iy4 1% Jan. 22. 234-3 3 1 4 4 4 1953 Mar. 2 7 4 , . 2 2 1 *4 4- -3 3 2 2 3 1 4 4 Nov. 2 2 7 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 - V 4 i Vi $ Jan. 16....................... 1*4-2 2 13 21/4-234 214 A M Fe p a b r y . . 2 2 1 1 1 5 1 4 3 5 . . 6 . . . . . . . . . . . . . . . . . . . . . . . . . . 1 . . . . . . . 9 . . . . . 5 . . . . . . . . 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 V V * 2 I 1 4 i i V * - - - 1 2 4 1 i 3 * 4 4 2 W 1 I 1 1 V * * * 4 4 4 i i A S O A N M e u c o p a p t g r v y . t . . . . 2 2 2 1 1 1 3 9 4 7 1 5 2 8 . , . . . . 2 1 1 1 * * * 2 2 2 1 4 4 4 V - 1 * - - - 2 2 2 4 4 2 i 1 1/ 4 2 j 2 2 2 2 ! 1 * 8 V 4 i D A M A e u p a c g r r . . . . 2 2 2 3 1 1 1 1 2 6 0 0 6 5 9 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 . . . . . . . . . . . . . . . . 9 . . . . . . . . . 6 . . . . . . . . . . . . . . . 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 5 4 1 1 V 4 4 5 5 5 5 i - 1 - - i - V 5 5 / / 5 5 4 2 1 i 1 V / / 2 2 i 5 5 5 5 5 5 t 1 V 1 V V V A / 4 2 i i i i 1955 1959 1969 Apr. 14....................... 1 Vi-l *4 IVi Mar. 6. 2 Vi-3 3 Apr. 4......................... 51/2-6 6 15....................... 1 Vi-l *4 1*4 16 3 3 8......................... 6 6 May 2....................... 1*4 1*4 May 29. 3 -31/2 3 Vi Aug. 4....................... 1*4-214 1*4 June 12. 3 Vi 3 Vi 1970 5....................... l*4-2i/4 2 Sept. 11. 3 Vi-4 4 12....................... 2 -21/4 2 18. 4 4 In effect Feb. 28, 1970. 6 6 f Preferential rate of Vi 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 Secs. 13 and 13a (as described in table 2.75; 1962—Mar. 20-21, 2.75; 1964—Dec. 10, 3.85; Dec. 15, 17, 22, 24, above). For data before 1942, see Banking and Monetary Statistics, 28, 30, 31, 3.875; 1965—Jan. 4-8, 3.875; 1968—Apr. 4,5,11, 15,16,5.125; 1943, pp. 439-42. Apr. 30, 5.75; May 1-3, 6, 9, 13-16, 5.75; June 7, 11-13, 19, 21, 24, 5.75; The rate charged by the F.R. Bank of N.Y. on repurchase contracts July 5, 16, 5.625; Aug. 16, 19, 5.25. against U.S. Govt, obligations was the same as its discount rate except Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 10 RESERVE AND MARGIN REQUIREMENTS o MARCH 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 4,5 deposits 2 deposits 2,4 (all classes of banks) Time depos its Reserve Country Other Effective date 1 b C re a e c s n n i e k t t r y r s v a e l 3 b s c a R e i n r t e v y k e s C ba o tr n u y k n s b cl a ( a o n a s k l f s l e s s ) Effective date 1 $ U 5 n c m d it e i y l r ba $ n O 5 k v m s e i r l $ U 5 n m de i b l r a nk $ O s 5 v m e i r l d S e in i p a t g s v o s s $ U 5 ti n m m d e e il r d ep $ O 5 o s v m i e ts r i l lion lion lion lion lion lion In effect Dec. 31, 1949........ 22 18 12 5 1966—July 14,21 6 16% 6 12 64 64 5 Sept. 8, 15........ 6 1951—Jan. 11,16............... 23 19 13 6 Jan. 25, Feb. 1.... 24 20 14 1967—Mar. 2.............. 3% 3% 1953—July 9,1................. 22 19 13 Mar. 16............. 3 3 1954—june 24, 16............... 21 5 July 29, Aug. 1__ 20 18 12 1968—Jan. 11,18 16% 17 12 12% 1958—Feb. 27, Mar. 1.... 19% 17% 11% Mar. 20, Apr. 1__ 19 17 11 1969—Apr. 17............. 17 17% 12% 13 Apr. 17..................... 18% Apr. 24..................... 18 16% In effect Feb. 28, 1970.. 17 17% 12% 13 3 3 6 1 ago_Sent 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.... 4 Maximum................. n 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 Regula tion M to maintain, against its foreign branch deposits, a reserve equal Note.—All required reserves were held on deposit with F.R. Banks to 10 per cent of the amount by which (1) net balances due to, and certain June 21, 1917, until Dec. 1959. From Dec. 1959 to Nov. 1960, member assets purchased by, such branches from the bank’s domestic offices and banks were allowed to count part of their currency and coin as reserves; (2) credit extended by such branches to U.S. residents exceed certain effective Nov. 24, 1960, they were allowed to count all as reserves. For specified base amounts. Regulation D imposes a similar 10 per cent reserve further details, see Board’s Annual Reports. MARGIN REQUIREMENTS (Per cent of market value) Effective date Regulation Apr. 23, Jan. 16, Aug. 5, Oct. 16, July 28, July 10, Nov. 6, Mar. 11, June 8, 1955 1958 1958 1958 1960 1962 1963 1968 1968 Regulation T: For credit extended by brokers and dealers on— Listed stocks........................................................ 70 50 70 90 70 50 70 70 80 Listed bonds convertible into stocks................. 50 60 For short sales......................................................... 70 50 70 90 70 50 70 70 80 Regulation U: For credit extended by banks on— Stocks.................................................................. 70 50 70 90 70 50 70 70 80 Bonds convertible into listed stocks................... 50 60 Regulation G: For credit extended by others than brokers and dealers and banks on— Listed stocks........................................................ 70 80 Bonds convertible into listed stocks................... 50 60 Note.—Regulations G, T, and U, prescribed in accordance with ference between the market value (100 per cent) and the maximum Securities Exchange Act of 1934, limit the amount of credit to pur loan value. chase and carry registered equity securities that may be extended Regulation G and special margin requirements for bonds con on securities as collateral by prescribing a maximum loan value, vertible into stocks were adopted by the Board of Governors effective which is a specified percentage of the market value of the collateral Mar. 11, 1968. at the time the credit is extended; margin requirements are the dif Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 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............... 4Vi Other time deposits:2. ... Multiple maturity:3.... 12 months or more............ 4 4 30-89 days................. 4 4Vi Less than 12 months.......... 3% 3% 9 1 0 y - e 1 a y r e to a r 2 .. . y .. e .. a .. r . s .. . . . . . . . . . . . . . . . 5 5 5Vi 2 years and over........ 5V4 Single-maturity: Other time deposits: 2 Less than $100,000: 30 days to 1 year... 5 1 year to 2 years. .. 5 Vi 5Vi 12 months or more..., 4 2 years and over. .. 5 y4 6 months to 12 months 3% 4% $100,000 and over: 9 L 0 e s d s a t y h s a n to 9 6 0 m da o y n s t . h ... s . . .. . . 2 1 % 4 5Vz 6 3 0 0 - - 8 5 9 9 d d a a y y s s . . . . . . . . . . . . . . . . . . . . . . . . 5 5 % Vi 66V%4 (30-89 days) 90-179 days.......... 5% 5 Vi 6 6 Va 1 1 8 y 0 e d a a r y o s r t m o o 1 r y e e . a . r . . . . Wa 7 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 estab imum rates on postal savings accounts coincided with those on savings lished by the Board of Governors under provisions of Regulation Q; deposits. however, a member bank may not pay a rate in excess of the maximum 2 For exceptions with respect to certain foreign time deposits, see rate payable by State banks or trust companies on like deposits under Bulletins for Oct. 1962, p. 1279; Aug. 1965, p. 1084; and Feb. 1968, the laws of the State in which the member bank is located. Beginning p. 167. Feb. 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 m b e a A m n l k l b s er York C o it f y Other C b o a u n n kN t s r e y w Item m b e a A m n l k l b s er Y N o e r w k C o it f y Other C b o a u n n k t s ry City Chicago City Chicago Four weeks ending Dec. 31, 1969 Four weeks ending Jan. 28, 1970 11 Gross demand—Total.... 184,482 42,973 7,569 64,848 69,092 Gross demand—Total... 186,674 43,748 7,636 65,264 70,026 Interbank...................... 22,862 9,575 1,393 9,288 2,606 Interbank..................... 22,916 9,408 1,375 9,425 2,708 U.S. Govt...................... 4,561 788 206 1,780 1,787 U.S. Govt.................... 3,793 628 183 1,525 1,457 Other............................. 157,059 32,610 5,970 53,780 64,699 159,965 33,712 6,078 54,314 65,861 Net demand i................... 139,077 26,037 5,898 49,102 53,040 Net demand i................. 139,946 26,172 5,940 49,274 58,560 Time.................................. 149,686 15,145 4,583 54,819 75,140 149,001 14,995 4,556 54,502 74,948 Demand balances due Demand balances due from dom. banks.......... 9,803 498 168 2,640 6,497 from dom. banks........ 10,133 499 144 2,836 6,654 Currency and coin........... 4,971 426 95 1,549 2,901 Currency and coin.......... 5,292 452 109 1,669 3,063 Balances with F.R. Balances with F.R. Banks............................ 23,116 5,022 1,182 9,463 7,449 23,608 5,224 1,215 9,655 7,514 Total reserves held.......... 28,087 5,448 1,277 11,012 10,350 Total reserves held.......... 28,900 5.676 1,324 11,324 10,577 Required....................... 27,792 5,395 1,272 10,976 10,150 Required....................... 28,731 5.677 1,323 11,341 10,390 Excess........................... 295 53 5 36 200 169 -1 1 -17 187 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 □ MARCH 1970 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month 1970 1970 1969 Feb. 25 Feb. 18 Feb. 11 Feb. 4 Jan. 28 Feb. 28 Jan. 31 Feb. 28 Assets S G p o e l c d i a c l e r D ti r f a ic w a i te n g a c R c i o g u h n ts t .. c .. e . r .. t . i . f . i .. c . a .. t . e .. . a .. c .. c .. o .. u .. n .. t . . . 11,0 3 4 0 5 0 11,0 3 4 0 5 0 11,0 2 4 0 5 0 11,0 2 4 0 5 0 11,0 2 3 0 6 0 11,0 3 4 0 5 0 11,0 2 3 0 6 0 10,025 Cash................................................................................ 193 187 180 172 157 197 169 233 Discounts and advances: Member bank borrowings........................................ 833 663 998 1,186 1,070 1,107 1,566 744 Other.......................................................................... 40 40 Acceptances: H Bo el u d g h u t n o de u r t r r i e g p h u t r .. c .. h .. a . s .. e .. . a .. g .. r . e .. e .. m ... e .. n .. t . s .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 25 0 6 79 0 6 68 0 6 4 0 4 60 56 5 2 7 6 5 4 1 0 Fe a d g e r r e a e l m ag e e n n ts c . y .. . o .. b .. l .. i . g .. a .. t . i . o .. n .. s .. — ... H ... e .. l . d .. .. u .. n .. d .. e .. r .. . r .. e . p .. u ... r . c .. h .. a .. s . e .. 111 52 106 30 20 U.S. Govt, securities: Bought outright: Bills........................... 20,655 20,655 20,656 20,629 20,680 20,935 20,629 17,810 Certificates—Special. Other. . Notes......................... 32,073 32,073 31,392 31,392 31,392 32,073 31,392 29,926 Bonds........................ 2,815 2,815 3,496 3,496 3,496 2,815 3,496 4,340 Total bought outright..................... 155,543 155,543 155,544 155,517 1-255,568 155,823 55,517 52,076 Held under repurchase agreements. 147 717 615 681 192 199 55,690 56,260 56,159 56,198 * 55,568 *55 * 823 55,709 52,275 Total U.S. Govt, securities. 56,707 57,173 57,337 57,594 c56,698 57,026 57,388 53,130 Total loans and securities................... *8,622 *10,258 *9,062 *10,058 *9,595 *8,849 *8,449 8,404 Cash items in process of collection. . . 117 117 117 118 117 117 117 113 Bank premises..................................... Ot D he e r n o a m ss i e n ts a : ted in foreign currencies. 9 2 9 1 8 0 2 80 1 3 0 2 8 1 28 0 8 21 7 0 4 1,0 2 6 1 9 9 1,1 2 7 1 9 0 9 2 7 1 5 9 1,9 2 3 31 8 IMF gold deposited 3..................... 477 442 674 650 607 471 618 358 All other.......................................... *78,669 *80,535 *79,653 *80,921 *79,698 *79,394 *79,171 74,432 Total assets. Liabilities F.R. notes.......................................... 45,818 45,805 45,942 45,712 45,695 45,610 45,494 42,897 Deposits: Member bank reserves.................. *21,979 *22,984 *22,605 *23,774 *22,808 *23,332 *23,628 22,854 U.S. Treasurer—General account. 900 872 1,019 1,205 1,256 915 1,127 505 Foreign.......................................... 228 187 136 178 158 313 152 121 Other: IMF gold deposit 3................... 210 210 210 210 219 210 219 231 All other.................................... 627 563 543 471 482 566 473 251 Total deposits. *23,944 *24,816 *24,513 *25,838 *24,923 *25,336 *25,599 23,962 Deferred availability cash items........... 6,782 7,823 6,899 7,135 6,953 6,292 5,915 5,624 Other liabilities and accrued dividends. 539 574 564 565 521 541 529 465 Total liabilities........................................ *77,083 *79,018 *77,918 *79,250 *78,092 *77,779 *77,537 72,948 Capital accounts Capital paid in....................... 679 677 675 676 675 678 675 638 Surplus................................... 669 669 669 669 669 669 669 630 Other capital accounts.......... 238 171 391 326 262 268 290 216 Total liabilities and capital accounts........................... *78,669 *80,535 *79,653 *80,921 *79,698 *79,394 *79,171 74,432 Contingent liability on acceptances purchased for foreign correspondents.............................................. 150 149 148 147 146 152 147 99 U.S. Govt, securities held in custody for foreign account...................................................................... 8,055 7,888 7,973 7,776 7,672 8,219 7,374 8,062 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank)... 49,170 49,261 49,332 49,517 49,709 49,147 49,635 46,353 Collateral held against notes outstanding: Gold certificate account........................... 3,222 3,222 3,222 3,222 3,222 3,222 3,222 3,522 Eligible paper............................................ U.S. Govt, securities................................ 48,017 48,067 48,067 48,067 48,162 48,017 48,112 45,090 Total collateral. 51,239 51,289 51,289 51,289 51,384 51,239 51,334 48,612 1 See note 7 on page A-5. 3 See note 1 (b) at top of page A-75. 2 See note 6 on page A-5. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 1970 a FEDERAL RESERVE BANKS A 13 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 28, 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 l l a e n v d e m Ri o c n h d At t l a an c C a h g i o L S ou t. is M ap in o n li e s K C s a i a t n s y Dallas F c S i r s a a c n n o Assets 11,045 666 2,890 642 774 1,025 597 1,602 388 184 373 447 1,457 Special Drawing Rights certif. acct---- 300 17 70 17 25 27 16 53 11 5 11 11 37 1,079 114 234 61 99 76 174 54 25 21 40 44 137 197 9 27 9 20 12 25 26 13 6 11 12 27 Discounts and advances: 721 27 148 5 34 83 38 175 40 12 62 17 80 Secured by U.S. Govt, securities---- 426 27 153 8 3 37 32 6 30 1 35 9 85 Acceptances: 56 56 Held under repurchase agreements.. Federal agency obligations—Held U.S. Govt, securities: Bought outright............................... 55,823 2,746 13,981 2,875 4,435 4,069 2,972 9,252 2,018 1,151 2,130 2,417 7,777 57,026 2,800 14,338 ?,888 4,472 4,189 3,042 9,433 2,088 1,164 2,227 2,443 7,942 Cash items in process of collection... *11,647 668 2,096 584 748 782 1,231 1,805 594 422 860 708 1,149 Bank premises.................................... 117 2 9 2 7 11 18 17 10 6 18 8 9 Other assets: Denominated in foreign currencies.. 1,179 57 1311 60 105 60 77 174 40 26 50 66 153 IMF gold deposited 2...................... 210 210 All other........................................... 471 33 116 26 38 36 24 74 16 9 17 20 62 Total assets.......................................... *83,271 4,366 20,301 4,289 6,288 6,218 5,204 13,238 3,185 1,843 3,607 3,759 10,973 Liabilities F.R. notes............................................ 46,689 2,671 10,989 2,641 3,825 4,198 2,501 8,178 1,760 804 1,725 1,686 5,711 Deposits: Member hank reserves..................... *23,332 881 6,418 1,002 1,561 1,168 1,431 3,145 838 589 1,043 1,322 3,934 U.S. Treasurer—General account.. 915 81 53 69 50 75 72 85 48 57 89 87 149 Foreign.............................................. 313 14 3107 14 25 14 18 41 10 6 12 16 36 Other: IMF gold deposit 2...................... 210 210 All other....................................... 566 1 493 7 2 11 4 16 1 3 4 3 21 Total deposits...................................... *25,336 977 7,281 1,092 1,638 1,268 1,525 3,287 897 655 1,148 1,428 4,140 Deferred availability cash items......... 9,090 615 1,462 447 642 626 1,049 1,442 454 338 648 536 831 Other liabilities and accrued dividends 541 26 138 27 42 38 28 88 19 11 21 23 80 Total liabilities..................................... *81,656 4,289 19,870 4,207 6,147 6,130 5,103 12,995 3,130 1,808 3,542 3,673 10,762 Capital accounts 678 32 182 34 60 35 44 100 23 15 28 38 87 Surplus.................................................. 669 32 177 34 60 34 43 99 23 15 28 37 87 Other capital accounts......................... 268 13 72 14 21 19 14 44 9 5 9 11 37 Total liabilities and capital accounts.. *83,271 4,366 20,301 4,289 6,288 6,218 5,204 13,238 3,185 1,843 3,607 3,759 10,973 Contingent liability on acceptances purchased for foreign correspond ents................................................ 152 7 442 8 13 8 10 22 5 3 6 8 20 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)................................................ 49,147 2,808 11,616 2,737 4,092 4,344 2,694 8,504 1,836 838 1,806 1,818 6,054 Collateral held against notes out standing: Gold certificate account.................. 3,222 180 500 300 510 545 1,000 155 27 5 Eligible paper................................... U.S. Govt, securities....................... 48,017 2,667 11,400 2,620 3,750 3,860 2.850 7.950 1,780 835 1.875 1,930 6.500 Total collateral..................................... 51,239 2,847 11,900 2,920 4,260 4,405 2.850 8.950 1,935 862 1.875 1,935 6.500 1 After deducting $868 million participations of other Federal Reserve 3 After deducting $206 million participations of other Federal Reserve Banks Banks. 2 See note 1(b) to table at top of page A-75. 4 After deducting $110 million participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 14 OPEN MARKET ACCOUNT n MARCH 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 Month Exch., Gross Gross Gross maturity Gross Exch. pur Gross Redemp pur Gross Redemp pur Gross shifts, pur Gross or chases sales tions chases sales tions chases sales or chases sales maturity redemp shifts tions 1969—Jan.. 4,011 4,590 231 4,011 4,590 231 Feb.. 1,234 1,110 175 1,149 1,110 175 23 -8,479 33 6,095 Mar. 385 65 381 217 65 381 . 49 574 73 -574 Apr., 2,121 1 ,346 206 2,121 1,346 206 May, 2,368 1,444 2,173 1,444 33 10,883 78 -10,895 June, 4,586 3,993 7 4,586 3,993 7 July. 3,495 3,251 200 3,428 3,251 200 'io‘ 24 Aug. 2,201 1,658 2,201 1,658 407 4,514 Sept. 4,762 5,483 115 4,762 5,483 Oct.. 5,145 3,704 5,016 3,704 1 -694 74 519 Nov. 2,915 735 148 2,852 735 148 28 1,177 29 -40 Dec., 1,250 1,029 386 1,250 1,029 386 1970—Jan.. 3,133 4,154 615 3,133 4,154 615 Outright transactions in U.S. Govt, securities—Continued Repurchase Bankers’ agreements Federal acceptances (U.S. Govt, Net agency 5-10 years Over 10 years securities) change obliga Month in U.S. tions Under Net Govt, (net re repur change1 Exch. Exch. secur purchase Out chase Gross or ma Gross or ma Gross ities agree right, agree pur Gross turity pur Gross turity pur Gross ments) net ments, chases sales shifts chases sales shifts chases sales net 1969—Jan....... 371 371 -810 -818 Feb.... 24 2,384 6 2,517 2,318 148 20 1 40 209 Mar.... 26 20 2,044 1,854 130 5 -4 7 137 Apr.... 1,929 1,790 708 54 5 43 810 May... 60 12 24 4,192 4,470 646 1 -5 -60 582 J J A u u u n l g y e _ . . . _ . . _ . . '23' -4,921 io' 2 1 , , 7 3 5 2 1 6 1 2 0 2 1 , , 4 5 5 9 6 6 1 2 0 7 3 7 3 4 3 6 4 39 - -1 5 * -3 2 0 2 2 8 4 2 3 3 0 4 Sept__ 1,121 1,062 -777 -39 -3 -22 -841 Oct....... 52 175 2,655 2,715 1,381 17 4 1,402 Nov.. .. 3 -1,137 1,031 1,260 1,803 -17 8 1,794 Dec.. . . 3,336 3,336 -165 15 -150 1970—Jan.. 1,201 1,009 -1,444 30 -1,395 1 Net change in U.S. Govt, securities, Federal agency obligations, and Note.—Sales, redemptions, and negative figures reduce System hold bankers’ acceptances. ings ; all other figures increase such holdings. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) Nether End of Total Pounds Austrian Belgian Canadian Danish French German Italian Japanese lands Swiss period sterling schillings francs dollars kroner francs marks lire yen guilders francs 1967—Dec. 1,604 1,140 45 413 * 2 1968—Nov. 2,211 1,443 111 571 75 4 3 Dec. 2,061 1,444 433 165 4 3 1969—Jan.. 1,883 1,443 41 25 294 67 1 4 6 Feb., 1,938 1,450 13 25 318 125 4 1 Mar. 2,059 1,396 23 461 160 13 4 1 Apr. 1,960 1,245 44 50 436 163 15 4 * May, 1,889 1,542 50 176 100 15 4 1 June, 1,834 1,564 50 115 15 86 2 July. 1,670 1,383 50 24 15 196 * Aug. 1,929 1,571 224 15 114 3 S O e c p t t . . . 2 1 , , 3 8 3 23 0 1 1 , , 6 4 9 9 3 4 204 1 7 3 3 1 15 3 11 2 4 5 2 Nov. 1,370 1,273 1 60 6 2 27 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 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 1970 1969 Feb. 25 Feb. 18 Feb.11 Feb. 4 Jan. 28 Feb. 28 Jan. 31 Feb. 28 Discounts and advances—Total................................... 873 663 993 1,186 1,070 1,147 1,566 744 820 655 984 1,180 1,061 1,095 1,549 730 53 8 9 6 9 52 17 14 Acceptances—T otal....................................................... 85 139 128 104 60 56 83 91 Within 15 days............................................................ 42 99 93 67 20 12 45 55 16 days to 90 days...................................................... 43 40 35 37 40 44 38 36 U.S. Government securities—Total............................. 55,749 56,371 56,211 56,304 55,568 55,823 55,739 52,295 Within 15 days*.......................................................... 3,094 3,911 3,577 3,659 2,189 1,561 2,210 1,610 16 days to 90 days...................................................... 21,371 21,007 10,320 10,228 10,821 22,467 11,112 9,231 91 days to 1 year........................................................ 9,589 9,758 21,183 21,286 21,427 10,100 21,286 8,479 Over 1 year to 5 years................................................ 14,130 14,130 12,811 12,811 12,811 14,130 12,811 19,008 Over 5 years to 10 years............................................ 6,953 6,953 7,642 7,642 7,642 6,953 7,642 13,350 Over 10 years.............................................................. 612 612 678 678 678 612 678 617 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts1 Turnover of demand deposits (billions of dollars) Period Leading SMSA’s Total 232 Leading SMSA’s Total 232 Total SMSA’s 226 Total SMSA’s 226 233 (excl. other 233 (excl. other SMSA’s N.Y. 6 others2 N.Y.) SMSA’s SMSA’s N.Y. 6 others2 N.Y.) SMSA’s 1969—Jan............................. 8,734.2 3,896.7 2,007.9 4,837.5 2,829.6 65.7 138.3 65.5 46.2 38.2 Feb............................. 8,833.1 3,929.8 2,047.2 4,903.2 2,856.1 67.3 144.9 67.2 47.0 38.7 Mar............................ 8,723.7 3,882.8 1,974.3 4,840.9 2,866.6 66.0 142.6 64.5 46.1 38.5 Apr............................. 8,883.8 3,902.0 2,028.9 4,981.8 2,952.9 66.6 140.9 66.3 47.2 39.4 May........................... 9,147.6 4,097.6 2,083.2 5,050.0 2,966.8 68.2 147.3 67.1 47.5 39.5 June........................... 9,385.2 4,155.7 2,164.4 5,229.6 3,065.2 68.7 145.5 68.6 48.4 40.1 July............................ 9,242.8 3,908.6 2,244.4 5,334.2 3,089.8 67.6 136.1 71.8 49.4 40.3 Aug............................ 9,430.1 4,148.4 2,242.8 5,281.7- 3,038.9 70.1 146.5 72.9 49.7 40.3 Sept............................ 9,737.3 4,311.5 2,249.6 5,425.8 3,176.3 72.3 153.5 73.0 50.9 41.9 Oct............................. 9,527.0 4,127.6 2,254.7 5,399.3 3,144.7 70.8 148.8 72.9 50.6 41.5 Nov............................ 9,484.5 4,207.5 2,224.8 5,277.0 3,052.2 70.5 151.6 71.7 49.4 40.3 Dec............................ 9,560.4 4,198.2 2,212.9 5,362.2 3,147.9 69.4 145.7 69.6 49.2 40.8 1970—Jan............................. 9,536.7 4,054.0 2,277.4 5,482.7 3,205.3 69.3 139.9 71.6 50.5 41.7 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 □ MARCH 1970 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency End of period in cir cula tion 1 Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939. 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941. 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945. 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947. 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950. 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955. 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1958. 32,193 22,856 2,182 1,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959. 32,591 23,264 2,304 1,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 1960. 32,869 23,521 2,427 1,533 88 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 1961 . 33,918 24,388 2,582 1,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 3 10 1962. 35,338 25,356 2,782 1,636 97 2,375 7,071 11,395 9,983 2,990 6,448 240 293 3 10 1963. 37,692 26,807 3,030 1,722 103 2,469 7,373 12,109 10,885 3,221 7,110 249 298 3 4 1964. 39,619 28,100 3,405 1,806 111 2,517 7,543 12,717 11,519 3,381 7,590 248 293 2 4 1965. 42,056 29,842 4,027 1,908 127 2,618 7,794 13,369 12,214 3,540 8,135 245 288 3 4 1966. 44,663 31,695 4,480 2,051 137 2,756 8,070 14,201 12,969 3,700 8,735 241 286 3 4 1967. 47,226 33,468 4,918 2,035 136 2,850 8,366 15,162 13,758 3,915 9,311 240 285 3 4 1968. 50,961 36,163 5,691 2,049 136 2,993 8,786 16,508 14,798 4,186 10,068 244 292 3 4 1969--Jan............ 48,983 34,401 5,673 1,907 136 2,779 8,257 15,650 14,582 4,090 9,951 244 291 3 4 Feb............ 48,996 34,421 5,603 1,895 136 2,784 8,318 15,685 14,576 4,080 9,955 243 291 4 4 Mar........... 49,475 34,792 5,645 1,909 136 2,806 8,383 15,915 14,682 4,102 10,023 244 291 3 19 Apr............ 49,642 34,895 5,692 1,934 136 2,815 8,363 15,955 14,747 4,130 10,073 244 292 3 4 May.......... 50,399 35,529 5,730 1,971 136 2,861 8,531 16,300 14,869 4,158 10,166 244 292 3 5 June.......... 50,936 35,920 5,790 1,989 136 2,882 8,592 16,531 15,016 4,212 10,259 245 292 3 5 July........... 51,120 35,981 5,827 1,992 136 2,852 8,546 16,629 15,139 4,251 10,345 243 291 3 5 Aug........... 51,461 36,232 5,849 2,001 136 2,868 8,586 16,791 15,229 4,276 10,418 241 286 3 5 Sept........... 51,336 36,032 5,877 2,023 136 2,858 8,500 16,639 15,303 4,280 10,493 239 283 3 5 Oct............ 51,710 36,275 5,909 2,041 136 2,865 8,536 16,789 15,435 4,302 10,608 236 280 3 5 Nov........... 52,991 37,325 5,965 2,115 136 2,971 8,839 17,300 15,666 4,385 10,761 235 278 3 5 Dec............ 53,950 37,917 6,021 2,213 136 3,092 8,989 17,466 16,033 4,499 11,016 234 276 3 5 1970—Jan............. 51,901 36,120 5,986 2,074 136 2,872 8,425 16,626 15,781 4,380 10,889 231 273 3 5 1 Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin, overstated because they include small amounts of paper currency held by the Treasury and the F.R. Banks for which a denominational break- Note.—Condensed from Statement of United States Currency and down is not available. Coin, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circulation 1 Total out Held by standing, As security For F.R. 1970 1969 Kind of currency Ja 1 n 9 . 7 3 0 1, g a o s g l i d a lv in a er n s t d Tr c e a a s s h ury B F a a n . n R d k . s A B a g a n e n d n k t s s Jan. Dec. Jan. certificates Agents 31 31 31 Gold .......................................................................... 11,367 (11,036) 2 331 Gold certificates............................................................. (11,036) 311,035 1 Federal Reserve notes................................................... 49,635 176 4,139 45,321 47,334 42,700 Treasury currency—Total............................................. 6,859 110 169 6,580 6,615 6,283 Standard silver dollars.............................................. 485 3 482 482 482 Fractional Coin......................................................... 5,749 78 167 5,504 5,539 5,191 United States notes.................................................... 323 29 2 292 292 303 jji process of retirement4.......................................... 303 302 303 307 Total—Jan. 31, 1970................................................... 567,862 (11.036) 617 11.035 4,309 51,901 Dec. 31 1969................................................... 567,632 (10.036) 596 10.035 3,051 53,950 Jan 31 1969................................................... 564,020 (10,025) 754 10,024 4,260 48,983 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
MARCH 1970 n MONEY SUPPLY; BANK RESERVES A 17 MONEY SUPPLY AND RELATED DATA (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Period Time Time U.S. deposits deposits Govt, Currency Demand ad Currency Demand ad demand Total component deposit justed 1 Total component deposit justed i deposits1 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—Feb................................................... 196.3 43.8 152.5 202.4 194.8 43.4 151.4 202.4 6.9 Mar.................................................. 196.8 44.1 152.6 202.3 195.0 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 5.3 199.1 45.6 153.6 193.5 199.3 45.6 153.7 193.7 4.2 199.3 45.9 153.4 193.4 201.0 46.4 154.7 192.6 5.1 Dec................................................... 199.6 46.1 153.7 194.1 206.0 46.9 159.1 192.4 5.5 1970—Jan.................................................... 201.1 46.1 155.0 192.1 207.1 46.1 161.1 191.7 4.7 Feb.*................................................ 199.6 46.4 153.2 192.0 198.0 45.9 152.1 192.0 7.1 Week ending— 1970—Jan. 7.......................................... 202.5 45.7 156.8 193.2 212.8 46.6 166.3 192.5 4.8 14.......................................... 202.1 46.0 156.1 192.3 209.7 46.2 163.5 191.9 3.3 21.......................................... 201.6 46.1 155.5 191.9 206.7 46.0 160.8 191.5 4.2 28.......................................... 199.1 46.3 152.8 191.4 201.6 45.5 156.1 191.3 6.0 Feb. 4.......................................... 199.0 46.3 152.7 191.1 201.6 45.8 155.9 191.1 6.5 11*........................................ 198.6 46.3 152.3 191.4 198.9 46.2 152.8 191.4 6.9 18*......................................... 199.7 46.4 153.3 191.9 197.6 46.0 151.6 191.9 6.8 25*......................................... 200.0 46.4 153.6 192.6 195.0 45.7 149.3 192.6 8.0 1 At all commercial banks. and F.R. float; (2) foreign demand balances at F.R. Banks; and (3) cur Note.—For description of revised series and for back data, see Oct. r b e a n n c k y s . ou T t i s m id e e d th e e p o T si r t e s a s a u d ry ju , st F e . d R . ar B e a n t k im s, e an d d e p v o a s u it l s t s a o t f a a l l l l c c o o m m m m e e r r c c i i a a l l 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 billionsof dollars) Member bank reserves, S.A.1 Deposits subject to reserve requirements 2 S.A. N.S.A. Period Total Non Required borrowed Time Private U.S. Time Private U.S. Total and demand Govt. Total and demand Govt. savings demand savings demand 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—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 June.............................. 28.06 26.71 27.74 292.6 158.1 130.5 4.0 292.0 158.6 128.4 5.0 July............................... 27.53 26.28 27.33 288.0 155.1 130.5 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............................... 27.93 26.81 27.71 285.8 151.5 129.4 4.9 288.6 149.7 134.4 4.6 1970—Jan................................ 28.00 26.97 27.82 284.8 149.4 130.1 5.3 288.5 148.9 135.6 3.9 Feb.*............................ 27.68 26.57 27.52 282.9 148.8 128.6 5.5 282.4 148.8 127.5 6.0 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 in clude 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 □ MARCH 1970 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, Treas net— Date D R S G r p i a a g e n o w c h d l i d i t a n s l 1 g s r t o c e u i a u n n u r n g y c r t d y Total n L e o t a 2 n * s, 3 Total U.S. s C a T a v o r n i m e n d a g l s . s ury R F s B e e e a s d c e n u e r k r r v i a s t e l ies Other4 r O s i e t t i c h e u e s r 3 c l T a i i a p n a t o n i b e i e t 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 ts y c C m o a a n a u p i n c e s n i d t c t t a . s, l banks 1947—Dec. 31................... 22,754 4,562 160,832 43,023 107,086 81.199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30................... 22,706 4,636 171,667 60,366 96,560 72,894 20,778 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—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. 29*................. 10.400 6,800 514,800 321,000 112,500 57.700 54,800 81.300 531,900 465,100 66,800 Nov. 26*................. 10.400 6,800 519.300 322,800 114.900 58,200 56.700 81,600 536.500 467.800 68.700 Dec. 31*................. 10.400 6,800 530.300 333,600 115.000 57.900 57,200 81,600 547.500 483,000 64.500 1970—Jan. 28*................. 11,600 6.900 514.600 322.200 111,400 55,800 55,600 81,100 533,000 466,300 66.700 Feb. 25*................. 11,700 6.900 512,700 321,400 110.000 54.300 55.700 81.300 531,200 463,700 67.500 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted 6 Not seasonally adjusted Time U.S. Government Date Total o b r u C e a t n n u s c i k r d y s e d ju e m D p s a a t o d e e n s d d i t 7 s Total o b r C u 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 o d e e n s d d i t 7 s Total b m C a e n o r k c m s ia l 2 b M sa a v n u i k t n u s g a s l 8 S P t a S e o v y m s i s t n a 4 g l s n e F i e o g t n r 9 , T h c i u r o n a e r g l s y a d h s s s b c a a o a A v n n m i d t k n l g s . s B F a A . n R t k . s 1947—Dec. 31.... 110,500 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1,682 1,336 1,452 870 1950—Dec. 30.... 114,600 24,600 90,000 117,670 25,398 92,272 59,246 36,314 20,009 2,923 2,518 1,293 2,989 668 1967—Dec. 30.... 181,500 39,600 141,900 191,232 41,071 150,161 242,657 182,243 60,414 2,179 1,344 5,508 1,123 1968—Dec. 31.... 199,600 42,600 157,000 207,347 43,527 163,820 267,627 202,786 64,841 2,455 695 5,385 703 1969—Feb. 26.... 191,300 42,800 148,500 190,500 42,300 148,100 266,700 201,600 65,200 2,100 800 6,200 600 Mar. 26.... 193,500 43,200 150,300 190,700 42,800 147,900 267,700 201,800 65,900 2,100 700 4,600 500 Apr. 30.... 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 May 28.... 191,700 43600 148,100 189,300 43,500 145,900 267,500 201,500 66,000 2,100 700 6,900 400 June 305... 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 July 30.... 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 Aug. 27.... 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 Sept. 24.... 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 Oct. 29*... 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 Nov. 26*... 195,600 44,900 150,700 198,800 46,300 152,500 258,300 191,700 66,600 2,400 700 6,800 900 Dec. 31*... 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 1970—Jan. 28*.. 195,500 45,300 150,200 198,100 44,700 153,400 257,300 190,200 67,000 2,500 600 6,500 1,300 Feb. 25*... 193,800 45,300 148,500 193,200 44,800 148,400 258,800 191,700 67,100 2,600 600 7,500 900 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 lia accumulated 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 re changes 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
MARCH 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 Total Num Cash lia Bor capital ber Class of bank assets bilities row of and date Total Lo1 a, n2s and Total3 Demand ings banks U.S. capital De Treas Other2 ac mand Time Time1 ury counts 4 U.S. Govt. Other All commercial banks: 1941-—Dec. 31 , 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 23 7,173 14,278 1945-—Dec. 31 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 219 8,950 14,011 1947-—Dec. 315 38,057 69,221 9,00637,502 155,377144,103 12,792 240 1,343 94,367 35,360 6510,059 14,181 1966--Dec. 31. 322,661 217,726 56,16348,77269,119403,368352,287 19,770 967 4,992 167,751 158,806 4,859 32,054 13,767 1967--Dec. 30. 359,903235,954 62,47361,47777,928451,012395,00821,883 1,314 5,234 184,066182,511 5,77734,384 13,722 1968-—Dec. 31 401,262265,259 64,46671,53783,752500,657434,02324,747 1,211 5,010 199,901 203,154 8,899 37,006 13,679 1969--Feb. 26 393,470263,120 59,47070,88071,590480,700404.520 19,550 1,010 5,830 176,230201,900 13,01037,180 13,673 Mar.26. , 394,900264,970 58,51071,42072,090482,870403,670 19,910 990 4,250 176,360202,160 14,36037,360 13,677 Apr. 30, , 400,750270,470 57,98072,30081,110498,200417,00021,230 960 8,950 184,290201,57015,78038,000 13,669 May 28 , 399,920272,720 55,38071,82076,700493,250408.52020,990 950 6,530 178,200201,85017,49038,090 13,668 June 306, 410,279283,850 54,04472,38588,209516,752425. 25,187 882 5,639 193,787199,868 14,74038,823 13,673 July 30. . 409,200283,240 54,70071,26074,370501,650404! 21,060 860 5,490 180,260196,37019,45038,480 13.682 Aug.27. . 405,860280,680 54,33070,85076,200499,750401; 21,410 870 4,860 179,840194,79021,27038,660 13.683 S O N e c o p t v . t . . 2 2 2 9 6 4 * * . , 4 4 4 0 0 11 8 8 , , , 5 6 47 8 7 0 0 0 2 2 2 8 8 86 4 3 , . ,2 3 9 0 7 30 0 0 5 5 5 4 4 3 , , , 3 8 2 1 0 5 0 0 07 7 7 0 1 0. , , 1 1 5 9 0 7 0 0 0 7 7 8 5 6 2 , , , 9 9 3 6 1 4 0 0 05 5 5 1 0 0 2 4 3 , , , 9 5 1 9 8 7 0 0 0 4 4 4 0 0 1 4 6 1 ! ; ; 2 2 2 1 2 3 , . . 2 1 1 9 6 9 0 0 0 8 8 6 1 8 8 0 0 0 7 6 6 , , , 1 6 5 6 1 6 0 0 01 1 1 8 8 8 9 3 0 , , , 4 8 5 1 0 5 0 0 0 1 1 1 9 9 9 1 3 3 , , , 9 9 0 3 7 2 0 0 0 2 2 2 1 1 1 , , , 2 6 9 1 4 6 0 0 0 3 3 3 9 9 8 , , . 3 4 8 1 5 6 0 0 0 1 1 1 3 3 3 , . . 6 6 6 8 8 8 1 3 4 Dec. 31* 418,810293,630 54,57070,61089,880527,730433. 27,230 670 4,960207,800192,69017,80039,850 13,662 1970—Jan. 28* 408,440285.970 52,50069,97077,280504,080404,29021,570 660 6,270185,340190,450 22,62039.860 13.661 Feb. 25* 406,460285,320 50,95070.19078,750504,070404,27022,260 660 7,320182,140191,89022,62040,070 13.661 Members of F.R. System: 1941—Dec. 31.......... 43,521 18,021 19,539 5,96123,123 68,121 61,717 10,385 140 1,709 37,136 12,347 5,886 6,619 1945—Dec. 31.......... 107,183 22,775 78,338 6,07029.845 138,304129,67013,576 6422,179 69,640 24,210 208 7,589 6,884 1947—Dec. 31.......... 97,846 32,628 57,914 7,30432.845 132,060 122,52812,353 50 1,176 80,609 28,340 54 8,464 6,923 1966—Dec. 31. . 263,687 182,802 41,92438,96060,738334,559291,063 18,788 794 4,432 138,218 128,831 4,61826,278 6,150 1967—Dec. 30. . 293,120196,849 46,95649,31568,946373,584326,03320,811 1,169 4,631 151,980147,442 5,37028,098 6,071 1968—Dec. 31. . 325,086220,285 47,881 56,92073,756412,541 355,41423,519 1,061 4,309 163,920162,605 8,45830,060 5,978 1969—Feb. 26.. 317,925218,407 43,38756,13163,247394,742329,130 18,593 860 4,907 144,065 160,70512,17930,190 5,967 Mar. 26. . 318,742219,595 42,709 56,43863,749396,209327,685 18,950 842 3,374 143,989 160,53013,63630,342 5,962 Apr. 30. . 322,920223,609 42,37256,93972,398409,340339,06220,260 796 7,981 150,719159,306 14,88830,699 5,955 May 28. . 321,197224,696 40,17756,32468,479403,971 330,43320,054 790 5,405 145,261 158,923 16,46730,752 5,944 June 306. 329,707233,960 39,382 364 424,278344,46624,097 722 4,874 158,287156,48513,99931,317 5,936 July 30.. 328,560233,196 39,962 402 410i ,401 324,99320,079 699 4,562 146,373 153,28018,14531,090 5,925 Aug. 27. . 325,413230,654 39,754 005 408,644323,06320,433 707 4,046 146,139 151,738 19,92531,234 5,919 Sept. 24. . 327,611233,744 38,643 224 411,501 324,78020,234 683 6,576 146,468 150,81920,32231,374 5,910 Oct. 29. . 327,288233,260 39,725 303 412 ,130326,76821,182 721 5,438 149,424150,003 19,89331,694 5,901 Nov. 26. . 330,002235,055 40,276 671 419,571 331,35022,138 522 5,666 153,874149,15020,61431,793 5,893 Dec. 31.. 336,392241,594 40,038 760 432,310 349,99725,898 514 4,078 169,781 149,72616,95732,110 5,871 1970—Jan. 28.. 327,368234,860 38,32854,18068,449411,828324,60520,560 497 5,420150,363 147,76521,263 32,078 5.851 Feb. 25*. 325,777234,213 37,11054,45469,806412,036324,93721,244 496 6,429 147,932148,83621,23832,242 5.851 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 36 1945—Dec. 31. . 26,143 7,334 17.574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31. . 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 1 1 1 9 9 9 6 6 6 6 7 8 — — — D D D e e e c c c . . . 3 3 31 1 0 . . . . . . 4 5 5 6 7 2, , , 1 5 0 4 4 3 1 7 6 4 3 3 2 5 9 , , , 9 9 0 6 4 5 1 8 9 4 6 5 , , , 9 0 98 2 2 4 7 0 8 7 5 , , , 0 0 6 9 5 7 5 4 4 1 1 1 9 8 4 , , , 9 8 7 4 6 9 8 9 7 7 8 6 4 1 4 , , , 6 3 4 0 6 2 9 4 4 6 6 5 3 0 1 , , , 4 9 8 0 0 3 7 0 7 8 6 7 , , , 9 3 23 6 7 8 4 0 4 6 74 2 6 1 2 7 1 1 , , 0 01 8 6 4 2 3 33 6 1 , , , 3 5 2 5 3 8 1 2 5 2 2 1 0 0 7 , , , 0 0 4 7 6 4 2 6 9 2 1 1 , , , 7 8 8 3 8 7 3 0 4 6 5 5 , , , 1 2 7 9 1 3 8 5 7 1 1 1 2 2 2 1969-- A M M Fe p a a b r y r . . . 2 3 2 2 0 6 6 8 . . . . . . . . 5 5 5 5 4 4 3 5 , , , , 5 9 6 84 9 4 0 6 2 7 7 4 4 4 4 1 3 2 3 , , , , 8 1 6 2 7 5 3 7 5 7 4 2 4 4 4 4 , , , . 0 6 4 5 9 1 9 7 9 6 5 4 7 7 7 7 , , , , 5 7 4 4 7 5 9 4 4 3 9 4 2 2 1 1 0 2 8 7 , , , , 6 7 6 6 8 1 8 5 4 0 0 9 8 8 7 7 0 2 6 6 , , , , 1 3 7 5 9 9 7 4 5 5 6 5 5 5 5 5 9 6 5 6 , , , , 8 1 0 3 4 8 4 2 1 8 3 6 8 7 8 7 , , , , 8 7 1 8 2 2 8 5 3 4 4 4 4 1 1 4 6 9 4 9 2 2,0 8 9 3 8 2 5 2 0 6 6 4 2 2 2 3 9 8 1 9 , , , , 5 5 7 3 1 7 4 4 3 7 6 0 1 1 1 1 7 6 8 7 , , , , 0 5 4 9 4 4 6 1 1 6 7 4 4 4 4 3 , , , , 9 0 2 2 2 1 6 9 1 9 0 7 6 6 6 6 , , , , 1 2 2 1 5 1 5 4 3 7 6 0 1 1 1 1 2 2 2 2 D O J A S N J u u e e c u o l n p c t y g v . e t . . . . 2 2 2 2 3 3 3 9 4 6 7 0 0 1 . . . . . 6 . . . . . . . . 5 6 5 5 5 5 5 8 0 6 7 7 6 7 , , , , , , , 5 3 5 9 2 6 8 3 7 0 7 0 4 8 1 7 5 8 9 5 5 4 4 4 4 4 4 4 5 8 6 4 5 5 6 , , , , , , , 7 2 2 9 9 8 2 6 4 8 2 1 0 3 9 9 7 7 2 4 2 5 4 4 4 4 5 4 , , , , , , , 0 5 9 7 4 8 4 4 9 8 3 2 0 4 7 3 7 2 4 4 5 7 6 6 6 6 6 7 , , , , , , , 0 7 9 7 3 2 8 2 7 5 9 3 0 3 1 3 3 6 8 7 0 2 2 2 2 2 1 1 2 1 1 0 6 9 9 , , , , , , , 4 8 8 2 5 1 7 1 4 2 2 7 6 7 5 6 8 3 5 6 4 8 8 8 8 8 8 8 5 8 3 1 1 9 2 , , , , , , , 2 4 9 4 8 2 3 0 0 0 5 8 8 2 5 5 3 5 6 4 7 6 5 6 5 5 5 5 2 7 2 4 4 4 6 , , , , , , , 9 4 5 2 7 5 0 3 6 3 7 1 3 6 1 8 3 4 2 4 6 1 1 9 9 8 8 8 0 1 , , , , , , , 0 5 7 4 5 3 2 7 3 8 4 1 4 3 1 3 3 9 6 0 3 2 4 2 3 3 3 3 3 4 3 0 7 3 6 1 7 8 3 7 9 5 1 1 1 , , , 5 3 2 6 9 8 7 0 2 9 2 9 8 2 8 8 8 1 3 4 2 3 2 3 3 3 3 3 6 1 9 0 1 0 4 , , , , , , , 5 1 7 2 9 4 4 4 5 8 0 5 3 9 3 5 6 9 3 2 0 1 1 1 1 1 1 1 4 4 4 4 4 5 4 , , , , , , , 4 9 7 0 6 4 1 2 5 2 1 2 7 6 1 7 2 5 6 0 0 4 5 5 5 5 3 5 , , , , , , , 3 6 4 4 4 6 0 8 3 7 1 5 2 2 9 1 1 9 8 2 0 6 6 6 6 6 6 6 , , , , , , , 2 3 3 2 2 2 2 8 7 4 1 7 5 8 1 1 7 5 8 3 6 1 1 1 1 1 1 1 2 2 2 2 2 2 2 1970—Jan. 28.. 57,069 45,722 4,794 6,55320,535 82,673 56,240 8,697 236 1,140 31,730 14,437 4,930 6,248 12 Feb. 25.. 56,568 45,523 4,319 6,72621,808 83,599 57,251 9,393 216 1,484 31,497 14,661 5,068 6,304 12 For notes see p. A-22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 20 COMMERCIAL BANKS □ MARCH 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 d f a b te ank Total Lo 1 a ,2 ns T U u r S e r .S a e y s c . urit O ie t s h 2 er a C ss a e s t h s 3 c b c o T a i a l u a l o p i i n c a t n i t d i a t e t a l s s l 4 Total 3 m D I a n e n t e d rba T n i k m 3 e U. D S. ema O O n t t d h h e e r r Time1 r B i o n o w g r s c c T a o a o p u c t i n a ta t l s l b N b a u o n e m f r ks Govt. 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 13 1945—Dec. 31................. 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31................. 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 1966—Dec. 31.................. 11,802 8,756 1,545 1,502 2,638 14,935 12,673 1,433 25 310 6,008 4,898 484 1,199 11 1967—Dec. 30................. 12,744 9,223 1,574 1,947 2,947 16,296 13,985 1,434 21 267 6,250 6,013 383 1,346 10 1968—Dec. 31................. 14,274 10,286 1,863 2,125 3,008 18,099 14,526 1,535 21 257 6,542 6,171 682 1,433 9 1969—Feb. 26................. 13,802 10,030 1,558 2,214 3,128 17,685 13,144 1,246 17 238 5,826 5,817 1,130 1,431 9 Mar. 26................. 14,146 10,313 1,634 2,199 2,768 17,696 12,789 1,267 17 92 5,775 5,638 1,418 1,435 9 Apr. 30.................. 14,004 10,218 1,592 2,194 2,835 17,635 13,201 1,170 17 615 5,901 5,498 1,319 1,460 9 May 28................. 13,646 9,996 1,473 2,177 3,067 17,559 12,662 1,190 17 233 5,886 5,336 1,682 1,446 9 June 306............... 14,321 10,573 1,616 2,132 2,716 17,869 13,035 1,368 25 274 6,192 5,176 1,230 1,492 9 July 30.................. 14,238 10,630 1,556 2,052 2,601 17,635 12,042 1,192 15 242 5,686 4,907 1,354 1,455 9 Aug. 27.................. 13,832 10,373 1,473 1,986 2,698 17,344 11,779 1,170 19 149 5,630 4,811 1,717 1,483 9 Sept. 24................. 14,006 10,564 1,471 1,971 2,925 17,784 11,806 1,189 24 349 5,555 4.689 2,092 1,493 9 Oct. 29................. 13,945 10,341 1,667 1,937 2,604 17,410 11,641 1,153 27 334 5,543 4,584 2,064 1,492 9 Nov. 26................. 14,022 10,331 1,685 2,006 2,942 17,824 11,958 1 ,330 21 250 5,866 ,4,491 1,985 1,500 9 Dec. 31................. 14,369 10,773 1,565 2,031 2,855 17,988 13,317 1,732 27 175 6,769 4,614 1,290 1,516 9 1970—Jan. 28................. 13,684 10,376 1 ,351 1 ,957 2,858 17,287 12,024 1 ,205 32 336 5,903 4,548 1,783 1,520 9 Feb. 25................. 14,102 10,388 1 ,578 2,136 3,039 17,966 12,205 1 ,280 42 442 5,831 4,610 2,297 1 ,522 9 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 1,967 351 1945—Dec. 31................. 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31................. 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,990 11,423 1 2,844 353 1966—Dec. 31................. 95,831 69,464 13,04013,32624,228 123,863 108,804 8,593 233 1,633 49,00449,341 1,952 9,471 169 1967—Dec. 30................. 105,724 73,571 14,667 17,48726,867 136,626 120,485 9,374 310 1,715 53,28855,798 2,555 10,032 163 1968—Dec. 31................. 119,006 83,634 15,03620,33728,136 151,957132,305 10,181 307 1,884 57,44962,484 4,239 10,684 161 1969—Feb. 26................. 116,211 83,065 13,151 19,99523,142 143,969 121,555 8,024 272 2,079 49,54961,631 6,085 10,773 161 Mar. 26................. 116,128 83,534 12,738 19,85623,094 143,928 120,639 7,885 281 1,338 49,751 61,384 6,763 10,878 161 Apr. 30................. 117,795 84,932 12,85720,00625,890148,544124,498 8,062 249 3,457 51,73560,995 7,522 10,982 161 May 28................. 116,902 85,316 11,98219,60424,557146,119 121,240 7,882 248 2,219 50,04360,848 7,819 11,014 161 June 306................ 119,789 88,582 11,635 19,57227,265 152,827125,157 9,028 159 2,171 54,07959,721 7,311 11,166 159 July 30................. 118,838 87,753 11,716 19,36924,037 148,510118,489 8,108 204 1,735 50,33358,109 9,173 11,194 159 Aug. 27.................. 117,449 86,509 11,81019,13024,644 147,680116,983 8,224 204 1,633 49,74057,18210,069 11,219 159 Sept. 24................. 117,698 87,577 11,110 19,01125,301 148,736 117,685 8,329 217 2,963 49,66356,513 10,23611,271 159 Oct. 29................. 117,954 87,388 11,79418,77223,979 147,722117,701 8,631 246 2,411 50,78055,633 9,506 11,391 158 Nov. 26................. 118,287 87,908 11,583 18,79626,601 150,766118,724 8,853 167 2,213 52,60354,88810,51811,381 158 Dec. 31................. 120,976 90,447 11,95818,571 29,968 156,951 126,14710,687 164 1 ,541 58,90054,855 9,58811,492 158 1970—Jan. 28................. 118,177 88,298 11,255 18,62424,714 148,856115,408 8,327 143 2,350 50,62553,963 11,84611,505 158 Feb. 25................. 117,265 87,839 10,775 18,651 24,467 147,785 115,117 8,231 152 2,823 49,82354,08811,10411,549 158 Country member: 7,8 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 6,219 1945—Dec. 31................. 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 17 5,465 24,235 12,494 11 2,525 6,476 1947—Dec. 31................. 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,056 17 432 28,378 14,560 23 2,934- 6,519 1966—Dec. 31................. 109,518 68,641 22,419 18,458 19,004 131,338 117,749 2,392 69 1,474 56,67257,144 30810,309 5,958 1967—Dec. 30................. 122,511 74,995 24,68922,82620,334 146,052 131,156 2,766 96 1,564 61,161 65,569 55211,005 5,886 1968—Dec. 31................. 134,759 83,397 24,99826,36422,664161,122 144,682 2,839 111 1,281 66,57873,873 80411,807 5,796 1969—Feb. 26................. 133,316 82,660 24,18326,473 19,318 156,543 138,108 2,200 102 1,666 59,35074,790 1,665 11,830 5,785 Mar. 26................. 134,526 83,873 23,76326,890 19,207 157,809 139,211 2,210 102 1,588 59,71775,594 1,44511,876 5,780 Apr. 30................. 135,514 85,222 23,30726,98521,063 160,766 141,522 2,240 111 1,829 61,57075,772 1,78012,017 5,773 May 28................. 135,802 86,210 22,62326,96920,071 160,098 140,343 2,157 111 2,127 59,75576,193 2,045 12,075 5,762 June 306................ 137,711 88,573 21,68627,45222,410164,299 143,739 2,515 86 1,448 63,56276,129 1,78712,376 5,756 July 30................. 137,839 88,891 21,79727,151 19,745 161,929 140,396 2,260 111 1,764 60,62275,639 2,607 12,200 5,745 Aug. 27................. 137,561 88,858 21,56727,136 19,927 161,665 139,763 2,256 111 1,542 60,27975,575 2,680 12,257 5,739 Sept. 24................. 138,629 89,796 21,52827,30520,113 163,495 141,016 2,370 111 1,966 60,96475,605 2,572 12,354 5,730 Oct. 29................. 138,484 89,744 21,54227,19820,195 163,194140,714 2,325 111 1,365 61,54875,365 2,684 12,530 5,722 Nov. 26.................. 139,184 90,567 21,521 27,09621,719 165,576142,737 2,415 86 1,695 63,49675,045 2,691 12,594 5,714 Dec. 31................. 140,710 92,105 21,46827,13724,064169,166148,069 3,048 86 1,668 67,96775,300 1,691 12,725 5,692 1970—Jan. 28.................. 138,438 90,464 20,92827,04620,342 163,012140,933 2,331 86 1,594 62,10574,817 2,70412,805 5,672 Feb. 25................. 137,842 90,463 20,43826,941 20,492162,686140,364 2,340 86 1,680 60,781 75,477 2,769 12,867 5,672 For notes see p. A-22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 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— F C R la S a s i n n s m i d s f u i e c F r m a a D t n b i c I o e C e r n s h b i y p Total Lo 1 a .2 ns T U re S .S a e s . c urit O ie t s h 2 er a C ss a e s t h s 3 b c T a i a l a l o p i i n c a t t i i d a t e a l s l Total 3 m D I a n e n t d erba T n i k m 3 e Dema O nd ther Tim l e r B i o n o w g r s c c T a o a o p u c t i n a t t a l s l N ba b u o n e m f k r s 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,(5 54 1,762 41,298 15,699 10 6,844 13,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292157,544147,775 13,! 883 23,740 80,276 29,876 215 8,671 13,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,615 54 1,325 92,975 34,882 61 9,734 13,398 1961—Dec. 30.. 213,904124,348 66,026 23,531 56,086276,600247,17617,737 333 5,934141,050 82,122 462 22,089 13,108 1962—Dec. 28.. 234,243 139,449 65,891 28,903 53,702295,093260,609 15,844 402 6,815 140,169 97,380 3,584 23,712 13,119 1963—Dec. 20.. 252,579 155,261 62,723 34,594 50,337310,730273,657 15,077 443 6,712 140,702110,723 3,571 25,277 13,284 1964—Dec. 31.. 275,053 174,234 62,499 38,320 59,911 343,876305,113 17,664 733 6,487154,043 126,185 2,580 27,377 13,486 1965—Dec. 31. .303,593200,109 59,120 44,364 60,327374,051 330,323 18,149 923 5,508 159,659 146,084 4,325 29,827 13,540 1966—Dec. 31.. 321,473217,379 55,788 48,307 68,515401,409351,438 19,497 881 4,975 166,689 159,396 4,717 31,609 13,533 1967—Dec. 30.. 358,536235,502 62,094 60,941 77,348448,878394,11821,598 1,258 5,219 182,984183,060 5,531 33,916 13,510 1968—Dec. 31.. 399,566264,600 64,028 70,938 83,061498,071432,71924,427 1,155 5,000 198,535203,602 8,675 36,530 13,481 1969—June 306. 408,620283,199 53,723 71,697 87,311 513,960423,95724,889 800 5,624 192,357200,287 14,450 38,321 13,464 National member: 1941—Dec. 31.. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,'786 1,088 23,262 8,322 4 3,640 5,117 1945—Dec. 31.. 69,312 13,925 51,250 4,137 20,144 90,220 84,939 9,:129 14,013 45,473 16,224 78 4,644 5,017 1947—Dec. 31.. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,375 35 795 53,541 19,278 45 5,409 5,005 1961—Dec. 30.. 116,402 67,309 36,088 13,006 31,078 150,809135,511 10,359 104 3,315 76,292 45,441 225 11,875 4,513 1962—Dec. 28.. 127,254 75,548 35,663 16,042 29,684 160,657142,825 9,155 127 3,735 76,075 53,733 1,636 12,750 4,505 1963—Dec. 20.. 137,447 84,845 33,384 19,218 28,635 170,233 150,823 8,863 146 3,691 76,836 61,288 1,704 13,548 4,615 1964—Dec. 31.. 151,406 96,688 33,405 21,312 34,064 190,289169,61510,521 211 3,604 84,534 70,746 1,109 15,048 4,773 1965—Dec. 31.. 176,605 118,537 32,347 25,720 36,880219,744 193,86012,064 458 3,284 92,533 85,522 2,627 17,434 4,815 1966—Dec. 31.. 187,251 129,182 30,355 27,713 41,690235,996206,45612,588 437 3,035 96,755 93,642 3,120 18,459 4,799 1967—Dec. 30.. 208,971 139,315 34,308 35,348 46,634263,375231,374 13,877 652 3,142 106,019 107,684 3,478 19,730 4,758 1968—Dec. 31.. 236,130159,257 35,300 41,572 50,953296,594257,884 15,117 657 3,090 116,422122,597 5,923 21,524 4,716 1969—June 306. 242,241 170,834 29,481 41,927 52,271 305,800251,489 14,324 437 3,534 113,134120,060 9,895 22,628 4,700 State member: 1941—Dec. 31.. 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,1739 621 13,874 4,025 1 2,246 1,502 1945—Dec. 31.. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,<HI 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31. . 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1961—Dec. 30.. 63,196 38,924 17,971 6,302 18,501 84,303 74,119 6,835 199 2,066 43,303 21,716 213 6,763 1,600 1962—Dec. 28.. 68,444 43,089 17,305 8,050 17,744 88,831 76,643 6,154 231 2,351 41,924 25,983 1,914 7,104 1,544 1963—Dec. 20.. 72,680 46,866 15,958 9,855 15,760 91,235 78,553 5,655 236 2,295 40,725 29,642 1,795 7,506 1,497 1964—Dec. 31.. 77,091 51,002 15,312 10,777 18,673 98,852 86,108 6,486 453 2,234 44,005 32,931 1,372 7,853 1,452 1965—Dec. 31.. 74,972 51,262 12,645 11,065 15,934 93,640 81,657 5,390 382 1,606 39,598 34,680 1,607 7,492 1,406 1966—Dec. 31.. 77,377 54,560 11,569 11,247 19,049 99,504 85,547 6,200 357 1,397 41,464 36,129 1,498 7,819 1,351 1967—Dec. 30.. 85,128 58,513 12,649 13,966 22,312 111,188 95,637 6,934 516 1,489 45,961 40,736 1,892 8,368 1,313 1968—Dec. 31.. 89,894 61,965 12,581 15,348 22,803 116,885 98,467 8,402 404 1,219 47,498 40,945 2,535 8,536 1,262 1969—June 306. 88,346 64,007 9,902 14,437 26,344 119,358 93,858 9,773 285 1,341 45,152 37,307 4,104 8,689 1,236 Nonmember: 1941—Dec. 31.. 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 6 959 6,810 1945—Dec. 31.. 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 7 1,083 6,416 1947—Dec. 31.. 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 4 149 12,366 6,558 7 1,271 6,478 1961—Dec. 30.. 34,320 18,123 11,972 4,225 6,508 41,504 37,560 543 30 553 21,456 14,979 24 3,452 6,997 1962—Dec. 28.. 38,557 20,811 12,932 4,814 6,276 45,619 41,142 535 43 729 22,170 17,664 34 3,870 7,072 1963—Dec. 20.. 42,464 23,550 13,391 5,523 5,942 49,275 44,280 559 61 726 23,140 19,793 72 4,234 7,173 1964—Dec. 31.. 46,567 26,544 13,790 6,233 7,174 54,747 49,389 658 70 649 25,504 22,509 99 4,488 7,262 1965—Dec. 31.. 52,028 30,310 14,137 7,581 7,513 60,679 54,806 695 83 618 27,528 25,882 91 4,912 7,320 1966—Dec. 31.. 56,857 33,636 13,873 9,349 7,777 65,921 59,434 709 87 543 28,471 29,625 99 5,342 7,384 1967—Dec. 30.. 64,449 37,675 15,146 11,629 8,403 74,328 67,107 786 89 588 31,004 34,640 162 5,830 7,440 1968—Dec. 31.. 73,553 43,378 16,155 14,020 9,305 84,605 76,368 908 94 691 34,615 40,060 217 6,482 7,504 1969—June 306. 78,032 48,358 14,341 15,333 8,696 88,802 78,610 791 78 749 34,070 42,921 451 7,004 7,528 For notes see p. A-22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 22 COMMERCIAL BANKS □ MARCH 1970 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 Bor Total Num and FDIC assets3 bilities row capital ber insurance Total Lo 1, a 2 ns T U re .S as . Oth 2 er ca a a p n c i d tal Total3 m D a e n d Time Demand Tim l e ings co a u c n ts' ba o n f ks ury counts 4 U.S. Other Govt. Noninsured nonmember: 1941—Dec. 31.. 1,457 455 761 241 763 2,283 1,872 3:19 i,:>91 253 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 45>7 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 306. 80,841 50,159 14,662 16,021 9,594 92,743 81,166 1,090 160 765 35,500 43,652 741 7,506 7,737 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
MARCH 1970 a COMMERCIAL BANKS A 23 LOANS AND INVESTMENTS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Period Securities Securities Total 1,2 Loans 1,2 Total i,2 Loans 1,2 U.S. Other2 U.S. Other2 Govt. Govt. 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 6 6.6 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—Feb. 26............................................................... 387.9 258.4 58.1 71.5 384.1 253.7 59.5 70.9 Mar. 26................................................................ 386.6 257.3 57.4 71.9 385.4 255.5 58.5 71.4 Apr. 30................................................................ 390.7 261.0 57.7 72.1 391.5 261.2 58.0 72.3 May 28................................................................ 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................................................................ 397.5 270.3 56.9 70.3 394.7 269.5 54.3 70.9 Sept. 24................................................................ 396.5 271.3 54.7 70.5 396.5 272.1 53.2 71.2 Oct. 29*.............................................................. 396.8 273.3 53.4 70.1 396.5 272.0 54.3 70.2 Nov. 26*.............................................................. 399.7 275.5 53.2 71.0 399.2 273.8 54.9 70.5 Dec. 31*.............................................................. 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 Feb. 25*.............................................................. 397.2 277.1 49.4 70.8 393.3 272.1 51.0 70.2 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......................... 1.223 1.283 1,216 1,150 All member—Cont. Insured................................... 1.223 1.283 1,216 1,149 Other reserve city............... 370 362 332 293 National member.................. 729 747 730 694 Country............................... 571 617 605 588 State member........................ 212 232 207 187 All nonmember...................... 283 304 278 269 All member............................... 941 979 937 881 282 304 278 268 Note.—These hypothecated deposits are excluded from “Time deposits” These deposits have not been deducted from “Time deposits” and and “Loans” at all commercial banks beginning with June 30, 1966, as “Loans” for commercial banks as shown on pp. A-21 and A-22 and on pp. sho.wn 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 □ MARCH 1970 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans 1 Investments b C a l n a k s s a o nd f l T o a a o n n t d a s l i f F e u r e n a d d l s C m o e m r Agri- o p s r u e r c c c F u a h r o r a r i r t y s i i i e n n s g g in f s in ti a T tu n o c ti i o a n l s Real Ot t h o er, U s . e S c . u T ri r t e ie a s s u 6 ry S a t n a d te call date invest sold, Total cial cul- in- Other local Other ments etc.2 3, 4 and tur- To di- govt. secu in 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 ers BanksOthers uals3 Total ce a r n t d ifi Notes Bonds rities deal cates ers Total: 2 1947—Dec. 31.. 116,284 38,057 18,167 1,660 8301,220 115 9,393 5,723 94769,221 9,982 6,03453,205 5,2763,729 1967—Dec. 30..361,186 4,057233,18088,4439,2706,2153,780 1,902 12,53558,52551,5855,65962,473 n.a. n.a. n.a.50,006 11,471 1968—Dec. 31..402,477 6,747259,72798,3579,7186,6254,108 2,206 13,72965,13758,3376,72464,466 n.a. n.a. n.a. 58,570 12.967 1969—June 30io411,429 7,226277,773 104,403 10,5525,3064,212 2,587 13,74668,41961,5407,009 54,044 n.a. n.a. n.a.60,080 12,305 All insured: 1941—Dec. 31.. 49,290 21,259 9,214 1,450 614 662 40 4,773 4,505 21,046 988 3,159 16,899 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,461 1,314 ,1643,606 49 4,677 2,361 1,132 88,91221,526 16,04551,342 3,8733,258 1947—Dec. 31.. 114,274 37,583 18,012 1,610 8231,190 114 9,266 5,654 91467,941 9,676 5,91852,347 5,1293,621 1967—Dec. 30..358,536 3,919231,58387,8709,2506,0173,719 1,848 12,39458,20951,3955,60662,094 13,13418,62431,62349,737 11,204 1968—Dec. 31..399,566 6,526258,07497,7419,7006,4094,063 2,145 13,621 64,80458,1426,65564,028 n.a. n.a. n.a.58,288 12,650 1969—June 30104' 08‘,620 7,067276,132103,723 10,5345,1804,168 2,541 13,60568,10461,3376,941 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 3,00715,561 3,0902,871 1945—Dec. 31. 107,183 22,775 8,949 8553,1333.378 47 3,455 1,900 1,057 78,338 19,260 14,27144,807 3,2542,815 1947—Dec. 31.. 97,846 32,628 16,962 1,046 811 1,065 113 7,130 4,662 83957,914 7,803 4,81545,295 4,1993,105 1967—Dec. 30..294,098 3,438194,38979,3445,7025,8203,099 1,754 11,58745,52840,4545,19046,956 9,633 13,65724,61441,5207,795 1968—Dec. 31.. 326,023 5,551215,671 87,8195,921 6,1743.379 2,012 12,79750,46145,4046,18947,881 n.a. n.a. n.a.48,4238,498 1969—June 3010330,587 5,444229,39792,9266,3484,9963,473 2,386 12,82052,55647,4576,43539,382 n.a. n.a. n.a.48,6007,764 New York City: 1941—Dec. 31.. 12,896 4,072 2,807 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945—Dec. 31.. 26,143 7,334 3,044 2,453 1,172 26 80 287 272 17,574 3,910 3,325 10,339 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 267 93 111 564 23811,972 1,642 558 9,772 638 604 1967—Dec. 30 52,141 415 38,64423,183 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 42,22225,258 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 301 o 57,885 992 45,24026,469 3,410 887 1,218 3,819 4,041 3,706 1,676 4,445 n.a. n.a. n.a. 6,553 655 Cit 1 1 y 9 9 4 4 o 1 5 f — — C D D hi e e c c c a . . g 3 3 o 1 : 1 . . . 2 5, , 9 7 3 6 1 0 1,3 9 3 5 3 4 7 7 3 60 2 21 4 1 8 23 5 3 2 2 36 2 51 9 5 40 4 1 , , 2 4 1 3 3 0 1,6 2 0 5 0 6 7 1 4 53 9 1 1 , , 0 8 2 6 2 4 1 1 8 8 1 2 2 1 0 93 4 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 30 io 14,321 207 10,366 6,353 366 264 179 1,144 790 338 1,616 n.a. n.a. n.a. 1,867 265 Other reserve city: 1941—Dec. 31. 15,347 7,105 3,456 300 114 194 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 1,969 35120,196 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 15,0472,148 14,667 3,140 3,557 8,31215,3762,110 1968—Dec. 31 119,339 2,197 81,76934,6321,3621 ,116 1,254 588 6,005 18,939 16,9162,520 15,036 n.a. n.a. n.a. 18,111 2,226 1969—June 301 o120,082 1,997 86,87937,120 1,512 7601,360 885 5,816 19,417 17,3542,656 11,635 n.a. n.a. n.a. 17,621 1,951 Co 1 u 9 n 4 t 1 r — y: Dec. 31. . 12,518 5,890 1,676 659 20 183 2 1,823 1,528 4,377 110 481 3,787 1,2221,028 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 22422,857 3,063 2,108 17,687 2,006 1,262 1967—Dec. 30.. 123,127 1,538 74,07419,839 4,332 607 906 100 2,20024,45321,5541,51624,689 4,168 7,793 13,14718,3384,488 1968—Dec. 31. 135,364 2,295 81,70621,811 4,493 720 969 119 2,14727,16424,154 1,69424,998 n.a. n.a. n.a.21,2695,095 1969—June 30io138,298 2,248 86,91322,9844,779 460 963 104 2,041 28,30825,509 1,76521,686 n.a. n.a. n.a.22,5594,893 Nonmember: 1947—Dec. 31. 18.454 5,432 1,205 614 20 156 2,266 1,061 10911,318 2,179 1,219 7,920 1,078 625 1967—Dec. 30.. 67,087 618 38,791 9,099 3,568 395 681 148 94812,997 11,131 46915,516 n.a. n.a. n.a. 8,4863,676 1968—Dec. 31.. 76.454 1,196 44,056 10,5383,797 451 729 194 93214,676 12,933 535 16,585 n.a. n.a. n.a. 10,1474,469 1969—June 30io 80,841 1,783 48,376 11,4764,204 310 739 201 92515,863 14,083 57414,662 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
MARCH 1970 a COMMERCIAL BANKS A 25 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits b c C a a l n l a l k s d s a a o n te f d s B F w e R a r . i n v R e t k h e . s s r C c e a o n n u i c d r n y b m a a w B d n e n i o c a s k t e l t h s i s c ? ju p m D o s a d a t s d e e e n i d t d s 8 m D e I s n o t t i c e r 7 ba e F n ig k o n r 9 G U o .S vt . . S g l a o o t n c a v d a t t e l . c C c h o f a e e e i e f t n e c r f r c d d i t s . k i ’ s, IPC I b n a t n e k r G P S U i a n o o a n . g s v S v d t s t . a . l g S l a o o t n c a v d a 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 l n 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 84,987 240 111 866 34,383 6510,059 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 26715,892 167,6345,77734,384 1968—Dec. 31.... 21,230 7,195 18,910167,145 22,501 2,245 5,010 16,876 9,684 173,341 1,211 36819,110184,8928,89937,006 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 16,690 183,97614,74038,823 AI1 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 1,24823,740 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 26715,836 166,9565,531 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 36819,057 184,1788,67536,530 1969—June 30io.. 19,801 6,229 16,778 151,340 22,755 2,134 5,624 16,819 12,378 163,160 800 351 16,634 183,30214,45038,321 Member, total: 1941—Dec. 31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31. . . . 15,811 1,438 7,117 64,184 12,333 1,24322,179 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 10,550121,530 18,951 1,861 4,631 11,857 7,940 132,184 1,169 23512,856135,3295,37028,098 1968—Dec. 31.... 21,230 5,634 11,279131,491 21,483 2,036 4,309 12,851 8,592 142,476 1,061 33015,668 147,5458,45830,060 1969—June 30io. 19,801 4,828 10,370118,038 22,026 2,072 4,874 12,916 11,513 133,857 722 30513,071 143,99013,99931,317 New York Citv: 1941—Dec. 31___ 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1947—Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1967—Dec. 30.... 4,786 397 476 20,004 5,900 1,337 1,084 890 4,748 25,644 741 70 1,152 18,8401,880 5,715 1968—Dec. 31.... 4,506 443 420 20,808 7,532 1,433 888 1,068 4,827 27,455 622 73 1,623 18,3802,733 6,137 1969—June 30io.. 4,212 400 424 15,504 9,725 1,509 983 1,314 7,801 25,338 405 53 673 14,7353,671 6,283 City of Chicago: 1941—Dec. 31___ 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31___ 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947—Dec- 31___ 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 1967—Dec. 30.. . . 1,105 94 151 4,758 1,357 77 267 283 217 5,751 21 2 602 5,409 383 1,346 1968—Dec. 31.... 1,164 98 281 5,183 1,445 89 257 245 207 6,090 21 2 624 5,545 682 1,433 1969—June 3010.. 652 78 134 4,428 1,298 69 274 321 228 5,644 25 1 391 4,783 1,230 1,492 Other reserve city: 1941—Dec. 31.... 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31.... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31 .... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1967—Dec. 30.... 8,618 1,452 2,805 39,957 8,985 390 1,715 3,542 1,580 48,165 310 80 5,830 50,2502,555 10,033 1968—Dec. 31.... 8,847 1,800 2,986 43,674 9,725 456 1,884 3,835 1,947 51,6b7 307 168 7,378 55,271 4,239 10,684 1969—June 30i«.. 7,945 1,499 2,776 39,781 8,538 444 2,172 3,792 1,843 48,444 205 162 6,231 53,621 7,311 11,166 Country: 1941—Dec. 31 .... 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31.... 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31___ 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1967—Dec. 30. ... 5,767 2,704 7,117 56,812 2,709 57 1,564 7,142 1,395 52,624 96 83 5,272 60,830 55211,005 1968—Dec. 31... . 6,714 3,293 7,592 61,827 2,781 58 1,281 7,703 1,612 57,263 111 86 6,043 68,348 80411,807 1969—June 3010.. 6,991 2,851 7,036 58,325 2,465 49 1,447 7,490 1,641 54,432 86 88 5,776 70,852 1,78712,376 Nonmember:3 1947—Dec. 31 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1967—Dec. 30 1,285 6,939 31,723 903 169 603 3,707 737 27,641 147 32 3,035 32,305 408 6,286 1968—Dec. 31 1,560 7,631 35,654 1,018 209 701 4,205 1,092 30,865 150 38 3,442 37,347 441 6,945 1969—June 30i0 1,430 7,221 34,957 903 186 765 4,013 1,204 30,283 160 47 3,619 39,986 741 7,506 7 Beginning with 1942, excludes reciprocal bank balances. banks in U.S. possessions are included through 1968 and excluded there 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. 1960, 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 10 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 □ MARCH 1970 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans Federal funds sold, etc. * Other To brokers For puir chasing and dealers or carryinjg securities Total involving— To nonbank loans finan. Wednesday and Com To brokers To institutions invest To mer and dealers others ments com To cial Agri mer U.S. others Total and cul cial Treas Other indus tural Pers. banks ury se trial U.S. U.S. and se curi Treas Other Treas Other sales curi ties ury secs. ury secs. finan. Other ties secs. secs. COS., etc. Large banks— Total 19693 Feb. 231,322 165,867 73,111 2,005 982 3,917 98 2,753 5,669 5,009 232,489 167,422 73,364 2,015 778 4,128 120 2,751 5,859 5,063 229,231 165,616 73,590 1,959 397 3,709 101 2,787 5,527 5,049 229,893 166,695 73,727 1,953 584 3,750 99 2,801 5,389 5,143 1970 Jan. 7. . 237,749 6,305 5,732 182 232 159 172,300 79,785 2,003 1 ,135 3,321 100 2,478 6,176 5,957 2 1 1 4. . . . 2 2 3 3 2 5 , , 6 0 9 8 7 7 5 5 , , 9 66 6 8 0 5 5, , 4 2 0 6 5 9 48 65 2 1 1 3 2 7 9 8 61 0 1 1 7 6 0 9 , , 4 2 9 1 8 6 7 7 9 8, , 7 0 7 5 3 8 2 2 , ,0 01 04 0 1,1 5 0 9 4 9 3 2, ,0 9 6 8 9 8 1 9 0 8 4 2 2 , , 4 4 5 3 8 0 5 5, , 7 8 8 4 3 7 5 5 , , 8 8 2 3 8 9 28*. 232,268 6,750 6,498 106 97 49 167,938 78,020 2,003 555 2,898 94 2,417 5,467 5,786 Feb. 4*. 231,906 6,303 5,970 146 97 90 168,447 78,108 1,983 458 3,266 87 2,399 5,891 5,779 11*. 231,079 6,070 5,792 100 132 46 167,726 78,265 1,984 397 2,938 89 2,393 5,731 5,632 18*. 230,831 6,461 6,289 73 71 28 167,470 78,308 1,994 402 2,886 91 2,382 5,566 5,613 25*. 230,938 6,139 5,861 96 107 75 167,747 78,156 1,996 673 3,106 91 2’, 374 5,508 5,555 New York City 19693 Feb. 5. 52,921 40,801 24,092 16 671 2,177 10 861 1,679 1,296 12. 53,912 41,996 24,117 16 581 2,408 32 855 1,848 1,305 19. 52,186 41,008 24,124 16 282 2,055 10 864 1,670 1,290 26. 52,406 41,419 24,157 16 441 2,132 10 872 1,628 1,324 1970 Jan. 7. . 55,508 1,363 1,230 100 43,350 26,449 13 919 2,035 8 757 1,993 1,685 14. . 54,408 1,189 1,143 42,603 26,080 12 867 1,869 8 756 1,924 1,658 21 . . 53,805 1,759 1,717 41,639 25,803 15 451 1,813 9 751 1,886 1,667 28.. 53,834 2,340 2,313 41 ,150 25,483 15 394 1,746 9 752 1,769 1,671 Feb. 4 *. 54,247 2,412 2,352 41,695 25,481 15 347 2,070 7 755 1,994 1,678 11*. 53,253 1.676 1,598 41,344 25,580 14 275 1,788 7 752 1,917 1,640 18*. 53,363 2,236 2,188 41,180 25,518 13 323 1,769 8 752 1,869 1,628 25*. 53,334 1.676 1,621 41,609 25,477 13 559 1,958 8 751 1,845 1,617 Outside New York City 19693 Feb. 1 5 2 . . . . . . .. . . . .. . . . .. . . . .. 1 17 7 8 8 , , 4 5 0 7 1 7 1 1 2 2 5 5 , , 0 4 6 26 6 4 4 9 9 , , 0 2 1 4 9 7 1 1 , , 9 9 8 9 9 9 3 1 1 9 1 7 1 1 , , 7 7 4 2 0 0 8 8 8 8 1 1 , , 8 8 9 9 2 6 4 3 , , 0 9 1 9 1 0 3 3, ,7 71 5 3 8 19............. 177,045 124,608 49,466 1,943 115 1,654 91 1,923 3,857 3,759 26.............. 177,487 125,276 49,570 1,937 143 1,618 89 1,929 3,761 3,819 1970 Jan. 7.............. 182,241 4,942 4,502 167 132 141 128,950 53,336 1,990 216 1,286 92 1,721 4,183 4,272 14............... 180,679 4,771 4,126 472 129 44 127,895 52,978 1,992 237 1,200 96 1,702 3,923 4,181 21.......... 178,892 3,909 3,688 45 137 39 127,577 52,970 1,995 148 1,175 89 1,679 3,897 4,161 28*............. 178,434 4,410 4,185 86 97 42 126,788 52,537 1,988 161 1,152 85 1,665 3,698 4,115 Feb. 1 4 1 * *. .. . . . .. . . . .. . . . .. . . . . 1 1 7 7 7 7 , , 8 6 2 5 6 9 4 3, , 8 3 9 9 1 4 4 3 , , 1 61 9 8 4 1 6 3 0 6 12 87 2 5 1 0 8 1 1 2 2 6 6 , , 7 3 5 82 2 5 5 2 2 , , 6 6 8 2 5 7 1 1 , ,9 9 6 7 8 0 1 11 2 1 2 1 1 , , 1 1 9 5 6 0 8 8 2 0 1 1 , , 6 6 4 4 1 4 3 3, , 8 8 9 1 7 4 4 3 , , 1 9 0 9 1 2 18*............. 177,468 4,225 4,101 53 61 10 126,290 52,790 1,981 79 1,117 83 1,630 3,697 3,985 25*............. 177,604 4,463 4,240 56 107 60 126,138 52,679 1,983 114 1,148 83 1,623 3,663 3,938 For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 1970 □ WEEKLY REPORTING BANKS A 27 LIABILITIES OF LARGE COMMERCIAL BANKS— Continued (In millions of dollars) Investments U.S. Treasury securities Notes and bonds maturing— Wednesday For All Certif eign other Total Bills icates govts.2 Within 1 to After 1 yr. 5 yrs. 5 yrs. Large banks— Total 19693 32, 975 14,047 27,342 3,747 5,158 12,026 6,411 .........................Feb. 5 32; 1,002 14,148 26,805 3,231 5,166 12,006 6,402 ...................................12 32; 1,010 13,5 25,421 2,485 4,871 12,420 5,735 ...................................19 32 1,007 13,819 25,159 2,295 4,822 12,348 5,694 ...................................26 1970 3 3 3 3 ; 9 9 6 8 7 4 1 14 4 , , 3 0 7 5 6 0 2 23 3 , , 1 4 5 5 1 4 3 3 , , 6 4 8 6 1 9 3 3, , 5 5 8 0 1 0 1 13 3 , , 2 3 2 5 1 3 2 2 , , 9 8 2 8 0 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . J .. a . n .. . . ...14 7 33; 954 13,866 22,602 2,965 3,691 13,074 2,872 ...................................21 33; 960 13,827 22,435 2,893 3,682 13,007 2,853 ..................................28p 33 935 13,759 22,057 2,685 3,672 12,972 2,728 .........................Feb. 4» 3 3 3 3 3 3 ; ; ; 9 9 96 4 4 1 9 4 1 1 1 3 3 3, , , 5 5 6 9 0 9 7 7 6 2 2 2 1 1 1 , , , 5 5 8 6 3 6 1 9 4 2 2 2 , , ,4 0 1 4 4 8 8 4 9 2 3 3 , , , 8 6 0 8 8 7 0 0 0 1 1 1 3 3 2 , , , 8 8 9 0 1 9 8 0 0 2 2 2 , . . 6 7 7 3 0 0 5 5 5 . . . . . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . . 2 \ 1 5 \ 8 * p p New York City 19693 3, 620 2,637 5,139 1,278 651 1,831 1,379 .........................Feb. 5 3, 646 2,766 4,861 1,000 658 1,818 1,385 ...................................12 3; 652 2,618 4,238 517 583 1,961 1,177 ..................................19 3j 644 2,595 4,086 402 581 1,941 1,162 ..................................26 1970 3, 600 2,925 4,627 1,257 435 2,466 469 .........................Jan. 7 3; 614 2.780 4,625 1,298 441 2,429 457 ..................................14 3 3 ; , 6 60 0 1 0 2 2, ,7 68 00 4 4 4, , 4 4 5 9 9 0 1 1 , , 1 1 7 3 3 4 5 4 1 88 0 2 2 . . 3 37 7 3 3 4 4 5 4 6 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 1 8 3, 573 2.780 4,284 974 512 2,363 435 .........................Feb. 4 3, 585 2,744 4,218 846 546 2,397 429 ..................................11 3 3 j . 5 5 9 9 5 6 2 2 , , 6 6 8 6 2 6 4 3 , , 0 9 5 9 2 2 6 74 7 6 0 2 31 8 1 9 2 2 . . 6 6 9 9 8 8 3 3 1 1 3 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1 2 8 5 Outside New York City 19693 29, 355 11,410 22,203 2,469 4.507 10,195 5,032 .........................Feb. 5 29, 356 11,382 21,944 2,231 4.508 10,1 5,017 ..................................12 29, 358 11,262 21,183 1,968 4,198 10,459 4,558 ..................................19 29, 363 11,224 21,073 1,893 4,241 10,407 4,532 ..................................26 1970 30, 367 11,451 18,827 2,424 3,065 10,887 2,451 .........................Jan. 7 30, 370 11,270 18,526 2,171 3,140 10,792 2,423 ..................................14 30, 354 11,182 18,112 1,792 3,203 10,701 2,416 ..................................21 30, 359 11,127 17,976 1,759 3,172 10,634 2,411 ..................................28p 3 3 3 0 0 0 , , , 3 3 35 6 5 3 2 9 1 1 1 0 0 0 , , , 9 8 9 4 5 7 1 3 9 1 1 1 7 7 7 , , , 6 7 6 5 7 4 9 3 6 1 1 1, , , 7 6 3 1 4 7 1 3 8 2 3 3 , , , 7 1 1 5 6 3 9 4 0 1 1 11 0 0, , , 5 6 1 9 0 1 3 9 0 2 2 2, , , 2 2 3 9 2 7 3 2 6 . . . .. . . . . . . . .. . . . . . . . .. . . . . . . . .. . . . . . . . .. . . . . . . . .. . . . . . . . .. . . . . . . . .. . . . . . . . . . . . F . . . e . . . b . . . . . . . . . . 1 11 4 8 * » > p 30, 366 10,914 17,487 1,398 2,591 11,112 2,386 25p Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 28 WEEKLY REPORTING BANKS n MARCH 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 Total of state corp. stock, in serves Cur ances in sub assets/ Wednesday and and process with rency with sidiar Other Total political securities of F.R. and do ies not assets liabil Total subdivisions collec Banks coin mestic consol ities tion banks idated Tax Certif. war All of All rants4 other partici other6 pation5 Large banks— Total 19693 Feb. 5........................... 38,113 4,841 28,932 1,433 2,907 28,271 17,209 2,743 4,675 11,137 295,357 12........................... 38,262 4,792 29,238 1,397 2,835 27,565 17,088 2,959 4,607 11,144 295,852 19........................... 38,194 4,713 29,199 1,414 2,868 28,738 16,565 2,933 4,706 11,026 293,199 26........................... 38,039 4,645 29,088 1,424 2,882 26,120 16,314 3,035 4,313 11,171 290,846 1970 Jan. 7........................... 35,690 3,424 28,551 1,103 2,612 33,170 17,106 3,376 5,407 656 13,313 310,777 14........................... 35,478 3,391 28,504 1,057 2,526 34,161 16,779 3,413 4,664 659 13,142 307,905 21........................... 35,211 3,292 28,373 1,042 2,504 32,470 18,784 3,255 4,876 660 12,989 305,731 28*......................... 35,145 3,283 28,248 1,041 2,573 29,468 16,960 3,267 4,502 660 12,971 300,096 Feb. 4*......................... 35,099 3,302 28,172 1,019 2,606 32,626 17,989 2,930 4,922 660 13,397 304,430 11*................. 35,419 3,376 28,341 1 ,019 2,683 32,114 16,898 3,089 4,831 660 13,444 302,115 18*................. 35,339 3,321 28,349 1 ,022 2,647 34,194 17,453 3,149 4,844 665 13,234 304,370 25*................. 35,513 3,385 28,221 1,045 2,862 30,929 16,283 3,293 4,795 665 13,176 300,079 New York City 19693 Feb. 5........................... 6,981 1,473 4,663 121 724 12,977 4,435 377 398 4,173 75,281 12........................... 7,055 1,389 4,832 115 719 12,942 4,185 356 275 4,240 75,910 19........................... 6,940 1,391 4,728 114 707 13,529 3,989 375 455 4,243 74,777 26........................... 6,901 1,371 4,724 113 693 12,541 3,939 379 307 4,299 73,871 1970 Jan. 7............................ 6,168 909 4,518 127 614 15,648 4,463 444 395 282 4,823 81,563 14............................ 5,991 873 4,437 104 577 16,818 5,055 424 439 282 4,772 82,198 21............................ 5,917 842 4,419 101 555 16,728 5,044 415 466 281 4,643 81,382 28............................ 5,885 832 4,383 92 578 14,874 4,430 412 361 281 4,666 78,858 Feb. 4*.......................... 5,856 786 4,366 91 613 16,436 4,632 401 454 281 4,837 81,288 11*........................... 6,015 851 4,445 101 618 17,152 4,338 398 550 281 4,950 80,922 18*.......................... 5,955 804 4,473 93 585 18,160 4,839 403 399 287 4,946 82,397 25*........................... 5,997 844 4,398 82 673 15,833 4,666 419 398 287 4,823 79,760 Outside New York City 19693 Feb. 5............................. 31,132 3,368 24,269 1 ,312 2,183 15,294 12,774 2,366 4,277 6,964 220,076 12............................. 31,207 3,403 24,406 1,282 2,116 14,623 12,903 2,603 4,332 6,904 219,942 19............................. 31,254 3,322 24,471 1 ,300 2,161 15,209 12,576 2,558 4,251 6,783 218,422 26............................. 31,138 3,274 24,364 1 ,311 2,189 13,579 12,375 2,656 4,006 6,872 216,975 1970 Jan. 7............................. 29,522 2,515 24,033 976 1,998 17,522 12,643 2,932 5,012 374 8,490 229,214 14............................. 29,487 2,518 24,067 953 1,949 17,343 11,724 2,989 4,225 377 8,370 225,707 21............................. 29,294 2,450 23,954 941 1,949 15,742 13,740 2,840 4,410 379 8,346 224,349 28*........................... 29,260 2,451 23,865 949 1,995 14,594 12,530 2,855 4,141 379 8,305 221,238 Feb. 4*........................... 29,243 2,516 23,806 928 1,993 16,190 13,357 2,529 4,468 379 8,560 223,142 11*........................... 29,404 2,525 23,896 918 2,065 14,962 12,560 2,691 4,281 379 8,494 221,193 18*........................... 29,384 2,517 23,876 929 2,062 16,034 12,614 2,746 4,445 378 8,288 221,973 25*........................... 29,516 2,541 23,823 963 2,189 15,096 11,617 2,874 4,397 378 8,353 220,319 For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 1970 □ WEEKLY REPORTING BANKS A 29 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS— Continued (In millions of dollars) Deposits Demand Time and savings1 Domestic interbank Foreign IPC States States Wednesday and Certi and Do polit fied polit mes For Total 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 129,094 90,070 6,708 5,410 15,900 686 675 1,859 7,786 109,698 48,322 44,314 11,311 580 4,656 ..............Feb. 5 128,443 90,893 6,441 4,426 15,847 685 677 1,963 7,511 109,517 48,312 44,311 11,191 571 4,622 .......................12 127,535 89,452 6,413 5,160 15,651 646 689 1,910 7,614 109,305 48,322 44,162 11,058 593 4,663 .......................19 124,746 89,130 6,272 3,882 14,915 593 625 1,829 7,500 109,213 48,336 44,199 11,025 556 4,592 .......................26 1970 140,977 98,652 6,481 2,980 19,272 908 778 2,196 9,710 96,252 46,440 36,177 6,649 280 6,399 .............Jan. 7 137,598 97,935 6,179 1,559 17,972 787 732 2,253 10,181 95,707 46,154 35,985 6,646 278 6,351 .......................14 136,052 94,168 6,218 3,577 17,618 683 715 2,273 10,800 95,265 45,977 35,761 6,601 283 6,353 .......................21 131,847 92,210 6,371 4,474 16,239 645 745 2,260 8,903 95,017 45,820 35,632 6,616 285 6,373 .......................28* 135,328 92,022 6,729 5,088 17,645 690 709 2,200 10,245 94,893 45,750 35,597 6,644 280 6,355 .............Feb. 4* 132,285 90,289 6,513 4,095 17,492 640 736 2,238 10,282 95,117 45,681 35,612 6,619 279 6,660 .......................11* 134,659 90,402 6,216 5,581 17,544 653 826 2,137 11,300 95,351 45,656 35,632 6,651 279 6,865 ...............18* 131,753 90,306 6,295 5,398 16,979 611 753 2,269 9,142 95,624 45,641 35,642 6,762 276 7,035 .......................25* New York City 19693 37,345 21,725 615 1,640 5,639 381 500 1,332 5,513 17,523 4,608 8,516 990 335 2,849 .............Feb. 5 37,522 22,036 570 1,348 5,812 388 521 1,397 5,450 17,451 4,611 8,470 976 332 2,838 .......................12 37,146 21,570 517 1,441 5,887 351 529 1,339 5,512 17,193 4,621 8,261 871 358 2,859 .......................19 36,196 21,820 538 896 5,422 330 469 1,296 5,425 17,143 4,626 8,249 866 325 2,857 .......................26 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 42,162 22,443 508 799 7,299 413 526 1 ,612 8,562 13,527 4,378 4,388 121 158 4,365 .......................21 40,324 22,764 484 1,104 6,606 395 561 1,614 6,796 13,331 4,366 4,279 120 158 4,289 .......................28 4 4 1 2 , , 8 4 4 3 5 8 2 2 2 2, , 8 1 5 2 1 3 6 6 8 1 5 7 1,4 9 8 8 6 7 7 6 , ,9 3 2 9 1 3 4 37 1 5 3 5 5 4 6 1 0 1 1 , , 5 5 9 8 2 4 7 8 , , 9 1 5 9 7 8 1 1 3 3 , , 1 3 9 6 7 6 4 4 , , 3 3 6 6 0 0 4 4 , , 1 2 7 3 6 0 1 1 1 0 7 9 1 1 5 5 2 4 4 4, ,2 44 26 6 . . . . . . .. . . . .. . . . .. . . . . . F . e .. b . . . 1 4 1* * 43,091 22,040 553 1,348 7,374 376 665 1,482 9,253 13,445 4,362 4,167 121 151 4,530 ...............18* 41,103 22,058 557 1,435 7,348 360 600 1 ,601 7,144 13,552 4,356 4,126 122 151 4,691 .......................25* Outside New York City 19693 91,749 68,345 6,093 3,770 10,261 305 175 527 2,273 92,175 43,714 35,798 10,321 245 1 ,807 ..............Feb. 5 90,921 68,857 5,871 3,078 10,035 297 156 566 2,061 92,066 43,701 35,841 10,215 239 1,784 .......................12 90,389 67,882 5,896 3,719 9,764 295 160 571 2,102 92,112 43,701 35,901 10,187 235 1 ,804 .......................19 88,550 67,310 5,734 2,986 9,493 263 156 533 2,075 92,070 43,710 35,950 10,159 231 1 ,735 .......................26 1970 99,137 75,082 5,892 2,324 11,917 313 172 699 2,738 82,482 42,033 31,630 6,513 131 1,991 .............Jan. 7 96,238 74,558 5,719 1,398 10,981 288 195 721 2,378 82,076 41,773 31,522 6,511 129 1,969 .......................14 93,890 71,725 5,710 2,778 10,319 270 189 661 2,238 81,738 41,599 31,373 6,480 125 1,988 .......................21 91,523 69,446 5,887 3,370 9,633 250 184 646 2,107 81,686 41,454 31,353 6,496 127 2,084 .......................28* 92,890 69,171 6,044 3,602 10,724 277 168 616 2,288 81,696 41,390 31,367 6,535 126 2,129 ..............Feb. 4* 90,440 68,166 5,896 3,108 10,099 265 176 646 2,084 81,751 41,321 31,436 6,502 127 2,214 .......................11* 91,568 68,362 5,663 4,233 10,170 277 161 655 2,047 81,906 41,294 31,465 6,530 128 2,335 .......................18* 90,650 68,248 5,738 3,963 9,631 251 153 668 1,998 82,072 41,285 31 ,516 6,640 125 2,344 .......................25* For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 30 WEEKLY REPORTING BANKS n MARCH 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 deposits11 ties of pur F.R. ties Secur ac loans invest mand banks chased, Banks Others etc. 8 Loans ities counts (gross) ments deposits to etc.7 ad (gross) ad Issued Issued their justed 9 ad justed 1 o Total to to foreign justed9 IPC’s others bran ches Large banks- Total 19693 Feb. 5. 951 10,923 19,091 3,494 22,106 160,975 226,430 79,517 20,587 13,077 7,510 8,531 12. 885 12,110 19,302 3,494 22,101 161,843 226,910 80,605 20,466 12,971 7,495 8,273 2 1 6 9 . . 2 2 8 6 1 0 1 1 0 1 , , 9 2 5 0 2 0 1 1 9 9 , , 5 8 8 6 7 2 3 3 , , 4 4 9 9 4 4 2 2 2 2, , 0 0 7 4 1 5 1 1 6 6 1 0 , , 0 72 7 2 2 2 2 2 2 4 4 , , 3 2 3 6 7 8 7 7 9 7 , , 8 9 3 8 0 4 2 1 0 9 , , 1 9 0 5 9 4 1 1 2 2 , , 6 5 5 8 5 6 7 7 , , 4 36 5 8 4 8 8 , , 5 8 3 2 1 2 1970 Jan. 7. . 17,369 96 2,807 25,820 4,026 87 23,343 172,375 231,520 85,554 10,784 5,257 5,527 13,847 2 14 1 . . . . 1 1 7 6 , , 2 7 9 4 3 2 1,8 9 2 01 5 2 2 , , 8 8 4 2 1 3 2 2 5 6 , , 6 1 4 2 3 6 4 4 , , 0 0 3 2 0 4 8 8 5 7 2 23 3 , , 3 27 2 2 2 1 1 7 6 0 9, , 0 7 2 0 3 6 2 2 2 29 6, , 8 3 3 37 7 8 8 2 3, ,3 90 88 8 1 1 0 0 , , 4 5 5 6 7 9 5 5, , 0 1 0 3 3 2 5 5 , , 4 4 3 5 7 4 1 1 3 4 , , 8 37 6 3 3 28p. 16,408 807 2,906 25,674 4,026 81 23,330 167,718 225,296 81,666 10,469 4,966 5,503 13,863 Feb. 4 p. 16,907 926 2,782 25,956 4,032 82 23,524 168,291 225,445 79,973 10,298 4,877 5,421 13,771 \\p. 17,840 807 2,781 25,680 4,031 82 23,492 167,506 224,791 78,582 10,496 4,870 5,626 13,604 18». 18,037 469 2,761 25,522 4,031 82 23,458 167,152 224,051 77,337 10,635 4,887 5,748 13,334 25*. 16,631 522 2,748 25,239 4,033 81 23,448 167,527 224,573 78,447 10,857 4,876 5,981 13,397 New York City 19693 Feb. 5. 316 2,906 10,218 1,047 5,926 39,450 51,570 17,089 5,357 3,552 1,805 5,942 12. 194 3,511 10,262 1 ,047 5,923 40,074 51,990 17,420 5,281 3,484 1,797 5,780 19. 3,021 10,460 1,047 5,910 39,084 50,262 16,289 5,069 3,270 1,799 5,948 26. 2,930 10,659 1,047 5,896 39,323 50,310 17,337 4,992 3,243 1,749 6,185 1970 Jan. 7. 4,429 325 13,968 1,205 1 6,025 43,193 53,988 18,181 2,706 642 2,064 9,326 14. 5,079 375 337 14,190 1,205 1 6,020 42,356 52,972 17,390 2,605 604 2,001 9,640 21. 4,586 279 338 13,280 1 ,199 1 6,010 41,420 51,827 17,336 2,578 577 2,001 8,768 28. 4,048 339 13,625 1 ,200 1 5,990 40,927 51,271 17,740 2,523 567 1,956 9,077 Feb. 114 * p >. . 4 4 , , 0 6 2 5 8 0 239 3 3 4 3 1 9 1 1 3 3 , , 4 7 6 7 0 4 1 1, , 2 2 0 0 1 1 1 1 6 6, ,0 06 6 9 0 4 41 1 , , 1 48 4 6 6 5 5 1 1 , , 3 6 7 2 9 6 1 1 7 6 , , 5 3 9 1 5 3 2 2 , , 4 5 0 2 1 3 5 52 4 9 0 1 1 , , 8 9 7 83 2 9 8 , , 0 7 6 3 3 6 18 p. 4,817 89 336 13,357 1,202 1 6,059 40,946 50,893 16,209 2,607 538 2,069 8,637 25 p. 4,231 341 13.283 1 ,204 1 6,045 41,382 51,431 16,487 2,690 532 2,158 8,645 Outside New York City 19693 Feb. 5. 635 8,017 8,873 2,447 16,180 121,525 174,860 62,428 15,230 9,525 5,705 2,589 12. 691 8,599 9,040 2,447 16,178 121,769 174,920 63,185 15,185 9,487 5,698 2,493 19. 281 7,931 9,127 2,447 16,135 121,638 174,075 61,695 15,040 9,385 5,655 2,583 26. 260 8,270 9,203 2,447 16,175 121,749 173,958 62,493 14,962 9,343 5,619 2,637 1970 Jan. 7.. 12,940 96 2,482 11,852 2,821 86 17,318 129,182 177,532 67,373 8,078 4,615 3,463 4,521 14. . 12,214 526 2,504 11,936 2,825 86 17,302 128,350 176,365 66,518 7,964 4,528 3,436 4,733 21. . 12,156 1,546 2,485 12,363 2,825 84 17,262 127,603 175,010 65,052 7,879 4,426 3,453 5,095 28p. 12,360 807 2,567 12,049 2,826 80 17,340 126,791 174,025 63,926 7,946 4,399 3,547 4,786 Feb. 4 p. 12,879 687 2.441 12,182 2,831 81 17,455 126,805 173,819 62,378 7,897 4,348 3,549 4,708 1118 ^p.. 1 13 3 , , 2 1 2 9 0 0 8 3 0 8 7 0 2 2 , .4 42 4 5 2 1 1 2 2 , , 1 2 6 2 5 0 2 2 , , 8 8 2 3 9 0 8 8 1 1 1 1 7 7 , , 3 4 9 3 9 2 1 12 2 6 6 , , 3 20 6 6 0 1 1 7 7 3 3 , , 1 4 5 12 8 6 6 1 2 , , 1 26 2 9 8 7 8 , , 9 0 7 2 3 8 4 4 , , 3 34 3 9 0 3 3 , , 6 6 4 7 3 9 4 4 , , 8 6 6 97 8 25 p. 12,400 522 2,407 11,956 2,829 80 17,403 126,145 173,142 61,960 8,167 4,344 3,823 4,752 1 Includes securities purchased under agreements to resell. 8 Includes minority interest in consolidated subsidaries. 2 Includes official institutions and so forth. 9 Exclusive of loans and Federal funds transactions with domestic com 3 Figures not comparable with 1969 data. For description of revision mercial banks. in series beginning July 2 (with overlap for June 25), see Bulletin for Aug. I o All demand deposits except U.S. Govt, and domestic commercial 1969, pp. 642-46. banks, less cash items in process of collection. 4 Includes short-term notes and bills. II Certificates of deposit issued in denominations of $100,000 or more. 5 Federal agencies only. 6 Includes corporate stock. Note.—Figures for Jan. 1969 and Feb. 1970 are preliminary and may be 7 Includes securities sold under agreements to repurchase. revised in a forthcoming Bulletin. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 1970 □ BUSINESS LOANS OF BANKS A 31 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during Industry 1970 1970 1969 1969 1968 Feb. Feb. Feb. Feb. Jan. 2nd 1st 25 18 11 4 28 Feb. Jan. Dec. IV III II half half Durable goods manufacturing: Primary metals................................. 2,015 2,019 2,017 2,041 2,052 -37 -33 137 76 53 -22 129 65 Machinery......................................... 5,852 5,848 5,834 5,754 5,682 170 -244 412 329 280 254 609 708 Transportation equipment.............. 2,735 2,766 2,762 2,731 2,657 78 25 284 400 139 16 539 173 Other fabricated metal products... 2,064 2,078 2,081 2,000 1,986 78 -17 37 -115 -59 185 -174 327 Other durable goods........................ 2,413 2,430 2,406 2,393 2,386 27 -129 135 -13 92 215 79 253 Nondurable goods manufacturing: Food, liquor, and tobacco.............. 2,877 2,950 2,940 2,944 2,966 -89 -287 333 666 43 174 709 -433 Textiles, apparel, and leather.......... 2,405 2,393 2,354 2,309 2,267 138 -70 -159 -471 98 282 -373 523 Petroleum refining........................... 1,545 1,541 1,542 1,559 1,603 -58 -115 86 -107 -243 150 -350 465 Chemicals and rubber..................... 2,861 2,828 2,829 2,850 2,736 125 -109 135 197 -94 266 103 259 Other nondurable goods................. 2,072 2,061 2,057 2,059 2,021 51 -63 90 36 163 111 199 115 Mining, including crude petroleum and natural gas........................... 4,436 4,450 4,447 4,468 4,584 -148 -253 79 -15 -54 -41 -69 195 Trade: Commodity dealers................. 1,116 1,113 1,139 1,136 1,131 -15 -59 109 366 -132 -354 234 -370 Other wholesale....................... 3,393 3,395 3,374 3,371 3,385 8 -184 -138 48 -37 20 11 187 Retail........................................ 4,065 4,100 4,064 4,003 3,865 200 -315 -13 129 -255 449 -126 270 Transportation..................................... 5,566 5,588 5,618 5,563 5,617 -51 -119 298 246 11 155 257 299 Communication................................... 1,347 1,357 1,375 1,368 1,342 5 -197 258 247 94 123 341 19 Other public utilities........................... 3,128 3,139 3,169 3,285 3,375 -247 -190 420 452 295 143 747 -53 Construction........................................ 3,053 3,057 3,050 3,041 3,030 23 -92 21 -144 -26 189 -170 394 Services................................................. 6,852 6,832 6,810 6,835 6,772 80 -248 247 408 -145 236 263 781 All other domestic loans..................... 4,686 4,711 4,736 4,643 4,691 -5 -255 382 365 142 423 507 689 Bankers’ acceptances........................... 509 531 491 541 583 -74 -125 280 294 -111 -48 183 -203 Foreign commercial and industrial loans.............................................. 2,167 2,173 2,196 2,189 2,198 -31 -40 -15 -24 -168 -121 -192 -164 Total classified loans........................... 67,157 67,360 67,291 67,083 66,929 228 -3,119 3,418 3,370 86 2,805 3,456 4,499 Total commercial and industrial loans. 78,215 78,308 78,265 78,108 78,020 195 -3,528 3,532 3,438 -361 3,347 3,077 5,252 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 1969 Industry Feb. Jan. Dec. Nov. Oct. Sept. Aug. July June 2nd 25 28 31 26 29 24 27 30 25 IV III II I half Durable goods manufactur ing: Primary metals................... 1,420 1,428 1,476 1,402 1,407 1,419 1,375 1,363 1,352 57 67 -36 50 124 Machinery.......................... 2,748 2,686 2,749 2,566 2,507 2,556 2,509 2,555 2,474 193 82 45 168 275 Transportation equipment. 1,544 1,554 1,501 1,389 1,305 1,245 1,195 1,130 1,097 256 148 -66 128 404 Other fabricated metal products......................... 754 757 761 796 770 769 780 799 798 -8 -29 84 -24 -37 Other durable goods.......... 1,141 1,145 1,169 1,097 1,087 1,110 1,062 1,052 1,068 59 42 20 16 101 Nondurable goods manufac turing : Food, liquor, and tobacco. 952 942 953 908 873 888 861 846 864 73 24 152 -67 97 Textiles, apparel, and leather............................. 721 708 713 707 686 696 669 655 650 24 46 25 -7 70 Petroleum refining............. 1,234 1,310 1,356 1,310 1,282 1,477 1,465 1,455 1,667 -121 -190 139 316 -311 Chemicals and rubber....... 1,896 1,832 1,829 1,674 1,701 1,718 1,742 1,775 1,697 112 21 95 -89 133 Other nondurable goods.. 1,120 1,133 1,151 1,123 1,071 1,066 1,058 1,055 1,051 85 15 26 -36 100 Mining, including crude pe troleum and natural gas. 3,757 3,916 4,090 4,044 4,079 4,119 4,030 4,089 4,203 -29 -84 -67 237 -113 Trade: Commodity dealers.. 81 90 79 81 81 80 111 114 114 -1 -34 4 -8 -35 Other wholesale........ 693 686 706 668 691 672 663 679 676 40 -4 -2 32 36 Retail......................... 1,236 1,232 1,229 1,215 1,182 1,162 1,148 1,163 1,158 71 4 1 19 75 Transportation....................... 4,291 4,343 4,414 4,146 4,115 4,107 4,061 4,042 4,081 307 26 49 126 333 Communication..................... 472 480 498 462 486 446 446 436 440 52 6 3 -4 5 8 Other public utilities............. 1,244 1,318 1,337 1,219 1,244 1,296 1,243 1,219 1,150 42 146 -82 7 188 Construction.......................... 899 893 904 903 899 899 898 883 901 13 -2 16 64 11 Services................................... 2,971 2,936 2,991 2,945 2,854 2,865 2,866 2,866 2,875 131 -10 -1 293 121 All other domestic loans.... 1,195 1,214 1,241 1,204 1,206 1,184 1,108 1,106 1,076 110 108 -1 61 218 Foreign commercial and in dustrial loans................. 1,627 1,645 1,642 1,690 1,692 1,701 1,739 1,791 1,836 -75 -135 12 -95 -210 Total loans............................. 31,996 32,248 32,789 31,549 31,218 31,475 31,029 31,073 31,228 1,391 247 416 1,187 1,638 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 □ MARCH 1970 PRIME RATE, 1929-69 (Per cent per annum) In effect during- Rate Effective date Rate Effective date Rate Effective date Rate 1929. 5 Vi-6 1947—Dec.1. ... 1% 1956— A A u p g r. . 1 2 3 1 . . 4 1966— J M un ar e . 2 1 9 0 . . . . . . 55%*4 1930. 3*4-6 1948—Aug.i... . 2 Aug. 16... 6 1 1 9 9 3 3 2 1. . 2 3* % 4 - - 5 4 1950—Sept. 22. 2*4 1957—Aug. 6. 4 Vi 1967—Jan. 26-27 5*4-5% 1933. 1*4-* Mar. 27... 5V4 193 1 4 9 — 47 (Nov.). 1*4 1951—J O D a c e n t c . . . 1 1 8 7 9 . . . 2 2 3 V *4 a 1958— S A Ja e p n p r . t . . 2 2 1 2 1 1 . . . 4 4 3 Vi 1968— S A N e o p p v r t . . . 2 2 1 0 5 9 . . . . . . . . . 6 6 6 % -6% 1953—Apr. 27. 3*4 1959— S M e a p y t. 18 1 . . 4 5 *4 N D D o e e c c v . . . 1 2 18 3 .. . . . . . . . 66 6 % % *4 1954—Mar. 17. 3 1960—Aug. 23. 4*4 1969—Jan. 7... 7 1955— O A c u t g . . 1 4 4 . . 3 3 » * / 4 4 1965—Dec. 6. 5 J M un ar e . 1 9 7 .. . . .. 7 8 * * 4 4 1 Date of change not available. SHORT-TERM BUSINESS LOANS Size of loan (in thousands of dollars) All sizes 1-9 10-99 100-499 500-999 1,000 and over Interest rate (per cent per annum) 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 8.5 0 41.1 38.5 4.5 5.0 9.1 8.3 21.0 18.3 37.5 34.1 57.6 55.4 8.51-8.9 9 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 9.5 0 5.3 5.3 13.2 12.1 12.3 11.1 7.6 7.2 5.8 5.1 2.7 3.2 9.51-9.9 9 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
MARCH 1970 □ INTEREST RATES A 33 MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable)|4 Finance Prime CO. Prime coml. paper bankers’ Federal 3-month bills5 6-month bills5 9- to 12-month issues Period paper placed accept funds 3- to 5- 4- to 6- directly, ances, rate * year months1 3- to 6- 90 days1 Rate on Market Rate on Market Bills (mar issues 7 minths2 new issue yield new issue yield ket yield) 3 Other6 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—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 r8.14 8.64 8.98 7.914 7.87 7.863 7.78 7.50 8.22 8.14 Feb.................. 8.55 8.01 8.30 8.98 7.164 7.13 7.249 7.23 7.07 7.60 7.80 Week ending— 1969—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 r8.19 8.50 9.04 7.888 7.89 7.776 7.80 7.52 8.23 8.20 Feb. 7.......... 8.53 8.13 8.40 9.21 7.754 7.61 7.718 7.62 7.37 8.07 8.08 14.......... 8.63 8.11 8.38 9.18 7.312 7.20 7.387 7.30 7.12 7.77 7.94 21.......... 8.55 7.88 8.28 9.39 6.777 6.80 6.917 7.02 6.90 7.39 7.66 28.......... 8.50 7.92 8.13 8.41 6.812 6.87 6.975 6.95 6.84 7.12 7.45 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 □ MARCH 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 te g s Total i term) Total i Aaa Baa Aaa Baa In tr d ia u l 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—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 6.37 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 Feb..................................... 6.44 6.47 6.19 6.80 8.29 7.93 8.78 8.11 8.39 8.47 3.68 7.04 Week ending— 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 Feb. 7............................. 6.71 6.66 6.28 7.04 8.32 7.97 8.81 8.14 8.42 8.51 3.73 7.02 14............................. 6.48 6.51 6.26 6.85 8.31 7.97 8.79 8.14 8.39 8.51 3.71 7.01 21............................. 6.30 6.48 6.24 6.80 8.28 7.93 8.79 8.11 8.37 8.48 3.67 7.13 28............................ 6.25 6.23 6.00 6.50 8.23 7.83 8.73 8.04 8.37 8.39 3.59 7.01 Number of issues 2...................... 9 20 5 5 108 18 30 38 30 40 14 500 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
MARCH 1970 n SECURITY MARKETS A 35 SECURITY PRICES Common stock prices Volume of Bond prices New York Stock Exchange trading in (per cent of pax) stocks in Amer thousands of Period Standard and Poor’s index New York Stock Exchange index ican shares (1941-43=10) (Dec. 31, 1965 = 50) Stock Ex change ( G t l U e o o r . n m 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 te Total In tr d ia u l s R ro a a i d l P u u ti b li l t i y c Total In tr d ia u l s T p t o r i a o r n t n a s Utility na F n i c e i t n o d ta e l x 1 NYSE AMEX 196 7 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 4,508 196 8 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 6,353 196 9 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—Fe b 66.55 86.4 71.8 101.46 110.15 54.78 69.24 57.33 59.61 56.18 45.98 75.26 31.67 11,685 5,801 Mar___ 64.90 83.7 70.6 99.30 108.20 50.46 66.07 55.69 58.30 51.52 44.06 70.60 29.92 9,960 4,401 Apr. 67.73 84.2 69.5 101.26 110.68 49.53 65.63 56.61 59.41 50.88 44.34 72.38 30.14 11,287 5,153 May 66.68 82.3 70.3 104.62 114.53 49.97 66.91 58.50 61.50 50.46 45.75 75.10 31.12 12,222 6,451 June...... 64.84 78.6 68.9 99.14 108.59 46.43 63.29 55.20 58.07 47.70 43.39 68.62 29.14 11,203 5,029 July....... 64.75 78.5 68.2 94.71 103.68 43.00 61.32 52.40 55.00 42.80 42.31 64.56 25.78 10,872 4,215 Aug___ 65.18 76.1 68.4 94.18 103.39 42.04 59.20 52.09 54.85 41.45 41.34 65.29 26.44 9,608 3,531 Sept. 62.64 73.6 67.2 94.51 103.97 42.03 57.84 52.37 55.29 42.72 40.20 68.16 26.57 10,439 3,718 Oct........ 63.05 74.9 66.5 95.52 105.07 41.75 58.80 53.27 56.22 43.12 40.55 71.71 27.48 13,486 5,611 Nov.... 61.08 73.4 65.7 96.21 105.86 40.63 59.46 53.85 56.84 42.59 41.36 71.62 27.97 11,247 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 1970—Ja..........n 58.33 69.7 62.2 90.31 99.41 37.62 55.72 50.61 53.58 37.51 38.76 66.19 26.48 10,532 4,062 Feb___ 61.63 71.7 62.4 87.16 95.73 36.58 55.24 48.76 51.29 36.06 38.55 65.01 25.61 11,500 3,830 Week ending— 1970—Feb. 7, 59.50 70.0 62.0 86.20 94.74 36.29 54.13 48.17 50.82 35.17 37.86 62.17 25.54 12,100 4,012 14 61.30 71.2 62.4 86.66 95.23 36.45 54.51 48.51 51.08 35.98 38.20 64.22 25.60 10,859 3,406 21, 62.77 72.3 62.7 87.21 95.81 36.44 55.15 48.81 51.30 36.13 38.64 65.62 25.59 11,115 3,892 28 63.21 73.4 62.6 88.94 97.50 37.03 57.63 49.75 52.12 37.20 39.75 68.10 25.71 12,119 4,056 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 5Vi-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 c n e t r ) t c F c h e ( e a p e n r e s t g ) r e & 1 s M (y a e t a u r r s i ) ty L c r p ( a o e p r t i n a e i c t n o r e ) / (t d h c o p 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 o ) t f C c t ( r r e p a o a n e t c n e t r ) t c F c h e ( e a p e n r e s t g ) r e & i s M (y a e t a u r r s i ) ty L c p r ( a o e p r t i n a e i c t n o r e ) / (t d h c o o p P h l r u u l a i a s c r s . r e e s o ) f (t a d h L m o o l o u o la 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 1968....................... 6.83 .89 25.5 73.9 30.7 22.4 6.90 .83 22.7 73.0 25.6 18.5 1969....................... 7.66 .91 25.5 72.8 34.1 24.5 7.68 .88 22.7 71.5 28.3 19.9 1969—Jan.............. 7.16 .84 25.6 73.6 33.2 24.1 7.18 .86 22.8 72.6 27.9 20.0 Feb............. 7.26 .81 25.6 73.3 32.4 23.5 7.28 .86 22.9 72.8 27.2 19.6 Mar............ 7.32 .93 25.8 73.8 33.0 24.0 7.35 .84 23.0 72.7 28.2 20.2 Apr............. 7.47 .96 25.4 72.6 34.4 24.8 7.46 .85 23.0 71.8 28.2 19.9 May............ 7.50 .88 25.8 73.2 34.7 25.0 7.54 .83 22.7 71.9 27.8 19.7 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 .92 25.5 72.0 34.6 24.5 7.79 .91 22.8 71.7 28.5 20.1 Aug............. 7.86 .86 25.2 72.3 34.0 24.3 7.90 .93 22.6 71.2 28.4 19.8 Sept............ 7.89 .92 25.3 72.4 34.3 24.7 7.92 .92 22.2 70.7 27.5 19.2 Oct............. 7.98 .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............. 8.07 1.06 25.4 71.9 35.3 25.0 8.08 .93 22.9 70.6 30.0 20.8 1970—Jan. .......... 8.17 1.07 25.0 70.6 36.2 25.1 8.13 .94 22.5 70.6 29.9 20.7 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 □ MARCH 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 Total End of period net free ex Unre ad debit credit tended strict Restricted justed Brokers Banks Total bal bal by End of ed debt l 2 ances ances brokers period (mil lions Under 30-39 40-49 50-59 60 per of 1969—Jan................. 5,930 2,750 8,680 9,042 3,597 5,445 20 20-29 per per per cent dol Feb................ 5,750 2,810 8,560 9,148 3,647 5,501 cent cent cent or more lars) Mar................ 5,590 2,780 8,370 8,318 3,294 5,024 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 Oct................. 5,040 2,570 7,610 7,243 2,753 4,498 June. 1.8 33.1 19.9 10.8 6.0 28.4 10,440 Nov............... 5,070 2,520 7,590 7,111 2,613 4,490 July.. 1.0 29.4 19.0 13.8 6.6 30.1 10,100 Dec.r............. 4,970 2,580 7,550 7,445 2,803 4,642 Aug.. 4.6 29.2 18.5 11.2 6.5 30.0 10,300 Sept.. 2.9 30.2 19.0 11.7 6.6 29.6 9,910 1970—Jan. p............. 4,720 2,430 7,150 6,683 2,626 4,057 Oct... 5.8 31.9 18.1 10.1 6.2 27.9 9,970 Nov.. 3.2 31.3 18.1 11.0 6.8 29.7 9,910 Dec.r 4.5 27.6 16.2 11.8 7.0 31.0 9,830 1 End of month data. Total amount of credit extended by member firms of the New York Stock Exchange in margin accounts, estimated from 1970—Jan.P. 1.7 27.6 16.7 11.4 7.9 34.7 9,340 reports by a sample of 38 firms. 2 Figures are for last Wed. of month for large commercial banks re porting weekly and represent loans made to others than brokers or dealers Note.—Adjusted debt is computed in accordance with requirements set for the purpose of purchasing or carrying securities. Excludes loans col forth in Regulation T and often differs from the same customer’s net debit lateralized by obligations of the U.S. Govt. balance mainly because of the inclusion of special miscellaneous accounts Note.—Customers’ net debit and free credit balances are end-of-month in adjusted debt. Collateral in the margin accounts covered by these data ledger balances as reported to the New York Stock Exchange by all now consists exclusively of stocks listed on a national securities exchange. member firms that carry margin accounts. They exclude balances carried Unrestricted accounts are those in which adjusted debt does not exceed the for other member firms of national securities exchanges as well as balances loan value of collateral; accounts in all classes with higher ratios are of the reporting firm and of its general partners. Net debit balances are restricted. total debt owed by those customers whose combined accounts net to a debit. Free credit balances are in accounts of customers with no unfulfilled commitments to the broker and are subject to withdrawal on demand. Net credit extended by brokers is the; difference between customers’ net debit and free credit balances since the latter are available for the brokers’ use until withdrawn. EQUITY STATUS OF MARGIN ACCOUNT DEBT AT BROKERS SPECIAL MISCELLANEOUS ACCOUNT BALANCES (Per cent of total debt, unless otherwise indicated) AT BROKERS, BY EQUITY STATUS OF ACCOUNTS (Per cent of total, unless otherwise indicated) Total Equity class (per cent) debt Equity class of accounts (mil in debit status End of lions Net Total period of 80 or Under End of period credit balance dol more 70-79 60-69 50-59 40-49 40 status 60 per cent Less than (millions lars) 1 or more 60 per cent of dollars) 1969—Jan... 5,930 24.4 29.3 20.8 7.9 4.6 13.1 1969—Jan........................ 52.6 43.2 5.1 5,700 Feb.. 5,750 20.5 28.2 22.6 9.0 5.4 14.1 Feb....................... 52.7 41.7 5.6 5,680 Mar.. 5,590 22.1 27.9 20.5 9.5 5.2 14.8 52.9 40.9 6.1 5,400 Apr.. 5,570 24.0 26.2 20.0 9.5 4.9 15.4 52.5 42.5 5.0 5,120 May . 5,670 23.0 26.4 19.0 9.7 5.2 16.8 May..................... 52.2 42.3 5.5 5,020 June. 5,340 17.5 25.7 19.0 11.7 7.2 18.7 June..................... 54.7 39.7 5.7 5,110 July.. 5,170 14.4 24.3 18.3 13.3 8.4 21.1 July...................... 51.4 42.0 6.6 4.950 Aug.. 5,000 17.8 24.4 18.3 12.6 7.8 19.1 53.0 40.0 6.9 4,920 Sept.. 4,940 17.0 23.0 18.4 12.5 8.6 20.3 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 Nov.. 5,070 16.9 2:3.5 17.8 12.2 8.9 20.6 54.8 37.8 7.3 4,670 Dec.r 4,970 16.6 22.3 17.0 12.8 9.5 21.8 Dec.r................... 54.8 37.3 7.9 4,760 1970—Jan. p. 4,720 13.8 21.0 16.1 13.4 10.8 24.9 1970—Jan. .................... 53.0 38.2 8.7 4,650 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
MARCH 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- Based on— Placed through Placed End of period dealers1 direc;tly2 Accepting banks F.R. Banks Total Im Ex Total Others ports ports All re B l 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 ed U fr n o it m ed Other bills bought acct. corr. States States 1964......................... 8,361 n.a. 2,223 n.a. 6,138 3,385 1,671 1,301 370 94 122 1,498 667 999 1,719 1965......................... 9,058 n.a. 1,903 n.a. 7,155 3,392 1,223 1,094 129 187 144 1,837 792 974 1,626 1966......................... 13,279 n.a. 3,089 n.a. 10,190 3,603 1,198 983 215 193 191 2,022 997 829 1,778 1967......................... 16,535 n.a. 4,901 n.a. 11,634 4,317 1,906 1,447 459 164 156 2,090 1,086 989 2,241 1968.......................... 20,497 n.a. 7,201 n.a. 13,296 4,428 1,544 1,344 200 58 109 2,717 1,423 952 2,053 1969—Jan................ 21,813 n.a. 7,873 n.a. 13,940 4,370 1,407 1,211 195 50 104 2,809 1,405 906 2,059 Feb................ 22,865 n.a. 8,342 n.a. 14,523 4,420 1,473 1,263 210 91 99 2,757 1,449 859 2,112 Mar............... 23,681 n.a. 9,003 n.a. 14,678 4,464 1,452 1,185 266 94 122 3,787 1,460 872 2,133 Apr............... 24,390 n.a. 10,076 n.a. 14,314 4,510 1,478 1,223 255 142 125 2,765 1,523 875 2,112 May.............. 25,305 n.a. 9,931 n.a. 15,374 4,668 1,387 1,179 208 76 183 3,022 1,591 910 2,166 June.............. 26,004 602 9,557 640 15,205 4,880 1,413 1,183 231 41 159 3,186 1,673 967 2,240 July............... 28,346 889 9,463 980 17,014 4,991 1,388 1,123 264 40 162 3,402 1,779 1,006 2,206 Aug............... 29,476 990 10,360 1,220 16,906 5,145 1,390 1,108 282 62 159 3,535 1,791 1,084 2,271 Sept............... 29,564 954 10,917 1,542 16,151 5,232 1,351 1,044 308 37 159 c3,685 1,880 1,063 2,289 Oct................ 31,791 1,069 10,998 2,573 17,151 5,256 1,335 1,058 277 41 149 c3,730 1,913 1,061 2,282 Nov............... 33,497 1,200 11,324 2,879 18,094 5,212 1,341 1,076 266 49 146 3,676 1,850 1,063 2,299 Dec............... 31,624 1,216 10,601 2,993 16,814 5,451 1,567 1,318 249 64 146 c3,674 1,889 1,153 2,408 1970—Jan................ 34,264 1,266 10,772 4,164 18,062 5,288 1,439 1,123 316 83 147 3,619 1,863 1,096 2,329 1 As reported by dealers; includes finance company paper as well as 2 As reported by finance companies that place their paper directly vrith other commercial paper sold in the open market. investors. MUTUAL SAVINGS BANKS (Amounts in millions of dollars) Loans Securities Total Mortgage loan assets— commitments3 Total General classified by maturity End of period State Corpo Cash a O s t s h e e ts r lia ti b e i s l i De it p s o 2 s l O ia t b h i e li r res a e c r ve (in months Mort Other U.S. and rate and ties counts gage Govt. local and general govt. other1 reserve accts. 3 le s o s r 3-9 O 9 ver Total 1960................... 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 n.a. n.a. n.a. 1,200 1961.................... 28,902 475 6,160 677 5,040 937 640 42,829 38,277 781 3,771 n.a. n.a. n.a. 1,654 1962.................... 32,056 602 6,107 527 5,177 956 695 46,121 41,336 828 3,957 n.a. n.a. n.a. 2,548 1963.................... 36,007 607 5,863 440 5,074 912 799 49,702 44,606 943 4,153 n.a. n.a. n.a. 2,549 1964................... 40,328 739 5,791 391 5,099 1,004 886 54,238 48,849 989 4,400 n.a. n.a. n.a. 2,820 1965................... 44,433 862 5,485 320 5,170 1,017 944 58,232 52,443 1,124 4,665 n.a. n.a. n.a. 2,697 1966.................... 47,193 1,078 4,764 251 5,719 953 1,024 60,982 55,006 1,114 4,863 n.a. n.a. n.a. 2,010 1967................... 50,311 1,203 4,319 219 8,183 993 1,138 66,365 60,121 1,260 4,984 742 982 799 2,523 1968................... 53,286 1,407 3,834 194 10,180 996 1,256 71,152 64,507 1,372 5,273 811 1,034 1,166 3,011 1969................... 55,781 1,824 3,296 200 10,824 912 1,307 74,144 67,026 1,588 5,530 584 937 946 2,467 1969—Jan........... 53,579 1,426 3,962 195 10,298 835 1,256 71,550 64,747 1,507 5,295 760 1,073 1,186 3,020 Feb.......... 53,807 1,559 3,989 190 10,429 888 1,269 72,132 65,087 1,692 5,353 711 1,165 1,210 3,085 Mar......... 54,005 1,562 3,990 194 10,649 900 1,293 72,593 65,759 1,476 5,359 778 1,266 1,171 3,214 Apr.......... 54,209 1,519 3,900 199 10,721 792 1,270 72,610 65,575 1,663 5,372 796 1,270 1,241 3,308 May........ 54,442 1,713 3,821 197 10,800 897 1,288 73,159 65,888 1,843 5,428 818 1,237 1,255 3,310 June........ 54,672 1,633 3,618 192 11,029 865 1,306 73,316 66,243 1,664 5,409 843 1,190 1,216 3,249 July......... 54,887 1,539 3,634 201 10,982 845 1,303 73,392 66,091 1,863 5,438 787 1,202 1,170 3,158 Aug......... 55,068 1,717 3,613 201 10,983 846 1,297 73,724 66,193 2,038 5,492 728 1,157 1,153 3,039 Sept......... 55,188 1,732 3,536 190 10,990 833 1,327 73,796 66,519 1,796 5,481 756 1,097 1,037 2,890 Oct.......... 55,346 1,725 3,359 191 10,885 791 1,339 73,638 66,344 1,785 5,509 721 951 1,135 2,808 Nov......... 55,497 1,867 3,321 196 10,863 820 1,343 73,914 66,505 1,853 5,556 677 946 1,082 2,705 Dec.......... 55,781 1,824 3,296 200 10,824 912 1,307 74,144 67,026 1,588 5,530 584 937 946 2,467 1970—Jan . , 55,821 1,847 3,292 211 10,869 775 1,368 74,182 66,941 1,676 5,565 578 970 912 2,457 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 sav ings bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 38 SAVINGS INSTITUTIONS □ MARCH 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 nd 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: 196 6 167.022 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—Dec... 187.695 10.483 4.365 3.036 3.082 79.403 68.575 10,828 70.071 5.573 11.284 10,881 1969—Jan.. . 188,972 10,602 4,400 3,048 3.154 80,418 69,350 11,068 70,205 5,620 11,399 10,728 Feb... 189,924 10,821 4,448 3,210 3,163 80,968 69,691 11,277 70,355 5,640 11,525 10,615 Mar... 190,827 10,795 4,398 3,217 3,180 81,424 69,941 11,483 70,480 5,670 11,699 10,759 Apr... 191.362 10,709 4,295 3,222 3,192 81,635 70,010 11,625 70.661 5,654 11,903 10,800 May.. 192,127 10,711 4,301 3,216 3.194 81.980 70,194 11,786 70,820 5,679 12,090 10,847 June.. 192,311 10,551 4,145 3,212 3.194 82,227 70,298 11,929 70,964 5,710 12,323 10,536 July. . 193,041 10,561 4,148 3,237 3,176 82,528 70,676 11,852 71,079 5,789 12,652 10,432 Aug... 194,028 10,555 4,152 3.249 3.154 82,779 70,811 11,968 71,250 5,805 12,921 10,718 Sept... 194,803 10,523 4,112 3,246 3,165 83,129 71,053 12,076 71,429 5,809 13,172 10,741 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 i Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and Note.—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance companies in the United States. on each item separately but are included in total, in “other assets." SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Mortgage loan Assets Liabilities commitments 3 Total assets— End of period M ga o g r e t s s G e U it o c i . e v u S s r t . . Cash Other1 lia T b o il t i a ti l e s 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 f d r u i v e t n s e d s m ro B o w n o e e r y d 2 p L ro o i c a n e n s s s Other d p M u er r a i i d o n e d g O e p u in n e t g s d ri t o a a o d n t f d 1961....................... 68,834 5,211 3,315 4,775 82,135 70,885 5,708 2,856 1,550 1,136 n.a. 1,872 1962....................... 78,770 5,563 3,926 5,346 93,605 80,236 6,520 3,629 1,999 1,221 n.a. 2,193 1963....................... 90,944 6,445 3,979 6,191 107,559 91,308 7,209 5,015 2,528 1,499 n.a. 2,572 1964....................... 101,333 6,966 4,015 7,041 119,355 101,887 7,899 5,601 2,239 1,729 n.a. 2,549 1965....................... 110,306 7,414 3,900 7,960 129,580 110,385 8,704 6,444 2,198 1,849 n.a. 2,707 1966....................... 114,427 7,762 3,366 8,378 133,933 113,969 9,096 7,462 1,270 2,136 n.a. 1,482 1967....................... 121,805 9,180 3,442 9,107 143,534 124,531 9,546 4,738 2,257 2,462 n.a. 3,004 1968....................... 130,802 9,555 2,962 9,571 152,890 131,618 10,315 5,705 2,449 2,803 n.a. 3,584 1969....................... 140,169 8,715 2,443 11,026 162,353 135,494 11,176 9,783 2,426 3,474 n.a. 2,812 1969—Jan.............. 131,424 9,944 2,370 9,527 153,288 131,527 10,322 5,702 2,408 3,329 1,351 3,718 Feb............. 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,b35 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............ 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 Dec.r.......... 140,209 8,553 2,441 10,959 162,162 135,489 11,226 9,754 2,454 3,239 807 2,812 1970—Jan.............. 140,321 8,495 1,864 11,054 161,734 134,085 11,283 10,226 2,287 3,853 768 2,774 1 Includes other loans, stock in the Federal home loan banks, other Note.—Federal Home Loan Bank Board data; figures are estimates for investments, real estate owned and sold on contract, and office buildings all savings and loan assns. in the United States. Data are based on and fixtures. monthly reports of insured assns. and annual reports of noninsured assns. 2 Consists of advances from FHLB and other borrowing. Data for current and preceding year are preliminary even when revised. 3 Insured savings and loan assns. only. Data on outstanding commit Figures for Jan. and June 1968 reflect conversion of one savings and loan ments are comparable with those shown for mutual savings banks (on assn. to a mutual savings bank. Figures for June 1968 also reflect exclu preceding page) except that figures for 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
MARCH 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 Federal National Mortgage Assn. Banks Federal Federal (secondary market for intermediate land Assets Liabilities and capital operations) cooperatives credit banks banks End of period v m a A t n e o d c m e s I m nv e e n s ts t p C a o d a n s e s i d t h s B n a o o n n te d d s s p M o d b e s e e i m r ts C s a to p c it k al M l g o a a o g n r e s t D n t a e u o n b r t e e d e s s n c L a o t o o i t v o a p e n e s s r D t e u b re e s n c L o a d o u n i a s n d n t s s D t e u b re e s n M l g o a a o g n r e t s Bonds bers (A) (L) (A) (L) (A) (L) (A) (L) 1966............. 6,935 2,523 113 6,859 1,037 1,369 4,266 3,800 1,290 1,074 2,924 2,786 4,958 4,385 1967............. 4,386 2,598 127 4,060 1,432 1,395 5,348 4,919 1,506 1,253 3,411 3,214 5,609 4,904 1968............. 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............. 9,289 1,862 124 8,422 1,041 1,478 10,541 10,511 1,732 1,473 4,275 4,116 6,714 5,949 1969—Jan.. . 5,357 2,049 82 4,701 1,111 1,408 7,032 6,604 1,630 1,401 3,719 3,576 6,169 5,432 Feb... 5,298 2,069 82 4,601 1,131 1,434 7,244 6,818 1,680 1,425 n.a. 3,668 6,226 5,432 Mar... 5,331 2,181 97 4,674 1,244 1,443 7,417 7,193 1,663 1,425 3,921 3,743 6,317 5,535 Apr... 5,764 2,051 99 5,021 1,179 1,447 7,574 7,317 1,648 1,426 n.a. 3,907 6,412 5,719 May.. 5,971 2,393 73 5,521 1,202 1,448 7,718 7,241 1,614 1,395 n.a. 4,044 6,483 5,716 June.. 6,413 1,964 141 5,521 1,278 1,451 7,891 8,077 1,594 1,391 4,355 4,176 6,557 5,716 July.. 7,053 1,496 88 6,021 928 1,435 8,125 8,093 1,594 1,387 n.a. 4,310 6,605 5,867 Aug... 7,543 1,543 56 6,572 848 1,438 8,577 8,360 1,572 1,422 n.a. 4,397 6,644 5,867 Sept... 7,940 1,657 97 7,072 891 1,444 8,999 8,815 1,585 1,420 4,329 4,357 6,676 5,927 Oct... 8,439 1,654 90 7,572 865 1,457 9,500 9,756 1,680 1,429 n.a. 4,192 6,700 5,950 Nov.. 8,802 1,968 110 8,172 939 1,467 10,009 10,205 1,705 1,445 n.a. 4,152 6,704 5,949 Dec... 9,289 1,862 124 8,422 1,041 1,478 10,541 10,511 1,732 1,473 4,275 4,116 6,714 5,949 1970—Jan.. . 9,852 1,536 72 8,822 806 1,503 11,070 10,717 1,804 1,508 4,371 4,161 6,738 5,938 Note.—Data from Federal Home Loan Bank Board, Federal National bonds held within the FHLB System), and are not guaranteed by the U.S. Mortgage Assn., and Farm Credit Admin. Among the omitted balance Govt.; for a listing of these securities, see table below. Loans are gross sheet items are capital accounts of all agencies, except for stock of home of valuation reserves and represent cost for FNMA and unpaid principal loan banks. Bonds, debentures, and notes are valued at par. They in for other agencies. clude only publicly offered securities (excluding, for the home loan banks, OUTSTANDING ISSUES OF FEDERALLY SPONSORED AGENCIES, JANUARY 30, 1970 Amount Amount Amount Agency, issue, and coupon rate (millions Agency, issue, and coupon rate (millions Agency, issue, and coupon rate (millions of dollars) of dollars) of dollars) Federal home loan banks Federal National Mortgage Federal land banks—Cont. Notes: Association—Cont. Bonds: Feb. 25, 1970................. ,.7 450 Debentures: Oct. 1, 1967-70........... ...4Vi 75 May 25, 1970................. .6 500 June 10, 1971............... . , 6.85 250 Feb. 20, 1970.....................51/s 82 July 27, 1970................. . .8.40 650 July 12,1971................. . .8.60 400 Feb. 20, 1970................. .6.30 344 Sept. 25, 1970................. ....83/8 650 Aug. 10, 1971.....................41/s 64 Apr. 1, 1970.....................3Vi 83 Nov. 25, 1970................. ...8.70 250 Sept. 10, 1971................. ...4 Vi 96 Apr. 20, 1970................. 6.20 362 Bonds * Sept. 10, 1971.................----53£ 350 June 22, 1970................. ..6.70 174 Feb 25 1970 6 200 Nov. 10, 1971................. . .6.85 350 June 22, 1970.....................63,* 203 Mar. 25, 1970................. 6 200 Feb. 10,1972.....................51/s 98 July 20, 1970................. ...51/8 85 Mar 25 1970 . 6.85 346 Mar. 10, 1972................. ...634 250 July 20, 1970................. . ..6 241 Apr. 27, 1970................. 6 225 Mar. 10, 1972................. ..6.75 200 Aug. 20, 1970................. .8.15 270 May 25, 1970................. 5.80 300 June 12, 1972.....................4% 100 Oct. 20, 1970................. .6.30 223 June 26, 1970................. .8 550 Sept. 11, 1972................. , 7.40 200 Feb. 23, 1971................. 6.80 431 Aug. 25, 1970................. 6.70 200 Dec. 11, 1972....................8.00 200 May 1,1971................. 60 Aug. 25, 1970................. 8.20 650 Mar. 12, 1973.................,..8.30 250 July 20,1971................. .8.15 270 Oct. 20, 1970.................. 8.25 650 June 12, 1973................. ...414 146 July 20, 1971................. 8.45 232 Jan. 26, 1971................. ...8.63 600 Oct. 1, 1973................. 250 Oct. 20,1971................. ..6.00 447 Feb. 25, 1971 .............. 6.60 200 Sept. 10, 1974................. 7.85 250 Feb. 15, 1972................. . .5.70 230 Feb. 25, 1971................. . . 8.00 400 Feb. 10, 1977.....................4% 198 Sept. 15, 1972.....................37/s 109 Apr. 26, 1971................. 8% 250 Sept. 15, 1972................. 8.35 337 May 25, 1971................. 7 350 Banks for cooperatives Oct. 23, 1972.....................5% 200 Nov. 26, 1971................. Feb. 25, 1972................. Jan. 25, 1974................. 00 00» OOO 250 Debentures: Feb. 20, 1973-78........... ...4 ft 148 xoUnUn Feb. 2, 1970................. 8.05 397 July 20, 1973.................,..8.45 198 300 Apr. 1, 1970..................,.8.20 282 Feb. 20, 1974................. 155 Aug. 25, 1974................. 7.65 201 May 4, 1970..................,.8.05 230 Apr. 21, 1975................. 200 Nov. 25, 1974................. . 8.00 250 June 1,1970....................8.45 313 Feb. 24, 1976................. . ..5 123 July 1,1970....................8.65 286 July 20, 1976................. ...53/8 150 Federal National Mortgage Associa Apr. 20, 1978................. ...51/8 150 tion—Secondary market opera Federal intermediate credit banks Jan. 22, 1979.................,. ..5 285 tions Debentures: Discount notes................... 3,605 Feb. 2, 1970................. 6.90 526 Debentures: Mar. 2, 1970.................. . .7.10 445 Feb. 10, 1970................. 250 Apr. 1, 1970.................. ..7.90 448 Apr. 10, 1970................. ...•4% 142 May 4, 1970.....................81/4 473 Tennessee Valley Authority June 10, 1970................. 6.60 400 June 1, 1970............... 6.70 436 Short-term notes................ 360 July 10, 1970................. 400 July 1, 1970................., 8.20 352 Bonds: Sept. 10, 1970................. ....4i/8 119 Aug. 3, 1970.................. ..7.95 454 June 1, 1974................. . .8.50 100 Oct. 13,1970................. ....534 400 Sept. 1, 1970....................8.45 458 Nov. 15, 1985................. ..4.40 50 Nov. 10, 1970................. 8.30 350 Oct. 1, 1970.................. . .8.80 570 July 1,1986................. ...4% 50 Dec. 10, 1970................. . ..8.10 250 Feb. 1, 1987................. ...4% 45 Feb. 10, 1971................. . ..8.75 400 Federal land banks May 15, 1992................. .,5.70 70 Mar. 11, 1971................. .. ..6 350 Bonds: Nov. 13, 1992.....................6% 60 May 5,1971................. 8.20 400 Feb. 15,1967-72...............4K 72 Oct. 1994.....................8% 100 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 □ MARCH 1970 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) U.S. budget Means of financing R i e tu ce re ip 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 et d s M N em et o: Period Net Budget s B u u r d p g lu e s t Less: Invest m O e o th a f e n r s tr d an t e o b sf t er r B e u c d ei g p e t t s p t N e u e n r x e e d t s i le in n g d l o a u y t s 1 d ( e o f - i r ) cit s P e d u t c e i b e u b l s r i t i c A s P e t g i l c e u e u s n s r 3 : c i y S m p e e a n c c t i c s a o l b u y n O G ts t o 4 h v e t r . S n L p o e e te c ss s ia : 5 l b E o T q r i o n r u t o g a a w l l s : b o a T p s l i u r a e n e n r r g y a a c t e Other fi n n in e a g n t , 6 c p o s r w h iv n ip a e t 2 r e issues Fiscal year: 196 6 130,856130,820 3,832134,652 -3,796 2,633 4,041 2,470 774 354 3,076 609 161 270 196 7 149,552153,201 5,053 158,254 -8,702 6,314 5,079 5,035 4,000 -482 2,838 -5 ,222 304 945 196 8 153,671 172,802 6,030178,833 -25,162 21,357 5,944 3,271 2,049 -1,119 23,100 •397 1,700 3,364 196 9 187,792183,080 1,476184,556 3,236 6,142 633 7,364 2,089 -1,384 -1,295 596 1,616 270 9,853 Half year: 1968—Jan.-June. 86,490 87,941 4,364 92,307 -5,816 2,915 4,294 2,192 1,472 -683 4,228 -266 1,668 2,989 July-Dee__ 82,899 92,210 977 93,186 -10,287 10,450 1,446 -280 1,487 -384 11,076 -598 27 -1,363 9,853 1969—Jan.-June... 104,893 90,870 499 91,370 13,523 -4,308 -813 7,643 603 -1,000 -12,371 1,194 1,589 1,633 July-Dee. 90,818 97,562 1,355 98,917 - 8,099 14,505 -429 3,939 326 9,811 -567 315 -1,964 Month : 1969—Jan... r15,850 15,799 -37 15,762 1,383 -35 c612 C112 -1,000 1,624 2,504 '315 '1,106 Feb.. 14,590 14,361 373 14,734 -648 195 1,158 275 -1,887 -2,304 -126 — 399 Mar. 13,727 15,637 2 15,639 -1,912 782 -91 150 122 418 -114 -171 1,208 Apr.. 23,596 15,922 50 15,972 7,625 -1,080 -559 1,253 -436 -2,456 3,380 2,119 330 May. 13,346 15,279 485 15,764 -2,418 1 ,599 -137 2,585 361 -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 -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, 3,175 -829 1,543 124 679 -1,651 -62 -285 Sept.. 20,406 17,167 448 17,616 2, | 498 -643 521 -291 -375 2,608 577 770 Oct... 11,832 17,602 342 17,944 — 6, 3,709 -47 -826 99 4,388 -1,166 19 577 Nov.. 14,332 15,225 236 15,461 -1, i 3,718 -141 780 103 2,695 958 -4 -610 Dec.. 16,704 15,232 -140 15,092 1, 113 -85 1,938 103 -2,012 -1,099 269 -430 1970—Jan.. 16,303 16,564 164 16,399 -97 -654 -64 -717 193 -194 1,100 775 2,166 Selected balances Treasury operating balance Federal securities Memo: End Debt of pe o ri f od B F a . n R k . s ac l c T a o o n a a u d x n nts ba G la o n ld ce Total se P c d u u e b r b i l t i t i c es s A ec g u e r n it c ie y s Sp G I e n o c v v ia e t l , s L t a m e c s e c s n : o t u O s n t o t h s f e 4 r S n L p o e e t c e s i s s a : 5 l E p T h q u b o e b u y t l l a a d i l l c s: s c p p o G r o N r i n o v p o s v a s w o . t t — e . r - e 7 d issues Fiscal year: 196 6 766 10,050 102 10,917 319,907 13,377 51,120 13,664 3,810 264,690 10,436 196 7 1,311 4,272 112 5,695 326,221 18,455 56,155 17,663 3,328 267,529 9,220 196 8 1,074 4,113 111 5,298 347,578 24,399 59,374 19,766 2,209 290,629 10,041 196 9 1,258 4,525 112 5,894 353,720 14,249 66,738 20,923 825 279,483 24,071 Calendar year : 196 8 703 3,885 111 4,700 358,029 15,064 59,094 20,318 1,825 291,855 21,481 196 9 1 ,312 3,903 112 5,327 368,226 13,820 70,677 21,250 825 289,294 30,578 Month: 1969—Ja n 517 6,576 111 7,204 359,412 15,031 59,707 20,430 825 293,481 21,840 Feb....... 505 4,284 111 4,900 358,764 15,225 60,865 20,705 825 291,595 22,068 Mar__ 783 3,891 111 4,786 359,546 15,134 61,015 20,827 825 292,012 22,696 Apr.. . . 950 7,105 111 8,166 358,466 14,575 62,268 20,391 825 289,557 23,520 May. . . 621 4,976 112 5,708 360,065 14,437 64,853 20,752 825 288,072 24,043 June... 1,258 4,525 112 5,894 353,720 14,249 66.738 20,923 825 279,483 24,991 July.. .. 935 4,630 112 5,677 357,012 r15,565 67,716 21,116 825 '283,921 25,809 Aug.. .. 894 3,020 112 4,026 360,187 ’•14,736 68,259 21,240 825 '284,599 27,121 Sept__ 1,003 5,519 112 6,634 360,685 '14,093 68,779 20,950 825 '284,224 27,734 Oct....... 954 4,402 112 5,468 364,394 '1 4,045 67.959 21,044 825 '288,612 '29,038 Nov___ 980 5,335 112 6.426 368,112 13,905 68.739 21,147 825 291,306 '30,072 Dec.. . . 1,312 3,903 112 5,327 368,226 13,820 70,677 21,250 825 289,294 30,578 1970—Ja n 1,127 5,188 112 6.427 367,572 13,755 69.960 21,442 825 289,100 1 Equals net expenditures plus net lending. 4 Series corrected beginning Jan. 1968 to exclude Federal home loan 2 The decrease in Federal securities resulting from conversion to private bank holdings of special issues, which should have been removed when ownership of Govt.-sponsored corporations is shown as a memo item the Federal home loan banks were eliminated from Government accounts. rather than as a repayment of borrowing from the public in the top panel. 5 Represents non-interest-bearing public debt securities issued to the In the bottom panel, however, these conversions decrease the outstanding International Monetary Fund and international lending organizations. amounts of Federal securities held by the public mainly by reductions in New obligations to these agencies are handled by letters of credit, agency securities. The Federal National Mortgage Association (FNMA) 6 Includes accrued interest payable on public debt securities, deposit was converted to private ownership in Sept. 1968 and the Federal Inter funds, miscellaneous liability and asset accounts, and seigniorage. mediate Credit Banks (FICB) and Banks for Cooperatives in Dec. 1968. 7 Includes debt of Federal home loan banks, Federal land banks, D.C. 3 Reflects transfer of publicly held CCC certificates of interest from ex Stadium Fund, FNMA (beginning Sept. 1968), FICB, and Banks for penditure account to public debt account, increasing recorded borrowing Cooperatives (beginning Dec. 1968). from the public during July 1969 by $1,583 million. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 1970 □ FEDERAL FINANCE A 41 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Budget receipts Individual income taxes i C nc o o rp m o e r a t t a i x o e n s So a c n ia d l c in o s n u t r r a ib n u c t e i o ta n x s es Period Total With N wi o t n h Re Net Gross Re c E o m n ta t p x ri e l b o s u y a m ti n o e d n n s t 1 e U m n p - l. O n th et er Net E ta x x c e is s e t C o u m s s E a g s n i t f a d t te c M e r i i p e s t c s . 3 held held funds total ceipts funds P ro ay ll Self- insur. ce r i e p ts2 total taxes empl. Fiscal year: 1966.................................... 130,85642,811 18,486 5,851 55,44630,834 761 20,662 3,777 1,12925,567 13,062 1,767 3,066 1,875 1967. 149,55250,521 18,850 7,84561,52634,918 94626,047 1,776 3,659 1,86733,34913,719 1,901 2,978 2,108 1968, 153,671 57,301 20,951 9,52768,72629,897 1,23227,680 1,544 3,346 2,05234,62214,079 2,038 3,051 2,491 1969. 187,79270,18227,25810,191 87,24938,338 1,66032,521 1,715 3,328 2,353 39,918 15,222 2,319 3,491 2,916 Half year: 1968—Jan.-June................ 86,49030,08916,802 8,971 37,921 18,551 65515,001 1,439 2,011 1,087 19,538 7,003 1,045 1,718 1,369 July-Dee................. 82,89933,736 5,515 47638,775 15,494 78414,944 131 1,289 1,179 17,544 7,834 1 ,213 1,417 1,405 1969--Jan.-June................ 104,89336,44621,743 9,71548,47422,844 87617,577 1,584 2,039 1,17422,374 7,388 1,106 2,074 1,511 July-Dee................. 90,81838,766 5,771 48144,05615,179 98217,057 131 1,270 1 ,283 19,741 8,242 1 ,263 1 ,496 1,824 Month : 1969--Jan........................... r15,850 5,111 5,184 r4510,249 1,665 62 1,688 110 159 217 2,175 rl ,224 119 277 202 Feb.......................... 14,590 7,254 1,202 1,169 8,456 784 102 3,796 128 773 183 4,880 1,152 144 230 217 Mar......................... 13,727 6,015 843 2,858 3,999 5,189 223 2,470 134 63 198 2,865 1,156 197 308 237 Apr.......................... 23,596 5,164 9,540 2,598 12,106 5,554 231 2,555 958 162 206 3,881 1,160 224 631 271 May......................... 13,346 6,681 804 2,725 4,760 959 152 4,545 190 821 192 5,748 1,272 213 310 237 June......................... 23,805 6,244 4,171 29210,123 8,692 104 2,523 64 61 176 2,823 1,395 210 319 347 July......................... 12,542 6,005 548 150 6,404 1,196 126 2,510 124 244 2,879 1,419 222 221 328 Aug.......................... 14,999 7,014 319 103 7,230 716 145 4,392 601 217 5,209 1,263 213 257 256 Sept......................... 20,406 5,948 3,912 84 9,776 5,673 122 2,655 111 51 205 3,022 1,295 215 254 292 Oct........................... 11,832 6,284 419 67 6,636 1,180 336 2,044 12 93 216 2,364 1,259 231 264 234 Nov......................... 14,332 7,108 160 33 7,236 778 144 3,547 343 187 4,078 1,606 185 222 370 Dec.......................... 16,704 6,407 412 45 6,774 5,637 110 1,908 9 59 214 2,181 1,400 197 277 340 1970—Jan........................... 16,303 6,203 4,491 3510,660 1,252 125 2,179 111 129 254 2,674 1,154 195 286 208 Budget outlays4 Period Total t f i N e o d n n e a s a e l a I f n fa tl ir . s s S e p r a e a r c ce h A t c u u g r l r e i so N u u r r e r a a c t l e s t m C ra a o e n n r m s d c p e . d h e C o m v a u o n e u s m l d n i o n . - p g . E p m d t o a i n u w o a d c n n e a r w H e a e l n a f d a lt 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 t l . t t I g i r n o a o a t n c n v r a s t s , - 5 Fiscal year: 1966.................................... 134,652 56,785 4,490 5,933 3,679 2,035 7,135 2,644 4,523 31,294 5,920 11,285 2,292 -3,364 1967.................................... 158,254 70,081 4,547 5,423 4,376 1,860 7,554 2,616 6,135 37,602 6,897 12,588 2,510 -3,936 1968.................................... 178,833 80,517 4,619 4,721 5,943 1,702 8,047 4,076 7,012 43,508 6,882 13,744 2,561 -4,499 1969.................................... 184,556 81,240 3,785 4,247 6,221 2,129 7,873 1,961 6,825 49,095 7,640 15,791 2,866 -5,117 1970e6................................. 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 1971*6................................. 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 92,306 41,778 2,429 July-Dee................. 93,186 39,823 1,907 2,133 4,928 1,269 4,501 1,033 3,061 23,893 3,665 7,608 1,324 -1,959 91,370 41,417 1,878 2,114 1,293 860 3,372 928 3,764 25,202 3,975 8,183 1 ,542 -3,158 July-Dee................. 98,917 40,588 1,941 1,839 5,479 1,520 4,610 1,827 3,161 26,020 4,148 8,630 1,592 -2,438 Month: 1969—Jan........................... *•15,762 r6,891 271 347 626 144 634 r268 r530 4,101 636 1,280 r239 -205 Feb........................... 14,734 6,416 381 335 271 72 406 204 721 4,058 651 1,349 173 -302 Mar.......................... 15,639 6,815 286 385 327 152 583 -79 569 4,405 715 1,411 278 -210 15,972 6,934 377 353 448 199 537 46 632 4,373 695 1,407 226 -255 May......................... 15,764 6,733 459 367 153 154 657 273 744 4,197 686 1,388 244 -291 13,522 7,651 374 326 -701 141 625 -267 978 3,971 656 1,352 239 -1,823 July......................... 15,695 6,560 324 319 659 223 613 249 411 4,299 660 1,364 272 -258 Aug.......................... 17,106 6,868 299 337 1,130 368 858 311 524 4,336 669 1,440 279 -314 Sept.......................... 17,616 6,767 357 294 1,801 286 784 225 666 4,219 693 1,513 225 -215 Oct........................... 17,944 7,267 374 327 1,108 263 964 588 654 4,484 694 1,220 248 -248 15,461 6,303 443 267 393 188 735 228 398 4,239 710 1,571 2.49 -263 Dec.......................... 15,092 6,822 145 296 385 192 655 224 509 4,443 722 1,521 319 -1,139 1970—Jan........................... 16,399 6,648 161 291 659 113 713 212 591 4,691 728 1,537 311 -256 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 □ MARCH 1970 GROSS PUBLIC DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues End of period p d T g u e r o b b o t l t s a i s c l 1 Total Total Bills M C a c r e k a r t e t e i t f s a i b le Notes Bonds 2 b C v i o b e o n l r n e d t s T N o o ta n l m 3 arke b S t i o a n a n b g v d l s e s i S ss p u e e c s ia 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—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 Feb.. 368.8 295.4 236.0 81.2 91.4 63.4 2.4 57.0 52.1 71.4 1 Includes non-interest-bearing debt (of which $633 million on Feb. 28, 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 E pe n r d i o o d f p T g d u r o e b o t b l s a i t s l c ag G t U a e r o n u n .S v c d s i t . t e . s B F a . n R k . s Total m C b e a o r n c m k ia s l s M b a a v u n i t n u k g a s s l p I c a n a o n n s m c u ie e r s r c O a o t t r i h o p e n o r s g S l a o o t n c v a d a t t e s l . Savi I n n g d s ividu O al t s her n F a i o t n a i r o t n e e n d i r g a n l 1 i O m t n o v t i r h s e * c e s . r 2 funds bonds securities 1939—Dec................ 41.9 6.1 2.5 33.4 12.7 2.7 5.7 2.0 .4 1.9 7.5 .2 .3 1946—Dec................ 259.1 27.4 23.4 208.3 74.5 11.8 24.9 15.3 6.3 44.2 20.0 2.1 9.3 1962—Dec................ 303.5 53.2 30.8 219.5 67.1 6.0 11.5 18.6 20.1 47.0 19.1 15.3 14.8 1963—Dec................ 309.3 55.3 33.6 220.5 64.2 5.6 11.2 18.7 21.1 48.2 20.0 15.9 15.6 1964—Dec............... 317.9 58.4 37.0 222.5 63.9 5.5 11.0 18.2 21.1 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 11.9 20.4 Sept............... 360.7 86.9 54.1 219.6 54.4 3.1 7.1 15.2 27.6 51.1 26.7 13.1 21.2 Oct................ 364.4 86.1 55.5 222.7 55.7 3.0 7.1 16.4 27.0 51.1 27.4 12.9 22.1 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 1970—Jan................. 367.6 88.6 55.5 223.5 54.3 2.9 7.2 16.4 28.3 51.1 29.6 12.1 21.5 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
MARCH 1970 a U.S. GOVERNMENT SECURITIES A 43 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value, in millions of dollars) Within 1 year Type of holder and date Total 1-5 5-10 10-20 Over 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—Dec. 31........................................................ 235,863 118,124 80,571 37,553 73,301 20,026 8,358 16,054 1970—Jan. 31........................................................ 236,321 118,633 81,081 37,552 73,295 20,026 8,354 16,014 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—Dec. 31................................................ 16,295 2,321 812 1,509 6,006 2,472 2,059 3,437 1970—Jan. 31................................................ 16,555 2,421 913 1,508 6,147 2,492 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—Dec. 31................................................ 57,154 36,023 22,265 13,758 12,810 7,642 224 453 1970—Jan. 31................................................ 55,510 34,353 20,551 13,802 12,835 7,642 224 454 Held by private investors: 1966—Dec. 31................................................ 1967—Dec. 31................................................ 1968—Dec. 31................................................ 168,473 77,670 55,222 22,448 50,877 21,223 6,133 12,569 1969—Dec. 31................................................ 162,414 79,780 57,494 22,286 54,485 9,912 6,075 12,164 1970—Jan. 31................................................ 164,256 81,859 59,617 22,242 54,313 9,892 6,071 12,123 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—Dec. 31........................................ 45,173 15,104 6,727 8,377 24,692 4,399 564 414 1970—Jan. 31........................................ 43,245 13,553 5,288 8,265 24,344 4,397 550 401 Mutual savings banks: 1966—Dec. 31........................................ 4,532 645 399 246 1,482 1,139 276 990 1967—Dec. 31........................................ 4,033 716 440 276 1,476 707 267 867 1968 Dec. 31........................................ 3,524 696 334 362 1,117 709 229 773 1969 Dec. 31........................................ 2,931 501 149 352 1,251 263 203 715 1970—Jan. 31........................................ 2,900 493 150 343 1,231 264 202 710 Insurance companies: 1966—Dec. 31........................................ 8,158 847 508 339 1,978 1,581 1,074 2,678 1967—Dec. 31........................................ 7,360 815 440 375 2,056 914 1,175 2,400 1968—Dec. 31........................................ 6,857 903 498 405 1,892 721 1,120 2,221 1969—Dec. 31........................................ 6,152 868 419 449 1,808 253 1,197 2,028 1970—Jan. 31........................................ 3,439 296 238 58 421 44 1,012 1,666 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—Dec. 31........................................ 5,007 3,157 2,082 1,075 1,766 63 12 8 1970—Jan. 31........................................ 5,078 3,344 2,138 1,206 1,641 69 14 9 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—Dec. 31........................................ 3,851 808 269 539 1,916 357 329 441 1970—Jan. 31........................................ 3,789 756 252 504 1,922 346 329 436 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—Dec. 31........................................ 13,909 6,416 5,200 1,216 2,853 524 1,225 2,893 1970—Jan. 31........................................ 14,698 7,168 5,822 1,346 2,933 524 1,222 2,852 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—Dec. 31........................................ 85,391 52,926 42,648 10,278 20,199 4,053 2,545 5,665 1970—Jan. 31........................................ 91,107 56,249 45,729 10,520 21,821 4,248 2,742 6,049 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 5,760 commercial banks, 495 mutual savings agencies and certain Govt, deposit accounts have been removed from U.S. banks, and 750 insurance companies combined; (2) about 50 per cent by Govt, agencies and trust funds and added to “All others.” Comparable data the 468 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 □ MARCH 1970 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S. Govt. Period agency Total Dealers and brokers securities W 1 y it e h a in r y 1 e - a 5 rs y 5 e - a 1 r 0 s 10 O y v e e a r r s U s . e S c u G rit o ie v s t, Other m b C e a o r n c m k ia s l o A th l e l r 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 1970—Jan............................... 2,385 2,058 233 58 36 971 92 922 402 410 Week ending— 1970—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 r482 28 r..................... 1,688 1,492 138 27 31 578 61 694 356 523 Feb. 4....................... 3,548 2,661 555 304 28 1,467 124 1,312 645 392 11....................... 2,486 1,929 360 153 44 1,138 122 852 374 428 18....................... 2,915 2,330 400 147 38 1,378 115 1,038 385 637 25....................... 2,252 1,776 330 111 34 989 107 819 337 460 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. Period M t a A i t e l u s l ri W y i e 1 t a h r in y 1 e - a 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 r w y k w E h ls e e r e C t o io r n p s o 1 ra ot A h U er 1969—Jan................. 2,918 2,757 0 130 32 508 1969—Jan............. 3,100 737 641 1,310 412 Feb................. 2,389 2,193 34 144 17 449 Feb............ 2,660 417 361 1,311 573 Mar................ 2,230 2,119 -37 131 18 507 Mar........... 2,322 396 370 1,031 526 Apr................ 3,107 2,998 -60 116 54 740 3,392 963 497 1,086 847 May............... 2,585 1 ,964 71 498 52 792 May.......... 3,103 542 376 1,072 :i ,112 June............... 2,454 1 ,975 56 408 16 703 June.......... 2,994 717 520 862 896 July............... 2,250 1 ,901 40 300 9 626 July........... 2,372 810 363 690 509 Aug................ 2,299 1,853 170 230 47 492 Aug........... 2,539 563 405 733 838 Sept................ 2,313 1 936 162 181 34 496 Sept........... 2,586 771 564 470 781 Oct................. 2,389 1,903 256 193 37 512 2,226 462 392 520 852 Nov................ 3,451 3,158 155 106 30 606 Nov........... 3,692 1,050 712 856 1,073 Dec................ 3,607 3,266 205 100 35 564 3,689 1 ,036 651 884 1 ,119 1970—Jan................. 2,908 2,869 -2 22 20 529 1970—Jan............ 3,075 907 469 792 907 Week ending- Week ending— 1969—Dec. 3.......... 3,971 3,705 144 99 23 573 1969—Dec. 3... 3,998 1 ,217 777 977 1,027 10.......... 3,814 3,465 211 107 31 628 10. .. 4,054 1 ,145 787 1,044 1,078 17 3,245 2,915 194 104 32 464 17. .. 3,719 1,019 643 825 1,232 24, , 3,329 2,973 214 99 43 573 24. .. 3,191 863 556 835 937 31 3,830 3,459 244 86 41 599 31. . . 3,539 1,057 555 774 1,154 1970—Jan. 7 3,291 3,038 149 76 28 557 1970—Jan. 7. .. 3,731 1,061 588 885 1,197 14 , 2,827 2,749 4 50 24 465 14... 3,198 1,083 461 777 877 21....... 2,770 2,790 -54 15 19 509 21. .. 2,782 870 384 773 755 28....... 2,775 2,827 -71 3 15 570 28. .. 2,739 716 437 772 814 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
MARCH 1970 n GOVERNMENT SECURITIES A 45 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, FEBRUARY 28, 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 bonds—Cont Feb. 28, 1970. 1.501 July 23, 1970.............. 1,204 Aug. 15, 1971 ,., .8M 2,252 Dec. 15, 1967-72.•2% 2,580 Mar. 5, 1970. 3.001 July 30, 1970.............. 1,200 Oct. 1, 1971.... IVi 72 Aug. 15, 1970 . .4 4,129 Mar. 12, 1970. 3.001 July 31, 1970.............. 1,702 Nov. 15, 1971.. • 5% 1,734 Aug. 15, 1971.... .4 2,806 Mar. 19, 1970. 3.002 Aug. 6, 1970.............. 1,203 Feb. 15, 1972.... • 4% 2,006 Nov. 15, 1971....■3% 2,760 Mar. 23, 19701- 1,752 Aug. 13, 1970.............. 1,201 Apr. 1, 1972.... • IVi 34 Feb. 15, 2,344 Mar. 26, 1970. 3.010 Aug. 20, 1970.............. 1,197 May 15, 1972 ... .43/4 5,310 Aug. 15, 1972,... .4 2,579 Mar. 31, 1970. 1.501 Aug. 27, 1970.............. 1,301 Oct. 1, 1972 ,,, 1 Vi 33 Aug. 15, 1973, ...4 3,894 Apr. 2, 1970. 3.011 Aug. 31, 1970.............. 1,701 Apr. 1, 1973 , -1 Vi 34 Nov. 15, 1973 ..• 4 Vi 4,347 Apr. 9, 1970. 3.005 Sept. 30, 1970.............. 1,505 May 15, 1973....■m 1,157 Feb. 15, 1974 ..•4% 3,128 Apr. 16, 1970. 3.005 Oct. 31, 1970.............. 1,504 Aug. 15, 1973,... • 8 H 1,839 May 15, 1974.....4% 3,584 Apr. 22, 1970f 3,014 Nov. 30, 1970.............. 1,001 Oct. 1, 1973 .., IVi 30 Nov. 15, 1974....•37/g 2,240 Apr. 23, 1970. 3.002 Dec. 31, 1970.............. 1,002 Apr. 1, 1974....• IVi 34 May 15, 1975-85..4% 1,214 Apr. 30, 1970. 4,503 Jan. 31, 1971.............. 1,003 Aug. 15, 1974.... .5 y8 10,284 June 15, 1978-83..3% 1,551 May 7, 1970. 3.002 Oct. 1, 1974.,, • IVi 11 Feb. 15, 1980.....4 2,596 May 14, 1970. 2,994 Nov. 15, 1974 ... ■sy4 3,981 Nov. 15, 1980, .,• 3 Vi 1,905 May 21, 1970. 3.003 Treasury notes Feb. 15, 1975 .. ■53/4 5,148 May 15, 1985.....31/4 1,085 May 28, 1970. 3,002 Apr. 1, 1970.........iy2 88 May 15, 1975.... .6 6,760 Aug. 15, 1987-92..41/4 3,814 May 31, 1970. 1.501 May 15, 1970.........5 % 7,793 Feb. 15, 1976,....6V4 3,739 Feb. 15, 1988-93..4 249 June 4, 1970. 1,200 May 15, 1970........6% 8,764 May 15, 1976,.., 6Vi 2,697 May 15, 1989-94.• 41/g 1,556 June 11, 1970. 1,200 Aug. 15, 1970.........6% 2,329 Aug. 15, 1976..., • 7 Vi 1,682 Feb. 15, 1990........3 Vi 4,802 June 18, 1970. 1,201 Oct. 1, 1970.........1% 113 Feb. 15, 1977.....8 1,856 Feb. 15, 1995..., .3 1,385 June 22, 1970f 4,508 Nov. 15, 1970.........5 7,675 Nov. 15, 1998 .3% 4,178 June 25, 1970. 1,209 Feb. 15, 1971.........5% 2,509 Treasury bonds June 30, 1970. 1,702 Feb. 15, 1971.........7V4 2,924 Mar. 15, 1965-70.• 2Vi 302 July 2, 1970. 1,202 Apr. 1, 1971.........IVi 35 Mar. 15, 1966-71.• 2% 1,220 Convertiblebonds July 9, 1970. 1,207 May 15, 1971.........5 Va 4,265 June 15, 1967-72.•2 Vi 1,240 Investment Series B July 16, 1970. 1 ,205 May 15, 1971.........8 4,173 Sept.15, 1967-72.•2Vi 1,951 Apr. 1, 1975-80.,■2% 2,420 t Tax-anticipation series. Note.—Direct public issues only. Based on Daily Statement of U.S. Treasury. NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Total Use of proceeds Period amount deliv Special ered3 Total Gener U.S. district Roads Veter Other al Reve Govt. State and Other2 Edu and Util Hous ans’ pur obli nue loans stat. cation bridges ities 4 ing5 aid poses gations auth. 1962. 8,845 5,582 2,681 437 145 1,419 2,600 4,825 8,732 8,568 2,963 1,114 1,668 521 125 2,177 1963. 10,538 5,855 4,180 254 249 1,620 3,636 5,281 10,496 9,151 3,029 812 2,344 598 2,396 1964. 10,847 6,417 3,585 637 208 1,628 3,812 5,407 10,069 10,201 3,392 688 2,437 727 120 2,838 1965. 11,329 7,177, 3.517 464 170 2,401 3,784 5,144 11,538 10,471 3,619 900 1,965 626 50 3,311 1966. 11,405 6,804 3,955 325 312 2,590 4,110 4,695 n.a, 11,303 3,738 1,476 1,880 533 3.667 1967. 14,766 8,985 5,013 477 334 2,842 4,810 7,115 n.a. 14,643 4,473 1,254 2,404 645 5.667 1968. 16,596 9,269 6.517 528 282 2,774 5,946 7,884 n.a. 16,489 4,820 1,526 2,833 787 6,523 1968—Dec.. 1,140 337 781 20 415 706 n.a 1,138 169 46 196 20 707 1969—Jan... 1,262 942 309 546 285 432 n.a. 1,260 362 165 169 4 561 Feb... 987 460 378 143 144 477 366 n.a. 984 245 222 306 145 202 Mar.. 538 326 201 110 149 279 n.a. 537 261 96 71 3 107 Apr.. 1,801 1,007 785 539 738 525 n.a. 1,799 365 36 302 5 1,095 May., 1 ,110 637 273 177 266 340 504 n.a. 1 ,096 323 109 118 191 355 June., 737 517 181 97 155 486 n.a. 727 237 45 141 1 303 July. . 1,097 826 261 405 245 446 n.a. 1,097 283 169 105 6 533 Aug... 808 583 213 228 255 325 n.a. 803 209 155 82 2 353 Sept... 559 361 106 100 130 329 559 161 6 75 70 245 Oct.. . 1,280 898 357 482 270 526 1,275 379 40 265 69 523 Nov... 886 489 358 33 102 360 422 885 216 168 138 47 318 Dec... 816 679 134 340 192 286 816 211 221 97 289 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 □ MARCH 1970 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues1 Noncorporate Corporate Period Bonds Stock Total G U o . v S t . .2 a G g U e o n .S v c t . y . 3 and S U t l a . o S t c e . al4 Others Total Total P o u ff b e l r ic e l d y P p ri l v a a c t e e d ly Preferred Common 1961.................... 35,527 12,253 1,448 8,360 303 13,165 9,420 4,700 4,720 450 3,294 1962.................... 29,956 8,590 1,188 8,558 915 10,705 8,969 4,440 4,529 422 1,314 1963.................... 35,199 10,827 1,168 10,107 887 12,211 10,856 4,713 6,143 343 1,011 1964.................... 37,122 10,656 1,205 10,544 760 13,957 10,865 3,623 7,243 412 2,679 1965.................... 40,108 9,348 2,731 11,148 889 15,992 13,720 5,570 8,150 725 1,547 1966.................... 45,015 8,231 6,806 11,089 815 18,074 15,561 8,018 7,542 574 1,939 1967.................... 68,514 19,431 8,180 14,288 1,817 24,798 21,954 14,990 6,964 885 1,959 1968.................... 65,562 18,025 7,666 16,374 1,531 21,966 17,383 10,732 6,651 637 3,946 1968—Nov......... 3,294 379 1,037 118 1,767 1,301 939 362 41 425 Dec.......... 3,812 377 223 1,138 20 2,054 1,572 607 965 19 464 1969—Jan........... 4,284 427 424 1,244 113 2,075 1,616 980 636 67 393 Feb.......... 4,086 443 450 974 174 2,045 1,237 842 395 72 736 Mar......... 3,514 382 453 520 61 2,098 1,344 835 509 98 657 Apr.......... 5,780 412 981 1,627 12 2,748 1,917 1,268 649 68 762 May........ 4,608 410 950 1,088 85 2,076 1,382 871 510 10 684 June........ 4,056 419 351 710 45 2,530 1,786 1,272 514 50 694 July.......... 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 Nov......... 4,083 300 450 853 92 2,388 1,405 1,164 241 83 899 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 an s 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 1961.............................................. 3,371 741 800 389 692 20 2,347 692 692 1,128 1,522 753 1962.............................................. 2,880 404 622 274 573 14 2,279 562 1,264 43 1,397 457 1963.............................................. 3,202 313 676 150 948 9 2,259 418 953 152 2,818 313 1964.............................................. 2,819 228 902 220 944 38 2,139 620 669 1,520 3,391 466 1965.............................................. 4,712 704 1,153 251 953 60 2,332 604 808 139 3,762 514 1966.............................................. 5,861 1,208 1,166 257 1,856 116 3,117 549 1,814 189 1,747 193 1967.............................................. 9,894 1,164 1,950 117 1,859 466 4,217 718 1,786 193 2,247 186 1968.............................................. 5,668 1,311 1,759 116 1,665 1,579 4,407 873 1,724 43 2,159 662 1969 Jan.................................... 299 104 169 200 257 2 509 118 181 4 201 31 Feb.................................... 344 169 197 346 329 18 136 179 56 176 96 297 194 192 305 139 63 352 52 198 34 166 107 Apr.................................... 327 186 330 276 151 101 627 157 43 1 438 110 434 134 101 397 141 4 371 20 129 68 203 70 505 186 119 314 202 13 606 96 187 4 167 131 July................................... 636 238 133 177 122 4 446 47 286 266 123 Aug.................................... 284 77 37 161 48 6 354 153 122 4 99 82 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 Nov................................... 291 167 197 242 129 3 423 201 156 44 209 , 326 4 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
MARCH 1970 a SECURITY ISSUES A 47 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers All securities Bonds and notes Common and preferred stocks Period New issues Retirements Net change New Retire Net New Retire Net issues ments change issues ments change In co ve s s .1 t. Other In c v o e s s .1 t. Other I c n o ve s. s 1 t. Other 196 5 21,535 10,025 11,511 12,747 4,649 8,098 5,583 3,205 2,134 3,242 3,450 -37 196 6 26,327 9,567 16,761 15,629 4,542 11,088 6,529 4,169 2,025 3,000 4,504 1,169 196 7 33,303 10,496 22,537 21,299 5,340 15,960 6,987 4,664 2,761 2,397 4,226 2,267 196 8 35,384 16,234 19,150 19,381 5,418 13,962 9,945 6,057 3,857 6,959 6,088 -900 1968—II I 8,280 4,112 4,167 4,732 1,249 3,482 2,127 1,421 949 1,914 1,178 -493 IV............... 10,962 5,168 5,794 5,528 1,575 3,953 3,452 1,982 1,032 2,561 2,420 -579 1969—....................1 10,631 4,521 6,110 4,949 1,272 3,676 3,498 2,184 1,065 2,183 2,433 I I 9,688 4,323 5,365 5,365 1,504 3,861 1,960 2,363 1,055 1,764 905 599 II I n.a. n.a. n.a. 4,499 1,382 3,117 n.a. 2,008 n.a. 598 n.a. 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 n o o n t d e s s Stocks & B o n n o d te s s Stocks & B n o o n t d e s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks 196 5 2,606 -570 614 -70 185 -1 1,342 96 644 518 2,707 3,440 196 6 4,324 32 616 -598 956 718 2,659 533 1,668 575 864 4,414 196 7 7,237 832 1,104 282 1,158 165 3.444 652 1,716 467 1,302 4,178 196 8 4,418 -1,842 2,242 821 987 -149 3,669 892 1,579 120 1,069 5,347 1968—II I 1,210 -484 716 -123 300 -62 585 187 491 6 181 1,161 IV............... 667 -1,171 960 461 257 -71 1,310 152 269 50 491 2,419 1969—....................1 1,458 -372 360 259 539 75 674 331 405 .45 239 2,096 I I 936 -386 433 445 175 49 1.445 235 312 78 560 1,083 II I 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) Year Month Sales 1 Re ti d o e n m s p s N al e e t s Total 2 po C si a ti s o h n 3 Other Sales 1 Re ti d o e n m s p s N al e e t s Total 2 po C si a t s i h o n3 Other 1958.............. 1,620 511 1,109 13,242 634 12,608 1959.............. 2,280 786 1,494 15,818 860 14,958 1969—Jan__ 876 397 479 53,323 3,831 49,492 Feb... 625 379 246 50,512 3,880 46,632 1960.............. 2,097 842 1,255 17,026 973 16,053 Mar... 628 285 343 51,663 4,331 47,332 1961.............. 2,951 1,160 1,791 22,789 980 21,809 Apr... 654 348 306 52,787 4,579 48,208 1962.............. 2,699 1,123 1,576 21,271 1,315 19,956 May. . 529 364 165 52,992 4,262 48,730 June.. 474 338 136 49,401 3,937 45,464 1963.............. 2,460 1,504 952 25,214 1,341 23,873 July... 503 260 243 46,408 4,167 42,241 1964.............. 3,404 1,875 1,528 29,116 1,329 27,787 Aug... 483 208 275 49,072 4,642 44,430 1965.............. 4,359 1,962 2,395 35,220 1.803 33,417 Sept... 442 235 207 48,882 4,393 44,489 Oct__ 564 269 295 50,915 4,572 46,343 1966.............. 4,671 2,005 2,665 34,829 2,971 31,858 Nov... 417 277 140 49,242 4,079 38,163 1967.............. 4,670 2,745 1,927 44,701 2,566 42,135 Dec... 522 301 221 48,291 3,846 44,445 1968.............. 6,820 3,841 2,979 52,677 3,187 49,490 1969.............. 6,717 3,661 3,056 48,291 3,846 44,445 1970—Jan.... 523 303 220 44,945 3,959 40,986 1 Includes contractual and regular single purchase sales, voluntary 3 Cash and deposits, receivables, all U.S. Govt, securities, and other and contractual accumulation plan sales, and reinvestment of invest short-term debt securities, less current liabilities. ment income dividends; excludes reinvestment of realized capital gains dividends. Note.—Investment Company Institute data based on reports of mem 2 Market value at end of period less current liabilities. bers, which comprise substantially all open-end investment companies registered with the Securities and Exchange Commission. Data reflect newly formed companies after their initial offering of securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 48 BUSINESS FINANCE a MARCH 1970 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1967 1968 19691 Industry 1965 1966 1967 1968 III IV III IV Manufacturing Total (177 corps.): Sales.............................................. 158,253 177,237195,738201,399225,740 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 Durable goods industries (99 corps.):3 Sales.............................................. 98,482 112,341 122,094123,429140,879 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 ,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 bef ore 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 af ter 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 repo rts of companies. and for two affiliated telephone companies. Dividends are for the 20 Railroads: I nterstate 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. ectric 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
MARCH 1970 a 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 s e P t a r a f o x t f e e i s r ts d C d e i a n v s d i h s t U r p i r b n o u d fi t i t e s s d co c a n a l t l i s 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 ts d C d e i a n v s d i h s t U r p i r b n o u d f t i i e t s s d co c a t n a l i l s o p o u n i w t m a l p ances1 ances 1 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 1964.............. 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—1___ 95.5 43.9 51.7 23.8 27.9 47.7 1968.............. 91.1 41.3 49.8 23.1 26.7 45.9 II... . 95.4 44.1 51.3 24.3 27.0 48.6 1969?............ 94.0 43.4 50.6 24.6 26.0 49.1 III... 92.5 42.8 49.7 24.9 24.9 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 Net Notes and accts. Notes and accts. End of period working U.S. receivable payable Accrued capital Total Cash s G ec o u v r t i . I t n o v ri e e n s Other Total F in e c d o e m ra e l Other ties U.S. Other U.S. Other taxes Govt.1 Govt.1 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 Public utilities Total Period Total Mining n C i o ca m ti m on u s Other i (S.A. Durable d N ur o a n bl e R ro a a i d l Air Other Electric and G a o s t her a r n a n t u e) al 1963 r..................... 40.77 7.53 8.70 1.27 1.26 .40 1.58 3.67 1.31 4.06 10.99 1964r..................... 46.97 9.28 10.07 1.34 1.66 1.02 1.50 3.97 1.51 4.61 12.02 1965r..................... 54.42 11.50 11.94 1.46 1.99 1.22 1.68 4.43 1.70 5.30 13.19 1966r..................... 63.51 14.96 14.14 1.62 2.37 1.74 1.64 5.38 2.05 6.02 14.48 1967 r..................... 65.47 14.06 14.45 1.65 1.86 2.29 1.48 6.75 2.00 6.34 14.59 1968r..................... 67.76 14.12 14.25 1.63 1.45 2.56 1.59 7.66 2.54 6.83 15.14 1969r 75.56 15.96 15.72 1.86 1.86 2*51 1.68 8.94 2.67 8.30 16.05 19702 r 83.58 17.61 17.19 1.94 2.36 2.91 1.64 11.15 2.58 9.68 16.50 1968—IIr.............. 16.85 3.36 3.63 .43 .37 .58 .42 1.94 .68 1.62 3.81 66.29 IIIr............. 16.79 3.54 3.59 .39 .31 .64 .41 1.87 .74 1.61 3.69 67.77 IVr............. 19.03 4.16 3.94 .40 .38 .66 .47 2.16 .74 2.00 4.13 69.05 1969—1r............... 16.04 3.36 3.22 .42 .38 .68 .38 1.88 .48 1.81 3.41 72.52 II r.............. 18.81 3.98 3.84 .48 .44 .66 .46 2.22 .77 2.00 3.97 73.94 IIIr......... 19.25 4.03 4.12 .47 .49 .53 .40 2.23 .80 2.11 4.07 77.84 IVr............. 21.46 4.59 4.53 .49 .55 .64 .44 2.61 .62 2.39 4.60 77.84 1970—I2 r............. 17.76 3.68 3.56 .41 .45 .69 .37 2.28 .39 5.93 80.00 II2.............. 20.79 4.33 4.14 .47 .54 .80 .40 2.82 .70 6.60 81.78 1 Includes trade, service, construction, finance, and insurance. Note.—Dept, of Commerce and Securities and Exchange Commission 2 Anticipated by business. estimates for corporate and noncorporate business; excludes agriculture, real estate operators, medical, legal, educational, and cultural service, and nonprofit organizations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 50 REAL ESTATE CREDIT □ MARCH 1970 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Farm Nonfarm Other 1- to 4-family houses4 Multifamily and Mortgage holders2 commercial properties5 type6 E pe n r d i o o d f h A e o r l l s d l tu F i t n c i i n i o s a a t n l i n s 1 a U c g i . e e S n s . v o I i a t d n h n u d e d a i r l s s h A e o r l l s d l tu F i t n i c i n i o s a a t n l i n s 1 O h e o t r h l s d e 3 r h A e o r l l s d l 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 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 er F w u H V n ri d A A t e te - — r n - t C v io e o n n n a l 1941 37.6 20.7 4.7 12.2 6.4 1.5 4.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 3.0 28.2 1945.......... 35.5 21.0 2.4 12.1 4.8 1.3 3.4 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.3 26.5 1964 300.1 241.0 11.4 47.7 18.9 7.0 11.9 281.2 197.6 170.3 27.3 83.6 63.7 19.9 77.2 204.0 1965.......... 325.8 264.6 12.4 48.7 21.2 7.8 13.4 304.6 212.9 184.3 28.7 91.6 72.5 19.1 81.2 223.4 1966.......... 347.4 280.8 15.8 50.9 23.3 8.4 14.9 324.1 223.6 192.1 31.5 100.5 80.2 20.3 84.1 240.0 1967*........ 370.2 298.8 18.4 53.0 25.5 9.1 16.3 344.8 236.1 201.8 34.2 108.7 87.9 20.9 88.2 256.6 1968^ .... 397.5 319.9 21.7 55.8 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—IIIp. 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 I Vp. 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—P... 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 iiip. 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 I VP. 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 1969—Ip... 403.7 324.7 22.6 56.4 28.1 9.8 18.3 375.7 254.8 216.0 38.8 120.9 98.9 21.9 94.5 28 i .2 IIP. 411.7 331.0 23.4 57.1 28.8 10.1 18.7 382.9 259.5 219.9 39.5 123.4 101.0 22.4 96.6 286.3 IIIP. 418.5 335.5 24.9 58.1 29.3 10.1 19.1 389.2 263.4 222.5 40.9 125.8 102.9 22.9 IVp. 424.6 * 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 on second page following. 1968, new GNMA as well as FHA, VA, PH A, 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 1 Mutual savings bank holdings2 Residential Residential End of period Other Other Total non Farm Total non Farm FHA- VA- Con farm FHA- VA- Con farm Total in- guar- ven Total in- guar- ven sured anteed tional sured anteed tional 1941.............................. 4,906 3,292 1,048 566 4,812 3,884 900 28 1945.............................. 4,772 3,395 856 521 4,208 3,387 797 24 1964.............................. 43,976 28,933 7,315 2,742 18,876 12,405 2,638 40,556 36,487 12,287 11,121 13,079 4,016 53 1965.............................. 49,675 32,387 7,702 2,688 21,997 14,377 2,911 44,617 40,096 13,791 11,408 14,897 4,469 52 1966.............................. 54,380 34,876 7,544 2,599 24,733 16,366 3,138 47,337 42,242 14,500 11,471 16,272 5,041 53 1967.............................. 59,019 37,642 7,709 2,696 27,237 17,931 3,446 50,490 44,641 15,074 11,795 17,772 5,732 117 1968.............................. 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 Ill...................... 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
MARCH 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 Farm 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 1961.............................................. 6,785 6,233 1,388 220 4,625 552 44,203 41,033 9,665 6,553 24,815 3,170 1962.............................................. 7,478 6,859 1,355 469 5,035 619 46,902 43,502 10,176 6,395 26,931 3,400 1963.............................................. 9,172 8,306 1,598 678 6,030 866 50,544 46,752 10,756 6,401 29,595 3,792 1964.............................................. 10,433 9,386 1,812 674 6,900 1,047 55,152 50,848 11,484 6,403 32,961 4,304 1965.............................................. 11,137 9,988 1,738 553 7,697 1,149 60,013 55,190 12,068 6,286 36,836 4,823 1966.............................................. 10,217 9,223 1,300 467 7,456 994 64,609 59,369 12,351 6,201 40,817 5,240 1967............................................... 8,470 7,633 757 444 6,432 837 67,516 61,947 12,161 6,122 43,664 5,569 1968.............................................. 7,925 7,153 719 346 6,088 772 69,973 64,172 11,961 5,954 46,257 5,801 1968—Dec.................................... 1,257 1,173 81 40 1,052 84 70,044 64,242 11,993 5,972 46,277 5,802 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 8 399 18 71,710 65,915 11,762 5,720 48,433 5,795 Dec.................................... 803 774 48 8 718 29 72,127 66,353 11,744 5,697 48,912 5,774 1 Include mortgage loans secured by land on which oil drilling or the end-of-Dec. figures may differ from end-of-year figures because (1) extracting operations are in process. monthly figures represent book value of ledger assets, whereas year-end figures represent annual statement asset values, and (2) data for year-end Note.—Institute of Life Insurance data. For loans acquired, the adjustments are more complete. monthly figures may not add to annual totals; and for loans outstanding MORTGAGE ACTIVITY OF SAVINGS AND FEDERAL HOME LOAN BANKS LOAN ASSOCIATIONS (In millions of dollars) (In millions of dollars) Advances outstanding Loans made Loans outstanding (end of period) (end of period) Period va A n d c es R m e e p n a ts y M d e e m po b s e it r s s’ Period h N o e m w e Home FHA- VA- Con Total t S e h rm or t t t L er o m ng 2 Total i con pur Total 2 in- guar- ven s t t i r o u n c chase sured anteed tional 1945....................... 278 213 195 176 19 46 1962....................... 4,111 3,294 3,479 2,005 1,474 1,213 1945.............. 1,913 181 1,358 5,376 1 1 9 9 6 6 4 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 , , 5 60 6 1 5 4 5, ,2 0 9 25 6 4 5 , , 7 32 8 5 4 2 2 , , 8 8 6 4 3 6 2 1 , , 4 92 7 1 9 1 1 , ,1 1 5 9 1 9 1962.............. 21,153 6,115 8,650 78,770 4,476 7,010 67,284 1 1 9 9 6 6 3 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 5 4, , 9 17 13 3 7 6 , , 1 6 8 3 5 8 1 1 0 0, , 0 5 5 3 5 8 1 9 0 0 1 , , 9 33 4 3 4 4 4 , , 6 8 9 9 6 4 6 6 , , 6 9 8 6 3 0 7 8 9 9 , , 2 7 8 5 8 6 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 5 4 6 , , , 3 9 93 9 8 5 7 6 5 3 3 , , , 9 0 0 8 0 7 5 4 6 2 1 , , 9 9 4 2 2 0 3 1 9 1 1 1 , , , 0 4 0 4 3 3 3 2 6 1965............. 24,192 6,013 10,830 110,306 5,145 6,398 98,763 1968....................... 2,734 1,861 5,259 4,867 392 1,382 1966.............. 16,924 3,653 7,828 114,427 5,269 6,157 103,001 1969....................... 5,531 1,500 9,289 8,434 855 1,041 1 1 1 9 9 9 6 6 6 7 8 9 . . r . . . . .. . . . . . . . .. . . . . . . . .. . . . . . . . .. . . . 2 2 2 1 1 0 , , , 9 1 8 8 2 3 3 2 2 4 4 4 , , , 2 9 7 4 1 5 3 6 6 1 1 9 1 1 , , , 6 2 2 0 1 4 5 4 4 1 1 1 2 3 4 1 0 0 , , , 8 8 2 0 0 0 5 2 9 7 5 6 , , , 7 9 6 9 5 1 1 8 0 7 7 6 , , , 6 3 0 5 5 1 1 3 2 1 1 1 0 1 2 9 7 4 , , , 6 1 6 6 3 4 3 2 6 1969—J M F a e n a b . r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 1 7 5 2 5 7 0 1 1 1 7 7 2 8 2 9 5 5 5 , , , 3 2 3 3 9 5 1 7 8 4 4 4 , , , 9 9 9 8 7 4 3 5 0 3 3 3 5 4 8 8 9 2 1 1 1 , , , 2 1 1 4 1 3 3 0 0 1969—Jan.... 1,592 348 783 131,424 6,747 7,074117,603 Apr............ 545 113 5,764 5,423 341 1,178 A M M Fe p a a b r r y . . . . . . . . . . . 2 2 1 1 , , , , 0 1 8 5 7 4 7 8 3 6 0 0 4 4 4 3 8 4 8 6 5 2 0 4 1 1 , , 1 0 7 8 1 2 6 9 3 3 7 6 1 1 1 1 3 3 3 3 2 3 4 5 , , , , 0 0 0 0 9 1 3 2 5 8 2 6 7 7 6 6 , , , , 2 8 1 9 4 2 5 7 5 7 0 2 7 7 7 7 , , , , 2 1 3 1 7 2 5 9 1 9 4 41 1 1 1 1 1 1 2 8 9 0 8 , , , , 1 6 4 8 0 4 2 4 9 7 7 6 J J M A u u u n a l g y y e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 7 3 6 5 2 1 3 7 9 4 0 1 1 1 7 1 2 3 2 8 0 9 7 5 7 6 , , , , 9 0 4 5 7 5 1 4 1 3 3 4 6 6 5 6 , , , , 6 0 5 8 4 7 5 6 7 2 4 4 4 6 3 3 8 7 5 2 9 9 2 4 1 1, , 2 2 9 8 0 7 2 4 1 6 7 7 J J A u u u n ly g e . . . . . . . . 2 1 1 , , , 4 9 9 1 1 7 5 8 4 4 4 3 2 9 9 1 5 3 1 1 1 , , , 0 3 0 9 4 8 1 5 9 1 1 13 3 3 7 6 7 , , , 9 2 1 5 4 0 1 2 7 7 7 7 , , , 4 5 6 2 0 0 7 2 2 7 7 7 , , , 4 4 5 0 6 3 8 8 8 1 1 1 2 2 2 1 2 2 , , , 4 1 8 3 1 0 2 7 6 S N e o p v t. .. . . .. . . . . .. . . . . .. . . . . . 5 4 6 5 5 3 1 7 2 1 1 5 8 3 5 8 9 7 8 8 , , , 9 4 8 3 4 0 9 2 0 7 7 7 , , , 9 2 7 7 7 4 3 9 6 8 6 6 6 6 5 7 6 0 9 8 8 3 9 6 1 8 5 Sept... 1,728 377 936 138,618 7,694 7,570 123,354 Dec.r......... 564 77 9,289 8,434 855 1,041 Oct.... 1,698 365 862 139,226 7,770 7,600123,865 Nov.r. 1,330 286 652 139,676 7,822 7,616 124,238 1970—Jan. p.......... 708 145 9,852 8,744 1,108 786 Dec.r. 1,508 300 687 140,209 7,910 7,653 124,646 1970—Jan. p.. 1,041 221 525 140,321 7,943 7,673 124,705 2 1 S S e e c c u u r r e e d d o lo r a u n n s, s e a c m ur o e r d ti z lo e a d n s q u m 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 r l i e ti s e s s . of more than 1 year but not more than 10 years. 1 Includes loans for repairs, additions and alterations, refinancing, etc., not shown separately. Note.—Federal Home Loan Bank Board data. 2 Beginning with 1958, includes shares pledged against mortgage loans; beginning with 1966, includes junior liens and real estate sold on contract; and beginning with 1967, includes downward structural adjustment for change in universe. Note —Federal Home Loan Bank Board data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 52 REAL ESTATE CREDIT □ MARCH 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 G un o d v e e r r w nm rit e t n e i n t- Con E pe n r d i o o d f Total t F u i i n c t n i i s o a a t l i n n s h O ol t d h e e r r s Total t F u in i c t n i i s a o a t l i n n s h O ol t d h e e r r s End of period Total Total F s u H i n re A - d - an g V t u e A a e r - d 1 ti v o e n n a l 1 1 19 9 9 4 4 6 1 5 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 1 4 4 1 . . . 3 2 2 1 1 1 7 4 5 6 . . . 9 7 7 3 9 8 4 . . .5 4 6 2 5 5 9 . . . 9 7 0 2 3 3 0 . . . 5 6 7 2 2 8 . . .3 2 2 1 1 1 9 9 9 6 5 6 3 4 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 9 8 8 7 2 . . . 6 2 6 6 6 4 5 9 . . . 3 9 2 3 3 4 8 5 . . . 1 3 0 3 3 0 0 . . . 9 9 2 1 1 1 1 2 4 6 8 . . . 3 3 3 1964.............. 231.1 195.4 35.7 33.6 25.1 8.5 1965 ............................... 212.9 73.1 42.0 31.1 139.8 1 1 1 9 9 9 6 6 66 7 5. . ^ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 5 6 8 0 4 0 . . . 1 0 0 2 2 2 2 1 3 3 3 6 . . . 7 2 6 4 4 3 0 6 3 . . . 3 9 4 4 4 3 0 3 7 . . . 3 9 2 2 3 3 1 9 4 . . . 7 5 0 9 8 8 . . . 8 2 2 1 1 1 9 9 96 6 6 7 6 8 P ^ .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 23 5 2 6 1 3 . . . 1 2 6 7 7 8 6 3 9 . . . 1 8 9 4 4 5 4 7 0 . . . 8 6 4 3 3 3 1 2 3 . . . 5 3 2 1 1 15 6 4 6 7 7 . . . 1 6 4 1968p............. 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— I n 1 I 1 i I ^ p p .. . . . . . . . . 2 2 2 7 8 6 4 0 9 . . . 8 0 7 2 2 2 3 2 3 2 8 6 . . . 5 3 6 4 4 4 2 1 3 . . . 3 4 4 4 4 42 3 1 . . . 8 9 9 3 3 3 3 2 4 . . . 8 9 7 9 9 8 . . .9 0 2 1967— I I I I I p P I . p . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 2 2 3 7 4 2 . . . 8 9 0 7 7 7 7 8 6 . . . 3 3 4 4 4 4 5 5 6 . . . 7 2 6 3 3 3 1 1 1 . . . 5 7 2 1 1 1 4 5 5 0 3 8 . . . 7 6 4 1968—Ip........ 283.7 239.0 44.7 44.6 35.3 9.3 I Vp..................... 236.1 79.9 47.4 32.5 156.1 IIP.. .. 288.5 242.7 45.8 45.3 35.9 9.4 HIP. . . 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 I I I I P Ip .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 4 4 7 3 . . 0 2 8 8 2 3 . . 1 2 4 48 9 . . 7 6 3 33 3. .4 6 1 16 6 1 3 . . 1 8 1969—Ip ^03.0 254.4 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—I II p P .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 5 5 4 9 . . 8 5 8 8 5 7. . 1 3 5 5 1 2. . 2 4 3 3 3 4 . .9 9 1 1 6 7 9 2 . . 5 3 IIIp..................... 263.4 88.8 53.3 35.5 174.6 i Structures of five or more units. sta N nd o i t n e g .— ” t B a a b s l e e d ( s o e n c o d n a d t a p r f e ro ce m d i s n a g m p e a g so e) u . rce as for “Mortgage Debt Out inv 1 e sto I r n s c u lu n d d e e s r o re u p ts u t r a c n h d a i s n e g a a g m re o em un e t n t o . f VA vendee accounts held by private Note.—For total debt outstanding, figures are FHLBB and F.R. estimates. For conventional, figures are derived. Based on data from Federal Home Loan Bank Board, Federal Housing Admin., and Veterans Admin. GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE (In millions of dollars) DELINQUENCY RATES ON HOME MORTGAGES FHA-insured VA-guaranteed (Per 100 mortgages held or serviced) Mortgages Mortgages Period Prop Pro erty Loans not in foreclosure Total h N om ew es h is o E t m i x n e g s jects 1 m pr i e m o n v t e s 2 Total3 h N om ew es h is o E t m i x n e g s End of period but delinquent for— L c o l f o a o s n r u e s - r e in Total 30 days 60 days o 9 r 0 m da o y r s e 1945........... 665 257 217 20 171 192 1964............ 8,130 1,608 4,965 895 663 2,846 1,023 1,821 1963............... 3.30 2.32 .60 .38 .34 1965............ 8,689 1,705 5,760 591 634 2,652 876 1 ,774 1964............... 3.21 2.35 .55 .31 .38 1966............ 7,320 1,729 4,366 583 641 2,600 980 1,618 1967............ 7,150 1,369 4,516 642 623 3,405 1,143 2,259 1965............... 3.29 2.40 .55 .34 .40 1968............ 8,275 1,572 4,924 1,123 656 3,774 1 ,430 2,343 1966............... 3.40 2.54 .54 .32 .36 1969........... 9,129 1,551 5,570 1 ,316 693 4,072 1 ,493 2,579 1967............... 3.47 2.66 .54 .27 .32 1968............... 3.17 2.43 .51 .23 .26 1969—Jan... 762 134 474 105 48 369 145 225 1969............... 3.22 2.43 .52 .27 .27 Feb.. 614 106 388 80 39 296 114 182 Mar.. 642 110 381 100 50 329 122 207 1966—1.......... 3.02 2.13 .55 .34 .38 Apr.. 681 113 428 82 57 301 111 191 II........ 2.95 2.16 .49 .30 .38 May. 704 111 409 123 62 323 115 208 III. 3.09 2.25 .52 .32 .36 June. 787 121 475 134 58 308 99 209 IV___ 3.40 2.54 .54 .32 .36 July.. 869 140 518 127 85 356 122 234 Aug.. 791 130 501 92 68 385 126 259 1967—1.......... 3.04 2.17 .56 .31 .38 Sept.. 872 148 566 95 63 364 134 230 II........ 2.85 2.14 .45 .26 .34 Oct... 911 160 553 140 59 397 148 249 Ill.... 3.15 2.36 .52 .27 .3? Nov.. 705 131 430 90 55 328 125 203 IV___ 3.47 2.66 .54 .27 .31 Dec.. 793 148 448 146 50 317 134 183 1968—1.......... 2.84 2.11 .49 .24 .32 1970—Jan 178 433 313 139 174 II........ 2.89 2.23 .44 .22 .28 III. 2.93 2.23 .48 .22 .26 IV___ 3.17 2.43 .51 .23 .26 1 Monthly figures do not reflect mortgage amendments included in annual totals. 1969—1.......... 2.77 2.04 .49 .24 .26 2 Not ordinarily secured by mortgages. II........ 2.68 2.06 .41 .21 .25 3 Includes a small amount of alteration and repair loans, not shown separ Ill ... . 2.91 2.18 .47 .26 .25 ately; only such loans in amounts of more than $1,000 need be secured. IV___ 3.22 2.43 .52 .27 .27 Note.—Federal Housing Admin, and Veterans Admin, data. FHA-insured loans represent gross amount of insurance written; VA-guaranteed loans, Note.—Mortgage Bankers Association of America data from gross amounts of loans closed. Figures do not take into account principal reports on 1- to 4-family FHA-insured, VA-guaranteed, and con repayments on previously insured or guaranteed loans. For VA-guaranteed ventional mortgages held by more than 400 respondents, including loans, amounts by type are derived from data on number and average mortgage bankers (chiefly), commercial banks, savings banks, and amount of loans closed. savings and loan associations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 1970 a REAL ESTATE CREDIT A 53 GOVERNMENT NATIONAL MORTGAGE FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY ASSOCIATION ACTIVITY (In millions of dollars) (In millions of dollars) Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage holdings transactions commitments holdings transactions commitments (during (during End of period) End of period) period period FHA- VA- Made Out FHA- VA- Made Out Total in- guar- Pur during stand Total in- guar- Pur during stand sured anteed chases Sales period ing sured anteed chases Sales period ing 196 6 2,667 2,062 604 620 371 491 196 6 4,396 3.345 1,051 2,081 1,920 214 196 7 3,348 2,756 592 860 1,045 1 ,171 196 7 5,522 4,048 1,474 1,400 12 1,736 501 196 8 4,220 3,569 651 1,089 867 1,266 196 8 7,167 5,121 2,046 1,944 2,697 1,287 196 9 4.820 4.220 600 827 615 1.130 196 9 10.950 7.680 3.270 4,121 6,630 3,539 1969-Jan.. 4,255 3,607 648 54 62 1,297 1969-Jan... 7,334 5,227 2,107 193 276 1,283 Feb.. 4,301 3,657 644 63 40 1,296 Feb.. 7,510 5.345 2,165 201 388 1,465 Mar. 4,328 3,687 641 44 48 1,311 Mar.. 7,689 5,467 2,222 205 372 1,621 Apr. 4,357 3,721 636 50 49 1 ,312 Apr.. 7,851 5,576 2,276 192 460 1,887 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 1970-Jan.. 4,862 4,266 596 59 34 1,098 1970-Jan... 11,513 8,062 3,452 592 836 3,694 Note.—Government National Mortgage Assn. data. Data prior to Note.—Federal National Mortgage Assn. data. Data prior to Sept. Sept. 1968 relate to Special Assistance and Management and Liquidating 1968 relate to secondary market portfolio of former FNMA. Mortgage portfolios of former FNMA and include mortgages subject to participation commitments made during the period include some multifamily and non pool of Government Mortgage Liquidation Trust, but exclude conven profit hospital loan commitments in addition to 1-4 family loan com tional mortgage loans acquired by former FNMA from the RFC Mortgage mitments accepted in FNMA’s free market auction system. Co., the Defense Homes Corp., the Public Housing Admin., and Com munity Facilities Admin. HOME-MORTGAGE YIELDS FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY UNDER FREE MARKET SYSTEM (Per cent) Primary market Secondary Implicit yield, by market Mortgage amounts commitment period (in months) FHA series Type of FHLBB series Yield auction Accepted Period (effective rate) on FHA- and insured date New ho ne m w e s pe B r y io c d o ( m in m m itm on e t n h t s ) 3 6 12-18 New Existing homes Total homes homes 3 6 12-18 1966....................... 6.25 6.41 6.40 6.38 1967....................... 6.46 6.52 6.53 6.55 In millions of dollars In per cent 1968....................... 6.97 7.03 7.12 7.21 Weekly 1969....................... 7.81 7.82 7.99 8.26 1969 1969—Feb............. 7.39 7.42 7.60 7.99 Mar............ 7.47 7.49 7.65 8.05 Dec. 1 .. . . 235.9 120.6 24.2 67.0 29.4 .57 8.58 8.52 Apr............ 7.62 7.60 7.75 8.06 242.9 123.0 23.2 77.0 22.8 .62 8.64 8.57 May........... 7.65 7.68 7.75 8.06 15. 229.4 121.7 37.1 55.4 29.2 .67 8.70 8.62 June........... 7.76 7.79 8.00 8.35 22. 307.3 121.8 22.6 68.2 31.0 .75 8.78 8.69 July............ 7.91 7.94 8.10 8.36 29. 269.3 128.4 20.1 79.0 29.3 .85 8.87 8.77 Aug............ 8.00 8.05 8.20 8.36 Sept............ 8.05 8.08 8.25 8.40 Oct............. 8.13 8.13 8.30 8.48 Nov............ 8.13 8.15 8.35 8.48 Jan. 5. 704.7 122.7 8.4 70.4 43.9 9.19 9.19 9.15 Dec............ 8.25 8.24 8.35 8.62 12. 637.8 150.7 8.7 81.8 60.2 9.40 9.36 9.40 1970—Jan ............ p8. 35 z>8.29 8.55 Biweekly Feb............. 8.55 9.29 Jan. 26.... 581.4 297.8 37.7 187.3 72. 9.37 9.29 9.26 Note.—Annual data are averages of monthly figures. The Feb. 9. 497.0 295.3 41.2 188.0 66.1 9.23 9.28 9.15 FHA data are based on opinion reports submitted by field offices 24. 438.1 279.9 52.7 150.4 76.8 9.20 9.25 9.13 on prevailing local conditions as of the first of the succeeding month. Yields on FHA-insured mortgages are derived from Mar. 9. 354.6 276.4 60.7 136.5 79.2 9.16 9.19 9.13 weighted averages of private secondary market prices for Sec. 23. (240.0) 203, 30-year mortgages with minimum downpayment and an assumed prepayment at the end of 15 years. Gaps in the data are due to periods of adjustment to changes in maximum per Note.—Implicit secondary market yields are gross—before deduction of 50missible contract interest rates. The FHA series on average basis-point fee paid for mortgage servicing. They reflect the average accepted bid contract interest rates on conventional first mortgages in primary price for Govt.-underwritten mortgages after adjustment by Federal Reserve markets are unweighted and are rounded to the nearest 5 basis to allow for FNMA commitment fees and FNMA stock purchase and holding points. The FHLBB effective rate series reflects fees and charges requirements, assuming a prepayment period of 15 years for 30-year loans. Com as well as contract rates (as shown in the table on conventional mitments for 12-18 months are for new homes only. first mortgage terms, p. A-35) and an assumed prepayment at Total accepted shown in parenthesis for most recent period indicates FNMA end of 10 years. announced limit before the “auction” date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 54 CONSUMER CREDIT □ MARCH 1970 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Total m A pa o u p b t e o il r e co g p O n o a s t o p h u d e e m s r r er e a r n l R n o d i e a z p n m a a s t o i i o r 1 d n Pe lo rs a o n n s al Total p S a l y i o n a m 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 ic it e 1939. 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 . 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945. 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1950, 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 9,92.4 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 1967. 102,132 80,926 30,724 22,395 3,789 24,018 21,206 8,428 6,968 5,810 1968. 113,191 89,890 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 1969- 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 6,572 118,515 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 1970—Jan............................... 121,074 97,402 36,291 27,346 3,991 29,774 23,672 9,092 7,539 7,041 1 Holdings of financial institutions; holdings of retail outlets are in- loans. For back figures and description of the data, see “Consumer Credit,” eluded in “other consumer goods paper.” Section 16 (New) of Supplement to Banking and Monetary Statistics, 1965, Note.—Consumer credit estimates cover loans to individuals for house- anc* 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 a e o r n c m k ia s l fi S n c a o a l s n e . c s e u C n r i e o d n i s t fi s n C u a m o n n e c r e 1 Other 1 Total d m A ea o u l b e t i o r l s e 2 o O r u e t t t h l a e e i t l r s 1939........................................ 4,503 3,065 1,079 1,197 132 657 1,438 123 1.315 1941........................................ 6,085 4,480 1,726 1,797 198 759 1,605 188 1,417 1945........................................ 2,462 1,776 745 300 102 629 686 28 658 1950........................................ 14,703 11,805 5,798 3,711 590 1,286 420 2,898 287 2,611 1955........................................ 28,906 24,398 10,601 8,447 1 ,678 2,623 1,049 4,508 487 4,021 1960........................................ 42,968 36,673 16,672 10,763 3,923 3,781 1 ,534 6,295 359 5,936 1964........................................ 62,692 53,898 25,094 13,605 6,340 6,492 2,367 8,794 329 8,465 1965........................................ 71,324 61,533 28,962 15,279 7,324 7,329 2,639 9,791 315 9,476 1966........................................ 77,539 66,724 31,319 16,697 8,255 7,663 2,790 10,815 277 10,538 1967........................................ 80,926 69,490 32,700 16,838 8,972 8,103 2,877 11,436 285 11,151 1968........................................ 89,890 77,457 36,952 18,219 10,178 8,913 3,195 12,433 320 12,113 1969........................................ 98,169 84,982 40,305 19,798 11,594 9,740 3,545 13,187 336 12,851 1969—Jan............................... 89,492 77,360 37,005 18,175 10,101 8,879 3,200 12,132 319 11,813 Feb.............................. 89,380 77,577 37,056 18,219 10,153 8,896 3,253 11,803 319 11,484 Mar.............................. 89,672 78,006 37,257 18,253 10,294 8,927 3,275 11,666 320 11,346 Apr.............................. 90,663 79,062 37,854 18,418 10,508 9,008 3,274 11,601 325 11,276 May............................. 91,813 80,155 38,347 18,636 10,699 9,080 3,393 11,658 329 11,329 June............................. 93,087 81,388 38,916 18,961 10,939 9,146 3,426 11,699 333 11,366 July............................. 93,833 82,130 39,248 19,127 11,054 9,293 3,408 11,703 335 11,368 Aug.............................. 94,732 82,910 39,532 19,265 11,220 9,436 3,457 11,822 336 11,486 Sept.............................. 95,356 83,440 39,793 19,360 11,347 9,450 3,490 11,916 336 11,580 Oct............................... 95,850 83,949 40,006 19,569 11,438 9,436 3,500 11,901 338 11,563 Nov.............................. 96,478 84,301 40,047 19,668 11,491 9,532 3,563 12,177 337 11,840 Dec.............................. 98,169 84,982 40,305 19,798 11 ,594 9,740 3,545 13,187 336 12,851 1970—Jan............................... 97,402 84,531 40,144 19,703 11,468 9,683 3,533 12,871 333 12,538 i 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
MARCH 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 paper s O c u o t m h n e e r r e m r a n n o iz d d a s l P o o a e n n r a s l End of period Total m A o u b t i o l e s O c u o t m h n e e r r m R o a e d n p e d a rn ir s P o e n r a l ch P a u s r e d Direct g p o a o p d er s l t o i a o n n s paper g p o a o p d e s r iz lo a a ti n o s n loans 1939. 1,079 237 178 166 135 363 1939............................... 1,197 878 115 148 56 1941 . 1,726 447 338 309 161 471 1941............................... 1,797 1,363 167 201 66 1945, 745 66 143 114 110 312 300 164 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 1964, 25,094 8,691 4,734 3,670 2,457 5,542 1964............................... 13,605 8,285 3,022 207 2,091 1965, 28,962 10,209 5,659 4,166 2,571 6,357 1965............................... 15,279 9,068 3,556 185 2,470 1966. 31,319 11,024 5,956 4,681 2,647 7,011 1966............................... 16,697 9,572 4,256 151 2,718 1967, 32,700 10,927 6,267 5,126 2,629 7,751 1967............................... 16,838 9,252 4,518 114 2,954 1968. 36,952 12,213 7,105 6,060 2,719 8,855 1968............................... 18,219 9,986 4,849 74 3,310 1969, 40,305 12,784 7,620 7,415 2,751 9,735 1969............................... 19,798 10,743 5,306 65 3,684 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 18,253 9,988 4,868 70 3,327 Apr.............. 37,854 12,388 7,273 6,299 2,690 9,204 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 19,569 10,693 5,227 67 3,582 Nov.............. 40,047 12,883 7,618 7,100 2,779 9,667 19,668 10,727 5,247 66 3,628 Dec.............. 40,305 12,784 7,620 7,415 2,751 9,735 19,798 10,743 5,306 65 3,684 1970--Jan............... 40,144 12,664 7,569 7,472 2,714 9,725 1970—Jan...................... 19,703 10,660 5,310 65 3,668 See Note to first table on previous page. See Note to first table on previous page. INSTALMENT CREDIT HELD BY OTHER NONINSTALMENT CREDIT FINANCIAL INSTITUTIONS (In millions of dollars) (In millions of dollars) Single Other Repair payment Charge accounts Auto con and Per loans End of period Total mobile sumer modern sonal paper goods ization loans Total Service paper loans End of period Com Other credit m ci e a r l fi c n i a a n l o R u e tl ta et il s c C a r r e d d s i 1 t 1939............................... 789 81 24 15 669 banks insti 1941............................... 957 122 36 14 785 tutions 1945............................... 731 54 20 14 643 1950............................... 2,296 360 200 121 1,615 1939........... 2,719 625 162 1,414 518 1955 ............................... 5,350 763 530 327 3,730 1941........... 3,087 693 152 1,645 597 1960............................... 9,238 1,675 791 802 5,970 1945........... 3,203 674 72 1,612 845 1964............................... 15,199 2,895 1,176 913 10,215 1950........... 6,768 1,576 245 3,291 76 1,580 1965............................... 17,292 3,368 1,367 972 11,585 1955........... 9,924 2,635 367 4,579 216 2,127 1966............................... 18,708 3,727 1,503 1,020 12,458 1960........... 13,173 3,884 623 4,893 436 3,337 1967............................... 19,952 3,993 1,600 1,046 13,313 1968............................... 22,286 4,506 1,877 1,132 14,771 196 4 17,576 5,950 924 5,587 608 4,507 1969............................... 24,879 5,119 2,037 1,224 16,499 196 5 18,990 6,690 981 5,724 706 4,889 196 6 20,004 6.946 1,026 5,812 874 5,346 1969—Jan...................... 22,180 4,475 1,877 1,123 14,705 196 7 21,206 7,340 1,088 5,939 1,029 5,810 Feb..................... 22,302 4,502 1,885 1,128 14,787 196 8 23,301 7,975 1,163 6,450 1,305 6,408 Mar..................... 22,496 4,562 1,904 1,134 14,896 196 9 24.300 7.900 1.196 6.650 1.584 6.970 Apr..................... 22,790 4,652 1,928 1,143 15,067 May................... 23,172 4,747 1,956 1,174 15,295 1969—Jan... 22,625 7.878 1,160 5,763 1,334 6,490 June.................... 23,511 4,847 1,994 1,189 15,481 Feb... 22,189 7,877 1.173 5,087 1,316 6,736 July..................... 23,755 4,893 2,007 1,189 15,666 Mar.. 22,278 7,961 1,178 5,037 1,303 6,799 Aug..................... 24,113 4,967 2,024 1,207 15,915 Apr.., 22,568 8,040 1,176 5,237 1,320 6,795 Sept..................... 24,287 5,021 2,032 1,219 16,015 May., 22,937 8,017 1,201 5,609 1,362 6,748 Oct...................... 24,374 5,057 2,042 1,219 16,056 June., 22,908 8,031 1.196 5,574 1,428 6,679 Nov..................... 24,586 5,085 2,036 1,231 16,234 July.. 22,764 7.946 1.174 5,541 1,498 6,605 Dec..................... 24,879 5,119 2,037 1,224 16,499 Aug... 22,648 7.879 1,194 5,438 1,550 6,587 Sept.. 22,652 7,882 1,193 5,448 1,557 6,572 1970—Jan...................... 24,684 5,065 2,026 1,212 16,381 Oct... 22,665 7,837 1,188 5,568 1,517 6,555 Nov... 22,900 7,795 1.205 5,685 1,553 6,662 Dec... 24.300 7.900 1.196 6.650 1.584 6.970 un N io o n t s, e .— ind In u s s t t i r t i u a t l i o l n o s a n re p c r o e m se p n a t n e i d e s a , r e m c u o t n u s a u l m s e a r v i f n in g a s n c b e a n co k m s, p s a a n v ie in s g , s c re a d n i d t 1970—Jan... 23,672 7,887 1.205 5,932 1,607 7,041 loan assns., and other lending institutions holding consumer instalment, credit. See also Note to first table on previous page. hea 1 ti S n e g r - v o ic il e a s c t c a o ti u o n n ts . a n B d a n m k i c s r c e e d ll i a t n c e a o r u d s ac c c re o d u i n t- t c s a o rd u ts a ta c n co d u in n g ts ar a e n d in c h l o u m de e d 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 □ MARCH 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 ti o a n n d l oans Personal loans Period S.A.i N.S.A. S. A.1 N.S.A. S. A.1 N.S.A. S.A.i N.S.A. S.A.i 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 1969—Jan.. 371 7,557 2,661 2,369 2,654 2,449 179 137 2,877 2,602 Feb.. 414 6,971 2,716 2,344 2,598 1,985 201 149 2,899 2,493 Mar.. 381 8,132 2,730 2,750 2,625 2,423 198 179 2,828 2,780 Apr.. 720 9,024 2,772 3,023 2,763 2,668 219 216 2,966 3,117 May. 680 8,960 2,757 2,985 2,767 2,760 209 246 2,947 2,969 June. 705 9,169 2,725 3,045 2,869 2,832 218 245 2,893 3,047 July. 521 8,920 2,582 2,828 2,777 2,778 185 214 2,977 3,100 Aug.. 680 8,604 2,634 2,593 2,819 2,764 177 206 3,050 3,041 Sept.. 669 8,485 2,794 2,566 2,740 2,794 180 194 2,955 2,931 Oct.. 661 8,797 2,808 2,939 2,707 2,805 175 183 2,971 2,870 Nov.. 632 8,173 2,683 2,433 2,841 2,817 164 160 2,944 2,763 Dec.. 344 10,096 2,472 2,479 2,838 4,004 169 149 2,865 3,464 1970—Jan. ,521 7,490 2,479 2,130 2,925 2,663 160 118 2,957 2,579 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 1969—Jan.. 730 7,955 2.467 2,486 2,442 2,666 173 176 2,648 2,627 Feb.. 616 7,083 2.468 2,304 2,352 2,263 172 160 2,624 2,356 Mar.. 735 7,840 2,501 2,541 2,461 2,521 180 180 2,593 2,598 Apr.. 960 8,033 2,519 2,552 2,569 2,575 185 187 2,687 2,719 May. 834 7,810 2,488 2,488 2,507 2,523 183 185 2,656 2,614 June. 910 7,895 2,460 2,471 2,602 2,512 183 187 2,665 2,725 July. 899 8,174 2,471 2,551 2,511 2,562 191 197 2,726 2,864 Aug.. ;oso 7,705 2,562 2,429 2,574 2,469 185 182 2,759 2,625 Sept.. 971 7,861 2.498 2,490 2,600 2,529 156 161 2,717 2,681 Oct.. 992 8,303 2,463 2,661 2,615 2,682 189 195 2,725 2,765 Nov.. 012 7,545 2,503 2,382 2,623 2,449 179 168 2,707 2,546 Dec.. 929 8,405 2.499 2,527 2,552 2,618 185 185 2,693 3,075 1970—Jan., 8,141 8,257 2.469 2,441 2,722 2,926 167 2,782 2,723 Net change in credit outstanding : 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 1969—Jan.. 641 -398 194 -117 212 -217 6 -39 229 -25 Feb.. 798 -112 248 40 246 -278 29 -11 275 137 Mar.. 646 292 229 209 164 -98 18 -1 235 182 Apr.. 760 991 253 471 194 93 34 29 279 398 May. 846 1 ,150 269 497 260 237 26 61 291 355 June. 795 1 ,274 265 574 267 320 35 58 228 322 July. 622 746 111 277 266 216 -6 17 251 236 Aug.. 600 899 72 164 245 295 -8 24 291 416 Sept.. 698 624 296 76 140 265 24 33 238 250 Oct.. 669 494 345 278 92 123 -14 -12 246 105 Nov.. 620 628 180 51 218 368 -15 -8 237 217 Dec.. 415 1,691 -27 -48 286 1,386 -16 -36 172 389 1970—Jan., 380 -767 10 -311 203 -263 -49 175 -144 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
MARCH 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 f a in n a i n es ce Ot i h n e st r i t f u in ti a o n n c s ial Retail outlets Period S. A.1 N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. Extensions 1964. 70,670 25,950 12,613 18,797 13,310 1965. 78,586 29,528 13,722 20,906 14,430 1966. 82,335 30,073 14,278 21,490 16,494 1967. 84,693 30,850 13,833 22,574 17,436 1968. 97,053 36,332 15,909 25,777 19,035 1969. 102,888 38,533 17,141 27,958 19,256 1969—Jan.. 371 7,557 3,135 2,908 381 1,227 2,250 1,977 605 1,445 Feb.. 414 6,971 3,155 2,728 419 1,192 2,315 1,972 525 1,079 Mar.. 381 8,132 3,199 3,155 429 1,359 2,239 2,219 514 1,399 Apr.. 720 9,024 3,318 3,585 405 1,463 2,378 2,447 619 1,529 May. 680 8,960 3,236 3,436 451 1,478 2,365 2,428 628 1,618 June. 705 9,169 3,272 3,540 436 1,566 2,323 2,479 674 1,584 July. 521 8,920 3,041 3,323 400 1,507 2,439 2,539 641 1,551 Aug.. 680 8,604 3,148 3,162 431 1,401 2,470 2,463 631 1,578 Sept.. 669 8,485 3,292 3,203 440 1,396 2,332 2,280 605 1,606 Oct.. 661 8,797 3,298 3,346 518 1,603 2,341 2,267 504 1,581 Nov.. 632 8,173 3,213 2,845 490 1,381 2,291 2,217 638 1,730 Dec.. 344 10,096 3,179 3,302 331 1,568 2,213 2,670 621 2,556 1970—Jan.. 8,521 7,490 3,047 2,751 1,401 1,201 2,339 1,979 1,734 1,559 Repayments 1964. 63,470 22,971 11,638 16,764 12,097 1965. 69,957 25,663 12,048 18,813 13,433 1966. 76,120 27,716 12,860 20,074 15,470 1967. 81,306 29,469 13,692 21,330 16,815 1968. 88,089 32,080 14,528 23,443 18,038 1969. 94,609 35,180 15,562 25,365 18,502 1969—Jan.. . 7,730 7,955 2,812 2,855 282 1,271 2,082 2,083 554 1,746 Feb.. 7,616 7,083 2,869 2,677 231 1,148 2,066 1,850 450 1,408 Mar.. 7,735 7,840 2,928 2,954 287 1,325 2,011 2,025 509 1,536 Apr.. 7,960 8,033 2,967 2,988 236 1,298 2,140 2,153 617 1,594 May. 7,834 7,810 2,917 2,943 278 1,260 2,091 2,046 548 1,561 June. 7,910 7,895 2,989 2,971 223 1,241 2,079 2,140 619 1,543 July. , 7,899 8,174 2,859 2,991 330 1,341 2,181 2,295 529 1,547 Aug.. 8,080 7,705 2,958 2,878 386 1,263 2,228 2.105 508 1,459 Sept.. 7,971 7,861 2,919 2,942 355 1,301 2,133 2.106 564 1,512 Oct.. 7,992 8,303 2,986 3,133 324 1,394 2,148 2,180 534 1,596 Nov.. 8,012 7,545 3,020 2,804 346 1,282 2,117 2,005 529 1,454 Dec.. 7,929 8,405 2,977 3,044 309 1 ,438 2,094 2,377 549 1,546 1970—Jan.. 8,141 8,257 2,962 2,912 1,320 1,296 2,197 2,174 1,662 1,875 Net change in credit outstanding 2 1964. 7,200 3,065 975 2,033 1,127 1965. 8,629 3,865 1,674 2,093 997 1966. 6,215 2,357 1,418 1,416 1,024 1967. 3,387 1,381 141 1,244 621 1968. 8,964 4,252 1,381 2,334 997 1969. 8,279 3,353 1,579 2,593 754 1969—Jan.. , 641 -398 323 53 99 -44 168 -106 51 -301 Feb.. 798 -112 286 51 188 44 249 122 75 -329 Mar.. 646 292 271 201 142 34 228 194 5 -137 Apr.. 760 991 351 597 169 165 238 294 2 -65 May. 846 1,150 319 493 173 218 274 382 80 57 June. 795 1,274 283 569 213 325 244 339 55 41 July. 622 746 182 332 70 166 258 244 112 4 Aug.. 600 899 190 284 45 138 242 358 123 119 Sept.. 698 624 373 261 85 95 199 174 41 94 Oct.. 669 494 312 213 194 209 193 87 -30 -15 Nov.. 620 628 193 41 144 99 174 212 109 276 Dec.. 415 1,691 202 258 22 130 119 293 72 1,010 1970—Jan., 380 -767 85 -161 81 -95 142 -195 72 -316 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. □ MARCH 1970 MARKET GROUPINGS (1957-59= 100) 19 p 5 r 7 o - 59 1968 1969 1970 Grouping por aver tion age Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.r Dec. Jan. r Total index................................... 100.00 165.5 169.1 170.1 171.4 171.7 172.5 173.7 174.6 174.3 173.9 173.1 171.4 171 .1 170.2 Final products, total......................... 47.35 165.1 168.2 169.3 170.8 170.2 170.0 170.7 172.8 172.7 172.2 170.9 168.4 168.4 168.2 Consumer goods.......................... 32.31 156.9 161.0 161.7 162.8 161.8 160.7 161.5 164.4 164.2 162.8 161.2 160.5 160.7 161.0 Equipment, including defense. . . 15.04 182.6 183.5 185.5 187.8 188.4 190.0 190.4 190.8 190.3 192.4 191.9 185.6 185.1 183.1 Materials.......................................... 52.65 165.8 169.6 170.8 172.1 172.9 174.5 176.3 176.5 175.9 176.0 175.4 174.6 173.9 172.5 Consumer goods Automotive products......................... 3.21 174.3 176.2 174.7 175.4 166.1 165.8 178.7 184.6 179.5 176.6 172.8 168.0 160.4 156.2 Autos................................................ 1.82 174. 170.6 165.0 165.0 149.6 148.9 168.3 178.7 178.4 169.9 164.0 153.8 141.6 132.9 Auto parts and allied products.... 1.39 173. 183.5 187.6 189.0 187.9 188.0 192.3 192.4 181.0 185.4 184.4 186.7 185.0 186.8 Home goods and apparel................. 10.00 156.0 160.8 160.5 162.8 161.5 161.9 159.7 160.8 159.3 156.7 156.2 150.9 150.9 151.2 Home goods................................ 4.59 175.4 184.3 183.0 186.3 186.1 185.9 186.1 184.4 184.5 181.2 179.5 166.7 167.0 167.4 Appliances, TV, and radios..... 1.81 168.4 177.7 179.1 182.9 182.0 182.0 180.2 181.8 181.9 176.5 175.2 142.2 140.1 142.6 Appliances................................ 1.33 174.1 186.9 187.3 189.4 190.1 192.7 190.7 195.6 195.0 188.2 187.2 147.8 151.0 153.8 TV and home radios............... .47 152.4 151.5 156.0 164.4 158.9 151.9 150.6 143.0 144.9 143.6 141.3 126.2 109.6 111.0 Furniture and rugs....................... 1.26 173.7 184.3 181.2 182.0 183.3 183.4 184.0 180.0 179.7 177.9 175.7 176.0 175.6 174.5 Miscellaneous home goods...... 1.52 185.3 192.2 189.0 193.8 193.4 192.6 194.8 191.1 191.6 189.4 187.8 188.2 191.7 191.0 Apparel, knit goods, and shoes.... 5.41 139.5 140.8 141.4 142.9 140.6 141.5 137.4 140.9 138.0 135.9 136.4 137.5 137.2 Consumer staples............................. 19.10 154.5 158.6 160.2 160.8 161.2 159.2 159.6 162.9 164.1 163.7 161.8 164.2 165.8 166.9 Processed foods............................... 8.43 132.6 134.8 136.7 136.4 137.1 136.4 136.1 135.3 138.8 137.9 132.3 136.5 137.1 139.1 Beverages and tobacco.................... 2.43 144.5 144.6 147.5 150.9 143.7 137.9 140.4 147.8 152.3 152.6 148.9 145.0 151.0 Drugs, soap, and toiletries.............. 2.97 193.4 203.7 203.7 205.0 209.9 208.0 206.1 211.9 207.2 208.6 210.4 213.2 217.0 216.3 Newspapers, magazines, and books 1.47 143.3 146.3 145.7 143.3 145.9 147.3 146.3 147.5 147.6 149.8 147.1 148.9 149.7 147.9 Consumer fuel and lighting. ...... 3.67 183.4 190.0 192.0 193.6 194.1 189.8 192.7 201.6 201.1 198.6 203.9 206.0 205.7 Fuel oil and gasoline................... 1.20 139.0 129.9 139.6 141.6 142.4 143.9 146.8 146.1 144.4 146.1 150.9 152.7 147.3 151.3 Residential utilities...................... 2.46 205.1 219.3 217.6 218.9 219.3 212.2 215.1 228.7 228.7 224.2 229.8 232.0 234.1 Electricity................................. 1.72 223.9 242.8 239.9 240.6 240.6 230.0 233.7 252.6 252.2 245.3 252.9 255.6 258.2 Gas............................................ .74 174.1 Equipment Business equipment........................... 11.63 184.7 191.4 191.9 192.9 194.1 195.7 197.0 196.9 197.0 200.4 200.9 194.4 193.6 192.2 Industrial equipment....................... 6.85 168.2 175.9 175.7 176.7 178.6 180.9 182.7 181.2 180.3 183.9 182.9 174.4 176.3 175.0 Commercial equipment................... 2.42 205.2 209.9 214.3 217.3 220.1 221.7 221.0 220.5 221.3 222.9 224.9 223.3 223.6 222.8 Freight and passenger equipment.. 1.76 234.3 245.5 244.4 242.3 239.7 238.4 240.8 250.5 249.7 251.9 254.5 252.8 240.9 236.3 Farm equipment.............................. .61 145.0 136.1 133.0 135.6 133.9 134.9 135.2 124.4 136.0 146.8 153.1 136.5 132.7 Defense equipment........................... 3.41 Materials Durable goods materials................... 26.73 157.8 161.2 162.6 164.0 165.8 165.5 167.0 167.0 167.3 166.6 165.8 163.5 161.9 159.6 Consumer durable........................... 3.43 164.2 162.2 167.7 163.2 157.9 156.6 162.7 163.0 169.5 171.7 166.4 158.5 150.9 145.7 Equipment........................................ 7.84 185.1 187.4 189.3 190.7 190.3 191.7 193.2 193.2 195.1 197.2 194.8 190.7 189.8 188.6 Construction.................................... 9.17 145.9 153.5 154.2 154.5 153.2 153.0 151.7 150.0 149.9 149.8 149.6 150.2 149.9 149.9 Metal materials n.e.c....................... 6.29 137.7 144.6 150.2 153.3 151.5 148.4 153.6 156.2 153.5 149.3 153.3 156.1 156.7 151.1 Nondurable materials....................... 25.92 174.1 178.3 179.2 180.3 180.3 183.7 185.9 186.4 184.7 185.5 185.3 186.0 186.3 185.8 Business supplies............................. 9.11 157.6 164.2 164.4 165.3 162.3 165.9 166.3 167.1 167.4 167.0 167.4 166.9 167.8 167.0 Containers.................................... 3.03 156.6 167.4 168.1 170.4 165.0 168.2 167.5 165.5 166.7 167.8 169.9 165.6 166.7 168.5 General business supplies............ 6.07 158.1 162.6 162.5 162.7 160.9 164.7 165.7 167.9 167.8 166.6 166.1 167.6 168.3 166.2 Nondurable materials n.e.c............. 7.40 222.4 229.3 231.6 232.7 232.3 236.6 239.4 241.6 238.2 240.2 239.0 242.0 240.9 240.3 Business fuel and power............. 9.41 152.0 151.8 152.3 153.7 156.9 159.3 162.8 161.6 159.4 159.8 160.4 160.4 161.2 161.0 Mineral fuels........................... . 6.07 133.0 127.8 127.7 130.2 134.2 137.4 141.8 139.7 136.5 137.7 135.7 136.5 137.1 136.0 Nonresidential utilities........... 2.86 200.2 211.5 212.5 211.7 213.7 214.9 216.1 216.7 217.3 221.1 222.8 220.9 225.2 Electricity............................. 2.32 202.3 213.7 214.8 214.7 216.7 218.1 220.0 220.5 221.1 225.8 227.8 225.4 227.3 General industrial................ 1.03 197.4 206.2 209.2 208.3 212.4 213.4 216.4 216.7 219.2 221.4 224.7 218.4 221.1 Commercial and other......... 1.21 216.6 231.2 230.7 231.2 231.7 233.4 234.7 235.6 234.7 241.7 242.7 243.4 244.8 Gas............................................ .54 174.1 Supplementary groups of consumer goods Automotive and home goods. 7.80 175.0 181.0 179.6 181.8 177.9 177.6 183.0 184.5 182.4 179.3 176.8 167.2 164.2 162.8 Apparel and staples............... 24.51 151.2 154.7 156.0 156.8 156.6 155.3 154.7 158.1 158.4 157.6 156.2 158.3 159.5 For Note see page A-61. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 1970 □ INDUSTRIAL PRODUCTION: S.A. A 59 INDUSTRY GROUPINGS (1957-59 = 100) Grouping 19 p p 5 r o 7 o r - 59 a 1 v 9 e 6 r 8 1968 1969 1970 tion age Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.r Dec. Jan.r Total index................................. 100.00 165.5 169.1 170.1 171.4 171.7 172.5 173.7 174.6 174.3 173.9 173.1 171.4 171.1 170.2 Manufacturing, total...................... 86.45 166.9 170.2 171.8 173.1 173.0 173.8 174 175.6 175.4 175.2 173.9 171.8 171.2 170.0 Durable...................................... 48.07 169.8 173.0 174.5 175.9 175.7 176.7 178.3 178.7 178.8 178 177.3 172.1 171.1 169.6 Nondurable................................ 38.38 163.3 166.7 168.3 169.5 169.6 170.3 170 171.8 171.3 170.9 169.5 171.5 171 170.6 Mining............................................ 8.23 126.6 125.8 124.8 126.7 128.8 130.3 134.4 133.2 131.2 131 130.2 132.6 133 133.2 Utilities........................................... 5.32 202.5 215.1 214.9 215.1 216.3 213.6 215 222.2 222.6 222.5 226.0 226.0 227.9 230.6 Durable manufactures Primary and fabricated metals.... 12.32 150.5 155.6 158.4 160.3 161.2 162.3 165.1 164.1 164.1 162.3 163.1 162.9 161.8 159.3 Primary metals............................... 6.95 137.0 139.5 143.6 146.2 147.9 149.3 153.1 152.4 151.3 149.3 150.4 150.3 148 143.6 Iron and steel............................. 5.45 130.7 126. 133.7 139.0 141 141.6 145.6 145.3 141.1 141.4 141.5 142.7 138.8 134.5 Nonferrous metals and products 1.50 160.0 179.6 183.4 186.9 186.2 184 190. 181.8 177.9 178.6 178.7 183.1 194.3 179.7 Fabricated metal products............ 5.37 167.9 176 177.6 178.5 178 179.2 180.6 179.1 180.6 179.1 179.4 179.2 178 179.5 Structural metal parts............... 2.86 162.2 170.1 174.5 175.8 174.4 173.1 173 170.8 171.5 171.5 172.5 174.5 177.1 175.2 Machinery and related products. .. 27.98 183.7 185 186.3 187.9 187.4 188.4 190.3 192.3 192.0 192.7 190.0 181 180.2 178.1 Machinery...................................... 14.80 184.3 191.8 192.7 194.7 194.6 196.9 197.2 198.1 199.4 201 199.0 187.4 188.4 190.3 Nonelectrical machinery............ 8.43 181.0 188.3 189.6 190.2 190.8 193.1 195.3 196.0 195.5 199.8 200.3 194.9 196.3 197.7 Electrical machinery.................. 6.37 188.5 196.4 196.9 200.7 199 201.8 199.6 200. 204.5 202.9 197.3 177.5 178.0 180.5 Transportation equipment............ 10.19 179.5 171.2 173.1 174.1 172.4 171.8 176.6 181.1 179.1 178.8 175.7 168.3 163.9 158.3 Motor vehicles and parts.......... 4.68 171.4 167 167.7 167.6 160.8 156. 169.1 174.2 174.1 170.5 167.9 159.9 152.0 145.6 Aircraft and other equipment. . , 5.26 185.0 170.9 174.1 176.0 178.7 180.8 179 183.4 180.3 182.6 179 171.9 170.7 165.3 Instruments and related products. 1.71 184.2 191.6 190.4 192.8 195.4 195.3 195.7 194.7 194.9 195 193.9 196.0 197 194.8 Ordnance and accessories............. 1.28 Clay, glass, and lumber................. 4.72 137.4 143. 145.6 145.1 143.2 143.6 140.6 138.3 140.2 140.6 140.7 140.6 139.5 138.8 Clay, glass, and stone products... 2.99 146.2 156.2 156.5 153.4 155.1 156.9 155.2 152.7 155.3 157.7 156.3 155.9 156.7 154.7 Lumber and products................... 1.73 122.3 122.5 126.7 130. 122 120.7 115.5 113.4 114.1 111.0 113.8 114.1 109 Furniture and miscellaneous........... 3.05 169.9 176.6 175.7 176.5 178.4 179.0 179.1 176.3 176.2 175.4 174.7 175.1 175.0 175.3 Furniture and fixtures................... 1.54 178.3 186. 186.5 187.0 188. 190.2 189.9 185.0 186.5 185 184.0 183.7 183.3 183.3 Miscellaneous manufactures......... 1.51 161.4 166.2 164.7 165.7 167.6 167.5 168.1 167.4 165.8 165.3 165.3 166.4 166.5 167.2 Nondurable manufactures Textiles, apparel, and leather......... 7.60 144, 143.6 142.6 144.7 143.7 146.3 146.0 145.4 143.3 141.1 142.0 142.9 141 140.3 Textile mill products....................... 2.90 151.5 152.9 152.0 152.9 154.2 156.5 157. 157.0 153.0 151.6 152.1 151.9 150.7 151.1 Apparel products............................. 3.59 149.9 148.1 147.9 150.2 147.8 150.0 149.2 150.7 148. 146.1 146.5 148.0 147.2 Leather and products..................... 1.11 111.0 105.0 101.3 105.6 103.4 107.6 104.7 98.4 100.0 97.7 101.1 102.7 98.0 Paper and printing........................... 8.17 155.5 160.2 161.2 162.2 162.4 163.8 164.4 165.9 166.3 165.8 165.3 166.1 166.0 163.1 Paper and products......................... 3.43 163.8 171.1 173.9 175.0 175.8 174.9 175.3 176.4 177.5 177.5 177.1 175.9 176.3 169.5 Printing and publishing................... 4.74 149.6 152.4 152.1 153.0 152.7 155.9 156.5 158.3 158.2 157.3 156.9 159.1 158.6 158.5 Newspapers.................................. 1.53 136.1 141.2 141.7 141.4 137.5 142.8 141.3 145.6 144.4 143.3 143.0 154.1 142.0 141.7 Chemicals, petroleum, and rubber... 11.54 207.7 214.1 218.0 219.6 221.7 222.7 223.2 225.2 222.4 223.3 222.7 225.3 224.7 223.6 Chemicals and products................. 7.58 221.7 231.3 234.4 235.2 239.1 239.5 239.7 243.1 238.1 240.2 238.3 240.8 242.4 242.0 Industrial chemicals..................... 3.84 262.0 273.4 276.7 277.7 283.3 285.2 286.1 288.6 281.5 286.2 281.2 283.9 285.2 Petroleum products......................... 1.97 139.6 131.0 140.2 142.7 142.2 143.5 145.4 143.5 144.5 146.2 146.7 150.9 146.3 142.2 Rubber and plastics products......... 1.99 222.0 230.8 232.8 236.2 234.2 237.0 237.3 238.3 239.9 240.0 238.6 240.2 234.9 Foods, beverages, and tobacco......... 11.07 135.3 138.0 139.5 139.8 138.2 136.9 137.0 138.4 141.0 140.4 136.2 139.2 140.5 141.7 Foods and beverages....................... 10.25 136.4 139.4 140.9 141.5 140.5 138.6 138.3 139.9 143.1 142.2 138.0 141.0 142.5 143.9 Food manufactures...................... 8.64 132.7 136.1 137.2 136.7 136.7 136.6 136.1 135.8 137.8 137.0 132.6 137.5 137.5 139.2 Beverages...................................... 1.61 156.5 157.4 160.9 167.2 160.6 149.4 149.8 161.7 171.3 169.9 166.7 159.7 169.2 Tobacco products............................ .82 120.9 119.5 121 .2 118.7 110.5 115.4 121.9 120.3 114.8 118.6 113.8 116.2 115.1 Mining Coaly oil, and gas............................. 6.80 125.3 122.4 120.2 121.9 125.7 128.7 133.1 131.7 128.8 129.9 128.1 129.1 129.8 128.9 Coal.................................................. 1.16 118.2 115.3 112.4 114.3 120.2 123.9 124.8 130.0 122.1 114.7 115.7 118.9 119.3 113.1 Crude oil and natural gas............... 5.64 126.8 123.9 121.8 123.5 126.9 129.6 134.8 132.1 130.2 133.1 130.7 131.2 132.0 132.2 Oil and gas extraction................. 4.91 136.5 130.8 131.3 134.0 137.5 140.5 145. 142.0 139.9 143.1 140.4 140.6 141.3 141.4 Crude oil................................... 4.25 130.5 124.0 124.0 127.0 130.2 133.1 139.2 135.5 132.4 135.6 132 133.5 134.7 134.6 Gas and gas liquids................. .66 174.5 Oil and gas drilling...................... .73 61.1 Metal, stone, and earth minerals.... 1.43 132.9 142.1 146.4 149.9 143.6 138.3 140.4 140.5 142.6 139.5 140.2 149.6 153.0 153.6 Metal mining................................... .61 126.4 140.2 142.7 149.1 146.6 134.5 137.4 138.1 142.3 133.1 141.1 153.3 150.6 153.4 Stone and earth minerals................ .82 137.8 143.5 149.2 150.5 141.4 141.2 142.6 142.2 142.8 144.3 139.6 146.8 154. 153.7 Utilities Electric.............................................. 4.04 211.5 226.1 225.5 225.7 226.9 223.1 225.9 234.2 234.4 234.1 238.5 238.3 240.5 Gas.................................................... 1.28 174.1 For Note see page A-61. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 60 INDUSTRIAL PRODUCTION: N.S.A. □ MARCH 1970 MARKET GROUPINGS (1957-59=100) 1957-59 1968 1969 1970 Grouping p po ro r a a v g e e r tion Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.r Dec. Jan.1 Total index.................................. 100.00 165.5 166.5 170.5 173.1 171.9 172.4 176.7 167.7 174.6 179.2 177.8 173.6 169.7 167.8 Final products, total......................... 47.35 165.1 166.6 169.3 171.9 168.6 168.4 174.0 166.4 173.4 179.2 176.5 170.0 166.2 166.2 Consumer goods.......................... 32.31 156.9 158.9 161. 163.9 159.0 158.2 165.5 156.5 166.3 172.6 169.4 162.6 156.5 158.3 Equipment, including defense. . . 15.04 182.6 183.1 185.4 189.0 189.1 190.4 192.4 187.7 188.5 193.4 191.8 186.0 187.0 183.2 Materials.......................................... 52.65 165.8 166.4 171.5 174.3 174.8 176.1 179.2 168.8 175.6 179.2 178.9 176.9 172.9 169.8 Consumer goods Automotive products......................... 3.21 174.3 185.4 183.6 186.0 174.7 173.1 191.1 132.5 133.2 181.8 189.8 179.0 167.2 164.1 Autos................................................ 1.82 174.8 187.7 181.5 184.8 164.6 165.3 191.0 94.7 91.9 175.0 188.6 172.3 155.8 146.2 Auto parts and allied products.... 1.39 173.8 182.3 186.3 187.5 187.9 183.5 191.1 182.1 187.6 190.6 191.3 187.8 182.2 187.7 Home goods and apparel................. 10.00 156.0 155.9 164.2 168.9 161.9 162.3 165.4 147.9 159.2 162.0 166.0 156.6 143.2 146.8 Home goods.................................... 4.59 175.4 182.8 187.7 191.2 188.8 188.4 191.2 172.0 179.4 190.5 193.7 173.7 167.4 166.9 Appliances, TV, and radios........ 1.81 168.4 183.2 195.0 198.8 194.7 194.3 194.6 166.1 164.4 189.5 194.5 147.9 135.0 150.3 Appliances................................ 1.33 174.1 191.8 206.0 211.7 213.1 212.0 212.7 185.5 168.8 200.7 204.3 149.5 147.5 162.3 TV and home radios............... .47 152.4 158.9 164.1 162.6 143.0 144.3 143.8 111.1 152.1 158.0 166.7 143.4 99.7 116.4 Furniture and rugs....................... 1.26 173.7 180.2 179.0 179.8 178.2 176.4 181.8 171.4 183.8 182.9 184.8 182.5 182.1 170.7 Miscellaneous home goods......... 1.52 185.3 184.5 186.2 191.7 190.5 191.4 194.8 179.6 193.5 197.9 200.2 196.9 193.6 183.4 Apparel, knit goods, and shoes___ 5.41 139.5 133.1 144.2 150.0 139.2 140.1 143.6 127.5 142.1 137.9 142.5 142.1 122.8 Consumer staples............................. 19.10 154.5 155.9 156.8 157.6 154.9 153.5 161.2 165.1 175.6 176.6 167.8 163.0 161.7 163.3 Processed foods.............................. 8.43 132.6 128.1 129.2 128.6 127.0 128.2 134.7 134.6 150.2 155.6 146.8 141.7 134.8 130.8 Beverages and tobacco.................... 2.43 144.5 126.9 134.5 147.5 145.4 148.3 160.8 155.8 164.8 156.4 152.8 137.3 130. Drugss soap, and toiletries.............. 2.97 193.4 199.6 203.7 205.0 207.8 203.8 213.3 206.6 211.3 216.9 215.4 214.3 212.0 212.0 Newspapers, magazines, and books 1.47 143.3 145.0 145.1 145.4 146.5 146.9 145.7 147.5 149.4 151.1 147.0 147.0 149.4 146.6 Consumer fuel and lighting............ 3.67 183.4 206.9 200.5 196.4 184.1 176.0 185.6 214.3 222.6 215.2 194.3 192.5 207.3 Fuel oil and gasoline................... 1.20 139.0 135.3 143.0 140.0 135.1 139.3 145.1 148.7 148.7 149.4 147.0 151.8 152.4 152.5 Residential utilities...................... 2.46 205.1 Electricity................................. 1.72 223.9 275.1 255.7 247.8 224.5 203.1 219.7 277.9 295.1 278.4 235.2 227.5 258.2 Gas............................................ .74 174.1 Equipment Business equipment........................... 11.63 184.7 190.2 191.8 194.6 195.5 196.7 200.0 193.6 195.1 201.6 200.2 193.6 194.6 191.8 Industrial equipment....................... 6.85 168.2 175.5 174.8 176.9 178.6 181.1 184.5 179.4 179.8 185.6 181.8 174.4 177.2 175.6 Commercial equipment................... 2.42 205.2 210.1 212.8 215.3 215.9 219.0 221.7 216.1 221.3 226.2 227.1 226.0 228.5 223.0 Freight and passenger equipment. . 1.76 234.3 238.1 244.4 249.6 249.3 245.6 250.4 245.5 244.7 251.9 254.5 247.7 238.5 229.2 Farm equipment.............................. .61 145.0 138.6 146.8 152.8 149.6 142.7 143.2 113.7 120.7 137.8 143.8 124.1 130.0 Defense equipment........................... 3.41 Materials Durable goods materials................... 26.73 157.8 157.0 162.8 165.9 166.4 167.4 171.6 160.5 166.2 170.2 169.7 166.3 162.0 156.9 Consumer durable........................... 3.43 164.2 167.9 170.2 168.1 162.6 161.3 166.0 149.1 161.0 170.0 168.9 163.3 158.4 150.8 Equipment........................................ 7.84 185.1 189.1 191.0 192.8 192.4 193.0 195.1 187.2 189.2 195.2 194.2 190.9 192.6 190.3 Construction.................................... 9.17 145.9 136.6 143.4 148.3 151.7 155.3 161.6 154.5 160.4 160.3 157.8 152.5 145.4 137.3 Metal materials n.e.c................... 6.29 137.7 140.8 151.6 157.0 157.6 156.6 160.1 142.1 149.0 153.8 157.0 157.3 149.8 147.2 Nondurable materials....................... 25.92 174.1 176.2 180.6 182.8 183.4 185.0 187.0 177.3 185.3 188.5 188.4 187.8 184.1 183.1 Business supplies............................. 9.11 157.6 158.4 163.7 168.3 166.9 168.6 168.0 156.8 167.5 171.7 174.1 170.9 163.8 161.3 Containers.................................... 3.03 156.6 159.0 166.1 171.3 170.9 169.9 172.7 161.4 176.7 177.5 178.6 165.6 153.3 161.0 General business supplies............ 6.07 158.1 158.0 162.5 166.8 164.9 168.0 165.7 154.5 162.8 168.8 171.9 173.5 169.1 161.5 Nondurable materials n.e.c............. 7.40 222.4 228.2 236.2 237.4 239.3 240.1 243.0 227.8 235.8 241.3 241.4 244.4 238.5 236.7 Business fuel and power................. 9.41 152.0 152.5 153.1 153.9 155.4 157.4 161.2 157.5 162.9 163.2 160.6 159.5 161.0 162.1 Mineral fuels................................ 6.07 133.0 129.9 131.8 133.0 135.9 137.3 138.1 129.5 134.8 135.9 136.2 137.8 138.8 138.3 Nonresidential utilities................ 2.86 200.2 Electricity................................. 2.32 202.3 210.2 205.9 207.7 206.4 210.9 224.4 231.7 240.2 238.8 227.5 218.3 221.2 General industrial................ 1.03 197.4 205.2 202.7 207.3 209.6 214.5 220.7 215.6 223.6 224.7 225.1 218.4 218.9 Commercial and other......... 1.21 216.6 225.4 219.2 218.7 214.3 218.7 239.4 258.0 267.6 263.9 241.7 230.0 235.0 Gas............................................ .54 174.1 Supplementary groups of consumer goods Automotive and home goods. 7.80 175.0 183.9 186.0 189.1 183.0 182.1 191.1 155.7 160.4 186.9 192.1 175.9 167.3 165.7 Apparel and staples............... 24.51 151.2 150.9 154.1 156.0 151.4 150.5 157.3 156.8 168.2 168.0 162.2 158.4 153.1 For Note see p. A-61. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 1970 □ INDUSTRIAL PRODUCTION: N.S.A. A 61 INDUSTRY GROUPINGS (1957-59= 100) Grouping 19 p p t 5 i r o o 7 o r n - 59 a 1 a v 9 g e 6 e r 8 Jan. Feb. Mar. Apr. May June 196 J 9 uly Aug. Sept. Oct. Nov.r Dec.r J 1 a 9 n 7 . 0 r Total index..................................... 100.00 165.5 166.5 170.5 173.1 171.9 172.4 176.7 167.7 174.6 179.2 177.8 173.6 169.7 167.8 Manufacturing, total.......................... 86.45 166.9 167.0 172.1 175.1 173.7 174.4 178.5 167.3 174.3 180.0 179.5 175.0' 169.8 166.8 Durable.......................................... 48.07 169.8 171.4 175.3 178.6 177.7 178.3 182.2 169.7 173.6 181.5 181.5 175.4 172.7 168.2 Nondurable.................................... 38.38 163.3 161.4 168.0 170.8 168.6 169.5 173.9 164.3 175.0 178.1 176.9 174.5 166.2 165.1 Mining................................................ 8.23 126.6 124.1 174.2 125.4 130.2 132.9 134.6 127.9 132.3 132.9 132.7 132.9 132.6 131.3 Utilities.............................................. 5.32 202.5 Durable manufactures Primary and fabricated metals.......... 12.32 150.5 153.7 160.1 164.0 164.2 164.1 167.9 154.3 161.7 165.7 166.3 165.8 162.5 156.5 Primary metals................................... 6.95 137.0 139.5 150.3 155.3 155.3 153.0 155.4 137.2 144.2 148.6 151.9 152.5 145.9 143.6 Iron and steel................................. 5.45 130.7 129.3 140.4 146.0 146.8 144.4 145.6 130.0 135.5 140.0 143.6 144.1 136.7 134.5 Nonferrous metals and products.. 1.50 160.0 176.5 186.2 189.0 186.2 184.3 190.8 163.6 176.1 179.9 182.1 183.1 179.5 176.6 Fabricated metal products................ 5.37 167.9 172.2 172.8 175.3 175.6 178.3 184.2 176.4 184.2 187.7 184.8 183.0 183.9 173.2 Structural metal parts................... 2.86 162.2 166.7 167.5 168.9 169.2 172.2 177.3 170.8 175.8 178.4 177.7 177.1 178.9 171.7 Machinery and related products........ 27.98 183.7 186.8 189.3 192.1 190.0 190.5 194.2 180.8 182.0 193.6 193.4 184.6 183.1 180.5 Machinery.......................................... 14.80 184.3 191.7 195.0 197.6 197.4 198.5 201.3 190.6 193.2 202.1 200.8 189.6 190.0 190.7 Nonelectrical machinery................ 8.43 181.0 188.3 192.3 195.5 196.5 197.9 200.8 191.1 188.3 197.2 196.7 193.0 197.7 197.7 Electrical machinery...................... 6.37 188.5 196.1 198.6 200.5 198.6 199.3 201.9 189.9 199.8 208.5 206.3 185.0 179.8 181.3 Transportation equipment................ 10.19 179.5 176.0 178.2 181.4 176.2 175.6 181.1 161.4 160.6 179.7 181.7 174.2 169.0 162.8 Motor vehicles and parts.............. 4.68 171.4 176.6 176.3 177.7 167.9 165.6 180.9 136.5 137.7 173.8 179.9 170.2 159.4 154.3 Aircraft and other equipment.... 5.26 185.0 172.6 176.7 181.1 179.6 180.1 177.0 179.0 177.1 181.9 180.5 174.5 174.1 167.0 Instruments and related products. .. 1.71 184.2 189.3 189.4 191.8 192.5 193.3 197.7 192.8 196.5 197.5 196.0 197.6 199.8 192.5 Ordnance and accessories................. 1.28 Clay, glass, and lumber..................... 4.72 137.4 127.6 134.6 140.1 142.8 145.2 150.4 143.6 150.3 150.3 149.1 142.2 132.1 124.6 Clay, glass, and stone products........ 2.99 146.2 138.4 141.0 147.4 154.5 159.4 165.9 161.1 167.4 166.7 164.9 157.5 148.4 139.2 Lumber and products....................... 1.73 122.3 109.0 123.5 127.5 122.6 120.7 123.6 113.4 120.9 122.1 121.8 115.8 103.8 Furniture and miscellaneous............... 3.05 169.9 169.8 171.0 173.3 173.7 174.8 179.3 170.6 181.3 181.9 184.0 181.8 181.3 170.0 Furniture and fixtures....................... 1.54 178.3 183.1 183.7 184.8 183.8 184.5 189.5 180.4 191.7 190.9 191.0 188.8 190.3 179.6 Miscellaneous manufactures............. 1.51 161.4 156.2 158.1 161.6 163.4 165.0 168.9 160.7 170.8 172.7 176.9 174.7 172.2 160.2 Nondurable manufactures Textiles, apparel, and leather............ 7.60 144.8 140.6 148.7 154.5 145.4 146.9 149.2 131.2 145.9 143.8 147.2 147.5 130.7 137.2 Textile mill products......................... 2.90 151.5 150.6 154.3 159.8 155.7 158.8 161.0 142.1 153.8 154.6 156.7 156.5 145.4 150.3 Apparel products............................... 3.59 149.9 143.7 156.8 163.7 150.8 151.5 153.7 135.6 151.8 149.0 153.1 154.8 131.0 Leather and products........................ 1.11 111.0 104.5 108.3 110.9 101.3 101.1 104.2 88.6 106.5 99.2 103.6 100.6 91.4 Paper and printing............................. 8.17 155.0 157.0 162.0 165.9 165.3 165.1 165.6 155.8 164.3 168.3 172.4 170.2 162.2 159.1 Paper and products........................... 3.43 163.8 168.5 178.2 180.3 178.4 175.8 179.3 162.3 177.5 180.2 187.0 178.5 162.2 167.0 Printing and publishing..................... 4.74 149.6 148.7 150.3 155.6 155.7 157.4 155.7 151.2 154.7 159.7 161.9 164.3 162.1 153.4 Newspapers.................................... 1.53 136.1 129.9 136.0 144.9 146.4 152.2 142.0 126.7 132.1 144.0 153.4 159.6 145.5 129.7 Chemicals, petroleum, and rubber.... 11.54 207.7 210.2 220.8 221.3 222.1 222.8 228.2 216.1 223.1 229.4 227.0 227.1 223.0 220.0 Chemicals and products................... 7.58 221.7 226.5 236.1 237.3 241.9 239.7 244.9 234.7 239.0 244.8 241.1 241.9 239.9 237.0 Industrial chemicals....................... 3.84 262.0 269.3 280.9 280.5 286.1 285.2 287.5 277.1 280.1 289.1 284.0 288.2 288.1 Petroleum products........................... 1.97 139.6 127.1 137.4 137.7 136.5 142.1 149.8 151.1 152.2 152.0 148.2 148.9 142.8 137.9 Rubber and plastics products........... 1.99 222.0 230.8 244.9 243.5 231.9 238.2 242.0 209.7 232.7 247.2 251.7 248.6 238.4 Foods, beverages, and tobacco........... 11.07 135.3 128.2 130.7 133.1 131.3 132.8 140.5 139.1 152.9 155.3 148.4 141.2 134.4 131.5 Foods and beverages......................... 10.25 136.4 129.0 131.6 134.4 133.0 133.8 141.3 141.7 155.2 157.9 150.4 143.0 137.6 133.0 Food manufactures....................... 8.64 132.7 128.6 129.7 129.0 127.4 128.4 134.7 134.4 149.5 155.0 147.2 142.3 135.4 131.5 Beverages........................................ 1.61 156.5 131.3 141.6 163.0 163.2 162.8 176.2 180.8 185.5 173.3 167.5 146.9 149.7 Tobacco products.............................. .82 120.9 118.2 120.6 116.9 110.3 119.6 130.4 106.5 124.2 123.2 123.9 118.5 93.7 Mining Coal, oil, and gas............................... 6.80 125.3 124.4 123.9 124.1 128.3 129.6 130.3 122.6 127.3 128.3 128.6 130.2 131.3 131.1 Coal.................................................... 1.16 118.2 113.0 113.7 115.2 121.0 125.1 116.6 91.0 128.4 121.3 126.1 123.8 117.2 110.8 Crude oil and natural gas................. 5.64 126.8 126.8 126.0 125.9 129.8 130.5 133.1 129.1 127.1 129.8 129.1 131.5 134.2 135.2 Oil and gas extraction................... 4.91 136.5 134.0 136.1 137.2 139.4 140.2 143.2 138.6 136.3 139.4 138.6 141.1 143.8 144.8 Crude oil..................................... 4.25 130.5 125.9 127.7 129.5 132.3 133.8 137.8 132.8 129.8 132.9 131.5 133.5 136.0 136.6 Gas and gas liquids................... .66 174.5 Oil and gas drilling........................ .73 61.1 Metal, stone, and earth minerals....... 1.43 132.9 122.2 125.7 131.5 139.2 148.9 155.1 152.8 156.0 154.4 152.1 145.9 138.6 132.1 Metal mining..................................... .61 126.4 123.4 128.4 132.7 136.3 147.9 155.3 147.8 153.7 150.4 151.0 142.6 135.5 135.0 Stone and earth minerals.................. .82 137.8 121.4 123.7 130.6 141.4 149.7 155.0 156.6 157.8 157.3 152.9 148.3 140.9 130.0 Utilities Electric................................................ 4.04 211.5 237.9 227.1 224.8 214.1 207.9 222.4 251.4 263.6 255.7 230.7 222.2 237.0 1.28 174.1 1 Note.—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 □ MARCH 1970 SELECTED BUSINESS INDEXES (1957-59 = 100, unless otherwise noted) Industrial production fac M tu a r n in u g 2 Prices 4 Period Total M F a in jo a r l m pr a o r d k u e c t t g s roupin M g a s te Ma g j r o o r u i p n i d n u gs stry i u p n c u t a C ( i e u m c p l n i a n i e z t f t r y a g ) - . t s C t r c t i a r o o o c u n n n t c s T N m r p o t i e o u c e l t m o n a r n u a y l a t l l — - g i - m p E lo e m n y t r P o a l y ls T s r a e o l t e t a a s il 3 1 s C um on e r W c s o a h m l o e l e Total g s C o u o o m n d e s rE m q e u n ip t rials Mfg. M in i g n U iti t e il s modity 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 1 QM 133.5 117.0 180.2 127.7. 113.0 1969-—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 • *>84.5 205 132.3 116.9 174.3 171 124.6 111.1 Mar.......... 171.4 170.8 162.8 187.8 172.1 173.1 126.7 215.1 182 132.7 117.3 178.2 169 125.6 111.7 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........... 173.1 170.9 161.2 191.9 175.4 173.9 130.2 226.0 195 134.5 117.0 183.4 173 129.8 114.0 Nov.......... 171.4 168.4 160.5 185.6 174.6 171.8 132.6 226.0 ■ *81.7 178 134.5 115.8 182.2 172 130.5 114.7 Dec.......... 171.1 168.4 160.7 185.1 173.9 171.2 133.8 227.9 218 134.6 115.8 184.4 172 131.3 115.1 1Q7H___Ti»r» 170.2 168.2 161.0 183.1 172.5 170.0 133.2 230.6 205 134.8 115.5 182.4 171 131.8 116.0 Feb v 169.4 168.2 160.2 185.6 170.4 169.0 134.3 231.0 134.7 114.2 178.2 172 116.3 1 Employees only; excludes personnel in the Armed Forces. Capacity utilization: Based on data from Federal Reserve, McGraw- 2 Production workers only. Hill Economics Department, and Department of Commerce. 3 F.R. index based on Census Bureau figures. Construction contracts: F. W. Dodge Co. monthly index of dollar 4 Prices are not seasonally adjusted. value of total construction contracts, including residential, nonresidential, and heavy engineering; does not include data for Alaska and Hawaii. Note.—All series: Data are seasonally adjusted unless otherwise noted. Employment and payrolls: Based on Bureau of Labor Statistics data; includes data for Alaska and Hawaii beginning with 1959. Prices: Bureau of Labor Statistics data. CONSTRUCTION CONTRACTS AND PRIVATE HOUSING PERMITS (In millions of dollars, except as noted) 1969 1970 Ty ty p p e e o o f f o c w o n n e st r r s u h c ip ti o a n nd 1968 1969 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Total construction 1......................... 61,732 67,425 5,166 4,802 5,003 5,895 7,081 6,443 6,298 6,523 5,140 6,240 4,406 5,228 4,927 By type of ownership; Public........................................ 19,597 22,656 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 1.................................... 42,135 44,769 3,620 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 1.............. 24,838 25,219 1,746 1,820 1,957 2,546 2,620 2,548 2,296 2,394 1,952 2,290 1,675 1,744 1,475 Nonresidential building........... 22,512 25,667 2,145 1,885 1,772 2,136 2,680 2,357 2,402 2,460 2,013 2,502 1,566 2,168 2,252 Nonbuilding............................. 14,382 16,539 1,274 1,097 1,274 1,213 1,780 1,538 1,600 1,669 1,174 1,149 1,165 1,317 1,201 Private housing units authorized. .. 1,330 1,299 1,403 1,477 1,421 1,502 1,323 1,340 1,228 1,245 1,201 1,183 1,191 rl,239 1,013 (In thousands, S.A., A.R.) t 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
MARCH 1970 a CONSTRUCTION A 63 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Nonresidential Conser Period Total Total N f r a e o r s m n i - Buildings Total M ta i r l y i H w ig ay h d v e a v t & e i l o o n p Other 2 dential Total Indus Com b O u t i h l e d r Other ment trial mercial ings * 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 15,531 196 9 91,042 62,982 30,779 32,203 6,373 10,136 5,521 10,176 28,060 949 1969—Jan... 91,972 62,875 31,084 31,791 6,800 9,971 5,142 9,878 29,097 1,044 Feb.. 92,066 62,550 31,436 31,114 6,318 9,941 5,198 9,657 29,516 1,024 Mar.. 91,722 62,762 32,423 30,339 6 019 9,751 4,827 9,742 28,960 1,039 Apr.. 92,784 63,050 33,018 30,032 5 857 9,066 5,273 9,836 29,734 1,196 May. 92,359 63,669 32.971 30,698 5 923 9,284 5,428 10,063 28,690 1,003 June. 91,475 63,027 31,635 31,392 6 050 10,020 5,177 10,145 28,448 949 July.. 90,757 63,112 30,255 32,857 6 404 10,417 5,566 10,470 27,645 792 Aug.. 89,842 62,365 29,237 33,128 6 414 10,343 5,917 10,454 27,477 863 Sept.. 91,168 63,825 29,314 34,511 6 714 11,118 5.995 10,684 27,343 920 Oct... 91,311 64,251 29,970 34,281 6,946 10,856 5,850 10,629 27,060 943 Nov.r 89,848 62,786 29,759 33,027 6,571 10,168 6,023 10,265 27,054 779 Dec.r 89.306 62,349 29,397 32,952 6,491 10,337 5,861 10,335 25,957 895 1970—Jan... 88,461 61,472 28,407 33,065 6,565 10,176 5,734 11,438 26,989 937 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.) ships Region Type of structure ment (N.S.) Total N e o a r s t t h C N e o n r t t r h al South West fam 1- ily 2 f - a m to i l 4 y - f m 5 am - o r o i e l r y - Total Private Public Total FHA VA 1959......................... 1,517 268 368 512 369 1,234 283 1,554 1,517 37 458 349 109 121 1960......................... 1,252 221 292 429 309 995 257 1,296 1,252 44 336 261 75 104 1961......................... 1,313 247 277 473 316 974 339 1,365 1,313 52 328 244 83 90 1962......................... 1,463 264 290 531 378 991 471 1,492 1,463 30 339 261 78 118 1963......................... 1,610 261 328 591 431 1,021 5:89 1,642 1,610 32 292 221 71 151 1964......................... 1,529 253 339 582 355 972 108 450 1,562 1,529 32 264 205 59 191 1965......................... 1,473 270 362 575 266 964 87 422 1,510 1,473 37 246 197 49 216 1966......................... 1,165 207 288 473 198 779 61 325 1,196 1,165 31 195 158 37 217 1967......................... 1,292 215 337 520 220 844 72 376 1,322 1,292 30 232 180 53 240 1968......................... 1,508 227 369 619 294 900 81 527 1,548 1,508 40 283 227 56 318 I969p....................... 1,464 206 348 588 321 810 85 568 1,497 1,464 33 288 237 51 390 1969—Feb................ 1,686 216 578 662 230 975 112 599 95 90 5 17 13 3 28 Mar............... 1,584 265 430 554 335 828 92 664 136 132 4 23 19 4 32 Apr............... 1,563 255 358 582 368 797 86 680 160 159 1 27 23 4 35 May.............. 1,509 243 345 587 334 883 84 542 158 156 2 25 21 4 33 June.............. 1,469 236 288 604 341 808 76 585 151 147 4 26 22 5 35 July............... 1,371 193 285 551 342 765 65 541 127 125 1 26 21 5 33 Aug............... 1,384 189 388 529 278 723 69 592 128 125 3 27 22 4 35 Sept............... 1,542 155 380 620 387 846 93 603 133 129 4 23 18 5 36 Oct................ 1,392 175 308 544 365 777 99 516 126 123 2 30 25 5 40 Nov............... 1,295 151 266 547 331 772 84 439 97 95 3 23 19 4 29 Dec............... 1,299 143 262 573 321 729 99 471 85 84 1 27 23 4 26 1970—Jan.25............. 1,197 171 340 470 216 692 59 446 69 66 3 20 17 3 24 Feb.p............ 1,321 256 255 524 286 801 77 443 77 74 3 21 18 4 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 Manufac turers Assn. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 64 EMPLOYMENT a MARCH 1970 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons, unless otherwise indicated) Civilian labor force, S.A. Period i T p n o s o N t p t i a . t u S u l l t . a n A i t o o i . o n n n a - l l N ab N o o t . r S in . f A o t . r h c e e T l f S a o o b . r A t c o a e . r l Total Employed1 Unem U (p n e m e r r a m e t c e n p e 2 t l n o t y ) Total In c n u o lt n u a r g al r i- In ployed S.A. 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 19673......... 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 1969 r-Feb., 136,940 54,361 83,674 80,199 77,524 73,688 3,836 2,675 3.3 Mar. 137,143 54,373 83,883 80.379 77,650 73,940 3,710 2,729 3.4 Apr. 137,337 54,200 83,950 80,434 77,589 73,928 3,661 2.845 3.5 May 137,549 54,464 83,652 80,130 77,321 73,544 3,777 2,809 3.5 June 137,737 51,857 84,028 80,504 77,741 74,058 3,683 2,763 3.4 July. 137,935 51,617 84,310 80,789 77,931 74,370 3,561 2,858 3.5 Aug. 138,127 52,081 84,517 80,987 78,142 74.528 3,614 2.845 3.5 Sept. 138,317 53,790 84,868 81,325 78,194 74,696 3.498 3,131 3.8 Oct.. 138,539 53,501 85,051 81,523 78,445 74,999 3,446 3,078 3.8 Nov. 138,732 53,812 84,872 81.379 78,528 75,094 3.434 2,851 3.5 Dec. 138,928 54,072 85,023 81,583 78,737 75,302 3.435 2.846 3.5 1970—Jan.. 139,099 54,993 85,599 82,213 79,041 75,615 3,426 3,172 3.9 Feb., 139,298 54,673 85,590 82,249 78,822 75,323 3.499 3,427 4.2 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 1967, data not strictly comparable with previous data. to the calendar week that contains the 12th day; annual data are averages Description of changes available from Bureau of Labor Statistics. of monthly figures. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Contract Transporta Period Total M t a u n ri u n f g ac Mining con ti s o t n ruc ti l o ic n u & til i p ti u e b 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......................................................... 70,141 20,121 628 3,411 4,448 14,644 3,559 11,103 12,227 SEASONALLY ADJUSTED 1969 —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............................................. 70,679 20,007 635 3,459 4,489 14,773 3,623 11,297 12,396 1970—Jan.?............................................ 70,778 19,964 632 3,328 4,518 14,913 3,647 11,352 12,424 Feb.P........................................... 70,766 19,806 632 3,409 4,502 14,978 3,654 11,360 12,425 NOT SEASONALLY ADJUSTED 1969 —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............................................. 71,629 20,056 631 3,373 4,498 15,642 3,609 11,229 12,591 1970—Jan.p............................................ 69,755 19,764 617 3,015 4,450 14,683 3,603 11,136 12,487 Feb.2'............................................ 69,655 19,632 614 3,037 4,430 14,594 3,617 11,178 12,553 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 bench the Armed Forces are excluded. mark. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 1970 □ 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 Feb. Dec. Jan.25 Feb.* Feb. Dec. Jan.? Feb.* 14,731 14,582 14,548 14,388 14,584 14,647 14,370 14,238 Durable goods................................................................. 8,628 8,487 8,423 8,308 8,585 8,544 8,370 8,263 Ordnance and accessories...................................... 195 163 156 155 196 165 157 155 Lumber and wood products.................................. 527 511 511 497 511 506 493 482 Furniture and fixtures............................................ 410 402 403 399 407 407 401 396 Stone, clay, and glass products............................. 537 531 525 524 512 524 503 500 Primary metal industries........................................ 1,058 1,097 1,081 1,064 1,057 1,088 1,073 1,063 Fabricated metal products.................................... 1,115 1,119 1,116 1,103 1,109 1,132 1,111 1,096 Machinery............................................................... 1,370 1,381 1,376 1,384 1,378 1,379 1,378 1,392 Electrical equipment and supplies................... 1,355 1,269 1,268 1,338 1,355 1,292 1,274 1,338 Transportation equipment..................................... 1,426 1,375 1,354 1,220 1,443 1,413 1,372 1,235 Instruments and related products......................... 289 286 284 278 289 289 284 278 Miscellaneous manufacturing industries............... 346 353 349 346 328 349 324 328 Nondurable goods........................................................... 6,103 6,095 6,125 6,080 5,999 6,103 6,000 5,975 Food and kindred products................................... 1,215 1,214 1,223 1,226 1,130 1,205 1,157 1,140 Tobacco manufactures........................................... 69 63 66 67 67 69 66 65 Textile-mill products.............................................. 883 863 868 855 876 863 856 849 Apparel and related products............................... 1,238 1,241 1,248 1,228 1,245 1,240 1,223 1,236 Paper and allied products...................................... 555 561 561 560 547 564 556 552 Printing, publishing, and allied industries............ 672 685 688 685 670 690 683 682 Chemicals and allied products............................... 620 614 613 611 616 611 607 607 Petroleum refining and related industries.............. 101 118 120 120 98 116 116 116 Rubber and misc. plastic products......................... 448 446 448 442 447 453 448 441 Leather and leather products................................. 302 290 290 286 303 292 288 287 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 Feb. Dec. Jan.* Feb.* Feb. Dec. Jan.* Feb.* Feb. Dec. Jan.* Feb.* Total.................................................................... 40.1 40.7 40.3 39.9 124.80 134.89 131.93 130.54 3.12 3.29 3.29 3.28 Durable goods..................................................... 40.9 41.3 40.8 40.5 135.05 145.53 141.69 140.19 3.31 3.49 3.49 3.47 Ordnance and accessories.......................... 40.3 40.5 40.7 41.2 135.54 145.14 146.32 145.96 3.38 3.54 3.56 3.56 Lumber and wood products...................... 40.8 40.4 39.5 40.5 104.40 113.36 109.87 110.76 2,.61 2.82 2.81 2.79 Furniture and fixtures................................ 40.1 40.0 39.5 39.0 100.84 110.16 105.03 104.22 2.54 2.70 2.70 2.70 Stone, clay, and glass products................. 42.2 42.1 41.4 42.2 126.38 137.76 133.09 135.46 3,.06 3.28 3.27 3.28 Primary metal industries............................ 41.6 41.6 41.2 41.2 153.14 160.99 159.01 157.82 3.69 3.87 3.85 3.84 Fabricated metal products......................... 41.2 41.6 41.4 40.8 133.01 143.72 141.04 138.98 3,.26 3.43 3.44 3.44 Machinery................................................... 42.3 42.6 42.3 41.6 148.82 159.90 156.56 154.71 3,.51 3.71 3.71 3.71 Electrical equipment and supplies............. 39.7 40.3 40.4 39.8 120.69 129.24 127.75 126.96 3,.04 3.16 3.17 3.19 Transportation equipment......................... 41.6 41.5 40.0 40.3 157.03 170.49 160.80 157.61 3,.83 4.04 4.01 3.97 Instruments and related products............. 39.7 40.9 40.7 40.6 123.07 134.64 132.44 132.36 3..10 3.26 3.27 3.26 Miscellaneous manufacturing industries... 37.6 39.2 39.2 38.8 98.40 108.74 107.97 108.14 2,.61 2.76 2.79 2.78 Nondurable goods............................................... 39.1 39.8 39.7 39.2 110.48 119.60 118.29 117.39 2.84 2.99 3.01 3.01 Food and kindred products....................... 40.7 40.8 40.8 40.8 116.40 124.64 124.34 123.51 2..91 3.04 3.07 3.08 Tobacco manufactures............................... 36.6 36.3 38.3 36.8 95.21 99.26 106.76 104.10 2.63 2.69 2.87 2.86 Textile-mill products.................................. 39.9 40.9 40.3 40.0 90.57 99.95 97.04 96.80 2..27 2.42 2.42 2.42 Apparel and related products................... 35.2 36.0 35.7 35.4 79.90 84.37 83.07 83.90 2.27 2.35 2.36 2.37 Paper and allied products.......................... 42.5 42.8 43.1 42.6 132.19 143.86 141.95 141.37 3.14 3.33 3.34 3.35 Printing, publishing, and allied industries. 37.9 38.6 38.3 37.8 136.10 148.59 143.64 143.26 3.61 3.81 3.80 3.81 Chemicals and allied products................... 41.7 41.8 42.0 41.8 139.86 149.94 150.12 150.18 3.37 3.57 3.60 3.61 Petroleum refining and related industries . 42.6 42.2 42.3 41.6 161.38 170.97 175.98 171.75 3.87 4.10 4.21 4.22 Rubber and misc. plastic products............ 40.7 41.1 40.9 41.2 121.30 130.31 128.21 128.52 3.01 3.14 3.15 3.15 Leather and leather products..................... 35.3 37.7 37.7 36.7 83.18 93.45 92.61 91.64 2.33 2.44 2.45 2.47 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 □ MARCH 1970 CONSUMER PRICES (1957-59=* 100) Housing Health and recreation Fur Apparel Trans Period it A em ll s Food Total Rent H ow s o h m n 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 c n e a i c d s t y o n i p a n i n e s g h r d s a up a k n e d ep p t o i r o t n a Total M c ic a e a r d e l s c P o a e n r r a e ] r R e a i e c n n a r g d e d a g O s a o e t n o r h v d d e s r tion tion ices 1929......................... 59.7 55.6 85.4 1933......................... 45.1 35.3 60.8 1941......................... 51.3 44.2 61.4 64.3 45.2 88.3 51.2 50.6 47.6 57.3 58.2 1945......................... 62.7 58.4 67.5 66.1 53.6 86.4 55.4 57.5 63.6 75.0 67.3 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......................... 121.2 119.3 119.1 115.1 127.0 115.1 109.5 113.0 120.1 119.6 130.0 145.0 120.3 125.7 123.6 1969......................... 127.7 125.5 126.7 118.8 139.4 117.7 111.5 117.9 127.1 124.2 136.6 155.0 126.2 130.5 129.0 1969—Jan................ 124.1 122.0 122.7 116.9 132.7 116.7 110.2 115.2 123.4 120.7 133.3 150.2 123.7 128.4 125.6 Feb................ 124.6 121.9 123.3 117.2 133.6 116.9 110.2 115.8 123.9 122.0 133.7 151.3 124.1 128.4 125.8 Mar............... 125.6 122.4 124.4 117.5 135.7 117.2 110.6 116.4 124.9 124.3 134.3 152.5 124.8 128.7 126.1 Apr............... 126.4 123.2 125.3 117.8 137.1 117.4 111.2 116.9 125.6 124.6 135.1 153.6 125.5 129.6 126.6 May.............. 126.8 123.7 125.8 118.1 138.0 117.5 111.2 117.4 126.6 124.0 135.7 154.5 125.8 130.2 126.9 June.............. 127.6 125.5 126.3 118.5 138.7 117.5 111.3 117.9 127.0 124.6 136.3 155.2 126.2 130.4 127.9 July............... 128.2 126.7 127.0 118.8 140.0 117.4 110.9 118.2 126.8 124.3 137.0 155.9 126.6 130.7 129.1 Aug.............. 128.7 127.4 127.8 119.3 141.3 117.7 111.5 118.5 126.6 124.2 137.7 156.8 126.8 131.2 130.1 Sept............... 129.3 127.5 128.6 119.7 142.6 118.1 112.0 119.0 128.7 123.6 138.4 157.6 127.3 131.6 131.3 Oct................ 129.8 127.2 129.2 120.1 143.6 118.4 112.2 119.3 129.8 125.7 138.6 156.9 127.3 132.0 132.2 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 1970—Jan................ 131.8 130.7 131.1 121.3 146.8 119.7 114.1 120.1 129.3 127.3 140.1 159.0 128.5 133.1 133.9 Note.—Bureau of Labor Statistics index for city wage-earners and clerical workers. WHOLESALE PRICES: SUMMARY (1957-59=100) Industrial commodities Pro Period m c t A o i o e m l d s l i p F u r a c o r t d m s c f f e o a e s n o e s d d d e s d s 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 r b . , 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 r e u i a y n d 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 a i e l n n i l - c s - T e p m t q r o i a o e u r n n n i t p a s t 1 a c M n e e l i l u s n - o - s 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 19 61............................. 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............................. 108.7 102.2 114.1 109.0 105.7 119.5 102.4 98.2 100.3 119.3 105.2 112.4 115.2 104.0 108.1 n.a. 111.8 1969............................. 113.0 108.5 119.8 112.7 108.0 125.8 104.6 98.3 102.1 132.0 108.2 118.9 119.0 106.1 112.8 100.7 114.7 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 1970—Jan.................... 116.0 112.5 125.1 115.1 109.5 126.6 105.6 99.1 104.7 121.6 111.1 124.9 122.5 107.5 116.5 102.9 117.4 1 For transportation equipment, Dec. 1968=100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 1970 □ PRICES A 67 WHOLESALE PRICES: DETAIL (1957-59= 100) 1969 1970 1969 1970 Group Group Jan. Nov. Dec. Jan. Jan. Nov. Dec. Jan. Farm products: Pulp, paper, and allied products: Fresh and dried produce. 112.0 125.3 112.4 116.6 Pulp, paper and products, excluding Grains............................... 82.5 81.7 82.9 85.9 building paper and board............. 106.6 109.9 110.1 111.8 Livestock......................... 106.1 116.6 120.2 117.3 Woodpulp.......................................... 98.0 98.0 98.0 103.7 Live poultry..................... 90.5 86.3 86.9 94.8 Wastepaper........................................ 107.4 107.0 106.7 107.5 Plant and animal fibers.. 68.8 66.0 65.7 65.3 Paper.................................................. 115.0 117.0 117.4 120.3 Fluid milk........................ 131.8 137.6 138.3 140.5 Paperboard........................................ 92.2 96.0 96.0 96.0 Eggs.................................. 122.3 139.8 155.8 152.2 Converted paper and paperboard... 106.3 110.6 110.7 111.9 Hay and seeds................. 111.5 103.4 105.1 107.7 Building paper and board................ 97.3 94.4 93.9 93.4 Other farm products....... 105.9 115.9 113.1 116.3 Processed foods and feeds: Metals and metal products: Cereal and bakery products.......... 119.3 121.9 122.0 122.3 Iron and steel................................. 107.5 113.7 113.9 114.6 Meat, poultry, and fish.................. 111.1 120.5 121.9 125.8 Steelmill products......................... 110.4 116.4 116.4 115.5 Dairy products............................... 130.1 131.2 133.9 133.9 Nonferrous metals......................... 127.2 146.4 150.1 152.8 Processed fruits and vegetables__ 113.6 116.3 116.4 116.9 Metal containers........................... 117.0 120.6 120.6 120.6 Sugar and confectionery................ 119.2 127.9 127.1 129.1 Hardware....................................... 118.5 122.7 123.0 124.2 Beverages and beverage materials.... 110.8 116.0 116.1 117.4 Plumbing equipment..................... 115.8 122.2 122.8 122.8 Animal fats and oils....................... 84.0 123.0 115.6 111.0 Heating equipment....................... 96.1 99.3 99.7 99.7 Crude vegetable oils....................... 80.4 97.0 86.1 86.4 Fabricated structural metal products 109.3 113.6 113.7 114.0 Refined vegetable oils..................... 91.5 91.1 97.9 97.8 Miscellaneous metal products.......... 119.3 124.4 124.5 124.9 Vegetable oil end products............ 101.1 106.5 108.0 107.5 Miscellaneous processed foods.... 118.2 127.2 126.4 126.5 Manufactured animal feeds........... 118.2 119.5 121.8 131.7 Machinery and equipment: Textile products and apparel: Agricultural machinery and equip... 131.2 135.8 136.4 136.7 Cotton products........................... 104.8 106.0 106.1 106.1 Construction machinery and equip., 133.5 138.6 139.8 140.2 Wool products.............................. 104.7 104.6 104.3 104.3 Metalworking machinery and equip 131.0 136.5 138.0 138.6 Man-made fiber textile products. 92.8 91.5 91.1 91.5 General purpose machinery and Silk yarns....................................... 160.8 184.6 191.1 193.5 equipment...................................... 118.5 123.7 124.8 126.1 Apparel.......................................... 112.7 116.7 116.9 117.2 Special industry machinery and Textile housefumishings.............. 110.2 108.0 108.1 109.1 equipment (Jan. 1961= 100)......... 125.6 130.6 132.8 133.3 Miscellaneous textile products... 126.2 129.6 127.8 129.0 Electrical machinery and equip........ 103.5 106.0 106.2 106.8 Miscellaneous machinery................. 115.7 120.4 121.0 121.5 Hides, skins, leather, and products: Hides and skins........... 109.2 110.4 108.9 102.8 Furniture and household durables: Leather......................... 116.8 119.6 119.7 119.6 Footwear...................... 132.1 135.5 135.0 135.9 Household furniture.................... 120.7 123.6 123.6 124.3 Other leather products. 114.2 118.6 118.5 119.2 Commercial furniture................. 117.0 124.0 124.1 124.4 Floor coverings........................... 95.5 93.1 93.1 93.5 Fuels and related products, and power: Household appliances................. 92.6 93.6 93.6 94.4 Home electronic equipment........ 78.7 77.7 77.8 77.2 Coal.............................................. 112.7 123.5 124.6 125.4 Other household durable goods. 128.9 131.1 133.3 133.0 Coke............................................. 120.3 126.9 126.9 126.9 Gas fuels (Jan. 1958= 100)........ 124.4 128.8 131.8 132.4 Electric power (Jan. 1958= 100). 102.0 103.4 103.4 103.4 Nonmetallic mineral products: Crude petroleum......................... 99.7 104.5 104.5 104.5 Petroleum products, refined.... 98.9 101.6 102.2 101.0 Flat glass.......................................... 109.9 116.2 117.8 118.4 Concrete ingredients....................... 112.2 116.7 116.7 120.1 Chemicals and allied products: Concrete products........................... 110.7 113.6 114.2 115.9 Structural clay products excluding I P P D n r a r d e i u n p u g t a s s t r m r e a i d a n a l t d p e c a r p h i i h a e n a l m t s r . . . m i . . c . . . . a a . . . . l c . . s . . e . . . . . . u . . . . . . t . . . i . . . c . . . . . . a . . . . . . l . . . s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9 9 9 1 8 2 3 8 . . . . 1 0 2 4 1 9 9 9 2 3 7 4 0 . . . . 1 3 8 2 1 9 9 9 2 7 4 3 0 . . . . 3 8 6 4 1 9 9 9 2 4 7 3 1 . . . . 5 9 7 4 R A G e s y r p f p e r h f s a r a u c a l m t c t o t r r o p o i r e r o i o s e f . d i s . n . . u . . g . . c . . . . . t . . . . s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 9 1 1 0 6 5 2 6 . . . . 8 8 2 6 1 1 1 9 1 1 0 4 8 7 9 . . . . 5 2 0 8 1 1 1 1 1 2 0 0 8 4 0 1 . . . . 5 3 9 2 1 1 1 1 0 2 0 1 3 7 1 9 . . . . 5 3 8 4 Fats and oils, inedible....................... 72.2 100.5 92.8 95.0 Glass containers.............................. 116.1 116.1 116.1 120.9 P A l g a r s i t c ic u l r t e u s r i a n l s c a h n e d m i m ca a l t s e r a i n a d ls . p .. r . o ... d .. u .. c .. t . s .. . 9 8 2 0 . . 9 8 7 8 9 6. . 7 6 8 8 6 0. . 1 7 8 87 0 . . 6 0 Other nonmetallic minerals............ 107.2 110.6 110.6 111.0 Other chemicals and products.......... 110.4 114.9 115.1 115.5 Rubber and plastic products:1 Transportation equipment: Crude rubber....................................... 86.4 88.7 88.1 89.3 Motor vehicles and equipment.. 106.5 109.0 109.0 109.1 Tires and tubes................................... 96.3 101.7 101.7 101.7 Railroad equipment (Jan. 1961 = 100) 108.5 115.1 115.7 117.4 Miscellaneous rubber products......... 108.7 113.0 113.4 114.0 Plastic construction products (Dec. 1969=100)...................................... 100.0 99.8 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms, ammunition.................................. 110.2 112.8 112.7 114.1 Lumber.............................................. 147.9 129.3 128.2 126.9 Tobacco products........................... 116.6 124.0 124.0 124.0 Millwork........................................... 124.8 133.2 131.7 131.5 Notions............................................ 100.7 107.2 107.2 107.2 Plywood............................................ 135.0 99.6 96.9 95.5 Photographic equipment and supplies 112.7 115.0 115.3 115.7 Otherjwood products (Dec. 1966= 100) 111.0 116.7 118.4 119.5 Other miscellaneous products... 111.2 114.9 114.9 115.1 1 Retitled to include the direct pricing of plastic construction products; incorporate (1) new weights beginning with Jan. 1967 data and (2) various continuity of the group index is not affected. classification changes. Back data not yet available for some new classi- Note.—Bureau of Labor Statistics indexes as revised in Mar. 1967 to fications. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 68 NATIONAL PRODUCT AND INCOME □ MARCH 1970 GROSS NATIONAL PRODUCT (In billions of dollars) 1968 1969 Item 1929 1933 1941 1950 1965 1966 1967 1968 1969* IV I II III IV* Gross national product..................................... 103.1 55.6 124.5 284.8 684.9 749.9 793.5 865.7 932.1 892.5 908.7 924.8 942.8 952.2 Final purchases................................................ 101.4 57.2 120.1 278.0 675.3 735.1 786.2 858.4 924.1 882.0 902.1 917.9 932.0 944.5 Personal consumption expenditures................. 77.2 45.8 80.6 191.0 432.8 466.3 492.3 536.6 576.0 550.7 562.0 572.8 579.8 589.5 Durable goods.............................................. 9.2 3.5 9.6 30.5 66.3 70.8 73.0 83.3 89.8 86.3 88.4 90.6 89.8 90.4 Nondurable goods........................................ 37.7 22.3 42.9 98.1 191.1 206.9 215.1 230.6 243.6 234.3 238.6 242.1 245.1 248.7 30.3 20.1 28.1 62.4 175.5 188.6 204.2 222.8 242.6 230.1 235.0 240.1 244.9 250.3 Gross private domestic investment................... 16.2 1.4 17.9 54.1 108.1 121.4 116.0 126.3 139.4 133.9 135.2 137.4 143.3 141.8 14.5 3.0 13.4 47.3 98.5 106.6 108.6 119.0 131.4 123.4 128.6 130.5 132.5 134.0 10.6 2.4 9.5 27.9 71.3 81.6 83.7 88.8 99.2 91.5 95.3 97.8 101.1 102.5 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 34.5 Producers’ durable equipment............. 5.6 1.5 6.6 18.7 45.8 53.1 55.7 59.5 65.8 61.4 63.0 65.7 66.4 68.0 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 7.7 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 7.4 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 2.7 Exports.......................................................... 7.0 2.4 5.9 13.8 39.2 43.4 46.2 50.6 55.3 50.6 47.6 57.1 57.8 58.6 Imports......................................................... 5.9 2.0 4.6 12.0 32.3 38.1 41.0 48.1 53.2 49.4 46.1 55.5 55.2 55.9 Government purchases of goods and services.. 8.5 8.0 24.8 37.9 137.0 156.8 180.1 200.3 214.6 206.7 210.0 212.9 217.0 218.3 Federal.......................................................... 1.3 2.0 16.9 18.4 66.9 77.8 90.7 99.5 101.9 101.9 101.6 100.6 103.2 102.3 National defense...................................... 13.8 14.1 50.1 60.7 72.4 78.0 79.2 79.3 79.0 78.5 80.3 79.2 Other......................................................... 3.1 4.3 16.8 17.1 18.4 21.5 22.7 22.5 22.6 22.1 22.9 23.1 State and local.............................................. 7.2 6.0 7.9 19.5 70.1 79.0 89.3 100.7 112.7 104.8 108.5 112.3 113.8 116.0 Gross national product in constant (1958) dollars........................................................... 203.6 141.5 263.7 355.3 617.8 658.1 674.6 707.6 727.5 718.5 723.1 726.7 730.6 729.8 Note.—Dept, of Commerce estimates. Quarterly data are seasonally see the Survey of Current Business, July 1968, July 1969, and Supplement, adjusted totals at annual rates. For back data and explanation of series, Aug. 1966. NATIONAL INCOME (In billions of dollars) 1968 1969 1929 1933 1941 1950 1965 1966 J967 1968 1969* III IV* National income.............................................. 86.8 40.3 104.2 241.1 564.3 620.6 654.0 714.4 771.2 737.3 751.3 765.7 780.6 Compensation of employees........................... 51.1 29.5 64.8 154.6 393.8 435.5 467.4 513.6 564.3 532.3 546.0 558.2 571.9 581.1 Wages and salaries..................................... 50.4 29.0 62.1 146.8 358.9 394.5 423.5 465.0 509.9 482.1 493.3 504.3 516.9 525.0 Private..................................................... 45.5 23.9 51.9 124.4 289.6 316.8 337.3 369.0 405.3 382.8 392.5 402.0 410.2 416.6 Military................................................... .3 .3 1.9 5.0 12.1 14.6 16.2 18.0 19.2 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 in surance ................................................ . 1 . 1 2.0 4.0 16.2 20.3 21. 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. 16.1 14.7 14.6 16.1 14.4 14.9 16.4 16.8 16.3 Rental income of persons............................... 54 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 - 1.2 152 37.7 761 82.4 79.2 87.9 88.4 90.3 89.5 89.2 88.8 Profits before tax....................................... 10.0 1.0 17.7 42.6 77. 84.2 80.3 91.1 94.0 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 43.4 42.9 43.9 44.1 M2.8 Profits after tax...................................... 8.6 .4 10.1 24.9 46.5 49.9 47.3 49.8 50.6 51.6 51.7 51.3 49.7 Dividends............................................ 5.8 2.0 4.4 8.8 19.8 20.8 21.5 23.1 24.6 23. 23 24.3 24.9 25.2 Undistributed profits......................... 2.8 - 1.6 5.7 16.0 26.7 29.1 25.9 26.7 26.0 27. 27.9 27.0 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 - 6.2 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
MARCH 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 Item 1929 1933 1941 1950 1965 1966 1967 1968 1969* II III IV* Gross national product. 103.1 55.6 124.5 284.8 684.9 749.9 793.5 865.7 932.1 892.5 908.7 924.8 942.8 952.2 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 lia bility ................................................. 7.0 7.1 11.3 23.3 62.5 65.7 70.1 77.9 86.6 81.4 83.3 85.7 88.0 89.4 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 Statistical discrepancy......................... .7 .6 .4 1.5 -3 - 1.0 - 1.0 -2.5 - 6.1 -3.4 -4.2 -6.5 -6.9 Plus: Subsidies less current surplus of gov ernment enterprises......................... -.1 .1 .2 1.3 2.3 1.4 1.1 .9 1.1 .9 1.1 1.2 Equals: National income................................ 86.8 40.3 104.2 241.1 564.3 620.6 654.0 714.4 771.2 737.3 751.3 765.7 780.6 Less: Corporate profits and inventory valu ation adjustment............................. 10.5 -1.2 15.2 37.7 76.1 82.4 79.2 87.9 88.4 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 56.1 Excess of wage accruals over disburse ments................................................. Plus: Government transfer payments......... 1.5 2.6 14.3 37.2 41.1 48.! 55.8 61.9 58.1 60.1 61.3 62.5 63.6 Net interest paid by government and consumers........................................ 2.5 2.2 7.2 20.5 22.2 23.6 26.1 28.7 27.4 27.9 28.5 28. 29.7 Dividends............................................. 5.8 4.4 8.8 19.8 20. 21.5 23.1 24.6 23.8 23. 24.3 24. 25.2 Business transfer payments................ .6 .5 .8 2.7 3.0 3.2 3.4 3.6 3.5 3.5 3.6 3. 3.6 Equals: Personal income............................... 85.9 96.0 227.6 538.9 587.2 629.4 687.9 747.2 711.2 724.4 740.5 756. 767.4 Less: Personal tax and nontax payments... 2.6 3.3 20.7 65.7 75.4 82.9 97.9 117.5 107.0 114.2 118.5 117. 119.9 Equals: Disposable personal income.............. 83.3 92.7 206.9 473.2 511.9 546.5 590.0 629.7 604.3 610.2 622.0 639. 647.5 Less: Personal outlays................................... 79.1 81.7 193.9 444.8 479.3 506.2 551.6 592.0 566.2 577.7 588.8 596. 605.8 Personal consumption expenditures. 77.2 80.6 191.0 432.8 466.3 492.3 536.6 576.0 550.7 562.0 572.8 579. 589.5 Consumer interest payments........... 1.5 .9 2.4 11.3 12.4 13.1 14.2 15.3 14.7 15.0 15.2 15. 15.5 Personal transfer payments to for eigners............................................ .3 .2 .5 .7 .6 .7 .7 .7 .8 Equals: Personal saving................................... 4.2 11.0 13.1 28.4 32.5 40.4 38.4 37.6 38.0 32.5 33.3 43.1 41.7 Disposable personal income in constant (1958) dollars............................................................ 150.6 112.2 190.3 249.6 435.0 458.9 477.7 497.6 509.5 502.1 502.6 506.2 514.1 514.8 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) 1969 1970 Item 1968 1969* Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.* Total personal income......................... 687.9 747.2 718.7 723.9 730.7 735.6 740.0 746.1 751.4 757.5 760.7 763.7 r767.6 770.6 773.0 Wage and salary disbursements.......... 465.0 509.9 489.3 492.6 497.9 500.8 503.8 508.5 512.8 517.9 519.9 522.2 525.1 527.8 529.0 Commodity-producing industries... 181.5 197.7 190.1 190.6 193.8 195.2 196.2 198.3 198.9 201.0 201.5 201.8 201.7 203.4 201.5 Manufacturing only...................... 145.9 157.6 152.4 152.5 154.9 155.8 156.3 157.8 158.5 160.5 160.7 160.6 159.8 161.0 160.4 Distributive industries..................... 109.2 119.5 114.6 115.6 116.4 117.2 118.3 119.5 120.1 121.4 121.8 122.3 123.5 123.5 125.0 Service industries............................. 78.3 88.1 84.5 85.6 86.3 86.4 87.0 87.8 88.0 88.8 89.4 90.3 91.5 91.9 93.1 Government..................................... 96.0 104.5 100.1 100.8 101.4 101.9 102.3 102.9 105.9 106.8 107.2 107.8 108.4 109.0 109.4 Other labor income............................. 24.2 26.2 25.3 25.5 25.6 25.8 25.9 26.1 26.3 26.4 26.6 26.8 26.9 27.1 27.3 Proprietors’ income............................. 63.8 66.3 64.0 64.7 65.0 65.8 66.5 67.3 67.3 67.3 67.3 67.3 66.7 66.2 66.3 Business and professional............... 49.2 50.2 49.5 49.8 49.7 50.0 50.1 50.4 50.5 50.5 50.5 50.6 50.4 50.3 50.3 Farm................................................. 14.6 16.1 14.5 14.9 15.3 15.8 16.4 16.9 16.8 16.8 16.8 16.7 16.3 15.9 16.0 Rental income...................................... 21.2 21.6 21.4 21.5 21.5 21.5 21.6 21.6 21.7 21.7 21.7 21.8 21.8 21.9 21.9 Dividends............................................. 23.1 24.6 23.6 23.8 24.1 24.2 24.3 24.5 24.6 24.8 25.1 25.3 25.4 25.0 25.2 Personal interest income..................... 54.1 59.4 57.4 57.6 57.9 58.4 58.8 59.2 59.5 59.8 60.2 60.6 r61.3 61.8 62.1 Transfer payments............................... 59.2 65.5 63.0 63.5 64.3 64.7 64.9 65.2 65.7 66.1 66.4 66.7 67.2 67.8 68.7 Less: Personal contributions for social insurance.......................................... 22.6 26.2 25.3 25.3 25.6 25.7 25.8 26.1 26.4 26.6 26.7 26.9 26.9 27.1 27.5 Nonagricultural income........................ 667.9 725.2 698.5 703.1 709.5 713.8 717.7 723.4 728.8 734.9 738.1 741.3 r745.3 748.6 750.9 Agriculture income............................... 20.1 22.0 20.2 20.7 21.2 21.8 22.3 22.7 22.6 22.6 22.6 22.5 22.3 22.0 22.1 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
A 70 FLOW OF FUNDS □ MARCH 1970 SUMMARY OF FUNDS RAISED AND ADVANCED IN U.S. CREDIT MARKETS (In billions of dollars) 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 87.2 77.2 98.7 1 2 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 3 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 27.1 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 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 1 Total funds raised............................. 66.9 70.4 68.5 82.6 91.4 100.4 103.2 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 -.1 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 44.7 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 .1 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 FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 1970 □ FLOW OF FUNDS A 71 PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1968 1969 Transaction category, or sector 1964 1965 1966 1967 1968 III III IV III Demand deposits and currency 1 Net incr. in banking system liability. . 7.4 2.6 14.3 10.7 30.4 16.7 -3.7 .1 39.2 7.2 2.5 -5.3 24.1 2 U.S. Government deposits.... .2 -.4 1.1 -1.3 14.0 3.7 -5.6 -16.2 26.3 -9.7 -4.5 -9.4 14.8 3 Money supply......................... 7.3 3.0 13.2 12.0 16.4 12.9 1.9 16.3 12.9 16.9 6.9 4.1 9.3 4 Domestic sectors................. 6.8 3.9 12.6 12.2 15.5 12.3 1.3 17.0 13.5 17.1 7.4 4.2 12.2 5 Households....................... 6.3 3.1 11.4 6.9 5.2 16.1 - 10.2 8.8 15.6 13.5 -7.9 7.2 3.5 6 Nonfinancial business.... -2.1 .7 - 2.1 1.3 3.0 -5.9 7.1 3.6 -1.2 -4.3 9.6 .2 2.8 7 State and local governments. 1.2 -. 1 -.4 1.1 -.2 -1.2 .6 1.6 -1.9 4.1 1.4 1.6 3.6 8 Financial sectors............. .4 -.1 1.1 1.0 .8 1.5 -1.5 1.6 2.6 1.3 -1.4 .2 .8 9 Mail float......................... .9 .3 2.7 1.9 6.7 1.7 5.2 1.5 -1.5 2.4 5.8 -5.0 1.5 10 Rest of the world................ .5 -1.0 .6 -.2 .9 .7 .6 -.7 -.7 -.2 -.5 -.1 -2.9 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 1 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 31.8 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 -. 1 1.6 -.1 -1.0 -1.1 -2.2 -.8 8 9 Sponsored credit agencies............ -.4 .1 1.0 * -.1 -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 .1 -.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 .1 .2 .2 * .1 * .7 .2 -.1 .1 .3 * 5 6 Rest of the world.................... .7 .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. -.4 1.0 .3 1.0 4.0 3.7 -1.2 10 1 11 2 C M o u m tu m al e r s c a i v a i l n b g a s n b k a s n . k ... s . . . . . . . . . . . . . . . . . . . . . . . . . . . - 3 .1 .7 5.0 * 1 -. . 3 9 9 2. . 3 7 9 1 . . 0 6 3 5. .0 10 . . 5 5 2 5 . . 0 2 3 1 . .3 2 1 1 2 . . 5 6 1 1 5 . . 8 2 - 1 . . 9 1 2 1 . .1 2 1.5 * 1 11 2 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.. -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.................... -.1 -.5 .3 .6 2.2 1.5 -.3 1.0 2.1 2.1 3.6 3.9 .7 .7 19 Bank loans n.e.c. 1 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 2 Households................. 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 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 4 Rest of the world 2.2 .4 -.2 -.2 -.3 .7 -.2 -.3 * -.3 -.7 -.1 1.0 -1.7 5 Financial sectors........ .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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 72 U.S. BALANCE OF PAYMENTS □ MARCH 1970 1. U.S. BALANCE OF PAYMENTS (In millions of dollars) 1968 1969 Item 1966 1967 1968 II III IV I II III p 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—Total1...................... 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 services *.................................. 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, net.................. -3,444 -4,224 -3,955 -1,055 -968 -835 -793 -1,155 -1,052 Grants,2 loans, and net change in foreign cur rency 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—1 346 64 -137 6 -141 27 -80 60 -61 U.S. Govt, grants and capital........................ -205 -84 2 15 -6 -2 -4 -8 * Other specific transactions............................. -12 1 -3 -6 41 -10 -10 28 -20 Other nonconvertible, nonmarketable, me dium-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 (*= l-f-2-j-3-+-4-f-5)........... -1,357 -3,544 168 9 -139 862 -1,670 -3,871 -2,555 Less: Net seasonal adjustments....................... -96 269 124 -395 -59 368 Before seasonal adjustment................................ -1,357 -3,544 168 105 -408 738 -1,275 -3,812 -2,923 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 97 367 1,144 1,236 -918 Less • Net seasonal adjustments........................ 3 25 442 -567 34 120 Before seasonal adjustment................................. 266 -3,418 1,638 1,550 72 -75 1,711 1,202 -1,038 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 1970 □ U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE A 73 1. U.S. BALANCE OF PAYMENTS— Continued (In millions of dollars) 1968 1969 Item 1966 1967 1968 II III IV I II III* 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 crease\ —)....................................................... 568 52 -880 -137 -571 -1,076 -48 -299 -686 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, securi ties, etc.................................................... -582 1,495 -2,707 -2,187 37 550 -1,681 -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 43 -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 crease, —)....................................................... 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 under A.)........................................................ -1,595 2,020 -3,099 -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 2 Export surplus Period 1968 1970 1969 1970 1967 1968 1969 1970 Month: Jan.. , 2,639 2,814 2,086 3,305 2,317 2,687 2,014 3,250 322 127 72 55 Feb.. 2.582 2,775 2.295 2,216 2,592 2,653 366 184 -358 Mar.. 2,525 32,439 3,197 2,166 32,589 2,976 359 -150 221 Apr.. 2,608 32,855 3,353 2.198 32,604 3,173 410 251 180 May. 2,549 2,740 3.296 2,118 2,755 3,276 432 -15 20 June. 2.582 2,870 3,211 2,184 2,792 3,186 398 78 25 July. 2,601 2,858 3,169 2,245 2,725 3,066 357 133 103 Aug.. 2,566 32,950 3,373 2,145 2,872 3,180 421 78 193 Sept.. 2,597 33,211 3,326 2.198 2,951 3,055 399 261 271 Oct.. 2,415 32,631 3,362 2,254 2,736 3,222 161 -105 140 Nov.. 2,671 2,972 3,367 2,396 2,883 3,214 275 89 153 Dec.. 2,677 2,977 3,239 2,493 2,908 3,007 184 70 232 Quarter 1.... 7,745 8,028 7,578 6,698 7,867 7,643 1,047 161 -65 11... 7,739 8,465 9,860 6,500 8,151 9,635 1,240 314 225 111... 7,764 9,019 9,867 6,588 8,548 9,301 1,177 471 566 IV... 7,763 8,580 9,968 7,143 8,527 9,443 620 53 525 Year4.. 31,011 34,092 37,274 26,928 33,093 36,022 4,083 1,001 1,252 1 Exports of domestic and foreign merchandise; excludes Dept, of 3 Significantly affected by strikes. Defense shipments of grant-aid military equipment and supplies under 4 Sum of unadjusted figures. Mutual Security Program. 2 General imports including imports for immediate consumption plus Note.—Bureau of the Census data. Details may not add to totals be entries into bonded warehouses. cause of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 74 U.S. GOLD TRANSACTIONS a MARCH 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 1969 IV II III Western Europe: Austria............................... -143 -82 -55 -100 -25 Belgium.............................. -144 -63 -40 -83 -58 France................................ -456 —M8 -405 -884 -601 600 325 140 50 275 Germany, Fed. Rep. of... *-23 -225 500 Ireland.......................... -1 -2 -2 -2 -52 41 Italy............................... 100 200 -80 —60 -85 -209 -76 -76 Netherlands................. -25 -60 -35 -19 Spain............................. -156 -146 -130 -32 -180 Switzerland................... -125 102 -81 -50 -30 -50 -25 -25 United Kingdom.......... -306 -387 ***329 618 150 -879 -835 15 Bank for Intl. Settlements. -23 '200 Other............................. -53 -12 ......i — 6 -35 -49 16 -47 m Total. -754 -1,105 -399 -1,299 -659 -980 -669 969 150 -52 292 Canada........ 190 200 150 50 Latin American republics: Argentina....................... -30 -25 -25 -10 Brazil.............................. 72 Colombia....................... Venezuela....................... Other.............................. -17 -6 -40 -29 Total. -109 175 32 56 17 -41 -65 -7 -15 Asia: Iraq............... -10 -4 -21 -42 Japan............. -56 Lebanon........ -21 -11 -1 -95 Malaysia........ -34 Philippines.. . 25 9 40 17 Saudi Arabia. -48 -13 -50 Singapore___ -81 11 Other............. -32 ’-47 -13 -6 -14 -14 -22 -75 -9 -1 Total................. -101 -93 12 3 -24 -86 -44 -366 42 -6 5 AH other....................... -6 -1 -36 -7 -16 -22 2-I66 2-68 -1 -1 -2 Total foreign countries. -970 -833 -392 -36 -1,322 -608 -1,031 -1,118 957 136 316 Intl. Monetary Fund 3. 150 4-225 177 22 -3 10 1 Grand total____ -820 -833 -392 -36 -1,547 -431 -1,009 -1,121 967 136 317 1 Includes purchase from Denmark of $25 million. IMF sold to the United States a total of $800 million of gold ($200 2 Includes sales to Algeria of $150 million in 1967 and $50 million in million in 1956, and $300 million in 1959 and in 1960) with the right of 1968. repurchase; proceeds from these sales invested by IMF in U.S. Govt, 3 Includes IMF gold sales to the United States, gold deposits by the securities. IMF (see note 1 (b) to Table 4), and withdrawal of deposits. The first 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 4 Represents the U.S. gold tranche position in the IMF (the U.S. IMF operations. Does not include transactions in gold relating to gold quota minus the holdings of dollars of the IMF), which is the amount deposit or gold investment (see Table 6). that the United States could draw in foreign currencies virtually automati cally if needed. Under appropriate conditions, the United States could 2 Positive figures represent purchases from the IMF of currencies of draw additional amounts equal to its quota. 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. commitment to repay by an equivalent amount. Note.—The initial U.S. quota in the IMF was $2,750 million. The U.S. quota was increased to $4,125 million in 1959 and to $5,160 million in 3 Includes dollars obtained by countries other than the United States Feb. 1966. Under the Articles of Agreement, subscription payments equal from sales of gold to the IMF. 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
MARCH 1970 □ U.S. RESERVE ASSETS; POSITION IN THE IMF A 75 4. U.S. RESERVE ASSETS (In millions of dollars) E y n e d a r of Total To G ta o l l 2 d st T o r c e k a 1 sury v c fo e u C c r r r i o e t r e i i e n b s g n l n e p R I o e M s s i i n e t F i r o v 3 n e E m n o d n t o h f Total Gold st T o r c e k a 1 sury v c fo C e u c r r i r o e e t r i s i e n b g n 5 l n e p R I o e M s s i i n e t F r io v 3 n e d S r r i p a g e w h c t i i s n a 6 l g 1957 24,832 22,857 22,781 1 ,975 1969--Feb.. 15,499 10,801 10.367 3.399 1,299 1958 22,540 20,582 20,534 1 ,958 Mar.. 15,758 10,836 10.367 3,601 1.321 1959 21,504 19,507 19,456 1 ,997 Apr.. 15,948 10,936 10.367 3,624 1,388 1960 19,359 17,804 17,767 1,555 May. 16,070 11.153 10.367 3,474 1,443 June. 16,057 11.153 10.367 3,355 1,549 1961, 18,753 16,947 16,889 116 1,690 July. . 15,936 11,144 10.367 3,166 1,626 1962, 17,220 16,057 15,978 99 1,064 Aug.. 16,195 11.154 10.367 3.399 1,642 1963, 16,843 15,596 15,513 212 1,035 Sept.. 16,743 11,164 10.367 3,797 1,782 1964, 16,672 15,471 15,388 432 769 Oct., , 716,316 11,190 10.367 73,341 1,785 1965, 15,450 413,806 413,733 781 4863 Nov.. 16,000 11,171 10.367 2,865 1,964 Dec.. 16,964 11,859 10.367 2,781 2,324 1966, 14,882 13,235 13,159 1,321 326 1967, 14,830 12,065 11,982 2,345 420 1970—Jan.. . 17,396 11,882 11.367 2,294 2.321 899 1968, 15,710 10,892 10.367 3,528 1,290 Feb.. 17,670 11,906 11.367 2,338 2,507 919 1969, 16,964 11,859 10.367 2,781 2,324 1 Includes (a) gold sold to the United States by the International Mon June 1965 through Jan. 1966, this gold subscription was included in the etary Fund with the right of repurchase, and (b) gold deposited by the U.S. gold stock and excluded from the reserve position. IMF to mitigate the impact on the U.S. gold stock of foreign purchases 5 For holdings of F.R. Banks only, see pp. A-12 and A-13. for the purpose of making gold subscriptions to the IMF under quota 6 Includes initial allocation by the IMF of $867 million of special draw increases. For corresponding liabilities, see Table 6. ing rights on January 1, 1970, plus or minus transactions in SDR since 2 Includes gold in Exchange Stabilization Fund. that time. 3 In accordance with IMF policies the United States has the right to 7 Includes gain of $67 million resulting from revaluation of the German draw foreign currencies equivalent to its reserve position in the IMF vir mark in Oct. 1969, of which $13 million represents gain on mark holdings tually automatically if needed. Under appropriate conditions the United at time of revaluation. States could draw additional amounts equal to the U.S. quota. See Table 5. 4 Reserve position includes, and gold stock excludes, $259 million gold Note.—See Table 23 for gold held under earmark at F.R. Banks for subscription to the IMF in June 1965 for a U.S. quota increase which foreign and international accounts. Gold under earmark is not included became effective on Feb. 23, 1966. In figures published by the IMF from in the gold stock of the United States. 5. U.S. POSITION IN THE INTERNATIONAL MONETARY FUND (In millions of dollars) Transactions affecting IMF holdings of dollars IMF holdings (during period) of dollars (end of period) U.S. U.S. transactions with IMF Transactions by reserve other countries position Period with IMF in IMF Paym of e nts g N o e ld t T ti r o a n n s s a i c n I i M nc F o m ne e t Repay c T ha o n ta g l e Amount Pe U r o . c S f e . nt p ( e e r n io d d o ) f 4 s t u d io b o n s ll c s a r r i i s p n by s I a M les F 1 c f c o u i r r e e r s i e g n 2 n dollars D d ra o w o ll f i a n r g s3 s d m o e i l n l n a t r s s quota 1946—1957. 2,063 600 -45 -2,670 827 775 775 28 1,975 1958—1963. 1,031 150 60 -1,666 2,740 2,315 3,090 75 1,035 1964—1966. 776 1,640 45 -723 6 1,744 4,834 94 5326 1967. 20 -114 -94 4,740 92 420 1968. 20 -806 -870 3,870 75 1,290 1969. 22 19 -1,343 268 -1,034 2.836 55 2.324 1969—Feb.. 2 -13 -11 3,861 75 1,299 Mar.. 2 -24 -22 3.839 74 1.321 Apr.. 1 -68 -67 3,772 73 1,388 May. 1 -56 -55 3,717 72 1,443 June. 1 -112 -106 3,611 70 1,549 July.. 2 -79 -77 3,534 68 1,626 Aug.. -36 20 -16 3,518 68 1,642 Sept.. 17 -282 122 -140 3,378 65 1,782 Oct.., -9 5 -3 3,375 65 1,785 Nov.. -268 89 -179 3,196 62 1,964 Dec.., -396 32 -360 2.836 55 2.324 1970—Jan.. -33 36 3 2.839 55 2.321 Feb.. 32 -262 42 -186 2,653 51 2,507 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. a MARCH 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 inti, and from gold transactions regional organizations 5 Official institutions 3 Banks and other foreigners Non p E 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 s t d t 2 Total i i p S t b n l i t i o e h a e a b r s U n r b o y t m k i e r r . l t S e s d . M n b G o U a a o a o b t n r n . e S v l k d d s e t . e s , 4 t c m T o b U a a n i o u a r b b n e v r n r . l S l k y a d e e d e . s e r s t t - Total i i p t S n b l i t i o a e h e a b r U n s r b o y t m k i e r . r l S t s e d . M n b G o U a a o a t o b n r n . e S v l k d d s e t . e s , 4 t Total i i n p t S b l i t i o e a h e a U b r s n r b o y t . m k e S i r r l e t d s . 6 M n b G o U a a o a t o b n r n . e v S l k d d s e t . e s , 4 t notes 1957........... 715,825 200 200 7,917 n.a. n.a. 5,724 n.a. n.a. 542 1958........... 716,845 200 200 n.a. 8,665 n.a. n.a. 5,950 n.a. n.a. 552 n a 1959........... 19,428 500 500 10,120 9,154 966 7,618 7,077 541 1,190 530 660 19608......... J20.994 800 800 11,078 10,212 866 7,591 7.048 543 1,525 750 775 \21,027 800 800 11,088 10,212 876 7,598 7.048 550 1,541 750 791 19618......... /22,853 800 800 11.830 10.940 890 8,275 7,759 516 1.948 703 1.245 122,936 800 800 11.830 10.940 890 8,357 7,841 516 1.949 704 1.245 19628......... [24,068 800 800 12,748 11,997 751 8.359 7.911 448 2,161 1,250 911 124,068 800 800 12,714 11,963 751 8.359 7.911 448 2,195 1,284 911 19638......... /26,361 800 800 14,387 12.467 1,217 703 9,214 8.863 351 1,960 808 1,152 126,322 800 800 14,353 12.467 1,183 703 9,204 8.863 341 1,965 808 1,157 19648......... /28,951 800 800 15,428 13,224 1.125 1.079 11,001 10,625 376 1.722 818 904 129,002 800 800 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.......... / \ 2 29 9 , , 7 9 7 0 9 4 1 1, ,0 01 1 1 1 2 2 1 1 1 1 8 8 0 0 0 0 1 1 3 3 , , 6 6 0 55 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 13 3 , ,6 85 8 9 0 5 5 2 2 8 8 9 9 0 0 5 6 5 5 8 8 1 0 3 3 2 2 5 5 19678.......... J33.271 1,033 233 800 15,653 14,034 908 711 15,894 15,336 558 691 487 204 \33,119 1,033 233 800 15,646 14.027 908 711 15,763 15,205 558 677 473 204 1968-Dec. 9 * \ /3 3 3 3 . , 8 6 2 1 1 4 1 1 , , 0 0 3 3 0 0 2 2 3 3 0 0 8 80 00 0 1 12 2 , , 4 5 8 4 1 8 1 1 1 1 , , 3 3 1 1 8 8 5 4 2 6 9 2 7 7 0 01 1 1 19 9 , , 3 5 8 1 1 8 1 1 8 8 , , 9 9 0 1 9 6 4 6 6 0 5 9 7 72 2 5 2 6 6 8 8 3 3 4 3 2 9 1969-Jan.r. 33,605 1,031 231 800 10,726 9,563 462 701 21,175 20,681 494 673 633 40 Feb.'. 34,269 1,031 231 800 10,778 9,643 459 676 21,821 21,319 502 639 601 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 Mayr. 37,673 1,033 233 800 12,434 11,310 459 665 23,487 23,014 473 719 671 48 Juner. 39,045 1,028 228 800 10,237 9,112 459 666 27,064 26,608 456 716 668 48 Julyr. 40,165 1,028 228 800 9,980 8,780 450 750 28,426 27,945 481 731 682 49 Aug.r. 41,619 1,028 228 800 11,041 9,841 450 750 28,821 28,329 492 729 680 49 Sept.r. 42,703 1,019 219 800 12,485 11,285 450 750 28,475 27,943 532 724 675 49 Oct.r. 1043,119 1,019 219 800 1012,690 11,615 333 10742 28,731 28,190 541 679 630 49 Nov... 43,310 1,019 219 800 12,018 11,132 331 555 29,558 29,014 544 715 665 50 Dec. p. 41,876 1,019 219 800 11,982 11,044 383 555 28,216 27,687 529 659 609 50 1 Represents liability on gold deposited by the International Monetary regular monthly reports of securities transactions (see Table 16). Data in Fund to mitigate the impact on the U.S. gold stock of foreign purchases cluded on the second line are based on a benchmark survey as of Nov. 30, for the purpose of making gold subscriptions to the IMF under quota in 1968, and the monthly transactions reports. For statistical convenience, creases. the new series is introduced as of Dec. 31, 1968, rather than as of the 2 U.S. Govt, obligations at cost value and funds awaiting investment survey date. obtained from proceeds of sales of gold by the IMF to the United States The difference between the two series is believed to arise from errors in to acquire income-earning assets. Upon termination of investment, the reporting during the period between the two benchmark surveys, from same quantity of gold can be reacquired by the IMF. shifts in ownership not involving purchases or sales through U.S. banks 3 Includes Bank for International Settlements and European Fund. and brokers, and from physical transfers of securities to and from abroad. 4 Derived by applying reported transactions to benchmark data; It is not possible to reconcile the two series or to revise figures for earlier breakdown of transactions by type of holder estimated for 1960-63. dates. Includes securities issued by corporations and other agencies of the U.S. 10 Includes $17 million increase in dollar value of foreign currency Govt, that are guaranteed by the United States. liabilities resulting from revaluation of the German mark in Oct. 1969. 5 Principally the International Bank for Reconstruction and Develop ment and the Inter-American Development Bank. Note.—Based on Treasury Dept, data and on data reported to the 6 Includes difference between cost value and face value of securities in Treasury Dept, by banks and brokers in the United States. Data correspond IMF gold investment account. Liabilities data reported to the Treasury to statistics following in this section, except for minor rounding differences. include the face value of these securities, but in this table the cost value of Table excludes IMF ‘‘holdings of dollars,” and holdings of U.S. Treasury the securities is included under “Gold investment.” The difference, which letters of credit and non-negotiable, non-interest-bearing special United amounted to $43 million at the end of 1969, is included in this column. States notes held by other international and regional organizations. 7 Includes total foreign holdings of U.S. Govt, bonds and notes, for The liabilities figures are used by the Dept, of Commerce in the statistics which breakdown by type of holder is not available. measuring the U.S. balance of international payments on the liquidity 8 Data on the two lines shown for this date differ because of changes in basis; however, the balance of payments statistics include certain adjust reporting coverage. Figures on the first line are comparable with those ments to Treasury data prior to 1963 and some rounding differences, and shown for the preceding date; figures on the second line are comparable they may differ because revisions of Treasury data have been incorporated with those shown for the following date. at varying times. The table does not include certain nonliquid liabilities 9 Data included on the first line for holdings of marketable U.S. Govt, to foreign official institutions that enter into the calculation of the official securities are based on a July 31, 1963, benchmark survey of holdings and reserve transactions balance by the Dept, of Commerce. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 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 i l n es E W u e ro st p e e r n 1 Canada A re m L pu e a b r ti i l n c ic a s n Asia Africa cou O n t t h ri e e r s 2 1966........................................................................................ 13,655 7,488 1,189 1,134 3,339 277 228 1967........................................................................................ 15,646 9,872 996 1,131 3,145 249 253 iqao_3 f 12,548 7,009 533 1,354 3,168 259 225 \ 12,481 7,001 532 1,354 3,122 248 224 1969—Jan............................................................................... 10,726 5,435 564 1,350 2,929 250 198 Feb.............................................................................. 10,778 5,250 512 1,414 3,069 262 271 Mar............................................................................. 10,772 5,190 466 1,373 3,206 246 291 Apr.............................................................................. 10,936 5,522 446 1,445 2,951 264 308 May............................................................................. 12,434 7,294 403 1,281 2,904 235 317 Juner........................................................................... 10,237 5,298 461 1,248 2,727 232 271 July.............................................................................. 9,980 5,132 426 1,292 2,616 238 276 Augr........................................................................... 11,041 5,907 451 1,392 2,790 255 246 Sept............................................................................ 12,485 7,385 397 1,339 2,875 270 219 Oct.r........................................................................... 412,690 47,400 425 1,485 2,857 322 201 Nov............................................................................. 12,018 6,234 446 1,417 3,108 570 243 Dec.*........................................................................... 11,982 5,857 495 1,671 3,194 543 222 1 Includes Bank for International Settlements and European Fund. liabilities resulting from revaluation of the German mark in Oct. 1969. 2 Includes countries in Oceania and Eastern Europe, and Western Euro pean dependencies in Latin America. Note.—Data represent short-term liabilities to the official institutions 3 See note 9 to Table 6. of foreign countries, as reported by banks in the United States, and foreign 4 Includes $17 million increase in dollar value of foreign currency official holdings of marketable and convertible nonmarketable U.S. Govt, securities with an original maturity of more than 1 year. 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 organizations 5 Payable in dollars Deposits IMF End of period Total i Total Dem D an e d pos T it i s me 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 d y s O l t i h e a t o r h b m r . e 3 t r P f r o e a c n r y i u e c n a r i i b g e l n s e i m n g v e o e n l s d t t 4 Total Demand Time2 b T i c l r c e U l e s a r a . t t S s i e a f u . s i n r d y s l O t i h e a t r o b h m r . e 3 t r 1I Q7A0*7f °6........................... \ /3 30 0 , . 5 6 0 5 5 7 3 30 0 , ,2 42 7 8 6 1 11 1 , , 5 7 7 4 7 7 5 5 , , 7 7 7 8 5 0 9 9, , 1 17 73 3 3 3 , , 7 72 5 7 0 2 2 2 2 9 9 8 80 00 0 4 47 8 3 7 6 67 7 1 12 2 0 4 1 1 7 78 8 1 1 0 1 7 8 1968............................. 31,717 31,081 14,387 5,484 6,797 4,412 636 800 683 68 113 394 108 1969—Jan.'................. 31,677 31,172 15,666 5,489 5,422 4,595 505 800 633 59 94 361 118 Feb.r................ 32,363 31,806 16,021 5,568 5,486 4,731 557 800 601 62 89 307 143 Mar................... 33,031 32,457 16,226 5,598 5,376 5,257 574 800 596 69 92 211 225 Apr.r................ 34,123 33,538 16,743 5,610 5,706 5,479 585 800 632 63 76 225 267 May r................ 35,795 35,229 16,638 5,622 7,272 5,697 566 800 671 58 70 236 306 Juner................ 37,188 36,587 20,132 5,706 4,974 5,775 601 800 668 75 75 214 303 July. '............... 38,207 37,763 21,044 5,678 5,070 5,971 445 800 682 59 78 227 318 Aug.r................ 39,650 39,192 21,095 5,851 6,858 6,388 458 800 680 54 74 230 321 Sept.r............... 40,703 40,287 20,754 6,086 7,052 6,395 416 800 675 61 82 225 307 Oct.r................. 41,235 40,747 20,987 6,372 6,450 6,938 488 800 630 71 72 234 252 Nov................... 41,611 41,166 21,690 6,673 5,632 7,171 445 800 665 58 62 291 254 Dec.*................ 40,140 39,711 20,535 6,835 5,015 7,326 429 800 609 57 79 244 227 1970—Jan.*................. 41,226 40,784 20,208 6,844 5,938 7,794 442 800 684 66 99 252 267 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. □ MARCH 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 Payable End of period Total Dema D n e d posi T ts ime2 T b c i r l c e U e l a r s a . t t s S i e a f u 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 f r o e c r n i u e n c i r i g e n s Total Dema D n e d posi T ts ime2 T bi c r l c U e e l a s a r . t t S s e a i u f . s n i r d y O s l t h i e t a o r h b m r e . t r 3 c P u f r a o r y r e i e a n n i b g c l i n e es (29,370 11,680 5,656 8,195 3,610 229 14,034 2,054 2,462 7,985 1,381 152 (29,232 11,510 5,655 8,195 3,643 229 14,027 2,054 2,458 7,985 1,378 152 1968'..................... 30,234 14,320 5,371 5,602 4,304 636 11,318 2,149 1,899 5,486 1,321 463 1969—Jan.r.......... 30,244 15,607 5,395 4,261 4,476 505 9,563 1,941 1,938 4,125 1,221 338 Feb.r.......... 30,962 15,959 5,478 4,379 4,588 557 9,643 1,844 1,927 4,265 1,219 388 Mar............ 31,635 16,157 5,506 4,364 5,033 574 9,637 2,012 1,876 4,218 1,143 388 Apr.r.......... 32,691 16,680 5,533 4,681 5,212 585 9,762 1,869 1,894 4,531 1,080 388 May r.......... 34,324 16,579 5,552 6,236 5,390 566 11,310 1,793 1,993 6,092 1,045 388 Juner.......... 35,720 20,057 5,630 3,960 5,472 601 9,112 2,037 1,987 3,819 881 388 July.......... 36,725 20,985 5,600 4,043 5,653 445 8,780 1,892 1,872 3,872 912 232 Aug.r......... 38,170 21,040 5,777 4,828 6,067 458 9,841 2,066 1,985 4,671 887 232 Sept.r......... 39,228 20,692 6,004 6,027 6,088 416 11,285 1,993 2,123 5,895 1,042 232 Oct.r.......... 39,805 20,916 6,300 5,416 6,686 488 11,615 1,955 2,436 5,301 1,691 232 Nov............ 40,146 21,632 6,611 4,540 6,917 445 11,132 1,894 2,713 4,421 1,902 202 Dec.**.......... 38,731 20,477 6,756 3,971 7,099 429 11,044 1,918 2,941 3,844 2,139 202 1970—Jan. p.......... 39,742 20,142 6,745 4,885 7,527 442 11,838 1,648 2,946 4,749 2,293 202 To banks 8 To other foreigners To banks Payable in dollars and other foreigners: End of period Total payable in Total Dema D n e d posi T ts ime2 T b c i r c l U e e l a s r a . t t s S e i a f u 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 n e d 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 r h b m r e . t 3 r f r o e c n r u e c r i i g e n s 1I VO7/ f°i.............. { (1 1 5 5 , , 3 2 3 0 6 5 1 1 1 1 , , 0 1 0 3 8 2 7 7 , , 9 76 3 3 3 1 1 , , 1 1 4 4 2 2 1 1 2 2 9 9 1 1 , , 9 9 7 2 3 7 4 4 , , 1 12 2 7 0 1 1 , , 6 6 9 9 3 3 2 2 , , 0 0 5 5 2 4 8 81 1 2 3 9 0 2 2 7 7 7 7 1968 r..................... 18,916 14,299 10,374 1,273 30 2,621 4,444 1,797 2,199 86 362 173 1969—Jan.r.......... 20,681 16,093 11,922 1,253 29 2,890 4,421 1,744 2,204 107 366 167 Feb.r.......... 21,319 16,758 12,346 1,366 41 3,005 4,391 1,770 2,186 73 362 170 Mar............ 21,998 17,419 12,394 1,469 42 3,514 4,392 1,751 2,161 104 374 187 Apr.r.......... 22,929 18,351 13,048 1,517 40 3,746 4,381 1,763 2,122 110 386 197 Mayr.......... 23,014 18,520 13,083 1,487 35 3,915 4,315 1,703 2,072 110 431 179 Juner.......... 26,608 22,109 16,231 1,652 35 4,191 4,286 1,789 1,992 106 400 213 July r.......... 27,945 23,596 17,413 1,799 54 4,330 4,136 1,679 1,929 116 412 213 Aug.r......... 28,329 24,031 17,321 1,944 35 4,732 4,072 1,653 1,847 122 448 226 Sept.r......... 27,943 23,692 16,923 2,077 25 4,667 4,067 1,776 1,804 107 379 184 Oct.r.......... 28,190 23,990 17,250 2,121 22 4,598 3,944 1,711 1,742 93 398 256 Nov............ 29,014 24,912 18,066 2,164 18 4,664 3,859 1,673 1,734 101 351 243 Dec.p.......... 27,687 23,518 16,851 1 ,999 20 4,648 3,943 1,709 1 ,815 107 312 226 1970—Jan. p.......... 27,904 23,757 16,796 2,053 21 4,887 3,907 1,697 1,746 116 347 240 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 certificates of deposit. 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
MARCH 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 1970 Area and country Dec.r May r Juner July r Aug.r Sept.r Oct.r Nov. Dec.* Jan.* Europe: Austria...................................................................... 162 116 132 192 178 157 248 252 314 299 Belgium-Luxembourg.............................................. 313 340 493 - 488 438 404 445 553 528 583 Denmark................................................................... 146 245 148 136 106 114 125 151 153 178 176 116 95 90 99 98 99 115 120 123 France....................................................................... 1,383 1,139 1,425 1,330 1,525 1,536 1,527 1,615 1,588 1,553 Germany................................................................... 2,640 3,653 2,116 2,057 2,677 4,235 2,902 2,006 1,381 2,226 Greece....................................................................... 183 176 165 199 201 184 181 201 207 206 Italy........................................................................... 729 628 697 754 797 813 843 733 627 625 Netherlands.............................................................. 276 360 276 329 342 366 738 606 463 581 448 289 257 235 264 175 203 228 341 240 Portugal..................................................................... 345 300 316 320 326 312 309 311 309 313 Spain......................................................................... 158 146 158 167 155 163 179 164 202 195 Sweden...................................................................... 453 319 276 210 260 209 318 399 412 455 Switzerland............................................................... 2,155 1,783 1,852 1,543 1,606 1,871 1,937 2,010 2,027 1,982 Turkey....................................................................... 29 36 28 23 20 23 35 30 28 31 United Kingdom...................................................... 6,133 9,684 12,380 13,375 13,315 12,698 11,973 12,699 11,438 11,319 Yugoslavia................................................................ 33 22 21 27 27 37 39 40 37 44 Other Western Europe i........................................... 357 387 412 396 472 628 1,182 1,461 1,528 1,465 5 4 7 8 7 11 5 10 11 8 Other Eastern Europe.............................................. 48 38 39 33 41 43 47 38 50 44 16,170 19,780 21,293 21,912 22,858 24,078 23,336 23,623 21,764 22,468 2,797 3,253 3,084 3,450 3,571 3,386 4,166 3,844 3,991 4,140 Latin America: Argentina.................................................................. 479 481 426 499 446 429 448 409 416 418 Brazil......................................................................... 257 314 292 304 293 322 362 402 425 412 Chile.......................................................................... 323 344 348 352 366 343 352 349 393 361 Colombia.................................................................. 249 229 229 223 252 244 249 250 258 267 8 8 8 8 8 8 8 8 7 7 974 789 802 759 764 740 791 788 848 891 Panama..................................................................... 154 152 150 139 130 125 119 124 129 136 Peru........................................................................... 276 262 252 248 231 227 220 218 239 218 Uruguay.................................................................... 149 145 151 144 133 125 111 106 111 140 Venezuela.................................................................. 792 707 704 658 725 694 661 635 674 684 Other Latin American republics............................. 611 588 575 553 552 538 536 508 556 551 Bahamas and Bermuda............................................ 273 529 811 945 1,106 1,109 1,444 1,435 1,405 1,581 Netherlands Antilles and Surinam......................... 88 99 97 93 76 77 72 71 74 78 Other Latin America................................................ 30 32 29 29 32 34 29 42 34 38 Total.................................................................. 4,664 4,679 4,874 4,955 5,115 5,014 5,403 5,345 5,571 5,781 Asia: China Mainland....................................................... 38 38 38 37 38 36 35 37 34 37 270 257 237 220 220 205 217 214 213 196 India.......................................................................... 281 297 227 239 252 257 283 293 260 260 Indonesia................................................................... 50 70 67 66 69 75 63 74 86 78 Israel......................................................................... 215 154 152 146 134 138 123 115 146 178 Japan......................................................................... 3,320 3,442 3,436 3,373 3,491 3,605 3,640 3,773 3,788 3,628 Korea........................................................................ 171 138 143 151 158 188 217 231 236 278 269 213 211 221 232 232 244 225 205 201 Taiwan...................................................................... 155 174 189 185 189 186 182 188 196 215 Thailand................................................................... 556 543 534 530 566 585 561 611 628 653 Other......................................................................... 628 508 502 492 529 541 547 523 609 657 Total.................................................................. 5,953 5,833 5,736 5,662 5,878 6,049 6,113 6,284 6,402 6,380 Africa: Congo (Kinshasa).................................................... 12 14 12 16 50 69 71 86 87 75 Morocco................................................................... 13 17 18 17 16 18 18 18 21 21 South Africa............................................................. 58 61 58 56 59 51 53 54 66 69 U.A.R. (Egypt)...................................................... 18 24 25 22 19 19 17 19 23 25 Other......................................................................... 260 256 252 261 254 240 334 533 496 500 Total.................................................................. 361 373 365 373 399 396 492 710 693 689 Other countries: Australia................................................................... 261 380 338 340 320 272 263 311 282 255 All other................................................................... 28 27 30 33 28 32 31 29 29 28 Total.................................................................. 289 407 368 373 349 305 294 340 311 283 Total foreign countries................................................ 30,234 34,324 35,720 36,725 38,170 39,228 39,805 40,146 38,731 39,742 International and regional: International........................................................... 1,372 1,347 1,318 1,328 1,321 1,311 1,277 1,316 1,260 1,307 Latin American regional.......................................... 78 90 113 118 116 114 106 99 100 116 Other regional3........................................................ 33 34 37 36 43 50 47 50 49 61 Total.................................................................. 1,483 1,471 1,468 1,482 1,480 1,475 1,430 1,465 1,409 1,484 Grand total....................................................... 31,717 35,795 37,188 38,207 39,650 40,703 41,235 41,611 40,140 141,226 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. □ MARCH 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 Apr. Dec. Apr. Dec. Dec. Apr. Apr. Dec. Other Western Europe : Other Asia—Cont.: Cyprus..................................... 2 21 2 11 Jordan......................................... 40 7 3 4 17 Iceland.................................... 4 3 6 4 9 Kuwait........................................ 37 34 67 40 46 Ireland, Rep. of...................... 9 15 24 20 38 Laos............................................ 4 4 3 4 3 Luxembourg........................... 31 (5) (5) (5) (5) Lebanon..................................... 113 97 78 82 83 Malaysia..................................... 64 52 52 41 30 Other Latin American republics Pakistan...................................... 55 54 60 24 35 Bolivia..................................... 60 61 66 65 68 Ryukyu Islands (inch Okinawa) 14 26 17 20 25 Costa Rica.............................. 43 55 51 61 52 Saudi Arabia............................. 61 70 29 48 106 Dominican Republic.............. 55 60 69 59 61 Singapore................................... 160 157 67 40 17 Ecuador............................. 86 64 66 62 74 Syria............................................ 6 7 2 4 4 El Salvador............................. 73 84 82 89 69 Vietnam...................................... 148 123 51 40 94 Guatemala........................... 73 96 86 90 84 Haiti......................................... 16 17 17 18 16 Other Africa: Honduras................................ 30 31 33 37 29 Algeria.................................... 7 6 14 Jamaica................................... 22 44 42 29 16 Ethiopia, (incl. Eritrea)............. 24 23 13 15 20 Nicaragua............................... 46 58 67 78 63 Ghana........................................ 4 13 3 8 10 Paraguay................................. 13 14 16 18 13 Kenya......................................... 16 20 29 34 43 Trinidad & Tobago................ 6 9 10 Liberia........................................ 25 26 25 28 18 Libya.......................................... 18 45 69 68 288 Other Latin America : Nigeria........................................ 38 24 20 10 11 British West Indies................. 14 25 25 Southern Rhodesia.................... 2 4 1 2 2 Sudan.......................................... 2 2 5 3 3 Other Asia: Tanzania..................................... 20 27 21 23 n.a. Afghanistan............................. 5 6 6 8 16 Tunisia........................................ 10 2 7 2 6 Burma.......................................... 11 17 5 5 2 Uganda...................................... 1 10 6 9 s Cambodia............................... 2 3 2 2 1 Zambia....................................... 25 21 25 19 17 Ceylon..................................... 5 5 4 5 3 Iran.......................................... 50 38 41 44 35 All other: Iraq.......................................... 35 10 86 77 New Zealand............................. 17 15 17 20 16 1 Includes Bank for International Settlements and European Fund. 4 Represent a partial breakdown of the amounts shown in the “other” 2 Data exclude “holdings of dollars” of the International Monetary categories (except “Other Eastern Europe”). Fund but include IMF gold investment. 5 Included with Belgium. 3 Asian, African, and European regional organizations, except BIS and European Fund, which are included in “Europe.” 10. LONG-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) To foreign countries Country or area To End of period Total reg i a n i n o t d i n . al Total O in t f i s f o t i n i c t i s u a l Banks1 fo O r e t e h r i s g e n r A t r i g n e a n A O L m a t e h t r i e i n c r a Israel Japan Thailand O A t s h i e a r co o u A t n h t l e l r r ies 1966............................. 1,494 506 988 913 25 50 234 8 197 140 277 133 (2,546 689 1,858 1,807 15 35 251 234 126 443 218 502 84 1 QA7 2 i2,560 698 1,863 1 ,807 15 40 251 234 126 443 218 502 89 1968............................. 3,166 777 2,389 2,341 8 40 284 257 241 658 201 651 97 1969—Jan.................... 3,174 785 2,389 2,346 6 38 273 250 240 658 201 647 120 Feb.r................ 3,147 787 2,360 2,315 9 36 284 247 228 658 200 614 129 Mar.r................ 3,117 777 2,339 2,298 6 36 284 242 221 658 200 608 126 Apr.r................ 3,058 781 2,277 2,234 6 37 284 205 208 658 202 594 127 Mayr................ 2,974 776 2,198 2,156 6 36 284 193 189 658 202 561 112 Juner................ 2,941 785 2,156 2,102 19 34 284 149 189 658 199 557 120 July r................. 2,823 796 2,027 1,962 30 36 207 129 181 658 199 528 125 Aug.r............... 2,765 812 1,953 1,886 30 37 207 148 154 658 157 508 122 Sept.r................ 2,676 885 1,790 1,711 43 36 146 130 101 659 117 506 131 Oct.r................. 2,534 918 1,616 1,538 43 35 74 123 43 658 117 476 125 Nov................... 2,486 898 1,587 1,506 44 36 69 154 43 658 70 474 119 Dec .p................ 2,491 890 1,601 1,505 55 40 64 175 41 655 70 472 123 1970—Jan.*................. 2,338 867 1,471 1,380 55 36 25 163 6 657 47 452 120 1 Excludes central banks, which are included with “Official institutions.” those shown for the preceding date; figures on the second line are com- 2 Data on the two lines for this date differ because of changes in report- parable with those shown for the following date, ing coverage. Figures on the first line are comparable in coverage with Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 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 1970 Area and country Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.? Jan.P Europe: Denmark.......................... 10 10 9 9 9 9 9 9 9 9 9 9 9 9 France............................... 5 5 5 5 6 6 6 6 6 6 6 6 6 6 Netherlands..................... 2 2 2 2 2 2 2 2 2 2 2 2 2 2 Norway............................. 37 37 37 37 37 37 37 37 37 37 37 37 37 37 Sweden............................. 5 5 5 5 5 5 5 5 5 5 5 5 5 5 Switzerland....................... 39 45 45 45 45 44 44 44 44 45 42 42 42 42 United Kingdom.............. 350 371 377 370 371 351 334 357 368 406 420 421 407 407 Other Western Europe... 33 33 33 33 33 33 33 24 24 24 24 24 24 24 Eastern’Europe................ 6 6 6 6 6 7 7 7 7 7 7 7 7 7 Total............................. 488 515 520 512 514 494 477 491 502 541 553 553 538 539 Canada................................. 384 386 387 388 388 388 387 389 389 389 271 272 272 271 Latin America: Latin American republics. 2 Neth. Antilles & Surinam 13 Other Latin America........ 2 Total......................... 17 17 18 17 14 14 14 14 14 14 15 15 17 Asia: Japan................................ 61 Other Asia....................... 18 Total......................... 26 27 27 27 28 28 28 28 28 28 29 27 79 79 Other countries.................... 11 11 9 9 9 9 9 9 9 9 7 7 7 7 Total foreign countries........ 927 956 961 954 956 932 915 931 942 982 874 875 912 914 International and regional : International..................... 25 25 24 24 32 32 31 Latin American regional.. 13 14 14 15 17 18 19 Asian regional.................. 1 1 Total............ 39 40 38 38 39 48 48 49 49 49 50 50 50 50 Grand total. 966 996 999 992 995 980 963 980 991 1,031 923 925 962 964 Note.—Data represent estimated official and private holdings of mar year, and are based on a Nov. 30,1968, benchmark survey of holdings and ketable U.S. Govt, securities with an original maturity of more than 1 regular monthly reports of securities 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 Italy2 S d w en e T w a a i n T la h n a d i Totalr A tr u ia s g B iu e m l m G an e y r 3 Italy z S er w la it n d 196 7 1,563 516 314 177 25 1,047 50 60 601 125 211 196 8 3,330 1.692 32 1,334 20 146 25 20 100 1,638 50 1,051 226 311 1969—Feb. 3,431 1.692 32 1,334 146 25 20 100 1.738 50 1,126 226 337 Mar. 3,405 1,667 32 1,334 141 25 20 100 1.738 50 1,126 226 337 Apr. 3,568 1,666 32 1,334 140 25 20 100 1,902 50 1,250 226 376 May 3,518 1,666 32 1,334 140 25 20 100 1.852 50 1,200 226 376 June 3,269 1,416 32 1,084 140 25 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.. 43,372 1,435 32 1,129 139 20 100 41,937 41,301 125 511 Nov. 3.181 1.431 32 1,129 135 20 100 1.750 1.084 125 541 Dec. 3.181 1.431 32 1,129 135 20 100 1.750 1.084 125 541 1970—Jan.. 2,514 1.431 32 1,129 135 20 100 1.083 542 541 Feb.. 2,513 1.431 32 1,129 135 20 100 1.083 542 541 1 Includes bonds issued in 1964 to the Government of Canada in connec 3 In addition, nonmarketable U.S. Treasury notes amounting to $125 tion with transactions under the Columbia River treaty. Amounts out million equivalent were issued to a group of German commercial banks in standing end of 1967 through Oct. 1968, $114 million; end of 1968 through June 1968. The revaluation of the German mark in Oct. 1969 increased Sept. 1969, $845 million; and Oct. 1969 through latest date, $54 million. the dollar value of these notes by $10 million. 2 Bonds issued to the Government of Italy in connection with mili 4 Includes an increase in dollar value of $101 million resulting from tary purchases in the United States. revaluation of the German mark in Oct. 1969. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 82 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ MARCH 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 1970 Area and country Dec. May’ June July* Aug. Sept. Oct.r Nov. Dec.* i Jan.* Europe: Austria......................... 6 12 3 4 4 5 5 6 7 7 20 Belgium-Luxembourg. 40 55 62 49 49 53 71 57 56 56 49 Denmark..................... 36 31 35 34 31 32 40 41 40 40 49 Finland......................... 63 59 60 61 65 72 72 72 68 68 66 France.......................... 66 89 95 87 80 92 85 93 107 107 117 Germany...................... 171 178 165 158 161 213 200 199 207 207 183 Greece.......................... 12 13 14 15 18 20 19 17 22 22 17 Italy............................. 105 109 107 94 89 101 108 99 120 120 130 Netherlands................. 40 38 48 39 41 46 54 46 51 51 85 Norway........................ 43 42 46 49 40 40 36 38 34 34 33 Portugal....................... 10 9 12 9 9 9 9 8 8 8 9 Spain............................ 46 40 51 56 49 53 70 68 70 70 73 Sweden......................... 58 54 77 70 54 71 64 86 67 67 83 Switzerland.................. 93 107 93 101 110 92 110 131 99 99 124 Turkey........................... 38 28 29 34 30 32 31 26 19 19 14 United Kingdom......... 318 333 345 355 326 383 425 400 418 408 346 Yugoslavia................... 22 37 33 26 26 24 25 25 28 28 29 Other Western Europe. 15 12 12 12 12 10 11 11 9 9 7 U.S.S.R.......................... 3 4 4 2 1 2 2 2 2 2 2 Other Eastern Europe. . 21 25 21 27 28 28 25 28 34 34 30 Total. 1 ,205 1,275 1,311 1,282 1,224 1,377 1,463 1,454 1,466 1,456 1,463 Canada. 533 801 739 702 724 634 728 667 818 844 744 Latin America: Argentina........................................ 249 266 275 284 276 297 306 301 311 311 303 Brazil............................................... 338 328 336 292 309 307 317 318 317 317 296 Chile................................................ 193 161 168 179 170 177 174 177 188 188 178 Colombia........................................ 206 197 200 218 210 212 215 210 225 225 234 Cuba................................................ 14 14 14 14 13 14 14 14 14 14 16 Mexico............................................ 948 958 931 941 914 836 802 778 795 801 801 Panama........................................... 56 55 53 58 58 69 61 67 68 68 60 Peru................................................. 207 188 182 177 171 168 179 173 161 161 172 Uruguay.......................................... 44 43 44 42 43 41 43 46 48 48 48 Venezuela........................................ 232 212 226 238 239 237 233 228 240 240 250 Other Latin American republics....... 280 285 283 271 275 271 287 286 295 295 302 Bahamas and Bermuda.................. 80 64 61 60 76 52 59 48 89 92 60 Netherlands Antilles and Surinam. 19 14 13 12 12 13 14 15 14 14 12 Other Latin America..................... 22 19 24 20 22 21 18 20 26 27 22 Total. 2,889 2,804 2,809 2,806 2,786 2,716 2,722 2,680 2,792 2,804 2,755 Asia: China Mainland. 1 1 1 1 1 1 1 1 1 1 1 Hong Kong........ 32 38 40 36 39 36 43 37 36 36 37 India................... 19 10 12 9 9 9 8 11 10 10 10 Indonesia............ 23 61 54 38 32 33 25 23 30 30 29 Israel................... 84 122 118 101 99 91 94 101 108 108 101 Japan.................. ,114 3,036 3,224 3,147 3,157 ,164 3,071 3,114 i,339 ,372 ,158 Korea................. 77 114 121 136 138 164 159 160 158 158 167 Philippines.......... 239 256 272 274 249 242 241 232 216 216 208 Taiwan............... 38 46 44 37 38 38 39 42 49 49 50 Thailand............. 99 86 88 87 89 93 94 97 101 101 99 Other.................. 145 158 179 166 165 164 190 205 212 212 208 Total. 3,872 3,929 4,153 4,031 4,015 4,035 3,965 4,023 4,260 4,292 4,068 Africa: Congo (Kinshasa). 5 Morocco................ 3 South Africa.......... 53 U.A.R. (Egypt).. .. 10 Other...................... 73 79 Total. 133 130 132 131 126 135 143 155 162 162 150 Other countries : Australia 58 All other....... 14 Total....................... 79 78 77 71 71 69 70 66 68 69 72 Total foreign countries 8.710 9.017 9.221 9.024 8.946 8.966 9.091 9.045 9,565 9,626 9.251 International and regional. * I 1 1 1 1 1 1 2 2 1 Grand total............. 8.711 9.018 9.222 9.025 8.947 8.967 9.092 9.046 9,568 9,629 9.252 1 Data in the two columns shown for this date differ because of changes on demand or with a contractual maturity of not more than 1 year: loans in reporting coverage. Figures in the first column are comparable in cover made to, and acceptances made for, foreigners; drafts drawn against age with those shown for the preceding date; figures in the second column foreigners, where collection is being made by banks and bankers for are comparable with those shown for the following date. their own account or for account of their customers in the United States; and foreign currency balances held abroad by banks and bankers and their customers in the United States. Excludes foreign currencies held Note.—Short-term claims are principally the following items payable by U.S. monetary authorities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 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 End of period Total Total Total O in t f i s f o L t i i n c o t i s u a a l ns t B o a — nks1 Others C s t t o o i i a o n u l n l n g t e d s c f A e o o m a i c r f g n c a n a f c e d o c e e p c e r r s s t 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 g c F a n u o c o n o a r v r i d n m t e t , i c i e f l g s e i . s e n , Other paper 1967 2........... (8,583 8,158 3,137 306 1,603 1,228 1,511 3.013 498 425 287 74 63 {8,606 8,182 3,150 306 1,616 1,228 1,552 3.013 467 425 287 70 67 1968r............ 8,711 8,261 3,165 247 1,697 1,221 1.733 2,854 509 450 336 40 73 1969—Jan.r.. 8,371 7,985 3,040 217 1,667 1,156 1,623 2,794 528 386 252 59 75 Feb.r. 8,413 8,016 3,140 222 1,757 1,161 1,567 2,746 563 397 257 62 77 Mar.r. 8,634 8,184 3,206 275 1,781 1,150 1,634 2,777 567 450 267 91 92 Apr.r. 8,734 8,225 3,162 289 1,763 1,110 1 ,723 2,773 565 510 318 94 98 Mayr. 9,018 8,496 3,208 295 1,855 1,057 1.734 2,900 654 522 291 127 104 June r. 9,222 8,669 3,325 293 1,971 1,061 1,751 3,068 526 553 334 111 108 July r.. 9,025 8,513 3,118 258 1,829 1,030 1,766 3,059 571 512 310 90 113 Aug.r. 8,947 8,467 3,072 235 1,819 1,018 1,838 3,015 543 480 272 101 107 Sept.r. 8,967 8,472 3,093 212 1,880 1,000 1,860 2,973 546 495 355 51 89 Oct.r.. 9,092 8,573 3,173 263 1,921 990 1,896 2,940 563 520 393 46 80 Nov... 9,046 8,611 3,204 262 1,944 999 1,928 2,922 556 435 317 45 74 Dec.352 9 9 , , 5 6 6 2 8 9 9 9 , , 0 1 5 1 1 0 3 3 , , 2 2 7 7 9 4 2 2 6 6 3 3 1 1 , , 9 9 4 4 3 0 1 1, , 0 0 7 7 1 3 1 1 , , 9 9 5 5 2 4 3 3 , , 1 2 6 0 9 2 6 67 5 5 7 5 5 1 1 7 8 3 35 5 5 4 8 8 3 4 8 8 0 0 1970—Jan.*.. 9,252 8,746 3,198 257 1,920 1,021 1,970 3,012 567 506 354 75 78 1 Excludes central banks which are included with “Official institutions.” with those shown for the preceding date; figures on the second line are 2 Data on the two lines shown for this date differ because of changes in comparable with those shown for the following date. reporting coverage. Figures on the first line are comparable in coverage 15. LONG-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) Type Country or area Payable in dollars E pe n r d io o d f Total Loans to— O lo t n h g e r P f c o a u r y r i e r n a i e b g n l n e U K d n i o n i m t g e d E O u t r h o e p r e Canada A L m a e t r i i n ca Japan O A t s h i e a r co o u A t n h l t e l r r ies Official Other term cies Total institu Banks1 foreign claims tions ers 1967................. 3,925 3,638 669 323 2,645 272 15 56 720 427 1,556 180 449 537 1968................. 3,567 3,158 528 237 2,393 394 16 68 479 428 1,375 122 617 479 1969—Jan........ 3,509 3,120 509 230 2,382 374 16 67 473 408 1,376 118 611 456 Feb 3,534 3,114 501 243 2,370 402 18 67 474 432 1,382 117 610 452 Mar...... 3,434 3,017 485 211 2,321 401 16 67 473 400 1,336 114 571 473 Apr.r... 3,435 3,020 474 230 2,316 400 15 66 480 402 1,331 113 577 466 Mayr... 3,456 3,058 472 236 2,350 381 17 55 489 397 1,353 112 572 478 Juner... 3,403 2,980 478 220 2,282 401 22 54 484 398 1,331 101 587 449 Julyr... 3,255 2,826 446 208 2,173 408 21 54 447 390 1,294 97 570 404 Aug.r... 3,289 2,861 504 212 2,145 406 21 56 436 405 1,348 95 551 397 Sept.r... 3,272 2,848 485 211 2,151 408 17 55 416 403 1,334 93 562 410 Oct.r... 3,278 2,847 493 204 2,149 415 16 56 411 410 1,344 88 568 401 Nov...... 3,267 2,846 494 203 2,147 406 17 55 400 407 1,357 85 571 392 Dec.p. .. 3,238 2,813 503 219 2,091 408 17 55 413 403 1,336 86 567 378 1970—Jan.*... 3,171 2,749 461 207 2,081 403 20 55 403 401 1,312 88 557 354 1 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. □ MARCH 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 1 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 h s a e a s t l e p e s s u o r r c P ha u s r e s Sales c N h s a e a s t l e e p s s u o r r c P ha u s r e s Sales c N h e s a t a s l e e p s s u o r i regional Total Official Other 1967............................. -43 -121 78 45 33 10,275 9,205 1,070 2,024 3,187 -1,163 880 1,037 -157 1968............................. -489 -161 -328 -380 51 17,563 13,329 4,234 2,306 3,673 -1,367 1,252 1,566 -314 1969^........................... -4 11 -15 -78 63 15,440 12,795 2,645 1,549 2,541 -992 1,509 1,936 -427 1969—Jan................... 30 1 29 * 29 1,661 1,124 537 164 335 -170 130 109 20 Feb................... 4 -1 5 -3 7 1,405 1,057 348 119 225 -106 123 191 -68 Mar.................. -7 -7 -7 1,269 979 290 244 262 -19 126 125 1 Apr.................. 3 1 2 * 2 1,119 1,018 101 101 179 -77 102 137 -34 May................. -15 9 -24 * -24 1,565 1,335 229 155 149 6 169 254 -85 June................. -17 -17 -17 1,172 1,192 -20 88 202 -115 185 293 — 108 July.................. 17 1 16 -9 25 1,058 1,007 51 82 321 -239 117 120 -3 Aug.................. 11 * 11 11 1,061 941 120 75 140 -65 105 103 2 Sept.................. 40 * 40 40 1,062 904 158 91 208 -117 104 205 -101 Oct................... -108 * -108 -117 9 1,690 1,195 494 157 157 1 130 1311 -1 Nov.................. 2 1 1 -1 2 1,221 1,074 147 98 168 -70 106 140 -34 Dec.*............... 37 * 37 52 -15 1,159 969 190 173 195 -22 107 123 -16 1970—Jan. *»............... 2 * 2 2 903 893 10 112 169 -57 114 74 40 1 Excludes nonmarketable U.S. Treasury bonds and notes issued to Also includes issues of new debt securities sold abroad by U.S. corpora official institutions of foreign countries ; see Table 12. tions organized to finance direct investments abroad. 2 Includes State and local govt, securities, and securities of U.S. Govt, Note.—Statistics include transactions of international and regional agencies and corporations that are not guaranteed by the United States. organizations. 17. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE STOCKS, BY COUNTRY (In millions of dollars) Period Total France m G a e n r y N la e n th d e s rSw la i n tz d er K U in n g i d te o d m E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca Asia Africa co O u t n h t e ri r es 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 3 12 1969*................... 1,487 150 216 189 490 -243 292 1,094 125 136 90 7 -1 36 1969—Jan............ 361 9 27 8 150 1 16 211 94 30 22 _ j * 4 Feb........... 267 9 21 3 110 2 43 188 36 40 5 * * -1 Mar.......... 99 4 18 13 82 -39 33 111 -9 -12 9 * * * Apr........... 74 6 12 * 35 -21 20 51 9 10 3 * * 1 May.......... 156 3 5 22 63 -25 50 118 -1 30 1 * * 8 June......... -105 -11 12 16 -120 -68 24 -148 15 10 15 * — 1 4 July.......... -52 5 4 24 -63 -31 -26 -87 7 3 19 * * 6 Aug.......... 89 76 19 -15 29 -21 40 127 -27 -21 7 * * 3 Sept.......... 118 21 17 32 38 -4 27 130 -3 -15 1 * * 6 Oct........... 348 12 41 79 126 -34 22 246 32 58 6 3 * 4 Nov.......... 112 1 30 21 37 -12 30 107 -4 5 1 3 * * Dec.*....... 19 14 12 -13 5 9 13 40 -23 -1 1 * * 2 1970—Jan.*........ -38 1 11 -5 -25 5 -20 -32 -34 25 3 * * * Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 1970 a INTL. CAPITAL TRANSACTIONS OF THE U.S. A 85 18. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE BONDS, BY COUNTRY (In millions of dollars) Period Total France m G a e n r y N la e n th d e s rSw la i n tz d er K U in n g i d te o d m E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca Asia Africa co O u t n h t e ri r es I r n e t g l. i o a n n a d l 1967..................... 313 114 38 9 177 -337 42 43 41 31 30 34 14 121 1968..................... 1,964 195 253 39 510 522 238 1,757 68 12 — 1 • 11 117 1969*................... 1,158 75 200 14 169 251 83 792 18 14 -11 -1 10 336 1969—J F a e n b . . . . . . . . . . . . . . . . . . . . . . . 1 8 7 1 6 3 1 3 3 2 * 52 7 46 8 - 3 8 3 1 4 0 8 2 4 4 2 6 — 3 * • 10 3 6 1 6 6 Mar.......... 191 33 43 -1 24 9 10 119 -6 -10 -11 * -2 102 Apr........... 27 -1 * -2 1 34 3 36 8 8 * 6 -32 May......... 74 9 7 4 25 44 1 89 3 9 * 7 -34 June......... 85 1 2 * -4 56 -1 53 7 1 1 * -1 23 July.......... 103 5 39 1 22 8 5 81 -11 -5 1 * * 38 Aug.......... 31 * 24 -1 5 23 2 54 5 -1 * * -15 -13 Sept.......... 39 3 27 1 -4 -20 -6 2 -2 5 * * * 35 Oct............ 146 4 25 4 9 11 15 68 4 -6 * * * 82 Nov.......... 35 4 10 1 6 -13 9 18 1 1 1 * 1 14 Dec.*........ 171 12 17 5 26 44 19 124 1 6 1 -1 1 38 1970—Jan.*........ 48 * 5 1 15 14 2 36 11 3 • * * -1 Note.—Statistics include State and local govt, securities, and securities the United States. Also includes issues of new debt securities sold abroad of U.S. Govt, agencies and corporations that are not guaranteed by by U.S. corporations organized to finance direct investments abroad. 19. NET PURCHASES OR SALES BY FOREIGNERS OF 20. FOREIGN CREDIT AND DEBIT LONG-TERM FOREIGN SECURITIES, BY AREA BALANCES IN BROKERAGE ACCOUNTS (Amounts outstanding; in millions of dollars) (In millions of dollars) Credit Debit Period Total g I i a r o n n e t n d l a . l c T e o f o i o u g t r a n n l r E o u p e C a a d n a A L i a m c t a i e n r Asia r A ic f a O c t o r t i u h e n e s r E pe n r d i 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 1965...................................... 158 119 1967................... -1,320 -393 -927 3 -768 38 -152 -20 -27 1966...................................... 175 128 1968................... -1,682 -329 -1,352 7 -932 -300 -96 -39 6 1967...................................... 311 298 1969*................. -1,419 66-1,485 74-1,091 -101 -380 -6 20 1968—Mar.......................... 351 269 1969—Jan.r___ -151 -32 -118 13 -124 -5 -4 -1 3 453 372 Feb.r.... -174 -5 -169 -3 -163 4 -8 * 2 468 398 Mar.r... -18 102 -120 22 -20 -60 -46 -6 -11 636 508 Apr......... -111 8 -119 -22 -63 -14 -21 * 1 J M un ay e. . . . . . . . . . . . . . . -2 -7 2 9 3 4 3 -2 -8 2 3 7 - -2 1 1 6 -1 -4 6 3 4 -1 2 - - 4 2 1 6 * * 1 1 1969—Mar........................... 5 5 5 6 3 6 4 3 0 9 1 6 July........ -241 -11 -230 -1 -211 -6 -15 * 3 467 297 A Se u p g t . . . . . . . . . . . . . . . . -2 -6 1 3 7 - -9 6 -2 -5 0 7 8 1 9 6 -1 -5 31 0 -16 * -9 -1 7 -1 * 3 434 278 Oct......... * 4 -5 70 -21 -12 -43 2 — 1 D No ec v . . * ... . . . . . .. . -1 -3 0 8 4 4 3 -1 -4 0 2 7 - 1 8 5 - - 2 7 4 8 7 1 - - 4 3 8 0 * * 14 1 mo N n o ey t e d .— eb D it a b t a a l a r n e c p e r s e s a e p n p t e t a h r e in m g o o n ne t y h e c b re o d o i k t s b o al f a r n e c p e o s r t a in n g d brokers and dealers in the United States, in accounts of 1970—Jan.*.... -17 -2 -16 10 -29 -4 5 * 2 foreigners with them, and in their accounts carried by foreigners. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 86 INTL. CAPITAL TRANSACTIONS OF THE U.S. a MARCH 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; in billions of dollars) 1966 1968—Cont. 1969—Cont. 1969 Maturity of Jan. 26......................1,688 Apr. 24............... 5,020 Sept. 3............... 14,571 liability Feb. 23......................1,902 May 29............... 5,872 10................ 14,919 Oct. Nov. Dec. Mar. 30......................1,879 June 26............... 6,202 17............... 14,593 Apr. 27......................1,909 24............... 14,349 J M un ay e 2 2 5 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1, , 9 0 5 0 1 3 J A u u ly g . 2 3 8 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 6 , , 0 1 0 2 4 6 Oct. 1................ 14,118 C O a th ll e . r .. l . i . a .. b .. i . l . i .. t . i . e .. s . , . . m ... a .. t . u .. r .. i . n .. g .. 0 1 . . 7 8 8 0 1 1 . . 8 80 0 1 1 . . 4 4 8 6 Sept. 25............... 7,104 8............... 14,609 in following calendar July 27......................2,786 Oct. 30................ 7,041 15............... 14,970 months after report Aug. 31......................3,134 Nov. 27............... 7,170 22............... 14,310 date: Sept. 28......................3,472 Dec. 25............... 6,948 29............... 13,649 6.60 7.15 8.90 Oct. 26......................3,671 Dec. 31 (1/1/69).. 6,039 2nd............................. 4.46 5.19 4.28 Nov. 30......................3,786 3rd............................. 4.08 3.68 3.72 Dec. 28......................4,036 1969 Nov. 5................ 14,415 4th............................. 1.27 1.76 1.11 12................ 14,369 5th............................. 1.56 0.96 1.10 1967 Jan. 29............... 8,545 19................ 15,048 6th............................. 0.85 1.08 1.30 Feb. 26............... 8,822 26............... 14,903 7th............................. 0.32 0.46 0.33 Jan. 25......................3,653 Mar. 26................ 9,621 0.44 0.31 0.18 J A M M F u e p n a a b r y r e . . . 2 2 2 2 3 6 9 8 2 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 2 3 3 3 , , , , , 4 7 3 0 1 4 6 1 9 7 7 6 2 6 6 A J M u p n a r y e . 2 3 1 4 8 0 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 9 9 1 0 , , , , 3 8 8 8 6 9 5 0 8 9 2 8 Dec. 2 3 1 1 3 4 1 0 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 4 4 3 4 4 , , , , , 0 6 6 4 8 0 1 3 3 1 2 4 4 0 5 Mat 1 1 1 u 9 0 2 1 r t i t t t t h h h h ie . . . . . . . . s . . . . . . . . . . . . o . . . . . . . . f . . . . . . . . m . . . . . . . . . . . . o . . . . . . . . r . . . . . . . . e . . . . . . . . . . . . t . . . . h . . . . . . . . a . . . . . . . . n . . . . . . . . . . . . 1 . . . . . . . . 0 0 0 0 0. . . . . 3 1 2 1 1 1 3 9 5 0 0 0 0 0 0 . . . . . 3 1 1 0 1 1 1 8 9 5 0 0 0 0 0 . . . . . 1 1 3 0 1 5 5 9 0 6 18............... 13,057 July 26......................3,660 25............... 13,269 Aug. 30......................3,976 1970 Total.......................... 23.16 25.02 24.72 Sept. 27......................4,059 July 2............... 12,826 Oct. 25......................4,322 9............... 13,833 Jan. 7................ 13,847 N D o ec v . . 2 2 9 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4, , 2 2 4 0 1 6 2 1 3 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 4 4 , , 3 2 6 6 9 1 2 1 1 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 4 3 , , 3 86 7 3 3 dep N o o s t it e s . — an I d n c d lu ir d e e c s t b i o n r t r e o re w s i t n -b g e s a o ri f n a g l l U br . a S n . ch d e o s l la in r 30............... 14,434 28............... rl 3,863 the Bahamas and of all other foreign branches 1968 for which such deposits and direct borrowings Aug. 6................ 14,177 Feb. 4............... 13,771 amount to $50 million or more. Jan. 31......................4,259 13............... 14,304 11............... 13,604 Details may not add to totals due to rounding. Feb. 28......................4,530 20............... 14,776 18............... 13,340 Mar. 27......................4,920 27............... 14,658 25............... 13,403 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 End of period Deposits End of United U.S. Govt. Earmarked period Total Short Short King Canada securities1 gold term term dom Deposits invest Deposits invest ments 1 ments1 1967.............. 135 9,223 13,253 1968.............. 216 9,120 13,066 1966................... 973 757 48 109 59 441 301 1969—Feb.. . 121 8,062 13,160 19672................. (1,078 768 133 127 49 537 309 Mar... 164 8,012 13,176 (1,163 852 133 128 49 621 309 Apr... 130 8,526 13,128 May.. 107 10,035 13,037 1968—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... 134 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 Feb.. . 313 8,219 12,268 Sept........ 1,592 1,099 100 303 90 912 360 Oct.r.. .. 1,637 1,201 92 279 65 951 381 Nov........ 1,671 1,218 95 280 78 970 401 1 U.S. Treasury bills, certificates of indebtedness, Dec......... 1,272 894 117 179 82 581 456 notes, and bonds; includes securities payable in foreign currencies. 1 Negotiable and other readily transferable foreign obligations payable on demand hel N d ot f e o . r — i E n x te c r l n u a d t e i s o n d a e l po o s r i g ts a n a iz n a d ti o U ns .S . . E G ar o m vt a , rk s e e d c ur g it o ie ld s o o b r l h ig a a v t i i n o g n a w c a o s n t i r n a c c u t r u r a e l d m b a y t u t r h it e y f o o f r e n ig o n t e m r. ore than 1 year from the date on which the 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
MARCH 1970 a 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.r Mar.r June Sept.* Europe: Austria................................................... 2 3 3 4 4 6 5 5 5 5 Belgium-Luxembourg........................... 60 78 79 67 69 68 49 61 52 58 Denmark................................................ 8 4 2 2 2 10 12 12 12 13 Finland.................................................. 4 4 * * 1 9 9 6 7 6 France.................................................... 114 114 116 121 130 157 145 140 162 149 Germany, Fed. Rep. of........................ 150 120 112 102 119 174 204 143 193 166 Greece.................................................... 14 11 5 5 3 26 27 22 24 26 Italy........................................................ 64 63 57 54 62 130 124 119 148 160 Netherlands........................................... 65 42 49 45 70 67 54 59 62 59 Norway.................................................. 5 4 6 14 9 10 10 12 14 12 Portugal................................................. 8 4 7 7 9 8 7 7 11 15 Spain...................................................... 48 37 40 47 63 76 71 85 81 74 Sweden................................................... 26 25 20 17 22 26 26 25 26 24 Switzerland............................................ 112 116 115 116 130 71 39 49 44 37 Turkey.................................................... 3 5 5 4 2 7 6 13 14 10 United Kingdom................................... 407 393 384 354 397 1,450 1,221 1,306 1,234 1,193 Yugoslavia............................................. 1 1 1 1 5 4 7 8 14 20 Other Western Europe......................... 5 9 13 17 19 15 16 17 17 16 Eastern Europe..................................... 1 2 2 1 1 6 8 12 12 10 Total............................................... 1,096 1,034 1,017 979 1,117 2,318 2,040 2,102 2,132 2,053 Canada...................................................... 199 194 164 159 182 501 540 730 713 629 Latin America: Argentina............................................... 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 Colombia............................................... 7 7 7 6 7 25 29 26 27 33 Cuba...................................................... * * * * * 2 2 2 2 2 Mexico................................................... 9 6 7 11 9 94 103 111 112 109 Panama.................................................. 5 3 4 3 5 15 15 14 17 17 Peru........................................................ 6 7 7 8 6 28 26 28 26 28 Uruguay................................................. 1 1 1 1 1 4 6 5 4 5 36 33 27 26 22 57 67 60 70 65 Other L.A. republics............................. 23 20 16 18 26 72 82 78 85 82 Bahamas and Bermuda......................... 10 18 19 19 22 46 66 66 38 33 4 5 3 2 2 5 6 6 5 5 Other Latin America............................ 1 2 2 2 1 8 9 11 14 17 Total............................................... 134 130 122 121 131 532 584 579 570 557 Asia: Hong Kong............................................ 4 5 4 5 5 10 8 9 11 10 India...................................................... 10 12 15 18 20 39 34 32 40 38 Indonesia............................................... 3 4 5 6 5 7 7 8 7 8 Israel...................................................... 15 17 13 11 12 9 7 12 13 19 Japan...................................................... 91 89 99 114 118 195 207 200 212 220 Korea..................................................... 1 1 2 1 2 18 21 22 24 22 Philippines............................................. 10 9 8 11 10 21 25 25 25 26 3 5 5 5 6 12 19 19 19 19 2 2 2 2 2 15 16 13 12 12 Other Asia............................................. 36 31 41 50 53 97 134 120 104 111 Total.............................................. 175 176 195 223 233 423 478 460 466 486 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 41 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.................................... 1,678 1,608 1,576 1,601 j 1,778 3,907 3,784 4,015 4,024 3,879 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. □ MARCH 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 End of period Total P d a o y i l n l a a b r l s e cu P f r o a r r y e i e n a n i b g c l i n e es Total P d a o y i l n l a a b r l s e b D i a n e n p r k o e s p s i o a 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.i................................................................................ 810 600 210 2,299 1,911 166 222 1966—Mar................................................................................... 849 614 235 2,473 2,033 211 229 June.................................................................................. 894 657 237 2,469 2,063 191 215 Sept.................................................................................. 1,028 785 243 2,539 2,146 166 227 Dec................................................................................... 1,089 827 262 2,628 2,225 167 236 1967—Mar................................................................................... 1,148 864 285 2,689 2,245 192 252 June................................................................................. 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.r................................................................................ 1,608 1,225 382 3,784 3,175 368 241 1969—Mar.r............................................................................... 1,576 1,185 391 4,015 3,330 358 327 June.................................................................................. 1,601 1,248 354 4,024 3,283 463 278 1,778 1,433 345 3,879 3,189 420 270 1 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 End of period lia T b o il t i a ti l es Total K U in n g i d te 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 c r a Japan O A t s h i e a r Africa o A th U er 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.i..................... 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.r..................... 1,103 1,798 147 312 420 194 73 232 128 171 83 38 1969—Mar.'................... 1,250 1,880 175 348 433 194 75 224 126 191 72 43 June....................... 1,299 1,961 168 374 447 195 76 217 142 229 72 41 Sept.*.................... 1,398 1,964 167 369 465 179 70 212 143 247 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
MARCH 1970 a MONEY RATES A 89 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Australia Period Argentina Austria Belgium Canada Ceylon Denmark Finland (peso) (schilling) (franc) (dollar) (rupee) (krone) (markka) (pound) (dollar) 196 5 .59517 222.78 3.8704 2.0144 92.743 20.959 14.460 31.070 196 6 .48690 223.41 MU.22 3.8686 2.0067 92.811 20.946 14.475 31.061 196 7 .30545 111.25 3.8688 2.0125 92.689 20.501 14.325 229.553 196 8 .28473 111.25 3.8675 2.0026 92.801 16.678 13.362 23.761 196 9 .28492 111.10 3.8654 1.9942 92.855 16.741 13.299 23.774 1969—Feb.. .28490 111.15 3.8650 1.9928 93.060 16.678 13.288 23.772 Mar. .28489 111.17 3.8671 1.9883 92.863 16.678 13.321 23.785 Apr.. .28490 111.24 3.8669 1.9890 92.903 16.678 13.285 23.785 May. .28490 110.93 3.8646 1.9925 92.837 16.694 13.269 23.785 June. .28490 111.07 3.8647 1.9868 92.628 16.795 13.282 23.785 July. .28490 111.11 3.8664 1.9889 92.526 16.785 13.282 23.771 Aug. .28490 110.87 3.8668 1.9885 92.743 16.784 13.282 23.785 Sept. .28490 110.81 3.8637 1.9869 92.732 16.784 13.287 23.785 Oct.. .28490 111.10 3.8644 2.0023 92.762 16.784 13.297 23.773 Nov. .28490 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.. 328.487 111.58 3.8649 2.0124 93.199 16.772 13.339 23.748 Feb.. 28.507 111.77 3.8663 2.0131 93.179 16.772 13.337 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 re o l u a n n d d ) ( I l t i a r l a y ) J ( a y p en an ) 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 i a e l n t 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.............................5..1..9....3..0..2..........6..2..5...4..9..1. 13.230 239.01 .15940 .27903 32.623 8.0056 27.592 1969—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 20.115 25.065 1M3.a2y1.2...........2..3..8....6..5..............1.5...9.1..9........ .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................................................... 18.005 27.126 13.239 240.04 .15890 .27948 32.438 8.0056 27.522 Feb................................................... 18.034 27.110 13.248 240.47 .15886 .27950 32.469 8.0056 27.486 Period New Zealand Norway Portugal A So fr u ic th a Spain Sweden e S r w la i n tz d U K n in it g e d (pound) (dollar) (krone) (escudo) (rand) (peseta) (krona) (franc) (p d o o u m nd) 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............................................................. 276.69 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—Feb................................................... 111.27 13.988 3.4975 138.98 1.4279 19.326 23.145 239.14 Mar.................................................. 111.28 14.001 3.5042 138.99 1.4277 19.340 23.261 239.17 Apr................................................... 111.35 14.007 3.5036 139.08 1.4271 19.350 23.135 239.31 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 23.197 239.04 110.99 1A3u.9g9..8...........3....5..0..3.1............1..3..8....6..2........ 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.................................................... 111.69 13.983 3.5096 139.50 1.4247 19.355 23.176 240.04 Feb................................................... 111.89 13.990 3.5104 139.75 1.4266 19.305 23.257 240.47 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 □ MARCH 1970 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Rate as of Changes during the last 12 months Feb. 28, 1969 Rate Country 1969 1970 as of Feb. 28, Per Month 1970 cent effective Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. 6.0 Dec. 1957 6.0 3.75 Oct. 1967 4.75 5.0 5.0 4.5 Dec. 1968 5.0 5.5 6.0 7.0 7.5 7.5 22.0 Jan. 1967 20.0 20.0 4.0 Feb. 1962 4.0 6.5 Dec. 1968 7.0 7.5 8.0 8.0 5.5 May 1968 5 5 13.0 Jan. 1969 14.0 14.0 8.0 May 1963 8.0 4.0 June 1966 4.0 6.0 Aug. 1968 7.0 9.0 9.0 5.0 Nov. 1956 8.0 8.0 4.0 Aug. 1964 4.0 7.0 Apr. 1962 7.0 6.0 Nov. 1968 7.0 8.0 8.0 Germany Fed Rep of 3.0 May 1967 4.0 5.0 6.0 6.0 Ghana 5.5 Mar. 1968 5.5 5.5 Feb. 1969 6.0 6.0 Honduras 2 3.0 Jan. 1962 3.0 Iceland 9.0 Jan. 1966 9.0 5.0 Mar. 1968 5.0 Indonesia 9.0 Aug. 1963 9.0 Tran 7.0 Nov. 1968 8.0 8.0 Ireland ................. 8.0 Feb. 1969 8.75 8.38 8.5 8.44 8.38 8.25 8.62 8.62 6.0 Feb. 1955 6.0 Italy • 3.5 June 1958 4.0 4.0 Jamaica 5.0 Sept. 1968 5.5 6.0 6.0 5.84 Aug. 1968 6.25 6.25 Korea 28.0 Dec. 1965 26.0 26.0 Mexico 4.5 June 1942 4.5 Netherlands 5.0 Dec. 1968 5.5 6.0 6.0 Man/ 7.0 Mar. 1961 7.0 Niciiraoiifl 6.0 Apr. 1954 6.0 N^rwav 3 5 Feb. 1955 4.5 4.5 Pnlrktnn 5.0 June 1965 5.0 Peru 9.5 Nov. 1959 9 5 Philippine Republic . 7.5 Feb. 1968 8.0 10.0 io!o Portugal 2.75 Jan. 1969 2.75 South Africa 5.5 Aug. 1968 5 5 4.5 Nov. 1967 5.5 515 6.0 Feb. 1969 7.0 7.0 3.0 July 1967 3.75 3.75 Taiwan 11.9 Aug. 1968 10.8 10.8 ThailanH 5.0 Oct. 1959 5.0 Tnni«i» 5.0 Sept. 1966 5.0 7.5 May 1961 7.5 United Arab Rep. (Egypt).. 5.0 May 1962 5.0 United Kingdom 8.0 Feb. 1969 8.0 Venezuela 4.5 Dec. 1960 5.5 5.5 1 On June 24, 1962, the bank rate on advances to chartered banks products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent was fixed at 6 per cent. Rates on loans to money market dealers will for rediscounts in excess of an individual bank’s quota; continue to be .25 of 1 per cent above latest weekly Treasury bill tender Costa Rica—5 per cent for paper related to commercial transactions average rate, but will not be more than the bank rate. (rate shown is for agricultural and industrial paper); 2 Rate shown is for advances only. Ecuador—5 per cent for special advances and for bank acceptances for agricultural purposes, 7 per cent for bank acceptances for industrial Note.—Rates shown are mainly those at which the central bank either purposes, and 10 per cent for advances to cover shortages in legal reserves; discounts or makes advances against eligible commercial paper and/or Indonesia— Various rates depending on type of paper, collateral, com govt, securities for commercial banks or brokers. For countries with modity involved, etc.; more than one rate applicable to such discounts or advances, the rate Japan—Penalty rates (exceeding the basic rate shown) for borrowings shown is the one at which it is understood the central bank transacts from the central bank in excess of an individual bank’s quota; the largest proportion of its credit operations. Other rates for some Peru—5 and 7 per cent for small credits to agricultural or fish production, of these countries follow: import substitution industries and manufacture of exports; 8 per cent for Argentina—3 and 5 per cent for certain rural and industrial paper, de other agricultural, industrial and mining paper; pending on type of transaction; Philippines—6 per cent for financing the production, importation, and dis Brazil—8 per cent for secured paper and 4 per cent for certain agricultural tribution of rice and corn and 7.75 per cent for credits to enterprises en paper; gaged in export activities. Preferential rates are also granted on credits to Chile—17 percent for forestry paper, preshipment loans and consumer rural banks; and loans, 18 per cent for selective and special rediscounts, 19.5 per cent for Venezuela—2 per cent for rediscounts of certain agricultural paper (Sept. cash position loans, and 23.5 per cent for construction paper beyond a 1962), and 5 per cent for advances against govt, bonds, mortgages, or gold, basic rediscount period. A fluctuating rate applies to paper covering the and 6 per cent for rediscounts of certain industrial paper and on advances acquisition of capital goods. against securities of Venezuelan companies. Colombia—5 per cent for warehouse receipts covering approved lists of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 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 er Month 3 T m r b e o i a l n s ls u t , h ry s1 m Da o d y n a - e y t y o 2 - 3 B a a m a c n n c o c k e n e p e s t r t h , s s ' 3 T m r b e i o a l s l n s u t , h ry s D m a d o y a n - y e to y - a B d ll e o a p w n o o k n a s e n i r t c s s e ’ m Da o d y n a - y e to y - 3 Tr 6 d b e 0 a i a l - y s l 9 s s u 0 , 4 ry D m a o d y n a - e y t y o 5 - 3 T m r b e i a o l s l n s u t , h ry s D m a d o y a n - y e to y - d P is r r c i a v o t a e u t n e t 1967—Dec............. 5.80 5.67 7.78 7.52 6.83 6.00 4.76 2.75 2.77 4.51 4.05 3.75 1968—Dec............. 5.96 5.31 7.26 6.80 5.99 5.00 8.22 2.75 1.84 4.65 4.96 3.75 1969—Jan.............. 6.36 6.02 7.28 6.77 5.91 5.00 8.04 2.75 3.30 4.90 4.44 3.75 Feb............. 6.31 5.34 7.32 6.97 6.08 5.08 7.88 2.75 3.27 5.00 5.38 3.75 Mar............ 6.62 5.89 8.35 7.78 6.90 6.00 8.18 2.75 3.63 5.00 5.38 3.81 Apr............. 6.69 6.47 8.41 7.79 6.88 6.00 8.34 3.75 2.46 5.39 5.77 4.00 May............ 6.74 6.67 8.46 7.82 6.88 6.00 8.96 3.75 1.63 5.50 5.88 4.00 June............ 7.03 6.98 8.73 7.89 6.66 6.00 9.46 4.75 5.02 5.50 5.92 4.06 July............ 7.49 7.40 8.88 7.86 6.95 6.00 9.23 4.75 5.80 5.50 7.17 4.25 Aug............. 7.65 7.57 8.88 7.80 6.95 6.00 8.84 4.75 5.87 5.98 7.71 4.25 Sept............ 7.75 7.77 8.88 7.80 7.07 6.00 9.39 5.75 4.03 6.00 7.66 4.38 Oct.............. 7.68 7.71 8.88 7.73 7.02 6.00 9.37 5.75 6.68 5.88 3.80 4.75 Nov............ 7.71 7.78 8.88 7.72 6.85 6.00 9.59 5.75 7.64 5.95 5.55 4.75 Dec............. 7.78 7.78 8.88 7.70 6.90 6.00 10.38 5.75 8.35 6.00 7.11 4.75 1970—Jan.............. 7.80 7.88 8.88 7.55 6.88 6.00 5.75 9.09 6.00 6.76 4.75 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,” \ 5a!C • °^n Is on PJ1Vr secVnties- Section 15 of Supplement to Banking and Monetary Statistics, 1962. 4 Rate in effect at end of month. J ARBITRAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates Date q K ( u U a in o U d n g t j i . a . d S t t e o . t i d o o m n U St n a i t t e e s d L S ( o f p n a o r v d e f o o ad r n) P d f ( ( r p o i e + s - o r c m w ) ) u o i n a o u o u r d n n r m d t i L n ( o c f N n e a o n v d e f t o o t iv r n e ) qu A i o n t s ed Cana q d u A a o U d t j . a . S ti . t o o n U St n a i t t e e s d C S ( a f p n a o r v a e f d o ad a r ) C P d f ( ( d a o r i + - e s o n r c m w ) l a ) l o d a i a o u o u r i r n n a s m d r n t i C n ( a c f N e n a o n v a e f t o d t iv r a e ) basis) Canada basis 1969 Oct. 7.57 6.97 .60 -2.56 -1.96 7.77 7.53 6.97 .56 + .52 1.08 7.55 6.98 .57 -2.47 -1.90 7.69 7.45 6.98 .47 + .61 1.08 7.61 6.99 .62 -1.52 -.90 7.64 7.40 6.99 .41 + .56 .97 7.61 6.95 .66 -1.38 -.72 7.62 7.38 6.95 .43 + .19 .62 7.61 6.98 .63 -1.27 -.64 7.62 7.38 6.98 .40 + .02 .42 Nov. 7.58 7.09 .49 -.79 -.30 7.67 7.43 7.09 .34 -.04 .30 7.58 7.14 .44 -.66 -.22 7.67 7.43 7.14 .29 -.13 .16 7.58 7.31 .27 -.69 -.42 7.72 7.48 7.31 .17 + .09 .26 7.58 7.49 .09 -.51 -.42 7.75 7.50 7.49 .01 + .09 .10 Dec. 7.61 7.56 .05 -.17 -.12 7.77 7.53 7.56 -.03 + .04 .01 7.58 7.72 -.14 -.37 -.51 7.77 7.53 7.72 -.19 + .09 -.10 7.55 7.80 -.25 -.38 -.63 7.78 7.53 7.80 -.27 + .09 -.18 7.55 7.78 -.23 -.38 -.61 7.78 7.53 7.78 -.25 + .09 -.16 7.49 7.98 -.49 -.55 -1.04 7.82 7.57 7.98 -.41 -.04 -.45 1970 Jan. 9. 7.43 7.86 -.43 -.20 -.63 7.83 7.58 7.86 -.28 -.17 -.45 16. 7.40 7.73 -.33 -.40 -.73 7.80 7.55 7.73 -.18 -.17 -.35 23. 7.37 7.80 -.43 -.57 -1.00 7.78 7.53 7.80 -.27 -.26 -.53 30. 7.37 7.85 -.48 -.39 -.87 7.77 7.52 7.85 -.33 -.48 -.81 Feb. 6. 7.43 7.50 -.07 -.52 -.59 7.83 7.57 7.50 .07 -.26 -.19 13. 7.46 7.19 .27 -.55 -.28 7.72 7.47 7.19 .28 -.26 .02 20. 7.46 6.74 .72 -.42 .30 7.64 7.39 6.74 .65 -.30 .35 27. 7.49 6.82 .67 -.64 .03 7.62 7.38 6.82 .56 -.30 .26 Mar. 6. 7.27 6.81 .46 -.46 .00 7.55 7.31 6.81 .50 -.22 .28 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 □ MARCH 1970 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti Intl. Esti End of mated Mone United mated Afghan Argen Aus Aus Bel period total tary States rest of istan tina tralia tria gium Brazil Burma Canada Chile world i Fund world 1963. 42,305 2,312 15,596 24,395 78 208 536 1,371 150 42 817 43 1964. 43,015 2,179 15,471 25,365 71 226 600 1,451 92 84 1,026 43 1965. 243,230 31,869 13,806 27,285 66 223 700 1,558 63 84 1,151 44 1966. 43,185 2,652 13,235 27,300 84 224 701 1,525 45 84 1,046 45 1967. 41,600 2,682 12,065 26,855 84 231 701 1,480 45 84 1,015 45 1968. 40,905 2,288 10,892 27,725 109 257 714 1.524 45 84 863 46 1969—Jan... 2,288 10,828 109 258 714 1.524 45 84 863 47 Feb.. 2,292 10,801 109 257 714 1.522 45 84 863 46 Mar.. 41,050 2,295 10,836 27,920 109 256 714 1.522 45 84 863 46 Apr.. 2,297 10,936 109 255 714 1.522 45 84 863 47 May. 2,301 11.153 109 256 714 1.522 45 84 863 46 June. 40,970 2.257 11.153 27,560 110 258 715 1.522 45 84 866 47 July.. 2,316 11,144 115 258 715 1.522 45 84 866 47 Aug.. 2,336 11.154 120 257 715 1.520 45 84 866 47 Sept.. 40,900 2.258 11,164 27,480 120 257 715 1.520 45 84 872 47 Oct... 2,260 11,190 125 262 715 1.520 45 84 872 47 Nov.. 2,288 11,171 130 263 715 1.518 45 84 872 48 Dec.. Mi’ois’ 2,310 11,859 p26,845 135 263 715 rl,520 84 872 47 1970—Jan.P. 2,413 11,882 263 710 1.518 84 870 Ger E pe n r d i o o d f lo C m o b ia m D a e r n k l F a i n n d France m F a e n d y . , Greece India Iran Iraq l I a r n e d Israel Italy Japan Rep. of 196 3 92 61 3,175 3,843 77 247 142 98 2,343 289 196 4 92 85 3,729 4,248 77 247 141 112 2,107 304 196 5 97 84 4,706 4,410 78 281 146 110 2,404 328 196 6 108 45 5,238 4,292 120 243 130 106 2,414 329 196 7 107 45 5,234 4,228 130 243 144 115 2,400 338 196 8 114 45 3.877 4.539 140 243 158 193 2.923 356 1969—Jan.. 114 45 3.877 4.539 132 243 158 193 2.923 356 Feb.. 114 45 3.877 4.541 132 243 158 193 2.925 356 Mar.. 114 45 3,827 4.541 132 243 158 193 2.924 357 Apr.. 114 45 3,726 4.541 131 243 158 193 2.924 359 May. 88 45 3.551 4.542 130 243 158 193 2.926 359 June. 89 45 3.552 4.563 130 243 158 193 2.937 363 July., 89 45 3.551 4.563 130 243 158 193 2,936 363 Aug.. 89 45 3.551 4.564 130 243 158 193 2.938 363 Sept.. 89 45 3.545 4.597 130 243 158 193 2.954 371 Oct.. 89 45 3.547 4.597 130 243 158 193 2.954 371 Nov.. 89 45 3.547 4,610 130 243 158 193 2.956 371 Dec.. 89 45 3.547 4.079 130 243 158 193 2.956 413 1970—Jan.* 89 45 3.546 4.079 243 158 151 2,976 455 E pe n r d i o o d f Kuwait a L n e o b n Libya M s a i l a ay Mexi- N la e n th d e s r- N w o ay r 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 A S r a a u b d i i a 1963. 48 172 7 139 29 1,601 31 53 57 28 497 78 1964. 48 183 17 7 169 34 1,688 31 53 67 23 523 78 1965. 52 182 68 2 158 21 1,756 31 53 67 38 576 73 1966. 67 193 68 1 109 21 1,730 18 53 65 44 643 69 1967. 136 193 68 31 166 21 1.711 18 53 20 60 699 69 1968. 122 288 85 66 165 21 1.697 24 54 20 62 856 119 1969—Jan... 122 288 85 66 165 21 1.697 24 54 20 58 857 119 Feb.. 124 288 85 66 165 21 1.698 23 54 20 60 856 119 Mar.. 123 288 85 65 165 21 1.698 24 54 25 65 856 119 Apr.. 123 288 85 65 165 21 1.698 24 54 25 67 860 119 May. 120 288 85 64 165 21 1.698 24 54 25 56 860 119 June. 120 288 85 64 166 21 1.703 24 54 25 52 860 119 July.. 110 288 85 64 166 21 1.703 24 54 25 52 860 119 Aug.. 107 288 85 64 167 21 1.703 24 54 25 45 872 119 Sept.. 103 288 85 64 168 21 1.711 25 54 25 45 872 119 Oct... 100 288 85 65 168 21 1.711 25 54 25 45 872 119 Nov.. 86 288 85 65 172 21 1.711 25 54 25 45 872 119 Dec.. 86 288 85 21 1.720 25 54 25 45 876 119 1970—Jan. 85 1.720 27 54 45 119 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 1970 □ GOLD RESERVES AND PRODUCTION A 93 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS— Continued (In millions of dollar*) 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 er Taiwan T la h n a d i Turkey ( U E . g A y . p R t) . U K d n i o n it m g e d g U u r a u y V zu e e n l e a Y sl u a g vi o a S I e f n t o t t r l l e . ments 4 196 3 630 573 182 2,820 50 104 113 174 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 -624 196 8 1,243 785 225 2,624 81 92 97 93 1,474 133 403 50 -349 1969—Jan.. ,287 785 225 2,623 81 92 97 93 133 403 50 -276 Feb.. ,321 785 225 2,646 81 92 97 93 133 403 50 -278 Mar.. ,367 785 225 2,645 81 92 97 93 1,476 136 403 50 -284 Apr.. ,409 785 225 2,644 81 92 97 93 136 403 50 -286 May. ,282 785 225 2.643 81 92 97 93 136 403 50 -282 June. ,264 785 225 2.643 81 92 97 93 1,474 136 403 51 -285 July.. ,171 785 225 2.643 81 92 107 93 136 403 51 -275 Aug.. ,138 785 226 2.642 81 92 107 93 165 403 51 -268 Sept.. ,093 785 226 2.642 81 92 107 93 1,459 165 403 50 -285 Oct.., ,128 785 226 2.642 81 92 117 93 165 403 50 -314 Nov.. ,125 785 226 2.642 81 92 117 93 165 403 50 -309 Dec.. ,115 784 226 2.642 82 92 117 93 403 51 -480 1970—Jan.*, 1,075 784 224 2,659 92 -488 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 produc tion i A So fr u ic th a R de h s o ia Ghana C s ( h K o a n i s n g a o ) U S n ta i t t e e s d C a a d n a M ic e o x r N a i g c u a a Co b l i o a m India P p h i i n l e ip s t A ra u l s ia ot A h l e l r 1961............................. 1.215.0 803.0 20.1 29.2 8.1 54.8 156.6 9.4 7.9 14.0 5.5 14.8 37.7 53.9 1962............................. 1.295.0 892.2 19.4 31.1 7.1 54.5 146.2 8.3 7.8 13.9 5.7 14.8 37.4 56.6 1963............................. 1.355.0 960.1 19.8 32.2 7.5 51.4 139.0 8.3 7.2 11.4 4.8 13.2 35.8 64.3 1964............................. 1.405.0 1,018.9 20.1 30.3 6.6 51.4 133.0 7.4 7.9 12.8 5.2 14.9 33.7 62.8 1965............................. 1.440.0 1,069.4 19.0 26.4 3.2 58.6 125.6 7.6 6.9 11.2 4.6 15.3 30.7 61.5 1966............................. 1.445.0 1,080.8 19.3 24.0 5.6 63.1 114.6 7.5 7.0 9.8 4.2 15.8 32.1 61.2 1967............................. 1.410.0 1,068.7 18.0 26.7 5.4 53.4 103.7 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 18.5 27.6 63.7 1968—Dec................... 83.5 7.7 .6 .7 .3 1.6 2.2 1969—jan.................... 83.4 7.8 .6 .5 .3 1.9 Feb................... 86.7 7.1 .5 .7 .3 2.0 Mar.................. 89.1 7.6 .6 .7 2.1 Apr................... 89.3 7.3 .5 .7 2.3 May.................. 90.0 7.4 .4 .7 2.2 June.................. 91.3 7.3 .5 .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 Dec................... 89.5 7.1 i Estimated; excludes U.S.S.R., other Eastern European countries, Note.—Estimated world production based on report of the U.S. China Mainland, and North Korea. Bureau of Mines. Country data based on reports from individual 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 BANK RESERVES AND RELATED ITEMS, 1969 □ MARCH 1970 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Reserve Bank credit outstanding Period or date U.S. Govt, securities1 Treas ury Dis Gold cur Held counts Other stock rency under and Float2 F.R. TotaH out Bought repur ad assets3 stand Total out chase vances ing right agree ment 1969—Jan. 1. 52,981 52.744 237 1,320 3,761 58,145 10.367 6.809 8. 53.330 53,142 188 498 3,392 57,306 10.367 6,801 15. 52,967 52,967 687 3,068 56,777 10.367 6,800 22. 52,487 52,487 782 3,136 56,456 10.367 6,801 29. 51,984 51,984 891 2,552 55,476 10.367 6.803 Feb. 5. 52,061 52.053 744 2,542 55,397 10.367 6.803 12. 52,220 52.053 167 799 2,610 55.707 10.367 6,807 19. 52,541 52,108 433 1.044 2,630 56,357 10.367 6.809 26. 52,229 52,124 105 757 2,669 55,759 10.367 6.813 Mar. 5. 52,168 52,055 113 734 2,540 55,511 10.367 6.813 12. 52,074 52,040 34 875 2,423 55,427 10.367 6,818 19. 52.188 51,999 189 776 2,548 55,596 10.367 6,816 26. 52,081 51,901 180 964 2,317 55,437 10.367 6,821 Apr. 2. 52,194 51,952 242 1,195 2.047 55.525 10.367 6.810 9. 52.331 52,105 226 947 2,278 55,640 10.367 6.741 16. 52,173 52.173 759 2,323 2,807 58,112 10.367 6,746 23. 52,512 52,269 243 1,135 2,982 2,849 59.586 10.367 6,748 30. 52,852 52,549 303 1,118 2,240 2,934 59,277 10.367 6.742 May 7. 53,172 52,590 582 1,603 2.223 2,896 60,015 10.367 6,729 14. 53,308 52,656 652 1,171 2,103 3,146 59,853 10.367 6.734 21. 53,278 52,873 405 1,358 2,398 2,887 60,039 10.367 6.739 28., 53,606 53,212 394 1,303 2.048 2,729 59,788 10.367 6.740 June 4., 53.864 53,636 228 1,521 2,268 2,508 60,227 10.367 6.742 11.. 54,100 53,920 180 1,260 2,388 2,560 60.364 10.367 6.744 18.. 54,038 54,038 1,315 2,511 2,617 60.526 10.367 6.745 25.. 53.864 53,864 1,323 2,682 2,675 60.587 10.367 6,751 July 54,214 54,044 170 1,634 2,419 2,672 61,001 10.367 6.745 54,586 54,443 143 1,020 2,802 2,677 61,141 10.367 6.740 54,601 54.565 36 1,279 2,680 2,698 61,302 10.367 6.737 54.189 54,161 28 1,354 3,145 2,634 61.365 10.367 6.735 53,897 53,897 1,269 2.224 2,690 60,121 10.367 6.737 Aug. 6. 54,617 54,138 479 1,090 2,228 2,605 60,602 10.367 6,739 13. 54,531 54,067 464 1,329 2,247 2,640 60,809 10.367 6.738 20. 54,459 54,422 37 1,221 2,641 2,682 C61,048 10.367 6,734 27. 54,559 54.483 76 1,204 2,182 2,715 60.707 10.367 6.738 Sept. 3. 54,791 54,638 153 1,240 2,095 2,770 60,949 10.367 6,754 10. 53,869 53,869 740 2,473 2,930 60,053 10.367 6.757 17. 53,187 53,133 54 1,018 2,619 2,954 59,823 10.367 6.758 24. 53,828 53,726 102 1,106 2,820 3,067 60,865 10.367 6,761 Oct. 1. 54,123 53,813 310 1,436 2,184 3,300 61,083 10.367 6,777 8. 54,408 54,030 378 967 2,316 3,224 60,987 10.367 6,781 15. 54,922 54.566 356 1,347 2,165 3,182 61,690 10.367 6,779 22. 54,890 54,738 152 1,015 3,031 3,137 62,129 10.367 6,785 29. 54,557 54,557 1,179 2,377 3,117 61,270 10.367 6,792 Nov. 5. 55,624 55,345 279 1,328 2,172 2,945 62,116 10.367 6,802 12. 56,007 55,930 77 1,244 2,312 2,881 62,491 10.367 6.804 19. 56,745 56.745 1,071 2,892 2,380 63,131 10.367 6,809 26. 56,909 56,909 1,210 2,717 2,026 62,910 10.367 6,819 Dec. 3. 57,479 57,311 168 1,191 2,539 2,008 63,273 10.367 6,823 10. 57,664 57.483 181 1,200 2,688 2,035 63,654 10.367 6,836 17., 57,435 57,279 156 1.044 3,050 2,134 63,740 10.367 6,841 24., 57,237 57.173 64 1,096 3,556 2,248 64,203 10.367 6,846 31., 57,491 57,154 337 1,104 3,976 2,480 65,149 10.367 6,848 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 1970 □ BANK RESERVES AND RELATED ITEMS, 1969 A 95 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS— Continued (In millions of dollars) Factors absorbing reserve funds Deposits, other than member bank Member bank reserves, reserves Cur Treas with F.R. Banks Other Period or date rency ury Other F.R. in cash F.R. lia cir hold ac bilities cula ings counts 3 and With Cur tion Treas For Other2 capital3 F.R. rency ury eign Banks and Total coin5 50,956 740 579 215 560 -1,148 23,419 4,921 28,340 .1969—Jan. 1 50,472 763 579 217 490 -1,201 23,153 4,802 27,955 50,023 762 563 216 487 -1,156 23,050 5,517 28,567 .15 49,537 763 545 201 485 -1,232 23,326 5,023 28,349 .22 49,153 761 715 132 477 -1,129 22,537 5,035 27,572 .29 r49,064 r761 490 129 502 -993 22,616 4,821 27,437 .Feb. 5 49,307 761 831 133 477 -1,009 22,382 4,878 27,260 ..........12 49,377 764 669 133 500 -1,014 23,105 4,486 27,591 ..........19 49,148 763 562 129 483 -793 22,647 4,452 27,099 ..........26 49,157 758 531 125 481 -718 22,357 4,628 26,985 . Mar. 5 49,459 732 465 156 468 -733 22,064 4,704 26,768 ..........12 49,554 725 490 161 486 -978 22,342 4,368 26,710 ..........19 49,471 721 615 165 436 -1,029 22,247 4,375 26,622 ..........26 49,514 711 576 140 480 -976 22,257 4,486 26,743 . Apr. 2 49,766 710 377 155 549 -775 21,966 4,633 26,599 .......... 9 49,863 704 8 126 514 1,937 22,072 4,544 26,616 ..........16 49,681 712 429 121 506 1,868 23,384 4,196 27,580 ..........23 49,507 698 625 119 469 1,929 23,038 4,619 27,657 ..........30 49,646 709 591 159 458 2,002 23,546 4,664 28,210 .May 7 49,959 689 658 127 451 1,971 23,099 4,707 27,806 ..........14 49,968 683 528 131 433 1,897 23,506 4,266 27,772 ..........21 50,033 680 404 123 442 1,972 23,243 4,486 27,729 ..........28 50,441 689 500 105 447 2,052 23,102 4,541 27,643 .June 4 50,666 679 734 102 448 2,123 22,724 4,720 27,444 ........ 11 50,777 671 1,097 102 453 1,914 22,624 4,412 27,036 ........ 18 50.686 664 1,289 109 468 1,958 22,530 4,436 26,966 ..........25 50,913 655 1,068 128 491 2,022 22,837 4,663 27,500 .July 2 51,383 646 1,052 176 495 2,112 22,384 4,792 27,176 .......... 9 51,462 642 1,118 128 467 2,048 22,540 4,735 27,275 ..........16 51,208 661 1,184 137 457 1,963 22,857 4,307 27,164 ..........23 51,006 676 1,177 123 453 2,019 21,770 4,824 26,594 ..........30 51,120 663 867 153 476 2,118 22,313 4,729 27,042 . Aug. 6 51,433 659 1,024 143 464 2,102 22,090 4,870 26,960 ..........13 51,375 674 746 135 483 1,972 22,764 4,395 27,159 ..........20 51,294 682 895 139 464 2,033 22,306 4,603 26,909 ..........27 51,499 678 868 148 462 2,121 22,295 4,655 26,950 . Sept. 3 51,618 682 15 121 460 2,177 22,105 4,836 26,941 ..........10 51,545 683 33 123 445 1,970 22,149 4,665 26,814 ..........17 51,315 676 1,168 134 435 1,989 22,274 4,657 26,931 ..........24 51,197 666 1,130 123 464 2,055 22,591 4,809 27,400 .Oct. 1 51,454 666 912 134 497 2,152 22,320 4,833 27,153 .......... 8 51,849 670 1,104 116 511 2,018 22,567 4,812 27,379 ..........15 51,819 663 943 117 462 2,029 23,248 4,366 27,614 ..........22 51,650 660 945 117 450 2,085 22,522 4,650 27,172 ..........29 51,833 662 1,114 136 463 2,183 22,894 4,767 27,661 . Nov. 5 52,314 670 1,155 137 447 2,139 22,800 4,925 27,725 ..........12 52,551 662 1,074 147 436 2,068 23,370 4,599 27,969 ..........19 52.687 661 1,018 122 436 2,138 23,033 4,568 27,601 ..........26 53,064 659 1,022 123 455 2,238 22,902 4,835 27,737 . Dec. 3 53,287 652 1,183 138 427 2,318 22,852 4,923 27,775 ..........10 53,525 656 975 149 437 2,126 23,080 4,936 28,016 ..........17 53,757 651 1,246 143 449 2,133 23,037 4,839 27,876 ..........24 r53,984 r651 1,405 163 517 2,153 23,493 5,187 28,680 ..........31 1 U.S. Govt, securities include Federal agency obligations. program discontinued Aug. 21, 1959). For holdings of acceptances on 2 Beginning with 1960 reflects a minor change in concept; see Feb. Wed. and end-of-month dates, see subsequent tables on F.R. Banks. See 1961 Bulletin, p. 164. also note 2. 3 Beginning Apr. 16, 1969, “Other F.R. assets” and “Other F.R. 5 Part allowed as reserves Dec. 1, 1959—Nov. 23, 1960; all allowed liabilities and capital” are shown separately; formerly, they were netted thereafter. Beginning with Jan. 1963, figures are estimated except for together and reported as “Other F.R. accounts.” weekly averages. Beginning Sept. 12, 1968, amount is based on close- 4 Includes industrial loans and acceptances, when held (industrial loan of-business figures for reserve period 2 weeks previous to report date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 96 BANK RESERVES AND RELATED ITEMS, 1969 □ MARCH 1970 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City City of Chicago Period Reserves Bor Reserves Bor Reserves Bor row Free row Free row Free ings re ings re ings re Total Re at serves Total Re at serves Total Re at serves held quired Excess F.R. held quired Excess F.R. held quired Excess F.R. Banks Banks Banks Jan.......................... 28,063 27,846 217 697 -480 5,397 5,392 5 65 -60 1,286 1,287 -1 48 -49 Feb......................... 27,291 27,063 228 824 -596 5,190 5,194 -4 63 -67 1,259 1,253 6 39 -33 Mar........................ 26,754 26,537 217 918 -701 5,040 5,019 21 65 -44 1,204 1,207 -3 98 -101 Apr......................... 27,079 26,927 152 996 -844 5,039 5,045 -6 111 -117 1,202 1,202 116 -116 May....................... 27,903 27,603 300 1,402 -1,102 5,174 5,134 40 129 -89 1,277 1,281 -4 144 -148 June....................... 27,317 26,974 343 1,407 -1,064 4,962 4,894 68 96 -28 1,241 1,206 35 27 8 July........................ 26,980 26,864 116 1,190 -1,074 4,837 4,817 20 86 -66 1,197 1,207 -10 5 -15 Aug......................... 27,079 26,776 303 1,249 -946 4,963 4,922 41 93 -52 1,188 1,196 -8 39 -47 Sept........................ 26,971 26,735 236 1,067 -831 4,990 4,967 23 87 -64 1,200 1,186 14 51 -37 Oct.......................... 27,340 27,197 143 1,135 -992 5,195 5,183 12 138 -126 1,228 1,235 -7 19 -26 Nov........................ 27,764 27,511 253 1,241 -988 5,376 5,350 26 169 -143 1,244 1,254 -10 57 -67 Dec......................... 28,031 27,774 257 1,086 -829 5,441 5,385 56 259 -203 1,285 1,267 18 27 -9 Week ending— 1968—Dec. 25.... 27,232 26,812 420 859 -439 5,122 5,017 105 282 -177 1,175 1,162 13 149 -136 1969—Jan. 1.... 28,340 27,439 901 1,320 -419 5,571 5,298 273 517 -244 1,251 1,242 9 188 -179 8.... 27,955 27,753 202 498 -296 5,365 5,379 -14 -14 1,277 1,265 12 55 -43 15.... 28,567 28,335 232 687 -455 5,638 5,662 -24 136 -160 1,335 1,348 -13 31 -44 22.... 28,349 28,076 273 782 -509 5,541 5,492 49 86 -37 1,313 1,311 2 110 -108 29.... 27,572 27,384 188 891 -703 5,144 5,126 18 57 -39 1,243 1,243 9 -9 Feb. 5.... 27,437 27,202 235 744 -509 5,109 5,125 -16 87 -103 1,243 1,245 -2 4 -6 12.... 27,260 27,039 221 799 -578 5,130 5,166 -36 91 -127 1,281 1,270 11 81 -70 19.... 27,591 27,228 363 1,044 -681 5,433 5,343 90 64 26 1,274 1,276 -2 29 -31 26.... 27,099 26,895 204 757 -553 5,191 5,144 47 21 26 1,229 1,228 1 33 -32 Mar. 5.... 26,985 26,778 207 734 -527 5,079 5,118 -39 111 -150 1,227 1,226 1 34 -33 12.... 26,768 26,520 248 875 -627 5,086 5,021 65 65 1,215 1,218 -3 118 -121 19.... 26,710 26,625 85 776 -691 4,977 5,071 -94 91 -185 1,233 1,227 6 37 -31 26.... 26,622 26,354 268 964 -696 4,992 4,909 83 86 -3 1,172 1,178 -6 55 -61 Apr. 2... . 26,743 26,434 309 1,195 -886 5,027 4,999 28 28 1,188 1,184 4 312 -308 9.... 26,599 26,374 225 947 -722 4,903 4,918 -15 75 -90 1,167 1,168 -1 258 -259 16.... 26,616 26,472 144 759 -615 4,969 4,999 -30 105 -135 1,237 1,221 16 37 -21 23.... 27,580 27,408 172 1,135 -963 5,235 5,198 37 212 -175 1,192 1,206 -14 35 -49 30.... 27,657 27,572 85 1,118 -1,033 5,048 5,077 -29 84 -113 1,215 1,218 -3 53 -56 May 7... . 28,210 27,727 483 1,603 -1,120 5,212 5,105 107 171 -64 1,267 1,259 8 344 -336 14.... 27,806 27,545 261 1,171 -910 5,193 5,124 69 121 -52 1,289 1,283 6 20 -14 21.... 27,772 27,656 116 1,358 -1,242 5,189 5,240 -51 188 -239 1,293 1,298 -5 172 -177 28.... 27,729 27,616 113 1,303 -1,190 5,120 5,127 -7 61 -68 1,303 1,303 12 -12 June 4.... 27,643 27,274 369 1,521 -1,152 5,083 4,996 87 43 44 1,239 1,235 4 197 -193 11.... 27,444 26,996 448 1,260 -812 5,085 4,965 120 90 30 1,254 1,214 40 3 37 18.... 27,036 26,937 99 1,315 -1,216 4,904 4,924 -20 40 -60 1,199 1,216 -17 -17 25.... 26,966 26,775 191 1,323 -1,132 4,774 4,761 13 134 -121 1,199 1,173 26 26 July 2.... 27,500 27,004 496 1,634 -1,138 5,013 4,857 156 138 18 1,220 1,202 18 8 10 9.... 27,176 27,063 113 1,020 -907 4,816 4,870 -54 -54 1,209 1,222 -13 5 -18 16.... 27,275 27,099 176 1,279 -1,103 5,027 4,971 56 i 3*7 -81 1,261 1,265 -4 15 -19 23.... 27,164 26,782 382 1,354 -972 4,909 4,822 87 89 -2 1,200 1,190 10 10 30.... 26,594 26,448 146 1,269 -1,123 4,630 4,593 37 154 -117 1,143 1,152 -9 4 -13 Aug. 6. . .. 27,042 26,791 251 1,090 -839 4,844 4,829 15 18 -3 1,214 1,199 15 15 13.... 26,960 26,627 333 1,329 -996 4,843 4,784 59 135 -76 1,211 1,210 1 139 -138 20.... 27,159 27,100 59 1,221 -1,162 5,101 5,164 -63 136 -199 1,224 1,216 8 8 27.... 26,909 26,697 212 1,204 -992 4,941 4,896 45 64 -19 1,145 1,164 -19 6 -25 Sept. 3.... 26,950 26,548 402 1,240 -838 4,945 4,922 23 84 -61 1,215 1,186 29 29 10.... 26,941 26,550 391 740 -349 5,086 4,941 145 64 81 1,183 1,179 4 5 -1 17.... 26,814 26,682 132 1,018 -886 4,947 4,984 -37 129 -166 1,182 1,190 -8 9 -17 24.... 26,931 26,727 204 1,106 -902 4,926 4,915 11 111 -100 1,169 1,166 3 39 -36 Oct. 1.... 27,400 27,080 320 1,436 -1,116 5,134 5,062 72 99 -27 1,211 1,212 -1 158 -159 8.... 27,153 27,014 139 967 -828 5,012 5,041 -29 198 -227 1,192 1,197 -5 -5 15.... 27,379 27,161 218 1,347 -1,129 5,222 5,186 36 222 -186 1,242 1,231 11 22 -11 22.... 27,614 27,458 156 1,015 -859 5,296 5,355 -59 42 -101 1,271 1,272 -1 15 -16 29.... 27,172 27,092 80 1,179 -1,099 5,158 5,148 10 65 c—55 1,227 1,239 -12 16 -28 Nov. 5.... 27,661 27,365 296 1,328 C-1,032 5,347 5,257 90 144 -54 1,272 1,254 18 189 c —171 12.... 27,725 27,354 371 1,244 -873 5,404 5,318 86 350 -264 1,246 1,244 2 85 — 83 19.... 27,969 27,823 146 1,071 -925 5,588 5,559 29 25 4 1,287 1,279 8 8 26.... 27,601 27,463 138 1,210 -1,072 5,275 5,269 6 8 -2 1,232 1,237 -5 1 -6 Dec. 3---- 27,737 27,534 203 1,191 -988 5,300 5,294 6 266 -260 1,229 1,227 2 1 1 10.... 27,775 27,484 291 1,200 -909 5,444 5,355 89 299 -210 1,254 1,257 -3 -3 17.... 28,016 27,919 97 1,044 -947 5,465 5,471 -6 164 -170 1,291 1,287 4 4 24.... 27,876 27,612 264 1,096 -832 5,255 5,238 17 296 -279 1,242 1,238 4 4 31.... 28,680 28,152 528 1,104 -576 5,628 5,515 113 348 -235 1,320 1,304 16 iio -104 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 1970 □ BANK RESERVES AND RELATED ITEMS, 1969 A 97 RESERVES AND BORROWINGS OF MEMBER BANKS— Continued (In millions of dollars) Other reserve city banks Country banks Reserves Borrow Reserves Borrow Period ings at Free ings at Free F.R. reserves F.R. reserves Total Required Excess Banks Total Required Excess Banks held held 11,271 11,287 -16 321 -337 10,109 9,880 229 263 -34 10,965 10,948 17 420 -403 9,877 9,668 209 302 -93 .....................................Feb. 10,761 10,768 -7 449 -456 9,749 9,543 206 306 -100 10,914 10,923 -9 512 -521 9,924 9,757 167 257 -90 .....................................Apr. 11,275 11,195 80 618 -538 10,177 9,993 184 511 -327 10,986 10,922 64 713 -649 10,128 9,952 176 571 -395 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 10,888 10,841 47 572 -525 10,256 10,066 190 443 -253 10,970 10,964 6 479 -473 10,335 10,158 177 321 -144 Week ending— 10,973 10,942 31 260 -229 9,961 9,691 270 168 102 .....................1968—Dec. 25 11,405 11,138 267 418 -151 10,113 9,761 352 197 155 .....................1969—Jan. 1 11,226 11,301 -75 220 -295 10,087 9,808 279 223 56 .......................................... 8 11,458 11,463 -5 261 -266 10,136 9,862 274 259 15 ..........................................15 11,380 11,364 16 372 -356 10,115 9,909 206 214 -8 ......................................... 22 11,078 11,116 -38 457 -495 10,107 9,899 208 368 -160 ..........................................29 11,090 11,038 52 310 -258 9,995 9,794 201 343 -142 .................................Feb. 5 10,955 10,955 350 -350 9,894 9,648 246 277 -31 ..........................................12 11,038 10,984 54 619 -565 9,846 9,625 221 332 -111 10,847 10,868 -21 439 -460 9,832 9,655 177 264 -87 10,870 10,844 26 255 -229 9,809 9,590 219 334 -115 .................................Mar. 5 10,762 10,763 -1 489 -490 9,705 9,518 187 268 -81 ..........................................12 10,824 10,824 371 -371 9,676 9,503 173 277 -104 ..........................................19 10,740 10,715 25 531 -506 9,718 9,552 166 292 -126 ..........................................26 10,706 10,693 13 512 -499 9,822 9,558 264 371 -107 10,762 10,738 24 372 -348 9,767 9,550 217 242 -25 10,689 10,743 -54 443 -497 9,721 9,509 212 174 38 ...........................................16 11,109 10,091 18 663 -645 10,044 9,913 131 225 -94 11,159 11,185 -26 617 -643 10,235 10,092 143 364 -221 ...........................................30 11,400 11,257 143 582 -439 10,331 10,106 225 506 -281 11,209 11,215 -6 625 -631 10,115 9,923 192 405 -213 11,169 11,186 -17 543 -560 10,121 9,932 189 455 -266 11,166 11,174 -8 623 -631 10,140 10,012 128 607 -479 11,157 11,080 77 644 -567 10,164 9,963 201 637 -436 11,002 10,927 75 666 -591 10,103 9,890 213 501 -288 10,865 10,903 -38 706 -744 10,068 9,894 174 569 -395 10,869 10,849 20 697 -677 10,124 9,992 132 492 -360 11,012 10,907 105 791 -686 10,255 10,038 217 697 -480 10,921 10,966 -45 494 -539 10,230 10,005 225 521 -296 10,877 10,946 -69 628 -697 10,110 9,917 193 499 -306 10,913 10,786 127 604 -477 10,142 9,984 158 661 -503 10,600 10,674 -74 448 -522 10,221 10,029 192 663 -471 ..........................................30 10,834 10,788 46 434 -388 10,150 9,975 175 638 -463 10,747 10,703 44 466 -422 10,159 9,930 229 589 -360 10,774 10,811 -37 453 -490 10,060 9,909 151 624 -473 10,710 10,690 20 501 -481 10,113 9,947 166 633 -467 10,709 10,587 122 463 -341 10,081 9,853 228 664 -436 10,634 10,612 22 206 -184 10,038 9,818 220 465 -245 10,644 10,669 -25 457 -482 10,041 9,839 202 423 -221 10,685 10,645 40 566 -526 10,151 10,001 150 390 -240 10,786 10,724 62 626 -564 10,269 10,082 187 553 -366 10,737 10,744 -7 351 -358 10,212 10,032 180 418 -238 10,813 10,824 -11 664 -675 10,102 9,920 182 439 -257 10,894 10,846 48 562 -514 10,153 9,985 168 396 -228 10,613 10,669 -56 587 -643 10,174 10,036 138 511 -373 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 10,155 174 379 -205 10,846 10,818 28 522 -494 10,231 10,054 177 379 -202 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 11,187 11,091 96 337 -241 10,545 10,242 303 299 4 Note.—Averages of daily figures. Monthly data are averages of daily Total reserves held: Based on closing figures for balances with F.R. figures within the calendar month; they are not averages of the 4 or 5 Banks and opening figures for allowable cash. weeks ending on Wed. that fall within the month. Required reserves: Based on deposits as of opening of business each day. Borrowings of F.R. Banks: Based on closing figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 98 WEEKLY REPORTING BANKS □ MARCH 1970 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS, 1969 (In millions of dollars) Loans Federal funds sold, etc.1 Other To brokers For pur chasing Total and dealers or carryin*I 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 cul cial Treas Other indus tural Pers. banks ury se trial U.S. U.S. and se curi Treas Other Treas Other sales curi ties ury secs. ury secs. finan. Other ties secs. secs. COS., etc. Jan. 1.. 233,265 161,941 74,149 1,978 1,492 5,219 Ill 2,741 6,629 5,243 8.. 231,168 164,200 73,958 2,023 1,648 4,526 133 2,737 5,741 5,111 15.. 229,788 163,372 73,831 2,025 1,265 4,168 108 2,727 5,606 5,117 22.. 228,222 161,826 73,516 2,024 877 3,867 104 2,750 5,385 5,063 29.. 228,012 162,155 72,896 2,018 879 3,861 100 2,751 5,357 5,044 Feb. 5.. 227,828 162,373 73,111 2,005 982 3,917 98 2,753 5,669 5,009 12.. 228,995 163,928 73,364 2,015 778 4,128 120 2,751 5,859 5,063 19. . 225,737 162,122 73,590 1,959 397 3,709 101 2,787 5,527 5,049 26.. 226,399 163,201 73,727 1,953 584 3,750 99 2,801 5,389 5,143 Mar. 5.. 227,978 164,246 74,204 1,954 760 3,882 102 2,802 5,551 5,136 12.. 226,456 163,145 74,520 1,956 594 3,533 105 2,784 5,426 5,136 19.. 227,126 164,105 75,074 1 ,961 644 3,449 139 2,790 5,416 5,175 26.. 226,422 163,493 75,047 1,963 571 3,126 108 2,781 5,304 5,053 Apr. 2.. 229,082 165,015 75,269 1,969 737 3,396 106 2,787 5,506 5,203 9. . 228,442 164,392 75,337 1,971 902 3,331 107 2,782 5,478 5,103 16. . 232,033 168,045 76,568 1,999 1,719 3,796 106 2,778 6,129 5,170 23.. 228,643 165,630 76,462 1,996 823 3,510 104 2,788 5,671 5,139 30.. 229,833 166,661 76,659 2,005 766 3,598 106 2,763 6,131 5,218 May 7.. 229,602 167,061 76,579 2,017 954 3,601 106 2,745 6,023 5,175 14. . 231,141 169,118 76,768 1,981 1,823 3,857 104 2,750 5,781 5,149 21 . . 228,718 167,663 76,668 2,004 472 3,435 107 2,760 5,680 5,110 28.. 227,546 166,788 76,636 2,027 475 3,576 110 2,766 5,612 5,194 June 4.. 230,344 169,112 76,983 2,035 760 3,712 139 2,775 6,227 5,294 11.. 229,955 168,830 77,474 2,056 1,012 3,752 108 2,780 6,083 5,357 18.. 233,278 172,092 78,429 2,060 2,170 3,998 107 2,775 6,181 5,495 25.. 232,084 171,632 78,447 2,118 1,473 3,778 109 2,770 5,975 5,506 252. 235,480 5,763 4,845 636 238 44 169,502 78,438 2,118 849 3,530 109 2,746 5,962 5,504 July 2.. 236.418 5,580 5,357 43 162 18 170,769 78,567 2,145 863 3,828 109 2,764 6,287 5,670 9. . 234,390 5,492 4,828 550 75 39 169,409 78,505 2,146 676 3,431 106 2,767 6,033 5,483 16. . 231,945 4,529 4,408 20 74 27 168,421 78,361 2,154 409 3,152 106 2,760 5,759 5,434 23. . 234,021 5,279 5,097 129 37 16 168,278 77,978 2,152 1,123 3,181 105 2,733 5,649 5,461 30. . 233,882 5,901 5,287 564 32 18 167,903 77,629 2,139 1,263 3,200 104 2,709 5,475 5,475 Aug. 6.. 232,413 5,380 5,204 97 49 30 167,395 77,609 2,129 462 3,297 103 2,699 5,767 5,468 13.. 231.418 5,501 5,126 304 50 21 166,605 77,303 2,133 540 3,066 103 2,691 5,479 5,467 20. . 229,681 5,438 5,185 157 61 35 165,967 77,084 2,117 466 3,016 103 2,690 5,387 5,487 27. . 230,722 5,659 5,545 68 43 3 165,465 76,658 2,112 397 2,991 107 2,673 5,355 5,456 Sept. 3.. 231,911 5,790 5.563 132 77 1 166,694 76,669 2,104 715 3,244 107 3,661 5,672 5,466 10.. 232,915 6,217 4,460 1 ,664 59 34 166,922 77,010 2,084 996 3,108 106 2,645 5,552 5,386 17. . 233,507 5,599 4,774 704 92 29 168,320 77,917 2,084 721 3,323 103 2,627 5,900 5,413 24.. 232,108 5.782 5,592 42 90 58 167,903 78,097 2,094 492 3,085 103 2,617 5,787 5,473 Oct. 1 .. 233,239 6,306 5,914 202 116 74 168,867 78,440 2,089 500 3,383 111 2,594 5,883 5,493 8.. 231,042 5,383 5,140 136 71 36 168,256 78,420 2,069 373 3,053 111 2,584 5,951 5,429 15.. 232,281 5,539 5,272 142 68 57 168,816 78,667 2,063 405 3,058 103 2,583 5,962 5,473 22.. 231,746 6,561 5,884 583 49 45 168,156 78,296 2,054 1,009 2,901 102 2,582 5,515 5,399 29.. 231,898 5,959 5,364 466 16 113 167,322 77,649 2,050 681 2,905 102 2,573 5,450 5,368 Nov. 5. . 233,154 5,982 5,453 351 87 91 168,413 78,117 2,052 587 3,101 104 2,575 5,828 5,484 12.. 232,970 6,037 5.563 31 74 82 168,422 78,236 2,054 490 3,265 102 2,555 5,768 5,465 19.. 232,522 6,181 5,777 274 64 66 168,043 78,092 2,057 537 3,364 100 2,549 5,440 5,434 26. . 233,972 6,257 5,543 616 66 32 168,178 77,987 2,042 724 3,473 99 2,521 5,426 5,369 Dec. 3.. 233,639 5.782 5,246 376 114 46 168,585 78,310 2,031 599 3,320 99 2,503 5,602 5,398 10.. 234,372 6,005 5,446 259 239 61 168,819 78,486 2,028 591 3,377 100 2,481 5,629 5,428 17.. 238,229 6,322 5,881 235 100 106 172,040 80,321 2,011 492 3,406 100 2,526 6,537 5,405 24.. 237,796 6,174 5,801 161 144 68 172,498 80,458 2,013 438 3,626 99 2,495 6,528 5,439 31.. 239,780 4,641 4,035 300 156 150 175,603 81,491 2,000 1,141 4,000 105 2,565 7,005 6,143 ► Dec. 31 427 307 87 5 1 1 For notes see p. A-102. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 1970 □ WEEKLY REPORTING BANKS A 99 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS, 1969— Continued (In millions of dollars) Loans (cont.) Investments Other (cont.) U.S. Treasury securities To commercial Notes and bonds banks maturing— Wednesday Con Real sumer For All Certif estate instal eign other Bills icates Do For ment govts. 3 Within 1 to After mes eign 1 yr. 5 yrs. 5 yrs. tic 32,106 3,121 1.605 18,592 1,040 14,283 29,358 5,320 5,194 12,205 6.639 Jan. 1 32,022 4,438 1,577 18,624 1.045 14.110 28,109 4,196 5,289 12,069 6,555 ................................................ g 32,132 4,499 1,630 18,620 1.059 14,081 27,822 3,962 5,265 12,081 6,514................................................15 32,212 4,331 1,524 18,663 1,048 13.957 28,062 4,277 5,275 12,068 6,442 ................................................22 32,219 5,473 1,573 18,719 1,004 13.958 27,664 4,007 5,258 11,984 6,415................................................29 32,243 4.891 1,458 18,709 975 14,047 27,342 3,747 5.158 12,026 6,411.....................................Feb. 5 32,295 5,581 1,590 18,728 1,002 14.148 26,805 3,231 5,166 12,006 6,402 ................................................12 32.423 4.892 1,587 18,705 1,010 13,880 25,421 2,485 4,781 12.420 5,735 ................................................19 32,473 5.625 1,600 18,725 1,007 13,819 25,159 2,295 4,822 12,348 5,694 ................................................26 32,450 5.625 1.605 18,708 994 13,971 25,484 2,656 4,900 12,284 5,644 ....................................Mar. 5 32,505 4,795 1,675 18,746 996 13,874 25.116 2,397 4,885 12,256 5,578 ................................................12 32,565 5,077 1,657 18,731 996 13,931 24,926 2,259 5,026 12,073 5,568 ................................................19 32,592 5,143 1,642 18,774 1.033 13,853 24,812 2,219 5,127 11,966 5,500 ................................................26 32,623 5,379 1,688 18,832 1.059 13,991 26,072 3,521 5.210 11,914 5,427 ....................................Apr. 2 32,647 4,687 1,678 18,911 1,096 13,884 25,528 3,031 5,379 11,723 5,395 ................................................ 9 32,715 4,748 1.695 18,959 1.037 14.149 25.587 3.064 5.457 11,680 5.386 16 32,803 4,013 1,690 19,030 1.045 14,078 24,839 2,322 5.410 11,688 5,419................................................23 32,876 4.262 1,617 19,121 953 14.110 24,789 2,291 5,434 11,632 5,432 ................................................30 32,835 4,575 1,737 19,143 976 14,119 24,238 1,858 5,419 11,512 5,449 .....................................May 7 32,945 5.262 1,844 19,218 1,011 14.149 23,975 1,754 5,447 11,368 5,406 ................................................14 33,013 5.809 1,784 19,253 984 14,108 23,304 1,412 4,534 11,972 5.386 21 33,024 4.809 1.695 19,340 976 14,073 23,074 1,274 4,423 12,135 5,242 ................................................28 33,041 5,381 1,730 19,386 979 14,197 23,194 1,520 4.411 12,151 5,112.....................................June 4 33,150 4,349 1,698 19,478 969 14,090 23,035 1,368 4,459 12,112 5,096 ................................................11 33,217 4,653 1,743 19,572 977 14,240 23,134 1,806 4,143 12.125 5,060 ................................................18 33,266 5,335 1.712 19,643 1,022 14,007 22,516 1,176 4,199 12,127 5,014................................................25 33,289 492 1.712 19,689 1,022 14,042 22.587 1,183 4.211 12,167 5,026 ................................................252 33,239 516 1,760 19,752 1,023 14,246 22,817 1,434 4.189 12,154 5,040 .....................................July 2 33,232 400 1,766 19,724 1,022 14.118 22,496 1,202 4,149 12.125 5,020 ................................................ 9 33,237 375 1,809 19,730 1,016 14.119 22,165 982 4.190 12,038 4,955 ................................................16 33,254 437 1,723 19,762 1,011 13,709 22,837 2,651 4.158 12,085 4,943 ................................................23 33,288 478 1,668 19,846 1,012 13,618 23,469 2,329 4,186 12,021 4,933 ................................................30 33,263 468 1,596 19,867 1.034 13,633 23,147 2.067 4.173 12,025 4,882 .....................................Aug. 6 33,381 404 1,604 19,930 1,028 13,476 22,920 1,909 4,114 12,006 4,891................................................13 33.423 389 1.564 19,935 1,028 13,278 22,253 1,358 4,139 12,784 3,972 ................................................20 33,472 434 1,551 19.915 1,102 13,242 23,417 2,362 4,337 12,783 3,935 ................................................27 33,535 463 1,535 19.915 1,088 13,520 23,336 2,218 4.457 12,832 3,829 .....................................Sept. 3 33,594 408 1,639 19,919 1,095 13,380 23,292 2,195 4,496 12,782 3,819................................................10 33,696 440 1,503 19,958 1,065 13,570 23.116 2.068 4,472 12,760 3,816................................................17 33,766 410 1,500 20,002 1,043 13,434 22,223 1,596 4,341 12,736 3,550 ................................................24 33,676 448 1.494 19,937 1,053 13,766 22,190 1,633 3,271 13,543 3,743 .....................................Oct. 1 33,700 409 1,575 19,918 1,079 13,585 21,748 1,373 3,175 13,502 3,698 ................................................ 8 33,822 443 1,554 19,944 1.093 13,646 22,327 2,046 3.174 13.421 3,686 ................................................15 33,897 385 1.564 19,984 1.093 13,374 21,782 1,626 3,129 13,362 3,665 ................................................22 33,951 413 1.494 20.024 1,081 13,581 23,349 3,246 3,136 13.312 3,655 ................................................29 33,947 418 1,375 20.024 1,105 13,696 23,430 3,303 3,152 13,336 3.639 Nov. 5 33,995 450 1,295 20,041 1,077 13,629 22,974 2,879 3,145 13,347 3,603 ................................................12 34,056 397 1,416 20,035 1.060 13,506 22,642 2,511 3,607 13,328 3,196................................................19 34,108 410 1,362 20,046 1,071 13,540 23,879 3,779 3,633 13,393 3,074 ................................................26 34,097 373 1,472 20,055 1,068 13,658 23,668 3,623 3,658 13,383 3.004 Dec. 3 34,111 385 1,438 20,081 1,069 13,615 23,977 3,923 3,676 13,374 3.004 10 34,186 377 1.496 20,176 1.037 13,970 23,571 3,684 3,567 13,326 2,994 ................................................17 34,170 424 1,628 20,250 1,018 13,912 23,270 3,475 3,515 13,280 3,000 ................................................24 33,617 453 1.496 20,367 971 14,249 23,853 4.064 3,461 13.312 3,016................................................31 94 74 38 34 ....................................Dec. 3H For notes see p. A-102. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RUNG BANKS a MARCH 1970 LIABILITIES OF LARGE COMMERCIAL BANKS, (In millions of dollars) Investments (cont.) Other securities Cash Obligations Other bonds, items Re Bal of State corp. stock, in serves Cur ances and and process with rency with political securities of F.R. and do liab Total subdivisions collec Banks coin mestic itie tion banks Tax Certif. war All of All rants4 other partici other6 pation 5 38,966 5.040 29,448 1,488 2.990 32,874 6,407 3,352 5,547 303, 38,859 5,051 29,388 1,429 2.991 28,432 6,373 3,155 4,833 295, 38,594 4,945 29,254 1.423 2,972 30,945 6,838 3,113 4,805 296 j 38,334 4,876 29,124 1,428 2.906 27,345 7,549 3,056 4,514 291, 38.193 4,819 29,096 1,441 2,837 25,853 7,384 3,103 4,394 289, 38,113 4.841 28.932 1,433 2.907 28.271 7,209 2,743 4,675 291, 38,262 4,792 29,238 1,397 2,835 27,565 7,088 2,959 4,607 292, 38.194 4.713 29,199 1,414 2,868 28,738 6,565 2,933 4,706 289, 38,039 4,645 29,088 1.424 2,882 26,120 6,314 3,035 4,313 287, 38,248 4,852 29,165 1 ,383 2.848 29,072 6,627 2,665 4,622 292. 38.195 4,802 29.205 1,371 2,817 28,193 6,520 2,911 4.402 289! 38,095 4,805 29.103 1 ,359 2,828 28,209 6,516 2.904 4,628 290; 38,117 4.875 29,046 1 ,349 2,847 26.271 6,686 2.974 4,305 287, 37,995 4,722 28,939 1,350 2,984 28,534 6,663 2,767 4,534 292, 38,522 5,192 29.098 1.316 2,916 27,152 6,551 2,909 4.403 290; 38,401 5,170 29,044 1,319 2,868 30,825 6,762 2,908 4.798 298. 38,174 5,037 28,930 1 ,331 2,876 28,870 6,393 3,001 4,684 292; 38,383 5,082 28,987 1 ,360 2,954 32,133 8,432 2.904 4,356 299; 38,303 4.876 29.206 1 ,329 2,892 28,865 6,357 2,755 4,268 293. 38,048 4,828 29,007 1.329 2,884 31.002 5,360 2,958 4,778 296; 37,751 4.713 28,873 1.316 2.849 29.003 7,365 2,972 4,594 294; 37,684 4,623 28,848 1.330 2,883 29,864 6.775 3,034 4,633 293; 38,038 4,715 29.104 1 ,329 2,890 32,715 6,725 2,783 4,752 299 j 38.090 4.842 28,936 1,374 2,938 31,605 5,615 2.976 4,910 297. 38,052 4,833 29,015 1,325 2,879 33.351 4,950 2,999 4,973 300; 37,936 4.615 29.099 1.214 3,008 30,631 5.276 3,095 4,888 298; 37,628 4,620 29,149 1.214 2,645 30.635 5.276 3,097 4,890 302; 37,252 4,338 29,068 1 ,139 2,707 35.636 5,208 2,880 5,171 308, 36,993 4,200 29,090 1 ,116 2,587 33.594 5,133 2.977 4,773 303; 36,830 4,136 28,981 1 ,120 2,593 35,247 7,848 3,020 4,995 305; 36,627 4.040 28.933 1,113 2.541 30,198 5,637 3,038 4,950 300; 36,609 3,989 28.933 1 ,114 2,573 29,515 4,741 3,106 5,018 299; 36,491 4,013 28,812 1,118 2.548 30.595 6,945 2,793 4,605 300, 36,392 3,851 28,834 1,147 2,560 29,154 5,084 3,046 4.852 296; 36,023 3,729 28,718 1,110 2.466 29,901 6,445 2,987 4,437 296; 36,181 3,712 28,829 1,121 2,519 29,519 6.776 3.157 4,247 297; 36.091 3,690 28,753 1 ,139 2,509 30,714 5.934 2,989 4,727 299. 36,484 3,874 28,891 1 ,139 2,580 31,886 4,874 3,099 5,077 30i; 36,472 3,904 28,917 1 ,126 2,525 32,699 5.935 3,032 4,807 303 36,200 3,746 28,825 1,123 2,506 29,279 6,525 3,131 4,341 298; 35,876 3,687 28,628 1 ,094 2.467 32,976 5,802 2,947 4.852 303, 35.655 3.615 28.571 1 ,083 2,386 30,025 5,781 2,932 4,835 298; 35,599 3,536 28,526 1,116 2,421 36,300 7,429 3,026 5,579 308; 35,247 3,435 28,328 1 ,107 2,377 29.799 5,236 3,126 4,452 291, 35,268 3,433 28,298 1 ,106 2,431 30,237 6,431 3,191 4,374 299, 35,329 3,483 28,319 1 ,081 2,446 38.351 7,195 2,858 5,361 310, 35,537 3,382 28.572 1 ,085 2,498 38,717 6,261 3,144 5,153 309; 35.656 3,487 28,561 1 ,066 2.542 32,037 6,920 3.158 4.799 303; 35,658 3.366 28,581 1 ,092 2,619 33.800 6,231 2.974 4,840 305; 35,604 3,425 28,477 1,085 2,617 33,526 6,732 3,180 4,813 305 35,571 3.366 28,580 1 ,077 2.548 31,628 5,932 3,333 4,567 303; 36,296 3,591 29,030 1,111 2,564 34,765 7,485 3,336 4,971 312; 35,854 3,465 28,698 1,092 2,599 32,287 6,765 3,042 4,627 308; 35,683 3,360 28,597 1,088 2,638 36,822 6,182 3,408 6,021 316; 64 48 28 15 36 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 1970 □ WEEKLY REPORTING BANKS A 101 ASSETS AND LIABILITIES OF URGE COMMERCIAL BANKS, 1969— Continued (In millions of dollars) Deposits Demand Time and savings1 Domestic interbank Foreign IPC States States Wednesday and Certi and Do polit fied polit mes For Total IPC ical U.S. and Total ical tic eign sub Govt. Com Mutual Com offi sub inter govts. 3 divi mer sav Govts., mer cers’ Sav Other divi bank sions cial ings etc. i cial checks ings sions banks 144,249102,790 7,671 3,437 9,060 773 854 2,094 7,570 112,163 49,149 45,076 2,048 722 4.620 .Jan. 131,758 95,867 6,297 2,122 6.603 862 689 2.017 7,301 111,575 48,813 44,971 1,987 644 4,609 133,172 97,511 6,424 1,499 6,123 750 701 2.017 8,147 110,728 48,527 44,678 1,738 633 4,603 128,654 92.452 5,891 4,891 4,777 663 747 1,840 7,393 110,343 48,436 44,579 1,585 606 4,594 126,998 90.110 6,318 5,434 4,595 640 671 1.894 7,336 110,032 48.343 44,416 1,523 591 4.620 129.094 90,070 6,708 5,410 5,900 686 675 1,859 7,786 109,698 48.322 44,314 1,311 580 4,656 . Feb. 5 128,443 90,893 6.441 4,426 5,847 685 677 1,963 7,511 109,517 48,312 44.311 1,191 571 4,622 ..........12 127,535 89.452 6,413 5,160 5,651 646 689 1.910 7,614 109,305 48.322 44,162 1,058 593 4,663 ..........19 124,746 89,130 6,272 3,882 4,915 593 625 1,829 7,500 109,213 48,336 44,199 1,025 556 4,592 ..........26 127,748 90,577 6,307 3,284 6,486 686 703 1.894 7,811 108,978 48,442 43,997 0,925 564 4,549 .Mar. 5 125,178 91,727 5,848 1,671 5,409 652 669 1,884 7,318 108,883 48,513 43.907 0,867 562 4,539 ..........12 126,082 90,223 5,750 4,352 5,439 660 687 1,808 7,163 108,347 48,637 43,484 0,691 538 4,509 ..........19 123,326 89,747 6,252 2,328 5.239 619 651 1,817 6,673 108,410 48,669 43,468 0,713 544 4.522 ..........26 128,681 93,161 6,257 2,003 6,260 776 691 1,927 7,606 108.389 48.653 43,419 0,718 530 4,578 . Apr. 2 125,529 91,788 5,878 1,286 5,812 817 670 1,893 7,385 108,089 48,340 43,402 0,797 526 4,529 .......... 9 133,627 95,898 6,031 4,581 6,046 716 748 1.911 7,696 107,320 47,913 42,967 0,961 494 4,508 ..........16 128,545 91,517 5,747 4.670 5,307 636 717 1,890 8,061 107,281 47,812 42,957 1,019 493 4.512 ..........23 134.767 92,701 7.005 6,946 6,316 631 789 2.036 8,343 106,949 47,737 42.908 0,812 494 4.513 ..........30 128,588 87,392 6,409 7.670 6,028 704 661 1,932 7,792 106,840 47,728 42,846 0,764 491 4.523 .May 7 132,280 91,326 6,279 7,261 6,065 652 796 1,978 7,923 106,595 47,676 42,830 0,650 496 4,458 ..........14 127.094 88,752 6,023 6,253 5,498 631 668 1,901 7,368 106,376 47.710 42,619 0,551 488 4.528 ..........21 127,253 89,412 6,270 4,112 6.240 650 693 1,918 7,958 106,188 47,691 42,510 0,518 493 4,503 ..........28 130,194 91,208 6,513 3,439 7,012 732 727 1,974 8,589 105,868 47,683 42,310 0,429 495 4.487 .June 4 128,961 91,911 5,861 1,696 6,810 726 721 1,925 9,311 105.390 47,592 42,149 0,234 488 4,464 ..........11 133,045 91,639 5,900 6.380 7,167 725 728 2.036 8,470 104,506 47,561 41,563 0,017 474 4.444 ..........18 128,617 90,624 6.313 3.755 5.828 713 703 1.940 8.741 103,970 47.538 41,289 9.771 470 4.445 ..........25 128,606 90,613 6.313 3.755 5.828 713 703 1.940 8.741 103,961 47.538 41,282 9.771 468 4.445 .252 136,493 94,149 6,701 3,654 8,995 846 766 2,088 9,294 103,138 47,573 40,910 9,344 467 4,384 .July 2 129,812 91,279 5,925 2,546 7,352 891 725 2,180 8,914 102,388 47,404 40,549 9,205 446 4,333 .......... 9 131,337 93,515 5,866 2.041 7,276 748 724 2,063 9,104 101,667 47,218 40,299 8,951 443 4,314 ..........16 129,269 90,199 5,597 5,237 6,187 673 688 1,987 8,701 101,067 47,108 39,976 8,861 438 4,251 ..........23 127,148 90,091 6,231 3,382 6,127 628 719 2,006 7,964 100,601 46,952 39,740 8,774 434 4,277 ..........30 128,943 88,786 6,120 3.380 7,599 729 671 1,981 9,677 100,196 46,916 39,374 8,717 432 4.346 . Aug. 6 127,201 90,363 5,832 2.041 6.951 649 761 2,056 8,548 99,681 46,816 39,132 8,528 429 4.372 ..........13 126,272 88,828 5.441 2,728 7,392 637 737 2,002 8,507 99,265 46,776 38,917 8,365 436 4.373 ..........20 126,890 88,580 5,895 3,111 6,589 640 755 1,847 9.473 98,998 46,690 38,693 8,298 433 4,491 ..........27 129.567 91,904 6,361 1,228 8,183 671 716 2,065 8,439 98,580 46.653 38,588 8,145 428 4,368 .Sept. 3 131,507 91,608 6,211 1,291 8,762 695 685 2,147 10,108 98,274 46,599 38,457 8.085 422 4.346 ..........10 133,403 92,411 5,755 4,633 7,782 707 722 1,997 9,396 97,992 46,554 38.312 7,936 416 4,417 ..........17 128,842 88,739 5,979 5,474 6,157 645 727 2,048 9,073 97,898 46,532 38,179 7,886 417 4.529 ..........24 135,023 92,621 6,952 3,879 7,613 794 779 2,117 10,268 97,977 46.711 38,026 7,703 411 4,768 .Oct. 1 128,107 89.300 6,138 1,844 7,926 815 758 2,043 9,283 97,685 46,614 37,938 7,613 403 4,762 136,866 95.301 6,183 2,626 8.604 770 825 2,078 10,479 97,345 46,517 37,674 7,470 404 4,921 .15 128,739 90,828 5,692 2,613 6,973 677 707 2,172 9,077 97,163 46,476 37,515 7,380 399 5,050 .22 131,706 90,846 5,788 4,754 7,070 689 744 2,071 9,744 97,170 46,376 37,327 7,292 402 5,423 .29 140,191 92,738 6,885 3,567 20,311 805 826 2,222 12,837 96,741 46,411 37,015 7.085 388 5.487 .Nov. 5 139,742 94,250 6.006 2,764 9,863 750 783 2,159 13,167 96,609 46.344 36,824 7,030 386 5,675 ..........12 132,850 92,653 6,200 3.600 7,381 661 720 2,162 9.473 96,453 46.344 36,746 6,913 295 5,816 ..........19 135,679 93,761 6,603 4,622 7,908 621 733 2,186 9,245 96,332 46,332 36,698 6,816 292 5,853 ..........26 135,725 93.110 6,452 3,908 8.951 660 805 2,169 9,670 96,167 46,318 36,547 6.702 287 5,965 .Dec. 3 133,324 94,035 6,328 1.600 7,640 637 816 2,321 9,947 96,186 46,216 36,528 6,681 285 6,137 ..........10 140.568 96,870 6,019 5,148 8,665 671 724 2,227 10,244 96,256 46,146 36,426 6,754 286 6,305 ..........17 136.767 97,134 6,348 3,762 7,840 604 721 2,290 8,068 96,220 46,142 36,399 6,741 285 6,317 ..........24 150,897105,605 7,942 2,989 20,801 808 797 2,457 9,498 96,589 46,490 36,502 6.702 278 6,284 ..........31 254 212 19 1 12 199 146 47 .Dec. 31 A For notes see p. A-102. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 102 WEEKLY REPORTING BANKS □ MARCH 1970 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS, 1969— Continued (In millions of dollars) Borrowings Reserves Memoranda from— for— Large negotiable Fed Total time CD’s Gross eral Other Total loans included in time liabili Wednesday funds liabili capital Total and De and savings deposits11 ties of pur F.R. ties, Secur ac loans invest mand banks chased, Banks Others etc. 8 Loans ities counts (gross) ments deposits to etc. 7 ad (gross) ad Issued Issued their justed 9 ad justed i o Total to to foreign justed 9 IPC’s others branch es Jan. 1. 149 7,881 16,584 3,368 21,998 161,820 230,145 88,879 22,804 14,533 8,271 6,106 8. 117 11,479 18,296 3.493 21,914 159,762 226,729 84,598 22,359 14,220 8,139 7,485 15. 860 10,969 18,898 3.496 21,945 158,870 225,287 84,604 21,770 13,824 7,946 8,083 22. 727 10,509 19,358 3,495 21,941 157,500 223,894 81,643 21,327 13,502 7,825 8,536 29. 685 10,672 19.111 3.497 21,976 156,681 222,538 81,116 21,015 13,282 7,733 8,545 Feb. 5. 951 10,923 19,091 3.494 22,106 157,481 222,936 79,517 20,587 13,077 7,510 8,533 12. 885 12,110 19,302 3.494 22,101 158,349 223,416 80,605 20,466 12,971 7,495 8,273 19. 281 10,952 19,587 3.494 22,045 157,228 220,843 77,984 20,109 12,655 7,454 8,531 26. 260 11,200 19,862 3.494 22,071 157,578 220,774 79,830 19,954 12,586 7,368 8,822 Mar. 5. 538 12,772 20,024 3.498 22,230 158,626 222,355 78,902 19,571 12,306 7,265 9,113 12. 557 12,250 20,571 3.500 22,222 158.349 221,663 79,904 19,379 12,127 7,252 9,382 19. 630 12,399 20,944 3.500 22,161 159,030 220,050 78,080 18,795 11,655 7,140 9,715 26. 701 12,296 20.936 3,497 22,185 158.350 221,279 79,491 18,770 11,640 7,130 9,621 Apr. 2. 833 12,648 19,974 3,530 22,315 159,637 223,702 81,882 18,609 11,447 7,162 9,206 9. 518 13,796 20,342 3.522 22,329 159,701 223,752 81,278 18,482 11,349 7,133 9,511 16. 789 13,754 20,607 3.523 22,262 163,301 227,287 82,179 17,981 10,975 7,006 9,694 23. 1,001 11,996 21,602 3,522 22,264 161,614 224,629 79,704 17,980 11,005 6,975 10,281 30. 2,175 11,749 20,973 3.524 22,479 162,394 225,569 79,370 17,600 10,817 6,783 9,405 May 7. 648 13,612 21,158 3.524 22,524 166,490 225,028 76,021 17,475 10,742 6,733 9,976 14. 343 14,570 20.547 3.524 22,505 163,856 225,879 77,956 17,386 10,737 6,649 9,545 21. 804 15,514 21,922 3.524 22,464 161,852 222,912 76,341 17,117 10,515 6,602 10,095 28. 1,280 14,158 22,417 3.525 22,483 161,977 222,737 77,039 16,950 10,387 6,563 9,868 June 4. 700 16,331 23,673 3,527 22,637 163,730 224,966 77,028 16,606 10,143 6,463 10,808 11. 300 15,044 24,826 3.526 22,622 164,482 225,606 78,851 16,256 9,933 6,323 11,853 18. 565 14,974 25,026 3,525 22,564 167,442 228,629 76,144 15,613 9,417 6,196 13,057 25. 1.049 15,201 26,633 3,521 22,601 166,297 226,749 78,396 15,255 9,214 6,041 13,269 252. 12,799 1.049 2,463 27,017 3,529 126 22,629 169,930 230,146 78,385 15,252 9,211 6,041 13,269 July 2. 12,803 290 2,779 26.548 3.561 124 22,785 170,476 230,547 78,210 14,712 8,881 5,831 12,826 9. 14,091 439 2,813 27,817 3.562 124 22,771 169,676 229,163 76,317 14,353 8,631 5,722 13,833 16. 13,559 1,797 2,801 28,351 3.561 124 22,707 168,167 227,161 76,776 13,885 8,296 5,589 14,261 23. 12,542 648 2,848 27,883 3.561 127 22,705 168,022 228,490 77,650 13,750 8,157 5,593 14,369 30. 13,431 689 2,872 28,077 3.561 127 22,762 168,039 228,117 78,126 13,518 7,932 5,586 14,434 Aug. 6. 15,364 814 2.733 25,873 3,567 125 22,907 167,104 226,714 77,367 13,263 7,697 5,566 14,177 13. 14,190 151 2,923 25,774 3.562 119 22,924 166,578 225,888 79,058 13,131 7,584 5,547 14,304 20. 14,052 855 2,947 26,323 3,559 120 22.857 165,830 224,108 76,249 12,828 7,347 5,481 14,776 27. 15,019 1,100 2,602 26,185 3,570 112 22,871 165,145 224,743 77,673 12,592 7,184 5,408 14,657 Sept. 3. 15,641 425 2,567 26.112 3.575 114 23,036 166,456 225,884 79,445 12,249 7,015 5,234 14,571 10. 15,303 219 2,590 26,620 3.575 114 23,009 168,270 228,045 79,568 12,057 6,908 5,149 14,919 17. 15,672 538 2,569 26,445 3,578 114 22,901 168,710 228,297 78,295 11,799 6,678 5,121 14,592 24. 15,468 1 ,249 2,403 26,283 3,581 114 22,922 167,685 226,109 77,935 11,732 6,571 5,161 14,349 Oct. 1 . 14.719 851 2,486 25,819 3.607 113 23,102 168,814 226,876 80,556 11,700 6,403 5,297 14,118 8. 16,051 612 2.593 26,267 3.608 114 23,122 168,092 225,494 78,310 11,647 6,346 5,301 14,609 15. 16.720 964 2.593 26,848 3.600 112 23,082 168,639 226,567 79,335 11,549 6,233 5,316 14,970 22. 15,932 418 2,659 26,116 3,593 120 23,046 168,445 225,472 79,356 11,384 6,015 5,369 14,310 29. 15,409 905 2,302 25,384 3.600 113 23,120 167,504 226,122 79,646 11,511 5,902 5,609 13,649 Nov. 5. 17,156 1,016 2,338 26,336 3.601 110 23,267 168,525 227,288 77,962 11,452 5,818 5,634 14,415 12. 17,192 569 2,498 26,395 3.599 110 23,271 168,449 226,960 78,399 11,436 5,762 5,674 14,369 19. 16,526 535 2,575 27,295 3.599 110 23,175 168,052 226,354 79,832 11,388 5,861 5,527 15,048 26. 15,913 939 2,559 27,132 3,603 111 23,171 168,483 228,023 79,350 11,305 5,787 5,518 14,903 Dec. 3. 16,254 626 2,822 27,114 3,623 104 23,319 168,748 228,019 79,342 11,146 5,680 5,466 14,815 10. 16,982 520 2.733 26,802 3,631 101 23,309 168,993 228,542 82,456 11,178 5,632 5,546 14,604 17. 18,660 557 2,643 26.936 3,635 98 23,179 172,101 231,970 81,988 11,135 5,558 5,577 14,614 24. 18,325 576 2,683 27,003 3,629 85 23,210 172,447 231,572 82,877 11,056 5,515 5,541 14,430 31. 13,541 110 2,771 25,263 3,808 79 23,358 175,756 235,296 90,288 10,919 5,399 5,520 13,032 ►Dec. 31. 23 44 300 420 223 ► These amounts represent accumulated adjustments originally made 6 Includes corporate stock. to offset the cumulative effect of mergers. 7 Includes securities sold under agreements to repurchase. 8 Includes minority interest in consolidated subsidiaries. 1 Includes securities purchased under agreements to resell. 9 Exclusive of loans and Federal funds transactions with domestic com 2 For description of revision in series, see article on pp. 642-646 of the mercial banks. Bulletin for Aug. 1969. I o All demand deposits except U.S. Govt, and domestic commercial 3 Includes official institutions and so forth. banks, less cash items in process of collection. 4 Includes short-term notes and bills. II Certificates of deposit issued in denominations of $100,000 or more. 5 Federal agencies only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 1970 a BUSINESS LOANS OF BANKS, 1969 A 103 “TERM” COMMERCIAL AND INDUSTRIAL LOANS OF URGE COMMERCIAL BANKS (In millions of dollars) 1969 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Novk Dec. Durable goods manufacturing: Primary metals............................................... 1,354 1 ,356 1,388 1,358 1 ,390 1,352 1,363 1,375 1,419 1,407 1,402 1,476 Machinery....................................................... 2,323 2,238 2,429 2,488 2,432 2,474 2,555 2,509 2,556 2,507 2,566 2,749 Transportation equipment............................. 1,095 *•1,136 1 ,163 1,110 1,086 1,097 1,130 1,195 1,245 1,305 1,389 1,501 Other fabricated metal products................... 694 709 714 lie 789 798 799 780 769 770 796 761 Other durable goods...................................... 1,026 1 ,051 1 ,048 1,014 1,039 1,068 1,052 1,062 1,110 1,087 1,097 1 ,169 Nondurable goods manufacturing: Food, liquor, and tobacco............................. '707 r685 *•712 *•771 *-817 '864 '846 '861 '888 873 908 953 Textiles, apparel, and leather........................ r623 r632 r624 *•621 *•623 '650 '655 '669 '696 686 707 713 Petroleum refining.......................................... 1,504 1,536 1 ,528 1,633 1,632 1,667 1,455 1,465 1 ,477 1,282 1,310 1,356 Chemicals and rubber.................................... rl ,587 rl,571 *•1,603 '1 ,589 *-1,675 **1,697 '1,775 '1,742 '1 ,718 1,701 1,674 1,829 Other nondurable goods................................ 1,059 1,025 1 ,025 1,012 1 ,036 1,051 1 ,055 1 ,058 1 ,066 1,071 1 ,123 1,151 Mining, including crude petroleum and natural gas............................................................... 4,442 4,355 4,270 4,302 4,230 4,203 4,089 4,030 4,119 4,079 4,044 4,090 Trade: Commodity dealers........................................ 114 112 110 112 111 114 114 111 80 81 81 79 Other wholesale.............................................. r656 *•632 r678 r657 *"663 '676 '679 '663 '672 691 668 706 Retail............................................................... '1,127 *^1,149 *•1,157 '1,165 rl ,156 '1,158 '1,163 '1 ,148 ' 1,162 1,182 1,215 1 ,229 Transportation, communication, and other public utilities: Transportaion................................................. 4,025 3,972 4,032 3,988 4,014 4,081 4,042 4,061 4,107 4,115 4,146 4,414 Communication.............................................. 438 429 437 440 409 440 436 446 446 486 462 498 Other public utilities...................................... rl ,246 '1 ,230 1,232 *-1,110 M ,137 '1,150 '1,219 '1,243 '1,296 1,244 1,219 1,337 Construction....................................................... r876 *"888 *•885 *-858 **897 '901 '883 '898 '899 899 903 904 Services............................................................... *■2,682 r2,823 *•2,876 *-2,897 *•2,891 '2,875 '2,866 '2,866 '2,865 2,854 2,945 2,991 All other domestic loans................................... *•1,044 C1,068 *-1,077 '1,078 '1,074 '1,076 '1,106 '1,108 '1,184 '1,206 1,204 1,241 Foreign commercial and industrial loans........ 1,901 CI ,885 1,824 1,853 1,869 1,836 1,791 1,739 '1,701 1,692 1,690 1,642 Total loans.......................................................... *•30,523 *■30,482 *-30,812 *-30,832 *"30,970'31,228 '31,073 '31,029 '31,475 '31,218 31,549 32,789 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) 1969 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Durable goods manufacturing: Primary metals................................................ 1,923 1,938 1,970 1,990 1,983 1,980 1,956 1 ,950 1,987 2,019 1,961 2,029 Machinery....................................................... 4,697 4,700 4,941 5,161 5,168 5,229 5,381 5,298 5,426 5,522 5,492 5,808 Transportation equipment............................. 1,997 2,043 2,090 2,043 2,045 2,061 2,116 2,106 2,167 2,268 2,269 2,470 Other fabricated metal products................... 1,804 1,842 1,966 2,079 2,139 2,177 2,186 2,157 2,111 2,084 1,995 1,999 Other durable goods...................................... 2,153 2,173 2,217 2,254 2,330 2,414 2,459 2,447 2,476 2,508 2,411 2,477 Nondurable goods manufacturing : Food, liquor, and tobacco............................. 2,721 2,436 2,402 2,369 2,416 2,461 2,566 2,447 2,563 2,672 2,808 3,091 Textiles, apparel, and leather........................ 2,140 2,242 2,395 2,523 2,593 2,657 2,747 2,792 2,820 2,724 2,552 2,413 Petroleum refining.......................................... 1,828 1,925 1,909 1,976 2,006 2,060 1,962 1,844 1,785 1,703 1,643 1,685 Chemicals and rubber.................................... 2,420 2,333 2,446 2,537 2,662 2,754 2,757 2,674 2,642 2,682 2,750 2,781 Other nondurable goods......................................... 1,744 1,675 1 ,761 1,793 1,829 1,860 1,918 1 ,940 1 ,998 2,023 1,999 2,039 Mining, including crude petroleum and natural gas............................................................... 5,142 5,103 4,966 4,964 4,935 4,894 4,798 4,693 4,816 4,848 4,782 4,791 Trade: Commodity dealers........................................ 1,347 1,379 1 ,369 1,231 1,092 982 922 844 815 896 1,061 1,143 Other wholesale.............................................. 3,380 3,392 3,513 3,611 3,579 3,531 3,575 3,493 3,480 3,537 3,570 3,538 Retail............................................................... 3,633 3,772 3,845 4,065 4,205 4,274 4,241 4,097 4,006 4,232 4,406 4,344 Transportation, communication, and other public utilities: Transportation................................................ ' 5,270 5,241 5,305 5,286 5,274 5,410 5,433 5,407 5,468 5,497 5,447 5,565 Communication.............................................. 1,228 1 ,159 1,115 1,153 1,137 1,159 1,247 1,213 1,238 1,253 1,265 1,431 Other public utilities...................................... 2,946 2,748 2,666 2,607 2,618 2,798 2,953 3,034 3,085 3,235 3,154 3,327 Construction....................................................... 2,970 3,041 3,086 3,125 3,201 3,288 3,269 3,302 3,273 3,216 3,145 3,127 Services............................................................... 6,261 6,313 6,480 6,629 6,710 6,804 6,718 6,666 6,631 6,599 6,737 6,841 All other loans.................................................... 3,709 3,772 3,940 4,155 4,256 4,409 4,528 4,565 4,545 4,746 4,649 4,799 Bankers’ acceptances.......................................... 688 603 565 604 511 482 459 414 440 458 426 582 Foreign commercial and industrial loans........ 2,579 2,555 2,565 2,519 2,467 2,424 2,379 2,358 2,283 2,275 2,274 2,277 Total classified loans.......................................... 62,580 62,385 63,512 64,674 65,156 66,108 66,570 65,741 66,055 66,997 66,796 68,557 Total commercial and industrial loans of large commercial banks...................................... 73,636 73,448 74,712 76,059 76,664 77,837 78,219 77,164 77,430 78,295 78,115 79,860 For Wednesday figures and Note, see following two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 104 BUSINESS LOANS OF BANKS, 1969 □ MARCH 1970 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS— Continued (In millions of dollars) Wednesday Industry Jan. Jan. Jan. Jan. Jan. Feb. Feb. Feb. Feb. Mar. Mar. Mar. Mar. 1 8 15 22 29 5 12 19 26 5 12 19 26 Durable goods manufacturing: Primary metals................................. 1,897 1,914 1,928 1,940 1,935 1,941 1,937 1,937 1,939 1,951 1,971 1,981 1,978 Machinery........................................ 4,650 4,712 4,729 4,708 4,684 4,713 4,716 4,678 4,695 4,797 4,863 5,041 5,063 Transportation equipment.............. 1,928 1,981 2,047 2,019 2,009 1,989 2,042 2,060 2,079 2,074 2,069 2,138 2,077 Other fabricated metal products. . . 1,800 1,799 1,818 1,802 1,802 1,808 1,842 1,854 1,862 1,915 1,958 1,998 1,992 Other durable goods........................ 2,169 2,175 2,171 2,119 2,133 2,167 2,170 2,176 2,180 2,183 2,224 2,242 2,221 Nondurable goods manufacturing: Food, liquor, and tobacco.............. 2,882 2,843 2,727 2,668 2,484 2,458 2,422 2,438 2,426 2,429 2,398 2,409 2,370 Textiles, apparel, and leather.......... 2,159 2,124 2,146 2,127 2,146 2,179 2,208 2,271 2,308 2,358 2,381 2,414 2,428 Petroleum refining........................... 1,585 1,836 1,911 1,907 1,900 1,933 1,935 1,927 1,903 1,897 1,912 1,908 1,918 Chemicals and rubber..................... 2,538 2,478 2,377 2,372 2,334 2,313 2,328 2,349 2,344 2,384 2,452 2,470 2,476 Other nondurable goods................. 1,744 1,754 1,764 1,744 1,714 1,674 1,675 1,674 1,680 1 ,732 1,759 1,783 1,774 Mining, including crude petroleum and natural gas................................ 5,121 5,150 5,175 5,164 5,098 5,151 5,136 5,111 5,012 4,976 4,979 4,963 4,947 Trade: Commodity dealers................. 1,363 1,336 1,337 1,346 1,353 1,382 1,372 1,385 1,377 1,387 1,414 1,365 1,310 Other wholesale....................... 3,421 3,403 3,388 3,359 3,328 3,348 3,364 3,422 3,432 3,470 3,503 3,542 3,538 Retail........................................ 3,776 3,615 3,562 3,622 3,589 3,651 3,815 3,801 3,822 3,887 3,800 3,834 3,857 Transportation, communication, & other public utilities: Transportation................................. 5,287 5,308 5,171 5,288 5,295 5,260 5,230 5,233 5,242 5,271 5,309 5,317 5,324 1,226 1,247 1,324 1,200 1,141 1,164 1,153 1,155 1,162 1,177 1,153 1,054 1,075 Other public utilities....................... 3,016 3,025 2,989 2,893 2,812 2,804 2,759 2,708 2,721 2,674 2,654 2,660 2,675 2,945 2,942 2,963 2,999 2,999 3,025 3,046 3,049 3,044 3,042 3,070 3,108 3,123 6,264 6,220 6,259 6,272 6,291 6,256 6,301 6,320 6,376 6,440 6,448 6,510 6,521 All other domestic loans '............... 3,669 3,756 3,722 3,710 3,693 3,769 3,808 3,744 3,765 3,872 3,914 3,963 4,015 Bankers’ acceptances....................... 759 721 674 651 634 635 619 578 580 570 562 553 573 Foreign commercial & industrial 2,602 2,572 2,584 2,569 2,569 2,553 2,561 2,561 2,546 2,564 2,564 2,580 2,551 Total classified loans'......................... 62,801 62,911 62,766 62,479 61,943 62,173 62,439 62,431 62,495 63,050 63,357 63,833 63,806 Total commercial & industrial loans of large commercial banks.............. r74,149 73,958 73,831 73,516 '72,896 73,111 73,364 73,590 73,727 74,204 74,520 75,074 75,047 Wednesday Industry Apr. Apr. Apr. Apr. Apr. May May May May June June June June 2 9 16 23 30 7 14 21 28 4 11 18 25 Durable goods manufacturing: Primary metals................................. 1,980 1 ,986 2,002 2,001 1,979 1,982 1,974 1 ,983 1,997 1,996 2,013 1,955 1,956 Machinery........................................ 5,096 5,100 5,248 5,194 5,170 5,176 5,241 5,164 5,091 5,104 5,145 5,350 5,317 Transportation equipment.............. 2,057 2,038 2,063 2,024 2,033 2,062 2,053 2,044 2,019 1,971 2,048 2,132 2,093 Other fabricated metal products. . . 2,026 2,034 2,105 2,099 2,132 2,140 2,147 2,129 2,139 2,153 2,169 2,207 2,177 Other durable goods........................ 2,230 2,226 2,273 2,266 2,275 2,282 2,342 2,348 2,350 2,360 2,413 2,449 2,436 Nondurable goods manufacturing: Food, liquor, and tobacco.............. 2,397 2,369 2,338 2,380 2,361 2,371 2,442 2,468 2,383 2,426 2,400 2,473 2,544 Textiles, apparel, and leather.......... 2,450 2,511 2,568 2,539 2,549 2,576 2,592 2,601 2,603 2,610 2,643 2,666 2,710 Petroleum refining........................... 1 ,908 1 ,930 1,992 2,034 2,016 2,012 1 ,998 1,994 2,018 2,042 2,054 2,074 2,068 Chemicals and rubber..................... 2,488 2,472 2,568 2,587 2,572 2,595 2,637 2,692 2,725 2,758 2,767 2,752 2,742 Other nondurable goods................. I ,773 1 ,772 1,814 1 ,809 1 ,791 1,792 1,851 1,841 1,831 1,820 1,856 1 ,877 1,885 Mining, including crude petroleum and natural gas................................ 4,936 4,935 4,931 5,019 '5,001 4,951 4,950 4,923 4,907 4,873 4,887 4,911 4,906 Trade: Commodity dealers................. 1,289 1 ,280 1 ,226 1 ,190 1 ,170 1,149 1,073 1,073 1 ,073 1,003 1,004 964 956 Other wholesale...................... 3,579 3,582 3,620 3,657 3,615 3,606 3,579 3,587 3,542 3,522 3,505 3,542 3,558 Retail........................................ 3,867 3,850 4,121 4,188 4,300 4,257 4,227 4,175 4,164 4,212 4,238 4,339 4,306 Transportation, communication, & other public utilities: Transportation................................. 5,335 5,305 5,305 5,222 5,262 5,247 5,277 5,243 5,330 5,335 5,387 5,441 5,479 Communication............................... 1,121 1 ,125 1,191 1,170 1,154 1,152 1,142 1,130 1,122 1,131 1,110 1,195 1,198 Other public utilities........................ 2,614 2,570 2,624 2,593 '2,636 2,663 2,595 2,627 2,588 2,733 2,806 2,833 2,818 Construction........................................ 3,106 3,091 3,153 3,140 3,134 3,145 3,177 3,222 3,259 3,251 3,286 3,301 3,312 Services............................................. 6,545 6,573 6,648 6,665 6,712 6,692 6,698 6,694 6,760 6,791 6,829 6,839 6,757 All other domestic loans'............... 4,066 4,103 4,195 4,170 4,245 4,232 4,245 4,253 4,298 4,355 4,422 4,419 4,438 Bankers’ acceptances....................... 615 616 585 595 '609 554 552 480 458 454 446 504 525 Foreign commercial & industrial loans.............................................. 2,522 2,542 2,532 2,504 2,496 2,474 2,499 2,435 2,459 2,453 2,403 2,411 2,430 Total classified loans'.......................... 64,000 64,010 65,102 65,046 65,212 65,110 65,291 65,107 65,116 65,353 65,831 66,634 66,611 Total commercial & industrial loans oflarge commercial banks............. 75,269 75,337 76,568 76,462 76,659 76,579 76,768 76,668 76,636 76,983 77,474 '78,429 '78,403 For Note see facing page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 1970 □ BUSINESS LOANS OF BANKS, 1969 A 105 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS— Continued (In millions of dollars) Wednesday Industry July July July July July Aug. Aug. Aug. Aug. Sept. Sept. Sept. Sept. 2 9 16 23 30 6 13 20 27 3 10 17 24 Durable goods manufacturing: Primary metals................... 1,963 1,980 1,952 1,937 1,946 1,944 1,951 1 ,956 1,947 1,955 1,974 2,011 2,009 Machinery........................... 5,312 5,372 5,394 5,429 '5,400 5,363 5,336 5,270 5,224 5,179 5,275 5,654 5,597 Transportation equipment. 2,117 2,110 2,131 2,110 2,114 2,121 2,121 2,096 2,085 2,119 2,098 2,220 2,232 Other fabricated metal products. . . 2,196 2,193 2,202 2,169 2,171 2,192 2,183 2,151 2,102 2,116 2,080 2,130 2,118 Other durable goods.......... 2,457 2,479 2,478 2,448 2,431 2,450 2,459 2,447 2,434 2,415 2,467 2,490 '2,528 Nondurable goods manufacturing: Food, liquor, and tobacco. 2,591 2,557 2,561 2,613 2,507 2,488 2,405 2,482 2,415 2,481 2,561 2,622 '2,587 Textiles, apparel, and leather.......... 2,748 2,745 2,754 2,744 2,743 2,775 2,797 2,807 2,787 2,803 2,828 2,840 2,808 Petroleum refining.............. 2,053 2,023 1,995 1,856 '1,882 1,868 1,833 1,845 1,829 1,831 1,740 1,745 1,825 Chemicals and rubber........ 2,777 2,779 2,752 2,750 2,726 2,721 2,692 2,646 2,637 2,614 2,615 2,692 '2,648 Other nondurable goods... 1,906 1,910 1,924 1,926 1,928 1,935 1,931 1,942 1,953 1,964 1,953 2,028 2,048 Mining, including crude petroleum and natural gas................... 4,821 4,833 4,815 4,775 4,744 4,695 4,701 4,697 4,679 4,702 4,910 4,801 4,852 Trade: Commodity dealers... 929 931 950 919 882 876 864 821 815 822 814 800 824 Other wholesale......... 3,586 3,568 3,575 3,600 3,544 3,538 3,503 3,487 3,442 3,451 3,458 3,490 3,521 Retail.......................... 4,337 4,238 4,273 4,206 4,154 4,173 4,113 4,081 4,021 4,015 3,967 3,991 4,051 Transportation, communication, & other public utilities: Transportation................... 5,478 5,456 5,422 5,407 5,402 5,382 5,399 5,433 5,415 5,416 5,469 5,495 5,490 Communication.................. 1 ,251 1,255 1,242 1,247 1,239 1,251 1,203 1,214 1,183 1,200 1,206 1,254 1,292 Other public utilities.......... 2,934 2,922 2,929 2,971 3,010 3,065 3,041 3,001 3,030 3,069 3,067 3,091 3,113 Construction........................... 3,257 3,255 3,280 3,292 3,263 3,306 3,318 3,309 3,275 3,255 3,255 3,294 3,286 6,712 6,763 6,731 6,722 6,662 6,660 6,646 6,661 6,696 6,659 6,615 6,638 6,612 All other domestic loans.. 4,570 4,549 4,498 4,505 4,519 4,541 4,587 4,562 4,569 4,534 4,522 4,544 4,580 Bankers’ acceptances.......... 466 494 452 443 441 420 406 427 404 418 466 463 414 Foreign commercial & industrial loans................................ 2,397 2,366 2,358 2,379 2,394 2,363 2,380 2,352 2,336 2,296 2,317 2,258 2,262 Total classified loans.......... 66,858 66,778 66,668 66,448 66,102 66,127 65,869 65,687 65,278 65,314 65,657 66,551 66,697 Total commercial & industrial loans r78,567 '78,505 '78,361 '77,978 '77,629 '77,609 '77,203 '77,084 '76,658 76,669 77,010 77,917 78,097 Wednesday Industry Oct. Oct. Oct. Oct. Oct. Nov. Nov. Nov. Nov. Dec. Dec. Dec. Dec. Dec. 1 8 15 22 29 5 12 19 26 3 10 17 24 31 Durable goods manufactur ing Primary metals................... 2,021 2,038 2,031 2,020 1,984 1,968 1,968 1,960 1,948 1,965 2,006 2,044 2,043 2,085 Machinery.......................... 5,578 5,565 5,565 5,524 5,376 5,427 5,502 5,526 5,514 5,510 5,694 5,942 5,970 5,926 Transportation equipment. 2,228 2,241 2,298 2,312 2,264 2,222 2,255 2,249 2,348 2,342 2,371 2,474 2,531 2,632 Other fabricated metal products......................... 2,115 2,107 2,124 '2,051 2,021 2,002 2,036 1,977 1,966 1,982 1,983 2,034 1,993 2,003 Other durable goods.......... r2,548 '2,554 '2,530 '2,488 2,424 2,431 2,431 2,399 2,380 2,386 2,438 2,538 2,509 2,515 Nondurable goods manufac turing : Food, liquor, and tobacco. r2,603 '2,669 '2,708 2,733 2,648 2,721 2,724 2,868 2,920 2,906 2,928 3,126 3,242 3,253 Textiles, apparel, and leather............................. 2,792 2,772 2,757 2,690 2,610 2,588 2,585 2,538 2,496 2,470 2,437 2,429 2,391 2,337 Petroleum refining................. 1,835 1,725 1,671 1,654 1,631 1,650 1,657 1,631 1,632 1,662 1,679 1,673 1,695 1,718 Chemicals and rubber....... '2,725 '2,692 '2,667 2,655 2,669 2,759 2,759 2,771 2,710 2,676 2,720 2,811 2,851 2,845 Other nondurable goods... 2,032 2,024 2,029 2,016 2,013 2,019 1,998 1,987 1,994 2,003 2,003 2,038 2,067 2,084 Mining, including crude pe troleum and natural gas. 4,891 4,847 4,840 4,846 4,814 4,783 4,788 4,798 4,758 4,721 4,768 4,820 4,810 4,837 Trade: Commodity dealers.. 822 850 921 938 949 1,023 1,062 1 ,078 1,081 1,122 1,131 1,142 1,131 1,190 Other wholesale........ 3,552 3,536 3,546 3,543 3,509 3,536 3,531 3,506 3,707 3,513 3,511 3,546 3,551 3,569 Retail........................ 4,073 4,164 4,269 4,276 4,378 4,509 4,449 4,472 4,193 4,417 4,344 4,445 4,333 4,180 Transportation, communica tion, and other public utilities: Transportation................... 5,530 5,517 5,489 5,454 5,493 5,464 5,451 5,436 5,438 5,477 5,454 5,568 5,590 5,736 Communication................. 1,223 1,245 1,265 1,281 1,249 1,252 1,265 1,261 1,281 1,349 1,319 1,463 1,483 1,539 Other public utilities......... 3,266 3,245 3,233 3,232 3,202 3,237 3,157 3,078 3,145 3,214 3,184 3,322 3,351 3,565 Construction.......................... 3,238 3,219 3,214 3,227 3,180 3,148 3,140 3,170 3,121 3,131 3,097 3,138 3,128 3,142 6,592 5,581 6,604 6,615 6,602 6,680 6,727 6,768 6,773 6,783 6,759 6,815 6,828 7,020 All other domestic loans. . 4,696 4,754 4,802 4,779 4,701 4,732 4,731 4,572 4,563 4,759 4,685 4,821 4,784 4,945 Bankers’ acceptances........ 436 465 487 455 447 420 423 435 428 457 507 576 664 708 Foreign commercial and industrial loans.............. 2,276 2,267 2,284 2,261 2,286 2,285 2,270 2,291 2,253 2,262 2,281 2,312 2,292 2,238 Total classified loans......... r67,072 '67,077 '67,334 67,050 66,450 66,856 66,909 66,771 66,649 67,107 67,299 69,077 69,237 70,067 Total commercial and indus trial loans....................... '78,440 '78,420 '78,667 78,296 77,649 78,117 '78,236 78,092 '77,987 '78,310 '78,486 '80,321 '80,458 '81,491 Note.—Data for sample of about 160 banks reporting changes in their cent of those of all commercial banks, larger loans; these banks hold about 70 per cent of total commercial and Monthly figures are averages of figures for Wednesday dates, industrial loans of all weekly reporting member banks and about 60 per Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 106 INTEREST RATES, 1969 □ MARCH 1970 MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable)4 Finance Prime CO. Prime Period coml. paper bankers’ Federal 3-month bills 5 6-month bills 5 9- to 12-month issues paper, placed accept funds 3- to 5- 4- to 6- directly, ances, rate 3 year months 1 3- to 6- 90 days 1 Rate on Market Rate on Market Bills (mar Other 6 issues 7 months 2 new issue yield new issue yield ket yield) 5 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 Week ending— 1968—Dec. 28.......... 6.38 6.00 6.47 6.25 6.278 6.20 6.401 6.35 6.38 6.41 6.17 1969—Jan. 4.......... 6.56 6.00 6.50 5.95 6.199 6.15 6.332 6.32 6.24 6.34 6.12 11.......... 6.58 6.13 6.58 6.43 6.227 6.17 6.365 6.35 6.11 6.37 6.18 18......... 6.53 6.13 6.50 6.36 6.215 6.10 6.375 6.26 5.95 6.22 6.02 25......... 6.50 6.13 6.38 6.46 6.076 6.10 6.233 6.25 6.05 6.22 5.95 Feb. 1.......... 6.50 6.23 6.38 6.27 6.167 6.16 6.255 6.27 6.07 6.22 6.01 8.......... 6.50 6.25 6.38 6.32 6.251 6.19 6.359 6.34 6.19 6.19 6.08 15.......... 6.50 6.31 6.38 6.75 6.199 6.09 6.349 6.28 6.14 6.16 6.07 22......... 6.70 6.38 6.48 6.75 6.092 6.08 6.268 6.26 6.18 6.21 6.18 Mar. 1.......... 6.75 6.38 6.63 6.61 6.080 6.10 6.258 6.30 6.26 6.26 6.29 8.......... 6.75 6.38 6.68 6.75 6.215 6.11 6.342 6.27 6.30 6.28 6.37 15.......... 6.75 6.38 6.70 6.75 6.049 6.01 6.233 6.16 6.19 6.23 6.34 22.......... 6.88 6.38 6.63 6.82 6.108 6.00 6.221 6.16 6.17 6.19 6.34 29.......... 6.88 6.38 6.63 6.87 5.946 5.94 6.096 6.06 6.10 6.18 6.30 Apr. 5.......... 6.88 6.38 6.63 6.66 6.065 6.04 6.136 6.10 6.14 6.18 6.26 12 7.00 6.38 6.75 7.04 6.167 6.15 6.185 6.16 6.09 6.17 6.19 19......... 7.03 6.38 6.88 7.63 6.195 6.19 6.189 6.20 6.03 6.11 6.10 26.......... 7.13 6.38 7.00 7.48 6.175 6.13 6.164 6.13 5.98 6.07 6.11 May 3.......... 7.18 6.43 7.05 7.78 6.053 5.93 6.043 6.03 5.96 5.99 6.17 10.......... 7.25 6.50 7.18 8.23 5.978 5.97 6.063 6.07 6.05 6.06 6.21 17.......... 7.38 6.50 7.48 8.30 6.084 6.07 6.191 6.19 6.13 6.23 6.30 24.......... 7.38 6.50 7.50 8.91 6.148 6.05 6.231 6.12 6.08 6.38 6.39 31.......... 7.47 6.69 7.50 8.92 6.124 6.10 6.218 6.28 6.19 6.53 6.50 June 7.......... 7.68 6.91 7.50 9.20 6.191 6.25 6.454 6.58 6.61 6.78 6.57 14.......... 8.20 7.08 7.90 9.13 6.591 6.65 6.927 6.88 6.89 7.16 6.60 21.......... 8.40 7.31 8.08 8.54 6.666 6.57 6.654 6.70 6.77 6.94 6.57 28.......... 8.55 7.59 8.38 8.34 6.524 6.29 6.866 6.84 7.09 7.28 6.77 July 5......... 8.66 7.81 8.50 9.00 6.456 6.58 6.944 6.94 7.33 7.71 7.00 12.......... 8.75 7.81 8.50 9.07 7.069 6.94 7.309 7.19 7.08 7.67 7.04 19.......... 8.65 7.83 8.43 9.23 7.105 7.00 7.400 7.34 7.08 7.52 6.95 26.......... 8.63 8.00 8.35 8.50 7.220 7.10 7.459 7.32 7.13 7.52 7.02 Aug. 2.......... 8.50 8.00 8.18 8.05 7.172 7.08 7.313 7.19 7.16 7.53 7.07 9.......... 8.38 7.83 8.03 9.57 6.994 6.98 7.085 7.11 7.29 7.42 7.01 16......... 8.38 7.75 8.10 9.18 7.081 6.99 7.277 7.25 7.32 7.56 7.14 23.......... 8.30 7.65 8.00 8.79 6.856 6.86 7.121 7.15 7.17 7.45 7.03 30......... 8.25 7.56 8.00 8.82 7.098 7.06 7.293 7.27 7.30 7.59 7.14 Sept. 6.......... 8.25 7.56 8.09 9.57 7.014 7.02 7.166 7.24 7.34 7.67 7.30 13.......... 8.40 7.60 8.13 8.57 7.184 7.10 7.408 7.30 7.34 7.74 7.44 20.......... 8.50 7.63 8.13 9.07 7.156 7.12 7.329 7.34 7.33 7.76 7.63 27.......... 8.60 7.63 8.15 9.61 7.161 7.10 7.362 7.31 7.37 7.80 7.74 Oct. 4.......... 8.83 7.73 8.25 9.11 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 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. i Selected note and bond issues. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH 1970 n INTEREST RATES, 1969 A 107 BOND AND STOCK YIELDS (Per cent per annum) Government bonds Corporate bonds Stocks State By selected By Dividend/ Earnings / Period United and local rating group price ratio price ratio States (long Total term) 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 Common 1969—Jan... 5.74 4.89 4.58 5.34 6.89 5.59 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 6.45 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 6.37 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 Week ending— 1968—Dec. 28. 5.82 4.82 4.57 5.25 6.88 6.53 7.31 6.77 7.05 6.96 6.02 2.96 1969—Jan. 4. 5.74 4.82 4.57 5.25 6.91 6.55 7.35 6.79 7.02 7.03 6.01 2.99 11. 5.78 4.90 4.58 5.35 6.91 6.58 7.35 6.80 6.98 7.03 5.96 3.08 18. 5.72 4.90 4.58 5.35 6.90 6.59 7.34 6.78 6.98 7.03 5.94 3.06 25. 5.70 4.90 4.58 5.35 6.89 6.59 7.29 6.75 6.96 7.02 5.91 3.05 Feb. 1. 5.79 4.95 4.60 5.40 6.87 6.59 7.27 6.74 6.99 6.98 5.89 3.05 8. 5.88 5.03 4.72 5.45 6.90 6.63 7.29 6.78 6.98 7.02 5.88 3.04 15. 5.76 5.03 4.72 5.45 6.94 6.66 7.31 6.84 6.99 7.06 5.90 3.03 22. 5.86 4.97 4.70 5.38 6.93 6.66 7.28 6.83 6.99 7.05 5.93 3.12 Mar. 1. 5.93 5.06 4.80 5.45 6.94 6.68 7.30 6.85 6.99 7.06 6.03 3.19 8. 5.95 5.18 4.90 5.55 7.00 6.72 7.39 6.88 7.06 7.12 6.07 3.16 15. 6.07 5.20 4.92 5.60 7.05 6.75 7.46 6.92 7.13 7.18 6.08 3.18 22. 6.11 5.30 5.02 5.65 7.18 6.94 7.57 7.11 7.20 7.27 6.09 3.18 29. 6.07 5.30 5.02 5.65 7.23 6.99 7.63 7.16 7.24 7.35 6.12 3.14 Apr. 5. 6.01 5.27 5.00 5.61 7.23 6.99 7.60 7.13 7.25 7.37 6.08 3.12 12. 5.93 5.28 5.05 5.60 7.21 6.97 7.59 7.12 7.24 7.34 6.15 3.11 19. 5.79 5.24 5.00 5.57 7.17 6.88 7.55 7.07 7.23 7.28 6.12 3.13 26. 5.75 5.19 4.95 5.50 7.12 6.81 7.50 7.03 7.27 7.19 6.18 3.13 May 3. 5.77 5.19 4.95 5.50 7.11 6.80 7.50 7.03 7.29 7.14 6.18 3.05 10. 5.70 5.19 4.95 5.50 7.10 6.79 7.49 7.00 7.27 7.13 6.13 3.03 17. 5.77 5.30 5.10 5.55 7.06 6.75 7.48 6.96 7.24 7.10 6.15 2.98 24. 5.92 5.47 5.30 5.67 7.09 6.78 7.55 6.98 7.26 7.16 6.23 3.02 31. 6.11 5.58 5.40 5.80 7.14 6.83 7.58 7.03 7.30 7.22 6.28 3.05 June 7. 6.09 5.73 5.55 5.95 7.19 6.90 7.62 7.10 7.31 7.28 6.27 3.07 14. 6.05 5.82 5.60 6.05 7.24 6.96 7.66 7.16 7.31 7.33 6.29 3.17 21. 6.03 5.82 5.60 6.05 7.31 7.03 7.74 7.21 7.38 7.43 6.37 3.22 28. 6.04 5.75 5.55 6.00 7.33 7.03 7.77 7.19 7.45 7.46 6.38 3.27 July 5. 6.08 5.75 5.55 6.00 7.34 7.03 7.77 7.19 7.45 7.48 6.36 3.20 12. 6.11 5.70 5.52 5.98 7.39 7.08 7.83 7.27 7.51 7.52 6.43 3.27 19. 6.05 5.70 5.52 5.98 7.41 7.10 7.88 7.31 7.51 7.53 6.39 3.33 26. 6.04 5.80 5.62 6.05 7.40 7.10 7.85 7.32 7.51 7.47 6.39 3.40. Aug. 2. 6.05 6.01 5.78 6.32 7.38 7.05 7.84 7.33 7.51 7.41 6.54 3.52 9. 5.98 5.91 5.70 6.20 7.38 7.00 7.88 7.32 7.55 7.41 6.42 3.37 16. 6.01 5.95 5.73 6.23 7.35 6.96 7.82 7.27 7.55 7.38 6.46 3.41 23., 6.00 5.95 5.73 6.23 7.36 6.95 7.84 7.26 7.58 7.38 6.43 3.33 30., 6.07 6.09 5.80 6.47 7.39 6.98 7.90 7.28 7.59 7.44 6.48 3.35 Sept. 6.. 6.18 6.09 5.80 6.47 7.43 7.05 7.95 7.34 7.60 7.49 6.46 3.33 13.. 6.23 6.27 5.85 6.65 7.50 7.12 8.03 7.39 7.68 7.56 6.58 3.33 20.. 6.31 6.27 5.85 6.65 7.55 7.16 8.07 7.43 7.68 7.67 6.64 3.35 27.. 6.41 6.19 5.82 6.55 7.58 7.19 8.08 7.45 7.70 7.69 6.74 3.31 Oct. 4.. 6.56 6.22 5.83 6.58 7.66 7.28 8.18 7.53 7.73 7.82 6.87 3.42 11.. 6.34 6.15 5.80 6.40 7.74 7.37 8.26 7.62 7.70 7.98 6.78 3.41 18.. 6.16 6.05 5.75 6.38 7.77 7.39 8.26 7.65 7.76 7.99 6.80 3.31 25.. 6.07 6.13 5.80 6.48 7.71 7.31 8.21 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. 6.65 6.68 6.34 7.05 7.97 7.60 8.45 7.79 8.01 8.22 7.08 3.50 6 6 . .7 8 3 4 6 6 . . 9 8 2 2 6 6 . . 5 4 7 8 7 7 . .3 2 2 0 8 8 . . 1 0 5 5 7 7. . 7 6 3 4 8 8. .5 6 7 8 7 7 . . 9 8 5 3 8 8 . . 0 1 7 9 8 8. . 3 4 5 4 7 7 . . 2 3 1 3 3 3 . . 5 5 9 4 6.92 6.92 6.57 7.32 8.27 7.84 8.80 8.13 8.28 8.50 7.16 3.51 1 Includes bonds rated Aa and A, data for which are not shown sep Corporate bonds: Average of daily figures. Both of these series are from arately. Because of a limited number of suitable issues, the number of Moody’s Investors Service series. Stocks: Standard and Poor’s Corporate corporate bonds in some groups has varied somewhat. series. Dividend/price ratios are based on Wed. figures; earnings/price. Ratios are as of end of period. Preferred stock ratio is based on eight Note.—Computed as follows: U.S. Govt, bonds: Averages of daily median yields for a sample of noncallable issues—12 industrial and two figures for bonds maturing or callable in 10 years or more. State and public utility; common stock ratios on the 500 stocks in the price index. local govt, bonds: General obligations only, based on Thurs. figures. Quarterly earnings are seasonally adjusted at annual rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 108 FEDERAL RESERVE PAR LIST o MARCH 1970 NUMBER OF PAR AND NONPAR BANKING OFFICES Par Total Nonpar (nonmember) F.R. district, Total Member Nonmember State, or other area Branches Branches Branches Branches Branches Banks and offices Banks and offices Banks and offices Banks and offices Banks and offices Total, including Puerto Rico and Virgin Islands:1 Dec. 31, 1968..................... 13,598 19,186 12,666 18,868 5,977 14,582 6,689 4,286 932 318 Dec. 31, 1969..................... 13,578 20,396 12,786 20,131 5,870 15,240 6,916 4,891 792 265 F.R. districts, Dec. 31, 1969: Boston................................. 379 1,502 379 1,502 236 1,118 143 384 New York1......................... 488 3,253 488 3,253 364 2,865 124 388 Philadelphia....................... 483 1,416 483 1,416 345 1,017 138 399 Cleveland............................ 806 1,853 806 1,853 475 1,536 331 317 Richmond........................... 749 2,754 699 2,729 366 1,697 333 1,032 50 25 Atlanta............................... 1,612 1,301 1,278 1,180 538 863 740 317 334 121 Chicago............................... 2,547 2,198 2,547 2,198 952 1,448 1,595 750 St. Louis............................. 1,506 809 1,354 757 465 442 889 315 152 52 Minneapolis....................... 1,358 263 1,179 209 490 121 689 88 179 54 Kansas City........................ 1,941 262 1,941 262 829 166 1,112 96 Dallas................................. 1,306 235 1,229 222 640 122 589 100 San Francisco..................... 403 4,550 403 4,550 170 3,845 233 705 State or area, Dec. 31, 1969: Alabama............................. 268 247 206 232 109 190 97 42 Alaska................................. 10 58 10 58 5 52 5 6 Arizona............................... 12 300 12 300 5 221 7 79 Arkansas............................. 248 155 176 144 80 99 96 45 72 California........................... 149 2,898 149 2,898 77 2,599 72 299 Colorado............................. 223 12 223 12 137 8 86 4 Connecticut........................ 59 405 59 405 31 314 28 91 Delaware............................. 19 79 19 79 7 37 12 42 District of Columbia.......... 14 100 14 100 12 93 2 7 Florida................................ 471 29 471 29 218 13 253 16 Georgia............................... 432 268 260 256 72 199 188 57 172 Hawaii................................ 7 130 7 130 1 7 6 123 Idaho................................... 26 149 26 149 15 133 11 16 Illinois................................. 1,086 74 1,086 74 501 56 585 18 Indiana............................... 409 602 409 602 191 384 218 218 Iowa.................................... 668 301 668 301 154 75 514 226 Kansas................................ 603 61 603 61 209 36 394 25 Kentucky............................ 345 306 345 306 94 183 251 123 Louisiana........................... 231 360 133 295 59 205 74 90 98 65 Maine................................. 41 206 41 206 27 152 14 54 Maryland............................ 122 491 122 491 54 304 68 187 Massachusetts..................... 160 711 160 711 102 565 58 146 Michigan............................. 331 1,157 331 1,157 203 952 128 205 Minnesota........................... 723 10 723 10 223 6 500 4 Mississippi.......................... 181 323 89 251 44 143 45 108 92 Missouri............................. 665 85 665 85 170 38 495 47 Montana............................. 135 5 135 5 89 4 46 1 Nebraska........................... 437 39 437 39 138 23 299 16 Nevada............................... 8 81 8 81 5 71 3 10 New Hampshire................. 75 52 75 52 51 47 24 5 New Jersey......................... 226 890 226 890 173 767 53 123 New Mexico....................... 64 120 64 120 39 72 25 48 New York........................... 313 2,298 313 2,298 253 2,175 60 2123 North Carolina.................. 106 1,015 77 993 25 499 52 494 29 22 North Dakota.................... 168 68 77 36 46 13 31 23 91 32 Ohio.................................... 521 1 ,216 521 1 ,216 339 1,024 182 192 Oklahoma........................... 425 58 425 58 240 47 185 11 Oregon................................ 51 318 51 318 11 240 40 78 Pennsylvania....................... 491 1,616 491 1 ,616 342 1,216 149 400 Rhode Island..................... 13 161 13 161 5 89 8 72 South Carolina................... 105 378 84 375 26 229 58 146 21 3 South Dakota..................... 163 94 75 72 58 59 17 13 88 22 Tennessee........................... 304 451 257 440 88 296 169 144 47 11 Texas................................... 1,165 66 1,145 66 585 27 560 39 20 Utah.................................... 51 127 51 127 17 93 34 34 Vermont............................. 43 78 43 78 26 45 17 33 Virginia............................... 233 766 233 766 145 570 88 196 Washington........................ 92 521 92 521 35 453 57 68 West Virginia..................... 195 5 195 5 115 2 80 3 Wisconsin........................... 601 252 601 252 165 77 436 175 Wyoming............................ 70 2 70 2 53 1 17 1 Puerto Rico1...................... 13 182 13 182 17 13 165 Virgin Islands1................... 7 20 7 20 1 20 6 1 Puerto Rico and the Virgin Islands assigned to the New York District Note.—Includes all commercial banking offices in the United States, for purposes of Regulation J, “Check Clearing and Collection.” Member Puerto Rico, and the Virgin Islands on which checks are drawn, including branches in Puerto Rico and all except seven in the Virgin Islands are 223 banking facilities. Number of banks and branches differs from that branches of New York City banks. Certain branches of Canadian banks in the table on page A-96 of the Feb. 1970 Bulletin, because this table (two in Puerto Rico and one in Virgin Islands) are included above in the includes banks in Puerto Rico and the Virgin Islands but excludes banks table as nonmember banks; and nonmember branches in Puerto Rico and trust companies on which no checks are drawn. include eight branches of Canadian banks. 2 Includes nine New York City branches of three insured nonmember Puerto Rican banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 109 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Arthur F. Burns, Chairman J. L. Robertson, Vice Chairman George W. M itch e ll J. Dewey Daane Sherman J. M aisel Andrew F. Brimmer W illiam W. Sh errill 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. Grimwood, Defense Planning Charles C. W alcutt, Assistant Director Coordinator and Assistant Secretary Lloyd M. Schaeffer, Chief Federal Reserve Examiner LEGAL DIVISION David B. Hexter, General Counsel DIVISION OF SUPERVISION AND REGULATION Thomas J. O’Connell, Deputy General Frederic Solomon, Director Counsel **Brenton C. Leavitt, Deputy Director Jerome W. Shay, Assistant General Counsel Frederick R. Dahl, Assistant Director Robert F. Sanders, Assistant General Counsel Jack M. Egertson, Assistant Director Pauline B. Heller, Adviser Janet O. Hart, Assistant Director DIVISION OF RESEARCH AND STATISTICS John N. Lyon, Assistant Director J. Charles Partee, Director M ilton 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 Edwin J. Johnson, Director Murray S. Wernick, Adviser John J. Hart, Assistant Director Kenneth B. Williams, Adviser Peter M. Keir, Associate Adviser DIVISION OF ADMINISTRATIVE SERVICES Bernard Shull, Associate Adviser James B. Eckert, Assistant Adviser Joseph E. Kelleher, Director James L. Pierce, Assistant Adviser Donald E. Anderson, Assistant Director Stephen P. Taylor, Assistant Adviser John D. Smith, Assistant Director Louis Weiner, Assistant Adviser Joseph S. Zeisel, Assistant Adviser OFFICE OF THE CONTROLLER John Kakalec, Controller DIVISION OF INTERNATIONAL FINANCE Harry J. Halley, Assistant Controller Robert Solomon, Director * Robert L. Sammons, Associate Director DIVISION OF DATA PROCESSING John E. Reynolds, Associate Director John F. L. Ghiardi, Adviser Jerold E. Slocum, Director A. B. Hersey, Adviser John P. Singleton, Associate Director Reed J. Irvine, Adviser Glenn L. Cummins, Assistant Director Samuel I. Katz, Adviser Richard S. Watt, Assistant Director Bernard Norwood, Adviser Ralph C. Wood, Adviser *On leave of absence. Robert F. Gemmill, Associate Adviser ** Currently serving also as Program Director for Digitized for FSRaAmSuEeRl Pizer, Associate Adviser Banking Structure in the Office of the Secretary. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 110 FEDERAL OPEN MARKET COMMITTEE A rthur F. Burns, Chairman A lfred Hayes, Vice Chairman Aubrey N. H eflin J. L. Robertson A ndrew F. Brim m er J. D ewey D aane W. Braddock Hickman W illiam W. Sherrill Darryl R. Francis Sherman J. M aisel Eliot J. Swan George W. M itch ell Robert C. Holland, Secretary Arthur L. Broida, Deputy Secretary George Garvy, Associate Economist Kenneth A. Kenyon, Assistant Secretary Lyle E. Gramley, Associate Economist Charles Molony, Assistant Secretary A. B. Hersey, Associate Economist Howard H. Hackley, General Counsel William J. Hocter, Associate Economist David B. Hexter, Assistant General Counsel Homer Jones, Associate Economist J. Charles Partee, Economist James Parthemos, Associate Economist Stephen H. Axilrod, Associate Economist John E. Reynolds, Associate Economist J. Howard Craven, Associate Economist Robert Solomon, 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. C raft, 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 H erbert V. Prochnow, Secretary W illiam J. Korsvik, Assistant Secretary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 111 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 David Eastburn Bayard L. England David Melnicoff 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 I. 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 112 FEDERAL RESERVE BOARD PUBLICATIONS Available from Publications Services, Division of Administrative Services, Board of Governors of the Federal Re serve 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 COM or more of same issue sent to one address, $5.00 PANIES. 1967. 29 pp. $.25 a copy; 10 or more per annum or $.50 each. Elsewhere, $7.00 per sent to one address, $.20 each. annum or $.70 a copy. FARM DEBT. Data from the 1960 Sample Survey FEDERAL RESERVE CHART BOOK ON FINANCIAL of Agriculture. 1964. 221 pp. $1.00 a copy; 10 AND BUSINESS STATISTICS. Monthly. Annual or more sent to one address, $.85 each. subscription includes one issue of Historical Chart Book. $6.00 per annum or $.60 a copy in MERCHANT AND DEALER CREDIT IN AGRICUL the United States and the countries listed above; TURE. 1966. 109 pp. $1.00 a copy; 10 or more 10 or more of same issue sent to one address, sent to one address, $.85 each. $.50 each. Elsewhere, $7.00 per annum or $.70 a copy. THE FEDERAL FUNDS MARKET. 1959. Ill pp. $1.00 a copy; 10 or more sent to one address, HISTORICAL CHART BOOK. Issued annually in Sept. $.85 each. Subscription to monthly chart book includes one issue. $.60 a copy in the United States and 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 STA visions of certain other statutes affecting the TISTICS. Sec. 1. Banks and the Monetary Sys Federal Reserve System. 353 pp. $1.25. tem. 1962. 35 pp. $.35. Sec. 2. Member Banks. 1967. 59 pp. $.50. Sec. 5. Bank Debits. 1966. 36 REGULATIONS OF THE BOARD OF GOVERNORS OF pp. $.35. Sec. 6. Bank Income 1966. 29 pp. THE FEDERAL RESERVE SYSTEM. $.35. Sec. 9. Federal Reserve Banks. 1965. 36 pp. $.35. Sec. 10. Member Bank Reserves and 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 113 INTEREST RATE EXPECTATIONS: TESTS ON YIELD RESERVE ADJUSTMENTS OF THE EIGHT MAJOR SPREADS AMONG SHORT-TERM GOVERNMENT NEW YORK CITY BANKS DURING 1966. 1968. SECURITIES. 1968. 83 pp. $.50 a copy; 10 or 29 pp. more sent to one address, $.40 each. DISCOUNT POLICY AND OPEN MARKET OPERA TIONS. 1968. 23 pp. SURVEY OF FINANCIAL CHARACTERISTICS OF CONSUMERS. 1966. 166 pp. $1.00 a copy; 10 or more sent to one address, $.85 each. THE REDESIGNED DISCOUNT MECHANISM AND THE MONEY MARKET. 1968. 29 pp. SURVEY OF CHANGES IN FAMILY FINANCES. 1968. SUMMARY OF THE ISSUES RAISED AT THE ACA 321 pp. $1.00 a copy; 10 or more sent to one DEMIC SEMINAR ON DISCOUNTING. 1968. address, $.85 each. 16 pp. REPORT OF THE JOINT TREASURY-FEDERAL RE A REVIEW OF RECENT ACADEMIC LITERATURE SERVE STUDY OF THE U.S. GOVERNMENT ON THE DISCOUNT MECHANISM. 1968. 40 pp. SECURITIES MARKET. 1969. 48 pp. $.25 a copy; 10 or more sent to one address, $.20 each. DISCOUNT POLICY AND BANK SUPERVISION. 1968. 72 pp. (Limited supplies of the staff studies on the Government Securities Market Study, as THE LEGITIMACY OF CENTRAL BANKS. 1969. listed on page 48 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 RE VISION OF REGULATION A. 1969. 33 pp. pp. $.25 a copy; 10 or more sent to one ad dress, $.20 each. AN EVALUATION OF SOME DETERMINANTS OF MEMBER BANK BORROWING. 1969. 29 pp. REPORT ON RESEARCH UNDERTAKEN IN CON NECTION WITH A SYSTEM STUDY. 1968. 47 pp. $.25 a copy; 10 or more sent to one STAFF ECONOMIC STUDIES address, $.20 each. Studies and papers on economic and financial sub jects that are of general interest in the field of Limited supply of the following papers relating to economic research. the Discount Study, in mimeographed or similar form, available upon request for single copies: Summaries only printed in the Bulletin. (Limited supply of mimeographed copies of full EVOLUTION OF THE ROLE AND FUNCTIONING text available upon request for single copies.) OF THE DISCOUNT MECHANISM. 1968. 65 pp. MEASURES OF INDUSTRIAL PRODUCTION AND A STUDY OF THE MARKET FOR FEDERAL FUNDS. FINAL DEMAND, by Clayton Gehman and Cor 1968. 47 pp. nelia Motheral. Jan. 1967. 57 pp. THE SECONDARY MARKET FOR NEGOTIABLE CHANGES IN BANK OWNERSHIP: THE IMPACT ON CERTIFICATES OF DEPOSIT. 1968. 89 pp. OPERATING PERFORMANCE, by Paul F. Jessup. Apr. 1969. 35 pp. THE DISCOUNT MECHANISM IN LEADING IN DUSTRIAL COUNTRIES SINCE WORLD WAR II. CHARACTERISTICS OF MERGING BANKS, by David 1968. 216 pp. L. Smith. July 1969. 30 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 114 FEDERAL RESERVE BULLETIN □ MARCH 1970 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 Frank E. Hopkins and Michael D. Sherman. IMPORTED INFLATION AND THE INTERNATIONAL Nov. 1966. 11 pp. ADJUSTMENT PROCESS, by Ruth Logue. Dec. 1969.147 pp. THE ROLE OF FINANCIAL INTERMEDIARIES IN U.S. CAPITAL MARKETS, Staff Economic Study Printed in full in the Bulletin. by Daniel H. Brill, with Ann P. Ulrev. Jan. (Reprints available as shown in following list.) 1967. 14 pp. REPRINTS REVISED SERIES ON COMMERCIAL AND INDUS TRIAL LOANS BY INDUSTRY. Feb. 1967. 2 pp. (From Federal Reserve Bulletin unless preceded by an asterisk.) AUTO LOAN CHARACTERISTICS AT MAJOR SALES FINANCE COMPANIES. Feb. 1967. 5 pp. ADJUSTMENT FOR SEASONAL VARIATION. June 1941. 11 pp. SURVEY OF FINANCE COMPANIES, MID-1965. Apr. 1967. 26 pp. SEASONAL FACTORS AFFECTING BANK RESERVES. Feb. 1958. 12 pp. MONETARY POLICY AND THE RESIDENTIAL MORT 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. SEASONALLY ADJUSTED SERIES FOR BANK 23 pp. 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 CHANGES IN BANKING STRUCTURE, 1953-62. AND 1963. June 1967. 4 pp. 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
FEDERAL RESERVE BOARD PUBLICATIONS A 115 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 statis tics 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 Eco nomic Study by Frank de Leeuw and Edward REVISED SERIES ON BANK 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. EURO-DOLLARS: A CHANGING MARKET. Oct. 1969. HOW DOES MONETARY POLICY AFFECT THE 20 pp. ECONOMY? Staff Economic Study by Maurice Mann. Oct. 1968. 12 pp. REVISION OF MONEY SUPPLY SERIES. Oct. 1969. 16 pp. BUSINESS FINANCING BY BUSINESS FINANCE COMPANIES. Oct. 1968. 13 pp. BALANCE OF PAYMENTS PROGRAM: REVISED GUIDELINES FOR BANKS AND NONBANK FINAN MANUFACTURING CAPACITY: A COMPARISON OF CIAL INSTITUTIONS. Jan. 1970. 11 pp. TWO SOURCES OF INFORMATION, Staff Eco nomic Study by Jared J. Enzler. Nov. 1968. FINANCIAL DEVELOPMENTS IN THE FOURTH 5 pp. QUARTER OF 1969. Feb. 1970. 9 pp. MONETARY RESTRAINT, BORROWING, AND CAP TREASURY AND FEDERAL RESERVE FOREIGN EX ITAL SPENDING BY SMALL LOCAL GOVERN CHANGE OPERATIONS. Mar. 1970. 21 pp. MENTS AND STATE COLLEGES IN 1966. Dec. CHANGES IN TIME AND SAVINGS DEPOSITS, 1968. 30 pp. JULY-OCTOBER 1969. Mar. 1970. 14 pp. REVISION OF CONSUMER CREDIT STATISTICS. RECENT CHANGES IN STRUCTURE OF COMMER Dec. 1968. 21 pp. CIAL BANKING. Mar. 1970. 16 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
)xedni siht n i dettimo si” A“ xiferp eht hguohtla 801-A hguorht 4-A segap o t era secnerefeR( A 116 FEDERAL RESERVE BULLETIN □ MARCH 1970 INDEX TO STATISTICAL TABLES (For list of tables published periodically, but not monthly, see page A-3.) Acceptances, bankers’, 14, 33, 37, 106 Deposits (See also specific types of deposits): Agricultural loans of commercial banks, 24, 26, 98 Accumulated at commercial banks for payment of Arbitrage, 91 I^rsonal 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, 101 Banks, by classes, 19,24, 26, 37, 98 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, 13, Production index, 58, 59 15, 94 Dividends, corporate, 48, 49 Bankers’ balances, 25, 28, 100 Dollar assets, foreign, 75, 81 (See also Foreigners, claims on, and liabilities to) Banking and monetary statistics for 1969, 94-107 Earnings and hours, manufacturing industries, 65 Banking offices, par and nonpar, number, 108 Employment, 62, 64, 65 Banks and the monetary system, 18 Euro-dollar deposits in foreign branches of Banks for cooperatives, 39 U.S. banks, 86 Bonds (See also U.S. Govt, securities) : New issues, 45, 46, 47 Farm mortgage loans, 50, 51 Yields and prices, 34, 35, 107 Federal finance: Branch banks, liabilities of U.S. banks to their foreign Cash transactions, 40 branches, 30, 86, 102 Receipts and expenditures, 41 Brokerage balances, 85 Treasury operating balance, 40 Business expenditures on new plant and equipment, 49 Federal funds, 8, 24, 26, 30, 33, 98, 102, 106 Business indexes, 62 Federal home loan banks, 39, 51 Business loans (See Commercial and industrial loans) Federal Housing Administration, 50, 51, 52, 53 Federal intermediate credit banks, 39 Capacity utilization, 62 Federal land banks, 39 Capital accounts: Federal National Mortgage Assn., 39, 53 Banks, by classes, 19, 25, 30, 102 Federal Reserve Banks: Federal Reserve Banks, 12 Condition statement, 12 Central banks, 90, 92 U.S. Govt, securities held, 4, 12, 15, 42, 43, 94 Certificates of deposit, 30, 102 Federal Reserve credit, 4, 6, 12, 15, 94, 96 Coins, circulation, 16 Federal Reserve notes, 12, 16 Commercial and industrial loans : Federally sponsored credit agencies, 39 Commercial banks, 24 Finance company paper, 33, 37, 106 Weekly reporting banks, 26, 31, 98, 103 Financial institutions, loans to 24, 26, 98 Commercial banks: Float, 4, 94 Assets and liabilities, 19, 24, 26, 98 Flow of funds, 70 Consumer loans held, by type, 55 Foreign: Deposits at, for payment of personal loans, 23 Currency operations, 12, 14, 75, 81 Number, by classes, 19 Deposits in U.S. banks, 5, 12, 18, 25, 29, 86, 95, Real estate mortgages held, by type, 50 101 Commercial paper, 33, 37, 106 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, 102 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, 107 Reserves of central banks and govts., 92 Cost of living (See Consumer price indexes) Stock, 4, 18, 75, 94 Currency and coin, 5, 10, 25, 95 Government National Mortgage Association, 53 Currency in circulation, 5, 16, 17, 95 Gross national product, 68, 69 Customer credit, stock market, 36 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, 101 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
INDEX TO STATISTICAL TABLES A 117 Insured commercial banks, 21, 23, 24 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, 106 Reserves: Mortgage yields, 53 Central banks and govts., 92 Prime rate, commercial banks, 32 Commercial banks, 25, 28, 30, 100, 102 Time deposits, maximum rates, 11 Federal Reserve Banks, 12 Yields, bond and stock, 34, 107 Member banks, 5, 6, 11, 17, 25, 95, 96 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, 27, 28, 37, 99, 100 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, 27, 37, 98, 99 Federally sponsored agencies, 39 Commercial banks, 19, 23, 24, 26, 27, 31, 98, 99, International transactions, 84, 85 103 New issues, 45, 46, 47 Federal Reserve Banks, 4, 6, 12, 15, 94, 96 Silver coin and silver certificates, 16 Insurance companies, 38, 51 State and local govts.: Insured or guaranteed by U.S., 50, 51, 52, 53 Deposits, 25, 29, 101 Savings and loan assns., 38, 51 Holdings of U.S. Govt, securities, 42, 43 New security issues, 45, 46 Ownership of securities of, 24, 28, 37, 38, 100 Manufacturers: Yields and prices of securities, 34, 35, 107 Capacity utilization, 62 State member banks, 21, 23 Production index, 59, 62 Stock market credit, 36 Margin requirements, 10 Stocks: Member banks: New issues, 46, 47 Assets and liabilities, by classes, 19, 24 Borrowings at Reserve Banks, 6, 12, 96 Yields and prices, 34, 35, 107 Deposits, by classes, 11 Number, by classes, 19 Tax receipts, Federal, 41 Reserve position, basic, 8 Time deposits, 11, 17, 18, 19, 25, 29, 101 Reserve requirements, 10 Treasury cash, Treasury currency, 4, 5, 16, 18, 94, 95 Reserves and related items, 4, 17, 94 Treasury deposits, 5, 12, 40, 95 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, 101 Mutual savings banks, 18, 29, 37, 42, 43, 50, 101 Consolidated condition statement, 18 Member bank holdings, 17 National banks, 21, 23 Treasury deposits at Reserve Banks, 5, 12, 40, 95 U.S. Govt, securities: National income, 68, 69 National security expenditures, 41, 68 Bank holdings, 18, 19, 24, 27, 37, 42, 43, 99 Nonmember banks, 22, 23, 24, 25 Dealer transactions, positions, and financing, 44 Federal Reserve Bank holdings, 4, 12, 15, 42, 43, 94 Open market transactions, 14 Foreign and international holdings, 12, 81, 84, 86 International transactions, 81, 84 Par and nonpar banking offices, number, 108 New issues, gross proceeds, 46 Payrolls, manufacturing index, 62 Open market transactions, 14 Personal income, 69 Outstanding, by type of security, 42, 43, 45 Postal Savings System, 18 Ownership of, 42, 43 Prices: Yields and prices, 34, 35, 91, 107 Consumer and wholesale commodity, 62, 66 United States notes, 16 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, 98 Real estate loans: Banks, by classes, 24, 27, 37, 50, 99 Delinquency rates on home mortgages, 52 Yields (See Interest rates) )xedni siht n i dettimo si” A“ xiferp eht hguohtla 801-A hguorht 4-A segap o t era secnerefeR( Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES Minneapolis^1] Detroit/ CRicago j Omafui* jCjncirtTUW Kansas Cit1 XfiarCo^ Oklahoma City ®‘7”^A ttanW L Dallas Jiouston tan Antonio* 'Pram by'RW. Qalvm,Cart A (o THE FEDERAL RESERVE SYSTEM g) * Q Q> HAWAII © Legend Boundaries of Federal Reserve Districts -----Boundaries of Federal Reserve Branch Territories © Board of Governors of the Federal Reserve System ® Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Cite this document
Federal Reserve (1970, February 28). Federal Reserve Bulletin, 1970-03. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_197003
@misc{wtfs_bulletin_197003,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1970-03},
year = {1970},
month = {Feb},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_197003},
note = {Retrieved via When the Fed Speaks corpus}
}