Federal Reserve Bulletin, 1970-04

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

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

FEDERAL RESERVE NUMBER 4 • VOLUME 56 • APRIL 1970 CONTENTS 315 U.S. Balance of Payments and Investment Position 333 Record of Policy Actions of the Federal Open Market Committee 341 Law Department 395 Announcements 396 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 96 Board of Governors and Staff A 97 Open Market Committee and Staff; Federal Advisory Council A 98 Federal Reserve Banks and Branches A 99 Federal Reserve Board Publications A 103 Index to Statistical Tables Map of Federal Reserve System on Inside Back Cover EDITORIAL Charles Molony J. Charles Partee COMMITTEE Robert C. Holland Robert Solomon Kenneth B. Williams Elizabeth B. Sette The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed except in official statements and signed articles. Direction for the art work is provided by Mack Rowe. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. Balance of Payments and Investment Position 1969, international transactions of the United States reflected to an unprecedented extent the impact on capital flows of anti-inflationary monetary measures. While demand and price developments here and abroad prevented any significant recovery in the balance on trade and services, a huge net inflow of private foreign funds—attracted by relatively high U.S. interest rates—served to prevent pressure on the international monetary reserves of the United States. Anticipation of changes in the exchange rate parities of the French franc and the German mark, and then the realization of those changes, also produced very large flows of capital among countries. Because of the huge net inflow of foreign liquid private capital to the United States last year the two standard measures of "balance" in the country's international transactions—the official settlements and the liquidity concepts—produced divergent results. For 1969 as a whole the surplus on goods and services was $0.4 billion smaller than in 1968. However, improvement came late in the year, as the effects of a dock strike were overcome, and exports continued rising as imports leveled off. The combined total of recorded and unrecorded outflows of U.S. private capital was considerably larger in 1969, while inflows of foreign private capital to purchase long-term types of U.S. assets were reduced. But whatever impact these developments might have had on the strength of the dollar in exchange markets was more than offset by an inflow of $9 billion of liquid funds from Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

316 FEDERAL RESERVE BULLETIN n APRIL 1970 commercial banks abroad into short-term assets held in this country—mainly through borrowing by U.S. banks in the Eurodollar market. Some reversal of these inflows has already occurred in the early months of this year. Several developments in 1969 served to strengthen the international monetary mechanism: the historic decision to begin creating Special Drawing Rights; further consolidation of the two-tier gold arrangements, which helps to lessen the disruptive potential of gold speculation; and wider discussion of the benefits from timely adjustments of exchange rates that are out of line, including a general review within the International Monetary Fund of various proposals to introduce greater flexibility to aid TABLE 1 U.S. BALANCE OF PAYMENTS, 1960-69 In billions of dollars 1960-64 1965-67 Line Item average average 1968 1969 1 Exports of goods and services'. 31.3 43.0 50.6 SS.4 Merchandise, excl. military.. 21.7 28.8 33.6 36.5 Military sales .6 1.0 1.4 1.5 Investment income2 4.3 6.3 7.7 8.9 Other services 4.8 6.8 7.9 8.5 Imports of goods and services. -25.4 -37.1 -48.1 -53.3 Merchandise, excl. military. -16.2 -24.6 -33.0 -35.8 Military expenditures -3.0 -3.7 -4.5 -4.9 Investment income2 -1.2 -2.1 -2.9 -4.4 Other services -5.0 -6.8 -7.6 -8.2 Balance on goods and services'. . 5.9 5.8 2.5 2.1 Merchandise, excl. military.... 5.4 4.2 .6 .7 Military sales and expenditures. -2.4 -2.7 -3.1 -3.4 Investment incomes 3.2 4.3 4.8 4.5 Other services -.2 .1 .2 .3 Remittances and pensions, net -.7 -1.0 -1.2 -1.2 U.S. Govt. grants' and capital, net, excl. nonscheduled repayments -3.5 -3.9 -4.2 -3.8 U.S. private capital, net -4.5 -4.6 -5.2 -5.0 Foreign capital4, excl. reserve transactions5 and excl. liabilities to commercial banks abroad .9 1.7 6.7 4.4 Errors and omissions -1.0 -.7 -.6 -3.0 Adjusted over-all balance -3.0 -2.7 -2.0 -6.4 (sum of lines 3 through 8) 10 Change in U.S. liabilities to commercial banks abroad .5 1.4 3.4 9.3 Nonscheduled repayments of U.S. Govt. credits and net U.K. official transactions in U.S. securities other than Treasury issues .4 -.1 .3 -.1 12 Balance on official reserve transactions basis... -2.1 -1.5 1.6 2.7 (sum of lines 9, 10, and 11) Financed by: Decline (+) in U.S. reserve assets 1.0 .6 -.9 -1.2 (of which gold) '(.8) (1.1) (1.2) (-1.0) Increase (+) in U.S. liabilities to reserve holders 1.2 .9 -1.5 MEMO: Balance on liquidity basis. -2.9 -2.1 .2 -7.1 1 Excluding transfers under military grants. 2 Excluding undistributed earnings of subsidiaries. 3 Excluding military grants. 4 Including assets in the United States of international and regional institutions other than the IMF. 5 "Reserve transactions" include, in addition to those included in the standard classification of official reserve transactions (line 12), net U.K. official transactions in U.S. securities other than U.S. Treasury issues (included in line 11). NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. BALANCE OF PAYMENTS 317 the adjustment process. Further progress toward a smoothly functioning system depends both on U.S. success in restructuring its international transactions toward a larger surplus on trade and services, with lessened reliance on liquid capital inflows, and on appropriate adjustment policies of other countries. Neither of the two conventional measures of the over-all balance of payments serves to convey the changes in the underlying international situation of the United States from 1968 to 1969. The liquidity deficit greatly exaggerates the extent of the worsening. It does not count as an offset to borrowings by U.S. banks from foreigners the increase in U.S. short-term assets abroad, an increase that is implied by the swollen negative errors and omissions item in 1969. But it counts as an adverse factor the reversal of "special" foreign official investments in nonliquid U.S. liabilities, which reduced the liquidity deficit by over $2 billion in 1968 U.S. PAYMENTS BALANCES BILLIONS OFDOLLARS but increased it by nearly $1 billion in 1969. SURPLUS OFriCIAL The increase in U.S.-owned short-term funds abroad, which SETTLEMENTS^ added to the supply of Euro-dollar deposits available for U.S. t A A bank borrowing, is sometimes considered a "circular" flow; that v\ "7 is, these funds merely flow through the Euro-dollar market as ' LIQUIDITV the depositors seek higher interest rates than can be paid on ADJUSTED OVERALL )V domestic deposits. When there is a net reflow of these funds to the \ United States, there will be an apparent improvement of the DEFICIT 1960-64 1965 1 1 1967 1 1 1969 8 liquidity balance. It should be noted, however, that the rise of net 1960-64, annual average. 1965-69, an- payments contained in the errors and omissions item in 1969 may nual data. have had components other than reversible short-term capital flows. On the other hand, the large surplus registered in the official settlements balance in 1969 cannot be taken as a sign of fundamental improvement, since a major element was a huge inflow of foreign private liquid funds that is essentially interest-sensitive and may be easily reversed whenever interest rates move relatively lower in the United States. The impact of this inflow on foreign exchange markets was so large that dollar reserves of foreign monetary authorities held in the United States were reduced by $1.5 billion, while U.S. reserve assets increased $1.2 billion. In 1969 the U.S. surplus on transactions in goods and services declined further to $2.1 billion, $0.4 billion less than in 1968. The surpluses for the past 2 years have been far below the nearly $6 billion average of the 1960-67 period. Last year's decline in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

318 FEDERAL RESERVE BULLETIN a APRIL 1970 the balance reflected higher interest payments to foreigners and a BALANCE on GOODS and SERVICES "iituoiS? W'DOOASS worsening in the balance on military transactions. The surplus on s merchandise trade, which had fallen to the extremely low level of GOODS AND SERVICES $0.6 billion in 1968, was only slightly larger in 1969. In the second half of 1969, however, the balance on goods and services rose to an annual rate of about $3.0 billion. The trade surplus 7 improved sharply after the dockworkers' strike ended, and in the period December 1969-February 1970 it was at an annual rate 196064 1965 1967 1969 of $2.5 billion. 1960-64, annual average. 1965-69, half years at annual rates. U.S. receipts of income from direct investments and other assets abroad increased sharply to a record of nearly $9 billion, but payments on foreign assets and investments in the United States rose even more, as a result of higher interest rates and the INVESTMENT INCOME greatly increased total of U.S. liquid liabilities. PAYMENTS and RECEIPTS • . BILLIONS OF DOLLARS The balance on military goods and services transactions also 10 worsened in 1969 as sales of goods and services under military sales contracts increased less than military expenditures abroad. NET There was a strong rise—15 per cent—in receipts from foreign tourists last year, but there was a larger absolute increase in foreign expenditures by U.S. tourists. PAYMENTS Merchandise trade. Although the trade balance—as shown in 196064 196S the balance of payments accounts—was virtually unchanged 1960-64, annual average. 1965-69, half years at annual rates. between 1968 and 1969, a rough adjustment in both years to eliminate the effects of actual or threatened strikes by longshoremen and by steel, copper, and aluminum workers would raise the export surpluses to about $lVi billion in 1968 and $1 billion in 1969. The export balance improved markedly in the second half of 1969, reflecting strong demand and high utilization of productive capacity abroad, while the expansion of aggregate demand in the United States was slowed. Though the over-all trade balance showed little change from 1968 to 1969, there were sizable swings in the balances with major regions and countries. Our export surplus in trade with Western Europe rose sharply—by nearly $ 1 billion—and a somewhat smaller increase was recorded in the export surplus with Latin America. These gains were offset by a decline in the surplus with the less-developed countries of Asia and Africa and by an increase in our already large trade deficits with Canada and Japan. The major portion of the improvement in the trade balance with Western Europe was with the Common Market countries, where the expansion of economic activity and inflationary pres- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. BALANCE OF PAYMENTS 319 sures was especially marked. The export surplus with these MERCHANDISE TRADE countries exceeded $1 billion in 1969 compared with a very BILLIONS OF DOLLARS small surplus—$150 million—in 1968. Nevertheless, the surplus in 1969 was still less than half the 1960-64 average. EXPORTS Trade with the United Kingdom was roughly in balance in 1969 and showed only a small change from 1968. In 1960-64 our export surplus with that country had averaged about $300 million. Although there was an impressive rise—18 per cent—in ex- 1960-64 1965 1967 ports to Japan in 1969, imports from that country expanded by 1960-64, annual average. 1965-69, 20 per cent. As a result, the trade deficit with Japan increased half years at annual rates. to nearly $1.4 billion compared with $1.1 billion in 1968. Much the same situation prevailed in our trade with Canada; despite a large advance in exports, the growth in arrivals of goods from Canada was even greater, and our trade deficit, which had moved into the red in 1968 for the first time, grew to more than $800 million in 1969. In the first half of the 1960's, our average trade balance with Canada had been a surplus of about $750 million. Changes in trade patterns. These shifts in U.S. trade balances with various regions or countries are useful indicators of changes in our basic economic relationships with them, but such bilateral balances provide only a limited view of our over-all trade performance. For a broader perspective, trends in the U.S. trade position should be measured against the over-all development of world trade and production. World trade has become increasingly concentrated among the industrial countries and in manufactured goods. Exports of industrial countries accounted for 75 per cent of the value of world trade in 1969 compared with 69 per cent in 1960. The value of manufactured goods in world trade more than doubled during the 1960's whereas trade in primary products expanded at less than half that rate. Prices of primary products were relatively unchanged throughout the period—except for some rise in 1969— while prices of internationally traded manufactured goods rose by about 10 per cent. Changes in U.S. trade have generally paralleled these shifts in world trade. About 70 per cent of total U.S. exports went to the industrial countries in 1969, compared with less than 65 per cent in 1960. For imports the shift was even more pronounced—73 per cent came from industrial countries in 1969 versus 60 per cent in 1960. The commodity composition of U.S. imports has also changed correspondingly in the last 10 years. Finished man- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

320 FEDERAL RESERVE BULLETIN a APRIL 1970 ufactures constituted about 55 per cent of total imports in 1969 compared with 35 per cent in 1960. The shift in the commodity composition of exports was less dramatic; 65 per cent of total exports in 1969 were finished manufactures compared with 55 per cent in 1960. Against this background one question that needs to be examined is whether the recent shrinkage in the U.S. trade balance has resulted from a weakening in exports, from an acceleration of imports, or from some combination of the two. In terms of rates of growth, the initial impression is that exports did reasonably well in 1969; their value rose 9 per cent despite losses due to the dock strike (which lasted 2 to 3 months for various East Coast and Gulf ports) compared with an average rate of growth from 1960 to 1964 of about 6.5 per cent, and from 1965 to 1967 of about 5 per cent. However, such comparisons of current with past growth rates are less meaningful than a measure of U.S. export performance relative to the potential expansion of U.S. sales to foreign countries—that is, a comparison of changes in U.S. exports with changes in world output and world trade. Changes in U.S. exports generally paralleled changes in foreign industrial activity throughout the 1960's. At the same time, there has been a long-term tendency for the volume of international trade to expand at a faster rate than total world production. This disparity between changes in world trade and world output appears to have been particularly large in both 1968 and 1969. For the United States to maintain a reasonable trade balance while imports are rising rapidly, it is necessary for the volume of U.S. exports to expand faster than world output. But that has not been happening. The United States has not done so well as some of its foreign competitors—Germany, Japan, and Italy, in particular. In contrast to a relatively stable relationship for the United States from 1961 to 1969, Germany's exports have expanded about 25 per cent faster than world output, Italy's over 80 per cent faster, and Japan's more than twice as fast. The performance of the United Kingdom has lagged; from 1961 to 1969 the growth in the quantity of U.K. exports was about 15 per cent less than the growth in world output. Market shares. Another view of trends in the U.S. export position is given by measuring changes in the U.S. share of world trade. In 1969 the value of world exports—excluding those to the United States—increased by nearly 15 per cent, the largest year-to- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. BALANCE OF PAYMENTS 321 U.S. SHARE of exports FALLS relative to shares of most industrial countries ACTUAL1969 EXPORTS JAPAN EXPORTS IF I960 SHARE MAINTAINED ITALY GERMANY FRANCE U.S. U.K. • i 20 30 SO BILLIONS OF DOLLARS Shares are derived from export data that exclude exports to the United States. year advance in the 196O's. Since U.S. exports rose by only about 9 per cent, the U.S. share of world exports fell to just over 18 per cent. The average share in 1960-64 had been about 19.5 per cent, and it had dipped slightly to about 19 per cent in 1965-67. Although the changes in the U.S. share appear to be relatively small, a variation of 1 percentage point at the current high values of world trade is equivalent to a change of over $2 billion in exports. For both Germany and Japan the share of total world trade increased by more than 2 percentage points from the early 1960's to 1969 while the U.K. share fell by 2.5 points. Total world trade in agricultural products has increased much more slowly than trade in manufactured goods, and the U.S. share of world trade in agricultural products has not varied much since 1960. Such products still account for a relatively large share of total U.S. exports—15 per cent in 1969 compared with 25 per cent in the earlier years of the decade. For Germany and Japan exports of agricultural commodities are much less important. A partial explanation for the reduction in the U.S. share of aggregate world trade, therefore, is the relatively greater weight of agricultural commodities in total exports of this country as compared with other industrial countries. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

322 FEDERAL RESERVE BULLETIN n APRIL 1970 With respect to trade in manufactured goods—excluding exports to the United States—there has been a clear slippage in the U.S. share. Data for the first 9 months of 1969 show that the U.S. share of world trade in these goods in 1969 had fallen to 22 per cent from 25 per cent in 1960. Japan and Italy on the other hand each increased its share of the world market for manufactured products over the decade of the 1960's. Germany's share showed little change. The downward drift in the U.S. share of world exports results from a combination of factors that are difficult to quantify. Among them are the effects of relative price changes on competitive positions; the development and growth of regional blocs —such as the Common Market and the European Free Trade EXPORT PRICES MANUFACTURED GOODS Association; nontariff barriers; shifts in the commodity composi- UNIT VALUES, 1960=100 tion of world trade; and technical rigidities in U.S. productive patterns. The importance of the price factor is indicated in the accompanying chart, showing that unit values—approximating prices—of U.S. exports of manufactured goods have increased much more sharply than those of Germany, Japan, and Italy, particularly since 1964, though export unit values in those countries too have tended to rise recently. JAPAN A major element in our declining share of world trade is our poor performance in exporting domestic consumer goods. The ..I I -I I greatest expansion in international sales of foreign industrial * W. Germany revalued in Mar. 1961 countries has been in consumer goods, but the United States, for and Oct. 1969. t U.K. devalued in Nov. 1967. Annual data. various reasons, is not a major exporter of such goods. Consumer goods account for about 12 per cent of our exports of nonagricultural commodities, and that proportion has not changed since 1960. Meanwhile, our imports of such goods have risen to over 25 per cent of total imports from 17 per cent in 1960. Import competition. A further way to assess the effectiveness of our trade performance is to examine how well U.S. producers compete with foreign suppliers in our domestic market. One measure of this is the relationship of imports to total U.S. output. Since 1964 the ratio of the value of U.S. imports to current value GNP has increased substantially. The ratio in the second half of 1969—3.95 per cent—compares with an average of about 2.9 per cent in 1960-64 and 3.45 per cent in 1965-68. About half of the increase in this ratio from the 1960-64 average occurred in the last 2 years and represents about $4 billion more of imports per year than if the 1967 ratio had prevailed. An increase in this ratio is normal, since for most industrial Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. BALANCE OF PAYMENTS 323 countries, as noted earlier, growth in the volume of world trade has exceeded the rate of increase in world output. What is unusual about the U.S. position as compared with that of other large industrial trading nations is that there has been no corresponding increase in the export/GNP ratio. The import/GNP ratio for Germany, for example, increased from an average 13.9 per cent in 1960-64 to about 16.5 per cent in 1969, and at the same time its export ratio moved up from 15.6 to 19.2 per cent. Japan's ratios of trade to total domestic output are quite different from those of most other industrial countries. In that country imports and exports are each a relatively small portion of its GNP—about 9 per cent for each—probably the smallest for the industrial countries except the United States. Japan's import/GNP ratio has actually declined in the 1960's, while its export ratio has increased somewhat. Inasmuch as that country relies on large quantities of imported industrial materials as basic inputs to its industrial production, the relatively low level of its import/GNP ratio is quite remarkable. Italy's relationship of trade to output is similar to that of Japan; that is, its import/GNP ratio has declined while the export/GNP ratio has increased. These percentages for Italy, however, are much larger than for Japan—about 14 per cent for each in 1968. While the trends in trade mentioned above help to identify generally the nature of the difficulties we face in improving our trade balance, a great deal of study is needed to establish the precise effects of the factors involved. For instance, the outstanding success scored by Germany, Japan, and Italy, which has been stressed above, reflects not only such basic economic developments as the rebuilding of an efficient industrial base and effective design and marketing of products for which world demand is growing rapidly, but also to some degree tendencies for the currencies of these countries to be undervalued at times, and for their producers to favor export over domestic sales expansion. lpRii¥Ai1:; CJWiri'Al Flows of both U.S. and foreign private capital have been greatly affected in recent years by innovations in capital markets, by sharp changes in interest rates transmitted with great efficiency by the Euro-dollar market, by restrictions of various kinds, by occasional speculative flurries, and by changes in underlying investment patterns. As these flows have grown, they have become an increasingly large and volatile element in the balances of pay- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

324 FEDERAL RESERVE BULLETIN n APRIL 1970 ments of the United States and other countries—calling for more careful coordination of national monetary policies and of financing arrangements. The following comments are necessarily brief and are concentrated on the U.S. experience, as measured in the balance of payments and also as reflected in the international debtor-creditor position of this country. U.S. private capital. Until recently a regular feature of the U.S. balance of payments was a large net outflow of private capital— even including increases in liquid private assets of foreigners in the United States (Table 2). The major element was an outflow of U.S. private capital, which averaged $4.5 billion in the 1960- 67 period. This outflow reached a peak of $6.6 billion in 1964, but thereafter it was held in check by restrictions and, in 1966 and again in 1969, by relatively tight credit conditions in the United States. The over-all outflow of U.S. private capital in 1969 was not far from the average of the earlier period. About 60 per cent of the outflow of U.S. capital since 1960 has been for direct investments. In addition, U.S. direct investors have added about $1.5 billion annually, on average, to their TABLE 2 PRIVATE CAPITAL FLOWS In millions of dollars; outflow from U.S. (—) Line Item a 1 v 9 e 6 r 0 a - g 6 e 4 a 1 v 9 e 6 r 5 a -6 g 7 e 1968 1969 U.S. and foreign private capital, net outflows... - 3,432 -2,008 4,811 8,347 (Net flow, excl. foreign liquid assets in U.S.).. (- 4,188) (-3,337) (1,000) (-425) 2 U.S. private assets abroad. 4,504 -4,586 -5,157 -5,009 3 Direct investment outflows 1,846 -3,420 -3,025 -3,060 4 Net purchases of foreign securities -827 -835 -1,266 -1,380 5 Claims reported by U.S. banks 1,372 -43 269 -528 6 Short-term assets related to direct investments >. 0 -126 -973 -118 7 Other -459 -162 -162 77 8 Foreign private assets in U.S., nonliquid 316 1,249 6,157 4,584 9 Related to U.S. direct investments abroad2.... 0 508 2,802 1,619 10 U.S. corporate stocks1 182 288 2,084 1,515 11 Other U.S. securities (excl. Treasury issues) *... 24 -191 147 492 12 Other nonliquid assets in U.S.< 110 644 1,124 958 13 Foreign private liquid assets inU.S 756 1,329 3,811 8,772 14 International and regional institutions (excl. IMF) 95 -343 55 -63 15 Foreign private nonbank 159 310 374 -437 16 Commercial banks 502 1,362 3,382 9,272 MEMO: Capital transactions related to U.S. direct investments (lines 3, 6, and 9.) -1,846 -3,038 -1,196 -1,559 1 Unexpended proceeds of the new issues included in line 9, held abroad. 2 Includes new security issues sold abroad for the purpose of financing direct investments plus all long-term borrowing abroad by U.S. corporations although the latter may include some borrowing for other purposes. 3 Excludes transactions included in line 9. * Includes transactions of international and regional institutions other than the IMF. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. BALANCE OF PAYMENTS 325 TABLE 3 INTERNATIONAL INVESTMENT POSITION OF THE UNITED STATES In billions of dollars ssHffiKwraTQxsmfesrj Item 1950 1960 1968 1969« U.S. assets and investments abroad' 31. S 68.0 135.3 143.4 Private investments 19.0 49.4 101.9 107.5 Long-term, total 17.5 44.4 88.9 93.9 Direct 11.8 31.9 64.8 69.8 Securities 4.3 9.5 18.2 18.1 Banking claims and other 1.4 3.1 6.0 6.0 Short-term, total 1.5 5.0 13.0 13.6 Reported by banks .9 3.6 8.7 9.6 1.4 4.3 4.0 Other .6 U.S. Government credits and claims* 11.1 17.0 28.5 30.7 U.S. monetary reserve assets' 1.4 1.6 4.8 5.1 Foreign assets and investments in U.S 17.7 41.2 81.1 91.2 Nonliquid obligations 8.8 19.7 47.5 49.3 Private, total 8.7 19.4 42.8 44.5 Direct 3.4 6.9 10.8 12.1 U.S. corporate stocks 2.9 9.3 19.5 19.1 Other long-term 1.7 2.2 10.0 10.7 Short-term reported by nonbanks .7 1.0 2.5 2.6 U.S. Government .7 .5 4.7 4.8 Liquid liabilities 8.9 21.5 33.6 41.9 To private foreigners, total 4.3 9.1 20.1 28.9 To foreign banks (incl. U.S. bank branches) 2.1 4.8 14.5 23.7 To others 2.2 4.3 5.6 5.1 To official accounts, total* 4.6 12.4 13.5 13.0 Liabilities of U.S. banks 2.4 4.0 5.4 7.0 U.S. Government obligations 2.2 8.4 8.1 6.0 MEMO: U.S. monetary gold 22.8 17.8 10.9 11.9 1 Excludes U.S. monetary gold. 2 Other than U.S. monetary reserve assets. 3 Includes, in addition to foreign reserve holders, other foreign government agencies. ' Estimated. NOTE.—Data for 1950, 1960, and 1968 are as published by the Office of Business Economics, U.S. Dept. of Commerce; data for 1969 are estimates based on capital flows as reported by the OBE, plus rough allowances for reinvested earnings, changes in market valuations, and currency revaluations.The basis of valuation is as follows: direct investments at book values as appearing, in principle, on the books of the affiliates rather than the head offices; securities at market values; other assets and liabilities at stated values in the accounts of banks and other debtors or creditors. For more detailed data see Survey of Current Business, U.S. Dept. of Commerce, October 1969. Details may not add to totals because of rounding. investment in foreign affiliates by reinvesting profits. As a result, the book value of direct foreign investments (Table 3) has rocketed from $12 billion in 1950 to $32 billion in 1960, and to nearly $70 billion at the end of 1969. It should be noted that these book values cover only the U.S. investment in these enterprises—there are also sizable debt and equity investments by foreigners. Consequently, the book value of the total assets—both fixed and current—of the foreign affiliates is considerably larger than these totals suggest. Moreover, recent surveys of the Department of Commerce indicate that corporate investors are planning to expand their foreign expenditures for plant and equipment very sharply in 1970. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

326 FEDERAL RESERVE BULLETIN • APRIL 1970 Because of the regulations that now limit the transfer of U.S. capital to finance expansion of assets abroad, the investors have borrowed abroad on a larger scale than in earlier years. Consequently, the net outflow of U.S. funds for direct investment (Table 2, last line) was reduced to $1.2 billion in 1968—when the mandatory rules were put into effect. In 1969 the supply of foreign capital to finance U.S. direct foreign investments was limited by a weakened U.S. stock market and a sharp rise in interest rates on short-term and other debt instruments abroad. Consequently, there was some increase in the use of U.S. funds for direct investment—though the outflow was still well within the limits allowed by the regulations. Many corporations were able to cushion the drop in foreign borrowing by using the proceeds of borrowings made in 1968 (Table 2, lines 9 and 6). Net portfolio purchases of foreign securities by U.S. investors have leveled off since the introduction of the interest equalization tax in 1963, and much of the borrowing by foreign companies and governments that would normally have been placed in the U.S. market is now placed in the greatly expanded international securities markets of Europe. In 1969 sales of foreign securities in Europe—apart from the issues of U.S. companies and their affiliates—totaled $2.8 billion, as against $1 billion in 1965. Three-quarters of the sales of new bonds in the U.S. market in 1969 were for Canadian borrowers. There was also a spurt in U.S. purchases of Japanese corporate stocks, which were exempt from the Federal Reserve guidelines for nonbank financial institutions until December 1969. Changes in claims on foreigners reported by U.S. banks shifted from an inflow in 1968 to a substantial outflow last year. However, the 1969 outflow related primarily to claims held for customers and to other assets not subject to the Federal Reserve guidelines. Banking assets subject to the guidelines shifted from an inflow of $0.6 billion in 1968 to an outflow of $0.2 billion in 1969. Although capital outflows from the United States have been held in check by the various restrictions and at times by the limited availability of funds in the United States, the aggregate value of U.S. private foreign investments has been rising rapidly; at the end of 1969 such investments reached an estimated $108 billion (Table 3). The increase during 1969 would have been larger had it not been for the substantial reductions in the market values of foreign bonds as yields rose sharply. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. BALANCE OF PAYMENTS 327 Foreign private capital. The net inflow of foreign private capital to the United States leaped to more than $13 billion in 1969; this greatly exceeded the record of the previous year and, as shown in Table 2 (lines 8 and 13), represented a completely different order of magnitude from earlier experience. Inflows in nonliquid forms were not so large as in 1968. Lending to U.S. companies in connection with the financing of their foreign affiliates was considerably lower, reflecting the lessened attractiveness of PRIVATE CAPITAL INFLOW rises sharply in 1969 as inflow of FOREIGN LIQUID FUNDS REACHES PEAK BILLIONS OF DOLLARS .•:•••• '.•••„-.•••. • • -...-. •••.-. •• ;/.:•;•/ •' " ' :'- . :: ;: t . * f « ' - >: 10 I N F L OW .•••••'•••.••,•••.-;•: . . ; : . - .. •• ;. •••• ••.'•-.x:mWm~- 1960-64 ••1• 9••6• 5••• I 1960-64, annual average. 1965-69, annual data. convertible debentures as the U.S. stock market declined, as well as a large carryover of unexpended proceeds of the borrowings in 1968. The experience of dropping prices for U.S. equity issues, coupled with the attraction of rising yields on Euro-dollar and other alternative investments, brought a reduction in foreign purchases in the U.S. stock market. Nevertheless, both foreign lending to U.S. companies and purchases of outstanding stocks remained at much higher levels than had prevailed before 1968. Holdings of U.S. corporate stocks are the principal form of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

328 FEDERAL RESERVE BULLETIN • APRIL 1970 foreign investment in the United States. At the end of 1969 these investments had a market value of approximately $19 billion. This was slightly lower than their value a year earlier, because the steep drop in market values offset the addition from capital inflows. Another sizable amount of foreign long-term capital went into direct investments in the United States; such investments increased more than $1 billion in 1969 to a book value of about $12 billion. As with U.S. direct investments abroad, the gains in book value reflect reinvested earnings as well as new parentcompany financing. By far the largest capital movement in 1969 was the inflow of foreign private liquid funds amounting to $8.8 billion (Table 2, line 13). The net inflow included $9.3 billion added to liabilities of U.S. banks to foreign commercial banks. Of that total, about $7.1 billion represented increased liabilities of U.S. banks to their foreign branches, and the remainder included a large increase in liabilities to foreign banks reported by the U.S. branches or agencies of foreign banks. It is not possible to identify the ultimate owners of these funds flowing through foreign commercial banks. As noted, some fraction of the funds obtained represented shifts by U.S. residents out of deposits and other assets in the United States. The size of "errors and omissions" in 1969 suggests that such flows could have been on the order of magnitude of $2 billion. There is also some evidence that foreign official reserve holders were increasing their Euro-dollar deposits in 1969. In addition, a reduction of $0.4 billion occurred in holdings of liquid assets in this country of nonbank private foreigners—presumably also largely because of the attraction of Euro-dollar deposit yields —in contrast to a regular growth in such assets in previous years. By far the largest source of funds to the Euro-dollar market, however, has been foreign commercial banks and other residents of foreign countries, who acquired high-yielding Euro-dollar deposits in preference to assets denominated in other currencies. Flows of this unprecedented magnitude brought considerable pressure on the reserves of a number of foreign countries and led to larger increases in interest rates in some countries than they might have preferred. INTERNATIONAL INVESTMENT While the U.S. balance of payments accounts throw light on the POSITION flows of goods, services, and capital with the rest of the world, it is also useful to view the results of these flows as reflected in the foreign assets and liabilities of the United States. Such a state- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. BALANCE OF PAYMENTS 329 ment, as given in Table 3, necessarily lacks precision because of the many varieties of valuation used and the incompleteness of data; nor can it accurately convey the great differences in quality among the types of assets included. It does, however, show some significant magnitudes and relationships. Among the U.S. investments abroad, direct private investments predominate and are far greater than comparable foreign investments in the United States. In fact, the increase in 1969 alone was equal to some 40 per cent of the total accumulated value of foreign direct investments in the United States. U.S. investors also have substantial holdings of foreign securities, but in this case the comparable foreign investment in the United States is considerably larger. In the aggregate, the value of U.S. private long-term investments abroad is more than double that of the accumulated foreign private long-term investments in the United States. However, the disparity in earnings capacity is even greater; income returned on long-term U.S. investments abroad in 1969 was over three times the amount paid to foreign investors on their comparable holdings in the United States. The difference reflects partly the form of the investments—the dividend yield on the large foreign holdings of U.S. stocks is relatively low, while U.S. direct investments abroad tend to be in industries with relatively high rates of return compared with the industries in which foreign direct investments in the United States are concentrated. Moreover, U.S. direct investments abroad returned an additional $1.3 billion in the form of royalties and fees in 1969. From this point of view alone, therefore, the build-up of a huge investment base provides substantial support over the long run to the U.S. balance of payments. Foreign credits and claims of the U.S. Government (apart from reserve assets) aggregated about $31 billion at the end of 1969 and included a large amount of loans on extended terms with low interest rates. U.S. private short-term assets abroad consisted primarily of credits and loans extended by U.S. banks, or held by them for their customers, and credits extended by U.S. exporters. However, by the end of 1969 there were probably sizable U.S. liquid holdings in the Euro-dollar market that are not covered in these statistics. Over the years the emergence of the U.S. dollar as the principal reserve and transactions currency of the world has meant that foreign governments, and private foreigners as well, have wished to add to their stock of liquid assets in the United States. Last Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

330 FEDERAL RESERVE BULLETIN D APRIL 1970 year in particular the increase in such private holdings was speeded—at a clearly unsustainable pace—by the high interest rates paid by U.S. banks. Nearly half of total foreign holdings in the United States are in quite liquid forms, such as deposits or other claims on U.S. banks and marketable U.S. Government obligations. It is the size and rapid growth of these liquid liabilities over a long period, coupled with a reduction in U.S. reserve assets (including the gold stock), that has focused attention on the liquidity aspect of the debtor-creditor position. At the end of 1969 U.S. liquid liabilities totaled $42 billion, as against U.S. official monetary reserves of $17 billion. In 1960 these figures were $22 billion and $ 19 billion, respectively. However, in the past 2 years there has been a considerable improvement in our position vis-avis foreign reserve holders. U.S. reserve assets increased by $2 billion, mainly in the form of the reserve position in the IMF, while assets held in the United States by foreign monetary authorities have been reduced by more than $2 billion. The designation "liquid" must be considered quite arbitrary; many private U.S. assets abroad—especially those in the Eurodollar market, or built up as excess working balances of foreign affiliates—are essentially liquid, while a substantial part of the foreign holdings of liquid claims on the United States represents balances needed for transactions purposes or as collateral, as well as a normal component of official or private cash reserves. Over-all, the U.S. international investment position has grown stronger through the years, especially as reflected in the income accounts, even though the too-rapid growth of relatively liquid liabilities has introduced an element of potential instability. The experience of the last few years suggests that U.S. investors will continue to make very large investments abroad under normal conditions—in the absence of governmental restrictions or relatively high interest rates in this country. It also appears that foreign investors now have an increased desire to expand both their holdings of U.S. equity securities and their direct investments here—assuming that the U.S. economy maintains reasonably stable growth. Given the propensity of Americans to invest abroad—demonstrated not only in recent years but also much earlier in our history—a steady and growing inflow of investment capital from abroad helps to establish a viable balance of payments and a more even distribution of our liabilities among various types and maturities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U.S. BALANCE OF PAYMENTS 331 CURRENT DEVELOPMENTS The developments of last year and of recent months should facilitate movement toward a better balance of international transactions. For the United States, a stronger surplus on goods and services has emerged as a result of the relaxation of pressures on productive capacity, coupled with continued growth of demand in other industrial countries. In the early months of this year exports—especially of machinery—appear to have been responding well to greater market opportunities abroad. Imports have risen somewhat, however, partly as a result of increased prices of coffee and metals. Meanwhile, lower interest rates on short-term U.S. obligations to foreigners are bringing a substantial saving in the current account of the balance of payments. Some adverse changes may be expected in U.S. capital accounts this year as interest rates here shift downward relative to those abroad. Direct investors have projected much larger investments in foreign plant and equipment, and they may use more U.S. funds than in 1968 or 1969. Also, a sizable reduction in borrowings by U.S. banks from the Euro-dollar market has already occurred. Both conventional measures of over-all balance were registering large deficits in the early months of 1970. In the case of the liquidity balance the extent of the deficit was exaggerated by a reversal of year-end inflows of capital and liquidations of funds that had been placed earlier in nonliquid U.S. Treasury obligations by foreign monetary authorities. The official settlements balance reflected, in addition to the factors affecting the liquidity balance (apart from "special" transactions), the flows back into foreign financial markets of funds previously borrowed in the Euro-dollar market by U.S. banks. Most of the resulting net gain in foreign official reserves accrued to the United Kingdom, while Canada and Japan also experienced gains. Movement toward a better over-all balance in the world economy is evident in the improved trade balances of the United Kingdom and France, following reductions in their currency parities coupled with effective actions to damp excess demand. However, the effect of the German currency revaluation on that country's trade surplus has not yet become clear. Japan also seems headed for another sizable trading surplus in 1970, and Canada scored a large trade surplus in January-February. It remains to be seen whether these various trends in trade balances, should they persist, can be accommodated within an over-all structure of trade and financial flows that would represent a satisfactory equilibrium in international transactions. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Record of Policy Actions of the Federal Open Market Committee Records of policy actions taken by the Federal Open Market Committee at each meeting, in the form in which they will appear in the Board's Annual Report, are released approximately 90 days following the date of the meeting and are subsequently published in the Federal Reserve BULLETIN. The record for each meeting includes the votes on the policy decisions made at the meeting as well as a resume of the basis for the decisions. The summary descriptions of economic and financial conditions are based on the information that was available to the Committee at the time of the meeting, rather than on data as they may have been revised since then. Policy directives of the Federal Open Market Committee are issued to the Federal Reserve Bank of New York—the Bank selected by the Committee to execute transactions for the System Open Market Account. Records of policy actions for the meetings held during 1967, 1968, and 1969 were published in the BULLETIN beginning with the July 1967 issue and were subsequently published in the Board's Annual Reports for 1967 and 1968 and for 1969 (forthcoming). The record for the meeting held on January 15,1970, follows: 333 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

334 FEDERAL RESERVE BULLETIN a APRIL 1970 MEETING HELD ON JANUARY 15, 1970 Authority to effect transactions in System Account. Growth in real gross national product came to a halt in the fourth quarter of 1969, according to preliminary Commerce Department estimates, but prices and costs were continuing to rise rapidly. Staff projections suggested that there would be little change in real economic activity in early 1970. It appeared likely that upward pressures on prices would persist, although perhaps moderating somewhat as the year progressed. Signs of weakness in the economy at the year-end were reflected in various monthly economic series. Industrial production had declined in December for the fifth successive month. Although the unemployment rate remained at the low November level of 3.4 per cent, nonfarm employment had edged down, and employment in manufacturing was reduced for the fourth month in a row. Retail sales were about unchanged in December, and after adjustment for price increases, they remained below the level of a year earlier. Housing starts and manufacturers' new orders for durable goods had continued downward in November, the latest month for which data were available. Average wholesale prices rose considerably further from mid- November to mid-December for both industrial commodities and farm and food products. Among industrial commodities, advances were particularly marked for nonferrous metals and for machinery and equipment. The consumer price index again rose substantially in November. The Commerce Department figures for the fourth quarter indicated that real GNP had leveled out primarily because of a reduction in the rate of inventory accumulation by business; growth in final sales slowed only moderately further. The staff projections for the first half of 1970 suggested that the rate of inventory accumulation would decline further and that growth in final sales would remain sluggish. It appeared likely that Federal expenditures and residential construction outlays would decline in both the first and second quarters and that growth in spending by State and local governments would remain slow. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 335 There were some elements of strength in the outlook, including reported plans by businesses to increase outlays on new plant and equipment substantially further in 1970. In addition, under recent legislation the income tax surcharge had been reduced from 10 to 5 per cent as of January 1 (and would be eliminated as of July 1), and social security benefits had been raised by 15 per cent as of January 1—with the higher payments, including a retroactive payment, to begin in April. However, the stimulating effect of this legislation on consumer spending was expected to be offset in part by other factors tending to slow growth in personal income and by some rise in the saving rate. The small surplus in U.S. foreign trade that had been recorded in the third quarter was maintained in the first 2 months of the fourth quarter, as both exports and imports increased moderately. With respect to the over-all payments balance, extremely heavy capital inflows in the final weeks of the year resulted in large surpluses in December and in the fourth quarter as a whole on both the "liquidity" and "official reserve transactions" bases of calculation.* It appeared that the year-end inflow reflected further repatriations out of German mark holdings together with the return of funds from various sources by U.S. corporations partly in order to comply with U.S. Government controls on direct investments abroad. Some of the inflow was reversed early in January. The Treasury was expected to announce in late January the terms on which it would refund bonds maturing in mid-February. It seemed likely that the Treasury would decide to refund bonds maturing in mid-March at the same time. About $6.7 billion of such securities would mature on those two dates, of which $5.6 billion were held by the public. System open market operations since the mid-December meeting of the Committee had been directed at maintaining the prevailing firm 1 The balance on ihe "liquidity" basis is measured by changes in U.S. reserves and in liquid U.S. liabilities to all foreigners. The balance on the "official reserve transactions" basis (sometimes referred to as the "official settlements" basis) is measured by changes in U.S. reserves and in liquid and certain nonliquid liabilities to foreign official agencies, mainly monetary authorities. The latter balance differs from the former by (1) treating changes in liquid U.S. liabilities to foreigners other than official agencies as ordinary capital flows, and (2) treating changes in certain nonliquid liabilities to foreign monetary authorities as financing items rather than ordinary capital flows. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

336 FEDERAL RESERVE BULLETIN a APRIL 1970 conditions in the money market. When seasonal forces around the turn of the year tended to produce considerable tautness in the money market—as reflected in effective Federal funds rates of 9.5 and 9.75 per cent on a number of days—the pressure on marginal reserve positions of member banks was eased somewhat. The average rate on Federal funds in the 4 weeks ending January 7 was slightly below 9 per cent, little changed from the preceding 3 weeks. Average member bank borrowings declined by about $200 million, to approximately $1.0 billion; average net borrowed reserves declined somewhat more as a result of a seasonal increase in excess reserves at year-end. In the opening weeks of 1970 interest rates moved down for Treasury securities of all maturities and for new corporate and municipal bonds. These reductions reflected in part the demands of small investors who were employing funds that they had withdrawn from depositary institutions. For corporate and municipal bonds the reductions extended declines that had been under way since early and mid-December, respectively. Yields on Treasury securities, however, had remained under upward pressure until the end of 1969, for various reasons—including dealer efforts to hold down inventories in the face of high financing costs; bank sales of coupon-bearing issues in reaction to certain provisions of the newly enacted Tax Reform Act; and sales of Treasury bills by foreign official institutions. Threemonth Treasury bill rates had reached record highs on December 29 —8.08 per cent for the market rate and 8.10 per cent for the average auction rate. But by the day before this meeting the market rate on 3-month bills had fallen to 7.87 per cent, about the same as it had been a month earlier. However, yields on Treasury notes and bonds were still above their mid-December levels. Both commercial banks and nonbank thrift institutions—savings and loan associations and mutual savings banks—apparently had experienced very heavy outflows of consumer-type time and savings funds after year-end interest and dividend crediting. Earlier, in response to reduced net inflows of savings funds and pessimistic appraisals of the outlook, the thrift institutions had cut back their new mortgage commitments substantially. With mortgage interest rates continuing under upward pressure, the ceiling rate on federally underwritten home mortgages was raised from IV2 to 8V2 per cent, effective January 5. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 337 In December total time and savings deposits of commercial banks had increased for the first time in a year. Flows of consumer-type deposits had remained weak in that month, and holdings by domestic depositors of large-denomination negotiable certificates of deposit (CD's) had continued to contract. However, there was a sizable further rise in foreign official time deposits. Over the fourth quarter as a whole total time and savings deposits had been about unchanged. Private demand deposits and the money stock declined during most of December. However, they increased sharply in the final week of the year—as a result in part of various technical factors and in part of exceptionally large year-end money flows, apparently including the repatriation of funds from abroad by corporations in compliance with Government controls on foreign direct investments. The year-end surge, which was believed likely to prove temporary, was sufficient to cause the money stock to grow at an annual rate of about 2 per cent from November to December and about 1 per cent over the fourth quarter as a whole. In the third quarter the money stock had not grown. Bank credit, as measured by the proxy series—daily-average member bank deposits 2—declined from November to December at an annual rate of 0.5 per cent. After adjustment for changes in the outstanding volume of funds obtained by banks from "nondeposit" 2 In recent years the Committee has been making use of daily-average statistics on total member bank deposits as a "bank credit proxy"—that is, the best available measure, although indirect, of developing movements in bank credit. Because the deposit figures are compiled on a daily basis with a very short lag, they are more nearly current than available bank loan and investment data. Moreover, average deposit figures for a calendar month are much less subject to the influence of single-date fluctuations than are the available month-end data on total bank credit, which represent estimates of loans and investments at all commercial banks on one day—the last Wednesday—of each month. For statistics on daily-average member bank deposits, see the table in the statistical section of the Federal Reserve BULLETIN (p. A-17 of the January 1970 issue). Some brief comments on the relation between the member bank deposit series and the bank credit statistics are given in the note on p. 1460 of the BULLETIN for October 1966. As indicated in that note, movements in total member bank deposits and in commercial bank credit can diverge for various reasons, including changes in "nondeposit" liabilities of banks. Changes in U.S. bank liabilities to foreign branches and, more recently, in funds raised by other means—particularly the sale of commercial paper by bank affiliates—have become important sources of such divergence. Accordingly, an "adjusted" proxy series, taking approximate account of such changes, is also calculated for Committee use. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

338 FEDERAL RESERVE BULLETIN a APRIL 1970 sources—including a reduction in the average level of their Eurodollar borrowings through foreign branches and a rise in the volume of funds obtained through sales of commercial paper by bank affiliates—the proxy series increased at an annual rate of 1.5 per cent from November to December. The adjusted bank credit proxy rose at a 2 per cent annual rate during the fourth quarter, following a decline at a 4.3 per cent rate in the third quarter. Staff projections suggested that the adjusted bank credit proxy would decline over the first quarter and the money stock would change little on balance, assuming maintenance of prevailing money market conditions and no changes in maximum interest rates payable on time and savings deposits under the Board's Regulation Q. The adjusted proxy series was projected to contract at annual rates of 1 to 4 per cent from December to January and 4 to 7 per cent from January to February, in large part because of anticipated net reductions in time and savings deposits. While taking note of the leveling off in real economic activity, the Committee agreed that any marked relaxation of monetary restraint would be premature at present in light of the persistence of inflationary pressures and expectations. At the same time, considerable concern was expressed about the prospect that in the first quarter both bank credit and the money stock would continue to show no significant growth if prevailing money market conditions and Regulation Q ceiling rates were maintained. In this connection it was reported that the Board of Governors planned shortly to consider increases in the Regulation Q ceilings. In the discussion of open market policy, some members expressed the view that the specific money market conditions sought—within the range of conditions sufficiently firm to be consistent with a posture of monetary restraint—should be those most likely to be conducive to modest growth in bank credit and the money stock over the first quarter. Other members thought that a slight lessening of pressures on the money market might be accommodated, but they nevertheless favored relying mainly on early action with respect to Regulation Q in the effort to encourage some growth in bank credit. Still others indicated that on balance they were inclined toward maintaining the prevailing conditions in the money market. The Committee concluded that in the conduct of open market Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 339 operations increased stress should be placed on the objective of achieving modest growth in the monetary aggregates, with about equal weight being given to bank credit and the money stock. It was agreed that operations should be directed at maintaining firm conditions in the money market, but that they should be modified if it appeared that the objective with respect to the aggregates was not being achieved. It was also agreed that account should be taken of the forthcoming Treasury refunding, and of the effects of any action by the Board with respect to Regulation Q. The following current economic policy directive was issued to the Federal Reserve Bank of New York: The information reviewed at this meeting suggests that real economic activity leveled off in the fourth quarter of 1969 and that little change is in prospect for the early part of 1970. Prices and costs, however, are continuing to rise at a rapid pace. Most market interest rates have receded from highs reached during December. Bank credit and the money supply increased slightly on average in December and also over the fourth quarter as a whole. Outstanding large-denomination CD's held by domestic depositors have continued to contract in recent months while foreign official time deposits have expanded considerably. Flows of consumer-type time and savings funds at banks and nonbank thrift institutions have remained weak, and there apparently were sizable net outflows after year-end interest crediting. U.S. imports and exports have both grown further in recent months but through November the trade balance showed little or no further improvement from the third-quarter level. At the year-end the overall balance of payments statistics were buoyed by large temporary inflows of U.S. corporate funds. In light of the foregoing developments, it is the policy of the Federal Open Market Committee to foster financial conditions conducive to the orderly reduction of inflationary pressures, with a view to encouraging sustainable economic growth and attaining reasonable equilibrium in the country's balance of payments. To implement this policy, while taking account of the forthcoming Treasury refunding, possible bank regulatory changes and the Committee's desire to see a modest growth in money and bank credit, System open market operations until the next meeting of the Committee shall be conducted with a view to maintaining firm conditions in the money market; provided, however, that operations shall be modified Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

if money and bank credit appear to be deviating significantly from current projections. Votes for this action: Messrs. Martin, Hayes, Bopp, Brimmer, Clay, Coldwell, Daane, Maisel, Mitchell, Robertson, Scanlon, and Sherrill. Votes against this action: None. 340 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Statutes, regulations, interpretations, and decisions TRUTH IN LENDING created in section 130(e) of the Act shall continue to have substantive provisions to which such The Board of Governors on March 12, 1970, jurisdiction shall apply, and generally to aid in granted the State of Maine an exemption from the implementing the Act with respect to any class of Federal Truth in Lending Act, effective April 1, transactions exempted pursuant to paragraph (a) 1970, and amended Regulation Z, "Truth in Lendof this section, the Board pursuant to sections 105 ing," to clarify the rights of consumers with reand 123 hereby prescribes that: spect to actions for civil liabilities under the Act (1) No such exemption shall be deemed to exafter a State exemption has been granted by the tend to the civil liability provisions of sections 130 Board. and 131; and The amendment further provides that State ex- (2) After an exemption has been granted, the emptions from the Federal statute granted by the disclosure requirements of the applicable State law Board will be set forth in Supplement III to Regushall constitute the disclosure requirements of this lation Z. Act, except to the extent that such State law im- The text of the amendment and of Supplement poses disclosure requirements not imposed by HI read as follows: this Act. Information required under such State law with the exception of those provisions which AMENDMENT TO REGULATION Z impose disclosure requirements not imposed by Effective March 12, 1970, section 226.12 is this Act shall, accordingly, constitute the "inforamended to read as follows: mation required under this Chapter" (Chapter 2 of the Act) for the purpose of section 130(a). SECTION 226.12—EXEMPTION OF (d) Exemptions granted. Exemptions granted CERTAIN STATE REGULATED by the Board to particular classes of credit trans- TRANSACTIONS actions within specified States are set forth in Supplement III to Regulation Z. (a) Exemption for State regulated transactions. In accordance with the provisions of Supplement Effective March 12, 1970, Supplement III is II to Regulation Z (§ 226.12—Supplement), any added as follows: State may make application to the Board for exemption of any class of transactions within that SUPPLEMENT III TO REGULATION Z State from the requirements of Chapter 2 of the SECTION 226.12—SUPPLEMENT Act and the corresponding provisions of this Part: State exemptions granted pursuant to § 226.12 Provided, That (1) Under the law of that State, that class of (a) Exemptions and limitations. The provisions transactions is subject to requirements substantially of this supplement are issued by the Board of similar to those imposed under Chapter 2 of the Governors of the Federal Reserve System pursuant Act and the corresponding provisions of this Part; to sections 105 and 123 of the Truth in Lending and Act (Title I of the Consumer Credit Protection (2) There is adequate provision for enforce- Act, Public Law 90-321; 82 Stat. 146, et seq.). ment. The purpose of this supplement is to set forth the (b) Procedures and criteria. The procedures and exemptions granted by the Board to particular criteria under which any State may apply for the classes of credit transactions within any State determination provided for in paragraph (a) of which has applied for exemptions pursuant to the this section are set forth in Supplement II to provisions of Supplement II to Regulation Z. It Regulation Z (§ 226.12—Supplement). also sets forth the conditions necessary for the (c) Civil liability. In order to assure that the retention of such exemptions. Pursuant to the concurrent jurisdiction of Federal and State courts criteria set forth in paragraph (c) of Supplement 341 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

342 FEDERAL RESERVE BULLETIN a APRIL 1970 II to Regulation Z, the Board has determined shall be considered a new transaction subject to that the particular classes of credit transactions the disclosure requirements of Regulation Z. The within the States specified in the following para- question arises as to whether a reduction in the graphs of this supplement are subject to the re- annual percentage rate applicable to an existing quirements substantially similar to those provided extension of credit, when no other credit terms in Chapter 2 of the Truth in Lending Act and that are changed, constitutes a refinancing under there is adequate provision for enforcement of § 226.8(j). such requirements. The exemptions granted here- When no other credit terms are changed, a in shall continue in effect provided that: reduction in the annual percentage rate applicable (1) Such State law, including regulations and to an existing extension of credit does not coninterpretations thereof, upon which the Board's stitute a refinancing under § 226,8(j), and no disdetermination under paragraph (c) of Supple- closures are required. ment II is based is amended or revised as may be necessary in order to preserve substantial simi- RULES REGARDING DELEGATION OF AUTHORITY larity with the Truth in Lending Act and Regulation Z as they may be amended, and with inter- The Board of Governors amended its Rules pretations thereof which may be issued from time Regarding Delegation of Authority to provide a to time by the Board; more expeditious means for performance of cer- (2) Administrative and other provisions for en- tain of its functions relating to (1) competitive forcement of such State law, including regula- factor reports on bank mergers and (2) approval tions and interpretations thereof, applicable to the of salaries of Federal Reserve Bank officers. The exempt classes of credit transactions continue to be text of the amendments read as follows: adequate; and (3) Cooperation and appropriate liaison with AMENDMENTS the Board as specified in paragraph (e) of Supplement II are maintained to assure that the pur- Effective February 19, 1970, section 265.2(c) is poses of the Truth in Lending Act are carried amended by adding subparagraph (17) as follows: out uniformly. (b) Maine. Except as provided in § 226.12(c), SECTION 265.2—SPECIFIC FUNCTIONS the following classes of credit transactions within DELEGATED TO BOARD EMPLOYEES AND the State of Maine except for those transactions FEDERAL RESERVE BANKS in which a federally chartered institution is a creditor are hereby granted an exemption from the requirements of Chapter 2 of the Truth in Lending (c) The Director of the Division of Supervision Act effective April 1, 1970: and Regulation (or, in his absence, the Acting Di- (1) Transactions under open end consumer rector) is authorized: credit plans which are subject to the requirements of section 127 of the Truth in Lending Act; (2) Consumer credit sales transactions not (17) Under section 18(c)(4) of the Federal under open end credit plans which are subject to Deposit Insurance Act (12 U.S.C. 1848(c)(4)), the requirements of section 128 of the Act; and to furnish to the Comptroller of the Currency and (3) Consumer loan and other nonsale credit the Federal Deposit Insurance Corporation reports transactions not under open end credit plans which on competitive factors involved in a bank merger are subject to the requirements of section 129 of required to be approved by one of those agencies the Act. if the appropriate departments or divisions of the appropriate Federal Reserve Bank and the Board INTERPRETATION OF REGULATION Z of Governors are in unanimous agreement that the REDUCTION IN ANNUAL PERCENTAGE proposed merger would have no adverse competi- RATE tive effects and if no member of the Board has Section 226.8(j) specifies that if any existing indicated an objection prior to the forwarding of extension of credit is refinanced, such transaction the report to the appropriate agency. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 343 Effective April 2, 1970, section 265.1a is and earn interest at the rate of 5% per cent. In amended in the following respects: such event, the aggregate amount of the prepaid interest plus interest thereon would exceed the 1. The first paragraph is designated (a). maximum amount the bank could have paid at 2. Paragraphs (a), (b), and (c) are redesigmaturity of the certificate with interest computed nated subparagraphs (1), (2), and (3), respecat the current maximum permissible rate on the tively. type of deposit involved (5% per cent). 3. Paragraph (b) is added as follows: Under the plan offered by the bank, the depositor receives a yield on his investment in excess of SECTION 265.1a—SPECIFIC FUNCTIONS the amount of interest that a member bank may DELEGATED TO BOARD MEMBERS pay under Regulation Q for one year on the type of deposit involved. However, this consideration is not determinative in view of the maturity of (b) The Committee on Organization, Compen- the deposit. The significant consideration is sation, and Building Plans, consisting of three whether the amount of prepaid interest plus inmembers of the Board designated by the Chair- terest thereon at the maximum rate that may be man, is authorized, pursuant to the twenty-second paid on the type of deposit involved exceeds the paragraph of section 4 of the Federal Reserve aggregate amount of interest that could have been Act (12 U.S.C. 307), to approve the salary of any paid on the deposit at maturity computed at the officer of a Federal Reserve Bank holding a po- applicable maximum rate. Stated in another sition below that of Senior Vice President, subject manner, the amount the depositor receives at to general guidelines prescribed by the Board. maturity of the certificate may not exceed the amount he actually places with the bank at the time INTERPRETATION OF REGULATIONS Q AND D of issuance of the certificate (the face amount less the amount of prepaid interest) plus 53A per PREPAYMENT OF INTEREST cent per annum on such amount for the life of ON DEPOSITS the deposit. The Board of Governors has considered the Based upon these considerations, the Board status under Regulations Q and D of certificates of concluded that the plan offered by the member deposit offered by a member bank with interest bank is consistent with the provisions of Regulapaid at the time of issuance. tion Q. In view of § 217.6(f), relating to accuracy Under the plan considered by the Board, the of advertising, the bank should avoid, as with bank offers to prepay interest at the rate of 5 respect to any other time deposit, any statement per cent per annum on a certificate of deposit in that might mislead potential depositors into bean amount less than $100,000 with a single ma- lieving that they may withdraw their deposit at turity from two years to four years and eleven any time before maturity with an appropriate months. In the event the deposit is paid before ma- deduction to adjust the effective yield on the deturity in accordance with § 217.4(d), relating to posit. payment in emergencies, the deposit contract In view of the form of the contract, reserves authorizes the bank to recoup from the principal should be maintained against the face amount of an amount sufficient to reduce the depositor's yield the certificate in accordance with Part 204 (Regon his investment to no more than 5% per cent ulation D), without deduction for prepaid interon the funds withdrawn for the time such funds est. If the form of the contract were on a disare on deposit (the current maximum rate on count basis so that the amount of the bank's obdeposits of less than $100,000 with a maturity of ligation to the depositor increases over the life at least two years). of the deposit, reserve requirements would ini- If interest were prepaid at the rate of 5% per tially apply only to the amount of funds received cent per annum, the bank would violate Regula- for the certificate, just as in the case of a certificate tion Q. In such a circumstance, the prepaid in- sold at the face amount with interest paid at terest could be reinvested with the member bank maturity. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

344 FEDERAL RESERVE BULLETIN n APRIL 1970 INTERLOCKING BANK RELATIONSHIPS ORDERS UNDER BANK MERGER ACT UNDER THE CLAYTON ACT The Board of Governors, effective March 12, GRACE STREET BANK 1970, amended the title of its Regulation L to In the matter of the application of Grace Street read as set forth above and adopted the follow- Bank for approval of merger with Southern Bank ing interpretation: and Trust Company. APPLICABILITY OF SECTION 8 OF THE ORDER APPROVING MERGER OF BANKS CLAYTON ACT TO AN INTERLOCK BETWEEN A MEMBER BANK AND A There has come before the Board of Governors, CREDIT CARD SUBSIDIARY OF ANOTHER pursuant to the Bank Merger Act (12 U.S.C. BANK 1828(c)), an application by Grace Street Bank, Richmond, Virginia, which is to be a State member The Board of Governors recently considered the bank of the Federal Reserve System, for the Board's question whether simultaneous service by an inprior approval of the merger of that bank with dividual as a director of a wholly-owned credit Southern Bank and Trust Company, Richmond, card subsidiary of a national bank and as a di- Virginia, under the charter of Grace Street Bank rector of another member bank in a contiguous and with the name of Southern Bank and Trust municipality was prohibited by Section 8 of the Company. As an incident to the merger, the eight Clayton Act (15 U.S.C. 19). branches of Southern Bank and Trust Company Section 8 of the Act and § 212.1 (a) of the would become branches of Grace Street Bank. Board's Regulation L issued pursuant thereto pro- Notice of the proposed merger, in form approved hibit any "director, officer, or employee of any by the Board, has been published pursuant to said member bank ... or any branch thereof" from Act. serving "at the same time" as a "director, officer, Upon consideration of all relevant material in or employee of any other bank", national or State, the light of the factors set forth in said Act, includsubject to certain exceptions. ing reports furnished by the Comptroller of the The credit card subsidiary involved was an "op- Currency, the Federal Deposit Insurance Corporaerating subsidiary" of the national bank under a tion, and the Attorney General on the competitive ruling of the Comptroller of the Currency. Compfactors involved in the proposed merger, troller's Manual for National Banks H 7376. The IT IS HEREBY ORDERED, for the reasons set forth similar position of the Board as to State member in the Board's Statement of this date, that said banks is published at 250.14 of this subchapter. application be and hereby is approved, provided The Comptroller's ruling states that, "Except as that said merger shall not be consummated (a) beotherwise permitted by statute or regulation, all fore the thirtieth calendar day following the date provisions of Federal banking laws applicable to of this Order or (b) later than three months after the operations of the parent bank shall be equally the date of this Order unless such period is extended applicable to the operations of its operating sub- for good cause by the Board or by the Federal Residiaries." The position of both the Comptroller serve Bank of Richmond pursuant to delegated and Board sustaining the legality of such sub- authority. sidiaries is based on the assumption that the only By order of the Board of Governors, March 17, functions performed by the subsidiary are func- 1970. tions that could be lawfully performed by the Voting for this action: Chairman Burns and Goverbank. So viewed, the method of organization is nors Robertson, Daane, Brimmer, and Sherrill. Absent and not voting: Governors Mitchell and Maisel. irrelevant. (Signed) KENNETH A. KENYON, The Board was of the view that the credit card [SEAL] Deputy Secretary. subsidiary was essentially a department or division of the bank, that a contrary view would be incon- STATEMENT sistent with the purpose of section 8 of the Act, and that none of the exceptions specified in the Grace Street Bank, Richmond, Virginia ("Appli- Act or Regulation L was applicable. Accordingly, cant"), a newly organized bank not in operation, the Board concluded that the interlocking service has applied pursuant to the Bank Merger Act (12 in question was prohibited by Section 8 of the Act U.S.C. 1828(c)), for the Board's prior approval and Regulation L. of the merger of that bank with Southern Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 345 and Trust Company, Richmond, Virginia ("South- assumption of deposit liabilities, in form approved ern Bank"), which has total deposits of $93 mil- by the Board, has been published pursuant to said lion. The banks would merge under the charter of Act. Applicant, which is to be a member of the Federal Upon consideration of all relevant material in Reserve System, and under the name of Southern the light of the factors set forth in said Act, in- Bank. As an incident to the merger, the eight cluding reports furnished by the Comptroller branches of Southern Bank would become branches of the Currency, the Federal Deposit Insurance of Applicant. Corporation, and the Attorney General on the The proposed merger is one step in a plan of competitive factors involved in the proposed transcorporate reorganization whereby Southern Bank- action, shares, Inc. would become a one-bank holding com- IT IS HEREBY ORDERED, for the reasons set forth pany. Applicant is a wholly-owned subsidiary of in the Board's Statement of this date, that said Southern Bankshares, Inc. Upon the merger of applications be and hereby are approved, provided Southern Bank with Applicant, stock of Southern that said acquisition of assets and assumption of Bankshares, Inc. would be exchanged for stock of deposit liabilities and establishment of branches Southern Bank. Use of a merger transaction in the shall not be consummated (a) before the thirtieth plan to form a one-bank holding company would calendar day following the date of this Order or assure to Southern Bankshares, Inc. that the re- (b) later than three months after the date of this sulting bank would be its wholly-owned subsidiary. Order unless such period is extended for good Statutory considerations. The proposed merger cause by the Board or by the Federal Reserve of Southern Bank and Applicant—the latter being Bank of San Francisco pursuant to delegated aua bank with no operating history, formed solely to thority. facilitate the corporate reorganization plan de- By order of the Board of Governors, March 19, scribed above—would itself have no effect on com- 1970. petition or on banking convenience and needs. The Voting for this action: Chairman Burns and Goverfinancial and managerial resources and prospects nors Robertson, Mitchell, Daane, Maisel, and Sherrill. of Southern Bank are satisfactory, as they would Absent and not voting: Governor Brimmer. be with respect to the resulting bank. v (Signed) KENNETH A. KENYON, Accordingly, the Board concludes that the appli- [SEAL] Deputy Secretary. cation should be approved. STATEMENT UNION BANK Union Bank, Los Angeles, California ("Union Bank"), with total deposits of $1.4 billion, has In the matter of the application of Union Bank applied, pursuant to the Bank Merger Act (12 for approval of acquisition of assets of Common- U.S.C. 1828(c)), for the Board's prior approval wealth National Bank. of its acquisition of assets and assumption of deposit liabilities of Commonwealth National Bank, ORDER APPROVING ACQUISITION OF BANK'S San Francisco, California ("Commonwealth ASSETS Bank"), which has total deposits of $58.7 million.1 As an incident to the transaction, the seven of- There has come before the Board of Goverfices of Commonwealth Bank would become nors, pursuant to the Bank Merger Act (12 U.S.C. branches of Union Bank, increasing the number 1828(c)), an application by Union Bank, Los of its offices to 25. Angeles, California, a State member bank of the Competition. Union Bank operates its head of- Federal Reserve System, for the Board's prior apfice in Los Angeles, 16 regional branch offices in proval of its acquisition of assets and assumption Southern California, and one northern California of deposit liabilities of Commonwealth National regional branch office in the City of Oakland, Bank, San Francisco, California, and, as an Alameda County. Union Bank ranks as the seventh incident thereto, Union Bank has applied, unlargest bank in California and holds approximately der section 9 of the Federal Reserve Act (12 3.1 per cent of the State's total commercial bank U.S.C. 321), for the Board's prior approval of deposits. Commonwealth Bank operates its main the establishment by that bank of the seven offices office and three branches in San Francisco, two of Commonwealth National Bank as branches. Notice of the proposed acquisition of assets and 1 Figures are as of June 30, 1969. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

346 FEDERAL RESERVE BULLETIN n APRIL 1970 branch offices in the San Francisco Bay Area in Bank are reasonably satisfactory. Since the latter Pleasant Hill (Contra Costa County) and San part of 1968 the deposits of Commonwealth Bank Rafael (Marin County), and a seventh branch of- have decreased and loan losses have been heavy. fice in Santa Rosa (Sonoma County) which is 52 New senior management has been employed remiles north of San Francisco. It holds 0.1 per cently and some improvement in earnings is procent of the total commercial bank deposits for jected. Consummation of this acquisition by California and ranks as the 33rd largest bank in Union Bank would alleviate Commonwealth the State. The resulting bank would control 3.2 Bank's problems, and the banking factors with per cent of the State's total deposits, would remain respect to Union Bank would remain essentially its seventh largest bank, and would operate 25 of unchanged. the more than 2,900 banking offices in the State. Convenience and needs of the community. The The principal effect of the transaction would be principal effect of the acquisition on banking confelt in the City and County of San Francisco venience and needs would be limited to the area wherein Union Bank has no present representa- served by Commonwealth Bank. This area has tion. There are offices of 19 banks in this city and access to complete banking services provided by county area which hold deposits of approximately numerous offices of the largest banks in the State. $7.7 billion, of which the five largest banks in the Consequently, no new banking services would be State hold more than 88 per cent. Commonwealth introduced into the area. However, present cus- Bank holds approximately 0.6 per cent of the total tomers of Commonwealth Bank would benefit subdeposits for this area and is the 12th largest bank. stantially from the additional services resulting from its acquisition by Union Bank. The nearest office of Union Bank to Commonwealth Bank is its sole office in northern Califor- Summary and conclusion. In the judgment of nia, located in Oakland, 12 miles east of Com- the Board, the slightly adverse effect of this transmonwealth Bank's main office in San Francisco. action on competition would be offset by the as- The two offices, separated by San Francisco Bay, sistance it would provide in alleviating the probserve separate areas, and there is no significant lems of Commonwealth Bank and by its benefit to competition between them. Commonwealth Bank the banking convenience and needs of the area also has a Pleasant Hill office located 19 miles served by Commonwealth Bank. northeast of Oakland, and there is only minor Accordingly, the Board concludes that the apcompetition between this office and Union Bank's plication should be approved. Oakland branch. The area between Oakland and THE BANK OF NEW ORLEANS AND TRUST Pleasant Hill is served by numerous branches of COMPANY the largest banks in the State. Union Bank holds only 4.0 per cent of the total deposits for the Oak- In the matter of the application of The Bank land area and Commonwealth Bank holds less of New Orleans and Trust Company for approval than 0.1 per cent of such deposits. There is no of merger with The Bank and Trust Company of significant competition between other offices of Greater New Orleans. Commonwealth Bank and Union Bank. Under California law, Union Bank, with su- ORDER APPROVING MERGER OF BANKS pervisory approval, could establish a de novo There has come before the Board of Governors, branch in San Francisco or in any of the other pursuant to the Bank Merger Act (12 U.S.C. 1828 areas served by Commonwealth. Likewise, Com- (c)), an application by The Bank of New Orleans monwealth Bank could establish a de novo branch and Trust Company, New Orleans, Louisiana, a in Los Angeles or in any of the other areas served State member bank of the Federal Reserve System, by Union Bank. Consequently, there is some pofor the Board's prior approval of the merger of that tential for direct competition between the banks bank with The Bank and Trust Company of through branching which would be eliminated by Greater New Orleans, New Orleans, Louisiana, consummation of this proposal. which is to be a member of the Federal Reserve The effect of the proposed transaction on com- System, under the charter of the latter bank and petition would be only slightly adverse. the name of the former. As an incident to the Financial and managerial resources and pros- merger, the seven branches of The Bank of New pects. The banking factors with respect to Union Orleans and Trust Company would become Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 347 branches of the resulting bank. Notice of the pro- ("Greater New Orleans Bank"), which is a newly posed merger, in form approved by the Board, has organized bank not yet in operation. The banks been published pursuant to said Act. would merge under the name of Applicant and the Upon consideration of all relevant material in charter of Greater New Orleans Bank which is to the light of the factors set forth in said Act, includ- be a member of the Federal Reserve System. As an ing reports furnished by the Comptroller of the incident to the merger, the seven branches of Appli- Currency, the Federal Deposit Insurance Corpora- cant would become branches of the resulting bank. tion, and the Attorney General on the competitive The proposed merger is one step in a plan of factors involved in the proposed merger, corporate reorganization whereby New Orleans IT IS HEREBY ORDERED, for the reasons set forth Bancshares, Inc., New Orleans, Louisiana, would in the Board's Statement of this date, that said become a one-bank holding company. New Orapplication be and hereby is approved, provided leans Bancshares, Inc., presently owns all of the that said merger shall not be consummated (a) stock of Greater New Orleans Banks; upon the before the thirtieth calendar day following the date merger of Applicant with Greater New Orleans of this Order or (b) later than three months after Bank, stock of New Orleans Bancshares, Inc., will the date of this Order unless such period is ex- be exchanged for stock of Applicant. tended for good cause by the Board or by the The major purpose for the use of a merger Federal Reserve Bank of Atlanta pursuant to dele- transaction in Applicant's plan to form a one-bank gated authority. holding company is to assure that New Orleans By order of the Board of Governors, April 9, Bancshares, Inc., will be able to acquire, except for 1970. directors' qualifying shares, all of the outstanding Voting for this action: Chairman Burns and Gover- stock of the banking subsidiary. nors Robertson, Daane, Maisel, and Brimmer. Absent Statutory considerations. From the record before and not voting: Governors Mitchell and Sherrill. the Board, it appears that the merger of Applicant (Signed) KENNETH A. KENYON, and the Greater New Orleans Bank—the latter Deputy Secretary. being a bank with no operating history, formed [SEAL] solely to facilitate the corporate reorganization plan described above—would itself have no effect STATEMENT on either competition or the banking convenience The Bank of New Orleans and Trust Company, and needs of the relevant area. Further, it does not New Orleans, Louisiana ("Applicant"), with total appear that the proposal would have any adverse deposits of $168 million,1 has applied, pursuant to consequences relative to the financial and manathe Bank Merger Act (12 U.S.C. 1828(c)), for gerial resources and prospects of the banks inthe Board's prior approval of the merger of that volved. bank with The Bank and Trust Company of Accordingly, and in light of all the standards set Greater New Orleans, New Orleans, Louisiana forth in the Bank Merger Act, the Board concludes figures are as of December 31, 1969. that the application should be approved. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

348 FEDERAL RESERVE BULLETIN n APRIL 1970 ORDERS UNDER SECTION 3 OF BANK HOLDING Voting for this action: Chairman Martin and Gov- COMPANY ACT ernors Mitchell, Daane, Brimmer, and Sherrill. Voting against this action: Governors Robertson and Maisel. Chairman Burns was not a member of the Board on HAMILTON NATIONAL ASSOCIATES, the date of the Board's decision. INCORPORATED, CHATTANOOGA, (Signed) KENNETH A. KENYON, TENNESSEE Deputy Secretary. [SEAL] In the matter of the application of Hamilton Na- STATEMENT tional Associates, Incorporated, Chattanooga, Tennessee, for approval of acquisition of 80 per cent Hamilton National Associates, Incorporated, or more of the voting shares of Citizens Bank of Chattanooga, Tennessee ("Applicant"), a registered White Pine, White Pine, Tennessee. bank holding company, has applied to the Board of Governors, pursuant to section 3(a) (3) of the Bank Holding Company Act of 1956, for prior ap- ORDER APPROVING APPLICATION UNDER proval of the acquisition of 80 per cent or more of BANK HOLDING COMPANY ACT the voting shares of Citizens Bank of White Pine, There has come before the Board of Governors, White Pine, Tennessee ("Bank"). pursuant to section 3(a)(3) of the Bank Holding Views and recommendation of supervisory au- Company Act of 1956 (12 U.S.C. 1842(a)(3)), thority. As required by section 3(b) of the Act, the and section 222.3(a) of Federal Reserve Regulation Board gave written notice of receipt of the applica- Y (12 CFR 222.3(a)), an application by Hamilton tion to the Superintendent of Banks of the State of National Associates Incorporated, Chattanooga, Tennessee and requested his views and recommen- Tennessee, a registered bank holding company, for dation thereon. The Superintendent replied that his the Board's prior approval of the acquisition of 80 office would not object to the proposed transaction. per cent or more of the voting shares of Citizens Statutory considerations. Section 3(c) of the Act Bank of White Pine, White Pine, Tennessee. provides that the Board shall not approve an acqui- As required by section 3(b) of the Act, the Board sition that would result in a monopoly or would be gave written notice of receipt of the application in furtherance of any combination or conspiracy to the Superintendent of Banks of the State of to monopolize or to attempt to monopolize the Tennessee and requested his views and recommen- business of banking in any part of the United States. dation thereon. The Superintendent responded that Nor may the Board approve a proposed acquisition, no objection to the proposed transaction would be the effect of which, in any section of the country, made by his office. may be substantially to lessen competition, or to Notice of receipt of the application was published tend to create a monopoly, or which in any other in the Federal Register on October 24, 1969 (34 manner would be in restraint of trade, unless the Federal Register 17315), providing an opportunity Board finds that the anticompetitive effects of the for interested persons to submit comments and views proposed transaction are clearly outweighed in the with respect to the proposed acquisition. A copy of public interest by the probable effect of the transacthe application was forwarded to the United States tion in meeting the convenience and needs of the Department of Justice for its consideration. Time communities to be served. In each case, the Board is for filing comments and views has expired and all required to take into consideration the financial those received have been considered by the Board. and managerial resources and future prospects of IT IS HEREBY ORDERED, for the reasons set forth the bank holding company and the banks concerned, in the Board's Statement of this date, that said ap- and the convenience and needs of the communities plication be and hereby is approved, provided that to be served. the acquisition so approved shall not be consum- Competitive effect of the proposed transaction. mated (a) before the thirtieth calendar day follow- The 10 largest banking organizations in Tennessee ing the date of this Order, or (b) later than three control about 57 per cent of State deposits.1 Apmonths after the date of this Order, unless such plicant, the fifth largest of these organizations, conperiod is extended for good cause by the Board, or trols 6 per cent of State deposits. Three other bank by the Federal Reserve Bank of Atlanta pursuant holding companies, two of which are headquartered to delegated authority. 1 All banking data are as of June 30, 1969, and reflect By order of the Board of Governors, March 12, holding company formations and acquisitions approved by 1970. the Board to date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 349 outside the State, have subsidiary banks in Ten- management, and has favorable prospects. nessee; none of such companies is among the State's The banking factors as they relate to Applicant, 10 largest banking organizations. Applicant's acqui- its subsidiary 'banks, and Bank are consistent with sition of Bank would have no measurable effect on approval of the application. State-wide deposit concentration. Convenience and needs of the communities in- Bank ($3.6 million deposits) is the only bank volved. Consummation of the proposed acquisition in White Pine, Jefferson County, Tennessee, and would not significantly affect the convenience or the smallest of four banks in a trade area which is needs of the communities served by Applicant's centered in Morristown (Hamblen County), eight present subsidiaries. miles north of White Pine. The trade area includes It appears that most of the banking services reall of Hamblen County and the area surrounding quired by the community served by Bank are pres- White Pine in adjoining Jefferson County. All three ently being provided. However, trust services could principal competitors of Bank are located in Morris- be more conveniently offered to the area through town. Bank also competes, to a lesser extent, with Bank's affiliation with Applicant. In addition, intwo banks in Jefferson County; a $9 million deposit ternal efficiencies could be effected and managebank in Jefferson City, 10 miles west of White ment succession better assured, which would indi- Pine, and a $6.5 million deposit bank in Dandridge, rectly benefit Bank's customers. Larger credit de- 10 miles southwest. mands could be accommodated through participations with other Applicant subsidiaries. One of Applicant's present subsidiary banks is Considerations relating to the convenience and located in Morristown, and, with about $22 million needs of the areas involved weigh somewhat in deposits, is the largest bank in the trade area, alfavor of approval of the application. though it is nearly equalled in size by an independ- Summary and conclusion. On the basis of all relent Morristown bank. Consummation of the proevant facts contained in the record and in the light posal would eliminate some present competition of the factors set forth in section 3(c) of the Act, between the Morristown subsidiary and Bank, which it is the Board's judgment that the proposed acquiis located at the fringe of the area served by the sition would be in the public interest, and that the former. However, the extent of such competition application should be approved. does not appear significant. Bank exerts little competitive impact on the Morristown area, and the area immediately surrounding White Pine represents DISSENTING STATEMENT OF GOVERNORS only a minor part of the Morristown subsidiary's ROBERTSON AND MAISEL market. The fact that the county line separates Our dissent from the Board's action is based upon Morristown and White Pine limits the potential for our conclusion that Applicant's proposal would have future competition between present and proposed significant anticompetitive effects which are not subsidiaries, since branching in Tennessee is reoutweighed by any other considerations presented stricted to the county in which a bank is headin the record. Applicant presently controls a bank quartered. Bank's affiliation with Applicant will which accounts for over 40 per cent of the deposits make more feasible the establishment by Bank of in what is recognized to be the most relevant market branches in other parts of Jefferson County, thus within which to measure the competitive effects of increasing potential competition in those areas. the proposal. Bank is one of only three banks com- Based upon the foregoing, the Board con- peting with Applicant's subsidiary in that market. cludes that consummation of the proposed acqui- Its acquisition by Applicant will result in the elimisition would not result in a monopoly, nor be in nation of significant existing competition, and Apfurtherance of any combination, conspiracy, or at- plicant's share of the deposits in the market will be tempt to monopolize the business of banking in any increased to more than 47 per cent. A proposal area, and would not substantially lessen competi- which would have such effects should not be aption, tend to create a monopoly, nor restrain trade proved, absent compelling considerations involving in any section of the country. the financial condition of the bank, deficient bank- Financial and managerial resources and future ing service in the area, or both. Even then, approval prospects. The financial condition of Applicant and should be given only in the absence of alternatives its 10 subsidiary banks is satisfactory; all have sat- which would solve any banking or service problems isfactory management and favorable prospects. which might exist in a manner more consistent with Bank is in sound financial condition, has capable the preservation of competition. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

350 FEDERAL RESERVE BULLETIN a APRIL 1970 The majority's failure to become aroused over had come from Applicant; the application, however, the anticompetitive implications of Applicant's indicates nothing more than Applicant's desire to proposal is perhaps explained by Bank's limited achieve an even more prominent position in a marsize, and the fact that the market area involved is ket which it presently dominates. We would atnot economically important. But the values of com- tribute no deeper purpose to the proposal than that petition are not to be more lightly regarded in a which Applicant claims for it. rural context than in an urban one. The typical On the record before the Board, it is our conrural resident is at least equally as powerless as his viction that consummation of Applicant's proposal urban counterpart to resist the arbitrariness of the will not be in the public interest. We would thereeconomic conditions which may be unilaterally im- fore deny the application. posed in a market dominated by a single supplier of an essential service. CHARTER BANKSHARES CORPORATION, JACKSONVILLE, FLORIDA Neither is it appropriate to assume that conclusions regarding the size necessary to achieve econo- In the matter of the application of Charter Bankmies of scale, which may be completely valid in shares Corporation, Jacksonville, Florida, for apan urban setting, are necessarily applicable to a proval of acquisition of 80 per cent or more of the rural area where banking requirements are much voting shares of The First National Bank in St. less complex. A $4 million bank may be incapable Petersburg, St. Petersburg, Florida. of efficiently serving an area's needs for data processing services or large-scale commercial and in- ORDER APPROVING APPLICATION UNDER dustrial financing; however, a bank of that size may BANK HOLDING COMPANY ACT be completely capable of providing banking service There has come before the Board of Governors, to an area with different needs. pursuant to section 3(a)(3) of the Bank Holding In the present case, it appears that all banks in Company Act of 1956 (12 U.S.C. 1842(a)(3)), the area involved are operating profitably; the area and section 222.3(a) of Federal Reserve Regulais not overbanked. As the majority acknowledges, tion Y (12 CFR 222.3(a)), an application by Bank is in sound financial condition, has competent Charter Bankshares Corporation, Jacksonville, management, and its prospects as an independent Florida, a registered bank holding company, for bank are favorable. Its earnings, in fact, are above the Board's prior approval of the acquisition of 80 the average of banks of similar size in its Federal per cent or more of the voting shares of The First Reserve District. There is no evidence of credit National Bank in St. Petersburg, St. Petersburg, demands in its area which Bank cannot meet. Bank Florida. does not offer trust services, but there appears to As required by section 3(b) of the Act, the be little demand for them in its area, and, in any Board notified the Comptroller of the Currency of case, such services are already available from one the application and requested his views and recomof Applicant's subsidiaries located only eight miles mendation. The Comptroller offered no objection away, with a good highway spanning the short to approval of the application. distance. Under these circumstances, the fact that Notice of receipt of the application was published Bank is relatively small is of no significance in in the Federal Register on June 7, 1969 (34 Fedmeasuring its capability as an alternative source of eral Register 9105), providing an opportunity for all major services needed in its area, and the fact interested persons to submit comments and views that the area is not heavily populated, and that with respect to the proposed transaction. A copy therefore only a minute portion of the general pubof the application was forwarded to the United lic will be in any way affected by Applicant's pro- States Department of Justice for its consideration. posal, does not alter the conclusion that those who Time for filing comments and views has expired will be affected will be disserved by consummation and all those received have been considered by the of the acquisition. Board. The Board has also considered testimony There is no evidence that any community will received in the course of public oral presentation on benefit from the proposal. The majority suggest that this application conducted before the Board on the proposed acquisition provides a vehicle through February 17, 1970. which Applicant can obtain branches, and thereby IT IS HEREBY ORDERED, for the reasons set forth compete, in other areas of Jefferson County. That in the Board's Statement of this date, that said apsuggestion might be entitled to some weight if it plication be and hereby is approved, provided that Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 351 the acquisition so approved shall not be consum- on this application conducted before the Board on mated (a) before the thirtieth calendar day follow- February 17, 1970. ing the date of this Order, or (b) later than three IT IS HEREBY ORDERED, for the reasons set forth months after the date of this Order, unless such in the Board's Statement of this date, that said apperiod is extended for good cause by the Board, or plication be and hereby is approved, provided that by the Federal Reserve Bank of Atlanta pursuant the acquisition so approved shall not be consumto delegated authority. mated (a) before the thirtieth calendar day follow- Dated at Washington, D.C., this 12th day of ing the date of this Order, or (b) later than three March 1970. months after the date of this Order, unless such By order of the Board of Governors. period is extended for good cause by the Board, or by the Federal Reserve Bank of Atlanta pursuant Voting for this action: Governors Mitchell, Daane. Maisel, Brimmer, and Sherrill. Voting against this ac- to delegated authority. tion: Governor Robertson. Chairman Burns did not Dated at Washington, D.C., this 12th day of participate in the decision on this application. March 1970. (Signed) KENNETH A. KENYON, By order of the Board of Governors. Deputy Secretary. Voting for this action: Governors Mitchell, Daane, [SEAL] Maisel, Brimmer, and Sherrill. Voting against this action: Governor Robertson. Chairman Burns did not participate in the decision on this application. In the matter of the application of Charter Bankshares Corporation, Jacksonville, Florida, for ap- (Signed) KENNETH A. KENYON, proval of acquisition of 80 per cent or more of the Deputy Secretary. voting shares of The Harbor City National Bank [SEAL] of Eau Gallie, Eau Gallie, Florida. In the matter of the application of Charter Bankshares Corporation, Jacksonville, Florida, for ap- ORDER APPROVING APPLICATION UNDER proval of acquisition of 51 per cent or more of the BANK HOLDING COMPANY ACT voting shares of First National Beach Bank, Jacksonville Beach, Jacksonville Beach, Florida. 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 Regulation Y (12 CFR 222.3(a)), an application by There has come before the Board of Governors, Charter Bankshares Corporation, Jacksonville, pursuant to section 3(a) (3) of the Bank Holding Florida, a registered bank holding company, for Company Act of 1956 (12 U.S.C. 1842(a)(3)), the Board's prior approval of the acquisition of 80 and section 222.3 (a) of Federal Reserve Regulaper cent or more of the voting shares of The Harbor tion Y (12 CFR 222.3(a)), an application by City National Bank of Eau Gallie, Eau Gallie, Charter Bankshares Corporation, Jacksonville, Florida. Florida, a registered bank holding company, for the As required by section 3(b) of the Act, the Board's prior approval of the acquisition of 51 per Board notified the Comptroller of the Currency of cent or more of the voting shares of First National the application and requested his views and recom- Beach Bank, Jacksonville Beach, Jacksonville mendation. The Comptroller offered no objection to Beach, Florida. approval of the application. As required by section 3(b) of the Act, the Notice of receipt of the application was published Board notified the Comptroller of the Currency of in the Federal Register on June 7, 1969 (34 Federal the application and requested his views and recom- Register 9104), providing an opportunity for in- mendation. The Comptroller offered no objection terested persons to submit comments and views to approval of the application. with respect to the proposed transaction. A copy Notice of receipt of the application was published of the application was forwarded to the United in the Federal Register on June 7, 1969 (34 Federal States Department of Justice for its consideration. Register 9105), providing an opportunity for in- Time for filing comments and views has expired terested persons to submit comments and views and all those received have been considered by the with respect to the proposed transaction. A copy Board. The Board has also considered testimony of the application was forwarded to the United received in the course of a public oral presentation States Department of Justice for its consideration. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

352 FEDERAL RESERVE BULLETIN • APRIL 1970 Time for filing comments and views has expired reply was directed solely to the competitive factors and all those received have been considered by the involved and concluded that approval of the ap- Board. The Board has also considered testimony plications would not adversely affect banking comreceived in the course of the public oral presentation petition. on this application conducted before the Board on Statutory considerations. Section 3(c) of the February 17, 1970. Act provides that the Board shall not approve an IT IS HEREBY ORDERED, for the reasons set forth acquisition that would result in a monopoly or in the Board's Statement of this date, that said ap- would be in furtherance of any combination or plication be and hereby is approved, provided that conspiracy to monopolize or to attempt to monopothe acquisition so approved shall not be consum- lize the business of banking in any part of the mated (a) before the thirtieth calendar day follow- United States. Nor may the Board approve a ing the date of this Order, or (b) later than three proposed acquisition, the effect of which, in any months after the date of this Order, unless such section of the country, may be substantially to period is extended for good cause by the Board, or lessen competition, or tend to create a monopoly, or by the Federal Reserve Bank of Atlanta pursuant which in any other manner would be in restraint of to delegated authority. trade, unless the Board finds that the anticompeti- Dated at Washington, D.C., this 12th day of tive effects of the proposed transaction are clearly March 1970. outweighed in the public interest by the probable effect of the transaction in meeting the convenience By order of the Board of Governors. and needs of the communities to be served. In each Voting for this action: Governors Mitchell, Daane, Maisel, Brimmer, and Sherrill. Voting against this ac- case the Board is required to take into consideration: Governor Robertson. Chairman Burns did not tion the financial and managerial resources and participate in the decision on this application. future prospects of the bank holding company and (Signed) KENNETH A. KENYON, the banks concerned, and the convenience and Deputy Secretary. needs of the communities to be served. [SEAL] Discussion. In the course of the Board's study of Charter Bankshares' three applications, there STATEMENT arose from several statements by Applicant con- Charter Bankshares Corporation, Jacksonville, tained both in the applications and in communica- Florida ("Charter Bankshares") or ("Applicant"), tions responding to Board requests for additional a registered bank holding company, has applied to information relevant to the propsals, a question conthe Board of Governors, pursuant to section 3(a) cerning the extent to which Applicant is controlled (3) of the Bank Holding Company Act of 1956 by The Charter Company, a Florida corporation (12 U.S.C. 1842(a)(3)), for prior approval of that owns, of record, 24.6 per cent of Charter the acquisition of 80 per cent or more of the voting Bankshares' voting stock, and 99 per cent of the shares of The First National Bank in St. Peters- voting shares of the Jacksonville National Bank, burg ("St. Petersburg Bank") and of The Harbor Jacksonville, Florida. Charter Company also owns City National Bank of Eau Gallie ("Eau Gallie or controls 24.9 per cent of the Jacksonville Beach Bank"), and at least 51 per cent of the outstanding Bank and an equal per cent of the voting stock of voting shares of First National Beach Bank, Jack- the St. Petersburg Bank. Charter Company has exsonville Beach ("Jacksonville Beach Bank"), all tensive nonbank investments, totaling some 23 subin Florida. Each of the applications has been sep- sidiary and affiliated organizations, the general arately considered and is the subject of a separate business natures of which encompass mortgage Board Order. However, since certain facts and brokering; real estate investments, developments circumstances are common to all three applica- and holdings; real estate mortgage and title insurtions, this Statement contains the Board's findings ance; advisory and administrative services for a and conclusions with respect to each of the ap- real estate investment trust; building premises corplications. porations; and the operation of a chain of service Views and recommendations of supervisory au- stations, tire stores, and convenience foods stores thority. As required by section 3(b) of the Act, the comprising approximately 70 units operating in 25 Board notified the Comptroller of the Currency of cities in six Southeastern States. receipt of the applications and requested his views Should it be established that Charter Company, and recommendations thereon. The Comptroller's directly or indirectly, owns, controls, or holds with Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 353 power to vote 25 per cent or more of Charter holds a substantially influential position with respect Bankshares' voting stock, or such amount of the to decisions affecting Applicant's operations. Alvoting stock of any of Charter Bankshares' sub- though Applicant's chief executive officer asserted sidiary banks, or controls the election of a majority that all major decisions affecting Applicant are of the directors of Charter Bankshares or any of its made by him and Applicant's Board of Directors, it subsidiary banks, such determination would have a was admitted by Dr. Ruffin, and conceded by Mr. decisive effect on the Board's action on these ap- Mason, that the latter was not at all reluctant to plications, and on the status of Charter Company offer advice concerning matters of interest to Charunder the Bank Holding Company Act. ter Bankshares, and that the former was not reluc- An equally important question, distinct from the tant to seek and rely upon such counsel and advice. aforementioned statutory control issues, relates to a The former President and Chairman of Applicant less patent form of control, that is, to the possi- offered no challenge to the positions stated by the bility that decisions presumably made on behalf, other two witnesses regarding Charter Company's and in the stated best interest, of Charter Bank- lack of control of Applicant. Rather, he stated that shares and its subsidiary banks, are in fact made, he had no evidence to indicate such control; that or are subject to being made, so as to serve pri- to his knowledge Applicant's Board of Directors marily the interests of Charter Company and its was not controlled by Charter Company; and that, extensive nonbanking investments, with potential in fact, the selection of Applicant's Board of Dideleterious effects on Charter Bankshares' inter- rectors was made on the basis of recommendations ests. Separate but related provisions of the Bank from and agreement by Bankshares' officers and di- Holding Company Act, together with the Act's rectors. legislative history, reflect Congressional intent In sum, the Board concludes that Charter Comto effect with respect to registered bank holding pany's ownership and/ or control of stock of Charter companies a separation of bank subsidiary opera- Bankshares is not of such amount or nature as to tions and, with limited exceptions, nonbanking in- constitute Charter Bankshares a subsidiary of Charterests. In view of the direct and important relation ter Company within the meaning of the Bank Holdof these provisions to the aforementioned "control" ing Company Act, Further, while it is abundantly issues, and to the Board's ultimate action on the clear that Mr. Mason, Charter Company's principal applications, the questions bearing on the control stockholder, has considerable influence with regard issues will first be discussed and resolved. to operational and policy decisions affecting Charter On February 17, 1970, the Board conducted a Bankshares, many actively sought and welcomed public oral presentation relating to the above- by Charter Bankshares' management, no attribution stated issues of control, at which proceeding three to Charter Company of this influence can be made witnesses testified and responded to Board inquiries. within the context of the control provisions of the They were Dr. William C. Ruffin, Jr., Chairman Act. Regarding the question of whether the Board and President of Applicant; Mr. Raymond K. should prevent further expansion of Charter Bank- Mason, Chairman and President of The Charter shares' system because of the close relationship Company, Jacksonville, Florida; and Mr. Howard which that system has with Charter Company and Nix, Jr., formerly President of Charter Bankshares. Mr. Mason, the Board is unable to conclude that the The entire record before the Board, including manner in which Charter Company's operations are the testimony rendered during the February 17 conducted has adversely affected Charter Bankproceeding, together with documentation submitted shares' operations, growth, or service to its banks upon request by the Board, reasonably supports and the public they serve. Nor is there evidence the following conclusions. Charter Company owns, that the resources of these banks have been unlawin total, 24.6 per cent of the voting shares of fully or unduly utilized in the service, or to the ad- Charter Bankshares, which is less than the 25 per vantage of, Charter Company and its interests and cent test for bank holding company status set forth the disadvantage or detriment of the banks. On in the Bank Holding Company Act. Mr. Mason is the contrary, there is uncontroverted evidence that the principal stockholder of Charter Company, Charter Bankshares has, to its advantage, sought of owning approximately 30 per cent of its voting and received from Charter Company financial asstock. The record also clearly establishes that, de- sistance necessary to Charter Bankshares' growth, spite the minimal amount of Charter Bankshares' and contributory to the sound financial condition of voting stock owned or controlled by Mr. Mason, he its banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

354 FEDERAL RESERVE BULLETIN a APRIL 1970 The Board concludes that under existing pro- None of the proposed subsidiary banks is located visions of the Act, and giving full cognizance to the within 150 miles of another, or within 350 miles of intent of Congress in enacting the provisions of that any of Applicant's present subsidiary banks. No Act relevant to the questions under discussion, significant competition exists between any of them. Charter Company may not be deemed a bank hold- Further, in view of the distances involved and the ing company subject to the jurisdiction of the fact that branching is prohibited by Florida law, it Board, and that the relationship between Charter does not appear that a significant potential for fu- Company and Charter Bankshares does not in and ture competition would be foreclosed. of itself preclude approval of these applications. It is possible that the ownership by Charter Com- Competitive effect of the proposed transactions. pany of Jacksonville National Bank ($39 million The 10 largest banking organizations in Florida, deposits), coupled with its substantial financial inall of which are bank holding companies, control terest in Applicant, would tend to inhibit competi- 40 per cent of the deposits held by all banks in the tion between Jacksonville National and Jacksonville State.1 Applicant, which is not presently among Beach Bank in the event of acquisition of the latter the largest banking organizations in the State, has by Applicant. Even assuming that result, however, three subsidiary banks which, in the aggregate, it does not appear that the effect on banking comhave deposits of .$35 million. Acquisition of the petition would be significant in view of the size of three subject banks would increase the amount of the two banks relative to other banks in the area, deposits under Applicant's control to $197 million and in view of the limited amount of present com- (1.7 per cent of the State total), and Applicant petition between them. would become the eleventh largest banking organi- The Board concludes, on the basis of the record zation in the State. before it, that consummation of Applicant's pro- St. Petersburg Bank ($139 million deposits) is posals would not result in a monopoly, or be in the largest of 12 banks in St. Petersburg, and ac- furtherance of any combination or conspiracy to counts for about 23 per cent of the total deposits monopolize or to attempt to monopolize the busiheld by all banks in that area. The second largest ness of banking in any relevant area. Neither does it bank in the area is of a size ($130 million deposits) appear likely that such consummation would subnearly equal to St. Petersburg Bank, and the third stantially lessen competition, tend to create a moand fifth largest are subsidiaries of separate bank nopoly, or restrain trade in any section of the counholding companies, both of which are much larger try. than Applicant is, or would become as a result of Financial and managerial resources and future the proposed acquisitions. It does not appear that prospects. The financial condition of Applicant and the viability or competitive effectiveness of any its present subsidiary banks is regarded as reasonbank in the area would be adversely affected by ably satisfactory. At the present time Applicant has Applicant's acquisition of St. Petersburg Bank. a rather substantial debt position incurred as a result Neither of the two other proposed subsidiary of action taken to strengthen the capital position of banks is among the largest in the area in which it certain of its banks. Applicant's debt retirement competes. Eau Gallie Bank ($6.9 million deposits) projections appear reasonably subject to achieveranks thirteenth in size among 17 banks located in ment, provided Applicant adheres to a prudent Brevard County and is the sixth largest in the marscheme of operation both for itself and its subsidiary ket in which it competes—an 11-mile coastal secbanks. The likelihood of eliminating Applicant's tion of southern Brevard County; the bank is about debt would be significantly enhanced by the acquisione-half as large as the only other bank in Eau tions here proposed, particularly Applicant's owner- Gallie. Jacksonville Beach Bank ($15 million deship of the St. Petersburg Bank. While the capital posits) is located in a beach community 20 miles position of one of Applicant's existing subsidiaries is east of downtown Jacksonville. It is the twelfth somewhat less than desirable, in general, the finanlargest of 28 banks in Duval County, and accial condition of the banks is satisfactory. counts for 1.4 per cent of the total deposits held Management. Applicant's management appears by banks in that area; 15 of the 28 banks, holding lacking in both depth and experience. The individ- 77 per cent of area deposits, are owned by three ual who was instrumental in organizing Applicant bank holding companies. and who served as its chief executive officer for ap- 1 All banking data are as of June 30, 1969, adjusted to proximately seven years, left Applicant at mid-year reflect holding company formation and acquisitions approved by the Board to date. 1969. The then Chairman of the Board has assumed Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 355 the role of chief executive officer. While the record initial benefit to Applicant and its banks, will ultidoes not reflect adversely upon his general executive mately benefit the communities served by these ability, Applicant's interests and those of its present banks. and proposed subsidiary banks would benefit from Considerations relating to the convenience and the addition of executive personnel with experience needs of the communities involved are consistent in bank administration and operation. Applicant has with, and provide some weight supporting, approval recently added to its Board of Directors a capable of the applications. and experienced banker, the president of the St. Summary and conclusion. On the basis of all Petersburg Bank. It is unlikely that this individual relevant facts contained in the record, and in the would remain on Applicant's Board should Appli- light of the factors set forth in section 3(c) of the cant's acquisition of the St. Petersburg Bank be Act, it is the Board's judgment that the proposed denied. On the other hand, the inclusion of the St. transactions would be in the public interest and that Petersburg Bank within Applicant's system will en- the applications should be approved. sure executive and managerial direction to Applicant that is now afforded by that bank, and will CONCURRING STATEMENT OF GOVERNOR BRIMMER make available to Applicant's other banks the man- I concur in the Board's action approving the apagerial and full-service banking experience found in plications of Charter Bankshares. However, in so an institution the size of the St. Petersburg Bank. concurring, I do not wish to suggest that I am Consummation of Applicant's proposals would satisfied that Charter Bankshares is free of the provide Applicant and its banks with more experidominant influence, if not actual control, of Charenced, and a greater depth of, management. The ter Company's chief executive officer and prinforegoing considerations relating to the several cipal stockholder—and thus of a potentially undebanking factors involved weigh somewhat in favor sirable affiliation with Charter Company. On the of approval of the applications. contrary, I am satisfied that insofar as Charter Convenience and needs of the communities in- Bankshares' operations, bank acquisition proposals, volved. The communities served by each of Appliand many related plans are concerned, Mr. Mason's cant's existing banks, as well as the communities views, judgments, and decisions are given substanserved, respectively, by the Eau Gallie Bank and the tial, if not decisive, weight by Charter Bankshares' Jacksonville Beach Bank, will be affected by conmanagement and directors. summation of the proposals now before the Board. I find the imposition of Mr. Mason's influence on Each of these communities, namely, Pensacola, Charter Bankshares, impelled as it must be by his Gulf Breeze, Milton, Jacksonville Beach, and Eau substantial interest and investment in Charter Com- Gallie (recently annexed with and under the name pany and its affiliates and subsidiaries, to be conof Melbourne) has available to it the full banking trary to the clear intent of Congress to prevent the services of at least one and, in some instances, sevexistence of, or potential for, common control of eral large banking organizations. Accordingly, no banking and unrestricted nonbanking operations. major banking service is presently lacking in any of The record before the Board does not justify, in these areas. In each of these communities, Applimy view, ascribing to Mr. Mason's activities or to cant's acquisition of the $139 million deposit St. the operations of Charter Company, any conse- Petersburg Bank will serve to provide Applicant for quence clearly contrary to the interests of Charter the first time with a significantly sized lead bank Bankshares or the public. Yet, the potential for that can be principally instrumental in enabling Apsuch consequences does exist; and the potential was plicant's other banks to provide expanded and more as certainly the thrust of Congressional concern as convenient banking services. Specifically, Appliwas the fact. However, applying existing provisions cant's smaller banks will have available, either for of the Bank Holding Company Act to the circumthe first time or on a more accessible basis, trust stances of this case leaves me no justifiable alternaservice assistance, use of computer and related fative to concurring in the Board's approval action. cilities, and funds through loan participations. An The Bank Holding Company Act's present proviadditional favorable aspect of Applicant's proposed sions do not encompass an individual's ownership acquisition of the St. Petersburg Bank is the addior control of bank stocks; nor do these provisions tional potential that it offers Applicant in attracting permit the Board, except in limited circumstances experienced and capable personnel to its system, not here applicable, either to attribute an individand through its system to its banks. This result, of ual's stock holdings to a corporate interest having Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

356 FEDERAL RESERVE BULLETIN a APRIL 1970 the relationship involved in these applications, or to exposure for the benefit of Charter Company's nonattribute control of a bank or bank holding com- banking interests—precisely the type of undue expany to a company that may act in concert with a posure that underlay enactment of the Act's divestnatural person to vote 25 per cent or more of the ment requirements. voting shares of such bank or bank holding com- Applying to these circumstances the aforestated pany. This deficiency in the law, in my judgment, is intent of Congress and the Board's discretionary aucontributory to substantial circumvention of Con- thority to deny proposals which are not clearly in gressional intent to restrict common control of bank- the public interest, I would deny the three applicaing and nonbanking interests and operations. tions. A provision of the House-passed "one bank holding company" bill would appear to lend considera- FIRST MIDWEST BANCORP., INC., ble strength to the Board's ability to reach the types ST. JOSEPH, MISSOURI of indirect control evidenced with respect to Charter Bankshares. Despite the admitted difficulties In the matter of the application of First Midwest posed by the formulation and enforcement of a Bancorp., Inc., St. Joseph, Missouri, for approval of provision of this nature, I would hope that a con- action to become a bank holding company through centrated effort will be made to effect its enactment the acquisition of all (less directors' qualifying into law. shares) of the voting shares of the successor by merger to The First National Bank of St. Joseph; The First Trust Bank, St. Joseph; and First Stock DISSENTING STATEMENT OF GOVERNOR Yards Bank, South St. Joseph, all in Missouri. ROBERTSON The Bank Holding Company Act was enacted ORDER APPROVING ACTION TO BECOME "To define bank holding companies, control their BANK HOLDING COMPANY future expansion, and require divestment of their nonbanking interests." This statement of Congres- There has come before the Board of Governors, sional purpose reflects two principles that form the pursuant to section 3(a)(l) of the Bank Holding basis for my dissent from the Board's approval of Company Act of 1956 (12 U.S.C. 1842(a)(l)) Charter Bankshares' applications. and section 222.3(a) of Federal Reserve Regula- First, the undue exposure of bank resources to tion Y (12 CFR 222.3 (a)), an application by First the demands of nonbank interests commonly owned Midwest Bancorp., Inc., St. Joseph, Missouri, for or controlled was a clear and potential danger fore- the Board's prior approval of action whereby Apseen by Congress and intended to be prevented. plicant would become a bank holding company Second, the Bank Holding Company Act does not through the acquisition of all (less directors' qualirequire Board approval of a proposal if, as I find to fying shares) of the voting shares of the successor be the case with respect to Charter Bankshares' ap- by merger to The First National Bank of St. Joseph, plications, while "legal" control is not attributable St. Joseph; The First Trust Bank, St. Joseph; and to an applicant, the fact of actual control is suffi- First Stock Yards Bank, South St. Joseph, all in ciently unclear as to warrant the exercise of discre- Missouri. tionary authority to deny the applications. As required by section 3(b) of the Act, the The Board's position that the record fails to es- Board gave written notice to the Comptroller of the tablish the affirmative of the control issues raised Currency and the Commissioner of Finance of by the Board, misconceives the placement of the the State of Missouri of receipt of the application burden of proof. The burden of establishing that and requested their views and recommendation. the spirit and clear intent of Congress is not con- The Comptroller recommended approval, and the travened by the Charter Company-Raymond Commissioner offered no objection. Mason-Charter Banksharess relationship, is that Notice of receipt of the application was pubof the Applicant. In my opinion, Applicant has lished in the Federal Register on November 25, failed to carry this burden. The evidence of rec- 1969 (34 Federal Register 18833), which provided ord establishes to my satisfaction the dominant an opportunity for interested persons to submit role that Mr. Mason holds and plays with respect to comments and views with respect to the proposed the operations of both Charter Company and Char- transaction. A copy of the application was forter Bankshares. This domination subjects Charter warded to the United States Department of Justice Bankshares and its banks to a potentially harmful for its consideration. The time for filing comments Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 357 and views has expired and all those received have directly own the shares of each of the three banks. been considered by the Board. Views and recommendations of supervisory au- IT IS HEREBY ORDERED, for the reasons set forth thority. As required by section 3(b) of the Act, in the Board's Statement of this date, that said ap- notice of receipt of the application was given to the plication be and hereby is approved, provided that Comptroller of the Currency and the Commissioner the action so approved shall not be consummated of Finance of the State of Missouri and their views (a) before the thirtieth calendar day following the and recommendations were requested. The Compdate of this Order or (b) later than three months troller recommended approval, and the Commisafter the date of this Order, unless such period is sioner offered no objection. extended for good cause by the Board, or by the Statutory considerations. Section 3(c) of the Act Federal Reserve Bank of Kansas City pursuant to provides that the Board shall not approve an acdelegated authority. quisition that would result in a monopoly or would By order of the Board of Governors, March 13, be in furtherance of any combination or conspiracy 1970. to monopolize or to attempt to monopolize the Voting for this action: Chairman Burns and Gover- business of banking in any part of the United States. nors Robertson, Mitchell, Daane, Maisel, Brimmer, Nor may the Board approve a proposed acquisition, and Sherrill. the effect of which, in any section of the country, (Signed) KENNETH A. KENYON, may be substantially to lessen competition, or to [SEAL] Deputy Secretary. tend to create a monopoly, or which in any other STATEMENT manner would be in restraint of trade, unless the Board finds that the anticompetitive effects of the First Midwest Bancorp., Inc., St. Joseph, Misproposed transaction are clearly outweighed in the souri ("Applicant"), has filed with the Board, purpublic interest by the probable effect of the transacsuant to section 3(a) (1) of the Bank Holding Comtion in meeting the convenience and needs of the pany Act of 1956, an application for prior approval communities to be served. In each case, the Board of action to become a bank holding company is required to take into consideration the financial through the acquisition of all (less directors' qualiand managerial resources and future prospects of fying shares) of the voting shares of a new national the^ bank holding company and the banks conbank into which it proposes to merge The First Nacerned, and the convenience and needs of the comtional Bank of St. Joseph, St. Joseph ("First Namunities to be served. tional"); The First Trust Bank, St. Joseph ("First Competitive effects of the proposed transaction. Trust"); and First Stock Yards Bank, South St. First National ($51 million deposits)1 is located in Joseph ("First Stock Yards"), all in Missouri. First downtown St. Joseph, Missouri. First Trust ($6 National is a registered bank holding company by million deposits) is located at the east edge of St. virtue of the fact that its president holds in trust for Joseph, and First Stock Yards ($14 million dethe benefit of its shareholders all of the outstanding posits) is located in the stockyards area known as stock (less directors' qualifying shares) of First South St. Joseph. Trust, which, in turn, directly owns all of the stock Inasmuch as the proposed acquisition involves a (less directors' qualifying shares) of First Stock reorganization of a holding company system, and Yards. reflects neither expansion of that system nor any The proposal contemplates a reorganization significant change in the character of the system's through which the status of First National as a bank banking facilities, consummation of Applicant's holding company will be terminated. The new bank proposal would not alter existing banking competihas significance only as a vehicle for accomplishing tion, nor affect potential competition. acquisition of all the shares of First National. Upon On the basis of the foregoing, the Board conacquisition of the new bank by Applicant, and cludes that consummation of this proposal would merger of First National into the new bank, Apnot result in a monopoly or be in furtherance of any plicant will succeed to beneficial ownership of the combination, conspiracy, or attempt to monopolize shares of First Trust. The trust will then be termithe business of banking in any part of the United nated, pursuant to provisions of the trust indenture, States, and would not restrain trade, substantially resulting in Applicant's direct ownership of the lessen competition, or tend to create a monopoly in shares of First Trust. Finally, Applicant will acquire any part of the country. the shares of First Stock Yards from First Trust. As a result of these transactions, Applicant will thus 'All banking data are as of June 30, 1969. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

358 FEDERAL RESERVE BULLETIN a APRIL 1970 Financial and managerial resources and future Board gave written notice of receipt of the appliprospects. The condition and management of Ap- cation to the Superintendent of Banks of the State plicant and the banks are satisfactory, and their of Ohio and requested his views and recommendaprospects are favorable. tion. The Superintendent recommended approval of The present holding company structure is ade- the application. quate for present operations, but does not lend itself Notice of receipt of the application was published to expansion of the system. The proposed form of in the Federal Register on February 10, 1970 (35 organization would be beneficial in this respect, Federal Register 2803), providing an opportunity and, in addition, because of the broader market for interested persons to submit comments and which would likely exist for Applicant's shares as views with respect to the proposal. A copy of the compared with that which exists for shares of First application was forwarded to the United States De- Trust and First Stock Yards, would facilitate the partment of Justice for its consideration. Time for raising of additional capital, as needed, by these filing comments and views has expired and all those banks. received have been considered by the Board. Considerations regarding the banking factors IT IS HEREBY ORDERED, for the reasons set forth lend some weight in support of the proposal. in the Board's Statement of this date, that said ap- Convenience and needs of the communities in- plication be and hereby is approved, provided that volved. The convenience and needs of the com- the acquisition so approved shall not be consummunities served by the banks that would constitute mated (a) before the thirtieth calendar day fol- Applicant's system would not be materially affected lowing the date of this Order or (b) later than three by consummation of Applicant's proposal. months after the date of this Order, unless such Considerations relating to the convenience and period is extended for good cause by the Board, or needs of the areas involved are consistent with ap- by the Federal Reserve Bank of Cleveland pursuant proval of the application. to delegated authority. Summary and conclusion. On the basis of all the By order of the Board of Governors, March 13, relevant facts contained in the record, and in the 1970. light of the factors set forth in section 3 (c) of the Voting for this action: Vice Chairman Robertson Act, it is the Board's judgment that the proposed and Governors Mitchell, Daane, Brimmer, and Sherrill. transaction would be in the public interest and that Absent and not voting: Chairman Burns and Governor Maisel. the application should be approved. (Signed) KENNETH A. KENYON, Deputy Secretary. FIRST BANC GROUP OF OHIO, INC., [SEAL] COLUMBUS, OHIO STATEMENT In the matter of the application of First Bane First Bane Group of Ohio, Inc., Columbus, Ohio Group of Ohio, Inc., Columbus, Ohio, for approval ("Applicant"), a registered bank holding comof acquisition of voting shares of the successor by pany, has applied to the Board of Governors, purmerger to The Barnitz Bank, Middletown, Ohio. suant to section 3 (a) (3) of the Bank Holding Company Act of 1956 (12 U.S.C. 1842(a)(3)), ORDER APPROVING ACQUISITION OF BANK STOCK for prior approval of the acquisition of 100 per cent BY BANK HOLDING COMPANY (less directors' qualifying shares) of the voting There has come before the Board of Governors, shares of a new State bank into which it proposes pusuant to section 3(a) (3) of the Bank Holding to merge The Barnitz Bank, Middletown, Ohio Company Act of 1956 (12 U.S.C. 1842(a)(3)), ("Bank"). The new State bank has no significance and section 222.3 (a) of Federal Reserve Regula- except as a means of acquiring all of the shares of tion Y (12 CFR 222.3(a)), an application by First the bank to be merged into it; the proposal is there- Bane Group of Ohio, Inc., Columbus, Ohio, a reg- fore treated herein as a proposal to acquire shares istered bank holding company, for the Board's prior of The Barnitz Bank. approval of the acquisition of 100 per cent (less Views and recommendation of supervisory audirectors' qualifying shares) of the voting shares of thority. As required by section 3(b) of the Act, the successor by merger to The Barnitz Bank, Mid- notice of receipt of the application was given to the dletown, Ohio. Superintendent of Banks of the State of Ohio and As required by section 3(b) of the Act, the his views and recommendation were requested. The Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 359 Superintendent recommended approval of the ap- respectively, west of Bank. Applicant plans to enplication. courage additional branching by Bank; this would Statutory considerations. Section 3(c) of the Act serve to increase competition in the area, without provides that the Board shall not approve an ac- undue adverse effects on any competing bank. quisition that would result in a monoply or would The closest office of any of Applicant's subsidibe in furtherance of any combination or conspiracy aries is located 87 miles northeast of Bank, and is to monopolize or to attempt to monopolize the busi- separated by three counties. Neither Bank nor any ness of banking in any part of the United States. of Applicant's subsidiaries derives significant busi- Nor may the Board approve a proposed acquisition, ness from any area served by the other, and, in the effect of which, in any section of the country, view of the distances involved, and Ohio restrictions may be substantially to lessen competition, or to against branching across county lines, it does not aptend to create a monopoly, or which in any other pear that future competition is likely to develop. manner would be in restraint of trade, unless the Consummation of the proposed acquisition, there- Board finds that the anticompetitive effects of the fore, would not eliminate existing competition or proposed transaction are clearly outweighed in the foreclose significant potential competition. public interest by the probable effect of the transac- The Board concludes that consummation of the tion in meeting the convenience and needs of the proposed transaction would not result in a monopcommunities to be served. In each case, the Board oly or be in furtherance of any combination or is required to take into consideration the financial conspiracy to monopolize the business of banking and managerial resources and future prospects of in any relevant area, and would not substantially the bank holding company and the banks con- lessen competition, tend to create a monopoly, or cerned, and the convenience and needs of the com- restrain trade in any section of the country. munities to be served. Financial and managerial resources and future Competitive effects of the proposed transaction. prospects. The financial condition of Applicant and Applicant controls four banks and 29 offices in the its present subsidiaries is generally satisfactory and State of Ohio, with aggregate deposits of $469 mil- and their managements are considered competent. lion.1 It controls 2.4 per cent of the deposits held by Prospects of the group appear favorable. all banks in the State, and is the tenth largest bank- The financial condition and present management ing organization and the fifth largest of seven bank of Bank are judged to be satisfactory and prosholding companies in Ohio. Acquisition of Bank, pects of bank are considered favorable. which has $35.4 million in deposits, would have Considerations under the banking factors are only a negligible effect on State-wide concentration. consistent with approval of the application. Applicant would control only 2.6 per cent of State Convenience and needs of the communities indeposits, and would become the State's ninth largest volved. Consummation of the proposal would have banking organization, and fourth largest bank hold- no effect on customers served by Applicant's present ing company. subsidiaries. Bank has three offices, all of which are located Although there is no evidence that significant in Middletown (population 50,700), Butler banking needs of Butler County are not being County, Ohio. Bank is the third largest of seven served at this time, some benefits would accrue to banks in Butler County (population 228,500). Its the area as a result of the proposed acquisition. Bemost direct competitor, the County's second largest cause of industrial expansion in the Middletown bank, is almost twice Bank's size (deposits $65.5 area, a need has arisen for credit in amounts beyond million) and is also located in Middletown. Three Bank's ability to fulfill. Applicant's proposal would other banks are locted in Hamilton, the County facilitate the arrangement of participations with seat, 14 miles southwest of Middletown; these banks other subsidiaries, enabling Bank to more readily are the County's largest (deposits $68.5 million), respond to these credit demands. Applicant also fourth largest (deposits $33 million) and fifth proposes to increase Bank's loan volume, with adlargest (deposits $31 million). The two smallest ditional emphasis on farm and education loans. banks in the County, with deposits of $7 million Bank presently has a small trust department. and $1 million, are located 16 miles and 21 miles, Operations of this deparment would be expanded and improved with advise and assistance from Ap- 1 Unless otherwise noted, banking data are as of June plicant's largest subsidiary. These considerations 30, 1969, refer to insured commercial banks, and have been adjusted to reflect holding company formations and acqui- provide some weight in favor of approval of the apsitions approved by the Board to date. plication. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

360 FEDERAL RESERVE BULLETIN • APRIL 1970 Summary and conclusion. On the basis of all Voting for this action: Vice Chairman Robertson and Governors Mitchell, Daane, Brimmer, and Shern'H. relevant facts contained in the record and in the Absent and not voting: Chairman Burns and Governor light of the factors set forth in section 3(c) of the Maisel. Act, it is the Board's judgment that the proposed (Signed) KENNETH A. KENYON, acquisition would be in the public interest and that Deputy Secretary. the application should be approved. [SEAL] STATEMENT C. B. INVESTMENT CORPORATION, HOUSTON, TEXAS C. B. Investment Corporation, Houston, Texas ("Applicant"), a registered bank holding com- In the matter of the application of C. B. Investpany, has applied to the Board of Governors purment Corporation, Houston, Texas, for approval of suant to section 3(a)(3) of the Bank Holding acquisition of 222 shares of The Lake Jackson Company Act of 1956 (12 U.S.C. 1842(a)(3)), Bank of Lake Jackson, Texas, Lake Jackson, Texas. for prior approval of the acquisition of 222 additional voting shares of The Lake Jackson Bank ORDER APPROVING APPLICATION UNDER of Lake Jackson, Texas ("Bank"). Applicant pres- BANK HOLDING COMPANY ACT ently owns 8.88 per cent of the voting shares of Bank. The stock to be acquired represents Ap- There has come before the Board of Governors, plicant's proportionate share of a new stock offering pursuant to section 3(a) (3) of the Bank Holding being made by Bank. Company Act of 1956 (12 U.S.C. 1842(a)(3)), Views and recommendation of supervisory auand section 222.3 (a) of Federal Reserve Reguthority. As required by section 3(b) of the Act, lation Y (12 CFR 222.3(a)), the application of notice of receipt of the application was given to C. B. Investment Corporation, Houston, Texas, for the Commissioner of Banks of the State of Texas, the Board's prior approval of the acquisition of 222 and his views and recommendation were requested. of the voting shares of The Lake Jackson Bank of The Commissioner responded that he had no ob- Lake Jackson, Texas, Lake Jackson, Texas. jection to approval of the application; As required by section 3(b) of the Act, the Statutory considerations. Section 3(c) of the Act Board gave written notice of receipt of the applicaprovides that the Board shall not approve an acquition to the Commissioner of Banks of the State of sition that would result in a monopoly or would Texas, and requested his views and recommendabe in furtherance of any combination or contion. The Commissioner replied that he had no spiracy to monopolize or to attempt to monopolize objection to approval of the application. the business of banking in any part of the United Notice of receipt of the application was published States. Nor may the Board approve a proposed in the Federal Register on February 10, 1970 (35 acquisition, the effect of which, in any section of Federal Register 2803), providing an opportunity the country, may be substantially to lessen compefor interested persons to submit comments and tition, or to tend to create a monopoly, or which in views with respect to the proposal. A copy of the any other manner would be in restraint of trade, unapplication was forwarded to the United States Deless the Board finds that the anticompetitive effects partment of Justice for its consideration. Time of the proposed transaction are clearly outweighed for filing comments and views has expired and all in the public interest by the probable effect of those received have been considered by the Board. the transaction in meeting the convenience and IT IS HEREBY ORDERED, for the reasons set forth needs of the communities to be served. In each in the Board's Statement of this date, that said case the Board is required to take into consideration application be and hereby is approved, provided the financial and managerial resources and future that the acquisition so approved shall not be conprospects of the bank holding company and the summated (a) before the thirtieth calendar day folbanks concerned, and the convenience and needs of lowing the date of this Order or (b) later than the communities to be served. three months after the date of this Order, unless Discussion. Applicant has four subsidiary banks such period is extended for good cause by the with total deposits of $44 million,1 and owns more Board, or by the Federal Reserve Bank of Dallas than 5 per cent, but less than 25 per cent, of the pursuant to delegated authority. voting shares of four other banks. Bank, one of By order of the Board of Governors, March 13, 1970. 1 All banking data are as of June 30, 1969. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 361 the nonsubsidiaries, has deposits of $10 million. application was forwarded to the United States All banks involved are located in Texas. Department of Justice for its consideration. Time Consummation of the present proposal would for filing comments and views has expired and all enable Applicant to maintain its proportionate those received have been considered by the Board. ownership of 8.88 per cent of the voting shares of IT IS HEREBY ORDERED, for the reasons set forth Bank, despite an increase in the number of Bank's in the Board's Statement of this date, that said apshares outstanding. Competition would not be af- plication be and hereby is approved, provided that fected in any way. The banking factors, as they re- the action so approved shall not be consummated late to Applicant, its subsidiaries, and Bank, are (a) before the thirtieth calendar day following the consistent with approval of the application; the date of this Order or (b) later than three months only significant effect on the condition of any of after the date of this Order, unless such time shall them would be that an increase in Bank's capital be extended by the Board, or by the Federal Rewould to some extent be facilitated. The proposed serve Bank of Atlanta pursuant to delegated auacquisition would have no significant effect on the thority. convenience or needs of areas served by Applicant's By order of the Board of Governors, March 17, banking subsidiaries or by Bank. 1970. Summary and conclusion. On the basis of all rel- Voting for this action: Vice Chairman Robertson evant facts contained in the record, and in the light and Governors Mitchell, Daane, Maisel, and Brimmer. Absent and not voting: Chairman Burns and Governor of the factors set forth in section 3(c) of the Act, Sherrill. it is the Board's judgment that the proposed trans- (Signed) KENNETH A. KENYON, action would be in the public interest and that the Deputy Secretary. application should be approved. [SEAL] BARNETT BANKS OF FLORIDA, INC., STATEMENT JACKSONVILLE, FLORIDA Barnett Banks of Florida, Inc., Jacksonville, In the matter of the application of Barnett Banks Florida ("Applicant"), a registered bank holding of Florida, Inc., Jacksonville, Florida, for approval company, has applied to the Board of Governors, of acquisition of 80 per cent or more of the voting pursuant to section 3(a)(3) of the Bank Holding shares of Bank of Osceola, Kissimmee, Florida. Company Act of 1956 (12 U.S.C. 1842(a)(3)), for prior approval of the acquisition of 80 per cent or more of the voting shares of Bank of Osce- ORDER APPROVING APPLICATION UNDER ola, Kissimmee, Florida ("Bank"). Applicant con- BANK HOLDING COMPANY ACT trols 19 banks with aggregate total deposits of There has come before the Board of Governors, $580 million.1 Bank, with total deposits of $4.5 pursuant to section 3(a)(3) of the Bank Holding million, is the smallest of two banks in Kissimmee Company Act of 1956 (12 U.S.C. 1842(a)(3)) and of three banks in Osceola County. Bank is and section 222.3(a) of Federal Reserve Regulalocated approximately 24 miles from Applicant's tion Y (12 CFR 222.3(a)), the application of closest subsidiary. Barnett Banks of Florida, Inc., Jacksonville, Flor- Views and recommendation of supervisory auida, for the Board's prior approval of the acquisithority. As required by section 3(b) of the Act, tion of 80 per cent or more of the voting shares of the Board gave written notice of receipt of the ap- Bank of Osceola, Kissimmee, Florida. plication to the Florida Commissioner of Banking As required by section 3(b) of the Act, the and requested his views and recommendation. The Board gave written notice of receipt of the ap- Deputy Commissioner recommended approval of plication to the Florida Commissioner of Banking, the application. and requested his views and recommendation. The Statutory considerations. Section 3(c) of the Act Deputy Commissioner recommended approval of provides that the Board shall not approve an acquithe application. sition that would result in a monopoly or would be Notice of receipt of the application was published in furtherance of any combination or conspiracy to in the Federal Register on January 16, 1970 (35 Federal Register 612), providing an opportunity 1 Unless otherwise noted, all banking data are as of June 30, 1969, refer to insured commercial banks, and reflect for interested persons to submit comments and holding company acquisitions for which Board approvals views with respect to the proposal. A copy of the have been issued to date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

362 FEDERAL RESERVE BULLETIN • APRIL 1970 monopolize or to attempt to monopolize the busi- Applicant. The distances separating Bank from ness of banking in any part of the United States. Applicant's subsidiaries, the presence of alternative Nor may the Board approve a proposed acquisition, sources of banking services in the intervening areas, the effect of which, in any section of the country, the fact that Florida law prohibits branch banking, may be substantially to lessen competition, or to and the fact that there is no apparent need at this tend to create a monopoly, or which in any other time for another bank in Osceola County make it manner would be in restraint of trade, unless the unlikely that future competition would develop be- Board finds that the anticompetitive effects of the tween Bank and any of Applicant's subsidiaries. It proposed transaction are clearly outweighed in the appears that consummation of the proposal would public interest by the probable effect of the trans- not have any significantly adverse effect upon the action in meeting the convenience and needs of competitive ability of the banks in Kissimmee or in the community to be served. In each case, the Osceola County, nor on the banks that compete Board is required to take into consideration the fi- with Applicant's present subsidiaries. nancial and managerial resources and future pros- On the record before it, the Board concludes pects of the bank holding company and the banks that consummation of the proposed acquisition concerned, and the convenience and needs of the would not result in a monopoly nor be in furthercommunity to be served. ance of any combination or conspiracy to monopo- Competitive effect of the proposed transaction. lize or attempt to monopolize the business of bank- The 10 largest banking organizations in Florida, ing in any area, and would not substantially lessen each of which is a bank holding company, control competition, tend to create a monopoly, nor in any close to 38 per cent of the total deposits in the other manner restrain trade in any section of the State. Applicant, the third largest banking or- country. ganization on the basis of deposits, controls 5 per Financial and managerial resources and future cent of such deposits. After acquisition of Bank, prospects. The financial condition, management, Applicant would continue to control 5 per cent of and prospects of Applicant are considered to be total bank deposits in the State and to rank third. satisfactory. The condition and management of Acquisition of Bank would have no meaningful ef- the subsidiaries are also regarded as satisfactory, fect upon Applicant's share of control. particularly in the light of Applicant's plans to Bank's primary service area is stated by Ap- strengthen the capital of a number of the subsidiplicant to be the City of Kissimmee and the popu- aries. Prospects of the group appear favorable. lated area immediately adjacent thereto, with a total The financial condition and management of estimated population of 12,000. However, inas- Bank are in need of strengthening. Applicant has much as a significant portion of Bank's business the resources and proposes to assist Bank with its comes from the remainder of Osceola County, capital needs and to improve management. Bank that county is regarded as the market area relevant is the banking institution closest to the proposed ento the subject proposal. The other bank in Kissim- trance to the Disney World project, expected to mee is an independent well-established institution open in 1971 and to add substantially to the ecowith deposits almost twice as large as Bank's. The nomic growth of the area. Prospects of Bank apthird bank in Osceola County is located in St. pear favorable, particularly if it has the assistance Cloud, 10 miles southeast of Kissimmee and is a of Applicant to handle expected deposit growth subsidiary of an Orlando-based holding company. and to furnish added capital funds as needed. Con- No banking alternative would be eliminated by siderations under the banking factors weigh in favor the proposed transaction. The acquisition of Bank of approval of the application. would have no significant effect upon concentration Convenience and needs of the community inof banking resources in any relevant area. volved. Consummation of the proposed acquisition There is no significant competition between would have no effect on convenience and needs in Bank and any of Applicant's subsidiaries. Metro- the areas served by Applicant's present subsidiaries. politan Orlando lies between Bank and Applicant's Bank's service area is located in central Florida, nearest subsidiary, a bank in Winter Park, Florida. in an area that is principally agrarian. The area's Five Orlando banks, with deposits ranging from banking needs appear to be generally well served. $12 million to $189 million also compete in Osce- Acquisition of Bank by Applicant is expected to ola County. Three of the competing Orlando banks have little immediate effect upon the services or are subsidiaries of holding companies other than convenience currently offered to the public but Ap- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 363 plicant states that such acquisition would increase in the Federal Register on December 19, 1969 (34 the amount and quality of banking services offered Federal Register 19923), which provided an opby Bank. Also, affiliation with Applicant would be portunity for interested persons to submit comof assistance to Bank in serving the expanded de- ments and views with respect to the proposed mands and needs that are expected to result from transaction. A copy of the application was forthe opening of the Disney World project. Consid- warded to the United States Department of Justice erations under convenience and needs are consis- for its consideration. The time for filing comments tent with but lend only slight weight toward ap- and views has expired and all those received have proval of the application. been considered by the Board. Summary and conclusion. On the basis of all IT IS HEREBY ORDERED, for the reasons set forth the relevant facts contained in the record, and in in the Board's Statement of this date, that said apthe light of the factors set forth in section 3(c) of plication be and hereby is approved, provided that the Act, it is the Board's judgment that the pro- the action so approved shall not be consummated posed transaction would be in the public interest (a) before the thirtieth calendar day following and that the application should be approved. the date of this Order or (b) later than three months after the date of this Order, unless such period is MIDATLANTIC BANKS, INC. extended for good cause by the Board, or by the NEWARK, NEW JERSEY Federal Reserve Bank of New York pursuant to delegated authority. In the matter of the application of Midatlantic By order of the Board of Governors, March 17, Banks, Inc., Newark, New Jersey, for approval of 1970. action to become a bank holding company through Voting for this action: Vice Chairman Robertson the acquisition of voting shares of four banks in the and Governors Mitchell, Daane, Brimmer, and Sherrill. State of New Jersey. Absent and not voting: Chairman Burns and Governor Maisel. (Signed) KENNETH A. KENYON, ORDER APPROVING ACTION TO BECOME Deputy Secretary. BANK HOLDING COMPANY [SEAL] There has come before the Board of Governors, STATEMENT pursuant to section 3(a)(l) of the Bank Holding Company Act of 1956 (12 U.S.C. 1842(a)(l)) Midatlantic Banks, Inc., Newark, New Jersey and section 222.3(a) of the Federal Reserve Reg- ("Applicant"), has filed with the Board, pursuant ulation Y (12 CFR 222.3(a)), an application by to section 3(a)(l) of the Bank Holding Company Midatlantic Banks, Inc., Newark, New Jersey, for Act of 1956, an application for approval of acprior approval of the Board of action whereby tion to become a bank holding company through Applicant would become a bank holding company the acquisition of all (less directors' qualifying through the acquisition of all (less directors' quali- shares of the national banks involved) of the voting fying shares of the national banks involved) of the shares of the following banks: a proposed new voting shares of the following banks: a proposed bank into which will be merged National Newark new bank into which will be merged National New- & Essex Bank, Newark ("National Newark"); a ark & Essex Bank, Newark; a proposed new bank proposed new bank into which will be merged The into which will be merged The Sussex and Mer- Sussex & Merchants National Bank of Newton, chants National Bank of Newton, Newton; a pro- Newton ("Sussex National"); a proposed new bank posed new bank into which will be merged Raritan into which will be merged the Raritan Valley Na- Valley National Bank, Edison; and Elmer Bank and tional Bank, Edison ("Raritan Valley") and Elmer Trust Company, Elmer, all in New Jersey. Bank & Trust Company, Elmer ("Elmer Bank"), As required by section 3(b) of the Act, the all in New Jersey. The proposed new banks, in each Board gave written notice of receipt of the applica- case, have significance only as means of accomtion to the Comptroller of the Currency and the plishing the acquisition of all of the voting shares New Jersey Commissioner of Banks, and requested of the banks to be merged into them. their views and recommendations. Both the Comp- Views and recommendations of supervisory autroller and the Commissioner recommended ap- thorities. As required by section 3(b) of the Act, proval of the application. written notice of receipt of the application was Notice of receipt of the application was published given to, and views and recommendations requested Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

364 FEDERAL RESERVE BULLETIN • APRIL 1970 of, the Comptroller of the Currency and the State it acquired by merger three offices which serve the Bank Commissioner of New Jersey. The Comp- central portion of Warren County. Sussex National, troller and the Commissioner both recommended which primarily serves southeastern Sussex County, approval of the application. is the second largest of eight banks in a market ap- Statutory considerations. Section 3(c) of the Act proximated by Sussex County and the northern part provides that the Board shall not approve an acqui- of Warren County. Raritan Valley primarily serves sition that would result in a monopoly or would be central Middlesex County and is the twelfth largest in furtherance of any combination or conspiracy to of 17 banks in a market centered in New Brunsmonopolize or to attempt to monopolize the busi- wick. Elmer Bank primarily serves the eastern ness of banking in any part of the United States. section of Salem County, together with adjoining Nor may the Board approve a proposed acquisition, portions of Gloucester and Cumberland County, and the effect of which, in any section of the country, is the eleventh largest of 12 banks in the Vineland may be substantially to lessen competition, or to market. tend to create a monopoly, or which in any other The closest offices of any of the proposed submanner would be in restraint of trade, unless the sidiaries are 18 miles apart, with several banks lo- Board finds that the anticompetitive effects of the cated in the intervening areas. None of the areas proposed transaction are clearly outweighed in the principally served by the banks overlap. Raritan public interest by the probable effect of the transac- Valley derives 2.3 per cent of deposits and 3.4 per tion in meeting the convenience and needs of the cent of its loans from the service area of National communities to be served. In each case, the Board Newark; in most cases, however, these accounts is required to take into consideration the financial are attributable either to persons who live in Naand managerial resources and future prospects of tional Newark's area and work in the Edison area, the bank holding company and the banks concerned, or to personal relationships, and do not appear and the convenience and needs of the communities indicative of extensive competition. National Newto be served. ark derives less than 1 per cent of its deposits Competitive effect of the proposed transaction. and loans from the service area of Raritan Valley. The 10 largest banking organizations in New Jersey It does not appear likely that significant competicontrol total deposits of $4.7 billion, representing tion between the two would develop in the future 35.6 per cent of the deposits held by all commer- because of the many banks located in Union cial banks in the State.1 Upon consummation of its County, which intervenes the areas served by proposal, Applicant would become the first bank Raritan Valley and National Newark; because New holding company and the second largest banking Jersey law prohibits National Newark from branchorganization in New Jersey. Its four proposed sub- ing out of the First District into Union County; and sidiaries control $663 million in deposits, represent- because Raritan Valley, in view of its relatively ing 5.1 per cent of the total bank deposits in the small size, appears unlikely to branch into the State. highly competitive northern Union County area. In 1969, amendments to the New Jersey Bank- The proposed affiliation of National Newark ing Law permitted State-wide bank holding com- and Sussex National is of some concern with repanies, and divided the State into three banking spect to potential competition, because both districts, with branching permitted within district of those banks are located in the First Banking lines, subject to a "home office protection" pro- District, and both are therefore permitted under vision, and to "branch office protection" in towns New Jersey law to branch within that District. with a population of less than 7,500. National However, the facts of the present case limit the Newark ($596 million deposits) and Sussex Nasignificance of that consideration. The nearest oftional ($43 million deposits) are located in the First fices of National Newark to Sussex National's serv- Banking District; Raritan Valley ($17 million deice area are three offices in Warren County acquired posits) is in the Second, and Elmer Bank ($7 milthrough merger in 1969 with Washington Trust lion deposits) is in the Third. Company. The nearest of these is 22 miles from National Newark, the third largest bank in the any office of Sussex National, and none of such State, derives most of its business from Essex offices is competitive with Sussex National. More- County and from adjoining portions of Union, over, there are few available, economically attrac- Morris, and Hudson Counties. In November 1969, tive de novo branch sites in the Sussex County area 1 All banking data are as of June 30, 1969. served by Sussex National or in the Warren County Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 365 area served by Newark National, and it is considered need substantial amounts of credit to finance busiunlikely that the $43 million Sussex National ness and residential construction, and to meet the would establish branches in the Greater Newark other needs of local industry and municipal governmarket, which is dominated by much larger banks. ments. Applicant's proposal would help to meet Therefore, despite the absence of legal barriers to these needs, as well as to provide a broader range of future competition between the two banks, it does commercial and international banking services, and not appear likely that such competition would de- improved trust, investment and data processing velop. services. Based upon the foregoing, the Board con- Considerations relating to the convenience and cludes that consummation of the proposed acquisi- needs of the communities involved lend weight in tion would not result in a monopoly or be in fur- support of approval of the application. therance of any combination, conspiracy, or at- Summary and conclusion. On the basis of all the tempt to monopolize the business of banking in relevant facts contained in the record, and in the any area, and would not substantially lessen com- light of the factors set forth in section 3(c) of the petition, tend to create a monopoly, or restrain Act, it is the Board's judgment that the proposed trade in any section of the country. transaction would be in the public interest and Financial and managerial resources and future that the application should be approved. prospects. Applicant was recently organized and has not engaged in any business activities. Its pro- TENNESSEE NATIONAL BANCSHARES, jected financial condition is satisfactory, its man- INC., MARYVILLE, TENNESSEE agement competent, and its prospects, which would In the matter of the application of Tennessee Nabe dependent on those of its proposed subsidiaries, tional Bancshares, Inc., Maryville, Tennessee, for appear favorable. approval of action to become a bank holding com- The financial condition and management of Napany through the acquisition of 80 per cent or more tional Newark, Applicant's proposed lead bank, of the voting shares of The Blount National Bank are also satisfactory. Prospects of the bank appear of Maryville, Maryville, and The First National favorable. Bank of Oneida, Oneida, and more than 50 per The financial condition and management of Suscent of the voting shares of Merchants & Farmers sex National are satisfactory. Applicant has recog- Bank, Greenback, all located in the State of Tennized that an increase in capital of that bank may nessee. be desirable in the near future, and appears likely to have the capability of providing such capital as may be required. Prospects of the bank appear ORDER APPROVING ACTION TO BECOME favorable, and would be improved as a result of the BANK HOLDING COMPANY greater marketability of Applicant's shares, as com- There has come before the Board of Governors, pared with those of the bank . pursuant to section 3(a)(l) of the Bank Holding The financial condition and management of both Company Act of 1956 (12 U.S.C. 1842(a)(l)) Raritan Valley and Elmer Bank are satisfactory. and section 222.3 (a) of Federal Reserve Regula- While the prospects of each are favorable, affilia- tion Y (12 CFR 222.3(a)), an application by Tention with Applicant and access to management ex- nessee National Bancshares, Inc., Maryville, Tenpertise of National Newark is likely to enhance nessee for the Board's prior approval of action their prospects. whereby Applicant would become a bank holding Considerations regarding these factors lend some company through the acquisition of 80 per cent or weight toward approval of the application. more of the voting shares of The Blount National Convenience and needs of the communities in- Bank of Maryville, Maryville, and The First Navolved. The banking needs of the communities af- tional Bank of Oneida, Oneida, and more than 50 fected by Applicant's proposal are being adequately per cent of the voting shares of Merchants & served by present banking facilities. However, Farmers Bank, Greenback; all three banks are lowhile there is likely to be little effect on the area cated in the State of Tennessee. served by National Newark, the areas served by As required by section 3(b) of the Act, the each of the smaller subsidiaries would benefit Board gave written notice of receipt of the apmeasurably from consummation of the proposal. plication to the Comptroller of the Currency and All three serve rapidly growing areas which will the Tennessee Superintendent of Banks, and re- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

366 FEDERAL RESERVE BULLETIN a APRIL 1970 quested their views and recommendation. Neither quested their views and recommendations. Neither objected to approval of the proposed transaction. objected to approval of the proposed transaction. Notice of receipt of the application was pub- Statutory considerations. Section 3(c) of the Act lished in the Federal Register on November 6, provides that the Board shall not approve an acqui- 1969 (34 Federal Register 17972), and notice of sition that would result in a monopoly or would be an amendment to the application was published in in furtherance of any combination or conspiracy to the Federal Register on February 27, 1970 (35 monopolize or to attempt to monopolize the busi- Federal Register 3846). At both times, an oppor- ness of banking in any part of the United States. tunity was provided for interested persons to submit Nor may the Board approve a proposed acquisition, comments and views with respect to the proposed the effect of which, in any section of the country, transaction. A copy of the application was for- may be substantially to lessen competition, or to warded to the United States Department of Justice tend to create a monopoly, or which in any other for its consideration. The time for filing comments manner would be in restraint of trade, unless the and views has expired and all those received have Board finds that the anticompetitive effects of the been considered by the Board. proposed transaction are clearly outweighed in the IT IS HEREBY ORDERED, for the reasons set forth public interest by the probable effect of the transin the Board's Statement of this date, that said ap- action in meeting the convenience and needs of the plication be and hereby is approved, provided that communities to be served. In each case, the Board is the action so approved shall not be consummated required to take into consideration the financial and (a) before the thirtieth calendar day following the managerial resources and future prospects of the date of this Order or (b) later than three months bank holding company and the banks concerned, after the date of this Order, unless such period is and the convenience and needs of the communities extended for good cause by the Board or by to be served. Federal Reserve Bank of Atlanta pursuant to dele- Competitive effect of the proposed transaction. gated authority. There are presently two bank holding companies By order of the Board of Governors, March 19, headquartered in Tennessee, which control, respec- 1970. tively, 6 per cent and .8 per cent of the State's total Voting for this action: Chairman Burns and Gover- deposits.1 In addition, two out-of-State holding nors Robertson, Maisel, Brimmer, and Sherrill. Absent companies each operate a Tennessee, bank, and and not voting: Governors Mitchell and Daane. together control 1.6 per cent of total State deposits. (Signed) KENNETH A. KENYON, The State's largest bank holding company, Hamil- Deputy Secretary. ton National Associates, Incorporated, is its fifth [SEAL] largest banking organization. Consummation of the present proposal would create Tennessee's third STATEMENT and smallest bank holding company, controlling .6 per cent of total deposits held by all banks in the Tennessee National Bancshares, Inc., Maryville, State. Tennessee ("Applicant"), has filed with the Board, Maryville Bank ($25.7 million deposits and four pursuant to section 3(a)(l) of the Bank Holding offices) controls 42 per cent of deposits in Blount Company Act of 1956, an application for approval County, its primary service area; a larger indeof action to become a bank holding company pendent bank headquartered in Maryville ($36 through the acquisition of 80 per cent or more of million deposits and two offices) is the only comthe voting shares of The Blount National Bank petitor within this area, which has a population of of Maryville, Maryville ("Maryville Bank"); and 64,000. The First National Bank of Oneida, Oneida ("Onei- M&F Bank ($3.5 million deposits) is the smallda Bank"); and more than 50 per cent of the est of the four banks in Loudon County. Two of voting shares of Merchants & Farmers Bank, the other banks in the County are subsidiaries of Greenback ("M&F"). All three banks are located the State's largest bank holding company. M&F in the State of Tennessee. Bank's only office is in Greenback, in the southeast Views and recommendations of supervisory aucorner of the county, and is separated from the thorities. As required by section 3(b) of the Act, remainder of the county, and the other three banks the Board gave written notice of receipt of the ap- 1 Unless otherwise noted, all banking data are as of June plication to the Comptroller of the Currency and 30, 1969, and include all bank holding company formations the Tennessee Superintendent of Banks, and re- and acquisitions approved by the Board to date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 367 located therein, by the Tennessee and Little Ten- The financial condition and managements of the nessee Rivers. The bank serves portions of con- three proposed subsidiary banks are satisfactory. tiguous Blount County and Monroe County, as Prospects of Oneida Bank, while not unfavorable, well as the southeast portion of Loudon County, are limited by its location in the economically deand is the only bank located in this area, which has pressed Appalachia area. Prospects of M&F Bank a population of 2,000. and Maryville Bank appear favorable. All three Oneida Bank ($8.9 million deposits and two of- banks would to some extent be aided by the profices) is the largest of three independent banks in posed affiliation. Applicant proposes to issue addi- Scott County. It serves an area which includes all of tional stock in the near future to supplement the Scott County and a small strip of bordering capital of the proposed subsidiaries, as needed. McCreary County, Kentucky. In addition to the two Considerations regarding the banking factors other Scott County banks, one branch of a Ken- weigh somewhat in favor of approval of the aptucky bank is located within this area, which has plication. a population of 20,000. Convenience and needs of the communities in- Oneida Bank is located about 70 miles north of volved. Through Maryville Bank, Applicant prothe other two proposed subsidiaries, with the in- poses to make trust services, as well as credit card tervening area consisting largely of mountainous service and a wider variety of loans, available to terrain, and does not compete to any extent with customers of the two smaller proposed subsidiaries. either of the other banks. The areas served by The proposed affiliation would offer economies of Maryville Bank and M&F Bank overlap slightly, scale which, Applicant believes, would warrant an but the two banks do not compete to any significant internal computer operation and the employment of extent; neither derives as much as 2 per cent of personnel specializing in agricultural and industrial its deposits from the area served by the other. The development. Lending capability of the three banks closest office of Maryville Bank and M&F Bank would be expanded by the greater facility with are 15 miles apart. The development of future com- which loan participation could be arranged among petition among the three banks is limited by State them. law, which restricts branching to the county in Considerations relating to the convenience and which the head office of the bank is located. needs of the areas involved lend some weight in The principal competitive effect foreseen as a favor of approval of the application. probable result of consummation of Applicant's Summary and conclusion. On the basis of all the proposal is an increase in competition in the local relevant facts contained in the record and in the areas involved, particularly to the extent that it light of the factors set forth in section 3(c) of the would facilitate branching by M&F Bank into Act, it is the Board's judgment that the proposed other portions of Loudon County. Only Oneida transaction would be in the public interest and that Bank is large in relation to other banks in its serv- the application should be approved. ice area. All competitors of the subject banks are viable institutions, and it does not appear that CITY NATIONAL BANK CORPORATION there would be undue adverse consequences on MIAMI, FLORIDA competing banks in any relevant area. In the matter of the application of City National On the basis of the foregoing, the Board con- Bank Corporation, Miami, Florida, for approval of cludes that consummation of this proposal would action to become a bank holding company through not result in a monopoly or be in furtherance of any the acquisition of 80 per cent or more of the voting combination, conspiracy or attempt to monopolize shares of City National Bank of Miami, Miami, the business of banking in any part of the United Florida; City National Bank of Miami Beach, States, and would not restrain trade, substantially Miami Beach, Florida; and City National Bank of lessen competition, or tend to create a monopoly Coral Gables, Coral Gables, Florida. in any section of the country. Financial and managerial resources and future ORDER APPROVING ACTION TO BECOME prospects. Applicant was recently organized and has BANK HOLDING COMPANY not engaged in any business activities. Its projected financial condition is satisfactory, its management There has come before the Board of Governors, competent, and its prospects, which would be de- pursuant to section 3(a)(l) of the Bank Holding pendent upon those of its proposed subsidiaries, Company Act of 1956 (12 U.S.C. 1842(a)(l)) appear favorable. and section 222.3(a) of Federal Reserve Regula- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

368 FEDERAL RESERVE BULLETIN n APRIL 1970 tion Y (12 CFR 222.3 (a)), an application by City Miami Beach, Miami Beach, Florida ("Beach National Bank Corporation, Miami, Florida, for the Bank"); and City National Bank of Coral Gables, Board's prior approval of action whereby Applicant Coral Gables, Florida ("Coral Gables Bank"). would become a bank holding company through the Views and recommendation of supervisory auacquisition of 80 per cent or more of the voting thority. As required by section 3(b) of the Act, the shares of City National Bank of Miami, Miami, Board gave written notice of receipt of the applica- Florida; City National Bank of Miami Beach, tion to the Comptroller of the Currency and re- Miami Beach, Florida; and City National Bank of quested his views and recommendation. The Comp- Coral Gables, Coral Gables, Florida. troller recommended approval of the application. As required by section 3(b) of the Act, the Statutory considerations. Section 3(c) of the Act Board gave written notice to the Comptroller of the provides that the Board shall not approve an ac- Currency of receipt of the application and requested quisition that would result in a monopoly or would his views and recommendation. The Comptroller be in furtherance of any combination or conspiracy recommended approval of the application. to monopolize or to attempt to monopolize the busi- Notice of receipt of the application, under the ness of banking in any part of the United States. Nor name City National Corporation, which name was may the Board approve a proposed acquisition, the subsequently changed to City National Bank Cor- effect of which, in any section of the country, may be poration, was published in the Federal Register on substantially to lessen competition, or to tend to January 15, 1970 (35 Federal Register 558), which create a monopoly, or which in any other manner provided an opportunity for interested persons to would be in restraint of trade, unless the Board finds submit comments and views with respect to the that the anticompetitive effects of the proposed transproposed transaction. A copy of the application was action are clearly outweighed in the public interest forwarded to the United States Department of by the probable effect of the transaction in meeting Justice for its consideration. The time for filing the convenience and needs of the communities to be comments and views has expired and all those re- served. In each case, the Board is required to take ceived have been considered by the Board. into consideration the financial and managerial re- IT IS HEREBY ORDERED, for the reasons set forth sources and future prospects of the bank holding in the Board's Statement of this date, that said ap- company and the banks concerned, and the conplication be and hereby is approved, provided that venience and needs of the communities to be the action so approved shall not be consummated served. (a) before the thirtieth calendar day following the Competitive effects of the proposed transaction. date of this Order or (b) later than three months The 15 registered bank holding companies in after the date of this Order, unless such period is Florida, 10 of which are the largest banking orextended for good cause by the Board, or by the ganizations in the State, control 41 per cent of the Federal Reserve Bank of Atlanta pursuant to dele- deposits held by all banks in the State.1 The acquisigated authority. tion of Miami Bank (the State's eleventh largest By order of the Board of Governors, March 19, banking organization with $180 million deposits), 1970. Beach Bank ($78 million deposits), and Coral Voting for this action: Vice Chairman Robertson Gables Bank ($33 million deposits) would result and Governors Mitchell, Daane, Maisel, and Brimmer. in Applicant's becoming Florida's seventh largest Absent and not voting: Chairman Burns and Governor bank holding company and banking organization, Sherrill. (Signed) KENNETH A. KENYON, with control of 2.5 per cent of the total State de- Deputy Secretary. posits. [SEAL] All of the proposed subsidiary banks are located in Dade County. Miami Bank is the second largest STATEMENT of 65 banks in the Miami Standard Metropolitan City National Bank Corporation, Miami, Florida Statistical Area ("SMSA"). Beach Bank and Coral ("Applicant"), has filed with the Board, pursuant Gables Bank are respectively the seventh and the to section 3(a)(l) of the Bank Holding Company twenty-third largest banks in this area. Miami Bank Act of 1956, an application for approval of action is located in downtown Miami and its service area to become a bank holding company through the acquisition of 80 per cent or more of the voting 1 Unless otherwise noted, banking data are as of June 30, 1969, refer to insured commercial banks, and have been shares of City National Bank of Miami, Miami, adjusted to reflect holding company formations and acqui- Florida ("Miami Bank"); City National Bank of sitions approved by the Board to date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 369 encompasses the major portion of the Miami appear unlikely. In addition, although disaffiliation SMSA. Both of Applicant's other proposed subsid- would likely lead to some increased competition iaries, Beach Bank and Coral Gables Bank, are among the banks, it does not appear, for reasons located within this area, 10 miles northeast and six earlier discussed, that a significant increase in the miles southwest of Miami Bank, respectively. overall level of competition would result. Upon consummation of the proposal, Applicant In summary, it does not appear that the likely would become the second largest banking organiza- effect of consummation of the proposal on comtion in the market, with 11 per cent of total market petition, actual and potential, presents a significant deposits. It would, however, be considerably smaller bar to approval of the present application. than the largest banking organization, a bank holding On the basis of the foregoing, the Board concompany which controls 26 per cent of total area cludes that consummation of this proposal would deposits. The third largest banking organization, a not result in a monopoly or be in furtherance of bank holding company with three area subsidiaries, any combination, conspiracy, or attempt to mocontrols 9 per cent of area deposits. Applicant nopolize the business of banking in any part of the would be the sixth bank holding company in the United States, and would not restrain trade, sub- Miami SMSA. stantially lessen competition, or tend to create a Although the three subject banks are located monopoly in any part of the country. within the same market, there is no significant com- Financial and managerial resources and future petition among them. Miami Bank and Beach Bank prospects. Applicant was recently organized and have been affiliated through common individual has not engaged in any business activities. Its ownership for over 20 years, and those two banks projected financial condition is satisfactory, its have been affiliated with Coral Gables Bank since management competent, and its prospects, which organization of the latter in 1956. A small number would be dependent on those of its proposed subof shareholders holds 96 per cent of the stock of sidiaries, appear favorable. Miami Bank, and the same persons also own 67 per Y The management of each of the proposed subcent of the shares of Beach Bank and 58 per cent sidiary banks is satisfactory. The capital position of of the shares of Coral Gables Bank. The similarity each of the three proposed subsidiaries is somewhat in names of the three banks reflects their common below desirable levels. Applicant proposes to operation, as does the fact that the three banks remedy this condition, in the event of approval of share several common directors. The public image the application, through a public offering of compresented by the banks is that of a united "City mon stock. This would be to some extent facilitated National Group", rather than that of competing by consummation of the proposal, in view of the banks. likely greater marketability of Applicant's stock, as Even in the absence of the affiliation among the compared with that of the banks. Prospects of the three subject banks, it does not appear likely that the banks, which appear favorable in any event, would competitive influence of any one of them on any of be improved by the proposed action. the others would significantly add to the overall level Considerations regarding the banking factors of competition in any area. Each of the subject lend some weight toward approval of the applicabanks faces strong competition from one or more tion. larger banks more proximate to its location than Convenience and needs of the communities ineither of its affiliates. The amount of deposits volved. The banking needs of the area are being derived by Miami Bank from the immediate areas adequately served by present banking facilities and, served by Beach Bank and Coral Gables Bank is, in view of the present relationship among the three in each case, equal to less than 10 per cent of that banks, would be little affected by consummation of held by banks located within such areas, and the the present proposal. However, some operating eftwo smaller banks do not appear to exert a signif- ficiencies of indirect benefit to the public would icant competitive influence on each other, or on likely result, loan participations among the three banks located in downtown Miami. banks would to some extent be facilitated, and in- There is no evidence indicating a likelihood of ternational banking services of Miami Bank would disaffiliation of the three banks in the future; on the be made available to customers of the other two. contrary, the length of time for which the rela- Considerations relating to the convenience and tionship has endured and the fact that the extent of needs of the areas involved are consistent with apcommon ownership has increased, rather than de- proval of the application. creased, over the years, make such an eventuality Summary and conclusion. On the basis of all the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

370 FEDERAL RESERVE BULLETIN a APRIL 1970 relevant facts contained in the record, and in the Federal Reserve Bank of Boston pursuant to delelight of the factors set forth in section 3(c) of the gated authority. Act, it is the Board's judgment that the proposed By order of the Board of Governors, March 19, transaction would be in the public interest and that 1970. the application should be approved. Voting for this action: Vice Chairman Robertson and Governors Mitchell, Daane, Brimmer, and Sherrill. Absent and not voting: Chairman Burns and Governor UNITED BANCORP OF MAINE, Maisel. PORTLAND, MAINE (Signed) KENNETH A. KENYON, Deputy Secretary. In the matter of the application of United Ban- [SEAL] corp of Maine, Portland, Maine, for approval of STATEMENT action to become a bank holding company through the acquisition of 80 per cent or more of the voting United Bancorp of Maine, Portland, Maine shares of Norway National Bank, Norway, Maine. ("Applicant"), has filed with the Board, pursuant to section 3(a)(l) of the Bank Holding Company Act of 1956, an application for approval of action ORDER APPROVING APPLICATION UNDER to become a bank holding company. Applicant, BANK HOLDING COMPANY ACT which presently owns all but directors' qualifying There has come before the Board of Governors, shares of Canal National Bank, Portland, Maine pursuant to section 3(a)(l) of the Bank Holding ("Canal Bank"), would become a bank holding Company Act of 1956 (12 U.S.C. 1842 (a)(l)), company through the acquisition of 80 per cent or and section 222.3 (a) of Federal Reserve Regula- more of the voting shares of Norway National tion Y (12 CFR 222.3 (a)), an application by Bank, Norway, Maine ("Norway Bank"). United Bancorp of Maine, Portland, Maine, for the Views and recommendation of supervisory au- Board's prior approval of action whereby Applicant thority. As required by section 3(b) of the Act, the would become a bank holding company through the Board gave written notice of receipt of the applicaacquisition of 80 per cent or more of the voting tion to the Comptroller of the Currency and reshares of Norway National Bank, Norway, Maine. quested his views and recommendation. The Acting Applicant presently owns all but directors' quali- Comptroller recommended approval of the applicafying shares of Canal National Bank, Portland, tion. Maine. Statutory considerations. Section 3(c) of the Act As required by section 3(b) of the Act, the provides that the Board shall not approve an ac- Board gave written notice of receipt of the applica- quisition that would result in a monopoly or would tion to the Comptroller of the Currency and re- be in furtherance of any combination or conspiracy quested his views and recommendation. The Acting to monopolize or to attempt to monopolize the Comptroller recommended approval of the applica- business of banking in any part of the United tion, States. Nor may the Board approve a proposed Notice of receipt of the application was pub- acquisition, the effect of which, in any section of lished in the Federal Register on October 16, 1969 the country, may be substantially to lessen com- (34 Federal Register 16566), providing an op- petition, or to tend to create a monopoly, or which portunity for interested persons to submit com- in any other manner would be in restraint of trade, ments and views with respect to the proposal. A unless the Board finds that the anticompetitive efcopy of the application was forwarded to the De- fects of the proposed transaction are clearly outpartment of Justice for its consideration. Time for weighed in the public interest by the probable effect filing comments and views has expired and all those of the transaction in meeting the convenience and received have been considered by the Board. needs of the communities to be served. In each IT IS HEREBY ORDERED, for the reasons set forth case, the Board is required to take into considerain the Board's Statement of this date, that said ap- tion the financial and managerial resources and fuplication be and hereby is approved, provided that ture prospects of the bank holding company and the action so approved shall not be consummated the banks concerned, and the convenience and (a) before the thirtieth calendar day following the needs of the communities to be served. date of this Order or (b) later than three months Competitive effect of the proposed transaction. after the date of this Order, unless such period is The 10 largest banking organizations in Maine, extended for good cause by the Board, or by the which include all three of the State's registered bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 371 holding companies, control 79 per cent * of State each bank. The primary competitive effect of apdeposits and about 70 per cent of its banking of- proval of the application is reasonably foreseen to fices. Canal Bank ($83.1 million deposits), Appli- be the strengthening of competition with the State's cant's only present subsidiary, is the State's sixth larger banks and banking organizations. largest banking organization, with 7.7 per cent of On the basis of the foregoing, the Board condeposits and 8.5 per cent of banking offices. Appli- cludes that consummation of the proposed transaccant's acquisition of Norway Bank ($11.1 million tion would not result in a monopoly, nor be in deposits) would create the State's third largest bank furtherance of any combination, conspiracy, or atholding company and fifth largest banking organi- tempt to monopolize the business of banking in any zation, controlling 8.7 per cent of deposits and 9.2 part of the United States, and would not restrain per cent of banking offices. trade, substantially lessen competition, or tend to Canal Bank is the smallest of three banks based create a monopoly in any section of the country. in Portland, Cumberland County (population 183,- Financial and managerial resources and future 000). It has 23 offices, 14 of which are located in prospects. Applicant and each of the banks is in Cumberland County; its nine other offices are sound financial condition, with satisfactory managelocated in Androscoggin, Sagadahoc, and Lincoln ment and favorable prospects. Norway Bank's Counties, which adjoin Cumberland County to the prospects would to some extent be improved by the northeast, and in York County, which adjoins to additional competitive strength which it is likely to the southwest. In addition to the two other Port- achieve as a subsidiary of Applicant. land banks, one other bank, with $15 million in de- These considerations are consistent with approval posits, is headquartered in Cumberland County; of the application. that bank is a subsidiary of a bank holding com- Convenience and needs of the communities inpany which is the third largest banking organization volved. Portland is the largest city and the fastest in Maine. The lead bank in the State's largest bank- growing metropolitan area in the State of Maine, ing organization operates a branch in the county. as well as the State's major industrial and commer- Norway Bank is the only bank headquartered in cial center. More than 15 per cent of the State's Oxford County, and has a branch located in north- residents live in Greater Portland's 13 communities, west Cumberland County, near the Oxford-Cum- within a radius of 18 miles of Portland Harbor. berland County line. Oxford County is a thinly Principal industries of Portland include paper, shoe, populated region (population 44,000), character- and electronic parts manufacturing, oil storage, and ized by small farms, residences, recreational areas, transportation. Banking needs of the area appear and light manufacturing. Norway Bank competes to be adequately met by banks located there, and with five offices of the two largest Portland banks the area would be little affected by consummation and one office of a much larger Lewiston bank. of Applicant's proposal. The closest office of Norway Bank to a Canal The town of Norway is located 56 miles north- Bank office is over 20 miles distant. To some exwest of Portland and 20 miles west of Lewiston. tent, the two banks might be regarded as reason- The economy of the Norway area is stable, but apably convenient alternative sources of service for pears to have little growth potential. In addition to customers located in northwest Cumberland Norway Bank, the area's banking needs are served County. The significance of that competition is by branches of the two largest Portland-headquarlimited, however, because both of the larger Porttered banks. Affiliation with Applicant would enland banks have offices located in that immediate able Norway Bank to be more competitive in proarea, while Canal Bank does not. Despite the fact viding the area with complete trust services and that each bank could legally branch into the adjalarger loans. cent county in which the other is located, the pos- Considerations relating to the convenience and sibility of potential competition between the two needs of the areas involved weigh somewhat in banks appears remote because of the economic unfavor of approval of the application. attractiveness of a large portion of the territory in- Summary and conclusion. On the basis of all tervening between their present offices, and in view relevant facts contained in the record, and in the of the past nonconverging branching patterns of light of the factors set forth in section 3(c) of the Act, it is the Board's judgment that the proposed 1 All banking data are as of June 30, 1969, and reflect all action would be in the public interest and that the holding company formations and acquisitions approved by the Board to date. application should be approved. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

372 FEDERAL RESERVE BULLETIN a APRIL 1970 EXCHANGE BANCORPORATION, INC., STATEMENT TAMPA, FLORIDA Exchange Bancorporation, Inc., Tampa, Florida ("Applicant"), a registered bank holding company, In the matter of the application of Exchange has applied to the Board of Governors, pursuant to Bancorporation, Inc., Tampa, Florida, for approval section 3(a) (3) of the Bank Holding Company of acquisition of 80 per cent or more of the voting Act of 1956 (12 U.S.C. 1842(a)(3)), for prior shares of Bank of Central Florida, Haines City, approval of the acquisition of 80 per cent or more Florida. of the voting shares of Bank of Central Florida, Haines City, Florida ("Bank"). ORDER APPROVING ACQUISITION OF BANK STOCK Views and recommendation of supervisory au- BY BANK HOLDING COMPANY thority. As required by section 3(b) of the Act, There has come before the Board of Governors, notice of receipt of the application was given to pursuant to section 3(a)(3) of the Bank Holding the Florida State Commissioner of Banking, and Company Act of 1956 (12 U.S.C. 1842(a)(3)) his views and recommendation were requested. The and section 222.3 (a) of Federal Reserve Regula- Commissioner recommended approval of the aption Y (12 CFR 222.3(a)), an application by Ex- plication. change Bancorporation, Inc., Tampa, Florida, a Statutory considerations. Section 3(c) of the Act registered bank holding company, for the Board's provides that the Board shall not approve an acprior approval of the acquisition of 80 per cent or quisition that would result in a monopoly or would more of the voting shares of Bank of Central be in furtherance of any combination or conspiracy Florida, Haines City, Florida. to monopolize or to attempt to monopolize the As required by section 3(b) of the Act, the business of banking in any part of the United Board gave written notice of receipt of the applica- States. Nor may the Board approve a proposed action to the Florida State Commissioner of Banking quisition, the effect of which, in any section of the and requested his views and recommendation. Trje country, may be substantially to lessen competition, Commissioner recommended approval of the ap- or to tend to create a monopoly, or which in any plication. other manner would be in restraint of trade, unless Notice of receipt of the application was pub- the Board finds that the anticompetitive effects of lished in the Federal Register on February 3, 1970 the proposed transaction are clearly outweighed in (35 Federal Register 2469), providing an oppor- the public interest by the probable effect of the tunity for interested persons to submit comments transaction in meeting the convenience and needs and views with respect to the proposal. A copy of of the communities to be served. In each case, the the application was forwarded to the United States Board is required to take into consideration the fi- Department of Justice for its consideration. Time nancial and managerial resources and future prosfor filing comments has expired and all those re- pects of the bank holding company and the banks ceived have been considered by the Board. concerned, and the convenience and needs of the IT IS HEREBY ORDERED, for the reasons set forth in communities to be served. the Board's Statement of this date, that said appli- Competitive effect of the proposed transaction. cation be and hereby is approved, provided that the The 10 largest banking organizations in Florida acquisition so approved shall not be consummated control almost 40 per cent of deposits held by all (a) before the thirtieth calendar day following the commercial banks in the State.1 Applicant is the date of this Order or (b) later than three months ninth largest banking organization and the seventh after the date of this Order, unless such period is largest of 15 bank holding companies in the State. extended for good cause by the Board, or by the It controls four banks with aggregate deposits of Federal Reserve Bank of Altanta pursuant to dele- $257 million, representing 2.2 per cent of the total gated authority. deposits in the State. Acquisition of Bank ($6.3 By order of the Board of Governors, March 26, million deposits) would have an insignificant ef- 1970. fect on Applicant's share of deposits in the State, Voting for this action: Chairman Burns and Gover- and would not change Applicant's position relative nors Robertson, Mitchell, Maisel, and Brimmer. Absent to other banking organizations and bank holding and not voting: Governors Daane and Sherrill. companies in Florida. (Signed) KENNETH A KENYON, 'All banking data are as of June 30, 1969, adjusted to Deputy Secretary. reflect holding company formations and acquisitions ap- [SEAL] proved by the Board to date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 373 Applicant's largest subsidiary is The Exchange prospects. The financial condition of Applicant and National Bank of Tampa ($176 million deposits), each of its subsidiary banks is satisfactory. All have one of three large Tampa banks. Its other sub- competent management, and their prospects appear sidiaries are: The Exchange Bank of Temple Ter- favorable. race ($9 million deposits); Exchange National Bank's capital is adequate. With Applicant's Bank of Winter Haven ($48 million deposits); and supervision and counseling, Bank's asset condition the Gulf-to-Bay Bank & Trust Company ($24 mil- could be improved, thereby enhancing its prospects. lion deposits), located in Clearwater. Considerations relating to the banking factors Bank, the only office of which is located in support approval of the application. Haines City, is the nineteenth largest of 20 banks Convenience and needs of the communities inin Polk County and serves an area approximately volved. Consummation of the present proposal seven miles square, encompassing both Haines City would not affect the convenience or needs of the and Davenport. State Bank of Haines City ($13 customers served by Applicant's present subsidiary million deposits), a subsidiary of First Florida Ban- banks. corporation, is the only other bank located in the Haines City is located 50 miles east of Tampa, area. Consummation of the proposal would likely within the largest citrus-producing area of Florida. result in an increase in competition in the area, The only other bank in the area is a subsidiary of a without undue adverse effects on State Bank of bank holding company, and, in conjunction with its Haines City, or the other banks in the county affiliates, is capable of meeting the large credit with which Bank competes to a lesser extent. demands generated by the area's economy. How- The only one of Applicant's subsidiary banks ever, the proposed affiliation would provide Bank which is located within 25 miles of Bank, or which with greater facility in handling large credit recompetes with it to any extent, is Exchange Na- quests, and would permit broader services to be tional Bank of Winter Haven ("Winter Haven offered, thereby assuring that Bank will continue to Bank"), which is located 12.5 miles southwest of be a meaningful competitor for the increased eco- Bank. Competition between the two banks does nomic development which is expected to result from not appear to be extensive. Bank derives about two new recreational centers to be developed north $240,000 in deposits and $66,000 in commercial of Haines City. In addition, Applicant anticipates loans from the Winter Haven area, while Winter greater efficiencies in the operation of Bank due Haven Bank derives about $540,000 in deposits to benefits derived from the group affiliation, and and $305,000 in commercial loans from Bank's these efficiencies could provide indirect benefits to area. The number of accounts involved in this the community which it serves. Considerations relatoverlap is small, and in general the overlap appears ing to these factors tend to support approval of the traceable to considerations other than the competi- application. tive efforts of either bank in the area served by the Summary and conclusion. On the basis of all the other. In particular, several of the loans made by relevant facts contained in the record, and in the Winter Haven Bank in the Haines City area re- light of the factors set forth in section 3(c) of the flect credits in amounts greater than Bank can Act, it is the Board's judgment that the proposed readily accommodate with its present lending limit. acquisition would be in the public interest, and that The significance of potential competition between the application should be approved. Winter Haven Bank and Bank is also limited, because of the existence of competing banks in Win- In the matter of the application of Exchange ter Haven, in Haines City, and in the intervening Bancorporation, Inc., Tampa, Florida, for approval areas, and because Florida law prohibits branching. of acquisition of 80 per cent or more of the voting shares of Peninsula State Bank, Tampa, Florida. Based upon the foregoing, the Board concludes that consummation of the proposed acquisition ORDER DENYING ACQUISITION OF BANK STOCK would not result in a monopoly or be in further- BY BANK HOLDING COMPANY ance of any combination, conspiracy, or attempt to monopolize the business of banking in any area, There has come before the Board of Governors, and would not substantially lessen competition, tend pursuant to section 3(a)(3) of the Bank Holding to create a monopoly, or restrain trade in any Company Act of 1956 (12 U.S.C. 1842(a)3)) and section of the country. section 222.3(a) of Federal Reserve Regulation Y Financial and managerial resources and future 12 CFR 222.3(a)), an application by Exchange Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

374 FEDERAL RESERVE BULLETIN a APRIL 1970 Bancorporation, Inc., Tampa, Florida, for the business of banking in any part of the United Board's prior approval of the acquisition of 80 per States. Nor may the Board approve a proposed cent or more of the voting shares of Peninsula State acquisition, the effect of which, in any section of Bank, Tampa, Florida. the country, may be substantially to lessen compe- As required by section 3(b) of the Act, the tition, or to tend to create a monopoly, or which Board gave written notice of receipt of the appli- in any other manner would be in restraint of trade, cation to the Commissioner of Banking for the unless the Board finds that the anticompetitive State of Florida and requested his views and recom- effects of the proposed transaction are clearly outmendation. The Commissioner recommended ap- weighed in the public interest by the probable proval of the application. effect of the transaction in meeting the conven- Notice of receipt of the application was pub- ience and needs of the communities to be served. lished in the Federal Register on November 14, In each case, the Board is required to take into 1969 (34 Federal Register 18270), providing an consideration the financial and managerial reopportunity for interested persons to submit com- sources and future prospects of the bank holding ments and views with respect to the proposal. A company and the banks concerned, and the concopy of the application was forwarded to the venience and needs of the communities to be United States Department of Justice for its con- served. sideration. Time for filing comments and views has Competitive effect of the proposed transaction. expired, and all those received to the time of the Applicant, the seventh largest bank holding com- Board's action were considered. pany and banking organization in the State of IT IS HEREBY ORDERED, for the reasons set forth Florida, controls four banks with aggregate dein the Board's Statement of this date, that said ap- posits of $257.4 million.1 Upon acquisition of Bank plication be and hereby is denied. ($25.4 million deposits), Applicant would control By order of the Board of Governors, March 2.4 per cent of the deposits in the State, compared 26, 1970. with 2.2 per cent at present, and would become the Voting for this action: Vice Chairman Robertson sixth largest bank holding company and banking and Governors Mitchell, Daane, Maisel, Brimmer, and organization in the State. These changes in State- Sherrill. Chairman Burns did not participate in the dewide concentration are not considered of themcision on this application. selves to be competitively significant. (Signed) KENNETH A. KENYON, Deputy Secretary. The effects which the proposal would have on existing and potential competition between Bank [SEAL] and present subsidiaries of Applicant, and on con- STATEMENT centration of banking resources within the immediate area involved, are of much greater significance Exchange Bancorporation, Inc., Tampa, Florida and concern. Applicant's largest subsidiary, The ("Applicant"), a registered bank holding com- Exchange National Bank of Tampa ("Exchange pany, has applied to the Board of Governors, Bank"), with $176 million deposits, is one of three pursuant to section 3(a) (3) of the Bank Holding large downtown Tampa banks, and serves the Company Act of 1956 (12 U.S.C. 1842(a)(3)), Tampa or central section of Hillsborough County. for prior approval of the acquisition of 80 per cent It is the second largest of 19 banks in the latter or more of the voting shares of Peninsula State area. Another subsidiary of Applicant, The Ex- Bank, Tampa, Florida ("Bank"). change Bank of Temple Terrace (,$9 million de- Views and recommendation of supervisory auposits) is also located within that area. The two thority. As required by section 3(b) of the Act, subsidiaries together control 24 per cent of the notice of receipt of the application was given to deposits held by all commercial banks in central the Commissioner of Banking for the State of Hillsborough County. In terms of local deposits, Florida, and his views and recommendation were Applicant is the second largest banking organizarequested. The Commissioner recommended aption in the area; the three largest of such organizaproval of the application. tions, all of which are registered bank holding Statutory considerations. Section 3(c) of the Act companies, control seven area banks which acprovides that the Board shall not approve an acquisition that would result in a monopoly or would 1 Banking data are as of June 30, 1969, and reflect holdbe in furtherance of any combination or conspiracy ing company formations and acquisitions approved by the to monopolize or to attempt to monopolize the Board to date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 375 count, in the aggregate, for about 72 per cent of ganization. Its relationship with Exchange Bank area deposits. is not essentially different from that which banks Bank serves the populous Interbay Peninsula, throughout the nation enjoy with their closest corwhich is located wholly within the larger area respondents, which relationship, though mutually served by Exchange Bank. Bank is the eighth advantageous, cannot be regarded as inconsistent largest of 19 banks in central Hillsborough County, with competition in those areas where both offer the fourth largest of 11 banks in that area which a similar service. are not presently affiliated with any bank holding It is clear that acquisition of Bank is not in any company, and the largest of four banks located in sense a prerequisite to Applicant's attainment of a the Interbay Peninsula. Bank's office is located less competitive position in central Hillsborough County than four miles from that of Exchange Bank, with or in the Interbay Peninsula area served by Bank. only one small bank ($15 million deposits) located It would, however, eliminate the possibility that in the intervening area. More than 80 per cent Bank might serve as a vehicle for entry of an orof Bank's deposits and of its loans are derived from ganization not presently represented in the area. the area served by Exchange Bank, while the latter In the process, it would also eliminate existing and derives approximately 10 per cent of its deposits potential competition between Bank and one of and 10 per cent of its loans from that portion of its Applicant's subsidiaries, and would decrease the area which is served by Bank. Acquisition of Bank possibility of new entry which could lead to inby Applicant would result in Applicant's control of creased competition and meaningful deconcentraabout 27 per cent of the deposits in central Hills- tion of the area's banking resources. borough County, and, it appears, would eliminate For these reasons, it is the Board's conclusion significant present competition between Bank and that consummation of Applicant's proposal would Exchange Bank. have significant anticompetitive effects, which, in Applicant contends that present competition be- the absence of outweighing considerations relating tween Bank and Exchange Bank is more apparent to the banking factors or the convenience and needs than real, because of relationships which Appli- of the communities involved, indicate that consumcant's organization has had with Bank since forma- mation of the proposal would not be in the public tion of the latter in 1951. Several directors and interest.2 principal shareholders of Exchange Bank were in- Financial and managerial resources and future strumental in organizing Bank. Applicant's presi- prospects. Applicant, and its subsidiary banks, are dent and Bank's president are brothers, and both in satisfactory financial condition, with competent are shareholders of the two organizations. In ad- managements and favorable prospects. dition, there are other common shareholders; per- The financial condition of Bank is satisfactory; sons and family groups who own 10.6 per cent of its management is competent and has been aggresthe shares of Applicant own about 74 per cent of sive in developing new banking business in its area. Bank's shares. A close correspondent relationship Prospects of Bank are favorable, regardless of exists between Exchange Bank and Bank, with the whether or not the present proposal is consumformer providing, by referral, services for Bank's mated. customers which Bank does not itself offer. These considerations are consistent with ap- In the Board's view, the present relationship be- proval, but lend no weight in support of such actween Bank and Applicant's group is not such as to tion. preclude effective competition. Bank is an aggres- Convenience and needs of the communities insive institution of sufficient size to offer competi- volved. The banking needs of central Hillsborough tion to Applicant's subsidiary with respect to a va- County, and of that portion of the area served by riety of services. While certain shareholders of Ap- Bank, appear to be adequately and conveniently plicant control a majority of Bank's shares, hold- met by banks now located there. ers of over 89 per cent of Applicant's shares have Bank has actively and aggressively served the no financial interest in Bank, and the issuance by banking needs of its area. In particular, it has Applicant of additional shares to finance future expansion will likely lead to further dissipation of 2 The Department of Justice filed a letter with respect to the subject application, in which it stated its view that the common ownership. Bank has had no manage- competitive effects of Applicant's proposal would be "signifment or personnel in common with Applicant or icantly adverse". In arriving at the conclusions reflected herein, the Board also gave due consideration to a response any of its subsidiaries since shortly after its orby Applicant to the Department's views. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

376 FEDERAL RESERVE BULLETIN a APRIL 1970 shown foresight in establishing its own computer Cheyenne; East Cheyenne National Bank, Cheyoperation, in order to better serve its customers. enne; First Cheyenne State Bank, Cheyenne; and A close correspondent relationship now exists be- Stock Growers' Bank of Wheatland, Wheatland, all tween Bank and Exchange Bank, and trust serv- in Wyoming. ices, international banking services, and travel As required by section 3(b) of the Act, the services are made available to its customers through Board gave written notice of receipt of the applicareferral to Exchange Bank. Under the present re- tion to the Comptroller of the Currency and the lationship, Bank also has the potential for partici- Wyoming State Examiner, and requested their views pating in large credit transactions with Exchange and recommendations. The Comptroller recom- Bank. While consummation of the proposal would mended approval, and the State Examiner indicated probably facilitate cooperation between Bank and that he had no objection to consummation of the subsidiaries of Applicant, it does not appear that proposal. there would be significant improvements in the Notice of receipt of the application was pubquantity or quality of services which Bank now lished in the Federal Register on November 8, provides to its customers. 1969 (34 Federal Register 18107), which pro- Considerations under this factor provide no sig- vided an opportunity for interested persons to subnificant weight either for or against approval of mit comments and views with respect to the prothe application. posed transaction. A copy of the application was Summary and conclusion. On the basis of all rel- forwarded to the United States Department of evant facts contained in the record, and in the light Justice for its consideration. The time for filing of the factors contained in section 3(c) of the Act, comments and views has expired and all those reit is the Board's judgment that the proposed acqui- ceived have been considered by the Board. sition would have a significant adverse effect on IT IS HEREBY ORDERED, for the reasons set forth competition, without offsetting benefits under either in the Board's Statement of this date, that said apthe convenience and needs or the banking factors. plication be and hereby is approved, provided that Accordingly, the Board concludes that consum- the action so approved shall not be consummated mation of the proposal would not be in the public (a) before the thirtieth calendar day following interest, and that the application should be denied. the date of this Order or (b) later than three months after the date of this Order, unless such WYOMING BANCORPORATION, period is extended for good cause by the Board, or CHEYENNE, WYOMING by the Federal Reserve Bank of Kansas City pur- In the matter of the application of Wyoming suant to delegated authority. Bancorporation, Cheyenne, Wyoming, for approval By order of the Board of Governors, March 26, of action to become a bank holding company 1970. through the acquisition of 80 per cent or more Voting for this action: Chairman Burns and Goverof the voting shares of Cheyenne National Bank, nors Robertson, Maisel, Brimmer, and Sherrill. Absent and not voting: Governors Mitchell and Daane. Cheyenne; East Cheyenne National Bank, Cheyenne; First Cheyenne State Bank, Cheyenne; and (Signed) KENNETH A. KENYON, Deputy Secretary. Stock Growers' Bank of Wheatland, Wheatland, all in Wyoming. [SEAL] STATEMENT ORDER APPROVING ACTION TO BECOME BANK HOLDING COMPANY Wyoming Bancorporation, Cheyenne, Wyoming ("Applicant"), has applied to the Board of Gov- There has come before the Board of Governors, pursuant to section 3(a)(l) of the Bank Holding ernors, pursuant to section 3(a)(l) of the Bank Company Act of 1956 (12 U.S.C. 1842(a)(l)) Holding Company Act of 1956 (12 U.S.C. 1842 and section 222.3 (a) of Federal Reserve Regula- (a)O)), for prior approval of action to become a tion Y (12 CFR 222.3(a)), an application by Wy- bank holding company through the acquisition of oming Bancorporation, Cheyenne, Wyoming, for 80 per cent or more of the voting shares of Cheythe Board's prior approval of action whereby Ap- enne National Bank, Cheyenne ("Cheyenne Naplicant would become a bank holding company tional"); East Cheyenne National Bank, Cheythrough the acquisition of 80 per cent or more of enne ("East Bank"); First Cheyenne State Bank, the voting shares of Cheyenne National Bank, Cheyenne ("State Bank"); and Stock Growers' Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 377 Bank of Wheatland, Wheatland ("Wheatland Cheyenne National presently own 76 per cent of Bank"), all in Wyoming. the shares of East Bank, and a majority of the Views and recommendations of supervisory au- directors are common to both banks. In 1968, thorities. As required by section 3(b) of the Act, the same group of individuals organized State written notice of receipt of the application was Bank ($1.9 million deposits), 1.5 miles north of given to the Comptroller of the Currency and to the downtown area. At present, 80 per cent of the the Wyoming State Examiner, and their views and shares of State Bank are owned by a corporation recommendations were requested. The Comptroller controlled and managed by a group of Cheyenne recommended approval of the application, and the National shareholders. The controlling sharehold- State Examiner responded that he had no objection. ers of Cheyenne National in 1968 also acquired Statutory considerations. Section 3(c) of the Act control of Wheatland Bank ($4.9 million deposits), provides that the Board shall not approve an acqui- which is the smaller of two banks located in Wheatsition that would result in a monopoly or would land (population 2,400), a community located in be in furtherance of any combination or conspiracy Platte County about 70 miles north of Cheyenne. to monopolize or to attempt to monopolize the busi- About 82 per cent of the shares of Wheatland ness of banking in any part of the United States. Bank are owned by a corporation whose only func- Nor may the Board approve a proposed acquisition tion is the holding of those shares; that corporation, the effect of which, in any section of the country, in turn, is wholly owned by a small group of sharemay be substantially to lessen competition or to holders of Cheyenne National. Applicant proposes tend to create a monopoly, or which in any other to exchange its shares for those of Cheyenne Namanner would be in restraint of trade, unless the tional, East Bank, and State Bank, and for the Board finds that the anticompetitive effects of the stock of the corporation which controls Wheatproposed transaction are clearly outweighed in the land Bank, thereby acquiring direct control of public interest by the probable effect of the trans- each of the three Cheyenne banks, and indirect action in meeting the convenience and needs of the control of Wheatland Bank. communities to be served. In each case the Board The three proposed subsidiaries in Cheyenne, as is required to take into consideration the financial a group, are approximately the same size as each and managerial resources and future prospects of of the other two banks in Cheyenne. Two other the bank holding company and the banks con- small banks, located 27 miles and 41 miles east, cerned, and the convenience and needs of the com- operate in Laramie County, of which Cheyenne is munities to be served. the seat. The service area of the Cheyenne banks is, Competitive effect of the proposed transaction. essentially, the' city of Cheyenne, although Chey- The 10 largest banking organizations in Wyoming enne National attracts time deposits throughout control about halfl the deposits in the State. Two southeastern Wyoming, East Bank's deposits are out-of-State holding companies, one of which is concentrated in the eastern suburban area, and the State's largest banking organization, control State Bank's deposits are concentrated in the northfour of the State's 70 banks, but are prohibited by western suburban area. Although the areas served the Act from acquiring additional Wyoming banks. by the three banks overlap, there is not, and never Consummation of the proposal would create the has been, meaningful competition among them befirst Wyoming-based bank holding company and cause of the aforedescribed relationship among would make Applicant the State's fourth largest them, which has existed since formation of the two banking organization, controlling 4.5 per cent of smaller banks. Consummation of the proposal, total State deposits. therefore, will not eliminate existing competition. The four proposed subsidiaries are closely re- Applicant's acquisition of the three banks would lated through common ownership and control. serve to perpetuate the existing close relationship, Cheyenne National ($16.6 million deposits) is the and to that extent would eliminate the possibility smallest of three banks in downtown Cheyenne, of future competition which could develop in the which is in Laramie County, Wyoming. In 1963, event of a dissipation of those relationships. Howcontrolling stockholders of Cheyenne National ever, in view of the facts that the relationships were organized East Bank ($7.3 million deposits), which not anticompetitive in their origins, and that Apis located two miles east of the downtown area. plicant will not, through its proposal, dominate Stockholders owning 91 per cent of the shares of Cheyenne banking, the possible adverse effect on future competition is not deemed to be of critical 1 All banking data are as of June 30, 1969. significance. 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378 FEDERAL RESERVE BULLETIN a APRIL 1970 With respect to Wheatland Bank, the absence struction, and service industries. The banking needs of existing competition traces not only to its re- are comparatively simple and are presently being lationship with the other proposed subsidiaries, but adequately met. All three of the proposed Cheyalso to the distance between it and them. Because of enne subsidiaries were organized during the last the distance involved and the fact that branching decade, and their operation by the organizers of is prohibited under Wyoming law, it does not ap- Applicant has served to increase competition and pear that any potential competition would be fore- improve banking service in the area. Cheyenne Naclosed by Applicant's acquisition of Wheatland tional has been an aggressive force in Cheyenne Bank. banking, and its prompt response to local demands The principal competitive effect foreseen as a for small business capital, consumer financing, resiresult of consummation of Applicant's proposal is dential mortgages, and modern conveniences such an increase in competition. All four proposed sub- as drive-in banking has prompted competitive residiaries have stimulated competition with the well- action by the two larger banks in the downtown established principal competitors in the areas in- area, improving banking service in the area. The volved; approval of the application should en- opening of East Bank and State Bank has incourage further competition, without undue adverse creased the convenience of banking service to subeffects on competing banks. urban residents. Aside from the fact that it is On the record before it, the Board concludes proposed that, following consummation of the that consummation of Applicant's proposal would present proposal, Cheyenne National will initiate not result in a monopoly nor be in furtherance of trust services, the proposal will not result in sigany combination or conspiracy to monopolize or nificant improvements in the level of area bankattempt to monopolize the business of banking ing services, compared with those available through in any area, and would not substantially lessen com- the Cheyenne subsidiaries under their present relapetition, tend to create a monopoly, nor in any tionship. However, that relationship has resulted in other manner restrain trade in any section of the improved services in the area, and its continuation country. under Applicant's proposal would appear similarly Financial and managerial resources and future to serve the public interest. prospects. Applicant is a newly-organized corpora- Wheatland Bank and its competitor in Wheattion. Its pro-forma financial condition appears sat- land find it economically unfeasible to offer a wide isfactory, giving due weight to its plans to raise range of banking services, and residential mortgage additional capital through a stock issue in the near loans are not available from either bank. As a refuture. Its management is competent, and its pros- sult of internal efficiencies provided under its propects appear favorable. posal, Applicant may find it feasible to offer ad- Wheatland Bank and State Bank are in satis- ditional services, and the responsiveness of Apfactory financial condition and have competent plicant's organizers to the needs of the Cheyenne management and favorable prospects. Cheyenne area indicates a likelihood that Wheatland Bank National and East Bank have competent manage- will similarly be responsive to the needs of the ment and favorable prospects. Part of the proceeds Wheatland community. of the new stock issue proposed by Applicant will Considerations relating to the needs and conbe used to increase capital of these two banks, venience of the areas involved lend some weight in which would improve their present financial con- favor of approval. dition. Summary and conclusion. On the basis of all the The banking factors lend some weight toward relevant facts contained in the record, and in the approval. light of the factors set forth in section 3(c) of the Convenience and needs of the communities in- Act, it is the Board's judgment that the proposed volved. Cheyenne's population has been growing action would be in the public interest and that the slowly during the past 10 years to its present level application should be approved. of 50,000. In addition to being the county seat, Cheyenne is the State capital, and Warren Air CONCURRING STATEMENT OF GOVERNOR Force Base is adjacent to the western edge of the ROBERTSON city. The government sector accounts for most of the area's employment; there is no major private I agree with the conclusions reflected in the employer, although there are a number of small Board's Statement, and, therefore, join in its acbusinesses in light manufacturing, distribution, con- tion approving the subject application. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 379 At the same time, however, I wish to express my in Applicant will be substantially reduced, if not concern with respect to one aspect of the proposal. eliminated. It is my view that this situation has The individuals who control the four proposed sufficiently serious potential as to require future subsidiary banks also control various non-banking review, and that expansion proposals by Applicant enterprises. In itself, there is nothing improper in should be considered in the light of developments this. To some extent, however, they have seen fit affecting the relationship. to exercise such control through a corporation, First Cheyenne Corporation, which directly owns both FIRST FLORIDA BANCORPORATION, banking and non-banking interests. First Cheyenne TAMPA, FLORIDA Corporation owns 80 per cent of the voting shares In the matter of the application of First Florida of State Bank, 13 per cent of the voting shares of Bancorporation, Tampa, Florida, for approval of East Bank, and 9 per cent of the voting shares of acquisition of 80 per cent or more of the voting Cheyenne National, in addition to controlling inshares of The State Bank of Jacksonville, Jacksonterests in such nonbanking businesses as a pickle ville, Florida. company, a packing company, a consumer finance company, a Savings and Loan Association, and insurance agencies. As a result of the exchange ORDER APPROVING APPLICATION UNDER offers which Applicant will make to stockholders BANK HOLDING COMPANY ACT of the proposed subsidiary banks, First Cheyenne There has come before the Board of Governors, Corporation will become the owner of about 14 per pursuant to section 3(a) (3) of the Bank Holding cent of Applicant's shares, while maintaining its Company Act of 1956 (12 U.S.C. 1842(a)(3)), ownership of the non-banking interests. and section 222.3 (a) of Federal Reserve Regula- I dissented from recent Board action approving tion Y (12 CFR 222.3 (a)), the application of First applications filed by a bank holding company, Florida Bancorporation, Tampa, Florida, for the 24.6 per cent of the voting shares of which were Board's prior approval of the acquisition of 80 owned by a corporation with extensive non-bank- per cent or more of the voting shares of The State ing interests.1 In so doing, I pointed out that, al- Bank of Jacksonville, Jacksonville, Florida. though the letter of the law is not violated by a As required by section 3(b) of the Act, the corporation's control, without prior approval, of Board gave written notice of receipt of the apless than 25 per cent of the shares of a bank hold- plication to the Florida Commissioner of Banking, ing company, applications by such a holding com- and requested his views and recommendation. The pany should be favorably considered only in the Deputy Commissioner recommended approval of event that the Applicant successfully bears the bur- the application. den of establishing that its relationships with other Notice of receipt of the application was pubcorporations are also within the spirit and intent of lished in the Federal Register on February 4, 1970 the Act. This, of course, equally applies to a pro- (35 Federal Register 2545), providing an opposed holding company and its prospective relation- portunity for interested persons to submit comships. ments and views with respect to the proposal. A Upon careful consideration of the present record, copy of the application was forwarded to the I am persuaded that Applicant has successfully United States Department of Justice for its consustained its burden in that regard, and that con- sideration. Time for filing comments and views has summation of its proposal would be in the public expired and all those received have been considered interest. Nevertheless, I believe the prospective by the Board. ownership by First Cheyenne Corporation of a IT IS HEREBY ORDERED, for the reasons set forth substantial block of Applicant's stock, in conjunc- in the Board's Statement of this date, that said aption with extensive non-banking interests, to be plication be and hereby is approved, provided that most undesirable. In voting to approve Applicant's the action so approved shall not be consummated formation, it is my earnest hope and expectation (a) before the thirtieth calendar day following that the organizers of Applicant will give appropri- the date of this Order or (b) later than three ate attention to this undesirable relationship, to months after the date of this Order, unless such the end that First Cheyenne Corporation's interest time shall be extended by the Board, or by the Federal Reserve Bank of Atlanta pursuant to dele- 1 Applications of Charter Bankshares Corporation, 1970 gated authority. Federal Reserve BULLETIN 350, 356. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

380 FEDERAL RESERVE BULLETIN a APRIL 1970 By order of the Board of Governors, March 26, Voting for this action: Vice Chairman Robertson and Governors Mitchell, Daane, Brimmer, and Sherrill. 1970. Absent and not voting: Chairman Burns and Governor Voting for this action: Vice Chairman Robertson Maisel. and Governors Mitchell, Daane, Brimmer, and Sherrill. (Signed) KENNETH A. KENYON, Absent and not voting: Chairman Burns and Governor Maisel. Deputy Secretary. (Signed) KENNETH A. KENYON, [SEAL] Deputy Secretary. [SEAL] STATEMENT In the matter of the application of First Florida First Florida Bancorporation, Tampa, Florida Bancorporation, Tampa, Florida, for approval of ("Applicant"), a registered bank holding company, acquisition of 80 per cent or more of the voting has applied to the Board of Governors, pursuant shares of The State Bank of Arlington, Jackson- to section 3(a) (3) of the Bank Holding Company ville, Florida. Act of 1956 (12 U.S.C. 1842 (a) (3)), for prior approval of the acquisition of 80 per cent or more of the voting shares of (1) The State Bank of Jack- ORDER APPROVING APPLICATION UNDER sonville ("Jacksonville Bank") and (2) The State BANK HOLDING COMPANY ACT Bank of Arlington ("Arlington Bank"), both in There has come before the Board of Governors, Jacksonville, Florida. Each of these applications pursuant to section 3(a)(3) of the Bank Holding has been separately considered by the Board and is Company Act of 1956 (12 U.S.C. 1842(a)(3)) the subject of a separate Board Order. However, and section 222.3(a) of Federal Reserve Regulasince many of the facts and circumstances involved tion Y (12 CFR 222.3 (a)), the application of First are common to both proposals, this Statement con- Florida Bancorporation, Tampa, Florida, for the tains the Board's findings and conclusions with Board's prior approval of the acquisition of 80 per respect to both. cent or more of the voting shares of The State After consummation of the proposals herein, Bank of Arlington, Jacksonville, Florida. the banks in Applicant's group will control aggre- As required by section 3(b) of the Act, the gate total deposits of approximately ,$333 million.1 Board gave written notice of receipt of the applica- Jacksonville Bank, with total deposits of $45 miltion to the Florida Commissioner of Banking, and lion, is the fifth largest bank in Duval County and requested his views and recommendation. The controls 4 per cent of deposits in the county. Deputy Commissioner recommended approval of Arlington Bank with total deposits of approxithe application. mately $3 million, ranks 26th in the county and Notice of receipt of the application was pubcontrols less than one-half of 1 per cent of delished in the Federal Register on February 4, 1970 posits there. Each of the banks is located approxi- (35 Federal Register 2545), providing an oppormately 120 miles from Applicant's closest subsidtunity for interested persons to submit comments iary. and views with respect to the proposal. A copy of Views and recommendation of supervisory authe application was forwarded to the United States thority. As required by section 3(b) of the Act, Department of Justice for its consideration. Time the Board gave written notice of receipt of the apfor filing comments and views has expired and all plications to the Florida Commissioner of Banking those received have been considered by the Board. and requested his views and recommendation. The IT IS HEREBY ORDERED, for the reasons set forth Deputy Commissioner recommended approval of in the Board's Statement of this date, that said apboth applications. plication be and hereby is approved, provided that Statutory considerations. Section 3(c) of the Act the action so approved shall not be consummated provides that the Board shall not approve an acqui- (a) before the thirtieth calendar day following the sition that would result in a monopoly or would date of this Order or (b) later than three months be in furtherance of any combination or conspiracy after the date of this Order, unless such time shall to monopolize or to attempt to monopolize the be extended by the Board, or by the Federal Rebusiness of banking in any part of the United serve Bank of Atlanta pursuant to delegated 1 Unless otherwise noted, all banking data are as of authority. June 30, 1969, refer to insured commercial banks, and By order of the Board of Governors, March 26, reflect holding company acquisitions for which Board ap- 1970. provals have been issued to date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 381 States. Nor may the Board approve a proposed consummation of the proposed acquisitions will inacquisition, the effect of which, in any section of crease holding company concentration in the Jackthe country, may be substantially to lessen compe- sonville area and will eliminate a banking alternative, tition, or to tend to create a monopoly, or which in a number of independent banks will remain in the any other manner would be in restraint of trade, Jacksonville area, and the affiliations are likely to unless the Board finds that the anticompetitive give Applicant the competitive capability effectively effects of the proposed transaction are clearly out- to penetrate a market now • dominated by three weighed in the public interest by the probable larger holding companies which control, in the ageffect of the transaction in meeting the convenience gregate, 14 banks. On this basis, the proposed affiland needs of the community to be served. In each iations have pro-competitive elements; and would case, the Board is required to take into considera- not be a barrier to entry by other holding comtion the financial and managerial resources and panies. Three other holding companies, all larger future prospects of the bank holding company and than Applicant, could enter the Jacksonville market the banks concerned, and the convenience and by establishing de novo banks or by acquisitions. It needs of the community to be served. is concluded that the effect upon the concentration Competitive effect of the proposed transaction. of banking resources in the relevant areas is not The 10 largest banking organizations in Florida inconsistent with approval of the applications. control close to 40 per cent of the total deposits No competition appears to exist between any of in the State. The proposed acquisitions would rep- Applicant's present subsidiary banks and either of resent Applicant's initial entry into the northeast the proposed subsidiaries. Nor is it likely that any portion of Florida and would cause Applicant's would develop, in view of the distances intervening, control to increase from 2.4 to 2.8 per cent of and the Florida laws against branching. While the total bank deposits in the State. Acquisition of the service areas of Jacksonville Bank and Arlington two banks would have little effect upon Applicant's Bank are stated by Applicant to overlap slightly, share of control in the State. there appears to be no meaningful competition Jacksonville, which encompasses most of Duval between these banks, due apparently to the dis- County, is regarded as the relevant market area for parity in size between them, the nature of the op- Jacksonville Bank. However, the bank derives most erations of these banks, and the presence of alterof its business from downtown Jacksonville and native sources of banking services in the area inthe areas located to the south along the east and tervening between the two banks. Three officers of west sides of the St. Johns River. This area has an Jacksonville Bank filed the charter application for estimated population of 125,000. Arlington Bank and serve as directors of the lat- The service area of Arlington Bank, which is ter bank. Stockholders owning 33 per cent of the located approximately seven miles from Jackson- outstanding stock of Jacksonville Bank also own ville Bank, is stated by Applicant to be the Arling- 62 per cent of the outstanding stock of Arlington ton area of the City of Jacksonville. That service Bank. In the light of the common ownership bearea, with an estimated population of 70,000, is tween the banks and the origin of Arlington Bank, bounded on the north and west by the St. Johns and the factors that account for the absence of River, on the south by Arlington expressway, and meaningful present competition between these on the east by undeveloped areas. The character of banks, there seems to be little likelihood of the dethe service area appears to be primarily residential velopment of future competition between them. It with the usual number of small business concerns. appears that consummation of the proposals would Jacksonville University is located within the area. not have any significantly adverse effect upon the Arlington Bank controls 11 per cent of deposits competitive ability of the banks that compete with in its designated service area and is the smallest of Jacksonville Bank or Arlington Bank, nor on the four banks located there. Each of the other three banks that compete with Applicant's present subbanks is affiliated with a banking group larger sidiaries. Rather, the entrance of Applicant into the than Applicant's. Jacksonville area is likely to promote competition, as stated earlier. Four banking organizations currently control approximately 85 per cent of the deposits in Duval On the record before it, the Board concludes that County. Jacksonville Bank, with control of 4 per consummation of the proposed acquisitions would cent of such deposits, is the largest remaining un- not result in a monopoly nor be in furtherance of affiliated independent bank in Jacksonville. While any combination or conspiracy to monopolize or Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

382 FEDERAL RESERVE BULLETIN n APRIL 1970 attempt to monopolize the business of banking in Summary and conclusion. On the basis of all the any area, and would not substantially lessen com- relevant facts contained in the record, and in the petition, tend to create a monopoly, nor in any light of the factors set forth in section 3(c) of the other manner restrain trade in any section of the Act, it is the Board's judgment that the proposed country. acquisitions would be in the public interest and Financial and managerial resources and future that the applications should be approved. prospects. Applicant has advised of current negotiations to raise $5.5 million to be used to strengthen CENTRAL COLORADO BANCORP, INC., the capital position of several banks in the system COLORADO SPRINGS, COLORADO and to retire debt. On the basis of the proposed In the matter of the application of Central Coloadditions to capital, the financial condition of Aprado Bancorp, Inc., Colorado Springs, Colorado, plicant and its subsidiaries may be regarded as for approval of action to become a bank holding generally satisfactory. Managements of Applicant company through the acquisition of 67 per cent or and the banks in the group are considered compemore of the voting shares of The Central Colorado tent; and their prospects appear to be favorable. Bank and The Academy Boulevard Bank, both in The financial condition and management of Colorado Springs, Colorado. Jacksonville Bank are regarded as fair. Affiliation with Applicant should result in strengthening the bank's general condition. Jacksonville Bank's pros- ORDER APPROVING APPLICATION UNDER pects are good. The financial condition of Arling- BANK HOLDING COMPANY ACT ton Bank is satisfactory; its management is exper- There has come before the Board of Governors, ienced and capable and its prospects are favorable. pursuant to section 3(a)(l) of the Bank Holding The banking factors are regarded as satisfactory Company Act of 1956 (12 U.S.C. 1842(a)(l)), and lend some weight toward approval. and section 222.3(a) of Federal Reserve Regula- Convenience and needs of the community intion Y (12 CFR 222.3(a)), an application by volved. Consummation of the proposed acquisitions Central Colorado Bancorp, Inc., Colorado Springs, would have no apparent effect on convenience and Colorado, for the Board's prior approval of action needs in the areas served by Applicant's present whereby Applicant would become a bank holding subsidiaries. company through the acquisition of 67 per cent or The Jacksonville area has a diversified economy more of the voting shares of The Central Colorado with trade and government as the two largest em- Bank and The Academy Boulevard Bank, both in ployers. The United States Navy has several in- Colorado Springs, Colorado. Applicant presently stallations in the area. All major banking requireowns 71 per cent of the voting shares of The Rocky ments of the Jacksonville area appear to be gen- Ford National Bank, Rocky Ford, Colorado. erally well served by the area's banks. However, As required by section 3(b) of the Act, the affiliation with Applicant would enable Jacksonville Board gave written notice of receipt of the ap- Bank to offer new services by establishing trust and plication to the Colorado State Bank Commiscorrespondent bank departments and developing sioner and requested his views and recommendanational account solicitation and international tion. The Commissioner recommended approval of banking. Also, Applicant has the capability and the application. plans to assist Jacksonville Bank in improving its Notice of receipt of the application was pubservices to accommodate the major credit requirelished in the Federal Register on September 23, ments of large corporate accounts. 1969 (34 Federal Register 14710), providing an The banking needs of the Arlington area are opportunity for interested persons to submit combeing met by the banks competing in the area. ments and views with respect to the proposal. A Affiliation with Applicant would enable Arlington copy of the application was forwarded to the Bank to solicit larger loans in participation with United States Department of Justice for its conother subsidiaries of Applicant's system. Also, Ap- sideration. Time for filing comments and views has plicant proposes to enable Arlington Bank to offer expired and all those received have been considered travel services. by the Board. Considerations under the convenience and needs IT IS HEREBY ORDERED, for the reasons set forth factors are consistent with approval of both ap- in the Board's Statement of this date, that said applications. plication be and hereby is approved, provided Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 383 that the action so approved shall not be consum- served. In each case, the Board is required to take mated (a) before the thirtieth calendar day follow- into consideration the financial and managerial ing the date of this Order or (b) later than three resources and future prospects of the bank holding months after the date of this Order, unless such company and the banks concerned, and the conperiod is extended for good cause by the Board, or venience and needs of the communities to be by the Federal Reserve Bank of Kansas City pur- served. suant to delegated authority. Competitive effect of the proposed transaction. By order of the Board of Governors, March 31, The 10 largest banking organizations in Colo- 1970. rado, which include one out-of-state and all five Voting for this action: Chairman Burns and Gover- of the State's registered bank holding companies, nors Robertson, Maisel, Brimmer, and Sherrill. Absent control 62 per cent1 of the total deposits held by and not voting: Governors Mitchell and Daane. all commercial banks in the State. The five largest, (Signed) KENNETH A. KENYON, four of which are holding companies, control Deputy Secretary. about 49 per cent of State deposits. Consummation [SEAL] of the proposal would create the State's smallest STATEMENT bank holding company, ranking twenty-first in size among the State's banking organizations, with Central Colorado Bancorp, Inc., Colorado .7 per cent of the State's total bank deposits. Springs, Colorado ("Applicant"), has filed with the Central Bank ($19.6 million deposits) is the Board, pursuant to section 3(a)(l) of the Bank fourth largest and Academy Bank ($4.9 million de- Holding Company Act of 1956, an application for posits) is the twelfth largest of 18 banks in El approval of action to become a bank holding com- Paso County, the relevant market involved. The pany. Applicant, which presently owns 71 per two banks are closely related through common cent of the voting shares of The Rocky Ford Naownership and control. In 1966, several sharetional Bank, Rocky Ford, Colorado ("Rocky Ford holders of Central Bank organized Academy Bank Bank"), would become a bank holding company as an affiliate to serve the banking needs of a new through the acquisition of 67 per cent or more of residential area known as Rustic Hills, located the voting shares of The Central Colorado Bank about three miles east of Central Bank. Sharehold- ("Central Bank") and The Academy Boulevard ers owning 76 per cent of the shares of Academy Bank ("Academy Bank"), both in Colorado Bank presently own 63 per cent of the shares of Springs, Colorado. Central Bank. Together, the two banks control 9 Views and recommendation of supervisory auper cent of county deposits. Although the areas thority. As required by section 3(b) of the Act, the served by the banks overlap, there is not, and never Board gave written notice of receipt of the applicahas been, meaningful competition between them tion to the Colorado Bank Commissioner and because of the affiliation. Hence, consummation requested his views and recommendation. The of the proposal would not eliminate any existing Commissioner recommended approval of the apcompetition or reduce the number of meaningful plication. banking alternatives. There is little likelihood of Statutory consideration. Section 3(c) of the Act dissolution of the existing relationship in the foreprovides that the Board shall not approve an acquiseeable future, and it therefore does not appear sition that would result in a monopoly or would be that consummation of the proposal would foreclose in furtherance of any combination or conspiracy significant potential competition. to monopolize or to attempt to monopolize the Rocky Ford Bank ($4.6 million deposits) is the business of banking in any part of the United larger of two banks in Rocky Ford, located about States. Nor may the Board approve a proposed 100 miles southeast of Colorado Springs. Six other acquisition, the effect of which, in any section of banks, one of which is larger than Rocky Ford the country, may be substantially to lessen competition, or to tend to create a monopoly, or Bank, are located 9 to 18 miles from Rocky Ford, which in any other manner would be in restraint and compete to some extent in the area. Because of trade, unless the Board finds that the anticom- of the distance involved and the fact that branching petitive effects of the proposed transaction are is prohibited under Colorado law, it does not apclearly outweighed in the public interest by the 1 All banking data are as of June 30, 1969, and reflect all probable effect of the transaction in meeting the holding company formations and acquisitions approved by convenience and needs of the communities to be the Board to date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

384 FEDERAL RESERVE BULLETIN n APRIL 1970 pear that existing or potential competition between veniently than they can be provided by downtown Rocky Ford Bank and either of the other proposed banks. Central Bank is the only one of the prosubsidiaries would be eliminated by Applicant's posed subsidiary banks which offers trust services, proposal. and it does so only on a very limited basis. The On the basis of the foregoing, the Board con- affiliation of the three banks would make more cludes that consummation of the proposed transac- feasible the hiring of a full-time trust officer, and tion would not result in a monopoly, nor be in trust services might thereby be provided at all furtherance of any combination, conspiracy, or at- three subsidiaries. Improvements in capital protempt to monopolize the business of banking in any posed by Applicant would lead to increased lendpart of the United States, and would not restrain ing limits of the banks, and their ability to make trade, substantially lessen competition, or tend to larger loans would be increased by the greater facreate a monopoly in any section of the country. cility which the affiliation would provide in ar- Financial and managerial resources and future ranging participations among them. prospects. Applicant, organized in 1969, has only Considerations relating to the convenience and a short operating history. It projects that, in the needs of the areas lend some weight in favor of event of approval of the application, it will issue approval of Applicant's proposal. additional stock to raise about $2 million in capital, Summary and conclusion. On the basis of all relwhich will be used to eliminate existing indebted- evant facts contained in the record, and in the light ness and to augment the capital of the proposed of the factors set forth in section 3(c) of the Act, subsidiaries. In view of these plans, its financial it is the Board's judgment that the proposed action condition appears satisfactory, as does its recently would be in the public interest and that the applicastrengthened management, and its prospects appear tion should be approved. favorable. Central Bank's present financial condition is CHARTER NEW YORK CORPORATION, generally satisfactory, and would be improved by a NEW YORK, NEW YORK planned increase of $200,000 in its capital. Recent In the matter of the application of Charter New personnel changes have provided satisfactory man- York Corporation, New York, New York, for apagement, and its prospects appear favorable. proval of acquisition of all of the voting shares of The financial condition of Academy Bank is Ogdensburg Trust Company, Ogdensburg, New fairly satisfactory, and the bank has taken steps to York. improve the quality of management. Its prospects are considered satisfactory. ORDER APPROVING ACQUISITION OF The financial condition, management, and pros- BANK STOCK BY BANK HOLDING COMPANY pects of Rocky Ford Bank are fair. The bank has There has come before the Board of Governors, some weaknesses, tracing to its operation under prepursuant to section 3(a)(3) of the Bank Holding vious owners, which might be more easily corrected Company Act of 1956 (12 U.S.C. 1842(a)(3)) by consummation of Applicant's proposal. and section 222.3 (a) of Federal Reserve Regula- The banking factors as they relate to Applicant, tion Y (12 CFR 222.3 (a)), an application by its present subsidiary and proposed subsidiaries are Charter New York Corporation, New York, New consistent with approval of the application. York, a registered bank holding company, for the Convenience and needs of the communities in- Board's prior approval of the acquisition of all of volved. The population of Colorado Springs has the voting shares of Ogdensburg Trust Company, more than tripled during the last 20 years. The Ogdensburg, New York. economy of the region is dependent primarily on As required by section 3(b) of the Act, the the military and on tourism, but manufacturing has Board notified the New York Superintendent of been growing in importance. Banks of receipt of the subject application and re- Rocky Ford is located in one of the richest agri- quested his views and recommendation. The Supercultural areas in the Arkansas Valley. There is a intendent indicated that he favored approval of the large demand for agricultural loans and for credit application. for emerging cattle feeder businesses. Notice of receipt of the application was pub- By drawing on the expertise of Central Bank in lished in the Federal Register on February 27, 1970 mortgage lending, Academy Bank will be able to (35 Federal Register 3846), which provided an offer such services to its expanding area more con- opportunity for interested persons to submit com- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 385 ments and views with respect to the proposed ness of banking in any part of the United States. acquisition. A copy of the application was for- Nor may the Board approve a proposed acquiwarded to the United States Department of Justice sition, the effect of which, in any section of the for its consideration. Time for filing comments country, may be substantially to lessen competition, and views has expired and all those received have or to tend to create a monopoly, or which in any been considered by the Board. other manner would be in restraint of trade, unless IT IS HEREBY ORDERED, for the reasons set forth the Board finds that the anticompetitive effects of in the Board's Statement of this date, that said ap- the transaction are clearly outweighed in the pubplication be and hereby is approved, provided that lic interest by the probable effect of the transaction the acquisition so approved shall not be consum- in meeting the convenience and needs of the commated (a) before the thirtieth calendar day fol- munities to be served. In each case, the Board is lowing the date of this Order or (b) later than required to take into consideration the financial three months after the date of this Order, unless and managerial resources and future prospects of such period is extended for good cause by the the bank holding company and the banks con- Board, or by the Federal Reserve Bank of New cerned, and the convenience and needs of the York pursuant to delegated authority. communities to be served. By order of the Board of Governors, March 31, Competitive effect of the proposed transaction. 1970. Applicant controls $4.5 billion 1 in deposits and is Voting for this action: Chairman Burns and Gover- the eighth largest banking organization and the nors Robertson, Mitchell, Daane, Maisel, and Sherrill. third largest bank holding company in the State of Absent and not voting: Governor Brimmer. New York. Its eight subsidiary banks account for (Signed) KENNETH A. KENYON, 5.6 per cent of the State's total deposits, and are Deputy Secretary. located in the Second, Third, Fourth, Sixth, [SEAL] Seventh, Eighth, and Ninth Banking Districts of the State of New York. STATEMENT Applicant's largest subsidiary bank is Irving Trust Company (which has deposits of $4 billion Charter New York Corporation, New York, and is the seventh largest bank in New York City. New York ("Applicant"), a registered bank hold- Its other present subsidiary banks are The Mering company, has applied to the Board of Goverchants National Bank and Trust Company, Syranors, pursuant to section 3(a) (3) of the Bank cuse ($186 million deposits); Endicott Trust Com- Holding Company Act of 1956, for prior approval pany, Endicott ($61 million deposits); Dutchess of the acquisition of all of the voting shares of Bank and Trust Company, Poughkeepsie ($34 mil- Ogdensburg Trust Company, Ogdensburg, New lion deposits); Scarsdale National Bank, Scarsdale York ("Bank"). ($68 million deposits); Fulton County National Views and recommendation of supervisory au- Bank and Trust Company of Gloversville, Gloversthority. As required by section 3(b) of the Act, ville ($24 million deposits); and Citizens Central the Board notified the Superintendent of Banks for Bank, Arcade ($34 million deposits). It recently the State of New York of receipt of the application received Board approval to acquire shares of The and requested his views and recommendation Central Trust Company, Rochester, which will thereon. In view of his coordinate responsibilities have about $158 million in deposits, after divestunder New York law, the Superintendent did not ing deposits of $38 million to a new competing comment directly to the Board. The New York bank, as required under the Board's Order approv- State Banking Board, however, advised the Board ing that proposal. of its action, consistent with a recommendation of Bank ($23 million deposits) is the only bank the Superintendent (a copy of which was also headquartered in Ogdensburg, New York. It is the provided to the Board), approving an application second largest of 12 banks headquartered in St. with respect to the same transaction pursuant to Lawrence County and the fifth largest of the 25 provisions of the New York Banking Law. commercial banks in the Fifth Banking District. Statutory considerations. Section 3(c) of the Act The bank operates two offices, the main office in provides that the Board shall not approve an acquisition that would result in a monopoly or would be 1 Unless otherwise noted, all banking data are as of June in furtherance of any combination or conspiracy to 30, 1969, refer to insured commercial banks, and reflect holding company acquisitions and mergers approved by monopolize or to attempt to monopolize the busisupervisory authorities to date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

386 FEDERAL RESERVE BULLETIN a APRIL 1970 Ogdensburg and a branch in St. Regis Falls, Frank- lending. Applicant would also assist Bank in imlin County. proving internal operations, in recruiting and train- None of Applicant's subsidiary banks is located ing executive management, and in expanding its in the Fifth Banking District, and no subsidiary geographical coverage. International operations, of Applicant has an office located within 120 miles which are virtually nonexistent in the area, would of any of Bank's offices. Deposit and loan overlap likewise become available, which will be necessary between Bank and Applicant's subsidiaries is min- if Ogdensburg is to expand its seaport facility. imal. Acquisition of Bank by Applicant, therefore, Considerations relating to the convenience and would not eliminate existing competition. Neither needs of the area are consistent with, and provide does it appear that significant potential competition some support for, approval of the application. would be foreclosed by the proposal, bearing in Summary and conclusion. On the basis of all relmind the size of the Bank and the fact that New evant facts contained in the record, and in light York law prohibits any of Applicant's subsidiaries of the factors set forth in section 3(c) of the Act, it from establishing a branch within Bank's service is the Board's judgment that the application should area or elsewhere in the Fifth Banking District. be approved. Based upon the foregoing, the Board concludes that consummation of the proposed acqui- CHARTER BANKSHARES CORPORATION, sition would not result in a monopoly or be in JACKSONVILLE, FLORIDA furtherance of any combination, conspiracy, or attempt to monopolize the business of banking in In the matter of the application of Charter Bankany area, and would not substantially lessen com- shares Corporation, Jacksonville, Florida, for appetition, tend to create a monopoly, or restrain proval of acquisition of 80 per cent or more of the trade in any section of the country. voting shares of The Commercial Bank of Gaines- Financial and managerial resources and future ville, Gainesville, Florida. prospects. The financial condition of Applicant, its subsidiary banks, and Bank is considered satis- ORDER APPROVING ACQUISITION OF BANK STOCK factory. All have competent management, and BY BANK HOLDING COMPANY their prospects appear favorable. There has come before the Board of Governors, These considerations are consistent with ap- pursuant to section 3(a) (3) of the Bank Holding proval of the present application. Company Act of 1956 (12 U.S.C. 1842(a)(3)), Convenience and needs of the communities in- and section 222.3(a) of Federal Reserve Regulavolved. Bank's service area is largely rural. The tion Y (12 CFR 222.3(a)), an application by Fifth Banking District is a four-county area ad- Charter Bankshares Corporation, Jacksonville, jacent to the Canadian border in upstate New Florida, a registered bank holding company, for York. It is the least populated area of the State, the Board's prior approval of the acquisition of with only five cities with populations exceeding 80 per cent or more of the voting shares of The 10,000. Although Ogdensburg (population 16,000) Commercial Bank of Gainesville, Gainesville, is the only U.S. seaport on the St. Lawrence River, Florida. it has derived little economic benefit from its loca- As required by section 3(b) of the Act, the tion. Its principal industry is dairy farming. How- Board notified the Florida Commissioner of Bankever, the City of Ogdensburg is presently desig- ing of receipt of the application and requested his nated for a large-scale urban renewal project, as views and recommendation. The Commissioner well as a deep water marine dock and terminal, and recommended that the application be approved. an improved highway system. These improvements, Notice of receipt of the application was pubamong others, should help attract new industry in- lished in the Federal Register on November 27, to the area. The rejuvenation of the area will 1969 (34 Federal Register 18994), providing an necessitate an increase in banking resources and opportunity for interested persons to submit comservices, and Applicant's proposal should assist ments and views with respect to the proposed trans- Bank in meeting these changing needs of the area. action. A copy of the application was forwarded to Among the services which Applicant proposes to the United States Department of Justice for its institute or expand at Bank are municipal financ- consideration. Time for filing comments and views ing, personal and corporate trust services, complex has expired and all those received have been concredit arrangements, and consumer and floor-plan sidered by the Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 387 IT IS HEREBY ORDERED, for the reasons set forth in the Board's Statement of this date, that said in the Board's Statement of this date, that said application be and hereby is approved, provided application be and hereby is approved, provided that the acquisition so approved shall not be that the acquisition so approved shall not be con- consummated (a) before the thirtieth calendar day summated (a) before the thirtieth calendar day following the date of this Order, or (b) later than following the date of this Order, or (b) later than three months after the date of this Order, unless three months after the date of this Order, unless such period is extended for good cause by the such period is extended for good cause by the Board, or by the Federal Reserve Bank of Atlanta Board, or by the Federal Reserve Bank of Atlanta pursuant to delegated authority. pursuant to delegated authority. By order of the Board of Governors, March 31, By order of the Board of Governors, March 31, 1970. 1970. Voting for this action: Chairman Burns and Governors Mitchell, Daane, Maisel, and Sherrill. Voting Voting for this action: Chairman Burns and Goveragainst this action: Governor Robertson. Absent and nors Mitchell, Daane, Maisel, and Sherrill. Voting not voting: Governor Brimmer. against this action: Governor Robertson. Absent and not voting: Governor Brimmer. (Signed) KENNETH A. KENYON, (Signed) KENNETH A. KENYON, Deputy Secretary. Deputy Secretary. [SEAL] [SEAL] In the matter of the application of Charter In the matter of the application of Charter Bank- Bankshares Corporation, Jacksonville, Florida, for shares Corporation, Jacksonville, Florida, for ap- approval of acquisition of 52 per cent or more of proval of acquisition of 52 per cent or more of the the voting shares of The Exchange Bank of Pavoting shares of Citizens Bank of Lehigh Acres, latka, Palatka, Florida. Lehigh Acres, Florida. ORDER APPROVING ACQUISITION OF BANK STOCK ORDER APPROVING ACQUISITION OF BANK STOCK BY BANK HOLDING COMPANY BY BANK HOLDING COMPANY There has come before the Board of Governors, There has come before the Board of Governors, pursuant to section 3(a) (3) of the Bank Holding pursuant to section 3(a) (3) of the Bank Holding Company Act of 1956 (12 U.S.C. 1842(a)(3)), Company Act of 1956 (12 U.S.C. 1842(a)(3)), and section 222.3(a) of the Federal Reserve Regand section 222.3(a) of Federal Reserve Regulaulation Y (12 CFR 222.3(a)), an application by tion Y (12 CFR 222.3(a)), an application by Charter Bankshares Corporation, Jacksonville, Charter Bankshares Corporation, Jacksonville, Florida, a registered bank holding company, for Florida, a registered bank holding company, for the the Board's prior approval of the acquisition of Board's prior approval of the acquisition of 52 52 per cent or more of the voting shares of The per cent or more of the voting shares of Citizens Exchange Bank of Palatka, Palatka, Florida. Bank of Lehigh Acres, Lehigh Acres, Florida. As required by section 3(b) of the Act, the As required by section 3(b) of the Act, the Board notified the Florida Commissioner of Bank- Board notified the Florida Commissioner of Banking of receipt of the application and requested his ing of receipt of the application and requested his views and recommendation. The Commissioner views and recommendation. The Commissioner recommended that the application be approved. recommended that the application be approved. Notice of receipt of the application was pub- Notice of receipt of the application was published in the Federal Register on November 27, lished in the Federal Register on November 27, 1969 (34 Federal Register 18994), providing an 1969 (34 Federal Register 18994), providing an opportunity for interested persons to submit com- opportunity for interested persons to submit comments and views with respect to the proposed ments and views with respect to the proposed transtransaction. A copy of the application was for- action. A copy of the application was forwarded to warded to the United States Department of Justice the United States Department of Justice for its for its consideration. Time for filing comments and consideration. Time for filing comments and views views has expired and all those received have been has expired and all those received have been conconsidered by the Board. sidered by the Board. IT IS HEREBY ORDERED, for the reasons set forth IT IS HEREBY ORDERED, for the reasons set forth Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

388 FEDERAL RESERVE BULLETIN ° APRIL 1970 in the Board's Statement of this date, that said ap- proposed acquisition, the effect of which, in any plication be and hereby is approved, provided that section of the country, may be substantially to the acquisition so approved shall not be consum- lessen competition, or tend to create a monopoly, mated (a) before the thirtieth calendar day follow- or which in any other manner would be in restraint ing the date of this Order, or (b) later than three of trade, unless the Board finds that the anticommonths after the date of this Order, unless such petitive effects of the proposed transaction are period is extended for good cause by the Board, or clearly outweighed in the public interest by the by the Federal Reserve Bank of Atlanta pursuant probable effect of the transaction in meeting the to delegated authority. convenience and needs of the communities to be By order of the Board of Governors, March 31, served. In each case the Board is required to take 1970. into consideration }he financial and managerial Voting for this action: Chairman Burns and Gover- resources and future prospects of the bank holdnors Mitchell, Daane, Maisel, and Sherrill. Voting ing company and the banks concerned, and the against this action: Governor Robertson. Absent and convenience and needs of the communities to be not voting: Governor Brimmer. served. (Signed) KENNETH A. KENYON, Deputy Secretary. Competitive effects of the proposed transactions. [SEAL] Applicant has six subsidiary banks with aggregate deposits of $197 million, 1.7 per cent of the State STATEMENT total.1 Acquisition of Commercial Bank ($7.1 million deposits), Citizens Bank ($8.4 million de- Charter Bankshares Corporation, Jacksonville, posits), and Exchange Bank ($5.5 million de- Florida ("Applicant"), a registered bank holding posits) would increase the deposits under Applicompany, has applied to the Board of Governors, cant's control to 1.9 per cent of the State total. It pursuant to section 3(a) (3) of the Bank Holding would remain the eleventh largest banking or- Company Act of 1956 (12 U.S.C. 1842(a)(3)), ganization in the State of Florida. for prior approval of the acquisition of 80 per Commercial Bank and Exchange Bank are locent or more of the voting shares of The Comcated 46 miles apart; Citizens Bank is 260 miles mercial Bank of Gainesville ("Commercial from Commercial Bank and 269 miles from Ex- Bank"), and 52 per cent or more of the voting change Bank. None of Applicant's six present subshares of Citizens Bank of Lehigh Acres, Lehigh sidiaries is located within 70 miles of any of the Acres ("Citizens Bank"), and The Exchange proposed subsidiaries. Consummation of the acqui- Bank of Palatka ("Exchange Bank"), all in Florsitions would not eliminate existing competition, ida. Each of the applications has been separately and, in view of the distances involved and the proconsidered and is the subject of a separate Board hibition of branching in Florida, it does not appear Order. However, since certain facts and circumthat potential competition would be foreclosed. stances are common to all three applications, Commercial Bank is the smallest of five banks this Statement contains the Board's findings and in Gainesville (population 63,000), which is loconclusions with respect to each of the applicacated in Alachua County. The service area of tions. Commercial Bank is coextensive with the city Views and recommendations of supervisory aulimits. Its three largest competitors ($22 milliqn thority. As required by section 3(b) of the Act, to $39 million deposits) are subsidiaries of bank the Board notified the Florida Commissioner of holding companies; the other bank in the city is Banking of receipt of the applications and rean independent bank with $9 million in deposits. quested his views and recommendations thereon. Citizens Bank is the only bank in Lehigh Acres The Commissioner recommended that all three ap- (population 6,750), a retirement community in plications be approved. Lee County. Eight other banks, five of which are Statutory considerations. Section 3(c) of the larger than Citizens Bank, are located in Lee Act provides that the Board shall not approve an County, but Citizens Bank serves a localized area, acquisition that would result in a monopoly or and none of the other banks are located within would be in furtherance of any combination or 15 miles. conspiracy to monopolize or to attempt to monopolize the business of banking in any part of the 1 All banking data are as of June 30, 1969, adjusted to reflect bank holding company formations and acquisitions United States. Nor may the Board approve a approved by the Board to date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 389 Exchange Bank serves an area within a radius on a part-time basis, to the retirement community of five miles of its office in Palatka (population which it serves. Exchange Bank has had a history 12,200), Putnam County. A much larger bank of management difficulties, the resolution of which, ($18.8 million deposits), located one-quarter mile as anticipated under the proposed affiliation, will east of Exchange Bank, is a subsidiary of a bank permit the bank to play a greater role in meeting holding company. The only other bank in Put- the Palatka area's growing commercial needs. nam County is a slightly larger independent bank These considerations provide additional support ($6.7 million deposits), located outside the serv- for approval of the applications. ice area of Exchange Bank. Summary and conclusion. On the basis of all In the case of each of the subject proposals, it relevant facts contained in the records, and in the appears that Applicant's acquisition of the bank light of the factors set forth in section 3(c) of the involved would tend to increase local competition, Act, it is the Board's judgment that the proposed without adversely affecting the viability or com- transactions would be in the public interest, and petitive effectiveness of any other institution. that the applications should be approved. On the basis of the foregoing, the Board concludes that consummation of the proposed acquisi- DISSENTING STATEMENT OF tions would not result in a monopoly or be in GOVERNOR ROBERTSON furtherance of any combination or conspiracy to I dissented from the Board's recent actions apmonopolize or to attempt to monopolize the busiproving applications filed by Applicant (1970 Fedness of banking in any relevant area. Neither does it appear likely that such consummation would eral Reserve BULLETIN, 350, 356), on the grounds that Applicant had not established, in the substantially lessen competition, tend to create a light of its relationships with nonbanking corporamonopoly, or restrain trade in any section of the tions, that its expansion would be in the public country. interest. No additional evidence on that issue Financial and managerial resources and future favorable to Applicant is presented in the records prospects. The financial condition and management on the three present applications, and I would of Applicant and its present subsidiary banks are therefore deny these applications for the same regarded as reasonably satisfactory, in the light of reason. the considerations set forth in the Board's Statement of March 12, 1970, approving applications by FIRST AT ORLANDO CORPORATION, Applicant to acquire The First National Bank in ORLANDO, FLORIDA St. Petersburg, The Harbor City National Bank of Eau Gallie, and First National Beach Bank, In the matter of the application of First at Or- Jacksonville Beach. lando Corporation, Orlando, Florida, for approval All three of the proposed subsidiary banks have of acquisition of at least <S0 per cent of the voting some financial and management weaknesses which shares of Citizens Bank of Gainesville, Gainesville, Applicant could assist in correcting through the Florida. proposed affiliation. Prospects of the banks would thereby be improved. ORDER APPROVING ACQUISITION OF BANK STOCK These considerations weigh in favor of approval BY BANK HOLDING COMPANY of the three applications. Convenience and needs of the communities in- There has come before the Board of Governors, volved. Consummation of Applicant's proposals pursuant to section 3 (a) (3) of the Bank Holding would not significantly affect the convenience or Company Act of 1956 (12 U.S.C. 1842(a)(3)), needs of the communities served by its present and section 222.3 (a) of Federal Reserve Regulasubsidiaries. tion Y (12 CFR 222.3 (a)), the application of Affiliation with a larger organization could assist First at Orlando Corporation, Orlando, Florida, for each of the proposed subsidiaries in providing ex- the Board's prior approval of the acquisition of at panded and improved banking services. Gainesville least 80 per cent of the voting shares of Citizens Bank would be enabled to compete more fully with Bank of Gainesville, Gainesville, Florida. larger banks in its area in providing mortgage serv- As required by section 3(b) of the Act, the ices. It is proposed that Citizens Bank, the only Board gave written notice of receipt of the applicabank in its area, would offer trust services, initially tion to the Florida Commissioner of Banking and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

390 FEDERAL RESERVE BULLETIN a APRIL 1970 requested his views and recommendation. The lize the business of banking in any part of the Commissioner recommended approval of the appli- United States. Nor may the Board approve a procation. posed acquisition the effect of which, in any sec- Notice of receipt of the application was pub- tion of the country, may be substantially to lessen lished in the Federal Register on February 3, 1970 competition, or to tend to create a monopoly, or (35 Federal Register 2469), providing an oppor- which in any other manner would be in restraint tunity for interested persons to submit comments of trade, unless the Board finds that the anticomand views with respect to the proposal. A copy of petitive effects of the proposed transaction are the application was forwarded to the United States clearly outweighed in the public interest by the Department of Justice for its consideration. Time probable effect of the transaction in meeting the for filing comments and views has expired and all convenience and needs of the community to be those received have been considered by the Board. served. In each case the Board is required to take IT IS HEREBY ORDERED, for the reasons set forth into consideration the financial and managerial in the Board's Statement of this date, that said resources and future prospects of the bank holding application be and hereby is approved, provided company and the banks concerned, and the conthat the action so approved shall not be consum- venience and needs of the community to be served. mated (a) before the thirtieth calendar day follow- Competitive effect of the proposed transaction. ing the date of this Order or (b) later than three Applicant controls 12 1 banks with total deposits of months after the date of this Order unless such $381 million, representing 3.3 per cent of the time shall be extended by the Board, or by the total bank deposits in the State of Florida, It is the Federal Reserve Bank of Atlanta pursuant to dele- fifth largest bank holding company and the fifth gated authority. largest banking organization in the State. Upon By order of the Board of Governors, April 2, acquisition of Bank ($22 million deposits), Appli- 1970. cant's relative position among holding companies Voting for this action: Chairman Burns and Gover- and banking organizations in the State would renors Robertson, Mitchell, Maisel, and Brimmer. Ab- main unchanged, and its share of State deposits sent and not voting: Governors Daane and Sherrill. would increase to 3.5 per cent. (Signed) KENNETH A. KENYON, Bank, with a single office in Gainesville, AJa- Deputy Secretary. chua County, Florida, which is 70 miles south- [SEAL] west of Jacksonville, is the third largest bank in Gainesville and the third largest of nine banks in Alachua County, controlling approximately 20 per cent of the deposits in the County. Both larger STATEMENT banks in Gainesville (population 67,000) are subsidiaries of holding companies which are larger First at Orlando Corporation, Orlando, Florida than Applicant. ("Applicant"), has applied to the Board of Gov- Applicant has no subsidiary bank in Alachua ernors, pursuant to section 3(a) (3) of the Bank County, The closest of its subsidiaries is located Holding Company Act of 1956 (12 U.S.C. 1842 approximately 70 miles south of Gainesville in (a) (3)), for prior approval of the acquisition of at Leesberg. No overlap exists in the areas from least 80 per cent of the voting shares of Citizens which Applicant's subsidiaries and Bank derive Bank of Gainesville, Gainesville, Florida ("Bank"). business, and approval of the application would Views and recommendation of supervisory aunot foreclose existing competition. Additionally, thority. As required by section 3(b) of the Act, because of the considerable distances separating notice of receipt of the application was given to Bank from Applicant's present subsidiaries, the the Florida Commission of Banking and his views presence of numerous banks in the intervening and recommendation were requested. The Comareas, and Florida laws which prohibit branch missioner recommended approval of the applicabanking, consummation of the proposal would not tion. Statutory considerations. Section 3(c) of the Act 1 Unless otherwise noted, all banking data are as of June provides that the Board shall not approve an 30, 1969, refer to insured commercial banks, and reflect acquisition that would result in a monopoly or holding company acquisitions approved by supervisory authorities to date, except Applicant's acquisition of three would be in furtherance of any combination or banks in Daytona Beach, Florida, that are the subject of a conspiracy to monopolize or to attempt to monopo- suit filed by the Justice Department. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 391 foreclose significant potential competition. The five AMERICAN BANCORPORATION, INC., remaining independent banks in Alachua County ST. PAUL, MINNESOTA have demonstrated their ability to compete, and it and is considered unlikely that entry by Applicant JACOB SCHMIDT COMPANY, would adversely affect the viability or competitive ST. PAUL, MINNESOTA effectiveness of these banks. Based upon the foregoing, the Board concludes In the matter of the application of American that consummation of the proposed acquisition Bancorporation, Inc., St. Paul, Minnesota, for would not result in a monopoly or be in furtherance approval of action to become a bank holding comof any combination, conspiracy, or attempt to pany through the acquisition of not less than 80 monopolize the business of banking in any area, per cent of the voting shares of (1) American and would not substantially lessen competition, National Bank and Trust Company, and (2) Comtend to create a monopoly, or restrain trade in any mercial State Bank, both of St. Paul, Minnesota. section of the country. Financial and managerial resources and future ORDER APPROVING APPLICATION UNDER prospects. Applicant and its subsidiary banks are BANK HOLDING COMPANY ACT in generally satisfactory financial condition with capable managements and favorable prospects. There has come before the Board of Governors, Applicant proposes, in the event its application pursuant to section 3(a)(l) of the Bank Holding is approved, to take action to augment Bank's Company Act of 1956 (12 U.S.C. 1842(a)(l)), capital. In that light, Bank's financial condition and section 222.3(a) of Federal Reserve Regulais considered reasonably satisfactory; its managetion Y (12 CFR 222.3(a)), the application of ment is capable and its prospects are favorable. American Bancorporation, Inc., St. Paul, Minne- Considerations relating to the banking factors sota, for the Board's prior approval of the acquisilend weight in favor of approval of the application. tion of not less than 80 per cent of the voting Convenience and needs of the communities in- shares of (1) American National Bank and Trust volved. Consummation of the proposed transaction Company, and (2) Commercial State Bank, both will have no effect on customers of Applicant's in St. Paul, Minnesota. present subsidiary banks. As required by section 3(b) of the Act, the It appears that the needs of the public in the Board gave written notice of receipt of the appliarea served by Bank are being adequately met at cation to the Comptroller of the Currency and to the present time by banks located there. However, the Minnesota Commissioner of Banks, and rethe proposed acquisition would permit Bank to quested their views and recommendations. The offer services more competitive in quality, efficiency Comptroller offered no objection to approval of the and sophistication with services now offered by application. The Commissioner stated that his office larger banks in the area. Trust services of the bank, had no objection to approval of the application. now conducted on a part-time basis by a lending Notice of receipt of the application was pubofficer of the bank, would be significantly im- lished in the Federal Register on March 3, 1970 proved, with the advice and assistance which it (35 Federal Register 4031), providing an opporwould receive from the experienced trust depart- tunity for interested persons to submit comments ment of Applicant's largest subsidiary. Additionally, and views with respect to the proposal. A copy of the acquisition would facilitate the arrangement of the application was forwarded to the United States loan participations with other subsidiaries and en- Department of Justice for its consideration. Time able bank to more easily respond to the credit de- for filing comments and views has expired and all mands of the community. those received have been considered by the Board. These considerations lend additional weight to- IT IS HEREBY ORDERED, for the reasons set forth ward approval of the application. in the Board's Statement of this date, that said Summary and conclusion. On the basis of all the application be and hereby is approved, provided relevant facts contained in the record, and in the that the action so approved shall not be consumlight of the factors set forth in section 3(c) of mated (a) before the thirtieth calendar day followthe Act, it is the Board's judgment that the pro- ing the date of this Order or (b) later than three posed transaction would be in the public interest months after the date of this Order, unless such and that the application should be approved. time shall be extended by the Board, or by the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

392 FEDERAL RESERVE BULLETIN n APRIL 1970 Federal Reserve Bank of Minneapolis pursuant to the action so approved shall not be consummated delegated authority. (a) before the thirtieth calendar day following the By order of the Board of Governors, April 9, date of this Order or (b) later than three months 1970. after the date of this Order, unless such time shall be extended by the Board, or by the Federal Re- Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Daane, Maisel, Brimmer, serve Bank of Minneapolis pursuant to delegated and Sherrill. authority. (Signed) KENNETH A. KENYON, By order of the Board of Governors, April 9, Deputy Secretary. 1970. [SEAL] Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Daane, Maisel, Brimmer, In the matter of the application of Jacob Schmidt and Sherrill. Company, St. Paul, Minnesota, for approval of ac- (Signed) KENNETH A. KENYON, tion to become a bank holding company through Deputy Secretary. the acquisition of indirect control of not less than [SEAL] 80 per cent of the voting shares of (1) American STATEMENT National Bank and Trust Company and (2) Commercial State Bank, both of St. Paul, Minnesota. American Bancorporation, Inc. ("American"), has applied to the Board of Governors, pursuant to ORDER APPROVING APPLICATION UNDER section 3(a)(l) of the Bank Holding Company BANK HOLDING COMPANY ACT Act of 1956 (12 U.S.C. 1842(a)(l)), for prior approval of action to become a bank holding com- There has come before the Board of Governors, pany through the acquisition of not less than 80 pursuant to section 3(a)(l) of the Bank Holding per cent of the voting shares of (1) American Na- Company Act of 1956 (12 U.S.C. 1842(a)(l)), tional Bank and Trust Company ("American Naand section 222.3(a) of Federal Reserve Regula- tional"), and (2) Commerical State Bank ("Comtion Y (12 CFR 222.3(a)), the application of mercial"), both in St. Paul, Minnesota. Jacob Jacob Schmidt Company, St. Paul, Minnesota, for Schmidt Company, which owns close to 70 per cent the Board's prior approval of action to become a of the voting shares of American National, has apbank holding company through the acquisition of plied to the Board of Governors, pursuant to secindirect control of not less than 80 per cent of the tion 3 (a) (1) of the Act, for prior approval of acvoting shares of (1) American National Bank and tion to become a bank holding company through Trust Company and (2) Commercial State Bank, the acquisition of 54.25 per cent of American, both of St. Paul, Minnesota. which percentage represents the amount of voting As required by section 3(b) of the Act, the shares of American that Jacob Schmidt Company Board gave written notice of receipt of the applica- would receive in an exchange of its holdings of tion to the Comptroller of the Currency and to the voting shares of American National for voting Minnesota Commissioner of Banks, and requested shares of American. Each of these applicatheir views and recommendations. The Comptroller tions is the subject of a separate Board Order. Howoffered no objection to approval of the application. ever, since the applications are interdependent and The Commissioner stated that his office had no ob- many of the facts and circumstances involved are jection to approval of the application. common to both proposals, the applications have Notice of receipt of the application was pub- been considered together and this Statement conlished in the Federal Register on March 3, 1970 tains the Board's findings and conclusions with re- (35 Federal Register 4032) providing an opportu- spect to both. nity for interested persons to submit comments and Views and recommendation of supervisory auviews with respect to the proposal. A copy of the thority. As required by section 3(b) of the Act, the application was forwarded to the United States De- Board gave written notice of receipt of the applicapartment of Justice for its consideration. Time for tions to the Comptroller of the Currency and to the filing comments and views has expired and all those Minnesota Commissioner of Banks and requested received have been considered by the Board. their views and recommendations. The Comptroller IT IS HEREBY ORDERED, for the reasons set forth offered no objection to approval of the applications. in the Board's Statement of this date, that said ap- The Commissioner stated that his office had no plication be and hereby is approved, provided that objection to approval of the applications. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 393 Statutory considerations. Section 3(c) of the Act in the St. Paul-Minneapolis banking market. In that provides that the Board shall not approve an acqui- market, First Bank System, Inc. and Northwest sition that would result in a monopoly or would be Bancorporation, the two largest banking organizain furtherance of any combination or conspiracy to tions in the State on the basis of deposits, control monopolize or to attempt to monopolize the business in the aggregate 71 per cent of the deposits. Conof banking in any part of the United States. Nor summation of the proposals herein would cause the may the Board approve a proposed acquisition, the proposed subsidiaries to become the fourth largest effect of which, in any section of the country, may banking group in the area, but this group would be be substantially to lessen competition, or to tend to only slightly larger than the group that is currently create a monopoly, or which in any other manner the fourth largest. would be in restraint of trade, unless the Board American National is located approximately six finds that the anticompetitive effects of the pro- blocks from Commercial. According to the appliposed transaction are clearly outweighed in the cants, about 80 per cent of American National's public interest by the probable effect of the transac- deposits of individuals, partnerships and corporation in meeting the convenience and needs of the tions ("IPC") originate in the service area of Comcommunity to be served. In each case, the Board mercial, and all of Commercial's IPC deposits origis required to take into consideration the financial inate in the service area of American National. and managerial resources and future prospects of However, the two banks have been closely affiliated the bank holding company and the banks con- through common ownership since 1936 and applicerned, and the convenience and needs of the com- cants state that such affiliation will continue regardmunity to be served. less of the Board's action with respect to the pres- Competitive effect of the proposed transactions. ent applications. The Adolf Bremer family 2 owns The 10 largest banking organizations in Minnesota, over 72 per cent of the voting shares of American of which the four largest are bank holding com- National and virtually all of Commercial's stock. panies, control 61.6 per cent of the total deposits in It appears that approval of the applications herein the State.1 After consummation of the proposed would merely place into a corporate structure a acquisitions, the subsidiary banks would constitute group relationship that already exists, that has the fourth largest banking organization in the State existed for many years and is likely to continue. and would control 2.2 per cent of total deposits The data presented reflect that formation of the there. proposed holding companies would have no sig- American National, with deposits of $144 mil- nificant effect upon concentration of banking relion, is the second largest bank in St. Paul and the sources in the State nor in any relevant service area; fifth largest of 56 banks in its service area, which and no meaningful competition would be lessened. is described by the applicants to include the five- Disaffiliation of these banks in the foreseeable county Minneapolis-St. Paul metropolitan area, future and the development of significant competiwhich appears to be the relevant banking market tion between them are regarded as unlikely. Also and has an estimated population of 1,750,000. it appears unlikely that consummation of the pro- American National holds 4.1 per cent of the total posed affiliations will have an adverse effect upon deposits originating in the area. any of the banks competing in the relevant areas. Commercial, with deposits of $32 million, holds On the record before it, the Board concludes that 2.4 per cent of the deposits in its service area, consummation of the proposed acquisitions would which applicants describe as the City of St. Paul not result in a monopoly nor be in furtherance of and its suburbs, an area that has an estimated any combination or conspiracy to monopolize or population of 663,000 and lies wholly within the attempt to monopolize the business of banking in service area of American National. On the basis any area, and would not substantially lessen comof deposits, Commercial is the fifth largest of 34 petition, tend to create a monopoly, nor in any other banks in its service area. manner restrain trade in any section of the country. The combined deposits of the two proposed sub- Financial and managerial resources and future sidiaries represent 5.0 per cent of the total deposits prospects. American was organized in October 1969 for the purpose of becoming a bank holding 1 Unless otherwise noted, all banking data are as of June company. On the basis of its pro forma balance 30, 1969, refer to insured commercial banks, and reflect holding company acquisitions for which Board approvals - This includes family members, family corporations and have been issued to date. family trusts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

sheet, which shows assets and capital accounts of Company is sound, its management is satisfactory $16 million, its financial condition is regarded as and its prospects are favorable. satisfactory. American's management, which in- The banking factors are regarded as satisfactory cludes officers and directors of the subsidiary banks and consistent with approval of both applications. and of the Jacob Schmidt Company, is considered Convenience and needs of the communities into be competent. Prospects for American depend volved. The St. Paul-Minneapolis metropolitan area upon those of its subsidiaries and, on this basis, ap- is the dominant retail, industrial, and financial cenpear favorable. The financial condition and man- ter for the upper midwest sector of the country. St. agement of American National are satisfactory and Paul is the second largest city in the State and its its prospects are good. The financial condition of capital. Commercial is sound. Under American's propo- The banking needs of the area appear to be adesal, the management of Commercial would be quately served at present. Considerations under the strengthened. The bank's prospects are favorable. convenience and needs factors add no significant According to the applications, the Jacob Schmidt weight to approval of the applications, but are Company, which was originally known as the consistent therewith. Jacob Schmidt Brewing Company and was engaged Summary and conclusion. On the basis of all the in the brewing business until 1954 when the prin- relevant facts contained in the record, and in the cipal assets including the corporate name were sold, light of the factors set forth in section 3(c) of the invested the proceeds of the sale in marketable Act, it is the Board's judgment that the proposed securities and additional stock of American Na- acquisitions would be in the public interest and that tional. The financial condition of Jacob Schmidt the applications should be approved. 394 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements BANK MERGER AND HOLDING tor of the Salt Lake City branch of the Federal COMPANY APPLICATIONS Reserve Bank of San Francisco, effective April 2, In a move to expedite action, the Board of Gover- 1970, for the remainder of a term expiring Decemnors of the Federal Reserve System on April 22, ber 31, 1970. Mr. Simmons succeeds Newell B. 1970, initiated new procedures for announcing its Dayton, Honorary Chairman of the Board of Tracydecisions on bank merger and holding company Collins Bank and Trust Company in Salt Lake City, applications. who resigned as a director effective March 5, 1970. The Board's Rules of Procedure had specified that a statement of the reasons for an action should RESIGNATION OF DIRECTOR accompany each order of approval or denial in a Arthur K. Watson, who had served since January bank merger or holding company application. The 1, 1965, as a Class B director of the Federal Re- Board has amended its Rules to provide for the serve Bank of New York, resigned effective April issuing of such statements where appropriate. An 16, 1970, prior to assuming his post as U.S. Amorder will continue to be issued in all cases. bassador to France. Mr. Watson has been Chair- Under the new procedure, statements will be man of the Board of the International Business issued in all cases in which an application is denied Machines World Trade Corporation in Armonk, and in cases involving the formation of new bank New York, since 1963. holding companies, whether approved or denied. Statements generally will be omitted in any case in PUBLICATION OF ANNUAL REPORT which (1) the application is approved without dis- The Fifty-Sixth Annual Report of the Board of sent, (2) no hearing or oral presentation has been Governors of the Federal Reserve System, covering held, (3) the competitive effect is no more than operations for the calendar year 1969, is available slightly adverse in the opinion of the Board or of for distribution. Copies may be obtained upon rereporting Federal agencies, (4) there is no unusual quest from Publications Services, Division of Adfeature that might set a precedent for future cases, ministrative Services, Board of Governors of the and (5) there are no other unusual circumstances. Federal Reserve System, Washington, D.C. 20551. In cases where no statements are issued, the Board's orders will be expanded to include the legal ANNUAL STATISTICAL TABLES FOR WEEKLY factors considered, an indication of the size of the REPORTING BANKS—ERRATA institutions involved, and a brief summary of the In the annual statistical tables that appeared in the reasons for the Board's approval. March 1970 BULLETIN, the following corrections The number of applications coming before the should be made (figures in millions of dollars): Board has increased sharply in recent years. The p. A-98—total loans, January 1, from 161,941 to Board during 1969 issued 91 orders and statements 164,941; loans to brokers and dealers for purchason applications filed under the Bank Holding Com- ing or carrying other securities, January 29, from pany Act, compared with 17 during 1965 and 44 3,861 to 3,661, July 30, from 3,200 to 3,199, and during 1968. During the first 3 months of this year, October 22, from 2,901 to 2,902; loans to others the Board issued 44 such orders and statements. On for purchasing or carrying other securities, Septembank merger applications, the Board issued 23 ber 3, from 3,661 to 2,661; p. A-99—total investorders and statements during 1969 and 11 during ments in U.S. Treasury securities, July 23, from the first 3 months of this year. 22,837 to 23,837; accumulated adjustment for total investments in U.S. Treasury securities as of De- APPOINTMENT OF DIRECTOR cember 31 (no figure shown) to 56; p. A-102— other liabilities, etc., June 25, from 26,633 to Roy W. Simmons, President and Chairman of the 26,626; and reserves for loans, June 25, from 3,521 Executive Committee of Zions First National Bank to 3,529. in Salt Lake City, Utah, has been appointed a direc- 395 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication April 16 Industrial production rose fractionally in March. little. Production of business equipment was main- The average factory workweek increased, although tained, as increases in industrial and commercial manufacturing employment declined slightly and equipment offset a decline in freight and passenger the unemployment rate rose further. Industrial equipment, mainly aircraft. There was a further decommodity prices continued to rise. The money cline in output of defense equipment. supply and time and savings deposits increased. Be- Among materials, production of iron and steel tween mid-March and mid-April, yields on most and consumer durable parts for further processing Treasury securities declined. Yields on seasoned rose, but output of construction materials, and corporate bonds changed little on balance but paper, rubber, and textile mill products declined municipal bond yields rose. further. INDUSTRIAL PRODUCTION EMPLOYMENT Industrial production in March was 170.2 per cent The unemployment rate rose further in March to of the 1957-59 average, up 0.2 per cent from the 4.4 per cent from 4.2 per cent in February, as a upward revised February index of 169.8 per cent. large rise in the labor force exceeded a small gain in Output gains were mainly in consumer durable employment. The increase in joblessness was mainly goods and some durable industrial materials. Some among adults seeking full-time work, while the inof these increases and the upward revisions in Febcrease in employment was largely among part-time ruary reflected the effects of the extended strike in workers; Total nonfarm employment rose slightly the electrical industry, which ended in early in March with gains in transportation, public util- February. ities, and government—the latter reflecting mainly Auto assemblies rose 9 per cent in March and the hiring of temporary workers for the 1970 Cenwere at an annual rate of 7.1 million units, comsus. Manufacturing employment, however, declined pared with 6.5 million units in February. In early further, reflecting relatively small employment de- April, auto output remained at the March level. clines in most industries. The average factory Production of household appliances increased furworkweek rose 0.3 hour in March to 40.2 hours ther in March but output of television sets changed after having dropped sharply in February. RETAIL SALES INDUSTRIAL PRODUCTION 1957-69=100 The value of retail sales apparently changed little in March from February and was about 3 per cent above a year earlier. Unit sales of new domestic autos declined in March to an annual rate of 7.3 million units, 8 per cent below February and 11 per cent below a year earlier. In the first selling period of April, auto sales were maintained at the March rate. AGRICULTURE DURABLE MANUFACTURES, Farmers reported plans on March 1 to plant 3 per cent more acreage this spring than last. Most of NONDURABLE the intended expansion is in feed grains and soy- MANUFACTURES beans. April 1 conditions indicate that winter wheat 1966 1968 1966 1968 output will be 7 per cent below 1969 because of a cut in acreage and that spring vegetable supplies will be smaller than last spring. F.R. indexes, seasonally adjusted. Latest figures: March. 396 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The volume of meat and poultry marketings has $200 million in the fourth quarter of 1969. Time expanded moderately since last winter. and savings deposits at all commercial banks increased $2.2 billion in March, about offsetting the COMMODITY PRICES January-February decline. Inflows of consumer-type The wholesale price index rose 0.2 per cent in time and savings deposits were substantial and hold- March as industrial commodities increased 0.3 per ings of large negotiable CD's rose further. cent and agricultural products were up slightly. Net borrowed reserves of member banks aver- Since mid-March, price announcements have in- aged about $750 million over the four weeks endcluded increases for gasoline and some metals and ing March 25 as compared with $915 million in metal products. Consumer prices increased 0.5 per February. Member bank borrowings declined fairly cent in February as costs of food, apparel, and substantially but excess reserves were also reduced. home finance rose. SECURITY MARKETS BANK CREDIT, DEPOSITS, AND RESERVES Yields on most Treasury bills fell another 30 to 50 Commercial bank credit increased $1.1 billion in basis points between mid-March and mid-April. March, the same as in February. After adjustment The 3-month bill was bid at about 6.35 per cent in for outright loan sales to bank affiliates, however, the middle of April, down from around 6.80 per the March expansion was somewhat smaller than cent a month earlier. Rates on intermediate-term that in February. Growth in investment holdings— Government notes and bonds declined slightly over U.S. Treasury securities and municipal and agency the same period, while long-term bond yields fell issues—was at a faster pace in March than at any about a fifth of a percentage point on average. time since the summer of 1968. Total loans declined Yields on new corporate bonds declined in the reflecting weakness in business and finance com- first two weeks of April to the levels prevailing in pany borrowing and only moderate growth in other February and in early March. Seasoned corporate major loan categories. bond yields changed little on balance. The money supply increased $2.2 billion in Since mid-March municipal bond yields rose March; part of this large rise, however, was due to about 35 basis points. The volume of trading on the technical factors associated with the Easter holidays two major stock exchanges has declined somewhat, in Europe. In the first quarter the monthly average while the average price of shares has increased expansion was over $600 million compared with slightly. PRICES INTEREST RATES Wholesale 1957-59=100 140 ALL ITEMS/ 130 120 ALL COMMODITIES^/" 110 100 LONG-TERM I i i t t GOVERNMENT SECURITIES 140 L A E L S L S IT F EM O S O D^- y / ? 130 FARM PRODUCTS r 120 AND FOODS r^jy ! F.R. DISCOUNT RATE 110 J^J^ V V INDUSTRIAL _/ COMMODITIES _ i i i i i 1969 1966 1967 1968 1969 1970 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, February; Wholesale, March. years or more and for 90-day Treasury bills. Latest figures: week ending Apr. 10. 397 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 Loan sales by banks A 33 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 a APRIL 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: A 94 Number of banks and branches in operation on December 31,1969 A 103 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 HI, IV Quarters S Sources of funds n.a. Not available U Uses of funds n.e.c. Not elsewhere classified * Amounts insignificant in terms of the par- A.R. Annual rate ticular unit (e.g., less than 500,000 when S.A. Monthly (or quarterly) figures adjusted for the unit is millions) seasonal variation (1) Zero, (2) no figure to be expected, or (3) figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. A heavy vertical rule is used (1) to the right (to the left) of a total when the components shown to the right (left) of it add to that total (totals separated by ordinary rules include more components than those shown), (2) to the right (to the left) of items that are not part of a balance sheet, (3) to the left of memorandum items. "U.S. Govt. securities" may include guaranteed issues of U.S. Govt. agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the Treasury. "State and local govt." also includes municipalities, special districts, and other political subdivisions. In some of the tables details do not add to totals because of rounding. The footnotes labeled NOTE (which always appear last) provide (1) the source or sources of data that do not originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the data. TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Page Annually—Continued Issue Page Flow of funds. Feb. 1970 A-70 Banks and branches, number, by class and State Apr. 1970 A-94 Flow of funds: Semianmtally 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 1968 May 1969 A-91—A-94 and credit balances Sept. 1969 A-94 1969 Mar. 1970 A-94—A-107 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 4 BANK RESERVES AND RELATED ITEMS n APRIL 1970 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Reserve Bank credit outstanding Treas- Period or date U.S. Govt. securities ' Special ury Drawing cur- Dis- Gold Rights rency u H n e d l e d r co a u n n d ts Float 2 O F t . h R e . r Total stock c a er c t c i o fi u c n at t e st o a u n t d - - Bought repur- ad- assets ^ ing Total out- chase vances right agreement Averages of daily figures 1939—Dec 2,510 2,510 83 2,612 17,518 2,956 1941—Dec 2,219 2,219 170 2,404 22,759 3,239 1945—Dec 23,708 381 652 24,744 20,047 4,322 1950—Dec 23,708 20,336 142 1,117 21,606 22,879 4,629 20,345 1960—Dec 27,248 27,170 78 94 1,665 29,060 17,954 5,396 1965—Deo 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—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 2,6)4 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 91 965 3,442 2,114 62,867 11,141 155 6,856 Feb 55,949 55,548 401 1,099 2,476 1,853 61,468 11,367 243 6,869 Mar.* 55,780 55,695 85 936 2,528 2,061 61,365 11,367 345 6,891 Week ending— 1970—Jan. 7 57,319 56,980 339 852 3,707 2,731 64,708 10,367 6,858 14 56,297 56,297 865 3,767 1,874 62,869 11,367 200 6,856 21 56,240 56,240 963 3,598 1,887 62,749 11,367 200 6,856 28 55,502 55,502 1,030 3,048 2,033 61,675 11,367 200 6,854 Feb. 4 55,892 55,511 381 1,258 2,488 1,905 61,630 11,367 200 6,857 II 55,768 55,521 247 1,069 2,525 2,003 61,446 11,367 200 6,865 18 56,299 55,543 756 1,110 2,395 1,729 61,657 11,367 229 6,867 25 55,769 55,487 282 1,077 2,532 1,765 61,226 11,367 300 6,873 Mar. 4 55,700 55,700 876 2,382 1,988 61,002 11,367 300 6,883 11 55,393 55,393 972 2,427 2,013 60,860 11,367 300 6,887 18" 56,032 55,906 126 857 2,437 2,069 61,458 11,367 314 6,888 25* 55,838 55,825 13 976 2,642 2,089 61,601 11,367 400 6,894 End of month 1970—Jan 55,739 55,517 222 1,565 2,544 1,929 61,860 11,367 200 6,853 Feb 55,823 55,823 1,148 2,568 1,977 61,572 11,367 300 6,881 Mar.P 55,785 55,785 2,769 2,139 61,429 11,367 400 6,905 684 Wednesday 1970—Jan. 7 56,691 ".'56,691 163 3,814 2,704 63,436 10,367 6,860 14 55,699 '.'55,699 1,004 ,145 1,877 61,788 11,367 200 6,856 21 56,155 "56,155 2,030 ,340 1,862 63,451 11,367 200 6,856 28 55,568 «.'55,568 1,071 ,692 2,012 61,403 11,367 200 6,854 Feb. 4 56,304 '55,517 787 1,187 3,021 1,852 62,468 11,367 200 6,866 11 56,211 '55,544 667 997 2,200 1,829 61,365 11,367 200 6,864 18 56,371 '55,543 828 663 2,534 1,572 61,279 11,367 300 6,872 25 55,749 '55,543 206 873 1,955 1,802 60,464 11,367 300 6,879 Mar. 4i" 55,064 .'55,064 451 2,485 2,007 60,063 11,367 300 6,886 11* 54,922 .'54,922 495 2,085 2,034 59,589 11,367 300 6,888 18" 56,447 '56,102 345 620 2,798 2,171 62,117 11,367 400 6,887 2S" 55,621 '55,532 89 1,594 2,195 2,101 61,587 11,367 400 6,900 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 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 Cur- reserves, Other reserves Period or date rency Treas- with F.R. Banks Other F.R. in ury F.R. liacash cir- ac- bilities cula- h in ol g d s - counts 3 and With Curtion Tr u e r a y s- F ei o g r n - Other* capital > F.R. r a e n nc d y Total Banks coin' Averages of daily figure! 7,609 2,402 616 739 248 11,473 11,473 . 1939—Dec. 10,985 2,189 592 1,531 292 12,812 12,812 .1941—Dec. 28,452 2,269 625 1,247 493 16,027 16,027 . 194S—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. 49,436 728 536 152 463 -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 23,580 5,278 28,858 . 1970—Jan. 52,113 610 1,060 182 710 2,160 23,112 4,864 27,976 Feb. 52,412 575 1,148 219 763 2,134 22,717 4,729 27,446 Mar." Week ending— 53,586 666 263 207 530 1,967 23,713 983 28,696 ..1970—Jan. 7 53,040 659 262 181 678 1,997 23,474 514 28,988 14 52,521 651 109 161 671 2,057 24,003 397 29,400 21 52,090 649 197 137 675 2,105 23,243 275 28,518 28 51,960 633 071 157 682 2,190 23,360 5,055 28,415 .Feb. 4 52,143 618 i;i64 150 630 2,267 22,906 5,091 27,997 11 52,202 607 1,047 169 724 2,084 23,286 4,773 28,059 18 52,080 600 1,085 196 759 2,100 22,946 4,631 27,577 25 52,107 588 1,005 267 770 2,173 22,640 4,822 27,462 . Mar. 4 52,319 575 1,049 212 714 2,233 22,311 4,922 27,233 11 52,508 569 1,062 215 745 2,040 22,889 4,736 27,625 18 52,459 573 1,223 187 792 2,089 22,939 4,511 27,450 25" End of month 51,869 640 1,127 152 692 2,163 23,637 5,055 28,692 . 1970—Jan. 52,032 580 915 313 776 2,156 23,344 4,824 28,168 Feb. 52,681 579 1,192 200 839 2,172 22,437 4,698 27,135 Mar." Wednesday 53,385 679 1,057 229 503 1,978 22,831 996 27,827 .1970—Jan. 7 52,889 652 194 122 703 2,037 22,615 531 28,146 14 52,380 660 131 121 706 2,076 24,800 399 30,199 21 52,080 643 1,256 158 701 2,127 22,859 276 28,135 28 52,108 620 1,205 178 681 236 23,873 5,055 28,928 .Feb. 4 52,335 613 1,019 136 753 299 22,641 5,093 27,734 11 52,207 605 872 187 773 091 23,083 4,775 27,858 18 52,224 602 900 228 837 125 22,094 4,632 26,726 25 52,223 594 1,058 174 764 204 21,599 4,799 26,398 . Mar. 4" 52,546 575 1,173 214 740 250 20,647 4,927 25,574 11" 52,565 575 1,048 180 832 062 23,509 4,736 28,245 18" 52,553 581 1,479 194 815 2,106 22,526 4,511 27,037 25" 1 U.S. Govt. securities include Federal agency obligations. s Part allowed as reserves Dec. 1, 1959—Nov. 23, 1960; all allowed ' Beginning with 1960 reflects a minor change in concept; sec 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- '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 9 Reflects securities sold, and scheduled to be bought back, under netted together and reported as "Other F.R. accounts." matched sale/purchase transactions. • 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 a APRIL 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 ld al qu R ir e e - d i Excess r F i o . a n w g R t - s . s F er r r e v e - e e s T h o e t l a d l qu R ir e e - d 1 Excess r F in o a .R w g t s . - s F e r r r e v e - e e s T h o e t ld al qui R re e d - ' Excess r F i o n . a R w g t s . - s F er r r v e e - e e s Banks Banks Banks 1939—Dec 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 2,611 1,141 601 540 540 1941—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 8 1 3 I960—Dec 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 i 8 -4 1963—Dec 20,746 20,210 536 327 209 3,951 3,895 56 37 19 1,056 1,051 t 26 -21 1964—Due 21,609 21,198 411 243 168 4,083 4,062 21 35 -14 1,083 1,086 28 -31 1965—Dec 22,719 22,267 452 454 -2 4,301 4,260 41 111 -70 1,143 ,128 1! 23 -8 1966—Dec 23,830 23,438 392 557 -165 4,583 4,556 27 122 QK 1,119 1,115 i 54 -50 1967—Dec 25,260 24,915 345 238 107 5,052 5,034 18 40 -22 1,225 1,217 8 13 -5 1968—Dec 27,221 26,766 455 765 -310 5,151 5,057 100 230 -130 1,199 ,184 15 85 -70 1969—Mar 26,754 26,537 217 918 -701 5,040 5,019 21 65 -44 1,204 ,207 i 98 -101 Apr 27,079 26,927 152 996 -844 5,039 5,045 -6 111 -117 1,202 .202 116 -116 May 27,903 27,603 300 1,402 -1,102 5,174 5,134 40 129 -89 1,277 281 — 4 144 -148 June 27,317 26,974 343 1,407 -1,064 4,962 4,894 68 96 -28 1,241 ,206 35 27 8 July 26,980 26,864 116 1,190 -1,074 4,837 4,817 20 86 -66 1,197 ,207 -10 . 5 -15 Aug 27,079 26,776 303 1,249 -946 4,963 4J922 41 93 -52 1,188 1,196 -8 39 -47 Sept 26,971 26,735 236 1,067 -831 4,990 4,967 23 81 -64 1,20( 1,186 14 51 -37 Oct 27,340 27,197 143 1,135 -992 5.195 5,183 12 138 -126 1 221 ,235 7 19 -26 Nov 27,764 27,511 253 1,241 -988 5,376 5,350 26 169 -143 1,244 ,254 -10 57 -67 Dec 28,031 27,774 257 1,086 -829 5,441 5,385 56 259 -203 1,285 ,267 18 27 -9 1970—Jan 28,858 28,692 166 965 -799 5,668 5,659 9 141 -132 1,320 ,316 4 86 -82 Feb 27,976 27,703 273 1,092 -819 5,458 5,424 34 110 -76 1,253 264 -11 47 -58 Mar.* 27,446 27,356 90 896 -806 5,346 5,344 2 153 -151 1,265 i|249 16 31 -15 Week ending— 1969—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 2 118 -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 4,99" 4,909 83 86 1,172 ,178 -6 55 -61 Nov. 5. . 27,661 27,365 296 1,328 1,032 5,347 5,257 90 144 -54 1,272 1,254 18 189 171 12. . 27,725 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 g 8 26.. 27,601 27,463 138 1,210 -1,072 5,275 5,269 6 8 -2 1,232 1,237 c 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 16 120 -104 1970—Jan. 7.. 28,696 28,411 285 852 -567 5,624 5,604 20 196 -176 1,304 1,312 -8 197 -205 14.. 28,988 28,911 77 865 -788 5,747 5,780 -33 234 -267 ,335 1,340 -5 29 -34 21.. 29,400 29,196 204 963 -759 5,923 5,873 50 80 -30 1,366 1,360 6 77 -71 28.. 28,518 28,406 112 1,030 -918 5,410 5,451 -41 86 -127 1,290 1,279 11 16 -5 Feb. 4.. 28,415 28,204 211 1,258 -1,047 5,520 31 75 -44 1,269 1,287 -18 104 -122 11.. 27,997 27,790 207 1,069 -862 5,414 399 15 130 -115 1,272 1,260 12 12 18.. 28,059 27,810 249 1,110 -861 5,645 576 69 218 -149 1,275 1,292 -17 121 — 138 25.. 27,577 27,405 172 1,065 -893 5,323 317 6 6 1,254 1,237 17 7 10 Mar. 4.. 27,462 27,264 198 836 -638 5,309 5,288 21 86 -65 1,213 1,238 -25 7 -32 11.. 27,233 27,162 71 932 -861 5,300 5,326 -26 169 -195 1,255 1,247 8 9 -1 18". 27,625 27,479 146 817 -671 5,438 5,429 9 146 -137 1,250 1.266 -15 7 -22 25». 27,450 27,379 71 936 -865 5,336 5,311 25 102 -77 1,238 1,225 13 97 -84 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1970 a 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 Reserves Borrow- Borrow- Period ings at Free ings at Free F.R. reserves F.R. reserves Banks Total Total Banks held Required' Excess held Required' Excess 3,140 1,953 1 188 1 188 1 568 897 671 3 668 ...1939 Dec 4,317 3,014 1.303 1 1,302 2,210 1,406 804 4 800 1941—Dec. 6,394 5,976 418 96 322 4.576 3 566 1,011 46 965 1945 Dec. 6,689 6,458 232 50 182 4,761 4,099 663 29 634 1950—Dec. 7,950 7,851 100 20 80 6,689 6,066 623 40 583 I960—Dec. 8,393 8,325 68 190 -122 7,347 6,939 408 74 334 1963—Dec. 8,735 8,713 22 125 -103 7,707 7,337 370 55 315 1964—Dec. 9,056 8,989 67 228 -161 8,219 7,889 330 92 238 1965—Dec. 9,509 9,449 61 220 -159 8,619 8,318 301 161 140 1966—Dec. 10,081 10.031 50 105 -55 8,901 8,634 267 80 187 1967—Dec. 10,990 10,900 90 270 -180 9,875 9,625 250 180 70 1968—Dec. 10,761 10,768 -7 449 -456 9,749 9,543 206 306 -100 1969—Mar. 10,914 10,923 -9 512 -521 9,924 9 757 167 257 — 90 Apr. 11,275 11,195 80 618 -538 10,177 9 993 184 511 -327 May 10,986 10,922 64 713 -649 10,128 9,952 176 571 -395 June 10,752 10,846 -94 517 -611 10,194 9,994 200 582 -382 July 10,814 10,730 84 480 -396 10 114 9 928 186 637 -451 AUK. 10,668 10,654 14 461 -447 10 113 9 928 185 468 —283 Sept. 10,745 10,772 -27 531 -558 10 172 10 007 165 447 -282 Oct. 10,888 10,841 47 572 -525 10,256 10,066 190 443 -253 Nov. 10,970 10,964 6 479 -473 10,335 10,158 177 321 -144 Dec. 11,296 11,314 -18 455 -473 10,574 10,403 171 283 -112 1970—Jan. 10,975 10,913 62 535 -473 10 290 10 102 188 400 -212 Feb. 10,727 10,803 -76 436 -512 10,108 9,961 147 276 -129 Mar.» Week ending— 10,870 10,844 26 255 -229 9,809 9,590 219 334 -115 1969—Mar. 5 10,762 10,763 1 489 -490 9 705 9 518 187 268 Dj 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 10,815 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 (0,908 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 Dec. 3 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 11,210 11,220 -10 542 -552 10 608 10 456 152 386 -234 28 11,140 11,110 30 596 -566 10,486 10,318 168 483 -315 Feb. 4 10,964 11,000 -36 606 -642 10 337 10 121 216 321 -105 11 10,930 10,916 14 386 -372 10 209 10 026 183 385 -202 18 10,774 10,769 5 593 -588 10,226 10 082 144 465 -321 25 10,773 10,751 22 404 -382 10,167 9,987 180 339 -159 Mar. 4 10,644 10,722 — 78 530 -608 10 034 9 867 167 224 -57 tl 10,861 10,860 1 395 -394 10,075 9,924 151 269 -118 .18" 10,770 10,833 -63 442 -505 10,105 10,010 95 295 -200 25^ 1 Beginning Sept. 12, 1968, amount is based on close-of-business fig- Total reserves held: Based on figures at close of business through Nov. ures for reserve period 2 weeks previous to report date. 1959; thereafter on closing figures for balances with F.R. Banks and opening figures for allowable cash; see also note 3 to preceding table. NOTE.—Averages of daily figures. Monthly data are averages of daily Required reserves: Based on deposits as of opening of business each day. figures within the calendar month; they are not averages of the 4 or 5 Borrowings at F.R. Banks: Based on closing figures. weeks ending on Wed. that fall within the month. Beginning with Jan. 1964, reserves are estimated except for weekly averages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 8 MAJOR RESERVE CITY BANKS a APRIL 1970 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars, unless otherwise noted) Related transactions with Basic reserve position Interbank Federal funds transactions U.S. Govt. securities dealers Less- Net- Gross transactions Net transactions Reporting banks and Total Borweek ending— s E e x r r c v e e e - s s s > r a o B t B w a F o n in r . k R - g s s . F i f t b e n r u N a d a t n n e e n e d t r r k s s - a . l S d u e r o p fi r c lu it s r P r e e e q a s r v u o e c g r i f r v e . e n e d s t c P ha u s r e - s Sales t a w c tr t o a i - o n w n s- a s2 y b c o b P u h f a y a u n n s i r k n e e - g s s t s o b S e f a a l n l l n i e k e n s s t g d L e o a t l a o e n r s s' de f r i a r o n o l w g e m r s - s'* lo N a e n t s Total—46 Banks 1970—Feb. 4. 66 463 2,718 -3,115 6,530 3,812 2.856 3,674 957 595 224 372 11. 1 481 4,240 -4,720 7,517 3,277 2,716 4,801 561 869 233 636 18. 101 479 3,728 -4,106 33.4 7,332 3,604 2,713 4,619 892 606 287 319 25. 130 271 3,236 -3,377 28.4 6,640 3,404 2,459 4,181 945 892 257 635 Mar. 4.. 114 79 4,008 -3,972 33.4 7,204 3,196 2,811 4,393 384 1,188 329 859 11.. 23 518 4,829 -5,324 44.6 7,605 2,776 2,442 5,163 334 1,358 366 992 18.. -45 362 4,865 -5,271 43.6 7,582 2,717 2,591 4,991 126 957 306 652 25.. 71 386 4,308 -4,624 38.7 7,061 2,753 2,447 4,615 307 1,152 297 855 8 in New York City 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 Mar. 4. 52 32 609 -589 12.2 1,913 1,305 1,194 720 111 858 123 735 11. 21 169 1,329 -1,478 30.5 2,298 969 963 1,334 6 943 145 798 18. 16 146 1,180 -1,311 26.5 2,289 1,109 1,109 1,180 698 141 557 25. 64 97 961 -994 20.5 2,039 1,078 1,039 1,000 40 892 151 741 38 outside New York City 1970—Feb. 4. 42 388 3,178 -3,524 48.2 4,994 1,816 1,513 3,480 303 80 67 13 II. -28 351 3.53S -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 Mar. 4. 62 46 3,399 -3,383 47.8 5,290 1,891 1,617 3,673 273 330 205 124 II. 3 349 3,500 -3,846 54.3 5,307 1,807 1,479 3,828 328 415 222 193 18. -60 216 3.685 -3,961 55.5 5,293 1,609 1,483 3,810 126 259 165 95 25. 7 289 3,348 -3,630 51.0 5,022 1,675 1,408 3,614 267 261 147 114 5 in City of Chicago 1970—Feb. 4. -6 93 807 -906 77.1 1,108 301 301 807 43 43 11. 6 1,156 ,151 100.5 1,432 275 275 ,156 54 54 18. -10 ioi 1,097 ,208 102.5 367 271 271 ,096 23 23 25. 8 1,231 ,224 108.8 489 258 258 ,231 40 40 Mar. 4.. -11 1,124 -1,135 100.5 1,458 335 335 ,124 60 60 11.. 16 1 1,367 -1,352 119.3 1,668 301 301 ,367 68 68 18.. -5 1,066 -1,071 92.9 1,489 423 423 ,066 47 47 25. . 16 90 1,133 -1,208 108.4 1,444 311 311 ,133 46 46 33 others 1970—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 Mar. 4.. 73 46 2,276 -2,249 37.8 3,832 1,557 1,283 2,550 273 269 205 64 11. . -13 348 2,133 -2,494 42.0 3,639 1,506 1,178 2,461 328 348 222 126 18.. -55 216 2,618 -2,889 48.2 3,804 1,185 1,060 2,744 126 212 165 48 25.. n 199 2,214 -2,422 40.4 3,578 1,364 1,097 2,481 267 215 147 68 1 Based upon reserve balances, including all adjustments applicable to banks, repurchase agreements (purchases of securities from dealers the reporting period. Prior to Sept. 25,1968, carryover reserve deficiencies, subject to resale), or other lending arrangements. if any, were deducted. Excess reserves for later periods are net of all carry- • Federal funds borrowed, net funds acquired from each dealer by over reserves. clearing banks, reverse repurchase agreements (sales of securities to 2 Derived from averages for individual banks for entire week. Figure dealers subject to repurchase), resale agreements, and borrowings secured for each bank indicates extent to which the bank's weekly average pur- by Govt. or other issues. chases and sales are offsetting. NOTE.—Weekly averages of daily figures. For description of series ' 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

APRIL 1970 n DISCOUNT RATES A 9 FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Discounts for and advances to member banks Advances to all others under last par. Sec. 133 Advances and discounts under Advances under Federal Reserve Bank Sees. 13 and 13a i Sec. 10(b)2 Rate on Rate on Rate on Ma 1 r 9 . 7 0 31, Ef d fe a c t t e ive Pr r e a v t io e us Ma 1 r 9 . 7 0 31, Ef d fe a c t t e ive Pre r v at i e ous Ma 1 r 9 . 7 0 31, Ef d fe a c t t e ive Pre r v a i te ous Boston Apr. 8,1969 Apr. 8, 1969 Feb. 2, 1970 7 New York.. . Apr. 4,1969 Apr. 4, 1969 Apr. 4, 1969 7 Philadelphia.. Apr. 4,1969 Apr. 4, 1969 Feb.10, 1970 7 Cleveland.... Apr. 4,1969 Apr. 4, 1969 Apr. 4, 1969 7 Richmond. . . Apr. 4,1969 Apr. 4, 1969 Feb.18, 1970 7 Atlanta Apr. 4,1969 Apr. 4, 1969 Feb.10, 1970 7 Chicayo Apr. 4,1969 Apr. 4, 1969 Mar. 4, 1970 7 St. Louis Apr. 4,1969 Apr. 4, 1969 Mar.16, 1970 7 Minneapolis.. Apr. 4,1969 Apr. 4, 1969 Apr. 4, 1969 6'/ Kansas City.. Apr. 4,1969 Apr. 4, 1969 Feb.18, 1970 2 Dallas Apr. 4,1969 Apr. 4, 1969 Feb. 18, 1970 7 San Francisco Apr. 4,1969 Apr. 4, 1969 Feb. 2, 1970 7 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- J 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. Hanks N.Y. In effect Dec. 31, 1941 1 -1 1955—Cont. 1960 Sept. 9 2 -214 Ill June 3 1942 13 10 Apr. 11 I Nov. 18 14 314 Oct. 15 23 2Vi 28 Aug. 12 3 -314 30 Sept. 9 1946 1956 1963 Apr. 25 t 'A-i Apr. 2 1 0 3 2H-3 July 2 1 6 7 3 -3 ft May 10 Aug. 24 234-3 3 1948 31.. 3 3 Nov. 24 1964 Jan. 12 1 -IV* 1957 30 4 19 Aug. 2 1 3 3 1950 XVVAA IB N D A e o u c v g . . . 2 1 2 9 3 5 3 3 3 : 3 i - * 3'/i 3 3 3 J4 Dec. 1 6 3 1965 4 -414 1967 Aug. 21 v/\v*A 1958 4 -414 4 25 Jan. 22 2M-3 3 Apr-.4:::::::::::::: k 1953 Mar. 2 7 4 2M-3 28 Nov. 2 2 0 7 4 41 - 4 4V4 A J F a e p n b r , . . 1 2 1 1 4 5 3 5 6 1954 S A A M e p u a p r g y t . . . 2 2 1 1 1 1 9 3 1 3 5 2 8 2 1 1 * ^ W 2 2 1 A A ^ — V — _ A 4 2 " 2 2 1 ^ 4 A 2 2 I 2 1 \ 1 { V V V J ^ * * * . A M A u p a g r r . . . 2 2 3 1 1 1 2 6 0 5 9 6 1968 5 4 5 V W 5 4 V - - 5 5 i V4 16 Oct. 24 2 -2V£ 2 Dec. 18 May 21 Nov. 7 20 1955 1959 1969 Apr. 14 Mar. 6 3 Apr. 4 514-6 16 3 3 6 May 2'.'.','.'.'.'.'.'.'.'.'.'.'.'.'. May 29 3 -314 314 8 Aug. 4 June 12 3% 314 5 Sept. 11 314-4 4 1970 12 18 4 4 In effect Mar. 31, 1970. t Preferential rate of '/i of 1 per cent for advances secured by U.S. in the following periods (rates in percentages): 1955—May 4-6, 1.65; Govt. obligations maturing in 1 year or less. The rate of 1 per cent was Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug. continued for discounts of eligible paper and advances secured by such 24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31-Nov. 17, Dec. 28-29, paper or by U.S. Govt. obligations with maturities beyond 1 year. 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July 20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3, NOTE.—Discount rates under Sees. 13 and 13a (as described in table 2.75; 1962—Mar. 20-21, 2.75; 1964—Dec. 10, 3.85; Dec. 15, 17, 22, 24, above). For data before 1942, see Banking and Monetary Statistics, 28, 30, 31, 3.875; 1965—Jan. 4-8, 3.875; 1968—Apr. 4,5, 11, 15,16,5.125; 1943, pp. 439-42. Apr. 30, 5.75; May 1-3, 6, 9, 13-16, 5.75; June 7, 11-13, 19,21,24,5.75; The rate charged by the F.R. Bank of N.Y. on repurchase contracts July 5, 16, 5.625; Aug. 16, 19, 5.25. against U.S. Govt. obligations was the same as its discount rate except Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 10 RESERVE AND MARGIN REQUIREMENTS a APRIL 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. s deposits 2 deposits 2.4 (all classes of banks) Time deposits Reserve Country Other Effective date ' (all Effective date ' city banks banks Sav- time deposits Central Re- Coun- classes ings b re a c s n i e k t r y s v e 3 b s c a e i n r t v y k e s ba tr n y ks ba o n f ks) Under Over Under Over de i p ts os- Under Over $5 mil- $5 mil- $5 mil- $5 mil- $5 mil- S5 million lion lion lion lion lion In effect Dec. 31, 1949 22 18 12 5 1966 July 14, 21 «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* 1953—July 9 1 22 19 13 Mar. 16 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* Mar. 20, Apr. 1.... 19 11 1969—Apr. 17 17 17* 12* 13 A A p p r r . . 2 1 4 7 18* 16* In effect Mar 31 1970.. 17 17* 12* 13 3 3 6 I960 Sent 1 1178IA Nov. 24 12 Present legal Dec. 1 16* 1962—July 28 (31 10 7 3 3 3 Oct. 25, Nov. 1 4 Maximum 22 14 10 10 10 • When two dates are shown, the first applies to the change at central requirement on borrowings by domestic offices of a member bank from reserve or reserve city banks and the second to the change at country foreign banks, except that only a 3 per cent reserve is required against banks. For changes prior to 1950 see Board's Annual Reports. such borrowings that do not exceed a specified base amount. For details 2 Demand deposits subject to reserve requirements are gross demand concerning these requirements, see the amendments to Regulations D deposits minus cash items in process of collection and demand balances and M on pp. 656 and 657 of the Aug. 1969 BULLETIN. due from domestic banks. 5 Effective Jan. 5, 1967, time deposits such as Christmas and vacation 3 Authority of the Board of Governors to classify or reclassify cities club accounts became subject to same requirements as savings deposits. as central reserve cities was terminated effective July 28, 1962. 6 See preceding columns for earliest effective date of this rate. 4 Beginning Oct. 16, 1969, a member bank is required under Regulation M to maintain, against its foreign branch deposits, a reserve equal NOTE.—All required reserves were held on deposit with F.R. Banks to 10 per cent of the amount by which (1) net balances due to, and certain June 21, 1917, until Dec. 1959. From Dec. 1959 to Nov. 1960, member assets purchased by, such branches from the bank's domestic offices and banks were allowed to count part of their currency and coin as reserves; (2) credit extended by such branches to U.S. residents exceed certain effective Nov. 24, 1960, they were allowed to count all as reserves. For specified base amounts. Regulation D imposes a similar 10 per cent reserve further details, see Board's Annual Reports. MARGIN REQUIREMENTS (Per cent of market value) Effective date Regulation Apr. 23, Jan. 16, Aug. 5, Oct. 16, July 28, July 10, Nov. 6, Mar. 11, June 8, 1955 1958 1958 1958 1960 1962 1963 1968 1968 Regulation T: For credit extended by brokers and dealers on— Listed stocks 70 50 70 90 70 50 70 70 80 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 50 60 Regulation G: For credit extended by others than brokers and dealers and banks on— 70 80 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 conon securities as collateral by prescribing a maximum loan value, vertible into stocks were adopted by the Board of Governors effectiye 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

APRIL 1970 P 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: 1 Savings deposits 4 4 4 4% Other time deposits: 2 Multiple maturity:3 L 12 e s m s o th n a t n h s 1 o 2 r m m o o n r t e hs 4 3>/j 4 } « 4 3 9 1 0 0 y - - e 1 8 a 9 r y e d t a o a r y 2 s years 4 5 4 5 4 i $ 2 years and over )" Single-maturity: Other time deposits: 2 Less than $100,000: 30 days to 1 year 1 year to 2 years | SV4 5 5 { 5V4 12 months or more 4 2 years and over I 53/4 9 6 L 0 e m ( s d 3 s o 0 a t n y - h 8 t s a h 9 n t s o d t 9 a o 6 0 y m s 1 d ) 2 a o y n m s t o h n s ths i» ); 4 4 '/4 $1 9 3 6 0 1 0 0 0 8 0 - 0 - ,0 1 8 5 d 0 9 7 9 a 0 9 y d d a s d a a n y a y t d o s y s s 1 o v y e e r a : r 5V4 1 6 5 3/4 6 6 6 W % '4 1 year or more }6'/4 / 7 1 Closing date for the Postal Savings System was Mar. 28, 1966. Max- NOTE.—Maximum rates that may be paid by member banks as estabimum rates on postal savings accounts coincided with those on savings lished by the Board of Governors under provisions of Regulation Q; deposits. however, a member bank may not pay a Kite 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 All All Country Country Item m b e a m n b k e s r Y N o e r w k C o i f ty Other banks Item m b e a m n b k e s r Y N o e r w k Other banks City Chicago City Chicago Four weeks ending Jan. 28, 1970 Four weeks ending Feb. 25, 1970 Gross demand—Total... 186,674 43,748 7,636 65,264 70,026 rross demand—Total 180,256 44,865 7,377 61,651 66,363 Interbank 22,916 9,408 1,375 9,425 2,708 Ihterbank 22,306 9,918 1,296 8,640 2,452 U.S. Govt 3 793 628 183 1 ,525 1,457 U.S. Govt 6,009 1,279 360 2,438 1,932 Other 159 965 33,712 6,078 54,314 65,861 Other 151,942 33,668 5,722 50,573 61,979 Net demand ' 139 946 26,172 5,940 49,274 58,560 Net demand ' 133,791 25,532 5,737 46,854 55,669 Time 149 001 14,995 4,556 54,502 74,948 Time 148,670 14,675 4,645 54,109 75,241 Demand balances due Demand balances due from dom. banks 10 133 499 144 2,836 6,654 from dom. banks 9,651 541 135 2,770 6,205 Currency and coin 5 292 452 109 1,669 3,063 lurrency and coin 4,887 418 83 1,511 2,876 Balances with F.R. Balances with F.R. Banks 23 608 5,224 1,215 9,655 7,514 Banks 23,125 5,058 1,185 9,444 7,439 Total reserves held 28 900 5,676 1,324 11,324 10,577 Total reserves held 28,012 5,476 1,268 10,955 10,315 Required 28 731 5,677 1 ^323 11,341 10,390 Required 27,802 5,445 1,269 10,951 10,137 Excess 169 1 \ -17 187 Excess 210 31 -2 4 178 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 • APRIL 1970 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1970 1970 1969 Mar. 25 Mar. 18 Mar. 11 Mar. 4 Feb. 25 Mar. 31 Feb. 28 Mar. 31 Assets Gold certificate account 11,045 II,045 11,045 11,045 11,045 11,045 11,045 10,025 Special Drawing. Rights certificate account 400 400 300 300 300 400 300 Cash 191 197 196 207 193 188 197 219 Discounts and advances: Member bank borrowings 1.554 580 455 411 873 644 1,108 1,148 Other 40 40 40 40 40 40 Acceptances: Bought outright 53 53 53 56 60 52 56 47 Held under repurchase agreements 23 28 25 47 Federal agency obligations—Held under repurchase agreements 43 109 59 25 U.S. Govt. securities: Bought outright: Bills 20,644 21,214 20,034 20,176 20,655 20,897 20,935 17,583 Certificates—Special. Other.. Notes 32,073 32,073 32,073 32,073 32,073 32,073 32,073 30,046 Bonds 2,815 2,815 2,815 2,815 2,815 2,815 2,815 4,387 Total bought outright '55,532 '56,102 1.254,922 1.255,064 155,543 55,785 55,823 52,016 Held under repurchase agreements. 46 236 147 389 Total U.S. Govt. securities. 55,578 56,338 54,922 55,064 55,690 55,785 55,823 52,405 Total loans and securities. 57,291 57,148 55,470 55,571 56,707 56,521 57,027 53.672 Cash items in process of collection.., "8,207 "10,223 "9,017 "9,913 8,737 "9,147 8,860 7,954 Bank premises 116 117 116 116 117 116 117 114 Other assets: Denominated in foreign currencies. 1,171 1,269 1,173 1,173 998 1,169 1,179 2,059 IMF gold deposited * 210 210 210 210 210 210 210 231 All other 604 575 535 508 477 644 471 502 Total assets. P79.235 "81,184 "78,062 "79,103 78,784 "79,440 79,406 74,776 Liabilities F.R. notes 46,103 46,128 46,106 45,816 45,818 46,222 45,610 43,324 Deposits: Member bank reserves "22,526 "23,509 "20,647 "21,599 22,094 "22,437 23,344 21,568 U.S. Treasurer—General account. 1,479 1,048 1,173 1,058 900 1,192 915 783 Foreign 194 180 214 174 228 200 313 164 Other: IMF gold deposit 3 210 210 210 210 210 210 210 231 All other 605 622 530 554 627 629 566 278 Total deposits "25,014 "25,569 "22,774 "23,595 24,059 "24,668 25,348 23,024 Deferred availability cash items 6,012 7.425 6,932 7,488 6,782 6,378 6,292 6,472 513 535 532 552 539 523 541 433 Other liabilities and accrued dividends. "77,642 "79,657 "76,344 "77,451 77,198 "77,791 77,791 73,253 Total liabilities Capital accounts Capital paid in 681 681 681 679 679 681 678 643 Surplus 669 669 669 669 669 668 669 630 Other capital accounts 243 177 368 304 238 300 268 250 Total liabilities and capital accounts "79,235 "81,184 "78,062 "79,103 78,784 "79,440 79,406 74,776 Contingent liability on acceptances purchased for foreign correspondents 172 165 161 159 150 170 1S2 122 U.S. Govt. securities held in custody for foreign account 9,191 9,050 8,915 ,614 8,055 9,118 8,219 8,012 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank).. 49,093 49,085 49,060 49,049 49,170 49,106 49,147 46,480 Collateral held against notes outstanding: Gold certificate account. 3,292 3,292 3,292 3,222 3,222 3,292 3,222 3,522 U.S. Govt. securities 47,900 47,900 47,950 48,000 48,017 47,900 48,017 44,970 Total collateral. 51,192 51,192 51,242 51,222 51,239 51,192 51,239 48,492 1 See note 7 on page A-5. ' 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

APRIL 1970 a FEDERAL RESERVE BANKS A 13 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 31, 1970 (In millions of dollars) Item Total Boston Y N o e r w k P p d h h e i i l l a a - - C 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 a i n t s - y Dallas F c S i r s a a c n n o - Assets 11,045 776 2,342 614 803 1,013 696 1,450 439 79 394 433 2,006 Special Drawing Rights certif. acct.... 400 23 93 23 33 36 22 70 15 15 14 49 770 81 185 2! 65 49 135 28 20 34 28 104 188 8 24 19 12 26 23 12 12 12 26 i: Discounts and advances: Secured by U.S. Govt. securities.... 195 13 60 1 1; 9 11 37 8 24 f. 8 Other 489 77 43 90 131 I 19 5 Acceptances: 52 52 4: Federal agency obligations—Held U.S. Oovt. securities: 55,785 2 683 14 504 2 960 4,464 4,161 2,917 9,174 1,984 1,076 2,101 2,381 7 380 Held under repurchase agreements.. 56,521 2,773 14,659 2,963 4,481 4,173 3,018 9,342 1,993 1,126 2,144 2,456 7,393 Cash items in process of collection... I'll,588 647 2,170 69f 821 807 1,005 2,128 544 503 716 625 924 116 2 9 / 7 11 17 17 10 6 18 8 9 Other assets: Denominated in foreign currencies.. 1,169 56 '307 60 104 60 76 173 40 26 49 66 152 IMF sold denoiited 2 210 210 All other 644 44 164 35 51 47 33 102 22 13 24 27 82 Total assets J-82,651 4,410 20,163 4,430 6,384 6,208 5,028 13,333 3,095 1,780 3,406 3,669 10,745 Liabilities F.R. notes 46,992 2,694 11,047 2,658 3,846 4,222 2,505 8,250 1,775 813 1,739 1,699 5,744 Deposits: >>22,437 860 6,057 888 1,546 1,126 1,471 3,071 759 537 959 1,318 3,845 U.S. Treasurer—General account.. 1,192 87 246 81 90 108 94 102 71 49 63 69 132 Foreign 200 11 338 11 20 11 14 33 7 5 9 12 29 Other: 210 210 All other 629 576 3 1 12 3 5 2 2 3 3 19 "24,668 958 7,127 983 1,657 1,257 1,582 3,211 839 593 1,034 1,402 4,025 Deferred availability cash items 8,819 655 1,416 679 696 600 810 1,537 406 327 545 458 690 Other liabilities and accrued dividends 523 25 136 27 41 39 27 86 19 11 20 22 70 »>8I 002 4 332 19 726 4 347 6,240 6,118 4,924 13,084 3,039 1,744 3,338 3,581 10,529 Capital accounts 681 32 182 34 61 35 45 100 23 15 29 38 87 668 32 176 34 60 34 43 99 23 15 28 37 87 Other capital accounts 300 14 79 15 23 21 16 50 10 6 11 13 42 Total liabilities and capital accounts.. *>82,651 4,410 20,163 4,430 6,384 6,208 5,028 13,333 3,095 1,780 3,406 3,669 10,745 Contingent liability on acceptances purchased for foreign correspond- 170 8 444 9 15 9 II 25 6 4 7 10 22 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank) 106 2,809 11,60? 2,730 4,025 4,352 2,689 8,514 1,855 835 1,808 1 83? 6,055 Collateral held against notes outstanding: 3,292 250 500 300 510 545 1,000 155 27 5 47,900 2,600 11,400 2,620 3,750 3,860 2,800 7,950 1 780 835 1 875 1 910 6 500 Total collateral 51,192 2,850 11,900 2,920 4,260 4,405 2,800 8,950 1,935 862 1,875 1,935 6,500 1 After deducting $862 million participations of other Federal Reserve * After deducting $126 million participations of other Federal Reserve Banks Banks. 2 See note l(b) to table at top of page A-75. 3 After deducting $162 million participations of other Federal Reserve NOTE.—Some figures for cash items in process of collection and Banks. for member bank reserves are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 14 OPEN MARKET ACCOUNT a APRIL 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., maturity Excb. c G h p r a u o s r s e - s s G sa r l o e s s s Re t d io e n m s p- c G h p r a u o s r e s - s s G sa r l o e s s s Re t d io e n m s p- c G h p r a u o s r s e - s s G sa r l o e s s s re s d h o e if m r ts p , - c G h p r a u o s r e s - s s G sa r l o e s s s m s a h t o i u f r r ts ity tions 1969—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 10 24 Aug 2,201 1,658 2,201 1,658 407 4,514 Sept 4,762 5,483 115 4,762 5,483 115 Oct 5,145 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 Feb 801 395 100 801 395 100 -564 1,319 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 c G h p r a u o s r s e - s s G sa r l o e s s s o E t s r u h x r i m c f i t t h a s y . - c G h p r a u o s r s e - s s G sa r l o e s s s o E t s r u h x r i m c f i t t h a s y . - c G h p r u a o s r s e - s s G sa r l o e s s s s G e it c o i u e v s r t. - p ( m u a n r g e e c r t n h e t r e a s e - s ) - e r O i n g u e h t t t - , m r a c e g h n e p r a n e u e t s t e r e s - - , change' 1969—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 Apf.. . . 1,929 1,790 708 54 5 43 8(0 May... 60 12 24 4,192 4,470 646 1 -5 -60 582 June... 1,312 Ij562 336 -80 -5 -30 220 July.... 23 t'6 560 560 44 _1 43 -4,921 2,721 2,491 773 39 * 22 834 Sept.. .. 1,121 1,062 -777 -39 -3 -22 -841 Oct 52 175 3 2,655 2,715 1,381 17 4 1,402 Nov.... 3 -1,137 4 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 -y 26 -1,395 Feb... . -688 -66 4,407 4,599 114 -30 -26 57 > Net change in U.S. Govt. securities, Federal agency obligations, and NOTE.—Sales, redemptions, and negative figures reduce System holdbankers' acceptances. ings ; all other figures increase such holdings. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) End of Pounds Austrian Belgian Canadian Danish French German Italian Japanese Nether- Swiss period Total sterling schillings francs dollars kroner francs marks lire yen lands francs guilders 1967—Dec. 1,604 ,140 45 3 1 413 1 1 « 2 1968—Dec 2,061 1,444 8 3 433 165 1 1 4 3 1969—Jan ,883 1,443 41 2 25 294 67 1 1 4 6 Feb ,938 1,450 13 25 318 125 4 1 Mar 2,059 1,396 23 461 16) 13 4 1 Apr ,960 ,245 44 50 436 16I 15 4 • May ,889 1,542 50 176 100 • 15 4 June 834 ,564 50 115 • 15 86 1 July ,670 ,383 50 24 15 196 2 Aug ,929 ,571 224 15 114 3* Sept > 330 ,693 204 * 315 114 2 Oct ,823 ,494 1 1 313 2 5 Nov ,370 ,273 1 60 6 2 27 Dec ,967 ,575 1 199 60 125 3 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1970 a FEDERAL RESERVE BANKS; BANK DEBITS A 15 MATURITY DISTRIBUTION OF LOANS AND U.S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS (Ic millions of dollars) Wednesday End of month Item 1970 1970 1969 Mar. 25 Mar. 18 Mar. 11 Mar. 4 Feb. 25 Mar. 31 Feb. 28 Mar. 31 1,594 620 495 451 873 684 1,147 1,148 Within 15 days 1 ,545 575 449 402 820 639 1,095 1,141 16 days to 90 days 49 45 46 49 53 45 52 7 76 81 53 56 85 52 56 94 Within 15 days 37 49 28 20 42 15 12 53 16 days to 90 days . .. 39 32 25 36 43 37 44 41 U.S. Government securities-—Total 55,621 56,447 54,922 55,064 55,749 55,785 55,823 52,430 Within 15 days' 2,911 3,251 1,860 1,627 3,094 1,673 1,561 1,833 16 days to 90 days 21,719 21,660 21,745 22,079 21,371 22,606 22,467 9,508 91 days to 1 year 9,450 9,995 9,622 9,663 9,589 9,965 10,100 8,569 13,976 13,976 14,130 14,130 14,130 13,976 14,130 18,507 6,953 6,953 6,953 6,953 6,953 6,953 6 953 13,376 Over 10 years 612 612 612 612 612 612 612 637 > Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts' Turnover of demanddeposits (billions of dollars) Period Leading SMSA's Total 232 LeadingSMSA'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 others 2 N.Y.) SMSA's 1969—Feb.r 8 833 1 3,929.8 2,047.2 4 903.2 2,856.1 67.2 146.4 66.9 46 9 38.6 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 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 SO 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 9 547 5 4 054.0 2 277.4 5 493.5 3,216.1 69.4 139.9 71.6 50 6 41.9 Feb 9,752.0 4,232.1 2,283.4 5,519.9 3,236.5 72.1 148.8 73.5 51.7 42.7 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 a APRIL 1970 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency End of period in circulation ' 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 1404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 I9S0 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 ,312 75 2 151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1958 32 193 22 856 2 182 494 83 2 186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959 32 591 23,264 2 304 511 85 2 216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 1960 32,869 23,521 2,427 ,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 ,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 3 10 1962 35 338 25 356 2 782 636 97 2 375 7,071 11,395 9,983 2,990 6,448 240 293 3 10 1963 37,692 26,807 3,030 ,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 ROfi 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_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 ,909 136 2,806 8,383 15,915 14,682 4,102 10,023 244 291 3 19 49,642 34,895 5,692 ,934 136 2,815 8,363 15,955 14,747 4,130 10,073 244 292 3 4 50 399 35 529 5 730 971 136 2 861 8,531 16,300 14,869 4,158 10,166 244 292 3 5 50 936 35 920 5 790 989 136 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 Feb 52,032 36,227 5,988 2,060 136 2,862 8,482 16,699 15,805 4,384 10,914 229 271 3 5 > 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 dollan) Held in the Treasury Currency in circulation ' Total out- Held by standing, As security For F.R. 1970 1969 Kind of currency Feb. 28, against F.R. Banks 1970 gold and Treasury Banks and silver cash and Agents Feb. Jan. Feb. certificates Agents 28 31 28 Gold 11,367 (11,045) 2322 (11 045) 311,044 1 Federal Reserve notes .. 49^45 159 3,537 45,450 45,321 42,782 Treasury currency—Total 6,881 100 198 6,583 6,580 6,214 485 3 482 482 482 5,771 68 197 5,506 5,504 5,121 United States notes 323 29 1 293 292 304 302 302 302 307 Total—Feb. 28 1970 567,393 (11,045) 580 11,044 3,736 52,032 Jan. 31, 1970 567,862 (11,036) 617 11,035 4,309 51,901 Feb. 28 1969 563,436 (10,025) 725 10,024 3,691 48,996 > 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. a Includes $210 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. « Redeemable from the general fund of the Treasury. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1970 o 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 > 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 Mar 196.8 44.1 152.6 202.3 195.0 43.7 151.3 202.9 4.8 198.1 44.2 154.0 202.3 199.2 43.8 155.3 202.7 5.4 198.3 44.5 153.8 201.7 194.4 44.2 150.3 202.2 9.2 199.0 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 5.6 199.0 45.3 153.8 194.5 195.9 45.4 150.5 195.5 4.3 Sept 199.0 45.2 153.7 194.1 197.6 45.2 152.4 194.3 5.3 Oct 199.1 4S 6 153.6 193.5 199.3 45.6 153.7 193 7 4 2 Nov .. .. 199.3 45.9 153.4 193.4 201.0 46.4 154.7 192.6 5.1 Dec 199.6 45.9 153.7 194.1 206.0 46.9 159.1 192.4 5.5 1970—j arl 201.1 46.1 155.0 192.1 207.1 46.1 161.1 191.7 4.7 Feb 199.3 46.4 153.0 192.0 197.8 45.9 151.9 192.0 7.1 Mar.» 201.5 46.7 154.8 194.2 199.7 46.3 153.4 194.8 6.9 Week ending— 1970—F e b, 4 199.0 46 3 152.7 191.1 201.6 45.8 155.9 191 1 6 5 11 198.5 46 3 152.2 191.4 198.8 46.1 152.7 191 4 6 9 18 199.5 46.4 153.1 192.0 197.4 46.0 151.4 192 0 6 8 25 199.9 46.4 153.4 192.6 194.9 45.7 149.2 192.6 8.0 Mar 4 200.6 46.5 154.2 193.0 198.5 46.0 152.6 193.2 6.9 11 200.0 46 6 153.4 193.3 198.5 46.5 152.0 193 9 6 5 18 199,9 46.7 153.2 194.1 199.3 46.4 152.9 194 7 6 3 25 200.3 46.8 153.5 194.8 197.4 46.2 151.2 195 4 7 7 Apr 1" 206.9 46.9 160.0 196.0 205.0 46.2 158.7 196.7 7.1 ' At all commercial banks. and F.R. float; (2) foreign demand balances at F.R. Banks; and (3) currency outside the Treasury, F.R. Banks, and vaults of all commercial NOTE.—For description of revised series and for back data, see Oct. banks. Time deposits adjusted are time deposits at all commercial 1969 Bulletin, pp. 787-803. banks other than those due to domestic commercial banks and the Averages of daily figures. Money supply consists of (1) demand U.S. Govt. Effective June 9, 1966, balances accumulated for payment of deposits at all commercial banks other than those due to domestic com- personal loans were reclassified for reserve purposes and are excluded from mercial banks and the U.S. Govt., less cash items in process of collection time deposits reported by member banks. AGGREGATE RESERVES AND MEMBER BANK DEPOSITS (In billions of dollars) Memberbank reserves, S.A.' Deposits >ubject to reserve requirements? S.A. N.S.A. Period Total Nonborrowed Required Time U.S. Time U.S. Total and Private Govt. Total and Private Govt. savings demand demand savings demand 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—Mar 27.97 27.02 27.73 294.2 160.5 128.9 4.8 293.3 161.6 127 8 3 9 27.78 26.75 27.61 295 4 160.1 129.4 5.9 296.0 160.9 130 5 4 5 May , 28.24 26.89 27.94 295.1 159.3 130.0 5.9 294.2 160.1 126.3 7.9 28.06 26.71 27.74 292.6 158.1 130.5 4.0 292.0 158.6 128.4 5.0 July 27.53 26.28 27.33 288.0 155.1 130.5 2.4 288.8 155.4 128.8 4.7 27.40 26.21 27 16 285 3 152.5 129.9 2 9 283.6 153.1 127 0 3 5 Sent 27.40 26.38 27.14 285.7 152.1 129.2 4.4 284.6 151.8 128 3 4 4 Oct 27.15 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 27.72 26.62 27.52 282 9 148.8 128.5 5 6 282.3 148.8 127.4 6 1 Mar P 27.67 26.78 27.54 286.2 150.5 129.8 5.8 285.3 151.0 128.6 5.8 1 Averages of daily figures. Data reflect percentage reserve require- inated from time deposits for reserve purposes. Jan. 1969 data are not ments made effective Apr. 23, 1969. Required reserves are based on comparable with earlier data due to the withdrawal from the system on average deposits with a 2-week lag. Jan. 2, 1969, of a large member bank. 2 Averages of daily figures. Deposits subject to reserve requirements include total time and savings deposits and net demand deposits as defined NOTE.—Due to changes in Regulations M and D, required reserves by Regulation D. Private demand deposits include all demand deposits ex- include increases of approximately $400 million since Oct. 16, 1969. cept those due to the U.S. Govt., less cash items in process of collection Seasonally adjusted data for the period 1959 to date may be obtained from and demand balances due from domestic commercial banks. Effective June the Banking Section. Division of Research and Statistics, Board of Govern- 9, 1966, balances accumulated for repayment of personal loans were elim- ors of the Federal Reserve System, Washington, D.C. 20551. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 18 BANKS AND THE MONETARY SYSTEM ° APRIL 1970 CONSOLIDATED CONDITION STATEMENT (In millions or dollars) Assets Liabilities and capital Total Bank credit assets, net- Treas- Total Date G an o d ld c u u r r y - U.S. Treasury securities li i a ti b e i s l- Total Ca a p n i d tal Special rency Other and deposits misc. D R r i a g w h i t n s' g st o i a n u n g t d - - Total n L e o t a 2 n . s , 3 Total s C a a v o n i m n d g l. s R Fe e d se e r r v a e l Other* r s i e ti c e u s - ' ca n p e it t al, cur a r n e d ncy co n a u c e n - t ts, Banks 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—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 30S 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 6,800 530,400 333,700 115,000 57,800 57,200 81 ,700 547,600 483,100 64,500 1970—Jan. 28» 11,600 6,900 514,600 322,200 111,400 55,800 55,600 81,000 533,100 466,400 66,700 Feb. 25P 11,700 6,900 513,100 321,800 110,000 54,300 55,700 81,300 531,600 464,000 67,700 Mar. 25 » 11,800 6,900 517,400 324,200 110,000 54,400 55,600 83,200 536,000 469,800 66,200 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted 6 Not seasonally adjusted Time U.S. Government Date For- 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 s p a t a d o e e n - s - d d i t i s Total o b r u C e a t n u n s c i k r d - y s e d ju e m D a p s a d t o e e n - s - d d it 1 s Total b m C a e n o r k c m s ia - 2 l b M sa a v n u i k t n u s g a « s l S P t a S e o v y m s i s t n - a '! g l s e n i e g t n » , T h c i u r o n a e r l g s a y d h s s - - s b c a a a o v A n n m i d n k t 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—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 (49,400 266,900 201,200 65,700 2,300 700 9,300 1,000 May 28.... 191,700 43,600 148,100 189,300 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 ,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 ,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 ,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 ,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 ,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 67,200 2,700 700 5,200 ,300 970—Jan. 28» 195,500 45,300 150,200 198,100 44,700 153,400 257,300 190,200 67.100 2,500 600 6,500 ,300 Feb. 25» "194,100 45,300 e148,800 193,200 44,800 148,400 259,100 191,700 67,400 2,600 600 7,500 900 Mar. 25» 199,200 45,900 153,300 196,100 45,400 150,800 262,700 194,800 67,800 2,700 600 6,300 ,500 1 Includes Special Drawing Rights beginning January 1970. 8 Includes relatively small amounts of demand deposits. Beginning with 2 Beginning with data for June 30, 1966, about $1.1 billion in "Deposits June 1961, also includes certain accounts previously classified as other liaaccumulated for payment of personal loans" were excluded from "Time bilities. deposits" and deducted from "Loans" at all commercial banks. These 9 Reclassification of deposits of foreign central banks in May 1961 rechanges resulted from a change in Federal Reserve regulations. These duced this item by $1,900 million ($1,500 million to time deposits and $400 hypothecated deposits are shown in a table on p. A-23. million to demand deposits). 3 See note 2 at bottom of p. A-22. 4 After June 30, 1967, Postal Savings System accounts were eliminated from this Statement. 5 Beginning June 30, 1969, figures for commercial banks reflect (1) NOTE.—For back figures and descriptions of the consolidated condition nclusion 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 SI 00 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

APRIL 1970 a 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 hterbank^ Other Tola Num- Cash lia- Bor- capita ber Class of bank assets bilities row- ac- of and date Total Loans and Total3 Demand ings count banks 1, 2 U.S. capita I~)e- Treas Other ac- mand Time Time1 ury counts U.S. Other Govt. All commercial banks: 1941—Dec 31 50 74 21.71 21,80 7,22 26,55 79 in 71 ?8 10 982 44,14^ IS 95 7 7 17 14 ">7R 1945 Dec 11 124 01 26,08 90,60 7,33 34,80 160 ii ISO 7? 14 065 105 9?l in ?4 719 8,950 14 on 1947 Dec 315 116,28 38,05 69,22 9,00 37,50 155,37 144,10 12,79 24 1,34 94,36 35,36 6 10,059 14,181 1966 Dec 31 322,66 217,72 56,16 48,77 69,11 403,36 352,28 19,77 96 4,99 167,75 158,80 4,85932,054 13,767 1967 Dec 30 359 90 235 95 62 47 61,47 77 92 451 01 195 no ?l 88 1 31 5,?1 184 06 18? 51 S 77 14,184 11711 1968 Dec 31 401 26 265,25 64,46 71,53 83 75 son65 414 0? 74 74 1 21 5 01 199,9n ?01 15 8 899 17,00 11 679 1969—Mar. 26 394,90 264,97 58,51 71,42 72,09 481 870401 67 19 91 99 4 75 176 160?0? 16 14 16017 160 11 677 Apr. 30 400,75 270,47 57,98 72,30 81,11 49R ?no417 on 7,1 71 96 8 95 184 ?90 701 57 15,780 18 000 11 669 May 28 399,92 272,72 55,38 71,82076,70 493,250 408,52 20,99 95 6,53 178,200201,85 17,490 38,090 13,668 June 306 410 27 283,850 54,04 72,38 88 20 516 7524? 5 16 75 18 88 5 61 191 787 199 86 14 740 18 8? 11 671 July 30 409 20 283,240 54,70 71,26074 370501 650404 040 71 06 860 5 49 180 760 196 17 19450 18 480 11 68'' Aug. 27 405 86 280,680 54,33 70,85076,200499 7S0401 77071 41 870 4 860 179 840 194 79 71 770 18 660 11 681 Sept. 24 408 67 284,300 53,20 71,17075,910 501 590404 16071 76 810 7 610 180 550 191 910 7,1 610 18 860 11 681 Oct. 29P. .. . 408 47 283,970 54,31070,19076,960 504 180406 060?.?, 190 880 6 160 181 810 191 070 21 240 19 110 11 681 Nov. 26P 411,58 286,230 54,85 70,50082,340512,970 411,80023,19 680 6,560 189,400 191,970 21.960 39,450 13684 Dec 31 P 418 81 293,630 54 57 70,610 89 8805">7710 411 15077,?1 670 4 960?07 80019? 690 1780019 850 11 66^ 1970—Jan. 28P 408 44 285,970 52,50 69,97077,280504 080404 79071 57 660 6 7,70185 14n190 450 22.620 19 860 11 66? Feb. 25 P 406 46 285,320 50,95 70,19078,750504 070 404 ?7< 7.2 76 660 7 120 18? 140191 89' 22,621 40 070 11 665 Mar 25P 409 92 286 830 51 07 72,02076 230505 670405 85071,Rin 610 6,080 18?,170 195,0107? 84( 40,700 11 665 Members of F.R. System : 1941—Dec. 31 43 52 18,02 19,539 5,96 23,123 68 PI 61 717 10 18 140 1709 17 116 1? 147 5 886 6 619 1945_Dec. 31 ... . 107 18 22,775 78,338 6,07029,845 11R 104 179 670 11 576 64?? 179 69 640 ?4 710 201 7 589 6 884 1947—Dec. 31 97 84 32,628 57 914 7,304 32 84511? 060 17? 578 1? 151 50 1 176 80 609 ?8 140 5' 8 464 fi911 1966—Dec. 31 263 68 182,802 41,92438,96060 738114 559 791 061 18 788 794 4 41? 118 718 178 811 4 618?6 778 6 isn 1967—Dec. 30 293 12 196,849 46,95649,31568 946171 5R4176 01170 81 1,169 4 61 151 980 147 44? 5 170?8 098 6 n7i 1968—Dec. 31 325,08 220,285 47,88 56,92073,756412,541 355,41423,519 1,06 4,309 163,920 162 605 8 458 30060 5 978 1969 Mar 26 318 74 219,595 42 70956,43863 749196 209 1?7 68 18 950 842 1 174 141 989 IrtO 510 11616 in 14? 5 96? Apr. 30 322 92 223,609 42,37256,93972 3984n9 340119 06? ?0 760 796 7 98 I 50719 159 106 4 88f 10 699 5 955 May 28 321,19 224,696 40,17756,32468,479403,971 330,433 20,054 790 5 405 145 261 158 923 6 467 30 752 5944 June 306 329,70 233,960 39,38256,36478,615424 ,278 344 466 24 097 722 4 874 158 287 156 485 3 999 317 5 936 July 30 328,56 233,196 39,96255,40266,159410,401 324 993 20 079 699 4 562 146 373 153 280 8 145 090 5 925 Aug. 27 325 41 230,654 39 75455 00567 8434 OR644 V\ 061 70 411 707 4 046 146 119 51 718 9 975 714 5 919 Sept. 24 327 61 233,744 38 64355,22467 504411 501 I'M 780?0 ?14 683 6 57r 146 468 50 819 ,0 177 174 5 9in Oct. 29 327 28 233,260 39 72554,30368 5964P 1101?6 768 11 18? 721 5 418 149 4?4 50 oni 9 89- 694 5 901 Nov. 26 330,00 235,055 40,27654,671 73,107419 571 331 350 22 138 522 5 666 153 874 49 150 0 614 793 5 893 Dec. 31 336 392241,594 40 01854,76079 31341? 110 149 997 75 898 514 4 078 169 781 49 776 6 957 7 no 5 R7I 1970—Jan. 28 327 368234,860 38 32854 18068 449411 828 ">4605 ?0 560 497 5 4?0 ISO 161 47 765 1 761 ? 078 '5 R51 Feb. 25. 325 777234,213 37110 54,45469 8064P 016 •>493771 144 496 6 4?9 147 91? 48 816 1 7,18 ? 74? 5 RSO Mar. 25 P 328 514235,108 37*33456,07267 588411 099 •>5987?0 845 454 5 099 148 ?49 SI 140 1 58? ? 119 5 R50 Reserve city member: New York City:7 1941 Dec 31 12 896 4,072 7 265 1 559 6 637 19 862 17011 <\202 6 866 P 051 807 1648 36 1945—Dec 31 26,143 7,334 17,574 1,235 6,439 32 887 30 I2l 4 640 17 6 940 17 287 1 236 195 2 120 37 1947_Dcc. 31 20 393 7,179 11 9721,242 7 261 ">7982 ?S ->I6 4 451 12 767 19040 445 10 ? ?59 17 1966—Dec. 31 46 536 35,941 4 920 5,674 4,869 64 4"M 51 817 6 170 467 I 016 76 515 17449 1874 5 798 1? 1967—Dec. 30 52 141 39,059 6 027 7,055 8 797 74 609 60 407 7 238 741 084 11 18? in 06"> 1 880 5 715 P 1968—Dec. 31 . . 57 047 42,968 5 984 8,094 9 948 Rl 364 61 900 8 964 622 888 11 151 ?o 076 2 711 6 117 P 1969 Mar 26 53 942 41,875 4 574 7 493 8 680 76 776 55 046 7 SRf? 442 156 ->R746 17914 4 010 6 IS1 1? Apr. 30 . . 55 607 43,237 4 616 7,754 2 610 R">195 59 841 8 788 419 ? 080 11 511 17041 4 ?67 6 740 1? May 28 54,847 43,174 4,099 7,574 0,784 80 195 56, 188 8,825 414 826 29,577 16,546 4,921 6,217 12 June 30* 57 885 46,232 4 445 7,208 6 223 R9 283 61 514 1?11 405 981 14 451 is 460 1 671 fi,781 P July 30 57 645 45,922 4 893 6,830 9 776 R? 1?7 54 066 8 519 369 8?l 19 71? 14 6?5 5 011 6 741 1? Aug. 27 . 56 571 44,914 4 904 6,753 0 574 81 955 54 518 8 781 373 7?? 10 490 14 170 5 459 6 ?75 P Sept. 24 . . 57 278 45,807 4 534 6,937 9 165 Rl'486 54 ?71 8 146 331 1 798 10 ?86 14 01? 5 477 6 ?56 1? Oct. 29 .... 56 905 45,787 4 722 6,396 1 818 81 R04 56 71? 9 071 337 1 178 11 SSI 14 4?1 5 619 6 ?81 1? Nov. 26 58 509 46,249 5 487 6,773 I 845 R5405 57 911 9 540 248 1 508 11 909 14 776 5,420 6 118 1? Dec 31 60,337 48,269 5,047 7,021 2,426 88,205 62,464 0,431 237 694 36,145 14,957 4,388 6,377 12 1970—Jan. 28 57 069 45,722 4 794 6,553 0 535 R1 671 56 ">40 8 697 236 I 140 31 710 14 417 4 910 fi,?48 1? Feb 25 56^568 45,523 4'319 6,726 1,808 83;599 57,251 9,393 216 1,484 31,497 14,661 5,068 6,304 12 Mar. 25 .. 57,225 45,505 4,408 7,312 1,809 84,348 58,076 9,585 211 844 32,203 15,233 5,467 fi,272 1? For notes sec p. A-22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 20 COMMERCIAL BANKS n APRIL 1970 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and nvestments Deposits Total assets— Securities Total Interbank! Other Total >lum- Bor- Class of bank lia- capita ber and date Total Loans a C ss a e s t h s bi a li n t d ies Demand r in ow gs - co a u c n - ts ba o n f ks TotaP 1.2 U.S. capital Tr u e r a y s- Oth 2 er cou ac n - ts4 mand Time U.S. Other Time Govt. Reserve city member (cont.): City of Chicago: 7,« 1941 Dec 31 760 954 1430 176 1 566 4 161 4 057 1,035 ,419 476 288 13 1945—Dec. 31 91 1,333 4 ill 185 1,489 7,459 7,046 1,312 1 55? 1 46? 7(9 377 1? 1947_Dec. 31 5,088 1,80 1 890 197 1,739 6,866 6,402 1,217 7? 4 7,01 91' 426 14 1966—Dec. 31 II 8 756 545 I,50? 2,638 14 915 12,673 1,433 25 110 6 008 4 898 484 1,199 M 1967 Dec. 30 1?,744 9,223 1 574 ,947 2,947 16 ?96 13,985 1,434 21 767 6 ?50 6 011 181 1,346 10 1968 Dec. 31 14,?74 10,286 861 1 3,008 18,099 14,526 1,535 21 ?57 6 54? 6 171 68? 1,433 9 1969—Mar. 26 14 146 10,313 614 ?, 199 2,768 17,696 12,789 1,267 17 9? 5 775 5 618 1418 1,435 9 Apr. 30 14,004 10 218 1 592 1 194 2 835 17 615 13 201 1,170 17 615 5,901 5 49f 1,119 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 14 111 10,573 1 616 1 11? 2,716 17 869 13 035 1,368 25 ?74 6 19? 5 176 1 710 1,492 9 July 30 14 118 10,630 556 ? 05? 2,601 17 615 12 042 1,192 15 5 686 4 907 1 154 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 ,717 1,483 9 Sept. 24 14006 10 564 1471 1971 2 925 17 784 11 806 1,189 24 149 5,555 4 689 1,09? 1,493 9 Oct. 29 11 945 10 341 1 667 1 917 2 604 17 410 11 641 1,153 27 114 5 541 4 584 064 1,492 9 Nov. 26 14,077 10 331 1 685 1 006 2,942 17 874 11 958 1,330 21 750 5,866 4 491 I,985 1,500 9 Dec. 31 14,169 10,773 '565 ,011 2,855 17 988 13,317 1,732 27 175 6 769 4 614 1,790 1,516 9 1970—Jan. 28 11 684 10 376 151 1 957 2 858 17 ?87 12 024 1,205 32 116 5 901 4 548 1 781 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 Mar. 25 14,758 10 451 I 571 ? 716 2,701 17 12,002 1,232 41 ?,5S 5 76? 4 709 475 1 ,530 9 Other reserve city: 7. a 1941 Dec 31 15 347 7 105 g 467 1 776 8 518 410 22 313 4 356 104 491 P 557 4 806 1 967 351 1945_Dec. 31 40 108 8 514 79 551 1 041 11,286 51 898 49'085 6,418 30 8 ?4 655 9 760 2 2,566 159 1947_Dec. 31 16 040 13 449 196 1 196 13 066 49 659 46 467 5,627 22 405 ?8 990 II 1 2,844 151 1966—Dec. 31 .... 95 831 69,464 13,040 13,32624,228 123 863 108,804 8,593 233 1,633 49,00449 341 1952 9,471 169 1967—Dec. 30 . . 105,724 73,571 14,667 1748726,867 136 626 120,485 9,374 310 1,715 53,288 55 798 2,555 10,032 163 1968—Dec. 31 119,006 83,634 15,03620 33728,136 151 957 132,305 10,181 307 ,884 57 44962 484 4,239 10,684 161 1969—Mar. 26 116 P8 83,534 P 718 19 85623 0941419?8 120 639 7,885 281 1 118 49 75161 184 6 76110,878 161 Apr. 30 117 795 84,932 P 85710 006 25,890 148 544 124 498 8,062 249 1 457 51 71560 995 7 5?? 10,982 161 May 28 116 902 85,316 1] 982 19 604 24,557 146 119 121,240 7,882 248 2,219 50 04360 848 7 819 11,014 161 June 30' 119 789 88 582 11 635 9 571 27,265 51 817 125 157 9,028 159 -,,171 54 079 59 721 7 111 11,166 159 July 30 118 838 87,753 11716 1936924,037 148 510 118,489 8,108 204 1,735 50 33358 109 9 17311,194 159 Aug. 27 117449 86,509 11810 19 13024,644 147 680 116,983 8,224 204 1,633 49 74057 18210069 11,219 159 Sept. 24 117 698 87 577 11 11019Oil 25 301 148 716 117 685 8,329 217 ,961 49 66156 51110 11,271 159 Oc(. 29 M7 954 87 388 11794 18 77?23 979 47 71? 117 701 8,631 246 ,411 50 780 55 611 9 506 11,391 158 Nov 26 18 287 87,908 11583 8 79626,601 50 766 18,724 8,853 167 2,213 52 60354 88810 51811,381 158 Dec. 31 20 976 90,447 11958 8 57129,968 56 951 26,147 0,687 164 1,541 58 90054 855 9 58811,492 158 1970—Jan. 28 18 177 88 298 11 155 8 61424 714 48 856 15 408 8,327 143 7,150 50 6? 551 961 1 846 1 ,505 158 Feb. 25 17 165 87 839 in775 8 651 24 467 47 785 15 117 8,231 152 49 54 088 1 10411,549 15R Mar. 25 17 900 87 615 n 071 q 23 266 47 111 14 722 7,757 116 ',147 49 815 54 867 18011,607 158 Country member: 7.8 1941-—Dec. 31 1? 518 5 890 4 177 1 150 6 402 19 466 17 415 792 30 10 109 6 ?58 4 1,982 6 1945—Dec. 31 15 001 5,596 999 1 408 0,632 46 059 43 418 1,207 17 5 465 ?4 494 11 2,525 6 476 1947—Dec. 31 16 174 10,199 ?i 857 168 0,778 47 551 44 443 1,056 17 41? 178 4 560 2,934 6 519 1966—Dec. 31 09 518 68,641 n 419 8 458 9 004 11 118 17 749 2,392 69 474 56 67? 57 144 108 10,309 5 958 1967—Dec. 30 511 74 995 689 n 816 20 334 46 05? 31 156 2,766 96 564 61 16165 569 55? 11,005 5,886 1968—Dec. 31 14 759 83 397 24 998 16 16422 664 61 1?? 44 682 2,839 111 66 57871 871 804 11,807 5,796 1969—Mar. 26 14 516 83 873 11 761 890 9,207 57 809 39 211 2,210 102 588 59 71775 594 1 445 11,876 5,780 Apr. 30 15 514 85,222 71 10716 985 21,063 60 766 41,522 2,240 111 879 61 570 75 77? 1 780 12,017 5 771 May 28 35 802 86,210 22 62326 969 20,071 60 098 40,343 2,157 111 2,127 59 755 76 193 2 045 12,075 5,762 June 3O6 17 711 88 573 1| 686 7 451 22,410 64 799 43 739 2,515 86 448 61 56?76 179 1 787 12,376 5,756 July 30 17 819 88,891 797 7 151 9,745 61 9?9 40 396 2,260 111 764 60 6?? 75,619 i 607 2,200 5 745 Aug. 27 37,561 88,858 21 567 7,136 9,927 61,665 39,763 2,256 111 ,542 60 27975,575 2 680 2,257 5,739 Sept. 24 18,619 89 796 71 518 7 10520 113 61 495 41 016 2,370 111 966 60 96475,605 1 57? 2,354 5 710 Oct. 29 18 484 89 744 ?1 541 7 198 20 195 61 194 40 714 2,325 111 165 61 54875,165 684 12,530 5 7?? Nov. 26 19 184 90 567 7 096 21 719 65 576 42 737 2,415 86 695 61 49675,045 ? 691 2,594 5,714 Dec. 31 40 710 92 105 ?l 468 7 117 4 064 69 166 48 069 3,048 86 668 67,967 75, 100 1 691 2,725 5'69? 1970—Jan. 28 18 90 464 10 918 7 046 0 342 61 OP 40 933 2,331 86 594 6?, 10574,817 7 704 2,805 '5,674 Feb. 25 17 841 90 463 in' 6 941 0 492 61 686 40 364 2,340 86 680 60 781 5,477 769 2,867 '5 671 Mar. 25" 39,131 91,537 20;283 7,311 9,812 63,496 41,187 2,271 86 850 60 449 6,531 2'510 2,930 5,671 For notes see p. A-22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1970 a COMMERCIAL BANKS A 21 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and nvestments Deposits Total assets— Classification Securities Total Interbank 3 Other FRS a n m d e F m D be IC rship a C ss a e s t h s3 bi l l i i a ti es r B o o w r - c T ap ot it a a l l N b u e m r insurance Total Loans and Demand ings ac- of 1.2 T U re .S a . s- Other ca a p c i - tal TotaP m D a e n - d Time Time counts banks ury 2 counts * U.S. 1 Govt. Other Insured banks: 194'l_Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10, i54 1,762 41,298 15,699 10 6,844 13,426 1945_Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,383 22,740 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 ,325 92,975 34,882 61 9,734 13,398 1961—Dec. 30. . 213,904 124,348 66,026 23,531 56,086276,600247,176 17,737 333 5,934 141,050 82,122 462 22,089 13,108 1962—Dec. 28.. 234,243 139,449 65,891 28,903 53,702295,093260,609 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 50,337 310,730273,657 15,077 443 6,712 140,702 110,723 3,571 25,277 13,284 1964—Dec. 31.. 275,053 174,234 62,499 38,320 59,911 343,876305,113 17,664 733 6,487 154,043 126,185 2,580 27,377 13,486 1965—Dec. 31.. 303,593200,109 59,120 44,364 60,327 374,051 330,323 18,149 923 5,508 159,659 146,084 4,325 29,827 13,540 1966—Dec. 31.. 321,473217,379 55,788 48,307 68,515401,409351,438 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 77,348448,878 394,11821,598 1,258 5,219 182,984 183,060 5,531 33,916 13,510 1968—Dec. 31.. 399,566264,600 64,028 70,938 83,061 498,071432,719 24,427 1,155 5,000 198,535 203,602 8,675 36,530 13,481 1969—June 306. 408 620283,199 53,723 71,697 87,311 513,960423,95724,889 800 5,624 192,357 200,287 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,' 86 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,;!29 14,013 45,473 16224 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 19278 45 5,409 5,005 1961—Dec. 30.. 116402 67,309 36,088 13,006 31,078 150,809 135,511 10,359 104 3,315 76,292 45 441 225 11,875 4,513 1962—Dec. 28.. 127254 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.. 137447 84,845 33,384 19,218 28,635 170,233 150,823 8,863 146 3,691 76,836 61 288 ,704 13,548 4,615 1964—Dec. 31.. 151 406 96,688 33,405 21,312 34,064 190,289 169,615 10,521 211 3,604 84,534 70 746 1,109 15,048 4,773 1965—Dec. 31.. 176605118,537 32,347 25,720 36,880219,744 193,860 12,064 458 3,284 92,533 85 522 2,627 17,434 4,815 1966—Dec. 31.. 187 251 129,182 30,355 27,713 41,690235,996206,456 12,588 437 3,035 96,755 93 642 3,120 18,459 4,799 1967—Dec. 30.. 208 971 139,315 34,308 35,348 46,634263,375231,374 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 3,090 116,422 122 597 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 3,534 113,134 120 060 9,895 22,628 4,700 State member: 1941—Dec. 31.. 15950 6,295 7,500 2,155 8,145 24,688 22,259 3."39 621 13,874 4 025 1 2,246 ,502 1 1 9 9 4 4 7 5 — — D D e e c c . . 3 3 1 1 . . . . 3 3 7 2 8 5 7 6 1 6 1 8 1 , , 8 2 5 0 0 0 2 1 7 9 , , 0 2 8 4 9 0 2 1, , 9 1 3 2 3 5 1 9 0 , , 7 8 3 2 1 2 4 4 3 8 , , 8 0 7 8 9 4 4 40 4 , , 5 7 0 3 5 0 3 ,9 4 78 ,1111 15 8,1 3 6 8 6 1 2 2 4 7 , , 1 0 6 6 8 8 9 7 9 0 8 6 6 2 13 9 0 2 3 , , 9 0 4 5 5 5 1 1, , 9 8 1 6 8 7 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 11247 19,049 99,504 85,547 6,200 357 1,397 41,464 36 129 1498 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 14437 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 1025 2,668 8,708 7,702 129 53 4,162 3 360 6 959 6,810 1945—Dec. 31.. 14639 2,992 10,584 1063 4,448 19,256 18,119 244 1,560 10,635 5 680 7 1,083 6,416 1947—Dec. 31.. 16444 4,958 10,039 1448 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 17664 34 3,870 7,072 1963—Dec. 20.. 42 464 23,550 13,391 523 5,942 49,275 44,280 559 61 726 23,140 19793 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 14,137 581 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 11629 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 14020 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 a APRIL 1970 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and nvestments Deposits Total assets— F C R la S s s m ifi e c m at b io e n rs h b i y p Securities Cash T l o ia t - al Interbank3 Other Bor- c T a o p t it a a l l N b u e m r and FDIC assetsJ bilities row- ac- of insurance Total Loans and Total 3 Demand ings counts' banks 1,2 T U r . e S a . s- Other ca a p c i - tal m D a e n - d Time Time ury 2 counts 4 U.S. l Govt. Other Noninsured nonmember: 1941—Dec. 31.. 1,457 455 761 241 763 2,283 1,872 3:9 91 253 13 329 852 1945—Dec. 31.. 2,211 318 1,693 200 514 2,768 2,452 181 US05 365 4 279 714 1947_Dec. 313. 2,009 474 1,280 255 576 2,643 2,251 177 185 18 ,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 ,141 534 99 406 274 1965—Dec. 31.. 2,455 1,549 418 489 572 3,200 2,113 277 85 17 ,121 612 147 434 263 1966—Dec. 31. . 2,400 1,570 367 463 604 3,171 2,073 274 86 17 ,062 633 142 434 233 1967—Dec. 30.. 2,638 1,735 370 533 579 3,404 2,172 285 58 15 ,081 733 246 457 211 1968—Dec. 31.. 2,901 1,875 429 597 691 3,789 2,519 319 56 10 ,366 767 224 464 197 1969—June 306, 2,809 1,800 321 688 898 3,942 2,556 298 81 15 ,430 731 290 502 209 Total nonmember: 1941—Dec. 31.. 7,233 3,696 2,270 1,266 3,431 10,992 9,573 4:7 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 i: ,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 2;.,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 2: ,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 2: ,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 2(>,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 2S,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 3:.,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 3: ,981 40,827 441 6,945 7,70J 1969—June 30«. 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, * 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. ' 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 ' 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

APRIL 1970 o COMMERCIAL BANKS A 23 LOANS AND INVESTMENTS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Securities Securities Period Total i, 2 Loans',2 Total', 2 Loans 1,2 U.S. Other 2 U.S. Other 2 Govt. Oovt. 1960—Dec. 31 194.5 113.8 59.8 20.8 198.5 116.7 61.0 20.9 1961—Dec 30 209.6 120.4 65.3 23.9 214.4 123.9 66 6 23.9 1962 Dec 31 227.9 134.0 64.6 29.2 233.6 137.9 66.4 29.3 1963—Dec 31 246.2 149.6 61.7 35.0 252.4 153.9 63.4 35.1 1964—Dec 31 267.2 167.7 60.7 38.7 273.9 172.1 63.0 38.8 1965—Dec 31 294.4 192.6 57.1 44.8 301.8 197.4 59.5 44.9 I96fi 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 71.8 392.5 264.3 56.2 72.0 396.4 269.8 54.0 72.6 397.3 269.2 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. S 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 Mar. 25" 398.3 276.1 49.8 72.4 396.5 273.4 51.1 72.0 > Adjusted to exclude interbank loans. without valuation reserves deducted, rather than net of valuation reserves 2 Beginning June 9, 1966, about Sl.l 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 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 571 617 605 588 212 232 207 187 283 304 278 269 941 979 937 881 282 304 278 268 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. shown in the tables on the following pages: A-19, A-20, and A-26—A-30 A-24 and A-25 (IPC only for time deposits). (consumer instalment loans), and in the table at the top of this page. Details may not add to totals because of rounding. These changes resulted from a change in the Federal Reserve regulations. See June 1966 BULLETIN, p. 808. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 24 COMMERCIAL BANKS n APRIL 1970 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Othei loans Investments For To U.S. Treasury Total Fed- purchasing financial securities 6 Class of loans) eral Com- or carrying institutions Other, State bank and and funds mer- Asri- securities Real to and call date invest- sold, Total cial :ul- es- in- Other local Other ments etc. 2 , 4 and ur- To tate di- 5 govt. secuin- \\ 5 bro- \rid- Bills secu- rities5 d tr u ia s- l k a e n r d s ot T he o rs Banks Others ualsJ Total ce a r n t d ifi- Notes Bond rities deal- cates ers Total: 2 1947—Dec 31. . 116,284 38,057 18,167 1660 830 1 22C 115 9,393 5,723 947 69,221 9,982 6,034 53,205 5,276 3 729 1967—Dec.30.. 361,186 4,057233,18088,443 9,2706,215 3 780 1,902 12,535 58,52551,585 5,65962,473 n.a. n.a n.a 50,006 11,471 1968—Dec 31.. 402,477 6,747259,72798,357 9.7186,625 4,108 2,206 13,72965,137 58,337 6,72464,466 n.a. n.a n.a 58,570 12.967 1969—June 30'0411,429 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 1 1 9 9 4 4 7 5 — _D D e e c c.3 3 1 1 . . 1 1 1 2 4 1, , 8 2 0 7 9 4 2 3 5 7 , ,5 7 8 6 3 5 1 9 8 , , 4 0 6 1 1 2 1,3 6 1 1C 4 3( 8 1 2 6 3 1 3 1 6 1 0 9 6 0 1 4 1 9 4 9 4, ,2 6 6 7 6 7 5 2 , , 6 3 5 6 4 1 1,1 91 3 4 2 6 8 7 8 9 94 1 1 2 2 9 1, ,6 5 7 2 6 6 1 5 6 , , 9 0 1 4 8 5 5 5 2 1, ,3 3 4 4 7 2 3 5, , 8 1 7 2 3 93 3 ,6 2 2 5 1 8 1967—Dec. 30.. 358 536 3 919231,58387,870 9 2506,017 3 719 1 848 12 394 58 209 51,3955 60662 094 13,134 18,624 31,62349,737 11,204 1968—Dec.31.. 399,566 6 526258,07497,741 9 7006,409 4 063 2 145 13 62164 804 58,142 6,65564 028 n.a. n.a. n.a 58,288 12,650 1969—June 30'0408,620 7 067276,132 103,723 10,5345,180 4 168 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,t 53 19 539 971 3,007 15,561 3,0902,871 1945—Dec.31. . 107 183 22,775 8,949 855 3,133 3 378 47 3 455 ],900 1,05778 338 19,260 14,271 44,807 3,2542,815 1947—Dec SI. 97 846 32,628 16,962 1 046 811 1 065 113 7 130 4,662 839 57 914 7,803 4,81545,295 4 1993,105 1967—Dec. 30.. 294,098 3 438194,389 79,344 5 702 5,8203 099 1 754 11 58745 52840,454 5,19046 956 9,633 13,65724,61441,5207,795 1968—Dec.31.. 326,023 5 551215,671 87,819 5921 6,174 3 379 2 012 12 797 50,461 45,404 6,18947 881 n.a. n.a. n.a.48,4238,498 1969—June 3010330,587 5444229,39792,926 6 3484,996 3 473 2 386 12 820 5255647,457 6,43539 382 n.a. n.a. n.a. 48,6007,764 New York City: 1941—Dec.31. . 12 896 4,072 2,807 8 412 169 32 123 522 7 265 311 1,623 5,331 729 830 1945_Dec. 31. . 26 143 7,334 3 044 2,453 1 172 26 80 287 272 7 574 3,910 3,325 10,339 606 629 1947—Dec.31. . 20 393 7,179 5,361 545 267 93 111 564 238 972 1,642 558 9,772 638 604 , 1967—Dec.30.. 52,141 415 38,644 23,183 133,874 831 914 2 990 3 431 3,099 1,285 6 027 1,897 ,962 2,303 6,318 737 1968—Dec.31. . 57 047 747 42,222 25,258 173,803 903 1099 3 426 3 619 3 4851 694 5 984 n.a. n.a. n.a. 7 233 861 1969—June3010 57 885 992 45,240 26,469 133,410 887 218 3 819 4 041 3 706 1 676 4 445 n.a. n.a. n.a. 6 553 655 City of Chicago: 1941—Dec.31 . . 2 760 954 732 6 48 52 1 22 f5 1 430 256 153 j 022 182 193 1945—Dec.31 . . 5 931 1,333 760 2 211 233 36 51 40 4 213 1 600 749 864 181 204 1947_Dec. 31 . . 5 088 1,801 1,418 3 73 87 46 149 26 2 890 367 248 2,274 213 185 1967—Dec.30.. 12 744 266 8,958 5,714 46 459 220 162 951 675 754 241 1 574 427 344 853 1 487 459 1968—Dec.31 .. 14 274 312 9,974 6,118 49 535 253 205 I 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 44 366 264 179 1 144 790 888 338 1 616 n.a. n.a. n.a. 1 867 265 Other reserye city: 1941—Dec.31 . . 15 347 7,105 3.456 300 114 194 4 1 527 1 ;0(i 6 467 295 751 5 421 956 820 1945—Dec.31.. 40 (08 8,514 3,661 205 427 I 503 17 1 459 855 38729 552 8 016 5 653 5 883 1 126 916 1947—Dec.31.. 36 040 13,449 7,088 225 170 484 15 3 147 1 969 351 20 196 2 731 1 901 5 563 1 342 ,053 , , 1967—Dec.30.. 06 086 219 72,713 30,609 311 881 1 143 578 5,446 6 969 5 047 2 148 4 667 3 140 3 557 8 312 5 3762,110 1968—Dec.31.. 19 339 2 197 81,769 34,632 362 1,116 1 254 588 6 005 8 939 6 916 2 520 5 036 n.a. n.a. n.a. 8 1112,226 1969—June3010 20 082 1 997 86;879 37,120 1 512 760 1,360 885 5,816 9 417 7 3542 656 1,635 n.a. n.a. n.a. 7 621 ,951 Country: 1941—Dec.31.. 12 518 5,890 1,676 659 20 183 2 1 823 I,52i! 4,377 110 481 3 787 1 222 ,028 1945—Dec.31.. 35 002 5,596 1,484 648 42 471 4 1 881 707 35926 999 5 732 4 544 6 722 1 342 ,067 1947—Dec.31.. 36 324 10,199 3,096 818 23 227 5 3 827 1 979 224 22 857 3 063 2 108 7 687 2 006 ,262 1967—Dec.30.. 23 127 1538 74,074 19,839 4 332 607 906 too 2,200 24 45321 5541 516 4,689 4 168 7 793 3 147 8,3384,488 1968—Dec.31 .. 35,364 2 295 81,706 21,811 4 493 720 969 119 2,14727 16424 154 1694 4;998 n.a. n.a. n.a. 21,269 ,095 1969—June 3010 38,298 2 248 86,913 22,9844,779 460 963 104 2,041 28 30825 509 765 1,686 n.a. n.a. n.a. 22,559 4,893 Nonmember: 1947—Dec.31.. 18,454 5 432 1,205 614 20 156 2 2 266 1,061 109 1,318 2 179 1 219 7 920 1 078 625 1967—Dec.30.. 67,087 618 38 791 9,099 3,568 395 681 148 948 2 997 1 131 469 5,516 n.a. n.a. n.a. 8,486 ,676 1968—Dec.31.. 76,454 1,196 44 056 0,538 3,797 451 729 194 932 4 676 2 933 535 6,585 n.a. n.a. n.a. 0,147 4,469 1969—June 3010 80,841 1,783 48 376 1,476 4,204 310 739 201 925 5,863 4 083 574 4,662 n.a. n.a. n.a. 1,481 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." « 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

APRIL 1970 n COMMERCIAL BANKS A 25 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits Bal- Deb c C a a n l l a l k s d s a a o n te f d s B w F e R a r . i n v R e th - k e . s s r C c a e o n n u i d c r n - y b m a w a d n e n o i c s t k - e t h i s s c 7 ju p m s o a d a t d s e e n i - - d t d s s m D e I s n 0 t - t i e c r ' ba e n F i k o g r n - ' G U o S v . t. S g l a o o t n c a v d a t t e l . c C c h o a e f e e i e f t n e c f r 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 y 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:' 1947—Dec 31... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1967—Dec 30... 20,275 5,93 17,490 153,253 19,853 2,029 5,234 15,564 8,677 159,825 1,316 267 15,892 167,634 5,77734,384 1968—Dec 31... 21,230 7,195 18,910 167,145 22,501 2,245 5,010 16,876 9,684 173.341 1,211 36819,110 184,8928,89937,006 1969—June 3010. 19,801 6,258 17,591 152,995 22,929 2,258 5,639 16,930 12,717 164,141 882 35116,690 183,976 14,74038,823 All insured: 1941—Dec 31... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 IS,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 19688 1,909 5,219 15,471 8,608 158,905 1,258 26715,836 166 9565,531 33,916 1968—Dec.31.... 2!,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 30'°.. 19,801 6,229 16,778 151,340 22 755 2,134 5,624 16 819 12,378 163,160 800 35116,634 183 30214,45038,321 Member, tota : 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 ii 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 10,550 121,530 18,951 1,861 4,631 11,857 7,940 132,184 1,169 23512,856 135 3295,37028,098 1968—Dec.31.... 21,230 5,634 11,279 131,491 21 483 2,036 4,309 12 851 8,592 142,476 1 061 33015,668 5458,45830,060 1969—June 3010.. 19 801 4,828 10,370 118,038 22 026 2,072 4,874 12 916 11,513 133,857 722 30513,071 990 13,99931,317 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 ,105 6 940 237 1 338 15,712 17 10 20 206 195 2,120 1947—Dec.31.... 4 639 151 70 16,653 3 236 ,217 267 290 1 105 17,646 12 12 14 \ 418 30 2,259 1967—Dec.30 4 786 397 476 20,004 5 900 ,337 1 084 890 4 748 25,644 741 70 1,152 18840 1,880 5,715 1968—Dec.31.... 4 506 443 420 20,808 7 532 ,433 888 068 4 827 27,455 622 73 1,623 \l 3802,733 6,137 1969—June 3010.. 4 212 400 424 15,504 9 725 ,509 983 1 314 7 801 25,338 405 53 673 7353,671 6,283 City of Chicago : 1941—Dec. 31 1 021 43 298 2,215 027 g 127 233 34 2,152 476 288 1945—Dec.31 942 36 200 3,153 292 20 I 552 237 66 3,160 719 377 1947—Dec.31.... 1 070 30 175 3,737 196 21 72 285 63 3,853 2 9 902 426 1967—Dec.30 1 105 94 151 4,758 357 77 267 283 217 5,751 21 2 602 5 409 383 1,346 1968—Dec.31.... 1 164 98 281 5,183 445 89 257 245 207 6,090 21 2 624 5 545 682 1,433 1969—June 3010.. 652 78 134 4,428 298 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 8 221 763 611 22,281 30 38 160 9 563 2 2,566 1947—Dec.31.... 7 095 562 125 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 j 947 51,667 307 168 7,378 ii 2714,239 10,684 1969—June 3010.. 7 945 1 499 2 776 39,781 8 538 444 172 3 792 843 48,444 205 162 6,231 6217,311 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 '2, 224 11 2,525 1947—Dec.31.... 4,993 929 3 900 27,424 1,049 7 432 2 647 528 25,203 17 45 337 14 177 23 2,934 1967—Dec.30.... 5,767 2,704 7 117 56,812 2,709 57 1 564 7,142 1 395 52,624 96 83 5,272 60 830 552 1,005 1968—Dec.31.... 6,714 3,293 7 592 61,827 2,781 58 1 281 7,703 612 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 8521,787 12,376 Nonmember:3 1947—Dec. 31 544 3,947 13,595 385 55 167 ( 295 180 12,284 190 172 6i858 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 .. 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 3010.. 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. I960, and one through June 1962. Those banks are not included in all ' 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 i o Beginning June 30, 1969, reflects (1) inclusion of consolidated reDorts 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 ° APRIL 1970 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans Federal funds sold, etc.' Other To brokers For purchasing and dealers or carrying 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- Total mer- U.S. others Total and culcial Treas- Other indus- tural Pers. banks ury se- trial U.S. U.S. and se- curi- Treas- Other Treas- Other sales curi- ties ury sees. ury sees. finan. Other ties sees. sees. COS., etc. Large banks— Total 1969 3 Mar. 5. 231.476 167,748 74,204 1,95 760 3,884 102 2,802 5,55 5,136 12. 229,956 166,641 74,520 1,956 59. 3,532 105 2,78' 5,426 5,136 19. 230,626 167,607 75,074 1,961 644 3,449 139 2,790 5,416 5,175 26. 229,919 166,990 75,047 1,963 571 3,126 108 2,78' 5,304 5,053 1970 Feb. 4. 231,952 6,304 5,97: 145 97 168,493 78,154 1,983 458 3,266 2,399 5,893 5,779 II . 231,129 6,070 5,79: 100 13 167,776 78,315 1,984 397 2,938 89 2,393 632 18. 230,88' 6,460 6,288 73 71 167,523 78,361 1,994 40: 2,886 91 2,382 613 25. 230,972 6,128 5,825 121 107 167,796 78,215 1 ,996 673 3,108 91 2,37. 554 Mar. 4". 233,828 6,898 5,658 97 173 168,477 78,531 2,006 1,043 3,113 96 2,37' 5,663 5,512 11". 232,586 6,458 5,46: 731 234 167,529 78,541 1 ,997 817 3,140 94 2,364 5,210 5,463 18". 233,248 6.42. 6,016 207 154 168,268 79,274 2,005 429 3,213 98 2,372 5,373 5,452 25". 232,961 5,84. 5,435 237 106 168,339 78,853 2,007 594 3,542 100 2,365 5,407 5,454 New York City 19693 Mar. 5. 53,275 41,911 24,410 496 2,231 864 ,733 1,342 12. 52,310 41,240 24,576 49: 2,003 849 ,659 1,338 19. 52,602 41,471 24,582 511 2,037 845 ,642 1,348 26. 51,690 40,595 24,494 383 1,794 843 ,606 1,278 1970 Feb. 4. 54,247 2,41 2,35 10 41,695 25,481 347 2,070 755 ,994 ,678 II . 53,253 1,676 1,598 40 41,344 25,580 275 1,788 75 ,917 ,640 18. 53,363 2,236 2,188 20 41,180 25,518 323 1,769 752 ,869 ,628 25. 53,334 1,676 1,621 40 41,609 25,477 559 1,958 751 ,845 ,617 Mar. 4". 53,717 1,238 1,179 20 41,899 25,670 850 1,886 748 ,836 ,581 11". 53,945 I ,781 1,699 30 41,402 25,682 591 1,927 746 ,654 ,584 18". 54,229 1 ,864 1,816 35 41,590 25,950 268 1,963 749 ,696 ,569 25". 53,986 1 ,455 1,399 35 41,858 25,726 475 2,276 745 ,721 ,554 Outside New York City 19693 Mar. 5. 178,201 125,837 49,794 1,938 264 1,653 90 1 ,938 3,818 3,794 12. 177,646 125,401 49,944 1,940 102 ,529 93 1,935 3,767 3,798 19. 178,024 126,136 50,492 1,945 133 ,412 94 1,945 3,774 3,827 26. 178,229 126,395 50,553 1,948 188 ,332 94 1,938 3,698 3,775 1970 Feb. 4. . 177,705 3,892 3,620 135 87 50 126,798 52,673 1,968 111 ,196 80 1,644 3,899 4,101 II .. 177,876 4,394 4,194 60 122 18 126,432 52,735 1,970 122 ,150 82 1,641 3,818 3,992 18.. 177,521 4,224 4,100 53 61 10 126,343 52,843 1,981 79 ,117 83 1,630 3,702 3,985 25. . 177,638 4,452 4,204 81 107 60 126,187 52,738 1,983 114 ,150 83 1,623 3,667 3,937 Mar. 4". 180,111 5,660 4,479 952 163 66 126,578 52,861 1,994 193 ,227 84 1,629 3,827 3,931 11". 178,641 4,677 3,763 701 190 23 126,127 52,859 1,985 226 ,213 84 1,618 3,556 2,879 18". 179,019 4,560 4,200 172 144 44 126,678 53,324 1,993 161 ,250 86 1,623 3,677 3,883 25". 178,975 4,389 4,036 202 96 55 126,481 53,127 1,995 119 ,266 87 1,620 3,686 3,900 For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1970 a WEEKLY REPORTING BANKS A 27 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Loans (cont.) Investments Other (cont.) U.S. Treasury securities To commercial Notes and bonds banks maturing— Wednesday Con- Real sumer For- All Certifestate instal- eign other Total Bills icates Do- For- ment govts.2 Within 1 to After mes- eign 1 yr. 5 yrs. 5 yrs. tic Large banks— Total 19693 32,450 5,625 1 60S 18 708 994 13 973 25,484 2,656 4,900 12 284 5 644 , Mar 5 32 504 4 795 67 S 18 746 996 13 872 25,116 2,397 4 885 12 256 5 578 12 32,566 5,077 ,6*17 18,731 996 13 932 24,926 2,259 5,026 12 073 5,568 19 32,592 5,143 ,64? 18,774 1,033 13 853 24,812 2,219 5,127 11 966 5,500 26 1970 33,569 489 ,443 20 269 935 13 769 22,057 2 685 3 672 12 972 2 728 Feb 4 33,493 497 ,489 20,264 944 13 606 21,864 2 489 3,680 12 990 2,705 11 33,486 491 ,447 20,231 949 13 619 21,561 2 048 3 070 13 808 2 635 18 33,488 499 ,511 20,231 956 13,588 21,534 2,150 2,874 13,853 2,657 25 33,41 503 410 20,189 951 13 672 22,344 2 972 2 924 13 860 2 588 ., Mar 4" 33,402 453 ,460 20,194 948 13 446 22,120 2 808 2 915 13 826 2 571 llu 33 442 449 544 20 150 985 13 482 21 919 2 563 3 053 13 760 2 543 18" 33,451 486 dfil 20 180 965 13 474 21 872 2 525 3*157 13 691 2 499 25" New York City 1969 3 3,257 2,055 807 1 445 641 2 602 4,277 611 614 1 903 1 149 Mar 5 3,276 1,539 850 1,449 639 2 542 4,061 459 601 1 851 1 150 12 3,287 1,672 830 I 450 635 2 571 4 091 471 668 ]| 813 1 139 19 3,266 1,394 803 1 456 668 2 581 4 151 516 689 1 809 1 137 26 1970 3,300 269 771 1,655 573 2 780 4,284 974 512 2 363 435 Feb. 4 3,314 276 798 ,654 585 2 744 4,218 846 546 2 397 429 11 3,329 282 769 1 658 596 2 666 3 992 670 311 2 698 313 18 3,341 282 824 657 595 2 682 4 052 746 289 2 698 319 25 3,355 300 730 ,646 579 2 694 4 248 972 314 2 656 306 Mar 4'' 3,344 251 793 ,640 588 2 580 4,295 1 013 327 2*657 298 |]p 3,357 237 875 ,640 606 2 656 4,235 956 359 2*630 290 18i» 3,358 266 809 .644 580 2 679 4,151 840 391 2*636 284 25" Outside New York City 19693 29,193 3,570 798 17 263 353 11 371 21,207 2 045 4 286 10 381 4 495 Mar. 5 29,228 3,256 825 17,297 357 11 330 21,055 1,938 4 284 10 405 4 428 12 29,279 3,405 827 17,281 361 11 361 20,835 1 ,788 4 358 10 260 4 429 19 29,326 3,749 839 17,318 365 11 272 20,661 1 703 4 438 10 157 4 363 . .26 1970 30,269 220 672 18,614 362 10,989 17,773 1,711 3,160 10 609 2,293 Feb. 4 30,179 221 691 18,610 359 10 862 17,646 1 643 3 134 10 593 2 276 . . .11 30,157 209 678 18,573 353 10 953 17,569 1 378 2 759 11 *110 2 322 18 30,147 217 687 18,574 361 10 906 17,482 1,404 2 585 11 155 2 338 25 30,056 203 680 18,543 372 10,978 18,096 2,000 2,610 11 204 2,282 Mar. 4" 30,058 202 667 18,554 360 10,866 17,825 1,795 2,588 II 169 2,273 UP 30,085 212 669 18,510 379 10,826 17,684 1,607 2,694 11 130 2 253 18P 30,093 220 652 18,536 385 10,795 17,721 1,685 2,766 11,055 2,215 25" For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 28 WEEKLY REPORTING BANKS a APRIL 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 rants* other partici- other6 pation' Large banks— Total 19693 Mar. 5 38 244 4 852 29 164 1 183 2,845 29,072 16,627 2,665 4,622 11,326 295,788 12 .... 3? 199 4 802 29 205 371 2,821 28,193 16,520 2,911 4,402 11,179 293,161 19 38 093 4 805 29 103 359 2 826 28,209 16,516 2,904 4 628 i 1,180 294,063 26 38 117 4 875 29 046 349 2,847 26,271 16,686 2,974 4,305 11,196 291,351 1970 Feb. 4 ... 35 098 3 302 28 172 019 2,605 32,626 17,989 2,930 4,922 640 13,410 304,469 11 35 419 3 376 28 341 019 2,683 32,114 16,898 3,089 4,831 640 13,457 302,158 18 35 340 3 321 28,349 022 2,648 34,194 17,453 3,149 4,844 645 13,247 304,416 25 35 514 3,383 28 221 045 2,865 31,123 16,282 3,310 4,758 645 13,188 300,278 Mar. 4" 36 109 3 710 28 459 072 2,868 34,593 15,920 2,865 4,790 650 13,594 306,240 11» 36 479 3 889 28 461 081 3,048 32,535 15,206 3,094 4,479 653 13,582 302,135 18" 36 637 4 023 28 658 045 2,911 34,463 17,762 3,098 4,662 670 13,482 307,385 25» 36,906 4,089 28,644 105 3,071 29,246 16,838 3,189 4,381 671 13,629 300,915 New York City 19693 Mar 5 7 087 I 512 4 746 108 721 13 125 3,886 361 356 4,292 75 295 12 .. 7*009 1*459 4*744 99 707 13,312 4,221 370 350 4,242 74,805 19 7 040 1 558 4 686 98 698 13,258 3,933 362 375 4,225 74,755 26 6*944 1,511 4,631 104 698 12,830 4,690 364 293 4,149 74,016 1970 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 Mar. 4" 6 332 1 002 4 540 82 708 17 672 4,512 392 392 288 4,979 81 952 UP 6 467 996 4 609 91 771 17 584 3,802 406 382 288 4,956 81,363 18" 6'540 1 046 4 675 89 730 18,603 4,752 399 362 289 4,888 83,522 25P 6,522 1,079 4,597 93 753 16,141 4,512 392 298 290 4,905 80,524 Outside New York City 1969 3 Mar 5 31 157 3 340 24 418 1 275 2 124 15 947 12 741 2 304 4 266 7 034 220 493 12 31190 3 343 24 461 1 '272 2 114 14 881 12 299 2 541 4 052 6 937 218 356 19.... 31'053 3,247 24',417 1*261 2*128 14,951 12,583 2,542 4,253 6,955 219,308 26 31,173 3,364 24,415 1,245 2,149 13,441 11,996 2,610 4,012 7,047 217,335 1970 Feb. 4 29,242 2,516 23,806 928 1,992 16,190 13,357 2,529 4,468 359 8,573 223,181 11 29 404 2 525 23 896 918 2,065 14,962 12,560 2,691 4,281 359 8,507 221,236 18 29 385 2 517 23 876 929 2 063 16 034 12 614 2,746 4,445 358 8,301 222,019 25 29 517 2 539 23 823 963 2,192 15,290 11,616 2,891 4,360 358 8,365 220,518 Mar. 4" 29,777 2,708 23,919 990 2,160 16,921 11,408 2,473 4,398 362 8,615 224,288 UP 30,012 2,893 23,852 990 2,277 14,951 11,404 2,688 4,097 365 8,626 220,772 18P 30 097 2 977 23 983 956 2,181 15,860 13,010 2,699 4,300 381 8,594 223,863 25P 30,384 3,010 24,047 1,009 2,318 13,105 12,326 2,797 4,083 381 8,724 220,391 For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1970 a WEEKLY REPORTING BANKS A 29 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Deposits Demand Time and savings > Domestic interbank Foreign IPC States States Wednesday and Certi- and Dopolit- fied polit- mes- For- Total IPC ical U.S. and Total ical tic eign sub- Govt. Com- Mutua 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 P7 ,748 90,577 6,307 3,284 16,486 686 703 1,894 7,811 108 978 48 44? 41 997 10,925 564 4,549 Mar 5 1?5 ,178 91 7?7 5,848 1,671 15,409 652 669 1,884 7,31f 108,88' 48.513 41 907 10,867 562 4,539 1? P6 OR? 90,??1 5,750 4,352 15,439 660 687 1,80! 7,16: 108 14: 48 61' 41 484 10,691 538 4,509 19 1?1,1">6 89,747 6,252 2,328 15,239 619 651 1,817 6,673 108 410 48 669 41 468 10,713 544 4,522 ">6 1970 us ,1^8 9?,0?? 6,729 5,088 17,645 690 709 2,200 10,245 94 891 45 750 15 597 6.644 280 6,355 Feb 4 n?,?85 90 ?89 6,513 4,095 17,492 640 736 2,238 10,282 95 117 45 681 15,61? 6,619 279 6,660 11 114 659 90,40? 6 216 5,581 17,544 653 826 2,137 11,300 95 ,151 45,656 15,61? 6,651 279 6.865 18 111 91 90,114 6 323 5,473 16,995 611 753 2,272 9,150 95 ,6?0 45,611 15,648 6,759 276 7,052 ">5 116 145 91,591 6 512 5,365 18,558 610 837 2,191 10,479 95 891 45,690 15,667 6,910 274 7,099 . Mar i\p 111,896 91,011 5,966 2,961 17,907 571 713 2,180 10,585 96 768 45 800 15,761 6,994 283 7,174 11" 115 911 90 5 983 5 509 18,570 558 760 2,850 11,439 96 71? 45,945 15,816 7 113 264 7 349 1ft'' 110 760 89 114 6 358 4,018 16,643 489 788 2,370 10,870 97 151 45 ,995 16,710 7,229 275 7,415 •75P New York City 19693 17 161 ">?074 572 928 5,819 390 552 1 ,353 5,523 16 949 4 6?7 8 118 832 330 2,825 Mar 5 16 004 7? ?81 459 158 5,626 369 516 1 ,317 5,278 16 978 4 619 8 071 848 330 2 823 P 16 570 ?? 0?i 497 1 077 5,644 385 541 1,250 5,154 16 577 4 65? 7 798 784 308 2,826 19 IS 547 ?! 986 523 347 5,871 363 501 I ,274 4,682 16 579 4 660 7 785 777 307 2,841 ^6 1970 4? 418 ?? 851 685 1 486 6,921 413 541 1 ,584 7,957 11 197 4 160 4 710 109 154 4 226 Feb 4 41 845 7? PI 617 987 7,393 375 560 1 ,592 8,198 11 166 4 160 4 176 117 152 4,446 11 41 091 ?? 040 553 1,348 7,374 376 665 1,482 9,253 11 445 4 16? 4 167 121 151 4,530 18 41 103 22 058 557 1,435 7,348 360 600 1,601 7,144 13552 4,356 4 126 122 151 4,691 25 4? S^S ?? 574 648 1 154 7,721 340 680 1,538 8,170 11 597 4 155 4 156 129 150 4 701 •IP 4? 018 ?? 095 571 642 7,861 320 545 1 ,522 8,482 11 7?0 4 170 4 ?06 130 157 4,752 If 41 910 ?l 078 554 1,458 8,421 310 602 2,193 9,354 11 851 4 18R 4 ?06 132 140 4,880 1R» 41 4Sf ?l 11? 540 821 7,515 256 632 1,734 8,821 14 075 4 191 4 155 135 147 4,942 15P Outside New York City 19693 90 5R7 68 551 5 735 2 356 10,667 296 151 541 2,288 9? 0?9 41 815 15 R79 10 093 234 1 724 Mar 5 89 174 69 446 5,389 1 ,513 9,783 283 153 567 2,040 91 955 41 874 15 814 10 019 232 1 ,716 P 89 512 68 201 5,253 3,275 9,795 275 146 558 2,009 91 770 43 985 35 686 9,907 230 1,683 19 87 779 67 761 5,729 1,981 9,368 256 150 543 1,991 91 831 44 009 35 683 9,936 237 1,681 26 1970 9? 890 69 171 6,044 3,602 10.724 277 168 616 2,288 81 696 41 190 11 167 6,535 126 2,129 Feb 4 90, 440 68 166 5 C96 3 108 10,099 265 176 646 2,084 81 751 41 1?1 11 416 6,502 127 2,214 || 91, 568 68,16? 5,663 4,233 10,170 277 161 655 2,047 81 906 41 ?94 11 465 6,530 128 2,335 18 90, 808 68,?76 5,766 4,038 9,647 251 153 671 2,006 8? 068 41 777 11 5?? 6,637 125 2,361 ?5 91 T>0 69 019 5 864 4 211 10 837 270 157 653 2 309 a??96 41 115 11 511 6 781 124 2 398 Mar <1» 89,858 68 918 5 395 2 319 10,046 251 168 658 2,103 8? 548 41 410 11 557 6 864 126 2 422 11" 91 991 69 •>14 5 429 4 051 10,149 248 158 657 2,085 8?,R8I 41 557 11 610 6 981 124 2 469 IS" 89,309 68,092 5,818 3,197 9,128 233 156 636 2,049 83,276 41 604 31,855 7,094 128 2,473 25 v For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 30 WEEKLY REPORTING BANKS a APRIL 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 deposits" 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.? ad- (gross) ad- Issued Issued their justed9 ad- justed i o Total to to foreign justed' IPC's others branches Large banks—Total 1969J Mar. 5 538 12,772 20,024 3,498 22,230 162,123 225,851 78,906 19,571 12,306 7,265 9,113 12 557 12,250 20,571 3,500 22,222 161,846 225,161 79,905 19,379 12,127 7,252 9,382 19 630 12 399 20 944 3,500 22 161 162,530 225,549 78,082 18,795 11,655 7,140 9,720 26 701 12,296 20,936 3,497 22,185 161,847 224,776 79,488 18,770 11,640 7,130 9,621 1970 Feb. 4 16,864 926 2,857 25,963 4,032 82 23,524 168,336 225,491 79,969 10,298 4,877 5,421 13,771 11 17 804 807 2 860 25 680 4 031 82 23 492 167,557 224,840 78,584 10,496 4,870 5,626 13,604 18 18,005 469 2,839 25,522 4,031 82 23,458 167,204 224,105 77,340 10,635 4,887 5,748 13,340 25 16,606 522 2 812 25 247 4,033 81 23 446 167,600 224,648 78,320 10,864 4,882 5,982 13,403 Mar. 4" 17 866 237 2 859 25 513 4 037 80 23 610 169,214 227,667 77,629 11,011 4,894 6,117 12,673 UP 17 980 346 2 815 25 104 4 033 79 23 614 168,072 226,671 78,493 11,170 4,933 6,237 12,922 18P 18,433 456 2 726 25 513 4,036 78 23,500 168.227 226,783 77,369 11,352 4,954 6,398 12,848 25P 16,577 1 334 2 586 24 700 4,033 78 23,496 168,262 227,040 80,853 11,820 5,330 6,490 12,312 New York City 19693 Mar. 5 95 3 458 10 642 1 048 5 942 39,856 51,220 17,289 4,802 3,093 1,709 6,492 12 10 3 549 11 320 1,049 5 945 39,701 50,771 16,908 4,745 3,020 1,725 6,801 19 135 3 145 11 357 1 048 5 923 39,799 50,930 16,591 4,444 2,748 1,696 7,061 26 3 497 11 455 1 045 5 893 39,201 50,296 16,499 4 417 2,720 1,697 7,162 1970 Feb. 4 4,028 239 341 13 774 1,201 6 069 41,486 51,626 17,595 2,401 529 1,872 9,063 U 4 650 339 13 460 1 201 6 060 41,146 51,379 16,313 2,523 540 1,983 8,736 18 4,817 89 336 13 357 1 202 6 059 40,946 50,893 16,209 2,607 538 2,069 8,637 25 4,231 341 13 283 t ,204 6,045 41,382 51,431 16,487 2,690 532 2,158 8,645 Mar. 4P 4 808 323 13 097 1 203 6 098 41,658 52,238 16,278 2,661 527 2,134 8,328 UP 4,669 324 13 307 1 203 6 101 41,233 51,995 15,951 2,732 545 2,187 8,524 lgp 4 973 60 324 13 154 1 202 6 038 41 401 52 176 15,438 2 796 552 2,244 8,446 25P 4 469 115 315 12*883 1 203 6 013 41,648 52 321 16,974 3 004 728 2,276 8,124 Outside New York City 19693 Mar. 5 443 9 314 9 382 2 450 16 288 122,267 174 631 61,617 14 769 9,213 5,556 2,621 12 547 8*701 9 251 2 451 16 277 122.145 174 390 62,997 14 634 9,107 5,527 2,581 19 495 9 254 9 587 2 452 16 238 122,731 174,619 61,491 14,351 8,907 5,444 2,659 26 701 8 799 9 481 2 4S2 16 292 122 646 174 480 62 989 14 353 8,920 5,433 2 459 1970 Feb. 4 12,836 687 2 516 12 189 2 831 81 17 455 126,850 173,865 62,374 7,897 4,348 3,549 4,708 11 13,154 807 2,521 12,220 2,830 81 17*432 126,411 173,461 62,271 7,973 4,330 3,643 4,868 18 13,188 380 2,503 12,165 2,829 81 17,399 126,258 173,212 61,131 8,028 4,349 3,679 4,703 25 12,375 522 2,471 11,964 2,829 80 17,401 126,218 173,217 61,833 8,174 4,350 3,824 4,758 Mar, 4" 13,058 237 2,536 12,416 2,834 79 17,512 127,556 175,429 61,351 8,350 4,367 3,983 4,345 UP 13,311 346 2,491 11,797 2,830 78 17,513 126,839 174,676 62,542 8,438 4,388 4,050 4,398 18P 13,460 396 2,402 12,359 2,834 78 17,462 126,826 174,607 61,931 8,556 4,402 4,154 4,402 25P 12,108 1,219 2,271 11,817 2,830 78 17,483 126,614 174,719 63,879 8,816 4,602 4,214 4,188 1 Includes securities'purchased under agreements to resell. 8 Includes minority interest in consolidated subsidaries. 2 Includes official institutions and so forth. » 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. I1 Certificates of deposit issued in denominations of $100,000 or more. 5 Federal agencies only. 6 Includes corporate stock. NOTE.—Figures for Feb. and Mar. 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

APRIL 1970 a BUSINESS LOANS OF BANKS A 31 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during Industry 1970 1970 1970 1969 1969 M 2 a 5 r. M 1 a 8 r. M 1 a 1 r. M 4 ar. F 2 e 5 b. Mar. Feb. Jan. I IV III h 2n al d f h 1 a s l t f Durable goods manufacturing: 2,016 2,020 2,037 1,999 2,015 1 -37 -33 -69 76 53 129 65 6,128 6,247 6,002 5,936 5,852 276 170 -244 202 329 280 609 708 Transportation equipment 2,789 2,845 2,755 2,758 2,735 54 78 25 157 400 139 539 173 Other fabricated metal products. .. 2,177 2,177 2,145 2,123 2,064 113 78 -17 174 -115 -59 -174 327 Other durable goods 2,558 2,531 2,478 2,442 2,413 145 27 -129 43 -13 92 79 253 Nondurable goods manufacturing: 2,848 2,890 2,867 2,893 2,877 -29 -89 -287 -405 666 43 709 -433 Textiles, apparel, and leather 2,515 2,484 2,449 2,435 2,405 110 138 -70 178 -471 98 -373 523 Petroleum refining 1,602 1,572 1 ,558 1,546 1,545 57 -58 -115 -116 -107 -243 -350 465 Chemicals and rubber 2,863 2,916 2,954 2,907 2,861 2 125 -109 18 197 -94 103 259 Other nondurable goods 2,112 2,107 2,066 2,069 2,072 40 51 -63 28 36 163 199 115 Mining, including crude petroleum and natural gas 4,398 4,397 4,399 4,391 4,436 -38 -148 -253 -439 -15 -54 -69 195 Trade: Commodity dealers 1,048 1,046 1,064 1,092 1,116 -68 -15 -59 -142 366 -132 234 -370 Other wholesale 3,537 3,480 3,429 3,420 3,393 144 8 -184 -32 48 -37 11 187 Retail 4,126 4 052 3 999 4,126 4 065 61 200 -315 -54 129 -255 -126 270 Transportation 5,589 5 576 5,555 5,559 5,566 23 -51 -119 -147 246 11 257 299 Communication 1,358 1 370 1,329 1,348 1,347 11 5 -197 -181 247 94 341 19 Other public utilities 2,786 2 950 2,995 3,111 3,128 -342 -247 -190 -779 452 295 747 -53 Construction 3,092 3,070 3,066 3,042 3,053 39 23 -112 -50 -144 -26 -170 394 Services, 6,976 6 882 6 863 6 840 6 852 124 80 -248 -44 408 -145 263 781 All other domestic loans 4 846 4 788 4 761 4 718 4 686 160 -5 -254 -99 365 142 507 689 552 545 539 566 509 43 -74 -125 -156 294 -111 183 -203 Foreign commercial and industrial 2 194 2 223 2 178 2 179 2 167 27 -31 -40 -44 — 24 -168 -192 -164 Total classified loans 68,110 68,168 67,488 67,500 67,157 953 228 -3,138 -1,957 3,370 86 3,456 4,499 Total commercial and industrial loans. 78,853 79,274 78,541 78,531 78,215 638 195 -3,471 -2,638 3,438 -361 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 1970 1969 1969 Industry Mar. Feb. Jan. Dec. Nov. Oct. Sept. Aug. July 2nd 25 25 28 31 26 29 24 27 30 I IV III II half Durable goods manufacturing: Primary metals 1,452 1,420 1,428 1,476 1 ,402 1,407 1,419 1,375 1,363 -24 57 67 -36 124 Machinery 2 800 2,748 2 686 2 749 2,566 2,507 2,556 2,509 2,555 51 193 82 45 275 Transportation equipment. 1,575 1,544 1 |554 1,501 1,389 1,305 1,245 1,195 1,130 74 256 148 -66 404 Other fabricated metal 759 754 757 761 796 770 769 780 799 2 — 8 -29 84 -37 1 162 1 ,141 1,145 1,169 1 ,097 1 ,087 1,110 1,062 1 ,052 7 59 42 20 101 Nondurable goods manufacturing: Food, liquor, and tobacco. 960 952 942 953 908 873 888 861 846 7 73 24 152 97 Textiles, apparel, and leather 726 721 708 713 707 686 696 669 655 13 24 46 25 70 Petroleum refining 1 255 1 ,234 1 ,310 1 ,356 1,310 1,282 1,477 1,465 1,455 -101 -121 -190 139 -311 Chemicals and rubber 1,805 1 ,896 1 ,832 1,829 1,674 1,701 1,718 1,742 1,775 -24 112 21 95 133 Other nondurable goods.. 1,146 1,120 1,133 1,151 1 ,123 1,071 1,066 1,058 1,055 J 85 15 26 100 Mining, including crude petroleum and natural gas. 3,709 3,757 3,916 4,090 4,044 4,079 4,119 4,030 4,089 -381 -29 -84 -67 -113 Trade: Commodity dealers.. 78 81 90 79 81 81 80 111 114 -1 -1 -34 4 -35 Other wholesale 696 693 686 706 668 691 672 663 679 -10 40 -4 -2 36 Retail... 1 206 1 ,236 1 ,232 1,229 1 ,215 1,182 1,162 1,148 1,163 -23 71 4 1 75 Transportation 4 331 4,291 4,343 4,414 4,146 4,115 4,107 4,061 4,042 -83 307 26 49 333 Communication 476 472 480 498 462 486 446 446 436 -22 52 6 3 58 Other public utilities 1 161 1,244 1,318 1,337 1,219 1,244 1,296 1,243 1,219 -176 42 146 -82 188 903 899 893 904 903 899 899 898 883 i 13 -2 16 11 Services 2 995 2,971 2,936 2,991 2,945 2,854 2,865 2,866 2,866 4 131 -10 __ | 121 All other domestic loans.... 1,206 1,195 1,214 1,241 1,204 1,206 1,184 1,108 1,106 -35 110 108 -1 218 Foreign commercial and industrial loans 1,647 1,627 1,645 1,642 1,690 1,692 1,701 1,739 1,791 5 -75 -135 12 -210 Total loans. .. 32,048 31,996 32,248 32,789 31,549 31,218 31,475 31,029 31,073 -741 1,391 247 416 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 LOAN SALES BY BANKS Q APRIL 1970 LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS (Amounts outstanding, in millions of dollars) To own subsidiaries, foreign branches, holding companies, To all others except bank> and other affiliates Date By typeof loan By type of loan Total Total Commercial and Commercial and industrial All other industrial All other 1969 Dec. 3 4,681 3 304 1 377 1,323 703 620 10 4,570 3 171 1 399 1,331 704 627 17 4,287 2,960 1,327 1,313 670 643 24 4,198 2 914 1,284 1,334 674 660 31 3,799 2 448 ,351 1,189 566 623 1970—Jan 7 4,630 3,233 ,397 1,386 696 690 14 5 225 3 729 496 1,401 689 712 21 5 517 3 978 ,539 1,445 711 734 28 5,832 4 282 ,550 1,458 721 736 Feb 4 5,904 4,266 ,637 1,495 741 754 11 6 019 4 429 590 1,502 736 766 18 6,282 4 687 595 1,520 756 764 25 6,402 4 795 ,607 1,543 761 782 Mar 4 6,484 4,849 ,635 1,550 753 797 11 6,450 4.904 ,546 1,562 760 802 18 6 479 4 915 564 1,525 753 772 25 6,682 5,148 ,534 1,527 745 782 NOTE.—Amounts sold under repurchase agreement are excluded. Figures include small amounts sold by banks other than large weekly reporting banks. RATES ON SHORT-TERM BUSINESS LOANS OF BANKS Size of loan (in thousands of dollars) Allsizes 1-9 10-99 100-499 500-999 1,000 and over Interest rate (per cent per annum) Feb. Nov. Feb. Nov. Feb. Nov. Feb. Nov. Feb. Nov. Feb. Nov. 1970 1969 1970 1969 1970 1960 1970 1969 1970 1969 1970 1969 Percentage distribution of dollar amount Less than 8.50 2.8 4 4 19.3 21 5 8.1 9 6 4.9 6 0 2.1 3.0 1.2 2.8 8 50 47.2 41.1 3.6 4.5 8.4 9.1 21.8 21.0 37.4 37.5 63.8 57.6 8 51 8.99 21.1 23.5 8.4 10.4 12.9 13.2 22.6 25.7 26.2 27.1 20.9 23.8 9 00 7.9 9.3 10.8 10.2 14.2 14.6 13.1 12.4 10.9 9.3 4.6 6.9 9 01-9 49 . .. 7.0 7.4 12.0 11.7 15.9 16.3 12.9 12.9 6.5 9.0 3.9 2.8 9.50 5.4 5.3 14.1 13.2 13.0 12.3 8.5 7.6 6.2 5.8 3.0 2.7 9.51 9.99 3.2 3.4 13.9 14.5 9.9 10.0 6.2 5.1 4.2 3.2 0.9 1.3 Over 10.00 5.4 5.7 17.9 13.8 17.5 14.9 10.2 9.5 6.4 4.9 1.8 2.3 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: 4,502.3 3,942.2 44.1 43.7 399.0 403.4 810.7 844.3 598.9 600.8 2,649.6 2,050.1 Number (thousands) 30.2 30.4 11.2 11.4 12.7 12.8 4.2 4.3 1.0 1.0 1.1 0.9 Center Weighted average rates (per cent per annum) 35 centers 8.86 8.83 9.17 9.05 9.26 9.20 9.04 9.00 8.87 8.84 8.67 8.66 New York City 8.65 8.66 9.31 9.22 9.12 9.13 8.89 8.83 8.72 8.74 8.57 8.58 7 Other Northeast 9.23 9.21 9.28 9.16 9.60 9.57 9.36 9.36 9.18 9.18 8.91 8.85 8 North Central 8.86 8.83 8.96 8.77 9.24 9.16 9.11 9.11 8.88 8.81 8.71 8.70 7 Southeast 8.67 8.58 8 82 8 69 8 80 8 73 8 65 8 55 8 54 8 60 8 63 8 45 8 Southwest 8.87 8.79 9.25 9.20 9.11 9.02 8.94 8.81 8.86 8.76 8.67 8.66 4 West Coast 8.84 8.81 9.61 9.45 9.32 9.22 8.96 8.95 8.98 8.76 8.66 8.67 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

APRIL 1970 a INTEREST RATES A 33 PRIME RATE CHARGED BY BANKS (Per cent per annum) In effect during— Rate Effective date Rate Effective date Rate Effective date Rate 1929 5V4-6 1947—Dec. i. .. 1% 1956—Apr. 13 33/4 1966—Mar. 10... 4 June 29... 1930 1948—Aug.'... 2 Aug. 21 Aug. 16... 1931 1967—Jan. 26-27 1 1 9 9 3 3 3 2 1950—Sept. 22 2>/4 1957—Aug. 6 N M o a v r . . 2 2 0 7 . . . . . . 1934— 1951— O Ja c n t . . 1 8 7 2 i V * 4 1958—Jan. 22 4 3Vi 1968—Apr. 19... /i 1947 (Nov.) 1V4 Dec. 19 Apr. 21 4 S N e o p v t . . 2 1 5 3 . .. . . . 6 - 6V* 1953—Apr. 27 31/4 1959— S M e a p y t. 1 1 1 8 4Vi D D e e c c . . 1 2 8 . . . . . . 614 6»/4 1954—Mar. 17 3 Sept. 1 1969—J M an ar . . 1 7 7 . . . . . . 7 1955—Aug. 4 38 June 9... m Oct. 14 1960—Aug. 23 1970—Mar. 25... 8'A 1965—Dec. 6 8 1 Date of change not available. MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable) * Finance Prime CO. Prime coml. paper bankers' Federal 3-monthbills 5 6-monthbills 5 9- to 12-month issues Period paper placed accept- funds 3- to 5- 4- to 6- directly, ances, rate! year months ' 3-toe- 90 days 1 Rate on Market Rate on Market Bills (mar- issues'' months2 new issue yield new issue yield ket yield)' Other' 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 Mar 6.82 6.33 6.66 6.79 6.080 6.01 6.223 6.16 6.19 6.22 6.33 7.04 6.38 6.86 7.41 6.150 6.11 6.168 6.13 6.03 6.11 6.15 7.35 6.54 7.38 8.67 6.077 6.03 6.149 6.15 6.10 6.26 6.33 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 SeDt . . 8.48 7.61 8.14 9.15 7.129 7.08 7.316 7.31 7.35 7.76 7.58 Oct 8 56 7.86 8 17 9.00 7.040 6.99 7.297 7.29 7.22 7.63 7.47 Nov 8.46 7.92 8.18 8.85 7.193 7.24 7.565 7.62 7.38 7.94 7.57 Dec 8.84 7.93 8 58 8.97 7.720 7.81 7.788 7.89 7.64 8.34 7.98 1970—Jan 8.78 "•8 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 Mar 8.33 7.68 7.60 7.76 6.710 6.63 6.598 6.59 6.52 6.88 7.20 Week ending— 1970--Jan 3 9.00 8.03 8.75 8.71 8.096 8.02 8.101 8.03 7.75 8.56 8.26 10. 9.08 8.11 8.75 8.45 7.960 7.91 7.991 7.93 7.58 8.36 8.21 17 8 75 8 13 8 68 8.96 7.837 7.82 7.784 7,64 7.47 8.11 8.10 24 8.70 8.16 8 63 9.30 7.789 7.83 7.663 7.70 7.43 8.13 8.04 31 8.55 8.19 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 Mar 7 8.50 7.94 7.95 8.32 6.868 6.89 6.773 6.80 6.64 6.95 7.24 14 8 50 7.89 7.80 7.71 6.876 6.76 6.729 6.68 6.55 6.91 7.15 21 8 35 7 61 7 53 7 82 6 836 6.71 6.707 6.60 6.57 6.96 7.30 28 8.03 7.41 7.19 7.45 6.262 6.16 6.183 6.26 6.32 6.70 7.08 1 Averages of daily offering rates of dealers. * Except for new bill issues, yields are averages computed from daily 2 Averages of daily rates, published by finance companies, for varying closing bid prices. 5 Bills quoted on bank discount rate basis. maturities in the 90-179 day range. 6 Certificates and selected note and bond issues. ' Seven-day average for week ending Wednesday. 7 Selected note and bond issues. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 34 INTEREST RATES a APRIL 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 States Total' (longterm) Indus- Rail- Public Pre- Com- Com- Total' Aaa Baa Aaa Baa trial road utility ferred mon mon 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 Mar 6.05 5.25 4.97 5.61 7.11 6.85 7.SI 7.02 7.16 7.23 6.09 3.17 5.66 5.84 5.24 5.00 5.57 7.17 6.89 7.54 7.07 7.25 7.26 6.14 3.11 5.85 5.39 5.19 5.63 7.10 6.79 7.52 6.69 7.27 7.15 6.20 3.02 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 6.02 5.98 5.74 6.28 7.37 6.97 7.86 7.29 7.57 7.40 6.44 3.37 SeDt 6.32 6.21 5.83 6.58 7.53 7.14 8.05 7.42 7.68 7.62 6,61 3.33 r6.49 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 7.04 3.68 Mar 6.39 6.08 5.81 6.40 8.18 7.84 8.63 7.98 8,33 8.34 6.97 3.60 Week ending— 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 7.02 3.73 14 6 48 6.51 6.26 6.85 8.31 7.97 8.79 8.14 8.39 8.51 7.01 3.71 21 6.30 6.48 6.24 6.80 8.28 7.93 8.79 8.11 8.37 8.48 7.13 3.67 28.... 6.25 6.23 6.00 6.50 8.23 7.83 8.73 8.04 8.37 8.39 7.01 3.59 Mar 7 6.28 6.13 5.85 6.43 8.16 7.79 8.62 7.98 8.34 8.30 6.95 3.56 14 ... 6.44 6.04 5.75 6.38 8.14 7.80 8.59 7.95 8.29 8.29 6.93 3.62 21 6.51 6.11 5.84 6.42 8.20 7.88 8.65 8.00 8.34 8.36 7.03 3.66 28 6.33 6.05 5.80 6.38 8.22 7.92 8.66 8.02 8.34 8.41 6.95 3.57 Number of issues * 8 20 5 5 108 18 30 38 30 40 14 500 500 1 Includes bonds rated Aa and A, data for which are not shown sep- Averages of daily figures for bonds maturing or callable in 10 years or arately. Because of a limited number of suitable issues, the number more. State and local govt. bonds: General obligations only, based on of corporate bonds in some groups has varied somewhat. As of Dec. Thurs. figures. Corporate bonds: Averages of daily figures. Both of these 23, 1967, Aaa-rated railroad bonds are no longer a component of the series are from Moody's Investors Service series. railroad average or the Aaa composite series. Stocks: Standard and Poor's corporate series. Dividend/price ratios are 1 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

APRIL 1970 n SECURITY MARKETS A 35 SECURITY PRICES Common stock prices Volume of Bond prices New York Stock Exchange trading in (per cent of par) stocks in Amer- thousands of Period Standard and Poor's index New York Stock Exchange index ican shares (1941-43=10) (Dec. 31, 1965 = 50) Stock Exchange U.S. total Govt. State Cor- Indus- Rail- Public Indus- Trans- Fi- index' (long- l a o n ca d l p A o A ra A te Total trial road utility Total trial p t o io rt n a- Utility nance NYSE AMEX term) 1967 76.55 100.5 81.8 91.93 99.18 46.72 68.10 50.77 51.97 53.51 45.43 49.82 19.67 10,143 4,508 1968 72.33 93.5 76.4 98.70 107.49 48.84 66.42 55.37 58.00 50.58 44.19 65.85 27.72 12,971 6,353 1969 64.49 79.0 68.5 97.84 106.30 45.95 62.64 54.67 57.45 46.96 42.80 70.49 28.73 11,403 5,001 1969—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 4,396 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—Jan 58.33 69, 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 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 Mar 62.04 75.6 62.8 88.65 96.95 37.33 59.04 49.46 51.33 36.85 40.77 67.37 25.15 10,141 3,122 Week ending— 1970—Mar. 7... 62.95 75.2 62.8 89.88 98.28 38.07 59.97 50.29 52.45 37.75 41.14 68.83 25.69 11,641 3,686 14... 61.63 76.2 62.8 88.43 96.67 37.57 59.04 49.39 51.45 37.07 40.76 66.84 25.30 9,422 3,080 21... 61.05 74.6 62.5 87.24 95.41 36.86 58.08 48.62 50.63 36.22 40.21 66.20 24.81 8,930 2.724 28... 62.50 76.4 63.0 88.67 97.03 36.88 58.77 49.34 51.38 36.35 40.81 67.38 24.78 11,259 3,290 1 Begins June 30, 1965, at 10.90. On that day the average price of a share cent, 20-year bond. Municipal and corporate bonds, derived from average of stock listed on the American Stock Exchange was $10.90. yields as computed by Standard and Poor's Corp., on basis of a 4 per cent, 20-year bond; Wed. closing prices. Common stocks, derived from com- NOTE.—-Annual data are averages of monthly figures. Monthly and ponent common stock prices. Volume of trading, average daily trading in weekly data are averages of daily figures unless otherwise noted and are stocks on the exchanges for a 5'/i-hour trading day; beginning Jan. 1969 a computed as follows: U.S. Govt. bonds, derived from average market 4- hour trading day; beginning July 7, 1969, a 4]^-hour trading day. yields in table at bottom of preceding page on basis of an assumed 3 per TERMS ON CONVENTIONAL FIRST MORTGAGES New homes Existing homes Period c C t ( r r e p a o a n e n t c t e r - t ) c F c h ( e e a p n e r e s t g r ) & e i s M (y a e t a u r r s it ) y L c p r ( e o p a r n a t e ic i t n r o 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 o a a n e n t c t r e - 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 it ) y L c r p ( e o p a r n a t e ic i t n r o 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 d a h L m o o l o u l o a a s u r . n n s o ) t f 1964 5.78 .57 24.8 74.1 23.7 17.3 5.92 .55 20.0 71.3 18.9 13.4 1965 5.74 .49 25.0 73.9 25.1 18.3 5.87 .55 21.8 72.7 21.6 15.6 1966 6.14 .71 24.7 73.0 26.6 19.2 6.30 .72 21.7 72.0 22.2 15.9 1967 6.33 .81 25.2 73.6 28.0 20.4 6.40 .76 22.5 72.7 24.1 17.4 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—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 8.16 1.08 25.0 69.3 36.1 25.1 8.13 .94 22.4 70.3 29.8 20.5 Feb.K 8.23 1.24 25.3 72.1 35.1 25.0 8.23 1.14 22.4 70.4 29.4 20.4 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 • APRIL 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/collatera value Cus- Net margin customers by— tomers' tomers' credit net net ex- Total End of period debit free tended Unre- adbal- credit by strict- Restricted justed Brokers Banks Total ances bal- brokers End of ed debt 1 2 ances period (millions 1969—Feb 5,750 2,810 8,560 9,148 3,647 5,501 TuJnnurcWr 20-29 30 pe -3 r 9 40 pe r 49 50 pe -5 r 9 6 c 0 e n p t er d o o f l- Mar 5,590 2,780 8,370 8,318 3,294 5,024 20 cent cent cent or more lars) 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 June 5,340 2,740 8,080 8,214 3,084 5,125 1969—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 4,490 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 4,498 July.. 1.0 29.4 19.0 13.8 6.6 30.1 10,100 Dec 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.' 4,690 2,430 7,120 6,683 2,626 4,057 Oct... 5.8 31.9 18.1 10.1 6.2 27.9 9,970 Feb." 4,620 2,390 7,010 6,572 2,463 4,109 Nov.. 3.2 31.3 18.1 11.0 6.8 29.7 9,910 Dec. 4.5 27.6 16.2 11.8 7.0 31.0 9,810 1 End of month data. Total amount of credit extended by member firms 1970—Jan.'. 1.7 28.6 13.9 11.8 8.2 35.9 9,340 of the New York Stock Exchange in margin accounts, estimated from Feb." 4.2 26.9 16.8 11.4 7.9 32.8 9,130 reports by a sample of 38 firms. 2 Figures are for last Wed. of month for large commercial banks reporting weekly and represent loans made to others than brokers or dealers 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 ToUl period d o o f l- 8 m 0 o r o e r 70-79 60-69 50-59 40-49 Un 4 d 0 er End of period c st r a e t d u i s t 60 per cent Less than ( b m a i l l a li n o c n e s lars)! or more 60 per cent of dollars) 1969—Feb... 5,750 20.5 28.2 22.6 9,0 5.4 14.1 1969 Feb 52.7 41.7 5.6 5,680 Mar.. 5,590 22.1 27.9 20.5 9.5 5.2 14.8 Mar 52.9 40.9 6.1 5,400 Apr.. 5,570 24.0 26.2 20.0 9.5 4.9 15.4 Apr 52.5 42.5 5.0 5,120 May. 5,670 23.0 26.4 19.0 9.7 5.2 16.8 May 52.2 42.3 5.5 5,020 June. 5,340 17.5 25.7 19.0 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 Aug.' 53.0 40.0 6.9 4,880 Sept.' 4,940 17.0 23.0 18.4 12.5 8.6 20.4 Sept 52.6 40.7 6.7 4,800 Oct... 5,040 20.4 22.5 18.8 11.8 8.4 18.0 Oct 52.8 40.8 6.4 4,780 Nov.. 5,070 16.9 23.5 17.8 12.2 8.9 20.6 Nov 54.8 37.8 7.3 4,670 Dec. 4,690 16.6 22.3 17.0 12.8 9.5 21.8 Dec 54.8 37.3 7.9 4,760 1970—Jan... 4,720 13.8 21.0 16.1 13.4 10.8 24.9 1970—Jan.' 53.0 38.2 8.7 4,630 Feb.. 4,620 15.7 21.1 16.3 13.3 H.I 22.5 Feb." 53.0 38.3 8.8 4,470 < 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

APRIL 1970 a 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 hrough Placed End of period dealers' directly^ Accepting banks F.R. Banks Total Im- Ex- Total Others ports ports All Bank Bank For- into from Other Other Other related rehtfed Total Own Bills Own eign United United bills bought acct. corr. States States 1964 8,361 n.a. 2,223 6,138 3,385 1.671 1.301 370 94 122 1,498 667 999 1,719 1965.. . 9 058 1 903 7 155 3 392 ,773 ,094 129 187 144 1,837 792 974 1 626 1966 13,279 n.a. 3,089 n.a. 10,190 3,603 ,198 983 215 193 191 2,022 997 829 1,778 1967 16 535 4 901 11 634 4,317 ,906 ,447 459 164 156 2,090 ,086 989 2 241 1968 20,497 n.a. 7,201 n.a. 13 >6 4,428 ,544 ,344 200 58 109 2,717 ,423 952 2,053 1969—Feb 22,865 n.a. 8,342 n.a. 14,523 4,420 ,473 ,263 210 91 99 2,757 ,449 859 2,112 Mar 23,681 n.a. 9,003 n.a. 14,678 4,464 ,452 ,185 266 94 122 3,787 ,460 872 2,133 24 390 10,076 14 314 4,510 ,47R ,223 255 142 125 2,765 ,523 875 2 112 May 25,305 9,931 15 374 4,668 ,3R7 ,179 208 76 183 3,022 ,591 910 2,166 26,004 602 9,557 640 15,205 4,880 ,413 ,183 231 41 159 3,186 673 9(57 2,240 July 28 346 889 9,463 980 17 014 4 991 388 ,123 264 40 162 3,402 ,779 ,006 2 206 AUE 29 476 990 10,360 1 220 16 906 5 145 ,190 ,108 282 62 159 3,535 ,791 ,084 2,271 Sept 29 564 954 10,917 1 542 16 151 5,232 ,351 ,044 308 37 159 3,685 ,880 ,063 2,289 Oct 31,791 1,069 10,998 2 573 17,151 5.256 ,335 ,058 277 41 149 3,730 .913 ,061 2,282 Nov.. . . 33,497 1,200 11,324 2,879 18,094 5,212 341 ,076 266 49 146 3,676 ,850 ,063 2,299 Dec 31,624 1,216 10,601 2,993 16,814 5,451 i ,'567 ,318 249 64 146 3,674 ,889 ,153 2,408 1970—Jan 34 264 1 266 10,772 4 164 18 062 5 288 1 .439 ,123 316 83 147 3,619 ,863 ,096 2,329 Feb 35,935 1,271 11,604 4,696 18,364 5,249 ,408 .110 298 56 152 3,632 .864 .054 2,331 • As reported by dealers; includes finance company paper as well as 1 As reported by finance companies that place their paper directly with other commercial paper sold in the open market. investors. MUTUAL SAVINGS BANKS (Amounts in millions of dollars) Loans Securities Total Mortgage loans assets— commitments J Total Genera! calssiflcd by maturity Cash Other liabili- Depos- Other reserve (in months) End of perioc State Corpo- assets ties its* liabili- ac- Mort- Other U.S. and rate and ties counts gage Govt. local and general govt. other' reserve accts. 3 or 3-6 6-9 Over Total less 9 1960 26 702 416 6 243 672 5,076 874 589 40,571 36,343 678 3,550 n.a. na. 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 5J099 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 I ,017 Q44 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 ,024 60,982 55,006 ,114 4,863 n.a. n.a. n.a. 2,010 1967 50 311 [ 203 4 319 219 8 183 993 ,138 66,365 60,121 ,260 4,984 742 982 799 2,523 1968. 53,286 1,407 3,834 194 10,180 996 ,256 71 ,152 64,507 ,372 5,273 811 1 ,034 1 ,166 3,011 1969 55,781 1,824 3,296 200 10,824 912 ,307 74,144 67,026 ,588 5,530 584 485 452 946 2,467 1969—Feb.... 53,807 1,559 3,989 190 10,429 888 ,269 72,132 65,087 ,692 5,353 711 , 65 ,210 3,085 Mar... 54,005 1,562 3,990 194 10,649 900 ,293 72,593 65,759 ,476 5,359 778 ,266 ,171 3,214 Apr.... 54,209 1,519 3,900 199 10,721 792 ,270 72,610 65,575 ,663 5,372 796 ,270 ,241 3,308 May... 54,442 1,713 3,821 197 10,800 897 ,288 73,159 65,888 ,843 5,428 818 ,237 ,255 3,310 June... 54,672 1,633 3,618 192 11,029 865 ,306 73,316 66,243 ,664 5,409 843 ,190 ,216 3,249 July.. . 54,887 ,539 3,634 201 10,982 845 ,303 73,392 66,091 ,863 5,438 787 ,202 ,170 3,158 Aug.... 55,068 ,717 3,613 201 10,983 846 ,297 73,724 66,193 2,038 5,492 728 ,157 ,153 3,039 Sept.. . 55,188 ,732 3,536 190 10,990 833 ,327 73,796 66,519 ,796 5,481 756 ,097 ,037 2,890 Oct 55,346 ,725 3,359 191 10,885 791 ,339 73,638 66,344 ,785 5,509 721 486 466 ,135 2,808 Nov.. . 55,497 ,867 3,321 196 10,863 820 ,343 73,914 66,505 ,853 5,556 677 463 483 ,082 2,705 Dec 55,822 ,839 3,282 193 10,845 919 ,307 74,206 67,086 ,585 5,535 584 485 452 946 2,467 1970—Jan.... 55,860 ,861 3,276 204 0,894 780 ,360 74,235 66,997 ,708 5,531 576 454 516 912 2,457 Feb.... 55,966 2,122 3,244 190 1 ,000 884 ,349 74,755 67,255 ,918 5,582 549 458 496 882 2,385 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 arc shown net of valuation reserves. Figures for Jan. and loans beginning with Aug. 1967. June 1968 include one savings and loan that converted to a mutual savings bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 38 SAVINGS INSTITUTIONS a APRIL 1970 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities Total Mort- Real Policy Other End of period assets Total United State andForeign' Total Bonds Stocks gages estate loans assets States local Statement value: 1961 126,816 11,896 6,134 3,888 1,874 55,294 49,036 6,258 44,203 4,007 5,733 5,683 1962 133,291 12,448 6,170 4,026 2,252 57,576 51,274 6,302 46,902 4,107 6,234 6,024 1963 141,121 12,438 5,813 3,852 2,773 60,780 53,645 7,135 50,544 4,319 6,655 6,385 1964 149,470 12,322 5,594 3,774 2,954 63,579 55,641 7,938 55,152 4,528 7,140 6,749 1965 158,884 11,679 5,119 3,530 3,030 67,599 58,473 9,126 60,013 4,681 7,678 7 234 1966 167,022 10,837 4,823 3,114 2,900 69,816 61,061 8,755 64,609 4,883 9,117 7,760 1967 177,832 10,573 4,683 3,145 2,754 76,070 65,193 10,877 67,516 5,187 10,059 8,427 1968 188,636 10,509 4,456 3,194 2,859 82,127 68,897 13,230 69,973 5,571 11,306 9,150 Book value: 1966 167,022 10,864 4,824 3,131 2,909 68,677 61,141 7,536 64,661 4,888 9,911 8,801 1967 177,361 10,530 4,587 2,993 2,950 73,997 65,015 8,982 67,575 5,188 10,060 11 011 1968 187,695 10,483 4,365 3,036 3,082 79,403 68,575 10,828 70,071 5,573 11,284 10,881 1968 Dec.r 188,636 10,760 4,456 3,206 3,098 79,653 68,731 10,922 70,044 5,575 11,305 11,299 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 10,759 191 362 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 10,847 192,311 10,551 4,145 3,212 3,194 82,227 70,298 11,929 70,964 5,710 12,323 10,536 Julv 193,041 10,561 4,148 3,237 3,176 82,528 70,676 11,852 71,079 5,789 12,652 10,432 Auc 194,028 10,555 4,152 3,249 3,154 82,779 70,811 11,968 71,250 5; 80S 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 11,018 196 661 10,510 4 118 3 249 3,143 83,980 71,719 12,261 71 710 5,900 13 580 10 981 Dec 197,230 10,558 4,159 3,264 3,135 83,792 71,290 12,502 72,127 5,901 13,805 11,047 1 Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and NOTE.—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance companies in the United States. on each item separately but are included in total, in "other assets." SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Mortgage loan Assets Liabilities commitments' Total assets— End of period M ga o g r e t s - s G U e it c o i . u S e v s . r t. - Cash Other l lia T b o il t i a ti l es S c a a v p i i n ta g l s R a d p n e i r v s d o e i d f r u i v e t n s e d - s m r B o o w o n r e e - d y2 p L r o o i a n c n es s s Other d p M u er r a i i d o n e d g O p e u in n e t r s g d t i o a a o d n t f d- 1961 68 834 5 211 3 3IS 4 775 82,135 70,885 5,708 2,856 1,550 1,136 1 872 1962 78,770 5 563 3,926 5 346 93,605 80,236 6,520 3,629 1,999 1,221 2 193 1963 90,944 6 445 3,979 6,191 107,559 91,308 7,209 5,015 2,528 1,499 2 572 1964 101,333 6,966 4.01S 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 1 482 1967 121 805 9,180 3,442 9 107 143 534 124,531 9,546 4,738 2,257 2,462 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—Feb 132 095 10 143 2,517 9 712 154 490 132,123 10,307 5,624 2,475 3,952 I 497 4 028 Mar 133,012 10,160 2,548 10,019 155,762 133,502 10,298 5,631 2,649 3,682 ,688 4 373 Apr 134,038 9,892 2,378 10,027 156,358 132,986 10,296 6,095 2,805 4,176 ,787 4,601 May 135 026 9 892 2,421 10 464 157 826 133,480 10,285 6,283 2,916 4,862 676 4 607 136,242 9,467 2,529 10,363 158,627 134,839 10,674 6,768 3,007 3,339 ,532 4,373 July 137,107 9,199 1 ,957 10,371 158,634 133,729 10,671 7,392 2,978 3,824 ,346 4,145 Aug 137,951 9,142 1,902 10,b35 159,630 133,721 10,669 7,885 2,874 4,471 ,148 3,775 Sept 138,618 9,007 1,931 10,723 160,279 134,600 10,663 8,295 2,749 3,972 ,057 3,530 Oct 139,226 8,906 1,910 10,798 160,840 134,194 10,662 8,783 2,648 4,553 021 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 140,209 8,553 2,441 10,959 162,162 135,489 11,226 9,754 2,454 3,239 807 2,812 1970—Jan 140,345 8,455 1,866 11,020 161,686 134,072 11,249 10,230 2,300 3,835 772 2,738 Feb 140,568 8,478 2,084 11,350 162,480 134,279 11,250 10,263 2,205 4,483 837 2,804 1 Includes other loans, stock in the Federal home loan banks, other NOTE.—Federal Home Loan Bank Board data; figures are estimates for investments, real estate owned and sold on contract, and office buildings all savings and loan assns. in the United States. Data are based on and fixtures. monthly reports of insured assns. and annual reports of noninsured assns. 2 Consists of advances from FHLB and other borrowing. Data for current and preceding year are preliminary even when revised. 3 Insured savings and loan assns. only. Data on outstanding commit- Figures for Jan. and June 1968 reflect conversion of one savings and loan ments are comparable with those shown for mutual savings banks (on assn. to a mutual savings bank. Figures for June 1968 also reflect exclupreceding page) except that figures for loans in process are not included sion of two savings and loan assns. in process of liquidation. Data for above but are included in the figuresf or 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

APRIL 1970 a 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 Ad- Cash Mem- Deben- Loans Loans vances Invest- and Bonds ber Capital Mort- tures to Deben- and Deben- Mortto ments de- and de- stock gage and cooper- tures dis- tures gage Bonds mem- posits notes posits lo / a A n \ s notes atives counts loans bers (A) (D (A) (L) (A) (D (A) (D 1966 6 935 2,523 113 6,859 1 on 1 1fi9 4,266 3,800 1 .290 1 074 2,924 2,786 4 958 4,385 1967 4.386 2,598 127 4,060 432 ,395 5 348 4,919 ,506 1 253 3,411 3,214 5 609 4,904 1968 5,259 2,375 126 4,701 ,383 ,402 6,872 6,376 ,577 1,334 3,654 3,570 6,126 5,399 1969 9,289 1 ,862 124 8,422 ,041 ,478 10,541 10,511 ,732 ,473 4,275 4,116 6,714 5,949 1969—Feb... 5,298 2,069 82 4,601 ,131 ,434 7,244 6,818 ,680 ,425 n.a. 3,668 6,226 5,432 Mar.. 5,331 2,181 97 4,674 ,244 ,443 7,417 7,193 ,663 ,425 3,921 3,743 6,317 5,535 Apr.. 5,764 2,051 99 5,021 ,179 ,447 7,574 7,317 ,648 426 n.a. 3,907 6,412 5,719 May. 5,971 2,393 73 5,521 ,202 ,448 7,718 7,241 ,614 395 n.a. 4,044 6,483 5,716 June. 6,413 1,964 141 5,521 ,278 ,451 7,891 8,077 ,594 ,391 4,355 4,176 6,557 5,716 July. 7,053 1,496 88 6,021 928 435 8,125 8,093 ,594 ,387 n.a. 4,310 6,605 5,867 Aug.. 7,543 1,543 56 6,572 848 ,438 8,577 8,360 ,572 ,422 n.a. 4,397 6,644 5,867 Sept.. 7,940 1,657 97 7,072 891 ,444 8,999 8,815 ,585 ,420 4,329 4,357 6,676 5,927 Oct.. 8,439 1,654 90 7,572 865 ,457 9,500 9,756 ,680 ,429 n.a. 4,192 6,700 5,950 Nov. 8,802 1,968 110 8,172 939 ,467 10,009 10,205 ,705 ,445 n.a. 4,152 6,704 5,949 Dec. 9,289 1,862 124 8,422 1,041 ,478 10,541 10,511 ,732 |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 ,804 ,508 4,371 4,161 6,738 5,938 Feb.. 9,937 1,787 93 9,171 802 1,537 11,540 11,659 ,844 ,577 4,474 4,311 6,777 6,033 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, FEBRUARY 28, 1970 Amount Amount Amount Agency, and date" of issue Coupon (millions Agency, and date of issue Coupon (millions Agency, and date of issue Coupon (millions and maturity rate . of dollars) and maturity rate of dollars) and maturity rate of dollars) Federal home loan banks Federal National Mortgage Federal land banks Notes: Association—Cont. Bonds: 7/25/69-5/25/70 8 500 Debentures: 10/1/57-10/1/67-70.. . 4% 75 9/25/69-7/27/70 8.40 650 7/10/69-12/10/70 8.10 250 2/15/57-2/15/67-72.. . 4'/s 72 11/25/69-9/25/70 8% 650 10/14/69 2/10/71 8.75 400 2/14/S8 4/1/70 3"/2 83 12/22/69-11/25/70 8.70 250 3/11/68-3/11/71 6.00 350 12/20/67-4/20/70 6.20 362 2/10/70-4/12/71 8.75 500 1/20/69-6/22/70 6.70 174 11/10/69-5/10/71 8.20 400 3/20/69 6/22/70 6% 203 4/10/69 6/10/71 6.85 250 1/5/60-7/20/70 5'/s 85 Bonds: 12/12/69-7/12/71 8.60 400 3/20/68-7/20/70 6.00 241 2/26/68 3/25/70 6.00 200 8/23/60-8/10/71 4Vfc 63 7/15/69 8/20/70 8.15 270 3/25/69 3/25/70 6.85 346 9/11/61 9/10/71 ^Vi 96 12/23/68-10/20/70 6.30 223 4/25/68-4/27/70 6.00 225 9/10/68 9/10/71 5% 350 4/21/69 2/23/71 6.80 431 10/25/68-S/25/70 5.80 300 5/10/69-11/10/71 6.85 350 2/20/70 4/20/71 Wi 300 6/25/69 6/26/70 8.00 550 2/10/60-2/10/72 5'/g 98 5/1/56-5/1/71 3V4 60 4/25/69 8/25/70 6.70 200 3/10/69-3/10/72 6% 250 7/15/69-7/20/71 8.15 270 8/25/69-8/25/70 8.20 650 10/14/69-3/10/72 6% 200 10/20/69-7/20/71 8.45 232 1 1/ 0 2 / 6 2 / 7 7 / 0 6 - 9 1 - / 1 2 0 6 / /7 2 1 7/70. ... 8 8 1 .6 /4 3 6 6 5 0 0 0 2 1 / 2 1 / 0 1 / 1 7 / 0 6 1 6 -6 /1 /1 2 2 /7 /7 2 2 4 8. y 7 8 0 3 1 0 0 0 0 8 1 / 0 2 / 0 2 /6 0 8 /6 8 2 - /1 1 5 0 / / 7 2 2 0/71.... 6 5 . . 0 7 0 0 4 2 4 3 7 0 2/25/69-2/25/71 6.60 200 6/10/70-9/11/72 7.40 200 9/14/56 9/15/72 3'/s 109 7/25/69 2/25/71 8.00 400 11/10/69-12/11/72 8.00 200 9/22/69 9/15/72 8.35 337 9/25/69 4/26/71 8% 250 12/12/69-3/12/73 8.30 250 10/23/72-10/23/72 5% 200 5/26/69 5/25/71 7.00 350 6/12/61-6/12/73 4</4 146 2/20/63-2/20/73-78. . . 4'/s 148 2/25/70-6/25/71 8.45 650 9/10/69-9/10/74 7.85 250 1/20/70 7/20/73 8.45 198 10/27/69-11/26/71 8.20 250 2/13/62 2/10/77 4'/2 198 2/20/72 2/20/74 4'/4 155 11/25/69-2/25/72 8.20 200 2/20/70-1 20/75 8% 220 2/25/70-2/26/73 8.35 350 Banks for cooperatives: 4/20/65 4/21/75 4% 200 1/26/70-1/25/74 8.40 300 Debentures: 2/21/66 2/24/76 5.00 123 8/25/69-8/25/74 7.65 201 10/1/69 4/1/70 8.20 282 7/20/66 7/20/76 5% ISO 11/25/69-11/25/74. ... 8.00 249 11/3/69-5/4/70 8.05 273 5/2/66-4/20/78 S'/g 150 12/1/69-6/1/70 8.45 315 2/20/67 1/22/79 5.00 285 1/5/70-7/1/70 8.65 286 2/2/70 8/3/70 8.65 420 Federal National Mortgage Association—Second- Federal intermediate credit ary market operations banks 3 997 Capital debentures' 6/2/69 3/2/70 7.10 445 Short-term notes 360 9/30/68-10/1/73 6.00 250 7/1/69 4/1/70 7.90 448 Bonds: Debentures: 8/4/69 5/4/70 8«4 493 6/1/69 6/1/74 8.50 100 4/11/60 4/10/70 4H 142 9/2/69-6/1/70 6.70 436 11/15/60-11/15/85 4.40 50 6/14/68-6/10/70 6.60 400 10/1/69 7/1/70 8.20 352 7/1/61 7/1/1986 50 6/10/69 7/10/70 7.38 400 11/3/69 8/3/70 7.95 454 2/1/62 2/1/1987 4W 45 9/12/60-9/10/70 4'/s 119 12/1/69 9/1/70 8.45 458 5/15/67-5/15/92 5.70 70 9 1 / 0 1 / 0 1 / 1 6 / 9 6 - 7 1 - 1 1 / 0 1 / 0 1 / 3 7 / 0 70 8 5V .3 i 0 4 3 0 5 0 0 2 1 / / 2 5 / / 7 7 0 0 - 1 1 1 0 / / 2 1 / / 7 7 0 0 8 8. . 6 8 5 0 6 5 5 7 6 0 1 10 1 / / 1 1 5 /6 /6 7 9 -1 -1 1 0 /1 /1 3 5 /9 /9 2 4 6 8V y84 1 6 0 0 0 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 n APRIL 1970 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) U.S. budget Means of financing Receipt-expend- Less: Cash and Memo: Borrowings from the public • iture account monetary assets Net debt Other Period Net Budget s B u u r d p g lu e s t Less: Invest- me o a f ns tran to sfer lend- out- or ments by Govt. Trea- private Net Public Plus: Equals financ- B re u c d e g ip e t t s p t e u e n x re d - s i- ing lays' deficit se d t c e ie u b s r t i- A se t g i c e e u s n r 3 c i- y Spe a c c i c a o l unts'* S n L p o e e te c s s i s a : 5 l bo T r i o r n o t g a w l - b o a p s l i u e a n r r n g y a c t e - Other n in e g t6 , o s w h n ip e 2 r- Other Fiscal year: 1966 130,856 130,820 3,832 134,65 -3,796 2,633 4,041 2,470 774 354 3,076 -609 161 270 1967 149,552 153,201 5,053 158,254 -8,70' 6,314 5,079 5,035 4,000 -482 2,838 -5,222 304 945 1968 153,671 172,802 6,030178,833 -25,16: 21,357 5,944 3,271 2,049-1,119 23,100 -397 1,700 3,364 1969 187,792 183,080 1,476 184,556 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-Dec... 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-Dec 90,818 97,562 1,355 98,91" - 8,099 14,505 -429 3,939 326 9,811 -567 315 -1,964 Month: 1969—Feb '14,586 ,357 '374 '14,730 -143 -648 196 1,158 275 -1,885 2,304 '-46 r —321 Mar 13,727 ,637 2 15,639 -1,912 782 -91 150 122 418 -114 -171 1,208 Apr 23,596 ,922 50 15,972 7,625 -1,080 -559 1,253 -436 -2,456 3,380 2,119 330 May 13,346 ,279 48: 15,764 -2,418 1,599 -137 2,585 361 -1,485 2,458 -1,843 -400 June.... 23,805 ,895 -373 13,522 10,283 -6,345 -188 1,885 169 -8,587 186 920 -590 July 12,542 ,54' 15 15,695 -3,153 3,292 31,316 -21 191 34,438 -217 -484 -402 Aug 14,999 ,790 316 17,106 -2,10' 3,175 -829 1,543 124 679 1,651 -62 -285 Sept 20,406 ,16' 448 17,616 2,790 498 -643 521 -291 -375 2,608 577 770 Oct 11,83" ,60: 34: 17,944 -6,11" 3,709 -47 -826 99 4,388 1,166 19 577 Nov 14,33 ,225 236 15,461 -1,130 3,718 -141 780 103 2,695 958 -4 -610 Dec 16,704 ,232 -140 15,09." 1,61.' 113 -85 1,938 103 -2,012 1,099 269 -430 1970—Jan 16,303 16,564 -164 16,399 -9' -654 -64 -717 193 -194 ,100 775 2 166 Feb 14,929 14,990 -104 14,886 4: 1,275 -789 1,204 -579 -139 191 -436 -149 Selected balances Treasury operating balance Federal securities End Memo: of Less: Debt of period Investments of Equals: Govt.- B F a . n R k . s l T a o n a a d x n ba G la o n ld ce Total P d u e b b li t c s A ec g u e r n it c i y es Govt. accounts'* S L pe e c s i s a : l T h o e t ld al s c p o o N r n p o s s w o ;— red accounts securities by private' Special public issues Other Fiscal year: 1966 766 10,050 102 10,917 319,907 13,377 51,120 13,664 3,810 264,690 10,436 1967 1,311 4,272 112 5,695 326,221 18,455 56,155 17,663 3,328 267,529 9,220 1968 1,074 4,113 111 5,298 347,578 24,399 59,374 19,766 2,209 290,629 10,041 1969 1,258 4,525 112 5,894 353,720 14,249 66,738 20,923 825 279,483 24,071 Calendar year: 1968 703 3,885 HI 4,700 358,029 15,064 59,094 20,318 1,825 291,855 21,481 1969 1,312 3,903 112 5,327 368,226 13,820 70,677 21,250 825 289,294 30,578 Month: 1969—Feb.. 505 4,284 111 4,900 358,764 15,225 60,865 20,705 825 291,595 22,068 Mar.. 783 3,891 4,786 359,546 15,134 61,015 20,827 825 292,012 22,696 Apr.. 950 7,105 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 15,565 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 14,045 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—Jan.... 1,127 5,188 112 6,427 367,572 13,755 69,960 21,442 825 289,100 31,288 Feb..., 915 5,592 111 6,618 368,847 12,966 71,164 20,863 825 288,961 n.a. 1 Equals net expenditures plus net lending. 4 Beginning Jan. 1968 the series excludes Federal home loan bank hold- 2 The decrease in Federal securities resulting from conversion to private ings of special issues. ownership of Govt.-sponsored corporations is shown as a memo item 5 Represents non-interest-bearing public debt securities issued to the rather than as a repayment of borrowing from the public in the top panel. International Monetary Fund and international lending organizations. In the bottom panel, however, these conversions decrease the outstanding New obligations to these agencies are handled by letters of credit. amounts of Federal securities held by the public mainly by reductions in 6 Includes accrued interest payable on public debt securities, deposit agency securities. The Federal National Mortgage Association (FNMA) funds, miscellaneous liability and asset accounts, and seigniorage. was converted to private ownership in Sept. 1968 and the Federal Inter- ' Includes debt of Federal home loan banks, Federal land banks, D.C. mediate Credit Banks (FICB) and Banks for Cooperatives in Dec. 1968. Stadium Fund, FNMA (beginning Sept. 1968), FICB, and Banks for 3 Reflects transfer of publicly held CCC certificates of interest from ex- Cooperatives (beginning Dec. 1968). penditure account to public debt account, increasing recorded borrowing from the public during July 1969 by $1,583 million. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1970 n FEDERAL FINANCE A 41 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Budget receipts Corporation Social insurance taxes Individual income taxes income taxes and contributions Period Employment Estate Misc. Total With- Non- Re- Net Gross Re- con ta tr x i e b s u a t n io d ns1 Un- O n th et er Net E ta x x c e is s e t C o u m s s - a g n if d t ce r ip e t - s 3 held funds total funds re- total held ceipts Pay- insur. ceipts2 Selfroll taxes empl. Fiscal year: 1966 130,856 42,811 18 486 t RSI55 44630 834 761 20 662 3,777 1,129 75,567 13,062 1,767 3,066 1,875 1967 149,552 50,521 18,850 - ,845 61 5?634,918 94626,047 1,776 3,659 1,867 11,149 13,719 1,901 2,978 2,108 1968 . . 153 67157,301 20 951 c 5276R7">629 897 1 23227,680 1 544 3,346 2,052 14 (,1114,079 2,038 3,051 2,491 1969 187,79270,18227,258 K),19I 87 ?4938,338 1,660 32,521 1,715 3,328 ? 15119 918 15,222 2,319 3,491 2,916 Half year: 1968—Jan.-June 86,490 30,08916,802 ,971 17 971 18,551 655 15,001 1,439 2,011 ,087 19,518 7,003 1,045 1,718 1,369 July-Dec 82,899 33,736 5,515 476 18 775 15,494 784 14,944 131 1,289 • ,179 17 544 7,834 1,213 1,417 1,405 1969—Jan. June 104,893 36,44621,743 c,715 48 47422,844 876 17,577 1,584 2,039 ,174??,174 7,388 1,106 2,074 1,511 July-Dec 90,818 38,766 5,771 48144 056 15,179 982 17,057 131 1,270 1 ?R119,741 8,242 1,263 1,496 1,824 Month: 1969—Feb '14,586 7,252 1 202 r 198 '7 756 784 102 3,796 128 773 181 4,879 '1,181 144 23C 216 Mar 13,727 6,015 843 .858 1 999 5,189 223 2,470 134 63 198 865 1,156 197 308 237 Apr 23,596 5,164 9,540 f ,59R 1? 106 5,554 231 2,555 958 162 ?06 1 881 1,160 224 631 271 May 13,346 6,681 804 725 760 959 152 4,545 190 821 192 5,748 1,272 213 310 237 June 23,805 6,244 4,171 79? 10 171 8,692 104 2,523 64 61 176 1,395 210 319 347 July 12 342 6 005 548 150 404 1 196 126 2 510 124 244 ^ 879 1 419 222 221 328 14,999 7,014 319 101 7 710 716 145 4,392 601 217 5,?09 1,263 213 257 256 Sept 20,406 5,948 3,912 84 9 776 5,673 122 2,655 111 51 205 1,07? 1,295 215 254 292 Oct 11,832 6,284 419 67 fi61 fi 1 180 336 2,044 12 93 ,164 1,259 231 264 234 14,332 7,108 160 33 7 716 778 144 3,547 343 187 4 07 R 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 1510 660 1,252 125 2,179 111 129 754 ,674 1,154 195 286 208 Feb 14,929 7,535 886 ,456 6 965 774 128 4,224 139 842 203 5,408 1,206 165 265 275 Budget outlays * Period Total fe ti n N d o s n e a e - a - l a I ff n a t i l r . s s S e p a r a e r - c c e h A t c u g u r r l e - i- so N u u r r a r e a c - t l - es t m C r a a o e n n r m d c s e p - . d C e m a v o n e u m l d n o . - p, E m d t a i n u a o d c n n a - - w H e a e l n a fa d lt r h e e V ra e n t- s In e t s e t r- g G e o r e v a n t l - . I t g r n a o a t c v r n - t a s . - housing power tions 5 Fiscal year: 1966 134,652 56,785 4 490 5 933 1 679 > 015 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 4 176 ,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 5 941 70? 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 I970«« 197,885 79,432 4,113 3,886 6 141 2-485 9,436 3 046 7,538 57,097 8,681 17,821 3,620 -6,088 1971«« 200,771 73,583 3,589 3,400 5 164 ',501 8,785 3,781 8,129 65,341 8,475 17,799 4,084 -6,639 Half year: 1968—Jan June. 92,307 41,778 2 429 July-Dec 93,186 39,823 1,907 2,133 4 97R ,?69 4,501 1,033 3,061 23,893 3,665 7,608 1,324 -1,959 1969—Jan June 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 98,917 40,588 1 ,941 1,839 5 479 ,520 4,610 1,827 3,161 26,020 4,148 8,630 ,592 -2,438 Month: Feb M4.73O 6,418 382 335 266 71 406 '230 '676 4,056 651 1 .149 M95 -303 Mar 15,639 6,815 286 385 15? 583 -79 569 4,405 715 ,411 278 -210 Apr 15,972 6,934 377 353 4<1R 199 537 46 632 4,373 695 ,407 226 -255 May 15,764 6,733 459 367 153 154 657 273 744 4,197 686 ,388 244 -291 June 13,522 7,651 374 326 701 141 625 -267 978 3,971 656 ,15? 239 -1,823 July... 15,695 6,560 324 319 659 223 613 249 411 4,299 660 ,364 272 -258 Aug 17,106 6,868 299 337 1 110 16R 858 311 524 4,336 669 ,440 279 -314 Sept 17,616 6,767 357 294 1 801 286 784 225 666 4,219 693 ,513 225 -215 Oct 17,944 7,267 374 327 I 108 263 964 588 654 4,484 694 ,770 248 -248 Nov 15,461 6,303 443 267 191 188 735 228 398 4,239 710 ,571 249 -263 Dec . 15,092 6,822 145 296 385 192 655 224 509 4,443 722 ,521 319 -1,139 1970—Jan 16,399 6,648 161 291 659 113 713 212 591 4,691 728 ,517 311 -256 Feb 14,886 6,199 298 299 —187 109 571 158 719 4,510 719 ,614 241 -364 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- < 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 n APRIL 1970 GROSS PUBLIC DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues Total Marketable Nonmarketable End of period gross Con- Special public issues * vertdebt ' Total Savible Total Bills C c e a r t t e if s i- Notes Bonds 2 bonds Total 3 b i o n n g d s s & notes 1941—Dec 57 9 50.5 41 6 2 0 6.0 33.6 8.9 6 1 7.0 1946—Dec 259 1 233.1 176 6 17.0 30.0 10.1 119.5 56.5 49 8 24.6 1962—Dec 303.5 255.8 203.0 48.3 22.7 53.7 78.4 4.0 48.8 47.5 43.4 1963—Dec 309.3 261.6 207.6 51.5 10.9 58.7 86.4 3.2 50.7 48.8 43.7 1964—D ... 317.9 267.5 212.5 56.5 59.0 97.0 3.0 52.0 49.7 46.1 ec 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—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 Mar 372.0 297.9 238.2 83.7 91.4 63.1 2.4 57.3 52.0 72.1 1 Includes non-interest-bearing debt (of which $632 million on Mar. 31, 1956, tax and savings notes; and before Oct. 1965, Series A investment 1970, was not subject to statutory debt limitation). bonds. 2 Includes Treasury bonds and minor amounts of Panama Canal and 4 Held only by U.S. Govt. agencies and trust funds, and the Federal postal saving bonds. home loan banks. 3 Includes (not shown separately): depositary bonds, retirement plan bonds, foreign currency series, foreign series, and Rural Electrification NOTE.—Based on Daily Statement of U.S. Treasury. See also second Administration bonds; before 1954, Armed Forces leave bonds; before paragraph in NOTE to table below. OWNERSHIP OF PUBLIC DEBT (Par value, in billions of dollars) Held by— Held by private investors End of Total U.S. Individuals period p g d u r e b o b l s i t s c ag G t a e r o n n u v c d s i t t e . s B F a . n R ks Total m C b e a o r n m c k ia - s l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m c u ie e r - s - r c O a o t t r i h o p e n o r s - g S l a o o t n c v a d a t t e s l . Savings Other n F a i o t n a i r o n t e e n d i r g a - n l ' i O m n to v t i h r s e s c e s . r - 2 funds bonds securities 1939—Dec 41.9 6.1 2.5 33.4 12.7 2.7 5.7 2.0 .4 1.9 7.5 .2 .3 1946—Dec 259.1 27.4 23.4 208.3 74.5 11.8 24.9 15.3 6.3 44.2 20.0 2.1 9.3 1962—Dec 303.5 53.2 30.8 219.5 67.1 6.0 11.5 18.6 20.1 47.0 19.1 15.3 14.8 1963—Dec 309.3 55.3 33.6 220.5 64.2 5.6 11.2 18.7 21.1 48.2 20.0 15.9 15.6 1964—Dec 317.9 58.4 37.0 222.5 63.9 5.5 11.0 18.2 21.1 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—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 Feb 368.8 89.4 55.8 223.6 52.7 2.9 7.2 15.9 28.4 51.0 30.2 12.9 22.4 ! 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

APRIL 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: 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 Feb 28 235,968 117,796 81,171 36,625 77,104 19,330 10,557 11,182 U.S. Govt. agencies and trust funds: 1967—Dec. 31 1968 Dec. 31 15,402 2,438 1,034 i,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— F j e an b . 2 3 8 1 1 1 6 6 , , 5 2 5 1 5 2 2 2 ,4 0 2 0 1 2 9 6 1 2 3 2 1 1 , , 5 3 0 8 8 0 6 6, , 1 6 4 0 7 8 2 2, , 8 4 0 9 5 2 2 2, , 4 0 1 5 3 9 2 3 ,4 3 3 8 7 4 Federal Reserve Banks: 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 Feb. 28 55,823 34,128 20,935 13,193 14,130 6,953 233 379 Held by private investors: 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 Feb. 28 163 933 81 666 59 614 22 052 56,366 9 572 7 911 8 419 Commercial banks: 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 Feb. 28 42,026 12,222 4,425 7,797 25,603 3,428 531 243 Mutual savings banks: 1967 Dec 31 4,033 716 440 276 1.476 707 267 867 1968 Dec. 31 3,524 696 334 362 ,117 709 229 773 1969 Dec. 31 2,931 501 149 352 ,251 263 203 715 1970—Jan. 31 2,900 493 150 343 ,231 264 202 710 Feb. 28 2,867 538 137 401 ,248 225 428 427 Insurance companies: 1967 Dec. 31 7,360 815 440 375 2,056 914 1,175 2,400 1968 Dec. 31 6 857 903 498 40S ,892 721 1,120 2,221 1969 Dec. 31 6 152 868 419 449 1,808 253 1 197 2,028 1970—Jan. 31« 6,253 920 454 466 ,846 263 1,200 2,024 Feb 28 6,128 802 408 394 ,922 378 1 ,779 1,248 Nonfinancial corporations: 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 ,163 568 12 27 1969 Dec. 31 5,007 3,157 2,082 ,075 ,766 63 12 8 1970—Jan. 31 5,078 3 344 2,138 I 206 ,641 69 14 9 Feb. 28 4,725 2,894 1,985 909 ,731 79 13 8 Savings and loan associations: 1967 Dec. 31 4,575 1 255 718 537 ,767 811 281 461 1968 Dec. 31 4,724 1 184 680 504 .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 Feb 28 3,729 793 254 539 2,018 245 350 323 State and local governments: 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 Feb. 28 14,707 7,282 5,984 1,298 2,984 832 1,670 1,939 All others: 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 Feb. 28 89,751 57,135 46,421 10,714 20,860 4,385 3,140 4,231 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 5,759 commercial banks, 495 mutual savings agencies and certain Govt. deposit accounts have been removed from U.S. banks, and 748 insurance companies combined; (2) about 50 per cent by Govt. agencies and trust funds and added to "All others." Comparable data the 469 nonfinancial corporations and 488 savings and loan assns.; and are not available for earlier periods. (3) about 70 per cent by 503 State and local govts. Data complete for U.S. Govt. agencies and trust funds and F.R. Banks "All others," a residual, includes holdings of all those not reporting but for other groups are based on Treasury Survey data. Of total mar- in the Treasury Survey, including investor groups not listed separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 44 U.S. GOVERNMENT SECURITIES a APRIL 1970 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S. Govt Period agency Dealers and brokers securities Total Com- Within 1-5 5 10 Over mercial All 1 year years years 10 years U.S Govt. banks other Other securities 1969—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 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 Feb 2,936 2,302 421 176 36 1,332 124 1,043 437 513 Week ending— 1970—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 Mar. 4 2,949 2 421 394 95 39 1 274 108 1,079 489 534 11 2,697 2 242 318 109 30 1 308 108 885 396 397 18 2,207 1 790 264 127 27 996 82 686 443 552 25 ... 3,633 3,112 356 137 28 1,724 99 1,318 492 640 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. Govt. All Corpora- All Period All Within Over agency Period sources New Else- tions > other Maturi- 1 1-5 5-10 10 securi- York where ties year years years years ties City 1969-Feb 2,389 2,193 34 144 17 449 1969—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 Apr....... 3,392 963 497 1,086 847 May.... 2,585 1,964 71 498 52 792 May 3,103 542 376 1,072 1,112 June.... 2,454 ^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 !S53 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 D O N c e o c t v.. .. 2 3 3 , , , 4 3 6 5 8 0 1 9 7 3 3 1 , , , 1 9 2 0 5 6 3 8 6 2 2 1 0 5 5 5 6 5 1 1 1 0 9 0 6 3 0 3 3 3 7 5 0 5 6 5 1 0 6 2 6 4 O N D c e o t c v 2 3 3 , , , 2 6 6 2 8 9 6 9 2 1 1, , 0 0 4 3 5 6 6 0 2 7 6 3 5 1 9 1 2 2 5 8 8 2 5 8 0 6 4 l 1 | ,0 l 8 7 l 5 9 3 2 1970—Jan 2,908 2,869 -2 22 20 529 1970—Jan 3,075 907 469 792 907 Feb 3,182 2,464 374 330 14 559 Feb 2,995 660 504 650 1,180 Week ending— Week ending— 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 Feb. 4. 3,148 3,013 99 34 2 543 Feb. 4... 2,854 669 476 652 1,056 II. 3,184 2,275 495 412 2 456 11 . .. 3,151 940 451 631 1,130 18. 2,803 2,040 392 356 15 553 18... 3,029 384 445 598 1,603 25. 3,222 2,479 365 353 26 626 25. .. 2,908 640 585 745 937 NOTE.—The figures include all securities sold by dealers under repur- i 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 day* 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

APRIL 1970 a GOVERNMENT SECURITIES A 45 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, MARCH 31, 1970 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. Apr. 2, 1970. 3,011 Aug. 31, 1970..., ,701 Aug. 15 1971. 2,252 Dec. 15, 1967-72 2,579 Apr. 9, 1970. 3,005 Sept. 3, 1970 ,302 Oct. 1 1971. 72 Aug. 15, 1970... 4,129 Apr. 16, 1970. 3,005 Sept. 10, 1970. . ., ,301 Nov. 15 1971. 1,734 Aug. 15, 1971... 2,806 Apr. 22, 1970t 4,767 Sept. 17, 1970 ,303 Feb. 15 1972. 2,006 Nov. 15, 1971... 2,760 Apr. 23, 1970. 3,002 Sept. 22, 1970f... ,758 Apr. 1 1972. 34 Feb. 15, 1972... 2,344 Apr. 30, 1970. 4,502 Sept. 24, 1970 ,302 May 15 1972. 5,310 Aug. 15, 1972. .. 2,579 May 7, 1970. 3,002 Sept. 30, 1970... ,505 Oct. 1 1972. 33 Aug. 15, 1973. .. 3,894 May 14, 1970. 2,994 Oct. 31, 1970... ,504 Apr. 1 1973. 34 Nov. 15, 1973. . . 4,347 May 21, 1970. 3,003 Nov. 30, 1970... ,501 May 15 1973. 1,157 Feb. 15, 1974... 3,128 May 28, 1970. 3,002 Dec. 31, 1970. .. ,502 Aug. 15, 1973. 1,839 May 15, 1974. .. 3,583 May 31, 1970. 1,501 Jan. 31, 1971 ,003 Oct. 1, 1973. 30 Nov. 15, 1974... 2,240 June 4, 1970. 3,001 Feb. 28, 1971 ,200 Apr. 1, 1974. 34 May 15, 1975-85 1,214 June 11, 1970. 2,998 Mar. 31, 1971 ,201 Aug. 15, 1974. 10,284 June 15, 1978-83 1,550 June 18, 1970. 3,003 Oct. 1, 1974. 19 Feb. 15, 1980... 2,595 June 22, 1970f 4,508 Nov. 15, 1974. 3,981 Nov. 15, 1980... 1,905 J J J J J J J J u u u u u u u u l l l l l l n n y y y y y y e e 2 3 3 2 1 3 9 2 0 3 6 5 0 1 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 7 7 7 7 7 7 7 7 0 0 0 0 0 0 0 0 . . . . . . . . 3 1 1 1 1 1 1 1 , , , , , , , , 2 2 2 2 2 7 7 0 0 0 0 0 0 0 0 1 7 4 5 0 2 2 2 3 Tr A O N e A M M a u c o p s a a t g v r u y y . . . . r y 1 1 1 1 5 5 1 5 1 5 n , , , , , , otes 2 7 7 8 , , , , 3 6 7 7 1 2 9 7 1 6 8 3 8 9 3 5 4 A F M F F M e e e u a a b b b g y y . . . . 1 1 1 1 1 1 5 5 5 5 5 5 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 7 7 7 7 7 7 7 6 6 6 5 5 . . . . . . 2 1 3 5 6 1 , , , , , , 8 6 7 6 7 1 5 8 9 3 6 4 6 2 7 9 0 8 N M F A F F M e e e o u a a b b b v g y y . . . . . 1 1 1 1 1 1 1 5 5 5 5 5 5 5 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 8 8 8 9 9 9 8 8 7 9 8 5 0 5 - - - . . . 9 . 9 9 . . . . 3 . 2 4 . . . 4 4 3 1 1 1 , , , , , , 3 5 1 7 0 8 2 7 5 8 6 9 1 4 1 6 5 6 7 3 9 Aug. 6, 1970. 1,203 Feb. 15, 2,509 Aug. 13, 1970. 1,201 Feb. 15, 2,924 Treasury bonds Aug. 20, 1970. 1,198 Apr. 1, 35 Mar. 15, 1966-71.. 2V 1,220 Convertible bonds Aug. 27, 1970. 1,301 May 15, 4,265 June 15, 1967-72..2V 1,239 Investment Series B May 15, 1971.. 4,173 Sept. 15, 1967-72..2V 1,951 Apr. 1, 1975-80.. 2% 2,412 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 ered 3 Total Gener- U.S. district Total Roads Veter- Other al Reve- HAAI Govt. State and Other* Edu- and Util- Hous- ans' purobli- nue loans stat. cation bridges ities'' ing' aid poses gations auth. 1962 8,845 5,582 2,681 437 145 1,419 2,600 4,825 8,732 8,568 2,963 1,114 1,668 521 125 2,177 1963 10,538 5,855 4,180 254 249 1,620 3,636 5,281 10,496 9,151 3,029 812 2,344 598 2,396 1964 10,847 6,417 3,585 637 208 1,628 3,812 5,407 10,069 10,201 3,392 688 2,437 727 120 2,838 19i5 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 1969 11,881 7,725 3,556 402 197 3,359 3,596 4,926 11,638 3,252 1,432 1,734 543 4,884 1969—Feb... 987 460 378 143 7 144 477 366 n.a 984 245 222 306 145 202 Mar.. 538 326 201 II 110 149 279 n.a 537 261 96 71 3 107 Apr.., 1,801 1,007 785 9 539 738 525 n.a, 1,799 365 36 302 5 1,095 May.. 1,110 637 273 177 23 266 340 504 n.a 1,096 323 109 118 191 355 June.. 737 517 181 39 97 155 486 n.a 727 237 45 141 1 303 July.. 1,097 826 761 10 405 245 446 n.a, 1,097 283 169 105 6 533 Aug... 808 583 ?n 12 228 255 325 n.a, 803 209 155 82 2 353 Sept... 559 361 106 49 43 100 130 329 n.a, 559 161 6 75 70 245 Oct.. . 1,280 898 357 24 482 270 526 n.a. 1,275 379 40 265 69 523 Nov... 886 489 358 33 5 102 360 422 n.a. 885 216 168 138 47 318 Dec... 816 679 134 3 340 192 286 n.a. 816 211 221 97 289 1970—Jan.,. 1,321 829 485 7 311 501 509 n.a. 1,309 313 91 295 603 Feb... 1,206 887 107 12 346 271 590 n.a. I ,201 400 58 243 486 • Only bonds sold pursuant to 1949 Housing Act, which are secured 3 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 5 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 * 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 • APRIL 1970 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues1 Noncorporate Corporate Period Bonds Stock Total U.S. U.S. G U o . v S t . .2 a G ge o n v c t y . 3 and S t l a o t c e aM Others Total Publicly Privately Total Preferred Common offered placed 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—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.'. 5,420 440 1,782 1,254 11 1,933 1,282 969 313 20 630 Nov.1 4,069 300 450 853 92 2,374 1,390 1,164 226 83 902 Dec. 4,440 380 650 812 65 2,531 1,860 1,346 514 32 640 Gross proceeds, major groups of corporate issuers Period Manufacturing Commercial and Transportation Public utility Communication Real estate miscellaneous and financial 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 2 509 118 181 201 31 Feb... 344 169 197 346 329 18 136 179 56 176 96 Mar.., 297 194 192 305 139 63 352 52 198 34 166 107 Apr... 327 186 330 276 151 101 627 157 43 1 438 110 May.. 434 134 101 397 141 4 371 20 129 68 203 70 June.. 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.'. 115 144 95 202 52 16 676 69 120 225 219 Nov.' 286 167 183 242 137 5 422 201 156 45 207 326 Dec... 420 181 190 193 140 6 497 103 255 22 358 166 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. i 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

APRIL 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 |jreferred stocks Period New issues Retirements Net change New Retire- Net New Retire- Net issues ments change issues ments change I c n o v s e . s 1 t. Other I c n o v s e . s ' t, Other I c n o v s e .> st. Other 1965 21,535 10,025 11,511 12,747 4,649 8,098 5,583 3,205 2,134 3,242 3,450 -37 1966 26,327 9,567 16,761 15,629 4,542 11,088 6,529 4,169 2,025 3,000 4,504 1,169 1967 33 303 10,496 22,537 21,299 5,340 15,960 6 987 4,664 2,761 2,397 4 226 2 267 1968 35,384 16,234 19,150 19,381 5,418 13,962 9 945 6,057 3,857 6 959 6 088 — 900 1968—III 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 (969—1 10 631 4 521 6,110 4,949 1 272 3,676 3 498 2,184 1 065 2 183 2 433 II 9,688 4,323 5,365 5,365 1,504 3,861 1,960 2,363 1,055 1,764 '905 599 Ill n.a. n.a. n.a. 4,499 1,382 3,117 n.a. 2,008 n.a. 598 1,410 IV n.a. n.a. n.a. 4,710 1,609 3,101 n.a. 2,763 n.a. 500 n.a. 2,263 Type of issuer Manu- Commercial Transpor- Public Communi- Real estate Period facturing and other 2 tation i utility cation and financial * Bonds Bonds Bonds Bonds Bonds Bonds & notes Stocks & notes Stocks & notes Stocks & notes Stocks & notes Stocks & notes Stocks 1965 2,606 -570 614 -70 185 -1 1,342 96 644 518 2,707 3,440 1966 4 324 32 616 -598 956 718 2,659 533 1,668 575 864 4,414 1967 7 237 832 1,104 282 1,158 165 3,444 652 1,716 467 1 302 4,178 1968 4,418 -1,842 2,242 821 987 -149 3,669 892 1,579 120 1,069 5,347 1968—HI 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—I 1 458 -372 360 259 539 75 674 331 405 45 239 2,096 H 936 -386 433 445 175 49 1,445 235 312 78 560 1,083 Ill 1,087 343 101 274 354 136 898 320 566 31 329 n.a. IV 266 484 181 580 97 41 1,447 467 551 87 559 n.a. > 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 i Re t d io e n m s p- s N al e e t s Total 2 po C si a ti s o h n ' Other Sales 1 Re t d io e n m s p- s N al e e t s Total 2 po C si a ti s o h n J Other 1958 1,620 511 1,109 13,242 634 12,608 1959 2,280 786 1,494 15,818 860 14,958 1969—Feb... 625 379 246 50,512 3,880 46,632 Mar... 628 285 343 51,663 4,331 47,332 1960 2,097 842 1,255 17,026 973 16,053 Apr... 654 348 306 52,787 4,579 48,208 1961 2,951 1,160 1,791 22,789 980 21,809 May. . 529 364 165 52,992 4,262 48,730 1962 2,699 1,123 1,576 21,271 1,315 19,956 June.. 474 338 136 49,401 3,937 45,464 July... 503 260 243 46,408 4,167 42,241 1963 2,460 1,504 952 25,214 1,341 23,873 Aug... 483 208 275 49,072 4,642 44,430 1964 3,404 1,875 1,528 29,116 1,329 27,787 Sept... 442 235 207 48,882 4,393 44,489 1965 4,359 1,962 2,395 35,220 1.803 33,417 Oct.... 564 269 295 50,915 4,572 46,343 Nov... 417 277 140 49,242 4,079 38,163 1966 4,671 2,005 2,665 34,829 2,971 31,858 Dec... 522 301 221 48,291 3,846 44,445 1967 4,670 2,745 1,927 44,701 2,566 42,135 1968 6,820 3,841 2,979 52,677 3,187 49,490 1970—Jan.... 523 303 220 44,945 3,959 40,986 1969 6,717 3,661 3,056 48,291 3,846 44,445 Feb... 407 249 158 48,202 4,209 43,993 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 n APRIL 1970 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1967 1968 19691 Industry 1964 1965 1966 1967 1968 III IV HI IV Manufacturing Total (177 corps.): Sales 158,253 177,237 195,773388 201,399225,740 48,317 52,818 53,633 57,732 53,98' 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 5.58C 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 6,52" 6,920 6,989 7,271 1,72 1,89- 1,716 1,73 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 21,55 22,129 21,764 23,198 Profits before taxes 6,881 7,846 9,181 9,039 9,866 2,209 2,427 2,38" 2,492 2,545 2,442 2,524 2,664 Profits after taxes 4,121 4,786 5,473 5,379 5,799 1,313 1,431 1,428 1,411 1,471 1,489 1,492 1,559 Dividends 2,408 2,527 2,729 3,027 3,082 770 781 743 751 763 825 812 808 Durable goods industries (99 corps.):3 Sales 98,48 112,341122,094123,429 140,879 28,62: 32,821 33,477 36,707 32,435 38,259 35,849 38,195 Profits before taxes 11,853 14,200 14,30" 11,82' 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 7,83' 6,35: 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 97' 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,ir 636 701 760 807 806 744 844 875 Pe D P tr r i o v o l i f e d i u t e s m n a d f r s t e e f r in t i a n x g e s (16 corps.): 1,4 9 0 2 0 4 1,6 9 3 2 0 6 1, 9 7 4 3 8 7 1, 9 5 6 7 0 9 1 l, , 0 6 0 1 f 8 2 3 3 6 5 3 4 25 1 : 6 2 3 3 9 6 0 4 2 1 3 9 6 4 24 1 3 2 2 3 8 9 7 8 4 2 4 5 8 2 2 4 5 7 1 3 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 69' 740 667 726 728 Profits after taxes 1,309 1,541 1,898 2,038 2,206 504 540 59 520 561 534 562 558 Dividends 67" 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 8,42 7,461 7,133 7,671 8,612 Profits before taxes 2,556 2,931 3,277 2,487 2,921 47" 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 95.' 228 228 224 230 233 264 242 245 Machinery (24 corps.): Sales 22,558 25,364 29,51 32,721 35,660 8,994 8,994 8,371 8,864 8,907 9,517 8957 9,757 Profits before taxes 2,704 3,107 3,612 3,482 4,134 837 970 936 1,008 1,11 1,079 1071 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 99' 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 13328 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 1663 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 ,531 2,676 ,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 ,417 4,537 ,106 4,553 ,869 4,892 480 4,913 Profits before taxes 3,926 4,213 4,414 4,547 4,789 ,155 088 ,351 ,040 ,271 ,125 384 1,065 Profits after taxes 2,375 2,586 2,749 2,908 3,002 717 728 863 641 764 733 873 707 Dividends 1,682 1,838 1,938 2,066 2,201 513 529 539 555 543 565 580 577 Telephone: Operating revenue 10,550 11,320 12,420 13,311 14,430 ,341 ,429 ,486 3,544 ,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 '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 arc obtained primarily from Lines and General Depts. of American Telephone and Telegraph Co.) published reports of companies. and for two affiliated telephone companies. Dividends are for the 20 Railroads: Interstate Commerce Commission data for Class I line- operating subsidiaries and the two affiliates. haul railroads. All series: Profits before taxes are income after all charges and before Electric power: Federal Power Commission data for Class A and B Federal income taxes and dividends. electric utilities, except that quarterly figures on operating revenue and Back data available from the Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1970 n 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 t s e s c ta o I x n m e - e s P t a r a f o x te f e i r t s s d C d e i a n v s d i h - s t U r p i r n b o u d fi t i t e s s - d co c a n a l t s l p i o o u i w t n m a - l p- Quarter P b t e r a f o x o f e r it s e s c ta o In x m - e e s P t a r a f o x t f e e i r t s s 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 t a l i s l o p o u n i w t m a - l pances) ances > 1962 55.4 24.2 31.2 15.2 16.0 30.1 1968—II.... 90.7 41.1 49.7 22.9 26.7 45 8 1963 59.4 26.3 33.1 16.5 16.6 31.8 HI... 91.5 41.4 50.0 23.6 26.5 46 2 1964 66.8 28.3 38.4 17.8 20.6 33.9 IV... 94.5 42.9 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 1969—1 95.5 43.9 51.7 23.8 27.9 47.7 1967 80.3 33.0 47.3 21.5 25.9 42.6 II.... 95.4 44.1 51.3 24.3 27.0 48.6 1968 91.1 41.3 49.8 23.1 26.7 45.9 III... 92.5 42.8 49.7 24.9 24.9 49.6 1969» 93.8 43.3 50.5 24.6 25.9 49.1 IV.. 91.6 42.5 49.1 25.2 23.9 50.5 > 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 asiets Current liabilities Net Notes and accts. Notes and accts. End of period working U.S. receivable payable Accrued capital Total Cash s O 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 O U o . v S t . .i Other O U o . v S t . .' Other taxes 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 i 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—n 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 HI 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 HI 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 IV 214.2 547.9 52.1 12.2 4.8 259.4 183.4 36.1 333.8 7.3 233.0 17.0 76.4 l Receivables from, and payables to, the U.S. Oovt. 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 Period Total Mining C ni o c m at m ion u s - Otherl T (S o . t A a . l Durable d N ur o a n b - le R ro a a i d l- Air Other Electric and G a o s ther a r n a n t u e) al 1963 40.77 7.53 8.70 1.27 1.26 .40 1.58 3.67 1.31 4.06 10 99 1964 46.97 9.28 10.07 .34 .66 1.02 .50 3.97 1.51 4.61 12.02 1965 54.42 11.50 11.94 .46 .99 1.22 .68 4.43 1.70 5.30 13.19 1966 63.51 14.96 14.14 .62 2.37 1.74 .64 5.38 2.05 6.02 14.48 1967 65 47 14.06 14 45 .65 86 2.29 .48 6 75 2 00 6.34 14 59 1968 67 76 14.12 14 25 .63 45 2.56 .59 7 66 2.54 6.83 15 14 1969 75,56 15.96 15.72 .86 .Hfi 2-51 .68 8.94 2.67 8.30 16.05 19702 83.58 17.61 17.19 .94 2.36 2.91 .64 11.15 2.58 9.68 16.50 1968—II 16.85 3.36 3.63 .43 .37 .58 .42 1.94 .68 1.62 3.81 66.29 Ill 16.79 3.54 3.59 .39 .31 .64 .41 1.87 .74 1.61 3.69 67.77 IV 19.03 4.16 3.94 .40 .38 .66 .47 2.16 .74 2.00 4.13 69.05 1969—i . , . 16 04 3.36 3.22 .42 .38 .68 .38 1.88 .48 1.81 1.41 72.52 II 18.81 3.98 3.84 .48 .44 .66 .46 2.22 .77 2.00 3.97 73.94 IH 19.25 4.03 4.12 .47 .49 .53 .40 2.23 .80 2.11 4.07 77.84 IV 21.46 4.59 4.53 .49 .55 .64 .44 2.61 .62 2.39 4.60 77.84 1970—12 17.76 3.68 3.56 .41 .45 .69 .37 2.28 .39 5.93 80.00 IP 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 o APRIL 1970 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Farm Nonfarm Other 1- to 4-family houses4 Multifamily and Mortgage holders2 commercial properties' type* End of All Finan- All Finan- Other All period h e o r ld s - tu in t c i i s o a t n l i- s1 a U g . e S n . - v I id n u d a i- ls h e o r ld s - tu i t n c i i s o a t n l i- s > h e o r l s d 3 - h e o r ld s - Total F in in s a ti n - . O ho th ld e - r Total F in in s a ti n - . O ho th ld er - FH VA A - — C ve o n n - cies and tutions i ers tutions > ers under- tional others written 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—III". 363.3 293.3 17.5 52.5 24.9 8.9 16.0 338.3 232.0 198.7 33.3 106.4 85.7 20.7 86.4 251.9 IV". 370.2 298.8 18.4 53.0 25.5 9.1 16.3 344.8 236.1 201.8 34.2 108.7 87.9 20.9 88.2 256.6 1968—1"... 375.8 302.6 19.6 53.5 26.0 9.3 16.7 349.8 239.1 203.7 35.4 110.6 89.6 21.0 89.4 260.4 II".. 382.9 308.1 20.6 54.2 26.7 9.6 17.1 356.1 243.2 206.7 36.5 112.9 91,8 21.2 90.7 265.4 III". 389.8 313.5 21.1 55.1 27.2 9.6 17.5 362.6 247.0 209.7 37.3 115.6 94.1 21.5 92.0 270.6 IV". 397.5 319.9 21.7 55.8 27.5 9.7 17.8 370.0 251.2 213.1 38.1 118.7 97.1 21.6 92.8 277.2 1969—I"... 403.7 324.7 22.6 56.4 28.1 9.8 18.3 375.7 254.8 216.0 38.8 120.9 98.9 21.9 94.5 281.2 II". 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 HI". 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 IV". 424.6 1 Commercial banks (including nondeposit trust companies but not 5 Derived figures; includes small amounts of farm loans held by savings trust depts.), mutual savings banks, life insurance companies, and savings and loan assns. and loan assns. 6 Data by type of mortgage on nonfarm 1 - to 4-family properties alone 2 U.S. agencies include former FNMA and, beginning fourth quarter are shown on second page following. 1968, new GNMA as well as FHA, VA, PHA, Farmers Home Admin., and in earlier years, RFC, HOLC, and FFMC. They also include U.S. NOTE.—Based on data from Federal Deposit Insurance Corp., Federal sponsored agencies—new FNMA and Federal land banks. Other agencies Home Loan Bank Board, Institute of Life Insurance, Depts. of Agricul- (amounts small or current separate data not readily available) included ture and Commerce, Federal National Mortgage Assn., Federal Housing with "individuals and others." Admin., Public Housing Admin., Veterans Admin., and Comptroller of 3 Derived figures; includes debt held by Federal land banks and farm the Currency. debt held by Farmers Home Admin. Figures for first three quarters of each year are F.R. estimates. 4 For multifamily and total residential properties, see p. A-52. MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank 1loldings ' Mutual savings bank loldings2 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- vensured anteed tional sured anteed tional 1941 4 906 3,292 1,048 566 4,812 3 884 900 28 1945 4,772 3,395 856 521 4,208 3,387 797 24 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—-I 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 HI 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 H 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—I 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. ation series for all commercial and mutual savings banks in the United Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1970 n REAL ESTATE CREDIT A 51 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end or period) Nonfann Nonfarm Period Total VA- Farm Total VA- Farm Total FHA- guar- Other I Total FHA- guar- Other insured anteed insured anteed 1945 976 6,637 5,860 1,394 4,466 766 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 1969 7,200 6,658 602 199 5,857 542 72,031 66,257 11,690 5,669 48,898 5,774 1969 Jan ' ... 620 569 60 28 481 51 70,150 64,383 11,990 5,943 46,450 5,767 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 5 827 556 498 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 5,853 532 495 44 13 438 37 71,250 65,388 11,824 5,799 47,765 5,862 Sent 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 1970 Jan 599 572 34 8 530 27 72,340 66,621 11,696 5,660 49,265 5,719 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) Ad- Repay- Members' Period vances ments deposits New Total Short- Long- Period home Home FHA- VA- Con- term • term 2 Total 1 con- pur- Total 2 in- guar- venstruc- chase sured anteed tional 1945 278 213 195 176 19 46 tion 1963 5,601 4,296 4,784 2,863 1,921 1,151 1945 1,913 181 1,358 5,376 1964 5,565 5,025 5,325 2,846 2,479 1,199 1965 5,007 4,335 5,997 3,074 2,923 1,043 1963 25 173 7,185 10 055 90,944 4,696 6,960 79,288 1966 3,804 2,866 6,935 5,006 1,929 1,036 1 1 1 9 9 9 6 6 6 4 5 6 . . 2 2 1 1 6 4 ,9 9 1 2 1 9 4 3 2 3 6 6 , , , 6 0 6 5 1 3 3 3 8 1 1 7 0 0 , , 8 8 5 2 3 3 8 8 0 1 1 1 1 0 1 4 1 0 , , , 4 3 3 2 3 0 7 3 6 5 5 4 , , , 1 2 8 4 6 9 5 9 4 6 6 6 , , , 1 6 3 5 8 9 7 3 8 1 9 8 0 8 9 3 , , , 0 7 7 0 6 5 1 3 6 1 1 1 9 9 9 6 6 6 8 9 7 . ... 2 5 1 , , , 5 5 7 3 2 3 1 7 4 4 1 1 , , , 8 0 5 6 0 7 1 0 6 9 4 5 , , , 2 3 2 8 8 5 9 6 9 4 3 8 , , , 8 9 4 8 6 3 5 7 4 4 8 3 5 0 9 5 1 2 1 1 , , 4 3 3 8 2 2 1 1 19 9 9 6 6 6 9 7 8 . . . 2 2 2 0 1 1 ,1 9 8 2 8 3 3 2 2 4 4 4 , , 2 7 9 4 5 1 3 6 6 1 1 9 1 1,2 6 2 4 1 0 5 4 4 1 1 1 2 4 3 1 0 0 , , 2 8 8 0 0 0 9 2 5 5 6 7 , , , 7 6 9 9 1 5 1 0 8 7 7 6, , , 3 0 6 5 1 5 1 2 3 1 1 1 0 1 2 9 7 4 , , , 6 1 6 6 3 4 3 2 6 1969—F M A e p a b r r 5 1 1 4 5 2 5 5 0 1 1 1 7 1 2 8 3 2 5 5 5 , , , 3 2 7 3 9 6 1 8 4 4 4 5 , , , 4 9 9 2 8 4 3 3 0 3 3 34 5 4 1 8 9 1 1 1, , 1 1 ,2 7 3 4 8 0 3 1969--Feb... 1,580 364 767 132,095 6,857 7,129 118,109 J M u a n y e 5 3 1 2 4 7 1 7 2 2 0 5 6 , , 9 4 7 1 1 3 5 6 , , 6 0 4 5 7 4 3 35 2 9 4 1 1 , , 2 2 0 7 1 6 Mar... ,870 440 896 133,012 6,972 7,194 118,846 July 759 118 7,053 6,564 489 927 Apr.., 2,073 485 1,023 134,038 7,120 7,271 119,647 Aug 630 139 7,544 6,872 672 847 May.. 2,146 482 1,113 135,026 7,245 7,354120,427 Sept 451 55 7,940 7,273 667 891 June.. 2,415 495 1,345 136,242 7,402 7,408 121,432 Oct 637 138 8,439 7,779 660 865 July... 1,974 421 1,091 137,107 7 522 7,468 122,117 Nov 552 189 8,802 7,946 856 938 Aug... 1,918 393 1,089 137,951 7,607 7,538 122,806 Dec 564 77 9,289 8,434 855 1,041 Sept... 1,728 377 936 138,618 7,694 7,570 123,354 Oct.... ,698 365 862 139,226 7,770 7,600 123,865 1970—Jan 708 145 9,852 8,744 1,108 786 N D o e v c. .. . . . , , 5 3 0 3 8 0 3 2 0 86 0 6 68 5 7 2 1 1 3 4 9 0 , , 6 2 7 0 6 9 7 7 , , 8 91 2 0 2 7 7 , , 6 6 1 5 6 3 1 1 2 2 4 4 , , 2 6 3 4 8 6 Feb.* 384 299 9,937 8,717 1,220 801 1970—Jan.'.. ,064 220 530 140,345 7,937 7,669 124,739 1 Secured or unsecured loans maturing in 1 year or less. Feb.*. ,040 228 497 140,568 8,011 7,679 124,878 2 Secured loans, amortized quarterly, having maturities 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 • APRIL 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) Government- All residential Multifamily l underwritten Con- End of End of period Total venperiod Finan- Finan- FHA- VA- tional Total cial Other Total cial Other Total in- guarinsti- holders insti- holders sured anteed' tutions tutions 1 1 1 9 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 . . . 4 6 5 2 5 5 9 . . . 9 7 0 2 3 3 0 . . . 6 5 7 2 2 8 . . . 2 2 3 1 1 1 9 9 9 6 5 6 3 4 4 1 1 1 8 9 8 2 7 . . . 2 6 6 6 6 4 9 5 . . . 3 2 9 3 3 4 5 8 . . . 1 0 3 3 3 0 0 . . . 2 9 9 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 6 7 5 6 " 2 2 2 5 6 8 0 4 0 . . . 1 0 0 2 2 2 1 2 3 3 3 6 . . . 7 2 6 4 4 3 0 3 6 . . . 3 9 4 3 4 4 7 0 3 . . . 2 3 9 2 3 3 9 1 4 . . . 0 5 7 8 9 8 . . . 2 2 8 1 1 1 9 9 9 6 6 6 7 8 6 " " 2 2 2 2 5 3 3 1 6. . . 1 6 2 7 7 8 6 9 3 . . . 1 9 8 4 4 5 4 7 0 . . . 8 4 6 3 3 3 2 1 3 . . . 5 3 2 1 1 1 5 4 6 6 7 7 . . . 1 6 4 1968" 298.6 250.8 47.8 47.3 37.7 9.6 1966—IV 223.6 76.1 44.8 31.3 147.6 1967—11".... 269.7 228.3 41.4 41.9 32.9 8.9 I I I I I I " ". . . . . . 2 2 7 8 4 0 . . 8 0 2 2 3 3 2 6 . . 5 6 4 4 2 3 . . 3 4 4 4 2 3 . . 8 9 3 34 3 . . 7 8 9 9 . . 0 2 1967 I I I " " 2 2 2 2 4 7 . . 9 8 7 77 6 . . 3 4 4 45 5 . . 7 2 3 31 1 . . 5 2 1 1 4 5 8 0 . . 4 6 IHJI 232.0 78.3 46.6 31.7 153.7 1968—I" 283.7 239.0 44.7 44.6 35.3 9.3 IV 236.1 79.9 47.4 32.5 156.1 II".. .. 288.5 242.7 45.8 45.3 35.9 9.4 HI". .. 293.3 246.4 46.9 46.2 36.7 9.5 1968—I" 239.1 81.0 48.1 32.9 158.1 IV".... 298.6 250.8 47.8 47.3 37.7 9.6 HP 243.2 82.1 48.7 33.4 161.1 Ill" 247.0 83.2 49.6 33.6 163.8 1969—1" 303.0 254.4 48.6 48.3 38.4 9.9 IV" 251.2 83.8 50.6 33.2 167.4 I H I" I". . . 3 31 0 4 9 . . 1 2 2 26 5 2 9 . . 7 3 4 51 9 . . 4 9 4 50 9 . . 6 4 4 3 0 9 . . 1 3 1 1 0 0 . . 1 5 1969—IP 254.8 85.3 51.4 33.9 169.5 H" 259.5 87.1 52.2 34.9 172.3 HI? 263.4 88.8 53.3 35.5 174.6 > Structures of five or more units. NOTE.—Based on data from same source as for "Mortgage Debt Out- ' Includes outstanding amount of VA vendee accounts held by private standing" table (second preceding page). investors under repurchase agreement. NOTE.—For total debt outstanding, figures are FHLBB and F.R. estimates. For conventional, figures are derived. Based on data from Federal Home Loan Bank Board, Federal Housing Admin., and Veterans Admin. GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE (In millions of dollars) FHA-insured VA-guaranteed DELINQUENCY RATES ON HOME MORTGAGES (Per 100 mortgages held or serviced) Mortgages Mortgages Period Prop- Pro- erty Loans not in foreclosure Total homes h is E o t m i x n - e g s jects I m pr i e m o n v - ts e - 1 Total» 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 i e n 90 days Total 30 days 60 days or more 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—Feb.. 614 106 388 80 39 296 114 182 1969 3.22 2.43 .52 .27 .27 Mar.. 642 110 381 100 50 329 122 207 Apr.. 681 113 428 82 57 301 111 191 1966—1 3.02 2.13 .55 .34 .38 May. 704 111 409 123 62 323 115 208 II 2.95 2.16 .49 .30 .38 June. 787 121 475 134 58 308 99 209 Ill 3.09 2.25 .52 .32 .36 July.. 869 140 518 127 85 356 122 234 IV 3.40 2.54 .54 .32 .36 Aug.. 791 130 501 92 68 385 126 259 Sept.. 872 148 566 95 63 364 134 230 1967—1 3.04 2.17 .56 .31 .38 Oct... 911 160 553 140 59 397 148 249 II 2.85 2.14 .45 .26 .34 Nov.. 705 131 430 90 55 328 125 203 Ill 3.15 2.36 .52 .27 .31 Dec. 793 148 448 146 50 317 134 183 IV 3.47 2.66 .54 .27 .32 1970—Jan... 807 178 433 139 58 313 139 174 1968—1 2.84 2.11 .49 .24 .32 Feb 141 361 235 107 128 II 2.89 2.23 .44 .22 .28 Ill 2.93 2.23 .48 .22 .26 IV 3.17 2.43 .51 .23 .26 i Monthly figures do not reflect mortgage amendments included in annual totals. 1969—1 2.77 2.04 .49 .24 .26 * Not ordinarily secured by mortgages. II 2.68 2.06 .41 .21 .25 1 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 conrepayments on previously insured or guaranteed loans. For VA-guaranteed ventional mortgages held by more than 400 respondents, including loans, amounts by type are derived from data on number and average mortgage bankers (chiefly), commercial banks, savings bankt, ud amount of loans closed. savings and loan associations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1970 n 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 su in re - d a g n u t a e r e - d ch P a u s r e - s Sales d p u er r i i o n d g st i a n n g d- Total su in rc - d a g n u t a e r e - d c P ha u s r e - s Sales d p u er r i i o n d g st i a n n g d- 1966 2,667 2,062 604 620 371 491 1966 4,396 3,345 1,051 2,081 1,920 214 1967 3,348 2,756 592 860 1,045 1,171 1967 5,522 4,048 1,474 1,400 12 1,736 501 1968 4,220 3,569 651 1,089 1 867 1,266 1968 7,167 5,121 2,046 1,944 2,697 1,287 1969 4,820 4,220 600 827 615 1,130 1969 10,950 7,680 3,270 4,121 6,630 3,539 1969-Feb... 4,301 3,657 644 63 40 1,296 1969-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 Feb... 4,903 4,311 592 58 24 1,057 Feb... 12,005 8,392 3,613 522 765 3,933 NOTE.—Government National Mortgage Assn. data. Data prior to NOTB.—Federal National Mortgage Assn. data. Data prior to Sept. Sept. 1968 relate to Special Assistance and Management and Liquidating 1968 relate to secondary market portfolio of former FNMA. Mortgage portfolios of former FNMA and include mortgages subject to participation commitments made during the period include some multifamily and nonpool of Government Mortgage Liquidation Trust, but exclude conven- profit hospital loan commitments in addition to 1-4 family loan comtional mortgage loans acquired by former FNMA from the RFC Mortgage mitments accepted in FNMA's free market auction system. Co., the Defense Homes Corp., the Public Housing Admin., and Community Facilities Admin. HOME-MORTGAGE YIELDS FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY UNDER FREE MARKET SYSTEM (Per cent) Primary market Se m co a n rk d e a t ry Mortgage amounts co I m m m pli i c tm it e y n i t e l p d e , r b io y d (in months) Type of FHA series FHLBB series Yield auction Accepted Period (effective rate) on FHA- and insured date new By commitment New Existing h N om ew es homes Offered Total period (in months) 3 6 12-18 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 1969 7.81 7.82 7.99 8.26 Weekly 1969—Mar 7.47 7.49 7.65 8.05 1969—Dec. 1.. 235.9 120.6 24.2 67.0 29.4 8.57 8.58 8.52 Apr 7.62 7.60 7.75 8.06 8.. 242.9 123.0 23.2 77.0 22.8 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 8.67 8.70 8.62 June 7.76 7.79 8.00 8.35 22.. 307.3 121.8 22.6 68.2 31.0 8.75 8.78 8.69 July 7.91 7.94 8.10 8.36 29.. 269.3 128.4 20.1 79.0 29.3 8.85 8.87 8.77 Aug 8.00 8.05 8.20 8.36 Sept 8.05 8.08 8.25 8.40 1970—Jan. 5.. 704.7 122.7 8.4 70.4 43.9 9.19 9.19 9.15 Oct 8.13 8.13 8.30 8.48 12.. 637.8 150.7 8.7 81.8 60.2 9.40 9.36 9.40 Nov 8.13 8.15 8.35 8.48 Dec. 8.25 8.24 8.35 8.62 Biweekly 1970—Jan 8.34 8.29 8.55 Jan. 26.. 581.4 297.8 37.7 187.3 72.8 9.37 9.29 9.26 Feb "8.43 »8.42 8.55 9.29 Mar 8.55 9.20 Feb. 9.. 497.0 295.3 41.2 188.0 66.1 9.23 9.28 9.15 24.. 438.1 279.9 52.7 150.4 76.8 9.20 9.25 9.13 NOTE.—Annual data are averages of monthly figures. The Mar. 9.. 354.6 276.4 60.7 136.5 79.2 9.16 9.19 9.13 FHA data are based on opinion reports submitted by field offices 23.. 395.4 239.0 47.6 124.5 67.0 9.12 9.14 9.12 on prevailing local conditions as of the first of the succeeding month. Yields on FHA-insured mortgages are derived from Apr. 6.. 268.4 190.2 41.0 121.4 27.8 9.05 9.07 9.10 weighted averages of private secondary market prices for Sec. 20.. (200.0) 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. Comas 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 a APRIL 1970 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Total m A pa o u p b t e i o l r - e co g p O n o a s t o p u h d e m e r s r er e a r n l R n o d a i e z p n m a a s t o i i o r ' d n - Pe lo r a so n n s al Total p S a l i o y n a m g n l e s e n - t a C cc h o a u r n g t e s S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 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 9,924 3,002 4,795 2,127 I960 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—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 6,605 117,380 94,732 36,245 25,467 4,063 28,957 22,648 9,073 6,988 6,587 Sept 118,008 95,356 36,321 25,732 4,096 29,207 22,652 9,075 7,005 6,572 Oct 118,515 95,850 36,599 25,855 4,084 29,312 22,665 9,025 7,085 6,555 Nov 119,378 96,478 36,650 26,223 4,076 29,529 22,900 9,000 7,238 6,662 Dec 122,469 98,169 36,602 27,609 4,040 29,918 24,300 9,096 8,234 6,970 1970—Jan 121,074 97,402 36,291 27,346 3,991 29,774 23,672 9,092 7,539 7,041 Feb 120,077 96,892 36,119 26,987 3,970 29,816 23,185 9,074 6,789 7,322 1 Holdings of financial institutions; holdings of retail outlets are in- loans. For back figures and description of the data, see "Consumer Credit," cluded in "other consumer goods paper." Section 16 (New) of Supplement to Banking and Monetary Statistics, 1965, NOTE.—Consumer credit estimates coyer loans to individuals for house- and Dec. 1968 BULLETIN, pp. 983-1003. hold, family, and other personal expenditures, except real estate mortgage INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets End of period Total Com- Sales Credit Con- Auto- Other Total mercial finance unions sumer Other i Total mobile retail banks cos. finance' dealers' outlets 1939 4,503 3,065 1,079 1,197 132 657 1,438 123 1,315 1941 6,085 4,480 1,726 1,797 198 759 1,605 188 1J417 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—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.S63 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 Feb... 96,892 84,393 39,990 19,652 11,459 9,691 3,601 12,499 331 12,168 1 Consumer finance companies included with "other" financial insti- 2 Automobile paper only; other instalment credit held by automobile tutions until 1950. dealers is included with "other retail outlets." See also NOTE to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1970 n CONSUMER CREDIT A 55 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES (In millions of dollars) (In millions of dollars) Automobile Repair End of period Total ch P a u s r e p - d ape D r irect s g O p c u o a o t m o p h n d e e e - r r s r e m l r t o a n i n a o o i d n z d n a - s - s l P o o a e n r n a - s l End of period Total m A pa o u p b t e o il r - e s g O p c u o a o t m o h p n d e e e - r r s r m R i o z l a o e a d n a p t e i n d a r o s n i n r - l s o P o a e n n r a - s l 1939 1,079 237 178 166 135 363 1939 1,197 878 115 148 36 1941 1,726 447 338 309 161 471 1941 1.797 1,363 167 201 66 1945 745 66 143 114 110 312 1945 300 164 24 58 54 1950 5,798 1,177 1,294 1,456 834 1,037 1950 3,711 2,956 532 61 162 I 1 9 9 6 5 0 5 1 1 0 6 ,6 6 7 0 2 1 5 3 2 3 4 1 3 6 2 2 0 8 6 2 2 0 2 2 7 0 5 4 9 2 2 1 2 3 0 3 0 8 3 1 , , 5 9 7 1 7 6 1 I9 9 6 5 0 5 1 8 0 , , 4 7 4 6 7 3 6 7 , , 9 4 0 8 5 8 2 1 , , 0 04 5 8 9 1 2 46 8 1 4 ,0 6 7 6 0 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 I969-—Feb 37,056 12.153 7 117 6,168 2 676 8,942 1969 Feb 18,219 9,962 4,867 71 3,319 Mar . ... 37,257 12,224 7,168 6,188 2,670 9,007 Mar 18.253 9,988 4,868 70 3,327 3 38 7 , , 3 8 4 5 7 4 1 12 2 ,3 5 8 4 8 1 7 7 ,2 3 7 6 3 7 6 6 ,2 4 9 0 9 6 2 2 ,6 7 9 2 0 1 9 9 , ,3 2 1 0 2 4 1 1 8 8 , , 4 6 1 3 8 6 1 1 0 0 , , 0 2 9 4 5 6 4 4 , , 8 9 9 4 6 5 7 6 0 9 3 3 , , 3 3 5 7 7 6 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 39,532 12,859 7,513 6,818 2,787 9,555 19,265 10,570 5,139 69 3,487 Sept .... 39,793 12,864 7,543 6,929 2,808 9,649 Sept 19,360 10,557 5,191 69 3,543 Oct .. 40,006 12,914 7,597 7,023 2,798 9,674 Oct 19,569 10,693 5,227 67 3,582 40,047 12,883 7,618 7,100 2,779 9,667 Nov 19,668 10,727 5,247 66 3,628 Dec 40 305 12,784 7 620 7 415 2 751 9,735 Dec 19,798 10,743 5,306 65 3,684 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 Feb 39,990 12,585 7,533 7,474 2,691 9,707 Feb 19,652 10,604 5,324 64 3,660 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 Chargeaccounts Auto- con- and Per- loans End of period Total mobile sumer modern- sonal paper goods ization loans Total Service paper loans End of period Com- Other credit mer- finan- Retail Credit cial cial outlets cards1 1939 789 81 24 15 669 banks insti- 1941 957 122 36 14 785 tutions 1945 731 54 20 14 643 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 ,176 913 10,215 1950 6,768 1 ,576 245 3,291 76 1,580 1965 17,292 3,368 ,367 972 11,585 1955 9 924 2 635 367 4,579 216 2 127 1966 18,708 3,727 ,503 ,020 12,458 I960 13,173 3,884 623 4,893 436 3,337 1967 19,952 3,993 ,600 ,046 13,313 1968 22,286 4,506 ,877 ,132 14,771 1964 17,576 5,950 924 5,587 608 4,507 1969 24,879 5,119 2,037 ,224 16,499 1965 . 18 990 6,690 QSI 5 724 706 4 889 1966 20,004 6,946 ,026 5,812 R74 5,346 1969—Feb. 22,302 4,502 ,885 ,128 14,787 1967 21 206 7,340 088 5,939 ,029 5,810 Mar. 22,496 4,562 ,904 ,134 14,896 1968 23 301 7 975 ,163 6,450 ,305 6,408 Apr. 22,790 4,652 ,928 ,143 15,067 1969 . 24,300 7,900 ,196 6,650 ,584 6,970 May 23,172 4,747 ,956 ,174 15,295 June 23,511 4,847 1,994 ,189 15,481 1969—Feb.... 22,189 7,877 ,173 5,087 ,316 6,736 July. 23,755 4,893 2,007 ,189 15,666 Mar.... 22,278 7,961 ,178 5,037 ,303 6,799 Aug. 24,113 4,967 2,024 ,207 15,915 Apr.... 22,568 8,040 ,176 5,237 ,320 6,795 Sept. 24,287 5,021 2,032 ,219 16,015 May... 22,937 8,017 ,201 5,609 ,362 6,748 Oct.. 24,374 5,057 2,042 ,219 16,056 June... 22,908 8,031 ,196 5,574 ,428 6,679 Nov. 24,586 5,085 2,036 1,231 16,234 July... 22,764 7,946 ,174 5,54l ,498 6,605 Dec. 24,879 5,119 2,037 1,224 16,499 Aug 22,648 7,879 ,194 5,438 ,550 6,587 Sept.. . 22,652 7,882 ,193 5,448 ,557 6,572 1970—Jan.. 24,684 5,065 2,026 1,212 16,381 Oct.. .. 22,665 7,837 ,188 5,568 ,517 6,555 Feb., 24,751 5,066 2,021 1,215 16,449 Nov.... 22,900 7,795 ,205 5,685 ,553 6,662 Dec 24,300 7,900 ,196 6,650 ,584 6,970 NOTE.—Institutions represented are consumer finance companies, credit 1970—Jan.. .. 23,672 7,887 ,205 5,932 ,607 7,041 unions, industrial loan companies, mutual savings banks, savings and Feb.... 23,185 7,857 1 ,217 5,210 ,579 7,322 Joan assns., and other lending institutions holding consumer instalment credit. See also NOTE to first table on previous page. i Service station and miscellaneous credit-card accounts and homeheating-oil accounts. Bank credit card accounts outstanding are included in estimates of instalment credit outstanding. See also NOTE to first table on previous page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 56 CONSUMER CREDIT a APRIL 1970 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Other consumer Repair and Total Automohi e paper goods paper modernization loans Personal loans Period S.A.i 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 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—Feb 8,414 6,971 2,716 2,344 2,598 1,985 201 149 2,899 2,493 Mar 8,381 8,132 2,730 2,750 2,625 2,423 198 179 2,828 2,780 Apr 8 720 9,024 2,772 3 023 2,763 2,668 219 216 2 966 3,117 8 680 8,960 2,757 2,985 2,767 2,760 209 246 2,947 2,969 8 705 9,169 2,725 3,045 2,869 2,832 218 245 2,893 3,047 July 8,521 8,920 2,582 2,828 2,777 2,778 185 214 2,977 3,100 8 680 8,604 2,634 2,593 2,819 2,764 177 206 3,050 3,041 Sent 8,669 8,485 2,794 2,566 2,740 2,794 180 194 2,955 2,931 Oct 8,661 8,797 2,808 2,939 2,707 2,805 175 183 2,971 2,870 Nov 8,632 8,173 2,683 2,433 2,841 2,817 164 160 2,944 2,763 Dec 8 344 10,096 2,472 2,479 2,838 4,004 169 149 2,865 3,464 1970 Jan 8,521 7,490 2,479 2,130 2,925 2,663 160 118 2,957 2,579 Feb 8,625 7,106 2,536 2,214 3,018 2,275 179 137 2,892 2,480 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—Feb 7 616 7,083 2,468 2,304 2,352 2,263 172 160 2,624 2,356 Mar 7,735 7,840 2,501 2,541 2,461 2,521 180 180 2,593 2,598 7 960 8 033 2,519 2 552 2,569 2,575 185 187 2,687 2,719 7,834 7,810 2,488 2,488 2,507 2,523 183 185 2,656 2,614 7,910 7,895 2,460 2,471 2,602 2,512 183 187 2,665 2,725 July . 7,899 8,174 2,471 2,551 2,511 2,562 191 197 2,726 2,864 8,080 7,705 2,562 2,429 2,574 2,469 185 182 2,759 2,625 Sept 7,971 7,861 2,498 2,490 2,600 2,529 156 161 2,717 2,681 Oct 7,992 8,303 2,463 2,661 2,615 2,682 189 195 2,725 2,763 Nov 8,012 7,545 2,503 2,382 2,623 2,449 179 168 2,707 2.546 Dec 7,929 8,405 2,499 2,527 2,552 2,618 185 185 2,693 3,075 1970—Jan 8,141 8,257 2,469 2,441 2,722 2,926 168 167 2,782 2,723 Feb 8,207 7,616 2,550 2,386 2,761 2,634 171 158 2,725 2,438 Net change in credit outstanding 2 1964 7,200 2,677 2,155 139 2,229 1965 8,629 3,684 2,232 150 2,563 1966 6,215 1,937 2,413 90 1,775 1967 3 387 168 1 417 —29 1 831 1968 8,964 3,406 2,504 136 2,918 1969 8,279 2 472 2 710 115 2,982 1969_Feb 798 -112 248 40 246 -278 29 -11 275 137 Mar 646 292 229 209 164 -98 18 j 235 182 Apr 760 991 253 471 194 93 34 29 279 398 846 1,150 269 497 260 237 26 61 291 355 795 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 SeDt 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 o 237 217 Dec 415 1,691 -27 -48 286 1,386 -16 -36 172 389 1970—Jan .. 380 -767 10 -311 203 -263 -8 -49 175 -144 Feb 418 -510 -14 -172 257 -359 8 -21 167 42 1 Includes adjustments for differences in trading days. purchases and sales of instalment paper, and certain other transac- ' 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. 196*. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1970 a CONSUMER CREDIT A 57 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Sales finance Other financial Total Commercial banks companies institutions Retail outlets Period S.A.I N.S.A. S.A.I N.S.A. S.A.i N.S.A. S.A.! 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—Feb.. 8,414 6,971 3,155 728 1,419 1,192 2,315 1,972 ,525 1,079 Mar.. 381 8,132 3,199 155 1,429 1,359 2,239 2,219 ,514 1,399 Apr.. ,720 9,024 3,318 585 1,405 1,463 2,378 2,447 ,619 1 529 May. ,680 8,960 3,236 436 1,451 1,478 2,365 2,428 ,628 1,618 June. ,705 9,169 3,272 3,540 1,436 1,566 2,323 2,479 ,674 1,584 July. 8,521 8,920 3,041 323 1,400 1,507 2,439 2,539 ,641 1,551 Aug.. ,680 8,604 3,148 162 1,431 1,401 2,470 2,463 ,631 1,578 Sept.. ,669 8,485 3,292 3i 203 1,440 1,396 2,332 2,280 ,605 1,606 Oct.. ,661 8,797 3,298 3,346 1,518 1,603 2,341 2,267 ,504 1,581 Nov.. 8,632 8,173 3,213 2,845 1.490 1,381 2,291 2,217 ,638 1,730 Dec. ,344 10,096 3,179 3,302 1,331 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 ,734 1,559 Feb. 8,625 7,106 3,167 2,735 1,386 1,172 2,322 1,991 ,750 1,208 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—Feb.. ,616 7,083 2,869 2,677 ,231 1,148 2,066 1,850 1,450 1,408 Mar.. 1735 7,840 2,928 2,954 ,287 1,325 2,011 2,025 1,509 1,536 Apr.. ,960 8,033 2,967 2,988 ,236 1,298 2,140 2,153 1 617 1,594 May. ,834 7,810 2,917 2,943 ,278 1,260 2,091 2,046 1,548 1,561 June. ,910 7,895 2,989 2,971 223 1,241 2,079 2,140 1,619 1,543 July.. ,899 8,174 2,859 2,991 ,330 1,341 2,181 2,295 1,529 1,547 Aug.. ,080 7,705 2,958 2,878 ,386 1,263 2,228 2,105 1,508 1,459 Sept.. ,971 7,861 2,919 2,942 ,355 1,301 2,133 2,106 1,564 1,512 Oct.. , ,992 8,303 2,986 3,133 ,324 1,394 2,148 2,180 1,534 1,596 Nov.. ,012 7,545 3,020 2,804 ,346 1,282 2,117 2,005 1,529 1,454 Dec. ,929 8,405 2,977 3,044 ,309 1,438 2,094 2,377 1,549 1,546 1970—Jan.. 8,141 8,257 2,962 2,912 1,320 1,296 2,197 2,174 1,662 1,875 Feb. 8,207 7,616 3,101 2,889 1,321 1,223 2,146 1,924 1,639 1,580 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—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 Feb., 418 -510 66 -154 65 -51 176 67 111 -372 1 Includes adjustments for differences in trading days. tween extensions and repayments for some particular holders do 9 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. a APRIL 1970 MARKET GROUPINGS (1957-59=100) 957-59 1969 1970 pro- 1968 Grouping portion age Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.' Jan.r Feb.r Total index 100.00 165.5 170.1 171.4 171.7 172.5 173.7 174.6 174.3 173.9 173.1 171.4 171.1 170.2 169.8 47.35 165.1 169.3 170.8 170.2 170.0 170.7 172.8 172.7 172.2 170.9 168.4 168.5 168.2 169.0 Consumer goods 32.31 156.9 161.7 162.8 161.8 160.7 161.5 164.4 164.2 162.8 161.2 160.5 160.7 161.0 161.7 Equipment, including defense.. .. 15.04 182.6 185,5 187.8 188.4 190.0 190.4 190.8 190.3 192.4 191.9 185.6 185.2 183.7 186.3 Materials 52.65 165.8 170.8 172.1 172.9 174.5 176.3 176.5 175.9 176.0 175.4 174.6 173.9 172.5 170.6 Consumer goods 3.21 174.3 174.7 175.4 166.1 165.8 178.7 184.6 179.5 176.6 172.8 168.0 160.9 155.2 151.5 1,82 174.8 165.0 165.0 149.6 148.9 168.3 178.7 178.4 169.9 164.0 153.8 141.6 132.9 127.6 Auto parts and allied products 1.39 173.8 187.6 189.0 187.9 188.0 192.3 192.4 181.0 185.4 184.4 186.7 186.2 184.6 182.9 10.00 156.0 160.5 162.8 161.5 161.9 159.7 160.8 159.3 156.7 156.2 150.9 151.0 150.6 154.3 Home goods 4,59 175.4 183.0 186.3 186.1 185.9 186.1 184.4 184.5 181.2 179.5 166.7 166.8 167.6 175.7 Appliances, TV, and radios...... 1.81 168.4 179.1 182.9 182.0 182.0 180.2 181.8 181.9 176.5 175.2 142.2 140.1 143.7 170.0 Appliances. ..... 1.33 174.1 187.3 189.4 190.1 192.7 190.7 195.6 195.0 188.2 187.2 147.8 151.0 155.3 188.4 TV and home radios .47 152.4 156.0 164.4 158.9 151.9 150.6 143.0 144.9 143.6 141.3 126.2 109.6 111.0 118.2 1.26 173.7 181.2 182 0 183.3 183.4 184.0 180.0 179.7 177.9 175.7 176.0 175.0 174.1 169.S Miscellaneous home goods .... 1.52 185.3 189.0 193.8 193.4 192.6 194.8 191.1 191.6 189.4 187.8 188.2 191.7 190.5 187.2 Apparel, knit goods, and shoes. 5.41 139.5 141.4 142.9 140.6 141.5 137.4 140.9 138.0 135.9 136.4 137.5 137.7 136.3 19.10 154.5 160.2 160.8 161.2 159.2 159.6 162.9 164.1 163.7 161.8 164.2 165.7 167.4 167.3 Processed foods 8.43 132.6 136.7 136.4 137.1 136.4 136.1 135.3 138.8 137.9 132.3 136.5 137.0 138.7 138.5 2.43 144.5 147.5 150.9 143.7 137.9 140.4 147.8 152.3 152.6 148.9 145.0 149.6 151.7 2.97 193.4 203.7 205.0 209.9 208.0 206.1 211.9 207.2 208.6 210.4 213.2 217.0 217.6 218.5 Newspapers, magazines, and books. 1.47 143.3 145.7 143.3 145.9 147.3 146.3 147.5 147.6 149.8 147.1 148.9 149.7 147.7 148.1 3.67 183.4 192.0 193 6 194.1 189 8 192.7 201.6 201.1 198.6 203.9 206.0 206.0 210.5 1.20 139.0 139.6 141 6 142.4 143 9 146.8 146.1 144.4 146.1 150.9 152.7 148.4 151.8 147.0 Residential utilities 2.46 205.1 217.6 218.9 219.3 212.2 215.1 228.7 228.7 224.2 229.8 232.0 234.1 239.1 Electricity 1.72 223.9 239.9 240.6 240.6 230.0 233.7 252.6 252.2 245.3 252.9 255.6 258.2 264.7 Gas.. . .. .... .74 174.1 Equipment 11.63 184.7 191.9 192.9 194.1 195.7 197.0 196.9 197.0 200.4 200.9 194.4 193.8 192.8 196.9 Industrial equipment 6.85 168.2 175.7 176.7 178,6 180.9 182.7 181.2 180.3 183.9 182.9 174.4 176.3 175.0 184.9 2.42 205.2 214.3 217.3 220.1 221.7 221.0 220.5 221.3 222.9 224.9 223.3 223.6 223.0 222.3 Freight and passenger equipment... 1.76 234.3 244.4 242.3 239.7 238.4 240.8 250.5 249.7 251.9 254.5 252.8 240.9 239.5 232.6 .61 145.0 133.0 135.6 133.9 134.9 135.2 124.4 136.0 146.8 153.1 136.5 135.4 138.4 3.41 Materials 26.73 157.8 162.6 164.0 165.8 165.5 167.0 167.0 167.3 166.6 165.8 163.5 161.8 159.7 757./ 3.43 164.2 167.7 163.2 157.9 156.6 162.7 163.0 169.5 171.7 166.4 158.5 150.9 146.6 142.6 Equipment 7.8-1 185.1 189.3 190.7 190.3 191.7 193.2 193.2 195.1 197.2 194.8 190.7 189.8 188.6 188. S Construction 9.17 145.9 154.2 154.5 153.2 153.0 151.7 150.0 149.9 149.8 149.6 150.2 150.4 150.8 148.1 6.29 137.7 '50.2 153.3 151.5 148.4 153.6 156.2 153.5 149.3 153.3 156.1 155.4 149.6 149.1 Nondurable materials 25.92 174.1 179.2 180.3 180.3 183.7 185.9 186.4 184.7 185.5 185.3 186.0 186.5 185.7 184.5 9.11 157.6 164.4 165.3 162.3 165.9 166.3 167.1 167.4 167.0 167.4 166.9 168.5 166.9 163.6 3.03 156.6 168.1 170.4 165.0 168.2 167.5 165.5 166.7 167.8 169.9 165.6 174.0 173.1 167.1 6.07 158.1 162.5 162.7 160.9 164.7 165.7 167.9 167.8 166.6 166.1 167.6 165.8 163.8 161. i Nondurable materials n.e c 7.40 222.4 231.6 232.7 232.3 236.6 239.4 241.6 238.2 240.2 239.0 242.0 240.0 240.6 238.6 9.41 152.0 152.3 153.7 156.9 159.3 162.8 161.6 159.4 159.8 160.4 160.4 161.7 160.6 162.3 Mineral fuels .... 6.07 133.0 127.7 130.2 134.2 137.4 141.8 139.7 136.5 137.7 135.7 136.5 137.7 136.2 137.2 Nonresidentia! utilities 2.86 200.2 212.5 211.7 213.7 214.9 216.1 216.7 217.3 221.1 222.8 220.9 222.5 222.4 Electricity 2.32 202.3 214.8 214.7 216.7 218.1 220.0 220.5 221.1 225.8 227.8 225.4 227.3 227.1 General industrial 1.03 197.4 209.2 208.3 212.4 213.4 216.4 216.7 219.2 221.4 224.7 218.4 221.1 216.5 1.21 216.6 230.7 231.2 231.7 233.4 234.7 235.6 234.7 241.7 242.7 243.4 244.8 248.5 Gas .54 174.1 Supplementary groups of consumer goods Automotive and home goods 7.80 175.0 179.6 181.8 177.9 177.6 183.0 184.5 182.4 179.3 176.8 167.2 164.4 162.5 165.7 Apparel and staples 24.51 151.2 156.0 156.8 156.6 155.3 154.7 158.1 158.4 157.6 156.2 158.3 159.5 160.6 For NOTE see p. A-61. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1970 • INDUSTRIAL PRODUCTION: S.A. A 59 INDUSTRY GROUPINGS (1957-59 = 100) 19 p 5 r 7 o - - 59 1968 1969 1970 Grouping por- avertion age Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.' Jan.' Feb.' Total index. 100.00 165.5 170.1 171.4 171.7 172.5 173. 174. t 174.3 173. 173. 171.4 171. 170.2 169.8 Manufacturing, total 86.45 166.9 171.8 173.1 173.0 173.8 174.8 175.6 175.4 175.2 173.9 171. 171.3 170.0 169.5 Durable 48.07 169.8 174.5 175.9 175.7 176.7 178.3 178. 178.8 178. 177.3 172. 171. 169.3 169.0 Nondurable 38.38 163.3 168.3 169.5 169.6 170.3 170.5 171.8 171.3 170.9 169.5 171.5 171.5 171.0 170.0 Mining 8.23 126.6 124.8 126.7 128.8 130.3 134. 133.2 131.2 131.6 130.2 132. 134. 132.5 134.0 Utilities 5.32 202.5 214.9 215. 216.3 213.6 215.6 222.2 222.6 222.5 226.0 226.0 227.9 230.1 232.6 Durable manufactures Primary and fabricated metals 12.32 150.5 158 160.3 161.2 162.3 165.1 164.1 164.1 162.3 163.1 162.9 161.1 158.0 156.2 Primary metals 6.95 137.0 143 146.2 147.9 149.3 153.1 152. 151.3 149.3 150. 150. 147.7 142.1 139.7 Iron and steel 5.45 130.7 133 139.0 141.2 141.6 145.6 145.3 141. 141. 141.5 142. 138.8 133.0 129.9 Nonferrous metals and products. 1.50 160.0 183 186.9 186.2 184.3 190.8 181.8 177.9 178.6 178.7 183.1 181.1 178.2 179.9 Fabricated metal products 5.37 167. 177.6 178.5 178.3 179.2 180.6 179.1 180.6 179.1 179.4 179.2 178. 178.5 177.4 Structural metal parts 2.86 162.2 174.5 175.8 174. 173.1 173.8 170.8 171.5 171.5 172.5 174.5 177.1 175. 174.6 Machinery and related products... 27.98 183.7 186.3 187.9 187. 188. 190.3 192.3 192.0 192.7 190.0 181.1 180.3 178.6 179.6 Machinery 14.80 184.3 192.7 194.7 194.6 196.9 197.2 198. 199. 201.2 199.0 187. 188.7 189.6 195.1 Nonelectrical machinery 8.43 181.0 189.6 190.2 190.8 193.1 195.3 196.0 195.5 199.8 200.3 194.9 196. 195.9 196.0 Electrical machinery 6.3 188.5 196.9 200.7 199.5 201.8 199.6 200.8 204.5 202.9 197.3 177.5 178.3 181.3 194.0 Transportation equipment 10.19 179.5 173.1 174.1 172.4 171.8 176.6 181.1 179.1 178.8 175.7 168.3 163.9 159.0 154.3 Motor vehicles and parts 4.68 171.4 167.7 167.6 160.8 156.8 169.1 174.2 174. 170.5 167.9 159.9 152.0 145.6 142.1 Aircraft and other equipment.. 5.26 185.0 174.1 176.0 178.7 180.8 179.5 183.4 180.3 182.6 179.6 171.9 170.7 166.7 161.4 Instruments and related products. 1.71 184. 190.4 192.8 195.4 195.3 195. 194.7 194.9 195. 193.9 196.0 197.4 194.8 193.4 Ordnance and accessories 1.28 Clay, glass, and lumber 4.7. 137.4 145.6 145.1 143. 143.6 140.6 138.3 140.2 140.6 140.7 140.6 139.9 139.0 137.9 Clay, glass, and stone products. 2.99 146. 156.5 153.4 155.1 156.9 155. 152.7 155.3 157.7 156.3 155. 157.4 154.6 153.0 Lumber and products 1.73 122.3 126. 130.8 122.6 120.7 115.5 113. 114.1 111.0 113.8 114.1 109.7 112.0 Furniture and miscellaneous 3.05 169.9 175. 176.5 178.4 179.0 179.1 176.3 176. 175.4 174.7 175. 175.3 175.9 174.4 Furniture and fixtures 1.54 178,3 186.5 187.0 188.9 190. 189.9 185.0 186. 185.3 184.0 183. 183.3 183.4 179.0 Miscellaneous manufactures.... 1.51 161.4 164.7 165.7 167.6 167.5 168.1 167. 165.8 165.3 165.3 166.4 167. 168. 169.7 Nondurable manufactures Textiles, apparel, and leather. 7.60 144.8 142.6 144.7 143.7 146.3 146.0 145.4 143.3 141.1 142.0 142.9 141.5 141.1 138.8 Textile mill products 2.90 151.5 152.0 152.9 154.2 156.5 157.8 157.0 153.0 151.6 152.1 151.9 150.3 150.0 150.0 Apparel products 3.59 149.9 147.9 150.2 147.8 150.0 149.2 150. 148.8 146.1 146.5 148.0 147.9 147.6 Leather and products 1.11 111.0 101.3 105.6 103.4 107.6 104.7 98.4 100.0 97.7 101.1 102. 98.0 96.8 Paper and printing 8.17 155.5 161.2 162.2 162.4 163.8 164.4 165.9 166.3 165.8 165.3 166.1 166.8 164.6 164.0 Paper and products.... 3.43 163.8 173.9 175.0 175.8 174.9 175.3 176.4 177.5 177.5 177.1 175.9 178.0 173.8 173.0 Printing and publishing. 4.74 149.6 152.1 153.0 152.7 155.9 156.5 158.3 158.2 157.3 156.9 159.1 158.6 157.9 157.5 Newspapers 1.53 136.1 141.7 141.4 137.5 142.8 141.3 145.6 144.4 143.3 143.0 154.1 142.0 141.7 142.1 Chemicals, petroleum, and rubber. 11.54 207.7 218.0 219.6 221.7 222.7 223.2 225. 222.4 223.3 222.7 225.3 224.8 222.4 221.7 Chemicals and products 7.58 221.7 234.4 235.2 239.1 239.5 239.7 243.1 238.1 240.2 238.3 240.8 241.7 241.0 241.1 Industrial chemicals 3.84 262.0 276.7 277.7 283.3 285.2 286.1 288.6 281.5 286.2 281.2 283.9 283.8 283.5 Petroleum products 1.97 139.6 140.2 142.7 142.2 143.5 145.4 143.5 144.5 146.2 146.7 150.9 149.5 143.2 144.0 Rubber and plastics products 1.99 222.0 232.8 236.2 234.2 237.0 237.3 238.3 239.9 240.0 238.6 240.2 234.8 230.1 Foods, beverages, and tobacco.... 11.07 135.3 139.5 139.8 138.2 136.9 137.0 138.4 141.0 140.4 136.2 139.2 140.1 142.7 141.8 Foods and beverages 10.25 136.4 140.9 141.5 140.5 138.6 138.3 139.9 143.1 142.2 138.0 141.0 142.1 144.7 143.8 Food manufactures 8.64 132.7 137.2 136.7 136.7 136.6 136.1 135.8 137.8 137.0 132.6 137.5 137.4 140.2 139.5 Beverages 1.61 156.5 160.9 167.2 160.6 149.4 149.8 161.7 171.3 169.9 166.7 159.7 167.2 168.9 Tobacco products .82 120.9 121.2 118.7 110.5 115.4 121,9 120.3 114.8 118.6 113.8 116.2 115.1 117.8 Mining Coal, oil, and gas 6.80 125.3 120.2 121.9 125.7 128.7 133.1 131.7 128.8 129.9 128.1 129.1 130.3 129.1 130.3 Coal 1.16 118.2 112.4 114.3 120.2 123.9 124.8 130.0 122.1 114.7 115.7 118.9 119.3 113.1 122.3 Crude oil and natural gas. 5.64 126.8 121.8 123.5 126.9 129.6 134.8 132. 130.2 133,1 130.7 131.2 132.6 132.4 132.0 Oil and gas extraction.. 4.91 136.5 131.3 134.0 137.5 140.5 145.8 142.0 139.9 143.1 140.4 140.6 142.0 141.6 140.7 Crude oil 4.25 130.5 124.0 127.0 130.2 133.1 139.2 135.5 132.4 135.6 132.8 133.5 135.0 134.6 133.4 Gas and gas liquids.. .66 174.5 Oil and gas drilling .73 61.1 Metal, stone, and earth minerals. 1.43 132.9 146.4 149.9 143.6 138.3 140.4 140.5 142.6 139.5 140.2 149.6 153.7 148.9 151.8 Metal mining .61 126.4 142.7 149.1 146.6 134.5 137.4 138.1 142.3 133.1 141.1 153.3 152.3 155.6 149.7 Stone and earth minerals .82 137.8 149.2 150.5 141.4 141.2 142.6 142.2 142.8 144.3 139.6 146.8 154.8 144.0 153.4 Utilities Electric. 4.04 211.5 225.5 225.7 226.9 223.1 225.9 234.2 234.4 234.1 238.5 238.3 240.5 243.1 Gas 1.28 174.1 For NOTE see p. A-61. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 60 INDUSTRIAL PRODUCTION: N.S.A. a APRIL 1970 MARKET GROUPINGS (1957-59=100) 1957-59 1968 1969 1970 proaver- Grouping portion age Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.r Jan.r Feb.' Total index 100.00 165.5 170.5 173.1 171.9 172.4 176.7 167.7 174.6 179.2 177.8 173.6 169.6 168.0 170.2 47.35 165 1 169 3 171.9 168.6 168.4 174 0 166.4 173.4 179.2 176.5 170.0 166.2 166.8 169.2 32.31 156 9 161 8 163 9 159.0 158.2 165 5 156 5 166.3 172.6 169.4 162.6 156.6 159.1 162.1 Equipment, including defense.... 15.04 182.6 185.4 189.0 189.1 190.4 192.4 187.7 188.5 193.4 191.8 186.0 187.0 183.4 186.2 52.65 165 8 171 5 174 3 174.8 176 1 179 2 168.8 175.6 179.2 178.9 176.9 172.6 169.5 171.6 Consumer goods 3.21 174.3 183 6 186.0 174.7 173.1 191 1 132.5 133.2 181.8 189.8 179.0 167.8 163.2 158.3 1.82 174.8 181.5 184.8 164.6 165.3 191.0 94.7 91.9 175.0 188.6 172.3 155.8 146.2 140.4 Auto parts and allied products 1.39 173.8 186.3 187.5 187.9 183.5 191.1 182.1 187.6 190.6 191.3 187.8 183.6 185.6 181.8 10.00 156.0 164.2 168.9 161.9 162.3 165.4 147.9 159.2 162.0 166.0 156.6 143.4 147.5 159.4 4.59 175.4 187 7 191.2 188.8 188.4 191.2 172.0 179.4 190.5 193.7 173.7 167.2 166.3 179,5 Appliances, TV, and radios 1.81 168.4 195.0 198.8 194.7 194.3 194.6 166.1 164.4 189.5 194.5 147.9 135.0 149.6 183.5 1.33 174 1 206 0 211.7 213.1 212.0 212 7 185.5 168.8 200.7 204.3 149.5 147.5 161.3 204 5 .47 152.4 164 1 162.6 143.0 144.3 143 8 111.1 152.1 158.0 166.7 143.4 99.7 116.4 124.3 1.26 173.7 179 0 179.8 178.2 176.4 181 8 171.4 183.8 182.9 184.8 182.5 181.5 170.3 167.8 1.52 185.3 186 2 191.7 190.5 191.4 194 8 179.6 193.5 197.9 200.2 196.9 193.6 182.9 184.4 Apparel, knit goods, and shoes 5.41 139.5 144.2 150.0 139.2 140.1 143.6 127.5 142.1 137.9 142.5 142.1 123.2 131.6 19.10 154. S 156.8 157.6 154.9 153.5 161.2 165.1 175.6 176.6 167.8 163.0 161.6 164.5 164.1 Processed foods 8.43 132.6 129 2 128.6 127.0 128.2 134 7 134.6 150.2 155.6 146.8 141.7 134.7 131.8 130.9 2.43 144.5 134 5 147,5 145.4 148.3 160 8 155.8 164.8 156.4 152.8 137.3 129.7 132.7 2.97 193.4 203.7 205.0 207.8 203.8 213.3 206.6 211.3 216.9 215.4 214.3 212.0 213.2 220.4 Newspapers, magazines, and books. 1.47 143.3 145.1 145.4 146.5 146.9 145.7 147.5 149.4 151.1 147.0 147.0 149.4 146.4 147.5 3.67 183.4 200 5 196 4 184.1 176 0 18S 6 214.3 222.6 215.2 194.3 192.5 207.7 227.3 1.20 139.0 143 0 140.0 135.1 139 3 145 1 148.7 148.7 149.4 147.0 151.8 153.5 153.0 150 5 2.46 205.1 Electricity 1.72 223.9 255.7 247,8 224.5 203.8 219.7 277.9 295.1 278.4 235.2 227.5 258.2 299.9 74 174 1 Equipment 11.63 184.7 191 8 194 6 195.5 196.7 200 0 193.6 195.1 201.6 200.2 193.6 194.8 191.7 196 8 6.85 168.2 174.8 176.9 178.6 181.1 184.5 179.4 179.8 185.6 181.8 174.4 177.2 174.7 184.0 Commercial equipment 2.42 205.2 212 8 215,3 215.9 219.0 221.7 216.1 221.3 226.2 227.1 226.0 228.5 223.2 220.7 Freight and passenger equipment... 1.76 234.3 244.4 249.6 249.3 245.6 250.4 245.5 244.7 251.9 254.5 247.7 238.5 232.3 232.6 Farm equipment .61 145.0 146 8 152 8 149.6 142.7 143 2 113.7 120.7 137.8 143.8 124.1 132.5 141.0 3.41 Materials 26.73 157.8 162 8 165 9 166.4 167.4 171 6 160.5 166.2 170.2 169.7 166.3 161.8 156.4 157 7 Consumer durable 3.43 164.2 170 2 168 1 162.6 161.3 166.0 149.1 161.0 170,0 168.9 163.3 158.4 151,7 144 7 7.84 185 1 191 0 192 8 192.4 193.0 195 1 187 2 189.2 195.2 194 2 190.9 192.6 190,3 190 6 9.17 145.9 143 4 148 3 151.7 155.3 161 6 154.5 160.4 160.3 157.8 152.5 145.9 136.6 138 9 Metal materials n.e c 6.29 137.7 151 6 157 0 157.6 156.6 160.1 142.1 149.0 153.8 157.0 157.3 148.6 145.7 151 0 25.92 174.1 180.6 182.8 183.4 185.0 187.0 177.3 185.3 188.5 188.4 187.8 183.7 182.9 186 0 9.11 157 6 163 7 168 3 166.9 168.6 168 0 156 8 167.5 171.7 174 1 170.9 162.7 160.9 162 9 3.03 156.6 166 1 171 3 170.9 169.9 172 7 161.4 176.7 177.5 178.6 165.6 154.9 164,4 165 1 6.07 158.1 162.5 166.8 164.9 168.0 165.7 154.5 162.8 168.8 171.9 173.5 166.6 159.2 161.8 7.40 222.4 236.2 237.4 239.3 240.1 243.0 227.8 235.8 241.3 241.4 244.4 237.6 237.0 243.4 9.41 152.0 153.1 153 9 155.4 157.4 161.2 157.5 162.9 163.2 160.6 159.5 161.5 161.7 163 1 6.07 133 0 131 8 133 0 135.9 137.3 138 1 129 5 134.8 135.9 136 2 137.8 139.4 138.5 141 7 2.86 200.2 2.32 202.3 205.9 207 7 206.4 210.9 224.4 231.7 240.2 238.8 227.5 218.3 221.2 224.7 1.03 197.4 202.7 207.3 209.6 214.5 220.7 215.6 223.6 224.7 225.1 218.4 218.9 215.4 1.21 216.6 219.2 218.7 214.3 218.7 239.4 258.0 267.6 263.9 241.7 230.0 235.0 244.8 .54 174.1 Supplementary groups of consumer goods 7.80 175.0 186.0 189.1 183.0 182.1 191.1 155.7 160.4 186.9 192.1 175.9 167.4 165.0 170.7 Apparel and staples 24.51 151.2 154.1 156.0 151.4 150.5 157.3 156.8 168.2 168.0 162.2 158.4 153.1 157.2 For NOTE see p. A-61. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1970 a INDUSTRIAL PRODUCTION: N.S.A. A 61 INDUSTRY GROUPINGS (1957-59= 100) 1957-59 1968 1969 1970 pro- Grouping por- average tion Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.' Jan.' Feb Total index. 100.00 165.5 170.5 173.1 171.9 172.4 176.' 167.7 174.6 179.: 177.8 173.6 169.6 168.0 170.2 Manufacturing, total 86.45 166.9 172. 175.1 173.7 174.4 178.5 167.3 174.3 180.0 179.5 175.0 169.6 167.1 169.8 Durable 48.0' 169.8 175.3 178.6 177.7 178.3 182. 169.7 173.6 181.5 181.5 175.4 172.6 168.4 170.0 Nondurable 38.38 163.3 168.0 170.8 168.6 169.5 173.9 164.3 175.0 178.1 176.9 174.5 165.9 165.6 169.6 Mining 8.23 126.6 124. 125.4 130.2 132.9 134.6 127.9 132.3 132.9 132.7 132.9 133.1 130.7 133.6 Utilities 5.3 202 Durable manufactures Primary and fabricated metals 12.32 150.5 160.1 164.0 164. 164.1 167.9 154.3 161. 165.7 166.3 165.8 161.8 156.1 157.8 Primary metals 6.95 137.0 150.3 155.3 155.3 153.0 155.4 137. 144. 148.6 151.9 152.5 144.7 142.1 146.3 Iron and steel 5.45 130.7 140.4 146.0 146.8 144.4 145 130.0 135.5 140.0 143.6 144. 136.7 133.0 136.4 Nonferrous metals and products. 1.50 160.0 186. 189.0 186.2 184.3 190 163.6 176.1 179.9 182.1 183.1 173.9 175.2 182.6 Fabricated metal products 5.37 167,9 172.8 175.3 175.6 178.3 184 176.4 184. 187.7 184.8 183.0 183.8 174.2 172.6 Structural metal parts 2.86 162.2 167.5 168.9 169.2 172. 177.3 170.8 175.8 178.4 177.7 177.1 178.9 171.9 167.6 Machinery and related products... 27.98 183.7 189.3 192.1 190.0 190.5 194. 180.8 182 193.6 193.4 184.6 183. 180.8 182.4 Machinery 14.80 184.3 195.0 197.6 197.4 198.5 201,3 190.6 193 202.1 200.8 189.6 190.2 190.9 197.9 Nonelectrical machinery 8.43 181.0 192.3 195.5 196.5 197.9 200.8 191.1 188 197.2 196.7 193.0 197.9 197.9 199.8 Electrical machinery 6.37 188.5 198.6 200.5 198.6 199.3 201.9 189.9 199 208.5 206.3 185.0 180.1 181.6 195.4 Transportation equipment 10.19 179.5 178.2 181.4 176.2 175.6 181.1 161.4 160 179.7 181.7 174. 169.0 163.5 158.3 Motor vehicles and parts 4.68 171.4 176.3 177.7 167.9 165.6 180.9 136.5 137.7 173.8 179.9 170. 159.4 154.3 148.3 Aircraft and other equipment.. - 5.26 185.0 176.7 181.1 179.6 180.1 177.0 179.0 177.1 181.9 180.5 174.5 174.1 168.4 163.8 Instruments and related products. 1.71 184.2 189.4 191.8 192.5 193.3 197,7 192.8 196.5 197.5 196.0 197.6 199.8 192.5 190.5 Ordnance and accessories 1.28 Clay, glass, and lumber 4.7. 137.4 134.6 140.1 142.8 145.2 150.4 143.6 150.3 150.3 149.1 142. 132.5 125. S 129.3 Clay, glass, and stone products. 2.99 146. 141.0 147.4 154.5 159.4 165.9 161.1 167.4 166.7 164.9 157.5 149.1 137.6 141.1 Lumber and products 1.73 122.3 123.5 127.5 122.6 120.7 123.6 113.4 120.9 122.1 121.8 115.8 103.8 104.5 Furniture and miscellaneous 3.05 169.9 171.0 173.3 173.7 174.8 179.3 170.6 181.3 181.9 184.0 181.8 181.3 170.2 169.7 Furniture and fixtures 1.54 178.3 183.7 184.8 183.8 184.5 189.5 180.4 191.7 190.9 191.0 188.8 190.3 179.7 176.3 Miscellaneous manufactures 1.51 161.4 158.1 161.6 163.4 165.0 168.9 160.7 170.8 172.7 176.9 174.7 172.2 160.6 162.9 Nondurable manufactures Textiles, apparel, and leather 7.60 144.8 148.7 154.5 145.4 146.9 149.2 131.2 145.9 143.8 147.2 147.5 130.8 138.0 145.7 Textile mill products 2.90 151.5 154.3 159.8 155.7 158.8 161.0 142.1 153,8 154.6 156.7 156.5 145.0 149.3 152.3 Apparel products 3.59 149.9 156.8 163.7 150.8 151.5 153.7 135.6 151.8 149.0 153.1 154.8 131.6 141.7 1.11 111.0 108.3 110.9 101.3 101.1 104.2 88.6 106.5 99.2 103.6 100.6 91.4 96.3 Leather and products Paper and printing 5.77 155.0 162.0 165.9 165.3 165.1 165.6 155.8 164.3 168.3 172.4 Y70.2 162.8 160.9 164.7 Paper and products 3.43 163.8 178.2 180.3 178.4 175.8 179.3 162.3 177.5 180.2 187.0 178.5 163.8 171.9 177.3 Printing and publishing 4.74 149.6 150.3 155.6 155.7 157.4 155.7 151.2 154.7 159.7 161.9 164.3 162.1 152.9 155.7 Newspapers 1.53 136. 136.0 144.9 146.4 152.2 142.0 126.7 132.1 144.0 153.4 159.6 145.5 129.7 136.4 Chemicals, petroleum, and rubber. 11.54 207.7 220.8 221.3 222.1 222.8 225.2 216.1 223.1 229.4 227.0 227.1 221.7 218.8 224.1 Chemicals and products 7.58 221.7 236.1 237.3 241.9 239 244.9 234.7 239.0 244.8 241.1 241.9 239.1 236.0 243.7 Industrial chemicals 3.84 262.0 280.9 280.5 286.1 285 287.5 277.1 280.1 289.1 284.0 288.2 286.6 279.2 Petroleum products 1.97 139.6 137.4 137.7 136.5 142 149.8 151.1 152.2 152,0 148.2 148.9 145.9 138.9 141•1 Rubber and plastics products 1.99 222.0 244 243.5 231.9 238 242.0 209.7 232,7 247.2 251.7 248.6 230.1 232.4 Foods, beverages, and tobacco 11.07 135.3 130.7 133.1 131.3 132.8 140.5 139.1 152.9 155.3 148.4 141.2 134.0 132.5 132.8 Foods and beverages 10.25 136.4 131.6 134.4 133.0 133.8 141.3 141.7 155.2 157.9 150.4 143.0 137.3 133.8 134.1 Food manufactures 8.64 132.7 129 129.0 127.4 128.4 134.7 134.4 149.5 155.0 147.2 142.3 135.3 132.5 131.8 Beverages 1.61 156.5 141.6 163.0 163.2 162.8 176.2 180.8 185.5 173.3 167.5 146.9 148.0 140.9 Tobacco products .82 120.9 120.6 116.9 110.3 119.6 130.4 106.5 124,2 123.2 123.9 118.5 93.7 116.5 Mining Coal, oil, and gas 5.50 125.3 123.9 124.1 128.3 129.6 130.3 122.6 127.3 128.3 128.6 130.2 131.9 131.3 134.2 Coal 1.16 118.2 113.7 115.2 121.0 125.1 116.6 91.0 128.4 121.3 126.1 123.8 117.2 110.8 123.8 Crude oil and natural gas 5.64 126.8 126.0 125.9 129.8 130.5 133.1 129.1 127.1 129.8 129.1 131.5 134.9 135.5 136.4 Oil and gas extraction 4.91 136.5 136.1 137.2 139.4 140.2 143.2 138.6 136.3 139.4 138.6 141.1 144.6 145.0 145.9 Crude oil 4.25 130.5 127.7 129.5 132.3 133.8 137.8 132.8 129.8 132.9 131.5 133.5 136.3 136.6 137.4 Gas and gas liquids .66 174.5 Oil and gas drilling .73 61.1 Metal, stone, and earth minerals.. 1.43 132.9 125.7 131.5 139.2 148.9 155.1 152.8 156.0 154.4 152.1 145.9 139.3 128.3 130.4 Metal mining .61 126.4 128.4 132.7 136.3 147.9 155.3 147.8 153.7 150.4 151.0 142.6 137.1 136.9 134.7 Stone and earth minerals .82 137.8 123.7 130.6 141.4 149.7 155.0 156.6 157.8 157.3 152.9 148,3 140.9 121.8 127.2 Utilities Electric 4.04 211.5 227.1 224.8 214.1 207.9 222.4 251.4 263.6 255.7 230.7 222.2 237.0 256.7 Gas 1.28 174.1 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 ° APRIL 1970 SELECTED BUSINESS INDEXES (1957-59 = 100, unless otherwise noted) Industrial production fac M tu a r n in u g - 2 Prices * Ca- Nonagpacity Major market groupings Major industry utiliza- s C tr o u n- c- r t i u c r u a l l - Total tion Period Total Final products Mate- groupingI in c ( e m p n e f t r g ) . t t r c i o a o n c n - ts T m p o e e t l m o a n - y l t — - i p m E l m e o n y - t - P ro a l y ls - s r a et l a e i s l ! s C u o m n e - r W m c s o o a h m d l o e - i l t e y - Con- rials Equip- Min- Util- Total sumer ment Mfg. ing ities goods 1951 81.3 78.6 77.8 78.4 83.8 81.9 91.3 56.4 94.0 63 91.1 106.1 80.2 76 90.5 96.7 1952 84.3 84.3 79.5 94.1 84.3 85.2 90.5 61.2 91.3 67 93.0 106.1 84.5 79 92.5 94.0 1953 91.3 89.9 85.0 100.5 92.6 92.7 92.9 66.8 94.2 70 95.6 111.6 93.6 83 93.2 92.7 1954 85.8 85.7 84.3 88.9 85.9 86.3 90.2 71.8 83.5 76 93.3 101.8 85.4 82 93.6 92.9 1955 96.6 93.9 93.3 95.0 99.0 97.3 99.2 80.2 90.0 91 96.5 105. S 94.8 89 93.3 93.2 1956 99.9 98.1 95.5 103.7 101.6 100.2 104.8 87.9 87.7 92 99.8 106.7 100.2 92 94.7 96.2 1957 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 83.6 93 100.7 104.7 101.4 97 98.0 99.0 1958 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98.1 74.0 102 97.8 95.2 93.5 98 100.7 100.4 1959 105.6 105.7 106.6 104.1 105.4 106.0 99.7 108.0 81.5 105 101.5 100.1 105.1 105 101.5 100.6 I960 108.7 109.9 111.0 107.6 107.6 108.9 101.6 115.6 80.6 105 103.3 99.9 106.7 106 103.1 100.7 1961 109.7 111.2 112.6 108.3 108.4 109.6 102.6 122.3 78.5 108 102.9 95.9 105.4 107 104.2 100.3 1962 118.3 119.7 119.7 119.6 117.0 118.7 105.0 131.4 82.1 120 105.9 99.1 113.8 115 105.4 100.6 1963 124.3 124.9 125.2 124.2 123.7 124.9 107.9 140.0 83.3 132 108.0 99.7 117.9 120 106.7 100.3 1964 132.3 131.8 131.7 132.0 132.8 133.1 111.5 151.3 85.7 137 111.1 101.5 124.3 128 108.1 100.5 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 1969 133.5 117.0 180.2 127.7 113.0 1969 Feb 170.1 169.3 161.7 185.5 170.8 171.8 124.8 214.9 205 132.3 116.9 174.3 171 124.6 111.1 Mar 171.4 170.8 162.8 187.8 172.1 173.1 126.7 215.1 >3»84.5 182 132.7 117.3 178.2 169 125.6 111.7 Apr 171.7 170.2 161.8 188.4 172.9 173.0 128.8 216.3 183 132.9 117.0 177.8 172 126.4 111.9 172.5 170 0 160.7 190.0 174.5 173.8 130.3 213.6 i"84.5 210 133.3 117.0 177.7 172 126.8 112.8 173.7 170.7 161.5 190.4 176.3 174.8 134.4 215.6 186 133.8 117.6 180.3 172 127.6 113.2 July.. 174.6 172 8 164.4 190.8 176.5 175.6 133.2 222.2 180 133.7 117.3 179.8 170 128.2 113.3 174.3 172 7 164.2 190.3 175.9 175.4 131.2 222.6 >>84.2 216 134.2 118.5 183.9 172 128.7 113.4 Sept 173.9 172.2 162.8 192.4 176.0 175.2 131.6 222.5 173 134.0 117.3 184.2 171 129.3 113.6 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 »8I.7 178 134.5 115,8 182.2 172 130.5 114.7 Dec 171.1 168 S 160.7 185.2 173.9 171.3 134.4 227.9 218 134.6 115.8 184.4 172 131.3 115.1 1970 Jan 170.2 168 2 161.0 183.7 172.5 170.0 132.5 230.1 \ 205 134.8 115.4 182.4 173 131.8 116.0 Feb 169.8 169.0 161.7 186. .1 170.6 169.5 134.0 232.6 \ P79.4 215 135.2 114.9 179.3 173 132.5 116.4 Mar,».. .. 170.2 170.2 162.8 186.1 170.8 169.8 136.1 230.5 135.2 114.6 180.8 175 116.5 1 Employees only; excludes personnel in the Armed Forces. Capacity utilization: Based on data from Federal Reserve, McGraw- 2 Production workers only. Hill Economics Department, and Department of Commerce. 1 F.R. index based on Census Bureau figures. Construction contracts: F. W. Dodge Co. monthly index of dollar * Prices are not seasonally adjusted. value of total construction contracts, including residential, nonresidential, 5 Figure is for first quarter 1969. and heavy engineering; does not include data for Alaska and Hawaii. Employment and payrolls: Based on Bureau of Labor Statistics data; NOTE.—All series: Data are seasonally adjusted unless otherwise noted. includes data for Alaska and Hawaii beginning with 1959. Prices: Bureau of Labor Statistics data. CONSTRUCTION CONTRACTS AND PRIVATE HOUSING PERMITS (In millions of dollars, except as noted) 1969 1970 Type of ownership and type of construction 1968 1969 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb Total construction [ 61,732 67,425 4,802 5,003 5,895 7,081 6,443 6,298 6,523 5,140 6,240 4,406 5,228 4,927 5,249 By type of ownership: Public 19,597 22,656 1,572 1,632 1,791 2,536 2,326 2,352 2,605 1,719 1,626 1,427 1,727 1,433 1,652 Private ' 42,135 44,769 3,230 3,371 4,104 4,545 4,118 3,947 3,918 3,420 4,615 2,980 3,501 3,495 3,597 By type of construction: Residential building ' 24,838 25,219 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 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 1,097 1,274 1,213 1,780 1,538 1,600 1,669 1,174 1,149 1,165 1,311 1,201 Private housing units authorized... 1,330 1,299 1,477 1,421 1,502 1,323 1,340 1,228 1,245 1,201 1,183 1,191 1,239 1,013 1,147 (In thousands, S.A., A.R.) ' 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

APRIL 1970 n CONSTRUCTION A 63 VALUE OF NEW CONSTRUCTION ACTIVITY (la millions of dollars) Private Public Nonresidential Conser- Period Total Total N f r a e o r s n m i- - Buildings Total M tar il y i- H w ig a h y - d v e a v t & e i l o o n p- Other 2 dential Total Indus- Com- Other Other ment buildtrial mercial ings I 1961 55,447 38,299 21,680 16,619 2,780 4,674 3,280 5,885 17,148 1,371 5,854 1,384 8,539 1962 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 1964 66,200 45,810 26,258 19,552 3,565 5,396 3,994 6,597 20,390 938 7,133 1,729 10,590 1965 72,319 50,253 26,268 23,985 5,118 6,739 4,735 7,393 22,066 852 7,550 2,019 11,645 1966 75,120 51,120 23,971 27,149 6,679 6,879 5,037 8,554 24,000 769 8,355 2,195 12,681 1967 76,160 50,587 23,736 26,851 6,131 6,982 4,993 8,745 25,573 721 8,538 2,196 14,511 1968 84,692 56,996 28,823 28,173 5,594 8,333 4,873 9,373 27,696 824 9,295 2,046 15,531 1969 91,048 62,988 30,78S 32,203 6,373 10,136 5,521 10,176 28,060 949 1969—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.'. 91,209 63,825 29,314 34,511 6,714 11,118 5,995 10,684 27,384 920 Oct.'. 91,347 64,251 29,970 34,281 6,946 10,856 5,850 10,629 27,096 943 Nov.'. 89,763 62,786 29,759 33,027 6,571 10,168 6,023 10,265 26,977 779 Dec.'. 90,201 62,436 29,484 32,952 6,419 10,337 5,861 10,335 27,765 895 1970—Jan.'.. 90,555 62,649 28,623 34,026 6,433 11,029 5,885 10,679 27,906 937 Feb... 91,744 63,326 28,141 35,185 6,160 11,969 6,361 10,695 28,418 890 1 Includes religious, educational, hospital, institutional, and other build- * Beginning 1963, reflects inclusion of new series under "Public" (for ings. State and local govt. activity only). i Sewer and water, formerly shown separately, now included in "Other." ' Beginning July 1962, reflects inclusion of new series affecting moit 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 homes Period (N.S.A.) (N.S.A.) ship- Region Type of structure ment. (N.S) Total North- North 1- 2-to 4- 5-or east Central South West family family more- Total Private Public Total FHA VA family 1961 1,313 247 277 473 316 974 3 9 1,365 1,313 52 328 244 83 90 1962 '463 264 290 531 378 991 471 1,492 •,463 30 339 261 78 118 1963 ,610 261 328 591 431 1,021 589 1,642 ,610 32 292 221 71 151 1964 ;529 253 339 582 355 972 108 450 1,562 ,529 32 264 205 59 191 1965 ,473 270 362 575 266 964 87 422 1,510 ,473 37 246 197 49 216 1966 ,165 207 288 473 198 779 61 325 1,196 ,165 31 195 158 37 217 1967 292 215 337 520 220 844 72 376 1,322 ,292 30 232 180 53 240 1968 ,508 227 369 619 294 900 81 527 1,548 ,508 40 283 227 56 318 1969 ,467 206 349 588 323 810 87 571 1,500 ,467 33 291 240 51 390 1969—Feb.. ,686 216 578 662 230 975 112 599 95 90 5 17 13 3 28 Mar.. ,584 265 430 554 335 828 92 664 136 132 4 23 19 4 32 Apr.. ,563 255 358 582 368 797 86 680 160 159 1 27 23 4 35 May. ,509 243 345 587 334 883 84 542 158 156 2 25 21 4 33 June. ,469 236 288 604 341 808 76 585 151 147 4 26 22 5 35 July.. 371 193 285 551 342 765 65 541 127 125 1 26 21 5 33 Aug.. ,384 189 388 529 278 723 69 592 12S 125 3 27 22 4 35 Sept.. ,542 155 380 620 387 846 93 603 133 129 4 23 18 5 36 Oct... ,392 175 308 544 365 777 99 516 126 123 2 30 25 5 40 Nov.. ,295 151 266 547 331 772 84 439 97 95 3 23 19 4 29 Dec. ,299 143 262 573 321 729 99 471 85 84 27 23 4 26 1970—Jan.". ,197 171 340 470 216 692 59 446 69 66 20 17 3 24 Feb.? ,321 256 255 524 286 801 77 443 77 74 21 18 4 24 NOTE.—Starts are Census Bureau series (including farm starts) except habilitation units under FHA, based on field office reports of first compliin the case of Govt.-underwritten, which are from Federal Housing ance inspections. Data may not always add to totals because of rounding. Admin, and Veterans Admin, and represent units started, including re- Mobile home shipments are as reported by Mobile Homes Manufacturers Assn. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 64 EMPLOYMENT • APRIL 1970 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons, unless otherwise indicated) Civilian labor force S.A. Unemploy- Total non- Not in the Total Employed' ment Period i p n o st p i u tu la ti t o io n n al lab N o . r S . f A or . ce l f a o b rc o e r Unem- (pe r r a t c e e 1 nt) N.S.A. S.A. Total In nonagri- In ployed S.A. Total cultural agriculture industries 1964 127,224 51,394 75,830 73,091 69,JO5 64,782 4,523 3,786 5.2 1965 129,236 52.058 77,178 74,455 71,088 66,726 4,361 3,366 4.5 1966 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 1968 135 562 53 291 82 272 78,737 75,920 72 103 3,817 2,817 3.6 1969 137,841 53,602 84,239 80,733 77,902 74,296 3,606 2,831 3.5 1969_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 Mar 139,497 54,489 86,087 82,769 79,112 75,562 3,550 3,657 4.4 1 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Bureau of Labor Statistics. Information relating to persons 16 2 Per cent of civilian labor force, years of age and over is obtained on a sample basis. Monthly data relate 3 Beginning 1967, data not strictly comparable with previous data. to the calendar week that contains the 12th day; annual data are averages Description of changes available from Bureau of Labor Statistics. of monthly figures. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Period Total M t a u n r u in f g ac- Mining c C o o n t n i s o t t r r n a u c c t - T ti l o i r c a n n u s & t p il o it p r i u e ta s b - - 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—Mar 69,710 20 122 626 3,374 4,399 14,508 3,515 11,034 12,132 Apr 69 789 20 ill 624 3 363 4 439 14 533 3,531 11,044 12,144 May 70,013 20'll8 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 70 818 19 965 634 3 334 4 521 14 939 3 650 11,349 12,426 Feb » 70,990 19,880 634 3,416 4,511 14,985 3,654 11,417 12,493 Mar.* 71,033 19,824 632 3,432 4,540 14,916 3,668 11,437 12,584 NOT SEASONALLY ADJUSTED 1969—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 69,797 19,767 619 3,021 4,453 14,709 3,606 11,133 12,489 Feb." 69 881 19 707 616 3 044 4 439 14 602 3 617 11,234 12,622 Mar." 70,267 19,'677 616 3,130 4,486 14^67 3,642 11,311 12,738 NOTE.—Bureau of Labor Statistics; data include all full- and part- Data on total and government employment have been revised back tune employees who worked during, or received pay for, the pay pe- to 1964 due to adjustment of State and local government series to riod that includes the 12th of the month. Proprietors, self-employed Oct. 1967 Census of Governments. persons, domestic servants, unpaid family workers, and members of Beginning with 1967, series has been adjusted to Mar. 1968 benchthe Armed Forces are excluded. mark. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1970 a 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 Mar. Jan. Feb.* Mar.*1 Mar. Jan. Feb." Mar." Total 14,771 14,542 14,467 14,431 14,644 14,365 14,315 14,307 Durable eoodi 8,654 8,417 8,369 8,370 8,623 8,366 8,324 8,340 Ordnance and accessories 197 156 153 152 195 158 154 151 Lumber and wood products 528 512 500 498 516 493 485 486 Furniture and fixtures 410 403 399 396 407 401 396 393 Stone, clay, and glass products 535 526 529 521 519 504 504 505 Primary metal industries 1,063 1,081 1,067 1,055 1,065 1,073 1,066 1,058 Fabricated metal products 1,121 1,113 1,104 1,098 1,112 1,109 1,098 1,089 Machinery 1,363 1,376 1,377 1,374 1,377 1,378 1,385 1,387 Electrical equipment and supplies 1,364 1,263 1,356 1,352 1,354 270 1,356 1,343 Transportation equipment 1,432 1,354 1,252 1,297 1,451 372 1,267 1,314 Instruments and related products 292 283 284 283 291 283 283 283 Miscellaneous manufacturing industries.. 349 350 348 344 336 325 330 331 Nondurable goods 6,117 6,125 6,098 6,061 6,021 5,999 5,991 5,967 Food and kindred products 1,208 1,226 1,240 1,226 1,127 1,159 1,153 1,144 Tobacco manufactures 69 67 67 67 63 66 64 61 Textile-mill products 880 867 855 847 876 856 848 844 Apparel and related products 1,246 1,247 1,230 1,223 1,256 1,222 1,238 1,233 Paper and allied products 555 562 562 560 548 557 554 554 Printing, publishing, and allied industries 673 686 685 683 673 681 683 683 Chemicals and allied products 620 613 612 608 620 607 608 609 Petroleum refining and related industries. 116 119 119 120 112 115 115 117 Rubber and misc. plastic products 449 449 444 442 446 448 442 438 Leather and leather products 301 289 284 285 300 288 286 284 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 Mar. Jan. Feb.'1 Mar.? Mar. Jan. Feb."1 Mar.? Mar. Jan. Feb.» Mar." Total 40.9 40.3 39.9 40.2 127.39 131.93 130.54 132.40 3.13 3.29 3.28 3.31 Durable goods 41.5 40.9 40.4 40.7 137.45 142.04 140.24 142.10 3.32 3.50 Ordnance and accessories 40.8 40.6 41.0 41.1 137.23 145.96 145.66 147.24 3.38 3.60 Lumber and wood products 40.9 39.4 40.1 39.8 K)7.86 109.98 110.43 112.07 2.65 2.83 Furniture and fixtures 40.7 39.5 39.1 39.5 103.42 105.42 104.49 106.23 2.56 2.71 2.71 Stone, clay, and glass products 42.3 41.6 41.7 41.9 129.27 134.15 133.82 136.70 3.10 3.28 3.31 Primary metal industries 41.9 41.2 40.9 40.7 155.82 159.42 157.08 157.08 3.71 3.86 3.85 3.85 Fabricated metal products 41.9 41.4 41.1 41.3 136.45 141.04 142.42 142.27 3.44 3.45 3.47 Machinery 42.7 42.3 41.8 41.7 151.36 156.14 155.87 157.08 3.70 3.74 Electrical equipment and supplies 40.7 40.4 39.7 40.1 123.42 127.75 127.04 128.80 3.17 3.22 Transportation equipment 41.6 40.0 40.3 40.4 157.38 161.20 158.01 160.80 4.02 4.02 Instruments and related products 40.7 40,7 40.1 40.7 126.17 132.44 131.93 133.50 3.27 3.28 Miscellaneous manufacturing industries., 39.0 39.2 38.8 39.0 102.05 107.59 108.14 109.09 2.78 2.79 Nondurable goods 39.9 39.6 39.3 39.4 113.15 117.99 117.69 118.38 3.01 3.01 3.02 Food and kindred products 40.9 40.8 40.8 40.7 118.08 124.74 123.51 124.31 3.08 3.10 Tobacco manufactures 36.5 38.3 37.3 37.7 94.70 106.76 107.01 107.09 2.90 2.91 Textile-mill products 40 9 40.2 40.1 40.2 93.66 96.80 97.04 97.69 2.42 2.42 2.43 Apparel and related products 36.0 35.7 35.5 35.4 83.13 83.07 83.78 84.97 2.36 2.38 Paper and allied products 43.2 43.0 42.4 42.3 135.45 141.62 140.28 141.04 3.15 3.34 3.35 Printing, publishing, and allied industries 38.3 38.2 38.0 38.0 139.03 143.26 144.02 146.30 3.63 3.80 3.81 3.85 Chemicals and allied products 41.7 42.0 41.8 41.9 140.95 149.70 149.76 150.84 3.38 3.59 3.60 3.60 Petroleum refining and related industries 43.2 42.4 42.7 42.2 168.67 176.82 176.81 174.31 3.95 4.22 4.23 4.18 Rubber and misc. plastic products 41.4 40.9 41.0 40.3 123.30 128.21 127.48 125.20 3.00 3.15 3.14 3.13 Leather and leather products 37.6 37.6 36.9 37.2 87.28 92.74 92.50 91.51 2.34 2.46 2.48 2.48 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 n APRIL 1970 CONSUMER PRICES (1957-59=100) Housing Health and recreation Fur- Apparel Trans- Period it A em ll s Food Home- F o u i e l l G an a d s n in is g h s - up a k n e d ep' p t o i r o t n a- Med- Per- R i e n a g d- g O o t o h d er s Total Rent owner- and elec- and Total ical sonal and and ship coal tricity opera- care care recrea- servtion ices tion 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—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. 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. 128.7 127.4 127.8 119.3 141.3 117 111.5 118.5 126.6 124.2 137.7 156.8 126.8 131.2 130.1 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 Feb.. 132.5 131.5 132.2 121.8 148.5 120.6 114.6 120.8 130.0 127.3 140.7 160.1 129.0 133.2 134.3 NOTE.—Bureau of Labor Statistics index for city wage-earners and clerical workers. WHOLESALE PRICES: SUMMARY (1957-59 = 100) Industrial commodities Pro- All Farm cessed Macom- Non- Trans- Period m t o ie d s i- p u r c o t d s - f f o a ee o n d d d s s Total t T e il t e 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 t e c m r . , - P e a t p c e . r, M e a t l e c s t , . - e c m a q e h n r u e i y n n d ip - t F t e u u t r r c e n . , i- t e m m a r l i a e l n l i - s c - e m p t q o i e u o r n n i t p a t1 - - n c M e e o l i l u s a - 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 1961 100.3 96.0 101.6 100.8 99.7 106.2 100.7 99.1 96.1 95.9 98.8 100.7 102.9 99.5 101.8 n.a. 102.0 1962 100.6 97.7 102.7 100.8 100.6 107.4 100.2 97.5 93.3 96.5 100.0 100.0 102.9 98.8 101.8 n.a. 102.4 1963 100.3 95.7 103.3 100.7 100.5 104.2 99.8 96.3 93.8 98.6 99.2 100.1 103.1 98.1 101.3 n.a. 103.3 1964 100.5 94.3 103.1 101.2 101.2 104.6 97.1 96.7 92.5 100.6 99.0 102.8 103.8 98.5 101.5 n.a. 104.1 1965 102.5 98.4 106.7 102.5 101.8 109.2 98.9 97.4 92.9 101.1 99.9 105.7 105.0 98.0 101.7 n.a. 104.8 1966 105.9 105.6 113.0 104.7 102.1 119.7 101.3 97.8 94.8 105.6 102.6 108.3 108 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 97.0 105.4 104.0 109.5 111 101.0 104.3 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—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, 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 97.9 101 143.3 108.0 116.5 118.0 105.8 112.3 100.1 112.7 May 112.8 110.5 119.4 112.2 106.9 126.1 104.5 98.1 101 138.0 108.1 117.5 118.3 105.9 112.6 100.2 112.8 June 113.2 111.2 121.4 112.2 107.2 125.7 105.0 98.3 101 129.8 108.3 117.9 118.6 105.9 112.8 100.3 115.1 July 113.3 110.5 122.0 112.4 107.7 126.4 105.0 98.2 102. 125.3 108.4 118 119.0 106.1 113.0 100.4 115.5 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 Feb 116.4 113.7 125.2 115.5 109.4 126.7 106.4 99.5 104.6 120.2 111.8 126.1 122.8 107.9 116.9 102.9 117.5 1 For transportation equipment, Dec. 1968 = 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1970 n PRICES A 67 WHOLESALE PRICES: DETAIL (1957-59= 100) 1969 1970 1969 1970 Group Group Feb. Dec. Jan. Feb. Feb. Dec. Ian. Feb. Farm products: Pulp, paper, and allied products: Fresh and dried produce. 108.7 112.4 116.6 117.2 Pulp, paper and products, excluding Grains 82.0 82.9 85.9 85.9 building paper and board 107.1 110.1 111.8 112.5 Livestock 109.2 120.2 117.3 124.9 Woodpulp 98.0 98.0 103.7 104.7 Live poultry 94.3 86.9 94.8 87.1 Wastepaper 107.8 106.7 107.5 108.2 Plant and animal fibers. . 67.7 65.7 65.3 65.4 Paper 115.7 117.4 120.3 121.5 Fluid milk 132.6 138.3 140.5 140.8 Paperboard 92.6 96.0 96.0 97.1 Eggs 108.1 155.8 152.2 136.9 Converted paper and paperboard... 106.8 110.7 111.9 112.2 Hay and seeds 112.4 105.1 107.7 106.3 Building paper and board 98.2 93.9 93.4 93.0 Other farm products 106.4 113.1 116.3 115.2 Processed foods and feeds: Metals and metal products: Cereal and bakery products 119.3 122.0 122.3 123.3 Iron and steel 108.0 113.9 114.6 117.0 Meat, poultry, and fish 111.4 121.9 125.8 124.9 Steelmill products 110,7 116.4 115.5 117.7 Dairy products 130.2 133.9 133.9 134.1 Nonferrous metals 128.9 150.1 152.8 152.8 Processed fruits and vegetables 114.5 116.4 116.9 117.3 Metal containers 119.4 120.6 120.6 125.0 Sugar and confectionery 119.2 127.1 129.1 127.7 Hardware 119.0 123.0 124.2 124.7 Beverages and beverage materials.... 111.1 116.1 117.4 118.3 Plumbing equipment 116,1 122.8 122.8 122.8 C A R V r n e e u f g i i m d e n t e e a a d l v b e f l v e a g e t e o g s t i e a l a t b n e a l n d b e d l o o e i i p o l l s r s il o s ducts 1 9 9 8 0 0 5 3 2 . . . . 3 0 4 9 1 1 9 8 1 0 6 7 5 8 . . . . 1 9 6 0 1 1 9 8 1 0 7 6 1 7 . . . . 8 4 0 5 1 1 9 9 1 0 9 9 5 7 . . . . 5 7 8 5 H F M a e i b a sc t r i e i n c l a l g a t n e e d q eo u s u i t p r s m u m c e t e n u t r t a a l l p m ro e d ta u l c p ts roducts 1 1 9 0 2 6 9 0 . . . 3 4 4 1 1 9 1 2 9 3 4 . . . 7 7 5 1 1 9 1 2 9 4 4 . . . 7 0 9 1 1 9 1 2 9 4 5 . . . 9 6 2 Miscellaneous processed foods 119.1 126.4 126.5 127.4 Manufactured animal feeds 117.5 121.8 131.7 131.3 Machinery and equipment: Textile products and apparel: Agricultural machinery and equip... 131.6 136.4 136.7 137.2 C W o o t o to l n p r p o r d o u d c u t c s ts 1 1 0 0 4 4. . 8 4 1 1 0 0 4 6. . 1 3 1 1 0 0 4 6 . . 3 1 1 1 0 0 4 6. . 1 3 C M o e n ta st lw ru o c r t k io in n g m m a a ch ch in in er er y y a a n n d d e e q q u u ip ip ., 1 13 3 1 3 . . 1 6 1 1 3 3 8 9 . . 0 8 1 1 3 4 8 0 . . 6 2 1 1 3 4 9 0 . . 3 3 Man-made fiber textile products 92.3 91.1 91.5 91.0 General purpose machinery and Silk yarns 156.4 191.1 193.5 196,3 equipment 119.1 124.8 126.1 126.5 Apparel 112.7 116.9 117.2 117.5 Special industry machinery and Textile housefurnishings 107.6 108.1 109.1 109.0 equipment (Jan. 1961= 100) 126.6 132.8 133.3 133.4 Miscellaneous textile products.... 127.1 127.8 129.0 124.3 M Ele is c c t e r l i l c a a n l e m ou a s c h m in a e c r h y i n a e n r d y equip 1 1 0 16 3 . . 1 5 1 1 0 2 6 1 . . 2 0 1 12 0 1 6 . . 5 8 1 12 0 1 6 . . 7 9 Hides, skins, leather, and products: Hides and skins 106.3 108.9 102.8 101.1 Furniture and household durables: Leather 116.5 119.7 119.6 117.3 Footwear 132.2 135.0 135.9 136.9 Household furniture 121.0 123.6 124.3 125.1 Other leather products. 114.8 118.5 119.2 119.8 Commercial furniture 117.2 124.1 124.4 124.5 Floor coverings 95.5 93.1 93.5 93.5 Fuels and related products, and power: Household appliances 92.5 93.6 94.4 94.4 Home electronic equipment 78.7 77.8 77.2 77.2 Coal 112.7 124.6 125.4 131.7 Other household durable goods... 129.1 133.3 133.0 134.8 Coke 120.3 126.9 126.9 126.9 Gas fuels (Jan. 1958= 100) 124.0 131.8 132.4 135.2 Electric power (Jan. 1958= 100). 102.2 103.4 103.4 103.6 Nonmetallic mineral products: Crude petroleum 99.9 104.5 104.5 104.5 Petroleum products, refined.... 99.5 102.2 101.0 101.2 Flat glass 110.8 117.8 118.4 119.0 Concrete ingredients 113.8 116.7 120.1 120.6 Chemicals and allied products: Concrete products 110.8 114.2 115.9 116.4 Structural clay products excluding Industrial chemicals 98.1 97.8 97.9 97.7 refractories 115.9 118.5 119.4 119.4 Prepared paint 118.2 120.3 121.7 122.0 Refractories 112.6 120.9 123.5 125.1 Paint materials 92.0 93.4 93.4 92.8 Asphalt roofing 99.6 101.2 101.8 100.8 Drugs and Pharmaceuticals 93.4 94.6 94.5 94.6 Gypsum products 106.2 104.3 107.3 108.3 Fats and oili, inedible 73.6 92.8 95.0 94.3 Glass containers 116.1 116.1 120,9 120.9 Agricultural chemicals and products.. 92.2 86.7 87.6 91.4 Other nonmetallic minerals 107.6 110.6 111.0 111.0 Plastic resins and materials 81.5 80.1 80.0 80.3 Other chemicals and products 111.1 115.1 115.5 115.7 Rubber and plastic products: * Transportation equipment: Crude rubber 87.5 88.1 89.3 89.4 Motor vehicles and equipment 106.4 109.0 109.1 109.1 Tires and tubes 96.3 101.7 101.7 101.7 Railroad equipment (Jan. 1961 = 100) 108.5 115.7 117.4 117.7 Miscellaneous rubber products 109.5 113.4 114.0 114.3 Plastic construction products (Dec. 1969=100) 100.0 99.8 99.1 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms, ammunition 110.1 112.7 114.1 114.2 Lumber 155.8 128.2 126.9 124.1 Tobacco products 116.7 124.0 124.0 124.0 Millwork 126.7 131.7 131.5 130.7 Notions 100.7 107.2 107.2 109.0 Plywood 146.5 96.9 95.5 96.3 Photographic equipment and supplies 112.7 115.3 115.7 115.8 Other wood products (Dec. 1966= 100) 111.2 118.4 119.5 119.5 Other miscellaneous products 111.2 114.9 115.1 114.8 < Refilled 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. ccllaassssiiffiiccaation 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 a APRIL 1970 GROSS NATIONAL PRODUCT (In billions of dollars) 1968 1969 Item 1929 1933 1941 1950 196S 1966 1967 1968 1969" IV II III IV» Grois 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./ 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 24S.1 248.7 Services 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 Fixed investment 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 Nonresldential 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. S.6 l.S 6.6 18 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 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 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 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.S 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. 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. 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 1967 1968 1969» Item IV II III National income 86.8 40.3 104.2 241.1 564.3 620.6 654.0 714.4 771.1 737.3 751.3 765.7 780.6 786.7 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 insurance .1 .1 2.0 4.0 16.2 20.3 21.8 24.4 28.2 25.3 27.3 27.9 28.6 29.1 Other labor income .6 .4 .7 3.8 18.7 20.7 22.1 24.2 26.2 25.0 25.5 26.0 26.4 26.9 Proprietors' income 15.1 5.9 17.5 37.5 57.3 61.3 61.9 63.8 66.3 64.1 64.6 66.5 67.3 66.7 Business and professional 9.0 3.3 11.1 24.0 42.4 45.2 47.2 49.2 50.2 49.7 49.7 50.1 50.5 50.4 Farm 6.2 2.6 6.4 13.5 14.8 16.1 14.7 14.6 16.1 14.4 14.9 16.4 16.8 16.3 Rental income of persons 5.4 2.0 3.5 9.4 19.0 20.0 20.8 21.2 21.6 21.4 21.5 21.6 21.7 21.8 Corporate profits and inventory valuation adjustment 10.5 -1.2 15.2 37.7 76.1 82.4 79.2 87.9 88.2 90.3 89.5 89.2 88.8 85.4 Profits before tax 10.0 1.0 17.7 42.6 77.8 84.2 80.3 91.1 93.8 94.5 95.5 95.4 92.5 91.6 Profits tax liability 1.4 .5 7.6 17.8 31.3 34.3 33.0 41.3 43.3 42.9 43.9 44.1 42.8 42.5 Profits after tax 8.6 .4 10.1 24.9 46.5 49.9 47.3 49.8 50.5 51.6 51.7 51.3 49.7 49.1 Dividends 5.8 2.0 4.4 8.8 19.8 20.8 21.5 23.1 24.6 23.8 23.8 24.3 24.9 25.2 Undistributed profits 2.8 5.7 16.0 26.7 29.1 25.9 26.7 25.9 27.8 27.9 27.0 24.9 23.9 -1.6 Inventory valuation adjustment .5 -2.5 -5.0 -1.7 -1.8 -1.1 -3.2 -5.6 -4.2 -6.1 -6.2 -3.7 -6.2 -2.1 Net interest 4.7 3.2 2.0 18.2 21.4 24.7 28.0 30.6 29.3 29.8 30.3 30.9 31.6 4.1 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

APRIL 1970 a 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 1969K IV I II III Gross national product. 103.1 55.fi 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. 18.3 59.8 63.9 68.6 73.3 77.9 74.6 75.9 77.2 78.6 79.9 Indirect business tax and nontax liability 7.0 7.1 11.3 23.3 62.5 65.7 70.1 77.9 86.6 81.4 83.3 85.7 88.0 89.4 Business transfer payments .6 .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 1.5 -3.1 -1.0 -1.0 -2.5 -6.0 -3.4 -4.2 -6.5 -6.9 -6.2 Plus: Subsidies less current surplus of government enterprises .1 .2 1.3 2.3 1.4 .8 1.1 .9 1.1 .9 1.1 1.2 Equals: National income 86.8 40.3 104.2 241.1 564.3 620.6 654.0 714.4 771.1 737.3 751.3 765.7 780.fi 786.7 Less: Corporate profits and inventory valuation adjustment 10. -1.2 15.2 37.7 76.1 82.4 79.2 87.9 88.2 90.3 89.5 89.2 88.8 85.4 Contributions for social insurance... .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 disbursements Plus: Government transfer payments .9 1.5 2.6 14.3 37.2 41.1 48.8 55.8 61.9 58.1 60.1 61.3 62.5 63.6 Net interest paid by government and consumers 2.5 1.6 2.2 7.2 20.5 22.2 23.6 26.1 28.7 27.4 27.9 28.5 28.9 29.7 Dividends 5.8 2.0 4.4 8.8 19.8 20.8 21.5 23.1 24.6 23.8 23.8 24.3 24.9 25.2 Business transfer payments .6 .7 .5 .8 3.0 3.4 3.5 3.6 2.7 3.2 3.6 3.5 3.6 3.6 Equals: Peraonal income 85.9 47.0 96.0 227.6 587.2 687.9 724.4 740.5 538.9 629.4 747.2 711.2 756.5 767.4 Less: Personal tax and nontax payments... 2.6 1.5 3.3 20.7 75.4 97.9 114.2 118.S 65.7 82.9 117.5 107.0 117.5 119.9 Equals: Disposable personal income 83.3 45.5 92.7 206.9 511.9 590.0 610.2 622.0 473.2 546.5 629.7 604.3 639.0 647.5 Less: Personal outlays 79.1 46.5 81.7 193.9 479.3 551.6 577.7 588.8 Personal consumption expenditures 77.2 45.8 80.6 191.0 444.8 466.3 506.2 536.6 592.0 566.2 562.0 572.8 596.0 605.8 Consumer interest payments .5 432.8 492.3 576.0 550.7 579.8 589.5 Personal transfer payments to for- 1.5 .9 2.4 12.4 13.1 14.2 15.3 15.0 15.2 15.5 eigners .2 11.3 14.7 15.4 .3 .2 .5 .6 .8 .7 .7 Equals: Personal saving. g .7 40.4 37.6 .7 .8 41.7 4.2 11.0 13.1 32.5 38.4 32.5 33.3 Disposable personal income in constant (1958) 28.4 38.0 43.1 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 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb." 687.9 747.2 723.9 730.7 735.6 740.0 746.1 751.4 757.5 760.7 7«3.7 767.6 770.6 774.3 777.6 465.0 509.9 492.6 497.9 500.8 503.8 508.5 512.8 517.9 519.9 522.2 525.1 527.8 530.1 531.8 Commodity-producing industries... 181.5 197.7 190.6 193.8 195.2 196.2 198.3 198.9 201.0 201.5 201.8 201.7 203.4 201,3 201.0 145.9 157.6 152.5 154.9 155.8 156.3 157.8 158.5 160.5 160.7 160.6 159.8 161.0 160.1 158.9 109.2 119.5 115.6 116.4 117.2 118.3 119.5 120.1 121.4 121.8 122.3 123.5 123.5 125.9 126.3 Service industries 78.3 88.1 85.6 86.3 86.4 87.0 87.8 88.0 88.8 89.4 90.3 91.5 91.9 93.3 94.4 Government 96.0 104.5 100.8 101.4 101.9 102.3 102.9 105.9 106.8 107.2 107.8 108.4 109.0 109.6 110.1 24.2 26.2 25.5 25.6 25.8 25.9 26.1 26.3 26.4 26.6 26.8 26.9 27.1 27.3 27.5 Proprietors' income 63.8 66.3 64.7 65.0 65.8 66.5 67.3 67.3 67.3 67.3 67.3 66.7 66.2 66.3 66.5 Business and professional 49.2 50.2 49.8 49.7 50.0 50.1 50.4 50.5 50.5 50.5 50.6 50.4 50.3 50.3 50.3 Farm 14.6 16.1 14.9 15.3 15.8 16.4 16.9 16.8 16.8 16.8 16.7 16.3 15.9 16.0 16.2 Rental income 21.2 21.6 21.5 21.5 21.5 21.6 21.6 21.7 21.7 21.7 21.8 21.8 21.9 21.9 22.0 Dividends 23.1 24.6 23.8 24.1 24.2 24.3 24.5 24.6 24.8 25.1 25.3 25.4 25.0 25.2 25.2 54.1 59.4 57.6 57.9 58.4 58.8 59.2 59.5 59.8 60.2 60.6 61.3 61.8 62.1 62.4 Transfer payments 59.2 65.5 63.5 64.3 64.7 64.9 65.2 65.7 66.1 66.4 66.7 67.2 67.8 68.9 70.0 Less: Personal contributions for social insurance 22.6 26.2 25.3 25.6 25.7 25.8 26.1 26.4 26.6 26.7 26.9 26.9 27.1 27.5 27.6 NoDigriculrural income 667.9 725.2 703.1 709.5 713.8 717.7 723.4 728.8 734.9 738.1 741.3 745.3 748.6 752.2 755.3 Agriculture income 20.1 22.0 20.7 21.2 21.8 22.3 22.7 22.6 22.6 22.6 22.5 22.3 22.0 22.1 22.4 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 • APRIL 1970 SUMMARY OF FUNDS RAISED AND ADVANCED IN U.S. CREDIT MARKETS (In billions of dollars) I 1967 1968 1969 Transaction category, or sector 1964 1965 1966 1967 1968 III IV II III IV II III Funds raised, by type and sector Total funds raised 1 by nonflnancial 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 1 1 2 3 O H t o h m er e r m es o i r d t e g n a t g ia es l IS 4 . . 6 5 1 3 5 . . 6 4 /; 3 . . • 1 * 1 3 1 . .6 6 1 3 5 . . 5 2 1 3 4 . . 9 1 1 4 5 . . 0 7 1 3 5 . . 0 0 1 3 4 .1 .6 1 3 4 . . 6 6 1 4 6 . . 2 6 1 4 6 .0 .2 1 4 6 .7 .2 1 4 5 . . 7 5 1 13 2 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 <y 1.0 2.1 1.6 -.1 .9 1.1 -i.i 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 (0.2 6.6 9.3 8.2 5.5 12.8 14.3 9.1 10.3 8.9 23 24 Households 27.9 28.8 23.2 19.7 31.8 19.7 27.5 29.6 29.4 33.2 34.9 30.8 35.7 29.5 24 25 Nonfinancial business 21.7 29.6 33.8 37.9 39.1 38.7 42.7 32.1 35.6 39.9 48.8 47.1 47.7 47.5 25 26 Corporate 13.7 20.5 24.9 29.3 31.0 28.2 33.0 25.6 26.6 31.1 40.7 37.5 38.7 36.0 26 27 Nonfarm noncorporate 5.4 5.8 5.5 5.0 5.2 7.0 5.7 3.1 5.8 6.0 5.8 6.5 5.1 8.0 27 28 Farm 2.6 3.3 3.5 3.5 2.9 3.5 4.1 3.3 3.2 2.8 2.2 3.0 4.0 3.S 28 Funds advanced directly in credit markets 1 Total funds raised 66.9 70.4 68.5 82.6 97.4 100.4 103.2 94.4 81.8 118.0 95.5 87.2 77.2 98.7 1 Advanced directly by— 2 U.S. Government 2.8 2.8 4.9 4.6 5.2 3.4 2.9 6.1 7.1 4.8 2.9 1.9 2.3 3.8 2 3 U.S. Govt. credit agencies, net.. .4 * .3 .5 -.2 -1.5 * .5 -.1 __ ^ -.8 .9 -1.1 -1.9 3 4 Funds advanced .7 2.2 5.1 * 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. nonbnnk 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 IS. 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 II 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 \l 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 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 j 7 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 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 nonflnancial 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 nonfm. 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 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 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 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 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 7 At savings instil. 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 S.9 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 •> .3 2 2.2 1.4 3.5 3.9 -3.3 4.5 .7 3.6 -2.8 A -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 25.6 2.1 18 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1970 a FLOW OF FUNDS A 71 PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1967 1968 1969 Transaction category, or sector 1964 1965 1966 1967 1968 III IV III IV III Demand deposits and currency 1 Net incr. in banking system liability. 7.4 7.6 2.6 14.3 10.7 30.4 16.7 -3.7 .1 39, 7.2 2.5 -5.3 24.1 1 2 U.S. Government deposits .2 -1.0 -.4 1.1 -1.3 14.0 3.7 -5.6 -16.2 26, -9.7 -4.5 -9.4 14.8 2 3 Money supply 7.3 8.6 3.0 13.2 12.0 16.4 12.9 1.9 16.3 12.9 16.9 6.9 4 9.3 3 4 Domestic sectors 6.8 8.3 3.9 12.6 12.2 15.5 12.3 1.3 17.0 13.5 17.1 7.4 4.2 12.2 4 5 Households 6.3 7.2 3.1 11.4 6.9 5.2 16.1 -10.2 8.8 15.6 13.S -7.9 7.2 3.5 5 6 Nonfinancial business -2.1 -1.4 .7 -2.1 1.3 3.0 -5.9 7.1 3.6 -1.2 -4.3 9.6 2.8 6 7 State and local governments 1.2 2 -.4 1.1 -.2 -1.2 .6 1.6 -1.9 4.1 1.4 V6 3.6 7 8 Financial sectors .4 .3 1.1 1.0 .8 1.5 -1.5 1.6 2.6 1.3 -1.4 .2 .8 8 9 Mail float .9 2.5 .3 2.7 1.9 6.7 1.7 5.2 1.5 -1.5 2.4 5.8 -5.0 1.5 9 10 Rest of the world .5 .3 -1.0 .6 2 .9 .7 .6 -.7 -.7 -.2 -.5 -.1 -2.9 10 Time and savings accounts Net increase—Total 28. 29.2 19.1 43.8 39.9 5.6 -.8 -16.0 1 At commercial banks—Total. . 16, 16.3 6.2 32.3 27.5 -9.1 -10.3 -21.6 2 Corporate business .0 -1. -3.2 9.5 4.1 -8.7 -9.1 -11.7 3 State and local governments .5 1.3 5.2 5.7 -6.2 -3.9 -11.0 4 Foreign 1.2 -.1 -.4 1.0 — 1 -.1 -.8 1.4 5 Households 9.9 17.6 8.3 16.5 17^8 6.3 3.8 -.2 6 At savings institutions 11.9 12.9 12.9 11.5 12.4 14.7 9.6 5.7 7 Liabilities— Savings and loan assns.... 6.5 7.7 7.6 7.2 6.8 5.6 3.2 8 9 Mutual savings banks 4.2 4.4 4.0 3.4 4.5 4.1 2.8 1.2 9 10 Credit unions 1.1 .9 1.3 .9 1.2 1.8 . 1.2 1.3 10 Assets Households 12.0 13.0 12.4 11.8 13.3 14.4 9.5 5.9 11 Cr. union deps. at S & L's -.2 * .5 -1.0 .3 .1 „ 2 12 U.S. Government securities Total net issues 6.7 3.8 8.7 12.6 16.7 31.8 24.1 25. S 13.1 31.2 -3.2 1.5 -15.3 22.9 1 Household savings bonds .9 .6 .6 .9 .5 .7 .9 .2 .3 .8 .7 -.5 -.4 -.7 2 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 Budget agency issues .2 * * .2 1.4 * .3 -.2 1.9 1.4 2.7 .8 -1.3 O 4 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 Loan participations .8 .4 1.3 4.0 1.7 .1 3.5 1.2 2.6 3.5 -.6 -.3 * -5.0 6 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 U.S. Government (agency sec.) * * 1.3 -.1 .1 -1.6 't 1 1.6 -.1 -1.0 -1.1 -2.2 -.8 8 9 Sponsored credit agencies -.4 .1 1.0 • 1 2 1 -\'.6 A .3 -.4 t -1.5 * -1.0 9 10 Direct marketable — 1 -.2 .3 .9 -!i -2ll -1.4 -.5 .2 .1 -'.2 -2.2 .2 -1.2 10 11 FHLB special issue -.3 .3 .6 Q * 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 , ^ -2.4 2.1 -.5 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 -IS.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 I.I 2.2 3.5 .7 -.4 2.4 1.7 -.5 * -4.3 16 17 Nonbank finance 2.2 J .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 J -.4 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 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 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 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 5 Commercial banks .6 .1 .2 .2 • .1 .7 .2 I .1 .3 * 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 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 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 9 Nonfinancial corporations.... .2 .5 1.0 -.4 .4 .6 .7 .8 2.1 -2.6 1.3 2.9 3.1 -.4 9 10 State and local governments.. 1.0 .6 1.1 1.5 .5 1.6 1.8 -.4 1.0 .3 1.0 4.0 3.7 -1.2 10 11 Commercial banks 3.7 5.0 1.9 9.7 9.0 5.8 10.5 5.2 3.2 12.6 15.2 -.9 2.2 1.5 11 12 Mutual savings banks 1 .3 2.3 1.6 3.0 .5 2.0 1.3 1.5 1 1.1 1.1 * 12 13 Insurance and pension funds.. 11 12.9 17.4 17 19.0 19.1 16.2 17. 1 17.3 19. 17.7 17.5 19.9 13 14 Finance n.e.c -2.2 O -3.7 6.2 -6.5 -9.5 -6.5 5.5 -4. -10.9 -2.7 2.7 14 15 Security brokers and dealers .1 !l -.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 -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 I .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 -•2i ^ • -.3 -.7 -.1 1.0 -1.7 Digitized for 5 F RAS Fi E n R an cial sectors .5 2.4 -1.3 -2.1 2.3 .3 -3.5! \'.5 2.8 2.7 2.4 .1 2.5 -1.2 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 72 U.S. BALANCE OF PAYMENTS a APRIL 1970 1. U.S. BALANCE OF PAYMENTS (In millions of dollars) 1969 Item 1969^ I'- III' IVJ- Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets—Seasonally adjusted Exports of goods and services—Total'. 43,360 46,188 50,594 55,387 11,919 14,254 14,553 14,661 Merchandise 29,389 30,681 33,598 36,487 7,478 9,599 9,581 9,829 Military sales 829 1,240 1,427 1,504 414 331 417 341 Transportation 2,608 2,775 2,924 3,122 621 819 832 850 Travel 1,590 1,646 1,770 2,052 504 516 523 509 Investment income receipts, private. 5,659 6,234 6,934 7,965 1,,885 1,,917 2,117 2,046 Investment income receipts, Govt.. . 593 638 765 931 232 231 245 224 Other services 2,693 2,973 3,177 3,326 785 841 838 862 Imports of goods and services—Total. -38,081 -41,011 -48,078 -53,314 -11,571 -13,964 -13,847 -13,932 Merchandise -25,463 -26,821 -32,972 -35,797 -7,579 -9,599 -9,243 -9,376 Military expenditures -3,764 -4,378 -4,530 -4,882 -1,204 -1,208 -1,220 -1,249 Transportation -2,922 -2,990 -3,248 -3,464 -744 -878 -902 -940 Travel -2,657 -3,195 -3,022 -3,372 -821 -855 -890 -806 Investment income payments -2,142 -2,362 -2,933 -4,431 -893 -1,087 -1,255 -1,196 Other services -1,133 -1,266 -1,374 -1,369 -330 -337 -337 -365 Balance on goods and services'. 5,279 5,177 2,516 2,073 348 290 706 729 Remittances and pensions -923 -1,196 -1,159 -1,163 -271 -286 -307 -299 1. Balance on goods, services, remittances and pensions 4,356 3,981 1,357 910 77 4 399 430 2. U.S. Govt. grants and capital flow, net -3,444 -4,224 -3,955 -3,866 -793 -1,155 -1,037 -880 Grants,2 loans, and net change in foreign currency holdings, and short-term claims -4,676 -5,227 -5,347 -5,070 -1,118 -1,515 -1,222 -1,216 Scheduled repayments on U.S. Govt. loans.... 803 997 1,123 1,292 281 326 339 347 Nonscheduled repayments and selloffs 429 6 269 -87 44 34 3-154 3-11 . U.S. private capital flow, net. -4,310 -5,655 -5,157 -5,009 -1,357 -2,051 -1,279 -324 Direct investments -3,639 -3,154 -3,025 -3,060 -928 -1,057 -1,134 58 Foreign securities -481 -1,266 -1,266 -1,380 -323 -427 -562 -69 Other long-term claims: Reported by banks 337 255 358 329 133 31 131 34 Reported by others -112 -281 -174 -346 -82 -81 -3 -180 Short-term claims: Reported by banks -84 -730 -89 -857 -51 -532 79 -353 Reported by others -331 -479 -960 305 -106 15 210 186 4. Foreign capital flow, net, excluding change in liquid assets in U.S 2,532 3,360 8,565 3,869 1,638 351 341 1,540 Long-term investments 2,156 2,411 5,942 3,699 1,709 389 418 1,183 Short-term claims 269 499 750 48 -76 49 105 -30 Nonliquid claims on U.S. Govt. associated with— Military contracts 346 64 -137 178 -76 63 -47 238 U.S. Govt. grants and capital -205 -84 2 -12 -4 -8 • # Other specific transactions T -3 28 Other nonconvertible, nonmarketable,' medium- -12 1 -10 -21 term U.S. Govt. securities4 2,010 -41 -171 150 -49 469 95 -115 5. Errors and unrecorded transactions. -642 -2,963 -1,039 348 -489 -1,007 -1,239 -1,034 Balances A. Balance on liquidity basis Seasonally adjusted (= 1+2+3+4+5). -1,357 -3,544 168 -7,058 1,675 -3,888 -2,608 1,113 Less: Net seasonal adjustments -407 -72 364 115 Before seasonal adjustment -3|544' 168' -Y.OSS -1,268 -3,816 -2,972 998 B. Balance on basis of official reserve transactions Balance A, seasonally adjusted -1,357 -3,544 168 -7,058 -1,675 -3,888 -2,608 1,113 Plus: Seasonally adjusted change in liquid assets in the U.S. of— Commercial banks abroad 2,697 1,272 3,382 9,272 2,954 4,802 1,298 218 Other private residents of foreign countries. . , 212 414 374 -437 -22 -145 -143 -127 International and regional organizations other than IMF -525 -214 55 -63 -88 82 -65 Less: Change in certain nonliquid liabilities to foreign central banks and govts 761 1,346 2,341 -998 37 -375 -518 -142 Balance B, seasonally adjusted.. 266 -3,418 1,638 2,712 1,132 1,226 -927 1,281 Less: Net seasonal adjustments. -579 21 116 442 Before seasonal adjustment " "266 1,711 1,205 -1,043 839 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1970 a U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE A 73 1. U.S. BALANCE OF PAYMENTS—Continued (In millions of dollars) 1969 Item 1966 1967 1968 1969* II' HI' Transactions by which balances were settled—Not seasonally adjusted A. To settle balance on liquidity basis. 1,357 3,544 -168 7,058 1,268 3,816 2,972 -998 Change in U.S. official reserve assets (increase, —) 568 52 -880 -1,187 -299 -686 -154 Gold 571 1,170 1,173 -967 56 -317 -11 -695 Convertible currencies -540 -1,024 -1,183 814 -73 246 -442 1,083 IMF gold tranche position. 537 -94 -870 -1,034 -31 -228 -233 -542 Change in liquid liabilities to all foreign accounts.. 789 3,492 712 8,24S 1,316 4,115 3,658 -844 Foreign central banks and govts.: Convertible nonmarkctable U.S. Govt. securities5 -945 455 -10 -163 -25 -10 84 -212 Marketable U.S. Govt. bonds and notes'... -245 48 -379 -79 -3 * -9 -67 Deposits, short-term U.S. Govt. securities, etc -582 1,495 -2,707 -274 -1,681 -525 2,173 -241 IMF (gold deposits) 177 22 -3 -11 1 -3 q Commercial banks abroad 2,697 1,272 3,382 9,272 3,134 4,716 1,554 ' — i 32' Other private residents of foreign countries.... 212 414 374 -437 -145 -143 International and regional organizations other -22 -127 than IMF -525 -214 55 -63 82 8 -88 -65 B. Official reserve transactions. -266 3,418 -1,638 -2,712 -1,205 1,043 -1,711 -839 Change in U.S. official reserve assets (increase, —) 568 52 -880 -1,187 -299 -686 Change in liquid liabilities to foreign central -48 -154 banks and govts,, and IMF (see detail above under A.) -1,595 2,020 -3,099 -527 -538 2,239 -1,708 -520 Change in certain nonliquid liabilities to foreign central banks and govts.: Of U.S. private organizations 793 894 535 -836 -43 -196 -391 -206 Of U.S. Govt -32 452 1,806 -162 88 -172 -119 41 1 Excludes transfers under military grants. ' 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 * 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 i Imports Export surplus Period 1967 1968 1969 1970 1967 1968 1969 1970 1967 1968 1969 1970 Month: Jan.. . 2,639 2,814 32,086 3,305 2,317 2,687 32,014 3,250 322 127 72 55 Feb.. , 2,582 2,775 32,295 3,628 2,216 2,592 32,653 3,256 366 184 -358 372 Mar.. 2,525 32,439 33,197 2,166 32,589 32,976 359 -150 221 Apr... 2,608 32,855 33,353 2,198 32,604 33,173 410 251 180 May.. 2,549 2,740 33,296 2,118 2,755 33,276 432 -15 20 June.. 2,582 2,870 33,211 2,184 2,792 33,186 398 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|l45 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: I 7,745 8,028 7,578 6,698 7,867 7,643 1,047 161 -65 II 7,739 8,465 9,860 6,500 8,151 9,635 1,240 314 225 III.... 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 Year*... 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 * Sum of unadjusted figures. Mutual Security Program. 2 General imports including imports for immediate consumption plus NOTE.—Bureau of the Census data. Details may not add to totals beentries into bonded warehouses. cause of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 74 U.S. GOLD TRANSACTIONS • APRIL 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 I II III IV Western Europe: -143 -82 -55 -100 -25 4 4 -144 -63 40 83 58 -456 -518 -405 -884 -601 600 325 140 50 275 23 225 500 500 -1 -2 2 -2 -52 41 3 16 25 Italy 100 200 -80 -60 -85 -209 -76 -76 25 60 35 19 Spain -156 -146 -U0 -32 -180 -125 102 -81 -50 -2 -30 -50 -25 -25 United Kingdom -306 -387 329 618 150 80 -879 -835 15 Bank for Intl. Settlements. -23 200 200 Other -53 -12 1 -6 -35 -49 16 -47 1 -8 -1 '17 -7 -7 -754 -1,105 -399 -88 -1,299 -659 -980 -669 969 150 -52 292 9 721 190 200 150 50 La B ti r n a z A il merican republics: - - 9 2 0 5 8 7 5 -3 7 0 2 54 25 - - 3 3 9 _ 1 1 -25 • -25 -5 -10 -15 38 10 29 7 • * 25 Other -17 -5 -11 -9 -13 -6 11 -40 -29 2 -7 e 3 -12 Total -109 175 32 56 17 -41 9 -65 -54 -8 -7 -5 -15 -27 Asia: -10 -4 -21 -42 -56 21 — 32 — 11 -11 -1 -95 — 1 -34 Philippines * 25 20 * -1 9 40 * 7 17 11 5 48 13 50 -81 11 11 Other -32 -47 -13 -6 -14 -14 -22 -75 -9 -6 2 -1 -1 -5 Total -101 -93 12 3 -24 -86 -44 -366 42 -6 5 28 10 -1 All other -6 -1 -36 -7 -16 -22 2-166 2-68 __l -1 2 1 _l 1 Total foreign countries -970 -833 -392 -36 -1,322 -608 -1,031 -1,118 957 136 -57 316 2 695 Intl. Monetary Fund 3 150 <-225 177 22 10 1 1 8 Grand total -820 -833 -392 -36 -1,547 -431 -1,009 -1,121 967 136 -56 317 10 695 1 Includes purchase from Denmark of $25 million. IMF sold to the United States a total of $800 million of gold ($200 2 Includes sales to Algeria of $150 million in 1967 and $50 million in million in 1956, and $300 million in 1959 and in 1960) with the right of 1968. repurchase; proceeds from these sales invested by IMF in U.S. Govt. 3 Includes IMF gold sales to the United States, gold deposits by the securities. IMF (see note 1 (b) to Table 4), and withdrawal of deposits. The first * Payment to the IMF of $259 million increase in U.S. gold subscription, withdrawal, amounting to $17 million, was made in June 1968. less gold deposits by the IMF. Notes to Table 5 on opposite page: 1 Represents net IMF sales of gold to acquire U.S. dollars for use in 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 automatically 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- J 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

APRIL 1970 a U.S. RESERVE ASSETS; POSITION IN THE IMF A 75 4. U.S. RESERVE ASSETS (In millions of dollars) Gold stock i Con- Gold stock' Convertible Reserve vertible Reserve Special E y n e d a r of Total c fo u r r e r i e g n n - pos i i n tion E m n o d n t o h f Total c fo u r r e r i e g n n - pos i i n tion d r r i a g w ht i s n 6 g Total 2 Treasury cies IMF' Total 2 Treasury cies' IMF3 1957 24,832 22,857 22,781 ,975 1969—Mar... 15,758 10,836 10,367 3,601 ,321 1958 22,540 20,582 20,534 ,958 Apr... 15,948 10,936 10,367 3,624 ,388 1959 21,504 19,507 19,456 ,997 May.. 16,070 11,153 10,367 3,474 ,443 I960 19,359 17,804 17,767 ,555 June.. 16,057 11,153 10,367 3,355 ,549 July... 15,936 11,144 10,367 3,166 ,626 1961 18,753 16,947 16,889 116 ,690 Aug.... 16,195 11,154 10,367 3,399 ,642 1962 17,220 16,057 15,978 99 ,064 Sept.... 16,743 11,164 10,367 3,797 ,782 1963 16,843 15,596 15,513 212 ,035 Oct.. .. '16,316 11,190 10,367 '3,341 ,785 1964 16,672 15,471 15,388 432 769 Nov.... 16,000 11,171 10,367 2,865 ,964 1965 15,450 413,806 "13,733 781 4863 Dec... 16,964 11,859 10,367 2,781 2,324 1966 14,882 13,235 13,159 1,321 326 1970—Jan 17,396 11,882 11,367 2,294 1,321 899 1967 14,830 12,065 11,982 2,345 420 Feb.... 17,670 11,906 11,367 2,338 J.507 919 1968 15,710 10,892 10,367 3,528 ,290 Mar.... 17,350 11,903 11,367 1,950 >,577 920 1969 16,964 11,859 10,367 2,781 .,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 3 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 « Includes initial allocation by the IMF of $867 million of special drawincreases, For corresponding liabilities, see Table 6. ing rights on January 1, 1970, plus or minus transactions in SDR since 1 Includes gold in Exchange Stabilization Fund. that time. ' In accordance with IMF policies the United States has the right to ' 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 P s t u d a io b y o n m s l o l c s f a e r r i n i n s p t - s by s g N I a o M l e l e d t s F > T t c f i r c o u o a i r r n e n e r s s i s e g 2 a n i n n c - - I i d M n o c F i l o n l a m n r e e i t D d r o a o l w l f a i r n s g 3 s R d m o e e i l p l n n a a t r y s s - c T ha o n ta g l e Amount P q e U r u o . o c f S t e . a nt p ( e e r n i d od o ) f 4 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 3326 1967 20 -114 -94 4,740 92 420 1968 ... . -84 20 -806 -870 3,870 75 1,290 1969 22 19 -1,343 268 -1,034 2,836 55 2.324 1969—Mar 2 -24 -22 3,839 74 1,321 Apr 1 -68 -67 3,772 73 ,388 May 1 -56 -55 3,717 72 1 443 June 5 I -112 -106 3,611 70 ,549 July 2 -79 -77 3,534 68 ,626 Aug -36 20 -16 3,518 68 ,642 Sept 17 3 -282 122 -140 3,378 65 782 Oct 1 -9 5 -3 3,375 65 ,785 Nov -268 89 -179 3,196 62 ,964 Dec 4 -396 32 -360 2,836 55 2,324 1970—Jan -33 36 2,839 55 !,321 Feb 32 2 -262 42 -186 2,653 51 1,507 Mar 5 -178 103 -70 2,583 50 2,577 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. ° APRIL 1970 6. U.S. LIQUID LIABILITIES TO FOREIGNERS (In millions of dollars) Liabilities to Intl. Liabilities to foreign countries Liabilities to non- Monetary Fund arising monetary intl. and from gold transactions regional organizations 5 Official institutions 3 Banks and other foreigners Nonp E e o r n i f o d d Total Total p G o d s o e i l - t d i m in G e v o n e l s t d t 2 - Total i i p S t l n b i i t o h e a a e b r s r o b U n y t m r k i e r . l t S d e - s - - . M n b G o U a a a o t o b n r n . e S v l k d d s e t . e s . 4 t- c m o T b a U n i a o r u a b b v n e n r r . l S l a e k y d e d e r . s e s - t t - - Total i i p S t n l b i i t o h e a a e b r s o r U n b y t m r k i e r . l t S d e s - - - . M n b G o U a a a o t o b n r n . e v S k l d s d e t . e s . 4 t- Total i i n p S t b l t i i o h e a e a U b r s r o n b y t m . r k i e r S l t d e s - . - « - M n b G o a U a a o t b o n r n . e S v l k d d s e t . e s . * tnotes 1957 15,825 200 200 n.a. 7,917 n.a. n.a. 5,724 n.a. n.a. 542 n.a. 1958 16,845 200 200 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 20,994 800 800 11,078 10,212 866 7,591 7,048 543 1,525 750 775 1960S 21,027 800 800 11,088 10,212 876 7,598 7,048 550 1,541 750 791 22,853 800 800 11.830 10,940 890 8,275 7,759 516 1,948 703 1,245 19618 22,936 800 800 11,830 10,940 890 8,357 7,841 516 1,949 704 1,245 24,068 800 800 12,748 11,997 751 8,359 7,911 448 2,161 1,250 911 19628 24,068 800 800 12,714 11,963 751 8,359 7,911 448 2,195 1,284 911 26,361 800 800 14,387 12,467 1,217 703 9,214 8,863 351 1,960 808 1,152 1963 8 26,322 800 800 14,353 12,467 1.183 703 9,204 8,863 341 1,965 808 1,157 28,951 800 800 15,428 13,224 1,125 1,079 11,001 10,625 376 1,722 818 904 19648 29,002 800 800 15,424 13,220 1,125 1,079 11,056 10,680 376 1,722 818 904 1965.. 29,115 834 34 800 15,372 13,066 1,105 1,201 11,478 11,006 472 1,431 679 752 19668 f 1 2 2 9 9 , , 9 7 0 7 4 9 , , 0 0 1 1 1 1 2 2 1 1 1 1 8 8 0 0 0 0 1 13 3 , , 6 6 5 0 5 0 1 12 2 , , 5 4 3 8 9 4 8 8 6 6 0 0 2 2 5 5 6 6 1 1 4 4 , , 3 2 8 0 7 8 1 1 3 3 , , 8 6 5 8 9 0 5 5 2 2 8 8 9 90 0 5 6 5 5 8 8 1 0 3 3 2 2 5 5 33,271 ,033 233 800 15,653 14,034 908 711 15,894 15,336 558 691 487 204 19678 33,119 ,033 233 800 15,646 14.027 908 711 15,763 15,205 558 677 473 204 19689 (33,821 ,030 230 800 12,548 11,318 529 701 19,518 18,909 609 725 683 42 33,614 ,030 230 800 12,481 11,318 462 701 19,381 18,916 465 722 683 39 1969-Jan... 33,605 ,031 231 800 10,726 9,563 462 701 21,175 20,681 494 673 633 40 Feb... 34,269 ,031 23! 800 10,778 9,643 459 676 21,821 21,319 502 639 601 38 Mar... 34,930 ,031 231 800 10,772 9,637 459 676 22,493 21,998 495 634 596 38 Apr... 36,066 ,033 233 800 10,936 9,762 459 7(5 23,426 22,929 497 671 632 39 May. . 37,673 ,033 233 800 12,434 11,310 459 665 23,487 23,014 473 719 671 48 June.. 39,045 ,028 228 800 10,237 9,112 459 666 27,064 26,608 456 716 668 48 July. . 40,165 ,028 228 800 9,980 8,780 450 750 28,426 27,945 481 731 682 49 Aug.., 41,619 ,028 228 800 11,041 9,841 450 750 28,821 28,329 492 729 680 49 Sept... 42,703 ,019 219 800 12,485 11,285 450 750 28,475 27,943 532 724 675 49 Oct... l'43,119 ,019 219 800 1012,690 11,615 333 10742 28,731 28,190 541 679 630 49 Nov... 43,310 ,019 219 800 12,018 11,132 331 555 29,558 29,014 544 715 665 50 Dec... 42,026 ,019 219 800 11,981 11,043 383 555 28,364 27,835 529 662 612 50 !970-Jan.». 42,838 ,019 219 800 12,650 11,838 383 429 28,435 27,904 531 734 684 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. >o 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. 3 Principally the International Bank for Reconstruction and Development 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. ' 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 s Data on the two lines shown for this date differ because of changes in basis; however, the balance of payments statistics include certain adjustreporting 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

APRIL 1970 a 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) Total Latin Western Other End of period foreign Europe > Canada American Asia Africa countries 2 countries republics 1967 15,646 9,872 996 1,131 3,145 249 253 19683 . 12,548 7,009 533 1,354 3,168 259 225 \ 12,481 7,001 532 1,354 3,122 248 224 1969—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 June. 10,237 5,298 461 1,248 2,727 232 271 July. . 9,980 5 132 426 1,292 2,616 238 276 Aug.. It,041 5,907 451 1,392 2,790 255 246 Sept.. 12,485 7,385 397 1,339 2,875 270 219 Oct... 412,690 "7,400 425 1,485 2,857 322 201 Nov.. 12,018 6,234 446 1,417 3,108 570 243 Dec, 11,981 5,860 495 1,671 3,190 543 222 1970—Jan.". 12,650 6,287 603 1,735 3,313 518 194 1 Includes Bank for International Settlements and European Fund. liabilities resulting from revaluation of the German mark in Oct. 1969. 1 Includes countries in Oceania and Eastern Europe, and Western European 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. 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) ro nonmonetary international To all foreigners and regional organizations' Payable in dollars Deposits IMF End of period Total i Total Deposits b T i r l U l e s a .S s a u . n r d y s O t h e t o r h r m e t r - P f r o e a c r n y i u e n a c 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 Time 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 t h e t o r h m r e t r certifi- Demand Time 2 cates liab.3 1967* /3O.657 30,428 11,747 5,780 9,173 3,727 229 800 487 67 124 178 118 \3O,5O5 30,276 11,577 5,775 9,173 3,750 229 800 473 67 120 178 107 1968 31[717 31,081 14,387 5,484 6,797 4,412 636 800 683 68 113 394 108 1969—Feb 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 34 123 33,538 16,743 5,610 5,706 5,479 585 800 632 63 76 225 267 May 35,795 35,229 16 638 5 622 7 272 5 697 566 800 671 58 70 236 306 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 39,650 39,192 21,095 5,851 5 858 6 388 458 800 680 54 74 230 321 Sept 40,703 40,287 20,754 6,086 7 052 6 395 416 800 675 61 82 225 307 odt : 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 40,290 39,861 20,689 6,831 5,015 7,326 429 800 612 57 83 244 227 1970—Jan.* 41,226 40,784 20,208 6,844 5,938 7,794 442 800 684 66 99 252 267 Feb.» 41,603 41,177 19,311 7,048 6,601 8,217 426 800 769 75 118 317 259 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. n APRIL 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' Payable in dollars Payable in dollars Payable End of period in Payable Total Deposits Tr U ea . s S u . ry s O h t o h r e t r - fo c r u e r ig - n Total Deposits Tr U ea .S su . ry O sh t o h r e t r - for i e n ign bills and term rencies bills and term currencies certifi- certifi- Demand Time* cates liab. 3 Demand Time 2 cates liab. 3 (29,370 11,680 5,656 8,195 3,610 229 14,034 2,054 2,462 7,985 1,381 152 I967« (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 Feb 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. 32,691 16,680 5,533 4,681 5,212 585 9,762 1,869 1,894 4,531 1,080 388 May 34,324 16,579 5,552 6,236 5,390 566 11,310 1,793 1,993 6,092 1,045 388 June 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 38,170 21,040 5,777 4,828 6,067 458 9,841 2,066 1,985 4,671 887 232 Sept 39,228 20,692 6,004 6,027 6,088 416 11,285 1,993 2,123 5,895 1,042 232 Oct 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 38,878 20,632 6,748 3,971 7,099 429 11,043 1,918 2,940 3,844 2,139 202 1970—Jan." 39,742 20,142 6,745 4,885 7,527 442 11,838 1,648 2,946 4,749 2,293 202 Feb." 40,034 19,236 6,930 5,485 7,958 426 13,135 1,661 3,185 5,381 2,706 202 To banks' To other foreigners To banks Payable in dollars and other foreigners: End of period Total payable in Deposits U.S. Deposits U.S. foreign Other Other Treasury Treasury cur- Total b c il e l r s t i a fi n - d s t h e o r r m t- Total b c il e l r s t i a f n i- d s t h e o r r m t- rencies Demand Time 2 cates liab. 3 Demand Time 2 cates liab. 3 ( 15,336 11,132 7,933 ,142 129 1,927 4,127 ,693 2,052 81 302 77 I967« ( 15,205 11,008 7,763 ,142 129 1,973 4,120 ,693 2,054 81 292 77 1968 18,916 14,299 10,374 ,273 30 2,621 4,444 ,797 2,199 86 362 173 1969—Feb 21,319 16,758 12,346 ,366 41 3,005 4,391 ,770 2,186 73 362 170 Mar 21,998 17,419 12,394 ,469 42 3,514 4,392 ,751 2,161 104 374 187 Apr 22,929 18,351 13,048 ,517 40 3,746 4,381 ,763 2,122 110 386 197 May 23,014 18,520 13,083 ,487 35 3,915 4,315 ,703 2,072 110 431 179 June 26,608 22,109 16,231 ,652 35 4,191 4,286 ,789 1,992 106 400 213 July 27,945 23,596 17,413 ,799 54 4,330 4,136 ,679 1,929 116 412 213 Aug 28,329 24,031 17,321 ,944 35 4,732 4,072 ,653 1,847 122 448 226 Sept 27,943 23,692 16,923 .,077 25 4,667 4,067 ,776 1,804 107 379 184 Oct 28,190 23,990 17,250 .,121 22 4,598 3,944 ,711 1,742 93 398 256 Nov 29,014 24,912 18,066 .,164 18 4,664 3,859 ,673 1,734 101 351 243 Dec 27,835 23,670 17,005 ,996 20 4,648 3,939 ,709 1,811 107 312 226 1970—Jan." 27,904 23,757 16,796 .,053 21 4,887 3,907 ,697 1,746 116 347 240 Feb.* 26,899 22,942 15,910 .,112 26 4,894 3,734 ,665 1,633 78 358 223 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 ' 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 > 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 haying 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- ' 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

APRIL 1970 n 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 1989 1970 Area and country Dec. June July Aug. Sept. Oct. Nov. Dec Jan." Feb. Europe: Austria 162 132 192 178 157 248 252 314 299 300 Belgium-Luxembourg 313 493 488 438 404 445 553 528 583 622 Denmark 146 148 136 106 114 125 151 153 178 182 Finland 176 95 90 99 98 99 115 120 123 137 France 1,383 ,425 ,330 1,525 1,536 1,527 1,615 1,588 1,553 1,608 Germany 2,640 ,116 ,057 2,677 4,235 2,902 2,006 1,381 2,226 2,658 Greece 183 165 199 201 184 181 201 207 206 185 Italy 729 697 754 797 813 843 733 627 625 741 Netherlands 276 276 329 342 366 738 606 463 581 539 Norway 448 257 235 264 175 203 228 341 240 305 Portugal 345 316 320 326 312 309 311 309 313 289 Spain 158 158 167 155 163 179 164 202 195 226 Sweden 453 276 210 260 209 318 399 412 455 426 Switzerland 2,155 1,852 1,543 1,606 1,871 1,937 2,010 2,027 !,982 1,,966 Turkey 29 28 23 20 23 35 30 28 31 35 United Kingdom 6,133 12,380 13,375 13,315 12,698 11,973 12,699 11,590 11,319 10,742 Yugoslavia 33 21 27 27 37 39 40 37 44 33 Other Western Europe' 357 412 396 472 628 1,182 1,461 1,528 1,465 1,742 U.S.S.R 5 7 8 7 11 5 10 11 8 6 Other Eastern Europe 48 39 33 41 43 47 38 50 44 39 Total 16,170 21,293 21,912 22,858 24,078 23,336 23,623 21,916 22,468 22,779 Canada 2,797 3,084 3,450 3,571 3,386 4,166 3,844 3,991 4,140 3,863 Latin America: Argentina 479 426 499 446 429 448 409 416 418 432 Brazil 257 292 304 293 322 362 402 425 412 452 Chile 323 348 352 366 343 352 349 393 361 385 Colombia 249 229 223 252 244 249 250 258 267 268 Cuba 8 8 8 8 8 8 8 7 7 10 Mexico 974 802 759 764 740 791 788 848 891 913 Panama 154 150 139 130 125 119 124 129 136 135 Peru 276 252 248 231 227 220 218 239 218 215 Uruguay 149 151 144 133 125 111 106 111 140 119 Venezuela 792 704 658 725 694 661 635 674 684 673 Other Latin American republics.. 611 575 553 552 538 536 508 556 551 567 Bahamas and Bermuda 273 811 945 ,106 ,109 ,444 1,435 1,405 1,581 1,541 Netherlands Antilles and Surinam 88 97 93 76 77 72 71 74 78 82 Other Latin America 30 29 29 32 34 29 42 34 38 36 Total 4,664 4,874 4,955 5,115 5,014 5,403 5,345 5,571 5,781 5,829 Asia: China Mainland 38 38 37 38 36 35 37 36 37 39 Hong Kong 270 237 220 220 205 217 214 213 196 223 India 281 227 239 252 257 283 293 260 260 286 Indonesia 50 67 66 69 75 63 74 86 78 69 Israel 215 152 146 134 138 123 115 146 178 185 Japan ,320 ,436 ,373 3,491 3,605 3,640 ,773 ,788 ,628 3,551 Korea 171 143 151 158 188 217 231 236 278 308 Philippines 269 211 221 232 232 244 225 201 201 249 Taiwan 155 189 185 189 186 182 188 196 215 218 Thailand 556 534 530 566 585 561 611 628 653 666 Other 628 502 492 529 541 547 523 606 657 652 Total 5,953 5,736 5,662 5,878 6,049 6,113 6,284 6,396 6,380 6,446 Africa: Congo (Kinshasa) 12 12 16 50 69 86 87 75 99 Morocco 13 18 17 16 18 18 21 21 41 South Africa 58 58 56 59 51 54 66 69 91 U.A.R. (Egypt) 18 25 22 19 19 19 23 25 25 Other 260 252 261 254 240 533 496 500 587 Total 361 365 373 399 396 710 692 689 843 Other countries: Australia 261 338 340 320 272 311 282 255 243 All other 28 30 33 28 32 29 29 28 30 Total 289 368 373 349 305 294 340 311 283 273 Total foreign countries 30,234 35,720 36,725 38,170 39,228 39,805 40,146 38,878 39,742 40,034 International and regional: International* 1,372 1,318 1,328 1,321 1,311 1,277 1,316 1,260 1,307 1,365 Latin American regional 78 113 118 116 114 106 99 100 116 117 Other regional3 33 37 36 43 50 47 50 52 61 87 Total 1,483 1,468 1,482 1,480 1,475 1,430 1,465 1,412 1,484 1,569 Grand total 31,717 37,188 38,207 39,650 40,703 41,235 41,611 40,290 41,226 41,603 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. o APRIL 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 * (end of period) 1967 1968 1969 1967 1968 1969 Area or country Area or country Dec. Apr. Dec. Apr. Dec. Dec. Apr. Dec Apr. Dec. Other Western Europe: Other Asia—Cont.: Cyprus 2 21 8 2 11 Jordan 40 7 3 4 17 Iceland 4 3 6 4 9 Kuwait 37 34 67 40 46 (reland, Rep. of 9 15 24 20 38 Laos 4 4 3 4 3 Luxembourg 31 (5) (5) (s) (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 (incl. 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 5\ 40 94 Guatemala 73 96 86 90 84 Haiti 16 17 17 18 16 Other Africa: Honduras 30 31 33 37 29 Algeria 7 8 8 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 8 8 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 21 25 25 30 Southern Rhodesia 2 4 1 2 2 Sudan 2 2 S 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 5 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 n.a. New Zealand 17 15 17 20 16 1 Includes Bank for International Settlements and European Fund. i 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 intl. End of period Total and Official Other Other Other All regional Total institu- Banks' foreign- Argen- Latin Israel Japan Thailand other tions ers tina America Asia countries 1966 1,494 506 988 913 25 50 234 8 197 140 277 133 19672. ( ( 2 2 , , 5 5 6 4 0 6 6 6 8 9 9 8 1 1, , 8 8 6 5 3 8 1 1 , , 8 8 0 0 7 7 1 1 5 5 3 4 5 0 2 2 5 5 1 1 2 2 3 3 4 4 1 1 2 2 6 6 4 4 4 4 3 3 2 2 1 1 8 8 5 5 0 0 2 2 8 8 4 9 1968 3,166 777 2,389 2,341 8 40 284 257 241 658 201 651 97 1969—p e b 3,147 787 2,360 2,315 9 36 284 247 228 658 200 614 129 3,(17 777 2,339 2,298 6 36 284 242 221 658 200 608 126 Apr 3,058 781 2,277 2,234 6 37 284 205 208 658 202 594 127 May 2,974 776 2,198 2,(56 6 36 284 193 189 658 202 561 112 2,941 785 2,156 2,102 19 34 284 149 189 658 199 557 120 July 2 823 796 7 cm 1 Qfi2 30 36 207 129 181 658 199 528 125 2,765 812 ,953 ,886 30 37 207 148 154 658 157 508 122 Sept 2,676 885 ,790 ,711 43 36 146 130 101 659 117 506 131 Oce 2 534 918 616 538 43 35 74 123 43 658 117 476 125 Nov 2 486 898 587 506 44 36 69 154 43 658 70 474 119 Dec 2 487 886 601 505 55 40 64 175 41 655 70 471 124 1970—Jan " 2,338 867 ,471 ,380 55 36 25 163 6 657 47 452 120 Feb " 2,327 859 468 378 54 35 25 182 6 663 54 415 122 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

APRIL 1970 a 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 Dec. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.*1 Feb.? Europe: 10 9 9 9 9 9 9 9 9 9 9 9 9 6 France 5 5 5 6 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 5 5 5 5 5 5 5 5 5 5 5 5 5 5 Switzerland 39 45 45 45 44 44 44 44 45 42 42 42 42 46 United Kingdom 350 377 370 371 351 334 357 368 406 420 421 407 407 358 Other Western Europe.... 33 33 33 33 33 33 24 24 24 24 24 24 24 24 Eastern Europe 6 6 6 6 7 7 7 7 7 7 7 7 7 7 Total 488 520 512 514 494 477 491 502 541 553 553 538 539 491 384 387 388 388 388 387 389 389 389 271 272 272 271 270 Latin America: Latin American republics.. 2 2 2 2 2 2 2 2 2 2 2 2 2 2 Neth. Antilles & Surinam. 15 15 15 15 12 12 12 12 12 12 12 12 13 12 Other Latin America * * * * * * * * 2 2 2 2 Total 17 18 17 17 14 14 14 14 14 14 15 15 17 15 Asia: Japan 9 9 9 10 10 10 10 10 10 10 10 61 61 62 Other Asia 18 17 18 18 18 18 18 18 19 19 17 18 18 18 Total 26 27 27 28 28 28 28 28 28 29 27 79 "79 80 Other countries 11 9 9 9 9 9 9 9 9 7 7 7 7 7 Total foreign countries 927 961 954 956 932 915 931 942 982 874 875 912 914 864 International and regional: 25 24 24 24 32 32 32 32 32 32 32 32 31 31 Latin American regional.. 13 14 14 15 15 15 17 17 17 17 18 18 19 19 Asian regional 1 Total.... 39 38 38 39 48 48 49 49 49 50 50 50 50 50 Grand total 966 999 992 995 980 963 980 991 1,031 923 925 962 964 914 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 an a - 1 m De a n r - k Italy* Korea S d w en e- T w a a i n - T la h n a d i- Total A tr u i s a - g B iu e m l- m G a e n r y - 3 Italy z S er w la it n - d 1967 I 563 516 314 177 25 1 047 50 60 601 125 211 1968 3 330 1 692 32 1 334 20 146 15 25 20 100 ,638 50 1 051 226 311 1969—Mar 3 405 1 667 32 1 334 141 15 25 20 100 ,738 50 1,126 226 337 3 568 1 666 32 1 334 140 15 25 20 100 902 50 226 376 May 3^18 1,666 32 1,334 140 15 25 20 100 ,852 50 ,200 226 376 June..... 3 269 1 416 32 1 084 140 15 25 20 100 853 50 200 226 377 July 3,352 1,391 32 1,084 140 15 20 100 ,961 25 ,200 226 511 3 251 1 390 32 1 084 140 15 20 100 861 25 200 125 511 Sept 3 251 1 390 32 1 084 139 15 20 100 861 25 '200 125 511 Oct 43,372 1 ',435 32 1,129 139 15 20 100 4 ,937 4 ,301 125 511 Nov 3,181 1,431 32 1,129 135 15 20 100 ,750 ,084 125 541 Dec 3 181 1 431 32 1 129 135 15 20 100 750 0114 125 541 1970—Jan 2,514 1,431 32 1,129 135 15 20 100 ,083 542 541 Feb 2 513 1 431 32 1 129 135 15 20 100 083 542 541 Mar 2,799 On 32 1,429 121 15 20 100 083 542 541 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. a APRIL 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. June July Aug. Sept. Oct. Nov. Dec.i Jan." Feb. " Europe: 6 3 4 4 5 5 6 7 7 20 10 40 62 49 49 53 71 57 56 56 49 53 36 35 34 31 32 40 41 40 40 49 32 Finland 63 60 61 65 72 72 72 68 68 66 63 66 95 87 80 92 85 93 107 107 117 94 171 165 158 161 213 200 199 207 207 183 160 12 14 15 18 20 19 17 22 22 17 16 Italy 105 107 94 89 101 108 99 120 120 130 123 40 48 39 41 46 54 46 51 51 85 61 Norway 43 46 49 40 40 36 38 34 34 33 32 Portugal 10 12 9 9 9 9 8 8 8 9 11 Spain 46 51 56 49 53 70 68 70 70 73 83 58 77 70 54 71 64 86 67 67 83 95 Switzerland 93 93 101 110 92 110 131 99 99 124 122 Turkey... 38 29 34 30 32 31 26 19 19 14 15 318 345 355 326 383 425 400 418 408 346 351 22 33 26 26 24 25 25 28 28 29 35 15 12 12 12 10 11 11 9 9 7 8 USS.R 3 4 2 1 2 2 2 2 2 2 1 Other Eastern Europe 21 21 27 28 28 25 28 34 34 30 34 Total 1 ,205 I 311 1 282 1 224 1,377 1,463 1,454 1,466 1,456 1,463 1,399 Canada 533 739 702 724 634 728 667 818 844 744 737 Latin America: 249 275 284 276 297 306 301 311 311 303 296 Brazil 338 3J6 292 309 307 317 318 317 317 296 289 Chile 193 168 179 170 177 174 177 188 188 178 195 Colombia 206 200 218 210 212 215 210 225 225 234 252 Cuba 14 14 14 13 14 14 14 14 14 16 14 948 931 941 914 836 802 778 801 801 801 807 Panama 56 53 58 58 69 61 67 68 68 60 68 Peru 207 182 177 171 168 179 173 161 161 172 167 Uruguay 44 44 42 43 41 43 46 48 48 48 50 Venezuela 232 226 238 239 237 233 228 240 240 250 261 Other Latin American republics 280 283 271 275 271 287 286 295 295 302 307 80 61 60 76 52 59 48 92 92 60 66 Netherlands Antilles and Surinam 19 13 12 12 13 14 15 14 14 12 14 Other Latin America 22 24 20 22 21 18 20 27 27 22 21 Total 2,889 2 809 2 806 2 786 2 716 2 722 2,680 2,803 2,804 2,755 2,808 Asia: 1 1 1 1 1 1 1 1 1 1 32 40 36 39 36 43 37 36 36 37 37 19 12 9 9 9 8 11 10 10 10 9 Indonesia 23 54 38 32 33 25 23 30 30 29 25 Israel 84 118 101 99 91 94 101 108 108 101 96 Japan 3,114 3 224 3 147 3 157 3 164 3,071 3,114 3,342 3,372 3,158 3,078 Korea 77 121 136 138 164 159 160 158 158 167 172 Philippines 239 272 274 249 242 241 232 216 216 208 254 Taiwan 38 44 37 38 38 39 42 49 49 50 57 Thailand 99 88 87 89 93 94 97 101 101 99 98 Other 145 179 166 165 164 190 205 212 212 208 168 Total 3,872 4,153 4,031 4,015 4,035 3,965 4,023 4,262 4,292 4,068 3,996 Africa: Congo (Kinshasa) 3 4 3 31 3 4 5 6 6 5 5 2 3 2 3 2 3 3 3 3 South Africa 46 47 47 44 49 54 56 55 55 53 51 U AR. (Egypt).. 8 11 13 13 12 10 11 11 11 10 12 Other 73 67 66 63 69 72 82 86 86 79 63 Total 133 132 131 126 135 143 155 162 162 150 135 Other countries: 66 65 59 57 55 57 52 53 53 58 55 All other 13 12 13 14 14 14 14 16 16 14 14 Total 79 77 71 71 69 70 66 69 69 72 68 8,710 9,221 9,024 8,946 8,966 9,091 9,045 9,580 9,626 9,251 9,143 International and regional * 1 1 1 1 1 1 2 2 1 2 Grand total 8,711 9,222 9,025 8,947 8,967 9,092 9,046 9,582 9,629 9,252 9,145 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

APRIL 1970 D 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) Payablein dollars Payable in foreign currencies Loans to—• Accept- Foreign End of period Total Collec- ances govt. setions made Deposits curities, Total Official out- for acct. Other Total with for- coml. Other Total institu- Banks' Others stand- of for- eigners and fitions ing eigners nance 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 1968 8,711 8,261 3,165 247 1,697 1,221 1,733 2,854 509 450 336 40 73 1969_Feb 8,413 8,016 3,140 222 1,757 1,161 1,567 2,746 563 397 257 62 77 Mar 8,634 8,184 3,206 275 1,781 1,150 1,634 2,777 567 450 267 91 92 Apr 8,734 8,225 3,162 289 1,763 1,110 1,723 2,773 565 510 318 94 98 May 9,018 8,496 3,208 295 1,855 1,057 1,734 2,900 654 522 291 127 104 June 9,222 8,669 3,325 293 1,971 1 ,061 1,751 3,068 526 553 334 HI 108 July 9,025 8,513 3,118 258 1,829 1,030 1,766 3,059 571 512 310 90 113 Aug 8,947 8,467 3,072 235 1,819 1,018 1,838 3,015 543 480 272 101 107 Sept 8,967 8,472 3,093 212 1.880 1,000 1,860 2,973 546 495 355 51 89 Oct 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. 2 ( ( 9 9 , , 6 5 2 8 9 2 9 9, , 1 0 1 6 0 4 3 3, , 2 2 7 8 9 2 2 2 6 6 3 3 1 1, , 9 9 4 4 3 6 1 1 , , 0 0 7 7 3 3 1 1 , , 9 9 5 5 4 4 3 3 , , 1 2 6 0 9 2 6 67 5 5 8* 5 5 1 1 8 8 3 3 5 5 5 5 8 8 4 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 Feb." 9,145 8,682 3,126 266 1,828 1,032 1,992 2,985 579 463 325 58 80 < 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 (Amountsoutstanding; in millions of dollars) Type Country or area Payable in dollars End of Payable period Total Loans to— Other for i e n ign U K n i i n t g e - d Other Canada Latin Japan Other o A th l e l r long- curren- dom Europe America Asia countries Official Other term cies Total institu- Banks1 foreign- claims tions ers 1967 3 925 3 638 669 323 2 645 272 15 56 720 427 180 449 537 1968 3,567 3,158 528 237 2,393 394 16 68 479 428 [375 122 617 479 1969—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 ,336 114 571 473 Apr 3,435 3,020 474 230 2,316 400 15 66 480 402 331 113 577 466 May.... 3,456 3,058 472 236 2,350 381 17 55 489 397 ,353 112 572 478 June.... 3,403 2,980 478 220 2,282 401 22 54 484 398 ,331 101 587 449 July 3,255 2,826 446 208 2,173 408 21 54 447 390 ,294 97 570 404 Aug 3,289 2,861 504 212 2,145 406 21 56 436 405 ,348 95 551 397 Sept 3,272 2,848 485 211 2,151 408 17 55 416 403 |334 93 562 410 Oct 3,278 2,847 493 204 2,149 415 16 56 411 410 ,344 88 568 401 Nov 3,267 2,846 494 203 2,147 406 17 55 400 407 ,357 85 571 392 Dec 3,230 2,803 500 209 2,094 409 17 55 411 403 ,329 86 567 378 1970—Jan.". .. 3,171 2,749 461 207 2,081 403 20 55 403 401 ,312 88 557 354 Feb."... 3,141 2,734 468 203 2,062 384 23 51 401 410 ,296 86 545 351 ' 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. • APRIL 1970 16. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U.S, corporate Marketable U.S Govt. bonds and notes ' securities i Foreign bonds Foreign stocks Net purchases or sales Period Net pur- Net pur- Net pur- Pur- Pur- Pur- Intl. Foreign Sales chases or Sales chases or Sales chases or Total and chases sales chases sales chases sales regional Total Official Other 1968' -489 -161 -328 -380 51 17,563 13,329 4,234 2,306 3,686 -1,380 1,252 1,566 -314 1969 -4 11 -15 -79 64 15,470 12,795 2,675 1,549 -1,023 1,509 1,936 2,572 -427 1970—Jan.-Feb.p -48 * -48 -3 -45 1,929 1,843 86 221 -211 213 150 432 63 1969—Feb 4 -1 5 -3 7 1.405 1 057 348 119 -106 123 191 Mar n 269 979 290 244 2226S2 -19 126 125 -681 Apr.' 3 1 2 2 ,119 1,018 101 101 209 -108 104 138 -34 May -15 9 -24 * -24 ,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 i 16 -9 25 ,058 1,007 51 82 321 -239 117 120 Aug 11 11 11 ,061 941 120 75 140 —65 105 103 2 Sept 40 ** 40 40 .OfiJ 904 158 91 208 -117 104 205 -101 -108 * -108 -117 9 1,690 1 195 494 157 157 1 130 131 j Nov 2 1 1 2 1 221 I 074 147 98 168 70 106 140 — 34 Dec 37 * 37 52 -15 1,189 '969 220 173 195 -22 107 123 -16 1970—Jan.". ... 2 2 2 903 893 10 112 169 57 114 74 40 Feb." -50 * -50 -3 -47 1,025 950 76 109 263 -154 99 76 24 1 Excludes nonmarketable U.S. Treasury bonds and notes issued to Also includes issues of new debt securities sold abroad by U.S. corporaofficial institutions of foreign countries; see Table 12. tions organized to finance direct investments abroad. 2 Includes State and local govt. securities, and securities of U.S. Govt. NOTE.—Statistics include transactions of international and regional agencies and corporations that are not guaranteed by the United States. organizations. 17. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE STOCKS, BY COUNTRY (In millions of dollars) Period Total France m G a e n r y - N l e a t n h d e s r- Sw la it n z d er- K U in n g i d te o d m E O u t r h o e p r e E T u o r t o a p l e Canada A L m a e t r in ica Asia Africa co O u t n h t e r r ies r I e n g t i l o . n & al 1968 2,270 201 169 298 822 -28 130 1,592 386 151 124 3 12 1,487 150 216 189 490 -243 292 1,094 125 136 90 -1 36 1969 -53 10 27 1 -34 -58 -2 1970—Jan.-Feb.i>. 267 21 3 110 2 43 188 36 40 1969—Feb 99 4 18 13 82 -39 33 111 Q -12 Mar 74 6 12 35 -21 20 51 9 10 Apr 156 3 5 22 63 -25 50 118 t 30 May -105 -11 12 16 -120 -68 24 -148 15 10 June -52 5 4 24 -63 -31 -26 -87 7 3 July 89 76 19 -15 29 -21 40 127 -27 -21 Aug 118 21 17 32 38 -4 27 130 -3 -IS Sept 348 12 41 79 126 -34 22 246 32 58 Oct 112 30 21 37 -12 30 107 -4 S Nov 19 14 12 -13 5 9 13 40 -23 -I Dec 1970—Jan.» -38 1 11 -5 -25 5 -20 -32 -34 25 Feb.* -15 9 16 6 19 -14 32 -25 -27 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 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 et n h d e s r- Sw la it n z d er- K U in n g i d te o d m E O u t r h o e p r e E T u o r t o a p l e Canada Am La e t r i i n ca Asia Africa co O u t n h t e r r ies I r n e t g l. i on an al d 1968 1,964 195 253 39 510 522 238 1,757 68 12 _, # 11 117 1969 1,188 105 200 14 169 251 83 822 18 14 -11 _ i 10 336 1970—Jan.-Feb.". 139 2 13 6 28 48 -10 87 18 -1 • -1 36 1969—Feb 81 1 3 * 7 46 -8 48 4 6 10 16 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 May 74 9 7 4 25 44 1 89 3 9 * 7 -34 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 31 24 -1 5 23 2 54 5 1 * -15 -13 Sept 39 3 27 1 -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 201 42 17 5 26 44 19 154 1 6 1 -1 1 38 1970—Jan." 48 * 5 1 15 14 2 36 11 3 * * -1 Feb " 91 3 8 5 13 35 -12 52 7 -4 1 -1 37 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 (In millions of dollars) (Amounts outstanding; in millions of dollars) Total Credit Debit Intl. for- Latin Other End of balances balances Period Total and eign Eu- Can- Amer- Asia Af- Coun- period (due to (due from re- coun- rope ada ica rica tries foreigners) foreigners) gional tries 1964 116 91 1968r -1 694 -329 -1,366 7 -945 -300 -96 -39 6 1965 158 119 1969 -1,450 66-1,516 74-1,122 -101 -380 -6 20 1966 175 128 1967 311 298 1970—Jan.-Feb."... -148 -40 -108 44 -138 -9 -8 -1 4 1968 Mar 351 269 1969—Feb -174 -5 -169 -3 -163 4 -8 • 2 June 453 372 Mar — 18 102 — 120 22 -20 -60 -46 -6 -11 Sept 468 398 Apr r -142 8 — 150 -22 -94 -14 -21 * 1 Dec 636 508 May —79 3 — 83 -16 -43 2 -26 * 1 -223 4 -227 -21 -164 -1 -41 * 1 1969 Mar 553 396 July -241 -11 -230 -1 -211 -6 -15 * 3 June 566 401 Aug -63 -6 -57 9 -50 -16 -I -1 2 Sept 467 297 Sept -217 -9 -208 16 -131 « -97 * 3 Dec. i" 434 278 Oct * 4 — 5 70 -21 -12 -43 2 -1 Nov -104 3 -107 15 -78 1 -48 * 1 Dec -38 4 -42 -8 -24 7 -30 * 14 NOTE.—Data represent the money credit balances and money debit balances appearing on the books of reporting 1970—jan P -17 -2 -16 10 -29 A 5 * 2 brokers and dealers in the United States, in accounts of Feb v -130 -38 -92 33 -109 C -13 -1 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. n APRIL 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 1970 Maturity of Jan. 26 1,688 Apr. 24 5,020 Oct. 1 14,118 liability Feb. 23 1,902 May 29 5,872 8 14,609 Nov. Dec. Jan. Mar. 30 1,879 June 26 6,202 15 14,970 Apr. 27 1,909 22 14,310 J M u a n y e 2 2 9 5 2 1 , ,9 0 5 0 1 3 A Ju u l g y . 2 3 8 1 7 6 , , 0 1 0 2 4 6 29 13,649 O Ca th ll er liabilities, maturing 1 1 . . 8 8 0 0 1 1 . . 4 4 6 8 1 1 . . 4 8 1 4 J A S O u e c u l p t y g . t . . 2 3 2 2 6 1 7 8 3 2 3 3 , , , , 6 7 4 1 7 8 7 3 1 6 2 4 S N O D D e o e c e p t c c v t . . . . . 2 2 2 3 3 7 5 5 0 1 (1/1/69).. 7 7 6 7 6 , , , , , 0 1 9 1 0 4 7 4 3 0 1 0 8 9 4 Nov. 2 1 1 5 6 2 9 1 1 1 1 4 4 4 5 , , , , 4 9 3 0 1 0 6 4 5 3 9 8 i m d n a o 2 t 1 n e n s f : t o t d h ll s o wi a n f g te r cal r e e n p d o a r r t 7 5 . . 1 1 5 9 4 8 . . 2 9 8 0 4 7 . . 8 1 1 6 Nov. 30 3,786 3rd 3.68 3.72 3.50 Dec. 28 4,036 1969 Dec. 3 14,815 4th 1.76 1.11 1.23 10 14,604 5th 0.96 1.10 1.48 1967 J F a e n b . . 2 2 9 6 8 8 , , 5 8 4 2 5 2 2 1 4 7 1 1 4 4 , , 4 6 3 1 0 4 7 6 t t h h 0 1 . . 4 0 6 8 0 1 . , 3 3 3 0 0 1 . . 1 1 9 6 J A F M a e p n a b r . r . . . 2 2 2 2 2 6 9 5 3 3 3 3 , , , , 3 0 4 6 9 4 1 5 6 7 2 3 J A M M u p a n a r r y e . . 2 2 2 3 6 8 5 0 1 9 9 9 3 , , , , 6 3 8 2 2 9 6 6 1 9 8 9 31 1970 13,032 1 U 9 8 0 t t t t h h h h...., 0 0 0 0 . . . . 1 1 1 3 1 8 5 1 0 0 0 0 . . . . 1 1 0 1 6 5 9 8 0 0 0 0 . . . . 1 1 2 1 1 8 0 5 May 31 2,776 12th 0.09 0.15 0.16 June 28 3,166 July 2 12,826 Jan. 7 13,847 Maturities of more than 1 9 13,833 14 14,373 year 0.31 0.30 0.28 16 14,261 21 )3,863 July 26 3,660 23 14,369 28 13,863 Aug. 30 3,976 30 14,434 Total 2S.02 24.72 23.84 Sept. 27 4,059 Oct. 25 4,322 Aug. 6 14,177 Feb. 4 13,771 Nov. 29 4,206 13 14,304 11 13,604 NOTE.—Includes interest-bearing U.S. dollar Dec. 27 4,241 20 14,776 18 13,340 deposits and direct borrowings of all branches in 27 14,658 25 13,403 the Bahamas and of all other foreign branches 1968 for which such deposits and direct borrowings amount to $50 million or more. Jan. 31 4,259 Sept. 1 3 0 1 1 4 4 , , 5 9 7 1 1 9 Mar. II 4 1 1 2 2 , , 6 9 7 2 3 2 Details may not add to totals due to rounding. Feb. 28 4,530 17 14,593 18 12,854 Mar. 27 4,920 24 14,349 25 12,347 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 securities' gold Deposits in te v r e m st- Deposits in te v r e m st- dom ments ' ments ' 1967 135 9,223 13,253 1968 216 9,120 13,066 1967 1,163 852 133 128 49 621 309 1969—Mar.. 164 8,012 13,176 1968 1 638 1,219 87 272 60 979 280 Apr.. 130 8,526 13,128 J M un ay e. . 1 15 0 5 7 1 7 0 , , 7 0 1 3 0 5 1133,0 >3m7£ 1969 F Ja e n b .... 1 1 7 8 8 6 5 7 ) 3 is 8 n 8 1 12 1 8 0 2 2 4 4 5 3 1 7 0 9 8 1 1 ,0 0 9 7 9 6 4 3 1 4 1 2 July.. 158 7,419 13,050 Mar.. . . 1J86S ,361 111 261 132 1 065 462 Aug.. 143 8,058 13,033 Apr 1,833 ,320 125 268 121 1,028 468 Sept.. 143 9,252 13,004 May . 1,949 ,382 104 347 116 1,026 527 Oct.. 131 8,447 12,979 June.,.. 1,787 ,223 123 347 93 957 453 Nov.. 130 7,533 12,998 July 1,778 ,232 113 313 120 987 450 Dec. 134 7,030 12,311 Aug 1,699 ,210 96 293 99 966 410 Sept 1,592 ,099 100 303 90 912 360 1970—Jan.. 152 7,374 12,291 Oct 1,637 ,201 92 279 65 951 381 Feb.. 313 8,219 12,268 Nov . 1,671 .218 95 280 78 970 401 Mar.. 200 9,118 12,270 1 1,276 898 123 179 76 581 460 Dec.2... { ll362 950 123 213 76 623 464 1 U.S. Treasury bills, certificates of indebtedness, 1970 Jan , , , . 1,583 1,189 108 219 67 946 390 notes, and bonds; includes securities payable in foreign currencies. 1 Negotiable and other readily transferable foreign obligations payable on demand NOTE.—Excludes deposits and U.S. Govt. securities or having a contractual maturity of not more than 1 year from the date on which the held for international organizations. Earmarked gold obligation was incurred by the foreigner. is gold held for foreign and international accounts and 2 Data on the two lines for this date differ because of changes in reporting coverage. is not included in the gold stock of the United States. Figures on the first line are comparable in coverage with those shown for the preceding date; figureso n 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

APRIL 1970 n INTL. CAPITAL TRANSACTIONS OF THE U.S. A 87 25. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (End of period; in millions of dollars) Liabilities to foreigners Claims on foreigners Area and country 1968 1969 1968 1969 Sept. Dec. Mar. June Sept" Sept. Dec. Mar. June Sept.* Europe: Austria 2 3 3 4 4 6 5 5 5 5 Belgium-Luxembourg 60 78 79 67 69 68 49 61 52 58 8 4 2 2 2 10 12 12 12 13 4 4 • # 1 9 9 6 7 6 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 5 4 6 14 9 10 10 12 14 12 8 4 7 7 9 8 7 7 11 15 48 37 40 47 63 76 71 85 81 74 Sweden 26 25 20 17 22 26 26 25 26 24 112 116 115 116 130 71 39 49 44 37 3 5 5 4 2 7 6 13 14 10 407 393 384 354 397 1,450 1,221 1,306 1,234 1,193 1 1 1 t 5 4 7 8 14 20 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: 7 6 8 5 6 36 46 45 42 37 Brazil 19 16 17 15 12 102 91 90 90 86 Chile 6 5 4 4 10 38 36 39 38 37 7 7 7 6 7 25 29 26 27 33 Cuba * * * * * 2 2 2 2 2 Mexico 9 6 7 11 9 94 103 111 112 109 5 3 4 3 5 15 15 14 17 17 Peru 6 7 7 8 6 28 26 28 26 28 1 1 1 1 4 6 5 4 5 Venezuela 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 8 9 11 14 17 Total 134 130 122 121 131 532 584 579 570 557 Asia; 4 5 4 5 5 10 8 9 11 10 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 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 Taiwan 3 5 5 5 6 12 19 19 19 19 Thailand 2 2 2 2 2 15 16 13 12 12 Other Asia 36 31 41 50 53 97 134 120 104 111 Total 175 176 195 223 233 423 478 460 466 486 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 1,678 1,608 1,576 1 ,601 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. ° APRIL 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 Payable Payable Payable Total do i l n lars for i e n ign Total do i l n lars Deposits with currencies banks abroad Other in reporter'] 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.', 1,386 1,039 347 3,011 2,599 203 209 1968—Mar.. 1,358 991 367 3.369 2,936 211 222 June., 1,473 1,056 417 3,855 3,415 210 229 Sept.. 1,678 1,271 407 3,907 3,292 422 193 Dec... 1,608 1,225 382 3,784 3,175 368 241 1969—Mar.. 1,576 1,185 391 4,015 3,330 358 327 June.. 1,601 1,248 354 4,024 3,283 463 278 Sept." 1,778 1,433 345 3,879 3,189 420 270 i Data differ from that shown for Dec. in line above because of changes in reporting coverage. 27. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (In millions of dollars) Claims Total Country or area End of period liabilities 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 O La th ti e n r Japan O A t s h i e a r Africa o A th l e l r America 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' 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 ,324 31 232 283 203 58 210 108 98 84 17 June. 430 ,488 27 257 303 214 88 290 110 98 85 15 Sept.. 411 452 40 212 309 212 84 283 109 103 87 13 Dec. 414 ,537 43 257 311 212 85 278 128 117 89 16 Dec.i 428 ,570 43 263 322 212 91 274 128 132 89 16 1968—Mar.. 582 ,536 41 265 330 206 61 256 128 145 84 21 June. 747 ,568 32 288 345 205 67 251 129 134 83 33 Sept.. 767 625 43 313 376 198 62 251 126 142 82 32 Dec. 1,103 ,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 ' 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

APRIL 1970 D MONEY RATES A 89 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Australia Argentina Austria Belgium Canada Ceylon Denmark Finland (peso) (schilling) (franc) (dollar) (rupee) (krone) (markka) (pound) (dollar) 1965 .... 59517 222.78 3.8704 2.0144 92.743 20 959 14.460 31 070 1966 .48690 223.41 U1I.22 3.8686 2.0067 92.811 20.946 14.475 31.061 1967 30545 111.25 3.8688 2.0125 92.689 20 501 14 325 229 553 1968 28473 111.25 3.8675 2.0026 92.801 16 678 13 362 23 761 1969 28492 111.10 3.8654 1 9942 92.855 16 741 13 299 23 774 1969 Mar 28489 111.17 3.8671 I.9R83 92.863 16 678 13 321 23 785 Apr 28490 111.24 3.8669 .9890 92.903 16 678 13 285 23 785 May .28490 110.93 3.8646 .9925 92.837 16.694 13.269 23.785 28490 111.07 3.8647 .9868 92.628 16 795 13 282 23 785 July .28490 111.11 3.8664 .9889 92.526 16.785 13.282 23.771 28490 110.87 3.8668 9885 92.743 16 784 13 282 23 785 Sept 28490 110.81 3.8637 .9869 92.732 16.784 13 287 23 785 Oot .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 ^28 487 111.58 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 Mar 28.504 111.83 3.8663 2.0133 93.212 16.770 13.340 23.748 France Germany India Ireland Italy Japan Malaysia Mexico Neth- Period (franc) (deutsche (rupee) (pound) (lira) (yen) (dollar) (peso) erlands mark) (guilder) 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 2J.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 M9.302 «25.491 13.230 239.01 .15940 .27903 32.623 8.0056 27 592 1969—Mar 20.167 24.879 13.244 239.17 .15911 .27935 32.639 8.0056 27.565 Apr 20.145 24.925 13.249 239.31 .15947 .27917 32.649 8.0056 27.520 May 20.115 25.065 13.212 238.65 .15919 .27899 32.636 8.0056 27.467 June 20.110 24.992 13.223 238.95 .15946 .27880 32.638 8.0056 27.424 July 20.110 25.002 13.228 239.04 .15926 .27809 32.586 8.0056 27 469 Aug 518.627 25.083 13.218 238.53 .15915 .27810 32.605 8.0056 27.635 Sept 18.00S 25.236 13.214 238.40 .15885 .27908 32.629 8.0056 27.659 Oct.. ;: 17.907 «26.801 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 Mar 18.038 27.225 13.260 240.58 .15897 .27963 32.460 8.0056 27.525 New Zealand United South Switz- Period Norway Portugal Africa Spain Sweden erland King- (krone) (escudo) (rand) (peseta) (krona) (franc) dom (pound) (dollar) (pound) 1965 276.82 13.985 3.4829 139.27 1.6S62 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—Mar 111.28 14.001 3.5042 138.99 .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 .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 .4267 19.337 23.197 239.04 AUK 110.99 13.998 3.5031 138.62 .4277 19.345 23.228 238.53 Sept 110.92 13.989 3.5029 138.54 .4276 19.330 23.265 238.40 Oct.:..:: 111.21 13.986 3.5038 138.91 .4262 19.365 23.229 239.02 Nov 111.50 13.980 3.5032 139.26 .4248 19.354 23.118 239.63 Dec 111.54 14.000 3.5059 139.32 .4230 19.352 23.203 239.73 970—Jan 111.69 13.983 3.5096 139.50 .4247 19.355 23.176 240.04 Feb 111.89 13.990 3.5104 139.75 .4266 19.305 23.257 240.47 Mar 111.94 14.001 3.5072 139.82 1.4268 19.232 23.202 240.58 > Effective Feb. 14, 1966, Australia adopted the decimal currency « 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. 'Effective July 10, 1967, New Zealand adopted the decimal currency 1 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, * 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. 3 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 a APRIL 1970 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of Mar. 31, 1969 Rate Country 1969 1970 as of Mar. 31 Per Month 1970 cent effective Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. 6.0 Dec. 1957 6.0 3.75 Oct. 1967 4.75 5.0 5.0 5.0 Mar. 1969 5.5 6.0 7 0 7.5 7.5 22.0 Jan. 1967 20 0 20.0 4.0 Feb. 1962 4.0 7.0 Mar. 1969 7.5 8.0 8.0 5.5 May 1968 5.5 Chile 13.0 Jan. 1969 14 0 14.0 8.0 May 1963 8.0 4.0 June 1966 4.0 7.0 Mar. 1969 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 7.5 7.5 5.5 Mar. 1968 5.5 5.5 Feb. 1969 6 0 6.0 3.0 Jan. 1962 3.0 9.0 Jan. 1966 9.0 India 5.0 Mar. 1968 5.0 9.0 Aug. 1963 9.0 7.0 Nov. 1968 8.0 8.0 8.75 Mar. 1969 8.38 8.5 8.44 8.38 8.25 8.62 8.19 8.19 6.0 Feb. 1955 6.0 Italy 3.5 June 1958 4 0 5.5 5.5 5.5 Mar. 1969 6 0 6.0 5.84 Aug. 1968 6.25 6.25 28.0 Dec. 1965 26 0 26.0 4.5 June 1942 4.5 5.0 Dec. 1968 5.5 6.0 6.0 7.0 Mar. 1961 7.0 6.0 Apr. 1954 6.0 3.5 Feb. 1955 4.5 4.5 Pakistan 5.0 June 1965 5.0 Peru 9.5 Nov. 1959 9.5 Philippine Republic 7.5 Feb. 1968 8.0 10 0 10.0 2.75 Jan. 1969 2.75 South Africa 5.5 Aug. 1968 5.5 4.5 Nov. 1967 5 5 6.5 6.5 6.0 Feb. 1969 7 0 7.0 3.0 July 1967 3.75 3.75 11.9 Aug. 1968 10 8 10.8 5.0 Oct. 1959 5.0 5.0 Sept. 1966 5.0 Turkey 7.5 May 1961 7.5 United Arab Rep. (Egypt).. 5.0 May 1962 5.0 United Kingdom 8.0 Feb. 1969 7.5 7.5 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, comgovt. 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—3 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 enpaper; gaged in export activities. Preferential rates are also granted on credits to Chile—17 percent for forestry pape,r, 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

APRIL 1970 a MONEY RATES; ARBITRAGE A 91 OPEN MARKET RATES (Per cent per annum) Canada United Kingdom France Germany, Netherlands Switzer- Fed. Rep. of land Month 3 T m r b e i o a l s l n s u t , r h y s' D m a o d y n a - e y t y o 2 - 3 B a a a m c n n c o c k e e n p e s t r t , h - s' s 3 T m r b e i o a l s n ls u t , r h y s D m a d o y a n - y e to y - a B d llo e a p n w o o k n a s e n i r t c s s e ' m Da o d y n a - e y t y o - 3 Tr 6 d b e 0 a i a - l y s l 9 s s u 0 * , ry D m a o d y n a - e y t y o - > T 3 r m b ea i o l s n ls u t , r h y 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 u e 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—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 10.21 5.75 9.09 6.00 6.76 4.75 Feb 7.70 7.81 8.88 7.60 7.03 6.00 5.75 8.48 4.75 > 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,' J Rate shown is on private securities. Section 15 of Supplement to Banking and Monetary Statistics, 1962. « Rate in effect at end of month. ARBITRAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates Date K ( U a in U d n g j . i . S d t e . o t d o m U S n ta it t e e d s S (f p a o r v e f o a r d P d f ( ( o r p i + - s e r o ) c m w > u o a n i o o u u r n d n r m d t i L n ( o c f N a e n o n v d e f o t t o i r v n e ) qu A ot s e C d anad A a U dj .S . . to U St n a i t t e e s d S (f p a o r v e f o a r d C P d f ( ( o r a i + - s r e n c w m ) ) a o o o a d i u u n r i r n a m d n t i C n ( a c f N a e n o n v e a f o t t d i r v a e ) quotation London) Canada) dollars in quotation basis) Canada basis 1969 Nov. 7 7.58 7.09 .49 -.79 -.30 7.67 7.43 7.09 .34 -.04 .30 14 7.58 7.14 .44 -.66 -.22 7.67 7.43 7.14 .29 -.13 .16 21 7.58 7.31 .27 -.69 -.42 7.72 7.48 7.31 .17 + .09 .26 28 7.58 7.49 .09 -.51 -.42 7.75 7.50 7.49 .01 + .09 .10 Dec. 5 7.61 7.56 .05 -.17 -.12 7.77 7.53 7.56 -.03 + .04 .01 12 7.58 7.72 -.14 -.37 -.51 7.77 7.53 7.72 -.19 + .09 -.10 19 7.55 7.80 -.25 -.38 -.63 7.78 7.53 7.80 -.27 + .09 -.18 23 7.55 7.78 -.23 -.38 -.61 7.78 7.53 7.78 -.25 + .09 -.16 31 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 13 7.21 6.70 .51 -.44 .07 7.46 7.22 6.70 .52 -.13 .39 20 7.15 6.56 .59 -.54 .05 7.32 7.09 6.56 .53 .00 .53 26 7.06 6.11 .95 -.53 .42 7.06 6.76 6.11 .65 .00 .65 Apr. 3 6.96 6.30 .66 -.42 .24 6.97 6,76 6.30 .46 .04 .50 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 n APRIL 1970 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions or dollars) Esti- Intl. Esti- End of mated Mone- United mated Afghan- Argen- Aus- Aus- Belperiod total tary States rest of istan tina tralia tria gium Brazil Burma Canada Chile world1 Fund world 1963 42,305 2,312 15,596 24,395 36 78 208 536 1,371 150 42 817 43 1964 43,015 2,179 15,471 25,365 36 71 226 600 1,451 92 84 1,026 43 1965 . . 243,230 M.869 13,806 27,285 35 66 223 700 1,558 63 84 1,151 44 1966 43,185 2,652 13,235 27,300 35 84 224 701 1,525 45 84 1,046 45 1967 41,600 2,682 12,065 26,855 33 84 231 701 1,480 45 84 1,015 45 1968 40,905 2,288 10,892 27,725 33 109 257 714 1 524 45 84 863 46 1969—Feb 2,292 10,801 33 109 257 714 ,522 45 84 863 46 Mar 41,050 2,295 10,836 27,920 33 109 256 714 ,522 45 84 863 46 2,297 10,936 33 109 255 714 ,522 45 84 863 47 May.... 2,301 11,153 33 109 256 714 ,522 45 84 863 46 June 40,970 2,257 11,153 27,560 33 no 258 715 ,522 45 84 866 47 July. .. 2,316 11,144 33 258 715 ,522 45 84 866 47 Aug . 2,336 11,154 33 115 257 715 ,520 45 84 866 47 Sept 40,900 2,258 11,164 27,480 33 120 257 715 ,520 45 84 872 47 Oct 2,260 11,190 33 120 262 715 ,520 45 84 872 47 Nov 2,288 11,171 33 125 263 715 ,518 45 84 872 48 Dec *>41 ,015 2,310 11,859 "26,845 33 130 263 715 ,520 45 84 872 47 135 1970—Jan 2,413 11,882 33 140 263 710 ,518 84 870 48 Feb." 2,435 11,906 34 714 520 84 879 47 Ger- E p n er d i o o d f lo C m o b - ia m De a n rk - l F a i n n d - France m F a e n d y . , Greece India Iran Iraq l I a r n e d - Israel Italy Japan Rep. of 1963 62 92 61 3,175 3,843 77 247 142 98 18 60 2,343 289 1964 58 92 85 3,729 4,248 77 247 141 112 19 56 2,107 304 1965 35 97 84 4,706 4,410 78 281 146 110 21 56 2,404 328 1966 26 108 45 5,238 4,292 120 243 130 106 23 46 2,414 329 1967 31 107 45 5,234 4,228 130 243 144 115 25 46 2,400 338 1968 31 114 45 3,877 4,539 140 243 158 193 79 46 2,923 356 1969—Feb 31 114 45 3,877 4,541 132 243 158 193 79 46 2,925 356 Mar 30 114 45 3,827 4,541 132 243 158 193 79 46 2,924 357 Apr 30 114 45 3,726 4,541 131 243 158 193 79 46 2,924 359 May 29 88 45 3,551 4,542 130 243 158 193 79 46 2,926 359 June 29 89 45 3,552 4.563 130 243 158 193 79 46 2,937 363 July 29 89 45 3,551 4,563 130 243 158 193 79 46 2,936 363 Aug 29 89 45 3,551 4,564 130 243 158 193 69 46 2,938 363 Sept 27 89 45 3,545 4,597 130 243 158 193 64 46 2,954 371 Oct 27 89 45 3,547 4,597 130 243 158 193 39 46 2,954 371 Nov 26 89 45 3,547 4,610 130 243 158 193 39 46 2,956 371 Dec 26 89 45 3| 547 4,079 130 243 158 193 39 46 2,956 413 1970—Jan 27 89 45 3,546 4,079 130 243 158 151 39 46 2,976 455 Feb." 27 89 45 3,544 4,079 120 243 158 151 38 46 2,978 469 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- M c e o xi- Mo co roc- N la et n h d e s r- N w o a r y - P s a ta k n i- Peru P p h in il 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 8 139 29 1.601 31 53 57 28 497 78 1964 48 183 17 7 169 34 ,688 31 53 67 23 523 78 1965 52 182 68 2 158 21 ,756 31 53 67 38 576 73 1966 67 193 68 1 109 21 ,730 18 53 65 44 643 69 1967 136 193 68 31 166 21 ,711 18 53 20 60 699 69 1968 122 288 85 66 165 21 ,697 24 54 20 62 856 119 1969 Feb 124 288 85 66 165 21 ,698 23 54 20 60 856 119 Mar 123 288 85 65 165 21 ,698 24 54 25 65 856 119 123 288 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 U9 June 120 288 85 64 166 21 ,703 24 54 25 52 860 119 July 110 288 85 64 166 21 ,703 24 54 25 52 860 119 Aug 107 288 85 64 167 21 ,703 24 54 25 45 872 119 Sept 103 288 85 64 168 21 ,711 25 54 25 45 872 119 Oct 100 288 85 65 168 21 ,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 63 169 21 ,720 25 54 25 45 876 119 1970 Jan 86 288 85 63 21 ,720 27 54 25 45 119 Feb." 86 288 85 730 27 54 46 119 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1970 n GOLD RESERVES AND PRODUCTION A 93 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) Bank E pe n r d i o o d f A So fr u i t c h a Spain Sweden Sw la i n tz d er- Taiwan T la h n a d i- Turkey ( U E . g A y . p R t . ) U K n in it g ed - U gu r a u y - V zu e e n l e a - Y sl u av g i o a - I f n o l r l. dom Settlements * 1963 630 573 182 2,820 50 104 115 174 2,484 171 401 14 -279 1964 574 616 189 2,725 55 104 104 139 2,136 171 401 17 -50 1965 425 810 202 3,042 55 96 116 139 2,265 155 401 19 —558 1966 637 785 203 2,842 62 92 102 93 1,940 146 401 21 -424 1967 583 785 203 3,089 81 92 97 93 1,291 140 401 22 -624 1968 1 243 785 225 2,624 81 92 97 93 1,474 133 403 50 — 349 1969 Feb .. 1 1-JI 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 -286 282 785 225 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 'l38 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 1,471 165 403 51 — 480 1970 Jan 075 784 225 2 659 92 117 93 165 403 51 — 488 Feb." ,035 784 225 2,659 92 117 404 51 -467 ' 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 * 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 NOTB.—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 SouthAmerica Asia Other World Period produc- Congo tion 1 A So fr u i t c h a d R e h s o ia - Ghana (Kin- U St n a i t t e e s d C a a d n a - M ic e o x- r N a i g c u a a - Co b l i o a m- India P p h in ili e p s - t A ra u l s ia - ot A h l e l r shasa) 1961. 1,215.0 803.0 20.1 71 7, 8.1 54.8 156.6 9.4 7.9 14 n 5.5 14.8 17 7 53.9 1962. 1,295.0 892.2 19.4 V I 7.1 54.5 146.2 8.3 7.8 11 9 5.7 14.8 17 4 56.6 1963. 1,355,0 960.1 19.8 17 7, 7.5 51.4 139.0 8.3 7.2 11 4 4.8 13.2 8 64.3 1964. 1,405.0 1,018.9 20.1 10 1 6.6 51.4 133.0 7.4 7.9 17 8 5.2 14.9 11 7 62. B 1965. 1,440 0 1,069.4 19.0 26.4 3.2 58.6 125.6 7.6 6.9 11 7 4.6 15.3 in 7 61.5 1966. 1,445.0 1,080.8 19.3 74 n 5.6 63.1 114.6 7.5 7.0 9 8 4.2 15.8 i? 1 61.2 1967. 1,410.0 1,068.7 18.0 76 7 5.4 53.4 103.7 5.8 6.2 9 0 3.4 17.2 78 4 64.1 1968P 1,420.0 1,088.0 17.5 4 5.9 53.9 94.1 6.2 6.8 8 4 4.0 18.5 77 6 63.7 1969 ^n 83 4 7.8 6 <i 1 f) Feb ... . 86 7 7.1 .5 7 .3 n Mar 89 1 7.6 .6 7 2 i Apr 89 3 7.3 .5 7 r2 4 90 0 7.4 .4 7 2 7 91.3 7.3 .5 7 2 7 July 93 7 6.7 7 1 q Aue 93 9 6.6 7 1 q Sept 95 1 7.0 fi Oct 95 2 6.5 6 Nov 93 6 6.8 6 Tier 89 5 7.1 i\ 1970—Jan 102.5 7.5 '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 BANKS AND BRANCHES • APRIL 1970 NUMBER IN OPERATIOfi ON DECEMBER Commercial and mutual savings banks Commercial State Member Total Total National United States2 14,158 13,662 4,669 Alabama 268 268 88 Alaska 12 10 5 12 12 4 249 249 155 155 267 267 131 62 21 19 District of Columbia. . 14 14 Florida 475 475 433 433 11 11 26 26 Illinois 1 088 1 088 414 410 668 668 603 603 345 345 231 231 76 44 Maryland 127 122 334 161 332 332 Minnesota 725 724 Mississippi 181 181 668 668 136 136 Nebraska 442 442 Nevada.............. 8 8 107 76 249 228 64 64 442 320 109 109 North Dakota 169 169 Ohio... 522 521 426 426 Oregon 52 51 499 492 Rhode Island 20 13 105 105 South Dakota 163 163 Tennessee 305 305 Texas 1 166 1 166 Utah 51 51 Vermont 50 44 Virginia 233 233 Washington 101 92 West Virginia 195 195 Wisconsin 607 604 Wyoming 70 70 Virgin Islands 1 I oooo >Z 31, 1969 Number maintaining branches or additional offices1 Commercial Mutual savings Nonmember Member Nonmember Total Total Non- Non- Non- State In- in- In- in- Na- State In- insured sured sured sured tional sured sured 31,202 7,595 196 330 166 4,084 3,794 1,591 446 1,738 19 21 159 79 79 40 6 33 4 1 2 7 7 1 7 7 2 1 12 166 3 79 79 32 40 9 71 7 123 123 55 t 57 17 86 44 4 4 27 4 28 3 69 83 42 20 A 18 5 2 12 2 11 9 2 5 11 1 2 13 13 10 1 209 9 252 5 10 10 1 9 60 12 351 10 95 95 30 58 1 6 4 8 g 1 5 8 7 11 14 14 c 6 418 83 584 3 68 68 45 e 18 122 69 216 3 4 191 191 71 26 94 100 54 504 10 214 214 39 17 158 172 37 393 1 59 59 27 25 80 14 246 5 132 132 44 8 80 49 10 171 1 123 123 34 c 8C 21 6 14 3 31 1 49 34 17 t 12 47 7 67 1 5 79 74 33 6 34 86 17 54 4 8 165 211 121 65 17 38 98 105 127 2 196 196 70 62 63 197 26 498 3 1 6 6 2 4 38 6 137 108 108 32 5 71 97 73 491 7 83 83 20 16 47 48 41 46 1 4 4 2 1 126 12 299 5 37 37 21 1 15 4 1 3 6 6 3 1 2 50 1 22 3 31 36 27 22 1 4 137 36 53 2 21 184 172 107 29 36 33 6 25 46 46 23 3 20 173 80 42 25 122 279 186 103 54 22 23 2 83 1 71 71 19 1 50 42 4 120 3 48 48 10 1 36 217 122 180 2 1 267 267 142 54 71 218 22 185 1 53 53 38 3 12 11 38 2 1 31 30 7 23 315 27 141 9 7 255 249 161 15 73 5 6 2 7 20 13 5 6 20 6 78 1 62 62 16 3 43 33 25 105 38 38 9 3 26 77 11 213 4 139 139 60 5 73 529 56 572 9 46 46 7 39 10 7 34 21 21 4 4 13 26 17 1 6 25 23 14 9 103 42 88 147 147 75 20 52 27 8 56 1 9 56 49 16 5 28 81 34 80 5 5 2 3 121 44 435 4 3 154 154 31 9 114 40 13 17 1 1 1 1 1 1 1 -ot Mutual savings Non- In- insured sured 206 84 41 1 1 15 1 5 1 6 84 1 9 12 7 93 1 1 1 6 2 7 1 2 7 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL 1970 a BANKS AND BRANCHES A 95 NUMBER IN OPERATION ON DECEMBER 31, 1969—Continued Branches and additional offices' Class of bank Location State Commercial banks Outside head office city Mutual Banksavings In ing Member Nonmember banks head facili- Total office In head In con- In non- ties" Total city office tiguous contig- Na- In- Non- In- Non- county counties uous tional State sured insured sured insured counties United States2 20,973 19,985 11,550 33,465 4,923 47 810 178 7,674 6,616 3,263 3,420 223 Alabama 242 242 173 12 57 130 90 10 12 5 Alaska 54 54 48 6 14 22 10 8 5 Arizona 296 296 199 18 79 98 67 75 56 4 Arkansas 154 154 78 20 56 90 58 5 1 1 California 2,857 2,857 2,290 267 295 406 395 595 1,461 37 Colorado 4 4 2 2 4 Connecticut 542 405 202 112 91 137 142 260 118 22 Delaware 89 79 3 34 42 10 14 43 28 4 District of Columbia 98 98 64 27 7 98 2 Florida 10 10 1 9 10 19 Georgia 257 257 153 37 67 191 7 51 11 Hawaii 126 126 7 118 48 32 46 4 Idaho 148 148 106 26 16 13 13 26 96 1 Illinois 68 68 45 5 18 68 6 Indiana 601 601 319 64 218 311 290 1 Iowa 301 301 51 24 226 112 141 48 Kansas 59 59 27 7 25 58 1 2 Kentucky 305 305 135 47 123 188 112 5 1 Louisiana 358 358 166 36 156 213 136 6 3 2 Maine 230 207 91 59 54 23 49 90 79 12 2 Maryland 524 481 239 60 175 43 151 127 156 90 10 Massachusetts 925 711 406 159 144 36 178 443 473 8 1 2 Michigan 1,151 1,151 535 413 201 519 416 205 11 4 Minnesota 11 11 6 5 11 Mississippi 318 318 131 13 174 133 96 47 42 Missouri 83 83 20 16 47 83 Montana 4 4 1 2 1 3 Nebraska 38 38 22 1 15 38 Nevada 80 80 56 14 10 20 16 12 32 New Hampshire.... 65 51 45 1 5 14 29 29 7 New Jersey 917 883 596 163 124 34 290 575 43 9 New Mexico 118 118 66 5 47 67 42 8 1 New York 2,606 2,294 ,161 1,006 119 312 1,276 760 468 102 North Carolina 1,015 1,015 498 2 509 157 94 206 558 North Dakota 66 66 9 2 53 10 34 21 1 Ohio 1,213 1,213 692 329 192 556 638 18 1 Oklahoma 53 53 39 3 11 53 Oregon 320 319 241 78 1 63 42 52 163 Pennsylvania 1,694 1,611 980 231 398 83 458 683 552 1 Rhode Island 225 160 88 64 65 59 93 41 32 South Carolina 372 372 220 3 149 82 55 52 183 South Dakota 94 94 55 4 35 14 31 22 27 Tennessee 447 447 260 32 154 283 149 7 5 Texas 47 47 7 40 47 20 Utah 123 123 62 27 34 25 42 14 42 4 Vermont 80 78 45 33 13 30 28 9 Virginia 750 750 438 117 195 273 124 166 187 16 Washington 571 521 417 37 67 50 206 144 78 143 2 West Virginia 5 5 2 3 5 Wisconsin 251 251 56 20 175 46 166 38 1 Wyoming 1 1 1 1 Virgin Islands 7 7 3 1 Excludes banks that have banking facilities only; banking facilities NOTE.—Each branch and additional office is located in the same State are shown separately; see note 4. as its parent bank except that one national bank in N.J. has one branch 2 Includes one national bank in the Virgin Islands, with seven branches, in Pa., one national bank in Calif, has two branches in Wash, and one in that became a member of the F.R. System in 1957. Ore., one noninsured (unincorporated) bank in N.Y. has one branch in 3 State member bank figures include one noninsurcd trust co. without Mass, and one in Pa.; three insured nonmember banks in Puerto Rico have deposits. nine branches in N.Y. In the table these branches are shown according to 4 Banking facilities (other than branches) that are provided at military their own location rather than that of the parent bank. and other Govt. establishments through arrangements made by the Treasury; they are operated by 158 banks, 58 of which have no other type of branch or additional office. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 96 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM ARTHUR F. BURNS, Chairman J. L. ROBERTSON, Vice Chairman GEORGE W. MITCHELL J. DEWEY DAANE SHERMAN J. MAISEL ANDREW F. BRIMMER WILLIAM W. SHERRILL ROBERT C. HOLLAND, Secretary of the Board J. CHARLES PARTEE, Adviser to the Board ROBERT SOLOMON, Adviser to the Board HOWARD H. HACKLEY, Assistant to the Board CHARLES MOLONY, Assistant to the Board ROBERT L. CARDON, Assistant to the Board JOSEPH R. COYNE, Special Assistant to the Board ROBERT E. NICHOLS, Special Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF FEDERAL RESERVE BANK ROBERT C. HOLLAND, Secretary OPERATIONS KENNETH A. KENYON, Deputy Secretary JOHN R. FARRELL, Director ELIZABETH L. CARMICHAEL, Assistant Secretary JOHN N. KILEY, JR., Associate Director ARTHUR L. BROIDA, Assistant Secretary JAMES A. MCINTOSH, Assistant Director NORMAND R. V. BERNARD, Assistant Secretary P. D. RING, Assistant Director GORDON B. GRIMWOOD, Defense Planning CHARLES C. WALCUTT, Assistant Director Coordinator and Assistant Secretary LLOYD M. SCHAEFFER, Chief Federal Reserve Examiner LEGAL DIVISION DAVID B. HEXTER, General Counsel DIVISION OF SUPERVISION AND REGULATION THOMAS J. O'CONNELL, Deputy General Counsel FREDERIC SOLOMON, Director JEROME W. SHAY, Assistant General Counsel **BRENTON C. LEAVITT, Deputy Director ROBERT F. SANDERS, Assistant General Counsel FREDERICK R. DAHL, Assistant Director LAWRENCE F. NOBLE, Assistant General Counsel JACK M. EOERTSON, 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 MILTON W. SCHOBER, Assistant Director THOMAS A. SIDMAN, Assistant Director STEPHEN H. AXILROD, Associate 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 JOHN E. REYNOLDS, Associate Director DIVISION OF DATA PROCESSING 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 SAMUEL PIZER, Associate Adviser Banking Structure in the Office of the Secretary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 97 FEDERAL OPEN MARKET COMMITTEE ARTHUR F. BURNS, Chairman ALFRED HAYES, Vice Chairman AUBREY N. HEFLIN J. L. ROBERTSON ANDREW F. BRIMMER J. DEWEY DAANE W. BRADDOCK HICKMAN WILLIAM W. SHERRILL SHERMAN J. MAISEL ELIOT J. SWAN DARRYL R. FRANCIS GEORGE W. MITCHELL ROBERT C. HOLLAND, Secretary ARTHUR L. BROIDA, Deputy Secretary GEORGE GARVY, Associate Economist KENNETH A. KENYON, Assistant Secretary LYLE E. GRAMLEY, Associate Economist CHARLES MOLONV, 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. CRAFT, SIXTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT JOHN M. MEYER, JR., SECOND FEDERAL DONALD M. GRAHAM, SEVENTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT GEORGE H. BROWN, JR., THIRD FEDERAL ALLEN MORGAN, EIGHTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT JOHN A. MAYER, FOURTH FEDERAL JOHN E. GRAY, ELEVENTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT ROBERT D. H. HARVEY, FIFTH FEDERAL A. W. CLAUSEN, TWELFTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Assistant Secretary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 98 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, HI 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 Ernest T. Baughman 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 Al 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 99 FEDERAL RESERVE BOARD PUBLICATIONS Available from Publications Services, Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Where a charge is indicated, remittance should accompany request and be made payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. currency. For a more complete list, including periodic releases, see pp. A 97—A 101 of the December 1969 BULLETIN. (Stamps and coupons not accepted.) THE FEDERAL RESERVE SYSTEM—PURPOSES AND BANK MERGERS & THE REGULATORY AGENCIES: FUNCTIONS. 1963. 298 pp. APPLICATION OF THE BANK MERGER ACT OF 1960. 1964. 260 pp. $1.00 a copy; 10 or more ANNUAL REPORT. sent to one address, $.85 each. FEDERAL RESERVE BULLETIN. Monthly. $6.00 per BANKING MARKET STRUCTURE & PERFORMANCE annum or $.60 a copy in the United States and IN METROPOLITAN AREAS: A STATISTICAL its possessions, Bolivia, Canada, Chile, Colom- STUDY OF FACTORS AFFECTING RATES ON bia, Costa Rica, Cuba, Dominican Republic, BANK LOANS. 1965. 73 pp. $.50 a copy; 10 or Ecuador, Guatemala, Haiti, Republic of Hon- more sent to one address, $.40 each. duras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela; 10 THE PERFORMANCE OF BANK HOLDING COMor more of same issue sent to one address, $5.00 PANIES. 1967. 29 pp. $.25 a copy; 10 or more per annum or $.50 each. Elsewhere, $7.00 per sent to one address, $.20 each. annum or $.70 a copy. FARM DEBT. Data from the 1960 Sample Survey FEDERAL RESERVE CHART BOOK ON FINANCIAL of Agriculture. 1964. 221 pp. $1.00 a copy; 10 AND BUSINESS STATISTICS. Monthly. Annual or more sent to one address, $.85 each. subscription includes one issue of Historical Chart Book. $6.00 per annum or $.60 a copy in MERCHANT AND DEALER CREDIT IN AGRICULthe United States and the countries listed above; TURE. 1966. 109 pp. $1.00 a copy; 10 or more 10 or more of same issue sent to one address, sent to one address, $.85 each. $.50 each. Elsewhere, $7.00 per annum or $.70 a copy. THE FEDERAL FUNDS MARKET. 1959. Ill pp. $1.00 a copy; 10 or more sent to one address, HISTORICAL CHART BOOK. Issued annually in Sept. $.85 each. Subscription to monthly chart book includes one issue. $.60 a copy in the United States and countries listed above; 10 or more sent to one TRADING IN FEDERAL FUNDS. 1965. 116 pp. $1.00 address, $.50 each. Elsewhere, $.70 a copy. a copy; 10 or more sent to one address, $.85 each. FLOW OF FUNDS IN THE UNITED STATES, 1939- 53. 1955. 390 pp. $2.75. U.S. TREASURY ADVANCE REFUNDING, JUNE 1960-JULY 1964. 1966. 65 pp. $.50 a copy; 10 DEBITS AND CLEARING STATISTICS AND THEIR or more sent to one address, $.40 each. USE. 1959. 144 pp. $1.00 a copy; 10 or more sent to one address, $.85 each. THE FEDERAL RESERVE ACT, as amended through Nov. 5, 1966, with an appendix containing pro- SUPPLEMENT TO BANKING AND MONETARY STAvisions of certain other statutes affecting the TISTICS. Sec. 1. Banks and the Monetary Sys- Federal Reserve System. 353 pp. $1.25. tem. 1962. 35 pp. $.35. Sec. 2. Member Banks. 1967. 59 pp. $.50. Sec. 5. Bank Debits. 1966. 36 REGULATIONS OF THE BOARD OF GOVERNORS OF pp. $.35. Sec. 6. Bank Income 1966. 29 pp. THE FEDERAL RESERVE SYSTEM. $.35. Sec. 9. Federal Reserve Banks. 1965. 36 pp. $.35. Sec. 10. Member Bank Reserves and Related Items. 1962. 64 pp. $.50. Sec. 11. Cur- PUBLISHED INTERPRETATIONS OF THE BOARD OF rency. 1963. 11 pp. $.35. Sec. 12. Money Rates GOVERNORS, as of Dec. 31, 1969. $2.50. and Securities Markets. 1966. 182 pp. $.65. Sec. 14. Gold. 1961 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 100 FEDERAL RESERVE BULLETIN n APRIL 1970 INTEREST RATE EXPECTATIONS: TESTS ON YIELD RESERVE ADJUSTMENTS OF THE EIGHT MAJOR SPREADS AMONG SHORT-TERM GOVERNMENT NEW YORK CITY BANKS DURING 1966. 1968. SECURITIES. 1968. 83 pp. $.50 a copy; 10 or 29 pp. more sent to one address, $.40 each. DISCOUNT POLICY AND OPEN MARKET OPERA- TIONS. 1968. 23 pp. SURVEY OF FINANCIAL CHARACTERISTICS OF CONSUMERS. 1966. 166 pp. $1.00 a copy; 10 or more sent to one address, $.85 each. THE REDESIGNED DISCOUNT MECHANISM AND THE MONEY MARKET. 1968. 29 pp. SURVEY OF CHANGES 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 REpp. $.25 a copy; 10 or more sent to one ad- VISION OF REGULATION A. 1969. 33 pp. 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 subjects that are of general interest in the field of Limited supply of the following papers relating to economic research. the Discount Study, in mimeographed or similar form, available upon request for single copies: Summaries only printed in the Bulletin. (Limited supply of mimeographed copies of full EVOLUTION OF THE ROLE AND FUNCTIONING text available upon request for single copies.) OF THE DISCOUNT MECHANISM. 1968. 65 pp. MEASURES OF INDUSTRIAL PRODUCTION AND A STUDY OF THE MARKET FOR FEDERAL FUNDS. FINAL DEMAND, by Clayton Gehman and Cor- 1968. 47 pp. nelia Motheral. Jan. 1967. 57 pp. THE SECONDARY MARKET FOR NEGOTIABLE CHANGES IN BANK OWNERSHIP: THE IMPACT ON CERTIFICATES OF DEPOSIT. 1968. 89 pp. OPERATING PERFORMANCE, by Paul F. Jessup. Apr. 1969. 35 pp. THE DISCOUNT MECHANISM IN LEADING IN- DUSTRIAL COUNTRIES SINCE WORLD WAR II. CHARACTERISTICS OF MERGING BANKS, by David 1968. 216 pp. L. Smith. July 1969. 30 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS A 101 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. Ulrey. 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. 11pp. 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

A 102 FEDERAL RESERVE BULLETIN n APRIL 1970 THE FEDERAL RESERVE-MIT ECONOMETRIC HOUSING PRODUCTION AND FINANCE. Mar. 1969. MODEL, Staff Economic Study by Frank de 7 pp. Leeuw and Edward Gramlich. Jan. 1968. 30 pp. RECENT TRENDS IN THE U.S. BALANCE OF PAY- THE PRICE OF GOLD IS NOT THE PROBLEM. Feb. MENTS. Apr. 1969. 18pp. 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. Selected series of banking and monetary statis- MARGIN ACCOUNT CREDIT. June 1968. 12 pp. tics for 1968 only. Mar. and May 1969. 16 pp. MONETARY RESTRAINT AND BORROWING AND OUR PROBLEM OF INFLATION. June 1969. 15 pp. CAPITAL SPENDING BY LARGE STATE AND LOCAL GOVERNMENTS IN 1966. July 1968. THE CHANNELS OF MONETARY POLICY, Staff Eco- 30 pp. nomic Study by Frank de Leeuw and Edward Gramlich. June 1969. 20 pp. REVISED SERIES ON BANK CREDIT. Aug. 1968. 4 pp. REVISION OF WEEKLY SERIES FOR COMMERCIAL BANKS. Aug. 1969. 5 pp. FEDERAL FISCAL POLICY IN THE 1960rs. Sept. 1968. 18 pp. EURO-DOLLARS: A CHANGING MARKET. Oct. 1969. 20 pp. HOW DOES MONETARY POLICY AFFECT THE ECONOMY? Staff Economic Study by Maurice REVISION OF MONEY SUPPLY SERIES. Oct. 1969. Mann. Oct. 1968. 12 pp. 16 pp. BALANCE OF PAYMENTS PROGRAM: REVISED BUSINESS FINANCING BY BUSINESS FINANCE GUIDELINES FOR BANKS AND NONBANK FINAN- COMPANIES. Oct. 1968. 13 pp. CIAL INSTITUTIONS. Jan. 1970. 11 pp. MANUFACTURING CAPACITY: A COMPARISON OF FINANCIAL DEVELOPMENTS IN THE FOURTH TWO SOURCES OF INFORMATION, Staff Eco- QUARTER OF 1969. Feb. 1970. 9 pp. nomic Study by Jared J. Enzler. Nov. 1968. 5 pp. TREASURY AND FEDERAL RESERVE FOREIGN EX- CHANGE OPERATIONS. Mar. 1970. 21 pp. MONETARY RESTRAINT, BORROWING, AND CAP- CHANGES IN TIME AND SAVINGS DEPOSITS, ITAL SPENDING BY SMALL LOCAL GOVERN- JULY-OCTOBER 1969. Mar. 1970. 14 pp. MENTS AND STATE COLLEGES IN 1966. Dec. 1968. 30 pp. RECENT CHANGES IN STRUCTURE OF COMMER- CIAL BANKING. Mar. 1970. 16 pp. REVISION OF CONSUMER CREDIT STATISTICS. U.S. BALANCE OF PAYMENTS AND INVEST- Dec. 1968. 21 pp. MENT POSITION. Apr. 1970. 17 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 103 INDEX TO STATISTICAL TABLES (For list of tables published periodically, but not monthly, see page A-3.) Acceptances, bankers', 14, 33, 37 Demand deposits—Continued Agricultural loans of commercial banks, 24, 26 Banks, by classes, 11, 19, 25, 29 Arbitrage, 91 Subject to reserve requirements, 17 Assets and liabilities (See also Foreigners, claims on, Turnover, 15 and liabilities to): Deposits (See also specific types of deposits): Banks, by classes, 19, 24, 26, 37 Accumulated at commercial banks for payment of Banks and the monetary system, 18 personal loans, 23 Corporate, current, 49 Adjusted, and currency, 18 Federal Reserve Banks, 12 Banks, by classes, 11,19,25, 29, 37 Automobiles: Euro-dollars, 86 Consumer instalment credit, 54, 55, 56 Federal Reserve Banks, 12, 86 Production index, 58, 59 Postal savings, 18 Subject to reserve requirements, 17 ¥ Bankers' balances, 25, 28 Discount rates, 9, 90 (See also Foreigners, claims on, and liabilities to) Discounts and advances by Reserve Banks, 4, 12, 13, 15 .5 Banks and branches, number, by class and State, 94 Dividends, corporate, 48, 49 .2 Banks and the monetary system, 18 Dollar assets, foreign, 75, 81 a Banks for cooperatives, 39 Bonds (See also U.S. Govt. securities): Earnings and hours, manufacturing industries, 65 New issues, 45, 46, 47 Employment, 62, 64, 65 a Yields and prices, 34, 35 Euro-dollar deposits in foreign branches of Branch banks: U.S. banks, 86 I Liabilities of U.S. banks to their foreign branches, 30,86 Farm mortgage loans, 50, 51 a Number, by class and State, 95 Federal finance: Brokerage balances, 85 Cash transactions, 40 o Business expenditures on new plant and equipment, 49 Receipts and expenditures, 41 .Ia Business indexes, 62 Treasury operating balance, 40 Business loans (See Commercial and industrial loans) Federal funds, 8, 24, 26, 30, 33 Federal home loan banks, 39, 51 Federal Housing Administration, 50, 51, 52, 53 Capacity utilization, 62 Federal intermediate credit banks, 39 Capital accounts: o Federal land banks, 39 Banks, by classes, 19, 25, 30 Federal National Mortgage Assn., 39, 53 .a Federal Reserve Banks, 12 Federal Reserve Banks: Central banks, 90, 92 Condition statement, 12 Certificates of deposit, 30 U.S. Govt. securities held, 4, 12, 15, 42, 43 Coins, circulation, 16 Federal Reserve credit, 4, 6, 12,15 Commercial and industrial loans: Federal Reserve notes, 12, 16 Commercial banks, 24, 32 Federally sponsored credit agencies, 39 Weekly reporting banks, 26, 31 Finance company paper, 33, 37 Commercial banks: Financial institutions, loans to, 24, 26 Assets and liabilities, 19, 24, 26 Float, 4 Consumer loans held, by type, 55 Flow of funds, 70 Deposits at, for payment of personal loans, 23 Foreign: Loans sold outright, 32 Currency operations, 12, 14, 75, 81 Number, by classes, 19, 94 8 Deposits in U.S. banks, 5, 12, 18, 25, 29, 86 Real estate mortgages held, by type, 50 Exchange rates, 89 Commercial paper, 33, 37 a Trade, 73 Condition statements (See Assets and liabilities) 8 Foreigners: Construction, 62, 63 Claims on, 82, 83, 86, 87, 88 Consumer credit: Instalment credit, 54, 55, 56, 57 Liabilities to, 30, 76, 77, 79, 80, 81, 86, 87, 88 1 Noninstalment credit, by holder, 55 Consumer price indexes, 62, 66 Gold: Consumption expenditures, 68, 69 Certificates, 12, 16 Corporations: Earmarked, 86 Sales, profits, taxes, and dividends, 48, 49 Net purchases by U.S., 74 Security issues, 46, 47 Production, 93 Security yields and prices, 34, 35 Reserves of central banks and govts., 92 Cost of living (See Consumer price indexes) Stock, 4, 18,75 Currency and coin, 5, 10, 25 Government National Mortgage Association, 53 Currency in circulation, 5, 16, 17 Gross national product, 68, 69 Customer credit, stock market, 36 Hours and earnings, manufacturing industries, 65 Debits to deposit accounts, 15 Housing permits, 62 Debt (See specific types of debt or securities) Housing starts, 63 Demand deposits: Adjusted, banks and the monetary system, 18 Income, national and personal, 68, 69 Adjusted, commercial banks, 15, 17, 25 Industrial production index, 58, 62 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 104 FEDERAL RESERVE BULLETIN a APRIL 1970 Instalment loans, 54, 55, 56, 57 Real estate loans—Continued Insurance companies, 38, 42, 43, 51 Mortgage yields, 53 Insured commercial banks, 21, 23, 24, 94 Type of holder and property mortgaged, 50, 51, Interbank deposits, 11, 19, 25 52,53 Interest rates: Reserve position, basic, member banks, 8 Business loans by banks, 32 Reserve requirements, member banks, 10 Federal Reserve Bank discount rates, 9 Reserves: Foreign countries, 90, 91 Central banks and govts., 92 Money market rates, 33, 91 Commercial banks, 25, 28, 30 Mortgage yields, 53 Federal Reserve Banks, 12 Prime rate, commercial banks, 33 Member banks, 5, 6, 11, 17, 25 Time deposits, maximum rates, 11 Residential mortgage loans, 35, 50, 51, 52 Yields, bond and stock, 34 Retail credit, 54 9 International capital transactions of the U.S., 76-88 Retail sales, 62 .a International institutions, 74, 75, 90, 92 Inventories, 68 Investment companies, issues and assets, 47 Sales finance companies, loans, 54, 55, 57 Investments (See also specific types of investments): Saving: Banks, by classes, 19, 24, 27, 28, 37 Flow of funds series, 70 Commercial banks, 23 National income series, 69 1 Federal Reserve Banks, 12, 15 Savings and loan assns., 38, 43, 51 Life insurance companies, 38 Savings deposits (See Time deposits) Savings and loan assns., 38 Savings institutions, principal assets, 37, 38 SDR certificate account, 4, 12, 13 Securities (See also U.S. Govt. securities): Labor force, 64 Federally sponsored agencies, 39 Loans (See also specific types of loans): International transactions, 84, 85 Banks, by classes, 19, 24, 26, 27, 37 New issues, 45, 46, 47 Commercial banks, 19, 23, 24, 26, 27, 31, 32 Silver coin and silver certificates, 16 Federal Reserve Banks, 4, 6, 12, 15 State and local govts.: Insurance companies, 38, 51 Deposits, 25, 29 I Insured or guaranteed by U.S., 50, 51, 52, 53 Holdings of U.S. Govt. securities, 42, 43 Savings and loan assns., 38, 51 New security issues, 45, 46 Ownership of securities of, 24, 28, 37, 38 Manufacturers: Yields and prices of securities, 34, 35 Capacity utilization, 62 State member banks, 21, 23, 94 <3\ Production index, 59, 62 Stock market credit, 36 -a Margin requirements, 10 Stocks: Member banks: New issues, 46, 47 Assets and liabilities, by classes, 19, 24 Yields and prices, 34, 35 Borrowings at Reserve Banks, 6, 12 Deposits, by classes, 11 Number, by classes, 19,94 Tax receipts, Federal, 41 Reserve position, basic, 8 Time deposits, 11, 17, 18, 19, 25, 29 I Reserve requirements, 10 Treasury cash, Treasury currency, 4, 5, 16, 18 Reserves and related items, 4, 17 Treasury deposits, 5,12, 40 2 Mining, production index, 59, 62 Treasury operating balance, 40 Mobile home shipments, 63 Money rates (See Interest rates) Money supply and related data, 17 Unemployment, 64 Mortgages (See Real estate loans and Residential mort- U.S. balance of payments, 72 gage loans) U.S. Govt. balances: Mutual funds (See Investment companies) Commercial bank holdings, 25, 29 Mutual savings banks, 18, 29, 37, 42, 43, 50, 94 Consolidated condition statement, 18 Member bank holdings, 17 National banks, 21,23,94 Treasury deposits at Reserve Banks, 5, 12,40 National income, 68, 69 U.S. Govt. securities'. National security expenditures, 41, 68 Bank holdings, 18,19, 24, 27, 37, 42, 43 Nonmember banks, 22, 23, 24, 25, 94 Dealer transactions, positions, and financing, 44 Federal Reserve Bank holdings, 4, 12, 15, 42, 43 Foreign and international holdings, 12, 81, 84, 86 Open market transactions, 14 International transactions, 81, 84 New issues, gross proceeds, 46 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 Consumer and wholesale commodity, 62, 66 United States notes, 16 Security, 35 Utilities, production index, 59, 62 Prime rate, commercial banks, 33 Production, 58, 62 Veterans Administration, 50, 51, 52, 53 Profits, corporate, 48, 49 Real estate loans: Weekly reporting banks, 26 Banks, by classes, 24, 27, 37, 50 Delinquency rates on home mortgages, 52 Yields (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES (? THE FEDERAL RESERVE SYSTEM o) 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