Federal Reserve Bulletin, 1970-06

FEDERAL RESERVE BULLETIN * * • * sC-* * • RES"; . JUNE 1970 BOARD OF GOVERNORS • THE FEDERAL RESERVE SYSTEM • WASHINGTON, D.C. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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

FEDERAL RESERVE BULLETIN NUMBER 6 • VOLUME 56 • JUNE 1970 CONTENTS 485 Recent Labor Market Developments 495 Staff Economic Studies: Summary 497 Statement to Congress 507 Record of Policy Actions of the Federal Open Market Committee 517 Law Department 550 Announcements 553 National Summary of Business Conditions Financial and Business Statistics A 1 Contents A 3 Guide to Tabular Presentation A 3 Statistical Releases: Reference A 4 U.S. Statistics A 72 International Statistics A 94 Tables Published Periodically A 95 Board of Governors and Staff A 96 Open Market Committee and Staff; Federal Advisory Council A 97 Federal Reserve Banks and Branches A 98 Federal Reserve Board Publications; Statistical Releases A 105 Index to Statistical Tables Map of Federal Reserve System on Inside Back Cover EDITORIAL Charles Molony COMMITTEE J- Charles Partee Robert C. Holland Robert Solomon Kenneth B. Williams Elizabeth B. Sette The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed except in official statements and signed articles. Direction for the art work is provided by Mack Rowe. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Recent Labor Market Developments THE DEMAND FOR LABOR has eased appreciably in the past year, and by May 1970 the unemployment rate, which had been at very low levels early in 1969, had risen to its highest point in more than 5 years. The bulk of the rise in unemployment has resulted from layoffs of factory workers, largely adult men. But unemployment also has risen among recent labor force entrants, reflecting rapid growth of the work force and reduced rates of increase in total employment. Nonfarm payroll employment declined in April and May, after nearly a year of slower growth. Much of the weakness has been concentrated in industrial activities, where employment and average weekly hours have declined substantially since the summer of 1969. In the nonindustrial sector, employment has continued to grow in 1970 but the rate of increase has been much slower than last year when demand for labor was very strong. Upward pressures on wages have continued strong, as workers have sought to offset past and anticipated increases in consumer prices and to raise their real income. Wage increases in recent union contract settlements have been larger than those in 1969. However, increases in hourly compensation in the nonfarm industries have averaged about the same, largely because of cuts in overtime at premium pay and the dampening effect on the average of the concentration of employment reductions in high-wage industries. Reflecting recent cuts in employment and hours in manufacturing, there has been a more rapid increase in productivity and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

486 FEDERAL RESERVE BULLETIN • JUNE 1970 11 Early in 1970, total OUTPUT declines and UNEMPLOYMENT rises PER CENT MILLIONS PER CENT Dept. of Commerce data for real GNP (1958 dollars) are from April-May average. Unemployment rates (percentage of seasonally adjusted quarterly changes at annual rates. Nonfarm civilian labor force) are for all workers and for men aged employment changes are based on Bureau of Labor Statistics 25 years and over and are BLS household survey data, seasonseasonally adjusted payroll data; Q2 1970 change computed ally adjusted. a moderation of unit labor cost increases in that sector. But the adjustments of employment and manhours to reduced levels of output in nonmanufacturing sectors apparently have not been adequate to sustain gains in productivity in the private nonfarm economy as a whole, and unit labor costs have continued to rise rapidly. DEMAND FOR LABOR Nonfarm payroll employment in May 1970 was 700,000 above the level of a year earlier, as compared with a gain of 2.6 million in the preceding 12 months. The smaller increase of the past year reflected a decline in industrial employment and some moderation in employment gains in the nonindustrial sector. The more recent slowdown in employment growth also reflects to some extent the temporary effects of increased strike activity. Work stoppages in the trucking, construction, and rubber industries have kept a large number of workers off payrolls and have caused some secondary layoffs in other industries. Manufacturing. Cuts in military spending, coupled with reduced consumer demand for autos and household durable goods, have resulted in continuing declines in manufacturing employment and average weekly hours. In May, such employment was down about 700,000 from its September 1969 peak and was at its lowest point since late 1967. The bulk of the drop was concentrated in a few durable goods industries, especially those whose production is heavily influenced by defense spending. Employment in the defense-related industries, although still about Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT LABOR MARKET DEVELOPMENTS 487 MANUFACTURING EMPLOYMENT 300,000 higher in May than it had been when the military effort NONPRODUCTION WORKERS in Vietnam began to intensify in mid-1965, was estimated to be about 230,000, or 10 per cent, lower than in May of 1969. In these industries many skilled engineers and technical support personnel have been released and they account in large part for the recent declines in employment of nonproduction workers in manufacturing. Employment in the auto industry declined quite sharply in late BLS seasonally adjusted data. 1969 and early 1970 as sales of cars dropped and production was curtailed. Employment leveled off after February, however, and it is expected to rise in response to a recent step-up in production schedules. In the meantime reductions of employment in electrical and nonelectrical machinery and primary and fabricated metals have increased this spring, reflecting local trucking strikes and lockouts as well as softening demand; altogether, employment declines in these four industries since May 1969 have totaled 180,000. In the less volatile soft-goods industries, reductions were moderate until May, when there were widespread declines. Average workweeks in most industries have also been reduced significantly. At 39.9 hours in May, the factory workweek was down more than three-fourths of an hour from a year earlier— reduced overtime accounted for the bulk of the drop—and at its lowest level since January 1962. The largest reductions in working hours occurred in the metals, furniture, stone, textile, paper, and petroleum industries. Average weekly hours of production and nonsupervisory workers were also down from a year earlier in all major nonmanufacturing industries except construction. Private nonmanufacturing. Growth in the private nonmanufacturing industries slowed in the spring of 1970. In April and May, increases in employment were confined to services and finance; MANUFACTURING all other industries showed small declines. Although only a few thousand additional employees were hired in trade, service, and finance between March and May 1970, their aggregate levels were higher by nearly 900,000 than a year earlier. In the previous year employment for the group had risen by 1.4 million. Growth has continued rapid in the medical and health services field, an area still facing shortages of trained personnel. In finance, employment declines in brokerage houses were more than offset by hiring at banks, credit agencies, and insurance firms. Strikes and lockouts in the trucking industry reduced employ- BLS seasonally adjusted data. Figures on hours for Q2 1970 are April-May averages. ment in the transportation industry between March and May; a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

488 FEDERAL RESERVE BULLETIN • JUNE 1970 Employment declines in INDUSTRY and DEFENSE and growth slows in NONINDUSTRIAL activities 1965=100 1965=100 BLS data, seasonally adjusted, except for "Armed Forces." ordnance, communication equipment, electronic components, Private nonindustrial includes trade, finance, services, trans- aircraft and parts, and ship and boat building. Federal Governportation, and public utilities; industrial includes manufacturing, ment employment excludes temporary employees hired to mining, and construction. Defense-related industries include enumerate the 1970 Census. rebound is expected when the local disputes are fully settled. Also because of increased strike activity, employment in contract construction was down somewhat. Excluding strike effects, the number of employees in contract construction is estimated to have fluctuated around a level of 3.4 million since early 1969. Apparently, the reduction in demand for workers because of the slack in residential building has been offset to a large extent by continuing strong demand for other types of construction. Government. Federal civilian employment in May totaled 2.8 million. Exclusive of a large number of temporary workers hired to enumerate the 1970 decennial census, Federal employment was down by about 80,000 from a year earlier, with the bulk of the decline in the Department of Defense. Further cuts were being projected for the remainder of the year. State and local governments added 385,000 employees over the year ending in May. With tight money limiting expansion of outlays, employment growth has slowed from the rapid increases of 1964-69. More than half of the rise continues to be in educational activities, where long-standing shortages of teachers now appear to be moderating, in part because of slower growth of the school-age population. Armed Forces. After reaching a peak of 3.6 million in October 1968, the Armed Forces have now been reduced by about 375,000. The bulk of the reduction has been effected since September 1969. The men released from the Armed Forces have added significantly to the increase in the adult male civilian labor force, for a large proportion of the net reduction has occurred Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT LABOR MARKET DEVELOPMENTS 489 ARMED FORCES Thousands of persons October May De- Men aged (in years)— 1968 1970 crease 16 to 19 435 394 41 20 to 24 1,828 1,714 114 25 and over 1,301 1,079 222 among men 25 years of age and over; these men generally had acquired work experience or college training before entering the service, and most of them seek full-time jobs as soon as they complete their military duties. LABOR FORCE The recent increase in unemployment has been mainly a result AND UNEMPLOYMENT of layoffs of experienced workers. However, unemployment among labor force entrants also has increased, as large numbers of jobseekers have continued to enter the work force. Cyclical declines in total output and reductions in employment opportunities often have resulted in slower growth in the labor force, possibly because potential workers tend to become discouraged and stay out of the labor force and because some laid-off workers leave it. Although demand for labor weakened considerably early in 1970, the labor force continued to expand at a very rapid rate until May, when it declined somewhat. Unemployment. The unemployment rate reached 5 per cent in May, the highest point in more than 5 years. From December 1969 to May, total unemployment rose about 1.25 million; 30 per cent of the increase was among recent entrants to the labor force—mainly women, teenagers, and young men leaving the LABOR FORCE AND EMPLOYMENT Armed Forces. Civilian labor force increases for these groups 1968100 had been very large. About 10 per cent of the spurt in joblessness occurred among persons who had quit their last job. But the bulk of the rise in unemployment—three-fifths— occurred among persons who had lost their last job, principally EMPIOYMENT adult men laid off from blue-collar jobs. This group is largely covered under State unemployment insurance programs, and thus the number of persons drawing benefits increased to a seasonally adjusted weekly average of 1.9 million, a rise of more than 80 per cent from May 1969 and the highest level since November 1961. BLS household survey data of total employment and civilian labor force are quarterly averages, seasonally ad- The pool of unemployed in May not only was larger than a justed. The Q2 1970 figures are April- May averages. year earlier but also was composed of relatively more experi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

490 FEDERAL RESERVE BULLETIN • JUNE 1970 UNEMPLOYMENT BY REASON Seasonally adjusted, in thousands December May In- Reason 1969 1970 crease Entered labor force 1,274 1,632 358 Left job 455 550 95 Lost job (mainly layoffs). 1,170 1,912 742 enced workers, who were likely to have family responsibilities and to be seeking full-time jobs. Unemployment among men aged 25 years and over increased by more than 400,000 over the year and their rate of unemployment rose to 2.9 per cent. A little more than a year earlier, men had been in such short supply that their employment rate had dropped to a near-frictional level of 1.5 per cent. Reflecting both rapid labor force growth and easing demand, the jobless rate for 20- to 24-year-old men jumped to 7.7 per cent in May 1970 from 4.8 per cent a year earlier. Unemployment rates for women and teenagers, at 5.1 and 14.3 per cent, respectively, were also up sharply from May 1969. 3 I UNEMPLOYMENT increases in all groups in the first half of 1970 BLS household survey data, seasonally adjusted. Unemployed labor force entrants include reentrants as well as those who have never wojked before. Labor force. The total labor force was larger by 2.0 million persons in the first 5 months of 1970 than in the comparable period of 1969. This gain compares with an anticipated rise of about 1.5 million projected on the basis of population growth and past trends in labor force participation rates. The extra in- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT LABOR MARKET DEVELOPMENTS 491 crease reflected higher-than-expected labor force participation rates for women and teenagers; their numbers rose by 1 million and 400,000, respectively, with a large share of the rise in each case reflecting higher participation rates. A total labor force increase of about 650,000 for men aged 20 and over was close to that anticipated, reflecting the large increase in their number in the population. CIVILIAN LABOR FORCE growth continues strong in 1970 ADULT MEN ADULT WOMEN TEENAGERS 0 .5 1.0 CHANGE FROM A YEAR EARLIER, MILLIONS BLS household survey data. Adults, age 20 and over; teenagers, age 16 to 19. Continued growth in service-type industries—which employ relatively large proportions of women and teenagers—may have been responsible in part for inducing extra growth in the labor force, while rapid increases in the cost of living in recent years may have caused more married women to seek work in an attempt to maintain family purchasing power. Moreover, since the economic slowdown has had its main impact on industries that are important employers of men, some women may have entered the labor force to help support the family until their husbands find new jobs or are recalled from layoff. The jump in the teenage labor force early in 1970 was largely the result of a sharp rise in the participation rates of 18- and 19-year-old girls, and it may well prove to be temporary. Nearly 900,000 men aged 20 years and over were added to the civilian labor force between early 1969 and early 1970. About a quarter of a million of the net increase stemmed from Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

492 FEDERAL RESERVE BULLETIN • JUNE 1970 cuts in the Armed Forces. The civilian work force of 20- to 24year-old men rose by 350,000, while the increase for men aged 25 and over totaled 520,000. Both increases were augmented by reductions in the Armed Forces. WAGES AND LABOR COSTS Wage increases continued to be large in the first half of 1970, as consumer prices rose at a rapid pace and collective bargaining activity accelerated. Wage and benefit increases provided in major union contracts negotiated so far this year have been greater than in 1968 and 1969; furthermore, these contracts have continued to emphasize very large wage boosts in the first year. These large first-year wage increases have only begun to be reflected in hourly earnings this year. Recent settlements in the trucking and construction industries are yet to be reflected in the averages, and negotiations involving more than 3 million workers are yet to be completed in 1970. Earnings in manufacturing. Hourly earnings of factory production workers rose by 6 per cent in the year ending in May 1970. This rate of increase was moderately faster than in the preceding year. However, gross average weekly earnings of production workers rose more slowly than in 1969—mainly because overtime work at premium pay was reduced, and employment declines in the high-wage durable goods industries tended to depress the average wage figures. Consumer prices continued to rise faster than weekly pay, and the after-tax purchasing power of weekly pay for an average factory worker with three dependents dropped in April to its lowest point since October 1964. During the period from 1965 to 1969, real spendable earnings had been on a plateau, after having risen by 2.4 per cent annually between 1960 and 1965. Earnings in nonmanufacturing industries. Since 1965, both weekly and hourly earnings have risen faster in nonmanufacturing than in manufacturing. Increases have been substantially greater in some of the unionized nonmanufacturing industries such as construction, where hourly earnings were higher by 7.8 per cent in May 1970 than in May 1969. Wage increases continued large in the relatively less unionized nonmanufacturing industries, in part because those industries were still expanding rapidly and had to offer higher wages to attract new workers and to hold experienced ones. Hourly earnings in the service industries had increased nearly 9 per cent over Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT LABOR MARKET DEVELOPMENTS 493 the 12 months ending in May, while in trade the increase aver- PRIVATE NONFARM ECONOMY aged 6.3 per cent. Hourly compensation costs—wages and fringe benefits—in the private nonfarm economy rose at an annual rate of 7 per cent in the first quarter of 1970, or at about the same rapid pace as in 1969. Since productivity declined slightly in the first quarter and has shown no increase since the end of 1968, unit labor costs for the private nonfarm economy rose sharply. Unit labor costs. In manufacturing, however, reductions in both employment and the average workweek this year have been relatively larger than reductions in output, and this has resulted in a resumption of productivity growth. Thus, in the important manufacturing sector, unit labor cost increases have slowed dramatically this year, mainly reflecting productivity advances. Collective bargaining. Collective bargaining activity is increasing sharply this year; contracts covering 5 million workers are due for renegotiation compared with 2.8 million covered in 1969. BLS data. In negotiations completed in the first quarter, the average firstyear wage increase amounted to 10.8 per cent compared with 7.6 per cent in the same period of 1969. Nonmanufacturing settlements continued much larger than in manufacturing, with first-year wage increases averaging 14 per cent. Construction settlements, with first-year wage increases of 18 per cent, accounted for about half of the total coverage of nonmanufacturing settlements. First-year wage increases averaged 8 per cent in manufacturing, reflecting largely settlements in the electrical equipment industry. Sharp increases in living costs have renewed union interest in cost-of-living escalator clauses. At the beginning of 1970, an estimated 3 million workers were covered by contracts containing such clauses, an increase of about 200,000 since early 1969. Unions that have had escalator clauses have pressed for and generally received some liberalization—increased maximums, provisions for additional reviews, or revisions of the formula. In contract negotiations later this summer, auto workers who accepted a limited cost-of-living clause in 1967 will seek a return to the earlier, more liberal escalator adjustments. Important negotiations in the railroad, rubber, automobile, and farm and construction equipment industries are yet to be completed in 1970. However, it now appears that wage and fringe increases likely to be provided will exceed the 1969 aver- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

age, thus maintaining upward pressures on compensation costs. Large wage increases have also been provided to public employees. Federal civilian and military personnel in April received a 6 per cent raise retroactive to January 1970. A further raise of 8 per cent for postal workers is included in pending postal reform legislation. Pay increases also continued large for State and local government personnel. • 494 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Staff Economic Studies The research staffs of the Board of Gover- In all cases the analyses and conclusions nors of the Federal Reserve System and of set forth are those of the authors and do not the Federal Reserve Banks undertake studies necessarily indicate concurrence by the that cover a wide range of economic and Board of Governors, by the Federal Reserve financial subjects, and other staff members Banks, or by the members of their staffs. prepare papers related to such subjects. In Single copies of the full text of each of some instances the Federal Reserve System the studies or papers summarized in the finances similar studies by members of the BULLETIN are available in mimeographed academic profession. form. The list of Federal Reserve Board From time to time the results of studies publications at the back of each BULLETIN that are of general interest to the economics includes a separate section entitled "Staff profession and to others are summarized—or Economic Studies" that enumerates the studthey may be printed in full—in this section ies for which copies are currently available of the BULLETIN. in that form. Study Summary CONSUMER SAVINGS AND THRIFT INSTITUTIONS Edward C. Ettin and Barbara Negri Opper—Staff, Board of Governors Presented at the Twelfth Annual Forecasting Conference, American Statistical Association, April 30,1970 This paper discusses consumer savings at public because their ability to raise interest thrift institutions during the 1970's in the rates on deposits was restricted by their eslight of certain developments during the sentially long-term portfolios, the earnings 1960's. from which were relatively inflexible. Loss Two forces emerged during the past dec- of deposits forced these institutions to curade that had a decided impact on the thrift tail their lending and led to depletion of institutions. One was the effort by commer- their liquidity. cial banks early in the 1960's to compete Ceilings on the interest rates payable on vigorously for consumer savings, as wit- deposits were established in 1966 as a nessed by the introduction and success of means of limiting interinstitutional competithe consumer certificate of deposit. The tion for funds. These ceilings set relatively other was the active monetary policy, insti- low interest rates on passbook accounts, tuted later in the decade, designed to restrict which are unique in that they offer an intotal flows of credit. In such an environ- terest-bearing liquidity fund and as such are ment the nonbank thrift institutions were not especially sensitive to yields on market not successful in attracting savings from the instruments. On the other hand, for less 495 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

liquidity-conscious savers, interest rate ceil- alternative types of investments. At the same ings were set higher on special accounts that time, however, earnings pressures resulting require a minimum deposit balance and from a low turnover rate of long-term portcarry a set maturity. folios will probably continue to limit the During the coming decade, interest rates ability of nonbank thrift institutions to pay are likely to remain high in view of pro- high rates on their deposits. Therefore, thrift jected large demands for credit and a con- institutions will require innovative managesumer sector increasingly made up of young, ment and regulatory latitude to effect typically low-saving persons. And the public changes, in order to compete successfully can be expected to retain its new-found fi- until their portfolio earnings have caught up nancial sophistication regarding returns on with prevailing market rates of interest. • 496 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statement to Congress Statement of Andrew F. Brimmer, Member, ever, banks began to enter the field in signif- Board of Governors of the Federal Reserve icant numbers and by now nearly all of the System, before the Subcommittee on Special major banks in the country, and a large pro- Small Business Problems of the Select Com- portion of the smaller banks, engage in mittee on Small Business, U.S. House of credit-card operations. In order to expand Representatives, June 10, 1970. their scope of credit-card operations and compete with the travel and entertainment cards, the banks soon developed regional in- I appreciate the opportunity to appear beterchange arrangements, and these have now fore this committee to discuss the recent expanded to national interchange systems. developments in the bank credit-card field As you know, most of the banks now enand to explore with you some of the implicagaged in credit-card operations are members tions of these developments on the financing of either the Interbank (Master Charge) or of consumer expenditures. BankAmericard organizations. The use of credit cards for consumer pur- When the rapid expansion of bank credit chases is not a new technique. Oil companies cards began in late 1966, we in the Federal and large department stores first developed Reserve System saw the need for studying this device over half a century ago, but it this development and for instituting current was not until the rapid expansion of credit information to permit monitoring the rapid cards, especially bank credit cards, in recent growth of this mode of financing of consumyears that they attracted widespread atteners and merchants. We were concerned with tion. The first credit cards were developed the implications of the widespread use of by the retailers themselves in order to enbank credit cards for the financing of concourage customer loyalty to a particular oil sumer expenditures and the effect on bank company or retail merchant. The developcompetition and the banking structure as ment of the national travel and entertainwell as bank supervision and the management cards—such as Diners Club, Carte ment of monetary policy. Blanche, and American Express—after World War II introduced a new concept in Reflecting this concern, in March 1967, which the credit cards were issued by a fi- the Board of Governors established a Sysnancial institution for use at a large number temwide group to assess the implications of of retail merchants located throughout the the rapid development of bank credit-card country. A few commercial banks entered operations. Throughout the period of this this field in the 1950's, dealing primarily project, I maintained liaison between the with cardholders and merchants in their lo- System Task Group and Members of the cal areas. But many of these banks found the Board. A Federal Reserve System Report on credit-card business unprofitable—or less this study, Bank Credit-Card and Checkprofitable than anticipated—and discon- Credit Plans, was released in July 1968. The tinued their operations. In late 1966, how- conclusions of that study were that credit Digitized for FRASER 497 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

498 FEDERAL RESERVE BULLETIN • JUNE 1970 cards and check credit are both legitimate cards, or inadequate procedures for reclaimand useful services of banks and that the ing delinquent cards—are called to the at- System has sufficient supervisory power to tention of management and immediate cortake care of unsafe and unsound bank prac- rection is requested. The other Federal tices in this area. During the period of this banking agencies are following similar pracstudy, efforts were made to expand the cur- tices with respect to the banks they examine. rent reporting of credit information by But I would also like to stress that we do banks to provide data from semiannual re- not look upon our strengthened examination ports of condition on the number of banks procedures as a vehicle for relieving banks with credit-card operations and the amount of their own responsibilities in the creditof receivables involved and also to obtain card field. We must rely in the first instance from our monthly reports of bank consumer on bank management to exercise particular credit activities information on the volume caution in venturing into this new field and of credit extended and the amount of credit to weigh carefully the lessons that may be outstanding. This current information has learned from the experience of the innovatenabled us to keep abreast of bank credit- ing banks. It is reassuring that those banks card developments subsequent to the com- that experienced the most difficulty with pletion of the System study. their initial mailings of credit cards have Also in late 1967, the Federal Reserve subsequently taken steps to tighten their System strengthened its examination proce- procedures. Other banks that have entered dures to identify any major deficiencies in the credit-card field more recently have the credit-card and check-credit plans op- taken precautions against a repetition of the erated by State member banks and to keep earlier experiences of banks that ran into informed of developments in their opera- difficulties. tion. Under these procedures, the System's Under the criteria being followed by examiners review and appraise the policies banks for issuing credit cards, bank creditand practices followed by State member card operations are generally sound from the banks in establishing and operating these point of view of the consumer as well as the plans, as they do with all other forms of bank. Banks are taking care to see that the bank credit. Examiners ascertain the trend people to whom credit cards are sent are in total volume of receivables or billings able to meet obligations within the estabsince inception of each plan and the maxi- lished limits. mum volume the bank expects to attain, as A review of reports of examination rewell as the credit limits and repayment re- ceived during the past 9 months for 77 State quirements in effect under each plan. They member banks with credit-card plans indialso look into the total number and volume cates that they have exercised prudence in of delinquent accounts, the bank's policy for credit-card management. charging off such accounts, and its loss ex- While unsolicited mailings were found to perience. More importantly, however, any have been the principal means of distributunsatisfactory features or deficiencies in the ing cards, no significant problems were unoperations of the plan—such as failure to in- covered—certainly none of the magnitude vestigate properly the creditworthiness of the of the difficulties surrounding the Chicago individual customers and the integrity of the episode of late 1966 and early 1967. participating merchants, ineffective collec- Unsatisfactory features drawing comtion practices, lack of control over unissued ments of examiners are as follows: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 499 Problem Number of banks per cent, and the amount of credit outstand- Inadequate credit investigation 5 ing doubled. Lack of control over unissued cards . 1 The share of total credit-card balances Inadequate collection policies and held by each class of bank has changed little practices 4 No preprinted expiration dates1 2 during this period. National banks continue Lack of control on customers exceeding to hold about three-quarters of the total limits 2 while another one-sixth is held by Federal Slow processing of items 1 Reserve State member banks. Although the amount of credit outstanding at nonmember 1 Plans became effective in the 1950's, and no problems have been encountered. banks under credit-card plans remains small, about 8 per cent, the number of such banks In each of these instances, steps were with credit-card plans has been increasing taken by bank management to correct the more rapidly than for any other class of bank. unsatisfactory features noted by Federal Re- At the end of 1969, 434 nonmember banks serve bank examiners. reported credit-card receivables, over onethird of all credit-card banks. This is evi- RECENT TRENDS IN CREDIT-CARD BANKING dence of the increasing role that the smaller At the end of 1969, 1,207 insured commer- banks are playing in the credit-card field. cial banks were offering credit-card plans More direct evidence of the increasing with a total of $2.6 billion of credit out- credit-card activity of the smaller banks is standing. In addition, several thousand banks given in Table 2. As of the end of last year participated as agents for the banks with 544 banks with deposits of less than $25 credit-card plans but did not hold any re- million in total deposits had credit-card ceivables. In just a little more than 2 years plans in operation as compared with 61 since September 30, 1967, the date of the banks of that size on September 30, 1967. Federal Reserve System Study, the number These banks, which constituted over twoof banks operating their own plans has in- fifths of the total number of credit-card creased six times while the amount of credit banks, however, held only about 2 per cent outstanding has quadrupled. (See Table 1.) of the total credit-card receivables, about the Expansion of bank credit-card activity was same as 27 months earlier. The very large especially rapid in 1969 when the number banks continue to hold the bulk of the creditof banks with plans increased by 697, or 137 card receivables, but their share is gradually TABLE 1 Credit-Card Plans by Class of Bank Amounts in millions of dollars All banks National State member Nonmember Date Number Number Number Number offering Amount offering Amount offering Amount offering Amount plans outstanding plans outstanding plans outstanding plans outstanding Sept. 30, 19671 197 633 119 496 34 100 44 37 Dec. 31, 19672 390 828 187 636 50 145 153 47 June 30, 19682 416 953 219 731 64 170 133 52 Dec. 31,19682 510 1,312 272 1,019 65 210 173 83 June 30, 19692 699 1,705 359 1,317 93 275 247 113 Dec. 31, 19693 1,207 2,639 618 1 ,960 155 470 434 209 i Based on Federal Reserve study, Bank Credit-Card and Check- 2 Federal Deposit Insurance Corporation, Report of Call. Credit Plans, July 1968. 3 Preliminary tabulation from Report of Call of Dec. 31, 1969. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

500 FEDERAL RESERVE BULLETIN • JUNE 1970 TABLE 2 Credit-Card Plans by Size of Bank Amounts in millions of dollars Sept. 30, 19671 Dec. 31, 19682 Dec. 31, 19693 Size of bank Amount Amount Amount (total deposits, in millions of dollars) Number outstanding Number outstanding Number outstanding Under 5 2 (4) 29 1.2 56 1.2 5-10 25 7^8 58 2.6 157 7.7 10-25 34 123 15.7 331 42.2 25-50 27 5.6 80 22.0 227 75.3 50-100 26 17.8 67 48.5 153 134.2 100-500 52 104.5 109 267.5 209 709.2 500-1,000 13 91.2 19 152.7 41 460.8 1,000 and over. 18 404.9 25 801.3 33 1,208.1 All size groups. 197 633.0 510 ,311.5 ,207 2,638.7 1 Federal Reserve study, Bank Credit-Card and Check-Credit Plans, 3 Preliminary tabulation from Report of Call of Dec.-31, 1969. July 1968. 4 Less than $50,000. 2 Federal Deposit Insurance Corporation, Report of Call. declining. At the end of 1969, the credit- The year-end report also showed total card banks with total deposits of $1 billion charge-offs on credit-card accounts for the and over held 46 per cent of the total of such year 1969 to be about $70 million. This was credit outstanding, down from the 64 per equal to 2.7 per cent of the amount of credit cent that the credit-card banks in this size outstanding on such accounts at the end of group held 27 months earlier. the year. As of the end of 1969, supplementary information on bank credit cards was obtained MONTHLY SERIES from the Report of Call. This report shows In addition to the bank credit-card informathat at that time all insured commercial tion obtained every 6 months in the Call banks had nearly 60 million credit cards Reports, monthly data on credit extensions, outstanding, and about 17.5 million credit- repayments, and amounts outstanding have card accounts had balances outstanding at been collected since the beginning of 1968 the end of the year. (See Table 3.) The ac- (Table 4). This series has been published counts with balances outstanding at any one since June 1968 as part of the Board's time cannot be taken as the complete meas- monthly report on consumer credit. The ure of the number of active accounts since monthly data show little increase in the not all credit-card accounts are used every amount of credit outstanding under bank month. credit-card plans during the first quarter of TABLE 3 Credit-Card Plans of Insured Commercial Banks, December 31, 1969 All insured State Item banks National member Nonmember Number of unexpired credit cards (thousands). 59,823 37,328 8,829 13,666 Accounts with outstanding balances: Number (thousands) 17,465 10,526 2,836 4,103 Amount (thousands of dollars) 2,638,723 1,959,465 470,094 209,164 Net charge-offs during 1969 (thousands of dollars) 70,419 48,694 9,245 12,480 Charge-offs as percentage of outstanding credit at end of year 2.67 2.49 1.97 5.97 Accounts with balances outstanding on Dec. 31, 1969, as percentage of total number of credit cards 29 28 32 30 SOURCE.—Preliminary tabulation from Report of Call of Dec. 31, 1969. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 501 1970. This stability in the early months of other limitation of the reported monthly the year, however, appears to be primarily totals is a slight understatement because of a seasonal pattern that also occurred in the lag in allowing for additional banks that early 1968 and 1969. Also, the April rate continue to enter the credit-card field. Beof expansion has been less than in either cause of the sharp expansion in the number of the two preceding years. of banks entering the credit-card field in the Another measure of the rapid growth in last half of 1969, the disparity increased to bank credit-card operations is the increase $300,000, or a little over 10 per cent, at in the amount of credit extended over the the end of 1969. We are now in the proclast 2 years, as shown in Table 4. In 1969 ess of developing adjustment factors to corcredit extended under bank credit-card plans rect for this understatement. amounted to an estimated $3.8 billion, about 80 per cent more than in 1968. Ap- REGIONAL GROWTH PATTERNS proximately $1.1 billion of such credit was The western section of the country, which extended in the first quarter of this year, an was the first to develop bank credit cards on increase of nearly 75 per cent from the first a large scale, continues to be the area most quarter of last year. active in credit-card banking, but this tech- After more experience has been gained nique of consumer financing is spreading with this monthly series it will be possible rapidly in other regions of the country to quantify the seasonal factors involved and (Table 5). At the end of last December, 132 to prepare a seasonally adjusted series. An- both member and nonmember banks in the TABLE 4 Bank Credit-Card and Check-Credit Plans Amounts in millions of dollars Outstanding Extended Repaid end of month during month during month Month Credit Check Credit Check Credit Check card credit card credit card credit 1968—Jan 815 513 147 85 139 71 Feb 817 543 120 78 118 66 Mar 822 549 125 76 120 70 Apr 859 570 158 95 121 74 May 878 586 152 97 133 81 June 914 600 155 93 119 79 July 945 622 172 103 141 81 Aug 983 644 175 103 137 81 Sept 1,024 665 176 105 135 84 Oct 11,,006666 687 195 111 153 89 Nov 11,,111111 694 188 98 143 91 Dec 1,265 739 318 134 164 89 1969—Jan 1,292 762 228 125 201 102 Feb 1,321 769 190 113 161 106 Mar 1,341 782 219 120 199 107 Apr 1,457 814 270 147 154 115 May 1,541 834 277 137 193 117 June 1,631 859 299 138 209 113 July 1,694 882 321 136 258 113 Aug 1,759 901 312 130 247 111 Sept 1,862 926 354 139 251 114 Oct 1,935 941 370 137 297 122 Nov 2,011 951 335 119 259 109 Dec 2,282 982 581 156 310 125 1970—Jan 2,362 998 347 138 267 122 Feb 2,384 1,006 351 122 329 114 Mar 2,397 1,002 394 130 381 134 Apr 2,455 1,022 428 148 370 128 NOTE.—Data for reporting banks represent approximately 95 per SOURCE.—Consumer Credit and Finances Section, Board of Govcent of the dollar volume of bank credit-card and check-credit out- ernors of the Federal Reserve System, standings. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

502 FEDERAL RESERVE BULLETIN • JUNE 1970 TABLE 5 Bank Credit-Card Plans by Federal Reserve District—All Insured Commercial Banks Amounts in millions of dollars Sept. 30, 19671 Dec. 30, 1967 2 Dec. 31 ,19682 Dec. 31, 19693 Federal Reserve district Number Number Number Number offering Amount offering Amount offering Amount offering Amount plans outstanding plans outstanding plans outstanding plans outstanding Boston 14 21.8 16 27.9 21 57.5 155 133.4 New York ... 16 64.8 23 109.5 20 155.3 60 438.1 Philadelphia 6 12.3 10 11.2 9 25.4 12 26.4 Cleveland 6 26.9 14 31.2 48 63.7 186 176.1 Richmond 5 28.2 13 38.9 28 92.7 75 319.0 Atlanta 20 30.6 43 40.0 53 99.5 243 301.4 Chicago 35 126.2 86 153.2 107 181.6 152 246.6 St. Louis 10 12.3 36 22.2 57 52.8 69 91.6 Minneapolis 5 25 1.8 11 1.0 11 7.3 -1 Kansas City 6 6.4 19 10.2 19 32.5 75 123.8 Dallas 7 8.1 22 12.4 22 18.9 37 81.5 San Francisco 67 295.3 83 369.9 115 530.6 132 693.5 All districts 197 633.0 390 828.4 510 1,311.5 1,207 2,638.7 1 Federal Reserve study, Bank Credit-Card and Check-Credit Plans, 2 Federal Deposit Insurance Corporation, Report of Call. July 1968. 3 Preliminary tabulation from Report of Call of Dec. 31, 1969. San Francisco Federal Reserve District had the Chicago District had 13 per cent of the $694 million of receivables outstanding banks with credit-card plans, at the end of under credit cards, representing 11 per cent 1969 they held a little less than one-tenth of of all the banks with such plans and about the amount of credit outstanding, as comone-fourth of the total credit. This was a pared with nearly one-fifth of the total 27 substantial decline from the share held by months earlier. the San Francisco District at the time of the System study when it accounted for one- HOLDER CHARACTERISTICS third of the banks with credit-card plans and Evidence that the public accepts the credit nearly one-half of the credit outstanding. card as a useful innovation in banking is In terms of amount of credit outstanding, contained in a Survey of Consumer Awarethe New York Federal Reserve District was ness of Credit Costs, conducted for the second with $438 million, or 17 per cent, of Board in mid-1969. Just over one-quarter of the total. This represented a substantial in- the 5,137 respondents interviewed in that crease from the 10 per cent share held on survey possessed a bank credit card. (See September 30, 1967. Rapid expansion of Table 6.) The proportion of households credit-card operations has occurred in both with bank credit cards increased steadily as the Richmond and Atlanta Districts. At the the level of education and income rose. end of 1969, these two Districts accounted While only 13 per cent of the respondents for a little over one-fourth of the banks with grade school educations had bank with credit-card plans and held about one- credit cards, the proportion was 27 per cent fourth of the amount outstanding, more than for high school graduates and 40 per cent twice the shares they held on September 30, for college graduates. 1967. The Boston and Cleveland Federal With respect to personal income, the same Reserve Districts have also shown a rapid trend is evident. Only 10 per cent of reexpansion in bank credit-card activities, spondents with incomes under $3,000 reparticularly in the last half of 1969. While ported having a bank credit card. In the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 503 TABLE 6 Ownership of Bank Credit Cards, June 1969 Households in No subsample Credit card credit card Selected household characteristics Number Per cent Number Per cent Number Per cent Total responses 5,137 100.0 1,324 25.8 3,813 74.2 Education level: Grade school or less 917 100.0 122 13.3 795 86.7 Some high school 1,136 100.0 233 20.5 903 79.5 Graduated high school 1,548 100.0 422 27.3 1,126 72.7 Some college 676 100.0 213 31.5 463 68.5 Graduated college 521 100.0 209 40.1 312 59.9 Post-graduate college 297 100.0 118 39.7 179 60.3 Income level: Less than $3,000 609 100.0 62 10.2 547 89.8 $3,000-54,999 615 100.0 100 16.3 515 83.7 $5,000-$7,999 1,180 100.0 252 21.4 928 78.6 $8,000-$9,999 856 100.0 246 28.7 610 71.3 $10,000-$14,999 958 100.0 323 33.7 635 66.3 Over $15,000 629 100.0 274 43.6 355 56.4 NOTE.—The sum of the education or income classes does not add SOURCE.—Board of Governors, Survey of Consumer Awareness of to the total because not all respondents indicated education or income Credit Costs. level. income range $5,000-$7,999 about one- 1967 to the end of 1969 accounts for about fifth of the households reported having such 10 per cent of the $17.2 billion increase in a card. In the range $10,000-$ 14,999 the total consumer instalment credit over the proportion was 34 per cent, while for those same period. This increase in the amount of with incomes over $15,000 the ratio reached credit outstanding under bank credit-card 44 per cent. plans cannot be regarded as a net addition to total consumer credit available, however, ECONOMIC IMPACT since the credit-card facility is being used in One can approach the economic impact of part as a substitute for other forms of credit, bank credit cards from two general view- particularly for small personal loans and to points: (1) how cards affect the aggregate finance small purchases. economic variables, such as total consumer If bank credit-card activity were to concredit, consumer spending, and the gen- tinue to expand at recent rates, it could beeral level of prices, and (2) how cards in- come a major portion of total consumer fluence certain specific areas of the economy, credit within a few years. But several factors such as the competitive situation of banks militate against continuation of such rapid versus other consumer lenders and competi- growth. The 1966-69 period was one in tion among banks. which great numbers of banks initiated Credit-card loan volume has increased credit-card plans. But, as discussed earlier, rapidly in the last 2 years. Credit outstand- most large banks, and a good number of ing rose from $0.8 billion at the end of small and medium-sized banks, already oper- 1967 to $2.6 billion in December 1969. It ate such plans. Thus, in the future, the should be noted, however, that this amount launching of new plans will have less imstill represents only 2.6 per cent of total pact on the growth of card-credit volume consumer instalment credit from all sources than in the 1966-69 period. Furthermore, as and 6.5 per cent of bank instalment credit credit-card plans are introduced, many conto consumers. The $1.8 billion increase in sumers may switch to cards for some purcredit-card outstandings from the end of chases from other, more traditional, means Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

504 FEDERAL RESERVE BULLETIN • JUNE 1970 of finance. But at some point this switchover Although banks have accounted for the maeffect will be mitigated, and the growth of jor share of the increase in recent years, bank card credit will be limited by the none of the other lenders in the revolving growth in total sales of the types of goods credit field have shown a decline in credit and services for which cards can be used. outstanding. If the impact of bank credit cards on total The ability of other financial institutions consumer credit is moderate, the impact on to compete effectively should not be underconsumer spending is even more so. For not estimated. In many cases, bank card credit only does bank card credit, in part, sub- is simply not readily substitutable for other, stitute for, rather than add to, other types of even seemingly similar, types of credit. It credit, it also substitutes, in part, for cash might seem, for instance, that bank credit buying. cards would offer strong competition in the It may well be that the kinds of goods and personal loan field. But the loans made by services bought with bank credit cards will consumer finance companies tend to carry expand somewhat. The current credit limit, a higher risk than banks normally accommowhich is typically $300 to $500 for most date and many of the customers of consumer new cardholders, may be raised gradually in finance companies would not be eligible for time, but we certainly do not visualize the bank credit cards. widespread use of bank credit cards to make The fact that nearly all of the banks opmajor purchases, such as automobiles, in erating credit-card plans are now members the near future. of either the Interbank (Master Charge) Questions have been raised concerning or BankAmericard systems has raised the the competitive effect of bank credit cards question of the effect upon competition on other consumer lenders. Bank card plans among banks in this field. Memberships in are growing much faster now than revolving these two systems permit the banks to enter credit plans of other lenders. While credit the national market through interchange under bank card plans was increasing three- arrangements, thus allowing the bank credit fold between December 1967 and December cards to offer a service comparable to the 1969, outstandings under all revolving cred- national travel and entertainment cards. At it plans grew from $11.5 billion to $15.3 the present time, these interchange systems billion, or 33 per cent (Table 7). Bank appear to be open to any bank desiring plans accounted for $1.8 billion, or nearly memberships. If either of these interchange one-half of the $3.8 billion total increase. systems were to initiate restrictive anti- TABLE 7 Revolving Credit Plans Amounts outstanding in billions of dollars Type of credit Dec. 31, 1967 June 30, 1968 Dec. 31, 1968 June 30, 1969 Dec. 31, 1969 Bank credit cards i .8 1.0 1.3 1.7 2.6 Oil companies2 1.0 1.1 1.2 1.3 1.5 Department store revolving credit 3.5 3.6 3.7 3.8 4.2 Retail charge accounts 5.9 5.3 6.5 5.6 6.7 T A r ll a v o e t l h e a r n 3 d entertainment cards2 . . 2 1 .11 2 . . 1 2 . . 2 1 . . 2 1 All types 11.5 11.3 13.0 12.7 15.3 1 Excludes check-credit plans. SOURCE.—Consumer Credit and Finances Section, Board of Gov- 2 Consumer portion only. ernors of the Federal Reserve System. 3 Including large independent credit-card firms and revolving credit accounts of nondepartment stores. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 505 competitive arrangements, serious antitrust operating his own credit facilities, he may questions would be raised. find it less troublesome and less costly to In the local markets for credit-card serv- participate in a bank plan. On the other ices, membership in the national interchange hand, large department stores have generalsystems does not appear to have imposed ly resisted honoring bank credit cards. Many any limitations upon competition among fear that customer loyalty to the store might banks. In many local markets two or more suffer, and that they would lose an important banks operating Master Charge or Bank- marketing tool if they did not use their own Americard plans are now competing vigor- card or credit plan. Such considerations as ously with each other for both merchant and these suggest that bank credit cards on cardholder accounts. It is our understanding balance enable smaller merchants to comthat this competition takes many forms in- pete more effectively with larger retailers, cluding variations in merchant discount rates primarily by making it possible for them to and variations in the package of services offer the sort of credit arrangements that offered to merchants and to cardholders. As their large competitors offer. long as this situation continues there is no The rapid and widespread acceptance of reason to be concerned. The Board, how- bank credit cards by consumers should, by ever, plans to continue to watch for any now, have erased all doubt about the extent anticompetitive developments that might to which this innovation in bank financing emerge. serves the needs and conveniences of the Retail outlets and service establishments public. The full impact of bank credit cards offer perhaps the greatest potential for bank cannot be completely determined at this credit cards, particularly small to medium- time, but we are continuing to follow develsized businesses. Many small businesses find opments in this area closely and will be bank plans an attractive way to sell goods on alert to the economic effects and implicacredit. Even if a small merchant has been tions on both the banks and their customers. 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, 1968, and 1969. The records for the first two meetings held in 1970 were published in the BULLETINS for April, pages 333-40, and May, pages 436-43. The record for the meeting held on March 10, 1970, follows: 507 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

508 FEDERAL RESERVE BULLETIN • JUNE 1970 MEETING HELD ON MARCH 10, 1970 1. Authority to effect transactions in System Account. The latest information lent support to the view that over-all economic activity was weakening further in early 1970 after leveling off in the fourth quarter of 1969. As before, staff projections suggested that real GNP would decline somewhat in the first half of the current year, but would then rise at a moderate rate in the second half. While prices and costs were continuing to increase at a rapid pace, some slowing of their advance was still expected over the course of the year. In February, according to tentative estimates, industrial production fell for the seventh consecutive month. Employment and hours of work in manufacturing declined substantially. Total nonfarm employment was about unchanged, and the over-all rate of unemployment rose further from 3.9 to 4.2 per cent, its highest level since October 1965. Incomplete weekly data suggested that retail sales, which had declined in January, might have fallen further in February. Private housing starts continued downward in January, reaching their lowest level since April 1967, and new orders received by manufacturers of durable goods dropped considerably after 3 months of moderate reductions. Preliminary calculations indicated that wholesale prices of both industrial commodities and farm products and foods had risen further from mid-January to mid-February but that the increases were less than in the previous month. On a seasonally adjusted basis, the consumer price index continued to rise about as fast in January as in the two preceding months. According to the latest Commerce-SEC survey, taken in February, businesses planned to increase their spending on new plant and equipment by about 10.5 per cent in the full year 1970 but at a slower rate in the first half. However, it seemed unlikely that such spending would accelerate in the second half, as implied by the survey—particularly in view of recent declines in new orders for machinery and equipment and a reported reduction in the fourth quarter of 1969 in manufacturers' appropriations for capital spending. The staff projections still allowed for relatively rapid increases in business fixed investment outlays in the first half and a leveling off in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 509 such outlays later in the year. The projections also continued to suggest that the rate of inventory accumulation would decline further in the first half and stabilize in the second; that residential construction outlays would fall sharply further in the first half and then turn up; and that defense spending would decline throughout the year. It was expected that consumer spending would be stimulated somewhat in the second quarter by the increase in social security benefit payments, and in the third quarter by the elimination of the remaining 5 per cent income tax surcharge at midyear. It appeared likely, however, that growth in consumer spending would remain moderate in the year as a whole as a result of both smaller gains in wage and salary income and an increase in the saving rate. U.S. imports rose more than exports in January, and the surplus in U.S. merchandise trade narrowed. According to tentative estimates, the over-all balance of payments—which had been in substantial deficit in January on both the liquidity and official settlements bases—continued in deficit in February. In foreign exchange markets, demand for sterling remained strong during February. Inflows of funds to the United Kingdom became exceptionally large in early March, and on March 5 the Bank of England reduced its discount rate to IV2 per cent from the 8 per cent rate that had been in effect for about a year. On March 6 the German monetary authorities announced that certain credit-tightening measures, including an increase in the discount rate of the German Federal Bank from 6 to IV2 per cent, were being taken in light of domestic inflationary pressures and of the continued expansion in bank credit. The Italian lira had remained under heavy selling pressure in recent weeks and— also on March 6—the Bank of Italy announced that it was raising its discount rate from 4 to SVi per cent. In markets for domestic securities both long- and short-term interest rates had declined considerably on balance since the beginning of February, despite a very heavy calendar of new corporate bond offerings and a continuing sizable volume of municipal and Federal agency issues. The rate declines reflected the increasing signs that the economy was weakening and the growing belief among investors that monetary restraint would shortly be—or had already been—relaxed. Treasury bill rates fell steadily during much of February, but these rates tended to stabilize later in the month when the Treasury followed its sue- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

510 FEDERAL RESERVE BULLETIN • JUNE 1970 cessful refunding operation by a sale of $1.75 billion of additional taxanticipation bills due in April and by an increase in the size of its regular auctions of 6-month and 1-year bills. On the day before this meeting the market rate on 3-month bills, at about 6.85 per cent, was 45 basis points below its level 4 weeks earlier and about 85 basis points below its early February level. The outflows of time and savings funds at banks and at nonbank thrift institutions, which had been very large in January, apparently came to an end in February—as a consequence of both the declines in yields on competing market instruments and the advances in rates offered by these institutions under the new higher ceilings that became effective in late January. Preliminary figures indicated that there were relatively small net inflows of funds to savings and loan associations and mutual savings banks in early February. In January net acquisitions of mortgages by savings and loan associations were the smallest for any month in nearly 3 years, and the volume of outstanding commitments was at a 2-year low. At commercial banks time and savings deposits expanded almost as rapidly over the course of February as they had declined in January, and their average level in February was only fractionally below that in the previous month. There were net increases during February in consumer-type deposits—particularly at country banks—and in the volume of large-denomination CD's outstanding. It appeared that the volume of CD's held by foreign official institutions had increased considerably. In contrast to time deposits, the average levels of private demand deposits and the money stock contracted sharply from January to February—at estimated annual rates of about 15 and 10 per cent, respectively. The bank credit proxy—daily-average member bank deposits—was estimated to have declined from January to February at an annual rate of more than 9 per cent, and after adjustment for a net increase in funds raised from nondeposit sources, at a rate of more than 6 per cent. System open market operations since the February 10 meeting of the Committee had been directed at fostering somewhat less firm conditions in the money market, in accordance with the Committee's decision at that meeting and in light of the unfolding evidence of weakness in both the money stock and the adjusted bank credit proxy. The Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 511 money market remained firm for a time as the effects of large-scale reserve supplying operations were offset by such factors as unexpectedly sharp declines in float, but market conditions subsequently eased. Thus, in the latter part of February and early March the average Federal funds rate fell below 8.50 per cent from levels well above 9 per cent earlier in February, and in the week ending March 5 member bank borrowings averaged about $835 million, compared with average weekly levels of more than $1 billion during February. Staff projections suggested that money and bank credit would grow at moderate rates over the months ahead if the somewhat less firm conditions recently achieved in the money market were maintained. Specifically, the projections suggested that the money stock would rise on the average from February to March at an annual rate of 4 to 7 per cent, resulting in growth during the first quarter as a whole at a rate of about 2 per cent; and that money would continue to expand in the second quarter, at a rate of about 3 per cent. The adjusted bank credit proxy was projected to increase from February to March at an annual rate of 8 to 11 per cent—resulting in a first-quarter growth rate of 0.5 per cent—and at a rate of about 5 per cent in the second quarter. The projections for the adjusted proxy series were influenced to an important degree by the expectation that time and savings deposits would continue to expand rapidly, but that this would be partly offset by slower expansion and then some decline in bank use of nondeposit funds. The Committee agreed that growth of money and bank credit during coming months at about the rates projected would be appropriate in the current economic environment. Concern was expressed in the discussion about the risks of unduly large changes in money market conditions. Concern also was expressed about both the danger of excessive growth in the aggregates and the risk of shortfalls from desirable growth rates, which some members thought were particularly likely for the money stock in a period of economic weakness such as the present. In view of the importance attached to avoiding such extremes, the Committee decided to convey in its directive the objective of achieving growth in money and bank credit over the months ahead at about the moderate rates indicated, and to call for maintenance of money market conditions consistent with that objective. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

512 FEDERAL RESERVE BULLETIN • JUNE 1970 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, which leveled off in the fourth quarter of 1969, is weakening further in early 1970. Prices and costs, however, are continuing to rise at a rapid pace. Market interest rates have declined considerably in recent weeks, partly as a result of changing investor attitudes regarding the outlook for economic activity and monetary policy. Both bank credit and the money supply declined on average in February, but both were tending upward in the latter part of the month. Outflows of time and savings funds at banks and nonbank thrift institutions, which had been sizable in January, apparently ceased in February, reflecting advances in rates offered on such funds following the recent increases in regulatory ceilings, together with declines in short-term market interest rates. The U.S. foreign trade surplus narrowed in January and the over-all balance of payments deficit has remained large in recent weeks. In light of the foregoing developments, it is the policy of the Federal Open Market Committee to foster financial conditions conducive to orderly reduction in the rate of inflation, while encouraging the resumption of sustainable economic growth and the attainment of reasonable equilibrium in the country's balance of payments. To implement this policy, the Committee desires to see moderate growth in money and bank credit over the months ahead. System open market operations until the next meeting of the Committee shall be conducted with a view to maintaining money market conditions consistent with that objective. Votes for this action: Messrs. Burns, Hayes, Brimmer, Daane, Heflin, Hickman, Maisel, Mitchell, Robertson, Sherrill, Swan, and Kimbrel. Votes against this action: None. Absent and not voting: Mr. Francis. (Mr. Kimbrel voted as his alternate.) 2. Amendment to continuing authority directive. At its meeting on October 7, 1969, the Committee had modified paragraph 2 of the continuing authority directive regarding domestic open market operations by adding language authorizing Reserve Banks other Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 513 than the New York Bank to purchase special short-term certificates of indebtedness from the Treasury for their own account at times when the New York Bank was closed. At this meeting the Committee amended the language adopted at that time for purposes of clarification. After this amendment, paragraph 2 read as follows: The Federal Open Market Committee authorizes and directs the Federal Reserve Bank of New York, or, if the New York Reserve Bank is closed, any other Federal Reserve Bank, to purchase directly from the Treasury for its own account (with discretion, in cases where it seems desirable, to issue participations to one or more Federal Reserve Banks) such amounts of special short-term certificates of indebtedness as may be necessary from time to time for the temporary accommodation of the Treasury; provided that the rate charged on such certificates shall be a rate V* of 1 per cent below the discount rate of the Federal Reserve Bank of New York at the time of such purchases, and provided further that the total amount of such certificates held at any one time by the Federal Reserve Banks shall not exceed $1 billion. Votes for this action: Messrs. Burns, Hayes, Brimmer, Daane, Heflin, Hickman, Maisel, Mitchell, Robertson, Sherrill, Swan, and Kimbrel. Votes against this action: None. Absent and not voting: Mr. Francis. (Mr. Kimbrel voted as his alternate.) Another amendment to the continuing authority directive that had been made on October 7, 1969, involved the addition of a paragraph 3 authorizing the Reserve Banks to engage in lending of U.S. Government securities held in the System Open Market Account, under such instructions as the Committee might specify from time to time. That action had been taken on the basis of a judgment by the Committee that in the existing circumstances such lending of securities was reasonably necessary to the effective conduct of open market operations and to the effectuation of open market policies, and on the understanding that the authorization would be reviewed periodically. At this meeting the Committee concurred in the judgment of the Manager of the System Open Market Account that the lending activity in question remained necessary and, accordingly, that the authorization should remain in effect subject to periodic review. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

514 FEDERAL RESERVE BULLETIN • JUNE 1970 The Committee also approved certain modifications that had been recommended by the Manager, in light of the operating experience to date, in the instructions it had issued in conjunction with this authorization. Among the more important of these were an increase from $75 million to $150 million in the dollar limit on the par value of securities involved in outstanding loans to any individual dealer at any time; a lengthening from three to five business days of the limit on the duration of loans to dealers, with loans remaining subject to renewal; and certain revisions in the rates to be charged on contracts renewed beyond their initial maturity. 3. Amendment to authorization for System foreign currency operations. The Committee approved an increase from $1,000 million to $1,250 million equivalent in the System swap arrangement with the Bank of Italy, and the corresponding amendment to paragraph 2 of the authorization for System foreign currency operations, subject to the understanding that the action would become effective upon a determination by Chairman Burns that it was in the national interest. Chairman Burns made the indicated determination later on the day of this meeting. As a result of this action, paragraph 2 read as follows: The Federal Open Market Committee directs the Federal Reserve Bank of New York to maintain reciprocal currency arrangements ("swap" arrangements) for System Open Market Account for periods up to a maximum of 12 months with the following foreign banks, which are among those designated by the Board of Governors of the Federal Reserve System under Section 214.5 of Regulation N, Relations with Foreign Banks and Bankers, and with the approval of the Committee to renew such arrangements on maturity: Amount of arrangement Foreign bank (millions of dollars equivalent) Austrian National Bank . 200 National Bank of Belgium 500 Bank of Canada 1,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 515 Amount of arrangement Foreign bank (millions of dollars equivalent) National Bank of Denmark 200 Bank of England 2,000 Bank of France 1,000 German Federal Bank 1,000 Bank of Italy 1,250 Bank of Japan 1,000 Bank of Mexico 130 Netherlands Bank 300 Bank of Norway 200 Bank of Sweden 250 Swiss National Bank 600 Bank for International Settlements: Dollars against Swiss francs 600 Dollars against authorized European currencies other than Swiss francs 1,000 Votes for this action: Messrs. Burns, Hayes, Brimmer, Daane, Heflin, Hickman, Maisel, Mitchell, Robertson, Sherrill, Swan, and Kimbrel. Votes against this action: None. Absent and not voting: Mr. Francis. (Mr. Kimbrel voted as his alternate.) This action was taken on recommendation of the Special Manager, who advised that it should prove helpful in providing against destabilizing short-run pressures on the lira. It was understood that the U.S. Treasury would concurrently make available a $250 million swap facility to the Bank of Italy. 4. Review of continuing authorizations. This being the first meeting of the Federal Open Market Committee following the election of new members from the Federal Reserve Banks to serve for the year beginning March 1, 1970, and their assumption of duties, the Committee followed its customary practice of reviewing Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

all of its continuing authorizations and directives. The actions taken with respect to the continuing authority directive for domestic open market operations and the authorization for System foreign currency operations have been described in the preceding portions of the record for this date. Except for the changes resulting from those actions, the Committee reaffirmed the two instruments, and also the foreign currency directive, in the form in which they were outstanding at the beginning of the year 1970. Votes for these actions: Messrs. Burns, Hayes, Brimmer, Daane, Heflin, Hickman, Maisel, Mitchell, Robertson, Sherrill, Swan, and Kimbrel. Votes against these actions: None. Absent and not voting: Mr. Francis. (Mr. Kimbrel voted as his alternate.) Digitized for FRASER 516 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Statutes, regulations, interpretations, and decisions RULES REGARDING DELEGATION the Defense Production Act of 1950, as amended, OF AUTHORITY to prescribe from time to time a higher interest The Board of Governors, effective May 14, rate than otherwise payable on such a loan if the 1970, amended its Rules Regarding Delegation of agency determines that such higher rate is neces- Authority to expedite processing of competitive sary in obtaining V-loan financing of a contract or factor reports on bank mergers when Federal Re- other operation essential to the national defense. serve staff view a proposed merger either as having The text of the amendment reads as follows: no adverse competitive effects or as having only slightly adverse competitive effects. The text of AMENDMENT the amendment reads as follows: SUPPLEMENT TO REGULATION V Effective June 4, 1970, section 7(a) of Regula- AMENDMENT tion V is amended to read as follows: Effective May 14, 1970, section 265.2(c) is amended by changing subparagraph (17) to read SECTION 7—MAXIMUM RATES OF as follows: INTEREST, GUARANTEE FEES, AND COMMITMENT FEES SECTION 265.2—SPECIFIC FUNCTIONS DELEGATED TO BOARD EMPLOYEES AND (a) Maximum rate of interest. The maximum in- FEDERAL RESERVE BANKS terest rate charged a borrower by a financing institution with respect to a guaranteed loan shall not exceed IV2 per cent per annum, except that the (c) The Director of the Division of Supervision agency guaranteeing a particular loan may from and Regulation (or, in his absence, the Acting Di- time to time prescribe a higher rate if it determines rector) is authorized: the loan to be necessary for the purpose of financing any contractor, subcontractor, or other person in connection with the performance of any (17) Under section 18(c)(4) of the Federal De- contract or other operation deemed by the guarposit Insurance Act (12 U.S.C. 1828(c)(4)), to anteeing agency to be necessary to expedite profurnish to the Comptroller of the Currency and duction and deliveries or services under Governthe Federal Deposit Insurance Corporation re- ment contracts for the procurement of materials ports on competitive factors involved in a bank or the performance of services for the national merger required to be approved by one of those defense. agencies if each of the appropriate departments or divisions of the appropriate Federal Reserve Bank INTERLOCKING BANK RELATIONSHIPS and the Board of Governors is of the view that the UNDER THE CLAYTON ACT proposed merger either would have no adverse competitive effects or would have only slightly ad- APPLICABILITY OF SECTION 8 OF THE verse competitive effects, and if no member of the CLAYTON ACT TO BANK HOLDING Board has indicated an objection prior to the for- COMPANIES warding of the report to the appropriate agency. The Board recently was asked whether section 8 of the Clayton Act (15 U.S.C. 19) and Federal DEFENSE PRODUCTION LOANS Reserve Regulation L, "Interlocking Bank Rela- The Board of Governors, effective June 4, 1970, tionships Under The Clayton Act", (12 CFR 212) amended section 7(a) of Regulation V, "Loan prohibit an officer, director, or employee of a Guarantees for Defense Production", to permit the member bank from serving at the same time in governmental agency guaranteeing a loan under any such capacity with a holding company the Digitized for FRASER 517 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

518 FEDERAL RESERVE BULLETIN • JUNE 1970 principal activity of which is the ownership and is of the view that considerations similar to those control of banks, where such interlocking service just discussed were persuasive and that, therefore, between the member bank and a bank in the hold- a holding company whose principal activity is the ing company system would be prohibited. ownership and control of banks, and each of its Section 8 and Regulation L, with certain excep- bank subsidiaries, should be considered as contions, prohibit any person who is a director, of- stituting together a single entity for the purposes of ficer, or employee of any member bank from section 8. Accordingly, the Board concludes that, serving in any such position with "any other bank, if an interlocking relationship between two banks banking association, savings bank, or trust com- is prohibited by section 8 (none of the exceptions pany" where the two banks are located in the same, specified in the statute or Regulation L being apcontiguous, or adjacent cities, towns, or villages. plicable), such a relationship is also prohibited be- In a similar situation involving section 32 of the tween a parent holding company of one of the Banking Act of 1933 (12 U.S.C. 78)—which pro- banks and a bank not a member of the holding hibits interlocking personnel relationships between company group. The Board concludes also that member banks and securities companies—the interlocking service between parent holding com- Board expressed the view that where the principal panies is prohibited by section 8 if it is prohibited activity of a holding company is the ownership and between any of their respective bank subsidiaries. control of a bank or banks, the holding company and each member bank subsidiary should be con- TRANSACTIONS BETWEEN MEMBER BANKS sidered as constituting together a single entity for AND THEIR AFFILIATES the purpose of that statutory provision. According- APPLICABILITY OF SECTION 23A OF ly, the Board concluded that section 32 prohibits a THE FEDERAL RESERVE ACT TO person who is primarily engaged in section 32 busi- TRANSACTIONS BETWEEN A MEMBER ness, or associated as specified in that section with STATE BANK AND ITS "OPERATIONS an organization so engaged, from serving also as SUBSIDIARY" an officer, director, or employee of such a holding company (1969 Federal Reserve BULLETIN 52; 12 The Board of Governors has recently considered CFR 218.114). In that interpretation, the Board whether § 23A of the Federal Reserve Act (12 stated: "... the affairs of the member bank and U.S.C. 371c) applies to extensions of credit by a the holding company would be so closely identified member State bank to its operations subsidiary. and functionally related that the same possibilities Section 23A imposes limitations (in terms of of abuse which section 32 was designed to guard security and amount) on a federally insured bank's against would be present in the case of a director loans to and investments in its affiliates. The prinof the holding company as in the case of a direccipal purpose of § 23A is to safeguard the retor of the member bank. To give cognizance to the sources of a bank against misuse for the benefit of separate corporate entities in such a situation, organizations under common control with the would . . . partially frustrate Congressional purbank. It was designed to prevent a bank from riskpose in enacting the statute." Likewise, the Board ing too large an amount in affiliated enterprises recently determined that concurrent service by an and to assure that extensions of credit to affiliates individual as a director of a wholly-owned credit will be repaid—out of marketable collateral, if card subsidiary of a national bank and as director necessary. of another member bank in a contiguous municipality was prohibited by section 8 of the Clayton Since 1968 the Board has permitted member Act, since in the Board's opinion, the credit card banks to establish and own operations subsidiaries subsidiary was essentially a department or division —that is, organizations designed to serve, in effect, of its parent bank (1970 Federal Reserve BULLETIN as separately incorporated departments of the 344; 12 CFR 212.101). Furthermore, in enforcing bank, performing, at locations at which the bank other provisions of section 8 relating to non-bank is authorized to engage in business, functions that corporations, the courts have gone beyond the the bank is empowered to perform directly (12 specific language of that section in order to ef- CFR 250.141). Since an operations subsidiary is in fectuate Congressional purpose. U.S. v. Sears Roe- effect a part of, and subject to the same restrictions buck and Co., 165 F. Supp. 356 (1958). as, its parent bank, there appears to be no reason With respect to the instant question, the Board to limit transactions between the bank and such Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 519 subsidiary any more than transactions between de- STATEMENT partments of a bank. Isabella County State Bank, Mount Pleasant, Accordingly, the Board has concluded that a Michigan ("Isabella Bank"), with total deposits of credit transaction by a member State bank with its $22.4 million, has applied, pursuant to the Bank operations subsidiary (the authority for which is Merger Act (12 U.S.C. 1828(c)), for the Board's based on the 1968 ruling) is not a "loan or . . . prior approval of the consolidation of that bank extension of credit" of the kind intended to be and Weidman State Bank, Weidman, Michigan restricted and regulated by § 23A and is, therefore, ("Weidman Bank"), which has total deposits of outside the purview of that section. $2.7 million.1 The banks would consolidate under the charter and name of Isabella Bank, which is a ORDER UNDER BANK MERGER ACT member of the Federal Reserve System. As an in- ISABELLA COUNTY STATE BANK cident to the consolidation, the sole office of In the matter of the application of Isabella Coun- Weidman Bank would become a branch of Isabella ty State Bank for approval of consolidation with Bank, increasing the number of its offices to three. Weidman State Bank. Competition. Both banks are located in Isabella County (population 39,000), in the central portion ORDER APPROVING CONSOLIDATION OF BANKS of the State. Isabella Bank operates its head office There has come before the Board of Governors, and only branch in Mount Pleasant (population pursuant to the Bank Merger Act (12 U.S.C. 15,000), which is the County seat. Weidman Bank 1828(c)), an application by Isabella County State operates its sole office in Weidman (population Bank, Mount Pleasant, Michigan, a State member 450), which is 14 miles northwest of Mount Pleasbank of the Federal Reserve System, for the ant. There are no banking offices in the intervening Board's prior approval of the consolidation of that area. The areas served by the two banks overlap to bank and Weidman State Bank, Weidman, Mich- some extent in the area of Beal City (population igan, under the charter and title of Isabella County about 200). State Bank. As an incident to the consolidation, the The relevant market area includes all of Isabella sole office of Weidman State Bank would become County and the southern portion of Clare County, a branch of the resulting bank. Notice of the pro- located just beyond Isabella County's northeastern posed consolidation, in form approved by the boundary. There are seven banks in the area, in- Board, has been published pursuant to said Act. cluding one in Clare. Isabella Baink is the second Upon consideration of all relevant material in largest, holding 28 per cent of area deposits; Weidthe light of the factors set forth in said Act, in- man Bank is the smallest, with only 3 per cent. The cluding reports received pursuant to the Act on area's largest bank, located in Clare, holds 30 per the competitive factors involved in the proposed cent of area deposits. Upon consummation of the consolidation, proposal, Isabella Bank would be the largest, with IT IS HEREBY ORDERED, for the reasons set forth 31 per cent. While there is some present competiin the Board's Statement of this date, that said ap- tion between the proponent banks, the potential plication be and hereby is approved, provided that for further competition between them is limited said consolidation shall not be consummated (a) by the home-office-protection feature of Michigan before the thirtieth calendar day following the date law and by the small size and relatively ineffective of this Order or (b) later than three months after competitive posture of Weidman Bank. the date of this Order unless such period is ex- The over-all effect of the proposal upon comtended for good cause by the Board or by the Fed- petition would be no more than slightly adverse. eral Reserve Bank of Chicago pursuant to dele- Financial and managerial resources and prosgated authority. pects. The financial and managerial resources of By order of the Board of Governors, May 26, Weidman Bank are satisfactory, but its earnings 1970. have been low and it appears that its prospects are Voting for this action: Chairman Burns and Gover- limited. The banking factors with respect to Isabelnors Robertson, Mitchell, Daane, Maisel, Brimmer, la Bank are reasonably satisfactory, as they would and Sherrill. be following the proposed consolidation. (Signed) KENNETH A. KENYON, Convenience and needs of the communities. The Deputy Secretary. [SEAL] 1 Figures are as of December 31, 1969. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

520 FEDERAL RESERVE BULLETIN • JUNE 1970 area around Weidman consists of good quality Summary and conclusion. In the judgment of the farmland. Six lakes constitute the nucleus for a Board, the effect of the proposed consolidation on recreational area which is on the threshold of competition would be no more than slightly addevelopment. The resulting bank, with a higher verse and would be offset by benefits to the banklegal lending limit, would be able to satisfy the ing convenience and needs of the Weidman area. growing demand for banking services in the Weid- Accordingly, the Board concludes that the apman area more readily than could Weidman Bank. plication should be approved. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 521 ORDERS UNDER SECTION 3 OF BANK HOLDING Wood County Company, whose acquisition by Ap- COMPANY ACT plicant was recently approved by the Board, are located about 24 miles apart. The nearest offices of HUNTINGTON BANCSHARES these banks are located slightly over 4 miles from INCORPORATED, COLUMBUS, OHIO each other and consummation of both acquisitions In the matter of the application of Huntington would eliminate a small amount of existing compe- Bancshares Incorporated, Columbus, Ohio, for ap- tition between them. This is offset by the enhanceproval of acquisition of 80 per cent or more of the ment of Bank's competitive capability in relation to voting shares of The Lucas County State Bank, its much larger competitors in its service area which Toledo, Ohio. its proposed acquisition by Applicant may be expected to bring about. Development of further competition between the two banks is unlikely to take ORDER APPROVING ACQUISITION OF BANK STOCK place in view of the relatively overbanked condition BY BANK HOLDING COMPANY of the only two communities where, under Ohio law, There has come before the Board of Governors, both banks may establish branches. Consummation pursuant to section 3(a)(3) of the Bank Holding of the proposed acquisition therefore would not Company Act of 1956 (12 U.S.C. 1842(a)(3)), eliminate significant existing competition or foreand section 222.3(a) of Federal Reserve Regulation close significant potential competition, and would Y (12 CFR 222.3(a)), the application of Hunting- not have undue adverse effects on the viability or ton Bancshares Incorporated, Columbus, Ohio competitive effectiveness of any competing bank. ("Applicant"), a registered bank holding company, Based upon the foregoing, the Board concludes for the Board's prior approval of the acquisition of that consummation of the proposed acquisition 80 per cent or more of the voting shares of The would not have an adverse effect on competition in Lucas County State Bank, Toledo, Ohio ("Bank"). any relevant area. The banking factors, as applied As required by section 3(b) of the Act, the Board to the facts of record, are consistent with approval gave written notice of receipt of the application to of the application, and considerations relating to the the Ohio Superintendent of Banks and requested his convenience and needs of the communities to be views and recommendation. The Superintendent rec- served lend some weight in support of approval. It is ommended approval of the application. the Board's judgment that the proposed transaction Notice of receipt of the application was published would be in the public interest, and that the applicain the Federal Register on March 31, 1970 (35 Fed- tion should be approved. eral Register 5375), providing an opportunity for IT IS HEREBY ORDERED, for the reasons set forth interested persons to submit comments and views above, that said application be and hereby is apwith respect to the proposal. A copy of the applica- proved, provided that the action so approved shall tion was forwarded to the Department of Justice for not be consummated (a) before the thirtieth calenits consideration. Time for filing comments and dar day following the date of this Order or (b) later views has expired and all those received have been than three months after the date of this Order, unconsidered by the Board. less such time be extended for good cause by the The Board has considered the application in the Board, or by the Federal Reserve Bank of Cleveland light of the factors set forth in section 3(c) of the pursuant to delegated authority. Act, including the effect of the proposed acquisition By order of the Board of Governors, May 12, on competition, the financial and managerial re- 1970. sources and future prospects of the Applicant and Voting for this action: Chairman Burns and Goverthe banks concerned, and the convenience and needs nors Robertson, Mitchell, Daane, Maisel, Brimmer, and of the communities to be served, and finds that: Sherrill. Applicant controls six banks (34 offices) with (Signed) NORMAND BERNARD, total deposits of $588 million, representing 3 per Assistant Secretary. cent of the total bank deposits in the State of Ohio. [SEAL] (All banking data are as of June 30, 1969, adjusted to reflect holding company formations and acquisi- SOUTHEAST BANCORPORATION, INC., tions approved by the Board to date.) Upon acqui- MIAMI, FLORIDA sition of Bank ($50 million deposits), Applicant's share of State deposits would increase to 3.2 per In the matter of the application of Southeast Bancent. The headquarters of Bank and of The Bank of corporation, Inc., Miami, Florida, for approval of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

522 FEDERAL RESERVE BULLETIN • JUNE 1970 acquisition of 80 per cent or more of the voting to stimulate additional competition and lead to some shares of Southeast National Bank of Orlando, Or- deconcentration in the area. Consummation of the lando, Florida, a proposed new bank. proposed acquisition would neither eliminate existing competition, foreclose potential competition, nor have adverse effects on the viability or competitive ORDER APPROVING ACQUISITION OF BANK STOCK effectiveness of any competing bank. BY BANK HOLDING COMPANY Based upon the foregoing, the Board concludes There has come before the Board of Governors, that consummation of the proposed acquisition pursuant to section 3(a)(3) of the Bank Holding would not have an adverse effect on competition in Company Act of 1956 (12 U.S.C. 1842(a) (3)) and any relevant area, and would have a procompetitive section 222.3(a) of Federal Reserve Regulation Y effect in Orange County. The banking factors, as ap- (12 CFR 222.3(a)), the application of Southeast plied to the facts of record, are consistent with ap- Bancorporation, Inc., Miami, Florida ("Applicant"), proval of the application, and considerations relating a registered bank holding company, for the Board's to the convenience and needs of the communities to prior approval of the acquisition of 80 per cent or be served lend additional weight in support of apmore of the voting shares of Southeast National proval. It is the Board's judgment that the proposed Bank of Orlando, Orlando, Florida, a proposed new transaction would be in the public interest, and that bank. the application should be approved. As required by section 3(b) of the Act, the Board IT IS HEREBY ORDERED, for the reasons set forth gave written notice of receipt of the application to in the findings summarized above, that said applicathe Comptroller of the Currency and requested his tion be and hereby is approved, provided that the views and recommendation. The Comptroller of- action so approved shall not be consummated (a) fered no objection to approval of the application. before the thirtieth calendar day following the date Notice of receipt of the application was pub- of this Order or (b) later than three months after lished in the Federal Register on March 25, 1970 the date of this Order, unless such time be extended (35 Federal Register 5058), providing an oppor- for good cause by the Board, or by the Federal tunity for interested persons to submit comments Reserve Bank of Atlanta pursuant to delegated auand views with respect to the proposal. A copy of thority. the application was forwarded to the United States By order of the Board of Governors, May 12, Department of Justice for its consideration. Time for 1970. filing comments and views has expired and all those Voting for this action: Vice Chairman Robertson received have been considered by the Board. and Governors Maisel, Brimmer, and Sherrill. Absent The Board has considered the application in the and not voting: Chairman Burns and Governors Mitchell and Daane. light of the factors set forth in section 3(c) of the Act, including the effect of the proposed acquisition (Signed) NORM AND BERNARD, Assistant Secretary. on competition, the financial and managerial resources and future prospects of the Applicant and [SEAL] the banks concerned, and the convenience and COMMERCE BANCSHARES, INC, needs of the communities to be served. Upon such KANSAS CITY, MISSOURI consideration, the Board finds that: Applicant is the second largest banking organiza- In the matter of the application of Commerce tion in Florida, controlling five subsidiary banks Bancshares, Inc., Kansas City, Missouri, for apwhich hold 6.6 per cent of total bank deposits in the proval of acquisition of more than 80 per cent of the State of Florida. (All banking data are as of June 30, voting shares of Mexico Savings Bank, Mexico, 1969, adjusted to reflect holding company forma- Missouri. tions and acquisitions approved by the Board to date.) Since Bank is a proposed new bank, consum- ORDER APPROVING ACQUISITION OF BANK STOCK mation of the proposal would not increase concen- BY BANK HOLDING COMPANY tration in any market. Applicant's closest subsidiary is located 90 miles There has come before the Board of Governors, from Orange County, where Bank would be located. pursuant to section 3(a) (3) of the Bank Holding Banking in Orange County is highly concentrated, Company Act of 1956 (12 U.S.C. 1842(a)(3)) with 42 per cent of area deposits held by one large and section 222.3(a) of Federal Reserve Regulation banking organization. Applicant's entry should help Y (12 CFR 222.3(a)), an application by Com- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 523 merce Bancshares, Inc., Kansas City, Missouri, a The Commissioner interposed no objection to apregistered bank holding company, for the Board's proval of the application. prior approval of the acquisition of more than 80 Statutory considerations. Section 3(c) of the Act per cent of the voting shares of Mexico Savings provides that the Board shall not approve an acqui- Bank, Mexico, Missouri. sition that would result in a monopoly or would be As required by section 3(b) of the Act, the Board in furtherance of any combination or conspiracy to gave written notice of receipt of the application to monopolize or to attempt to monopolize the business the Commissioner of Finance of the State of Mis- of banking in any part of the United States. Nor may souri, and requested his views and recommendation. the Board approve a proposed acquisition the effect The Commissioner interposed no objection to ap- of which, in any section of the country, may be subproval of the application. stantially to lessen competition, or to tend to create Notice of receipt of the application was pub- a monopoly, or which in any other manner would lished in the Federal Register on November 27, be in restraint of trade, unless the Board finds that 1969 (34 Federal Register 18995), providing an op- the anticompetitive effects of the proposed transacportunity for interested persons to submit com- tion are clearly outweighed in the public interest by ments and views with respect to the proposal. A the probable effect of the transaction in meeting the copy of the application was forwarded to the United convenience and needs of the communities to be States Department of Justice for its consideration. served. In each case the Board is required to take Time for filing comments and views has expired and into consideration the financial and managerial reall those received have been considered by the sources and future prospects of the bank holding Board. company and the banks concerned, and the con- IT IS HEREBY ORDERED, for the reasons set forth venience and needs of the communities to be served. in the Board's Statement of this date, that said ap- Competitive effect of proposed transactions. Application be and hereby is approved, provided that plicant is the largest bank holding company and the the action so approved shall not be consummated (a) third largest banking organization in the State of before the thirtieth calendar day following the date Missouri, ranking behind two independent banks of this Order or (b) later than three months after the located in downtown St. Louis. The 12 subsidiary date of this Order unless such time be extended for banks of Applicant hold aggregate deposits of $711 good cause by the Board, or by the Federal Reserve million,1 or 6.9 per cent of the deposits held by all Bank of Kansas City pursuant to delegated authority. commercial banks in the State. Of this amount, By order of the Board of Governors, May 13, about $493 million is accounted for by Applicant's 1970. largest subsidiary, Commerce Trust Company, Kansas City. Acquisition of Mexico Bank ($16.1 mil- Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Daane, Maisel, Brimmer, and lion deposits), would increase the deposits under Sherrill. Applicant's control by only .19 per cent of the (Signed) ELIZABETH L. CARMICHAEL, State total. The 10 largest banking organizations, Assistant Secretary. three are holding companies, presently control 39.3 [SEAL] per cent of Missouri's deposits. Mexico is a small town of about 13,000 located 110 miles from St. Louis in the northeast quadrant STATEMENT of the State. The dominant industry is the produc- Commerce Bancshares, Inc., Kansas City, Mistion of fire brick. Mexico Bank is the larger of two souri ("Applicant"), a registered bank holding banks domiciled in Mexico, and the largest of five company," has applied to the Board of Governors, banks located in Audrain County. However, total pursuant to section 3(a)(3) of the Bank Holding deposits of the five banks combined are only $42 Company Act of 1956 (12 U.S.C. 1842(a)(3)), million. The area has experienced slow growth for prior approval of the acquisition of more than from 1950 to present; and the economic prospects 80 per cent of the voting shares of Mexico Savings of the area are, at best, only stable. Bank, Mexico, Missouri ("Mexico Bank"). Consummation of Applicant's proposal would Views and recommendations of supervisory auhave no direct effect on competition, as Applicant's thority. As required by section 3(b) of the Act, notice of receipt of the application was given to the 1 All banking data are as of June 30, 1969, adjusted to re- Commissioner of Finance of the State of Missouri, flect holding company applications approved by the Board to and his views and recommendations were requested. date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

524 FEDERAL RESERVE BULLETIN • JUNE 1970 subsidiaries do not presently compete with Mexico affected by consummation of the present proposals. Bank. Applicant's closest present or proposed af- Applicant proposes to improve the services in the filiate to Mexico Bank is Columbia National Bank, area served by Mexico Bank by increasing the lendlocated some 38 miles to the southwest. Neither it ing capabilities and liberalizing the loan policies of nor any other of Applicant's subsidiaries derive an the bank, and by providing specialized advice and appreciable amount of business from the area served facilities to meet the area's needs. Mexico Bank, and by Mexico, and Mexico Bank does not compete in indirectly the communities which it serves, would any area served by Applicant's subsidiaries. benefit from the efficiencies of a centralized account- It does not appear that any significant future ing and auditing system and coordinated staff traincompetition would be eliminated by the acquisition. ing. Trust services, presently unavailable in Mexico, Missouri law prohibits branch banking. Therefore, will be initiated by Mexico Bank. Applicant may enter Mexico only by acquiring or Considerations relating to the convenience and establishing a bank there. It appears that the smaller needs of the communities involved support approval of the two Mexico banks is not available for acqui- of the application. sition, and, in view of the present population and Summary and conclusion. On the basis of all the limited growth prospects of the town, it does not relevant facts contained in the record, and in the appear that chartering authorities would be likely to light of the factors set forth in section 3(c) of the authorize establishment of a new bank in the area Act, it is the Board's judgment that the proposed in the foreseeable future. transaction would be in the public interest, and that It is noted that the Department of Justice ad- the application should be approved. vised the Board that in its judgment the acquisition would have an adverse effect on competition as it CONCURRING STATEMENT OF GOVERNOR BRIMMER "would eliminate potential competition of Banc- Although I join in approving the present applicashares, the most likely source of competition in tion, I believe it is necessary to focus more sharply Audrain County, and would further entrench Mexico Savings Bank's dominant market position and on the basic trends in the banking structure in Misraise barriers to entry." Under the particular cir- souri. cumstances of this case, however, the Board finds Missouri is a State with a limited number of large that the evidence does not support a conclusion that banking institutions. Based on the example of other Applicant would be likely to enter into competi- States having that characteristic—notably Colorado, tion in Audrain County if it were foreclosed from Virginia, and Wisconsin—we know that substantial doing so through the present proposal. changes in banking structure throughout such a For the foregoing reasons, the Board concludes State can be brought about in a relatively short that consummation of the proposal will not result period through holding company formations and in a monopoly or be in furtherance of any combina- expansion. There now appears to be a surge of holdtion, conspiracy or attempt to monopolize, and will ing company activity in Missouri, with Applicant not substantially lessen competition, tend to create a principal participant in that activity. Thus, each a monopoly, or restrain trade in any section of the application must be reviewed carefully—not only country. with a view to its effects on competition among Financial and managerial resources and future banks directly involved, but also with due consideraprospects. Applicant's financial condition, manage- tion to its effect on the banking structure. ment, and prospects are regarded as satisfactory, as Having given such consideration to the present is the case with its present subsidiaries. proposal, I join in the Board's conclusion that its Mexico Bank is in good financial condition and consummation would be in the public interest, its prospects are favorable. However, although based on the facts of this particular case. In doing so, present management is regarded as satisfactory, the however, I wish to record my feeling that holding bank has a definite need for management succession company expansion in Missouri must be viewed with which Applicant proposes to assist it in meeting. caution. In particular, the present proposal contem- These considerations are consistent with, and plates Applicant's acquisition of a bank which is the provide some weight in favor of, approval of the largest in the area which it serves. Consequently, it application. seems necessary to warn against any possible in- Convenience and needs of the communities in- terpretation of the Board's approval action as implyvolved. The banking needs of communities served ing general approval of that course of expansion by by Applicant's present subsidiaries would not be the State's largest banking organizations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 525 BRENTON BANKS, INC., deposits for the State. (All banking data are as of DES MOINES, IOWA June 30, 1969, adjusted to reflect bank holding company formations and acquisitions approved by the Board to date.) Upon acquisition of Bank In the matter of the application of Brenton ($24 million deposits), Applicant's share of State Banks, Inc., Des Moines, Iowa, for approval of deposits would increase to 3.1 per cent. Applicant acquisition of 80 per cent or more of the voting has no subsidiary bank in Marshall County, in shares of The Fidelity Savings Bank, Marshallwhich Bank is located. Its closest subsidiary is town, Iowa. located about 30 miles southeast in adjoining Poweshiek County, and neither it nor any other of Applicant's present subsidiaries compete to any ORDER APPROVING ACQUISITION OF BANK STOCK meaningful extent with Bank. Bank is the second BY BANK HOLDING COMPANY largest of nine banks in the area which it serves (Marshall County and a small part of Tama There has come before the Board of Governors, County, adjoining to the east). The largest and pursuant to section 3(a)(3) of the Bank Holding third largest banks in the area (deposits $30 mil- Company Act of 1956 (12 U.S.C. 1842(a)(3)) lion and $15 million, respectively) are also headand section 222.3(a) of Federal Reserve Regulaquartered in Marshalltown, and provide aggressive tion Y (12 CFR 222.3(a)), the application of competition. Consummation of the proposed ac- Brenton Banks, Inc., Des Moines, Iowa ("Appliquisition would not eliminate existing competition cant"), a registered bank holding company, for or foreclose significant potential competition, and the Board's prior approval of the acquisition of 80 would not have undue adverse effects on the viaper cent or more of the voting shares of The bility or competitive effectiveness of any competing Fidelity Savings Bank, Marshalltown, Iowa bank. ("Bank"). Based upon the foregoing, the Board concludes As required by section 3(b) of the Act, the that consummation of the proposed acquisition Board gave written notice of receipt of the appliwould not have an adverse effect on competition cation to the Superintendent of the Department of in any relevant area. The banking factors, as ap- Banking for the State of Iowa and requested his plied to the facts of record, are consistent with views and recommendation. The Deputy Superinapproval of the application, and considerations tendent replied, and recommended approval of the relating to the convenience and needs of the comapplication. munities to be served lend some weight in support Notice of receipt of the application was pubof approval. It is the Board's judgment that the lished in the Federal Register on April 9, 1970 proposed transaction would be in the public inter- (35 Federal Register 5841), which provided an est, and that the application should be approved. opportunity for interested persons to submit com- IT IS HEREBY ORDERED, for the reasons set forth ments and views with respect to the proposal. A above, that said application be and hereby is apcopy of the application was forwarded to the proved, provided that the action so approved shall United States Department of Justice for its connot be consummated (a) before the thirtieth sideration. The time for filing comments and calendar day following the date of this Order or views has expired and all those received have been (b) later than three months after the date of this considered by the Board. Order, unless such time be extended for good The Board has considered the application in the cause by the Board, or by the Federal Reserve light of the factors set forth in section 3(c) of the Bank of Chicago pursuant to delegated authority. Act, including the effect of the proposed acquisi- By order of 'the Board of Governors, May 13, tion on competition, the financial and managerial 1970. resources of the Applicant and the banks concerned, and the convenience and needs of the com- Voting for this action: Vice Chairman Robertson and munities to be served. Upon such consideration, Governors Mitchell, Maisel, Brimmer, and Sherrill. Absent and not voting: Chairman Burns and Governor the Board finds that: Daane. Applicant, the second largest bank holding company and the third largest banking organization in (Signed) ELIZABETH L. CARMICHAEL, Iowa, has 15 subsidiary banks with $156 million in Assistant Secretary. deposits, which represent 2.7 per cent of the total [SEAL] Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

526 FEDERAL RESERVE BULLETIN • JUNE 1970 COMMERCE BANCSHARES, INC., approved by the Board to date.) Bank, with de- KANSAS CITY, MISSOURI posits of $17.4 million, is slightly the smaller of two banks located in Moberly and the second In the matter of the application of Commerce largest among five banks in Randolph County. Bancshares, Inc., Kansas City, Missouri, for ap- Applicant has no subsidiary in Randolph County. proval of acquisition of more than 80 per cent of Its closest subsidiary is located in Boone County, the voting shares of Mechanics Bank and Trust about 35 miles southeast of Moberly, and neither Company, Moberly, Missouri. it nor any other of Applicant's present subsidiaries competes with Bank to any meaningful extent. It ORDER APPROVING ACQUISITION OF BANK STOCK does not appear that existing competition would BY BANK HOLDING COMPANY be eliminated, or significant potential competition foreclosed, by consummation of Applicant's pro- There has come before the Board of Governors, posal, or that there would be undue adverse effects pursuant to section 3(a)(3) of the Bank Holding on any other bank in the area involved. Company Act of 1956 (12 U.S.C. 1842(a)(3)) Based upon the foregoing, the Board concludes and section 222.3(a) of Federal Reserve Regulathat consummation of the proposed acquisition tion Y (12 CFR 222.3(a)), an application by would not have significant adverse effects on com- Commerce Bancshares, Inc., Kansas City, Mispetition in any relevant area. Applicant proposes to souri ("Applicant"), a registered bank holding provide additional capital needed by Bank, and the company, for the Board's prior approval of the acquisition would also result in stronger manageacquisition of more than 80 per cent of the voting ment direction of Bank; these considerations lend shares of Mechanics Bank and Trust Company, some weight toward approval of the application. Moberly, Missouri ("Bank"). Major banking needs of the area served by Bank As required by section 3(b) of the Act, the are being adequately met at present. However, Board gave written notice of receipt of the applica- consummation of the proposal would result in imtion to the Commissioner of Finance of the State provements in Bank's lending services, and would of Missouri, and requested his views and recom- permit the introduction of specialized services not mendation. The Commissioner commented that now available in the area. It is the Board's judghe viewed the proposal as a progressive step for ment that consummation of the proposed acquisibanking in the area involved. tion would be in the public interest, and that the Notice of receipt of the application was pub- application should be approved. lished in the Federal Register on April 3, 1970 IT IS HEREBY ORDERED, on the basis of the find- (35 Federal Register 5570), providing an opporings summarized above, that said application be tunity for interested persons to submit comments and hereby is approved, provided that the acquisiand views with respect to the proposal. A copy of tion so approved shall not be consummated (a) the application was forwarded to the United States before the thirtieth calendar day following the date Department of Justice for its consideration. Time of this Order or (b) later than three months after for filing comments and views has expired and all the date of this Order, unless such period is exthose received have been considered by the Board. tended for good cause by the Board, or by the The Board has considered the application in the Federal Reserve Bank of Kansas City pursuant to light of the factors set forth in section 3(c) of the delegated authority. Act, including the effect of the proposed acquisi- By order of the Board of Governors, May 21, tion on competition, the financial and managerial 1970. resources and future prospects of the Applicant Voting for this action: Chairman Burns and Goverand the banks concerned, and the convenience and nors Robertson, Mitchell, Daane, Maisel, Brimmer, and needs of the communities to be served. Upon such Sherrill. consideration, the Board finds that: (Signed) KENNETH A. KENYON, Applicant, the largest bank holding company Deputy Secretary. and the third largest banking organization in Mis- [SEAL] souri, has 13 subsidiary banks with $727 million in deposits, which represent 7.1 per cent of the CONCURRING STATEMENT OF GOVERNOR BRIMMER total deposits of all banks in the State. (All bank- I join in the Board's action approving the subing data are as of June 30, 1969, adjusted to re- ject application, on the basis of the facts of this flect holding company formations and acquisitions particular case. However, for the reasons which Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 527 I cited in my Concurring Statement in connection warded to the United States Department of Justice with Applicant's proposal to acquire shares of for its consideration. The time for filing comments Mexico Savings Bank, Mexico, Missouri (1970 and views has expired and all those received have Federal Reserve BULLETIN, 524), I believe the been considered by the Board. accelerating pace of holding company activity in IT IS HEREBY ORDERED, for the reasons set forth Missouri, particularly on the part of this Applicant, in the Board's Statement of this date, that said apbears close attention. plication be and hereby is approved, provided that the action so approved shall not be consummated FIRST BANCSHARES OF FLORIDA, INC., (a) before the thirtieth calendar day following the BOCA RATON, FLORIDA date of this Order or (b) later than three months after the date of this Order, unless such period is In the matter of the application of First Bancextended for good cause by the Board, or by the shares of Florida, Inc., Boca Raton, Florida, for Federal Reserve Bank of Atlanta pursuant to deleapproval of action to become a bank holding comgated authority. pany through the acquisition of 80 per cent or By order of the Board of Governors, May 21, more of the voting shares of First Bank and Trust 1970. Company of Boca Raton, National Association, Boca Raton; University National Bank of Boca Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Daane, Maisel, and Brimmer. Raton, Boca Raton; First National Bank and Trust Absent and not voting: Governor Sherrill. Company of Riviera Beach, Riviera Beach; and (Signed) KENNETH A. KENYON, Citizens Bank of Palm Beach County, West Palm Deputy Secretary. Beach, all in the State of Florida. [SEAL] ORDER APPROVING ACTION TO BECOME STATEMENT BANK HOLDING COMPANY First Bancshares of Florida, Inc., Boca Raton, There has come before the Board of Governors, Florida ("Applicant"), has applied to the Board, pursuant to section 3(a)(1) of the Bank Holding pursuant to section 3(a)(1) of the Bank Holding Company Act of 1956 (12 U.S.C. 1842(a)(1)), Company Act of 1956, for prior approval of acand section 222.3(a) of Federal Reserve Regula- tion to become a bank holding company, through tion Y (12 CFR 222.3(a)), an application by the acquisition of 80 per cent or more of the voting First Bancshares of Florida, Inc., Boca Raton, shares of First Bank and Trust Company of Boca Florida, for the Board's prior approval of action Raton, National Association, Boca Raton ("First whereby Applicant would become a bank holding Bank"); University National Bank of Boca Raton, company through the acquisition of 80 per cent or Boca Raton ("University Bank"); First National more of the voting shares of First Bank and Trust Bank and Trust Company of Riviera Beach, Riviera Company of Boca Raton, National Association, Beach ("Riviera Beach Bank"); and Citizens Bank Boca Raton; University National Bank of Boca of Palm Beach County, West Palm Beach ("West Raton, Boca Raton; First National Bank and Trust Palm Beach Bank"), all in the State of Florida. Company of Riviera Beach, Riviera Beach; and Views and recommendations of supervisory au- Citizens Bank of Palm Beach County, West Palm thorities. As required by section 3(b) of the Act, Beach, all in the State of Florida. the Board gave written notice of receipt of the ap- As required by section 3(b) of the Act, the plication to the Comptroller of the Currency and the Board gave written notice of receipt of the appli- Florida Commissioner of Banking, and requested cation to the Comptroller of the Currency and their views and recommendations. The Comptroller the Florida Commissioner of Banking, and re- and the Commissioner recommended approval of quested their views and recommendations. The the application. Comptroller and the Commissioner recommended Statutory considerations. Section 3(c) of the Act approval of the application. provides that the Board shall not approve an acqui- Notice of receipt of the application was pub- sition that would result in a monopoly or would be in lished in the Federal Register on March 31, 1970 furtherance of any combination or conspiracy to (35 Federal Register 5375), which provided an monopolize or to attempt to monopolize the business opportunity for interested persons to submit com- of banking in any part of the United States. Nor ments and views with respect to the proposed may the Board approve a proposed acquisition, the transaction. A copy of the application was for- effect of which, in any section of the country, may Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

528 FEDERAL RESERVE BULLETIN • JUNE 1970 be substantially to lessen competition, or to tend to lap in their service areas. Because of the nature and create a monopoly, or which in any other manner origins of their affiliation, however, the two banks would be in restraint of trade, unless the Board finds have never been competitors and appear unlikely that the anticompetitive effects of the proposed to become such. transaction are clearly outweighed in the public In view of the absence of present or potential interest by the probable effect of the transaction competition between banks in either of the affiliated in meeting the convenience and needs of the com- groups, or between the two groups, it does not appear munities to be served. In each case the Board is that Applicant's proposal would adversely affect required to take into consideration the financial competition in any area. and managerial resources and future prospects of On the basis of the foregoing, the Board conthe bank holding company and the banks concerned, cludes that consummation of the proposed transacand the convenience and needs of the communities tion would not result in a monopoly, nor be in furto be served. therance of any combination, conspiracy or attempt Competitive effect of the proposed transaction. to monopolize the business of banking in any part The 10 largest banking organizations in Florida are of the United States, and would not restrain trade, bank holding companies, and control 40 per cent of substantially lessen competition, or tend to create the State's commercial bank deposits. Applicant's a monopoly in any part of the country. acquisition of voting shares of First Bank ($53 mil- Financial and managerial resources and future lion deposits); University Bank ($11 million de- prospects. Applicant, a newly organized Florida corposits) ; Riviera Beach Bank ($20 million deposits); poration, has no financial or operating history. Its and West Palm Beach Bank ($10 million deposits) projected financial condition is satisfactory, as is its would result in its becoming the fifteenth largest management, which is to be drawn primarily from bank holding company in the State. It would control the First Bank. Applicant's prospects, which would less than 1 per cent of State deposits, and would rank be dependent upon those of the four banks it proseventeenth in size among banking organizations in poses to acquire, appear favorable. Florida. The consummation of Applicant's proposal The present financial condition of each of the four would not significantly affect State-wide banking proposed subsidiary banks is considered to be genconcentration. erally satisfactory, giving appropriate weight to Applicant's expressed intention to strengthen the The four proposed subsidiary banks are located capital of each of the banks. The management of in Palm Beach County. Their combined deposits, each proposed subsidiary is considered to be experirepresenting 13.4 per cent of the county's total, enced and capable, and the prospects of the banks would rank Applicant as the third largest banking appear favorable. organization headquartered in Palm Beach County, The Board concludes that considerations relatbut as the fifth largest banking organization and the ing to the banking factors are consistent with apsmallest of four bank holding companies represented proval of the application. in the area. Convenience and needs of the communities in- Riviera Beach Bank is located in the northeast volved. The banking needs of the communities section of the county, about eight miles north of involved appear to be adequately met by existing West Palm Beach Bank, and eight banks compete in banking facilities. However, the proposal would the intervening area. The Riviera Beach Bank serves permit more effective competition with the large a population of approximately 62,000, and the banking institutions in Palm Beach County. The smaller West Palm Beach Bank serves a population banks would have increased lending capability as a of 39,500; the areas which they serve do not overresult of greater facility for arranging participations lap. The two banks have been affiliated since 1964, among them; hiring of specialized personnel would but even in the absence of such affiliation it does not be more feasible for Applicant than for the conappear that the two banks would be significant comstituent banks; the banks would have access to a petitors. computer center to be installed at First Bank; and First Bank and University Bank are located in the holding company organization would allow Boca Raton, 25 miles south of West Palm Beach, economies of operation through combination of and have been affiliated since University Bank was functions such as advertising, public relations, auditopened in 1965 in order to provide more convenient ing, investment and promotion programs, and trust services to customers located in the area. They are services. only 2.5 miles apart, and there is a substantial over- The Board concludes that considerations under Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 529 this factor lend some support for approval of the Applicant is the fourth largest banking organizaapplication. tion in Florida, controlling 14 banks which hold Summary and conclusion. On the basis of all $550 million in deposits, equalling 4.7 per cent of relevant facts contained in the record, and in the total bank deposits in the State of Florida. (All light of the factors set forth in section 3(c) of the banking data are as of June 30, 1969, adjusted to Act, it is the Board's judgment that the proposed reflect holding company formations and acquisitions transaction would be in the public interest and that approved by the Board to date.) Consummation of the application should be approved. the proposal would not increase concentration in any market, as Bank is a proposed new bank. ATLANTIC BANCORPORATION Bank would be located in downtown Orlando, the JACKSONVILLE, FLORIDA principal city in Orange County. Applicant's only present subsidiary in Orange County is a bank with In the matter of the application of Atlantic Ban- $10 million in deposits, located in Winter Haven corporation, Jacksonville, Florida, for approval of 7.1 miles north of Orlando. None of Applicant's acquisition of 60 per cent or more of the voting subsidiaries competes to any significant extent in shares of The Atlantic Bank of Orlando, Orlando, the Orlando area. The largest banking organization Florida, a proposed new bank. in Orange County is a bank holding company cen- ORDER APPROVING ACQUISITION OF BANK STOCK tered in Orlando, the subsidiaries of which hold 42 BY BANK HOLDING COMPANY per cent of deposits in the County. Applicant's entry into Orlando would likely stimulate additional com- There has come before the Board of Governors, petition and promote deconcentration in the area. pursuant to section 3(a)(3) of the Bank Holding Consummation of the proposed acquisition would Company Act of 1956 (12 U.S.C. 1842(a) (3) and neither eliminate existing competition, foreclose posection 222.3(a) of Federal Reserve Regulation Y tential competition, nor have adverse effects on the (12 CFR 222.3(a)), the application of Atlantic viability or competitive effectiveness of any com- Bancorporation, Jacksonville, Florida ("Applipeting Bank. cant"), a registered bank holding company, for the Board's prior approval of the acquisition of 60 per Based upon the foregoing, the Board concludes cent or more of the voting shares of The Atlantic that consummation of the proposed acquisition Bank of Orlando, Orlando, Florida, a proposed new would not have an adverse effect on competition in bank. any relevant area, and would have a procompetitive effect in Orlando and Orange Counties. The banking As required by section 3(b) of the Act, the Board factors, as applied to the facts of record, are congave written notice of receipt of the application to sistent with approval of the application, and the the Commissioner of Banking of the State of Florconvenience to the Orlando community of an addiida and requested his views and recommendation. tional full service bank is a consideration which The Commissioner recommended approval of the lends additional weight in support of approval. It is application. the Board's judgment that the proposed transaction Notice of receipt of the application was published would be in the public interest, and that the appliin the Federal Register on April 11, 1970 (35 Fedcation should be approved. eral Register 6025), providing an opportunity for interested persons to submit comments and views IT IS HEREBY ORDERED, for the reasons set forth with respect to the proposal. A copy of the applica- in the findings summarized above, that said applition was forwarded to the United States Depart- cation be and hereby is approved, provided that the ment of Justice for its consideration. Time for action so approved shall not be consummated (a) filing comments and views has expired and all those before the thirtieth calendar day following the date received have been considered by the Board. of this Order or (b) later than three months after The Board has considered the application in the the date of this Order; and that The Atlantic Bank light of the factors set forth in section 3(c) of the of Orlando shall be opened for business not later Act, including the effect of the proposed acquisition than six months after the date of this Order. The on competition, the financial and managerial re- latter time periods may be extended for good cause sources and future prospects of the Applicant and by the Board, or by the Federal Reserve Bank of the banks concerned, and the convenience and needs Atlanta pursuant to delegated authority. of the communities to be served. Upon such con- By order of the Board of Governors, May 21, sideration, the Board finds that: 1970. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

530 FEDERAL RESERVE BULLETIN • JUNE 1970 Voting for this action: Chairman Burns and Gover- $262 million—less than 1 per cent of total bank nors Robertson, Mitchell, Daane, Maisel, Brimmer, and deposits in the State of California. (All banking Sherrill. data are as of June 30, 1969, adjusted to reflect (Signed) KENNETH A. KEN YON, holding company formations and acquisitions ap- Deputy Secretary. proved by the Board to date.) Applicant's initial [SEAL] entry into Solano County by acquisition of a new bank would have no significant effect on concen- CENTRAL BANKING SYSTEM, INC, tration of banking resources. OAKLAND, CALIFORNIA Applicant's closest subsidiary is located 30 miles In the matter of the application of Central Bank- from Fairfield, county seat of Solano County. Bank's ing System, Inc., Oakland, California, for approval competitors would be four branches of the three of acquisition of at least 51 per cent of the voting large State-wide banks, and one unit bank with deshares of Bank of Fairfield, Fairfield, California, a posits of $10 million. Applicant's proposal could proposed new bank. stimulate additional competition, and would neither eliminate existing competition, foreclose potential competition, nor have adverse effects on the viability ORDER APPROVING ACQUISITION OF BANK STOCK or competitive effectiveness of any competing bank. BY BANK HOLDING COMPANY Based on the foregoing, the Board concludes that There has come before the Board of Governors, increased competition would likely result from conpursuant to section 3(a)(3) of the Bank Holding summation of the proposed acquisition. In the past, Company Act of 1956 (12 U.S.C. 1842(a)(3)), the Board has expressed concern over the manand section 222.3(a) of Federal Reserve Regulation agerial policy and capital position of Applicant's Y (12 CRF 222.3(a)), the application of Central largest subsidiary bank. While the basis for that Banking System, Inc., Oakland, California ("Appli- concern has not been entirely eliminated, there have cant"), a registered bank holding company, for the been improvements which, in the Board's judgment, Board's prior approval of the acquisition of at least are sufficient to support approval of Applicant's acquisition of a newly organized bank. Therefore, 51 per cent of the voting shares of Bank of Fairfield, the banking factors, as applied to the facts of record, Fairfield, California ("Bank"), a proposed new are generally consistent with approval of the applibank. cation. Considerations relating to the convenience As required by section 3(b) of the Act, the Board and needs of the communities to be served lend gave written notice of receipt of the application to additional weight in support of the approval. It is the Superintendent of Banks for the State of Calthe Board's judgment that the proposed transaction ifornia and requested his views and recommendawould be in the public interest, and that the application. The Superintendent recommended approval of tion should be approved. the application. Notice of receipt of the application was published IT IS HEREBY ORDERED, for the reasons set forth in the findings summarized above, that said applicain the Federal Register on December 6, 1969 (34 tion be and hereby is approved, provided that the Federal Register 19393), providing an opportunity action so approved shall not be consummated (a) for interested persons to submit comments and before the thirtieth calendar day following the date views with respect to the proposal. A copy of the of this Order or (b) later than three months after the application was forwarded to the United States date of this Order; and that the Bank of Fairfield Department of Justice for its consideration. Time be opened for business not later than six months for filing comments and views has expired and all after the date of this Order. The latter time periods those received have been considered by the Board. may be extended for good cause by the Board, or The Board has considered the application in the by the Federal Reserve Bank of San Francisco purlight of the factors set forth in section 3(c) of the suant to delegated authority. Act, including the effect of the proposed acquisition By order of the Board of Governors, May 22, on competition, the financial and managerial re- 1970. sources and future prospects of the Applicant and Voting for this action: Unanimously with all present. the banks concerned, and the convenience and needs of the communities to be served. Upon such con- (Signed) KENNETH A. KEN YON, sideration, the Board finds that: Deputy Secretary. Applicant controls five banks with deposits of [SEAL] Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 531 THE MARINE CORPORATION, for prior approval" of the acquisition of 80 per cent MILWAUKEE, WISCONSIN or more of the voting shares of Bank of Kewaskum, Kewaskum, Wisconsin ("Bank"). In the matter of the application of The Marine Views and recommendation of supervisory au- Corporation, Milwaukee, Wisconsin, for approval thority. As required by section 3(b) of the Act, of acquisition of 80 per cent or more of the voting the Board gave written notice of receipt of the shares of Bank of Kewaskum, Kewaskum, Wisconapplication to the Commissioner of Banking of the sin. State of Wisconsin and requested his views and recommendation. The Commissioner offered no ORDER DENYING APPLICATION FOR ACQUISITION objection to approval of the application. OF BANK STOCK BY BANK HOLDING COMPANY Statutory considerations. Section 3(c) of the Act provides that the Board shall not approve an ac- There has come before the Board of Governors, quisition that would result in a monopoly or would pursuant to section 3(a)(3) of the Bank Holding be in furtherance of any combination or conspir- Company Act of 1956 (12 U.S.C. 1842(a)(3)) acy to monopolize or to attempt to monopolize the and section 222.3(a) of Federal Reserve Regulabusiness of banking in any part of the United tion Y (12 CFR 222.3(a)), the application of The States. Nor may the Board approve a proposed ac- Marine Corporation, Milwaukee, Wisconsin, for quisition, the effect of which, in any section of the the Board's prior approval of the acquisition of 80 country, may be substantially to lessen competiper cent or more of the voting shares of Bank of tion, or to tend to create a monopoly, or which in Kewaskum, Kewaskum, Wisconsin. any other manner would be in restraint of trade, As required by section 3(b) of the Act, the unless the Board finds that the anticompetitive ef- Board gave written notice of receipt of the applicafects of the proposed transaction are clearly outtion to the Commissioner of Banking of the State weighed in the public interest by the probable efof Wisconsin, and requested his views and recomfect of the transaction in meeting the convenience mendation. The Commissioner offered no objecand needs of the community to be served. In each tion to approval of the application. case, the Board is required to take into considera- Notice of receipt of the application was pubtion the financial and managerial resources and lished in the Federal Register on March 26, 1970 future prospects of the bank holding company and (35 Federal Register 5137), providing an opporthe banks concerned, and the convenience and tunity for interested persons to submit comments needs of the community to be served. and views with respect to the proposal. A copy of Competitive effect of the proposed transaction. the application was forwarded to the United States The 10 largest banking organizations in Wisconsin, Department of Justice for its consideration. Time each of which is a registered or approved bank for filing comments and views has expired and all holding company, control close to 39 per cent of those received have been considered by the Board. the total deposits in the State. Applicant, the sec- IT IS HEREBY ORDERED, for the reasons set forth ond largest banking organization in Wisconsin on in the Board's Statement of this date, that said apthe basis of deposits, controls 14 banks with agplication be and hereby is denied. gregate total deposits of $549 million.1 Bank has By order of the Board of Governors, May 22, total deposits of $10.6 million. Acquisition of 1970. Bank would raise Applicant's control from 6.6 to Voting for this action: Chairman Burns and Gover- 6.7 per cent of total bank deposits in the State. nors Robertson, Mitchell, Daane, Maisel, Brimmer, and Sherrill. Such increase in banking concentration at the (Signed) KENNETH A. KENYON, State level is not regarded by itself as significant. Deputy Secretary. Bank's single office is the only bank in the incor- [SEAL] porated village of Kewaskum, which is in Washington County, Wisconsin, approximately 43 miles STATEMENT northwest of downtown Milwaukee. Applicant has two subsidiary banks in Washington County, The Marine Corporation, Milwaukee, Wisconsin namely, The Germantown Marine Bank located 24 ("Applicant"), a registered bank holding company, has applied to the Board of Governors, pur- 1 Unless otherwise noted, all banking data are as of June 30, 1969, refer to insured commercial banks, and reflect suant to section 3(a)(3) of the Bank Holding holding company acquisitions for which Board approvals Company Act of 1956 (12 U.S.C. 1842(a)(3)), have been issued to date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

532 FEDERAL RESERVE BULLETIN • JUNE 1970 miles southeast of Kewaskum, and the West Bend compete with Bank for savings dollars, and finance Marine Bank located IV2 miles to the south and companies in West Bend compete with Bank for slightly east of Bank. These two subsidiary banks installment loans; and that savings and loan ashave aggregate total deposits of close to $16 mil- sociations compete with Bank for savings deposits lion and hold 18 per cent of deposits in the and mortgage loans from the communities of West county. Bank holds 12 per cent of such deposits. Bend, Fond du Lac and Milwaukee. Thus the No other holding company is represented in the facts before the Board indicate that the Kewascounty. kum and West Bend communities are economically Bank's service area is stated by Applicant to linked; and Applicant's West Bend subsidiary and consist of the village of Kewaskum and the sur- Bank compete in the same market. rounding area, extending approximately 4.0 miles The First National Bank of West Bend (denorth of Bank's office, 6.5 miles east, 3.5 miles posits $26.6 million) is the largest of eight banks south and 6.5 miles west, with a total estimated in the market with 39.7 per cent of deposits there. population of approximately 6,000. The southern Applicant's subsidiary, the West Bend Marine boundary of Bank's service area is described by Ap- Bank, controls over 16 per cent of such deposits plicant as approximately one mile from the north- and ranks second. Bank is the third largest and conern boundary of the service area of West Bend trols almost 16 per cent of the deposits in the area. Marine Bank. However, after consideration of all Of the other five banks in the market, the largest the facts in the record, the Board concludes that, for has $6.2 million of deposits. On this basis, conpurposes of the subject application, the relevant summation of the proposed acquisition would give market includes the city of West Bend and the sur- Applicant control of the second and third largest rounding communities including the Kewaskum banks in the market and approximately one-third area, the upper two-thirds of Washington County, of the area's total deposits. and the lower portion of Fond du Lac County, in- According to the Application, several parties cluding the town of Campbellsport. have shown an interest in acquiring the shares of West Bend, with a population of about 13,000, the present owners of the Bank under arrangeis the seat of Washington County and is the ments that apparently would not have anticompeticounty's commercial and industrial center. West tive implications and might present procompeti- Bend attracts workers from nearby towns, includ- tive considerations. ing Kewaskum. Also, there appears to be a flow of On the facts in the record, it appears that conemployees from West Bend to Kewaskum. In its summation of the proposal herein would cause a application to the Board to acquire West Bend significant increase in concentration of banking Marine Bank, Applicant described Kewaskum resources in the relevant market area; would Bank as a competitor of West Bend Marine Bank. eliminate competition between banks in the same In explaining its current position that these banks market; would be to the competitive disadvantage are not in competition with each other, Applicant of the smaller banks in the market; and would states that neither bank solicits business from the foreclose the possibility of alternative proposals other's trade area. Even if these two banks have for acquisition of Bank that would be less antinot sought, or acquired, a significant amount of competitive than the current proposal, and that business or customers from each other's service might lead to the entry of an organization not now area, there appears to be no reason why they could represented in the area and to an increase of comnot do so. The record shows that there are no petition. banks in the relatively short distance intervening The Board concludes that consummation of between Bank and Applicant's subsidiary in West Applicant's proposal would have a significantly Bend. This fact, the proximity of the banks, and anticompetitive effect in the relevant local area; the commuting patterns in the area tend to support and the proposed acquisition would not be in the Applicant's earlier conclusion that the banks are public interest, unless such adverse effects are competitors. In addition, it is noted that Applicant clearly outweighed by considerations related to the considers the First National Bank of West Bend, convenience and needs of the community to be which is located one block north of Applicant's served or the banking factors. West Bend subsidiary, to "be directly and most Financial and managerial resources and future significantly competitive with Bank". Also, Approspects. The financial condition, management, plicant states that credit unions in West Bend and prospects of Applicant are considered to be Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 533 satisfactory. The condition and management of of the voting shares of First Atlantic Bank, Hampthe subsidiaries are also regarded as generally sat- ton, Virginia, a proposed new bank. isfactory, particularly in the light of Applicant's plans, and ability, to strengthen the capital of a ORDER APPROVING ACQUISITION OF BANK STOCK number of the subsidiaries. Prospects of the group BY BANK HOLDING COMPANY appear favorable. There has come before the Board of Governors, The financial condition and management of pursuant to section 3(a)(3) of the Bank Holding Bank are satisfactory. Its prospects appear favora- Company Act of 1956 (12 U.S.C. 1842(a)(3)) ble whether or not it is acquired by Applicant. and section 222.3(a) of Federal Reserve Regula- Considerations relating to the banking factors tion Y (12 CFR 222.3(a)), the application of are consistent with, but lend no significant weight First Virginia Bankshares Corporation, Arlington, in favor of, approval. Virginia ("Applicant"), a registered bank holding Convenience and needs of the community in- company, for the Board's prior approval of the volved. Applicant proposes a number of improve- acquisition of 90 per cent or more of the voting ments for Bank, including the accommodation of shares of First Atlantic Bank, Hampton, Virginia, larger loans, the expansion of loan and trust de- a proposed new bank. partment services, the offering of foreign trade ad- As required by section 3(b) of the Act, the vice and services and various computer related Board gave written notice of receipt of the apservices, and the introduction of special passbook plication to the Commissioner of Banking of the accounts. Applicant also proposes a program for State of Virginia and requested his views and recpersonnel training and bank protection. Consum- ommendation. The Commissioner recommended mation of the subject proposal may result in in- approval of the application. creasing the amount and quality of banking serv- Notice of receipt of the application was pubices offered by Bank and may afford added conlished in the Federal Register on April 9, 1970 (35 venience to some of its customers. However, it ap- Federal Register 5843), providing an opportunity pears that all major banking requirements of the for interested persons to submit comments and area currently are being adequately served and, views with respect to the proposal. A copy of the therefore, such benefits as may result from the application was forwarded to the United States proposed acquisition fall short of constituting a Department of Justice for its consideration. Time compelling consideration favoring approval of the for filing comments and views has expired and all application. The Board finds that the anticomthose received have been considered by the Board. petitive effects inherent in the proposal are not The Board has considered the application in the outweighed by the probable effects of the acquisilight of the factors set forth in section 3(c) of the tion in meeting the convenience and needs of the Act, including the effect of the proposed acquisicommunity to be served. tion on competition, the financial and managerial Summary and conclusion. On the basis of all resources and future prospects of the Applicant relevant facts in the record, and in the light of the and the banks concerned, and the convenience and factors set forth in section 3(c) of the Act, it is needs of the communities to be served. Upon such the Board's judgment that the proposed acquisition consideration, the Board finds that: would have a significantly adverse effect on com- Applicant is the sixth largest banking organizapetition, without offsetting benefits under the con- tion, and the fourth largest bank holding company, venience and needs factors or the banking factors. in Virginia, controlling 12 subsidiary banks which Accordingly, the Board concludes that consum- hold 6.4 per cent of total bank deposits in the mation of the proposal would not be in the public State. (All banking data are as of June 30, 1969, interest and that the application should be denied. adjusted to reflect holding company formations and acquisitions approved by the Board to date.) FIRST VIRGINIA BANKSHARES Since Bank is a proposed new bank, consumma- CORPORATION, ARLINGTON, tion of the proposal would not increase concentra- VIRGINIA tion in any market. While two of Applicant's subsidiaries operate In the matter of the application of First Vir- offices 14 and 17 miles distant, respectively, from ginia Bankshares Corporation, Arlington, Virginia, Bank's proposed site, these offices are not readily for approval of acquisition of 90 per cent or more accessible to the Newport News-Hampton area Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

534 FEDERAL RESERVE BULLETIN • JUNE 1970 where Bank will be located, and Virginia law pro- ORDER APPROVING APPLICATION UNDER hibits the subsidiaries of Applicant referred to, on BANK HOLDING COMPANY ACT the one hand, and Bank, on the other, from There has come before the Board of Governors, branching into the others' service areas. pursuant to section 3(a)(3) of the Bank Holding Applicant's entry should stimulate additional Company Act of 1956 (12 U.S.C. 1842(a)(3)) competition and lead to some deconcentration in and section 222.3(a) of Federal Reserve Regulathe area. Consummation of the proposed acquisition Y (12 CFR 222.3(a)), the application of tion would neither eliminate existing competition, New Hampshire Bankshares, Inc., Nashua, New foreclose potential competition, nor have adverse Hampshire, for the Board's prior approval of the effects on the viability or competitive effectiveness acquisition of up to 100 per cent of the voting of any competing bank. shares of The Keene National Bank, Keene, New Based upon the foregoing, the Board concludes Hampshire. that consummation of the proposed acquisition As required by section 3(b) of the Act, the would not have an adverse effect on competition Board gave written notice of receipt of the applicain any relevant area, and would have a procomtion to the Comptroller of the Currency and repetitive effect in the Newport News-Hampton area. quested his views and recommendation. The The banking factors, as applied to the facts of Comptroller recommended approval of the aprecord, and considerations relating to the conplication. venience and needs of the communities to be Notice of receipt of the application was pubserved are consistent with approval of the applicalished in the Federal Register on March 31, 1970 tion. It is the Board's judgment that the proposed (35 Federal Register 5375), providing an opportransaction would be in the public interest, and tunity for interested persons to submit comments that the application should be approved. and views with respect to the proposal. A copy of IT IS HEREBY ORDERED, for the reasons set forth the application was forwarded to the United States in the findings summarized above, that said ap- Department of Justice for its consideration. Time plication be and hereby is approved, provided that for filing comments and views has expired, and all the action so approved shall not be consumthose received have been considered by the Board. mated (a) before the thirtieth calendar day fol- IT IS HEREBY ORDERED, for the reasons set forth lowing the date of this Order or (b) later than in the Board's Statement of this date, that said three months after the date of this Order; and that application be and hereby is approved, provided First Atlantic Bank shall be opened for business that no shares may be acquired pursuant to this not later than six months after the date of this approval unless Applicant acquires more than 50 Order. The latter time periods may be extended for per cent of the outstanding voting shares of The good cause by the Board, or by the Federal Re- Keene National Bank, and provided further that serve Bank of Richmond pursuant to delegated the action so approved shall not be consummated authority. (a) before the thirtieth calendar day following the By order of the Board of Governors, May 28, date of this Order or (b) later than three months 1970. after the date of this Order, unless such time shall Voting for this action: Chairman Burns and Gover- be extended by the Board, or by the Federal Renors Robertson, Mitchell, Maisel, and Brimmer. Absent serve Bank of Boston pursuant to delegated auand not voting: Governors Daane and Sherrill. thority. (Signed) KENNETH .A. KENYON, By order of the Board of Governors, May 28, Deputy Secretary. 1970. [SEAL] Voting for this action: Chairman Burns and Governors Mitchell, Daane, Maisel, and Brimmer. Voting against this action: Vice Chairman Robertson. Absent and not voting: Governor Sherrill. NEW HAMPSHIRE BANKSHARES, INC., NASHUA, NEW HAMPSHIRE (Signed) KENNETH A. KENYON, Deputy Secretary. In the matter of the application of New Hamp- [SEAL] shire Bankshares, Inc., Nashua, New Hampshire, for approval of acquisition of up to 100 per cent STATEMENT of the voting shares of The Keene National Bank, New Hampshire Bankshares, Inc., Nashua, New Keene, New Hampshire. Hampshire ("Applicant"), a registered bank hold- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 535 ing company, has applied to the Board of Gover- shire, has seven subsidiary banks. Its subsidiaries nors, pursuant to section 3(a)(3) of the Bank hold $137 million in deposits, equal to 17 per cent Holding Company Act of 1956 (12 U.S.C. of commercial bank deposits in the State.1 Acquisi- 1842(a) (3)), for prior approval of the acquisition tion of Bank, which has $12 million in deposits, of up to 100 per cent of the voting shares of The would increase Applicant's share of State deposits Keene National Bank, Keene, New Hampshire to 19 per cent. Mutual savings banks are very ac- ("Bank"). tive in New Hampshire, accounting for a larger Approval of the application as filed would per- amount of deposits than do commercial banks. mit Applicant to acquire any shares tendered pur- Applicant presently controls 7.3 per cent of the suant to its offer to Bank's shareholders, without deposits held by commercial and savings banks in regard to the question of whether it thereby ob- the State, and the proposed acquisition would intains operating control of Bank. Applicant pres- crease that control to 8 per cent. ently has options to acquire approximately 41 per Bank is the smallest of three banks in Keene cent of Bank's shares. It appears to the Board that and the third largest of four banks located in the effects of Applicant's acquisition of a strong Cheshire County. In addition, two mutual savings minority position would likely be different from banks located in Keene, and two others in the those which would result if Applicant were to ac- county, exceed Bank in size. Bank's relative posiquire at least a majority of Bank's shares. The tion has declined since 1960, when it was the general discussion herein assumes acquisition by county's largest commercial bank. It does not ap- Applicant of a majority of Bank's shares. The ef- pear that consummation of the present proposal fects of acquisition of a lesser interest are dis- would have any undue effect on competing institucussed separately toward the conclusion of this tions. Statement. The closest of Applicant's present subsidiaries is located more than 30 miles from Keene and about Views and recommendation of supervisory au- 20 miles from Walpole, where Bank maintains a thority. As required by section 3(b) of the Act, demand deposit receiving agency. Neither Bank notice of receipt of the application was given to nor any of Applicant's present subsidiaries derives the Comptroller of the Currency, and his views and significant business from the areas served by the recommendation were requested. The Comptroller other, and therefore no existing competition would recommended approval of the application. be eliminated by the proposal. Further, in view of Statutory considerations. Section 3(c) of the Act the distances involved, the size of the banks, the provides that the Board shall not approve an acpresence of other banks in the intervening area, quisition that would result in a monopoly or would and branching restrictions of New Hampshire law, be in furtherance of any combination or conspirit does not appear that significant potential comacy to monopolize or to attempt to monopolize the petition would be foreclosed. business of banking in any part of the United The Board concludes that consummation of the States. Nor may the Board approve a proposed acproposed transaction would not result in a monopquisition, the effect of which, in any section of the oly or be in furtherance of any combination or county, may be substantially to lessen competition, conspiracy to monopolize the business of banking or to tend to create a monopoly, or which in any in any relevant area, and would not substantially other manner would be in restraint of trade, unless lessen competition, tend to create a monopoly, or the Board finds that the anticompetitive effects of restrain trade in any section of the country. the proposed transaction are clearly outweighed in the public interest by the probable effect of the Financial and managerial resources and future transaction in meeting the convenience and needs prospects. The financial condition of Applicant of the communities to be served. In each case the and its present subsidiaries is generally satisfac- Board is required to take into consideration the tory, and its management is considered competent. financial and managerial resources and future Applicant has indicated plans to retire within 18 prospects of the bank holding company and the months any debt which is incurred in connection banks concerned, and the convenience and needs with the proposed acquisition. Prospects of the of the communities to be served. group appear favorable. Competitive effects of the proposed transaction. 1 All banking data are as of June 30, 1969, adjusted to re- Applicant, the largest banking organization and flect holding company formations and acquisitions approved the only bank holding company in New Hamp- by the Board to date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

536 FEDERAL RESERVE BULLETIN • JUNE 1970 Bank is in satisfactory financial condition, and light of the factors set forth in section 3(c) of the its management is judged to be satisfactory, though Act, it is the Board's judgment that the proposed conservative. Prospects of Bank are considered acquisition would be in the public interest and favorable, and would likely be enhanced if Ap- that the application should be approved, but only plicant were to acquire control. on condition that Applicant acquires at least a The Board concludes that considerations under majority of the shares of Bank. the banking factors lend some weight to.ward approval of the proposed affiliation. DISSENTING STATEMENT OF GOVERNOR Convenience and needs of the communities in- ROBERTSON volved. Consummation of the proposal would have no effect on customers served by Applicant's The Board's action approving the present applipresent subsidiaries. cation authorizes acquisition by Applicant of a There is no evidence that major banking needs sound bank which is adequately serving the needs of the community are going unserved. However, of its community, against the express wishes of all banks in Keene have a relatively low lending many of the Bank's officers, directors, and sharelimit and Bank's affiliation with Applicant would holders. The condition which the Board attaches enable Bank to more readily meet larger loan to its approval represents somewhat of an imdemands. Applicant proposes to liberalize Bank's provement on Applicant's proposal, since it asoperating policies, and to thereby make Bank a sures that the acquisition will not be accomplished more effective competitor within the community. unless it is acceptable to at least a majority of Applicant further proposes to offer charge-free Bank's shareholders. Even if such condition is met, checking accounts, expand trust services, and pro- however, it does not appear to me that the acquisivide data processing services. tion will serve any interest except that of Appli- It is the Board's judgment that considerations cant. Internal conflicts are not any less likely to relating to the convenience and needs of the com- occur if Applicant acquires a bare majority of munity served by Bank provide weight in favor of Bank's shares than would be the case if it were to approval of the application, assuming that Ap- acquire a strong minority position. In either case, plicant acquires at least a majority interest in bank. shareholders will be split into two opposed camps, Acquisition of minority interest. The Board's which will make it difficult for Bank to continue findings regarding the favorable weight attributable to function smoothly, thereby decreasing its efto the banking factors, and to the effect of the fectiveness in serving the public. proposal on the convenience and needs of the com- Applicant's proposal is essentially a "raid", by munities involved, assume acquisition by Applicant which it proposes to wrest control of Bank from of a controlling interest in Bank. However, it is those who have heretofore exercised it. There is possible that approval of the application without nothing in the present or past operations of Bank qualification might result in Applicant's acquisi- to suggest that a regulatory agency should ention of only a minority interest, particularly in courage a change in its control. In such a case, I view of opposition to the proposal by some offi- believe it to be a mistake for the Board to provide cers, directors and shareholders of Bank. It is the the "raider" with an administrative determination Board's view that the effects of such an acquisition that its takeover would be in the public interest, would not be in the interest of Bank or the public which determination might be used to persuade which it serves. Dissension among management reluctant shareholders of Bank to accept Appliwould likely result, with consequent disruptions, cant's proposal. and Applicant could not readily effect the im- The Board's action casts it, albeit perhaps relucprovements which it proposes in the quality and tantly, in the role of an advocate for Applicant's scope of Bank's services. Based on these considera- proposal. Except under the most unusual circumtions, the banking and "convenience and needs" stances, I believe the Board should avoid such a factors are regarded as weighing against approval role by requiring that a proposal be at least genof Applicant's acquisition of less than a majority erally acceptable to officers, directors, and shareof the shares of Bank. holders of both of the parties directly involved. Summary and conclusion. On the basis of all For these reasons, I would deny the present aprelevant facts contained in the record, and in the plication. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 537 BARNETT BANKS OF FLORIDA, INC. Applicant has 20 subsidiary banks with ag- JACKSONVILLE, FLORIDA gregate deposits of $585 million, is the third largest banking organization in Florida, and controls 5 per In the matter of the application of Barnett Banks cent of the deposits in the State. (All banking data of Florida, Inc., Jacksonville, Florida, for approval refer to insured commercial banks and are as of of acquisition of 64.67 per cent of the voting shares June 30, 1969, adjusted to reflect holding company of City National Bank and Trust Company, Clear- acquisitions approved by the Board to date.) Bank, water, Florida. with deposits of $33 million, ranks eleventh among the 34 banks in Pinellas County; and ranks fourth ORDER APPROVING ACQUISITION OF among 12 banks in the relevant banking market BANK STOCK BY BANK HOLDING COMPANY which consists of the Clearwater area, including the City of Clearwater, Clearwater Beach, portions There has come before the Board of Governors, of Dunedin and Belleair, as well as portions of unpursuant to section 3(a)(3) of the Bank Holding incorporated areas north and south of Clearwater. Company Act of 1956 (12 U.S.C. 1842(a)(3)) Bank controls less than 10 per cent of the deposits and section 222.3(a) of Federal Reserve Regulation in the area. Although Bank and Applicant's sub- Y (12 CFR 222.3(a)), the application of Barnett sidiary in St. Petersburg are located in the same Banks of Florida, Inc., Jacksonville, Florida ("Apcounty, the record shows that they compete in sepplicant"), a registered bank holding company, for arate banking markets. The two banks are 19 miles the Board's prior approval of the acquisition, for apart and are separated by the town of Largo, large cash, of 64.67 per cent of the voting shares of City unincorporated areas, and a number of intervening National Bank and Trust Company, Clearwater, banks. All other subsidiaries of Applicant are lo- Florida ("Bank"). Applicant has assured the Board cated more than 70 miles from Clearwater. It apthat, within a reasonable period of time, a cash or pears that consummation of Applicant's proposal stock exchange offer will be made to all holders of would not eliminate existing competition, foreclose Bank shares not included in the current proposal any significant potential competition, nor have any and that such offer will be made on a basis that is unduly adverse effects on other banks in the area not less favorable than the price paid for the coninvolved. trolling shares. Based upon the foregoing, the Board concludes As required by section 3(b) of the Act, the that consummation of the proposed acquisition Board gave written notice of receipt of the appli- would not adversely affect competition in any relcation to the Comptroller of the Currency and re- evant area. On the record in this matter, the banking quested his views and recommendation. The Comp- factors as they pertain to Applicant, its subsidiaries, troller offered no objection to approval of the ap- and to Bank are regarded as consistent with application. proval of the application. Applicant proposes to im- Notice of receipt of the application was pub- prove the quality and quantity of banking services lished in the Federal Register on April 11, 1970 performed by Bank, which should provide benefits (35 Federal Register 6025), providing an oppor- to the community served by Bank. It is the Board's tunity for interested persons to submit comments judgment that consummation of the proposed acand views with respect to the proposal. A copy of quisition would be in the public interest, and that the application was forwarded to the United States the application should be approved. Department of Justice for its consideration. Time IT IS HEREBY ORDERED, on the basis of the Board's for filing comments and views has expired and all findings summarized above, that said application be those received have been considered by the Board. and hereby is approved, provided that the action so Proceeding on the understanding that Applicant approved shall not be consummated (a) before the will make an offer to Bank's minority stockholders thirtieth calendar day following the date of this as proposed, the Board has considered the applica- Order or (b) later than three months after the date tion in the light of the factors set forth in section of this Order, unless such period shall be extended 3(c) of the Act, including the effect of the proposed by the Board, or by the Federal Reserve Bank of acquisition on competition, the financial and man- Atlanta pursuant to delegated authority. agerial resources and future prospects of the Appli- By order of the Board of Governors, June 9, cant and the banks concerned, and the convenience 1970. and needs of the communities to be served. Upon Voting for this action: Vice Chairman Robertson such consideration, the Board finds that: and Governors Mitchell, Daane, Maisel, and Sherrill. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

538 FEDERAL RESERVE BULLETIN • JUNE 1970 Absent and not voting: Chairman Burns and Governor light of the factors set forth in section 3(c) of the Brimmer. Act, including the effect of the proposed acquisition (Signed) KENNETH A. KENYON, on competition, the financial and managerial re- Deputy Secretary. sources and future prospects of the Applicant and [SEAL] the banks concerned, and the convenience and needs of the communities to be served. Upon such SECURITY NEW YORK STATE consideration, the Board finds that: CORPORATION Applicant is the nineteenth largest banking or- ROCHESTER, NEW YORK ganization and the sixth largest bank holding com- In the matter of the application of Security New pany in New York, controlling four banks which York State Corporation, Rochester, New York, for hold $350 million in deposits, equalling less than approval of acquisition of voting shares of the suc- .5 per cent of total bank deposits in the State. (All cessor by merger to The National Bank of A uburn, banking data are as of December 31, 1969, adjusted Auburn, New York. to reflect holding company formations and acquisitions approved by the Board to date.) Acquisition ORDER APPROVING ACQUISITION OF BANK STOCK of Auburn National (deposits $30 million) would BY BANK HOLDING COMPANY not significantly affect State-wide concentration. There has come before the Board of Governors, Applicant is a regional upstate holding company, pursuant to section 3(a)(3) of the Bank Holding presently operating in New York's Sixth, Eighth, Company Act of 1956 (12 U.S.C. 1842(a)(3)) and Ninth Banking Districts. Since Auburn Naand section 222.3(a) of Federal Reserve Regulation tional is located in the Sixth District, this proposal Y (12 CFR 222.3(a)), the application of Security would not extend Applicant's operations beyond New York State Corporation, Rochester, New York their present geographic limits. ("Applicant"), a registered bank holding company, Auburn National is the only bank headquartered for the Board's prior approval of the acquisition of in Auburn, Cayuga County. The County is also 100 per cent (less directors' qualifying shares) of served by branches of three large Syracuse-headthe voting shares of a new national bank into which quartered banks, and by two local banks with dewould be merged The National Bank of Auburn, posits of $4 million and $13 million, respectively. Auburn, New York ("Auburn National"). The Applicant's proposal would eliminate home-office new national bank has significance only as a means protection for Auburn, thereby creating a potential of acquiring all of the shares of the bank to be for increased competition through branching by merged into it; the proposal is therefore treated competing banks. herein as a proposal to acquire shares of The Na- The closest subsidiary bank of Applicant, The tional Bank of Auburn. State Bank of Seneca Falls, $14.6 million in de- As required by section 3(b) of the Act, the posits, is located 15 miles west of Auburn. The Board gave written notice of receipt of the applica- presence of physical barriers in the area intervening tion to the Comptroller of the Currency and re- the two banks, and the orientation of each bank quested his views and recommendation. The Comp- toward a metropolitan market centered in a differtroller recommended approval of the application. ent city, has prevented the existence of any mean- The New York State Banking Board, in accord- ingful competition between them. Therefore, conance with a recommendation of the New York summation of the proposed acquisition would Superintendent of Banks, approved an application neither eliminate existing competition, foreclose powith respect to the same proposal, filed with it tential competition, nor have any adverse effects on pursuant to New York law. the viability or competitive effectiveness of any Notice of receipt of the application was pub- competing bank. lished in the Federal Register on March 31, 1970 Based upon the foregoing, the Board concludes (35 Federal Register 5376), providing an oppor- that consummation of the proposed acquisition tunity for interested persons to submit comments would not have an adverse effect on competition and views with respect to the proposal. A copy of in any relevant area. Giving appropriate weight to the application was forwarded to the United States Applicant's expressed intention of increasing the Department of Justice for its consideration. Time capital of its lead bank and of Auburn National, for filing comments and views has expired and all the banking factors, as applied to the facts of those received have been considered by the Board. record, are consistent with approval of the appli- The Board has considered the application in the cation. The convenience and needs of the Auburn Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 539 community would be enhanced by Applicant's pro- tunity for interested persons to submit comments posal to expand Auburn National's services. It is and views with respect to the proposed transaction. the Board's judgment that the proposed transaction A copy of the application was forwarded to the would be in the public interest, and that the appli- United States Department of Justice for its considcation should be approved. eration. Time for filing comments and views has IT IS HEREBY ORDERED, for the reasons set forth expired and all those received have been considered in the findings summarized above, that said applica- by the Board. tion be and hereby is approved, provided that the IT IS HEREBY ORDERED, for the reasons set forth action so approved shall not be consummated (a) in the Board's Statement of this date, that said before the thirtieth calendar day following the date application be and hereby is approved, provided of this Order or (b) later than three months after that the application so approved shall not be conthe date of this Order, unless such time be extended summated (a) before the thirtieth calendar day for good cause by the Board, or by the Federal following the date of this Order or (b) later than Reserve Bank of New York pursuant to delegated three months after the date of this Order, unless authority. such period is extended for good cause by the By order of the Board of Governors, June 9, Board, or by the Federal Reserve Bank of Kansas 1970. City pursuant to delegated authority. Voting for this action: Chairman Burns and Gov- By order of the Board of Governors, June 9, ernors Robertson, Mitchell, Daane, Maisel, Brimmer, 1970. and Sherrill. Voting for this action: Chairman Burns and Gov- (Signed) KENNETH A. KENYON, ernors Mitchell, Daane, and Sherrill. Voting against Deputy Secretary. this action: Governors Robertson, Maisel, and Brimmer. [SEAL] (Signed) KENNETH A. KENYON, Deputy Secretary. THE FIRST NATIONAL BANCORPORATION, INC. [SEAL] DENVER, COLORADO STATEMENT In the matter of the application of The First Na- The First National Bancorporation, Inc., Denver, tional Bancorporation, Inc., Denver, Colorado, for Colorado ("Applicant"), a registered bank holding approval of acquisition of 80 per cent or more of company, has applied to the Board of Governors, the voting shares of The First National Bank of pursuant to section 3(a)(3) of the Bank Holding Greeley, Greeley, Colorado. Company Act of 1956 (12 U.S.C. 1842(a)(3)), for prior approval of the acquisition of 80 per cent ORDER APPROVING ACQUISITION OF BANK STOCK or more of the voting shares of The First National BY BANK HOLDING COMPANY Bank of Greeley, Greeley, Colorado ("Bank"). There has come before the Board of Governors, Views and recommendation of supervisory aupursuant to section 3(a)(3) of the Bank Holding thority. As required by section 3(b) of the Act, the Company Act of 1956 (12 U.S.C. 1842(a)(3)), Board notified the Comptroller of the Currency of and section 222.3(a) of Federal Reserve Regulation receipt of the application and requested his views Y (12 CFR 222.3(a)), an application by The First and recommendation thereon. The Comptroller rec- National Bancorporation, Inc., Denver, Colorado, a ommended approval of the application. registered bank holding company, for the Board's Statutory considerations. Section 3(c) of the Act prior approval of the acquisition of 80 per cent or provides that the Board shall not approve an acquimore of the voting shares of The First National sition that would result in a monopoly or would be Bank of Greeley, Greeley, Colorado. in furtherance of any combination or conspiracy to As required by section 3(b) of the Act, the monopolize or to attempt to monopolize the busi- Board notified the Comptroller of the Currency of ness of banking in any part of the United States. the application and requested his views and recom- Nor may the Board approve a proposed acquisition mendation. The Comptroller recommended approval the effect of which, in any section of the country, of the application. may be substantially to lessen competition, or to Notice of receipt of the application was pub- tend to create a monopoly, or which in any other lished in the Federal Register on November 5, 1969 manner would be in restraint of trade, unless the (34 Federal Register 17930), providing an oppor- Board finds that the anticompetitive effects of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

540 FEDERAL RESERVE BULLETIN • JUNE 1970 proposed transaction are clearly outweighed in the in the main to a few large customers with credit public interest by the probable effect of the trans- needs which could not be met by Greeley banks, action in meeting the convenience and needs of the does not appear indicative of substantial competicommunities to be served. In each case, the Board tion with Bank. A mortgage company, the business is required to take into consideration the financial of which was acquired by Applicant's lead bank in and managerial resources and future prospects of 1968, had an office in Greeley which is now operthe bank holding company and the banks con- ated as a loan production office of the bank. Howcerned, and the convenience and needs of the com- ever, the activity of the office is limited by law to munities to be served. the solicitation of mortgage loan applications; loans Competitive effect of proposed transaction. Ap- made by the office are serviced by the Denver office plicant, the largest banking organization in Colora- of First National Bank of Denver. Two similar do, has four subsidiary banks with total deposits of offices acquired at the same time as the Greeley $555 million.1 All of its subsidiaries are located in office have been closed, and Applicant is reportedly the Denver Metropolitan area, and its largest sub- evaluating the advisability of closing the Greeley sidiary, First National Bank of Denver, accounts for office. According to data furnished by Applicant, all but $22 million of the total deposits held by the volume of business generated by this office has, banks in Applicant's organization. Acquisition of since its acquisition, fallen substantially short of Bank (deposits $39 million) would represent the producing fees sufficient to cover direct costs. first expansion of Applicant since 1968, when it In connection with Applicant's proposal, the became a bank holding company through the acqui- Board has considered a comment from the Departsition of First National Bank of Denver and three ment of Justice, which concluded that: affiliated banks. Consummation of the present pro- [The acquisition] will eliminate substantial potential posal would increase Applicant's control of total competition, and further entrench the present highly- State deposits from 14.7 per cent to 15.7 per cent. concentrated banking structure in Greeley and Weld County. Moreover, it may trigger further acquisitions Bank is the second largest of six banks in Gree- of leading local banks throughout Colorado by the ley, and of 15 banks in Weld County. The largest large statewide holding companies, thereby reducing the possibility that additional holding companies will be bank in the city and county is a subsidiary of created to offer competitive alternatives to the large Affiliated Bankshares of Colorado, Inc. ("Affiliated holding companies. In view of the potential anticom- Bankshares") and the third largest is a subsidiary petitive effects of this acquisition, we conclude that the granting of this application would have a significantly of Denver U.S. Bancorporation, Inc. ("Denver adverse effect on competition. U.S."). Both Affiliated Bankshares and Denver U.S. It appears that the financial and managerial reare bank holding companies, and rank fourth and sources of Applicant are sufficient to enable it to second in size, respectively, among banking organienter into meaningful competition in Greeley zations in Colorado. Affiliated Bankshares also owns through establishment and acquisition of a de novo three other banks in Weld County, including two bank, and it may in that sense be regarded as a others in Greeley, and is the largest banking organipotential competitor. The fact that such potential zation in both areas, controlling 37 per cent of deexists, however, does not of itself lead to the conposits in Weld County and 41 per cent of deposits clusion that entry through the proposed acquisition held by banks in Greeley and its immediate enviwould substantially lessen competition. In the abrons. Bank and State Bank of Greeley (deposits $2 sence of evidence indicating a probability (rather million) are the only independent banks in Greeley. than a mere possibility) of de novo entry or entry Bank holds 26 per cent of deposits in Weld County, and 34 per cent of deposits in Greeley. through a smaller acquisition, it is the Board's judgment that the means chosen by Applicant to expand The nearest office of any of Applicant's present into a new market should be prohibited only when subsidiary banks is located about 50 miles from there are other circumstances which dictate such a Greeley. Bank does not attract a significant amount prohibition. of business from the Denver area. Of Applicant's In the present case, it is the Board's judgment subsidiary banks, only its largest subsidiary draws that concentration in Greeley is not so high that any meaningful amount of business from Greeley any organization with ability to enter de novo or Weld County, and such business, which traces should be required to do so, rather than acquiring an existing competitor. This conclusion is consistent 1 All banking data are as of June 30, 1969, adjusted to with the view taken by the Board in 1965, when it reflect holding company formations and acquisitions approved by the Board to date. permitted Denver U.S. to acquire a bank in Greeley, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 541 despite the fact that it had an ability to enter the competition in Greeley, and would not hinder the area de novo comparable with that of Applicant. Board in dealing appropriately with any anticompeti- (Application of Denver U.S. Bancorporation, Inc., tive acquisitions in other areas of the State. 1965 Federal Reserve BULLETIN 811). More re- The Board concludes that consummation of Apcently, the Board permitted Affiliated Bankshares to plicant's proposal would not result in a monopoly acquire four established banks in the Greeley-Weld or be in furtherance of any combination, conspiracy, County area, and did not find concentration a sig- or attempt to monopolize the business of banking in nificant bar to that proposal despite the fact that any area, and would not substantially lessen compethe four banks controlled a much larger share of tition, tend to create a monopoly, or restrain trade the market than does Greeley Bank. (1969 Federal in any section of the country. Reserve BULLETIN 954). Financial and managerial resources and future There are other proposals of which the Board has prospects. The financial condition of Applicant and knowledge which would alter the Colorado banking its subsidiary banks is generally satisfactory, their structure; however, only the present application is management is capable, and prospects of the group properly before the Board at this time. That the appear favorable. Colorado banking structure is being changed by the Bank's financial condition is satisfactory, as is its organization and expansion of bank holding compa- present management. There is a need for developnies cannot be doubted. Similar changes in banking ment of successor management, however, and Applistructure are taking place in the New England States, cant could assist Bank in meeting this need. Bank's New Jersey, New York, Virginia, Florida, Missouri, prospects, which appear favorable in any event, and elsewhere. But there is no presumption that the would be enhanced by affiliation with Applicant. status quo in any State represents a competitive ideal; These considerations are consistent with, and lend in each case, the Board must base its determination some support toward, approval of the application. on the effect of the particular proposal before it. Convenience and needs of the communities in- Congress has not yet given the Board authority to volved. Consummation of the present proposal would shape the banking structure of any State or area by not significantly affect customers served by Appliinitiating changes, or by committing itself to a course cant's subsidiaries in the Denver area. of action with respect to applications which satisfy Weld County is one of the 10 leading counties some predetermined guidelines or some level of conin the country in agricultural production. In addicentration ratios. In this case, the Board is not passtion, industrial activity has begun to take place in the ing on possible acquisitions in Pueblo, Colorado eastern portion of the county, in which area Greeley Springs, or Denver. This case stands on its own is located. The increasing credit demands created in merits, and Board action here is without prejudice the area as a result of these forces have strained the one way or another to subsequent applications, ex- capacity of local banks to meet such needs, and the cept as the size and competitive influence of Appli- need for larger credit lines than could be supplied in cant may be changed thereby. the past by local banks has forced some borrowers The present proposal represents Applicant's first to turn to non-local sources of credit. These facts expansion outside the Denver area. It will not domi- are illustrated in the present record by Bank's 70 per nate banking in Greeley or any other area as a result cent loan-to-deposit ratio, and by the fact that Apof the acquisition. Although one of the competitors plicant's largest subsidiary in Denver has been servin Greeley is also a leading competitor in Denver, ing some of the large agricultural borrowers in the largest banking organization in Greeley, in terms Greeley. of local operations, is a regional holding company A large portion of the credit resources of Bank with which Applicant does not presently compete in are devoted to serving agricultural customers. Apany area. Consummation of this proposal, therefore, plicant proposes, through a new subsidiary which would not create a structure in Greeley mirroring it would establish, to assist in providing credit to that in Denver or any other market. Sufficient diver- agricultural communities served by its subsidiaries. sity would be maintained to prevent the development It also proposes to assist Bank in developing its of an anticompetitive community of interest, and real estate department, and to arrange for place- Bank would be strengthened in its ability to provide ment by Bank of mortgage loans which it originates meaningful competition. In view of these considera- with institutional investors with whom Applicant's tions, the Board concludes that approval of the lead bank now has similar arrangements. Through present application would not substantially lessen these means, present demands on Bank's resources Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

542 FEDERAL RESERVE BULLETIN • JUNE 1970 would be relieved, permitting Bank to supply addi- Is Weld underbanked, as contended by the tional credit to meet other needs of the area. Im- minority? The Table shows that Weld is more fully provements are also proposed in the trust services banked relative to population than either of the offered by Bank. other counties; 5,100 persons per banking office These considerations support approval of the compared to 6,700 and 8,200 for Larimer and application. Boulder, respectively. There is nothing in these Summary and conclusion. On the basis of all figures to indicate an underbanked situation; in relevant facts contained in the record, and in light fact, based on going experience under similar conof the factors set forth in section 3(c) of the Act, ditions of population density and branching limitait is the Board's judgment that the proposed trans- tions, the number of offices in Weld is entirely adeaction would be in the public interest and that the quate. In approving the formation. of Affiliated application should be approved. Bankshares in 1969 the Board did not note an underbanked condition in Weld. CONCURRING STATEMENT OF GOVERNOR MITCHELL Another factor bearing on this issue and the competitive banking situation in Weld is the role of My purpose in presenting a Concurring Statement savings and loan associations. These intermediaries is to provide some additional background data on are often important competitors to banks in dethe character of banking markets in Weld County posit markets. They turn out to be less important pertinent to the issues of underbanking and concencompetitors, as the Table shows, in Weld than in tration. The Table attached compares selected mareither Boulder or Larimer. Thus, per capita total kets for financial institutions in Weld County and bank deposits are higher in Weld ($1,675) than in two counties adjacent to it, Larimer and Boulder. Larimer ($1,490) or Boulder ($1,382) and most I have also considered each of the three counties as of the difference arises from larger savings and a market and compared the shares of deposit liabilitime accounts in Weld. If, however, the total of ties and assets held by each of the three major banksavings and loan share accounts are taken into acing organizations in the county with the shares held count, the position of Weld is reversed and it ranks by all other banks in the county as a group. This lower than either Larimer or Boulder. Obviously, comparison has been made for several local bank banks in Weld have been more successful in meetasset and liability categories. ing savings and loan competition than banks in the other counties. This is also evident from the fact TABLE that the number of time and savings accounts per FINANCIAL INSTITUTION MARKETS IN WELD, LARIMER & BOULDER COUNTIES capita is significantly higher in Weld (.44 compared Weld Larimer Boulder to .38 and .36). These facts do not, however, un- Population (thousands) 81.4 80.3 114.7 dermine the initial judgment, because the popula- Banks (number—excl. industrial) 16 12 14 Population per banking office.. 5,100 6,700 8,200 tion relationship to the combined number of bank- Savings & loan offices 3 4 9 Population per banking and sav- ing and savings and loan offices also indicates Weld ings & loan office 4,300 5,000 5,000 Total bank deposits per capita. $1,675 $$11,,449900 $1,382 to be more adequately provided with offices than Total bank deposits & savings & loan shares per capita $2,021 $2,235 $2,172 either of the other counties. IPC Demand Deposits The other item of information bearing on ade- Number of accounts (thous ands) 31.3 37.9 55.0 Number of accounts per capita. .39 .47 .48 quacy of banking offices is the penetration of de- Demand as a per cent of total deposits 31 33 36 mand deposit markets as measured by number of Per cent in accounts over $15,000 40 33 31 checking accounts per capita. There are fewer in Average size of accounts under $1,000 $ 273 $ 208 $ 249 Weld (.39) than in Boulder (.48) or Larimer (.47). Total amount per capita $ 520 $ 494 $ 501 These relative numbers appear to reflect differences Time & Savings Accounts Savings—number of accts. among the three counties in economic environment (thousands) 29.4 23.0 39.5 Time—number of accts. and in the promotion by their banks of small check- (thousands) 6.7 5.3 4.1 ing accounts. Savings—number of accts. per capita .36 .29 .34 Time—number of accts. Overall, the data suggest that banking conditions per capita .08 .07 .04 Savings & Time—amount and structures in three counties are roughly comper capita $ 822 $ 658 $ 592 parable and that an additional office of a major Average size of savings accts. under $1,000 $ 272 $ 208 $ 249 bank by de novo entry is not needed in Weld. Simi- Savings & loan accounts pier capita $ 346 $ 745 $ 790 lar data for areas of comparable population suggest Bank time & savings and savings & loan shares per capita $1,168 $1,403 $1,382 that a fourth unit or holding company banking Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 543 office in Greeley would likely dilute the quality of acquire the largest independent bank in that city. banking services by restricting opportunities for Consummation of the proposal would substantially achieving economies of scale because of market lessen present and potential competition in the Greefragmentation. ley area. Not only are there no considerations which Further analysis shows that the largest banking outweigh these anticompetitive effects, but other organization in each county has about 40 per cent facts of record indicate that such effects will be of the county market, using the crude measure of accentuated by the pronounced trend toward contotal deposits. The largest organizations are Affil- centration now occurring in Colorado, and that iated Bankshares in Weld (37%) and Boulder Greeley residents may be inconvenienced by the (40%) and Western Bancorporation in Larimer closing of the mortgage loan production office now (37%). These shares are substantially inflated by serving the area. In our judgment, these facts, condisproportionate shares of deposits of local govern- sidered in the light of the statutory criteria, require ments in the largest banks in Boulder and Larimer, that the application be denied. and to a lesser extent by the relative concentration Deposits of Greeley banks increased by more than of larger time and demand deposit accounts in such $40 million, or about 55 per cent, in the five year banks in all three counties. period between June 1964 and June 1969, and fur- The total share of the market held by organiza- ther increases of the same magnitude may reasontions other than the three largest in each county, ably be expected in the future. Loan demand in the again crudely, but in this instance more satisfacarea has also been unusually strong. The area, long torily, measured by total deposits, is 21% in Weld, a leader in agricultural production, is now develop- 10 banks; 22% in Larimer, 8 banks; and 32% in ing industrially as well. These facts, clearly indicative Boulder, 7 banks. of banking opportunities, have not escaped Appli- Analysis of the shares of various categories of cant's attention. Its lead bank now serves some of assets and liabilities shows that certain institutions the largest customers in the area, and serves morthave specialized in particular areas of service; others gage borrowers through a recently acquired loan have tried to maintain a balanced position in all of production office in Greeley. such areas. Applicant's proposed Greeley affiliate is of the latter type, so far as its liability structure It is not unnatural, nor is it to be condemned, that is concerned, although it has had somewhat greater Applicant should desire to participate more fully in success in attracting savings deposits over $10,000. the anticipated growth of the Greeley area. But in- On the asset side, its real estate loans are about stead of employing its considerable financial and average and the share of loans to individuals some- managerial resources to expand its present operawhat below average. On the other hand, it has much tions to provide full banking services in Greeley, larger shares of State and local securities and com- it proposes to buy out an effective competitor at a mercial and industrial loans. large price. Under its proposal, Applicant will ex- Market specialization, which at least theoreti- change shares with a market value of $11.7 million cally could lead to dominant positions, is found in for shares of Bank having a market value of about the holdings of State and local government deposits $5.3 million. Applicant thus will pay approximately as well as the State and local security issues held 17 cents in premium for each dollar of deposits held by Western Bancorporation in Larimer and by by Bank. Affiliated Bankshares in Boulder and, to a lesser If only a fraction of the expenses which Applidegree, in Weld. However, there is little evidence cant will incur in connection with the proposed that such specialization as exists has led to a domiacquisition were to be spent in developing a new nant position by any bank in any of the private vehicle to expand its present operations in Greeley, local deposit or asset markets. In fact, the data are it is clear that substantial new competition would pretty much to the contrary in indicating not only be created in the area. But an unusually high prean absence of domination in particular markets, mium such as that involved here is not incurred in but in revealing efforts on the part of each of these an effort to create or foster competition, but rather banks or groups of banks to be competitive in most to avoid it. As a result of the payment, Applicant markets. will achieve its desired place in the Greeley economy DISSENTING STATEMENT OF GOVERNORS without necessity of competing for it, and the Gree- ROBERTSON, MAISEL, AND BRIMMER ley public will be denied the benefits, in price and Applicant, whose lead bank serves large depositors service, which additional competition might enand mortgage borrowers in Greeley, proposes to gender. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

544 FEDERAL RESERVE BULLETIN • JUNE 1970 Of itself, the effect of the elimination of present and needs. It is possible that future cases may preand potential competition between Applicant and sent a strong showing of such needs, so that, having Bank is sufficiently serious to preclude approval of permitted the first links of the chain which leads to Applicant's proposal. The setting in which the acqui- oligopoly to be forged upon a minimal showing, sition will occur—a rapidly accelerating trend to- the chain might be completed by more difficult ward concentration in markets throughout Colorado cases. The only way to assure maintenance of a —underscores that anticompetitive effect. competitive structure once an anticompetitive trend There are six significant banking markets in the is perceived is to require that every proposal which State of Colorado, centered in the cities of Denver, is in furtherance of such a trend be subjected to the Colorado Springs, Boulder, Fort Collins, Greeley, closest scrutiny. The present proposal fails to withand Pueblo. At present, Applicant and Denver stand even a cursory inquiry. U. S. Bancorporation, Inc. control the two largest In our view, the effect of consummation of Apbanks in Denver. Denver U. S. also controls the plicant's proposal will be to substantially lessen futhird largest bank in Boulder, the third largest in ture competition in Greeley, in Weld County, and Greeley, the second largest in Fort Collins, and the perhaps in other Colorado areas which might otherfourth largest in Pueblo. A regional holding com- wise have been served by a new organization in pany, Affiliated Bankshares of Colorado, Inc. con- which Bank could have significantly participated. trols the largest banks in Boulder, Greeley, and Even if the anticompetitive effects of the proposal Colorado Springs, and the third largest in the Fort were to be regarded as less than substantial, we Collins area. Under proposals announced but not would not agree that its consummation will be in yet considered by the Board, Applicant would the public interest. The acquisition of a bank which acquire the second largest bank in Colorado Springs has been actively serving the needs of its community and the largest bank in Pueblo, and Denver U. S. does not forecast improvement in meeting area would acquire the third largest bank in Colorado needs. Moreover, of clearly negative impact on Springs. Thus, approval of the present application community convenience and needs is the probable and the other proposals mentioned, in the light of closing of a mortgage loan production office2 which the present structure of the markets involved, would has originated almost $19 million in mortgage loans result in Applicant, Denver U. S., and Affiliated in Greeley which are now being serviced by Appli- Bankshares controlling among them the two largest cant's lead bank, including $1.7 million in new banks in Denver, the three largest in Colorado loans made during the first 10 months of 1969. Springs and Greeley, two of the three largest in On all the facts of record, we believe the applica- Boulder and in Fort Collins,1 and two of the four tion should be denied. largest in Pueblo. It is apparent that such a banking structure would leave little room for competition ORDER UNDER SECTION 4 by other banking organizations, and it is clear to us OF THE BANK HOLDING COMPANY ACT that to allow such a structure to develop would be inconsistent with the Congressional mandate to con- THE FIRST NATIONAL BANCORPORATION, trol the expansion of bank holding companies so INC., DENVER, COLORADO as to prevent the concentration of banking re- In the matter of the applications, pursuant to sources in a few large organizations. section 4(c)(8) of the Bank Holding Company Act The Board's majority has determined to await of 1956, by The First National Bancorporation, another day to interrupt this trend, if, indeed, it is Inc., Denver, Colorado, for determinations as to to be interrupted at all. We recognize, as the ma- Diversified Insurance, Inc. and Guaranty Insurors, jority does, that each case must be decided on its Inc., proposed nonbank subsidiaries. Docket Nos. own merits. But precisely because we cannot now BHC—100, BHC—101. determine the merits of any proposal which may follow the present one, it is essential that the Board 2 The Board's majority Statement suggests that this office not now approve any acquisition in furtherance of might be closed at any rate, because of unprofitableness. The record indicates that Applicant has not yet determined that trend where approval is not clearly required by the future of the office, except that it will likely be closed considerations bearing upon the public convenience if the proposed acquisition is consummated. Assuming that the office cannot be profitably operated as a limited-service facility, Applicant would appear to have some incentive for ^he largest bank in Fort Collins is a subsidiary of expanding its activities under a new bank charter, if such Western Bancorporation, a California-based holding com- incentive were not destroyed by approval of the present pany. proposal. 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LAW DEPARTMENT 545 ORDER DISPOSING OF REQUEST FOR PERMISSION TO made parties, and for further proceedings not in- APPEAL FROM RULING ON MOTION TO INTERVENE consistent with the Board's Statement. By order of the Board of Governors, June 4, Pursuant to an Order of the Board, dated Octo- 1970. ber 31, 1969, notice of which was published on Voting for this action: Vice Chairman Robertson November 7, 1969 (34 Federal Register 18070), a and Governors Mitchell, Daane, Maisel, and Sherrill. hearing was held in Denver, Colorado, on December Absent and not voting: Chairman Burns and Governor 11, 1969, before a duly selected and designated Brimmer. hearing examiner, on applications filed by The First (Signed) KENNETH A. KENYON, National Bancorporation, Inc., Denver, Colorado, a Deputy Secretary. registered bank holding company, for determinations [SEAL] that the insurance agency activities planned to be STATEMENT undertaken by its proposed subsidiaries, Diversified Insurance, Inc. and Guaranty Insurors, Inc., are The First National Bancorporation, Inc., Denver, of the kind described in section 4(c)(8) of the Colorado ("Applicant"), a bank holding company Bank Holding Company Act of 1956 (12 U.S.C. within the meaning of section 2(a) of the Bank § 1843(c) (8) and section 222.4(a) of Federal Re- Holding Company Act of 1956 (12 U.S.C. § 1841 serve Regulation Y (12 CFR § 222.4(a)), so as to (a)), filed requests for determinations by the make it unnecessary for the prohibitions of section Board that the insurance agency activities planned 4(a) of the Act (12 U.S.C. § 1843(a)), respecting to be undertaken by its proposed subsidiaries, the ownership or control of voting shares in non- Diversified Insurance, Inc. and Guaranty Insurors, banking companies, to apply in order to carry out Inc., are of the kind described in section 4(c)(8) the purposes of the Act. of the Act (12 U.S.C. § 1843(c)(8)) and section At the outset of the hearing, the National Asso- 222.4(a) of the Board's Regulation Y (12 CFR ciation of Insurance Agents, Inc., the Colorado In- § 222.4(a)), so as to make it unnecessary for the surors Association, Inc., and Mr. Jack Miller, doing prohibitions of section 4(a) of the Act (12 U.S.C. business as the Jack Miller Agency, ("Intervenors"), § 1843(a)), respecting the ownership or control appeared by counsel and filed a motion, pursuant of voting shares in nonbanking companies, to apply to section 263.10(a) of the Board's Rules of Prac- in order to carry out the purposes of the Act. On tice for Formal Hearings (12 CFR § 263.10(a)), October 31, 1969, the Board ordered that a hearing requesting that the hearing examiner rule that they be held on the aforesaid requests, notice of which were entitled as of right to be admitted as parties to was published in the Federal Register on November the proceeding. The merits of the motion were dis- 7, 1969 (34 Federal Register 18070). cussed with the hearing examiner and argued by Pursuant to the aforesaid order and notice, a counsel for the Intervenors, by counsel for The hearing was held in Denver, Colorado, on Decem- First National Bancorporation, Inc., and by Board ber 11,1969, before a duly selected and designated counsel. Thereafter, and under circumstances de- hearing examiner. At the outset of the hearing, the scribed in the Statement that accompanies this National Association of Insurance Agents, Inc. Order, the Intervenors withdrew from the hearing ("National Association"), the Colorado Insurors and, by counsel, filed with the Board, pursuant to Association, Inc. ("Colorado Association"), and section 263.10(e) of the Rules of Practice for Mr. Jack Miller, doing business as the Jack Miller Formal Hearings (12 CFR § 263.10(e)), a re- Agency ("Miller Agency"), (sometimeshereinafter quest for special permission to appeal from the referred to collectively as "Intervenors"), appeared ruling of the hearing examiner which, it is averred, by counsel and filed a motion, pursuant to section denied their motion to be made parties to the pro- 263.10(a) of the Board's' Rules of Practice for ceeding. Formal Hearings (12 CFR § 263.10(a)) ("Rules For the reasons set forth in the Statement that of Practice"), requesting that the hearing examiner accompanies this Order, rule that they were entitled as of right to be ad- IT IS HEREBY ORDERED, that the request for special mitted as parties to the proceeding. The merits of permission to appeal is granted, and that the hear- the motion were discussed with the hearing examing be reconvened, at a time and place to be deter- iner and argued by counsel for the Intervenors, by mined by the hearing examiner, but as soon as counsel for the Applicant, and by Board counsel. practicable, for the purpose of affording the Inter- Thereafter, and under circumstances described venors an opportunity to renew their motion to be hereinafter, the Intervenors withdrew from the hear- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 546 FEDERAL RESERVE BULLETIN • JUNE 1970 ing and, by counsel, filed with the Board, pursuant peals. . . ." (Emphasis added.) Section 9 relates, to section 263.10(e) of the Rules of Practice (12 of course, to standing to obtain judicial review of CFR § 263.10(e)), a request for special permission a Board order; the provision does not, by its terms, to appeal from the ruling of the hearing examiner purport to be dispositive of the question, who has a which, it is averred, denied their motion to be made right to intervene at a hearing under the Act. There parties to the proceeding. is authority for the view, however that, when a The Board's Rules of Practice do not favor in- statute such as section 9 is applicable, a person terim appeals from rulings by hearing examiners. who might be "aggrieved' by an agency order, such However, interim review is appropriate where, as as a competitor (and trade association of competihere, the allegation is that the hearing examiner tors) of an applicant, is entitled to intervene at the erred in refusing to admit persons as parties, each hearing, since, otherwise, "judicial review, which of whom claims he is ". . . entitled as of right to be may be had only by a party to the proceedings . . . admitted as a party ..." within the meaning of who has been 'aggrieved' . . ., could be denied or section 263.2(c) the Rules of Practice (12 CFR unduly forestalled by the . . . [agency] merely by § 263.2 (c)). Failure to resolve the issue at this denying intervention." National Coal Association v. juncture could result in the necessity for a hearing Federal Power Commission, 191 F.2d 462, 467 de novo. Accordingly, the Board concludes that the (D. C. Cir. 1951).2 Further, there is authority for request for special permission to appeal should be the view that where there is no statute, such as granted. Further, for the reasons discussed herein- section 9, providing for judicial review by a "party after, the Board concludes that the Intervenors aggrieved", but the applicable statute entitles a should be granted leave to renew their motion be- "person aggrieved or whose interests are adversely fore the hearing examiner.1 affected" to judicial review, then ". . . fairness re- Right of intervention. Determinations under sec- quires that one with such a recognized interest in tion 4(c)(8) of the Act are required to be made the outcome of the agency proceeding must be perby the Board "after due notice and hearing, and mitted to participate in it from the outset." That on the basis of the record made at such hearing " is to say, "... intervention is necessary in order to The provisions of the Administrative Procedure make the right to review effective." American Com- Act relating to cases of "adjudication required by munications Association v. United States, 298 F.2d statute to be determined on the record after an op- 648, 650 (2d Cir. 1962). portunity for an agency hearing" direct the agency On the other hand, it is argued that "... there is to give "interested parties" an opportunity for "the no logically necessary relationship between the right submission and consideration of facts, arguments, to an administrative hearing and a right to appeal." offers of settlement, or proposals of adjustment Jaffe, Judicial Control of Administrative Action 524 when time, the nature of the proceeding, and the (1965). public interest permit". 5 U.S.C. § 554(a), (c)(1). Does standing to appeal necessarily imply a right to The Administrative Procedure Act does not define an administrative hearing? It will be said that a right "interested parties". to appeal to be "effective" implies a right to make or participate in making the administrative record. No Also apposite here is section 9 of the Bank Hold- doubt a right to participate at the administrative level ing Company Act (12 U.S.C. § 1848), which pro- increases the effective scope of the right to appeal, but the right to attack an order resting on a record made vides, in part: "Any party aggrieved by an order by others, or on no record at all, could be valuable. of the Board under this Act may obtain a review It would have precisely the virtue, if that virtue were of such order in the United States Court of Ap- being sought, of expanding the class of potential public champions to attack "obviously" invalid orders without a similar expansion of the administrative process. But 1 As the record now stands, the Applicant has put in its if the relaxation of standing requirements does not evidence, and its witnesses have been cross-examined by necessarily expand the number and scope of adminis- Board counsel. Should the Intervenors be made parties, it trative hearings, recent experience demonstrates that appears that cross-examination by their counsel of the almost inevitably it does have that effect. Courts and Applicant's witnesses ought to proceed on the basis of the lawyers state or assume without much reflection that transcript and other components of the record; put another standing to appeal does involve a right to adminisway, it does not appear that any useful purpose would be trative hearing; and statutes . . . which specifically enserved by requiring that exhibits and testimony now in the record be offered anew (although the Intervenors ought to 2 "Probably the reason for the scantiness of [case law] have an opportunity to show the contrary if they so desire). authority [on the question whether standing to obtain However, the Intervenors ought to be permitted to state for judicial review carries with it the right of intervention] is the hearing examiner's consideration any objections they that agencies almost always allow intervention by those may have to the admissibility of the evidence now in the entitled to obtain [judicial] review." record. 1 Davis, Administrative Law § 8.11 at 567 (1958). 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LAW DEPARTMENT 547 title "parties in interest" to a hearing and "aggrieved Colorado Association. It appears from these and persons" to appeal are read together as similar in other averments in the motion that the Intervenors content. Id. at 524-25 (footnote omitted; emphasis in the original). were prepared to show that the Miller Agency is a competitor, or potential competitor, of one or Whatever merit that argument may otherwise have, both of the insurance agencies proposed to be its validity is dubious when considered in juxtaacquired by Applicant and that, therefore, the busiposition with the provisions of section 4(c)(8) of ness of the Miller Agency would be subject to the Bank Holding Company Act. direct and immediate adverse financial conse- Since section 4(c)(8) makes a hearing mandaquences if an order were entered authorizing the tory, permitting intervention by interested persons Applicant to acquire the insurance agencies. who may be "aggrieved" by a Board order formu- The Board is of the view that the showing of lated in a proceeding thereunder does not "expand such a nexus would entitle the proprietor of the the number . . . of . . . hearings". Further, such Miller Agency to be made a party to the proceedintervention may indeed expand the "scope" of a ing; further, his membership in the National and hearing in the sense that an intervenor may offer Colorado Associations of insurance agencies and evidence that would not otherwise be offered, and agents, if they are authorized to represent their even raise issues that might not otherwise be raised. members in these matters, would entitle the Asso- But so long as the evidence admitted is restricted— ciations to be made parties to the proceeding. It as, of course, it can be—to that which is relevant should be stressed, however, that while the financial and material to the statutory considerations, viewed interests of the proprietor of the Miller Agency and in the light of legislative purpose, such an expansion of the other members of the National and Colorado in "scope" can hardly be regarded as inimical to the Associations in retaining insurance business may public interest. Indeed, to the extent that a better entitle them to be made parties to the proceeding, record results, the public interest will be benefited. those interests, standing alone, are no ground for The Board is of the view that the class of persons barring favorable determinations on Applicant's "entitled as of right" to be admitted as parties in requests. Assuming that they are made parties, the a hearing required by section 4(c)(8) includes role of the Intervenors is to vindicate the public those persons who can show that their interests are interest, i.e., to assure that each of Applicant's prosuch that they might be "aggrieved" by a Board posals meets the requirements of section 4(c)(8) order based on the record made at such hearing of the Bank Holding Company Act. See 3 Davis, and, further, that the class of persons who might Administrative Law §§ 22.05; 22.11 (1958); 1 Id. be "aggrieved" includes a competitor of the nonbank company, the activities of which are under § 8.11. scrutiny, as well as a trade association, some of the The question of the right of a person to be made members of which are competitors of such com- a party to a section 4(c)(8) proceeding does not pany.3 depend on whether the evidence he is prepared to Interests of the Intervenors. The motion filed by offer is admissible. A party has other rights and an the Intervenors requesting that they be made par- interested person may seek to become a party in ties recites in part that: the National Association order, for example, to cross-examine the witnesses consists of 35,000 insurance agencies and 150,000 of others, to object to the admission of evidence licensed insurance agents located throughout the offered by others, and to file proposed findings of United States, including Colorado; the Colorado fact and conclusions of law together with a brief Association consists of 375 insurance agencies and in support thereof. That is not to say, of course, that 1600 licensed insurance agents located throughout irrelevant, immaterial, or unduly repetitious, evi- Colorado; Mr. Jack Miller, of the Miller Agency, dence should be admitted. It may be helpful, in this is a licensed insurance agent in Colorado, and a connection, to comment on the evidence the Intermember of both the National Association and the venors indicated at the hearing that they wished to offer. 3 The Board intimates no view on the question whether Antitrust considerations. The Intervenors represection 9 limits those who may obtain judicial review of an sented that they were prepared to offer the testiorder based on the record of a proceeding under section mony of individual insurance agents as to the effect 4(c)(8) to those who were parties to the proceeding, nor on the question whether intervention is necessary in order upon them of favorable determinations on Applito make the right to judicial review effective. But see Whit- cant's requests. As suggested earlier, the fact that a ney National Bank v. Bank of New Orleans, 379 U.S. 411, 419-23 (1964). favorable determination would result in increased Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 548 FEDERAL RESERVE BULLETIN • JUNE 1970 competition for a person entitles him, upon a proper the hearing examiner found that their lateness in request and showing, to be admitted as a party to requesting to be made parties would not preclude a section 4(c)(8) proceedings; however, the fact their admission. Counsel for the Applicant withthat such a determination would result in increased drew the objections he had earlier interposed.5 competition is no ground for denying the requested There followed a colloquy between the hearing determination. On the other hand, the Intervenors examiner and counsel for the Intervenors during have alleged that favorable determinations on Ap- the course of which the examiner apparently enplicant's requests would result in violations of the deavored to inform counsel that, in view of the antitrust laws. fact that the objections to his motion had been Section 4(c)(8) does not explicitly require that withdrawn, the motion ought to be renewed. Counantitrust considerations be taken into account. The sel professed a lack of understanding as to what duty to accommodate the policy of the antitrust stage the proceedings were then in, and inquired laws, where there is no explicit statutory command whether the ruling denying his motion still stood. to do so, is typically found to be implicit in the When informed that it did, insofar as the record statutory obligation to determine whether a pro- then reflected, counsel responded that, in that event, posal would be in the "public interest" or would be he would file with the Board a request for special warranted by considerations of "public conven- permission to appeal from the ruling and, in conience and necessity." See, e.g., Northern Natural nection therewith, he asked that the examiner con- Gas Co. v. Federal Power Commission, 399 F.2d tinue the hearing until the Board acted on the re- 953, 959-61 (D. C. Cir. 1968). The language of quest. section 4(c)(8) does not employ either of the Counsel for the Intervenors, it seems, was under quoted phrases. However, the fact that a favorable the impression that his only recourse, at that juncdetermination thereunder requires a finding that ture, was to file a request for special permission to the activities of a nonbank company are a "proper appeal from the ruling of the hearing examiner. incident" of the business of banking or of manag- Ordinarily, such a misapprehension on the part of ing or controlling banks precludes the Board from counsel would be of no moment and the withdrawal ignoring facts indicating that the ownership and of the Intervenors from the hearing without reoperation of a nonbank company by a bank holdnewing their motion, if clearly invited to do so, ing company may contravene other laws, including would be considered an abandonment of the mothe antitrust laws. Cf. Whitney National Bank v. tion. In this case, however, there was more than Bank of New Orleans, 379 U.S. 411, 418-19 a misapprehension on the part of counsel. The at- (1964). Put another way, while the Board is not tempted communications between the hearing excharged with the responsiblity of enforcing the aminer and counsel on vital points were unsuccessantitrust laws as they relate to the business of inful. This resulted in large part, it appears, from surance,4 it is the responsibility of the Board in adconfusion on the part of all concerned as to what ministering section 4(c)(8) to accommodate the is meant by the provision in the Board's Rules of policy of the antitrust laws and, in particular, to Practice that, in pertinent part, describes a "party" receive and consider evidence respecting the allegation made by the Intervenors. Cf. Philco Corp. v. 5 The Board's Order scheduling the hearing, notice of Federal Communications Commission, 293 F.2d which was published on November 7, 1969 (34 Federal 864 (D. C. Cir. 1961). Register 18070), provided that persons desiring to participate in the hearing should file a written request on or Consideration of the motion at the hearing. The before November 28, 1969. The Intervenors did not meet hearing examiner initially indicated that he was that deadline and could have been barred from the hearing on that ground, in the absence of an extension of time denying the motion that the Intervenors be made by the hearing examiner for good cause shown. See Rules parties to the proceeding, but that he would enter- of Practice § 263.6(f); 12 CFR § 263.6(f). The fact that the Intervenors and their counsel did not see the Order tain a motion to make the individual insurance and notice of hearing that was published in the Federal agent, Mr. Jack Miller, a party for a limited pur- Register in time to file their request to be made parties within the period specified does not constitute "good cause" pose. Counsel for the Intervenors asked for a recess, for this purpose. See 44 U.S.C. § 1508. However, the which was granted. When the hearing resumed, objections to the admission of the Intervenors as parties Board counsel withdrew his earlier objection to the were withdrawn after the hearing examiner gave his assurance that ample time would be allowed Board counsel and admission of the Intervenors as parties, provided counsel for the Applicant to prepare for cross-examination of the Intervenors' witnesses, and for other purposes, so 4 With respect to the applicability of the antitrust laws to that they would not be put at a disadvantage by the the business of insurance, see 15 U.S.C. § 1011, et seq. Intervenors' lateness. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 549 as a person . . entitled as of right . . to be ad- desirability in the public interest of having a committed as such. The Rules of Practice do not set out plete record, as well, the Board concludes that the the criteria by which a person's entitlement to be hearing examiner should, at a time and place to be made a party is determined, and the Board has not determined by him, but as soon as practicable, reheretofore had occasion to rule on the question. convene the hearing for the purpose of giving the Conclusion. Considering all the factors deemed Intervenors an opportunity to renew their motion pertinent, including not only the circumstances at- and to establish their rights to be made parties; and, tendant upon the hearing just discussed, but the if it is concluded that the Intervenors are entitled interest of the Applicant in obtaining determina- to be made parties, they should be permitted to tions on its requests without undue delay and the participate as such. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements CHANGES IN THE BOARD'S STAFF Reserve Bank of San Francisco, effective June 4, 1970, for the remainder of a term expiring De- The Board of Governors has announced the folcember 31, 1970. Mr. Southwick succeeds T. H. lowing official staff appointments and changes: Shearin, former President of the Community Na- John T. McClintock was named an Assistant tional Bank in Bakersfield, California, who re- Director of the Division of Supervision and Regusigned as a director effective April 16, 1970. lation, effective June 1, 1970. A graduate of Virginia Polytechnic Institute, Mr. McClintock came PUBLICATION OF DATA ON "ADJUSTED BANK to the Board in 1957 from the Federal Reserve CREDIT PROXY" AND BANK-RELATED Bank of Richmond. Prior to his official appoint- COMMERCIAL PAPER ment, Mr. McClintock had been Assistant to the In recent years the Federal Open Market Com- Director of the Division of Supervision and Regumittee has been making use of daily-average lation. statistics on total member bank deposits as a Henry W. Meetze, Chief of the Data Production "bank credit proxy"—that is, as the best available Section of the Division of Data Processing, was measure, although indirect, of developing moveappointed an Assistant Director of that Division ments in bank credit. Because they can be comeffective June 8, 1970. Mr. Meetze, a graduate piled on a daily basis with a very short lag, the of the U.S. Military Academy with an M.S. from deposit figures are more nearly current than avail- George Washington University, served with the able bank loan and investment data. Moreover, Army until he joined the Board's staff in 1969. average deposit figures for a calendar month are Tynan Smith, Adviser in the Division of Remuch less subject to the influence of single-date search and Statistics, has been transferred to the fluctuations than are the available month-end data Division of Supervision and Regulation as Ason total bank credit, which represent estimates of sistant Director of that Division, effective July 1, loans and investments at all commercial banks on 1970. Mr. Smith had been assigned to the Division one day—the last Wednesday—of each month. of Supervision and Regulation as Acting Assistant However, movements in total member bank Director for about 10 months in 1968 and 1969 deposits and in commercial bank credit can diin connection with the development of the Truth verge for various reasons, including changes in in Lending program. nondeposit liabilities of banks. Because changes Also Levon H. Garabedian, Chief of the Adin such liabilities recently have been an important ministration Section of the Division of Research source of divergence from time to time, an "adand Statistics, has been named an Assistant Dijusted" proxy series, taking approximate account rector in that Division, effective July 1. Mr. Garaof such changes, is also calculated for Committee bedian, who has a B.S. and an M.A. in Business use. Administration from American University, joined Weekly and monthly average data on the "adthe Board's staff in 1959. justed bank credit proxy," are now being pub- Mr. Milton W. Schober, Assistant Director of lished regularly. Weekly data are published in the the Division of Supervision and Regulation, re- Board's H.9 press release, "Weekly Summary of signed effective May 30, 1970, and Mr. Robert E. Banking and Credit Measures," and monthly data Nichols, Special Assistant to the Board, resigned are published on both page A-17 of the BULLETIN as of June 12, 1970. and in the G.10 press release, "Aggregate Reserves and Member Bank Deposits." APPOINTMENT OF DIRECTOR The adjusted bank credit proxy series includes L. E. Southwick, President of Valley National —in addition to the seasonally adjusted data on Bank, Glendale, California, was appointed a di- total member bank deposits subject to reserve rerector of the Los Angeles Branch of the Federal quirements, which are still shown as a separate 550 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

series in these releases—seasonally unadjusted data cent of the total bank deposits in the State and for the following nondeposit sources of funds: receive about 52 per cent of the dollar value of gross liabilities of banks to their own foreign currency shipped by the Jacksonville Branch of the branches and to branches in U.S. territories and Federal Reserve Bank of Atlanta, which now serves possessions; Euro-dollars borrowed directly from southern Florida. foreign banks or through brokers and dealers; com- Estimates indicate that the proposed Miami famercial paper issued by holding companies or cility will handle about 14 million checks monthly, other bank affiliates; and loans, or participations a volume that would be exceeded to any substantial in pools of loans, sold under repurchase agree- degree only by 2 of the 24 Federal Reserve branch ment to others than banks or banks' own affiliates banks. The establishment of a Miami office would or subsidiaries. The nondeposit items are included lead to substantial improvement in Federal Reserve without seasonal adjustment because the period for services in that area and would also relieve preswhich such information is available is so short sures on the Jacksonville Branch where space probthat seasonal adjustment is not yet feasible. lems could become so severe within 3 to 5 years The Board's H.9 release includes, in addition to that construction of a new building would be 'rethe weekly adjusted bank credit proxy series, a quired if that Branch were to continue serving the footnote indicating the amount of bank-related entire State. commercial paper outstanding. As indicated above, The 360 miles from Jacksonville to Miami reprethis major nondeposit source of funds is included sents the greatest distance by far between a Federal in the adjusted bank credit proxy. Reserve office and a metropolitan area of more Requests for back data beginning with the week than a million persons. The 1968 population of the ending May 28, 1969, for both the adjusted credit Miami metropolitan area was an estimated 1.12 proxy and bank-related commercial paper should million persons. be addressed to the Banking Section, Division of Research and Statistics, Board of Governors of SILVER COIN AS RESERVES the Federal Reserve System, Washington, D.C. The Board of Governors on June 3, 1970, issued 20551. for comment a proposed amendment to Regulation D, "Reserves of Member Banks," which would FEDERAL RESERVE FACILITY AT MIAMI prevent member banks from counting as part of In a move to improve banking services in the rap- their required reserves any silver coin they hold for idly expanding southern Florida area, the Board of its bullion or numismatic value. Comments on the Governors on June 12, 1970, announced it had proposal, which was published in the Federal Regapproved a proposal by the Federal Reserve Bank ister for June 9, 1970 (35 F.R. 8892), should be of Atlanta to establish a check collection and cur- received by the Board no later than July 13, 1970. rency and coin facility at Miami. The Board also approved a proposal by the At- FLOW OF FUNDS ACCOUNTS, 1945-68 lanta Bank to plan the establishment of a branch Flow of Funds Accounts, 1945-68, is available for bank at Miami. distribution. The check collection and currency and coin This publication consists of an introductory text facility is expected to begin partial operations by on the accounts and a complete set of tables on the end of the year. It will provide services in 13 annual flows and year-end outstandings using the southern Florida counties as follows: Broward, new structural basis that first appeared in the No- Charlotte, Collier, Dade, Glades, Hendry, Indian vember 1969 BULLETIN. It is a replacement for River, Lee, Martin, Monroe, Okeechobee, Palm the February 1968 flow of funds supplement with Beach, and St. Lucie. tables through 1967. Growth in Florida's economy has been concen- Requests for copies should be sent to Publicatrated in the southern part of the State, which has tions Services, Division of Administrative Services, growing trade and other economic relationships Board of Governors of the Federal Reserve System, with Central and South America. There are now Washington, D.C. 20551. Remittance should acabout 150 commercial banks, including 86 member company order and be made payable to the Board banks, in the 13 counties that will be served by a of Governors of the Federal Reserve System (prices Miami facility. These banks account for 44 per shown on page A-98). 551 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ADMISSION OF STATE BANKS TO Virginia MEMBERSHIP IN THE Manassas . . . . First Manassas Bank and Trust Company FEDERAL RESERVE SYSTEM New York The following State banks were admitted to mem- Rochester Bankers Trust Company of bership in the Federal Reserve System during the Rochester period February 16, 1970, through June 15, 1970, Tennessee inclusive: Lawrenceburg . . . The Lawrence County Bank 552 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication June 12 Industrial production, nonfarm employment, and strikes in the rubber industry also curtailed prothe average factory workweek declined further duction. in May and the unemployment rate rose. The Auto assemblies increased 15 per cent in May value of retail sales apparently was slightly below and were at an annual rate of 8 million units the advanced April level. Commercial bank credit, compared to 7 million in April. Industry producthe money supply, and time and savings deposits tion schedules for June indicate a further inrose in May. Between mid-May and mid-June, in- crease to an annual rate of about 8.3 million terest rates on most Treasury bills showed small units. Output of most household appliances conchanges and yields on corporate bonds rose. In tinued to increase in May, but production of early June, common stock prices were above their television sets and furniture declined again. Outlate May lows. put of business equipment was off 2 per cent with further decreases in industrial and commercial INDUSTRIAL PRODUCTION equipment. Industrial production, which had declined in April Production of iron and steel, construction mabut only to the January-February level, decreased terials, and some nondurable materials and prodagain in May and was 169.0 per cent of the ucts declined in May. 1957-59 average, 0.8 per cent below April. Since the peak last summer, industrial production has EMPLOYMENT fallen 3 per cent. Among major groups, output The labor market eased further in May. The unof consumer goods rose in May but was 1 per employment rate rose for the fifth consecutive cent below last July. Production of business and month to 5.0 per cent from 4.8 in April. Nonfarm defense equipment and of materials declined in payroll employment declined by 270,000 to 70.9 May and was down 6 per cent and 3 per cent, million, with increased strike activity in construcrespectively, from July 1969. As in April, some of tion and manufacturing accounting for about the decline in output in May may have reflected 100,000 of the decline. Manufacturing employreduced supplies of component parts because of ment continued its downtrend, dropping by continued strikes in the trucking industry. In May, 225,000 to 19.6 million, with reductions widespread in both nondurable and durable goods industries. The average workweek of manufacturing INDUSTRIAL PRODUCTION production workers also declined slightly further 1957-59=100 to 39.9 hours. RETAIL SALES The value of retail sales in May apparently declined about 0.5 per cent following an increase of 2 per cent in April, and was 3 per cent above a year earlier. Unit sales of new domestic autos were at a seasonally adjusted annual rate of 7.8 million units, 4 per cent above a month ago but 8.5 per cent below a year earlier. WHOLESALE AND CONSUMER PRICES The wholesale price index rose 0.2 per cent from mid-April to mid-May as average prices of industrial commodities rose 0.3 per cent and farm and 553 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

food products declined somewhat further. Prices declined slightly following substantial growth of some sensitive commodities such as livestock, earlier. Consumer-type time and savings deposits copper scrap, and hides declined after early May. rose at large banks after declining in April, while Consumer prices increased 0.6 per cent in April, total time and savings deposits at smaller banks largely as a result of advances for consumer rose somewhat less than in April. services, used cars, and gasoline. Net borrowed reserves of member banks averaged about $770 million over the four weeks BANK CREDIT, DEPOSITS, AND RESERVES ending May 27, around $80 million higher than Commercial bank credit increased $2 billion in the previous month's average. Member bank bor- May, the same as in April. After adjustment for rowings increased and excess reserves dropped outright loan sales to bank affiliates, however, the somewhat. May expansion was larger than that of any other recent month. Total loans increased moderately SECURITY MARKETS following net repayments in March and April. Treasury bill rates on balance showed small Holdings of U.S. Government securities increased changes between mid-May and mid-June. The somewhat further, associated in part with the 3-month bill was bid at around 6.75 per cent in the midmonth Treasury note financing. Growth in middle of June, little changed from a month holdings of other securities slackened consider- earlier. Rates on intermediate-term Government ably from the pace of the two previous months. notes and bonds declined moderately on average The money supply increased $700 million in over the period, while yields on long-term Treas- May, compared with an average monthly rise of ury bonds rose somewhat. $2 billion over March and April. U.S. Govern- Since mid-May, yields on seasoned corporate ment deposits declined substantially. Growth in bonds have increased further by about 25 basis time and savings deposits at all commercial banks points and yields on newly issued corporate bonds was also smaller in May than in the two previous have reached new highs. Municipal bond yields months—$1.7 billion compared with an average rose steadily through May but receded in the first of $3 billion. Holdings of large negotiable CD's week of June. PRICES INTEREST RATES 1957-59=100 140 ALL COMMODITIES _ 140 ALL ITEMS _ 130 - LESS FOOD FARM PRODUCTS ^^/^FOOD AND FOODS f^/S' F.R. DISCOUNT RATE A ^ fl : v "V/ INDUSTRIAL 7 COMMODITIES _ - 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, April; Wholesale, May. years or more and for 90-day Treasury bills. Latest figures: week ending June 5. 554 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial and Business Statistics CONTENTS A 3 GUIDE TO TABULAR PRESENTATION A 3 STATISTICAL RELEASES: REFERENCE 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 Continued on next page A 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 2 FEDERAL RESERVE BULLETIN • JUNE 1970 U.S. STATISTICS—Continued A 58 Industrial production A 62 Business activity 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. reserve assets; 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 Bank holding companies, December 31, 1969 A 105 INDEX TO STATISTICAL TABLES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 3 Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS e Estimated N.S.A. Monthly (or quarterly) figures not adjusted c Corrected for seasonal variation p Preliminary IPC Individuals, partnerships, and corporations SMSA Standard metropolitan statistical area r Revised A Assets rp Revised preliminary L Liabilities I, II, S Sources of funds U Uses of funds III, IV Quarters * Amounts insignificant in terms of the parn.e.c. Not elsewhere classified ticular unit (e.g., less than 500,000 when A.R. Annual rate the unit is millions) S.A. Monthly (or quarterly) figures adjusted for (1) Zero, (2) no figure to be expected, or seasonal variation (3) figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) include not fully guaranteed issues) as well as direct a negative figure, or (3) an outflow. obligations of the Treasury. "State and local govt." also includes municipalities, special districts, and other politi- A heavy vertical rule is used in the following instances: (1) to the right (to the left) of a total when cal subdivisions. the components shown to the right (left) of it add to In some of the tables details do not add to totals that total (totals separated by ordinary rules include because of rounding. more components than those shown), (2) to the right The footnotes labeled NOTE (which always appear (to the left) of items that are not part of a balance last) provide (1) the source or sources of data that do sheet, (3) to the left of memorandum items. not originate in the System; (2) notice when figures are "U.S. Govt, securities" may include guaranteed issues estimates; and (3) information on other characteristics of U.S. Govt, agencies (the flow of funds figures also of the data. TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Page Annually—Continued Issue Page Flow of funds May 1970 A-70—A-71.9 Banks and branches, number, by class and State Apr. 1970 A-94—A-95 Semiannually Flow of funds: Ba O A nk n n P i a , n a l r g y a s n L o i d s f i f s o i t n c , f o e n c t s h u : o a m n n b , g e e r F s e i d n e n ra u l m R be e r s e o rv f. e F M eb ar . . 1 1 9 9 7 7 0 0 A-96— A A -1 -9 0 7 8 A Fl s o 1 1 1 s 9 9 w 9 e 6 t 5 5 s s 7 5 5 : - - a 6 6 n 8 8 d liabilities: M N N o o a v v y . . 1 1 1 9 9 9 6 6 6 8 9 9 A A - - 7 6 1 A 7 .1 . - 1 7 0 0 0 — - — A A A - -7 6 -7 1 7 1 . . 2 i .9 l 0 Annually Income and expenses: Federal Reserve Banks Feb. 1970 A-94—A-95 Bank holding companies: Member banks: List of, Dec. 31, 1969 June 1970 A-94 Calendar year May 1969 A-95—A-99 Banking offices and deposits of Income ratios May 1969 A-100—A-103 group banks, Dec. 31, 1968 Aug. 1969 A-96 Operating ratios May 1969 A-104—A-106 Insured commercial banks May 1969 A-107 Banking and monetary statistics: 196 8 May 1969 A-91—A-94 Stock exchange firms, detailed debit 196 9 Mar. 1970 A-94—A-107 and credit balances Sept. 1969 A-94—A-95 Statistical Releases LIST PUBLISHED SEMIANNUALLY, WITH LATEST BULLETIN REFERENCE Issue Page Anticipated schedule of release dates for individual releases June 1970 A-102 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 4 BANK RESERVES AND RELATED ITEMS a JUNE 1970 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Reserve Bank credit outstanding Period or date U.S. Govt, securities * Special u H n e d l e d r co D a u n i n s d - t s Float 2 O F t . h R e . r Total 4 s G to o c ld k c D e R r rt a i i g w f h ic i t n a s g te Bought repur- ad- assets 3 account Total out- chase vances right agreement Averages of daily figures 1939—Dec 2,510 2,510 8 83 2,612 17,518 1941—Dec 2,219 2,219 5 170 2,404 22,759 1945—Dec 23,708 23,708 381 652 24,744 20,047 1950—Dec 20,345 20,336 142 1,117 21,606 22,879 1960—Dec 27,248 27,170 78 94 1,665 29,060 17,954 1965—De c 40,885 40,772 113 490 2,349 43,853 13,799 1966—De c 43,760 43,274 486 570 2,383 46,864 13,158 1967—De c 48,891 48,810 81 238 2,030 51,268 12,436 1968—De c 52,529 52,454 75 765 3,251 56,610 10,367 1969—Ma y 53,390 52,898 492 1,402 2,218 2,876 59,999 10,367 June 54,028 53,926 102 1,407 2,463 2,614 60,565 10,367 July 54,298 54,252 46 1,190 2,684 2,670 60,887 10,367 Aug 54,599 54,334 265 1,249 1,230 2.672 60,876 10,367 Sept 53,840 53,722 118 1,067 2,477 3,032 60,459 10,367 Oct 54,708 54,497 211 1,135 2,462 3,153 61,516 10,367 Nov 56.499 56,424 75 1,241 2,541 2,460 62,788 10,367 Dec 57.500 57,295 205 1,086 3,235 2,204 64,100 10,367 1970—Ma r 55,780 55,695 85 936 2,551 2,061 61,388 11,367 345 Apr 55,982 55,787 195 877 3,275 2,209 62,424 11,367 400 May? 57,265 57,179 86 1,067 2,963 1,708 63,066 11,367 400 Week ending— 1970—Mar. 4 55,700 55,700 876 2,382 1,988 61,002 11,367 300 11 55,393 55,393 972 2,427 2,013 60,860 11,367 300 18 56,032 55,906 126 857 2,450 2,069 61,471 11,367 314 25 55,838 55,825 13 976 2,665 2,089 61,624 11,367 400 Apr. 1 55,986 55,714 272 989 2,886 2,125 62,060 11,367 400 8 55,727 55,674 53 536 3,466 2,153 61,948 11,367 400 15 56,121 55,830 291 1,057 2,914 2,189 62,379 11,367 400 22. 55,975 55,832 143 1,016 3,571 2,231 62,863 11,367 400 29. 56,017 55,760 257 984 3,160 2,267 62,514 11,367 400 May 6 57,178 56,914 264 864 3,080 2,228 63,443 11,367 400 13 57,311 57,311 900 2,932 2,098 63,295 11,367 400 20* 57,435 57,261 1,272 3,171 1,589 63,540 11,367 400 27 p 57,040 57,040 1,021 2,826 1,294 62,231 11,367 400 End of month 1970—Mar 55,785 55,785 684 2,827 2,139 61,487 11,367 400 Apr 56,542 756,162 380 545 3,536 2,239 62,968 11,367 400 May* 57,307 57,307 1,454 2,870 1,184 62,857 11,367 400 Wednesday 1970—Mar. 4 55,064 6755,064 452 2,536 2,007 60,115 11,367 300 11 54,922 6754,922 496 2,097 2,034 59,602 11,367 300 18. 56,447 756,102 345 621 2,777 2,171 62,097 11,367 400 25 55,621 755,532 89 1,594 2,237 2,101 61,629 11,367 400 Apr. 1 56,035 755,785 250 612 2,964 2,159 61,858 11,367 400 8 55,564 755,564 445 2,850 2,173 61,090 11,367 400 15 56,380 755,876 504 1,436 3,126 2,210 63,268 11,367 400 22 56,078 755,580 498 1,351 3,078 2,254 62,884 11,367 400 29 56,085 756,085 926 2,815 2,251 62,135 11,367 400 May 6p 57,857 757,490 367 531 3,049 2,090 63,641 11,367 400 13 p 57,185 757,185 850 2,791 2,108 62,988 11,367 400 20? 57,370 757,370 536 2,871 1,368 62,195 11,367 400 21 p 57,115 757,115 978 2,393 1,179 61,711 11,367 400 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1970 • BANK RESERVES AND RELATED ITEMS A 5 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued (In millions of dollars) Factors absorbing reserve funds Deposits, other than member bank Member bank r c C t e c u i i n i u o n l r c a r n - y - - T h c i u r n o a e r l g s a d y h s s - - T u re r a y s - with r e F s F e . e i R o r g r v . n - e B s, a nks Other 2 c O o F u a t . h c n R - e t . r s 3 c b a O F i a p l l t i . n i i h a R t t d i e - a e . r l s 3 B F W a . n R it k h . s re c r C s a e o e n n u i r n d c r v y 5 - e s Total Period or date Averages of daily figures 7,609 2,402 616 739 248 11,473 11,473 1939—Dec. 10,985 2,189 592 1,531 292 12,812 12,812 1941—Dec. 28,452 2,269 625 1,247 493 16,027 16,027 1945—Dec. 27,806 1,290 615 920 353 739 17,391 17,391 1950—Dec. 33,019 408 522 250 495 1,029 16,688 2,595 19,283 1960—Dec. 42,206 808 683 154 231 389 18,747 3,972 22,719 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. 49,947 691 549 132 445 1,968 23,371 4,532 27,903 1969—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. 52,412 575 1,148 219 763 2,134 22,740 4,733 27,473 1970—Mar. 52,867 567 1,180 166 870 2,137 23,323 4,773 28,096 Apr. 53,490 544 1,440 182 845 2,215 23,084 4,806 27,890 May* Week ending— 5 52 2 , , 3 1 1 0 9 7 5 5 7 8 5 8 1 1 , , 0 0 0 4 5 9 2 2 6 1 7 2 7 71 7 4 0 2 2 , , 2 1 3 7 3 3 2 22 2 , , 3 6 1 4 1 0 4 4 , , 8 9 2 2 2 2 2 27 7 , , 2 4 3 6 3 2 1970—Mar. 1 4 1 52,508 569 1,062 215 745 2,040 22,902 4,729 27,631 18 52,459 573 1,223 187 792 2,089 22,962 4,510 27,472 25 52,566 572 1,281 238 820 2,151 23,100 4,706 27,806 Apr. 1 52,718 576 1,156 214 881 2,218 22,859 4,850 27,709 8 52,988 567 954 136 876 2,161 23,378 4,884 28,262 15 52,945 567 1,158 143 863 2,042 23,835 4,537 28,372 22 52,817 559 1,384 158 863 2,110 23,320 4,806 28,126 29 53,111 557 1,513 192 854 2,243 23,688 4,899 28,587 May 6 5 53 3 , , 5 5 8 6 9 8 5 5 4 4 5 2 1 1, , 4 7 3 2 1 6 2 2 4 0 7 3 8 88 5 6 4 2 2 , , 2 1 5 3 5 2 2 2 2 3 , , 7 5 9 2 4 4 4 4 , , 9 5 5 6 1 0 2 2 7 8 , , 7 0 4 8 5 4 2 1 0 3 * 53,517 538 1,265 119 804 2,199 22,531 4,777 27,308 27* End of month c52,701 566 ,192 200 839 2,172 22,495 4,706 27,201 1970—Mar. 53,034 546 ,784 204 825 2,204 23,082 4,901 27,983 Apr. 53,663 537 ,198 128 788 2,271 23,031 4,898 27,929 May* Wednesday 52,223 594 1,058 174 764 2,204 21,651 4,824 26,475 1970—Mar. 4 52,546 575 1,173 214 740 2,250 20,660 4,929 25,589 11 52,565 575 1,048 180 832 2,062 23,489 4,730 28,219 18 52,553 581 1,479 194 815 2,106 22,568 4,510 27,078 25 52,712 578 1,057 212 908 2,185 22,880 4,706 27,586 Apr. 1 52,958 577 1,009 144 901 2,235 21,945 4,849 26,794 8 53,086 570 869 152 926 2,017 24,337 4,885 29,222 15 52,947 570 941 189 885 2,070 23,976 4,539 28,515 22 53,024 564 1,367 224 869 2,138 22,650 4,810 27,460 29 53,463 552 1,323 168 869 2,297 23,687 4,898 28,585 May 6* 53,725 549 1,691 232 955 2,072 22,497 4,952 27,449 13* 53,603 551 742 141 813 2,153 22,930 4,560 27,490 20* 53,739 532 1,305 109 813 2,227 21,731 4,777 26,508 27* iU.S. Govt, securities include Federal agency obligations. s Part allowed as reserves Dec. 1, 1959—Nov. 23, 1960; all allowed 2 Beginning with 1960 reflects a minor change in concept; see Feb. thereafter. Beginning with Jan. 1963, figures are estimated except for 1961 BULLETIN, p. 164. weekly averages. Beginning Sept. 12, 1968, amount is based on close- 3 Beginning Apr. 16, 1969, "Other F.R. assets" and "Other F.R. of-business figures for reserve period 2 weeks previous to report date. liabilities and capital" are shown separately; formerly, they were 6 Reflects securities sold, and scheduled to be bought back, under netted together and reported as "Other F.R. accounts." matched sale/purchase transactions. 4 Includes industrial loans and acceptances, when held (industrial 7 Includes securities loaned—fully secured by U.S. Government loan program discontinued Aug. 21, 1959). For holdings of accept- securities pledged with Federal Reserve Banks. ances on Wed. and end-of-month dates, see subsequent tables on F.R. Banks. See also note 2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 6 BANK RESERVES AND RELATED ITEMS • JUNE 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 BBoorr-- Reserves BBoorr-- Reserves BBoorr-- T h o e t ld al qu R ir e e - d! Excess BB rr FF ii aa nn oo aa .. nn ww RR gg tt kk ss -- .. ss ss FF eerr rr rr vv ee ee ee ee -- ss T he o l t d a l qu R ir e e - d 1 Excess BB rr FF ii aa oo nn .. aa nn ww RR gg tt kk ss -- .. ss ssee FF rr rr rr ee vv ee -- ee ee ss T h o e t l a d l qu R ir e e - d i Excess BB rr FF ii aa oo nn aa .. nn RR ww gg tt kk ss .. -- ss ss FF ee rr rr rr ee vv ee -- ee ee ss 1939—Dec.. 1111,,447733 66,,446622 55,,001111 33 55,,000088 55,,662233 33,,001122 22,,661111 22,,661111 11,,114411 660011 554400 554400 1941—Dec.. 1122,,881122 99,,442222 33,,339900 55 33,,338855 55,,114422 44,,115533 998899 998899 11,,114433 884488 229955 229955 1945—Dec.. 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1950—Dec.. 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 1,191 8 5 3 1960—Dec.. 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 4 8 -4 1963—Dec.. 20,746 20,210 536 327 209 3,951 3,895 56 37 19 1,056 1,051 5 26 -21 1964—Dec.. 21,609 21,198 411 243 168 4,083 4,062 21 35 -14 1,083 1,086 -3 28 -31 1 1 9 9 6 6 5 6 — — D D e e c c .. . . 2 2 2 3 , , 7 8 1 3 9 0 2 2 2 3 , , 2 4 6 3 7 8 4 3 5 9 2 2 4 5 5 5 4 7 -1 - 6 2 5 4 4 , , 3 5 0 8 1 3 4 4 , , 2 5 6 5 0 6 4 2 1 7 1 1 1 2 1 2 - - 9 7 5 0 1 1, , 1 1 4 1 3 9 1 1 , , 1 11 2 5 8 1 4 5 2 5 3 4 - - 5 8 0 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 5,157 5,057 100 230 -130 1,199 1,184 15 85 -70 1969—May. 27,903 27,603 300 1,402 -1,102 5,174 5,134 40 129 -89 1,277 1,281 -4 144 -148 June. 27,317 26,974 343 1,407 -1,064 4,962 4,894 68 96 -28 1,241 1,206 35 27 8 July.. 26,980 26,864 116 1,190 -1,074 4,837 4,817 20 86 -66 1,197 1,207 -10 5 -15 Aug.. 27,079 26,776 303 1,249 -946 4,963 4,922 41 93 -52 1,188 1,196 -8 39 -47 Sept.. 26,971 26,735 236 1,067 -831 4,990 4,967 23 87 -64 1,200 1,186 14 51 -37 Oct... 27,340 27,197 143 1,135 -992 5,195 5,183 12 138 -126 1,228 1,235 -7 19 -26 Nov.. 27,764 27,511 253 1,241 -988 5,376 5,350 26 169 -143 1,244 1,254 -10 57 -67 Dec.. 28,031 27,774 257 1,086 -829 5,441 5,385 56 259 -203 1,285 1,267 18 27 -9 1970—Jan.... 28,858 28,692 166 965 -799 5,668 5,659 9 141 -132 1,320 1,316 4 86 -82 Feb... 27,976 27,703 273 1,092 -819 5,458 5,424 34 110 -76 1,253 1,264 -11 47 -58 Mar... 27,473 27,358 115 896 -781 5,349 5,344 5 153 -148 1,265 1,249 16 31 -15 Apr... 28,096 27,978 118 822 -704 5,482 5,453 29 227 -198 1,295 1,316 -21 61 -82 May*. 27,890 27,728 162 977 -815 5,309 5,303 6 176 -170 1,284 1,286 -2 23 -25 Week ending— 1969—May 7.. 28,210 27,727 483 1,603 -1,120 5,212 5,105 107 171 -64 1,267 / 1,259 8 344 -336 14.. 27,806 27,545 261 1,171 -910 5,193 5,124 69 121 -52 1,289 1,283 6 20 -14 21.. 27,772 27,656 116 1,358 -1,242 5,189 5,240 -51 188 -239 1,293 1,298 -5 172 -177 28.. 27,729 27,616 113 1,303 -1,190 5,120 5,127 -7 61 -68 1,303 1,303 12 -12 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 1,335 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 5,489 31 75 -44 1,269 1,287 -18 104 -122 11.. 27,997 27,790 207 1,069 -862 5,414 5,399 15 130 -115 1,272 1,260 12 12 18.. 28,059 27,810 249 1,110 -861 5,645 5,576 69 218 -149 1,275 1,292 -17 121 -138 25.. 27,577 27,405 172 1,065 -893 5,323 5,317 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.. 27,631 27,481 150 817 -667 5,434 5,429 5 146 -141 1,255 1,266 — 11 7 -18 25.. 27,472 27,376 96 936 -840 5,338 5,312 26 102 -76 1,240 1,225 15 97 -82 Apr. 1.. 27,806 27,467 339 949 -610 5,415 .5,340 75 232 -157 1,256 1,265 -9 25 -34 8.. 27,709 27,530 179 496 -317 5,417 5,317 100 100 1,290 1,293 -3 17 -20 15., 28,262 28,160 102 1,017 -915 5,487 5,536 -49 349 -398 1,347 1,364 -17 134 -151 22. . 28,372 28,214 158 969 -811 5,643 5,584 59 525 -466 1,340 1,336 4 20 -16 29. . 28,126 28,014 112 894 -782 5,375 5,394 -19 86 -105 1,271 1,279 -8 86 -94 May 6., 28,587 28,237 350 774 -424 5,547 5,440 107 93 14 1,343 1,317 26 86 -60 13.. 27,745 27,717 28 810 -782 5,293 5,378 -85 150 -235 1,269 1,292 -23 14 -37 20*. 28,084 27,910 174 1,182 -1,008 5,508 5,433 75 332 -257 1,310 1,312 -2 -2 27®. 27,308 27,276 32 931 -899 5,026 5,069 -43 86 -129 1,249 1,243 6 6 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 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 Period Borrow- Borrowings at Free ings at Free F.R. reserves F.R. reserves T h o e t l a d l Required] Excess Banks T h o e t ld al Required: Banks 3,140 1,953 1,188 ,188 1,568 897 671 3 668 . ...1939—Dec. 4,317 3,014 1,303 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. 11,275 11,195 80 618 -538 10,177 9.993 184 511 -327 ....1969—May 10,986 10,922 64 713 -649 10,128 9,952 176 571 -395 June 10,752 10,846 -94 517 -611 10,194 9.994 200 582 -382 July 10,814 10,730 84 480 -396 10,114 9,928 186 637 -451 Aug. 10,668 10,654 14 461 -447 10,113 9,928 185 468 -283 Sept. 10,745 10,772 -27 531 -558 10,172 10,007 165 447 -282 Oct. 10,888 10,841 47 572 -525 10,256 10,066 190 443 -253 Nov. 10,970 10,964 6 479 -473 10,335 10,158 177 321 -144 Dec. 11,296 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. 10,737 10,802 -65 436 -501 10,122 9,963 159 276 -117 Mar. 11,038 11,066 -28 372 -400 10,281 10,143 138 162 -24 Apr. 10,966 10,946 20 477 -457 10,332 10,195 138 301 -163 MAYP Week ending— 11,400 11,257 143 582 -439 10,331 10,106 225 506 -281 .1969—May 7 11.209 11,215 -6 625 -631 10,115 9,923 192 405 -213 14 11,169 11,186 -17 543 -560 10,121 9,932 189 455 -266 21 11,166 11,174 623 -631 10,140 10,012 128 607 -479 28 1 1 1 1 , ,3 2 4 8 9 0 1 1 1 1 , , 2 4 2 3 3 9 -9 5 0 7 2 4 1 40 6 - - 1 5 5 3 9 0 1 1 0 0 , , 5 4 5 8 7 8 1 10 0 , , 3 2 5 7 2 2 2 2 0 1 5 6 2 1 4 6 3 2 -2 4 7 3 .1970—Jan. 1 7 4 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 1 10 0 , , 9 9 3 6 0 4 1 10 1 , , 9 0 1 0 6 0 -3 1 6 4 6 3 0 8 6 6 - -3 6 7 4 2 2 1 1 0 0 , , 3 2 3 0 7 9 1 10 0 , ,0 12 2 1 6 2 1 1 8 6 3 3 3 2 8 1 5 - - 1 2 0 02 5 :::::::::: ::is 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 11 10,866 10,866 394 -394 10,076 9,920 156 270 -114 18 10,781 10,833 -52 458 -510 10,113 10,006 107 279 -172 25 10,914 10,822 92 400 -308 10,221 10,040 181 292 Apr. 1 10,794 10,891 -97 301 -398 10,208 10,029 179 178 8 11,208 11,194 14 395 -381 10,220 10,066 154 139 15 15 1 1 1 1 , , 0 0 9 6 3 9 1 1 1 1 , , 1 0 2 72 8 -3 -3 5 5 3 1 0 1 6 - - 3 5 4 1 1 4 1 1 0 0, , 4 2 1 9 1 6 1 10 0 , , 2 1 6 6 9 6 1 1 3 4 0 2 2 1 1 18 1 -6 1 9 2 2 2 9 2 11,210 11,145 65 382 -317 10.487 10,335 152 213 -61 May 6 10,882 10,913 -31 442 -473 10,301 10,134 167 204 -37 13 10,982 11,002 -20 554 -574 10,285 10,163 122 296 -174 20P 10,733 10,779 -46 396 -442 10,299 10,185 114 449 -335 27*> 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 • JUNE 1970 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars, except as noted) Basic reserve position Interbank Federal funds transactions Related transactions with U.S. Govt, securities dealers Less- Net- Gross transactions Net transactions Reporting banks week a e n n d d ing— s E e x r r c v e e e - s s s 1 r a B o t B w a o F n i r n . k - R g s s . F t f i b e n r u N d a a t n e e e n n d t r r k s s - a . l S d u e r o f p r ic lu it s r P r e e e q a r s u o e v c r f i g r e v . e n e d s t ch P a u s r e - s Sales t a w c t T r t o o a i - o t n w a n s l a - s 2 y b c o b P h u f a a y u n n s i r k n e e - s t s g s o b S e f a a l l n n l i e n k e s g s t de L a o l t e a o r n s s 3 de f r B i a r n o o l o w g e r m s r - - s 4 lo N a e n t s Total—46 banks 1970—Apr. 1 159 496 4,367 -4,705 39.2 7,140 2,772 2,429 4,711 343 1,797 229 1,569 8 137 269 5,949 -6,081 50.4 8,316 2,367 2,338 5,978 29 2,336 222 2,114 15 16 832 6,624 -7,439 59.4 8,832 2,208 2,183 6,649 25 1,854 160 1,694 22 60 769 7,179 -7,888 63.2 9,221 2,042 2,007 7,214 36 2,026 176 1 ,850 29 29 424 4,839 -5,235 43.0 7,814 2,975 2,634 5,180 340 1,154 213 942 May 6 200 341 4,660 -4,800 39.1 7,630 2,971 2,383 5,247 588 1,231 306 925 13 24 405 5,585 -5,966 49.4 8,643 3,058 2,334 6,309 724 878 317 561 20 79 642 4,898 -5,461 44.7 8,274 3,376 2,700 5.574 676 785 326 459 27 30 236 4,107 -4,312 37.0 7,223 3,117 2,649 4.575 468 863 334 529 8 in New York City 1970—Apr. 1 97 232 1,302 -1,437 29.5 2,201 899 899 1,302 1,038 108 931 8 134 1,640 -1,506 31.0 2,521 880 880 1 ,640 1 ,042 125 917 15 3 322 2,042 -2,362 46.7 2,749 707 707 2,042 927 99 828 22 45 517 2,479 -2,951 57.9 3,073 595 595 2,478 989 115 875 29 14 63 1 ,358 -1,406 28.6 2,321 963 879 1,441 662 145 517 May 6 113 93 1,253 -1,233 24.8 2,308 1,055 976 1,332 803 212 591 13 -7 150 1,858 -2,015 41.0 2,727 869 868 1,859 556 218 338 20 70 332 1,654 -1,916 38.6 2,789 1 ,136 I,095 1 ,694 542 206 336 27 86 1,158 -1,236 26.8 2,134 976 927 1,207 563 147 417 38 outside New York City 1970—Apr. 1 62 264 3,065 -3,267 45.8 4,938 1,873 1,530 3,409 343 759 121 638 8 3 269 4,309 -4,575 63.5 5,796 1 ,487 1,458 4,338 29 1,295 98 1,197 15 14 510 4,582 -5,078 68.0 6,083 1 ,501 1,476 4,607 25 928 62 866 22 15 252 4,700 -4,937 66.9 6,148 1 ,448 1,412 4,736 36 1,037 62 976 29 14 361 3,481 -3,828 52.7 5,493 2,012 1 ,755 3,738 257 493 68 425 May 6 87 248 3,407 -3,567 48.8 5,323 1 ,916 1 ,408 3,915 509 428 94 334 13 31 255 3,727 -3,951 55.1 5,915 2,188 1 ,466 4,450 723 322 100 222 20 10 310 3,245 -3,545 48.9 5,485 2,241 1 ,605 3,880 635 243 120 123 27 22 150 2,949 -3,076 43.6 5,089 2,141 1,722 3,368 419 300 187 113 5 in City of Chicago 1970—Apr. 1 6 21 988 -1,003 86.9 1 ,287 299 299 988 95 95 8 12 15 1,251 -1,254 106.2 1 ,594 343 343 1,251 92 92 15 -10 134 1,435 -1,580 126.6 1 ,739 304 304 1,435 50 50 22 9 20 1,528 -1,540 126.0 1,841 313 313 1 ,528 54 54 29 -5 86 1,280 -1,371 117.7 1,598 317 317 1,280 108 108 May 9 19 86 1,270 -1,336 111.5 1,594 324 324 1,270 80 80 13 2 14 1 ,497 -1,509 128.5 1 ,779 282 282 1,497 47 47 20 4 1 ,378 -1 ,374 114.8 1 ,659 282 282 1,378 75 75 27 11 1,118 -1,107 97.8 1 ,385 267 267 1,118 95 95 33 others 1970—Apr. 1 243 2,077 -2,264 37.9 3,651 1,574 1,231 2,421 343 664 121 543 8 254 3,058 -3,321 55.1 4,202 1 ,144 1,115 3,087 29 1,203 98 ,105 15 375 3,147 -3,498 56.3 4,344 1,197 1,172 3,172 25 878 62 816 22 232 3,172 -3,398 55.1 4,307 1,135 1,100 3,208 36 983 62 921 29 276 2,201 -2,458 40.2 3,896 1,695 1,438 2,458 257 385 68 317 May 6 162 2,137 -2,231 36.5 3,729 1,592 1,083 2,646 509 349 94 255 13 240 2,230 -2,441 40.7 4,136 1,906 1,184 2,953 723 275 100 175 20 310 1,867 -2,171 35.9 3,826 1,959 1,323 2,503 635 168 120 48 27 150 1,831 -1,970 33.2 3,705 1,874 1,455 2,250 419 205 187 18 1 Based upon reserve balances, including all adjustments applicable to banks, repurchase agreements (purchases of securities from dealer the reporting period. Prior to Sept. 25,1968, carryover reserve deficiencies, subject to resale), or other lending arrangements. if any, were deducted. Excess reserves for later periods are net of all carry- 4 Federal funds borrowed, net funds acquired from each dealer by over reserves. clearing banks, reverse repurchase agreements (sales of securities to 2 Derived from averages for individual banks for entire week. Figure dealers subject to repurchase), resale agreements, and borrowings secured for each bank indicates extent to which the bank's weekly average pur- by Govt, or other issues. chases and sales are offsetting. NOTE.—Weekly averages of daily figures. For description of series 3 Federal funds loaned, net funds supplied to each dealer by clearing and back data, see Aug. 1964 BULLETIN, pp. 944-74. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1970 • DISCOUNT RATES A 9 FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Discounts for and advances to member banks AAddvvaanncceess ttoo aallll ootthheerrss uunnddeerr llaasstt ppaarr.. SSeecc.. 1133 33 Advances and discounts under Advances under FFFeeedddeeerrraaalll RRReeessseeerrrvvveee BBBaaannnkkk Sees. 13 and 13a 1 Sec. 10(b)2 M Ra 1 a t 9 y e 7 0 o 3 n 1, Ef d fe a c t t e i ve Pr r e a v t i e o us M Ra a 1 t y 9 e 7 0 3 o 1 n , Ef d fe a c t t e i ve Pre ra v t i e o us M Ra a 1 t y 9 e 7 0 3 o n 1, Ef d fe a c t t e i ve Pre r v at io e us 6 Apr. 8, 1969 51/2 6*4 Apr. 8, 1969 6 7*4 Feb. 2, 1970 7 New York 6 Apr. 4, 1969 51/2 61/2 Apr. 4, 1969 6 7*4 Apr. 4, 1969 7 Philadelphia 6 Apr. 4, 1969 5*4 61/2 Apr. 4, 1969 6 7*4 Feb. 10, 1970 7 Cleveland 6 Apr. 4, 1969 5% 6*4 Apr. 4, 1969 6 7*4 Apr. 4, 1969 7 Richmond 6 Apr. 4, 1969 51/2 6*4 Apr. 4, 1969 6 71/2 Feb. 18, 1970 7 Atlanta 6 Apr. 4, 1969 51/2 6*4 Apr. 4, 1969 6 71/2 Feb. 10, 1970 7 Chicago 6 Apr. 4, 1969 51/2 6*4 Apr. 4, 1969 6 7*4 Mar. 4, 1970 7 St. Louis 6 Apr. 4, 1969 51/2 6*4 Apr. 4, 1969 6 71/2 Mar. 16, 1970 7 Minneapolis 6 Apr. 4, 1969 51/2 6*4 Apr. 4, 1969 6 71/2 Apr. 4, 1969 6*4 Kansas City 6 Apr. 4, 1969 51/2 61/2 Apr. 4, 1969 6 71/2 Feb. 18, 1970 7 Dallas 6 Apr. 4, 1969 5*4 6V2 Apr. 4, 1969 6 7*4 Feb. 18, 1970 7 6 Apr. 4, 1969 5*4 6*4 Apr. 4, 1969 6 71/2 Feb. 2, 1970 7 i Discounts of eligible paper and advances secured by such paper or by 2 Advances secured to the satisfaction of the F.R. Bank. Maximum U.S. Govt, obligations or any other obligations eligible for Federal maturity: 4 months. Reserve Bank purchase. Maximum maturity: 90 days except that dis- 3 Advances to individuals, partnerships, or corporations other than counts of certain bankers' acceptances and of agricultural paper may member banks secured by direct obligations of, or obligations fully have maturities not over 6 months and 9 months, respectively. guaranteed as to principal and interest by, the U.S. Govt, or any agency thereof. Maximum maturity: 90 days. FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Range F.R. Range F.R. Range F.R. Effective (or level)— Bank Effective (or level)— Bank Effective (or level)— Bank date All F.R. of date All F.R. of date All F.R. of Banks N.Y. Banks N.Y. Banks N.Y. I O A n p c t r e . . f fe 3 1 1 c 0 5 1 t Dec 1 . 9 3 4 1 2 , 1941 \ i r -1*4 t 1 1 * 4 N Se o p v t . . 2 1 1 1 3 9 8 3 9 55—Cont, 2 2 1 / 2 2 4 1 V - / 2 - z 2 4 * i / 4 4 2 2 2 2 1 1 * % / 4 4 4 S J A u e u p n g t e . . 1 1 1 9 2 3 4 0 1960 3 3 3 * /4 3 3 4 * - - -4 4 4 3 % 4 3 3 3 3 * % 4 A M p a r y . 2 1 5 0 1946 t * i 4 -1 A A p u r g . . 2 2 1 4 0 3 1956 2 2 2 * 3 V 4 ^ 4 - - 3 3 - 3 2 2 3 3 3 4 4 July 2 1 6 7 1963 3 3 - % 31/ 2 m 1948 31 3 3 Nov. 24 1964 3*4-4 Jan. 12 1 -1V4 W4 1957 30 4 Aug. 2 1 1 3 3 9 1* 1 1 4 * * - 4 1 4 * 4 1 I 1 * V * 4 4 4 A N u o g v . . 1 2 9 5 3 3 3 31 - - 3 / 3 2 1 * / 4 2 3 3 3 % Dec. 1 6 3 1965 4 4* - 4 4 *4 4 4 * * 4 4 1950 Dec. 2 3 3 1967 Aug. 21 1*4-1 % 1V4 1958 Apr. 7 4 -4*4 4 25 1V4 1V4 Jan. 22 234-3 3 1 4 4 4 J A F M a e p a n b r y . . . 2 2 1 1 1 1 1 3 5 6 4 6 5 1 1 9 95 5 3 4 1 I * f 2 1 4 * - f 4 2 l i I i 1 y g V V4 4 4 A A S M O N M e p u o c a a p t r g v y r . t . . . . . 2 2 2 2 1 1 1 1 9 7 4 3 7 4 5 2 1 8 3 2 2 2 2 H 1 1 1 3 1 * V 4 2 2 2 4 l 4 4 4 1 ' - * - 4 - - - - / 2 2 / 2 4 2 3 3 4 4 - 1 3 % 2 4 4 2 2 2 i 2 2 2 2 1 * 1 1 1 3 * 8 / 4 4 4 4 4 N D M A A p e o u a c r v g r . . . . . 2 2 2 2 2 1 3 1 1 1 0 2 7 8 0 5 9 6 6 0 1968 4 5 5 5 4 1 * * 4 5 5 5 5 4 4 4 * * * * - - - - - 5 5 5 4 4 4 4 5 4 * * * * 4 4 4 4 4 5 4 5 5 5 5 5 4 5 * * * * 1 * * * * 4 4 4 4 4 4 4 4 4 1955 1959 1969 Apr. 14 m-w Mar. 6 2*4-3 3 Apr. 4 5*4-6 6 15 m-m ig 16 3 3 8 6 6 May 2 1V4 1V4 May 29 3 -3*4 3% Aug. 4 1V4-2V4 1V4 June 12 3*4 3% 1970 5 134-214 2 Sept. 11 3*4-4 4 12 2 -21/4 2 18 4 4 In effect May 31,1970 t Preferential rate of *4 of 1 per cent for advances secured by U.S. in the following periods (rates in percentages): 1955—May 4-6, 1.65; Govt, obligations maturing in 1 year or less. The rate of 1 per cent was Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug. continued for discounts of eligible paper and advances secured by such 24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31-Nov. 17, Dec. 28-29, paper or by U.S. Govt, obligations with maturities beyond 1 year. 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 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; June7, 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 • JUNE 1970 RESERVE REQUIREMENTS OF MEMBER BANKS (Per cent of deposits) Dec. 31, 1949, through July 13, 1966 Beginning July 14, 1966 Net demand Net demand Time deposits 4,5 deposits 2 deposits 2,4 (all classes of banks) Time deposits Reserve Country Other Effective date ] b C r a e e c s n n i e k t t r y r s v a e 3 l b s c R a e i r n t e v y k - e s C ba o tr n u y k n s - b cl a ( a o n a s f l k s l e s s ) Effective date 1 $ U 5 n c m d it e i y r l - ba $ n O 5 k v m s e r il - $ U 5 n m de b i r l a - nk $ s O 5 v m er il - d S e in i p a t g s v o s - s - $ U 5 t n i m m d e e i r l- d ep $ O 5 o s v m i e ts r i l lion lion lion lion lion lion In effect Dec. 31, 1949. 22 18 12 1966—July 14,21. '16% 6 12 64 64 Sept. 8, 15. 1951—Jan. 11,16 23 19 13 Jan. 25, Feb. 1. 24 20 14 1967—Mar. 2. 3% 3% 1953—July 9,1 22 19 13 Mar. 16. 3 3 1954—June 24, 16 21 July 29, Aug. 1. 20 18 12 1968—Jan. 11,18.... 16% 17 12 12% 1958—Feb. 27, Mar. 1. 191/2 17% 11% Mar. 20, Apr. 1. 19 17 11 1969—Apr. 17 17 17% 12% 13 Apr. 17 18% Apr. 24 18 16% In effect May 31,1970. 17 17% 12% 13 1960—Sept. 1 17% Nov. 24 12 Present legal Dec. 1 16% requirement: 1962—July 28 (3) Minimum 10 7 3 3 3 Oct. 25, Nov. 1. Maximum 22 14 10 10 10 1 When two dates are shown, the first applies to the change at central requirement on borrowings by domestic offices of a member bank from reserve or reserve city banks and the second to the change at country foreign banks, except that only a 3 per cent reserve is required against banks. For changes prior to 1950 see Board's Annual Reports. such borrowings that do not exceed a specified base amount. For details 2 Demand deposits subject to reserve requirements are gross demand concerning these requirements, see the amendments to Regulations D deposits minus cash items in process of collection and demand balances and M on pp. 656 and 657 of the Aug. 1969 BULLETIN. due from domestic banks. 5 Effective Jan. 5, 1967, time deposits such as Christmas and vacation 3 Authority of the Board of Governors to classify or reclassify cities club accounts became subject to same requirements as savings deposits. as central reserve cities was terminated effective July 28, 1962. 6 See preceding columns for earliest effective date of this rate. 4 Beginning Oct. 16, 1969, a member bank is required under Regulation M to maintain, against its foreign branch deposits, a reserve equal NOTE.—All required reserves were held on deposit with F.R. Banks to 10 per cent of the amount by which (1) net balances due to, and certain June 21, 1917, until Dec. 1959. From Dec. 1959 to Nov. 1960, member assets purchased by, such branches from the bank's domestic offices and banks were allowed to count part of their currency and coin as reserves; (2) credit extended by such branches to U.S. residents exceed certain effective Nov. 24, 1960, they were allowed to count all as reserves. For specified base amounts. Regulation D imposes a similar 10 per cent reserve further details, see Board's Annual Reports. MARGIN REQUIREMENTS (Per cent of market value) Effective date Regulation Jan. 16, Aug. 5, Oct. 16, July 28, July 10, Nov. 6, Mar. 11, June 8, May 6, 1958 1958 1958 1960 1962 1963 1968 1968 1970 Regulation T: For credit extended by brokers and dealers on— Margin stocks 50 70 90 70 50 70 70 65 Registered bonds convertible into margin stocks. 50 60 50 For short sales 50 'l0 90 70 '56' 70 70 80 65 Regulation U: For credit extended by banks on— Margin stocks 50 70 90 70 50 70 70 80 65 Bonds convertible into margin stocks. 50 60 50 Regulation G: For credit extended by others than brokers and dealers and banks on— Margin stocks 70 80 65 Bonds convertible into listed stocks 50 60 50 NOTE.—Regulations G, T, and U, prescribed in accordance with the cent) and the maximum loan value. The term margin stocks is defined in Securities Exchange Act of 1934, limit the amount of credit to purchase the corresponding regulation. and carry margin stocks that may be extended on securities as collateral Regulation G and special margin requirements for bonds convertible by prescribing a maximum loan value, which is a specified percentage into stocks were adopted by the Board of Governors effective Mar. 11, of the market value of the collateral at the time the credit is extended; 1968. margin requirements are the difference between the market value (100 per Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1970 • MAXIMUM INTEREST RATES; BANK DEPOSITS A 11 MAXIMUM INTEREST RATES PAYABLE ON TIME AND SAYINGS 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 Vt Other time deposits:2 12 months or more.. Multiple maturity:3 Less than 12 months. 4 m 4 3 % 3 9 1 0 0 y - d e 8 a 9 a r y d s to a -1 y 2 s y y e e a a r r . s . . , 4 5 f 5 A % 2 years and over., 5 Va Single-maturity: Other time deposits: 2 Less than $100,000: 30 days to 1 year.. 12 months or more 1 year to 2 years.. | 5 V£ 9 6 L 0 e m s d s o a n t y h t s a h t n s o t 9 o 6 0 m 1 d 2 a o y m n s t . o h n s t . h . s . 2 4 3 » % 4% 5% $1 2 3 0 0 0 y , - e 0 5 a 0 9 r 0 s d a a a n n y d d s o o v v e e r r . : . 5% I 5 6 V V 4 a (30-89 days) 4 9 6 0 0 - - 1 89 7 9 d d ay a s y s 5% 5% 5 6 V 4 6 6 V V a t 1 1 8 y 0 e d ar a y o s r t m o 1 o r y e e . a r .. . W/4 J i 7 m 1 Closing date for the Postal Savings System was Mar. 28, 1966. Max- NOTE.—Maximum rates that may be paid by member banks as estabimum rates on postal savings accounts coincided with those on savings lished by the Board of Governors under provisions of Regulation Q; deposits. however, a member bank may not pay a rate in excess of the maximum 2 For exceptions with respect to certain foreign time deposits, see rate payable by State banks or trust companies on like deposits under BULLETINS for Oct. 1962, p. 1279; Aug. 1965, p. 1084; and Feb. 1968, the laws of the State in which the member bank is located. Beginning p. 167. Feb. 1, 1936, maximum rates that may be paid by nonmember insured 3 Multiple-maturity time deposits include deposits that are automati- commercial banks, as established by the FDIC, have been the same as cally renewable at maturity without action by the depositor and deposits those in effect for member banks. that are payable after written notice of withdrawal. DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks Reserve city banks Item m b e a A m n l b l k s e r Y N o e r w k C o i f t y Other C b o a u n n k t s r y Item mm bb ee aa AA mm nn ll bb ll kk ss ee rr Y N o e r w k C o i f t y Other C b o a u n n k t s r y City Chicago City Chicago Four weeks ending Mar. 25, 1970 Four weeks ending Apr. 22, 1970 Gross demand—Total... 179,551 44,303 7,363 61,791 66,094 Gross demand—Total... 181,545 42,658 7,724 63,465 67,697 Interbank 22,149 9,825 1,320 8,543 2,462 Interbank 21,886 9,153 1,415 8,761 2,557 U.S. Govt 5,741 1,030 305 2,325 2,081 U.S. Govt 4,756 883 . 299 1,955 1,619 Other 151,661 33,449 5,737 50,924 61,552 Other '.-. 154,902 32,622 6,011 52,749 63,521 Net demand i 133,640 25,381 5,763 47,091 55,404 Net demand i 137,517 26,291 6,091 48,518 56,617 Time 150,547 15,112 4,712 54,576 76,147 Time 153,337 15,754 4,806 55,629 77,147 Demand balances due Demand balances due from dom. banks 9,340 427 122 2,552 6,240 from dom. banks 9,639 490 140 2,576 6,434 Currency and coin 4,746 409 86 1,474 2;777 Currency and coin 4,744 402 92 1,477 2,774 Balances with F.R. Balances with F.R. Banks 22,704 4,936 1,155 9,292 7,321 Banks 23,293 5,089 1,217 9,525 7,462 Total reserves held 27,450 5,345 1,241 10,766 10,098 Total reserves held 28,037 5,491 1,309 11,002 10,236 Required 27,321 5,339 1,244 10,793 9,945 Required 27,843 5,444 1,315 11,009 10,075 Excess 129 6 -3 -27 153 Excess 194 47 . -6 -7 161 i 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 • JUNE 1970 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month IIIttteeemmm 1970 1970 1969 May 27 May 20 May 13 May 6 Apr. 29 May 31 Apr. 30 May 31 Assets Gold certificate account 111111,,,000444555 111111,,,000444555 111111,,,000444555 1111111111,,,,,000004444455555 111111,,,000444555 111111,,,000444555 1111111111,,,,,000004444455555 10,022 444000000 444000000 444000000 444440000000000 444000000 444000000 444440000000000 222000555 222000000 111999777 111119999966666 111999666 222111000 111119999988888 195 Discounts and advances: Member bank borrowings 888888888 444444666 777666000 444444444411111 888333666 111,,,333666444 444445555555555 1,832 Other 999000 999000 999000 9999900000 999000 999000 9999900000 Acceptances: Bought outright 444666 555000 555444 5555588888 555888 444222 5555577777 444666 5555566666 4444499999 333000 Federal agency obligations—Held under repurchase 3333344444 111113333322222 888000 U.S. Govt, securities: Bought outright: Bills 22,114 22,369 22,297 21,197 22,211 2222211111,,,,,222227777744444 2222222222,,,,,666660000022222 111888,,,888888000 Other NNootteess 32,165 32,165 32,073 32,073 32,073 32,233 32,073 30,501 2,836 2,836 2,815 2,815 2,815 2,863 2,815 4,128 TToottaall bboouugghhtt oouuttrriigghhtt 157,115 157,370 157,185 115577,,449900 156,085 57,307 5566,,116622 5533,,550099 223355 334466 225500 TTTTTTTToooooooottttttttaaaaaaaallllllll UUUUUUUU........SSSSSSSS........ GGGGGGGGoooooooovvvvvvvvtttttttt,,,,,,,, sssssssseeeeeeeeccccccccuuuuuuuurrrrrrrriiiiiiiittttttttiiiiiiiieeeeeeeessssssss 57,115 57,370 57,185 57,725 56,085 57,307 56,508 53,759 TTTTTTTToooooooottttttttaaaaaaaallllllll llllllllooooooooaaaaaaaannnnnnnnssssssss aaaaaaaannnnnnnndddddddd sssssssseeeeeeeeccccccccuuuuuuuurrrrrrrriiiiiiiittttttttiiiiiiiieeeeeeeessssssss 58,139 57,956 58,089 58,502 57,069 58,803 57,193 55,747 CCCCCCCCaaaaaaaasssssssshhhhhhhh iiiiiiiitttttttteeeeeeeemmmmmmmmssssssss iiiiiiiinnnnnnnn pppppppprrrrrrrroooooooocccccccceeeeeeeessssssssssssssss ooooooooffffffff ccccccccoooooooolllllllllllllllleeeeeeeeccccccccttttttttiiiiiiiioooooooonnnnnnnn P9,161 Pl0,368 P10,320 P10,398 10,368 »8,922 10,084 8,558 118 118 118 117 117 118 117 114 OOOOOOOOtttttttthhhhhhhheeeeeeeerrrrrrrr aaaaaaaasssssssssssssssseeeeeeeettttttttssssssss:::::::: DDDDDDDDeeeeeeeennnnnnnnoooooooommmmmmmmiiiiiiiinnnnnnnnaaaaaaaatttttttteeeeeeeedddddddd iiiiiiiinnnnnnnn ffffffffoooooooorrrrrrrreeeeeeeeiiiiiiiiggggggggnnnnnnnn ccccccccuuuuuuuurrrrrrrrrrrrrrrreeeeeeeennnnnnnncccccccciiiiiiiieeeeeeeessssssss 510 706 906 908 1,101 510 1,101 1,889 IIIIIIIIMMMMMMMMFFFFFFFF ggggggggoooooooolllllllliiiiiiiijjjjjjjjllllllll ddddddddeeeeeeeeppppppppoooooooossssssssiiiiiiiitttttttteeeeeeeedddddddd ******** 210 210 210 210 210 210 210 233 AAAAAAAAllllllllllllllll ooooooootttttttthhhhhhhheeeeeeeerrrrrrrr 341 334 874 855 823 346 811 280 TTTTTTTToooooooottttttttaaaaaaaallllllll aaaaaaaasssssssssssssssseeeeeeeettttttttssssssss P80,129 *81,337 p82,159 *82,631 81,329 2*80,564 81,159 77,038 LLLLLLLLiiiiiiiiaaaaaaaabbbbbbbbiiiiiiiilllllllliiiiiiiittttttttiiiiiiiieeeeeeeessssssss FFFFFFFF........RRRRRRRR........ nnnnnnnnooooooootttttttteeeeeeeessssssss 47,176 47,061 47,183 46,938 46,528 47,096 46,516 44,171 DDDDDDDDeeeeeeeeppppppppoooooooossssssssiiiiiiiittttttttssssssss:::::::: MMMMMMMMeeeeeeeemmmmmmmmbbbbbbbbeeeeeeeerrrrrrrr bbbbbbbbaaaaaaaannnnnnnnkkkkkkkk rrrrrrrreeeeeeeesssssssseeeeeeeerrrrrrrrvvvvvvvveeeeeeeessssssss P21,731 P22,930 f22,497 *23,687 22,650 *>23,031 23,082 23,705 UUUUUUUU........SSSSSSSS........ TTTTTTTTrrrrrrrreeeeeeeeaaaaaaaassssssssuuuuuuuurrrrrrrreeeeeeeerrrrrrrr————————GGGGGGGGeeeeeeeennnnnnnneeeeeeeerrrrrrrraaaaaaaallllllll aaaaaaaaccccccccccccccccoooooooouuuuuuuunnnnnnnntttttttt 1,305 742 1,691 1,323 1,367 1,198 1,784 562 FFFFFFFFoooooooorrrrrrrreeeeeeeeiiiiiiiiggggggggnnnnnnnn 109 141 232 168 224 128 204 107 OOOOOOOOtttttttthhhhhhhheeeeeeeerrrrrrrr:::::::: IIIIIIIIMMMMMMMMFFFFFFFF ggggggggoooooooolllllllldddddddd ddddddddeeeeeeeeppppppppoooooooossssssssiiiiiiiitttttttt 22222222 210 210 210 210 210 210 210 233 AAAAAAAAllllllllllllllll ooooooootttttttthhhhhhhheeeeeeeerrrrrrrr 603 603 745 659 659 578 615 205 TTTTTTTToooooooottttttttaaaaaaaallllllll ddddddddeeeeeeeeppppppppoooooooossssssssiiiiiiiittttttttssssssss *23,958 P24,626 p25,375 f26,047 25,110 ^25,145 25,895 24,812 DDDDDDDDeeeeeeeeffffffffeeeeeeeerrrrrrrrrrrrrrrreeeeeeeedddddddd aaaaaaaavvvvvvvvaaaaaaaaiiiiiiiillllllllaaaaaaaabbbbbbbbiiiiiiiilllllllliiiiiiiittttttttyyyyyyyy ccccccccaaaaaaaasssssssshhhhhhhh iiiiiiiitttttttteeeeeeeemmmmmmmmssssssss 6,768 7,497 7,529 7,349 7,553 6,052 6,548 6,019 600 594 584 600 508 607 562 482 OOOOOOOOtttttttthhhhhhhheeeeeeeerrrrrrrr lllllllliiiiiiiiaaaaaaaabbbbbbbbiiiiiiiilllllllliiiiiiiittttttttiiiiiiiieeeeeeeessssssss aaaaaaaannnnnnnndddddddd aaaaaaaaccccccccccccccccrrrrrrrruuuuuuuueeeeeeeedddddddd ddddddddiiiiiiiivvvvvvvviiiiiiiiddddddddeeeeeeeennnnnnnnddddddddssssssss f78,502 P79,778 *>80,671 »80,934 79,699 P78,900 79,521 75,484 TTTTTTTToooooooottttttttaaaaaaaallllllll lllllllliiiiiiiiaaaaaaaabbbbbbbbiiiiiiiilllllllliiiiiiiittttttttiiiiiiiieeeeeeeessssssss CCCCCCCCaaaaaaaappppppppiiiiiiiittttttttaaaaaaaallllllll aaaaaaaaccccccccccccccccoooooooouuuuuuuunnnnnnnnttttttttssssssss 684 684 682 682 682 684 682 654 CCCCCCCCSSSSSSSSuuuuuuuuaaaaaaaarrrrrrrrppppppppppppppppiiiiiiiittttttttlllllllluuuuuuuuaaaaaaaallllllllssssssss ppppppppaaaaaaaaiiiiiiiidddddddd iiiiiiiinnnnnnnn 669 669 669 669 669 669 669 630 OOOOOOOOtttttttthhhhhhhheeeeeeeerrrrrrrr ccccccccaaaaaaaappppppppiiiiiiiittttttttaaaaaaaallllllll aaaaaaaaccccccccccccccccoooooooouuuuuuuunnnnnnnnttttttttssssssss 274 206 137 346 279 311 287 270 TTTTTTTToooooooottttttttaaaaaaaallllllll lllllllliiiiiiiiaaaaaaaabbbbbbbbiiiiiiiilllllllliiiiiiiittttttttiiiiiiiieeeeeeeessssssss aaaaaaaannnnnnnndddddddd ccccccccaaaaaaaappppppppiiiiiiiittttttttaaaaaaaallllllll aaaaaaaaccccccccccccccccoooooooouuuuuuuunnnnnnnnttttttttssssssss ?80,129 *81,337 f82,159 ^^8822,,663311 8811,,332299 **>>8800,,556644 81,159 77,038 CCCCCCCCoooooooonnnnnnnnttttttttiiiiiiiinnnnnnnnggggggggeeeeeeeennnnnnnntttttttt lllllllliiiiiiiiaaaaaaaabbbbbbbbiiiiiiiilllllllliiiiiiiittttttttyyyyyyyy oooooooonnnnnnnn aaaaaaaacccccccccccccccceeeeeeeeppppppppttttttttaaaaaaaannnnnnnncccccccceeeeeeeessssssss ppppppppuuuuuuuurrrrrrrrcccccccchhhhhhhhaaaaaaaasssssssseeeeeeeedddddddd ffffffffoooooooorrrrrrrr ffffffffoooooooorrrrrrrreeeeeeeeiiiiiiiiggggggggnnnnnnnn ccccccccoooooooorrrrrrrrrrrrrrrreeeeeeeessssssssppppppppoooooooonnnnnnnnddddddddeeeeeeeennnnnnnnttttttttssssssss 232 229 208 221100 119944 223311 194 183 UUUUUUUU........SSSSSSSS........ GGGGGGGGoooooooovvvvvvvvtttttttt,,,,,,,, sssssssseeeeeeeeccccccccuuuuuuuurrrrrrrriiiiiiiittttttttiiiiiiiieeeeeeeessssssss hhhhhhhheeeeeeeelllllllldddddddd iiiiiiiinnnnnnnn ccccccccuuuuuuuussssssssttttttttooooooooddddddddyyyyyyyy ffffffffoooooooorrrrrrrr ffffffffoooooooorrrrrrrreeeeeeeeiiiiiiiiggggggggnnnnnnnn aaaaaaaaccccccccccccccccoooooooouuuuuuuunnnnnnnntttttttt 9,752 9,658 9,437 99,,225522 99,,334400 99,,775544 9,154 10,035 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank) 49,889 49,776 49,557 49,350 49,221 49,984 49,233 46,819 Collateral held against notes outstanding: Gold certificate account 3,327 3,327 3,327 3,327 3,327 3,327 3,327 3,437 U.S. Govt, securities 48,025 47,975 47,925 47,910 47,910 48,025 47,910 45,111 Total collateral 51,352 51,302 51,252 51,237 51,237 51,352 51,237 48,548 1 See note 7 on page A-5. 2 See note 1 (b) at top of page A-75. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1970 • FEDERAL RESERVE BANKS A 13 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 31, 1970 (In millions of dollars) Item Total Boston Y N o e r w k P p d h h e i i l l a a - - C la le n v d e - m Ri o c n h d - At t l a a n- c C a h g i o - L S ou t. i s M ap in o n li e s - K C s a a it n s y - Dallas Assets Gold certificate account 11,045 467 2,992 566 900 948 563 1,752 394| 172| 401 Special Drawing Rights certif. acct... 400 23 93 23 33 36 22 70 15 7 15 O F. t R h . e r n o ca te s s h of other banks 7 2 8 1 3 0 6 1 9 1 19 2 5 3 3 7 7 2 6 3 3 5 1 7 2 12 3 7 0 1 2 3 6 2 1 2 1 0 4 1 17 8 | 3 1 5 4 Discounts and advances: Secured by U.S. Govt, securities.. • 538 47 47 74| Other 916 188 3441 101 Acceptances: Bought outright 42 421 Held under repurchase agreements. Federal agency obligations—Held under repurchase agreements U.S. Govt, securities: Bought outright 57,307 2,885 14,133 3,015 4,487 4,309 3,113| 9,424 2,112 1,177 2,119 Held under repurchase agreements. Total loans and securities 58,803 3,120 14,566 3,174 4,517 4,335 3,158 9,599 2,162 ,200 2,223 C Ba a n sh k i p te r m em s i i s n es p rocess of collection.., Pi 1,5 1 8 1 9 8 69 2 9 2,092 9 59 2 0| 896 83 1 9 1 1,12 1 5 7 2,01 1 8 7 60 10 2 1 408 7 1 74 1 0 8 Other assets: Denominated in foreign currencies., 510 1134 IMF gold deposited 2 210 210 All other 346 85 Total assets. f84,014 4,444 20,399 4,441 6,515 6,291 5,093 13,642 3,246 1,835 3,481 Liabilities F.R. notes 47,879| 2,749 11,231 2,720 3,890 4,273) 2,560 8,398 ,825 842 ,799 Deposits: M U Fo . e S r m e . i b T g e n r r e a b s a u n r k er — res G er e v n e e s r al account. ^23 i , , 0 1 1 3 9 2 1 8 8 8 1 9 0 1 5 6 6,2 1 3 1 8 4 4 7 1 | 1,05 9 9 2 6 1,5 1 5 0 1 0 8 0 1,1 1 0 2 5 6 6 | 1,43 3 2 7 1 3,2 1 7 2 1 6 7 6 | 82 8 4 4 0 1 5 5 6 9 9 2 9 4 8 9 5 4 Other: IMF gold deposit 2 210 210 All other 610 522 12 18 10 15 Total deposits. P25,177 1,003 7,174 ,159 ,670 ,249 1,488 3,429 923 633 1,041 D O e th fe e r r r l e ia d b a il v it a i i e l s a b a i n li d ty a c c c a r s u h e d it e d m iv s i dends 8,6 6 8 0 7 7 58 3 3 0 1,3 1 9 5 7 5 44 3 6 1 76 4 3 7 | 6 4 3 5 3 90 3 7 3 ,46 9 8 7 4 2 2 2 0 31 13 1 1 5 2 5 3 0 | Total liabilities f82,350 4,365 19,957 4,356 6,370 6,200 4,988 13,392 3,190 ,799 3,413 Capital accounts Capital paid in 684 182 101 Surplus 669F 177 99 Other capital accounts. 311 831 501 Total liabilities and capital accounts.. 84,014 4,444 20,399 4,441 6,515 6,291 5,093 13,642 3,246 1,835 3,481 Contingent liability on acceptances e p n u t r s c hased for foreign correspond- 231 460 12 21 12 34 10 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank) 49,984 2,845 11,821 2,808 4,065 4,397 2,712 8,695 1,903 868 1,853 Collateral held against notes outstanding : Gold certificate account 3,327 250 500 300 510 580 1,000 155 27 U.S. Govt, securities 48,025 2,650 11,400 2,620 3,750 3,860 2,800 7,950 1,830] 8601 1,875 Total collateral. 51,352 2,900 11,900 2,920 4,260 4,440 2,800 8,950 1,985 887 1,875 1 After deducting $376 million participations of other Federal Reserve 4 After deducting $171 million participations of other Federal Reserve Banks Banks. 2 See note 1(b) to table at top of page A-75. 3 After deducting $81 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 • JUNE 1970 TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT (In millions of dollars) Outright transactions in U.S. Govt, securities, by maturity Total Treasury bills Others within 1 year 1-5 years MMoonntthh Exch., c G p h r u a o r s s e - s s G sa r l o e s s s Re t d io e n m s p- c G p h r u a 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 u a o s r s e - s s G sa r l o e s s s m re s a d h t o e i u f r m t r s i p , t y - c G h p r u a o s r s e - s s G sa r l o e s s s m E s a h x t o u i c r f r h t i s . t y tions 1969—Apr 22222222222222,,,,,,,,,,,,,,111111111111112222222222222211111111111111 11111111111111,,,,,,,,,,,,,,333333333333334444444444444466666666666666 220066 22222222222222,,,,,,,,,,,,,,111111111111112222222222222211111111111111 11111111111111,,,,,,,,,,,,,,333333333333334444444444444466666666666666 220066 May 22222222222222,,,,,,,,,,,,,,333333333333336666666666666688888888888888 11111111111111,,,,,,,,,,,,,,444444444444444444444444444444444444444444 22222222222222,,,,,,,,,,,,,,111111111111117777777777777733333333333333 11111111111111,,,,,,,,,,,,,,444444444444444444444444444444444444444444 3333 1100,,888833 7788 --1100,,889955 June 44444444444444,,,,,,,,,,,,,,555555555555558888888888888866666666666666 33333333333333,,,,,,,,,,,,,,999999999999999999999999999933333333333333 777 44444444444444,,,,,,,,,,,,,,555555555555558888888888888866666666666666 33333333333333,,,,,,,,,,,,,,999999999999999999999999999933333333333333 777 July 33333333333333,,,,,,,,,,,,,,444444444444449999999999999955555555555555 33333333333333,,,,,,,,,,,,,,222222222222225555555555555511111111111111 222000000 33333333333333,,,,,,,,,,,,,,444444444444442222222222222288888888888888 33333333333333,,,,,,,,,,,,,,222222222222225555555555555511111111111111 222000000 1100 2244 Aug 22222222222222,,,,,,,,,,,,,,222222222222220000000000000011111111111111 11111111111111,,,,,,,,,,,,,,666666666666665555555555555588888888888888 22222222222222,,,,,,,,,,,,,,222222222222220000000000000011111111111111 11111111111111,,,,,,,,,,,,,,666666666666665555555555555588888888888888 440077 44,,551144 Sept 44444444444444,,,,,,,,,,,,,,777777777777776666666666666622222222222222 55555555555555,,,,,,,,,,,,,,444444444444448888888888888833333333333333 111155 44444444444444,,,,,,,,,,,,,,777777777777776666666666666622222222222222 55555555555555,,,,,,,,,,,,,,444444444444448888888888888833333333333333 111155 Oct 55555555555555,,,,,,,,,,,,,,111111111111114444444444444455555555555555 33333333333333,,,,,,,,,,,,,,777777777777770000000000000044444444444444 55555555555555,,,,,,,,,,,,,,000000000000001111111111111166666666666666 33333333333333,,,,,,,,,,,,,,777777777777770000000000000044444444444444 ---666999444 777444 555111999 Nov 22222222222222,,,,,,,,,,,,,,999999999999991111111111111155555555555555 777777777777773333333333333355555555555555 111111444444888888 22222222222222,,,,,,,,,,,,,,888888888888885555555555555522222222222222 777777777777773333333333333355555555555555 111111444444888888 222888 111,,,111777777 222999 ---444000 Dec 11111111111111,,,,,,,,,,,,,,222222222222225555555555555500000000000000 11111111111111,,,,,,,,,,,,,,000000000000002222222222222299999999999999 333333888888666666 11111111111111,,,,,,,,,,,,,,222222222222225555555555555500000000000000 11111111111111,,,,,,,,,,,,,,000000000000002222222222222299999999999999 333333888888666666 1970—Jan 33333333333333,,,,,,,,,,,,,,111111111111113333333333333333333333333333 44444444444444,,,,,,,,,,,,,,111111111111115555555555555544444444444444 666666111111555555 33333333333333,,,,,,,,,,,,,,111111111111113333333333333333333333333333 44444444444444,,,,,,,,,,,,,,111111111111115555555555555544444444444444 666666111111555555 Feb 888888888888880000000000000011111111111111 333333333333339999999999999955555555555555 111111000000000000 888888888888880000000000000011111111111111 333333333333339999999999999955555555555555 111111000000000000 ---555666444 111,,,333111999 Mar 22222222222222,,,,,,,,,,,,,,666666666666665555555555555577777777777777 22222222222222,,,,,,,,,,,,,,555555555555557777777777777777777777777777 111111111111999999 22222222222222,,,,,,,,,,,,,,666666666666665555555555555577777777777777 22222222222222,,,,,,,,,,,,,,555555555555557777777777777777777777777777 111111111111999999 111555444 ---111555444 Apr 11111111111111,,,,,,,,,,,,,,111111111111112222222222222244444444444444 777777777777774444444444444477777777777777 11111111111111,,,,,,,,,,,,,,111111111111112222222222222244444444444444 777777777777774444444444444477777777777777 Outright transactions in U.S. Govt, securities—Continued RRReeepppuuurrrccchhhaaassseee BBaannkkeerrss'' aaagggrrreeeeeemmmeeennntttsss FFFFeeeeddddeeeerrrraaaallll aacccceeppttaanncceess (((UUU...SSS... GGGooovvvttt,,, NNNNeeeetttt aaaaggggeeeennnnccccyyyy 55--1100 yyeeaarrss OOvveerr 1100 yyeeaarrss ssseeecccuuurrriiitttiiieeesss))) cccchhhhaaaannnnggggeeee oooobbbblllliiiiggggaaaa---- MMMMoooonnnntttthhhh iiiinnnn UUUU....SSSS.... ttttiiiioooonnnnssss UUnnddeerr NNNNeeeetttt 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 h t t a y s . - c G h p r u a 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 h t t a y s . - c G h p r u a o s r s e - s s G sa r l o e s s s ssss GGGG eeee iiiitttt cccc oooo iiii uuuu eeee vvvv ssss rrrr tttt ,,,, ---- pppp (((( mmmm uuuu aaaa nnnn rrrr gggg eeee eeee cccc rrrr tttt nnnn hhhh eeee tttt rrrr eeee aaaa ssss eeee ---- )))) ssss ---- eeee rr OO ii nn gg uu ee hh tt tt tt -- ,, mm rr aa cc ee gg hh nn ee pp rr aa nn ee uu ee tt ss tt ee rr ee ss -- -- ,, cccchhhhaaaannnnggggeeeeiiii 1969—Apr 11111111111111,,,,,,,,,,,,,,999999999999992222222222222299999999999999 11111111111111,,,,,,,,,,,,,,777777777777779999999999999900000000000000 777777777777770000000000000088888888888888 55554444 55555555555555 44443333 888888888888881111111111111100000000000000 MMaayy.. .... 6600 1122 2244 44444444444444,,,,,,,,,,,,,,111111111111119999999999999922222222222222 44444444444444,,,,,,,,,,,,,,444444444444447777777777777700000000000000 666666666666664444444444444466666666666666 1111 --------------55555555555555 ----66660000 555555555555558888888888888822222222222222 JJuunnee....,, 11111111111111,,,,,,,,,,,,,,333333333333331111111111111122222222222222 11111111111111,,,,,,,,,,,,,,555555555555556666666666666622222222222222 333333333333333333333333333366666666666666 ----88880000 --------------55555555555555 ----33330000 222222222222222222222222222200000000000000 JJuullyy........ 2233 1100 555555555555556666666666666600000000000000 555555555555556666666666666600000000000000 4444444444444444444444444444 ************** 4444444444444433333333333333 AAuugg........ --44,,992211 22222222222222,,,,,,,,,,,,,,777777777777772222222222222211111111111111 22222222222222,,,,,,,,,,,,,,444444444444449999999999999911111111111111 777777777777777777777777777733333333333333 3333399999 222222 888888888888883333333333333344444444444444 Sept 11111111111111,,,,,,,,,,,,,,111111111111112222222222222211111111111111 11111111111111,,,,,,,,,,,,,,000000000000006666666666666622222222222222 --------------777777777777777777777777777777777777777777 -----3333399999 --------------33333333333333 ---222222 --------------888888888888884444444444444411111111111111 Oct , 555222 111777555 333 22222222222222,,,,,,,,,,,,,,666666666666665555555555555555555555555555 22222222222222,,,,,,,,,,,,,,777777777777771111111111111155555555555555 11111111111111,,,,,,,,,,,,,,333333333333338888888888888811111111111111 1111177777 44444444444444 11111111111111,,,,,,,,,,,,,,444444444444440000000000000022222222222222 NNoovv 333 ---111,,,111333777 444 11111111111111,,,,,,,,,,,,,,000000000000003333333333333311111111111111 11111111111111,,,,,,,,,,,,,,222222222222226666666666666600000000000000 11111111111111,,,,,,,,,,,,,,888888888888880000000000000033333333333333 -----1111177777 88888888888888 11111111111111,,,,,,,,,,,,,,777777777777779999999999999944444444444444 DDeecc ,, 33333333333333,,,,,,,,,,,,,,333333333333333333333333333366666666666666 33333333333333,,,,,,,,,,,,,,333333333333333333333333333366666666666666 --------------111111111111116666666666666655555555555555 1111111111111155555555555555 --------------111111111111115555555555555500000000000000 1970—Jan 11111111111111,,,,,,,,,,,,,,222222222222220000000000000011111111111111 11111111111111,,,,,,,,,,,,,,000000000000000000000000000099999999999999 --------------11111111111111,,,,,,,,,,,,,,444444444444444444444444444444444444444444 333000 --------------77777777777777 222666 --------------11111111111111,,,,,,,,,,,,,,333333333333339999999999999955555555555555 Feb --668888 --6666 44444444444444,,,,,,,,,,,,,,444444444444440000000000000077777777777777 44444444444444,,,,,,,,,,,,,,555555555555559999999999999999999999999999 111111111111111111111111111144444444444444 ---333000 ---222666 5555555555555577777777777777 Mar 11111111111111,,,,,,,,,,,,,,111111111111117777777777777766666666666666 11111111111111,,,,,,,,,,,,,,111111111111117777777777777766666666666666 --------------3333333333333388888888888888 --------------44444444444444 --------------4444444444444433333333333333 Apr... . 33333333333333,,,,,,,,,,,,,,666666666666668888888888888855555555555555 33333333333333,,,,,,,,,,,,,,333333333333333333333333333388888888888888 777777777777772222222222222233333333333333 3344 66666666666666 4499 888888888888881111111111111111111111111111 i 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) E pe n r d i o o d f Total P st o e u rl n in d g s s A c u h s il t l r i i n a g n s B fr e a lg n i c a s n C d a o n l a la d r i s a n D kr a o n n is e h r F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e a n Jap y a e n n ese g N u l e a i t l n h d d e e s r r s - f S r w an is c s s 1968—Dec. 2,061 8 433 165 1969—Feb. 1,938 1,450 13 25 318 125 4 Mar. 2,059 1,396 23 461 160 13 4 Apr. 1,960 1,245 44 50 436 163 15 4 May, 1,889 1,542 50 176 100 15 4 1 J J u u n ly e . 1 1 , , 8 6 3 7 4 0 1 1 , ,3 5 8 6 3 4 5 5 0 0 1 2 1 4 5 1 15 5 1 8 9 6 6 2* Aug. 1,929 1,571 224 15 114 3 Sept. 2,330 1,693 204 315 114 2 Oct.. 1,823 1,494 7 313 2 5 Nov. 1,370 1,273 1 60 6 2 27 Dec. 1,967 1,575 199 60 125 3 4 1970—Jan.. 975 605 100 60 201 3 Feb., 1,179 215 159 801 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1970 • FEDERAL RESERVE BANKS; BANK DEBITS A 15 MATURITY DISTRIBUTION OF LOANS AND U.S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month IIIttteeemmm 1970 1970 1969 May 27 May 20 May 13 May 6 Apr. 29 May 31 Apr. 30 May 31 Discounts and advances—Total 978 536 850 553311 924 1,454 546 1,831 Within 15 days 879 481 795 443355 828 1,352 449 1,801 16 days to 90 days 99 55 55 9944 96 102 97 30 01 Hiivc to 1 VMT 22 Acceptances—Total 46 50 54 111144 58 42 106 76 Within 15 days 31 17 16 7711 15 12 64 43 16 days to 90 days 15 33 38 4433 43 30 42 33 U.S. Government securities—Total 57,115 57,370 57,185 57,857 56,085 57,307 56,542 53,839 Within 15 days* 3,061 3,414 14,549 14,904 3,362 1,623 13,836 1,775 16 days to 90 days 9,550 9,632 9,496 9,865 20,880 10,532 9,523 9,431 91 days to 1 year 13,440 13,260 11,599 11,547 10,302 14,006 11,642 20,834 Over 1 year to 5 years 25,179 25,179 13,976 13,976 13,976 25,249 13,976 7,691 Over 5 years to 10 years 5,271 5,271 6,953 6,953 6,953 5,277 6,953 13,447 Over 10 years 614 614 612 612 612 620 612 661 i 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 demand deposits (billions of dollars) Period S T M 2 o 3 S t 3 a A l 's N Le .Y ad . ing S 6 M o S t A he 's r s2 T S o N M ( t e a . x S Y l c A . 2 l ) . ' 3 s 2 SM o 2 th S 26 e A r ' s SSMM TT 22 oo 33 SS tt 33 AA aa ll '' ss N Le .Y ad . ing S 6 M o S t A h ' e s r s2 T S o N M ( t e a . x S Y l c A . l 2 ) . ' 3 s 2 SM o 2 th S 26 e A r ' s 1969—Apr... 8.887.6 3,902.0 2,028.9 4,985.7 2.956.7 66.7 140.9 66.3 47.2 39.4 May.. 9.147.7 4.097.6 2,083.2 5,050.1 2.966.8 68.2 147.3 67.1 47.5 39.5 June.. 9.384.8 4.155.7 2,164.4 5.229.1 3.064.7 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... 9.737.2 4.311.5 2.249.6 5,425.7 3.176.2 72.3 153.5 73.0 50.9 41.9 Oct... 9,527.0 4.127.6 2.254.7 5.399.3 3,144.7 70.8 148.8 72.9 50.6 41.5 Nov... 9,484.4 4,207.5 2.224.8 5,276.9 3,052.1 70.5 151.6 71.7 49.4 40.3 Dec... 9.560.4 4,198.2 2.212.9 5,362.2 3.149.3 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.'. 9.793.6 4.232.1 2,309.1 5.561.4 3,252.3 72.4 148.8 74.2 52.0 42.9 Mar.r. 9.842.7 4.336.7 2,291.4 5,506.0 3,214.6 70.7 145.7 72.2 50.3 41.3 Apr... 10,163.5 4,422.0 2,417.9 5.741.5 3,323.6 72.9 149.7 75.8 52.2 42.6 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 • JUNE 1970 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency End of period in circulation 1 Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1.404 1.048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 195 8 32,193 22,856 2,182 1,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 195 9 32,591 23,264 2,304 1,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 196 0 32,869 23,521 2,427 1,533 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 196 1 33,918 24,388 2,582 1,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 3 10 196 2 35,338 25,356 2,782 1,636 97 2,375 7,071 11,395 9,983 2,990 6,448 240 293 3 10 196 3 37,692 26,807 3,030 1,722 103 2,469 7,373 12,109 10,885 3,221 7,110 249 298 3 4 196 4 39,619 28,100 3.405 1,806 111 2,517 7,543 12,717 11,519 3,381 7,590 248 293 2 4 196 5 42,056 29,842 4.027 1,908 127 2,618 7,794 13,369 12,214 3,540 8,135 245 288 3 4 196 6 44,663 31,695 4,480 2,051 137 2,756 8,070 14,201 12,969 3,700 8,735 241 286 3 4 196 7 47,226 33,468 4,918 2,035 136 2,850 8,366 15,162 13,758 3,915 9,311 240 285 3 4 196 8 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—Apr. 49,642 34,895 5.692 1,934 136 2,815 8,363 15,955 14,747 4,130 10,073 244 292 3 4 May 50,399 35,529 5,730 1,971 136 2,861 8,531 16,300 14,869 4,158 10,166 244 292 3 5 June 50,936 35,920 5,790 1,989 136 2,882 8,592 16,531 15,016 4,212 10,259 245 292 3 5 July. 51,120 35,981 5,827 1,992 136 2,852 8,546 16,629 15,139 4,251 10,345 243 291 3 5 Aug. 51,461 36,232 5,849 2,001 136 2,868 8,586 16,791 15,229 4,276 10,418 241 286 3 5 Sept. 51,336 36,032 5,877 2,023 136 2,858 8,500 16,639 15,303 4,280 10,493 239 283 3 5 Oct.. 51,710 36,275 5,909 2,041 136 2,865 8,536 16,789 15,435 4,302 10,608 236 280 3 5 Nov. 52,991 37,325 5,965 2,115 136 2,971 8,839 17,300 15,666 4,385 10,761 235 278 3 5 Dec. 53,950 37,917 6,021 2,213 136 3,092 8,989 17,466 16,033 4,499 11,016 234 276 3 5 1970—Jan.. 51,901 36,120 5,986 2,074 136 2,872 8,425 16,626 15,781 4,380 10,889 231 273 3 5 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 Mar. 52,701 36,780 6.028 2,086 136 2,915 8,622 16,993 15,921 4,418 10,999 228 269 3 5 Apr. 53,034 37,012 6,053 2,105 136 2,920 8,646 17,152 16,022 4,446 11,075 226 266 3 4 1 Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin. overstated because they include small amounts of paper currency held by the Treasury and the F.R. Banks for which a denominational break- NOTE.—Condensed from Statement of United States Currency and down is not available. Coin, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circulation 1 TTToootttaaalll ooouuuttt--- HHHeeelllddd bbbyyy ssstttaaannndddiiinnnggg,,, AAss sseeccuurriittyy FFoorr FFF...RRR... 1970 1969 KKKiiinnnddd ooofff cccuuurrrrrreeennncccyyy AAAppprrr... 333000,,, aaggaaiinnsstt TTrreeaassuurryy FF..RR.. BBBaaannnkkksss 111999777000 ggoolldd aanndd ccaasshh BBaannkkss aaannnddd ssiillvveerr aanndd AAAgggeeennntttsss Apr. Mar. Apr. cceerrttiiffiiccaatteess AAggeennttss 30 31 30 Gold 1111111111,,,,,333336666677777 ((1111,,004455)) 22332222 Gold certificates (((((1111111111,,,,,000004444455555))))) 331111,,004444 1111 Federal Reserve notes 4444499999,,,,,222223333333333 111222777 2222,,,,777722220000 444666,,,333888666 444666,,,000777999 444333,,,333444444 Treasury currency—Total 66666,,,,,999994444444444 999777 111199999999 666,,,666444888 666,,,666222333 666,,,222999888 SSttaannddaarrdd ssiillvveerr ddoollllaarrss 444448888855555 3333 444448888822222 444448888822222 444448888822222 Fractional Coin 55555,,,,,888883333355555 66666666 119988 55555,,,,,555557777722222 55555,,,,,555554444466666 55555,,,,,222221111111111 United States notes 333332222233333 22228888 222229999944444 222229999933333 333330000000000 In process of retirement4 333330000011111 333330000011111 333330000011111 333330000066666 TToottaall——AApprr.. 3300,, 11997700 555566667777,,,,555544444444 ((((11111111,,,,000044445555)))) 555544446666 11111111,,,,000044444444 2222,,,,999922220000 5533,,003344 Mar. 31, 1970 555566667777,,,,333388884444 ((((11111111,,,,000044445555)))) 555566666666 11111111,,,,000044444444 3333,,,,000077772222 5522,,770011 Apr. 30, 1969 555566663333,,,,444466668888 ((((11110000,,,,000022223333)))) 666666661111 11110000,,,,000022222222 3333,,,,111144444444 4499,,664422 1 Outside Treasury and F.R. Banks. Includes any paper currency held 5 Does not include all items shown, as gold certificates are secured by outside the United States and currency and coin held by banks. Esti- gold. Duplications are shown in parentheses. mated totals for Wed. dates shown in table on p. A-5. 2 Includes $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. 4 Redeemable from the general fund of the Treasury. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1970 • MONEY SUPPLY; BANK RESERVES A 17 MONEY SUPPLY AND RELATED DATA (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply PPPeeerrriiioooddd TTiimmee TTiimmee UU..SS.. ddeeppoossiittss ddeeppoossiittss GGoovvtt,, Currency Demand aadd-- Currency Demand aadd-- ddeemmaanndd Total component deposit jjuusstteedd ii Total component deposit jjuusstteedd ii ddeeppoossiittss11 component component 1966—Dec 170.4 38.3 132.1 158.5 175.8 39.1 136.7 156.9 3.4 1967—Dec 181.7 40.4 141.3 183.7 187.5 41.2 146.2 182.0 5.0 1968—Dec 194.8 43.4 151.4 204.9 201.0 44.3 156.7 203.1 5.0 1969—May 198.3 44.5 153.8 201.7 194.4 44.2 150.3 202.2 9.2 June 199.0 44.8 154.2 200.8 197.0 44.7 152.3 201.0 6.0 July 199.3 45.0 154.4 197.7 197.8 45.2 152.7 197.7 5.6 Aug 199.0 45.3 153.8 194.5 195.9 45.4 150.5 195.5 4.3 Sept 199.0 45.2 153.7 194.1 197.6 45.2 152.4 194.3 5.3 Oct 199.1 45.6 153.6 193.5 199.3 45.6 153.7 193.7 4.2 Nov 199.3 45.9 153.4 193.4 201.0 46.4 154.7 192.6 5.1 Dec 199.6 45.9 153.7 194.1 206.0 46.9 159.1 192.4 5.5 1970—Jan 201.1 46.1 155.0 192.1 207.1 46.1 161.1 191.7 4.7 Feb 199.3 46.4 153.0 192.0 197.8 45.9 151.9 192.0 7.1 Mar 201.5 46.7 154.8 194.3 199.7 46.3 153.4 194.9 6.9 Apr 203.3 47.0 156.2 197.9 204.2 46.6 157.6 198.3 5.3 May? 204.0 47.6 156.4 199.6 200.1 47.2 152.8 200.0 6.4 Week ending— 1970—Apr. 15 203.7 47.1 156.6 197.5 205.7 46.8 158.9 197.9 3.6 22 202.5 47.1 155.4 198.2 205.1 46.6 158.5 198.4 6.2 29 201.7 47.3 154.5 198.8 201.5 46.4 155.1 199.0 5.5 May 6 203.9 47.5 156.4 199.1 202.9 47.2 155.6 199.3 7.2 13 203.5 47.6 155.9 199.2 200.5 47.4 153.1 199.6 5.4 20 205.1 47.6 157.5 199.7 199.7 47.2 152.4 200.1 6.3 27 203.8 47.6 156.2 199.9 197.6 47.0 150.6 200.3 7.4 1 At all commercial banks. and F.R. float; (2) foreign demand balances at F.R. Banks; and (3) currency outside the Treasury, F.R. Banks, and vaults of all commercial NOTE.—For description of revised series and for back data, see Oct. banks. Time deposits adjusted are time deposits at all commercial 1969 Bulletin, pp. 787-803. banks other than those due to domestic commercial banks and the Averages of daily figures. Money supply consists of (1) demand U.S. Govt. Effective June 9, 1966, balances accumulated for payment of deposits at all commercial banks other than those due to domestic com- personal loans were reclassified for reserve purposes and are excluded from mercial banks and the U.S. Govt., less cash items in process of collection time deposits reported by member banks. AGGREGATE RESERVES AND MEMBER BANK DEPOSITS (In billions of dollars) Member bank reserves, S.A.1 Deposits subject to reserve requirements2 TToottaall mmeemmbbeerr bbaannkk ddeeppoossiittss pplluuss nnoonn--ddeeppoossiitt S.A. N.S.A. iitteemmss 33 PPPPeeeerrrriiiioooodddd TTToootttaaalll NNNooonnn--- Demand Demand bbbooorrrrrrooowwweeeddd RRReeeqqquuuiiirrreeeddd TTiimmee TTiimmee TToottaall aanndd TToottaall aanndd SS..AA.. NN..SS..AA.. ssaavviinnggss Private U.S. ssaavviinnggss Private U.S. Govt. Govt. 1966—Dec 22223333....55552222 22222222....99998888 22223333....11117777 222244444444....6666 111122229999....4444 111111111111....7777 3333....5555 222244447777....1111 111122227777....9999 111111116666....1111 3333....0000 1967—Dec 22225555....99994444 22225555....66668888 22225555....66660000 222277773333....5555 111144449999....9999 111111118888....9999 4444....6666 222277776666....2222 111144448888....1111 111122223333....6666 4444....5555 1968—Dec 22227777....99996666 22227777....22222222 22227777....66661111 222299998888....2222 111166665555....8888 111122228888....2222 4444....2222 333300001111....2222 111166663333....8888 111133333333....3333 4444....1111 1969—May 22228888....22224444 22226666....88889999 22227777....99994444 222299995555....1111 111155559999....3333 111133330000....0000 5555....9999 222299994444....2222 111166660000....1111 111122226666....3333 7777....9999 June 28.06 26.71 27.74 292.6 158.1 130.5 4.0 292.0 158.6 128.4 5.0 307.5 306.9 July 27.53 26.28 27.33 288.0 155.1 130.5 2.4 288.8 155.4 128.8 4.7 305.7 306.5 Aug 27.40 26.21 27.16 285.3 152.5 129.9 2.9 283.6 153.1 127.0 3.5 303.8 302.1 Sept 27.40 26.38 27.14 285.7 152.1 129.2 4.4 284.6 151.8 128.3 4.4 304.2 303.1 Oct 27.35 26.21 27.13 283.5 151.5 128.9 3.1 283.8 151.1 129.3 3.5 302.2 302.5 Nov 27.78 26.54 27.55 285.8 151.1 129.1 5.6 284.7 150.0 130.3 4.3 305.5 304.3 Dec 27.93 26.81 27.71 285.8 151.5 129.4 4.9 288.6 149.7 134.4 4.6 305.7 308.6 1970—Jan 28.00 26.97 27.82 284.8 149.4 130.1 5.3 288.5 148.9 135.6 3.9 304.8 308.5 Feb 27.72 26.62 27.52 282.9 148.8 128.5 5.6 282.3 148.8 127.4 6.1 303.4 302.8 Mar 27.72 26.78 27.54 286.2 150.6 129.8 5.9 285.4 151.0 128.5 5.8 306.1 305.3 Apr 28.22 27.35 28.05 290.2 153.5 131.4 5.2 290.7 153.8 132.4 4.5 309.6 310.2 May® 27.88 26.91 27.69 289.2 154.6 131.6 3.0 288.0 154.9 127.8 5.4 309.5 308.9 1 Averages of daily figures. Data reflect percentage reserve require- comparable with earlier data due to the withdrawal from the system on ments made effective Apr. 23, 1969. Required reserves are based on Jan. 2, 1969, of a large member bank. average deposits with a 2-week lag. 3 Total member bank deposits subject to reserve requirements, plus 2 Averages of daily figures. Deposits subject to reserve requirements in- Euro-dollar borrowings, bank-related commercial paper, and certain clude total time and savings deposits and net demand deposits as defined other nondeposit items. by Regulation D. Private demand deposits include all demand deposits except those due to the U.S. Govt., less cash items in process of collection NOTE.—Due to changes in Regulations M and D, required reserves and demand balances due from domestic commercial banks. Effective June include increases of approximately $400 million since Oct. 16, 1969. 9, 1966, balances accumulated for repayment of personal loans were elim- Back data may be obtained from the Banking Section, Division of Research inated from time deposits for reserve purposes. Jan. 1969 data are not and Statistics, Board of Governors 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 • JUNE 1970 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Gold Bank credit assets, stock Treas- net— Date D S R c c r p e a a i a r e g n t t w c e h i d i f s i t a i n s i - l g s r t c o e u i a u n u n r n r g t c y d - - y - Total n L e o t a 2 n . s , 3 Total U.S. s C b a T a a v o r n n i m e n d k a g l s s . s u ry R F s B e e e a d s c n e u e r k r r v a i s t e l i es Other4 r O s i e t t i c h e u e s - r 3 c T l a i i a n a p t o n i b e i t e t d t a i s a l l - l , c d u e r a T p r n o o e d s n t i a c t l s y c C o m a n a u p a i c e n s i n - t c t t d a s . , l 1947—Dec. 31. 22,754 4,562 160,832 43,023 107,086 81.199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,008 184,384 14,624 1967—Dec. 30. 11,982 6,784 468,943 282,040 117,064 66,752 49,112 1,200 69,839 487,709 444,043 43,670 1968—Dec. 31. 10,367 6,795 514,427 311,334 121,273 68,285 52,937 51 81,820 531,589 484,212 47,379 1969—May 28. 10,400 6,700 508,700 313,200 112,700 59.200 53,400 100 82,800 525,800 467,000 58,900 June 305 10,367 6,736 522,058 326,725 111,793 57,667 54,095 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. 25* 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 6,900 517,300 323,900 109,900 54,300 55,600 83,400 536,000 469,900 66,000 Apr. 29* 11,800 6,900 520,800 324,500 111,200 55,100 56,100 85,200 539,500 474,000 65,600 May 27* 11,800 7,000 522,200 324,500 112,500 55,400 57,100 85,200 540,900 472,400 68,600 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted 6 Not seasonally adjusted Time U.S. Government DDDaaattteee Total o b r u C e a t n u n s c i r k d y - s e d j m u e D p a s a t o d e n e s - - d d it 7 s Total o b r u C e a t u n n s r c i k d - y s e d j m u e D p a s a t d o e n e s - - d d it 7 s Total b m C a e n o r k m c s ia - 2 l b M sa a v u n i t k n u s g a s 8 l S P t a S o e v y s m i s t n a - 4 g l s ee nn FF ii ee oo gg tt rr nn 99 -- ,, T h c i u r o n a e r l g s a d y h s s - - s b c a a o a A v n m n i t d n k l g s . s B F a A . n R t k . s 11994477——DDeecc.. 3311........ 110,500 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1,682 1,336 1,452 870 11995500——DDeecc.. 3300........ 114,600 24,600 90,000 117,670 25,398 92,272 59,246 36,314 20,009 2,923 2,518 1,293 2,989 668 11996677——DDeecc.. 3300........ 181,500 39,600 141,900 191,232 41,071 150,161 242,657 182,243 60,414 2,179 1,344 5,508 1,123 11996688——DDeecc.. 3311........ 199,600 42,600 157,000 207,347 43,527 163,820 267,627 202,786 64,841 2,455 695 5,385 703 11996699——MMaayy 2288........ 191,700 43,600 148,100 189,300 43,500 145,900 267,500 201,500 66,000 2,100 700 6,900 400 JJuunnee 330055...... 195,300 43,700 151,600 193,996 44,478 149,518 266,171 199,516 66,655 2,402 633 5,997 1,258 JJuullyy 3300........ 192,600 44,000 148,600 192,300 44,100 148,300 262,200 196,000 66,200 2,300 700 5,800 1,200 AAuugg.. 2277........ 193,700 43,900 149,800 192,100 44,200 147,900 260,800 194,500 66,300 2,100 700 5,200 1,000 SSeepptt.. 2244........ 194,200 44,000 150,200 192,900 44,100 148,800 260,300 193,600 66,600 2,300 700 7,900 1,200 OOcctt.. 2299**...... 194,100 44,400 149,700 195,500 44,500 151,000 259,200 192,700 66,500 2,300 700 6,400 1,100 NNoovv.. 2266**...... 195,600 44,900 150,700 198,800 46,300 152,500 258,300 191,700 66,600 2,400 700 6,800 900 DDeecc.. 3311**...... 205,700 45,300 160,400 213,600 46,300 167,300 259,600 192,400 67,200 2,700 700 5,200 1,300 11997700——JJaann.. 2288**.... 195,500 45,300 150,200 198,100 44,700 153,400 257,300 190,200 67,100 2,500 600 6,500 1,300 FFeebb.. 2255**...... 194,100 45,300 148,800 193,200 44,800 148,400 259,100 191,700 67,400 2,600 600 7,500 900 MMaarr.. 2255**...... 199,200 45,900 153,300 196,100 45,400 150,800 262,800 194,800 68,000 2.700 600 6,300 1,500 AApprr.. 2299**...... 197,200 46,300 150,900 197,300 45,900 151,400 265,800 197,800 68,000 2,600 600 6,400 1,400 MMaayy 2277**...... 197,500 46,600 150,900 195,100 46,500 148,600 267,000 198,900 68,100 2,400 500 6,100 1,300 1 Includes Special Drawing Rights certificates beginning January 1970. 8 Includes relatively small amounts of demand deposits. Beginning with 2 Beginning with data for June 30,1966, about $1.1 billion in "Deposits June 1961, also includes certain accounts previously classified as other liaaccumulated for payment of personal loans" were excluded from "Time bilities. deposits" and deducted from "Loans" at all commercial banks. These 9 Reclassification of deposits of foreign central banks in May 1961 rechanges resulted from a change in Federal Reserve regulations. These duced this item by $1,900 million ($1,500 million to time deposits and $400 hypothecated deposits are shown in a table on p. A-23. million to demand deposits). 3 See note 2 at bottom of p. A-22. 4 After June 30, 1967, Postal Savings System accounts were eliminated from this Statement. 5 Beginning June 30, 1969, figures for commercial banks reflect (1) NOTE.—For back figures and descriptions of the consolidated condition inclusion of consolidated reports (including figures for all bank-premises statement and the seasonally adjusted series on currency outside banks and subsidiaries and other significant majority-owned domestic subsidiaries) demand deposits adjusted, see "Banks and the Monetary System," Section and (2) reporting of figures for total loans and for individual categories of 1 of Supplement to Banking and Monetary Statistics, 1962, and BULLETINS securities on a gross basis—that is, before deduction of valuation reserves. for Jan. 1948 and Feb. 1960. Except on call dates, figures are partly esti- See also note 1. mated and are rounded to the nearest $100 million. 6 Series began in 1946; data are available only for last Wed. of month. For description of substantive changes in official call reports of 7 Other than interbank and U.S. Govt., less cash items in process of condition beginning June 1969, see BULLETIN for August 1969, pp. collection. 642-46. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1970 • COMMERCIAL BANKS A 19 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank3 Other Total Cash lia- Bor- capital Class of bank assets3 bilities row- acand date Total Loans and Total3 Demand ings counts 1. 2 U.S. capital De- Treas- Other2 ac- mand Time Time1 ury counts 4 U.S. Other Govt. All commercial banks: 1941—Dec. 31 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 23 7,173 1945—Dec. 31 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 219 8,950 1947—Dec. 31s 116,284 38,057 69,221 9,006 37,502 155,377 144,103 12,792 240 1,343 94,367 35,360 65 10,059 1966—Dec. 31 322,661 217,726 56,163 48,772 69,119 403,368 352,287 19,770 967 4,992 167,751 158,806 4,859 32,054 1967—Dec. 30 359,903 235,954 62,473 61,477 77,928 451,012 395,008 21,883 1,314 5,234 184,066 182,511 5,777 34,384 1968—Dec. 31 401,262 265,259 64,466 71,537 83,752 500,657 434,023 24,747 1,211 5,010 199,901 203,154 8,899 37,006 1969—May 28 399,920 272,720 55,380 71,820 76,700 493,250 408,520 20,990 950 6,530 178,200 201,850 17,490 38,090 June 30« 410,279 283,850 54,044 72,385 88,209 516,752 425,363 25,187 882 5,639 193,787 199,868 14,740 38,823 July 30 409,200 283,240 54,700 71,260 74,370 501,650 404,040 21,060 860 5,490 180,260 196,370 19,450 38,480 Aug. 27 405,860 280,680 54,330 70,850 76,200 499,750 401,770 21,410 870 4,860 179,840 194,790 21,270 38,660 Sept. 24 408,670 284,300 53,200 71,170 75,910 503,590 404,160 21,260 810 7,610 180,550 193,930 21,610 38,860 Oct. 29p 408,470 283,970 54,310 70,190 76,960 504,180 406,060 22,190 880 6,160 183,810 193,020 21,240 39,310 Nov. 26* 411,580 286,230 54,850 70,500 82,340 512,970 411,800 23,190 680 6,560 189,400 191,970 21,960 39,450 Dec. 31 p 418,810 293,630 54,570 70,610 89,880 527,730 433,350 27,230 670 4,960 207,800 192,690 17,800 39,850 1970—Jan. 28*.... 408,440 285,970 52,500 69,970 77,280 504,080 404,290 21,570 660 6,270 185,340 190,450 22,620 39,860 Feb. 25P.... 406,460 285,320 50,950 70,190 78,750 504,070 404,270 22,260 660 7,320 182,140 191,890 22,620 40,070 Mar. 25p. ... 409,960 286,860 51,070 72,030 76,230 505,710 405,890 21,830 610 6,080 182,340 195,030 22,840 40,200 Apr. 29 p 414,160 288,700 51,810 73,650 78,220 512,310 411,060 21,620 690 6,180 184,540 198,030 23,530 40,430 May 21 P 413,820 288,130 52,050 73,640 78,780 512,810 410,560 22,210 730 5,900 182,630 199,090 23,080 40,680 Members of F.R. System: 1941—Dec. 31 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,385 140 709 37,136 12,347 4 5,886 1945—Dec. 31 107,183 22,775 78,338 6,070 29,845 138,304 129,670 13,576 64 22,179 69,640 24,210 208 7,589 1947—Dec. 31 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,353 50 1,176 80,609 28,340 54 8,464 1966—Dec. 31 263,687 182,802 41,924 38,960 60,738 334,559 291,063 18,788 794 4,432 138,218 128,831 4,618 26,278 1967—Dec. 30 293,120 196,849 46,956 49,315 68,946 373,584 326,033 20,811 1,169 4,631 151,980 147,442 5,370 28,098 1968—Dec. 31 325,086 220,285 47,881 56,920 73,756 412,541 355,414 23,519 1,061 4,309 163,920 162,605 8,458 30,060 1969—May 28 321,197 224,696 40,177 56,324 68,479 403,971 330,433 20,054 790 5,405 145,261 158,923 16,467 30,752 June 306 329,707 233,960 39,382 56,364 78,615 424,278 344,466 24,097 722 4,874 158,287 156,485 13,999 31,317 July 30 328,560 233,196 39,962 55,402 66,159 410,401 324,993 20,079 699 4,562 146,373 153,280 18,145 31,090 Aug. 27 325,413 230,654 39,754 55,005 67,843 408,644 323,063 20,433 707 4,046 146,139 151,738 19,925 31,234 Sept. 24 327,611 233,744 38,643 55,224 67,504 411,501 324,780 20,234 683 6,576 146,468 150,819 20,322 31,374 Oct. 29 327,288 233,260 39,725 54,303 68,596 412,130 326,768 21,182 721 5,438 149,424 150,003 19,893 31,694 Nov. 26 330,002 235,055 40,276 54,671 73,107 419,571 331,350 22,138 522 5,666 153,874 149,150 20,614 31,793 Dec. 31 336,392 241,594 40,038 54,760 79,313 432,310 349,997 25,898 514 4,078 169,781 149,726 16,957 32,110 1970—Jan. 28 327,368 234,860 38,328 54,180 68,449 411,828 324,605 20,560 497 5,420 150,363 147,765 21,263 32,078 Feb. 25 325,777 234,213 37,110 54,454 69,806 412,036 324,937 21,244 496 6,429 147,932 148,836 21,238 32,242 Mar. 25 328,556 235,138 37,340 56,078 67,594 413,148 326,028 20,845 454 5,100 148,270 151,359 21,582 32,343 Apr. 29* 332,097 236,436 38,192 57,469 69,174 418,597 330,136 20,608 531 5,251 149,940 153,806 22,376 32,528 May 21 P 331,389 235,805 38,259 57,325 69,710 418,609 329,541 21,183 567 4,914 148,414 154,463 21,749 32,733 Reserve city member: New York City:? 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 1966—Dec. 31 46,536 35,941 4,920 5,674 14,869 64,424 51,837 6,370 467 1,016 26,535 17,449 1,874 5,298 1967—Dec. 30 52,141 39,059 6,027 7,055 18,797 74,609 60,407 7,238 741 1,084 31,282 20,062 1,880 5,715 1968—Dec. 31 57,047 42,968 5,984 8,094 19,948 81,364 63,900 8,964 622 33,351 20,076 2,733 6,137 1969—May 28 54,847 43,174 4,099 7,574 20,784 80,195 56,188 8,825 414 826 29,577 16,546 4,921 6,217 June 306 57,885 46,232 4,445 7,208 26,223 89,283 62,534 11,233 405 983 34,453 15,460 3,671 6,283 July 30 57,645 45,922 4,893 6,830 19,776 82,327 54,066 8,519 369 821 29,732 14,625 5,011 6,241 Aug. 27 56,571 44,914 4,904 6,753 20,574 81,955 54,538 8,783 373 722 30,490 14,170 5,459 6,275 Sept. 24 57,278 45,807 4,534 6,937 19,165 81,486 54,273 8,346 331 1,298 30,286 14,012 5,422 6,256 Oct. 29 56,905 45,787 4,722 6,396 21,818 83,804 56,712 9,073 337 1,328 31,553 14,421 5,639 6,281 Nov. 26 58,509 46,249 5,487 6,773 21,845 85,405 57,931 9,540 248 1,508 31,909 14,726 5,420 6,318 Dec. 31 60,337 48,269 5,047 7,021 22,426 88,205 62,464 10,431 237 694 36,145 14,957 4,388 6,377 1970—Jan. 28 57,069 45,722 4,794 6,553 20,535 82,673 56,240 8,697 236 1,140 31,730 14,437 4,930 6,248 Feb. 25 56,568 45,523 4,319 6,726 21,808 83,599 57,251 9,393 216 1,484 31,497 14,661 5,068 6,304 Mar. 25 57,225 45,505 4,408 7,312 21,809 84,348 58,076 9,585 211 844 32,203 15.233 5,467 6,272 Apr. 29 58,010 45,286 5,091 7,633 20,778 84,145 57,536 8,927 245 968 32,116 15,280 5,756 6,290 May 27 57,288 44,819 4,981 7,488 22,007 84,604 57,147 9,356 280 882 31,742 14,887 5,821 6,335 For notes see p. A-22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 20 COMMERCIAL BANKS • JUNE 1970 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CUSS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o f d a b t a e n k Total Loans Securities a C ss a e s t h s 3 b T i a l l o i i n a t t d - i a e l s Total 3 Interbank 3 Dema O n t d h er r B in o o w g r s - - c c T a o a o p u c t i n - t a a t l s l 1 1.2 T U re .S a . s - Other ca a p c i - tal De- Time Time1 ury counts 4 mand U.S. Other Govt. Reserve city member (cont.): City of Chicago: 7.8 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 ,552 3,462 719 377 1947—Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 1966—Dec. 31 11,802 8,756 1,545 1,502 2,638 14,935 12,673 1.433 310 6,008 4,898 484 1,199 1967—Dec. 30 12,744 9,223 1,574 1,947 2,947 16,296 13,985 1.434 267 6,250 6,013 383 1,346 1968—Dec. 31 14,274 10,286 1,863 2,125 3,008 18,099 14,526 1,535 257 6,542 6,171 682 1,433 1969—May 28 13,646 9,996 1,473 2,177 3,067 17,559 12,662 1,190 233 5,886 5,336 1,682 1,446 June 306 14,321 10,573 1,616 2,132 2,716 17,869 13,035 1,368 274 6,192 5,176 1,230 1.492 July 30 14,238 10,630 1,556 2,052 2,601 17,635 12,042 1,192 242 5,686 4,907 1,354 1,455 Aug. 27 13,832 10,373 1,473 1,986 2,698 17,344 11,779 1,170 149 5,630 4,811 1,717 1,483 Sept. 24 14,006 10,564 1,471 1,971 2,925 17,784 11,806 1,189 349 5,555 4,689 2,092 1.493 Oct. 29 13,945 10,341 1,667 1,937 2,604 17,410 11,641 1,153 334 5,543 4,584 2,064 1,492 Nov. 26 14,022 10,331 1,685 2,006 2,942 17,824 11,958 1,330 250 5,866 4,491 1,985 1,500 Dec. 31 .. 14,369 10,773 1,565 2,031 2,855 17,988 13,317 1,732 175 6,769 4,614 1,290 1,516 1970—Jan. 28 13,684 10,376 1,351 1,957 2,858 17,287 12,024 1,205 336 5,903 4,548 1,783 1,520 Feb. 25 14,102 10,388 1,578 2,136 3,039 17,966 12,205 1,280 442 5,831 4,610 2,297 1,522 Mar. 25 14,258 10,451 1,571 2,236 2,701 17,923 12,002 1,232 258 5,762 4,709 2,425 1,530 Apr. 29 14,522 10,530 1,688 2,304 2,760 18,154 12,299 1,234 233 5,999 4,792 2,503 1,535 May 27 14,178 10,341 1,616 2,221 2,658 17,736 12,218 1,265 232 5,952 4,728 2,233 1,550 Other reserve city: 1 <8 1941—Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 1945—Dec. 31 40,108 8,514 29,552 2,042 1,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 1947—Dec. 31 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,990 11,423 1 2,844 1966—Dec. 31 95,831 69,464 13,040 13,326 24,228 123,863 108,804 8,593 233 1,633 49,004 49,341 1,952 9,471 1967—Dec. 30 105,724 73,571 14,667 17,487 26,867 136,626 120,485 9,374 310 1,715 53,288 55,798 2,555 10,032 1968—Dec. 31 119,006 83,634 15,036 20,337 28,136 151,957 132,305 10,181 307 1,884 57,449 62,484 4,239 10,684 1969—May 28 16,902 85,316 11,982 19,604 24,557 146,119 121,240 7,882 248 2,219 50,043 60,848 7,819 11,014 June 30« 119,789 88,582 11,635 19,572 27,265 152,827 125,157 9,028 159 2,171 54,079 59,721 7,311 11,166 July 30 118,838 87,753 11,716 19,369 24,037 148,510 118,489 8,108 204 1,735 50,333 58,109 9,173 11,194 Aug. 27 117,449 86,509 11,810 19,130 24,644 147,680 116,983 8,224 204 1,633 49,740 57,182 10,069 11,219 Sept. 24 117,698 87,577 11,110 19,011 25,301 148,736 117,685 8,329 217 2,963 49,663 56,513 10,236 11,271 Oct. 29 117,954 87,388 11,794 18,772 23,979 147,722 117,701 8,631 246 2,411 50,780 55,633 9,506 11,391 Nov. 26 118,287 87,908 11,583 18,796 26,601 150,766 118,724 8,853 167 2,213 52,603 54,888 10,518 11,381 Dec. 31 120,976 90,447 11,958 18,571 29,968 156,951 126,147 10,687 164 1,541 58,900 54,855 9,588 11,492 1970—Jan. 28 118,177 88,298 11,255 18,624 24,714 148,856 115,408 8,327 143 2,350 50,625 53,963 11,846 11,505 Feb. 25 117,265 87,839 10,775 18,651 24,467 147,785 15,117 8,231 152 2,823 49,823 54,088 11,104 11,549 Mar. 25 117,942 87,645 11,078 19,219 23,272 147,381 114,763 7,757 116 2,148 49,856 54,886 11,180 11,611 Apr. 29 119,213 88,093 11,298 19,822 25,042 150,648 117,118 8,113 159 2,304 50,306 56,236 11,788 11,715 May 27 19,002 88,033 11,287 19,682 24,393 149,816 '16,945 8,213 160 1,945 49,990 56,637 11,025 11,780 Country member: 8 1 1 9 9 4 4 1 5 — —D D e e c c . . 3 3 1 1 3 1 5 2 , , 0 51 0 8 2 5 5 , , 5 8 9 9 6 0 2 4 6 , , 3 9 7 9 7 9 2 2, , 4 2 0 5 8 0 1 6 0 , , 4 6 0 3 2 2 4 1 6 9 , , 0 4 5 6 9 6 4 1 3 7 , , 4 4 1 1 8 5 1,2 7 0 9 7 2 3 1 0 7 5,4 2 6 2 5 5 2 1 4 0 , , 2 1 3 0 5 9 1 6 2 , , 2 4 5 9 8 4 1 4 2 1 , , 5 9 2 8 5 2 1947—Dec. 31 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,056 17 432 28,378 14,560 23 2,934 1966—Dec. 31 109,518 68,641 22,419 18,458 19,004 131,338 117,749 2,392 69 1,474 56,672 57,144 308 10,309 1967—Dec. 30 122,511 74,995 24,689 22,826 20,334 146,052 131,156 2,766 96 1,564 61,161 65,569 552 11,005 1968—Dec. 31 134,759 83,397 24,998 26,364 22,664 161,122 144,682 2r839 111 1,281 66,578 73,873 804 11,807 1969—May 28 135,802 86,210 22,623 26,969 20,071 160,098 140,343 2,157 111 2,127 59,755 76,193 2,045 12,075 June 306 137,711 88,573 21,686 27,452 22,410 164,299 143,739 2,515 86 1,448 63,562 76,129 1,787 12,376 July 30 137,839 88,891 21,797 27,151 19,745 161,929 140,396 2,260 111 1,764 60,622 75,639 2,607 12,200 Aug. 27 137,561 88,858 21,567 27.136 19,927 161,665 139,763 2,256 111 1,542 60,279 75,575 2,680 12,257 Sept. 24 138,629 89,796 21,528 27,305 20,113 163.495 141,016 2,370 111 1,966 60,964 75,605 2,572 12,354 Oct. 29 138,484 89,744 21,542 27,198 20,195 163,194 140,714 2,325 11 1,365 61,548 75,365 2,684 12,530 Nov. 26 139,184 90,567 21,521 27,096 21,719 165,576 142,737 2,415 86 1,695 63,496 75,045 2,691 12,594 Dec. 31 140,710 92,105 21,468 27.137 24,064 169,166 148,069 3,048 86 1,668 67,967 75,300 1,691 12,725 1970—Jan. 28 138,438 90,464 20,928 27,046 20,342 163,012 140,933 2,331 86 1,594 62,105 74,817 2,704 12,805 Feb. 25 137,842 90,463 20,438 26,941 20,492 162,686 140,364 2,340 86 1,680 60,781 75,477 2,769 12,867 Mar. 25 139,131 91,537 20,283 27,311 19,812 163.496 141,187 2,271 86 1,850 60,449 76,531 2,510 12,930 ' Apr. 29 140,326 92,501 20,115 27,710 20,594 165,624 143,183 2,334 86 1,746 61,519 77,498 2,303 12,988 May 27p 140,921 92,612 20,375 27,934 20,652 166,453 143,231 2,349 86 1,855 60,730 78,211 2,670 13,068 For notes see p. A-22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1970 • COMMERCIAL BANKS A 21 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (A mounts in millions of dollars) Loans and investments Deposits Total Classification by Securities Total Interbank3 Other FRS membership Cash lia- Borand FDIC assets3 bilities rowinsurance Total Lo 1, a 2 n s T U u re . r S a y . s - Oth 2 er c c o a a u a p n n c i d - t ts a l * Total 3 m D a e n - d Time U. D S. e mand Time ings Govt. Other Insured banks: Total: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,298 15,699 10 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,276 29,876 215 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,615 54 1,325 92,975 34,882 61 1961—Dec. 30.. 213,904 124,348 66,026 23,531 56,086 276,600 247,176 17,737 333 5,934 141,050 82,122 462 1962—Dec. 28.. 234,243 139,449 65,891 28,903 53,702 295,093 260,609 15,844 402 6,815 140,169 97,380 3,584 1963—Dec. 20.. 252,579 155,261 62,723 34,594 50,337 310,730 273,657 15,077 443 6,712 140,702 110,723 3,571 1964—Dec. 31.. 275,053 174,234 62,499 38,320 59,911 343,876 305,113 17,664 733 6,487 154,043 126,185 2,580 1965—Dec. 31.. 303,593 200,109 59,120 44,364 60,327 374,051 330,323 18,149 923 5,508 159,659 146,084 4,325 1966—Dec. 31.. 321,473 217,379 55,788 48,307 68,515 401,409 351,438 19,497 881 4,975 166,689 159,396 4,717 1967—Dec. 30.. 358,536 235,502 62,094 60,941 77,348 448,878 394,118 21,598 1,258 5,219 182,984 183,060 5,531 399,566 264,600 64,028 70,938 83,061 498,071 432,719 24,427 1,155 5,000 198,535 203,602 8,675 1968—Dec. 31.. 1969—June 306. 408,620 283,199 53,723 71,697 87,311 513,960 423,957 24,889 800 5,624 192,357 200,287 14,450 National member: 1941--Dec. 31.. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 4 1945—Dec. 31.. 69,312 13,925 51,250 4,137 20,144 90,220 84,939 9,229 14,013 45,473 16,224 78 1947--Dec. 31.. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,3751 35 795 53,541 19,278 45 1961--Dec. 30.. 116,402 67,309 36,088 13,006 31,078 150,809 135,511 10,359 104 3,315 76,292 45,441 225 1962--Dec. 28.. 127,254 75,548 35,663 16,042 29,684 160,657 142,825 9,155 127 3,735 76,075 53,733 1,636 1963--Dec. 20.. 137,447 84,845 33,384 19,218 28,635 170,233 150,823 8,863 146 3,691 76,836 61,288 1,704 1964—Dec. 31.. 151,406 96,688 33,405 21,312 34,064 190,289 169,615 10,521 211 3,604 84,534 70,746 1,109 1965--Dec. 31.. 176,605 118,537 32,347 25,720 36,880 219,744 193,860 12,064 458 3,284 92,533 85,522 2,627 1966—Dec. 31.. 187,251 129,182 30,355 27,713 41,690 235,996 206,456 12,588 437 3,035 96,755 93,642 3,120 1967--Dec. 30.. 208,971 139,315 34,308 35,348 46,634 263,375 231,374 13,877 652 3,142 106,019 107,684 3,478 1968--Dec. 31.. 236,130 159,257 35,300 41,572 50,953 296,594 257,884 15,117 657 3,090 116,422 122,597 5,923 1969--June 306. 242,241 170,834 29,481 41,927 52,271 305,800 251,489 14,324 437 3,534 113,134 120,060 9,895 State member: 1941--Dec. 31.. 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 1945--Dec. 31.. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 130 1947--Dec. 31.. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 1961--Dec. 30.. 63,196 38,924 17,971 6,302 18,501 84,303 74,119 6,835 199 2,066 43,303 21,716 213 1962--Dec. 28.. 68,444 43,089 17,305 8,050 17,744 88,831 76,643 6,154 231 2,351 41,924 25,983 1,914 1963--Dec. 20.. 72,680 46,866 15,958 9,855 15,760 91,235 78,553 5,655 236 2,295 40,725 29,642 1,795 1964--Dec. 31.. 77,091 51,002 15,312 10,777 18,673 98,852 86,108 6,486 453 2,234 44,005 32,931 1,372 1965--Dec. 31.. 74,972 51,262 12,645 11,065 15,934 93,640 81,657 5,390 382 1,606 39,598 34,680 1,607 1966—Dec. 31.. 77,377 54,560 11,569 11,247 19,049 99,504 85,547 6,200 357 1,397 41,464 36,129 1,498 1967--Dec. 30.. 85,128 58,513 12,649 13,966 22,312 111,188 95,637 6,934 516 1,489 45,961 40,736 1,892 1968--Dec. 31.. 89,894 61,965 12,581 15,348 22,803 116,885 98,467 8,402 404 1,219 47,498 40,945 2,535 1969--June 306. 88,346 64,007 9,902 14,437 26,344 93,858 9,773 285 1,341 45,152 37,307 4,104 Nonmember: 1941—Dec. 31.. 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 6 1945—Dec. 31.. 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 7 1947—Dec. 31.. 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 4 149 12,366 6,558 7 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 1962—Dec. 28.. 38,557 20,811 12,932 4,814 6,276 45,619 41,142 535 43 729 22,170 17,664 34 1963—Dec. 20.. 42,464 23,550 13,391 5,523 5,942 49,275 44,280 559 61 726 23,140 19,793 72 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 1965—Dec. 31.. 52,028 30,310 14,137 7,581 7,513 60,679 54,806 695 83 618 27,528 25,882 91 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 1967—Dec. 30.. 64,449 37,675 15,146 11,629 8,403 74,328 67,107 786 89 588 31,004 34,640 162 1968—Dec. 31.. 73,553 43,378 16,155 14,020 9,305 84,605 76,368 908 94 691 34,615 40,060 217 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 For notes see p. A-22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 22 COMMERCIAL BANKS • JUNE 1970 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits TTTToooottttaaaallll aaaasssssssseeeettttssss———— CCCCllllaaaassssssssiiiiffffiiiiccccaaaattttiiiioooonnnn bbbbyyyy Securities TTTToooottttaaaallll Interbank 3 Other FFFFRRRRSSSS aaaa iiii nnnn nnnn mmmm dddd ssssuuuu eeee rrrr FFFF mmmm aaaa DDDD bbbb nnnn eeee cccc IIIICCCC eeee rrrr ssss hhhhiiiipppp TTToootttaaalll LLLooo 111 aaa ...222 nnn sss TT UU rr uu ee .. rr SS aa yy .. ss -- OOtthh 22 eerr aaaa CCCC ssssssss aaaa eeee ssss tttt hhhh ssss 3333 cccc cccc bbbb oooo aaaa iiii uuuu aaaa llll aaaa llll pppp iiii iiii nnnn nnnn cccc aaaa tttt iiii dddd ---- tttt tttt iiii ---- eeee ssss aaaa ssss llll 4444 TTToootttaaalll 333 mm DD aa ee nn -- dd TTiimmee U. D S. e mand TTiimm ll ee rrrr BBBB iiii oooo nnnn oooo wwww gggg rrrr ssss ---- ---- c c c c c c c c TTTT aaaa oooo aaaa oooo pppp uuuu cccc tttt iiii nnnn ---- tttt aaaa tttt aaaa llll ssss llll NNNN bbbbaaaa bbbb uuuu oooo nnnn eeee ffff mmmm rrrr kkkk ---- ssss Govt. Other Noninsured nonmember: 1941—Dec. 31.. 1,457 455 761 241 763 2,283 1,872 3: 9 1,291 253 13 329 852 1945—Dec. 31.. 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 4 279 714 1947—Dec. 315. 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 4 325 783 1961—Dec. 30.. 1,536 577 553 406 346 1,961 1,513 177 148 12 869 307 8 370 323 1962—Dec. 28.. 1,584 657 534 392 346 2,009 1,513 164 133 14 872 330 44 371 308 1963—Dec. 20.. 1,571 745 463 362 374 2,029 1,463 190 83 17 832 341 93 389 285 1964—Dec. 31.. 2,312 1,355 483 474 578 3,033 2,057 273 86 23 1,141 534 99 406 274 1965—Dec. 31.. 2,455 1,549 418 489 572 3,200 2,113 277 85 17 1,121 612 147 434 263 1966—Dec. 31.. 2,400 1,570 367 463 604 3,171 2,073 274 86 17 1,062 633 142 434 233 1967—Dec. 30.. 2,638 1,735 370 533 579 3,404 2,172 285 58 15 1,081 733 246 457 211 1968—Dec. 31.. 2,901 1,875 429 597 691 3,789 2,519 319 56 10 1,366 767 224 464 197 1969—June 306. 2,809 1,800 321 688 898 3,942 2,556 298 81 15 1,430 731 290 502 209 Total nonmember: 1941—Dec. 31.. 7,233 3,696 2,270 1,266 3,431 10,992 9,573 4f 7 5,; 04 3,613 18 1,288 7,662 1945—Dec. 31.. 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 11 1,362 7,130 1947—Dec. 31.. 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 12 1,596 7,261 1961—Dec. 30.. 35,856 18,700 12,525 4,631 6,854 43,465 39,073 719 178 565 22,325 15,286 33 3,822 7,320 1962—Dec. 28.. 40,141 21,469 13,466 5,206 6,622 47,628 42,654 699 176 743 23,042 17,994 77 4,240 7,380 1963—Dec. 20.. 44,035 24,295 13,854 5,885 6,316 51,304 45,743 749 144 743 23,972 20,134 165 4,623 7,458 1964—Dec. 31.. 48,879 27,899 14,273 6,707 7,752 57,780 51,447 931 156 672 26,645 23,043 198 4,894 7,536 1965—Dec. 31.. 54,483 31,858 14,555 8,070 8,085 63,879 56,919 972 168 635 28,649 26,495 238 5,345 7,583 1966—Dec. 31.. 59,257 35,206 14,239 9,812 8,381 69,092 61,506 983 173 560 29,532 30,258 241 5,776 7,617 1967—Dec. 30.. 67,087 39,409 15,516 12,162 8,983 77,732 69,279 1,071 147 603 32,085 35,372 408 6,286 7,651 1968—Dec. 31.. 76,454 45,253 16,585 14,617 9,997 88,394 78,887 1,227 150 701 35,981 40,827 441 6,945 7,701 1969—June 306. 80,841 50,159 14,662 16,021 9,594 92,743 81,166 1,090 160 765 35,500 43,652 741 7,506 7,737 8 Beginning Jan. 4, 1968, a country bank with deposits of $321 million 1 See table "Deposits Accumulated for Payment of Personal Loans" and was reclassified as a reserve city bank. Beginning Feb. 29, 1968, a reserve its notes on p. A-23. city bank in Chicago with total deposits of $190 million was reclassified as 2 Beginning June 30, 1966, loans to farmers directly guaranteed by a country bank. CCC were reclassified as securities, and Export-Import Bank portfolio fund participations were reclassified from loans to securities. This reduced NOTE.—Data are for all commercial banks in the United States (includ- "Total loans" and increased "Other securities" by about $1 billion. ing Alaska and Hawaii, beginning with 1959). Commercial banks represent "Total loans" include Federal funds sold, and beginning with June 1967 all commercial banks, both member and nonmember, stock savings securities purchased under resale agreements, figures for which are included banks; and nondeposit trust companies. in "Federal funds sold, etc.," on p. A-24. For the period June 1941-June 1962 member banks include mutual 3 Reciprocal balances excluded beginning with 1942. savings banks as follows: three before Jan. 1960; two through Dec. 1960, 4 Includes other assets and liabilities not shown separately. See also and one through June 1962. Those banks are not included in insured note 1. commercial banks. 5 Beginning with Dec. 31, 1947, the series was revised; for description, Beginning June 30, 1969, commercial banks and member banks exclude see note 4, p. 587, May 1964 BULLETIN. a small national bank in the Virgin Islands; also, member banks exclude, 6 Monthly series beginning July 1969 and call report series beginning and noninsured commercial banks include, a small member bank engaged June 30, 1969, reflect (1) inclusion of consolidated reports (including exclusively in trust business. figures for all bank-premises subsidiaries and other significant majority- Comparability of figures for classes of banks is affected somewhat by owned domestic subsidiaries) and (2) reporting of figures for total loans and changes in F.R. membership, deposit insurance status, and the reserve for individual categories of securities on a gross basis—that is, before classifications of cities and individual banks, and by mergers, etc. deduction of valuation reserves—rather than net as previously reported. Data for national banks for Dec. 31, 1965, have been adjusted to make 7 Regarding reclassification of New. York City and Chicago as reserve them comparable with State bank data. cities, see Aug. 1962 BULLETIN, p. 993. For various changes between Figures are partly estimated except on call dates. reserve city and country status in 1960-63, see note 6, p. 587, May 1964 For revisions in series before June 30, 1947, see July 1947 BULLETIN, BULLETIN. pp. 870-71. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1970 • COMMERCIAL BANKS A 23 LOANS AND INVESTMENTS (In billions of dollars) Seasonally adjusted Not seasonally adjusted PPPeeerrriiioooddd Securities Securities TToottaall 11,,22 LLooaannss 11,,22 TToottaall 11,,22 LLooaannss 11,,22 U.S. Other2 U.S. Other2 Govt. Govt. 1960—Dec. 31 194.5 113.8 59.8 20.8 198.5 116.7 61.0 20.9 1961—Dec. 30 209.6 120.4 65.3 23.9 214.4 123.9 66.6 23.9 1962—Dec. 31 227.9 134.0 64.6 29.2 233.6 137.9 66.4 29.3 1963—Dec. 31 246.2 149.6 61.7 35.0 252.4 153.9 63.4 35.1 1964—Dec. 31 267.2 167.7 60.7 38.7 273.9 172.1 63.0 38.8 1965—Dec. 31 294.4 192.6 57.1 44.8 301.8 197.4 59.5 44.9 1966—Dec. 31 310.5 208.2 53.6 48.7 317.9 213.0 56.2 48.8 1967—Dec. 30 346.5 225.4 59.7 61.4 354.5 230.5 62.5 61.5 1968—Dec. 31 384.6 251.6 61.5 71.5 393.4 257.4 64.5 71.5 1969—Apr. 30 390.7 261.0 57.7 72.1 391.5 261.2 58.0 72.3 May 28 392.2 264.1 56.1 72.0 390.2 263.0 55.4 71.8 June 30 (old series) 392.5 264.3 56.2 72.0 396.4 269.8 54.0 72.6 June 30 (new series)3 397.3 269.2 56.3 71.8 401.3 274.9 54.0 72.4 July 30 397.7 269.9 56.8 71.0 397.7 271.7 54.7 71.3 Aug. 27 397.5 270.3 56.9 70.3 394.7 269.5 54.3 70.9 Sept. 24 396.5 271.3 54.7 70.5 396.5 272.1 53.2 71.2 Oct. 29p 396.8 273.3 53.4 70.1 396.5 272.0 54.3 70.2 Nov. 26p 399.7 275.5 53.2 71.0 399.2 273.8 54.9 70.5 Dec. 31 p 398.6 276.2 51.8 70.5 407.8 282.6 54.6 70.6 1970—J F a e n b . . 2 28 5 *>p 3 3 9 9 6 7 . . 1 2 2 2 7 77 5 . . 1 3 4 4 9 9 . . 9 4 7 7 0 0 . . 9 8 3 3 9 9 5 3 . . 1 3 2 27 7 2 2 . . 1 7 5 5 2 1 . . 5 0 7 70 0 . . 2 0 Mar. 25 p 398.4 276.2 49.8 72.4 396.6 273.5 51.1 72.0 Apr. 29p 400.4 275.2 51.9 73.4 400.4 275.0 51.8 73.7 May 27p 402.4 275.8 52.9 73.8 400.4 274.7 52.1 73.6 1 Adjusted to exclude interbank loans. without valuation reserves deducted, rather than net of valuation reserves 2 Beginning June 9, 1966, about $1.1 billion of balances accumulated as was done previously. For a description of the revision, see Aug. 1969 for payment of personal loans were deducted as a result of a change in BULLETIN, pp. 642-46. Federal Reserve regulations. Beginning June 30, 1966, CCC certificates of interest and Export- NOTE.—For monthly data 1948-68, see Aug. 1968 BULLETIN, pp. A-94 Import Bank portfolio fund participation certificates totaling an estimated —A-97. For a description of the seasonally adjusted series see the follow- $1 billion are included in "Other securities" rather than "Other loans." ing BULLETINS: July 1962, pp. 797-802; July 1966, pp. 950-55; and Sept. 3 Data revised to include all bank premises subsidiaries and other sig- 1967, pp. 1511-17. nificant majority-owned domestic subsidiaries; earlier data include com- Data are for last Wed. of month except for June 30 and Dec. 31; data mercial banks only. Also, loans and investments are now reported gross, are partly or wholly estimated except when June 30 and Dec. 31 are call dates. DEPOSITS ACCUMULATED FOR PAYMENT OF PERSONAL LOANS (In millions of dollars) Class of Dec. 31, Dec. 30, Dec. 31, June 30, Class of Dec. 31, Dec. 30, Dec. 31, June 30, bank 1966 1967 1968 1969 bank 1966 1967 1968 1969 All commercial 11111,,,,,222222222233333 11111,,,,,222228888833333 11111,,,,,222221111166666 11111,,,,,111115555500000 All member—Cont. Insured 11111,,,,,222222222233333 11111,,,,,222228888833333 11111,,,,,222221111166666 11111,,,,,111114444499999 Other reserve city 333337777700000 333336666622222 333333333322222 222229999933333 National member .... 777772222299999 777774444477777 777773333300000 666669999944444 Country. 555557777711111 666661111177777 666660000055555 555558888888888 State member 222221111122222 222223333322222 222220000077777 111118888877777 All nonmember 222228888833333 333330000044444 222227777788888 222226666699999 AH member 999994444411111 999997777799999 999993333377777 888888888811111 222228888822222 333330000044444 222227777788888 222226666688888 NOTE.—These hypothecated deposits are excluded from "Time deposits" These deposits have not been deducted from "Time deposits" and and "Loans" at all commercial banks beginning with June 30, 1966, as "Loans" for commercial banks as shown on pp. A-21 and A-22 and on pp. shown in the tables on the following pages: A-19, A-20, and A-26—A-30 A-24 and A-25 (IPC only for time deposits). (consumer instalment loans), and in the table at the top of this page. Details may not add to totals because of rounding. These changes resulted from a change in the Federal Reserve regulations. See June 1966 BULLETIN, p. 808. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 24 COMMERCIAL BANKS • JUNE 1970 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans 1 Investments For To U.S. Treasury b C a l n a k s s a o n f d lo T a a o n n t d s a l i f F e u r e n a d d l - s C m o e m r- - Agri- o p s r u e r c c c u a h r r a r it y s i i i e n n s g g in f s in ti a tu n t c i i o a n l s Real Ot t h o e r, securities 6 S a t n a d te call date invest- sold, Total cial cul- in- Other local Other ments etc. 2 3,4 and tur- To di- 5 govt, secuin- al 5 bro- vid- Bills secu- rities' d tr u ia s- l k a e n r d s ot T h o e rs Banks Others uals3 Total ce a r n t d if i- Notes Bonds rities deal- cates ers Total:2 1947—Dec. 31.. 116,284 38,057 18,167 1,660 830 1,220 115 9,393 5,723 947 69,221 9,982 6,034 53,205 5,276 3,729 1967—Dec. 30.. 361,186 4,057 233,180 88,443 9,270 6,215 3,780 1,902 12,535 58,525 51,585 5,659 62,473 50,006 11,471 1968—Dec. 31.. 402,477 6,747 259,727 98,357 9,718 6,625 4,108 2,206 13,729 65,137 58,337 6,724 64,466 58,570 12.967 1969—June 30io 411,429 7,226 277,773 104,403 10,552 5,306 4,212 2,587 13,746 68,419 61,540 7,009 54,044 60,080 12,305 All insured: 1941—Dec. 31. 49,290 21,259 9,214 450 614 662 40 4,773 4,505 21,046 988 3,159 16,899 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,461 1,314 3,164 3,606 49 4,677 2,361 1,132 88,912 21,526 16,045 51,342 3,873 3,258 1947—Dec. 31. 114,274 37,583 18,012 ,610 823 ' 190 114 9,266 5,654 914 67,941 9,676 5,918 52,347 5,129 3,621 1967—Dec. 30 358,536 3,919 231,583 87,870 9,250 6,017 3,719 1,848 12,394 58,209 51,395 5,606 62,094 13,134 18,624 31,623 49,737 11,204 1968—Dec. 31.. 399,566 6,526 258,074 97,741 9,700 6,409 4,063 2,145 13,621 64,804 58,142 6,655 64,028 58,288 12,650 1969—June 301 0408,620 7,067 276,132 103,723 10,534 5,180 4,168 2,541 13,605 68,104 61,337 6,941 53,723 59,746 11,950 Member, total: 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,007 15,561 3,090 2,871 1945—Dec. 31 107,183 22,775 8,949 855 3,133 3.378 47 3,455 1,900 1,057 78,338 19,260 14,271 44,807 3,254 2,815 1947—Dec. 31.. 97,846 32,628 16,962 1,046 811 1,065 113 7,130 4,662 839 57,914 7,803 4,815 45,295 4,199 3,105 1967—Dec. 30 294,098 3,438 194,389 79,344 5,702 5,820 3,099 1,754 11,587 45,528 40,454 5,190 46,956 9,633 13,657 24,614 41,520 7,795 1968—Dec. 31.. 326,023 5,551 215,671 87,819 5,921 6,174 3.379 2,012 12,797 50,461 45,404 6,189 47,881 48,423 8,498 1969—June 30 io 330,587 5,444 229,397 92,926 6,348 4,996 3,473 2,386 12,820 52,556 47,457 6,435 39,382 48,600 7,764 New York City: 1941—Dec. 31.. 12,896 4,072 2,807 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945—Dec. 31. 26,143 7,334 3,044 2,453 1,172 26 80 287 272 17,574 3,910 3,325 10,339 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 267 93 111 564 238 11,972 1,642 558 9,772 638 604 1967—Dec. 30.. 52,141 415 38,644 23,183 3,874 831 914 2,990 3,431 3,099 1,285 6,027 1,897 1,962 2,303 6,318 737 1968—Dec. 31.. 57,047 747 42,222 23,258 3,803 903 1,099 3,426 3,619 3,485 1,694 5,984 7,233 861 1969—June 30io 57,885 992 45,240 26,469 3,410 887 1,218 3,819 4,041 3,706 1,676 4,445 6,553 655 City of Chicago: 1941—Dec. 31 2,760 954 732 48 52 22 95 1,430 256 153 1,022 182 193 1945—Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,213 ,600 749 1,864 181 204 1947—Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 2,890 367 248 2,274 213 185 1967—Dec. 30.. 12,744 266 8,958 5,714 459 220 162 951 675 754 241 1,574 427 344 853 1,487 459 1968—Dec. 31.. 14,274 312 9,974 6,118 535 253 205 1,219 738 848 281 1,863 1,810 315 1969—June 30 ic 14,321 207 10,366 6,353 366 264 179 1,144 790 338 1,616 1,867 265 Other reserve city: 1941—Dec. 31.. 15,347 7,105 3,456 300 114 194 4 1,527 1,508 6,467 295 751 5,421 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 427 ,503 17 1,459 855 387 29,552 8,016 5,653 15,883 1,126 916 1947—Dec. 31.. 36,040 13,449 7,088 225 170 484 15 3,147 1,969 351 20,196 2,731 1,901 15,563 1,342 1,053 1967—Dec. 30.. 106,086 1,219 72,713 30,609 ,311 881 1,143 578 5,446 16,969 15,047 2,148 14,667 3,140 3,557 8,312 15,376 2,110 1968—Dec. 31 119,339 2,197 81,769 34,632 ,362 1,116 1,254 588 6,005 18,939 16,916 2,520 15,036 18,111 2,226 1969—June 30io 120,082 1,997 86,879 37,120 ,512 760 1,360 885 5,816 19,417 17,354 2,656 11,635 17,621 * 951 Country: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 2 1,823 1,528 4,377 110 481 3,787 1,222 ,028 1945—Dec. 31 35,002 5,596 1,484 648 42 471 4 1,881 707 359 26,999 5,732 4,544 16,722 1,342 ,067 1947—Dec. 31 36,324 10,199 3,096 818 23 227 5 3,827 1,979 224 22,857 3,063 2,108 17,687 2,006 ,262 1967—Dec. 30.. 123,127 1,538 74,074 19,839 4,332 607 906 100 2,200 24,453 21,554 1,516 24,689 4,168 7,793 13,147 18,338 4,488 1968—Dec. 31.. 135,364 2,295 81,706 21,81 4,493 720 969 119 2,147 27,164 24,154 1,694 24,998 21,269 5,095 1969—June 301 138,298 2,248 86,913 22,984 4,779 460 963 104 2,041 28,308 25,509 1,765 21,686 22,559 4,893 Nonmember: 1947—Dec. 31.. 18,454 5,432 1,205 614 20 156 2,266 1,061 109 11,318 2,179 ,219 7,920 1,078 625 1967—Dec. 30.. 67,087 618 38,791 9,099 3,568 395 681 148 948 12,997 11,131 469 15,516 8,486 3,676 1968—Dec. 31.. 76,454 1,196 44,056 10,538 3,797 451 729 194 932 14,676 12,933 535 16,585 10,147 4,469 1969—June 301 80,841 1,783 48,376 11,476 4,204 310 739 201 925 15,863 14,083 574 14,662 11,481 4,541 1 Beginning with June 30, 1948, figures for various loan items are 4 Breakdowns of loan, investment, and deposit classifications are not shown gross (i.e., before deduction of valuation reserves); they do not available before 1947; summary figures for 1941 and 1945 appear in the add to the total and are not entirely comparable with prior figures. Total table on pp. A-19—A-22. loans continue to be shown net. See also note 10. 5 Beginning with June 30, 1966, loans to farmers directly guaranteed 2 Includes securities purchased under resale agreements. Prior to June 30, by CCC were reclassified as "Other securities," and Export-Import Bank 1967, they were included in loans—for the most part in "Loans to banks." portfolio fund participations were reclassified from loans to "Other Prior to Dec. 1965, Federal funds sold were included with "Total loans" securities." This increased "Other securities" by about $1 billion. and "Loans to banks." 6 Beginning with Dec. 31, 1965, components shown at par rather than 3 See table (and notes) entitled Deposits Accumulated for Payment of at book value; they do not add to the total (shown at book value) and are Personal Loans, p. A-23. not entirely comparable with prior figures. See also note 10. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1970 • COMMERCIAL BANKS A 25 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits b c C a a l n l a l k s d s a a o n te f d B s F w e R a r . i n R v e th k - e . s s r C c a e o u n n i r d c n - y b m a a w B d n e n i o a c s t k - l t e h - i s s c 7 ju p m D s a o d a t d s e e e n i - - - d t d s 8 m D e I s o n t t i e c r 7 b a e F n ig k o n r - 9 G U o . v S t . . g S l a o o t n c a v a d t t e l . c C c h o f a e e i e f n e r r f c d d s i t k - i ' - s , IPC I b n a t n er k - G P S U i a n o o a n . s g v v S d t s - t . a , l g S l a o o t n c a v a d t t e l . IPC 3 r B i o n o w g r s - - c C o a t a u a c p n l - i t - s etc. Total: 3 1947—Dec. 31... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1967—Dec. 30... 20,275 5,931 17,490 153,253 19,853 2,029 5,234 15,564 8,677 159,825 1,316 267 15,892 167,634 5,777 34,384 1968—Dec. 31... 21,230 7,195 18,910 167,145 22,501 2,245 5,010 16,876 9,684 173,341 1,21' 368 19,110 184,892 8,899 37,006 1969—June 30*0. 19,801 6,258 17,591 152,995 22,929 2,258 5,639 16,930 12,717 164,141 882 351 16,690 183,976 14,740 38,823 All insured: 1941—Dec. 31... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31... 15,810 1,829 11,075 74,722 12,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1967—Dec. 30... 20,275 5,916 16,997 151,948 19,688 1,909 5,219 15,471 8,608 158,905 1,258 267 15,836 166,956 5,531 33,916 1968—Dec. 31... 21,230 7,165 18,343 165,527 22,310 2,117 5,000 16,774 9,442 172,319 1,155 368 19,057 184,178 8,675 36,530 1969—June 30*o. 19,801 6,229 16,778 151,340 22,755 2,134 5,624 16,819 12,378 163,160 800 351 16,634 183,302 14,450 38,321 Member, total: 1941—Dec. 31... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31... 15,811 1,438 7,117 64,184 12,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1967—Dec. 30... 20,275 4,646 10,550 121,530 18,951 1,861 4,631 11,857 7,940 132,184 ,169 235 12,856 135,329 5,370 28,098 1968—Dec. 31... 21,230 5,634 11,279 131,491 21,483 2,036 4,309 12,851 8,592 142,476 ,061 330 15,668 147,545 8,458 30,060 1969—June 30*o. 19,801 4,828 10,370 118,038 22,026 2,072 4,874 12,916 11,513 133,857 722 305 13,071 143,990 13,999 31,317 New York Citv: 1941—Dec." 31... 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 20 1,206 195 2,120 1947—Dec. 31... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 14 1,418 30 2,259 1967—Dec. 30... 4,786 397 476 20,004 5,900 1,337 1,084 890 4,748 25,644 741 1,152 18,840 ,880 5,715 1968—Dec. 31... 4,506 443 420 20,808 7,532 1,433 888 1,068 4,827 27,455 622 1,623 18,380 2,733 6,137 1969—June 30io. 4,212 400 424 15,504 9,725 1,509 983 1,314 7,801 25,338 405 673 14,735 3,671 6,283 City of Chicago : 1941—Dec. 31... 1,021 298 2,215 1,027 127 233 34 2,152 476 288 1945—Dec. 31... 942 200 3,153 1,292 1,552 237 66 3,160 719 377 1947—Dec. 31... 1,070 175 3,737 1,196 72 285 63 3,853 902 426 1967—Dec. 30... 1,105 151 4,758 1,357 267 283 217 5,751 602 5,409 383 1,346 1968—Dec. 31... 1,164 281 5,183 1,445 257 245 207 6,090 624 5,545 682 1,433 1969—June 30 io. 652 134 4,428 1,298 274 321 228 5,644 391 4,783 1,230 1,492 Other reserve city: 1941—Dec. 31... 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2,566 1947—Dec. 31... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 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 50,250 2,555 10,033 1968—Dec. 31... 8,847 1,800 2,986 43,674 9,725 456 1,884 3,835 1,947 51,667 307 168 7,378 55,271 4,239 10,684 1969—June 30 io. 7,945 1,499 2,776 39,781 8,538 444 2,172 3,792 1,843 48,444 205 162 6,231 53,621 7,311 " 166 Country: 1941—Dec. 31... 2,210 526 3,216 9,661 790 225 1,370 239 8,500 30 146 6,082 4 1,982 1945—Dec. 31... 4,527 796 4,665 23,595 1,199 5,465 2,004 435 21,797 17 219 12,224 11 2,525 1947—Dec. 31... 4,993 929 3,900 27,424 1,049 432 2,647 528 25,203 17 337 14,177 23 2,934 1967—Dec. 30... 5,767 2,704 7,117 56,812 2,709 1,564 7,142 1,395 52,624 96 5,272 60,830 552 11,005 1968—Dec. 31... 6,714 3,293 7,592 61,827 2,781 1,281 7,703 1,612 57,263 111 6,043 68,348 804 11,807 1969—June 3010. 6,991 2,851 7,036 58,325 2,465 1,447 7,490 1,641 54,432 86 5,776 70,852 ,787 12,376 Nonmember;3 1947—Dec. 31..., 544 3,947 13,595 385 167 1,295 180 12,284 190 6,858 12 1,596 1967—Dec. 30... 1,285 6,939 31,723 903 169 603 3,707 737 27,641 147 3,035 32,305 408 6,286 1968—Dec. 31... 1,560 7,631 35,654 1,018 209 701 4,205 1,092 30,865 150 3,442 37,347 441 6,945 1969—June 30io. 1,430 7,221 34,957 903 186 765 4,013 1,204 30,283 160 3,619 39,986 741 7,506 7 Beginning with 1942, excludes reciprocal bank balances. banks in U.S. possessions are included through 1968 and excluded there- 8 Through 1960 demand deposits other than interbank and U.S. after. Govt., less cash items in process of collection; beginning with 1961, For the period June 1941—June 1962 member banks include mutual demand deposits other than domestic commercial interbank and U.S. savings banks as follows: three before Jan. 1960, two through December Govt., less cash items in process of collection. 1960, and one through June 1962. Those banks are not included in all ' For reclassification of certain deposits in 1961, see note 6, p. 589, insured or total banks. May 1964 BULLETIN. Beginning June 30, 1969, a small noninsured member bank engaged io Beginning June 30,1969, reflects (1) inclusion of consolidated reports exclusively in trust business is treated as a noninsured bank and not as a (including figures for all bank-premises subsidiaries and other significant member bank. majority-owned domestic subsidiaries) and (2) reporting of figures for Comparability of figures for classes of banks is affected somewhat by total loans and for individual categories of securities on a gross basis—that changes in F.R. membership, deposit insurance status, and the reserve is, before deduction of valuation reserves. See also notes 1 and 6. classifications of cities and individual banks, and by mergers, etc. Data for national banks for Dec. 31, 1965, have been adjusted to make NOTE,—Data are for all commercial banks in the United States; member them comparable with State bank data. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 26 WEEKLY REPORTING BANKS • JUNE 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 banks ury se- trial U.S. U.S. se- curi- Treas- Other Treas- Other curi- ties ury sees. ury sees. ties sees. Large banks— Total 1969 3 May 7 233,126 170,588 76,579 2,017 954 3,601 106 2,745 1 4 234,665 172,640 76,768 1,981 1,823 3,857 104 2,750 21 232,242 171,186 76,668 2,004 472 3,436 107 2,760 28 231,071 170,311 76,636 2,027 475 3,576 110 2,766 1970 Apr. 1 238,535 7,679 6,507 785 225 162 170,290 79,010 2.017 758 3,965 101 2,371 8 236,337 6,875 5,392 ,141 253 89 168,485 78,552 2,009 1,110 3,259 100 2,363 1 5 238,480 6,812 6,063 637 90 22 170,039 79,485 2,034 890 3,548 99 2,361 22 235,599 5,830 5,330 326 99 75 168,777 79,318 2,036 586 3,295 98 2,354 29 235,616 6,197 5,791 312 31 63 168,552 "78,907 2,025 789 3,278 99 2,331 May 6p 236,644 6,708 6,252 265 82 109 169,205 79,384 2.025 546 3,310 100 2,331 13 f 235,592 7,249 6,728 346 74 101 167,974 78,961 2.018 477 3,019 97 2,312 20 P 234,274 5,980 5,642 196 71 71 167,806 78,720 2,022 641 3,183 95 2,305 27 P 234,264 6,217 5,71 343 84 79 167,617 78,325 2.026 513 3,297 92 2,295 New York City 19693 May 7 53,038 41,918 24,751 670 2,131 840 1 4 54,029 42,847 24,965 1,038 2,517 846 2 1 53,187 42,393 24,897 321 2,124 851 2 8 52,694 41,982 24,852 331 2,252 857 1970 Apr. 1 56,015 1,256 1,201 28 43,192 25,786 623 2,639 740 8 54,526 911 849 41,963 25,621 804 1,989 735 1 5 55,637 919 865 26 42,569 25,886 654 2,249 731 22 54,396 959 902 41,716 25,765 374 2,140 723 29 54,754 1,578 1,555 41,521 25,491 571 2,128 720 May 6p 54,484 1,525 1,504 41,660 25,559 447 2,048 701 13* 53,428 1,430 1,415 40,875 25,328 325 1,856 697 20 P 53,279 1,161 1,136 40,865 25,156 492 2,064 689 27 P 53,932 1,700 1,682 40,877 24,953 357 2,197 685 Outside New York City 19693 May 7 180,088 128,670 51,828 2,003 284 1,470 1,905 1 4 180,636 129,793 51,803 1,968 785 1,340 1,904 2 1 179,055 128,793 51,771 1,990 151 1,312 1,909 2 8 178,377 128,329 51,784 2,013 144 1,324 1,909 1970 Apr. 1 182,520 6,423 5,306 775 197 145 127.098 53,224 2,005 135 1,326 1,631 8 181,811 5,964 4,543 1,087 253 81 126,522 52,931 1,996 306 1,270 1,628 1 5 182,843 5,893 5,198 630 64 127,470 53,599 2,021 236 1,299 1.630 22 181,203 4,871 4,428 311 99 33 127,061 53,553 2,023 212 1,155 1.631 29 180,862 4,619 4,236 312 31 40 127,031 53,416 2,012 218 1,150 1,611 May 6p 182,160 5,183 4,748 259 82 94 127,545 53,825 2,012 99 1,262 1,630 13 p 182,164 5,819 5,313 344 74 88 127.099 53,633 2,005 152 1,163 1.615 20 p 180,995 4,819 4,506 186 71 56 126,941 53,564 2,009 149 1,119 1.616 27 P 180,332 4,517 4,029 338 84 66 126,740 53,372 2,012 156 1,100 1,610 for notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1970 • WEEKLY REPORTING BANKS A 27 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Loans (cont.) Investments Other (cont.) U.S. Treasury securities To commercial Notes and bonds banks maturing— Wednesday Con- Real sumer For- All Certifestate instal- eign other Total Bills icates Do- For- ment govts.2 Within 1 to After mes- eign 1 yr. 5 yrs. 5 yrs. tic Large banks— Total 19693 32,838 4,575 1,737 19,143 976 14,119 24,238 1,858 5,419 11,512 5,449 May 7 32,946 5,262 1,844 19,218 ,011 14,146 23,975 1,754 5,447 11,368 5,406 14 33,012 5,809 1,784 19,253 984 14,107 23,304 1,412 4,534 11,972 5,386 21 33,023 4,809 1,695 19,340 976 14,072 23,074 1,274 4,423 12,135 5,242 28 1970 33,458 499 1,459 20,214 1,040 13,740 23,617 4,230 3,226 13,635 2,526 Apr. 1 33,410 467 1,428 20,171 1,015 13,427 23,362 3,899 3,340 13,614 2,509 8 33,448 422 1,442 20,200 993 13.561 23,427 3,986 3,377 13,588 2,476 15 33,430 437 1,351 20,204 977 13,513 22,967 3,499 3,420 13,610 2,438 22 33,385 447 1,327 20,274 996 13,579 22,878 3,423 3,407 13,634 2,414 29 33,342 468 1,342 20,306 993 13,755 22,426 2,965 3,443 13,616 2,402 May 6? 3 3 3 3 3 3 , , , 4 4 4 0 5 0 1 1 9 4 4 4 1 0 4 7 3 4 1 1 1 , , , 3 3 4 5 1 0 5 7 7 2 2 20 0 0 , , , 3 3 3 9 6 7 6 3 2 9 9 98 8 8 9 7 4 1 1 1 3 3 3 , , . 5 6 5 2 3 6 5 7 2 2 2 2 2 2 2, , , 0 6 7 5 5 7 5 2 6 2 2 2 , , , 3 6 5 3 4 1 5 5 0 3 3 3 , , , 1 4 3 8 1 3 1 2 2 1 1 1 4 4 3 , , , 5 7 6 4 2 1 8 3 8 2 2 2 , , , 4 3 3 1 8 8 3 6 0 2 2 1 0 3 1 F f p New York City 19693 3,373 1,169 894 1,484 672 2,603 4,153 496 740 1,756 1,161 May 7 3,399 1,013 974 1,497 713 2,602 4,133 481 733 1,758 1,161 14 3,410 1,894 909 1,504 689 2,663 3,852 251 531 2,064 1,006 21 3,425 1,503 878 1,517 670 2,601 3,802 203 521 2,059 1,019 28 1970 3.372 297 830 1,639 625 2,822 4,933 1,615 393 2,633 292 Apr. 1 3,381 273 778 1,637 626 2,615 4,972 1,620 427 2,632 293 8 3,400 229 801 1,641 625 2,617 5,106 1,751 446 2,617 292 15 3,392 250 730 1,651 603 2,591 4,823 1,500 439 2,607 277 22 3.373 237 719 1,644 615 2,551 4,850 1,510 453 2,620 267 29 3 3 , , 3 3 7 6 8 2 2 2 3 6 2 6 7 71 3 7 0 1 1 , , 6 6 5 5 5 3 6 61 2 4 0 2 2 , , 7 7 0 4 1 0 4 4 , , 3 4 0 2 0 4 1,0 9 6 41 6 4 4 9 9 5 1 2 2, ,6 5 0 97 0 2 2 6 7 4 0 May 13 6 p p 3 3, , 3 4 8 0 1 4 2 21 4 7 2 7 70 9 1 3 1 1 , , 6 6 6 7 0 0 6 6 0 1 9 0 2 2 , ,6 6 2 1 1 4 4 4 , , 7 5 2 8 3 2 7 93 7 6 9 3 3 4 5 6 3 3 3 , ,0 0 9 8 8 0 3 36 5 1 2 2 27 0 pp Outside New York City 19693 29,465 3,406 843 17,659 304 11,516 20,085 1,362 4,679 9,756 4,288 May 7 29,547 4,249 870 17,721 298 11,544 19,842 1,273 4,714 9,610 4,245 14 29,602 3,915 875 17,749 295 11,444 19,452 1,161 4,003 9,908 4,380 21 29,598 3,306 817 17,823 306 11,471 19,272 1,071 3,902 10,076 4,223 28 1970 30,086 202 629 18,575 415 10,918 18,684 2,615 2,833 11,002 2,234 Apr. 1 30,029 194 650 18,534 389 10,812 18,390 2,279 2,913 10,982 2,216 8 30,048 193 641 18,559 368 10,944 18,321 2,235 2,931 10,971 2,184 15 30,038 187 621 18,553 374 10,922 18,144 1,999 2,981 11,003 2,161 22 30,012 210 608 18,630 381 11,028 18,028 1,913 2,954 11,014 2,147 29 29,980 202 612 18,653 373 11,054 18,002 1,899 2,952 11,019 2,132 May 6P 30,031 185 638 18,708 373 10,897 17,755 1,704 2,917 11,018 2,116 13 f 3 30 0 , , 0 0 4 2 7 0 2 1 0 8 2 6 6 6 1 1 6 4 1 1 8 8 , , 7 7 1 2 2 6 3 3 7 7 5 9 1 1 0 0 , , 9 9 4 1 1 1 1 18 8 , , 0 0 5 7 3 0 1 1 , , 5 5 5 7 6 4 2 2 , , 8 9 2 8 8 6 1 1 1 1 , , 6 4 2 6 5 8 2 2 , ,0 0 2 6 5 1 2 2 0 7 * P For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 28 WEEKLY REPORTING BANKS • JUNE 1970 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Investments (cont.) Other securities Cash Invest- Obligations Other bonds, items Re- Bal- ments of State corp. stock, in serves Cur- ances in sub- Wednesday and and process with rency with sidiar- Other political securities of F.R. and do- ies not assets Total subdivisions collec- Banks coin mestic consoltion banks idated Tax Certif. war- All of All rants4 other partici- other® pation 5 Large banks— Total 19693 May 7 38,300 4,876 29,206 1,329 2,889 28,865 16,357 2,755 4,268 11,523 1 4 38,050 4,828 29,008 1.329 2,885 31.002 15,360 2,958 4,778 11,601 21 37,752 4,713 28,874 1,316 2,849 29.003 17,365 2,972 4,594 11,522 28 37,686 4,623 28,848 1.330 2,885 29,864 16,775 3,034 4,633 11,927 1970 Apr. 1 36,949 4,087 28,589 1,112 3.161 33,871 17,357 3,099 5,767 674 13,876 8 37,615 4,469 28,893 1,133 3,120 32,065 14,906 4,581 4,669 674 13,428 1 5 38,202 4,826 29,136 1,124 3,116 38,629 18,384 3,131 5,123 676 13,472 22 38,025 4,870 28,961 1,074 3,120 31,457 17,977 3,228 4,502 675 13,749 29 37,989 4,862 28,906 1,059 3.162 30,550 16,787 3,223 4,291 685 13,815 May 6? 38,305 4,994 29,134 1,039 3,138 32,803 17,747 2,956 5,039 682 14,022 13p 38,314 4,993 29,150 1,112 3,059 31,313 16,921 3,252 4,708 684 13,866 20P 37,836 4,758 29,023 1,032 3,023 31,633 17,049 3,210 4,722 687 13,833 21P 37,654 4,670 28,942 1,037 3,005 31,444 15,965 3,294 4,535 687 13,839 New York City 19693 May 7 6,967 1,376 4,689 125 777 13,983 4,183 353 363 4,351 1 4 7,049 1,440 4,659 128 822 14,670 3,898 363 433 4,424 21 6,942 1,385 4,627 120 810 14,001 4,050 375 405 4,466 28 6,910 1,335 4,649 113 813 15,067 4,370 394 405 4,576 1970 Apr. 1 6,634 1,212 4,551 93 778 16,771 4,859 403 879 299 4,983 8 6,680 1,269 4,547 95 769 16,418 4,752 407 307 299 4,679 1 5 7,043 1,403 4,778 94 768 19,966 4,309 417 451 300 4,686 22 6,898 1,462 4,583 100 753 15,178 4,568 406 360 300 4,879 29 6,805 1,416 4,508 95 786 15,589 3,895 415 278 310 4,952 May 6p 6,875 1,369 4,575 94 837 17,020 4,841 406 600 311 5,130 13P 6,823 1,314 4,612 89 808 15,409 4,643 433 542 311 4,948 2 6P 6,671 1,259 4,544 81 787 15,625 4,633 404 536 311 5,005 27 P 6,632 1,200 4,569 83 780 16,353 4,115 431 615 311 4,920 Outside New York City 19693 May 7 31,333 3,500 24,517 1,204 2,112 14,882 12,174 2,402 3,905 7,172 1 4 31,001 3,388 24,349 1,201 2,063 16,332 11,462 2,595 4,345 7,177 21 30,810 3,328 24,247 1,196 2,039 15,002 13,315 2,597 4,189 7,056 2 8 30,776 3,288 24,199 1,217 2,072 14,797 12,405 2,640 4,228 7,351 1970 Apr. 1 30,315 2,875 24,038 1,019 2,383 17,100 12,498 2,696 4,888 375 8,893 8 30,935 3,200 24,346 1,038 2,351 15,647 10,154 4,174 4,362 375 8,749 1 5 31,159 3,423 24,358 1,030 2,348 18,663 14,075 2,714 4,672 376 8,786 22 31,127 3,408 24,378 974 2,367 16,279 13,409 2,822 4,142 375 8,870 29 31,184 3,446 24,398 964 2,376 14,961 12,892 2,808 4,013 375 8,863 May 6P 31,430 3,625 24,559 945 2,301 15,783 12,906 2,550 4,439 371 8,892 13 P 31,491 3,679 24,538 1,023 2,251 15,904 12,278 2,819 4,166 373 8.918 20? 31,165 3,499 24,479 951 2,236 16,008 12,416 2,806 4,186 376 8,828 27 P 31,022 3,470 24,373 954 2,225 15,091 11,850 2,863 3,920 376 8.919 for notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1970 • WEEKLY REPORTING BANKS A 29 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Deposits Demand Time and savings1 Domestic interbank Foreign IPC States States Wednesday and Certi- and Dopolit- fied polit- mes- For- Total IPC ical U.S. and Total ical tic eign sub- Govt. Com- Mutual Com- offi- sub- inter- govts.2 divi- mer- sav- Govts., mer- cers' Sav- Other divi- bank sions cial ings etc.1 cial checks ings sions banks Large banks— Total 19693 128,588 87,392 6,409 7,670 16,028 704 661 1,932 7,792 106,840 47,728 42,846 10,764 491 4,523 May 7 132,280 91,326 6,279 7,261 16,065 652 796 1,978 7,923 106,595 47,676 42,830 10,650 496 4,458 14 127,094 88,752 6,023 6,253 15,498 631 668 1,901 7,368 106,376 47,710 42,619 10,551 488 4,528 21 127,253 89,412 6,270 4,112 16,240 650 693 1,918 7,958 106,188 47,691 42,510 10,518 493 4,503 28 1970 141,131 97,063 6,849 4,119 18,952 795 900 2,387 10,066 98,229 46,220 36,523 7,562 298 7,383 Apr. 1 134,650 93,826 5,971 2,706 17,866 836 750 2,415 10,280 98,453 46,153 36,545 7,912 310 7,274 8 143,901 98,566 6,613 3,381 19,043 735 841 2,327 12,395 98,628 45,922 36,468 8,387 327 7,255 15 134,014 94,344 6,061 3,493 17,213 608 708 2,384 9,203 99,059 45,893 36,558 8,753 328 7,239 22 131,784 91,703 6,447 4,281 16,407 587 756 2,252 9,351 99,282 45,893 36,761 8,918 317 7,104 29 134,258 90,107 6,905 4,470 19,034 623 826 2,159 10,134 99,221 45,975 36,745 8,980 338 6,912 May 6p 130,391 90,897 6,303 2,677 18,261 549 1,054 2,296 8,354 99,311 45,979 36,863 8,968 334 6,894 13P 132,140 90,013 6,358 6,136 17,825 528 767 2,120 8,393 99,513 46,069 36,822 8,983 350 7,020 20p 130,637 91,056 6,337 3,780 17,123 536 734 2,172 8,899 99,460 46,074 36,907 9,008 353 6,847 27 p New York City 19693 37,573 20,861 598 2,104 6,135 410 519 1,359 5,587 15,636 4,578 7,107 669 272 2,799 May 7 38,692 22,011 462 1,950 6,089 375 632 1,430 5,743 15,500 4,569 7,039 666 268 2,750 14 36,861 21,401 472 1,438 6,070 375 525 1,354 5,226 15,403 4,571 6,867 679 266 2,815 21 37,987 21,615 520 798 6,993 393 552 1,361 5,755 15,249 4,567 6,733 678 272 2,798 28 1970 44,373 24,788 779 779 7,681 522 717 1,685 7,422 14,409 4,424 4,551 270 163 4,896 Apr. 1 41,841 22,666 680 640 7,219 524 579 1,718 7,815 14,419 4,411 4,570 333 168 4,834 8 45,581 23,298 672 1,009 8,117 427 670 1,657 9,731 14,289 4,378 4,516 335 182 4,775 15 40,534 22,938 528 586 7,014 340 535 1,740 6,853 14,205 4.378 4,474 345 183 4,720 22 40,716 22,569 587 942 6,902 319 607 1,624 7,166 14,131 4.379 4,556 346 182 4,563 29 42,146 21,577 732 1,052 8,432 331 661 1.510 7,851 13,900 4,386 4,477 359 198 4,375 May 6 P 39,759 21,556 514 465 8,085 286 877 1,644 6,332 13,801 4,381 4,473 362 196 4,283 13P 40,283 21,643 521 1,602 7,758 272 601 1,464 6,422 13,791 4,390 4,370 343 214 4,368 20p 40,756 22,846 399 853 7,477 288 573 1.511 6,809 13,760 4,385 4,426 385 214 4,245 27 p Outside New York City 19693 91,015 66,531 5,811 5,566 9,893 294 142 573 2,205 91,204 43,150 35,739 10,095 219 1,724 May 7 93,588 69,315 5,817 5,311 9,976 277 164 548 2,180 91,095 43,107 35,791 9,984 228 1,708 14 90,233 67,351 5,551 4,815 9,428 256 143 547 2,142 90,973 43,139 35,752 9,872 222 1,713 21 89,266 67,797 5,750 3,314 9,247 257 141 557 2,203 90,939 43,124 35,777 9,840 221 1,705 28 1970 96,758 72,275 6,070 3,340 11,271 273 183 702 2,644 83,820 41,796 31,972 7,292 135 2,487 Apr. 1 92,809 71,160 5,291 2,066 10,647 312 171 697 2,465 84,034 41,742 31,975 7,579 142 2,440 8 98,320 75,268 5,941 2,372 10,926 308 171 670 2,664 84,339 41,544 31,952 8,052 145 2,480 15 93,480 71,406 5,533 2,907 10,199 268 173 644 2,350 84,854 41,515 32,084 8,408 145 2,519 22 91,068 69,134 5,860 3,339 9,505 268 149 628 2,185 85,151 41,514 32,205 8,572 135 2,541 29 9 9 0 2 , , 6 1 3 1 2 2 6 6 9 8 , , 3 5 4 3 1 0 5 6 , , 7 1 8 7 9 3 2 3 , , 2 4 1 1 2 8 1 1 0 0 , , 1 6 7 0 6 2 2 2 6 9 3 2 1 1 7 6 7 5 6 6 5 4 2 9 2 2 , , 0 2 2 8 2 3 8 85 5 , , 3 5 2 1 1 0 4 4 1 1 , , 5 5 9 8 8 9 3 3 2 2 , , 3 2 9 6 0 8 8 8 , ,6 6 2 0 1 6 1 1 3 4 8 0 2 2 , , 6 5 1 3 1 7 May 1 6 3 P* 91,857 68,370 5,837 4,534 10,067 256 166 656 1,971 85,722 41,679 32,452 8,640 136 2,652 20* 89,881 68,210 5,938 2,927 9,646 248 161 661 2,090 85,700 41,689 32,481 8,623 139 2,602 21 p For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 30 WEEKLY REPORTING BANKS • JUNE 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 eral Other Total loans included in time Wednesday funds liabili- capital Total and De- and savings deposits1 * pur- F.R. ties Secur- ac- loans invest- mand chased, Banks Others etc.» Loans ities counts (gross) ments deposits etc. 7 ad- (gross) ad- Issued Issued justed 9 ad- justed i o Total to to justed 9 IPC's others Large banks—Total 19693 May 7. 648 13,612 21,158 3,524 22,524 166,013 228,551 76,025 17,475 10,742 6,733 2 1 1 4. . 8 3 0 4 4 3 1 1 5 4 , , 5 5 1 7 4 0 2 2 1 0 , , 9 5 2 4 2 7 3 3 . , 5 5 2 2 4 4 2 2 2 2, , 5 4 0 6 5 4 1 1 6 6 5 7 , , 3 3 7 7 7 8 2 2 2 2 9 6 , ,4 4 3 0 3 3 7 7 6 7 , , 3 9 4 5 0 2 1 1 7 7 , , 1 3 1 8 7 6 1 1 0 0 , , 5 7 1 3 5 7 6 6 , ,6 6 4 0 9 2 28. 1,280 14,158 22,417 3.525 22,483 165,502 226,262 77,037 16,950 10,387 6,563 1970 Apr. 1. 18.496 422 2,485 24,647 4,041 23,650 170,963 231,529 84,189 12,237 5,512 6,725 8. 17,990 300 2,620 24,845 4,039 23,685 169,501 230,478 82,013 12,499 5,672 6,827 15. 19,105 1,332 2,493 24,671 4,038 23.649 170,366 231,995 82,848 12,774 5,770 7,004 22. 18,241 1,164 2,349 24,637 4,037 23,609 168,840 229,832 81,851 12,941 5,831 7,110 29. 18,043 680 2,476 24,936 4,037 23.650 168,51 229,378 80,546 13,046 5,944 7,102 May 6 P. 20,414 340 2,539 25,187 4,036 23,819 169,193 229,924 77,951 12,989 5,944 7,045 13 p. 20,503 709 2,396 25,115 4,036 23,796 168,078 228,447 78,140 12,980 5,980 7,000 2H0Pp. . 1 1 7 7 , . 6 4 3 9 5 7 2 67 8 5 3 2 2, , 2 3 7 9 5 0 2 2 5 5 , , 5 5 8 6 6 2 4 4 , , 0 0 3 3 6 6 2 2 3 3 , , 7 8 5 1 1 1 1 1 6 6 7 7 , , 7 6 4 7 1 9 2 2 2 2 8 8 , , 2 1 2 0 9 9 7 7 6 8 , , 5 2 4 9 6 0 1 1 3 3 , , 0 0 8 0 7 4 5 5 , , 9 9 7 9 2 2 7 7 , , 1 0 1 1 5 2 New York City 19693 May 7. 4,243 11,782 1,049 5,988 40,749 51,869 15.351 3,769 2,260 1,509 2 1 1 4. . 33 4 4 , , 8 6 3 9 7 7 1 1 1 2 , , 7 4 5 7 5 9 1 1 , , 0 0 4 4 9 9 5 5, , 9 9 6 8 2 4 4 40 1 , , 4 8 9 3 9 4 5 5 3 1 , , 0 2 1 9 6 3 1 1 5 5 , . 9 3 8 5 3 2 3 3 , , 7 6 4 0 2 2 2 2, , 1 2 1 4 7 9 1 1, , 4 4 8 9 5 3 28. 365 4,191 12,713 1,049 5,952 40,479 51,191 15,129 3,497 2,036 1,461 1970 5,21 100 316 12.535 1,204 6,061 42,950 54,517 19,142 3,211 841 2,370 4,648 14 316 12,887 1.204 6,059 41,752 53,404 17,564 3,227 869 2,358 15. 4,922 679 303 12,726 1.205 6,061 42,394 54,543 16,489 3,187 868 2,319 22. 4,890 379 305 12.536 1.206 6,032 41,523 53,244 17,756 3,159 876 2,283 29. 4,817 79 311 12,904 1.207 6,027 41,307 52,962 17,283 3,075 903 2,172 May 1 6 3 P .P . 5 5, , 5 8 6 5 3 0 50 3 3 0 0 8 8 1 1 3 2 , , 2 9 2 7 6 8 1 1 . , 2 2 0 0 8 8 6 6 , , 1 0 0 9 3 6 4 4 1 0 , , 4 6 1 5 5 8 5 5 1 2 , , 7 7 8 1 1 4 1 1 5 5 , , 6 8 4 0 2 0 2 2, , 8 9 6 6 3 6 8 8 7 6 8 6 2 1 , 0 ,9 8 9 8 7 20P. , 4,972 337 13,119 1,210 6,080 40,673 51,926 15,298 2,901 840 2,061 27P. 4,947 14 322 13,596 1,211 6,070 40,653 52,008 16,073 2,842 858 1,984 Outside New York City 19693 May 7. 648 9,369 9,376 2,475 16,536 125,264 176,682 60,674 13,706 8,482 5,224 2 1 1 4. . 7 3 7 4 1 3 1 9 0 , , 7 8 3 1 3 7 9 8 , , 4 7 4 9 3 2 2 2 , . 4 4 7 7 5 5 1 16 6 , , 5 5 2 0 1 2 1 12 2 4 5 , , 8 5 7 4 8 4 1 1 7 7 6 5 , , 3 1 8 4 7 0 6 6 1 0 , , 9 9 6 8 9 8 1 1 3 3 , , 5 6 1 4 5 4 8 8 , , 4 3 8 9 8 8 5 5 , , 1 11 5 7 6 28. 915 9,967 9,704 2.476 16,531 125,023 175,071 61,908 13,453 8,351 5,102 1970 13,285 322 2,169 12,112 2,837 17,589 128,013 177,012 65,047 9,026 4,671 4,355 8.., 13,342 286 2,304 11,958 2,835 17,626 127,749 177,074 64,449 9,272 4,803 4,469 2 15 2 . . . . , , 1 13 4 , , 3 1 5 8 1 3 7 6 8 5 5 3 2 2 , , 1 0 9 4 0 4 1 1 1 2 , , 9 1 4 0 5 1 2 2, , 8 8 3 3 1 3 1 1 7 7 , , 5 57 8 7 8 1 1 2 2 7 7, , 3 9 1 7 7 2 1 1 7 7 7 6 , , 4 58 5 8 2 6 64 6 , , 0 3 9 5 5 9 9 9 , , 5 7 8 8 7 2 4 4, , 9 9 5 0 5 2 4 4 , , 6 8 8 2 5 7 29.., 13,226 601 2,165 12,032 2,830 17,623 127,204 176,416 63,263 9,971 5,041 4,930 May 6P. 14,564 290 2,231 11,961 2,828 17,716 127,778 177,210 62,309 10,023 5,066 4,957 13P. 14,940 709 2,088 12,137 2,828 17,700 127,420 176,666 62,340 10,117 5,114 5,003 20P. 12,663 283 2,053 12,467 2,826 17,671 127,068 176,303 61,248 10,186 5,132 5,054 27P. 12,550 661 1,953 11,966 2,825 17,741 127,026 176,101 62,217 10,162 5,134 5,028 1 Includes securities purchased under agreements to resell. 7 Includes securities sold under agreements to repurchase. 2 Includes official institutions and so forth. 8 Includes minority interest in consolidated subsidaires. 3 Figures not comparable with 1969 data. For description of revision 9 Exclusive of loans and Federal funds transactions with domestic comin series beginning July 2 (with overlap for June 25), see BULLETIN for Aug. mercial banks. 1969, pp. 642-46. 1(>A11 demand deposits except U.S. Govt, and domestic commercial 4 Includes short-term notes and bills. banks, less cash items in process of collection. 5 Federal agencies only. 11 Certificates of deposit issued in denominations of $100,000 or more. 6 Includes corporate stock. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1970 • BUSINESS LOANS OF BANKS A 31 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during Industry 1970 1970 1970 1969 1969 M 2 a 7 y M 2 a 0 y M 1 a 3 y M 6 a y A 2 p 9 r . May Apr. Mar.1 IV III Durable goods manufacturing: P M r a im ch a i r n y e r m y etals 2 6, , 0 0 7 4 7 0 ' 2 6 , , 0 1 6 6 5 3 2 6 , , 0 2 6 2 0 0 2 6 , , 0 22 8 3 4 2 6, , 1 0 2 6 8 4 1 ill1 5 1 0 8 2 - 5 1 8 - 1 7 8 1 4 ] 3 7 2 6 9 2 5 8 3 0 Transportation equipment 2,691 2,608 2,653 2,715 2,763 -72 -24| 52 155 400 139 Other fabricated metal products.. 2,192 2,213 2,253 2,223| 2,1931 -1 45 84 145 -115 -59 Other durable goods 2,649 2,684 2,695 2,657 2,636] 13 97 126 24 -13 92 Nondurable goods manufacturing: Food, liquor, and tobacco 2,696 2,7721 2,775 2,9001 2,825 -129 -17 -35 -411 666 43 Textiles, apparel, and leather 2,621 2,609 2,605 2,572 2,555 66 461 104 172 -471 98 Petroleum refining 1,551 1,553 1,5341 1,543 1,588 -37 -13 56 -117 -107 -243 O Ch th e e m r i n ca o l n s d a u n r d a b r l u e b g b o e o r ds 2 2, , 7 0 1 2 5 4 2 2 , , 7 0 6 3 7 0 2 2 , , 0 8 2 3 5 9 ' 2 2 , , 0 9 2 0 4 0 | 2 2 , , 0 8 2 7 5 6 | -161 -6 2 8 1 -6 2 1 1 9 0 | 1 3 9 6 7 - 1 9 6 4 3 Mining, including crude petroleum and natural gas 4,194 4,220 4,240 4,236 4,284| -90 -114 -38 -439 -15 -54 Trade: Commodity dealers 966 990 963 973 982 -16 -53 -81 -155 3661 -132 Other wholesale 3,581 3,594 3,570 3,593 3,583 -2 76 114| -62 48 -37 Retail 4,149 4,150 4,127 4,2791 4,1201 -61 132 13 -102 129 -255 Transportation 5,555 5,517 5,425 5,472 5,455' 100 -125 14| -156| 246 Communication 1,338 1,354 1,370 1,375 1,375 -37 23i 5 -187 247 94 Other public utilities 2,532 2,557 2,633 2,673 2,584| -52 -190 — 354] -791 452 295 Construction 3,143 3,136 3,144 3,114 3,111 32 48, 10| -79] -144 -26 S A B e a l r l n v o k i t c e h e r e s s r ' a d c o c m ep e t s a t n ic c e lo s ans 4 6, , 7 8 5 4 8 4 6 5 5 1 ' 4 6, , 7 9 5 8 8 6 5 0 6 4 6 , , 9 8 5 6 1 9 2 0 3 4 6 , , 9 8 6 2 4 2 8 4 0 4 6 , ,7 7 6 9 8 5 5 8 0 -1 -4 0 9 9 5 7 — - 1 2 9 2 3 8 0 | 1 4 6 4 3 3 3 - - - 1 1 1 0 1 5 5 6 6 4 2 3 9 6 0 4 5 8 1 - -1 1 1 1 4 4 1 5 2 Foreign commercial and industrial loans 2,238| 2,229 2,230| 2,215 2,189 49 -5 27 -44 -24 -168 Total classified loans 67,128 67,542 67,726 68,163! 67,659 -531 -98 6181 2,292 3,370 86 Total commercial and industrial loans 78,325 78,720 78,961 79,384 78,907 -578 169 538 -2,738 3,438 -361 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 May Apr. Feb. Jan. Dec. Nov. Oct. Sept. Aug. 27 29 25 28 31 26 29 24 27 IV III Durable goods manufacturing: P M r a im ch a i r n y e r m y etals 2 1 , , 7 4 6 4 3 7 2 1 , , 7 4 6 6 1 3 2 1 , , 7 4 4 2 8 0 2 1 , , 6 4 8 2 6 8 2 1 , , 7 4 4 7 9 6 2 1 , , 5 4 6 0 6 2 2 1 , , 5 4 0 0 7 7 2 1 , , 5 4 5 1 6 9 2 1 , , 5 37 0 5 9 -2 5 4 1 | 1 5 9 7 3 6 8 7 2 Transportation equipment 1,549 1,560 1,544 1,554 1,501' 1,389 1,305 1,245 1,195 74 256 148I Other fabricated metal products 755 780 754 757 761 7961 7701 7691 780 -2 -29 Other durable goods 1,162 1,183 1,141 1,145 1,1691 1,097 1,087 1,110 1,062 -7 59 42 Nondurable goods manufacturing: Food, liquor, and tobacco 939 951 952 942 953 908 873 861 73 24 Textiles, apparel, and Pe l t e r a o t l h eu er m refining 1,2 7 1 5 7 6 1,2 7 5 0 4 9 1,2 7 3 2 4 1 1,3 7 1 0 0 8 1,3 7 5 1 6 3 1 1,3 7 1 0 0 7 1,2 6 8 86 2 1 1,4 6 7 9 7 6 | 1,4 6 6 6 5 9 -10 1 1 3 -12 2 1 4 -19 4 0 6 C O h th e e m r ic n a o l n s d a u n r d a b r l u e b b g e o r o . ds. 1 1 , , 6 0 9 7 4 1 1 1 1 , , 8 0 3 9 1 9 1 1 , , 8 1 9 2 6 0 1 1, , 1 8 3 3 3 2 1 1, , 1 8 5 2 1 9 1 1, , 1 6 2 7 3 4 1 1 , , 7 0 0 71 1 ' 1 1, , 7 0 1 6 8 6 1 ] 1 1, , 0 7 5 4 8 2 -2 -5 4 ] 1 8 1 5 2 2 1 1 5 Mining, including crude pe- Trad t e r : o l C eu om m m an od d it n y a t d u e r a a l l e g rs a . s 3,52 8 0 7 | 1 3,59 7 0 7 3,75 8 7 1 3,91 9 6 0 4,09 7 0 9 4,04 8 4 1 4,07 8 9 1 | 1 4,11 8 9 0 4,0 1 3 1 0 1 -3 - 8 1 1 -29 - - 8 3 4 4 Other wholesale.... 717 684 693 686 706 668 691 672 6631 -10 40 -4 Retail 1,285 1,242 1,236 1,232 1,229 1,215 1,182 1,162 1,148 -23 71 4 Transportation 4,262 4,199 4,291 4,343 4,414 4,146 4,115 4,107 4,061 -83 307 26 Communication 416 445 472 480 498 462 486 446 446 -22 52 6 O Co th n e s r tr p u u ct b i l o ic n utilities 9 8 8 8 4 8 1,0 8 2 9 0 9 1,2 8 4 9 4 9 1 ! 1,3 8 1 9 8 3 1,3 9 3 0 7 4 1,2 9 1 0 9 3 1,2 8 4 9 4 9 1,2 8 9 9 6 9 1,2 8 4 9 3 8 -1 - 7 1 6 4 1 2 3 1 1 -2 4 6 S A e l r l v o ic th es e r domestic loans... 3 1 , , 0 1 3 8 1 6 2 1 , , 9 1 6 8 2 3 2 1 , , 9 1 7 9 1 5 2 1 , , 9 2 3 1 6 4 2 1 , , 9 2 9 4 1 1 2 1 , , 9 2 4 0 5 4 2 1 , , 8 2 5 0 4 6 2 1 , , 8 1 6 8 5 4 | 2 1 , , 8 1 6 0 6 8 -35 4 ] 1 1 3 1 1 0 | - 1 1 0 0 8 Foreign commercial and industrial loans 1,664 1,614 1,627 1,645 1,642| 1,690 1,692 1,701 1,739 -75 -135 Total loans 31,393 31,506 31,996 32,248 32,789 31,549 31,218 31,475 31,029 -741 1,391 247 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 a JUNE 1970 LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS (Amounts outstanding; in millions of dollars) To own subsidiaries, foreign branches, holding companies, and other affiliates To all others except banks Date By type of loan By type of loan Total Total Commercial Commercial and All other and All other industrial industrial 1970—Feb. 4... 5,904 4,266 1,637 1,706' 741 965' 11... 6,019 4,429 1,590 1,711' 737' 974' 18... 6,282 4,687 1,595 1,733' 756 977' 25... 6,402 4,795 1,607 1,753' 761 992' Mar. 4... 6,484 4,849 1,635 1,768' 753 1,015' 11... 6,450 4,904 1,546 1,779' 760 1,019' 18... 6,479 4,915 1,564 1,746' 753 993' 25... 6,682 5,148 1,534 1,751' 745 1,006' Apr. 1... 6,646 5,089 1,557 1,744' 720 1,024' 8... 6,710 5,162 1,548 1,813' 763 1,050' 15. .. 6,609 5,052 1,557 1,796' 755 1,041' 22... 6,706 5,156 1,550 1,825' 766 1,059' 29... 6,948 5,379 1,569 1,832' 762 1,070' May 6... 7,094 5,564 1,530 1,798 740' 1,058 13... 7,396 5,844 1,552 1,794 734 1,060 20... 7,721 6,113 1,608 1,812 727 1,085 27. .. 7,822 6,206 1,616 1,816 723 1,093 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) All sizes 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 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: Dollar (millions) 4,502.3 3,942.2 44.1 43.7 399.0 403.4 810.7 844.3 598.9 600.8 22,,664499..66 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 11..11 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

JUNE 1970 • INTEREST RATES A 33 PRIME RATE CHARGED BY BANKS (Per cent per annum) In effect during- Effective date Rate Effective date Rate Effective date Rate 1929.... , 5^/2-6 1947—Dec. i. . .. 1 V4 1956—A A p u r g . . 2 1 1 3 . . 3 4 V 4 1966—M Ju a n r e . 2 1 9 0 5 5 V »/i 4 1 1 1 1 9 9 9 9 3 3 3 3 0 2 3 1 2 3 31 3 i V / /24 V4 - 4 - 6 -- 5 4 4 1 1 9 9 5 4 0 8 — — S A ep u t g . .i. 2 .. 2 . . 2 21 /4 1 1 9 9 5 5 8 7 — — J A a u n g . . 2 6 2 . . 4 4V 4 1967—J A N M a u o n a g v . r . . . 2 2 1 2 6 6 0 7 . - . 27. 5 5 6 6 V V i l~5V 4 193 1 4 9 — 47 (Nov.) 1% 1 1 9 9 5 5 1 3 — — J A O D a p e c n t c r . . . . 2 1 1 8 9 7 7 . . . . 2 2 3 3 1 V V /2 4 4 1959— A S M S e e p a p p r y t t . . . 2 1 1 1 8 1 1 . . . . 5 3 4 4 % % 1968—A S N D D e p e e o p c c r v t . . . . . 2 1 1 1 2 3 5 8 9 . . . . . 6 6 6 V V ~ i4 6V4 1954—Mar. 17. 3 1960—Aug. 23. 4% 1969—J M an ar . . 1 7 7 . . 7 m 1955—Aug. 4. 3% June 9. 8i/i Oct. 14. 3% 1965—Dec. 6. 5 1970—Mar. 25. 8 i Date of change not available. MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable)4 FFFiiinnnaaannnccceee PPPrrriiimmmeee CCCOOO... PPPrrriiimmmeee cccooommmlll... pppaaapppeeerrr bbbaaannnkkkeeerrrsss''' FFFeeedddeeerrraaalll 3-month bills 5 6-month bills 5 9- to 12-month issues PPPeeerrriiioooddd pppaaapppeeerrr ppplllaaaccceeeddd aaacccccceeepppttt--- fffuuunnndddsss 33-- ttoo 55-- 444--- tttooo 666--- dddiiirrreeeccctttlllyyy,,, aaannnccceeesss,,, rrraaattteee 333 yyeeaarr mmmooonnnttthhhsss111 mmm 333--- ooo ttt nnn ooo ttt hhh 666 sss --- 222 999000 dddaaayyysss111 n R ew at e i s o su n e M y a ie r l k d e t n R ew at e i ss o u n e M y a ie r l k d e t k B e il t l s y i ( e m ld a ) r 5 - Other6 iissssuueess77 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—May 7.35 6.54 7.38 8.67 6.077 6.03 6.149 6.15 6.10 6.26 6.33 June 8.23 7.25 7.99 8.90 6.493 6.43 6.725 6.75 6.86 7.07 6.64 July 8.65 7.89 8.39 8.61 7.004 6.98 7.285 7.23 7.14 7.59 7.02 Aug 8.33 7.71 8.04 9.19 7.007 6.97 7.194 7.19 7.27 7.51 7.08 Sept 8.48 7.61 8.14 9.15 7.129 7.08 7.316 7.31 7.35 7.76 7.58 Oct 8.56 7.86 8.17 9.00 7.040 6.99 7.297 7.29 7.22 7.63 7.47 Nov 8.46 7.92 8.18 8.85 7.193 7.24 7.565 7.62 7.38 7.94 7.57 Dec 8.84 7.93 8.58 8.97 7.720 7.81 7.788 7.89 7.64 8.34 7.98 1970—Jan 8.78 8.14 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 Apr 8.06 7.26 7.54 8.10 6.480 6.50 6.568 6.61 6.54 6.96 7.49 May 8.23 7.43 8.02 7.94 7.035 6.83 7.262 7.02 7.12 7.69 7.97 Week ending— 1970—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 Apr. 4 8.08 7.25 7.23 7.93 6.330 6.35 6.391 6.42 6.36 6.77 7.22 11 8.08 7.25 7.43 7.68 6.409 6.39 6.454 6.41 6.27 6.73 7.29 18 8.00 7.25 7.38 8.02 6.310 6.37 6.247 6.37 6.29 6.78 7.43 25 8.00 7.25 7.63 8.21 6.476 6.58 6.494 6.75 6.70 7.07 7.62 May 2 8.13 7.29 8.00 8.43 6.876 6.83 7.253 7.17 7.19 7.56 7.87 9 8.35 7.36 8.13 8.46 7.184 6.80 7.493 6.93 7.06 7.65 7.96 16 8.30 7.38 8.08 7.96 6.994 6.78 7.202 7.00 7.13 7.63 7.98 23 8.18 7.45 7.93 7.84 6.828 6.72 6.996 6.95 7.08 7.70 7.97 30 8.13 7.56 7.98 7.64 7.133 7.00 7.355 7.15 7.19 7.77 7.98 1 Averages of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily 2 Averages of daily rates, published by finance companies, for varying closing bid prices. 5 Bills quoted on bank discount rate basis, maturities in the 90-179 day range. 6 Certificates and selected note and bond issues. 3 Seven-day average for week ending Wednesday. 7 Selected note and bond issues. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 34 INTEREST RATES • JUNE 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 (long- Total * term) Total» Aaa Baa Aaa Baa In tr d i u al s - R ro a a i d l- P u u ti b li l t i y c fe P r r r e e - d C m o o m n - C m o o m n - 196 2 3.95 3.30 3.03 3.67 4.62 4.33 5.02 4.47 4.86 4.51 4.50 3.37 6.06 196 3 4.00 3.28 3.06 3.58 4.50 4.26 4.86 4.42 4.65 4.41 4.30 3.17 5.68 196 4 4.15 3.28 3.09 3.54 4.57 4.40 4.83 4.52 4.67 4.53 4.32 3.01 5.54 196 5 4.21 3.34 3.16 3.57 4.64 4.49 4.87 4.61 4.72 4.60 4.33 3.00 5.87 196 6 4.66 3.90 3.67 4.21 5.34 5.13 5.67 5.30 5.37 5.36 4.97 3.40 6.72 196 7 4.85 3.99 3.74 4.30 5.82 5.51 6.23 5.74 5.89 5.81 5.34 3.20 5.71 196 8 5.25 4.48 4.20 4.88 6.51 6.18 6.94 6.41 6.77 6.49 5.78 3.07 5.84 196 9 6.10 5.73 5.45 6.07 7.36 7.03 7.81 7.22 7.46 7.49 6.41 3.24 6.05 1969—Ma y 5.85 5.39 5.19 5.63 7.10 6.79 7.52 6.69 7.27 7.15 6.20 3.02 June 6.06 5.78 5.58 6.01 7.27 6.98 7.70 7.16 7.37 7.38 6.33 3.18 6.03 July 6.07 5.80 5.61 6.08 7.39 7.08 7.84 7.29 7.50 7.49 6.42 3.34 Aug 6.02 5.98 5.74 6.28 7.37 6.97 7.86 7.29 7.57 7.40 6.44 3.37 Sept 6.32 6.21 5.83 6.58 7.53 7.14 8.05 7.42 7.68 7.62 6.61 3.33 6.49 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 '6.03' 1970—Ja n 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 Apr 6.53 6.50 6.24 6.87 8.20 7.83 8.70 8.00 8.34 8.37 6.98 3.70 May 6.94 7.00 6.70 7.33 8.46 8.11 8.98 8.19 8.59 8.72 7.26 4.20 Week ending— 1970—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 4.62 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 Apr. 4... 6.32 6.14 5.90 6.44 8.18 7.85 8.65 7.98 8.31 8.37 6.95 3.56 11... 6.38 6.36 6.10 6.75 8.17 7.80 8.63 7.97 8.29 8.35 7.01 3.61 18... 6.46 6.49 6.25 6.85 8.18 7.82 8.67 7.99 8.33 8.36 6.90 3.69 25... 6.70 6.72 6.47 7.10 8.21 7.83 8.74 8.01 8.38 8.37 6.98 3.76 May 2... 6.79 6.80 6.50 7.20 8.27 7.92 8.82 8.08 8.41 8.45 7.08 3.87 9... 6.85 6.87 6.55 7.25 8.36 7.99 8.90 8.09 8.53 8.60 7.16 3.98 16... 6.83 6.99 6.70 7.35 8.44 8.09 8.95 8.16 8.61 8.68 7.22 4.14 23... 6.88 7.03 6.74 7.35 8.49 8.16 9.02 8.22 8.59 8.78 7.30 4.31 30... 7.21 7.10 6.80 7.40 8.56 8.21 9.10 8.31 8.64 8.85 7.35 4.35 Number of issues2 20 108 18 30 38 30 40 14 1 Includes bonds rated Aa and A, data for which are not shown sep- Averages of daily figures for bonds maturing or callable in 10 years or arately. Because of a limited number of suitable issues, the number more. State and local govt, bonds: General obligations only, based on of corporate bonds in some groups has varied somewhat. As of Dec. Thurs. figures. Corporate bonds: Averages of daily figures. Both of these 23, 1967, Aaa-rated railroad bonds are no longer a component of the series are from Moody's Investors Service series. railroad average or the Aaa composite series. Stocks: Standard and Poor's corporate series. Dividend/price ratios are 2 Number of issues varies over time; figures shown reflect most recent based on Wed. figures; earnings/price ratios are as of end of period. count. Preferred stock ratio is based on eight median yields for a sample of noncallable issues—12 industrial and two public utility; common stock ratios NOTE.—Annual yields are averages of monthly or quarterly data. on the 500 stocks in the price index. Quarterly earnings are seasonally Monthly and weekly yields are computed as follows: U.S. Govt, bonds: adjusted at annual rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1970 • 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 Standard and Poor's index New York Stock Exchange index ican shares (1941-43= 10) (Dec. 31, 1965 = 50) Stock Exchange ( G l U o o . n v S g t . - , S l a o t n c a d a te l p A C o A r o a r A t - e Total In tr d i u al s - R ro a a i d l- P u u ti b li l t i y c Total In tr d i u al s - T p t o r i a r o t n n a s - - Utility na F n i- ce i t n o d ta e l x 1 NYSE term) 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 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 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 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 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 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 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 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 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 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 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 58.33 69.7 62.2 90.31 99.41 37.62 55.72 50.61 53.58 37.51 38.76 66.19 26.48 10,532 61.63 71.7 62.4 87.16 95.73 36.58 55.24 48.76 51.29 36.06 38.55 65.01 25.61 11,500 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 60.89 62.8 71.9 85.95 94.01 35.59 55.76 47.51 49.47 34.99 39.49 64.07 23.56 10,146 57.78 67.8 61.2 76.06 83.16 31.10 51.15 41.65 43.33 29.85 35.48 54.58 20.92 12,299 58.87 69.3 62.1 81.30 88.97 33.66 53.96 44.67 46.65 32.42 37.29 59.24 21.96 11,369 58.41 68.8 61.0 79.34 86.81 32.83 52.75 43.55 45.35 31.59 36.59 57.47 21.63 10,577 58.56 68.1 61.4 77.06 84.29 31.33 51.70 42.27 43.98 30.23 35.89 55.88 21.26 11,349 58.20 67.5 61.3 74.07 80.94 30.30 50.20 40.54 42.14 28.92 34.88 52.97 20.56 11,949 55.76 66.8 60.3 72.69 79.42 29.43 49.41 39.60 41.19 28.17 34.19 51.07 19.99 16,136 i Begins June 30,1965, at 10.90. On that day the average price of a share yields as computed by Standard and Poor's Corp., on basis of a 4 per cent, of stock listed on the American Stock Exchange was $10.90. 20-year bond; Wed. closing prices. Common stocks, derived from component common stock prices. Average daily volume of trading, normally NOTE.—Annual data are averages of monthly figures. Monthly and conducted 5 days per week for 5 V4 hours per day, or 27Vi hours per week. weekly data are averages of daily figures unless otherwise noted and are In recent years shorter days and/or weeks have cut total weekly trading computed as follows: U.S. Govt, bonds, derived from average market to the following number of hours: 1967—Aug. 8-20, 20; 1968—Jan. 22yields in table at bottom of preceding page on basis of an assumed 3 per Mar. 1, 20; June 30-Dec. 31,22; 1969—Jan. 3-July 3, 20; July 7-Dec. 31cent, 20-year bond. Municipal and corporate bonds, derived from average 22.5; 1970—Jan. 2-May 1, 25. TERMS ON CONVENTIONAL FIRST MORTGAGES New homes Existing homes Period C c t r ( r e p a o a n e t n c e t r t - ) c F c h ( e e a p n e r e s t g r ) & * e s M (y a e t a u r r s i ) t y L c r p ( o e a p r n a t i e c i n t 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 L m o o l o u o la a s u r n . n s o t ) f C c t ( r r e p a o a n e t n c t e r t - ) c F c h ( e e a p n e r e s t g r ) & e i s M (y a e t a u r r s i ) t y L c p r ( o e a p r n a t i e c i r n t o e ) / (t d h c o p o P h l r u u l a i a s r c s . r - e e s o ) f (t a d h L m o o l o u o la a s u . n r 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—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 8.23 1.09 25.2 71.8 35.0 24.9 8.23 1.02 22.4 70.2 29.4 20.4 Mar 8.29 1.11 25.0 71.1 35.8 25.1 8.26 .98 22.6 70.4 29.7 20.6 Apr 8.23 1.02 24.8 71.1 35.0 24.5 8.20 .90 22.8 70.4 29.6 20.4 i Fees and charges—related to principal mortgage amount—include based on probability sample survey of characteristics of mortgages loan commissions, fees, discounts, and other charges, which provide originated by major institutional lender groups (including mortgage added income to the lender and are paid by the borrower. They exclude companies) for purchase of single-family homes. Data exclude loans for any closing costs related solely to transfer of property ownership. refinancing, reconditioning, or modernization; construction loans to homebuilders; and permanent loans that are coupled with construction NOTE.—Compiled by Federal Home Loan Bank Board in cooperation loans to owner-builders. Series beginning 1965, not strictly comparable with Federal Deposit Insurance Corporation. Data are weighted averages with earlier data. See also the table on Home-Mortgage Yields, p. A-53. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 36 STOCK MARKET CREDIT • JUNE 1970 STOCK MARKET CREDIT REGULATORY STATUS OF MARGIN ACCOUNT DEBT AT BROKERS (In millions of dollars) (Per cent of total adjusted debt, except as noted) End of period B m ro a C lk r r e g e r in d s it c B u e s a x t n t o e k m n s d e e r d s T b t o o y t — al t a o d C b n n m e a u c e b e l t s e i - r - t s s ' t c o a C b r f m n n r e u a c e e d e l s t e e - r i - s t s ' b t c e r r N n e o b e x d k e y d - t e e i d t r s EEE pppeee nnn rrr ddd iii ooo ooo ddd fff s U tr n e i d r c e t - - Adjusted debt R /c e o s l t l r a i t c e t r e a d l value (((mmm jjj TTT uuu ddd aaa iii ooo sss eee lll ddd --- ttt ttt bbb eee --- aaa ttt ddd lll llliiiooonnnsss Under 30-39 40-49 50-59 60 per ooofff 1969—Apr.., 5,570 2,760 8,330 8,044 3,077 4,967 20 20-29 per per per cent dddooolll--- May.. 5,670 2,770 8,440 8,474 3,084 5,390 cent cent cent or more lllaaarrrsss))) June.. 5,340 2,740 8,080 8,214 3,084 5,125 July.. 5,170 2,700 7,870 7,515 2,783 4,732 Aug.. 5,000 2,670 7,670 7,019 2,577 4,442 1969—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.. . 4,680 2,430 7,110 6,683 2,626 4,057 Oct... 5.8 31.9 18.1 10.1 6.2 27.9 9,970 Feb... 4,570 2,390 6,960 6,562 2,463 4,099 Nov.. 3.2 31.3 18.1 11.0 6.8 29.7 9,910 Mar.r 4,520 2,370 6,890 6,353 2,441 3,912 Dec.. 4.5 27.6 16.2 11.8 7.0 31.0 9,810 Apr.?, 4,380 2,330 6,710 5,970 2,246 3,724 1970—Jan... 1.7 27.6 16.7 11.4 7.9 34.9 9,280 Feb.. 4.2 26.9 16.8 11.4 7.9 32.8 9,037 1 End of month data. Total amount of credit extended by member firms Mar.r 3.7 27.1 16.3 11.6 7.5 33.8 8,910 of the New York Stock Exchange in margin accounts, estimated from Apr.? 1.5 21.8 16.7 12.1 9.3 38.6 8,480 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, except as noted) AT BROKERS, BY EQUITY STATUS OF ACCOUNTS (Per cent of total, except as noted) TToottaall Eq uity class (per cent) ddeebbtt Equity class of accounts ((mmiill-- in debit status EEnndd ooff lliioonnss Net Total ppeerriioodd dd oo oo ff ll -- 8 m 0 o o re 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 llaarrss))** or more 60 per cent of dollars) 1969—Apr.. 5,570 24.0 26.2 20.0 9.5 4.9 15.4 1969—Apr 52.5 42.5 5.0 5,120 May . 5,670 23.0 26.4 19.0 9.7 5.2 16.8 52.2 42.3 5.5 5,020 June. 5,340 17.5 25.7 19.0 11.7 7.2 18.7 54.7 39.7 5.7 5,110 July.. 5,170 14.4 24.3 18.3 13.3 8.4 21.1 July 51.4 42.0 6.6 4.950 Aug.. 5,000 17.8 24.4 18.3 12.6 7.8 19.1 53.0 40.0 6.9 4,880 Sept.. 4,940 17.0 23.0 18.4 12.5 8.6 20.4 52.6 40.7 6.7 4,800 Oct... 5,040 20.4 22.5 18.8 11.8 8.4 18.0 52.8 40.8 6.4 4,780 Nov.. 5,070 16.9 23.5 17.8 12.2 8.9 20.6 54.8 37.8 7.3 4,670 Dec.. 4,690 16.6 22.3 17.0 12.8 9.5 21.8 54.8 37.3 7.9 4,760 1970—Jan... 4,680 13.8 21.0 16.1 13.4 10.8 24.9 1970—Jan 53.0 38.2 8.7 4,620 Feb.. 4,670 15.7 21.1 16.3 13.3 11.1 22.5 Feb 53.0 38.3 8.8 4,420 Mar.r 4,520 15.2 20.3 15.8 13.4 11.2 24.0 54.0 34.7 11.2 4,340 Apr.? 4,380 11.8 18.1 14.5 13.8 11.6 30.2 Apr.? 54 0 35.8 10.2 4,150 i 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

JUNE 1970 • OPEN MARKET PAPER; SAVINGS INSTITUTIONS A 37 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING (In millions of dollars) Commercial and finance Dollar acceptances company paper Held by- Placed through Placed End of period dealers1 directly2 Accepting banks F.R. Banks Total Im- Total Others ports r B el a a n te k d Other r B el a a n te k d Other Total Own Bills Own e F i o g r n - U i n n i t t o e d bills bought acct. corr. States 8,361 2,223 6,138 3,385 1,671 1,301 370 94 122 1,498 667 9,058 1,903 7,155 3,392 1,223 1,094 129 187 144 1,837 792 13,279 3,089 10,190 3,603 1,198 983 215 193 191 2,022 997 16,535 4,901 11,634 4,317 1,906 1,447 459 164 156 2,090 1,086 20,497 7,201 13,296 4,428 1,544 1,344 200 5& 109 2,717 1,423 24,390 10,076 14,314 4,510 1,478 1,223 255 142 125 2,765 1,523 25,305 9,931 15,374 4,668 1.387 1,179 208 76 183 3,022 1,591 26,007 602 9,557 643 15,205 4,880 1,413 1,183 231 41 159 3,186 1,673 28,341 889 9,463 975 17,014 4,991 1.388 1,123 264 40 162 3,402 1,779 29,515 949 10,360 1,300 16,906 5,145 1,390 1,108 282 62 159 3,535 1,791 29,663 954 10,917 1,641 16,151 5,232 1,351 1,044 308 37 159 3,685 1,880 31,881 1,088 10,998 2,644 17,151 5,256 1,335 1,058 277 41 149 3,730 1,913 33,551 1,200 11,324 2,933 18,094 5,212 1,341 1,076 266 49 146 3,676 1,850 31,624 1,216 10,601 2,993 16,814 5,451 1,567 1,318 249 64 146 3,674 1,889 34,277 1,266 10,772 4,177 18,062 5,288 1,439 1,123 316 83 147 3,619 1.863 35,935 n ,271 11,604 4,696 18,364 5,249 1,408 1,110 298 56 152 3,632 1.864 3 3 7 7, , 8 0 1 7 1 9 1 1 , , 2 0 2 8 3 8 1 1 2 2 , , 4 6 1 4 1 7 5 5 , , 2 4 1 5 0 4 1 1 8 8 , , 2 6 3 9 5 2 5 5 , , 3 6 5 1 2 4 1 1 , ,5 3 7 9 7 8 1 1 , , 1 3 5 1 6 4 2 26 4 3 2 1 5 0 2 6 1 19 7 4 0 3 3, , 7 7 3 3 7 2 2 1 , ,8 0 9 3 1 4 1 As reported by dealers; includes finance company paper as well as 2 As reported by finance companies that place their paper directly with other commercial paper sold in the open market. investors. MUTUAL SAVINGS BANKS (In millions of dollars) Loans Securities Total Mortgage loans assets— commitments 3 M ga o g r e t- Other G U o .S vt . . g S l a o o t n c a v a d t t e l . o C t r a o h a n r e t p d e r o 1 - Cash O as t s h e e ts r g r l T i e e a a t s n o i b n e e e t r i d s r a l v a i l - e l De it p s o 2 s- l O ia t t i b h e i s e l i r - G r c e o e s a u n e c e n r - r v t a s e l cla ( s i s n if i m ed o n b t y h s m ) aturity accts. 3 or 3-6 6-9 Over Total less 9 26,702 416 6,243 672 5,076 874 589 40,571 36.343 678 3,550 1,200 28,902 475 6,160 677 5,040 937 640 42,829 38,277 781 3,771 1,654 32,056 602 6,107 527 5,177 956 695 46,121 41,336 828 3,957 2.548 36,007 607 5,863 440 5,074 912 799 49,702 44,606 943 4,153 2.549 40,328 739 5,791 391 5,099 1,004 886 54,238 48,849 989 4,400 2,820 44,433 862 5,485 320 5,170 1,017 944 58,232 52,443 1,124 4,665 2,697 47,193 1,078 4,764 251 5,719 953 1,024 60,982 55,006 1,114 4,863 2,010 50,311 1,203 4,319 219 8,183 993 1,138 66.365 60,121 1,260 4,984 742 982 799 2,523 53,286 1,407 3,834 194 10,180 996 1,256 71,152 64,507 1,372 5,273 811 1,034 1 ,166 3,011 55,781 1,824 3,296 200 10,824 912 1,307 74,144 67,026 1,588 5.530 584 4851 452 946 2,467 54,209 1,519 3,900 199 10,721 792 1,270 72,610 65,575 1.663 5,372 796 1,270 1 ,241 3,308 54,442 1,713 3,821 197 10,800 897 1,288 73,159 65,888 1,843 5,428 818 1,237 1 ,255 3,310 54,672 1,633 3,618 192 11,029 865 1.306 73,316 66,243 1.664 5,409 843 1,190 1 ,216 3,249 54,887 1,539 3,634 201 10.982 845 1,303 73,392 66,091 1,863 5,438 787 1,202 1 ,170 3,158 55,068 1,717 3,613 201 10.983 846 1,297 73,724 66,193 2,038 5,492 728 1,157 1 ,153 3,039 55,188 1,732 3,536 190 10,990 833 1,327 73,796 66,519 1,796 5,481 756 1,097 1 ,037 2,890 55,346 1,725 3,359 191 10,885 791 1,339 73,638 66.344 1,785 5,509 721 486 466 1 ,135 2,808 55,497 1,867 3,321 196 10,863 820 1,343 73,914 66,505 1,853 5,556 677 463 483 1 ,082 2,705 55,822 1,839 3,282 193 10,845 919 1.307 74,206 67,086 1,585 5,535 584 485 452 946 2,467 55,860 1,861 3,276 204 10,894 780 1,360 74,235 66,997 1,708 5.531 576 454 516 912 2,457 55,966 2,122 3,303 190 10,938 884 1,353 74,755 67,255 1,918 5,582 549 458 496 882 3,385 56,119 2,080 3,274 194 11,212 848 1,436 75,164 67,885 1,913 5,596 648 478 476 807 2,409 56,279 2,048 3,294 188 11,319 853 1,385 75.366 67,861 1,905 5,599 603 500 455 801 2,360 1 Also includes securities of foreign governments and international NOTE.—National Assn. of Mutual Savings Banks data; figures arc organizations and nonguaranteed issues of U.S. Govt, agencies. estimates for all savings banks in the United States and differ somewhat 2 See note 6, p. A-18. from those shown elsewhere in the BULLETIN; the latter are for call dates 3 Commitments outstanding of banks in New York State as reported to and are based on reports filed with U.S. Govt, and State bank supervisory the Savings Banks Assn. of the State of New York. Data include building agencies. Loans are shown net of valuation reserves. Figures for Jan. and loans beginning with Aug. 1967. June 1968 ^include one savings and loan that converted to a mutual savings bankr Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 38 SAVINGS INSTITUTIONS • JUNE 1970 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period a T s o s t e a t l s Total U S n ta it t e e d s Sta lo te c a a l n d Foreign * Total Bonds Stocks M ga o g r e t s - e R st e a a te l l P o o a l n ic s y a O ss t e h t e s r Statement value 196 1 126,816 11,896 6,134 3,888 1,874 55,294 49,036 6,258 44,203 4,007 5,733 5,683 196 2 133,291 12,448 6,170 4,026 2,252 57,576 51,274 6,302 46,902 4,107 6,234 6.024 196 3 141,121 12,438 5,813 3,852 2,773 60,780 53,645 7,135 50,544 4,319 6,655 6,385 196 4 149,470 12,322 5,594 3,774 2,954 63,579 55,641 7,938 55,152 4,528 7,140 6,749 196 5 158,884 11,679 5,119 3,530 3,030 67,599 58,473 9,126 60,013 4,681 7,678 7,234 196 6 167,022 10,837 4,823 3,114 2,900 69,816 61,061 8,755 64,609 4,883 9,117 7,760 196 7 177,832 10,573 4,683 3,145 2,754 76,070 65,193 10,877 67,516 5,187 10,059 8,427 196 8 188,636 10,509 4,456 3,194 2,859 82,127 68,897 13,230 69,973 5,571 11,306 9,150 Book value: 196 6 167,022 10,864 4,824 3,131 2,909 68,677 61,141 7,536 64,661 4,888 9,911 8,801 196 7 177.361 10,530 4,587 2,993 2,950 73,997 65,015 8,982 67,575 5,188 10,060 11,011 196 8 187,695 10,483 4,365 3,036 3,082 79,403 68,575 10,828 70,071 5,573 11,284 10,881 1969—Mar... 191,368 11,247 4,743 3,282 3,222 83,075 69,831 13,244 70,384 5,694 11,734 9,236 Apr... 191.362 10,709 4,295 3,222 3,192 81,635 70,010 11,625 70,661 5,654 11,903 10,800 May.. 192,127 10,711 4,301 3,216 3,194 81,980 70,194 11,786 70,820 5,679 12,090 10,847 June.. 192,311 10,551 4,145 3,212 3,194 82,227 70,298 11,929 70,964 5,710 12,323 10,536 July.. 193,041 10,561 4,148 3,237 3,176 82,528 70,676 11,852 71,079 5,789 12,652 10,432 Aug... 194,028 10,555 4,152 3,249 3,154 82,779 70,811 11,968 71,250 5,805 12,921 10,718 Sept... 194,803 10,523 4,112 3,246 3,165 83,129 71,053 12,076 71,429 5,809 13,172 10,741 Oct... 195,932 10,490 4,089 3,252 3,149 83,596 71,376 12,220 71,569 5,835 13,406 11,018 Nov... 196,661 10,510 4,118 3.249 3,143 83,980 71,719 12,261 71,710 5.900 13,580 10,981 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 1970—Jan... 197,677 10,962 4,532 3,242 3,188 84,764 71,542 13,222 72,340 5,923 14,060 9,628 Feb... 198,506 10,980 4,527 3.250 3,203 85,021 71,600 13,421 72,527 5,984 14,295 9,699 Mar... 199,403 10,941 4,505 3,242 3,194 85,344 71,532 13,812 72,616 5,990 14,535 9,977 i Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on ah 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 e U it c o i . u e v S s r t . , - Cash Other i lia T b o il t i a ti l e s S c a a v p i i n ta g l s R a d p n e i r v s d o e i d f r u i v e t n d s e - s m r B o o w o n r e e - d y2 p L r o o i a n ce n s s s Other d p M u er r a i i d o n e d g O e p u in n e t g d r st i o a a o d n t f d- 196 1 68,834 5,211 3,315 4,775 82,135 70,885 5,708 2,856 1,550 1,136 1,872 196 2 78,770 5,563 3,926 5,346 93,605 80,236 6,520 3,629 1,999 1,221 2,193 196 3 90,944 6,445 3,979 6,191 107,559 91,308 7,209 5,015 2,528 1,499 2,572 196 4 101,333 6,966 4,015 7,041 119,355 101,887 7,899 5,601 2,239 1,729 2,549 196 5 110,306 7,414 3,900 7,960 129,580 110,385 8,704 6,444 2,198 1,849 2,707 196 6 114,427 7,762 3,366 8,378 133,933 113,969 9,096 7,462 1,270 2,136 1,482 196 7 121,805 9,180 3.442 9,107 143,534 124,531 9,546 4,738 2,257 2,462 3,004 196 8 130,802 9,555 2,962 9,571 152,890 131,618 10,315 5,705 2,449 2,803 3,584 196 9 140,169 8,715 2.443 11,026 162,353 135,494 11,176 9,783 2,426 3,474 2,812 1969—Apr. 134,038 9,892 2,378 10,027 156,358 132,986 10,296 6,095 2,805 4,176 1,787 4,601 May 135,026 9,892 2,421 10,464 157,826 133,480 10,285 6,283 2,916 4,862 1,676 4,607 June 136,242 9.467 2,529 10,363 158,627 134,839 10,674 6,768 3,007 3,339 1,532 4,373 July. 137,107 9,199 1,957 10,371 158,634 133,729 10,671 7,392 2,978 3,824 1,346 4,145 Aug. 137,951 9,142 1,902 10,b35 159,630 133,721 10,669 7,885 2,874 4,471 1,148 3,775 Sept. 138,618 9,007 1,931 10,723 160,279 134,600 10,663 8,295 2,749 3,972 1,057 3,530 Oct.. 139,226 8,906 1,910 10,798 160,840 134,194 10,662 8,783 2,648 4,553 1,023 3,293 Nov. 139,676 9,011 2,114 11,055 161,856 134,420 10,655 9,123 2,539 5,119 882 3,079 Dec. 140,209 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 8.468 2,086 11,343 162,465 134,277 11,246 10,262 2,202 4,478 846 2,815 Mar. 140,766 8,561 2,225 11,701 163,253 135,872 11,234 10,036 2,170 3,941 1,084 3,041 Apr. 141,283 8,405 2,371 11,989 164,048 136,106 11,237 10,079 2,216 4,410 1,399 3,509 1 Includes other loans, stock in the Federal home loan banks, other NOTE.—Federal Home Loan Bank Board data; figures are estimates for investments, real estate owned and sold on contract, and office buildings all savings and loan assns. in the United States. Data are based on and fixtures. monthly reports of insured assns. and annual reports of noninsured assns. 2 Consists of advances from FHLB and other borrowing. Data for current and preceding year are preliminary even when revised. 3 Insured savings and loan assns. only. Data on outstanding commit- Figures for Jan. and June 1968 reflect conversion of one savings and loan ments are comparable with those shown for mutual savings banks (on assn. to a mutual savings bank. Figures for June 1968 also reflect exclupreceding page) except that figures for loans in process are not included sion of two savings and loan assns. in process of liquidation. Data for above but are included in the figures for mutual savings banks. May 1969 reflect conversion of one savings and loan assn. to a commercial bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1970 • FEDERALLY SPONSORED CREDIT AGENCIES A 39 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks Federal National Mortgage Assn. Banks Federal Federal (secondary market for intermediate land Assets Liabilities and capital operations) cooperatives credit banks banks v m a b A t n e e o d m r c - s e - s I m nv e e n s ts t- p C a o d a n s e s d i - h t s B n a o o n n t d e d s s p M o b d e s e e m i r - t s - C s a t p oc it k a l M l g o ( a o A a g r n ) e t s - D n t e a u ( o b L n r t e d e e ) s s n - c L a o ( t o o t i A p o a v ) n e e s r s - D t e u ( b L r e e ) s n - c L o a d ( o u A n i a s n d ) n - t s s D t e u ( b L r e e ) s n - M l g o ( a o A a g r n ) e t s - Bo (L n ) d s 6,935 2,523 113 6,859 1,037 1,369 4,266 3,800 1,290 1,074 2,924 2,786 4,958 4,385 4,386 2,598 127 4,060 1,432 1,395 5,348 4,919 1,506 1,253 3,411 3,214 5,609 4,904 5,259 2,375 126 4,701 1,383 1,402 6,872 6,376 1,577 1,334 3,654 3,570 6,126 5,399 9,289 1,862 124 8,422 1,041 1,478 10,541 10,511 1,732 1,473 4,275 4,116 6,714 5.949 5,764 2,051 99 5,021 1,179 1.447 7,574 7,317 1,648 1,426 3,907 6,412 5,719 5,971 2,393 73 5,521 1,202 1.448 7,718 7,241 1,614 1,395 4,044 6,483 5,716 6,413 1,964 141 5,521 1,278 1,451 7,891 8,077 1,594 1,391 4,355 4,176 6,557 5,716 7,053 1,496 88 6,021 928 1,435 8,125 8,093 1,594 1,387 4.310 6,605 5,867 7,543 1,543 56 6,572 848 1,438 8,577 8,360 1,572 1,422 4,397 6,644 5,867 7,940 1,657 97 7,072 891 1,444 8,999 8,815 1,585 1,420 4,329 4,357 6,676 5,927 8,439 1,654 90 7,572 865 1,457 9,500 9,756 1,680 1,429 4,192 6,700 5.950 8,802 1,968 110 8,172 939 1,467 10,009 10,205 1,705 1,445 4,152 6,704 5,949 9,289 1,862 124 8,422 1,041 1,478 10,541 10,511 1,732 1,473 4,275 4,116 6,714 5,949 9,852 1,536 72 8,822 806 1,503 11,070 10,717 1,804 1,508 4,371 4,161 6,738 5,938 9,937 1,787 93 9,171 802 1,537 11,540 11,659 1,844 1,577 4,474 4.311 6,777 C6,032 9,745 2,870 107 9,825 986 1,558 12,016 12,227 1,840 1,576 4,644 4,422 6,833 6,032 9,860 3,090 89 9,993 1,110 1,574 12,456 12,411 1,828 1,594 4,810 4,591 6,890 6,058 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, APRIL 30, 1970 Cou- Amount Cou- Amount Cou- Agency, and date of issue pon (millions Agency, and date of issue pon (millions Agency, and date of issue pon and maturity of dollars) and maturity rate of dollars) and maturity rate 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% 9/25/69 - 7/27/70 8.40 650 11/10/69 - 5/10/71 8.20 400 2/15/57 - 2/15/67-72.. 4^ 11/25/69 - 9/25/70 650 4/10/69 - 6/10/71 6.85 250 1/20/69 - 6/22/70 6.70 12/22/69 - 11/25/70.... 8.70 250 12/12/69 - 7/12/71 8.60 400 3/20/69 - 6/22/70 6% 8/23/60 - 8/10/71 4 VS 63 1/5/60 - 7/20/70 5H Bonds: 4/10/70 - 8/10/71 7.38 200 3/20/68 - 7/20/70 6.00 10/25/68 -• 5/25/70.. 5.80 300 9/11/61 - 9/10/71 4 V4 96 7/15/69 - 8/20/70 8.15 6/25/69 - 6/26/70... 8.00 550 9/10/68 - 9/10/71 5V4 350 12/23/68 - 10/20/70... 6.30 4/25/69 - 8/25/70... 6.70 200 5/10/69 - 11/10/71 6.85 350 4/21/69 - 2/23/71 6.80 8/25/69 • 8/25/70. . . 8.20 650 3/10/70 - 2/10/71 6% 500 2/20/70 - 4/20/71 2 1 1 / 0 / 2 2 / 5 2 6 / 7 / 6 7 / 9 0 6 9 - - - 2 1 / / 1 2 2 0 5 6 / / / 2 7 7 7 1 1 / . 7 .. 0 . . . . 8 8 6 i . . / 6 4 6 3 0 6 6 2 0 0 5 0 0 0 2 3 1 / / 0 1 1 / 0 0 1 / / 4 6 6 / 9 0 6 9 - - - 2 3 / / 3 1 1 / 0 0 1 / / 0 7 7 / 2 2 7 2 6 5 6 V V % s 4 2 2 9 5 0 8 0 0 4 5 7 / / / 2 1 1 / 0 5 5 / / 6 6 7 9 0 - - - 5 4 / 7 1 / / 2 / 2 7 0 0 1 / / 7 7 1 1 St, 7/25/69 - 2/25/71. . . 8.00 400 12/11/61 - 6/12/72 4Vs 100 10/20/69 - 7/20/71 8.45 3/25/70 - 3/25/71 . . . 7.70 850 2/10/70 - 6/12/72 8.70 300 10/20/68 - 10/20/71... 6.00 9/25/69 - 4/26/71. .. 8 H 250 6/10/70 - 9/11/72 7.40 200 8/20/68 - 2/15/72 5.70 4/27/70 - 4/26/71 . . . 7.25 400 11/10/69 - 12/11/72. 8.00 200 9/14/56 - 9/15/72 3J* 5/26/69 - 5/25/71.. . 7.00 350 12/12/69 - 3/12/73 8.30 250 9/22/69 - 9/15/72 8.35 2/25/70 - 6/25/71. . . 8.45 650 6/12/61 - 6/12/73 4V4 146 10/23/72 - 10/23/72... SVs 10/27/69 • - 11/26/71. 8.20 250 3/10/70 - 9/10/73 8.10 300 2/20/63 - 2/20/73-78 . . 4Vs 11/25/69 • • 2/25/72.. 8.20 200 4/10/70 - 3/11/74 7.75 350 1/20/70 - 7/20/73 8.45 2/25/70 - 2/26/73. . . 8.35 350 9/10/69 - 9/10/74 7.85 250 4/20/70 - 10/22/73 7.80 8 1 / / 2 2 5 6 / / 6 7 9 0 - - 8 1 / / 2 2 5 5 / / 7 7 4 4 . . . . . . 8 7 . .6 4 5 0 3 1 0 9 0 6 2/13/62 - 2/10/77 4*4 198 2 2 / / 2 2 0 0 / / 7 7 0 2 - - 2 1 / / 2 2 0 0 / /7 7 5 4 28 11/25/69 • - 11/25/74. 8.00 247 Banks for cooperatives 4/20/65 - 4/21/75 4H 3/25/70 - 2/25/80... 7.75 350 Debentures: 2/21/66 - 2/24/76 5.00 11/3/69 - 5/4/70 8.05 273 7/20/66 - 7/20/76 5% Feder A a s l so N c a i t a i t o i n o a n l — M S o ec r o tg n a d g a e r y 1 1 2 /5 /1 /7 / 0 6 9 - - 7/ 6 1 / / 1 7 / 0 7 0 8 8 . . 4 6 5 5 2 3 9 2 8 4 2 5 / / 2 2 0 /6 / 6 6 7 - - 4/ 1 2 / 0 2 / 2 7 / 8 7 9 1% market operations 2/2/70 - 8/3/70 8.65 420 Discount notes 3,341 4/1/70 - 10/1/70 7.45 282 Capital debentures: Tennessee Valley Authority 9/30/68 - 10/1/73 6.00 250 Federal intermediate Short-term notes 4/1/70 - 4/1/75 8.00 200 credit banks Bonds: Debentures: Debentures: 6/1/69 - 6/1/74 8.50 4/11/60 - 4/10/70 4% 142 8/4/69 - 5/4/70 81/4 493 11/15/60 - 11/15/85... 4.40 6 6 / / 1 1 0 4 / / 6 6 9 8 - - 7 6 / / 1 1 0 0 / / 7 7 0 0 6 7. . 3 6 8 0 4 4 0 0 0 0 9 1 / 0 2 / / 1 6 / 9 6 9 - - 6/ 7 1 / / 1 7 / 0 7 0 c8 8 V .2 s 0 4 3 3 9 6 9 2 7 / /1 1 / / 6 6 1 2 - - 2 7 / / 1 1 / / 1 1 9 9 8 8 7 6 38 9/12/60 - 9/10/70 119 11/3/69 - 8/3/70 7.95 479 5/15/67 - 5/15/92 5.70 10/11/67 - 10/13/70. 5V4 400 12/1/69 - 9/1/70 C8.75 458 11/1/67 - 11/13/92. 6H 9/10/69 - 11/10/70 8.30 350 1/5/70 - 10/1/70 8.80 570 10/15/69 - 10/15/94... 7/10/69 - 12/10/70 8.10 250 2/2/70 - 11/2/70 8.65 656 3/17/70 - 3/15/95 9.00 10/14/69 - 2/10/71 8.75 400 3/2/70 - 12/1/70 8.10 338 3/11/68 - 3/11/71 6.00 350 4/1110 - 1 /4/71 7.50 560 2/10/70 - 4/12/71 8.75 500 3/2/70 - 3/1/73 8.15 203 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 • JUNE 1970 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) U.S. budget Means of financing R i e tu ce r i e p t a - c e c x o p u e n n t d - Borrowings from the public 2 m Le o s n s e : t C ar a y s h a s a s n e d ts M N e e m t o: Period r B e u c d ei g p e t t s p t N e u e n x r e d - e t s i- l N e i n n e d g t - B l u o a u d y t s g - e i t s B d u u ( e r o d f p - r i ) g l c u e it t s P se d u t c e i b u e b l s r t i i c - A s P e t g c i l e u e u s n s r : 3 c i - y m L e e n s a t s c s : c b o I y u n n G v t e s o s v t- t, S n L p o e e t c s e i s s a : 4 l b E o T q r i o n u r t o g a a w l l s - : o T p s i u e r n r e r g a a y t - - Other f m O i n n in e t o e a h a g f t n e n , s c r s - t o p r s w d r a h t e i n n i v o b p s e a f t 2 r t e - e r Special Other balance issues Fiscal year: 196 6 130,856 130,820 3,832 134,652 -3,796 2,633 4,041 2,470 774 354 3,076 -609 161 270 196 7 149,552 153,201 5,053 158,254 -8,702 6,314 5,079 5,035 4,000 -482 2,838 -5,222 304 945 196 8 153,671 172,802 6,030 178,833 -25,162 21,357 5,944 3,271 2,049 -1,119 23,100 -397 1,700 3,364 196 9 87,792 183,080 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 ,000 -12,371 1,194 1,589 1,633 July-Dec 90,818 97,562 1,355 98,917 - 8,099 14,505 -429 3,939 326 9,811 -567 315 -1,964 Month: 1969—Ap r 23,610 r15,926 50 r15,976 r7,635 -1,080 -559 1,253 -436 -2,456 3,380 r2,031 233 May 13,346 15,279 485 15,764 -2,418 1,599 -137 2,585 361 -1,485 -2,458 -1,843 -400 June 23,805 13,895 -373 13,522 10,283 -6,345 -188 1,885 169 -8,587 186 920 -590 July 12,542 15,542 152 15,695 -3,153 3,292 31,316 -21 191 34,438 -217 -484 -402 Aug 14,999 16,790 316 17,106 -2,107 3,175 -829 1,543 124 679 -1,651 -62 -285 Sept 20,406 17,167 448 17,616 2,790 498 -643 521 -291 -375 2,608 577 770 Oct 11,832 17,602 342 17,944 -6,112 3,709 -47 -826 99 4,388 -1,166 19 577 Nov 14,332 15,225 236 15,461 -1,130 3,718 -141 780 103 2,695 958 -4 -610 Dec 16,704 15,232 -140 15,092 1,612 113 -85 1,938 103 -2,012 -1,099 269 -430 1970—Ja n 16,303 16,564 -164 16,399 -97 -654 -64 -717 193 -194 1,100 6775 62,166 Feb 14,929 14,990 -104 14,886 43 1,275 -789 1,204 -579 -139 191 -436 -149 Mar 13,110 16,301 238 16,539 -3,429 3,161 21 770 97 2,314 316 -768 664 Apr 22,029 17,844 200 18,043 3,986 -4,813 -39 -285 123 -4,691 85 526 1,317 Selected balances Treasury operating balance Federal securities End Memo: of Less: Debt of period B F a . n R k . s ac l c T a o o n a a u d x n n ts ba G la o n ld c e se P c d u u e b r b i l t t i i c e s s A ec g u e r n it c i y e s S i p s G I s e n u c o v e i v a s e t l s , t m ac e c n o t O u s n t o h t f s e r S n L p o e e t c s e i s s a : 4 l E p T h q u b o e u b y t l a d l a i l l c s : s c p p o G r o N r i n o v p o s v a s w o . t t — r e . - e 7 d Fiscal year: 196 6 766 10,050 102 10,917 319,907 13,377 51,120 13,664 3,810 264,690 10,436 196 7 1,311 4,272 112 5,695 326,221 18,455 56,155 17,663 3,328 267,529 9,220 196 8 1,074 4,113 111 5,298 347,578 24,399 59,374 19,766 2,209 290,629 10,041 196 9 1,258 4,525 112 5,894 353,720 14,249 66,738 20,923 825 279,483 24,071 Calendar year 196 8 703 3,885 111 4,700 358,029 15,064 59,094 20,318 1,825 291,855 21,481 196 9 1,312 3,903 112 5,327 368,226 13,820 70,677 21,250 825 289,294 30,578 Month: 1969—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 32,946 Mar... 1,192 5,630 111 6,934 372,007 12,987 71,935 20,959 825 291,275 34,214 Apr... 1,784 5,123 111 7,019 367,194 12,948 71,650 21,082 825 286,584 1 Equals net expenditures plus net lending. penditure account to public debt account, increasing recorded borrowing 2 The decrease in Federal securities resulting from conversion to private from the public during July 1969 by $1,583 million. ownership of Govt.-sponsored corporations is shown as a memo item Represents non-interest-bearing public debt securities issued to the rather than as a repayment of borrowing from the public in the top panel. International Monetary Fund and international lending organizations. In the bottom panel, however, these conversions decrease the outstanding New obligations to these agencies are handled by letters of credit. amounts of Federal securities held by the public mainly by reductions in 5 Includes accrued interest payable on public debt securities, deposit agency securities. The Federal National Mortgage Association (FNMA) funds, miscellaneous liability and asset accounts, and seigniorage. was converted to private ownership in Sept. 1968 and the Federal Inter- 6 Includes initial allocation of SDR's of $867 million. mediate Credit Banks (FICB) and Banks for Cooperatives in Dec. 1968. 7 Includes debt of Federal home loan banks, Federal land banks, D.C. 3 Reflects transfer of publicly held CCC certificates of interest from ex- Stadium Fund, FNMA (beginning Sept. 1968), FICB, and Banks for Cooperatives (beginning Dec. 1968). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1970 • FEDERAL FINANCE A 41 FEDERAL FISCAL OPERATIONS: DETAIL (la millions of dollars) Budget receipts Corporation Social insurance taxes Individual income taxes income taxes and contributions Period Total W he it ld h - N w h i o e t l n h d - - fu R n e d - s t N ot e a t l G ce r r i e o p - s ts s fu R n e d - s c E o P n m t a a t y p r x - i l e b o s y u a m t S n i e o e d l n n f- s t 1 e in U m s n u p - r l. . c O e n r i t p h e e - t t e s r 2 t N ot e a t l E ta x x c e is s e t C o u m s s - E a g s n i t f d a t t e c M ei r p i e s t - c s . 3 t r a o x l e l s empl. Fis 1 1 1 1 c 9 9 9 9 a 6 6 6 6 l 6 9 7 8 y ear: 1 1 1 15 8 3 4 3 7 0 9 , , , , 6 8 5 7 7 5 5 9 1 6 2 2 4 7 5 5 2 7 0 0 , , , , 8 3 5 1 1 0 2 8 1 1 1 2 2 2 1 1 0 7 8 8 , , , , 9 2 4 8 5 8 5 5 1 6 8 0 1 5 7 9 0 , , , , 8 8 5 1 5 4 2 9 1 5 7 1 5 6 6 8 5 8 1 7 , , , , 4 7 5 2 4 2 4 2 6 6 9 6 3 2 3 3 0 9 4 8 , , , , 8 9 8 3 9 1 3 3 7 8 4 8 1 1 , , 2 6 7 9 3 6 6 4 2 1 6 0 2 2 3 6 7 2 , , , 0 5 6 2 4 2 8 0 7 1 0 , 66 1 1 2 , , , 7 5 7 1 4 7 5 4 6 3 3 3 3 , , , , 7 6 3 3 7 5 4 2 7 9 6 8 2 2 1 1 , , , , 3 0 8 1 5 6 2 5 3 7 9 2 2 3 3 3 5 4 9 3 , , , , 5 9 3 6 6 1 4 2 7 8 9 2 1 1 1 1 3 3 5 4 , , , , 7 0 0 2 1 6 7 2 9 2 9 2 2 2 1 1 , , , ,9 0 7 3 0 6 3 1 1 7 8 9 2 3 3 3 , , , , 0 4 9 0 5 9 7 6 1 1 8 6 2 2 2 1 , , , , 4 8 9 1 9 7 0 1 1 5 6 8 Ha 1 1 l 9 f 9 6 6 y 9 8 e — — ar J J J : u a a n n ly . . - - - J J D u u e n n c e e . , 1 8 8 0 6 2 4 , , , 4 8 8 9 9 9 9 3 0 3 3 3 0 3 6 , , , 0 7 4 8 3 4 9 6 6 2 1 5 1 6 , , , 5 7 8 1 4 0 5 3 2 9 8 , ,9 7 4 7 1 7 1 5 6 3 4 3 8 7 8 , , , 9 7 4 2 7 7 1 5 4 2 1 1 2 8 5 , , , 5 8 4 5 4 9 1 4 4 6 7 8 5 8 7 5 4 6 1 1 1 5 7 4 , , , 0 5 9 0 7 4 1 7 4 1 1 , , 4 5 1 3 8 3 9 4 1 2 2 1 , , , 0 0 2 1 3 8 9 9 1 1 1 1 , , , 0 1 1 8 7 7 7 9 4 2 1 1 2 9 7 , , , 5 3 5 3 7 4 8 4 4 7 7 7 , , , 0 3 8 0 8 3 3 8 4 1 1 1 , , , 0 2 1 4 1 0 5 3 6 2 1 1 , , , 7 4 0 1 1 7 8 7 4 1 1 1, , , 5 4 3 1 0 6 1 5 9 July-Dec. 90,818 38,766 5,771 481 44,056 15,179 982 17,057 131 1,270 1,283 19,741 8,242 1,263 1,496 1,824 Mo 1 n 96 th 9 : — P J J S O N M A A u u e e p c u o a l n p c t v y g r y e t r2 2 2 1 1 1 1 1 1 3 3 0 2 3 4 4 6 1 , , , , , , , , , 6 8 3 5 4 9 3 7 8 1 0 4 4 9 0 3 0 3 0 5 6 2 9 6 2 4 2 5 6 6 7 7 6 5 6 6 , , , , , , , , , 1 0 6 1 0 9 4 2 2 0 8 6 4 0 1 0 4 8 5 4 8 4 8 7 4 1 4 9 4 3 , , , 1 5 9 8 5 3 4 4 1 7 4 1 4 0 1 1 1 6 1 0 2 8 4 9 9 2 0 2 2, , 7 5 2 1 1 2 9 9 6 4 5 8 0 3 5 8 2 7 5 0 4 3 3 1 1 4 7 6 9 7 6 6 0 2 , , , , , , , , , 7 2 2 4 7 6 7 1 1 6 3 3 0 3 2 7 7 0 0 0 6 4 6 3 6 4 6 5 5 5 8 1 1 , , , , , , 5 6 6 1 1 6 9 7 7 3 9 5 7 8 9 5 1 7 6 7 4 3 2 0 9 6 8 2 1 3 1 1 1 1 1 1 3 4 3 5 2 0 2 4 1 1 5 6 2 6 4 4 0 2 2 4 2 2 4 2 2 3 1 , , , , , , , , , 5 5 5 6 5 3 0 5 9 5 4 1 5 2 4 9 4 0 5 5 0 5 3 7 2 8 4 9 1 5 9 6 8 0 4 8 6 3 1 1 9 2 5 0 6 5 4 6 2 3 9 1 3 4 1 1 1 2 2 2 2 2 2 2 1 1 1 0 1 0 1 4 1 9 7 8 7 5 6 4 4 2 6 7 6 5 3 2 2 5 2 2 4 3 , , , , , , , , , 8 7 8 0 2 8 3 1 0 8 4 7 0 2 2 8 6 7 1 8 9 9 3 4 8 1 2 1 1 1 1 1 1 1 1 1 , , , , , , , , , 3 4 2 1 2 2 2 4 6 9 1 7 6 6 9 5 0 0 5 9 2 3 0 5 9 0 6 2 2 2 2 2 2 2 1 1 3 1 2 1 2 1 1 8 9 1 3 4 3 2 5 5 7 0 2 6 2 3 3 2 2 2 2 3 2 5 1 1 7 2 5 6 1 1 7 0 9 7 2 4 4 r2 2 2 2 3 3 2 3 3 9 3 4 5 2 3 9 7 4 4 7 7 6 8 4 2 0 0 1970—Ja n 16,303 6,203 4,491 35 10,660 1,252 125 2,179 111 129 254 2,674 1,154 195 286 208 Feb 14,929 7,535 886 1,456 6,965 774 128 4,224 139 842 203 5,408 1,206 165 265 275 Mar 13,110 6,091 1,235 3,907 3,419 4,559 320 3,006 146 64 221 3,436 1,192 202 322 300 Apr 22,029 5,748 8,992 4,039 10,701 4,895 317 2,847 1,081 234 259 4,419 1,226 207 599 300 Budget outlays4 Period Total t f i N e d o n n e a s - - a e l a I f n fa t i l r . s s S e p r a e a r - c c e h A t c u g u r r l e - i- so N u u r r a e r a - t c - l e s m t C r a a o e n r n m d c s - e p . d h C e m o v a o u u e n m s l n d i o n - . p g . E p m d t a o i u n a w o d n c n e a - r - w H e a e l n a fa d lt r h e e V ra e n t- s In e t s e t r - g G e o r e v a n t l - . t I t g i r n a o o a t c n v r n - s a t s . - - ^ Fiscal year: 196 6 134,652 56,785 4,490 5,933 3,679 2,035 7,135 2,644 4,523 31,294 5,920 11,285 2,292 -3,364 196 7 158,254 70,081 4,547 5,423 4,376 1,860 7,554 2,616 6,135 37,602 6,897 12,588 2,510 -3,936 196 8 178,833 80,517 4,619 4,721 5,943 1,702 8,047 4,076 7,012 43,508 6,882 13,744 2,561 -4,499 196 9 184,556 81,240 3,785 4,247 6,221 2,129 7,873 1,961 6,825 49,095 7,640 15,791 2,866 -5,117 1970*6 197,885 79,432 4,113 3,886 6,343 2,485 9,436 3,046 7,538 57,097 8,681 17,821 3,620 -6,088 1971 200,771 73,583 3,589 3,400 5,364 2,503 8,785 3,781 8,129 65,341 8,475 17,799 4,084 -6,639 Half year: 1968—Jan.-June 9922,,330077 4411,,777788 22,,442299 July-Dec. 9933,,118866 3399,,882233 1,907 22,,113333 4,928 1,269 4,501 1,033 3,061 23,893 3,665 7,608 1,324 -1,959 1969— J J u an ly .- - J D u e n c e . 9 9 9 988 11 ,, ,, 99 33 11 77 77 00 4 4 4 4 11 00 ,, ,, 44 55 11 88 77 88 1 1, , 9 8 4 7 1 8 22 11 ,, ,, 11 88 11 33 44 99 5 1 , , 4 2 7 9 9 3 1,5 8 2 6 0 0 4 3 , , 6 3 1 7 0 2 1,8 9 2 2 7 8 3 3 , , 1 7 6 6 1 4 2 26 5 , , 0 2 2 0 0 2 4 3 , ,9 1 7 4 5 8 8 8 , , 1 6 8 3 3 0 1 1 , , 5 5 4 9 2 2 - - 2 3 , , 4 1 3 5 8 8 Mo 1 n 96 th 9 : — Ap r r15,976 r6,921 376 353 448 197 539 r105 r570 4,378 696 '1,631 '18 -256 J J S D A O N M u u e u e c o a p l n c t v g y y t e 1 1 1 1 1 1 1 1 5 5 5 5 3 7 7 7 , , , , , , , , 4 6 7 0 5 1 9 6 6 9 9 6 2 0 1 4 1 5 2 4 2 6 6 4 6 7 6 7 6 6 6 6 , , , , , , , , 6 7 2 5 3 8 7 8 5 3 6 0 6 2 6 6 1 3 7 3 0 2 7 8 4 2 4 3 3 3 3 1 5 4 9 4 7 2 5 7 9 3 9 5 4 4 7 4 2 3 3 2 3 3 2 3 6 9 6 1 3 2 2 9 7 6 7 9 7 7 6 4 1 1 1 - , , , 7 8 1 1 3 6 3 1 0 0 0 3 8 5 9 5 1 1 8 0 5 9 3 3 2 2 3 2 1 1 1 1 2 6 4 6 8 5 9 8 3 3 1 8 6 4 2 8 6 9 6 6 6 7 8 7 5 5 2 1 3 6 5 8 7 5 5 3 5 4 8 4 -2 2 2 2 2 2 5 3 6 7 4 2 8 2 1 2 7 3 9 8 8 5 1 4 7 9 6 5 4 5 3 6 1 0 7 4 5 9 2 6 1 9 8 4 4 8 4 6 4 4 4 4 4 3 4 4 , , , , , , , , 1 9 4 4 2 2 2 3 7 9 4 9 1 8 3 3 1 7 3 9 9 4 9 6 7 6 6 6 7 6 6 6 2 6 9 5 8 1 9 6 2 0 4 6 6 0 3 9 1 1 1 1 1 1 1 1 , , , , , , , , 3 5 5 3 3 5 4 2 7 2 8 1 6 5 4 2 1 1 8 3 4 2 0 0 2 2 2 2 2 2 2 3 7 2 4 3 7 4 4 1 2 5 4 9 9 9 8 9 - - 1 1 - - - - - - , , 2 2 2 2 8 2 3 1 9 5 1 6 2 4 1 3 1 8 5 3 8 3 4 9 1970—Ja n 16,399 6,648 161 291 659 113 713 212 591 4,691 728 1,537 311 -256 Feb 14,886 6,199 298 299 -187 109 571 158 719 4,510 719 1,614 241 -364 A M p a r r 1 1 8 6 , , 0 5 4 3 3 9 6 6 , , 8 60 0 8 6 3 3 1 3 2 6 3 3 2 3 5 2 1 7 0 6 7 1 18 8 1 5 9 6 6 8 7 3 2 2 5 8 7 2 6 5 4 3 2 2 5 5 , , 0 9 1 9 9 6 7 8 5 0 1 1 1 1 , , 6 68 5 6 2 2 3 3 0 7 3 - -2 2 4 4 9 2 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 • JUNE 1970 GROSS PUBLIC DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues Total End of period p d g u e r b b o t l s i s c 1 Total Total Bills Ma C r c e k a r t e t e t i s f a i b - le Notes Bonds 2 b C v i o e b o n r l n e d t- - s T N o o ta n l m 3 a rke b t S i o a n a n b g v d l s - e s i S s p su e e c s ia 4 l & notes 1941—Dec. 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 7.0 1946—Dec. 259.1 233.1 176.6 17.0 30.0 10.1 119.5 56.5 49.8 24.6 1962—Dec. 303.5 255.8 203.0 48.3 22.7 53.7 78.4 4.0 48.8 47.5 43.4 1963—Dec. 309.3 261.6 207.6 51.5 10.9 58.7 86.4 3.2 50.7 48.8 43.7 1964—Dec. 317.9 267.5 212.5 56.5 59.0 97.0 3.0 52.0 49.7 46.1 1965—Dec. 320.9 270.3 214.6 60.2 50.2 104.2 2.8 52.9 50.3 46.3 1966—Dec. 329.3 273.0 218.0 64.7 5.9 48.3 99.2 2.7 52.3 50.8 52.0 1967—Dec. 344.7 284.0 226.5 69.9 61.4 95.2 2.6 54.9 51.7 57.2 1968—Dec. 358.0 296.0 236.8 75.0 76.5 85.3 2.5 56.7 52.3 59.1 1969—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 Apr. 367.2 293.3 234.0 79.7 91.3 63.1 2.4 56.9 52.0 71.8 May 371.1 295.8 236.6 73.8 93.5 63.0 2.4 56.9 52.0 73.3 1 Includes non-interest-bearing debt (of which $631 million on May 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 E pe n r d i o o d f p T g d u r o e b o t b l s a t i s l c ag G t U a e r o n n u . v S c d s t . i t , e s B F a . n R k . s TToottaall mm CC bb ee aa oo rr nn mm cc kk iiaa -- ss ll MM ss bb aa aa vv uu nn ii tt nn uu kk gg aa ss ss ll p I c a n a o n s n m u c i e e r - s - r c O a o t t r i h p o e o n r - s g S l a o o t n v c a d a t te s l . Savi I n n g d s i vidu O a t ls h er n F a i o t n a i r t n o e e d n i r g a - n l1 i O m t n o t v i r h 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—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 13.0 22.0 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 7.1 15.9 28.4 51.0 30.2 12.9 22.4 Mar. 372.0 90.4 55.8 225.9 55.2 2.9 7.0 15.2 27.7 50.9 30.8 13.8 22.4 Apr. 367.2 90.2 56.5 220.5 54.2 2.8 7.1 14.4 26.6 50.9 30.3 13.8 20.4 1 Consists of investments 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

JUNE 1970 n 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 y 1 ea -5 r s y 5 e - a 1 r 0 s 1 y 0 ea -2 r 0 s 20 O y v e e a r r s 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—Mar. 31. 238,195 121,272 83,729 37,543 75,890 19,329 10,551 11,155 Apr. 30. 233,998 117,148 79,657 37,491 75,855 19,329 10,542 11,124 U.S. Govt, agencies and trust funds: 1967—Dec. 31 1968—Dec. 31 15,402 2,438 1,034 1,404 4,503 2,964 2,060 3,438 1969—Dec. 31 16,295 2,321 812 1,509 6,006 2,472 2,059 3,437 1970—Mar. 31 16,362 2,102 669 1,433 6,647 2,806 2,423 384 Apr. 30 16,472 2,154 821 1,333 6,706 2,806 2,423 384 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—Mar. 31 55,785 34,244 20,897 13,347 13,976 6,953 233 379 Apr. 30.... 56,508 34,965 21,601 13,364 13,979 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—Mar. 31 166,048 84,926 62,163 22,763 55,267 9,570 7,895 8,392 Apr. 30 161,018 80,029 57,235 22,794 55,170 9,570 7,886 8,361 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—Mar. 31. 44,337 15,149 6,822 8,327 24,995 3.424 525 242 Apr. 30. 43,619 14,475 6,066 8,409 24,953 3.425 530 235 Mutual savings banks: 1967—Dec. 31... 4,033 716 440 276 1,476 707 267 867 1968—Dec. 31... 3,524 696 334 362 1,117 709 229 773 1969—Dec. 31... 2,931 501 149 352 1,251 263 203 715 1970—Mar. 31... 2,845 532 141 391 1,236 227 427 424 Apr. 30... 2,834 515 142 373 1,238 232 426 422 Insurance companies: 1967—Dec. 31.. 7,360 815 440 375 2,056 914 1,175 2,400 1968—Dec. 31.. 6,857 903 498 405 1,892 721 1,120 2,221 1969—Dec. 31.. 6,152 868 419 449 1,808 253 1,197 2,028 1970—Mar. 31.. 6,051 749 360 389 1.889 389 1,778 1,248 Apr. 30.. 6,095 655 276 379 1.890 526 1,780 1,247 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 1,163 568 12 27 1969—Dec. 31 5,007 3,157 2,082 1,075 1,766 63 12 8 1970—Mar. 31 4,606 3,044 2,138 906 1,484 57 13 8 Apr. 30 4,069 2,669 1,743 926 1,325 57 13 6 Savings and loan associations: 1967—Dec. 31 4,575 1,255 718 537 1,767 811 281 461 1968—Dec. 31 4,724 1,184 680 504 1,675 ,069 346 450 1969—Dec. 31 3,851 808 269 539 1,916 357 329 441 1970—Mar. 31 3,716 810 286 524 1,989 243 354 322 Apr. 30 3,630 751 257 494 1,961 245 356 317 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—Mar. 31 14,068 6,847 5,631 1,216 2,953 751 1,591 1,926 Apr. 30 13,410 6,278 5,050 1 ,228 2,913 763 1 ,553 1 ,903 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—Mar. 31. 90,425 57,795 46,785 11,010 20,721 4,479 3,207 4,222 Apr. 30. 87,361 54,686 43,701 10,985 20,890 4,322 3,228 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 5,755 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 504 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 • JUNE 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 WW 11 ii yy tt ee hh aa iinn rr yy 11 eeaa --55 rr ss yy 55 ee -- aa 11 rr 00 ss 1100 OO yy vv ee ee aa rr rr ss U.S. Govt, Other m b C e a o r n m c k ia - s l oo AA tthh ll ee ll rr securities 1969—Apr 22222222222222,,,,,,,,,,,,,,222222222222227777777777777700000000000000 1,998 165 69 39 803 97 840 530 387 May 22222222222222,,,,,,,,,,,,,,222222222222228888888888888866666666666666 11,,885522 210 189 35 853 102 781 549 360 June 22222222222222,,,,,,,,,,,,,,444444444444449999999999999911111111111111 22,,117711 199 86 34 1,039 107 849 496 395 July 22222222222222,,,,,,,,,,,,,,222222222222223333333333333333333333333333 111111,,,,,,999999666666666666 172 62 34 839 91 822 480 351 Aug 22222222222222,,,,,,,,,,,,,,222222222222228888888888888866666666666666 111111,,,,,,999999666666555555 233 51 36 948 104 776 459 311 Sept 22222222222222,,,,,,,,,,,,,,444444444444444444444444444422222222222222 222222,,,,,,000000111111777777 290 101 34 1,009 80 835 520 342 Oct 22222222222222,,,,,,,,,,,,,,777777777777772222222222222255555555555555 222222,,,,,,222222000000999999 364 111 41 1,145 99 1,006 474 460 Nov 22222222222222,,,,,,,,,,,,,,444444444444443333333333333399999999999999 222222,,,,,,111111111111444444 225 60 40 920 87 913 518 414 Dec 22222222222222,,,,,,,,,,,,,,555555555555555555555555555511111111111111 222222,,,,,,111111666666222222 281 55 54 1,029 98 965 460 381 1970—jan 22222222222222,,,,,,,,,,,,,,333333333333338888888888888855555555555555 22,,005588 233 58 36 971 92 922 402 410 Feb 22222222222222,,,,,,,,,,,,,,999999999999993333333333333366666666666666 22,,330022 421 176 36 1,332 124 1,043 437 513 Mar 22222222222222,,,,,,,,,,,,,,666666666666668888888888888811111111111111 222,,,222333888 298 114 31 1,208 92 921 460 501 Apr 22222222222222,,,,,,,,,,,,,,000000000000004444444444444466666666666666 111,,,888000111 160 59 27 887 70 665 424 387 Week ending— 1970—Apr. 1 22222222,,,,,,,,444444446666666611111111 2,105 224 96 36 936 87 836 603 452 8 11111111 ,,,,,,,,888888880000000044444444 111111,,,,,,555555444444666666 162 62 35 836 68 552 349 278 15 22222222,,,,,,,,000000002222222255555555 111111,,,,,,888888111111666666 147 43 20 877 56 669 422 404 22 11111111,,,,,,,,999999990000000088888888 111111 ,,,,,,666666888888555555 161 38 24 799 66 651 391 475 29 22222222,,,,,,,,111111118888888800000000 111111,,,,,,999999888888000000 130 41 29 913 80 685 502 317 May 6 22222222,,,,,,,,666666668888888811111111 222222,,,,,,111111444444999999 319 181 32 1,016 81 859 725 463 13 22222222,,,,,,,,111111118888888855555555 111111,,,,,,555555000000666666 527 121 30 939 87 744 416 259 20 22222222,,,,,,,,000000004444444422222222 111 ,,,666777999 248 82 33 796 61 716 469 479 27 11,,884477 111 ,,,444999444 224400 6655 4499 330044 NOTE.—The transactions data combine market purchases and sales of sales of securities under repurchase agreement, reverse repurchase (resale i- 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 o 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 UU..SS.. PPeerriioodd ma t A i t e l u l s r i- W y i e t 1 a h r i n y 1 ea -5 r s y 5 e - a 1 r 0 s y O e 1 v a 0 e r r s aa ss GG ee gg tt cc ee oo ii uu ee nn vv ss rr cc tt ii ,, yy -- Period sou A r l c l es Y N C o e it r w y k w E h ls e e r - e C t o i r o p n o s r i a - o A th l e l r 1969—Apr 3,107 2,998 -60 116 54 740 1969—Apr.. 3,392 963 497 ,086 847 May 2,585 1,964 71 498 52 792 May. 3,103 542 376 ,072 I ,112 June 2,454 1,975 56 408 16 703 June. 2.994 717 520 862 896 July 2,250 1,901 40 300 9 626 July.. 2,372 810 363 690 509 Aug 2,299 1,853 170 230 47 492 Aug.. 2,539 563 405 733 838 Sept 2,313 1,936 162 181 34 496 Sept.. 2,586 771 564 470 781 Oct 2,389 1,903 256 193 37 512 Oct... 2,226 462 392 520 852 Nov 3,451 3,158 155 106 30 606 Nov.. 3,692 1,050 712 856 1,073 Dec 3,607 3,266 205 100 35 564 Dec.. 3,689 1,036 651 884 1,119 1970—Jan 2,908 2,869 -2 22 20 529 1970—Jan... 3,075 907 469 792 907 Feb 3,182 2,464 374 330 14 559 Feb.. 2.995 660 504 650 1,180 Mar 3,667 3,116 248 285 17 731 Mar.. 3,719 958 943 588 1,229 Apr 4,507 4,228 107 164 8 705 Apr.. 4,922 1,293 1,373 546 1,710 Week ending— Week ending- 1970—Mar. 4 3,734 3,045 321 336 33 756 1970—Mar. 4. 3,079 836 748 628 868 11 3,613 3,005 277 303 28 687 11. 3,828 1,099 1,082 658 989 18 3,127 2,615 227 273 12 706 18. 3,573 815 770 614 1,375 25 3,584 3,076 220 276 12 715 25. 3,236 805 808 575 1,049 Apr. 1 4,755 4,288 221 240 5 825 Apr. 1. 4,652 1,173 1,244 464 1,772 8 4,874 4,487 172 203 12 688 8. 5,234 1,479 1,638 480 1,636 15 4,997 4,668 145 171 13 666 15. 5,348 1,464 1,359 507 2,018 22 4,475 4,253 63 153 6 681 22. 5,175 1,462 1,445 611 1,657 29 3,825 3,646 49 129 1 765 29. 4,031 779 1,105 592 1,555 NOTE.—The figures include all securities sold by dealers under repur- 1 All business corporations, except commercial banks and insurance chase contracts regardless of the maturity date of the contract, unless the companies. contract is matched by a reverse repurchase (resale) agreement or delayed delivery sale with the same maturity and involving the same amount of NOTE.—Averages of daily figures based on the number of calendar days securities. Included in the repurchase contracts are some that more in the period. Both bank and nonbank dealers are included. See also clearly represent investments by the holders of the securities rather than NOTE to the opposite table on this page. dealer trading positions. Average of daily figures based on number of trading days in the period Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1970 • GOVERNMENT SECURITIES A 45 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, MAY 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. May 31, 1970. 1,501 Oct. 22, 1970 1.303 Nov. 15, 1971 IVa 10,743 Dec. 15, 1967-72. .2i/i 2,576 June 4, 1970. 3.002 Oct. 29, 1970 1,301 Feb. 15 1972 43^ 2,006 Aug. 15, 1970 4 4,129 June 11, 1970. 2,998 Oct. 31, 1970 1,504 Apr. 1 1972 U£ 34 Aug. 15, 1971 4 2,806 June 18, 1970. 3.003 Nov. 5, 1970 1.301 May 15 1972 43/4 5,310 Nov.15, 1971 37/g 2,760 June 22, 1970f 4,508 Nov. 12, 1970 1.302 Oct. 1 197 2 m 33 Feb. 15, 1972 4 2,344 June 25, 1970. 3,013 Nov. 19, 1970 1.304 Apr. 1 197 3 1 Vi 34 Aug. 15, 1972 4 2,579 June 30, 1970. 1,702 Nov. 27, 1970 1,301 May 15 1973 734 5,842 Aug. 15, 1973 4 3,894 Juiy 2, 1970. 3,002 Nov. 30, 1970 1.501 Aug. 15 1973 8H 1,846 Nov.15, 1973 4i/g 4,346 July 9, 1970. 3,009 Dec. 31, 1970 1.502 Oct. 1 197 3 1% 30 Feb. 15, 1974 4i/8 3,127 J J u u l l y y 2 1 3 6 , , 1 1 9 9 7 7 0 0 . . 3 3, , 0 0 0 0 7 8 J F a e n b . . 3 2 1 8 , , 1 1 9 9 7 7 1 1 1 1. ,2 50 0 3 0 A A p u r g . . 1 1 5 1 19 9 7 7 4 4 5 n 5/ / g 2 10,28 3 4 4 N M o a v y .1 1 5 5 , , 1 1 9 9 7 7 4 4 3 4 7 y / 4 g 3 2 , , 5 2 8 3 3 9 J J u u l l y y 3 3 0 1 , , 1 1 9 9 7 7 0 0 . . 3 1 . , 0 7 0 0 2 2 A M p a r r . . 3 3 0 1 , , 1 1 9 9 7 7 1 1 1 1 , , 2 2 0 0 1 0 O No ct v . . 1 1 5 1 1 9 97 7 4 4 . .5 i 3 y 42 3,98 4 1 2 J M u a n y e 1 1 5 5 , , 1 1 9 9 7 7 5 8 - - 8 8 5 3 . . . . 4 3 ^ y 4 1 1 , , 5 2 4 1 8 4 Aug. 6, 1970. 3.003 Feb. 15 1975. .53/4 5,148 Feb. 15, 1980 4 2,595 Aug. 13, 1970. 3,003 Apr. 1 1975. • 1V4 Nov.15, 1980 3V4 1,905 Aug. 20, 1970. 2,987 Treasury notes May 15 1975. .6 6,760 May 15, 1985 314 1,082 A S S A e e u u p p g g t t . . . . 2 3 1 1 7 3 0 , , , , 1 1 1 1 9 9 9 9 7 7 7 7 0 0 0 0 . . . . . . 3 1 1 1 , . , . 3 1 7 3 0 0 0 0 1 1 3 2 N O F A e o u c b t v g . . . . 1 1 1 5 5 5 1 , , , , 1 1 1 1 9 9 9 9 7 7 7 7 1 0 0 0 5Y 5 6 n & V /2 8 7 2 2 , , , 5 6 3 1 0 7 2 1 9 5 9 3 A F M F e e u a b b g y . . . 1 1 1 1 5 5 5 5 1 1 1 1 9 9 9 9 7 7 7 7 7 6 6 6 . . . . . . . . 7 8 6 6 1 % % /2 2 5 3 1 , , , , 6 1 7 6 9 6 3 8 7 6 9 3 M F A F e e u a b b g y . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 19 9 9 9 9 8 8 8 0 9 8 7 - - - 9 9 9 4 3 2 . . . . . . 4 4 4 3 i 1 i / / / 8 2 4 1 3 4 , , , 5 8 7 2 5 1 4 8 5 3 8 6 Sept. 17, 1970. . 1.303 Feb. 15, 1971 7% 2,924 Feb. 15, 1995 3 1 ,335 Sept. 22, 1970f. 1,758 Apr. 1, 1971 11/2 35 Nov. 15, 1998 31/2 4,134 Sept. 24, 1970. . 1.302 May 15, 1971 5V4 4,265 Sept. 30, 1970. 1,505 May 15, 1971 8 4,176 Treasury bonds Oct. 1, 1970. 1,301 Aug. 15, 1971 8 M 2,255 Mar. 15, 1966-71. .2i/2 1,220 Convertible bonds Oct. 8, 1970. 1,305 Oct. 1, 1971 1 Vi 72 June 15, 1967-72. .21/2 1,238 Investment Series B Oct. 15, 1970. 1,301 Nov. 15, 1971 5y8 1,734 Sept. 15, 1967-72. .2^ 1,951 Apr. 1, 1975-80. .2% 2,388 f Tax-anticipation series. NOTE.—Direct public issues only. Based on Daily Statement of U.S. Treasury. NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Total Use of proceeds Period amount deliv- Special ered 3 Total Gener- U.S. district Total Roads Veter- Other al Reve- HAA1 Govt, State and Other 2 Edu- and Util- Hous- ans' purobli- nue loans stat. cation bridges ities4 ing^ aid poses gations auth. 196 2 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 2,177 196 3 10,538 5,855 4,180 254 249 1,620 3,636 5,281 10,496 9,151 3,029 812 2,344 598 2,396 196 4 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 2,838 196 5 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 3,311 196 6 11,405 6,804 3,955 325 312 2,590 4,110 4,695 11,303 3,738 1,476 1,880 533 3,667 196 7 14,766 8,985 5,013 477 334 2,842 4,810 7,115 14,643 4,473 1,254 2,404 645 5,667 196 8 16,596 9,269 6,517 528 282 2,774 5,946 7,884 16,489 4,820 1,526 2,833 787 6,523 196 9 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—Apr... 1,801 1,007 785 9 539 738 525 1,799 365 36 302 5 1,095 May.. 1,110 637 273 177 23 266 340 504 1.096 323 109 118 191 355 June.. 737 517 181 39 97 155 486 727 237 45 141 1 303 July.. 1,097 826 261 10 405 245 446 1.097 283 169 105 6 533 Aug... 808 583 213 12 228 255 325 803 209 155 82 2 353 Sept... 559 361 106 49 43 100 130 329 559 161 6 75 70 245 Oct.. . 1,280 898 357 24 482 270 526 1,275 379 40 265 69 523 Nov... 886 489 358 5 102 360 422 885 216 168 138 47 318 Dec... 816 679 134 3 340 192 286 816 21 221 97 289 1970—Jan... 1,338 836 495 7 311 500 527 1,327 316 91 304 608 Feb... 1,212 900 300 12 346 264 602 1,207 406 59 237 490 Mar... 1,499 1,061 431 7 434 367 699 1,493 359 202 224 623 Apr... 1,630 1,206 409 15 468 335 827 1,630 463 167 288 697 1 Only bonds sold pursuant to 1949 Housing Act, which are secured 5 Includes urban redevelopment loans. by contract requiring the Housing Assistance Administration to make annual contributions to the local authority. NOTE.—The figures in the first column differ from those shown on the 2 Municipalities, counties, townships, school districts. following page, which are based on Bond Buyer data. The principal 3 Excludes U.S. Govt, loans. Based on date of delivery to purchaser difference is in the treatment of U.S. Govt, loans. and payment to issuer, which occurs after date of sale. Investment Bankers Assn. data; par amounts of long-term issues 4 Water, sewer, and other utilities. based on date of sale unless otherwise indicated. Components may not add to totals due to rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 46 SECURITY ISSUES a JUNE 1970 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues1 Noncorporate Corporate Period Bonds Stock Total G U o . v S t . . 2 a G g U e o n . v S c t . y , 3 and S U t l a . o S t c e . a l* Other5 Total Total P o u ff b e l r ic e l d y P p ri l v a a c t e e d l y Preferred Common 1 1 19 9 9 6 6 6 2 4 3 2 3 3 9 5 7 , , , 9 1 1 9 5 2 9 6 2 1 1 8 0 0 , , , 5 8 6 2 9 5 7 0 6 1 1 1 , , , 1 2 1 6 0 8 8 5 8 1 1 8 0 0 , , , 5 1 5 5 0 4 8 7 4 9 7 88 1 6 7 5 0 1 1 13 2 0 , , , 9 2 7 5 1 0 7 1 5 1 1 8 0 0 , , , 9 8 8 6 5 6 9 6 5 4 4 3 , , , 7 4 6 1 2 4 3 3 0 4 7 6 , , , 5 2 14 2 4 3 9 3 4 4 3 2 1 4 2 2 3 2 1 1 , , , 6 0 3 7 1 1 9 1 4 1 1 1 1 9 9 9 9 6 6 6 6 6 8 5 7 4 4 6 6 0 5 8 5 , , , , 1 0 5 5 0 1 6 1 8 5 2 4 1 1 9 8 9 8 , , , , 3 2 4 0 4 3 3 2 8 1 1 5 2 6 8 7 , , , , 7 6 8 1 3 6 0 8 1 6 6 0 1 1 1 1 1 4 1 6 , , , , 1 2 0 3 4 8 8 7 8 8 9 4 1 1 , ,5 8 8 8 3 1 8 1 1 7 9 5 2 2 1 1 4 1 5 8 , , , , 7 9 9 0 9 6 9 7 8 6 2 4 2 1 1 1 1 7 3 5 , , , , 9 3 5 7 8 6 5 2 3 1 4 0 1 1 5 8 0 4 , , , , 0 5 7 9 1 7 3 9 0 8 2 0 7 6 8 6 , , , , 6 5 1 9 5 4 5 6 1 2 0 4 7 8 6 5 3 2 8 7 7 5 5 4 3 1 1 1 , , , , 9 9 5 9 4 5 4 3 6 9 7 9 196 9 52,496 4,765 8,617 11,460 961 26,744 18,347 12,734 5,613 682 7,714 1969— J F A M M u e p a a b n r r y e 4 4 4 5 3 , , , , , 6 0 0 7 5 0 8 5 8 1 8 6 6 0 4 4 4 4 4 3 4 1 1 1 8 3 2 0 9 2 4 9 9 4 3 8 5 5 5 5 1 1 0 0 3 1 1, ,6 0 9 7 5 2 8 1 7 2 7 8 0 4 0 1 4 8 6 7 1 5 5 2 4 1 2 2 2 2 2 , , , . , 7 0 0 5 0 4 7 4 9 3 8 6 5 8 0 1 1 1 1 1 , , , , , 9 7 2 3 3 1 3 8 8 4 7 7 2 6 4 1 1 , ,2 2 8 8 8 6 7 7 4 3 8 2 1 2 5 6 5 5 3 5 4 1 1 9 0 9 4 0 5 9 7 6 5 9 1 2 8 0 8 0 7 7 6 6 6 6 3 8 9 5 2 6 4 4 7 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 S O N e c o p t v t . r . r... 5 4 3 , , , 0 9 4 6 5 2 9 8 0 4 3 3 5 4 0 3 0 0 1,7 4 5 8 5 8 2 0 7 1,2 8 5 5 3 5 4 1 3 9 6 1 2 0 1 2 2 1 , , , 4 3 9 2 3 7 7 3 4 1 1 1 , , , 7 3 2 0 9 8 1 0 2 1 1 , , 2 1 9 2 6 6 2 4 9 4 2 3 2 7 1 6 9 3 7 2 8 4 3 0 9 6 6 0 5 3 2 2 0 Dec 4,440 380 650 812 65 2.531 1,860 1,346 514 32 640 1970—Ja n 6,109 413 1,648 1,314 133 2,601 2,080 1,595 485 62 460 Feb 6,030 416 2,523 1,198 63 1,830 1 ,360 1,068 292 50 420 Gross proceeds, major groups of corporate issuers Period Manufacturing C m om is m ce e l r la c n ia e l o u a s n d Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e a l Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks 196 2 2,880 404 622 274 573 14 2,279 562 1,264 43 1,397 457 196 3 3,202 313 676 150 948 9 2,259 418 953 152 2,818 313 196 4 2,819 228 902 220 944 38 2,139 620 669 1,520 3,391 466 196 5 4,712 704 1,153 251 953 60 2,332 604 808 139 3,762 514 196 6 5,861 1,208 1,166 257 1,856 116 3,117 549 1,814 189 1,747 193 196 7 9,894 1,164 1,950 117 1,859 466 4,217 718 1,786 193 2,247 186 196 8 5,668 1,311 1,759 116 1,665 1,579 4,407 873 1,724 43 2,159 662 196 9 4,448 1,904 1,888 3,022 1,899 247 5,409 1,326 1,963 225 2,739 ,671 1969—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 A M p a r y . . . 4 3 3 2 4 7 1 1 8 3 6 4 3 1 3 0 0 1 2 3 7 9 6 7 1 1 4 5 1 1 10 4 1 6 37 2 1 7 1 2 5 0 7 1 4 2 3 9 68 1 4 2 3 0 8 3 1 7 1 0 0 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 S O e c p t t . . r 5 1 0 1 1 5 1 1 2 4 4 4 1 9 4 5 2 2 2 0 0 9 2 1 5 8 2 1 1 9 6 4 6 1 7 3 6 13 6 1 9 2 1 3 2 0 0 43 2 22 3 5 3 2 21 1 9 0 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 1970—Jan.. 667 120 179 166 322 11 557 81 225 4 130 140 Feb.. 327 43 75 124 163 7 417 123 216 10 162 163 1 Gross proceeds are derived by multiplying principal amounts or 5 Foreign governments, International Bank for Reconstruction and number of units by offering price. Development, and domestic nonprofit organizations. 2 Includes guaranteed issues. 3 Issues not guaranteed. NOTE.—Securities and Exchange Commission estimates of new issues * See NOTE to table at bottom of opposite page. maturing in more than 1 year sold for cash in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1970 • SECURITY ISSUES A 47 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers i PPeerriioodd All securities Bonds and notes Common and preferred stocks New issues Retirements Net change New issues Retirements Net change New issues Retirements Net change 196 5 1155,,995522 77,,889911 88,,006611 1122,,774477 44,,664499 88,,009988 33,,220055 33,,224422 -37 196 6 1199,,779999 77,,554411 1122,,225588 1155,,662299 44,,554422 1111,,008888 44,,116699 33,,000000 1,169 196 7 2255,,996644 77,,773355 1188,,222299 2211,,229999 55,,334400 1155,,996600 44,,666644 22,,339977 2,267 196 8 2255,,443399 1122,,337777 1133,,006622 1199,,338811 55,,441188 1133,,996622 66,,005577 66,,995599 -900 196 9 2288,,884411 1100,,881133 1188,,002277 1199,,552233 55,,776677 1133,,775555 99,,889977 44,,550055 4,272 1968—I V 77,,551100 44,,113366 33,,337744 55,,552288 11,,557755 33,,995533 11,,998822 22,,556611 -579 1969— 1 77,,113333 33,,445566 33,,667777 44,,994499 11,,227722 33,,667766 22,,336633 22,,118833 I I 77,,772288 33,,226688 44,,446600 55,,336655 11,,550044 33,,886611 22,,000088 11,,776644 599 II I 66,,550077 11,,998800 44,,552266 44,,449999 11,,338822 33,,111177 22,,776633 559988 1,410 I V 77,,447733 22,,110099 55,,336644 44,,771100 11,,660099 33,,110011 22,,776633 550000 2,263 Type of issuer Manu- Commercial Transpor- Public Communi- Real estate Period facturing and other 2 tation 3 utility cation and financial 1 & B o n n o d te s s Stocks & B o n n o d t s e s Stocks & B o n n o d te s s Stocks & B o n n o d t s e s Stocks & B o n n o d t s e s Stocks & B o n n o d t s e s Stocks 196 5 2,606 -570 614 -70 185 -1 1,342 96 644 518 2,707 -10 196 6 4,324 32 616 -598 956 718 2,659 533 1,668 575 864 -90 196 7 7,237 832 1,104 282 1,158 165 3.444 652 1,716 467 1,302 -130 196 8 4,418 -1,842 2,242 821 987 -149 3,669 892 1,579 120 1,069 -741 196 9 3,747 69 1,075 1,558 1,165 301 4,464 1,353 1,834 241 1,687 866 1968—IV 667 -1,171 960 461 257 -71 1,310 152 269 50 491 -1 1969—1.. 1,458 -372 360 259 539 75 674 331 405 45 239 -337 II. 936 -386 433 445 175 49 1.445 235 312 78 560 178 III, 1,087 343 101 274 354 136 898 320 566 31 329 420 IV 266 484 181 580 97 41 1,447 467 551 87 559 605 1 Excludes investment companies. exclude foreign sales and include sales of securities held by affiliated com- 2 Extractive and commercial and misc. companies. panies, special offerings to employees, and also new stock issues and cash 3 Railroad and other transportation companies. proceeds connected with conversions of bonds into stocks. Retirements are defined in the same way and also include securities retired with in- NOTE.—Securities and Exchange Commission estimates of cash trans- ternal funds or with proceeds of issues for that purpose. 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 3 Other Sales i Re t d io e n m s p- s N al e e t s Total 2 po C si a t s i h o n3 Other 1958 1,620 511 1,109 13,242 634 12,608 1959 2,280 786 1,494 15,818 860 14,958 1969—Apr.. 654 348 306 52,787 4,579 48,208 May. 529 364 165 52,992 4,262 48,730 1960 2,097 842 1,255 17,026 973 16,053 June. 474 338 136 49,401 3,937 45,464 1961 2,951 1,160 1,791 22,789 980 21,809 July.. 503 260 243 46,408 4,167 42,241 1962 2,699 1,123 1,576 21,271 1,315 19,956 Aug.. 483 208 275 49,072 4,642 44,430 Sept.. 442 235 207 48,882 4,393 44,489 1963 2,460 1,504 952 25,214 1,341 23,873 Oct... 564 269 295 50,915 4,572 46,343 1964 3,404 1,875 1,528 29,116 1,329 27,787 Nov.. 417 277 140 49,242 4,079 38,163 1965 4,359 1,962 2,395 35,220 1,803 33,417 Dec.. 522 301 221 48,291 3,846 44,445 1966 4,671 2,005 2,665 34,829 2,971 31,858 1970—Jan... 523 303 220 44,945 3,959 40,986 1967 4,670 2,745 1,927 44,701 2,566 42,135 Feb.. 407 249 158 48,202 4,209 43,993 1968 6,820 3,841 2,979 52,677 3,187 49,490 Mar.. 451 289 162 47,915 4,046 43,869 1969 6,717 3,661 3,056 48,291 3,846 44,445 Apr.. 371 306 65 42,785 3,909 38,876 * 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 • JUNE 1970 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1968 19691 Industry 1965 1966 1967 1968 1969 IV III IV Manufacturing Total (177 corps.): Sales 177,237 195,738 201,399 225,740 243,449 53,633 57,732 53,987 60,388 57,613 61,392 61,061 63,383 Profits before taxes 22,046 23,487 20,898 25,375 25,622 5,985 6,878 5,580 6,932 6,565 6,887 5,851 6,319 Profits after taxes 12,461 13,307 12,664 13,787 14,090 3,298 3,609 3,030 3,850 3,579 3,750 3,244 3,517 Dividends 6,527 6,920 6,989 7,271 7,757 1,716 1,731 1,746 2,078 1,838 1,916 1,885 2,118 Nondurable goods industries (78 corps.):2 Sales 64,897 73,643 77,969 84,861 92,033 20,156 21,025 21,551 22,129 21,764 23,198 23,445 23,626 Profits before taxes 7,846 9,181 9,039 9,866 10,333 2,387 2,492 2,545 2,442 2,524 2,664 2,641 2,504 Profits after taxes 4,786 5,473 5,379 5,799 6,103 1,428 1,411 1,471 1.489 1,492 1,559 1,529 1,523 Dividends 2,527 2,729 3,027 3,082 3,289 743 751 763 825 812 808 820 849 Durable goods industries (99 corps.):3 Sales 112,341 122,094 123,429 140,879 151,416 33,477 36,707 32,435 38,259 35,849 38,195 37,616 39,756 Profits before taxes 14,200 14,307 11,822 15,510 15,290 3,598 4,386 3,036 4.490 4,041 4,224 3,210 3,815 Profits after taxes 7,675 7,834 6,352 7,989 7,989 1,871 2,198 1,559 2,361 2,087 2,190 1,715 1,997 Dividends 4,000 4,191 3,964 4,189 4,469 972 981 983 1,253 1,026 1,108 1,065 1,270 Selected industries: Foods and kindred products (25 corps.): Sales 16,427 19,038 20,134 22,109 24,593 5,184 5,389 5,737 5,799 5,714 5,923 6,631 6,325 Profits before taxes 1,710 1,916 1,967 2,227 2,425 498 563 590 576 534 581 666 644 P D r iv of id it e s n a d f s t er taxes 8 5 9 0 6 9 1,0 5 0 6 8 4 1,0 5 4 8 1 3 1,0 6 9 1 3 6 1,1 6 7 6 1 1 2 1 5 5 5 0 2 1 6 5 0 5 2 1 8 5 5 5 2 1 9 5 3 6 2 1 6 6 1 2 2 1 7 6 5 5 3 1 1 6 4 4 3 1 2 7 1 0 Chemical and allied products (20 corps.): Sales 18,158 20,007 20,561 22,808 24,494 5,436 5,697 5,782 ;,893 5,845 6,230 6,236 6,183 Profits before taxes 2,891 3,073 2,731 3,117 3,258 760 807 806 744 844 875 818 721 Profits after taxes 1,630 1,737 1,579 1,618 1,773 390 419 412 398 448 473 441 411 Dividends 926 948 960 1,002 1,031 236 236 243 287 252 251 254 274 Petroleum refining (16 corpsj: Sales * 17,828 20,887 23,258 24,218 25,586 5,890 6,013 6,100 ,214 6,107 6,610 6,264 6,605 Profits before taxes 1,962 2,681 3,004 2,866 2,941 767 692 740 667 726 728 750 737 Profits after taxes 1,541 1,898 2,038 2,206 2,224 592 520 561 534 562 558 554 550 Dividends 737 817 1,079 1,039 1,123 253 255 258 273 282 273 282 286 Primary metals and products (34 corps.): Sales 26,548 28,558 26,532 30,171 33,674 7,150 8,427 7,461 7,133 7,671 8,612 8,448 8,943 Profits before taxes 2,931 3,277 2,487 2,921 3,052 669 915 601 735 691 828 715 818 Profits after taxes 1,689 1,903 1,506 1,750 1,912 376 550 343 482 431 504 435 542 Dividends 818 924 892 952 987 224 230 233 264 242 245 247 253 Machinery (24 corps.): Sales 25,364 29,512 32,721 35,660 38,719 8,371 8,864 8,907 9,517 8,957 9,757 10,542 9,463 Profits before taxes 3,107 3,612 3,482 4,134 4,377 936 1,008 1,112 1,079 1,071 1,167 1,141 998 Profits after taxes 1,626 1,875 1,789 2,014 2,147 448 499 537 531 526 576 568 477 Dividends 774 912 921 992 1 ,128 247 248 248 249 270 271 293 294 Automobiles and equipment (14 corps.) : Sales 42,712 43,641 42,306 50,526 52,290 12,343 13,545 9,872 14,767 13,328 13,638 ,300 14,024 Profits before taxes 6,253 5,274 3,906 5,916 5,268 1,507 1,851 640 1,918 1,663 1,542 652 1,411 Profits after taxes 3,294 2,877 1,999 2,903 2,604 783 847 330 943 806 750 342 706 Dividends 1,890 1,775 1,567 1,642 1,723 364 364 364 550 365 436 366 556 Public utility Railroad: Operating revenue 10,208 10,661 10,377 10,855 2,610 2,757 2,707 2,781 2,741 2,916 2,836 Profits before taxes 979 1,094 385 634 126 206 116 186 128 220 149 Profits after taxes 815 906 319 568 110 175 108 174 98 173 140 Dividends 468 502 538 517 116 136 98 166 116 136 100 Electric power: Operating revenue 15,816 16,959 17,954 19,421 21,075 5,106 4,553 4,869 4,892 5,480 4,913 5,370 5,312 Profits before taxes 4,213 4,414 4,547 4,789 4,938 1,351 1,040 1,271 1,125 1,384 1,065 1,366 1,123 Profits after taxes 2,586 2,749 2,908 3,002 3,186 863 641 764 733 873 707 827 779 Dividends 1,838 1,938 2,066 2,201 2,299 539 555 543 565 580 577 561 581 Telephone: Operating revenue 11,320 12,420 13,311 14,430 16,057 3,486 3,544 3,629 3,771 3,853 3,975 4,044 4,185 Profits before taxes 3,185 3,537 3,694 3,951 4,098 971 989 990 1,001 1,070 1,043 979 1,006 Profits after taxes 1,718 1,903 1,997 1,961 2,080 525 441 493 502 540 523 497 520 Dividends 1,153 1,248 1,363 1,428 1,493 351 318 396 363 368 371 373 381 Manufacturing figures reflect changes by a number of companies in profits before taxes are partly estimated by the Federal Reserve to include accounting methods and other reporting procedures. affiliated nonelectric operations. 2 Includes 17 corporations in groups not shown separately. Telephone: Data obtained from Federal Communications Commis- 3 Includes 27 corporations in groups not shown separately. sion on revenues and profits for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long NOTE.—Manufacturing corporations: Data are obtained primarily from Lines and General Depts. of American Telephone and Telegraph Co.) published reports of companies. and for two affiliated telephone companies. Dividends are for the 20 Railroads: Interstate Commerce Commission data for Class I line- operating subsidiaries and the two affiliates. haul railroads. All series: Profits before taxes are income after all charges and before Electric power: Federal Power Commission data for Class A and B Federal income taxes and dividends. electric utilities, except that quarterly figures on operating revenue and Back data available from the Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1970 • BUSINESS FINANCE A 49 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t r e a o f x o f e i r s t e s c ta o In x m e - e s P t a r a f o x t f e e i r s t s d C d e i a n v s d i h - s t U p ri r n b o d u f t i it s e s - d co c a n a t l s p l i o o u i n t w m a - l p - Quarter P b t r e a o f x o f e i r s t e s c ta o In x m e - e s P t a r a f o x t f e e i r s t s d C d e i a n v s d i h - s t U p ri r n b o d u f i t i s t e s - d co c a n t a l i s p l o o u i n t w m a - l p ances1 ances 1 1962 55.4 24.2 31.2 15.2 16.0 30.1 1968—III... 91.5 41.4 50.0 23.6 26.5 46.2 1963 59.4 26.3 33.1 16.5 16.6 31.8 IV... 94.5 42.9 51.6 23.8 27.8 46.7 11996644 6666..88 2288..33 38.4 17.8 20.6 33.9 1969—1.... 95.5 43.9 51.7 2233..88 2277..99 4477..77 1965 77.8 31.3 46.5 19.8 26.7 36.4 II.... 95.4 44.1 51.3 24.3 27.0 48.6 1966 84.2 34.3 49.9 20.8 29.1 39.5 III... 92.5 42.8 49.7 24.9 24.9 49.6 1967 80.3 33.0 47.3 21.5 25.9 42.6 IV... 91.4 42.4 49.0 25.2 23.8 50.5 1968 91.1 41.3 49.8 23.1 26.7 45.9 1969 93.7 43.3 50.5 24.6 25.9 49.1 1970—IP. .. 85.1 39.1 4466..11 2255..22 2200..99 5511..55 I Includes depreciation, capital outlays charged to current accounts, and NOTE.—Dept. of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities NNeett Notes and accts. Notes and accts. End of period wwoorrkkiinngg U.S. receivable payable Accrued ccaappiittaall TToottaall CCaasshh s G ec o u v r t i . - I t n o v r e ie n s - OOtthheerr TToottaall F in e c d o e m ra e l OOtthheerr ties G U o . v S t . . 1 Other G U o . v S t . . 1 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 19.1 46.9 1966 188.2 442.6 49.3 15.4 4.5 205.2 143.1 25.1 254.4 4.4 179.0 18.3 52.8 1967 198.8 463.1 51.4 12.2 5.1 214.6 152.3 27.6 264.3 5.8 186.4 14.6 57.4 1968—11 207.8 481.2 50.5 13.0 4.7 223.5 158.3 31.2 273.5 6.2 190.9 14.8 61.5 Ill 208.7 491.5 51.9 12.6 4.8 229.4 162.1 30.8 282.7 6.3 196.8 15.1 64.6 IV 212.4 506.3 55.1 13.7 5.1 235.6 164.6 32.2 293.9 6.4 205.2 16.8 65.4 1969—1 215.0 515.7 51.9 15.4 4.8 239.8 169.2 34.6 300.8 6.9 206.1 19.1 68.8 II 216.3 526.7 52.6 13.0 4.8 247.1 174.0 35.3 310.4 7.2 215.3 15.4 72.5 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 221144..22 554477..99 5522..11 12.2 4.8 259.4 183.4 36.1 333.8 7.3 233.0 17.0 76.4 1 Receivables from, and payables to, the U.S. Govt, exclude amounts NOTE.—Securities and Exchange Commission estimates; excludes offset against each other on corporations' books. banks, savings and loan assns., insurance companies, and investment companies. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Public utilities Total Period Total Durable d N ur o a n b - le Mining R ro a a i d l- Air Other Electric and G a o s t her n C i o c m at m ion u s - Other i a ( r n S a n . t A u e a ) . l 196 3 40.77 7.53 8.70 1.27 1.26 .40 1.58 3.67 1.31 4.06 10.99 196 4 46.97 9.28 10.07 1.34 1.66 1.02 1.50 3.97 1.51 4.61 12.02 196 5 54.42 11.50 11.94 1.46 1.99 1.22 1.68 4.43 1.70 5.30 13.19 196 6 63.51 14.96 14.14 1.62 2.37 1.74 1.64 5.38 2.05 6.02 14.48 196 7 65.47 14.06 14.45 1.65 1.86 2.29 1.48 6.75 2.00 6.34 14.59 196 8 67.76 14.12 14.25 1.63 1.45 2.56 1.59 7.66 2.54 6.83 15.14 196 9 75.56 15.96 15.72 1.86 1.86 2-51 1.68 8.94 2.67 8.30 16.05 19702r 81.45 16.44 16.42 1.88 1.99 3.16 1.51 11.03 2.55 9.57 16.90 1968— I I V II . . 1 19 6 . . 0 7 3 9 4 3 . . 1 5 6 4 3 3 . . 5 9 9 4 . . 4 3 0 9 . .3 3 1 8 . . 6 64 6 . .4 4 1 7 2 1 . . 1 8 6 7 . . 7 7 4 4 2 1 . . 0 6 0 1 4 3 . . 1 6 3 9 6 6 7 9 . . 7 0 7 5 1969— I I I 1 I I V . I . . . . . . 2 1 1 1 1 9 8 6 . . . . 2 4 8 0 5 6 4 1 4 4 3 3 . . . . 5 0 9 3 9 3 8 6 4 4 3 3 . . . . 5 1 8 2 3 2 4 2 . . . . 4 4 4 4 7 8 2 9 . . . . 4 3 5 4 9 8 5 4 . . . . 6 5 6 6 3 8 4 6 . . . . 4 3 4 4 6 8 4 0 2 2 2 1 . . . . 2 2 6 8 3 2 1 8 . . . .6 8 7 4 7 8 2 0 2 2 2 1 . . . . 3 1 8 0 9 1 1 0 4 3 4 3 . . . . 4 9 0 6 1 7 7 0 7 7 7 7 2 3 7 7 . . . . 5 9 8 8 2 4 4 4 1970— I I 1 I I2 . I . 2 r . 2 2 1 0 0 7 . . .4 6 4 7 6 2 4 4 3 . . . 1 1 5 5 7 9 4 4 3 . . . 1 0 5 1 9 6 . . . 4 4 4 5 8 6 . . . 5 4 5 3 2 0 . . . 8 7 7 3 8 6 . . . 2 3 3 5 8 8 2 2 2 . . . 1 9 8 5 2 4 . . . 8 3 6 9 4 8 2.14 6 6 . . 4 5 2 2 3.76 7 8 8 8 0 3 . . . 2 2 6 2 8 6 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 • JUNE 1970 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Farm Nonfarm Other 1- to 4-family houses4 Multifamily and Mortgage holders2 commercial properties5 type6 EE pp nn eerr dd ii oo oo dd ff hh AA ee oo rr ll ll ss dd ll -- tt FF uu ii tt ii nn cc nn ii ii ss oo aa aa tt nn ll ii nn -- ss -- 11 a U c g i . e e S n s . - v o I i t a d n h n u d e d a i r - l s s hh ee AA oo rr ll ll ss dd ll -- tt FF uu ii tt ii nn cc nn ii ii ss oo aa aa tt nn ll ii nn -- ss -- 11 OO hh ee oo tt rr hh ll ss dd ee 33 -- rr hh A e A e oo rr ll ll ss dd ll -- Total tu F i t n i i n s o a t n i n - s . 1 O h e o t r h l s d e - r Total tu F i t n i i n s o a t n i n - s . 1 O h e o t r h l s d e r - F w u H V n ri d A A t e t - — e r n - t C v io e o n n n a - - l 1941 37.6 20.7 4.7 12.2 6.4 1.5 4.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 3.0 28.2 1945 35.5 21.0 2.4 12.1 4.8 1.3 3.4 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.3 26.5 1964 300.1 241.0 11.4 47.7 18.9 7.0 11.9 281.2 197.6 170.3 27.3 83.6 63.7 19.9 77.2 204.0 1965 325.8 264.6 12.4 48.7 21.2 7.8 13.4 304.6 212.9 184.3 28.7 91.6 72.5 19.1 81.2 223.4 1966 347.4 280.8 15.8 50.9 23.3 8.4 14.9 324.1 223.6 192.1 31.5 100.5 80.2 20.3 84.1 240.0 1967? 370.2 298.8 18.4 53.0 25.5 9.1 16.3 344.8 236.1 201.8 34.2 108.7 87.9 20.9 88.2 256.6 1968^ 397.5 319.9 21.7 55.8 27.5 9.7 17.8 370.0 251.2 213.1 38.1 118.7 97.1 21.6 92.8 277.2 1967—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 I VP. 370.2 298.8 18.4 53.0 25.5 9.1 16.3 344.8 236.1 201.8 34.2 108.7 87.9 20.9 88.2 256.6 1968—I*.. 375.8 302.6 19.6 53.5 26.0 9.3 16.7 349.8 239.1 203.7 35.4 110.6 89.6 21.0 89.4 260.4 IIP. 382.9 308.1 20.6 54.2 26.7 9.6 17.1 356.1 243.2 206.7 36.5 112.9 91.8 21.2 90.7 265.4 III*. 389.8 313.5 21.1 55.1 27.2 9.6 17.5 362.6 247.0 209.7 37.3 115.6 94.1 21.5 92.0 270.6 I VP. 397.5 319.9 21.7 55.8 27.5 9.7 17.8 370.0 251.2 213.1 38.1 118.7 97.1 21.6 •92.8 277.2 1969—IP... 403.7 324.7 22.6 56.4 28.1 9.8 18.3 375.7 254.8 216.0 38.8 120.9 98.9 21.9 94.5 281.2 IIP. 411.7 331.0 23.4 57.1 28.8 10.1 18.7 382.9 259.5 219.9 39.5 123.4 101.0 22.4 96.6 286.3 HIP. 418.5 333355..55 2244..99 5588..11 2299..33 1100..11 1199..11 338899..22 226633..44 222222..55 4400..99 112255..88 110022..99 2222..99 II VVPP.. 442244..66 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 holdings 1 Mutual savings bank holdings 2 Residential Residential EEEnnnddd ooofff pppeeerrriiioooddd OOtthheerr OOtthheerr TToottaall nnoonn-- FFaarrmm TToottaall nnoonn-- FFaarrmm FHA- VA- Con- ffaarrmm FHA- VA- Con- ffaarrmm Total in- guar- ven- Total in- guar- vensured anteed tional sured anteed tional 1941 44444,,,,,999990000066666 333,,,222999222 111,,,000444888 555666666 44444,,,,,888881111122222 333,,,888888444 999000000 222888 1945 44444,,,,,777777777722222 333,,,333999555 888555666 555222111 44444,,,,,222220000088888 333,,,333888777 777999777 222444 196 4 4444433333,,,,,999997777766666 222888,,,999333333 7,315 2.742 18,876 111222,,,444000555 222,,,666333888 4444400000,,,,,555555555566666 333666,,,444888777 12,287 11,121 13,079 444,,,000111666 555333 196 5 4444499999,,,,,666667777755555 333222,,,333888777 7,702 2,688 21,997 111444,,,333777777 222,,,999111111 4444444444,,,,,666661111177777 444000,,,000999666 13,791 11,408 14.897 444,,,444666999 555222 196 6 5555544444,,,,,333338888800000 333444,,,888777666 7,544 2,599 24,733 111666,,,333666666 333,,,111333888 4444477777,,,,,333333333377777 444222,,,222444222 14,500 11,471 16,272 555,,,000444111 555333 196 7 5555599999,,,,,000001111199999 333777,,,666444222 7,709 2,696 27,237 111777,,,999333111 333,,,444444666 5555500000,,,,,444449999900000 444444,,,666444111 15,074 11,795 17,772 555,,,777333222 111111777 196 8 6666655555,,,,,666669999966666 444111,,,444333333 7,926 2,708 30,800 222000,,,555000555 333,,,777555888 5555533333,,,,,444445555566666 444666,,,777444888 15,569 12,033 19,146 666,,,555999222 111111777 1967— 1 5555544444,,,,,555553333311111 333444,,,888999000 7,444 2,547 24,899 111666,,,444666888 333,,,111777333 4444488888,,,,,111110000077777 444222,,,888777999 14,723 11,619 16,537 555,,,111777666 555222 I I 5555555555,,,,,777773333311111 333555,,,444888777 7,396 2,495 25,596 111666,,,999777000 333,,,222777444 4444488888,,,,,888889999933333 444333,,,555222666 14,947 11,768 16,811 555,,,333111666 555111 II I 5555577777,,,,,444448888822222 333666,,,666333999 7,584 2,601 26,454 111777,,,444777555 333,,,333666888 4444499999,,,,,777773333322222 444444,,,000999444 15,016 11,785 17,293 555,,,555222666 111111222 I V 5555599999,,,,,000001111199999 333777,,,666444222 7,709 2,696 27,237 111777,,,999333111 333,,,444444666 5555500000,,,,,444449999900000 444444,,,666444111 15,074 11,795 17,772 555,,,777333222 111111777 1968— 1 6666600000,,,,,111111111199999 333888,,,111555777 7,694 2,674 27,789 111888,,,333999666 333,,,555666666 5555511111,,,,,222221111188888 444555,,,111777111 15,179 11,872 18,120 555,,,999333111 111111666 I I 6666611111,,,,,999996666677777 333999,,,111111333 7,678 2,648 28,787 111999,,,000999888 333...777555666 5555511111,,,,,777779999933333 444555,,,555777000 15,246 11,918 18,406 666,,,111000888 111111555 II I 6666633333,,,,,777777777799999 444000,,,222555111 7,768 2,657 29,826 111999,,,777777111 333...777555777 5555522222,,,,,444449999966666 444666,,,000555111 15,367 11,945 18,739 666,,,333222999 111111666 I V 6666655555,,,,,666669999966666 444111,,,444333333 7,926 2,708 30,800 222000,,,555000555 333...777555888 5555533333,,,,,444445555566666 444666,,,777444888 15,569 12,033 19,146 666,,,555999222 111111777 1969— 1 6666677777,,,,,111114444466666 444222,,,333000222 7,953 2,711 31,638 222000,,,999555000 333,,,888999444 5555544444,,,,,111117777788888 444777,,,333000555 15,678 12,097 19,530 666,,,777555666 111111777 I I 6666699999,,,,,000007777799999 444333,,,555333222 8,060 2.743 32,729 222111,,,444555999 444,,,000888888 5555544444,,,,,888884444444444 444777,,,888111888 15,769 12,151 19.898 666,,,999000888 111111777 II I 7777700000,,,,,111117777799999 5555555555,,,,,333335555599999 IV 7777700000,,,,,999992222299999 5555555555,,,,,999991111188888 1 Includes loans held by nondeposit trust companies, but not bank States and possessions. First and third quarters, estimates based on FDIC trust depts. data for insured banks for 1962 and part of 1963 and on special F.R. inter- 2 Data for 1941 and 1945, except for totals, are special F.R. estimates. polations thereafter. For earlier years, the basis for first- and third-quarter estimates included F.R. commercial bank call report data and data from NOTE.—Second and fourth quarters, Federal Deposit Insurance Corpo- the National Assn. of Mutual Savings Banks. ration series for all commercial and mutual savings banks in the United Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1970 • REAL ESTATE CREDIT A 51 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total Total in F s H ur A e - d a g n V u t A a e r e - - d Other i Farm Total Total in F s H ur A e - d a g n V u t A a e r e - - d Other 1945 976 6,637 5,860 1,394 4,466 196 2 7,478 6,859 1,355 469 5,035 619 46,902 43,502 10,176 6,395 26,931 196 3 9,172 8,306 1,598 678 6,030 866 50,544 46,752 10,756 6,401 29,595 196 4 10,433 9,386 1,812 674 6,900 1,047 55,152 50,848 11,484 6,403 32,961 196 5 11,137 9,988 1,738 553 7,697 1,149 60,013 55,190 12,068 6,286 36,836 196 6 10,217 9,223 1,300 467 7,456 994 64,609 59,369 12,351 6,201 40,817 196 7 8,470 7,633 757 444 6,432 837 67,516 61,947 12,161 6,122 43.664 196 8 7,925 7,153 719 346 6,088 772 69,973 64,172 11,961 5,954 46,257 196 9 7,200 6,658 602 199 5,857 542 72,031 66,257 11,690 5,669 48,898 1969—Mar. 635 552 50 14 488 83 70,382 64,597 11,951 5,925 46,721 Apr.. 607 549 48 24 477 58 70,661 64,855 11,924 5,919 47,012 May. 556 496 55 19 422 60 70,820 64,993 11,903 5,900 47,190 June. 556 498 55 20 423 58 70,964 65,114 11,882 5,879 47,353 July. 593 557 49 6 502 36 71,079 65,226 11,845 5,819 47,562 Aug., 532 495 44 13 438 37 71,250 65,388 11,824 5,799 47,765 Sept. 576 553 41 14 498 23 71,429 65,564 11,797 5,775 47,992 Oct.. 688 663 47 9 607 25 71,569 65,766 11,777 5,744 48,245 Nov. 464 446 39 8 399 18 71,710 65,915 11,762 5,720 48,433 Dec.. 803 774 48 8 718 29 72,127 66,353 11,744 5,697 48,912 1970—Jan.. 599 572 34 8 530 27 72,340 66,621 11,696 5,660 49,265 Feb.. 1,163 1,113 61 14 1,038 50 72,527 66,836 11,675 5,638 49,523 Mar. 576 546 24 12 510 30 72,616 66,943 11,642 5,636 49.665 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. Beginning 1970 monthly and year ago monthly figures may not add to annual totals; and for loans outstanding data are on a statement balance basis. 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) PPeerriioodd vvaa AA nn dd cc -- eess RR mm ee ee pp nn aa ttss yy -- (end of period) MM dd ee ee mm ppoo bb ss ee ii rr ttss ss '' h N o e m w e Home FHA- VA- Con- Total t S e h r o m r t- i t L e o rm ng - 2 Total con- pur- Total 2 in- guar- vens t tr io u n c - chase sured anteed tional 1945. 278 213 195 176 19 46 5,601 4,296 4,784 2,863 1,921 1,151 1945. 1,913 181 1,358 5,376 1964. 5 5 , , 5 0 6 0 5 7 4 5 , , 3 02 3 5 5 5 5 , , 3 9 2 9 5 7 2 3 , , 8 0 4 7 6 4 2 2 , , 4 9 7 2 9 3 1 1 , , 1 0 9 4 9 3 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 6 4 5 . . . 2 2 1 4 4 6 , , , 9 1 9 1 9 2 3 2 4 6 3 6 , , , 6 0 6 5 1 3 3 3 8 1 1 7 0 0 , , , 8 5 8 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 3 6 5 9 8 7 8 3 1 9 8 0 8 9 3 , , , 0 7 7 0 6 5 1 3 6 1969. 5 2 1 , , , 5 7 5 3 2 3 1 7 4 4 1 1 , , , 0 8 5 6 7 0 1 6 0 4 9 5 , , , 2 2 3 8 5 8 9 9 6 3 4 8 , , , 9 8 4 8 6 3 5 7 4 4 3 8 0 5 9 1 5 2 1 1 1, , , 0 4 3 4 3 8 1 2 2 1 1 1 9 9 9 6 6 6 9 8 7 . . . 2 2 2 1 1 0 , , , 9 8 1 8 3 2 3 2 2 4 4 4 , , , 9 2 7 1 4 5 6 3 6 1 1 9 1 1 , , , 2 6 2 1 0 4 5 4 4 1 1 1 3 2 4 1 0 0 , , , 8 8 2 0 0 0 5 9 2 7 5 6 , , , 7 6 9 9 5 1 1 8 0 7 7 6 , , , 6 3 0 5 5 1 1 3 2 1 1 1 1 0 2 7 9 4 , , . 1 6 6 6 3 4 3 2 6 1969- 5 5 3 4 2 1 5 7 4 1 1 7 1 2 2 3 0 5 5 6 , , , 9 7 4 7 1 6 1 3 4 5 5 6 , , , 6 4 0 4 2 5 7 3 4 3 3 34 5 2 1 9 4 1 1 1 , , , 2 1 2 0 7 7 1 8 6 1969--A S J J A M u u e p u p a l n r g y t y e . . . . . . . . . . . . . . . . 2 2 2 1 1 1 , , , , , , 4 0 1 9 7 9 1 7 1 2 4 7 5 3 8 8 6 4 4 4 4 4 3 3 2 8 9 9 7 8 1 5 5 3 7 2 1 1 1 1 1 , , , , , 0 0 3 0 1 9 9 8 4 2 1 3 1 9 5 3 3 6 1 1 1 1 1 1 3 3 3 3 3 3 7 8 7 4 5 6 , , , , , , 9 6 1 0 0 2 5 1 0 3 2 4 1 8 7 8 6 2 7 7 7 7 7 7 , , , , , , 6 2 6 5 4 1 0 4 9 2 0 2 7 5 4 2 2 0 7 7 7 7 7 7 , , , , , , 5 4 2 5 4 3 3 7 6 7 0 5 8 1 8 0 8 4 1 1 1 1 1 1 2 2 2 2 1 2 2 2 3 1 9 0 , , , . , , 1 8 3 6 4 4 1 0 4 2 5 3 7 6 7 7 4 2 O Ju c l t y 5 7 4 6 5 6 5 5 5 3 6 3 1 2 9 7 4 0 1 1 1 1 7 5 8 1 3 3 7 5 9 8 8 9 7 9 7 7 8 8 , , , , , , 0 2 4 8 9 5 5 8 3 0 4 4 3 9 9 2 0 4 7 7 6 7 6 8 , , , , , , 9 2 7 5 8 4 4 7 7 6 7 3 6 3 9 4 2 4 4 6 8 6 8 6 5 8 5 6 6 7 5 9 6 0 7 2 1,0 9 9 8 8 8 4 3 2 6 9 4 1 8 7 5 1 7 O N D c e o t c v . . . . . . . . . . 1 1 1 , , , 6 5 3 9 0 3 8 8 0 3 2 3 6 8 0 5 6 0 6 8 6 5 6 8 2 2 7 1 1 1 3 3 4 9 9 0 , , , 2 6 2 2 7 0 6 6 9 7 7 7 , , , 7 8 9 7 2 1 0 2 0 7 7 7 , , ,6 6 6 5 1 0 3 6 0 1 1 1 2 2 2 3 4 4 , , , 8 6 2 6 3 4 5 8 6 1970—J F a e n b 7 3 1 0 3 8 8 6 4 2 3 1 9 8 4 9 8 5 9 9 9 , , , 7 9 8 4 3 5 5 7 2 8 8 8 , , , 5 7 7 0 1 4 1 7 4 1 1 1 , , , 2 1 2 4 0 2 3 8 0 9 7 8 8 0 8 5 1 6 1970—Jan.... 1,064 220 530 140,345 7,937 7,669 124,739 393 278 9,860 7,721 2,138 1,108 Feb.. . 1,042 223 502 140,568 8,000 7,680 124,888 M Ap a r r . . p r. . 1 1 , , 3 2 8 6 6 2 2 3 8 2 4 4 5 6 8 2 5 6 1 1 4 4 0 1 , , 7 2 6 8 6 3 8 8, , 1 0 9 9 1 2 7 7 , , 6 7 7 1 7 8 1 1 2 2 4 5 , , 9 3 9 7 7 4 2 1 S S e e c c u u r r e e d d o lo r a u n n s, s e a c m ur o e r d t iz lo e a d n s q u m a a rt t e u r r l i y n , g h i a n v i 1 n g y ea m r a o tu r r l i e ti s e s s . of more than 1 year but not more than 10 years. 1 Includes loans for repairs, additions and alterations, refinancing, etc., NOTE.—Federal Home Loan Bank Board data. not shown separately. 2 Beginning with 1958, includes shares pledged against mortgage loans; beginning with 1966, includes junior 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 • JUNE 1970 MORTGAGE DEBT OUTSTANDING MORTGAGE DEBT OUTSTANDING ON ON RESIDENTIAL PROPERTIES NONFARM 1- to 4-FAMILY PROPERTIES (In billions of dollars) (In billions of dollars) All residential Multifamily1 Governmentunderwritten CCoonn-- E pe n r d i o o d f Total F i i n c n i s a a t l i n - - h O ol t d h e e r r s Total F i i n c n i s a a t l i n - - h O ol t d h e e r r s EEnndd ooff ppeerriioodd TToottaall Total FH in A - - g V u A ar - - tt vv iioo ee nn nn aa -- ll tutions tutions sured anteed * 1 1 1 9 9 9 4 6 4 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 . . . 5 6 7 2 2 8 . . . 3 2 2 1 1 1 9 9 9 6 6 5 3 4 4 1 1 1 9 8 8 7 2 . . . 6 2 6 ' 6 6 4 5 9 . . . 3 9 2 3 3 4 8 5 . . . 1 3 0 3 3 0 0 . . . 9 9 2 1 1 1 1 2 4 6 8 . . . 3 3 3 196 4 231.1 195.4 35.7 33,. 6 25.1 8.5 1965 212.9 73.1 42.0 31.1 139.8 1 1 9 9 6 6 6 5 2 2 5 6 0 4 . . 1 0 2 22 1 3 3 . . 7 2 4 3 0 6 . . 3 9 4 3 0 7 . . 3 2 2 3 9 1. . 5 0 8 8. . 8 2 1 19 9 6 6 7 6 P 2 2 3 2 6 3 . . 1 6 7 7 6 9 . . 1 9 4 4 4 7 . . 8 4 3 3 1 2. . 5 3 1 15 4 6 7 . . 1 6 1967f 280.0 236.6 43.4 43.9 34.7 9.2 1968P 251.2 83.8 50.6 33.2 167.4 1968P 298.6 250.8 47.8 47.3 37.7 9.6 1966—IV 223.6 76.1 44.8 31.3 147.6 1967—IP.... 269.7 228.3 41.4 41.9 32.9 8.9 IIIP. .. 274.8 232.5 42.3 42.8 33.8 9.0 1967—IP 224.9 76.4 45.2 31.2 148.4 IIIP. . . 280.0 236.6 43.4 43.9 34.7 9.2 IIP 227.8 77.3 45.7 31.5 150.6 HIP 232.0 78.3 46.6 31.7 153.7 1968—1* 283.7 239.0 44.7 44.6 35.3 9.3 I VP 236.1 79.9 47.4 32.5 156.1 IIP.... 288.5 242.7 45.8 45.3 35.9 9.4 IIP. . . 293.3 246.4 46.9 46.2 36.7 9.5 1968—IP 239.1 81.0 48.1 32.9 158.1 I VP ... 298.6 250.8 47.8 47.3 37.7 9.6 IIP 243.2 82.1 48.7 33.4 161.1 HIP 247.0 83.2 49.6 33.6 163.8 1969—IP 303.0 254.4 48.6 48.3 38.4 9.9 IVP 251.2 83.8 50.6 33.2 167.4 IIP.... 309.2 259.3 49.9 49.4 39.3 10.1 HIP.. . 314.1 262\7 51.4 50.6 40.1 10.5 1969—IP 254.8 85.3 51.4 33.9 169.5 IIP 259.5 87.1 52.2 34.9 172.3 IIIP 263.4 88.8 53.3 35.5 174.6 i Structures of five or more units. NOTE.—Based on data from same source as for "Mortgage Debt Out- 1 Includes outstanding amount of VA vendee accounts held by private standing" table (second preceding page). investors under repurchase agreement. NOTE.—For total debt outstanding, figures are FHLBB and F.R. estimates. For conventional, figures are derived. Based on data from Federal Home Loan Bank Board, Federal Housing Admin., and Veterans Admin. GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE (In millions of dollars) FHA-insured VA-guaranteed DELINQUENCY RATES ON HOME MORTGAGES (Per 100 mortgages held or serviced) Mortgages Mortgages PPPeeerrriiioooddd PPrroopp-- PPrroo-- eerrttyy Loans not in foreclosure TToottaall h N o e m w e s h is E o t m i x n - e g s jjeeccttss ii mm pp ii rr ee mm oo nn vv -- tt ee ss -- 22 TToottaall 33 h N om ew e s h is o E t m i x n - e g s EEnndd ooff ppeerriioodd but delinquent for— LL cc oo ll ff oo aa oo ss nn rr uu ee ss rr -- ee iinn Total 30 days 60 days o 9 r 0 m da o y r s e 1945 665 257 217 20 171 192 1964 8,130 1,608 4,965 895 663 2,846 1,023 1,821 1963 3.30 2.32 .60 .38 .34 1965 8,689 1,705 5,760 591 634 2,652 876 1,774 1964 3.21 2.35 .55 .31 .38 1966 7,320 1,729 4,366 583 641 2,600 980 1,618 1967 7,150 1,369 4,516 642 623 3,405 1,143 2,259 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—Mar.. 642 110 381 100 50 329 122 207 1969 3.22 2.43 .52 .27 .27 Apr.. 681 113 428 82 57 301 111 191 May. 704 111 409 123 62 323 115 208 1966—1 3.02 2.13 .55 .34 .38 June. 787 121 475 134 58 308 99 209 II 2.95 2.16 .49 .30 .38 July.. 869 140 518 127 85 356 122 234 III.... 3.09 2.25 .52 .32 .36 Aug.. 791 130 501 92 68 385 126 259 IV.... 3.40 2.54 .54 .32 .36 Sept.. 872 148 566 95 63 364 134 230 Oct... 911 160 553 140 59 397 148 249 1967—1 3.04 2.17 .56 .31 .38 Nov.. 705 131 430 90 55 328 125 203 II 2.85 2.14 .45 .26 .34 Dec.. 793 148 448 146 50 317 134 183 III.... 3.15 2.36 .52 .27 .31 IV 3.47 2.66 .54 .27 .32 1970—Jan... 807 178 433 139 58 313 139 174 Feb.. 643 141 361 109 32 235 107 128 1968—1 2.84 2.11 .49 .24 .32 Mar.. 780 176 406 157 42 232 97 135 II 2.89 2.23 .44 .22 • .28 III.... 2.93 2.23 .48 .22 .26 IV 3.17 2.43 .51 .23 .26 1 Monthly figures do not reflect mortgage amendments included in annual totals. 1969—1 2.77 2.04 .49 .24 .26 2 Not ordinarily secured by mortgages. II 2.68 2.06 .41 .21 .25 3 Includes a small amount of alteration and repair loans, not shown separ- Ill.... 2.91 2.18 .47 .26 .25 ately; only such loans in amounts of more than $1,000 need be secured. IV 3.22 2.43 .52 .27 .27 NOTE.—Federal Housing Admin, and Veterans Admin, data. FHA-insured loans represent gross amount of insurance written; VA-guaranteed loans, NOTE.—Mortgage Bankers Association of America data from gross amounts of loans closed. Figures do not take into account principal reports on 1- to 4-family FHA-insured, VA-guaranteed, and conrepayments on previously insured or guaranteed loans. For VA-guaranteed ventional mortgages held by more than 400 respondents, including loans, amounts by type are derived from data on number and average mortgage bankers (chiefly), commercial banks, savings banks, and amount of loans closed. savings and loan associations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1970 • REAL ESTATE CREDIT A 53 GOVERNMENT NATIONAL MORTGAGE FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY ASSOCIATION ACTIVITY (In millions of dollars) (In millions of dollars) Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage holdings transactions commitments holdings transactions commitments (during (during End of period) End of period) period period Total F su H in r A e - d - a g V n u t A a e r e - - d c P ha u s r e - s Sales d p M u er r a i i d o n e d g st O i a n n u g t d - Total F su H in r A e - d - a g V n u t A a e r e - - d c P ha u s r e - s Sales d p M u er r a i i d o n e d g st O i a n n u g t d - 196 6 2,667 2,062 604 620 371 491 196 6 4,396 3,345 1,051 2,081 1,920 214 196 7 3,348 2,756 592 860 1,045 1,171 196 7 5,522 4,048 1,474 1,400 12 1,736 501 196 8 4,220 3,569 651 1,089 867 1,266 196 8 7,167 5,121 2,046 1,944 2,697 1,287 196 9 4,820 4,220 600 827 615 1,130 196 9 10,950 7,680 3,270 4,121 6,630 3,539 1969-Apr.. 4,357 3,721 636 50 49 1,312 1969-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 3,613 522 816 3,933 Mar.. 4,938 4,350 588 53 95 1,014 Mar.. 12,499 8,739 3,760 526 696 4,108 Apr.. 4,965 4,381 584 53 48 970 Apr.. 12,949 9,069 3,880 485 592 4,152 NOTE.—Government National Mortgage Assn. data. Data prior to NOTE.—Federal National Mortgage Assn. data. Data prior to Sept. Sept. 1968 relate to Special Assistance and Management and Liquidating 1968 relate to secondary market portfolio of former FNMA. Mortgage portfolios of former FNMA and include mortgages subject to participation commitments made during the period include some multifamily and nonpool of Government Mortgage Liquidation Trust, but exclude conven- profit hospital loan commitments in addition to 1- to 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 (In per cent) Primary market Se m co a n rk d e a t r y Mortgage amounts co Im m p m l i ic tm it e y n i t e ld p , e r b i y o d (in months) FHA series FHLBB series Yield Date Accepted Period (effective rate) on FHA- of insured auction New Existing h N om ew e s h n om ew e s Offered Total pe B r y i o c d o ( m in m m itm on e t n h t s ) 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 1969—May. 7.65 7.68 7.75 8.06 1970—Mar. 9.. 354.6 276.4 60.7 136.5 79.2 9.16 9.19 9.13 June. 7.76 7.79 8.00 8.35 23.. 395.4 239.0 47.6 124.5 67.0 9.12 9.14 9.12 July., 7.91 7.94 8.10 8.36 Aug.. 8.00 8.05 8.20 8.36 Apr. 6.. 268.4 190.2 41.0 121.4 27.8 9.05 9.07 9.10 Sept.. 8.05 8.08 8.25 8.40 20.. 315.7 185.2 54.0 98.2 33.0 9.02 9.04 9.10 Oct.. . 8.13 8.13 8.30 8.48 Nov.. 8.13 8.15 8.35 8.48 May 4.. 443.3 195.5 43.5 121.1 38.9 9.01 9.04 9.10 Dec.. 8.25 8.24 8.35 8.62 269.2 102.2 26.0 63.2 13.0 9.04 9.07 9.13 18!! 300.2 136.3 32.3 86.4 17.5 9.11 9.13 9.18 1970—Jan... 8.34 8.29 8.55 25.. 289.5 145.2 38.9 86.7 19.7 9.15 9.18 9.22 Feb.. 8.41 8.41 8.55 9.29 Mar.. 8.47 8.43 8.55 9.20 June 1.. 224.2 111133..88 31.1 71.4 11.3 9.20 9.24 9.27 Apr.. 8.40 9.35 8.55 9.10 15 ((330000..00)) May. 8.55 9.11 NOTE.—Implicit secondary market yields are gross—before deduction of 50- NOTE.—Annual data are averages of monthly figures. The basis-point fee paid for mortgage servicing. They reflect the average accepted bid FHA data are based on opinion reports submitted by field offices price for Govt.-underwritten mortgages after adjustment by Federal Reserve on prevailing local conditions as of the first of the succeeding to allow for FNMA commitment fees and FNMA stock purchase and holding month. Yields on FHA-insured mortgages are derived from requirements, assuming a prepayment period of 15 years for 30-year loans. Comweighted averages of private secondary market prices for Sec. mitments for 12-18 months are for new homes only. 203, 30-year mortgages with minimum downpayment and an Total accepted shown in parenthesis for most recent period indicates FNMA assumed prepayment at the end of 15 years. Gaps in the data announced limit before the "auction" date. are due to periods of adjustment to changes in maximum permissible contract interest rates. The FHA series on average contract interest rates on conventional first mortgages in primary markets are unweighted and are rounded to the nearest 5 basis points. The FHLBB effective rate series reflects fees and charges as well as contract rates (as shown in the table on conventional first mortgage terms, p. A-35) and an assumed prepayment at end of 10 years. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 54 CONSUMER CREDIT • JUNE 1970 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Total m A pa o u p b t e o il r - e co g p O n o a s t o p u h d e m e r s r e r e a r n l R n o d e i a z p n m a a s t o i i r 1 o d n - Pe lo rs a o n n s al Total p S a l i o y n a m g n l e s e n - t a C cc h o a u r n ge ts 1939 7,222 4,503 1,497 1,620 298 2,719 787 1,414 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 1950 21,471 14,703 6,074 4,799 1,016 2,814 6,768 1,821 3,367 1955 38,830 28,906 13,460 7,641 1,693 6,112 9,924 3,002 4,795 1960 56,141 42,968 17,658 11,545 3,148 10,617 13,173 4,507 5,329 196 4 80,268 62,692 24,934 16,333 3,577 17,848 17,576 6,874 6,195 196 5 90,314 71,324 28,619 18,565 3,728 20,412 18,990 7,671 6,430 196 6 97,543 77,539 30,556 20,978 3,818 22,187 20,004 7,972 6,686 196 7 102,132 80,926 30,724 22,395 3,789 24,018 21,206 8,428 6,968 196 8 113,191 89,890 34,130 24,899 3,925 26,936 23,301 9,138 7,755 196 9 122,469 98,169 36,602 27,609 4,040 29,918 24,300 9,096 8,234 1969—Apr. 113,231 90,663 34,733 24,399 3,903 27,628 22,568 9,216 6,557 May 114,750 91,813 35,230 24,636 3,964 27,983 22,937 9,218 6,971 June 115,995 93,087 35,804 24,956 4,022 28,305 22,908 9,227 7,002 July. 116,597 93,833 36,081 25,172 4.039 28,541 22,764 9,120 7,039 Aug. 117,380 94,732 36,245 25,467 4,063 28,957 22,648 9.073 6,988 Sept. 118,008 95,356 36,321 25,732 4,096 29,207 22,652 9,075 7,005 Oct.. 118,515 95,850 36,599 25,855 4,084 29,312 22,665 9,025 7,085 Nov. 119,378 96,478 36,650 26,223 4,076 29,529 22,900 9,000 7,238 Dec. 122,469 98,169 36,602 27,609 4.040 29,918 24,300 9,096 8,234 1970—Jan.. 121,074 97,402 36,291 27,346 3,991 29,774 23,672 9,092 7,539 Feb. 120,077 96,892 36,119 26,987 3,970 29,816 23,185 9.074 6,789 Mar. 119,698 96,662 36,088 26,814 3,951 29,809 23,036 9,054 6,645 Apr. 120,402 97,104 36,264 26,850 3,960 30,030 23,298 9,102 6,900 1 Holdings of financial institutions; holdings of retail outlets are in- loans. For back figures and description of the data, see "Consumer Credit," cluded in "other consumer goods paper." Section 16 (New) of Supplement to Banking and Monetary Statistics, 1965, NOTE.—Consumer credit estimates cover loans to individuals for house- and Dec. 1968 BULLETIN, pp. 983-1003. hold, family, and other personal expenditures, except real estate mortgage INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets End of period Total Total m b C e a o r n m c k i - a s l fi S c n a o a l s n e . s c e u C n r i e o d n i s t fi s n C u a m o n n e c - r e 1 Other i Total d m A ea o u l b t e o i r l - e s2 1939 4,503 3,065 1,079 1,197 132 657 1,438 123 1941 6,085 4,480 1,726 1,797 198 759 1,605 188 1945 2,462 1,776 745 300 102 629 686 28 1950 14,703 11,805 5,798 3,711 590 1,286 420 2,898 287 1955 28,906 24,398 10,601 8,447 1,678 2,623 1,049 4,508 487 1960 42,968 36,673 16,672 10,763 3,923 3,781 1,534 6,295 359 196 4 62,692 53,898 25,094 13,605 6,340 6,492 2,367 8,794 329 196 5 71,324 61,533 28,962 15,279 7,324 7,329 2,639 9,791 315 196 6 77,539 66,724 31,319 16,697 8,255 7,663 2,790 10,815 277 196 7 80,926 69,490 32,700 16,838 8,972 8,103 2,877 11,436 285 196 8 89,890 77,457 36,952 18,219 10,178 8,913 3,195 12,433 320 196 9 98,169 84,982 40,305 19,798 11,594 9,740 3,545 13,187 336 1969—Apr. 90,663 79,062 37,854 18,418 10,508 9,008 3,274 11,601 325 May 91,813 80,155 38,347 18,636 10,699 9,080 3,393 11,658 329 June 93,087 81,388 38,916 18,961 10,939 9,146 3,426 11,699 333 July. 93,833 82,130 39,248 19,127 11,054 9,293 3,408 11,703 335 Aug. 94,732 82,910 39,532 19,265 11,220 9,436 3,457 11,822 336 Sept. 95,356 83,440 39,793 19,360 11,347 9,450 3,490 11,916 336 Oct.. 95,850 83,949 40,006 19,569 11,438 9,436 3,500 11,901 338 Nov. 96,478 84,301 40,047 19,668 11,491 9,532 3,563 12,177 337 Dec. 98,169 84,982 40,305 19,798 11,594 9,740 3,545 13,187 336 1970—Jan.. 97,402 84,531 40,144 19,703 11,468 9,683 3,533 12,871 333 Feb., 96,892 84,393 39,990 19,652 11,459 9,691 3,601 12,499 331 Mar. 96,662 84,308 39,956 19,586 11,533 9,650 3,583 12,354 331 Apr. 97,104 84,802 40,245 19,672 11,644 9,652 3,589 12,302 332 \ 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

JUNE 1970 • CONSUMER CREDIT A 55 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES (In millions of dollars) (In millions of dollars) Automobile Repair End of period Total ch P a u s r e p - d a pe D r irect s O g 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 a n o o i n d d z 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 p a t e i d n a r o i n s n r - l s o P o a e n n r a - s l 1939 1,079 237 178 166 135 363 1939 1,197 878 115 148 56 1941 1,726 447 338 309 161 471 1941 1,797 1,363 167 201 66 1945 745 66 143 114 110 312 1945 300 164 24 58 54 1950 5,798 1,177 1,294 1,456 834 1,037 1950 3,711 2,956 532 61 162 1955 10,601 3,243 2,062 2,042 1,338 1,916 1955 8,447 6,905 1,048 28 466 1960 16,672 5,316 2,820 2,759 2,200 3,577 1960 10,763 7,488 2,059 146 1,070 196 4 25,094 8,691 4,734 3,670 2,457 5,542 196 4 13,605 8,285 3,022 207 2,091 196 5 28,962 10,209 5,659 4,166 2,571 6,357 196 5 15,279 9,068 3,556 185 2,470 196 6 31,319 11,024 5,956 4,681 2,647 7,011 196 6 16,697 9,572 4,256 151 2,718 196 7 32,700 10,927 6,267 5,126 2,629 7,751 196 7 16,838 9,252 4,518 114 2,954 196 8 36,952 12,213 7,105 6,060 2,719 8,855 196 8 18,219 9,986 4,849 74 3,310 196 9 40,305 12,784 7,620 7,415 2,751 9,735 196 9 19,798 10,743 5,306 65 3,684 1969—Apr. 37,854 12,388 7,273 6,299 2.690 9,204 1969—Apr. 18,418 10,095 4,896 70 3,357 May, 38,347 12,541 7,367 6,406 2,721 9,312 May 18,636 10,246 4,945 69 3,376 June, 38,916 12,727 7,457 6,557 2,763 9,412 June 18,961 10,440 5,039 70 3,412 July. 39,248 12,814 7,501 6,709 2,780 9,444 July. 19,127 10,538 5,088 70 3,431 Aug. 39,532 12,859 7,513 6,818 2,787 9,555 Aug. 19,265 10,570 5,139 69 3,487 Sept. 39,793 12,864 7,543 6,929 2,808 9,649 Sept. 19,360 10,557 5,191 69 3,543 Oct.. 40,006 12,914 7.597 7,023 2,798 9,674 Oct.. 19,569 10,693 5,227 67 3,582 Nov. 40,047 12,883 7,618 7,100 2,779 9,667 Nov. 19,668 10,727 5,247 66 3,628 Dec. 40,305 12,784 7,620 7,415 2,751 9,735 Dec. 19,798 10,743 5,306 65 3,684 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 Mar. 39,956 12,552 7,538 7,476 2,678 9,712 Mar. 19,586 10,575 5,297 64 3,650 Apr. 40,245 12,550 7.598 7,568 2,685 9,844 Apr. 19,672 10,647 5,288 63 3,674 See NOTE to first table on previous page. See NOTE to first table on previous page. INSTALMENT CREDIT HELD BY OTHER NONINSTALMENT CREDIT FINANCIAL INSTITUTIONS (In millions of dollars) (In millions of dollars) Single- Other Repair payment Charge accounts Auto- con- and Per- loans End of period Total m pa o p b e il r e s g p u o a m o p d e e r s r m iz l o o a d a ti e n o r s n n - s lo o a n n a s l End of period Total Com- Other S c e r r e v d i i c t e mer- finan- Retail Credit 1 19 9 4 3 1 9 9 7 5 8 7 9 1 8 2 1 2 2 3 4 6 1 1 5 4 7 6 8 6 5 9 ba ci n a k l s tu in c t i s i a o t l i n - s outlets cards * 1945 731 54 20 14 643 1 1 1 9 9 9 5 6 5 5 0 0 2 5 9 , , , 2 2 3 9 3 5 6 8 0 1,6 7 3 7 6 6 5 3 0 2 5 79 0 3 1 0 0 3 8 1 2 0 2 7 2 1 3 5 1 , , ,6 9 7 1 7 3 5 0 0 1 1 1 9 9 9 4 3 4 1 9 5 2 3 3 , , , 7 2 0 1 8 0 9 7 3 6 6 6 2 9 7 5 3 4 1 1 7 6 5 2 2 2 1 1 1 , , , 6 6 4 4 1 1 5 2 4 5 5 8 1 9 4 8 7 5 1 1 1 9 9 9 6 6 6 5 4 6 1 1 1 8 7 5 , , , 7 2 1 0 9 9 8 9 2 2 3 3 , , , 8 3 7 9 6 2 5 8 7 1 1 1 , , , 3 5 1 6 0 7 7 3 6 1,0 9 9 2 1 7 0 3 2 1 1 1 1 0 2 , , , 5 2 4 8 1 5 5 5 8 1 1 1 9 9 9 5 6 5 5 0 0 1 9 6 3 , , , 9 7 1 6 2 7 8 4 3 2 3 1 , , , 6 8 5 3 7 8 5 6 4 2 3 6 4 2 6 5 3 7 4 4 3, , , 2 8 5 9 9 7 1 3 9 2 43 7 1 6 6 6 2 3 1 , , , 1 3 5 2 3 8 7 7 0 1 1 1 9 9 9 6 6 6 7 9 8 2 2 1 4 2 9 , , , 8 2 9 7 8 5 9 6 2 5 3 4 , , , 1 9 5 1 9 0 9 3 6 2 1 1 , , , 0 6 8 3 7 0 7 7 0 1 1 1 , , , 0 2 1 4 2 3 6 4 2 1 1 1 4 6 3 , , , 7 3 4 7 1 9 1 3 9 1 1 1 9 9 9 6 6 6 4 5 6 2 1 1 0 7 8 , , , 0 5 9 0 7 9 4 6 0 5 6 6 , , , 9 9 6 5 4 9 0 6 0 1,0 9 9 2 8 2 1 6 4 5 5 5 , , , 8 5 7 8 1 2 7 2 4 6 7 8 0 0 7 8 6 4 4 5 4 , , , 5 3 8 0 4 8 7 6 9 1969— J A M u p a n r y e . 2 2 2 3 3 2 , , , 5 1 7 1 7 9 1 2 0 4 4 4 , , , 8 7 6 4 4 5 7 7 2 1 1 1 , , , 9 9 9 9 2 5 4 8 6 1 1 1 , , , 1 1 1 8 4 7 9 3 4 1 1 1 5 5 5 , , , 4 2 0 8 9 6 1 5 7 1 1 1 9 9 9 6 6 6 9 7 8 2 2 2 3 1 4 , , , 3 2 3 0 0 0 1 6 0 7 7 7 , , , 9 3 9 7 4 0 5 0 0 1 1 1 , , ,0 1 1 6 8 9 3 6 8 5 6 6 , , , 9 4 6 3 5 5 9 0 0 1 1 1 , , , 3 0 5 0 2 8 5 9 4 5 6 6 , , , 4 8 9 0 1 7 8 0 0 O D N J S A u e e u o c p l c t v g y t . . . . . . . 2 2 2 2 2 2 3 4 4 4 4 4 , , , , , , 7 1 8 3 2 5 5 1 7 7 8 8 5 3 9 4 7 6 5 4 4 5 5 5 , , , , , , 0 1 0 8 9 0 5 1 8 9 2 6 7 9 5 3 1 7 2 2 2 2 2 2 . . , , , , 0 0 0 0 0 0 3 0 3 4 2 3 7 7 6 2 4 2 1 1 1 1 1 1 , , , , , , 2 2 2 1 2 2 3 1 2 8 0 1 1 9 4 9 7 9 1 1 1 1 1 1 6 5 6 6 5 6 , , , , , , 4 9 0 2 6 0 1 9 5 6 3 1 5 9 6 6 4 5 1969— J J A S M A u u e u p a n p l g y r y e t . . . . . . . . . . . . . . . . . . . . 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , 6 9 9 7 5 6 4 3 0 6 6 5 8 7 8 4 8 2 7 7 8 8 8 7 , , , , , , 0 8 9 0 8 0 3 1 7 4 8 4 1 7 9 6 2 0 1 1 1 1 1 1 , , , , , , 2 1 1 1 1 1 0 9 7 9 9 7 1 6 4 4 3 6 5 5 5 5 5 5 , , , , , , 5 4 2 6 5 4 4 3 3 0 4 7 1 8 7 9 8 4 1 1 1 1 1 1 , , , , , , 4 4 5 3 3 5 2 9 5 2 5 6 8 8 0 0 7 2 6 6 6 6 6 6 , , , , , , 6 5 7 7 6 5 0 8 4 9 7 7 5 7 8 5 9 2 1970— M F Ja e a n b r . . . . 2 2 2 4 4 4 , , , 7 7 6 5 6 8 1 6 4 5 5 5 , . . 0 0 0 6 9 6 5 2 6 2 2 2 , , , 0 0 0 2 1 26 1 8 1 1 1 , , , 2 2 2 1 0 1 5 9 2 1 1 1 6 6 6 , , , 3 4 4 8 4 4 1 7 9 D O No e c v c t . . . . . . . . 2 2 2 2 4 2 , , , 6 3 9 6 0 0 5 0 0 7 7 7 , , , 7 8 9 9 3 0 5 7 0 1 1 1 , , , 2 1 1 0 9 8 5 8 6 5 6 5 , , , 5 6 6 6 8 5 8 5 0 1 1 1 , , , 5 5 5 1 5 8 7 3 4 6 6 6 , , , 5 9 6 5 6 7 5 2 0 Apr. 24,885 5,137 2,024 1,212 16,512 1970—Jan.. .. 23,672 7,887 1,205 5,932 1,607 7,041 Feb.... 23,185 7,857 1,217 5,210 1,579 7,322 un N io O n T s, E i . n — d I u n s s t t r i i t a u l t io lo n a s n r ep co r m ese p n a t n e i d e s a , r e m c u o t n u s a u l m s e a r v i f n in g a s n c b e a n co k m s, p s a a n v i i e n s g , s c r a e n d d it A M p a r r .... 2 2 3 3 , , 0 2 3 9 6 8 7 7 , , 8 8 4 9 3 2 1 1 , , 2 2 1 1 1 0 5 5, , 2 0 8 6 9 2 1 1 , , 5 6 8 1 3 1 7 7 , , 3 2 3 9 7 6 loan assns., and other lending institutions holding consumer instalment credit. i Service station and miscellaneous credit-card accounts and home- See also NOTE to first table on previous page. heating-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 • JUNE 1970 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R r e n p iz a a ir t io a n n d l oans Personal loans PPeerriioodd S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions 11996644 77777770000000,,,,,,,666666677777770000000 22222224444444,,,,,,,000000044444446666666 22222220000000,,,,,,,888888822222221111111 2222222,,,,,,,222222222222225555555 22222223333333,,,,,,,555555577777778888888 1965 77777778888888,,,,,,,555555588888886666666 22222227777777,,,,,,,222222222222227777777 22222222222222,,,,,,,777777755555550000000 2222222,,,,,,,222222266666666666666 22222226666666,,,,,,,333333344444443333333 1966 88888882222222,,,,,,,333333333333335555555 22222227777777,,,,,,,333333344444441111111 22222225555555,,,,,,,555555599999991111111 2222222,,,,,,,222222200000000000000 22222227777777,,,,,,,222222200000003333333 1967 88888884444444,,,,,,,666666699999993333333 22222226666666,,,,,,,666666666666667777777 22222226666666,,,,,,,999999955555552222222 2222222,,,,,,,111111111111113333333 22222228888888,,,,,,,999999966666661111111 1968 99999997777777,,,,,,,000000055555553333333 33333331111111,,,,,,,444444422222224444444 33333330000000,,,,,,,555555599999993333333 2222222,,,,,,,222222266666668888888 33333332222222,,,,,,,777777766666668888888 1969 111111100000002222222,,,,,,,888888888888888888888 33333332222222,,,,,,,333333355555554444444 33333333333333,,,,,,,000000077777779999999 2222222,,,,,,,222222277777778888888 33333335555555,,,,,,,111111177777777777777 111999666999———AAAppp rrr 8,720 9999999,,,,,,,000000022222224444444 2,772 3333333,,,,,,,000000022222223333333 2,763 2222222,,,,,,,666666666666668888888 219 222222211111116666666 2,966 3333333,,,,,,,111111111111117777777 MMMaaayyy 8,680 8888888,,,,,,,999999966666660000000 2,757 2222222,,,,,,,999999988888885555555 2,767 2222222,,,,,,,777777766666660000000 209 222222244444446666666 2,947 2222222,,,,,,,999999966666669999999 JJJuuunnneee 8,705 9999999,,,,,,,111111166666669999999 2,725 3333333,,,,,,,000000044444445555555 2,869 2222222,,,,,,,888888833333332222222 218 222222244444445555555 2.893 3333333,,,,,,,000000044444447777777 JJJuuulllyyy 8,521 8888888,,,,,,,999999922222220000000 2,582 2222222,,,,,,,888888822222228888888 2,777 2222222,,,,,,,777777777777778888888 185 222222211111114444444 2,977 3333333,,,,,,,111111100000000000000 AAAuuuggg 8,680 8888888,,,,,,,333333300000004444444 2,634 2222222,,,,,,,555555599999993333333 2,819 2222222,,,,,,,777777766666664444444 177 222222200000006666666 3,050 3333333,,,,,,,000000044444441111111 SSSeeepppttt 8,669 8888888,,,,,,,444444488888885555555 2,794 2222222,,,,,,,555555566666666666666 2,740 2222222,,,,,,,777777799999994444444 180 111111199999994444444 2,955 2222222,,,,,,,999999933333331111111 OOOcccttt 8,661 8888888,,,,,,,777777799999997777777 2,808 2222222,,,,,,,999999933333339999999 2,707 2222222,,,,,,,888888800000005555555 175 111111188888883333333 2,971 2222222,,,,,,,888888877777770000000 NNNooovvv 8,632 8888888,,,,,,,111111177777773333333 2,683 2222222,,,,,,,444444433333333333333 2,841 2222222,,,,,,,888888811111117777777 164 111111166666660000000 2,944 2222222,,,,,,,777777766666663333333 DDDeeeccc 8,344 11111110000000,,,,,,,000000099999996666666 2,472 2222222,,,,,,,444444477777779999999 2,838 4444444,,,,,,,000000000000004444444 169 111111144444449999999 2,865 3333333,,,,,,,444444466666664444444 111999777000———JJJaaa nnn 8,521 7777777,,,,,,,444444499999990000000 2,479 2222222,,,,,,,111111133333330000000 2,925 2222222,,,,,,,666666666666663333333 160 111111111111118888888 2,957 2222222,,,,,,,555555577777779999999 FFFeeebbb 8,625 7777777,,,,,,,111111100000006666666 2,536 2222222,,,,,,,222222211111114444444 3,018 2222222,,,,,,,222222277777775555555 179 111111133333337777777 2,892 2222222,,,,,,,444444488888880000000 MMMaaarrr 8,392 8888888,,,,,,,222222244444443333333 2,496 2222222,,,,,,,555555588888884444444 2,922 2222222,,,,,,,777777722222225555555 165 111111155555552222222 2,809 2222222,,,,,,,777777788888882222222 AAAppprrr 8,491 8888888,,,,,,,777777777777773333333 2,571 2222222,,,,,,,777777777777776666666 2,843 2222222,,,,,,,777777799999992222222 183 111111188888885555555 2.894 3333333,,,,,,,000000022222220000000 Repayments 111999666444 66666663333333,,,,,,,444444477777770000000 22222221111111,,,,,,,333333366666669999999 11111118888888,,,,,,,666666666666666666666 2222222,,,,,,,000000088888886666666 22222221111111,,,,,,,333333344444449999999 1965 66666669999999,,,,,,,999999955555557777777 22222223333333,,,,,,,555555544444443333333 22222220000000,,,,,,,555555511111118888888 2222222,,,,,,,111111111111116666666 22222223333333,,,,,,,777777788888880000000 1966 77777776666666,,,,,,,111111122222220000000 22222225555555,,,,,,,444444400000004444444 22222223333333,,,,,,,111111177777778888888 2222222,,,,,,,111111111111110000000 22222225555555,,,,,,,444444422222228888888 1967 88888881111111,,,,,,,333333300000006666666 22222226666666,,,,,,,444444499999999999999 22222225555555,,,,,,,555555533333335555555 2222222,,,,,,,111111144444442222222 22222227777777,,,,,,,111111133333330000000 1968 88888888888888,,,,,,,000000088888889999999 22222228888888,,,,,,,000000011111118888888 22222228888888,,,,,,,000000088888889999999 2222222,,,,,,,111111133333332222222 22222229999999,,,,,,,888888855555550000000 1969 99999994444444,,,,,,,666666600000009999999 22222229999999,,,,,,,888888888888882222222 33333330000000,,,,,,,333333366666669999999 2222222,,,,,,,111111166666663333333 33333332222222,,,,,,,111111199999995555555 111999666999———AAAppp rrr 7,960 8888888,,,,,,,000000033333333333333 2,519 2222222,,,,,,,555555555555552222222 2,569 2222222,,,,,,,555555577777775555555 185 111111188888887777777 2,687 2222222,,,,,,,777777711111119999999 MMMaaayyy 7,834 7777777,,,,,,,888888811111110000000 2,488 2222222,,,,,,,444444488888888888888 2,507 2222222,,,,,,,555555522222223333333 183 111111188888885555555 2,656 2222222,,,,,,,666666611111114444444 JJJuuunnneee 7,910 7777777,,,,,,,888888899999995555555 2,460 2222222,,,,,,,444444477777771111111 2,602 2222222,,,,,,,555555511111112222222 183 111111188888887777777 2,665 2222222,,,,,,,777777722222225555555 JJJuuulllyyy 7,899 8888888,,,,,,,111111177777774444444 2,471 2222222,,,,,,,555555555555551111111 2,511 2222222,,,,,,,555555566666662222222 191 111111199999997777777 2,726 2222222,,,,,,,888888866666664444444 AAAuuuggg 8,080 7777777,,,,,,,777777700000005555555 2,562 2222222,,,,,,,444444422222229999999 2,574 2222222,,,,,,,444444466666669999999 185 111111188888882222222 2,759 2222222,,,,,,,666666622222225555555 SSSeeepppttt 7,971 7777777,,,,,,,888888866666661111111 2.498 2222222,,,,,,,444444499999990000000 2,600 2222222,,,,,,,555555522222229999999 156 111111166666661111111 2,717 2222222,,,,,,,666666688888881111111 OOOcccttt 7,992 8888888,,,,,,,333333300000003333333 2,463 2222222,,,,,,,666666666666661111111 2,615 2222222,,,,,,,666666688888882222222 189 111111199999995555555 2,725 2222222,,,,,,,777777766666665555555 NNNooovvv... 8,012 7777777,,,,,,,555555544444445555555 2,503 2222222,,,,,,,333333388888882222222 2,623 2222222,,,,,,,444444444444449999999 179 111111166666668888888 2,707 2222222,,,,,,,555555544444446666666 DDDeeeccc 7,929 8888888,,,,,,,444444400000005555555 2.499 2222222,,,,,,,555555522222227777777 2,552 2222222,,,,,,,666666611111118888888 185 111111188888885555555 2,693 3333333,,,,,,,000000077777775555555 111999777000———JJJaaa nnn 8,141 8888888,,,,,,,222222255555557777777 2,469 2222222,,,,,,,444444444444441111111 2,722 2222222,,,,,,,999999922222226666666 168 111111166666667777777 2,782 2222222,,,,,,,777777722222223333333 FFFeeebbb 8,207 7777777,,,,,,,666666611111116666666 2,550 2222222,,,,,,,333333388888886666666 2,761 2222222,,,,,,,666666633333334444444 171 111111155555558888888 2,725 2222222,,,,,,,444444433333338888888 MMMaaarrr 8.194 8888888,,,,,,,444444477777773333333 2,501 2222222,,,,,,,666666611111115555555 2,792 2222222,,,,,,,888888899999998888888 169 111111177777771111111 2,732 2222222,,,,,,,777777788888889999999 AAAppprrr 8.195 8888888,,,,,,,333333333333331111111 2,527 2222222,,,,,,,666666600000000000000 2,729 2222222,,,,,,,777777755555556666666 173 111111177777776666666 2,766 2222222,,,,,,,777777799999999999999 Net change in credit outstanding 2 111999666444 7777777,,,,,,,222222200000000000000 2222222,,,,,,,666666677777777777777 2222222,,,,,,,111111155555555555555 111111133333339999999 2222222,,,,,,,222222222222229999999 1965 8888888,,,,,,,666666622222229999999 3333333,,,,,,,666666688888884444444 2222222,,,,,,,222222233333332222222 111111155555550000000 2222222,,,,,,,555555566666663333333 1966 6666666,,,,,,,222222211111115555555 1111111,,,,,,,999999933333337777777 2222222,,,,,,,444444411111113333333 99999990000000 1111111,,,,,,,777777777777775555555 1967 3333333,,,,,,,333333388888887777777 111111166666668888888 1111111,,,,,,,444444411111117777777 -------22222229999999 1111111,,,,,,,888888833333331111111 1968 8888888,,,,,,,999999966666664444444 3333333,,,,,,,444444400000006666666 2222222,,,,,,,555555500000004444444 111111133333336666666 2222222,,,,,,,999999911111118888888 1969 8888888,,,,,,,222222277777779999999 2222222,,,,,,,444444477777772222222 2222222,,,,,,,777777711111110000000 111111111111115555555 2222222,,,,,,,999999988888882222222 1969—Ap r 760 999999999999991111111 253 444444477777771111111 194 99999993333333 34 22222229999999 279 333333399999998888888 May 846 1111111,,,,,,,111111155555550000000 269 444444499999997777777 260 222222233333337777777 26 66666661111111 291 333333355555555555555 June 795 1111111,,,,,,,222222277777774444444 265 555555577777774444444 267 333333322222220000000 35 55555558888888 228 333333322222222222222 July 622 777777744444446666666 222222277777777777777 266 222222211111116666666 -6 11111117777777 251 222222233333336666666 Aug 600 888888899999999999999 72 111111166666664444444 245 222222299999995555555 -8 22222224444444 291 444444411111116666666 Sept 698 666666622222224444444 296 77777776666666 140 222222266666665555555 24 33333333333333 238 222222255555550000000 Oct 669 444444499999994444444 345 222222277777778888888 92 111111122222223333333 -14 -------11111112222222 246 111111100000005555555 Nov 620 666666622222228888888 180 55555551111111 218 333333366666668888888 -15 -------8888888 237 222222211111117777777 Dec 415 1111111,,,,,,,666666699999991111111 -27 -------44444448888888 286 1111111,,,,,,,333333388888886666666 -16 -------33333336666666 172 333333388888889999999 1970—Ja n 380 -------777777766666667777777 10 -------333333311111111111111 203 -------222222266666663333333 -8 -------44444449999999 175 -------111111144444444444444 Feb 418 -------555555511111110000000 -14 -------111111177777772222222 257 -------333333355555559999999 8 -------22222221111111 167 44444442222222 Mar 198 -------222222233333330000000 -5 -------33333331111111 130 -------111111177777773333333 -4 -------11111119999999 77 -------7777777 Apr 296 444444444444442222222 44 111111177777776666666 114 33333336666666 10 9999999 128 222222222222221111111 1 Includes adjustments for differences in trading days. purchases and sales of instalment paper, and certain other transac- 9 Net changes in credit outstanding are equal to extensions less tions may increase the amount of extensions and repayments repayments. without affecting the amount outstanding. For back figures and description of the data, see "Consumer NOTE.—Estimates are based on accounting records and often Credit," Section 16 (New) of Supplement to Banking and Monetary include financing charges. Renewals and refinancing of loans, Statistics, 1965, and pp. 983-1003 of the BULLETIN for Dec. 1968. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1970 • CONSUMER CREDIT A 57 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Total Commercial banks S c a o le m s p f a in n a i n es c e Ot i h n e s r ti t f u in ti a o n n c s i al Retail outlets Period S.A.1 N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. Extensions 1964. 70,670 25,950 12,613 18,797 13,310 1965. 78,586 29,528 13,722 20,906 14,430 1966. 82,335 30,073 14,278 21,490 16,494 1967. 84,693 30,850 13,833 22,574 17,436 1968. 97,053 36,332 15,909 25,777 19,035 1969. 102,888 38,533 17,141 27,958 19,256 1969—Apr.. 8,720 9,024 3,318 3,585 405 1,463 2,378 2,447 619 1,529 May. 8,680 8,960 3,236 3,436 451 1,478 2,365 2,428 628 1,618 June. 8,705 9,169 3,272 3,540 436 1,566 2,323 2,479 674 1,584 July. 8,521 8,920 3,041 3,323 400 1,507 2,439 2,539 641 1,551 Aug.. 8,680 8,604 3,148 3,162 431 1,401 2,470 2,463 631 1,578 Sept.. 8,669 8,485 3,292 3,203 440 1,396 2,332 2,280 605 1,606 Oct.. 8,661 8,797 3,298 3,346 518 1,603 2,341 2,267 504 1,581 Nov.. 8,632 8,173 3,213 2,845 490 1,381 2,291 2,217 638 1,730 Dec.. 8,344 10,096 3,179 3,302 331 1,568 2,213 2,670 621 2,556 1970—Jan.. 8,521 7,490 3,047 2,751 401 1,201 2,339 1,979 734 1,559 Feb.. 8,625 7,106 3,167 2,735 386 1,172 2,322 1,991 750 1,208 Mar.. 8,392 8,243 3,193 3,206 344 1,315 2,217 2,220 638 1,502 Apr.. 8,491 8,773 3,208 3,450 417 1,475 2,283 2,335 583 1,513 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—Apr.. 7,960 8,033 2,967 2,988 236 1,298 2,140 2,153 617 1,594 May. 7,834 7,810 2,917 2,943 278 1,260 2,091 2,046 548 1,561 June. 7,910 7,895 2,989 2,971 223 1,241 2,079 2,140 619 1,543 July. , 7,899 8,174 2,859 2,991 330 1,341 2,181 2,295 529 1,547 Aug.. 8,080 7,705 2,958 2,878 386 1,263 2,228 2.105 508 1,459 Sept.. 7,971 7,861 2,919 2,942 355 1,301 2,133 2.106 564 1,512 Oct.. 7,992 8,303 2,986 3,133 324 1,394 2,148 2,180 534 1,596 Nov.. 8,012 7,545 3,020 2,804 346 1,282 2,117 2,005 529 1,454 Dec.. 7,929 8,405 2,977 3,044 309 1,438 2,094 2,377 549 1,546 1970—Jan.. 8,141 8,257 2,962 2,912 320 1,296 2.197 2,174 662 1,875 Feb.. 8,207 7,616 3,101 2,889 321 1,223 2,146 1,924 639 1,580 Mar.. 8.194 8,473 3,119 3,240 300 1,381 2,154 2,205 621 1,647 Apr.. 8.195 8,331 3,081 3,161 334 1,389 2.198 2,216 582 1,565 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—Apr.. 760 991 351 597 169 165 238 294 2 -65 May. 846 1,150 319 493 173 218 274 382 80 57 J J u u n ly e . . 7 6 9 2 5 2 1,2 7 7 4 4 6 2 1 8 8 3 2 5 3 6 3 9 2 21 7 3 0 3 1 2 6 5 6 2 25 4 8 4 3 2 3 4 9 4 1 5 1 5 2 41 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 A F M e p a b r r . . . . . . 2 4 1 9 1 9 6 8 8 - - 5 2 4 1 3 4 0 0 2 1 6 7 2 4 7 6 -1 - 2 3 5 8 4 4 9 6 4 8 5 4 3 - - 5 6 8 1 6 6 1 6 8 7 3 5 6 1 6 1 1 7 9 5 11 1 1 7 1 - -1 3 -5 4 7 2 5 2 1 Includes adjustments for differences in trading days. tween extensions and repayments for some particular holders do 2 Net changes in credit outstanding are equal to extensions less not equal the changes in their outstanding credit. Such transfers do repayments, except in certain months when data for extensions and not affect total instalment credit extended, repaid, or outstanding. repayments have been adjusted to eliminate duplication resulting See also NOTE to previous table. from large transfers of paper. In those months the differences be- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 58 INDUSTRIAL PRODUCTION: S.A. • JUNE 1970 MARKET GROUPINGS (1957-59= 100) GGrroouuppiinngg 1199 pp pp tt 55 ii rr oo oo 77 oo rr nn -- -- -- 55 99 aa 1 a 1 a vv 99 gg ee 66 ee rr 99 pp -- Apr. May June July A 19 u 6 g 9 . Sept. Oct. Nov. Dec. Jan. Feb. 1 r 97 M 0 ar.r Apr.r Total index 111111111111000000000000000000000000............000000000000000000000000 111177772222....8888 111177771111....7777 111177772222....5555 111177773333....7777 111177774444....6666 111177774444....3333 111177773333....9999 111177773333....1111 111177771111....4444 111177771111....1111 111177770000....4444 111177770000....5555 111177771111....1111 170.4 Final products, total 444444444444777777777777............333333333333555555555555 111177770000....8888 111177770000....2222 111177770000....0000 111177770000....7777 111177772222....8888 111177772222....7777 111177772222....2222 111177770000....9999 111166668888....4444 111166668888....5555 111166668888....5555 111166669999....9999 111177770000....0000 168.7 Consumer goods 333333333333222222222222............333333333333111111111111 111166662222....5555 111166661111....8888 111166660000....7777 111166661111....5555 111166664444....4444 111166664444....2222 111166662222....8888 111166661111....2222 111166660000....5555 111166660000....7777 111166661111....5555 111166662222....4444 111166662222....6666 162.9 Equipment, including defense.... 111111111111555555555555............000000000000444444444444 111188888888....6666 111188888888....4444 111199990000....0000 111199990000....4444 111199990000....8888 111199990000....3333 111199992222....4444 111199991111....9999 111188885555....6666 111188885555....2222 111188883333....6666 111188886666....2222 111188885555....7777 181.0 Materials 555555555555222222222222............666666666666555555555555 111177774444....6666 111177772222....9999 111177774444....5555 111177776666....3333 111177776666....5555 111177775555....9999 111177776666....0000 111177775555....4444 111177774444....6666 111177773333....9999 111177772222....5555 111177771111....5555 111177772222....1111 172.0 Consumer goods Automotive products 333333333333............222222222222111111111111 111177773333....2222 111166666666....1111 111166665555....8888 111177778888....7777 111188884444....6666 111177779999....5555 111177776666....6666 111177772222....8888 111166668888....0000 111166660000....9999 111155555555....3333 111155554444....8888 111166660000....3333 158.0 Autos 111111111111............888888888888222222222222 111166662222....8888 111144449999....6666 111144448888....9999 111166668888....3333 111177778888....7777 111177778888....4444 111166669999....9999 111166664444....0000 111155553333....8888 111144441111....6666 111133332222....9999 111122227777....6666 111133338888....8888 136.9 Auto parts and allied products 111111111111............333333333333999999999999 111188886666....8888 111188887777....9999 111188888888....0000 111199992222....3333 111199992222....4444 111188881111....0000 111188885555....4444 111188884444....4444 111188886666....7777 111188886666....2222 111188884444....9999 111199990000....7777 111188888888....5555 185.8 Home goods and apparel 111111111111000000000000............000000000000000000000000 111155559999....3333 111166661111....5555 111166661111....9999 111155559999....7777 111166660000....8888 111155559999....3333 111155556666....7777 111155556666....2222 111155550000....9999 111155551111....0000 111155552222....3333 111155553333....6666 111155555555....2222 154.9 Home goods 444444444444............555555555555999999999999 111188884444....0000 111188886666....1111 111188885555....9999 111188886666....1111 111188884444....4444 111188884444....5555 111188881111....2222 111177779999....5555 111166666666....7777 111166666666....8888 111166669999....6666 111177774444....8888 111177779999....6666 179.5 Appliances, TV, and radios 111111111111............888888888888111111111111 111188880000....2222 111188882222....0000 111188882222....0000 111188880000....2222 111188881111....8888 111188881111....9999 111177776666....5555 111177775555....2222 111144442222....2222 111144440000....1111 111144449999....0000 111166668888....6666 111177778888....1111 177.9 Appliances 111111111111............333333333333333333333333 111199992222....4444 111199990000....1111 111199992222....7777 111199990000....7777 111199995555....6666 111199995555....0000 111188888888....2222 111188887777....2222 111144447777....8888 111155551111....0000 111166662222....5555 111188886666....5555 111199999999....1111 205.4 TV and home radios ............444444444444777777777777 111144445555....6666 111155558888....9999 111155551111....9999 111155550000....6666 111144443333....0000 111144444444....9999 111144443333....6666 111144441111....3333 111122226666....2222 111100009999....6666 111111111111....0000 111111118888....2222 111111119999....1111 100.3 Furniture and rugs 111111111111............222222222222666666666666 111188880000....3333 111188883333....3333 111188883333....4444 111188884444....0000 111188880000....0000 111177779999....7777 111177777777....9999 111177775555....7777 111177776666....0000 111177775555....0000 111177773333....8888 111166669999....2222 111177770000....9999 170.6 Miscellaneous home goods 111111111111............555555555555222222222222 111199991111....5555 111199993333....4444 111199992222....6666 111199994444....8888 111199991111....1111 111199991111....6666 111188889999....4444 111188887777....8888 111188888888....2222 111199991111....7777 111199990000....5555 111188886666....7777 111188888888....4444 188.8 Apparel, knit goods, and shoes 555555555555............444444444444111111111111 111133338888....5555 111144440000....6666 111144441111....5555 111133337777....4444 111144440000....9999 111133338888....0000 111133335555....9999 111133336666....4444 111133337777....5555 111133337777....7777 111133337777....6666 111133335555....7777 111133334444....5555 Consumer staples 111111111111999999999999............111111111111000000000000 111166662222....4444 111166661111....2222 111155559999....2222 111155559999....6666 111166662222....9999 111166664444....1111 111166663333....7777 111166661111....8888 111166664444....2222 111166665555....7777 111166667777....3333 111166668888....2222 111166667777....0000 168.0 Processed foods 888888888888............444444444444333333333333 111133336666....6666 111133337777....1111 111133336666....4444 111133336666....1111 111133335555....3333 111133338888....8888 111133337777....9999 111133332222....3333 111133336666....5555 111133337777....0000 111133338888....7777 111133339999....5555 111133338888....5555 140.2 Beverages and tobacco 222222222222............444444444444333333333333 111144446666....8888 111144443333....7777 111133337777....9999 111144440000....4444 111144447777....8888 111155552222....3333 111155552222....6666 111144448888....9999 111144445555....0000 111144449999....6666 111155551111....7777 111155554444....6666 111155556666....0000 Drugs, soap, and toiletries 222222222222............999999999999777777777777 222200009999....0000 222200009999....9999 222200008888....0000 222200006666....1111 222211111111....9999 222200007777....2222 222200008888....6666 222211110000....4444 222211113333....2222 222211117777....0000 222211117777....6666 222211117777....9999 222211116666....5555 217.8 Newspapers, magazines, and books. 111111111111............444444444444777777777777 111144447777....1111 111144445555....9999 111144447777....3333 111144446666....3333 111144447777....5555 111144447777....6666 111144449999....8888 111144447777....1111 111144448888....9999 111144449999....7777 111144447777....7777 111144447777....6666 111144446666....1111 146.0 Consumer fuel and lighting 333333333333............666666666666777777777777 111199999999....6666 111199994444....1111 111188889999....8888 111199992222....7777 222200001111....6666 222200001111....1111 111199998888....6666 222200003333....9999 222200006666....0000 222200006666....0000 222211110000....0000 222211110000....3333 222200007777....1111 Fuel oil and gasoline 111111111111............222222222222000000000000 111144444444....6666 111144442222....4444 111144443333....9999 111144446666....8888 111144446666....1111 111144444444....4444 111144446666....1111 111155550000....9999 111155552222....7777 111144448888....4444 111155550000....3333 111144446666....5555 111155550000....1111 152.1 Residential utilities 222222222222............444444444444666666666666 222222226666....3333 222211119999....3333 222211112222....2222 222211115555....1111 222222228888....7777 222222228888....7777 222222224444....2222 222222229999....8888 222233332222....0000 222233334444....1111 222233339999....1111 222244441111....5555 222233335555....0000 Electricity 111111111111............777777777777222222222222 222244449999....7777 222244440000....6666 222233330000....0000 222233333333....7777 222255552222....6666 222255552222....2222 222244445555....3333 222255552222....9999 222255555555....6666 222255558888....2222 222266664444....7777 222266667777....5555 222255557777....7777 Gas ............777777777777444444444444 Equipment Business equipment 111111111111111111111111............666666666666333333333333 119955..66 119944..11 119955..77 119977..00 119966..99 119977..00 220000..44 220000..99 119944..44 119933..88 119922..88 119966..99 119977..11 192.7 Industrial equipment 666666666666............888888888888555555555555 117799..11 117788..66 118800..99 118822..77 118811..22 118800..33 118833..99 118822..99 117744..44 117766..33 117755..00 118844..99 118855..55 181.9 Commercial equipment 222222222222............444444444444222222222222 222200..00 222200..11 222211..77 222211..00 222200..55 222211..33 222222..99 222244..99 222233..33 222233..66 222233..00 222222..44 222255..00 223.4 Freight and passenger equipment. .. 111111111111............777777777777666666666666 224466..77 223399..77 223388..44 224400..88 225500..55 224499..77 225511..99 225544..55 225522..88 224400..99 223399..55 223311..88 222266..11 215.3 Farm equipment ............666666666666111111111111 113366..88 113333..99 113344..99 113355..22 112244..44 113366..00 114466..88 115533..11 113366..55 113355..44 113388..44 113300..33 113344..00 Defense equipment 333333333333............444444444444111111111111 Materials Durable goods materials 222222222222666666666666............777777777777333333333333 111116666655555.....55555 111116666655555.....88888 111116666655555.....55555 111116666677777.....00000 111116666677777.....00000 111116666677777.....33333 111116666666666.....66666 111116666655555.....88888 111116666633333.....55555 111116666611111.....88888 111116666600000.....11111 111115555577777.....99999 111115555599999.....11111 159.1 Consumer durable 333333333333............444444444444333333333333 111116666633333.....99999 111115555577777.....99999 111115555566666.....66666 111116666622222.....77777 111116666633333.....00000 111116666699999.....55555 111117777711111.....77777 111116666666666.....44444 111115555588888.....55555 111115555500000.....99999 111114444488888.....77777 111114444422222.....33333 111114444433333.....00000 143.5 Equipment 777777777777............888888888888444444444444 111119999911111.....99999 111119999900000.....33333 111119999911111.....77777 111119999933333.....22222 111119999933333.....22222 111119999955555.....11111 111119999977777.....22222 111119999944444.....88888 111119999900000.....77777 111118888899999.....88888 111118888888888.....66666 111118888888888.....66666 111118888899999.....88888 183.8 Construction 999999999999............111111111111777777777777 111115555522222.....44444 111115555533333.....22222 111115555533333.....00000 111115555511111.....77777 111115555500000.....00000 111114444499999.....99999 111114444499999.....88888 111114444499999.....66666 111115555500000.....22222 111115555500000.....44444 111115555511111.....22222 111115555500000.....77777 111114444488888.....99999 148.9 Metal materials n.e.c 666666666666............222222222222999999999999 111115555522222.....88888 111115555511111.....55555 111114444488888.....44444 111115555533333.....66666 111115555566666.....22222 111115555533333.....55555 111114444499999.....33333 111115555533333.....33333 111115555566666.....11111 111115555555555.....44444 111114444499999.....44444 111115555500000.....22222 111115555522222.....33333 148.8 Nondurable materials 222222222222555555555555............999999999999222222222222 111118888833333.....99999 111118888800000.....33333 111118888833333.....77777 111118888855555.....99999 111118888866666.....44444 111118888844444.....77777 111118888855555.....55555 111118888855555.....33333 111118888866666.....00000 111118888866666.....55555 111118888855555.....33333 111118888855555.....55555 111118888855555.....55555 185.3 Business supplies 999999999999............111111111111111111111111 111116666666666.....66666 111116666622222.....33333 111116666655555.....99999 111116666666666.....33333 111116666677777.....11111 111116666677777.....44444 111116666677777.....00000 111116666677777.....44444 111116666666666.....99999 111116666688888.....55555 111116666677777.....55555 111116666666666.....22222 111116666644444.....77777 164.5 Containers 333333333333............000000000000333333333333 111116666688888.....66666 111116666655555.....00000 111116666688888.....22222 111116666677777.....55555 111116666655555.....55555 111116666666666.....77777 111116666677777.....88888 111116666699999.....99999 111116666655555.....66666 111117777744444.....00000 111117777733333.....77777 111116666699999.....33333 111116666644444.....66666 165.2 General business supplies 666666666666............000000000000777777777777 111116666655555.....55555 111116666600000.....99999 111116666644444.....77777 111116666655555.....77777 111116666677777.....99999 111116666677777.....88888 111116666666666.....66666 111116666666666.....11111 111116666677777.....66666 111116666655555.....88888 111116666644444.....44444 111116666644444.....77777 111116666644444.....88888 164.1 Nondurable materials n.e.c 777777777777............444444444444000000000000 222223333377777.....88888 222223333322222.....33333 222223333366666.....66666 222223333399999.....44444 222224444411111.....66666 222223333388888.....22222 222224444400000.....22222 222223333399999.....00000 222224444422222.....00000 222224444400000.....00000 222223333399999.....55555 222223333399999.....00000 222223333388888.....99999 237.2 Business fuel and power 999999999999............444444444444111111111111 111115555588888.....22222 111115555566666.....99999 111115555599999.....33333 111116666622222.....88888 111116666611111.....66666 111115555599999.....44444 111115555599999.....88888 111116666600000.....44444 111116666600000.....44444 111116666611111.....77777 111115555599999.....88888 111116666622222.....00000 111116666633333.....77777 164.7 Mineral fuels 666666666666............000000000000777777777777 111113333344444.....99999 111113333344444.....22222 111113333377777.....44444 111114444411111.....88888 111113333399999.....77777 111113333366666.....55555 111113333377777.....77777 111113333355555.....77777 111113333366666.....55555 111113333377777.....77777 111113333355555.....33333 111113333377777.....11111 111113333388888.....55555 139.9 Nonresidential utilities 222222222222............888888888888666666666666 222221111166666.....77777 222221111133333.....77777 222221111144444.....99999 222221111166666.....11111 222221111166666.....77777 222221111177777.....33333 222222222211111.....11111 222222222222222.....88888 222222222200000.....99999 222222222222222.....55555 222222222222222.....44444 222222222255555.....00000 222222222266666.....33333 Electricity 222222222222............333333333333222222222222 222222222200000.....66666 222221111166666.....77777 222221111188888.....11111 222222222200000.....00000 222222222200000.....55555 222222222211111.....11111 222222222255555.....88888 222222222277777.....88888 222222222255555.....44444 222222222277777.....33333 222222222277777.....11111 222223333300000.....22222 222223333311111.....88888 General industrial 111111111111............000000000000333333333333 222221111166666.....11111 222221111122222.....44444 222221111133333.....44444 222221111166666.....44444 222221111166666.....77777 222221111199999.....22222 222222222211111.....44444 222222222244444.....77777 222221111188888.....44444 222222222211111.....11111 222221111166666.....55555 222221111188888.....11111 222221111199999.....44444 Commercial and other 111111111111............222222222222111111111111 222223333366666.....11111 222223333311111.....77777 222223333333333.....44444 222223333344444.....77777 222223333355555.....66666 222223333344444.....77777 222224444411111.....77777 222224444422222.....77777 222224444433333.....44444 222224444444444.....88888 222224444488888.....55555 222225555533333.....11111 222225555544444.....88888 Gas ............555555555555444444444444 Supplementary groups of consumer goods Automotive and home goods 77..8800 117799..55 117777..99 117777..66 118833..00 118844..55 118822..44 117799..33 117766..88 116677..22 116644..44 116633..77 116666..66 117711..66 170.7 Apparel and staples 2244..5511 115577..11 115566..66 115555..33 115544..77 115588..11 115588..44 115577..66 115566..22 115588..33 115599..55 116600..88 116611..00 115599..88 For NOTE see p. A-61. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1970 • INDUSTRIAL PRODUCTION: S.A. A 59 INDUSTRY GROUPINGS (1957-59 = 100) Grouping 19 p p 5 r o 7 o r - - - 59 a 1 v 9 e 6 r 9 - 1969 1970 tion agef Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb.r Mar.r Apr. Total index 100.00 172.8 171.7 172.5 173.7 174.6 174.3 173.9 173.1 171.4 171.1 170.4 170.5 Manufacturing, total 86.45 173.9 173.0 173.8 174.8 175.6 175.4 175.2 173.9 171.8 171.3 170.2 170.3 Durable 48.07 176.5 175.7 176.7 178.3 178.7 178.8 178.7 177.3 172.1 171. 169.7 169.6 Nondurable 38.38 170.6 169.6 170.3 170.5 171.8 171.3 170.9 169.5 171.5 171.5 171.0 171.3 Mining 8.23 130.2 128.8 130.3 134.4 133.2 131.2 131.6 130.2 132.6 134.4 131.7 134.2 Utilities 5.32 221.2 216.3 213.6 215.6 222.2 222.6 222.5 226.0 226.0 227.9 230.1 232.7 Durable manufactures Primary and fabricated metals 12.32 162.5 161.2 162.3 165.1 164.1 164.1 162.3 163.1 162.9 161.1 159.2 156.5 Primary metals 6.95 149. 147.9 149.3 153.1 152.4 151.3 149.3 150.4 150.3 147.7 143.1 139.2 Iron and steel 5.45 140.3 141.2 141.6 145.6 145.3 141.1 141.4 141.5 142.7 138.8 135.2 129.8 Nonferrous metals and products 1.50 181.1 186.2 184.3 190.8 181.8 177.9 178.6 178.7 183. 181. 174.8 177.3 Fabricated metal products 5.37 179.8 178.3 179.2 180.6 179.1 180.6 179.1 179.4 179.2 178.4 180.0 178.9 Structural metal parts 2.86 173.3 174.4 173. 173.8 170.8 171.5 171.5 172.5 174.5 177.1 175.4 174.6 M Ma a c c h h i i n n e e r r y y and related products 2 1 7 4 .98 .8 0 1 1 8 9 8. 5 4 .7 1 1 8 9 7. 4 4 .6 1 1 8 9 8. 6 4 .9 1 1 9 9 0. 7 3 .2 1 1 9 9 2. 8 3 .1 1 1 9 9 2. 9 0 .4 2 19 0 2. 1 7 .2 1 1 9 9 0. 9 0 .0 1 1 8 8 1 7 .1 .4 1 1 8 8 0. 8 3 .7 1 1 7 8 8. 9 8 .7 1 18 9 0 5 . . 0 8 Nonelectrical machinery 8.43 194.6 190.8 193.1 195.3 196.0 195.5 199.8 200.3 194.9 196.5 195.9 195.8 Electrical machinery 6.37 197.2 199.5 201.8 199.6 200.8 204.5 202.9 197.3 177.5 178.3 181.5 195.9 Transportation equipment 10.19 174.6 172.4 171.8 176.6 181.1 179.1 178.8 175.7 168.3 163.9 159.6 154.3 Motor vehicles and parts 4.68 166.9 160.8 156.8 169.1 174.2 174.1 170.5 167.9 159.9 152.0 146.8 142.1 Aircraft and other equipment... 5.26 177.8 178.7 180.8 179.5 183.4 180.3 182.6 179.6 171.9 170.7 166.7 161.4 Instruments and related products. 1.71 194.4 195.4 195.3 195.7 194.7 194.9 195.4 193.9 196.0 197.4 194.8 194.0 Ordnance and accessories 1.28 C L C u l l a a m y y , , b e g g r l la a a s s s s n , , d a a p n n d r d o s l d u t u o m c n b t e s e r p roducts... 2 4 1 .7 . . 2 9 7 9 3 1 1 1 4 1 5 2 9 . 6 5 .0 1 1 1 4 5 2 3. 5 2 2 . . 6 1 1 1 4 2 5 3. 0 6 6 . . 7 9 1 1 1 4 1 5 0. 5 5 6 . . 5 2 1 1 1 3 1 5 8. 2 3 3 . . 7 4 1 1 1 4 1 5 0. 4 5 2 . . 1 3 1 1 1 4 5 1 0. 7 1 6 . . 7 0 1 1 1 4 1 5 0. 3 6 7 . . 3 8 1 1 1 4 1 5 0. 4 5 6 . . 1 9 1 1 1 3 0 5 9. 9 7 9 . . 7 4 1 1 1 4 5 1 1. 4 8 1 . . 5 0 1 1 1 4 1 5 1. 7 5 2 . . 5 0 F Fu u r rn n i i t t u u r r e e a a n n d d m f i i s x c t e u l r la es n eous 3 1 .0 . 5 5 4 1 1 7 8 6. 6 7 .9 1 1 7 8 8. 8 4 .9 1 1 7 9 9. 0 0 .2 1 1 7 8 9. 9 1 .9 1 1 7 8 6. 5 3 .0 1 1 7 8 6. 6 2 .5 1 1 7 8 5. 5 4 .3 1 1 7 8 4. 4 7 .0 1 1 7 8 5. 3 1 .7 1 1 7 8 5. 3 3 .3 1 1 7 8 5. 3 9 .4 1 1 7 7 4. 9 0 .4 Miscellaneous manufactures 1.51 166.4 167.6 167.5 168. 167.4 165.8 165.3 165.3 166.4 167.2 168.2 168.4 Nondurable manufactures T T e e x xt t i i l l e e s , m a il p l p p a r re o l d , u a c n ts d leather 2 7. . 60 9 0 1 1 4 5 4. 4 2 .2 1 1 4 5 3. 4 7 .2 1 1 4 5 6. 6 3 .5 1 1 4 5 6. 7 0 .8 1 1 4 5 5. 7 4 .0 1 1 4 5 3. 3 3 .0 1 1 4 5 1. 1 1 .6 1 1 4 5 2. 2 0 1 1 4 5 2. 1 9 .9 1 1 4 5 1. 0 5 .3 1 1 4 5 1. 2 3 .9 1 1 3 5 8. 1 .3 Apparel products 3.59 149.2 147.8 150.0 149.2 150.7 148.8 146. 146.5 148.0 147.9 145.8 141.7 Leather and products 1.1 101.9 103.4 107.6 104.7 98.4 100.0 97.7 101.1 102.7 98.0 96.9 96.9 P P a a p pe e r r a an n d d p p r r in o t d in u g c ts 8 3 .1 . 7 4 3 1 1 6 7 4. 5 4 .6 1 1 6 7 2. 5 4 .8 1 1 6 7 3. 4 8 .9 1 1 6 7 4. 5 4 .3 1 1 6 7 5. 6 9 .4 1 1 6 7 6. 7 3 .5 1 1 6 7 5. 7 .5 1 1 6 1 5 1 .3 . 1 1 6 7 6 5 . . 1 9 1 1 6 7 6 8 .0 1 1 6 7 4. 3 6 .8 1 1 6 7 4. 4 6 .8 Printing and publishing 4.74 156.3 152.7 155.9 156.5 158.3 158.2 157.3 156.9 159.1 158.6 157.9 157.3 Newspapers 1.53 142.7 137.5 142.8 141.3 145.6 144.4 143.3 143.0 154.1 142.0 141.7 142.1 C Ch h e e m m i i c c a a ls ls , a p n e d tr o p le r u o m du , ct a s n d rubber.. 11 7 .5 . 4 5 8 2 2 2 3 2 9 .6 .0 2 2 2 3 1. 9 7 .1 2 2 2 3 2. 9 7 .5 2 2 2 3 3. 9 2 .7 2 2 2 4 5. 3 2 .1 2 2 2 3 2. 8 4 .1 2 2 2 4 3. 0 3 .2 2 2 2 3 2. 8 7 .3 2 2 2 4 5. 0 3 .8 2 2 2 4 4. 1 8 .7 2 2 2 4 2 0 .1 .2 2 2 2 4 4. 2 1 .6 Industrial chemicals 3.84 283.0 283.3 285.2 286. 288.6 281.5 286.2 281.2 283.9 283.8 281.9 284.3 Petroleum products 1.97 143.8 142.2 143.5 145.4 143.5 144.5 146.2 146.7 150.9 149.5 143.3 143.0 Rubber and plastics products 1.99 238.7 234.2 237.0 237.3 238.3 239.9 240.0 238.6 240.2 234.8 231.4 234.0 F F o o o o d d s s , a b n ev d e r b a e g v e e s, r ag an es d tobacco 1 1 1 0 .0 . 7 2 5 1 1 3 4 9. 0 0 .7 1 1 3 4 8. 0 2 .5 1 1 3 3 6. 8 9 .6 1 1 3 3 7. 8 0 .3 1 1 3 3 8. 9 4 .9 1 1 4 4 1. 3 0 .1 1 1 4 4 0. 2 4 .2 1 1 3 3 6. 8 2 .0 1 1 3 4 9. 1 2 .0 1 1 4 4 0. 2 1 . 1 1 4 4 2. 4 7 .7 1 1 4 4 3. 5 5 .2 Food manufactures 8.64 136.7 136.7 136.6 136. 135.8 137.8 137.0 132.6 137.5 137.4 140.2 140.4 Beverages 1.61 161.9 160.6 149.4 149.8 161.7 171.3 169.9 166.7 159.7 167.2 168.9 170.7 Tobacco products .82 117.3 110.5 115.4 121.9 120.3 114.8 118.6 113.8 116.2 115.1 117.8 122.8 Mining Coal, oil, and gas 6. 127.4 125.7 128.7 133.1 131.7 128. 129.9 128.1 129.1 130.3 128.3 130.2 Coal 1.16 117.7 120.2 123.9 124.8 130.0 122. 114.7 115.7 118.9 119.3 113. 122.3 Crude oil and natural gas 5.64 129.3 126.9 129.6 134.8 132.1 130.2 133.1 130.7 131.2 132.6 131.4 131.8 Oil and gas extraction 4.91 139.0 137.5 140.5 145.8 142.0 139.9 143.1 140.4 140.6 142.0 140.5 140.6 Crude oil 4.25 132.0 130.2 133.1 139.2 135.5 132.4 135.6 132.8 133.5 135.0 133.7 133.0 Gas and gas liquids .66 184.0 Oil and gas drilling .73 64.2 M M e e t t a a l l , m st i o n n i e n , g and earth minerals... 1.4 . 3 6 1 1 1 4 4 3. 2 5 .0 1 1 4 4 3. 6 6 .6 1 1 3 3 8. 4 3 .5 1 1 4 3 0. 7 4 .4 1 1 4 3 0 8 .5 1 1 4 4 2. 2 6 .3 1 1 3 3 9. 3 5 . 1 1 4 4 0. 1 2 .1 1 1 4 5 9. 3 6 .3 1 1 5 5 3. 2 7 .3 1 1 4 5 8. 5 2 .7 1 1 5 5 3. 8 5 .4 Stone and earth minerals .82 144.7 141.4 141.2 142.6 142.2 142.8 144.3 139.6 146.8 154.8 142.6 149.8 Utilities Electric 4.04 233.0 226.9 223.1 225.9 234.2 234.4 234.1 238.5 238.3 240.5 243. 246.1 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. • JUNE 1970 MARKET GROUPINGS (1957-59=100) 19 p 5 r 7 o - - 59 11996699 1969 1970 Grouping p ti o o r n - age* Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb.' Mar.r Apr.r Total index 100.00 172.8 171.9 172.4 176.7 167.7 174.6 179.2 177.8 173.6 169.6 168.2 171.5 172.4 170.8 Final products, total 47.35 170.8 168.6 168.4 174.0 166.4 173.4 179.2 176.5 170.0 166.2 167.1 170.5 170.4 167.1 Consumer goods 32.31 162.5 159.0 158.2 165.5 156.5 166.3 172.6 169.4 162.6 156.6 159.0 163.0 162.5 160.3 Equipment, including defense.... 15.04 188.6 189.1 190.4 192.4 187.7 188.5 193.4 191.8 186.0 187.0 184.3 186.5 187.3 181.5 Materials 52.65 174.6 174.8 176.1 179.2 168.8 175.6 179.2 178.9 176.9 172.6 169.5 172.5 174.5 174.4 Consumer goods Automotive products 3.21 173*2 174.7 173.1 191.1 132.5 133.2 181.8 189.8 179.0 167.8 163.3 161.6 167.3 166.6 Autos 1.82 162.8 164.6 165.3 191.0 94.7 91.9 175.0 188.6 172.3 155.8 146.2 140.4 152.7 153.3 Auto parts and allied products 1.39 186.8 187.9 183.5 191.1 182.1 187.6 190.6 191.3 187.8 183.6 185.9 189.4 186.5 184.2 Home goods and apparel 10.00 159.3 161.9 162.3 165.4 147.9 159.2 162.0 166.0 156.6 143.4 147.4 158.6 158.9 157.0 Home goods 4.59 184.0 188.8 188.4 191.2 172.0 179.4 190.5 193.7 173.7 167.2 166.3 178.4 183.0 181.0 Appliances, TV, and radios 1.81 180.2 194.7 194.3 194.6 166.1 164.4 189.5 194.5 147.9 135.0 149.8 181.6 190.1 187.2 Appliances 1.33 192.4 213.1 212.0 212.7 185.5 168.8 200.7 204.3 149.5 147.5 161.6 201.9 215.7 221.6 TV and home radios .47 145.6 143.0 144.3 143.8 111 1 152.1 158.0 166.7 143.4 99.7 116.4 124.3 117.8 90.3 Furniture and rugs 1.26 180.3 178.2 176.4 181.8 171.4 183.8 182.9 184.8 182.5 181.5 170.0 167.2 168.8 165.8 Miscellaneous home goods 1.52 191.5 190.5 191.4 194.8 179.6 193.5 197.9 200.2 196.9 193.6 182.9 183.9 186.3 186.0 Apparel, knit goods, and shoes 5.41 138.5 139.2 140.1 143.6 127.5 142.1 137.9 142.5 142.1 123.2 131.4 141.8 138.5 Consumer staples 19.10 162.4 154.9 153.5 161.2 165.1 175.6 176.6 167.8 163.0 161.6 164.4 165.6 163.6 161.0 Processed foods 8.43 136.6 127.0 128.2 134.7 134.6 150.2 155.6 146.8 141.7 134.7 131.8 133.2 130.6 129.8 Beverages and tobacco 2.43 146.8 145.4 148.3 160.8 155.8 164.8 156.4 152.8 137.3 129.7 132.7 140.8 152.5 DrugSj soap, and toiletries 2.97 209.0 207.8 203.8 213.3 206.6 211.3 216.9 215.4 214.3 212.0 213.2 220.1 216.5 215.6 Newspapers, magazines, and books. 1.47 147.1 146.5 146.9 145.7 147.5 149.4 151.1 147.0 147.0 149.4 146.4 147.0 148.3 146.6 Consumer fuel and lighting 3.67 199.6 184.1 176.0 185.6 214.3 222.6 215.2 194.3 192.5 207.7 226.9 218.4 209.0 Fuel oil and gasoline 1.20 144.6 135.1 139.3 145.1 148.7 148.7 149.4 147.0 151.8 153.5 151.5 150.0 148.5 144.4 Residential utilities 2.46 226.3 Electricity 1.72 224499..77 222244..55 220033..88 221199..77 227777..99 229955..11 227788..44 223355..22 222277..55 225588..22 229999..99 228822..22 226622..99 Gas ..7744 Equipment Business equipment 11.63 195.6 195.5 196.7 200.0 193.6 195.1 201.6 200.2 193.6 194.8 193.0 197.3 199.5 193.8 Industrial equipment 6.85 179.1 178.6 181.1 184.5 179.4 179.8 185.6 181.8 174.4 177.2 176.9 184.9 186.9 181.9 Commercial equipment 2.42 220.0 215.9 219.0 221.7 216.1 221.3 226.2 227.1 226.0 228.5 223.2 220.8 223.0 219.2 Freight and passenger equipment... 1.76 246.7 249.3 245.6 250.4 245.5 244.7 251.9 254.5 247.7 238.5 232.3 231.8 232.9 223.9 Farm equipment .61 113366..88 114499..66 114422..77 114433..22 111133..77 112200..77 113377..88 114433..88 112244..11 113322..55 114411..00 114433..99 115500..66 Defense equipment 33..4411 Materials Durable goods materials 26.73 165.5 166.4 167.4 171.6 160.5 166.2 170.2 169.7 166.3 161.8 156.8 158.4 161.4 160.7 Consumer durable 3.43 163.9 162.6 161.3 166.0 149.1 161.0 170.0 168.9 163.3 158.4 153.9 144.4 147.3 147.8 Equipment 7.84 191.9 192.4 193.0 195.1 187.2 189.2 195.2 194.2 190.9 192.6 190.3 190.3 191.9 185.8 Construction 9.17 152.4 151.7 155.3 161.6 154.5 160.4 160.3 157.8 152.5 145.9 137.0 141.1 144.1 148.2 Metal materials n.e.c 6.29 152.8 157.6 156.6 160.1 142.1 149.0 153.8 157.0 157.3 148.6 145.5 151.6 156.0 154.8 Nondurable materials 25.92 183.9 183.4 185.0 187.0 177.3 185.3 188.5 188.4 187.8 183.7 182.5 186.9 188.0 188.4 Business supplies 9.11 166.6 166.9 168.6 168.0 156.8 167.5 171.7 174.1 170.9 162.7 161.5 165.6 167.8 169.1 Containers 3.03 168.6 170.9 169.9 172.7 161.4 176.7 177.5 178.6 165.6 154.9 165.0 167.3 165.4 171.1 General business supplies 6.07 165.5 164.9 168.0 165.7 154.5 162.8 168.8 171.9 173.5 166.6 159.8 164.7 168.9 168.2 Nondurable materials n.e.c 7.40 237.8 239.3 240.1 243.0 227.8 235.8 241.3 241.4 244.4 237.6 235.9 243.8 243.7 244.3 Business fuel and power 9.41 158.2 155.4 157.4 161.2 157.5 162.9 163.2 160.6 159.5 161.5 160.8 162.9 163.8 163.1 Mineral fuels 6.07 134.9 135.9 137.3 138.1 129.5 134.8 135.9 136.2 137.8 139.4 137.5 141.6 141.5 114411..77 Nonresidential utilities 2.86 216.7 Electricity 2.32 220.6 206.4 210.9 224.4 231.7 240.2 238.8 227.5 218.3 221.2 224.7 221.1 223.6 General industrial 1.03 216.1 209.6 214.5 220.7 215.6 223.6 224.7 225.1 218.4 218.9 215.4 212.6 217.0 Commercial and other 1.21 223366..11 221144..33 221188..77 223399..44 225588..00 226677..66 226633..99 224411..77 223300..00 223355..00 224444..88 224400..44 224411..00 Gas ..5544 Supplementary groups of consumer goods Automotive and home goods 7.80 179.5 183.0 182.1 191.1 155.7 160.4 186.9 192.1 175.9 167.4 165.1 171.5 176.5 175.1 Apparel and staples 2244..5511 115577..11 115511..44 115500..55 115577..33 115566..88 116688..22 116688..00 116622..22 115588..44 115533..11 115577..11 116600..33 115588..00 For NOTE see p. A-61. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1970 • INDUSTRIAL PRODUCTION: N.S.A. A 61 INDUSTRY GROUPINGS (1957-59= 100) 11995577--5599 1969 1969 1970 Grouping pprroo-- avertion age? Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb.r Mar.' Apr.r Total index 100.00 172.8 171.9 172.4 176.7 167.7 174.6 179.2 177.8 173.6 169.6 168.2 171.5 172.4 170.8 Manufacturing, total 86.45 173.9 173.7 174.4 178.5 167.3 174.3 180.0 179.5 175.0 169.6 167.5 171.3 172.6 171.1 Durable 48.07 176.5 177.7 178.3 182.2 169.7 173.6 181.5 181.5 175.4 172.6 169.1 170.7 173.3 170.7 Nondurable 38.38 170.6 168.6 169.5 173.9 164.3 175.0 178.1 176.9 174.5 165.9 165.6 172.0 171.6 171.7 Mining 8.23 130.2 130.2 113322..99 134.6 127.9 132.3 132.9 132.7 132.9 133.1 130.1 134.1 134.8 135.6 Utilities 5.32 221.2 Durable manufactures Primary and fabricated metals.... 12.32 162.5 164.2 164.1 167.9 154.3 161.7 165.7 166.3 165.8 161.8 158.3 158.1 161.4 159.3 Primary metals 6.95 149.1 155.3 153.0 155.4 137.2 144.2 148.6 151.9 152.5 144.7 143.1 145.7 150.8 149.0 Iron and steel 5.45 140.3 146.8 144.4 145.6 130.0 135.5 140.0 143.6 144.1 136.7 135.2 136.3 141.1 139.4 Nonferrous metals and products 1.50 181.1 186.2 184.3 190.8 163.6 176.1 179.9 182.1 183.1 173.9 171.8 180.0 185.8 184.1 Fabricated metal products 5.37 179.8 175.6 178.3 184.2 176.4 184.2 187.7 184.8 183.0 183.8 177.9 174.1 175.1 172.5 Structural metal parts 2.86 173.3 169.2 172.2 177.3 170.8 175.8 178.4 177.7 177.1 178.9 171.9 167.6 167.6 165.1 Machinery and related products... 27.98 188.4 190.0 190.5 194.2 180.8 182.0 193.6 193.4 184.6 183.2 181.0 182.9 185.5 181.3 Machinery 14.80 195.7 197.4 198.5 201.3 190.6 193.2 202.1 200.8 189.6 190.2 191.3 198.8 201.3 196.3 Nonelectrical machinery 8.43 194.6 196.5 197.9 200.8 191.1 188.3 197.2 196.7 193.0 197.9 197.9 199.7 202.0 197.2 Electrical machinery 6.37 197.2 198.6 199.3 201.9 189.9 199.8 208.5 206.3 185.0 180.1 182.5 197.6 200.3 195.1 Transportation equipment 10.19 174.6 176.2 175.6 181.1 161.4 160.6 179.7 181.7 174.2 169.0 163.5 158.2 161.7 159.1 Motor vehicles and parts 4.68 166.9 167.9 165.6 180.9 136.5 137.7 173.8 179.9 170.2 159.4 154.3 148.3 155.9 155.8 Aircraft and other equipment.. 5.26 177.8 179.6 180.1 177.0 179.0 177.1 181.9 180.5 174.5 174.1 168.4 163.8 163.7 158.7 Instruments and related products. 1-.71 194.4 192.5 193.3 197.7 192.8 196.5 197.5 196.0 197.6 199.8 192.5 191.1 194.6 192.5 Ordnance and accessories 1.28 Clay, glass, and lumber 4.72 142.5 142.8 145.2 150.4 143.6 150.3 150.3 149.1 142.2 132.5 125.6 132.5 134.1 138.9 Clay, glass, and stone products... 2.99 156.0 154.5 159.4 165.9 161.1 167.4 166.7 164.9 157.5 149.1 137.5 142.9 145.8 153.8 Lumber and products 1.73 119.1 122.6 120.7 123.6 113.4 120.9 122.1 121.8 115.8 103.8 105.0 114.6 113.8 Furniture and miscellaneous 3.05 176.7 173.7 174.8 179.3 170.6 181.3 181.9 184.0 181.8 181.3 170.2 169.3 171.0 169.0 Furniture and fixtures 1.54 186.9 183.8 184.5 189.5 180.4 191.7 190.9 191.0 188.8 190.3 179.7 176.7 178.2 174.7 Miscellaneous manufactures 1.51 166.4 163.4 165.0 168.9 160.7 170.8 172.7 176.9 174.7 172.2 160.6 161.7 163.6 163.2 Nondurable manufactures Textiles, apparel, and leather 7.60 144.2 145.4 146.9 149.2 131.2 145.9 143.8 147.2 147.5 130.8 138.9 146.4 143.8 141.8 Textile mill products 2.90 154.2 155.7 158.8 161.0 142.1 153.8 154.6 156.7 156.5 145.0 152.1 155.5 154.3 152.3 Apparel products . 3.59 149.2 150.8 151.5 153.7 135.6 151.8 149.0 153.1 154.8 131.6 141.4 152.3 148.7 Leather and products 1.11 101.9 101.3 101.1 104.2 88.6 106.5 99.2 103.6 100.6 91.4 96.4 103.6 100.7 Paper and printing 8.17 164.4 165.3 165.1 165.6 155.8 164.3 168.3 172.4 170.2 162.8 160.6 166.1 165.9 169.0 Paper and products 3.43 175.6 178.4 175.8 179.3 162.3 177.5 180.2 187.0 178.5 163.8 171.2 180.9 Ml.2 183.1 Printing and publishing 4.74 156.3 155.7 157.4 155.7 151.2 154.7 159.7 161.9 164.3 162.1 152.9 155.4 157.8 158.8 Newspapers 1.53 142.7 146.4 152.2 142.0 126.7 132.1 144.0 153.4 159.6 145.5 129.7 136.4 140.0 148.4 Chemicals, petroleum, and rubber.. 11.54 222.6 222.1 222.8 228.2 216.1 223.1 229.4 227.0 227.1 221.7 218.5 228.0 228.2 227.7 Chemicals and products 7.58 239.0 241.9 239.7 244.9 234.7 239.0 244.8 241.1 241.9 239.1 235.2 246.0 245.9 247.6 Industrial chemicals 3.84 283.0 286.1 285.2 287.5 277.1 280.1 289.1 284.0 288.2 286.6 277.7 290.0 290.6 Petroleum products 1.97 143.8 136.5 142.1 149.8 151.1 152.2 152.0 148.2 148.9 145.9 139.0 140.1 143.3 ''\\4444..ii Rubber and plastics products 1.99 238.7 231.9 238.2 242.0 209.7 232.7 247.2 251.7 248.6 230.1 233.7 246.7 245.2 Foods, beverages, and tobacco 11.07 139.0 131.3 132.8 140.5 139.1 152.9 155.3 148.4 141.2 134.0 132.6 135.5 135.9 135.7 Foods and beverages 10.25 140.7 133.0 133.8 141.3 141.7 155.2 157.9 150.4 143.0 137.3 133.9 136.6 137.6 137.2 Food manufactures 8.64 136.7 127.4 128.4 134.7 134.4 149.5 155.0 147.2 142.3 135.3 132.5 134.0 131.3 130.4 Beverages 1.61 161.9 163.2 162.8 176.2 180.8 185.5 173.3 167.5 146.9 148.0 140.9 150.2 171.5 Tobacco products .82 117.3 110.3 119.6 130.4 106.5 124.2 123.2 123.9 118.5 93.7 116.5 122.2 115.0 Mining Coal, oil, and gas 6.80 127.4 128.3 129.6 130.3 122.6 127.3 128.3 128.6 130.2 131.9 130.4 134.1 133.8 133.2 Coal 1.16 117.7 121.0 125.1 116.6 91.0 128.4 121.3 126.1 123.8 117.2 110.8 123.8 122.5 123.9 Crude oil and natural gas 5.64 129.3 129.8 130.5 133.1 129.1 127.1 129.8 129.1 131.5 134.9 134.5 136.3 136.1 135.1 Oil and gas extraction 4.91 139.0 139.4 140.2 143.2 138.6 136.3 139.4 138.6 141.1 144.6 143.9 145.8 146.0 145.9 Crude oil 4.25 132.0 132.3 133.8 137.8 132.8 129.8 132.9 131.5 133.5 136.3 135.7 137.0 137.6 138.7 Gas and gas liquids .66 184.0 Oil and gas drilling .73 64.2 Metal, stone, and earth minerals... 1.43 143.5 139.2 148.9 155.1 152.8 156.0 154.4 152.1 145.9 139.3 128.3 133.6 139.4 146.9 Metal mining .61 142.0 136.3 147.9 155.3 147.8 153.7 150.4 151.0 142.6 137.1 137.0 142.6 146.9 151.0 Stone and earth minerals .82 144.7 141.4 149.7 155.0 156.6 157.8 157.3 152.9 148.3 140.9 121.8 126.9 133.9 143.8 Utilities Electric 4.04 233.0 214.1 207.9 222.4 251.4 263.6 255.7 230.7 222.2 237.0 256.7 247.2 240.3 Gas 11..2288 117744..11 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 • JUNE 1970 SELECTED BUSINESS INDEXES (1957-59= 100, except as noted) Industrial production Manu- Prices 5 facturing 2 PPPPeeeerrrriiiioooodddd TTToootttaaalll M F a i j n o a r l m pr a o r d k u et c t g s roupi MM ng aa s ttee-- MMaa gg jj rr oo oo rr uu ii pp nn ii dd nn uu gg ss ss ttrryy iiii p u p u p u p u nnnn cccc tttt tttt aaaa CCCC (((( iiii iiii eeee pppp mmmm cccc oooo llll aaaa nnnn iiii eeee iiii nnnn zzzz ---- tttt ffff tttt rrrr yyyy aaaa )))) gggg ---- .... tttt ssss CCCC tttt rrrr cccc tttt iiii aaaa rrrr oooo oooo oooo cccc uuuu nnnn nnnn nnnn tttt cccc ---- ssss ---- ---- TTTT NNNN mmmm rrrr oooo pppp tttt oooo iiii eeee uuuu eeee tttt llll cccc mmmm nnnn aaaa oooo rrrr nnnn uuuu llll aaaa aaaa yyyy tttt ---- llll ———— llll ---- ---- gggg iiii ,,,, ---- 2222 p m p m p m EEE lll eee mmm ooo nnn yyy --- ttt --- PPP rrrooo aaa lll yyy lllsss --- T s T s T s T s rrrr aaaa eeee oooo tttt llll tttt aaaa eeee aaaa iiii ssss llll llll 4444 sss CCC uuummm ooonnn eee --- rrr WWW ccc sss ooo hhh aaa mmm lll ooo eee lll --- eee--- Con- rriiaallss mmmooodddiiitttyyy Total g su oo m d e s r E m qu en ip t - Mfg. M in i g n - U it t ie il s - 1951. 81.3 78.6 77.8 78.4 83.8 81.9 91.3 56.4 94.0 63 91.1 106.1 80.2 76 90.5 96.7 1952. 84.3 84.3 79.5 94.1 84.3 85.2 90.5 61.2 91.3 67 93.0 106.1 84.5 79 92.5 94.0 1953. 91.3 89.9 85.0 100.5 92.6 92.7 92.9 66.8 94.2 70 95.6 111.6 93.6 83 93.2 92.7 1954. 85.8 85.7 84.3 88.9 85.9 86.3 90.2 71.8 83.5 76 93.3 101.8 85.4 82 93.6 92.9 1955. 96.6 93.9 93.3 95.0 99.0 97.3 99.2 80.2 90.0 91 96.5 105.5 94.8 89 93.3 93.2 1956. 99.9 98.1 95.5 103.7 101.6 100.2 104.8 87.9 87.7 92 99.8 106.7 100.2 92 94.7 96.2 1957. 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 83.6 93 100.7 104.7 101.4 97 98.0 99.0 1958. 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98.1 74.0 102 97.8 95.2 93.5 98. 100.7 100.4 1959. 105.6 105.7 106.6 104.1 105.4 106.0 99.7 108.0 81.5 105 101.5 100.1 105.1 105 101.5 100.6 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 84.5 173 129.2 115.2 167.8 165 121.2 108.7 1969 172.8 170.8 162.5 188.6 174.6 173.9 130.2 221.2 133.5 117.0 180.2 171 127.7 113.0 1969-—Apr 171.7 170.2 161.8 188.4 172.9 173.0 128.8 216.3 1 183 132.9 117.0 177.8 172 126.4 111.9 May 172.5 170.0 160.7 190.0 174.5 173.8 130.3 213.6 \ p84.5 210 133.3 117.0 177.7 172 126.8 112.8 June 173.7 170.7 161.5 190.4 176.3 174.8 134.4 215.6 J 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 1 180 133.7 117.3 179.8 170 128.2 113.3 O S A e c u p t g t 1 1 1 7 7 7 3 3 4 . . . 1 9 3 1 1 17 7 7 2 0 2 . . . 7 9 2 . 1 1 1 6 6 6 2 1 4 . . . 8 2 2 1 1 1 9 9 9 1 0 2 . . . 3 9 4 1 1 1 7 7 7 5 5 6 . . . 9 4 0 1 1 1 7 7 7 3 5 5 . . . 9 2 4 1 1 1 3 3 3 0 1 1 . . . 6 2 2 2 2 2 2 2 2 2 6 2 . . . 5 6 0 j \I p84.2 2 1 1 1 7 9 6 3 5 1 1 1 3 3 3 4 4 4 . . . 5 0 2 1 1 1 1 1 1 7 8 7 . . . 5 3 0 1 1 1 8 8 83 4 3 . . . 9 2 4 1 1 1 7 7 7 1 3 2 1 1 1 2 2 2 9 9 8 . . . 3 8 7 1 1 1 1 1 1 3 4 3 . . . 6 0 4 Nov 171.4 168.4 160.5 185.6 174.6 171.8 132.6 226.0 [ P81.7 178 134.5 115.8 182.2 172 130.5 114.7 Dec 171.1 168.5 160.7 185.2 173.9 171.3 134.4 227.9 J 218 134.6 115.8 184.4 172 131.3 115.1 1970-—Jan 170.4 168.5 161.5 183.6 172.5 170.2 131.7 230.1 1 205 134.8 115.4 182.4 173 131.8 116.0 Feb 170.5 169.9 162.4 186.2 171.5 170.3 134.2 232.7 } p79.5 215 135.2 114.9 179.3 175 132.5 116.4 Mar 171.1 170.0 162.6 185.7 172.1 170.9 135.8 230.3 J 208 135.7 115.2 182.2 174 133.2 116.6 Apr 170.4 168.7 162 9 181.0 172.0 170.0 134.5 231.5 220033 135.4 114.2 179.5 178 113344..00 116 6 Mayp 116699..00 116677..77 116633..44 117777..00 117700..55 116688..44 113344..77 223311..55 113344..99 111122..66 117777..66 117777 111166!! 88 1 Employees only; excludes personnel in the Armed Forces. Capacity utilization: Based on data from Federal Reserve, McGraw- 2 Figures for Mar., Apr., and May 1970 are adjusted to 1969 benchmark Hill Economics Department, and Department of Commerce. and are therefore not comparable with other data. Construction contracts: F. W. Dodge Co. monthly index of dollar 3 Production workers only. value of total construction contracts, including residential, nonresidential, 4 F.R. index based on Census Bureau figures. and heavy engineering; does not include data for Alaska and Hawaii. 5 Prices are not seasonally adjusted. Employment and payrolls: Based on Bureau of Labor Statistics data; includes data for Alaska and Hawaii beginning with 1959. NOTE.—All series: Data are seasonally adjusted unless otherwise noted. 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 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Total construction 1 61,732 67,425 5,895 7,081 6,443 6,298 6,523 5,140 6,240 4,406 5,228 4,927 5,249 6,140 6,757 By type of ownership: Public 19,597 22,656 1,791 2,536 2,326 2,352 2,605 1,719 1,626 1,427 1,727 1,433 1,652 2,037 1,791 Private * 42,135 44,769 4,104 4,545 4,118 3,947 3,918 3,420 4,615 2,980 3,501 3,495 3,597 3,864 4,966 By type of construction: Residential building 1 24,838 25,219 2,546 2,620 2,548 2,296 2,394 1,952 2,290 1,675 1,744 1,475 1,482 1.974 Nonresidential building 22,512 25,667 2,136 2,680 2,357 2,402 2,460 2,013 2,502 1,566 2,168 2,252 2,269 2,191 Nonbuilding 14,382 16,539 1,213 1,780 1,538 1,600 1,669 1,174 1,149 1,165 1,317 1,201 1,498 1.975 Private housing units authorized.. 1,330 1,299 1,502 1,323 1,340 1,228 1,245 1,201 1,183 1,191 1,239 1,013 1,137 1,099 1,249 (In thousands, S.A., A.R.) i Because of improved collection procedures, data for 1-family homes NOTE.—Dollar value of construction contracts as reported by the F. W. beginning Jan. 1968 are not strictly comparable with those for earlier Dodge Co. does not include data for Alaska or Hawaii. Totals of monthly periods. To improve comparability, earlier levels may be raised by ap- data exceed annual totals because adjustments—negative—are made into proximately 3 per cent for total and private construction, in each case, accumulated monthly data after original figures have been published. and by 8 per cent for residential building. Private housing units authorized are Census Bureau series for 13,000 reporting areas with local building permit systems. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1970 • CONSTRUCTION A 63 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Nonresidential Conser- Period Total Total N f r a e o r s n m i- - Buildings Total M ta i r l 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- b O u t i h ld er - Other ment trial mercial ings 1 196 1 55,447 38,299 21,680 16,619 2,780 4,674 3,280 5,885 17,148 1,371 5,854 1,384 8,539 1962 3 59,667 41,798 24,292 17,506 2,842 5,144 3,631 5,889 17,869 1,266 6,365 1,524 8,714 19634 63,423 44,057 26,187 17,870 2,906 4,995 3,745 6,224 19,366 1,189 7,084 1,690 9,403 196 4 66,200 45,810 26,258 19,552 3,565 5,396 3.994 6,597 20,390 938 7,133 1,729 10,590 196 5 72,319 50,253 26,268 23,985 5,118 6,739 4,735 7,393 22,066 852 7,550 2,019 11,645 196 6 75,120 51,120 23,971 27,149 6,679 6,879 5,037 8,554 24,000 769 8,355 2.195 12,681 196 7 76,160 50,587 23,736 26,851 6,131 6,982 4,993 8,745 25,573 721 8,538 2.196 14,511 196 8 84,692 56,996 28,823 28,173 5,594 8,333 4,873 9,373 27,696 824 9,295 2,046 15,531 196 9 90,866 62,806 30,603 32,203 6,373 10,136 5,521 10,170 28,060 949 1969—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. 90,806 63,161 30,304 32,857 6,404 10,417 5,566 10,470 27,645 792 Aug. 89.889 62,412 29,284 33,128 6,414 10,343 5,917 10,454 27,477 863 Sept. 91,105 63,725 29,214 34,511 6,714 11,118 5.995 10.684 27,380 920 Oct.. 90,972 63,696 29,415 34,281 6,946 19,856 5,850 10,629 27,096 943 Nov. 88,913 61,927 28,900 33,027 6,571 10,168 6,023 10,265 26,986 779 Dec. 89,463 61,582 28,630 32,952 6,419 10,337 5,861 10,335 27,881 895 1970—Jan.. 89.890 61,837 27,811 34,026 6,433 11,029 5,885 10,679 28,053 937 Feb.1 90,749 62,111 27,429 34,682 6,000 11,724 6,227 10,731 28,638 890 Mar. 90,285 62,268 27,690 34,578 5,916 11,831 6,099 10,733 28,017 766 Apr. 89,090 60,663 27,602 33,061 6,416 10,199 5,761 10.685 28,427 746 1 Includes religious, educational, hospital, institutional, and other build- 4 Beginning 1963, reflects inclusion of new series under "Public" (for ings. State and local govt, activity only). 2 Sewer and water, formerly shown separately, now included in "Other." 3 Beginning July 1962, reflects inclusion of new series affecting most NOTE.—Monthly data are at seasonally adjusted annual rates. Figures private nonresidential groups. for period shown are Census Bureau estimates. NEW HOUSING UNITS (In thousands) Units started Private (S.A., A.R Government MMMooobbbiiillleee Private and public underwritten hhhooommmeee PPPeeerrriiioooddd (N.S.A.) (N.S.A.) ssshhhiiippp--- Region Type of structure mmmeeennntttsss (((NNN...SSS...AAA...))) TToottaall N e o a r s t t h - C N e o n r t t r h a l South West fam 1 i - ly 2 fa - m to i l 4 y - f m 5 a - m o r o i e l r y - Total Private Public Total FHA VA 1961 1,313 247 277 473 316 974 3:3 9 1,365 1,313 52 328 244 83 90 1962 1,463 264 290 531 378 991 471 1,492 1,463 30 339 261 78 118 1963 1,610 261 328 591 431 1,021 589 1,642 1,610 32 292 221 71 151 1964 1,529 253 339 582 355 972 108 450 1,562 1,529 32 264 205 59 191 1965 1,473 270 362 575 266 964 87 422 1,510 1,473 37 246 197 49 216 1966 1,165 207 288 473 198 779 61 325 1,196 1,165 31 195 158 37 217 1967 1,292 215 337 520 220 844 72 376 1,322 1,292 30 232 180 53 240 1968 1,508 227 369 619 294 900 81 527 1,548 1,508 40 283 227 56 318 1969 1,467 206 349 588 323 810 87 571 1,500 1,467 33 291 240 51 413 1969—Apr 1,505 250 353 570 332 797 92 616 160 159 1 27 23 4 36 May 1,533 246 357 602 328 877 78 578 158 156 2 25 21 4 35 June 1,507 243 322 599 343 826 70 611 151 147 4 26 22 5 36 July 1,429 168 304 584 373 803 63 563 127 125 1 26 21 5 35 Aug 1,376 186 395 525 270 752 68 556 128 125 3 27 22 4 38 Sept 1,481 140 365 615 361 828 96 557 133 129 4 23 18 5 40 Oct 1,390 172 299 574 345 766 93 531 126 123 2 30 25 5 43 Nov 1,280 164 267 517 332 762 83 435 97 95 3 23 19 4 33 Dec 1,402 167 297 573 365 776 105 521 85 84 1 27 23 4 27 1970—Jan 1,059 150 245 444 220 577 66 416 69 66 3 20 17 3 24 Feb.r 1,306 243 209 525 329 725 72 509 77 74 3 21 18 4 24 Mar.* 1,384 316 288 517 263 702 70 612 117 114 3 30 25 5 29 Apr.* 1,181 209 248 512 212 693 59 429 126 124 2 38 32 5 40 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 • JUNE 1970 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons, except as noted) Civilian labor force, S.A. Period i T p n o s o N t p t i a t . u S u l l t a . n A i t o o i . n o n n a - l l N ab o N o t . r S i n . f A o t . r h c e e T l f a S o o b . r t A o c a e r . l Total Total E In m c u n p l o t l n u o a r y a g e l r d i 1 - In U pl n o e y m ed - U (p n e e m r S r m a . e t A c n p e e . t 2 l n o t y ) . industries agriculture 196 4 127,224 51,394 75,830 73,091 69,305 64,782 4,523 3,786 5.2 196 5 129,236 52,058 77,178 74,455 71,088 66,726 4,361 3,366 4.5 196 6 131,180 52,288 78,893 75,770 72,895 68,915 3,979 2,875 3.8 19673 133,319 52,527 80,793 77,347 74,371 70.527 3,844 2,975 3.8 196 8 135,562 53,291 82,272 78,737 75,920 72,103 3,817 2,817 3.6 196 9 137,841 53,602 84,239 80,733 77,902 74,296 3,606 2,831 3.5 1969—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 Apr. 139,687 54,456 86,143 82,872 78,924 75,338 3,586 3,948 4.8 May, 139,884 54,915 85,783 82,555 78,449 74,836 3,613 4,106 5.0 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 a c- Mining c C o o n t n i s o t t r r n a u c c t - T t l i i o r c a n n u & s t p il o i p t r i u e t b a s - - Trade Finance Service G m ov e e n r t n - 196 4 58,331 17,274 634 3,050 3,951 12,160 2,957 8,709 9,596 196 5 60,815 18,062 632 3,186 4,036 12,716 3,023 9,087 10,074 196 6 63,955 19,214 627 3,275 4,151 13,245 3,100 9,551 10,792 196 7 65,857 19,447 613 3,208 4,261 13,606 3,225 10,099 11,398 196 8 67,860 19,768 610 3,267 4,313 14,081 3,383 10,592 11,846 196 9 70,141 20,121 628 3,411 4,448 14,644 3,559 11,103 12,227 SEASONALLY ADJUSTED 1969—Ma y 70,013 20,118 622 3,407 4,444 14,609 3,541 11.065 12,207 June 70,300 20,198 622 3,466 4,467 14,665 3,557 11.066 12,259 July 70,247 20,164 629 3,434 4.483 14,671 3,568 11,067 12,231 Aug 70,500 20,334 631 3,410 4.484 14,702 3,581 11,120 12,238 Sept 70,390 20,197 631 3,420 4,480 14,716 3,586 11,150 12,210 Oct 70,651 20,156 631 3,418 4,480 14,809 3,595 11,244 12,318 Nov 70,635 20,004 632 3,461 4,484 14,836 3,613 11,264 12,341 Dec 70,679 20,007 635 3,459 4,489 14,773 3,623 11,297 12,396 1970—Ja n 70,818 19,965 634 3,334 4,521 14,939 3,650 11,349 12,426 Feb 71,004 19,886 634 3,418 4,511 14,991 3,654 11,415 12,495 Mar 71,256 19,944 626 3,481 4,502 14,984 3,665 11,537 12,517 M Ap a r y .* * 7 7 1 0, , 8 1 5 2 5 4 1 1 9 9 , ,7 5 8 6 7 2 6 6 2 22 0 3 3 , , 3 4 4 2 5 4 4 4 , , 4 4 7 6 3 4 1 1 4 4 , , 9 9 7 5 5 8 3 3 , , 6 6 8 7 3 6 1 1 1 1 , , 5 5 6 5 1 2 1 1 2 2 , , 6 6 5 2 3 4 NOT SEASONALLY ADJUSTED 1969—Ma y 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—Ja n 69,797 19,767 619 3,021 4,453 14,709 3,606 11,133 12,489 Feb 69,893 19,712 616 3,045 4,439 14,608 3,617 11,232 12,624 Mar 70,460 19,794 610 3,161 4,443 14,700 3,639 11,433 12,680 Apr.? 70,721 19,619 616 3,284 4,428 14,803 3,661 11,552 12,758 Mayp 70,779 19,418 620 3,338 4,464 14,868 3,676 11,630 12,765 NOTE.—Bureau of Labor Statistics; data include all full- and part- to 1964 due to adjustment of State and local government series to time employees who worked during, or received pay for, the pay pe- Oct. 1967 Census of Governments. riod that includes the 12th of the month. Proprietors, self-employed Beginning with 1967, series has been adjusted to Mar. 1968 benchpersons, domestic servants, unpaid family workers, and members of mark except for March, April, and May 1970, which are adjusted to the Armed Forces are excluded. 1969 benchmark. Data on total and government employment have been revised back Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1970 • EMPLOYMENT AND EARNINGS A 65 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted1 Not seasonally adjusted1 IIInnnddduuussstttrrryyy gggrrrooouuuppp 1969 1970 1969 1970 May Mar. Apr.* May? May Mar. Apr.? May? 111444,,,777999000 111444,,,555111222 111444,,,333888444 111444,,,111888444 111444,,,666555555 111444,,,333888555 111444,,,222333666 111444,,,000777000 888,,,666666222 888,,,444000999 888,,,333111333 888,,,111999999 888,,,666222444 888,,,333777999 888,,,222777999 888,,,111777999 Ordnance and accessories Lumber and wood products Furniture and fixtures Stone clay and glass products Primary metal industries Fabricated metal products Machinery Electrical equipment and supplies Transportation equipment Instruments and related products.............. Miscellaneous manufacturing industries Nondurable goods 66,,112288 66,,110033 66,,007711 55,,998855 66,,003311 66,,000066 55,,995577 55,,889911 Food and kindred products Tobacco manufactures Textile-mill products Apparel and related products Paper and allied products Printing publishing and allied industries Rubber and misc. plastic products Leather and leather products NOTE.—Bureau of Labor Statistics; data cover production and related 1 Adjusted to 1969 benchmark. Not comparable with previously pubworkers only (full- and part-time) who worked during, or received pay for, lished data. Figures not yet available for subgroups, the pay period that includes the 12th of the month. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES Average hours worked1 Average weekly earnings1 Average hourly earnings1 (per week; S.A.) (dollars per week; N.S.A.) (dollars per hour; N.S.A.) Industry group 1969 1970 1969 1970 1969 May Mar. Apr.p May? May Mar. Apr.f May? May Mar. Total. 40.7 40.2 40.0 39.9 128.61 132.40 131.80 133.67 3.16 3.31 Durable goods 40.7 40.4 40.5 138.69 142.51 141.50 144.18 3.35 3.51 Ordnance and accessories 41.1 41.1 40.8 137.70 145.66 146.06 145.66 3.40 3.57 Lumber and wood products. .. 39.5 39.9 40.3 109.48 112.97 115.31 120.88 2.69 2.86 Furniture and fixtures 39.4 39.3 39.1 105.04 105.96 105.65 106.43 2.60 2.71 Stone, clay, and glass products. 41.8 41.5 41.2 134.41 137.12 138.28 139.10 3.17 3.32 Primary metal industries 40.7 40.1 40.4 157.13 157.49 157.56 159.56 3.75 3.86 Fabricated metal products 41.2 41.0 40.6 138.44 142.33 142.45 143.26 3.32 3.48 Machinery 41.8 41.5 40.9 151.66 157.88 156.04 153.78 3.56 3.75 Electrical equipment and supplies 40.2 40.0 39.8 124.34 129.92 128.70 130.22 3.07 3.24 Transportation equipment 40.4 39.8 40.9 158.18 160.40 157.20 167.69 3.83 4.01 Instruments and related products 40.7 40.5 40.5 126.98 133.50 132.59 133.32 3.12 3.28 Miscellaneous manufacturing industries. 39.0 39.0 38.7 102.96 109.20 108.64 108.08 2.64 2.80 Nondurable goods 39.8 39.4 39.3 39.1 114.34 118.78 118.26 118.95 2.88 3.03 Food and kindred products... 40.5 40.5 40.7 119.48 124.00 124.18 127.98 2.95 3.10 Tobacco manufactures 37.5 38.3 39.2 103.02 105.56 110.93 118.65 2.74 2.90 Textile-mill products 40.2 40.6 39.8 94.07 97.04 96.96 96.47 2.30 2.42 Apparel and related products. 35.6 35.5 35.2 82.67 84.85 83.90 83.42 2.29 2.37 Paper and allied products 42.2 42.1 42.0 137.60 140.70 140.53 142.80 3.20 3.35 Printing, publishing, and allied industries. 38.0 37.9 37.7 140.18 145.92 145.15 145.51 3.66 3.84 Chemicals and allied products 41.8 41.4 41.3 143.72 150.48 150.18 150.28 3.43 3.60 Petroleum refining and related industries . 42.2 41.8 41.8 174.50 176.81 179.77 181.45 4.03 4.23 Rubber and misc. plastic products 40.7 40.6 39.8 125.25 127.26 127.03 124.66 3.04 3.15 Leather and leather products 37.4 37.4 37.3 87.66 91.64 90.02 92.75 2.35 2.47 NOTE.—Bureau of Labor Statistics; data are for production and related 1 1969 benchmark. Not comparable with previously published data, workers only. Some data not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 66 PRICES • JUNE 1970 CONSUMER PRICES (1957-59= 100) Housing Health and recreation PPeerriioodd iitt AA eemm llll ss FFoooodd Total Rent H ow s o h n m i e p e r - - F c a o o u n i a l d e l l t e r G a l i n e c a c d i s t - y o n F p i t a n i i u e n s o g r h r d n s a - - - AA uu pp pp aa pp kk nn aa ee dd rr ee pp eell TT pp tt oo rr ii aa rr oo nn tt nn aa ss -- -- Total M c ic a e a r d l e - s c P o a e n r r a e - l r R e t a i e c i n n o r a g d n e d a - - g O s a i o e t c n o r h e d v d s e - r s 1929 55559999....7777 55555555....6666 ,,,,88885555....4444 1933 44445555....1111 33335555....3333 66660000....8888 1941 55551111....3333 44444444....2222 6611..44 66664444....3333 4455..22 8888..33 5511..22 5500..66 4477..66 5577..33 5588..22 1945 66662222....7777 55558888....4444 6677..55 66666666....1111 5533..66 8866..44 5555..44 5577..55 6633..66 7755..00 6677..33 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--Apr 126.4 123.2 125.3 117.8 137.1 117.4 111.2 116.9 125.6 124.6 135.1 153.6 125.5 129.6 126.6 May 126.8* 123.7 125.8 118.1 138.0 117.5 111.2 117.4 126.6 124.0 135.7 154.5 125.8 130.2 126.9 June 127.6 125.5 126.3 118.5 138.7 117.5 111.3 117.9 127.0 124.6 136.3 155.2 126.2 130.4 127.9 July 128.2 126.7 127.0 118.8 140.0 117.4 110.9 118.2 126.8 124.3 137.0 155.9 126.6 130.7 129.1 Aug 128.7 127.4 127.8 119.3 141.3 117.7 111.5 118.5 126.6 124.2 137.7 156.8 126.8 131.2 130.1 Sept 129.3 127.5 128.6 119.7 142.6 118.1 112.0 119.0 128.7 123.6 138.4 157.6 127.3 131.6 131.3 Oct 129.8 127.2 129.2 120.1 143.6 118.4 112.2 119.3 129.8 125.7 138.6 156.9 127.3 132.0 132.2 Nov 130.5 128.1 129.8 120.5 144.5 118.9 113.2 119.6 130.7 125.6 139.1 157.4 127.8 132.3 133.1 Dec 131.3 129.9 130.5 121.0 145.4 119.2 113.7 120.0 130.8 126.4 139.6 158.1 128.1 132.7 133.5 1970—Jan 131.8 130.7 131.1 121.3 146.8 119.7 114.1 120.1 129.3 127.3 140.1 159.0 128.5 133.1 133.9 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 Mar 133.2 131.6 133.6 122.3 150.9 120.8 114.8 121.6 130.6 127.1 141.4 161.6 129.6 133.6 134.8 Apr 134.0 132.0 134.4 122.6 152.1 120.9 115.7 122.0 131.1 128.9 142.3 162.8 129.8 134.4 135.6 NOTE.—Bureau of Labor Statistics index for city wage-earners and clerical workers. WHOLESALE PRICES: SUMMARY (1957-59=100) Industrial commodities Prom c t A o o i m e l d l s i - - p F u r a c o r t d m s - c f f e o a e s o n e s d d d ed s s Total t T e il e t e c x s . - , H e i t d c e . s, F e u tc e . l , C ic e h a t e c l m s . , - R b e u t e c r b . , - L b e u e t m c r . , - P e a t p c e . r, M e a t l e s c t , . - e c m M a q e h n r u e i a y n d n i - p - t - F t e u u t r r c e n . , i - N t e m m a r o l i a e l n n l i - s c - - T e p m t q r o i e a u o r n n n t ip a t s 1 - - - 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. 101.4 100.3 96.0 101.6 100.8 99.7 106.2 100.7 99.1 96.1 95.9 98.8 100.7 102.9 99.5 101.8 100.6 97.7 102.7 100.8 100.6 107.4 100.2 97.5 93.3 96.5 100.0 100.0 102.9 98.8 101.8 100.3 95.7 103.3 100.7 100.5 104.2 99.8 96.3 93.8 98.6 99.2 100. 103.1 98.1 101.3 100.5 94.3 103.1 101.2 101.2 104.6 97.1 96.7 92.5 100.6 9;.o 102.8 103.8 98.5 101.5 102.5 98.4 106.7 102.5 101.8 109.2 98.9 97.4 92.9 101.1 99.9 105.7 105.0 98.0 101.7 105.9 105.6 113.0 104.7 102.1 119.7 101.3 97.8 94.8 105.6 102.6 108.3 108.2 99. 102.6 106.1 99.7 111.7 106.3 102.1 115.8 103.6 98.4 97.0 105.4 104.0 109.5 111.8 101.0 104.3 '108.8 102.2 '114.2 109.0 r105.8 119.5 '102.5 98.2 '100.2 119.4 '104.9 112.4 '115.4 103.9 '108.2 113.0 108.5 119.8 112.7 108.0 125.8 104.6 98.3 102.1 132.0 108.2 118.9 119.0 106. 112.8 111.9 105.6 117.3 112.1 107. 126.0 104.5 97.9 101.2 143.3 108.0 116.5 118.0 105.8 112.3 112.8 110.5 119.4 112.2 106.9 126.1 104.5 98.1 101.1 138.0 108.1 117.5 118.3 105.9 112.6 113.2 111.2 121.4 112.2 107.2 125.7 105.0 98.3 101.2 129.8 108.3 117.9 118.6 105.9 112.8 113.3 110.5 122.0 112.4 107.7 126.4 105.0 98.2 102.5 125.3 108.4 118.7 119.0 106.1 113.0 113.4 108.9 121.5 112.8 108.7 126.4 104.7 98.7 103.0 124.0 108.7 120.4 119.1 106.2 113.0 113.6 108.4 121.3 113.2 109.0 128.2 104.7 98.9 102.7 123.2 108.8 121.7 119.9 106.4 113.5 114.0 107.9 121.6 113.8 109.1 127.4 105.4 98.6 103.5 122.6 109.0 122.4 120.5 106.5 113.8 114.7 111. 121.8 114.2 109.2 126.8 105.5 98.9 104.4 123.9 109.3 122.9 121.0 106.9 113.9 115.1 111.7 122.6 114.6 109.2 126.5 106.1 98.8 104.5 122.5 109.5 123.8 121.9 107.2 114.5 116.0 112.5 125.1 115. 109.5 126.6 105.6 99.1 104.7 121.6 111. 124.9 122.5 107.5 116.5 116.4 113.7 125.2 115.5 109.4 126.7 106.4 99.5 104.6 120.2 111.8 126.1 122.8 107.9 116.9 116.6 114.3 124.9 115.8 109.5 126.8 106.3 100.0 104.4 119.5 112.1 127.0 123. 108. 117.3 116.6 111.3 124.9 116.2 109.3 128.5 107.5 100.4 104.2 120.1 112.5 127.8 123.4 108.3 117.8 1 For transportation equipment, Dec. 1968=100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1970 • PRICES A 67 WHOLESALE PRICES: DETAIL (1957-59= 100) 1969 1970 1969 Group Group Apr. Feb. Mar. Apr. Apr. Feb. Mar. Apr. Farm products: Pulp, paper, and allied products: Fresh and dried produce. 106.8 117.2 118.2 112.7 Pulp, paper and products, excluding Grains 83.1 85.9 85.5 87.8 building paper and board 108.3 112.5 Livestock 113.8 124.9 129.6 124.8 Woodpulp 98.0 104.7 Live poultry 87.0 87.1 90.8 82.8 Wastepaper 109.1 108.2 Plant and animal fibers.. 67.3 65.4 64.9 65.4 Paper 116.4 121.5 Fluid milk 133.5 140.8 139.7 141.1 Paperboard 93.5 97.1 Eggs 97.3 136.9 120.1 94.9 Converted paper and paperboard.. 108.3 112.2 Hay and seeds 113.8 106.3 106.3 109.8 Building paper and board 100.4 93.0 Other farm products 106.1 115.2 114.8 114.7 Processed foods and feeds: Metals and metal products: Cereal and bakery products 119.3 123.3 123.7 124.6 Iron and steel 108.9 117.0 Meat, poultry, and fish 114.0 124.9 127.1 124.9 Steelmill products 111.9 117.7 Dairy products 131.4 134.1 133.1 135.1 Nonferrous metals 132.4 152.8 Processed fruits and vegetables 115.4 117.3 116.5 117.5 Metal containers 119.7 125.0 Sugar and confectionery 120.2 127.7 127.4 128.7 Hardware 119.9 124.7 Beverages and beverage materials. 111.4 118.3 118.4 118.8 Plumbing equipment 116.6 122.8 Animal fats and oils 90.8 115.7 133.7 118.8 Heating equipment 96.8 99.9 Crude vegetable oils 80.6 99.5 110.7 114.7 Fabricated structural metal products 110.2 114.6 Refined vegetable oils 89.4 99.8 111.9 107.7 Miscellaneous metal products 120.4 125.2 Vegetable oil end products 103.3 107.5 112.4 113.6 Miscellaneous processed foods 119.0 127.4 127.1 125.8 Manufactured animal feeds 118.3 131.3 119.0 121.4 Machinery and equipment: Textile products and apparel: Agricultural machinery and equip... 131.8 137.2 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 04 4 . . 5 3 1 1 0 0 6 4 . .3 1 1 1 0 0 5 4 . . 8 4 1 1 0 0 5 4 . . 8 0 C M o e n ta st l r w u o c r t k io in n g m m a a ch ch in in er e y ry a a n n d d e e q q u u ip ip .. . 1 1 3 3 4 1 . . 1 8 1 1 4 3 0 9 . . 3 3 S M il a k n y -m ar a n d s e fiber textile products. 1 9 5 2 5 . . 4 4 1 9 9 1 6 . . 0 3 1 9 9 0 4 . . 4 2 20 89 1 . . 9 3 Ge e n q e u r i a p l m e p n u t r pose machinery and 120.0 126.5 T A M e p i x s p t c a i e l r e l e l a l h n o e u o s u e s fu t r e n x i t s i h le i n p g r s oducts... 1 1 1 0 1 1 7 9 3 . . . 7 7 0 1 1 1 1 0 2 7 4 9 . . . 5 3 0 1 1 1 0 2 1 6 7 8 . . . 5 9 6 1 1 1 0 1 2 8 7 1 . . . 6 9 4 S E M p le e i e s c q c c t i u e r a i l i l p c l a a m n l i e e n m o n d u t a u s c s ( h J t m r i a n y n a e . c r h 1 y m i 9 n a a 6 e c n 1 r h d = y i n e 1 e q 0 r u 0 y i ) p and 1 1 1 2 0 1 7 4 6 . . . 2 3 6 1 1 1 3 0 2 3 1 6 . . . 7 9 4 Hides, skins, leather, and products: Hides and skins 125.8 101.1 99.4 106.6 Furniture and household durables: Leather 122.3 117.3 118.2 120.4 Footwear 131.9 136.9 136.9 138.4 Household furniture 121.5 125.1 Other leather products. 116.0 119.8 119.9 120.0 Commercial furniture 118.0 124.5 Floor coverings 95.0 93.5 Fuels and related products, and power: Household appliances 93.0 94.4 Home electronic equipment 78.5 77.2 Coal 112.8 131.7 133.4 145.9 Other household durable goods.. 130.0 134.8 Coke 120.3 126.9 126.9 139.6 Gas fuels (Jan. 1958= 100) 121.8 135.2 135.0 136.2 Electric power (Jan. 1958= 100). 102.3 103.6 103.6 103.7 Nonmetallic mineral products: Crude petroleum 104.8 104.5 104.5 104.5 Petroleum products, refined.... 102.5 101.2 100.8 101.3 Flat glass 113.4 119.0 Concrete ingredients 115.6 120.6 Chemicals and allied products : Concrete products 111.3 116.4 Structural clay products excluding Industrial chemicals 96.7 97.7 97.3 97.9 refractories 116.7 119.4 Prepared paint 118.7 122.0 122.8 122.8 Refractories 113.6 125.1 Paint materials 92.2 92.8 92.6 92.6 Asphalt roofing 99.2 100.8 D A Fa g r t u r s i g c s a u n l a t d n u d r o a i p l l s h c , a h i r n e m m ed a i i c c b a e l l u e s t i a c n a d ls products.. 9 9 8 2 3 3 . . . 1 7 7 9 9 9 4 4 1 . . . 3 6 4 1 9 9 0 2 5 2 . . . 0 0 2 1 9 9 0 2 4 7 . . . 7 4 6 O G G t l y h a p s e s s r u c n m o o n n p t m a ro i e n d t e u a r l c s l t i s c minerals 1 1 1 1 0 0 6 6 9 . . . 2 0 1 1 1 1 0 2 1 8 0 1 . . . 3 9 0 Plastic resins and materials 80.9 80.3 81.2 81.1 Other chemicals and products 112.2 115.7 116.5 116.8 Rubber and plastic products: Transportation equipment: T C i r r u e d s e a r n u d b t b u e b r es 9 9 0 6 . . 1 3 1 8 0 9 1. . 7 4 1 8 0 7 1. . 7 6 1 8 0 7 1 . . 5 7 R M a o i t lr o o r a v d e e h q ic u l i e p s m a e n n d t e ( q Ja u n ip . m 19 e 6 n 1 t = 100) 1 11 0 0 6 . . 2 4 1 1 0 1 9 7 . . 1 7 Miscellaneous rubber products 110.1 114.3 114.3 114.3 Plastic construction products (Dec. 1969 = 100) 99.1 99.1 98.7 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms, ammunition 110.8 114.2 Lumber 164.9 124.1 123.3 123.5 Tobacco products 116.9 124.0 Millwork 132.3 130.7 130.7 130.8 Notions 100.8 109.0 Plywood 111.0 96.3 94.5 97.2 Photographic equipment and supplies 112.1 115.8 Other wood products (Dec. 1966 = 100) 112.6 119.5 119.5 119.3 Other miscellaneous products 111.7 114.8 1 Retitled to include the direct pricing of plastic construction products; incorporate (1) new weights beginning with Jan. 1967 data and (2) various continuity of the group index is not affected. classification changes. Back data not yet available for some new classi- NOTE.—Bureau of Labor Statistics indexes as revised in Mar. 1967 to fications. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 68 NATIONAL PRODUCT AND INCOME a JUNE 1970 GROSS NATIONAL PRODUCT (In billions of dollars) 1969 1970 1929 1933 1941 1950 1965 1966 1967 1968 1969 II III IV IP Gross national product. 103.1 55.6 124.5 284.8 684.9 749.9 793.5 865.7 932.1 908.7 924.8 942.8 952.2 959.6 Final purchases 101.4 57.2 120.1 278.0 675.3 735.1 786.2 858.4 924.1 902.1 917.9 932.0 944.5 958.9 Personal consumption expenditures. 77.2 45.8 80.6 191.0 432.8 466.3 492.3 536.6 576.0 562.0 572.8 579.8 589.5 600.4 Durable goods 9.2 3.5 9.6 30.5 66.3 70.8 73.0 83.3 89.8 88.4 90.6 89.8 90.4 89.4 N Se o r n v d ic u e r s a ble goods 3 3 7 0 . . 7 3 2 22 0 . . 3 4 2 2 8 . . 9 1 9 6 8 2 . . 1 4 1 1 9 7 1 5 . . 1 5 2 1 0 8 6 8 . . 9 6 2 21 0 5 4 . . 1 2 2 2 3 22 0 . . 8 6 2 2 4 4 3 2 . . 6 6 2 2 3 3 8 5 . . 6 0 2 2 4 4 0 2 . . 1 1 2 2 4 4 5 4 . . 1 9 2 2 4 5 8 0 . . 7 3 2 25 5 5 5 . . 6 4 Gross private domestic investment 16.2 1.4 17.9 54.1 108.1 121.4 116.0 126.3 139.4 135.2 137.4 143.3 141.8 135.0 Fixed investment 14.5 3.0 13.4 47.3 98.5 106.6 108.6 119.0 131.4 128.6 130.5 132.5 134.0 134.2 Nonresidential 10.6 2.4 9.5 27.9 71.3 81.6 83.7 88.8 99.2 95.3 97.8 101.1 102.5 104.0 Structures 5.0 .9 2.9 9.2 25.5 28.5 27.9 29.3 33.4 32.3 32.1 34.7 34.5 35.6 Producers' durable equipment. 5.6 1.5 6.6 18.7 45.8 53. 55.7 59.5 65.8 63.0 65.7 66.4 68.0 68.5 Residential structures 4.0 .6 3.9 19.4 27.2 25.0 25.0 30.2 32.2 33.3 32.7 31.4 31.6 30.2 Nonfarm 3. .5 3.7 18.6 26.7 24.5 24.4 29.6 31.7 32.8 32.2 30.9 31.0 29.7 Change in business inventories. 1.7 -1.6 4.5 6.8 9.6 14.8 7.4 7.3 8.0 6.6 6.9 10.7 7.7 0.8 Nonfarm 1.8 -1.4 4.0 6.0 8.6 15.0 6. 7.4 7.8 6.6 6.7 10.3 7.4 0.4 Net exports of goods and services. 1.1 .4 1.3 1.8 6.9 5.3 5.2 2.5 2.1 1.5 1.6 2.7 2.7 3.0 Exports 7.0 2.4 5.9 13.8 39.2 43.4 46.2 50.6 55.3 47.6 57.1 57.8 58.6 60.8 Imports 5.9 2.0 4.6 12.0 32.3 38 41.0 48.1 53.2 46. 55.5 55.2 55.9 57.8 Government purchases of goods and services. 8.5 8.0 24.8 37.9 137.0 156.8 180.1 200.3 214.6 210.0 212.9 217.0 218.3 221.2 Federal 1.3 2.0 16.9 18.4 66.9 77. 90.7 99.5 101.9 101.6 100.6 103.2 102.3 102.3 National defense 13.8 14 50. 60.7 72.4 78.0 79.2 79.0 78.5 80.3 79.2 78.9 Other 3.1 4.3 16.8 17.1 18.4 21.5 22.7 22.6 22. 22.9 23. 23.3 State and local 7.2 7.9 19.5 70 79.0 89.3 100.7 112.7 108.5 112.3 113.8 116.0 118.9 Gross national product in constant (1958) dollars 203.6 141.5 263.7 355.3 617.8 658.1 674.6 707.6 727.5 723.1 726.7 730.6 729.8 724.3 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) 1969 1970 11992299 11993333 11994411 11995500 11996655 11996666 11996677 11996688 11996699 IItteemm I II III IV Ip 86.8 40.3 104.2 241.1 564.3 620.6 654.0 714.4 771.0 751.3 765.7 780.6 786.5 792.1 Compensation of employees 51.1 29.5 648 154.6 393.8 435.5 467.4 513.6 564.3 546.0 558.2 571.9 581.1 592.0 50.4 29.0 62.1 146.8 358.9 394.5 423.5 465.0 509.9 493.3 504.3 516.9 525.0 534.9 Private 45.5 23.9 51.9 124.4 289.6 316.8 337.3 369.0 405.3 392.5 402.0 410.2 416.6 422.3 Military .3 .3 1.9 5.0 12.1 14.6 16.2 18.0 19.2 18.2 18.4 20.1 19.9 20.8 Government civilian 4.6 4.9 8.3 17.4 57.1 63.1 70.0 78.0 85.4 82.5 84.0 86.6 88.5 91.8 Supplements to wages and salaries .7 .5 2.7 7.8 35.0 41.0 43.9 48.6 54.4 52.7 53.8 5555..00 5566..11 5577..11 Employer contributions for social in- . surance . 1 1 2.0 4.0 16.2 20.3 21.8 24.4 28.2 27.3 27.9 28.6 29.1 29.6 Other labor income .6 .4 .7 3.8 18.7 20.7 22.1 24.2 26.2 25.5 26.0 26.4 26.9 27.5 Proprietors' income 15.1 5.9 17.5 37.5 57.3 61.3 61.9 63.8 66.3 64.6 66.5 67.3 66.7 66.6 Business and professional 9.0 3.3 11.1 24.0 42.4 45.2 47.2 49.2 50.2 49.7 50.1 50.5 50.4 50.1 Farm 6.2 2.6 6.4 13.5 14.8 16.1 14.7 14.6 16.1 14.9 16.4 16.8 16.3 16.5 Rental income of persons 5.4 2.0 3.5 9.4 19.0 20.0 20.8 21.2 21.6 21.5 21.6 21.7 21.8 22.0 Corporate profits and inventory valuation adjustment 10.5 -1.2 15.2 37.7 76.1 82.4 79.2 87.9 88.2 89.5 89.2 88.8 85.2 79.2 Profits before tax 10.0 1.0 17.7 42.6 77.8 84.2 80.3 91.1 93.7 95.5 95.4 92.5 91.4 85.1 Profits tax liability 1.4 .5 7.6 17.8 31.3 34.3 33.0 41.3 43.3 43.9 44.1 42.8 42.4 39.1 Profits after tax 8.6 .4 10.1 24.9 46.5 49.9 47.3 49.8 50.5 51.7 51.3 49.7 49.0 46.1 Dividends 5.8 2.0 4.4 8.8 19.8 20.8 21.5 23.1 24.6 23.8 24.3 24.9 25.2 25.2 Undistributed profits 2.8 -1.6 5.7 16.0 26.7 29.1 25.9 26.7 25.9 27.9 27.0 24.9 23.8 20.9 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -1.7 -1.8 -1.1 -3.2 -5.6 -6.1 -6.2 -3.7 -6.2 -5.9 Net interest 4.7 4.1 3.2 2.0 18.2 21.4 24.7 28.0 30.6 29.8 30.3 30.9 31.6 32.3 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

JUNE 1970 • NATIONAL PRODUCT AND INCOME A 69 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING (In billions of dollars) 1969 1970 Item 11992299 11993333 11994411 11995500 11996655 11996666 11996677 11996688 1969? I II III IV IP Gross national product. 103.1 55.6 124.5 284.8 684.9 749.9 793.5 865.7 932.1 908.7 924.8 942.8 952.2 959.6 Less: Capital consumption allowances 7.9 7.0 8.2 18.3 59.8 63.9 68.6 73.3 77.9 75.9 77.2 78.6 79.9 81.3 I B S n t u a d b s t i i i i r l n s i e t t e c y i s c t s a b l t r u d a s i n i s n c sf e r e s e r s p a p t n a a x c y y m a e n n d t s n ontax lia- 7. . . 0 6 7 7. . . 1 6 7 11 . . . 4 5 3 23 1 . . . 3 5 8 - 6 3 2 2 . . 1 . 7 5 - 6 1 3 5 . . . 0 7 0 - 7 1 3 0 . . . 0 1 2 - 7 2 3 7 . . . 5 4 9 - 8 5 3 6 .9 . . 6 6 - 8 4 3 3 . . . 2 3 5 - 8 6 3 5 .5 . . 7 6 - 8 6 3 8 .9 . . 6 0 - 8 6 3 9 .0 . . 6 4 - 9 6 3 1 . . 7 . 7 0 Plus: Subsidies less current surplus of government enterprises _ j . 1 .2 1.3 2.3 1.4 .8 1.1 1.1 .9 1.1 1.2 1.7 Equals: National income 86.8 40.3 104.2 241.1 564.3 620.6 654.0 714.4 771.0 751.3 765.7 780.6 786.5 792.1 Less: C C o o a r n t p t i r o o i n r b a u a te t d i j o p u n r s s o t m f f i o t e s r n a t s n o d ci a in l v in en su to r r a y n c v e a lu- 10 . . 2 5 -1. . 2 3 1 2 5 . . 8 2 3 6 7 . . 9 7 7 2 6 9 . . 1 6 8 38 2 . . 0 4 4 7 2 9 . . 4 2 4 8 7 7. . 9 0 8 5 8 4 . . 2 4 8 5 9 2. . 7 5 8 5 9 3. . 8 2 8 5 8 5. . 1 8 8 5 5 6. . 1 2 7 57 9 . . 3 2 Excess of wage accruals over disburse- 2.5 ments Plus: Government transfer payments .9 1.5 2.6 14.3 37.2 41.1 48.8 55.8 61.9 60.1 61.3 62.5 63.6 66.4 D N Bu i e c v t s o i i d n n in e e s t n u s e s d m r s e t e r s r t a s n p s a fe id r p b a y y g m o e v n e t r s n ment and 2 5 . . . 5 8 6 2 1 . . . 0 6 7 2 4 . . . 2 4 5 7 8 . . . 2 8 8 2 1 2 0 9 . . . 7 5 8 2 2 3 2 0. . . 8 2 0 2 2 3 3 1 . . . 6 2 5 2 2 6 3 3 . . . 1 1 4 2 2 3 8 4 . . . 7 6 6 2 2 7 3 3 . . . 9 5 8 2 2 8 3 4 . . . 5 6 3 2 2 8 3 4 . . . 9 6 9 2 2 3 9 5 . . . 7 6 2 2 3 3 5 0 . . . 7 2 2 Equals: Personal income 85.9 47.0 96.0 227.6 538.9 587.2 629.4 687.9 747.2 724.4 740.5 756.5 767.4 778.6 Less: Personal tax and nontax payments — 2.6 1.5 3.3 20.7 65.7 75.4 82.9 97.9 117.5 114.2 118.5 117.5 119.9 118.2 Equals: Disposable personal income 83.3 45.5 92.7 206.9 473.2 511.9 546.5 590.0 629.7 610.2 622.0 639.0 647.5 660.4 Less: Personal outlays 79.1 46.5 81.7 193.9 444.8 479.3 506.2 551.6 592.0 577.7 588.8 596.0 605.8 616.9 Personal consumption expenditures, 77.2 45.8 80.6 191.0 432.8 466.3 492.3 536.6 576.0 562.0 572.8 579.8 589.5 600.4 Consumer interest payments 1.5 .5 .9 2.4 11.3 12.4 13.1 14.2 15.3 15.0 15.2 15.4 15.5 15.7 Personal transfer payments to foreigners .3 .2 .2 .5 .7 .6 .8 .8 .8 .7 .7 .8 .8 .8 Equals: Personal saving. 4.2 -.9 11.0 13.1 28.4 32.5 40.4 38.4 37.6 32.5 33.3 43.1 41.7 43.5 Dis d p o o ll s a a r b s le personal income in constant (1958) 150.6 112.2 190.3 249.6 435.0 458.9 477.7 497.6 509.5 502.6 506.2 514.1 514.8 518.8 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 IItteemm 11996688 11996699 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.? Total personal income 687.9 747.2 735.6 740.0 746.1 751.4 757.5 760.7 763.7 767.6 770.6 r774.3 r778.3 783.3 801.1 Wage and salary disbursements 465.0 550099..99 500.8 503.8 508.5 512.8 517.9 519.9 522.2 525.1 527.8 r530.0 '532.2 535.1 540.2 Commodity-producing industries... 181.5 119977..77 195.2 196.2 198.3 198.9 201.0 201.5 201.8 201.7 203.4 201.3 201.5 203.3 202.2 Manufacturing only 145.9 115577..66 155.8 156.3 157.8 158.5 160.5 160.7 160.6 159.8 161.0 160.1 159.3 160.4 159.6 Distributive industries 109.2 119.5 117.2 118.3 119.5 120.1 121.4 121.8 122.3 123.5 123.5 125.9 126.1 126.6 125.9 Service industries 78.3 88.1 86.4 87.0 87.8 88.0 88.8 89.4 90.3 91.5 91.9 r93.2 '94.5 94.7 94.9 Government 96.0 104.5 101.9 102.3 102.9 105.9 106.8 107.2 107.8 108.4 109.0 109.6 110.1 110.5 117.2 Other labor income 24.2 26.2 25.8 25.9 26.1 26.3 26.4 26.6 26.8 26.9 27.1 27.3 27.5 27.7 27.8 Proprietors' income 63.8 66.3 65.8 66.5 67.3 67.3 67.3 67.3 67.3 66.7 66.2 r66.4 '66.6 66.9 66.7 Business and professional 49.2 50.2 50.0 50.1 50.4 50.5 50.5 ' 50.5 50.6 50.4 50.3 r50.2 '50.1 50.1 50.0 Farm 14.6 16.1 15.8 16.4 16.9 16.8 16.8 16.8 16.7 16.3 15.9 16.2 16.5 16.8 16.7 Rental income 21.2 21.6 21.5 21.6 21.6 21.7 21.7 21.7 21.8 21.8 21.9 21.9 22.0 22.0 22.1 Dividends 23.1 24.6 24.2 24.3 24.5 24.6 24.8 25.1 25.3 25.4 25.0 25.2 25.2 25.2 25.3 Personal interest income 54.1 59.4 58.4 58.8 59.2 59.5 59.8 60.2 60.6 61.3 61.8 62.1 62.4 62.9 63.3 Transfer payments 59.2 65.5 64.7 64.9 65.2 65.7 66.1 66.4 66.7 67.2 67.8 68.9 70.0 71.3 84.0 Less : Personal contributions for social insurance 22.6 26.2 25.7 25.8 26.1 26.4 26.6 26.7 26.9 26.9 27.1 27.5 27.6 27.8 28.2 Nonagricultural income 667.9 725.2 713.8 717.7 723.4 728.8 734.9 738.1 741.3 745.3 748.6 '752.0 '755.6 760.4 778.2 Agriculture income 2200..11 2222..00 2211..88 22.3 2222..77 2222..66 22.6 22.6 22.5 22.3 22.0 22.3 22.6 22.9 22.9 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 • JUNE 1970 SUMMARY OF FUNDS RAISED AND ADVANCED IN U.S. CREDIT MARKETS (Seasonally adjusted annual rates; in billions of dollars) 1967 1968 1969 TTrraannssaaccttiioonn ccaatteeggoorryy,, oorr sseeccttoorr 1965 1966 1967 1968 1969 IIVV I II III IIVV I II III IV Funds raised, by type and sector Total funds raised 1 by nonfinancial sectors 70.4 68.5 82.6 97.4 88.2 103.2 94.4 81.8 111188..00 95.5 88.9 88.8 93.4 82.2 1 ? U.S. Government 1.7 3.5 13.0 13.4 -3.6 20.3 20.2 9.3 29.3 -5.4 -5.3 -13.3 3.7 .4 2 Public debt securities 1.3 2.3 8.9 10.3 -1.3 16.6 19.3 4.9 24.5 -7.4 -5.7 -12.5 9.4 3.9 3 4 Budget agency issues .4 1.2 4.1 3.0 -2.4 3.7 .9 4.4 4.9 2.0 .4 -.7 -5.7 -3.5 4 All other nonfinancial sectors.. 68.7 64.9 69.6 84.1 91.9 82.8 74.2 72.5 88.7 100.9 94.2 102.0 89.7 81.8 5 6 Capital market instruments 39.1 39.9 48.0 50.5 53.6 55.7 48.4 44.2 50.5 59.0 55.0 55.0 51.7 52.9 6 7 Corporate equity shares .3 .9 2.4 -.7 4.5 3.8 1.5 -.4 -1.8 -2.0 .2 3.2 5.3 9.2 7 8 Debt capital instruments 38.8 39.0 45.7 51.2 49.1 51.8 46.8 44.6 52.3 61.1 54.7 51.7 46.4 43.6 8 9 State and local govt, sec 7.3 5.7 7.7 9.9 8.5 9.3 7.9 5.4 12.5 13.8 10.2 9.8 6.7 7.1 9 10 Corporate and fgn. bonds... 5.9 11.0 15.9 14.0 13.3 15.3 12.6 13.7 13.2 16.5 15.8 13.3 12.8 11.1 10 11 Mortgages 25.6 22.3 22.0 27.3 27.4 27.3 26.3 25.5 26.6 30.8 28.6 28.6 26.8 25.4 11 17 Home mortgages 15.4 11.4 11.6 15.2 15.5 15.7 15.0 14.6 14.6 16.6 16.4 16.6 15.6 13.5 12 n Other residential 3.6 3.1 3.6 3.5 4.4 4.0 3.0 3.1 3.6 4.2 4.2 4.7 4.6 4.3 13 14 Commercial 4.4 5.7 4.7 6.6 5.4 5.1 6.0 5.6 6.6 8.2 5.9 5.1 4.7 6.0 14 15 Farm 2.2 2.1 2.1 2.1 2.0 2.5 2.4 2.3 1.9 1.8 2.2 2.3 2.0 1.6 15 16 Other private credit 29.5 25.0 21.6 33.6 38.3 21A 25.9 28.3 38.2 41.8 39.2 47.1 38.0 28.9 16 17 Bank loans n.e.c 14.2 10.3 9.6 13.4 14.2 15.9 6.6 10.9 13.5 22.5 16.4 19.5 11.5 9.7 17 18 Consumer credit 10.0 7.2 4.6 11.1 9.3 5.4 9.2 9.8 13.2 12.0 9.9 10.4 8.8 8.4 18 19 Open market paper -.3 1.0 2.1 1.6 3.3 .9 1.1 -1.1 6.2 .2 5.1 3.9 3.2 1.2 19 20 Other 5.7 6.4 5.2 7.5 11.3 5.0 8.9 8.8 5.3 7.0 7.9 13.3 14.6 9.6 20 21 By borrowing sector— 68.7 64.9 69.6 84.1 91.9 82.8 74.2 72.5 88.7 100.9 94.2 102.0 89.7 81.8 21 22 Foreign 2.6 1.5 4.1 3.0 3.5 3.3 4.4 2.0 2.6 2.9 4.2 5.5 2.4 2.1 22 23 State and local governments 7.6 6.4 7.9 10.2 8.9 9.3 8.2 5.5 12.8 14.3 10.8 10.1 7.0 7.7 23 24 Households 28.8 23.2 19.7 31.8 31.4 27.5 29.6 29.4 33.2 34.9 30.9 35.0 31.9 28.0 24 25 Nonfinancial business 29.6 33.8 37.9 39.1 48.1 42.7 32.1 35.6 39.9 48.8 48.3 51.4 48.5 44.0 25 26 Corporate 20.5 24.9 29.3 31.0 38.0 33.0 25.6 26.6 31.1 40.7 38.2 42.1 37.8 34.0 26 27 Nonfarm noncorporate 5.8 5.5 5.0 5.2 6.5 5.7 3.1 5.8 6.0 5.8 6.9 5.6 7.0 6.5 27 28 Farm 3.3 3.5 3.5 2.9 3.6 4.1 3.3 3.2 2.8 2.2 3.2 3.8 3.7 3.5 28 Funds advanced directly in credit markets 1 Total funds raised 70.4 68.5 82.6 97.4 88.2 103.2 94.4 81.8 118.0 95.5 88.9 88.8 93.4 82.2 1 Advanced directly by— 2 U.S. Government 2.8 4.9 4.6 5.2 22..66 22..99 6.1 7.1 4.8 22..99 22..33 1.6 3.7 22..88 2 3 U.S. Govt, credit agencies, net... * .3 .5 -.2 .1 * .5 —. 1 -.5 -.8 -.2 -.4 -.2 .5 3 4 Funds advanced 2.2 5.1 -.1 3.2 8.9 2.2 6.0 4.0 1.2 1.7 3.9 7.1 10.7 13.1 4 5 Less funds raised in cr. mkt.... 2.3 4.8 -.6 3.5 8.8 2.2 5.6 4.1 1.7 2.5 4.1 7.5 10.9 12.6 5 6 Federal Reserve System 3.8 3.5 4.8 3.7 4.2 7.3 4.3 6.3 7.2 -2.9 3.1 5.0 -.4 9.2 6 7 Commercial banks, net 28.3 16.7 36.8 39.0 9.4 35.0 19.5 22.8 66.7 47.1 9.2 24.7 1.1 3.1 7 8 Funds advanced 29.1 16.81 37.0 39.2 13.7 35.1 19.4 23.5 66.9 47.0 10.1 29.2 6.2 9.9 8 9 Less funds raised .8 .2 .2 4.3 •1 # .7 .2 -.1 .9 4.5 5.0 6.8 9 10 Private nonbank finance 30.1 25.9 36.1 33.5 31.0 28.6 33.8 34.6 32.5 32.9 31.3 34.8 30.7 28.1 10 11 Savings institutions, net 13.7 7.8 16.9 14.5 10.3 11.6 15.4 15.7 14.2 12.6 15.7 13.5 6.6 5.6 11 12 Insurance 17.9 19.3 20.4 21.5 22.3 18.3 21.6 21.1 20.4 22.9 20.3 22.6 27.0 19.1 12 13 Finance n.e.c., net -1.4 -1.3 -1.2 -2.5 -1.6 -1.4 -3.2 -2.2 -2.0 -2.6 -4.7 -1.3 -2.9 3.4 13 14 Foreign -.3 -1.8 2.8 2.5 2.0 4.9 -.5 -2.3 3.1 9.4 -1.4 1.3 6.0 2.0 14 15 Private domestic nonfinancial 5.6 19.1 -3.0 13.8 38.9 24.5 30.8 13.5 4.2 6.8 44.6 21.7 52.5 36.5 15 16 Business 1.0 3.6 -.6 9.0 11.4 7.2 10.6 10.4 8.6 6.4 13.2 12.6 12.2 7.1 16 17 State and local governments... 2.5 3.4 1.2 .7 7.2 4.5 .6 -1.9 3.1 .9 6.5 4.1 4.9 13.4 17 18 Households 2.5 11.9 -1.4 5.5 18.7 16.7 16.3 9.4 -6.9 3.0 22.2 4.9 32.2 15.8 18 19 Less net security credit .3 -.2 2.2 1.4 -1.6 3.9 -3.3 4.5 .7 3.6 -2.7 -.2 -3.2 -.2 19 Sources of funds supplied to credit markets Total borrowing by nonfinancial sectors 70.4 68.5 82.6 97.4 88.2 103.2 94.4 81.8 118.0 95.5 88.9 88.8 93.4 82.2 1 1 Supplied directly and indirectly by pvt. domestic nonfin. sectors: 2 Total 46.3 42.8 47.7 58.1 40.3 62.8 63.2 47.8 58.1 63.4 48.8 28.7 36.4 45.9 2 3 Deposits 40.7 23.7 50.6 44.3 1.4 38.2 32.4 34.3 53.9 56.6 4.1 6.9 -16.1 9.4 3 4 Demand dep. and currency.. 8.0 4.0 11.6 11.2 5.5 10.7 2.7 15.5 11.0 15.8 -2.8 4.1 * 19.1 4 5 Time and svgs. accounts.... 32.7 19.7 39.1 33.1 -4.1 27.5 29.7 18.9 43.0 40.8 6.9 2.8 -16.2 -9.7 5 6 At commercial banks... 19.5 12.5 22.3 20.5 -12.0 15.5 16.7 6.4 31.2 27.5 -6.1 -6.3 -22.1 -13.6 6 7 At savings instit 13.1 7.2 16.7 12.6 8.0 12.0 13.0 12.4 11.8 13.3 13.0 9.1 5.9 3.9 7 8 Credit mkt. instr., net 5.6 19.1 -3.0 13.8 38.9 24.5 30.8 13.5 4.2 6.8 44.6 21.7 52.5 36.5 8 9 U.S. Govt, securities 2.5 8.5 -2.8 8.9 15.8 15.2 14.6 4.5 6.9 9.6 24.7 -.9 26.3 13.4 9 10 3.5 10.4 2.0 6.3 21.5 13.2 12.9 13.5 -2.1 .8 17.2 22.4 23.1 22.9 10 11 Less security debt .3 -.2 2.2 1.4 -1.6 3.9 -3.3 4.5 .1 3.6 -2.7 -.2 -3.2 -.2 11 Other sources: 12 Foreign funds .8 .7 5.0 4.0 10.4 7.5 2.1 1.8 7.1 4.9 12.7 14.4 11.9 2.6 12 13 At banks 1.1 2.5 2.2 1.5 8.4 2.6 2.6 4.1 4.0 -4.5 14.1 13.1 5.9 .6 13 14 Direct -.3 -1.8 2.8 2.5 2.0 4.9 -.5 -2.3 3.1 9.4 -1.4 1.3 6.0 2.0 14 15 Chg. in U.S. Govt, cash bal -1.0 -.4 1.2 -1.2 .4 3.8 -5.4 -16.2 26.4 -9.6 -6.4 2.1 1.5 4.1 15 16 U.S. Government loans 2.8 4.9 4.6 5.2 2.6 2.9 6.1 7.1 4.8 2.9 2.3 1.6 3.7 2.8 16 17 Pvt. insur. and pension res 15.7 16.7 18.7 18.2 18.7 18.6 16.4 17.5 19.1 19.6 16.7 18.6 22.2 17.3 17 18 Sources n.e.c 5.8 3.8 5.6 13.2 15.8 7.7 11.9 23.9 2.6 14.3 14.9 23.5 17.8 9.5 18 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1970 • FLOW OF FUNDS A 71 PRINCIPAL FINANCIAL TRANSACTIONS (Seasonally adjusted annual rates; in billions of dollars) 1967 1968 1969 Transaction category, or sector 1965 1966 1967 1968 1969 IV I II III IV I II III IV Demand deposits and currency 1 Net incr. in banking system liability. . 7.6 2.6 14.3 10.7 6.6 16.7 -3.7 .1 39.2 7.2 -10.1 7.3 3.2 24.2 1 2 -1.0 -.4 1.1 -1.3 .5 3.7 -5.6 -16.2 26.3 -9.7 -6.3 2.1 1.6 4.3 2 3 8.6 3.0 13.2 17.0 6.1 12.9 1.9 16.3 12.9 16.9 -3.9 5.1 1.6 19.9 3 4 8.3 3.9 12.6 17.2 5.9 12.3 1.3 17.0 13.5 17.1 -4.1 5.1 .9 20.1 4 5 Households 7.2 3.1 11.4 6.9 3.4 16.1 -10.2 8.8 15.6 13.5 -7.9 5.6 -1.5 17.3 5 66 Nonfinancial business -1.4 .7 -2.1 1.3 .5 -5.9 7.1 3.6 -1.2 -4.3 3.8 .6 -1.7 -1.1 6 77 State and local governments. -.2 -.1 -.4 1.1 2.2 -1.2 .6 1.6 -1.9 4.1 1.9 -1.8 4.6 3.9 7 88 Financial sectors .3 -.1 1.1 1.0 .4 1.5 -1.5 1.6 2.6 1.3 -1.3 1.0 .8 1.0 8 99 Mail float 2.5 .3 2.7 1.9 -.6 1.7 5.2 1.5 -1.5 2.4 -.6 -.3 -1.3 -1.0 9 1100 Rest of the world ..33 -1.0 .6 -.2 .2 .7 .6 -.7 -.7 -.2 .2 * .7 -.2 10 Time and savings accounts 22 11 Ne A t t i n c c o r m ea m se e — rci T a o l ta b l. a nks—Total.... 3 2 3 0 . . 1 0 2 1 0 3 . . 2 3 4 2 0 3 . . 8 8 3 2 3 0 . . 0 6 -1 -3 1 . . 0 0 2 1 8 6 . . 2 3 2 1 9 6 . . 2 3 1 6 9 . . 2 1 4 3 3 2 . . 8 3 3 2 9 7 . . 9 5 -6 6 . . 8 5 .6 -15.7 -3.6 1 33 Corporate business 3.9 -.7 4.1 2.2 -7.8 5.0 -1.8 -3.2 9.5 4.1 -7.2 44 State and local governments... 2.4 1.3 2.4 3.2* -7.5 .5 .8 1.3 5.2 5.7 -5.4 55 Foreign .6 .8 1.4 1.2 1.2 -.7 -.4 1.0 -.4 1 1 1 1 -21.5 -7.8 2 -10.8 -5.6 3 -10.4 -10.0 4 .7 6.0 5 6 Households 13.3 11.9 15.8 15.1 3.3 9.9 17.6 8.3 16.5 17'.8 6.6 5.4 -.8 2.0 6 7 At savings institutions 13.1 7.0 17.0 12.4 8.0 11.9 12.9 12.9 11.5 12.4 13.4 8.5 5.8 4.2 7 Liabilities— 8 Savings and loan assns 8.5 3.6 10.7 7.3 4.0 6.5 7.7 7.6 7.2 6.8 8.0 4.6 3.0 .5 8 9 Mutual savings banks 3.6 2.6 5.1 4.1 2.6 4.2 4.4 4.0 3.4 4.5 3.8 2.7 1.5 2.4 9 111000 Credit unions 1.0 .8 1.2 1.1 1.4 1.1 .9 1.3 .9 1.2 1.6 1.2 1.3 1.4 10 Assets 111111 Households 13.1 7.2 16.7 12.6 8.0 12.0 13.0 12.4 11.8 13.3 13.0 9.1 5.9 3.9 11 111222 Cr. union deps. at S & L's... * -.2 .3 -.2 * -.2 -.1 .5 -.3 -1.0 .3 -.6 -.1 .3 12 U.S. Government securities 1 Total net issues 3.8 8.7 12.6 16.7 5.5 24.1 25.5 13.1 31.2 -3.2 .1 -5.7 14.7 13.1 1 2 Household savings bonds .6 .6 .9 .5 -.4 .9 .2 .3 .8 .7 -.5 -.4 -.7 .1 2 3 Direct excluding savings bonds, .7 1.8 8.0 9.8 -.9 15.7 19.1 4.6 23.7 -8.1 -5.2 -12.1 10.1 3.8 3 4 Budget agency issues * * .2 1.4 -.4 .3 -.2 1.9 1.4 2.7 .8 -1.3 -.8 -.2 4 5 Sponsored agency issues 2.1 5.1 -.6 3.2 9.1 3.7 5.2 3.7 1.8 2.1 5.2 7.5 10.9 12.6 5 6 Loan participations .4 1.3 4.0 1.7 -1.9 3.5 1.2 2.6 3.5 -.6 -.3 .6 -4.8 -3.2 6 7 Net acquisitions, by sector 3.8 8.7 12.6 16.7 5.5 24.1 25.5 13.1 31.2 -3.2 .1 -5.7 14.7 13.1 7 9 8 S U p .S o . n s G o o re v d e r c n r m ed e i n t t a ( g a e g n e c n i c e y s sec.) .1 * 1 1 . . 3 0 -.1 * _..1 i - - 1 . . 4 3 - - 1 . . 3 6 — . . 1 i 1 . . 3 6 - -. . 1 4 - - 1 . . 5 0 - - 2 1 . . 1 1 - — 2. . 2 1 - - . . 3 8 -1. . 0 3 9 8 10 Direct marketable -.2 .3 .9 —. i -.7 -1.4 -.5 .2 .1 -.2 -2.1 -.1 -.6 -.6 10 11 FHLB special issue .3 .6 -.9 .3 -.2 .6 . i -.5 -.3 • * .3 .8 11 12 Federal Reserve System 3.7 3.5 4.8 3.8 4.2 7.3 4.5 6.2 7.4 2.8 3.2 5.0 -.4 9.1 12 13 Foreign -.2 -2.4 2.1 -.5 — 1.1 4.5 -2.0 -4.7 .6 4.2 -6.2 -1.1 3.6 -.5 13 14 Commercial banks -2.3 -3.6 9.4 2.8 -11.2 1.3 4.2 -2.2 12.2 -3.1 -15.2 -10.7 -10.3 -8.1 14 15 Direct -3.1 -3.4 6.3 1.7 -9.4 -2.2 3.5 -1.8 9.8 -4.9 -12.5 -11.3 -6.1 -7.1 15 16 Agency issues .8 -.2 3.2 1.1 -1.8 3.5 .7 -.4 2.4 1.7 -2.7 .5 -4.1 -.9 16 17 Nonbank finance -.1 .4 -.9 1.6 -.5 -2.1 4.1 7.4 4.5 -9.7 -3.1 4.4 -3.3 -.1 17 18 Direct -.6 -.2 -1.3 .3 -2.3 -1.7 1.5 6.5 3.1 -10.0 -5.9 2.3 -5.9 .1 18 19 Agency issues .5 .5 .3 1.3 1.8 -.4 2.5 .9 1.4 .3 2.8 2.0 2.6 -.2 19 20 Pvt. domestic nonfin 2.5 8.5 -2.8 8.9 15.8 15.2 14.6 4.5 6.9 9.6 24.7 -.9 26.3 13.4 20 21 Savings bonds—Households. .6 .6 .9 .5 -.4 .9 .2 .3 .8 .7 -.5 -.4 -.7 .1 21 22 Direct excl. savings bonds... .7 3.3 -3.8 4.6 8.1 9.5 11.4 -1.9 3.1 5.8 18.3 -7.0 19.3 2.0 22 23 Agency issues 1.2 4.7 .2 3.8 8.1 4.8 3.0 6.1 3.1 3.1 6.9 6.5 7.7 11.3 23 Private securities 1 Total net issues, by sector 16.1 18.5 27.2 24.2 27.9 29.6 22.9 20.2 24.8 29.0 27.8 28.8 26.2 28.7 1 2 State and local governments... 7.3 5.7 7.7 9.9 8.5 9.3 7.9 5.4 12.5 13.8 10.2 9.8 6.7 7.1 2 3 Nonfinancial corporations 5.4 11.4 17.0 12.1 16.4 17.7 12.8 12.8 10.3 12.4 14.7 14.9 16.1 19.8 3 4 Finance companies 11..99 .8 1.0 .8 1.6 1.1 .9 .8 .7 .9 1.4 2.2 1.4 1.3 4 5 Commercial banks ..88 .1 .2 .2 .1 . l * .7 .2 -.1 . l .3 * —. 1 5 6 Rest of the world .8 .5 1.3 1.3 1.4 1.4 1.4 .5 1.1 2.0 1.4 1.6 2.0 .5 6 7 Net purchases 16.1 18.5 27.2 24.2 27.9 29.6 22.9 20.2 24.8 29.0 27.8 28.8 26.2 28.7 7 8 Households 1.1 3.2 -3.0 -3.3 4.3 3.8 7.6 * -11.9 -8.8 4.4 1.7 5.6 5.7 8 9 Nonfinancial corporations.... .5 1.0 -.4 .4 2.3 .7 .8 2.1 -2.6 1.3 2.4 2.7 .2 3.7 9 10 State and local governments.. .6 1.1 1.5 .5 2.9 1.8 -.4 1.0 .3 1.0 3.8 3.7 -1.2 5.0 10 11 Commercial banks 5.0 1.9 9.7 9.0 1.0 10.5 5.2 3.2 12.6 15.2 2.6 3.3 1.0 -2.7 11 12 Mutual savings banks * .3 2.3 1.6 .6 .5 2.0 1.3 1.5 1.8 1.1 1.1 * .2 12 13 Insurance and pension funds.. 11.2 12.9 17.4 17.5 17.3 19.1 16.2 17.1 17.3 19.3 17.0 17.5 19.8 14.8 13 14 Finance n.e.c -1.7 -2.2 -.9 -3.7 -2.5 -6.5 -9.5 -6.5 5.5 -4.3 -7.4 -1.9 .2 -.8 14 15 Security brokers and dealers -.9 .4 -2.5 -1.3 -7.5 8.9 -3.6 .3 -.9 3.4 -1.3 15 16 Investment companies, net.. — l! 5 —2^4 -i!o -2.8 -2.9 -4.0 -8.2 1.0 -3.4 -.7 -7.7 -1.1 -3.3 .4 16 17 Portfolio purchases 1.6 1.4 1.5 1.9 2.7 -1.3 -1.4 3.4 1.4 4.2 -.2 3.6 2.7 4.6 17 18 Net issues of own shares. 3.1 3.7 2.5 4.7 5.6 2.7 6.7 2.5 4.8 5.0 7.5 4.6 6.0 4.1 18 19 Rest of the world -.5 .3 .6 2.2 2.0 -.3 1.0 2.1 2.1 3.6 3.9 .7 .7 2.7 19 Bank loans n.e.c. 1 Total net borrowing 16.6 9.0 7.5 15.7 16.4 12.4 8.1 13.6 16.2 24.9 17.3 24.3 12.2 11.7 1 2 Households 1.4 .4 2.1 3.0 2.0 5.5 2.1 2.6 2.9 4.6 2.1 3.5 1.5 1.0 2 3 Nonfinancial business 12.3 10.1 7.7 10.6 12.5 10.7 4.7 8.3 10.8 18.7 13.9 15.5 11.4 9.2 3 4 Rest of the world .4 -.2 -.2 -.3 -.3 -.2 -.3 * -.3 -.7 .3 .5 -1.4 -.5 4 5 Financial sectors 2.4 -1.3 -2.1 2.3 2.1 -3.5 1.5 2.8 2.7 2.4 1.0 4.8 .7 2.1 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 72 U.S. BALANCE OF PAYMENTS • JUNE 1970 1. U.S. BALANCE OF PAYMENTS (In millions of dollars) 1969 Item 1966 1967 1968 1969p I II III I VP Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets—Seasonally adjusted Exports of goods and services—Total1 43,360 46,188 50,594 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 services1 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 pen- 4,356 3,981 1,357 910 77 4 399 430 2. U.S. Govt, grants and capital flow, net --33,,444444 --44,,222244 --33,,995555 -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 3. 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 --11,,226666 --11,,226666 --11,,338800 -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— 346 64 -137 178 -76 63 -47 238 U.S. Govt, grants and capital -205 -84 2 -12 -4 -8 * * Other specific transactions -12 1 -3 -3 -10 28 -21 -1 Other nonconvertible, nonmarketable, mediumterm U.S. Govt, securities4 -49 469 2,010 -41 95 -171 -115 150 5. Errors and unrecorded transactions -489 -1,007 -642 -2,963 -1,239 -1,039 -1,034 348 Balances A. Balance on liquidity basis Seasonally adjusted (= 1+2+3+4+5) -1,357 -3,544 168 --77,,005588 -1,675 -3,888 -2,608 1,113 Less: Net seasonal adjustments -407 -72 364 115 Before seasonal adjustment -1,357 -3,544 i68 -7,058 -1,268 -3,816 -2,972 998 B. Balance on basis of official reserve transactions Balance A, seasonally adjusted --11,,335577 --33,,554444 168 --77,,005588 --11,,667755 -3,888 --22,,660088 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 8 -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 --33,,441188 1,638 22,,771122 1,132 1,226 -927 1,281 Less: Net seasonal adjustments. -579 21 116 442 Before seasonal adjustment 266 -3,418 1,638 2,712 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

JUNE 1970 • 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 1969f I II III l\P 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 -48 --229999 --668866 --115544 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 8,245 1,316 4,115 3,658 -844 Foreign central banks and govts.: Convertible nonmarketable U.S. Govt. securities5 -945 455 -10 -163 -25 -10 84 --221122 Marketable U.S. Govt, bonds and notes 5... -245 48 -379 -79 -3 * -9 -67 Deposits, short-term U.S. Govt, securities, -582 1,495 -2,707 -274 -1,681 -525 2,173 --224411 IMF (gold deposits) 177 22 -3 -11 1 -3 -9 Commercial banks abroad 2,697 1,272 3,382 9,272 3,134 4,716 1,554 -132 Other private residents of foreign countries 212 414 374 -437 -22 -145 -143 -127 International and regional organizations other than IMF -525 -214 55 --6633 -88 8822 8 --6655 B. Official reserve transactions -266 3,418 -1,638 -2,712 -1,711 -1,205 1,043 -839 Change in U.S. official reserve assets (increase, —) 568 52 -880 -1,187 --4488 --229999 --668866 --115544 Change in liquid liabilities to foreign central banks and govts., and IMF (see detail above under A.) -1,595 2,020 -3,099 -527 -1,708 -538 22,,223399 --552200 Change in certain nonliquid liabilities to foreign central banks and govts.: Of U.S. private organizations 793 894 535 --883366 --4433 --119966 --339911 --220066 Of U.S. Govt -32 452 1,806 -162 88 -172 -119 41 1 Excludes transfers under military grants. 5 With original maturities over 1 year. 2 Excludes military grants. NOTE.—Dept. of Commerce data. Minus sign indicates net payments 3 Negative entry reflects repurchase of foreign obligations previously sold. (debits); absence of sign indicates net receipts (credits). Details may not 4 Includes certificates sold abroad by Export-Import Bank. add to totals because of rounding. 2. MERCHANDISE EXPORTS AND IMPORTS (Seasonally adjusted; in millions of dollars) Exports 1 Imports 2 Export surplus Period 1968 1969 1970 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 M Ap a r r . . . . . . 2 2 , , 5 6 2 0 5 8 3 32 2 , , 8 4 5 3 5 9 3 3 3 3 , , 1 3 9 5 7 3 3 3 , , 3 4 7 5 9 0 2 2, , 1 1 9 6 8 6 3 3 2 2 , , 5 6 8 0 9 4 3 33 2 , , 1 9 7 7 3 6 3 3, , 2 2 4 1 8 4 4 3 1 5 0 9 -1 2 5 5 0 1 2 1 2 8 1 0 2 1 0 65 2 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 2,145 2,872 3,180 421 78 193 Sept... 2,597 33,211 3,326 2,198 2,951 3,055 399 261 271 Oct.. . 2,415 32,631 3,362 2,254 2,736 3,222 161 -105 140 N D o ec v . . . . . . 2 2 , , 6 6 7 7 1 7 2 2, , 9 9 7 7 7 2 3 3 , , 3 2 6 3 7 9 2 2, , 4 3 9 9 3 6 2 2 , , 8 9 8 0 3 8 3 3 , ,0 2 0 1 7 4 2 1 7 8 5 4 7 8 0 9 2 1 3 5 2 3 Quarter: I 7,745 8,028 7,578 10,313 6,698 7,867 7,643 9,719 1,047 161 -65 594 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 Year4... 31,011 34,092 37,274 26,928 33,093 36,022 4,083 1,001 1,252 t Exports of domestic and foreign merchandise; excludes Dept. of 3 Significantly affected by strikes. Defense shipments of grant-aid military equipment and supplies under 4 Sum of unadjusted figures. Mutual Security Program. 2 General imports including imports for immediate consumption plus NOTE.—Bureau of the Census data. Details may not add to totals beentries into bonded warehouses. cause of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 74 U.S. GOLD TRANSACTIONS • JUNE 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) 1969 1970 AArreeaa aanndd ccoouunnttrryy 11996611 11996622 11996633 11996644 11996655 11996666 11996677 11996688 11996699 I II III IV I Western Europe: ----111144443333 --8822 -----------5555555555555555555555 ----111100000000 --2255 44 44 --114444 ----66663333 -----------4444444444400000000000 ----88883333 ---555888 ----444455556666 --551188 -----------444444444440000000000055555555555 ----888888884444 --660011 666000000 333332222255555 5500 227755 GGeerrmmaannyy,, FFeedd.. RReepp.. ooff...... --2233 -----------222222222222222222222255555555555 555550000000000 555000000 -----------11111111111 -------2222222 ---222 ---222 ----55552222 4444411111 1166 222555 22 Italy 111111110000000000000000 222222222220000000000000000000000 -------88888880000000 ---666000 ---888555 ----222200009999 -----7777766666 --7766 --------2222222255555555 -----------6666666666600000000000 -------33333335555555 ----11119999 --------111111115555555566666666 ----111144446666 ----111133330000 -----------3333333333322222222222 -------111111188888880000000 --------111111112222222255555555 111100002222 -----------8888888888811111111111 -------55555550000000 ---222 ---333000 ---555000 --2255 --2255 --------333333330000000066666666 ----333388887777 """" """" 333322229999 666666666661111111111188888888888 111111155555550000000 888000 ---888777999 ---888333555 BBaannkk ffoorr IInnttll.. SSeettttlleemmeennttss.. --------2222222233333333 222000000 222000000 OOtthheerr --------5555555533333333 --1122 11 --66 --3355 --4499 1166 --4477 111 --11 111177 ——77 ---777 22 TToottaall --775544 ------111111,,,,,,111111000000555555 --339999 --8888 --11,,229999 ------666666555555999999 -----999998888800000 -----666666666699999 996699 --5522 229922 99 772211 44 Canada 111111999999000000 222222000000000000 111115555500000 5555500000 Latin American republics: Argentina ---999000 888888555555 ---333000 ------333333999999 -----2222255555***** --2255 --1100 --1155 --55 Brazil ---222 555555777777 777222 555444 2222255555 ------333333 -----11111 Colombia 333333888888 111000 2222299999 777777 ** ** --11 Venezuela -----2222255555 Other --1177 --55 --1111 --99 -----1111133333 --66 1111 --4400 --2299 --77 --55 --55 --1122 --11 TToottaall --110099 117755 3322 5566 111777 -----4444411111 999 ---666555 --5544 --77 --55 --1155 --2277 --77 Asia: Iraq ---111000 -----44444 ---222111 ---444222 Japan -----5555566666 Lebanon --2211 -----3333322222 --1111 --11 -------99999995555555 Malaysia -----11111 -------33333334444444 P Sa h u il d ip i p A in r e a s b ia --4488 -----1111133333 2255 2200 ** --11 -------55555550000000 9999999 4400 77 1177 1111 55 11 Singapore -------88888881111111 111111 111111 Other --3322 --4477 --1133 --66 --1144 --1144 --2222 -------77777775555555 ---999 --22 ---111 --11 --55 222233 TToottaall ---111000111 ---999333 111222 333 ---222444 ---888666 ---444444 ---333666666 444222 555 222888 111000 222444 All other ---666 ---333666 ---777 ---111666 ---222222 333---111666666 333---666888 ---222 111 111 ---111 TToottaall ffoorreeiiggnn ccoouunnttrriieess ----999977770000 --883333 --339922 --3366 ----1111,,,,333322222222 ----666600008888 ----1111,,,,000033331111 ----1111,,,,111111118888 999955557777 ----55557777 333311116666 2222 669955 22220000 Intl Monetary Fund 4 111155550000 5555----222222225555 111177777777 22222222 ----3333 11110000 1111 8888 22224444 Grand total ----888822220000 --883333 --339922 --3366 ----1111,,,,555544447777 ----444433331111 ----1111,,,,000000009999 ----1111,,,,111122221111 999966667777 ----55556666 333311117777 11110000 669955 44444444 1 Includes purchase from Denmark of $25 million. IMF sold to the United States a total of $800 million of gold ($200 2 Includes purchase from Kuwait of $25 million. million in 1956, and $300 million in 1959 and in 1960) with the right of 3 Includes sales to Algeria of $150 million in 1967 and $50 million in repurchase; proceeds from these sales invested by IMF in U.S. Govt, 1968. securities. 4 Includes IMF gold sales to the United States, gold deposits by the 5 Payment to the IMF of $259 million increase in U.S. gold subscription, IMF (see note 1 (b) to Table 4), and withdrawal of deposits. The first less gold deposits by the IMF. withdrawal, amounting to $17 million, was made in June 1968. Notes to Table 5 on opposite page: 1 Represents net IMF sales of gold to acquire U.S. dollars for use in * 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- 5 Includes $259 million gold subscription to the IMF in June 1965 for sent repurchase of dollars, including dollars derived from charges on a U.S. quota increase, which became effective on Feb. 23, 1966. In figures drawings and from other net dollar income of the IMF. The United published by the IMF from June 1965 through Jan. 1966, this gold sub- States has a commitment to repay drawings within 3 to 5 years, but only scription was included in the U.S. gold stock and excluded from the to the extent that the holdings of dollars of the IMF exceed 75 per cent of reserve position. the U.S. quota. Drawings of dollars by other countries reduce the U.S. commitment to repay by an equivalent amount. NOTE.—The initial U.S. quota in the IMF was $2,750 million. The U.S. quota was increased to $4,125 million in 1959 and to $5,160 million in 3 Includes dollars obtained by countries other than the United States Feb. 1966. Under the Articles of Agreement, subscription payments equal from sales of gold to the IMF. to the quota have been made 25 per cent in gold and 75 per cent in dollars. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 75 JUNE 1970 • U.S. RESERVE ASSETS; POSITION IN THE IMF 4. U.S. RESERVE ASSETS (In millions of dollars) E y n e d a r o f Total To G ta o l 2 ld st T oc r k ea i s ury v c fo e u C c r r r o i t e r e i n i e b s g n - l n e - p R I o e M s s i i e n t F r i o v 3 n e E m n o d n t o h f Total To G ta o l 2 ld st T o r c e k a 1 s ury v c fo e u C c r r r i o e t e r i s n i e b g n - 5 l n e - p R I o e M s s i i e n t F r i o v 3 n e D R S r p i a g e w h ci i t a n s l 6 g 1957. 24,832 22,857 22,781 1,975 1969--May.. 16,070 11,153 10,367 3,474 1,443 1958. 22,540 20,582 20,534 1,958 June.. 16,057 11.153 10,367 3,355 1,549 1959. 21,504 19,507 19,456 1,997 July.. 15,936 11,144 10,367 3,166 1,626 1960. 19,359 17,804 17,767 1,555 Aug... 16,195 11.154 10,367 3,399 1,642 Sept.. 16,743 11,164 10,367 3,797 1,782 1961. 18,753 16,947 16,889 116 1,690 Oct.. . 716,316 11,190 10,367 73,341 1,785 1962. 17,220 16,057 15,978 99 1,064 Nov.., 16,000 11,171 10,367 2,865 1,964 1963, 16,843 15,596 15,513 212 1,035 Dec.., 16,964 11,859 10,367 2,781 2,324 1964, 16,672 15,471 15,388 432 769 1965, 15,450 413,806 413,733 781 4863 1970—Jan.. . 17,396 11,882 11,367 2,294 2,321 899 Feb.., 17,670 11,906 11,367 2,338 2,507 919 1966, 14,882 13,235 13,159 1,321 326 Mar.. 17,350 11,903 11,367 1,950 2,577 920 1967, 14,830 12,065 11,982 2,345 420 Apr.. 16,919 11,902 11,367 1,581 2,510 926 1968, 15,710 10,892 10,367 3,528 1,290 May. 16,165 11,900 11,367 980 2,360 925 1969, 16,964 11,859 10,367 2,781 2,324 1 Includes (a) gold sold to the United States by the International Mon- June 1965 through Jan. 1966, this gold subscription was included in the etary Fund with the right of repurchase, and (b) gold deposited by the U.S. gold stock and excluded from the reserve position. IMF to mitigate the impact on the U.S. gold stock of foreign purchases 5 For holdings of F.R. Banks only, see pp. A-12 and A-13. for the purpose of making gold subscriptions to tl^e IMF under quota 6 Includes initial allocation by the IMF of $867 million of Special Drawincreases. For corresponding liabilities, see Table 6. ing Rights on Jan. 1, 1970, plus net transactions in SDR's since that 2 Includes gold in Exchange Stabilization Fund. time. 3 In accordance with IMF policies the United States has the right to 7 Includes gain of $67 million resulting from revaluation of the German draw foreign currencies equivalent to its reserve position in the IMF vir- mark in Oct. 1969, of which $13 million represents gain on mark holdings tually automatically if needed. Under appropriate conditions the United at time of revaluation. States could draw additional amounts equal to the U.S. quota. See Table 5. 4 Reserve position includes, and gold stock excludes, $259 million gold NOTE—See Table 23 for gold held under earmark at F.R. Banks for subscription to the IMF in June 1965 for a U.S. quota increase which foreign and international accounts. Gold under earmark is not included became effective on Feb. 23, 1966. In figures published by the IMF from in the gold stock of the United States. 5. U.S. POSITION IN THE INTERNATIONAL MONETARY FUND (In millions of dollars) Transactions affecting IMF holdings of dollars IMF holdings (during period) of dollars (end of period) U.S. transactions with IMF Transactions by other countries Period with IMF Per cent P s t u a d i b o y o n s m o ll c s f a r e r i n i p s n t - s by s g N I a o M l e l e d t s F i T t c f i r o c u o a i r r n e n e r s s i s e g a 2 n i n n c - - I i d M n o c F i l o n l a m n r e e s t D d ra o o w ll f a i n r g s3 s R d m o e e l i p l n n a a t r y s s - c T ha o n ta g l e Amount q U u o . o f S t . a 1946—1957. 2,063 600 -45 -2,670 827 775 775 28 1958—1963. 1,031 150 60 -1,666 2,740 2,315 3,090 75 1964—1966. 776 1,640 45 -723 6 1,744 4,834 94 1967. 20 -114 -94 4,740 92 1968. — 84 20 -806 -870 3,870 75 1969. 22 19 -1,343 268 -1,034 2,836 55 1969—May. 1 -56 -55 3,717 72 June. 5 1 -112 -106 3,611 70 July.. 2 -79 -77 3,534 68 S A e u p g t . . . . "\1 -2 -3 82 6 1 2 2 0 2 -1 -1 4 6 0 3 3 , , 3 5 7 1 8 8 6 6 5 8 Oct.. , -9 5 -3 3,375 65 Nov.. -268 89 -179 3,196 62 Dec.. -396 32 -360 2,836 55 1970—Jan.. -33 36 3 2,839 55 Feb.. 32 -262 42 -186 2,653 51 Mar.. -178 103 -70 2,583 50 Apr.. -2 66 67 2,650 51 May. 150 150 2,800 54 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. • JUNE 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 f i d o d Total Total p G o d s o e i l t - d 1 m in G e v o n e l t s d t - 2 i i p S t n b l t i i o h e a a e b r s r o U n b y t m r k i e r . l t S d s e - - . - M n b G o U a a a o t o b r n n . e v S l k d s d e t . e s , 4 t - c m o T b U a n i a o r u a b b v n e n . r r l S l a e k d y e d e . r s e s - t t - - Total i i p n t S b l i t i o h a e a e b r s U n o r b y t m r k i e r . l t S d s e - - . - M n b G o U a a a o t o b r n n . e v S k l d s d e t . e s , t 4 - Total i i n p t S b l i t i o h e a a U e b r s o n r b y t . m r k i S e r l t d s e . - - - 6 M n b G o U a a a o t o b n r n . e S v k l d s d e t . e s , 4 t notes 195 7 715,825 200 200 7,917 5,724 542 195 8 716,845 200 200 8,665 5,950 552 195 9 19,428 500 500 10,120 9,154 966 7,618 7,077 541 1,190 530 660 1960s 2 21 0 , , 0 9 2 9 7 4 8 80 0 0 0 8 80 0 0 0 1 1 1 1 , ,0 0 8 78 8 1 1 0 0, ,2 2 1 12 2 8 8 6 7 6 6 7 7 , ,5 5 9 9 1 8 7 7 , , 0 0 4 4 8 8 5 5 4 5 3 0 1 1 , , 5 5 4 2 1 5 7 7 5 5 0 0 7 7 9 7 1 5 19618 2 2 2 2 , , 8 9 5 3 3 6 8 8 0 0 0 0 8 8 0 0 0 0 1 1 1 1 , , 8 8 3 3 0 0 1 1 0 0 , , 9 9 4 4 0 0 8 8 9 9 0 0 8 8 , , 2 3 7 5 5 7 7 7, , 8 7 4 5 1 9 5 5 1 1 6 6 1 1 . . 9 9 4 4 8 9 7 7 0 0 3 4 , , 2 2 4 4 5 5 19628 2 2 4 4 , , 0 0 6 6 8 8 8 8 0 00 0 8 8 0 0 0 0 1 1 2 2 , , 7 7 4 1 8 4 1 11 1 , , 9 9 6 9 3 7 7 7 5 5 1 1 8 8, , 3 3 5 5 9 9 7 7, , 9 9 1 1 1 1 4 44 4 8 8 2 2 , , 1 1 9 6 5 1 1 1 , , 2 2 5 8 0 4 9 9 1 1 1 1 19638 2 2 6 6 , , 3 3 6 2 1 2 8 8 0 0 0 0 8 8 0 0 0 0 1 1 4 4 , , 3 3 8 5 7 3 1 1 2 2 , , 4 4 6 6 7 7 1 1 , , 2 1 1 8 7 3 7 7 0 0 3 3 9 9 , , 2 21 0 4 4 8 8 , , 8 8 6 6 3 3 3 3 5 4 1 1 1 1, , 9 9 6 6 5 0 8 8 0 0 8 8 , , 1 15 5 7 2 19648 2 2 8 9 , , 9 0 5 0 1 2 8 8 0 0 0 0 8 80 0 0 0 1 1 5 5 , , 4 4 2 2 8 4 1 1 3 3 , , 2 2 2 2 0 4 1 1 , , 1 1 2 2 5 5 1 1 , , 0 0 7 7 9 9 1 1 1 1, , 0 0 0 5 1 6 1 1 0 0 , , 6 6 2 8 5 0 3 3 7 7 6 6 1 1 , , 7 7 2 2 2 2 8 8 1 1 8 8 9 9 0 0 4 4 1 1 9 9 6 6 5 6 8 2 2 9 9 , , 1 9 1 0 5 4 1,0 8 1 3 1 4 21 34 1 8 8 0 0 0 0 1 1 5 3 , , 3 6 7 0 2 0 1 1 3 2 , , 0 4 6 8 6 4 1,1 8 0 6 5 0 1,2 2 0 5 1 6 1 1 1 4 , , 4 38 7 7 8 1 1 1 3, ,0 85 0 9 6 4 52 7 8 2 1,4 9 3 0 1 6 6 58 7 1 9 7 32 5 5 2 29,779 1,011 211 800 13,655 12,539 860 256 14,208 13,680 528 905 580 325 19678 33,271 1,033 233 800 15,653 14,034 908 711 15,894 15,336 558 691 487 204 33,119 1,033 233 800 15,646 14.027 908 711 15,763 15,205 558 677 473 204 19689 /33,821 1,030 230 800 12,548 11,318 529 701 19,518 18,909 609 725 683 42 \33,614 1.030 230 12,481 11,318 462 7C1 19,381 18,916 465 722 683 39 1969-Mar... 34,930 1.031 231 800 10,772 9,637 459 676 22,493 21,998 495 634 596 38 Apr... 36,066 1,033 233 800 10,936 9,762 459 715 23,426 22,929 497 671 632 39 J M u a n y e . . . . 3 39 7 , , 0 6 4 7 5 3 1 1, ,0 03 2 3 8 2 2 3 2 3 8 8 8 0 0 0 0 1 1 2 0, , 2 4 3 3 7 4 1 9 1 , , 1 3 1 1 2 0 4 4 5 5 9 9 6 6 6 6 5 6 2 2 3 7 , , 4 0 8 6 7 4 2 2 3 6 , ,6 0 0 1 8 4 4 4 7 5 3 6 7 7 1 1 9 6 6 6 7 6 1 8 4 4 8 8 D S N A O Ju e u e o c p l c t v g y t . . . . . r . r r . r . . . r . . 10 4 4 4 4 4 4 2 0 1 2 3 3 , , , , , , 1 0 6 7 3 1 6 1 0 3 1 1 5 9 3 9 0 9 1 1 1 1 1 1 , , , , , , 0 0 0 0 0 0 2 1 1 1 1 2 9 9 9 9 8 8 2 2 2 2 2 2 2 1 1 1 1 2 8 9 9 9 9 8 8 8 8 8 8 8 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 0 9 1 1 2 2 1 2 , , , , , 4 9 0 , 0 9 6 8 3 1 8 8 8 1 9 4 0 4 6 1 1 1 1 9 8 1 1 1 1 , , , , , , 8 6 2 7 0 1 3 1 8 8 4 2 9 1 0 6 1 8 4 4 4 3 3 3 3 5 8 5 5 3 1 0 3 0 0 3 10 7 5 7 7 5 7 5 5 5 5 5 4 5 5 0 0 0 2 2 2 2 2 2 2 8 8 8 9 8 8 , , , , , , 7 8 4 3 5 4 3 2 7 7 5 2 1 1 5 4 8 6 2 2 2 2 2 2 7 9 7 8 7 8 , , , , , , 8 9 3 9 0 1 4 4 2 4 1 9 5 5 9 3 4 0 4 5 5 5 5 4 4 9 2 8 4 3 1 2 9 1 4 2 7 7 7 6 6 7 3 1 3 8 2 6 1 9 1 3 8 2 6 6 6 6 6 6 6 1 8 7 3 8 9 2 2 9 4 2 4 4 4 5 4 5 9 9 9 0 9 0 1970—Jan.r 42,955 1,019 219 800 12,665 11,853 383 429 28,533 28,002 531 738 688 50 Feb.. 43,382 1,010 210 800 14,011 13,202 380 429 27,546 27,062 484 815 765 50 Mar? 43,233 1,010 210 800 14,737 13,928 380 429 26,670 26,194 476 816 766 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. !0 Includes $17 million increase in dollar value of foreign currency Govt, that are guaranteed by the United States. liabilities resulting from revaluation of the German mark in Oct. 1969. 5 Principally the International Bank for Reconstruction and 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. 7 Includes total foreign holdings of U.S. Govt, bonds and notes, for The liabilities figures are used by the Dept. of Commerce in the statistics which breakdown by type of holder is not available. measuring the U.S. balance of international payments on the liquidity 8 Data on the two lines shown for this date differ because of changes in basis; however, the balance of payments statistics include certain 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

JUNE 1970 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 77 7. U.S. LIQUID LIABILITIES TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES, BY AREA (Amounts outstanding; in millions of dollars) End of period c f o o T u r o n e t t i a r g l i n e s E W u e r s o t p e e r n 1 Canada A re m L p e u a r t b i i l n c i a c n s Asia Africa cou O n t t h r e ie r s 2 15,646 9,872 996 1,131 3,145 249 253 / 12,548 7,009 533 1,354 3,168 259 225 \ 12,481 7,001 532 1,354 3,122 248 224 1969—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.r 11,039 5,907 451 1,392 2,788 255 246 Sept.r 12,481 7,385 397 1,339 2,871 270 219 Oct.r 412,686 47,400 425 1,485 2,853 322 201 Nov.r 12,014 6,234 446 1,417 3,104 570 243 Dec.r 11,984 5,860 495 1,671 3,190 546 222 1970—Jan.r 12,665 6,289 600 1,735 3,314 533 194 Feb 14,011 7,250 662 1,882 3,331 702 184 Mar.? 14,737 7,378 590 2,080 3,780 705 204 1 Includes Bank for International Settlements and European Fund. liabilities resulting from revaluation of the German mark in Oct. 1969. 2 Includes countries in Oceania and Eastern Europe, and Western 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) To nonmonetary international To all foreigners and regional organizations5 Payable in dollars IMF Deposits End of period Total i Total Dem D an e d p os T it i s m e 2 b T i c r l c e U l e s a r a . t t s S i e a u f s i n r - d y s O l t h i e a t o r h b r m e . t 3 r - P f r o a e c r n y u i e n a c r i i b - g e l n s e in m g v e o e n l s d t t - 4 Total Demand Time2 b T i c r l c e U l e s r a a . t t S s i e a f u . s i n - r d y (30,657 30,428 11,747 5,780 9,173 3,727 229 800 487 67 124 178 130,505 30,276 11,577 5,775 9,173 3,750 229 800 473 67 120 178 31,717 31,081 14,387 5,484 6,797 4,412 636 800 683 68 113 394 34,123 33,538 16,743 5,610 5,706 5,479 585 800 632 63 76 225 35,795 35,229 16,638 5,622 7,272 5,697 566 800 671 58 70 236 37,188 36,587 20,132 5,706 4,974 5,775 601 800 668 75 75 214 38,207 37,762 21,042 5,680 5,070 5,970 445 800 682 59 78 227 39,650 39,192 21,091 5,854 5,858 6,389 458 800 682 54 76 230 40,703 40,287 20,750 6,090 7,052 6,395 416 800 679 61 86 225 41,235 40,747 20,984 6,376 6,450 6,937 488 800 634 71 76 234 41,611 41,166 21,690 6,673 5,632 7,171 445 800 669 58 66 291 40,303 39,874 20,689 6,834 5,015 7,336 429 800 612 57 83 244 41,343 40,901 20,319 6,840 5,938 7,804 442 800 688 66 103 252 41,829 41,403 19,397 7,117 6,602 8,287 426 800 765 75 119 317 41,688 41,287 18,397 7,108 7,228 8,554 401 800 766 81 135 330 42,198 41,850 19,269 6,930 7,164 8,487 348 800 716 87 135 237 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. • JUNE 1970 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE—Continued (Amounts outstanding; in millions of dollars) To residents of foreign countries To official institutions 7 Payable in dollars Payable in dollars End of period Payable Total Dema D nd ep osi T ts i me 2 T b c i r l c e U e l a r s a . t t s S i e a u f . s n i r - d y s O l t h i e a t o r h b r m e . t 3 r - f r o e c r n u i e n c r i i g - e n s Total Dema D n e d p osi T ts i me 2 T bi r c c l U e e l a s r a . t t S s e a i u . f s n i r - d y s O l t h i e t a o r h b r m e . t r 3 - 19676 ( ( 2 2 9 9 , , 2 3 3 7 2 0 1 1 1 1 , ,5 6 1 8 0 0 5 5, , 6 6 5 5 5 6 8 8 , , 1 1 9 9 5 5 3 3 , , 6 6 4 1 3 0 2 22 2 9 9 1 1 4 4 , , 0 0 2 3 7 4 2 2 , , 0 0 5 5 4 4 2 2 , , 4 4 5 6 8 2 7 7 , , 9 9 8 8 5 5 1 1, , 3 3 8 7 1 8 1968 30,234 14,320 5,371 5,602 4,304 636 11,318 2,149 1,899 5,486 1,321 1969—Apr.. 32,691 16,680 5,533 4,681 5,212 585 9,762 1,869 1,894 4,531 1,080 May. 34,324 16,579 5,552 6,236 5,390 566 11,310 1,793 1,993 6,092 1,045 June. 35,720 20,057 5,630 3,960 5,472 601 9,112 2,037 1,987 3,819 881 July., 36,725 20,983 5,602 4,043 5,653 445 8,780 1,892 1,872 3,872 912 Aug.r 38,168 21,037 5,778 4,828 6,067 458 9,839 2,066 1,983 4,671 887 Sept.r 39,224 20,689 6,004 6,027 6,088 416 11,281 1,993 2,119 5,895 1,042 Oct. r 39,801 20,912 6,299 5,416 6,686 488 11,611 1,955 2,432 5,301 1,691 Nov.f 40,142 21,632 6,607 4,540 6,917 445 11,128 1,894 2,709 4,421 1,902 Dec.r 38,891 20,632 6,751 3,971 7,109 429 11,046 1,918 2,943 3,844 2,139 1970—Jan. 39,855 20,253 6,737 4,885 7,537 442 11,853 ,649 2,961 4,749 2,292 Feb.. 40,264 19,322 6,998 5,485 8,032 426 13,202 ,661 3,251 5,381 2,707 Mar.? 40,122 18,316 6,972 6,098 8,334 401 13,928 ,445 3,400 5,989 2,892 Apr.P 40,682 19,182 6,794 6,127 8,231 348 13,576 ,295 3,377 6,035 2,720 To banks 8 To other foreigners Payable in dollars End of period Total Total Dema D nd e posi T ts i me2 T b c i r c l e U e l a r s a . t t s S i e a u f s . n i r - d y s O l t h i e a t o r h b r m e . t 3 r - Total Dema D nd ep osi T ts i me2 T b c i r l c e U e l a r s a . t t s S i e a u f . s n i r - d y s O l t h i e a t o r h b r m e . t 3 r - 19676 [ 1 1 5 5 , , 2 3 0 3 5 6 1 1 1 1 , , 0 1 0 32 8 7 7 , , 9 7 3 6 3 3 1 1, , 1 1 4 4 2 2 1 1 2 2 9 9 1 1 , , 9 9 2 7 7 3 4 4 , ,1 1 2 2 7 0 1 1, , 6 6 9 9 3 3 2 2 , , 0 0 5 5 4 2 8 81 1 2 3 9 0 2 2 1968 18,916 14,299 10,374 1,273 30 2,621 4,444 1,797 2,199 86 362 1969—Apr... 22,929 18,351 13,048 1,517 40 3,746 4,381 1,763 2,122 110 386 May.. 23,014 18,520 13,083 1,487 35 3,915 4,315 1,703 2,072 110 431 June.. 26,608 22,109 16,231 1,652 35 4,191 4,286 1,789 1,992 106 400 July.. 27,945 23,596 17,412 1,801 54 4,330 4,136 1,679 1,929 116 412 Aug.. 28,329 24,031 17,318 1,947 35 4,732 4,072 1,653 1,847 122 448 Sept.., 27,943 23,692 16,920 2,080 25 4,667 4,067 1,776 1,804 107 379 Oct.. . 28,190 23,990 17,246 2,125 22 4,598 3,944 1,711 1,742 93 398 Nov.. 29,014 24,912 18,066 2,164 18 4,664 3,859 1,673 1,734 101 351 Dec... 27,845 23,680 17,005 1,996 20 4,658 3,939 1,709 1,811 107 312 1970—Jan.. . 28,002 23,887 16,907 2,063 21 4,897 3,875 1,698 1,714 116 347 Feb.. . 27,062 23,083 15,997 2,092 27 4,968 3,756 1,665 1,656 78 358 Mar.P 26,194 22,170 15,105 1,962 21 5,082 3,825 1,766 1,610 89 361 Apr P. 27,106 23,068 16,103 1,809 19 5,137 3,838 1,784 1,608 74 373 1 Data exclude "holdings of dollars" of the International Monetary with those shown for the preceding date; figures on the second line are Fund. comparable with those shown for the following date. 2 Excludes negotiable time certificates of deposit, which are included 7 Foreign central banks and foreign central govts, and their agencies, in "Other." and Bank for International Settlements and European Fund. 3 Principally bankers' acceptances, commercial paper, and negotiable 8 Excludes central banks, which are included in "Official institutions." time certificates of deposit. 4 U.S. Treasury bills and certificates obtained from proceeds of sales of NOTE.—"Short-term" refers to obligations payable on demand or having gold by the IMF to the United States to acquire income-earning assets. an original maturity of 1 year or less. For data on long-term liabilities Upon termination of investment, the same quantity of gold can be re- reported by banks, see Table 10. Data exclude the "holdings of dollars" acquired by the IMF. of the International Monetary Fund; these obligations to the IMF consti- 5 Principally the International Bank for Reconstruction and Develop- tute contingent liabilities, since they represent essentially the amount of ment and the Inter-American Development Bank. dollars available for drawings from the IMF by other member countries. Includes difference between cost value and face value of securities in Data exclude also U.S. Treasury letters of credit and non-negotiable, non- IMF gold investment account. interest-bearing special U.S. notes held by the Inter-American Develop- 6 Data on the two lines shown for this date differ because of changes in ment Bank and the International Development Association. reporting coverage. Figures on the first line are comparable in coverage Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1970 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 79 9. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (End of period. Amounts outstanding; in millions of dollars) 1968 1969 1970 AArreeaa aanndd ccoouunnttrryy Dec. Aug.r Sept.r Oct.r Nov.r Dec.r Jan.r Feb. Mar.? Apr.P Europe: Austria 162 178 157 248 252 314 299 300 343 227799 Belgium-Luxembourg 313 438 404 445 553 528 583 622 599 596 146 106 114 125 151 153 178 182 212 186 Finland 176 99 98 99 115 120 123 137 129 131 France 1,383 1,525 1,536 1,527 1,615 1,588 1,553 1,608 1,601 1,824 2,640 2,677 4,235 2,902 2,006 1,381 2,226 2,658 2,680 2,685 183 201 184 181 201 207 208 191 178 185 Italy 729 797 813 843 733 627 626 741 605 590 Netherlands 276 342 366 738 606 463 581 539 526 426 Norway 448 264 175 203 228 341 240 305 281 272 345 326 312 309 311 309 313 289 280 266 158 155 163 179 164 202 195 226 234 178 453 260 209 318 399 412 455 426 381 364 2,155 1,606 1,871 1,937 2,010 2,027 1,984 1,966 2,173 2,222 Turkey 29 20 23 35 30 28 31 35 31 27 United Kingdom 6,133 13,315 12,698 11,973 12,699 11,600 11,438 10,906 10,180 10,785 Yugoslavia 33 27 37 39 40 37 44 33 42 29 Other Western Europe i 357 472 628 1,182 1,461 1,528 1,465 1,742 1,935 1,646 5 7 11 5 10 11 8 6 6 6 Other Eastern Europe 48 41 43 47 38 50 44 39 39 37 Total 16,170 22,858 24,078 23,336 23,623 21,926 22,592 22,950 22,456 22,732 Canada 2,797 3,571 3,386 4,166 3,844 3,991 4,101 3,857 3,613 3,772 Latin America: Argentina 479 446 429 448 409 416 418 450 450 517 Brazil 257 293 322 362 402 425 412 452 526 544 Chile 323 366 343 352 349 393 361 385 436 399 Colombia 249 252 244 249 250 258 267 277 295 289 Cuba 8 8 8 8 8 7 7 7 7 6 974 764 740 791 788 848 891 915 939 989 154 130 125 119 124 129 145 136 134 130 276 231 227 220 218 239 218 215 239 219 Uruguay 149 133 125 111 106 111 140 119 120 122 Venezuela 792 725 694 661 635 674 684 673 693 679 Other Latin American republics ^ 611 549 535 532 508 556 551 577 603 627 Bahamas and Bermuda 273 1,106 1,109 1,444 1,435 1,405 1,583 1,543 1,345 1,366 Netherlands Antilles and Surinam 88 76 77 72 71 74 79 82 84 89 Other Latin America 30 35 37 33 42 34 40 36 36 46 Total 4,664 5,115 5,014 5,403 5,345 5,571 5,795 5,867 5,906 6,024 Asia: China Mainland 38 38 36 35 37 3366 37 39 39 37 Hong Kong 270 220 205 217 214 213 196 223 219 223 India 281 252 257 283 293 260 260 286 330 322 Indonesia 50 69 75 63 74 86 78 69 89 87 Israel 215 134 138 123 115 146 178 185 152 139 Japan 3,320 3,491 3,605 3,640 3,773 3,788 3,628 3,557 3,910 4,085 Korea 171 158 188 217 231 236 283 308 299 257 Philippines 269 230 228 240 222 201 197 248 286 240 Taiwan 155 189 186 182 188 196 215 218 228 210 Thailand 556 566 585 561 611 628 653 666 664 630 Other 628 529 541 547 523 606 657 652 762 722 Total 5,953 5,876 6,045 6,109 6,280 6,396 6,381 6,452 6,977 6,953 Africa: Congo (Kinshasa) 12 50 69 71 86 87 85 109 97 73 Morocco 13 16 18 18 18 21 21 44 52 47 South Africa 58 59 51 53 54 66 69 91 96 58 U.A.R. (Egypt) 18 19 19 17 19 23 25 25 22 22 Other 260 254 240 334 533 499 504 594 582 683 Total 361 399 396 492 710 695 703 864 850 883 Other countries: Australia 261 320 272 263 311 282 255 244 287 285 All other 28 28 32 31 29 29 28 30 32 33 Total 289 349 305 294 340 311 283 274 319 318 Total foreign countries 30,234 38,168 39,224 39,801 40,142 38,891 39,855 40,264 40,122 40,682 International and regional: International2 1,372 1,321 1,311 1,277 1,316 1,260 1,307 1,365 1,361 1,279 Latin American regional 78 116 114 106 99 100 116 117 109 140 Other regional3 33 45 54 51 54 52 65 83 96 97 Total 1,483 1,482 1,479 1,434 1,469 1,412 1,488 1,565 1,566 1,516 Grand total 31,717 39,650 40,703 41,235 41,611 40,303 41,343 41,829 41,688 42,198 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. • JUNE 1970 9. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES BY COUNTRY—Continued (End of period. Amounts outstanding; in millions of dollars) Supplementary data 4 1967 1968 1969 1967 1968 1969 Area or country AArreeaa oorr ccoouunnttrryy Dec. Apr. Dec. Apr. Dec. Dec. Apr. Dec. Apr. Dec. Other Western Europe: Other Asia—Cont.: Cyprus 2 21 8 2 11 40 7 3 4 17 Iceland 4 3 6 4 9 37 34 67 40 46 I L r u e x la e n m d b , o R u e r p g . of 3 9 1 ( 155 ) ( 254 ) ( 250 ) ( 358 ) 11 4 3 97 4 78 3 8 4 2 8 3 3 Malaysia 64 52 52 41 30 Other Latin American republics 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 6 7 2 4 4 El Salvador 73 84 82 89 69 148 123 51 4400 9944 Guatemala 73 96 86 90 84 Haiti 16 17 17 18 16 Other Africa: Honduras 30 31 33 37 29 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 4 13 3 8 10 Paraguay 13 14 16 18 13 16 20 29 34 43 Trinidad & Tobago 6 9 10 8 8 25 26 25 28 18 18 45 69 68 288 Other Latin America: 38 24 20 10 11 British West Indies 14 21 25 25 30 Southern Rhodesia 2 4 1 2 2 2 2 5 3 3 Other Asia: Tanzania 20 27 21 23 Afghanistan 5 6 6 8 16 10 2 7 2 6 Burma 11 17 5 5 2 1 10 6 9 5 Cambodia 2 3 2 2 1 25 21 25 1199 1177 Ceylon 5 5 4 5 3 Iran 50 38 41 44 35 All other: Iraq 3355 1100 8866 7777 New Zealand 1177 1155 1177 2200 1166 1 Includes Bank for International Settlements and European Fund. 4 Represent a partial breakdown of the amounts shown in the "other" 2 Data exclude "holdings of dollars" of the International Monetary categories (except "Other Eastern Europe"). Fund but include IMF gold investment. 5 Included with Belgium. 3 Asian, African, and European regional organizations, except BIS and European Fund, which are included in "Europe." 10. LONG-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) To foreign countries Country or area To intl. Total and Official Other Other regional Total institu- Banks * foreign- Argen- Latin Japan Thailand tions ers tina America 1,494 506 988 913 50 234 8 197 140 (2,546 689 1,858 1,807 35 251 234 126 443 218 (2,560 698 1,863 1,807 40 251 234 126 443 218 3,166 777 2,389 2,341 40 284 257 241 658 201 3,058 781 2,277 2,234 6 37 284 205 208 658 202 2,974 776 2,198 2,156 6 36 284 193 189 658 202 2,943 786 2,157 2,103 19 34 284 149 189 658 199 2,825 797 2,028 1,963 30 36 207 129 181 658 199 2,768 813 1,956 1,889 30 37 207 149 154 658 157 2,678 886 1,792 1,713 43 36 146 130 101 659 117 2,530 919 1,611 1,533 43 35 67 123 43 659 117 2,483 900 1,583 1,502 44 37 62 154 43 659 70 2,490 887 1,602 1,507 55 41 64 175 41 655 70 2,335 870 1,465 1,373 55 37 25 163 6 657 47 2,341 870 1,471 1,376 59 36 25 191 6 657 54 2,326 878 1,448 1,348 62 39 25 202 6 636 49 2,262 832 1,430 1,320 64 45 25 209 6 636 51 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

JUNE 1970 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 81 11. ESTIMATED FOREIGN HOLDINGS OF MARKETABLE U.S. GOVERNMENT BONDS AND NOTES (End of period; in millions of dollars) 1968 1969 1970 Area and country Dec. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.P Apr.f Europe: Denmark 10 9 9 9 9 9 9 9 9 9 9 6 6 6 France 5 6 6 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 Sweden 5 5 5 5 5 5 5 5 5 5 5 5 5 5 Switzerland 39 45 44 44 44 44 45 42 42 42 42 46 46 46 United Kingdom 350 371 351 334 357 368 406 420 421 407 407 358 350 359 Other Western Europe.... 33 33 33 33 24 24 24 24 24 24 24 24 24 24 Eastern Europe 6 6 7 7 7 7 7 7 7 7 7 7 7 7 Total 488 514 494 477 491 502 541 553 553 538 539 491 483 492 Canada 384 388 388 387 389 389 389 271 272 272 271 270 271 271 Latin America: Latin American republics.. 2 2 2 2 2 2 2 2 2 2 2 2 2 2 Neth. Antilles & Surinam. 15 15 12 12 12 12 12 12 12 12 13 12 12 12 Other Latin America * * * * * * * * 2 2 2 2 2 2 Total 17 17 14 14 14 14 14 14 15 15 17 15 15 15 Asia: Japan 9 10 10 10 10 10 10 10 10 61 61 62 62 62 Other Asia 18 18 18 18 18 18 19 19 17 18 18 18 18 18 Total 26 28 28 28 28 28 28 29 27 79 79 80 80 80 Other countries 11 9 9 9 9 9 9 7 7 7 7 7 7 7 Total foreign countries 927 956 932 915 931 942 982 874 875 912 914 864 856 865 International and regional: International 25 24 32 32 32 32 32 32 32 32 31 31 30 30 Latin American regional.. 13 15 15 15 17 17 17 17 18 18 19 19 20 20 Asian regional j Total 39 39 48 48 49 49 49 50 50 50 50 50 50 51 Grand total 966 995 980 963 980 991 1,031 923 925 962 964 914 906 916 NOTE.—Data represent estimated official and private holdings of mar- year, and are based on a Nov. 30,1968, benchmark survey of holdings and ketable U.S. Govt, securities with an original maturity of more than 1 regular monthly reports of securities transactions (see Table 16). 12. NONMARKETABLE U.S. TREASURY BONDS AND NOTES ISSUED TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES (In millions of dollars or dollar equivalent) Payable in dollars Payable in foreign currencies End of period Total Total g B iu e m l- C ad a a n ^ - m De a n rk - Italy 2 Korea S d w en e- T w a a i n - T la h n a d i- Total A tr u ia s- g B iu e m l- m G a e n r y - 3 Italy ze S r w la it n - d 196 7 1,563 516 314 177 1,047 50 60 601 125 211 196 8 3,330 1,692 32 1,334 20 146 20 100 1,638 50 1,051 226 311 1969—May 3,518 1,666 32 1,334 140 20 100 1.852 50 1,200 226 376 June 3,269 1,416 32 1,084 140 20 100 1.853 50 1,200 226 377 July. 3,352 1,391 32 1,084 140 20 100 1,961 25 1,200 226 511 Aug. 3,251 1,390 32 1,084 140 20 100 1,861 25 1,200 125 511 Sept. 3,251 1,390 32 1,084 139 20 100 1,861 25 1,200 125 511 Oct.. 43,372 1,435 32 1,129 139 20 100 41,937 41,301 125 511 Nov. 3,181 1,431 32 1,129 135 20 100 1,750 1,084 125 541 Dec. 3,181 1,431 32 1,129 135 20 100 1,750 1,084 125 541 1970—Jan.. 2,514 1,431 32 1,129 135 20 100 1,083 542 541 Feb.. 2,513 1,431 32 1,129 135 20 100 1,083 542 541 Mar. 2,799 1,717 32 1,429 121 20 100 1,083 542 541 Apr., 2,897 1,814 32 1,529 118 20 100 1,083 542 541 May, 3,096 2,013 32 1,729 117 20 100 1,083 542 541 1 Includes bonds issued in 1964 to the Government of Canada in connec- 3 In addition, nonmarketable U.S. Treasury notes amounting to $125 tion with transactions under the Columbia River treaty. Amounts out- million equivalent were issued to a group of German commercial banks in standing end of 1967 through Oct. 1968, $114 million; end of 1968 through June 1968. The revaluation of the German mark in Oct. 1969 increased Sept. 1969, $84 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. • JUNE 1970 13. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (End of period. Amounts outstanding; in millions of dollars) 1968 1969 1970 Area and country Dec. Aug. Sept. Oct. Nov. Dec. ir rJan. Feb. Mar.? Apr.f Europe: Austria 6 4 5 5 6 7 7 20 10 11 3 Belgium-Luxembourg 40 49 53 71 57 56 56 49 53 55 73 Denmark 36 31 32 40 41 40 40 49 32 36 31 Finland 63 65 72 72 72 68 68 66 63 64 64 France 66 80 92 85 93 107 107 117 94 87 92 Germany 171 161 213 200 199 207 207 183 160 192 135 Greece 12 18 20 19 17 22 22 17 16 17 19 Italy 105 89 101 108 99 120 120 129 123 107 102 Netherlands 40 41 46 54 46 51 51 84 61 50 65 Norway 43 40 40 36 38 34 34 34 32 36 34 Portugal 10 9 9 9 8 8 8 9 11 13 9 Spain 46 49 53 70 68 70 70 73 83 57 99 Sweden 58 54 71 64 86 67 67 82 95 78 99 Switzerland 93 110 92 110 131 99 99 124 122 107 114 Turkey 38 30 32 31 26 19 19 14 15 25 19 United Kingdom 318 326 383 425 400 418 408 405 435 418 393 Yugoslavia 22 26 24 25 25 28 28 29 35 32 32 Other Western Europe 15 12 10 11 11 9 9 7 8 9 6 U.S.S.R 3 1 2 2 2 2 2 2 2 3 Other Eastern Europe 21 28 28 25 28 34 34 30 34 43 40 Total 1,205 1,224 1,377 1,463 1,454 1,466 1,456 1,522 1,483 1,439 1,432 Canada 533 724 634 728 667 818 846 750 740 672 618 Latin America: Argentina 249 276 297 306 301 311 311 304 296 292 288 Brazil 338 309 307 317 318 317 317 296 289 285 293 Chile 193 170 177 174 177 188 188 178 195 203 213 Colombia 206 210 212 215 210 225 225 237 252 249 254 Cuba 14 13 14 14 14 14 14 14 14 14 14 Mexico 948 914 836 802 778 801 801 804 807 845 887 Panama 56 58 69 61 67 68 68 61 68 61 68 Peru 207 171 168 179 173 161 161 173 168 163 159 Uruguay 44 43 41 43 46 48 48 49 50 55 55 Venezuela 232 239 237 233 228 240 240 250 261 264 254 Other Latin American republics 280 275 271 287 286 295 295 303 307 285 288 Bahamas and Bermuda 80 76 52 59 48 92 92 62 68 72 67 Netherlands Antilles and Surinam 19 12 13 14 15 14 14 13 14 13 15 Other Latin America 22 22 21 18 20 27 27 22 22 33 35 Total 2,889 2,786 2,716 2,722 2,680 2,803 2,804 2,766 2,811 2,835 2,892 Asia: China Mainland 1 1 1 1 1 1 1 1 1 1 1 Hong Kong 32 39 36 43 37 36 36 37 37 41 41 India 19 9 9 8 11 10 10 11 9 9 9 Indonesia 23 32 33 25 23 30 30 29 25 68 53 Israel 84 99 91 94 101 108 108 101 96 91 99 Japan 3,114 3,157 3,164 3,071 3,114 3,342 3,372 3,160 3,080 3,216 3,276 Korea 77 138 164 159 160 158 158 167 172 178 190 Philippines 239 249 242 241 232 216 216 208 255 274 296 Taiwan 38 38 38 39 42 49 49 50 56 55 59 Thailand 99 89 93 94 97 101 101 99 98 95 103 Other 145 165 164 190 205 212 212 208 168 162 164 Total 3,872 4,015 4,035 3,965 4,023 4,262 4,292 4,070 3,998 4,190 4,291 Africa: Congo (Kinshasa) 3 3 3 4 5 6 6 5 5 3 4 Morocco 2 3 2 3 2 3 3 3 3 4 5 South Africa 46 44 49 54 56 55 55 53 51 62 60 U.A.R. (Egypt) 8 13 12 10 11 11 11 10 12 12 15 Other 73 63 69 72 82 86 86 79 63 63 62 Total 133 126 135 143 155 162 162 150 136 144 146 Other countries: Australia 66 57 55 57 52 53 53 58 55 60 56 All other 13 14 14 14 14 16 16 14 14 13 22 Total 79 71 69 70 66 69 69 72 68 73 78 Total foreign countries 8,710 8,946 8,966 9,091 9,045 9,580 9,629 9,329 9,236 9,354 9,456 International and regional * 1 1 1 1 2 2 1 2 2 1 Grand total 8,711 8,947 8,967 9,092 9,046 9,582 9,631 9,330 9,238 9,356 9,457 i 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

JUNE 1970 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 83 14. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars Payable in foreign currencies Total Total Total O in t f i s f o L t i i n c t o i s u a a - l n s t B o a — n ks1 Others C s t t o o i i a o n u l n l n g t e d - s c - - f A e o o a m i c f r g n c a n f a c e o d e c e p r r e c s t - s t - . Other Total w D e i e i t g h p n o e f s r o i s t r s - g c F a o n u p c o n v o r a a r d i t m n p e t , i c e i f l e s g e r i . e s - n , - ( 8,583 8,158 3,137 306 1,603 1,228 1,511 3,013 498 425 287 74 ( 8,606 8,182 3,150 306 1,616 1,228 1,552 3,013 467 425 287 70 8,711 8,261 3,165 247 1,697 1,221 1.733 2,854 509 450 336 40 8,734 8,225 3,162 289 1,763 1,110 1,723 2,773 565 510 318 94 9,018 8,496 3.208 295 1,855 1,057 1.734 2,900 654 522 291 127 9,222 8,669 3,325 293 1,971 1,061 1,751 3,068 526 553 334 111 9,025 8,513 3,118 258 1,829 1,030 1,766 3,059 571 512 310 90 8,947 8,467 3,072 235 1,819 1,018 1,838 3,015 543 480 272 101 8,967 8,472 3,093 212 1,880 1,000 1,860 2,973 546 495 355 51 9,092 8,573 3,173 263 1,921 990 1,896 2,940 563 520 393 46 9,046 8,611 3,204 262 1,944 999 1,928 2,922 556 435 317 45 (9,582 9,064 3,282 263 1,946 1,073 1,954 3,169 658 518 355 84 ) 9,631 9,113 3,279 263 1,943 1,073 1,954 3,204 675 518 355 84 9,330 8,826 3,261 258 1,986 1,018 1,970 3,024 570 504 349 77 9,238 8,772 3.209 266 1,914 1,029 1,992 2,987 584 466 326 62 9,356 8,941 3,285 298 1,914 1,073 2,083 3,043 529 415 300 45 9,457 8,981 3,122 340 1,734 1,048 2,153 3,223 483 476 342 68 1 Excludes central banks which are included with "Official institutions." with those shown for the preceding date; figures on the second line are 2 Data on the two lines shown for this date differ because of changes in comparable with those shown for the following date. reporting coverage. Figures on the first line are comparable in coverage 15. LONG-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) Type Country or area Payable in dollars End of Payable period Total Loans to— O lo t n h g e - r c fo u r r i e r n i e g n n - U K d n i o n i m t g e - d EE OO uu tt rr hh oo ee pp rr ee Canada AA LL mm aa ee tt rr ii ii nn cc aa Japan OO AA tt ss hh ii ee aa rr co o u A t n h l t e l r r i es Official Other term cies Total institu- Banksi foreign- claims tions ers 1967 33,,992255 3,638 669 323 222,,,666444555 272 15 56 720 427 11,,555566 180 449 537 1968 33,,556677 33,,115588 528 237 222,,,333999333 394 16 68 479 428 11,,337755 122 617 479 1969—Apr 3,435 33,,002200 474 230 222,,,333111666 400 15 66 480 402 1,331 113 577 466 May.... 3,456 33,,005588 472 236 222,,,333555000 381 17 55 489 397 1,353 112 572 478 June.... 3,403 22,,998800 478 220 222,,,222888222 401 22 54 484 398 1,331 101 587 449 July r. .. 3,255 22,,882266 450 208 222,,,111666888 408 21 54 447 390 1,294 97 570 404 Aug.r... 3,289 22,,885599 504 212 222,,,111444222 409 21 56 436 405 1,348 95 551 397 Sept.r... 3,272 22,,884477 485 211 222,,,111555000 409 17 55 416 403 1,334 93 562 410 Oct.r. .. 3,278 22,,884477 493 204 222,,,111444999 415 16 56 411 410 1,344 88 568 401 Nov.r... 3,267 22,,884455 494 203 222,,,111444777 406 17 55 400 407 1,357 85 571 392 Dec.r... 3,237 22,,880055 501 209 222,,,000999666 414 18 55 411 408 1,329 88 567 378 1970—Jan .... 3,173 2,734 460 210 2,063 409 29 55 403 406 1,306 90 557 356 Feb , . . 3,146 2,724 475 203 2,046 390 33 51 401 416 1,296 86 545 351 Mar.P... 3,211 2,794 517 210 2,067 386 31 56 419 406 1,336 87 558 349 Apr.P. .. 3,235 2,813 507 222 2,084 390 32 62 413 420 1,363 90 544 343 1 Excludes central banks, which are included with "Official institutions." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 84 INTL. CAPITAL TRANSACTIONS OF THE U.S. • JUNE 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 i securities 2 Foreign bonds Foreign stocks Net purchases or sales Period Total I a n n t d l. Foreign ch P a u s r e - s Sales c N h s a e a t s l e p e s s u o r r - c P ha u s r e - s Sales c N h s a e a t s l e p e s s u o r r - ch P a u s r e - s Sales N ch e s a t a s l e e p s s u o r r 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 1969r -4 -15 -79 64 15,484 12,795 2,689 1,552 2,568 -1,016 1,519 2,037 -517 1970—Jan.-Apr.p -46 -47 -44 4,019 3,682 337 533 879 -347 393 364 -29 1969— J A M u p a n r y e . r r r - - 1 1 1 7 5 7 3 - - 1 2 1 7 4 2 6 - -1 2 2 7 4 5 2 1 1 1 1 , , , , 1 5 1 0 6 5 7 1 5 8 2 9 1 1 1 1 , , , , 1 3 0 0 3 9 0 1 5 2 7 8 - 2 1 2 2 5 0 0 9 1 1 1 1 8 8 5 0 8 2 5 1 2 2 3 1 2 0 0 4 1 9 2 6 - - - 1 2 1 1 3 0 5 9 4 6 1 1 1 1 8 0 7 1 7 5 0 9 2 3 1 1 5 5 4 2 8 8 6 4 - - - 1 - 4 8 7 5 8 1 1 J S O A u e c u p t l g . y t . r . r r -10 4 1 8 0 2 1 -10 4 1 8 0 1 1 1 - 1 1 7 40 9 2 1 1 1 1 , , , , 0 2 6 0 6 2 9 6 1 1 0 2 1 1, , 1 0 9 9 9 7 4 0 5 4 1 4 4 1 1 1 9 4 2 5 4 7 8 0 1 7 9 9 5 5 8 1 7 2 1 1 1 0 4 5 6 8 0 7 8 - - 1 - 6 7 1 5 0 7 1 1 1 1 0 0 3 0 7 5 2 6 2 1 1 1 0 4 0 3 7 0 4 9 - - 1 - 3 6 0 4 2 2 N D o e v c .r 37 37 52 -15 1,189 969 220 176 195 -18 107 123 -16 1970—Ja n 2 909 902 7 113 170 -57 114 74 Feb -50 2 2 1,026 950 77 109 264 -155 99 76 24 M Ap a r r .f . ?.... -8 1 0 - - 5 8 0 - - 4 8 7 1,0 9 9 9 0 3 9 8 8 4 5 5 1 1 0 4 5 8 1 14 6 3 8 2 1 6 8 0 6 - - 4 9 3 2 1 7 0 9 1 1 1 0 1 3 2 - - 1 2 1 4 9 9 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 Unitfcd 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 e r- K U in n g i d te o d m E O u t r h o e p r e E T u o r t o a p l e Canada A L m a e t r in ic a Asia Africa co O u t n h t e r r ie s 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 2 3 12 1969 1,487 150 216 189 490 -243 292 1,094 125 136 90 7 -1 36 1970—Jan.-Apr^ -89 -11 59 -31 -20 8 -47 -42 -68 -2 17 -1 * 7 1969—Apr 74 6 12 * 35 -21 20 51 9 10 3 * * 1 May 156 3 5 22 63 -25 50 118 _ 1 30 1 • * 8 June -105 -11 12 16 -120 -68 24 -148 15 10 15 * -1 4 July -52 5 4 24 -63 -31 -26 -87 7 3 19 * * 6 Aug 89 76 19 -15 29 -21 40 127- -27 -21 7 * • 3 Sept 118 21 17 32 38 -4 27 130 -3 -15 1 * • 6 Oct 348 12 41 79 126 -34 22 246 32 58 6 3 * 4 Nov 112 I 30 21 37 -12 30 107 -4 5 1 * * Dec 19 14 12 -13 5 9 13 40 -23 -1 1 • • 2 1970—Jan -41 1 11 -5 -24 5 -20 -31 -39 25 3 • * * Feb -15 9 16 6 19 -3 -14 32 -25 -27 3 # * 1 Mar .p .... -41 -13 11 -8 -26 22 -19 -33 -30 12 6 * 4 Apr.f 8 -8 20 -23 12 -16 5 -10 25 -13 6 * * 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1970 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 85 18. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE BONDS, BY COUNTRY (In millions of dollars) Period Total France m G a e n r- y N l e a t n h d e s r - Sw la it n z d e r- K U in n g i d te o d m E O u t r h o e p r e E T u o r t o a p l e Canada Am La e t r i i n c a Asia Africa co O u t n h t e r r ie s 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 -1 * 11 117 1969r 1,202 105 200 14 169 251 83 822 32 14 -11 -1 10 336 1970—Jan.-Apr. v 426 14 25 25 56 88 6 214 35 15 3 * 160 1969—Apr 27 -1 * -2 1 34 3 36 8 8 * * 6 -32 May 74 9 7 4 25 44 89 3 9 * * 7 -34 June 85 1 2 * -4 5566 _ j 53 7 1 1 * -1 23 July 103 5 39 1 22 88 5 81 -11 -5 1 * * 38 Aug 31 * 24 -1 5 23 2 54 5 -1 * * -15 -13 Sept 39 3 27 1 -4 -20 -6 2 -2 5 * * * 35 Oct 146 4 25 4 9 11 15 68 4 -6 * * * 82 Nov 35 4 10 1 6 -13 9 18 1 1 1 * 1 14 Dec 201 42 17 5 26 44 19 154 1 6 1 _ i 38 1970—jan 48 * 5 15 14 2 36 11 3 * * * Feb 92 3 8 5 14 35 -12 53 7 -4 1 * -1 37 Mar.1*.... 146 4 8 4 8 30 9 63 13 10 1 * * 58 Apr.* 141 7 4 16 19 10 7 63 5 6 1 * * 65 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 1965 158 119 1968 -1,694 -329 -1,366 7 -945 -300 -96 -39 6 1966 175 128 1969r -1,534 66 -1,600 74 -1,118 - 98 -471 -6 20 1967 311 298 1970—Jan.-Apr.f... -318 -9 -309 96 -366 -7 -39 -1 7 1968—Mar 351 269 453 372 1969—Apr.r -145 8 -153 -22 -90 -14 -28 * 1 468 398 J J M u u a n ly y e r r r - -2 2 -8 8 4 2 5 4 -11 3 4 - - 2 2 -8 3 8 6 3 9 - -2 1 — 1 6 1 - - 2 1 -4 1 6 3 1 4 - — 6 2 1 -1 - -2 1 0 9 8 3 * * * 1 3 1 1969— D M e a c r 5 6 5 3 3 6 5 3 0 9 8 3 Aug.r -63 -6 -57 9 -50 -16 -1 — 1 2 566 397 Sept.r -218 -9 -209 16 -131 * -98 * 3 467 297 O No c v t. r -1 - 0 6 4 4 3 -1 -1 0 0 7 7 1 0 5 - - 2 7 1 8 -121 - - 4 4 8 8 2 * — 1 1 434 278 Dec.r -35 4 -39 -8 -24 10 -30 * 14 1970—Mar. f 361 221 1970—Jan -18 -2 -16 10 -29 -5 5 * 2 M Fe a b r .f - - 1 1 3 0 1 3 -3 2 8 2 -1 -9 2 4 5 3 3 6 3 - -1 1 4 1 6 0 -5 5 - -2 1 1 3 — -1 1 2 1 mo N n O ey T E d . e — bi D t a b t a a l a r n e c p e r s e s a e p n p t e a th r e in g m o o n n e t y h e c b re o d o i k t s b o a f l a r n e c p e o s r t a in n g d Apr.f -66 9 -75 17 -81 -2 -10 * 1 brokers and dealers in the United States, in accounts of 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. • JUNE 1970 21. LIABILITIES OF U.S. BANKS TO THEIR FOREIGN BRANCHES 22. MATURITY OF EURO DOLLAR DEPOSITS IN FOREIGN (Amounts outstanding; 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. 197 0 Maturity of Jan. 26 1,688 Apr. 24 5,020 Dec. 3 14,815 liability Feb. 23 1,902 May 29 5,872 10 14,604 Jan. Feb. Mar. Mar. 30 1,879 June 26 6,202 17 14,614 Apr. 27 1,909 July 31 6,126 24 14,430 May 25 2,003 Aug. 28 7,004 31 13,032 1.41 1.78 1.53 June 29 1,951 Sept. 25 7,104 Call 1.95 1.90 2.10 Oct. 30 7,041 Other liabilities, maturing J S N O A D u e o u e c p l t c y v g . t . . . . 3 2 2 2 3 2 0 6 8 8 1 7 3 3 4 3 2 3 , , , , , , 6 7 0 4 7 1 7 8 3 7 8 3 1 6 6 2 6 4 J N D D F a e e e o n b c c v . . . . . 2 2 2 3 2 7 5 6 1 9 (1/1 1 /6 96 9 9 ). . 6 7 8 8 6 , , , , , 9 1 5 0 8 4 4 3 7 2 8 5 9 0 2 Jan. 2 2 1 7 8 1 4 1970 1 1 1 1 3 3 3 4 , , , , 8 8 8 3 4 6 6 7 7 3 3 3 m d in a o 2 3 t 1 n e n r s f : t o t d d h l l s o wi a n f g te r cal r e e n p d o a r r t r r r 7 4 3 1 . . . . 9 2 6 2 1 7 0 6 r8 4 3 1 . . . . 1 6 3 6 3 4 4 0 9 4 3 1 . . . . 2 3 3 5 3 2 5 0 Mar. 26 9,621 5th 1.52 "1.31 .82 1967 Apr. 30 9,399 Feb. 4 13,771 6th 1.20 .77 .68 May 28 9,868 11 13,604 7th .20 .17 .23 Jan. 25 3,653 June 25 13,269 18 13,340 8th .15 .22 .16 Feb. 22 3,396 25 13,403 9th .20 .12 .26 Mar. 29 3,412 July 30 14,434 10th .11 .21 .17 A M p a r y . 3 2 1 6 3 2 , , 0 7 4 7 7 6 Aug. 27 14,658 Mar. 4 12,673 1 1 2 1 t t h h . . 1 1 8 6 . . 1 1 0 7 . .1 1 6 2 June 28 3,166 Sept. 1 3 0 1 1 4 4 , , 5 9 7 1 1 9 2 1 1 5 1 8 1 1 1 2 2 2 , , , 3 9 9 5 0 2 6 4 2 Maturities of more than 1 .28 .29 .32 July 26 3,660 17 14,593 S A e u p g t . . 2 3 7 0 4 3 , ,9 0 7 5 6 9 24 14,349 Apr. 1 12,034 r24.38 r24.73 24.96 Oct. 25 4,322 Oct. 1 14,118 8 12,410 N De o c v . . 2 2 9 7 4 4 , ,2 2 4 0 1 6 2 1 2 8 5 1 1 1 4 4 4 , , , 3 6 9 1 0 7 0 9 0 2 2 1 2 9 5 1 1 1 1 2 2 , , , 9 4 2 9 8 1 9 3 3 dep N o O s T it E s . a — nd In c d l i u r d ec e t s b i o n r t r e o r w es i t n -b gs e a o r f i n a g ll b U r . a S n . ch d e o s ll i a n r 29 13,649 the Bahamas and of all other foreign branches 1968 for which such deposits and direct borrowings Nov. 5 14,415 May 6 12,486 amount to $50 million or more. Jan. 31 4,259 12 14,369 13 12,094 Details may not add to totals due to rounding. Feb. 28 4,530 19 15,048 20 12,510 Mar. 27 4,920 26 14,903 27 13,022 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 (Amounts outstanding; in millions of dollars) (In millions of dollars) Payable in Assets in custody Payable in dollars foreign currencies End of period Deposits EEnndd ooff UUnniitteedd U.S. Govt, Earmarked ppeerriioodd TToottaall Short- Short- KKiinngg-- CCaannaaddaa securities1 gold Deposits in te v r e m st - Deposits in te v r e m st - ddoomm ments 1 ments 1 1967. 135 9,223 13,253 1968. 216 9,120 13,066 1967 1,163 852 133 128 49 621 309 1969--May.. 107 10,035 13,037 1968 1,638 1,219 87 272 60 979 280 June.. 155 7,710 13,039 July... 158 7,419 13,050 1969—Mar 1,865 1,361 111 261 132 1,065 462 Aug... 143 8,058 13,033 Apr 1,833 1,320 125 268 121 1,028 468 Sept... 143 9,252 13,004 May 1,949 1,382 104 347 116 1,026 527 Oct... 131 8,447 12,979 June 1,787 1,223 123 347 93 957 453 Nov... 130 7,533 12,998 July 1,778 1,232 113 313 120 987 450 Dec... 134 7,030 12,311 Aug 1,699 1,210 96 293 99 966 410 Sept 1,592 1,099 100 303 90 912 360 1970-—Jan... 152 7,374 12,291 Oct.r 1,642 1,201 97 279 65 951 385 Feb... 313 8,219 12,268 Nov.r 1,681 1,218 105 280 78 970 411 Mar... 200 9,118 12,270 Dec.2r. J 1,318 936 132 174 76 610 468 Apr... 204 9,154 12,272 1 1,428 1,001 170 178 80 661 510 May.. 128 9,754 12,239 1970—Jan.r.... 1,709 1,219 194 225 71 1,001 440 Feb. 1,694 1,232 198 192 72 1,046 364 1 U.S. Treasury bills, certificates of indebtedness, Mar 1,590 1,151 193 188 58 1,005 299 notes, and bonds; includes securities payable in foreign currencies. 1 Negotiable and other readily transferable foreign obligations payable on demand NOTE.—Excludes deposits and U.S. Govt, securities or having a contractual maturity of not more than 1 year from the date on which the held for international organizations. Earmarked gold obligation was incurred by the foreigner. is gold held for foreign and international accounts and 2 Data on the two lines for this date differ because of.changes in reporting coverage. is not included in the gold stock of the United States. Figures on the first line are comparable in coverage with those shown for the preceding date; figures on the second line are comparable with those shown for the following date. NOTE.—Data represent the liquid assets abroad of large nonbanking concerns in the United States. They are a portion of the total claims on foreigners reported by nonbanking concerns in the United States and are included in the figures shown in Table 26. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1970 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 87 25. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (End of period. Amounts outstanding; in millions of dollars) Liabilities to foreigners Claims on foreigners Area and country 1968 1969 1968 1969 Dec. Mar. Juner Sept. Dec* Dec.r Mar.r Juner Sept. Dec .P Europe: 3 3 4 4 2 5 5 5 5 5 Belgium-Luxembourg 78 79 64 69 45 47 60 51 58 61 Denmark 4 2 2 2 2 12 12 12 13 15 Finland 4 * * 1 2 9 6 7 6 6 France 114 116 121 131 124 145 140 162 149 113 Germany, Fed. Rep. of. 120 112 102 119 224 204 143 193 166 280 Greece 11 5 5 3 3 27 22 24 26 18 Italy 63 57 54 62 83 124 119 148 160 143 Netherlands 42 49 45 70 66 54 59 62 59 45 Norway 4 6 14 9 2 10 12 14 12 15 Portugal 4 7 7 9 9 7 7 11 15 10 Spain 37 40 47 63 55 71 85 81 74 71 Sweden 25 20 17 22 35 26 25 26 24 27 Switzerland 116 115 116 130 114 39 49 44 37 33 Turkey 5 5 4 2 3 6 13 14 10 11 United Kingdom 393 384 354 401 378 1,221 1,306 1,234 1,199 991 Yugoslavia 1 1 1 5 1 7 8 14 15 18 Other Western Europe 9 13 17 19 20 16 17 17 16 10 Eastern Europe 2 2 I 1 1 8 12 12 10 18 Total 1,034 1,017 976 1,122 1,168 2,039 2,100 2,131 2,053 1,889 Canada 194 164 159 181 185 540 730 713 625 727 Latin America: Argentina 6 8 5 6 6 46 45 42 37 4499 Brazil 16 17 15 12 16 91 90 90 86 82 Chile 5 4 4 10 9 36 39 38 37 40 Colombia 7 7 6 7 6 29 26 27 33 28 Cuba * * * * * 2 2 2 2 1 Mexico 6 7 11 9 13 103 111 112 110 115 Panama 3 4 3 5 3 15 14 17 17 18 Peru 7 7 8 6 9 26 28 26 28 27 Uruguay 1 1 1 1 1 6 5 4 5 7 Venezuela 33 27 26 22 25 67 60 70 65 56 Other L.A. republics 20 16 18 26 37 82 78 85 82 84 Bahamas and Bermuda 18 19 19 22 22 66 66 38 33 54 Neth. Antilles & Surinam 5 3 2 2 2 6 6 5 5 6 Other Latin America 2 2 2 1 1 9 11 14 17 16 Total 130 122 121 132 150 584 579 570 557 581 Asia: Hong Kong 5 4 5 5 5 8 9 11 10 11 India 12 15 18 20 18 34 32 40 37 34 Indonesia 4 5 6 5 4 7 8 7 8 12 Israel 17 13 11 12 12 7 12 13 19 31 Japan 89 99 114 118 128 207 200 212 220 234 Korea 1 2 1 2 2 21 22 24 22 26 Philippines 9 8 11 10 8 25 25 25 26 31 Taiwan 5 5 5 6 3 19 19 19 19 19 Thailand 2 2 2 2 3 16 13 12 12 14 31 41 50 53 31 134 120 104 111 112 Total 176 195 223 233 215 478 460 466 485 524 Africa: Congo (Kinshasa) 1 1 2 2 2 2 3 3 3 4 South Africa 11 9 14 12 13 31 27 27 25 26 U.A.R. (Egypt) 5 5 2 7 - 7 7 7 8 9 9 Other Africa 8 14 51 33 26 36 41 43 42 43 Total 24 29 68 52 49 76 78 81 80 80 Other countries: A A l u l s o tr t a h l e i r a 45 5 44 5 46 3 57 6 60 2 5 1 4 1 56 9 53 7 65 8 56 9 Total 49 50 50 63 62 65 65 60 73 64 International and regional * * * * * 1 2 2 2 * Grand total 1,608 1,576 1,598 1,782 1,828 3,783 4,014 4,023 3,874 3,866 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. • JUNE 1970 26. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS, BY TYPE (Amounts outstanding; in millions of dollars) Liabilities Claims Payable in ]f oreign currenc ies EEnndd ooff ppeerriioodd Payable Payable Payable Total do i l n la rs for i e n i gn Total do i l n la rs Deposits with currencies banks abroad in reporter's Other name 1965 Dec 810 600 210 2,299 1,911 166 222 1966—Mar 849 614 235 2,473 2,033 211 229 894 657 237 2,469 2,063 191 215 Sept 1,028 785 243 2,539 2,146 166 227 Dec 1,089 827 262 2,628 2,225 167 236 1967—Mar 1,148 864 285 2,689 2,245 192 252 June 1,203 916 287 2,585 2,110 199 275 Sept 1,353 1,029 324 2,555 2,116 192 246 Dec 1,371 1,027 343 2,946 2,529 201 216 Dec.1 1,386 1,039 347 3,011 2,599 203 209 1968—Mar 1,358 991 367 3,369 2,936 211 222 June 1,473 1,056 417 3,855 3,415 210 229 Sept 1,678 1,271 407 3,907 3,292 422 193 Dec.r 1,608 1,225 382 3,783 3,173 368 241 1969—Mar.' 1,576 1,185 391 4,014 3,329 358 327 Juner 1,598 1,248 350 4,023 3,282 463 278 Sept 1,782 1,436 346 3,874 3,188 420 267 Dec.? 1,828 1,404 424 3,866 3,202 298 365 1 Data differ from that shown for Dec. in line above because of changes in reporting coverage. 27. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (Amounts outstanding; in millions of dollars) Claims EEEnnnddd ooofff pppeeerrriiioooddd llliiiaaa TTT bbb ooo iiilll ttt iii aaa ttt lll iii eeesss Country or area TToottaall K U in n g it d e o d m E O u t r h o e p r e Canada Brazil Mexico A O L m a t e h t r i e i n r c a Japan O A t s h i e a r Africa o A th l e l r 1965—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 1,324 31 232 283 203 58 210 108 98 84 17 June 430 1,488 27 257 303 214 88 290 110 98 85 15 Sept 411 1,452 40 212 309 212 84 283 109 103 87 13 Dec 414 1,537 43 257 311 212 85 278 128 117 89 16 Dec.1 428 1,570 43 263 322 212 91 274 128 132 89 16 1968—Mar 582 1,536 41 265 330 206 61 256 128 145 84 21 June 747 1,568 32 288 345 205 67 251 129 134 83 33 Sept 767 1,625 43 313 376 198 62 251 126 142 82 32 Dec.r 1,129 1,790 147 306 419 194 73 230 128 171 83 38 1969—Mar.' 1,285 1,872 175 342 432 194 75 222 126 191 72 43 June1, 1,325 1,952 168 368 447 195 76 216 142 229 72 40 Sept 1,418 1,965 167 369 465 179 70 213 143 246 71 42 Dec.? 1,670 2,215 152 433 496 172 73 388 141 249 69 42 1 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

JUNE 1970 • MONEY RATES A 89 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Australia Period Ar ( g p e e n so ti ) n a (s A ch u i s l t l r in ia g ) B (f e r lg a i n u c m ) C (d a o n ll a a d r a ) ( C r e u y p l e o e n ) D ( e k n r m on a e r ) k (m Fi a n r la k n k d a ) (pound) (dollar) 196 5 .59517 222.78 3.8704 2.0144 92.743 20.959 14.460 31.070 196 6 .48690 223.41 1111.22 3.8686 2.0067 92.811 20.946 14.475 31.061 196 7 .30545 111.25 3.8688 2.0125 92.689 20.501 14.325 229.553 196 8 .28473 111.25 3.8675 2.0026 92.801 16.678 13.362 23.761 196 9 .28492 111.10 3.8654 1.9942 92.855 16.741 13.299 23.774 1969—May .28490 110.93 3.8646 1.9925 92.837 16.694 13.269 23.785 J J u u n ly e . . . 2 2 8 8 4 4 9 9 0 0 1 1 1 1 1 1 . .1 07 1 3 3 . . 8 8 6 6 4 6 7 4 1 1 . . 9 9 8 8 6 8 8 9 9 9 2 2 . . 6 5 2 2 8 6 1 1 6 6 . . 7 7 9 8 5 5 1 1 3 3 . . 2 2 8 8 2 2 2 2 3 3 . .7 7 7 8 1 5 Aug. .28490 110.87 3.8668 1.9885 92.743 16.784 13.282 23.785 Sept. .28490 110.81 3.8637 1.9869 92.732 16.784 13.287 23.785 Oct.. .28490 111.10 3.8644 2.0023 92.762 16.784 13.297 23.773 Nov. .28490 111.38 3.8621 2.0121 92.941 16.784 13.334 23.748 Dec. .28490 111.43 3.8652 2.0125 93.083 16.772 13.348 23.748 1970—Jan.. 328.487 111.58 3.8649 2.0124 93.199 16.772 13.339 23.748 Feb. 28.507 111.77 3.8663 2.0131 93.179 16.772 13.337 23.748 Mar. 28.504 111.83 3.8663 2.0133 93.212 16.770 13.340 23.748 Apr. 28.500 111.84 3.8651 2.0127 93.207 16.770 13.325 23.748 May 28,500 111.73 3.8614 2.0140 93.195 16.770 13.324 23.748 Period F (f r r a a n n c c e ) ( G d m e e r u a m t r s k a c n ) h y e (r I u n p d e ia e ) ( I p r o el u a n n d d ) ( I l t i a r l a y ) J ( a y p en an ) M (d a o la ll y a s r i ) a M (p e e x s i o c ) o ( e g N r u l e i a l t n d h d e - r s ) 196 5 20.401 25.036 20.938 279.59 .16004 .27662 32.609 8.0056 27.774 196 6 20.352 25.007 416.596 279.30 .16014 .27598 32.538 8.0056 27.630 196 7 20.323 25.084 13.255 275.04 .16022 .27613 32.519 8.0056 27.759 196 8 20.191 25.048 13.269 239.35 .16042 .27735 32.591 8.0056 27.626 196 9 519.302 625.491 13.230 239.01 .15940 .27903 32.623 8.0056 27.592 1969—May 20.115 25.065 13.212 238.65 .15919 .27899 32.636 8.0056 27.467 June 20.110 24.992 13.223 238.95 .15946 .27880 32.638 8.0056 27.424 July. 20.110 25.002 13.228 239.04 .15926 .27809 32.586 8.0056 27.469 Aug. 518.627 25.083 13.218 238.53 .15915 .27810 32.605 8.0056 27.635 Sept. 18.005 25.236 13.214 238.40 .15885 .27908 32.629 8.0056 27.659 Oct.. 17.907 626.801 13.217 239.02 .15923 .27911 32.659 8.0056 27.804 Nov. 17.928 27.101 13.231 239.63 .15971 .27951 32.661 8.0056 27.748 Dec. 17.952 27.131 13.232 239.73 .15948 .27953 32.481 8.0056 27.622 1970—Jan.. 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 Apr. 18.076 27.459 13.260 240.61 .15895 .27926 32.460 8.0056 27.533 May, 18.108 27.523 13.240 240.37 .15897 .27862 32.449 8.0056 27.565 Period (po N un e d w ) Zeal ( a d n o d ll ar) N (k o r r o w n a e y ) P (e o s r c t u u d g o a ) l A ( S r o f a r u n i t c d h a ) (p S e p s a e i t n a ) S (k w r e o d n e a n ) ( e S f r r w l a a i n t n z c d - ) ( U p K d o n i o u n i m t n g e d - d ) 1965. 276.82 13.985 3.4829 139.27 1.6662 19.386 23.106 279.59 1966. 276.54 13.984 3.4825 139.13 1.6651 19.358 23.114 279.30 1967. 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—May., 111.04 13.999 3.4985 138.69 1.4262 19.337 23.117 238.65 June. 111.18 14.014 3.4989 138.87 1.4260 19.327 23.176 238.95 July. . 111.22 14.005 3.5011 138.92 1.4267 19.337 23.197 239.04 Aug.. 110.99 13.998 3.5031 138.62 1.4277 19.345 23.228 238.53 Sept.. 110.92 13.989 3.5029 138.54 1.4276 19.330 23.265 238.40 Oct... 111.21 13.986 3.5038 138.91 1.4262 19.365 23.229 239.02 Nov.. 111.50 13.989 3.5032 139.26 1.4248 19.354 23.118 239.63 Dec.. 111.54 14.000 3.5059 139.32 1.4230 19.352 23.203 239.73 1970—Jan... 111.69 13.983 3.5096 139.50 1.4247 19.355 23.176 240.04 Feb.. 111.89 13.990 3.5104 139.75 1.4266 19.305 23.257 240.47 Mar.. 111.94 14.001 3.5072 139.82 1.4268 19.232 23.202 240.58 Apr.. 111.96 14.001 3.5021 139.83 1.4274 19.233 23.244 240.61 May. 111.84 13.987 3.5033 139.69 1.4280 19.233 23.199 240.37 1 Effective Feb. 14, 1966, Australia adopted the decimal currency 6 Effective Oct. 26, 1969, the new par value of the deutsche mark was system. The new unit, the dollar, replaces the pound and consists of 100 set at 3.66 per U.S. dollar. cents, equivalent to 10 shillings or one-half the former pound. 7 Effective July 10, 1967, New Zealand adopted the decimal currency 2 Effective Oct. 12, 1967, the Finnish markka was devalued from 3.2 system. The new unit, the dollar, replaces the pound and consists of 100 to 4.2 markkaa per U.S. dollar. cents, equivalent to 10 shillings or one-half the former pound. 3 A new Argentine peso, equal to 100 old pesos, was introduced on Jan. 1, 1970. NOTE.—After the devaluation of the pound sterling on Nov. 18, 1967, 4 Effective June 6, 1966, the Indian rupee was devalued from 4.76 to the following countries devalued their currency in relation to the U.S.. 7.5 rupees per U.S. dollar. dollar: Ceylon, Denmark, Ireland, New Zealand, and Spain. 5 Effective Aug. 10, 1969, the French franc was devalued from 4.94 to Averages of certified noon buying rates in New York for cable transfers. 5.55 francs per U.S. dollar. For description of rates and back data, see "International Finance," Section 15 of Supplement to Banking and Monetary Statistics, 1962. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 90 MONEY RATES • JUNE 1970 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of May 31, 1969 Rate Country 1969 1970 as of May 31, Per Month 1970 cent effective June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Argentina 6.0 Dec. 1957 6.0 Austria 3.75 Oct. 1967 444...777555 55..00 5.0 Belgium 6.0 May 1969 777...000 777...555 7.5 Brazil 22.0 Jan. 1967 222000...000 20.0 Burma 4.0 Feb. 1962 4.0 Canada i 7.0 Mar. 1969 77..55 88..00 77..55 7.5 Ceylon 5.5 May 1968 5.5 Chile 13.0 Jan. 1969 1144..00 14.0 Colombia 8.0 May 1963 8.0 Costa Rica 4.0 June 1966 4.0 Denmark 9.0 May 1969 9.0 Ecuador 5.0 Nov. 1956 88..00 8.0 El Salvador 4.0 Aug. 1964 4.0 Finland 7.0 Apr. 1962 7.0 France 6.0 Nov. 1968 777...000 88..00 8.0 Germany, Fed. Rep. of.... 4.0 Apr. 1969 555...000 66..00 77..55 7.5 Ghana 5.5 Mar. 1968 5.5 Greece 5.5 Feb. 1969 66..00 6.0 Honduras 2 3.0 Jan. 1962 3.0 Iceland 9.0 Jan. 1966 9.0 India 5.0 Mar. 1968 5.0 Indonesia 9.0 Aug. 1963 9.0 Iran 7.0 Nov. 1968 888...000 8.0 Ireland 8.38 Apr. 1969 88..55 88..4444 888...333888 88..2255 88..6622 88..1199 77..8811 77..1199 7.19 Israel 6.0 Feb. 1955 6.0 Italy i 3.5 June 1958 44..00 55..55 5.5 Jamaica 6.0 May 1969 6.0 Japan 5.84 Aug. 1968 66..2255 6.25 Korea 28.0 Dec. 1965 2266..00 2244..00 24.0 Mexico 4.5 June 1942 4.5 Netherlands 5.5 Apr. 1969 66..00 6.0 New Zealand 7.0 Mar. 1961 7.0 Nicaragua 6.0 Apr. 1954 6.0 Norway 3.5 Feb. 1955 44..55 4.5 Pakistan 5.0 June 1965 5.0 Peru 9.5 Nov. 1959 9.5 Philippine Republic 8.0 Feb. 1969 1100..00 10.0 Portugal 2.75 Jan. 1969 33..55 3.5 South Africa 5.5 Aug. 1968 5.5 Spain 4.5 Nov. 1967 555...555 66..55 6.5 Sweden 6.0 Feb. 1969 777...000 7.0 Switzerland 3.0 July 1967 33..7755 3.75 Taiwan 10.8 May 1969 10.8 Thailand 5.0 Oct. 1959 5.0 Tunisia 5.0 Sept. 1966 5.0 Turkey 7.5 May 1961 7.5 United Arab Rep. (Egypt) 5.0 May 1962 5.0 United Kingdom 8.0 Feb. 1969 77..55 77..00 7.0 Venezuela 4.5 Dec. 1960 55..55 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—3.5, 5, and 7 per cent for small credits to agricultural or fish producof these countries follow: tion, import substitution industries and manufacture of exports; 8 per Argentina—3 and 5 per cent for certain rural and industrial paper, de- cent for 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 paper, preshipment loans and consumer rural banks; and loans, 18 per cent for selective and special rediscounts, 19.5 per cent for Venezuela—2 per cent for rediscounts of certain agricultural paper (Sept. cash position loans, and 23.5 per cent for construction paper beyond a 1962), and 5 per cent for advances against govt, bonds, mortgages, or gold, basic rediscount period. A fluctuating rate applies to paper covering the and 6 per cent for rediscounts of certain industrial paper and on advances acquisition of capital goods. against securities of Venezuelan companies. Colombia—5 per cent for warehouse receipts covering approved lists of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1970 • MONEY RATES; ARBITRAGE A 91 OPEN MARKET RATES (Per cent per annum) Canada United Kingdom Fe G d e . r R m e a p n . y o , f Netherlands Sw la it n z d e r- Month 3 T m r b e o i a l n s ls u t , h ry s1 D m a o d y n a - y e t y o 2 - 3 B a a a m c n n c o c k e n e p e s t r t , h - s s ' 3 T r m b e i a o l s l n s u t , r h y s D m a d o y a n - y t e o y - a B d ll a e o p n w o o k n a s e n i r t c s s e ' D m a o d y n a - e y t y o 3 - T 6 r d b e 0 a i a - l y s l 9 s s u 0 , 4 r y m Da o d y n a - e y t y o 5 - 3 T r m b e i a o l s l n s u t , r h y s D m a d o y a n - y t e o y - d P is r r c i a v o t a e u t n e t 1967—Dec. 5.80 5.67 7.78 7.52 6.83 6.00 4.76 2.75 2.77 4.51 4.05 3.75 1968—Dec., 5.96 5.31 7.26 6.80 5.99 5.00 8.22 2.75 1.84 4.65 4.96 3.75 1969—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 7.55 6.88 6.00 10.21 5.75 9.09 6.00 6.76 4.75 Feb.. 7.70 7.81 7.60 7.03 6.00 9.70 5.75 8.48 6.00 7.05 4.75 Mar. 7.35 7.35 8.60 7.27 6.97 5.56 9.47 7.00 9.55 6.00 7.04 5.00 Apr., 6.81 6.82 8.30 6.94 6.26 5.23 7.00 9.68 6.00 5.57 5.25 1 Based on average yield of weekly tenders during month. 5 Monthly averages based on daily quotations. 2 Based on weekly averages of daily closing rates. NOTE.—For description and back data, see "International Finance," 3 Rate shown is on private securities. Section 15 of Supplement to Banking and Monetary Statistics, 1962. 4 Rate in effect at end of month. ARBITRAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates PPrreemmiiuumm DDDaaattteee K q ( u U i a n o U d n t g j i . a . t d S t e . o t i d o o m n U S n ta it t e e d s L S ( o f p n a o r v d e f o a o r d n ) PP dd ff (( (( rr pp oo ii —— ++ ss ee rr oo cc mm )) ww uu oo )) aa ii nn uu oo uu oo rr dd rr nn nn mm dd tt ii LL nn (( oo cc ff NN ee nn aa oo nn vv dd ee ff tt tt oo oo ii rr vv nn ee )) qu A i o n s t ed C an a q d u A a o U d t j . a . S t . i t o o n U S n ta it t e e d s C S ( a f p a n o r v a e f o d a r d a ) CC dd ff (( (( dd oo aa ii ++ -- ss oo rr nn )) cc )) ww ll aa oo llaa dd aa oo uu oo rr rr ii nn rr nn aa ss dd tt nn ii CC nn (( cc aa ff NN ee aa nn oo nn vv aa ee ff tt oo tt dd ii rr vv aa ee )) basis) Canada basis 1970 JJaann.. 9 7.43 7.86 -.43 -.20 -.63 7.83 7.58 7.86 -.28 -.17 -.45 2 1 3 6 7 7 . . 4 3 0 7 7 7 . . 7 8 3 0 - - . . 3 4 3 3 - - . . 4 5 0 7 -1 -. . 7 0 3 0 7 7. . 7 8 8 0 7 7 . . 5 5 5 3 7 7 . . 7 8 3 0 - - . . 1 2 8 7 - - . . 1 2 7 6 - - . . 3 5 5 3 30 7.37 7.85 -.48 -.39 -.87 7.77 7.52 7.85 -.33 -.48 -.81 FFeebb.. 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 MMaarr.. 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 AApprr.. 3 6.96 6.30 .66 -.42 .24 6.97 6.76 6.30 .46 + .04 .50 10 6.93 6.31 .62 -.50 .12 6.82 6.61 6.31 .30 + .26 .56 17 6.60 6.34 .26 -.39 -.13 6.60 6.40 6.34 .06 + .11 .17 24 6.70 6.47 .23 -.28 -.05 6.72 6.52 6.47 .05 + .26 .31 MMaayy 1 6.70 6.85 -.15 -.42 -.57 6.75 6.55 6.85 -.30 + .17 -.13 8 6.66 6.53 .13 -.31 -.18 6.69 6.49 6.53 -.04 + .26 .30 15 6.69 6.69 .00 -.31 -.31 6.50 6.31 6.69 -.38 + .30 -.08 22 6.72 6.68 .04 -.49 -.45 6.45 6.26 6.68 -.42 + .67 .25 28 6.72 6.87 -.15 -.49 -.64 6.47 6.28 6.87 -.59 + .35 -.24 June 5 6.72 6.80 -.08 -.29 -.37 5.85 5.69 6.80 -1.11 +1.15 .04 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 • JUNE 1970 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti- Intl. Estim to a t t a e l d M ta o r n y e - U St n a i t t e e s d r m es a t t e o d f Af is g t h a a n n - A t r i g n e a n - t A ra u l s i - a A tr u i s a - g B iu el m - Brazil Burma Canada world1 Fund world 42,305 2,312 15,596 24,395 78 208 536 1,371 150 42 817 43,015 2,179 15,471 25,365 71 226 600 1,451 92 84 1,026 243,230 31,869 13,806 27,285 66 223 700 1,558 63 84 1,151 43,185 2,652 13,235 27,300 84 224 701 1,525 45 84 1,046 41,600 2,682 12,065 26,855 84 231 701 1,480 45 84 1,015 40,905 2,288 10,892 27,725 109 257 714 1,524 45 84 853 2,297 10,936 109 255 714 1,522 45 84 863 2,301 11,153 109 256 714 1,522 45 84 863 40,970 2.257 11.153 27,560 110 258 715 1,522 45 84 856 2,316 11,144 115 258 715 1,522 45 84 856 2,336 11.154 120 257 715 1,520 45 84 866 40,900 2.258 11,164 27,480 120 257 715 1,520 45 84 872 2,260 11,190 125 262 715 1,520 45 84 872 2,288 11,171 130 263 715 1,518 45 84 872 2,310 11,859 26 j 845 135 263 715 1,520 45 84 872 2,413 11,882 140 263 710 1,518 45 84 870 2,435 11,906 140 268 714 1,520 45 84 879 p41,190 2,512 11,903 p26,775 140 269 714 1,520 84 879 2,514 11,902 712 1,518 84 879 Gerlo C m o b - ia m De a n rk - l F a i n n d - France m F a e n d y . , Greece India Iran Iraq l I a r n e d - Israel Italy Rep. of 62 92 61 3,175 3,843 77 247 142 98 2,343 58 92 85 3,729 4,248 77 247 141 112 2,107 35 97 84 4,706 4,410 78 281 146 110 2,404 26 108 45 5,238 4,292 120 243 130 106 2,414 31 107 45 5,234 4,228 130 243 144 115 2,400 31 114 45 3,877 4,539 140 243 158 193 2.923 30 114 45 3,726 4.541 131 243 158 193 2.924 29 88 45 3.551 4.542 130 243 158 193 2,926 29 89 45 3.552 4,563 130 243 158 193 2.937 29 89 45 3,551 4.563 130 243 158 193 2,936 29 89 45 3,551 4.564 130 243 158 193 2.938 27 89 45 3.545 4,597 130 243 158 193 2,954 27 89 45 3,547 4,597 130 243 158 193 2,954 26 89 45 3,547 4,610 130 243 158 193 2,956 26 89 45 3,547 4,079 130 243 158 193 2,956 27 89 45 3.546 4,079 130 243 158 151 2,976 27 89 45 3,544 4,079 120 243 158 151 2,978 27 89 45 3,544 4,079 120 243 158 151 2,978 27 89 45 3,544 4,079 120 243 158 151 2,978 Kuwait a L n e o b n - Libya Ma si l a a y- Mexi- Moroc- N l e a t n h d e s r - N w o a r y - P s a ta k n i- P p h i i n l e ip s - Po g r a t l u - 48 172 7 8 139 29 1,601 31 53 57 28 497 78 48 183 17 7 169 34 1,688 31 53 67 23 523 78 52 182 68 2 158 21 1,756 31 53 67 38 576 73 1 6 3 7 6 1 1 9 9 3 3 6 6 8 8 31 1 1 0 6 9 6 2 2 1 1 1 1 , , 7 7 1 3 1 0 1 1 8 8 5 5 3 3 6 2 5 0 4 6 4 0 6 6 4 9 3 9 6 6 9 9 122 288 85 66 165 21 1.697 24 54 20 62 856 119 1 1 1 1 2 1 2 2 3 0 0 0 2 2 2 2 8 8 8 8 8 8 8 8 8 8 8 8 5 5 5 5 6 6 6 6 5 4 4 4 1 1 1 1 6 6 6 6 5 5 6 6 2 2 2 2 1 1 1 1 1 1 1 1 . , , , 6 6 7 7 9 9 0 0 8 8 3 3 2 2 2 2 4 4 4 4 5 5 5 5 4 4 4 4 2 2 2 2 5 5 5 5 6 5 5 5 7 6 2 2 8 8 8 8 6 6 6 6 0 0 0 0 1 1 1 1 1 1 1 1 9 9 9 9 107 288 85 64 167 21 1,703 24 54 25 45 872 119 103 288 85 64 168 21 1,711 •25 54 25 45 872 119 100 288 85 65 168 21 1,711 25 54 25 45 872 119 86 288 85 65 172 21 1,711 25 54 25 45 872 119 86 288 85 63 169 21 1,720 25 54 25 45 876 119 86 288 85 63 169 21 1,720 27 54 25 45 882 119 86 288 85 63 170 21 1,730 27 54 46 882 119 86 288 85 63 21 1,730 27 54 47 890 119 86 288 85 63 1,730 27 54 49 889 119 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE 1970 • GOLD RESERVES AND PRODUCTION A 93 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) Bank E pe n r d i o o d f A So fr u i t c h a Spain Sweden Sw la it n z d e r- Taiwan T la h n a d i- Turkey ( U E . g A y . p R t . ) U K d n i o i n t m g e - d U gu r a u y - V zu e e n l e a - Y sl u av g i o a - S I e f n t o t t r l l e . ments 4 196 3 630 573 182 2,820 50 104 115 174 2,484 171 401 14 -279 196 4 574 616 189 2,725 55 104 104 139 2,136 171 401 17 -50 196 5 425 810 202 3,042 55 96 116 139 2,265 155 401 19 -558 196 6 637 785 203 2,842 62 92 102 93 1,940 146 401 21 -424 196 7 583 785 203 3,089 81 92 97 93 1,291 140 401 22 -624 196 8 1,243 785 225 2,624 81 92 97 93 1,474 133 403 50 -349 1969—Apr.. 1,409 785 225 2,644 81 92 97 93 136 403 50 -286 May. 1,282 785 225 2,643 81 92 97 93 136 403 50 -282 June. 1,264 785 225 2,643 81 92 97 93 11,,447744 136 403 51 -285 July.. 1,171 785 225 2,643 81 92 107 93 136 403 51 -275 Aug.. 1,138 785 226 2,642 81 92 107 93 165 403 51 -268 Sept.. 1,093 785 226 2,642 81 92 107 93 11,,445599 165 403 50 -285 Oct... 1,128 785 226 2,642 81 92 117 93 165 403 50 -314 Nov.. 1,125 785 226 2,642 81 92 117 93 165 403 50 -309 Dec.. 1,115 784 226 2,642 82 92 117 93 1,471 165 403 51 -480 1970—Jan... 1,075 784 224 2,659 82 92 117 93 165 403 51 -488 Feb.. 1,035 784 224 2,659 82 92 117 93 165 404 51 -467 Mar.. 1,002 784 224 2,659 82 92 127 93 11,,446699 165 404 51 -507 Apr.P 999922 778844 222244 22,,665599 9922 112277 9933 440044 5511 --551199 1 Includes reported or estimated gold holdings of international and some member countries in anticipation of increase in Fund quotas, except regional organizations, central banks and govts, of countries listed in those matched by gold mitigation deposits with the United States and this table and also of a number not shown separately here, and gold to be United Kingdom; adjustment is $270 million. distributed by the Tripartite Commission for the Restitution of Monetary 3 Excludes gold subscription payments made by some member countries Gold; excludes holdings of the U.S.S.R., other Eastern European coun- in anticipation of increase in Fund quotas: for most of these countries tries, and China Mainland. the increased quotas became effective in Feb. 1966. The figures included for the Bank for International Settlements are 4 Net gold assets of BIS, i.e., gold in bars and coins and other gold the Bank's gold assets net of gold deposit liabilities. This procedure assets minus gold deposit liabilities. avoids the overstatement of total world gold reserves since most of the gold deposited with the BIS is included in the gold reserves of individual NOTE.—For back figures and description of the data in this and the coun tries. following tables on gold (except production), see "Gold," Section 14 of 2 Adjusted to include gold subscription payments to the IMF made by Supplement to Banking and Monetary Statistics, 1962. GOLD PRODUCTION (In millions of dollars at $35 per fine troy ounce) Africa North and South America Asia Other WWoorrlldd PPeerriioodd pp tt rr ii oo oo dd nn uu 11 cc -- A So fr u i t c h a Ghana C s ( h K o a n i s n g a - o ) U S n ta i t t e e s d C a a d n a - M ic e o x - r N a i g c u a a - Co b l i o a m - India Japan P p h i i n li e p s - t A ra u l s i - a ot A he ll r r 1962 11111111,,,,,,,,222222229999999955555555........00000000 888888888888888888888899999999999999999999992222222222222222222222......................2222222222222222222222 3333333311111111........11111111 77777777........11111111 5555555544444444........55555555 111111111111111111111144444444444444444444446666666666666666666666......................2222222222222222222222 88888888........33333333 77777777........88888888 1111111111111111111133333333333333333333....................99999999999999999999 55555555........77777777 1111111144444444........77777777 1111111144444444........88888888 3333333377777777........44444444 6666666611111111........33333333 1963 11111111,,,,,,,,333333335555555555555555........00000000 999999999999999999999966666666666666666666660000000000000000000000......................1111111111111111111111 3333333322222222........22222222 77777777........55555555 5555555511111111........44444444 111111111111111111111133333333333333333333339999999999999999999999......................0000000000000000000000 88888888........33333333 77777777........22222222 1111111111111111111111111111111111111111....................44444444444444444444 44444444........88888888 1111111155555555........11111111 1111111133333333........22222222 3333333355555555........88888888 6666666699999999........00000000 1964 11111111,,,,,,,,444444440000000055555555........00000000 1111111111111111111111,,,,,,,,,,,,,,,,,,,,,,000000000000000000000011111111111111111111118888888888888888888888......................9999999999999999999999 3333333300000000........33333333 66666666........66666666 5555555511111111........44444444 111111111111111111111133333333333333333333333333333333333333333333......................0000000000000000000000 77777777........44444444 77777777........99999999 1111111111111111111122222222222222222222....................88888888888888888888 55555555........22222222 1111111166666666........11111111 1111111144444444........99999999 3333333333333333........77777777 6666666666666666........88888888 1965 11111111,,,,,,,,444444444444444400000000........00000000 1111111111111111111111,,,,,,,,,,,,,,,,,,,,,,000000000000000000000066666666666666666666669999999999999999999999......................4444444444444444444444 2222222266666666........44444444 33333333........22222222 5555555588888888........66666666 111111111111111111111122222222222222222222225555555555555555555555......................6666666666666666666666 77777777........66666666 66666666........99999999 1111111111111111111111111111111111111111....................22222222222222222222 44444444........66666666 1111111188888888........11111111 1111111155555555........33333333 3333333300000000........77777777 6666666622222222........44444444 1966 11111111,,,,,,,,444444444444444455555555........00000000 1111111111111111111111,,,,,,,,,,,,,,,,,,,,,,000000000000000000000088888888888888888888880000000000000000000000......................8888888888888888888888 2222222244444444........00000000 55555555........66666666 6666666633333333........11111111 111111111111111111111111111111111111111111114444444444444444444444......................6666666666666666666666 77777777........55555555 77777777........00000000 99999999999999999999....................88888888888888888888 44444444........22222222 1111111199999999........44444444 1111111155555555........88888888 3333333322222222........11111111 6666666611111111........11111111 1967 11111111,,,,,,,,444444441111111100000000........00000000 1111111111111111111111,,,,,,,,,,,,,,,,,,,,,,000000000000000000000066666666666666666666668888888888888888888888......................7777777777777777777777 2222222266666666........77777777 55555555........44444444 5555555533333333........44444444 111111111111111111111100000000000000000000003333333333333333333333......................7777777777777777777777 55555555........88888888 66666666........22222222 99999999999999999999....................00000000000000000000 33333333........44444444 2222222233333333........77777777 1111111177777777........22222222 2222222288888888........44444444 5555555588888888........44444444 1968 11111111,,,,,,,,444444442222222200000000........00000000 1111111111111111111111,,,,,,,,,,,,,,,,,,,,,,000000000000000000000088888888888888888888888888888888888888888888......................0000000000000000000000 2222222255555555........44444444 55555555........99999999 5555555533333333........99999999 99999999999999999999994444444444444444444444......................1111111111111111111111 66666666........22222222 66666666........88888888 88888888888888888888....................44444444444444444444 44444444........00000000 2222222211111111........55555555 1111111188888888........55555555 2222222277777777........66666666 5555555599999999........77777777 1969p 1111111111111111111111,,,,,,,,,,,,,,,,,,,,,,000000000000000000000099999999999999999999990000000000000000000000......................7777777777777777777777 88888888888888888888885555555555555555555555......................2222222222222222222222 77777777777777777777....................77777777777777777777 1969—Mar 88888888888888888888889999999999999999999999......................1111111111111111111111 7777777777777777777777......................6666666666666666666666 .....66666 ....................77777777777777777777 1111111.......5555555 11111.....77777 22222222........11111111 Apr 88888888888888888888889999999999999999999999......................3333333333333333333333 7777777777777777777777......................3333333333333333333333 .....55555 ....................77777777777777777777 1111111.......3333333 11111.....66666 22222222........44444444 May 99999999999999999999990000000000000000000000......................0000000000000000000000 7777777777777777777777......................4444444444444444444444 .....44444 ....................77777777777777777777 1111111.......8888888 11111.....55555 22222222........22222222 June 99999999999999999999991111111111111111111111......................3333333333333333333333 7777777777777777777777......................3333333333333333333333 .....55555 ....................77777777777777777777 2222222.......0000000 11111.....55555 22222222........22222222 July 99999999999999999999993333333333333333333333......................7777777777777777777777 6666666666666666666666......................7777777777777777777777 ....................77777777777777777777 1111111.......9999999 11111111........99999999 Aug 99999999999999999999993333333333333333333333......................9999999999999999999999 6666666666666666666666......................6666666666666666666666 ....................77777777777777777777 2222222.......0000000 11111111........99999999 Sept 99999999999999999999995555555555555555555555......................1111111111111111111111 7777777777777777777777......................0000000000000000000000 ....................66666666666666666666 22222222........00000000 Oct 99999999999999999999995555555555555555555555......................2222222222222222222222 6666666666666666666666......................5555555555555555555555 ....................66666666666666666666 Nov 99999999999999999999993333333333333333333333......................6666666666666666666666 6666666666666666666666......................8888888888888888888888 ....................66666666666666666666 Dec 88888888888888888888889999999999999999999999......................5555555555555555555555 7777777777777777777777......................1111111111111111111111 ....................44444444444444444444 1970—Jan 111111111111111111111100000000000000000000002222222222222222222222......................5555555555555555555555 7777777777777777777777......................5555555555555555555555 ....................55555555555555555555 Feb 88888888888888888888888888888888888888888888......................4444444444444444444444 6666666666666666666666......................5555555555555555555555 Mar 99999999999999999999994444444444444444444444......................3333333333333333333333 7777777777777777777777......................1111111111111111111111 i Estimated; excludes U.S.S.R., other Eastern European countries, NOTE.—Estimated world production based on report of the U.S. China Mainland, and North Korea. Bureau of Mines. Country data based on reports from individual countries and Bureau of Mines. Data for the United States are from the Bureau of the Mint. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 94 BANK HOLDING COMPANIES • JUNE 1970 BANK HOLDING COMPANIES, DECEMBER 31 1969 y (Registered pursuant to Section 5, Bank Holding Company Act of 1956) Location of Holding company principal office Holding company Montana Western Bancorporation Great Falls... Bancorporation of Montana Central Banking System, Inc. New Hampshire Nashua New Hampshire Bankshares, Inc. Colorado CNB Bankshares, Inc. Denver U. S. Bancorporation, Inc. New Mexico The First National Bancorporation, Inc. Alamogordo.. Bank Securities, Inc. (NSL) First Colorado Bankshares, Inc. New York District of Columbia Buffalo Marine Midland Banks, Inc. Washington Financial General Bankshares, Inc.1 New York The Bank of New York Company, Inc. New York Bankers Trust New York Corporation New York Charter New York Corporation United Bancshares of Florida, Inc. New York Empire Shares Corporation Atlantic Bancorporation New York The Morris Plan Corporation The Atlantic National Bank of Jacksonville Rochester.... Lincoln First Banks Inc. Barnett Banks of Florida, Inc. Rochester.... Security New York State Corporation Charter Bankshares Corporation Warsaw Financial Institutions, Inc. Trustees, Estate of Alfred I. duPont Warsaw Geneva Shareholders, Inc. Central Bancorp, Inc. 2 Commercial Bancorp, Inc. Ohio Pan American Bancshares, Inc.2 Cincinnati.. .. The Central Bancorporation, Inc. Southeast Bancorporation, Inc. Cleveland.... Society Corporation First at Orlando Corporation Columbus.... American Bancorporation Exchange Bancorporation, Inc. Columbus.... BancOhio Corporation First Financial Corporation Columbus First Banc Group of Ohio, Inc. First Florida Bancorporation Columbus.... Huntington Bancshares Incorporated The First National Bank of Tampa Union Security & Investment Co. South Dakota Aberdeen Dacotah Bank Holding Co. Trust Company of Georgia Tennessee Trust Company of Georgia Associates Chattanooga.. Hamilton National Associates, Incorporated Citizens and Southern Holding Company Johnson City.. Tennessee Financial Corporation The Citizens and Southern National Bank Texas Dallas Mercantile National Bank at Dallas St. Joseph Agency, Inc. Fort Worth... The First National Bank of Fort Worth St. Joseph Bank and Trust Company, South Houston C. B. Investment Corporation Bend, Indiana Utah Salt Lake City First Security Corporation Brenton Banks, Inc. Hawkeye Bancorporation Virginia Arlington First Virginia Bankshares Corporation Lynchburg Fidelity American Bankshares, Inc.2 Trustees, First National Bank of Louisville Richmond.... United Virginia Bankshares Incor porated Richmond Virginia Commonwealth Bankshaires, Inc. Roanoke Dominion Bankshares Corporation Depositors Corporation Eastern Trust and Banking Company Washington Merrill Bankshares Company Port Angeles.. Union Bond & Mortgage Company Northeastern Bankshare Association Spokane Washington Bancshares, Inc. Wisconsin Baystate Corporation Appleton First National Corporation Shawmut Association, Inc. Appleton Valley Bancorporation Madison Mid-Wis Bankshares, Inc. Milwaukee. . . American Bankshares Corporation Bank Shares Incorporated Milwaukee. . . First Wisconsin Bankshares Corporation First Bank System, Inc. Milwaukee. . . The Marine Corporation Northwest Bancorporation Milwaukee. . . Marshall & Ilsley Bank Stock Coi-poration Mid America Bancorporation, Inc. Waukesha First Holding Company, Inc. Otto Bremer Company Wausau Central Wisconsin Bankshares, Inc. Otto Bremer Foundation Canada Montreal Bank of Montreal Mark Twain Bancshares, Inc. Toronto Canadian Imperial Bank of Commerce Commerce Bancshares, Inc. First National Charter Corporation2 England Joe W. Ingram Trust "B" London Barclays Bank Limited Midwest Bancorporation, Inc. The First National Bank of St. Joseph Japan General Bancshares Corporation Tokyo The Bank of Tokyo, Ltd. 1 Reflects name and location changes subsequent to Dec. 31, 1969. 2 These companies were bank holding companies as of Dec. 31, 1969, but had not registered with the Board in 1969. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 95 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 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. EGERTSON, Assistant Director PAULINE B. HELLER, Adviser JANET O. HART, Assistant Director JOHN N. LYON, Assistant Director DIVISION OF RESEARCH AND STATISTICS J. CHARLES PARTEE, Director JOHN T. MCCLINTOCK, Assistant Director STEPHEN H. AXILROD, Associate Director THOMAS A. SIDMAN, Assistant Director LYLE E. GRAMLEY, Associate Director STANLEY J. SIGEL, Adviser DIVISION OF PERSONNEL ADMINISTRATION TYNAN SMITH, Adviser EDWIN J. JOHNSON, Director MURRAY S. WERNICK, Adviser JOHN J. HART, Assistant Director KENNETH B. WILLIAMS, Adviser PETER M. KEIR, Associate Adviser DIVISION OF ADMINISTRATIVE SERVICES BERNARD SHULL, Associate Adviser JOSEPH E. KELLEHER, Director JAMES B. ECKERT, Assistant Adviser DONALD E. ANDERSON, Assistant Director JAMES L. PIERCE, Assistant Adviser JOHN D. SMITH, Assistant Director STEPHEN P. TAYLOR, Assistant Adviser Louis WEINER, Assistant Adviser OFFICE OF THE CONTROLLER JOSEPH S. ZEISEL, Assistant Adviser JOHN KAKALEC, Controller DIVISION OF INTERNATIONAL FINANCE HARRY J. HALLEY, Assistant Controller ROBERT SOLOMON, Director * ROBERT L. SAMMONS, Associate Director DIVISION OF DATA PROCESSING JOHN E. REYNOLDS, Associate Director JEROLD E. SLOCUM, Director JOHN F. L. GHIARDI, Adviser JOHN P. SINGLETON, Associate Director A. B. HERSEY, Adviser GLENN L. CUMMINS, Assistant Director REED J. IRVINE, Adviser HENRY W. MEETZE, 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 96 FEDERAL OPEN MARKET COMMITTEE ARTHUR F. BURNS, Chairman ALFRED HAYES, Vice Chairman ANDREW F. BRIMMER AUBREY N. HEFLIN J. L. ROBERTSON J. DEWEY DAANE W. BRADDOCK HICKMAN WILLIAM W. SHERRILL DARRYL R. FRANCIS SHERMAN J. MAISEL ELIOT J. SWAN GEORGE W. MITCHELL ROBERT C. HOLLAND, Secretary ARTHUR L. BROIDA, Deputy Secretary GEORGE GARVY, Associate Economist KENNETH A. KENYON, Assistant Secretary LYLE E. GRAM LEY, Associate Economist CHARLES MOLONY, Assistant Secretary A. B. HERSEY, Associate Economist HOWARD H. HACKLEY, General Counsel WILLIAM J. HOCTER, Associate Economist DAVID B. HEXTER, Assistant General Counsel HOMER JONES, Associate Economist J. CHARLES PARTEE, Economist JAMES PARTHEMOS, Associate Economist STEPHEN H. AXILROD, Associate Economist JOHN E. REYNOLDS, Associate Economist J. HOWARD CRAVEN, Associate Economist ROBERT SOLOMON, Associate Economist ALAN R. HOLMES, Manager, System Open Market Account CHARLES A. COOMBS, Special Manager, System Open Market Account FEDERAL ADVISORY COUNCIL PHILIP H. NASON, NINTH FEDERAL RESERVE DISTRICT, President JACK T. CONN, TENTH FEDERAL RESERVE DISTRICT, Vice President MARK C. WHEELER, FIRST FEDERAL GEORGE S. 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 97 FEDERAL RESERVE BANKS AND BRANCHES Federal Reserve Bank Chairman President Vice President or branch Deputy Chairman First Vice President in charge of branch Zip code Boston 02106 James S. Duesenberry Frank E. Morris John M. Fox Earle O. Latham New York ,,10045 Albert L. Nickerson Alfred Hayes James M. Hester William F. Treiber Buffalo ....14240 Robert S. Bennett A. A. Maclnnes, Jr Philadelphia ,..19101 Willis J. Winn David Eastburn Bayard L. England David Melnicoff Cleveland .,44101 Albert G. Clay W. Braddock Hickman J. Ward Keener Walter H. MacDonald Cincinnati ...45201 Graham E. Marx Fred O. Kiel Pittsburgh ....15230 Lawrence E. Walkley Clyde E. Harrell Richmond 23213 Wilson H. Elkins Aubrey N. Heflin Robert W. Lawson, Jr. Robert P. Black Baltimore ...21203 Arnold J. Kleff, Jr. H. Lee Boatwright, III Charlotte .,28201 William B. McGuire Edmund F. MacDonald Atlanta ...30303 Edwin 1. Hatch Monroe Kimbrel John C. Wilson Kyle K. Fossum Birmingham... 35202 C. Caldwell Marks Dan L. Hendley Jacksonville ....32201 Henry Cragg Edward C. Rainey Nashville , ,,37203 Robert M. Williams Jeffrey J. Wells New Orleans,.. .70160 Frank G. Smith Arthur H. Kantner Chicago .. .60690 Emerson G. Higdon 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 A1 Pollard John F. Breen Louisville 40201 Harry M. Young, Jr. Donald L. Henry Memphis ....38101 Alvin Huffman, Jr. Eugene A. Leonard Minneapolis .. .55440 Robert F. Leach Hugh D. Galusha, Jr. David M. Lilly M. H. Strothman, Jr. Helena ....59601 Warren B. Jones Howard L. Knous Kansas City .. .64198 Dolph Simons George H. Clay Willard D. Hosford, Jr. John T. Boysen Denver ..,.80217 Cris Dobbins John W. Snider Oklahoma City. ,,..73125 C. W. Flint, Jr. Howard W. Pritz Omaha 68102 Henry Y. Kleinkauf George C. Rankin Dallas 75222 Carl J. Thomsen Philip E. Coldwell Chas. F. Jones T. W. Plant El Paso ....79999 Gordon W. Foster Fredric W. Reed Houston .77001 Geo. T. Morse, Jr. J. Lee Cook San Antonio... ., ,78206 Francis B. May Carl H. Moore San Francisco.... ..,.94120 O. Meredith Wilson Eliot J. Swan S. Alfred Halgren A. B. Merritt Los Angeles.... ....90054 Leland D. Pratt Paul W. Cavan Portland ....97208 Robert F. Dwyer William M. Brown Salt Lake City,. 84110 Peter E. Marble Arthur L. Price Seattle ....98124 C. Henry Bacon, Jr. William R. Sandstrom Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

98 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. (Stamps and coupons not accepted.) THE FEDERAL RESERVE SYSTEM—PURPOSES AND SUPPLEMENT TO BANKING AND MONETARY STA- FUNCTIONS. 1963. 298 pp. TISTICS. Sec. 1. Banks and the Monetary System. 1962. 35 pp. $.35. Sec. 2. Member Banks. ANNUAL REPORT. 1967. 59 pp. $.50. Sec. 5. Bank Debits. 1966. 36 pp. $.35. Sec. 6. Bank Income. 1966. 29 pp. FEDERAL RESERVE BULLETIN. Monthly. $6.00 per $.35. Sec. 9. Federal Reserve Banks. 1965. 36 annum or $.60 a copy in the United States and pp. $.35. Sec. 10. Member Bank Reserves and its possessions, Bolivia, Canada, Chile, Colom- Related Items. 1962. 64 pp. $.50. Sec. 11. Curbia, Costa Rica, Cuba, Dominican Republic, rency. 1963. 11 pp. $.35. Sec. 12. Money Rates Ecuador, Guatemala, Haiti, Republic of Honand Securities Markets. 1966. 182 pp. $.65. duras, Mexico, Nicaragua, Panama, Paraguay, Sec. 14. Gold. 1962. 24 pp. $.35. Sec. 15. Inter- Peru, El Salvador, Uruguay, and Venezuela; 10 national Finance. 1962. 92 pp. $.65. Sec. 16 or more of same issue sent to one address, $5.00 (New). Consumer Credit. 1965. 103 pp. $.65. per annum or $.50 each. Elsewhere, $7.00 per annum or $.70 a copy. INDUSTRIAL PRODUCTION—1957-59 BASE. 1962. 172 pp. $1.00 a copy; 10 or more sent to one FEDERAL RESERVE CHART BOOK ON FINANCIAL address, $.85 each. AND BUSINESS STATISTICS. Monthly. Annual subscription includes one issue of Historical BANK MERGERS & THE REGULATORY AGENCIES: Chart Book. $6.00 per annum or $.60 a copy in APPLICATION OF THE BANK MERGER ACT OF the United States and the countries listed above; 1960. 1964. 260 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. BANKING MARKET STRUCTURE & PERFORMANCE IN METROPOLITAN AREAS: A STATISTICAL HISTORICAL CHART BOOK. Issued annually in Sept. STUDY OF FACTORS AFFECTING RATES ON Subscription to monthly chart book includes BANK LOANS. 1965. 73 pp. $.50 a copy; 10 or one issue. $.60 a copy in the United States and more sent to one address, $.40 each. countries listed above; 10 or more sent to one address, $.50 each. Elsewhere, $.70 a copy. THE PERFORMANCE OF BANK HOLDING COM- PANIES. 1967. 29 pp. $.25 a copy; 10 or more THE FEDERAL RESERVE ACT, as amended through sent to one address, $.20 each. Nov. 5, 1966, with an appendix containing provisions of certain other statutes affecting the FARM DEBT. Data from the 1960 Sample Survey Federal Reserve System. 353 pp. $1.25. of Agriculture. 1964. 221 pp. $1.00 a copy; 10 or more sent to one address, $.85 each. REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. MERCHANT AND DEALER CREDIT IN AGRICUL- TURE. 1966. 109 pp. $1.00 a copy; 10 or more PUBLISHED INTERPRETATIONS OF THE BOARD OF sent to one address, $.85 each. GOVERNORS, as of Dec. 31, 1969. $2.50. THE FEDERAL FUNDS MARKET. 1959. Ill pp. FLOW OF FUNDS IN THE UNITED STATES, 1939- $1.00 a copy; 10 or more sent to one address, 53. 1955. 390 pp. $2.75. $.85 each. FLOW OF FUNDS ACCOUNTS, 1945-1968. March TRADING IN FEDERAL FUNDS. 1965. 116 pp. $1.00 1970. 138 pp. $1.00 per copy; 10 or more sent a copy; 10 or more sent to one address, $.85 to one address, $.85 each. each. DEBITS AND CLEARING STATISTICS AND THEIR U.S. TREASURY ADVANCE REFUNDING, JUNE USE. 1959. 144 pp. $1.00 a copy; 10 or more 1960-JULY 1964. 1966. 65 pp. $.50 a copy; 10 sent to one address, $.85 each. or more sent to one address, $.40 each. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

99 BANK CREDIT-CARD AND CHECK-CREDIT PLANS. RESERVE ADJUSTMENTS OF THE EIGHT MAJOR 1968. 102 pp. $1.00 a copy; 10 or more sent to NEW YORK CITY BANKS DURING 1966. 1968. one address, $.85 each. 29 pp. INTEREST RATE EXPECTATIONS: TESTS ON YIELD DISCOUNT POLICY AND OPEN MARKET OPERA- SPREADS AMONG SHORT-TERM GOVERNMENT TIONS. 1968. 23 pp. SECURITIES. 1968. 83 pp. $.50 a copy; 10 or more sent to one address, $.40 each. THE REDESIGNED DISCOUNT MECHANISM AND THE MONEY MARKET. 1968. 29 pp. SURVEY OF FINANCIAL CHARACTERISTICS OF SUMMARY OF THE ISSUES RAISED AT THE ACA- CONSUMERS. 1966. 166 pp. $1.00 a copy; 10 or more sent to one address, $.85 each. DEMIC SEMINAR ON DISCOUNTING. 1968. 16 pp. SURVEY OF CHANGES IN FAMILY FINANCES. 1968. A REVIEW OF RECENT ACADEMIC LITERATURE 321 pp. $1.00 a copy; 10 or more sent to one ON THE DISCOUNT MECHANISM. 1968. 40 pp. address, $.85 each. DISCOUNT POLICY AND BANK SUPERVISION. REPORT OF THE JOINT TREASURY-FEDERAL RE- 1968. 72 pp. SERVE STUDY OF THE U.S. GOVERNMENT SECURITIES MARKET. 1969. 48 pp. $.25 a copy; THE LEGITIMACY OF CENTRAL BANKS. 1969. 10 or more sent to one address, $.20 each. 24 pp. (Limited supplies of the staff studies on the SELECTIVE CREDIT CONTROL. 1969. 9 pp. Government Securities Market Study, as listed on page 48 in the main report, are SOME PROPOSALS FOR A REFORM OF THE DISavailable upon request for single copies. COUNT WINDOW. 1969. 40 pp. These studies are printed in mimeographed or similar form.) RATIONALE AND OBJECTIVES OF THE 1955 RE- VISION OF REGULATION A. 1969. 33 pp. REAPPRAISAL OF THE FEDERAL RESERVE DIS- COUNT MECHANISM: AN EVALUATION OF SOME DETERMINANTS OF REPORT OF A SYSTEM COMMITTEE. 1968. 23 MEMBER BANK BORROWING. 1969. 29 pp. pp. $.25 a copy; 10 or more sent to one address, $.20 each. ACADEMIC VIEWS ON IMPROVING THE FEDERAL RESERVE DISCOUNT MECHANISM. 1970. 172 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

A 100 FEDERAL RESERVE BULLETIN • JUNE 1970 OPTIMAL FACTOR ADJUSTMENT PATHS: A GENER- REVISION OF BANK DEBITS AND DEPOSIT TURN- ALIZATION OF "STOCK ADJUSTMENT" DECISION OVER SERIES. Mar. 1965. 4 pp. RULES, by P. A. Tinsley. July 1969. 14 pp. TIME DEPOSITS IN MONETARY ANALYSIS, Staff ECONOMIC FORECASTS: EVALUATION PROCE- Economic Study by Lyle E. Gramley and DURES AND RESULTS, by H. O. Stekler. Oct. Samuel B. Chase, Jr. Oct. 1965. 25 pp. 1969. 49 pp. CYCLES AND CYCLICAL IMBALANCES IN A CHANG- SOME PROBLEMS IN FORECASTING INVENTORY ING WORLD, Staff Paper by Frank R. Garfield. INVESTMENT, by H. O. Stekler. Oct. 1969. 23 pp. Nov. 1965. 15 pp. AUTOMOTIVE TRADE BETWEEN THE UNITED RESEARCH ON BANKING STRUCTURE AND PER- STATES AND CANADA, by Kathryn A. Morisse. FORMANCE, Staff Economic Study by Tynan Nov. 1969. 33 pp. Smith. Apr. 1966. 11 pp. THE AVAILABILITY OF MORTGAGE LENDING COM- COMMERCIAL BANK LIQUIDITY, Staff Economic MITMENTS, by Robert Moore Fisher. Dec. 1969. Study by James Pierce. Aug. 1966. 9 pp. 36 pp. TOWARD UNDERSTANDING OF THE WHOLE DE- IMPORTED INFLATION AND THE INTERNATIONAL VELOPING ECONOMIC SITUATION, Staff Eco- ADJUSTMENT PROCESS, by Ruth Logue. Dec. nomic Study by Frank R. Garfield. Nov. 1966. 1969.147 pp. 14 pp. A REVISED INDEX OF MANUFACTURING CAPACITY, Staff Economic Study by Frank de Leeuw with Printed in full in the Bulletin. Frank E. Hopkins and Michael D. Sherman. (Reprints available as shown in following list.) Nov. 1966. 11 pp. REPRINTS THE ROLE OF FINANCIAL INTERMEDIARIES IN U.S. CAPITAL MARKETS, Staff Economic Study by Daniel H. Brill with Ann P. Ulrey. Jan. (From Federal Reserve BULLETIN unless preceded 1967. 14 pp. by an asterisk.) REVISED SERIES ON COMMERCIAL AND INDUS- ADJUSTMENT FOR SEASONAL VARIATION. June TRIAL LOANS BY INDUSTRY. Feb. 1967. 2 pp. 1941. 11 pp. AUTO LOAN CHARACTERISTICS AT MAJOR SALES SEASONAL FACTORS AFFECTING BANK RESERVES. FINANCE COMPANIES. Feb. 1967. 5 pp. Feb. 1958. 12 pp. SURVEY OF FINANCE COMPANIES, MID-1965. Apr. LIQUIDITY AND PUBLIC POLICY, Staff Paper by 1967. 26 pp. Stephen H. Axilrod. Oct. 1961. 17 pp. MONETARY POLICY AND THE RESIDENTIAL MORT- SEASONALLY ADJUSTED SERIES FOR BANK GAGE MARKET. May 1967. 13 pp. CREDIT. July 1962. 6 pp. BANK FINANCING OF AGRICULTURE. June 1967. INTEREST RATES AND MONETARY POLICY, Staff 23 pp. Paper by Stephen H. Axilrod. Sept. 1962. 28 pp. EVIDENCE ON CONCENTRATION IN BANKING MARKETS AND INTEREST RATES, Staff Eco- MEASURES OF MEMBER BANK RESERVES. July nomic Study by Almarin Phillips. June 1967. 1963. 14 pp. 11 pp. CHANGES IN BANKING STRUCTURE, 1953-62. NEW BENCHMARK PRODUCTION MEASURES, 1958 Sept. 1963. 8 pp. AND 1963. June 1967. 4 pp. THE OPEN MARKET POLICY PROCESS. Oct. 1963. REVISED INDEXES OF MANUFACTURING CAPACITY 11 pp. AND CAPACITY UTILIZATION. July 1967. 3 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 101 HOUSING PRODUCTION AND FINANCE. Mar. 1969. THE PUBLIC INFORMATION ACT—ITS EFFECT ON MEMBER BANKS. July 1967. 6 pp. 7 pp. INTEREST COST EFFECTS OF COMMERCIAL BANK BANKING AND MONETARY STATISTICS, 1968. UNDERWRITING OF MUNICIPAL REVENUE Selected series of banking and monetary statis- BONDS. Aug. 1967. 16 pp. tics for 1968 only. Mar. and May 1969. 16 pp. THE FEDERAL RESERVE-MIT ECONOMETRIC OUR PROBLEM OF INFLATION. June 1969. 15 pp. MODEL, Staff Economic Study by Frank de Leeuw and Edward Gramlich. Jan. 1968. 30 pp. THE CHANNELS OF MONETARY POLICY, Staff Economic Study by Frank de Leeuw and Edward THE PRICE OF GOLD IS NOT THE PROBLEM. Feb. Gramlich. June 1969. 20 pp. 1968. 7 pp. REVISION OF WEEKLY SERIES FOR COMMERCIAL U.S. INTERNATIONAL TRANSACTIONS: TRENDS IN BANKS. Aug. 1969. 5 pp. 1960-67. Apr. 1968. 23 pp. MARGIN ACCOUNT CREDIT. June 1968. 12 pp. EURO-DOLLARS: A CHANGING MARKET. Oct. 1969. 20 pp. MONETARY RESTRAINT AND BORROWING AND CAPITAL SPENDING BY LARGE STATE AND REVISION OF MONEY SUPPLY SERIES. Oct. 1969. LOCAL GOVERNMENTS IN 1966. July 1968. 16 pp. 30 pp. BALANCE OF PAYMENTS PROGRAM: REVISED REVISED SERIES ON BANK CREDIT. Aug. 1968. GUIDELINES FOR BANKS AND NONBANK FINAN- 4 pp. CIAL INSTITUTIONS. Jan. 1970. 11 pp. FEDERAL FISCAL POLICY IN THE 1960's. Sept. TREASURY AND FEDERAL RESERVE FOREIGN EX- 1968. 18 pp. CHANGE OPERATIONS. Mar. 1970. 21 pp. HOW DOES MONETARY POLICY AFFECT THE ECONOMY? Staff Economic Study by Maurice RECENT CHANGES IN STRUCTURE OF COMMER- Mann. Oct. 1968. 12 pp. CIAL BANKING. Mar. 1970. 16 pp. BUSINESS FINANCING BY BUSINESS FINANCE U.S. BALANCE OF PAYMENTS AND INVEST- COMPANIES. Oct. 1968. 13 pp. MENT POSITION. Apr. 1970. 17 pp. MANUFACTURING CAPACITY: A COMPARISON OF CHANGES IN TIME AND SAVINGS DEPOSITS, OCTO- TWO SOURCES OF INFORMATION, Staff Eco- BER 1969—JANUARY 1970. May 1970. 12 pp. nomic Study by Jared J. Enzler. Nov. 1968. 5 pp. FINANCIAL DEVELOPMENTS IN THE FIRST QUAR- TER OF 1970. May 1970. 9 pp. MONETARY RESTRAINT, BORROWING, AND CAP- ITAL SPENDING BY SMALL LOCAL GOVERN- MENTS AND STATE COLLEGES IN 1966. Dec. SDR's IN FEDERAL RESERVE OPERATIONS AND 1968. 30 pp. STATISTICS. May 1970. 4 pp. REVISION OF CONSUMER CREDIT STATISTICS. CHANGES IN BANK LENDING PRACTICES, 1969. Dec. 1968. 21 pp. May 1970. 5 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 102 FEDERAL RESERVE BULLETIN • JUNE 1970 ANTICIPATED SCHEDULE OF RELEASE DATES FOR PUBLIC PERIODIC RELEASES1— BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Approximate Date or period to which Weekly releases release day data refer Applications and Reports Received, or Acted on, by the Tuesday Week ended previous Sat- Board (H.2) urday Assets and Liabilities of All Commercial Banks in the United Wednesday Wednesday, 2 weeks ear- States (H.8) lier Changes in State Bank Membership (K.3) Tuesday Week ended previous Saturday Commercial and Industrial Loans Outstanding, by Industry Wednesday Wednesday, 1 week ear- (H.12)2 lier Condition Report of Large Commercial Banks in New York Thursday Previous Wednesday and Chicago (H.4.3) Condition Report of Large Commercial Banks and Domestic Wednesday Wednesday, 1 week ear- Subsidiaries (H.4.2)3 lier Deposits, Reserves, and Borrowings of Member Banks (H.7) Wednesday Week ended 3 Wednesdays earlier Factors Affecting Bank Reserves and Condition Statement Thursday Week ended previous of Federal Reserve Banks (H.4.1) Wednesday Money Supply and Time Deposits (H.6) Thursday Week ended Wednesday of previous week Reserve Positions of Major Reserve City Banks (H.5) Friday Week ended Wednesday of previous week Selected Interest and Exchange Rates for Major Countries Thursday Week ended previous and the United States (H.13) Saturday Week ended previous Weekly Foreign Exchange Rates (H.10) Monday Friday Week ended previous Weekly Summary of Banking and Credit Measures (H.9) Thursday Wednesday; and week ended Wednesday of previous week Weekly U.S. Government Security Yields and Prices (H.15) Monday Week ended previous Saturday Semimonthly releases Research Library—Recent Acquisitions (J.2) 1st and 16th of Period since last release month Monthly releases Aggregate Reserves and Member Bank Deposits (G.10) 12th of month Previous month Assets and Liabilities of All Member Banks by Districts 14th of month Last Wednesday of pre- (G.7.1) vious month Automobile Loans by Major Sales Finance Companies 7th working 2nd month previous (G.25) day of month Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 103 Monthly releases (cont.) Approximate Date or period to which release day data refer Automobile Instalment Credit Developments (G.26) 6th working 2nd month previous day of month Bank Debits, Deposits, and Deposit Turnover (G.6) 25th of month Previous month Business Indexes (G.12.3) 15th of month Previous month (Industrial Production Indexes also available annually, see p. A-104) Commercial and Industrial Term Loans Outstanding by In- 2nd Wednes- Last Wednesday of predustry (H.12b) Available only as attachment to weekly day of month vious month H.12 release 3rd working 2nd month previous Consumer Credit (G.19) day of month 4th working 2nd month previous Consumer Credit at Consumer Finance Companies (G.22) day of month 4th working 2nd month previous Consumer Instalment Credit at Commercial Banks (G.18) day of month 15th of month Previous month Interdistrict Settlement Fund (G.15) Index Numbers of Wholesale Prices (G.8) 20th of month Previous month Maturity Distribution of Euro-Dollar Deposits in Foreign 1st of month Last day of 3rd month Branches of U.S. Banks (G.17) previous Maturity Distribution of Outstanding Negotiable Time Cer- 24th of month Last Wednesday of pretificates of Deposit (G.9) vious month Monthly Foreign Exchange Rates (G.5) 1st of month Previous month National Summary of Business Conditions (G.12.2) 15th of month Previous month Open Market Money Rates and Bond Prices (G.13) 6th of month Previous month Sales Finance Companies (G.20) 5th working 2nd month previous day of month State Member Banks of Federal Reserve System and Non- 1st week of Previous month member Banks that Maintain Clearing Accounts with month Federal Reserve Banks (G.4) (Also annual) 1st week of End of previous year February Summary of Equity Security Transactions (G.16) Last week of Release date month U.S. Government Security Yields and Prices (G.14) 4th of month Previous month Quarterly releases Bank Rates on Short-Term Business Loans (E.2) 18th of March, 1st 15 days of February, June, Sep- May, August, November tember, December Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 104 FEDERAL RESERVE BULLETIN • JUNE 1970 Quarterly releases (cont.) Approximate Date or period to which release day data refer Capacity Utilization in Manufacturing (E.5) 21st of Jan- Previous quarter uary, April, July, October Flow of funds: 15th of Feb- Previous quarter Seasonally adjusted and unadjusted (Z.l) ruary, May, Seasonally adjusted only (Z.la) August, and November Volume and Composition of Individuals' Saving (flow of funds series) (E.8) Sales, Profits, and Dividends of Large Corporations (E.6) 4 10th of April, 2nd quarter previous June, September, December Semiannual releases Assets and Liabilities of All Commercial Banks, by Class of May and No- End of previous Decem- Bank (E.3.4) vember ber and June List of OTC Margin Stocks (E.7) June 30, De- Release date cember 31 (Also monthly revisions) Last week of Period since last release month Assets, Liabilities, and Capital Accounts of Commercial and May and No- End of previous Decem- Mutual Savings Banks—Reports of Call (Joint Release of vember ber and June Federal Deposit Insurance Corp., Board of Governors of Federal Reserve System, and Office of Comptroller of the Currency. Published and distributed by FDIC) Annual releases Bank Debits to Demand Deposit Accounts Except Inter- March 25 Previous year bank and U.S. Government Accounts (C.5) End of Month Demand Deposits Except Interbank and U.S. March 25 Previous year Government Accounts (C.5a) Federal Reserve Par List (G.3) Early Novem- Previous September 30 ber (Also monthly supplements) 5th of month Period since last release Industrial Production Indexes November Previous year (Available upon request, after being announced) Member Bank Income (C.4) End of May Previous year 1 Release dates are those anticipated or usually met. However, it should be noted that for some releases there is normally a certain variability because of reporting or processing procedures. Moreover, for all series unusual circumstances may, from time to time, result in a release date being later than anticipated. 2 Contains monthly H.12b release, when available. 3 Contains revised H.4.3 data. 4 Discontinuation of this release is being considered. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO STATISTICAL TABLES (For list of tables published periodically, but not monthly, see page A-3.) Acceptances, bankers', 14, 33, 37 Deposits (See also specific types of deposits): Agricultural loans of commercial banks, 24, 26 Accumulated at commercial banks for payment of Arbitrage, 91 personal loans, 23 Assets and liabilities (See also Foreigners, claims on, Adjusted, and currency, 18 and liabilities to): Banks, by classes, 11, 19, 25, 29, 37 Banks, by classes, 19, 24, 26, 37 Euro-dollars, 86 Banks and the monetary system, 18 Federal Reserve Banks, 12, 86 Corporate, current, 49 Postal savings, 18 Federal Reserve Banks, 12 Subject to reserve requirements, 17 Automobiles: Discount rates, 9, 90 Consumer instalment credit, 54, 55, 56 Discounts and advances by Reserve Banks, 4, 12, 13, 15 Production index, 58, 59 Dividends, corporate, 48, 49 Dollar assets, foreign, 75, 81 Bank credit proxy, 17 Bank holding companies, list of, Dec. 31, 1969, 94 Earnings and hours, manufacturing industries, 65 Bankers' balances, 25, 28 Employment, 62, 64, 65 (iSee also Foreigners, claims on, and liabilities to) Euro-dollar deposits in foreign branches of Banks and the monetary system, 18 U.S. banks, 86 Banks for cooperatives, 39 Bonds (See also U.S. Govt, securities): Farm mortgage loans, 50, 51 New issues, 45, 46, 47 Yields and prices, 34, 35 Federal finance: Branch banks, liabilities of U.S. banks to their foreign Cash transactions, 40 Receipts and expenditures, 41 branches, 30, 86 Treasury operating balance, 40 Brokerage balances, 85 Federal funds, 8, 24, 26, 30, 33 Business expenditures on new plant and equipment, 49 Federal home loan banks, 39, 51 Business indexes, 62 Federal Housing Administration, 50, 51, 52, 53 Business loans (See Commercial and industrial loans) Federal intermediate credit banks, 39 Capacity utilization, 62 Federal land banks, 39 Capital accounts: Federal National Mortgage Assn., 39, 53 Banks, by classes, 19, 25, 30 Federal Reserve Banks: Federal Reserve Banks, 12 Condition statement, 12 Central banks, 90, 92 U.S. Govt, securities held, 4, 12, 15,42, 43 Certificates of deposit, 30 Federal Reserve credit, 4, 6, 12, 15 Coins, circulation, 16 Federal Reserve notes, 12, 16 Commercial and industrial loans: Federally sponsored credit agencies, 39 Commercial banks, 24, 32 Finance company paper, 33, 37 Weekly reporting banks, 26, 31 Financial institutions, loans to, 24, 26 Commercial banks: Float, 4 Assets and liabilities, 19, 24, 26 Flow of funds, 70 Consumer loans held, by type, 55 Foreign: Deposits at, for payment of personal loans, 23 Currency operations, 12, 14, 75, 81 Loans sold outright, 32 Deposits in U.S. banks, 5, 12, 18, 25,29, 86 Number, by classes, 19 Exchange rates, 89 Real estate mortgages held, by type, 50 Trade, 73 Commercial paper, 33, 37 Foreigners: Condition statements (See Assets and liabilities) Claims on, 82, 83, 86, 87, 88 Construction, 62, 63 Liabilities to, 30, 76, 77, 79, 80, 81, 86, 87, 88 Consumer credit: Instalment credit, 54, 55, 56, 57 Gold: Noninstalment credit, by holder, 55 Certificates, 12, 13, 16 Consumer price indexes, 62, 66 Earmarked, 86 Consumption expenditures, 68, 69 Net purchases by U.S., 74 Corporations: Production, 93 Sales, profits, taxes, and dividends, 48, 49 Reserves of central banks and govts., 92 Security issues, 46, 47 Stock, 4, 18, 75 Security yields and prices, 34, 35 Government National Mortgage Association, 53 Cost of living (See Consumer price indexes) Gross national product, 68, 69 Currency and coin, 5, 10, 25 Currency in circulation, 5, 16, 17 Hours and earnings, manufacturing industries, 65 Customer credit, stock market, 36 Housing permits, 62 Debits to deposit accounts, 15 Housing starts, 63 Debt (See specific types of debt or securities) Demand deposits: Income, national and personal, 68, 69 Adjusted, banks and the monetary system, 18 Industrial production index, 58, 62 Adjusted, commercial banks, 15, 17, 25 Instalment loans, 54, 55, 56, 57 Banks, by classes, 11, 19, 25, 29 Insurance companies, 38, 42, 43, 51 Subject to reserve requirements, 17 Insured commercial banks, 21, 23, 24 Turnover, 15 Interbank deposits, 11, 19, 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 106 FEDERAL RESERVE BULLETIN • JUNE 1970 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 U.S. reserve assets, 75 Yields, bond and stock, 34 Residential mortgage loans, 35, 50, 51, 52 International capital transactions of the U.S., 76-88 Retail credit, 54 International institutions, 74, 75, 90, 92 Retail sales, 62 ^ Inventories, 68 g Investment companies, issues and assets, 47 a Investments (See also specific types of investments): Sales finance companies, loans, 54, 55, 57 Banks, by classes, 19, 24, 27, 28, 37 Saving: g Commercial banks, 23 Flow of funds series, 70 Federal Reserve Banks, 12, 15 National income series, 69 Life insurance companies, 38 Savings and loan assns., 38, 43, 51 'g Savings and loan assns., 38 Savings deposits (See Time deposits) s Savings institutions, principal assets, 37, 38 Labor force, 64 Securities (See also U.S. Govt, securities): © Loans (See also specific types of loans): Federally sponsored agencies, 39 .2 Banks, by classes, 19, 24, 26, 27, 37 International transactions, 84, 85 s Commercial banks, 19, 23, 24, 26, 27, 31, 32 New issues, 45, 46, 47 Federal Reserve Banks, 4, 6, 12, 15 Silver coin and silver certificates, 16 " Insurance companies, 38, 51 Special Drawing Rights, 4, 12, 13, 18, 75 <3 Insured or guaranteed by U.S., 50, 51, 52, 53 State and local govts.: 2 Savings and loan assns., 38, 51 Deposits, 25, 29 Holdings of U.S. Govt, securities, 42, 43 J Manufacturers: New security issues, 45, 46 ~ Capacity utilization, 62 Ownership of securities of, 24, 28, 37, 38 "fa Production index, 59, 62 Yields and prices of securities, 34, 35 © Margin requirements, 10 State member banks, 21, 23 •B Member banks: Stock market credit, 36 "3 Assets and liabilities, by classes, 19, 24 Stocks: 5 Borrowings at Reserve Banks, 6, 12 New issues, 46, 47 L Deposits, by classes, 11 Yields and prices, 34, 35 ^ Number, by classes, 19 •go Reserve position, basic, 8 g Reserve requirements, 10 Tax receipts, Federal, 41 Reserves and related items, 4, 17 Time deposits, 11, 17, 18, 19, 25, 29 ~ Mining, production index, 59, 62 Treasury cash, Treasury currency, 4, 5,16, 18 Mobile home shipments, 63 Treasury deposits, 5, 12, 40 < Money rates (See Interest rates) Treasury operating balance, 40 so Money supply and related data, 17 w) Mortgages (See Real estate loans and Residential mortft gage loans) Unemployment, 64 © Mutual funds (See Investment companies) U.S. balance of payments, 72 Mutual savings banks, 18, 29, 37, 42, 43, 50 U.S. Govt, balances: Q 83 Commercial bank holdings, 25, 29 xa National banks, 21, 23 Consolidated condition statement, 18 8 National income, 68, 69 Member bank holdings, 17 5 National security expenditures, 41, 68 Treasury deposits at Reserve Banks, 5, 12, 40 6 Nonmember banks, 22, 23, 24, 25 U.S. Govt, securities: Bank holdings, 18, 19, 24, 27, 37, 42, 43 (S & Open market transactions, 14 Dealer transactions, positions, and financing, 44 Federal Reserve Bank holdings, 4, 12,15,42, 43 Payrolls, manufacturing index, 62 Foreign and international holdings, 12, 81, 84, 86 Personal income, 69 International transactions, 81, 84 Postal Savings System, 18 New issues, gross proceeds, 46 Prices: Open market transactions, 14 Consumer and wholesale commodity, 62, 66 Outstanding, by type of security, 42, 43, 45 Security, 35 Ownership of, 42, 43 Prime rate, commercial banks, 33 Yields and prices, 34, 35, 91 Production, 58, 62 United States notes, 16 Profits, corporate, 48, 49 Utilities, production index, 59, 62 Real estate loans: Veterans Administration, 50, 51, 52, 53 Banks, by classes, 24, 27, 37, 50 Delinquency rates on home mortgages, 52 Weekly reporting banks, 26 Mortgage yields, 53 Type of holder and property mortgaged, 50, 51, 52, 53 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 j October 16, 1969 'Dram h/H.W. gafvin, Cart A (C THE FEDERAL RESERVE SYSTEM Q) A HAWAII Legend Boundaries of Federal Reserve Districts Boundaries of Federal Reserve Branch Territories © Board of Governors of the Federal Reserve System ® Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis