Federal Reserve Bulletin, 1970-08

FEDERAL RESERVE BULLETIN * * * * * * * 1 1 “ AUGUST 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 8 □ VOLUME 56 □ AUGUST 1970 CONTENTS 609 Financial Developments in the Second Quarter of 1970 619 Statement to Congress 627 Record of Policy Actions of the Federal Open Market Committee 634 Law Department 657 Announcements 665 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 95 Tables Published Periodically A 120 Board of Governors and Staff A 121 Open Market Committee and Staff; Federal Advisory Council A 122 Federal Reserve Banks and Branches A 123 Federal Reserve Board Publications A 127 Index to Statistical Tables Map of Federal Reserve System on Inside Back Cover EDITORIAL Charles Molony COMMITTEE J. Charles Partee Robert C. Holland Robert Solomon Kenneth B. Williams Elizabeth B. Sette The Federal Reserve BULLETIN is issued monthly under the direction of the staff edi­ torial committee. This committee is responsible for opinions expressed except in official statements and signed articles. Direction for the art work is provided by Mack Rowe. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Developments in the Second Quarter of 1970 This report, which was sent to the Joint Economic Committee of the U.S. Congress, highlights the important developments in financial markets during the spring and early summer. INTEREST RATES fluctuated widely over the second quarter. Most rates began to rise early in the quarter—partly in reaction to the substantial decline earlier in the year and partly in reflection of heavy demands for financing in long-term markets, uncer­ tainty concerning price developments, unsettling international events, unusual liquidity pressures, and uncertainty about the course of monetary and fiscal policies. By the end of the quar­ ter, however, short-term rates had returned to near their endof-March levels and long-term rates had backed down from their peaks; nevertheless, most long-term rates remained well above their March levels. Equity prices also recovered somewhat from the 7-year low that was reached late in May. Monetary aggregates generally expanded at a faster pace in the second quarter than in the preceding quarter. While the money stock rose at a 4.2 per cent annual rate, only slightly more rapid than in the first quarter, time and savings deposits at all commercial banks surged upward. Both consumer-type claims and large negotiable certificates of deposit (CD’s) par­ ticipated in the rapid time deposit expansion, as the relative at­ tractiveness of time deposits was enhanced because short-term market interest rates during the second quarter were less, on the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

610 FEDERAL RESERVE BULLETIN □ AUGUST 1970 average, than in the first quarter. Nonbank savings institutions also experienced sharply improved inflows of deposits. The growth in negotiable CD’s at banks during the spring was moderate, but accelerated sharply in late June after the Board of Governors of the Federal Reserve System suspended Regulation Q ceilings on large CD’s with 30- to 89-day maturities. These ceilings were suspended in recognition of the potential for un­ usual demands on commercial banks for short-term credit re­ sulting from uncertainties in financial markets—for example, the uncertainties that affected the commercial paper market follow­ ing the financial difficulties of a large railroad. Commercial banks purchased a large amount of securities during the second quarter. Not only did the greater availability of time deposits provide more funds for investment, but also loan growth at banks, after including loan sales to affiliates, virtually came to a halt. Meanwhile, nonbank thrift institutions increased their acquisitions of mortgages and continued to re­ build depleted liquidity positions. INTEREST RATES The steep decline in short-term interest rates that had charac­ terized the first quarter of 1970 was succeeded by wide swings in rates during the second quarter. The extension of the conflict BANK RESERVES AND BORROWINGS BILLIONS OF DOLLARS, SEASONALLY ADJOSTED RESERVES: I I i 24 NOT SEASONALLY ADJUSTED Monthly averages of daily figures lor member banks. Total and nonborrowed reserves are adjusted to exclude the effects of changes in reserve requirement percentages. Nonborrowed reserves are total reserves adjusted minus member bank borrowings from the Federal Reserve. Excess reserves are total reserves less required reserves. Latest figures, June. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS, Q2 1970 611 in Southeast Asia and the resulting domestic unrest, coupled with uncertainty over the outlook for corporate profits, generated an investor pessimism that adversely affected security prices in all markets. In short-term markets, yields on 3-month 'treasury bills rose 60 basis points by early May from their late March low, reflecting sluggish demand for bills and dealer efforts to reduce heavy bill inventories. The Federal funds rate also rose during April after having declined the month before, reflecting in part a marked increase in day-to-day financing demands both from Government security dealers and from major money center banks. Nevertheless, borrowings from the Federal Reserve and net borrowed reserves for all member banks eased somewhat. In June, however, investor sentiments were buoyed by the end of the offensive in Cambodia, further signs of weakening in the economy, and an anticipated slowing in the rate of price in­ creases, as well as prospective cutbacks in capital expansion plans. As a result, yields declined in most sectors of the securi­ ties markets. By the end of the quarter, 3-month Treasury bill yields were only 11 basis points higher than at the end of March and 140 basis points below highs around the end of the pre­ vious year. The Federal funds rate, too, had eased back and was 12 basis points below the level at the end of March and 112 basis points below year-end. The markets for long-term securities felt the impact of heavy financing demands by both corporate and municipal borrowers in April, as well as the pressures affecting short-term markets. Municipal yields rose steadily in April and May, backing away from the May peak a little in June, as the calendar lightened; but the June average was over 90 basis points higher than the March figure. Yields on new high-grade corporate bonds started to push upward in the latter part of April, as new offerings of bonds rose to record volumes, continued to climb throughout May, and reached a new peak in mid-June. In spite of the fact that rates on corporate bonds receded somewhat in late June when the investment climate changed, the monthly average for June was still about 50 basis points higher than the March aver­ age. A portion of the corporate long-term borrowing in the sec­ ond quarter apparently represented an attempt by firms to re­ structure their debt, with the proceeds being used to pay down bank debt and other short-term debt. This restructuring probably contributed to the widening of the spread between short- and long-term yields. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

612 FEDERAL RESERVE BULLETIN □ AUGUST 1970 Responding to the pressures in other markets, yields on long­ term Government bonds rose sharply. In addition, the Treasury financing in mid-May—at a time when security markets were under particular strain—seemed to generate some further up­ ward yield pressure. Although the monthly average figures for long-term Government bonds indicate a rise of about 50 basis points over the quarter as a whole, rates did decline somewhat toward the end of June. INTEREST RATES PER CENT PER ANNUM Monthly averages except FHA (based on quotations for one day each month). Yields: U.S. Treasury bills, market yields on 3-month issues; prime commercial paper, dealer offering rates; FHA, weighted averages of private secondary market prices of new-home 30-year mortgages converted to annual yield (dashed line indicates period of adjustment to change in contractual interest rate); corporate bonds, weighted averages of new publicly offered bonds rated Aaa, Aa, and A by Moody’s Investors Service and adjusted to an Aaa basis; U.S. Govt, bonds, market yields adjusted to 20-year constant maturity by U.S. Treasury; State and local govt, bonds (20 issues, mixed quality), Bond Buyer. Yields on Federal Housing Administration mortgages were an exception to the general trend of long-term interest rates in the second quarter of 1970. By June they were slightly below the March average, and the yield differential between mortgages and high-grade bonds was close to zero in May and June. MONETARY AGGREGATES An increase in total reserves during the second quarter supported a substantial rise in bank deposits. Private demand deposits fluctuated sharply during the second quarter, but these deposits rose at about the same rate as during the preceding quarter. Cur­ rency outside banks grew somewhat more rapidly, though, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS, Q2 1970 613 the money stock—currency and private demand deposits to­ gether—grew at a 4.2 per cent annual rate, a little faster than during the previous quarter. Interest-bearing deposits at all commercial banks grew at a sharply accelerated rate—nearly 14 per cent—during the sec­ ond quarter. Following modest outflows after the end-of-March interest-crediting period, consumer-type savings and time de­ posits resumed the strong rate of growth that had begun in March. The ability of banks to attract consumer-type funds in volume—despite a rise in market interest rates to levels further above rates that banks were permitted to offer—could have been related in part to the bolstering of income flows in the second quarter by the disbursement of retroactive social security bene­ fits and Federal employee pay increases. Large-denomination CD’s, augmented by a sizable increase in such deposits in April, also advanced during the quarter. After interest rates on alternative investments began to rise in May, investors shifted to higher-yielding instruments and outstanding CD’s declined slightly over much of the balance of the quarter. The Board of Governors suspended interest rate ceilings on 30to 89-day CD’s effective June 24, 1970, however, in order to FLOWS OF SELECTED MONETARY AGGREGATES Percentage annual rates of change, seasonally adjusted 1969 1970 Item II III IV I II Money stock................................ 4.5 .... 1.2 3.8 4.2 Time and savings deposits at all commercial banks. . ................. “ 3.0 -13.3 .4 13.8 Money stock plus time and sav­ ings deposits at all commercial banks........................................ .7 -6.7 .6 2.1 8.9 Total member bank deposits plus Euro-dollars plus other non­ deposit funds i........................... n.a. -4.3 2.0 .5 6.5 memo: Average money stock 2. 4.5 1.2 .6 2.6 6.0 1 Beginning on May 28, 1969, the following data were collected weekly: Euro-dollars borrowed directly from foreign banks or through brokers and dealers, bank liabilities to own branches in U.S • territories and possessions, commercial paper issued by bank holding companies or other bank affiliates, and loans or participation in pools of loans sold under repurchase agreement to other than banks and other than banks* own affiliates or subsidiaries. 2 The percentage change in the average level of the money stock during a quarter from the average level during the preceding quarter, at annual rates. This measure is included because it is used by many analysts and in various econometric models in relating money stock data to quarterly figures for eco­ nomic activity, such as the gross national product. n.a. Not available. Note.—With the exception of the memo item, changes are calculated from the average amounts outstanding in the last month of each quarter. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

614 FEDERAL RESERVE BULLETIN □ AUGUST 1970 provide an alternative source of financing to borrowers who were being placed in financial straits at a time when financial markets were reacting to the filing of bankruptcy proceedings by a major railroad. After that, banks quickly moved to attract short-term BANK CREDIT-components ......tafc!M^'WL,M CD’s in order to accommodate the surge in loan demands by U.S. GOVT, securities those industrial and finance company borrowers who could not obtain funds in the commercial paper market. By offering rates around 8 per cent, banks attracted an appreciable amount of short-term CD’s in the last week of June. other securities In reflection of the rapid growth in time deposits, total mem­ x=n ber bank deposits expanded at a rate substantially above that in the first quarter. But even so, banks continued to obtain funds h t from other sources, and the adjusted bank credit proxy—total member bank deposits plus Euro-dollar borrowing plus other nondeposit sources of funds—rose at an annual rate of 6.5 per cent in comparison with the 0.5 per cent rate during the preced­ i ing quarter. Q3 Q4 Q1 "IT Reliance on Euro-dollars borrowed from foreign branches of 1969 1970 U.S. banks declined only moderately in the second quarter; on Seasonally adjusted. Loans include those sold to bank holding companies, June 30 such borrowings were still at a level of $12.6 billion. affiliates, subsidiaries, or foreign branches. As banks approached their reserve-free base of Euro-dollar bor­ rowing, a number of banks apparently became increasingly re­ luctant to reduce borrowing further, given their interest rate outlook at the time. Funds obtained by banks from the sale of bank-related commercial paper amounted to $1.0 billion, roughly one-half that obtained in the previous quarter. BANKS’ USES OF FUNDS Commercial bank acquisitions of securities surged in the sec­ ond quarter to more than $5 billion, seasonally adjusted, in con­ trast to essentially unchanged holdings in the previous quarter. About three-fifths of this increase represented U.S. Government securities, holdings of which earlier had been generally declin­ ing since late 1968. A sizable volume of these securities were taken into portfolio in April when banks were able to issue time deposits at a rapid pace. In addition, banks purchased a large amount of securities in the Treasury’s mid-May financing opera­ tion. Banks’ holdings of securities other than U.S. Government bonds rose somewhat more than they had in the first quarter. Most of the increase represented acquisitions of short-term and long-term municipal securities. Nevertheless, large banks were hesitant in acquiring State and local government bonds because Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS, Q2 1970 615 BANK LOANS-major components of questions raised by the Internal Revenue Service’s statements regarding the tax deductibility of interest income on these secu­ rities. Loan portfolios of banks, including loans transferred to bankrelated institutions, were about unchanged over the second quar­ ter. Growth in total loans was held down particularly by the sizable decline in security loans, reflecting reduced inventory positions of dealers in U.S. Government and other types of secu­ rities. Net extensions of loans to commercial and industrial firms were slightly above the total for the first quarter but remained relatively moderate. The continuation of this moderate rate of growth in business loans appears to have been related in major part to the rather limited requirements of businesses for in­ Seasonally adjusted. Includes loans sold to bank holding companies, ventory financing, to the receipt of funds from an unusually large affiliates, subsidiaries, or foreign branches. volume of capital market borrowing, and to the effects of rela­ tively stringent lending terms and conditions enforced by many banks. Other loan categories generally registered a sluggish perform­ ance. Loans on real property grew very little, increasing sub­ stantially less than the already constrained rate evident since the spring of 1969. The net extension of consumer instalment credit was also quite weak, although consumer purchases of durable goods advanced from the low first-quarter rate. Over all, banks improved their liquidity positions during the second quarter, after experiencing a substantial decline in liquid­ ity for more than a year. Acquisitions of securities tended to be concentrated in the shorter maturity ranges, and banks also made some net repayment of their short-term borrowings. Nonethe­ less, the level of bank liquidity remained low relative to that which generally prevailed prior to 1969. NONBANK Net deposit inflows to mutual savings banks and savings and loan INTERMEDIARIES AND associations rose at a seasonally adjusted annual rate of almost THE MORTGAGE MARKET 7 per cent in the second quarter of 1970, the strongest growth rate since 1967. Deposit growth was sustained throughout the April-June period even though yields on competitive market instruments were relatively more attractive during most of May and June. The favorable experience of thrift institutions probably re­ flected enlarged income flows to individuals and increased de­ mand by savers for safe, liquid assets in the atmosphere of un­ certainty created by the situation in Southeast Asia, the softening Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

616 FEDERAL RESERVE BULLETIN □ AUGUST 1970 of the economy, and the weakness in the stock market. The thrift nonbank savings accounts institutions, too, continued to improve their liquidity somewhat during this period, but the Federal Home Loan Bank System dis­ couraged repayment of borrowings by permitting conversion of outstanding advances to savings and loan associations into longer-term, lower-cost loans. New mortgage commitments ini«« mu creased for the first time since the second quarter of 1969. seasonally adjusted. Seasonally adjusted net mortgage debt formation turned up somewhat in the second quarter after four consecutive quarters of decline. While expansion in residential mortgage debt, at a quarterly rate of only $4.2 billion, was still unusually low, it apparently accounted for all of the increase in the rate of growth in seasonally adjusted mortgage debt outstanding during the sec­ ond quarter. A dominant factor in the residential mortgage turnaround was the considerable improvement from a depressed first-quarter level in the volume of funds supplied by savings and loan associations, which are normally the major lenders in this sector. Although the net addition to the mortgage portfolio of the Federal National Mortgage Association remained quite strong, it was below earlier peaks. Net expansion in residential mortgages held by commercial banks and other major lender groups generally continued to be limited. NET CHANGE IN MORTGAGE DEBT OUTSTANDING In billions of dollars, seasonally adjusted quarterly rates 1969 1970 Item II III IV I II8 7.1 6.8 6.4 5.2 5.7 Residential................................. 5.3 5.0 4.6 3.6 4.2 Other i....................................... 1.8 1.8 1.8 1.6 1.5 i Includes commercial, farm, and other nonresidential properties. * Partly estimated. SECURITIES MARKETS New issues of corporate securities posted a new dollar volume record in the second quarter of 1970. Including the offering by a major communications corporation of almost $1.6 billion of debentures with warrants—the largest single corporate debt of­ fering in U.S. history—the April-May total for corporate bonds was almost $7 billion. Even without that issue, however, public bond offerings for the quarter would have been at an unprece­ dented level because a large number of public utility and finan­ cial companies turned to the bond market for funds. With the long-term market under such heavy supply pressure and with Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS, Q2 1970 617 yields rising sharply, an unusually large number of borrowers floated issues of intermediate-term length. Almost 30 per cent of the dollar volume of public bonds sold had a 5-year maturity. This high proportion of short-term notes and bonds was probably associated with the inability of these borrowers to obtain intermediate-term bank credit and their unwillingness to commit themselves on longer-term debt in view of the prevailing high interest rates. The proportion of convertible issues in total new corporate offerings fell abruptly in the latter part of the second quarter as stock market prices plunged to new lows for the year. The de­ pressed stock market situation also resulted in a 20 per cent drop in new equity issues coming to market over the quarter. OFFERINGS OF NEW SECURITY ISSUES Monthly averages in billions of dollars, not seasonally adjusted 1969 1970 Item II III IV I II8 Corporate securities—Total......... 2.5 2.1 2.3 2.7 3.3 Bonds........................................ 1.7 1.5 1.5 1.9 2.8 Stocks........................................ .8 .6 .8 .7 .5 State and local government bonds. 1.2 .8 1.0 1.4 1.2 e Estimated. New offerings of long-term debt issues by State and local gov­ ernments in the April-June period were about 10 per cent less than in the first 3 months of 1970. Yields on municipal bonds began to climb steeply in April, and the Bond Buyer Index reached an all-time high in June. Although a number of State and municipal governments had eased or removed their interest rate ceilings during the past year, high rates deterred many units from entering the market. Confusion about possible taxation of interest earned by banks on municipal bonds also had some ad­ verse effect on the market during this quarter. The Federal budget swung into its normal surplus period in the spring of 1970, but the surplus was only a little more than half as large as in the year-earlier period. Treasury receipts were running slightly below the inflows in the second quarter of 1969, mainly because of lower corporate tax payments and a substan­ tial increase in tax refunds this year. Moreover, cash expenditures were 12 per cent higher than in the comparable quarter a year earlier. Nevertheless, the U.S. Treasury did repay about $6.4 billion of debt during the second quarter. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL GOVERNMENT BORROWING AND CASH BALANCE Quarterly totals in billions of dollars, not seasonally adjusted 1969 1970 Item II III IV I II Budget surplus or deficit............... 15.5 -2.5 -5.6 -3.5 8.7 Net cash borrowing, or repayment (-)i.......................................... -12.6 23.2 5.1 2.0 -6.4 Other means of financing 3........... -1.8 -.8 3.1 -1.1 • • • • Change in cash balance................ 1.1 .7 -1.3 1.6 1.1 memo: Federal agency borrowing 4....... 2.3 2.7 2.9 3.6 •1.1 1 Excludes effect on agency debt outstanding of transfers of certain agencies to private ownership. 2 Adjusted to remove effects of reclassification of $1.6 billion in Commodity Credit Corporation certificates of interest from budget transactions to agency securities (borrowing from the public). 3 Checks issued less checks paid and other accrued items. 4 Includes debt of FHLBB, Fe'deral land banks, FNMA, Federal intermediate credit banks, and banks for cooperatives. • Estimated. Borrowings by Federal agencies turned out to be less than previously expected and, in fact, were down substantially from the levels of the past four quarters. As traditional sources of mortgage funds expanded in the second quarter of 1970, the Federal housing agencies were able to reduce their anticipated borrowing. □ Digitized for FRASER 618 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statement to Congress Statement by Arthur F. Burns, Chairman, the Armed Forces have been cut back by Board of Governors of the Federal Reserve about 350,000 men, and civilian employ­ System, before the Joint Economic Commit­ ment in the Department of Defense has tee, July 23, 1970. dropped another 75,000. Moreover, produc­ tion of defense equipment during the past It is a pleasure to meet with this committee year has fallen almost a fifth, and is now again to present the views of the Board of nearly 25 per cent below the peak reached Governors on current economic and finan­ in the late summer of 1968. Employment in cial conditions. As we are all well aware, defense-related manufacturing industries be­ the performance of the economy thus far in gan to edge down a little more than a year 1970 has left much to be desired. I believe, ago, and the rate of decline accelerated in however, that the available evidence indi­ the first half of this year. In June, employ­ cates that our economy is basically sound ment in these industries was 14 per cent and resilient, and that we are making prog­ below that of a year ago. ress in resolving the inflationary problems As a result of this reduction in defense that have plagued us over the past 5 years. jobs, communities heavily dependent on de­ A year ago at this time, we were still fense production have faced difficult adjust­ searching for ways to deal with the upsurge ments. It is evident, however, that the longin demand that had given rise to a danger­ run benefits of defense cutbacks greatly ous degree of inflationary pressure. The in­ outweigh these transitional developments. come tax surcharge was extended for an­ We have needed to free resources for other other year; Federal expenditure programs high-priority uses, and we should welcome were curbed; and monetary policy moved to the contribution that reduced defense spend­ a highly restrictive posture over the summer ing has made—and will continue to make— months. The consequence of these policies to abatement of inflationary pressures. has been a significant slowing in the pace In view of the declines in defense indus­ of total spending, an elimination of excess tries, homebuilding, and some other demand, and a period of relatively sluggish branches of production, a sizable effort on economic activity. The process of wringing the part of the business community to bring out the inflationary excesses of the past has inventories into better balance with sales not been painless, but the alternative of and orders was to be expected. In fact, the letting inflation run rampant would have annual rate of inventory accumulation has been utterly disastrous. fallen by about $9 billion since the third The economic adjustment under way quarter of last year. This is the largest de­ since the latter part of 1969 reflects in large cline of any category in our national income part a decline in the resources devoted to accounts. residential construction and the national de­ Total private final demand—that is, de­ fense. The latter decline is less widely recog­ mand for goods and services other than for nized than the former. During the past year inventory accumulation—has held up rather Digitized for FRASER 619 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

620 FEDERAL RESERVE BULLETIN □ AUGUST 1970 well, despite the substantial cutback in out­ facturing have been an important source of lays for residential construction. Continued the increased unemployment, many of the expansion in business expenditures for plant new entrants to the labor force have also and equipment was an important sustaining had difficulty in finding jobs. The number force in the second half of last year, though of women entering the work force was espe­ such outlays have leveled off recently. Con­ cially large in the first quarter, and substan­ sumption expenditures, however, have re­ tial additions to the civilian labor force have mained quite strong. In each of the past recently resulted from cutbacks in the three quarters, consumer purchases have Armed Forces. risen at annual rates of a little more than 7 Clearly, we cannot afford to be com­ per cent. This is higher than the rate of in­ placent at this juncture. Further declines in crease in prices, so that consumer takings employment and industrial production must have continued to advance in real terms. soon be halted, if we are to avoid a sig­ Federal supplements to disposable income— nificant deterioration of business and con­ starting with the January reduction in the sumer attitudes. But as I interpret the in­ surcharge—have contributed to the strength coming evidence from the real sector of the of consumer spending. The expiration on economy, there is little basis for anticipating July 1 of the remaining portion of the sur­ a cumulative economic decline. Indeed, charge should further bolster consumer buy­ there are some signs that the decline may ing in the months ahead. bottom out in the near future. With consumer outlays growing and busi­ We learned last week, for example, that ness fixed investment expenditures reason­ total real output of goods and services sta­ ably well maintained, the over-all economic bilized in the second quarter, after declining adjustment since last summer has been much at a 3 per cent annual rate in the first quar­ milder than in any of the recessions since ter of the year. Total new orders for durable World War II. For example, the 3 Vi per goods—an important advance indicator of cent decline in industrial production since economic developments—have remained last July contrasts with a fall of almost 6 approximately level during the past several per cent in the 1960—61 recession—the months, following significant declines ear­ mildest of the postwar period. The decline in lier. Claims for unemployment insurance total manhours worked in nonfarm indus­ since May suggest that the rate of layoffs tries has also remained small by comparison has subsided, and that unemployment with the 1960-61 experience. among workers covered by the insurance In recent months, however, the effects of program may have stabilized. the economic slowdown have become in­ It seems probable that the drag on the creasingly apparent in the labor market. economy of a diminishing rate of inventory Total nonfarm employment, which con­ investment is now largely behind us. While tinued to increase through March of this the ratio of inventories to sales has risen and year, declined significantly during the sec­ is relatively high at durable goods factories, ond quarter, and the length of the workweek this ratio has begun to decline at the retail in manufacturing was curtailed further. The level. The drop partly reflects developments unemployment rate rose to 5 per cent in in the auto industry, where dealer inven­ May; the decline to 4.7 per cent last month, tories have recently fallen while sales of though welcome, apparently resulted in part domestic cars have strengthened consider­ from special factors. While layoffs in manu­ ably. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 621 There are also indications that residential up again, and that we will make further construction may already be turning up. The progress in getting inflation under control. financial resources of savings institutions Thus far, our success in moderating infla­ have of late improved significantly, and a tionary pressures has been disappointingly larger volume of funds will soon be flowing small. Last month, for example, consumer through to the housing sector—where back­ prices continued to rise at about a 5 per logs of demand are enormous. In recent cent annual rate. The unwinding from the months, the trend of both mortgage com­ inflationary excesses of the past is proving a mitments and residential building permits longer and more difficult process than we has been upward. In June, the level of hous­ had anticipated. However, while our econ­ ing starts also increased. Thus, the recovery omy is still some distance from the stability in home construction that we have been an­ of costs and prices that we seek, progress is ticipating may actually be under way, and it being made in this area—more progress, will be aided powerfully by the new housing perhaps, than is generally realized. legislation just passed by the Congress. We are now witnessing some clear signs State and local spending, particularly on of reduced upward pressure on prices. In construction, is also likely to return soon to the past 4 months—that is, from March more normal rates of growth, partly because through June—wholesale prices have risen of the release of previously impounded at an annual rate of less than 2 per cent, funds, and partly also because of improve­ compared with an increase of more than 6 ment in the money and capital markets. per cent in the previous 4 months. Much of In some sectors of the economy, however, the improvement has been due to a decline expenditures will remain sluggish in the im­ in the prices of agricultural products as sup­ mediate future. Outlays for defense will fall plies of some basic commodities have be­ further. It appears, also, that the boom in come more ample. Also, however, the rate business expenditures for fixed investment of price increase has moderated for a num­ has come to an end. Reports for recent quar­ ber of important industrial commodities. ters indicate that expenditures for new plant Prices of sensitive materials, such as copper, and equipment have been falling below busi­ steel scrap, rubber, and tin, have fallen both nessmen’s earlier anticipations, and that here and abroad. In addition, reports are planned outlays have been revised down­ multiplying that many business firms have ward. If historical experience is any guide, begun to shade list prices—offering dis­ further reductions in these spending plans counts that are not fully reflected in the are likely. price indexes. This moderation in capital spending was This improved performance of wholesale to be expected, and it, too, should be wel­ prices reflects intensified competition in comed. Continued large increases in capital product markets and a marked change in the outlays eventually would have raised excess trend of productivity and unit labor costs capacity to a level threatening a serious in­ in manufacturing. Last year, output per vestment decline later on. Furthermore, an manhour showed almost no growth—partly ending of the capital goods boom of the past because of labor hoarding, but also because 5 years will tend to reduce upward pressures business practices had become generally on prices, on costs, and on interest rates. lax in an inflationary environment. This This is added insurance that excess demand year, as sales weakened and profit margins will not re-emerge as economic activity turns deteriorated, closer attention to costs and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

622 FEDERAL RESERVE BULLETIN □ AUGUST 1970 efficiency has come to pervade the business tention to inflationary wage and price devel­ community. Many manufacturers have be­ opments will mobilize public opinion against gun to release some of their excess work behavior that is prolonging the inflation. But force, overtime has been cut back, and other we must remember that success in our efforts cost-cutting measures have been widely to regain full employment without inflation adopted. The result has been a distinct im­ will depend principally on the conduct of provement in the trend of productivity and a monetary and fiscal policies. sharply reduced rise of unit labor costs in Let me turn now to the implications that manufacturing—even though unduly large domestic economic developments have for increases in wage rates have continued. our international balance of payments. These are signs that the elimination of Trade experience this year has been encour­ excess demand last year brought about by aging, but the over-all balance on interna­ restrictive monetary and fiscal policies is be­ tional transactions is still far from satisfac­ ginning to bear fruit. With the attitudes to­ tory. As the year began, our trade balance ward cost control that now prevail in the was improving, with the pace of economic business community, we may expect this im­ activity slowing down in our country but proved rate of productivity in manufacturing rising briskly abroad. In the first half of to be extended, to spread to other sectors of 1970, the trade surplus rose to an annual the economy, and indeed to accelerate as rate of $2 V2 billion or more—compared growth in output resumes. The prospect for with less than $1 billion in 1968 and 1969. gains in productivity is especially favorable We expect further improvement in the year now, since a large part of the outlays for ahead. capital goods during recent years has been The increase in the trade balance has oc­ for modernization and improvement of plant curred despite a high rate of imports, con­ capacity. The benefits of improved tech­ sidering the sluggishness of domestic eco­ nology should be increasingly realized in the nomic activity. The high rate of imports un­ months ahead. doubtedly reflects the persistent inflation in I believe, therefore, that we can look for­ the United States during the past 5 years, ward to further abatement of upward pres­ which has given foreign competitors an sures on unit labor costs and on industrial added advantage. Inroads into our markets commodity prices in the latter half of this by foreign competitors cause dislocations, as year. And as the effects of these develop­ all competition does. But the Nation also ments work their way through to consumer benefits from the added incentive to our prices, the prospects for lower and more business firms to innovate, cut costs, and reasonable wage settlements will be en­ increase productivity. Moreover, if we at­ hanced. tempt to hold down imports through admin­ The return to general price stability will, istrative limitations, we will suffer injury to of course, be hastened if greater moderation our exports as foreign countries retard their is practiced with regard to wages and prices. liberalization policies or retaliate with re­ I welcome, therefore, the measures taken by strictive measures of their own, as they well the administration to enlist the aid of busi­ may. ness and labor in voluntary efforts to im­ While the trade balance has recently prove productivity and to curtail excessive strengthened and some increase has also oc­ price and wage increases. There is reason to curred in receipts of investment income, hope that a system to identify and call at­ capital movements have been adverse and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 623 our over-all balance of payments is still ond quarter of this year, the money supply registering very large deficits. Looking grew at an annual rate of about 4 Vi per cent, ahead, we can reasonably expect some im­ compared with a rate of about 33A per provement in international capital flows. As cent in the first quarter and virtually no the economy recovers, our markets are likely growth over the preceding 6 months. Com­ to become more attractive to foreign invest­ mercial bank credit (including loans sold to ors. Also, outflows of U.S. private funds, affiliates) showed little increase in the first which appear to have been exceptionally quarter, since many holders of time deposits large in the first half, should diminish. To­ were still withdrawing funds from the bank­ gether with the stronger balance on goods ing system in the early weeks of the year. In and services that we anticipate, we should the second quarter, growth of bank credit therefore see some reduction in our over-all advanced to an annual rate of about 5 Vi deficit. per cent. However, to obtain lasting improvement The increased growth rate of bank credit in the balance of payments, we must con­ in the second quarter resulted, in part, from tinue to pursue domestic policies that re­ a return flow of time deposits into the com­ strain advances in costs and prices. By doing mercial banking system. The turnaround in so, we will serve our national interests and time deposits was aided by the January in­ also contribute to the maintenance of a vi­ crease in the ceiling rates that depositary able international monetary system. At the institutions could offer. This action brought same time, our policies must provide reason­ ceiling rates into closer alignment with pre­ able assurance of early recovery in output vailing market rates of interest. Also, market and employment. The health of the world rates began to decline soon after the turn of economy, as well as of our own, depends the year—especially rates on short-term heavily on orderly economic growth in the securities, which have remained well below United States. their 1969 highs. Yields on time and savings The appropriate course for monetary pol­ deposits thus became more attractive, and icy in 1970, as I stated at the hearings of deposit inflows improved at the nonbank this committee last February, is to tread thrift institutions as well as at the commer­ cautiously the narrow and slippery path that cial banks. Growth of savings accounts at lies between too much restraint and too mutual savings banks and savings and loan much ease. Early this year, when many of associations, taken together, was at about a the advance economic indicators were point­ 7 per cent annual rate in the second quarter ing downward, there was a need to permit of this year—compared with growth in the resumption of moderate growth in the sup­ range of 1 Vi to 2 per cent during the latter ply of money and bank credit. At the same half of 1969. time, however, we knew from unhappy past The principal instrument of monetary experience that too abrupt or too large a control employed this year to ensure a re­ change in the course of policy could jeop­ newal of moderate growth in the monetary ardize our chances of success in the battle aggregates has been open market policy. To against inflation. this end, the Federal Open Market Commit­ Looking back from our present vantage tee has placed increased stress on the longerpoint, it seems to me that we have achieved run objective of achieving an appropriate the middle course with regard to monetary growth rate of money and bank credit. aggregates that we sought. During the sec­ There was for a time, I believe, widespread Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

624 FEDERAL RESERVE BULLETIN □ AUGUST 1970 misunderstanding as to the significance of and most traditional function of a central that change in operating procedures. A few bank is to serve as a lender of last resort. clarifying comments may therefore be help­ As this committee knows, our money and ful in laying this matter to rest. capital markets experienced unusual strains An impression seems to have prevailed in during the past few months. The tensions some quarters that the Federal Reserve had resulted from a variety of forces—heavy decided to pursue fixed target rates of growth corporate demands for long-term credit, ex­ in the monetary aggregates on a more or less pectations of large Treasury borrowing in continuous basis. This was a misreading of the latter half of this year, disappointment our intent. We believe that the Nation would over the slow progress in getting inflation be ill served by a mechanical application of under control, concern that some prominent monetary rules. We know that large, erratic, firms might be financially overextended, and and unpredictable short-run changes often so on. In my judgment, the strains in finan­ occur in demands for money and bank credit. cial markets stemmed in large part from One of the important functions of a central irrational fears of lenders and borrowers, bank is to prevent such short-run shifts rather than from careful calculations of the from interfering with the smooth functioning fundamental factors underlying the demand of money and capital markets. We have no for and supply of credit. Whatever their intention of abandoning our responsibilities source, however, we know that anxieties in this area. of this kind could lead to a scramble for The evidence from the first half of this liquidity whose effects might endanger the year indicates that performance of this func­ prospects for recovery in output and em­ tion need not compromise a longer-run ob­ ployment. jective of maintaining an orderly rate of To date, efforts by business and financial monetary expansion. Thus, large month-to- firms to strengthen their liquidity position month changes have occurred recently in have remained orderly and selective, and the growth rate of the money stock—in re­ they should diminish as it becomes increas­ sponse to unusual factors influencing the ingly apparent that we are making real public’s demand—but over the past 6 progress in the battle against inflation. But months the annual growth rate averaged I want to assure you that, in the highly un­ out to a little over 4 per cent. likely event that a liquidity scramble de­ Let me assure you, moreover, that the veloped, the Federal Reserve would use all Federal Reserve does not view its responsi­ the authority at its command to ensure that bility as merely that of assuring reasonably unusual demands for liquidity were satisfied. steady growth of the monetary aggregates Demands for liquidity, even exceptional over the longer run. Our obligation as a demands, can ordinarily be met by using central bank is more basic. It is to promote conventional monetary tools. Credit de­ monetary conditions conducive to full em­ mands on the banking system at large can be ployment, rapid improvement in productiv­ accommodated by open market operations, ity, reasonable price stability, and equilib­ while the needs of individual member banks rium in the balance of payments. We do not can be met through the discount window. propose to let adherence to any fixed growth Both instruments have been used construc­ rate of the money supply stand in the way of tively for this purpose in recent weeks. We achieving these objectives. have found, also, that minor adaptations of We are well aware, also, that the oldest conventional monetary tools can provide Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 625 solutions to special financial problems. ously should, be reserved for extraordinary Thus, once it became apparent that some circumstances. Our financial institutions firms were having difficulty in refinancing have demonstrated that they are sufficiently their maturing obligations in the commer­ strong and flexible to handle with their own cial paper market and might therefore need resources the needs of creditworthy borrow­ to increase their bank borrowings, the Board ers—even when these needs are exceptionally moved promptly and on June 23 suspended large. In recent weeks, the Nation’s commer­ Regulation Q ceilings on large-denomina- cial banks have shown that they are able on tion certificates of deposit with maturities of short notice to put together very large lines less than 90 days. This action has enabled of credit to meet the needs of creditworthy banks to obtain funds that investors might borrowers experiencing temporary financial be hesitant to place in other markets and to difficulties. The banks that played so vital a rechannel these funds to borrowers previ­ role in these credit arrangements have served ously dependent on issuance of commercial the Nation well. paper. Also, it was made clear that the dis­ The fact that we have weathered so suc­ count window would be available to assist cessfully the financial stresses of recent banks in meeting the needs of businesses weeks has renewed confidence in the resili­ unable to roll over maturing commercial pa­ ency of our financial system. The conse­ per, and member bank borrowings for this quence has been a noticeably more tranquil purpose subsequently have risen. Increases atmosphere in financial markets. But pru­ in bank credit resulting solely from a re­ dence requires, I believe, that we consider channeling of funds represent a redistribu­ what additional precautionary measures tion, and not an addition to the supply, of might be advisable. loanable funds. There are now bills before the Congress These conventional tools are buttressed to provide insurance for customers’ accounts with standby procedures to permit the Fed­ in brokerage houses and for shares held in eral Reserve to make funds available to Federal credit unions. These deserve prompt creditworthy borrowers facing unusual li­ attention. quidity needs through “conduit loans”—that The Congress might also give considera­ is, loans to a member bank to provide funds tion to the feasibility of establishing a Fed­ needed for lending to a qualified borrower. eral program to guarantee loans to necessi­ Administrative arrangements for making tous borrowers. This possibility should, of such loans to nonmember banks and to non­ course, be explored very cautiously. It would bank thrift institutions were developed in be a disastrous mistake to use Federal 1966 and updated in 1969. Furthermore, monies to keep unsound firms from failing, the Federal Reserve could—under unusual or to substitute public for private tests of and exigent circumstances—utilize the lim­ creditworthiness, or to convey the impres­ ited power granted by the Federal Reserve sion that the Federal Government will bail Act to make direct loans to business firms out loosely managed or speculative enter­ on the security of Government obligations prises. But there may be a role for Federal or other eligible paper, provided the guarantees in helping basically sound firms borrower is creditworthy but unable to se­ that experience temporary financial distress cure credit from other sources. to find access to funds, where the alternative The powers of the central bank as the might be a degree of financial dislocation in­ ultimate source of liquidity can, and obvi­ imical to the national interest. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Let me conclude, now, by reiterating in output and employment. The recovery, I what I indicated at the outset. Our economy both hope and expect, will be characterized and our financial system have experienced by a well-balanced structure of output. Resi­ unusual strains and stresses this year. The dential construction and State and local out­ tests we have weathered indicate that our lays should pick up, and consumer expendi­ economic and financial structure is built on tures should strengthen further, while busi­ a solid foundation. Confidence has been pre­ ness outlays on fixed investment taper off. served, long-term interest rates have de­ And, with productivity trends already im­ clined in recent weeks, equity prices have proving, we have good reason to expect fur­ made some recovery, and a much calmer ther diminution of upward pressures on atmosphere has come to prevail in financial costs and prices. markets. Meanwhile, we have avoided ex­ This assessment of the strength and re­ cessive monetary stimulation and paved the silience of our economy will be tested in the way for resumption of sustainable economic months immediately ahead. Meanwhile, we growth. at the Federal Reserve Board recognize that In the real sectors of the economy, the the future of man’s lot on earth can be only weaknesses that developed earlier this year dimly foreseen. That is why we always stand have been contained, and I believe we can ready to revise our judgments and policies look forward to an early and orderly recovery in the light of unfolding experience. □ 626 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Record of Policy Actions of the Federal Open Market Committee Records of policy actions taken by the Federal Open Market Com­ mittee at each meeting, in the form in which they will appear in the Board’s Annual Report, are released approximately 90 days following the date of the meeting and are subsequently published in the Federal Reserve Bu lletin . The record for each meeting includes the votes on the policy deci­ sions made at the meeting as well as a resume of the basis for the decisions. The summary descriptions of economic and financial condi­ tions are based on the information that was available to the Committee at the time of the meeting, rather than on data as they may have been revised since then. Policy directives of the Federal Open Market Committee are issued to the Federal Reserve Bank of New York—the Bank selected by the Committee to execute transactions for the System Open Market Account. Records of policy actions for the meetings held during 1967, 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 four meetings held in 1970 were published in the Bulletins for April, pages 333-40; May, pages 436-43; June, pages 507-16; and July, pages 573-80. The record for the meeting held on May 5, 1970, follows: 627 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

628 FEDERAL RESERVE BULLETIN □ AUGUST 1970 MEETING HELD ON MAY 5, 1970 1. Authority to effect transactions in System Account. Preliminary estimates of the Commerce Department indicated that real GNP had declined at an annual rate of 1.6 per cent in the first quarter of 1970, after having edged down at a rate of 0.4 per cent in the pre­ ceding 3-month period. Staff projections suggested that real economic activity would change little in the second quarter and would resume growth at a moderate pace after midyear. Although prices and costs in general were continuing to rise rapidly, some components of major price indexes recently had shown moderating tendencies. Since early April there had been a sharp, sustained decline in prices of common stocks. In April the unemployment rate rose for the fourth consecutive month, to 4.8 per cent. Industrial production—which had edged up in March after 7 months of contraction—was tentatively estimated to have declined again, in part because of the effects of work stoppages in the trucking industry. In March new orders for durable goods had dropped appreciably, but private housing starts had risen sharply for the second consecutive month. Retail sales had changed little, according to pre­ liminary estimates. However, incomplete weekly figures for April sug­ gested that sales might have risen a little in that month. The preliminary wholesale price index declined from mid-March to mid-April as a result of a reduction in prices of farm products and foods. Average prices of industrial commodities increased at about the same rate as in the previous month, which was somewhat less rapid than in most other recent months. The pace of advance in the seasonally ad­ justed consumer price index slowed somewhat further in March, al­ though it remained substantial. According to the Commerce Department estimates, the decline in real economic activity in the first quarter of 1970—as in the preceding quarter—reflected a reduction in inventory investment; in both quarters total final sales had advanced moderately. The staff projections sug­ gested that inventory investment would fall a little further in the second quarter and would then rise somewhat after midyear. It appeared likely that consumer spending would be sustained in coming months by the second-quarter increases in Federal pay and in social security benefits, both of which were retroactive to the beginning of 1970, and by the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 629 elimination at midyear of the remaining 5 per cent income tax surcharge. Also, it was expected that residential construction activity would turn up in the second half. On the other hand, the projections for the final two quarters of the year allowed for a slowing of the rise in business spending on plant and equipment and for a resumption of the decline in Federal outlays on goods and services. The surplus on U.S. foreign trade improved somewhat in the first quarter, as exports rose more than imports. However, the over-all bal­ ance of payments was in considerable deficit on both the liquidity and the official settlements bases. The deficit on the latter basis was par­ ticularly large because of the substantial decline, beginning in mid- January, in outstanding Euro-dollar borrowings of U.S. banks through their branches abroad. In foreign exchange markets most major foreign currencies had re­ mained in strong demand during recent weeks. Effective April 15, the Bank of England reduced its discount rate from IV2 to 7 per cent, the second half-point reduction since early March. On April 29 the Treasury announced the terms on which it would refinance securities that matured in mid-May, including $4.9 billion held by the public. In exchange for the maturing securities, holders were offered the choice of two reopened issues—the 13A per cent notes of May 1973 (priced to yield 7.98 per cent) and the 8 per cent notes of February 1977 (priced at par). In addition, $3.5 billion of an 18-month, 7% per cent note (priced to yield 7.79 per cent) was offered to the public for cash. Subscription books were open on May 5—the day of this meeting—for the cash offering, and on May 4-6 for the exchange offering. Conditions in financial markets had been unsettled in recent weeks, and interest rates on most types of market securities had advanced rapidly. In long-term debt markets, yields on new corporate issues and on Treasury bonds now exceeded their late-1969 highs, and yields on municipal securities were close to those peaks. The market rate on 3-month Treasury bills had risen since the previous meeting of the Com­ mittee by about 50 basis points—to 6.90 per cent on the day before the meeting—and rates on 6-month and 1-year bills had moved up by about 90 and 95 basis points, respectively. Among the factors contributing to these rate increases, and to the unsettlement in financial markets generally, were the concern about Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

630 FEDERAL RESERVE BULLETIN □ AUGUST 1970 prospects for the Government’s anti-inflationary program—stimulated in part by the Federal pay raise that followed the recent postal workers’ strike—and the uncertainties resulting from the President’s announce­ ment on April 30 of U.S. military operations in Cambodia. The rate in­ creases also reflected the continuing very heavy volume of offerings in capital markets; perhaps some increase in liquidity preferences; and the disappointment of earlier expectations of further easing of conditions in the money market. The bulk of the recent advances in Treasury bill rates occurred during the last 10 days of April, after it had become evident that the Federal Reserve was fostering somewhat firmer money market conditions and that seasonal demands for bills were falling short of dealers’ prior expectations. During the course of April the bank credit proxy (daily-average member bank deposits) declined somewhat and the money stock re­ ceded from the peak to which it had suddenly risen—in good part be­ cause of technical factors—at the end of March. The bulge in money proved to be even larger than had been estimated earlier and its erosion during April was not so rapid as had been anticipated. In terms of monthly average levels, both the money stock and the proxy series in­ creased substantially from March to April. The money stock expanded at an annual rate tentatively estimated at 12.5 per cent; the proxy series, after adjustment for some further reduction in banks’ use of funds from nondeposit sources, rose at an estimated 14 per cent rate. When it became apparent soon after the April 7 meeting that both money and bank credit were expanding more rapidly on the average than desired by the Committee, System open market operations were directed at achieving somewhat firmer conditions in the money market. Later, particularly when it appeared that the Treasury’s cash financing might be in jeopardy, it was found necessary first to moderate develop­ ing tendencies toward undue firmness and then to calm market unset­ tlement. In total, during the six business days preceding this meeting the Federal Reserve purchased more than $1.7 billion of Treasury bills. In the process the System supplied reserves more readily than it might otherwise have done, although to a large extent these operations served to offset reserve drains resulting from other factors. The effective rate on Federal funds, which had fluctuated mostly in a range of 7 Vi to 8 per cent in late March and early April, subsequently moved into an 8 to SV2 per cent range. In the 3 weeks ending April 29, member bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 631 borrowings averaged about $960 million, compared with an average in March of slightly under $900 million. Staff analysis suggested that annual rates of growth of about 4 per cent for both the money stock and the adjusted bank credit proxy over the second quarter1 might be attained with money market conditions similar to or slightly firmer than those currently prevailing. The in­ dicated growth rates—somewhat higher for the money stock and some­ what lower for the proxy series than those contemplated by the Com­ mittee at its previous meeting—took account of the likelihood that the public’s demand for money now was greater than had been thought earlier and that, as a consequence of recent increases in short-term market interest rates, the pace of expansion in time and savings deposits would be considerably slower in May and June than previously antici­ pated. For May alone it was expected that the money stock would rise on the average, although much less than it had in April, and that the proxy series would decline. The Committee agreed that growth in money and bank credit during the second quarter at about the 4 per cent annual rates indicated above would be appropriate to the underlying economic situation and outlook. At the same time, however, the members agreed that account should be taken of the current Treasury financing, and that operations directed at attaining the targets for the aggregates should be modified if necessary in light of “even keel” considerations. It was also agreed that opera­ tions should be modified to moderate unusual pressures in financial markets, should they develop. In considering the language of the second paragraph of the current economic policy directive, the Committee decided that reference should be made to “bank reserves” as well as to “money market conditions” in the statement concerning open market operations. The purpose was to clarify the Committee’s intention that information regarding deviations from the expected paths of various aggregative reserve measures was to be used as a supplement to—but not as a substitute for—data reflecting money market conditions in making decisions regarding possible Sys­ tem operations. The following current economic policy directive was issued to the Federal Reserve Bank of New York: 1 Calculated on the basis of the daily-average levels in March and June. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

632 FEDERAL RESERVE BULLETIN □ AUGUST 1970 The information reviewed at this meeting indicates that real eco­ nomic activity weakened further in the first quarter of 1970. Growth in personal income, however, is being stimulated in the second quarter by the enlargement of social security benefit payments and the Federal pay raise. Prices and costs generally are continuing to rise at a rapid pace, although some components of major price indexes recently have shown moderating tendencies. Most market interest rates have risen sharply in recent weeks as a result of heavy demands for funds, pos­ sible shifts in liquidity preferences, and the disappointment of earlier expectations regarding easing of credit market conditions. Prices of common stocks have declined markedly since early April. Attitudes in financial markets generally are being affected by the expansion of military operations in Southeast Asia and by concern about the suc­ cess of the Government’s anti-inflationary program. Both bank credit and the money supply rose substantially from March to April on average, although during the course of April bank credit leveled off and the money supply receded sharply from the end-of-March bulge. The over-all balance of payments was in considerable deficit during the first quarter. 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 encour­ aging the resumption of sustainable economic growth and the attain­ ment 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 bank reserves and money market conditions consistent with that objective, taking account of the current Treasury financing; provided, however, that operations shall be mod­ ified as needed to moderate excessive pressures in financial markets, should they develop. Votes for this action: Messrs. Burns, Hayes, Brim­ mer, Daane, Heflin, Hickman, Maisel, Mitchell, Robertson, Sherrill, and Swan. Vote against this ac­ tion: Mr. Francis. In dissenting from this action Mr. Francis expressed the view that under present economic circumstances the target for growth in the money stock during the second quarter should remain at the 3 per cent annual rate favored by the Committee as a whole at recent meetings. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 633 He noted that second-quarter growth at a 4 per cent annual rate would imply a rise from February—the recent monthly low for the money stock—to June at about a 6 per cent annual rate, which in his judgment would be excessive for the period in question. 2. Action with respect to continuing authority directive. At this meeting the Committee suspended, for the period from the open­ ing of business May 5, 1970, until the close of business May 26, 1970, the provision of paragraph 1(a) of the continuing authority directive limiting changes in System Account holdings of U.S. Government securi­ ties between meetings of the Committee to $2 billion. Votes for this action: Messrs. Burns, Hayes, Brim­ mer, Daane, Francis, Heflin, Hickman, Maisel, Mitch­ ell, Robertson, Sherrill, and Swan. Votes against this action: None. This action was taken on the recommendation of the System Ac­ count Manager, who advised that increased leeway for System pur­ chases of Government securities might well be required during the period in question, in view of the unsettled conditions in markets for Government securities and of the uncertain prospects for the Treasury financing now in process. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Statutes, regulations, interpretations, and decisions PURCHASE OF GOVERNMENT OBLIGATIONS first paragraph and inserting in lieu thereof “90 per BY FEDERAL RESERVE BANKS centum” and “thirty years”, respectively; and (2) by striking out “thirty-six months”, each place By Act of Congress approved July 31, 1970 it appears in the first sentence of the third para­ graph, and inserting in lieu thereof “sixty months”. (Public Law 91-360), the authority of the Federal Reserve Banks under section 14(b) of the Federal * * * * * Reserve Act to purchase and sell direct or fully guaranteed obligations of the United States directly MAXIMUM RATE PAYABLE WHEN HIGHER RATE from or to the United States was extended to June IS PAYABLE ONLY ON SHORT-TERM DEPOSITS 30, 1971. The text of the Act is as follows: The Board of Governors considers that the AN ACT change in the Supplement to Regulation Q, effec­ tive June 24, 1970, which permits the payment of To amend section 14(b) of the Federal Reserve Act, interest at any rate on single maturity time deposits as amended, to extend for one year the authority of Federal Reserve banks to purchase United States of $100,000 or more with maturities of 30 to 89 obligations directly from the Treasury. days (while retaining the existing limitations on in­ terest rates for such deposits maturing in 90 days Be it enacted by the Senate and House of Represent­ atives of the United States of America in Congress as­ or more), should be applied as follows: sembled, That section 14(b) of the Federal Reserve (a) A member bank may amend the rate paid Act, as amended (12 U.S.C. 355), is amended by strik­ on a $100,000 certificate with an original maturity ing out “July 1, 1970” and inserting in lieu thereof of 30 to 89 days issued before June 24, 1970, to “July 1, 1971” and by striking out “June 30, 1970” and inserting in lieu thereof “June 30, 1971”. pay any interest rate for the period subsequent to that date. (b) A member bank may not amend the rate EMERGENCY HOME FINANCE ACT OF 1970 paid on a $100,000 certificate with an original maturity of 90 days or more to pay interest thereon By Act approved July 24, 1970 (Public Law 91for any period at a rate in excess of that specified 351), Congress amended various laws relating to in the Supplement for such a deposit with the par­ housing and urban development. A provision of the ticular maturity. Since such a deposit is not a 30 to Act amends section 24 of the Federal Reserve Act 89 day deposit—the only kind of deposit free from relating to the powers of national banks: interest rate control—it is not affected by the change (a) to modify the authority of such banks with in the regulation. respect to first mortgage real estate loans (1) to in­ (c) A member bank may extend the maturity crease the permissible amount of such loans from of a $100,000 certificate which originally pro­ 80 per cent to 90 per cent of the appraised value of vided for a maturity of 30 to 89 days, and pay in­ the real estate offered as security and (2) to extend terest at any rate during the extended term, if the the permissible term of such loans from 25 years to new maturity is (1) later than the original maturity 30 years, and and (2) 30 to 89 days from the date of the exten­ (b) to extend from 36 months to 60 months the sion. permissible maturity of loans by such banks to fi­ (d) A member bank may not extend the term nance commercial building construction. of a certificate originally issued for 90 days or more The text of the amendments is as follows: and pay interest on the deposit at a rate in excess * * * * * of that applicable to the original deposit, even if the new maturity meets the conditions in the pre­ REAL ESTATE LOANS BY NATIONAL BANKS ceding paragraph. This does not apply, of course, Sec. 704. Section 24 of the Federal Reserve Act to extension or renewal at maturity. (12 U.S.C. 371) is amended— (e) A member bank may pay interest at any rate (1) by striking out “80 per centum” and “twentyfive years” in clause (3) of the third sentence of the on a certificate originally issued in an amount less Digitized for FRASER 634 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

than $100,000 to which the depositor adds sufficient TRUTH IN LENDING funds to increase the deposit to $100,000 or more, if The Board of Governors has amended Supple­ and only if (1) the original maturity of the certifi­ ment III to Regulation Z, “Truth in Lending”, ef­ cate is 30 to 89 days, and (2) the maturity date is fective August 1, 1970, to exempt certain credit 30 to 89 days after the date of the addition of such transactions in the State of Connecticut from the funds. requirements of Chapter 2 of the Truth in Lending (f) Member banks may not make use of con­ Act (15 U.S.C. 1601ff). The text of the amend­ tracts for future deposits to permit a depositor to ment reads as follows: commit his funds for more than 89 days and ob­ Effective August 1, 1970, Supplement III to tain interest at a rate in excess of that applicable to Regulation Z (§ 226.12—Supplement) is amended a deposit with a longer maturity. For example, a by adding paragraph (d) as follows: bank and its depositor might agree on August 1, SUPPLEMENT III TO REGULATION Z 1970, that the depositor will deposit, on that date and again on October 20 (80 days later), $100,000 SECTION 226.12—SUPPLEMENT for 80 days, on which the bank will pay interest State exemptions granted pursuant to § 226.12 at the rate of 10 per cent. Such an arrangement * * * * * would be an effort to evade the purposes of the (e) Connecticut. Except as provided in § 226.12 Regulation, which permits payment of rates of in­ (c), all classes of credit transactions within the terest without legal restriction only on deposits of State of Connecticut are hereby granted an exemp­ 30 to 89 days. The Board considers that the sub­ tion from the requirements of Chapter 2 of the stance of such a transaction would be a deposit Truth in Lending Act effective August 1, 1970, for 160 days. (If the depositor has an option, by with the following exceptions: contract or understanding, to withdraw funds at (1) Transactions in which a federally chartered the end of the first 80 days or to leave them on institution is a creditor; deposit for the second 80 days, the deposit would be subject to the limitations of the Supplement to (2) Consumer credit sales of insurance by an Regulation Q applicable to multiple maturity de­ insurer; posits payable at intervals of less than 90 days.) (3) Transactions under common carrier tariffs The Board’s view would be the same even though in which the charges for the services involved, the the agreements—formal or informal—were entered charge for delayed payment and any discount al­ into at different times, if they were so related as to lowed for early payment are regulated by a sub­ be, in reality, a single arrangement that commits division or agency of the United States or the State the bank and its depositor for 90 days or longer. of Connecticut. Digitized for FRASER 635 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

636 FEDERAL RESERVE BULLETIN □ AUGUST 1970 ORDERS UNDER SECTION 3 OF BANK HOLDING cant’s control of deposits in the State by 0.03 per COMPANY ACT cent. Applicant has two concurrent applications FIDELITY AMERICAN BANKSHARES, INC., pending before the Board for the acquisition of The LYNCHBURG, VIRGINIA Bank of Natural Bridge, Natural Bridge Station, Virginia (deposits $3 million), and Bank of Hamp­ In the matter of the application of Fidelity Ameri­ ton Roads, Newport News, Virginia (deposits $19 can Bankshares, Inc., Lynchburg, Virginia, for ap­ million), the consummation of which would in­ proval of acquisition of 80 per cent or more of the crease its deposits an additional 0.32 per cent. After voting shares of The Buchanan National Bank, the acquisition of the three banks, Applicant would Buchanan, Virginia. remain the smallest bank holding company and the eighth largest banking organization in the State. Order Approving Acquisition of Bank Stock Buchanan National is the smaller of two banks by Bank Holding Company located in Buchanan, Virginia, the fourth largest of There has come before the Board of Governors, five banks located in Botetourt County, and it con­ pursuant to section 3(a)(3) of the Bank Holding trols 12 per cent of commercial bank deposits in the Company Act of 1956 (12 U.S.C. 1842(a)(3)) and county. It is situated 45 miles from Applicant’s section 222.3(a) of Federal Reserve Regulation Y nearest present subsidiary, located in Lynchburg, (12 CFR 222.3(a)), the application of Fidelity Virginia, and it appears that no significant competi­ American Bankshares, Inc., Lynchburg, Virginia tion between Buchanan National and Applicant’s (“Applicant”), a registered bank holding company, present subsidiaries would be eliminated by consum­ for the Board’s prior approval of the acquisition of mation of this proposal. As regards the proposed 80 per cent or more of the voting shares of The Bu­ subsidiaries, Buchanan National and The Bank of chanan National Bank, Buchanan, Virginia (“Bu­ Natural Bridge are located 18 miles apart in con­ chanan National”). tiguous counties, with no intervening banks. How­ As required by section 3(b) of the Act, the Board ever, it appears that only a minimal overlap of gave written notice of receipt of the application to business has developed because they serve separate the Comptroller of the Currency and requested his areas with no established commuting patterns, and views and recommendation. The Comptroller rec­ for this reason future competition between them is ommended approval of the application. not projected. Bank of Hampton Roads, a third pro­ Notice of receipt of the application was published posed affiliate of Applicant, located approximately in the Federal Register on May 23, 1970 (35 Fed­ 200 miles southeast of the Buchanan and Natural eral Register 7999), providing an opportunity for Bridge banks, does not compete with Buchanan Na­ interested persons to submit comments and views tional or The Bank of Natural Bridge. with respect to the proposal. A copy of the applica­ Based upon the foregoing, the Board concludes tion was forwarded to the United States Department that consummation of the proposed acquisition of Justice for its consideration. Time for filing com­ would not have an adverse effect on competition in ments and views has expired and all those received any relevant area. The banking factors as they per­ have been considered by the Board. tain to Applicant and its subsidiaries are regarded The Board has considered the application in the as consistent with approval. Applicant’s ability to light of the factors set forth in section 3(c) of the furnish management succession to Buchanan Na­ Act, including the effect of the proposed acquisition tional lends some weight toward approval of the ap­ on competition, the financial and managerial re­ plication. Consummation of the proposal would en­ sources and future prospects of the Applicant and able Buchanan National to improve its services to the banks concerned, and the convenience and needs the public by drawing on the resources of Applicant of the communities to be served. Upon such consid­ in such areas as increased lending capabilities, credit eration, the Board finds that: cards, trust services, and investment counseling; and Applicant controls two banks with aggregate de­ these considerations lend some weight in favor of posits of $249 million, representing 3.5 per cent of approval of the application. It is the Board’s judg­ total bank deposits held by all commercial banks in ment that the proposed transaction would be in the the State of Virginia. (All banking data are as of public interest, and that the application should be December 31,1969, adjusted to reflect holding com­ approved. pany formations and acquisitions approved by the It is hereby ordered, for the reasons set forth Board to date.) The acquisition of Buchanan Na­ above, that said application be and hereby is ap­ tional (deposits $2 million) would increase Appli­ proved, provided that the acquisition so approved Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 637 shall not be consummated (a) before the thirtieth the banks concerned, and the convenience and needs calendar day following the date of this Order or (b) of the communities to be served. Upon such con­ later than three months after the date of this Order sideration, the Board finds that: unless such period is extended for good cause by the Applicant controls two banks with aggregate de­ Board, or by the Federal Reserve Bank of Richmond posits of $249 million, representing 3.5 per cent of pursuant to delegated authority. total bank deposits for the State of Virginia. (All By order of the Board of Governors, July 14, banking data are as of December 31, 1969, adjusted 1970. to reflect holding company formations and acquisi­ Voting for this action: Vice Chairman Robertson and tions approved by the Board to date.) The acquisi­ Governors Mitchell, Daane, Maisel, Brimmer^ and tion of Natural Bridge Bank (deposits $3 million) Sherrill. Absent and not voting: Chairman Bums. would increase its control of deposits in the State (Signed) Kenneth A. Kenyon, by 0.05 per cent. Applicant has two concurrent ap­ Deputy Secretary. plications pending before the Board for the acquisi­ [seal] tion of The Buchanan National Bank, Buchanan, Virginia (deposits $2 million), and Bank of Hamp­ In the matter of the application of Fidelity Ameri­ ton Roads, Newport News, Virginia (deposits $19 can Bankshares, Inc., Lynchburg, Virginia, for ap­ million), the consummation of which would in­ proval of acquisition of 80 per cent or more of the crease its deposits by an additional 0.3 per cent. voting shares of The Bank of Natural Bridge, Na­ After the acquisition of the three banks, Applicant tural Bridge Station, Virginia. would remain the smallest bank holding company and the eighth largest banking organization in the Order Approving Acquisition of Bank Stock State. by Bank Holding Company Natural Bridge Bank is the fifth largest of seven There has come before the Board of Governors, banks in Rockbridge County and controls 7 per cent pursuant to section 3(a)(3) of the Bank Holding of the commercial bank deposits in the county. Its Company Act of 1956 (12U.S.C. 1842(a)(3)) and only office is located in Natural Bridge Station, ap­ section 222.3(a) of Federal Reserve Regulation Y proximately three miles outside the town of Natural (12 CFR 222.3(a)), the application of Fidelity Bridge, and approximately 37 miles northwest of American Bankshares, Inc., Lynchburg, Virginia Lynchburg. The nearest office of Applicant’s present (“Applicant”), a registered bank holding company, subsidiaries is the Boonsboro Branch of The Fidelity for the Board’s prior approval of the acquisition of National Bank in Lynchburg which is 32 miles from 80 per cent or more of the voting shares of The Natural Bridge. It appears that, because of the dis­ Bank of Natural Bridge, Natural Bridge Station, tance involved, consummation of the proposed ac­ Virginia (“Natural Bridge Bank”). quisition would not eliminate any substantial amount As required by Section 3 (b) of the Act, the Board of existing competition between Applicant’s present gave written notice of receipt of the application to subsidiaries and Natural Bridge Bank or foreclose the Commissioner of Banking for the State of Vir­ potential competition between them. As regards the ginia, and requested his views and recommendation. proposed subsidiaries, Natural Bridge Bank and The The Commissioner recommended approval of the Buchanan National Bank are located 18 miles apart application. in contiguous counties, with no intervening banks. Notice of receipt of the application was published However, it appears that only a minimal overlap of in the Federal Register on May 22, 1970 (35 Fed­ business has developed because they serve separate eral Register 7912), providing an opportunity for in­ areas with no established commuting patterns, and terested persons to submit comments and views with for this reason future competition between them is respect to the proposal. A copy of the application not projected. Bank of Hampton Roads, a third pro­ was forwarded to the United States Department of posed affiliate of Applicant, is located approximately Justice for its consideration. Time for filing com­ 200 miles southeast of the Natural Bridge and Bu­ ments and views has expired and all those received chanan banks, and does not compete with either of have been considered by the Board. these banks. The Board has considered the application in the Based upon the foregoing, the Board concludes light of the factors set forth in section 3(c) of the that consummation of the proposed acquisition Act, including the effect of the proposed acquisition would not have an adverse effect on competition in on competition, the financial and managerial re­ any relevant area. The banking factors as they per­ sources and future prospects of the Applicant and tain to Applicant and its subsidiaries are regarded as Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

638 FEDERAL RESERVE BULLETIN □ AUGUST 1970 consistent with approval. Applicant’s ability to fur­ into it; the proposal is therefore treated herein as nish management succession to Natural Bridge Bank one to acquire shares of Hampton Bank. lends some weight toward approval of the applica­ As required by section 3 (b) of the Act, the Board tion. Consummation of the proposal would enable gave written notice of receipt of the application to Natural Bridge Bank to improve its services to the the Commissioner of Banking for the State of Vir­ public by drawing on the resources of Applicant in ginia and requested his views and recommendation. such areas as increased lending capabilities, credit The Commissioner recommended approval of the cards, trust services, and investment counseling; and application. these considerations lend some weight in favor of Notice of receipt of the application was published approval of the application. It is the Board’s judg­ in the Federal Register on May 22, 1970 (35 Fed­ ment that the proposed transaction would be in the eral Register 7912), providing an opportunity for public interest, and that the application should be interested persons to submit comments and views approved. with respect to the proposal. A copy of the applica­ It is hereby ordered, for the reasons set forth tion was forwarded to the United States Depart­ above, that said application be and hereby is ap­ ment of Justice for its consideration. Time for filing proved, provided that the acquisition so approved comments and views has expired and all those re­ shall not be consummated (a) before the thirtieth ceived have been considered by the Board. calendar day following the date of this Order or (b) The Board has considered the application in the later than three months after the date of this Order light of the factors set forth in section 3(c) of the unless such period is extended for good cause by the Act, including the effect of the proposed acquisition Board, or by the Federal Reserve Bank of Richmond on competition, the financial and managerial re­ pursuant to delegated authority. sources and future prospects of the Applicant and By order of the Board of Governors, July 14, the banks concerned, and the convenience and needs 1970. of the communities to be served. Upon such con­ sideration, the Board finds that: Voting for this action: Vice Chairman Robertson and Governors Mitchell, Daane, Maisel, Brimmer, and Applicant controls two banks with aggregate de­ Sherrill. Absent and not voting: Chairman Bums. posits of $249 million, representing 3.5 per cent of (Signed) Kenneth A. Kenyon, total bank deposits for the State of Virginia. (All Deputy Secretary. banking data are as of December 31, 1969, ad­ [seal] justed to reflect holding company formations and acquisitions approved by the Board to date.) The acquisition of Hampton Bank (deposits $19 million) In the matter of the application of Fidelity Ameri­ can Bankshares, Inc., Lynchburg, Virginia, for ap­ would increase its control of deposits in the State by 0.27 per cent. Applicant has two concurrent applica­ proval of acquisition of voting shares of the succes­ sor by merger to Bank of Hampton Roads, Newport tions pending before the Board for the acquisition of The Buchanan National Bank, Buchanan, Vir­ News, Virginia. ginia (deposits $2 million), and The Bank of Nat­ ural Bridge, Natural Bridge Station, Virginia (de­ Order Approving Acquisition of Bank Stock posits $3 million), the consummation of which by Bank Holding Company would increase its deposits by an additional 0.08 per There has come before the Board of Governors, cent. After the acquisition of the three banks, Ap­ pursuant to section 3(a)(3) of the Bank Holding plicant would remain the smallest bank holding com­ Company Act of 1956 (12 U.S.C. 1842(a)(3)) pany and the eighth largest banking organization in and section 222.3(a) of Federal Reserve Regulation the State. Y (12 CFR 222.3(a)), the application of Fidelity Hampton Bank controls 7.6 per cent of total de­ American Bankshares, Inc., Lynchburg, Virginia posits in the Newport News-Hampton area, and is (“Applicant”), a registered bank holding company, the fifth largest of 10 banking organizations operat­ for the Board’s prior approval of the acquisition of ing therein. Applicant’s closest present subsidiary is 100 per cent of the voting shares of a new insured located in Portsmouth, a distance of about 16 miles. nonmember bank into which would be merged Bank Because of the distances involving toll bridges and of Hampton Roads, Newport News, Virginia the presence of intervening banks, no significant (“Hampton Bank”). The new insured nonmember competition has developed or is likely to develop be­ bank has no significance except as a vehicle for ac­ tween the two banks. As regards the proposed complishing the acquisition of the bank to be merged subsidiaries, Hampton Bank is over 200 miles south­ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 639 east of Applicant’s two proposed affiliates, The Bu­ Company Act of 1956 (12 U.S.C. 1842(a) (3)) and chanan National Bank and The Bank of Natural section 222.3(a) of Federal Reserve Regulation Y Bridge, and does not compete with either of them. (12 CFR 222.3(a)), the application of Colorado Based upon the foregoing, the Board concludes CNB Bankshares, Inc., Denver, Colorado (“Appli­ that consummation of the proposed acquisition cant”), a registered bank holding company, for the would not have an adverse effect on competition in Board’s prior approval of the acquisition of at least any relevant area. The banking factors as they per­ 80 per cent of the voting shares of The Bank of tain to Applicant and its subsidiaries are regarded Glenwood, Glenwood Springs, Colorado (“Bank”). as consistent with approval. Applicant’s ability to As required by section 3(b) of the Act, the Board furnish management succession to Hampton Bank gave written notice of receipt of the application to lends some weight toward approval of the applica­ the Colorado State Bank Commissioner and re­ tion. Consummation of the proposal would enable quested his views and recommendation. The Colo­ Hampton Bank to improve its services to the public rado State Bank Commissioner advised the Board by drawing on the resources of Applicant to increase that the State Banking Board recommended neither its credit availability and to provide a wider range of approval nor disapproval of the application. services thereby increasing its ability to compete Notice of receipt of the application was published more effectively with the larger banking organiza­ in the Federal Register on May 26, 1970 (35 Fed­ tions in the area, and these considerations lend some eral Register 8252), providing an opportunity for in­ weight in favor of approval of the application. It is terested persons to submit comments and views the Board’s judgment that the proposed transaction with respect to the proposal. A copy of the applica­ would be in the public interest, and that the applica­ tion was forwarded to the United States Depart­ tion should be approved. ment of Justice for its consideration. Time for filing It is hereby ordered, for the reasons set forth comments and views has expired and all those re­ in the findings summarized above, that said applica­ ceived have been considered by the Board. tion be and hereby is approved, provided that the The Board has considered the application in the action so approved shall not be consummated (a) light of the factors set forth in section 3(c) of the before the thirtieth calendar day following the date Act, including the effect of the proposed acquisition of this Order or (b) later than three months after on competition, the financial and managerial re­ the date of this Order, unless such time be extended sources and future prospects of the Applicant and for good cause by the Board, or by the Federal Re­ the banks concerned, and the convenience and serve Bank of Richmond pursuant to delegated au­ needs of the communities to be served. Upon such thority. consideration, the Board finds that: By order of the Board of Governors, July 14, Applicant has four subsidiary banks with ag­ 1970. gregate deposits of $303.9 million, which represents Voting for this action: Vice Chairman Robertson and 7.7 per cent of the total deposits in the State. It is Governors Mitchell, Daane, Maisel, Brimmer, and the third largest banking organization and third Sherrill. Absent and not voting: Chairman Burns. largest bank holding company in Colorado. (All (Signed) Kenneth A. Kenyon, banking data are as of December 31, 1969, adjusted Deputy Secretary. to reflect holding company acquisitions approved by [seal] the Board to date.) Bank, with deposits of $5.7 mil­ lion, is the smallest of two banks in Glenwood COLORADO CNB BANKSHARES, INC., Springs, and is the fourth largest of the five banks lo­ DENVER, COLORADO cated within the relevant market, which includes parts of Garfield, Eagle, and Pitkin Counties. Ap­ In the matter of the application of Colorado CNB plicant’s closest subsidiary is 160 miles east of Bank. Bankshares, Inc., Denver, Colorado, for approval Three of Applicant’s subsidiary banks do not com­ of the acquisition of at least 80 per cent of the vot­ pete at all with Bank. Applicant’s lead bank, which ing shares of The Bank of Glenwood, Glenwood now serves as Bank’s principal correspondent, de­ Springs, Colorado. rives some business from Bank’s service area; how­ ever, its activity has been directed to loans beyond Order Approving Acquistion of the resources of Bank. Bank’s affiliation with Appli­ Bank Stock by Bank Holding Company cant should foster competition by enabling Bank to There has come before the Board of Governors, become a stronger competitor within the existing pursuant to section 3(a)(3) of the Bank Holding banking structure. Consummation of the proposed Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

640 FEDERAL RESERVE BULLETIN □ AUGUST 1970 acquisition therefore would not eliminate any mean­ bank holding company, for the Board’s prior ap­ ingful competition or foreclose significant potential proval of the acquisition of 80 per cent or more of competition, and would not have any undue adverse the voting shares of Citizens Bank of Brevard, Mel­ effects on other banks in the area involved. bourne, Florida. Based upon the foregoing, the Board concludes As required by section 3 (b) of the Act, the Board that consummation of the proposed acquisition gave written notice of receipt of the application to would not adversely affect competition in any rele­ the Commissioner of Banking for the State of Flori­ vant area. The banking factors are regarded as con­ da and requested his views and recommendation. sistent with approval of the application. Considera­ The Commissioner recommended approval of the tions relating to the convenience and needs of the application. communities to be served lend some weight in sup­ Notice of receipt of the application was published port of approval since Bank, through affiliation with in the Federal Register on April 30, 1970 (35 Fed­ Applicant, will be able to provide trust services and eral Register 6882), providing an opportunity for in­ larger credit lines. It is the Board’s judgment that terested persons to submit comments and views with consummation of the proposed acquisition would be respect to the proposal. A copy of the application in the public interest, and that the application should was forwarded to the United States Department of be approved. Justice for its consideration. Time for filing com­ It is hereby ordered, on the basis of the Board’s ments and views has expired, and all those received findings summarized above, that said application have been considered by the Board. be and hereby is approved, provided that the action It is hereby ordered, for the reasons set forth so approved shall not be consummated (a) before in the Board’s Statement of this date, that said ap­ the thirtieth calendar day following the date of this plication be and hereby is approved, provided that Order or (b) later than three months after the date the action so approved shall not be consummated of this Order, unless such period shall be extended (a) before the thirtieth calendar day following the for good cause by the Board, or by the Federal Re­ date of this Order or (b) later than three months serve Bank of Kansas City pursuant to delegated after the date of this Order, unless such time shall authority. be extended for good cause by the Board, or by the By order of the Board of Governors, July 14, Federal Reserve Bank of Atlanta pursuant to dele­ 1970. gated authority. Voting for this action: Chairman Burns and Gover­ By order of the Board of Governors, July 14, nors Robertson, Daane, Brimmer, and Sherrill. Absent 1970. and not voting: Governors Mitchell and Maisel. (Signed) Kenneth A. Kenyon, Voting for this action: Vice Chairman Robertson and Governors Mitchell, Daane, Maisel, and Brimmer. Deputy Secretary. Absent and not voting: Chairman Burns and Governor [seal] Sherrill. (Signed) Kenneth A. Kenyon, Deputy Secretary. SOUTHEAST BANCORPORATION, INC., [seal] MIAMI, FLORIDA In the matter of the application of Southeast Ban- In the matter of the application of Southeast Ban­ corporation, Inc., Miami, Florida, for approval of corporation, Inc., Miami, Florida, for approval of acquisition of 80 per cent or more of the voting acquisition of 80 per cent or more of the voting shares of Citizens Bank of Brevard, Melbourne, shares of First National Bank of Satellite Beach, Florida. Satellite Beach, Florida. Order Approving Acquisition of Bank Stock Order Approving Acquisition of Bank Stock by Bank Holding Company by Bank Holding Company There has come before the Board of Governors, There has come before the Board of Governors, pursuant to section 3(a)(3) of the Bank Holding pursuant to section 3(a)(3) of the Bank Holding Company Act of 1956 (12 U.S.C. 1842(a)(3)) and Company Act of 1956 (12 U.S.C. 1842 (a)(3)) section 222.3(a) of Federal Reserve Regulation Y and section 222.3(a) of Federal Reserve Regulation (12 CFR 222.3(a)), an application by Southeast Y (12 CFR 222.3(a)), an application by South­ Bancorporation, Inc., Miami, Florida, a registered east Bancorporation, Inc., Miami, Florida, a regis­ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 641 tered bank holding company, for the Board’s prior more of the voting shares of First National Bank of approval of the acquisition of 80 per cent or more Eau Gallie, Melbourne, Florida. of the voting shares of First National Bank of Sat­ As required by section 3(b) of the Act, the Board ellite Beach, Satellite Beach, Florida. gave written notice of receipt of the application to As required by section 3(b) of the Act, the Board the Comptroller of the Currency, and requested his gave written notice of receipt of the application to views and recommendation. The Comptroller rec­ the Comptroller of the Currency, and requested his ommended approval of the application. views and recommendation. The Comptroller rec­ Notice of receipt of the application was published ommended approval of the application. in the Federal Register on April 30, 1970 (35 Fed­ Notice of receipt of the application was published eral Register 6882), providing an opportunity for in the Federal Register on April 30, 1970 (35 Fed­ interested persons to submit comments and views eral Register 6882), providing an opportunity for with respect to the proposal. A copy of the applica­ interested persons to submit comments and views tion was forwarded to the United States Department with respect to the proposal. A copy of the applica­ of Justice for its consideration. Time for filing com­ tion was forwarded to the United States Department ments and views has expired, and all those received of Justice for its consideration. Time for filing com­ have been considered by the Board. ments and views has expired, and all those received It is hereby ordered, for the reasons set forth in have been considered by the Board. the Board’s Statement of this date, that said applica­ It is hereby ordered, for the reasons set forth in tion be and hereby is denied. the Board’s Statement of this date, that said applica­ By order of the Board of Governors, July 14, tion be and hereby is approved, provided that the 1970. action so approved shall not be consummated (a) Voting for this action: Vice Chairman Robertson and before the thirtieth calendar day following the date Governors Mitchell, Daane, Maisel, and Brimmer. Absent and not voting: Chairman Burns and Governor of this Order or (b) later than three months after Sherrill. the date of this Order, unless such time shall be ex­ (Signed) Kenneth A. Kenyon, tended for good cause by the Board, or by the Fed­ Deputy Secretary. eral Reserve Bank of Atlanta pursuant to delegated [seal] authority. By order of the Board of Governors, July 14, In the matter of the application of Southeast Ban­ 1970. corporation, Inc., Miami, Florida, for approval of Voting for this action: Vice Chairman Robertson and acquisition of 80 per cent or more of the voting Governors Mitchell, Daane, Maisel, and Brimmer. shares of Indialantic Beach Bank, Indialantic, Flor­ Absent and not voting: Chairman Bums and Governor Sherrill. ida. (Signed) Kenneth A. Kenyon, Deputy Secretary. Order Denying Acquisition of Bank Stock [seal] by Bank Holding Company In the matter of the application of Southeast Ban­ There has come before the Board of Governors, pursuant to section 3(a)(3) of the Bank Holding corporation, Inc., Miami, Florida, for approval of Company Act of 1956 (12 U.S.C. 1842(a)(3)) and acquisition of 80 per cent or more of the voting section 222.3(a) of Federal Reserve Regulation Y shares of First National Bank of Eau Gallie, Mel­ (12 CFR 222.3(a)), an application by Southeast bourne, Florida. Bancorporation, Inc., Miami, Florida, a registered bank holding company, for the Board’s prior ap­ Order Denying Acquisition of Bank Stock proval of the acquisition of 80 per cent of the voting by Bank Holding Company shares of Indialantic Beach Bank, Indialantic, Flori­ There has come before the Board of Governors, da. pursuant to section 3(a)(3) of the Bank Holding As required by section 3 (b) of the Act, the Board Company Act of 1956 (12 U.S.C. 1842 (a)(3)) gave written notice of receipt of the application to and section 222.3(a) of Federal Reserve Regula­ the Commissioner of Banking for the State of Flori­ tion Y (12 CFR 222.3(a)), an application by da and requested his views and recommendation. Southeast Bancorporation, Inc., Miami, Florida, a The Commissioner recommended approval of the registered bank holding company, for the Board’s application. prior approval of the acquisition of 80 per cent or Notice of receipt of the application was published Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

642 FEDERAL RESERVE BULLETIN □ AUGUST 1970 in the Federal Register on April 30, 1970 (35 Fed­ of banking in any part of the United States. Nor eral Register 6881), providing an opportunity for may the Board approve a proposed acquisition the interested persons to submit comments and views effect of which, in any section of the country, may with respect to the proposal. A copy of the applica­ be substantially to lessen competition, or to tend to tion was forwarded to the United States Depart­ create a monopoly, or which in any other manner ment of Justice for its consideration. Time for filing would be in restraint of trade, unless the Board finds comments and views has expired, and all those re­ that the anticompetitive effects of the proposed ceived have been considered by the Board. transaction are clearly outweighed in the public in­ It is hereby ordered, for the reasons set forth terest by the probable effect of the transaction in in the Board’s Statement of this date, that said ap­ meeting the convenience and needs of the communi­ plication be and hereby is denied. ties to be served. In each case the Board is required By order of the Board of Governors, July 14, to take into consideration the financial and man­ 1970. agerial resources and future prospects of the bank Voting for this action: Vice Chairman Robertson and holding company and the banks concerned, and the Governors Mitchell, Daane, Maisel, and Brimmer. convenience and needs of the communities to be Absent and not voting: Chairman Burns and Governor served. Sherrill. (Signed) Kenneth A. Kenyon, Competitive effect of the proposed transactions. Deputy Secretary. Applicant, the second largest banking organization [seal] in Florida, controls five banks which hold deposits of $798 million, or 6.5 per cent of total State de­ posits.1 If all of the proposed acquisitions were ap­ Statement proved Applicant would remain the State’s second Southeast Bancorporation, Inc., Miami, Florida largest banking organization and would increase (“Applicant”), a registered bank holding company, its control of State deposits to 6.7 per cent. has applied to the Board of Governors, pursuant to The four banks involved are located in the coastal section 3(a) (3) of the Bank Holding Company Act section of Brevard County. They are situated at their of 1956 (12 U.S.C. 1842(a)(3)), for prior ap­ closest 2.3 miles apart and at their farthest 6 miles. proval of the acquisition of 80 per cent or more of All of Applicant’s present subsidiaries are located the voting shares of the following Florida banks: over 140 miles from the market area involved, and (1) Citizens Bank of Brevard, Melbourne (“Mel­ none competes to any significant extent with any of bourne Bank”); (2) First National Bank of Satellite the proposed subsidiaries. Further, it is unlikely that Beach, Satellite Beach (“Satellite Bank”); (3) First such competition would develop in the future. National Bank of Eau Gallie, Melbourne (“Eau Two of the banks, Satellite Bank (deposits $8 Gallie Bank”); and (4) Indialantic Beach Bank, million) and Indialantic Bank (deposits $4.7 mil­ Indialantic (“IndialanticBank”). lion) are located on the beach portion of Southern Although each of the applications has been sep­ Brevard County, whereas the others are located on arately considered and is the subject of a separate the mainland on the opposite side of the mile wide Board Order, because of facts and circumstances Indian River. Melbourne Bank (deposits $5.8 mil­ common to the four applications, this Statement lion) and Indialantic Bank are located almost di­ contains the Board’s findings and conclusions with rectly across from each other with a nearby cause­ respect to all four. way connecting the two areas, and a similar geo­ Views and recommendations of supervisory au­ graphical relationship exists between Eau Gallie thorities. As required by section 3(b) of the Act, Bank (deposits $13 million) and Satellite Bank. notice of receipt of the applications was given to, In the area immediately affected (an eleven mile and views and recommendations requested of, the coastal section of southern Brevard County), there Comptroller of the Currency and the Florida Com­ are eight banks ranging in size from 2.5 million to missioner of Banking. The Comptroller and the $30 million in deposits. These banks hold 42 per Commissioner recommended approval of the re­ cent of county deposits. The four area banks not in­ spective applications submitted to them. volved in the instant proposal are controlled by three Statutory considerations. Section 3(c) of the Act bank holding companies. The four proposed sub­ provides that the Board shall not approve an acquisi­ sidiaries control 31.5 per cent of deposits in the area; tion that would result in a monopoly or would be in i All banking data are as of December 31, 1969, adjusted furtherance of any combination or conspiracy to to reflect holding company formations and acquisitions ap­ monopolize or to attempt to monopolize the business proved by the Board to date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 643 further, Satellite Bank and Indialantic Bank are the recovered from the effects of recent operational dif­ only banks in the beach area between Vero Beach ficulties, could become a stronger competitor than and Cocoa Beach, 54 miles apart. Eau Gallie Bank is otherwise likely. On the other hand, acquisition and Melbourne Bank have identical service areas. of Eau Gallie Bank, the largest of the three, would Indialantic Bank serves most of the same area, as deprive Melbourne Bank of a present source of well as the beach communities of Indialantic and strength, thus making less likely its development as Melbourne Beach. Satellite Bank serves a smaller a strong competitor, while acquisition of Indialan­ area along the beach side of the Indian River with tic Bank would leave standing the existing affiliation almost no service area overlap. between Eau Gallie Bank and Melbourne Bank, Management of Eau Gallie Bank organized In­ which, based on their location, would otherwise be dialantic Bank in 1963, and the two banks have been the most direct competitors. For these reasons, it is closely related through a degree of common owner­ the Board’s view that the application involving Mel­ ship and management since that time. Also, since its bourne Bank should be approved, and those with organization in 1963, Satellite Bank and Melbourne respect to Eau Gallie Bank and Indialantic Bank Bank have been related through substantial com­ should be denied. mon stock ownership and have cooperated closely. The acquisition by Applicant of Satellite Bank, In 1969, Melbourne Bank was suffering financial in addition to Melbourne Bank, would not involve difficulties because of a lack of capable manage­ serious anticompetitive effects. Not only is the over­ ment, and was sold, along with Satellite Bank, to lap of the area served by Satellite Bank and Mel­ parties controlling the other two banks. Thus, last bourne Bank much less significant than between year, the two pairs were joined under common con­ Melbourne Bank and each of the other proposed trol. Applicant states that the intent at that time was subsidiaries, but, as earlier noted, Satellite Bank to form a bank holding company and to liquidate has been closely related to Melbourne Bank since the debt incurred to finance the acquisition of Mel­ its organization. Moreover, procompetitive effects bourne Bank and Satellite Bank. These plans have would result from acquisition of Satellite Bank, to not materialized and the individuals involved have the extent that it would become a competitor to indicated a desire to dispose of their recently ac­ Indialantic Bank for business on the beach side of quired interests. Therefore, although the relation­ the Indian River. ships now existing between the two pairs of banks In summary, it is the Board’s conclusion that ap­ precludes the existence of meaningful competition proval of all four applications would have the effect between them, the circumstances suggest that the of substantially lessening future competition in the relationship may not be permanent, and increase southern portion of Brevard County. However, ac­ the likelihood of future competition. Approval of quisition of Melbourne Bank and Satellite Bank Applicant’s acquisition of all four banks would fore­ would not only be procompetitive but would be close that potential competition. This anticompeti­ most in the public interest because of its probable tive effect is compounded by the fact that such ap­ effect on the viability and effectiveness of Mel­ proval would perpetuate the near monopoly in the bourne Bank. beach area. Under these circumstances, the Board Financial and managerial resources and future does not believe that approval of all four of the pro­ prospects. Applicant’s financial condition, manage­ posed acquisitions would be justified, under the ment and prospects are regarded as satisfactory. standards of the Act, absent the most compelling These conditions also apply to the five subsidiary considerations bearing upon the convenience and banks which Applicant has in operation. needs of the communities involved. Eau Gallie’s financial condition and management From the foregoing analysis, it is also clear that are generally regarded as satisfactory, and its longapproval of any two of the applications involving range prospects appear favorable. The Board’s ac­ Eau Gallie Bank, Melbourne Bank, and Indialantic tion in splitting the two groups should have a fa­ Bank would involve similar detriment to competi­ vorable effect on Bank’s executive management, tion, in view of the fact that all three serve essential­ which at present spreads its efforts among all four ly the same area. Of the three, competitive consid­ banks. erations weigh most strongly in favor of approval of The financial condition and management of India­ the proposal relating to Melbourne Bank. Acquisi­ lantic Bank are satisfactory, and prospects are re­ tion of that bank by Applicant would not only break garded as favorable. the existing affiliation, but, with Applicant’s guid­ The financial condition of Melbourne Bank is ance and support, that bank, which has not yet fully regarded as only fair despite recent efforts toward Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

644 FEDERAL RESERVE BULLETIN □ AUGUST 1970 improvement. The bank has asset weaknesses which UNITED BANCSHARES OF FLORIDA, INC., its management, spread among the four subject CORAL GABLES, FLORIDA banks, has not thus far fully corrected. These prob­ lems would receive appropriate attention under the In the matter of the application of United Bancstrong management leadership which could be pro­ shares of Florida, Inc., Coral Gables, Florida, for vided by Applicant, and Melbourne Bank’s pros­ approval of the acquisition of 82.37 per cent or pects would be improved thereby. more of the voting shares of Security Exchange The financial condition and management of Bank, West Palm Beach, Florida. Satellite Bank are reasonably satisfactory, although there are some asset weaknesses. While its pros­ Order Approving Acquisition of Bank Stock pects are not unfavorable, they would be significantly by Bank Holding Company bettered under Applicant’s ownership and direction. Considerations under these factors provide There has come before the Board of Governors, strong support for Applicant’s proposal to acquire pursuant to section 3(a)(3) of the Bank Holding Melbourne Bank and some support toward the ap­ Company Act of 1956 (12U.S.C. 1842(a)(3)) and proval of Satellite Bank. They provide less weight section 222.3(a) of Federal Reserve Regulation Y in favor of the acquisition of Eau Gallie Bank and (12 CFR 222.3(a)), the application of United Indialantic Bank. Bancshares of Florida, Inc., Coral Gables, Florida Convenience and needs of the communities in­ (“Applicant”), a registered bank holding company, volved. The convenience and needs of customers lo­ for the Board’s prior approval of the acquisition of cated in areas served by Applicant’s present sub­ 82.37 per cent or more of the voting shares of Se­ sidiaries would not be affected by the proposed ac­ curity Exchange Bank, West Palm Beach, Florida quisition. (“Bank”). The convenience and needs of the South Brevard As required by section 3(b) of the Act, the market area appear to be adequately met by the Board gave written notice of receipt of the applica­ four banks to be acquired and the three other existing tion to the Commissioner of Banking for the State banking organizations. However, the likely strength­ of Florida and requested his views and recommen­ ening of Melbourne Bank’s operations under Appli­ dation. The Commissioner recommended approval cant’s control would enable it to better serve its of the application. community. Notice of receipt of the application was published The convenience and needs factors are consistent in the Federal Register on May 21, 1970 (35 Fed­ with approval of all of the applications, but provide eral Register 7831) providing an opportunity for in­ weight toward approval only with respect to the terested persons to submit comments and views with application involving Melbourne Bank. respect to the proposal. A copy of the application Summary and conclusion. Based upon the fore­ was forwarded to the United States Department of going, it appears that consummation of Applicant’s Justice for its consideration. Time for filing com­ proposed acquisition of Melbourne Bank and Satel­ ments and views has expired and all those received lite Bank would promote competition in the South have been considered by the Board. Brevard area, and would lead to needed improve­ The Board has considered the application in the ments in the financial and managerial condition of light of the factors set forth in section 3(c) of the the banks. Acquisition by Applicant of Eau Gallie Act, including the effect of the proposed acquisition Bank and Indialantic Bank, however, would have on competition, the financial and managerial re­ anticompetitive effects which are not outweighed sources and future prospects of the Applicant and by any other considerations. the banks concerned, and the convenience and needs On the basis of all relevant facts contained in the of the communities to be served. Upon such con­ record, and in the light of the factors set forth in sideration, the Board finds that: section 3(c) of the Act, it is the Board’s judgment Applicant presently controls four banks with ag­ that: gregate deposits of $256 million, representing 2.1 1. The proposed acquisitions of Melbourne Bank per cent of total deposits held by Florida’s commer­ and Satellite Bank would be in the public interest cial banks. (All banking data are as of December 31, and that those applications should be approved; 1969, adjusted to reflect holding company forma­ 2. The proposed acquisitions of Eau Gallie Bank tions and acquisitions approved by the Board to and Indialantic Bank would not be in the public in­ date.) On acquisition of Bank (deposits $31 mil­ terest and those applications should be denied. lion) Applicant would control 2.3 per cent of such Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 645 deposits, and would become the eighth largest bank­ COMMERCE BANCSHARES, INC., ing organization in the State. KANSAS CITY, MISSOURI Bank, located in Palm Beach County, is the tenth In the matter of the application of Commerce largest of the 25 banking organizations located Bancshares, Inc., Kansas City, Missouri, for ap­ therein, and controls 4.1 per cent of county deposits. proval of acquisition of more than 80 per cent of All of Applicant’s present subsidiaries are located the voting shares of the State Bank of Lebanon, in Dade County, more than 70 miles to the south Lebanon, Missouri. of Bank. Consummation of the proposed acquisition would eliminate no existing competition, and it does Order Approving Acquisition of Bank Stock not appear that it would foreclose potential com­ by Bank Holding Company petition, or have adverse effects on the viability or There has come before the Board of Governors, competitive effectiveness of any competing bank. pursuant to section 3(a)(3) of the Bank Holding Based upon the foregoing, the Board concludes Company Act of 1956 (12 U.S.C. 1842(a)(3)) that consummation of the proposed acquisition and section 222.3 (a) of Federal Reserve Regulation would not have an adverse effect on competition in Y (12CFR 222.3(a)), an application by Commerce any relevant area, and could serve to stimulate com­ Bancshares, Inc., Kansas City, Missouri (“Appli­ petition in West Palm Beach city and county. Ap­ cant”), a registered bank holding company, for the plicant is substantially reducing the debt it incurred Board’s prior approval of the acquisition of more in 1966 when it became a one-bank holding com­ than 80 per cent of the voting shares of the State pany, has strengthened the capital positions of exist­ Bank of Lebanon, Lebanon, Missouri (“Bank”). ing subsidiary banks, and has formulated definite As required by section 3(b) of the Act, the plans to further reduce existing debts and to elimi­ Board gave written notice of receipt of the applica­ nate the debt to be incurred in the acquisition of tion to the Commissioner of Finance of the State Bank. In addition, it has agreed to strengthen the of Missouri, and requested his views and recom­ capital position of Bank. The banking factors, as mendation. The Commissioner commented that he they relate to Applicant and its present subsidiaries viewed the proposal as a progressive step for bank­ are consistent with approval, and, as they relate to ing in Missouri. Bank, lend support toward approval of the applica­ Notice of receipt of the application was published tion. Considerations relating to the convenience and in the Federal Register on May 21,1970 (35 Federal needs of the communities to be served weigh slightly Register 7831), providing an opportunity for in­ in favor of approval of the application because of terested persons to submit comments and views with new and improved services to be offered by Bank respect to the proposal. A copy of the application which include trust services, construction loan fi­ was forwarded to the United States Department of nancing, and an increase in Bank’s lending capabili­ Justice for its consideration. Time for filing com­ ties. It is the Board’s judgment that the proposed ments and views has expired and all those received transaction would be in the public interest, and that have been considered by the Board. the application should be approved. The Board has considered the application in the It is hereby ordered, for the reasons set forth light of the factors set forth in section 3(c) of the in the findings summarized above, that said applica­ Act, including the effect of the proposed acquisition tion be and hereby is approved, provided that the on competition, the financial and managerial re­ action so approved shall not be consummated (a) sources and future prospects of the Applicant and before the thirtieth calendar day following the date the banks concerned, and the convenience and needs of this Order or (b) later than three months after the of the communities to be served. Upon such con­ date of this Order, unless such time be extended for sideration, the Board finds that: good cause by the Board, or by the Federal Reserve Applicant, the largest bank holding company and Bank of Atlanta pursuant to delegated authority. the third largest banking organization in Missouri, By order of the Board of Governors, July 16, has 14 subsidiary banks with $809 million in de­ 1970. posits, which represent 7.5 per cent of the total de­ Voting for this action: Chairman Bums and Gover­ posits of all banks in the State. (All banking data are nors Robertson, Daane, Maisel, Brimmer, and Sherrill. as of December 31,1969, adjusted to reflect holding Absent and not voting: Governor Mitchell. company formations and acquisitions approved by (Signed) Kenneth A. Kenyon, the Board to date.) Deputy Secretary. Bank (deposits $13.8 million) is the largest of [seal] three banks located in Laclede County, the relevant Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

646 FEDERAL RESERVE BULLETIN □ AUGUST 1970 market, and holds 45 per cent of that market’s de­ Concurring Statement of Governors posits. It appears that there is spirited competition Robertson and Brimmer among the three banks, and it does not appear that While we have concurred in the Board’s action Bank has a dominant competitive advantage. Ap­ approving Applicant’s acquisition of the State Bank plicant’s closest subsidiary is 50 miles southwest of of Lebanon, there are aspects of this proposal and Bank, and neither it nor any other of Applicant’s of the developing concentration of banking resources present subsidiaries competes with Bank to a signifi­ in the State of Missouri that warrant, and more, re­ cant extent. Applicant’s entry into the Laclede quire an expression of concern regarding these oc­ County market de novo or by acquisition of one of currences. The Board’s action will enable Applicant, the two smaller banks does not appear likely, be­ the largest of eight bank holding companies in the cause of the existing low population-to-bank ratio State, and its third largest banking organization, to and the expressed desire of those two banks to re­ acquire the largest of three banks in the relevant main independent. It does not appear that existing market, the deposits of which represent 45 per cent competition would be eliminated, or significant po­ of the market’s total. The eight bank holding com­ tential competition foreclosed, by consummation of panies in the State control approximately 17 per Applicant’s proposal, or that there would be undue cent of the total State deposits. Four years ago, two adverse effects on any other bank in the area in­ bank holding companies controlled 4 per cent of volved. such deposits. The 10 largest banking organizations Based upon the foregoing, the Board concludes in the State, three of which are registered bank hold­ that consummation of the proposed acquisition ing companies, now control 44 per cent of the com­ would not have significant adverse effects on compe­ mercial bank deposits of the State. tition in any relevant area. Considerations relating The foregoing development represents an acceler­ to the financial and managerial resources and future ating pace of banking resources concentration in prospects are regarded as consistent with approval Missouri, and, more significantly, on the part of this of the application as they relate to Applicant and its Applicant—a development that bears close super­ subsidiaries, and lend some weight in favor of ap­ visory surveillance. proval as they relate to Bank, since the acquisition will solve a management succession problem at AMERICAN BANKSHARES CORPORATION, Bank. Considerations relating to the convenience MILWAUKEE, WISCONSIN and needs of the communities to be served lend ad­ ditional weight in support of approval, in that Ap­ In the matter of the application of American plicant proposes to expand many of Bank’s present Bankshares Corporation, Milwaukee, Wisconsin, for services and to make trust services available through approval of acquisition of 80 per cent or more of the the holding company’s principal bank, in Kansas voting shares of Kettle Moraine Bank, Genesee City. It is the Board’s judgment that consummation Depot, Wisconsin. of the proposed acquisition would be in the public interest, and that the application should be approved. Order Approving Acquisition of Bank Stock It is hereby ordered, on the basis of the findings by Bank Holding Company summarized above, that said application be and hereby is approved, provided that the acquisition so There has come before the Board of Governors, approved shall not be consummated (a) before the pursuant to section 3(a)(3) of the Bank Holding thirtieth calendar day following the date of this Order Company Act of 1956 (12 U.S.C. 1842(a)(3)), or (b) later than three months after the date of this and section 222.3(a) of Federal Reserve Regulation Order, unless such period is extended for good cause Y (12 CFR 222.3 (a)), the application of American by the Board, or by the Federal Reserve Bank of Bankshares Corporation, Milwaukee, Wisconsin Kansas City pursuant to delegated authority. (“Applicant”), a registered bank holding company, By order of the Board of Governors, July 16, for the Board’s prior approval of the acquisition of 1970. 80 per cent or more of the voting shares of Kettle Voting for this action: Chairman Burns and Gover­ Moraine Bank, Genesee Depot, Wisconsin nors Robertson, Daane, Maisel, Brimmer, and Sherrill. (“Bank”). Absent and not voting: Governor Mitchell. As required by section 3(b) of the Act, the Board (Signed) Kenneth A. Kenyon, gave written notice of receipt of the application to Deputy Secretary. the Wisconsin Commissioner of Banking and re­ [seal] quested his views and recommendation. The Com- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 647 missioner offered no objection to approval of the ap­ they relate to Bank, weigh slightly in favor of ap­ plication. proval. The Genesee Depot community would bene­ Notice of receipt of the application was published fit from the acquisition because Bank would be able in the Federal Register on May 23, 1970 (35 Fed­ to offer specialized services, such as trust services, eral Register 7998), providing an opportunity for now available only in adjoining communities. It is interested persons to submit comments and views the Board’s judgment that the proposed transaction with respect to the proposal. A copy of the applica­ would be in the public interest, and that the applica­ tion was forwarded to the United States Department tion should be approved. of Justice for its consideration. Time for filing It is hereby ordered, for the reasons set forth comments and views has expired and all those re­ in the findings summarized above, that said appli­ ceived have been considered by the Board. cation be and hereby is approved, provided that the The Board has considered the application in the action so approved shall not be consummated (a) light of the factors set forth in section 3(c) of the before the thirtieth calendar day following the date Act, including the effect of the proposed acquisition of this Order or (b) later than three months after on competition, the financial and managerial re­ the date of this Order, unless such time be extended sources and future prospects of the Applicant and for good cause by the Board, or by the Federal Re­ the banks concerned, and the convenience and needs serve Bank of Chicago pursuant to delegated au­ of the communities to be served. Upon such con­ thority. sideration, the Board finds that: By order of the Board of Governors, July 16, Applicant has two subsidiary banks with ag­ 1970. gregate deposits of $125 million, which represent 1.4 Voting for this action: Chairman Burns and Gover­ per cent of total bank deposits in the State. It is the nors Robertson, Daane, Maisel, Brimmer, and Sherrill. Absent and not voting: Governor Mitchell. sixth largest banking organization and sixth largest bank holding company in Wisconsin. (All banking (Signed) Kenneth A. Kenyon, data are as of December 31, 1969, adjusted to reflect Deputy Secretary. bank holding company formations and acquisitions [seal] approved by the Board to date.) Bank, headquar­ tered in Genesee Depot, has five offices with total MARSHALL & ILSLEY BANK STOCK deposits of $ 11 million, representing 8 per cent of CORPORATION, deposits in a market which is centered in the City of MILWAUKEE, WISCONSIN Waukesha, and includes the central portion of Waukesha County (population 228,000), which has In the matter of the application of Marshall & one of the highest rates of population growth of any Ilsley Bank Stock Corporation, Milwaukee, Wiscon­ County in the United States. Bank’s three competi­ sin, for approval of acquisition of 80 per cent or tors, the largest and smallest of which are affiliated more of the voting shares of The First National with bank holding companies, are all located in Bank of the City of Superior, Superior, Wisconsin. Waukesha, and control, respectively, 59, 26 and 7 per cent of market deposits. Upon acquisition of Order Approving Acquisition of Bank Stock Bank, Applicant would increase only slightly its by Bank Holding Company present share of State deposits and would become the State’s fifth largest banking organization. Ap­ There has come before the Board of Governors, plicant’s two Milwaukee subsidiaries are located pursuant to section 3(a)(3) of the Bank Holding about 25 miles east of Genesee Depot. Because of Company Act of 1956 (12 U.S.C. 1842(a)(3)) the distance involved and the presence of banks in and section 222.3(a) of the Federal Reserve Regula­ the intervening area, Applicant’s subsidiaries and tion Y (12 CFR 222.3 (a)), an application by Mar­ Bank are not regarded as significant present or po­ shall & Ilsley Bank Stock Corporation, Milwaukee, tential competitors. Wisconsin (“Applicant”), a registered bank holding Based upon the foregoing, the Board concludes company, for the Board’s prior approval of the ac­ that consummation of the proposed acquisition quisition of 80 per cent or more of the voting shares would not have an adverse effect on competition in of The First National Bank of the City of Superior, any relevant area, and could stimulate competition Superior, Wisconsin (“Bank”). in the aforementioned market. The banking factors As required by section 3(b) of the Act, the Board are consistent with approval of the application, as gave written notice of receipt of the application to they relate to Applicant and its subsidiaries, and, as the Comptroller of the Currency and requested his Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

648 FEDERAL RESERVE BULLETIN □ AUGUST 1970 views and recommendation. The Comptroller rec­ garded as consistent with approval of the applica­ ommended approval of the application. tion as they relate to Applicant and its subsidiaries, Notice of receipt of the application was published and lend some weight in favor of approval as they in the Federal Register on June 5, 1970 (35 Federal relate to Bank, since affiliation with Applicant will Register 8771), providing an opportunity for inter­ assist in fulfilling the present and future manage­ ested persons to submit comments and views with ment needs of Bank. Considerations relating to the respect to the proposed transaction. A copy of the convenience and needs of the communities to be application was forwarded to the United States De­ served lend additional weight in support of approval, partment of Justice for its consideration. The time in that Bank, drawing on Applicant’s resources, for filing comments and views has expired and all would be able to provide international banking serv­ those received have been considered by the Board. ices and to expand its trust department. It is the The Board has considered the application in the Board’s judgment that the proposed transaction light of the factors set forth in section 3(c) of the would be in the public interest, and that the applica­ Act, including the effect of the proposed acquisition tion should be approved. on competition, the financial and managerial re­ It is hereby ordered, for the reasons set forth sources of the applicant and the banks concerned, above, that said application be and hereby is ap­ and the convenience and needs of the communities proved, provided that the acquisition so approved to be served. Upon such consideration, the Board shall not be consummated (a) before the thirtieth finds that: calendar day following the date of this Order or (b) Applicant, the third largest bank holding company later than three months after the date of this Order, and third largest banking organization in Wiscon­ unless such period is extended for good cause by the sin, has 11 subsidiary banks with aggregate deposits Board, or by the Federal Reserve Bank of Chicago of $543 million, representing 6.2 per cent of the pursuant to delegated authority. total commercial banks deposits in the State. (All By order of the Board of Governors, July 20, banking data are as of December 31, 1969, ad­ 1970. justed to reflect bank holding company formations Voting for this action: Chairman Burns and Gover­ and acquisitions approved by the Board to date.) nors Robertson, Daane, Maisel, Brimmer, and Sherrill. Absent and not voting: Governor Mitchell. Upon acquisition of Bank ($15 million deposits) Applicant would become the second largest bank (Signed) Kenneth A. Kenyon, holding company and second largest banking or­ Deputy Secretary. ganization in the State, controlling 6.4 per cent of [seal] commercial bank deposits in Wisconsin. Bank is the second largest bank in Superior; is the UNITED JERSEY BANKS, sixth largest of sixteen banks in the Greater Su- HACKENSACK, NEW JERSEY perior-Duluth area, the relevant market; and holds 4.5 per cent of that market’s deposits. The market In the matter of the application of United Jersey is dominated by two large Duluth banks, each of Banks, Hackensack, New Jersey, for approval of which controls in excess of $100 million in deposits. action to become a bank holding company through Applicant’s closest subsidiary is located 275 miles the acquisition of all the voting shares of Peoples southeast of Bank, and neither it nor any other of Trust of New Jersey, Hackensack, and of Central Applicant’s present subsidiaries compete with Bank Home Trust Company, Elizabeth; and of all the to a significant extent. Applicant’s entry into the voting shares (less directors' qualifying shares) of market should promote competition with the two the successors by merger to Peoples National Bank banks that dominate the market. It does not appear of Monmouth County, Hazlet; The Third National that existing competition would be eliminated, or Bank & Trust Company of Camden, Camden; and significant potential competition foreclosed, by con­ The Cumberland National Bank of Bridgeton, summation of Applicant’s proposal, or that there Bridgeton; all in New Jersey. would be undue adverse effects on any bank in the area involved. Order Approving Action to Become a Bank Based upon the foregoing, the Board concludes Holding Company that consummation, of the proposed acquisition would not adversely affect competition in any rele­ There has come before the Board of Governors, vant area. Considerations relating to financial and pursuant to section 3(a)(1) of the Bank Holding managerial resources and future prospects are re­ Company Act of 1956 (12 U.S.C. 1842(a)(1)) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 649 and section 222.3(a) of Federal Reserve Regula­ of 1956, an application for approval of action to tion Y (12 CFR 222.3(a)), an application by become a registered bank holding company through United Jersey Banks, Hackensack, New Jersey, for the acquisition of all the voting shares of Peoples the Board’s prior approval of action whereby Appli­ Trust of New Jersey, Hackensack (“Peoples cant would become a bank holding company through Trust”); and of Central Home Trust Company, the acquisition of all of the voting shares of Peoples Elizabeth (“Central Home”); and of all of the vot­ Trust of New Jersey, Hackensack, and of Central ing shares (less directors’ qualifying shares) of the Home Trust Company, Elizabeth; and of all of the successors by merger to Peoples National Bank of voting shares (less directors’ qualifying shares) of Monmouth County, Hazlet (“Peoples National”); the successors by merger to Peoples National Bank The Third National Bank & Trust Company of of Monmouth County, Hazlet; The Third National Camden, Camden (“Third National”'); and The Bank & Trust Company of Camden, Camden; and Cumberland National Bank of Bridgeton, Bridge­ The Cumberland National Bank of Bridgeton, ton (“Cumberland National”), all in New Jersey. Bridgeton; all in New Jersey. Views and recommendation of supervisory au­ As required by section 3(b) of the Act, the Board thority. As required by section 3(b) of the Act, the gave written notice of receipt of the application to Board gave written notice of receipt of the applica­ the Comptroller of the Currency and the New Jer­ tion to the Comptroller of the Currency, and to the sey Commissioner of Banking and requested their New Jersey Commissioner of Banking and request­ views and recommendations. Neither objected to ed their views and recommendations. The Comp­ approval of the proposed transaction. troller and the Commissioner offered no objection to the proposal. Notice of receipt of the application was published Statutory considerations. Section 3(c) of the Act in the Federal Register on May 22, 1970 (35 Fed­ provides that the Board shall not approve an acquisi­ eral Register 7913), providing an opportunity for in­ tion that would result in a monopoly or would be terested persons to submit comments and views with in furtherance of any combination or conspiracy to respect to the proposed transaction. A copy of the monopolize or to attempt to monopolize the business application was forwarded to the United States De­ of banking in any part of the United States. Nor partment of Justice for its consideration. The time may the Board approve a proposed acquisition, the for filing comments and views has expired and all effect of which, in any section of the country, may those received have been considered by the Board. be substantially to lessen competition, or to tend to It is hereby ordered, for the reasons set forth create a monopoly, or which in any other manner in the Board’s Statement of this date, that said appli­ would be in restraint of trade, unless the Board finds cation be and hereby is approved, provided that the that the anticompetitive effects of the proposed action so approved shall not be consummated (a) transaction are clearly outweighed in the public before the thirtieth calendar day following the date interest by the probable effect of the transaction in of this Order or (b) later than three months after meeting the convenience and needs of the commu­ the date of this Order, unless such period is extend­ nities to be served. In each case, the Board is re­ ed for good cause by the Board, or by the Federal quired to take into consideration the financial and Reserve Bank of New York pursuant to delegated managerial resources and future prospects of the authority. bank holding company and the banks concerned, By order of the Board of Governors, July 27, and the convenience and needs of the communities 1970. to be served. Competitive effects of the proposed transaction. Voting for this action: Chairman Burns and Gover­ nors Robertson, Daane, Maisel, Brimmer, and Sherrill. The 10 largest banking organizations in the State Absent and not voting: Governor Mitchell. of New Jersey (one of which is a registered bank (Signed) Kenneth A. Kenyon, holding company) control 35 per cent of the com­ Deputy Secretary. mercial deposits in the State.1 Applicant’s acquisi­ tion of Peoples Trust ($577 million deposits), Cen­ [seal] tral Home ($44 million deposits), Peoples National ($26 million deposits), Third National ($22 million Statement deposits), and Cumberland National ($26 million United Jersey Banks, Hackensack, New Jersey i Banking data are as of December 31, 1969, and reflect (“Applicant”), has filed with the Board, pursuant to holding company formations and acquisitions approved to section 3 (a) (1) of the Bank Holding Company Act date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

650 FEDERAL RESERVE BULLETIN □ AUGUST 1970 deposits), would position it as the second largest served by the other proposed subsidiaries. They, in banking organization in New Jersey, controlling 5 turn, even when permitted by law to branch into the per cent of the commercial deposits in that State. markets served by one another, are unlikely poten­ Peoples Trust, the fourth largest banking institu­ tial entrants because of their size, and because of the tion in New Jersey (with 4 per cent of deposits), distances separating them. and in the First Banking District (with 8 per cent On the basis of the foregoing, the Board concludes of deposits), presently serves two distinct markets. that consummation of the proposal would not result It is the largest bank serving the Paterson market in a monopoly, or be in furtherance of any combina­ (Bergen and Passaic Counties)—controlling 18 per tion, conspiracy, or attempt to monopolize the busi­ cent of deposits in that market, and its offices serving ness of banking in any area, and would not restrain the Washington Market (generally Warren County) trade, substantially lessen competition, or tend to are the third largest of the 11 banking organizations create a monopoly in any part of the country. in that market—controlling 13 per cent of its de­ Financial and managerial resources and future posits. In addition, the bank has one office in Essex prospects. Applicant’s financial condition is satisfac­ County and one in Morris County, and has received tory and its management is competent. Its prospects approval to establish four others in the First District. —which would be dependent on the prospects of its The other four proposed subsidiaries are com­ subsidiary banks—appear favorable. As applied to paratively small institutions serving local communi­ the proposed subsidiaries, these banking factors are ties within their respective markets. Central Home, generally satisfactory and consistent with approval which primarily serves Elizabeth, is the ninth largest of the application. Regarding Peoples Trust, the of 12 banks in Union County and the twenty-ninth foregoing conclusions are premised in part upon largest of 63 banks in the Second Banking District. Applicant’s intention to strengthen the capital posi­ Peoples National, which primarily serves Mon­ tion of that bank. mouth County, is the seventh largest of 10 banks Convenience and needs of the communities con­ in that County, and the thirty-eighth largest of 63 banks in the Second Banking District. Central Home cerned. The banking needs of the communities con­ and Peoples National in the aggregate hold less than cerned generally are being adequately met by exist­ 2 per cent of the commercial deposits in their Dis­ ing facilities. Approval of the application, however, trict. would provide a means whereby the four smaller Cumberland National and Third National to­ proposed subsidiaries could increase their loan gether control 2 per cent of the commercial bank capacity and could expand or improve upon certain deposits in the Third Banking District. Cumberland services such as fiduciary, credit card, and data National, the second largest bank in Cumberland processing. To the extent that this occurs, the con­ County, is the seventeenth largest of 67 banks in the venience and needs of the customers of the four District. Third National is the smallest of three smaller banks will be better served. banks in the City of Camden, the fifth largest of Considerations relating to the convenience and eight banks in Camden County, and the twenty- needs factors lend weight in favor of approval of the second largest of 67 banks in the Third District. application. Because all of the proposed subsidiary banks are Summary and conclusion. On the basis of all the separated by substantial distances and because there relevant facts contained in the record, and in the are banks located in the areas between them, there light of the factors set forth in section 3(c) of the is no more than minimal competition between any Act, it is the Board’s judgment that the proposed two of the proposed subsidiaries. The main offices transaction would be in the public interest and that of the banks are located in different counties and the application should be approved. are separated by a minimum of 18 miles and a maxi­ mum of 68 miles. BARNETT BANKS OF FLORIDA, INC., The Board considers it unlikely that competition JACKSONVILLE, FLORIDA would develop between the proposed subsidiaries. New Jersey law restricts branching to the District In the matter of the application of Barnett Banks in which the bank is headquartered. Accordingly, of Florida, Inc., Jacksonville, Florida, for approval Peoples Trust, the only proposed subsidiary which of acquisition of 80 per cent or more of the voting has the resources and depth of management to shares of Barnett Bank of Orlando, Orlando, Flor­ branch significantly, may not branch into areas ida, a proposed new bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 651 Order Approving Acquisition of Bank Stock presence of several intervening banking alternatives, by Bank Holding Company Applicant’s Winter Park subsidiary does not com­ pete to any significant extent in the area to be serv­ There has come before the Board of Governors, iced by the proposed new bank. Banking in Orange pursuant to section 3(a)(3) of the Bank Holding County is dominated by one banking organization Company Act of 1956 (12 U.S.C. 1842(a)(3)) and controlling 42 per cent of County deposits. Appli­ section 222.3(a) of Federal Reserve Regulation Y cant’s expansion in the Orlando area would stimu­ (12 CFR 222.3(a)), the application of Barnett late additional competition and lead to deconcen­ Banks of Florida, Inc., Jacksonville, Florida (“Ap­ tration in the area. Consummation of the proposed plicant”), a registered bank holding company, for acquisition would neither eliminate existing compe­ the Board’s prior approval of the acquisition of 80 tition, foreclose potential competition, nor have ad­ per cent or more of the voting shares of Barnett Bank verse effects on the viability or competitive effective­ of Orlando (“Bank”), Orlando, Florida, a proposed ness of any competing bank. new bank. Based upon the foregoing, the Board concludes As required by section 3(b) of the Act, the Board that consummation of the proposed acquisition gave written notice of receipt of the application to would not have an adverse effect on competition in the Commissioner of Banking for the State of Flor­ any relevant area, and would have a procompetitive ida and requested his views and recommendation. effect in Orange County. Considerations relating to The Commissioner recommended approval of the the financial and managerial resources and future application. prospects of Bank and Applicant are consistent with Notice of receipt of the application was published approval of the application. Considerations relating in the Federal Register on June 3, 1970 (35 Federal to the convenience and needs of the community Register 8616), providing an opportunity for inter­ to be served by Bank lend some additional weight ested persons to submit comments and views with in support of approval in that an additional source respect to the proposal. A copy of the application of banking services will be added to the community. was forwarded to the United States Department of It is the Board’s judgment that the proposed trans­ Justice for its consideration. Time for filing com­ action would be in the public interest, and that the ments and views has expired and all those received application should be approved. have been considered by the Board. It is hereby ordered, for the reasons set forth The Board has considered the application in the in the findings summarized above, that said applica­ light of the factors set forth in section 3(c) of the tion be and hereby is approved, provided that the Act, including the effect of the proposed acquisition acquisition so approved shall not be consummated on competition, the financial and managerial re­ (a) before the thirtieth calendar day following the sources and future prospects of the Applicant and date of this Order or (b) later than three months the banks concerned, and the convenience and needs after the date of this Order, and provided further of the communities to be served. Upon such con­ that (c) Barnett Bank of Orlando shall be open for sideration, the Board finds that: business not later than six months after the date of Applicant is the third largest banking organiza­ this Order. The periods described in (b) and (c) tion in Florida, controlling 21 subsidiary banks hereof may be extended for good cause by the Board which hold 5.3 per cent of total bank deposits in or by the Federal Reserve Bank of Atlanta pursuant the State of Florida ($644 million in deposits). (All banking data are as of December 31, 1969, ad­ to delegated authority. justed to reflect holding company formations and By order of the Board of Governors, July 30, acquisitions approved by the Board to date.) Since 1970. Bank is a proposed new bank, consummation of Voting for this action: Chairman Bums and Gover­ nors Robertson, Mitchell, Daane, and Maisel. Absent the proposal would not increase concentration in and not voting: Governors Brimmer and Sherrill. any market. Bank would be located in the eastern fringe of (Signed) Kenneth A. Kenyon, Deputy Secretary. Orlando, the principal city in Orange County. Ap­ plicant’s only present subsidiary in Orange County [seal] is located at Winter Park, five miles north of the proposed bank, and has deposits of $68 million rep­ In the matter of the application of Barnett Banks resenting 10 per cent of deposits in the County. Be­ of Florida, Inc., Jacksonville, Florida, for approval cause of the separation of the markets and the of acquisition of 80 per cent or more of the voting Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

652 FEDERAL RESERVE BULLETIN □ AUGUST 1970 shares of Barnett First National Bank in Seminole growing suburban area. Applicant does not now County, Altamonte Springs, Florida, a proposed have a subsidiary in Seminole County. Applicant’s new bank. sole subsidiary in Orange County, the First National Bank at Winter Park, is the third largest bank in the Order Approving Acquisition of Bank Stock county with approximately 10 per cent of the de­ by Bank Holding Company posits there; and is located seven miles southeast of Altamonte Bank’s location. However, Applicant’s There has come before the Board of Governors, Orange County subsidiary derives no significant pursuant to section 3(a)(3) of the Bank Holding part of its business from the service area of the Company Act of 1956 (12 U.S.C. 1842(a)(3)), proposed new bank; and is an inconvenient bank­ and section 222.3(a) of Federal Reserve Regulation ing source for the residents of Altamonte Springs. Y (12 CFR 222.3(a)), the application of Barnett All other banks in Applicant’s system are over 25 Banks of Florida, Inc., Jacksonville, Florida (“Ap­ miles from Altamonte Bank’s location and none plicant”), a registered bank holding company, for competes for business in the south Seminole County the Board’s prior approval of the acquisition of 80 area. Seminole County has five banks, of which two per cent or more of the voting shares of Barnett are in the southern portion of the county. Each of First National Bank in Seminole County, Altamonte the two banks nearest to Altamonte Bank has over Springs, Florida (“Altamonte Bank”), a proposed $16 million deposits and has experienced satisfac­ new bank. tory growth. It appears that they would be the prin­ As required by section 3(b) of the Act, the Board cipal competitors of Altamonte Bank. Some addi­ gave written notice of receipt of the application to tional competition appears likely from five other the Comptroller of the Currency and requested his banks in north Orange County. Applicant’s de novo views and recommendation. The Comptroller rec­ entry into south Seminole County is expected to ommended approval of the application. stimulate competition there, without having any Notice of receipt of the application was published adverse effects on any competing banks, or eliminat­ in the Federal Register on June 16, 1970 (35 Fed­ ing present competition, or foreclosing potential eral Register 9877), providing an opportunity for competition. interested persons to submit comments and views Based upon the foregoing the Board concludes with respect to the proposal. A copy of the applica­ that consummation of the proposed acquisition tion was forwarded to the United States Department would not have an adverse effect on competition of Justice for its consideration. Time for filing com­ in any relevant area, and is likely to have a proments and views has expired and all those received competitive effect in south Seminole County. The have been considered by the Board. banking factors, as applied to the facts of record, The Board has considered the application in the are consistent with approval of the application. At light of the factors set forth in section 3(c) of the present there is no bank in the service area deline­ Act, including the effect of the proposed acquisition ated for Altamonte Bank, and the needs of that on competition, the financial and managerial re­ area are being served by banks in nearby communi­ sources and future prospects of the Applicant and ties. A new full service bank in the area to be served the banks concerned, and the convenience and needs of the communities to be served. Upon such by Altamonte Bank will give the public a more con­ consideration, the Board finds that: venient alternative. This consideration weighs in support of approval of the application. It is the Applicant, the third largest bank holding com­ pany in Florida, controls 21 banks with aggregate Board’s judgment that the proposed transaction deposits of $644 million representing approximately would be in the public interest, and that the applica­ 5.3 per cent of total bank deposits in the State. (All tion should be approved. banking data are as of December 31, 1969, ad­ It is hereby ordered, on the basis of the Board’s justed to reflect bank holding company acquisitions findings summarized above, that said application approved by the Board to date.) Since Altamonte be and hereby is approved, provided that the action Bank is a proposed new bank, concentration of so approved shall not be consummated (a) before banking resources in the State would not be imme­ the thirtieth calendar day following the date of this diately affected by consummation of the proposal. Order or (b) later than three months after the date Altamonte Bank, located in south Seminole of this Order; and that the Barnett First National County about nine miles north of downtown Or­ Bank in Seminole County shall be opened for busi­ lando (Orange County), would serve a rapidly ness not later than six months after the date of this Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 653 Order; except that a time period herein prescribed sources and future prospects of the Applicant and may be extended, for good cause, by the Board, or the banks concerned, and the convenience and needs by the Federal Reserve Bank of Atlanta pursuant of the communities to be served. Upon such consid­ to delegated authority. eration, the Board finds that: By order of the Board of Governors, July 30, Applicant, the second largest bank holding com­ 1970. pany and the fifth largest banking organization in Voting for this action: Chairman Bums and Gover­ Ohio, controls six banks with aggregate deposits of nors Robertson, Mitchell, Daane, and Maisel. Absent $959 million, representing slightly less than 5 per and not voting: Governors Brimmer and Sherrill. cent of the commercial bank deposits in the State. (Signed) Kenneth A. Kenyon, (All banking data are as of December 31, 1969, and Deputy Secretary. reflect holding company actions approved by the [seal] Board to date). Bank ($26 million deposits) is head­ quartered in Vermilion, 40 miles west of Cleveland, and operates four offices in two markets: in the SOCIETY CORPORATION, Lorain market (Lorain County and the City of Ver­ CLEVELAND, OHIO milion), Bank, with two offices, is the smallest of In the matter of the application of Society Cor­ eight banks, controlling slightly more than 3 per poration, Cleveland, Ohio, for approval of acquisi­ cent of the commercial bank deposits in that mar­ tion of 100 per cent (less directors' qualifying shares) ket; in the Erie market (Erie County other than the of the voting shares of The Erie County Bank, Ver­ City of Vermilion), Bank, with two offices, is the milion, Ohio. fifth largest of six banks, controlling 8 per cent of the commercial bank deposits in that market. Applicant’s closest subsidiary has a branch office Order Approving Acquisition of Bank Stock located 24 miles west of Bank, with the City of by Bank Holding Company Sandusky intervening, and there appears to be no There has come before the Board of Governors, significant existing competition between Bank and pursuant to section 3(a)(3) of the Bank Holding any of Applicant’s subsidiaries. Nor does it appear Company Act of 1956 (12 U.S.C. 1842(a)(3)) likely that such competition would develop because and section 222.3(a) of Federal Reserve Regula­ of the distances between Applicant’s present sub­ tion Y (12 CFR 222.3(a)), the application of So­ sidiaries and Bank, the presence of competitive ciety Corporation, Cleveland, Ohio (“Applicant”), alternatives in the intervening areas, and Ohio law a registered bank holding company, for the Board’s which restricts branching to the home office County prior approval of the acquisition of 100 per cent of each bank. Although Bank could branch into the (less directors’ qualifying shares) of the voting eastern portion of Lorain County (a suburb of shares of The Erie County Bank, Vermilion, Ohio Cleveland which is served by Applicant’s principal (“Bank”). subsidiary bank), such action appears unlikely be­ As required by section 3 (b) of the Act, the Board cause of the size of Bank and the presence in that gave written notice of receipt of the application to area of numerous offices of larger institutions. the Ohio Superintendent of Banks and requested Based upon the foregoing, the Board concludes his views and recommendation. The Superintendent that consummation of the proposal would not have recommended approval of the application. an adverse effect on competition in any relevant Notice of receipt of the application was published area. Considerations relating to financial and mana­ in the Federal Register on May 29, 1970 (35 Fed­ gerial resources and future prospects are regarded eral Register 8460), providing an opportunity for as consistent with approval as they relate to Appli­ interested persons to submit comments and views cant and its subsidiaries, and, as they relate to Bank, with respect to the proposal. A copy of the applica­ lend weight in support of such action, since Appli­ tion was forwarded to the United States Depart­ cant plans to inject additional capital and to con­ ment of Justice for its consideration. Time for filing tinue to provide management assistance. As far as comments and views has expired and all those re­ the convenience and needs of the communities con­ ceived have been considered by the Board. cerned, on consummation of the acquisition, Appli­ The Board has considered the application in the cant plans to offer fiduciary, international, and in­ light of the factors set forth in section 3(c) of the vestment advisory services not presently available Act, including the effect of the proposed acquisition from Erie County banks. It is the Board’s judgment on competition, the financial and managerial re­ that the proposed transaction would be in the public Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

654 FEDERAL RESERVE BULLETIN □ AUGUST 1970 interest, and that the application should be ap­ Justice for its consideration. Time for filing com­ proved. ments and views has expired and all those received It is hereby ordered, for the reasons set forth have been considered by the Board. in the findings summarized above, that said applica­ It is hereby ordered, for the reasons set forth tion be and hereby is approved, provided that the in the Board’s Statement of this date, that said appli­ action so approved shall not be consummated (a) cation be and hereby is denied. before the thirtieth calendar day following the date By order of the Board of Governors, August 6, of this Order or (b) later than three months after 1970. the date of this Order, unless such time be extended Voting for this action: Chairman Bums and Gover­ for good cause by the Board, or by the Federal Re­ nors Robertson, Mitchell, Daane, and Maisel. Absent and not voting: Governors Brimmer and Sherrill. serve Bank of Cleveland pursuant to delegated authority. (Signed) Kenneth A. Kenyon, By order of the Board of Governors, July 30, Deputy Secretary. 1970. [seal] Voting for this action: Chairman Bums and Gover­ nors Robertson, Mitchell, Daane, and Maisel. Absent and not voting: Governors Brimmer and Sherrill. Statement (Signed) Kenneth A. Kenyon, First Financial Corporation, Tampa, Florida Deputy Secretary. (“Applicant”), a registered bank holding company, [seal] has applied to the Board of Governors, pursuant to section 3(a) (3) of the Bank Holding Company Act of 1956 (12 U.S.C. 1842(a)(3)), for prior ap­ FIRST FINANCIAL CORPORATION, proval of the acquisition of not less than 80 per TAMPA, FLORIDA cent of the voting shares of Bank of Clearwater, Clearwater, Florida. In the matter of the application of First Financial Views and recommendation of supervisory au­ Corporation, Tampa, Florida, for approval of acqui­ thority. As required by section 3(b) of the Act, sition of not less than 80 per cent of the voting the Board gave written notice of receipt of the appli­ shares of Bank of Clearwater, Clearwater, Florida. cation to the Commissioner of Banking for the State of Florida and requested his views and recommen­ Order Denying Application for Acquisition dation. The Deputy Commissioner recommended of Bank Stock by Bank Holding Company approval of the application. There has come before the Board of Governors, Statutory considerations. Section 3(c) of the Act pursuant to section 3(a)(3) of the Bank Holding provides that the Board shall not approve an acqui­ Company Act of 1956 (12 U.S.C. 1842(a)(3)), sition that would result in a monopoly or would be and section 222.3(a) of Federal Reserve Regulation in furtherance of any combination or conspiracy to Y (12 CFR 222.3(a)), the application of First monopolize or to attempt to monopolize the business Financial Corporation, Tampa, Florida (“Appli­ of banking in any part of the United States. Nor cant”), a registered bank holding company, for the may the Board approve a proposed acquisition, the Board’s prior approval of the acquisition of not less effect of which, in any section of the country, may than 80 per cent of the voting shares of Bank of be substantially to lessen competition, or to tend to Clearwater, Clearwater, Florida. create a monopoly, or which in any other manner As required by section 3(b) of the Act, the Board would be in restraint of trade, unless the Board gave written notice of receipt of the application to finds that the anticompetitive effects of the proposed the Commissioner of Banking for the State of Flor­ transaction are clearly outweighed in the public in­ ida and requested his views and recommendation. terest by the probable effect of the transaction in The Deputy Commissioner recommended approval meeting the convenience and needs of the commu­ of the application. nity to be served. In each case, the Board is required Notice of receipt of the application was published to take into consideration the financial and mana­ in the Federal Register on June 2, 1970 (35 Federal gerial resources and future prospects of the bank Register 8521), providing an opportunity for inter­ holding company and the banks concerned, and the ested persons to submit comments and views with convenience and needs of the community to be respect to the proposal. A copy of the application served. was forwarded to the United States Department of Competitive effect of the proposed transaction. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 655 The 10 largest banking organizations in Florida, all a more significant competitive influence in the bank holding companies, control close to 41 per cent neighboring Tampa market than has been exercised of the total bank deposits in the State.1 Applicant, heretofore. More importantly, Applicant’s domi­ the seventh largest in the State, controls seven banks nance in the Tampa market makes Applicant a po­ and $334 million of deposits, which represent 2.7 tential de novo entrant into the nearby Clearwater per cent of the State deposit market. Acquisition of market. Entry therein through the acquisition by Clearwater Bank would make Applicant the sixth Applicant of a bank other than the largest bank in largest banking organization and would increase its Clearwater is another alternative that would be more control to 3.5 per cent. Such increase in banking compatible with competitive considerations and the concentration at the State level is not regarded by public interest than the current proposal. itself as significant. On the facts in the record, it appears that con­ Clearwater Bank’s service area, with an estimated summation of the proposal herein would foreclose population of 100,000, is located in the central por­ significant potential competition between Appli­ tion of Pinellas County and is bounded by Tarpon cant’s system and Clearwater Bank; and would fore­ Springs to the north, Old Tampa Bay to the east, close the possibility of alternative proposals for and the Gulf of Mexico to the west. On its south acquisition of Clearwater Bank that would be less side, the service area extends just beyond the City anticompetitive than the current proposal and that of Largo. Clearwater Bank, with approximately might lead to an increase in competition. $92.0 million of deposits, is the largest of 14 banks The Board concludes that consummation of in the Clearwater banking market and holds over Applicant’s proposal would have a significantly anti­ 23 per cent of the deposits in the area. The second competitive effect in the relevant local area; and largest bank, an independent, holds 17 per cent of that the proposed acquisition would not be in the the total deposits there. Two subsidiaries of holding public interest, unless such adverse effects are clearly companies are now located in Clearwater. Consum­ outweighed by considerations related to the con­ mation of the proposal herein would give holding venience and needs of the community to be served companies control of 39.0 per cent of deposits in or the banking factors. the Clearwater area. Financial and managerial resources and future Clearwater is approximately 20 miles west of prospects. The record indicates that Clearwater Tampa and is separated from it by Tampa Bay. A Bank is well managed and in sound condition. The four-lane causeway links the two cities. Applicant prospects of the bank as an independent are favor­ is the largest banking organization in the Tampa able. Relative to this bank, the banking factors lend market, which is the location of Applicant’s lead no weight toward approval of the application. bank as well as two other subsidiary banks. In the light of planned capital improvement, the Applicant claims that an insignificant amount of financial condition and prospects of Applicant are Clearwater Bank’s deposit or loan business originates regarded as adequate. However, it appears that Ap­ in the service area of any of Applicant’s subsidiaries; plicant faces a shortage of management resources and that a similar situation obtains with respect to for dealing wtih management problems in certain the business of Applicant’s subsidiaries that origi­ of the banks already in the system. It is desirable nates in Clearwater Bank’s service area. However, that these deficiencies receive the full attention of the Tampa and Clearwater markets are neighbors the holding company personnel before the holding and are part of the Tampa-St. Petersburg Standard company system assumes the additional responsibili­ Metropolitan Statistical Area. As the metropolitan ties that further acquisitions would entail. area continues to grow, which seems likely, Clear­ Convenience and needs of the community in­ water may be expected to become more closely volved. Consummation of the proposal would have linked financially with the Tampa area. Also, it no effect on customers served by Applicant’s present appears that, in the past, loan demand in the Clear­ subsidiaries. water area has been substantially exceeded by avail­ The banking needs of the Clearwater area appear able funds; and that Clearwater banks have become to be well served by Clearwater Bank and 13 other net exporters of credit. These circumstances suggest banks, of which two are subsidiaries of bank holding that Clearwater banks will be in a position to exert companies. Applicant states that “all services nor­ mally provided by commercial banks are available i Unless otherwise noted, all banking data are as of De­ in the Bank’s service area”. cember 31, 1969, refer to insured commercial banks, and Proposed benefits offered by Applicant for the reflect holding company acquisitions for which Board ap­ provals have been issued to date. Clearwater area include expanded data processing Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

services and accommodation of larger loans for acquisition in meeting the convenience and needs businesses located there. However, evidence of a of the community to be served. need for larger loans in the area is lacking; rather Summary and conclusion. On the basis of all rele­ the area appears to be one with a surplus of funds. vant facts in the record, and in the light of the fac­ And Clearwater Bank is regarded as large enough to tors set forth in section 3(c) of the Act, it is the institute, or to achieve through correspondent rela­ Board’s judgment that the proposed acquisition tionships, the improvements Applicant contem­ would have a significantly adverse effect on competi­ plates. The benefits proposed by Applicant fall short tion without offsetting benefits under the conveni­ of constituting a compelling consideration favoring ence and needs factors or the banking factors. approval of the application. The Board finds that Accordingly, the Board concludes that consum­ the anti-competitive effects inherent in the proposal mation of the proposal would not be in the public are not outweighed by the probable effects of the interest and that the application should be denied. 656 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements CHANGES IN THE BOARD'S STAFF No change was made in the 3 per cent reserve The Board of Governors announced that, effective requirement on a member bank’s savings deposits August 10, 1970, the services of Mr. Eugene A. and time deposits of less than $5 million. This Leonard, Senior Vice President, Federal Reserve action represents the first change in reserve require­ Bank of St. Louis, have been made available to the ments since April 17, 1969, when the Board in­ Board, for a period of approximately a year, and creased reserves on demand deposits by one-half of that he has been designated as an Assistant Secre­ a per cent for all member banks. tary in the Office of the Secretary. Since most commercial paper is issued in de­ Mr. Jerome W. Shay, a member of the Board’s nominations of $100,000 or more, the extension staff for more than 33 years and an Assistant Gen­ of reserve requirements to bank-related commercial eral Counsel since 1961, retired on August 1, 1970. paper will put instruments of this kind on a sub­ Mr. Bernard Shull, an Associate Adviser in the stantially equal footing, in terms of reserve require­ Division of Research and Statistics, resigned from ments, with negotiable certificates of deposit issued the Board’s staff, effective August 21, 1970. by banks. In imposing reserve requirements on commercial CHANGE IN RESERVE REQUIREMENTS paper issued by bank affiliates, the Board used for The Board of Governors of the Federal Reserve the first time the authority contained in the Act of System on August 17, 1970, applied a 5 per cent December 23, 1969, which explicitly authorized reserve requirement on funds obtained by member such action. The reserve requirement will apply to banks through the issuance of commercial paper by funds obtained by member banks through the issu­ their affiliates, and at the same time reduced from ance of commercial paper or similar obligations by 6 to 5 per cent the reserves that member banks their affiliates. must hold against time deposits in excess of $5 Presently, about $7.5 billion of bank-related million. commercial paper is outstanding. Over the past Both actions will become effective in the reserve year, the amount of such paper had risen by $5.5 computation period beginning October 1 and will be billion. applicable on such deposits and commercial paper out­ At the time the new reserve requirements become standing in the week beginning September 17. This effective, the permission initially granted on No­ coincides with the beginning of the fall period of sea­ vember 4, 1969, to the Federal Reserve Banks to sonal expansion of deposits and required reserves. waive penalties for reserve deficiencies connected The dual action will result in a reduction of re­ with the application of reserve requirements to quired reserves of about $350 million for the bank­ subsidiaries’ commercial paper will be withdrawn. ing system as a whole. The extension of reserve In taking this action with respect to bank-related requirements to bank-related commercial paper is commercial paper, the Board urged member banks estimated to increase required reserves of the af­ and their holding companies to comply with the fected member banks by roughly $350 million. On spirit and purpose as well as the letter of the rules the other hand, the reduction in reserve require­ regarding member bank reserve requirements. ments against time deposits over $5 million is ex­ pected to lower required reserves by some $300 RELEASE: AGGREGATE RESERVES AND MEMBER million at banks issuing commercial paper, and by BANK DEPOSITS about $400 million at all other member banks. The greater portion of the net reserves thus re­ The monthly release G.10 “Aggregate Reserves and leased will become available to banks that in the Member Bank Deposits” has been changed to a present circumstances might be expected to use a weekly release H.3, effective with the publication sizable share of the available funds in financing of July data on August 18, 1970. The weekly pub­ housing and State and local governments. lication has been expanded to include monthly data Both actions of the Board were adopted unani­ on an unadjusted basis, as well as weekly data both mously. unadjusted and adjusted for seasonal variation. 657 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

658 FEDERAL RESERVE BULLETIN □ AUGUST 1970 MARGIN REQUIREMENTS FOR OTC STOCKS subject to its margin regulations. The list super­ The Board of Governors of the Federal Reserve sedes the initial OTC margin stock list that went System on July 20, 1970, published a revised list into effect on July 8, 1969. (See July 1969 Bul­ of 390 over-the-counter (OTC) stocks that are letin, pp. 626-30.) OTC MARGIN STOCKS1 (as of July 20, 1970) Aits, Inc. Applebaums’ Food Markets, Inc. Common Common AVM Corporation Arden-Mayfair, Inc. $1.00 par common Common Acushnet Company Arkansas-Missouri Power Company Common $2.50 par common Addison-Wesley Publishing Company, Inc. Arkansas Western Gas Company Class B, no par common $2.50 par common Advance Ross Corporation Arrow-Hart, Inc. $.10 par common Common Alexander & Baldwin, Inc. Arvida Corporation No par common Common Allegheny Beverage Corporation Associated Coca-Cola Bottling Co., Inc. $1.00 par common $1.00 par common Allyn and Bacon, Inc. Associated Truck Lines, Inc. $.50 par common Common Alphanumeric Inc. Atlanta Gas Light Company Common $5.00 par common Alpine Geophysical Associates, Inc. BMA Corporation $.10 par common $2.00 par common American Express Company Baird-Atomic, Inc. $1.66% par common $1.00 par common $1.50 convertible preferred Bangor Hydro-Electric Co. American Fidelity Life Insurance Company $5.00 par common $1.00 par common Bank of Hawaii American Furniture Company, Inc. Common $1.00 par common Bankamerica Corporation American Greetings Corporation $6.25 par common Class A, $1.00 par common Bankers National Life Insurance Company American Heritage Life Investment Corporation $2.00 par capital $1.00 par common Barber-Greene Company American Medicorp, Inc. $5.00 par common Common Barden Corporation, The American National Insurance Company $1.00 par common $4.00 par common Barnes-Hind Pharmaceuticals, Inc. American Nuclear Corporation Common $.04 par common Baystate Corporation American Re-Insurance Co. $7.50 par common $3.00 par capital Beecham Inc. American Savings & Loan Association $1.00 par common Permanent reserve guarantee stock Beefland International, Inc. American Security and Trust Company Common (Unit) Capital Betz Laboratories, Inc. American Welding & Manufacturing Company, The $.10 par common No par common Bibb Manufacturing Company Anadite, Inc. $12.50 par common Common Bio-Dynamics, Inc. Anheuser-Busch, Incorporated No par common $1.00 par common Black Hills Power and Light Company Anixter Brothers, Inc. $1.00 par common Common Bolt Beranek and Newman Inc. No par common 1 Stocks appearing on this list have not been approved Brenco, Incorporated $1.00 par common by the Board in any way, and representation by any per­ son that their appearance on the list indicates approval Browning Arms Company by the Board or any Government agency is unlawful. Capital Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 659 Brush Beryllium Company, The Contran Corporation Common $1.00 par common Buckbee-Mears Company Cooper Laboratories, Inc. $.10 par common $.10 par common Buckeye International, Inc. Cornelius Company, The Common Common CP Financial Corp. Crocker National Corporation $1.00 par common $10.00 par common California-Western States Life Insurance Com­ Cross Company, The pany $5.00 par common Common capital Crutcher Resources Corporation Capital Holding Corporation Common $1.00 par common Dallas Airmotive, Inc. Capitol International Airways, Inc. Common Common Dalto Electronics Corporation Carolina Caribbean Corporation $.50 par common Common DASA Corporation Carte Blanche $1.00 par common Class A, capital DeLuxe Check Printers, Incorporated Cascade Natural Gas Corporation $1.00 par common $1.00 par common Delhi International Oil Corporation Central Vermont Public Service Corporation $.10 par common $6.00 par common Detrex Chemical Industries, Inc. Chance, A. B. Company Common $2.50 par common Detroit Bank and Trust Company, The Chemical Leaman Tank Lines, Inc. $10.00 par capital $2.50 par common Diamond Crystal Salt Company Chesapeake Instrument Corporation $2.50 par common $1.00 par common Diebold Computer Leasing, Inc. Chubb Corporation, The Class A, $.03Vs par common Capital Disc, Inc. Citizens and Southern National Bank, The Class A, $1.00 par common $2.50 par common Downtowner Corporation, The Citizens Utilities Company Common $1.00 par common, Series A Doyle Dane Bernbach Inc. $1.00 par common, Series B Common Clark, J. L. Manufacturing Co. Duriron Company, Inc., The Common $1.25 par common Cleveland Trust Company, The Eastern Shopping Centers, Inc. $20.00 par capital $5.00 par common Clinton Oil Company Economics Laboratory, Inc. Common Common Coastal States Life Insurance Company El Paso Electric Company Common No par common Cognitronics Corporation Electro-Nucleonics, Inc. $.20 par common $.02V2 par common Colonial Life & Accident Insurance Co. Electronic Data Systems Corporation Class B, non-voting No par common Colonial Stores Incorporated Empire Life Insurance Company of America $2.50 par common $1.00 par common Combined Insurance Company of America Energy Conversion Devices, Inc. $1.00 par common $.01 par common Commonwealth Telephone Company Energy Resources Corporation $6.66% par common $1.00 par common Community Health Facilities, Inc. Epsco, Incorporated $.50 par common No par common Computer Usage Company, Inc. Equity Oil Company Common $1.00 par common Connecticut General Insurance Corporation Erie Technological Products, Inc. $2.50 par common $2.50 par common Continental Bank Fabri-Tek Incorporated $5.00 par common $.10 par common Continental Investment Corporation Farmers New World Life Insurance Co. Common Common Continental Mortgage Insurance Co. Farrington Manufacturing Company Common $1.00 par common Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

660 FEDERAL RESERVE BULLETIN □ AUGUST 1970 Fidelity Corporation (Virginia) Gifford-Hill & Company, Inc. Common $2.00 par common Fidelity Corporation of Pennsylvania Girard Company, The $1.00 par common $1.00 par common Fidelity Union Life Insurance Company Gleason Works $1.00 par common Common Fidelity Union Trust Company Golden Cycle Corporation, The $5.00 par capital No par common First & Merchants Corporation Government Employees Insurance Company $10.00 par common $4.00 par common First Bank System, Inc. Government Employees Life Insurance Company $5.00 par common $1.50 par common First City National Bank of Houston Graphic Controls Corporation Common $1.00 par common First Empire State Corporation Graphic Sciences, Inc. $5.00 par common $.50 par common First Jersey National Corporation Great Commonwealth Life Insurance Company $5.00 par common $1.00 par common First Merchants National Bank, Asbury Park Great Southwest Corp. $2.50 par common Common First National Bank in Dallas Green Mountain Power Corporation $10.00 par common Common First National Bank of Boston, The Gyrodyne Company of America, Inc. $12.50 par capital $1.00 par common First National Corporation Hamilton International Corporation Class A Class A, common First National Holding Corporation Hanover Insurance Company, The (Memphis, Tennessee) Common Common Hardee’s Food Systems, Inc. First Pennsylvania Corporation No par common $5.00 par common Harris Trust and Savings Bank First Virginia Bankshares Corporation Capital $1.00 par common Hartford Fire Insurance Company Flickinger, S. M. Co., Inc. Common $2.50 par common Hasbro Industries, Inc. Florida Telephone Corporation $.50 par common Class A, $2.50 par common Haven Industries, Inc. Food Fair Properties, Inc. $.01 par common $.01 par common Hawaiian Airlines, Inc. Fotomat Corporation Common No par common Hawthorne Financial Corporation Founders Financial Corporation Capital Common Heath Tecna Corporation Franklin Life Insurance Company, The No par common, $.25 stated value Common Herff Jones Co. Franklin New York Corporation No par common Common Hillhaven, Inc. Convertible preferred $.16% par common Friendly Ice Cream Corporation Honolulu Gas Company, Limited $1.00 par common $10.00 par common GRT Corporation Hoover Company, The No par common $2.50 par common Gas $ S 5 e . r 0 v 0 i c p e a r C c o o m m p m an o y n , The Horizon Corporation $.01 par common Gates Learjet Corporation $1.00 par common Hospital Corporation of America $1.00 par common Gelman Instrument Company No par common Hyatt Corporation Common General Aircraft Corporation $1.00 par common Hyster Company $.50 par common General Medical Corporation Common ISI Corporation General United Group, Incorporated No par common $.25 par common Independent Life and Accident Insurance Com­ Georgia International Corporation pany, The $1.00 par common Non-voting common Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 661 Indiana Gas Company, Inc. Lehigh Coal and Navigation Company, The No par common $1.00 par common Indianapolis Water Company Liberty Equities Corporation $7.50 par common $1.00 par common Industrial Nucleonics Liberty National Life Insurance Company No par common $2.00 par common, capital Inexco Oil Company Lilly, Eli and Company $.02 par common $1.25 par common Informatics, Inc. Lin Broadcasting Corporation $.10 par common Common Integon Corporation Lincoln American Corporation Common $1.00 par common Integrated Container Service Industries Corp. Lincoln Consolidated, Inc. $1.00 par common $1.00 par common Interfinancial Inc. Lincoln First Banks Inc. Common $10.00 par common International Book Corporation Lomas & Nettleton Financial Corporation $.02 par common $2.00 par common International Multifoods Corporation Louisiana and Southern Life Insurance Company $1.00 par common $1.00 par common International Textbook Co. (Intext) MPB Corporation No par common $1.00 par common Interstate Corporation, The Maine Sugar Industries, Inc. $1.00 par common, capital $1.25 par common Investment Corp. of Florida Major Realty Corporation Common $.01 par common Iowa Southern Utilities Company Mallinckrodt Chemical Works $10.00 par common Class A, non-voting common James, Fred S. & Co., Inc. Management Assistance Inc. $.50 par common $.10 par common Jamesbury Corp. Manufacturers National Bank of Detroit $1.00 par common $10.00 par common Jet Avion Corporation Marathon Manufacturing Company $.10 par common Common KDI Corporation Medic-Home Enterprises Inc. $.35 par common Common KMS Industries, Inc. Mellon National Bank and Trust Co. $.01 par common Common Kaiser Steel Corporation Midas-International Corporation $.66% par common Class A, $1.00 par common $1.46 preferred Midlantic Banks, Inc. Kalvar Corporation $10.00 par capital $.02 par capital Millipore Corporation Kaman Corporation $.33V^ par common Class A, common Mogul Corporation, The Kearney & Trecker Corporation No par common $2.00 par common Mohawk Rubber Company, The Kellwood Company $1.00 par common Common Monarch Capital Corporation Kentucky Central Life Insurance Company $1.00 par common Class A, non-voting Monmouth County National Bank, The Keyes Fibre Company (Red Bank) $1.00 par common Common capital Keystone Custodian Funds, Inc. Monumental Corporation Class A, common $5.00 par common King Resources Company Moore, Samuel and Company Common No par common Kuhlman Corporation Murphy Pacific Marine Salvage Company $1.00 par common No par common Lance Inc. Mutual Savings Life Insurance Company $2.50 par common Common Landa Industries, Inc. NCNB Corporation $.10 par common $5.00 par common Lane Wood, Inc. NLT Corporation No par common $5.00 par common Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

662 FEDERAL RESERVE BULLETIN □ AUGUST 1970 National Bank of Detroit Pabst Brewing Company Common capital Common National City Bank of Cleveland, The Panoil Company $8.00 par common $.10 par common National Liberty Corporation Parker Drilling Company Common $1.00 par common National Life of Florida Corporation Parkview-Gem, Inc. Common Common National Medical Enterprises Pauley Petroleum Inc. Class A, Common Common National Old Line Insurance Company Pavelle Corporation, The Class BB, non-votinga $1.00 par common $.10 par common National Semiconductor Corporation Pay’n Save Corporation Common No par common National Student Marketing Corp. Pennsylvania Engineering Corporation $.01 par common Common National Western Life Insurance Co. Pennsylvania Gas and Water Company Class A, common Common Nationwide Corporation Pennsylvania Life Company Class A, common $1.00 par common New England Gas and Electric Association Pettibone Corporation $4.00 par common $10.00 par common New England Merchants National Bank Philadelphia Life Insurance Company $5.00 par capital $1.00 par common New Jersey National Bank and Trust Company Philadelphia Suburban Corporation Common $1.00 par common Newhall Land and Farming Company, The Photon, Inc. Common $1.00 par common Nicholson File Company Piedmont Aviation, Inc. $1.00 par common $1.00 par common Nielsen, A. C. Company Pittsburgh National Corporation Class A, common $10.00 par common Class B, common Pizza Hut, Inc. North American Life & Casualty Company $.01 par common $1.00 par common Professional Golf Company, Inc. North Carolina Natural Gas Corp. Common $2.50 par common Provident Life & Accident Insurance Co. North Central Airlines Inc. Common $.20 par common Provident Life Insurance Company Northwest Natural Gas Company $2.50 par common $3.00-1/6 par common Provident National Corporation Northwestern National Life Insurance Company $1.00 par common $2.50 par common Public Service Company of New Hampshire Noxell Corporation $5.00 par common Class B, non-voting, $1.00 par common Public Service Company of New Mexico Ocean Drilling & Exploration Company $5.00 par common $.50 par common Public Service Co. of N. C., Inc. Ohio Art Company $1.00 par common Common Publishers Company, Inc. $.40 par common Ohio Casualty Corporation $.50 par common Ransburg Electro-Coating Corp. Common Oil Shale Corporation, The $.15 par common Recognition Equipment Incorporated $.25 par common Old Line Life Insurance Company of America, The $1.33V6 par common Republic National Bank of Dallas $6.00 par capital Ormont Drug & Chemical Co., Inc. Republic National Life Insurance Company $.10 par common Common Otter Tail Power Company Richmond Corporation Common Common Overseas National Airways, Inc. Riggs National Bank $1.00 par common Common Ozite Corporation Rival Manufacturing Company $1.00 par common Common PNB Corporation Roberts Company $1.00 par common $1.00 par common Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 663 Russell Stover Candies, Inc. Taylor Wine Company, Inc., The Common $2.00 par common Safeco Corporation Texas American Oil Corporation $5.00 par common Common Scientific Control Corporation Texas International Airlines, Inc. $.20 par common Common Scott, O. M. & Sons Company, The Tiffany and Company Class A, non-voting, $.10 par common $1.00 par common Scripto, Inc. Titan Group, Inc. $.50 par common $1.00 par common Seattle-First National Bank Tracor, Inc. $10.00 par common Common Security National Bank (Huntington, New York) Transcontinental Gas Pipe Line Corporation $5.00 par common $.50 par common Security Pacific National Bank Travelodge International, Inc. $10.00 par capital No par common Seismic Computing Corp. Trico Products Corporation $.10 par common No par common Seven-Up Company, The Tropicana Products, Inc. $1.00 par common Common Shakespeare Company Trust Company of New Jersey, The Common $2.50 par common capital Shareholders Capital Corporation Tyson’s Foods, Inc. $.50 par common Common Shawmut Association, Inc. Unicoa Corporation Common (United Insurance Company of America) Shop Rite Foods, Inc. $2.50 par common Common United Convalescent Hospitals, Inc. Simon & Schuster Inc. $1.00 par common Common United Illuminating Company, The Smith’s Transfer Corporation No par common $2.50 par common United Life & Accident Insurance Co. Southern Industries Corporation Capital No par common United Services Life Insurance Company Southern New England Telephone Company, The $1.00 par common $25.00 par common United States Banknote Corporation Southern Union Gas Company $1.00 par common $1.00 par common United States Fidelity and Guaranty Company Southland Corporation, The Common $.01 par common United States Trust Company of New York Southwest Gas Corporation $5.00 par capital Common United Virginia Bankshares Incorporated Southwest Gas Producing Company, Inc. $10.00 par common $1.00 par common Valley National Bank of Arizona, The Southwestern Life Insurance Company $2.50 par common $2.50 par capital Variable Annuity Life Insurance Company, The Sovereign Industries, Inc. $1.00 par common $.04 par common Virginia Commonwealth Bankshares Spang Industries Inc. $5.00 par common $1.00 par common Virginia National Bank St. Paul Companies, Inc., The $5.00 par capital Common WPNB Corporation Standard Register Company, The $5.00 par common Common State Street Bank and Trust Company Wall $ a 5 c .0 e 0 B p u a s r i n c e o s m s m F o o n r ms, Inc. $10.00 par common Subscription Television, Inc. Warner Electric Brake & Clutch Company $1.00 par common $.01 par capital SUGARDALE FOODS, INC. Washington National Corporation No par common $5.00 par common Superior Electric Company, The Washington Natural Gas Company $1.00 par common $5.00 par common Tampax Incorporated Water Treatment Corporation $1.00 par common Common Tassette, Inc. Webb Resources, Inc. Common $.10 par common Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Wellington Management Company White Shield Corporation Class A, common $.05 par common Werner Continental, Inc. Winnebago Industries, Inc. $.50 par common $.50 par common Western Gear Corporation Wisconsin Power & Light Company $1.00 par common Common Western Publishing Company, Inc. Woodward & Lothrop Incorporated $1.00 par, $2.50 stated common $10.00 par common Westgate-Caufornia Corporation Class A, $5.00 par common 664 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication August 13 Industrial production rose slightly in July. Non- craft declined. However, output of farm equipment farm employment declined and the unemployment and trucks changed little. Among materials, produc­ rate rose. The value of retail sales increased. Com­ tion advanced in steel, consumer durable parts for mercial bank credit, the money supply, and time further processing, and most nondurable materials, and savings deposits increased. Between mid-July but output of construction materials continued to and mid-August yields on U.S. Government securi­ decline. ties rose moderately but yields on municipal bonds EMPLOYMENT declined. Nonfarm payroll employment declined further in INDUSTRIAL PRODUCTION July, while the unemployment rate moved back Industrial production rose 0.2 per cent in July, up to 5.0 per cent from 4.7 per cent in June; the following a similar decline in June, and, at 169.2 increase of joblessness occurred entirely among per cent of the 1957-59 average, the index was 3 adults. Practically all of the major industry groups per cent below a year earlier. Output of consumer participated in the July decline in employment. Em­ goods and materials increased and more than offset ployment was higher in State and local govern­ further declines in production of business and de­ ments, finance and transportation, and public fense equipment. utilities. The average factory workweek rose 0.1 Auto assemblies, after allowance for the model hour in July to 39.9 hours. changeover period, were at an annual rate of 8.5 RETAIL SALES million units, about the same as in June. Produc­ The value of retail sales apparently rose close to tion schedules for August are set at about the July 1.0 per cent in July with increased sales at both rate. Output was higher in most other consumer in­ durable and nondurable goods stores. Unit sales dustries, including television sets, appliances, and of new domestic autos were at an annual rate of nondurables, but production of furniture declined 8.5 million units, down slightly from June and 3 further in July. Declines in output among the per cent below a year earlier. equipment industries were widespread as production of industrial and commercial equipment and air- WHOLESALE AND CONSUMER PRICES The wholesale price index rose 0.6 per cent from INDUSTRIAL PRODUCTION early June to mid-July, with farm and food 1957-59=100 products up 1.5 per cent and industrial commodi­ ties up 0.2 per cent. The metals and metal prod­ 180 ucts group declined for the first time in more than a year and one-half, and since mid-July further 160 price cuts for nonferrous metals have been posted. 140 Prices for fuels, however, have continued to rise. Consumer prices increased 0.4 per cent in June, primarily as a result of higher prices for consumer 200 services, homes, and used cars. Food prices de­ 180 clined on a seasonally adjusted basis for the first time in 2 years. 160 BANK CREDIT, DEPOSITS, AND RESERVES 140 Commercial bank credit increased $5.6 billion in July following an average monthly rise of $1.4 bil­ lion in the second quarter. The sharp expansion F. R. Indexes, seasonally adjusted. Latest figures: July. reflected in part bank participation in two Treas­ 665 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ury bill financings and increased loans to brokers rowings increased substantially while excess re­ and dealers to finance expanded trading positions. serves remained about unchanged. It also reflected heavy borrowing by finance com­ SECURITY MARKETS panies, presumably associated with credit needs to meet open market paper maturities. Outstanding Yields in all maturity sectors of the U.S. Govern­ loans sold outright to bank affiliates showed little ment securities market rose moderately on balance further change in July following moderate growth between mid-July and mid-August. The 3-month over the second quarter. bill was bid at around 6.55 per cent in the middle The money supply increased $700 million in of August, about 5 basis points above its level a July or at about the same rate as in the second month earlier. Yields on intermediate-term coupon quarter. Time and savings deposits, however, rose issues rose around 10 to 15 basis points on average, by almost $6 billion—more than twice as rapidly largely in advance of the August quarterly refund­ as in the April-June period. Holdings of large- ing, while rates on other issues showed smaller denomination negotiable CD’s increased $3.8 bil­ increases. lion at large commercial banks between July 1 and Yields on newly issued corporate bonds fluctu­ July 29 following suspension of Regulation Q ated widely from mid-July to mid-August, but on ceiling rates on 30- to 89-day maturities in late balance changed little over the period. Seasoned June. Growth in consumer-type time and savings corporate bond yields continued to move lower. deposits at large banks, and in total time and savings Yields on long-term bonds of State and local gov­ deposits at small banks, was also much more sub­ ernments have dropped about 40 basis points over stantial than usual. the past 30 days. Net borrowed reserves of member banks aver­ Stock prices were somewhat higher in the second aged about $1.1 billion over the 5 weeks ending week of August than they had been in mid-July, July 29, compared with an average level of $730 with trading volume on the major exchanges re­ million over the second quarter. Member bank bor- maining relatively light. PRICES INTEREST RATES Wholesale Consumer PER CENT 1957-59=100 Bureau of Labor Statistics. “Farm products and foods” is Discount rate, range or level for all F.R. Banks. Weekly BLS “Farm products, and processed foods and feeds.” Latest average market yields for U.S. Govt, bonds maturing in 10 figures: Consumer, June; Wholesale, July. years or more and for 90-day Treasury bills. Latest figures: week ending Aug. 7. 666 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 a AUGUST 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 (flows through Q1 1970) 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 (other than flow of funds): A 95 Banking offices and deposits of banks in holding company groups, December 31, 1969 Number of banking offices: A 96 Analysis of changes A 97 On, and not on, Federal Reserve Par List Insured commercial banks, 1969: A 98 Income, expenses, and dividends Member banks, 1969: Income, expenses, and dividends: A 98 By class of bank and Federal Reserve district A 106 By size of bank A 108 Income ratios, by class of bank and Federal Reserve district Operating ratios: A 114 By size of bank A 118 By Federal Reserve district A 127 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 HI,IV Quarters U Uses of funds * Amounts insignificant in terms of the par­ n.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 in­ stances: (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 Aug. 1970 A-70—A-71.9 Banks and branches, number, by class and State................................... Apr. 1970 A-94—A-95 Semiannually Flow of funds: Assets and liabilities: Banking offices: 1967................................................. May 1968 A-67.10-A-67.il Analysis of changes in number___ Aug. 1970 A-96 1955-68............................................ Nov. 1969 A-71.10—A-71.20 On, and not on, Federal Reserve Flows: Aug. 1970 A-97 1955-68............................................ Nov. 1969 A-70—A-71.9 Income and expenses: Annually Federal Reserve Banks.................... Feb. 1970 A-94—A-95 Insured commercial banks............. Aug. 1970 A-98 Bank holding companies : Member banks: June 1970 A-94 Calendar year................................ Aug. 1970 A-98—A-107 Banking offices and deposits of Income ratios................................ Aug. 1970 A-108—A-113 group banks, Dec. 31, 1969. . . . Aug. 1970 A-95 Operating ratios............................ Aug. 1970 A-114—A-119 Mar. 1970 A-94—A-107 Stock exchange firms, detailed debit July 1970 A-94—A-97 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 □ AUGUST 1970 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Reserve Bank credit outstanding Treas­ Period or date U.S. Govt, securities 1 Special ury Dis­ Gold Drawing cur­ u H n e d l e d r co a u n n d ts Float 2 O F t . h R e . r stock ce R rt i i g fi h c t a s te re o n u c t y ­ Bought repur­ ad­ assets 3 account stand­ Total out­ chase vances ing right agree­ ment Averages of daily figures 1939—Dec............................. 2,510 2,510 8 83 2,612 17,518 2,956 1941—Dec............................. 2,219 2,219 5 170 2,404 22,759 3,239 1945—Dec............................. 23.708 23,708 381 652 24,744 20,047 4,322 1950—Dec............................. 20,345 20,336 142 1,117 21,606 22,879 4,629 1960—Dec............................. 27,248 27,170 78 94 1,665 29,060 17,954 5,396 1965—De c 40,885 40,772 113 490 2,349 43,853 13,799 5,565 1966—De c 43,760 43,274 486 570 2,383 46,864 13,158 6,284 1967—De c 48,891 48,810 81 238 2,030 51,268 12,436 6,777 1968—De c 52,529 52,454 75 765 3,251 56,610 10.367 6,810 1969—Jul y 54,298 54,252 46 1,190 2,684 2,670 60,887 10.367 6,737 Aug............................. 54,599 54,334 265 1,249 1,230 2,672 60,876 10.367 6,739 Sept............................ 53,840 53,722 118 1,067 2,477 3,032 60,459 10.367 6,761 Oct.............................. 54.708 54,497 211 1,135 2,462 3,153 61,516 10.367 6,785 Nov............................ 56.499 56,424 75 1,241 2,541 2,460 62,788 10.367 6,810 Dec............................. 57.500 57,295 205 1,086 3,235 2,204 64,100 10.367 6,841 1970—Ja................................n 56,273 56,182 91 965 3,442 2,114 62,867 11,141 155 6,856 Feb............................. 55,949 55,548 401 1,099 2,476 1,853 61,468 11.367 243 6,869 Mar............................ 55,780 55,695 85 936 2,551 2,061 61,388 11.367 345 6,891 Apr............................. 55,982 55,787 195 877 3,275 2,209 62,424 11.367 400 6,919 May........................... 57,265 57,179 86 1,066 2,985 1,708 63,087 11.367 400 6,967 June........................... 57,630 57,584 46 978 2,824 1,369 62,843 11.367 400 6,999 JulyP.......................... 58,219 58,003 216 1,432 2,879 1,302 63,890 11.367 400 6,994 Week ending— 1970—May 6..................... 57,178 56,914 264 864 3,080 2,228 63,443 11.367 400 6,949 13..................... 57,311 57,311 900 2,932 2,098 63,295 11.367 400 6,959 20..................... 57,435 57,261 i 74 1,269 3,196 1,589 63,562 11.367 400 6,968 27..................... 57,040 57,040 1,023 2,845 1,294 62,252 11.367 400 6,974 June 3..................... 57,388 57,295 93 1,314 2,785 1,192 62,729 11.367 400 6,981 10..................... 57,540 57,438 102 947 2,601 1,228 62,368 11.367 400 6,991 17..................... 57,977 57,977 748 2,950 1,371 63,084 11.367 400 6,996 24..................... 57,299 57,299 977 3,180 1,424 62,918 11.367 400 7,004 July 1..................... 57,744 57,744 1,081 2,639 1,521 63,017 11.367 400 7,007 8..................... 57,671 57.671 1,384 3,213 1,378 63,680 11.367 400 7,000 15*................... 58,402 57.671 731 1,771 2,681 1,250 64,201 11.367 400 6,988 22?............. 58,535 58,309 226 1,470 3,167 1,257 64,504 11.367 400 6,990 29 p................... 58,267 58,267 1,271 2,578 1,307 63,459 11.367 400 6,993 End of month 1970—May........................... 57,307 57,307 1 ,451 2,883 1,184 62,867 11.367 400 6,970 June........................... 57,714 57,714 420 2,562 1,556 62,284 11.367 400 6,986 July*.......................... 58,597 58,597 1 ,292 2,417 1 ,343 63,686 11.367 400 6,999 Wednesday 1970—May 6..................... 57,857 757,490 367 532 3,074 2,090 63,667 11.367 400 6,952 13..................... 57,185 757,185 850 2,818 2,108 63,015 11.367 400 6,966 20..................... 57,370 757,370 535 2,901 1,368 62,224 11.367 400 6,971 27..................... 57,115 757,115 979 2,464 1,179 61,783 11.367 400 6,978 June 3..................... 57,698 757,344 354 1,335 2,782 1,215 63,095 11.367 400 6,989 10..................... 57,552 757,552 834 2,184 1,261 61,869 11.367 400 6,994 17..................... 57,823 757,823 459 3,622 1,414 63,356 11.367 400 6.999 24..................... 57,005 6 757,005 840 2,490 1,541 61,910 11.367 400 7.008 July Ip................... 57,714 757,714 924 2,605 1,361 62,638 11.367 400 7.009 8p............. 57,671 757.671 1,597 2,680 1,399 63,381 11.367 400 6.988 15P............. 58,839 757.671 1,168 2,037 2,796 1,233 65,037 11.367 400 6.988 22P................... 58,138 6758,138 1,215 2,734 1,284 63,408 11.367 400 6,991 29p................... 58,338 758,338 816 2,295 1,330 62,816 11.367 400 6.999 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 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 Cur­ reserves. Other reserves Period or date rency Treas- with F.R. Banks Other F.R. in F.R. lia­ cir­ cash ac­ bilities c ti u o la n ­ ings T u re r a y s­ F ei o g r n ­ Other 2 counts3 ca a p n it d al3 B F W a . n R it k h . s c r C e a o n n u i c n d r y ­ 5 Total Averages of daily figures 7,609 2,402 616 7319 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. 51,256 657 1,117 142 473 2,038 22,309 4,671 26,980 .........................1969—.July 51,328 671 881 141 469 2,062 22,430 4,649 27,079 ......................................Aug. 51,438 678 597 128 454 2,055 22,238 4.733 26,971 .....................................Sept. 51,683 665 983 121 479 2,078 22,659 4,681 27,340 ......................................Oct. 52,468 666 1,074 135 445 2,140 23,037 4,727 27,764 .....................................Nov. 53,591 656 1,194 146 458 2,192 23,071 4,960 28,031 ......................................Dec. 52,722 655 1,206 170 642 2,044 23,580 5,278 28,858 .........................1970—Jan. 52,113 610 1,060 182 710 2,160 23,112 4.864 27,976 ......................................Feb. 52,412 575 1,148 219 763 2,134 22,740 4.733 27.473 ......................................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 23,105 4,805 27,910 ......................................May 54,125 495 1,065 165 801 2,255 22,703 4.864 27,567 ......................................June 54,699 450 1,147 191 763 2,253 23,148 4,952 28,100 ......................................July*5 Week ending— 53,111 557 1,513 192 854 2,243 23,688 4,899 28,587 ...................1970—May 6 53,568 545 1,726 247 886 2,255 22,794 4,951 27,745 ..........................................13 53,589 542 1,431 203 854 2,132 23,546 4,549 28,095 ..........................................20 53,517 538 1,265 119 804 2,199 22,552 4,779 27,331 ..........................................27 53,774 524 1,230 134 801 2,292 22,721 4,892 27,613 ................................June 3 54,037 516 819 145 793 2,369 22,448 5,021 27,469 ..........................................10 54,261 499 1,010 157 835 2,180 22,905 4,798 27,703 ..........................................17 54,172 484 1,195 207 800 2,189 22,641 4,632 27,273 ..........................................24 54,178 456 1,129 163 786 2,256 22,823 5,000 27,823 ................................July 1 54,653 444 1,311 186 791 2,321 22,739 5,108 27,847 .......................................... 8 54,990 437 1,197 225 742 2,282 23,083 5,129 28,212 ..............................15p 54,747 455 1,036 181 748 2,170 23,923 4,439 28,362 ..........................................22v 54,488 460 1,059 173 758 2,217 23,065 5,090 28,155 ..........................................29*> End of month 53,665 512 1,198 128 788 2,271 23,041 4,898 27,939 .........................1970—May 54,351 439 1,005 168 806 2,275 21,991 4,999 26,990 ......................................June 54,463 461 1,200 199 782 2,343 23,004 5,074 28,078 ......................................July*7 Wednesday 53,463 552 1,323 168 869 2,297 23,713 4,901 28,614 ...................1970—May 6 53,725 549 1,691 232 955 2,072 22,524 4,951 27,475 ..........................................13 53,603 551 742 141 813 2,153 22,959 4,554 27,513 ..........................................20 53,739 532 1,305 109 813 2,227 21,803 4,780 26,583 ..........................................27 53,978 528 1,253 131 815 2,335 22,811 4,898 27,709 ................................June 3 54,310 511 880 117 795 2,377 21,640 5,028 26,668 ..........................................10 54,347 495 1,092 197 797 2,152 23,042 4,801 27,843 ..........................................17 54,223 475 1,136 246 815 2,208 21,581 4,634 26,215 ..........................................24 54,475 444 900 185 813 2,284 22,314 4,990 27,304 ...............................July 1* 55,050 439 1,059 160 864 2,339 22,225 5,109 27,334 .......................................... 8 p 55,003 457 1,133 173 696 2,143 24,188 5,130 29,318 ..........................................15 p 54,719 461 981 180 770 2,182 22,873 4,439 27,312 ..........................................22 p 54,587 464 1,038 171 767 2,234 22,321 5,090 27,411 ..........................................29 p 1 U.S. Govt, securities include Federal agency obligations. 5 Part allowed as reserves Dec. 1, 1959—Nov. 23, 1960; all allowed 2 Beginning with 1960 reflects a minor change in concept; see Feb. thereafter. Beginning with Jan. 1963, figures are estimated except for 1961 Bulletin, p. 164. weekly averages. Beginning Sept. 12, 1968, amount is based on close- 8 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. 1 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 □ AUGUST 1970 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks New York City City of Chicago Period Reserves Bor­ Reserves Bor­ Reserves Bor­ T h o e t ld al qu R i e re ­ d1 Excess B r F i o a n a . n w g R t k s ­ . s s F e r r r v e e e ­ e s T h o e t ld al qu R ir e e ­ d 1 Excess B r F i o a n . a n w R g t k s . ­ s ser F r v r e e e ­ s e T h o e t ld al qu R ir e e ­ d1 Excess B r F i a o n a . n w R g t k s . ­ s s F e r r r v e e e ­ e s 1939—Dec 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 2,611 1,141 601 540 540 1941—Dec 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 1,143 848 295 295 1945—Dec 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1950—Dec. 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 1,191 8 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 1965—Dec. 22,719 22,267 452 454 -2 4,301 4,260 41 111 -70 1,143 1,128 15 23 -8 1966—Dec. 23,830 23,438 392 557 -165 4,583 4,556 27 122 -95 1,119 1,115 4 54 -50 1967—Dec. 25,260 24,915 345 238 107 5,052 5,034 18 40 -22 1,225 1,217 8 13 -5 1968—Dec. 27,221 26,766 455 765 -310 5,157 5,057 100 230 -130 1,199 1,184 15 85 -70 1969—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 -78r 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, 27,910 27,729 181 976 -795 5,307 5,302 5 176 -171 1,285 1,287 -2 23 25 June 27,567 27,380 187 888 -701 5,201 5,164 37 132 -95 1,250 1,247 3 3 July* 28,100 27,994 106 1,358 -1,252 5,318 5,314 3 269 -266 1,290 1,293 -3 129 -132 Week ending— 1969—July 2.... 27,500 27,004 496 1,634 -1,138 5,013 4,857 156 138 18 1,220 1,202 18 8 10 9. .. . 27,176 27,063 113 1,020 -907 4,816 4,870 -54 -54 1,209 1,222 -13 5 -18 16. ... 27,275 27,099 176 1,279 -1,103 5,027 4,971 56 i 37 -81 1,261 1,265 -4 15 -19 23.... 27,164 26,782 382 1,354 -972 4,909 4,822 87 89 -2 1,200 1,190 10 10 30.... 26,594 26,448 146 1,269 -1,123 4,630 4,593 37 154 -117 1,143 1,152 -9 4 -13 1970—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.... 28,095 27,881 214 1,179 -965 5,515 5,433 82 332 -250 1,311 1,312 -1 -1 27... . 27,331 27,287 44 933 -889 5,023 5,069 -46 86 -132 1,251 1 ,243 8 8 June 3. ... 27,613 27,418 195 1 ,224 -1 ,029 5,198 5,145 53 287 -234 1 ,245 1,262 -17 -17 10.... 27,469 27,333 136 857 -721 5,175 5,193 -18 195 -213 1 ,281 1,262 19 19 17. ... 27,703 27,430 273 658 -385 5,289 5,244 45 11 34 1,229 1 ,252 -23 -23 24... . 27,273 27,185 88 887 -799 5,099 5,052 47 97 -50 1,209 1,203 6 6 July 1 . ... 27,823 27,550 273 991 -718 5,221 5,176 45 119 -74 1,253 1,267 -14 -14 8. ... 27,847 27,773 74 1,294 -1,220 5,188 5,233 -45 389 -434 1,286 1,275 11 36 -25 15*. .. 28,212 27,982 230 1,681 -1,451 5,439 5,381 58 493 -435 1,308 1,306 2 125 -123 22*. .. 28,362 28,195 167 1,387 -1,220 5,421 5,384 37 166 -129 1,311 1,311 200 -200 29*. .. 28,155 28,061 94 1,231 -1,137 5,264 5,260 4 80 -76 1,274 1,286 -12 182 -194 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1970 □ BANK RESERVES AND RELATED ITEMS A 7 RESERVES AND BORROWINGS OF MEMBER BANKS— Continued (In millions of dollars) Other reserve city banks Country banks Reserves Reserves Borrow­ Borrow­ Period ings at Free ings at Free F.R. reserves F.R. reserves T h o e t ld al Required1 Excess Banks T h o e t l a d l Required1 Excess Banks 3,140 1,953 1,188 1,188 1,568 897 671 3 668 ..............................1939—Dec. 4,317 3,014 1,303 1 1,302 2,210 1,406 804 4 800 ..............................1941—Dec. 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 ..............................1945—Dec. 6,689 6,458 232 50 182 4,761 4,099 663 29 634 ..............................1950—Dec. 7,950 7,851 100 20 80 6,689 6,066 623 40 583 8,393 8,325 68 190 -122 7,347 6,939 408 74 334 ..............................1963—Dec. 8,735 8,713 22 125 -103 7,707 7,337 370 55 315 9,056 8,989 67 228 -161 8,219 7,889 330 92 238 ..............................1965—Dec. 9,509 9,449 61 220 -159 8,619 8,318 301 161 140 ..............................1966—Dec. 10,081 10,031 50 105 -55 8,901 8,634 267 80 187 ..............................1967—Dec. 10,990 10,900 90 270 -180 9,875 9,625 250 180 70 .............................1968—Dec. 10,752 10,846 -94 517 -611 10,194 9,994 200 582 -382 .............................1969—July 10,814 10,730 84 480 -396 10,114 9,928 186 637 -451 10,668 10,654 14 461 -447 10,113 9,928 185 468 -283 10,745 10,772 -27 531 -558 10,172 10,007 165 447 -282 10,888 10,841 47 572 -525 10,256 10,066 190 443 -253 10,970 10,964 6 479 -473 10,335 10,158 177 321 -144 11,296 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 11,038 11,066 -28 372 -400 10,281 10,143 138 162 -24 10,978 10,948 30 477 -447 10,340 10,192 148 300 -152 10,849 10,847 2 489 -487 10,267 10,122 145 267 -122 11,065 11,117 -52 682 -734 10,427 10,270 158 278 -120 ..........................................JulyP Week ending— 11,012 10,907 105 791 -686 10,255 10,038 217 697 -480 .......................1969—July 2 10,921 10,966 -45 494 -539 10,230 10,005 225 521 -296 .............................................. 9 10,877 10,946 -69 628 -697 10,110 9,917 193 499 -306 ..............................................16 10,913 10,786 127 604 -477 10,142 9,984 158 661 -503 ..............................................23 10,600 10,674 -74 448 -522 10,221 10,029 192 663 -471 ..............................................30 10,773 10,751 22 404 -382 10,167 9,987 180 339 -159 .......................1970—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 -111 10,794 10,891 -97 301 -398 10,208 10,029 179 178 1 .............................................. 8 11,208 11,194 14 395 -381 10,220 10,066 154 139 15 11,093 11,128 -35 306 -341 10,296 10,166 130 118 12 ..............................................22 11,069 11,072 -3 511 -514 10,411 10,269 142 211 -69 ..............................................29 11,210 11,145 65 382 -317 10,487 10,335 152 213 -61 10,882 10,913 -31 442 -473 10,301 10,134 167 204 -37 ..............................................13 10,986 10,993 -7 553 -560 10,283 10,143 140 294 -154 ..............................................20 10,748 10,793 -45 397 -442 10,309 10,182 127 450 -323 ..............................................27 10,877 10,884 -7 598 -605 10,293 10,127 166 339 -173 10,790 10,834 -44 407 -451 10,223 10,044 179 255 -76 ..............................................10 10,971 10,868 103 428 -325 10,214 10,066 148 219 -71 ..............................................17 10,712 10,789 -77 561 -638 10,253 10,141 112 229 -117 ..............................................24 10,922 10,879 43 539 -496 10,427 10,228 199 333 -134 ....................................July 1 10,950 11,040 -90 629 -719 10,423 10,225 198 240 -42 .............................................. 8 11,121 11,136 -15 789 -804 10,344 10,159 185 274 -89 ..............................................15p 11,203 11,207 -4 699 -703 10,427 10,293 134 322 -188 ..............................................22 v 11,101 11,157 -56 683 -739 10,518 10,358 160 286 -126 ..............................................29 p 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 open­ ing figures for allowable cash; see also note 3 to preceding table. Note.—Averages of daily figures. Monthly data are averages of daily Required reserves: Based on deposits as of opening of business each day. figures within the calendar month; they are not averages of the 4 or 5 Borrowings at F.R. Banks: Based on closing figures. weeks ending on Wed. that fall within the month. Beginning with Jan. 1964, reserves are estimated except for weekly averages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 8 MAJOR RESERVE CITY BANKS a AUGUST 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 ding— s E e x r r v c e e e ­ s ss 1 r a o B t B w a F o n in . r k R ­ g s s . F t f i b e r n u N a a d t n n n e e e d s t r r k s a ­ . l S d u e r o f p i r c lu it s r P r e e e q a s r v u e o c r g i f v r e . e n e d s t c P ha u s r e ­ s Sales t a w c t T r t o a i o - o n w t n a s s a ­ l y 2 b c b o u P h a f y a u n n s i k r n e e ­ s g s t s b o S e a f l a n l n l i e k n e s g s t d L ea o t l o a e n r s s3 de f r B i r a o n o o l w g e m r s r ­ ­ s4 lo N a e n t s Total—46 banks 1970—June 3............. 145 618 4,188 -4,661 39.4 7,404 3,216 2,716 4,688 499 877 367 510 10............. 24 433 5,407 -5,815 49.0 8,551 3,144 2,780 5,771 365 714 313 401 17............. 162 252 5,444 -5,534 46.4 8,519 3,075 2,910 5,609 165 609 349 260 24............. 142 410 4,907 -5,176 44.5 7,822 2,915 2,407 5,415 508 837 341 496 July 1............. -57 352 3,763 -4,173 34.8 7,308 3,545 2,801 4,508 745 757 173 584 8............. -23 772 4,730 -5,525 45.9 8,004 3,274 2,719 5,285 555 1,017 119 898 15............. 49 1,039 5,544 -6,535 53.2 8,448 2,903 2,420 6,028 484 642 191 451 22............. 99 670 4,788 -5,360 43.6 7,805 3,017 2,570 5,235 446 1,019 155 864 29............. 60 557 4,311 -4,807 39.9 7,275 2,964 2,476 4,798 488 1,978 142 1,836 8 in New York City 1970—June 3............. 51 269 947 -1,165 24.9 2,174 1,227 997 1 ,177 231 563 143 421 10............. 12 195 1,770 -1,953 41.3 2,818 1,048 1,029 1,789 19 486 105 381 17............. 52 1,565 -1,512 31.6 2,643 1,078 1,008 1,635 70 438 117 321 24............. 88 97 1,508 -1,518 33.0 2,540 1,032 960 1 ,580 72 562 117 445 July 1............. 52 93 1,012 -1,052 22.4 2,339 1,327 1,218 1,121 109 573 100 473 8............. -13 360 1,821 -2,194 46.0 2,699 878 878 1,821 723 62 661 15............. 29 468 1 ,710 -2,148 43.8 2,689 980 930 1,760 50 485 140 345 22............. 66 139 1,087 -1,161 23.8 2,222 1,134 1,098 1,123 36 688 126 562 29............. 48 29 831 -812 17.0 2,135 1,304 926 1,210 379 1 ,096 112 983 38 outside New York City 1970—June 3............. 94 349 3,241 -3,496 48.9 5,230 1,989 1 ,720 3,510 269 314 225 90 10............. 12 238 3,637 -3,862 54.2 5,733 2,096 1,751 3,982 345 227 208 20 17............. 110 252 3,880 -4,022 56.4 5,876 1,997 1,902 3,974 95 172 232 +60 24............. 54 313 3,399 -3,658 52.1 5,282 1,884 1,447 3,835 436 275 224 52 July 1............. -110 260 2,751 -3,120 42.9 4,969 2,218 1,583 3,387 636 183 72 111 8............. -11 412 2,909 -3,331 45.9 5,305 2,396 1,841 3,464 555 293 56 237 15............. 20 571 3,835 -4,387 59.4 5,758 1,924 1,490 4,268 434 158 51 106 22............. 33 531 3,701 -4,199 56.7 5,584 1,883 1,472 4,112 410 330 29 301 29............. 12 528 3,480 -3,995 54.8 5,140 1,660 1,551 3,589 109 882 30 852 5 in City of Chicago 1970—June 3 _5 1,248 -1,253 108.9 1,543 295 295 1,248 65 65 10 18 1,465 -1 *447 125.8 1,813 349 349 1,464 113 113 17 6 1 ,249 -1,242 108.8 1,654 406 406 1,249 67 67 24___ 15 1,291 -1,276 116.7 1 ,649 358 358 1 ,291 86 86 July 1............. 3 1 ,101 -1,098 94.8 1,509 409 409 1 ,101 69 69 8 7 36 893 -923 79.2 1 ,279 386 386 893 101 101 15 ... 9 125 1 ,445 -1,561 130.0 1,805 360 360 1,445 41 41 22___ 9 200 1 ,330 -1 521 127.5 1 ,589 259 259 1 ,330 62 62 29............. 2 182 995 — 1 ^175 100.2 1 ,309 314 314 995 103 103 33 others 1970—June 3............. 100 349 1,993 -2,243 37.4 3,687 1,694 1,425 2,262 269 249 225 24 10............. -6 238 2,172 -2,416 40.4 3,920 1 ,748 1 ,402 2,518 345 115 208 +93 17............. 103 252 2,631 -2,779 46.4 4,222 1 ,591 1,497 2,725 95 105 232 + 127 24............. 39 313 2,108 -2,382 40.2 3,633 1 ,526 1,090 2,544 436 190 224 + 34 July 1............. -113 260 1,650 -2,023 33.1 3,460 1,810 1,174 2,286 636 114 72 42 8............. -17 375 2,016 -2,408 39.5 4,026 2,010 1 ,455 2,571 555 193 56 137 15............. 11 446 2,390 -2,825 45.7 3,953 1,564 1,130 2,823 434 116 51 65 22............. 25 331 2,371 -2,678 43.1 3,995 1,623 1,213 2,782 410 268 29 239 29............. 10 346 2,485 -2,820 46.1 3,830 1,346 1,237 2,594 109 779 30 749 1 Based upon reserve balances, including all adjustments applicable to banks, repurchase agreements (purchases of securities from dealers the reporting period. Prior to Sept. 25,1968, carryover reserve deficiencies, subject to resale), or other lending arrangements. if any, were deducted. Excess reserves for later periods are net of all carry­ 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

AUGUST 1970 a DISCOUNT RATES A 9 FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Discounts for and advances to member banks Advances to all others under Advances and discounts under Advances under last par. Sec. 133 Federal Reserve Bank Secs. 13 and 13a i Sec. 10(b)2 J R u a 1 ly t 9 e 7 0 3 o 1 n , Ef d fe a c t t e ive Pre ra v t i e ous J R u a 1 ly t 9 e 7 0 3 o 1 n , Ef d fe a c t t e ive Pre r v at i e ous J R u a 1 ly t 9 e 7 0 3 o 1 n , Ef d fe a c t t e ive Pre r v at i e ous Boston................................................. 6 Apr. 8, 1969 5 Vi 6 Vi Apr. 8, 1969 6 7 Vi Feb. 2, 1970 7 New York.......................................... 6 Apr. 4, 1969 5Vi 61/z Apr. 4, 1969 6 7 Vi Apr. 4, 1969 7 Philadelphia........................................ 6 Apr. 4, 1969 5% 6Vi Apr. 4, 1969 6 7 Vi Feb. 10, 1970 7 Cleveland............................................ 6 Apr. 4, 1969 5 Vi 6Vi Apr. 4, 1969 6 7 Vi Apr. 4, 1969 7 Richmond........................................... 6 Apr. 4, 1969 5 Vi 61/2 Apr. 4, 1969 6 7 Vi Feb. 18, 1970 7 Atlanta................................................ 6 Apr. 4, 1969 5% 6 Vi Apr. 4, 1969 6 7 Vi Feb. 10, 1970 7 Chicago............................................... 6 Apr. 4, 1969 5Vi 6Vi Apr. 4, 1969 6 7 Vi Mar. 4, 1970 7 St. Louis.............................................. 6 Apr. 4, 1969 5 Vi 6Vi Apr. 4, 1969 6 7 Vi Mar. 16, 1970 7 Minneapolis........................................ 6 Apr. 4, 1969 5 Vi 61/2 Apr. 4, 1969 6 7 Vi Apr. 4, 1969 6 Vi Kansas City........................................ 6 Apr. 4, 1969 5 Vi 61/2 Apr. 4, 1969 6 7 Vi Feb. 18, 1970 7 Dallas................................................... 6 Apr. 4, 1969 5 Vi 6 Vi Apr. 4, 1969 6 7 Vi Feb. 18, 1970 7 San Francisco.................................... 6 Apr. 4, 1969 5 Vi 6 Vi Apr. 4, 1969 6 7 Vi Feb. 2, 1970 7 1 Discounts of eligible paper and advances secured by such paper or by 2 Advances secured to the satisfaction of the F.R. Bank. Maximum U.S. Govt, obligations or any other obligations eligible for Federal maturity: 4 months. Reserve Bank purchase. Maximum maturity: 90 days except that dis­ 3 Advances to individuals, partnerships, or corporations other than counts of certain bankers’ acceptances and of agricultural paper may member banks secured by direct obligations of, or obligations fully have maturities not over 6 months and 9 months, respectively. guaranteed as to principal and interest by, the U.S. Govt, or any agency thereof. Maximum maturity: 90 days. FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Range F.R. Range F.R. Range F.R. Effective (or level)— Bank Effective (or level)- Bank Effective (or level)— Bank date All F.R of date All F.R. of date All F.R. of Banks N.Y. Banks N.Y. Banks N.Y. In effect Dec. 31, 1941 1 -1% 1955—Cont. 1960 Sept. 9................. 2 -2i/4 3 Vi-4 4 O A c p t r . . 3 1 1 0 5 1 . . . . . . . . . . . . . . . . . . . . . . . 1 . . . . . . 9 . . . . . . 4 . . . . . . 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . t t V % i - tV 1 1 i Nov. 2 1 1 3 8 3. . . . . . . . .. . . . . .. . . . . .. . . . . . . . . . . .. . . . . .. . . . . . . . . . . . 2 21 V /4 i Aug. 1 1 1 2 0 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 V 3 3 i - V - 3 4 i Vi 3 3 3 3 , V /i i 1946 1956 1963 A M p a r y . 2 1 5 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . t V 1 i-1 Apr. 2 1 0 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2V *4 a July 2 1 6 7. . . . . . . . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 3 3 - V 3 i Vi 3Vi 1948 Aug. 2 3 4 1 . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . 2Va 3 -3 3 3 Nov. 24.... 1 .. 9 .. 6 .. 4 ...................... 3 Vi-4 4 Jan. 12......................... 1 -U/4 1957 30................................ 4 4 19......................... W4 i 8 Aug. 13......................... W4-m Aug. 9................. 3 -3 Vi 3 1965 23......................... m 18 Nov. 2 1 5 3 ... .............. 3 -3'A 3 3'A 13................................ 4 4V -4 i Vi 4lA 1950 Dec. 2................. 3 1967 Aug. 21......................... 1958 4 -4 Vi 4 25......................... !8 Jan. 22.................. 14................................ 4 4 1953 Mar. 2 7. 4 .. ................ 2^-3 2% 4 4V -4 i Vi 4 4I a A Jan. 2 1 3 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . l% 2 -2 2 1 1 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 f,y4 2 2V V 4 4 1968 A M Fe p a b r y . . 2 1 1 1 5 1 4. . 6 5 . . . . . . . . . . . . . . . . . . . . . 1 . . . . . . . 9 . . . . 5 . . . . . . 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . l% m W -2 a A N A S O M e o u c p a p t g v r y . t . . . . 2 2 1 1 1 7 9 4 3 2 5 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 i 8 V 2 2 4 - V § - 2 2 i V % 4 2 2 2 ? 1 V % i D A e u c g . . 2 2 2 3 1 1 0 6 0 2 8 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 5 4 1 1 V 5 5 5 5 4 4 i - % - - V - V 5 5 5 5 i i V V V i i i 5 5 5 5 5 5 5 4 V V * V V V V / 4 i i i i i i 1955 1959 1969 Apr. 14......................... Mar. 6................... 2Vi-3 3 5 Vi-6 6 15.......................... 16................... 3 3 8................................ 6 6 A M u a g y . 4 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . iy4-iy4 J M un ay e 2 1 9 2. . . . . . . . . . . .. . . . . .. . . . . . . . . . . . . . . . . . . . 3 3% -3 Vi 38 1970 5.......................... Sept. 11................... 3%-4 4 12......................... 18................... 4 4 In effect July 31, 1970.... 6 6 t Preferential rate of Vi of 1 per cent for advances secured by U.S. in the following periods (rates in percentages): 1955—May 4-6, 1.65; Govt, obligations maturing in 1 year or less. The rate of 1 per cent was Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug. continued for discounts of eligible paper and advances secured by such 24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31-Nov. 17, Dec. 28-29, paper or by U.S. Govt, obligations with maturities beyond 1 year. 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3^4, 2.50; June 29, 2.75; July 20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3, Note.—Discount rates under Secs. 13 and 13a (as described in table 2.75; 1962—Mar. 20-21, 2.75; 1964—Dec. 10, 3.85; Dec. 15, 17, 22. 24, above). For data before 1942, see Banking and Monetary Statistics, 28, 30, 31, 3.875; 1965—Jan. 4-8, 3.875; 1968—Apr. 4,5,11, 15,16,5.125; 1943, pp. 439-42. Apr. 30, 5.75; May 1-3, 6, 9, 13-16, 5.75; June 7, 11-13, 19, 21,24, 5.75; The rate charged by the F.R. Bank of N.Y. on repurchase contracts July 5, 16, 5.625; Aug. 16, 19, 5.25. against U.S. Govt, obligations was the same as its discount rate except Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 10 RESERVE AND MARGIN REQUIREMENTS a AUGUST 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 4-3 deposits 2 deposits 2-4 (all classes of banks) Time depos­ its Reserve Country Other Effective date i b C re a e c s n n i e k t t r y s r v a e 3 l b s c R a e i n r t e v y k ­ e s C ba t o r n u y k n s ­ c b l a a ( o n a s l s k f l e s s ) Effective date i $ U 5 n c m d it e i y l r ­ ba $ n O 5 k v m s e i r l ­ $ U 5 n m de b il r a ­ nk $ s O 5 v m e i r l ­ d S e in i p a t g s v o s ­ s­ $ U 5 ti n m m d e e il r ­ d ep $ O 5 o s v m it e s i r l ­ lion lion lion lion lion lion In effect Dec. 31, 1949. 22 18 12 1966—July 14,21. 12 6 4 64 Sept. 8, 15. 1951—Jan. 11,16.......... 23 19 13 Jan. 25, Feb. 1. 24 20 14 1967—Mar. 2. 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. 19% 17% nvi Mar. 20, Apr. 1. 19 17 1969—Apr. 17............. 17 17% 12% 13 Apr. 17................. 18% Apr. 24................. 18 16% In effect July 31, 1970. 17 17% 12% 13 I960—Sept. 1................. 17% Nov. 24................. 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 Regula­ tion M to maintain, against its foreign branch deposits, a reserve equal Note.—All required reserves were held on deposit with F.R. Banks to 10 per cent of the amount by which (1) net balances due to, and certain June 21, 1917, until Dec. 1959. From Dec. 1959 to Nov. 1960, member assets purchased by, such branches from the bank’s domestic offices and banks were allowed to count part of their currency and coin as reserves; (2) credit extended by such branches to U.S. residents exceed certain effective Nov. 24, 1960, they were allowed to count all as reserves. For specified base amounts. Regulation D imposes a similar 10 per cent reserve further details, see Board’s Annual Reports. MARGIN REQUIREMENTS (Per cent of market value) Effective date Regulation 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 80 65 Registered bonds convertible into margin stocks 50 60 50 For short sales.............................................................. 50 70 90 70 50 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 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

AUGUST 1970 a MAXIMUM INTEREST RATES; BANK DEPOSITS A 11 MAXIMUM INTEREST RATES PAYABLE ON TIME AND SAVINGS DEPOSITS (Per cent per annum) Rates Jan. 1, 1962—July 19, 1966 Rates beginning July 20, 1966 Effective date Effective date Type of deposit Type of deposit Jan. 1, July 17, Nov. 24, Dec. 6, July 20, Sept. 26, Apr. 19, Jan. 21, 1962 1963 1964 1965 1966 1966 1968 1970 Savings deposits: 1 Savings deposits............. 4Vi 12 months or more.. 4 4 Other time deposits:2 Less than 12 months. 3Vi 3% Multiple maturity:3 30-89 days.......... 4 4Vi 90 days-1 year.. 1 year to 2 years. 5 2 years and over., k Single-maturity: Less than $100,000: Other time deposits: 2 30 days to 1 year.. 5 12 months or more 1 year to 2 years.. 5 Vi 5Vi 6 months to 12 months 4% 2 years and over. . 5 3/4 90 days to 6 months.. . $100,000 and over: Less than 90 days......... 4 30-59 days........... 5 Vi (<) (30-89 days) 60-89 days........... 5% (4) 90-179 days......... 5 Vi 5 Vi 6 6% 180 days to 1 year. Wa 7 1 year or more. .. 7Vi 1 Closing date for the Postal Savings System was Mar. 28, 1966. Max­ 60-89 days. Effective June 24, 1970, maximum interest rates on these imum rates on postal savings accounts coincided with those on savings maturities were suspended until further notice. deposits. 2 For exceptions with respect to certain foreign time deposits, see Note.—Maximum rates that may be paid by member banks as estab­ Bulletins for Oct. 1962, p. 1279; Aug. 1965, p. 1084; and Feb. 1968, lished by the Board of Governors under provisions of Regulation Q; p. 167. however, a member bank may not pay a rate in excess of the maximum 3 Multiple-maturity time deposits include deposits that are automati­ rate payable by State banks or trust companies on like deposits under cally renewable at maturity without action by the depositor and deposits the laws of the State in which the member bank is located. Beginning that are payable after written notice of withdrawal. Feb. 1, 1936, maximum rates that may be paid by nonmember insured 4 The rates in effect beginning Jan. 21 through June 23, 1970, were 6V4 commercial banks, as established by the FDIC, have been the same as per cent on maturities of 30-59 days and 6Vi percent on maturities of those in effect for member banks. DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks Reserve city banks All Country All Country Item m b e a m nk b s er Y N o e r w k C o it f y Other banks Item m b e a m nk b s er Y N o e r w k C o it f y Other banks City Chicago City Chicago Four weeks ending May 20, 1970 Four weeks ending June 17, 1970 Gross demand—Total... 177,605 41,777 7,490 61,688 66,651 Gross demand—Total___ 176,864 42,339 7,309 60,999 66,217 Interbank....................... 21,447 9,177 1,288 8,538 2,445 Interbank........................ 21,787 9,503 1,291 8,538 2,456 U.S. Govt....................... 5,129 902 227 2,146 1,854 U.S. Govt........................ 4,538 790 216 1,734 1,799 Other.............................. 151,029 31,698 5,975 51,004 62,353 Other............................... 150,540 32,047 5,802 50,728 61,963 Net demand *................... 133,973 25,326 5,895 46,842 55,911 Net demand i..................... 132,587 24,886 5,735 46,491 55,475 Time.................................... 154,607 15,399 4,797 56,558 77,854 Time..................................... 155,327 15,176 4,808 56,864 78,479 Demand balances due Demand balances due from dom. banks......... 9,427 594 122 2,598 6,158 from dom. banks........... 9,739 912 115 2,488 6,224 Currency and coin........... 4,801 414 91 1,502 2,795 Currency and coin............ 4,872 420 89 1,523 2,841 Balances with F.R. Balances with F.R. Banks.............................. 23,337 5,019 1,208 9,535 7,576 Banks............................... 22,657 4,751 1 ,163 9,324 7,419 Total reserves held........... 28,138 5,433 1.299 11,037 10,371 Total reserves held............ 27,529 5,171 1 ,252 10,847 10,260 Required......................... 27,962 5,411 1.300 11,031 10,220 Required.......................... 27,367 5,163 1,255 10,845 10,105 Excess............................. 176 22 -1 6 c151 Excess.............................. 162 -3 2 155 1 Demand deposits subject to reserve requirements are gross demand Note.—Averages of daily figures. Balances with F.R. Banks are as deposits minus cash items in process of collection and demand balances of close of business; all other items (excluding total reserves held and due from domestic banks. excess reserves) are as of opening of business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 12 FEDERAL RESERVE BANKS □ AUGUST 1970 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1970 1970 1969 July 29 July 22 July 15 July 8 July 1 July 31 June 30 July 31 Assets 11,045 11,045 11,045 11,045 11,045 11,045 11,045 10,027 Special | Drawing Rights “certificate account................. 400 400 400 400 400 400 400 202 203 204 206 216 207 218 158 Discounts and advances: 776 1,175 1,947 1 507 834 1,252 330 750 40 40 90 90 90 40 90 Acceptances: 37 37 34 34 34 37 32 40 Held under repurchase agreements............................. 98 Federal agency obligations—Held under repurchase agreements........................................................................ 172 U.S. Govt, securities: Bought outright: Bills................................................................................ 23,031 22,831 22,364 22,364 22,407 23,290 22,407 19,442 32,420 32,420 32,420 32,420 32,420 32,420 32,420 30,553 2,887 2,887 2,887 2,887 2,887 2,887 2,887 4,143 258,338 1,2 58,138 257,671 257,671 257,714 58,597 257,714 54,138 Held under repurchase agreements............................. 996 Total U.S. Govt, securities................................................ 58,338 58,138 58,667 57,671 57,714 58,597 57,714 54,138 Total loans and securities.................................................. 59,191 59,390 61,008 59,302 58,672 59,926 58,166 54,928 Cash items in process of collection................................. *>9,074 *>10,169 *>11,142 *>9,838 *>10,517 *>8,308 9,555 8,381 Bank premises...................................................................... 121 121 121 120 119 121 119 114 Other assets: Denominated in foreign currencies............................. 288 287 281 480 493 290 690 1,670 IMF gold deposited 3.................................................... 210 210 210 210 210 210 210 228 All other............................................................................ 711 666 621 589 539 722 537 588 Total assets........................................................................... *81,242 *>82,491 *>85,032 *>82,190 *>82,211 *>81,229 80,940 76,094 Liabilities F.R. notes.............................................................................. 47,932 48,070 48,353 48,385 47,803 47,810 47,702 44,820 Deposits: Member bank reserves................................................... *>22,321 *>22,873 *>24,188 *>22,225 *>22,314 *>23,004 21,991 21,809 U s Treasurer—General account............................... 1,038 981 1,133 1,059 900 1,200 1,005 935 Foreign.............................................................................. 171 180 173 160 185 199 168 158 Other: IMF gold deposit 3..................................................... 210 210 210 210 210 210 210 228 All other....................................................................... 557 560 486 654 603 572 596 236 Total deposits....................................................................... *>24,297 *>24,804 *>26,190 *>24,308 *>24,212 *>25,185 23,970 23,366 Deferred availability cash items....................................... 6,779 7,435 8,346 7,158 7,912 5,891 6,993 5,820 Other liabilities and accrued dividends........................... 575 592 622 595 609 664 609 504 Total liabilities..................................................................... *79,583 *>80,901 *>83,511 *>80,446 *>80,536 *>79,550 79,274 74,510 Capital accounts Capital paid in..................................................................... 686 686 686 685 685 686 685 663 Surplus................................................................................... 669 669 669 669 669 669 669 630 Other capital accounts........................................................ 304 235 166 390 321 324 312 291 Total liabilities and capital accounts.............................. *>81,242 *>82,491 *>85,032 *>82,190 *>82,211 *>81,229 80,940 76,094 Contingent liability on acceptances purchased for foreign correspondents................................................... 239 239 238 239 235 239 232 162 U.S. Govt, securities held in custody for foreign account.............................................................................. 11,726 11,239 11,176 10,890 10,665 11,803 10,888 7,419 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)....................... 51,063 51,052 50,987 50,798 50,443 51,119 50,430 47,712 Collateral held against notes outstanding: Gold certificate account................................................ 3,322 3,322 3,322 3,322 3,322 3,322 3,322 3,282 U.S. Govt, securities....................................................... 49,110 49,110 49,060 48,490 48,330 49,110 48,330 45,981 Total collateral..................................................................... 52,432 52,432 52,382 51,812 51,652 52,432 51,652 49,263 1 See note 6 on page A-5. 3 See note 1 (b) at top of page A-75. 2 See note 7 on page A-5. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1970 □ FEDERAL RESERVE BANKS A 13 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JULY 31, 1970 (In millions of dollars) Item Total Boston Y N o e r w k P p d h h e i i l l a a ­ ­ C l l a e n v d e­ m Ri o c n h d ­ At t l a an­ c C a h g i o ­ L S o t u . is M ap in o n li e s ­ K C s a a it n s y ­ Dallas F c S i r s a a c n n o ­ Assets 11,045 571 2,423 647 1,003 968 627 2,029 428 184 496 542 1,127 Special Drawing Rights certif. acct.... 400 23 93 23 33 36 22 70 15 7 15 14 49 936 87 184 81 68 66 156 40 27 38 43 29 117 207 9 24 8 26 12 30 28 12 6 16 13 23 Discounts and advances: Secured by U.S. Govt, securities.... 346 29 86 4 60 7 19 74 16 11 12 5 23 946 31 282 62 66 37 25 290 8 28 2 30 85 Acceptances: 37 37 Held under repurchase agreements.. Federal agency obligations—Held under repurchase agreements........... U.S. Govt, securities: Bought outright.................................. 158,597 2,989 14,994 2,952 4,477 4,392 3,172 9,394 2,131 1,167 2,308 2,426 8,195 Held under repurchase agreements.. 59,926 3,049 15,399 3,018 4,603 4,436 3,216 9,758 2,155 1,206 2,322 2,461 8,303 Cash items in process of collection... 10,869 551 2,008 557 763 745 1 ,156 1,734 525 411 727 630 1,062 Bank premises.......................................... 121 2 9 2 9 11 17 17 11 8 18 8 9 Other assets: Denominated in foreign currencies.. 290 14 278 15 26 15 19 42 10 6 12 16 37 IMF gold deposited 3........................ 210 210 All other............................................... 722 48 185 35 54 55 37 112 25 15 30 29 97 Total assets.............................................. 84,726 4,354 20,613 4,386 6,585 6,344 5,280 13,830 3,208 1,881 3,679 3,742 10,824 Liabilities F.R. notes................................................ 48,746 2,792 11,432 2,753 3,968 4,341 2,578 8,591 1,850 852 1,825 1,809 5,955 Deposits: Member bank reserves....................... 23,004 831 6,102 988 1,676 1,148 1 ,465 3,393 795 612 1,003 1,297 3,694 U.S. Treasurer—General account.. 1,200 84 306 88 88 100 99 88 64 28 136 42 77 Foreign.................................................. 199 8 473 9 15 9 11 25 6 4 7 10 22 Other: IMF gold deposit 3. .......... 210 210 All other........................................... 572 * 489 3 1 8 2 37 1 2 2 1 26 Total deposits.......................................... 25,185 923 7,180 1,088 1,780 1,265 1,577 3,543 866 646 1 ,148 1 ,350 3,819 Deferred availability cash items.......... 8,452 527 1,397 430 643 599 985 1,342 413 333 574 467 742 Other liabilities and accrued dividends 664 32 160 29 48 46 34 100 22 14 63 26 90 Total liabilities........................................ 83,047 4,274 20,169 4,300 6,439 6,251 5,174 13,576 3,151 1 ,845 3,610 3,652 10,606 Capital accounts Capital paid in........................................ 686 32 183 35 61 35 45 101 23 16 29 39 87 Surplus...................................................... 669 32 177 34 60 34 43 99 23 15 28 37 87 Other capital accounts........................... 324 16 84 17 25 24 18 54 11 5 12 14 44 Total liabilities and capital accounts.. 84,726 4,354 20,613 4,386 6,585 6,344 5,280 13,830 3,208 1,881 3,679 3,742 10,824 Contingent liability on acceptances purchased for foreign correspond- 239 12 563 12 21 12 16 36 8 5 10 13 31 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank)..................................................... 51,119 2,933 11,995 2,839 4,194 4,496 2,748 8,903 1 ,944 888 1,909 1 ,953 6,317 Collateral held against notes out­ standing: Gold certificate account.................... 3,322 250 500 300 510 580 1,000 155 22 5 U.S. Govt, securities......................... 49,110 2,730 11,600 2,700 3,750 3,970 2,900 8,250 1,880 875 1 ,975 1,980 6,500 Total collateral........................................ 52,432 2,980 12,100 3,000 4,260 4,550 2,900 9,250 2,035 897 1,975 1,985 6,500 1 See Note 7 on page A-5. 5 After deducting $176 million participations of other Federal Reserve 2 After deducting $212 million participations of other Federal Reserve Banks. Banks 3 See note 1(b) to table at top of page A-75. Note.—Some figures for cash items in process of collection and 4 After deducting $126 million participations of other Federal Reserve for member bank reserves are preliminary. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 14 OPEN MARKET ACCOUNT □ AUGUST 1970 TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT (In millions of dollars) Outright transactions in U.S. Govt, securities, by maturity Total Treasury bills Others within 1 year 1-5 years Month Exch., c G p h r a u o s r s e ­ s s G sa r l o e s s s Re ti d o e n m s p­ c G p h r a u o s r s e ­ s s G sa r l o e s s s Re ti d o e n m s p­ c G p h r a u 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 m r t r s i p , ty ­ c G p h r a u 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 f r r h t i s . ty tions 1969—June 4,586 3,993 7 4,586 3,993 7 July. 3,495 3,251 200 3,428 3,251 200 10 24 Aug. 2,201 1,658 2,201 1,658 407 4,514 Sept. 4,762 5,483 115 4,762 5,483 115 Oct.. 5,145 3,704 5.016 3,704 1 -694 74 519 Nov. 2,915 735 148 2,852 735 148 28 1,177 29 -40 Dec., 1,250 1,029 386 1,250 1,029 386 1970—Jan.. 3,133 4,154 615 3,133 4,154 615 Feb.. 801 395 100 801 395 100 -564 1,319 Mar. 2,657 2,577 119 2,657 2,577 119 154 -154 Apr., 1,124 747 1,124 747 May, 2,225 835 244 2.017 835 244 17 -9,414 167 11,106 June, 2,659 1,612 641 2,449 1,612 641 23 146 Outright transactions in U.S. Govt, securities—Continued Repurchase Bankers’ agreements Federal acceptances (U.S. Govt, Net agency 5-10 years Over 10 years securities) change obliga­ Month in U.S. tions Under Net c G p h 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 i f t h t y a s . ­ c G p h 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 i f t h t y a s . ­ c G h p r a u o s r s e ­ s s G sa r l o e s s s s G e it o c ie u v s r t, ­ ( p n m u e a t r g e c r r n h e e t e a ­ s ­ s ) e r O i n g u e h t t t ­ , m r a c e g h n e p r a n e e u s t t e r s e ­ ­ , change1 1969—June. 1,312 1,562 336 -80 -30 220 July.. 23 10 560 560 44 43 Aug.. -4,921 2,721 2,491 773 39 22 834 Sept.. 1,121 1,062 -777 -39 -22 -841 Oct... 52 175 2,655 2,715 1,381 17 1,402 Nov.. 3 -1,137 1,031 1,260 1,803 -17 1,794 Dec.. 3,336 3,336 -165 -150 1970—Jan... 1,201 1,009 -1,444 30 -7 26 -1,395 Feb.. -688 -66 4,407 4,599 114 -30 -1 -26 57 Mar.. 1,176 1,176 -38 -4 -43 Apr.. 3,685 3,338 723 34 6 49 811 May. 16 -i ^692' 953 1,299 799 -34 -15 -49 702 June. 37 905 905 407 -10 397 1 Net change in U.S. Govt, securities, Federal agency obligations, and Note.—Sales, redemptions, and negative figures reduce System hold bankers’ acceptances. ings; all other figures increase such holdings. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) E pe n r d io o d f Total s P t o e u rl n in d g s s A ch u i s l t li r n ia 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 an D kr a o n n i e sh 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 an Jap y a e n n ese g N u la e i n l t d h d e e s r r s ­ f S r w an is c s s 1968—Dec. 2,061 1,444 8 433 165 1 1969—Apr., 1,960 1,245 44 50 436 163 15 4 May. 1,889 1,542 50 176 100 15 4 1 June, 1,834 1,564 50 115 15 86 2 * July. 1,670 1,383 50 24 15 196 Aug. 1,929 1,571 224 15 114 3 Sept. 2,330 1,693 204 315 114 2 Oct.. 1,823 1,494 1 7 313 2 5 Nov. 1,370 1,273 1 60 6 2 27 Dec. 1,967 1,575 1 199 60 125 3 4 1970—Jan.. 975 605 1 100 60 201 3 Feb.. 1,179 215 1 159 801 3 Mar. 1,169 207 1 157 801 3 Apr.. 1,101 199 1 93 805 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1970 □ FEDERAL RESERVE BANKS; BANK DEBITS A 15 MATURITY DISTRIBUTION OF LOANS AND U.S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1970 1970 1969 July 29 July 22 July 15 July 8 July 1 July 31 Jule 30 July 31 Discounts and advances—Total....................................... 816 1 ,215 2,037 1,597 924 1,292 420 750 Within 15 days................................................................. 768 1 ,168 1 ,989 1,550 828 1,244 323 730 16 days to 90 days........................................................... 48 47 48 47 96 48 97 20 91 days to 1 year............................................................. * Acceptances—T otal............................................................. 37 37 132 34 34 37 32 40 Within 15 days................................................................. 6 7 107 13 12 5 11 7 16 days to 90 days........................................................... 31 30 25 21 22 32 21 33 91 days to 1 year ......................................................... U.S. Government securities—Total................................ 58,338 58,138 58,839 57,671 57,714 58,597 57,714 54,138 Within 15 days1............................................................... 3,146 2,824 4,430 2,186 2,203 2,264 1,483 1,659 16 days to 90 days........................................................... 10,099 10,121 10,518 10,530 10,004 10,631 10,724 8,815 91 days to 1 year............................................................. 13,760 13,860 13,558 13,622 14,174 14,369 14,174 21,807 Over 1 year to 5 years.................................................... 25,395 25,395 25,395 25,395 25,395 25,395 25,395 7,715 Over 5 years to 10 years................................................ 5,314 5,314 5,314 5,314 5,314 5,314 5,314 13,471 Over 10 years................................................................... 624 624 624 624 624 624 624 671 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts1 Turnover of demand deposits (billions of dollars) Period SM T 2 o 3 S t 3 A al ’s N Le .Y ad . ing S 6 M o S t A he ’s rs2 T S o N M ( t e a . x S Y l c A l 2 . . ) 3 ’s 2 SM o 2 th 2 S 6 e A r ’s SM T 2 o 3 S t 3 a A l ’s N Le .Y ad . ing S 6 M o S t A he ’s rs2 T S o N M ( t e a . x S Y l c A l . 2 . ) 3 ’s 2 SM o 2 th 2 S 6 e A r ’s 1969—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.r............................. 9,793.5 4,232.1 2,309.1 5,561.4 2,525.2 72.4 148.8 74.2 52.0 42.9 Mar................................ 9,842.9 4,336.7 2,291.4 5,506.2 3,214.8 70.7 145.7 72.2 50.3 41.3 Apr................................. 10,163.2 4,422.0 2,417.9 5,741.3 3,323.3 72.9 149.7 75.8 52.2 42.6 Mayr............................. 10,018.3 4,249.4 2,460.0 5,768.9 3,309.9 73.5 150.6 78.4 53.4 43.2 June............................... 10,143.9 4,366.0 2,443.3 5,777.9 3,334.6 73.3 149.3 77.5 52.9 42.9 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 □ AUGUST 1970 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency End of period in cir­ cula­ tion 1 Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939. 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 . 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945. 28,515 20*, 683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947. 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950. 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955. 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1958. 32,193 22,856 2,182 1,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959. 32,591 23,264 2,304 1,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 1960. 32,869 23,521 2,427 1,533 88 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 1961 . 33,918 24,388 2,582 1,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 3 10 1962, 35,338 25,356 2,782 1,636 97 2,375 7,071 11,395 9,983 2,990 6,448 240 293 3 10 1963 . 37,692 26,807 3,030 1,722 103 2,469 7,373 12,109 10,885 3,221 7,110 249 298 3 4 1964. 39,619 28,100 3,405 1,806 111 2,517 7,543 12,717 11,519 3,381 7,590 248 293 2 4 1965. 42,056 29,842 4,027 1,908 127 2,618 7,794 13,369 12,214 3,540 8,135 245 288 3 4 1966. 44,663 31,695 4,480 2,051 137 2,756 8,070 14,201 12,969 3,700 8,735 241 286 3 4 1967, 47,226 33,468 4,918 2,035 136 2,850 8,366 15,162 13,758 3,915 9,311 240 285 3 4 1968 50,961 36,163 5,691 2,049 136 2,993 8,786 16,508 14,798 4,186 10,068 244 292 3 4 1969--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 May........... 53,665 37,509 6,084 2,134 136 2,953 8,744 17,458 16,157 4,488 11,173 225 264 3 4 June........... 54,351 37,994 6,128 2,157 136 2,983 8,837 17,753 16,357 4,567 11,298 223 262 3 4 i Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin, overstated because they include small amounts of paper currency held by the Treasury and the F.R. Banks for which a denominational break- Note.—Condensed from Statement of United States Currency and down is not available. Coin, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circulation 1 Total out­ Held by standing, As security For F.R. 1970 1969 Kind of currency June 30, against Treasury F.R. Banks 1970 gold and cash Banks and silver and Agents June May June certificates Agents 30 31 30 Gold........................................................................................ 11,367 (11,045) 2322 Gold certificates................................................................... (11,045) 311,044 1 Federal Reserve notes .................................... 50,431 74 2,730 47,626 46,985 44,547 Treasury currency—Total .......................................... 6,986 43 218 6,725 6,680 6,389 Standard silver dollars .................................... 485 3 482 482 482 Fractional coin................. ...................................... 5,878 14 217 5,646 5,603 5,308 United States notes ...................................... 323 25 297 295 294 In process of retirement4 301 300 301 305 Total—June 30 1970 ....................................................... 568,783 (11.045) 439 11.044 2,949 54,351 May 31 1970......................................................... 568,320 (11.045) 512 11.044 3,098 53,665 June 30 1969 ..................................................... 564,387 (10,027) 633 10,026 2,792 50,936 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

AUGUST 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 Period Time Time U.S. deposits deposits Govt, Currency Demand ad­ Currency Demand ad­ demand Total component deposit justed i Total component deposit justed 1 deposits1 component component 1966—Dec....................................................... 170.4 38.3 132.1 158.5 175.8 39.1 136.7 156.9 3.4 1967—Dec....................................................... 181.7 40.4 141.3 183.7 187.5 41.2 146.2 182.0 5.0 1968—Dec....................................................... 194.8 43.4 151.4 204.9 201.0 44.3 156.7 203.1 5.0 1969—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...................................................... 203.9 47.6 156.2 199.6 199.9 47.3 152.6 200.0 6.4 June...................................................... 203.6 47.8 155.9 201.0 201.7 47.7 154.0 201.2 6.5 Julyp..................................................... 204.3 48.1 156.2 207.0 202.8 48.3 154.5 207.0 6.8 Week ending— 1970—June 10................................................ 203.4 47.7 155.7 200.5 201.7 48.0 153.6 200.9 4.2 17................................................ 203.9 47.8 156.0 200.7 203.4 47.8 155.6 200.9 5.3 24................................................ 202.1 47.8 154.3 201.0 199.2 47.5 151.7 201.0 9.4 July 1................................................ 204.5 47.8 156.6 202.3 202.4 47.5 154.9 202.5 8.0 8................................................ 205.6 48.1 157.5 204.5 204.4 48.9 155.5 204.5 7.0 15................................................ 204.3 48.0 156.2 206.0 203.8 48.4 155.5 206.0 6.0 22................................................ 202.8 48.1 154.8 207.6 200.8 48.2 152.6 207.6 6.3 29................................................ 204.3 48.0 156.2 209.1 201.6 47.7 153.9 209.1 7.8 1 At all commercial banks. and F.R. float; (2) foreign demand balances at F.R. Banks; and (3) cur­ 19 N 69 o B te u . l — let F in o , r p d p e . s 7 c 8 r 7 ip - t 8 i 0 o 3 n . of revised series and for back data, see Oct. r b e a n n c k y s . ou T t i s m id e e d th e e p o T si r t e s a s a u d ry ju , st F e . d R . ar B e a n t k im s, e an d d e p v o a s u it l s t s a o t f a a l l l l c c o o m m m m e e r r c c i i a a l l 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 Total member bank deposits plus nondeposit S.A. N.S.A. items3 Period Total Non­ Demand Demand borrowed Required Time Time Total and Total and S.A. N.S.A. savings Private U.S. savings Private U.S. Govt. Govt. 1966—Dec............... 23.52 22.98 23.17 244.6 129.4 111.7 3.5 247.1 127.9 116.1 3.0 1967—Dec............... 25.94 25.68 25.60 273.5 149.9 118.9 4.6 276.2 148.1 123.6 4.5 1968—Dec............. 27.96 27.22 27.61 298.2 165.8 128.2 4.2 301.2 163.8 133.3 4.1 1969—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 5.2 290.7 153.8 132.5 4.5 309.6 310.2 May............. 27.89 26.92 27.69 289.1 154.6 131.4 3.0 287.9 154.9 127.7 5.4 309.3 308.2 June............. 27.90 27.06 27.71 290.5 155.7 129.9 4.8 289.6 155.7 128.5 5.4 311.1 310.3 July?............ 28.03 26.68 27.90 296.0 160.7 130.9 4.4 296.3 160.9 129.6 5.8 315.8 316.1 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 ex­ cept 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, Wash­ ington, D.C. 20551. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 18 BANKS AND THE MONETARY SYSTEM □ AUGUST 1970 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and caDital Total Gold Bank credit assets, stock Treas­ net— Date D S R c c r p e a a i a r e g t n w t e c h i d s f i i t a i n s 1 ­ l g s r t o c e u i a n n u u r n g c y r t 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 ury R F s B e e e a d c s n e u e r k r r v i a s t e l ies Other4 r O s it e t i c h e u s e ­ r 3 c T l a i i a n p a t o n i b e i e t t d a t i s a l l l ­ , c d u e r a p T r n o e o d n s t i c a t y s l c C m o a n a u p i a e c s n 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—July 305................... 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 6,800 515.500 321,500 112,600 57.800 54,800 81.500 532,700 465,900 66,800 Nov. 26..................... 10.400 6,800 520.800 323.700 115,100 58.400 56.700 81.900 538.000 469.300 68,700 Dec. 31..................... 10,367 6,849 532,663 335,127 115,129 57,952 57,154 23 82,407 549,879 485,545 64,337 1970—Jan. 28..................... 11,600 6.900 517,100 323,600 111.900 56.300 55.600 81,600 535,500 468.600 67.000 Feb. 25..................... 11,700 6.900 515.500 323.200 110.400 54.700 55.700 81.900 534.100 466.200 67.900 Mar. 25..................... 11,800 6.900 519.800 325,300 110.400 54.800 55.600 84,100 538.400 472,100 66.300 Apr. 29*................... 11,800 6.900 523.300 325,900 111,600 55,500 56.100 85,800 542.000 476.300 65.800 May 21 p................... 11,800 7.000 525.000 326,100 113,000 55.900 57.100 85.900 543.800 474.800 69.000 June 24*................... 11,800 7.000 528,400 330,000 111.400 54.400 57.000 87,000 547.100 478.300 68.800 July 29*................... 11,800 7.000 537.600 335.200 114.900 56,600 58,300 87.500 556.400 489,000 67.300 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted 6 Not seasonally adjusted Time U.S. Government Date Total o b r u C e a t n n u s c i k r d y ­ s e d ju e m D p a s a t o d e e n s ­ ­ d d it 7 s Total o b r u C e a t n u n s c i k r d y ­ s e d ju e m D p a s a o t d e e n s ­ ­ d d it 7 s Total b m C a e n o r k c m s ia ­ l 2 b M sa a v n u i k t n u s g a s l 8 S P t a S e o v y m s i s t n a ­ 4 g l s e n F i e g o t n r­ 9 , T h c i u r o n a e r g s l a y d h s s ­ ­ s b c a a o a A v n n m i t d n k l g s . s B F a A . n R t k . s 1947—Dec. 31.. . 110.500 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1,682 1 ,336 1,452 870 1950—Dec. 30.... 114.600 24.600 90,000 117,670 25,398 92,272 59,246 36,314 20,009 2,923 2,518 1 ,293 2,989 668 1967—Dec. 30.... 181.500 39.600 141,900 191,232 41,071 150,161 242,657 182,243 60,414 2,179 1,344 5,508 1,123 1968—Dec. 31.. . 199.600 42.600 157,000 207,347 43,527 163,820 267,627 202,786 64,841 2,455 695 5,385 703 1969—July 305... 192,600 44.000 148.600 192,300 44.100 148.300 262,200 196.000 66,200 2.300 700 5,800 1,200 Aug. 21.... 193,700 43.900 149.800 192.100 44,200 147,900 260,800 194.500 66.300 2,100 700 5.200 1,000 Sept. 24.... 194.200 44.000 150,200 192.900 44.100 148,800 260,300 193.600 66,600 2.300 700 7.900 1 ,200 Oct. 29.. . . 194.400 44.000 150,000 195.800 44,500 151.400 259.600 193.100 66,500 2.300 700 6.500 1 ,100 Nov. 26.. . . 196.400 45.000 151.400 199,500 46,300 153,200 259.100 192.500 66,600 2.400 700 6.900 900 Dec. 31... . 206,800 45,400 161.400 214,689 46,358 168,331 260,992 193,533 67,459 2,683 596 5,273 1 ,312 1970—Jan. 28.... 196.400 45.300 151 ,100 198.900 44,700 154.300 258,700 191.600 67,100 2.500 600 6.500 1.300 Feb. 25.... 195.000 45.300 149.700 194.100 44,800 149.300 260,400 193.000 67.400 2,600 600 7,600 900 Mar. 25.. . . 200.000 45.900 154,100 196.900 45.400 151,600 264.100 196.200 68,000 2,700 600 6,300 1 ,500 Apr. 29*... 198.100 46.300 151.800 198,200 45.900 152.300 267.100 199.200 68,000 2,600 600 6,400 1,400 May 27*... 198.200 46,500 151.700 195.800 46.400 149.400 268.600 200,300 68.300 2.400 500 6.200 1.300 June 24*... 199.200 46,600 152.600 196,600 46,600 150.000 269,800 201.000 68,800 2.500 500 7.900 1,100 July 29*... 199.100 46,800 152,300 198.900 46.900 152.000 278,500 209.100 69.400 2,600 500 7.500 1 ,000 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 lia­ accumulated for payment of personal loans” were excluded from “Time bilities. deposits” and deducted from “Loans” at all commercial banks. These 9 Reclassification of deposits of foreign central banks in May 1961 re­ changes resulted from a change in Federal Reserve regulations. These duced this item by $1,900 million ($1,500 million to time deposits and $400 hypothecated deposits are shown in a table on p. A-23. million to demand deposits). 3 See note 2 at bottom of p. A-22. 4 After June 30, 1967, Postal Savings System accounts were eliminated from this Statement. 5 Figures for this and later dates take into account the following changes Note.—For back figures and descriptions of the consolidated condition (beginning June 30, 1969) for commercial banks: (1) inclusion of con­ statement and the seasonally adjusted series on currency outside banks and solidated reports (including figures for all bank-premises subsidiaries and demand deposits adjusted, see “Banks and the Monetary System,” Section other significant majority-owned domestic subsidiaries) and (2) reporting 1 of Supplement to Banking and Monetary Statistics, 1962, and Bulletins of figures for total loans and for individual categories of securities on a for Jan. 1948 and Feb. 1960. Except on call dates, figures are partly esti­ gross basis—that is, before deduction of valuation reserves. 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

AUGUST 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 Num- Cash lia- Bor­ capital1 ber Class of bank assets -1 bilities row­ ac­ of and date Total Loans and Total 3 Demand ings countsi banks 1. 2 U.S. capital De­ Treas­ Other2 ac­ mand Time Time1 ury counts 4 U.S. Govt. Other All commercial banks: 1941—Dec. 31............... 50,746 21,7U 21,80* 7,22526,551 79,104 71,283 10.)82 44.349 15,952 23 7,173 14,278 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 14,011 1947—Dec. 315............. 116,284 38,057 69,221 9,006 37,502 155,377 144,103 12,792 240 1,343 94,367 35,360 65 10,059 14,181 1966—Dec. 31............... 322,661 217,726 56,163 48,77269,119 403,368 352,287 19,770 967 4,992 167,751 158,806 4,859 32,054 13,767 1967—Dec. 30............... 359,903 235,954 62,473 61,47777,928451,012395,008 21,883 1,314 5,234 184,066 182,511 5,77734,384 13,722 1968—Dec. 31............... 401,262265,259 64,466 71,53783,752 500,657434,023 24,747 1,211 5,010 199,901 203,154 8,899 37,006 13,679 1969—July 306............. 409,200283,240 54,70071,26074,370501,650404,04021,060 860 5,490 180,260 196,370 19,45038,480 13,682 Aug. 27............... 405,860280,680 54,33070,85076,200499,750401,77021,410 870 4,860 179,840 194,79021,27038,660 13,683 Sept. 24............... 408,670284,300 53,20071,17075,910503,590404,16021,260 810 7,610 180,550 193,93021,61038,860 13,681 Oct. 29............... 409,210284,42C 54,41070,38076,960504,920406,80022,190 880 6,180 184,150 193,40021,240 39,310 13,683 Nov. 26............... 413,080287,130 55,07070,88082,340514,470413,30023,190 680 6,610 190,100 192,72021,96039,450 13,684 Dec. 31............... 421,597295,547 54,70971,341 89,984530,665 435,577 27,174 735 5,054208,870193,74418,36039,978 13,661 1970—Jan. 28............... 410,890287,330 52,96070,60077,400506,770406,38021,550 620 6,320 186,130 191,76022,62040,030 13,662 Feb. 25............... 408,890286,680 51,40070,81078,900506,780406,39022,230 620 7,380 182,940193,22022,62040,230 13,665 Mar. 25............... 412,410288,230 51 ,52072,66076,360508,420407,98021 ,810 580 6,140 183,090196,36022,84040,370 13,664 Apr. 29*............. 416,630290,090 52,25074,29078,410515,110413,24021,600 660 6,230 185,380199,37023,53040,590 13,665 May 27*............. 416,300289,520 52,50074,28078,930515,590412,68022,180 690 5,960 183,390200,46023,08040,850 13,665 June 24*............. 419,430293,280 51,08075,07077,570517,710414,25022,260 700 7,650 182,460201,18022,87040,920 13,670 July 29*............. 423,720294,920 53,25075,55075,330519,260421 ,62022,400 1 ,270 7,300 181,290209,360 19,85041 ,290 13,670 Members of F.R. System: 1941—Dec. 31............... 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,385 140 1,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31............... 107,183 22,775 78,338 6,07029,845 138,304 129,670 13,576 6422,179 69,640 24,210 208 7,589 6,884 1947—Dec. 31............... 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,353 50 1,176 80,609 28,340 54 8,464 6,923 1966—Dec. 31............... 263,687 182,802 41,92438,96060,738 334,559291,063 18,788 794 4,432 138,218 128,831 4,618 26,278 6,150 1967—Dec. 30............... 293,120 196,849 46,95649,31568,946 373,584 326,033 20,811 1,169 4,631 151,980 147,442 5,37028,098 6,071 1968—Dec. 31............... 325,086220,285 47,881 56,92073,756412,541 355,41423,519 1,061 4,309 163,920 162,605 8,458 30,060 5,978 1969—July 306............. 328,560233,196 39,96255,40266,159410,401 324,993 20,079 699 4,562 146,373 153,280 18,145 31,090 5,925 Aug. 27............... 325,413 230,654 39,754 55,00567,843408,644323,06320,433 707 4,046 146,139 151,738 19,925 31,234 5,919 Sept. 24............... 327,611 233,744 38,643 55,22467,504411,501 324,78020,234 683 6,576 146,468 150,81920,322 31,374 5,910 Oct. 29............... 327,288 233,260 39,725 54,303 68,596412,130326,76821,182 721 5,438 149,424 150,003 19,893 31,694 5,901 Nov. 26............... 330,002235,055 40,27654,671 73,107419,571 331,35022,138 522 5,666 153,874 149,15020,61431,793 5,893 Dec. 31................ 336,738242,119 39,833 54,785 79,034432,270349,88325,841 609 4,114 169,750149,569 17,395 32,047 5,869 1970—Jan. 28............... 327,368234,860 38,328 54,18068,449411,828324,605 20,560 497 5,420 150,363 147,765 21,263 32,078 5,853 Feb. 25............... 325,777 234,213 37,11054,45469,806412,036324,93721,244 496 6,429 147,932 148,83621,23832,242 5,850 Mar. 25............... 328,556235,138 37,34056,078 67,594413,148 326,02820,845 454 5,100 148,270151,35921,582 32,343 5,839 Apr. 29............... 332,097236,436 38,19257,46969,174418,597 330,13620,608 531 5,251 149,940 153,80622,376 32,528 5,828 May 27............... 331,389 235,805 38,25957,325 69,710418,609 329,541 21,183 567 4,914 148,414 154,46321,749 32,733 5,816 June 24*............. 333,825 238,917 36,98657,922 68,124419,818 330,35221,265 571 6,386 147,142 154,98821 ,57632,771 5,805 July 29*............. 337,377240,309 38,95058,11865,971 420,844336,81821,371 1 ,139 6,181 146,003 162,124 18,675 33,047 5,805 Reserve city member: New York City:7 1941—Dec. 31............... 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 36 1945—Dec. 31............... 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31............... 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 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 12 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 12 1968—Dec. 31............... 57,047 42,968 5,984 8,094 19,948 81,364 63,900 8,964 622 888 33,351 20,076 2,733 6,137 12 1969—July 306 ............. 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 12 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 12 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 12 Oct. 29............... 56,905 45,787 4,722 6,396 21,818 83,804 56,712 9,073 337 1,328 31,553 14,421 5,639 6,281 12 Nov. 26............... 58,509 46,249 5,487 6,773 21,845 85,405 57,931 9,540 248 1,508 31,909 14,726 5,420 6,318 12 Dec. 31............... 60,333 48,305 5,048 6,98022,349 87,753 62,381 10,349 268 c694 36,126 14,944 4,405 6,301 12 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 12 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 12 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 12 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 12 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 12 June 24............... 57,819 45,634 4,300 7,885 19,404 82,845 55,737 9,224 280 998 30,419 14,816 5,231 6,304 12 July 29............... 58,720 45,917 5,142 7,661 18,322 82,356 57,063 9,322 592 1,382 28,927 16,8*0 4,855 6,340 12 For notes see p. A-22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 20 COMMERCIAL BANKS □ AUGUST 1970 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK— Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Lo 1 a ,2 ns T U r S e .S a e s c . ­ urit O ie t s her a C ss a e s ts h 3 c b T a i a l a l o p i i n c a t t i i d ­ a t ­ e a l s l Total 3 m D In a e n t ­ e d rba T n i k m 3 e Dem O an th d er Time1 r B i o n o w g r s ­ ­ c T a o p t i a ta l l b N a b u o n e m f k r s ­ ury counts 4 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 13 1945—Dec. 31............... 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31............... 5,C-~ 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 1966—Dec. 31............... 11,802 8,756 1,545 1,502 2,638 14,935 12,673 1.433 310 6,008 4,898 484 1,199 11 1967—Dec. 30............... 12,744 9,223 1,574 1,947 2,947 16,296 13,985 1.434 267 6,250 6,013 383 1,346 10 1968—Dec. 31............... 14,274 10,286 1,863 2,125 3,008 18,099 14,526 1,535 257 6,542 6,171 682 1,433 9 1969—July 306............. 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............... 14,365 10,771 1,564 2,030 2,802 17,927 13,264 1,677 175 6,770 4,626 1,290 1,517 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 June 24............... 14,387 10,779 1,480 2,128 2,717 18,107 12,012 1 ,283 265 5,568 4,854 2,481 1,553 July 29............... 14,449 10,662 i,r~ 2,099 2,560 18,021 12,937 1,237 457 5,764 5,425 1,689 1 ,542 Other reserve city: 7,8 1941—Dec. 31............... 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945—Dec. 31............... 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31............... 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,990 11,423 1 2,844 353 1966—Dec. 31............... 95,831 69,464 13,040 13,32624,228 123,863 108,804 8,593 233 1,633 49,00449,341 1,952 9,471 169 1967—Dec. 30............... 105,724 73,571 14,667 17,48726,867 136,626 120,485 9,374 310 1,715 53,288 55,798 2,555 10,032 163 1968—Dec. 31............... 119,006 83,634 15,03620,33728,136 151,957 132,305 10,181 307 1,884 57,44962,484 4,239 10,684 161 1969—July 306............. 118,838 87,753 11,716 19,36924,037 148,510 118,489 8,108 204 1,735 50,333 58,109 9,173 11,194 159 Aug. 27............... 117,449 86,509 11,810 19,13024,644 147,680 116,983 8,224 204 1,633 49,740 57,182 10,069 11,219 159 Sept. 24............... 117,698 87,577 11,110 19,011 25,301 148,736 117,685 8,329 217 2,963 49,663 56,513 10,236 11,271 159 Oct. 29............... 117,954 87,388 11,794 18,77223,979 147,722 117,701 8,631 246 2,411 50,78055,633 9,506 11,391 158 Nov. 26............... 118,287 87,908 11,583 18,79626,601 150,766 118,724 8,853 167 2,213 52,603 54,r~ 10,518 11,381 158 Dec. 31............... 121,324 90,896 11,944 18,48429,954 157,512 126,232 10,663 242 c\ ,575 58,92354,829 9,881 11,464 157 1970—Jan. 28............... 118,177 88,298 11,255 18,62424,714148,856 115,408 8,327 143 2,350 50,625 53,963 11,846 11,505 158 Feb. 25............... 117,265 87,839 10,775 18,651 24,467 147,785 115.117 8,231 152 2,823 49,823 54,088 11,104 11,549 158 Mar. 25............... 117,942 87,645 11,078 19,21923,272 147,381 114,763 7,757 116 2,148 49,85654,886 11,180 11,611 158 Apr. 29............... 119,213 88,093 11,298 19,82225,042 150,648 117.118 8,113 159 2,304 50,30656,236 11,788 11,715 158 May 27............... 119,002 88,033 11,287 19,68224,393 149,816 116,945 8,213 160 1,945 49,99056,637 11,025 11,780 157 June 24............... 119,473 88,768 11,039 19,66624,999 150,846 118,046 8,402 163 2,880 49,84256,759 11,272 11,798 156 July 29............... 120,894 89,581 11,665 19,64824,422 151,834 120,708 8,374 409 2,349 50,04659,530 9,777 11,885 156 Country member: 7, 8 1941—Dec. 31............... 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 30 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31............... 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 17 5,465 24,235 12,494 11 2,525 6,476 1947—Dec. 31............... 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,056 17 432 28,378 14,560 23 2,934 6,519 1966—Dec. 31............... 109,518 68,641 22,419 18,458 19,004 131,338 117,749 2,392 69 1,474 56,67257,144 308 10,309 5,958 1967—Dec. 30............... 122,511 74,995 24,68922,82620,334 146,052 131,156 2,766 96 1,564 61,161 65,569 55211,005 5,886 1968—Dec. 31............... 134,759 83,397 24,998 26,36422,664 161,122 144,682 2,839 111 1,281 66,578 73,873 80411,807 5,796 1969—July 306............. 137,839 88,891 21,797 27,151 19,745 161,929 140,396 2,260 111 1,764 60,62275,639 2,607 12,200 5,745 Aug. 27............... 137,561 88,858 21,567 27,136 19.927 161,665 139,763 2,256 111 1,542 60,27975,575 2,680 12,257 5,739 Sept. 24............... 138,629 89,796 21,528 27,305 20,113 163.495 141,016 2,370 111 1,966 60,96475,605 2,572 12,354 5,730 Oct. 29............... 138,484 89,744 21,542 27,198 20,195 163,194 140,714 2,325 111 1,365 61,548 75,365 2,684 12,530 5,722 Nov. 26............... 139,184 90,567 21,521 27,09621,719 165,576 142,737 2,415 86 1,695 63,49675,045 2,691 12,594 5,714 Dec. 31............... 140,715 92,147 21,27827,291 23.928 169,078 148,007 3,152 84 1 ,671 67,93075,170 1,82012,766 5,691 1970—Jan. 28............... 138,438 90,464 20,92827,04620,342 163,012 140,933 2,331 86 1,594 62,105 74,817 2,704 12,805 5,674 Feb. 25............... 137,842 90,463 20,43826,941 20,492 162,686140,364 2,340 86 1,680 60,781 75,477 2,769 12,867 5,671 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 2,51012,930 5,660 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 5,649 May 27............... 140,921 92,612 20,375 27,934 20,652 166,453 143,231 2,349 86 1,855 60,730 78,211 2,67013,068 5,638 June 24p............. 142,146 93,736 20,16728,24321,004 168,020 144,557 2,356 86 2,243 61,313 78,559 2,592 13,116 5.628 July 29 p............. 143,314 94,149 20,455 28.71020,667 168,633 146,110 2,438 84 1,993 61,26680,329 2,354 13,280 5.628 For notes see p. A-22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1970 □ COMMERCIAL BANKS A 21 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK— Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— F C R la S a s i n s n m i d s f u i e c F r m a a D t n b i c I o e C e n rs h b i y p Total Lo 1. a 2 ns T U re . S S a e s . c ­ urit O ie t s h 2 er a C ss a e s t h s3 c b T a i a l a l o p i i n c a t t i i d a ­ ­ t e a l s l Total3 m D I a e n n ­ t d erba T n i k m 3 e Dema O nd ther Tim l e r B i o n o w g r s ­ ­ c c T a o a o p u c t i n ­ t a t a l s l N ba b u o n e m f k r s ­ ury counts 4 U.S. Govt. Other Insured banks: Total: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,(5 54 1,762 41,298 15,699 10 6,844 13,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,5 383 23,740 80,276 29,876 215 8,671 13,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,615 54 1,325 92,975 34,882 61 9,734 13,398 1961—Dec. 30.. 213,904 124,348 66,026 23,531 56,086276,600247,176 17,737 333 5,934 141,050 82,122 462 22,089 13,108 1962—Dec. 28. .234,243 139,449 65,891 28,903 53,702295,093260,609 15,844 402 6,815 140,169 97,380 3,584 23,712 13,119 1963—Dec. 20.. 252,579 155,261 62,723 34,594 50,337310,730273,657 15,077 443 6,712 140,702 110,723 3,571 25,277 13,284 1964—Dec. 31.. 275,053 174,234 62,499 38,320 59,911 343,876305,113 17,664 733 6,487 154,043 126,185 2,580 27,377 13,486 1965—Dec. 31.. 303,593200,109 59,120 44,364 60,327374,051 330,323 18,149 923 5,508 159,659 146,084 4,325 29,827 13,540 1966—Dec. 31.. 321,473217,379 55,788 48,307 68,515401,409 351,438 19,497 881 4,975 166,689 159,396 4,717 31,609 13,533 1967—Dec. 30.. 358,536235,502 62,094 60,941 77,348448,878 394,118 21,598 1,258 5,219 182,984 183,060 5,531 33,916 13,510 1968—Dec. 31.. 399,566264,600 64,028 70,938 83,061 498,071 432,719 24,427 1,155 5,000 198,535203,602 8,675 36,530 13,481 1969—June 306. 408,620283,199 53,723 71,697 87,311 513,960423,95724,889 800 5,624 192,357200,287 14,450 38,321 13.464 Dec. 31. .419,746294,638 54,399 70,709 89,090 527,598434,138 26,858 695 5,038 207,311 194,237 18,024 39,450 13.464 National member: 1941—Dec. 31.. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6/786 1,088 23,262 8,322 4 3,640 5,117 1945—Dec. 31.. 69,312 13,925 51,250 4,137 20,144 90,220 84,939 9,:129 14,013 45,473 16,224 78 4,644 5,017 1947—Dec. 31.. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,375 35 795 53,541 19,278 45 5,409 5,005 1961—Dec. 30.. 116,402 67,309 36,088 13,006 31,078 150,809 135,511 10,359 104 3,315 76,292 45,441 225 11,875 4,513 1962—Dec. 28.. 127,254 75,548 35,663 16,042 29,684 160,657 142,825 9,155 127 3,735 76,075 53,733 1,636 12,750 4,505 1963—Dec. 20.. 137,447 84,845 33,384 19,218 28,635 170,233 150,823 8,863 146 3,691 76,836 61,288 1,704 13,548 4,615 1964—Dec. 31.. 151,406 96,688 33,405 21,312 34,064 190,289 169,615 10,521 211 3,604 84,534 70,746 1,109 15,048 4,773 1965—Dec. 31.. 176,605 118,537 32,347 25,720 36,880219,744 193,860 12,064 458 3,284 92,533 85,522 2,627 17,434 4,815 1966—Dec. 31.. 187,251 129,182 30,355 27,713 41,690235,996206,456 12,588 437 3,035 96,755 93,642 3,120 18,459 4,799 1967—Dec. 30.. 208,971 139,315 34,308 35,348 46,634263,375231,374 13,877 652 3,142 106,019 107,684 3,478 19,730 4,758 1968—Dec. 31.. 236,130 159,257 35,300 41,572 50,953296,594257,884 15,117 657 3,090 116,422 122,597 5,923 21,524 4,716 1969—June 306. 242,241 170,834 29,481 41,927 52,271 305,800251,489 14,324 437 3,534 113,134 120,060 9,895 22,628 4,700 Dec. 31 . .247,526 177,435 29,576 40,514 54,721 313,927256,314 16,299 361 3,049 121,719 114,885 12,279 23,248 4,668 State member: 1941—Dec. 31.. 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,'739 621 13,874 4,025 1 2,246 1,502 1945—Dec. 31.. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,* til 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31.. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1961—Dec. 30.. 63,196 38,924 17,971 6,302 18,501 84,303 74,119 6,835 199 2,066 43,303 21,716 213 6,763 1,600 1962—Dec. 28.. 68,444 43,089 17,305 8,050 17,744 88,831 76,643 6,154 231 2,351 41,924 25,983 1,914 7,104 1,544 1963—Dec. 20.. 72,680 46,866 15,958 9,855 15,760 91,235 78,553 5,655 236 2,295 40,725 29,642 1,795 7,506 1,497 1964—Dec. 31.. 77,091 51,002 15,312 10,777 18,673 98,852 86,108 6,486 453 2,234 44,005 32,931 1,372 7,853 1,452 1965—Dec. 31.. 74,972 51,262 12,645 11,065 15,934 93,640 81,657 5,390 382 1,606 39,598 34,680 1,607 7,492 1,406 1966—Dec. 31.. 77,377 54,560 11,569 11,247 19,049 99,504 85,547 6,200 357 1,397 41,464 36,129 1,498 7,819 1,351 1967—Dec. 30.. 85,128 58,513 12,649 13,966 22,312 111,188 95,637 6,934 516 1,489 45,961 40,736 1,892 8,368 1,313 1968—Dec. 31.. 89,894 61,965 12,581 15,348 22,803 116,885 98,467 8,402 404 1,219 47,498 40,945 2,535 8,536 1,262 1969—June 306. 88,346 64,007 9,902 14,437 26,344 119,358 93,858 9,773 285 1,341 45,152 37,307 4,104 8,689 1,236 Dec. 31 . . 90,088 65,560 10,257 14,271 24,313 119,219 94,445 9,541 248 1,065 48,030 35,560 5,116 8,800 1,201 Nonmember: 1941—Dec. 31.. 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 6 959 6,810 1945—Dec. 31.. 14,639 2,992 10,584 1,063 4,448 19,256 18,119 2144 1,560 10,635 5,680 7 1,083 6,416 1947—Dec. 31.. 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 4 149 12,366 6,558 7 1,271 6,478 1961—Dec. 30.. 34,320 18,123 11,972 4,225 6,508 41,504 37,560 543 30 553 21,456 14,979 24 3,452 6,997 1962—Dec. 28.. 38,557 20,811 12,932 4,814 6,276 45,619 41,142 535 43 729 22,170 17,664 34 3,870 7,072 1963—Dec. 20.. 42,464 23,550 13,391 5,523 5,942 49,275 44,280 559 61 726 23,140 19,793 72 4,234 7,173 1964—Dec. 31.. 46,567 26,544 13,790 6,233 7,174 54,747 49,389 658 70 649 25,504 22,509 99 4,488 7,262 1965—Dec. 31.. 52,028 30,310 14,137 7,581 7,513 60,679 54,806 695 83 618 27,528 25,882 91 4,912 7,320 1966—Dec. 31.. 56,857 33,636 13,873 9,349 7,777 65,921 59,434 709 87 543 28,471 29,625 99 5,342 7,384 1967—Dec. 30.. 64,449 37,675 15,146 11,629 8,403 74,328 67,107 786 89 588 31,004 34,640 162 5,830 7,440 1968—Dec. 31.. 73,553 43,378 16,155 14,020 9,305 84,605 76,368 908 94 691 34,615 40,060 217 6,482 7,504 1969—June 306. 78,032 48,358 14,341 15,333 8,696 88,802 78,610 791 78 749 34,070 42,921 451 7,004 7,528 Dec. 31. . 82,133 51,643 14,565 15,925 10,056 94,453 83,380 1,017 85 924 37,561 43,792 629 7,403 7,595 For notes see p. A-22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 22 COMMERCIAL BANKS □ AUGUST 1970 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK— Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Classification by Securities Total Interbank3 Other FRS a i n n m d su e F r m a D n b c I e C e rs hip Total Lo 1 a .2 ns T U re .S a . s­ Oth 2 er a C ss a e s t h s3 c b a i a l l a p i i n c a t i i d ­ t ­ e a s l Total3 m D a e n ­ d Time Demand Tim l e r B i o n o w g r s ­ ­ c c T a o a o p u c t i n ­ t a a t l s l N ba b u o n e m f k r s ­ ury counts 4 U.S. Govt. Other Noninsured nonmember: 1941 _Dec. 31.. 1,457 455 761 241 763 2,283 1,872 32\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 1,513 111 148 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 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 Dec. 31 . . 2,982 2,041 310 632 895 4,198 2,570 316 41 16 1,559 638 336 528 197 Total nonmember: 1941—Dec. 31.. 7,233 3,696 2,270 1,266 3,431 10,992 9,573 4517 5,i04 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 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 Dec. 31 .. 85,115 53,683 14,875 16,556 10,950 98,651 85,949 1,333 126 940 39,120 144,430 965 7,931 7,792 1 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 Figures for this and later dates take into account the following changes and noninsured commercial banks include, a small member bank engaged (beginning June 30, 1969) for commercial banks: (1) inclusion of consol­ exclusively in trust business. idated reports (including figures for all bank-premises subsidiaries and Comparability of figures for classes of banks is affected somewhat by other significant majority-owned domestic subsidiaries) and (2) reporting changes in F.R. membership, deposit insurance status, and the reserve of figures for total loans and for individual categories of securities on a classifications of cities and individual banks, and by mergers, etc. gross basis—that is, before deduction of valuation reserves—rather than Data for national banks for Dec. 31, 1965, have been adjusted to make net as previously reported. them comparable with State bank data. 7 Regarding reclassification of New York City and Chicago as reserve Figures are partly estimated except on call dates. cities, see Aug. 1962 Bulletin, p. 993. For various changes between For revisions in series before June 30, 1947, see July 1947 Bulletin, reserve city and country status in 1960-63, see note 6, p. 587, May 1964 pp. 870-71. Bulletin. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1970 □ COMMERCIAL BANKS A 23 LOANS AND INVESTMENTS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Period Securities Securities Total i,2 Loans i,2 Total i,2 Loans1,2 G U o . v S t . . Other2 G U o . v S t . . Other2 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 44.9 196©—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—June 30 (old series)................................................. 392.5 264.3 56.2 72.0 396.4 269.8 54.0 72.6 June 30 (new series)3............................................. 397.3 269.2 56.3 71.8 401.3 274.9 54.0 72.4 July 30...................................................................... 397.7 269.9 56.8 71.0 397.7 271.7 54.7 71.3 Aug. 27...................................................................... 397.5 270.3 56.9 70.3 394.7 269.5 54.3 70.9 Sept. 24...................................................................... 396.5 271.3 54.7 70.5 396.5 272.1 53.2 71.2 Oct. 29...................................................................... 397.6 273.8 53.5 70.3 397.2 272.4 54.4 70.4 Nov. 26...................................................................... 401.2 276.4 53.4 71.4 400.7 274.7 55.1 70.9 Dec. 31...................................................................... 401.3 278.1 51.9 71.3 410.5 284.5 54.7 71.3 1970—jan. 28...................................................................... 398.5 276.6 50.4 71.5 397.6 274.0 53.0 70.6 Feb. 25...................................................................... 399.7 278.5 49.8 71.4 395.7 273.5 51.4 70.8 Mar. 25...................................................................... 400.9 277.6 50.3 73.0 399.0 274.8 51.5 72.7 Apr. 29 p.................................................................... 402.9 276.6 52.3 74.0 402.9 276.4 52.3 74.3 May 27*.................................................................... 404.9 277.1 53.3 74.4 402.9 276.1 52.5 74.3 June 30r e................................................................. 405.1 276.2 54.1 74.8 408.7 281.7 51.6 75.4 July 29p.................................................................... 410.7 279.9 55.5 75.3 410.6 281.8 53.3 75.6 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. 30, Dec. 31, June 30, Dec. 31, Class of Dec. 30, Dec. 31, June 30, Dec. 31, bank 1967 1968 1969 1969 bank 1967 1968 1969 1969 All commercial.... 1.283 1,216 1,150 1,131 All member—Cont. Insured................. 1.283 1,216 1,149 1,129 Other reserve city. 362 332 293 304 National member 747 730 694 688 Country................... 617 605 588 571 State member---- 232 207 187 188 All nonmember......... 304 278 269 255 All member............. 979 937 881 876 Insured.................... 304 278 268 253 Noninsured............ 2 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 □ AUGUST 1970 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans 1 Investments b C a l n a k ss a o n f d lo T a a o n n t d s a l i f F e u e r n a d d l - s C m o e m r­ ­ Agri- o p s r u e r c c c F u a h r r o a r i r t y s i i i e n n s g g in f s in ti a T tu n o t c i i o a n l s Real Ot t h o er, U s . e S c . u T ri r t e ie a s s u 6 ry S a t n a d te call date invest­ sold, Total cial cul- es­ in- Other local Other ments etc.2 3,4 a i n n d ­ t a u l r- 5 b T ro o ­ tate v d i i d - - 5 Bills s g e o c v u t. ­ r s it e ie c s u ­ 3 d tr u ia s l ­ k a e n r d s ot T he o rs Banks Others uals3 Total ce a r n t d ifi­ Notes Bonds rities deal­ cates ers Total:2 1947—Dec. 31.. 116,284 38,057 18,167 1,660 830 1,220 115 9,393 5,723 94769,221 9,982 6,034 53,205 5,276 3,729 1968—Dec. 31..402,477 6,747259,72798,357 9,718 6,6254,108 2,206 13,72965,137 58,3376,72464,466 58,570 12.067 1969—June 30 io 411,429 7,226277,773 104,403 10,5525,3064,212 2,587 13,74668,41961,5407,009 54,044 60,080 12.305 Dec. 31..422,728 9,928286,750 108,44310,3295,7394,027 2,488 15,06270,02063,2567,388 54,709 59,183 12,158 All insured: 1941—Dec. 31.. 49,290 21,259 9,214 1,450 614 662 40 4,773 4,505 21,046 988 3,159 16,899 3,651 3,333 1945—Dec. 31. 121,809 25,765 9,461 1.314 3,1643,606 49 4,677 2,361 1,132 88,91221,526 16,045 51,342 3,873 3,258 1947—Dec. 31.. 114,274 37,583 18,012 1,610 823 1,190 114 9,266 5,654 91467,941 9,676 5,918 52,347 5,129 3,621 1968—Dec. 31.. 399,566 6,526258,07497,741 9,7006,409 4,063 2,145 13,621 64,804 58,1426,65564,028 58,288 12,650 1969—June 30io 408,620 7,067276,132 103,723 10,5345,1804,168 2,541 13,60568,10461,3376,941 53,723 59,746 11,950 Dec. 31..419,746 9,693284,945 107,68510.3145,6443,991 2,425 14,89069,669 63,008 7,319 54,399 58,840 11,869 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 3,0902,871 1945—Dec. 31.. 107,183 22,775 8,949 8553,133 3.378 47 3,455 1,900 1,057 78,338 19,260 14,271 44,807 3,2542,815 1947—Dec. 31 97,846 32,628 16,962 1,046 811 1,065 113 7,130 4,662 83957,914 7,803 4,81545,295 4,199 3,105 1968—Dec. 31 326,023 5,551215,671 87,819 5,921 6,174 3.379 2,012 12,79750,461 45,404 6,189 47,881 48,423 8,498 1969—June 30io 330,587 5,444229,39792,9266,3484,996 3,473 2,386 12,82052,55647,4576,435 39,382 48,6007,764 Dec. 31.. 337,613 7,356235,63996,0956,187 5,408 3,286 2,258 14,035 53,20748,388 6,77639,833 47,2277,558 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 1968—Dec. 31 57,047 747 42,22225,258 3,803 903 1,099 3,426 3,619 3,485 1,694 5,984 7,233 861 1969—June 301 o 57,885 992 45,24026,469 3,410 887 1,218 3,819 4,041 3,706 1,676 4,445 6,553 655 Dec. 31. 60,333 802 47,503 28,189 3,695 776 1,047 4,547 3,835 3,595 1,807 5,048 6,192 788 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 1,600 749 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 ,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 30io 14,321 207 10,366 6,353 366 264 179 1,144 790 888 338 1,616 1,867 265 Dec. 31. 14,365 215 10,556 6,444 337 262 186 1.219 842 862 354 1,564 1,837 192 Other reserve city. 1941—Dec. 31. 15,347 7,105 3,456 300 114 194 4 1,527 1,508 6,467 295 751 5,421 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 427 1,503 17 1,459 855 387 29,552 8,016 5,653 15,883 1,126 916 1947—Dec. 31.. 36,040 13,449 7,088 225 170 484 15 3,147 1,969 351 20,196 2,731 1,901 15,563 1,342 1,053 1968—Dec. 31. 119,339 2,197 81,769 34,632 1,362 1,116 1,254 588 6.005 18,939 16,9162,520 15,036 18,111 2,226 1969—June 30* o 120,082 1,997 86,879 37,120 1,512 7601,360 885 5,816 19,417 17,3542,656 11,635 17,621 1,951 Dec. 31.. 121,628 3,021 88,180 37,701 1,386 878 1,300 876 6.006 19,706 17,5692,757 11,944 16,625 1,859 Country: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 1,823 1,528 4,377 110 481 3,787 1,2221.028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 1,881 707 359 26,999 5,732 4,544 16,722 1,342 1,067 1947—Dec. 31.. 36,324 10,199 3,096 818 23 227 3,827 1,979 22422,857 3,063 2,108 17,687 2,006 1,262 1968—Dec. 31.. 135,364 2,295 81,70621,811 4,493 720 969 119 2,147 27,164 24,154 1,69424,998 21,269 5,095 1969—June 30io 138,298 2,248 86,913 22,9844,779 460 963 104 2,041 28,308 25,509 1,765 21,686 22,5594,893 Dec. 31.. 141,286 3,318 89,401 23,7624,739 498 947 148 2,263 28,824 26,362 1,85821,278 22,5724,718 Nonmember: 1947—Dec. 31.. 18.454 5,432 1,205 614 20 156 2,266 1,061 109 11,318 2,179 1,219 7,920 1,078 625 1968—Dec. 31.. 76.454 1,196 44,056 10,538 3,797 451 729 194 932 14,676 12,933 535 16,585 10,1474,469 1969—June 30io 80,841 1,783 48,376 11,4764,204 310 739 201 925 15,863 14,083 574 14,662 11,481 4,541 Dec. 31.. 85,115 2,572 51,111 12,3484,141 329 741 231 1,028 16,813 14,868 612 14,875 11,9564,600 1 Beginning with June 30, 1948, figures for various loan items are 4 Breakdowns of loan, investment, and deposit classifications are no t 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

AUGUST 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 n te d B s F w e R a r . i n v R e t k h e ­ . s s r C c e a o n n u i c d r n y ­ b m a a w B d n e n i c o a s t k e l t ­ 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 In s o t t ­ i e c r 7 ba e F n ig k o n r­ 9 G U o .S vt . . S l g a o o t n c a v a d t t e l . c C c h o a f e e i e f n e f r r c d d i s t k ­ i ’ ­ s, IPC I b n a t n e k r­ G P S U a o o a n . s S v v d t ­ t . a . l S g 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 l n ­ i t ­ s etc. ings Total:3 1947—Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 6510,059 1968—Dec. 31. . . . 21,230 7,195 18,910 167,145 22,501 2,245 5,010 16,876 9,684 173,341 1,211 368 19,110 184,8928,899 37,006 1969—June 30*0. . 19,801 6,258 17,591 152,995 22,929 2,258 5,639 16,930 12,717 164,141 882 351 16,690 183,976 14,74038,823 Dec. 31. . . . 21,449 7,320 20,314 172,079 24,553 2,620 5,054 17,558 11,899 179,413 735 211 13,221 181,443 18,36039,978 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 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31. . . . 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 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 19,057 184,1788,675 36,530 1969—June 30io. . 19,801 6,229 16,778 151,340 22,755 2,134 5,624 16,819 12,378 163,160 800 351 16,634 183,302 14,45038,321 Dec. 31___ 21,449 7,292 19,528 170,280 24,386 2,471 5,038 17,434 11,476 178,401 695 211 13,166 180,86018,02439,450 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 1968—Dec. 31___ 21,230 5,634 11,279 131,491 21,483 2,036 4,309 12,851 8,592 142,476 1,061 33015,668 147,545 8,458 30,060 1969—June 30io. . 19,801 4,828 10,370 118,038 22,026 2,072 4,874 12,916 11,513 133,857 722 305 13,071 143,990 13.99931,317 Dec. 31. . . . 21,449 5,676 11,931 133,435 23,441 2,399 4,114 13,274 10,483 145,992 609 186 9,951 140,308 17,39532,047 New York Citv: 1941—Dec. 31___ 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31___ 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 "i95 2,120 1947—Dec. 31 .... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1968—Dec* 31 ... . 4,506 443 420 20,808 7,532 1,433 888 1,068 4,827 27,455 622 73 1,623 18,3802,733 6,137 1969—JUne 30io. . 4,212 400 424 15,504 9,725 1,509 983 1 ,314 7,801 25,338 405 53 673 14,735 3,671 6,283 Dec. 31.... 4,358 463 455 21,316 8,708 1,641 694 1,168 6,605 28,354 268 45 207 14,6924,405 6,301 City of Chicago : 1941—Dec. 31.... 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 3l___ 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947—Dec. 31----- 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 1968—Dec. 31... • 1,164 98 281 5,183 1,445 89 257 245 207 6,090 21 2 624 5,545 682 1,433 1969—June 30*o.. 652 78 134 4,428 1,298 69 274 321 228 5,644 25 1 391 4,783 1,230 1,492 Dec. 31. • • • 869 123 150 5,221 1,581 96 175 268 229 6,273 15 1 216 4,409 1,290 1,517 Other reserve city: 1941—Dec. 31.... 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31___ 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31___ 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 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 30io.. 7,945 1,499 2,776 39,781 8,538 444 2,172 3,792 1,843 48,444 205 162 6,231 53,621 7,311 11,166 Dec. 31----- 9,044 1,787 3,456 44,169 10,072 590 1,575 3,934 1,928 53,062 242 86 4,609 50,4399,881 11,464 Country: 1941—Dec. 31.... 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31.... 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31.... 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1968—Dec. 31.... 6,714 3,293 7,592 61,827 2,781 58 1,281 7,703 1,612 57,263 111 86 6,043 68,348 80411,807 1969—June 30*0.. 6,991 2,851 7,036 58,325 2,465 49 1,447 7,490 1,641 54,432 86 88 5,776 70,852 1,787 12,376 Dec 31. . . . 7,179 3,302 7,870 62,729 3,080 72 1,671 7,905 1,721 58,304 84 54 4,920 70,768 1,820 12,766 Nonmember:3 1947—Dec. 31 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1968—Dec. 31 1,560 7,631 35,654 1,018 209 701 4,205 1,092 30,865 150 38 3,442 37,347 441 6,945 1969—June 30io 1,430 7,221 34,957 903 186 765 4,013 1,204 30,283 160 47 3,619 39,986 741 7,506 Dec. 31 . .. 1,644 8,383 38,644 1,112 222 940 4,284 1 ,416 33,420 126 25 3,269 41,135 965 7,931 7 Beginning with 1942, excludes reciprocal bank balances. banks in U.S. possessions are included through 1968 and excluded there­ s Through 1960 demand deposits other than interbank and U.S. after. Govt., less cash items in process of collection; beginning with 1961, For the period June 1941—June 1962 member banks include mutual demand deposits other than domestic commercial interbank and U.S. savings banks as follows: three before Jan. 1960, two through December Govt., less cash items in process of collection. 1960, and one through June 1962. Those banks are not included in all 9 For reclassification of certain deposits in 1961, see note 6, p. 589, insured or total banks. May 1964 Bulletin. Beginning June 30, 1969, a small noninsured member bank engaged 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. For other notes see opposite page. Note.—Data are for all commercial banks in the United States; member Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 26 WEEKLY REPORTING BANKS □ AUGUST 1970 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans Federal funds sold, etc.1 Other To brokers For pur chasing 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 ro cial Agri­ Total mer­ U.S. hers Total and cul­ cial Treas­ Other indus­ tural Pers. banks ury trial U.S. U.S. and se­ cun- Treas­ Other Treas­ Other sales curi­ ties ury secs. ury secs. finan. Other ties secs. secs. COS., etc. Large banks— Total 19693 July 2............... 236,418 5,579 5,356 43 162 18 170,769 78,567 2,145 863 3,828 109 2,764 6,287 5,670 9............... 234,390 5,494 4,830 550 75 39 169,409 78,505 2,146 676 3,431 106 2,767 6,033 5,483 16............... 231,945 4,531 4,411 19 74 27 168,421 78,361 2,154 409 3,152 106 2,760 5,759 5,434 2 3 234,021 5,282 5,100 129 37 16 168,278 77,978 2,152 1,123 3,181 105 2,733 5,649 5,461 30............... 233,882 5,901 5,287 564 32 18 167,903 77,629 2,139 1,263 3,199 104 2,709 5,475 5,475 1970 June 3............... 234,609 6,293 5,841 259 106 87 167,744 78,010 2,041 490 3,207 94 2,303 5,459 5,575 10............... 234,311 6,602 6,204 260 100 38 167,379 78,192 2,043 393 2,731 91 2,288 5,545 5,456 17............... 236,8801 6,457 6,016 159 148 134 169,829 79,836 2,056 347 2,875 95 2,328 5,876 5,627 2 4 236,036 6,717 6,157 319 121 120 169,626 79,551 2,061 375 2,993 93 2,286 5,776 5,623 July Ip............. 240,221 7,387 6,809 209 172 197 172,488 80,089 2,078 447 3,184 96 2,255 7,106 5,807 8 *»............. 240,013 6,727 6,161 208 166 192 172,069 80,008 2,061 563 2,990 102 2,298 7,136 5,745 15p............. 238,539 5,866 5,519 49 128 170 172,094 80,096 2,054 274 2,866 105 2,305 7,479 5,699 22 p............. 239,557 7,745 7,006 437 154 148 171,993 79,907 2,048 508 2,870 104 2,262 7,545 5,710 29 p............. 238,622 5,885 5,071 552 140 122 171,469 79,342 2,033 786 2,755 104 2,287 7,264 5,717 New York City 1969 3 July 2............... 55,039 1,721 1,709 7 42,653 25,602 13 673 2,412 13 867 1,894 1,442 9............... 53,968 1,397 1,396 1 42,063 25,675 13 552 2,058 11 867 1,847 1,365 16............... 53,470 1,673 1,663 10 41,580 25,626 13 341 1,872 11 863 1,719 1,352 2 3 54,438 1,697 1,693 41,885 25,520 13 1,024 1,936 11 854 1,676 1,340 3 0 54,370 1 ,626 1,619 7 42,036 25,474 13 1,189 2,022 10 842 1,670 1,351 1970 June 3............... 54,279 2,144 2,092 20 22 40,778 24,890 14 376 2,066 12 684 1,853 1,598 10............... 53,232 1,528 1,524 4 40,365 24,980 15 281 1,631 12 676 1,918 1,497 17............... 54,220 1,453 1,394 20 29 41,182 25,773 15 208 1,676 12 677 1,925 1,612 2 4 54,487 2,236 1,969 248 19 41,195 25,583 15 269 1 ,839 12 669 1,895 1,613 July 1 p............. 55,406 1,730 1,675 30 42,409 25,814 16 360 1,946 12 673 2,374 1,617 8 p............. 54,685 948 917 31 42,106 25,843 15 419 1,832 17 700 2,286 1,555 15*............. 54,484 1,017 992 25 42,080 25,902 15 192 1,772 17 693 2,506 1,517 22 p............. 55,268 2,317 2,291 16 41,959 25,836 15 373 1,832 17 690 2,350 1,515 29 p............. 55,076 1,616 1,596 20 41,848 25,642 15 503 1,733 15 690 2,274 1,517 Outside New York City 19693 July 2............... 181,379 3.858 3,647 38 162 11 128,116 52,965 2,132 190 1,416 96 1,897 4,393 4,228 9 180,422 4,097 3,434 550 75 38 127,346 52,830 2,133 124 1,373 95 1,900 4,186 4,118 16............... 178,475 2.858 2,748 19 74 17 126,841 52,735 2,141 68 1,280 95 1,897 4,040 4,082 2 3 179,583 3,585 3,407 125 37 16 126,393 52,458 2,139 99 1,245 94 1,879 3,973 4,121 3 0 179,512 4,275 3,668 564 32 11 125,867 52,155 2,126 74 1,177 94 1,867 3,805 4,124 1970 June 3............... 180,330 4,149 3,749 239 96 65 126,966 53,120 2,027 114 1,141 82 1,619 3,606 3,977 10............... 181,079 5,074 4,680 260 100 34 127,014 53,212 2,028 112 1,100 79 1,612 3,627 3,959 17............... 182,660 5,004 4,622 139 138 105 128,647 54,063 2,041 139 1,199 83 1,651 3,951 4,015 2 4 181,549 4,481 4,188 71 121 101 128,431 53,968 2,046 106 1,154 81 1,617 3,881 4,010 July 1 p............. 184,815 5,657 5,134 194 162 167 130,079 54,275 2,062 87 1,238 84 1,582 4,732 4,190 8p............. 185,328 5,779 5,244 208 166 161 129,963 54,165 2,046 144 1,158 85 1,598 4,850 4,190 15*............. 184,055 4,849 4,527 49 128 145 130,014 54,194 2,039 82 1,094 88 1,612 4,973 4,182 22p............. 184,289 5,428 4,715 437 144 132 130,034 54,071 2,033 135 1,038 87 1,572 5,195 4,195 29 p............. 183,546 4,269 3,475 552 140 102 129,621 53,700 2,018 283 1,022 89 1,597 4,990 4,200 For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1970 a WEEKLY REPORTING BANKS A 27 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS— Continued (In millions of dollars) Loans (cont.) Investments Other (cont.) U.S. Treasury securities To commercial Notes and bonds banks maturing— Wednesday Con­ Real sumer For­ All Certif­ estate instal­ eign other Total Bills icates Do­ For­ ment govts.2 Within 1 to After mes­ eign 1 yr. 5 yrs. 5 yrs. tic Large Banks—Total 19693 33,239 516 1,760 19,752 1,023 14,246 22,817 1,434 4,189 12,154 5,040 ...............................July 2 33,232 400 1,766 19,724 1,022 14,118 22,496 1,202 4,149 12,125 5,020 .......................................... 9 33,237 375 1,809 19,730 1,016 14,119 22,165 982 4,190 12,038 4,955 ..........................................16 33,254 437 1,723 19,762 1,011 13,709 23,837 2,651 4,158 12,085 4,943 ..........................................23 33,288 478 1,668 19,846 1,012 13,618 23,469 2,329 4,186 12,021 4,933 ..........................................30 1970 33,419 472 1,458 20,421 976 13,819 22,662 2,487 3,392 14,393 2,390 ................................June 3 33,489 480 1,412 20,427 994 13,838 22,292 2,297 3,389 14,266 2,340 ..........................................10 33,480 469 1,439 20,468 979 13,954 22,224 2,266 3,421 14,213 2,324 ..........................................17 33,528 483 1,458 20,532 973 13,894 21,655 1,813 3,443 14,130 2,269 ..........................................24 33,496 506 1,465 20,638 941 14,380 22,035 2,090 3,522 14,190 2,233 ................................July ip 33,480 409 1,499 20,685 959 14,134 23,340 3,519 3,570 14,086 2,165 .......................................... Sp 33,534 410 1,563 20,688 972 14,049 22,567 2,829 3,620 14,015 2,103 ..........................................I5p 33,588 394 1,446 20,689 951 13,971 22,016 2,312 3,663 13,953 2,088 ..........................................-22 p 33,597 421 1,445 20,855 986 13,877 23,378 3,734 3,694 13,913 2,037 ..........................................29* New York City 19693 3,530 200 912 1,561 680 2,854 4,075 432 507 2,089 1,047 ...............................July 2 3,543 147 929 1,564 682 2,810 4,066 426 502 2,101 1,037 .......................................... 9 3,535 152 961 1,561 681 2,893 3,871 309 467 2,083 1,012 ..........................................16 3,541 176 891 1,566 661 2,676 4,690 1,132 461 2,083 1,014 ..........................................23 3,542 204 857 1,570 675 2,617 4,574 1,008 467 2,094 1,005 ..........................................30 1970 3,400 279 813 1,672 610 2,511 4,555 850 339 3,017 349 ................................June 3 3,424 282 762 1,672 627 2,588 4,386 763 326 2,971 326 ..........................................10 3,335 273 783 1,680 609 2,604 4,347 728 342 2,961 316 ..........................................17 3*346 280 795 1,689 610 2,580 4,031 437 359 2,931 304 ..........................................24 3,343 279 803 1,715 574 2,883 4,128 532 370 2,931 295 ................................July 1p 3,336 206 835 1,737 589 2,736 4,728 1,150 413 2,888 277 .......................................... 8P 3,367 228 890 1,732 590 2,659 4,509 969 450 2,818 272 ..........................................I5p 3,386 194 798 1,731 590 2,632 4,255 772 436 2,781 266 ..........................................22 p 3,390 202 814 1,818 618 2,617 4,881 1,369 476 2,770 266 ..........................................29p Outside New York City 19693 29,709 316 848 18,191 343 11,392 18,742 1,002 3,682 10,065 3,993 ................................July 2 29,689 253 837 18,160 340 11,308 18,430 776 3,647 10,024 3,983 .......................................... 9 29,702 223 848 18,169 335 11,226 18,294 673 3,723 9,955 3,943 ..........................................16 29,713 261 832 18,196 350 11,033 19,147 1,519 3,697 10,002 3,929 ..........................................23 29,746 274 811 18,276 337 11,001 18,895 1,321 3,719 9,927 3,928 ..........................................30 1970 30,019 193 645 18,749 366 11,308 18,107 1,637 3,053 11,376 2,041 ................................June 3 30,065 198 650 18,755 367 11,250 17,906 1,534 3,063 11,295 2,014 ..........................................10 30,145 196 656 18,788 370 11,350 17,877 1,538 3,079 11,252 2,008 ..........................................17 30,182 203 663 18,843 363 11,314 17,624 1,376 3,084 11,199 1,965 ..........................................24 30,153 227 662 18,923 367 11,497 17,907 1,558 3,152 11,259 1,938 ...............................July 1p 30,144 203 664 18,948 370 11,398 18,612 2,369 3,157 11,198 1,888 .......................................... 30,167 182 673 18,956 382 11,390 18,058 1,860 3,170 11,197 1,831 ..........................................15p 30,202 200 648 18,958 361 11,339 17,761 1,540 3,227 11,172 1,822 ..........................................22p 30,207 219 631 19,037 368 11,260 18,497 2,365 3,218 11,143 1,771 ..........................................29*> For notes see p A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 28 WEEKLY REPORTING BANKS □ AUGUST 1970 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS— Continued (In millions of dollars) Investments (cont.) Other securities Cash Invest­ Obligations Other bonds, items Re­ Bal­ ments Total of State corp. stock, in serves Cur­ ances in sub­ assets/ Wednesday and and process with rency with sidiar­ Other Total political securities of F.R. and do­ ies not assets liabil­ Total subdivisions collec­ Banks coin mestic consol­ ities tion banks idated Tax Certif. war­ All of All rants 4 other partici­ other 6 pation5 Large banks—Total 1969 3 July 2................................... 37,253 4,338 29,068 1,139 2,708 35,636 15,208 2,880 5,171 441 12,767 308,521 9................................... 36,991 4,200 29,090 1,116 2,585 33,594 15,133 2,977 4,773 470 12,480 303,817 16................................... 36,828 4,136 28,981 1,120 2,591 35,247 17,848 3,020 4,995 453 12,396 305,904 2 3 36,624 4,040 28,931 1,113 2,540 30,198 15,637 3,038 4,950 455 12,351 300,650 30................................... 36,609 3,989 28,933 1,114 2,573 29,515 14,741 3,106 5,018 470 12,536 299,268 1970 June 3................................... 37,910 4,828 29,026 1 ,006 3,050 33,677 17,159 3,071 4,982 695 14,134 308,327 10................................... 38,038 4,984 28,978 1 ,016 3,060 28,962 16,203 3,189 4,846 699 14,258 302,468 17................................... 38,370 5,253 29,097 1,008 3,012 30,283 17,055 3,257 5,499 700 14,041 307,715 2 4 38,038 5,018 28,918 998 3,104 30,005 15,530 3,368 4,519 702 14,190 304,350 July 1 *................................. 38,311 4,904 29,170 1,012 3,225 34,012 16,587 3,142 5,098 705 14,440 314,205 8 p........................ 37,877 4,760 28,957 1,000 3,160 30,561 16,746 3,145 4,593 702 14,016 309,776 15*................................. 38,012 4,857 29,016 982 3,157 33,834 18,575 3,267 5,038 707 14,030 313,990 22*................................. 37,803 4,768 28,913 981 3,141 30,278 16,797 3,302 4,550 707 13,833 309,024 29*................................. 37,890 4,770 28,946 1,018 3,156 26,853 16,544 3,384 4,545 709 14,010 304,667 New York City 19693 July 2................................... 6,590 1 ,150 4,739 109 592 17,107 3,769 383 397 257 4,759 81,711 9 6,442 1,111 4,671 109 551 16,614 3,813 385 330 257 4,686 80,053 16................................... 6,346 1,076 4,635 109 526 17,230 4,769 362 356 257 4,526 80,970 2 3 6,166 956 4,606 108 496 15,138 3,829 370 284 258 4,512 78,829 30................................... 6,134 937 4,588 108 501 14,806 3,771 379 350 258 4,552 78,486 1970 June 3................................... 6,802 1,330 4,585 84 803 17,576 4,164 414 932 314 5,146 82,825 10................................... 6,953 1,465 4,546 83 859 14,167 3,950 427 818 314 5,325 78,233 17.................................... 7,238 1,725 4,626 82 805 13,239 4,775 401 896 314 5,080 78,925 2 4 7,025 1,555 4,559 84 827 15,026 3,089 419 396 317 5,214 78,948 July 1*................................. 7,139 1,468 4,725 84 862 15,893 4,641 400 438 318 5,269 82,365 8*........................ 6,903 1,370 4,612 83 838 14,767 4,215 405 444 318 5,034 79,868 15*................................. 6,878 1,348 4,630 82 818 16,341 5,019 402 539 323 5,094 82,202 22*................................. 6,737 1,262 4,576 72 827 14,775 3,921 409 450 323 4,856 80,002 29*................................. 6,731 1 ,240 4,582 88 821 12,540 4,414 410 446 323 4,862 78,071 Outside New York City 19693 July 2.................................... 30,663 3,188 24,329 1,030 2,116 18,529 11,439 2,497 4,774 184 8,008 226,810 9.................................... 30,549 3,089 24,419 1,007 2,034 16,980 11,320 2,592 4,443 213 7,794 223,764 16.................................... 30,482 3,060 24,346 1 ,011 2,065 18,017 13,079 2,658 4,639 196 7,870 224,934 2 3 30,458 3,084 24,325 1,005 2,044 15,060 11,808 2,668 4,666 197 7,839 221,821 30.................................... 30,475 3,052 24,345 1,006 2,072 14,709 10,970 2,727 4,668 212 7,984 220,782 1970 June 3.................................... 31,108 3,498 24,441 922 2,247 16,101 12,995 2,657 4,050 381 8,988 225,502 10.................................... 31,085 3,519 24,432 933 2,201 14,795 12,253 2,762 4,028 385 8,933 224,235 17.................................... 31,132 3,528 24,471 926 2,207 17,044 12,280 2,856 4,603 386 8,961 228,790 2 4 31,013 3,463 24,359 914 2,277 14,979 12,441 2,949 4,123 385 8,976 225,402 July 1 *................................. 31,172 3,436 24,445 928 2,363 18,119 11,946 2,742 4,660 387 9,171 231,840 8*........................ 30,974 3,390 24,345 917 2,322 15,794 12,531 2,740 4,149 384 8,982 229,908 15*.................................. 31,134 3,509 24,386 900 2,339 17,493 13,556 2,865 4,499 384 8,936 231,788 22*................................. 31,066 3,506 24,337 909 2,314 15,503 12,876 2,893 4,100 384 8,977 229,022 29*................................. 31,159 3,530 24,364 930 2,335 14,313 12,130 2,974 4,099 386 9,148 226,596 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1970 □ WEEKLY REPORTING BANKS A 29 ASSETS AND LIABILITIES OF URGE COMMERCIAL BANKS— Continued (In millions of dollars) Deposits Demand Time and savings1 Domestic interbank Foreign IPC States States Wednesday and Certi­ and Do­ polit­ fied polit­ mes­ For­ Total IPC ical U.S. and Total ical tic eign sub­ Govt. Com­ Mutual Com­ offi­ sub­ inter­ govts.2 divi­ mer­ sav­ Govts., mer­ cers’ Sav­ Other divi­ bank sions cial ings etc.1 cial checks ings sions banks Large banks Total 19693 136,493 94,149 6,701 3,654 18,995 846 766 2,088 9,294 103,138 47,573 40,910 9,344 467 4,384 .................July 2 129,812 91,279 5,925 2,546 17,352 891 725 2,180 8,914 102,388 47,404 40,549 9,205 446 4,333 . 9 131,337 93,515 5,866 2,041 17,276 748 724 2,063 9,104 101,667 47,218 40,299 8,951 443 4,314 .16 129,269 90,199 5,597 5,237 16,187 673 688 1,987 8,701 101,067 47,108 39,976 8,861 438 4,251 .23 127,148 90,091 6,231 3,382 16,127 628 719 2,006 7,964 100,601 46,952 39,740 8,774 434 4,277 •3p 1970 134,000 91,532 6,289 3,440 18,960 566 783 2,210 10,220 99,537 46,122 37,024 8,940 351 6,822 3 127,278 91,499 6,034 1,332 17,301 559 791 2,172 7,590 99,599 46,147 37,081 8,874 349 6,866 .10 133,622 93,147 6,506 6,001 17,816 530 800 2,095 6,727 99,391 46,163 37,088 8,751 343 6,759 17 130,510 90,103 6,607 5,075 17,182 492 889 2,178 7,984 99,675 46,175 37,308 8,713 343 6,845 .24 139,086 95,254 7,653 5,112 18,802 759 816 2,307 8,383 101,580 46,425 38,498 9,166 483 6,700 .................July 1V 132,735 91,368 6,177 5,429 18,674 799 778 2,158 7,352 102,798 46,443 39,300 9,478 602 6,665 . 8 p 135,392 94,886 5,901 3,982 19,419 649 829 2,230 7,496 103,909 46,396 40,160 9,873 703 6,453 15? 130,037 91,603 5,391 4,250 18,285 572 742 2,267 6,927 105,241 46,406 41,105 10,105 791 6,505 ,22p 128,669 91,029 5,695 4,887 17,072 564 889 2,293 6,240 106,495 46,344 41,853 10,461 880 6,586 New York City 19693 41,668 23,159 608 921 7,825 531 615 1,516 6,493 14,090 4,537 5,862 503 265 2,737 .................July 2 38,342 21,618 465 506 6,769 573 566 1 ,587 6,258 13,878 4,526 5,697 521 250 2,701 . 9 39,246 22,239 517 483 6,906 436 567 1,484 6,614 13,730 4,496 5,620 510 250 2,673 .16 38,555 21,417 449 1,367 6,628 386 531 1,407 6,370 13,515 4,485 5,520 481 251 2,605 .23 37,858 21,808 451 795 6,670 350 611 1 ,418 5,755 13,458 4,465 5,471 479 251 2,623 .30 1970 42,894 22,794 464 816 8,322 294 637 1,532 8,035 13,757 4,385 4,532 361 213 4,161 3 38,317 22,498 464 141 7,247 289 641 1,543 5,494 13,741 4,385 4,523 364 212 4,152 .10 39,135 22,800 631 1,693 7,063 266 645 1,468 4,569 13,552 4,383 4,489 343 212 4,019 17 39,357 22,021 549 971 7,344 236 732 1,549 5,955 13,678 4,380 4,533 348 213 4,097 .24 42,307 24,010 949 1,075 7,821 464 675 1,650 5,663 14,239 4,391 4,962 402 281 4,097 .................July Ip 39,453 22,312 556 1,288 7,721 503 631 1,527 4,915 14,516 4,378 5,177 459 353 4,033 . 8 p 40,856 23,010 600 964 8,492 366 690 1,608 5,126 14,788 4,360 5,436 512 421 3,942 ,15 p 39,082 22,543 368 995 7,836 303 599 1,632 4,806 15,345 4,356 5,854 549 458 4,005 22 p 38,250 22,422 423 1 ,338 7,245 297 748 1,701 4,076 15,774 4,354 6,176 604 492 3,994 29 p Outside New York City 19693 94,825 70,990 6,093 2,733 11,170 315 151 572 2,801 89,048 43,036 35,048 8,841 202 1,647 .................July 2 91,470 69,661 5,460 2,040 10,583 318 159 593 2,656 88,510 42,878 34,852 8,684 196 1,632 . 9 92,091 71,276 5,349 1,558 10,370 312 157 579 2,490 87,937 42,722 34,679 8,441 193 1,641 .16 90,714 68,782 5,148 3,870 9,559 287 157 580 2,331 87,552 42,623 34,456 8,380 187 1,646 23 89,290 68,283 5,780 2,587 9,457 278 108 588 2,209 87,143 42,487 34,269 8,295 183 1,654 30 1970 91,106 68,738 5,825 2,624 10,638 272 146 678 2,185 85,780 41,737 32,492 8,579 1-38 2,661 3 88,961 69,001 5,570 1,191 10,054 270 150 629 2,096 85,858 41,762 32,558 8,510 137 2,714 10 94,487 70,347 5,875 4,308 10,753 264 155 627 2,158 85,839 41,780 32,599 8,408 131 2,740 17 91,153 68,082 6,058 4,104 9,838 256 157 629 2,029 85,997 41,795 32,775 8,365 130 2,748 24 96,779 71,244 6,704 4,037 10,981 295 141 657 2,720 87,341 42,034 33,536 8,764 202 2,603 .................July 1 p 93,282 69,056 5,621 4,141 10,953 296 147 631 2,437 88,282 42,065 34,123 9,019 249 2,632 8p 94,536 71,876 5,301 3,018 10,927 283 139 622 2,370 89,121 42,036 34,724 9,361 282 2,511 15* 90,955 69,060 5,023 3,255 10,449 269 143 635 2,121 89,896 42,050 35,251 9,556 333 2,500 22 p 90,419 68,607 5,272 3,549 9,827 267 141 592 2,164 90,721 41,990 35,677 9,857 388 2,592 29 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 □ AUGUST 1970 ASSETS AND LIABILITIES OF URGE COMMERCIAL BANKS— Continued (In millions of dollars) Borrowings Reserves Memoranda from— for— Large negotiable Fed­ Total time CD’s Gross eral Other Total loans included in time liabili­ Wednesday funds liabili­ capital Total and De­ and savings deposits1 ties of pur­ F.R. ties Secur­ ac­ loans invest­ mand banks chased, Banks Others etc. 8 Loans ities counts (gross) ments deposits to etc.7 ad­ (gross) ad­ Issued Issued their justed9 ad­ justed i o Total to to foreign justed 9 IPC’s others bran­ ches Large Banks—Total 19693 July 2............................. 12,803 290 2,779 26,548 3.561 124 22,785 170,476 230,546 78,208 14,712 8,881 5,831 12,826 9............................. 14,091 439 2,813 27,817 3.562 124 22,771 169,673 229,160 76,320 14,353 8,631 5,722 13,833 16............................. 13,559 1,797 2,801 28,351 3.561 124 22,707 168,166 227,159 76,773 13,885 8,296 5,589 14,261 2 3 12,542 648 2,848 27,883 3.561 127 22,705 168,023 228,484 77,647 13,750 8,157 5,593 14,369 30............................. 13,431 689 2,872 28,077 3.561 127 22,762 168,039 228,117 78,124 13,518 7,932 5,586 14,434 1970 June 3............................. 18,348 1,063 2,113 25,234 4.039 23,918 167,724 228,296 77,923 12,982 ,990 6,992 12,572 10............................. 19,350 624 2,123 25,468 4.039 23,913 167,297 227,627 79,683 12,974 ,998 6,976 12,435 17............................. 18,702 273 2,046 25,756 4.040 23,810 169,801 230.395 79,522 12,758 ,990 6,768 12,575 2 4 17,758 613 1 ,971 25.902 4,030 23,815 169,703 229.396 78,248 12,976 ,131 6,845 12,701 Julv 1*........................... 17,666 671 1,966 25,203 4,016 23,940 172,560 232,906 81,160 14,133 7,041 7,092 11,923 8 p........................... 17,480 1 ,402 1,916 25,343 4.019 24,007 172,226 233,443 78,071 15,214 7,737 7,477 12,041 15*................................ 17,373 1 ,837 1 ,896 25,573 4,015 23,920 172,031 232,610 78,157 15,995 8,448 7,547 12,132 22 p........................... 17,842 1,044 1 ,902 24,963 4,014 23,906 172,338 232,157 77,224 16,926 9,147 7,779 11,776 29 p........................... 15,098 652 1 ,811 23.903 4.019 23,945 171 ,862 233,130 79,857 17,958 9,818 8,140 10,890 New York City 19693 July 2............................. 3,117 659 15,100 1 ,050 6,024 42,465 53,130 15,815 2,610 1 ,347 1 ,263 8,910 9 4,060 5 702 15,999 1,051 6,013 41,917 52,425 14,453 2,511 1,273 1,238 9,595 16............................. 3,822 151 748 16,215 1,050 6,005 41,438 51,655 14,627 2,453 1,210 1,243 10,032 2 3 3,075 11 704 15,926 1 ,050 5,990 41,713 52,569 15,422 2,390 1,158 1 ,232 9,927 3 0 3,782 685 15,667 1 ,049 5,984 41,839 52,547 15,587 2,388 1 ,123 1,265 9,765 1970 June 3............................. 4,824 419 288 13,320 1 ,211 6,111 40,551 51,908 16,180 2,753 847 1,906 8,382 10............................. 5,119 151 275 13,305 1 ,212 6,112 40,087 51,426 16,762 2,720 830 1 ,890 8,244 17............................. 5,233 14 250 13,464 1 ,212 6,063 40,968 52,553 17,140 2,575 816 1,759 8,473 2 4 4,479 80 234 13,871 1,207 6,040 41,182 52,238 16,016 2,719 903 1,816 8,482 July 1*........................... 4,972 175 199 13,168 1 ,196 6,107 42,185 53,452 17,518 3,139 1 ,231 1 ,908 7,946 8P........................... 4,133 433 174 13,866 1 ,198 6,093 41,931 53,562 15,677 3,462 1,426 2,036 8,322 15*........................... 4,421 650 177 14,023 1 ,199 6,087 41,877 53,264 15,059 3,795 1 ,678 2,117 8,559 22*........................... 4,625 63 204 13,401 1 ,198 6,083 41,791 52,783 15,476 4,158 2,000 2,158 8,184 29 p........................... 4,151 13 205 12,420 1 ,202 6,055 41,666 53,278 17,127 4,518 2,274 2,244 7,433 Outside New York City 1969 3 July 2............................. 9,686 290 2,120 11,448 2.511 121 16,761 128,011 177,416 62,393 12,102 7,534 4,568 3,916 9............................. 10,031 434 2,111 11,818 2.511 121 16,758 127,756 176,735 61,867 11,842 7,358 4,484 4,238 16............................ 9,737 1 ,646 2,053 12,136 2.511 121 16,702 126,728 175,504 62,146 11,432 7,086 4,346 4,229 2 3 9,467 637 2,144 11,957 2.511 124 16,715 126,310 175,915 62,225 11,360 6,999 4,361 4,442 3 0 9,649 689 2,187 12,410 2.512 124 16,778 126,200 175,570 62,537 11,130 6,809 4,321 4,669 1970 June 3............................... 13,524 644 1 ,825 11,914 2,828 17,807 127,173 176,388 61,743 10,229 5,143 ,086 4.190 10............................... 14,231 473 1 ,848 12,163 2.827 17,801 127,210 176,201 62,921 10,254 5,168 ,086 4.191 17............................... 13,469 259 1,796 12,292 2.828 17,747 128,833 177,842 62,382 10,183 5,174 ,009 4,102 2 4 13,279 533 1 ,737 12,031 2,823 17,775 128,521 177,158 62,232 10,257 5,228 ,029 4,219 July 1 p............................. 12,694 496 1 ,767 12,035 2,820 17.833 130,375 179,454 63,642 10,994 5,810 5,184 3,977 8 *............................. 13,347 969 1 ,742 11,477 2,821 17,914 130,295 179,881 62,394 11,752 6,311 5,441 3,719 15*............................. 12,952 ,187 1 ,719 11 ,550 2,816 17.833 130,154 179,346 63,098 12,200 6,770 5,430 3,573 22 p............................. 13,217 981 1 ,698 11,562 2,816 17,823 130,547 179,374 61,748 12,768 7,147 5,621 3,592 29 p............................. 10,947 639 1 ,606 11,483 2,817 17,890 130,196 179,852 62,730 13,440 7,544 5,896 3,457 1 Includes securities purchased under agreements to resell. I Includes securities sold under agreements to repurchase. 2 Includes official institutions and so forth. 8 Includes minority interest in consolidated subsidiaries. 3 Figures not comparable with 1969 data. For description of revision 9 Exclusive of loans and Federal funds transactions with domestic com­ in series beginning July 2 (with overlap for June 25), see Bulletin for Aug. mercial banks. 1969, pp. 642-46. 10 All 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. II Certificates of deposit issued in denominations of $100,000 or more. ® Includes corporate stock. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 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 1970 1969 July July July July July 1st 2nd 29 22 15 8 1 July June Mayr II I IV half half Durable goods manufacturing: Primary metals.................................... 2,209 2,187 2,197 2,195 2,232 43 128 -26 152 -71 76 81 129 Machinery............................................ 6,097 6,213 6,170 6,150 6,089 -100 210 -135 93 184 329 277 609 Transportation equipment................ 2,737 2,775 2,807 2,739 2,761 -22 86 -104 -42 155 400 113 539 Other fabricated metal products... 2,224 2,273 2,315 2,281 2,248 -28 96 -37 104 145 -115 249 -174 Other durable goods.......................... 2,859 2,912 2,920 2,887 2,773 107 120 -4 213 24 -13 237 79 Nondurable goods manufacturing: Food, liquor, and tobacco............... 2,545 2,684 2,638 2,682 2,682 -209 60 -131 -88 -411 666 -499 709 Textiles, apparel, and leather........... 2,852 2,828 2,838 2,814 2,761 139 92 66 204 172 -471 376 -373 Petroleum refining.............................. 1,512 1,623 1,636 1,623 1 ,659 -127 93 -42 38 -117 -107 -79 -350 Chemicals and rubber....................... 2,664 2,710 2,720 2,696 2,717 -53 9 -168 -138 10 197 -128 103 Other nondurable goods................... 2,187 2,213 2,220 2,189 2,187 76 114 -28 18 9 36 26 199 Mining, including crude petroleum and natural gas............................. 4,221 4,240 4,253 4,244 4,261 -39 67 -91 -138 -439 -15 -577 -69 Trade: Commodity dealers................... 851 875 893 879 932 -47 -65 -19 -137 -155 366 -292 234 Other wholesale......................... 3,627 3,643 3,620 3,632 3,631 4 95 -33 138 -62 48 76 11 Retail........................................... 4,181 4,199 4,279 4,228 4,381 -172 206 -69 269 -102 129 167 -126 Transportation........................................ 5,776 5,756 5,732 5,743 5,730 136 85 100 60 -156 246 -96 257 Communication...................................... 1,319 1,330 1 ,316 1,295 1,276 30 -4 -82 -63 -187 247 -250 341 Other public utilities.............................. 2,533 2,608 2,647 2,683 2,775 -201 202 -52 -40 -791 252 -831 747 Construction............................................ 3,240 3,221 3,202 3,191 3,187 32 85 24 157 -79 -144 78 -70 Services..................................................... 7,010 7,032 7,058 7,068 6,963 137 140 -71 -51 -105 408 -156 263 All other domestic loans....................... 4,973 4,878 4,895 4,981 4,971 143 22 20 19 -116 365 -97 507 Bankers’ acceptances.............................. 531 505 544 595 568 26 -40 -105 -47 -156 294 -203 183 Foreign commercial and industrial loans.................................................. 2,149 2,140 2,128 2,140 2,133 -5 -84 49 -40 -44 -24 -84 -192 Total classified loans............................. 68,297 68,845 69,028 68,935 68,917 -130 1 ,717 -938 681 2,292 3,370 -1,611 3,456 Total commercial and industrial loans. 79,342 79,907 80,096 80,008 80,089 -209 1 ,701 -1,073 797 -2,738 3,438 -1,938 3,077 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 1970 Industry July June May Apr. Feb. Jan. Dec. Nov. Oct. 1st 29 24 27 29 25 28 31 26 29 II I IV III half Durable goods manufactur­ ing: Primary metals.................. 1,523 1,520 1,447 1,463 1,420 1,428 1,476 1,402 1,407 68 -24 57 67 44 Machinery.......................... 2,824 2,784 2,763 2,761 2,748 2,686 2,749 2,566 2,507 -16 51 193 82 35 Transportation equipment 1,599 1,564 1,549 1,560 1,544 1,554 1,501 1,389 1,305 -11 74 256 148 63 Other fabricated metal products.......................... 770 762 755 780 754 757 761 796 770 3 -2 -8 -29 1 Other durable goods........ 1,158 1 ,132 1,162 1,183 1,141 1,145 1,169 1,097 1,087 -30 -7 59 42 -37 Nondurable goods manufac­ turing : Food, liquor, and tobacco 968 1,007 939 951 952 942 953 908 873 47 7 73 24 54 Textiles, apparel, and leather.............................. 767 762 756 709 721 708 713 707 686 36 13 24 46 49 Petroleum refining............ 1,199 1,266 1,217 1,254 1,234 1,310 1,356 1,310 1,282 11 -101 -121 -190 -90 Chemicals and rubber........ 1,687 1,709 1,694 1,831 1,896 1,832 1,829 1,674 1,701 -96 -24 112 21 -120 Other nondurable goods. , 1,098 1,071 1,071 1,099 1,120 1,133 1,151 1,123 1,071 -75 -5 85 15 -80 Mining, including crude pe­ troleum and natural gas, 3,489 3,582 3,520 3,590 3,757 3,916 4,090 4,044 4,079 -127 -381 -29 -84 -508 Trade: Commodity dealers., 80 88 87 77 81 90 79 81 81 10 -1 -1 -34 9 Other wholesale 703 r692 717 684 693 686 706 668 691 r —4 -10 40 -4 r_14 Retail.......................... 1,292 1,308 1,285 1,242 1,236 1,232 1,229 1,215 1,182 102 -23 71 4 79 Transportation....................... 4,425 4,276 4,262 4,199 4,291 4,343 4,414 4,146 4,115 -55 -83 307 26 -138 Communication....................... 424 408 416 445 472 480 498 462 486 -68 -22 52 6 -90 Other public utilities............ 1,031 1,033 984 1,020 1,244 1,318 1,337 1,219 1,244 -128 -176 42 146 -304 Construction........................... 959 911 888 899 899 893 904 903 899 8 -1 13 -2 7 Services...................................... 3,049 3,017 3,031 2,962 2,971 2,936 2,991 2,945 2,854 22 4 131 -10 26 All other domestic loans 1,267 rl ,227 1,186 1,183 1,195 1,214 1,241 1,204 1,206 r21 -35 110 108 r_14 Foreign commercial and in­ dustrial loans................... 1,599 1,620 1,664 1,614 1,627 1,645 1,642 1,690 1,692 -27 5 -75 -135 -22 Total loans............................... 31,911 '31,739 31,393 31,506 31,996 32,248 32,789 31,549 31,218 r —309 -741 1,391 247 r- 1,050 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 □ AUGUST 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—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........... 7,109 5,579 1 ,530 1,798 740r 1,058 13........... 7,411 5,859 1,552 1 ,794 734 1,060 20........... 7,736 6,128 1 ,608 1,812 727 1,085 27........... 7,837 6,221 1 ,616 1 ,816 723 1,093 June 3........... 7,830 6,188 1,642 1,813 703 1,110 10........... 7,829 6,180 1,649 1,813 716 1,097 17........... 7,655 6,084 1,571 1,877 684 1 ,193 24........... 7,858 6,313 1 ,545 1,830 674 1 ,156 July 1.......... 7,793 6,146 1,647 1,806 634 1,172 8........... 7,741 6,054 1,687 1,825 634 1,191 15........... 7,783 6,037 1,746 1,874 637 1,237 22........... 7,976 6,063 1,913 1,879 648 1,231 29........... 8,018 6,151 1,867 rl ,892 rl ,245 r647 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) May Feb. May Feb. May Feb. May Feb. May Feb. May Feb. 1970 1970 1970 1970 1970 1970 1970 1970 1970 1970 1970 1970 Percentage distribution of dollar amount Less than 8.00................................ 1.3 1.8 9.7 11.3 3.3 4.6 2.1 2.8 1.4 1.7 0.8 0.8 8.00................................................... 44.2 0.8 7.6 6.3 8.5 2.7 19.2 1.7 36.8 0.4 58.7 0.3 8 01-8 49.......................................... 19 9 0.2 7.2 1.7 8.3 0.8 18.1 0.4 22.2 21.8 0.1 8.50................................................... 8.2 47.2 5.6 3.6 10.6 8.4 12.2 21.8 10.9 37.4 6.2 63.8 8.51-8.99.......................................... 7.0 21.1 8.6 8.4 14.7 12.9 13.1 22.6 9.1 26.2 3.6 20.9 9.00................................................... 5.8 7.9 11.5 10.8 12.5 14.2 10.0 13.1 6.0 10.9 3.5 4.6 9.01-9.49.......................................... 3.5 7.0 12.6 12.0 12.4 15.9 7.4 12.9 3.7 6.5 0.9 3.9 9.50................................................... 3.5 5.4 11.1 14.1 9.2 13.0 6.8 8.5 3.1 6.2 1.7 3.0 9.51-9.99.......................................... 1.8 3.2 10.0 13.9 6.9 9.9 3.2 6.2 1.8 4.2 0.5 0.9 Over 10.0......................................... 4.8 5.4 16.2 17.9 13.6 17.5 7.9 10.2 5.1 6.4 2.3 1.8 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)........................ 5,278.2 4,502.3 48.9 44.1 453.7 399.0 908.8 810.7 699.9 598.9 3,166.9 2,649.6 Number (thousands)................. 34.1 30.2 12.4 11.2 14.5 12.7 4.7 4.2 1.1 1.0 1.4 1.1 Center Weighted average rates (per cent per annum) 35 centers........................................ 8.49 8.86 9.05 9.17 9.04 9.26 8.73 9.04 8.43 8.87 8.25 8.67 New York City.......................... 8.24 8.65 9.05 9.31 8.91 9.12 8.53 8.89 8.31 8.72 8.13 8.57 7 Other Northeast..................... 8.86 9.23 9.23 9.28 9.34 9.60 9.01 9.36 8.72 9.18 8.45 8.91 8 North Central......................... 8.44 8.86 8.80 8.96 8.93 9.24 8.78 9.11 8.44 8.88 8.24 8.71 7 Southeast................................. 8.44 8.67 8.70 8.82 8.77 8.80 8.49 8.65 8.31 8.54 8.15 8.63 8 Southwest................................ 8.61 8.87 9.10 9.25 8.90 9.11 8.61 8.94 8.32 8.86 8.58 8.67 4 West Coast.............................. 8.42 8.84 9.49 9.61 9.13 9.32 8.72 8.96 8.50 8.98 8.13 8.66 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

AUGUST 1970 □ INTEREST RATES A 33 PRIME RATE CHARGED BY BANKS (Per cent per annum) In effect during- Effective date Effective date Rate Effective date Rate 192 9 5%-6 1947—Dec. i. iy4 1956—Apr. 13. 3% 1966—Mar. 10........... 5lA Aug. 21 4 June 29........... 5 V4 193 0 3 Vi-6 1948—Aug.1 2 Aug. 16........... 6 193 1 2V4-5 1 1 1 9 9 9 3 3 3 1 4 9 — 4 2 3 7 (Nov.)........ 3 l% V4 - - 4 4 1 1 9 9 5 5 1 0 — — O J D S a e c e n p t c . . t . . 2 1 1 2 8 7 9 . . . . . 2 2 2 3 V V Y 4 4 i 1 1 9 9 5 5 7 8 — — S A J A a e p u n p g r . t . . . 2 2 1 1 1 2 6 . . 4 4 3 4 % V4 1 1 9 9 6 6 8 7 — — S N A J M a e p o n a p v r . r t . . . . 2 2 2 2 1 5 7 0 9 6 . . . . - . . . . . . 2 . . . . . . . . . . 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 6 6 6 ' V V A i i - -6 5 V V 4 4 Nov. 13........... 6V4 1953—Apr. 27 3 Va 1959— S M e a p y t. 18 1 5 4 Vi D D e e c c . . 1 2 8 . . . . . . . . . . . . . . . . . . . . . . 6 6V V 4 i 1954—Mar. 17. 3 1969—Jan. 7........... 7 1960—Aug. 23 4 Vi Mar. 17........... 7 Vi 1955—Aug. 4 3Va June 9........... 8% Oct. 14. . 3 Vi 1965—Dec. 6 5 1970—Mar. 25........... 8 1 Date of change not available. MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable)4 Finance Prime CO. Prime coml. paper bankers’ Federal 3-month bills5 6-month bills5 9- to 12-month issues Period paper placed accept­ funds 3- to 5- 4- to 6- directly, ances, rate3 year months1 3- to 6- 90 days1 Rate on Market Rate on Market Bills (mar­ issues 7 months2 new issue yield new issue yield ket yield)5 Other* 1962.............................. 3.26 3.07 3.01 2.68 2.778 2.77 2.908 2.90 3.01 3.02 3.57 1963.............................. 3.55 3.40 3.36 3.18 3.157 3.16 3.253 3.25 3.30 3.28 3.72 1964.............................. 3.97 3.83 3.77 3.50 3.549 3.54 3.686 3.68 3.74 3.76 4.06 1965.............................. 4.38 4.27 4.22 4.07 3.954 3.95 4.055 4.05 4.06 4.09 4.22 1966.............................. 5.55 5.42 5.36 5.11 4.881 4.85 5.082 5.06 5.07 5.17 5.16 1967.............................. 5.10 4.89 4.75 4.22 4.321 4.30 4.630 4.61 4.71 4.84 5.07 1968.............................. 5.90 5.69 5.75 5.66 5.339 5.33 5.470 5.48 5.45 5.62 5.59 1969.............................. 7.83 7.16 7.61 8.22 6.677 6.64 6.853 6.84 6.77 7.06 6,85 1969—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 June.................. r8.21 7.55 7.78 7.60 6.742 6.67 6.907 6.86 7.07 7.50 7.86 July................... 8.29 7.64 7.61 7.21 6.468 6.45 6.586 6.51 6.63 7.00 7.58 Week ending— 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 June 6........... 8.13 7.56 7.78 7.84 6.824 6.82 6.858 6.88 7.01 7.52 7.76 13........... 8.15 7.56 7.75 7.98 6.785 6.76 6.895 6.92 7.10 7.53 7.86 20........... 8.25 7.56 7.85 7.80 6.733 6.71 6.947 6.96 7.17 7.55 7.95 27........... 8.25 7.51 7.78 7.21 6.626 6.50 6.929 6.80 7.06 7.44 7.88 July 4........... 8.38 7.54 7.75 7.23 6.421 6.44 6.603 6.50 6.85 7.29 7.73 11........... 8.35 7.54 7.75 7.34 6.642 6.61 6.656 6.66 6.77 7.14 7.60 18........... 8.25 7.56 7.63 7.59 6.547 6.45 6.644 6.53 6.62 6.94 7.55 25........... 8.35 7.75 7.58 7.16 6.385 6.34 6.442 6.41 6.55 6.90 7.56 Aug. 1........... 8.15 7.78 7.43 6.89 6.345 6.37 6.429 6.47 6.52 6.93 7.58 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 □ AUGUST 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 i term) Total i Aaa Baa Aaa Baa In tr d ia u l s­ R ro a a i d l­ P u u ti b li l t i y c fe P r r r e e ­ d C m o o m n ­ C m o o m n ­ 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—Jul y 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 5.78 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 June........... 6.99 7.12 6.81 7.41 8.77 8.48 9.25 8.55 8.76 9.06 7.57 4.17 July............ 6.57 6.68 6.40 7.02 8.85 8.44 9.40 8.61 9.11 9.01 7.62 4.20 Week ending— 1970—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 June 6... 7.00 7.04 6.75 7.35 8.62 8.30 9.13 8.41 8.63 8.90 7.42 4.03 13. . . 7.09 7.15 6.85 7.45 8.70 8.42 9.18 8.52 8.68 8.97 7.52 4.19 20. . . 7.05 7.25 6.95 7.55 8.80 8.55 9.26 8.56 8.74 9.14 7.66 4.16 21... 6.89 7.04 6.70 7.30 8.89 8.60 9.36 8.66 8.88 9.20 7.69 4.28 July 4. . . 6.73 6.99 6.65 7.25 8.92 8.60 9.41 8.69 8.76 9.20 7.84 4.32 11 . . . 6.56 6.77 6.50 7.10 8.93 8.55 9.44 8.67 9. 11 9.13 7.66 4.32 18. . . 6.61 6.77 6.50 7.10 8.88 8.49 9.39 8.62 9.12 9.05 7.59 4.20 25. . . 6.54 6.41 6.15 6.80 8.82 8.40 9.38 8.58 9.12 8.94 7.49 4.10 Aug. 1 . . . 6.54 6.47 6.20 6.85 8.76 8.26 9.37 8.52 9.12 8.85 7.50 4.04 Number of issues2 8 20 5 5 108 18 30 38 30 40 14 500 500 1 Includes bonds rated Aa and A, data for which are not shown sep­ Averages of daily figures for bonds maturing or callable in 10 years or arately. Because of a limited number of suitable issues, the number more. State and local govt, bonds: General obligations only, based on of corporate bonds in some groups has varied somewhat. As of Dec. Thurs. figures. Corporate bonds: Averages of daily figures. Both of these 23, 1967, Aaa-rated railroad bonds are no longer a component of the series are from Moody’s Investors Service series. railroad average or the Aaa composite series. Stocks: Standard and Poor’s corporate series. Dividend/price ratios are 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

AUGUST 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 Period Standard and Poor’s index New York Stock Exchange index ican shares (1941-43= 10) (Dec. 31, 1965 = 50) Stock Ex­ change ( G t l U e o o r . n m S v g t . ) . ­ S l a o t n c a d a te l p A C o A r o a r A t ­ e Total In tr d 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 o r n t n a s ­ ­ Utility na F n i c ­ e in to d ta e l x 1 NYSE AMEX 1967............................ 76.55 100.5 81.8 91.93 99.18 46.72 68.10 50.77 51.97 53.51 45.43 49.82 19.67 10,143 4,508 1968............................ 72.33 93.5 76.4 98.70 107.49 48.84 66.42 55.37 58.00 50.58 44.19 65.85 27.72 12,971 6,353 1969............................ 64.49 79.0 68.5 97.84 106.30 45.95 62.64 54.67 57.45 46.96 42.80 70.49 28.73 11,403 5,001 1969—July................. 64.75 78.5 68.2 94.71 103.68 43.00 61.32 52.40 55.00 42.80 42.31 64.56 25.78 10,872 4,215 Aug................ 65.18 76.1 68.4 94.18 103.39 42.04 59.20 52.09 54.85 41.45 41.34 65.29 26.44 9,608 3,531 Sept................ 62.64 73.6 67.2 94.51 103.97 42.03 57.84 52.37 55.29 42.72 40.20 68.16 26.57 10,439 3,718 Oct.................. 63.05 74.9 66.5 95.52 105.07 41.75 58.80 53.27 56.22 43.12 40.55 71.71 27.48 13,486 5,611 Nov................ 61.08 73.4 65.7 96.21 105.86 40.63 59.46 53.85 56.84 42.59 41.36 71.62 27.97 11,247 4,396 Dec................. 58.71 68.7 62.9 91.11 100.48 36.69 55.28 50.86 53.93 37.77 38.69 66.95 26.32 12,384 4,928 1970—Jan.................. 58.33 69.7 62.2 90.31 99.41 37.62 55.72 50.61 53.58 37.51 38.76 66.19 26.48 10,532 4,062 Feb................. 61.63 71.7 62.4 87.16 95.73 36.58 55.24 48.76 51.29 36.06 38.55 65.01 25.61 11,500 3,830 Mar................ 62.04 75.6 62.8 88.65 96.95 37.33 59.04 49.46 51.33 36.85 40.77 67.37 25.15 10,141 3,122 Apr................. 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 3,150 May............... 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 3,908 June............... 57.37 67.5 59.5 75.59 82.96 28.94 49.22 41.28 43.40 28.51 33.74 54.21 20.81 10,294 3,189 July................ 60.59 70.6 59.0 75.72 83.00 26.59 50.91 41.15 43.04 26.46 34.90 54.00 20.11 10,358 2,202 Week ending— 1970—July 4 59.35 68.6 59.8 72.89 80.09 25.34 47.76 39.73 41.76 25.61 32.82 52.15 20.05 8,784 2,077 11 60.69 70.3 59.8 72.93 79.88 25.46 49.46 39.63 41.41 25.28 33.82 51.94 19.79 10,756 2,426 18........ 60.29 70.2 59.2 75.63 82.81 26.73 51.38 41.09 42.90 26.52 35.17 53.66 20.03 9,951 2,124 25 60.82 72.4 59.4 77.51 84.95 27.43 52.12 42.10 44.06 27.22 35.63 55.07 20.25 11,214 2,115 Aug. 1........ 60.79 71.7 58.6 77.92 85.48 27.20 51.91 42.36 44.33 27.28 35.72 56.12 20.44 10,239 2,264 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 com­ ponent 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% hours per day, or 27% 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 c n e t r t ) ­ c F c h e ( e a p e n r e s t g ) r e & i s M (y a e t a u r r s i ) ty L c p r ( a o e p r t i n a e c i t n o r e ) / (t d h c o p o P h l r u u l i a a s c r s r . e ­ e s o ) f (t a d h m L o o l o u o la a s u r . n n s o ) t f C c t ( r r e p a o a n e t c n e t r ) t ­ c F c h e ( e a p e n r e s t g ) r e & i s M (y a e t a u r r s i ) ty L c p r ( a o e p r t i n a e i c t n o r e ) / (t d h c o 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 u o o l s a a u . r n n s o ) t f 1964......................... 5.78 .57 24.8 74.1 23.7 17.3 5.92 .55 20.0 71.3 18.9 13.4 1965......................... 5.74 .49 25.0 73.9 25.1 18.3 5.87 .55 21.8 72.7 21.6 15.6 1966......................... 6.14 .71 24.7 73.0 26.6 19.2 6.30 .72 21.7 72.0 22.2 15.9 1967......................... 6.33 .81 25.2 73.6 28.0 20.4 6.40 .76 22.5 72.7 24.1 17.4 1968......................... 6.83 .89 25.5 73.9 30.7 22.4 6.90 .83 22.7 73.0 25.6 18.5 1969......................... 7.66 .91 25.5 72.8 34.1 24.5 7.68 .88 22.7 71.5 28.3 19.9 1969—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.............. 8.24 1.02 24.8 71.3 34.9 24.5 8.19 .90 22.7 70.2 29.6 20.4 Mayr........... 8.28 .98 25.3 71.7 35.8 25.3 8.18 .94 22.8 70.3 30.5 21.1 June............ 8.30 .98 25.1 71.4 36.3 25.6 8.18 .97 23.0 71.6 30.5 21.6 i Fees and charges—related to principal mortgage amount—include based on probability sample survey of characteristics of mortgages loan commissions, fees, discounts, and other charges, which provide originated by major institutional lender groups (including mortgage added income to the lender and are paid by the borrower. They exclude companies) for purchase of single-family homes. Data exclude loans for any closing costs related solely to transfer of property ownership. refinancing, reconditioning, or modernization; construction loans to homebuilders; and permanent loans that are coupled with construction Note.—Compiled by Federal Home Loan Bank Board in cooperation loans to owner-builders. Series beginning 1965, not strictly comparable with Federal Deposit Insurance Corporation. Data are weighted averages with earlier data. See also the table on Home-Mortgage Yields, p. A-53. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 36 STOCK MARKET CREDIT □ AUGUST 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) Credit extended to Cus­ Cus­ Net Adjusted debt/collateral value margin customers by— tomers’tomers’ credit (per cent) Total End of period d n e e b t it f n r e ee t te e n x d ­ ed ju a s d te ­ d Bro l kers Ba 2 nks Total a b n a c l e ­ s c a b r n e a c d l e ­ i s t bro b k y ers E pe n r d i o o d f Un 2 d 0 er 20-29 30-39 40-49 50-59 6 m 0 o o re r l ( d i m o e n b il s t ­ of Unre­ dol­ 1969—June................ 5,340 2,740 8,080 8,214 3,084 5,125 strict­ Restricted lars) July................. 5,170 2,700 7,870 7,515 2,783 4,732 ed Aug................. 5,000 2,670 7,670 7,019 2,577 4,442 Sept................. 4,940 2,620 7,560 7,039 2,579 4,460 Oct.................. 5,040 2,570 7,610 7,243 2,753 4,490 1969—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................. 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.................. 4,360 2,330 6,690 5,985 2,248 3,724 May r.............. 4,160 2,290 6,450 5,433 2,222 3,211 1970—Jan... 1.7 27.6 16.7 11.4 7.9 34.9 9,280 June*.............. 5 \ / 3 4 , , 8 1 6 5 0 0 / \ 2,290 6,210 5,281 2,009 3,272 M Fe a b r . . . . 4 3. . 7 2 2 2 7 6 . . 1 9 1 1 6 6 . . 3 8 1 1 1 1 . . 6 4 7 7 . . 5 9 3 3 2 3 . . 8 8 9 8 , , 0 8 4 8 0 0 Apr.. 1.5 21.8 16.7 12.1 9.3 38.6 8,450 1 End of month data. Total amount of credit extended by member firms of the New York Stock Exchange in margin accounts. Unrestricted Restricted i 2 Figures are for last Wed. of month for large commercial banks re­ porting weekly and represent loans made to others than brokers or dealers for the purpose of purchasing or carrying securities. Excludes loans col­ Mayr 1.0 4.8 31.8 13.9 8.8 39.8 9,100 lateralized by obligations of the U.S. Govt. June* 1.3 1.0 23.3 24.9 9.4 40.1 8,490 3 Change in series. From Jan. 1966 to June 1970 the total of brokerextended margin credit was estimated by expanding the total of such credit extended by a small sample of New York Stock Exchange member i Debt representing more than 30 per cent but less than 35 per cent of firms according to the proportion of total Customers’ Net Debit Balances collateral value is unrestricted as of May 6, 1970, but is not separable from extended by these firms. Beginning with June 30, 1970, total broker-ex­ the remainder of this category. tended margin credit is derived from reports by the majority of New York Stock Exchange member firms that carry margin accounts for customers; Note.—Adjusted debt is computed in accordance with requirements set these firms, as a group, account for nearly all such credit extended by forth in Regulation T and often differs from the same customer’s net debit members of that exchange. balance mainly because of the inclusion of special miscellaneous accounts in adjusted debt. Collateral in the margin accounts covered by these data Note.—Customers’ net debit and free credit balances are end-of-month now consists exclusively of stocks listed on a national securities exchange. ledger balances as reported to the New York Stock Exchange by all Unrestricted accounts are those in which adjusted debt does not exceed the member firms that carry margin accounts. They exclude balances carried loan value of collateral; accounts in all classes with higher ratios are for other member firms of national securities exchanges as well as balances restricted. of the reporting firm and of its general partners. Net debit balances are 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 SPECIAL MISCELLANEOUS ACCOUNT BALANCES credit extended by brokers is the difference between customers’ net debit AT BROKERS, BY EQUITY STATUS OF ACCOUNTS and free credit balances since the latter are available for the brokers’ use until \vithdrawn. (Per cent of total, except as noted) EQUITY STATUS OF MARGIN ACCOUNT DEBT Equity class of accounts AT BROKERS Net in debit status Total End of period credit balance (Per cent of total debt, except as noted) status 60 per cent Less than (millions or more 60 per cent of dollars) Total Equity class (per cent) debt 1969—June....................... 54.7 39.7 5.7 5,110 (mil­ July........................ 51.4 42.0 6.6 4.950 End of lions 53.0 40.0 6.9 4,880 period d o o f l ­ 8 m 0 o o re r 70-79 60-69 50-59 40-49 Un 4 d 0 er 5 5 2 2 . . 8 6 4 4 0 0 . . 8 7 6 6 . . 4 7 4 4 , , 7 8 8 0 0 0 lars) 1 54.8 37.8 7.3 4,670 54.8 37.3 7.9 4,760 1969—June. 5,340 17.5 25.7 19.0 11.7 7.2 18.7 1970—Jan......................... 53.0 38.2 8.7 4,620 July.. 5,170 14.4 24.3 18.3 13.3 8.4 21.1 Feb......................... 53.0 38.3 8.8 4,420 Aug.. 5,000 17.8 24.4 18.3 12.6 7.8 19.1 54.0 34.7 11.2 4,340 Sept.. 4,940 17.0 23.0 18.4 12.5 8.6 20.4 54 0 35.9 10.2 4,140 Oct... 5,040 20.4 22.5 18.8 11.8 8.4 18.0 Mayr..................... 50.3 38.8 10.9 4,840 Nov.. 5,070 16.9 23.5 17.8 12.2 8.9 20.6 June*..................... 49.5 39.1 11.4 4,550 Dec.. 4,690 16.6 22.3 17.0 12.8 9.5 21.8 1970—Jan... 4,680 13.8 21.0 16.1 13.4 10.8 24.9 Note.—Special miscellaneous accounts contain credit balances that Feb.. 4,670 15.7 21.1 16.3 13.3 11.1 22.5 may be used by customers as the margin deposit required for additional Mar.. 4,520 15.3 20.3 15.8 13.4 11.2 24.0 purchases. Balances may arise as transfers based on loan values of other Apr.. 4,360 11.8 18.1 14.5 13.8 11.6 30.2 collateral in the customer’s margin account or deposits of cash (usually Mayr 4,160 9.6 15.8 18.3 14.2 13.5 28.6 sales proceeds) occur. June* 3,860 8.3 12.4 18.8 15.7 13.5 31.4 1 See footnote 1 to table above. Note.—Each customer’s equity in his collateral (market value of col­ lateral less net debit balance) is expressed as a percentage of current col­ lateral value. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1970 □ OPEN MARKET PAPER; SAVINGS INSTITUTIONS A 37 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS’ ACCEPTANCES OUTSTANDING (In millions of dollars) Commercial and finance Dollar acceptances company paper Held by- Based on— Placed through Placed End of period dealers directly Accepting banks F.R. Banks Total Total Im­ Ex­ Others ports ports All re B l a a n te k d Other i r B el a a n te k d Other2 Total Own Bills Own e F i o gn r­ U i n n i t t o ed U fr n o it m ed Other bills bought acct. corr. States States 196 4 8,361 2,223 6,138 3,385 1,671 1,301 370 94 122 1,498 667 999 1,719 196 5 9,058 1,903 7,155 3,392 1,223 1,094 129 187 144 1,837 792 974 1,626 196 6 13,279 3,089 10,190 3,603 1,198 983 215 193 191 2,022 997 829 1,778 196 7 16,535 4,901 11,634 4,317 1,906 1,447 459 164 156 2,090 1,086 989 2,241 196 8 20,497 7,201 13,296 4,428 1,544 1,344 200 58 109 2,717 1,423 952 2,053 1969—June 26,007 602 9,557 643 15,205 4,880 1,413 1,183 231 41 159 3,267 1,673 967 2,240 July. 28,341 889 9,463 975 17,014 4,991 1,388 1,123 264 40 162 3,402 1,779 1,006 2,206 Aug. 29,515 949 10,360 1,300 16,906 5,145 1,390 1,108 282 62 159 3,535 1,791 1,084 2,271 Sept. 29,663 954 10,917 1,641 16.151 5,232 1,351 1,044 308 37 159 3,685 1,880 1,063 2,289 Oct.. 31,881 1,088 10,998 2,644 17.151 5,256 1,335 1,058 277 41 149 3,730 1,913 1,061 2,282 Nov. 33,551 1,200 11,324 2,933 18,094 5,212 1,341 1,076 266 49 146 3,676 1,850 1,063 2,299 Dec. 31,624 1,216 10,601 2,993 16,814 5,451 1,567 1,318 249 64 146 3,674 1,889 1,153 2,408 1970—Jan.. 34,277 1,266 10,772 4,177 18,062 5,288 1,439 1,123 316 83 147 3,619 1,863 1,096 2,329 Feb. 35,935 1,271 11,604 4,696 18,364 5,249 1,408 1,110 298 56 152 3,632 1,864 1,054 2,331 Mar. 37,079 1,223 12,411 5,210 18,235 5,352 1,398 1,156 242 52 170 3,732 1,891 1,113 2,349 Apr. =37,8H 1,088 12,647 5,454 18,692 5,614 1,577 1,314 263 106 194 3,737 2,034 1,137 2,444 May 39,589 1,126 12,826 6,339 19,298 5,801 1,539 1,287 252 42 231 3,989 2,139 1,189 2,472 June 37,676 1,044 11,949 6,424 18,259 5,849 1,589 1,339 250 32 232 3,996 2,190 1,162 2,497 1 As reported by dealers; includes finance company paper as well as 2 As reported by finance companies that place their paper directly vrith other commercial paper sold in the open market. investors. MUTUAL SAVINGS BANKS (In millions of dollars) Loans Securities Total Mortgage loans assets— commitments3 End of period M ga o g r e t­ Other G U o .S vt . . S l a o t n c a d a te l C r a o a n r t d p e o­ Cash O as t s h e e ts r l T ia a t o i b n e t i d s a l i l ­ De it p s o 2 s­ l O ia t t i b e h i s e li r ­ G r c e o e s a u n e c n e r ­ v r t a s e l cla ( s i s n if i m ed o n b t y h s m ) aturity govt. other i general reserve accts. 3 or 3-6 6-9 Over Total less 9 1960................ 26,702 416 6,243 672 5,076 874 589 40,571 36.343 678 3,550 1,200 1961................. 28,902 475 6,160 677 5,040 937 640 42,829 38,277 781 3,771 1,654 1962................ 32,056 602 6,107 527 5,177 956 695 46,121 41,336 828 3,957 2.548 1963................ 36,007 607 5,863 440 5,074 912 799 49,702 44,606 943 4,153 2.549 1964................ 40,328 739 5,791 391 5,099 1,004 886 54,238 48,849 989 4,400 2,820 1965................ 44,433 862 5,485 320 5,170 1,017 944 58,232 52,443 1,124 4,665 2,697 1966................ 47,193 1,078 4,764 251 5,719 953 1,024 60,982 55,006 1,114 4,863 2,010 1967................ 50,311 1,203 4,319 219 8,183 993 1,138 66.365 60,121 1,260 4,984 742 982 799 2,523 1968................ 53,286 1,407 3,834 194 10,180 996 1,256 71,152 64,507 1,372 5,273 811 1,034 1,166 3,011 1969................ 55,781 1,824 3,296 200 10,824 912 1,307 74,144 67,026 1,588 5.530 584 485 452 946 2.467 1969—June... 54,672 1,633 3,618 192 11,029 865 1,306 73,316 66,243 1,664 5,409 843 1,190 1,216 3,249 July... 54,887 1,539 3,634 201 10,982 845 1,303 73,392 66,091 1,863 5,438 787 1,202 1,170 3,158 Aug.... 55,068 1,717 3,613 201 10,983 846 1,297 73,724 66,193 2,038 5,492 728 1,157 1,153 3,039 Sept.. . 55,188 1,732 3,536 190 10,990 833 1,327 73,796 66,519 1,796 5,481 756 1,097 1,037 2,890 Oct___ 55,346 1,725 3,359 191 10,885 791 1,339 73,638 66.344 1,785 5,509 721 486 466 1,135 2,808 Nov.. . 55,497 1,867 3,321 196 10,863 820 1,343 73,914 66,505 1,853 5,556 677 463 483 1,082 2,705 Dec__ 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 1970—Jan.... 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 Feb.... 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 Mar... 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 Apr__ 56,279 2,048 3,294 188 11,319 853 1,385 75.366 67,861 1,906 5,599 603 500 455 801 2,360 May... 56,423 2,223 3,362 190 11,465 852 1,374 75,889 68,196 2,071 5,621 616 502 388 769 2,275 June... 56,637 2,127 3,262 192 11,687 971 1,401 76,277 68,684 1,968 5,626 646 747 363 707 2,191 1 Also includes securities of foreign governments and international Note.—National Assn. of Mutual Savings Banks data; figures are organizations and nonguaranteed issues of U.S. Govt, agencies. estimates for all savings banks in the United States and differ somewhat 2 See note 6, p. A-18. from those shown elsewhere in the Bulletin; the latter are for call dates 3 Commitments outstanding of banks in New York State as reported to and are based on reports filed with U.S. Govt, and State bank supervisory the Savings Banks Assn. of the State of New York. Data include building agencies. Loans are shown net of valuation reserves. Figures for Jan. and loans beginning with Aug. 1967. June 1968 include one savings and loan that converted to a mutual sav­ ings bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 38 SAVINGS INSTITUTIONS a AUGUST 1970 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period Total Mort­ Real Policy Other assets Total U S n ta i t t e e s d Sta lo te c a a l nd Foreign1 Total Bonds Stocks gages estate loans assets Statement value: 196 1 126,816 11,896 6,134 3,888 1,874 55,294 49,036 6,258 44,203 4,007 5,733 5,683 196 2 133,291 12,448 6,170 4,026 2,252 57,576 51,274 6,302 46,902 4,107 6,234 6,024 196 3 141,121 12,438 5,813 3,852 2,773 60,780 53,645 7,135 50,544 4,319 6,655 6,385 196 4 149,470 12,322 5,594 3,774 2,954 63,579 55,641 7,938 55,152 4,528 7,140 6,749 196 5 158,884 11,679 5,119 3,530 3,030 67,599 58,473 9,126 60,013 4,681 7,678 7,234 196 6 167,022 10,837 4,823 3,114 2,900 69,816 61,061 8,755 64,609 4,883 9,117 7,760 196 7 177,832 10,573 4,683 3,145 2,754 76,070 65,193 10,877 67,516 5,187 10,059 8,427 196 8 188,636 10,509 4,456 3,194 2,859 82,127 68,897 13,230 69,973 5,571 11,306 9,150 Book value: 196 6 167,022 10,864 4,824 3,131 2,909 68,677 61,141 7,536 64,661 4,888 9,911 8,801 196 7 177,361 10,530 4,587 2,993 2,950 73,997 65,015 8,982 67,575 5,188 10,060 11,011 196 8 187,695 10,483 4,365 3,036 3,082 79,403 68,575 10,828 70,071 5,573 11,284 10,881 1969—May.. . 192,649 11,153 4,645 3,273 3,235 83,652 70,045 13,607 70,716 5,703 12,126 9,299 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 Apr... . 199,090 10,833 4,414 3,223 3.196 85,103 71,764 13,339 72,793 6,030 14,759 9,572 May.. . 199,173 10,895 4,472 3,226 3.197 84,633 71,858 12,775 72,982 6,061 14,951 9,651 i Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and Note.—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance companies in the United States. on each item separately but are included in total, in “other assets.” SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Mortgage loan Liabilities commitments3 Total assets— End of period M ga o ge rt s ­ s G U i e t o c i . e v S u s t r . . ­ Cash lia T b o il t i a ti l e s S c a a v p i i n ta g l s R a d p n e i r v s d o e i f d r u i v e t n s e d ­ s m ro B o w n o e e r­ d y2 Loans Other d p M u er r a i i d o n e d g O e p u in n e t g s r d i t 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—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 10,635 159,630 133,721 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. 141,252 8,406 2,361 11,999 164,018 136,079 11,239 10,079 2,223 4,398 1,391 3,487 May 141,975 8,325 2,525 12,486 165,593 136,832 11,241 10,192 2,293 5,035 1,588 3,956 June 143,103 8,572 2,645 12,659 166,901 138,644 11,606 10,494 2,458 3,699 1,534 4,052 1 Includes other loans, stock in the Federal home loan banks, other Note.—Federal Home Loan Bank Board data; figures are estimates for investments, real estate owned and sold on contract, and office buildings all savings and loan assns. in the United States. Data are based on and fixtures. monthly reports of insured assns. and annual reports of noninsured assns. 2 Consists of advances from FHLB and other borrowing. Data for current and preceding year are preliminary even when revised. 3 Insured savings and loan assns. only. Data on outstanding commit­ Figures for Jan. and June 1968 reflect conversion of one savings and loan ments are comparable with those shown for mutual savings banks (on assn. to a mutual savings bank. Figures for June 1968 also reflect exclu­ preceding page) except that figures for loans in process are not included sion of two savings and loan assns. in process of liquidation. Data for above but are included in the figures for mutual savings banks. May 1969 reflect conversion of one savings and loan assn. to a commercial bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1970 n FEDERALLY SPONSORED CREDIT AGENCIES A 39 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks Federal National Mortgage Assn. Banks Federal Federal (secondary market for intermediate land Assets Liabilities and capital operations) cooperatives credit banks banks End of period v m a b A n t e e o d c m rs ­ e ­ s I m nv e e n s ts t­ p C a o d a n s e s i d ­ h ts B n a o o n t n e d d s s p M o b d e s e e i m r ­ ts ­ C s a to p c it k al M l g o ( a A a o g n r ) e s t­ D n t e a u ( o L n b r t e e d e ) s s n­ c L a o t ( o o i t A v o a p e ) n e s s r­ D tu e (L b re e ) s n­ c L o a d ( o u A n i a s n d ) n ­ t s s D t e u (L b re e ) s n­ M l g o ( a A a o g n r ) e t s ­ B ( o L n ) ds 1966............... 6,935 2,523 113 6,859 1,037 1,369 4,266 3,800 1,290 1,074 2,924 2,786 4,958 4,385 1967............... 4,386 2,598 127 4,060 1,432 1,395 5,348 4,919 1,506 1,253 3,411 3,214 5,609 4,904 1968............... 5,259 2,375 126 4,701 1,383 1,402 6,872 6,376 1,577 1,334 3,654 3,570 6,126 5,399 1969............... 9,289 1,862 124 8,422 1,041 1,478 10,541 10,511 1,732 1,473 4,275 4,116 6,714 5,949 1969—June.. 6,413 1,964 141 5,521 1,278 1,451 7,891 8,077 1,594 1,391 4,355 4,176 6,557 5,716 July. . 7,053 1,496 88 6,021 928 1,435 8,125 8,093 1,594 1,387 4,310 6,605 5,867 Aug... 7,543 1,543 56 6,572 848 1,438 8,577 8,360 1,572 1,422 4,397 6,644 5,867 Sept... 7,940 1,657 97 7,072 891 1 ,444 8,999 8,815 1,585 1,420 4,329 4,357 6,676 5,927 Oct... 8,439 1,654 90 7,572 865 1,457 9,500 9,756 1,680 1,429 4,192 6,700 5,950 Nov.. 8,802 1,968 110 8,172 939 1,467 10,009 10,205 1,705 1,445 4,152 6,704 5,949 Dec... 9,289 1 ,862 124 8,422 1,041 1,478 10,541 10,511 1,732 1,473 4,275 4,116 6,714 5,949 1970—Jan.. . 9,852 1,536 72 8,822 806 1,503 11,070 10,717 1,804 1,508 4,371 4,161 6,738 5,938 Feb... 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 Mar... 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 Apr... 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 c6,113 May.. 10,008 2,964 78 9,888 1,189 1,579 13,287 12,605 1,796 1,539 4,942 4,739 6,943 6,113 June.. 10,236 2,844 106 9,880 1,333 1 ,586 13,659 13,165 1 ,749 1 ,509 5,097 4,879 6,995 6,179 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, JUNE 30, 1970 Cou­ Amount Cou­ Amount Cou­ Amount Agency, and date of issue pon (millions Agency, and date of issue pon (millions Agency, and date of issue pon (millions and maturity rate of dollars) and maturity rate of dollars) . and maturity rate of dollars) Federal home loan banks Federal National Mortgage Federal land banks Notes: Association—Cont. Bonds: 9/25/69 - 7/27/70......... 8.40 650 Debentures: 10/1/57 - 10/1/67-70. . 4*4 75 11/25/69 - 9/25/70. 8H 650 11/10/69 - 5/10/71. . . 8.20 400 2/15/57 - 2/15/67-72. . 4H 72 12/22/69 - 11/25/70. . . 8.70 250 4/10/69 - 6/10/71 6.85 250 1/5/60 - 7/20/70........... 53^ 85 Bonds: 12/12/69 - 7/12/71 . . . 8.60 400 3/20/68 - 7/20/70......... 6.00 241 4/25/69 - 8/25/70......... 6.70 200 8/23/60 - 8/10/71 ___ 4^ 63 7/15/69 - 8/20/70......... 8.15 270 8/25/69 - 8/25/70......... 8.20 650 4/10/70 - 8/10/71___ 7.38 200 12/23/68 - 10/20/70. . , 6.30 223 10/27/69 - 10/27/70. . . 8*4 650 9/11/61 - 9/10/71 41/2 96 4/21/69 - 2/23/71 ......... 6.80 431 1/26/70 - 1/26/71......... 8.63 600 9/10/68 - 9/10/71 5V4 350 2/20/70 - 4/20/71......... 8*4 300 2/25/69 - 2/25/71 ......... 6.60 200 6/10/70 - 10/21/71. . . 8.45 500 4/20/70 - 4/20/71 ____ 7.35 225 7 3 / / 2 2 5 5 / / 6 7 9 0 - - 2 3 / / 2 25 5 / / 7 7 1 1 . . . . . . . . . . . . . . . . . . 7 8 . . 7 0 0 0 4 8 0 5 0 0 3 5/ / 1 1 0 0 / / 6 7 9 0 - - 1 12 1 / / 1 1 0 0 / / 7 7 1 1 . . . . . . 6 6 . V 8 4 5 3 5 5 0 0 0 7 5 / / 1 1 5 /5 /6 6 9 - - 5 7 /1 /2 /7 0 1 /7 .. 1 ... . . . . . . . . . . . . . . . . . 8 3* .1 4 5 27 6 0 0 9/25/69 - 4/26/71 ......... m 250 2/10/60 - 2/10/72. 5H 98 10/20/69 - 7/20/71 ___ 8.45 232 4 5 / / 2 26 7 / / 6 7 9 0 - - 4 5 / / 2 2 6 5 / / 7 7 1 1 . . . . . . . . . . . . . . . . . . 7 7 . . 2 0 5 0 4 3 0 50 0 3 1 / 0 1 / 0 1 / 4 6 / 9 6 9 - - 3 3 /1 /1 0 0 /7 /7 2 2 _ . _ _ . . 6 6 3 V /44 2 2 0 5 0 0 8 1 / 0 2 / 0 2 / 0 6 / 8 6 8 - - 2 / 1 1 0 5 /2 /7 0 2 /7 .. 1 .. . . .. . . . . 6 5 . . 0 7 0 0 4 2 4 3 7 0 5/25/70 - 5/25/71 ......... 8.20 500 12/11/61 - 6/12/72. . . 4Vs 100 6/22/70 - 7/20/72......... 8.20 442 2/25/70 - 6/25/71 ......... 8.45 650 2/10/70 - 6/12/72. 8.70 300 9/14/56 - 9/15/72......... 3^ 109 10/27/69 - 11/26/71 . . . 8.20 250 5/11/70 - 9/11/72___ 8.40 400 9/22/69 - 9/15/72......... 8.35 337 11/25/69 - 2/25/72. 8.20 200 6/10/70 - 9/11/72. 7.40 200 10/23/72 - 10/23/72. . . 5Vs 200 6/26/70 - 2/25/72......... 8.20 300 11/10/69 - 12/11/72. . 8.00 200 2/20/63 - 2/20/73-78 . . 4X 148 5/25/70 - 5/25/72......... 8.15 200 12/12/69 - 3/12/73. . . 8.30 250 1/20/70 - 7/20/73......... 8.45 198 2/25/70 - 2/26/73......... 8.35 350 6/12/61 - 6/12/73.... 41/4 146 4/20/70 - 10/22/73. . . . 7.80 300 1/26/70 - 1/25/74......... 8.40 300 3/10/70 - 9/10/73___ 8.10 300 2/20/72 - 2/20/74......... 4*4 155 6/26/70 - 2/25/74......... 8.40 250 4/10/70 - 3/11/74___ 7.75 350 2/20/70 - 1/20/75......... 220 8/25/69 - 8/25/74......... 7.65 188 9/10/69 - 9/10/74. 7.85 250 4/20/65 - 4/21/75......... 200 11/25/69 - 11/25/74. . . 8.00 242 2/13/62 - 2/10/77. 4*4 198 2/21/66 - 2/24/76......... 5.00 123 3/25/70 - 2/25/80......... 7.75 350 Banks for cooperatives 7/20/66 - 7/20/76......... 5H 150 Federal National Mortgage Debentures: 5/2/66 - 4/20/78 ........... 5Vs 150 Association—Secon dary 1/5/70 - 7/1/70........... 8.65 298 2/20/67 - 1/22/79......... 5.00 285 market operations 2/2/70 - 8/3/70........... 8.65 423 Discount notes................... 3,195 4/1/70 - 10/1/70......... 7.45 279 Capital debentures: 5/4/70 - 11/2/70......... 71/4 221 Tennessee Valley Authority 9/30/68 - 10/1/73........... 6.00 250 6/1/70 - 12/1/70......... 7.70 288 Short-term notes............... 331 4/1/70 - 4/1/75............. 8.00 200 Federal intermediate Bonds: Mortgage backed bonds: credit banks 6/1/69 - 6/1/74............. 8.50 100 6/1/70 - 6/1/71............... 8.13 150 Debentures: 6/15/70 - 6/19/75......... 8.75 50 6/1/70 - 6/2/75............... 8.38 250 10/1/69 - 7/1/70......... 8.20 419 11/15/60 - 11/15/85. . . 4.40 50 Debentures: 11/3/69 - 8/3/70......... 7.95 499 7/1/61 - 7/1/86.............. 50 6/10/69 - 7/10/70........... 7.38 400 12/1/69 - 9/1/70......... c8.75 498 2/1/62 - 2/1/87............. 4*4 45 9/12/60 - 9/10/70........... 4H 119 1/5/70 - 10/1/70......... 8.80 593 5/15/67 - 5/15/92......... 5.70 70 10/11/67 - 10/13/70. 5V4 400 2/2/70 - 11/2/70......... 8.65 656 11/1/67 - 11/13/92___ 6Vs 60 9/10/69 - 11/10/70......... 8.30 350 3/2/70 - 12/1/70......... 8.10 348 10/15/69 - 10/15/94... 81/4 100 7/10/69 - 12/10/70......... 8.10 250 4/1/70 - 1/4/71........... 7.50 560 3/17/70 - 3/15/95......... 9.00 100 10/14/69 - 2/10/71......... 8.75 400 5/4/70 - 2/1/71........... 7.40 592 6/15/70 - 6/95............... 9.00 50 3/11/68 - 3/11/71........... 6.00 350 3/2/70 - 3/1/73........... 8.15 203 2/10/70 - 4/12/71........... 8.75 500 6/1/70 - 3/1/71 ........... 8.15 511 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 □ AUGUST 1970 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) U.S. budget Means of financing R i e tu ce re ip a t- c e c x o p u e n n t d- Borrowings from the public 2 L m e o s n s: e t C a a ry sh a s a s n e d ts M N em et o Period r B e u c d ei g p e t t s p t e N u e n r x e e d ­ t s i­ le N in n e g d t ­ B l o u a u d y g t s ­ e 1 t s B d u ( u e r o f d - p i r g l ) c u i e t s t s P e d u t c e i b e u b l s r i t i c ­ A s P e t g i l c e u e u s s n r 3 : c i­ y S m i L p s e s e e n u c s a e t i s c s a s : c l b o I y u n O n v G t e t s o h s v e t­ t r , S n L p o e e t s c e s i s a : 4 l b E o T q i r o n r u t g o a a w l l s ­ : b o a T p s l i u r a e n e n r r g y a a c ­ t e ­ Other f m O i n n in e t o e a h a g f n t e n , 5 c r s ­ t p o r s d r w a h i e t n v n o i b s p a e f t t 2 r e e ­ r Fiscal year: 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 6,030178,833 -25,162 21,357 5,944 3,271 2,049 -1,119 23,100 -397 1,700 3,364 196 9 187,792 183,080 1,476 184,556 3,236 6,142 633 7,364 2,089 -1,384 -1,295 596 '1,266 '-82 9,853 1970*....................... 193,844194,968 1,784196,752 -2,908 17,198 -1,740 9,386 676 5,397 2,151 -684 -1,021 Half year: 1968—July-Dee.... 82,899 92,210 977 93,186 -10,287 10,450 1,446 -280 rl ,489 -384 ’■11,072 -598 27 '-1,356 9,853 1969—Jan.-June... 104,893 90,871 500 91,370 13,523 -4,309 -815 7,643 604 -1,000 -12,370 1,194 1,240 1,280 July-Dee__ 90,830 97,573 1,354 98,930 -8,100 14,505 -429 3,935 329 9,813 -567 315 -1,963 1970—Jan.-June*.. 103,014 97,395 430 97,823 5,190 2,693 -1,310 5,446 351 -4,415 2,718 -999 944 Month: 1969—Jun e r23,765 13,859 -373 rl 3,486 10,279 -6,345 -187 1,885 168 -8,585 186 r650 '-858 July.............. 12,553 15,533 152 15,706 -3,153 3,292 31,316 -21 191 34,438 -217 -484 -402 Aug.............. 15,009 16,800 316 17,116 -2,107 3,175 -829 1,543 124 679 -1,651 -62 -285 Sept.............. 20,412 17,174 448 17,622 2,790 498 -643 521 -291 -375 2,608 577 770 Oct................ 11,811 17,580 342 17,923 - 6,112 3,709 -47 -826 99 4,388 -1,166 19 577 Nov.............. 14,336 15,229 236 15,466 -1,130 3,718 -141 780 103 2,695 958 -4 -610 Dec............... 16,709 15,237 -140 15,097 1,612 113 -85 1,938 103 -2,012 -1,099 269 -430 1970—Ja..................n 16,297 16,558 -164 16,394 -97 -654 -64 -717 193 -194 1,100 6775 62,166 Feb............... 14,938 14,999 -104 14,894 43 1,275 -789 1,204 -579 -139 191 -436 -149 Mar.............. 13,119 16,310 238 16,548 -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 May............. 13,982 16,333 108 16,441 -2,459 3,893 -278 1,565 599 1,452 -1,008 -1,258 -1,259 June*........... 22,649 15,367 136 15,503 7,146 -169 -161 2,909 -82 -3,157 2,034 162 -1,795 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 nts ba G la o n ld ce se P c d u u e b r b i l t i t i c es s A ec g u e r n it c ie y s 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 ts f e r S n L p o e e t c s e s i s a : 4 l E p T h q u b o e b u y l t l d a 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 — e . r - e ^ d Fiscal year: 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 1970*............. 1 ,005 6,929 111 8,045 370,919 12,509 76,124 21,599 825 284,880 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-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 34,851 May. . 1,295 4,605 111 6,011 371,088 12,670 73,215 21,681 825 288,036 35,068 June*. 1,005 6,929 111 8,045 370,919 12,509 76,124 21,599 825 284,880 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

AUGUST 1970 a FEDERAL FINANCE A 41 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Budget receipts Individual income taxes Corporation Social insurance taxes income taxes and contributions Period Employment Total W he i l t d h­ N w he i o t l n h d ­ ­ fu R n e d ­ s t N ot e a t l G ce r r i e o p ­ s ts s fu R n e d ­ s con ta t x ri e b s u a ti n o d n s1 i e n U m s n u p - r l. . O n r t e h e ­ t er t N ot e a t l E ta x x c e is s e t C o u m s s ­ E a g s n i t f a d t te c M e r ip i e s t ­ c s . 3 P ro ay ll ­ Self- ceipts2 taxes empl. Fiscal year: 1967........................................ 149,55250,521 18,850 7,845 61,52634,918 94626,047 1,776 3,659 1,867 33,349 13,719 1,901 2,978 2,108 1968........................................ 153,671 57,301 20,951 9,527 68,72629,897 1,23227,680 1,544 3,346 2,05234,622 14,079 2,038 3,051 2,491 1969........................................ 187,79270,18227,258 10,191 87,24938,338 1,66032,521 1,715 3,328 2,353 39,918 15,222 2,319 3,491 2,916 1970*..................................... 193,84477,37626,243 13,251 90,368 35,036 2,206 37,190 1,943 3,468 2,699 45,300 15,711 2,431 3,618 3,588 Half year: 1968-July-Dee................... 82,89933,736 5,515 47638,775 15,494 78414,944 131 1,289 1,179 17,544 7,834 1,213 1,417 1,405 1969—Jan.-June................. 104,893 36,44621,743 9,715 48,47422,844 87617,577 1,584 2,039 1,17422,374 7,388 1,106 2,074 1,511 July-Dee................... 90,830 38,766 5,771 48144,056 15,179 98217,057 131 1,270 1,283 19,741 8,242 1,263 1,496 1,837 1970—Jan-. June*............... 103,01438,61020,473 12,76946,316 19,856 1,22320,134 1 ,811 2,197 1,41625,555 7,469 1,168 2,123 1,751 Month: 1969—June........................... '23,765 '6,217 4,171 '291 '10,096 8,692 104 2,523 64 '60 176 '2,824 1,395 210 319 '333 July........................... 12,553 6,005 548 150 6,404 1,196 126 2,510 124 244 2,879 1,419 222 221 340 Aug............................ 15,009 7,014 319 103 7,230 716 145 4,392 601 217 5,209 1,263 213 257 266 Sept............................ 20,412 5,948 3,912 84 9,776 5,673 122 2,655 111 51 205 3,022 1,295 215 254 299 Oct............................. 11,811 6,284 419 67 6,636 1,180 336 2,044 12 93 216 2,364 1,259 231 264 213 Nov............................ 14,336 7,108 160 33 7,236 778 144 3,547 343 187 4,078 1,606 185 222 374 Dec............................. 16,709 6,407 412 45 6,774 5,637 110 1,908 9 59 214 2,181 1,400 197 277 345 1970—Jan............................. 16,297 6,203 4,491 3510,660 1,252 125 2,179 111 129 254 2,674 1,154 195 286 201 Feb............................. 14,938 7,535 886 1,456 6,965 774 128 4,224 139 842 203 5,408 1,206 165 265 283 Mar............................ 13,119 6,091 1,235 3,907 3,419 4,559 320 3,006 146 64 221 3,436 1,192 202 322 309 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 May........................... 13,982 7,058 1,063 2,863 5,258 862 148 4,585 207 857 202 5,851 1,319 192 348 300 June*......................... 22,649 5,975 3,806 469 9,313 7,514 185 3,293 127 71 277 3,767 1,372 207 303 358 Budget outlays4 Period Total t f i N e o d n n e a s ­ a ­ e l a I f n fa tl ir . s s S e p r a e a r ­ c c e h A c tu u g r l r e ­ i­ so N u u r r e a r a ­ c t l ­ es m t C r a a e o n n r m d c s e p ­ . d h C e o m a v u o n u e s m l d n i o n . - p g . E p m o d t a i n w u a o d n c n e a ­ r ­ w H e a e l n a f d a lt r h e e V ra e n t­ s In e t s e t r­ g G e o r e v a n t l . ­ t I t g i r n o a o a t c n n v r ­ a t s s . - ­ 3 Fiscal year: 1967........................................ 158,254 70,081 4,547 5,423 4,376 1,860 7,554 2,616 6,135 37,602 6,897 12,588 2,510 -3,936 1968........................................ 178,833 80,517 4,619 4,721 5,943 1,702 8,047 4,076 7,012 43,508 6,882 13,744 2,561 -4,499 1969........................................ 184,556 81,240 3,785 4,247 6,221 2,129 7,873 1,961 6,825 49,095 7,640 15,791 2,866 — 5,117 1970*...................................... 196,752 80,253 3,500 3,749 6,484 2,522 9,259 3,113 7,434 56,499 8,684 18,277 3,355 -6,377 1971*6.................................... 7200,771 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—July-Dee................... 93,186 39,823 1,907 2,133 4,928 1,269 4,501 1,033 3,061 23,893 3,665 7,608 1,324 -1,959 1969—Jan.-June................. 91,370 41,417 1,878 2,114 1,293 860 3,372 928 3,764 25,202 3,975 8,183 1,542 -3,158 July-Dee................... 98,930 40,598 1,941 1,841 5,479 1,515 4,610 1,826 3,118 26,063 4,148 8,623 1,534 -2,365 1970—Jan.-June*............... 97,823 39,650 1,560 1,909 1,009 1,011 4,648 1 ,300 4,317 30,436 4,537 9,654 1,808 -4,012 Month: 1969—June........................... '13,486 '7,626 '103 326 '-526 141 '554 '61 '891 3,960 '592 1,348 303 '-1,895 July............................ 15,706 6,560 323 319 659 223 613 249 405 4,306 660 1,364 259 -234 Aug............................ 17,116 6,868 299 337 1,130 369 858 312 516 4,342 669 1 ,440 289 -314 Sept............................ 17,622 6,767 357 294 1,801 286 785 225 659 4,227 693 1,513 231 -215 Oct............................. 17,923 7,267 374 327 1,108 263 964 588 646 4,492 694 1,220 227 -248 Nov............................ 15,466 6,303 443 267 393 188 735 228 391 4,246 710 1,571 253 -263 Dec............................. 15,097 6,833 145 297 385 186 655 224 501 4,450 722 1,515 275 -1,091 1970—Jan............................. 16,394 6,648 161 290 659 113 713 212 583 4,700 729 1,537 305 -256 Feb............................. 14,894 6,199 298 299 -187 109 571 158 719 4,510 719 1,614 249 -364 Mar............................ 16,548 6,608 312 325 76 181 683 257 532 5,019 801 1,686 312 -242 Apr............................. 18,043 6,806 336 332 107 185 967 281 642 5,996 751 1,631 258 -249 May........................... 16,441 6,516 296 285 144 211 715 99 694 5,207 806 1,563 308 -401 June*......................... 15,503 6,873 157 378 210 212 999 293 1,147 5,004 731 1,623 376 -2,500 1 Old-age, disability, and hospital insurance, and Railroad Retirement 5 Consists of government contributions for employee retirement and accounts. interest received by trust funds. 2 Supplementary Medical Insurance premiums and Federal employee 6 Estimates presented in Jan. 1970 Budget Document. Breakdowns do retirement contributions. not add to totals because special allowances for contingencies, Federal pay 3 Deposits of earnings by Federal Reserve Banks and other miscellane­ increase, and allowance for revenue sharing, totaling $475 million for ous receipts. fiscal 1970 and $2,575 million for fiscal 1971, are not included. 4 Outlays by functional categories are now published in the Monthly i On May 19, 1970, the administration revised the Budget estimates— Treasury Statement (beginning April 1969). Monthly back data (beginning increasing total outlays to $205.6 billion; revised figures for the functional July 1968) are published in the Treasury Bulletin of June 1969. breakdown are not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 42 U.S. GOVERNMENT SECURITIES □ AUGUST 1970 GROSS PUBLIC DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues End of period p d T g u e r o b b o t l t s a i s c l 1 Total Total Bills M C a c r e k a r t e t e i t f s a i b ­ le Notes Bonds 2 b C v i o b e o n l r n e d t­ ­ s T N o o ta n l m 3 arke b S t i o n a a n b g v d l s ­ e s i S ss p u e e c s ia 4 l & notes 1941—Dec. 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 7.0 1946—Dec. 259.1 233.1 176.6 17.0 30.0 10.1 119.5 56.5 49.8 24.6 1962—Dec. 303.5 255.8 203.0 48.3 22.7 53.7 78.4 4.0 48.8 47.5 43.4 1963—Dec. 309.3 261.6 207.6 51.5 10.9 58.7 86.4 3.2 50.7 48.8 43.7 1964—Dec. 317.9 267.5 212.5 56.5 59.0 97.0 3.0 52.0 49.7 46.1 1965—Dec. 320.9 270.3 214.6 60.2 50.2 104.2 2.8 52.9 50.3 46.3 1966—Dec. 329.3 273.0 218.0 64.7 5.9 48.3 99.2 2.7 52.3 50.8 52.0 1967—Dec. 344.7 284.0 226.5 69.9 61.4 95.2 2.6 54.9 51.7 57.2 1968—Dec. 358.0 296.0 236.8 75.0 76.5 85.3 2.5 56.7 52.3 59.1 1969—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 80.1 93.5 63.0 2.4 56.9 52.0 73.3 June 370.9 292.7 232.6 76.2 93.5 63.0 2.4 57.7 52.0 76.3 July. 376.6 298.5 237.8 81.4 93.5 62.9 2.4 58.3 52.0 76.1 1 Includes non-interest-bearing debt (of which $630 million on July 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 io o d f p T g d u r o e b o t b l s a i t s l c ag G t U e a r o n n u .S v c d s i t . t e . s B F a . n R k . s Total m C b e a o r n c m k ia ­ s l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m c u ie e r ­ s ­ r c O a o t t r i h o p e n o r s ­ g S l a o o t n c v a d a t ts e l . Savi I n n g d s ividu O al t s her n F a i o t n a i r o t n e e n d i r g a ­ n l 1 O i m n to v t i h r s e s c e s . r ­ 2 funds bonds securities 1939—Dec................. 41.9 6.1 2.5 33.4 12.7 2.7 5.7 2.0 .4 1.9 7.5 .2 .3 1946—Dec................. 259.1 27.4 23.4 208.3 74.5 11.8 24.9 15.3 6.3 44.2 20.0 2.1 9.3 1962—Dec................. 303.5 53.2 30.8 219.5 67.1 6.0 11.5 18.6 20.1 47.0 19.1 15.3 14.8 1963—Dec................. 309.3 55.3 33.6 220.5 64.2 5.6 11.2 18.7 21.1 48.2 20.0 15.9 15.6 1964—Dec................. 317.9 58.4 37.0 222.5 63.9 5.5 11.0 18.2 21.1 49.1 20.7 16.7 16.3 1965—Dec................. 320.9 59.7 40.8 220.5 60.7 5.3 10.3 15.8 22.9 49.7 22.4 16.7 16.7 1966—Dec................. 329.3 65.9 44.3 219.2 57.4 4.6 9.5 14.9 24.9 50.3 24.4 14.5 18.8 1967—Dec................. 344.7 73.1 49.1 222.4 63.8 4.1 8.6 12.2 25.1 51.2 22.9 15.8 18.9 1968—Dec................. 358.0 76.6 52.9 228.5 65.5 3.6 8.0 14.6 27.1 51.5 23.7 14.3 20.1 1969—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 15.7 28.4 51.0 30.3 12.9 22.6 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 May............... 371.1 92.3 57.3 221.4 53.6 2.9 6.9 15.1 r27. 3 50.9 30.6 14.4 r 19.9 June............... 370.9 95.2 57.7 218.0 53.0 2.9 6.8 13.6 25.9 50.9 30.1 15.4 19.4 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 a 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

AUGUST 1970 □ 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 1-5 5-10 10-20 Over years years years 20 years Total Bills Other All holders: 1967—Dec. 31............................................................. 226,476 104,363 69,870 34,493 78,159 18,859 8,417 16,679 1968—Dec. 31............................................................. 236,812 108,611 75,012 33,599 68,260 35,130 8,396 16,415 1969—Dec. 31............................................................. 235,863 118,124 80,571 37,553 73,301 20,026 8,358 16,054 1970—May 31............................................................. 236,561 109,432 80,056 29,376 89,630 15,880 10,535 11,085 June 30............................................................. 232,599 105,530 76,154 29,376 89,615 15,882 10,525 11,048 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—May 31..................................................... 17,045 2,821 1,068 1,753 7,143 2,270 2,424 2,387 June 30..................................................... 16,974 2,707 967 1 ,740 7,185 2,282 2,413 2,387 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—May 31..................................................... 57,307 26,161 22,211 3,950 25,249 5,277 234 385 June 30..................................................... 57,714 26,381 22,408 3,973 25,396 5,314 235 389 Held by private investors: 1967—Dec. 31.................................................... 1968—Dec. 31..................................................... 168,473 77,670 55,222 22,448 50,877 21,223 6,133 i 2,569 1969—Dec. 31..................................................... 162,414 79,780 57,494 22,286 54,485 9,912 6,075 12,164 1970—May 31..................................................... 162,209 80,450 56,777 23,673 57,238 8,333 7,877 8,313 June 30..................................................... 157,911 76,442 52,779 23,663 57,034 8,286 7,877 8,272 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—May 31............................................ 43,017 13,426 4,674 8,752 25,848 2,965 539 238 June 30............................................ 42,451 13,070 4,384 8,686 25,651 2,956 533 241 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—May 31............................................ 2,881 555 149 406 1,274 209 424 420 June 30............................................ 2,848 542 147 395 1,258 207 423 419 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—May 31............................................ 5,972 752 325 427 1,863 337 1,779 1,242 June 30............................................ 5,869 674 250 424 1 ,865 333 1 ,780 1 ,217 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—May 31............................................ 4,522 3,195 2,150 1,045 1,226 56 38 7 June 30............................................ 3,640 2,286 1 ,257 1 ,029 1 ,253 57 38 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 1,069 346 450 1969—Dec. 31............................................ 3,851 808 269 539 1,916 357 329 441 1970— May 31............................................ 3,646 752 262 490 2,043 179 355 318 June 30............................................ 3,564 682 201 481 2,031 177 356 318 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—May 31............................................ 14,120 6,678 5,455 1,223 3,306 736 1 ,477 1,924 June 30............................................ 13,236 5,926 4,764 1,162 3,243 678 1 ,501 1 ,889 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—May 31............................................ 88,051 55,092 43,762 11,330 21,678 3,851 3,265 4,164 June 30............................................ 86,303 53,262 41 ,776 11,486 21,733 3,878 3,246 4,182 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 5,743 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 468 nonfinancial corporations and 488 savings and loan assns.; and are not available for earlier periods. (3) about 70 per cent by 503 State and local govts. Data complete for U.S. Govt, agencies and trust funds and F.R. Banks “All others,” a residual, includes holdings of all those not reporting but for other groups are based on Treasury Survey data. Of total mar­ in the Treasury Survey, including investor groups not listed separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 44 U.S. GOVERNMENT SECURITIES □ AUGUST 1970 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S. Govt, Period agency Total Dealers and brokers securities Within 1-5 5-10 Over Com­ All 1 year years years 10 years U s . e S c . u G rit o ie v s t, Other m b e a r n c k ia s l other 1969—June................................ 2,491 2,171 199 86 34 1,039 107 849 496 395 July................................ 2,233 1,966 172 62 34 839 91 822 480 351 Aug................................. 2,286 1,965 233 51 36 948 104 776 459 311 Sept................................. 2,442 2,017 290 101 34 1,009 80 835 520 342 Oct.................................. 2,725 2,209 364 111 41 1,145 99 1,006 474 460 Nov................................. 2,439 2,114 225 60 40 920 87 913 518 414 Dec................................. 2,551 2,162 281 55 54 1,029 98 965 460 381 1970—Jan.................................. 2,385 2,058 233 58 36 971 92 922 402 410 Feb.................................. 2,936 2,302 421 176 36 1,332 124 1,043 437 513 Mar................................. 2,681 2,238 298 114 31 1,208 92 921 460 501 Apr................................. 2,046 1,801 160 59 27 887 70 665 424 387 May............................... 2,164 1,685 337 106 36 868 73 717 506 378 June................................ 2,146 1,867 190 59 29 728 68 820 529 414 Week ending— 1970—June 3......................... 2,283 1,822 337 101 24 929 71 800 484 421 10......................... 1,828 1,538 189 67 35 586 69 572 601 270 17......................... 1,653 1,440 141 50 22 494 51 602 508 421 24......................... 2,291 2,085 131 40 36 752 66 973 500 448 July 1......................... 2,774 2,454 226 66 28 1,030 98 1,160 485 627 8......................... 2,339 1,998 214 97 32 714 81 1,052 492 402 15......................... 2,191 1,913 194 61 23 756 72 749 613 411 22......................... 2,517 2,296 133 65 23 950 64 913 590 571 29......................... 2,035 1,807 145 50 33 715 61 770 490 396 Note.—The transactions data combine market purchases and sales of sales of securities under repurchase agreement, reverse repurchase (resale) U.S. Govt, securities dealers reporting to the F.R. Bank of New York. or similar contracts. Averages of daily figures based on the number of They do not include allotments of, and exchanges for, new U.S. Govt, trading days in the period. securities, redemptions of called or matured securities, or purchases or DEALER POSITIONS DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity Commercial banks U.S. Period m t a A i t e l u s l ri­ W y i e t 1 a h r in y 1 e - a 5 rs y 5 e - a 1 r 0 s y O e 1 v a 0 e rs r a s G g e t c e i o e u n v s c r t i . y ­ Period sou A r l c l es Y N C o e it r w y k w E h ls e e r ­ e C t o io rp n o s r 1 a­ o A th l e l r 1969—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 2,539 563 405 733 838 Sept................. 2,313 1,936 162 181 34 496 Sept............ 2,586 771 564 470 781 Oct................... 2,389 1,903 256 193 37 512 2,226 462 392 520 852 Nov................. 3,451 3,158 155 106 30 606 Nov............ 3,692 1,050 712 856 1,073 Dec.................. 3,607 3,266 205 100 35 564 3,689 1,036 651 884 1,119 1970—Jan................... 2,908 2,869 -2 22 20 529 1970-Jan.............. 3,075 907 469 792 907 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 4,922 1,293 1,373 546 1,710 May................ 2,668 1,886 461 306 16 654 May........... 2,898 637 830 466 964 June................ 2,199 1,859 111 227 2 615 June........... 2,310 422 626 421 842 Week ending— Week ending— 1970—May 6........... 2,623 2,439 27 150 8 714 1970—May 6... 3,391 747 832 528 1,284 13 2,859 1,701 757 385 16 671 13. .. 2,692 498 769 499 926 20 2,497 1,561 574 345 18 601 20. .. 2,918 636 850 447 986 27 2,785 2,011 444 310 21 641 21... 2,868 755 852 424 838 June 3........... 2,930 2,322 310 289 9 654 June 3... 2,838 636 920 419 863 10........... 2,646 2,239 154 249 5 576 10... 2,766 545 852 478 892 17 . , 2,044 1,714 115 216 -1 551 17... 2,235 383 611 421 819 24 1,662 1,429 39 197 -3 638 24. .. 2,075 384 447 444 799 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

AUGUST 1970 □ GOVERNMENT SECURITIES A 45 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, JULY 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. A A u u g g . . 1 6 3, , 1 19 9 7 7 0 0 . . 3 3 . . 0 0 0 0 3 3 J J a a n n. . 1 7 4 , , 1 19 9 7 7 1 1 . . . . . . . . . . . . . . . . . . 1 1, , 3 3 1 0 1 5 N Fe o b v . . 1 1 5 5, , 1 1 9 9 7 72 1 . . . . . . . . . . 4 7 3 a , V 4a 1 2 0 , , 0 7 0 29 6 D Au ec g . . 1 1 5 5 , , 1 1 9 9 7 6 0 7 . - .. 7 .. 2 .. . . . .4 2 V4 4 2 , , 1 5 2 7 9 3 Aug. 20, 1970. 2,987 Jan. 21, 1971......... 1 ,300 Apr. 1, 1972.. • I Vi 34 Aug. 15, 1971.........4 2,806 Aug. 27, 1970. 3.103 Jan. 28, 1971 ......... 1 ,301 May 15, 1972.. ...43/4 5,310 Nov. 15, 1971.........3% 2,760 Aug. 31, 1970. 1,701 Jan. 31, 1971........ 1,503 Oct. 1, 1972.. ...1% 33 Feb. 15, 1972.........4 2,344 Sept. 3, 1970. 3.103 Feb. 28, 1971........ 1,700 Apr. 1, 1973.. ...1% 34 Aug. 15, 1972.........4 2,579 S S e ep p t t . . 1 1 7 0 , , 1 1 9 9 7 7 0 0 . . 3 3. . 1 1 0 0 6 4 M M a a r r . . 2 3 2 1 , , 1 1 9 9 7 7 1 1 f .. . . .. . . . . .. 2 1 , , 5 7 1 0 7 2 A M u a g y . 1 1 5 5 , , 1 1 9 9 7 7 3 3 . . . . . . . . . . 7 8 3 V Va 8 5 1 , , 8 8 4 45 6 N Au o g v . . 1 1 5 5 , , 1 1 9 97 7 3 3 . . . . . .. .. .. .. .. .. . 4 4 i/g 3 4, ,8 3 9 4 4 6 Sept. 22, 1970t 1,758 Apr. 22, 1971 f. . . 2,261 Oct. 1, 1973,, ...1 Vl 30 Feb. 15, 1974.........4% 3,127 Sept. 24, 1970. 3.103 Apr. 30, 1971 ......... 1 ,700 Apr. 1, 1974., ...1 Vi 34 May 15, 1974.........4 Va 3,582 Sept. 30, 1970. 1,505 May 31, 1971____ 1,200 Aug. 15, 1974 ...55/8 10,284 Nov.15, 1974.........37/8 2,239 Oct. 1, 1970. 3,108 June 30, 1971 ......... 1 ,201 Oct. 1, 1974. ...1% 42 May 15, 1975-85. .4% 1,213 Oct. 8, 1970. 3.106 July 31, 1971......... 1 ,202 Nov. 15, 1974 ...534 3,981 June 15, 1978-83.. 3 V4 1,546 Oct. 15, 1970. 3.104 Feb. 15, 1975, ...53/4 5,148 Feb. 15, 1980.........4 2,594 Oct. 22, 1970. 3.104 Apr. 1, 1975. ...1 % 3 Nov.15, 1980.........3 Vi 1,905 Oct. 29, 1970. 3,102 Treasury notes May 15, 1975, , , .6 6,760 May 15, 1985.........3Va 1,079 Oct. 31, 1970. 1,504 Aug. 15, 1970......6% 2,329 Feb. 15, 1976 ...61/4 3,739 Aug. 15, 1987-92.. 4Va 3,812 Nov. 5, 1970. 1.301 Oct. 1, 1970... • • 1 Vi 113 May 15, 1976.,, • • 6Vi 2,697 Feb. 15, 1988-93.. 4 248 Nov. 12, 1970. 1.302 Nov. 15, 1970..,, . .5 7,675 Aug. 15, 1976. ...7% 1,683 May 15, 1989-94.. 4i/s 1,555 Nov. 19, 1970. 1,304 Feb. 15, 1971.., • •5 Vs 2,509 Feb. 15, 1977.,,, , .8 5,163 Feb. 15, 1990........3Vi 4,771 Nov. 27, 1970. 1,301 Feb. 15, 1971......7% 2,924 Feb. 15, 1995.........3 1,300 Nov. 30, 1970. 1,501 Apr. 1, 1971. ■•.1% 35 Nov. 15, 1998.........3 Vi 4,089 Dec. 3, 1970. 1,306 May 15, 1971.. ...5V* 4,265 Dec. 10, 1970. 1.303 May 15, 1971.. 8 4,176 Treasury bonds Dec. 17, 1970. 1.303 Aug. 15, 1971.. ...*K 2,254 Mar. 15, 1966-71..2Vi 1,219 Convertible bonds Dec. 24, 1970. 1 ,303 Oct. 1, 1971.. • 1V4 72 June 15, 1967-72.. 2Vi 1,237 Investment Series B Dec. 31, 1970. 2,806 Nov. 15, 1971.. ...53/8 1,734 Sept. 15, 1967-72..2Vi 1,951 Apr. 1, 1975-80. .2% 2,386 t Tax-anticipation series. Note.—Direct public issues only. Based on Daily Statement of U.S. Treasury. NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Total Use of proceeds Period amount deliv­ Special ered3 Total Gener­ U.S. district Total Roads Veter­ Other al Reve­ HAA1 Govt. State and Other2 Edu­ and Util­ Hous­ ans’ pur­ obli­ nue loans stat. cation bridges ities4 ing 5 aid poses gations auth. 1962................ 8,845 5,582 2,681 437 145 1,419 2,600 4,825 8,732 8,568 2,963 1,114 1,668 521 125 2,177 1963................ 10,538 5,855 4,180 254 249 1,620 3,636 5,281 10,496 9,151 3,029 812 2,344 598 2,396 1964................ 10,847 6,417 3,585 637 208 1,628 3,812 5,407 10,069 10,201 3,392 688 2,437 727 120 2,838 1965................ 11,329 7,177 3,517 464 170 2,401 3,784 5,144 11,538 10,471 3,619 900 1,965 626 50 3,311 1966................ 11,405 6,804 3,955 325 312 2,590 4,110 4,695 11,303 3,738 1,476 1,880 533 3,667 1967................. 14,766 8,985 5,013 477 334 2,842 4,810 7,115 14,643 4,473 1,254 2,404 645 5,667 1968................. 16,596 9,269 6,517 528 282 2,774 5,946 7,884 16,489 4,820 1,526 2,833 787 6,523 1969................ 11,881 7,725 3,556 402 197 3,359 3,596 4,926 11,638 3,252 1,432 1,734 543 4,884 1969—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 33 5 102 360 422 885 216 168 138 47 318 Dec__ 816 679 134 3 340 192 286 816 211 221 97 289 Jan.r.. 1,340 838 495 7 311 500 529 1,326 319 91 305 6 608 Feb.. 1,214 901 302 12 346 264 604 1,209 406 59 238 14 442 Mar.r.. 1,551 1,084 459 7 434 390 727 1,545 393 206 227 85 662 Apr.r.. 1,646 1,215 416 15 468 343 833 1,646 472 167 292 12 703 Mayr.. 995 675 312 8 254 311 430 986 299 30 367 11 278 June... 1,070 642 416 12 165 376 529 1,070 523 60 146 7 335 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 AUGUST 1970 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues1 Noncorporate Corporate Period Bonds Stock Total G U o . v S t . .2 a G g U e o n .S v c t . y . 3 and S U t l a . o S t c e . al4 Others Total Total P o u f b fe l r ic e l d y P p ri l v a a c t e e d ly Preferred Common 1962...................... 29,956 8,590 1,188 8,558 915 10,705 8,969 4,440 4,529 422 1,314 1963...................... 35,199 10,827 1,168 10,107 887 12,211 10,856 4,713 6,143 343 1,011 1964...................... 37,122 10,656 1,205 10,544 760 13,957 10,865 3,623 7,243 412 2,679 1965...................... 40,108 9,348 2,731 11,148 889 15,992 13,720 5,570 8,150 725 1,547 1966...................... 45,015 8,231 6,806 11,089 815 18,074 15,561 8,018 7,542 574 1,939 1967...................... 68,514 19,431 8,180 14,288 1,817 24,798 21,954 14,990 6,964 885 1,959 1968...................... 65,562 18,025 7,666 16,374 1,531 21,966 17,383 10,732 6,651 637 3,946 1969...................... 52,496 4,765 8,617 11,460 961 26,744 18,347 12,734 5,613 682 7,714 1969—Apr........... 5,780 412 981 1,627 12 2,748 1,917 1,268 649 68 762 May......... 4,608 410 950 1,088 85 2,076 1,382 871 510 10 684 June......... 4,056 419 351 710 45 2,530 1,786 1,272 514 50 694 July........... 5,014 421 940 1,052 124 2,478 1,889 1,279 609 40 553 Aug.......... 3,314 377 600 794 117 1,427 944 685 259 72 410 Sept.......... 3,958 353 587 531 60 2,427 1,701 1,222 479 74 652 Oct............ 5,420 440 1,782 1,254 11 1,933 1,282 969 313 20 630 Nov.......... 4,069 300 450 853 92 2,374 1,390 1,164 226 83 902 Dec........... 4,440 380 650 812 65 2,531 1,860 1,346 514 32 640 1970—Jan............ 6,144 413 1,648 1,314 133 2,636 2,120 1,595 525 60 456 Feb........... 6,003 416 2,523 1 ,198 63 1 ,802 1 ,334 1,068 266 50 417 Mar.......... 6,799 461 1,201 1 ,504 94 3,539 2,385 1,914 471 90 1,064 Apr........... 5,861 387 700 1 ,625 8 3,141 2,434 2,001 433 67 641 Gross proceeds, major groups of corporate issuers Period Manufacturing C m om is m ce e ll r a c n ia e l o u an s d Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e a l Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks 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 2,332 604 139 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 1,671 1969—Apr., 327 186 330 276 151 101 627 157 43 1 438 110 May, 434 134 101 397 141 4 371 20 129 68 203 70 June, 505 186 119 314 202 13 606 96 187 4 167 131 July. 636 238 133 177 122 4 446 47 286 266 123 Aug. 284 77 37 161 48 6 354 153 122 4 99 82 Sept. 501 124 142 209 181 9 413 131 230 43 233 210 Oct.. 115 144 95 202 52 16 676 69 120 225 219 Nov. 286 167 183 242 137 5 422 201 156 45 207 326 Dec., 420 181 190 193 140 6 497 103 255 22 358 166 1970—Jan.. 690 121 172 165 330 10 557 81 229 4 141 134 Feb.. 314 43 65 122 163 7 417 123 216 10 160 163 Mar. 882 533 110 200 262 613 293 286 20 231 108 Apr., 615 74 287 275 122 937 170 57 7 416 179 1 Gross proceeds are derived by multiplying principal amounts or 5 Foreign governments, International Bank for Reconstruction and number of units by offering price. Development, and domestic nonprofit organizations. 2 Includes guaranteed issues. 3 Issues not guaranteed. Note.—Securities and Exchange Commission estimates of new issues 4 See Note to table at bottom of opposite page. maturing in more than 1 year sold for cash in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1970 □ SECURITY ISSUES A 47 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers i Period 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 15,952 7,891 8,061 12,747 4,649 8,098 3,205 3,242 -37 196 6 19,799 7,541 12,258 15,629 4,542 11,088 4,169 3,000 1,169 196 7 25,964 7,735 18,229 21,299 5,340 15,960 4,664 2,397 2,267 196 8 25,439 12,377 13,062 19,381 5,418 13,962 6,057 6,959 -900 196 9 28,841 10,813 18,027 19,523 5,767 13,755 9,897 4,505 4,272 1969— 1 7,133 3,456 3,677 4,949 1,272 3,676 2,363 2,183 I I 7,728 3,268 4,460 5,365 1,504 3,861 2,008 1,764 599 II I 6,507 1,980 4,526 4,499 1,382 3,117 2.763 598 1,410 I V 7,473 2,109 5,364 4,710 1,609 3,101 2.763 500 2,263 1970— 1 7,272 2,185 5,086 4,987 1 ,507 3,480 2,285 679 1 ,606 Type of issuer Manu­ Commercial Transpor­ Public Communi­ Real estate Period facturing and other 2 tation 3 utility cation and financial 1 & B n o o n t d e s s Stocks & B o n n o d te s s Stocks & B n o o n t d e s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks 1965......................... 2,606 -570 614 -70 185 -1 1,342 96 644 518 2,707 -10 1966......................... 4,324 32 616 -598 956 718 2,659 533 1,668 575 864 -90 1967......................... 7,237 832 1,104 282 1,158 165 3,444 652 1,716 467 1,302 -130 1968......................... 4,418 -1,842 2,242 821 987 -149 3,669 892 1,579 120 1,069 -741 1969......................... 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 Ill................. 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 1970—1................... 1 ,084 463 -160 415 591 17 1 ,214 395 546 27 204 289 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 ti d o e n m s p­ s N al e e t s Total 2 po C si a ti s o h n 3 Other Sales 1 Re ti d o e n m s p­ s N al e e t s Total 2 po C si a t s io h n3 Other 1958............... 1,620 511 1,109 13,242 634 12,608 1969—May. . 529 364 165 52,992 4,262 48,730 1959............... 2,280 786 1,494 15,818 860 14,958 June.. 474 338 136 49,401 3,937 45,464 1960............... 2,097 842 1,255 17,026 973 16,053 July... 503 260 243 46,408 4,167 42,241 Aug... 483 208 275 49,072 4,642 44,430 1961............... 2,951 1,160 1,791 22,789 980 21,809 Sept... 442 235 207 48,882 4,393 44,489 1962............... 2,699 1,123 1,576 21,271 1,315 19,956 Oct.... 564 269 295 50,915 4,572 46,343 1963............... 2,460 1,504 952 25,214 1,341 23,873 Nov... 417 277 140 49,242 4,079 38,163 Dec... 522 301 221 48,291 3,846 44,445 1964............... 3,404 1,875 1,528 29,116 1,329 27,787 1965............... 4,359 1,962 2,395 35,220 1.803 33,417 1970—Jan.... 523 303 220 44,945 3,959 40,986 1966............... 4,671 2,005 2,665 34,829 2,971 31,858 Feb... 407 249 158 48,202 4,209 43,993 Mar... 451 289 162 47,915 4,046 43,869 1967............... 4,670 2,745 1,927 44,701 2,566 42,135 Apr... 371 306 65 42,785 3,909 38,876 1968............... 6,820 3,841 2,979 52,677 3,187 49,490 May.. 304 300 4 39,824 4,042 35,782 1969............... 6,717 3,661 3,056 48,291 3,846 44,445 June.. 364 197 167 38,459 4,396 34,230 1 Includes contractual and regular single purchase sales, voluntary 3 Cash and deposits, receivables, all U.S. Govt, securities, and other and contractual accumulation plan sales, and reinvestment of invest­ short-term debt securities, less current liabilities. ment income dividends; excludes reinvestment of realized capital gains dividends. Note.—Investment Company Institute data based on reports of mem­ 2 Market value at end of period less current liabilities. bers, which comprise substantially all open-end investment companies registered with the Securities and Exchange Commission. Data reflect newly formed companies after their initial offering of securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 48 BUSINESS FINANCE a AUGUST 1970 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1968 19691 Industry 1965 1966 1967 1968 1969 III IV III IV Manufacturing Total (177 corps.): Sales.................................................. 177,237195,738201,399225,740243,449 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 Profits after taxes........................... 896 1,008 1,041 1,093 1,171 255 260 285 293 261 275 314 321 Dividends......................................... 509 564 583 616 661 150 155 155 156 162 165 164 170 Chemical and allied products (20 corps.): Sales................................................... 18,158 20,007 20,561 22,808 24,494 5,436 5,697 5,782 5,893 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 corps.): Sales.................................................. 17,828 20,887 23,258 24,218 25,586 5,890 6,013 6,100 6,214 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 11,300 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 10,859 11,451 2,611 2,758 2,708 2,782 2,741 2,916 2,836 2,958 Profits before taxes......................... 979 1,094 385 678 683 127 206 149 196 128 220 149 186 Profits after taxes............................ 815 906 319 565 461 112 174 110 169 98 173 98 92 Dividends.......................................... 468 502 538 515 488 117 132 100 166 116 136 100 136 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

AUGUST 1970 □ BUSINESS FINANCE A 49 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e r a o f x o f e i r s t e s c ta o I x n m e ­ e s P t a r a f o x t f e e i r s ts d C d e i a n v s d i h ­ s t U r p i r b n o u d f t i i t e s s d ­ co c a n a t l i l s p o o u i n w t m a ­ l p­ Quarter P b t e r a o f x o f e i r s t e s c ta o I x n m e ­ s e P t a r a f o x t f e e i r s ts d C d e i a n v s d i h ­ s t U r p i r b n o u d fi t i t e s s ­ d co c a n t a l i l s o p o u n i w t m a ­ l p ­ ances1 ances 1 1962............... 55.4 24.2 31.2 15.2 16.0 30.1 1968—III'.. 88.4 40.4 48.0 23.8 24.2 46.9 1963............... 59.4 26.3 33.1 16.5 16.6 31.8 IV'.. 91.3 41.7 49.6 24.1 25.5 47.4 1964............... 66.8 28.3 38.4 17.8 20.6 33.9 1969—I'. .. 93.0 43.5 49.5 24.1 25.5 48.5 1965............... 77.8 31.3 46.5 19.8 26.7 36.4 II'... 93.4 43.8 49.7 24.4 25.2 49.3 1966............... 84.2 34.3 49.9 20.8 29.1 39.5 III'.. 89.9 42.1 47.9 25.0 22.9 50.1 1967 '............. 79.8 33.2 46.6 21.4 25.3 43.0 IV'.. 88.5 41.4 47.1 25.2 21.9 51.0 1968'............. 88.7 40.6 48.2 23.3 24.9 46.5 1969'............. 91.2 42.7 48.5 24.7 23.9 49.8 1970—1'. .. 82.6 38.0 44.6 25.2 19.4 52.0 i Includes depreciation, capital outlays charged to current accounts, and Note.—Dept, of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Notes and accts. Notes and accts. End of period working U.S. receivable payable Accrued capital Total Cash s G ec o u v r t i . ­ I t n o v ri e e n s ­ Other Total F in e c d o e m ra e l Other ties U.S. Other U.S. Other taxes Govt.1 Govt.1 1963................................ 163.5 351.7 46.5 20.2 3.6 156.8 107.0 17.8 188.2 2.5 130.4 16.5 38.7 1964................................ 170.0 372.2 47.3 18.6 3.4 169.9 113.5 19.6 202.2 2.7 140.3 17.0 42.2 1965................................ 180.7 410.2 49.9 17.0 3.9 190.2 126.9 22.3 229.6 3.1 160.4 19.1 46.9 1966................................ 188.2 442.6 49.3 15.4 4.5 205.2 143.1 25.1 254.4 4.4 179.0 18.3 52.8 1967................................. 198.8 463.1 51.4 12.2 5.1 214.6 152.3 27.6 264.3 5.8 186.4 14.6 57.4 1968—III....................... 208.7 491.5 51.9 12.6 4.8 229.4 162.1 30.8 282.7 6.3 196.8 15.1 64.6 IV........................ 212.4 506.3 55.1 13.7 5.1 235.6 164.6 32.2 293.9 6.4 205.2 16.8 65.4 1969—1........................... 215.0 515.7 51.9 15.4 4.8 239.8 169.2 34.6 300.8 6.9 206.1 19.1 68.8 II......................... 216.3 526.7 52.6 13.0 4.8 247.1 174.0 35.3 310.4 7.2 215.3 15.4 72.5 Ill....................... 214.6 536.8 51.2 11.8 4.6 254.7 178.7 35.7 322.2 7.5 222.9 16.4 75.4 IV....................... 214.2 547.9 52.1 12.2 4.8 259.4 183.4 36.1 333.8 7.3 233.0 17.0 76.4 1970—1........................... 214.4 553.0 50.2 12.0 4.7 262.8 186.7 36.7 338.6 7.2 233.1 18.6 79.7 1 Receivables from, and payables to, the U.S. Govt, exclude amounts Notb.—Securities and Exchange Commission estimates; excludes offset against each other on corporations’ books. banks, savings and loan assns., insurance companies, and investment companies. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Public utilities Period Total 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 th er n C i o ca m ti m on u s ­ Other1 a T ( r n S a o n . t t A u e a ) a . l l 1963......................... 40.77 7.53 8.70 1.27 1.26 .40 1.58 3.67 1.31 4.06 10.99 1964......................... 46.97 9.28 10.07 1.34 1.66 1.02 1.50 3.97 1.51 4.61 12.02 1965......................... 54.42 11.50 11.94 1.46 1.99 1.22 1.68 4.43 1.70 5.30 13.19 1966......................... 63.51 14.96 14.14 1.62 2.37 1.74 1.64 5.38 2.05 6.02 14.48 1967......................... 65.47 14.06 14.45 1.65 1.86 2.29 1.48 6.75 2.00 6.34 14.59 1968......................... 67.76 14.12 14.25 1.63 1.45 2.56 1.59 7.66 2.54 6.83 15.14 1969......................... 75.56 15.96 15.72 1.86 1.86 2*51 1.68 8.94 2.67 8.30 16.05 19702....................... 81.45 16.44 16.42 1.88 1.99 3.16 1.51 11.03 2.55 9.57 16.90 1968—III................ 16.79 3.54 3.59 .39 .31 .64 .41 1.87 .74 1.61 3.69 67.77 IV................. 19.03 4.16 3.94 .40 .38 .66 .47 2.16 .74 2.00 4.13 69.05 1969—I................... 16.04 3.36 3.22 .42 .38 .68 .38 1.88 .48 1.81 3.41 72.52 II.................. 18.81 3.98 3.84 .48 .44 .66 .46 2.22 .77 2.00 3.97 73.94 Ill................ 19.25 4.03 4.12 .47 .49 .53 .40 2.23 .80 2.11 4.07 77.84 IV................ 21.46 4.59 4.53 .49 .55 .64 .44 2.61 .62 2.39 4.60 77.84 1970—1................... 17.47 3.59 3.56 .45 .42 .73 .28 2.15 .39 2.14 3.76 78.22 II2................ 20.46 4.17 4.09 .46 .50 .86 .38 2.84 .64 6.52 80.66 Ill2.............. 20.62 4.15 4.11 .48 .53 .78 .35 2.92 .88 6.42 83.28 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 □ AUGUST 1970 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Farm Nonfarm Other 1- to 4-family houses4 Multifamily and Mortgage holders2 commercial properties5 type6 E p n er d i o o d f h A e o r l l s d l ­ t F u i t i n c i n i o s a a t n l i n ­ s ­ 1 a U c g i . e e S n s . ­ v o I i a t d n h n u d e d a i r ­ l s s h A e o r l l s d l ­ tu F i t i n c i n i o s a a t n l i n s ­ ­ 1 O h e o t r h l s d e 3 ­ r h A e o r l l s d l ­ Total tu F i t n i i n o s a t n i n ­ s . 1 O h e o t r h l s d e ­ r Total tu F i t n i i n o s a t n i n ­ s . 1 O h e o t r h l s d er ­ F w u H V n ri d A A tt e e — - r n - t C i v o e o n n n a ­ ­ l 1941........... 37.6 20.7 4.7 12.2 6.4 1.5 4.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 3.0 28.2 1945........... 35.5 21.0 2.4 12.1 4.8 1.3 3.4 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.3 26.5 1964........... 300.1 241.0 11.4 47.7 18.9 7.0 11.9 281.2 197.6 170.3 27.3 83.6 63.7 19.9 77.2 204.0 1965........... 325.8 264.6 12.4 48.7 21.2 7.8 13.4 304.6 212.9 184.3 28.7 91.6 72.5 19.1 81.2 223.4 1966........... 347.4 280.8 15.8 50.9 23.3 8.4 14.9 324.1 223.6 192.1 31.5 100.5 80.2 20.3 84.1 240.0 1967* . .. 370.2 298.8 18.4 53.0 25.5 9.1 16.3 344.8 236.1 201.8 34.2 108.7 87.9 20.9 88.2 256.6 1968* 397.5 319.9 21.7 55.8 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—IV*. 370.2 298.8 18.4 53.0 25.5 9.1 16.3 344.8 236.1 201.8 34.2 108.7 87.9 20.9 88.2 256.6 1968—1*... 375.8 302.6 19.6 53.5 26.0 9.3 16.7 349.8 239.1 203.7 35.4 110.6 89.6 21.0 89.4 260.4 II*. 382.9 308.1 20.6 54.2 26.7 9.6 17.1 356.1 243.2 206.7 36.5 112.9 91.8 21.2 90.7 265.4 III*. 389.8 313.5 21.1 55.1 27.2 9.6 17.5 362.6 247.0 209.7 37.3 115.6 94.1 21.5 92.0 270.6 IV*. 397.5 319.9 21.7 55.8 27.5 9.7 17.8 370.0 251.2 213.1 38.1 118.7 97.1 21.6 92.8 277.2 1969—1*... 403.7 324.7 22.6 56.4 28.1 9.8 18.3 375.7 254.8 216.0 38.8 120.9 98.9 21.9 94.5 281.2 II*.. 411.7 331.0 23.4 57.1 28.8 10.1 18.7 382.9 259.5 219.9 39.5 123.4 101.0 22.4 96.6 286.3 III*. 418.7 335.7 24.9 58.1 29.2 10.1 19.1 389.5 263.4 222.5 40.9 126.0 103.1 22.9 98.5 291.0 IV*. 425.3 339.1 26.8 59.4 29.4 10.0 19.4 395.9 266.8 223.6 43.2 129.0 105.5 23.5 100.2 295.7 1970—I*. 429.5 29.8 399.7 268.7 130.8 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, PH A, Farmers Home Admin., and in earlier years, RFC, HOLC, and FFMC. They also include U.S. Note.—Based on data from Federal Deposit Insurance Corp., Federal sponsored agencies—new FNMA and Federal land banks. Other agencies Home Loan Bank Board, Institute of Life Insurance, Depts. of Agricul­ (amounts small or current separate data not readily available) included ture and Commerce, Federal National Mortgage Assn., Federal Housing with “individuals and others.” Admin., Public Housing Admin., Veterans Admin., and Comptroller of 3 Derived figures; includes debt held by Federal land banks and farm the Currency. debt held by Farmers Home Admin. Figures for first three quarters of each year are F.R. estimates. 4 For multifamily and total residential properties, see p. A-52. MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings 1 Mutual savings bank holdings 2 Residential Residential End of period Other Other Total non­ Farm Total non­ Farm FHA- VA- Con­ farm FHA- VA- Con­ farm Total in- guar- ven­ Total in- guar- ven­ sured anteed tional sured anteed tional 1941................................. 4,906 3,292 1,048 566 4,812 3,884 900 28 1945................................. 4,772 3,395 856 521 4,208 3,387 797 24 1964................................. 43,976 28,933 7,315 2,742 18,876 12,405 2,638 40,556 36,487 12,287 11,121 13,079 4,016 53 1965................................. 49,675 32,387 7,702 2,688 21,997 14,377 2,911 44,617 40,096 13,791 11,408 14,897 4,469 52 1966................................. 54,380 34,876 7,544 2,599 24,733 16,366 3,138 47,337 42,242 14,500 11,471 16,272 5,041 53 1967................................. 59,019 37,642 7,709 2,696 27,237 17,931 3,446 50,490 44,641 15,074 11,795 17,772 5,732 117 1968................................. 65,696 41,433 7,926 2,708 30,800 20,505 3,758 53,456 46,748 15,569 12,033 19,146 6,592 117 1967—11......................... 55,731 35,487 7,396 2,495 25,596 16,970 3,274 48,893 43,526 14,947 11,768 16,811 5,316 51 Ill........................ 57,482 36,639 7,584 2,601 26,454 17,475 3,368 49,732 44,094 15,016 11,785 17,293 5,526 112 IV......................... 59,019 37,642 7,709 2,696 27,237 17,931 3,446 50,490 44,641 15,074 11,795 17,772 5,732 117 1968—1........................... 60,119 38,157 7,694 2,674 27,789 18,396 3,566 51,218 45,171 15,179 11,872 18,120 5,931 116 II.......................... 61,967 39,113 7,678 2,648 28,787 19,098 3,756 51,793 45,570 15,246 11,918 18,406 6,108 115 Ill........................ 63,779 40,251 7,768 2,657 29,826 19,771 3,757 52,496 46,051 15,367 11,945 18,739 6,329 116 IV......................... 65,696 41,433 7,926 2,708 30,800 20,505 3,758 53,456 46,748 15,569 12,033 19,146 6,592 117 1969—1............................ 67,146 42,302 7,953 2,711 31,638 20,950 3,894 54,178 47,305 15,678 12,097 19,530 6,756 117 II.......................... 69,079 43,532 8,060 2,743 32,729 21,459 4,088 54,844 47,818 15,769 12,151 19,898 6,908 117 Ill......................... 70,336 44,331 8,065 2,793 33,470 21,924 4,081 55,359 48,189 15,813 12,169 20,207 7,053 117 IV......................... 70,705 44,573 7,960 2,663 33,950 22,113 4,019 56,138 48,682 15,862 12,166 20,654 7,342 114 1970—ip.......................... 70,954 56,433 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

AUGUST 1970 □ REAL ESTATE CREDIT A 51 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total Total in F s H u A re - d a g n V u t A e a e r - - d Other i Farm Total Total in F s H u A re - d a g n V u t A e a e r - - d Other Farm 1945................................................... 976 6,637 5,860 1,394 4,466 766 1962.................................................. 7,478 6,859 1,355 469 5,035 619 46,902 43,502 10,176 6,395 26,931 3,400 1963.................................................. 9,172 8,306 1,598 678 6,030 866 50,544 46,752 10,756 6,401 29,595 3,792 1964.................................................. 10,433 9,386 1,812 674 6,900 1,047 55,152 50,848 11,484 6,403 32,961 4,304 1965.................................................. 11,137 9,988 1,738 553 7,697 1,149 60,013 55,190 12,068 6,286 36,836 4,823 1966................................................... 10,217 9,223 1,300 467 7,456 994 64,609 59,369 12,351 6,201 40,817 5,240 1967................................................... 8,470 7,633 757 444 6,432 837 67,516 61,947 12,161 6,122 43,664 5,569 1968................................................... 7,925 7,153 719 346 6,088 772 69,973 64,172 11,961 5,954 46,257 5,801 1969.................................................. 7,200 6,658 602 199 5,857 542 72,031 66,257 11,690 5,669 48,898 5,774 1969—May...................................... 556 496 55 19 422 60 70,820 64,993 11,903 5,900 47,190 5,827 June...................................... 556 498 55 20 423 58 70,964 65,114 11,882 5,879 47,353 5,850 July...................................... 593 557 49 6 502 36 71,079 65,226 11,845 5,819 47,562 5,853 Aug....................................... 532 495 44 13 438 37 71,250 65,388 11,824 5,799 47,765 5,862 Sept....................................... 576 553 41 14 498 23 71,429 65,564 11,797 5,775 47,992 5,865 Oct........................................ 688 663 47 9 607 25 71,569 65,766 11,777 5,744 48,245 5,803 Nov....................................... 464 446 39 8 399 18 71,710 65,915 11,762 5,720 48,433 5,795 Dec....................................... 803 774 48 8 718 29 72,127 66,353 11,744 5,697 48,912 5,774 1970—Jan........................................ 599 572 34 8 530 27 72,340 66,621 11,696 5,660 49,265 5,719 Feb........................................ 564 541 27 6 508 23 72,527 66,836 11,675 5,638 49,523 5,691 Mar....................................... 576 546 24 12 510 30 72,616 66,943 11,642 5,636 49,665 5,673 Apr....................................... 524 493 31 4 458 31 72,793 67,121 11,621 5,609 49,891 5,672 May...................................... 521 502 39 9 454 19 72,982 67,320 11,606 5,583 50,131 5,662 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) (end of period) Period va A n d c ­ es R m e e p n a ts y­ M de e p m o b s e it r s s’ Period h N o e m w e Home FHA- VA- Con­ Total t S e h rm or t i ­ t L e o rm ng ­ 2 Total i con­ pur­ Total 2 in- guar- ven­ struc­ chase sured anteed tional tion 1945......................... 278 213 195 176 19 46 1963.........................‘ 5,601 4,296 4,784 2,863 1,921 1,151 1945............... 1,913 181 1,358 5,376 1964......................... 5,565 5,025 5,325 2,846 2,479 1,199 1965......................... 5,007 4,335 5,997 3,074 2,923 1,043 1963............... 25,173 7,185 10,055 90,944 4,696 6,960 79,288 1966......................... 3,804 2,866 6,935 5,006 1,929 1,036 1 1 1 9 9 9 6 6 6 6 4 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 1 4 4 6 , , , 9 1 9 1 9 2 3 2 4 6 3 6 , , , 0 6 6 1 5 3 3 3 8 1 1 7 0 0 , , , 8 8 5 2 3 3 8 8 0 1 1 1 1 0 1 0 1 4 , , , 3 3 4 3 2 0 3 7 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 3 9 , , , 0 7 7 0 6 5 1 3 6 1 1 19 9 9 6 6 6 7 8 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 5 1 , , , 5 7 5 3 3 2 1 7 4 4 1 1, , , 8 0 5 6 7 0 1 6 0 5 4 9 , , , 2 3 2 5 8 8 9 9 6 4 3 8 , , , 8 9 4 6 8 3 7 5 4 4 8 3 0 5 9 1 5 2 1 1 1, , , 0 4 3 4 3 8 1 2 2 1 1 19 9 9 6 6 6 9 8 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 1 0 1 , , , 9 1 8 8 3 2 3 2 2 4 4 4 , , , 7 2 9 4 1 5 3 6 6 1 1 9 1 1 , , , 6 2 2 0 1 4 5 4 4 1 1 1 4 2 3 1 0 0 , , , 8 8 2 0 0 0 5 9 2 5 6 7 , , , 7 6 9 9 5 1 1 8 0 7 7 6 , , , 3 6 0 5 5 1 1 3 2 1 1 10 2 1 9 7 4 , , , 6 1 6 6 3 4 3 2 6 1969—J J A u u u n l g y e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 5 6 5 3 1 9 0 4 1 1 7 1 3 8 2 9 7 7 6 , , , 0 4 5 5 1 4 3 3 4 6 6 6 , , , 5 8 0 6 7 5 4 2 4 4 6 3 8 7 5 9 9 2 1,2 9 8 7 2 4 6 7 7 1969— J J A u u u l n y g e . . . . . . . . 2 1 1 , , , 4 9 9 1 1 7 5 8 4 4 4 3 2 9 9 1 3 5 1 1 1, , , 0 3 0 9 8 4 1 5 9 1 1 1 3 3 3 7 7 6 , , , 9 1 2 5 0 4 1 7 2 7 7 7 , , , 6 5 4 0 2 0 7 2 2 7 7 7 , , , 4 4 53 0 6 8 8 8 1 1 1 2 2 2 2 2 1 , , , 1 4 8 1 3 0 7 2 6 S N e o p v t . . . . . . . . . . . . . . . . . . . . . . . . . . 5 4 6 5 5 3 1 2 7 1 1 8 5 3 5 8 9 7 8 8 , , , 9 8 43 0 4 9 2 0 7 7 7 , , , 2 7 9 7 7 4 3 9 6 8 6 6 5 6 6 6 7 0 9 8 8 3 9 6 1 8 5 Sept... 1,728 377 936 138,618 7,694 7,570 123,354 Dec.............. 564 77 9,289 8,434 855 1,041 O D N c e o c t v . . . . . . . . . . 1 1 1 , , , 6 3 5 9 3 0 8 0 8 3 2 3 6 8 0 5 6 0 6 6 8 5 8 6 7 2 2 1 1 1 3 3 4 9 9 0, , ,6 2 22 7 0 6 9 6 7 7 7 , , , 8 9 7 2 1 7 2 0 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 4 3 5 6 8 1970— F J M a e n a b . r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 3 1 0 8 3 8 6 4 2 3 1 9 4 8 5 9 8 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 1 5 6 1970—J F a e n b . . . . . . . 1 1 , , 0 04 6 2 4 2 22 2 3 0 5 5 0 3 2 0 1 1 4 40 0 , , 3 5 4 6 5 8 7 8 , , 9 0 3 0 7 0 7 7 , ,6 6 6 8 9 0 1 1 2 2 4 4 , ,7 88 39 8 May............ 2 3 4 93 0 2 9 7 2 8 1 9 0 , , 8 0 6 08 0 7 7 , , 0 7 3 2 1 1 2 2, , 9 1 9 3 7 8 1 1 , , 1 1 8 0 8 8 Mar... 1,262 284 585 140,766 8,092 7,677 124,997 June*5.......... 299 71 10,236 7,002 3,234 1,331 Apr... 1 ,400 325 627 141,252 8,184 7,712 125,356 J M un a e y p r . . 2 1 , , 0 5 7 8 8 6 3 3 7 9 3 4 1 7 0 4 1 1 5 1 14 41 3 , , 9 1 7 0 5 3 8 8, , 3 5 2 7 5 2 7 7 , , 7 8 6 6 1 4 1 12 2 5 6 , , 8 6 8 6 9 7 2 1 S S e e c c u u r r e e d d o lo r a u n n s, s e a c m ur o e r d ti z lo e a d n s q u m ar a t t e u r r l i y n , g h i a n v i 1 n g y e m ar a o tu r r l i e ti s e s s . of more than 1 year but not more than 10 years. 1 Includes loans for repairs, additions and alterations, refinancing, etc., not shown separately. Note.—Federal Home Loan Bank Board data. 2 Beginning with 1958, includes shares pledged against mortgage loans; beginning with 1966, includes junior liens and real estate sold on contract; and beginning with 1967, includes downward structural adjustment for change in universe. Note—Federal Home Loan Bank Board data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 52 REAL ESTATE CREDIT □ AUGUST 1970 MORTGAGE DEBT OUTSTANDING MORTGAGE DEBT OUTSTANDING ON ON RESIDENTIAL PROPERTIES NONFARM 1- to 4-FAMILY PROPERTIES (In billions of dollars) (In billions of dollars) All residential Multifamily i Grovernmenitunderwritte:n Con­ E pe n r d io 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 End of period Total Total FH in A - - g V u A ar - ­ ti v o e n n a ­ l tutions tutions sured anteed 1 1 1 9 94 41 5 . .. . . . . . . . . . . . . . . .. .. . . . . . . .. .. .. 2 2 4 4 . . 3 2 1 14 5 . . 9 7 9 8 . .6 4 5 5 . . 9 7 3 3. . 5 6 2 2 . . 2 2 1 1 9 9 5 6 4 3 . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 1 1 8 8 2 . . 6 2 6 4 5 . . 3 9 3 4 5 . . 1 0 30. . 9 2 1 1 1 4 6 . . 3 3 1963................ 211.2 176.7 34.5 29.0 20.7 8.3 1964.................................. 197.6 69.2 38.3 30.9 128.3 1964................ 231.1 195.4 35.7 33.6 25.1 8.5 1965.................................. 212.9 73.1 42.0 31.1 139.8 1965................ 250.1 213.2 36.9 37.2 29.0 8.2 1966.................................. 223.6 76.1 44.8 31.3 147.6 1966................ 264.0 223.7 40.3 40.3 31.5 8.8 1967*................................ 236.1 79.9 47.4 32.5 156.1 1967*.............. 280.0 236.6 43.4 43.9 34.7 9.2 1968*................................ 251.2 83.8 50.6 33.2 167.4 1968?.............. 298.6 250.8 47.8 47.3 37.7 9.6 1966—IV......................... 223.6 76.1 44.8 31.3 147.6 1967—IIP. . . 280.0 236.6 43.4 43.9 34.7 9.2 1967—III*....................... 232.0 78.3 46.6 31.7 153.7 1968—I? 283.7 239.0 44.7 44.6 35.3 9.3 IV*....................... 236.1 79.9 47.4 32.5 156.1 I U ll p * . . . . . . . 2 2 9 8 3 8 . . 3 5 2 24 4 2 6 . . 7 4 4 46 5 . . 9 8 4 4 5 6 . . 3 2 3 36 5 . . 7 9 9 9 . . 5 4 1968—1*.......................... 239.1 81.0 48.1 32.9 158.1 iv*... 298.6 250.8 47.8 47.3 37.7 9.6 II*......................... 243.2 82.1 48.7 33.4 161.1 Ill*....................... 247.0 83.2 49.6 33.6 163.8 1969—Ip........ 303.0 254.4 48.6 48.3 38.4 9.9 IV*....................... 251.2 83.8 50.6 33.2 167.4 II*.... 309.2 259.3 49.9 49.4 39.3 10.1 IIP. . . 314.1 262.7 51.4 50.6 40.2 10.4 1969—1*.......................... 254.8 85.3 51.4 33.9 169.5 IV*.... 319.0 265.0 54.0 52.1 41.3 10.8 II*......................... 259.5 87.1 52.2 34.9 172.3 Ill*....................... 263.5 88.8 53.4 35.4 174.6 1970—Ip 321.8 53.1 IV*....................... 266.8 90.1 54.5 35.6 176.9 1970—1*.......................... 268.7 91.6 55.6 36.0 177.2 i Structures of five or more units. sta N nd o i t n e g .— ” t B a a b s l e e d ( s o e n c o d n a d t a p r f e ro ce m d i s n a g m p e a g s e o ) u . rce as for “Mortgage Debt Out­ inv 1 e I s n to c r l s u d u e n s d o er u t r s e t p an u d rc i h n a g s e a m ag o r u e n e t m o e f n t V . A vendee accounts held by private Note.—For total debt outstanding, figures are FHLBB and F.R. estimates. For conventional, figures are derived. Based on data from Federal Home Loan Bank Board, Federal Housing GOVERNMENT-UNDERWRITTEN RESIDENTIAL Admin., and Veterans Admin. LOANS MADE (In millions of dollars) DELINQUENCY RATES ON HOME MORTGAGES FHA-insured VA-guaranteed (Per 100 mortgages held or serviced) Mortgages Mortgages Period Prop­ Pro­ erty Loans not in foreclosure Total h N om ew es h is o E t m i x n ­ e g s jects i m pr i e m o n v ­ t e s ­ 2 Total3 h N om ew es h is o E t m i x n ­ e g s End of period but delinquent for— L c o l f o a o s n r u e s r ­ e in Total 30 days 60 days o 9 r 0 m da o y r s e 1945............. 665 257 217 20 171 192 1964............. 8,130 1,608 4,965 895 663 2,846 1,023 1,821 1963................ 3.30 2.32 .60 .38 .34 1965............. 8,689 1,705 5,760 591 634 2,652 876 1,774 1964................ 3.21 2.35 .55 .31 .38 1966............. 7,320 1,729 4,366 583 641 2,600 980 1,618 1967............. 7,150 1,369 4,516 642 623 3,405 1,143 2,259 1965................ 3.29 2.40 .55 .34 .40 1968............. 8,275 1,572 4,924 1,123 656 3,774 1,430 2,343 1966................ 3.40 2.54 .54 .32 .36 1969............. 9,129 1,551 5,570 1,316 693 4,072 1 ,493 2,579 1967................. 3.47 2.66 .54 .27 .32 1968................. 3.17 2.43 .51 .23 .26 1969—Apr.. 681 113 428 82 57 301 111 191 1969................ 3.22 2.43 .52 .27 .27 May. 704 111 409 123 62 323 115 208 June. 787 121 475 134 58 308 99 209 1966—1........... 3.02 2.13 .55 .34 .38 July.. 869 140 518 127 85 356 122 234 II........ 2.95 2.16 .49 .30 .38 Aug.. 791 130 501 92 68 385 126 259 Ill___ 3.09 2.25 .52 .32 .36 Sept.. 872 148 566 95 63 364 134 230 IV___ 3.40 2.54 .54 .32 .36 Oct... 911 160 553 140 59 397 148 249 Nov.. 705 131 430 90 55 328 125 203 1967—1........... 3.04 2.17 .56 .31 .38 Dec.. 793 148 448 146 50 317 134 183 II........ 2.85 2.14 .45 .26 .34 III. ... 3.15 2.36 .52 .27 .31 1970—Jan... 807 178 433 139 58 313 139 174 IV----- 3.47 2.66 .54 .27 .32 Feb.. 643 141 361 109 32 235 107 128 May. 780 176 406 157 42 257 114 143 1968—1........... 2.84 2.11 .49 .24 .32 Apr.. 864 176 385 257 45 232 97 135 2.89 2.23 .44 .22 .28 Ill.... 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 1 Not ordinarily secured by mortgages. II......... 2.68 2.06 .41 .21 .25 3 Includes a small amount of alteration and repair loans, not shown separ­ Ill .... 2.91 2.18 .47 .26 .25 ately; only such loans in amounts of more than $1,000 need be secured. IV___ 3.22 2.43 .52 .27 .27 Note.—Federal Housing Admin, and Veterans Admin, data. FHA-insured loans represent gross amount of insurance written; VA-guaranteed loans, Note.—Mortgage Bankers Association of America data from gross amounts of loans closed. Figures do not take into account principal reports on 1- to 4-family FHA-insured, VA-guaranteed, and con­ repayments on previously insured or guaranteed loans. For VA-guaranteed ventional mortgages held by more than 400 respondents, including loans, amounts by type are derived from data on number and average mortgage bankers (chiefly), commercial banks, savings banks, and amount of loans closed. savings and loan associations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 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 re A - d - a g n V u t A e a e r - 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 d t ­ Total F su H in re A ­ d - a g n V u t A e a e r - ­ 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 d t ­ 196 6 2,667 2,062 604 620 371 491 1966 4,396 3,345 1,051 2,081 1,920 214 196 7 3,348 2,756 592 860 1,045 1,171 1967 5,522 4,048 1,474 1,400 12 1,736 501 196 8 4,220 3,569 651 1,089 867 1 ,266 1968 7,167 5,121 2.046 1,944 2,697 1,287 196 9 4.820 4.220 600 827 615 1,130 1969 10.950 7.680 3.270 4,121 6,630 3.539 1969-June. 4,442 3,816 626 70 71 1,322 1969--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 44 48 970 Apr... 12,949 9,069 3,880 485 592 4,152 May. 5,006 4,426 580 62 92 925 May.. 13,287 9,324 3,962 374 817 4,510 June. 5,033 4,458 575 58 191 992 June.. 13,658 9,610 4.047 434 712 4,709 Note.—Government National Mortgage Assn. data. Data prior to Note.—Federal National Mortgage Assn. data. Data prior to Sept. Sept. 1968 relate to Special Assistance and Management and Liquidating 1968 relate to secondary market portfolio of former FNMA. Mortgage portfolios of former FNMA and include mortgages subject to participation commitments made during the period include some multifamily and non­ pool of Government Mortgage Liquidation Trust, but exclude conven­ profit hospital loan commitments in addition to 1 - to 4- family loan com­ tional mortgage loans acquired by former FNMA from the RFC Mortgage mitments accepted in FNMA’s free market auction system. Co., the Defense Homes Corp., the Public Housing Admin., and Com­ munity Facilities Admin. HOME-MORTGAGE YIELDS FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY UNDER FREE MARKET SYSTEM (In per cent) Primary market Secondary Implicit yield, by (conventional loans) market Mortgage amounts commitment period (in months) FHA series FHLBB series Yield Date Accepted Period (effective rate) on FHA- of insured auction new By commitment New home Offered period (in months) 3 6 12-18 New Existing homes loans Total homes homes 3 6 12-18 1966......................... 6.25 6.41 6.40 6.38 1967......................... 6.46 6.52 6.53 6.55 In millions of dollars In per cent 1968......................... 6.97 7.03 7.12 7.21 1969......................... 7.81 7.82 7.99 8.26 1969—June............ 7.76 7.79 8.00 8.35 1970—May 4.. 443.3 195.5 43.5 121.1 38.9 9.01 9.04 9.10 July............. 7.91 7.94 8.10 8.36 11.. 269.2 102.2 26.0 63.2 13.0 9.04 9.07 9.13 Aug............. 8.00 8.05 8.20 8.36 18.. 300.2 136.3 32.3 86.4 17.5 9.11 9.13 9.18 Sept............. 8.05 8.08 8.25 8.40 25.. 289.5 145.2 38.9 86.7 19.7 9.15 9.18 9.22 Oct.............. 8.13 8.13 8.30 8.48 Nov............. 8.13 8.15 8.35 8.48 June 1.. 224.2 113.8 31.1 71.4 11.3 9.20 9.24 9.27 Dec.............. 8.25 8.24 8.35 8.62 15.. 249.7 127.9 34.2 86.7 7.0 9.27 9.30 9.31 29.. 156.3 98.9 30.6 56.5 11.8 9.32 9.33 9.34 1970—Jan............... 8.34 8.29 8.55 Feb.............. 8.41 8.41 8.55 9.29 July 13.. 286.2 113.3 24.9 72.9 15.3 9.20 9.21 9.22 Mar............. 8.47 8.43 8.55 9.20 27.. 323.8 150.4 37.0 91.0 22.3 9.10 9.12 9.12 Apr.............. 8.41 8.34 8.55 9.10 May............ 8.44 8.35 8.55 9.11 June............ 8.47 8.34 8.55 9.16 Note.—Implicit secondary market yields are gross—before deduction of 50- July............. 8.60 9.11 basis-point fee paid for mortgage servicing. They reflect the average accepted bid price for Govt.-underwritten mortgages after adjustment by Federal Reserve to allow for FNMA commitment fees and FNMA stock purchase and holding FH N A o t d e a .— ta A ar n e n b u a a s l ed d a o t n a o a p r i e n io av n e r r e a p ge o s r ts o s f u b m m o i n tt t e h d ly b y f ig fi u e r ld es o . ff T ic h e e s r m eq it u m ir e e n m ts e n fo ts r , 1 a 2 s - s 1 u 8 m m in o g n t a h s p r a e r p e a f y o m r e n n ew t p h e o ri m od es o o f n 1 ly 5 . years for 30-year loans. Com­ on prevailing local conditions as of the first of the succeeding Total accepted shown in parenthesis for most recent period indicates FNMA month. Yields on FHA-insured mortgages are derived from announced limit before the “auction” date. weighted averages of private secondary market prices for Sec. 203, 30-year mortgages with minimum downpayment and an assumed prepayment at the end of 15 years. Gaps in the data are due to periods of adjustment to changes in maximum per­ missible contract interest rates. The FHA series on average contract interest rates on conventional first mortgages in primary markets are unweighted and are rounded to the nearest 5 basis 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 □ AUGUST 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 O p n o a s t o p h u d e e m s r r er e a r n l R n o d i e a z p n m a a s t o i i o r 1 d n ­ Pe lo rs a o n n s al Total p S a l i o y n a m g n l e s e n ­ t a C cc h o a u rg n e ts S c e r r e v d ic it e 1939. 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941. 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945. 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1950 21,471 14,703 6,074 4,799 1,016 2,814 6,768 1,821 3,367 1,580 1955 38,830 28,906 13,460 7,641 1,693 6,112 9,924 3,002 4,795 2,127 1960 56,141 42,968 17,658 11,545 3,148 10,617 13,173 4,507 5,329 3,337 1964. 80,268 62,692 24,934 16,333 3,577 17,848 17,576 6,874 6,195 4,507 1965. 90,314 71,324 28,619 18,565 3,728 20,412 18,990 7,671 6,430 4,889 1966. 97,543 77,539 30,556 20,978 3,818 22,187 20,004 7,972 6,686 5,346 1967. 102,132 80,926 30,724 22,395 3,789 24,018 21,206 8,428 6,968 5,810 1968 113,191 89,890 34,130 24,899 3,925 26,936 23,301 9,138 7,755 6,408 1969. 122,469 98,169 36,602 27,609 4,040 29,918 24,300 9,096 8,234 6,970 1969—-June............................... 115,995 93,087 35,804 24,956 4,022 28,305 22,908 9,227 7,002 6,679 July................................ 116,597 93,833 36,081 25,172 4,039 28,541 22,764 9,120 7,039 6,605 Aug................................. 117,380 94,732 36,245 25,467 4,063 28,957 22,648 9,073 6,988 6,587 Sept................................ 118,008 95,356 36,321 25,732 4,096 29,207 22,652 9,075 7,005 6,572 118,515 95,850 36,599 25,855 4,084 29,312 22,665 9,025 7,085 6,555 Nov................................. 119,378 96,478 36,650 26,223 4,076 29,529 22,900 9,000 7,238 6,662 Dec................................. 122,469 98,169 36,602 27,609 4,040 29,918 24,300 9,096 8,234 6,970 1970—Jan.................................. 121,074 97,402 36,291 27,346 3,991 29,774 23,672 9,092 7,539 7,041 Feb................................. 120,077 96,892 36,119 26,987 3,970 29,816 23,185 9,074 6,789 7,322 Mar................................. 119,698 96,662 36,088 26,814 3,951 29,809 23,036 9,054 6,645 7,337 Apr................................. 120,402 97,104 36,264 26,850 3,960 30,030 23,298 9,102 6,900 7,296 May................................ 121,346 97,706 36,455 27,055 4,003 30,193 23,640 9,159 7,273 7,208 June................................ 122,542 98,699 36,809 27,303 4,040 30,547 23,843 9,239 7,473 7,131 1 Holdings of financial institutions; holdings of retail outlets are in- loans. For back figures and description of the data, see “Consumer Credit,” eluded in “other consumer goods paper.” Section 16 (New) of Supplement to Banking and Monetary Statistics, 1965, Note.—Consumer credit estimates cover loans to individuals for house- anc* Dec. 1968 Bulletin, pp. 983-1003. hold, family, and other personal expenditures, except real estate mortgage INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets End of period Total Total m C e o r m cia ­ l fi S n a a l n e c s e u C n r i e o d n i s t s C um on e ­ r Other1 Total m A o u b to il ­ e O re t t h a e il r banks cos. finance1 dealers2 outlets 1939............................................ 4,503 3,065 1,079 1,197 132 657 1,438 123 1,315 1941............................................ 6,085 4,480 1,726 1,797 198 759 1,605 188 1 *417 1945............................................ 2,462 1,776 745 300 102 629 686 28 *658 1950............................................ 14,703 11,805 5,798 3,711 590 1,286 420 2,898 287 2,611 1955............................................ 28,906 24,398 10,601 8,447 1 ,678 2,623 1,049 4,508 487 4,021 1960............................................ 42,968 36,673 16,672 10,763 3,923 3,781 1 ,534 6,295 359 5,936 1964............................................ 62,692 53,898 25,094 13,605 6,340 6,492 2,367 8,794 329 8,465 1965............................................ 71,324 61,533 28,962 15,279 7,324 7,329 2,639 9,791 315 9,476 1966............................................ 77,539 66,724 31,319 16,697 8,255 7,663 2,790 10,815 277 10,538 1967............................................ 80,926 69,490 32,700 16,838 8,972 8,103 2,877 11,436 285 11,151 1968............................................ 89,890 77,457 36,952 18,219 10,178 8,913 3,195 12,433 320 12,113 1969............................................ 98,169 84,982 40,305 19,798 11 ,594 9,740 3,545 13,187 336 12,851 1969—June............................... 93,087 81,388 38,916 18,961 10,939 9,146 3,426 11,699 333 11,366 July................................ 93,833 82,130 39,248 19,127 11,054 9,293 3,408 11,703 335 11,368 Aug................................. 94,732 82,910 39,532 19,265 11,220 9,436 3,457 11,822 336 11,486 Sept................................. 95,356 83,440 39,793 19,360 11,347 9,450 3,490 11,916 336 11,580 Oct.................................. 95,850 83,949 40,006 19,569 11,438 9,436 3,500 11,901 338 11,563 Nov................................. 96,478 84,301 40,047 19,668 11,491 9,532 3,563 12,177 337 11,840 Dec................................. 98,169 84,982 40,305 19,798 11,594 9,740 3,545 13,187 336 12,851 1970—Jan.................................. 97,402 84,531 40,144 19,703 11,468 9,683 3,533 12,871 333 12,538 Feb................................. 96,892 84,393 39,990 19,652 11,459 9,691 3,601 12,499 331 12,168 Mar................................. 96,662 84,308 39,956 19,586 11,533 9,650 3,583 12,354 331 12,023 Apr................................. 97,104 84,802 40,245 19,672 11,644 9,652 3,589 12,302 332 11,970 May............................... 97,706 85,335 40,515 19,760 11,778 9,631 3,651 12,371 333 12,038 June................................ 98,699 86,311 40,979 19,936 12,030 9,703 3,663 12,388 336 12,052 1 Consumer finance companies included with “other” financial insti- 2 Automobile paper only; other instalment credit held by automobile tutions until 1950, dealers is included with “other retail outlets.” See also Note to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 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 paper O c t o h n e ­ r m an o d d­ s P o e n r a ­ l Auto­ O co th n e ­ r R a e n p d air Per­ End of period Total sumer erniza­ loans End of period Total mobile sumer modern­ sonal ch P a u s r e ­ d Direct g p o a o p d e s r l t o i a o n n s paper g p o a o p d e s r iz lo a a ti n o s n loans 1939, 1,079 237 178 166 135 363 1939.................................. 1,197 878 115 148 56 1941. 1,726 447 338 309 161 471 1941.................................. 1,797 1,363 167 201 66 1945. 745 66 143 114 110 312 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 1964, 25,094 8,691 4,734 3,670 2,457 5,542 1964.................................. 13,605 8,285 3,022 207 2,091 1965. 28,962 10,209 5,659 4,166 2,571 6,357 1965.................................. 15,279 9,068 3,556 185 2,470 1966 31,319 11,024 5,956 4,681 2,647 7,011 1966.................................. 16,697 9,572 4,256 151 2,718 1967, 32,700 10,927 6,267 5,126 2,629 7,751 1967.................................. 16,838 9,252 4,518 114 2,954 1968 36,952 12,213 7,105 6,060 2,719 8,855 1968.................................. 18,219 9,986 4,849 74 3,310 1969. 40,305 12,784 7,620 7,415 2,751 9,735 1969.................................. 19,798 10,743 5,306 65 3,684 1969--June.............. 38,916 12,727 7,457 6,557 2,763 9,412 1969—June..................... 18,961 10,440 5,039 70 3,412 July............... 39,248 12,814 7,501 6,709 2,780 9,444 July....................... 19,127 10,538 5,088 70 3,431 Aug............... 39,532 12,859 7,513 6,818 2,787 9,555 Aug....................... 19,265 10,570 5,139 69 3,487 Sept............... 39,793 12,864 7,543 6,929 2,808 9,649 Sept...................... 19,360 10,557 5,191 69 3,543 Oct................ 40,006 12,914 7,597 7,023 2,798 9,674 19,569 10,693 5,227 67 3,582 Nov............... 40,047 12,883 7,618 7,100 2,779 9,667 Nov....................., 19,668 10,727 5,247 66 3,628 Dec................ 40,305 12,784 7,620 7,415 2,751 9,735 19,798 10,743 5,306 65 3,684 1970--Jan................. 40,144 12,664 7,569 7,472 2,714 9,725 1970—Jan........................ 19,703 10,660 5,310 65 3,668 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 19,672 10,647 5,288 63 3,674 May.............. 40,515 12,600 7,635 7,667 2,705 9,908 May..................... 19,760 10,689 5,317 62 3,692 June............... 40,979 12,680 7,722 7,828 2,731 10,018 June..................... 19,936 10,770 5,372 62 3,732 1I See Note to first table on previous page. See Note to first table on previous page. INSTALMENT CREDIT HELD BY OTHER NONINSTALMENT CREDIT FINANCIAL INSTITUTIONS (In millions of dollars) (In millions of dollars) Single­ Other Repair payment Charge accounts Auto­ con­ and Per­ loans End of period Total mobile sumer modern­ sonal paper goods ization loans Total Service paper loans End of period Com­ Other credit 1939 789 81 24 15 669 b m a c n i e a k r l ­ s f i i n c n i s a a t n l i­ ­ o R u e t t l a e i t l s c C a r r e d d s it 1 1941 , 957 122 36 14 785 tutions 1945 731 54 20 14 643 1950 2,296 360 200 121 1 ,615 1939................ 2,719 625 162 1,414 518 1955 5,350 763 530 327 3,730 1941................ 3,087 693 152 1,645 597 1960 9,238 1,675 791 802 5,970 1945................ 3,203 674 72 1,612 845 1964 15,199 2,895 1,176 913 10,215 1950................ 6,768 1,576 245 3,291 76 1,580 1965 17,292 3,368 1,367 972 11,585 1955................ 9,924 2,635 367 4,579 216 2,127 1966, 18,708 3,727 1,503 1,020 12,458 1960................ 13,173 3,884 623 4,893 436 3.337 1967. 19,952 3,993 1,600 1,046 13,313 1968 22,286 4,506 1,877 1,132 14,771 196 4 17,576 5,950 924 5,587 608 4,507 1969 24,879 5,119 2,037 1 ,224 16,499 196 5 18,990 6,690 981 5,724 706 4,889 196 6 20,004 6.946 1,026 5,812 874 5,346 1969-—June..................... 23,511 4,847 1,994 1,189 15,481 196 7 21,206 7,340 1,088 5,939 1,029 5,810 July....................... 23,755 4,893 2,007 1,189 15,666 196 8 23,301 7,975 1,163 6,450 1,305 6,408 Aug....................... 24,113 4,967 2,024 1,207 15,915 196 9 24.300 7.900 1.196 6.650 1,584 6.970 Sept...................... 24,287 5,021 2,032 1,219 16,015 Oct........................ 24,374 5,057 2,042 1,219 16,056 1969—June... 22,908 8,031 1.196 5,574 1,428 6,679 Nov....................... 24,586 5,085 2,036 1,231 16,234 July... 22,764 7.946 1,174 5,541 1,498 6,605 Dec....................... 24,879 5,119 2,037 1,224 16,499 Aug.... 22,648 7,879 1,194 5,438 1,550 6,587 Sept.. . 22,652 7,882 1,193 5,448 1,557 6,572 1970—Jan........................ 24,684 5,065 2,026 1,212 16,381 Oct.. .. 22,665 7,837 1,188 5,568 1,517 6,555 Feb....................... 24,751 5,066 2,021 1,215 16,449 Nov__ 22,900 7,795 1.205 5,685 1,553 6,662 24,766 5,092 2,018 1,209 16,447 Dec__ 24.300 7.900 1.196 6.650 1 ,584 6.970 Apr....................... 24,885 5,137 2,024 1,212 16,512 25,060 5,198 2,033 1,236 16,593 1970—Ja____n 23,672 7,887 1.205 5,932 1,607 7,041 June..................... 25,396 5,301 2,051 1,247 16,797 Feb.... 23,185 7,857 1,217 5,210 1,579 7,322 Mar.... 23,036 7,843 1,211 5,062 1,583 7.337 Apr__ 23,298 7,892 1,210 5,289 1,611 7,296 un N io o n t s, e .— ind In u s s t t i r t i u a t l i o l n o s a n re p c r o e m se p n a t n e i d e s a , r e m c u o t n u s a u l m s e a r v f in 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 re a d n i d t J M u a n y e . . . .. . 2 23 3 , , 8 6 4 4 3 0 7 8 , , 9 0 2 0 5 5 1 1 , , 2 2 3 3 4 4 5 5 , , 6 76 3 5 3 1 1 , , 6 70 4 8 0 7 7, , 1 2 3 0 1 8 loan assns., and other lending institutions holding consumer instalment credit. See also Note to first table on previous page. hea 1 t S in e g rv -o ic il e a s c t c a o ti u o n n ts . a n B d a n m k i c s r c e e d ll i a t n c e a o r u d s ac c c re o d u i n tt c s a o rd u ts a ta c n co d u in n g ts ar a e n d in c h l o u m de e d in estimates of instalment credit outstanding. See also Note to first table on previous page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 56 CONSUMER CREDIT □ AUGUST 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 um er er mode R r e n p iz a a ir ti o a n n d l oans Personal loans Period 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 1964. 70,670 24,046 20,821 2,225 23,578 1965. 78,586 27,227 22,750 2,266 26,343 1966. 82,335 27,341 25,591 2,200 27,203 1967. 84,693 26,667 26,952 2,113 28,961 1968. 97,053 31,424 30,593 2,268 32,768 1969. 102,888 32,354 33,079 2,278 35,177 1969—June. 705 9,169 2,725 3,045 2,869 2,832 218 245 2.893 3,047 July. 521 8,920 2,582 2,828 2,777 2,778 185 214 2,977 3,100 Aug.. 680 8,604 2,634 2,593 2,819 2,764 177 206 3,050 3,041 Sept.. 669 8,485 2,794 2,566 2,740 2,794 180 194 2,955 2,931 Oct.. 661 8,797 2,808 2,939 2,707 2,805 175 183 2,971 2,870 Nov.. 632 8,173 2,683 2,433 2,841 2,817 164 160 2,944 2,763 Dec.. 344 10,096 2,472 2,479 2,838 4,004 169 149 2,865 3,464 1970—Jan.. 521 7,490 2,479 2,130 2.925 2,663 160 118 2,957 2,579 Feb.. 625 7,106 2,536 2,214 3,018 2,275 179 137 2,892 2,480 Mar.. 392 8,243 2,496 2,584 2,922 2,725 165 152 2,809 2,782 Apr.. 491 8,773 2,571 2,776 2,843 2,792 183 185 2.894 3,020 May. 004 8,857 2,595 2,696 3,183 3,008 180 213 3,046 2,940 June. 683 9,534 2,587 3,023 2.925 3,019 189 220 2,982 3,272 Repayments 1964. 63,470 21,369 18,666 2,086 21,349 1965. 69,957 23,543 20,518 2,116 23,780 1966. 76,120 25,404 23,178 2,110 25,428 1967. 81,306 26,499 25,535 2,142 27,130 1968. 88,089 28,018 28,089 2,132 29,850 1969. 94,609 29,882 30,369 2,163 32,195 1969—June. 7,910 7,895 2,460 2,471 2,602 2,512 183 187 2,665 2,725 July. 7,899 8,174 2,471 2,551 2,511 2,562 191 197 2,726 2,864 Aug.. 8,080 7,705 2,562 2,429 2,574 2,469 185 182 2,759 2,625 Sept.. 7,971 7,861 2.498 2,490 2,600 2,529 156 161 2,717 2,681 Oct.. 7,992 8,303 2,463 2,661 2,615 2,682 189 195 2.725 2,765 Nov.. 8,012 7,545 2,503 2,382 2,623 2,449 179 168 2,707 2,546 Dec.. 7,929 8,405 2.499 2,527 2,552 2,618 185 185 2,693 3,075 1970—Jan.. 8,141 8,257 2,469 2,441 2,722 2,926 168 167 2,782 2,723 Feb.. 8,207 7,616 2,550 2,386 2,761 2,634 171 158 2.725 2,438 Mar.. 8.194 8,473 2,501 2,615 2,792 2,898 169 171 2,732 2,789 Apr.. 8.195 8,331 2,527 2,600 2,729 2,756 173 176 2,766 2,799 May. 8,589 8,255 2,600 2,505 2,888 2,803 174 170 2,927 2,777 June. 8,242 8,541 2,573 2,669 2,750 2,771 174 183 2,745 2,918 Net change in credit outstanding 2 1964. 7,200 2,677 2,155 139 2,229 1965. 8,629 3,684 2,232 150 2,563 1966. 6,215 1,937 2,413 90 1,775 1967. 3,387 168 1,417 -29 1,831 1968. 8,964 3,406 2,504 136 2,918 1969. 8,279 2,472 2,710 115 2,982 1969—June. 795 1,274 265 574 267 320 35 58 228 322 July. 622 746 111 277 266 216 -6 17 251 236 Aug.. 600 899 72 164 245 295 -8 24 291 416 Sept.. 698 624 296 76 140 265 24 33 238 250 Oct.. 669 494 345 278 92 123 -14 -12 246 105 Nov.. 620 628 180 51 218 368 -15 -8 237 217 Dec.. 415 1,691 -27 -48 286 1,386 -16 -36 172 389 1970—Jan.. 380 -767 10 -311 203 -263 -8 -49 175 -144 Feb.. 418 -510 -14 -172 257 -359 8 -21 167 42 Mar.. 198 -230 -5 -31 130 -173 -4 -19 77 -7 Apr.. 296 442 44 176 114 36 10 9 128 221 May. 415 602 -5 191 295 205 6 43 119 163 June. 441 993 14 354 175 248 15 37 237 354 1 Includes adjustments for differences in trading days. purchases and sales of instalment paper, and certain other transac­ 2 Net changes in credit outstanding are equal to extensions less tions may increase the amount of extensions and repayments repayments. without affecting the amount outstanding. For back figures and description of the data, see “Consumer Note.—Estimates are based on accounting records and often Credit,” Section 16 (New) of Supplement to Banking and Monetary include financing charges. Renewals and refinancing of loans, Statistics, 1965, and pp. 983-1003 of the Bulletin for Dec. 1968. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1970 □ CONSUMER CREDIT A 57 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Total Commercial banks S c a o le m s p f a in n a i n es ce Ot i h n e st r i t f u in ti a o n n c s ial Retail outlets Period S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions 1964. 70,670 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—June. 705 9,169 3,272 3,540 436 1,566 2,323 2,479 674 1,584 July. 521 8,920 3,041 3,323 400 1,507 2,439 2,539 641 1,551 Aug.. 680 8,604 3,148 3,162 431 1,401 2,470 2,463 631 1,578 Sept.. 669 8,485 3,292 3,203 440 1,396 2,332 2,280 605 1,606 Oct.. 661 8,797 3,298 3,346 518 1,603 2,341 2,267 504 1,581 Nov.. 632 8,173 3,213 2,845 490 1,381 2,291 2,217 638 1,730 Dec.. 344 10,096 3,179 3,302 331 1,568 2,213 2,670 621 2,556 1970—Jan.. 521 7,490 3,047 2,751 401 1,201 2,339 1,979 734 1,559 Feb.. 625 7,106 3,167 2,735 386 1,172 2,322 1,991 750 1,208 Mar.. 392 8,243 3,193 3,206 344 1,315 2,217 2,220 638 1,502 Apr.. 491 8,773 3,208 3,450 417 1,475 2,283 2,335 583 1,513 May. 004 8,857 3,291 3,341 468 1,424 2,423 2,388 822 1,704 June. 683 9,534 3,262 3,643 457 1,643 2,392 2,676 572 1,572 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—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 May. 8,589 8,255 3,170 3,071 408 1,336 2,339 2,213 672 1,635 June. 8,242 8,541 3,041 3,179 434 1,467 2,201 2,340 566 1 ,555 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—June. 795 1,274 283 569 213 325 244 339 55 41 July. 622 746 182 332 70 166 258 244 112 4 Aug.. 600 899 190 284 45 138 242 358 123 119 Sept.. 698 624 373 261 85 95 199 174 41 94 Oct.. 669 494 312 213 194 209 193 87 -30 -15 Nov.. 620 628 193 41 144 99 174 212 109 276 Dec.. 415 1,691 202 258 22 130 119 293 72 1,010 1970—Jan.. 380 -767 85 -161 81 -95 142 -195 72 -316 Feb.. 418 -510 66 -154 65 -51 176 67 111 -372 Mar.. 198 -230 74 -34 44 -66 63 15 17 -145 Apr.. 296 442 127 289 83 86 85 119 1 -52 May. 415 602 121 270 60 88 84 175 150 69 June. 441 993 221 464 23 176 191 336 6 17 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. a AUGUST 1970 MARKET GROUPINGS (1957-59= 100) Grouping 19 p p t 5 i r o o 7 o r n - ­ ­ 59 a a 1 v g 9 e e 6 r * 9 ­ June July Aug. S 19 e 6 p 9 t. Oct. Nov. Dec. Jan. Feb. Mar. 197 A 0 pr.r Mayr June Total index...................................... 100.00 172.8 173.7 174.6 174.3 173.9 173.1 171.4 171.1 170.4 170.5 171.1 170.2 169.1 168.8 Final products, total............................ 47.35 170.8 170.7 172.8 172.7 172.2 170.9 168.4 168.5 168.5 169.9 169.7 168.5 167.8 167.1 Consumer goods............................. 32.31 162.5 161.5 164.4 164.2 162.8 161.2 160.5 160.7 161.5 162.4 162.0 163.2 163.3 162.6 Equipment, including defense. . . 15.04 188.6 190.4 190.8 190.3 192.4 191.9 185.6 185.2 183.6 186.2 186.3 179.9 177.3 176.7 Materials.............................................. 52.65 174.6 176.3 176.5 175.9 176.0 175.4 174.6 173.9 172.5 171.5 171.7 171.9 170.8 170.7 Consumer goods Automotive products........................... 3.21 173.2 178.7 184.6 179.5 176.6 172.8 168.0 160.9 155.3 154. 160.0 158.4 165.4 169.4 Autos..................................................... 1.82 162 168.3 178.7 178.4 169.9 164.0 153.8 141.6 132.9 127.6 138.4 136.1 156.0 163.0 Auto parts and allied products. . .. 1.39 186.8 192.3 192.4 181.0 185.4 184.4 186.7 186.2 184.9 190.7 188.5 187.8 177.8 177.8 Home goods and apparel................... 10.00 159.3 159.7 160.8 159.3 156.7 156.2 150.9 151.0 152.3 153.6 154.5 155.0 154.0 152.0 Home goods........................................ 4.59 184.0 186.1 184.4 184.5 181.2 179.5 166.7 166.8 169.6 174.8 179.4 180.0 178.5 176.8 Appliances, TV, and radios......... 1.81 180.2 180.2 181.8 181.9 176.5 175.2 142.2 140.1 149.0 168.6 178.1 178.9 182.7 178.6 Appliances................................... 1.33 192.4 190.7 195.6 195.0 188.2 187.2 147.8 151.0 162.5 186.5 199.1 206.7 214.1 201.1 TV and home radios................. .47 145.6 150.6 143.0 144.9 143.6 141.3 126.2 109.6 111.0 118.2 119.1 100.3 94.2 115.2 Furniture and rugs..................... 1.26 180.3 184.0 180.0 179.7 177.9 175.7 176.0 175.0 173.8 169.2 170.3 170.6 165.5 164.0 Miscellaneous home goods...... 1.52 191.5 194. 191.1 191.6 189.4 187.8 188.2 191.7 190.5 186.7 188.4 189.0 184.1 185.3 Apparel, knit goods, and shoes. ... 5.41 138.5 137.4 140.9 138.0 135.9 136.4 137.5 137.7 137.6 135.7 133.4 133.8 133.2 Consumer staples................................ 19.10 162.4 159.6 162.9 164.1 163.7 161.8 164.2 165.7 167.3 168.2 166.2 168.4 167.9 167.1 Processed foods.................................. 8.43 136.6 136.1 135.3 138.8 137.9 132.3 136.5 137.0 138.7 139.5 139.6 140.2 140.9 140.5 Beverages and tobacco..................... 2.43 146 140.4 147.8 152.3 152.6 148.9 145.0 149.6 151.7 154.6 146.1 150.1 142.2 Drugs, soap, and toiletries............... 2.97 209.0 206.1 211.9 207.2 208.6 210.4 213.2 217.0 217.6 217.9 216.5 218.6 219.4 215.0 Newspapers, magazines, and books 1.47 147.1 146.3 147.5 147.6 149.8 147.1 148.9 149.7 147.7 147.6 146.1 146.0 146.9 147.3 Consumer fuel and lighting............. 3.67 199.6 192.7 201.6 201.1 198.6 203.9 206.0 206.0 210.0 210.3 207.2 212.6 212.3 Fuel oil and gasoline..................... 1.20 144.6 146.8 146.1 144.4 146.1 150.9 152.7 148.4 150.3 146.5 150.3 152.1 149.7 151.0 Residential utilities........................ 2.46 226.3 215.1 228.7 228.7 224.2 229.8 232.0 234.1 239.1 241.5 235.0 242.1 242.8 Electricity.................................... 1.72 249.7 233.7 252.6 252.2 245.3 252.9 255.6 258.2 264.7 267.5 257.7 267.5 268.1 Gas................................................ .74 Equipment Business equipment............................. 11.63 195.6 197.0 196.9 197.0 200.4 200.9 194.4 193.8 192.8 196.9 198.0 193.0 188.7 188.3 Industrial equipment......................... 6.85 179.1 182.7 181.2 180.3 183.9 182.9 174.4 176.3 175.0 184.9 186 182.1 175.8 175.8 Commercial equipment..................... 2.42 220.0 221.0 220.5 221.3 222.9 224.9 223.3 223.6 223.0 222.4 225.0 223.4 220.4 219.8 Freight and passenger equipment. . 1.76 246.7 240. 250.5 249.7 251.9 254.5 252.8 240.9 239.5 231.8 226.1 215.4 216.8 214.5 Farm equipment................................. .61 136.8 135.2 124.4 136.0 146.8 153.1 136.5 135.4 138.4 130.3 134.6 130.4 127.4 Defense equipment.............................. 3.41 Materials Durable goods materials..................... 26.73 165.5 167.0 167.0 167.3 166.6 165.8 163.5 161.8 160.1 157.9 159.1 159.6 157.4 158.3 Consumer durable.............................. 3.43 163.9 162.7 163.0 169.5 171.7 166.4 158.5 150.9 148.7 142.3 143.0 143.6 146.0 155.6 Equipment...... .................................. 7.84 191.9 193.2 193.2 195.1 197.2 194.8 190.7 189.8 188.6 188.6 189. 183.8 177.5 176.7 Construction........................................ 9.17 152.4 151.7 150.0 149.9 149.8 149.6 150.2 150.4 151.2 150.7 148. 148.8 146.6 145.2 Metal materials n.e.c......................... 6.29 152.8 153.6 156.2 153.5 149.3 153.3 156.1 155.4 149.4 150.2 152.4 147.7 146.7 151.0 Nondurable materials......................... 25.92 183.9 185.9 186.4 184.7 185.5 185.3 186.0 186.5 185.3 185.5 184.7 184.6 184.6 183.6 Business supplies................................ 9.11 166.6 166.3 167.1 167.4 167.0 167.4 166.9 168.5 167.5 166.2 164 164.5 164.6 163.2 Containers........................................ 3.03 168.6 167.5 165.5 166.7 167.8 169.9 165.6 174.0 173.7 169.3 165.0 166.2 167.8 164.6 General business supplies............. 6.07 165.5 165.7 167.9 167.8 166.6 166.1 167.6 165.8 164.4 164.7 164.7 163.7 163.0 162.5 Nondurable materials n.e.c.............. 7.40 237.8 239.4 241.6 238.2 240.2 239.0 242.0 240.0 239.5 239.0 237.2 236.1 233.0 231.4 Business fuel and power................... 9.41 158.2 162.8 161.6 159.4 159.8 160.4 160.4 161.7 159.8 162.0 162.7 163.8 166.0 165.8 Mineral fuels................................... 6.07 134.9 141.8 139.7 136.5 137.7 135.7 136.5 137.7 135.3 137.1 137.4 139.1 142.0 141.6 Nonresidential utilities................. 2.86 216.7 216.1 216.7 217.3 221.1 222.8 220.9 222.5 222.4 225.0 226.3 226.5 228.1 Electricity.................................... 2.32 220.6 220.0 220.5 221.1 225.8 227.8 225.4 227.3 227.1 230.2 231.8 232.0 233.8 General industrial.................. 1.03 216.1 216.4 216.7 219.2 221.4 224.7 218.4 221.1 216.5 218.1 219.4 220.6 221.8 Commercial and other.......... 1.21 236.1 234.7 235.6 234.7 241.7 242.7 243.4 244.8 248.5 253.1 254 254.2 256.7 Gas................................................ .54 Supplementary groups of consumer goods Automotive and home goods. 7.80 179.5 183.0 184.5 182.4 179.3 176.8 167.2 164.4 163.7 166.6 171.4 171.1 173.1 173.8 Apparel and staples................. 24.51 157.1 154.7 158.1 158.4 157.6 156.2 158.3 159.5 160.8 161.0 159.0 160.7 160.2 For Note see p. A-61. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1970 a INDUSTRIAL PRODUCTION: S.A. A 59 INDUSTRY GROUPINGS (1937-59 = 100) Grouping 19 p p t 5 i r o o 7 o r n - ­ ­ 59 a 1 a v g 9 e e 6 * r 9 ­ June July Aug. S 1 e 9 p 6 t 9 . Oct. Nov. Dec. Jan. Feb. Mar. 197 A 0 pr.r Mayr June Total index.................................... 100.00 172.8 173.7 174.6 174.3 173.9 173.1 171.4 171.1 170.4 170.5 171.1 170.2 169.1 168.8 Manufacturing, total......................... 86.45 173.9 174 175.6 175.4 175.2 173.9 171 171.3 170.2 170 170.8 170.0 168.4 167.9 Durable.......................................... 48.07 176.5 178 178.7 178.8 178.7 111 172.1 171.1 169.7 169.6 111.0 168.4 167.5 167.6 Nondurable.................................... 38.38 170.6 170.5 171.8 171.3 170.9 169.5 171.5 171.5 171.0 111 170.6 171.9 169.4 168.4 Mining................................................ 8.23 130.2 134.4 133.2 131.2 131.6 130 132.6 134.4 131.7 134.2 135.1 133.9 134.7 134.9 Utilities............................................... 5.32 221.2 215.6 222.2 222.6 222.5 226.0 226.0 227.9 230.1 232.7 230.3 233.8 234.9 235.2 Durable manufactures Primary and fabricated metals. . .. 12.32 162.5 165 164.1 164.1 162.3 163.1 162.9 161.1 159.2 156.5 157. 154 155.2 156.0 Primary metals.................................. 6.95 149.1 153.1 152.4 151.3 149.3 150.4 150.3 147.7 143.1 139.2 141.9 138.9 142.6 143.7 Iron and steel................................ 5.45 140.3 145.6 145.3 141.1 141.4 141.5 142.7 138.8 135.2 129.fr 134.4 133.0 136.7 139.7 Nonferrous metals and products 1.50 181.1 190 181. 177.9 178.6 178.7 183.1 181.1 174.8 177 183.6 175.4 174.5 170.6 Fabricated metal products............. 5.37 179.8 180.6 179.1 180.6 179.1 179.4 179.2 178.4 180.0 178.9 178.3 175 171.4 171.8 Structural metal parts................. 2.86 173.3 173 170.8 171.5 171.5 172.5 174.5 177.1 175.4 174.6 174.4 170.2 164.2 163.8 Machinery and related products. .. 27.98 188.4 190.3 192.3 192.0 192.7 190.0 181.1 180.3 178. 180.0 182.2 178.6 177.6 178.1 Machinery.......................................... 14.80 195.7 197.2 198.1 199.4 201.2 199.0 187.4 188.7 189.7 195.8 199.1 194.9 190.9 190.5 Nonelectrical machinery............. 8.43 194.6 195.3 196.0 195.5 199. 200.3 194.9 196.5 195.9 195.8 196.6 191.7 187.1 185.1 Electrical machinery.................... 6.37 197.2 199.6 200. 204.5 202.9 197 177.5 178.3 181.5 195.9 202.5 199.1 195.8 197.6 Transportation equipment............. 10.19 174.6 176.6 181. 179.1 178.8 175.7 168.3 163.9 159.6 154.3 156.0 153.1 157.3 160.1 Motor vehicles and parts........... 4.68 166.9 169.1 174.2 174.1 170.5 167.9 159.9 152.0 146.8 142.1 148.9 148.0 158.5 164.3 Aircraft and other equipment. . , 5.26 177.8 179.5 183.4 180.3 182.6 179.6 171.9 170.7 166.7 161.4 159.1 154.1 153.0 153.9 Instruments and related products. 1.71 194.4 195.7 194.7 194.9 195.4 193.9 196.0 197.4 194.8 194.0 193.6 195.4 191.3 187.9 Ordnance and accessories............... 1.28 Clay, glass, and lumber................... 4.72 142.5 140.6 138.3 140.2 140.6 140.7 140.6 139.9 141.1 141.2 137.5 140.3 139.1 135.2 Clay, glass, and stone products___ 2.99 156.0 155.2 152.7 155.3 157.7 156.3 155.9 157.4 154.5 155.0 151.7 154.6 152.4 149.8 Lumber and products..................... 1.73 119.1 115.5 113.4 114.1 111.0 113 114.1 109.7 118.0 117.5 113.1 115.5 116.1 Furniture and miscellaneous............ 3.05 176.7 179.1 176.3 176.2 175.4 174.7 175.1 175.3 175.9 174.0 174.2 173.5 169.1 167.5 Furniture and fixtures..................... 1.54 186.9 189.9 185.0 186.5 185.3 184.0 183.7 183.3 183.4 179.4 180.4 179.5 174.4 172.9 Miscellaneous manufactures.......... 1.51 166.4 168.1 167.4 165. 165.3 165.3 166.4 167.2 168.2 168.4 167.8 167.4 163.6 161.9 Nondurable manufactures Textiles, apparel, and leather......... 7.60 144.2 146.0 145.4 143.3 141.1 142.0 142.9 141.5 141.3 138. 137.5 138.9 138.2 136.4 Textile mill products........................ 2.90 154.2 157.8 157.0 153.0 151.6 152.1 151.9 150.3 152.9 151.3 150.3 151.3 148.1 146.5 Apparel products............................... 3.59 149.2 149.2 150.7 148.8 146.1 146.5 148.0 147.9 145.8 141.7 140.1 140.8 140.5 Leather and products....................... 1.11 101.9 104.7 98.4 100.0 97.7 101.1 102.7 98.0 96.9 96.9 95.9 100.2 104.8 Paper and printing.............................. 8.17 164.4 164.4 165.9 166.3 165 165.3 166.1 166. 164.6 164.6 164.4 165.0 164.3 161.0 Paper and products........................... 3.43 175.6 175.3 176.4 177.5 177.5 177.1 175.9 118.0 173.8 174.8 174.9 176.3 174.1 169.5 Printing and publishing.................... 4.74 156.3 156.5 158.3 158.2 157.3 156.9 159.1 158.6 157.9 157.3 156.9 156.9 157.2 154.8 Newspapers..................................... 1.53 142.7 141.3 145.6 144.4 143.3 143.0 154.1 142.0 141.7 142.1 137.9 139.3 144.5 137.5 Chemicals, petroleum, and rubber.., 11.54 222.6 223.2 225.2 222.4 223.3 222.7 225.3 224 222.1 224.1 224.7 227.0 221.0 221.7 Chemicals and products................... 7.58 239.0 239.7 243.1 238.1 240.2 238.3 240.8 241.1 240.2 242.6 242.3 244.4 241.2 240.0 Industrial chemicals....................... 3.84 283.0 286.1 288.6 281.5 286.2 281.2 283.9 283.8 281.9 284.3 284.8 289.2 280.9 Petroleum products........................... 1.97 143 145.4 143.5 144.5 146.2 146.7 150.9 149.5 143.3 143.0 146.6 147.9 145.8 144.4 Rubber and plastics products.......... 1.99 238.7 237.3 238.3 239.9 240.0 238.6 240.2 234.8 231.4 234.0 235.3 239.4 218.4 Foods, beverages, and tobacco.......... 11.07 139.0 137.0 138.4 141.0 140.4 136.2 139.2 140.1 142.7 143.5 141.3 142.3 141.0 140.3 Foods and beverages......................... 10.25 140.7 138.3 139.9 143.1 142.2 138.0 141.0 142.1 144.7 145.2 143.3 143.7 142.9 142.1 Food manufactures........................ 8.64 136.7 136.1 135. 137.8 137.0 132.6 137.5 137.4 140.2 140.4 140.0 140.1 140.7 140.0 Beverages......................................... 1.61 161.9 149.8 161.7 171.3 169.9 166.7 159.7 167.2 168.9 170.7 161.0 162.8 154.6 Tobacco products............................... .82 117.3 121.9 120.3 114.8 118.6 113.8 116.2 115.1 117.8 122.8 116. 125.1 117.8 Mining Coal, oil, and gas................................ 6.80 127.4 133.1 131.7 128.8 129.9 128.1 129.1 130.3 128.3 130.2 130.5 129.8 132.3 132.5 Coal....................................................... 1.16 117.7 124.8 130.0 122.1 114.7 115.7 118.9 119.3 113.1 122.3 121.5 123.0 134.2 124.8 Crude oil and natural gas................. 5.64 129.3 134.8 132.1 130.2 133.1 130.7 131.2 132.6 131.4 131.8 132.4 131.3 131.9 134.1 Oil and gas extraction................... 4.91 139.0 145. 142.0 139.9 143.1 140.4 140.6 142.0 140.5 140.6 141.2 142.9 143.9 145.5 Crude oil...................................... 4.25 132.0 139.2 135.5 132.4 135.6 132.8 133.5 135.0 133.7 133.0 133.5 135.2 135 137.6 Gas and gas liquids................... .66 184.0 Oil and gas drilling........................ .73 64.2 Metal, stone, and earth minerals.... 1.43 143.5 140.4 140.5 142.6 139.5 140.2 149.6 153.7 148.2 153.5 156.8 153.1 146.1 146.2 Metal mining....................................... .61 142.0 137.4 138.1 142.3 133.1 141.1 153.3 152.3 155.7 158.4 165.8 162.6 150.5 149.9 Stone and earth minerals................. .82 144.7 142.6 142.2 142.8 144.3 139.6 146.8 154.8 142.6 149.8 150.1 146.1 142.8 143.5 Utilities Electric.................................................. 4.04 233.0 225.9 234.2 234.4 234.1 238.5 238.3 240.5 243.1 246.1 242.8 247.1 248.4 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. □ AUGUST 1970 MARKET GROUPINGS (1957-59=100) 19 p 5 r 7 o - ­ 59 1969 1969 1970 Grouping por­ age* tion June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.r Mayr Juner 100.00 172.8 176.7 167.7 174.6 179.2 177.8 173.6 169.6 168.2 171.5 172.1 170.6 169.4 171.6 47.35 170.8 174.0 166.4 173.4 179.2 176.5 170.0 166.2 167.1 170.5 169.9 166.9 166.0 168.5 32.31 162.5 165.5 156.5 166.3 172.6 169.4 162.6 156.6 159.0 163.0 161.8 160.6 160.6 163.5 Equipment, including defense.... 15.04 188.6 192.4 187.7 188.5 193.4 191.8 186.0 187.0 184.3 186.5 187.3 180.3 177.7 179.4 52.65 174.6 179.2 168.8 175.6 179.2 178.9 176.9 172.6 169.5 172.5 174.0 174.3 172.5 173.6 Consumer goods 3.21 173.2 191.1 n?.5 133.2 181.8 189.8 179.0 167.8 163.3 161.6 167.0 167.0 173.8 181.9 1.82 162.8 191.0 94.7 91.9 175.0 188.6 172.3 155.8 146.2 140.4 152.2 152.4 173.2 185.0 1.39 186.8 191.1 182.1 187.6 190.6 191.3 187.8 183.6 185.9 189.4 186.5 186.3 174.4 177.8 10.00 159.3 165.4 147.9 159.2 162.0 166.0 156.6 143.4 147.4 158.6 158.3 157.1 155.2 155.5 Home goods......................................... 4.59 184.0 191.2 172.0 179.4 190.5 193.7 173.7 167.2 166.3 178.4 182.9 181.4 177.6 179.1 1.81 180.2 194.6 166.1 164.4 189.5 194.5 147.9 135.0 149.8 181.6 190.1 188.3 185.8 185.8 1.33 192.4 212.7 185.5 168.8 200.7 204.3 149.5 147.5 161.6 201.9 215.7 223.0 220.0 212.7 TV and home radios................... .47 145.6 143.8 111.1 152.1 158.0 166.7 143.4 99.7 116.4 124.3 117.8 90.3 89.5 110.0 1.26 180.3 181.8 171 .4 183.8 182.9 184.8 182.5 181.5 170.0 167.2 168.3 165.8 159.2 162.0 1.52 191.5 194.8 179,6 193.5 197.9 200.2 196.9 193.6 182.9 183.9 186.3 186.2 183.0 185.3 5.41 138.5 143.6 1 ?7,5 142.1 137.9 142.5 142.1 123.2 131.4 141.8 137.4 136.5 136.3 19.10 162.4 161.2 165,1 175.6 176.6 167.8 163.0 161.6 164.4 165.6 162.8 161.4 161.1 164.6 8.43 136.6 134.7 134.6 150.2 155.6 146.8 141.7 134.7 131.8 133.2 131.6 129.8 132.4 133.8 2.43 146.8 160.8 15S.8 164.8 156.4 152.8 137.3 129.7 132.7 140.8 142.8 151.7 152.8 2.97 209.0 213.3 ?06.6 211.3 216.9 215.4 214.3 212.0 213.2 220.1 216.5 216.4 215.0 2M .9 Newspapers, magazines, and books. 1.47 147.1 145.7 147.5 149.4 151.1 147.0 147.0 149.4 146.4 147.0 148.3 146.6 146.5 145.2 Consumer fuel and lighting............... 3.67 199.6 185.6 214.3 222.6 215.2 194.3 192.5 207.7 226.9 218.4 209.1 200.0 193.7 Fuel oil and gasoline....................... 1.20 144.6 145.1 148.7 148.7 149.4 147.0 151.8 153.5 151.5 150.0 148.7 144.3 144.8 i 49.3 Residential utilities , ... 2.46 226.3 Electricity...................................... 1.72 249.7 219.7 277.9 295.1 278.4 235.2 227.5 258.2 299.9 282.2 262.9 246.1 231.9 Gas ............................................ .74 Equipment Business equipment............................... 11.63 195.6 200.0 193.6 195.1 201.6 200.2 193.6 194.8 193.0 197.3 199.5 194.0 189.7 192.2 Industrial equipment........................... 6.85 179.1 184.5 179.4 179.8 185.6 181.8 174.4 Ml.2 176.9 184.9 187.0 182.1 176.0 179.3 Commercial equipment....................... 2.42 220.0 221.7 216.1 221.3 226.2 227.1 226.0 228.5 223.2 220.8 223.0 219.2 217.8 220.5 Freight and passenger equipment. .. 1.76 246.7 250.4 245.5 244.7 251.9 254.5 247.7 238.5 232.3 231.8 232.9 224.0 223.3 223.1 Farm equipment................................... .61 136.8 143.2 113.7 120.7 137.8 143.8 124.1 132.5 141.0 143.9 150.5 140.1 134.4 Defense equipment . ... 3.41 Materials Durable goods materials....................... 26.73 165.5 171.6 160.5 166.2 170.2 169.7 166.3 161.8 156.8 158.4 161.3 160.4 159.4 162.3 Consumer durable................................ 3.43 163.9 166.0 149.1 161.0 170.0 168.9 163.3 158.4 153.9 144.4 147.3 147.9 150.4 158.7 Equipment.............................................. 7.84 191.9 195.1 187.2 189.2 195.2 194.2 190.9 192.6 190.3 190.3 191.9 185.8 178.7 178.5 Construction.......................................... 9.17 152.4 161.6 154.5 160.4 160.3 157.8 152.5 145.9 137.0 141.1 144.0 148.1 149.4 154.2 Metal materials n.e.c............................ 6.29 152.8 160.1 142.1 149.0 153.8 157.0 157.3 148.6 145.5 151.6 156.1 153.6 154.8 155.8 Nondurable materials............................ 25.92 183.9 187.0 177.3 185.3 188.5 188.4 187.8 183.7 182.5 186.9 187.1 188.5 186.0 185.2 Business supplies.................................. 9.11 166.6 168.0 156.8 167.5 171.7 174.1 170.9 162.7 161.5 165.6 167.8 169.3 167.4 164.9 Containers.......................................... 3.03 168.6 172.7 161.4 176.7 177.5 178.6 165.6 154.9 165.0 167.3 165.8 172.2 169.5 169.7 General business supplies............... 6.07 165.5 165.7 154.5 162.8 168.8 171.9 173.5 166.6 159.8 164.7 168.8 167.8 166.3 162.5 Nondurable materials n.e.c................. 7.40 237.8 243.0 227.8 235.8 241.3 241.4 244.4 237.6 235.9 243.8 241.9 245.7 236.5 235.1 Business fuel and power..................... 9.41 158.2 161.2 157.5 162.9 163.2 160.6 159.5 161.5 160.8 162.9 162.8 162.1 164.3 165.6 Mineral fuels..................................... 6.07 134.9 138.1 129.5 134.8 135.9 136.2 137.8 139.4 137.5 141.6 140.5 140.9 142.0 139.8 Nonresidential utilities 2.86 216.7 Electricity....................................... 2.32 220.6 224.4 231.7 240.2 238.8 227.5 218.3 221.2 224.7 221.1 223.6 220.7 227.3 General industrial.. ............... 1.03 216.1 220.7 215.6 223.6 224.7 225.1 218.4 218.9 215.4 212.6 217.0 217.7 222.9 Commercial and other............ 1.21 236.1 239.4 258.0 267.6 263.9 241.7 230.0 235.0 244.8 240.4 241.0 235.1 243.1 Gas ................... .54 Supplementary groups of consumer goods Automotive and home goods............ 7.80 179.5 191.1 155.7 160.4 186.9 192.1 175.9 167.4 165.1 171.5 176.3 175.5 176.0 180.3 Apparel and staples............................. 24.51 157.1 157.3 156.8 168.2 168.0 162.2 158.4 153.1 157.1 160.3 157.2 155.9 155.6 For Note see p. A-61. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1970 □ INDUSTRIAL PRODUCTION: N.S.A. A 61 INDUSTRY GROUPINGS (1957-59= 100) Grouping 19 p p t 5 i o r o 7 o r n - ­ ­ 59 a a 1 g v 9 e e 6 r * 9 ­ June July Aug. S 1 e 9 p 6 t 9 . Oct. Nov. Dec. Jan. Feb. Mar. 197 A 0 pr. May1 Juner Total index.................................... 100.00 172.8 176.7 167.7 174.6 179.2 177.8 173.6 169.6 168.2 171.5 172.1 170.6 169.4 171.6 Manufacturing, total......................... 86.45 173.9 178.5 167.3 174.3 180.0 179.5 175.0 169.6 167.5 171.3 172.2 171.0 169.3 171.3 Durable.......................................... 48.07 176.5 182.2 169.7 173.6 181.5 181.5 175.4 172.6 169.1 170.7 173.5 170.5 169.4 171.6 Nondurable................................... 38.38 170.6 173.9 164.3 175.0 178.1 176.9 174.5 165.9 165.6 172.0 170.6 171.7 169.2 171.0 Mining................................................ 8.23 130.2 134.6 127.9 132.3 132.9 132.7 132.9 133.1 130.1 134.1 134.0 135.0 137. 136.9 Utilities............................................... 5.32 221.2 Durable manufactures Primary and fabricated metals.... 12.32 162.5 167.9 154.3 161.7 165.7 166.3 165. 161. 158.3 158.1 161.4 158.7 158.4 160.2 Primary metals.................................. 6.95 149.1 155.4 137.2 144.2 148.6 151.9 152.5 144.7 143.1 145.7 150.7 147.9 149.0 148.6 Iron and steel................................ 5.45 140.3 145.6 130.0 135.5 140.0 143.6 144.1 136.7 135.2 136.3 141.1 138.3 139.4 139.7 Nonferrous metals and products 1.50 181.1 190.8 163.6 176.1 179.9 182.1 183.1 173.9 171.8 180.0 185.6 183.1 183.8 181.2 Fabricated metal products............. 5.37 179.8 184.2 176.4 184.2 187.7 184.8 183.0 183.8 177.9 174.1 175.1 172.6 170.5 175.2 Structural metal parts................. 2.86 173.3 177.3 170 175.8 178.4 177.7 177.1 178.9 171.9 167.6 167.6 165.1 163.4 167.1 Machinery and related products... 27.98 188.4 194.2 180.8 182.0 193.6 193.4 184.6 183.2 181.0 182.9 185.8 181.0 179.6 181.6 Machinery.......................................... 14.80 195.7 201.3 190.6 193.2 202.1 200.8 189.6 190.2 191.3 198.8 202.1 197.3 192.1 193.5 Nonelectrical machinery............. 8.43 194.6 200.8 191.1 188.3 197.2 196.7 193.0 197.9 197.9 199.7 202.1 197.4 191.8 190.3 Electrical machinery.................... 6.37 197.2 201.9 189.9 199.8 208.5 206.3 185.0 180.1 182.5 197.6 202.1 197.2 192.5 197.7 Transportation equipment............. 10.19 174.6 181.1 161.4 160.6 179.7 181.7 174.2 169.0 163.5 158.2 161.6 157.0 161.2 165.0 Motor vehicles and parts........... 4.68 166.9 180.9 136.5 137.7 173.8 179.9 170.2 159.4 154.3 148.3 155.7 155.4 167.7 177.0 Aircraft and other equipment.. , 5.26 177.8 177.0 179.0 177.1 181.9 180.5 174.5 174.1 168.4 163.8 163.7 154.9 152.4 151.7 Instruments and related products. 1.71 194.4 197.7 192.8 196.5 197.5 196.0 197.6 199.8 192.5 191.1 194.6 192.5 189.4 189.8 Ordnance and accessories............... 1.28 Clay, glass, and lumber................... 4.72 142.5 150.4 143.6 150.3 150.3 149.1 142.2 132.5 125.6 132.5 134.1 139.9 140.6 144.6 Clay, glass, and stone products... 2.99 156.0 165.9 161.1 167.4 166.7 164.9 157.5 149.1 137.5 142.9 145.8 154.0 154.8 160.1 Lumber and products..................... 1.73 119.1 123.6 113.4 120.9 122.1 121.8 115.8 103.8 105.0 114.6 113.7 115.5 116.1 Furniture and miscellaneous............ 3.05 176.7 179.3 170.6 181.3 181.9 184.0 181.8 181.3 170.2 169.3 171.0 169.0 165.2 167.7 Furniture and fixtures..................... 1.54 186.9 189.5 180.4 191.7 190.9 191.0 188.8 190.3 179.7 176.7 178.2 174.7 169.2 172.6 Miscellaneous manufactures.......... 1.51 166.4 168.9 160.7 170.8 172.7 176.9 174.7 172.2 160.6 161.7 163.6 163.2 161.1 162.7 Nondurable manufactures Textiles, apparel, and leather......... 7.60 144.2 149.2 131.2 145.9 143. 147.2 147.5 130.8 138.9 146.4 143.0 142.0 141.0 139.0 Textile mill products....................... 2.90 154.2 161.0 142.1 153.8 154.6 156.7 156.5 145.0 152.1 155.5 154.1 154.3 151.8 148.1 Apparel products............................... 3.59 149.2 153.7 135.6 151.8 149.0 153.1 154.8 131.6 141.4 152.3 147.1 145.7 145.4 Leather and products....................... 1.11 101.9 104.2 88.6 106.5 99.2 103.6 100.6 91.4 96.4 103.6 100.7 98.2 98.5 Paper and printing.............................. 8.17 164.4 165.6 155. 164.3 168.3 172.4 170.2 162. 160.6 166.1 165.7 168.7 165.5 162.1 Paper and products........................... 3.43 175.6 179.3 162.3 177.5 180.2 187.0 178.5 163; 8 171.2 180.9 176.6 182.5 175.0. 173.4 Printing and publishing................... 4.74 156.3 155.7 151.2 154.7 159.7 161.9 164.3 162.1 152.9 155.4 157.8 158.8 158.7 154.0 Newspapers..................................... 1.53 142.7 142.0 126.7 132.1 144.0 153.4 159.6 145.5 129.7 136.4 140.0 148.4 154.0 138.2 Chemicals, petroleum, and rubber.., 11.54 222.6 228.2 216.1 223.1 229.4 227.0 227.1 221.7 218.5 228.0 226.9 228.3 220.9 224.5 Chemicals and products.................. 7.58 239.0 244.9 234.7 239.0 244.8 241.1 241.9 239.1 235.2 246.0 244.4 248.4 241.2 242.0 Industrial chemicals....................... 3.84 283.0 287.5 277.1 280.1 289.1 284.0 288.2 286.6 277.7 290.0 287.6 295.0 280. Petroleum products.......................... 1.97 143.8 149.8 151.1 152.2 152.0 148.2 148.9 145.9 139.0 140.1 141.5 142.0 144.3 148.7 Rubber and plastics products......... 1.99 238.7 242.0 209.7 232.7 247.2 251.7 248.6 230.1 233.7 246.7 245.2 237.0 219.5 Foods, beverages, and tobacco......... 11.07 139.0 140.5 139.1 152.9 155.3 148.4 141.2 134.0 132.6 135.5 134.6 135.2 137.3 143.7 Foods and beverages........................ 10.25 140.7 141.3 141.7 155.2 157.9 150.4 143.0 137.3 133.9 136.6 136.1 136.1 138.6 145.1 Food manufactures....................... 8.64 136.7 134.7 134.4 149.5 155.0 147.2 142.3 135.3 132.5 134.0 132.2 130.6 133.0 138.6 Beverages......................................... 1.61 161.9 176.2 180.8 185.5 173.3 167.5 146.9 148.0 140.9 150.2 157.0 165.4 168.5 Tobacco products.............................. .82 117.3 130.4 106.5 124.2 123.2 123.9 118.5 93.7 116.5 122.2 115.0 124. 122.0 Mining Coal, oil, and gas................................ 6.80 127.4 130.3 122.6 127.3 128.3 128.6 130.2 131.9 130.4 134.1 132.8 132.4 134.0 131.8 Coal...................................................... 1.16 117.7 116.6 91.0 128.4 121.3 126.1 123.8 117.2 110.8 123.8 122.5 123.9 135.5 127.2 Crude oil and natural gas................ 5.64 129.3 133.1 129.1 127.1 129.8 129.1 131.5 134.9 134.5 136.3 134.9 134.2 133.7 132.8 Oil and gas extraction................... 4.91 139.0 143.2 138.6 136.3 139.4 138.6 141.1 144.6 143.9 145.8 144.7 144.9 143.5 142.8 Crude oil...................................... 4.25 132.0 137.8 132.8 129.8 132.9 131.5 133.5 136.3 135.7 137.0 136.2 137.4 136.5 136.2 Gas and gas liquids................... .66 184.0 Oil and gas drilling....................... .73 64.2 Metal, stone, and earth minerals---- 1.43 143.5 155.1 152.8 156.0 154.4 152.1 145.9 139.3 128.3 133.6 139.7 146.9 155.6 161.1 Metal mining...................................... .61 142.0 155.3 147.8 153.7 150.4 151.0 142.6 137.1 137.0 142.6 147.6 151.2 165.6 169.4 Stone and earth minerals................. .82 144.7 155.0 156.6 157.8 157.3 152.9 148.3 140.9 121.8 126.9 133.9 143.8 148.1 155.0 Utilities Electric.................................................. 4.04 233.0 222.4 251.4 263.6 255.7 230.7 222.2 237.0 256.7 247.2 240.3 231.6 229.2 Gas........................................................ 1.28 174.1 Note.—Published groupings include some series and subtotals not Industrial Production—1957-59 Base. Figures for individual series and shown separately. A description and historical data are available in subtotals (N.S.A.) are published in the monthly Business Indexes release. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 62 BUSINESS ACTIVITY; CONSTRUCTION □ AUGUST 1970 SELECTED BUSINESS INDEXES (1957-59= 100, except as noted) Industrial production Manu­ Prices 5 facturing 2 Ca­ Major market groupings pacity Con­ N ri o c n u a l g - - Period Total Final products Mate­ Ma g j r o o r u i p n i d n u g s s try u in c t t ( i i m e p o l n i e n z f t r g a ) ­ . t s r t c t i a r o o c u n n t c s ­ ­ T m p t e o u e l m o r t n a a y t ­ l l — ­ 1 p m E l m o en y ­ t ­ r P o a ll y s ­ 3 s r T a e o t l a e ta i s l l 4 s C um on e ­ r W c s o a h m l o e l ­ e­ Total s C u o m n e ­ r E m qu en ip t ­ rials Mfg. M in i g n­ U iti t e i s l­ modity goods 1951....................... 81.3 78.6 77.8 78.4 83.8 81.9 91.3 56.4 94.0 63 91.1 106.1 80.2 76 90.5 96.7 1952....................... 84.3 84.3 79.5 94.1 84.3 85.2 90.5 61.2 91.3 67 93.0 106.1 84.5 79 92.5 94.0 1953....................... 91.3 89.9 85.0 100.5 92.6 92.7 92.9 66.8 94.2 70 95.6 111.6 93.6 83 93.2 92.7 1954....................... 85.8 85.7 84.3 88.9 85.9 86.3 90.2 71.8 83.5 76 93.3 101.8 85.4 82 93.6 92.9 1955....................... 96.6 93.9 93.3 95.0 99.0 97.3 99.2 80.2 90.0 91 96.5 105.5 94.8 89 93.3 93.2 1956....................... 99.9 98.1 95.5 103.7 101.6 100.2 104.8 87.9 87.7 92 99.8 106.7 100.2 92 94.7 96.2 1957....................... 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 83.6 93 100.7 104.7 101.4 97 98.0 99.0 1958....................... 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98.1 74.0 102 97.8 95.2 93.5 98 100.7 100.4 1959....................... 105.6 105.7 106.6 104.1 105.4 106.0 99.7 108.0 81.5 105 101.5 100.1 105.1 105 101.5 100.6 1960....................... 108.7 109.9 111.0 107.6 107.6 108.9 101.6 115.6 80.6 105 103.3 99.9 106.7 106 103.1 100.7 1961....................... 109.7 111.2 112.6 108.3 108.4 109.6 102.6 122.3 78.5 108 102.9 95.9 105.4 107 104.2 100.3 1962....................... 118.3 119.7 119.7 119.6 117.0 118.7 105.0 131.4 82.1 120 105.9 99.1 113.8 115 105.4 100.6 1963....................... 124.3 124.9 125.2 124.2 123.7 124.9 107.9 140.0 83.3 132 108.0 99.7 117.9 120 106.7 100.3 1964....................... 132.3 131.8 131.7 132.0 132.8 133.1 111.5 151.3 85.7 137 111.1 101.5 124.3 128 108.1 100.5 1965....................... 143.4 142.5 140.3 147.0 144.2 145.0 114.8 160.9 88.5 143 115.8 106.7 136.6 138 109.9 102.5 1966....................... 156.3 155.5 147.5 172.6 157.0 158.6 120.5 173.9 90.5 145 121.8 113.5 151.7 148 113.1 105.9 1967....................... 158.1 158.3 148.5 179.4 157.8 159.7 123.8 184.9 85.3 153 125.4 113.6 155.1 153 116.3 106.1 1968....................... 165.5 165.1 156.9 182.6 165.8 166.9 126.6 202.5 84.5 173 129.3 115.2 167.8 165 121.2 108.7 1969 172.8 170.8 162.5 188.6 174.6 173.9 130.2 221.2 133.8 117.3 180.2 171 127.7 113.0 1969—June.......... 173.7 170.7 161.5 190.4 176.3 174.8 134.4 215.6 6*84.5 186 133.9 117.8 180.3 172 127.6 113.2 July........... 174.6 172.8 164.4 190.8 176.5 175.6 133.2 222.2 1 180 134.0 117.8 179.8 170 128.2 113.3 Aug........... 174.3 172.7 164.2 190.3 175.9 175.4 131.2 222.6 \ *84.2 216 134.2 117.7 183.9 172 128.7 113.4 Sept........... 173.9 172.2 162.8 192.4 176.0 175.2 131.6 222.5 1 173 134.4 117.7 184.2 171 129.3 113.6 Oct............ 173.1 170.9 161.2 191.9 175.4 173.9 130.2 226.0 ] 195 134.9 117,4 183.4 173 129.8 114.0 Nov........... 171.4 168.4 160.5 185.6 174.6 171.8 132.6 226.0 | *81.7 178 134.8 116.2 182.2 172 130.5 114.7 Dec............ 171.1 168.5 160.7 185.2 173.9 171.3 134.4 227.9 J 218 134.9 116.2 184.4 172 131.3 115.1 1970—Jan............ 170.4 168.5 161.5 183.6 172.5 170.2 131.7 230.1 205 135.2 115.7 182.4 173 131.8 116.0 Feb............ 170.5 169.9 162.4 186.2 171.5 170.3 134.2 232.7 \ *79.8 215 135.4 115.0 179.3 175 132.5 116.4 Mar........... 171.1 169.7 162.0 186.3 171.7 170.8 135.1 230.3 1 208 135.7 115.2 182.2 174 133.2 116.6 Apr........... 170.2 >•168.5 '163.2 '179.9 '171.9 '170.0 133.9 233.8 j 203 135.5 114.2 179.3 179 134.0 116.6 May.......... 169.1 >•167.8 >•163.3 '177.3 '170.8 '168.4 '134.7 '234.9 i *78.0 170 '134.9 112.6 '176.7 '178 134.6 116.8 June.......... >■168.8 >•167.1 >•162.6 '176.7 '170.7 '167.9 '134.9 '235.2 I 186 134.4 112.2 178.5 178 135.2 117.0 July*........ 169.2 167.2 163.3 175.2 171.5 168.3 135.0 237.5 134.1 111.9 176.9 179 117.6 1 Employees only; excludes personnel in the Armed Forces. Capacity utilization: Based on data from Federal Reserve, McGraw- 2 Production workers only. Hill Economics Department, and Department of Commerce. 3 Figures for Mar., Apr., May, June, and July 1970 are adjusted to Construction contracts: F. W. Dodge Co. monthly index of dollar 1969 benchmark and are therefore not comparable with other data. 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. 3 Prices are not seasonally adjusted. Employment and payrolls: Based on Bureau of Labor Statistics data; 6 Figure is for second quarter 1969. includes data for Alaska and Hawaii beginning with 1959. Prices: Bureau of Labor Statistics data. Note.—All series: Data are seasonally adjusted unless otherwise noted. CONSTRUCTION CONTRACTS AND PRIVATE HOUSING PERMITS (In millions of dollars, except as noted) 1969 1970 Type of ownership and 1968 1969 type of construction June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Total construction 1........................... 61,732 67,425 6,443 6,298 6,523 5,140 6,240 4,406 5,228 4,927 5,249 6,140 6,757 5,417 6,552 By type of ownership: Public............................................ 19,597 22,656 2,326 2,352 2,605 1,719 1,626 1,427 1,727 1,433 1,652 2,037 1,791 1,695 2,814 Private 1....................................... 42,135 44,769 4,118 3,947 3,918 3,420 4,615 2,980 3,501 3,495 3,597 3,864 4,966 3,722 3,738 By type of construction: Residential building 1............... 24,838 25,219 2,548 2,296 2,394 1,952 2,290 1,675 1,744 1,475 1,482 1.974 2,466 2,122 Nonresidential building............ 22,512 25,667 2,357 2,402 2,460 2,013 2,502 1,566 2,168 2,252 2,269 2,191 2,412 1,749 Nonbuilding................................ 14,382 16,539 1,538 1,600 1,669 1,174 1,149 1,165 1,317 1,201 1,498 1.975 1,877 1,544 Privat1e, 3h3o0using1 ,2u9n9its a1u,3th40oriz1e,2d2..8. 1,245 1,201 1,183 1,191 1,239 1,013 1,137 1,099 1,263 1,321 *1,302 (In thousands, S.A., A.R.) 1 Because of improved collection procedures, data for 1-family homes Note.—Dollar value of construction contracts as reported by the F. W. beginning Jan. 1968 are not strictly comparable with those for earlier Dodge Co. does not include data for Alaska or Hawaii. Totals of monthly periods. To improve 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

AUGUST 1970 □ CONSTRUCTION A 63 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Nonresidential Period Total N fa o rm n­ Buildings Mili­ High­ C v o a n ti s o e n r­ Total d r e e n s t i i ­ al Total Indus­ Com­ b O u t i h ld er ­ Other Total tary way de m v & e e n lo t p­ Other 2 trial mercial ings t 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—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.. 90,657 '63,561 29,280 34,281 6,946 19,856 5,850 10,629 27,096 943 Nov.. ''88,791 '61,805 28,778 33,027 6,571 10,168 6,023 10,265 26,986 779 Dec.. r89,759 61,878 28,926 32,952 6,419 10,337 5,861 10,335 27,881 895 1970—Jan... r90,790 '62,737 '28,711 34,026 6,433 11,029 5,885 10,679 28,053 937 Feb.. r9l,978 63,340 ‘28,658 34,682 6,000 11,724 6,227 10,731 28,638 890 Mar.. *■90,688 '63,980 -29,402 34,578 5,916 11,831 6,099 10,733 26,708 766 Apr.. '90,019 62,754 -28,977 33,061 6,230 10,577 5,857 11.113 27,265 746 May' ,351 61,697 28,191 33.506 5,864 10,553 5,975 11.114 26,654 868 JuneP ,759 61,872 27,676 34,196 6,436 10,880 5,781 11,099 26,887 830 1 Includes religious, educational, hospital, institutional, and other build­ 4 Beginning 1963, reflects inclusion of new series under "Public(”f or ings. State and local govt, activity only). * Sewer and water, formerly shown separately, now included in “Other.'’ 3 Beginning July 1962, reflects inclusion of new series affecting most Note.—Monthly data are at seasonally adjusted annual rates. Figures private nonresidential groups. for period shown are Census Bureau estimates. NEW HOUSING UNITS (In thousands) Units started Private (S.A., A.R.) Government Mobile Private and public underwritten home Period (N.S.A.) (N.S.A.) ship­ Region Type of structure ments (N.S.A.) Total N e o a r s t t h­ C N e o n r t t r h al South West fam 1- ily 2 fa - m to i l 4 y - f m 5 am - o r o i e l r y - Total Private Public Total FHA VA 1961............................ 1,313 247 277 473 316 974 3:39 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—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................. 1,306 243 209 525 329 725 72 509 77 74 3 21 18 4 24 Mar................ 1,392 319 290 519 264 708 70 614 117 114 3 30 25 5 29 Apr.'............. 1.224 222 255 524 223 697 57 470 130 128 2 37 32 5 40 May' 1.225 186 222 560 257 717 81 427 125 123 2 42 37 5 June*7 . 1,358 171 288 585 314 818 75 465 138 132 6 46 41 5 Note.—Starts are Census Bureau series (including farm starts) except habilitation units under FHA, based on field office reports of first compli­ in the case of Govt.-underwritten, which are from Federal Housing ance inspections. Data may not always add to totals because of rounding. Admin, and Veterans Admin, and represent units started, including re­ Mobile home shipments are as reported by Mobile Homes Manufac­ turers Assn. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 64 EMPLOYMENT □ AUGUST 1970 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons, except as noted) Civilian labor force, S.A. Period i p T n o s o N t p t i a . t u S u l l t . a n A i t o o i . o n n n a - l l N ab N o o t . r S i n . f A o t . r h c e e T l f S a o o b . r A t c o a e . r l Total Employed1 Unem­ U (p n e r e m r a m e t c e n p e 2 t l n o t y ) ­ Total In c n u o lt n u a r g al r i- In ployed S.A. industries agriculture 196 4 127,224 51,394 75,830 73,091 69,305 64,782 4,523 3,786 5.2 196 5 129,236 52,058 77,178 74,455 71,088 66,726 4,361 3,366 4.5 196 6 131,180 52,288 78,893 75,770 72,895 68,915 3,979 2,875 3.8 19673......... 133,319 52,527 80,793 77,347 74,371 70.527 3,844 2,975 3.8 196 8 135,562 53,291 82,272 78,737 75,920 72,103 3,817 2,817 3.6 196 9 137,841 53,602 84,239 80,733 77,902 74,296 3,606 2,831 3.5 1969—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 June, 140,046 52,816 85,304 82,125 78,225 74,671 3,554 3,900 4.7 July. 140,259 52,304 85,967 82,813 78,638 75,119 3,519 4,175 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) Contract Transporta­ Period Total M t a u n ri u n f g ac­ Mining con ti s o t n ruc­ ti li o c n u & til i p ti u e b s ­ Trade Finance Service G m ov e e n r t n­ 1964,....................................................... 58,331 17,274 634 3,050 3,951 12,160 2,957 8,709 9,596 1965......................................................... 60,815 18,062 632 3,186 4,036 12,716 3,023 9,087 10,074 1966......................................................... 63,955 19,214 627 3,275 4,151 13,245 3,100 9,551 10,792 1967......................................................... 65,857 19,447 613 3,208 4,261 13,606 3,225 10,099 11,398 1968......................................................... 67,915 19,781 606 3,285 4,310 14,084 3,382 19,623 11,845 1969......................................................... 70,274 20,169 619 3,437 4,431 14,645 3,557 11,211 12,204 SEASONALLY adjusted 1969—July.............................................. 70,400 20,247 618 3,439 4,454 14,673 3,567 11,205 12,197 Aug.............................................. 70,497 20,246 621 3,420 4,457 14,713 3,580 11,248 12,212 Sept.............................................. 70,567 20,252 623 3,436 4,459 14,739 3,584 11,289 12,185 Oct............................................... 70,836 20,233 622 3,445 4,463 14,824 3,596 11,361 12,292 Nov.............................................. 70,808 20,082 624 3,473 4,464 14,848 3,611 11,383 12,323 Dec............................................... 70,842 20,082 627 3,496 4,469 14,750 3,626 11,431 12,361 1970—Jan............................................... 70,992 20,018 625 3,394 4,507 14,938 3,648 11,472 12,390 Feb............................................... 71,135 19,937 626 3,466 4,496 14,987 3,652 11,530 12,441 Mar.............................................. 71,256 19,944 626 3,481 4,502 14,984 3,665 11,537 12,517 Apr............................................... 71,163 19,795 622 3,426 4,468 14,991 3,673 11,564 12,624 May............................................. 70,852 19,572 620 3,351 4,478 14,968 3,677 11,572 12,614 June*5........................................... 70,598 19,473 619 3,326 4,498 14,941 3,672 11,516 12,553 July*3............................................ 70,455 19,400 617 3,311 4,507 14,922 3,676 11,484 12,538 NOT SEASONALLY ADJUSTED 1969—July.............................................. 70,481 20,164 635 3,707 4,507 14,663 3,628 11,384 11,793 Aug.............................................. 70,758 20,497 638 3,731 4,510 14,670 3,641 11,372 11,699 Sept.............................................. 70,964 20,482 630 3,687 4,508 14,714 3,595 11,300 12,048 Oct............................................... 71,333 20,395 623 3,648 4,481 14,850 3,589 11,372 12,375 Nov.............................................. 71,354 20,194 622 3,553 4,486 15,092 3,597 11,349 12,461 Dec............................................... 71,760 20,110 623 3,398 4,478 15,638 3,608 11,351 12,554 1970—Jan............................................... 69,933 19,824 611 3,048 4,435 14,707 3,604 11,254 12,450 Feb............................................... 70,029 19,770 608 3,071 4,420 14,606 3,615 11,357 12,582 Mar.............................................. 70,460 19,794 610 3,161 4,443 14,700 3,639 11,433 12,680 Apr............................................... 70,758 19,627 616 3,286 4,432 14,818 3,658 11,564 12,757 May............................................. 70,780 19,432 620 3,344 4,469 14,878 3,670 11,641 12,726 June*1........................................... 71,378 19,622 634 3,506 4,547 15,009 3,701 11,700 12,659 JulyP............................................ 70,486 19,296 634 3,569 4,561 14,913 3,738 11,668 12,107 Note.—Bureau of Labor Statistics; data include all full- and part- Data on total and government employment have been revised back time employees who worked during, or received pay for, the pay pe­ to 1964 due to adjustment of State and local government series to riod that includes the 12th of the month. Proprietors, self-employed Oct. 1967 Census of Governments. persons, domestic servants, unpaid family workers, and members of Beginning with 1968, series has been adjusted to Mar. 1969 bench­ the Armed Forces are excluded. mark. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1970 □ EMPLOYMENT AND EARNINGS A 65 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted1 Not seasonally adjusted1L Industry group 1969 1970 1969 1970 July May JuneP JulyP July May June? Julyp 14,839 14,180 14,135 14,100 14,700 14,061 14,253 13,948 Durable goods................................................................. 8,706 8,186 8,136 8,099 8,612 8,164 8,229 7,989 Ordnance and accessories...................................... 187 141 137 133 186 139 137 132 Lumber and wood products.................................. 527 501 505 486 546 499 526 503 Furniture and fixtures............................................ 402 375 371 369 394 371 372 362 Stone, clay, and glass products............................. 523 506 506 497 538 506 519 511 Primary metal industries........................................ 1,085 1,037 1,032 1,034 1,097 1,047 1,056 1,046 Fabricated metal products.................................... 1,114 1,060 1,057 1,068 1,094 1,054 1,068 1,049 Machinery............................................................... 1,381 1,340 1,322 1,318 1,373 1,343 1,335 1,310 Electrical equipment and supplies......................... 1,370 1,294 1,285 1,285 1,344 1,274 1,280 1,260 Transportation equipment..................................... 1,475 1,317 1,312 1,306 1,409 1,322 1,323 1,223 Instruments and related products......................... 296 286 283 281 293 284 284 278 Miscellaneous manufacturing industries............... 346 329 326 322 338 325 329 315 Nondurable goods........................................................... 6,133 5,994 5,999 6,001 6,088 5,897 6,024 5,959 Food and kindred products................................... 1,202 1,216 1,210 1,204 1,230 1,150 1,199 1,232 Tobacco manufactures........................................... 68 68 68 68 59 58 58 59 Textile-mill products.............................................. 883 852 842 841 874 849 853 832 Apparel and related products............................... 1,243 1,206 1,214 1,222 1,197 1,202 1,229 1,177 Paper and allied products...................................... 552 551 550 545 553 546 558 547 Printing, publishing, and allied industries............ 681 681 679 675 678 679 679 672 Chemicals and allied products............................... 625 606 604 604 628 607 608 607 Petroleum refining and related industries.............. 118 118 119 118 122 117 122 122 Rubber and misc. plastic products......................... 464 412 428 441 455 408 430 432 Leather and leather products................................. 297 284 285 283 292 281 288 279 1 Data adjusted to 1969 benchmark. Note.—Bureau of Labor Statistics; data cover production and related workers only (full- and part-time) who worked during, or received pay for, the pay period that includes the 12th of the month. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES Average hours 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 1970 July May JuneP JulyP July May JuneP Julyp July May JuneP JulyP Total.................................................................... 40.6 39.8 39.8 39.9 128.88 132.93 134.40 133.39 3.19 3.34 3.36 3.36 Durable goods..................................................... 41.3 40.3 40.5 40.5 138.24 143.07 145.30 142.76 3.38 3.55 3.57 3.56 Ordnance and accessories.......................... 40.3 40.8 40.6 40.5 135.72 146.47 145.71 144.80 3.41 3.59 3.58 3.62 Lumber and wood products...................... 39.8 39.7 39.4 39.4 109.18 117.09 118.90 114.76 2.75 2.92 2.98 2.92 Furniture and fixtures................................ 40.2 38.8 38.8 38.4 104.01 105.88 107.64 104.60 2.62 2.75 2.76 2.76 Stone, clay, and glass products................. 41.7 41.3 41.2 41.5 133.34 140.27 141.44 141.86 3.19 3.38 3.40 3.41 Primary metal industries........................... 41.7 40.2 40.4 40.4 157.66 157.56 159.54 157.17 3.79 3.90 3.92 3.90 Fabricated metal products......................... 41.6 40.6 40.9 41.0 137.20 143.26 145.49 143.72 3.33 3.52 3.54 3.54 Machinery................................................... 42.4 41.1 41.1 41.2 148.81 154.95 154.91 153.03 3.56 3.77 3.76 3.76 Electrical equipment and supplies............. 40.4 39.7 39.7 39.7 122.98 129.49 131.34 130.20 3.09 3.27 3.30 3.33 Transportation equipment......................... 42.1 40.3 41.6 41.0 162.24 164.02 170.98 164.84 3.90 4.06 4.11 4.07 Instruments and related products............. 40.9 40.1 39.9 39.9 126.77 132.00 132.40 131.93 3.13 3.30 3.31 3.34 Miscellaneous manufacturing industries... 39.2 38.7 38.6 38.9 101.64 108.47 109.13 106.96 2.64 2.81 2.82 2.80 Nondurable goods............................................... 39.8 39.1 39.0 39.2 116.22 118.95 119.95 121.13 2.92 3.05 3.06 3.09 Food and kindred products....................... 40.7 40.7 40.3 40.2 122.36 127.98 127.58 129.02 2.97 3.16 3.15 3.17 Tobacco manufactures............................... 38.0 37.1 37.5 38.1 104.15 110.03 115.06 113.48 2.77 2.99 3.02 3.01 Textile-mill products.................................. 41.1 39.8 39.9 40.4 95.65 96.47 98.09 97.20 2.35 2.43 2.44 2.43 Apparel and related products................... 36.0 35.1 35.2 35.6 81.85 82.84 84.25 84.49 2.28 2.36 2.38 2.38 Paper and allied products.......................... 43.0 41.8 41.7 41.7 140.61 142.12 142.96 144.28 3.27 3.40 3.42 3.46 Printing, publishing, and allied industries. 38.5 37.7 37.7 37.8 141.31 145.89 147.03 147.03 3.68 3.88 3.90 3.90 Chemicals and allied products................... 41.8 41.5 41.4 41.4 145.53 151.42 152.35 154.05 3.49 3.64 3.68 3.73 Petroleum refining and related industries . 42.8 42.5 42.6 42.7 175.71 181.90 180.62 186.18 4.03 4.25 4.22 4.28 Rubber and misc. plastic products........... 41.2 40.0 40.2 40.7 126.07 123.29 125.83 128.96 3.09 3.09 3.13 3.20 Leather and leather products..................... 37.1 37.7 37.5 37.3 87.52 93.38 94.37 93.25 2.34 2.49 2.49 2.48 !1 i Data adjusted to 1969 benchmark. Note.—Bureau of Labor Statistics; data are for production and related workers only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 66 PRICES □ AUGUST 1970 CONSUMER PRICES (1957-59=100) Housing Health and recreation Fur­ Apparel Trans­ Period it A em ll s Food Total Rent H ow s o h m n ip e e r - - F c a o o u n i a e d l l l t e r O a i l c n e a i c d s t ­ y o n i p a n i n e s g h r d s a ­ ­ up a k n e d ep p t o io rt n a­ Total M c ic a e a r d e l ­ s c P o a e n r r a e ­ l r R e a i c e n n r a g d e d a ­ ­ g O s a o e t n o r h v d d e ­ s r tion tion ices 1929......................... 59.7 55.6 85.4 1933......................... 45.1 35.3 60.8 1941......................... 51.3 44.2 61.4 64.3 45.2 88.3 51.2 50.6 47.6 57.3 58.2 1945......................... 62.7 58.4 67.5 66.1 53.6 86.4 55.4 57.5 63.6 75*0 67.3 1960......................... 103.1 101.4 103.1 103.1 103.7 99.5 107.0 101.5 102.2 103.8 105.4 108.1 104.1 104.9 103.8 1961......................... 104.2 102.6 103.9 104.4 104.4 101.6 107.9 101.4 103.0 105.0 107.3 111.3 104.6 107.2 104.6 1962......................... 105.4 103.6 104.8 105.7 105.6 102.1 107.9 101.5 103.6 107.2 109.4 114.2 106.5 109.6 105.3 1963......................... 106.7 105.1 106.0 106.8 107.0 104.0 107.8 102.4 104.8 107.8 111.4 117.0 107.9 111.5 107.1 1964......................... 108.1 106.4 107.2 107.8 109.1 103.5 107.9 102.8 105.7 109.3 113.6 119.4 109.2 114.1 108.8 1965......................... 109.9 108.8 108.5 108.9 111.4 105.6 107.8 103.1 106.8 111.1 115.6 122.3 109.9 115.2 111.4 1966......................... 113.1 114.2 111.1 110.4 115.7 108.3 108.1 105.0 109.6 112.7 119.0 127.7 112.2 117.1 114.9 1967......................... 116.3 115.2 114.3 112.4 120.2 111.6 108.5 108.4 114.0 115.9 123.8 136.7 115.5 120.1 118.2 1968......................... 121.2 119.3 119.1 115.1 127.0 115.1 109.5 113.0 120.1 119.6 130.0 145.0 120.3 125.7 123.6 1969......................... 127.7 125.5 126.7 118.8 139.4 117.7 111.5 117.9 127.1 124.2 136.6 155.0 126.2 130.5 129.0 1969—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 May.............. 134.6 132.4 135.1 123.0 153.3 121.0 115.8 122.5 131.9 129.9 142.9 163.6 130.3 135.2 136.1 June............. 135.2 132.7 135.6 123.4 154.4 121.2 115.3 122.8 132.2 130.6 143.7 164.7 130.2 136.1 136.7 Note.—Bureau of Labor Statistics index for city wage-earners and clerical workers. WHOLESALE PRICES: SUMMARY (1957-59=100) Industrial commodities Pro­ Period m c t A o i o e m l d s l i ­ ­ p F u r a c o r t d m s ­ c f f e o a e s o n e s d d d e s d s Total t T e il e t e c x s . , ­ H e i t d c e . s, F e u tc e . l, C ic e h a t e c l m s . , ­ R b e u t e c r b . , ­ L b e u t e c m r . , ­ P e a t p c e . r, M e a t l e c s, t . ­ e c m M a q e h n e r u i a y d n n i ­ p ­ t ­ F t e u u t r c r e n . , i­ N t e m m a r o l a i e l n n l i - s c ­ - T e p m t q r o i a o e u r n n n i t p a s t ­ ­ 1 ­ n c M e e o l i l u s a ­ s ­ 1960.......... 100.7 96.9 100.0 101.3 101.5 105.2 99.6 100.2 99.9 100.4 101.8 101.3 102.9 100.1 101.4 101.7 196 1 100.3 96.0 101.6 100.8 99.7 106.2 100.7 99.1 96.1 95.9 98.8 100.7 102.9 99.5 101.8 102.0 196 2 100.6 97.7 102.7 100.8 100.6 107.4 100.2 97.5 93.3 96.5 100.0 100.0 102.9 98.8 101.8 102.4 196 3 100.3 95.7 103.3 100.7 100.5 104.2 99.8 96.3 93.8 98.6 99.2 100.1 103.1 98.1 101.3 103.3 196 4 100.5 94.3 103.1 101.2 101.2 104.6 97.1 96.7 92.5 100.6 99.0 102.8 103.8 98.5 101.5 104.1 196 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 98.0 101.7 104.8 196 6 105.9 105.6 113.0 104.7 102.1 119.7 101.3 97.8 94.8 105.6 102.6 108.3 108.2 99.1 102.6 106.8 196 7 106.1 99.7 111.7 106.3 102.1 115.8 103.6 98.4 97.0 105.4 104.0 109.5 111.8 101.0 104.3 109.2 196 8 108.8 102.2 114.2 109.0 105.8 119.5 102.5 98.2 100.2 119.4 104.9 112.4 115.4 103.9 108.2 111.7 196 9 113.0 108.5 119.8 112.7 108.0 125.8 104.6 98.3 102.1 132.0 108.2 118.9 119.0 106.1 112.8 100.7 114.7 1969—June 113.2 111.2 121.4 112.2 107.2 125.7 105.0 98.3 101.2 129.8 108.3 117.9 118.6 105.9 112.8 100.3 115.1 July. 113.3 110.5 122.0 112.4 107.7 126.4 105.0 98.2 102.5 125.3 108.4 118.7 119.0 106.1 113.0 100.4 115.5 Aug. 113.4 108.9 121.5 112.8 108.7 126.4 104.7 98.7 103.0 124.0 108.7 120.4 119.1 106.2 113.0 99.9 115.9 Sept. 113.6 108.4 121.3 113.2 109.0 128.2 104.7 98.9 102.7 123.2 108.8 121.7 119.9 106.4 113.5 100.0 116.4 Oct.. 114.0 107.9 121.6 113.8 109.1 127.4 105.4 98.6 103.5 122.6 109.0 122.4 120.5 106.5 113.8 102.3 116.7 Nov. 114.7 111.1 121.8 114.2 109.2 126.8 105.5 98.9 104.4 123.9 109.3 122.9 121.0 106.9 113.9 102.7 117.0 Dec. 115.1 111.7 122.6 114.6 109.2 126.5 106.1 98.8 104.5 122.5 109.5 123.8 121.9 107.2 114.5 102.7 117.0 1970—Jan.. 116.0 112.5 125.1 115.1 109.5 126.6 105.6 99.1 104.7 121.6 111.1 124.9 122.5 107.5 116.5 102.9 117.4 * Feb. 116.4 113.7 125.2 115.5 109.4 126.7 106.4 99.5 104.6 120.2 111.8 126.1 122.8 107.9 116.9 102.9 117.5 Mar. 116.6 114.3 124.9 115.8 109.5 126.8 106.3 100.0 104.4 119.5 112.1 127.0 123.1 108.1 117.3 103.2 117.8 Apr. 116.6 111.3 124.9 116.2 109.3 128.5 107.5 100.4 104.2 120.1 112.5 127.8 123.4 108.3 117.8 103.1 117.8 May 116.8 111.0 124.1 116.6 109.3 127.9 109.1 100.6 104.2 121.0 112.3 128.7 123.7 108.3 117.9 103.2 118.2 June 117.0 111.3 124.8 116.7 109.3 127.3 108.6 100.5 104.1 120.2 112.2 129.1 124.1 108.6 117.9 103.3 121.0 1 For transportation equipment, Dec. 1968 = 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1970 □ PRICES A 67 WHOLESALE PRICES: DETAIL (1957-59= 100) 1969 1970 1969 1970 Group Group June Apr. May June June Apr. May June Farm products: Pulp, paper, and allied products: Fresh and dried produce. 112.9 112.7 123.5 122.2 Pulp, paper and products, excluding Grains.............................. 85.6 87.8 88.4 89.2 building paper and board........... 108.6 113.2 113.0 113.0 Livestock......................... 130.4 124.8 122.2 123.0 Woodpulp........................................ 98.0 105.0 105.0 105.0 Live poultry..................... 89.8 82.8 83.7 77.9 Wastepaper...................................... 108.8 108.5 104.2 99.0 Plant and animal fibers. . 67.7 65.4 65.6 65.7 Paper................................................ 117.0 121.6 121.6 121.7 Fluid milk........................ 134.6 141.1 139.5 139.6 Paperboard....................................... 93.5 97.0 96.7 95.5 Eggs................................. 85.9 94.9 79.7 85.3 Converted paper and paperboard.. 108.7 113.5 113.4 113.6 Hay and seeds................. 110.6 109.8 111.1 112.6 Building paper and board.............. 99.4 93.4 93.3 93.3 Other farm products....... 106.2 114.7 115.0 114.9 Processed foods and feeds: Metals and metal products: Cereal and bakery products.............. 119.7 124.6 124.6 124.6 Iron and steel............................... 110.3 117.3 118.9 120.2 D M a e i a r t y , p p r o o u d lt u ry c , t s a .. n .. d .. . f .. i . s .. h .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 12 3 6 3 . . 5 0 1 1 3 2 5 4 . . 1 9 1 1 2 3 2 5 . . 5 4 1 1 2 3 3 5 . . 7 4 S N t o e n el f m er i r ll o u p s r o m du et c a t l s s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 3 1 5 2 . . 5 8 1 15 1 7 8 . . 1 7 1 1 2 5 0 7 . . 5 2 1 1 2 55 2. .0 0 Processed fruits and vegetables......... 115.6 117.5 118.1 118.5 Metal containers.......................... 119.7 125.0 125.0 125.0 Sugar and confectionery.................... 123.0 128.7 129.4 130.4 Hardware..................................... 119.9 125.2 125.4 125.9 Beverages and beverage materials. . . 112.4 118.8 120.3 120.3 Plumbing equipment................... 117.9 123.2 124.0 124.7 Animal fats and oils........................... 91.2 118.8 116.8 111.5 Heating equipment...................... 97.2 101.3 101.7 102.4 Crude vegetable oils........................... 81.9 114.7 106.6 105.3 Fabricated structural metal products 111.0 116.4 117.3 118.1 Refined vegetable oils........................ 89.4 107.7 106.4 102.8 Miscellaneous metal products.......... 120.7 127.5 128.3 130.4 Vegetable oil end products................ 103.3 113.6 113.1 113.2 Miscellaneous processed foods.......... 118.6 125.8 124.1 126.7 Manufactured animal feeds............... 116.9 121.4 119.4 120.8 Machinery and equipment: Textile products and apparel: Agricultural machinery and equip... 132.0 137.3 137.4 137.1 Cotton products........................... 104.5 105.8 105.8 105.9 Construction machinery and equip.. 134.5 140.8 140.9 141.0 Wool products.............................. 105.0 104.0 103.8 102.8 Metalworking machinery and equip. 132.3 140.3 141.3 141.7 Man-made fiber textile products. 92.7 89.9 89.5 89.0 General purpose machinery and Silk yarns....................................... 164.6 201.3 204.8 199.5 equipment..................................... 121.2 127.6 127.9 128.2 Apparel.......................................... 113.3 117.9 118.0 118.4 Special industry machinery and Textile housefurnishings.............. 104.2 108.6 108.7 109.7 equipment (Jan. 1961= 100)....... 128.1 133.6 134.0 134.3 Miscellaneous textile products. .. 118.0 121.4 125.6 124.3 Electrical machinery and equip.. . . 104.7 107.3 107.5 108.2 Miscellaneous machinery............... 117.8 122.8 122.9 123.1 Hides, skins, leather, and products: Hides and skins........... 117.4 106.6 101.8 93.8 Furniture and household durables: Leather......................... 121.5 120.4 120.4 119.8 Footwear..................... 132.3 138.4 137.8 137.9 Household furniture........................ 122.3 125.6 125.9 126.0 Other leather products. 117.2 120.0 120.4 120.9 Commercial furniture..................... 119.3 125.1 125.1 127.6 Floor coverings............................... 93.8 93.1 92.8 92.6 Fuels and related products, and power: Household appliances..................... 92.9 94.8 94.9 94.9 Home electronic equipment............ 78.1 77.0 77.0 77.0 Coal............................................. 114.2 145.9 146.9 152.8 Other household durable goods. . . 130.2 135.6 135.3 135.5 Coke............................................. 120.3 139.6 139.6 139.6 Gas fuels (Jan. 1958= 100)........ 121.8 136.2 136.1 136.3 Electric power (Jan. 1958= 100). 102.6 103.7 104.2 104.3 Nonmetallic mineral products: Crude petroleum......................... 104.5 104.5 104.5 104.5 Petroleum products, refined 103.3 101.3 104.2 102.2 Flat glass.......................................... 115.2 121.5 121.1 121.6 Concrete ingredients....................... 115.9 121.9 122.1 122.3 Chemicals and allied products: Concrete products........................... 111.6 117.2 117.4 118.1 Structural clay products excluding Industrial chemicals........................... 97.0 97.9 98.2 98.0 refractories................................... 116.9 120.9 121.2 121.2 Prepared paint.................................... 119.2 122.8 122.8 122.8 Refractories..................................... 113.6 125.9 126.1 125.8 Paint materials................................... 92.8 92.6 93.2 91.8 Asphalt roofing............................... 100.2 95.1 95.1 92.7 Drugs and pharmaceuticals............... 93.8 94.7 94.7 94.8 Gypsum products............................ 108.7 105.6 104.0 100.7 Fats and oils, inedible....................... 86.8 107.6 106.8 108.1 Glass containers............................... 116.1 120.9 120.9 120.9 Agricultural chemicals and products. 92.1 92.4 91.7 91.8 Other nonmetallic minerals............ 109.0 113.5 113.7 113.7 Plastic resins and materials............... 80.8 81.1 80.6 80.2 Other chemicals and products.......... 112.8 116.8 117.7 117.8 Rubber and plastic products:1 Transportation equipment: Crude rubber...................................... 89.7 87.5 87.1 86.8 Motor vehicles and equipment. . . 106.6 109.3 109.4 109.5 Tires and tubes................................... 96.3 101.7 101.7 101.7 Railroad equipment (Jan. 1961 = 100) 111.8 118.8 119.0 119.3 Miscellaneous rubber products......... 110.2 114.3 115.7 115.7 Plastic construction products (Dec. 1969 = 100)...................................... 98.7 97.6 97.4 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms, ammunition................................... 110.9 115.0 115.1 115.8 Lumber.................................................. 142.3 123.5 124.3 123.0 Tobacco products............................. 123.2 124.1 124.1 132.3 Millwork............................................... 136.0 130.8 131.1 131.1 Notions.............................................. 102.0 109.0 109.0 109.4 Plywood................................................ 94.2 97.2 99.5 98.5 Photographic equipment and supplies 112.6 116.2 116.2 116.1 Other wood products (Dec. 1966 = 100) 115.1 119.3 119.3 119.3 Other miscellaneous products.......... 112.6 115.0 116.6 116.8 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 □ AUGUST 1970 GROSS NATIONAL PRODUCT (In billions of dollars) 1969 ' 1970 Item 1929 1933 1941 1950 1965 1966 1967 r 1968 ' 1969 r II III IV I' IIP Gross national product..................................... 103.1 55.6 124.5 284.8 684.9 749.9 793.9 865.0 931.4 923.7 942.6 951.7 959.5 971.1 Final purchases.................................................. 101.4 57.2 120.1 278.0 675.3 735.1 785.7 857.4 922.9 915.9 931.2 944.5 957.9 968.1 Personal consumption expenditures................. 77.2 45.8 80.6 191.0 432.8 466.3 492.1 535.8 577.5 573.3 582.1 592.6 603.1 614.4 Durable goods.............................................. 9.2 3.5 9.6 30.5 66.3 70.8 73.1 84.0 90.0 90.6 89.5 90.8 89.1 91.9 Nondurable goods........................................ 37.7 22.3 42.9 98.1 191.1 206.9 215.0 230.2 245.8 244.0 248.1 252.0 258.8 262.6 Services.......................................................... 30.3 20.1 28.1 62.4 175.5 188.6 204.0 221.6 241.6 238.7,244.5 249.8 255.2 259.9 Gross private domestic investment................... 16.2 1.4 17.9 54.1 108.1 121.4 116.6 126.5 139.8 139.3 143.8 140.2 133.2 134.3 Fixed investment........................................... 14.5 3.0 13.4 47.3 98.5 106.6 108.4 118.9 131.4 131.4 132.4 133.0 131.6 131.2 Nonresidential............................................ 10.6 2.4 9.5 27.9 71.3 81.6 83.3 88.7 99.3 97.5 101.5 102.6 102.6 102.8 Structures.............................................. 5.0 .9 2.9 9.2 25.5 28.5 28.0 29.6 33.8 32.3 35.2 35.1 35.7 35.3 Producers’ durable equipment............. 5.6 1.5 6.6 18.7 45.8 53.1 55.3 59.1 65.5 65.2 66.3 67.5 66.9 67.5 Residential structures............................... 4.0 .6 3.9 19.4 27.2 25.0 25.1 30.3 32.0 33.9 31.0 30.4 29.1 28.4 Nonfarm................................................ 3.8 .5 3.7 18.6 26.7 24.5 24.5 29.7 31.5 33.3 30.4 29.8 28.4 27.8 Change in business inventories................... 1.7 -1.6 4.5 6.8 9.6 14.8 8.2 7.6 8.5 7.9 11.3 7.2 1.6 3.1 Nonfarm.................................................... 1.8 -1.4 4.0 6.0 8.6 15.0 7.5 7.5 8.0 7.6 10.8 6.5 .9 2.6 Net exports of goods and services................... 1.1 .4 1.3 1.8 6.9 5.3 5.2 2.5 1.9 1.3 2.6 2.6 3.5 4.1 Exports.......................................................... 7.0 2.4 5.9 13.8 39.2 43.4 46.2 50.6 55.5 57.2 58.3 58.8 61.1 62.8 Imports.......................................................... 5.9 2.0 4.6 12.0 32.3 38.1 41.0 48.1 53.6 55.9 55.6 56.2 57.6 58.7 Government purchases of goods and services.. 8.5 8.0 24.8 37.9 137.0 156.8 180.1 200.2 212.2 209.9 214.1 216.3 219.6 218.4 Federal.......................................................... 1.3 2.0 16.9 18.4 66.9 77.8 90.7 99.5 101.3 99.8 102.5 102.1 102.3 99.7 National defense....................................... 13.8 14.1 50.1 60.7 72.4 78.0 78.8 77.9 79.8 78.8 79.3 76.8 Other......................................................... 3.1 4.3 16.8 17.1 18.4 21.5 22.6 21.9 22.7 23.3 23.0 22.9 State and local.............................................. 7.2 6.0 7.9 19.5 70.1 79.0 89.4 100.7 110.8 110.1 111.6 114.2 117.4 118.7 Gross national product in constant (1958) dollars............................................................ 203.6 141.5 263.7 355.3 617.8 658.1 675.2 707.2 727.1 726.1 730.9 729.2 723.8 724.9 Note.—Dept, of Commerce estimates. Quarterly data are seasonally see the Survey of Current Business, July 1968, July 1969, July 1970, and adjusted totals at annual rates. For back data and explanation of series, Supplement, Aug. 1966. NATIONAL INCOME (In billions of dollars) 1969' 1970 1929 1933 1941 1950 1965 1966 1967' 1968' 1969 ' Item II III IV I' IP National income................................................ 86.8 40.3 104.2 241.1 564.3 620.6 653.6 712.7 769.5 764.0 779.5 785.2 791.5 797.7 Compensation of employees............................. 511 29.5 64.8 154.6 393.8 435.5 467.2 514.1 564.2 557.5 572.2 582.1 592.2 596.4 Wages and salaries....................................... 50.4 29.0 62.1 146.8 358.9 394.5 423.1 464.8 509.0 502.9 516.4 525.3 534.4 537.4 Private....................................................... 45.5 23.9 51.9 124.4 289.6 316.8 337.3 369.1 404.9 401.2 409.9 417.2 422.6 424.0 .3 .3 1.9 5.0 12.1 14.6 16.2 17.9 19.0 18.4 19.9 19.6 20.1 19.5 Government civilian................................. 4.6 4.9 8.3 17.4 57.1 63.1 69.5 77.8 85.1 83.4 86.6 88.5 91.7 93.9 Supplements to wages and salaries............... .7 .5 2.7 7.8 35.0 41.0 44.2 49.3 55.1 54.6 55.8 56.8 57.9 59.0 Employer contributions for social in­ surance .................................................. . 1 .1 2.0 4.0 16.2 20.3 21.9 24.3 27.5 27.3 27.9 28.3 28.6 29.0 Other labor income.................................. .6 .4 .7 3.8 18.7 20.7 22.3 24.9 27.6 27.3 27.9 28.5 29.3 30.0 Proprietors’ income.......................................... 15.1 5.9 17.5 37.5 57.3 61.3 62.1 64.1 66.8 66.7 67.5 67.2 67.6 67.8 Business and professional............................ 9.0 3.3 11.1 24.0 42.4 45.2 47.3 49.1 50.5 50.5 50.9 50.6 50.6 51.2 Farm.............................................................. 6.2 2.6 6.4 13.5 14.8 16.1 14.8 15.0 16.4 16.2 16.6 16.6 17.0 16.5 Rental income of persons................................. 5.4 2.0 3.5 9.4 19.0 20.0 21.1 21.3 22.0 22.0 22.1 22.3 22.5 22.6 Corporate profits and inventory valuation adjustment..................................................... 10.5 -1.2 15.2 37.7 76.1 82.4 78.7 85.4 85.8 87.4 86.8 82.0 76.7 77.8 Profits before tax......................................... 10.0 1.0 17.7 42.6 77.8 84.2 79.8 88.7 91.2 93.4 89.9 88.5 82.6 82.3 Profits tax liability.................................... 1.4 .5 7.6 17.8 31.3 34.3 33.2 40.6 42.7 43.8 42.1 41.4 38.0 38.0 8.6 .4 10.1 24.9 46.5 49.9 46.6 48.2 48.5 49.7 47.9 47.1 44.6 44.3 Dividends.............................................. 5.8 2.0 4.4 8.8 19.8 20.8 21.4 23.3 24.7 24.4 25.0 25.2 25.2 25.1 Undistributed profits............................ 2.8 -1.6 5.7 16.0 26.7 29.1 25.3 24.9 23.9 25.2 22.9 21.9 19.4 19.2 Inventory valuation adjustment.................. .5 -2.1 -2.5 -5.0 -1.7 -1.8 -1.1 -3.3 -5.4 -6.0 -3.2 -6.5 -5.8 -4.5 Net interest........................................................ 4.7 4.1 3.2 2.0 18.2 21.4 24.4 27.8 30.7 30.4 31.0 31.7 32.4 33.1 Note.—Dept, of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also Note to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 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 1929 1933 1941 1950 1965 1966 1967' 1968' 1969' II III IV I' II»> Gross national product..................................... 103.1 55.6 124.5 284.8 684.9 749.9 793.9 865.0 931.4 923.7 942.6 951.7 959.5 971.1 Less: Capital consumption allowances......... 7.9 7.0 8.2 18.3 59.8 63.9 68.9 74.0 78.9 78.2 79.4 80.7 82.1 83.6 Indirect business tax and nontax lia­ bility ................................................... 7.0 7.1 11.3 23.3 62.5 65.7 70.4 78.1 85.2 84.3 86.6 87.7 89.3 91.1 Business transfer payments.................. .6 .7 .5 .8 2.7 3.0 3.1 3.3 3.5 3.5 3.5 3.5 3.6 3.6 Statistical discrepancy.......................... .7 .6 .4 1.5 — 3.1 - 1.0 -.7 -2.4 -4.7 -5.3 -5.5 -4.3 -5.4 -3.4 Plus: Subsidies less current surplus of gov- 1 . 1 .2 1.3 2.3 1.4 . 7 1.0 1.1 1.0 1.2 1.6 1.5 Equals: National income.................................. 86.8 40.3 104.2 241.1 564.3 620.6 653.6 712.7 769.5 764.0 779.5 785.2 791.5 797.7 Less: Corporate profits and inventory valu­ ation adjustment............................... 10.5 - 1.2 15.2 37.7 76.1 82.4 78.7 85.4 85.8 87.4 86.8 82.0 76.7 77.8 Contributions for social insurance---- .2 .3 2.8 6.9 29.6 38.0 42.4 47.1 53.6 53.1 54.2 55.1 56.0 56.7 Excess of wage accruals over disburse­ ments.................................................. 2.5 - 2.1 Plus: Government transfer payments........... .9 1.5 2.6 14.3 37.2 41.1 48.7 55.7 61.6 61.0 62.0 63.4 66.3 75.8 Net interest paid by government and consumers.......................................... 2.5 1.6 2.2 7.2 20.5 22.2 23.6 26.3 29.0 28.6 29.1 30.2 31.0 31.4 Dividends.............................................. 5.8 2.0 4.4 8.8 19.8 20.8 21.4 23.3 24.7 24.4 25.0 25.2 25.2 25.1 Business transfer payments................. .6 .7 .5 .8 2.7 3.0 3.1 3.3 3.5 3.5 3.5 3.5 3.6 3.6 Equals: Personal income................................. 85.9 47.0 96.0 227.6 538.9 587.2 629.3 688.7 748.9 741.1 758.1 770.5 782.3 801.3 Less: Personal tax and nontax payments__ 2.6 1.5 3.3 20.7 65.7 75.4 83.0 97.5 117.3 118.1 117.5 119.9 117.0 117.7 Equals: Disposable personal income................ 83.3 45.5 92.7 206.9 473.2 511.9 546.3 591.2 631.6 623.0 640.6 650.6 665.3 683.6 Less: Personal outlays................................... 79.1 46.5 81.7 193.9 444.8 479.3 506.0 550.8 593.9 589.7 598.7 609.6 620.5 632.1 Personal consumption expenditures. 77.2 45.8 80.6 191.0 432.8 466.3 492.1 535.8 577.5 573.3 582.1 592.6 603.1 614.4 Consumer interest payments............ 1.5 .5 .9 2.4 11.3 12.4 13.2 14.3 15.7 15.6 15.8 16.1 16.4 16.8 Personal transfer payments to for­ eigners............................................ .3 .2 .2 .5 .7 .6 .7 .7 .8 .8 .9 .8 .9 1.0 Equals: Personal saving................................... 4.2 -.9 11.0 13.1 28.4 32.5 40.4 40.4 37.6 33.3 42.0 41.1 44.8 51.5 Disposable personal income in constant (1958) dollars............................................................ 150.6 112.2 190.3 249.6 435.0 458.9 477.5 499.0 511.5 507.5 515.9 517.8 522.9 532.0 Note.—Dept, of Commerce estimates. Quarterly data are seasonally adjusted quarterly totals at annual rates. See also Note to table opposite. PERSONAL INCOME (In billions of dollars) 1969' 1970' Item ;1968' 1969' June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May JuneP Total personal income......................... 688.7 748.9 746.2 752.7 758.5 763.1 766.7 770.6 774.3 777.8 781.5 787.6 806.0 799.7 798.8 Wage and salary disbursements.......... 464.8 509.0 506.9 512.3 516.9 520.0 522.7 525.2 528.0 529.5 531.1 535.0 539.9 540.5 538.7 Commodity-producing industries... 181.5 197.5 197.5 198.7 200.0 200.9 201.8 201.9 203.8 202.2 202.0 203.9 202.3 200.9 201.2 Manufacturing only...................... 145.9 157.5 157.6 158.7 159.9 160.4 160.9 160.0 161.6 160.8 160.0 161.3 160.0 159.2 159.5 Distributive industries..................... 109.2 119.8 119.7 120.1 121.6 122.2 123.1 124.1 124.1 125.4 125.7 126.7 126.0 127.2 128.3 Service industries............................. 78.4 87.7 87.4 88.1 88.6 89.6 90.0 91.0 91.6 93.1 94.1 94.6 95.1 95.5 96.0 Government..................................... 95.7 104.1 102.4 105.4 106.7 107.3 107.7 108.1 108.5 108.9 109.3 109.8 116.5 116.9 113.3 Other labor income............................. 24.9 27.6 27.5 27.7 27.9 28.2 28.3 28.5 28.6 29.0 29.3 29.6 29.8 30.0 30.3 Proprietors’ income............................. 64.1 66.8 66.9 67.2 67.5 67.7 67.5 67.1 67.0 67.2 67.6 67.9 67.9 67.8 67.7 Business and professional............... 49.1 50.5 50.7 50.8 50.9 51.0 50.8 50.5 50.4 50.4 50.6 50.7 51.0 51.3 51.5 Farm................................................. 15.0 16.4 16.2 16.4 16.6 16.7 16.7 16.6 16.6 16.8 17.0 17.2 16.9 16.5 16.2 Rental income...................................... 21.3 22.0 22.0 22.0 22.1 22.1 22.2 22.3 22.4 22.5 22.5 22.6 22.6 22.6 22.7 Dividends............................................. 23.3 24.7 24.6 24.8 24.9 25.2 25.2 25.3 25.0 25.1 25.2 25.2 25.2 25.3 24.7 Personal interest income..................... 54.0 59.7 59.5 59.7 60.1 60.5 61.2 62.0 62.6 63.0 63.4 63.7 64.2 64.5 65.0 Transfer payments............................... 59.0 65.1 64.8 65.2 65.5 65.9 66.3 66.9 67.7 68.8 69.7 71.1 84.1 76.6 77.5 Less: Personal contributions for social insurance........................................ • 22.8 26.0 26.0 26.2 26.4 26.5 26.7 26.7 26.9 27.3 27.3 27.5 27.7 27.7 27.7 Nonagricultural income........................ 668.2 726.7 724.3 730.5 736.1 740.6 744.1 747.9 751.6 755.0 758.4 764.3 783.0 777.0 776.5 Agriculture income............................... 20.5 22.2 21.9 22.2 22.4 22.5 22.6 22.7 22.7 22.8 23.1 23.3 23.0 22.7 22.3 Note.—Dept, of Commerce estimates. Monthly data are seasonally adjusted totals at annual rates. See also Note to table opposite. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1. SUMMARY OF FLOW OF FUNDS ACCOUNTS FOR FIRST QUARTER, 1970 (Seasonally adjusted annual rates; in billions of dollars) Private domestic nonfinancial sectors Financial sectors Rest U.S. of All State Govt. Sponsored Mone­ Pvt. the sectors Discrep­ Natl, House­ Busi­ and local Total Total credit tary Coml.1 nonbank world ancy savings Sector holds ness govts. agencies auth. banks finance and invest­ ment Transaction category U S U S U S U S U S U S U S U S U S U S U S U S U ......... 79.9 .......-3.7 ....... 228.4 -2.9 3.0 .1 * 3.2 -.3 -.7 227.8 228.5 1 ......... 70.0 ....... 158.6 1.6 ...............8 .7 160 2 160.2 ' 2 .. . 9.9 .......-3.7 ... 69.8 -2.9 1.4 .1 * 2.3 -1 0 — .7 67 7 68 4 3 144.4 75.0 ... .-5.0 ... 214.4 ....... .3....... 2.5 .1 __ 2.7 -.3 -3.2 214.0 13.8 225.5 4 113.7 . 107.1 .... 220.8 ....... 1.5 .6 .9 222 4 5 5 222.4 5 89.1 89.1....... 89 1 89.1 6 19.1 10 0 ... . 29.1....... 29 1 29.1 7 5.5 95 5 ... 101.1 ..... 1.5 .6 .9 102 6 102.6 8 16... . 1 6....... 1 6 1.6 9 10 Net financial investment (11-12)..................... 30.7 . .. -32.1....... -5.0....... -6.4....... -1.3........ 1.0 * .1 2.1 -1.2 -3.2 -10.0 10.0 3.2 10 50.2 32.7 4.3 87.3 . . 4.0 71.8 16.1 6.0 19.3 30.3 4.9 168 0 8.0 11 64.8 9.3 93.7 5.4 70.8 16.1 6.0 17.2 31.5 8.0 177.9 4.9 12 13 Gold and official foreign exchange......... .7 .8 8 -3.9 -2.3 —2.3 —2.3 ............... 13 1 9 1 9 1.9 1.9 * 14 15 Demand deposits and currency............... — 1.7 1.4 -3.0 —4.0 —1.7 ............... 15 5.7 -8 9 - .7 —3.9 - .3 -2.9 - .2 . ... 2.4 -5.3 - .1 —4.2 —2.9 1.3 ............... 16 17 U.S. Government.................................. -.4 . 7 — 1 4 2.1 — .4 .7 1 l 17 3 .2 6 6 18 12.1 13.6 .9 18.0 .9 18 0 ............... 19 20 At commercial banks............................ 7.9 - 4 1 8 9.4 -.3 12.8 12.8 3.7 12 8 ............... 20 21 At savings institutions........................... 4 2 4 2 .9 5.1 .9 5.1 5 1 ............... 21 22 Life insurance reserves............................ 4 5 4 5 .1 4.4 4.4 4 5 ............... 22 15 4 15 4 .. . . 1.1 14.4 14 4 15 4 ............... 23 6.8 6.8 2.1 4.2 4.7 2.6 6.8 6.8 ............... 24 25 Credit market instruments....................... 15.1 25.4 15.2 39.9 3.2 8.8 33.5 74.1 2.6 3.5 65.3 28.0 15.6 14.7 1.3 15.3 9.1 33.1 4.2 7.1 2.9108.5 108.5 ............... 25 26 Corporate shares.................................. — 6 0 6 3 -6.0 6.3 14.9 2.4 ... .1 14.9 2.3 -.3 -.2 8 5 ............... 26 27 U.S. Government securities................. 9 2 —3 2 — 14. 4.7 .1 3.6 7.5 14.7 3.9 14.7 1.2 2.7 — .3 6.1 18 3 ............... 27 2 2 9 8 S C t o a r t p e o a r n a d te l o a c n a d l f o o b r l e i i g g a n t i b o o n n s. d .. s . . .. . . . . . . . . . . .. .. . . . . . . . . . . .. . — 9 .2 5 2 3 13 9 4 .1 4 9.2 1 1 3 . . 9 5 1 9 3 . . 2 9 7 1 . . 3 9 1.4 ...6...1.....1 1 1 . . 3 9 1.3 .9 1.0 1 9 6 .3 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 9 8 30 Home mortgages................................ .7 12.3 — 9 2 .9 11.3 * -.1 9.2 —1.2 ..5.8 ....... 1.9 1.5 -1.2 10.1 ............... 30 31 Other mortgages................................... 2.5 1.0 10 0 2.5 11.0 .1 8.4 .4 .9 7.2 11.0 ............... 31 32 Consumer credit................................... 5 6 1 3 1.3 5.6 4.3 1.5 2.7 5 6 ............... 32 33 Bank loans n.e.c............"...................... 3.1 3 5 6.5 2.7 -4.6 .2 2.6 -4.6 .8 2.7 ............... 33 34 Other loans........................................... 3.4 14.8 7.1 - .4 14.8 10.1 2.4 9.1 15.3 5.6 -.5 8.9 4.0 6.4 .5 1.3 26.8 ............... 34 35 Security credit........................................... — 1.3 —6.6 — 1.3 —6.6 -7.4 -2.2 -.9 -6.5 -2.2 -.3 -.2 -9.0 ............... 35 36 To brokers and dealers......................... — 1 3 — 1 3....... — .6 -2.2 1.1 — 1.7 —2.2 -.3 -2.2 ............... 36 37 To others............................................... — 6 6 —6.6 -6.8 -2.0 -4.8 -.2 -6.8 ............... 37 38 Taxes payable........................................... 1.6 * 1.6 1.8 1.2 - .1 .9 .3 1.8 2.7 .9 ............... 38 39 Trade credit............................................... .4 17.7 11.7 ...............5 17.7 12.6 -.7 -.5 .3 .3 * * 17.4 12.2-5.2 ............... 39 40 Equity in noncorporate business............. —3.5 .. . -3.5 -3.5 -3.5 -3.5 ............... 40 41 Miscellaneous claims................................ 2.3 .3 9.0 15.2 11.3 15.6 .2 —.6 3.4 1.9 .6 1.0 .5 .2 -5.2 2.6 5.2 -2.4 7.7 12.6 24.6 12.0 ............... 41 42 Sector discrepancies (1—4)........................... 7.8 4.9 1.3 14.0 -1.5 .5 * .4 * 2.5 15.4 15.4 3.0 42 1 Commercial banks and unconsolidated affiliates. A 70 FLOW OF FUNDS □ AUGUST 1970 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1970 a FLOW OF FUNDS A 71.1 2. SUMMARY OF FUNDS RAISED AND ADVANCED IN U.S. CREDIT MARKETS (Seasonally adjusted annual rates; in billions of dollars) 1968 1969 1970 Transaction category, or sector 1965 1966 1967 1968 1969 I II III IV I II III IV I Funds raised, by type and sector Total funds raised 1 by nonfinancial sectors.................. 70.4 68.5 82.6 97.4 88.2 94.4 81.8 118.0 95.5 88.9 88.8 93.4 82.2 80.5 1 ? U.S. Government............................. 1.7 3.5 13.0 13.4 -3.6 20.2 9.3 29.3 -5.4 -5.3 -13.3 3.7 .4 3.5 2 3 Public debt securities.................... 1.3 2.3 8.9 10.3 -1.3 19.3 4.9 24.5 -7.4 -5.7 -12.5 9.4 3.9 5.8 3 4 Budget agency issues..................... .4 1.2 4.1 3.0 -2.4 .9 4.4 4.9 2.0 .4 -.7 -5.7 -3.5 -2.3 4 5 All other nonfinancial sectors.. 68.7 64.9 69.6 84.1 91.9 74.2 72.5 88.7 100.9 94.2 102.0 89.7 81.8 76.9 5 6 Capital market instruments.......... 39.1 39.9 48.0 50.5 53.6 48.4 44.2 50.5 59.0 55.0 55.0 51.7 52.9 52.6 6 7 Corporate equity shares............ .3 .9 2.4 -.7 4.5 1.5 -.4 -1.8 -2.0 .2 3.2 5.3 9.2 6.1 7 8 Debt capital instruments.......... 38.8 39.0 45.7 51.2 49.1 46.8 44.6 52.3 61.1 54.7 51.7 46.4 43.6 46.5 8 9 State and local govt, sec....... 7.3 5.7 7.7 9.9 8.5 7.9 5.4 12.5 13.8 10.2 9.8 6.7 7.1 9.2 9 10 Corporate and fgn. bonds... 5.9 11.0 15.9 14.0 13.3 12.6 13.7 13.2 16.5 15.8 13.3 12.8 11.1 14.9 10 U Mortgages.............................. 25.6 22.3 22.0 27.3 27.4 26.3 25.5 26.6 30.8 28.6 28.6 26.8 25.4 22.4 11 12 Home mortgages................ 15.4 11.4 11.6 15.2 15.7 15.0 14.6 14.6 16.6 16.4 16.6 15.6 14.3 11.3 12 13 Other residential................. 3.6 3.1 3.6 3.5 4.4 3.0 3.1 3.6 4.2 4.2 4.7 4.6 4.3 4.4 13 14 Commercial........................ 4.4 5.7 4.7 6.6 5.2 6.0 5.6 6.6 8.2 5.9 5.1 4.7 5.2 5.1 14 15 2.2 2.1 2.1 2.1 2.0 2.4 2.3 1.9 1.8 2.2 2.3 2.0 1.6 1.5 15 16 Other private credit....................... 29.5 25.0 21.6 33.6 38.3 25.9 28.3 38.2 41.8 39.2 47.1 38.0 28.9 24.3 16 17 Bank loans n.e.c........................ 14.2 10.3 9.6 13.4 14.2 6.6 10.9 13.5 22.5 16.4 19.5 11.5 9.7 7.3 17 18 10.0 7.2 4.6 11.1 9.3 9.2 9.8 13.2 12.0 9.9 10.4 8.8 8.4 5.6 18 19 Open market paper................... -.3 1.0 2.1 1.6 3.3 1.1 -1.1 6.2 .2 5.1 3.9 3.2 1.2 5.0 19 20 5.7 6.4 5.2 7.5 11.3 8.9 8.8 5.3 7.0 7.9 13.3 14.6 9.6 6.5 20 21 By borrowing sector—................ 68.7 64.9 69.6 84.1 91.9 74.2 72.5 88.7 100.9 94.2 102.0 89.7 81.8 76.9 21 22 Foreign.......................................... 2.6 1.5 4.1 3.0 3.5 4.4 2.0 2.6 2.9 4.2 5.5 2.4 2.1 2.9 22 23 State and local governments........ 7.6 6.4 7.9 10.2 8.9 8.2 5.5 12.8 14.3 10.8 10.1 7.0 7.7 8.8 23 24 28.8 23.2 19.7 31.8 31.6 29.6 29.4 33.2 34.9 32.2 34.6 31.3 28.6 25.4 24 25 29.6 33.8 37.9 39.1 47.8 32.1 35.6 39.9 48.8 47.1 51.8 49.0 43.4 39.9 25 26 Corporate................................... 20.5 24.9 29.4 31.0 37.8 25.6 26.6 31.1 40.7 37.6 42.3 38.0 33.4 33.2 26 27 Nonfarm noncorporate............... 5.8 5.5 5.0 5.2 6.4 3.1 5.8 6.0 5.8 6.2 5.8 7.3 6.5 4.0 27 28 Farm........................................... 3.3 3.5 3.5 2.9 3.6 3.3 3.2 2.8 2.2 3.2 3.8 3.7 3.5 2.6 28 Funds advanced directly in credit markets 1 Total funds raised............................. 70.4 68.5 82.6 97.4 88.2 94.4 81.8 118.0 95.5 88.9 88.8 93.4 82.2 80.5 1 Advanced directly by— 2 U.S. Government......................... 2.8 4.9 4.6 5.2 2.6 6.1 7.1 4.8 2.9 2.3 1.6 3.7 2.8 2.6 2 3 U.S. Govt, credit agencies, net... * .3 .5 -.2 .1 .5 -.1 -.5 -.8 -.2 -.4 -.2 .5 .9 3 4 Funds advanced........................ 2.2 5.1 -.1 3.2 8.9 6.0 4.0 1.2 1.7 3.9 - 7.1 10.7 13.1 15.6 4 5 Less funds raised in cr. mkt.... 2.3 4.8 -.6 3.5 8.8 5.6 4.1 1.7 2.5 4.1 7.5 10.9 12.6 14.7 5 6 Federal Reserve System............... 3.8 3.5 4.8 3.7 4.2 4.3 6.3 7.2 -2.9 3.1 5.0 -.4 9.2 1.3 6 7 Commercial banks, net................. 28.3 16.7 36.8 39.0 9.4 19.5 22.8 66.7 47.1 9.2 24.7 1.1 3.1 5.3 7 9 8 L F e u s n s d f s u a n d d v s a r n a c is e e d d .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29. . 1 8 16 . . 1 8 37 . . 2 0 39 . . 2 2 1 4 3 . . 3 7 19.4 * 23. . 5 7 66. . 9 2 4 - 7 .1 .0 10. . 1 9 2 4 9 . . 5 2 5 6 . .2 0 9 6 . . 9 8 1 9 4 . . 1 4 9 8 10 Private nonbank finance............... 30.1 25.9 36.1 33.5 30.9 33.8 34.7 32.7 33.0 31.3 34.7 30.5 28.0 24.5 10 11 Savings institutions, net............ 13.7 7.8 16.9 14.5 10.3 15.4 15.7 14.2 12.6 15.7 13.5 6.6 5.6 4.5 11 12 Insurance................................... 17.9 19.3 20.4 21.5 22.3 21.6 21.1 20.4 22.9 20.3 22.6 27.0 19.1 22.0 12 13 Finance n.e.c., net..................... -1.4 -1.3 -1.3 -2.4 -1.7 -3.3 -2.1 -1.9 -2.5 -4.8 -1.4 -3.0 3.2 -1.9 13 14 Foreign.......................................... -.3 -1.8 2.8 2.5 2.0 -.5 -2.3 3.1 9.4 -1.4 1.3 6.0 2.0 7.0 14 15 Private domestic nonfinancial---- 5.6 19.1 -2.9 13.7 39.0 30.9 13.4 4.0 6.7 44.7 21.8 52.7 36.6 38.8 15 16 Business..................................... 1.0 3.6 -.6 9.0 11.4 10.6 10.4 8.6 6.4 13.2 12.6 12.2 7.1 15.2 16 17 State and local governments... 2.5 3.4 1.2 .7 7.2 .6 -1.9 3.1 .9 6.5 4.1 4.9 13.4 3.2 17 18 Households................................ 2.5 11.9 -1.3 5.4 18.8 16.4 9.3 -7.0 2.9 22.2 5.0 32.3 16.0 15.1 18 19 Less net security credit............. .3 -.2 2.2 1.4 -1.6 -3.3 4.5 .7 3.6 -2.7 -.2 -3.2 -.2 -5.3 19 Sources of funds supplied to credit markets Total borrowing by nonfinancial sectors................ 70.4 68.5 82.6 97.4 88.2 94.4 81.8 118.0 95.5 88.9 88.8 93.4 82.2 80.5 1 1 Supplied directly and indirectly by pvt. domestic nonfin. sectors: 2 Total............................................... 46.3 42.8 47.7 58.1 40.4 63.3 47.7 58.0 63.3 48.8 28.8 36.5 46.0 49.7 2 3 Deposits.................................... 40.7 23.7 50.6 44.3 1.4 32.4 34.3 53.9 56.6 4.1 6.9 -16.1 9.4 10.9 3 4 Demand dep. and currency 8.0 4.0 11.6 11.2 5.5 2.7 15.5 11.0 15.8 -2.8 4.1 ♦ 19.1 -2.7 4 5 Time and svgs. accounts.., 32.7 19.7 39.1 33.1 -4.1 29.7 18.9 43.0 40.8 6.9 2.8 —16.2 -9.7 13.6 5 6 At commercial banks.. 19.5 12.5 22.3 20.5 - 12.0 16.7 6.4 31.2 27.5 —6.1 -6.3 —22.1 -13.6 9.4 6 7 At savings instit............ 13.1 7.2 16.7 12.6 8.0 13.0 12.4 11.8 13.3 13.0 9.1 5.9 3.9 4.2 7 8 Credit mkt. instr., net.............. 5.6 19.1 -2.9 13.7 39.0 30.9 13.4 4.0 6.7 44.7 21.8 52.7 36.6 38.8 8 9 U.S. Govt, securities............. 2.5 8.5 - 2.8 8.9 15.8 14.6 4.5 6.9 9.6 24.7 -.9 26.3 13.4 4.7 9 10 Pvt. credit market instr........ 3.5 10.4 2.0 6.2 21.6 13.0 13.4 - 2.2 .7 17.3 22.5 23.2 23.0 28.8 10 11 Less security debt................. .3 -.2 2.2 1.4 -1.6 -3.3 4.5 .7 3.6 -2.7 -.2 -3.2 -.2 -5.3 11 Other sources: 12 Foreign funds................................. .8 .7 5.0 4.0 10.4 2.1 1.8 7.1 4.9 12.7 14.4 11.9 2.6 8.6 12 13 At banks...................................... 1.1 2.5 2.2 1.5 8.4 2.6 4.1 4.0 -4.5 14.1 13.1 5.9 .6 1.6 13 14 Direct.......................................... -.3 -1.8 2.8 2.5 2.0 -.5 -2.3 3.1 9.4 -1.4 1.3 6.0 2.0 7.0 14 15 Chg. in U.S. Govt, cash bal........ -1.0 -.4 1.2 -1.2 .4 -5.4 -16.2 26.4 -9.6 -6.4 2.1 1.5 4.1 .4 15 16 U.S. Government loans............... 2.8 4.9 4.6 5.2 2.6 6.1 7.1 4.8 2.9 2.3 1.6 3.7 2.8 2.6 16 17 Pvt. insur. and pension res.......... 15.7 16.7 18.7 18.2 18.7 16.4 17.5 19.1 19.6 16.7 18.6 22.2 17.3 18.8 17 18 Sources n.e.c................................... 5.8 3.8 5.6 13.2 15.7 11.8 24.0 2.1 14.4 14.8 23.4 17.6 9.4 .3 18 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 71.2 FLOW OF FUNDS a AUGUST 1970 3. PRINCIPAL FINANCIAL TRANSACTIONS (Seasonally adjusted annual rates; in billions of dollars) 1968 1969 1970 Transaction category, or sector 1965 1966 1967 1968 1969 I II III IV I II III IV I Demand deposits and currency 1 Net incr. in banking system liability.. 7.6 2.6 14.3 10.7 6.6 -3.7 .1 39.2 7.2 -10.1 7.3 3.2 24.2 -1.7 1 2 U.S. Government deposits........... -1.0 -.4 1.1 -1.3 .5 -5.6 -16.2 26.3 -9.7 -6.3 2.1 1.6 4.3 .7 2 3 Money supply............................... 8.6 3.0 13.2 12.0 6.1 1.9 16.3 12.9 16.9 -3.9 5.1 1.6 19.9 -2.3 3 4 Domestic sectors....................... 8.3 3.9 12.6 12.2 5.9 1.3 17.0 13.5 17.1 -4.1 5.1 .9 20.1 -2.9 4 5 7.2 3.1 11.4 6.9 3.4 -10.2 8.8 15.6 13.5 -7.9 5.6 -1.5 17.3 5.7 5 6 Nonfinancial business........... -1.4 .7 -2.1 1.3 .5 7.1 3.6 -1.2 -4.3 3.8 .6 -1.7 -1.1 -8.9 6 7 State and local governments. -.2 -.1 -.4 1.1 2.2 .6 1.6 -1.9 4.1 1.9 -1.8 4.6 3.9 -.7 7 8 Financial sectors................... .3 -.1 1.1 1.0 .4 -1.5 1.6 2.6 1.3 -1.3 1.0 .8 1.0 -.3 8 9 Mail float............................... 2.5 .3 2.7 1.9 -.6 5.2 1.5 -1.5 2.4 -.6 -.3 -1.3 -1.0 1.3 9 10 Rest of the world...................... .3 -1.0 .6 -.2 .2 .6 -.7 -.7 -.2 .2 * .7 -.2 .6 10 Time and savings accounts 1 Net increase—Total.......................... 33.1 20.2 40.8 33.0 -3.0 29.2 19.1 43.8 39.9 6.5 .6 -15.7 -3.6 18.0 1 7. At commercial banks—Total.... 20.0 13.3 23.8 20.6 -11.0 16.3 6.1 32.3 27.5 -6.8 -7.9 -21.5 -7.8 12.8 2 3 Corporate business................... 3.9 -.7 4.1 2.2 -7.8 -1.8 -3.2 9.5 4.1 -7.2 -7.6 -10.8 -5.6 -.4 3 4 State and local governments... 2.4 1.3 2.4 3.2 -7.5 .8 1.3 5.2 5.7 -5.4 -4.0 -10.4 -10.0 1.8 4 5 Foreign...................................... . 6 . 8 1.4 1.2 -.7 — .4 1.0 -.1 -.4 -1.4 .7 6.0 3.7 5 6 Households................................ 13.3 11.9 15.8 15.1 3.3 17.6 8.3 16.5 17.8 6.6 5.4 -.8 2.0 7.9 6 7 13.1 7.0 17.0 12.4 8.0 12.9 12.9 11.5 12.4 13.4 8.5 5.8 4.2 5.1 7 Liabilities— 8 Savings and loan assns.......... 8.5 3.6 10.7 7.3 4.0 7.7 7.6 7.2 6.8 8.0 4.6 3.0 .5 1.9 8 9 Mutual savings banks........... 3.6 2.6 5.1 4.1 2.6 4.4 4.0 3.4 4.5 3.8 2.7 1.5 2.4 1.6 9 10 Credit unions......................... 1.0 .8 1.2 1.1 1.4 .9 1.3 .9 1.2 1.6 1.2 1.3 1.4 1.6 10 Assets 11 Households............................ 13.1 7.2 16.7 12.6 8.0 13.0 12.4 11.8 13.3 13.0 9.1 5.9 3.9 4.2 11 12 Cr. union deps. at S & L’s... * -.2 .3 -.2 * -. 1 .5 -.3 -1.0 .3 -.6 -.1 .3 .9 12 U.S. Government securities 1 Total net issues.................................. 3.8 8.7 12.6 16.7 5.5 25.5 13.1 31.2 -3.2 .1 -5.7 14.7 13.1 18.3 1 2 Household savings bonds............ .6 .6 .9 .5 -.4 .2 .3 .8 .7 -.5 -.4 -.7 .1 -.9 2 3 Direct excluding savings bonds... .7 1.8 8.0 9.8 -.9 19.1 4.6 23.7 -8.1 -5.2 -12.1 10.1 3.8 6.7 3 4 Budget agency issues..................... * * .2 1.4 -.4 -.2 1.9 1.4 2.7 .8 -1.3 -.8 -.2 .7 4 5 Sponsored agency issues............... 2.1 5.1 -.6 3.2 9.1 5.2 3.7 1.8 2.1 5.2 7.5 10.9 12.6 14.7 5 6 Loan participations....................... .4 1.3 4.0 1.7 -1.9 1.2 2.6 3.5 -.6 -.3 .6 -4.8 -3.2 -3.0 6 7 Net acquisitions, by sector............... 3.8 8.7 12.6 16.7 5.5 25.5 13.1 31.2 -3.2 .1 -5.7 14.7 13.1 18.3 7 8 U.S. Government (agency sec.)... * 1.3 -.1 .1 -1.3 -.1 1.6 -.1 -1.0 -1.1 -2.2 -.8 -1.0 .1 8 9 Sponsored credit agencies............ . 1 1.0 * -. 1 -.4 .1 .3 -.4 -.5 -2.1 -.1 -.3 .3 3.9 9 10 Direct marketable..................... -.2 .3 .9 1 -.7 -.5 .2 . 1 -.2 -2.1 -.1 -.6 -.6 4.3 10 11 FHLB special issue.................... .3 .6 -.9 .3 .6 . 1 -.5 -.3 * * .3 .8 -.4 11 12 Federal Reserve System............... 3.7 3.5 4.8 3.8 4.2 4.5 6.2 7.4 -2.8 3.2 5.0 -.4 9.1 1.2 12 13 Foreign.......................................... -.2 -2.4 2.1 -.5 -1.1 -2.0 -4.7 .6 4.2 -6.2 -1.1 3.6 -.5 6.1 13 14 Commercial banks........................ -2.3 -3.6 9.4 2.8 -11.2 4.2 -2.2 12.2 -3.1 -15.2 -10.7 -10.3 -8.1 2.7 14 15 Direct......................................... -3.1 -3.4 6.3 1.7 -9.4 3.5 -1.8 9.8 -4.9 -12.5 —11.3 -6.1 -7.1 1.9 15 16 Agency issues............................. .8 -.2 3.2 1.1 -1.8 .7 -.4 2.4 1.7 -2.7 .5 -4.1 -.9 .8 16 17 Nonbank finance........................... -.1 .4 -.9 1.6 -.5 4.1 7.4 4.5 -9.7 -3.1 4.4 -3.3 -.1 -.3 17 18 Direct......................................... -.6 -.2 -1.3 .3 -2.3 1.5 6.5 3.1 -10.0 -5.9 2.3 -5.9 . 1 -2.9 18 19 Agency issues............................. .5 .5 .3 1.3 1.8 2.5 .9 1.4 .3 2.8 2.0 2.6 -.2 2.6 19 20 Pvt. domestic nonfin..................... 2.5 8.5 -2.8 8.9 15.8 14.6 4.5 6.9 9.6 24.7 -.9 26.3 13.4 4.7 20 21 Savings bonds—Households... .6 .6 .9 .5 -.4 .2 .3 .8 .7 -.5 -.4 -.7 .1 -.9 21 22 Direct excl. savings bonds........ .7 3.3 -3.8 4.6 8.1 11.4 -1.9 3.1 5.8 18.3 -7.0 19.3 2.0 -3.4 22 23 Agency issues............................. 1.2 4.7 .2 3.8 8.1 3.0 6.1 3.1 3.1 6.9 6.5 7.7 11.3 9.0 23 Private securities 1 Total net issues, by sector................ 16.1 18.5 27.2 24.2 27.9 22.9 20.2 24.8 29.0 27.8 28.8 26.2 28.7 31.7 1 2 State and local governments........ 7.3 5.7 7.7 9.9 8.5 7.9 5.4 12.5 13.8 10.2 9.8 6.7 7.1 9.2 2 3 Nonfinancial corporations............ 5.4 11.4 17.0 12.1 16.4 12.8 12.8 10.3 12.4 14.7 14.9 16.1 19.8 20.2 3 4 1.9 .8 1.0 .8 1.6 .9 .8 .7 .9 1.4 2.2 1.4 1.3 1.3 4 5 Commercial banks........................ .8 . 1 .2 .2 . 1 * .7 .2 -. 1 . 1 .3 * -. 1 .2 5 6 Rest of the world.......................... .8 .5 1.3 1.3 1.4 1.4 .5 1.1 2.0 1.4 1.6 2.0 .5 .8 6 7 Net purchases.................................... 16.1 18.5 27.2 24.2 27.9 22.9 20.2 24.8 29.0 27.8 28.8 26.2 28.7 31.7 7 8 1.1 3.2 -2.9 -3.3 4.4 7.7 -. 1-12.1 -8.9 4.4 1.8 5.7 5.9 2.7 8 9 Nonfinancial corporations............ .5 1.0 -.4 .4 2.3 .8 2.1 -2.6 1.3 2.4 2.7 .2 3.7 2.3 9 10 State and local governments........ . 6 1.1 1.5 .5 2.9 -.4 1.0 .3 1.0 3.8 3.7 -1.2 5.0 4.5 10 11 Commercial banks........................ 5.0. 1.9 9.7 9.0 1.0 5.2 3.2 12.6 15.2 2.6 3.3 1.0 -2.7 6.1 11 12 Mutual savings banks................... * .3 2.3 1.6 .6 2.0 1.3 1.5 1.8 1.1 1.1 * .2 1.2 12 13 Insurance and pension funds....... 11.2 12.9 17.4 17.5 17.3 16.2 17.1 17.3 19.3 17.0 17.5 19.8 14.8 15.7 13 14 Finance n.e.c.................................. -1.7 -2.2 -1.0 -3.6 -2.6 -9.6 -6.4 5.7 -4.2 -7.4 -2.0 * -1.0 -1.1 14 15 Security brokers and dealers... -.1 .1 .1 -.9 .4 -1.3 -7.4 9.0 -3.6 .3 -.9 3.4 -1.4 -.2 15 16 Investment companies, net....... -1.5 -2.4 -1.1 -2.8 -3.0 — 8.3 1.0 -3.3 -.6 -7.8 -1.1 -3.4 .4 -1.0 16 17 Portfolio purchases............... 1.6 1.4 1.5 1.9 2.7 -1.4 3.4 1.4 4.2 -.2 3.6 2.7 4.6 1.3 17 18 Net issues of own shares.... 3.1 3.7 2.6 4.7 5.6 6.8 2.4 4.7 4.9 7.6 4.7 6.1 4.2 2.3 18 19 Rest of the world......................... -.5 .3 .6 2.2 2.0 1.0 2.1 2.1 3.6 3.9 .7 .7 2.7 .6 19 Bank loans n.e.c. 1 Total net borrowing........................... 16.6 9.0 7.5 15.7 16.4 8.1 13.6 16.2 24.9 17.3 24.3 12.2 11.7 2.7 1 2 Households.................................... 1.4 .4 2.1 3.0 2.0 2.1 2.6 2.9 4.6 2.1 3.5 1.5 1.0 3.1 2 3 Nonfinancial business................... 12.3 10.1 7.7 10.6 12.5 4.7 8.3 10.8 18.7 13.9 15.5 11.4 9.2 3.5 3 4 .4 -.2 -.2 -.3 -.3 -.3 * -.3 -.7 .3 .5 -1.4 -.5 .8 4 5 Financial sectors........................... 2.4 -1.3 -2.1 2.3 2.1 1.5 2.8 2.7 2.4 1.0 4.8 .7 2.1 -4.6 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1970 □ FLOW OF FUNDS A 71.3 Notes to Table 2 Insurance consists of life companies, fire and casualty companies, private Funds raised, by type and sector. Credit flows included here are the pension funds, and State and local government retirement funds. Finance amounts shown on lines 25-34 of Table 1 by households, business, govern­ n.e.c. is finance companies, open-end investment companies, security ments, and foreigners. All funds raised by financial sectors are excluded. brokers and dealers, agencies of foreign banks, and banks in U.S. posses­ U.S. Government budget issues (line 4) are loan participation certificates sions. issued by CCC, Export-Import Bank, FNMA, and GNMA, together with Sources of funds supplied to credit markets. In this section lending by security issues by FHA, Export-Import Bank, and TVA. Issues by federally financial sectors is replaced by sources of funds to financial sectors. sponsored credit agencies are excluded as borrowing by financial institu­ Foreign funds at banks are deposits and foreign branch claims on U.S. tions. Such issues are in line 5 of the next section of the table and in U.S. home offices. Sources n.e.c. consist mainly of retained income and mis­ Government securities in Table 3. Corporate share issues are net cash cellaneous liabilities of financial sectors less their miscellaneous assets. issues by nonfinancial and foreign corporations. Mortgages exclude loans in process. Open market paper is commercial paper issued by nonfinancial corporations plus bankers’ acceptances. Notes to Table 3 Funds advanced directly in credit markets. Net purchases, by sector, of the Demand deposits and currency. Lines 5-8 are holder record; line 9 is credit instruments shown in the section above. Financial sectors’ purchases difference between holder and bank record. are shown net of their own funds raised in credit-market forms—securities U.S. Government securities. Includes issues by sponsored credit agencies and loans on lines 25-34 of Table 1. Lines 3, 7,10,11, and 13 reflect such not consolidated into the U.S. Government sector and not included in adjustments. In addition, security credit is included in funds advanced as funds raised in Table 2. Sponsored agencies are listed in notes to Table 4, an asset and deducted from funds advanced as a liability, netting to zero p. A-71.9. Loan participations include FNMA, GNMA, Export-Import in the totals. Security credit assets are in lines 8, 13, and 14 and subtracted Bank, and CCC certificates. Where not shown separately, loan participa­ in line 19. Security credit liabilities are in line 19 and subtracted in lines tions are grouped with agency issues. All figures are changes in par values 14 and 19. of holdings. Lines 3-5 cover federally sponsored agencies. Commercial banks include Private securities. Total excludes open-end investment company shares, bank affiliates not consolidated in bank reports. Savings institutions are which are deducted on line 18. savings and loan associations, mutual savings-banks, and credit unions. Bank loans n.e.c. Includes lending by bank affiliates. 4. SECTOR STATEMENTS OF SAVING AND INVESTMENT (Seasonally adjusted annual rates; in billions of dollars) 1968 1969 1970 Category 1965 1966 1967 1989 1969 I II III IV I II III IV I Households1 1 Personal income............................... 538.9 587.2 629.3 688.7 748.9 664.0 680.9 697.6 712.5 725.8 741.1 758.1 770.5 782.3 1 2 Less: Personal taxes & nontaxes.., 65.7 75.4 83.0 97.5 117.3 89.0 92.6 102.1 106.5 113.8 118.1 117.4 119.9 117.0 2 3 Personal outlays.................. 444.8 479.3 506.0 550.8 593.9 534.1 543.8 559.0 566.4 577.8 589.7 598.6 609.6 620.4 3 4 Equals: Personal saving, NIA basis 28.4 32.5 40.4 40.4 37.6 40.8 44.5 36.5 39.6 34.2 33.3 42.0 41.1 44.9 4 5 Plus: Credits from Govt, insur.2 4.8 5.3 6.0 5.6 6.6 5.3 5.8 5.5 5.8 5.9 6.6 9.3 4.7 5.3 5 6 Capital gains dividends.3 .9 1.3 1.7 2.5 2.5 3.0 1.8 2.4 2.7 5.0 1.9 2.2 1.1 2.2 6 7 Net durables in consumpt. 14.8 15.2 12.4 17.0 17.3 15.3 16.4 19.0 17.4 17.8 17.7 14.8 14.5 11.1 7 8 Equals: Net saving......................... 49.0 54.3 60.5 65.5 64.1 64.5 68.5 63.4 65.5 62.9 59.5 68.4 61.4 63.5 8 9 Plus: Capital consumption....... 59.9 64.3 69.9 76.7 82.9 74.2 75.8 77.5 79.4 81.2 83.1 85.0 86.8 88.6 9 10 On owner-occ. homes. 7.1 7.4 7.8 8.2 8.6 8.1 8.2 8.3 8.3 8.5 8.6 8.7 8.8 8.9 10 11 On nonprofit pi. and eq.., 1.2 1.3 1.4 1.5 1.6 1.4 1.5 1.5 1.5 1.5 1.6 1.6 1.6 1.6 11 12 On consumer durables 51.5 55.6 60.7 67.0 73.8 64.6 66.1 67.8 69.5 71.3 73.-0 74.7 76.4 78.0 12 13 Equals: Gross savings................... 108.8 118.6 130.4 142.2 147.1 138.6 144.3 140.9 144.9 144.1 142.6 153.3 148.2 152.1 13 14 Gross investment............................. 112.4 119.8 131.7 134.0 137.3 131.3 131.2 133.7 139.9 134.9 126.9 145.6 141.7 144.4 14 15 Capital expend, (net of sales) 89.6 94.2 94.6 109.8 116.9 105.9 108.9 112.5 111. 116.0 119.6 116.6 115.5 113.7 15 16 Residential construction........... 19.1 18.9 17.0 21.2 21.8 21.1 21.8 21.6 20.4 22.1 24.0 21.9 19.3 19.1 16 17 Consumer durable goods........ 66.3 70.8 73.1 84.0 90.0 79.9 82.6 86.7 86.9 89.1 90.6 89.5 90.8 89.1 17 18 Plant and equip, (nonprofit). .. 4.1 4.5 4.5 4.5 5.1 4.9 4.6 4.2 4.4 4.8 4.9 5.3 5.3 5.5 18 19 Net finan. investment................... 22.9 25.6 37.0 24.2 20.3 25.4 22.3 21.2 28.1 18.9 7.3 29.0 26.2 30.7 19 20 Net acquis, of financial assets. 53.0 49.3 60.7 58.9 50.3 51.9 59.2 55.1 69.2 47.5 41.5 56.0 56.5 50.2 20 21 Total deposits and curr....... 33.6 22.2 43.9 34.7 14.6 20.5 29.5 44.0 44.7 11.7 20.0 3.5 23.2 17.8 21 22 Demand dep. and curr__ 7.2 3.1 11.4 6.9 3.4 -10.2 8.8 15.6 13.5 -7.9 5.6 -1.5 17.3 5.7 22 23 Savings accounts.............. 26.4 19.1 32.5 27.7 11.3 30.6 20.8 28.4 31.1 19.6 14.5 5.1 5.9 12.1 23 24 At commercial banks.. 13.3 11.9 15.8 15.1 3.3 17.6 8.3 16.5 17.8 6.6 5.4 -.8 2.0 7.9 24 25 At savings institutions.. 13.1 7.2 16.7 12.6 8.0 13.0 12.4 11.8 13.3 13.0 9.1 5.9 3.9 4.2 25 26 Life insurance reserves........ 4.8 4.6 4.8 4.5 4.5 4.6 4.5 4.5 4.5 5.3 3.7 4.5 4.5 4.5 26 27 Pension fund reserves.......... 12.3 13.4 15.3 14.9 15.8 13.3 14.8 15.5 16.1 13.1 16.2 20.0 14.0 15.4 27 28 Credit market instruments.. 2.5 11.9 -1.3 5.4 18.8 16.4 9.3 -7.0 2.9 22.2 5.0 32.3 16.0 15.1 28 29 U.S. Govt, securities....... 2.2 7.3 .6 7.1 13.1 6.2 8.4 2.6 11.1 16.1 2.1 24.1 10.1 9.2 29 30 State and local oblig........ 2.3 2.1 - 2.1 -.2 3.8 1.5 - 2.0 2.6 -2.9 5.0 1.7 3.3 5.0 -.5 30 31 Corporate and fgn. bonds .7 2.0 4.0 4.6 4.9 4.8 7.7 -.9 6.9 4 5.3 4.7 4.7 9.2 31 32 Investment co. shares. ... 3.1 3.7 2.6 4.7 5.6 6.8 2.4 4.7 4.9 7.6 4.7 6.1 4.2 2.3 32 33 Other corp. shares........... -5.0 -4.7 -7.4 -12.4 -9.9 -5.4 - 8.2 -18.5 -17.7 -13.0 - 10.0 -8.4 -8.0 -8.3 33 34 Mortgages........................ 1.4 1.0 1.6 1.3 2.5 1.0 2.5 .7 1.7 1.1 2.5 3.2 34 35 Net invest, in noncorp. bus.. -1.9 -4.1 -4.6 -3.2 -4.8 -4.0 -3.0 -2.9 -2.8 -5.3 -4.5 -4.7 -4.5 -3.5 35 36 Security credit...................... .5 * 1.1 .7 -.8 -.5 2.2 -.8 1.9 -1.5 - 1.0 - 1.8 1.1 -1.3 36 37 Miscellaneous....................... 1.3 1.2 1.7 1. 2.1 1.7 1.7 1.8 1.9 2.0 2.0 2.1 2.2 2.3 37 38 Net increase in liabilities......... 30.2 23.6 23.7 34.6 30.0 26.6 36.9 33.9 41.2 28.7 34.2 27.0 30.3 19.6 38 39 Credit mkt. instruments.... 28.8 23.2 19.7 31.8 31.6 29.6 29.4 33.2 34.9 32.2 34.6 31.3 28.6 25.4 39 40 Home mortgages.............. 15.2 12.3 10.5 14.9 16.3 15.5 14.2 14.2 15.6 17.0 16.9 16.0 15.2 12.3 40 41 Other mortgages.............. 1.2 1.3 1.2 1.1 1.1 1.2 1.2 1.1 1.1 1.1 1.1 1.1 1.1 1.0 41 42 Instalment cons, credit---- 8.6 6.2 3.4 9.0 8.3 7.1 8.4 10.1 10.2 8.3 9.6 7.7 8.0 4.8 42 43 Other consumer credit... 1.4 1.0 1.2 2.1 1.0 2.1 1.4 3.1 1.8 1.5 .8 1.1 .5 .7 43 44 Bank loans n.e.c............... 1.4 .4 2.1 3.0 2.0 2.1 2.6 2.9 4.6 2.1 3.5 1.5 1.0 3.1 44 45 Other loans4..................... .9 2.0 1.3 1.6 2.9 1.6 1.7 1.8 1.6 2.1 2.7 4.0 3.0 3.4 45 46 Security credit...................... -.2 3.3 2.1 -2.4 -3.8 6.8 -.1 5.5 -4.3 - 1.2 -5.0 .9 -6.6 46 47 Trade debt........................... .3 .4 .4 .4 .4 .4 .4 .4 .4 .4 .4 .4 .4 47 48 Miscellaneous....................... .4 .3 .4 .3 .3 .4 .4 .4 .4 .4 .3 .3 .3 48 49 Discrepancy (13-14)....................... -3.6 - 1.2 - 1.2 9.8 7.3 13.1 7.2 5.0 9.3 15.7 7.7 6.5 7.8 49 For notes see p. A-71.9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 71.4 FLOW OF FUNDS a AUGUST 1970 4. SECTOR STATEMENTS OF SAVING AND INVESTMENT— Continued (Seasonally adjusted annual rates; in billions of dollars) 1968 1969 1970 Transaction category, or sector 1965 1966 1967 1969 1969 I II III IV I II III IV I Nonfinancial business—Total 1 Income before taxes 1....................... 129.5 139.1 136.2 143.5 145.6 139.2 143.8 145.2 145.7 146.4 147.3 146.8 141.8 136.8 1 2 Gross saving...................................... 71.8 77.7 79.3 80.5 82.6 76.4 81.4 82.8 81.5 83.6 82.2 84.0 80.1 79.9 2 3 Gross investment.............................. 64.6 69.6 70.4 74.3 75.4 69.9 74.0 78.6 74.6 77.6 74.8 73.4 75.3 75.0 3 4 Capital expenditures................... 84.1 97.0 94.0 99.4 111.5 92.4 99.6 99.2 106.5 107.7 108.9 115.2 114.1 107.1 4 5 Fixed investment........................... 74.4 82.2 85.8 91.8 103.0 89.8 89.2 91.0 97.2 100.4 101.0 103.8 106.9 105.5 5 6 Business plant & equipment. . . 66.3 76.1 77.8 82.8 92.8 82.1 80.4 82.7 85.9 89.5 91.2 94.7 95.8 95.5 6 7 1-4 family resident, const. 2__ .7 -.7 2.0 .9 -.1 .4 1.0 .2 2.0 1.2 -.4 -1.5 .2 * 7 8 Other residential....................... 7.4 6.8 6.1 8.1 10.4 7.3 7.8 8.2 9.2 9.7 10.3 10.5 10.9 10.0 8 9 Change in inventories 3................ 9.6 14.8 8.2 7.6 8.5 2.6 10.4 8.2 9.3 7.4 7.9 11.3 7.2 1.6 9 10 Net financial investment.................... -19.5 -27.4 -23.7 -25.2 -36.1 -22.5 -25.6 -20.6 -31.9 -30.2 -34.1 -41.8 -38.8 -32.1 10 11 Net increase in financial assets.... 24.1 16.5 14.7 28.2 25.5 33.4 18.3 30.7 30.3 30.2 30.8 24.2 15.8 32.7 11 12 Net increase in liabilities 4............ 43.5 43.9 38.4 53.3 61.6 55.9 43.9 51.3 62.2 60.4 64.9 66.0 54.6 64.8 12 13 Credit market instruments........ 29.6 33.8 37.9 39.1 47.8 32.1 35.6 39.9 48.8 47.1 51.8 49.0 43.4 39.9 13 14 Securities................................ 5.4 11.4 17.0 12.1 16.4 12.8 12.8 10.3 12.4 14.7 14.9 16.1 19.8 20.2 14 15 Home mortgages................... .1 -1.0 1.1 .3 -.6 -.5 .3 .4 1.0 -.6 -.3 -.5 -.9 -.9 15 16 Other mortgages................... 9.1 9.7 9.2 11.0 10.6 10.2 9.8 10.9 13.1 11.2 10.9 10.2 10.0 10.0 16 17 Bank loans n.e.c.................... 12.3 10.1 7.7 10.6 12.5 4.7 8.3 10.8 18.7 13.9 15.5 11.4 9.2 3.5 17 18 Other loans 4......................... 2.6 3.6 2.8 5.1 8.9 4.9 4.4 7.6 3.6 7.9 10.8 11.7 5.3 7.1 18 19 Trade debt................................. 9.1 7.4 4.0 6.8 11.3 11.3 .1 8.2 7.6 8.1 14.9 14.2 7.9 11.7 19 20 Other liabilities......................... 4.9 2.7 -3.5 7.4 2.5 12.5 8.2 3.2 5.9 5.3 -1.8 2.8 3.3 13.3 20 21 Discrepancy (2-3)............................. 7.2 8.0 9.0 6.3 7.2 6.5 7.4 4.2 6.9 6.0 7.4 10.7 4.9 4.9 21 Farm and nonfarm noncorporate business 5 1 Net income 1............................... 65.6 69.8 71.2 73.2 76.3 72.1 73.0 73.5 74.2 75.3 76.3 77.0 76.9 77.4 2 Gross saving 6............................. 15.2 16.5 17.9 18.1 20.1 17.4 18.0 18.5 18.3 21.2 19.5 20.0 19.5 19.9 3 Gross investment......................... 15.2 16.5 17.9 18.1 20.1 17.4 18.0 18.5 18.3 21.2 19.5 20.0 19.5 19.9 3 4 Capital expenditures............. 21.3 19.9 22.1 22.6 24.4 21.2 22.6 22.5 24.1 24.0 23.7 25.2 24.8 23.6 4 5 Fixed investment..................... 19.6 19.5 21.1 22.0 23.2 21.3 21.7 21.7 23.1 23.2 22.9 22.4 24.3 23.5 5 6 Change in inventories 3.......... 1.7 .4 .9 .6 1.2 -.2 .9 .8 1.0 2 .5 .1 6 7 Net financial investment.............. -6.1 -3.4 -4.2 -4.5 -4.3 -3.7 -4.5 -4.0 -5.7 -2.8 -4.3 -5.3 -5.4 -3.7 8 Net increase in financial assets. 1.0 1.1 1.2 1.5 1.3 1.2 1.6 1.8 1.5 .9 1.3 2.1 1.0 .7 9 Net increase in liabilities 4 . •.. 7.1 4.5 5.4 6.0 5.6 4.9 6.1 5. 7.2 3.8 5.5 7.3 6.4 4.5 10 Credit market instruments. . 9.1 9.0 8.5 8.1 10.0 6.4 9.0 8.8 8.1 9.5 9.6 11.0 10.0 6.6 11 Mortgages......................... 5.4 4.5 5.8 5.5 5.7 4.8 5.2 5.3 6.5 5.7 6.3 5.9 4.9 4.6 12 Bank loans n.e.c.............. 1.7 2.2 1.3 1.1 1.6 1.1 1.6 1.0 .5 1.1 1.5 2.1 1.9 -1.2 13 Other loans 4*7................ 2.0 2.2 1.4 1.6 2.7 .6 2.2 2.5 1.1 2.7 1.8 2.9 3.2 3.3 14 Trade debt, net.................... * -.4 1.5 1.1 .4 2.5 .2 -.1 2.0 -.4 .4 1.1 .9 1.4 15 Proprietors’ net investment * -1.9 -4.1 -4.6 -3.2 -4.8 -4.0 -3.0 -2.9 -2.8 -5.3 -4.5 -4.7 -4.5 -3.5 Nonfinancial corporate business 1 Profits before tax.............................. 65.7 71.1 66.1 73.6 74.7 72.6 73.5 72.7 75.8 77.1 77.0 73.0 71.5 65.3 1 2 Less: Profits tax accruals................ 27.5 30.0 28.3 34.7 36.0 34.2 34.6 34.2 35.6 37.1 37.1 35.2 34.5 31.0 2 3 Net dividends paid............... 16.8 18.1 18.8 20.5 21.6 19.8 20.2 21.0 21.1 21.1 21.5 21.8 21.9 21.7 3 4 Equals: Undistributed profits.......... 21.3 22.9 19.0 18.4 17.1 18.6 18.7 17.5 19.0 18.9 18.4 16.0 15.1 12.5 4 5 Plus: Foreign branch profits, net........ 1.8 1.8 2.1 2.5 2.8 2.1 2.6 2.6 2.6 2.7 2.8 2.9 3.0 3.3 5 6 Inv. valuation adj..................... -1.7 -1.8 -1.1 -3.3 -5.4 -5.4 -2.6 -.9 -4.2 -5.9 -6.0 -3.2 -6.5 -5.8 6 7 Capital consumption.............. 35.2 38.2 41.5 44.9 48.0 43.7 44.7 45.2 45.7 46.8 47.6 48.3 49.1 50.1 7 8 Equals: Gross internal funds........... 56.6 61.2 61.5 62.5 62.5 59.0 63.4 64.3 63.1 62.4 62.7 64.1 60.6 60.0 8 9 Gross investment (10+15)............... 49.4 53.1 52.5 56.2 55.2 52.5 56.0 60.1 56.3 56.4 55.4 53.4 55.8 55.1 9 10 Capital expenditures................. 62.8 77.1 72.0 76.9 87.0 71.3 77.0 76.7 82.4 83.7 85.2 89.9 89.3 83.5 10 11 Fixed investment........................... 54.9 62.7 64.7 69.9 79.8 68.5 67.5 69.3 74.1 77.1 78.1 81.4 82.5 82.0 11 12 Plant and equipment................. 52.8 61.6 62.5 67.5 76.9 66.7 65.2 67.3 70.7 73.9 75.5 79.1 79.1 79.7 12 13 Residential construction........... 2.0 1.1 2.3 2.4 2.9 1.8 2.3 2.0 3.4 3.2 2.6 2.3 3.4 2.3 13 14 Change in inventories 3................ 7.9 14.4 7.3 7.0 7.2 2.8 9.5 7.4 8.3 6.6 7.1 8.5 6.7 1.5 14 15 Net financial investment.................... -13.4 -24.0 -19.5 -20.7 -31.8 -18.8 -21.1 -16.6 -26.2 -27.3 -29.9 -36.5 -33.5 -28.4 15 1 17 6 Ne L t i a q c u q i u d i s a , s o se f t f s in .. a .. n .. . . . a .. s .. s .. e .. t . s . . . . . . . . . . . . . . . . . . . . . . . . 23 1 . . 1 7 1 1 5 . . 9 5 13.5 * 2 10 6 . . 1 6 2 2 4 . . 3 2 3 1 2 3. . 7 2 1 8 6 . . 5 7 2 1 8 3. . 7 8 2 4 8 . . 5 8 2 8 9 . . 0 3 2 4 9 . . 2 6 - 2 3 2 . . 0 2 1 - 4 . . 6 8 3 4 2 . . 7 0 1 1 7 6 18 Demand dep. and curr.......... -1.5 .7 -2.2 1.3 .5 7.1 3.6 -1.2 -4.3 3.8 .7 -1.7 -1.1 -8.9 18 19 Time deposits......................... 3.9 -.7 4.1 2.2 -7.8 -1.8 -3.2 9.5 4.1 -7.2 -7.6 -10.8 -5.6 -.4 19 20 U.S. Govt, securities............. -1.6 -1.2 -3.1 1.8 -1.4 7.6 -.9 1.7 -1.3 6.1 -3.2 -3.8 -4.9 -3.2 20 21 Open market paper............... .5 2.0 1.5 4.5 8.7 .1 6.9 6.2 4.7 2.9 11.7 13.1 7.2 14.8 21 22 State and local oblig............. .5 1.0 -.4 .4 2.3 .8 2.1 -2.6 1.3 2.4 2.7 .2 3.7 2.3 22 23 Consumer credit....................... 1.2 1.2 .9 1.7 1.3 1.8 1.5 2.1 1.1 1.6 .9 1.4 .7 1.3 23 24 Trade credit............................... 15.1 11.3 8.8 14.8 17.3 15.2 9.0 16.5 18.6 18.3 18.2 18.5 14.1 17.7 24 25 Other financial assets 9............. 5.1 1.0 3.8 .1 3.4 1.4 -2.3 -3.5 4.6 1.4 6.2 5.3 .7 8.3 25 26 Net increase in liabilities............... 36.5 39.4 33.0 47.3 56.0 51.0 37.8 45.5 55.0 56.6 59.4 58.7 48.2 60.4 26 27 Credit market instruments........ 20.5 24.9 29.4 31.0 37.8 25.6 26.6 31.1 40.7 37.6 42.3 38.0 33.4 33.2 27 28 Corporate bonds.................... 5.4 10.2 14.7 12.9 12.1 11.5 13.4 12.1 14.6 14.6 12.5 10.5 10.7 13.9 28 29 Corporate stock..................... * 1.2 2.3 -.8 4.3 1.3 -.6 -1.9 -2.2 .1 2.4 5.6 9.1 6.3 29 30 Mortgages.............................. 3.9 4.2 4.5 5.8 4.3 4.9 4.9 5.9 7.6 4.9 4.4 3.8 4.2 4.5 30 31 Bank loans n.e.c..................... 10.6 7.9 6.4 9.6 10.9 3.6 6.7 9.8 18.2 12.8 14.0 9.3 7.3 4.7 31 32 Other loans ....................... .6 1.4 1.4 3.6 6.2 4.4 2.2 5.1 2.6 5.2 9.0 8.8 2.0 3.8 32 33 Profit tax liability...................... 2.2 .2 -4.1 3.7 .8 10.4 3.4 -1.9 2.9 5.6 -3.9 .8 .5 1.6 33 34 Trade debt................................. 9.1 7.8 2.6 5.7 10.9 8.8 -.1 8.3 5.6 8.5 14.5 13.2 7.0 10.3 34 35 Other liabilities.......................... 4.6 6.5 5.2 6.9 6.5 6.2 7.8 8.0 5.7 5.0 6.5 6.7 7.4 15.2 35 36 Discrepancy (8-9)............................. 7.2 8.0 9.0 6.3 7.2 6.5 7.4 4.2 6.9 6.0 7.4 10.7 4.9 4.9 36 37 Memo: Net trade credit................... 5.9 3.5 6.2 9.2 6.4 6.4 9.0 8.2 13.0 9.8 3.7 5.3 7.1 7.4 37 38 Profits tax payments 11.................... 25.8 30.5 32.7 31.9 36.3 23.2 33.2 37.3 34.0 33.1 42.2 35.4 34.4 30.4 38 Digitized for FRASER http://fraser.stlouFoisrf enodt.eosr gse/e p. A-71.9. Federal Reserve Bank of St. Louis

AUGUST 1970 □ FLOW OF FUNDS A 71.5 4. SECTOR STATEMENTS OF SAVING AND INVESTMENT— Continued (Seasonally adjusted annual rates; in billions of dollars) 1968 1969 1970 Category 1965 1966 1967 1968 1969 I II III IV I II III IV I State and local governments—General funds 1 1 Net surplus, NIA basis..................... 1.0 1.3 -1.6 -1.1 -.6 -1.6 -.7 -.4 -1.9 -1.8 -1.5 -.3 1.0i .5 1 2 Less: Retirement cr. to households . 3.3 4. C 4.6 4.3 5.0i 3.9 3.9 4.6 4.7 4.1 5.3 7.0i 3.5; 4.2 2 3 Equals: Gross saving....................... -2.4 -2.7 -6.2 -5.4 -5.6 -5.4 -4.6 -5.0i -6.6 -5.9 -6.8 -7.2, -2.5; -3.7 3 4 Net financial investment.................... -3.1 -2.1 -5.2 -56 -7.5 -6.8 -4.6 -6.9 -4.0 -8.3 -12.4 -8.3 -1.0I -5.0 4 5 Net acq. of financial assets............ 4.9 4.8 3.2 5.1 1.9 1.9 1.4 6.4 10.8 3.0' - 1.8 -.8 7.2 4.3 5 6 Currency and demand deposits. -.2 -.1 -.4 1.1 2.2 .6 1.6 -1.9 4.1 1.9 -1.8 4.6 3.9 -.7 6 7 Time deposits............................ 2.4 1.3 2.4 3.2 -7.5 .8 1.3 5.2 5.7 -5.4 -4.0 -10.4 -10.0i 1.8 7 8 Credit market instruments........ 2.5 3.4 1.2 .7 7.2 .6 -1.9 3.1 .9 6.5 4.1 4.9 13.4 3.2 8 9 U.S. Government securities.. 1.9 2.4 -.3 . 1 4.2 .9 -3.0 2.6 -.3 2.5 .2 5.9 8.2 -1.4 9 10 Direct................................. 1.3 2.2 -.9 -.8 2.0 -.3 -5.6 3.3 -.4 .5 -.7 2.6 5.6 -1.5 10 11 U.S. Govt, agency sec....... .6 . 1 .6 .8 2.2 1.2 2.6 -.7 .1 2.0 .9 3.4 2.6 .1 11 12 State and local securities.... -.1 * * * .1 -.2 .2 * .1 * .1 .1 * .1 12 13 Corporate bonds................... .7 1.1 1.5 .4 2.8 -.2 .8 .3 .9 3.8 3.6 -1.2 5.0 4.4 13 14 Home mortgages................... * * * .2 .2 .1 .2 .2 .2 .2 .2 .2 .2 .2 14 15 . 1 .2 * . 1 -. 1 .4 . 1 . 1 * . 1 -. 1 * 15 16 Net increase in liabilities.............. 8.0 6.9 8.4 10.7 9.4 8.7 6.0 13.3 14.8 11.3 10.6 7.5 8.2 9.3 16 17 Credit mkt. borrowing.............. 7.6 6.4 7.9 10.2 8.9 8.2 5.5 12.8 14.3 10.8 10.1 7.0 7.7 8.8 17 18 State and local obligations ... 7.3 5.7 7.7 9.9 8.5 7.9 5.4 12.5 13.8 10.2 9.8 6.7 7.1 9.2 18 19 Short-term.......................... .6 .7 1.7 1.6 4.1 1.9 * .8 3.9 4.3 4.4 2.9 4.7 3.4 19 20 Other................................... 6.7 5.1 6.1 8.3 4.4 6.1 5.4 11.7 9.9 6.0 5.4 3.9 2.4 5.8 20 21 U.S. Govt, loans................... .3 .6 .2 .3 .4 .2 .2 .3 .5 .5 .3 .3 .5 -.4 21 22 Trade debt................................. .4 .5 .5 .5 .5 .5 .5 .5 .5 .5 .5 .5 .5 .5 22 23 Discrepancy (7-8)............................. .7 -.7 -1.0 .1 1.9 1.3 * 1.9 -2.6 2.4 5.6 1.1 -1.6 1.3 23 U.S. Government 2 1 Total receipts, NIA basis................. 124.7 142.5 151.2 175.4 200.6 165.3 170.0 180.1 186.2 197.2 202.5 200.8 202.0 195.9 1 2 Personal taxes............................... 53.8 61.7 67.5 79.3 95.9 71.9 74.5 83.4 87.2 93.7 97.3 95.6 96.9 93.4 2 3 Corp. profits tax accruals............. 29.3 32.1 30.7 37.5 39.2 36.7 37.3 37.3 38.5 39.9 40.2 38.6 38.1 34.8 3 4 Indirect taxes................................. 16.5 15.7 16.3 18.0 19.1 17.4 17.8 18.2 18.4 18.5 19.0 19.5 19.3 19.3 4 5 Insurance receipts......................... 25.1 33.0 36.7 40.7 46.5 39.3 40.3 41.2 42.0 45.1 46.0 47.0 47.7 48.4 5 6 Total expenditures, NIA basis........ 123.5 142.8 163.6 181.6 191.3 174.5 180.5 184.2 187.2 187.7 189.1 -192.5 195.9 197.7 6 7 Goods and services....................... 66.9 77.8 90.7 99.5 101.3 96.4 98.9 100.7 101.9 100.9 99.8 102.5 102.1 102.3 7 8 Grants and donations................... 24.2 29.0 30.7 33.4 36.8 32.2 33.2 33.8 34.3 34.9 36.7 36.5 39.0 38.7 8 9 Net interest.................................... 8.7 9.5 10.2 11.8 13.1 11.2 11.7 12.1 12.5 12.6 12.9 13.2 13.9 14.3 9 10 Insurance benefits......................... 23.7 26.4 32.0 36.9 40.0 34.7 36.7 37.6 38.5 39.3 39.7 40.3 40.9 42.4 10 11 Net surplus, NIA basis..................... 1.2 -.2 -12.4 -6.2 9.3 -9.2 -10.5 -4.1 -1.1 9.4 13.4 8.3 6.1 -1.7 11 12 Less: Insur. credits to households 3 . 1.4 1.4 1.4 1.3 1.7 1.5 1.8 .9 1.0 1.8 1.3 2.4 1.2 1.1 12 13 Equals: Gross saving....................... -.2 -1.6 -13.8 -7.5 7.6 -10.7 -12.3 -5.0 -2.1 7.7 12.0 5.9 4.9 -2.9 13 14 Net financial investment.................... -.8 -.1 -12.3 -7.2 7.6 -9.7 -11.3 -4.2 -3.6 8.5 13.8 2.9 5.1 -4.8 14 15 Net acquis, of finan. assets............ 3.0 5.4 3.0 8.4 6.0 13.3 -1.9 28.0 -5.8 4.2 2.9 8.4 8.6 .5 15 16 Demand deposits & currency. . -1.4 -.1 1.0 -1.7 1.1 -6.8 -14.3 24.8 -10.4 -3.1 1.6 2.2 3.7 -.4 16 17 Credit market instruments........ 2.8 4.9 4.6 5.2 2.6 6.1 7.1 4.8 . 2.9 2.3 1.6 3.7 2.8 2.6 17 18 Agency securities4................. * 1.3 -.1 .1 -1.3 -.1 1.6 -.1 -1.0 -1.1 -2.2 -.8 -1.0 .1 18 19 Mortgages.............................. -.1 .8 .9 1.1 .7 1.3 1.5 1.0 .7 .4 .8 .8 .8 .1 19 20 Other loans............................ 2.9 2.8 3.8 3.9 3.2 4.9 3.9 3.8 3.1 2.9 3.0 3.8 3.0 2.4 20 Excess of tax accruals 21 Over receipts.......................... 1.2 -.7 -4.4 2.4 * 10.6 1.0 -2.5 .8 4.2 -4.5 .3 .2 1.8 21 22 Other financial assets5.............. .5 1.3 1.8 2.5 2.3 3.3 4.5 1.0 1.0 .9 4.1 2.2 1.9 -3.5 22 23 Net increase in liabilities............... 3.8 5.5 15.3 15.6 — 1.6 23.0 9.5 32.3 — 2.2 -4.3 - 11.0 5.4 3.5 5.3 23 24 U.S. Government securities---- 1.7 3.5 13.0 13.4 -3.6 20.2 9.3 29.3 -5.4 -5.3 -13.3 3.7 .4 3.5 24 25 Savings bonds—households.. .6 .6 .9 .5 -.4 .2 .3 .8 .7 -.5 -.4 -.7 .1 -.9 25 26 Direct excl. savings bonds... .7 1.8 8.0 9.8 -.9 19.1 4.6 23.7 -8.1 -5.2 -12.1 10.1 3.8 6.7 26 27 Budget agency sec.®.............. .4 1.2 4.1 3.0 -2.4 .9 4.4 4.9 2.0 .4 -.7 -5.7 -3.5 -2.3 27 28 Life & retirement reserves........ 1.4 1.4 1.4 1.3 1.7 1.5 1.8 .9 1.0 1.8 1.3 2.4 1.2 1.1 28 29 .7 .6 .9 .9 .4 1.3 -1.7 2.0 2.2 -.8 .9 -.6 1.9 .7 29 30 Discrepancy (13-14)......................... .6 -1.5 -1.4 -.3 . 1 -1.0 -1.0 -.8 1.5 -.8 -1.8 3.0 -.2 1.9 30 31 fMemo: Corp. tax receipts, net........ 28.1 32.8 35.1 35.0 39.2 26.1 36.3 39.9 37.7 35.7 44.7 38.4 37.9 33.0 31 Federally sponsored credit agencies 8 1 Current surplus................................. .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 .1 1 2 Net increase in assets....................... 2.3 5.3 3.2 9.2 6.3 4.0 1.0 1.6 4.3 7.4 11.7 12.6 16.1 2 3 Credit market instruments........... 2.2 5.1 -.1 3.2 8.9 6.0 4.0 1.2 1.7 3.9 7.1 10.7 13.1 15.6 3 4 U.S. Government securities---- .1 1.0 * -.1 -.4 .1 .3 -.4 -.5 -2.1 -.1 -.3 .3 3.9 4 5 Residential mortgages.............. .5 1.9 1.1 1.6 3.9 2.2 2.1 1.1 1.1 1.7 2.5 4.7 6.6 5.8 5 6 Farm mortgages........................ .6 .7 .7 .5 .6 .6 .6 .4 .4 .6 .8 .6 .3 .3 6 7 Other loans................................ 1.0 1.6 -1.8 1.2 4.8 3.1 1.0 .1 .6 3.7 4.0 5.7 5.9 5.6 7 8 To coops (BC)....................... .1 .2 .2 .1 .2 .2 -.1 * .1 .2 . 2 -.1 •.3 .3 8 1 9 0 T T o o f S a r & m L er ’ s s ( ( F F I H C L B B ). ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 7 . .9 4 -2. . 5 5 . .9 2 4. . 0 6 2. . 4 4 . .8 2 * * . . 3 2 2. . 9 6 3. ' 1 .1 5. . 3 4 4. . 8 8 4 1 . . 4 0 1 9 0 11 Net increase in liabilities.................. 2.2 5.2 — .2 3.2 9.1 5.8 4.3 1.5 1.3 4.4 6.9 12.0 13.2 16.1 11 12 Credit market instruments........... 2.3 4.8 -.6 3.5 8.8 5.6 4.1 1.7 2.5 4.1 7.5 10.9 12.6 14.7 12 13 Agency securities....................... 2.1 5.1 -.6 3.2 9.1 5.2 3.7 1.8 2.1 5.2 7.5 10.9 12.6 14.7 13 14 U.S. Government loans............ .2 — .2 -.1 .2 -.3 .3 .4 -.1 .4 -1.1 14 15 Miscellaneous liabilities............... * .4 .5 -.3 .4 .3 .2 -.2 -1.3 .3 -.6 1.1 .6 1.4 15 For notes see p. A-71.9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 71.6 FLOW OF FUNDS □ AUGUST 1970 4. SECTOR STATEMENTS OF SAVING AND INVESTMENT— Continued (Seasonally adjusted annual rates; in billions of dollars) 1968 1969 1970 Category 1965 1966 1967 1968 1969 I II III IV I II III IV I Monetary authorities 1 1 Current surplus................................. * * * * * * * * * * * * * * 1 2 Net acquisition of financial assets... 2.3 4.2 4.8 3.8 4.1 1.8 1.8 3.9 7.6 .3 4.0 5.1 7.0 6.0 2 3 Gold and foreign exchange 2....... -1.3 —. 3 -.5 -1.2 -.1 -6.2 -2.6 1.1 3.1 * -.9 2.0 -1.5 .8 3 4 Treas. currency and SDR ctfs....... .2 .7 .5 .2 * .7 -.3 .1 .3 .1 -.4 .2 .3 1.9 4 5 F.R. float....................................... -.4 .3 * 1.0 * 1.7 .4 -5.0 6.9 -3.8 -.3 3.2 .6 2.4 5 6 F.R. loans to domestic banks.... -.1 .1 * * * 1.4 -1.9 .6 .1 .9 .5 .2 -1.6 -.3 6 7 Credit mkt. instruments............... 3.8 3.5 4.8 3.7 4.2 4.3 6.3 7.2 -2.9 3.1 5.0 -.4 9.2 1.3 7 8 U.S. Govt, securities................. 3.7 3.5 4.8 3.8 4.2 4.5 6.2 7.4 -2.8 3.2 5.0 -.4 9.1 1.2 8 9 Net increase in liabilities................... 2.2 4.2 4.7 3.8 41 1.8 1.8 3.9 7.6 .3 4.0 5.1 6.9 6.0 9 10 Member bank reserves................. .4 1.3 1.2 .9 .2 2.9 -1.6 -.8 2.9 .1 2.3 -1.1 -.4 4.3 10 11 Vault cash of coml. banks 3........ .3 .6 .5 1.3 .2 -3.3 1.7 3.7 2.9 -.3 .9 .3 -.3 -.1 11 Demand deposits and currency 12 U.S. Government...................... * . 2 .9 -1.1 . 6 -3.5 -.5 -.3 * -.1 -.1 .1 2.4 -1.4 12 13 Foreign 4.................................... -.1 .2 * .1 -.1 .4 -.2 .1 .1 -.2 * -.1 -.1 .3 13 14 Currency outside banks........... 2.1 2.0 2.1 2.4 2.8 3.7 3.1 1.0 1.9 1.4 3.2 2.3 4.3 2.4 14 15 Other.............................................. * -.1 * .2 .4 1.5 -.8 .2 -.2 -.7 -2.3 3.5 1.0 .5 15 Commercial banks and affiliates 5 1 2.1 2.5 2.3 2.9> 3.1 2.91 2.9> 3.1 2.8; 3.0i 3.1 3.2 3.1 3.2 1 2 Net acquisition of financial assets. .. 30.5 20.1 39.9 43.21 16.9 20.4i 25.5 : 71.9' 55.2 : 10.9 37.0 i 7.3 12.8 19.3 2 3 Total loans and investments........ 29.1 16.8 37.C 39.2 : 13.7 19.4 23.5i 66.9 47. C 1 10.1 29.2 6.2 9.9 14.4 3 4 Credit market instruments....... 29. C 16.2 35.5 38.C> 14.9 25.1 23.3i 52.2 51.2 : 16.C i 27.0 i 8.7 8.4 15.3 4 5 U.S. Government securities <5. -2.3 -3.6 9.4 2.8 ! -11.2 4.2: -2.2 : 12.2: -3.1 -15.2 ; -10.7 -10.3 -8.1 2.7 5 6 Direct................................. -3.1 -3.4 6.3 i 1.7 ' -9.4 3.5; -1.8 9.8 -4.9 -12.5 -11.3 -6.1 -7.1 1.9 6 7 Agency issues..................... 1.1 * .3 1.1 -.2 .8 * 1.3 2.2: —1.6 — .6 — .4 2.1 2.9 7 8 Loan partic. certificates... -.3i -.2 2.9i * -1.7 -.1 -.4 1.1 -.4 -1.1 1.2 -3.7 -3.0i -2.0 8 9 Other securities and mtg.... 10.6 6.6i 14.3 15.7' 6.0i 11.7 9.6i 18.7 22.7' 10.2 9.2 4.4 .1 8.9 9 10 State and local obligations. 5.1 1.9 9.0i 8.7 1.4 4.9 2.9 12.3 14.7 2.6 4.9 1.0 -2.7 6.1 10 11 Corporate bonds................ 1 . 1 .8 .3 -.4 .3 .3 .2 .4 -1.6 11 12 Home mortgages............... 3.1 2.4 2.4 3.5! 2.6 3.3 3.3 3.4 3.9 4.3 3.3 1.7 1.2 1.9 12 13 Other mortgages................ 2.5 2.3 2.2 3.2 2.3 3.2 3.2 2.7 3.6 3.4 2.6 1.8 1.6 .9 13 14 Other credit exc. security. .. 20.7 13.3 11.7 19.5 20.2 9.1 15.9 21.4 31.6 i 21.0' 28.5 14.6 16.5 3.7 14 15 Consumer credit................ 4.6 2.6 1.8 4.9 3.3 4.0i 3.6 6.0i 5.9 3.7 3.7 2. 5 3.1 1.5 15 16 Bank loans n.e.c................. 16.6 9.1 7.5 15.7 16.4 8.0 13.6 16.2 24.9 17.3 24.3 12.2 11.7 2.6 16 17 Open market paper........... -.5 1.6 2.4 -1.1 .5 -2.9 -1.4 -.9 .8 -.1 .5 * 1.6 -.5 17 18 Security credit........................... .1 .5 1.5 1.3 -1.2 -5.6 .2 14.7 -4.2 -5.9 2.2 -2.6 1.4 -.9 18 19 Vault cash & mem. bk. reserves.. .7 1.9 1.7 2.1 .4 -.4 .2 2.9 5.8 -.2 3.2 -.8 -.7 4.2 19 20 Loans to affiliate banks................ .6 1.0 .7 .4 .3 . 5 20 21 Miscellaneous assets..................... .7 1.4 1.2 1.9 2.3 1.3 1.8 2.1 2.4 * 4.0 1.5 3.3 .2 21 22 Net increase in liabilities................... 29.2 18.9 38.2 41.4 14.9 19.1 23.8 70.0 52.7 9.2 34.1 5.9 10.6 17.2 22 23 Demand deposits, net................... 5.6 .3 11.3 9.3 3.3 -4.4 -2.2 38.3 5.3 -11.3 4.2 .8 17.6 -3.0 23 24 U.S. Government...................... -1.0 -.5 .2 -.2 -.1 -2.2 -15.7 26.6 -9.6 -6.2 2.3 1.4 1.9 2.1 24 25 Other7........................................ 6.6 .8 11.1 9.5 3.4 -2.2 13.5 11.7 14.9 -5.1 2.0 -.6 15.7 -5.1 25 26 Time deposits................................ 20.0 13.3 23.8 20.6 -11.0 16.3 6.2 32.3 27.5 -6.8 -7.9 -21.5 -7.8 12.8 26 27 Large negotiable CD’s............. 3.8 -.8 4.7 2.5 -12.0 .9 -5.1 12.0 2.2 — 16. 7-15.4 -12.3 — 3.5 3.6 27 28 Other.......................................... 16.2 14.0 19.1 18.1 1.0 15.4 11.3 20.3 25.3 9.9 7. 5 -9.2 -4.3 9.2 28 29 Commercial paper issues............. 4.2 .8 4.2 5.0 6.9 8.9 29 30 Bank security issues...................... .8 . 1 .2 .2 . 1 * .7 .2 -. 1 . 1 .3 * -. 1 .2 30 31 F.R. float....................................... -.4 .3 * 1.0 * 1.7 .4 -5.0 6.9 -3.8 — .3 3.2 .6 2.4 31 32 Borrowing at F.R. Banks............. -.1 .1 * * * 1.4 -1.9 .6 . 1 .9 .5 .2 -1.6 -.3 32 33 Loans from affiliates..................... .6 1.0 .7 .4 . 3 . 5 33 34 Profit tax liabilities....................... -.1 * * -.2 .2 -.3 -.1 .4 -.8 * .6 .3 -.1 .9 34 35 Miscellaneous liabilities8.............. 3.3 5.0 2.9 10.5 17.5 4.3 20.9 3.2 13.7 28.2 31.7 17.5 -5.3 -5.2 35 36 Discrepancy...................................... .4 .8 .2 .5 .4 .9 .6 .6 -.1 .7 -.5 1.2 .3 .4 36 Memo: Amounts included above for un­ consolidated bank affiliates: 37 Net acquisition of financial assets.... 5.1 2.4 7.7 6.6 3.8 9.2 37 38 Bank loans n.e.c............................ 3.8 1.4 7.0 6.2 .7 11.5 38 39 Loans to affiliate banks................ .6 1.0 .7 .4 .3 .5 39 40 Miscellaneous assets..................... .7 2.8 -2.8 40 41 Net increase in liabilities................... 5.1 2.4 7.7 6.6 3.8 9.2 41 42 Commercial paper issues.............. 4.2 .8 4.2 5.0 6.9 8.9 42 43 Miscellaneous liabilities............... .9 1.6 3.5 1.5 -3.0 .3 43 l For notes see p. A-71.9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1970 a FLOW OF FUNDS A 71.7 4. SECTOR STATEMENTS OF SAVING AND INVESTMENT— Continued (Seasonally adjusted annual rates; in billions of dollars) 1968 1969 1970 Category 1965 1966 1967 1968 1969 I II III IV I II III IV I Private nonbank financial institutions—Total 1 1 Current surplus................................. 1.4 1.6 1.3 -.1 -.3 -.7 .6i -.1 -.4 — 2.1' .4 1.1 -.3 1 2 Physical investment (life insurance).. .4 .5 .6 .8 .8 .7 .8 .8 .8 .8: .8; .9» .9' .9 2 3 Net acquisition of financial assets---- 413 34.9 44.4 49.0i 48.0i 42.2: 49.8i 58.4; 45.7 37.9> 56.5; 49. t1 48.71 30.3 3 4 Demand deposits and currency... .3 -.1 1.0 1.0i .3 -1.4 1.6i 2.5; 1.3 -1.5i l.C> .i 1.8 -.1 4 5 Time deposits (MSB).................... * * * . 1 -.1 .1 .2 -.2: -.2 5 6 Svgs. and loan shares (Cr. union) * — .1 .3 -.2 * -.1 .5i -.3 -1.0' .3 -.6; -.i .3 .9 6 7 Credit market instruments........... 39.( 33.2 37.1 44.9 49.3 45.5; 40.9' 54.2: 39.1 44.1 56.8 53.21 43.8 33.1 7 8 U.S. Government securities___ -.1 .4 -.9 1.6 -.5 4.1 7.4 4.5 -9.7 -3.1 4.4• -3.3: -.1 -.3 8 9 State and local oblig................. -.5 .8 1.2 1.0 1.0 .9 2.2: .2 .6 .2 .4 2.1 1.0i 1.3 9 10 Corporate and foreign bonds... 7.4 8.0 11.0 9.4 7.2 8.8 6.2 14.2 8.5 7.9 8.2: 10.8 1.8 1.9 10 11 Corporate stocks....................... 5.7 5.9 9.0 9.8 12.8 5.7 5.9 14.7 12.6 10.2 12.7 13.C) 15.3 14.9 11 12 Home mortgages....................... 12.0 5.1 8.0 8.6 9.4 6.7 7.4 8.2 12.0 10.8 11.2 7.4 8.1 1.5 12 13 Other mortgages....................... 7.8 6.8 6.8 7.1 6.3 6.4 6.4 6.9 8.7 6.2 6.5 6.8 5.9 7.2 13 14 Consumer credit........................ 3.8 2.9 1.4 3.8 4.2 3.0> 3.9 3.9 4.4 4.4 5.3 3.6i 4.3 2.7 14 15 Other loans................................ 2.9 3.3 .6 3.7 9.0 9.9 1.5 1.4 2.0 7.6 8.2 12.8 7.4 4.0 15 16 Security credit............................... .2 -.1 2.8 2.0 -2.6 -2.7 6.0i -.2 5.0 -6.3 -.6 -5.2 1.8 -6.5 16 17 Trade credit................................... .2 .3 .3 .3 .3 .3 .3 .3 .3 .3 .3 .3 .3 17 18 Miscellaneous assets..................... 1.7 2.0 2.9 .9 .7 .5 .4 1.9 1.0 1.1 -.2 1.2 .7 2.6 18 19 Net increase in liabilities................... 40.6 34.7 44.7 48.6 49.4 42.9 47.3 58.2 46.1 43.3 56.0 519 46.4 31.5 19 20 Time and savings accounts........... 13.1 7.0 17.0 12.4 8.0 12.9 12.9 11.5 12.4 13.4 8.5 5.8 4.2 5.1 20 21 Insurance and pension reserves. .. 15.7 16.7 18.7 18.2 18.7 16.4 17.5 19.1 19.6 16.7 18.6 22.2 17.3 18.8 21 22 Credit market instruments........... 9.1 6.6 1.7 11.4 18.0 13.8 10.5 7.6 13.6 15.9 19.7 22.0 14.3 4.2 22 23 Finance company bonds........... 1.9 .8 1.0 .8 1.6 .9 .8 .7 .9 1.4 2.2 1.4 1.3 1.3 23 24 Investment company shares___ 3.1 3.7 2.6 4.7 5.6 6.8 2.4 4.7 4.9 7.6 4.7 6.1 4.2 2.3 24 25 Mtg. loans in process................ * -.9 1.0 .2 * .2 .1 -.1 .6 .7 .3 -.4 -.7 - 1.2 25 26 Bank loans n.e.c........................ 2.4 -1.3 -2.1 2.3 2.1 1.5 2.8 2.7 2.4 1.0 4.8 .7 2.1 -4.6 26 27 Other loans................................ 1.7 4.3 -.7 3.3 8.6 4.5 4.4 -.5 4.9 5.2 7.7 14.2 7.3 6.4 27 28 Finance company paper........ 1.0 3.4 1.8 2.5 4.6 2.1 3.6 -.5 4.6 2.3 4.6 8.9 2.6 2.1 28 29 FHLB loans........................... .7 .9 -2.5 .9 4.0 2.4 .8 * .2 2.9 3.1 5.3 4.8 4.4 29 30 Security credit............................... * .6 2.1 2.0 -2.2 -4.8 1.7 13.7 -2.5 -9.4 1.8 -4.5 3.4 -2.2 30 31 Taxes payable............................... .2 * -.1 * .1 -.1 .1 .1 * .1 * .2 * .3 31 32 Miscellaneous liabilities............... 2.6 3.8 5.2 4.6 6.9 4.7 4.6 6.2 3.1 6.6 7.5 6.1 7.2 5.2 32 33 Discrepancy...................................... .2 .8 .9 -1.3 .3 -.7 -2.6 -1.0 -.7 1.9 -.9 1.4 -2.0 * 23 Savings and loan associations 1 Net acquisition of financial assets___ 10.2 4.6 9.7 9.3 9.4 10.7 9.9 8.9 7.6 12.8 10.1 8.2 6.5 5.6 1 2 Demand deposits & currency 2... * -.5 -.3 -.4 -.2 -.4 -.8 -.6 .1 -.1 -.5 * * .2 2 3 Credit market instruments........... 9.6 4.2 9.2 10.0 10.0 11.8 11.8 9.0 7.5 12.6 11.7 8.8 6.8 3.1 3 4 U.S. Govt, securities................. .5 .4 1.6 .6 .4 3.5 3.2 -.2 -3.9 1.9 .4 -. 1 -.4 -1.2 4 5 Home mortgages....................... 7.1 2.9 6.0 7.2 8.0 6.5 6.5 6.9 8.9 9,1 9.5 7.4 6.1 3.2 5 6 Other mortgages....................... 1.9 .9 1.5 2.1 1.5 1.8 2.0 2.2 2.4 1.7 1.7 1.6 1.2 1.2 6 7 Consumer credit........................ .1 * * .1 * * .1 . 1 . 1 * .1 * -.1 -.1 7 8 Misc. financial trans...................... .6 .9 .8 -.3 -.4 -.7 -1.0 .5 * .3 -1.2 -.6 -.3 2.3 8 9 Net increase in liabilities................... 9.4 4.0 9.3 8.5 8.5 10.2 9.2 8.4 6.3 12.3 9.1 7.5 5.0 4.9 9 10 Savings shares............................... 8.5 3.6 10.7 7.3 4.0 7.7 7.6 7.2 6.8 8.0 4.6 3.0 .5 1.9 10 11 Credit market instruments........... .8 .1 -1.7 1.1 4.1 2.2 1.2 -.1 1.3 3.2 3.6 5.1 4.6 2.5 11 12 Mtg. loans in process................ * -.9 1.0 .2 * .2 .1 -.1 .6 .7 .3 -.4 -.7 -1.2 12 13 Borrowing from FHLB............ .7 .9 -2.5 .9 4.0 2.4 .8 * .2 2.9 3.1 5.3 4.8 4.4 13 Mutual savings banks 1 Net acquisition of financial assets3. .. 4.0 2.8 5.4 4.6 3.1 4.9 4.8 4.5 4.0 4.8 3.5 1.8 2.0 2.6 1 2 Credit market instruments........... 3.9 2.7 5.2 4.3 3.0 4.9 4.3 3.8 4.3 4.9 3.5 1.4 2.3 3.1 2 3 U.S. Govt, securities................. -.3 -.5 -.3 -.3 -.5 .2 .6 -.8 -1.1 .3 -.5 -1.0 -.8 -.6 3 4 State and local govt, securities.. -.1 -.1 * * * * -.1 * * * * * * * 4 5 Corporate bonds....................... -.1 .3 2.1 1.4 .3 1.7 1.1 1.2 1.6 .8 .8 -.3 -.2 .9 5 6 Corporate stocks....................... .2 * .2 .3 .3 .2 .2 .3 .3 .3 .3 .3 .3 .3 6 7 Home mortgages....................... 2.7 1.6 1.8 1.4 1.4 1.0 1.2 1.4 2.1 1.6 1.5 1.1 1.3 .3 7 8 Other mortgages....................... 1.4 1.1 1.4 1.4 1.2 1.2 1.1 1.4 1.7 1.3 1.2 1.0 1.2 1.1 8 9 Savings deposits............................ 3.6 2.6 5.1 4.1 2.6 4.4 4.0 3.4 4.5 3.8 2.7 1.5 2.4 1.6 9 10 Miscellaneous liabilities............... .1 * .1 .2 .2 .1 .1 .5 .2 .1 .5 -.1 .3 .2 10 Life insurance companies 1 Net acquisition of financial assets3... 8.7 8.3 9.4 9.3 8.9 9.4 10.1 8.8 9.1 9.1 8.8 9.6 8.2 8.2 1 2 Credit market instruments............ 8.2 8.1 8.4 8.6 8.5 9.5 9.2 7.3 8.5 8.6 8.6 9.6 7.1 8.4 2 3 U.S. Govt, securities................. -.4 -.3 -.3 -.2 -.5 .2 -.6 * -.5 -.9 -.3 -.7 -.3 * 3 4 State and local obligations___ -.3 -.4 -.1 * .2 * .7 -.7 .2 .2 .1 .5 .2 -.1 4 5 Corporate bonds....................... 2.8 2.4 3.8 3.8 1.9 4.4 3.9 3.0 3.8 2.9 2.7 2.1 -.3 -.4 5 6 Corporate stock......................... .7 .3 1.1 1.4 1.6 1.3 1.5 1.3 1.7 1.9 1.8 1.1 1.7 2.2 6 7 Home mortgages....................... 1.1 .6 -.5 -.7 -1.0 -.6 -.6 -.8 -1.0 -.7 -.6 -.8 -1.9 -1.7 7 8 Other mortgages....................... 3.8 4.0 3.4 3.2 3.1 2.7 2.8 3.3 4.0 2.7 2.9 3.2 3.4 4.4 8 9 Other loans................................ .6 1.5 1.0 1.1 3.2 1.5 1.5 1.3 .2 2.5 2.0 4.2 4.2 3.9 9 10 Net increase in liabilities................... 7.9 7.9 9.0 9.1 9.4 9.2 9.0 9.0 9.2 10.5 8.1 9.4 9.5 9.6 10 11 Life insurance reserves................. 4.7 4.5 4.7 4.6 4.5 4.6 4.6 4.5 4.5 5.3 3.7 4.5 4.4 4.4 11 12 Pension fund reserves................... 2.1 2.1 2.6 2.9 3.0 2.8 2.9 3.0 3.0 3.4 2.6 3.0 3.1 3.1 12 13 Other liabilities............................. 1.2 1.2 1.8 1.5 1.8 1.6 1.5 1.5 1.7 1.8 1.9 1.8 1.9 2.0 13 For notes see p. A-71.9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 71.8 FLOW OF FUNDS □ AUGUST 1970 4. SECTOR STATEMENTS OF SAVING AND INVESTMENT— Continued (Seasonally adjusted annual rates; in billions of dollars) 1968 1969 1970 Transaction category, or sector 1965 1966 1967 1969 1969 I II III IV I II III IV I Private pension funds 1 Net acquisition of financial assets---- 5.6 6.1 6.7 6.4 6.2 5.1 6.1 7.0 7.3 3.9 7.0 7.7 6.3 7.1 1 2 Demand deposits and currency... * * .4 .3 -.1 -.8 .7 .8 .6 -1.6 1.6 -.6 .4 .6 2 4 3 Cr U ed .S it . m G a o r v k t e , t s i e n c s u t r r i u t m ies e . n .. t . s .. . . . . . . . . . . . . . . . . . . . . . . 5.2 * - 5 . . 5 5 - 5 . . 6 4 5. . 8 5 6. . 2 3 5. . 6 7 5. . 1 5 5. . 9 1 6. . 7 7 5. .5 7 5. .1 5 8 1 . . 0 9 -1 5 . . 5 6 - 6 . . 7 5 4 3 5 Corporate bonds....................... 1.5 1.9 .9 .7 .5 .9 .7 .7 .3 -.8 .7 1.3 .6 1.8 5 6 Corporate stock......................... 3.1 3.7 5.0 4.7 5.4 4.0 4.1 5.0 5.7 5.8 4.8 4.5 6.4 5.2 6 7 Mortgages.................................. .6 .5 .1 * .1 * -.2 * * .1 -. 1 .2 .1 .2 7 8 .3 .6 .8 .2 .1 .3 .3 .2 .1 -.2 -.1 .4 .3 * 8 State and local govt, employee retirement funds 1 Net acquisition of financial assets.... 3.3 4.0 4.6 43 5.0 3.9 3.9 4.6 4.7 4.1 5.3 7.0 3.5 4.2 1 2 Demand deposits and currency... * .1 .1 .1 -.1 .1 * .4 . 1 -.2 -.6 .5 -.1 -.3 2 3 Credit market instruments.......... 3.3 3.8 4.5 4.1 5.0 3.7 3.9 4.1 4.6 4.2 5.8 6.4 3.5 4.4 3 4 .4 .2 * * -.1 .2 .1 -.4 .3 -1.0 -.4 .4 .5 -.3 4 5 Direct..................................... . 2 .1 -.2 -.4 -.3 -.2 -.3 -.9 -.3 -1.3 -.4 * .5 -.4 5 6 U.S. Govt, agency sec........... .2 . 1 .2 .4 .2 .4 .4 .4 .5 .3 .1 .4 .1 6 7 State and local obligations....... -.3 -.1 -.1 -.1 - . 1 . 1 -.3 * -.2 -.1 -.2 -.1 —. 1 -.2 7 8 Other cr. mkt. instruments.... 3.2 3.8 4.6 4.1 5.2 3.3 4.1 4.6 4.5 5.2 6.3 6.1 3.1 4.9 8 9 Corporate bonds................... 2.1 2.5 3.4 2.4 3.0 1.7 2.5 3.2 2.3 3.6 3.9 3.4 1.1 2.4 9 10 Corporate stock..................... .4 .5 .7 1.3 1.8 1.1 1.1 1.3 1.7 1.2 2.0 1.9 2.1 2.1 10 11 Mortgages.............................. .7 .8 .5 .4 .4 .6 .5 .1 .5 .4 .4 .8 —. l .4 11 12 Other.............................................. . 1 . 1 . 1 . 1 . 1 . 1 . 1 . 1 . 1 .1 . 1 . 1 .1 12 Other insurance companies 1 Current surplus................................. -. 1 .5 .4 .1 -. 1 .3 . 1 -. 1 * -. 1 -. 1 -.1 * -.1 1 2 Net acquisition of financial assets.... 1.2 2.1 2.3 34 3.0 3.2 3.3 3.5 3.5 2.2 3.0 3.3 3.3 3.0 2 3 Demand deposits and currency... -.1 * . 1 * * . 1 .1 . 1 * * -.1 * * 3 4 Credit market instruments........... 1.1 1.9 2.1 3.0 2.6 2.8 2.9 3.0 3.1 1.9 2.7 3.0 2.9 2.7 4 5 U.S. Government securities.... * —. 4 -.7 -.3 -.5 * * -.5 -.6 -.4 1.0 -2.1 -.3 * 5 6 State and local oblig................. .4 1.3 1.4 1.0 1.0 1.0 1.0 1.0 1.0 .9 .5 1.7 .8 .7 6 7 Corporate bonds....................... .6 .7 1.2 1.1 1.1 1.1 1.2 1.2 .2 * 3.1 1.0 .6 7 8 Corporate stock......................... . 1 .6 1.1 1.0 .7 .8 1.3 1.5 1.1 1.2 .3 1.3 1.4 8 9 Commercial mortgages............. * * * * * * * * * * * . 1 9 10 Trade credit................................... .2 .2 .3 .3 .3 .3 .3 .3 .3 .3 .3 .3 .3 .3 10 11 Net increase in liabilities................... 1.6 1.8 2.1 2.3 2.7 1.9 2.4 2.4 2.5 2.7 2.7 2.8 2.8 3.2 11 12 Discrepancy...................................... .3 . 1 .2 -1.0 -.3 -1.0 -.9 -1.1 -1.0 .4 -.4 -.6 -.5 .1 12 Finance companies 1 Net acquisition of financial assets.... 5.4 2.6 .9 5.5 8.1 4.1 7.1 3.0 7.6 4.9 11.1 8.5 8.5 .5 1 2 Demand deposits and currency... .2 .2 .2 .2 .3 .2 .2 .2 .3 .3 .3 .3 .3 .3 2 3 Home mortgages........................... .5 -.6 .4 .6 .8 -.3 .4 .5 1.9 .7 .8 -.5 2.3 -.7 3 4 Consumer credit........................... 2.6 1.8 .6 2.4 2.6 1.8 2.9 2.4 2.3 2.9 3.2 2.1 3.1 1.8 4 5 Other loans (to bus.)..................... 2.0 1.2 -.4 2.2 4.3 2.4 3.6 -. 1 3.2 1.0 6.8 6.7 2.7 -.8 5 6 Net increase in liabilities................... 5.2 2.8 .9 5.5 8.2 4.8 6.9 3.0 7.4 5.1 11.4 10.8 5.5 -.6 6 7 Corporate bonds........................... 1.9 .8 1.0 .8 1.6 .9 .8 .7 .9 1.4 2.2 1.4 1.3 1.3 7 8 Bank loans n.e.c............................ 2.2 -1.4 -2.0 2.3 2.0 1.9 2.5 2.8 1.9 1.4 4.6 .5 1.6 -3.9 8 9 Open market paper....................... 1.0 3.4 1.8 2.5 4.6 2.1 3.6 .5 4.6 2.3 4.6 8.9 2.6 2.1 9 Open-end investment companies 1 Current surplus................................. 1.1 -1.2 -1.5 -2.2 -2.3 -2.8 -1.5 -2.1 -2.4 -4.8 -1.7 -2.0 -.8 -2.1 1 2 Net acquisition of financial assets.... 2.0 2.5 1.1 2.5 3.3 4.0 .9 2.7 2.5 2.8 3.0 4.1 3.4 .2 2 3 Demand deposits and currency... .1 * .2 .1 -.1 -. 1 .4 -.2 .3 -.1 -. 1 -. 1 * * 3 4 Credit market instruments........... 2.0 2.5 .9 2.4 3.4 4.1 .5 2.8 2.2 2.9 3.1 4.1 3.4 .3 4 5 U.S. Govt, securities................. * .6 -.5 .2 -.5 * .5 1.4 -1.0 -.7 * .2 -1.3 -.9 5 6 Corporate bonds....................... .4 .4 * .4 .2 -.5 1.0 .4 .9 .5 .5 -.6 .3 -2.9 6 7 Corporate stocks..................... 1.2 1.0 1.5 1.5 2.5 -1.0 2.4 1.0 3.4 -.7 3.1 3.3 4.3 4.2 7 8 Open market paper ................. .3 .5 * .3 1.2 5.6 -3.5 * -1.0 3.8 -.4 1.3 .2 -.1 8 9 Net stock issues 4............................. 31 3.7 2.6 4.7 5.6 6.8 2.4 4.7 4.9 7.6 4.7 6.1 4.2 2.3 9 For notes see p. A-71.9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1970 □ FLOW OF FUNDS A 71.9 4. SECTOR STATEMENTS OF SAVING AND INVESTMENT— Continued (Seasonally adjusted annual rates; in billions of dollars) 1968 1969 1970 Transaction category, or sector 1965 1966 1967 1968 1969 I II III IV I II III IV I Rest of the world 1 Net U.S. exports............................... 6.9 5.3 5.2 2.5 2.0 1.8 3.4 3.4 1.4 1.3 1.3 2.6 2.6 3.5 1 2 U.S. exports................................... 39.2 43.4 46.2 50.6 55.5 47.7 50.7 53.2 50.9 47.8 57.2 58.3 58.8 61.1 2 3 U.S. imports.................................. 32.3 38.1 41.0 48.1 53.6 45.9 47.3 49.8 49.5 46.5 55.9 55.6 56.2 57.6 3 4 Transfer receipts from U.S............... 2.8 2.8 3.0 2.8 2.8 2.5 2.7 3.0 3.1 2.4 3.2 2.8 2.9 2.8 4 5 Current account balance1................ -4.1 -2.4 -2.2 .3 .9 .7 -.7 -.4 1.7 1.1 2.0 .1 .3 -.7 5 6 Net financial investment.................... -3.7 -2.0 -1.1 1.2 3.7 2.5 .4 -.8 2.8 5.4 5.7 4.0 -.4 -3.2 6 7 Net acquis, of financial assets....... 1.9 3.3 7.6 8.3 10.1 8.8 7.0 7.0 10.5 13.8 14.9 12.3 -.6 4.9 7 8 Gold and SDR’s2..................... 1.7 .6 1.2 1.2 -1.0 5.4 .1 -.3 -.5 .2 -1.3 * -2.8 -.4 8 1 9 0 T U i . m S. e d d e e m p . o s d i e t p s. . . . a .. n .. d .. .. c .. u .. r . r .. e .. n .. c .. y .. . . . . . . . . 3 6 -1. . 0 8 1 . . 6 4 -.2 * 1 . .2 2 -.7 .6 - - . . 7 4 - 1 .7 .0 - -. . 1 2 -. . 4 2 -1.4 * . . 1 1 - 6 . . 2 0 3. . 7 6 1 9 0 11 U.S. Government securities.... -.2 -2.4 2.1 -.5 -1.1 -2.0 -4.7 .6 4.2 -6.2 -1.1 3.6 -.5 6.1 11 12 Other credit market instr.3. . .. -.1 .6 .8 2.8 3.0 1.2 2.5 2.5 5.0 4.7 2.4 2.4 2.5 1.0 12 13 Other financial assets 4............. -.3 4.7 1.6 5.1 7.7 4.2 10.2 3.8 2.1 15.3 16.3 4.9 -5.6 -2.7 13 1 15 4 Ne O t f i f n ic c i r a e l a s U e . S in . f li g a n b . il e i x ti c e h s. a .. n .. g .. e .. 5 . .. . . . .. . 5. . 6 4 5.3 * 8 1. . 1 7 2 7 . . 1 1 6. . 5 3 6 1 . . 3 8 6. .6 6 2 7 . . 0 8 3 7 . . 7 7 8. . 5 4 - 9 .1 .3 2 8 . . 8 3 -1 -. . 2 9 -2 8 . . 3 0 1 1 5 4 16 Securities.................................... .8 .5 1.3 1.3 1.4 1.4 .5 1.1 2.0 1.4 1.6 2.0 .5 .8 16 17 Loans 6....................................... 1.9 1.1 2.8 1.7 2.1 3.0 1.5 1.5 .9 2.7 3.9 .4 1.6 2.1 17 18 Other liabilities 7....................... 2.5 3.8 3.5 2.1 2.7 * 4.0 3.2 1.1 3.8 3.9 3.1 -.3 7.5 18 19 Discrepancy 8.................................... -.3 -.4 -1.1 -.9 -2.8 -1.8 -1.1 .4 -1.0 -4.2 -3.7 -3.9 .6 -1.0 19 U.S. gold, SDR’s & net fgn. exchg.: 20 Monetary authority....................... -1.3 -.3 -.5 -1.2 -.1 -6.2 -2.6 1.1 3.1 * -.9 2.0 -1.5 .8 20 21 U.S. Treasury9.............................. .1 -.2 .4 2.0 1.4 2.6 3.2 1.2 1.2 .2 2.1 .8 2.3 -2.7 21 Notes to Table 4 Households Banking 1 Includes personal trusts and nonprofit organizations. 1 Federal Reserve System plus those Treasury accounts included in 2 Imputed saving associated with growth of government life insurance “Member Bank Reserves, Federal Bank Credit, and Related Items” and retirement reserves. (p. A-4). Excludes Exchange Stabilization Fund, which is in U.S. Govt, 3 From open-end investment companies. accounts. 4 Policy loans, hypothecated deposits, and U.S. Govt, loans to nonprofit 2 Includes F.R. holdings of foreign currencies. On Special Drawing organizations. Rights, see notes 5 and 7 to Governments table. SDR certificates as assets of the Federal Reserve are on line 4 of this table. 3 Includes vault cash of nonmember banks. Bus 1 i E ne x s c s ludes imputed rental income from owner-occupied houses. 4 IMF deposits are net in line 3. 2 Change in work in process. 5 This section represents a combined statement for commercial banks 3 After inventory valuation adjustment. plus affiliates not consolidated in bank reports (see lines 37-43 below). 4 Excludes CCC-guaranteed loans, treated as U.S. Govt, purchases on Based on balance sheet estimates for last day of quarter. Reported bank data, as on p. A-19, are frequently for last Wednesday of month or other NIA basis. reporting date. Excludes banks in U.S. possessions. 5 Includes corporate farms. 6 Net change in par value of holdings. 6 Noncorporate net income is treated as payment in full to proprietors 7 Net of F.R. float, shown separately in line 28. in the household sector. Gross saving consists of capital consumption 8 Includes liabilities to foreign branches. allowances plus corporate farm retained profits. 7 Loans from U.S. Govt, and commercial loans from finance companies. 8 Includes earnings retained in business; see note 6 above. Nonbank finance 9 Direct investments abroad, foreign currency holdings, and unallocated ban 1 k I s n , a se d c d u it r i i o ty n b t r o o k ty e p r e s s a s n h d o w de n a , l e in rs c , l u a d n e d s b c a r n ed k i s t i u n n p io o n ss s e , s a s g io e n n s c . ies of foreign cur I r o e n C t o a m ss m et e s r . cial paper, commercial loans from finance companies, and line 2 E 8. xcludes deposits at FHLB, which are included in Miscellaneous, U.S. Govt, loans. 3 Includes cash and other assets, not shown separately. II Includes State and local profit taxes. 4 Includes retained capital gains dividends. Governments Rest of the world 1 Retirement funds are on p. A-71.8. 1 Line 4 minus line 1. The current balance is shown here from the 2 Unified budget basis for all years. Excludes sponsored agencies viewpoint of the rest of the world and is thus opposite in sign from U.S. shown below. balance of payments statements and U.S. national income accounts. 3 Govt, life insurance, employee retirement, and R.R. retirement 2 Net purchases of gold and Special Drawing Rights from the U.S. only. programs. Excludes acquisitions of gold from outside the U.S. Also excludes January 4 Securities of sponsored credit agencies only. allocation of SDR’s. Line 15 minus line 8 equals line 20 plus line 21. 5 Mainly official foreign exchange and IMF position of Treasury. 3 Corporate securities and acceptances. Includes net purchases of Special Drawing Rights, which are assets of 4 Trade credit, direct investment in the United States, bank liabilities the Exchange Stabilization Fund. Initial allocation of SDR’s in January to foreign branches, deposits at agencies of foreign banks, security credit, is excluded, however, from these tables on transactions. and unallocated assets. <5 Loan participation certificates and securities issued by Export-Import 5 Includes net IMF position. Bank, GNMA, CCC, Federal Housing Administration, and TVA. In­ 6 Bank loans, acceptances, and loans from U.S. Govt. cludes mortgage liabilities of Defense Dept, and Coast Guard. 7 Trade debt, direct investment abroad, foreign currencies other than 7 Includes net sales of SDR certificates to Federal Reserve System. in line 15, subscriptions to international organizations except IMF, and 8 Home loan banks, land banks, intermediate credit banks, banks for unidentified liabilities. cooperatives, and Federal National Mortgage Association (before 1969, 8 Errors and omissions in U.S. balance of payments statement. secondary market operations only). 9 On treatment of SDR’s, see note 5 to Governments tables. NOTE.—1969 year-end amounts outstanding: Pre­ liminary tables on assets and liabilities outstanding at the end of 1969 are available on request to the Flow of Funds Section, 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 72 U.S. BALANCE OF PAYMENTS □ AUGUST 1970 1. U.S. BALANCE OF PAYMENTS (In millions of dollars) 1969 1970* Item 1968 1969 I II III IV I 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 50,622 55,514 11,948 14,291 14,565 14,712 15,276 Merchandise............................................................... 33,588 36,473 7,472 9,585 9,581 9,835 10,200 Military sales.............................................................. 1,395 1,515 391 313 458 352 284 Transportation............................................................ 2,969 3,131 660 827 843 803 840 Travel.......................................................................... 1,775 2,058 501 520 519 518 559 Investment income receipts, private......................... 6,922 7,906 1,861 1,919 2,043 2,083 2,237 Investment income receipts, Govt............................. 765 932 228 231 243 231 252 Other services............................................................. 3,208 3,498 835 896 878 890 904 Imports of goods and services—Total........................... -48,129 -53,564 -11,618 -13,978 -13,909 -14,061 -14,391 Merchandise............................................................... -32,964 -35,835 -7,576 -9,606 -9,263 -9,390 -9,685 Military expenditures................................................. -4,535 -4,850 -1,198 -1,187 -1,220 -1,245 -1,205 Transportation........................................................... -3,269 -3,608 -775 -907 -960 -967 -938 Travel.......................................................................... -3,022 -3,390 -820 -855 -875 -840 -873 Investment income payments.................................... -2,933 -4,463 -905 -1,071 -1,240 -1,247 -1,329 Other services............................................................. -1,406 -1,419 -344 -352 -351 -372 -361 Balance on goods and services1..................................... 2,493 1,949 330 313 656 651 885 Remittances and pensions.............................................. -1,121 -1,190 -270 -294 -318 -309 -330 1. Balance on goods, services, remittances and pen­ sions......................................................................... 1,372 759 60 19 338 342 555 2. U.S. Govt, grants and capital flow, net..................... -3,975 -3,828 -777 -1,159 -1,022 -870 -837 Grants,2 loans, and net change in foreign cur­ rency holdings, and short-term claims............. -5,359 -5,032 -1,118 -1,519 -1,213 -1,183 -1,259 Scheduled repayments on U.S. Govt, loans........ 1,114 1,291 297 326 345 324 334 Nonscheduled repayments and selloffs................. 269 -87 44 34 3-154 3-11 88 3. U.S. private capital flow, net..................................... -5,412 -5,374 -1,213 -2,151 -980 -1,030 -1,557 Direct investments.................................................. -3,209 -3,070 -902 -1,015 -877 -276 -1,304 Foreign securities.................................................... -1,254 -1,494 -319 -539 -567 -69 -159 Other long-term claims reported by— Banks................................................................... 358 330 133 31 131 35 26 Others.................................................................. -220 -424 -82 -80 -13 -249 -338 Short-term claims reported by— Banks................................................................... -105 -871 -65 -533 98 -371 130 Others.................................................................. -982 155 22 -15 248 -100 88 4. Foreign capital flow, net, excluding change in liquid assets in the United States.................................. 8,701 4,146 1,774 413 311 1,650 409 Long-term investments.......................................... 6,029 3,910 1,841 414 428 1,227 750 Short-term claims.................................................... 759 140 -83 65 113 45 -9 Nonliquid claims on U.S. Govt, associated with— Military contracts............................................... -105 156 -65 84 -91 229 -55 U.S. Govt, grants and capital........................... 2 -16 -4 -7 -5 * -9 Other specific transactions................................. 6 -2 -10 28 -20 -1 -26 Other nonconvertible, nonmarketable, mediumterm U.S. Govt, securities4.................... ........ 2,010 -41 95 -171 -115 150 -242 5. Allocation of Special Drawing Rights...................... 217 6. Errors and unrecorded transactions........................... -514 -2,924 -1,196 -922 -927 121 -337 Balances 5 A. Balance on liquidity basis Seasonally adjusted (Equals sum of items 1-6.)... 171 -7,221 -1,352 -3,801 -2,279 211 6-1,765 -1,548 Less ’ Net seasonal adjustments............................ -84 15 693 -624 -90 -740 Before seasonal adjustment..................................... 171 -7,221 -1,268 -3,816 -2,972 835 -1,675 -808 B. Balance on basis of official reserve transactions Balance A, seasonally adjusted.............................. 171 -7,221 -1,352 -3,801 -2,279 211 -1,765 -1,548 Plus: Seasonally adjusted change in liquid assets in the United States of— Commercial banks abroad................................. 3,387 9,434 2,952 4,805 1,311 366 — 1 ,,717 -1,717 Other private residents of foreign countries... 375 -441 -22 -145 -143 -131 - 167 -167 International and regional organizations other 48 -60 -88 82 12 -66 154 154 Less: Change in certain nonliquid liabilities to foreign central banks and govts......................... 2,340 -996 37 -374 -517 -142 -425 -425 Balance B, seasonally adjusted............................... 1,641 2,708 1,453 1,315 -582 522 -3,070 -2,853 Less ■ Net seasonal adjustments............................ -258 111 458 -311 -262 -912 Before seasonal adjustment..................................... 1,641 2,708 1,711 1,204 -1,040 833 -2,808 -1,941 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1970 □ U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE A 73 1. U.S. BALANCE OF PAYMENTS— Continued (In millions of dollars) 1969 1970* Item 1968 1969 I II III IV I Transactions by which balances were settled—Not seasonally adjusted5 A. To settle balance on liquidity basis........................... -171 7,221 1,268 3,816 2,972 -835 1,675 808 Change in U.S. offiicial reserve assets (in­ crease, —)............................................................ -880 -1,187 -48 -299 -686 -154 481 -386 Gold..................................................................... 1,173 -967 56 -317 -11 -695 -44 -44 SDR’s.................................................................. -53 -920 IMF gold tranche position................................. -870 -1,034 -31 -228 -233 -542 -253 -253 Convertible currencies........................................ -1,183 814 -73 246 -442 1,083 831 831 Change in liquid liabilities to all foreign accounts.. 709 8,408 1,316 4,115 3,658 -681 1,194 11194 Foreign central banks and govts.: Convertible nonmarketable U.S. Govt, Ma se rk c e u t r a it b i l e e s ^ U .. . . S ... . . . G ... o .. v .. t . , . .. b .. o .. n .. d .. s .. . a .. n .. d ... . n .. o .. t . e .. s .. 7 .. . .. . . . -3 -1 7 0 9 -1 -7 6 9 3 -2 -3 5 -10 * - 8 9 4 -2 -6 1 7 2 -1 - 2 3 6 -1 - 2 3 6 Deposits, short-term U.S. Govt, securities, etc................................................................. -2,709 -272 -1,681 -525 2,169 -235 2,882 2,882 IMF (gold deposits)............................................ -3 -11 1 -3 -9 -9 -9 Commercial banks abroad................................. 3,387 9,434 3,134 4,716 1,554 ..........30 *' -1,537 -1,537 Other private residents of foreign countries.... 375 -441 -22 -145 -143 -131 -167 -167 International and regional organizations other than IMF........................................................ 48 -60 -88 82 12 -66 154 154 B. Official reserve transactions....................................... -1,641 -2,708 -1,711 -1,204 1,040 -833 2,808 1,941 Change in U.S. official reserve assets (in­ crease, —)............................................................ -880 -1,187 -48 -299 -686 -154 481 -386 Change in liquid liabilities to foreign central banks and govts., and IMF (see detail above under A.)............................................................. -3,101 -525 -1,708 -538 2,235 -514 2,744 2,744 Change in certain nonliquid liabilities to foreign central banks and govts, of — U.S. private organizations............................. 534 -834 -43 -195 -390 -206 -159 -159 U.S. Govt......................................................... 1,806 -162 88 -172 -119 41 -258 -258 1 Excludes transfers under military grants. 6 Equals sum of items 1-4 plus 6. 2 Excludes military grants. 7 With original maturities over 1 year. 3 Negative entry reflects repurchase of foreign obligations prevoiusly sold. Note.—Dept, of Commerce data. Minus sign indicates net payments 4 Includes certificates sold abroad by Export-Import Bank. (debits); absence of sign indicates net receipts (credits). Details may not 5 The first column shown for 1970-1 excludes, and the second column add to totals because of rounding. includes, initial allocation by the IMF of $867 million of SDR’s. For purposes of seasonal adjustment the allocation is accounted for at the rate of $217 million per quarter. 2. MERCHANDISE EXPORTS AND IMPORTS (Seasonally adjusted; in millions of dollars) Exports 1 Export surplus Period 1967 1968 1969 1970 1967 1968 1969 1970 1967 1968 1969 1970 Month: Jan... 2,639 2,814 32,086 3,305 2,317 2,687 32,014 3,250 322 127 72 55 Feb... 2.582 2,775 32.295 3,628 2,216 2,592 32,653 3,256 366 184 -358 372 Mar... 2,525 32,439 33,197 3,379 2,166 32,589 32,976 3,214 359 -150 221 165 Apr... 2,608 32,855 33,353 3,450 2.198 32,604 33,173 3,248 410 251 180 202 May.. 2,549 2,740 33.296 3,695 2,118 2,755 33,276 3,361 432 -15 20 334 June.. 2.582 2,870 33,211 3,776 2,184 2,792 33,186 3,310 398 78 25 466 July.. 2,601 2,858 3,169 2,245 2,725 3,066 357 133 103 Aug... 2,566 32,950 3,373 2,145 2,872 3,180 421 78 193 Sept... 2,597 33,211 3,326 2.198 2,951 3,055 399 261 271 Oct... 2,415 32,631 3,362 2,254 2,736 3,222 161 -105 140 Nov... 2,671 2,972 3,367 2,396 2,883 3,214 275 89 153 Dec... 2,677 2,977 3,239 2,493 2,908 3,007 184 70 232 Quarter: I...... 7,745 8,028 7,578 10,313 6,698 7,867 7,643 9,719 1,047 161 -65 594 11.... 7,739 8,465 9,860 10,921 6,500 8,151 9,635 9,918 1,240 314 225 1,003 111.... 7,764 9,019 9,867 6,588 8,548 9,301 1,177 471 566 IV.... 7,763 8,580 9,968 7,143 8,527 9,443 620 53 525 Year4... 31,011 34,092 37,274 26,928 33,093 36,022 4,083 1,001 1,252 * Exports of domestic and foreign merchandise; excludes Dept, of 3 Significantly affected by strikes. Defense shipments of grant-aid military equipment and supplies under 4 Sum of unadjusted figures. Mutual Security Program. 2 General imports including imports for immediate consumption plus Note.—Bureau of the Census data. Details may not add to totals be­ entries into bonded warehouses. cause of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 74 U.S. GOLD TRANSACTIONS □ AUGUST 1970 3. U.S. NET MONETARY GOLD TRANSACTIONS WITH FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (NeJ, sales (—) or net acquisitions; in millions of dollars at $35 per fine troy ounce) 1969 1970 Area and country 1961 1962 1963 1964 1965 1966 1967 1968 1969 III IV Western Europe: Austria............................. -143 -82 -55 -100 -25 Belgium............................ -144 -63 -40 -83 -58 France............................... -456 -5i8 -405 -884 -6oi 600 325 275 Germany, Fed. Rep. of.. -23 -225 500 500 Ireland.............................. -1 -2 -2 -2 -52 41 16 25 Italy.................................. 100 200 -80 -60 -85 -209 -76 Netherlands....................... -25 -60 -35 -19 Spain.................................. -156 -146 -130 -32 -180 Switzerland........................ -125 102 -81 -50 -30 -50 -25 United Kingdom.............. -306 -387 329 618 150 -879 -835 Bank for Intl. Settlements -23 200 200 Other................................ -53 -12 -6 -35 16 -47 1 117 -7 Total. -754 -1,105 -399 -88 -1,299 -659 -980 -669 969 -52 292 721 Canada........ 190 200 150 50 Latin American republics: Argentina....................... -90 -1 -25 -25 -10 -15 -5 Brazil.............................. -2 -1 Colombia....................... '- i Venezuela....................... Other............................... -17 -5 -11 -9 -40 -29 -12 ‘ -i Total. -109 175 32 56 -41 -65 -54 -15 -27 -7 Asia: Iraq............... -4 -42 Japan............. -56 Lebanon........ -32 -11 -95 Malaysia........ -1 -34 Philippines.. . 25 "'Jj 9 40 17 Saudi Arabia. -50 Singapore---- -81 11 Other............. -13 -14 -14 -22 -75 -9 -2 -1 223 Total................. -101 -93 -24 -44 -366 24 All other....................... -6 -1 -16 3-166 3-68 -1 Total foreign countries. -970 -833 -392 -36 -1,322 -608 -1,031 -1,118 957 316 695 20 Intl. Monetary Fund 4. 150 5-225 177 22 -3 10 1 24 Grand total -820 -833 -392 -36 -1,547 -431 -1,009 -1,121 967 317 110 695 44 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 I960) 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 4 Represents the U.S. gold tranche position in the IMF (the U.S. IMF operations. Does not include transactions in gold relating to gold quota minus the holdings of dollars of the IMF), which is the amount deposit or gold investment (see Table 6). that the United States could purchase in foreign currencies automatically if needed. Under appropriate conditions, the United States could pur­ 2 Positive figures represent purchases from the IMF of currencies of chase 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 purchases 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 repurchase within 3 to 5 years, but only to scription was included in the U.S. gold stock and excluded from the the extent that the holdings of dollars of the IMF exceed 75 per cent of reserve position. the U.S. quota. Purchases of dollars by other countries reduce the U.S. commitment to repurchase 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

AUGUST 1970 □ U.S. RESERVE ASSETS; POSITION IN THE IMF A 75 4. U.S. RESERVE ASSETS (In millions of dollars) E y n e d a r of To G ta o l 2 ld st T o r c e k a 1 sury v c fo e u C c r r r i o e t r e i i e n b s g n ­ l n e ­ p R o e s s i e ti r o v 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 sury v f c o e C u c r r i r o e t e r i i e n s b g n 5 ­ l n e ­ p R I o e M s s i i n e t F r io v 3 n e D R S r p i a g e w h c i i t n a s l 6 g 1957, 24,832 22,857 22,781 1,975 1969—July. . 15,936 11,144 10.367 3,166 1,626 1958 22,540 20,582 20,534 1,958 Aug.. 16,195 11,154 10.367 3,399 1,642 1959. 21,504 19,507 19,456 1,997 Sept.. 16,743 11,164 10.367 3,797 1,782 1960. 19,359 17,804 17,767 1,555 Oct.. , 716,316 11,190 10.367 73,341 1,785 Nov.. 16,000 11,171 10.367 2,865 1,964 1961. 18,753 16,947 16,889 116 1,690 Dec.. 16,964 11,859 10.367 2,781 2,324 1962. 17,220 16,057 15,978 99 1,064 1963. 16,843 15,596 15,513 212 1,035 1970—Jan.. . 17,396 11,882 11.367 2,294 2,321 899 1964. 16,672 15,471 15,388 432 769 Feb.. 17,670 11,906 11.367 2,338 2,507 919 1965. 15,450 413,806 413,733 781 4863 Mar.. 17,350 11,903 11.367 1,950 2,577 920 Apr.. 16,919 11,902 11.367 1,581 2,510 926 1966. 14,882 13,235 13,159 1,321 326 May. 16,165 11,900 11.367 980 2,360 925 1967. 14,830 12,065 11,982 2,345 420 June. 16,328 11,889 11.367 1,132 2,350 957 1968. 15,710 10,892 10.367 3,528 1,290 July. . 16,065 11,934 11.367 716 2,454 961 1969. 16,964 11,859 10.367 2,781 2,324 1 Includes (a) gold sold to the United States by the International Mon­ June 1965 through Jan. 1966, this gold subscription was included in the etary Fund with the right of repurchase, and (b) gold deposited by the U.S. gold stock and excluded from the reserve position. IMF to mitigate the impact on the U.S. gold stock of foreign purchases 5 For holdings of F.R. Banks only, see pp. A-12 and A-13. for the purpose of making gold subscriptions to the IMF under quota 6 Includes initial allocation by the IMF of $867 million of Special Draw­ increases. For corresponding liabilities, see Table 6. ing Rights on Jan. 1, 1970, plus net transactions in SDR’s since that 2 Includes gold in Exchange Stabilization Fund. time. 3 The United States has the right to purchase foreign currencies equiva­ 7 Includes gain of $67 million resulting from revaluation of the German lent to its reserve position in the IMF automatically if needed. Under ap­ mark in Oct. 1969, of which $13 million represents gain on mark holdings propriate conditions the United States could purchase additional amounts at time of revaluation. 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 T o r t a h n e s r a c c o ti u o n n tr s i e b s y re U se .S rv . e Period P su ay b m s o c f e r i n p t ­ s s g N a o l e l e d t s T t f i r o o a r n n e s i s g a i n n c ­ I i M nc F i o n m ne e t Purc o h f a w se it s h IM pu F r R ch e a ­ ses c T ha o n ta g l e Amount P q e U r u o . o c S f t e . a nt p p ( i e n e o r n s i I o i d M t d i o o ) F f n 4 t d io o n ll s a r i s n by IMF i c c u i r e r s e n 2 ­ dollars dollars 3 do i l n lars 1946—1957............................. 2,063 600 -45 -2,670 827 775 775 28 1,975 1958—1963............................. 1,031 150 60 - 1,666 2,740 2,315 3,090 75 1,035 1964—1966............................. 776 1,640 45 -723 6 1,744 4,834 94 5326 1967........................................ 20 -114 -94 4,740 92 420 1968........................................ -84 20 -806 -870 3,870 75 1,290 1969 ...................................... 22 19 -1,343 268 -1,034 2,836 55 2,324 1969—July.............................. 2 -79 -77 3,534 68 1,626 Aug............................. -36 20 -16 3,518 68 1,642 Sept.............................. 17 3 -282 122 -140 3,378 65 1,782 Oct............................... 1 -9 5 -3 3,375 65 1,785 Nov.............................. -268 89 -179 3,196 62 1,964 Dec.............................. 4 -396 32 -360 2,836 55 2,324 1970—Jan............................... -33 36 3 2,839 55 2,321 Feb............................... 32 2 -262 42 -186 2,653 51 2,507 Mar.............................. 5 -178 103 -70 2,583 50 2,577 Apr.............................. 3 -2 66 67 2,650 51 2,510 May............................. 150 150 2,800 54 2,360 June............................. 5 -2 7 10 2,810 54 2,350 July.............................. 2 -139 33 -104 2,706 52 2,454 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. □ AUGUST 1970 6. U.S. LIQUID LIABILITIES TO FOREIGNERS (In millions of dollars) Liabilities to Intl. Liabilities to foreign countries Liabilities to non­ Monetary Fund arising monetary inti, and from gold transactions regional organizations ■ Official institutions 3 Banks and other foreigners Non­ pe E o r n i f o d d Total Total G d o e l ­ d in G v o e l s d t ­ Total i p S t l i t i o h e e a r s r o b t m i e r r l t e d ­ ­ ­ M G U a a o b . r S v l k e t . e , t­ c m o U a i n a b b v r . l l S k e e e . e rt t ­ - Total i p S t l i t i o e h e a r s r b o t m i e r r l t e d ­ ­ ­ M G U a a o b r .S v l k e t . e , t ­ Total i p S t l i t i o e h e a r s r b o t m i e r r l t e d ­ ­ ­ M G U a a b o r .S l v k e t . e , t­ posit 1 ment 2 i b n a b U n y k . S s . n b o a o t n n e d d s s 4 T b a o u re n n r a y d d s s ­ in b a b U n y k . S s . n b o a o t n n e d d s s 4 in b a U b n y . k S s . 6 n b o a o t n n e d d s s 4 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 19608.... J \2 2 1 0, , 9 02 9 7 4 8 8 0 0 0 0 8 8 0 0 0 0 1 1 1 1 , , 0 0 7 8 8 8 1 1 0 0, , 2 2 1 1 2 2 8 8 6 7 6 6 7 7 , , 5 5 9 9 1 8 7 7 . . 0 04 48 8 5 5 5 43 0 1 1 , ,5 5 4 2 1 5 7 7 5 5 0 0 7 79 7 1 5 /22,853 800 800 11.830 10.940 890 8,275 7,759 516 1.948 703 1.245 19618.... \22,936 800 800 11.830 10.940 890 8,357 7,841 516 1.949 704 1.245 19628.... \ f 2 2 4 4 , , 0 0 6 6 8 8 8 8 0 0 0 0 8 8 0 0 0 0 1 1 2 2 , , 7 7 4 1 8 4 1 1 1 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 4 4 4 8 8 2 2 , , 1 1 6 9 1 5 1 1 , , 2 2 5 8 0 4 9 9 1 11 1 1963 8.... / \ 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 5 8 3 7 1 1 2 2 . . 4 4 6 6 7 7 1 1 , ,1 2 8 1 3 7 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 0 808 1 1 , , 1 15 5 7 2 19648.... / ( 2 2 8 9, , 0 95 0 1 2 8 8 0 0 0 0 8 8 0 0 0 0 1 1 5 5 , , 4 4 2 2 8 4 1 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 90 0 4 4 1965....... 29,115 834 34 800 15,372 13,066 1,105 1,201 11,478 11,006 472 1,431 679 752 19668.... J \2 2 9 9 , , 7 9 7 0 9 4 1 1, ,0 0 1 1 1 1 2 2 1 1 1 1 8 8 0 0 0 0 1 1 3 3 , , 6 6 0 55 0 1 1 2 2, , 5 4 3 8 9 4 8 8 6 6 0 0 2 2 5 5 6 6 1 1 4 4 , , 3 2 8 0 7 8 1 1 3 3 , , 8 6 5 8 9 0 5 5 2 2 8 8 9 90 0 5 6 5 5 8 8 1 0 3 3 2 2 5 5 19678... / \ 3 3 3 3 , , 2 1 7 1 1 9 1 1 . . 0 0 3 3 3 3 2 2 3 3 3 3 8 8 0 0 0 0 1 1 5 5 , , 6 6 5 4 3 6 1 1 4 4. , 0 0 2 3 7 4 9 9 0 0 8 8 7 7 1 1 1 1 1 1 5 5, , 7 8 6 9 3 4 1 15 5 , , 2 3 0 3 5 6 5 5 5 5 8 8 6 6 9 7 1 7 4 4 8 73 7 2 2 0 0 4 4 19689... /33,821 1.030 230 800 12,548 11.318 529 701 19,518 18,909 609 725 683 42 \33,614 1.030 230 800 12.481 11.318 462 701 19,381 18,916 465 722 683 39 1969-May.. 37,673 1.033 233 800 12,434 11,310 459 665 23,487 23.014 473 719 671 48 June.. 39,045 1,028 228 800 10,237 9,112 459 666 27,064 26,608 456 716 668 48 July. . 40,165 1,028 228 800 9,980 8,780 450 750 28,426 27,945 481 731 682 49 Aug... 41,619 1,028 228 800 11,039 9,839 450 750 28,821 28,329 492 731 682 49 Sept... 42,703 1.019 219 800 12.481 11,281 450 750 28,475 27,943 532 728 679 49 Oct... 1043,119 1.019 219 800 1012,686 11,611 333 10742 28,731 28,190 541 683 634 49 Nov... 43,310 1.019 219 800 12,014 11,128 331 555 29,558 29.014 544 719 669 50 Dec... 42,039 1.019 219 800 11,984 11,046 383 555 28,374 27,845 529 662 612 50 1970—Jan.. 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. 43,235 1,010 210 800 14,751 13,942 380 429 26,670 26,194 476 804 754 50 Apr.. 43,812 1,010 210 800 14,408 13,599 380 429 27,624 27,139 485 770 719 51 Mayp 43,765 1,010 210 800 14,776 13,965 382 429 27,271 26,770 501 708 657 51 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. io Includes $17 million increase in dollar value of foreign currency Govt, that are guaranteed by the United States. liabilities resulting from revaluation of the German mark in Oct. 1969. 5 Principally the International Bank for Reconstruction and Develop­ ment and the Inter-American Development Bank. Note.—Based on Treasury Dept, data and on data reported to the 6 Includes difference between cost value and face value of securities in Treasury Dept, by banks and brokers in the United States. Data correspond IMF gold investment account. Liabilities data reported to the Treasury to statistics following in this section, except for minor rounding differences. include the face value of these securities, but in this table the cost value of Table excludes IMF “holdings of dollars,” and holdings of U.S. Treasury the securities is included under “Gold investment.” The difference, which letters of credit and non-negotiable, non-interest-bearing special United amounted to $43 million at the end of 1969, is included in this column. States notes held by other international and regional organizations. 7 Includes total foreign holdings of U.S. Govt, bonds and notes, for The liabilities figures are used by the Dept, of Commerce in the statistics which breakdown by type of holder is not available. measuring the U.S. balance of international payments on the liquidity 8 Data on the two lines shown for this date differ because of changes in basis; however, the balance of payments statistics include certain adjust­ reporting coverage. Figures on the first line are comparable with those ments to Treasury data prior to 1963 and some rounding differences, and shown for the preceding date; figures on the second line are comparable they may differ because revisions of Treasury data have been incorporated with those shown for the following date. at varying times. The table does not include certain nonliquid liabilities 9 Data included on the first line for holdings of marketable U.S. Govt, to foreign official institutions that enter into the calculation of the official securities are based on a July 31, 1963, benchmark survey of holdings and reserve transactions balance by the Dept, of Commerce. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1970 a INTL. CAPITAL TRANSACTIONS OF THE U.S. A 77 7. U.S. LIQUID LIABILITIES TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES, BY AREA (Amounts outstanding; in millions of dollars) End of period fo T r o e t i a g l n E W u e ro st p e e r n 1 Canada Am L e a r ti i n can Asia Africa cou O n t t h ri e e r s 2 countries republics 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—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.............................................................................. 11,039 5,907 451 1,392 2,788 255 246 Sept............................................................................. 12,481 7,385 397 1,339 2,871 270 219 Oct............................................................................... 412,686 47,400 425 1,485 2,853 322 201 Nov............................................................................. 12,014 6,234 446 1,417 3,104 570 243 Dec.............................................................................. 11,984 5,860 495 1,671 3,190 546 222 1970—Jan............................................................................... 12,665 6,289 600 1,735 3,314 533 194 Feb.............................................................................. 14,011 7,250 662 1,882 3,331 702 184 14,751 7,393 590 2,080 3,780 705 203 Apr.............................................................................. 14,408 6,941 733 2,096 3,668 725 245 MayP........................................................................... 14,776 7,309 762 2,048 3,631 744 282 1 Includes Bank for International Settlements and European Fund. Note.—Data represent short-term liabilities to the official institutions 2 Includes countries in Oceania and Eastern Europe, and Western Euro­ of foreign countries, as reported by banks in the United States, and foreign pean dependencies in Latin America. official holdings of marketable and convertible nonmarketable U.S. Govt, 3 See note 9 to Table 6. securities with an original maturity of more than 1 year. 4 Includes $17 million increase in dollar value of foreign currency liabilities resulting from revaluation of the German mark in Oct. 1969. 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 organizations 5 Payable in dollars IMF Deposits End of period Total i Total Dem D an e d pos T it i s me 2 b T i c r l c U e l e s a r a . t t S s i e a f u . s i n r ­ d y s O l t h i e a t o r h b m r e . t 3 r ­ P f r o e a c n y r i u e c n a r i i b g ­ e l n s e in m g v o e e l n s d t t ­ 4 Total Demand Time2 b T i c l r c e U l e s a r a . t t S s i e a f u . s i n ­ r d y s l O t i h e a t r o b h m r . e t 3 r ­ 1967.............................. 30,505 30,276 11,577 5,775 9,173 3,750 229 800 473 67 120 178 107 1968............................. 31,717 31,081 14,387 5,484 6,797 4,412 636 800 683 68 113 394 108 1969—June.................. 37,188 36,587 20,132 5,706 4,974 5,775 601 800 668 75 75 214 303 July................... 38,207 37,762 21,042 5,680 5,070 5,970 445 800 682 59 78 227 318 Aug................... 39,650 39,192 21,091 5,854 5,858 6,389 458 800 682 54 76 230 321 Sept................... 40,703 40,287 20,750 6,090 7,052 6,395 416 800 679 61 86 225 307 Oct.................... 41,235 40,747 20,984 6,376 6,450 6,937 488 800 634 71 76 234 252 Nov................... 41,611 41,166 21,690 6,673 5,632 7,171 445 800 669 58 66 291 254 Dec................... 40,303 39,874 20,689 6,834 5,015 7,336 429 800 612 57 83 244 227 1970—Jan.................... 41,343 40,901 20,319 6,840 5,938 7,804 442 800 688 66 103 252 267 Feb.................... 41,829 41,403 19,397 7,117 6,602 8,287 426 800 765 75 119 317 255 Mar................... 41,690 41,289 18,397 7,104 7,228 8,560 401 800 754 81 131 330 211 Apr.................... 42,257 41,895 19,270 6,919 7,164 8,542 362 800 719 87 136 237 259 XMiT ay An.............. / 1 4 4 2 2 , , 1 3 9 1 2 3 4 4 1 1 , , 8 9 4 6 1 2 1 1 8 8, , 8 8 2 3 3 6 7 7 , , 1 2 4 8 7 2 7 7 , , 5 5 6 6 4 4 8 8 , , 2 2 9 9 3 4 3 3 5 51 1 8 8 0 0 0 0 6 67 5 5 7 6 6 5 5 1 1 4 4 1 1 2 22 26 6 2 22 24 4 June?................ 42,207 41,869 18,531 7,260 8,159 7,919 338 800 629 76 130 194 228 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. □ AUGUST 1970 8. SHORTTERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE— Continued (Amounts outstanding; in millions of dollars) To residents of foreign countries To official institutions 7 Payable in dollars Payable in dollars Payable End of period Total Dema D n e d posi T ts ime2 T b c i r l c e U e l a r s a . t t s S i e a f u . s n i r ­ d y s O l t h i e a t o r h b m r e . t r 3 ­ f r o e c n r i u e c n i r i g ­ e n s Total Dema D n e d posi T ts ime2 T bi c r c l U e e l a s a r . t t S s e i a u f s . n i r ­ d y s O l t h i e t a o r h b m r e . t r 3 ­ c P u f a r o r y r e i e a n n b i c g l i n e es 19676..................... 29,232 11,510 5,655 8,195 3,643 229 14,027 2,054 2,458 7,985 1,378 152 1968....................... 30,234 14,320 5,371 5,602 4,304 636 11,318 2,149 1,899 5,486 1,321 463 35,720 20,057 5,630 3,960 5,472 601 9,112 2,037 1,987 3,819 881 388 July............ 36,725 20,983 5,602 4,043 5,653 445 8,780 1,892 1,872 3,872 912 232 Aug............. 38,168 21,037 5,778 4,828 6,067 458 9,839 2,066 1,983 4,671 887 232 39,224 20,689 6.004 6,027 6,088 416 11,281 1,993 2,119 5,895 1,042 232 39,801 20,912 6,299 5,416 6,686 488 11,611 1,955 2,432 5,301 1,691 232 Nov............ 40,142 21.632 6,607 4,540 6,917 445 11,128 1,894 2,709 4,421 1,902 202 Dec............. 38,891 20.632 6,751 3,971 7,109 429 11,046 1,918 2,943 3,844 2,139 202 1970—Jan.............. 39,855 20,253 6,737 4,885 7,537 442 11,853 1,649 2,961 4,749 2,292 202 Feb............. 40,264 19,322 6,998 5,485 8,032 426 13,202 1,661 3,251 5,381 2,707 202 Mar............ 40,136 18,316 6,972 6,098 8,349 401 13,942 1,445 3,400 5,989 2,906 202 Apr............. 40,738 19,183 6,783 6,127 8,282 362 13,599 1,295 3,390 6,035 2,731 148 (40,735 18,771 7.005 6.538 8,071 351 13,965 1,343 3,419 6.417 2.638 148 May6p........ 140,856 18,758 7,141 6.538 8,068 351 13,976 1,330 3,442 6.417 2.639 148 Junep.......... 40,778 18,454 7,129 7,166 7,690 338 14,464 1,410 3,498 7,020 2,388 148 To banks* To other foreigners To banks Payable in dollars and other foreigners: End of period Total payable in Total Dema D n e d posi T ts ime2 T b c i r l c U e e l a s r a . t t s S e i a u f s . n i r ­ d y s O l t i h e a t o r h b m r e . t 3 r ­ Total Dema D n e d posi T ts ime2 T b c i r l c U e e l a s r a . t t s S i e a f u . s n i r ­ d y s O l t i h e a t o r h b m r e . t 3 r ­ f r o e c r n u e c r i i g ­ e n s 1967«..................... 15,205 11,008 7,763 1,142 129 1,973 4,120 1,693 2,054 81 292 77 1968....................... 18,916 14,299 10,374 1,273 30 2,621 4,444 1,797 2,199 86 362 173 1969—June............ 26,608 22,109 16,231 1,652 35 4,191 4,286 1,789 1,992 106 400 213 July............ 27,945 23,596 17,412 1 ,801 54 4,330 4,136 1,679 1,929 116 412 213 Aug............. 28,329 24,031 17,318 1,947 35 4,732 4,072 1,653 1,847 122 448 226 Sept............. 27,943 23,692 16,920 2,080 25 4,667 4,067 1,776 1,804 107 379 184 Oct.............. 28,190 23,990 17,246 2,125 22 4,598 3,944 1,711 1,742 93 398 256 Nov............ 29,014 24,912 18,066 2,164 18 4,664 3,859 1,673 1,734 101 351 243 Dec............. 27,845 23,680 17,005 1,996 20 4,658 3,939 1,709 1,811 107 312 226 1970—Jan.............. 28,002 23,887 16,907 2,063 21 4,897 3,875 1,698 1,714 116 347 240 Feb............. 27,062 23,083 15,997 2,092 27 4,968 3,756 1,665 1,656 78 358 223 Mar............ 26,194 22,170 15,105 1,962 21 5,082 3,825 1,766 1,610 89 361 199 Apr............. 27,139 23,090 16,104 1,789 19 5,178 3,836 1,784 1,605 74 374 214 May6?........ \ ( 2 26 6 , , 7 88 70 0 2 2 2 2 , , 7 7 5 4 1 0 1 1 5 5 . . 7 7 2 20 0 1 1 , , 9 9 6 7 6 4 2 2 0 0 5 5 , , 0 0 3 3 4 6 3 3 , , 8 9 1 3 8 8 1 1 . .7 7 0 08 8 1 1 , , 6 7 1 3 1 2 1 10 0 2 2 3 3 9 9 6 6 2 2 0 0 2 2 Junep.......... 26,314 22,096 15,277 1,871 26 4,922 4,028 1,768 1,760 120 381 190 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

AUGUST 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 Area and country Dec. Nov. Dec. Jan. Feb. Mar. Apr. May1* JuneP Europe: Austria...................................................................... 162 252 314 299 300 343 279 264 264 271 Belgium-Luxembourg.............................................. 313 553 528 583 622 599 596 508 509 532 Denmark................................................................... 146 151 153 178 182 212 186 165 165 167 Finland..................................................................... 176 115 120 123 137 129 131 140 141 130 France....................................................................... 1,383 1,615 1,588 1,553 1,608 1,601 1,827 1,898 1,898 1,939 Germany................................................................... 2,640 2,006 1,381 2,226 2,658 2,680 2,685 2,770 2,770 3,455 Greece....................................................................... 183 201 207 208 191 178 185 185 185 179 Italy........................................................................... 729 733 627 626 741 604 590 647 647 911 Netherlands.............................................................. 276 606 463 581 539 526 459 409 410 384 Norway..................................................................... 448 228 341 240 305 281 272 241 241 216 Portugal.................................................................... 345 311 309 313 289 280 266 263 263 257 Spain......................................................................... 158 164 202 195 226 234 178 224 224 228 453 399 412 455 426 381 364 353 353 410 Switzerland r............................................................. 2,155 1,975 2,002 1,969 1,951 2,148 2,148 2,247 2,264 2,267 29 30 28 31 35 31 27 25 24 25 United Kingdom...................................................... 6,133 12,699 11,600 11,438 10,906 10,180 10,786 10,025 10,027 9,879 Yugoslavia................................................................ 33 40 37 44 33 42 29 40 40 32 Other Western Europe2 r......................................... 357 1,496 1,553 1,480 1,757 1,976 1,736 1,762 1,762 1,489 5 10 11 8 6 6 6 4 4 18 Other Eastern Europe.............................................. 48 38 50 44 39 39 37 40 42 52 Total.................................................................. 16,170 23,623 21,926 22,592 22,950 22,471 22,786 22,212 22,234 22,840 Canada......................................................................... 2,797 3,844 3,991 4,101 3,857 3,613 3,772 4,092 4,116 3,417 Latin America: Argentina.................................................................. 479 409 416 418 450 450 517 525 525 535 257 402 425 412 452 526 544 518 518 555 Chile......................................................................... 323 349 393 361 385 436 399 439 447 458 Colombia.................................................................. 249 250 258 267 277 296 289 306 308 302 Cuba......................................................................... 8 8 7 7 7 7 6 7 7 7 Mexico...................................................................... 974 788 848 891 915 939 989 882 883 860 Panama..................................................................... 154 124 129 145 136 134 130 144 144 161 Peru........................................................................... 276 218 239 218 215 239 219 233 234 242 Uruguay.................................................................... 149 106 111 140 119 120 122 121 121 122 Venezuela................................................................. 792 635 674 684 673 693 679 646 676 682 Other Latin American republics............................. 611 508 556 551 577 603 629 627 634 643 Bahamas and Bermuda............................................ 273 1,435 1,405 1,583 1,543 1,345 1,354 1,609 1,632 1,579 Netherlands Antilles and Surinam......................... 88 71 74 79 82 84 93 86 91 94 Other Latin America............................................... 30 42 34 40 36 36 45 36 36 40 Total.................................................................. 4,664 5,345 5,571 5,795 5,867 5,906 6,016 6,179 6,255 6,283 Asia: China Mainland....................................................... 38 37 36 37 39 39 37 41 41 43 Hong Kong............................................................... 270 214 213 196 223 219 225 223 223 225 India.......................................................................... 281 293 260 260 286 330 322 354 354 356 Indonesia.................................................................. 50 74 86 78 69 89 87 79 79 68 Israel......................................................................... 215 115 146 178 185 152 139 172 172 147 Japan......................................................................... 3,320 3,773 3,788 3,628 3,557 3,910 4,084 4,024 4,022 3,997 Korea........................................................................ 171 231 236 283 308 299 258 291 291 289 Philippines................................................................ 269 222 201 197 248 285 241 264 264 261 Taiwan...................................................................... 155 188 196 215 218 228 210 225 226 262 Thailand................................................................... 556 611 628 653 666 664 630 643 643 627 Other......................................................................... 628 523 606 657 652 762 724 679 679 710 Total.................................................................. 5,953 6,280 6,396 6,381 6,452 6,976 6,958 6,995 6,993 6,985 Africa: Congo (Kinshasa).................................................... 12 86 87 85 109 97 73 71 71 52 Morocco................................................................... 13 18 21 21 44 52 47 47 47 43 South Africa............................................................. 58 54 66 69 91 96 58 50 50 45 U.A.R. (Egypt)...................................................... 18 19 23 25 25 22 22 24 24 22 Other......................................................................... 260 533 499 504 594 582 683 707 707 677 Total.................................................................. 361 710 695 703 864 850 883 899 899 839 Other countries: Australia................................................................... 261 311 282 255 244 287 290 329 329 383 All other................................................................... 28 29 29 28 30 32 33 30 30 32 Total.................................................................. 289 340 311 283 274 319 324 359 359 414 Total foreign countries................................................ 30,234 40,142 38,891 39,855 40,264 40,136 40,738 40,735 40,856 40,778 International and regional: International3........................................................... 1,372 1,316 1,260 1,307 1,365 1,346 1,276 1,227 1,227 1,197 Latin American regional.......................................... 78 99 100 116 117 111 146 127 127 132 Other regional4........................................................ 33 54 52 65 83 97 97 103 103 100 Total.................................................................. 1,483 1,469 1,412 1,488 1,565 1,554 1,519 1,457 1,457 1,429 Grand total....................................................... 31,717 141,611 40,303 41,343 41,829 41,690 42,257 142,192 42,313 42,207 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. □ AUGUST 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 5 1968 1969 1970 1968 1969 1970 Area or country Area or country Apr. Dec. Apr. Dec, Apr. Apr. Dec. Apr. Dec. Apr. Other Western Europe: Other Asia—Cont.: Cyprus...................................... 21 2 11 15 Jordan......................................... 7 3 4 17 30 Iceland...................................... 3 6 4 9 10 Kuwait........................................ 34 67 40 46 66 Ireland, Rep. of...................... 15 24 20 38 32 Laos............................................ 4 3 4 3 4 Lebanon..................................... 97 78 82 83 82 Other Latin American republics: Malaysia..................................... 52 52 41 30 48 Bolivia..................................... 61 66 65 68 76 Pakistan...................................... 54 60 24 35 34 Costa Rica.............................. 55 51 61 52 43 Ryukyu Islands (incl. Okinawa) 26 17 20 25 Dominican Republic.............. 60 69 59 61 76 Saudi Arabia.............................. 70 29 48 106 166 Ecuador................................... 64 66 62 74 70 Singapore................................... 157 67 40 17 25 El Salvador............................. 84 82 89 69 79 Syria............................................ 7 2 4 4 6 Guatemala............................... 96 86 90 84 110 Vietnam...................................... 123 51 40 94 91 Haiti........................................ 17 17 18 16 19 Honduras.................................. 31 33 37 29 29 Other Africa: Jamaica................................... 44 42 29 16 17 Algeria........................................ 8 8 6 14 13 Nicaragua............................... 58 67 78 63 76 Ethiopia, (incl. Eritrea)............. 23 13 15 20 33 Paraguay................................. 14 16 18 13 17 Ghana........................................ 13 3 8 10 7 Trinidad & Tobago................ 9 10 8 8 13 K Li e b n e y ri a a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 26 0 2 2 5 9 2 3 8 4 4 1 3 8 4 2 7 9 Libya.......................................... 45 69 68 288 430 Other Latin America: Nigeria........................................ 24 20 10 11 11 British West Indies................. 25 25 30 37 Southern Rhodesia.................... 4 1 2 2 2 Sudan.......................................... 2 5 3 3 1 Other Asia: Tanzania..................................... 27 21 23 10 18 Afghanistan............................. 6 6 16 15 Tunisia........................................ 2 7 2 6 7 Burma...................................... 17 5 5 2 Uganda...................................... 10 6 9 5 7 Cambodia............................... 3 2 2 1 1 Zambia....................................... 21 25 19 17 38 Ceylon..................................... 5 4 5 3 4 Iran.......................................... 38 41 44 35 41 All other: Iraq.......................................... 10 86 77 26 6 New Zealand......................... 15 17 20 16 18 1 Data in the two columns shown for this date differ because of changes 3 Data exclude “holdings of dollars” of the International Monetary in reporting coverage. Figures in the first column are comparable in cover­ Fund but include IMF gold investment. age with those shown for the preceding date; figures in the second column 4 Asian, African, and European regional organizations, except BIS and are comparable with those shown for the following date. European Fund, which are included in “Europe.” 2 Includes Bank for International Settlements and European Fund 5 Represent a partial breakdown of the amounts shown in the “other” categories (except “Other Eastern Europe”). 10. LONG-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) To foreign countries Country or area To End of period Total reg i a n i n o t d i n . al Total O in f s f t i i c t i u a ­ l Banks1 fo O r t e h ig e n r ­ Argen­ O La th ti e n r Israel Japan Thailand Other o A th l e l r tions ers tina America Asia countries 1966............................. 1,494 506 988 913 25 50 234 8 197 140 277 133 1 Q<7 2 (2,546 689 1,858 1,807 15 35 251 234 126 443 218 502 84 {2,560 698 1,863 1,807 15 40 251 234 126 443 218 502 89 1968............................. 3,166 777 2,389 2,341 8 40 284 257 241 658 201 651 97 1969—June.................. 2,943 786 2,157 2,103 19 34 284 149 189 658 199 558 120 July................... 2,825 797 2,028 1,963 30 36 207 129 181 658 199 529 125 Aug................... 2,768 813 1,956 1,889 30 37 207 149 154 658 157 509 122 Sept................... 2,678 886 1,792 1,713 43 36 146 130 101 659 117 508 131 Oct.................... 2,530 919 1,611 1,533 43 35 67 123 43 659 117 477 125 Nov................... 2,483 900 1,583 1,502 44 37 62 154 43 659 70 475 119 Dec................... 2,490 887 1,602 1,507 55 41 64 175 41 655 70 472 124 1970—Jan.................... 2,335 870 1,465 1,373 55 37 25 163 6 657 47 446 120 Feb.................... 2,341 870 1,471 1,376 59 36 25 191 6 657 54 415 122 Mar................... 2,340 888 1,452 1,351 62 39 25 202 6 636 49 403 131 Apr................... 2,270 839 1,431 1,321 64 46 25 210 6 636 51 376 127 MayP........... 2,216 850 1,367 1,253 64 50 25 217 6 624 28 329 138 June?................ 2,125 840 1,285 1,121 116 48 25 216 6 576 28 242 192 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

AUGUST 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. June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Mayp June® Europe: Denmark............................ 10 9 9 9 9 9 9 9 9 6 6 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 44 44 44 45 42 42 42 42 46 46 46 45 45 United Kingdom................ 350 334 357 368 406 420 421 407 407 358 350 359 369 396 Other Western Europe---- 33 33 24 24 24 24 24 24 24 24 24 24 24 24 Eastern Europe................. 6 7 7 7 7 7 7 7 7 7 7 7 7 7 Total............................... 488 477 491 502 541 553 553 538 539 491 483 492 501 529 Canada................................... 384 387 389 389 389 271 272 272 271 270 271 271 279 286 Latin America: Latin American republics.. 2 2 2 2 2 2 2 2 2 2 2 2 2 2 Neth. Antilles & Surinam. 15 12 12 12 12 12 12 12 13 12 12 12 12 12 Other Latin America......... * * * * * * 2 2 2 2 2 2 2 2 Total........................... 17 14 14 14 14 14 15 15 17 15 15 15 15 15 Asia: Japan.................................. 9 10 10 10 10 10 10 61 61 62 62 62 61 61 Other Asia......................... 18 18 18 18 19 19 17 18 18 18 18 18 19 19 Total........................... 26 28 28 28 28 29 27 79 79 80 80 80 81 81 Other countries..................... 11 9 9 9 9 7 7 7 7 7 7 7 7 22 Total foreign countries......... 927 915 931 942 982 874 875 912 914 864 856 865 883 933 International and regional: International...................... 25 32 32 32 32 32 32 32 31 31 30 30 30 30 Latin American regional.. 13 15 17 17 17 17 18 18 19 19 20 20 21 21 Asian regional................... 1 Total........................... 39 48 49 49 49 50 50 50 50 50 50 51 51 52 Grand total................ 966 963 980 991 1,031 923 925 962 964 914 906 916 934 985 Note.—Data represent estimated official and private holdings of mar- year, and are based on a Nov. 30,1968, benchmark survey of holdings and ketable U.S. Govt, securities with an original maturity of more than 1 regular monthly reports of securities transactions (see Table 16). 12. NONMARKETABLE U.S. TREASURY BONDS AND NOTES ISSUED TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES (In millions of dollars or dollar equivalent) Payable in dollars Payable in foreign currencies End of period Total Total g B iu e m l­ C ad a a n 1 ­ m De a n rk ­ 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 z S er 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 15 20 100 1,638 50 1,051 226 311 1969—July. 3,352 1,391 32 1.084 140 15 20 100 1,961 25 1,200 226 511 Aug. 3.251 1.390 32 1.084 140 15 20 100 1,861 25 1,200 125 511 Sept. 3.251 1.390 32 1.084 139 15 20 100 1,861 25 1,200 125 511 Oct.. 43,372 1,435 32 1.129 139 15 20 100 41,937 41,301 125 511 Nov. 3.181 1.431 32 1.129 135 15 20 100 1.750 1.084 125 541 Dec. 3.181 1.431 32 1.129 135 15 20 100 1.750 1.084 125 541 1970—Jan.. 2,514 1.431 32 1.129 135 15 20 100 1.083 542 541 Feb.. 2,513 1.431 32 1.129 135 15 20 100 1.083 542 541 Mar. 2,799 1,717 32 1,429 121 15 20 100 1.083 542 541 Apr. 2,897 1,814 32 1,529 118 15 20 100 1.083 542 541 May 3,096 2,013 32 1,729 117 15 20 100 1.083 542 541 June 3,511 2,428 32 2.229 32 15 20 100 1.083 542 541 July. 3,508 2,425 32 2.229 29 15 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. □ AUGUST 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. Oct. Nov. Dec.1 Jan. Feb. Mar. Apr. Mayp June? Europe: Austria............................................ 6 5 6 7 7 20 10 11 3 5 6 Belgium-Luxembourg.................... 40 71 57 56 56 49 53 55 69 67 64 Denmark........................................ 36 40 41 40 40 49 32 36 31 29 33 Finland............................................ 63 72 72 68 68 66 63 64 64 61 63 France............................................. 66 85 93 107 107 117 94 87 96 100 82 Germany......................................... 171 200 199 207 207 183 160 192 135 146 152 Greece............................................. 12 19 17 22 22 17 16 17 19 22 22 Italy................................................ 105 108 99 120 120 129 123 107 102 103 100 Netherlands.................................... 40 54 46 51 51 84 61 50 65 86 53 Norway........................................... 43 36 38 34 34 34 32 36 34 35 33 Portugal.......................................... 10 9 8 8 8 9 11 13 9 13 12 Spain............................................... 46 70 68 70 70 73 83 57 99 96 102 Sweden............................................ 58 64 86 67 67 82 95 78 99 92 112 Switzerland..................................... 93 110 131 99 99 124 122 109 116 91 115 Turkey............................................ 38 31 26 19 19 14 15 25 19 31 16 United Kingdom............................ 318 425 400 418 408 405 435 418 393 329 407 Yugoslavia...................................... 22 25 25 28 28 29 35 32 32 34 30 Other Western Europe................... 15 11 11 9 9 7 8 9 7 10 8 U.S.S.R........................................... 3 2 2 2 2 2 1 2 2 2 2 Other Eastern Europe.................... 21 25 28 34 34 30 34 43 40 46 41 Total........................................ 1,205 1,463 1,454 1,466 1,456 1,522 1,483 1,441 1,433 1,397 1,453 Canada................................................ 533 728 667 818 846 750 740 652 598 765 840 Latin America: Argentina........................................ 249 306 301 311 311 304 296 290 285 280 312 Brazil.............................................. 338 317 318 317 317 296 289 285 293 302 305 Chile................................................ 193 174 177 188 188 178 195 203 213 219 213 Colombia........................................ 206 215 210 225 225 237 252 249 254 252 249 Cuba................................................ 14 14 14 14 14 14 14 14 14 14 14 Mexico............................................ 948 802 778 801 801 804 807 850 887 899 911 Panama........................................... 56 61 67 68 68 61 68 61 68 67 63 Peru................................................. 207 179 173 161 161 173 168 163 159 162 172 Uruguay.......................................... 44 43 46 48 48 49 50 55 55 55 52 Venezuela........................................ 232 233 228 240 240 250 261 264 254 263 252 Other Latin American republics....... 280 287 286 295 295 303 307 285 295 287 299 Bahamas and Bermuda................. 80 59 48 92 92 62 68 73 67 63 65 Netherlands Antilles and Surinam 19 14 15 14 14 13 14 13 15 15 18 Other Latin America..................... 22 18 20 27 27 22 22 33 29 23 21 Total........................................ 2,889 2,722 2,680 2,803 2,804 2,766 2,811 2,837 2,888 2,901 2,946 Asia: China Mainland............................. 1 1 1 1 1 1 1 1 1 1 1 Hong Kong.................................... 32 43 37 36 36 37 37 41 41 44 46 India................................................ 19 8 11 10 10 11 9 9 9 12 11 Indonesia........................................ 23 25 23 30 30 29 25 68 53 48 52 Israel............................................... 84 94 101 108 108 101 96 92 99 94 93 Japan.............................................. ,114 3,071 ,114 3,342 3,372 3,160 3,080 3,215 3,276 ,378 3,407 Korea.............................................. 77 159 160 158 158 167 172 178 190 216 215 Philippines...................................... 239 241 232 216 216 208 255 276 295 278 268 Taiwan............................................ 38 39 42 49 49 50 56 55 59 69 79 Thailand.......................................... 99 94 97 101 101 99 98 95 103 98 100 Other.............................................. 145 190 205 212 212 208 168 162 164 179 184 Total........................................ 3,872 3,965 4,023 4,262 4,292 4,070 3,998 4,192 4,290 4,419 4,455 Africa: Congo (Kinshasa).......................... 4 5 5 Morocco......................................... 3 3 4 South Africa................................... 54 53 66 U.A.R. (Egypt).............................. 10 10 15 Other.............................................. 72 79 68 Total........................................ 133 143 155 162 162 150 136 144 146 145 158 Other countries: Australia......................................... 58 62 All other......................................... 14 18 Total........................................ 79 70 66 69 69 72 68 73 78 84 80 Total foreign countries...................... 8.710 9.091 9.045 9,580 9,629 9.329 9,236 9,339 9.433 9,711 9.931 International and regional................ * 1 1 2 2 1 2 2 1 2 1 Grand total............................ 8.711 9.092 9.046 9,582 9,631 9.330 9,238 9,342 9.434 9,714 9.932 1 Data in the two columns shown for this date differ because of changes on demand or with a contractual maturity of not more than 1 year: loans in reporting coverage. Figures in the first column are comparable in cover­ made to, and acceptances made for, foreigners; drafts drawn against age with those shown for the preceding date; figures in the second column foreigners, where collection is being made by banks and bankers for are comparable with those shown for the following date. their own account or for account of their customers in the United States; and foreign currency balances held abroad by banks and bankers and their customers in the United States. Excludes foreign currencies held Note.—Short-term claims are principally the following items payable by U.S. monetary authorities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1970 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 83 14. SHORTTERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars Payable in foreign currencies End of period Total Total Total O in t f i s f o L t i i n c o t i s u a a ­ l ns t B o a — nks1 Others C s t t o o i i a o n l u n l n g t e d ­ s c ­ ­ f A e o o m a i c r f g n c a n a f c e d o c e e p c e r r s t s ­ t ­ . Other Total w D e i i e t g h p n o e f s r o i s t r s ­ g c F a n o u c o n o a v r r d i n m t e t , i c i e f l s g e i . s e ­ n , ­ Other paper 1967............................ 8,606 8,182 3,150 306 1,616 1,228 1,552 3,013 467 425 287 70 67 1968.............................. 8,711 8,261 3,165 247 1,697 1,221 1,733 2,854 509 450 336 40 73 1969—June.................. 9,222 8,669 3,325 293 1,971 1,061 1,751 3,068 526 553 334 111 108 July................... 9,025 8,513 3,118 258 1,829 1,030 1,766 3,059 571 512 310 90 113 Aug................... 8,947 8,467 3,072 235 1,819 1,018 1,838 3,015 543 480 272 101 107 Sept................... 8,967 8,472 3,093 212 1,880 1,000 1,860 2,973 546 495 355 51 89 Oct.................... 9,092 8,573 3,173 263 1,921 990 1,896 2,940 563 520 393 46 80 Nov................... 9,046 8,611 3,204 262 1,944 999 1,928 2,922 556 435 317 45 74 2 ( (9 9 , , 6 5 3 8 1 2 9 9 , , 1 0 1 6 3 4 3 3, , 2 28 79 2 2 2 6 6 3 3 1 1 , , 9 9 4 4 3 6 1 1 , , 0 0 7 7 3 3 1 1 , , 9 9 5 5 4 4 3 3 , , 1 2 6 0 9 4 6 67 5 5 8 5 5 1 1 8 8 3 35 5 5 5 8 8 4 4 8 80 0 1970—Jan.................... 9,330 8,826 3,261 258 1,986 1,018 1,970 3,024 570 504 349 77 78 Feb.................... 9,238 8,772 3,209 266 1,914 1,029 1,992 2,987 584 466 326 62 78 Mar................... 9,342 8,927 3,291 296 1,922 1,074 2,083 3,044 508 415 300 45 70 Apr................... 9,434 8,959 3,120 339 1,734 1,047 2,153 3,223 462 475 342 67 66 Mayp................ 9,714 9,216 3,193 315 1,825 1,053 2,220 3,244 559 498 338 76 84 Junep................ 9,932 9,466 3,315 305 1,932 1,078 2,238 3,317 595 466 314 63 89 1 Excludes central banks which are included with “Official institutions.” with those shown for the preceding date; figures on the second line are 2 Data on the two lines shown for this date differ because of changes in comparable with those shown for the following date, reporting coverage. Figures on the first line are comparable in coverage 15. LONG-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) Type Country or area Payable in dollars E pe n r d i o o d f Total Loans to— O lo t n h g e ­ r P c fo a u r y r i e r n a i e b g n l n e ­ U K d n i o n i m t g ed ­ E O u t r h o e p r e Canada A L m a e t r i i n ca Japan O A t s h i e a r co o u A t n h l t e l ri r es Official Other term cies Total institu­ Banks! foreign­ claims tions ers 1967................. 3,925 3,638 669 323 2,645 272 15 56 720 427 1,556 180 449 537 1968................. 3,567 3,158 528 237 2,393 394 16 68 479 428 1,375 122 617 479 1969—June.... 3,403 2,980 478 220 2,282 401 22 54 484 398 1,331 101 587 449 July___ 3,255 2,826 450 208 2,168 408 21 54 447 390 1,294 97 570 404 Aug....... 3,289 2,859 504 212 2,142 409 21 56 436 405 1,348 95 551 397 Sept...... 3,272 2,847 485 211 2,150 409 17 55 416 403 1,334 93 562 410 Oct........ 3,278 2,847 493 204 2,149 415 16 56 411 410 1,344 88 568 401 Nov...... 3,267 2,845 494 203 2,147 406 17 55 400 407 1,357 85 571 392 Dec....... 3,237 2,805 501 209 2,096 414 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...... 3,211 2,794 517 210 2,067 386 31 56 419 406 1,336 87 558 349 Apr....... 3,236 2,814 508 220 2,086 390 32 62 413 420 1,363 89 546 343 Mayp... 3,232 2,822 511 211 2,100 380 30 67 426 427 1,348 89 530 344 June**... 3,165 2,776 486 208 2,081 362 27 67 425 416 1,328 92 517 318 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. □ AUGUST 1970 16. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U.S. corporate Marketable U.S. Govt, bonds and notes * securities 2 Foreign bonds Foreign stocks Net purchases or sales Period Total I a n n t d l. Foreign c P ha u s r e ­ s Sales c N h s a e a s t l e e p s s u o r r ­ c P ha u s r e ­ s Sales c N ha s e a s t l e e p s s u o r r ­ ch P a u s r e ­ s Sales c N h e a s t a s 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 1969............................ -4 11 -15 -79 64 15,484 12,795 2,689 1,552 2,568 -1,016 1,519 2,037 -517 1970—Jan.-June^.... 23 2 21 14 7 5,677 5,393 284 758 1,049 -291 574 509 64 1969—June................. -17 -17 -17 1,172 1,192 -20 88 202 -115 187 358 -171 July.................. 17 1 16 -9 25 1,058 1,007 51 82 321 -239 119 124 -5 Aug.................. 11 * 11 11 1,061 941 120 75 140 -65 107 104 2 Sept.................. 40 * 40 40 1,062 904 158 91 208 -117 105 207 -102 Oct................... -108 * -108 -117 9 1,690 1,195 494 157 157 1 132 139 -6 Nov.................. 2 1 1 -1 2 1,221 1,074 147 98 168 -70 106 140 -34 Dec.................. 37 * 37 52 -15 1,189 969 220 176 195 -18 107 123 -16 1970—Jan................... 2 * 2 2 909 902 7 113 170 -57 114 74 40 Feb................... -50 * -50 -3 -47 1,026 950 77 109 264 -155 99 76 24 Mar.................. -8 * -8 * -8 1,105 985 120 168 268 -100 101 115 -13 Apr.................. 10 1 9 9 1 007 845 162 143 186 -43 79 103 —24 Mayp............... 18 1 18 2 16 772 930 -158 115 69 45 106 90 16 JuneP............... 51 * 50 15 35 858 781 76 111 92 19 74 52 22 * Excludes nonmarketable U.S. Treasury bonds and notes issued to Also includes issues of new debt securities sold abroad by U.S. corpora­ official institutions of foreign countries ; see Table 12. tions organized to finance direct investments abroad. 2 Includes State and local govt, securities, and securities of U.S. Govt, Note.—Statistics include transactions of international and regional agencies and corporations that are not guaranteed by the United States. organizations. 17. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE STOCKS, BY COUNTRY (In millions of dollars) Period Total France m G a e n r y ­ N la e n th d e s r­Sw la i n tz d er­ K U in n g i d te o d m E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r in ica Asia Africa co O u t n h t e ri r es 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.-June? -224 -3 60 21 -42 -117 -66 -147 -90 -30 36 -1 1 8 1969—June......... -105 -11 12 -120 -68 24 -148 15 10 15 * -1 4 July.......... -52 5 4 24 -63 -31 -26 -87 7 3 19 * • 6 Aug.......... 89 76 19 -15 29 -21 40 127 -27 -21 7 * * 3 Sept.......... 118 21 17 32 38 -4 27 130 -3 -15 1 * * 6 Oct........... 348 12 41 79 126 -34 22 246 32 58 6 3 * 4 Nov.......... 112 1 30 21 37 -12 30 107 -4 5 I 3 * * 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 * • * F M e a b r . . . . . . . . . . . . . . . . . . . . . - -4 1 1 5 -13 9 1 11 6 -8 6 -2 1 6 9 - 2 3 2 - - 1 19 4 -3 3 3 2 - - 2 3 5 0 -2 1 7 2 3 6 _ * i • • 4 1 A M p a r y .. p .. . . . . . . . . . . . . . . . -198 8 -8 1 - 2 1 0 -2 3 3 3 -4 1 6 2 -1 -1 0 5 2 -32 5 -1 -1 4 0 7 -3 2 0 5 - -2 1 6 3 6 4 _ * i « • 1 1 JuneP........ 64 6 3 18 23 -23 14 41 8 -2 15 * * * Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 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 la e n th d e s r­Sw la i n tz d er­ K U in n g i d te o d m E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca Asia Africa co O u t n h t e ri r es I r n e t g l. i o a n n a d l 1968..................... 1,964 195 253 39 510 522 238 1,757 68 12 -1 * 11 117 1969..................... 1,202 105 200 14 169 251 83 822 32 14 -11 -1 10 336 1970—Jan.-JuneP 508 20 19 40 88 62 15 244 50 18 14 * -8 188 1969—June......... 85 1 2 * -4 56 -1 53 7 1 1 * -1 23 July.......... 103 5 39 1 22 8 5 81 -11 -5 1 * * 38 Aug.......... 31 • 24 -1 5 23 2 54 5 -1 * * -15 -13 Sept.......... 39 3 27 1 -4 -20 -6 2 -2 5 * * * 35 Oct........... 146 4 25 4 9 11 15 68 4 -6 * * • 82 Nov.......... 35 4 10 1 6 -13 9 18 1 1 1 * 1 14 Dec........... 201 42 17 5 26 44 19 154 1 6 1 -1 1 38 1970—Jan............ 48 * 5 1 15 14 2 36 11 3 * * * -1 Feb........... 92 3 8 5 14 35 -12 53 7 -4 1 * -1 37 Mar.......... 161 4 8 19 8 30 9 78 13 10 1 * • 58 Apr.......... 154 7 4 16 32 10 7 76 5 6 1 * * 65 May*........ 40 3 1 • 14 -14 5 10 2 2 2 * * 26 June**........ 13 4 -6 * 4 -12 3 -8 13 2 10 * -6 3 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 1969.......................... -1,534 66-1,600 74-1,118 - 98 -471 -6 20 1967...................................... 311 298 1970—Jan.-Junep... -226 8 -234 102 -295 -1 -47 -2 10 1968—Mar........................... 351 269 453 372 1969—June.............. -285 4 -289 -21 -164 -1 -103 1 468 398 J A u u ly g . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -2 -6 4 3 4 -1 -6 1 -2 -5 3 7 3 -1 9 -2 -5 11 0 -1 -6 6 -1 -1 8 — 1 2 3 636 508 Sept............... -218 -9 -209 16 -131 * -98 3 1969—Mar........................... 553 393 Oct................ —6 4 -10 70 -21 -12 -48 -1 566 397 Nov............... -104 3 -107 15 -78 1 -48 1 467 297 Dec............... -35 4 -39 -8 -24 10 -30 14 434 278 1970—J M F a e n a b . r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - - 1 1 -1 3 1 1 8 3 -3 - 2 2 8 2 -1 - - 1 9 3 6 5 4 3 1 33 6 0 - - 1 1 -2 1 5 9 0 4 - - 5 5 5 - - 1 2 3 3 5 — — 1 1 2 2 1 1970—Mar.p....................... 361 221 Apr............... -66 9 -75 17 -81 -2 -10 1 Note.—Data represent the money credit balances and May*............ 61 11 50 -3 41 3 8 2 money debit balances appearing on the books of reporting June?............ 41 5 35 9 37 3 -14 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. □ AUGUST 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. 1970 1970 Maturity of Jan. 26................... 1,688 Apr. 24............... 5,020 Jan. 7............... 13,847 liability Feb. 23................... 1,902 May 29............... 5,872 1 4 14,373 Mar. Apr. May Mar. 30................... 1,879 June 26............... 6,202 2 1 13,863 Apr. 27................... 1,909 July 31............... 6,126 2 8 13,863 May 25................... 2,003 Aug. 28................ 7,004 1.53 1.69 1.74 June 29................... 1,951 Sept. 25............... 7,104 Feb. 4................ 13,771 Call................................... 2.10 2.41 2.36 Oct. 30................ 7,041 11................ 13,604 Other liabilities, maturing J A u u ly g . 2 3 7 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 , , 7 1 8 3 6 4 D N D e e o c c v . . . 2 2 31 7 5 . . ( . . 1 . . . . . . / . . 1 . . . . / . . 6 . . . . 9 . . . . ) . . . . .. 7 6 6 , , , 1 9 0 7 4 3 0 8 9 2 1 5 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 3 3 , , 3 4 4 0 0 3 i m d n a o te n f : o th ll s o wi a n f g te r cal r e e n p d o a r r t Sept. 28................... 3,472 9.23 9.31 8.98 Oct. 26................... 3,671 Mar. 4............... 12,673 2nd............................. 4.32 4.59 5.19 Nov. 30................... 3,786 1969 11............... 12,922 3.35 3.68 3.15 Dec. 28................... 4,036 18............... 12,904 1.50 .90 .98 Jan. 29................ 8,545 25............... 12,356 5th............................. .82 .83 1.05 1967 Feb. 26................ 8,822 .68 .83 1.11 Mar. 26................ 9,621 Apr. 1............... 12,043 .23 .18 .31 Jan. 25................... 3,653 Apr. 30............... 9,399 8............... 12,421 8th............................. .16 .29 .21 Feb. 22................... 3,396 May 28............... 9,868 1 5 12,219 9th............................. .26 .19 .18 Mar. 29................... 3,412 June 25................ 13,269 2 2 12,004 10th............................. .17 .13 .20 Apr. 26................... 3,047 2 9 12,489 11th............................. .12 .20 .21 May 31................... 2,776 July 30............... 14,434 12th............................. .16 .17 .24 June 28................... 3,166 Aug. 27............... 14,658 May 6................ 12,486 Maturities of more than 1 Sept. 24............... 14,349 13............... 12,108 .32 .28 .32 Oct. 29................ 13,649 20 12,528 July 26................... 3,660 27 13,035 Aug. 30................... 3,976 24.96 25.66 26.24 Sept. 27................... 4,059 Nov. 5................ 14,415 June 3 ............. 12,571 Oct. 25................... 4,322 12............... 14,369 10................ 12,435 Nov. 29................... 4,206 19................ 15,048 17............... 12,575 Note.—Includes interest-bearing U.S. dollar Dec. 27................... 4,241 26............... 14,903 24................ 12,700 deposits and direct borrowings of all branches in the Bahamas and of all other foreign branches 1968 Dec. 3............... 14,815 July 1............... 11,923 for which such deposits and direct borrowings 10................ 14,604 8............... 12,041 amount to $50 million or more. Jan. 31................... 4,259 17............... 14,614 15............... 12,132 Details may not add to totals due to rounding. Feb. 28................... 4,530 24............... 14,430 22............... 11,782 Mar. 27................... 4,920 31................ 13,032 29............... 10,890 Note.—The data represent gross liabilities of reporting banks to their branches in for­ eign 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 End of United U.S. Govt. Earmarked period Total Short­ Short­ King­ Canada securities1 gold Deposits term Deposits term dom invest­ invest­ ments i ments * 1967............. 135 9,223 13,253 1968............. 216 9,120 13,066 1967................... 1,163 852 133 128 49 621 309 1969—July... 158 7,419 13,050 1968................... 1,638 1,219 87 272 60 979 280 Aug... 143 8,058 13,033 Sept... 143 9,252 13,004 1969—May. ... 1,982 1,415 104 347 116 1,047 527 Oct... 131 8,447 12,979 June....... 1,820 1,256 123 347 93 983 453 Nov... 130 7,533 12,998 July........ 1,812 1,266 113 313 120 1,014 450 Dec... 134 7,030 12,311 Aug........ 1,732 1,244 96 293 99 993 410 Sept........ 1,626 1,132 100 303 90 941 360 1970—Jan... 152 7,374 12,291 Oct......... 1,676 1,234 97 279 65 981 385 Feb... 313 8,219 12,268 Nov........ 1,715 1,252 105 280 78 1,000 411 A M p a r r . . . . . . 2 2 0 04 0 9 9 , ,1 15 18 4 1 12 2 , , 2 2 7 7 2 0 tU-xC a s C % .Z9 t... / \l l , , 4 3 5 1 3 8 1,0 9 2 51 2 1 1 6 1 1 6 1 1 7 8 4 4 7 8 6 6 6 66 1 3 0 4 5 6 1 8 8 May.. 128 9,754 12,239 June.. 168 10,888 12,240 1970—Jan.r. ... 1,727 1,238 183 229 76 1,004 444 July... 199 11,803 12,217 Feb.r.. .. 1,720 1,251 193 196 80 1,050 371 Mar.r. . . 1,610 1,170 186 191 63 1,007 300 Apr.r.... 1,490 1,063 176 184 66 907 268 1 U.S. Treasury bills, certificates of indebtedness, May....... 1,540 1,045 199 185 109 884 328 notes, and bonds; includes securities payable in foreign currencies. 1 Negotiable and other readily transferable foreign obligations payable on demand hel N d o f t o e r .— in E t x er c n lu a d ti e o s n a d l e p a o n s d i ts r e a g n io d n a U l . o S r . ga G n o iz v a t, t io s n e s c . u r E iti a e r s ­ o o b r l h ig a a v t i i n o g n a w c a o s n t i r n a c c u tu rr a e l d m b a y t u t r h it e y f o o f r e n i o gn t e m r. ore than 1 year from the date on which the marked gold is gold held for foreign and international 2 Data on the two lines for this date differ because of changes in reporting coverage. accounts and is not included in the gold stock of the Figures on the first line are comparable in coverage with those shown for the preceding United States. 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

AUGUST 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 1969 1970 1969 1970 June Sept. Dec. i Mar.? June Sept. Dec. i Mar.P Europe: Austria................................................... 4 4 2 4 3 5 5 5 5 6 Belgium-Luxembourg........................... 64 69 45 62 70 51 58 53 67 60 Denmark................................................ 2 2 2 3 3 12 13 15 16 16 Finland.................................................. * 1 2 2 1 7 6 6 7 8 France.................................................... 121 131 124 135 124 162 149 114 122 156 Germany, Fed. Rep. of........................ 102 119 178 255 203 193 166 192 305 195 Greece.................................................... 5 3 3 4 3 24 26 18 19 19 Italy........................................................ 54 62 77 90 83 148 160 143 152 167 Netherlands........................................... 45 70 66 90 110 62 59 45 58 64 Norway.................................................. 14 9 3 4 5 14 12 15 17 12 Portugal................................................. 7 9 9 10 6 11 15 10 10 14 Spain...................................................... 47 63 55 60 55 81 74 71 77 77 Sweden................................................... 17 22 35 38 29 26 24 27 32 27 Switzerland............................................ 116 130 114 127 139 44 37 33 43 44 Turkey.................................................... 4 2 3 3 2 14 10 11 12 12 United Kingdom................................... 354 401 348 430 519 1,234 1,199 931 1,065 1,344 Yugoslavia............................................. 1 5 1 1 2 14 15 18 18 18 Other Western Europe......................... 17 19 20 21 19 17 16 10 12 11 Eastern Europe..................................... 1 1 1 1 2 12 10 19 22 17 Total............................................... 976 1,122 1 ,087 1 ,340 1 ,378 2,131 2,053 1,734 2,056 2,267 Canada...................................................... 159 181 198 238 219 713 625 728 838 622 Latin America: Argentina............................................... 5 6 6 9 11 42 37 49 52 53 Brazil...................................................... 15 12 16 18 13 90 86 82 86 97 Chile....................................................... 4 10 9 12 10 38 37 40 42 42 Colombia............................................... 6 7 6 8 6 27 33 28 30 33 Cuba...................................................... * * * * * 2 2 1 1 1 Mexico................................................... 11 9 13 17 24 112 110 115 141 139 Panama.................................................. 3 5 3 4 8 17 17 18 19 19 Peru........................................................ 8 6 9 12 10 26 28 27 30 34 Uruguay................................................. 1 1 1 5 5 4 5 7 7 8 Venezuela.............................................. 26 22 25 32 23 70 65 56 61 69 Other L.A. republics............................. 18 26 37 . 44 25 85 82 84 90 91 Bahamas and Bermuda......................... 19 22 22 30 47 38 33 54 65 82 Neth. Antilles & Surinam..................... 2 2 2 2 4 5 5 6 6 7 Other Latin America............................ 2 1 1 4 5 14 17 16 18 26 Total............................................... 121 132 150 197 190 570 557 582 647 702 Asia: Hong Kong............................................ 5 5 5 8 7 11 10 11 11 13 India....................................................... 18 20 18 19 27 40 37 34 37 36 Indonesia................................................ 6 5 4 5 5 7 8 12 12 10 Israel...................................................... 11 12 12 14 15 13 19 31 35 33 Japan...................................................... 114 118 136 143 133 212 220 234 255 298 Korea..................................................... 1 2 2 2 1 24 22 26 28 27 Philippines............................................. 11 10 8 9 6 25 26 31 37 32 Taiwan................................................... 5 6 3 3 4 19 19 19 19 23 Thailand................................................ 2 2 3 3 3 12 12 14 15 15 Other Asia............................................. 50 53 33 36 26 104 111 112 119 112 Total............................................... 223 233 224 243 228 466 485 524 569 601 Africa: Congo (Kinshasa)................................. 2 2 2 2 3 3 3 4 4 4 South Africa.......................................... 14 12 13 14 19 27 25 26 29 28 U.A.R. (Egypt)..................................... 2 7 7 7 1 8 9 9 9 9 Other Africa.......................................... 51 33 27 29 32 43 42 43 46 45 Total............................................... 68 52 49 52 56 81 80 80 88 86 Other countries: Australia................................................ 46 57 60 62 65 53 65 56 62 60 All other................................................ 3 6 2 7 6 7 8 9 10 13 Total............................................... 50 63 62 69 71 60 73 64 72 74 International and regional....................... * * * * 2 2 2 * * 5 Grand total.................................... 1,598 1,782 1,770 2,140 2,144 4,023 3,874 3,712 4,271 4,356 1 Data in the two columns shown for this date differ because of changes Note.—Reported by exporters, importers, and industrial and comin reporting coverage. Figures in the first column are comparable in cover- mercial concerns and other nonbanking institutions in the United States, age with those shown for the preceding date; figures in the second column Data exclude claims held through U.S. banks, and intercompany accounts are comparable with those shown for the following date. 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. □ AUGUST 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 foreign currencies End of period Total P d a o y i l n l a a b r l s e P fo a r y i e n a i b g l n e Total P d a o y i l n l a a b r l s e Deposits with currencies b i a n n r k e s p a o b rt r e o r a ’s d Other name 1966—Mar..................... 849 614 235 2,473 2,033 211 229 June..................... 894 657 237 2,469 2,063 191 215 Sept..................... 1,028 785 243 2,539 2,146 166 227 Dec...................... 1,089 827 262 2,628 2,225 167 236 1967—Mar..................... 1,148 864 285 2,689 2,245 192 252 June..................... 1,203 916 287 2,585 2,110 199 275 Sept..................... 1,353 1,029 324 2,555 2,116 192 246 Dec...................... f 1,371 1,027 343 2,946 2,529 201 216 Dec.1................... ( 1,386 1,039 347 3,011 2,599 203 209 1968—Mar..................... 1,358 991 367 3,369 2,936 211 222 June..................... 1,473 1,056 417 3,855 3,415 210 229 Sept..................... 1,678 1,271 407 3,907 3,292 422 193 Dec...................... 1,608 1,225 382 3,783 3,173 368 241 1969—Mar..................... 1,576 1,185 391 4,014 3,329 358 327 June..................... 1,598 1,248 350 4,023 3,282 463 278 Sept..................... 1,782 1,436 346 3,874 3,188 420 267 Dec...................... ( 1,770 1,384 387 3,712 3,126 221 365 Dec.1................... { 2,140 1,624 516 4,271 3,559 314 398 1970—Mar.P.................. 2,144 1,659 485 4,356 3,790 259 307 i Data differ from that shown for Dec. in line above because of changes in reporting coverage. 27. LONG TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (Amounts outstanding; in millions of dollars) Claims Country or area End of period lia T b o il t i a ti l es Total K U in n g i d te o d m E O u t r h o e p r e Canada Brazil Mexico A O L m a t e h t r i e i n c r a Japan O A t s h i e a r Africa o A th l e l r 1966—Mar........................ 176 1,156 27 124 239 208 61 206 98 87 87 19 June....................... 188 1,207 27 167 251 205 61 217 90 90 86 14 Sept........................ 249 1,235 23 174 267 202 64 207 102 91 90 14 Dec........................ 329 1,256 27 198 272 203 56 212 95 93 87 13 1967—Mar........................ 454 1,324 31 232 283 203 58 210 108 98 84 17 June....................... 430 1,488 27 257 303 214 88 290 110 98 85 15 Sept........................ 411 1,452 40 212 309 212 84 283 109 103 87 13 Dec........................ ( 414 1,537 43 257 311 212 85 278 128 117 89 16 Dec.i..................... \ 428 1,570 43 263 322 212 91 274 128 132 89 16 1968—Mar........................ 582 1,536 41 265 330 206 61 256 128 145 84 21 June....................... 747 1,568 32 288 345 205 67 251 129 134 83 33 Sept........................ 767 1,625 43 313 376 198 62 251 126 142 82 32 Dec........................ 1,129 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 June....................... 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........................ < 1,716 2,215 152 433 496 172 73 388 141 249 69 42 Dec.i..................... \ 2,158 2,354 152 442 552 174 77 416 142 277 75 47 1970—Mar.p..................... 2,273 2,706 156 735 546 178 74 454 158 286 71 47 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

AUGUST 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 ) na (s A ch u i s l t l r in ia g) B (f e r l a g n iu c m ) C (d a o n ll a a d r a ) ( C ru ey p l e o e n ) D ( e k n ro m n a e r ) k ( F m i a n r l k an 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—July. .28490 111.11 3.8664 1.9889 92.526 16.785 13.282 23.771 Aug. .28490 110.87 3.8668 1.9885 92.743 16.784 13.282 23.785 Sept. .28490 110.81 3.8637 1.9869 92.732 16.784 13.287 23.785 Oct.. .28490 111.10 3.8644 2.0023 92.762 16.784 13.297 23.773 Nov. .28490 111.38 3.8621 2.0121 92.941 16.784 13.334 23.748 Dec. .28490 111.43 3.8652 2.0125 93.083 16.772 13.348 23.748 1970—Jan.. 328.487 111.58 3.8649 2.0124 93.199 16.772 13.339 23.748 Feb., 28.507 111.77 3.8663 2.0131 93.179 16.772 13.337 23.748 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 June, 27.241 111.45 3.8618 2.0142 496.273 16.770 13.334 23.748 July. 24.934 111.12 3.8670 2.0146 96.872 16.770 13.328 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 a ) n M (d a o la ll y a s r i ) a M (p e e x s i o c ) o ( e g N r u l i a e l n t 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 25.007 516.596 279.30 .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 9 619.302 725.491 13.230 239.01 .15940 .27903 32.623 8.0056 27.592 1969—July. 20.110 25.002 13.228 239.04 .15926 .27809 32.586 8.0056 27.469 Aug. 618.627 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.. 17.907 726.801 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 June, 18.111 27.528 13.230 239.77 .15897 .27864 32.391 8.0056 27.588 July. 18.164 27.537 13.219 239.06 .15893 .27826 32.308 8.0056 27.694 Period (pou N n e d w ) Zea ( la d n o d llar) N (k o r r o w ne a ) y P (e o s r c t u u d g o a ) l A ( S r o a fr n u i d t c h a ) (p S e p s a e i t n a) S (k w ro ed n e a n ) ( e S f r w r l a a i n n tz 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 8131.97 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—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 June., 111.56 13.985 3.4978 139.35 1.4288 19.266 23.171 239.77 July.. 111.23 13.951 3.4913 138.93 1.4290 19.282 23.235 239.06 1 Effective Feb. 14, 1966, Australia adopted the decimal currency 6 Effective Aug. 10, 1969, the French franc was devalued from 4.94 to system. The new unit, the dollar, replaces the pound and consists of 100 5.55 francs per U.S. dollar. cents, equivalent to 10 shillings or one-half the former pound. 7 Effective Oct. 26, 1969, the new par value of the deutsche mark was 2 Effective Oct. 12, 1967, the Finnish markka was devalued from 3.2 set at 3.66 per U.S. dollar. to 4.2 markkaa per U.S. dollar. 8 Effective July 10, 1967, New Zealand adopted the decimal currency 3 A new Argentine peso, equal to 100 old pesos, was introduced on system. The new unit, the dollar, replaces the pound and consists of 100 Jan. 1, 1970. Effective June 18, 1970, the peso was devalued from 3.50 to cents, equivalent to 10 shillings or one-half the former pound. 4.00 pesos to the U.S. dollar. 4 On June 1, 1970, the Canadian Government announced that, for the Note.—After the devaluation of the pound sterling on Nov. 18, 1967, time being, Canada will not maintain the exchange rate of the Canadian the following countries devalued their currency in relation to the U.S. dollar within the margins required by IMF rules. dollar: Ceylon, Denmark, Ireland, New Zealand, and Spain. 5 Effective June 6, 1966, the Indian rupee was devalued from 4.76 to Averages of certified noon buying rates in New York for cable transfers. 7.5 rupees 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 □ AUGUST 1970 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of July 31, 1969 Rate Country 1969 1970 as of July 31, Per Month 1970 cent effective Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July 6.0 Dec. 1957 6.0 3.75 Oct. 1967 4.75 5.0 5.0 7.0 July 1969 7.5 7.5 20.0 July 1969 20.0 4.0 Feb. 1962 4.0 8.0 July 1969 7.5 7.0 7.0 5.5 May 1968 5.5 Chile................................. 14.0 July 1969 14.0 8.0 May 1963 8.0 4.0 June 1966 4.0 9.0 May 1969 9.0 5.0 Nov. 1956 8.0 8.0 4.0 Aug. 1964 4.0 7.0 Apr. 1962 7.0 7.0 June 1969 8.0 8.0 Germany Fed. Rep of.. .. 5.0 June 1969 6.0 7.5 7.0 7.0 Ghana................................... 5.5 Mar. 1968 5.5 Greece................................... 6.0 July 1969 6.0 Honduras 2 3.0 Jan. 1962 3.0 Iceland................................... 9.0 Jan. 1966 9.0 India...................................... 5.0 Mar. 1968 5.0 Indonesia ......................... 9.0 Aug. 1963 9.0 Iran........................................ 7.0 Nov. 1968 8.0 8.0 Ireland................................... 8.44 July 1969 8.38 8.25 8.62 8.19 7.81 7.19 7.31 7.31 6.0 Feb. 1955 6.0 Italy....................................... 3.5 June 1958 4.0 5.5 5.5 Jamaica................................. 6.0 May 1969 6.0 Japan..................................... 5.84 Aug. 1968 6.25 6.25 Korea.................................... 26.0 June 1969 24.0 24.0 Mexico.................................. 4.5 June 1942 4.5 Netherlands........................... 5.5 Apr. 1969 6.0 6.0 New Zealand......................... 7.0 Mar. 1961 7.0 Nicaragua............................. 6.0 Apr. 1954 6.0 Norway................................. 3.5 Feb. 1955 4.5 4.5 Pakistan................................. 5.0 June 1965 5.0 Peru....................................... 9.5 Nov. 1959 9.5 Philippine Republic............. 10.0 June 1969 10.0 Portugal................................. 2.75 Jan. 1969 3.5 3.5 South Africa......................... 5.5 Aug. 1968 5.5 Spain..................................... 5.5 July 1969 6.5 6.5 Sweden.................................. 7.0 July 1969 7.0 Switzerland........................... 3.0 July 1967 3.75 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 7.5 7.0 7.0 Venezuela............................. 5.5 June 1969 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, or the same as bank rate, whichever is lower. (rate shown is for agricultural and industrial paper); 2 Rate shown is for advances only. Ecuador—5 per cent for special advances and for bank acceptances for agricultural purposes, 7 per cent for bank acceptances for industrial Note.—Rates shown are mainly those at which the central bank either purposes, and 10 per cent for advances to cover shortages in legal reserves; discounts or makes advances against eligible commercial paper and/or Indonesia— Various rates depending on type of paper, collateral, com­ govt, securities for commercial banks or brokers. For countries with modity involved, etc.; more than one rate applicable to such discounts or advances, the rate Japan—Penalty rates (exceeding the basic rate shown) for borrowings shown is the one at which it is understood the central bank transacts from the central bank in excess of an individual bank’s quota; the largest proportion of its credit operations. Other rates for some Peru—3.5, 5, and 7 per cent for small credits to agricultural or fish produc­ of 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 en­ paper; gaged in export activities. Preferential rates are also granted on credits to Chile—17 percent for forestry paper, preshipment loans and consumer rural banks; and loans, 18 per cent for selective and special rediscounts, 19.5 per cent for Venezuela—2 per cent for rediscounts of certain agricultural paper (Sept. cash position loans, and 23.5 per cent for construction paper beyond a 1962), and 5 per cent for advances against govt, bonds, mortgages, or gold, basic rediscount period. A fluctuating rate applies to paper covering the and 6 per cent for rediscounts of certain industrial paper and on advances acquisition of capital goods. against securities of Venezuelan companies. Colombia—5 per cent for warehouse receipts covering approved lists of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1970 □ MONEY RATES; ARBITRAGE A 91 OPEN MARKET RATES (Per cent per annum) Canada United Kingdom France Fe G d e . r R m e a p n . y o , f Netherlands Sw la i n tz d er­ Month 3 T m r b e o i a l n s ls t u , h r s y i m Da o d y n a - y e t y o 2 - 3 B a a m a c n n c o c k e n e p e s t r t h , ­ s s ’ 3 T m r b e i a o l s l n s u t , h ry s D m a d o y a n - y e to y - a B d ll e a o p n w o k o n a e s n r i s t c s * e D m a o d y n a - e y t y o s - T 6 r d b e 0 a i a - l y s l 9 s s u 0 , 4 ry D m a o d y n a - e y t y o s - 3 T m r b e i a o l s l n s u t , h ry s D m a d o y a n - y e to y - d P is r r c i a v o t a e u t n e t 1967—Dec. 5.80 5.67 7.78 7.52 6.83 6.00 4.76 2.75 2.77 4.51 4.05 3.75 1968—Dec. 5.96 5.31 7.26 6.80 5.99 5.00 8.22 2.75 1.84 4.65 4.96 3.75 1969—June 7.03 6.98 8.73 7.89 6.66 6.00 9.46 4.75 5.02 5.50 5.92 4.06 July. 7.49 7.40 8.88 7.86 6.95 6.00 9.23 4.75 5.80 5.50 7.17 4.25 Aug. 7.65 7.57 8.88 7.80 6.95 6.00 8.84 4.75 5.87 5.98 7.71 4.25 Sept. 7.75 7.77 8.88 7.80 7.07 6.00 9.39 5.75 4.03 6.00 7.66 4.38 Oct., 7.68 7.71 8.88 7.73 7.02 6.00 9.37 5.75 6.68 5.88 3.80 4.75 Nov. 7.71 7.78 8.88 7.72 6.85 6.00 9.59 5.75 7.64 5.95 5.55 4.75 Dec. 7.78 7.78 8.88 7.70 6.90 6.00 10.38 5.75 8.35 6.00 7.11 4.75 1970—Jan.. 7.80 7.88 8.88 7.55 6.88 6.00 10.21 5.75 9.09 6.00 6.76 4.75 Feb. 7.70 7.81 8.88 7.60 7.03 6.00 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 9.02 7.00 9.68 6.00 5.57 5.25 May, 6.51 6.66 8.06 6.82 6.03 5.00 8.90 7.00 9.23 6.00 7.07 5.25 June, 5.90 5.98 8.06 6.87 6.03 5.00 7.00 8.76 6.00 6.92 5.25 1 Based on average yield of weekly tenders during month. 5 Monthly averages based on daily quotations. 2 3 4 B R R a a a s t t e e e d s i n h o o n e w f f w n e e c i e t s k a l o t y n e a n p v d r e i r v o a a f g t e m e s s o o e n c f t u h d r . a it i i l e y s . closing rates. Se N cti o o t n e .— 15 F o o f r S d u e p s p c l r e ip m t e io n n t t a o n d B a b n a k c i k n g d a a n ta d , M se o e n e " t I a n r t y e r S n t a a t t i i o st n ic a s l , 1 F 9 in 62 a . nce,’ ARBITRAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates Date q K ( u U i a n o U d n g t j i . a . d S t t e o t . i d o o m n U S n ta i t t e e s d L S ( o f p n a o r v d e f o o ad r n) P d f ( ( r p o i e + - s o r c m w ) u ) o i n a o u o u r d n n r m d t i L n ( o c f N n e a o n v d e f t o o t iv r n e ) qu A i o n t s ed Cana q d A u a o U d t j . a . S ti t . o o n U S n ta i t t e e s d C S ( a f p n a o r v a e f o d a r d a) C P d f ( ( d r o a i + e s - o n r c m w ) l a ) l o d a i a o u o u r i r n n s a m r d n t i C n ( c a f N e n a o n v a e f t o d t iv r a) e basis) Canada basis 1970 Mar. 6.............. 7.27 6.81 .46 -.46 .00 7.55 7.31 6.81 .50 -.22 .28 13.............. 7.21 6.70 .51 -.44 .07 7.46 7.22 6.70 .52 -.13 .39 20.............. 7.15 6.56 .59 -.54 .05 7.32 7.09 6.56 .53 .00 .53 26.............. 7.06 6.11 .95 -.53 .42 7.06 6.76 6.11 .65 .00 .65 Apr. 3.............. 6.96 6.30 .66 -.42 .24 6.97 6.76 6.30 .46 + .04 .50 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 May 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 12.............. 6.75 6.68 .07 -.16 -.09 5.85 5.69 6.68 -.99 + 1.46 .47 19.............. 6.81 6.67 .14 -.07 .07 5.87 5.71 6.67 -.96 +1.79 .83 26.............. 6.72 6.35 .37 -.12 .25 5.93 5.76 6.35 -.59 + 1.49 .90 July 2............. 6.72 6.40 .32 .11 .43 5.94 5.77 6.40 -.63 +1.26 .63 10.............. 6.69 6.53 .16 -.30 -.14 5.87 5.71 6.53 -.82 + 1.33 .51 17.............. 6.75 6.37 .38 -.53 -.15 5.77 5.61 6.37 -.76 + 1.28 .52 24............. 6.66 6.23 .43 -.39 .04 5.62 5.47 6.23 -.76 + .93 .17 31............. 6.70 6.31 .39 -.16 .23 5.70 5.54 6.31 -.77 + .33 -.44 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 □ AUGUST 1970 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti­ Intl. Esti­ E pe n r d i o o d f m to a t t a e l d M ta o r n y e­ U St n a i t t e e s d r m es a t t e o d f A i f s g t h a a n n­ A t r i g n e a n­ t A ra u l s ia ­ A tr u ia s­ g B iu e m l­ Brazil Burma Canada Chile world i Fund world 1963. 42,305 2,312 15,596 24,395 36 78 208 536 1,371 150 817 43 1964. 43,015 2,179 15,471 25,365 36 71 226 600 1,451 92 1,026 43 1965. 243,230 31,869 13,806 27,285 35 66 223 700 1,558 63 1,151 44 1966. 43,185 2,652 13,235 27,300 35 84 224 701 1,525 45 1,046 45 1967. 41,600 2,682 12,065 26,855 33 84 231 701 1,480 45 1,015 45 1968. 40,905 2,288 10,892 27,725 33 109 257 714 1,524 45 863 46 1969—June. 40,970 2.257 11.153 27,560 33 110 258 715 1.522 45 866 47 July.. 2,316 11,144 33 115 258 715 1.522 45 866 47 Aug.. 2,336 11.154 33 120 257 715 1.520 45 866 47 Sept.. 40,900 2.258 11,164 27,480 33 120 257 715 1.520 45 872 47 Oct... 2,260 11,190 33 125 262 715 1.520 45 872 47 Nov.. 2,288 11,171 33 130 263 715 1.518 45 872 48 Dec.. ’ 4i ‘ oi 5 2,310 11,859 26^845 33 135 263 715 1.520 45 872 47 1970—Jan.... 2,413 11,882 33 140 263 710 1.518 45 870 48 Feb... 2,435 11,906 33 140 268 714 1.520 45 879 47 Mar... *41,205 2,512 11,903 *26,790 33 140 269 714 1.520 45 879 47 Apr.. . 2,514 11,902 33 140 268 712 1.518 45 879 47 May. . 2,529 11,900 33 140 269 713 1.520 45 880 47 June*. 2,544 11,889 33 140 270 714 1.520 45 880 Ger­ E pe n r d i o o d f lo C m o b ­ ia m D a e r n k ­ l F a i n n d ­ France m F a e n d y . , Greece India Iran Iraq l I a r n e d ­ Israel Italy Japan Rep. of 196 3 92 61 3,175 3,843 77 247 142 98 18 60 2,343 289 196 4 92 85 3,729 4,248 77 247 141 112 19 56 2,107 304 196 5 97 84 4,706 4,410 78 281 146 110 21 56 2,404 328 196 6 108 45 5,238 4,292 120 243 130 106 23 46 2,414 329 196 7 107 45 5,234 4,228 130 243 144 115 25 46 2,400 338 196 8 114 45 3,877 4,539 140 243 158 193 79 46 2,923 356 1969—June. 89 45 3,552 4.563 130 243 158 193 79 46 2.937 363 July.. 89 45 3.551 4.563 130 243 158 193 79 46 2,936 363 Aug.. 89 45 3.551 4.564 130 243 158 193 69 46 2.938 363 Sept.. 89 45 3.545 4.597 130 243 158 193 64 46 2.954 371 Oct... 89 45 3.547 4.597 130 243 158 193 39 46 2.954 371 Nov.. 89 45 3.547 4,610 130 243 158 193 39 46 2.956 371 Dec.. 89 45 3.547 4.079 130 243 158 193 39 46 2.956 413 1970—Jan... 89 45 3.546 4.079 130 243 158 151 39 46 2,976 455 Feb.. 89 45 3.544 4.079 120 243 158 151 38 46 2.978 469 Mar.. 89 45 3.544 4.079 120 243 158 151 38 46 2.978 469 Apr.. 89 45 3.544 4.079 120 243 158 151 26 46 2.978 469 May. 89 45 3,541 4.079 120 243 158 151 26 46 2.981 472 June* 89 45 3,543 4.080 120 243 158 151 26 46 2.982 472 E pe n r d i o o d f Kuwait a L n e o b n ­ Libya M s a i l a ay­ M c e o xi­ Moroc- N la e n th d e s r­ N w o ay r­ P s a ta k n i­ Peru P p h i i n l e ip s ­ Po g r a t l u­ A S r a a u b d i i a 196 3 48 172 7 139 29 1,601 31 53 57 28 497 78 196 4 48 183 17 169 34 1,688 31 53 67 23 523 78 196 5 52 182 68 158 21 1,756 31 53 67 38 576 73 196 6 67 193 68 109 21 1.730 18 53 65 44 643 69 196 7 136 193 68 166 21 1.711 18 53 20 60 699 69 196 8 122 288 85 165 21 1,697 24 54 20 62 856 119 1969—June. 120 288 85 166 21 1.703 24 54 25 52 860 119 July.. 110 288 85 166 21 1.703 24 54 25 52 860 119 Aug.. 107 288 85 167 21 1.703 24 54 25 45 872 119 Sept.. 103 288 85 168 21 1.711 25 54 25 45 872 119 Oct... 100 288 85 168 21 1.711 25 54 25 45 872 119 Nov.. 86 288 85 172 21 1.711 25 54 25 45 872 119 Dec.. 86 288 85 169 21 1.720 25 54 25 45 876 119 1970—Jan... 86 288 85 169 21 1.720 27 54 25 45 882 119 Feb.. 86 288 85 170 21 1.730 27 54 26 46 882 119 Mar.. 86 288 85 170 21 1.730 27 54 40 47 890 119 Apr.. 86 288 85 170 21 1.730 27 54 49 889 119 May. 86 288 85 21 1.730 27 54 50 889 119 June* 86 288 85 1.730 27 54 50 889 119 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1970 a GOLD RESERVES AND PRODUCTION A 93 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS— Continued (la millions of dollars) Bank E pe n r d i o o d f A So fr u i t c h a Spain Sweden Sw la i n tz d er­ Taiwan T la h n a d i­ Turkey ( U E . g A y . p R t) . U K d n i o n it m g ed ­ 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 85 203 2,842 62 92 102 93 1,940 146 401 21 -424 196 7 583 85 203 3,089 81 92 97 93 1,291 140 401 22 -624 196 8 1,243 85 225 2,624 81 92 97 93 1.474 133 403 50 -349 1969—June. 1,264 85 225 2.643 81 92 97 93 1.474 136 403 51 -285 July.. 1,171 85 225 2.643 81 92 107 93 136 403 51 -275 Aug.. 1,138 85 226 2.642 81 92 107 93 165 403 51 -268 Sept.. 1,093 85 226 2.642 81 92 107 93 1,459 165 403 50 -285 Oct... 1,128 85 226 2.642 81 92 117 93 165 403 50 -314 Nov.. 1,125 85 226 2.642 81 92 117 93 165 403 50 -309 Dec.. 1,115 84 226 2.642 82 92 117 93 1,471 165 403 51 -480 1970—Jan... 1,075 84 224 2.659 82 92 117 93 165 403 51 -488 Feb.., 1,035 84 224 2.659 82 92 117 93 165 404 51 -467 Mar.. 1,002 84 224 2.659 82 92 127 93 1,469 165 404 51 -507 Apr.. 992 84 224 2.659 82 92 127 93 165 404 51 -519 May. 978 84 225 2.659 82 92 127 93 165 404 51 -530 June? 942 84 225 2,670 92 127 404 51 -516 1 Includes reported or estimated gold holdings of international and some member countries in anticipation of increase in Fund quotas, except regional organizations, central banks and govts, of countries listed in those matched by gold mitigation deposits with the United States and this table and also of a number not shown separately here, and gold to be United Kingdom; adjustment is $270 million. distributed by the Tripartite Commission for the Restitution of Monetary 3 Excludes gold subscription payments made by some member countries Gold; excludes holdings of the U.S.S.R., other Eastern European coun­ in anticipation of increase in Fund quotas: for most of these countries tries, and China Mainland. the increased quotas became effective in Feb. 1966. The figures included for the Bank for International Settlements are 4 Net gold assets of BIS, i.e., gold in bars and coins and other gold the Bank's gold assets net of gold deposit liabilities. This procedure assets minus gold deposit liabilities. avoids the overstatement of total world gold reserves since most of the gold deposited with the BIS is included in the gold reserves of individual Note.—For back figures and description of the data in this and the countries. following tables on gold (except production), see “Gold,” Section 14 of 2 Adjusted to include gold subscription payments to the IMF made by Supplement to Banking and Monetary Statistics, 1962. GOLD PRODUCTION (In millions of dollars at $35 per fine troy ounce) Africa North and South America Asia Other World Period p t r i o o d n u c 1 ­ A So fr u ic th a Ghana C s ( h K o a n i s n g a ­ o r 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 ­ r Co b l i o a m­ India Japan P p h i i n l e ip s ­ tr A a u li s a ­ r o A th l e l r r 1964.. 1.405.0 1,018.9 30.3 7.8 51.4 133.0 7.4 6.9 12.8 5.2 16.1 14.9 33.7 66.6 1965.. 1.440.0 1,069.4 26.4 2.3 58.6 125.6 7.6 5.4 11.2 4.6 18.1 15.3 30.7 64.8 1966.. 1.445.0 1,080.8 24.0 5.6 63.1 114.6 7.5 5.2 9.8 4.2 19.4 15.8 32.1 62.9 1967.. 1.410.0 1.068.7 26.7 5.4 53.4 103.7 5.8 5.2 9.0 3.4 23.7 17.2 28.4 59.4 1968.. 1.420.0 1,088.0 25.4 5.9 53.9 94.1 6.2 4.9 8.4 4.0 21.5 18.5 27.6 61.6 1969*. 1.090.7 24.8 60.1 85.2 7.5 7.7 3.4 23.7 20.0 25.0 1969—May. 90.0 7.4 .4 .7 .3 2.1 1.5 2.2 June. 91.3 21.5 7.3 .5 .7 .4 2.2 1.5 2.2 July. 93.7 6.7 .7 .3 2.1 2.1 Aug.. 93.9 6.6 .7 .3 2.2 2.0 Sept . 95.1 21.5 7.0 .6 .3 24.8 2.2 Oct... 95.2 6.5 .6 .3 2.1 Nov.. 93.6 6.8 .6 2.0 Dec.. 89.5 7.1 .4 1.9 1970—Jan.., 92.8 7.5 .5 Feb... 88.4 6.5 .8 Mar.. 94.3 7.1 .5 Apr... 92.8 6.6 May.. 94.5 7.0 1 Estimated; excludes U.S.S.R., other Eastern European countries, Note.—Estimated world production based on report of the U.S. China Mainland, and North Korea. Bureau of Mines. Country data based on reports from individual 2 Quarterly data. countries. 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

AUGUST 1970 □ BANK HOLDING COMPANIES A 95 BANKING OFFICES AND DEPOSITS OF BANKS IN HOLDING COMPANY GROUPS, DECEMBER 31, 1969 A. Details for 32 States and District of Columbia Number of offices Deposits Banks anc I branches State Number of companies1 As a per­ As a per­ In centage of Banks Branches centage of millions all commercial Total all commercial of dollars bank banking deposits offices Totals—32 States and District of 197 723 2,674 3,397 62,574 1 2 105 107 34.7 1,034 33.2 California.................................................... 6 9 291 300 10.0 4,288 9.9 5 22 2 24 8.9 1,771 44.7 District of Columbia................................. 2 2 12 14 12.5 293 10.9 Florida ...................................................... 16 107 107 22.1 4,731 38.4 7 19 112 131 19.0 2,237 33.6 2 2 72 74 42.5 517 41.8 1 3 3 .3 77 .2 Indiana........................................................ 2 3 4 7 .7 97 1.0 3 24 25 49 5.1 646 10.4 1 2 28 30 4.6 465 9.4 4 10 67 77 30.7 318 28.2 Maryland.................................................... 2 4 17 21 3.5 140 2.9 Massachusetts............................................ 2 22 219 241 27.6 2,243 23.4 Minnesota.................................................. 6 120 9 129 17.6 4,710 56.5 Missouri...................................................... 7 28 9 37 4.9 1,670 15.4 4 36 1 37 26.4 780 52.5 1 5 3 8 1.7 304 9.2 1 2 38 40 45.5 609 61.0 1 7 6 13 10.2 143 17.0 2 9 27 36 19.8 226 17.4 15 49 672 721 27.6 19,563 23.9 4 32 17 49 20.9 554 38.5 6 36 175 211 12.2 3,480 17.1 Oregon........................................................ 1 1 117 118 31.9 1,589 42.4 South Dakota............................................. 3 15 46 61 23.7 592 41.2 Tennessee.................................................... 5 12 39 51 6.8 539 8.2 3 13 2 15 1.2 1,052 4.4 Utah............................................................ 2 3 64 67 38.5 769 46.4 7 50 355 405 41.2 3,101 43.0 3 7 90 97 15.8 731 14.1 12 63 50 113 13.2 3,183 36.5 Wyoming.................................................... 2 4 4 5.6 122 16.4 B. Summary totals and comparisons Holding company groups as a 32 States and District of Columbia percentage of all commercial banks in— United States— All Item commercial 32 States and Holding All banks District company groups commercial banks of United States Columbia Number of banking offices, total................... 3,397 22,938 33,639 14.8 10.1 Bank....................................................... 723 10,083 13,661 Branches ................................................ 2,674 12,855 19,978 Deposits (millions of dollars)......................... 62,574 331,228 436,708 18.9 14.3 1 Data for individual States represent bank holding companies having Note.—Holding companies referred to are as defined in the Bank Hold­ subsidiary banks in the respective States rather than bank holding compa­ ing Company Act of 1956, as amended. (A list showing the names, of­ nies whose principal offices are located in such States. Total does not equal fices, and total deposits of the banks in the holding company groups is sum of State figures because it has been corrected for duplications; that available upon request.) The data include: (1) banks of which the bank is, holding companies that have subsidiary banks in more than one State holding companies owned or controlled 25 per cent or more of the out­ are included in the total only once. The 97 bank holding companies in­ standing stock, and (2) six domestic commercial banks that are not cluded in the total represent only 86 separate bank groups. subsidiaries of bank holding companies but are themselves bank holding companies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 96 BANKING OFFICES □ AUGUST 1970 NUMBER OF BANKING OFFICES IN THE UNITED STATES Commercial banks1 Mutual savings banks All Member Nonmember Type of office and type of change banks Total Total ti N on a a ­ l Statei Total Insured in N s o u n re - d Insured 1 in N su o r n e ­ d Banks (head office): Dec. 31, 1934. 16,063 15,484 6,442 5,462 980 9,042 7,699 1,343 68 511 Dec. 31, 1941. 14,826 14,278 6,619 5,117 1,502 7,662 6,810 852 52 496 Dec. 31, 19472 14,714 14,181 6,923 5,005 1,918 7,261 6,478 783 194 339 Dec. 31, 1951. 14,618 14,089 6.840 4,939 1,901 7,252 6,602 650 202 327 Dec. 31, 1960. 13,986 13,472 6,174 4,530 1,644 7,300 6,948 352 325 189 Dec. 31, 1961 . 13,946 13,432 6,113 4,513 1,600 7,320 6,997 323 330 184 Dec. 31, 1962. 13,938 13,427 6,047 4,503 1,544 7,380 7,072 308 331 180 Dec. 31, 1963. 14,078 13,569 6,108 4,615 1,493 7,461 7,177 284 330 179 Dec. 31, 1964. 14,266 13,761 6.225 4,773 1,452 7,536 7,262 274 327 178 Dec. 31, 1965. 14,309 13,804 6,221 4,815 1,406 7,583 7,320 263 328 177 Dec. 31, 1966. 14,274 13,770 6,150 4,779 1,351 7,620 7,385 235 330 174 Dec. 31, 1967. 14,222 13,721 6,071 4,758 1,313 7,650 7,439 211 331 170 Dec. 31, 1968. 14,179 13,679 5,978 4,716 1,262 7,701 7,504 197 333 167 Dec. 31, 1969. 14,158 13,662 5,871 4,669 1,202 7,791 7,595 196 330 166 June 30, 1970. 14,167 13,671 5,807 4,640 1,167 7,864 7,672 192 330 166 Branches, additional offices, and facilities: Dec. 31, 1934.. 3,133 3,007 2,224 1,243 981 783 783 126 Dec. 31, 1941 .. 3,699 3,564 2,580 1,565 1,015 984 932 32 103 Dec. 31, 19472. 4,332 4,161 3,051 1,870 1,181 1,110 1,043 124 47 Dec. 31, 1951 .. 5,383 5,153 3,837 2,370 1,467 1,316 1,275 165 65 Dec. 31, 1960.. 10,969 10,483 8,133 5,509 2,624 2,350 2,303 381 105 Dec. 31, 1961 .. 11,896 11,353 8,899 6,044 2,855 2,454 2,410 427 116 Dec. 31, 1962.. 12,932 12,345 9,649 6,640 3,009 2,696 2,646 466 121 Dec. 31, 1963.. 14,122 13,498 10,613 7,420 3,193 2,885 2,835 502 122 Dec. 31, 1964.. 15,275 14,601 11,457 8,156 3,301 3,144 3,094 549 125 Dec. 31, 1965.. 16,471 15,756 12,298 8,964 3,334 3,458 3,404 583 132 Dec. 31, 1966.. 17,665 16,908 13,129 9,611 3,518 3,779 3,717 614 143 Dec. 31, 1967.. 18,757 17,928 13,856 10,183 3,673 4,072 4,026 669 160 Dec. 31, 1968.. 19,911 19,013 14,553 10,985 3,568 4,460 4,414 729 169 Dec. 31, 1969.. 21,196 20,208 15,204 11,727 3,477 5,004 4,957 810 178 June 30,1970.. 21,882 20,850 15,624 12,086 3,538 5,226 5,181 851 181 Changes Jan.-June 30,1970 Banks: New banks3.......................................... 85 85 21 16 64 Consolidations and absorptions: Banks converted into branches........ -64 -64 -38 -26 Other.................................................. -7 -7 -2 -5 Voluntary liquidations 4....................... -5 -5 -5 Interclass changes: Nonmember to national................... State member to national................. -5 State member to nonmember........... -23 -23 23 National to nonmember................... -25 -25 25 Noninsured to insured...................... 5 -5 Net change............................................ 9 9 -64 -29 -35 73 77 -4 Number of banks, June 30, 1970......... 14,167 13,671 5,807 4,640 1,167 7,864 7,672 192 330 166 Branches and additional offices: De novo................................................................... 666 621 415 333 206 205 1 42 3 Banks converted....................................................... 64 64 52 40 12 12 Discontinued............................................................ -42 -41 -29 -18 -12 -9 ‘-3 -I Interclass changes: Nonmember to national...................................... Nonmember to State member............................ 10 State member to national.................................... -28 State member to nonmember.............................. -13 National to State member.................................. -9 +9 National to nonmember...................................... -26 -26 Facilities reclassified as branches....................... 2 2 2 2 Net change............................................................... 690 646 423 362 61 223 225 -2 41 3 Number of branches and additional offices, June 30, 1970................................................................. 21,663 20,631 15,438 11,912 3,526 5,193 5,148 45 851 181 Banking facilities:5 Established........................................ 1 1 1 1 Discontinued..................................... -3 -3 -2 -2 Facilities reclassified as branches... -2 -2 -2 -2 Net change........................................ -4 -4 -3 -3 Number of facilities, June 30, 1970. 219 219 186 174 12 1 State member banks and insured mutual savings banks figures both 4 Exclusive of liquidations incident to succession, conversion, and include one to three member mutual savings banks, 1941 to 1962 inclusive, absorption of banks. not reflected in total commercial bank figures. State member bank figures 5 Provided at military and other Govt, establishments through arrange­ also include one or two noninsured trust companies 1954 to date. ments made by the Treasury Dept. 2 Series revised as of June 30,1947. The revision resulted in an addition of 115 banks and nine branches. Note.—Beginning with 1959, figures include all banks in Alaska and 3 Exclusive of new banks organized to succeed operating banks. Hawaii, but nonmember banks in territories and possessions are excluded. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST 1970 □ FEDERAL RESERVE PAR LIST A 97 NUMBER OF PAR AND NONPAR BANKING OFFICES Par Total Nonpar (nonmember) F.R. district, Total Member Nonmember State, or other area Banks a B n r d a n of c f h ic e e s s Banks a B n r d a n of c f h ic e e s s Banks a B n r d a n o c ff h ic e e s s [ Banks a B n r d a n of c f h ic e e s s Banks a B n r d a n o c ff h ic e e s s Total, including Puerto Rico and Virgin Islands:1 Dec. 31, 1969................... 13,578 20,396 12,786 20,131 5,870 15,240 6,916 4,891 792 265 June 30, 1970................... 13,581 21,016 12,979 20,767 5,807 15,653 7,172 5,114 602 249 F.R. districts, June 30, 1970: Boston............................... 380 1,542 380 1,542 234 1,142 146 400 New York i....................... 481 3,336 481 3,336 357 2,934 124 402 Philadelphia..................... 465 1,480 465 1,480 329 1,058 136 422 Cleveland.......................... 798 1,894 798 1,894 472 1,571 326 323 Richmond......................... 742 2,869 696 2,846 364 1,768 332 1,078 46 23 Atlanta............................. 1,633 1,369 1,463 1,262 543 896 920 366 170 107 Chicago............................. 2,553 2,253 2,553 2,253 943 1,486 1,610 767 St. Louis........................... 1,511 838 1,363 788 460 453 903 335 148 50 Minneapolis..................... 1,360 271 1 ,182 216 490 125 692 91 178 55 Kansas City...................... 1,947 266 1,947 266 816 169 1,131 97 Dallas............................... 1,315 233 1,255 219 635 123 620 96 60 14 San Francisco................... 396 4,665 396 4,665 164 3,928 232 737 0 State or area, June 30, 1970: Alabama........................... 269 260 208 246 109 198 99 48 61 14 Alaska............................... 10 59 10 59 5 53 5 6 Arizona............................. 12 313 12 313 5 232 7 81 Arkansas........................... 248 161 179 151 80 102 99 49 69 10 California......................... 146 2,952 146 2 952 73 2,641 73 311 Colorado........................... 225 13 225 13 139 10 86 3 Connecticut....................... 58 424 58 424 30 328 28 96 Delaware........................... 19 82 19 82 7 39 12 43 District of Columbia........ 14 105 14 105 12 98 2 7 Florida.............................. 483 30 483 30 222 13 261 17 Georgia. .. 438 277 438 277 72 199 366 78 Hawaii.... 7 133 7 133 1 8 6 125 Idaho........ 25 152 25 152 15 135 10 17 Illinois.... 1,101 83 1 ,101 83 494 59 607 24 Indiana. . . 407 614 407 614 187 393 220 221 Iowa......... 665 312 665 312 150 81 515 231 Kansas__ 601 64 601 64 206 38 395 26 Kentucky., 343 314 343 314 94 189 249 125 Louisiana. 231 379 134 309 59 212 75 97 97 70 Maine 41 212 41 212 27 158 14 54 Maryland.......... 119 504 119 504 51 313 68 191 Massachusetts... 162 719 162 719 101 567 61 152 Michigan........... 329 1 ,175 329 1 ,175 203 970 126 205 Minnesota......... 725 11 725 11 223 6 502 5 Mississippi........ 182 338 95 269 44 154 51 115 87 69 Missouri............ 668 91 668 91 170 40 498 51 Montana............ 136 5 136 5 90 4 46 1 Nebraska........... 438 40 438 40 137 24 301 16 Nevada.............. 8 81 8 81 5 71 3 10 New Hampshire. 75 57 75 57 51 50 24 7 New Jersey........ 214 941 214 941 163 814 51 127 New Mexico.... 66 121 66 121 39 73 27 48 New York......... 312 2,347 312 2,347 251 2,228 61 2119 North Carolina. 101 1,066 75 1 ,046 24 528 51 518 26 20 North Dakota. . 168 70 77 37 46 14 31 23 91 33 Ohio................... 518 1,252 518 1 ,252 337 1 ,056 181 196 Oklahoma.......... 429 57 429 57 228 45 201 12 Oregon............... 51 327 51 327 10 244 41 83 Pennsylvania---- 476 1 ,645 476 1 ,645 329 1 ,220 147 425 Rhode Island . .. 13 166 13 166 5 92 8 74 South Carolina. 104 397 84 394 26 238 58 156 20 3 South Dakota.. 162 97 75 75 58 61 17 14 87 22 Tennessee........ 306 475 262 467 89 307 173 160 44 8 Texas................ 1 ,173 67 1 ,153 67 581 26 572 41 20 Utah................. 50 131 50 131 16 97 34 34 Vermont............ 43 82 43 82 26 47 17 35 Virginia............ 232 793 232 793 144 589 88 204 Washington----- 90 537 90 537 35 466 55 71 West Virginia... 199 5 199 5 119 2 80 3 Wisconsin......... 600 261 600 261 165 80 435 181 Wyoming.......... 70 2 70 2 53 1 17 1 Puerto Rico1.. 13 196 13 196 19 13 177 Virgin Islands1 6 21 6 21 1 21 5 1 Puerto Rico and the Virgin Islands assigned to the N.Y. District for Note.—Includes all commercial banking offices in the United States, purposes of Regulation J, “Check Clearing and Collection.” Member Puerto Rico, and the Virgin Islands on which checks are drawn, including branches in Puerto Rico and all except seven in the Virgin Islands are 219 banking facilities. Number of banks and branches differs from that branches of N.Y.C. banks. Certain branches of Canadian banks (two in in the preceding table because this table includes banks in Puerto Rico Puerto Rico and one in the Virgin Islands) are included above as nonmem­ and the Virgin Islands but excludes banks and trust companies on which ber banks; and nonmember branches in Puerto Rico include eight other no checks are drawn. branches of Canadian banks. 2 Includes 12 New York City branches of three insured nonmember Puerto Rican banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INCOME, EXPENSES, AND DIVIDENDS OF INSURED COMMERCIAL BANKS, 1969 INCOME, EXPENSES, AND DIVIDENDS OF MEMBER BANKS, BY CLASS OF BANK, 1969 (Income, etc., in thousands, and asset and liability items in millions, of dollars) (Income etc. in thousands, and asset and liability items in millions, of dollars) Reserve city All Item All insured member Country banks banks New C it Y y ork C C h i i ty ca o go f Other Operating income—total......................................................... 30,806,805 Operating income—total................................................... 24,991,233 4,668,146 1,085,099 9,331,734 9,906,253 Loans: Loans: Interest and fees............................................................... 20,726,664 Interest and fees........................................................ 17,104,055 3,324,335 764,888 6,641,202 6,373,630 Other income on Federal funds sold and securities pur­ Other income on Federal funds sold and securities chased under resale agreements................................. 811,580 purchased under resale agreements.................. 649,369 116,195 29,524 220,782 282,868 Securities: Securities: Interest and dividends (excl. trading acct. income): Interest and dividends (excl. trading acct. income): U.S. Treasury securities........................................... 2,845,257 U.S. Treasury securities........................................ 2,040,893 247,141 70,269 598,352 1,125,130 U.S. Govt, agencies and corporate securities........ 551,068 U.S. Govt, agencies and corporate securities.... 321,988 15,984 3,500 54,422 248,081 States and political subdivisions obligations........ 2,215,971 States and political subdivisions obligations....... 1,794,295 257,642 70,866 635,333 830,455 Other securities......................................................... 134,548 Other securities...................................................... 105,832 20,130 4,911 39,466 41,326 Trust department income................................................... 1,021,900 Trust department income.............................................. 972,071 309,159 70,817 373,756 218,339 Service charges on deposit accounts................................. 1,120,196 Service charges on deposit accounts........................... 835,297 60,643 5,339 312,563 456,752 Other charges, fees, etc........................................................ 693,578 Other charges, fees, etc................................................. 556,878 82,826 17,962 254,060 202,030 Other operating income:..................................................... 686,043 Other operating income: On trading account (net)................................................. On trading account (net)........................................... 137,341 56,143 26,744 49,572 4,882 Other................................................................................. 473,214 177,948 20,280 152,226 122,760 Operating expenses—total..................................................... 24,076,791 Operating expenses—total................................................ 19,524,610 3,649,904 848,973 7,326,389 7,699,344 Salaries and wages of officers and employees................ 5,878,812 Salaries and wages of officers and employees............. 4,689,651 793,682 155,659 1,762,413 1,977,897 Officer and employee benefits........................................... 903,469 Officer and employee benefits..................................... 748,726 145,406 30,018 282,967 290,335 Interest on: Interest on: Time and savings deposits............................................ 9,789,893 Time and savings deposits........................................ 7,159,991 826,292 249,022 2,839,241 3,245,435 Federal funds purchased and securities sold under re­ Federal funds purchased and securities sold under purchase agreements.............................................. 1,205,787 repurchase agreements....................................... 1,177,127 366,393 106,416 592,369 111 ,949 Other borrowed money................................................. 433,120 Other borrowed money............................................ 550,067 125,522 162,823 227,078 34,644 Capital notes and debentures....................................... 100,742 Capital notes and debentures................................... 89,024 28,606 2,121 38,851 19,446 Net occupancy expense..................................................... 1,073,339 Net occupancy expense................................................ 866,829 159,940 27,272 311,024 368,593 Furniture, equipment, etc.................................................. 773,072 Furniture, equipment, etc............................................. 615,146 72,630 19,225 238,673 284,619 Provision for loan losses................................................... 521,064 Provision for loan losses-.............................................. 380,912 47,933 13,239 132,443 187,297 Other operating expenses.................................................. 3,397,493 Other operating expenses.............................................. 3,247,139 1,083,501 83,180 901,330 1,179,129 Income before income taxes and securities gains or losses. . 6,730,014 Income before income taxes and security gains or losses.. 5,466,622 1,018,242 236,126 2,005,345 2,206,909 Applicable income taxes................................................... 2,164,419 Applicable income taxes............................................... 1,813,166 389,843 80,621 679,398 663,304 Income before securities gains or losses.......................... 4,565,595 Income before security gains or losses................... 3,653,456 628,399 155,505 1,325,947 1,543,606 Net security gains (+) or losses (—) after taxes............ -237,707 Net security gains (+) or losses ( —) after taxes........ -209,055 -77,658 -7,090 -75,296 -49,009 Extraordinary charges ( —) or credits (+) after taxes... 6,914 Extraordinary charges ( — ) or credits (+) after taxes. . 5,476 144 1,676 1,818 1,838 Less minority interest in consolidated subsidiaries........ 235 Less minority interest in consolidated subsidiaries. .. 47 -16 64 Net income.............................................................................. 4,334,567 3,449,829 550,884 150,090 1,252,486 1,496,370 Cash dividends declared: Cash dividends declared: On common stock.... 1,762,279 On common stock......................................................... 1,516,843 341,625 69,978 590,477 514,763 On preferred stock.... 7,035 On preferred stock........................................................ 6,551 3,728 2,243 580 Memoranda items: Memoranda items: Income taxes applicable to 1969 operating income: Income taxes applicable to 1969 operating income. . . . 1,813,166 389,843 80,621 679,398 663,304 Tax effect of: Tax effect of: a. Net securities losses and extraordinary a. Net securities losses and extraordinary charges........................................................... charges.................................................... -254,281 -96,278 -11,444 -87,846 -58,712 b. Transfers from capital accounts to reserve for b. Transfers from capital accounts to reserve bad debt losses on loans1............................ for bad debt losses on loans1............... -335,601 -83,423 -9,656 -160,282 -82,239 Total income taxes applicable to 1969 Total income taxes applicable to 1969. .. 1,223,284 210,142 59,520 431,269 522,353 Federal........................................................... 1,287,514 Federal................................................ 1,032,705 135,217 58,835 364,581 474,073 State and local.............................................. 217,822 State and local...........................*..... 190,579 74,925 686 66,688 48,280 A 98 INSURED AND MEMBER BANKS, 1969 □ AUGUST 1970 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Memoranda items (cont.): Memoranda items (cont.): Recoveries credited to reserves (not included above) Occupancy expense of bank premises—gross........... 1 ,092,149 192,335 42,212 414,867 442,735 On loans.................................................................... 209,124 41,569 Less rental income................................................... 225,320 32,395 14,940 103,843 74,142 On securities............................................................. 1 ,986 880 Net security gains ( + ) or losses ( —) gross (before in­ Losses charged to reserves (not included above) come taxes).......................................................... -460,241 -174,002 -18,580 -162,574 -105,083 On loans.................................................................... 697,874 153,255 Extraordinary charges ( —) or credits (+) gross On securities............................................................. 12,448 6,467 (before income taxes).......................................... 2,381 210 1 ,722 1 ,250 -799 Reserve for losses on loans2 Assets, liabilities and capital accounts:6 Balance at beginning of year................................... 4,463,750 1,082,376 275,078 1,564,778 1,541,518 Additions due to mergers, etc............................. 14,964 816 2,843 11 305 Assets—total............................................................. 516,325 90,946 Recoveries credited to reserves........................... 167,701 22,466 5,121 55,489 84,625 Transfers to reserves............................................ 1,057,541 205,428 33,901 429,712 388,501 Cash and due from banks................................... 86,664 9,529 Losses charged to reserves.................................. 544,253 62,770 20,537 200,104 260,842 U.S. Treasury securities....................................... 56,724 15,128 Transfers from reserves....................................... 28,196 2,854 8,889 16,453 O Ob th li e g r a s ti e o c n u s r i o ti f e s S 7 t . a . t .. e .. s . . a .. n ... d .. . p .. o .. l . i .. t . i . c .. a .. l . . s .. u .. b .. d .. i . v .. i . s .. i . o .. n .. s . 5 1 8 1 , , 0 8 1 3 1 9 1 4 0 , , 2 9 4 5 7 5 Ne B t a l l o a s n s c e e s a o t n e l n o d a n o s f 3 y . e .. a ... r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,1 3 3 8 1 0 , , 5 1 0 5 8 2 1,24 4 8 0 , , 3 3 1 0 6 6 29 15 0 , , 4 7 1 0 6 9 1,8 1 4 4 3 4 , , 8 61 2 5 9 1,7 1 4 7 8 9 , , 6 8 5 17 3 Loans and discounts............................................ 283,479 48,976 All other assets (incl. trading-acct. securities). . 19,608 2,111 Reserve on securities: Liabilities and capital—total................................... 516,325 90,946 Ba A la d n d c i e t i a o t n b s e d g u in e n t i o n g m o e f r y g e er a s r , .. e .. t . c .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166,2 9 3 73 8 1,870 5,685 99,0 2 0 4 6 8 59,6 7 7 25 7 Total deposits....................................................... 431,468 80,681 Recoveries credited to reserves........................... 1 ,104 828 276 Demand............................................................. 230,491 37,598 Transfers to reserve............................................. 36,663 595 2,246 13,464 20,358 Time and savings............................................. 200,978 43,082 Losses charged to reserve................................... 5,978 828 4,037 1 113 Borrowings and other liabilities......................... 46,642 3,192 Transfers from reserve......................................... 69,586 1 ,727 52 52,696 15*112 Total capital accounts......................................... 38,215 7,073 Balance at end of year............................................. 129,414 738 7,051 56,813 64,811 N N u um m b b e e r r o o f f e b m an p k lo s y ( e e e n s d ( o en f d p e o r f io p d e ) riod) 90 1 4 3 , , 7 4 3 73 6 20 7 0 , , 6 5 0 0 3 9 To N ta e l t n in et c o ch m a e n g tr e a s n i s n f e c r a re p d it a t l o a u cc n o d u iv n i t d s e .. d .. .. p .. r . o ... f . i .. t . s .. . . . . . . . . . . . . . . . 2 3 , , 1 4 9 4 3 9, , 8 9 2 2 9 2 5 1 5 6 0 5 , , 8 4 8 6 4 9 1 7 50 3, ,0 3 9 54 0 1,2 7 5 4 2 7 , , 4 8 8 5 6 5 1 1 , , 2 4 0 9 7 6 , , 2 3 4 7 4 0 Common stock sold, net......................................... 75,350 300 842 21,171 53,038 Preferred stock, capital notes and debentures sold 197,004 52,749 88,756 55,500 For notes 1, 6, and 7 see opposite column. Premium received on new capital stock sold........ 165,439 1 ,305 1 ,423 37,904 124,806 Transfers from loans and security reserves........... 97,813 1 ,727 2,906 61,585 31,597 Other increases........................................................ 602,735 226,195 2,149 146,543 227,847 Dividends declared.................................................. 1 ,523,394 345,353 69,978 592,720 515,344 Transfers to loan and sec. res. (net of tax effect). . . 380,245 74,667 13,252 153,007 139,323 Other decreases........................................................ 490,607 247,670 826 114,864 127,245 Assets, deposits, and capital accounts: Loans gross (incl. Federal funds sold and securities purchased under resale agreement).................... 238,918 47,269 10,672 90,038 90,940 U.S. Treasury securities4............................................ 38,490 4,427 1 ,269 11 ,333 21,461 Securities of other U.S. Govt, agencies and corps.4. 5,421 282 48 962 4,128 Obligations of States and political subdivisions4.. . 46,362 5,826 1 ,781 16,282 22,473 All other securities4.................................................... 1 ,737 284 106 685 661 Cash assets................................................................... 78,824 24,286 2,759 28,610 23,169 Total assets5................................................................ 429,152 88,518 17,898 155,468 167,268 Time deposits............................................................... 154,571 15,538 4,922 57,798 76,314 Total deposits.............................................................. 348,053 62,457 13,149 125,993 146,452 Total capital accounts and reserves........................... 36,689 7,463 1 ,794 13,115 14,317 Equity capital and reserves........................................... 34,921 6,949 1 ,754 12,275 13,943 Number of officers and employees................................. 703,964 98,618 20,763 259,595 324,988 Number of banks............................................................ 5,869 12 9 157 5,691 1 Prior to 1969 transfers to IRS reserve for bad debt Note.—Figures exclude one trust company without de­ losses on loans were deducted from operating income; posits and one member bank located outside the conti­ beginning in 1969, within prescribed limits, banks may nental United States. These figures may differ somewhat deduct all or part of the transfers to this reserve from in­ from those published in the July 1970 Bulletin because come and treat the balance, if any, as a transfer from of the rounding procedures used and some revisions of capital accounts. (These transfers are exempt from Federal the data. Balance sheet figures shown were obtained by income taxes.) averaging the amounts shown in each bank’s official con­ 2 Includes reserve for bad debt losses and other reserves dition reports submitted for June 30 and December 31, on loans. 1969. Savings deposits are included in the time deposit 3 Sum of the expense item “provision for loan losses” figures used in this table. The number of officers and em­ for banks not on a reserve accounting method and the ex­ ployees is as of the end of year. Cash assets comprise cash, cess of losses charged against reserve for losses on loans balances with other banks (including reserve balances), over recoveries credited to these reserves for banks on a and cash items in process of collection. Equity capital and reserve accounting method. reserves include common and preferred stock, surplus, un­ 4 Excluding trading account securities. divided profits plus reserves for contingencies, other cap­ 5 Including trading account securities. ital reserves, and reserves on loans and securities. Total 6 Average of amounts reported at beginning, middle, capital accounts include equity capital and capital notes and end of year. and debentures. Details may not add to totals because of 7 Includes securities of U.S. Govt, agencies and cor­ rounding. porations. AUGUST 1970 □ INSURED AND MEMBER BANKS, 1969 A 99 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INCOME, EXPENSES, AND DIVIDENDS, BY FEDERAL RESERVE DISTRICT (Income etc. in thousands, and asset and liability items in millions, of dollars) Item New Phila­ Cleve­ Rich­ St. Minne­ Kansas San Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco Operating income—total...................................................... 1,154,396 6,466,679 1,145,397 1,792,612 1,261,981 1,598,6113,724,823 779,844 631,4061,017,498 1,250,2224,167,764 Loans: Interest and fees........................................................... 790,611 4,537,426 790,396 1,177,046 863,182 1,030,6792,496,722 504,419 417,845 655,014 851,7472,988,968 Other income on Federal funds sold and securities purchased under resale agreements........................ 27,567 157,571 32,956 53,994 29,257 48,916 102,841 21,935 9,960 27,122 38,475 98,776 Securities: Interest and dividends (excluding trading acct. income) U.S. Treasury securities........................................... 75,727 395,149 97,372 189,018 120,468 154,244 379,009 93,885 67,536 116,536 109,620 242,331 U.S. Govt, agencies and corporate securities........ 6,698 40,219 15,722 18,099 20,039 37,598 64,335 19,534 15,261 18,715 27,173 38,596 States and political subdivisions obligations.......... 83,185 444,919 83,516 171,540 87,448 122,405 278,839 57,400 46,195 69,237 97,640 251,971 Other securities......................................................... 3,525 27,700 8,480 7,879 3,652 6,931 17,629 3,316 1,531 5,059 4,112 16,017 Trust department income................................................ 68,129 358,284 54,458 71,485 36,155 41,158 135,648 19,508 15,813 31,638 32,094 107,701 Service charges on deposit accounts.............................. 42,877 141,723 33,713 51,831 54,124 75,193 93,639 24,750 24,817 44,808 45,122 202,705 Other charges, fees, etc.................................................... 28,066 107,374 20,444 30,318 29,364 42,082 70,510 17,705 19,323 32,366 25,050 134,270 Other operating income: On trading account (net)................................................. 5,712 57,551 -3,335 3,800 4,366 4,270 32,745 7,591 2,946 3,979 A,112 12,946 Other.................................................................................. 22,298 198,765 11,676 17,602 13,926 35,135 52,906 9,801 10,179 13,024 14,418 73,483 Operating expenses—total.................................................. 883,761 5,044,138 866,797 1,342,906 955,855 1,242,0902,948,025 595,716 499,117 767,259 960,4703,418,476 Salaries and wages of officers and employees............... 248,928 1,151,957 215,799 305,567 271,785 322,854 629,141 146,114 110,206 207,854 219,266 860,179 Officer and employee benefits......................................... 43,033 207,296 40,451 42,775 40,387 47,393 102,259 21,472 17,467 26,892 29,077 130,224 Interest on: Time and savings deposits........................................... 238,558 1,404,265 347,151 574,536 342,157 424,718 1 ,229,672 225,717 220,454 282,894 361,020 1,508,848 Federal funds purchases and securities sold under repurchase agreements............................................ 46,771 401,213 47,064 64,953 30,599 56,856 188,098 41,489 24,544 27,602 78,537 169,403 Other borrowed money............................................... 75,600 140,367 7,700 30,094 7,565 25,118 185,403 7,005 9,260 6,329 16,329 39,299 Capital notes and debentures..................................... 3,341 35,616 4,531 3,033 3,471 5,193 11,429 2,487 1,408 2,094 1,480 14,941 Net occupancy expense................................................... 48,207 235,911 39,999 53,859 47,482 53,561 118,144 25,201 18,182 30,140 32,543 163,601 Furniture, equipment, etc................................................ 33,374 116,674 29,295 43,087 38,246 53,588 90,676 24,251 20,099 34,638 35,504 95,713 Provision for loan losses................................................. 19,075 74,653 13,169 23,298 17,734 40,473 46,063 10,668 7,521 22,530 31,624 74,105 Other operating expenses................................................ 126,873 1 ,276,186 121,638 201,705 156,429 212,336 347,141 91,313 69,976 126,287 155,092 362,163 Income before income taxes and securities gains or losses.. 270,636 1,422,541 278,599 449,706 306,125 356,521 776,798 184,128 132,289 250,239 289,752 749,288 Applicable income taxes.................................................. 100,690 502,908 85,896 131,354 108,702 111,625 244,098 58,539 43,266 84,987 91,817 249,283 Income before securities gains or losses........................ 169,946 919,633 192,703 318,351 197,424 244,896 532,699 125,590 89,023 165,252 197,935 500,005 Net security gains (+) or losses ( —) after taxes........... -8,320 -89,123 -9,342 -26,179 -8,273 -12,066 -19,703 -2,378 -3,106 -3,609 -10,439 -16,505 Extraordinary charges ( — ) or credits (+) after taxes___ 312 819 477 -328 587 1,175 1,502 117 19 -117 2,188 -1,272 Less minority interest in consolidated subsidiaries.... -7 12 27 1 3 13 Net income............................................................................ 161,937 831,328 183,837 291,842 189,746 233,992 514,497 123,302 85,935 161,523 189,681 482,213 Cash dividends declared: On common stock............................................................ 76,625 451,469 87,054 116,273 76,819 82,281 192,687 43,811 35,247 63,347 71,281 219,950 On preferred stock........................................................... 39 3,736 41 251 632 146 1,500 1 25 107 51 22 Memoranda items: Income taxes applicable to 1969 operating income.... 100,690 502,908 85,896 131,354 108,702 111,625 244,098 58,537 43,266 84,987 91,817 249,283 Tax effect of: a. Net securities losses and extraordinary charges... -13,098 -108,524 -10,207 -30,677 -8,542 -14,493 -27,173 -3,477 -2,965 -4,624 -8,665 -21,837 b. Transfers from capital accounts to reserve for bad debt losses on loans1................................ -15,472 -97,263 -11 ,070 -19,457 -15,665 -15,160 - 39,604 -8,845 -6,399 -7,406 -10,166 -89,096 Total income taxes applicable to 1969................ 72,120 297,121 64,620 81,220 84,495 81,972 177,322 46,215 33,903 72,958 72,987 138,352 Federal............................................................... 52,540 207,101 63,829 81,220 79,029 80,089 164,920 45,142 26,004 65,466 72,724 94,641 State and local................................................. 19,580 90,020 791 5,466 1 ,882 12,402 1 ,073 7,899 7,492 263 43,710 100 MEMBER BANKS, 1969 □ AUGUST 1970 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Memoranda items (cont.): Occupancy expense of bank premises—gross. 56,838 278,221 46,771 73,327 55,667 75,630 151,942 29,052 25,416 44,997 65,206 189,083 Less rental income....................................... 8,631 42,310 6,772 19,468 8,185 22,069 33,798 3,852 7,234 14,857 32,663 25,482 Net securities gains (+) or losses (-) gross (before in­ come taxes)................................................................. -21,565 -197,851 -19,469 -56,382 -16,747 -26,110 -46,317 -5,437 -6,156 -7,885 -19,503 -36,809 Extraordinary charges (-) or credits (+) gross (before income taxes)................................................. 459 1,023 397 -802 519 726 943 -301 104 -465 2,587 -2,805 Reserve for losses on loans:2 Balance at beginning of year...................................... J89,057 1,429,891 223,911 297,208 194,481 232,386 717,243 113,791 101,880 140,947 201,784 621,168 Additions due to mergers, etc................................ 2,252 3,661 1,191 681 2,800 605 1,049 12 188 401 194 1,932 Recoveries credited to reserves.............................. 8,543 33,465 4,984 11,860 7,016 13,201 23,331 4,347 3,756 11,086 14,288 31,825 Transfers to reserves................................................ 47,317 257,832 37,867 64,811 50,713 77,295 127,680 32,783 21,027 42,051 61,294 236,871 Losses charged to reserves...................................... 28,633 96,738 18,517 30,449 26,181 57,203 69,899 18,094 11,875 33,009 45,747 107,911 Transfers from reserves.......................................... 416 1 ,317 1 ,264 6,351 1 ,245 5,044 6,119 2,711 487 312 2,188 743 Balance at end of year................................................ 218,120 1,626,794 248,172 337,760 227,585 261,241 793,286 130,129 114,491 161,165 229,624 783,142 Net losses on loans3........................................................ 20,105 63,564 13,646 18,779 19,316 44,305 46,695 13,865 8,278 22,626 32,679 76,298 Reserve on securities: Balance at beginning of year........ 2,582 8,030 5,787 33,746 5,537 11,434 24,184 13,046 7,898 3,652 19,928 30,415 Additions due to mergers, etc.. 58 272 100 526 2 ...........14 Recoveries credited to reserves. 14 313 31 85 83 11 22 7 9 530 Transfers to reserves................. 184 1 ,523 224 11,960 3,407 2,303 6,483 3,560 493 946 4,240 1,341 Losses charged to reserves....... 471 75 5 256 11 297 2,377 131 58 307 1,991 Transfers from reserve............. 233 3,393 4,852 9,379 2,996 3,089 6,724 2,348 6,905 1,549 1,888 26,231 Balance at end of year................... 2,076 6,398 1,211 36,376 6,038 10,963 21,649 14,138 1,510 2,997 21,996 4,063 Total net changes in capital accounts................................ 136,135 441,210 110,990 196,830 156,830 181,768 366,539 79,002 55,171 111,880 131,035 226,534 Net income transferred to undivided profits............... 161,937 831,328 183,837 291,842 189,746 233,992 514,497 123,302 85,935 161,523 189,681 482,213 Common stock sold, net............................................... 3,204 18,862 2,551 10,888 5,405 10,793 8,785 2,026 1,090 2,598 7,511 1,634 Preferred stock, capital notes, and debentures sold. . 31,956 66,148 650 8,564 10,165 5,318 52,401 5,249 3,064 5,811 5,379 2,300 Premium received on new capital stock sold.............. 7,869 62,459 7,512 7,021 6,959 26,023 18,977 4,519 991 2,969 16,308 3,832 Transfers from loan and securities reserves................ 649 4,710 6,116 15,730 4,241 8,133 12,843 5,059 7,424 1,861 4,076 26,974 Other increases............................................................... 26,369 260,723 51,498 33,260 54,802 28,749 30,685 10,266 4,964 29,874 15,803 55,445 Dividends declared.......................................................... 76,664 455,205 87,095 116,524 77,451 82,427 194,187 43,812 35,272 63,454 71,332 219,975 Transfers to loan and securities reserves (net of tax effect)............................................................................. 12,954 87,439 13,852 34,016 20,721 23,965 48,496 16,831 7,600 13,067 23,745 75,011 Other decreases............................................................... 6,232 260,377 40,225 19,934 16,316 24,851 28,966 10,776 5,424 16,238 12,646 50,881 Assets, deposits, and capital accounts: Loans gross (incl. Federal funds sold and securities purchased under resale agreements)......................... 10,397 64,504 11,629 17,704 11,565 13,812 35,795 7,238 5,914 9,038 11,868 39,453 U.S. Treasury securities4............................................... 1,388 7,379 1,918 3,629 2,226 2,853 7,166 1,787 1,274 2,113 2,083 4,673 Securities of other U.S. Govt, agencies and corpora­ tions4............................................................................. 109 660 277 290 340 607 1,097 321 249 326 423 720 Obligations of States and political subdivisions4....... 2,095 10,758 2,337 4,588 2,317 3,116 7,335 1,546 1,215 1,874 2,617 6,565 All other securities4........................................................ 68 401 107 139 67 92 339 59 24 109 77 253 Cash assets........................................................................ 3,156 28,171 2,983 4,426 3,504 4,910 9,765 2,527 1,646 3,333 4,571 9,831 Total assets5..................................................................... 17,999 118,851 19,864 31,586 20,737 26,379 63,978 13,948 10,775 17,318 22,502 65,214 Time deposits................................................................... 5,099 29,101 8,239 13,981 7,971 9,540 27,252 5,073 4,774 6,217 7,645 29,679 Total deposits.................................................................. 14,021 88,434 16,717 26,473 17,699 22,548 53,014 11,940 9,201 14,983 18,955 54,068 Total capital accounts and reserves on loans and securities........................................................................ 1,672 10,126 1,807 3,011 1,816 2,311 5,395 1,262 862 1,610 1,960 4,857 Equity capital and reserves............................................ 1,599 9,482 1,727 2,952 1,746 2,195 5,174 1,211 834 1,566 1,904 4,533 Number of officers and employees. 39,601 154,872 34,802 49,670 41,162 53,844 95,355 24,530 15,226 31,766 33,662 129,474 Number of banks............................ 236 363 345 475 366 538 952 465 490 829 640 170 For notes see p. A-99. AUGUST 1970 □ MEMBER BANKS, 1969 A 101 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INCOME, EXPENSES, AND DIVIDENDS OF RESERVE CITY MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Income etc. in thousands, and asset and liability items in millions, of dollars) Federal Reserve district Item New Phila­ Cleve­ Rich­ St. Minne­ Kansas San Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco Operating income—total........................................... 436,336 191,868 546,088 1,041,251 645,665 608,013 908,331 368,664 198,543 359,332 555,089 3,472,554 Loans: Interest and fees................................................ 301,939 142,440 404,110 711,621 457,017 425,367 639,716 253,926 144,005 246,816 403,151 2,511,095 Other income on Federal funds sold and se­ curities purchased under resale agreements. 11,594 1,648 9,820 29,247 10,346 13,254 22,807 10,457 1,546 7,450 17,697 84,917 Securities i Interest and dividends (excl. trading acct. in­ come) : U.S. Treasury securities............................... 25,384 11,692 28,596 76,140 52,757 42,083 74,613 30,151 8,944 26,255 34,152 187,585 U.S. Govt, agencies and corporate secu­ rities............................................................ 2,239 903 408 3,966 3,444 3,798 5,035 3,425 321 1,710 1,661 27,514 States and political subdivisions obliga­ tions............................................................ 21,623 16,640 32,711 101,676 44,469 39,044 68,209 24,305 12,001 20,841 44,849 208,963 Other securities............................................. 1,206 280 2,320 5,220 1,329 4,388 3,273 1,300 358 3,434 1,875 14,482 Trust department income..................................... 32,915 4,238 35,755 56,728 25,229 21,392 31,063 12,763 11,886 22,665 23,799 95,324 Service charges on deposit accounts................... 6,094 7,091 15,606 23,045 27,174 21,118 24,306 10,346 3,516 7,517 7,943 158,807 Other charges, fees, etc......................................... 13,359 2,149 13,675 19,343 14,165 17,394 21,736 9,204 7,321 13,830 10,737 111,148 Other operating income: On trading account (net).................................. 5,729 1,082 -3,335 3,764 2,453 3,289 5,785 7,467 2,945 3,293 4,107 12,994 Other.................................................................. 14,253 3,705 6,421 10,501 7,281 16,887 11,788 5.320 5,700 5,522 5,120 59,725 Operating expenses—total....................................... 337,640 159,042 420,589 763,539 483,587 476,768 725,841 280,714 149,629 266,937 415,024 2,847,081 Salaries and wages of officers and employees. . . 87,796 34,657 106,101 167,892 139,873 123,343 153,947 65,963 32,455 70,611 80,042 699,734 Officer and employee benefits.............................. 14,220 5,735 23,414 23,772 22,073 20,801 24,630 10,752 5,495 9,888 12,487 109,703 Interest on: Time and savings deposits............................... 63,549 68,048 136,856 311,354 158,871 135,508 316,059 85,969 44,799 83,967 144,769 1,289,493 Federal funds purchased and securities sold under repurchase agreements....................... 32,338 5,915 44,346 60,321 24,312 41,714 69,310 40,121 21,910 22,309 71,022 158,752 Other borrowed money.................................... 69,917 9,147 7,044 29,186 5,482 21,189 15,130 5,742 8,411 4,197 14,804 36,830 Capital notes and debentures........................... 1,623 844 3,855 2,217 3,062 3,456 6,610 2,084 485 1,355 871 12,387 Net occupancy expense......................................... 15,386 7,128 19,280 30,418 26,018 20,036 31,425 11,012 4,879 8,126 5,392 131,926 Furniture, equipment, etc..................................... 11,369 3,199 14,315 22,124 20,198 21,152 24,831 11,790 7,953 14,980 14,941 71,821 Provision for loan losses...................................... 6,596 3,865 6,745 10,014 7,766 12,743 7,151 4,174 1,523 6,575 6,928 58,364 Other operating expenses..................................... 34,846 20,505 58,633 106,241 75,932 76,827 76,750 43,107 21,720 44,930 63,768 278,071 Income before income taxes and security gains or 98,697 32,826 125,500 277,713 162,078 131,245 182,489 87,950 48,914 92,395 140,066 625,473 Applicable income taxes....................................... 39,893 8,437 40,530 84,506 61,205 44/538 58,288 31,084 19,109 35,663 49,074 207,070 Income before security gains or losses............... 58,803 24,389 84,969 193,207 100,873 86,706 124,201 56,867 29,806 56,732 90,992 418,403 Net security gains (+) or losses ( —) after taxes.. -4,480 -48 -5,019 -25,054 -5,300 -6,259 -4,877 -2,224 -1,893 -1,322 -5,829 -12,981 Extraordinary charges (-) or credits (+) after taxes.................................................................... 226 41 -344 246 654 -79 10 1 ,027 40 Less minority interest in consolidated subsidi­ aries .................................................................... —16 Net income................................................................. 54,549 24,381 79,950 167,807 95,818 81,100 119,323 54,579 27,912 55,418 86,189 405,461 Cash dividends declared: On common stock................................................. 27,330 14,067 45,152 76,373 42,759 37,233 47,515 24,716 13,640 29,014 39,074 193,604 On preferred stock................................................ 632 146 1,421 44 Memoranda items: Income taxes applicable to 1969 operating in­ come ................................................................... 39,893 8,437 40,530 84,506 61,205 44,538 58,288 31,084 19,109 35,663 49,074 207,070 Tax effect of: a. Net securities losses and extraordinary charges....................................................... -8,530 -32 -5,160 -27,496 -5,724 -7,355 -4,355 -2,412 -2,306 -1,954 -6,281 -16,241 b. Transfers from capital accounts to reserve for bad debt losses on loans1.................. -7,194 -886 -5,743 -13,216 -8,973 -7,922 -14,054 -5,867 -3,239 -4,224 -8,420 -80,547 Total income taxes applicable to 1969. .. 24,169 7,519 29,627 43,799 46,508 29,261 39,879 22,805 13,564 29,485 34,373 110,282 Federal................................................... 17,363 5,663 29,619 43,799 42,601 28,786 33,734 22,333 9,896 26,212 34,373 70,204 State and local...................................... 6,805 1,857 8 3,907 475 6,145 472 3,668 3,273 40,078 A 102 MEMBER BANKS, 1969 □ AUGUST 1970 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Memoranda items (eont.): Oc L c e u s p s a r n e c n y t a e l x i p n e c n o s m e o e. f . .. b .. a . n ... k .. . p .. r .. e . m .... i . s . e .. s .. — ... g .. r .. o .. s . s .. . . . . . . . 1 3 8 , , 2 6 9 7 3 9 1 3 0 , , 0 18 5 1 3 2 4 3 , , 0 3 8 6 7 6 4 1 4 4 , , 7 2 1 98 7 2 3 9 , , 9 9 3 5 2 0 3 1 2 2 , , 9 8 0 6 3 6 35 3 , , 1 7 2 0 5 0 12 1 , , 9 9 3 2 1 0 9 4 , ,3 26 8 5 6 1 9 7 , , 5 7 9 2 8 4 2 22 8 , , 8 2 7 7 8 0 1 1 5 9 1 , , 8 7 3 5 1 7 Net security gains (+) or losses (-) gross (be­ Ex f t o r r a e o r i d nc in o a m ry e c ta h x a e rg s e ). s . .. ( . . — .. . ) . . o .. r .. . c .. r . e .. d .. i . t . s .. . ( .. - . f .. ) . .. g .. r . o .. s . s -13,116 -101 -10,179 -52,132 -10,778 -13,672 -9,233 -4,333 -4,199 -3,032 -12,518 -29,270 Re ( s b e e r f v o e r e f o i r n c lo o s m se e s t o ax n e l s o ) a .. n ... s . : .. 2 ............................... 332 62 -757 711 -383 -234 1,435 87 Ne B B t a a l T T A R L l l o a a r r o e s d n n a a s s c d c n n c e s o i e e e s s s t v s f f i a a e o o e e c r t t n n r r i h s s e s b e a l s n e f t o d r o g r d g c a u o i r e n n r m e o e d e n s f d t s 3 i o r n i y t e t . o e e g r . e m . s v a d . r e . o r e e . e r . . t f . s r . . v . o . . y g . e . . e . . . e e . r r . . . . v . . a r . e . . . . . s . . e r s . . . . , . . . e . . . . . . . . . e . . r . . . . . . . . . . t v . . . . . . c . . . . . . . . e . . . . . . . . . . . . s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 7 1 8 2 9 5 5 9 , , , , , , 6 1 6 9 1 3 3 6 8 5 8 5 1 6 3 3 9 9 0 5 8 5 5 2 2 4 3 4 1 , , , , , , 1 1 7 9 7 7 9 2 9 7 2 7 9 2 6 3 0 2 1 11 2 1 9 7 i 7 7 7 , , , , , , 3 5 7 4 5 7 2 6 9 0 8 8 7 1 5 5 8 8 9 2 0 2 1 1 3 8 1 2 5 7 6 3 2 6 , , , , , , , 7 0 5 9 5 6 3 8 3 9 8 5 8 2 1 1 3 6 7 4 3 1 1 2 2 1 1 0 4 2 2 1 0 7 , , , , , , 1 6 9 5 8 2 4 7 5 2 1 3 3 5 5 6 1 1 4 9 8 3 0 0 1 2 9 2 0 1 0 3 8 9 3 7 7 , , , , , , , 8 4 3 8 7 6 4 7 5 2 8 6 4 8 1 9 6 2 5 6 2 1 1 3 5 7 1 4 8 3 4 9 2 , , , , , , 6 2 3 1 4 8 0 3 8 9 3 1 5 1 4 2 6 2 9 0 6 5 1 9 5 7 7 1 7 1 , , , , , , , 6 0 8 8 3 6 9 6 0 2 4 4 4 6 1 8 3 9 6 7 4 3 3 2 3 7 3 6 , , , , , 3 0 3 6 9 8 7 7 9 5 0 0 9 3 0 6 0 7 6 5 1 1 3 7 4 6 5 1 , , , , , , 8 3 4 4 4 2 0 3 0 8 3 9 1 9 5 5 4 2 4 5 1 9 2 1 0 2 6 3 3 0 9 , , , , , , 7 3 6 8 5 0 2 1 3 5 9 8 5 8 8 2 4 9 5 6 2 2 8 6 0 3 7 3 1 2 4 0 3 1 , , , , , , , 7 2 0 5 8 6 3 0 3 9 6 9 3 7 8 5 5 5 0 7 7 Reserve on securities: Ba A la d n d c i e t i a o t n s b e d g u in e n t i o n g m o e f r y g e e a rs r , . . e .. t . c .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 950 318 4,515 25,7 2 3 4 1 8 2,326 5,280 7,017 8,391 5,243 1,085 11,466 26,686 Ba T T R L la r r o e n a a c s c n n s o e e s s v s f f a e e e c r t r r i s h s e e a s n f t r o r d g c o r e r o m e e d f d s y r i e t t e o e r e s a v d r e e r e r . . t s . v . o . . e . . e . . r . r . . v . . . e . . . e . . . s . . . . . e . . . . . . . r . . . . . . . v . . . . . . . . e . . . . . . . . s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 48 6 6 4 5 2 4 5 7 6 0 8 4,515 2 8 6 8 , , , 6 5 1 8 1 5 9 6 2 2 1 , , 5 0 7 6 3 9 3 6 1 3 2 ,8 0 5 1 3 6 9 9 0 a 1 1 , , 2 3 s 0 3 n 2 5 2 A 0 s 9 2 i , , , 6 8 i9 2 2 3 8 7 5,243 i,0 1 1 5 7 3 0 1 5 11,2 2 3 3 2 5 1 8 3 0 9 0 24 1, , 9 6 6 5 9 5 2 3 5 1 0 6 2 0 To C N P ta r o e e l m t f n e i m e n rr t c o e o c d n h m a s s e t n t o o g t c c r e k a k s , n i s s c n o f a e l c p d r a i r , t p e a n i d l t e a n t t l o o . a . t . e c . u . s c . n . , o . d . u a . i . n v n .. d i t . d s . . . e d . . . d . e . . . b . . . p . e . . . . n r . . . o . t . . u . f . . . r . i . . t e . . s . . s . . . . . 5 5 5 4 , , 7 5 5 4 6 9 3 2 1 4 5 , , , 3 2 8 8 9 7 1 5 5 3 7 5 9 , , 5 9 2 0 5 6 1 3 0 1 1 0 6 8 2 7 , , , 4 8 2 9 8 0 3 3 7 9 7 5 4 1 , , , 8 5 1 1 6 5 8 8 7 4 81 5 , , 1 6 9 0 5 3 2 0 9 1 1 1 1 0 1 9 , , , 1 3 24 2 1 3 8 5 2 54 7 , , 5 2 2 7 8 2 9 4 2 2 1 7 8 , , 9 4 1 9 8 2 5 2 2 5 7 5 , , 9 4 4 1 1 5 8 7 0 4 8 6 2 6 , , , 0 1 2 4 8 5 1 9 0 4 1 0 7 5 2 , , 4 9 1 6 4 9 1 1 9 T O T P D r r r t i s a e a h v o m n n i e d s s l r i d e f f u e e i n . m n . r r d . s s c . s . r r . f . e e d r t . a . o c o . e s e . m c . e i . v l l . s . o a e . . l . . a o r d . . e . . n a . . d o . . n . . . . n . s a . . . . . . n . . . a n . . . d . . n . e . . . . . w . d . . . . . . s . . . s . . . c e . . . e a . . c . c . . . p u . . . u . . . i r . . . r t . . . i . . . a i t . . . t i l . . . i e . . . e . . . s s . . . s t . . . o . . . . . . r r . . . c e e . . . . k . . s s . . . e . . . e . . . s r r . . . v o . . . v . . . e . . . e l . . . s d s . . . . . . . . . . . . . . 2 3 7 5 0 1 , , , , 2 0 3 0 5 0 3 6 3 0 0 2 1 1 4 4 , , 2 0 8 9 6 0 8 7 8 4 3 4 5 4 , , , 7 1 3 3 2 5 8 5 2 3 7 5 7 1 9 6 1 8 , , , , 3 3 3 2 1 3 7 5 0 3 3 8 7 4 4 4 2 1 3 3 3 0 , , , , 3 0 5 0 4 9 2 7 6 2 1 1 5 0 4 3 1 5 5 7 1 , , , , 4 8 3 7 8 7 7 5 9 9 7 6 4 4 4 5 6 8 1 , , , , , 5 4 8 9 7 0 4 7 3 9 8 5 7 6 0 2 2 3 3 4 , , , , 1 1 7 3 8 5 4 1 0 2 7 7 6 0 3 1 5 1 3 , , , 2 2 6 2 4 0 4 5 8 3 0 3 0 7 29 5 1 , , . 0 7 0 1 1 6 3 0 5 4 2 0 - 3 1 9 5 1 ,3 , , , 2 1 9 3 4 1 3 7 8 8 8 8 8 9 1 4 2 9 0 4 1 3 , , , , 6 6 3 6 6 7 5 0 3 6 0 4 Ot ( h n e e r t d o e f c t r a e x a s e e f s fe .. c .. t . ) .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 5 , , 4 36 1 9 0 3 5 3 , , 2 8 2 0 1 4 2 4 2 , , 2 4 3 45 2 8 7 , , 9 1 0 8 9 8 1 9 2 , , 7 3 7 58 0 1 8 1 , , 1 9 4 9 7 2 1 1 0 , , 9 2 9 3 7 0 2,61 2 8 4 4 1 , . 7 0 6 6 9 6 8 1 , , 3 20 3 1 4 4 6 2 3 , , 4 3 3 5 7 0 Assets, deposits, and capital accounts: Loans gross (incl. Federal funds sold and secu­ S U e . r S c i u t . i r e T it s r i e e p s a u s o r u c f r h o y a t s h s e e e d c r u u U ri n . t S d ie . e s r G 4 r o . e . v . s . a . t . , l . e . a . . g a .. e g .. n r . c . e . i . e e .. m s .. . a e .. n n .. d t . ) . . . c . . . . o . . . . r . . ­ . . . . 3,7 A 5 l 9 l 1,8 2 4 2 6 9 5,5 5 7 2 3 8 1 1 0, , 4 4 1 7 3 6 5,9 9 1 6 8 0 5,4 8 1 01 3 9 1 , , 2 3 6 51 3 3,5 5 7 5 4 5 1,9 1 4 6 6 5 3,3 4 5 5 2 7 5,6 6 9 8 5 4 3 3 3 , , 6 2 5 8 4 6 T T C T O A i o o a l b m p l s t t l a a o i h o e g l l r t a h a a d d a t t s e e s e i i s o r p s o p e e n o n s o t t s e s s s s s i c . 5 4 i o . t t u . . s . f s . . . r . . . . . S . . . i . . . . . . . t . t . . . . i . . . a . . e . . . . . . . t . . . s . . . e . . . . . 4 . . . . s . . . . . . . . . . . . . . . a . . . . . . . . . . . . n . . . . . . . . . . . . d . . . . . . . . . . . . . . . . . . . p . . . . . . . . . . . . o . . . . . . . . . . . . l . . . . . . . i . . . . . . . t . . . . . . . . i . . . . . . . c . . . . . . . . . a . . . . . . . . . . . l . . . . . . . . . . . . . . . s . . . . . . . u . . . . . . . . . . . . b . . . . . . . . . . . . . . d . . . . . . . . . . . . i . . . . . . . v . . . . . . . . . . . . . . i . . . . . . . s . . . . . . . . i . . . . . . . o . . . . . . . . . . . . . . n . . . . . . . . . . . . . s . . . . . . . 4 . . . . . . . . . . . . 4 6 1 1 , , , , 6 7 1 4 5 5 2 2 4 2 4 3 3 9 2 2 6 3 0 2 3 1 , , , 4 0 4 4 3 3 8 2 3 9 1 3 3 5 3 8 6 5 9 2 7 1 , , , , 0 7 2 7 8 5 8 4 1 2 3 4 4 0 2 6 3 3 1 1 2 2 7 4 7 , , , , , 7 0 6 4 9 6 6 4 9 8 9 6 1 3 4 4 2 5 0 1 8 2 3 0 1 , , , , , 5 9 0 5 1 8 0 8 8 3 6 3 1 9 6 1 5 7 0 9 8 2 2 , , , , 0 9 8 1 9 0 9 8 6 4 3 5 1 9 6 2 6 7 8 1 1 6 3 1 3 6 , , , , , 7 3 3 3 7 1 6 0 9 4 2 6 1 9 3 3 6 0 8 2 6 5 1 1 , , , , 5 3 8 4 6 6 5 3 5 1 3 3 9 5 7 0 3 8 0 2 3 , , 6 4 8 2 7 9 4 7 9 4 1 8 6 4 6 6 6 6 5 1 1 , , , , 2 5 2 7 5 5 8 3 3 8 3 3 1 0 2 0 8 7 4 1 8 2 2 0 1 , , , , , 4 3 9 5 1 6 6 7 2 4 3 3 1 1 8 8 5 3 6 4 2 5 8 5 5 4 4 , , , , , 5 4 1 7 9 2 5 4 3 8 1 4 3 0 1 9 9 5 4 4 6 T E o qu ta i l t y c a c p a i p ta it l a a l c a c n o d u n re ts s e a r n v d e r s e .. s . e .. r .. v . e . s .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 5 3 9 7 7 2 2 5 7 9 6 8 7 1 4 3 6 1 1 , , 7 81 7 9 6 9 8 2 57 0 9 8 2 4 9 7 1 1, , 1 2 0 4 7 0 6 5 1 7 7 4 2 2 8 7 5 5 6 5 0 71 3 9 8 2 8 8 7 4 3 , , 0 7 4 8 7 0 N N u u m m b b e e r r o o f f o b f a f n ic k e s r . s . . a .. n .. d ... . e .. m ... p .. l . o .. y ... e .. e . s .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,132 4 5,561 3 15,548 6 25,51 1 2 6 18,44 1 6 5 19,16 2 6 0 23,04 1 9 5 11,00 1 6 5 3,459 8 10,71 1 7 9 11,13 1 0 7 103,86 1 9 9 Note—Does not include reserve city banks in the cities of New York and Chicago. For numbered notes see p. A-99. AUGUST 1970 □ MEMBER BANKS, 1969 A 103 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INCOME, EXPENSES, AND DIVIDENDS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Income etc. in thousands, and asset and liability items in millions, of dollars) Federal Reserve district Item New Phila­ Cleve­ Rich­ St. Minnea­ Kansas San Boston York delphia land mond Atlanta Chicago Louis polis City Dallas Francisco Operating income—total................................................................ 718,0601,606,665 599,309 751,361 616,316 990,5981,731,393 411,180 432,863 658,167 695,133 695,210 Loans: Interest and fees...................................................................... 488,6721,070,652 386,286 465,425 406,165 605,313 1,092,118 250,493 273,840 408,198 448,596 477,872 Other income on Federal funds sold and securities pur­ chased under resale agreements..................................... 15,973 39,728 23,136 24,746 18,911 35,662 50,510 11,478 8,414 19,672 20,779 13,859 Securities: Interest and dividends (excl. trading acct. income): U.S. Treasury securities...................................................... 50,343 136,315 68,775 112,878 67,711 112,162 234,127 63,733 58,592 90,281 75,467 54,746 U.S. Govt, agencies and corporate securities................... 4,459 23,332 15,313 14,133 16,595 33,801 55,800 16,109 14,940 17,006 25,512 11,082 States and political subdivisions obligations.................... 61,561 170,636 50,805 69,864 42,979 83,361 139,765 33,096 34,194 48,396 52,791 43,008 Other securities.................................................................... 2,319 7,290 6,160 2,660 2,323 2,543 9,446 2,016 1,173 1 ,625 2,237 1 ,535 Trust department income.......................................................... 35,214 44,887 18,702 14,757 10,927 19,766 33,768 6,745 3,927 8,973 8,296 12,377 Service charges on deposit accounts......................................... 36,783 73,990 18,107 28,786 26,950 54,075 63,994 14,404 21,301 37,290 37,179 43,893 Other charges, fees, etc............................................................... 14,707 22,398 6,769 10,975 15,199 24,688 30,813 8,501 12,002 18,537 14,313 23,128 Other operating income: On trading account (net)........................................................ —16 326 35 1,913 981 215 124 1 686 665 -47 8,044 17,112 5,255 7,101 6,644 18,247 20,839 4,481 4,479 7,503 9,298 13,757 Operating expenses—total.............................................................. 546,121 1,235,192 446,209 579,368 472,268 765,322 1,373,210 315,002 349,488 500,322 545,447 571,395 Salaries and wages of officers and employees.......................... 161,132 323,618 109,698 137,675 131,913 199,510 319,535 80,151 77,752 137,244 139,224 160,445 Officer and employee benefits.................................................... 28,814 56,156 17,037 19,003 18,314 26,593 47,611 10,720 11,973 17,005 16,590 20,521 Interest on: Time and savings deposits...................................................... 175,009 509,924 210,295 263,183 183,286 289,210 664,591 139,748 175,655 198,927 216,252 219,355 Federal funds purchased and securities sold under repur­ chase agreements............................................................. 14,433 28,906 2,718 4,633 6,287 15,142 12,373 1,368 2,634 5,293 7,515 10,650 Other borrowed money.......................................................... 5,684 5,698 656 908 2,083 3,929 7,450 1,263 848 2,132 1,524 2,469 Capital notes and debentures................................................ 1,718 6,165 676 815 409 1,737 2,698 402 923 739 609 2,553 Net occupancy expense.............................................................. 32,822 68,844 20,719 23,441 21,465 33,525 59,447 14,189 13,302 22,014 27,151 31,674 Furniture, equipment, etc........................................................... 22,005 40,845 14,980 20,963 18,047 32,437 46,620 12,462 12,147 19,658 20,562 23,893 Provision for loan losses............................................................ 12,479 22,855 6,424 13,284 9,968 27,730 25,674 6,494 5,998 15,955 24,696 15,741 Other operating expenses........................................................... 92,026 172,181 63,006 95,464 80,497 135,509 187,211 48,206 48,256 81,357 91,324 84,092 Income before income taxes and security gains or losses............. 171,939 371,473 153,100 171,993 144,048 225,277 358,182 96,178 83,375 157,844 149,687 123,815 Applicable income taxes............................................................ 60,796 104,628 45,366 46,848 47,497 67,087 105,189 27,455 24,158 49,324 42,743 42,213 Income before security gains or losses..................................... 111,142 266,845 107,734 125,145 96,551 158,190 252,994 68,723 59,217 108,520 106,943 81,602 Net security gains (+) or losses (—) after taxes..................... -3,839 -11,416 -4,323 -1,125 -2,972 -5,806 -7,734 -153 -1,213 -2,286 -4,610 -3,523 Extraordinary charges (—) or credits (+) after taxes............. 86 634 477 16 342 521 -173 197 19 -127 1 ,162 -1,312 Less minority interest in consolidated subsidiaries • ........ -7 12 44 1 3 13 Net income....................................................................................... 107,388 256,063 103,887 124,035 93,928 152,892 245,084 68,723 58,023 106,104 103,492 76,752 Cash dividends declared 49,295 95,777 41,902 39,901 34,060 45,048 75,193 19,095 21,607 34,334 32,206 26,346 On preferred stock .................................................................... 39 8 41 251 79 1 25 107 22 Memoranda items: Income taxes applicable to 1969 operating income................. 60,796 104,628 45,366 46,848 47,497 67,087 105,189 27,455 24,158 49,324 42,743 42,213 Tax effect of: a. Net securities losses and extraordinary charges....... -4,568 -12,213 -5,046 -3,184 -2,818 -7,137 -11,372 -1,066 -658 -2,669 -2,382 -5,595 b. Transfers from capital accounts to reserve for bad debt losses on loans1.......................................... -8,278 -12,954 -5,327 -6,241 -6,692 -7,239 -15,894 -2,978 -3,160 -3,182 -1,747 -8,549 Total income taxes applicable to 1969.................... 47,952 79,461 34,994 37,421 37,987 52,711 77,923 23,410 20,339 43,473 38,614 28,070 Federal.................................................................. 35,177 66,222 34,211 37,421 36,428 51,304 72,351 22,809 16,108 39,254 38,351 24,437 State and local..................................................... 12,775 13,238 783 1,559 1,407 5,571 601 4,231 4,219 263 3,633 A 104 MEMBER BANKS, 1969 □ AUGUST 1970 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Memoranda items (cont.): Occupancy expense of bank premises—gross.......................... 38,159 75,706 23,404 28,610 25,717 42,728 74,605 16,121 16,151 27,272 36,936 37,326 Less rental income................................................................. 5,338 6,861 2,685 5,170 4,253 9,203 15,158 1,932 2,849 5,258 9,785 5,651 Net security gains (+) or losses ( —) gross (before income taxes).................................................................................... -8,448 -23,747 -9,289 -4,249 -5,967 -12,437 -18,502 -1,103 -1,956 -4,852 -6,983 -7,538 Extraordinary charges ( —) or credits (+) gross (before in­ come taxes)......................................................................... 127 752 397 -44 519 15 -777 81 104 -230 1,153 -2,892 Reserve for losses on loans2 Balance at beginning of year................................................... 113,742 292,793 106,323 110,826 86,629 133,665 287,783 55,963 69,511 84,543 109,170 90,571 Additions due to mergers, etc........................................... 1,884 2,845 1 ,191 681 2,040 605 999 12 188 401 194 267 Recoveries credited to reserves.......................................... 5,563 9,225 3,214 6,267 5,096 9,815 13,579 3,000 2,949 7,277 10,550 8,090 Transfers to reserves........................................................... 28,158 50,208 20,159 27,824 26,098 47,429 60,587 15,141 13,648 26,619 37,966 34,663 Losses charged to reserves................................................. 19,969 29,998 9,152 17,825 14,030 36,331 36,527 9,087 1,91 A 21,714 35,155 23,081 Transfers from reserves..................................................... 416 1,317 1,052 3,571 786 1,586 3,265 746 487 297 2,188 743 Balance at end of year............................................................. 128,961 323,755 120,684 124,203 105,047 153,598 323,157 64,283 77,835 96,830 120,535 109,765 Net losses on loans3................................................................... 14,420 21,064 6,051 11,748 9,085 26,819 23,075 6,205 5,184 15,140 25,825 15,203 Reserve on securities Balance at beginning of year................................................... 1,632 . 5,843 1,272 8,016 3,213 6,154 11,481 4,654 2,655 2,567 8,462 3,729 Additions due to mergers, etc............................................ 58 24 100 526 2 14 Recoveries credited to reserves.......................................... 14 35 31 85 63 11 22 7 9 Transfers to reserve............................................................ 184 928 224 3,271 2,374 1,734 4,233 931 493 811 3,887 1,289 Losses charged to reserve.................................................. 6 35 5 256 11 297 217 131 58 97 Transfers from reserve....................................................... 233 1 ,667 337 2,823 430 1,059 2,168 1,155 1 ,662 499 1,499 1,581 Balance at end of year............................................................. 1,590 5,104 1,211 8,263 5,247 7,144 13,393 4,311 1,510 2,827 10,776 3,437 Total net changes in capital accounts............................................. 80,379 244,446 75,489 94,547 82,263 136,116 183,069 51,718 36,675 83,963 84,993 53,585 Net income transferred to undivided profits........................... 107,388 256,063 103,887 124,035 93,928 152,892 245,084 68,723 58,023 106,104 103,492 76,752 Common stock sold, net........................................................... 3,204 12,687 2,288 2,395 4,247 9,858 6,695 1,805 1,008 2,148 5,261 1,444 Preferred stock, capital notes, and debentures sold................ 1 ,956 13,400 650 8,429 141 5,318 6,955 1,949 1,864 5,811 6,728 2,300 Premium received on new capital stock sold........................... 6,806 46,856 7,157 5,663 6,499 20,146 10,676 3,696 908 2,868 11,070 2,460 Transfers from loan and securities reserves............................. 649 2,984 1,389 6,394 1,216 2,645 5,433 1,901 2,181 796 3,687 2,324 Other increases........................................................................... 21,115 34,016 17,114 15,056 31,232 16,993 26,747 8,120 4,706 24,141 13,825 14,779 Dividends declared..................................................................... 49,334 95,785 41,943 40,152 34,062 45,048 75,272 19,096 21,632 34,441 32,214 26,368 Transfers to loan and securities reserves (net of tax effect). . . 7,585 15,327 8,632 11,570 11,812 14,195 23,253 6,600 4,983 8,294 15,411 11,662 Other decreases........................................................................... 3,822 10,448 6,421 15,703 9,128 12,492 19,993 8,780 5,399 15,172 11,445 8,444 Assets, deposits, and capital accounts: Loans gross (incl. Federal funds sold and securities purchased under resale agreement)..................................................... 6,638 15,389 6,056 7,292 5,648 8,398 15,860 3,664 3,968 5,686 6,173 6,167 U.S. Treasury securities4........................................................... 916 2,723 1 ,389 2,153 1,266 2,052 4,546 1,233 1,109 1,656 1,399 1,019 Securities or other U.S. Govt, agencies and corporations4. . . 76 362 274 229 279 549 931 289 244 289 390 215 Obligations of States and political subdivisions4.................... 1,555 4,499 1 ,511 1,944 1,180 2,179 3,835 928 920 1,336 1,470 1,115 All other securities4................................................................... 43 111 74 44 37 47 170 29 17 26 41 23 Cash assets.................................................................................. 1,714 3,487 1 ,271 1,666 1,414 2,748 3,704 1,076 900 1,783 2,110 1,296 Total assets s............................................................................... 11,270 27,248 10,810 13,605 10,152 16,493 29,734 7,379 7,327 11,038 11,941 10,270 Time deposits.............................................................................. 3,976 12,140 5,460 6,917 4,391 6,639 15,561 3,238 3,898 4,487 4,717 4,890 Total deposits............................................................................. 9,368 23,543 9,473 11,979 8,793 14,448 26,473 6,583 6,509 9,751 10,577 8,954 Total capital accounts and reserves.......................................... 1,035 2,387 994 1,192 896 1,381 2,362 645 577 1,008 1,032 810 Equity capital and reserves....................................................... 1,002 2,274 981 1,176 888 1,348 2,314 637 560 995 1,016 753 Number of officers and employees............................................... 27,469 50,693 19,254 24,158 22,716 34,678 51,543 13,524 11,767 21,049 22,532 25,605 Number of banks........................................................................... 232 349 339 459 351 518 928 450 482 810 623 150 For notes see p. A-99. AUGUST 1970 □ MEMBER BANKS, 1969 A 105 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INCOME, EXPENSES, AND DIVIDENDS, BY SIZE OF BANK (Amounts in thousands of dollars) Size group—Total deposits (in thousands of dollars) Item Total1 Less than 2,000- 5,000- 10,000- 25,000- 50,000- 100,000- 500,000- 2,000 5,000 10,000 25,000 50,000 100,000 500,000 or more Operating income—total..................................................................... 24,987,569 17,362 221,662 688,069 1,726,998 1,633,466 1,525,819 4,836,412 14,337,775 Interest and fees......................................................................... 17,102,413 10,137 129,603 411,709 1,062,118 1,028,292 981,589 3,224,879 10,254,084 Other income on Federal funds sold and securities purchased under resale agreements...................................................... 648,934 427 8,301 27,743 68,202 57,225 39,406 115,689 331,939 Securities: Interest and dividends (excl. trading acct. income) on: U.S. Treasury securities.......................................................... 2,040,034 4,336 45,539 116,008 243,374 190,829 167,388 431,757 840,800 U.S. Govt, agencies and corporate securities....................... 321,730 662 10,824 30,133 59,411 50,876 42,673 59,406 67,741 States and political subdivisions obligations........................ 1,794,122 372 9,471 43,411 137,679 136,392 133,528 392,673 940,593 Other securities........................................................................ 105,816 100 1,074 2,650 8,525 6,770 5,714 21,904 59,075 Trust department income............................................................... 972,070 170 924 8,557 26,359 34,401 196,699 704,957 Service charges on deposit accounts............................................. 835,089 735 9,958 34,950 89,307 82,254 65,297 194,519 358,066 Other charges, fees, etc................................................................... 556,829 359 4,233 13,401 31,736 33,102 34,457 119,197 320,343 Other operating income: On trading account (net):.......................................................... 137,341 6 172 374 13,723 123,063 Other............................................................................................. 473,184 230 2,484 7,128 18,086 21,192 20,989 65,962 337,112 Operating expenses—total.................................................................. 19,520,750 13,733 173,357 540,118 1,353,800 1,277,419 1,202,591 3,712,121 11,247,608 Salaries and wages of officers and employees.............................. 4,688,580 5,128 52,195 144,713 335,752 320,710 296,971 977,454 2,555,656 Officer and employee benefits........................................................ 748,621 392 4,810 16,688 43,194 45,734 43,811 156,757 437,232 Interest on: Time and savings deposits.......................................................... 7,883,335 3,903 69,690 231,892 604,327 552,787 522,941 1,398,885 4,498,907 Federal funds purchased and securities sold under repurchase agreements............................................................................ 1,177,102 93 839 4,474 8,040 14,544 156,124 992,986 Other borrowed money.............................................................. 418,406 24 208 684 2,805 3,864 5,735 32,006 373,076 Capital notes and debentures.................................................... 89,024 1 22 130 1,260 2,602 2,986 12,880 69,139 Net occupancy expense.................................................................. 866,555 531 7,043 22,976 60,998 60,309 56,924 177,963 479,808 Furniture, equipment, etc............................................................... 615,030 384 5,259 17,302 44,210 46,473 45,778 161,880 293,741 Provision for loan losses................................................................ 380,841 807 5,675 18,557 40,069 31,873 29,591 75,304 178,961 Other operating expenses............................................................... 2,653,254 2,560 28,357 86,334 216,705 205,023 183,307 562,864 1,368,100 Income before income taxes and security gains or losses................. 5,466,817 3,629 48,305 147,951 373,198 356,046 323,227 1,124,290 3,090,167 Applicable income taxes................................................................. 1,813,066 844 11,495 39,540 103,968 107,906 95,999 372,217 1,081,093 Income before security gains or losses.......................................... 3,653,751 2,785 36,809 108,410 269,229 248,140 227,228 752,073 2,009,073 Net security gains (-f) or losses ( —) after taxes......................... -209,060 -65 -1,414 -3,597 -7,432 -9,513 -7,242 -34,562 -145,231 Extraordinary charges ( —) or credits (+) after taxes................. 5,500 15 19 -132 -170 2,624 175 4,247 -1,279 Less minority interest in consolidated subsidiaries..................... 46 2 27 38 — 7 2 -17 Net income............................................................................................ 3,450,144 2,732 35,415 104,653 261,588 241,258 220,161 721,755 1,862,579 Cash dividends declared On common stock........................................................................... 1,516,665 913 9,696 28,006 74,174 76,770 76,672 289,151 961,280 On preferred stock.......................................................................... 6,550 6 116 76 53 518 5,781 Memoranda items: Income taxes applicable to 1969 operating income..................... 1,813,066 844 11,495 39,540 103,968 107,906 95,999 372,217 1,081,093 Tax effect of: a. Net securities losses and extraordinary charges........... -254,268 -41 -556 -2,512 -7,511 -10,040 -8,793 -42,207 -182,611 b. Transfers from capital accounts to reserve for bad debt. losses on loans2........................................................ -335,564 303 350 -2,076 -10,352 -13,028 -13,379 -46,637 -250,745 Total income taxes applicable to 1969....................... 1,223,236 1,107 11,290 34,953 86,106 84,839 73,827 283,374 647,738 Federal...................................................................... 1,032,660 1,052 10,467 32,371 79,993 77,970 68,923 258,826 503,054 State and local.......................................................... 190,576 55 822 2,581 6,112 6,868 4,904 24,547 144,683 A 106 MEMBER BANKS, 1969 □ AUGUST 1970 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Memoranda items (cont.j: Occupancy expense of bank premises—gross............................ 1,091,864 582 7,609 24,738 67,634 70,523 70,281 241,531 608,963 Less rental income................................................................... 225,308 50 566 1 ,761 6,636 10,213 13,356 63.568 129,155 Net security gains (-f) or losses ( —) gross (before income taxes) -460,252 -98 -2,007 -6,128 -14,926 - 19,559 -15,008 -76,643 -325,881 Extraordinary charges (—) or credits (+) gross (before income taxes)...................................................................................... 2,427 56 -113 -186 2,630 -851 4,122 -3,239 Reserve for losses on loans:3 Balance at beginning of year.................................................... 4,463,743 871 19,051 76,474 226,054 248,848 251,072 848,698 2,792,672 Additions due to mergers, etc............................................. 14,971 1 86 495 754 2,890 5,715 5,030 Recoveries credited to reserves............................................ 167,700 117 2,730 8,658 19,039 14,304 12,916 30,813 79,120 Transfers to reserves............................................................ 1,057,363 656 8,432 29,168 73,659 64,653 59,759 176,692 644,343 Losses charged to reserves................................................... 544,247 453 7,425 23,780 52,653 43,061 42,306 114,382 260,187 Transfers from reserves....................................................... 28,196 18 664 1,817 2,783 3,672 2,100 9,285 7,859 Balance at end of year.............................................................. 5,131,334 1,175 22,213 88,706 263,812 281,828 282,231 938,252 3,253,119 Net losses on loans4.................................................................... 376,547 336 4,695 15,122 33,614 28,757 29,390 83.569 181,067 Reserve on securities: Balance at beginning of year................................................... 166,238 15 1,032 3,569 10,006 15,336 9,356 39,124 87,795 Additions due to mergers, etc............................................. 972 9 2 4 623 81 250 Recoveries credited to reserves............................................ 1 ,103 28 26 37 103 64 565 278 Transfers to reserve............................................................. 36,663 345 942 2,587 3,622 3,592 13,175 12,397 Losses charged to reserve.................................................... 5,978 27 79 361 225 35 1,139 4,108 Transfers from reserve......................................................... 69,585 46 340 1,677 3,627 1,788 13,390 48,715 Balance at end of year.............................................................. 129,413 14 1,341 4,121 10,597 15,210 11,813 38,417 47,898 Total net changes in capital accounts.......................................... 2,181,297 1,801 23,663 78,377 202,856 210,833 192,332 531,073 940,359 Net income transferred to undivided profits.......................... 3,450,144 2,732 35,415 104,653 261,588 241,258 220,161 721,755 1,862,579 Common stock sold, net......................................................... 69,349 54 1,045 5,379 10,693 10,186 6,978 14,642 20,369 Preferred stock, capital notes, and debentures sold............... 197,089 5 265 1,484 6,246 11,390 7,796 31,682 138,218 Premium received on new capital stock sold......................... 159,095 83 2,462 8,908 22,104 22,298 19,338 34.923 48,975 Transfers from loan and securities reserves........................... 97,813 17 710 2,157 4,491 7,299 3,5 22,674 56,574 Other increases......................................................................... 600,892 296 3,204 9,504 31,539 47,504 45,538 94,608 368,700 Dividends declared................................................................... 1,523,216 914 9,696 28,013 74,291 76,846 76,726 289,669 967,062 Transfers to loan and securities reserves (net of tax effect). . 377,620 152 3,452 9,477 25,824 23,374 20,381 67.924 227,034 Other decreases......................................................................... 492,250 321 6,292 16,219 33,692 28,883 14,260 31,620 360,962 Assets, deposits, and capital accounts: Loans gross (incl. Federal funds sold and securities purchased under resale agreement)....................................................... 242,937.238 146,862 1,984,104 6,285,232 15,966,638 15,182,999 14,245,314 45,359,715 143,766,374 U.S. Treasury securities5............................................................. 38,562^412 80,914 860,148 2,132,880 4,573,254 3,561,549 3,178,881 8,026,033 16,148,753 Securities of other U.S. Govt, agencies and corps.5................. 5,317,250 13,410 195,049 538,813 1,020,833 803,271 641,243 915,122 1,189,509 Obligations of States and political subdivisions5...................... 45,849,732 11,086 285,537 1,293,586 3,928,217 3,767,139 3,567,102 10,265,021 22,732,044 All other securities5..................................................................... 1,699,134 2,051 19,511 52,744 132,639 116,706 105,039 328,021 942,425 Cash assets.................................................................................... 79,008,254 56,153 576,001 1,615,686 3,960,731 3,799,779 3,717,196 14,537,231 50,745,477 Total assets6................................................................................. 433,010,608 314,597 3,981,734 12,144,856 30,247,610 27,950,252 26,193,532 82,154,644 250,023,383 Time deposits................................................................................ 151,004,997 104,130 1,758,428 5,728,046 14,613,064 13,039,413 11,978,238 31,306,386 72,477,292 Total deposits............................................................................... 350,649,721 273,493 3,540,161 10,861,843 26,966,804 24,681,150 23,005,944 70,175,301 191,145,025 Total capital accounts and reserves.......................................... 37,281,942 38,037 393,174 1,074,711 2,571,807 2,367,985 2,217,801 7,182,561 21,435,866 Equity capital and reserves......................................................... 30,250,494 36,807 368,803 978,756 2,273,901 2,020,247 1,870,223 5,948,657 16,753,100 Number of officers and employees................................................. 703,688 959 8,641 23,707 56,158 53,410 49,096 157,067 354,650 Number of banks............................................................................. 5,846 184 984 1,472 1,720 715 333 334 104 1 Total is for banks operating during the entire year, except 3 Includes reserve for bad debt losses and other reserves on 5 Excluding trading account securities. that one trust company without deposits and one bank loans. b Including trading account securities. located outside the continental United States are excluded. 4 Net losses on loans is the excess of losses charged against los 2 s e P s r i o o n r t l o o a 1 n 9 s 6 9 w e a r l e l t d ra e n d s u f c e t r e s d to fr o I m RS in re c s o e m rv e e ; f b o e r g i b n a n d i n d g e b in t r r e e s s e er r v ve es f f o o r r l b o a s n se k s s o o n n l t o h a e n r s e s o e v rv e e r a re c c c o o v u e n r t i i e n s g c m re e d t i h te o d d . to F ig th u e re se s nu N m o b t e e r .— of T o h ff e i c f e i r g s u a re n s d f e o m r p a l s o s y e e ts e , s , d a e n p d o si n t u s, m c b a e p r i t o a f l b a a c n c k o s u n a t r s e , 1969 within prescribed limits banks may deduct all or part exclude a total of $3.6 million net losses on loans in banks not as of the end of the year. of the transfers to this reserve from income and treat the on a reserve accounting method for which data were not balance, if any, as a transfer from capital accounts. (These available by size of bank. Details may not add to totals because of rounding. transfers are exempt from Federal income taxes.) AUGUST 1970 □ MEMBER BANKS, 1969 A 107 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INCOME RATIOS, BY CLASS OF MEMBER BANK, AND FOR ALL MEMBER BANKS BY FEDERAL RESERVE DISTRICT (Computed from aggregate dollar amounts; ratios expressed as percentages) Class of bank Federal Reserve district Reserve city All Item member Coun­ banks Phila­ Min­ Kan­ San New City of try Bos­ New del­ Cleve­ Rich­ At­ Chi­ St. neap­ sas Dal­ Fran­ York Chi­ Other ton York phia land mond lanta cago Louis olis City las cisco City cago Summary ratios: Percentage of equity capital (including all reserves): Income after taxes and before securities gains (losses) i.................................................................... 9.04 8.87 10.80 11.07 10.46 10.75 9.71 11.37 10.82 11.32 11.12 10.34 10.42 10.52 10.60 10.28 11.07 Net income................................................................... 7.93 8.56 10.20 10.73 9.88 10.26 8.78 10.88 9.92 10.89 10.70 10.00 10.23 10.31 10.37 9.99 10.67 Cash dividends paid.................................................... 4.97 3.99 4.83 3.70 4.36 4.79 4.80 5.04 3.95 4.44 3.76 3.75 3.62 4.23 4.05 3.75 4.85 Percentage of net income: Cash dividends paid.................................................... 62.69 46.62 47.32 34.44 44.16 47.34 54.71 47.37 39.92 40.81 35.22 37.74 35.53 41.04 39.28 37.60 45.61 Sources and disposition of income: Percentage of total assets: Total operating expense.............................................. 4.12 4.74 4.71 4.60 4.55 4.97 4.25 4.46 4.27 4.62 4.72 4.64 4.29 4.63 4.44 4.28 5.26 Salaries, wages, and fringe benefits........................ 1.06 1.04 1.32 1.36 1.27 1.64 1.14 1.32 1.10 1.50 1.40 1.15 1.20 1.18 1.36 1.10 1.52 Interest on deposits................................................. 1.60 2.13 1.83 1.94 1.84 1.34 1.68 1.78 1.82 1.65 1.61 2.14 1.62 2.04 1.64 1.60 2.32 Net occupancy expense of bank premises............ .18 .15 .20 .22 .20 .27 .19 .20 .17 .22 .20 .18 .18 .16 . 17 .14 .25 All other operating expenses.................................. 1.28 1.43 1.37 1.09 1.24 1.72 1.24 1.16 1.18 1.25 1.51 1.17 1.29 1.25 1.27 1 .44 1.17 Total operating income............................................... 5.27 6.06 6.00 5.92 5.82 6.49 5.45 5.90 5.70 6.10 6.08 5.86 5.62 5.86 5.90 5.57 6.41 Income after taxes and before securities gains (losses) i.................................................................... .71 .87 .85 .92 .85 .95 .77 .99 1.01 .95 .92 .83 .90 .81 .95 .87 .77 Net income................................................................... .62 .84 .81 .89 .80 .91 .70 .94 .92 .91 .89 .80 .88 .79 .93 .84 .74 Percentage of total operating income: Interest and fees on loans2............................................. 73.70 73.21 73.53 67.20 71.04 70.87 72.60 71.88 68.67 70.71 67.53 69.79 67.49 67.75 67.04 71.20 74.08 Interest and dividends on securities:3 U.S. Treasury........................................................... 5.30 6.48 6.41 11.36 8.17 6.55 6.11 8.50 10.54 9.54 9.64 10.17 12.03 10.69 11.45 8.76 5.81 U.S. Govt, agencies and corporations.................. .34 .32 .58 2.50 1.29 .58 .62 1.37 1.00 1.58 2.35 1.72 2.50 2.41 1.83 2.17 .92 States and political subdivisions............................ 5.52 6.53 6.81 8.38 7.18 7.20 6.88 7.29 9.56 6.92 7.65 7.48 7.36 7.31 6.80 7.80 6.04 Other securities........................................................ .43 .45 .42 .42 .42 .30 .42 .74 .43 .28 .43 .47 .42 .24 .49 .32 .38 Service charges on deposit accounts.......................... 1.30 .49 3.35 4.61 3.34 3.71 2.19 2.94 2.89 4.28 4.70 2.51 3.17 3.93 4.40 3.60 4.86 Trust department income........................................... 6.62 6.53 4.01 2.20 3.89 5.90 5.53 4.75 3.98 2.86 2.57 3.64 2.50 2.50 3. 10 2.56 2.58 All other operating income......................................... 6.79 5.99 4.89 3.33 4.67 4.89 5.65 2.53 2.93 3.83 5.13 4.22 4.53 5.17 4.89 3.59 5.33 Total operating income................................... 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 Salaries and wages....................................................... 17.00 14.34 18.89 19.96 18.77 21.56 17.81 18.84 17.04 21.53 20.19 16.89 18.73 17.45 20.42 17.53 20.63 Officer and employee benefits..................................... 3.11 2.77 3.03 2.93 3.00 3.72 3.20 3.53 2.38 3.20 2.96 2.74 2.75 2.76 2.64 2.32 3.12 Interest on— Deposits.................................................................... 17.70 22.95 30.42 32.76 28.65 20.66 30.90 30.30 32.05 27.11 26.56 36.54 28.94 34.91 27.80 28.87 36.20 Capital notes and debentures................................. .61 .20 .42 .20 .36 .28 .55 .39 .16 .27 .32 .30 .31 .22 .20 .11 .35 Other borrowed money........................................... 10.54 24.81 8.78 1.48 6.91 10.60 8.36 4.78 5.30 3.02 5.12 6.49 6.21 5.35 3.33 7.58 5.00 Net occupancy expense of bank premises................ 3.43 2.51 3.33 3.72 3.47 4.17 3.64 3.49 3.00 3.76 3.35 3.17 3.23 2.87 2.96 2.60 3.92 Provision for loan losses............................................. 1.03 1.22 1.42 1.89 1.52 1.65 1.15 1.14 1.29 1.40 2.53 1.23 1.36 1.19 2.21 2.52 1.77 All other operating expenses...................................... 24.77 9.44 12.22 14.78 15.45 13.92 12.41 13.21 13.70 15.46 16.67 11.79 14.86 14.30 15.85 15.30 11.04 Total operating expense.................................. 78.19 78.24 78.51 77.72 78.13 76.56 78.02 75.68 74.92 75.75 77.70 79.15 76.39 79.05 75.41 76.83 82.03 Income before taxes and securities gains (losses).... 21.81 21.76 21.49 22.28 21.87 23.44 21.98 24.32 25.08 24.25 22.30 20.85 23.61 20.95 24.59 23.17 17.97 Income after income taxes and before securities gains (losses)............................................................. 13.46 14.33 14.21 15.58 14.62 14.72 14.21 16.82 17.75 15.64 15.31 14.30 16.10 14.09 16.24 15.83 11.99 Net securities gains (-}-) or losses ( —), after tax effect.......................................................................... -1.66 -.65 -.81 -.49 -.84 -.72 -1.37 -.81 -1.46 -.65 -.75 -.53 -.30 -.48 -.36 -.83 -.39 All other additions and subtractions, net, includ­ ing minority interest................................................ .15 .02 .02 .02 .02 .01 .04 -.01 .04 .07 .04 .01 -.01 .17 -.03 Net income................................................................... 11.80 13.83 13.42 15.11 13.80 14.02 12.85 16.05 16.28 15.03 14.63 13.81 15.81 13.61 15.87 15.17 11.57 A 108 MEMBER BANKS, 1969 □ AUGUST 1970 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Rates of return on securities and loans: On securities :3 Interest and dividends: U.S. Treasury.......................................................... 5.58 5.54 5.28 5.24 5.30 5.53 5.37 5.23 5.23 5.42 5.43 5.32 5.28 5.30 5.54 5.28 5.24 U.S. Govt, agencies and corporations.................. 5.67 7.29 5.66 6.00 5.94 6.24 6.12 6.21 6.28 5.92 6.42 5.91 6.21 6.12 5.77 6.43 5.35 States and political subdivisions........................... 4.42 3.98 3.90 3.70 3.87 4.01 4.14 3.68 3.75 3.78 3.93 3.83 3.73 3.80 3.71 3.74 3.84 Other securities........................................................ 7.09 4.63 5.76 6.25 6.09 5.19 6.95 8.63 5.77 5.44 7.51 5.22 5.65 6.43 4.63 5.34 6.33 On loans:2 Interest and fees.......................................................... 7.28 7.44 7.62 7.32 7.43 7.87 7.28 7.08 6.95 7.72 7.82 7.26 7.27 7.23 7.55 7.50 7.83 Net losses ( —) or recoveries (-|-)4............................ -.09 -.14 -.16 -.20 -.16 -.19 -.10 -.12 -.11 -.17 -.32 -.13 -.19 -.14 -.25 -.28 -.19 Ratios on selected types of assets: Percentage of total assets: Securities:3 U.S. Treasury.......................................................... 5.00 7.09 7.29 12.83 8.97 7.20 6.19 9.58 11.48 10.73 10.80 11.19 12.79 11.81 12.17 9.24 7.11 U.S. Govt, agencies and corporations.................. .32 .27 .62 2.47 1.26 .60 .55 1.30 .91 1.63 2.22 1.71 2.26 2.31 1.88 1.88 1.10 States and political subdivisions........................... 6.58 9.95 10.47 13.44 10.80 11.66 9.04 11.69 14.52 11.16 11.83 11.45 11.06 11.27 10.80 11.62 10.07 All other................................................................... .32 .59 .44 .40 .40 .38 .33 .50 .43 .32 .35 .53 .42 .22 .63 .34 .38 Gross loans 2.............................................................. 53.40 59.63 57.91 54.37 55.67 57.71 54.27 58.68 56.04 55.77 52.38 55.92 51.94 54.89 52.21 52.73 60.51 Cash assets................................................................... 27.44 15.42 18.40 13.85 18.37 17.54 23.71 15.13 14.02 16.90 18.63 15.29 18.13 15.27 19.25 20.32 15.07 Real estate assets........................................................ .94 1.58 1.70 1.73 1 .55 1.58 1.06 1.41 1.26 1.84 2.32 1.45 1.43 1.56 1.77 2.18 2.02 Percentage of gross loans:1 Commercial and industrial........................................ 57.82 59.95 41.55 25.70 39.56 42.89 49.73 33.39 34.17 30.70 34.27 36.28 32.68 28.72 30.66 42.34 38.03 To farmers................................................................... .03 .44 1.61 5.23 2.62 .32 .24 1.13 1.02 1.46 1.45 2.52 4.65 10.79 15.16 5.42 3.82 Real estate.................................................................... 8.33 7.65 21.73 31.41 22.13 22.56 15.18 26.61 26.67 24.85 18.64 27.74 24.20 28.94 16.53 11.55 28.12 Other loans to individuals.......................................... 7.72 8.20 19.39 28.52 20.06 22.99 12.79 22.73 24.42 31.43 31.96 18.11 25.61 22.30 24.04 23.31 19.19 All other loans............................................................ 26.10 23.76 15.72 9.14 15.63 11.24 22.06 16.14 13.72 11.56 13.68 15.35 12.86 9.25 13.61 17.38 10.84 Other ratios (per cent): Interest on time deposits to time deposits................... 5.32 5.06 4.91 4.25 4.65 4.74 4.83 4.34 4.13 4.30 4.47 4.51 4.47 4.62 4.57 4.73 5.10 Income taxes to net income plus income taxes............ 27.61 28.40 25.61 25.88 26. 18 30.78 26.27 25.95 21.64 30.45 25.78 25.59 27.18 28.14 31.29 26.71 22.31 Time deposits to total deposits..................................... 24.88 37.43 45.87 52.11 44.41 36.36 32.90 49.02 52.78 45.03 42.25 51.29 42.46 51.88 41.48 40.30 54.89 Total capital accounts and reserves to total assets 5. . . 8.43 10.02 8.44 8.56 8.55 9.27 8.51 9.09 9.53 8.75 8.75 8.42 9.05 7.99 9.28 8.70 7.45 Number of banks6............................................................... 12 9 157 5,691 5,869 236 362 345 474 362 526 945 460 490 826 638 169 1 Excludes minority interest in operating income, if any. 6 Excludes one trust company without deposits and one mem­ each bank’s figures—regardless of size or amount—are weighted 2 Loans include Federal funds sold and securities purchased ber bank located outside the continental United States. Also equally and in general have an equally important influence on under agreements to resell. excluded from the income ratios for banks grouped by Federal the result. In the ratios based on aggregates presented here, the 3 Excludes trading-account securities. Reserve districts are 36 member banks in operation at the end experience of those banks in each group whose figures are largest 4 Net losses on loans is the sum of the expense item “provision of 1969 for which satisfactory figures for the full year were not have a much greater influence than that of the many banks with for loan losses” for banks not on a reserve accounting method available. smaller figures. Ratios based on aggregates show combined plus the excess of losses charged against reserves for losses on results for the banking system as a whole, and, broadly speaking, loans over recoveries credited to these reserves for banks on a Note.—The ratios in this and the following two tables were are the more significant for purposes of general analyses of reserve accounting method. computed from the dollar aggregates shown in preceding tables credit and monetary problems, while averages of individual 5 Includes capital notes and debentures and all valuation except for the omission of the 36 banks mentioned in note 6. ratios are useful primarily to those interested in studying the reserves. Many of these ratios vary substantially from the average of financial results of operations of individual banks. individual bank ratios, shown on pp. A-114—A-119, in which AUGUST 1970 □ MEMBER BANKS, 1969 A 109 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INCOME RATIOS OF RESERVE CITY MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Computed from aggregate dollar amounts; ratios expressed as percentages) Federal Reserve district Item Phila­ Min­ Kan­ San Boston New del­ Cleve­ Rich­ At­ Chi­ St. neap­ sas Dallas Fran­ York phia land mond lanta cago Louis olis City cisco Summary ratios: Percentage of equity capital (including all reserves): Income after taxes and before securities gains (losses) i. . .. 9.84 9.43 11.39 10.87 11.76 10.23 11.20 9.90 10.85 9.99 10.25 11.08 Net income............................................................................... 9.13 9.43 10.71 9.44 11.17 9.57 10.77 9.50 10.16 9.76 9.71 10.73 Cash dividends paid................................................................ 4.58 5.43 6.05 4.30 5.06 4.41 4.42 4.31 4.96 5.08 4.41 5.12 Percentage of net income: Cash dividends paid................................................................ 50.10 57.69 56.47 45.51 45.28 46.08 41.01 45.28 48.86 52.35 45.38 47.74 Sources and disposition of income: Percentage of total assets: Total operating expense.......................................................... 5.01 5.15 4.64 4.24 4.56 4.82 4.44 4.27 4.33 4.28 3.92 5.18 Salaries, wages, and fringe benefits.................................... 1.51 1.30 1.43 1.06 1.52 1.45 1.09 1.16 1.10 1.29 .87 1.47 Interest on deposits.............................................................. .94 2.20 1.51 1.73 1.50 1.37 1.93 1.30 1.29 1.34 1.37 2.34 Net occupancy expense of bank premises......................... .22 .23 .21 .16 .24 .20 .19 .16 .14 .13 .05 .24 All other operating expenses.............................................. 2.34 1.42 1.49 1.29 1.30 1.80 1.23 1.65 1.80 1 .52 1 .63 1.13 Total operating income........................................................... 6.48 6.22 6.03 5.79 6.09 6.15 5.55 5.61 5.75 5.76 5.25 6.32 Income after taxes and before securities gains (losses) i. . .. .87 .79 .93 1.07 .95 .87 .75 .86 .86 .90 .86 .76 Net income............................................................................... .81 .79 .88 .93 .90 .82 .72 .83 .80 .88 .81 .73 Percentage of total operating income: Interest and fees on loans2..................................................... 71.85 75.09 75.79 71.15 72.38 72.13 72.93 71.71 73.30 70.76 75.81 74.75 Interest and dividends on securities: 3 U.S. Treasury....................................................................... 5.81 6.09 5.23 7.31 8.17 6.92 8.21 8.17 4.50 7.30 6.15 5.40 U.S. Govt, agencies and corporations............................... .51 .47 .07 .38 .53 .62 .55 .92 .16 .47 .29 .79 States and political subdivisions........................................ 4.95 8.67 5.99 9.76 6.88 6.42 7.50 6.59 6.04 5.80 8.07 6.01 Other securities.................................................................... .27 .14 .42 .50 .20 .72 .36 .35 .18 .95 .33 .41 Service charges on deposit accounts....................................... 1.39 3.69 2.85 2.21 4.20 3.47 2.67 2.80 1.77 2.09 1.43 4.57 Trust department income........................................................ 7.54 2.20 6.54 5.44 3.90 3.51 3.41 3.46 5.98 6.30 4.28 2.74 All other operating income.................................................... 7.68 3.65 3.11 3.25 3.74 6.21 4.37 6.00 8.07 6.33 3.64 5.33 Total operating income................................................ 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 Salaries and wages................................................................... 20.12 18.06 19.42 16.12 21.66 20.28 16.94 17.89 16.34 19.65 14.41 20.15 Officer and employee benefits................................................. 3.25 2.98 4.28 2.28 3.41 3.42 2.71 2.91 2.76 2.75 2.24 3.15 Interest on— Deposits................................................................................ 14.56 35.46 25.06 29.90 24.60 22.28 34.79 23.31 22.56 23.36 26.08 37.13 Capital notes and debentures............................................ .37 .43 .70 .21 .47 ' .56 .72 .56 .24 .37 .15 .35 Other borrowed money....................................................... 23.43 7.84 9.41 8.59 4.61 10.34 9.29 12.44 15.27 7.37 15.46 5.63 Net occupancy expense of bank premises............................. 3.52 3.71 3.53 2.92 4.02 3.29 3.45 2.98 2.45 2.26 .97 3.79 Provision for loan losses......................................................... 1.51 2.01 1.23 .96 1.20 2.09 .78 1.13 .76 1.82 1.24 1.68 All other operating expenses.................................................. 10.63 12.41 13.39 12.35 14.93 16.16 11.23 14.93 14.99 16.71 14.22 10.11 Total operating expense.............................................. 77.39 82.90 77.02 73.33 74.90 78.42 79.91 76.15 75.37 74.29 74.77 81.99 Income before taxes and securities gains (losses)................. 22.61 17.10 22.98 26.67 25.10 21.58 20.09 23.85 24.63 25.71 25.23 18.01 income alter income taxes and before securities gains (losses)................................................................................... 13.47 12.71 15.55 18.55 15.62 14.26 13.67 15.42 15.01 15.78 16.39 12.04 Net securities gains (+) or losses ( —), after tax effect........ -1.02 -.03 -.91 -2.41 -.81 -1.03 -.54 -.60 -.96 -.36 -1.05 -.37 All other additions and subtractions, net, including minority interest................................................................................... .05 .02 - .03 .03 .10 — .02 . 18 Net income........................................................................... 12.50 12.70 14.64 16.11 14.84 13.33 13.13 14.80 14.05 15.42 15.52 11.67 A 110 MEMBER BANKS, 1969 □ AUGUST 1970 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Rates of return on securities and loans: On securities:3 Interest and dividends : U.S. Treasury.................................................... 5.37 5.10 5.41 5.15 5.49 5.25 5.52 5.43 5.41 5.82 4.99 5.14 U.S. Govt, agencies and corporations........... 6.72 5.97 14.17 6.58 5.62 6.59 4.26 10.51 5.81 4.59 5.05 5.44 States and political subdivisions..................... 4.00 3.84 3.95 3.84 3.91 4.16 3.96 3.92 4.07 3.89 3.91 3.83 Other securities................................................. 4.67 5.01 6.99 5.49 4.37 9.60 5.23 4.31 5.54 4.11 5.15 6.28 On loans:1 Interest and fees..................................................... 8.34 7.81 7.43 7.11 7.90 8.10 7.15 7.40 7.48 7.59 7.39 7.80 Net losses ( —) or recoveries (+)4....................... -.15 -.12 -.14 -.07 -.17 -.32 -.09 -.21 -.16 -.22 -.12 -.18 Ratios on selected types of assets: Percentage of total assets : Securities:3 U.S. Treasury...................................................... 7.01 7.43 5.83 8.20 9.07 8.10 8.26 8.44 4.79 7.22 6.47 6.64 U.S. Govt, agencies and corporations............. .49 .48 .03 .33 .57 .58 .72 .49 .16 .59 .31 .92 States and political subdivisions..................... 8.02 14.03 9.12 14.70 10.74 9.48 10.52 9.41 8.53 8.57 10.84 9.91 All other.............................................................. .38 .18 .36 .52 .28 .46 .38 .45 .18 1.33 .34 .41 Gross loans 2.......................................................... 55.86 59.83 61.55 57.90 55.90 54.75 56.67 54.41 56.44 53.38 53.92 60.58 Cash assets.............................................................. 21.42 12.89 18.90 15.35 19.73 21.86 20.20 22.07 21.64 24.69 23.30 15.53 Real estate assets.................................................. 1.17 1.53 1.25 1.10 1.49 2.50 1.24 1.31 1.52 1.99 2.29 1.97 Percentage of gross loans: 2 Commercial and industrial.................................... 61.13 34.05 46.85 44.58 36.52 39.38 34.67 44.61 43.63 38.59 48.74 39.70 To farmers............................................................ .06 .94 .06 .04 .46 .50 .24 .67 .74 5.01 1.04 3.24 Real estate.............................................................. 8.45 25.77 11.91 20.39 20.69 12.69 33.14 13.72 16.05 13.53 8.80 27.74 Other loans to individuals.................................... 13.93 22.71 17.95 18.05 28.36 30.87 15.57 22.85 20.95 21.03 17.34 17.78 All other loans........................................................ 16.43 16.53 23.23 16.94 13.97 16.56 16.38 18.15 18.63 21.84 24.08 11.54 Other ratios (per cent): Interest on time deposits to time deposits............... 5.66 4.78 4.92 4.40 4.43 4.67 4.66 4.68 5.11 4.89 4.94 5.20 Income taxes to net income plus income taxes. 30.70 23.57 27.03 20.69 32.67 26.51 25.04 29.46 32.70 35.03 28.51 21.38 Time deposits to total deposits................................ 24.12 58.50 38.37 48.73 40.21 35.81 50.54 34.24 32.56 33.02 34.94 54.94 Total capital accounts and reserves to total assets5 9.46 8.95 8.98 10.11 8.69 9.40 7.58 9.39 8.26 9.60 8.78 7.36 Number of banks6........................................................ 4 3 6 16 15 20 15 15 8 19 17 19 For notes see p. A-109. AUGUST 1970 □ MEMBER BANKS, 1969 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INCOME RATIOS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Computed from aggregate dollar amounts; ratios expressed as percentages) Federal Reserve district Item Phila­ Min­ Kan­ San Boston New del­ Cleve­ Rich­ At­ Chi­ St. neap­ sas Dallas Fran­ York phia land mond lanta cago Louis olis City cisco Summary ratios: Percentage of equity capital (including all reserves): Income after taxes and before securities gains (losses)1............................. 11 .31 11.83 11.35 10.75 10.90 11.68 11.06 10.89 10.35 10.95 10.31 11.02 Net income...................................................................................................... 10.95 11.37 11.01 10.65 10.62 11.42 10.75 10.90 10.38 10.72 10.24 10.34 Cash dividends paid....................................................................................... 4.92 4.21 4.28 3.41 3.84 3.34 3.25 3.00 3.86 3.46 3.17 3.50 Percentage of net income: Cash dividends paid....................................................................................... 45.94 37.32 40.37 32.37 36.26 29.46 30.71 27.78 37.28 32.45 31.12 34.35 Sources and disposition of income: Percentage of total assets: Total operating expense................................................................................. 4.94 4.58 4.31 4.30 4.67 4.66 4.68 ‘4.31 4.77 4.54 4.59 5.68 Salaries, wages, and fringe benefits........................................................... 1.71 1.40 1.22 1.16 1.48 1.37 1.25 ! .24 1.22 1.40 1.31 1.79 Interest on deposits..................................................................................... 1.58 1.89 2.03 1.95 1.81 1.76 2.26 1.91 2.39 1.80 1.82 2.18 Net occupancy expense of bank premises................................................ .29 .25 .20 .17 .21 .20 .20 .19 .18 .19 .22 .31 All other operating expenses..................................................................... 1.36 1.04 .86 1.02 1.17 1.33 .97 .97 .98 1.15 1.24 1 .40 Total operating income.................................................................................. 6.49 5.95 5.79 5.58 6.10 6.04 5.91 5.62 5.91 5.97 5.85 6.91 Income after taxes and before securities gains (losses)1............................. 1.00 .98 1.03 .92 .95 .95 .86 .94 .79 .98 .87 .81 Net income...................................................................................................... .97 .94 1.00 .92 .93 .93 .83 .94 .79 .96 .87 .76 Percentage of total operating income: Interest and fees on loans2............................................................................ 70.27 69.13 68.31 65.23 68.97 64.70 65.99 63.71 65.20 65.00 67.52 70.73 Interest and dividends on securities:3 U.S. Treasury.............................................................................................. 7.01 8.48 11.47 15.02 10.98 11.32 13.52 15.50 13.53 13.71 10.85 7.87 U.S. Govt, agencies and corporations..................................................... .62 1.44 2.55 1.88 2.69 3.41 3.22 3.91 3.45 2.58 3.67 1.59 States and political subdivisions............................................................... 8.57 10.61 8.47 9.29 6.97 8.41 8.07 8.04 7.89 7.35 7.59 6.18 Other securities........................................................................................... .32 .45 1.02 .35 .37 .25 .54 .49 .27 .24 .32 .22 Service charges on deposit accounts............................................................. 5.12 4.59 3.02 3.83 4.37 5.45 3.69 3.50 4.92 5.66 5.34 6.31 Trust department income............................................................................... 4.90 2.78 3.12 1.96 1.77 1.99 1.95 1.64 .90 1.36 1.19 1.78 A!1 other operating income........................................................................... 3.19 2.52 2.04 2.44 3.88 4.47 3.02 3.21 3.84 4.10 3.52 5.32 Total operating income...................................................................... 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 Salaries and wages.......................................................................................... 22.43 20.15 18.30 18.32 21.40 20.14 18.45 19.49 17.96 20.85 20.02 23.07 Officer and employee benefits....................................................................... 4.01 3.49 2.84 2.52 2.97 2.68 2.74 2.60 2.76 2.58 2.38 2.95 Interest on— Deposits....................................................................................................... 24.37 31.82 35.08 35.02 29.73 29.19 38.38 33.98 40.57 30.22 31.10 31.55 Capital notes and debentures.................................................................... .23 .38 .11 .10 .06 .17 .15 .09 .21 .11 .08 .36 Other borrowed money.............................................................................. 2.80 2.14 .56 .73 1.35 1.92 1.14 .63 .80 1.12 1.30 1.88 Net occupancy expense of bank premises................................................... 4.57 4.27 3.45 3.11 3.48 3.38 3.43 3.45 3.07 3.34 3.90 4.55 Provision for loan losses................................................................................ 1.73 1.42 1.07 1.76 1.61 2.79 1.48 1.57 1.38 2.42 3.55 2.26 All other operating expenses......................................................................... 15.92 13.27 13.05 15.55 16,03 16.99 13.55 14.80 13.99 15.38 16.14 15.58 Total operating expense..................................................................... 76.06 76.94 74.46 77.11 76.63 77.26 79.32 76.61 80.74 76.02 78.47 82.20 Income before taxes and securities gains (losses)........................................ 23.94 23.06 25.54 22.89 23.37 22.74 20.68 23.39 19.26 23.98 21.53 17.80 Income after income taxes and before securities gains (losses).................. 15.47 16.57 17.97 16.65 15.66 15.96 14.61 16.71 13.68 16.48 15.38 11.73 Net securities gains (+) or losses ( —), after tax effect............................... -.53 -.70 -.71 -.15 -.47 -.58 -.45 -.05 -.28 -.35 -.66 -.51 All other additions and subtractions, net, including minority interest__ .01 0.3 .07 .05 .05 -.01 .05 -.01 .16 -.18 Net income...................................................................................................... 14.95 15.90 17.33 16.50 15.24 15.43 14.15 16.71 13.40 16.12 14.88 11.04 A 112 MEMBER BANKS, 1969 □ AUGUST 1970 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Rates oi return on securities and loans: On securities :3 Interest and dividends: U.S. Treasury.................................................... 5.61 5.06 5.16 5.28 5.37 5.50 5.21 5.22 5.29 5.47 5.42 5.61 U.S. Govt, agencies and corporations........... 6.02 6.49 6.12 6.20 5.99 6.40 6.05 5.72 6.12 5.92 6.55 5.16 States and political subdivisions..................... 4.01 3.82 3.52 3.63 3.66 3.83 3.70 3.60 3.71 3.64 3.60 3.90 Other securities................................................. 5.51 6.71 9.46 6.42 6.33 5.46 5.60 7.07 6.76 6.33 5.51 6.88 On loans:2 Interest and fees.................................................... 7.60 7.22 6.76 6.72 7.53 7.63 7.20 7.15 7.11 7.52 7.60 7.97 Net losses ( —) or recoveries (+)4...................... -.22 -.14 -.10 -.16 -.16 -.32 -.15 -.17 -.13 -.27 -.42 -.25 Ratios on selected types of assets: Percentage of total assets: Securities 3 U.S. Treasury.................................................... 8.11 9.97 12.87 15.86 12.46 12.43 15.34 16.70 15.12 14.98 11.71 9.68 U.S. Govt, agencies and corporations........... .67 1.32 2.41 1.69 2.74 3.21 3.14 3.85 3.33 2.60 3.27 2.13 States and political subdivisions..................... 13.87 16.53 13.94 14.28 11.61 13.25 12.88 12.55 12.56 12.07 12.31 10.95 All other............................................................ .38 .40 .62 .30 .36 .28 .57 .39 .23 .23 .34 .22 Gross loans2......................................................... 58.84 56.49 56.17 53.56 55.62 50.95 53.25 49.72 54.16 51.54 51.68 60.17 Cash assets............................................................ 15.18 12.77 11.82 12.24 13.94 16.68 12.47 14.58 12.28 16.17 17.66 12.55 Reai estate assets.................................................. 1.83 1 .42 1.54 1.47 2.20 2.20 1.50 1.53 1.58 1.65 2.07 2.28 Percentage of gross loans:2 Commercial and industrial.................................. 32.34 26.67 20.48 19.15 24.56 30.96 21.04 20.95 21.40 26.00 36.41 28.88 To farmers............................................................ .47 .82 2.16 2.43 2.51 2.07 5.29 8.56 15.72 21.11 9.48 7.02 Real estate............................................................ 30.72 35.05 40.71 35.74 29.24 22.49 38.29 34.50 35.27 18.29 14.11 30.20 Other loans to individuals................................... 28.23 27.27 27.30 33.63 34.67 32.66 26.40 28.33 22.96 25.81 28.86 26.89 All other loans...................................................... 8.24 10.19 9.35 9.05 9.02 11.82 8.98 7.66 4.65 8.79 11.14 7.01 Other ratios (per cent): Interest on time deposits to time deposits............. 4.24 4.03 3.84 4.19 4.38 4.34 4.35 4.51 4.44 4.61 4.58 Income taxes to net income plus income taxes---- 23.48 25.10 22.90 28.02 25.38 24.05 25.26 25.71 29.17 25.15 26.91 Time deposits to total deposits............................... 51.66 57.53 57.74 49.94 45.88 58.66 49.22 59.87 45.99 44.57 54.58 Total capital accounts and reserves to total assets 5 8.74 9.20 8.76 8.82 8.36 7.92 8.74 7.86 9.10 8.63 7.91 Number of banks6.......................................................... 347 339 4S8 347 506 921 445 482 807 621 150 For notes see p. A-109. AUGUST 1970 □ MEMBER BANKS, 1969 A 113 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPERATING RATIOS BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS (Averages of individual ratios expressed as percentages) Size group—Total deposits Ratio of time deposits to total deposits (in thousands of dollars) (per cent) All Item groups 5,000 5,000- 10,000- 25,000- 50,000- 100,000- Over Under 60 and and 10,000 25,000 50,000 100,000 500,000 500,000 40 40-49 50-59 over under Summary ratios: Percentage of equity capital (including all reserves): I N n e c t o m in e c o a m ft e e . r . . t . a .. x .. e .. s .. . a .. n .. d .. .. b .. e .. f . o .. r . e .. .. s . e .. c .. u .. r . i . t .. i . e . s .. . g .. a .. i . n .. s .. . ( . l .. o .. s . s .. e . s .. ) . . *. 1 1 0 0 . . 4 23 2 9 8 . . 0 9 9 8 1 10 0 . .3 2 8 2 1 1 0 0 . .7 8 3 6 1 1 1 0 . . 1 8 8 2 1 1 0 0. . 5 8 9 8 1 1 1 0. . 7 0 5 8 1 1 1 0 . . 1 4 7 3 1 1 0 0 . . 3 1 6 4 1 10 0 . . 7 6 9 8 1 1 0 0 . . 4 62 0 1 9 0 . . 7 0 7 0 Percentage of net income: Cash dividends paid 28.54 25.76 25.99 28.16 31.25 33.52 35.43 48.00 31.38 27.70 27.63 28.48 Sources and disposition of income: Percentage of total assets: T I N T n o o e c N S I A t t t o n a a a l e m t i l l l l e n t a o o r o e c r o e i t p p o e c h s a e e m s c t f e r r , t u r a a o e e p w t t n . r o i i . a a . n n p t . n d g a . g g e . c e e x . r y . s p i e e a . n . , s x o t . e . i c a p s . n x a o . n i e . p g n t . m d n . s e d . e . . s n e . . f x . e . s b . r . . . p e . . i . e . . . . n . . . e . f . . . o . g . o . . n . . . . . e f . r . . s . . . . e . . e . . b . . b . . . . s . . a . s . e . . . . . . . e n . . . n . . . . . c . . . k . . e . . . . . u . . . . f . . . . . . p r i . . . . . . . i t . . . r . . t . s . . . . . e i . . . . . . . e . . . . . m . . . . . . s . . . . . . . . . . . . . . i . . . . g . . s . . . . . . . . . . a . e . . . . . . . . . . i . s . . . . . n . . . . . . . . . . . . . . s . . . . . . . . . . . . . . . . . . ( . . . . . . . . . . . l . . . . . . . o . . . . . . . . . . . . . . s . . . . . . . . . s . . . . . . . . . . . . e . . . . . . . . . . . . s . . . . . . . . . . ) . . . . . . . . . . . . . . i . . . . . . . . . . . . . . . . 4 5 1 1 1 . . . . . . . 5 8 3 9 0 1 9 6 2 9 2 9 6 0 4 5 1 1 1 . . . . . . . . 4 7 0 1 9 9 5 6 1 9 2 8 9 8 0 4 4 5 1 1 1 . . . . . . . . 8 5 0 3 9 1 8 9 1 5 5 9 6 6 8 0 4 2 5 1 1 . . . . . . . 5 0 2 8 0 8 2 8 4 8 9 4 6 0 4 2 5 1 1 . . . . . . . . 6 3 9 0 8 8 0 2 1 1 1 0 9 7 9 0 4 2 5 1 1 . . . . . . . . 3 6 0 8 1 8 8 2 1 1 1 1 4 9 7 4 4 5 1 1 1 . . . . . . . . 5 9 2 3 7 9 2 8 1 1 1 7 3 7 8 9 4 5 1 1 1 . . . . . . . . 5 2 4 9 1 8 8 6 5 7 9 8 3 6 0 2 4 5 1 1 1 1 1 . . . . . . . . 0 6 0 0 0 5 2 2 1 1 1 7 3 3 9 2 4 5 1 1 1 . . . . . . . . 5 4 6 9 9 9 2 2 8 7 3 2 9 2 0 0 2 4 5 1 1 . . . . . . . . 0 6 3 0 9 1 8 8 5 7 9 8 7 9 4 0 4 2 5 1 . . . . . . . . 8 4 1 7 8 9 1 7 1 1 6 6 9 2 0 6 Percentage of total operating income: I In n t t e e r r e e s s t t a a n nd d f d e i e v s i d o e n n d lo s a o n n s 2 s . e .. c .. u .. r . i . t .. i . e .. s . : .. 3 ...... 64.33 61.09 63.41 65.03 66.07 66.53 68.54 72.84 62.08 64.04 63.92 66.20 ( ( A S T l e S O U U l r r u t o v t . . a s S S h i t t t c h . . e e e d e s r T G e r c s a p r o h e o e n a v a c a p d r t r u s t e , m g u r p r e a i a r o e t s g y t i n l i e e i . o n t t . n s n . i g . . i c c . . n . . i a d i . . e c l . . n e s . . o . . p c s . . m a . . u o o . . n . . s b e m . . i d . . 4 d t . . ) e . . i . . a c . v . . . . . . . c o . . i . . . . c . . s r . . . . . o i . . . p . . . . o . u . . . o . . . . n . . n . . r . . . . s . . . . a t . . . . . s . . . . . t . 4 . . . . i . . . . . ) o . . . . . . . . . . . . n . . . . . . . . . . . . . . . s . . . . . . . 1 ( ( 2 6 4 8 3 6 . . . . . . . 9 1 4 7 8 0 4 1 6 5 1 2 7 2 ) ) 2 ( ( 4 1 2 4 4 7 . . . . . . . 4 3 0 2 9 2 4 1 3 5 5 5 3 7 ) ) 1 ( ( 4 1 7 4 6 7 . . . . . . . 0 5 4 8 6 6 3 1 9 0 5 3 4 6 ) ) 1 ( ( 5 8 1 8 3 4 . . . . . . . 0 2 4 4 0 7 1 3 8 8 7 2 2 2 ) ) 1 ( ( 2 9 5 3 8 1 . . . . . . . 0 5 6 4 3 9 2 0 6 3 2 6 6 1 ) ) 1 1 ( ( 2 4 2 8 1 0 . . . . . . . 2 7 9 3 0 3 6 3 7 2 6 4 8 8 ) ) 1 ( ( 4 9 3 8 1 1 . . . . . . . 0 6 3 5 5 3 6 1 4 9 9 2 6 0 ) ) 1 ( ( 2 4 7 6 2 . . . . . . . 9 8 5 5 1 5 3 1 5 7 5 3 7 6 ) ) 1 1 ( ( 5 3 6 3 7 0 . . . . . . . 3 3 7 2 3 5 0 9 0 8 3 7 4 0 ) ) 1 ( ( 2 9 5 6 3 5 . . . . . . . 3 5 7 7 8 3 2 2 9 5 9 4 4 4 ) ) 1 ( ( 4 1 7 8 3 5 . . . . . . . 9 2 6 9 8 3 9 1 6 7 7 7 7 6 ) ) 1 ( C 3 4 6 6 5 1 . . . . . . . 1 4 3 8 9 5 3 1 7 7 5 0 7 5 ) ) Total operating income. 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 I S O n a f t l f e a ic r r e e ie r s s t a a n o n n d d — e m wa p g lo e y s e .. e .. . b ... e .. n .. e .. f . i . t .. s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 0. . 9 5 5 0 2 2 4 . .9 2 3 0 2 2 0 . . 4 9 1 0 1 2 9 . . 4 3 7 8 1 2 9 . . 7 4 5 4 1 2 9 . . 8 3 4 0 1 3 9 . . 1 8 2 8 1 3 8 . . 0 3 9 8 2 2 6 . . 9 3 2 4 2 2 2 . . 5 2 7 8 2 2 0 . . 4 29 2 1 2 7 . .6 2 1 9 N P A r l e ( o O D l t C v o t e o a i h t p s c h p e i o c o e i r t u s r n a b i p l t o o a f s n p o r n .. r o e r c . o . t r y . l e w a . o . s t . e a e i . x a . n n d . n p . g . l . e m d . o e n . . d s o x s . s . e e n p . e b . e e . s o e . y n . . n f . . . s . . . t . . b e . . . u . . . s a . . . r . . . . n . e . . . . . . . s k . . . . . . . . 4 . . . . ) . . . . p . . . . . . . . . r . . . . . e . . . . . . . . . . m . . . . . . . . . . . . . . . . . . . . i . . . . . s . . . . . . . . . e . . . . . . . . . s . . . . . . . . 3 1 (1 2 3 3 5 . . . . . . 1 2 3 2 6 0 9 7 8 8 7 8 ) 2 1 (1 2 9 3 5 . . . . . . 6 0 1 7 4 1 1 4 9 7 4 2 ) 3 1 ( 2 1 3 4 4 . . . . . . 2 3 7 1 1 1 1 5 9 9 8 2) 3 1 ( 2 1 3 5 4 . . . . . . 4 2 4 3 9 3 1 6 7 9 2 0 ) 3 1 (1 3 1 5 4 . . . . . . 8 4 6 3 6 2 1 1 3 7 2 2 ) 3 1 (1 3 1 1 4 5 . . . . . . 2 7 3 1 8 4 7 3 3 9 6 0 ) 1 3 (1 3 3 1 5 0 . . . . . . 1 3 6 5 2 2 1 4 7 2 6 8 ) 2 1 (1 9 8 3 1 3 . . . . . . 3 0 2 1 2 4 1 4 7 3 3 7 ) ( 1 1 1 2 3 7 1 8 . . . . . . 5 9 1 0 4 2 0 2 2 7 9 6 ) 2 ( 1 1 2 9 3 6 . . . . . . 3 1 7 6 8 3 1 5 3 8 2 0 ) ( 3 1 1 2 3 5 4 . . . . . . 2 3 4 2 1 9 0 8 4 9 2 7 ) 4 C 1 1 2 2 1 3 . . . . . . 1 8 8 7 3 1 9 7 2 8 0 4 ) Total operating expense1. 78.13 78.26 78.03 78.34 78.03 78.65 77.04 76.88 72.52 77.53 79.01 80.81 I I n n c c o o m m e e b a e f f t o e r r e t i a n x c e o s m a e n d t a s x e e c s u ri a ti n e d s g b a e in fo s r ( e l os s s e e c s u ) r . i . t . i . e .. s .. .. g .. a .. i . n .. s .. 21.87 21.74 21.97 21.66 21 .97 21.35 22.96 23.12 27.48 22.47 20.99 19.19 N Al e ( l t l o o s t s e h s c e e u s r r ) i a . t . d i .. e d . s . i . . t g . i . o a .. n i . n . s . s . . a . ( . n . + . d .. ) . s . . u o .. b r .. t . l r . o . a . s . c . s . t e . i . o s .. n . ( . s . - . , . ) . n . , . e . . t a . , . f . t i .. e n . r . c . l . t . u a .. d x .. i . n e .. g f .. f . m e .. c . i . t n . . . o ! .. . r .. i . . t ! . y . ! . 1 - 5 .4 .9 7 1 1 - 6 .5 .5 3 8 1 - 6 .5 .1 0 6 1 - 5 .3 .6 8 8 1 - 5 .5 .4 0 6 1 - 5 .3 .0 9 4 1 - 5 .4 .5 8 9 - 1 1 5 . . 0 1 1 4 1 - 9 .5 .0 7 7 1 - 6 .3 .3 9 0 1 - 5 .4 .4 3 5 1 - 4 .5 .3 2 3 interest.................................................................. .01 -.01 -.01 .02 .09 -.02 -.02 .03 Net income1. 15.44 16.06 15.65 15.29 14.98 15.20 14.11 18.50 15.91 15.00 13.84 A 114 MEMBER BANKS, 1969 □ AUGUST 1970 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Rates of return on securities and loans: On securities:3 Interest and dividends: U.S. Treasury....................................... 5.49 5.65 5.55 5.46 5.36 5.25 5.36 5.37 5.60 5.55 5.50 5.38 U.S. Govt, agencies and corporations 4.46 3.78 4.30 4.44 4.91 5.14 5.43 7.09 4.34 4.64 4.54 4.32 States and political subdivisions........ 3.49 3.32 3.35 3.55 3.65 3.71 3.78 3.96 3.46 3.45 3.52 3.51 Other securities................................... 5.39 5.08 5.12 5.39 5.95 5.90 5.98 5.68 5.45 5.48 5.47 5.21 On loans:1 Interest and fees...................................... 7.65 7.61 7.66 7.68 7.59 7.54 7.72 7.92 7.92 7.86 7.65 7.34 Net losses ( —) or recoveries (+)5........ -.18 -.12 -.20 -.21 -.16 -.19 -.14 -.09 -.19 -.20 -.19 -.14 Ratios on selected types of assets: Percentage of total assets: Securities:3 U.S. Treasury..................................................... 16.83 22.48 18.19 15.68 13.15 12.57 10.48 7.26 17.33 16.03 16.88 17.09 U.S. Govt, agencies and corporations............. 3.77 4.97 4.42 3.47 3.12 2.51 1.48 .58 3.04 3.70 3.82 4.16 States and political subdivisions....................... 11.04 6.37 10.49 12.86 13.64 13.95 13.21 11.09 10.27 11.01 11.64 10.88 All other............................................................. .44 .50 .42 .44 .42 .40 .34 .38 .33 .33 .43 .59 Gross loans2........................................................... 52.00 49.15 51.54 52.59 53.78 53.68 54.63 57.07 47.31 50.96 52.17 55.19 Cash assets............................................................. 13.75 14.94 13.03 12.75 13.33 14.04 16.73 18.85 19.43 15.52 12.85 10.19 Real estate assets.................................................... 1.60 1.30 1.56 1.70 1.79 1.74 1.77 1.58 1.60 1.79 1.62 1.43 Percentage of gross loans:1 Commercial and industrial.................................... 19.52 13.37 16.46 19.53 23.86 27.92 31.47 42.31 24.61 23.53 18.86 14.38 To farmers.............................................................. 14.42 28.79 18.94 9.94 3.97 2.25 1.74 .96 19.61 15.52 14.58 10.57 Real estate.............................................................. 29.00 24.57 28.47 31.35 32.88 32.17 27.30 20.24 15.96 22.20 29.58 40.71 Other loans to individuals.................................... 28.00 24.70 27.24 30.45 30.98 28.67 27.14 18.93 28.10 29.10 28.55 26.59 All other loans........................................................ 9.06 8.57 8.89 8.73 8.31 8.99 12.35 17.56 11.72 9.65 8.43 7.75 Other ratios (per cent): Interest and fees on loans to loans........................... 7.18 7.16 7.15 7.17 7.15 7.12 7.34 7.49 7.31 7.39 7.19 6.93 Interest on time deposits to time deposits6............. 4.15 3.95 4.09 4.17 4.24 4.32 4.38 5.12 4.05 4.22 4.19 4.12 Income taxes to net income plus income taxes....... 20.47 16.97 20.56 21.17 22.46 21.32 23.83 22.85 25.31 20.24 19.89 18.53 Time deposits to total deposits................................ 51.95 47.29 53.26 54.83 53.63 53.09 47.46 41.52 28.42 45.31 55.00 66.93 Total capital accounts and reserves to total assets 9.01 10.53 8.92 8.47 8.38 8.38 8.63 8.58 10.53 9.06 8.68 8.47 Number of banks 8.......................................................... 5,833 1,230 1,472 1,672 701 329 325 104 984 1,324 1,747 1,778 For notes see p. A-119. AUGUST 1970 □ MEMBER BANKS, 1969 A 115 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPERATING RATIOS BY RATIO OF TIME TO TOTAL DEPOSITS, BY SIZE OF BANK (Averages of individual ratios expressed as percentages) Banks with ratios of time Banks with ratios of time Banks with ratios of time Banks with ratios of time to total deposits of to total deposits of to total deposits of to total deposits of under 40 per cent 40-49 per cent 50-59 per cent 60 per cent and over All Item groups Size group—Total deposits (in thousands of dollars) 5,000 5,GOO- Over 5,000 5,GOO- Over 5,000 5,000- Over 5,000 5,000- Over and under 25,000 25,000 and under 25,000 25,000 and under 25,000 25,000 and under 25,000 25,000 Summary ratios: Percentage of equity capital (including all reserves) : Income after taxes and before securities gains (losses)1................................................... 10.42 9.23 10.99 10.83 9.21 11.26 11.01 9.08 10.83 11.29 8.87 9.94 11.11 Net income........................................................... 10.23 9.13 10.97 10.42 9.00 11.21 10.88 9.14 10.62 10.84 8.66 9.81 10.62 Percentage of net income: Cash dividends paid.............................................. 28.54 30.30 28.13 37.70 24.24 25.96 33.16 23.44 26.25 33.75 24.67 28.34 32.15 Sources and disposition of income: Percentage of total assets: Total operating expense........................................ 4.56 3.89 4.10 4.24 4.65 4.57 4.57 4.68 4.64 4.73 4.79 4.66 4.73 Salaries, wages, and fringe benefits................. 1.36 1.85 1.60 1.41 1.59 1.46 1.39 1.46 1.31 1.35 1.28 1.12 1.16 Interest on deposits........................................... 1.92 .73 1.09 1.25 1.64 1.68 1.72 1.98 2.06 2.07 2.40 2.48 2.45 Net occupancy expense of bank premises....... .19 .18 .24 .21 .20 .22 .22 .18 .19 .22 .14 .15 .18 All other operating expenses............................ 1.09 1.13 1.17 1.37 1.22 1.21 1.24 1.06 1.08 1.09 .97 .91 .94 Total operating income......................................... 5.82 5.37 5.66 5.77 5.80 5.92 5.94 5.87 5.88 . 5.98 5.85 5.78 5.87 Income after taxes and before securities gains (losses)1.............................................................. .90 1.06 1.05 .96 .88 .95 .92 .87 .89 .89 .81 .81 .82 Net income............................................................. .88 1.06 1.03 .93 .86 .95 .91 .87 .87 .85 .79 .79 .78 Percentage of total operating income: Interest and fees on loans2............................... 64.33 57.80 61.47 68.43 60.53 63.66 67.12 61.76 63.67 66.06 64.26 66.22 67.80 Interest and dividends on securities:3 U.S. Treasury..................................................... 16.07 24.52 17.18 9.41 21.98 15.18 10.74 21.42 16.22 11.42 20.84 16.13 11.31 U.S. Govt, agencies and corporations............. 3.82 4.43 3.48 1.38 5.63 4.07 2.05 4.62 4.03 2.95 5.17 3.93 3.74 States and political subdivisions....................... 6.95 4.89 7.77 7.66 3.62 7.23 8.35 4.23 7.47 9.03 3.34 7.06 8.98 Other securities............................... .42 .38 .29 .34 .37 .33 .33 .48 .33 .37 .54 .60 .51 {Service charges on deposit accounts4)................. C4.71) (S. 28) (6.33) (4.11) (4.95) (6.08) (4.88) (4.52) (5.19) (4.79) (3.13) (3.43) (3.86) (Trust department income4)................................... C2.16) (1.51) (1.58) (4.27) (1.64) (1.15) (3.19) (1.33) (1.03) (2.67) (.47) (.94) (1.79) All other operating income................................... 8.41 7.98 9.81 12.78 7.87 9.53 11.41 7.49 8.28 10.17 5.85 6.06 7.66 Total operating income............................. 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 Salaries and wages......................... 20.95 31.86 25.28 20.99 25.31 22.16 20.41 22.64 19.85 19.56 19.81 17.11 17.19 Officer and employee benefits............................... 2.50 2.61 2.96 3.25 2.08 2.57 2.92 2.07 2.31 2.90 2.02 2.29 2.55 Interest on— Deposits..................................... 33.28 13.88 19.49 21.97 29.12 29.00 29.43 34.28 35.67 34.93 41.48 43.35 42.04 Ne { O t C t o a h c p e c i r u t a b p l o a n n rr o c o t y e w s e e x a d p n e d m n d o s e e n b e o e y n f . t . b u .. a . r . n e .. s k . 4 . . ) p .. . . r . . . e . .. m ... i . s .. e .. s . . . . . . . . . . . . . . . . . . . . . . . (1 3 . . . 1 3 6 9 8 7 ) 3 (. . . 4 1 6 9 3 0 ) 4 ( . . . 2 5 3 7 3 0 ) ( 4 3 1 . . . 9 7 1 1 8 8) ( 3 1 . . . 5 0 2 3 8 6) ( 3 1 . . . 7 3 6 7 8 2) ( 2 3 1 . . . 1 7 2 2 9 0) 3 ( . . . 0 1 6 8 4 8) ( 3 1 . . . 3 2 14 0 6 ) ( 3 1 1 . . . 7 0 2 7 9 4 ) ( 2 1 . . . 5 1 2 3 2 0) ( 2 1 . . . 7 1 1 7 9 7) ( 3 1 . . . 1 8 2 8 0 0) Provision for loan losses.................. 2.27 2.78 2.75 1.83 3.33 2.73 2.14 2.48 2.47 1.56 2.49 1.83 1.47 All other operating expenses................................ 15.08 17.38 17.11 16.69 16.68 16.35 15.98 14.76 14.98 15.11 13.30 13.05 13.40 Total operating expense1........................... 78.13 72.24 72.16 73.42 80.13 76.96 76.79 79.45 78.84 79.07 81.75 80.59 80.63 Income before taxes and securities gains (losses). 21.87 27.76 27.84 26.58 19.87 23.04 23.21 20.55 21.16 20.93 18.25 19.41 19.37 Income after income taxes and before securities gains (losses)......................... 15.91 20.62 19.22 16.89 15.53 16.85 15.85 15.57 15.59 15.06 14.31 14.39 14.20 Net securities gains (+) or losses (-), after tax effect..................................... -.47 -.62 -.57 -.51 -.53 -.41 -.29 -.34 -.40 -.54 -.66 -.44 -.69 All other additions and subtractions, net, in­ cluding minority interest................................... .04 - .04 — .05 — .02 .08 .02 — .05 .04 .02 .06 Net income1......................................... 15.44 20.04 18.65 16.34 14.95 16.42 15.64 15.25 15.14 14.52 13.69 13.97 13.57 116 MEMBER BANKS, 1969 a AUGUST 1970 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Rates of return on securities and loans: On securities:3 Interest and dividends: U.S. Treasury.................................................... 5.49 5.68 5.65 5.41 5.61 5.61 5.39 5.77 5.47 5.38 5.53 5.41 5.17 U.S. Govt, agencies and corporations............. 4.46 3.72 4.32 5.18 4.18 4.56 5.11 3.69 4.44 5.38 3.61 4.22 5.24 States and political subdivisions...................... 3.49 3.19 3.45 3.82 3.11 3.42 3.74 3.43 3.47 3.70 3.51 3.46 3.64 Other securities.................................................. 5.39 4.89 5.82 5.60 4.66 5.24 6.46 5.57 5.26 5.89 5.12 5.09 5.66 On loans:2 Interest and fees.................................................... 7.65 7.73 8.02 8.00 7.74 7.97 7.77 7.61 7.68 7.61 7.37 7.35 7.26 Net losses ( —) or recoveries) (-j-)5..................... -.18 -.06 -.28 -.21 -.15 -.24 -.18 -.16 -.22 -.14 -.13 -.15 -.12 Ratios on selected types of assets: Percentage of total assets: Securities:3 U.S. Treasury.................................................... 16.83 23.43 17.03 10.09 22.62 15.91 11.76 21.92 17.10 12.68 21.96 17.16 12.77 U.S. Govt, agencies and corporations............. 3.77 4.02 3.39 1.27 5.32 4.03 2.01 4.84 3.99 2.71 5.80 3.97 3.36 States and political subdivisions...................... 11.04 7.40 11.90 11.41 5.90 11.83 13.03 6.87 11.98 14.39 5.18 11.44 14.11 All other............................................................. .44 .35 .31 .35 .38 .31 .32 .58 .40 .39 .68 .59 .51 Gross loans 2.......................................................... 52.00 43.46 47.23 52.29 48.18 50.62 53.48 50.75 51.83 53.96 54.17 55.04 56.46 Cash assets............................................................. 13.75 19.93 17.94 21.07 15.87 14.99 16.23 13.37 12.58 13.06 10.64 9.97 10.42 Real estate assets.................................................. 1.60 1.15 1.81 1.84 1.42 1.82 1.98 1.35 1.64 1.75 1.31 1.44 1.50 Percentage of gross loans:2 Commercial and industrial.................................. 19.52 15.18 23.28 38.53 15.30 21.77 32.30 12.63 18.13 25.01 10.68 13.85 19.05 To farmers.............................................................. 14.42 35.54 17.90 2.14 32.92 15.74 3.25 28.84 14.88 3.46 18.40 11.13 2.30 Real estate.............................................................. 29.00 14.21 16.87 16.80 19.12 22.03 24.62 26.03 29.11 33.19 38.24 40.61 43.09 Other loans to individuals.................................... 28.00 24.44 31.78 27.10 24.57 31.05 28.67 24.92 29.05 30.08 24.83 26.48 28.39 All other loans...................................................... 9.06 10.63 10.17 15.43 8.09 9.41 11.16 7.58 8.83 8.26 7.85 7.93 7.17 Other ratios (per cent): Interest and fees on loans to loans......................... 7.18 7.18 7.32 7.47 7.31 7.42 7.38 7.20 7.19 7.21 6.97 6.91 6.94 Interest on time deposits to time deposits6............ 4.15 3.63 3.95 4.65 4.06 4.18 4.40 4.06 4.19 4.28 4.04 4.12 4.18 Income taxes to net income plus income taxes.... 20.47 19.56 26.64 30.53 11.59 21.02 24.74 18.30 20.23 20.31 17.34 19.29 17.36 Time deposits to total deposits............................... 51.95 22.54 30.90 32.07 45.46 45.30 45.22 54.73 55.05 55.08 66.73 67.23 66.22 Total capital accounts and reserves to total assets 7. 9.01 12.35 9.88 9.24 10.17 8.79 8.77 9.88 8.49 8.22 9.62 8.34 7.84 Number of banks8.......................................................... 5,833 328 396 260 260 683 381 324 980 443 318 1,085 375 For notes see p. A-119. AUGUST 1970 □ MEMBER BANKS, 1969 A 117 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPERATING RATIOS BY FEDERAL RESERVE DISTRICT (Averages of individual ratios expressed as percentages) Federal Reserve districts All Item districts New Phila­ Cleve­ Rich­ St. Minne­ Kansas San Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco Summary ratios: Percentage of equity capital (including all reserves); Income after taxes and before securities gains (losses)1............................................................... 10.42 10.54 10.46 10.02 10.13 10.58 11.62 10.43 10.88 9.57 10.62 10.10 9.27 Net income............................................................. 10.23 10.18 10.06 9.91 9.90 10.27 11.69 10.10 10.72 9.62 10.34 10.10 8.71 Percentage of net income: Cash dividends paid............................................... 28.54 36.19 30.69 32.53 30.32 32.62 24.05 27.73 26.81 29.33 28.03 25.59 25.83 Sources and disposition of income: Percentage of total assets: Total operating expense........................................ 4.56 4.72 4.56 4.22 4.26 4.46 4.70 4.48 4.15 4.80 4.61 4.69 5.69 Salaries, wages, and fringe benefits................. 1.36 1.71 1.37 1.09 1.10 1.32 1.41 1.26 1.23 1.32 1.52 1.52 1.80 Interest on deposits........................................... 1.92 1.44 1.99 2.11 1.99 1.91 1.82 2.10 1.79 2.35 1.77 1.62 2.06 Net occupancy expense of bank premises....... .19 .27 .21 .15 .15 .18 .20 .18 .17 .16 .18 .23 .31 All other operating expenses............................ 1.09 1.30 .99 .87 1.02 1.05 1.27 .94 .96 .97 1.14 1.32 1.52 Total operating income......................................... 5.82 6.23 5.85 5.51 5.47 5.85 6.06 5.65 5.44 5.85 5.94 5.95 6.84 Income after taxes and before securities gains (losses)1............................................................... .90 .99 .89 .91 .90 .94 .95 .84 .95 .74 .96 .89 .77 Net income............................................................. .88 .95 .86 .90 .89 .92 .96 .81 .94 .75 .93 .89 .73 Percentage of total operating income: Interest and fees on loans2................................... 64.33 68.84 68.23 68.69 65.27 66.46 62.41 62.61 61.08 61.30 63.55 65.35 66.90 Interest and dividends on securities:3 U.S. Treasury..................................................... 16.07 11.32 12.17 14.46 18.14 15.69 14.24 18.36 20.53 17.35 17.08 13.34 11.68 U.S. Govt, agencies and corporations............. 3.82 1.15 2.43 3.05 2.00 3.90 4.60 3.84 4.58 5.79 3.79 4.86 2.92 States and political subdivisions....................... 6.95 6.86 8.27 7.09 7.94 6.18 7.98 6.87 7.02 6.61 6.15 6.85 4.99 Other securities................................................... .42 .52 .52 1.01 .40 .28 .28 .63 .41 .28 .20 .31 .29 (Service charges on deposit accounts4)................. (4.71) (6.65) (4.86) (2.88) (3.35) (3.63) (6.02) (3.84) (3.36) (4.44) (5.47) (5.74) (7.29) (Trust department income4)................................... (2.16) (3.36) (2.49) (2.31) (2.27) (2.06) (2.11) (2.00) (1.77) (2.18) (1.85) (1.66) (2.60) All other operating income................................... 8.41 11.31 8.38 5.70 6.25 7.49 10.49 7.69 6.38 8.67 9.23 9.29 13.22 Total operating income............................. 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 Salaries and wages................................................. 20.95 24.08 20.47 17.48 17.95 20.10 20.88 19.92 20.41 20.05 23.27 23.65 23.26 Officer and employee benefits............................... 2.50 3.41 2.97 2.35 2.34 2.46 2.44 2.54 2.34 2.58 2.45 2.15 2.80 Interest on— Deposits............................................................... 33.28 23.29 34.19 38.59 36.61 32.88 30.28 37.26 33.03 40.56 29.92 27.49 30.82 (Capital notes and debentures4)......................... (1.19) (1.19) (1.24) (l.U) (1.15) (1.26) (1.22) (1.14) (1.18) (1.20) (1.44) (1.18) (.92) Other borrowed money..................................... .67 1.18 1.06 .37 .44 .51 .86 .66 .60 .51 .53 .70 1.43 Net occupancy expense of bank premises........... 3.38 4.48 3.72 2.97 2.89 3.20 3.49 3.27 3.26 2.90 3.11 4.06 4.43 Provision for loan losses....................................... 2.27 1.81 1.91 1.49 2.15 2.19 2.67 1.60 1.62 1.60 2.92 3.78 3.30 All other operating expenses................................ 15.08 17.53 13.69 13.56 15.35 14.54 16.84 13.98 14.84 13.83 15.13 16.73 16.62 Total operating expense1........................... 78.13 75.78 78.01 76.81 77.73 75.88 77.46 79.23 76.10 82.03 77.33 78.56 82.66 Income before taxes and securities gains (losses).. 21.87 24.22 .21.99 23.19 22.27 24.12 22.54 20.77 23.90 17.97 22.67 21.44 17.34 Income after income taxes and before securities gains (losses)....................................................... 15.91 16.26 15.62 17.14 16.76 16.67 16.50 15.16 17.92 13.23 16.39 15.97 11.76 Net securities gains (+) or losses ( —), after tax effect.................................................................... -.47 -.66 -.77 -.62 -.34 -.63 -.41 -.48 -.26 -.32 -.40 -.53 -.73 All other additions and subtractions, net, in­ cluding minority interest................................... -.08 .01 -.02 .02 .01 .04 - .01 -.01 .01 .09 Net income1........................................................... 15.44 15.52 14.86 16.50 16.44 16.05 16.13 14.67 17.66 12.91 15.98 14.45 11.12 A 118 MEMBER BANKS, 1969 □ AUGUST 1970 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Rates of return on securities and loans: On securitites :3 Interest and dividends: U.S. Treasury.................................................... 5.49 6.04 5.16 5.07 5.36 5.45 5.88 5.27 5.41 5.49 5.54 5.72 5.89 U.S. Govt, agencies and corporations............. 4.46 4.72 4.55 4.05 3.95 4.24 5.22 3.77 4.55 5.22 3.78 5.55 5.04 States and political subdivisions...................... 3.49 3.90 3.59 3.47 3.53 3.23 3.67 3.33 3.51 3.64 3.32 3.60 3.43 Other securities.................................................. 5.39 5.44 6.17 5.47 6.13 4.73 5.96 5.06 3.89 5.12 5.70 5.29 6.66 On loans:1 Interest and fees.................................................... 7.65 8.02 7.50 7.14 7.18 7.70 8.26 7.34 7.38 7.26 7.70 8.29 8.63 Net losses ( —) or recoveries (-}-)5....................... -.18 -.10 -.12 -.06 -.13 -.12 -.28 -.15 -.16 -.14 -.22 -.24 -.38 Ratios on selected types of assets: Percentage of total assets: Securities:3 U.S. Treasury............................................ 16.83 12.10 13.58 15.58 18.60 16.29 14.79 19.30 20.46 18.40 18.04 13.59 13.53 U.S. Govt, agencies and corporations............. 3.77 1.29 2.35 3.10 1.91 3.88 4.60 3.80 4.51 6.04 3.56 4.51 3.48 States and political subdivisions...................... 11.04 10.81 13.11 11.20 12.06 10.44 12.66 10.89 10.75 10.43 9.99 10.98 8.63 All other............................................................. .44 .58 .55 1.09 .39 .34 .29 .67 .36 .25 .24 .34 .30 Gross loans2.......................................................... 52.00 57.34 56.10 56.71 53.65 53.84 49.68 50.78 47.48 51.39 50.92 50.36 57.01 Cash assets............................................................. 13.75 15.43 12.11 10.56 11.55 12.86 15.09 12.55 14.51 11.51 15.43 17.72 13.38 Real estate assets................................................... 1.60 1.87 1.40 1.37 1.45 1.81 2.18 1.40 1.47 1.39 1.35 1.88 2.35 Percentage of gross loans:2 Commercial and industrial.................................. 19.52 27.06 20.03 15.51 13.78 16.50 25.36 16.45 17.33 16.80 18.73 27.28 26.23 To farmers.............................................................. 14.42 1.66 3.30 3.86 6.27 4.00 3.87 15.57 14.84 24.66 33.93 18.32 8.28 Real estate.............................................................. 29.00 28.12 36.82 44.12 38.47 34.64 23.82 34.97 32.45 32.25 16.31 13.97 26.69 Other loans to individuals.................................... 28.00 33.64 28.16 26.01 32.50 34.98 34.48 24.76 27.51 21.38 23.31 30.19 29.34 All other loans...................................................... 9.06 9.52 11.69 10.50 8.98 9.88 12.47 8.25 7.87 4.91 7.72 10.24 9.46 Other ratios (per cent): Interest and fees on loans to loans......................... 7.18 7.45 7.02 6.60 6.60 7.22 7.60 6.92 6.98 6.95 7.44 7.69 7.93 Interest on time deposits to time deposits6............ 4.15 4.11 4.13 3.81 3.74 4.03 4.23 4.17 4.16 4.38 4.17 4.37 4.42 Income taxes to net income plus income taxes.... 20.47 26.52 20.21 20.47 18.99 23.17 20.54 20.49 19.78 18.53 22.94 16.48 21.16 Time deposits to total deposits................................ 51.95 40.83 56.38 62.86 59.80 53.75 48.57 55.91 47.37 59.93 46.55 41.42 53.73 Total capital accounts and reserves to total assets7. 9.01 9.73 9.32 9.69 9.15 9.28 8.66 8.42 9.00 8.24 9.35 9.31 8.95 Number of banks 8.......................................................... 5,833 236 362 345 474 362 526 945 460 490 826 638 169 1 Excludes minority interest in operating income, if any. 8 The ratios for 38 member banks in operation at the end studying the financial results of operations of individual banks, 2 Loans include Federal funds sold and secutities purchased of 1969 were excluded from the compilations because of un­ while ratios based on aggregates show combined results for under agreements to resell. availability of data covering the complete year’s operations, the banking system as a whole and, broadly speaking, are the 3 Excludes trading-account securities. certain accounting adjustments, lack of comparability, and more significant for purposes of general analyses of credit 4 Averages exclude banks not reporting these items, or re­ so forth. and monetary problems. porting negligible amounts. Figures of revenue, expenses, and so forth, used in the exc 5 e N ss e t o l f o s a s c e t s u a f l o r l o b s a s n es k s o o v n e r a a v c a tu lu a a l ti r o e n c - o r v es e e ri r e v s e c b r a e s d is it e a d r e a t n h d e op N er o a t ti e n . g — r T a h ti e o s s e o r f a i t n io d s i , v id b u e a in l g m e a m rit b h e m r e b t a ic n ks a , v e d r i a ff g e e r s in o m f a t n h y e c re a p lc o u r l t a s t i f o o n r s 1 w 9 e 6 r 9 e . t B ak a e la n n f c r e o m sh t e h e e t a fi n g n u u re a s l i u n s c e o d m i e n a t n h d e d c i o v m ide p n il d a s ­ charged to valuation reserves; net recoveries are the reverse. cases from corresponding ratios computed from aggregate tions were obtained by averaging the amounts shown in each For all other banks, net losses are the amount deducted from dollar amounts, which are shown on pp. A-108—A-l 13. Such bank’s official condition reports submitted for June 30, 1969, operating income as an operating expense. differences result from the fact that each bank’s figures have and Dec. 31, 1969. Savings deposits are included in the time 6 Banks reporting no interest paid on time deposits were an equal weight in calculation of the averages, whereas deposits figures used in these tables. excluded in computing this average. the figures of the many small and medium-sized banks have For details concerning comparability of income and related res 7 e r I v n e c s l . udes capital notes and debentures and all valuation l i i n t d tl i e v i i d n u fl a u l e n ra c t e i o o s n a t r h e e u a s g e g f r u e l g a p t r e im d a o r l i l l a y r t a o m t o h u o n s t e s . in A t v er e e ra st g e e d s o in f d pp a . t a 5 6 fo 4 r - 7 1 2 9 . 69 and earlier years, see Bulletin for July 1970, AUGUST 1970 □ MEMBER BANKS 1969 A 119 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 120 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM A rthur F. Burns, Chairman J. L. Robertson, Vice Chairman George W. M itchell J. Dewey Daane Sherman J. M aisel Andrew F. Brimmer W illiam W. S herrill 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 David B. Hexter, Assistant to the Board Joseph R. Coyne, Special Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF FEDERAL RESERVE BANK OPERATIONS Robert C. Holland, Secretary Kenneth A. Kenyon, Deputy Secretary John R. Farrell, Director Elizabeth L. Carmichael, Assistant Secretary John N. Kiley, Jr., Associate Director Arthur L. Broida, Assistant Secretary James A. McIntosh, Assistant Director Normand R. V. Bernard, Assistant Secretary P. D. Ring, Assistant Director Gordon B. Grimwood, Defense Planning Charles C. Walcutt, Assistant Director Coordinator and Assistant Secretary Lloyd M. Schaeffer, Chief Federal Reserve * Eugene A. Leonard, Assistant Secretary Examiner DIVISION OF SUPERVISION AND REGULATION LEGAL DIVISION Frederic Solomon, Director Thomas J. O’Connell, 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 John T. McClintock, Assistant Director J. Charles Partee, Director Thomas A. Sidman, Assistant Director Stephen H. Axilrod, Associate Director Tynan Smith, Assistant Director Lyle E. Gramley, Associate Director DIVISION OF PERSONNEL ADMINISTRATION Stanley J. Sigel, 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 James B. Eckert, Assistant Adviser Joseph E. Kelleher, Director James L. Pierce, Assistant Adviser Donald E. Anderson, Assistant Director Stephen P. Taylor, Assistant Adviser John D. Smith, Assistant Director Louis Weiner, Assistant Adviser Joseph S. Zeisel, Assistant Adviser OFFICE OF THE CONTROLLER Levon H. Garabedian, Assistant Director John Kakalec, Controller Harry J. Halley, Assistant Controller DIVISION OF INTERNATIONAL FINANCE DIVISION OF DATA PROCESSING **R R o o b b e e r r t t L So . l S o a m m o m n o , n D s, i r A e s c s to oc r iate Director Jerold E. Slocum, Director John E. Reynolds, Associate Director John P. Singleton, Associate Director John F. L. Ghiardi, Adviser Glenn L. Cummins, Assistant Director A. B. Hersey, Adviser Henry W. Meetze, Assistant Director Reed J. Irvine, Adviser Richard S. Watt, Assistant Director Samuel 1. Katz, Adviser *On leave from the Federal Reserve Bank of Bernard Norwood, Adviser St. Louis. 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 121 FEDERAL OPEN MARKET COMMITTEE A rthur F. Burns, Chairman A lfred Hayes, Vice Chairman Aubrey N. H eflin J. L. Robertson Andrew F. Brimmer J. Dewey Daane W. Braddock Hickman W illiam W. S herrill Darryl R. Francis Sherman J. M aisel E liot J. Swan George W. M itchell Robert C. Holland, Secretary Arthur L. Broida, Deputy Secretary George Garvy, Associate Economist Kenneth A. Kenyon, Assistant Secretary Lyle E. Gramley, Associate Economist Charles Molony, Assistant Secretary A. B. Hersey, Associate Economist Howard H. Hackley, General Counsel William J. Hocter, Associate Economist David B. Hexter, Assistant General Counsel Homer Jones, Associate Economist J. Charles Partee, Economist James Parthemos, Associate Economist Stephen H. Axilrod, Associate Economist John E. Reynolds, Associate Economist J. Howard Craven, Associate Economist Robert Solomon, Associate Economist Alan R. Holmes, Manager, System Open Market Account Charles A. Coombs, Special Manager, System Open Market Account FEDERAL ADVISORY COUNCIL Philip H. Nason, ninth federal reserve district, President Jack T. Conn, ten th federal reserve district, Vice President Mark C. Wheeler, first federal G eorge S. C raft, sixth fed eral reserve district reserve district John M. M eyer, Jr., second federal Donald M. Graham, seventh federal reserve district reserve district George H. Brown, Jr., third federal A llen Morgan, eighth federal reserve district reserve district John A. Mayer, fourth federal John E. Gray, eleventh federal reserve district reserve district Robert D. H. Harvey, fifth federal A. W. Clausen, twelfth federal reserve district reserve district H erbert V. Prochnow, Secretary W illiam J. Korsvik, Assistant Secretary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 122 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 P. Eastburn Bayard L. England David C. 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 Jimmie R. Monhollon Atlanta........................30303 Edwin I. Hatch Monroe Kimbrel John C. Wilson Kyle K. Fossum Birmingham............35202 C. Caldwell Marks Dan L. Hendley Jacksonville.............32201 Henry Cragg Edward C. Rainey Nashville................37203 Robert M. Williams Jeffrey J. Wells New Orleans...........70160 Frank G. Smith Arthur H. Kantner Chicago......................60690 Emerson G. Higdon Robert P. Mayo 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. Laurence T, Britt Minneapolis................55480 Robert F. Leach Hugh D. Galusha, Jr. David M. Lilly M. H. Strothman, Jr. Helena....................59601 Warren B. Jones Howard L. Knous Kansas City................64198 Dolph Simons George H. Clay Willard D. Hosford, Jr. John T. Boysen Denver....................80217 Cris Dobbins John W. Snider Oklahoma City.......73125 C. W. Flint, Jr. Howard W. Pritz Omaha....................68102 Henry Y. Kleinkauf George C. Rankin Dallas.........................75222 Carl J. Thomsen Philip E. Coldwell Chas. F. Jones T. W. Plant El Paso....................79999 Gordon W. Foster Fredric W. Reed Houston..................77001 Geo. T. Morse, Jr. J. Lee Cook San Antonio...........78206 Francis B. May Carl H. Moore San Francisco.............94120 O. Meredith Wilson Eliot J. Swan S. Alfred Halgren A. B. Merritt Los Angeles............90054 Leland D. Pratt Paul W. Cavan Portland..................97208 Robert F. Dwyer William M. Brown Salt Lake City.........84110 Peter E. Marble Arthur L. Price Seattle.....................98124 C. Henry Bacon, Jr. William R. Sandstrom Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 123 FEDERAL RESERVE BOARD PUBLICATIONS Available from Publications Services, Division of Administrative Services, Board of Governors of the Federal Re­ serve System, Washington, D.C. 20551. Where a charge is indicated, remittance should accompany request and be made payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. currency. (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 Sys­ tem. 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. Cur­ bia, Costa Rica, Cuba, Dominican Republic, rency. 1963. 11 pp. $.35. Sec. 12. Money Rates Ecuador, Guatemala, Haiti, Republic of Hon­ and 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 pro­ visions 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

A 124 FEDERAL RESERVE BULLETIN □ AUGUST 1970 BANK CREDIT-CARD AND CHECK-CREDIT PLANS. THE DISCOUNT MECHANISM IN LEADING IN­ 1968. 102 pp. $1.00 a copy; 10 or more sent to DUSTRIAL COUNTRIES SINCE WORLD WAR II. one address, $.85 each. 1968. 216 pp. INTEREST RATE EXPECTATIONS: TESTS ON YIELD RESERVE ADJUSTMENTS OF THE EIGHT MAJOR SPREADS AMONG SHORT-TERM GOVERNMENT NEW YORK CITY BANKS DURING 1966. 1968. SECURITIES. 1968. 83 pp. $.50 a copy; 10 or 29 pp. more sent to one address, $.40 each. DISCOUNT POLICY AND OPEN MARKET OPERA­ TIONS. 1968. 23 pp. SURVEY OF FINANCIAL CHARACTERISTICS OF CONSUMERS. 1966. 166 pp. $1.00 a copy; 10 or THE REDESIGNED DISCOUNT MECHANISM AND more sent to one address, $.85 each. THE MONEY MARKET. 1968. 29 pp. SURVEY OF CHANGES IN FAMILY FINANCES. 1968. SUMMARY OF THE ISSUES RAISED AT THE ACA­ 321 pp. $1.00 a copy; 10 or more sent to one DEMIC SEMINAR ON DISCOUNTING. 1968. address, $.85 each. 16 pp. REPORT OF THE JOINT TREASURY-FEDERAL RE­ A REVIEW OF RECENT ACADEMIC LITERATURE SERVE STUDY OF THE U.S. GOVERNMENT ON THE DISCOUNT MECHANISM. 1968. 40 pp. SECURITIES MARKET. 1969. 48 pp. $.25 a copy; 10 or more sent to one address, $.20 each. DISCOUNT POLICY AND BANK SUPERVISION. 1968. 72 pp. JOINT TREASURY-FEDERAL RESERVE STUDY OF THE GOVERNMENT SECURITIES MARKET: STAFF THE LEGITIMACY OF CENTRAL BANKS. 1969. STUDIES—PART 1 (papers by Cooper, Bernard, 24 pp. and Scherer). 1970. 86 pp. $.50 a copy; 10 or. more sent to one address, $.40 each. SELECTIVE CREDIT CONTROL. 1969. 9 pp. (Limited supplies, in mimeographed or similar SOME PROPOSALS FOR A REFORM OF THE DIS­ form, of staff papers other than those con­ COUNT WINDOW. 1969. 40 pp. tained in Part 1 are available upon request for single copies. See p. 48 of main report for a RATIONALE AND OBJECTIVES OF THE 1955 RE­ list of such papers.) VISION OF REGULATION A. 1969. 33 pp. REAPPRAISAL OF THE FEDERAL RESERVE DIS­ AN EVALUATION OF SOME DETERMINANTS OF COUNT MECHANISM: MEMBER BANK BORROWING. 1969. 29 pp. REPORT OF A SYSTEM COMMITTEE. 1968. 23 ACADEMIC VIEWS ON IMPROVING THE FEDERAL pp. $.25 a copy; 10 or more sent to one ad­ RESERVE DISCOUNT MECHANISM. 1970. 172 dress, $.20 each. pp. REPORT ON RESEARCH UNDERTAKEN IN CON­ CAPITAL AND CREDIT REQUIREMENTS OF AGRI­ NECTION WITH A SYSTEM STUDY. 1968. 47 CULTURE, AND PROPOSALS TO INCREASE pp. $.25 a copy; 10 or more sent to one AVAILABILITY OF BANK CREDIT. 1970. 160 pp. address, $.20 each. STAFF ECONOMIC STUDIES Limited supply of the following papers relating to the Discount Study, in mimeographed or similar Studies and papers on economic and financial sub­ form, available upon request for single copies: jects that are of general interest in the field of economic research. EVOLUTION OF THE ROLE AND FUNCTIONING OF THE DISCOUNT MECHANISM. 1968. 65 pp. Summaries only printed in the Bulletin. (Limited supply of mimeographed copies of full A STUDY OF THE MARKET FOR FEDERAL FUNDS. text available upon request for single copies.) 1968. 47 pp. MEASURES OF INDUSTRIAL PRODUCTION AND THE SECONDARY MARKET FOR NEGOTIABLE FINAL DEMAND, by Clayton Gehman and Cor­ CERTIFICATES OF DEPOSIT. 1968. 89 pp. nelia Motheral. Jan. 1967. 57 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS A 125 CHANGES IN BANK OWNERSHIP: THE IMPACT ON MEASURES OF MEMBER BANK RESERVES. July OPERATING PERFORMANCE, by Paul F. Jessup. 1963. 14 pp. Apr. 1969. 35 pp. CHANGES IN BANKING STRUCTURE, 1953-62. CHARACTERISTICS OF MERGING BANKS, by David Sept. 1963. 8 pp. L. Smith. July 1969. 30 pp. THE OPEN MARKET POLICY PROCESS. Oct. 1963. OPTIMAL FACTOR ADJUSTMENT PATHS: A GENER­ 11 pp. ALIZATION OF “STOCK ADJUSTMENT" DECISION RULES, by P. A. Tinsley. July 1969. 14 pp. REVISION OF BANK DEBITS AND DEPOSIT TURN­ OVER SERIES. Mar. 1965. 4 pp. ECONOMIC FORECASTS: EVALUATION PROCE­ DURES AND RESULTS, by H. O. Stekler. Oct. TIME DEPOSITS IN MONETARY ANALYSIS, Staff 1969. 49 pp. Economic Study by Lyle E. Gramley and SOME PROBLEMS IN FORECASTING INVENTORY Samuel B. Chase, Jr. Oct. 1965. 25 pp. INVESTMENT, by H. O. Stekler. Oct. 1969. 23 pp. CYCLES AND CYCLICAL IMBALANCES IN A CHANG­ AUTOMOTIVE TRADE BETWEEN THE UNITED ING WORLD, Staff Paper by Frank R. Garfield. STATES AND CANADA, by Kathryn A. Morisse. Nov. 1965. 15 pp. Nov. 1969. 33 pp. RESEARCH ON BANKING STRUCTURE AND PER­ THE AVAILABILITY OF MORTGAGE LENDING COM­ FORMANCE, Staff Economic Study by Tynan MITMENTS, by Robert Moore Fisher. Dec. 1969. Smith. Apr. 1966. 11 pp. 36 pp. COMMERCIAL BANK LIQUIDITY, Staff Economic IMPORTED INFLATION AND THE INTERNATIONAL Study by James Pierce. Aug. 1966. 9 pp. ADJUSTMENT PROCESS, by Ruth Logue. Dec. 1969. 147 pp. TOWARD UNDERSTANDING OF THE WHOLE DE­ VELOPING ECONOMIC SITUATION, Staff Eco­ CONSUMER SAVINGS AND THRIFT INSTITUTIONS, nomic Study by Frank R. Garfield. Nov. 1966. by Edward C. Ettin and Barbara Negri Opper, 14 pp. June 1970. 12 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 (From Federal Reserve Bulletin unless preceded by Daniel H. Brill with Ann P. Ulrey. Jan. by an asterisk.) 1967. 14 pp. REVISED SERIES ON COMMERCIAL AND INDUS­ ADJUSTMENT FOR SEASONAL VARIATION. June TRIAL LOANS BY INDUSTRY. Feb. 1967. 2 pp. 1941. 11 pp. SEASONAL FACTORS AFFECTING BANK RESERVES. AUTO LOAN CHARACTERISTICS AT MAJOR SALES Feb. 1958. 12 pp. FINANCE COMPANIES. Feb. 1967. 5 pp. LIQUIDITY AND PUBLIC POLICY, Staff Paper by SURVEY OF FINANCE COMPANIES, MID-1965. Apr. Stephen H. Axilrod. Oct. 1961. 17 pp. 1967. 26 pp. SEASONALLY ADJUSTED SERIES FOR BANK MONETARY POLICY AND THE RESIDENTIAL MORT­ CREDIT. July 1962. 6 pp. GAGE MARKET. May 1967. 13 pp. INTEREST RATES AND MONETARY POLICY, Staff BANK FINANCING OF AGRICULTURE. June 1967. Paper by Stephen H. Axilrod. Sept. 1962. 28 pp. 23 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 126 FEDERAL RESERVE BULLETIN □ AUGUST 1970 EVIDENCE ON CONCENTRATION IN BANKING REVISION OF CONSUMER CREDIT STATISTICS. MARKETS AND INTEREST RATES, Staff Eco­ Dec. 1968. 21 pp. nomic Study by Almarin Phillips. June 1967. 11 pp. HOUSING PRODUCTION AND FINANCE. Mar. 1969. 7 pp. NEW BENCHMARK PRODUCTION MEASURES, 1958 AND 1963. June 1967. 4 pp. OUR PROBLEM OF INFLATION. June 1969. 15 pp. REVISED INDEXES OF MANUFACTURING CAPACITY AND CAPACITY UTILIZATION. July 1967. 3 pp. THE CHANNELS OF MONETARY POLICY, Staff Eco­ nomic Study by Frank de Leeuw and Edward THE PUBLIC INFORMATION ACT—ITS EFFECT ON Gramlich. June 1969. 20 pp. MEMBER BANKS. July 1967. 6 pp. INTEREST COST EFFECTS OF COMMERCIAL BANK REVISION OF WEEKLY SERIES FOR COMMERCIAL UNDERWRITING OF MUNICIPAL REVENUE BANKS. Aug. 1969. 5 pp. BONDS. Aug. 1967. 16 pp. EURO-DOLLARS: A CHANGING MARKET. Oct. 1969. THE FEDERAL RESERVE-MIT ECONOMETRIC 20 pp. MODEL, Staff Economic Study by Frank de Leeuw and Edward Gramlich. Jan. 1968. 30 pp. REVISION OF MONEY SUPPLY SERIES. Oct. 1969. THE PRICE OF GOLD IS NOT THE PROBLEM. Feb. 16 pp. 1968. 7 pp. BALANCE OF PAYMENTS PROGRAM: REVISED U.S. INTERNATIONAL TRANSACTIONS: TRENDS IN GUIDELINES FOR BANKS AND NONBANK FINAN­ 1960-67. Apr. 1968. 23 pp. CIAL INSTITUTIONS. Jan. 1970. 11 pp. MARGIN ACCOUNT CREDIT. June 1968. 12 pp. TREASURY AND FEDERAL RESERVE FOREIGN EX­ MONETARY RESTRAINT AND BORROWING AND CHANGE OPERATIONS. Mar. 1970. 21 pp. CAPITAL SPENDING BY LARGE STATE AND LOCAL GOVERNMENTS IN 1966. July 1968. 30 pp. RECENT CHANGES IN STRUCTURE OF COMMER­ CIAL BANKING. Mar. 1970. 16 pp. REVISED SERIES ON BANK CREDIT. Aug. 1968. 4 pp. U.S. BALANCE OF PAYMENTS AND INVEST­ MENT POSITION. Apr. 1970. 17 pp. FEDERAL FISCAL POLICY IN THE 1960’s. Sept. 1968. 18 pp. CHANGES IN TIME AND SAVINGS DEPOSITS, OCTO­ HOW DOES MONETARY POLICY AFFECT THE BER 1969—JANUARY 1970. May 1970. 12 pp. ECONOMY? Staff Economic Study by Maurice Mann. Oct. 1968. 12 pp. SDR's IN FEDERAL RESERVE OPERATIONS AND BUSINESS FINANCING BY BUSINESS FINANCE STATISTICS. May 1970. 4 pp. COMPANIES. Oct. 1968. 13 pp. CHANGES IN BANK LENDING PRACTICES, 1969. MANUFACTURING CAPACITY: A COMPARISON OF May 1970. 5 pp. TWO SOURCES OF INFORMATION, Staff Eco­ nomic Study by Jared J. Enzler. Nov. 1968. BANKING AND MONETARY STATISTICS, 1969. 5 pp. Selected series of banking and monetary statistics MONETARY RESTRAINT, BORROWING, AND CAP­ for 1969 only. Mar. and July 1970. 18 pp. ITAL SPENDING BY SMALL LOCAL GOVERN­ MENTS AND STATE COLLEGES IN 1966. Dec. FINANCIAL DEVELOPMENTS IN THE SECOND 1968. 30 pp. QUARTER OF 1970. Aug. 1970. 10 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 127 INDEX TO STATISTICAL TABLES (For list of tables published periodically, but not monthly, see page A-3.) Acceptances, bankers’, 14, 33, 37 Demand deposits: Agricultural loans of commercial banks, 24, 26 Adjusted, banks and the monetary system, 18 Arbitrage, 91 Adjusted, commercial banks, 15, 17, 25 Assets and liabilities (See also Foreigners, claims on, Banks, by classes, 11, 19, 25, 29 and liabilities to): Subject to reserve requirements, 17 Banks, by classes, 19, 24, 26, 37 Turnover, 15 Banks and the monetary system, 18 Deposits (See also specific types of deposits): Corporate, current, 49 Accumulated at commercial banks for payment of Federal Reserve Banks, 12 personal loans, 23 Automobiles: Adjusted, and currency, 18 Consumer instalment credit, 54, 55, 56 Banks, by classes, 11, 19, 25, 29, 37 Production index, 58, 59 Euro-dollars, 86 Federal Reserve Banks, 12, 86 Bank credit proxy, 17 Postal savings, 18 Bank holding companies, banking offices and deposits Subject to reserve requirements, 17 of group banks, Dec. 31, 1969, 95 Discount rates, 9, 90 Bankers’ balances, 25, 28 Discounts and advances by Reserve Banks, 4, 12, 13, 15 (See also Foreigners, claims on, and liabilities to) Dividends, corporate, 48, 49 Banking offices: Dollar assets, foreign, 75, 81 Changes in number, 96 Par and nonpar offices, number, 97 Earnings and hours, manufacturing industries, 65 Employment, 62, 64, 65 Banks and the monetary system, 18 Euro-dollar deposits in foreign branches of Banks for cooperatives, 39 U.S. banks, 86 Bonds (See also U.S. Govt, securities): New issues, 45, 46, 47 Farm mortgage loans, 50, 51 Yields and prices, 34, 35 Federal finance: Branch banks, liabilities of U.S. banks to their foreign Cash transactions, 40 branches, 30, 86 Receipts and expenditures, 41 Brokerage balances, 85 Treasury operating balance, 40 Business expenditures on new plant and equipment, 49 Federal funds, 8, 24, 26, 30, 33 Business indexes, 62 Federal home loan banks, 39, 51 Business loans (See Commercial and industrial loans) Federal Housing Administration, 50, 51, 52, 53 Federal intermediate credit banks, 39 Capacity utilization, 62 Federal land banks, 39 Capital accounts: Federal National Mortgage Assn., 39, 53 Banks, by classes, 19, 25, 30 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 Banking offices, changes in number, 96 Foreign: Consumer loans held, by type, 55 Currency operations, 12, 14, 75, 81 Deposits at, for payment of personal loans, 23 Deposits in U.S. banks, 5, 12, 18, 25, 29, 86 Loans sold outright, 32 Exchange rates, 89 Number, by classes, 19 Trade, 73 Real estate mortgages held, by type, 50 Foreigners: Commercial paper, 33, 37 Claims on, 82, 83, 86, 87, 88 Condition statements (See Assets and liabilities) Liabilities to, 30, 76, 77, 79, 80, 81, 86, 87, 88 Construction, 62, 63 Consumer credit: Gold: Instalment credit, 54, 55, 56, 57 Certificates, 12, 13, 16 Noninstalment credit, by holder, 55 Earmarked, 86 Consumer price indexes, 62, 66 Net purchases by U.S., 74 Consumption expenditures, 68, 69 Production, 93 Corporations: Reserves of central banks and govts., 92 Sales, profits, taxes, and dividends, 48, 49 Stock, 4, 18, 75 Security issues, 46, 47 Government National Mortgage Association, 53 Security yields and prices, 34, 35 Gross national product, 68, 69 Cost of living (See Consumer price indexes) Hours and earnings, manufacturing industries, 65 Currency and coin, 5, 10, 25 Housing permits, 62 Currency in circulation, 5, 16, 17 Housing starts, 63 Customer credit, stock market, 36 Income and expenses: Debits to deposit accounts, 15 Insured commercial banks, 98 Debt (See specific types of debt or securities) Member banks, 98-113 )xedni siht n i dettimo si ” A“ xiferp eht hguohtla 911-A hguorht 4-A segap o t era secnerefeR( Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

)xedni siht n i dettimo si ” A“ xiferp eht hguohtla 911-A hguorht 4-A segap o t era secnerefeR( A 128 FEDERAL RESERVE BULLETIN □ AUGUST 1970 Income, national and personal, 68, 69 Production, 58, 62 Industrial production index, 58, 62 Profits, corporate, 48, 49 Instalment loans, 54, 55, 56, 57 Real estate loans: Insurance companies, 38, 42, 43, 51 Banks, by classes, 24, 27, 37, 50 Insured commercial banks, 21, 23, 24, 95, 98 Delinquency rates on home mortgages, 52 Interbank deposits, 11, 19, 25 Mortgage yields, 53 Type of holder and property mortgaged, 50, 51, Interest rates: 52, 53 Business loans by banks, 32 Reserve position, basic, member banks, 8 Federal Reserve Bank discount rates, 9 Foreign countries, 90, 91 Reserve requirements, member banks, 10 Reserves: Money market rates, 33, 91 Central banks and govts., 92 Mortgage yields, 53 Commercial banks, 25, 28, 30 Prime rate, commercial banks, 33 Federal Reserve Banks, 12 Time deposits, maximum rates, 11 Member banks, 5, 6, 11, 17, 25 Yields, bond and stock, 34 U.S. reserve assets, 75 International capital transactions of the U.S., 76-88 Residential mortgage loans, 35, 50, 51, 52 International institutions, 74, 75, 90, 92 Retail credit, 54 Inventories, 68 Retail sales, 62 Investment companies, issues and assets, 47 Investments (See also specific types of investments): Sales finance companies, loans, 54, 55, 57 Banks by classes, 19, 24, 27, 28, 37 Saving: 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 Savings and loan assns., 38 Savings deposits (See Time deposits) 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 Banks by classes, 19, 24, 26, 27, 37 International transactions, 84, 85 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, 72, 75 Insured or guaranteed by U.S., 50, 51, 52, 53 State and local govts.: Savings and loan assns., 38, 51 Deposits, 25, 29 Holdings of U.S. Govt, securities, 42, 43 Manufacturers: New security issues, 45, 46 Capacity utilization, 62 Ownership of securities of, 24, 28, 37, 38 Production index, 59, 62 Yields and prices of securities, 34, 35 Margin requirements, 10 State member banks, 21, 23, 96 Member banks: Stock market credit, 36 Assets and liabilities, by classes, 19, 24 Stocks: Banking offices, changes in number, 96 New issues, 46, 47 Borrowings at Reserve Banks, 6, 12 Yields and prices, 34, 35 Deposits, by classes, 11 Income and expenses, 98—113 Tax receipts, Federal, 41 Number, by classes, 19 Time deposits, 11, 17, 18, 19, 25, 29 Operating ratios, 114 Treasury cash, Treasury currency, 4, 5, 16, 18, 94 Reserve position, basic, 8 Treasury deposits, 5, 12, 40 Reserve requirements, 10 Treasury operating balance, 40 Reserves and related items, 4, 17 Mining, production index, 59, 62 Unemployment, 64 Mobile home shipments, 63 U.S. balance of payments, 72 Money rates (See Interest rates) U.S. Govt, balances: Money supply and related data, 17 Commercial bank holdings, 25, 29 Mortgages (See Real estate loans and Residential mort­ Consolidated condition statement, 18 gage loans) Member bank holdings, 17 Mutual funds (See Investment companies) Treasury deposits at Reserve Banks, 5, 12, 40 Mutual savings banks, 18, 29, 37, 42, 43, 50, 96 U.S. Govt, securities: Bank holdings, 18, 19, 24, 27, 37, 42, 43 National banks, 21, 23, 96 Dealer transactions, positions, and financing, 44 National income, 68, 69 Federal Reserve Bank holdings, 4, 12,15,42, 43 National security expenditures, 41, 68 Foreign and international holdings, 12, 81, 84, 86 Nonmember banks, 22, 23, 24, 25, 96, 98 International transactions, 81, 84 New issues, gross proceeds, 46 Open market transactions, 14 Open market transactions, 14 Operating ratios, member banks, 114 Outstanding, by type of security, 42, 43, 45 Ownership of, 42, 43 Par and nonpar banking offices, number, 97 Yields and prices, 34, 35, 91 Payrolls, manufacturing index, 62 United States notes, 16 Personal income, 69 Utilities, production index, 59, 62 Postal Savings System, 18 Veterans Administration, 50, 51, 52, 53 Prices: Consumer and wholesale commodity, 62, 66 Weekly reporting banks, 26 Security, 35 Prime rate, commercial banks, 33 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 (o THE FEDERAL RESERVE SYSTEM g) tv •Ci ALAS KA HAWAII Legend Boundaries of Federal Reserve Districts -----Boundaries of Federal Reserve Branch Territories o Board of Governors of the Federal Reserve System © Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis