Federal Reserve Bulletin, 1970-10

FEDERAL RESERVE BULLETIN * * * * ** 4 OCTOBER 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 10 • VOLUME 56 • OCTOBER 1970 CONTENTS 743 Inflation in Western Europe and Japan 757 Record of Policy Actions of the Federal Open Market Committee 764 Law Department 793 Announcements 795 National Summary of Business Conditions Financial and Business Statistics A 1 Contents A 3 Guide to Tabular Presentation A 3 Statistical Releases: Reference A 4 U.S. Statistics A 72 International Statistics A 94 Board of Governors and Staff A 95 Open Market Committee and Staff; Federal Advisory Council A 96 Federal Reserve Banks and Branches A 97 Federal Reserve Board Publications A 101 Indexto Statistical Tables Map of Federal Reserve System on Inside Back Cover EDITORIAL Charles Molony COMMITTEE J- Charles Partee Robert C. Holland Robert Solomon Kehpeth B. Williams Elizabeth B. Sette 1 The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed except in official statements and signed articles. Direction for the art work is provided by Mack Rowe. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Inflation in Western Europe and Japan THE CYCLICAL UPSWING in economic activity that began in mid- 1967 in Western Europe, and earlier in Japan, has continued in 1970 despite the slackening in over-all demand in the United States. Boom conditions in 1969 and 1970 have been accompanied by substantial and pervasive price and wage advances. Prices, after rising moderately in 1968, accelerated markedly in 1969, and the rate of increase has remained high this year. The major part of this inflation was at first attributable to the pressure of excess demand. Increasingly, however, cost-push elements have begun to predominate, as excess demand seems to be responding to restrictive policy actions, and as labor costs in particular continue to rise sharply. Japan and the major industrial nations of Europe pursued restrictive domestic policies in 1969 and 1970 to ease the pressures on resources and to combat inflation. Strong reliance was placed on monetary policy. Some countries also adopted antiinflationary fiscal measures, but these measures generally were introduced belatedly and were not strong enough to permit a significant lessening of reliance on monetary policy. RAPID PRICE ADVANCES Rates of inflation in Western Europe and Japan, as indicated by both consumer and wholesale price indices, accelerated sharply in the course of 1969, and only in recent months has the steep rise in prices moderated in some countries. From mid-1966 until the end of 1968—a period which encompassed the 1966-67 pause in economic activity in Europe and the subsequent upturn in 1968—prices rose only moderately in most of the major industrial countries. The exceptions were in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

744 FEDERAL RESERVE BULLETIN • OCTOBER 1970 CONSUMER PRICES Percentage change at annual rate 1967 Q2 to 1968 Q2 to 1969 Q2 to Country 1968 Q2 1969 Q2 1970 Q2 Belgium 2.3 3.8 4.1 4.1 6.4 5.8 Germany 1.3 2.6 3.9 Italy 1.6 2.0 5.1 Netherlands 2.0 18.1 3.5 5.6 5.1 7.6 United Kingdom 4.5 5.5 5.8 United States 4.1 5.5 6.4 1 Reflects introduction of value-added tax on January 1, 1969. NOTE.—Consumer prices for all goods and services; for Belgium rent is excluded. OECD data.. France, where prices rose substantially in the second half of 1968 following the civil disturbances that spring, and the United Kingdom, where price increases were large throughout 1968 in the aftermath of the sterling devaluation in November 1967. In 1969 prices began to accelerate in all of the major countries of Western Europe and in Japan. The rapid rise continued into 1970, but by the middle of this year the rate of increase of wholesale prices of manufactures had diminished appreciably in Germany, France, Italy, and Japan. This pattern of price movement corresponds roughly with that of the United States, except that industrial wholesale prices here accelerated less in 1969 than in many other countries. The various factors responsible for price developments in 1969-70 will be discussed later, but mention may be made at this point of two major changes in exchange rate parities that occurred in 1969: the French franc was devalued by 11.1 per cent in August and the German mark was revalued upward by 9.3 per cent in October. The mark revaluation had no immediately discernible effect of lowering German domestic prices, since domestic and external demand were extremely strong. The franc devaluation, on the other hand, did accentuate the domestic price rise in France, since the franc cost of imports rose immediately. INFLATIONARY Intense inflationary pressures have been experienced in all the PRESSURES STRONG jor industrial countries in 1969-70. In some countries—espema cially Germany, Japan, and the Netherlands—substantial excess demand has persisted into 1970 and has, of course, been accompanied by upward cost pressures. In France and Belgium, on the other hand, demand has exerted less pressure on capacity Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INFLATION IN WESTERN EUROPE AND JAPAN 745 this year than in 1969; nevertheless, costs have continued to increase. In the United Kingdom, and to a lesser extent in Italy also, cost pressures that developed despite absence of excess demand were the major factor contributing to inflation throughout the past 2 years, Germany's present upswing in demand has been stronger, and has already lasted longer, than earlier cyclical upswings. There are indications, however, that some elements of demand in that country have now begun to expand less rapidly. At the beginning of 1969, the German economy had recovered from the 1966-67 recession. All components of gross national product were showing marked strength; government spending, private consumption, investment, and exports were all rising sharply. This increased demand was met in large part by increases in productivity and by a rise in imports. But the pressure of demand manifested itself also in price increases. Wholesale prices of industrial goods, in particular, stepped up substantially in the latter part of 1969. Strong demand exerted severe pressures on capacity. Order backlogs in industry, already very large, continued to widen. The labor market became exceedingly tight, despite the fact that increasingly large numbers of foreign workers were being em- 1 WHOLESALE PRICES accelerate after moderate increase from 1965 through 1968 RATIO SCALE, 1963=100 130 NETHERLANDS FRANCE 120 BELGIUM 110 GERMANY 100 * Beginning 1968 a turnover tax was replaced by a value- For the Netherlands, beginning 1969 a turnover tax was readded tax. Series beginning 1968 differs from published series in placed by a value-added tax. Q1 1969 movement includes estithat it has been adjusted to include value-added tax to give more mated price change derived by linking series excluding all taxes comparability with preceding series. in December and January. Quarterly and monthly OECD and A Indicates distortion caused by civil disturbances in France. national data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

746 FEDERAL RESERVE BULLETIN • OCTOBER 1970 ployed. Nevertheless, because of large productivity gains, unit labor costs were essentially stable, and, with material costs also stable, profits constituted a growing share of national income. The cost picture was altered abruptly in the autumn of 1969, when wildcat strikes in the iron and steel and coal-mining industries, against a background of a very tight labor market, spurred a rapid acceleration of wages. Because productivity gains were smaller, unit labor costs in industry were up 10 per cent by the second quarter of 1970, and profit margins were increasingly being squeezed. The revaluation of the German mark in October 1969 was designed, in large part, to control inflation, but the pressures of demand, both domestically and from abroad, were too strong to be quickly overcome. Even though German export prices expressed in terms of dollars and other foreign currencies did rise, exports have only recently begun to weaken, which may be the result of easing demand abroad as well as of the revaluation. Other elements in Germany's external transactions, especially the balance on services, responded more markedly to the revaluation. In recent months German businesses have cut back on their inventory investment plans and new orders received by manufacturers have leveled off. On the other hand, consumer demand has been accelerating, and the upward trend of government expenditures has not abated. Moreover, upward pressures on prices from the cost side are strong. The Japanese economy is currently in its fifth year of a cyclical upswing, the longest such advance in the economy's postwar history. Strong consumer, investment, and export demands put increasing strains on productive capacity, at least until the spring of 1970. The ratio of the Japanese industrial production index to an index of productive capacity in Japan reached a peak in December 1969, and has declined only slightly since then. The ratio of job vacancies to job seekers reached an all-time high in March, and tight labor market conditions have been reflected in sharp wage increases, exceeding somewhat the very substantial gains in labor productivity. The situation in the labor market has been affected by the tendency for more high school graduates to attend colleges or universities, with the result that the supply of new low-wage workers has diminished. World market conditions have influenced developments in Japan, as elsewhere. During 1966-68, Japanese import prices Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INFLATION IN WESTERN EUROPE AND JAPAN 747 2 Inflation reflected in rising EXPORT UNIT VALUES U.S. DOLLAR EQUIVALENTS, RATIO SCALE, 1963=100 130 BELGIUM ITALY Data for Germany adjusted for revaluation of the German mark in October 1969. Data for France adjusted for devaluation of French franc in August 1969. Quarterly OECD data. were relatively stable, but the subsequent increase brought them by the second quarter of 1970 to a level 4 per cent higher than in the corresponding period of 1969 and 6 per cent higher than at the end of 1968. Several factors combined to produce strong upward pressures on prices in the Netherlands in early 1969. Costs rose as the 1966-68 downtrend of Dutch import prices was reversed, and wage increases accelerated as labor, and capacity in general, became more scarce. An exceptionally strong demand for Dutch exports, together with buoyant domestic demand, enabled producers to pass these cost increases on in prices. The institution at the beginning of the year of a value-added tax, which resulted in sharp consumer price increases, was also important. A price freeze imposed in April 1969 arrested the burst of price advances that had occurred in the first quarter; the freeze was partially lifted in September 1969 and eased further in August 1970. However, the possibility of a continued wage-price spiral has remained a threat, because wage contracts, beginning with the trend-setting contract negotiated late last year in the heavy metals sector, have included escalator clauses based on changes in the consumer price index. In 1970, the continuing strength of demand, high capacity utilization, and increases in the cost of imports, especially those from Germany after the revaluation of the German mark, continued to put upward pressure on prices. Despite the maintenance Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

748 FEDERAL RESERVE BULLETIN • OCTOBER 1970 of some price controls, prices have continued to rise and wage rates have been and will be adjusted accordingly. In France the annual rate of growth of real output slowed only slightly from about 5 per cent in the first half of 1969 to about 4 per cent in the second half. Factors primarily responsible for this buoyancy included a very rapid expansion in fixed investment and, in the spring and summer, an intensification of consumer demand in the expectation of a franc devaluation. Moreover, after the devaluation occurred in August, the franc value of exports rose. At first this reflected primarily an increase in the franc prices of exports, but later the real volume of exports increased substantially; in the first half of 1970 volume was 18 per cent above its level a year earlier. Factors other than demand contributed to the inflationary pressures. Immediately following the devaluation, the franc prices of imports rose by almost 10 per cent, and they have since risen further. Hourly wage rates, which increased sharply last year, have increased even more rapidly this year. Over-all economic activity in early 1970 exceeded expectations, because of the strong export and investment demands. Fixed investment expenditures, even after elimination of special tax benefits in September 1969, and in the face of tight credit policies, have been at a very high level so far this year. However, despite the continuing rise in personal incomes, growth of aggregate demand appears to have been moderating. During the past summer, inventories were considered excessive, new orders were coming in more slowly, and private consumption in real terms was no larger than at the beginning of 1970. Employment has not been growing rapidly enough this year to prevent a gradual increase in unemployment. In 1969, Belgium's price inflation seemed to be essentially of a demand-pull nature. The rate of growth of output accelerated and employment increased considerably. Domestic demand strengthened as plant and equipment expenditures, in particular, advanced sharply. Exports also continued to rise, reaching a total value 23 per cent greater than in 1968. Increasing demand for labor and declining unemployment produced a 9 per cent rise in hourly earnings in mining, manufacturing, and transportation over the course of 1969, compared with 6 per cent the preceding year. Current indicators suggest that demand has increased less Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INFLATION IN WESTERN EUROPE AND JAPAN 749 WAGES AND EARNINGS Percentage change of half-year over preceding half-year, at annual rates 1968 1969 1970 CCoouunnttrryy 1st H 2nd H 1st H 2nd H 1st H Belgium 4.2 7.4 7.8 9.4 10.8 France 5.9 25.1 7.0 8.9 10.6 Germany 6.0 8.4 8.0 13.1 16.7 Italy 3.9 2.7 8.0 10.9 30.6 Netherlands 7.8 6.3 12.8 5.2 10.1 Japan 16.3 13.8 14.1 20.5 11.1 United Kingdom 7.9 7.5 7.2 8.1 6.1 United States 7.4 6.4 5.6 6.7 4.3 NOTE.—The series used are as follows: Belgium, hourly earnings in mining, manufacturing, and transport; France and Italy, hourly rates in manufacturing; Germany, wages and salaries per manhour, in all industries; Netherlands, hourly rates in industry-males; Japan, monthly earnings, including bonuses; United Kingdom, average earnings of all employees; and United States, average hourly earnings. OECD and national data. rapidly this year, with less vigorous demand for exports, housing, and consumer durable goods. Nevertheless, the rise in wage rates accelerated further in the first half in response to continuing tightness in the labor market. Rising unit labor costs have put a squeeze on profits and further upward pressure on prices. The United Kingdom provides the clearest example among the industrialized countries of inflation that is primarily of the costpush variety. The British economy is clearly operating below its productive potential; unemployment, for example, stands at a very high level by British standards. Yet labor costs have been rising rapidly, and profits and profit margins are depressed. The growth of British exports—which brought a marked improvement in the balance of trade—was the chief expansionary force operating in 1969, as government policies acted to restrain domestic demand. Private investment in real terms recovered somewhat in the second half of 1969, but has fallen off again this year. Total real GNP has been rising irregularly at an average annual rate of only about 2 per cent since 1967. Despite the suppression of demand pressures by highly restrictive fiscal and monetary policies, price and wage increases quickened in 1969. Boosts in indirect taxes, imposed to restrain the growth of real expenditures, added to the rise in retail prices. Sharply higher import costs after the November 1967 devaluation had been an important factor pushing up prices earlier, and this influenced wage negotiations in 1969. British wage earners developed expectations of further price increases; desirous of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

750 FEDERAL RESERVE BULLETIN • OCTOBER 1970 making up for the lack of any significant growth in their real income since 1967, they demanded sharply higher wages. The Labor Government was hesitant, in an election year, to try to enforce an incomes policy over strong union opposition. Thus, by the second quarter of 1970, basic hourly wage rates in manufacturing were 12 per cent above their level a year earlier, compared with an 8 per cent increase experienced over the preceding 12 months. In Italy, as in the United Kingdom, price inflation has been attributable largely to cost-push factors in the past 2 years— especially after the middle of 1969. The underlying trends of growth in demand and in productive capacity remain strongly upward, but labor disturbances have curbed the expansion. Real GNP, after growing at an annual rate of almost 8 per cent in the first half of 1969, barely increased in the second half as output was sharply reduced by strikes in manufacturing industries and construction in September-December. Important effects of these strikes included a slowdown in the rate of increase of personal consumption owing to loss of wages, a marked reduction in exports, and a substantial decline in inventories. Industrial production increased sharply in January, but has remained flat in subsequent months, owing primarily to such factors as: additional strikes, notably in textiles and electric 3 | INDUSTRIAL PRODUCTION continues to grow in 1969 and 1970 RATIO SCALE, 1963=100 • • • • • • • • • • • • • • Hi •••••i^MBMHMMHMW 1968 1969 '70 1968 1969 '70 ^ Indicates drop caused by labor strike in Italy. A Indicates drop caused by civil disturbances in France. Seasonally adjusted OECD quarterly data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INFLATION IN WESTERN EUROPE AND JAPAN 751 power; difficulties for firms in adjusting their production schedules to a new shorter workweek; and the reluctance of labor to work overtime. As a direct result of the strikes, unit labor costs accelerated sharply further this year. Minimum contractual wage rates in industry rose 13 per cent from December to February. In an estimate cited by the Bank of Italy, hourly earnings of wage earners this year are expected to average 16 to 17 per cent greater than in 1969 for the economy as a whole and more than that in industry. Such increases would be at least double the expected rate of productivity increase in industry, and even further out of line with productivity gains in the economy as a whole. Buoyant consumer demand, fueled by these large wage increases, has been sufficient this year to put further upward pressure on domestic prices and to accelerate the rise in import demand. ANTI-INFLATIONARY Monetary policy has been the instrument most vigorously used POLICIES j period for resisting inflationary forces. While some fiscal n actions were taken, in general these actions either were insufficiently strong or were applied later than would have been desirable. A partial explanation for this is that various institutional, social, and economic constraints favored reliance on monetary actions. As in the United States, the fiscal decision-making process tends to be long and complex, and public tax and expenditure policies are difficult to change at relatively short notice. The specific policy instruments that were selected differed among the various countries, although some instruments were common to all of them. During the last 2 years central bank discount rates (and other central bank lending rates) have been raised in all of the major industrial countries—several times in most of them—but have subsequently been slightly reduced in some of them. Moreover, all the major industrial countries except Germany and Italy imposed ceilings on the growth of bank lending—and in some cases on lending by other institutions. But a variety of other types of policy actions were also undertaken. In Germany rediscount quotas were lowered, minimum reserve requirements were raised, and other measures were taken in 1969 in an unsuccessful attempt to offset the effect on the liquidity of the banking system of the tremendous inflow of funds from abroad before the revaluation of the German mark. The sizable outflow Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

752 FEDERAL RESERVE BULLETIN • OCTOBER 1970 CENTRAL BANK DISCOUNT RATES Per cent per annum Nether- United End of month Belgium France Germany Italy Japan lands Kingdom 1968—December. 4.5 6.0 3.0 3.5 5.84 5.0 1969—January... February.. March 5.0 April 5.5 4.0 5.5 May 6.0 I June 7.0 5.0 July ,!o I August I 4.0 6.0 September. 7.5 6.0 6.25 October... 8.0 November. December. 1970—January February March 7.5 5.5 April May June July 7.0 August 7.5 September I October (as of Oct. 22). 7.0 7.0 of funds from Germany after the revaluation threatened to reduce sharply the liquidity of the banks, but this effect was mitigated by a lowering of reserve requirements and related measures. When short-term loan funds again began to flow to Germany this spring, and some speculative inflows occurred in June and July, the German Federal Bank moved to counteract the expansive effects on bank liquidity. In July the Bank lowered its discount rate and its rate on advances (Lombard rate) in order to reduce the incentive for capital inflow and thereby avoid so far as possible the expansion of domestic liquidity from that source. This action was accompanied by a repayable surcharge on income taxes and a tightening of depreciation allowances. In France, total credit to the private sector was continuing to expand during the spring and summer of 1969, but after the devaluation in August of that year the Bank of France took actions that successfully restrained the growth of credit. Fiscal measures, including the postponement of some planned expenditures, also helped to hold down the growth of aggregate demand during the winter and on into the spring of 1970. With the labor force growing rapidly, unemployment increased and the French Government and the central bank, taking advantage of the opportunity created by the great improvement in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INFLATION IN WESTERN EUROPE AND JAPAN 753 the balance of payments, began at the end of February to relax instalment credit restrictions, to authorize some expenditures previously postponed, and to introduce mildly reflationary monetary measures, including reductions in the discount rate in August and October. In the United Kingdom, fiscal and monetary policy exerted a restraining influence on the economy. Though the ceiling on clearing bank advances was exceeded, growth in the money supply from the end of March 1969 to the end of March 1970 was only about 2 per cent, as the effects on the money supply of the sizable surplus in the balance of payments were offset by the large budgetary surplus and by heavy sales of government securities outside the banking system. The money supply spurted in the second quarter of this year, with bank advances increasing sharply; in the third quarter, the rate of rise in the money supply was probably lower, but was still quite high. The April 1970 budget was only mildly expansionary, even though unemployment was high and only moderate growth of domestic demand was generally expected. The persistence of wage inflation and a continuing rise in imports have made the new Conservative Government hesitant to adopt any strongly expansive policy. Italian policy, having to deal with an economy severely distorted by strikes, has been designed largely to improve the adverse balance of payments and the consequent deterioration in Italy's foreign reserve position. However, at the end of August 1970, tax measures were introduced to moderate the growth of consumer demand and to reduce the budget deficit. Policy in Belgium, too, was influenced by external considerations, notably by the rapidly rising demand by U.S. banks for Euro-dollars in much of 1969, by speculative outflows around the time of the French devaluation, and by the inflationary impact of the German revaluation. Discount rate policy and the ceilings on bank advances were supplemented by ceilings on the banks' rediscounts at the National Bank of Belgium and by a variety of controls over the foreign position of the banks. A program of anti-inflationary fiscal measures was announced in November, following the German revaluation. In the Netherlands, monetary restraint was accompanied by direct government intervention to freeze market prices. In Japan, the sharp rise of prices and wages since the spring of 1969 prompted a shift toward restrictive policies in the autumn. It was the first time since World War II that measures of restraint were taken for purely domestic considera- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

754 FEDERAL RESERVE BULLETIN • OCTOBER 1970 tions. The Bank of Japan imposed limits on the increase in bank lending, backed up by measures affecting the net liquidity position of city banks. Other major banks have also been urged to exercise restraint, but their lending activity has not, as yet, been subjected to quantitative controls. The slackening in inflationary pressures that began in May of this year gave some indication that the tight monetary policy was having an impact. ALTERNATIVE POLICIES The continued pervasiveness of inflation and the difficulties involved in formulating and implementing independent domestic policies in an interdependent world raise several questions. If the traditional monetary and fiscal policy actions that have been taken have thus far been ineffective in halting inflation, or are threatening to halt inflation only at a high price in terms of unemployment and suboptimal output, should additional policy actions be tried? One suggestion has been to pursue more vigorously some form of incomes policy. This is particularly suitable for countries where aggregate demand is not excessive and where inflationary pressures derive largely from cost-push phenomena. Although it has not been demonstrated that an incomes policy can be successfully implemented, it seems desirable that the search go on for policies and institutional arrangements that might supplement adequate demand-management measures. In countries where external considerations conflict with domestic ones in formulating and implementing demandmanagement policies, some action dealing directly with the balance of payments may be called for. In Japan, for example, further liberalization of imports would tend simultaneously to relieve domestic pressure and to reduce the balance of payments surplus. Or in Germany, earlier exchange-rate action might have prevented the surge of inflation that began in 1969, not only because the direct effects of the revaluation would have had a chance to take hold before the inflationary momentum had built up, but also because the monetary authorities would have had more flexibility in dealing with domestic problems if so large an export surplus had not developed. While the scope for international collective action to resist inflation may be limited, it is clear that the international exchange of information and ideas can be helpful. This occurs in the International Monetary Fund and in frequent meetings of interna- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INFLATION IN WESTERN EUROPE AND JAPAN 755 tional groups of officials under the auspices of the Organization for Economic Co-operation and Development, the Bank for International Settlements, and the European Communities. As a result, policy-makers improve their knowledge of past, current, and future developments in other countries; thus, they are better prepared to deal with the repercussions that foreign developments will inevitably have. The fact that inflation remains a worldwide problem underlines the need for this kind of international cooperation among nations. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Record of Policy Actions of the Federal Open Market Committee Records of policy actions taken by the Federal Open Market Committee at each meeting, in the form in which they will appear in the Board's Annual Report, are released approximately 90 days following the date of the meeting and are subsequently published in the Federal Reserve BULLETIN. The record for each meeting includes the votes on the policy decisions made at the meeting as well as a resume of the basis for the decisions. The summary descriptions of economic and financial conditions are based on the information that was available to the Committee at the time of the meeting, rather than on data as they may have been revised since then. Policy directives of the Federal Open Market Committee are issued to the Federal Reserve Bank of New York—the Bank selected by the Committee to execute transactions for the System Open Market Account. Records of policy actions have been published regularly in the BULLETIN beginning with the July 1967 issue, and such records have continued to be published in the Board's Annual Reports. Records for the meetings held in 1970 through June 23 were publishpd in the BULLETINS for April, pages 333-40; May, pages 436-43; June, pages 507-16; July, pages 573-80; August, pages 627-33; and September, pages 708-19. The record for the meeting held on July 21, 1970, follows: 757 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

758 FEDERAL RESERVE BULLETIN • OCTOBER 1970 MEETING HELD ON JULY 21, 1970 1. Authority to effect transactions in System Account. Preliminary estimates of the Commerce Department indicated that real GNP had edged up at an annual rate of 0.3 per cent in the second quarter, after declining at rates of 3.0 per cent in the first quarter and 0.9 per cent in the fourth quarter of 1969. Staff projections suggested that the rate of increase in real GNP would pick up somewhat in the third and fourth quarters, but that it would remain well below the economy's growth potential. Prices and wage rates generally were continuing to rise at a rapid pace, but it appeared that improvements in productivity were slowing the rise in costs, and some major price measures were showing moderating tendencies. Available data for June offered a mixed picture of economic developments. Industrial production declined further, but less than in other recent months. Retail sales increased slightly, according to advance estimates, and private housing starts rose sharply. Although the unemployment rate declined to 4.7 from 5.0 per cent in May, continued weakness in the demand for labor was reflected in a further sizable reduction in nonfarm payroll employment. Average wholesale prices of industrial commodities rose further from mid-May to mid-June, but advances were less widespread than earlier and prices of nonferrous metals and a number of other materials were under downward pressure. Prices of farm products and foods declined for the third consecutive month, after allowance for seasonal influences. According to the Commerce Department figures, inventory accumulation increased somewhat in the second quarter after having declined substantially in the two preceding quarters. The rate of growth in consumer spending rose only a little, despite an unusually large advance in disposable income resulting from retroactive increases in Federal pay and social security benefits. Among other major categories of final purchases, Federal expenditures for goods and services declined and the rate of expansion in State and local government outlays slackened. Business spending for fixed investment remained about unchanged in the second quarter and—according to revised figures—in the first quarter also. The projection of moderately faster growth in real GNP in the second half was based largely on expectations of a recovery in residential Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 759 construction and more rapid advances in outlays by State and local governments. Expansion in consumer spending was expected to remain relatively strong. At the same time, it appeared likely that declines in defense outlays and, later in the year, in business fixed investment would hold down the over-all rate of growth. The surplus on U.S. foreign trade expanded further in May—continuing the improvement that had been under way since mid-1969. Nevertheless, because of large outflows of private capital the over-all balance of payments remained in heavy deficit in the second quarter on both the liquidity and the official settlements bases. In foreign exchange markets, selling pressure on the Italian lira developed following the resignation of the Rumor Government on July 6. The mark remained in demand, reflecting chiefly the tight monetary conditions in Germany. Early in July the German Government announced proposed measures to increase fiscal restraint. This was followed by some easing of monetary policy, including a reduction in the discount rate of the German Federal Bank from IV2 to 7 per cent effective July 16. Pressures in domestic financial markets had abated in recent weeks from the peaks that had been reached in the latter part of June, after a major railroad corporation indicated that it was insolvent and unable to pay off maturing commercial paper. Uncertainties and strains persisted, however—particularly in the market for commercial paper, the outstanding volume of which contracted sharply following the indication of the railroad's insolvency. It appeared that a large proportion of the funds so freed were being rechanneled through the banking system; there had been sharp increases recently both in bank loans to businesses and finance companies and in the outstanding volume of large-denomination CD's of short maturity, for which Regulation Q rate ceilings had been suspended effective June 24. The massive readjustment under way was facilitated by Federal Reserve assurances to member banks that the discount window was available to assist them in meeting the needs of businesses unable to replace maturing commercial paper. Since the previous meeting of the Committee average prices of common stocks had continued to fluctuate in a range somewhat above the lows of late May. Interest rates on long-term bonds had declined considerably on balance, despite a continuing heavy volume of new corporate offerings. The reductions in bond yields reflected the abate- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

760 FEDERAL RESERVE BULLETIN • OCTOBER 1970 ment of general pressures in financial markets, including some lessening of inflationary expectations and a growing belief that monetary policy would become more expansive. In the corporate bond market the spread between yields on Aaa and Baa offerings had widened recently, however, suggesting that investors had become more concerned about credit risks in this market as well as in the market for commercial paper. There also were indications that the desire to reduce credit risks had enhanced the relative attractiveness of Treasury and Federal agency securities. For example, market rates on Treasury bills had declined in recent weeks—substantially, in the case of longer-term bills—even though the Treasury had auctioned $2.5 billion of tax-anticipation bills due in March 1971 on July 2 and $2.25 billion of such bills due in April 1971 on July 16. The Treasury was expected to announce in late July the terms on which it would refund securities maturing in mid-August, including $5.6 billion held by the public. It was considered likely that the Treasury would also undertake some cash borrowing in August, perhaps in connection with the refunding. System open market operations since the preceding meeting of the Committee had been directed mainly at maintaining money market conditions conducive to stability in financial markets generally, amid the churning occasioned by developments in the commercial paper market. Member bank borrowings rose sharply during the period— from an average of less than $900 million in the statement week ending June 24 to nearly $1.7 billion in the July 15 statement week. The increase was in large part a consequence of special discount window accommodation of banks lending to firms that were finding it difficult to roll over maturing commercial paper. For the most part the Federal funds rate remained in a 7 to l5/s per cent range, somewhat below the range prevailing before the June 23 meeting, and for much of the period the open market operations found necessary were quite limited. However, the System undertook a large volume of repurchase agreements late in the period when reserve drains from market factors proved to be much heavier than anticipated and the Federal funds rate came under some upward pressure. Average interest rates on conventional new-home mortgages remained unchanged in June at about the levels that had prevailed since the beginning of the year. Net inflows of savings funds to nonbank thrift Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 761 institutions were relatively strong during the month, and outflows immediately after midyear interest and dividend crediting were quite small. In view of such experience, it appeared likely that these institutions would step up the rate at which they were making new mortgage commitments. Following the Board's action on Regulation Q in late June, major commercial banks acted quickly to raise their offering rates on largedenomination CD's of less than 90 days' maturity—generally into a range of IV2 to 8 per cent, in contrast to the previous ceiling rates of 6V4 and 6V2 per cent for maturities of 30 to 59 and 60 to 89 days, respectively. The subsequent influx of funds was very large; in the 3 weeks ending July 15, large-denomination CD's outstanding at weekly reporting banks increased by about $3 billion, the most rapid advance on record. Private demand deposits also expanded sharply in early July. The latest staff analysis suggested that both the money stock and the bank credit proxy—daily-average member bank deposits—would rise considerably on the average from June to July. However, assuming that prevailing money market conditions were maintained, growth in the money stock was expected to slow sharply in the two succeeding months and to be at an annual rate of about 5 per cent over the third quarter.1 It appeared likely that the rate of expansion in large-denomination CD's would moderate after banks completed their initial adjustments to the Regulation Q action and were no longer faced with large loan demands from firms experiencing run-offs of outstanding commercial paper. However, the annual rate of growth in the proxy series over the third quarter was still expected to be high—about 14 per cent, after adjustment for an anticipated reduction in banks' use of funds from nondeposit sources. The Committee decided that pressures in financial markets had abated sufficiently to warrant reducing the special emphasis recently given in open market operations to moderating such pressures, and increasing the emphasis placed on achieving the longer-run growth rates in the monetary aggregates that were considered appropriate to the underlying economic situation. At the same time, the Committee decided that account should be taken of the uncertainties and strains that 1 Calculated on the basis of the daily-average level in the last month of the quarter relative to that in the last month of the preceding quarter. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

762 FEDERAL RESERVE BULLETIN • OCTOBER 1970 did persist in financial markets, as well as of the "even keel" considerations associated with the forthcoming Treasury financing. While there were some differences in the members' assessment of the economic outlook, they agreed that moderate growth in the monetary aggregates—including growth in the money stock at about a 5 per cent annual rate in the third quarter—would be desirable. A majority also concurred in the view that, if moderate deviations from that growth rate should develop, it would be preferable if they were in an upward direction. With respect to bank credit, it was noted that a relatively rapid rate of expansion in the third quarter need not be disturbing in light of the shift of credit flows from market to banking channels that was under way. The following current economic policy directive was issued to the Federal Reserve Bank of New York: The information reviewed at this meeting indicates that real economic activity changed little in the second quarter after declining appreciably earlier in the year. Prices and wage rates generally are continuing to rise at a rapid pace. However, improvements in productivity appear to be slowing the rise in costs, and some major price measures are showing moderating tendencies. Since mid-June long-term interest rates have declined considerably, and prices of common stocks have fluctuated above their recent lows. Although conditions in financial markets have improved in recent weeks uncertainties persist, particularly in the commercial paper market where the volume of outstanding paper has contracted sharply. A large proportion of the funds so freed apparently was rechanneled through the banking system, as suggested by sharp increases in bank loans and in large-denomination CD's of short maturity—for which rate ceilings were suspended in late June. Consequently, in early July bank credit grew rapidly; there was also a sharp increase in the money supply. Over the second quarter as a whole both bank credit and money supply rose moderately. The overall balance of payments remained in heavy deficit in the second 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 encouraging the resumption of sustainable economic growth and the attainment of reasonable equilibrium in the country's balance of payments. To implement this policy, while taking account of persisting market uncertainties, liquidity strains, and the forthcoming Treasury financing, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 763 the Committee seeks to promote moderate growth in money and bank credit over the months ahead, allowing for a possible continued shift of credit flows from market to banking channels. 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; provided, however, that operations shall be modified as needed to counter excessive pressures in financial markets should they develop. Votes for this action: Messrs. Burns, Brimmer, Daane, Francis, Heflin, Hickman, Maisel, Robertson, Sherrill, Swan, and Treiber. Votes against this action: None. Absent and not voting: Messrs. Hayes and Mitchell. (Mr. Treiber voted as Mr. Hayes' alternate.) 2. Authority to purchase securities directly from the Treasury. Paragraph 2 of the Committee's continuing authority directive, as most recently amended on March 10, 1970, authorizes the Federal Reserve Bank of New York (and, under certain circumstances, other Reserve Banks) to purchase special short-term certificates of indebtedness directly from the Treasury, subject to certain conditions. This authorization is, in turn, based on a provision of Section 14(b) of the Federal Reserve Act authorizing the Federal Reserve Banks to buy and sell obligations of specified types "directly from or to the United States," subject to certain conditions. It was noted at this meeting that the statutory authority in question had expired on June 30, 1970, and that paragraph 2 of the continuing authority directive had accordingly been in a state of de facto suspension since that date; and that the paragraph would remain in suspension until pending legislation, which would extend the authority until July 1, 1971, was enacted. (Such legislation was enacted on July 31,1970.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Statutes, regulations, interpretations, and decisions RESERVES OF MEMBER BANKS Regarding Delegation of Authority to delegate to a member of the Board authority to approve the The Board of Governors, effective November 9, issuance of obligations by Edge and Agreement 1970, has amended section 204.1 (e) (1) of Regulacorporations in certain circumstances. The text of tion D, "Reserves of Member Banks". The amendthe amendment reads as follows: ment is designed to prevent the use of funds deposited by a trust department of a member bank in a savings deposit in the commercial department AMENDMENT of that bank in tandem with a checking account so Effective September 16, 1970, section 265.1a(a) as to avoid the higher demand deposit reserve reis amended by adding a new subparagraph (4) as quirements. The text of the amended section is as follows: follows: SECTION 265.1a—SPECIFIC FUNCTIONS AMENDMENT TO REGULATION D DELEGATED TO BOARD MEMBERS Effective November 9, 1970, section 204.1 (e) (1) (a) Any Board member designated by the is amended to read as follows: Chairman is authorized under sections 25 and SECTION 204.1— DEFINITIONS 25(a) of the Federal Reserve Act and Parts 211 and 213 of this chapter (Regulations K and M): (e) Savings deposits. The term "savings deposit" means a deposit— (4) Under § 211.4 of this chapter (Regulation (1) which consists of funds deposited to the K), to approve the issuance by an Edge or Agreecredit of one or more individuals, or of a corpora- ment corporation or a subsidiary thereof of debention, association, or other organization operated tures, bonds, promissory notes (with a maturity of primarily for religious, philanthropic, charitable, more than one year), or similar obligations, proeducational, fraternal, or other similar purposes vided that such corporation is determined to be in and not operated for profit;4 or in which the entire satisfactory condition and the delegee is satisfied beneficial interest is held by one or more individuals that the case involves no question of general policy. or by such a corporation, association, or other organization, except where the deposit is to the ORDERS UNDER BANK MERGER ACT credit of the bank's own trust department and the funds involved are utilized to cover checks; and BANK OF DELAWARE, WILMINGTON, DELAWARE Hs Hs • sH In the matter of the application of Bank of Dela- RULES REGARDING DELEGATION OF AUTHORITY ware for approval of merger with Millsboro Trust Company, Millsboro, Delaware. The Board of Governors, effective September 16, 1970, amended section 265.1a(a) of its Rules ORDER APPROVING MERGER OF BANKS 4 Deposits in joint accounts of two or more individuals There has come before the Board of Governors, may be classified as savings deposits if they meet the other requirements of the above definition, but deposits of a pursuant to the Bank Merger Act (12 U.S.C. partnership operated for profit may not be so classified. 1828(c)), an application by Bank of Delaware, Deposits to the credit of an individual of funds in which any beneficial interest is held by a corporation, partner- Wilmington, Delaware, for the Board's prior apship, association, or other organization operated for profit proval of the merger with Millsboro Trust Comor not operated primarily for religious, philanthropic, pany, Millsboro, Delaware, under the charter and charitable, educational, fraternal, or other similar purposes may not be classified as savings deposits. name of Bank of Delaware. As an incident to the Digitized for FRASER http://fraser.stlouisfed.7or6g4/ Federal Reserve Bank of St. Louis

merger, the sole office of Millsboro Trust Com- ings summarized above, that said application be pany would become a branch of the resulting and hereby is approved, provided that the merger bank. Notice of the proposed merger, in form ap- so approved shall not be consummated (a) before proved by the Board, has been published as re- the thirtieth calendar day following the date of quired by said Act. this Order, or (b) later than three months after the In accordance with the Act, the Board requested date of this Order, unless such period is extended reports on the competitive factors involved from for good cause by the Board, or by the Federal the Attorney General, the Comptroller of the Cur- Reserve Bank of Philadelphia pursuant to delegated rency, and the Federal Deposit Insurance Corpora- authority. tion. The Board has considered all relevant material By order of the Board of Governors, September contained in the record in the light of the factors 14, 1970. set forth in the Act, including the effect of the Voting for this action: Acting Chairman Mitchell proposal on competition, the financial and man- and Governors Daane, Maisel, and Sherrill. Absent agerial resources and prospects of the banks con- and not voting: Chairman Burns and Governors Robertson and Brimmer. cerned, and the convenience and needs of the communities to be served, and finds that: (Signed) KENNETH A. KENYON, Deputy Secretary. Bank of Delaware (deposits $232 million) is the third largest of 19 commercial banks in Delaware, [SEAL] and controls about 19 per cent of total deposits in BORDENTOWN BANKING COMPANY, the State. (All banking data are as of December BORDENTOWN TOWNSHIP, NEW JERSEY 31, 1969.) Millsboro Trust Company (deposits $10 million) is the only bank in Millsboro (population In the matter of the application of Bordentown 1,000), and the fifth largest of six banks competing Banking Company for approval of merger with The in southeast Sussex County. The nearest office of First National Bank in New Egypt. Bank of Delaware is 20 miles from Millsboro Trust ORDER APPROVING MERGER OF BANKS Company, and no significant competition exists between the two banks. While Bank of Delaware is There has come before the Board of Governors, permitted by State law to branch into the area pursuant to the Bank Merger Act (12 U.S.C. 1828 served by Millsboro Trust Company, such de novo (c)), an application by Bordentown Banking Comentry is considered unlikely because of the size of pany, Bordentown Township, New Jersey ("Borthe community, and the number of banks presently dentown Bank"), a member State bank of the serving that market. The substitution of an aggres- Federal Reserve System, for the Board's prior apsive, full-service bank for a relatively small, unit proval of the merger of that bank and The First bank would likely increase competition in south- National Bank in New Egypt, New Egypt, New east Sussex County, without undue adverse effects Jersey ("New Egypt Bank"), under the charter of on competing banks. Bordentown Banknig Company and under the Based upon the foregoing, the Board concludes name Bank of Mid-Jersey. As an incident to the that consummation of the proposal would not have merger, the sole office of New Egypt Bank would an adverse effect on competition in any relevant become the fifth office of the resulting bank. Notice area. Considerations relating to the financial and of the proposed merger, in form approved by the managerial resources and future prospects of both Board, has been published pursuant to said Act. of the proponents are regarded as satisfactory. The In accordance with the Act, the Board remerger would have no significant effect on cus- quested reports on the competitive factors involved tomers presently served by Bank of Delaware, will from the Attorney General, the Comptroller of the make possible expansion and improvement of bank- Currency, and the Federal Deposit Insurance Coring and trust services offered by Millsboro Trust poration. The Board has considered all relevant Company; the greater lending ability of the merged material contained in the record in the light of the bank would assist in meeting the expanding credit factors set forth in the Act, including the effect of needs of the area, which is now undergoing eco- the proposal on competition, the financial and nomic development. It is the Board's judgment that managerial resources and prospects of the banks consummation of the proposal would be in the concerned, and the convenience and needs of the public interest, and that the application should be communities to be served, and finds that: approved. Bordentown Bank, with deposits of $28 million, IT IS HEREBY ORDERED, on the basis of the find- operates four offices in Burlington County. New Digitized for FRASER 765 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

766 FEDERAL RESERVE BULLETIN • OCTOBER 1970 Egypt Bank, with deposits of $7 million, operates ernors, pursuant to the Bank Merger Act (12 its sole office in adjacent Ocean County. Only the U.S.C. 1828(c)), an application by Security Trust nearest office of Bordentown Bank, seven miles Company of Rochester, Rochester, New York, a from New Egypt, competes to any extent with State member bank of the Federal Reserve System, New Egypt Bank, and the extent of such competi- for the Board's prior approval of the merger of tion is not regarded as significant; the New Egypt that bank and The Cohocton State Bank, Cohocton, area is served by branches of four other banks, all New York, under the charter and name of Security of which have larger total deposits than either of Trust Company of Rochester. As an incident to the merging banks or the proposed resulting bank. the merger, the sole office of The Cohocton State Under New Jersey, law neither bank could branch Bank would become a branch of the resulting into the communities served by the other. bank. Notice of the proposed merger, in form ap- Based upon the foregoing, the Board concludes proved by the Board, has been published pursuant that the merger would have only a slightly adverse to said Act. effect on competition. On consummation of the Upon consideration of all relevant material in proposal, the New Egypt community would benefit the record, including reports received pursuant to from expanded banking hours and the initiation of the Act on the competitive factors involved in the fiduciary services, a wider variety of instalment proposed merger, in the light of the factors set forth and mortgage loans, and various time deposit serv- in said Act. ices. Considerations relating to the financial condi- IT IS HEREBY ORDERED, for the reasons set forth tion, management, and prospects of the merging in the Board's Statement of this date, that said apbanks and the resulting bank are consistent with plication be and hereby is approved, provided that approval of the application. It is the Board's judg- said merger shall not be consummated (a) before ment that consummation of the proposal would be the thirtieth calendar day following the date of this in the public interest, and that the action should be Order or (b) later than three months after the date approved. of this Order, unless such period is extended for IT IS HEREBY ORDERED, on the basis of the find- good cause by the Board, or by the Federal Reings summarized above, that said application be and serve Bank of New York pursuant to delegated hereby is approved, provided that the action so ap- authority. proved shall not be consummated (a) before the By order of the Board of Governors, September thirtieth calendar day following the date of this 17, 1970. Order or (b) later than three months after the date Voting for this action: Chairman Burns and Govof this Order, unless such period is extended for ernors Robertson, Brimmer, and Sherrill. Absent and not voting: Governors Mitchell, Daane, and Maisel. good cause by the Board, or by the Federal Reserve Bank of Philadelphia pursuant to delegated au- (Signed) KENNETH A. KENYON, thority. Deputy Secretary. By order of the Board of Governors, September [SEAL] 14, 1970. STATEMENT Voting for this action: Chairman Burns and Gov- The Security Trust Company of Rochester, ernors Mitchell, Daane, Maisel, and Sherrill. Absent Rochester., New York ("Security"), with total and not voting: Governors Robertson and Brimmer. deposits of $316.8 million, has applied, pursuant (Signed) KENNETH A. KENYON, to the Bank Merger Act (12 U.S.C. 1828(c)), for Deputy Secretary. the Board's prior approval of the merger of that [SEAL] bank with The Cohocton State Bank, Cohocton, New York ("Cohocton Bank"), which has total deposits of $2.8 million.1 The banks would merge SECURITY TRUST COMPANY OF under the charter and name of Security, which is ROCHESTER, ROCHESTER, NEW YORK a member of the Federal Reserve System. As an In the matter of the application of Security Trust incident to the merger, the sole office of Cohocton Company of Rochester for approval of merger with Bank would become a branch of Security, increas- The Cohocton State Bank. ing the number of its authorized offices to 30. Competition. Security is a subsidiary of Security New York State Corporation, Rochester, New ORDER APPROVING MERGER OF BANKS There has come before the Board of Gov- i Figures are as of December 31, 1969. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 767 York ("Security Corporation"). Security Corpora- Cohocton Bank. Consummation of the merger tion is New York State's fifth largest bank holding would make available to the Cohocton area the company controlling less than one per cent of total services of the agricultural department of Security, State deposits. Security has headquarters in Roch- and would result in a broader service offering by ester, where it ranks as the third largest bank and the town's only banking office. competes with subsidiaries of four registered bank Summary and conclusion. In the judgment of holding companies, each of which has total de- the Board, the effect of the proposed merger on posits in excess of $1 billion. Security operates 29 competition would be no more than slightly adoffices throughout the six counties which comprise verse and would be offset by benefits to the banking New York's Eighth Banking District, and is Secu- convenience and needs of the area served by Cority Corporation's only subsidiary in the Eighth hocton Bank. In addition, the merger would pro- Banking District, in which Cohocton Bank is also vide an immediate solution to Cohocton Bank's located. need for experienced management personnel. Cohocton Bank operates its single office in the Accordingly, the Board concludes that the apagricultural community of Cohocton, which has plication should be approved. a population of 930, and is situated in Steuben County, 55 miles south of Rochester. There is no UNION TRUST COMPANY OF MARYLAND, other banking office in the area it serves, which in- BALTIMORE, MARYLAND cludes Cohocton and the immediately surrounding In the matter of the application of Union Trust countryside. Three other banks, two of which are Company of Maryland for approval of merger with larger than Cohocton Bank, are located 5-8 miles Metropolitan National Bank of Maryland, Wheafrom Cohocton. ton, Maryland. The nearest offices of Security to Cohocton Bank are at Naples, Dansville, and Bath, which ORDER APPROVING MERGER OF BANKS are 10 miles northeast, 13 miles northwest, and 16 There has come before the Board of Governors, miles southeast, respectively, with an office of anpursuant to the Bank Merger Act (12 U.S.C. other bank intervening in each instance. 1828(c)), an application by Union Trust Com- Consummation of the merger would eliminate pany of Maryland, Baltimore, Maryland ("Union some competition between Security and Cohocton Trust"), a State member bank of the Federal Bank; however, the extent of such competition is Reserve System, for the Board's prior approval not considered to be substantial. It appears there of the merger of that bank and Metropolitan Nais little potential for increased competition between tional Bank of Maryland, Wheaton, Maryland them because of Cohocton Bank's size, and the ("Metropolitan"), under the charter and name of rural nature and stable economy of the area it Union Trust Company of Maryland. As an incident serves. Because of the "home office protection" fea- to the merger the six offices of Metropolitan would ture of New York branching law, Security could become branches of the resulting bank, increasing not establish a de novo branch in Cohocton; even in the number of its authorized offices to 55. Notice the absence of such provision, it does not appear of the proposed merger, in form approved by the that the economy of the area is such as to attract Board, has been published as required by said Act. new entry. Pursuant to the Act, the Board requested reports The effect of the merger on competition would on the competitive factors involved from the Atbe no more than slightly adverse. torney General, the Comptroller of the Currency, Financial and managerial resources and pros- and the Federal Deposit Insurance Corporation. pects. The banking factors with respect to Security The Board has considered all relevant material are regarded as reasonably satisfactory in the light contained in the record in the light of the factors of steps proposed to improve the bank's capital set forth in the Act, including the effect of the position. Cohocton Bank has an immediate need proposal on competition, the financial and manfor experienced management personnel, which agerial resources and prospects of the banks conproblem would be resolved through consummation cerned, and the convenience and needs of the comof the instant proposal. munities to be served, and finds that: Convenience and needs of the community. The Union Trust, the fifth largest bank in Maryland, effect of the merger on banking convenience and has deposits of $414 million, representing 8.5 per needs would be confined to the area served by cent of commercial bank deposits in the State, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

768 FEDERAL RESERVE BULLETIN • OCTOBER 1970 operates 49 offices, 42 of which are in the Balti- HOUSTON BANK & TRUST COMPANY, more area. (All banking data are as of December HOUSTON, TEXAS 31, 1969.) Metropolitan, with total deposits of In the matter of the application of Houston $12 million, representing .3 per cent of the com- Bank & Trust Company for approval of merger mercial bank deposits in the State, operates five with Citizens Bank, Houston, Texas. banking offices in Montgomery County and one ORDER APPROVING MERGER OF BANKS office in Prince Georges County, all within the Washington, D. C. metropolitan area. The closest There has come before the Board of Governors, pursuant to the Bank Merger Act (12 U.S.C. offices of Union Trust and Metropolitan are more 1828(c)), an application by Houston Bank & than 20 miles apart and there is no significant Trust Company, Houston, Texas ("Houston present competition between them. Maryland law Bank"), a member State bank of the Federal Repermits State-wide branching, but de novo entry serve System, for the Board's prior approval of by Metropolitan into the area served by Union the merger of that bank and Citizens Bank, Hous- Trust is considered unlikely because of Metropolton, Texas, under the charter of Houston Bank itan's limited size and the distance from its presand the name Houston-Citizens Bank & Trust ent offices. While entry by Union Trust into the Company.. Under the proposal, the only office of Washington area through a new branch establish- Citizens Bank would be closed, branching being ment is perhaps more feasible, it does not appear prohibited by State law. Notice of the proposed likely, and in view of the number of large banks in merger, in form approved by the Board, has been the area and the limited size of Metropolitan, the published pursuant to said Act. method of entry proposed does not appear anti- In accordance with the Act, the Board recompetitive. On the contrary, the entry of Maryquested reports on the competitive factors involved land's fifth largest bank into the Washington area from the Attorney General, the Comptroller of would likely have a beneficial effect on competition. the Currency, and the Federal Deposit Insurance Based upon the foregoing, the Board concludes Corporation. The Board has considered all relevant that consummation of the proposal would not material contained in the record in the light of the have an adverse effect on competition in any factors set forth in the Act, including the effect of relevant area. Consummation of the merger would the proposal on competition, the financial and provide needed management depth to Metropol- managerial resources and prospects of the banks itan, and a wider variety of lending and fiduciary concerned, and the convenience and needs of the services to its customers. It is the Board's judgment communities to be served, and finds that: that consummation of the proposal would be in Houston Bank ($111 million deposits) and the public interest, and that the application should Citizens Bank ($70 million deposits) are located be approved. one mile apart in the business section of downtown IT IS HEREBY ORDERED, on the basis of the find- Houston. There are 15 other banks located in the downtown area, 12 of which are located in the ings summarized above, that said application be area intervening the two banks. The 17 downtown and hereby is approved, provided that the merger banks are among 95 banks in Harris County, which so approved shall not be consummated (a) beencompasses Houston and portions of its subfore the thirtieth calendar day following the date urban periphery. Houston Bank and Citizens Bank of this Order, or (b) later than three months after are, respectively, the sixth and twelfth largest of the date of this Order, unless such period is exthese, and the resulting bank would rank fifth in tended for good cause by the Board, or by the size. The President of Houston Bank recently ac- Federal Reserve Bank of Richmond pursuant to quired a controlling interest in Citizens Bank; even delegated authority. in the absence of this relationship, it does not ap- By order of the Board of Governors, Septem- pear that competition would be significantly reber 17, 1970. duced by consummation of the proposal, in view of the relative size of the merging banks and the Voting for this action: Chairman Burns and Governors Robertson, Brimmer, and Sherrill. Absent and large number of alternative sources of banking not voting: Governors Mitchell, Daane, and Maisel. services in the area involved. (Signed) KENNETH A. KENYON, The increased size of the resulting bank would Deputy Secretary. permit it to meet a larger portion of the credit [SEAL] needs of the area, and to provide a more effective Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 769 alternative to the area's four larger banks, which reconsideration the Board concluded that reconrange in deposit size from $266 million to $1 bil- sideration of the entire record, supplemented in the lion. Although Citizens Bank's office would be manner discussed in the Board's Statement of this closed as a result of the merger, it does not appear date, was appropriate. that customers in the immediate area would be The Board has reviewed the complete record in seriously inconvenienced, in view of the number of this matter, including the Statement which accomreadily accessible alternatives. Considerations re- panied its Order of January 30, 1970, and the comlating to the banking factors provide some addi- petitive factors reports furnished by the Comptional support for approval of the proposal, in that troller of the Currency, the Federal Deposit Insurit would assure a permanent solution to financial ance Corporation, and the United States Departdifficulties which Citizens Bank had prior to its ment of Justice in connection with the Board's recent change in ownership. It is the Board's judg- reconsideration of this matter. ment that consummation of the proposal would be IT IS HEREBY ORDERED, upon reconsideration of in the public interest, and that the application the entire record now before the Board, for the should be approved. reasons set forth in the Board's Statement of this IT IS HEREBY ORDERED, on the basis of the find- date, that the Board's Order of January 30, 1970, ings summarized above, that said application be be reversed, and that said application be and hereand hereby is approved, provided that the action by is approved, provided that said merger shall not so approved shall not be consummated (a) before be consummated (a) before the thirtieth calendar the thirtieth calendar day following the date of day following the date of this Order or (b) later this Order or (b) later than three months after than three months after the date of this Order unless the date of this Order, unless such period is ex- such period is extended for good cause by the tended for good cause by the Board, or by the Board or by the Federal Reserve Bank of New Federal Reserve Bank of Dallas pursuant to dele- York pursuant to delegated authority. gated authority. By order of the Board of Governors, Septem- By order of the Board of Governors, Septem- ber 22, 1970. ber 22, 1970. Voting for this action: Chairman Burns, and Governors Mitchell, Daane, Maisel, and Sherrill. Absent Voting for this action: Chairman Burns and Govand not voting: Governors Robertson and Brimmer. ernors Robertson, Brimmer, and Sherrill. Absent and not voting: Governors Mitchell, Daane, and Maisel. (Signed) KENNETH A. KENYON, (Signed) KENNETH A. KENYON, Deputy Secretary. Deputy Secretary. [SEAL] [SEAL] STATEMENT LONG ISLAND TRUST COMPANY, On January 30, 1970 the Board denied an appli- GARDEN CITY, NEW YORK cation, filed pursuant to the Bank Merger Act (12 U.S.C. 1828 (c)), for approval of the merger In the matter of the application of Long Island of Bank of Westbury Trust Company, Westbury, Trust Company for approval of merger with Bank New York, ("Westbury Bank") into Long Island of Westbury Trust Company, West bury, New Trust Company, Garden City, New York, ("Long York. Island Trust"). The Board's denial action was premised on a determination that the proposed ORDER ON PETITION FOR RECONSIDERATION merger would have an adverse effect on competi- There has come before the Board of Governors tion in the relevant market area without sufficient a petition by Long Island Trust Company, Garden offsetting benefit to the community involved. (See City, New York, requesting that the Board recon- 1970 Federal Reserve BULLETIN, 155 et. seq.) sider its Order dated January 30, 1970, whereby the Pursuant to section 262.3(f) 6 of the Board's Rules Board denied the application of Long Island Trust of Procedure (12 CFR 262.3(f)), Long Island Company, filed pursuant to the Bank Merger Act Trust petitioned the Board for reconsideration of (12 U.S.C. 1828 (c)), for prior approval of the the Board's denial order. merger into that bank of Bank of Westbury Trust On the basis of Applicant's submission and Company. argument in support of reconsideration, the Board Upon review of the additional material and granted reconsideration and, incident thereto, diarguments submitted in support of the request for rected the Federal Reserve Bank of New York Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

770 FEDERAL RESERVE BULLETIN • OCTOBER 1970 to conduct a survey of residents and businesses a random selection of households, business firms located in the central Nassau County area with (large and small), and professionals located in respect to banking habits and requirements, com- about two dozen communities situated within the muter patterns, size of businesses, etc. The survey central Nassau County area. A different questionwas aimed at providing the Board with relevant naire was used for each of the three groups surdata in aid of the Bank's determination of the veyed. Of the total of nearly 3,000 questionnaires geographic market within which the application mailed, well over a 60 per cent response rate was should be viewed. The Board's earlier denial action achieved. The following findings and conclusions, was premised upon use of a so-called "central among many others, emerged from the survey. Nassau County" area as the most relevant geo- Householders. Approximately 16 per cent of the graphic market. That area was interpreted to enhouseholders surveyed maintain all their checking, compass an area within a 5-mile radius of the savings, and loan accounts outside of central Nashead office of the Westbury Bank. sau County, principally in New York City; 61 Preliminary to a discussion of the aforemenper cent maintain accounts both in central Nassau tioned market survey, and of the Board's con- County and outside the area, principally in New clusions premised thereon, a brief reference is York City; and 21 per cent bank only in central made to the banks involved in this propsal. Long Nassau County. Of the householders having their Island Trust (total deposits of $235 million) and main checking account in a central Nassau County Westbury Bank (total deposits of $38 million)1 office (57 per cent of those surveyed), more than are both headquartered in Nassau County which 50 per cent were maintained in a bank that also had forms a part of the New York Metropolitan area. offices in Manhattan. About 70 per cent of the Long Island Trust operates its head office and householders had an outstanding personal loan three of its 12 Nassau County branches in Garden (800 loans in number), of which 56 per cent were City (population 25,000). Its remaining seven held at New York City banking offices and 28 branches are located in Suffolk County. Westbury per cent at offices in central Nassau County. Ap- Bank operates a main office and two branches in proximately 75 per cent of the household respond- Westbury Village (population 15,000), and one ents who are employed work outside of the central in Williston Park, approximately four miles west Nassau County area, with about 45 per cent of all of its head office. The main office of Long Island employed householders commuting to New York Trust and Westbury Bank are 3.5 miles apart; City. Of the latter commuters, 45 per cent have their nearest offices are approximately one mile their main checking account in New York City. apart; and the main office of Long Island Trust, Businesses. The "large" business sample was comthree of its branch offices, and the four offices of prised generally of firms having net credited assets Westbury Bank are all located within the central of $500,000 or above or firms having branch con- Nassau County area. The bulk of Westbury Bank's nections, all located in central Nassau County. The business is derived from that area, as is a significant "small" business sample encompassed other busiportion of Long Island Trust's business. nesses located in central Nassau County (as listed As stated, the Board's earlier denial action in in the Nassau County Telephone Directory). Of this matter was premised upon (1) use of the centhe "small" firms, 80 per cent had 25 or fewer tral Nassau County area as the relevant geographic employees, and sales of less than $1 million. The market, (2) the significant position within that results of the business survey, discussed here withmarket held by Long Island Trust, (3) the extent out major effort at arithmetic quantification, into which meaningful competition between Long dicate that the small businesses' market for bank- Island Trust and Westbury Bank would be eliming service is more local (central Nassau County) inated, and (4) the resulting elimination of one of in character than that for large businesses (57 per a few convenient alternative sources of banking cent of small businesses bank exclusively in central services within the central Nassau County area. Nassau County, 23 per cent both within and with- We turn now to the survey of banking habits out the County, and 20 per cent exclusively outand preferences of businesses and households in side the area). For the large businesses, the results central Nassau County which was conducted at the in the same categories were, respectively, 24, 54, and Board's direction incident, in part, to the present 20 per cent. It is noted that while half of the large application. Questionnaires, together with special firms indicated use of a central Nassau County delivery stamped return envelopes, were mailed to banking office as their principal bank, 70 per cent of all large firms maintain their principal account i Figures are as of December 31, 1969. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 771 with a bank having Manhattan offices. Large firms convenient to their places of business; even nonthat are units or branches of other organizations commuters tend to use to some extent either banks bank in New York City with greater frequency outside the area or banks within that have offices than do non-branch large firms, although both use in New York City. A majority of the central New York City banking offices to a significant ex- Nassau County survey respondents depend on tent. The bulk of all firms, large and small, re- New York City banking offices for credit accomsponding to the survey questionnaire, listed as their modations, particularly mortgage credit. It is clear principal bank one that is either headquartered or that the Metropolitan New York area is an approhas offices in Manhattan. priate market with respect to which the competitive consequences of this proposal should be deter- Professionals. All of the professional respondmined. ents practice their profession in the central Nassau Within the Metropolitan New York area, 54 County area, and a large proportion live in the commercial banks hold aggregate total deposits of area, 31 per cent bank only at area banks. About $63 billion. Of those banks, Long Island Trust 12 per cent of those who commute to the area for ranks 19th in total deposits; following consummawork use area banks. Of the total of responding tion of the proposed merger, the resulting bank professionals, nearly one-fourth bank only in cenwould rank 17th in size, holding less than 0.4 per tral Nassau County, nearly two-thirds bank both cent of the area deposits. in that area and outside, and 12 per cent bank While the proposed merger would eliminate only outside the area. Over half (54 per cent) of present and potential competition between Long the responding professionals maintain checking Island Trust and Westbury Bank, it would remove accounts only at central Nassau County banking home-office protection from the Village of Westoffices. Of these, however, more than 50 per cent bury and open that community to de novo branchhave their accounts in banks with Manhattan ofing. Considering the large number of banking alterfices. About three-quarters of responding profesnatives available to the homeowners and businesses sionals have an outstanding loan or loans, about in the central Nassau County area, the loss of one two-thirds of which have such loans at offices of alternative through this merger is not viewed as a banking institutions outside the central Nassau significantly adverse competitive consequence, and County area. the over-all effect of the proposal upon competition Premised upon the survey of central Nassau would be no more than slightly adverse. County residents and businesses, pertinent extracts of which have been cited above, it is established Financial and managerial resources and prosthat banks located outside the central Nassau pects. On reconsideration and on the entire record County area have a substantial impact on com- now before it, the Board reaffirms the conclusions petition within that area, and constitute a con- of its January 30, 1970 Statement that the banking venient alternative source of banking services factors with respect to both institutions involved for customers, large and small, within the area. are reasonably satisfactory, as they would be with While immediate and direct competition between respect to the resulting bank. Long Island Trust and Westbury Bank occurs in Convenience and needs of the community. On central Nassau County, use of this market in reconsideration and on the entire record now bemeasuring the total present and potential compe- fore it, the Board concludes that the opening of titive consequences would ignore major market the Westbury community to de novo branching forces that bear on the question of the significance and the provision of new and expanded banking of the elimination of such competition. New York services for customers of the Westbury Bank out- City banks are permitted to branch throughout the weigh the slightly adverse result inherent in elim- Metropolitan New York area, and the Nassau and ination of the Westbury Bank as an alternative Westchester County banks may also branch into banking outlet. New York City. In major respects, Nassau County Summary and conclusion. It is the judgment of banks are significantly influenced in their service the Board, on reconsideration of the matter, that rates and terms by those set by the New York the proposed merger would have but slightly ad- City banks. A large majority of the working pop- verse competitive consequences which would be ulation of central Nassau County responding to the offset by benefits to the banking convenience and survey work outside that area; of this group, a needs of the Westbury area. large proportion commute daily to New York City. Accordingly, the Board, on reconsideration, These commuters tend to utilize banking services concludes that the application should be approved. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

772 FEDERAL RESERVE BULLETIN • OCTOBER 1970 ORDERS UNDER SECTION 3 OF BANK HOLDING this action: Governors Robertson, Maisel, and Brim- COMPANY ACT mer. (Signed) KENNETH A. KENYON, FIRST HOLDING COMPANY, INC., Deputy Secretary. WAUKESHA, WISCONSIN [SEAL] In the matter of the application of First Holding Company, Inc., Waukesha, Wisconsin, for approval of acquisition of 80 per cent or more of the STATEMENT voting shares of First National Bank of Oconomo- First Holding Company, Inc., Waukesha, Wiswoc, Oconomowoc, Wisconsin. consin ("Applicant"), a registered bank holding company, has applied to the Board of Governors, ORDER APPROVING APPLICATION UNDER pursuant to section 3(a)(3) of the Bank Holding BANK HOLDING COMPANY ACT Company Act of 1956 (12 U.S.C. 1842 (a) (3)), for prior approval of the acquisition of 80 per There has come before the Board of Govercent or more of the voting shares of First Nanors, pursuant to section 3(a)(3) of the Bank tional Bank of Oconomowoc, Oconomowoc, Wis- Holding Company Act of 1956 (12 U.S.C. consin ("Bank"). 1842(a)(3)) and section 222.3(a) of Federal Views and recommendation of supervisory au- Reserve Regulation Y (12 CFR 222.3 (a)), an thority. As required by section 3(b) of the Act, application by First Holding Company, Inc., Wauthe Board gave notice of receipt of the applicakesha, Wisconsin, a registered bank holding comtion to the Comptroller of the Currency and repany, for the Board's prior approval of the acquisiquested his views and recommendation. The tion of 80 per cent or more of the voting shares Comptroller recommended approval of the appliof First National Bank of Oconomowoc, Oconocation. mowoc, Wisconsin. As required by section 3(b) of the Act, the Statutory considerations. Section 3(c) of the Board notified the Comptroller of the Currency of Act provides that the Board shall not approve receipt of the application and requested Iiis views an acquisition that would result in a monopoly and recommendation. The Comptroller recom- or would be in furtherance of any combination or mended approval of the application. conspiracy to monopolize or to attempt to monop- Notice of receipt of the application was pub- olize the business of banking in any part of the lished in the Federal Register on May 29, 1970 United States. Nor may the Board approve any (35 Federal Register 8459) providing an oppor- other proposed acquisition, the effect of which, in tunity for interested persons to submit comments any section of the country, may be substantially to and views with respect to the proposed transaction. lessen competition or to tend to create a monop- A copy of the application was forwarded to the oly, or which in any other manner would be in United States Department of Justice for its con- restraint of trade, unless the Board finds that the sideration. Time for filing comments and views anticompetitive effects of the proposed transaction has expired, and all those received have been con- are clearly outweighed in the public interest by the sidered by the Board. probable effect of the transaction in meeting the IT IS HEREBY ORDERED, for the reasons set forth convenience and needs of the communities to be in the Board's Statement of this date, that said served. In each case, the Board is required to take application be and hereby is approved, provided into consideration the financial and managerial rethat the acquisition so approved shall not be con- sources and future prospects of the bank holding summated (a) before the thirtieth calendar day company and the banks concerned, and the confollowing the date of this Order or (b) later than vience and needs of the communities to be served. three months after the date of this Order, unless Competitive effect of the proposed transaction. such period is extended for good cause by the Applicant is the fifth largest bank holding com- Board, or by the Federal Reserve Bank of Chicago pany and banking organization in the State of pursuant to delegated authority. Wisconsin, controlling three banks which hold ag- By order of the Board of Governors, September gregate deposits of $130 million, 1.5 per cent of 14, 1970. total State deposits. Consummation of the proposal would increase Applicant's share of such Voting for this action: Chairman Burns and Governors Mitchell, Daane, and Sherrill. Voting against deposits to 1.6 per cent; it would retain its relative Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 773 position among the State's largest banking orga- competitive considerations are consistent with apnizations and bank holding companies. proval of the application. Although the branch is Bank, with deposits of $13.9 million, is head- located at a highway interchange location, the area quartered in Oconomowoc (Waukesha County), surrounding it is primarily farmland. Plans to esa city of about 9,000, located 40 miles west of tablish a manufacturing facility adjacent to the Milwaukee. Its only branch is located three miles location have been cancelled. Although the branch east of Oconomowoc in Okauchee. It is slightly probably will nevertheless be profitable, it appears the larger of two banks in Oconomowoc, and the unlikely to become a major competitor to the largest of eight banks headquartered in the relevant banks in downtown Oconomowoc. In assessing the market, an area within a radius of about seven weight to be attributed to this consideration, it is miles of Oconomowoc. Also located within the also significant that the office in question was esarea are a branch of an $ 11 million deposit bank, tablished de novo. Had Applicant first acquired and a recently established branch of one of Appli- Bank and then sought to establish the branch, it is cant's subsidiaries; the latter is discussed in more doubtful that the branch establishment would have detail hereafter. Bank's deposits equal about 29 been regarded as anticompetitive, and the Board per cent of the deposits held by the nine banks. does not believe that significant weight should be attached to the fact that, by a very small margin, Applicant and its lead bank, First National Bank the time sequence has been reversed. Finally, with of Waukesha ($93 million deposits), are headrespect to the long range effects of the proposal, quartered in the City of Waukesha, about 18 miles it is likely that, as a result of the continuing expansoutheast of Oconomowoc and midway between sion of the Milwaukee metropolitan area, the large Oconomowoc and Milwaukee. Applicant's other banking organizations centered in Milwaukee will two subsidiaries, The First National Bank in Wauhave increasing influence on competition throughwatosa ($29 million deposits) and New Berlin out Waukesha County. That consideration tends to State Bank ($7 million deposits), are located 25 further minimize the significance of the prospecmiles east and 28 miles southeast, respectively, of tive competition between Bank and the branch, Bank. Of Applicant's present subsidiaries, only and makes more significant the procompetitive ef- First National Bank of Waukesha derives any fect which the proposal would have in the develbusiness from the Oconomowoc area, and the opment of Applicant as a strong regional orgaamount of such business reflected in the record nization. ($1.8 million in deposits and $750,000 in loans) does not appear competitively significant. On the basis of the foregoing, the Board con- A complicating factor in analysis of the present cludes that consummation of the proposed transproposal is that in July of this year First National action would not result in a monopoly, nor be in Bank of Waukesha opened a branch office in Sum- furtherance of any combination, conspiracy, or mit, a township 3.2 miles southeast of Bank's loca- attempt to monopolize the business of banking in tion. Because of the proximity to Bank of this any part of the United States, and would not branch, there is an immediate potential for some- restrain trade, substantially lessen competition or what greater competition between Bank and Ap- tend to create a monopoly in any section of the plicant's lead bank than previously existed. The country. elimination of such competition is a consideration Financial and managerial resources and future adverse to approval of Applicant's present pro- prospects. The financial condition of Applicant and posal. The weight to be assigned to that adverse of its subsidiaries is satisfactory, its management consideration, however, depends upon the sig- competent, and its prospects favorable. Applicant nificance of the competition which would be is in the process of increasing the capitalization of eliminated, and because of the recent date of the its subsidiary banks; in that light, the banking branch's establishment little objective data exists factors as related to the subsidiaries, are similarly to document a conclusion with respect to its effec- regarded as satisfactory. tiveness as a competitor in the Oconomowoc area. Bank's financial condition is satisfactory, and Weighing the evidence which is available, how- present management is experienced and competent. ever, the Board concludes that the anticompetitive However, it is likely that in the near future it will effects of the elimination of such competition as be faced with the need to find replacements for might develop between Bank and the newly estab- its two principal officers, one of whom is nearing lished branch are slight, and that, on balance, the usual retirement age, and the other has ex- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

774 FEDERAL RESERVE BULLETIN • OCTOBER 1970 pressed a desire to become less active in Bank's municipality to Oconomowoc from potential management. While there is no evidence that this branching by any other bank. Therefore, in the problem could not be solved without Applicant's absence of a new bank being chartered, the area assistance, consummation of the present proposal will be limited to the number of banking offices would provide a ready and satisfactory solution. now located there. Under these circumstances, the The Board finds that these considerations pro- effect of the present proposal in bringing two of vide weight toward approval of the application. the three such offices under common ownership Convenience and needs of the communities to must be regarded as seriously anticompetitive, and, be served. The convenience and needs of custom- in the light of Applicant's present ability to serve the ers of Applicant's present subsidiaries would not area through the branch location, no countervailbe significantly affected by the instant proposal. ing benefits to the community would result from Consummation of the proposal would assist the proposal's consummation. Bank in serving the larger credit needs of its area, Applicant's largest subsidiary, First National through participations with Applicant's other sub- Bank of Waukesha, is about three times as large sidiaries. It is also the intention to more aggres- as its closest competitor in size in Waukesha sively solicit consumer instalment loans, to offer County. Another subsidiary, New Berlin State fiduciary services, to reduce or eliminate charges Bank, is also located in Waukesha County, and on checking accounts, and to extend the banking together these two banks account for almost 35 hours. These changes would provide for greater per cent of the deposits of all banks headquarconvenience and service to persons banking in tered in the County; Applicant's control of downtown Oconomowoc. County deposits would increase to over 39 per These considerations provide additional weight cent as a result of the proposed acquisition. Wautoward approval of the application. kesha, the largest city in the County, is located Summary and conclusion. On the basis of all only 18 miles from Oconomowoc along a direct relevant facts contained in the record, and in the access route. The amount of business derived from light of the factors set forth in section 3(c) of Oconomowoc by First National Bank, while not the Act, it is the Board's judgment that the pro- large in absolute terms, is equal to over 5 per cent posed acquisition would be in the public interest of the deposits and 24 per cent of the loans which and that the application should be approved. Bank itself derives from the area—an amount certainly large enough to suggest that First Na- DISSENTING STATEMENT OF GOVERNORS tional is not without competitive influence in that ROBERTSON, MAISEL, AND BRIMMER area. Consummation of the present proposal would In July of this year, First National became the eliminate substantial and increasing competition most direct and immediate competitor of the two between a subsidiary of Applicant, which is by far Oconomowoc banks, through the establishment the largest banking organization in Waukesha of the branch in Summit. No other banking office County, and Bank, the largest bank in the County's is located within six miles of Bank, and those losecond largest city. The acquisition would not pro- cated at that distance are small banks which serve vide any services to the Oconomowoc area which very local areas, and have virtually no effect on are not fully and conveniently available from of- competition in Oconomowoc. fices of one of Applicant's present subsidiaries. In the light of First National's previous com- Consequently, the application should be denied. petitive influence in Oconomowoc, the lack of full Viewed in its simplest terms the present pro- deposit and loan data with which to demonstrate posal would reduce from three to two the number the competitive impact of the new branch is of of competing organizations in the Oconomowoc little significance. Even without such data, there is area. The seriousness of this reduction in con- every reason to conclude that the convenient acsumer alternatives is aggravated by the fact that cess which the branch will provide to the services entry into the area is highly restricted. Under Wis- of an aggressive institution which is the largest consin law, no bank may lawfully establish a bank in the County would result in its being a branch in Oconomowoc, or within three miles most significant alternative to the two downtown thereof. The recent establishment by Applicant's banks. Applicant itself has assured the Board that largest subsidiary of a branch in Summit, 3.2 miles the establishment of the branch was premised from Oconomowoc, also foreclosed the closest upon general growth prospects of the area, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 775 that the cancellation of a proposed manufacturing that the action so approved shall not be consumfacility nearby will not significantly alter those mated (a) before the thirtieth calendar day followfavorable prospects. ing the date of this Order or (b) later than three Consummation of Applicant's proposal would months after the date of this Order, unless such eliminate substantial present and potential com- period is extended for good cause by the Board, petition. Since no outweighing considerations are or by the Federal Reserve Bank of St. Louis purpresented in the record, we would deny the appli- suant to delegated authority. cation. By order of the Board of Governors, September 16, 1970. FIRST UNION, INCORPORATED, Voting for this action: Chairman Burns and Gov- ST. LOUIS, MISSOURI ernors Robertson, Brimmer, and Sherrill. Absent and not voting: Governors Mitchell, Daane, and Maisel. In the matter of the application of First Union, (Signed) KENNETH A. KENYON, Incorporated, St. Louis, Missouri, for approval of Deputy Secretary. action to become a bank holding company through [SEAL] the acquisition of all (less directors' qualifying shares) of the voting shares of Vandalia State STATEMENT Bank, Vandalia, Missouri. First Union, Incorporated, St. Louis, Missouri, ("Applicant"), which presently owns 97 per cent ORDER APPROVING ACTION TO BECOME of the voting shares of First National Bank in A BANK HOLDING COMPANY St. Louis ("First National"), has filed with the There has come before the Board of Governors, Board, pursuant to section 3(a)(1) of the Bank pursuant to section 3(a)(1) of the Bank Holding Holding Company Act of 1956, an application Company Act of 1956 (12 U.S.C. 1842(a)(1)) for prior approval of action to become a bank and section 222.3(a) of Federal Reserve Regula- holding company through the acquisition of all tion Y (12 CFR 222.3(a)), an application by (less directors' qualifying shares) of the voting First Union, Incorporated, St. Louis, Missouri, shares of Vandalia State Bank, Vandalia, Missouri which presently owns 97 per cent of the voting ("Vandalia Bank"). shares of First National Bank in St. Louis, St. Views and recommendations of supervisory Louis, Missouri, for the Board's prior approval of authority. As required by section 3(b) of the Act, action whereby Applicant would become a bank notice of receipt of the application was given to holding company through the acquisition of all the Commissioner of Finance of the State of Mis- (less directors' qualifying shares) of the voting souri and his views and recommendations were reshares of Vandalia State Bank, Vandalia, Missouri. quested. The Commissioner offered no objection As required by section 3(b) of the Act, the to approval of the application. B,oard gave written notice of receipt of the applica- Statutory considerations. Section 3(c) of the Act tion to the Commissioner of Finance of the State provides that the Board shall not approve an acquiof Missouri, and requested his views and recom- sition that would result in a monopoly or would mendation. The Commissioner offered no objec- be in furtherance of any combination or conspirtion to approval of the application. acy to monopolize or to attempt to monopolize the Notice of receipt of the application was pub- business of banking in any part of the United lished in the Federal Register on July 22, 1970 States. Nor may the Board approve a proposed (35 Federal Register 11224), which provided an acquisition, the effect of which, in any section of opportunity for interested persons to submit com- the country, may be substantially to lessen comments and views with respect to the proposed petition, or to tend to create a monopoly, or transaction. A copy of the application was for- which in any other manner would be in restraint warded to the United States Department of Justice of trade, unless the Board finds that the anticomfor its consideration. The time for filing comments petitive effects of the proposed transaction are and views has expired and all those received have clearly outweighed in the public interest by the been considered by the Board. probable effect of the transaction in meeting the IT IS HEREBY ORDERED, for the reasons set forth convenience and needs of the communities to be in the Board's Statement of this date, that said served. In each case, the Board is required to take application be and hereby is approved, provided into consideration the financial and managerial Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

776 FEDERAL RESERVE BULLETIN • OCTOBER 1970 resources and future prospects of the bank hold- of instalment loans, an indirect automobile dealer ing company and the banks concerned, and the financing program, revolving credit plans, and a convenience and needs of the communities to be bank charge card program. served. These considerations provide support for ap- Competitive effects of the proposed transaction. proval of the application. First National ($833 million deposits), Applicant's Summary and conclusion. On the basis of all the only present banking subsidiary and Missouri's relevant facts contained in the record, and in the second largest banking institution, is located in light of the factors set forth in section 3(c) of the downtown St. Louis.1 Vandalia Bank ($10 million Act, it is the Board's judgment that the proposed deposits), located 100 miles northwest of St. Louis, transaction would be in the public interest and that is the only bank in Vandalia (population 3,500) the application should be approved. and the second largest of seven independent banks competing in that area. On consummation of the CITIZENS BANCSHARES OF FLORIDA, INC., acquisition of Vandalia Bank, Applicant would HOLLYWOOD, FLORIDA become Missouri's largest registered bank holding company controlling approximately 8 per cent of In the matter of the application of Citizens commercial bank deposits in the State. It would Bancshares of Florida, Inc., Hollywood, Florida, remain the State's second largest banking organiza- for approval of action to become a bank holding tion. company through the acquisition of 80 per cent Because of the distance between First National or more of the voting shares of Citizens National and Vandalia Bank and because of provisions of Bank of West Hollywood, West Hollywood; Citi- State law preventing the establishment of branches, zens National Bank of Hollywood, Hollywood; there is little competition between the present and Citizens National Bank of Miami, Dade County; proposed subsidiary banks, and little possibility that and Citizens National Bank of Davie, Davie, all significant competition would develop. in Florida. On the basis of the foregoing, the Board concludes that consummation of the proposal would ORDER APPROVING ACTION TO BECOME A BANK not result in a monopoly or be in furtherance of HOLDING COMPANY any combination, conspiracy, or attempt to mo- There has come before the Board of Governors, nopolize the business of banking in any part of pursuant to section 3(a)(1) of the Bank Holding the United States, and would not restrain trade, Company Act of 1956 (12 U.S.C. 1842(a)(1)) substantially lessen competition, or tend to create and section 222.3(a) of Federal Reserve Regulation a monopoly in any part of the country. Y (12 CFR 222.3(a)), an application by Citizens Financial and managerial resources and future Bancshares of Florida, Inc., Hollywood, Florida, prospects. The financial conditions of Applicant, for the Board's prior approval of action whereby First National, and Vandalia Bank are satisfactory, Applicant would become a bank holding company their managements are competent, and their prosthrough the acquisition of 80 per cent or more of pects are favorable. These considerations are conthe voting shares of each of four banks in Florida: sistent with approval of the application. Citizens National Bank of West Hollywood, West Convenience and needs of the communities in- Hollywood; Citizens National Bank of Hollywood, volved. The convenience and needs of customers Hollywood; Citizens National Bank of Miami, served by First National would not be significantly Dade County; and Citizens National Bank of affected by consummation of the proposal. How- Davie, Davie. ever, services available to customers of Vandalia As required by section 3(b) of the Act, the Bank would be significantly expanded. In addition Board gave written notice to the Comptroller of to the fact that Vandalia Bank would be able to the Currency of receipt of the application and remeet larger credit demands in its area with greater quested his views and recommendation. The facility through participation with First National, Comptroller recommended approval of the appliit is contemplated that it would establish a concation. sumer loan department offering a broader variety Notice of receipt of the application was published in the Federal Register on July 2, 1970 banking data are as of December 31, 1969, and reflect holding company formations and acquisitions approved (35 Federal Register 10810), which provided an to date. opportunity for interested persons to submit com- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 777 ments and views with respect to the proposed posed acquisition, the effect of which, in any sectransaction. A copy of the application was for- tion of the country, may be substantially to lessen warded to the United States Department of Justice competition, or to tend to create a monopoly, or for its consideration. The time for filing comments which in any other manner would be in restraint and views has expired and all those received have of trade, unless the Board finds that the anticombeen considered by the Board. petitive effects of the proposed transaction are IT IS HEREBY ORDERED, for the reasons set forth clearly outweighed in the public interest by the in the Board's Statement of this date, that said probable effect of the transaction in meeting the application be and hereby is approved, provided convenience and needs of the communities to be that the action so approved shall not be consum- served. In each case, the Board is required to take mated (a) before the thirtieth calendar day follow- into consideration the financial and managerial reing the date of this Order or (b) later than three sources and future prospects of the bank holding months after the date of this Order, unless such company and the banks concerned, and the conperiod is extended for good cause by the Board, venience and needs of the communities to be or by the Federal Reserve Bank of Atlanta pur- served. suant to delegated authority. Competitive effects of the proposed transaction. By order of the Board of Governors, September The 17 registered bank holding companies in 16, 1970. Florida control 49.2 per cent of the deposits held Voting for this action: Chairman Burns and Gov- by all banks in the State.1 The acquisition of West ernors Mitchell, Daane, Maisel, and Sherrill. Absent Hollywood Bank ($44 million deposits), Hollywood and not voting: Governors Robertson and Brimmer. Bank ($19 million deposits), Miami Bank ($11 (Signed) KENNETH A. KENYON, million deposits), and Davie Bank ($2 million de- Deputy Secretary. posits) would result in Applicant becoming the [SEAL] State's sixteenth largest holding company, with control of .6 per cent of the total State deposits. STATEMENT All of the proposed subsidiary banks are located in southeastern Florida. West Hollywood Bank, Citizens Bancshares of Florida, Inc., Hollywood, Hollywood Bank, and Davie Bank are located in Florida ("Applicant"), has filed with the Board, south Broward County. The remaining bank, pursuant to section 3(a)(1) of the Bank Holding Miami Bank, is located in northeast Dade County, Company Act of 1956, an application for approval which adjoins Broward County. None of the proof action to become a bank holding company posed subsidiaries is more than 10 miles from through the acquisition of 80 per cent or more another, and they primarily serve an area extendof the voting shares of Citizens National Bank of ing 10 to 15 miles from Hollywood. Considering West Hollywood, West Hollywood ("West Hollyexisting affiliations in the area, there are six bankwood Bank"), Citizens National Bank of Hollying groups of which the proposed subsidiaries conwood, Hollywood ("Hollywood Bank"), Citizens stitute the second largest, with control of 25.4 per National Bank of Miami, Dade County ("Miami cent of area deposits. Bank"), and Citizens National Bank of Davie, The proposed subsidiary banks are so located as Davie ("Davie Bank"), all in Florida. to be competitors, were it not for existing affilia- Views and recommendation of supervisory tions between them. The owners and management authorities. As required by section 3(b) of the of West Hollywood Bank sponsored the establish- Act, the Board gave written notice of receipt of ment of Hollywood Bank in 1962, Miami Bank in the application to the Comptroller of the Currency 1963, and Davie Bank in 1969. Over 50 per cent and requested his views and recommendation. The of the stock of each of the banks has been com- Comptroller recommended approval of the applimonly owned since their respective establishment, cation. and interlocking directorships and common execu- Statutory considerations. Section 3(c) of the tive management exist. The banks presently ad- Act provides that the Board shall not approve an vertise and operate as a group, and are so closely acquisition that would result in a monopoly or related as to constitute a single competitive force. would be in furtherance of any combination or conspiracy to monopolize or to attempt to monop- 1 Unless otherwise noted, banking data are as of Decemolize the business of banking in any part of the ber 31, 1969, adjusted to reflect holding company forma- United States. Nor may the Board approve a pro- tions and acquisitions approved by the Board to date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

778 FEDERAL RESERVE BULLETIN • OCTOBER 1970 The relationship among them is such as to pre- relevant facts contained in the record, and in the clude the existence of meaningful competition. light of the factors set forth in section 3(c) of the Further, in view of the interdependence of the Act, it is the Board's judgment that the proposed banks and the origins of their relationship, the transaction would be in the public interest and possibility of future disaffiliation and resulting that the application should be approved. competition appears to be remote. Thus, Applicant's proposal would neither eliminate present FIRST ARKANSAS BANKSTOCK competition nor foreclose significant potential CORPORATION, competition. LITTLE ROCK, ARKANSAS On the basis of the foregoing, the Board concludes that consummation of this proposal would In the matter of the application of First Arkannot result in a monopoly or be in furtherance sas Bankstock Corporation, Little Rock, Arkansas, of any combination, conspiracy, or attempt to for approval of action to become a bank holding monopolize the business of banking in any part company through the acquisition of 80 per cent or of the United States, and would not restrain trade, more of the voting shares of Arkansas First Nasubstantially lessen competition, or tend to create tional Bank, Hot Springs, Arkansas. a monopoly in any part of the country. Financial and managerial resources and future ORDER APPROVING ACTION TO BECOME A BANK prospects. Applicant was recently organized and HOLDING COMPANY has not engaged in any business activities. Its pro- There has come before the Board of Governors, jected financial condition is satisfactory, its manpursuant to section 3(a)(1) of the Bank Holding agement competent, and its prospects, which de- Company Act of 1956 (12 U.S.C. 1842 (a)(1)), pend on those of its proposed subsidiaries, appear and section 222.3(a) of Federal Reserve Regulafavorable. tion Y (12 CFR 222.3(a)), an application by The capital of West Hollywood Bank is cur- First Arkansas Bankstock Corporation, Little rently below a desirable level; Applicant, how- Rock, Arkansas (which owns 99 per cent of the ever, has indicated a firm intent to augment the outstanding voting shares of the Worthen Bank bank's capital in the near future, and, in that light, and Trust Company, Little Rock, Arkansas), for the financial condition of the proposed subsidiaries the Board's prior approval of action whereby Apis regarded as satisfactory. Their managements are plicant would become a bank holding company, capable, and their prospects favorable. These con- through the acquisition of 80 per cent or more of siderations are consistent with approval of the the voting shares of Arkansas First National Bank, application. Hot Springs, Arkansas. Convenience and needs of the communities in- As required by section 3(b) of the Act, the volved. The banking needs of the Hollywood area Board gave written notice of receipt of the appliare being adequately served by present banking cation to the Comptroller of the Currency and refacilities, and would not be significantly affected quested his views and recommendation. The by consummation of the present proposal. How- Comptroller recommended approval of the appliever, Applicant proposes that the banks will offer cation. trust services, which are not presently available Notice of receipt of the application was pubfrom any bank within the area. Participation of lished in the Federal Register on March 3, 1970 loans among the subsidiary banks would assist in (35 Federal Register 4031), which provided an meeting demands for construction financing in the opportunity for interested persons to submit comarea. Although both of these improvements could ments and views with respect to the proposed probably be accomplished within the present affilia- transaction. A copy of the application was fortion, Applicant's proposal would facilitate them, warded to the United States Department of Justice and their initiation would contribute to the con- for its consideration. venient satisfaction of the area's banking require- Within the time provided for public comment ments. on the proposal, a number of banks located in Considerations relating to the convenience and Arkansas urged denial of the application. In order needs of the areas involved lend some weight in that all interested parties would have an opporfavor of approval of the application. tunity to fully state and support their views, acting Summary and conclusion. On the basis of all the in its discretion, the Board ordered that an oral Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 779 presentation be conducted. Notice of the oral Oral presentation. On March 3, 1970, there was presentation, originally scheduled to be held at the published in the Federal Register (35 Federal Board's offices in Washington, was published in Register 4031) a notice of receipt of the applicathe Federal Register (35 Federal Register 6622). tion by the Board. The notice provided that, within Thereafter, to afford maximum public participa- 30 days of the publication, comments and views tion, the Board rescheduled and relocated the oral on the proposed acquisition could be filed with the presentation, and, in accordance with a modified Board. Opposition to the proposal was filed by a notice (35 Federal Register 7677), an oral pre- number of Arkansas banks, some of which resentation was held at the Little Rock Branch of quested a public hearing. the Federal Reserve Bank of St. Louis on June 26, In view of the fact that the Comptroller of the 1970. Governor Mitchell presided. All participants Currency did not recommend disapproval of the were afforded full opportunity to support their application, no hearing on the application was repositions by oral statement and documentary evi- quired by the Act, and no hearing was ordered by dence, and were permitted an opportunity, follow- the Board. However, the Board found it in the ing the oral presentation, for the filing of briefs. public interest that an opportunity be afforded to IT IS HEREBY ORDERED, for the reasons set forth the opposing banks to present their views and for in the Board's Statement of this date, that said Applicant to respond thereto. Accordingly, the application be and hereby is approved, provided Board ordered an oral presentation to be held bethat the action so approved shall not be consum- fore available members of the Board (35 Federal mated (a) before the thirtieth calendar day fol- Register 6622). Later, to afford maximum opporlowing the date of this Order or (b) later than tunity for public participation, the Board reschedthree months after the date of this Order, unless uled and relocated the oral presentation (35 Fedsuch period is extended for good cause by the eral Register 7677). In accordance with this Board, or by the Federal Reserve Bank of St. notice, an oral presentation was held at the office Louis pursuant to delegated authority. of the Little Rock Branch of the Federal Reserve By order of the Board of Governors, September Bank of St. Louis on June 26, 1970, with Gov- 22, 1970. ernor Mitchell presiding. Applicant and a number Voting fqr this action: Chairman Burns and Gov- of opposing banks ("Protestants") appeared; they ernors Mitchell, Daane, Maisel, and Sherrill. Absent were afforded full opportunity to support their and not voting: Governors Robertson and Brimmer. positions by oral statement and documentary evi- (Signed) KENNETH A. KENYON, dence, and were permitted thorough opportunity Deputy Secretary. to file written briefs following the oral presenta- [SEAL] tion. The main argument raised by virtually all of STATEMENT Protestants' witnesses at the oral presentation was First Arkansas Bankstock Corporation, Little that the proposed formation would be in violation Rock, Arkansas ("Applicant"), which presently of branch banking restrictions of the State of Arowns 99 per cent of the voting shares of the kansas, which is a unit banking State. The Pro- Worthen Bank and Trust Company, Little Rock, testants were reminded at the oral presentation that Arkansas ("Worthen Bank"), has applied to the the Board has, on several occasions, taken the Board, pursuant to section 3(a)(1) of the Bank position that a State's restrictive branch banking Holding Company Act of 1956, for prior approval laws do not, in the light of the legislative history of action to become a bank holding company, of the Act, provide guidance with respect to the through the acquisition of 80 per cent or more of Board's responsibilities in considering an applicathe voting shares of Arkansas First National Bank, tion to form or expand a bank holding company Hot Springs, Arkansas ("AFNB"). in such State. (See Application of Tennessee Views and recommendation of supervisory Financial Corporation, 1969 Federal Reserve Bulauthority. As required by section 3(b) of the Act, letin 160, 161, and cases there cited.) The Board the Board gave written notice of receipt of the here reaffirms that position. Other matters raised application to the Comptroller of the Currency and at the oral presentation are discussed in subsequent requested his views and recommendation. The portions of this Statement. Comptroller recommended approval of the appli- Statutory considerations. Section 3(c) of the cation. Act provides that the Board shall not approve an Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

780 FEDERAL RESERVE BULLETIN • OCTOBER 1970 acquisition that would result in a monopoly or It appears that the same factors which have prewould be in furtherance of any combination or cluded such competition in the past—the distance conspiracy to monopolize or to attempt to monop- between them and the State's prohibition against olize the business of banking in any part of the branch banking—would likewise minimize the pos- United States. Nor may the Board approve a pro- sibility that they might become competitors in the posed acquisition, the effect of which, in any sec- future. The Board therefore concludes that contion of the country, may be substantially to lessen summation of Applicant's proposal would not competition, or to tend to create a monopoly, or eliminate existing competition or foreclose signifiwhich in any other manner would be in restraint cant potential competition. While both banks of trade, unless the Board finds that the anticom- would likely be strengthened to some extent by petitive effects of the proposed transaction are the proposed affiliation, it does not appear that clearly outweighed in the public interest by the such strengthening implies undue adverse effects probable effect of the transaction in meeting the on competing banks. convenience and needs of the communities to be Because of the small number of sizable banking served. In each case the Board is required to take institutions in Arkansas (only 22 banks have deinto consideration the financial and managerial re- posits in excess of $20 million), caution must be sources and future prospects of the bank holding exercised with respect to proposals which would company and the banks concerned, and the con- expand the size and scope of the State's largest venience and needs of the communities to be served. organization, in order to assure that such expan- Competitive effect of the proposed transaction. sion does not result in its domination of banking Applicant is presently the State's largest banking throughout the State. However, any further expanorganization, controlling, through Worthen Bank, sion of Applicant requires prior approval of the $196 million in deposits, 7.1 per cent of total de- Board, just as does its formation as a bank holding posits in the State.1 The proposed subsidiary, company, and the statutory criteria provide ade- AFNB, is the State's fourteenth largest bank, with quate authority to avoid any anticompetitive tendeposits of $37 million. Consummation of the pro- dencies which might ensue. Consummation of the posal would create Arkansas' first registered bank present proposal, in and of itself, would have no holding company, controlling 8.4 per cent of total significant anticompetitive effect in the State, or in State deposits. any smaller area within the State. Worthen Bank, Applicant's only present sub- On the basis of the foregoing, the Board considiary, is located in downtown Little Rock, the cludes that consummation of the 'proposed transcounty seat of Pulaski County and Capital of Ar- action would not result in a monopoly, nor be in kansas. Worthen is the largest bank in the county furtherance of any combination, conspiracy, or and in the State, controlling 33 per cent of county attempt to monopolize the business of banking in deposits. Also located in downtown Little Rock are any part of the United States, and would not reits principal competitors, the State's second and strain trade, substantially lessen competition, or third largest banks, with deposits, respectively, of tend to create a monopoly in any part of the $125 million and $113 million. country. AFNB ($37 million deposits) is located in Hot Financial and managerial resources and future Springs, the county seat of Garland County, 50 prospects. Applicant was chartered in 1968, and miles southwest of Little Rock. AFNB is slightly acquired its present holdings in Worthen Bank in the smaller of two area banks, controlling 48.5 per 1969. Its financial condition, management, and prospects are regarded as satisfactory, as are those cent of county deposits. of Worthen Bank. AFNB's financial condition, Pulaski and Garland Counties are separated by management and prospects are also regarded as Saline County, which has two banks (deposits of satisfactory. $10 million and $18 million), both located in Ben- These considerations are consistent with apton. Benton is approximately 30 miles northeast proval of the application. of Hot Springs, and 20 miles southwest of Little Convenience and needs of the communities in- Rock. The record reflects that neither Worthen volved. It does not appear that any major banking Bank nor AFNB derives significant business from needs of the Little Rock or Hot Springs communi- Saline County, and that neither competes with the ties are unserved at the present time. However, other to any meaningful extent in any other area. particularly in Hot Springs, consummation of the 1A11 banking data are as of December 31, 1969. proposal would facilitate a general upgrading of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 781 services, the accomplishment of which would be tion Y (12 CFR 222.3(a)), an application by of benefit to the public. First New Mexico Bankshare Corporation, Albu- AFNB presently has only a small trust depart- querque, New Mexico, for the Board's prior apment, and such business has not been actively proval of action whereby Applicant would become promoted. The availability of the experienced trust a bank holding company through the acquisition personnel of Worthen Bank, in an advisory capac- of 80 per cent or more of the voting shares of ity, would permit rendition of expanded trust First National Bank of Rio Arriba, Espanola; The services, which Applicant proposes would be more Merchants Bank, Gallup; First National Bank in aggressively marketed. AFNB has also been con- Raton, Raton; and Security National Bank of servative in its lending operations. Like other areas Roswell, Roswell, all in New Mexico. of the State, Hot Springs is presently undergoing As required by section 3(b) of the Act, the industrial development, and the proposal would Board gave written notice of receipt of the applipermit AFNB to meet the resulting expansion in cation to the Comptroller of the Currency and the credit demands with greater facility, through par- New Mexico Commissioner of Banking, and reticipations with Worthen Bank and the initiation quested their views and recommendations. The of more sophisticated credit procedures. Applicant Comptroller recommended approval of the applialso proposes to assist AFNB in a modernization cation, and the Commissioner offered no objection of the latter's banking quarters. to approval. Because of the limited size of the largest bank- Notice of receipt of the application was pubing organizations in Arkansas, much of the State's lished in the Federal Register on July 22, 1970 growth in the past has required financing from (35 Federal Register 11724), providing an opporoutside sources. The present proposal represents a tunity for interested persons to submit comments step toward the development of local credit sources and views with respect to the proposed transaction. of a sufficient size to meaningfully assist in the A copy of the application was forwarded to the State's development, to the benefit of the public United States Department of Justice for its congenerally. sideration. The time for filing comments and views These considerations weigh in favor of approval has expired and all those received have been conof the application. sidered by the Board. Summary and conclusion. On the basis of all IT IS HEREBY ORDERED, for the reasons set forth relevant facts contained in the record, and in the in the Board's Statement of this date, that said light of the factors set forth in section 3(c) of the application be and hereby is approved, provided Act, it is the Board's judgment that the proposed that the action so approved shall not be consumtransaction would be in the public interest and mated (a) before the thirtieth calendar day folthat the application should be approved. lowing the date of this Order or (b) later than three months after the date of this Order, unless FIRST NEW MEXICO BANKSHARE such period is extended for good cause by the CORPORATION, Board, or by the Federal Reserve Bank of Kansas ALBUQUERQUE, NEW MEXICO City pursuant to delegated authority. In the matter of the application of First New By order of the Board of Governors, September Mexico Bankshare Corporation, Albuquerque, 24, 1970. New Mexico, for approval of action to become a Voting for this action: Chairman Burns and Govbank holding company through the acquisition of ernors Robertson, Brimmer, and Sherrill. Absent and not voting: Governors Mitchell, Daane, and Maisel. 80 per cent or more of the voting shares of First National Bank of Rio Arriba, Espanola; The (Signed) KENNETH A. KENYON, Merchants Bank, Gallup; First National Bank in Deputy Secretary. Raton, Raton; and Security National Bank of [SEAL] Roswell, Roswell, all in New Mexico. STATEMENT ORDER APPROVING ACTION TO BECOME A BANK First New Mexico Bankshare Corporation, Al- HOLDING COMPANY buquerque, New Mexico ("Applicant"), which There has come before the Board of Governors, presently owns 99.7 per cent of Albuquerque Napursuant to section 3(a)(1) of the Bank Holding tional Bank, Albuquerque, New Mexico ("Albu- Company Act of 1956 (12 U.S.C. 1842(a)(1)) querque Bank"), has filed with the Board, purand section 222.3(a) of Federal Reserve Regula- suant to section 3(a)(1) of the Bank Holding Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

782 FEDERAL RESERVE BULLETIN • OCTOBER 1970 Company Act of 1956, an application for approval company ranks fifth. Through acquisition of the of action to become a registered bank holding four proposed subsidiaries, Applicant's share of company through the acquisition of 80 per cent or State deposits would increase to 21 per cent. more of the voting shares of First National Bank Albuquerque Bank has nine offices and holds 41 of Rio Arriba, Espanola ("Rio Arriba Bank"); per cent of the deposits in the Bernalillo County The Merchants Bank, Gallup ("Merchants Bank"); market. Its largest competitor controls 32 per cent First National Bank in Raton, Raton ("Raton of market deposits, and the next largest, which Bank"); and Security National Bank of Roswell, is affiliated with Western Bancorporation, controls Roswell ("Security Bank"), all in New Mexico. 17 per cent. Views and recommendations of supervisory Rio Arriba Bank ($12 million deposits), which authorities. As required by section 3(b) of the serves Rio Arriba County and the northern portion Act, the Board gave written notice of receipt of of Santa Fe County, has four offices and is the the application to the Comptroller of the Currency third largest of five banks in its market, with 12 and the New Mexico Commissioner of Banking. per cent of market deposits. Its largest competitor The Comptroller recommended approval of the holds 48 per cent of such deposits, and the second application, and the Commissioner offered no ob- largest, which is affiliated with Western Bancorjection to approval. poration, controls 26 per cent. Statutory considerations. Section 3(c) of the Merchants Bank ($17 million deposits) has two Act provides that the Board shall not approve an offices and is slightly the smaller of two banks acquisition that would result in a monopoly or operating in McKinley County, the relevant would be in furtherance of any combination or market. Its competitor is affiliated with Western conspiracy to monopolize or to attempt to mo- Bancorporation. nopolize the business of banking in any part of Raton Bank ($15 million deposits), with 47 the United States. Nor may the Board approve a per cent of market deposits, is the largest of three proposed acquisition, the effect of which, in any banks competing in Colfax County. Its two indesection of the country, may be substantially to pendent competitors control 34 per cent and 19 lessen competition, or to tend to create a monopper cent of market deposits, respectively. oly, or which in any other manner would be in Security Bank ($22 million deposits) has two restraint of trade, unless the Board finds that the offices and is the second largest of three banks anticompetitive effects of the proposed transaction competing in Chaves County, accounting for 28 are clearly outweighed in the public interest by the per cent of area deposits. The largest bank in the probable effect of the transaction in meeting the market controls 49 per cent of market deposits, convenience and needs of the communities to be while the smallest, which is affiliated with Western served. In each case, the Board is required to take Bancorporation, controls 23 per cent. into consideration the financial and managerial resources and future prospects of the bank holding Because the subject banks are separated by subcompany and the banks concerned, and the con- stantial distances (87-363 miles), and because venience and needs of the communities to be there are competing banks located in the interserved. vening area, there is virtually no competition Competitive effects of the proposed transaction. among the present and proposed subsidiaries. All The three largest of New Mexico's 57 banking are located in different markets. Furthermore, organizations control 42 per cent of the deposits under New Mexico branching laws, none of the in the State.1 Applicant presently owns Albuquer- banks involved in this proposal would be permitted que Bank ($205 million deposits), the largest to establish branch offices in an area served by any banking organization in the State, with 16 per cent of the others. Hence, consummation of this proposof State-wide deposits. Two registered bank hold- al would not eliminate present competition nor ing companies now operate in New Mexico; West- foreclose significant potential competition. ern Bancorporation, a California-based bank hold- On the basis of the foregoing, the Board coning company, is the second largest banking orgacludes that consummation of this proposal would nization, and a New Mexico-based bank holding not result in a monopoly, or be in furtherance of any combination, conspiracy, or attempt to mobanking data are as of December 31, 1969, and reflect nopolize the business of banking in any part of the all holding company formations and acquisitions approved by the Board to date. United States, and would not restrain trade, sub- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 783 stantially lessen competition, or tend to create a ORDER APPROVING ACTION TO BECOME A BANK monopoly in any part of the country. HOLDING COMPANY Financial and managerial resources and future There has come before the Board of Governors, prospects. Applicant's financial condition appears pursuant to section 3(a)(1) of the Bank Holding satisfactory, its management is competent, and its Company Act of 1956 (12 U.S.C. 1842(a)(1)) prospects are favorable. and section 222.3 (a) of Federal Reserve Regu- Albuquerque Bank, Merchants Bank, and Raton lation Y (12 CFR 222.3(a)), an application by Bank are all in good financial condition, and have M & S Bancorp, Janesville, Wisconsin, for the satisfactory management and favorable prospects. Board's prior approval of action whereby Appli- The managements of Rio Arriba Bank and Se- cant would become a bank holding company curity Bank are satisfactory. Applicant has imme- through the acquisition of 80 per cent or more of diate plans for providing needed additional capital the voting shares of Merchants and Savings Bank for each of these banks, which will improve their and Bank of Janesville, both of Janesville, Wisfinancial condition and enhance their prospects. consin. These considerations, as they relate to Appli- As required by section 3(b) of the Act, the cant and its present subsidiary, are consistent with Board gave written notice of receipt of the applicaapproval of the application; as they relate to the tion to the Commissioner of Banking of the State proposed subsidiaries, particularly Rio Arriba of Wisconsin, and requested his views and recom- Bank and Security Bank, they provide some weight mendation. The Commissioner offered no objecin support of such action. tion to approval of the application. Convenience and needs of the communities in- Notice of receipt of the application was pubvolved. The banking needs of the five communities lished in the Federal Register on August 4, 1970 involved are generally being adequately served. (35 Federal Register 12434), which provided an However, the four proposed subsidiaries are lo- opportunity for interested persons to submit comcated in underdeveloped areas. Through Albuquer- ments and views with respect to the proposed que Bank, Applicant plans to make additional transaction. A copy of the application was forfunds available to these communities in order to warded to the United States Department of Justice attract industry to the areas, and to provide finan- for its consideration. The time for filing comments cial counseling to small firms now located there. and views has expired and all those received have Applicant also plans to improve trust services been considered by the Board. offered in the Espanola, Gallup, and Raton com- IT IS HEREBY ORDERED, for the reasons set forth munities, and to improve or institute data process- in the Board's Statement of this date, that said ing services in each area. application be and hereby is approved, provided Accordingly, considerations relating to the con- that the action so approved shall not be consumvenience and needs of the communities involved mated (a) before the thirtieth calendar day follend additional weight in support of approval of lowing the date of this Order or (b) later than the application. three months after the date of this Order, unless Summary and conclusion. On the basis of all such period is extended for good cause by the relevant facts contained in the record, and in the Board or by the Federal Reserve Bank of Chicago light of the factors set forth in section 3 (c) of the pursuant to delegated authority. Act, it is the Board's judgment that the proposed By order of the Board of Governors, September transaction would be in the public interest, and 29, 1970. that the application should be approved. Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Daane, and Sherrill. Absent and not voting: Governors Maisel and Brim- M & S BANCORP, mer. JANESVILLE, WISCONSIN (Signed) KENNETH A. KENYON, Deputy Secretary. In the matter of the application of M & S Ban- [SEAL] corp, Janesville, Wisconsin, for approval of action to become a bank holding company through the STATEMENT acquisition of 80 per cent or more of the voting shares of Merchants and Savings Bank and Bank M & S Bancorp, Janesville, Wisconsin ("Appliof Janesville, both of Janesville, Wisconsin. cant"), has filed with the Board, pursuant to sec- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

784 FEDERAL RESERVE BULLETIN • OCTOBER 1970 tion 3(a)(1) of the Bank Holding Company Act Both of the proposed subsidiary banks are of 1956, an application for approval of action to located in Janesville, a city of 35,000 in Rock become a bank holding company, through the County, Wisconsin. Merchants Bank's main office acquisition of 80 per cent or more of the voting is located in the downtown business section of the shares of Merchants and Savings Bank ("Mer- city; its only branch is located to the south just outchants Bank") and Bank of Janesville ("Janesville side the corporate limits. Janesville Bank's only of- Bank"), both of Janesville, Wisconsin. fice is located in a shopping center in the northeast Views and recommendation of supervisory section of the city, approximately two miles from authority. As required by section 3(b) of the Act, the main office of Merchants Bank. The area the Board gave written notice of receipt of the served by Merchants Bank includes the entire city, application to the Commissioner of Banking of the and encompasses the area served by Janesville State of Wisconsin and requested his views and Bank. Merchants Bank and Janesville Bank are, recommendation. The Commissioner offered no respectively, the largest and fifth largest of the six objection to approval of the application. banks in Janesville and the third and seventh largest of Rock County's 17 banks. Statutory considerations. Section 3(c) of the Act provides that the Board shall not approve an The six Janesville banks represent three banking acquisition that would result in a monopoly or groups, each of which has two closely related would be in furtherance of any combination or banks. Applicant's group holds $45 million in deconspiracy to monopolize or to attempt to monop- posits; the two other groups have deposits of $30 olize the business of banking in any part of the million and $26 million, respectively. The two United States. Nor may the Board approve a pro- proposed subsidiary banks have been closely assoposed acquisition, the effect of which, in any sec- ciated since Janesville Bank was organized by offition of the country, may be substantially to lessen cers, directors, and shareholders of Merchants competition, or to tend to create a monopoly, or Bank in 1961, at a time when Wisconsin laws did which in any other manner would be in restraint not permit branching. Merchants Bank provided of trade, unless the Board finds that the anticom- Janesville Bank with personnel and earnings assets, petitive effects of the proposed transaction are and has continued its assistance during the entire clearly outweighed in the public interest by the period of Janesville Bank's operations. The extent probable effect of the transaction in meeting the of common ownership has increased since Janesconvenience and needs of the communities to be ville Bank was organized, and at the present time served. In each case, the Board is required to take shareholders common to both banks hold about 57 into consideration the financial and managerial re- per cent of the stock of Janesville Bank, and 47 sources and future prospects of the bank holding per cent of the stock of Merchants Bank. In addicompany and the banks concerned, and the con- tion, there is an interlocking officer and director venience and needs of the communities to be relationship between the banks which has existed served. since 1961. Competitive effects of the proposed transaction. Because of this close relationship no meaningful The 10 largest banking organizations in the State competition exists between the subject banks, and of Wisconsin are Wisconsin-based registered bank it appears likely that such relationships will conholding companies,1 which control total deposits tinue regardless of the Board's action on the of $3.4 billion,2 representing 39.3 per cent of the present application. It is unlikely that any undue deposits held by all banks in the State. Acquisition effects on competing banks will result from forby Applicant of Merchants Bank ($37 million de- malization of the relationship under the corporate posits) and Janesville Bank ($8 million deposits) structure proposed. would result in its becoming Wisconsin's twenty- On the basis of the foregoing, the Board conthird largest banking organization and the thir- cludes that consummation of this proposal would teenth largest of fourteen bank holding companies not result in a monopoly or be in furtherance of in the State; it would control less than 1 per cent any combination, conspiracy, or attempt to moof the State's total deposits. nopolize the business of banking in any part of 1In addition, three holding companies headquartered in the United States, and would not restrain trade, Minnesota have subsidiary banks in Wisconsin. substantially lessen competition, or tend to create 2 All banking data are as of December 31, 1969, ad- a monopoly in any part of the country. justed to reflect holding company formations and acquisitions approved by the Board to date. Financial and managerial resources and future Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 785 prospects. Applicant was recently organized and ORDER APPROVING ACTION TO BECOME A BANK has not engaged in any business activities to date. HOLDING COMPANY Its projected financial condition is satisfactory, its There has come before the Board of Governors, management is competent, and its prospects, which pursuant to section 3(a)(1) of the Bank Holding would be dependent upon those of its two proposed Company Act of 1956 (12 U.S.C. 1842(a)(1)) subsidiaries, appear favorable. and section 222.3(a) of Federal Reserve Regula- The financial condition and management of tion Y (12 CFR 222.3(a)), an application by Merchants Bank are satisfactory, and its prospects Northwest Ohio Bancshares, Inc., Toledo, Ohio, are regarded as favorable. The financial condition for the Board's prior approval of action whereby of Janesville Bank is generally satisfactory, and Applicant would become a bank holding company would be strengthened by additional capital which through the acquisition of 80 per cent or more of Applicant proposes to provide on consummation the voting shares of The Toledo Trust Company, of its proposal. Management of the bank is com- Toledo, Ohio, and The First National Bank of petent, and its prospects appear favorable. Findlay, Findlay, Ohio. All considerations regarding the banking factors As required by section 3(b) of the Act, the are consistent with approval of the application, Board gave written notice of receipt of the applicaand the somewhat greater facility of Applicant for tion to the Comptroller of the Currency and to the raising additional capital as needed by the banks Superintendent of Banks of the State of Ohio, and provides some weight in support of such action. requested their views and recommendations. The Convenience and needs of the communities in- Superintendent recommended approval of the apvolved. The major banking needs of the Janesville plication, and the Comptroller responded that the area appear to be adequately served by present proposed acquisition would not have an adverse banking facilities and would not be significantly competitive effect. affected by consummation of Applicant's proposal, Notice of receipt of the application was pubparticularly in the light of present cooperative lished in the Federal Register on July 23, 1970 efforts of the subject banks. However, consumma- (35 Federal Register 11835), which provided an tion of the proposal would to some extent faciliopportunity for interested persons to submit comtate that cooperation, which has been beneficial to ments and views with respect to the proposed the community. As a result, Janesville Bank would transaction. A copy of the application was foroffer a broader range of services than it presently warded to the United States Department of Justice makes available. for its consideration. The time for filing comments Considerations relating to the convenience and and views has expired and all those received have needs of the relevant areas are consistent with been considered by the Board. approval of the application. IT IS HEREBY ORDERED, for the reasons set forth Summary and conclusion. On the basis of all the in the Board's Statement of this date, that said relevant facts contained in the record, and in the application be and hereby is approved, provided light of the factors set forth in section 3(c) of the that the action so approved shall not be consum- Act, it is the Board's judgment that the proposed mated (a) before the thirtieth calendar day followtransaction would be in the public interest and that ing the date of this Order or (b) later than three the application should be approved. months after the date of this Order, unless such period is extended for good cause by the Board, or by the Federal Reserve Bank of Cleveland pur- NORTHWEST OHIO BANCSHARES, INC., suant to delegated authority. TOLEDO, OHIO By order of the Board of Governors, September In the matter of the application of Northwest 29, 1970. Ohio Bancshares, Inc., Toledo, Ohio, for approval Voting for this action: Chairman Burns and Govof action to become a bank holding company ernors Robertson, Brimmer, and Sherrill. Absent and not voting: Governors Mitchell, Daane, and Maisel. through the acquisition of 80 per cent or more of the voting shares of The Toledo Trust Company, (Signed) KENNETH A. KENYON, Toledo, Ohio, and The First National Bank of Deputy Secretary. Findlay, Findlay, Ohio. [SEAL] Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

786 FEDERAL RESERVE BULLETIN • OCTOBER 1970 STATEMENT ing organization and the sixth largest of the eight bank holding companies in Ohio, with 2.3 per Northwest Ohio Bancshares, Inc., Toledo, Ohio cent of State-wide deposits. ("Applicant"), has filed with the Board, pursuant Toledo Trust ($413 million deposits) operates to section 3(a)(1) of the Bank Holding Company 14 offices, all in the Toledo metropolitan area. It is Act of 1956, an application for approval of action the largest of 11 banks competing in its market to become a registered bank holding company (population 500,000), consisting of all of Lucas through the acquisition of 80 per cent or more of County and the extreme northern portion of Wood the voting shares of The Toledo Trust Company, County, and holds 42 per cent of market deposits. Toledo, Ohio ("Toledo Trust"), and The First Its largest competitor has 18 offices and controls National Bank of Findlay, Findlay, Ohio ("Find- 21 per cent of market deposits. lay Bank"). Findlay Bank ($61 million deposits) operates Views and recommendations of supervisory auits three offices in Findlay, the county seat of Hanthorities. As required by section 3(b) of the Act, cock County, the relevant market (population the Board gave written notice of receipt of the 39,000); it is the largest of six banks in this area. application to the Comptroller of the Currency Two of its competitors, one of which has an appliand the Superintendent of Banks of the State of cation pending for affiliation with the State's Ohio, and requested their views and recommendasecond largest bank holding company, are located tions. The Superintendent recommended approval in the Findlay area; the three other banks in the of the application, and the Comptroller responded market are small, rural community banks. that the proposed acquisition would not have an Although each of the proposed subsidiaries is adverse competitive effect. the largest bank in its market, consummation of Statutory considerations. Section 3(c) of the the proposal will not have a substantial adverse Act provides that the Board shall not approve an effect on competition. The two banks are located acquisition that would result in a monopoly or approximately 50 miles apart, and there is no would be in furtherance of any combination or overlap of their market areas. Lucas County and conspiracy to monopolize or to attempt to monop- Hancock County are separated by Wood County, olize the business of banking in any part of the in which 26 banking offices are located. These United States. Nor may the Board approve a proconsiderations also limit the potential for future posed acquisition, the effect of which, in any seccompetition between the subject banks; under tion of the country, may be substantially to lessen Ohio law, neither bank is permitted to establish competition, or to tend to create a monopoly, or branches in the County in which the other is which in any other manner would be in restraint located. of trade, unless the Board finds that the anticompetitive effects of the proposed transaction are On the basis of the foregoing, the Board conclearly outweighed in the public interest by the cludes that consummation of the proposed transprobable effect of the transaction in meeting the action would not result in a monopoly, nor be in convenience and needs of the communities to be furtherance of any combination, conspiracy or served. In each case, the Board is required to take attempt to monopolize the business of banking in into consideration the financial and managerial any part of the United States and would not resources and future prospects of the bank holding restrain trade, substantially lessen competition, or company and the banks concerned, and the con- tend to create a monopoly in any part of the venience and needs of the communities to be country. served. Financial and managerial resources and future Competitive effect of proposed transaction. The prospects. Applicant's management is competent, ten largest banking organizations in Ohio, which its financial condition is satisfactory, and its prosinclude five bank holding companies, control 47 pects, which are dependent upon those of its proper cent of total commercial bank deposits in the posed subsidiaries, appear favorable. State.1 Through consummation of the proposal, Toledo Trust and Findlay Bank both are in Applicant would become the eleventh largest bankgood condition, with competent managements, and have favorable prospects. 1 Banking data are as of December 31, 1969, and The Board concludes that considerations relatreflect all holding company formations and acquisitions approved by the Board to date. ing to the banking factors, as they relate to Appli- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 787 cant and its proposed subsidiaries, are consistent Notice of receipt of the application was pubwith approval of the application. lished in the Federal Register on July 15, 1970 Convenience and needs of the communities in- (35 Federal Register 11316), providing an opvolved. The banking needs of the Toledo area are portunity for interested persons to submit comgenerally being adequately served at the present ments and views with respect to the proposal. A time, and the proposal would principally benefit copy of the application was forwarded to the the area served by Findlay Bank. Findlay, a pros- United States Department of Justice for its conperous retail and industrial city, has had rapid sideration. The time for filing comments and growth accompanied by increasing credit needs. views has expired and all those received have Toledo Trust has excess lending capacity which been considered by the Board. would be used, under the proposal, to help meet IT IS HEREBY ORDERED, for the reasons set forth these needs. In addition, trust services, which are in the Board's Statement of this date, that said not now available from any bank operating in application be and hereby is approved, provided Hancock County, would be instituted by Findlay that the acquisition so approved shall not be con- Bank, and the international banking services of summated (a) before the thirtieth calendar day Toledo Trust would be made available to business following the date of this Order or (b) later than concerns in the community, many of which engage three months after the date of this Order, unless in international business. such period is extended for good cause by the Considerations regarding the convenience and Board, or by the Federal Reserve Bank of Cleveneeds of the communities involved lend some land pursuant to delegated authority. weight toward approval of the application. By order of the Board of Governors, October Summary and conclusion. On the basis of all 2, 1970. relevant facts contained in the record, and in the Voting for this action: Chairman Burns and Govlight of the factors set forth in section 3(c) of the ernors Maisel, Brimmer, and Sherrill. Voting against Act, it is the Board's judgment that the proposed this action: Governor Robertson. Absent and not voting: Governors Mitchell and Daane. transaction would be in the public interest, and that the application should be approved. (Signed) KENNETH A. KENYON, Deputy Secretary. BANCOHIO CORPORATION, [SEAL] COLUMBUS, OHIO STATEMENT In the matter of the application of BancOhio Corporation, Columbus, Ohio, for approval of ac- BancOhio Corporation, Columbus, Ohio ("Apquisition of more than 80 per cent of the voting plicant"), a registered bank holding company, has shares of Akron National Bank and Trust Com- applied to the Board of Governors, pursuant to pany, Akron, Ohio. section 3(a)(3) of the Bank Holding Company Act of 1956 (12 U.S.C. 1842(a)(3)), for prior ORDER APPROVING ACQUISTION OF BANK STOCK approval of the acquisition of more than 80 per BY BANK HOLDING COMPANY cent of the voting shares of Akron National Bank There has come before the Board of Governors, and Trust Company, Akron, Ohio ("Bank"). pursuant to section 3(a)(3) of the Bank Holding Views and recommendation of supervisory Company Act of 1956 (12 U.S.C. 1842(a)(3)) authority. As required by section 3(b) of the and section 222.3(a) of Federal Reserve Regula- Act, notice of receipt of the application was given tion Y (12 CFR 222.3(a)) an application by to the Comptroller of the Currency, and his views BancOhio Corporation, * Columbus, Ohio, a reg- and recommendation were requested. The Compistered bank holding company, for the Board's troller recommended approval of the application. prior approval of the acquisition of more than 80 Statutory considerations. Section 3(c) of the per cent of the voting shares of Akron National Act provides that the Board shall not approve an Bank and Trust Company, Akron, Ohio. acquisition that would result in a monopoly or As required by section 3(b) of the Act, the would be in furtherance of any combination or Board gave written notice of receipt of the applica- conspiracy to monopolize or attempt to monoption to the Comptroller of the Currency and re- olize the business of banking in any part of the quested his views and recommendation. The Comp- United States. Nor may the Board approve a troller recommended approval of the application. proposed acquisition, the effect of which, in any Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

788 FEDERAL RESERVE BULLETIN • OCTOBER 1970 section of the country, may be substantially to Consummation of the present proposal would lessen competition, or to tend to create a monop- neither eliminate present competition nor have oly, or which in any other manner would be in undue adverse effects on any competitor of Bank. restraint of trade, unless the Board finds that the Ohio law restricts branching to the county in anticompetitive effects of the proposed transaction which is located the main office of the bank inare clearly outweighed in the public interest by the volved. There are at least two intervening counties effect of the transaction in meeting the convenience between Bank and each of Applicant's present and needs of the communities to be served. In subsidiaries, thus precluding the development of each case, the Board is required to take into con- competition as a result of branching. In view of sideration the financial and managerial resources the size of the largest area bank, and the firm and future prospects of the bank holding company corporate control of the three other Akron banks, and the banks concerned, and the convenience and it does not appear that there exists a significant needs of the communities to be served. probability that Applicant could compete in Akron Competitive effect of the proposed transaction. through a competitively preferable acquisition. Applicant is the largest bank holding company Because of its location, acquisition of the only and the second largest banking organization in other county bank would not appear to offer the the State of Ohio, with 24 banking subsidiaries, opportunity for a meaningful impact on competicontrolling $1.2 billion in deposits.1 Applicant tion in Akron; in any case, that bank's management presently holds 6 per cent of the deposits held by has indicated a desire to remain independent. Nor all banking organizations in Ohio; its share of does Applicant's establishment and acquisition of such deposits would increase to 7 per cent as a a new bank in Akron appear to be a likely alternaresult of the proposed acquisition. tive, in view of the size of competing banks and Bank, which has deposits of $210 million, is the declining population of the city. headquartered in Akron (Summit County), which Although the size of Bank would appear to is 33 miles south of Cleveland, in the northwestern indicate that it could become a leading force in section of Ohio. None of Bank's offices is within a competing holding company, closer analysis 50 miles of an office of any of Applicant's subsidi- leads to a contrary conclusion. Bank was a Morris aries (which are located mainly in central-southern Plan bank until 1960, and although it is gradually Ohio), and there is no significant competition becoming more commercially oriented, its embetween Bank and such subsidiaries. phasis is still on consumer services, rather than Bank, which holds 19 per cent of county de- the services typical of a commercial bank of its posits, is the second largest of five banks in Akron, size. It has no correspondent business. The characand of six banks operating in Summit County. It ter of its operations would likely limit its capapresently has 13 offices and has supervisory ap- bility as a lead bank. Moreover, the anticompetiproval to establish three additional offices in the tive effect of the foreclosure of such potential as county. exists is minimized by the large number of banks The largest bank in the city and county holds in Ohio equally or better suited to that role. There $472 million in deposits (43 per cent of the county are 25 independent banks in the State with detotal) and has 28 offices (42 per cent of the posits in excess of $100 million, and nine with county total). The third, fourth, and fifth largest deposits of over $400 million. county banks, all of which are located in Akron, On the basis of the foregoing, the Board conare controlled by large non-banking corporations, cludes that consummation of the proposed transacand have deposits, respectively, of $168 million, tion would not result in a monopoly, nor be in $148 million, and $86 million. The only other bank futherance of any combination, conspiracy or atin the county is an independent bank with deposits tempt to monopolize the business of banking in of $25 million, located in Twinsburg, 20 miles any part of the United States, and would not northeast of Akron. Because of the proximity of restrain trade, substantially lessen competition or Akron to Cleveland, the five largest Cleveland tend to create a monopoly in any section of the banks, all of which are among the 10 largest country. banking organizations in the State, have significant Financial and managerial resources and future competitive influence in Akron. prospects. The financial condition of Applicant, its subsidiaries, and Bank is satisfactory, their 1 All banking data are as of December 31, 1969, and managements competent and their prospects favorreflect holding company formations and acquisitions approved by the Board to date. able. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 789 These considerations lend no significant weight entrants in the area, but a need for additional comtoward approval of the application, but are consist- petition which such entry would provide. ent with such action. Even if it be assumed that acquisition of Bank Convenience and needs of the communities to is the only feasible means through which Applicant be served. The convenience and needs of cus- can effectively serve the Akron area, that circumtomers of Applicant's present subsidiaries would stance only serves as a basis for determining Apnot be significantly affected by the instant proposal. plicant's interest in the proposal, not the public The needs of the Akron area appear to be ade- interest. The mandate of the Bank Holding Comquately met by present banking facilities. How- pany Act is to control the expansion of bank ever, the commercial services of Bank would be holding companies—not to provide an avenue expanded as a result of Applicant's proposal. With through which they can participate in every the assistance of Applicant's lead bank, interna- desirable market. Even assuming that a given tional banking services would be initiated in acquisition represents the only method through Akron. Such services are presently available in which an applicant might expand into a given Cleveland, but not from any bank in Akron. market, that proposal cannot properly be approved Loan participations with Applicant's other sub- unless it meets the statutory criteria. A proposal sidiaries would be facilitated, to better meet the such as the present one fails to meet such criteria, credit needs of medium-sized businesses in the not only because combinations of large banking orarea. ganizations inevitably tend to reduce the number of These considerations provide some weight significant competitors within the State, but also toward approval of the application. because experience indicates that such combina- Summary and conclusion. On the basis of all tions do not necessarily contribute to greater satisrelevant facts contained in the record, and in the faction of community convenience and needs— light of the factors set forth in section 3(c) of sometimes quite the reverse. the Act, it is the Board's judgment that the pro- In the present case, consummation of the proposed acquisition would be in the public interest posal would tend to perpetuate an extreme level and that the application should be approved. of concentration in the Akron area. While the Board's majority apparently views Bank's present emphasis on consumer activities as a mitigating DISSENTING STATEMENT OF circumstance, I view that emphasis, coupled with GOVERNOR ROBERTSON Bank's rapid growth, as indicating that Bank is Under the present proposal, a $200 million presently serving a need which other banks in deposit bank, the second largest in a concentrated the area may not be serving as well. To the extent market centered in one of Ohio's most important that consummation of the proposal might result cities, would be acquired by the largest bank in a change of emphasis to the detriment of smaller holding company in the State. These circumstances customers, I find considerations relating to the alone call for close scrutiny of the effect of the convenience and needs of the Akron area to proposal on potential competition and on the provide additional weight against approval of the banking structure of the markets affected. Such application. scrutiny in the present case confirms—rather than For these reasons, I would deny the application. denies that such an acquisition would have serious anticompetitive effects. Furthermore, I am not BANK SECURITIES, INC., convinced by anything contained in the application ALAMOGORDO, NEW MEXICO and supporting documents that consummation of In the matter of the application of Bank the proposal would provide any offsetting benefits to the community. Indeed, it could result in less Securities, Inc., Alamogordo, New Mexico, for satisfactory service to smaller customers in the approval of acquisition of 51 per cent or more area. I would therefore deny the application. of the voting shares of American Bank of Commerce, Albuquerque, New Mexico. There are only six banks in Summit County, serving a population of 556,000. The two largest ORDER APPROVING ACQUISITION OF BANK STOCK of these account for over 60 per cent of the total BY BANK HOLDING COMPANY deposits held by the six banks. Contrary to the conclusion of the majority, I believe these figures There has come before the Board of Governors, indicate that there is not only room for new pursuant to section 3(a)(3) of the Bank Holding Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

790 FEDERAL RESERVE BULLETIN • OCTOBER 1970 Company Act of 1956 (12 U.S.C. 1842(a)(3)) posal. Applicant's closest subsidiary is headand section 222.3(a) of Federal Reserve Regula- quartered in Sandoval County, 85 miles from tion Y (12 CFR 222.3(a)), an application by Albuquerque; although that bank has a branch Bank Securities, Inc., Alamogordo, New Mexico office located 14 miles northwest of Albuquerque, ("Applicant"), a registered bank holding com- neither it nor any other of Applicant's present pany, for the Board's prior approval of the ac- subsidiaries compete with Bank to a significant quisition of 51 per cent or more of the voting extent. Nor does it appear likely that such competishares of American Bank of Commerce, Albuquer- tion would develop, because of the New Mexico que, New Mexico ("Bank"). law effectively limiting branching to the home As required by section 3(b) of the Act, the office county of each bank and the distances be- Board gave written notice of receipt of the applica- tween Applicant's present subsidiaries and Bank. tion to the Commissioner of Banking of the State Based upon the foregoing, the Board concludes of New Mexico, and requested his views and rec- that consummation of the proposed acquisition ommendation. The Commissioner indicated that would not adversely affect competition in any he had no objection to the approval of the appli- relevant area. Consideration relating to the financation. cial and managerial resources and prospects of Notice of receipt of the application was pub- Applicant, its subsidiaries, and Bank are regarded lished in the Federal Register on July 30, 1970 as consistent with approval of the application. (35 Federal Register 12239), providing an op- Bank, drawing on Applicant's resources, would portunity for interested persons to submit com- expand its services so as to compete more effectivements and views with respect to the proposed ly with much larger competitors in its area; transaction. A copy of the application was for- specialized loan services and trust services would warded to the United States Department of Justice be provided. It is the Board's judgment that the for its consideration. The time for filing comments proposed transaction would be in the public and views has expired and all those received have interest, and that the application should be apbeen considered by the Board. proved. 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 above, that said application be and hereby is apthe Act, including the effect of the proposed ac- proved, provided that the acquisition so approved quisition on competition, the financial and mana- shall not be consummated (a) before the thirtieth gerial resources of Applicant and the banks con- calendar day following the date of this Order or cerned, and the convenience and needs of the (b) later than three months after the date of this communities to be served. Upon such considera- Order, unless such period is extended for good tion, the Board finds that: cause by the Board, or by the Federal Reserve Applicant, the smallest of three registered bank Bank of Dallas pursuant to delegated authority. holding companies and the fifth largest banking By order of the Board of Governors, October organization in New Mexico, has four subsidiary 6, 1970. banks with aggregate deposits of $42 million, re- Voting for this action: Chairman Burns and Govpresenting 3.2 per cent of the total commercial ernors Robertson, Daane, Brimmer, and Sherrill. Abbank deposits in the State. (All banking data sent and not voting: Governors Mitchell and Maisel. are as of December 31, 1969, adjusted to reflect (Signed) KENNETH A. KENYON, bank holding company formations and acquisitions Deputy Secretary. approved by the Board to date.) Upon acquisi- [SEAL] tion of Bank ($29 million deposits), Applicant In the matter of the application of Bank would remain the smallest bank holding company, Securites, Inc., Alamogordo, New Mexico, for but would become the fourth largest banking organization in the State, controlling 5.5 per cent approval of acquisition of 62.5 per cent or more of commercial bank deposits in New Mexico. of the voting shares of Security Bank, Ruidoso, New Mexico. Bank is the fourth largest of six banks in the Albuquerque market, which approximates Bernalil- ORDER APPROVING ACQUISITION OF BANK STOCK lo County, and holds 6 per cent of that market's BY BANK HOLDING COMPANY deposits. Its three principal competitors are not only larger than Bank, but are larger than Ap- There has come before the Board of Governors, plicant is or would become as a result of the pro- pursuant to section 3(a)(3) of the Bank Holding Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 791 Company Act of 1956 (12 U.S.C. 1842(a)(3)) that market's deposits. The closest office of any and section 222.3(a) of Federal Reserve Regula- of Applicant's present subsidiaries is located 34 tion Y (12 CFR 222.3(a)), an application by miles northwest of Bank, and none of such sub- Bank Securities, Inc., Alamogordo, New Mexico sidiaries compete with Bank to a significant extent. ("Applicant"), a registered bank holding company, It does not appear that present competition would for the Board's prior approval of the acquisition be eliminated, or significant potential competition of 62.5 per cent or more of the voting shares of foreclosed, by consummation of the Applicant's Security Bank, Ruidoso, New Mexico ("Bank"). proposal. As required by section 3(b) of the Act, the Based upon the foregoing, the Board concludes Board gave written notice of receipt of the ap- that consummation of the proposed acquisition plication to the Commissioner of Banking of the would not adversely affect competition in any State of New Mexico, and requested his views relevant area. Considerations relating to the finanand recommendation. The Commissioner indicated cial and managerial resources and prospects of that he had no objection to the approval of the Applicant, its subsidiaries, and Bank are regarded application. as consistent with approval of the application. Notice of receipt of the application was pub- The services of Bank would be improved and exlished in the Federal Register on August 7, 1970 panded, as Bank would provide specialized loan (35 Federal Register 12626), providing an op- services, and, through referral to other subsidiaries portunity for interested persons to submit com- of Applicant, would make trust services and forments and views with respect to the proposed eign exchange services available to its customers; transaction. A copy of the application was these considerations support approval of the apforwarded to the United States Department of plication. Justice for its consideration. The time for filing IT IS HEREBY ORDERED, for the reasons set forth comments and views has expired and all those above, that said application be and hereby is apreceived have been considered by the Board. proved, provided that the acquisition so approved The Board has considered the application in shall not be consummated (a) before the thirtieth the light of the factors set forth in section 3(c) calendar day following the date of this Order of the Act, including the effect of the proposed or (b) later than three months after the date of acquisition on competition, the financial and mana- this Order, unless such period is extended for good gerial resources of Applicant and the banks con- cause by the Board, or by the Federal Reserve cerned, and the convenience and needs of the Bank of Dallas pursuant to delegated authority. communities to be served. Upon such considera- By order of the Board of Governors, October 6, tion, the Board finds that: 1970. Applicant, the smallest of three registered bank Voting for this action: Chairman Burns and Govholding companies and the fourth largest banking ernors Robertson, Daane, Brimmer, and Sherrill. Absent and not voting: Governors Mitchell and Maisel. organization in New Mexico, has five subsidiary banks with aggregate deposits of $71 million, rep- (Signed) KENNETH A. KENYON, resenting 5.5 per cent of the total commercial Deputy Secretary. bank deposits in the State. (All banking data are [SEAL] as of December 31, 1969, adjusted to reflect bank holding company formations and acquisitions ap- MERRILL BANKSHARES COMPANY, proved by the Board, including the acquisition of BANGOR, MAINE American Bank of Commerce, Albuquerque, New Mexico, which is the subject of a separate Order In the matter of the application of Merrill of today's date.) Upon acquisition of Bank ($1.3 Bankshares Company, Bangor, Maine, for approval million deposits), Applicant would remain the of the acquisition of all of the voting shares of smallest bank holding company and the fourth the successor by merger to Federal Trust Comlargest banking organization in the State, con- pany, Waterville, Maine. trolling 5.6 per cent of commercial bank deposits in New Mexico. ORDER Bank is the smaller of two banks in the Ruidoso market area, which covers an area 40 by 50 miles There has come before the Board of Governors in south-central Lincoln County in Central New a request by Merrill Bankshares Company, Bangor, Mexico, and holds approximately 15 per cent of Maine, a registered bank holding company, that Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

the Board vacate its Order of April 27, 1970, ap- cause the State Supreme Judicial Court had ruled proving the acquisition by Merrill Bankshares that the plan is not permissible under State law; Company of all the voting shares of the successor and the holding company requested that the Board by merger to Federal Trust Company, Waterville, vacate said Order of April 27, 1970. Maine. Upon consideration of the August 25 request Prior to the issuance by the Board of its Order by Merrill Bankshares Company, the interests of of April 27, 1970, a minority stockholder of Fed- the participants in the matter of the application eral Trust Company instituted a suit in the of Merrill Bankshares Company to acquire the Superior Court of Maine attacking, as illegal voting shares of the successor by merger to Fedunder State law, the merger of Federal Trust eral Trust Company, and the matters set forth Company with Silver Street Trust Company, a herein, the Board has concluded that Applicant's new State bank organized to enable the holding request should be granted and that the Board's company to acquire all of the shares of Federal aforementioned Order of April 27, 1970, should Trust Company. The State court suit sought to be vacated. Accordingly, prevent consummation of the holding company's IT IS HEREBY ORDERED, that Applicant's request plan for the acquisition of the shares of the suc- for vacation of the Board's Order of April 27, cessor to Federal Trust Company. The Maine 1970, which approved Merrill Bankshares Com- Superior Court ruled against the plaintiff in a pany's application under the Bank Holding Comdecision dated April 9, 1970. Marcou v. Federal pany Act of 1956 for prior approval of the ac- Trust Company, et al, Civil Action No. 2950. quisition of all the voting shares of the successor However, on August 14, 1970, the Supreme by merger to the Federal Trust Company be, Judicial Court of Maine, upon an appeal from the and hereby is, granted; and said Order is vacated. Maine Superior Court decision, held that the hold- By order of the Board of Governors, September ing company's plan for the merger of Federal 16, 1970. Trust Company with Silver Street Trust Company and an exchange of the shares of the resulting Voting for this action: Chairman Burns and Governors Robertson, Brimmer, and Sherrill. Absent and company for the shares of the holding company not voting: Governors Mitchell, Daane, and Maisel. is unlawful under the Maine merger statute. By letter dated August 25, 1970, the holding (Signed) ROBERT C. HOLLAND, company advised the Board that the acquisition Secretary. that was the subject of the Board's Order of April 27, 1970, would not be consummated be- [SEAL] 792 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements ADVISORY COMMITTEE ON TRUTH IN LENDING John E. Eidam Former President The Board of Governors of the Federal Reserve Omaha Bank for Cooperatives System announced on October 13, 1970, the ap- Omaha, Nebraska pointment of 10 new members to its Advisory Committee on Truth in Lending and the reappoint- William F. James ment of 10 others who have served since the Com- President mittee was organized in September 1968. Bill James Chevrolet Company The 20-member group was established by the St. Louis, Missouri Board in accordance with the Federal Truth in Lending Act that went into effect on July 1, 1969. Robert J. Klein As provided by law, Committee members repre- Economics Editor sent the public, lenders, and sellers of merchandise Consumers Union of the U.S., Inc. on credit. In addition, the Board sought to achieve Mount Vernon, New York a broad geographical representation among the group's membership. William F. Melville, Jr. The Board also amended the Committee's Rules Senior Vice President of Organization and Procedure to provide for a Maryland National Bank rotating membership. Ten new members will be Baltimore, Maryland appointed each year for 2-year terms and, beginning next year, a Committee member may be re- Mrs. Doris E. Saunders appointed only after a lapse of 1 year following Staff Associate for Public Information the expiration of his term. The 10 new Committee and Neighborhood Relations members were appointed for 2-year terms expiring Office of the Chancellor on June 30, 1972. Members who were reappointed Chicago Circle Campus will serve 1-year terms expiring on June 30, 1971. University of Illinois Dr. Richard H. Holton, dean of the School of Chicago, Illinois Business Administration at the University of California, Berkeley, and one of the Committee's pub- Miles C. Stanley lic members, was reappointed chairman for a term President expiring next June 30. West Virginia Labor Federation, AFL-CIO Committee members are as follows: Charleston, West Virginia REAPPOINTED Miss Barbara A. Zimmelman Dr. Richard H. Holton, Chairman Consultant, Urban and Economic Dean, School of Business Administration Development University of California Houston, Texas Berkeley, California NEW APPOINTEES James M. Barry H. D. Allen Managing Director Assistant Credit Sales Manager Texas Credit Union League Rich's Department Store Dallas, Texas Atlanta, Georgia O. C. Carmichael, Jr. Edwin B. Brooks, Jr. Chairman of the Board President Associates Investment Company Security Federal Savings & Loan Association South Bend, Indiana Richmond, Virginia 793 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Miss Barbara A. Curran Other changes are as follows: New Jersey Na- Senior Research Attorney tional Bank and Trust, common, becomes New American Bar Foundation Jersey National Bank, common; and State Street Chicago, Illinois Bank and Trust, $10.00 par common, is changed to State Street Boston Financial Corporation, Dr. Louis F. Del Duca $10.00 par common; Empire Life Insurance Com- Director of Admissions and Professor of Law pany of America, $1.00 par common, is corrected Dickinson School of Law to read Empire Life Insurance Company of Amer- Carlisle, Pennsylvania ica, Class A, $1.00 par common; and Hamilton International Corporation, Class A, common, now Mrs. Lynnett Taylor reads as Hamilton International Corporation, Executive Director common. Delta Sigma Theta Sorority Washington, D. C. ERRATA Robert R. Masterton In the August 1970 BULLETIN certain data were President incorrectly shown in the tables on income, ex- Maine Savings Bank penses, and dividends for (1) all insured commer- Portland, Maine cial banks (p. A 98) and (2) all member banks Mrs. Faith K. Prior grouped by size of total deposits (p. A 107). Extension Specialist The correct figures are as follows (in thousands University of Vermont of dollars): Burlington, Vermont Page A 98 Robert W. Pullen All insured banks Administrative Vice President Operating expenses Colby College Interest on: Time and savings deposits 9,065,709 Waterville, Maine Other borrowed money * 564,766 Other operating expenses 3,990,031 Peter R. Thompson Page A 107 President Equity capital and reserves (3rd line above bottom of table) Mid-Continent Properties, Inc. Size group—Total deposits Piqua, Ohio (in thousands of dollars) Total 35,508,543 Harry R. Valas Less than 2,000 38,007 2,000-5,000 392,151 Vice President 5,000-10,000 1,071,609 10,000-25,000 2,548,092 Valas Corporation 25,000-50,000 2,316,676 Denver, Colorado 50,000-100,000 2,164,294 100,000-500,000 6,926,042 500,000 or more 20,051,672 CHANGES IN OTC MARGIN STOCKS ADMISSION OF STATE BANK TO The Board of Governors announced on September MEMBERSHIP IN FEDERAL RESERVE SYSTEM 18, 1970, several changes in its "List of OTC Margin Stocks" as revised on July 20. The following bank was admitted to membership Four stocks are deleted: Eli Lilly and Company, in the Federal Reserve System during the period $1.25 par common; MPB Corporation, $1.00 par September 16, 1970, through October 15, 1970: common; United States Fidelity and Guaranty Company, common; and Hartford Fire Insurance Com- Tennessee pany, common. Sweetwater Monroe County Bank Digitized for FRASER7 94 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication October 15 Industrial production declined in September re- in output were widespread in business equipment flecting in part the General Motors strike. The industries, and production was down 10 per cent unemployment rate rose further. The value of from the October 1969 high. Crude oil production retail sales was about unchanged and wholesale rose further in September, but output of steel and prices rose again. Commercial bank credit, time chemicals changed little and production of most and savings deposits, and the money supply in- other durable and nondurable industrial materials creased. Between mid-September and mid-October, declined. yields declined on all maturities of U.S. Government securities. EMPLOYMENT The unemployment rate rose in September to 5.5 INDUSTRIAL PRODUCTION per cent from 5.1 per cent in August, with young Industrial production in September was 166.0 per persons 16 to 24 years of age accounting for most cent of the 1957-59 average, down 1.7 per cent of the rise. Nonfarm payroll and manufacturing from the August level of 168.9 and 4.9 per cent employment was little changed; the reporting peribelow the July 1969 peak. The auto strike ac- od preceded the auto strike. The average workcounted for about two-thirds of the 2.9 point week in manufacturing declined further. decline in the total index in September, with the balance reflecting curtailments in production of RETAIL SALES consumer goods other than autos, business and The value of retail sales at both durable and nondefense equipment, and various materials. durable goods stores was about unchanged in Sep- With the strike beginning in mid-September, tember and was 5 per cent above a year earlier. auto assemblies dropped and for the month as a Unit sales of new domestic autos, however, dewhole were at an annual rate of 5.7 million units clined 15 per cent and were 20 per cent below compared with 8.4 million units in August. Output September 1969. of furniture and some appliances declined in September, but production of television sets and AGRICULTURE consumer staples changed little. Further decreases Crop prospects declined slightly during September with reduced corn and cotton yields offset in part by small gains in soybeans, tobacco, and sugar INDUSTRIAL PRODUCTION crops. As of October 1, total crop output was estimated at 118 per cent of the 1957-59 average; this was 1 per cent below the month-earlier estimate and 2 per cent below last year's output. Corn prospects were hurt by a blight and the crop is now indicated to be 9 per cent below 1969. WHOLESALE AND CONSUMER PRICES Wholesale prices rose 0.5 per cent in September after seasonal adjustment. Farm and food prices rose 1.3 per cent, as grains, fresh vegetables, and egg prices increased sharply. Industrial prices rose 0.3 per cent, with increases in fuels continuing to be a major influence on the over-all advance. Pro- 1966 1968 ducer goods prices rose strongly, but nonferrous metals prices declined and steel mill products were F. R. indexes, seasonally adjusted. Latest figures: September. unchanged. Digitized for FRASER 795 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

In August, consumer prices rose 0.2 per cent, to expand rapidly in September—about $5 bilseasonally adjusted. Most of the rise was due to lion—bringing the annual rate of growth for the increases in services, as food and other commodity third quarter to over 30 per cent compared with 7 prices changed little. per cent for the first half. Net borrowed reserves of member banks aver- BANK CREDIT, DEPOSITS, AND RESERVES aged about $390 million in the 5 weeks ending Commercial bank credit after adjustment to ex- September 30 compared with $710 million in clude outstanding loans repurchased from affiliates August. Member bank borrowings declined further increased $2.5 billion in September, or at an while excess reserves rose slightly. annual rate of 7 per cent—less than half the rate of growth in July and August. Total loans adjusted for SECURITY MARKETS such repurchases increased only slightly in Septem- Yields fell on all maturities of U.S. Government ber after having increased sharply earlier in the securities between mid-September and mid-October, third quarter, and holdings of U.S. Treasury secu- influenced especially by the cut in the bank prime rities showed little change following substantial rate in the latter half of September. Bill yields expansion since early spring. Growth in other se- generally fell around Va of a percentage point curities holdings, on the other hand, was larger on balance, with the 3-month issue bid at about than in other recent months, especially in short- 5.95 per cent in the middle of October. and long-term municipals. Yields on both new and seasoned corporate The money supply rose slightly in September bonds declined moderately from mid-September following a $1.7 billion rise in August. Expansion through mid-October. Yields on municipal bonds, over the third quarter of the year was at an annual however, increased somewhat over the period. rate of 5 lA per cent—somewhat faster than over Common stock prices rose slightly on balance bethe first half. Time and savings deposits continued tween mid-September and mid-October. PRICES Wholesale INTEREST RATES 1965 1966 1967 1968 1969 1970 Bureau of Labor Statistics. "Farm products and foods" is Discount rate, range or level for all F.R. Banks. Weekly BLS "Farm products, and processed foods and feeds." Latest average market yields for U.S. Govt, bonds maturing in 10 figures: Consumer, August; Wholesale, September. years or more and for 90-day Treasury bills. Latest figures: week ending Oct. 9. Digitized for FRASER7 96 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 Digitized for FRASER 1 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

2 FEDERAL RESERVE BULLETIN • OCTOBER 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 Q2 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 A 101 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 IPC Individuals, partnerships, and corporations p Preliminary SMSA Standard metropolitan statistical area r Revised A Assets rp Revised preliminary L Liabilities S Sources of funds I, II, U Uses of funds III, IV Quarters * Amounts insignificant in terms of the parn.e.c. Not elsewhere classified ticular unit (e.g., less than 500,000 when A.R. Annual rate the unit is millions) S.A. Monthly (or quarterly) figures adjusted for (1) Zero, (2) no figure to be expected, or seasonal variation (3) figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) include not fully guaranteed issues) as well as direct a negative figure, or (3) an outflow. obligations of the Treasury. "State and local govt." also includes municipalities, special districts, and other politi- A heavy vertical rule is used in the following instances: (1) to the right (to the left) of a total when cal subdivisions. the components shown to the right (left) of it add to In some of the tables details do not add to totals that total (totals separated by ordinary rules include because of rounding. more components than those shown), (2) to the right The footnotes labeled NOTE (which always appear (to the left) of items that are not part of a balance last) provide (1) the source or sources of data that do sheet, (3) to the left of memorandum items. not originate in the System; (2) notice when figures are "U.S. Govt. securities" may include guaranteed issues estimates; and (3) information on other characteristics of U.S. Govt, agencies (the flow of funds figures also of the data. TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Page Annually—Continued Issue Page Flow of funds Oct. 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: 1955-68 Nov. 1969 A-71.10—A-71.20 Analysis of changes in number Aug. 1970 A-96 Flows: On, and not on, Federal Reserve 1955-68 Nov. 1969 A-70—A-71.9 Par List, number Aug. 1970 A-97 Income and expenses: Federal Reserve Banks Feb. 1970 A-94—A-95 Annually Insured commercial banks Aug. 1970 A-98 Member banks: Bank holding companies: Calendar year Aug. 1970 A-98—A-107 List of, Dec. 31, 1969 June 1970 A-94 Income ratios Aug. 1970 A-108—A-113 Banking offices and deposits of Operating ratios Aug. 1970 A-114—A-119 group banks, Dec. 31, 1969 Aug. 1970 A-95 Stock exchange firms, detailed debit Banking and monetary statistics, 1969 Mar. 1970 A-94—A-107 and credit balances Sept. 1970 A-94—A-95 July 1970 A-94—A-97 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 • OCTOBER 1970 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Reserve Bank credit outstanding Period or date U.S. Govt, securities : Special u H n e d l e d r co D a u n i n s d - t s Float 2 O F t . h R e . r Total 4 s G to o c ld k c D e R r r t a i i g f w i h c i t n a s g t e Bought repur- ad- assets 3 account out- chase vances right agreement Averages of daily figures 1939—Dec 2,510 2,510 83 2,612 17,518 1941—Dec 2,219 2,219 5 170 2,404 22,759 1945—Dec 23,708 23,708 381 652 24,744 20,047 1950—Dec 20,345 20,336 142 1,117 21,606 22,879 1960—Dec 27,248 27,170 78 94 1,665 29,060 17,954 1965—De c 40,885 40,772 113 490 2,349 43,853 13,799 1966—De c 43,760 43,274 486 570 2,383 46,864 13,158 1967—De c 48,891 48,810 81 238 2,030 51,268 12,436 1968—De c 52,529 52,454 75 765 3,251 56,610 10,367 1969—Sep t 53,840 53,722 118 1,067 2,477 3,032 60,459 10,367 Oct 54,708 54,497 211 1,135 2,462 3,153 61,516 10,367 Nov 56.499 56,424 75 1,241 2,541 2,460 62,788 10,367 Dec 57.500 57,295 205 1,086 3,235 2,204 64,100 10,367 1970—Ja n 56,273 56,182 91 965 3,442 2,114 62,867 11,141 155 Feb 55,949 55,548 401 1,099 2,476 1,853 61,468 11,367 243 Mar 55,780 55,695 85 936 2,551 2,061 61,388 11,367 345 Apr 55,982 55,787 195 877 3,275 2,209 62,424 11,367 400 May 57,265 57,179 86 1,066 2,985 1,708 63,087 11,367 400 June 57,630 57,584 46 978 2,824 1,369 62,843 11,367 400 July 58,219 58,003 216 1,432 2,901 1,302 63,912 11,367 400 Aug 59,544 59,255 289 849 2,446 1,248 64,134 11,367 400 Sept.f 59,903 59,625 278 606 2,796 1,216 64,582 11,300 400 Week ending— 1970—July 1 57,744 57,744 1,081 2,639 1,521 63,017 11,367 400 8 57,671 57,671 1,384 3,213 1,378 63,680 11,367 400 1 5 58,402 57,671 731 1,771 2,688 1,250 64,208 11,367 400 22 58,535 58,309 226 1,469 3,194 1,257 64,530 11,367 400 29 58,267 58,267 1,271 2,588 1,307 63,469 11,367 400 Aug. 5 58,840 58,560 280 1,050 2,421 1,354 63,713 11,367 400 12 59,274 58,826 448 1,213 2,408 1,403 64,339 11,367 400 19.... 59,972 59,470 502 706 2,667 1,299 64,711 11,367 400 26 59,679 59,679 667 2,499 1,068 63,949 11,367 400 Sept. 2 59,856 59,710 146 660 2,285 1,109 63,959 11,367 400 9 60,209 59,903 306 763 2,660 1,152 64,850 11,367 400 1 6 60,211 59,667 544 500 2,844 1,206 64,840 11,367 400 23*> 59,309 59,309 458 3,357 1,215 64,377 11,331 400 30p 59,776 59,531 245 663 2,566 1,312 64,375 11,117 400 End of month 1970—June 57,714 57,714 420 2,562 1,556 62,284 11,367 400 July 58,597 58,597 1,292 2,485 1,343 63,754 11,367 400 Aug 59,978 59,618 360 538 1,510 1,124 63,213 11,367 400 Sept.? 60,055 59,600 455 853 2,267 1,678 64,940 11,117 400 Wednesday 1970—July 1 57,714 757,714 923 2,688 1,361 62,720 11,367 400 8 57,671 757,671 1,598 2,748 1,399 63,450 11,367 400 15 58,839 757,671 1,168 2,036 2,819 1,233 65,059 11,367 400 22 58,138 6758,138 1,216 2,794 1,284 63,469 11,367 400 2 9 58,338 758,338 820 2,334 1,330 62,859 11,367 400 Aug. 5 59,590 758,597 993 643 2,447 1,392 64,147 11,367 400 12 59,243 758,850 393 461 2,292 1,424 63,457 11,367 400 19 59,773 759,508 265 847 2,529 1,207 64,423 11,367 400 26 59,618 759,618 1,044 2,417 1,087 64,203 11,367 400 Sept. 2p 60,295 759,941 354 843 2,165 1,126 64,499 11,367 400 9 p 59,808 759,808 491 2,570 1,196 64,104 11,367 400 16P 59,034 6 759,034 210 3,022 1,293 63,598 11,367 400 23* 59,694 759,694 1,373 2,802 1,238 65,143 11,117 400 30 p 60,055 759,600 455 853 2,267 1,678 64,940 11,117 400 For notes see opposite pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1970 • BANK RESERVES AND RELATED ITEMS A 5 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued (In millions of dollars) Factors absorbing reserve funds Deposits, other than member bank Member bank reserves, Other reserves Period or date Treas- with F.R. Banks Other F.R. ury F.R. liacash bilities h i o n l g d s - Tr u e r a y s- F ei o g r n - Other 2 counts3 ca a p n it d a l3 B W F a . n i R t k h . s c r C a e o u n n in d r c - y 5 Total Averages of daily figures 2,402 616 739 248 11,473 11,473 1939—Dec. 2,189 592 ,531 292 12,812 12,812 1941—Dec. 2,269 625 1,247 493 16,027 16,027 1945—Dec. 1,290 615 920 353 739 17,391 17,391 1950—Dec. 408 522 250 495 1,029 16,688 2,595 19,283 1960—Dec. 808 683 154 231 389 18,747 3,972 22,719 1965—Dec. 1,191 291 164 429 83 19,568 4,262 23,830 1966—Dec. 1,428 902 150 451 -204 20,753 4,507 25,260 1967—Dec. 756 360 225 458 -1,105 22,484 4,737 27,221 1968—Dec. 678 597 128 454 2,055 22,238 4,733 26,971 1969—Sept. 665 983 121 479 2,078* 22,659 4,681 27,340 Oct. 666 1,074 135 445 2,140 23,037 4,727 27,764 Nov. 656 1,194 146 458 2,192 23,071 4,960 28,031 Dec. 6 6 5 1 5 0 1 1 , , 2 0 0 6 6 0 1 1 8 70 2 6 7 4 1 2 0 2 2 , ,1 0 6 44 0 2 2 3 3 , ,1 5 1 8 2 0 4 5 , , 8 27 6 8 4 2 2 7 8 , , 9 8 7 5 6 8 1970— F Ja eb n . . 5 5 5 7 6 4 5 7 4 1 1 1 , , , 1 1 4 4 8 4 8 0 0 2 1 1 1 6 8 9 6 2 7 8 8 6 4 7 3 5 0 2 2 2 , , , 1 2 1 3 1 3 7 5 4 2 2 2 2 3 3 , , , 1 3 7 0 2 4 5 3 0 4 4 4 , , , 7 7 8 3 0 7 3 5 3 2 2 2 7 8 7 , , , 4 0 9 7 9 1 3 6 0 M A M p a a r r y . . 495 1,065 165 801 2,255 22,703 4,864 27,567 June 450 1,147 191 763 2,253 23,170 4,958 28,128 July 451 1 ,058 177 830 2,275 23,353 4,996 28,349 Aug. 457 1 ,070 141 750 2,300 23,682 5,104 28,786 Sept.? Week ending— 4 4 5 4 6 4 1 1, , 3 1 1 2 1 9 116836 7 79 8 1 6 2 2, , 3 2 2 5 1 6 2 2 2 2 , , 8 7 2 3 3 9 5 5, , 1 0 0 0 8 0 2 27 7 , , 8 8 4 2 7 3 1970—July 1 8 437 1,197 225 742 2,282 23,090 5,132 28,222 15 455 1,036 181 748 2,170 23,949 4,424 28,373 22 460 1,059 173 758 2,217 23,075 5,108 28,183 29 461 1 ,054 190 790 2,337 23,060 5,082 28,142 Aug. 5 450 996 171 866 2,355 23,372 5,216 28,588 12 442 1 ,169 179 921 2,175 23,681 4,834 28,515 19 451 1 ,045 187 786 2,231 23,325 4,852 28,177 26 461 1 ,041 160 761 2,311 23,351 5,019 28,370 Sept. 2 463 1 ,128 156 765 2,392 23,741 5,190 28,931 9 462 980 150 768 2,343 23,708 5,213 28,921 2 1 3 6 * 451 1,117 129 760 2,191 23,647 4,716 28,363 448 1 ,090 125 695 2,258 23,703 5,309 29,012 30 * End of month 439 1 ,005 168 806 2,275 21,991 4,999 26,990 1970—June 461 1 ,200 199 782 2,343 23,072 5,081 28,153 July 468 1 ,056 173 750 2,352 22,557 5,017 27,574 Aug. 447 1 ,238 136 725 2,301 23,893 5,309 29,202 Sept.P Wednesday 4 43 4 9 4 1,0 9 5 0 9 0 118650 8 8 1 6 3 4 2 2 , , 3 2 3 8 9 4 2 22 2 , , 2 3 9 9 4 6 5 4 , , 1 9 1 9 3 9 2 2 7 7 , , 4 3 0 9 7 5 1970—July 1 8 4 46 5 1 7 1 , 9 1 8 3 1 3 117830 7 69 7 6 0 2 2 , , 1 1 4 8 3 2 2 2 4 2 , , 2 9 1 3 0 4 5 4 , , 1 4 3 2 5 8 2 2 9 7 , , 3 3 4 6 5 2 2 1 2 5 464 1 ,038 171 767 2,234 22,364 5,115 27,479 29 4 44 5 6 9 1 , 7 0 5 4 4 3 2 1 0 6 7 9 9 8 1 0 6 4 2 2 , , 3 i 5 n 6 2 2 2 3 , ,5 4 2 4 3 4 5 5 , , 0 2 8 1 1 9 2 2 7 8 , , 6 6 6 0 3 4 Aug. 1 5 2 451 1 ,041 172 877 2,193 23,533 4,841 28,374 19 463 937 189 749 2,252 23,664 4,853 28,517 26 471 967 151 757 2,358 23,745 038 28,783 Sept 2p 4 47 7 1 2 1 , 9 1 9 0 6 7 1 1 5 2 7 6 7 75 4 7 3 2 2, , 1 4 5 0 2 0 2 2 2 2 , , 6 7 3 2 0 4 2 1 2 8 2 9 2 2 7 7 , , 8 9 1 4 9 6 2 1 3 9 6 p P p 456 1 ,032 138 725 2,216 24,340 716 29,056 447 1 ,238 136 725 2,301 23,893 309 29,202 30p 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 closea Beginning Apr. 16, 1969, "Other F.R. assets" and "Other F.R. of-business figures for reserve period 2 weeks previous to report date. liabilities and capital" are shown separately; formerly, they were 6 Reflects securities sold, and scheduled to be bought back, under netted together and reported as "Other F.R. accounts." matched sale/purchase transactions. 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 • OCTOBER 1970 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City City of Chicago Reserves Bor- Reserves Bor- Reserves T h o e t ld a l qu R ir e- ed1 B r F i a n o a . n w R g t k s - . s s F er r r v e e - e e s T h o e t ld al qu R ir e e - d i Excess B r F i a n o . n w R g a k s t - . s Free T h o e t ld al qu R ir e e - d 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 2,611 1,141 601 540 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 1,143 848 295 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 1,191 19,283 18,527 756 87 669 3,687 3.658 29 19 10 958 953 20,746 20,210 536 327 209 3,951 3,895 56 37 19 1,056 1,051 21,609 21,198 411 243 168 4,083 4,062 21 35 -14 1,083 1,086 22,719 22,267 452 454 -2 4,301 4,260 41 111 -70 1,143 1,128 23,830 23,438 392 557 -165 4,583 4,556 27 122 -95 1,119 1,115 25,260 24,915 345 238 107 5,052 5,034 18 40 -22 1,225 1,217 27,221 26,766 455 765 -310 5,157 5,057 100 230 -130 1.199 1,184 26,971 26,735 236 1,067 -831 4,990 4,967 23 87 -64 1.200 1,186 14 27,340 27,197 143 1,135 -992 5,195 5,183 12 138 -126 1,228 1,235 -7 2 28 7 , , 0 7 3 6 1 4 2 2 7 7 , , 5 7 1 7 1 4 2 2 5 5 7 3 1 1, , 2 0 4 8 1 6 - - 8 9 2 8 9 8 5 5, , 4 3 4 7 1 6 5 5 , , 3 3 8 5 5 0 5 2 6 6 2 1 5 6 9 9 - - 1 2 4 0 3 3 1 1 ,2 ,2 4 8 4 5 1 1, , 2 2 6 5 7 4 -110 28,858 28,692 166 965 -799 5,668 5.659 9 141 -132 1,320 1,316 4 27,976 27,703 273 1,092 -819 5,458 5,424 34 110 -76 1,253 1,264 -11 27,473 27,358 115 896 -781 5,349 5,344 5 153 -148 1,265 1,249 16 28,096 27,978 118 822 -704 5,482 5,453 29 227 -198 1,295 1,316 -21 27,910 27,729 181 976 -795 5,307 5,302 5 176 -171 1,285 1,287 -2 27,567 27,380 187 888 -701 5,201 5,164 37 132 -95 1,250 1,247 3 28,128 27,987 141 1,358 -1,217 5,315 5,306 9 269 -260 1,290 1,293 -3 2 2 8 8 , , 3 7 4 8 9 6 2 28 8 , , 5 2 5 0 1 4 2 1 3 4 5 5 8 6 2 0 7 6 - -3 6 7 82 1 5 5 , , 3 4 8 9 1 5 5 5 , ,4 3 3 7 5 8 59 3 1 11 5 7 9 -1 -5 5 8 6 1 1 , , 3 2 1 9 3 8 1 1, , 3 3 1 0 1 4 -6 3 26,950 26,548 402 1,240 -838 4,945 4,922 23 84 -61 1,215 1,186 26,941 26,550 391 740 -349 5,086 4,941 145 64 81 1,183 1,179 26,814 26,682 132 1,018 -886 4,947 4,984 -37 129 -166 1,182 1,190 26,931 26,727 204 1,106 -902 4,926 4,915 11 111 -100 1,169 1,166 28.587 28,237 350 774 -424 5,547 5,440 107 93 14 1,343 1,317 27,745 27,717 28 810 -782 5,293 5,378 -85 150 -235 1,269 1.292 28,095 27,881 214 1,179 -965 5,515 5,433 82 332 -250 1,311 1,312 27,331 27,287 44 933 -889 5,023 5,069 -46 86 -132 1.251 1,243 27,613 27,418 195 1 ,224 -1,029 5,198 5,145 53 287 -234 1,245 1,262 -17 ,27,469 27,333 136 857 -721 5,175 5,193 -18 195 -213 1,281 1,262 19 27,703 27,430 273 658 -385 5,289 5,244 45 11 34 1,229 1,252 -23 27,273 27,185 887 -799 5,099 5,052 47 97 -50 1,209 1,203 6 27,823 27,550 273 991 -718 5.221 5,176 45 119 -74 1,253 1,267 -14 27,847 27,773 74 1,294 -1,220 5,188 5,233 -45 389 -434 1,286 1.275 11 28,222 27,992 230 1,681 -1,451 5,439 5,381 58 493 -435 1.308 1,306 2 28,373 28,188 185 1,386 -1,201 5,418 5,384 34 166 -132 1,316 1,311 5 28,183 28,030 153 1,231 -1,078 5,259 5,260 80 -81 1,268 1,286 -18 28,142 27,954 188 1,010 -822 5,238 5,300 -62 147 -209 1,288 1,283 5 28.588 28,309 279 1,174 -895 5.579 5,522 57 431 -374 1,331 1.339 -8 28,515 28,423 92 681 -589 5,488 5,535 -47 55 -102 1,359 1,350 9 28,177 28,039 138 660 -522 5.222 5,200 22 77 — 55 1.252 1,259 -7 28,370 28,192 178 660 -482 5,303 5,288 15 79 -64 1,277 1.276 1 28,931 28,516 415 763 -348 5,539 5,450 89 187 -98 1,311 1.293 18 28,921 28,565 356 500 -144 5,599 5,478 121 89 32 1,302 1,326 -24 28,363 28,447 -84 458 -542 5,295 5,380 -85 78 -163 1.309 1,293 16 29,012 28,762 250 663 -413 5.580 5,476 104 103 1,328 1.340 -12 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 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 Period Borrow- Borrowings at Free ings at Free F.R. reserves F.R. reserves Banks Banks T h o e t ld al Required T h o e t ld al Required - Excess 3,140 1,953 1,188 1,188 1,568 897 671 3 668 ,...1939—Dec. 4,317 3,014 1,303 1,302 2,210 1,406 804 4 800 ...1941—Dec. 6,394 5,976 418 96 322 4,576 3,566 ,011 46 965 ...1945—Dec. 6,689 6,458 232 50 182 4,761 4,099 663 29 634 ...1950—Dec. 7,950 7,851 100 20 6,689 6,066 623 40 583 ...1960—Dec. 8,393 8,325 68 190 -122 7,347 6,939 408 74 334 ...1963—Dec. 8,735 8,713 22 125 -103 7,707 7,337 370 55 315 ...1964—Dec. 9,056 8,989 67 228 -161 8,219 7,889 330 92 238 ...1965—Dec. 9,509 9,449 61 220 -159 8,619 8,318 301 161 140 ...1966—Dec. 1 1 0 0 , , 9 0 9 8 0 1 1 1 0 0 , ,0 9 3 0 1 0 9 5 0 0 2 1 7 0 0 5 -1 -5 8 5 0 9 8 , , 8 9 7 0 5 1 9 8 , , 6 6 2 3 5 4 2 25 6 0 7 1 8 8 0 0 1 7 8 0 7 . . . . . . 1 1 9 9 6 6 7 8 — — D D e e c c . . 10,668 10,654 14 461 -447 10,113 9,928 185 468 -283 . . .1969—Sept. 10,745 10,772 -27 531 -558 10,172 10,007 165 447 -282 Oct. 10,888 10,841 47 572 -525 10,256 10,066 190 443 -253 Nov. 10,970 10,964 6 479 -473 10,335 10,158 177 321 -144 Dec. 11,296 11,314 -18 455 -473 10,574 10,403 171 283 -112 . ..1970—Jan. 10,975 10,913 62 535 -473 10,290 10,102 188 400 -212 Feb. 10,737 10,802 -65 436 -501 10,122 9,963 159 276 -117 Mar. 11,038 11,066 -28 372 -400 10,281 10,143 138 162 -24 Apr. 10,978 10,948 30 477 -447 10,340 10,192 148 300 -152 May 10,849 10,847 2 489 -487 10,267 10,122 145 267 -122 June 11,074 11,118 -44 682 -726 10,449 10,270 179 278 -99 July 11,174 11,178 -4 424 -428 10,496 10,344 152 183 -31 Aug. 11,390 11,374 16 369 -353 10,588 10,431 158 106 52 Sept.*1 Week ending— 10,709 10,587 122 463 -341 10,081 9,853 228 664 -436 1969—Sept. 3 10,634 10,612 22 206 -184 10,038 9,818 220 465 -245 10 10,644 10,669 -25 457 -482 10,041 9,839 202 423 -221 17 10,685 10,645 40 566 -526 10,151 10,001 150 390 -240 24 11,210 11,145 65 382 -317 10,487 10,335 152 213 -61 .1970—May 6 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 June 3 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 10,354 10,169 185 274 -89 15 11,216 11,210 6 699 -693 10,423 10,283 140 321 -181 22 11,123 11,141 -18 683 -701 10,533 10,343 190 286 -96 29 11,142 11,076 66 532 -466 10,474 10,295 179 231 -52 Aug. 5 11,199 11,186 13 527 -514 10,479 10,262 217 130 87 12 11,233 11,252 -19 338 -357 10,435 10,286 149 188 -39 19 11,135 11,161 -26 371 -397 10,568 10,419 149 198 -49 26 1 1 1 1 , , 5 2 0 3 9 2 1 1 1 1 , , 4 2 2 4 4 2 -1 8 0 5 4 4 3 0 0 2 - -3 4 4 1 5 2 1 1 0 0 , , 5 5 5 7 8 2 1 10 0 , , 3 3 4 8 9 6 2 1 2 7 3 2 1 1 7 1 9 7 1-70 6 Sept. 9 2 11,445 11,376 69 317 -248 10,575 10,385 190 94 96 16 1 1 1 1 , , 2 3 1 7 9 3 1 1 1 1 , , 3 3 3 9 1 8 -1 -2 1 5 2 3 3 8 1 7 9 - - 4 4 3 1 1 2 1 1 0 0 , , 7 5 3 4 1 2 1 1 0 0 , , 5 4 4 4 8 3 1 9 8 9 3 1 4 5 9 5 2 5 8 0 2330 p 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 opening figures for allowable cash; see also note 3 to preceding table. NOTE.—Averages of daily figures. Monthly data are averages of daily Required reserves: Based on deposits as of opening of business each day. figures within the calendar month; they are not averages of the 4 or 5 Borrowings at F.R. Banks: Based on closing figures. weeks ending on Wed. that fall within the month. Beginning with Jan. 1964, reserves are estimated except for weekly averages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 8 MAJOR RESERVE CITY BANKS a OCTOBER 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 Net- Gross transactions Net transactions Reporting banks week a e n n d d ing— s E e x r r v c e e e - s s s 1 r a o B t B w a o F n in r . k - R g s s . F f i b e n u N d a t n n e e e d t k r r - s a l S d u e r o f p i r c lu it s r P e e q a r u o v c i f g r e . e n d t ch P a u s r e - s Sales t a w c t T r o t o a i - o n t w a n s l - a s y 2 b c o u P h f y a u n i s r n e e - g s t s o b S e f a l a n l l n i e k n e s s g t de L a o t l o a e n rs s 3 de f r B i a r o n l o o w g e m r s r - - s 4 lo N a e n t s trans. reserves banks Total—46 banks Aug. 5 60 476 5,304 -5,720 47.3 7,926 2,622 2,601 5,325 21 1 ,963 176 1 ,786 12 119 744 7,159 -7,783 62.5 9,853 2,695 2,448 7,405 247 1 ,753 210 1 ,543 19 38 265 6,023 -6,250 50.1 8,507 2,483 2,336 6,171 148 1 ,509 156 1 ,353 26 16 200 5,199 -5,383 45.0 7,946 2,746 2,506 5,443 245 2,152 140 2,011 Sept. 2 71 248 5,391 -5,568 45.8 7,661 2,270 2,140 5,521 129 2,222 117 2,105 9 207 303 6,492 -6,588 53.0 8,814 2,322 2,195 6,619 127 2,148 122 2,026 16 222 187 6,784 -6,748 54.1 9,240 2,456 2,361 6,878 95 2,087 82 2,005 23 -33 151 5,778 -5,962 48.4 8,456 2,678 2,512 5,944 166 2,140 76 2,064 30 97 196 4,652 -4,751 38.1 6,891 2,239 2,145 4,747 94 1,565 136 1 ,429 8 in New York City 1970—Aug. 5 -29 114 1 ,788 -1 ,931 40.1 2,742 954 934 1 ,806 18 1 ,089 152 937 12 61 382 3,040 -3,361 66.8 3,641 600 601 3,040 1 ,123 189 934 19 10 21 2,146 -2,157 42.8 2,757 611 611 2,146 774 133 640 26 24 56 1,545 -1 ,577 33.5 2,357 812 757 1 ,600 56 1,270 114 1,157 Sept. 2 9 9 3 7 5 1 7 6 9 0 2 1 , ,8 1 0 97 6 - - 1 2 , , 2 8 6 5 0 0 4 3 5 8. . 5 6 2 2 , , 4 7 4 7 0 8 6 5 3 8 4 2 6 5 3 8 4 2 2 1 , 1 ,8 97 0 6 1 1 , , 0 1 4 1 4 1 102 1 , 9 0 4 2 2 5 16 177 89 2,100 -2,011 40.3 2,896 797 793 2,103 835 59 776 23 -19 75 1 ,768 -1,862 38.0 2,650 882 882 1 ,768 1,054 58 996 30 87 103 1,265 -1,280 25.8 1 ,979 714 714 1 ,265 754 89 665 38 outside New York City 1970—Aug. 5. 89 362 3,516 -3,789 52.1 5,183 1,668 1 ,665 3,519 3 874 24 849 12. 58 362 4,118 -4,422 59.6 6,213 2,094 1 ,848 4,365 247 631 21 610 19. 27 243 3,877 -4,093 55.0 5,750 1 ,873 1 ,725 4,025 148 735 23 713 26. 144 3,654 -3,806 52.4 5,588 1 ,934 1 ,745 3,843 189 27 27 855 Sept. 2. 36 169 3,585 -3,718 50.6 5,221 1 ,636 1 ,507 3,714 129 1,111 31 1,080 110 143 4,296 -4,329 57.8 6,036 1 ,740 1 ,614 4,422 127 1 ,104 20 1 ,085 16. . 46 98 4,684 -4,737 63.2 6,343 1 ,659 1 ,568 4,775 91 1,252 23 1 ,229 23. . . -13 76 4,010 -4,099 55.2 5,805 1 ,796 1 ,630 4,176 166 1,086 18 1,068 30. . . 10 93 3,388 -3,471 46.2 4,913 1 ,525 1 ,431 3,482 94 812 47 764 5 in City of Chicago 1970—Aug. 1 1 9 5 2 . . . 1 1 8 0 0 6 0 0 1 1 1 , , , 3 5 0 2 7 8 7 2 8 6 4 1 5 2 7 8 0 7 1 1 1 3 0 1 0 5 5 . . . 5 2 6 1 1 1 , , 4 5 ,8 1 9 8 6 3 2 2 3 3 6 2 1 7 8 0 2 3 3 6 2 1 7 8 0 1 1 1 , , , 3 0 5 2 8 7 7 8 2 1 1 1 1 1 1 8 3 0 1 1 1 1 1 1 3 8 0 26. 14 1,343 359 119.1 1,628 284 284 1,344 110 110 Sept. 2. 1,195 -1,194 103.2 1,505 310 310 1,195 108 108 9. 16 29 1,681 -1,694 144.6 2,009 328 328 1 ,681 126 126 16. 3 1,523 -1,520 126.1 1,805 282 282 1 ,523 102 102 23. 11 1,201 -1,202 102.6 1,546 346 346 1 ,201 108 108 30. -6 1,060 -1,084 88.7 1 ,354 293 293 1,060 100 100 33 others Aug. 5 . 78 262 2,428 -2,612 42.8 3,768 1,340 1 ,337 2,431 3 755 24 731 12. 58 276 2,546 -2,764 44.6 4,330 1,785 1 ,538 2,793 247 518 21 497 19. 21 143 2,550 -2,673 43.0 4,156 1 ,605 1 ,458 2,698 148 625 23 603 26. -6 130 2,311 -2,447 40.0 3,960 1,650 1,462 2,499 188 771 27 744 Sept. 2. . 35 169 2,390 -2,523 40.8 3,716 1,326 1,197 2,519 129 1 ,003 31 972 9.. 94 115 2,615 -2,635 41.7 4,027 1,413 1 ,286 2,742 127 979 20 959 16.. 42 98 3,161 -3,217 51.2 4,538 1,377 1,286 3,252 91 1,150 23 1,127 23.. -24 64 2,809 -2,897 46.3 4,259 1,450 1,284 2,975 166 978 18 960 30. . 15 75 2,327 -2,387 38.0 3,559 1,232 1,138 2,421 94 712 47 665 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

OCTOBER 1970 • DISCOUNT RATES A 9 FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Discounts for and advances to member banks AAddvvaanncceess ttoo aallll ootthheerrss uunnddeerr Advances and discounts under Advances under llaasstt ppaarr.. SSeecc.. 113333 FFFeeedddeeerrraaalll RRReeessseeerrrvvveee BBBaaannnkkk Sees. 13 and 13a 1 Sec. 10(b) 2 S R e a 1 p t 9 t e . 7 0 3 o 0 n , Ef d fe a c te ti ve Pre ra v t i e o us S R e a 1 p t 9 t e . 7 0 3 o n 0 , Ef d fe a c te ti ve Pre r v at i e o us S R e a 1 p t 9 t e . 7 0 o 3 n 0 , Ef d fe a c te ti ve Pre r v a i te o us Boston 6 Apr. 8, 1969 5*4 6*4 Apr. 8, 1969 6 7*4 Feb. 2, 1970 7 New York 6 Apr. 4, 1969 5*4 61/2 Apr. 4, 1969 6 71/2 Apr. 4, 1969 7 Philadelphia 6 Apr. 4, 1969 5*4 6*4 Apr. 4, 1969 6 7V4 Feb. 10, 1970 7 Cleveland 6 Apr. 4, 1969 5*4 6*4 Apr. 4, 1969 6 7*4 Apr. 4, 1969 7 Richmond 6 Apr. 4, 1969 5*4 6*4 Apr. 4, 1969 6 7*4 Feb. 18, 1970 7 Atlanta 6 Apr. 4, 1969 51/2 6*4 Apr. 4, 1969 6 7*4 Feb. 10, 1970 7 Chicago 6 Apr. 4, 1969 5*4 6*4 Apr. 4, 1969 6 71/4 Mar. 4, 1970 7 St. Louis 6 Apr. 4, 1969 5*4 61/2 Apr. 4, 1969 6 7*4 Mar. 16, 1970 7 Minneapolis 6 Apr. 4, 1969 5*4 6*4 Apr. 4, 1969 6 7*4 Apr. 4, 1969 6*4 Kansas City 6 Apr. 4, 1969 5*4 61/2 Apr. 4, 1969 6 71/2 Feb. 18, 1970 7 Dallas 6 Apr. 4, 1969 5*4 6 *4 Apr. 4, 1969 6 7*4 Feb. 18, 1970 7 San Francisco 6 Apr. 4, 1969 5 *4 6*4 Apr. 4, 1969 6 71/2 Feb. 2, 1970 7 i Discounts of eligible paper and advances secured by such paper or by 2 Advances secured to the satisfaction of the F.R. Bank. Maximum U.S. Govt, obligations or any other obligations eligible for Federal maturity: 4 months. Reserve Bank purchase. Maximum maturity: 90 days except that dis- 3 Advances to individuals, partnerships, or corporations other than counts of certain bankers' acceptances and of agricultural paper may member banks secured by direct obligations of, or obligations fully have maturities not over 6 months and 9 months, respectively. guaranteed as to principal and interest by, the U.S. Govt, or any agency thereof. Maximum maturity: 90 days. FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Range F.R. Range F.R. Range F.R. Effective (or level)— Bank Effective (or level)— Bank Effective (or level)— Bank date All F.R of date All F.R. of date All F.R. of Banks N.Y. Banks N.Y. Banks N.Y. In effect Dec. 31, 1941. 1*4 1955—Cont. 1960 O A c p t r . . 3 1 1 0 1 5 . . . 1942 V *4 1 i -l t 1 * 4 N Se o p v t . . 1 2 1 9 8 3 3 2 2 i / 2 2 4 1 * - - 2 / 4 2 4 1 i / / 4 2 2 2 2 2 * 1 * * / 4 4 4 4 S A Ju e u n p g e t . . 1 1 1 9 3 2 4 0 3 3 3 * * 3 3 4 4 * - - - 4 4 4 3 % 3 4 3 3 3 1 1 / / 2 2 1946 1956 1963 A M p a r y . 2 1 5 0 . . t *4-1 Apr. 2 1 0 3 2 23 * / 4 4 - - 3 3 2 23 % /4 July 2 1 6 7 3 3 - % 3»/ 2 3 31 '/ / 2 2 Aug. 24 2^-3 3 1948 31 3 3 Nov. 24 1964 4 J A a u n g . . 2 1 1 1 3 2 9 3 . . . . 1 l *4 1 U - * - / 1 4 1 4 * * 4 4 W n 1 1 * / % i 4 4 A N u o g v . . 2 1 9 5 3 1957 3 3 3* - - 4 3 3 * * 4 4 3 3 3 * 4 Dec. 3 1 6 0 3 1965 4 4 4 V -4 4 * 4 4 4 4 1 1 / / 2 2 1950 Dec. 2 3 3 1967 Aug. 21. 1*4-1% 1958 Apr. 7 4 -4*4 4 25. m Jan. 22 2%-3 3 1 4 4 4 M A J F a e p a n b r y . . . 2 1 1 1 1 6 5 4 5 . . . . . 1953 1 1 I l V % * * a 1 2 I 4 4 * V - - 2 2 4 - - a 1 1 % % 1 I 1 B 8 % N A S O M A M e o c p u a a p t v g r y . r t . . . . . 2 2 1 1 1 2 2 1 7 4 9 3 7 8 2 5 4 3 1 2 2 2 2 l l l % % % V % % 2 2 2 4 l3 1 - - - 1 - - - - / 2 2 / 3 3 / 2 2 2 4 2 4 V % * 4 4 2 2 2 2 2 2 2 2 1 l 1 3 1 1 * 1 % 3 V / / / / / 4 4 4 4 4 4 4 N A A D M e u p o a c g r v r . . . . . 2 2 2 2 3 2 1 1 1 1 0 0 2 0 6 7 5 6 8 9 1968 5 5 4 5 4 1 * * / 5 5 4 5 5 4 4 4 * * * * - - - - - 5 5 4 4 4 5 5 4 4 * * * * / 4 4 4 2 5 5 5 5 5 5 5 4 4 4 1 1 1 1 1 1 1 * * / / / / / / / 4 4 2 4 2 2 2 2 2 1955 1959 1969 Apr. 1 1 4 5 . . 1 1 * V 4 2- - 1 1% % 1 1* % 4 Mar. 1 6 6 2* 3 4 -3 3 3 Apr. 4 8 5* 6 4 -6 6 6 A M u a g y . 4 2 . . 13/ 1 4- % 2% 1 1 % % J M u a n y e 2 1 9 2 3 3* -3 4 V 4 3 3 V fc 4 1970 5. i%-2% 2 Sept. 11 3*4-4 4 12. 2 -21/4 2 18 4 4 In effect Sept. 30, 1970. 6 6 t Preferential rate of *4 of 1 per cent for advances secured by U.S. in the following periods (rates in percentages): 1955—May 4-6, 1.65; Govt, obligations maturing in 1 year or less. The rate of 1 per cent was Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug. continued for discounts of eligible paper and advances secured by such 24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31-Nov. 17, Dec. 28-29, paper or by U.S. Govt, obligations with maturities beyond 1 year. 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July 20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3, NOTE.—Discount rates under Sees. 1 3 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 • OCTOBER 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 3 deposits 2 deposits 2.4 (all classes of banks) Time deposits Reserve Country Other Effective date 1 C re e s n e t r r v a e l s R er e v - e Coun- cla (a s l s l e s Effective date 1 city banks banks S in a g v s - time deposits ba c n i k ty s 3 b c a i n ty k s ba tr n y k s ban of k s) Under Over Under Over de i p ts o s- Under Over $5 mil- $5 mil- $5 mil- $5 mil- $5 mil- $5 million lion lion lion lion lion In effect Dec. 31, 1949. 22 18 12 1966—July 14,21. >16% 6 12 «4 «4 Sept. 8, 15. 1951—Jan. 11, 16 23 19 13 Jan. 25, Feb. 1 24 20 14 1967—Mar. 2. 3% 3% 1953—July 9,1 22 19 13 Mar. 16. 3 3 1954—June 24, 16 21 1958— J F u e l b y . 2 2 9 7 , , A M u a g r . . 1 1 2 1 0 9 1/2 1 1 7 8 % 1 12 1 % 1968—Jan. 11,18... 16% 17 12 12% A M p a r r . . 2 1 0 7 , Apr. 1 1 1 8 9 % 17 11 1969—Apr. 17 17 17% 12% 13 Apr. 24 18 16% In effect Sept. 30,19707 17 17% 12% 13 1960—Sept. 1 17% Nov. 24 12 Present legal Dec. 1 16% requirement: 1962—July 28 (3) Minimum 10 7 3 3 3 Oct. 25, Nov. 1 Maximum 22 14 10 10 10 1 When two dates are shown, the first applies to the change at central foreign banks, except that only a 3 per cent reserve is required against reserve or reserve city banks and the second to the change at country such borrowings that do not exceed a specified base amount. For details banks. For changes prior to 1950 see Board's Annual Reports. concerning these requirements, see the amendments to Regulations D 2 Demand deposits subject to reserve requirements are gross demand and M on pp. 656 and 657 of the Aug. 1969 BULLETIN. deposits minus cash items in process of collection and demand balances 5 Effective Jan. 5, 1967, time deposits such as Christmas and vacation due from domestic banks. club accounts became subject to same requirements as savings deposits. 3 Authority of the Board of Governors to classify or reclassify cities <5 See preceding columns for earliest effective date of this rate. as central reserve cities was terminated effective July 28, 1962. 1 For change in requirements against certain time deposits effective Oct. 4 Beginning Oct. 16, 1969, a member bank is required under Regula- 1, 1970, see amendment to Regulation D beginning on p. 721 of the Sept. tion M to maintain, against its foreign branch deposits, a reserve equal 1970 BULLETIN. to 10 per cent of the amount by which (1) net balances due to, and certain NOTE.—All required reserves were held on deposit with F.R. Banks assets purchased by, such branches from the bank's domestic offices and June 21, 1917, until Dec. 1959. From Dec. 1959 to Nov. 1960, member (2) credit extended by such branches to U.S. residents exceed certain banks were allowed to count part of their currency and coin as reserves; specified base amounts. Regulation D imposes a similar 10 per cent reserve effective Nov. 24, 1960, they were allowed to count all as reserves. For requirement on borrowings by domestic offices of a member bank from 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 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 Bond^convertible into margin stocks. 50 60 50 Regulation G: For credit extended by others than brokers and dealers and banks on— Margin stocks 70 80 65 Bonds convertible into listed stocks 50 60 50 NOTE.—Regulations G, T, and U, prescribed in accordance with the cent) and the maximum loan value. The term margin stocks is defined in Securities Exchange Act of 1934, limit the amount of credit to purchase the corresponding regulation. and carry margin stocks that may be extended on securities as collateral Regulation G and special margin requirements for bonds convertible by prescribing a maximum loan value, which is a specified percentage into stocks were adopted by the Board of Governors effective Mar. 11, of the market value of the collateral at the time the credit is extended; 1968. margin requirements are the difference between the market value (100 per Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1970 • MAXIMUM INTEREST RATES; BANK DEPOSITS A 11 MAXIMUM INTEREST RATES PAYABLE ON TIME AND SAVINGS DEPOSITS (Per cent per annum) Rates Jan. 1, 1962—July 19, 1966 Rates beginning July 20, 1966 Effective date Effective date Type of deposit Type of deposit Jan. 1, July 17, Nov. 24, Dec. 6, July 20, Sept. 26, Apr. 19, Jan. 21, 1962 1963 1964 1965 1966 1966 1968 1970 Savings deposits: 1 Savings deposits 4% 12 months or more. . 4 4 Other time deposits:2 Less than 12 months. 3% 3% Multiple maturity:3 30-89 days 4 41/2 90 days-1 year... 5 1 year to 2 years. . 5 % 2 years and over.. 5'/ 4 Single-maturity: 5 Less than $100,000: Other time deposits: 2 30 days to 1 year.. 5 12 months or more 4 1 year to 2 years . . 5Vi 9 6 L 0 e m ( s d 3 s o a 0 t n y - h s 8 t a h 9 n t s o d t 9 o 6 a 0 y m 1 s d ) 2 a o y n m s t o h n s t .. h s . 2 3 1 % V4 4 4 % 5% $1 9 3 6 2 0 0 0 0 0 y - , - - e 0 1 8 5 a 0 9 9 7 r 0 9 s d d a a a d a n n y y a d d s s y s o o v v e e r r . : . 51/2 51/2 5 5 6 1 3 / / 2 4 6 5 ( ( 3 V 4 4 /4 ) ) 4 180 days to 1 year. 7 1 year or more . .. 5% W/4 m 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 FD1C, have been the same as per cent on maturities of 30-59 days and 6V2 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 Item mm bb ee aa AA mm nn ll kk bb ll ss ee rr Y N o e r w k C o i f ty Other C b o a u n n k t s r y Item mm bb ee aa AA mm nn ll kk bb ll ss ee rr Y N o e r w k C o i f ty Other C b o a u n n k t s r y City Chicago City Chicago Four weeks ending August 12, 1970 Four weeks ending September 9, 1970 Gross demand—Total 177,069 40,478 7,338 62,073 67,181 Gross demand—Total. . 178,047 40,804 7,310 62,704 67,229 Interbank 22,926 10,024 1 ,307 8,981 2,614 Interbank 22,741 10,055 1 ,288 8,849 2,549 U.S. Govt 5,619 1 ,077 336 2,123 2,083 U.S. Govt 5,979 987 276 2,490 2,227 Other 148,525 29,377 5,695 50,969 62,484 Other 149,328 29,762 5,746 51,366 62,454 Net demand ' 134,839 25,282 5,801 47,503 56,254 Net demand 1 135,381 25,227 5,769 48,047 56,338 Time 163,460 17,348 5,449 60,077 80,587 Time 167,352 18,219 5,562 62,085 81,486 Demand balances due Demand balances due from dom. banks 9,600 558 128 2,485 6,430 from dom. banks.... 9,586 530 134 2,478 6,444 Currency and coin 4,958 411 91 1 ,552 2,904 Currency and coin 4,974 418 88 1 ,555 2,914 Balances with F.R. 23,364 4,963 1 ,210 9,618 7,573 Balances with F.R. Banks Banks 23,525 4,971 1 ,212 9,723 7,620 Total reserves held 28,322 5,374 1 ,301 11 ,170 10,477 Total reserves held 28,499 5,389 1 ,300 11,278 10,534 Required 28,120 5,367 1,305 11,153 10,296 Required 28,293 5,368 1,205 11,270 10,360 Excess 202 7 -4 17 181 Excess 206 21 5 8 174 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 BULLETIN • OCTOBER 1970 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month IIIttteeemmm 1970 1970 1969 Sept. 30 Sept. 23 Sept. 16 Sept. 9 Sept. 2 Sept. 30 Aug. 31 Sept. 30 Assets Gold certificate account 1100,,881199 1100,,881199 1111,,004455 1111,,004455 1111,,004455 1100,,881199 1111,,004455 10,036 Special Drawing Rights certificate account 440000 440000 440000 440000 440000 440000 440000 222211 221177 221111 220088 221133 222211 221155 149 Discounts and advances: Member bank borrowings 885533 11,,337733 221100 449911 884433 885533 553388 928 Other Acceptances: Bought outright 333666 36 39 39 333999 333666 333333 37 Held under repurchase agreements 555111 333111 555111 333000 Federal agency obligations—Held under repurchase agreements 888000 222222 888000 333111 U.S. Govt, securities: Bought outright: Bills 222444,,,111111000 24,289 23,629 24,501 222444,,,666333444 222444,,,111111000 222444,,,333111111 19,149 Certificates—Other NNootteess 32,758 32,690 32,690 32,600 32,600 32,758 32,600 30,553 2,732 2,715 2,715 2,707 2,707 2,732 2,707 4,143 TToottaall bboouugghhtt oouuttrriigghhtt 225599,,660000 259,694 1.259,034 259,808 225599,,994411 225599,,660000 225599,,661188 5533,,884455 HHeelldd uunnddeerr rreeppuurrcchhaassee aaggrreeeemmeennttss 337755 333322 337755 332299 228899 TTTTTTTTToooooooootttttttttaaaaaaaaalllllllll UUUUUUUUU.........SSSSSSSSS......... GGGGGGGGGooooooooovvvvvvvvvttttttttt,,,,,,,,, ssssssssseeeeeeeeecccccccccuuuuuuuuurrrrrrrrriiiiiiiiitttttttttiiiiiiiiieeeeeeeeesssssssss 59,975 59,694 59,034 59,808 60,273 59,975 59,947 54,134 TTTTTTTTToooooooootttttttttaaaaaaaaalllllllll llllllllloooooooooaaaaaaaaannnnnnnnnsssssssss aaaaaaaaannnnnnnnnddddddddd ssssssssseeeeeeeeecccccccccuuuuuuuuurrrrrrrrriiiiiiiiitttttttttiiiiiiiiieeeeeeeeesssssssss 60,995 61,103 59,283 60,338 61,208 60,995 60,579 55,099 CCCCCCCCCaaaaaaaaassssssssshhhhhhhhh iiiiiiiiittttttttteeeeeeeeemmmmmmmmmsssssssss iiiiiiiiinnnnnnnnn ppppppppprrrrrrrrroooooooooccccccccceeeeeeeeessssssssssssssssss ooooooooofffffffff cccccccccooooooooolllllllllllllllllleeeeeeeeeccccccccctttttttttiiiiiiiiiooooooooonnnnnnnnn 9,187 10,477 11,927 9,460 9,590 9,187 8,238 8,494 BBBBBBBBBaaaaaaaaannnnnnnnnkkkkkkkkk ppppppppprrrrrrrrreeeeeeeeemmmmmmmmmiiiiiiiiissssssssseeeeeeeeesssssssss 122 122 122 122 122 122 121 113 OOOOOOOOOttttttttthhhhhhhhheeeeeeeeerrrrrrrrr aaaaaaaaasssssssssssssssssseeeeeeeeetttttttttsssssssss::::::::: DDDDDDDDD IIIIIIIIIMMMMMMMMM eeeeeeeeennnnnnnnn FFFFFFFFF ooooooooo ggggggggg mmmmmmmmm ooooooooo iiiiiiiii lllllllll nnnnnnnnn ddddddddd aaaaaaaaa ttttttttt ddddddddd eeeeeeeee eeeeeeeee ddddddddd ppppppppp ooooooooo iiiiiiiiinnnnnnnnn sssssssssiiiiiiiii ttttttttt fffffffff eeeeeeeee ooooooooo ddddddddd rrrrrrrrr eeeeeeeee 333333333 iiiiiiiii gggggggggnnnnnnnnn cccccccccuuuuuuuuurrrrrrrrrrrrrrrrrreeeeeeeeennnnnnnnnccccccccciiiiiiiiieeeeeeeeesssssssss ......... 6 1 8 8 0 7 2 1 8 8 0 7 2 2 8 1 0 0 2 2 8 1 0 0 2 2 8 1 1 0 6 1 8 8 0 7 2 2 8 1 0 0 2,3 2 3 1 0 9 AAAAAAAAAllllllllllllllllll ooooooooottttttttthhhhhhhhheeeeeeeeerrrrrrrrr 689 649 681 584 513 689 513 626 83,300 84,254 84,159 82,647 83,582 83,300 81,601 77,066 LLLLLLLLLiiiiiiiiiaaaaaaaaabbbbbbbbbiiiiiiiiillllllllliiiiiiiiitttttttttiiiiiiiiieeeeeeeeesssssssss FFFFFFFFF.........RRRRRRRRR......... nnnnnnnnnooooooooottttttttteeeeeeeeesssssssss 4488,,008877 48,128 48,499 48,720 48,179 48,087 47,985 45,014 DDDDDDDDDeeeeeeeeepppppppppooooooooosssssssssiiiiiiiiitttttttttsssssssss::::::::: MMMMMMMMMeeeeeeeeemmmmmmmmmbbbbbbbbbeeeeeeeeerrrrrrrrr bbbbbbbbbaaaaaaaaannnnnnnnnkkkkkkkkk rrrrrrrrreeeeeeeeessssssssseeeeeeeeerrrrrrrrrvvvvvvvvveeeeeeeeesssssssss 2233,,889933 24,340 22,724 22,630 23,745 23,893 22,557 21,703 UUUUUUUUU.........SSSSSSSSS......... TTTTTTTTTrrrrrrrrreeeeeeeeeaaaaaaaaasssssssssuuuuuuuuurrrrrrrrreeeeeeeeerrrrrrrrr—————————GGGGGGGGGeeeeeeeeennnnnnnnneeeeeeeeerrrrrrrrraaaaaaaaalllllllll aaaaaaaaaccccccccccccccccccooooooooouuuuuuuuunnnnnnnnnttttttttt 11,,223388 1,032 996 1,107 967 1,238 1,056 1,003 FFFFFFFFFooooooooorrrrrrrrreeeeeeeeeiiiiiiiiigggggggggnnnnnnnnn 113366 138 126 157 151 136 173 143 OOOOOOOOOttttttttthhhhhhhhheeeeeeeeerrrrrrrrr::::::::: IIIIIIIIIMMMMMMMMMFFFFFFFFF gggggggggooooooooolllllllllddddddddd dddddddddeeeeeeeeepppppppppooooooooosssssssssiiiiiiiiittttttttt 333333333 118877 187 210 210 210 187 210 219 AAAAAAAAAllllllllllllllllll ooooooooottttttttthhhhhhhhheeeeeeeeerrrrrrrrr 553388 538 547 533 547 538 540 296 TTTTTTTTToooooooootttttttttaaaaaaaaalllllllll dddddddddeeeeeeeeepppppppppooooooooosssssssssiiiiiiiiitttttttttsssssssss 2255,,999922 26,235 24,603 24,637 25,620 25,992 24,536 23,364 DDDDDDDDDeeeeeeeeefffffffffeeeeeeeeerrrrrrrrrrrrrrrrrreeeeeeeeeddddddddd aaaaaaaaavvvvvvvvvaaaaaaaaaiiiiiiiiilllllllllaaaaaaaaabbbbbbbbbiiiiiiiiillllllllliiiiiiiiitttttttttyyyyyyyyy cccccccccaaaaaaaaassssssssshhhhhhhhh iiiiiiiiittttttttteeeeeeeeemmmmmmmmmsssssssss 66,,992200 7,675 8,905 6,890 7,425 6,920 6,728 6,598 662266 611 614 626 655 626 667 507 OOOOOOOOOttttttttthhhhhhhhheeeeeeeeerrrrrrrrr llllllllliiiiiiiiiaaaaaaaaabbbbbbbbbiiiiiiiiillllllllliiiiiiiiitttttttttiiiiiiiiieeeeeeeeesssssssss aaaaaaaaannnnnnnnnddddddddd aaaaaaaaaccccccccccccccccccrrrrrrrrruuuuuuuuueeeeeeeeeddddddddd dddddddddiiiiiiiiivvvvvvvvviiiiiiiiidddddddddeeeeeeeeennnnnnnnndddddddddsssssssss 81,625 82,649 82,621 80,873 81,879 81,625 79,916 75,483 TTTTTTTTToooooooootttttttttaaaaaaaaalllllllll llllllllliiiiiiiiiaaaaaaaaabbbbbbbbbiiiiiiiiillllllllliiiiiiiiitttttttttiiiiiiiiieeeeeeeeesssssssss CCCCCCCCCaaaaaaaaapppppppppiiiiiiiiitttttttttaaaaaaaaalllllllll aaaaaaaaaccccccccccccccccccooooooooouuuuuuuuunnnnnnnnntttttttttsssssssss 691 690 690 689 689 691 688 666 CCCCCCCCCSSSSSSSSSuuuuuuuuuaaaaaaaaarrrrrrrrrppppppppppppppppppiiiiiiiiillllllllltttttttttuuuuuuuuuaaaaaaaaalllllllllsssssssss pppppppppaaaaaaaaaiiiiiiiiiddddddddd iiiiiiiiinnnnnnnnn 669 669 669 669 669 669 669 630 OOOOOOOOOttttttttthhhhhhhhheeeeeeeeerrrrrrrrr cccccccccaaaaaaaaapppppppppiiiiiiiiitttttttttaaaaaaaaalllllllll aaaaaaaaaccccccccccccccccccooooooooouuuuuuuuunnnnnnnnntttttttttsssssssss 315 246 179 416 345 315 328 287 TTTTTTTTToooooooootttttttttaaaaaaaaalllllllll llllllllliiiiiiiiiaaaaaaaaabbbbbbbbbiiiiiiiiillllllllliiiiiiiiitttttttttiiiiiiiiieeeeeeeeesssssssss aaaaaaaaannnnnnnnnddddddddd cccccccccaaaaaaaaapppppppppiiiiiiiiitttttttttaaaaaaaaalllllllll aaaaaaaaaccccccccccccccccccooooooooouuuuuuuuunnnnnnnnntttttttttsssssssss 83,300 84,254 84,159 82,647 83,582 83,300 81,601 77,066 CCCCCCCCCooooooooonnnnnnnnntttttttttiiiiiiiiinnnnnnnnngggggggggeeeeeeeeennnnnnnnnttttttttt llllllllliiiiiiiiiaaaaaaaaabbbbbbbbbiiiiiiiiillllllllliiiiiiiiitttttttttyyyyyyyyy ooooooooonnnnnnnnn aaaaaaaaacccccccccccccccccceeeeeeeeeppppppppptttttttttaaaaaaaaannnnnnnnnccccccccceeeeeeeeesssssssss pppppppppuuuuuuuuurrrrrrrrrccccccccchhhhhhhhhaaaaaaaaassssssssseeeeeeeeeddddddddd fffffffffooooooooorrrrrrrrr fffffffffooooooooorrrrrrrrreeeeeeeeeiiiiiiiiigggggggggnnnnnnnnn cccccccccooooooooorrrrrrrrrrrrrrrrrreeeeeeeeessssssssspppppppppooooooooonnnnnnnnndddddddddeeeeeeeeennnnnnnnntttttttttsssssssss 235 234 239 244 250 235 253 159 MMMMMMMMMaaaaaaaaarrrrrrrrrkkkkkkkkkeeeeeeeeetttttttttaaaaaaaaabbbbbbbbbllllllllleeeeeeeee UUUUUUUUU.........SSSSSSSSS......... GGGGGGGGGooooooooovvvvvvvvvttttttttt,,,,,,,,, ssssssssseeeeeeeeecccccccccuuuuuuuuurrrrrrrrriiiiiiiiitttttttttiiiiiiiiieeeeeeeeesssssssss hhhhhhhhheeeeeeeeelllllllllddddddddd iiiiiiiiinnnnnnnnn cccccccccuuuuuuuuussssssssstttttttttooooooooodddddddddyyyyyyyyy fffffffffoooooooooiiiiiiiii fffffffffooooooooorrrrrrrrreeeeeeeeeiiiiiiiiigggggggggnnnnnnnnn aaaaaaaaannnnnnnnnddddddddd iiiiiiiiinnnnnnnnnttttttttteeeeeeeeerrrrrrrrrnnnnnnnnnaaaaaaaaatttttttttiiiiiiiiiooooooooonnnnnnnnnaaaaaaaaalllllllll aaaaaaaaaccccccccccccccccccooooooooouuuuuuuuunnnnnnnnnttttttttt.........444444444......... .................. 9,300 9,284 49,154 12,690 12,458 9,300 12,489 9,252 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank) 51,471 51,533 51,497 51,392 51,173 51,471 51,183 48,016 Collateral held against notes outstanding: Gold certificate account 3,300 3,300 3,300 3,322 3,322 3,300 3,322 3,357 U.S. Govt, securities 49,700 49,700 49,700 49,470 49,420 49,700 49,420 45,956 Total collateral 53,000 53,000 53,000 52,792 52,742 53,000 52,742 49,313 1 See note 6 on p. A-5. 2 See note 7 on p. A-5. 3 See note 1 (b) at top of p. A-75. 4 The figures beginning Sept. 16, 1970, are for marketable securities only; before that date they include both marketable and nonmarketable securities. The amount for Sept. 16, 1970, if it had included both types would have been $12,921 million. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1970 • FEDERAL RESERVE BANKS A 13 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON SEPTEMBER 30, 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 a n- c C a h g i o - Lo S u t. i s M ap in o n li e s - K C s a i a t n s y - Dallas F c S i r s a a c n n o - Assets S O F G p . t o R e h l c d . e i r n a c l o c e a t D r e s t s r i h f a i o w c f a i o t n e g t h a R e c r i c g b o h a u t n s n k t c s e rtif. • a cct.... 111111 111111 000000 ,,,,,, ,,,,,, 000000 888888 4 2 4 2 4 2 4 2 4 2 4 2 444444 111111 222222 000000 111111 999999 111111 000000 6 1 2 6 2 1 3 8 1 0 222222,,,,,,555555 222222 555555 999999 111111 222222 000000 333333 888888 444444 5 7 2 9 1 7 3 4 1 8 6 2 7 3 2 4 4 3 1,09 6 3 1 4 6 6 4 55 11 22 11 88 33 22 33 88 00 11,,7733 7 5 7 5 33 88 0 1 0 1 00 4 2 8 1 1 6 8 5 3 11 44 55 66 99 7 7 7 7 4 4 4 1 1 5 5 5 5 33 22 99 1 1 1 1 22 99 4 4 4 4 1,2 1 9 4 2 1 7 9 9 9 Discounts and advances: Secured by U.S. Govt, securities 333333333333888888 36 111111111111666666 10 8 99** 6633 2 33 6 33 82 555555111111555555 111111777777888888 332288 22 77 AAAcccccceeeppptttaaannnccceeesss::: BBBooouuuggghhhttt ooouuutttrrriiiggghhhttt 333333666666 333333666666 HHHeeelllddd uuunnndddeeerrr rrreeepppuuurrrccchhhaaassseee aaagggrrreeeeeemmmeeennntttsss...... 555555111111 555555111111 FFFeeedddeeerrraaalll aaagggeeennncccyyy ooobbbllliiigggaaatttiiiooonnnsss———HHHeeelllddd 888888000000 888888000000 UUUU.... BBBB SSSS.... oooo uuuu GGGG gggg oooo hhhh vvvv tttt tttt,,,, oooo uuuu sssseeee ttttrrrr cccc iiii uuuu gggg rrrr hhhh iiii tttt tttt iiiieeeessss:::: 111111555555999999,,,,,,666666000000000000 3,036 111111444444,,,,,,999999999999999999 3,042 4,692 4,489 3,096 9,663 2,091 1,167 2,294 2,695 8,336 HHHHeeeelllldddd uuuunnnnddddeeeerrrr rrrreeeeppppuuuurrrrcccchhhhaaaasssseeee aaaaggggrrrreeeeeeeemmmmeeeennnnttttssss........ 333333777777555555 333333777777555555 TTTToooottttaaaallll llllooooaaaannnnssss aaaannnndddd sssseeeeccccuuuurrrriiiittttiiiieeeessss 6600,,999955 3,072 1155,,883355 3,052 4,692 4,497 3,105 10,054 2,093 1,172 2,300 2,705 8,418 CCCCaaaasssshhhh iiiitttteeeemmmmssss iiiinnnn pppprrrroooocccceeeessssssss ooooffff ccccoooolllllllleeeeccccttttiiiioooonnnn............ 1122,,11 11 66 22 77 22 696 2 22,,006666 88 625 2 83 1 6 0 86 1 3 1 1,14 1 5 7 2,08 1 2 7 60 1 5 1 468 9 89 1 3 8 806 8 1,082 9 OOOOtttt DDDD hhhheeee eeee rrrr nnnn oooo aaaa mmmm ssssssss iiii eeee nnnn tttt aaaa ssss:::: tttt eeeedddd iiiinnnn ffffoooorrrreeeeiiiiggggnnnn ccccuuuurrrrrrrreeeennnncccciiiieeeessss........ 668800 33 22118800 35 60 35 44 101 23 15 28 38 88 IIIIMMMMFFFF ggggoooolllldddd ddddeeeeppppoooossssiiiitttteeeedddd 3333 118877 118877 668899 46 116688 38 52 54 34 105 23 12 26 40 91 87,321 4,671 21,329 4,457 6,643 6,670 5,098 14,248 3,297 1,895 3,785 4,046 11,182 Liabilities 4499,,112288 2,793 1111,,558822 2,741 4,011 4,403 2,523 8,670 1,852 851 1,829 1,838 6,035 Deposits: Member bank reserves 2233,,889933 1,057 66,,664466 1,022 1,588 1 ,226 1,392 3,402 810 526 1,021 1,407 3,796 U.S. Treasurer—General account.. 11,,223388 68 228855 65 85 110 59 89 73 68 99 67 170 113366 7 442255 8 13 8 10 22 5 3 6 9 20 Other: 55 11 33 88 88 77 44 11 88 88 00 77 1 2 13 2 6 1 2 3 2 26 25,992 1,132 7,623 1,096 1,688 1,357 1,463 3,519 889 599 1,129 1,485 4,012 DDDDDeeeeefffffeeeeerrrrrrrrrreeeeeddddd aaaaavvvvvaaaaaiiiiilllllaaaaabbbbbiiiiillllliiiiitttttyyyyy cccccaaaaassssshhhhh iiiiittttteeeeemmmmmsssss 9,900 635 1,514 504 750 772 974 1,706 478 396 734 605 832 626 32 166 31 48 46 32 100 21 12 24 28 86 85,646 4,592 20,885 4,372 6,497 6,578 4,992 13,995 3,240 1,858 3,716 3,956 10,965 OOOOOttttthhhhheeeeerrrrr llllliiiiiaaaaabbbbbiiiiillllliiiiitttttiiiiieeeeesssss aaaaannnnnddddd aaaaaccccccccccrrrrruuuuueeeeeddddd dddddiiiiivvvvviiiiidddddeeeeennnnndddddsssss 691 32 183 35 61 35 46 103 24 16 29 39 88 CCCCCaaaaapppppiiiiitttttaaaaalllll aaaaaccccccccccooooouuuuunnnnntttttsssss 669 32 177 34 60 34 43 99 23 15 28 37 87 315 15 84 16 25 23 17 51 10 6 12 14 42 87,321 4,671 21,329 4,457 6,643 6,670 5,098 14,248 3,297 1,895 3,785 4,046 11,182 OOOOOttttthhhhheeeeerrrrr cccccaaaaapppppiiiiitttttaaaaalllll aaaaaccccccccccooooouuuuunnnnntttttsssss TTTTToooootttttaaaaalllll llllliiiiiaaaaabbbbbiiiiillllliiiiitttttiiiiieeeeesssss aaaaannnnnddddd cccccaaaaapppppiiiiitttttaaaaalllll aaaaaccccccccccooooouuuuunnnnntttttsssss.......... CCCCCooooonnnnntttttiiiiinnnnngggggeeeeennnnnttttt llllliiiiiaaaaabbbbbiiiiillllliiiiitttttyyyyy ooooonnnnn aaaaacccccccccceeeeeppppptttttaaaaannnnnccccceeeeesssss pppppuuuuurrrrrccccchhhhhaaaaassssseeeeeddddd fffffooooorrrrr fffffooooorrrrreeeeeiiiiigggggnnnnn cccccooooorrrrrrrrrreeeeessssspppppooooonnnnnddddd----- 235 11 562 12 21 12 15 35 8 5 10 13 31 eeeeennnnntttttsssss Federal Reserve Notes—Federal Reserve Agents' Accounts FFF...RRR... nnnooottteeesss ooouuutttssstttaaannndddiiinnnggg (((iiissssssuuueeeddd tttooo BBBaaannnkkk))) 5511,,447711 22,,992288 1122,,111177 22,,882288 44,,119955 44,,555522 2,697 99,,003344 11,,995500 888 1,925 11,,997799 6,378 CCCooollllllaaattteeerrraaalll hhheeelllddd aaagggaaaiiinnnsssttt nnnooottteeesss ooouuuttt--ssstttaaannndddiiinnnggg::: GGGooolllddd ccceeerrrtttiiifffiiicccaaattteee aaaccccccooouuunnnttt 33,,330000 225500 550000 330000 551100 558800 11,,000000 115555 55 UUU...SSS... GGGooovvvttt,,, ssseeecccuuurrriiitttiiieeesss 4499,,770000 22,,773300 1111,,880000 22,,770000 33,,775500 44,,002200 2,900 88,,225500 11,,888800 915 1,975 22,,003300 6,750 TTToootttaaalll cccooollllllaaattteeerrraaalll 53,000 2,980 12,300 3,000 4,260 4,600 2,900 9,250 2,035 915 1,975 2,035 6,750 1 See Note 7 on p. A-5. 5 After deducting $173 million participations of other Federal Reserve 2 After deducting $500 million participations of other Federal Reserve Banks. Banks „ . , „ . , 3 See note 1(b) to table at top of p. A-75. NOTE.—Some figures for cash items in process of collection and 4 After deducting $111 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 • OCTOBER 1970 TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT (In millions of dollars) Outright transactions in U.S. Govt, securities, by maturity Total Treasury bills Others within 1 year 1-5 years MMoonntthh Exch., c G h p r a u o s r s - e s s G sa r l o e s s s Re t d io e n m s p- c G h p r a u o s r s - e s s G sa r l o e s s s Re t d io e n m s p- c G h p r a u o s r s - e s s G sa r l o e s s s m re s a d h t o e i u f r m r ts i p t , y - c G h p r a u o s r s - e s s G sa r l o e s s s m E s a h t x o u i c r f r h t i s . t y tions 1969—Aug 22222222222222,,,,,,,,,,,,,,222222222222220000000000000011111111111111 11111111111111 ,,,,,,,,,,,,,,666666666666665555555555555588888888888888 22222222222222,,,,,,,,,,,,,,222222222222220000000000000011111111111111 11111111111111,,,,,,,,,,,,,,666666666666665555555555555588888888888888 440077 44,,551144 Sept 44444444444444,,,,,,,,,,,,,,777777777777776666666666666622222222222222 55555555555555,,,,,,,,,,,,,,444444444444448888888888888833333333333333 111155 44444444444444,,,,,,,,,,,,,,777777777777776666666666666622222222222222 55555555555555,,,,,,,,,,,,,,444444444444448888888888888833333333333333 111155 Oct 55555555555555,,,,,,,,,,,,,,111111111111114444444444444455555555555555 33333333333333,,,,,,,,,,,,,,777777777777770000000000000044444444444444 55555555555555..............000000000000001111111111111166666666666666 33333333333333,,,,,,,,,,,,,,777777777777770000000000000044444444444444 111 ---666999444 777444 555111999 Nov 22222222222222,,,,,,,,,,,,,,999999999999991111111111111155555555555555 777777777777773333333333333355555555555555 111111444444888888 22222222222222,,,,,,,,,,,,,,888888888888885555555555555522222222222222 777777777777773333333333333355555555555555 111111444444888888 222888 111,,,111777777 222999 ---444000 Dec 11111111111111 ,,,,,,,,,,,,,,222222222222225555555555555500000000000000 11111111111111 ,,,,,,,,,,,,,,000000000000002222222222222299999999999999 333333888888666666 11111111111111 ,,,,,,,,,,,,,,222222222222225555555555555500000000000000 11111111111111 ,,,,,,,,,,,,,,000000000000002222222222222299999999999999 333333888888666666 1970—Jan 33333333333333,,,,,,,,,,,,,,111111111111113333333333333333333333333333 44444444444444,,,,,,,,,,,,,,111111111111115555555555555544444444444444 666666111111555555 33333333333333,,,,,,,,,,,,,,111111111111113333333333333333333333333333 44444444444444,,,,,,,,,,,,,,111111111111115555555555555544444444444444 666666111111555555 Feb 888888888888880000000000000011111111111111 333333333333339999999999999955555555555555 111111000000000000 888888888888880000000000000011111111111111 333333333333339999999999999955555555555555 111111000000000000 ---555666444 111 ,,,333111999 Mar 22222222222222,,,,,,,,,,,,,,666666666666665555555555555577777777777777 22222222222222,,,,,,,,,,,,,,555555555555557777777777777777777777777777 111111111111999999 22222222222222,,,,,,,,,,,,,,666666666666665555555555555577777777777777 22222222222222,,,,,,,,,,,,,,555555555555557777777777777777777777777777 111111111111999999 111555444 ---111555444 Apr 11111111111111,,,,,,,,,,,,,,111111111111112222222222222244444444444444 777777777777774444444444444477777777777777 11111111111111,,,,,,,,,,,,,,111111111111112222222222222244444444444444 777777777777774444444444444477777777777777 May 22222222222222,,,,,,,,,,,,,,222222222222222222222222222255555555555555 888888888888883333333333333355555555555555 222444444 22222222222222..............000000000000001111111111111177777777777777 888888888888883333333333333355555555555555 222444444 111777 --99,,441144 111666777 1111 ,,110066 June 22222222222222,,,,,,,,,,,,,,666666666666665555555555555599999999999999 11111111111111 ,,,,,,,,,,,,,,666666666666661111111111111122222222222222 666444111 22222222222222,,,,,,,,,,,,,,444444444444444444444444444499999999999999 11111111111111 ,,,,,,,,,,,,,,666666666666661111111111111122222222222222 666444111 222333 111444666 July 11111111111111 ,,,,,,,,,,,,,,666666666666662222222222222266666666666666 777777777777774444444444444444444444444444 11111111111111,,,,,,,,,,,,,,666666666666662222222222222266666666666666 777777777777774444444444444444444444444444 Aug 11111111111111 ,,,,,,,,,,,,,,111111111111112222222222222277777777777777 111111111111110000000000000066666666666666 ** 11111111111111 ,,,,,,,,,,,,,,111111111111112222222222222277777777777777 111111111111110000000000000066666666666666 ** --2211 --112299 Outright transactions in U.S. Govt, securities—Continued RRReeepppuuurrrccchhhaaassseee BBaannkkeerrss'' aaagggrrreeeeeemmmeeennntttsss FFFFeeeeddddeeeerrrraaaallll aacccceeppttaanncceess (((UUU...SSS... GGGooovvvttt,,, NNNNeeeetttt aaaaggggeeeennnnccccyyyy 55--1100 yyeeaarrss OOvveerr 1100 yyeeaarrss ssseeecccuuurrriiitttiiieeesss))) cccchhhhaaaannnnggggeeee oooobbbblllliiiiggggaaaa---- MMMMoooonnnntttthhhh iiiinnnn UUUU....SSSS.... ttttiiiioooonnnnssss UUnnddeerr NNNNeeeetttt c G 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 u a o s r s - e s s G sa r l o e s s s o E t s r u h x r i m c 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 ssss GGGG eeee iiiitttt oooo cccc iiiieeee vvvv uuuu ssss rrrr tttt ,,,, ---- pppp (((( mmmm uuuu aaaa nnnn rrrr gggg eeee eeee cccc tttt rrrr nnnn hhhh eeee rrrr tttt eeee aaaa ssss eeee ---- ssss )))) ---eeee rr OO ii nn gg uu ee hh tt tt -- tt,, mm rr aa cc ee gg hh nn ee pp rr aa nn ee ee uu tt ss tt ee rr ee ss -- -- ,, cccchhhhaaaannnnggggeeee1111 1969—Aug --44,,992211 22222222222222,,,,,,,,,,,,,,777777777777772222222222222211111111111111 22222222222222,,,,,,,,,,,,,,444444444444449999999999999911111111111111 777777777777777777777777777733333333333333 3333399999 ************** 222222 888888888888883333333333333344444444444444 Sept 11111111111111 ,,,,,,,,,,,,,,111111111111112222222222222211111111111111 11111111111111 ,,,,,,,,,,,,,,000000000000006666666666666622222222222222 --------------777777777777777777777777777777777777777777 -----3333399999 --------------33333333333333 ---222222 --------------888888888888884444444444444411111111111111 Oct 555222 111777555 333 22222222222222,,,,,,,,,,,,,,666666666666665555555555555555555555555555 22222222222222,,,,,,,,,,,,,,777777777777771111111111111155555555555555 11111111111111 ,,,,,,,,,,,,,,333333333333338888888888888811111111111111 1111177777 44444444444444 11111111111111,,,,,,,,,,,,,,444444444444440000000000000022222222222222 NNoovv.... .. .. 333 ---111,,,111333777 444 11111111111111 ,,,,,,,,,,,,,,000000000000003333333333333311111111111111 11111111111111,,,,,,,,,,,,,,222222222222226666666666666600000000000000 11111111111111,,,,,,,,,,,,,,888888888888880000000000000033333333333333 -----1111177777 88888888888888 11111111111111,,,,,,,,,,,,,,777777777777779999999999999944444444444444 DDeecc.... .. .. 33333333333333,,,,,,,,,,,,,,333333333333333333333333333366666666666666 33333333333333,,,,,,,,,,,,,,333333333333333333333333333366666666666666 --------------111111111111116666666666666655555555555555 1111111111111155555555555555 --------------111111111111115555555555555500000000000000 1970—Jan 11111111111111,,,,,,,,,,,,,,222222222222220000000000000011111111111111 11111111111111,,,,,,,,,,,,,,000000000000000000000000000099999999999999 --------------11111111111111 ,,,,,,,,,,,,,,444444444444444444444444444444444444444444 333000 --------------77777777777777 222666 --------------11111111111111 ,,,,,,,,,,,,,,333333333333339999999999999955555555555555 Feb --668888 --6666 44444444444444,,,,,,,,,,,,,,444444444444440000000000000077777777777777 44444444444444,,,,,,,,,,,,,,555555555555559999999999999999999999999999 111111111111111111111111111144444444444444 •••••••••••••• ---333000 --------------11111111111111 ---222666 5555555555555577777777777777 Mar.. . . 11111111111111 ,,,,,,,,,,,,,,111111111111117777777777777766666666666666 11111111111111 ,,,,,,,,,,,,,,111111111111117777777777777766666666666666 --------------3333333333333388888888888888 --------------44444444444444 --------------4444444444444433333333333333 Apr.. . . 33333333333333,,,,,,,,,,,,,,666666666666668888888888888855555555555555 33333333333333,,,,,,,,,,,,,,333333333333333333333333333388888888888888 777777777777772222222222222233333333333333 333444 66666666666666 444999 888888888888881111111111111111111111111111 MMMaaayyy... ... ... 111666 --11,,669922 999 999999999999995555555555555533333333333333 11111111111111 ,,,,,,,,,,,,,,222222222222229999999999999999999999999999 777777777777779999999999999999999999999999 ---333444 --------------1111111111111155555555555555 ---444999 777777777777770000000000000022222222222222 JJJuuunnneee......... 333777 444 999999999999990000000000000055555555555555 999999999999990000000000000055555555555555 444444444444440000000000000077777777777777 --------------1111111111111100000000000000 333333333333339999999999999977777777777777 JJJuuulllyyy 22222222222222,,,,,,,,,,,,,,000000000000000000000000000088888888888888 22222222222222,,,,,,,,,,,,,,000000000000000000000000000088888888888888 888888888888888888888888888822222222222222 55555555555555 888888888888888888888888888877777777777777 115500 33333333333333,,,,,,,,,,,,,,111111111111118888888888888811111111111111 22222222222222,,,,,,,,,,,,,,888888888888885555555555555522222222222222 11111111111111 ,,,,,,,,,,,,,,333333333333335555555555555511111111111111 3311 --------------44444444444444 3300 11111111111111 ,,,,,,,,,,,,,,444444444444440000000000000077777777777777 NOTE.—Sales, redemptions, and negative figures reduce System holdbankers' acceptances. ings; all other figures increase such holdings. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) E pe n r d i o o d f Total s P t o e u rl n in d g s s A c u h s il t l r i i n a g n s B fr e a lg n i c a s n C d a o n l a la d r i s a n D kr a o n n 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 a n Jap y a e n n e se g N u l e a i t l n h d d e e s r r s - f S r w an is c s s 1968—Dec. 2,061 1,444 165 1 4 3 1969—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 1 313 2 5 Nov. 1,370 1,273 60 6 2 27 Dec. 1,967 1,575 199 60 125 3 4 1970—Jan.. 975 605 100 60 201 3 4 Feb., 1,179 215 159 801 3 * Mar. 1,169 207 157 801 3 * Apr. 1,101 199 93 805 3 * May, 510 1 1 9 8 9 0 94 205 * 11 June, 690 94 400 * 15 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1970 • FEDERAL RESERVE BANKS; BANK DEBITS A 15 MATURITY DISTRIBUTION OF LOANS AND U.S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month IIIttteeemmm 1970 1970 1969 Sept. 30 Sept. 23 Sept. 16 Sept. 9 Sept. 2 Sept. 30 Aug. 31 Sept. 30 Discounts and advances—Total 853 1 ,373 210 491 843 853 536 928 Within 15 days 851 1,371 208 487 839 851 534 925 16 days to 90 days 2 2 2 4 4 2 2 3 Acceptances—Total 87 36 39 39 70 87 63 37 Within 15 days 65 10 10 9 41 65 42 8 16 days to 90 days 22 26 29 30 29 22 21 29 U.S. Government securities—Total 60,055 59,694 59,034 59,808 60,295 60,055 59,978 54,134 Within 15 days1 3,086 2,964 2,323 2,493 2,754 3,086 2,019 2,068 16 days to 90 days 11,569 11,676 11,878 12,459 12,444 11 ,569 12,644 9,945 91 days to 1 year 13,880 13,607 13,386 13,502 13,743 13,880 13,961 20,672 Over 1 year to 5 years 25,356 25,326 25,326 25,266 25,266 25,356 25,266 12,229 Over 5 years to 10 years 5,524 5,491 5,491 5,464 5,464 5,524 5,464 8,549 Over 10 years 640 630 630 624 624 640 624 671 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 S 3 t 3 A a l 's L N e .Y ad . ing S 6 M o S t A h ' e s r s2 T S o N M ( t e a . x S l Y c A . 2 l ) . ' 3 s 2 SM o 2 th 2 S 6 e A r 's SM T 2 o S 3 t 3 A a l 's N Le .Y ad . ing S 6 M o S t A h ' e s r s2 T S o N M ( t e a . x S l Y c A . l 2 ) . ' 3 s 2 SM o 2 th S 26 e A r 's 1969—Aug. 9.430.1 4.148.4 2,242.8 5,281.7 3,038.9 70.1 146.5 72.9 49.7 40.3 Sept. 9.737.2 4.311.5 2.249.6 5,425.7 3.176.2 72.3 153.5 73.0 50.9 41.9 Oct. 9,527.0 4.127.6 2.254.7 5.399.3 3,144.7 70.8 148.8 72.9 50.6 41.5 Nov. 9,484.4 4.207.5 2.224.8 5,276.9 3,052.1 70.5 151.6 71.7 49.4 40.3 Dec. 9.560.4 4.198.2 2.212.9 5,362.2 3.149.3 69.4 145.7 69.6 49.2 40.8 1970—Jan.. 9.547.5 4.054.0 2,277.4 5.493.5 3.216.1 69.4 139.9 71.6 50.6 41.9 Feb. 9,793.5 4.232.1 2.309.1 5.561.4 2.525.2 72.4 148.8 74.2 52.0 42.9 Mar. 9.845.3 4.336.7 2,291.4 5.508.6 3.217.2 70.7 145.7 72.2 50.3 41.3 Apr. 10.170.2 4,422.0 2,417.9 5.748.2 3.330.3 72.9 149.7 75.8 52.2 42.7 May 10,021.8 4,249.4 2,460.0 5.772.5 3,312.5 73.5 150.6 78.4 53.4 43.2 June 10.143.3 4,366.0 2,443.3 5.777.3 3.334.0 73.3 149.3 77.5 52.9 42.9 J A u u l g y . ' 1 10 0 , , 5 2 5 1 9 7 . . 5 9 4 4 . . 3 7 2 7 4 0 . . 3 6 2 2 . , 5 4 0 7 8 8 . . 2 8 5 5 . , 8 7 9 88 3 . . 9 6 3 3. . 3 3 1 8 0 5 . . 1 4 7 7 3 5 . . 3 8 1 1 4 6 5 2 . . 3 8 7 7 7 9 . . 9 4 5 5 3 2 . . 7 6 4 4 3 2 . . 4 4 1 Excludes interbank and U.S. Govt, demand deposit accounts. For description of series, see Mar. 1965 BULLETIN, p. 390. 2 Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and The data shown here differ from those shown in the Mar. 1965 BULLETIN Los Angeles-Long Beach. because they have been revised, as described in the Mar. 1967 BULLETIN, p. 389. NOTE.—Total SMSA's includes some cities and countries not designated as SMSA's. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 16 U.S. CURRENCY • OCTOBER 1970 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency End of period in circulation i Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1.404 1.048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 195 8 32,193 22,856 2,182 1 ,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 195 9 32,591 23,264 2,304 1,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 196 0 32,869 23,521 2,427 1,533 88 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 196 1 33,918 24,388 2,582 1,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 3 10 196 2 35,338 25,356 2,782 1,636 97 2,375 7,071 11,395 9,983 2,990 6,448 240 293 3 10 196 3 37,692 26,807 3,030 1,722 103 2,469 7,373 12,109 10,885 3,221 7,110 249 298 3 4 196 4 39,619 28,100 3.405 1,806 111 2,517 7,543 12,717 11,519 3,381 7,590 248 293 2 4 196 5 42,056 29,842 4.027 1,908 127 2,618 7,794 13,369 12,214 3,540 8,135 245 288 3 4 196 6 44,663 31,695 4,480 2,051 137 2,756 8,070 14,201 12,969 3,700 8,735 241 286 3 4 196 7 47,226 33,468 4,918 2,035 136 2,850 8,366 15,162 13,758 3,915 9,311 240 285 3 4 196 8 50,961 36,163 5,691 2.049 136 2,993 8,786 16,508 14,798 4,186 10,068 244 292 3 4 1969—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 July. 54,473 37,959 6,145 2,132 136 2,943 8,743 17,861 16,513 4,621 11,404 221 260 3 4 Aug. 54,669 38,042 6,170 2,142 136 2,942 8,743 17,909 16,627 4,654 11,487 220 259 3 4 1 Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin. overstated because they include small amounts of paper currency held by the Treasury and the F.R. Banks for which a denominational break- NOTE.—Condensed from Statement of United States Currency and down is not available. Coin, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circulation 1 TTToootttaaalll ooouuuttt--- HHHeeelllddd bbbyyy ssstttaaannndddiiinnnggg,,, AAss sseeccuurriittyy FFoorr FFF...RRR... 1970 1969 KKKiiinnnddd ooofff cccuuurrrrrreeennncccyyy AAAuuuggg... 333111,,, aaggaaiinnsstt TTrreeaassuurryy FF..RR.. BBBaaannnkkksss 111999777000 ggoolldd aanndd ccaasshh BBaannkkss aaannnddd ssiillvveerr aanndd AAAgggeeennntttsss Aug. July Aug. cceerrttiiffiiccaatteess AAggeennttss 31 31 31 Gold 1111111111,,,,,333336666677777 ((1111 ,,004455)) 332222 Gold certificates (((((1111111111,,,,,000004444455555))))) 331111,,004444 1111 Federal Reserve notes 5555511111,,,,,111118888855555 888666 3333,,,,111199999999 444777,,,999000000 444777,,,777333000 444555,,,000111333 Treasury currency—Total 77777,,,,,000004444455555 666000 222211116666 666,,,777666999 666,,,777444333 666,,,444444777 SSttaannddaarrdd ssiillvveerr ddoollllaarrss 444448888855555 3333 444448888822222 444448888822222 444448888822222 Fractional coin. 55555,,,,,999993333388888 33334444 222111555 55555,,,,,666668888899999 55555,,,,,666666666644444 55555,,,,,333336666688888 United States notes 333332222233333 22223333 111 222229999999999 222229999988888 222229999933333 In process of retirement4 333330000000000 222229999999999 333330000000000 333330000044444 TToottaall——AAuugg.. 3311,, 11997700 555566669999,,,,555599997777 ((((11111111 ,,,,000044445555)))) 444466668888 11111111,,,,000044444444 3333,,,,444411116666 5544,,666699 July 31, 1970 555566669999,,,,444499998888 ((((11111111 ,,,,000044445555)))) 444466662222 11111111,,,,000044444444 3333,,,,555511119999 5544,,447733 Aug. 31, 1969 555566665555,,,,111133334444 ((((11110000,,,,000022227777)))) 666644443333 11110000,,,,000022226666 3333,,,,000000005555 5511,,446611 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

OCTOBER 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 PPeerriioodd Time Time UU..SS.. deposits deposits Govt. Currency Demand ad- Currency Demand ad- demand Total component deposit justed 1 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 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 4.2 199.3 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 7.1 201.5 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 6.4 203.6 47.8 155.9 201.0 201.7 47.7 154.0 201 .2 6.5 July 204.3 48.1 156.2 206.9 202.7 48.2 154.5 206.9 6.8 206.0 48.2 157.8 211.8 202.8 48.3 154.5 212.8 7.1 Sept.? 206.3 48.3 158.0 216.9 204.8 48.3 156.6 217.2 6.9 Week ending— 1970 Aug. 26 206.2 48.1 158.0 212.7 201.3 48.0 153.3 213.7 9.1 Sept. 2 206.2 48.1 158.1 213.8 203.5 47.9 155.6 214.9 7.3 9 205.8 48.4 157.4 215.4 204.6 48.9 155.6 216.0 6.0 16 207.1 48.3 158.8 216.6 207.5 48.3 159.1 216.6 4.7 23, 205.0 48.3 156.7 217.7 203.2 48.0 155.1 217.7 8.4 30p 206.4 48.1 158.3 218.8 203.8 47.8 156.0 218.8 8.5 1 At all commercial banks. and F.R. float; (2) foreign demand balances at F.R. Banks; and (3) currency outside the Treasury, F.R. Banks, and vaults of all commercial NOTE.—For description of revised series and for back data, see Oct. banks. Time deposits adjusted are time deposits at all commercial 1969 Bulletin, pp. 787-803. banks other than those due to domestic commercial banks and the Averages of daily figures. Money supply consists of (1) demand U.S. Govt. Effective June 9, 1966, balances accumulated for payment of deposits at all commercial banks other than those due to domestic com- personal loans were reclassified for reserve purposes and are excluded from mercial banks and the U.S. Govt., less cash items in process of collection time deposits reported by member banks. AGGREGATE RESERVES AND MEMBER BANK DEPOSITS (In billions of dollars) Member bank reserves, S.A. i Deposits subject to reserve requirements2 Total member bank deposits plus nondeposit S.A. N.S.A. items3 Total Non- Demand Demand borrowed Required Time Time Total and and S.A. savings U.S. savings U.S. Govt. Govt. 23.52 22.98 23.17 244.6 129.4 111.7 3.5 247.1 127.9 116.1 3.0 25.94 25.68 25.60 273.5 149.9 118.9 4.6 276.2 148.1 123.6 4.5 27.96 27.22 27.61 298.2 165.8 128.2 4.2 301.2 163.8 133.3 4.1 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 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 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 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 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 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 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 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 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 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 2 2 8 8 . . 5 0 9 4 2 2 7 6 . . 7 6 8 9 2 28 7 . . 4 9 1 0 2 3 9 03 6 . . 2 0 1 1 6 6 4 0 . . 9 7 1 1 3 3 1 0 . . 9 9 6 4 . . 4 4 2 3 9 0 6 1. . 0 3 1 1 6 6 6 0 , .9 . 0 1 12 2 9 9 . . 1 6 5 5 . . 9 8 3 32 1 1 5 . . 9 8 3 3 1 16 9 . . 1 9 29.23 28.70 29.02 308.0 169.5 132.3 6.2 306.8 169.8 131.2 5.7 324.5 323.3 1 Averages of daily figures. Data reflect percentages of reserve require- 3 Total member bank deposits subject to reserve requirements, plus ments made effective Apr. 17, 1969. Required reserves are based on Euro-doHar borrowings, bank-related commercial paper, and certain average deposits with a 2-week lag. other nondeposit items. 2 Averages of daily figures. Deposits subject to reserve requirements include total time and savings deposits and net demand deposits as defined NOTE.—Due to changes in Regulations M and D, required reserves by Regulation D. Private demand deposits include all demand deposits ex- include increases of approximately $400 million since Oct. 16, 1969. cept those due to the U.S. Govt., less cash items in process of collection Back data may be obtained from the Banking Section, Division of Research and demand balances due from domestic commercial banks. Effective June and Statistics, Board of Governors of the Federal Reserve System, Wash- 9, 1966, balances accumulated for repayment of personal loans were elim- ington, D.C. 20551. inated from time deposits for reserve purposes. Jan. 1969 data are not comparable with earlier data due to the withdrawal from the system on Jan. 2, 1969, of a large member bank. This series for deposits is referred to as "the adjusted bank credit proxy." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 18 BANKS AND THE MONETARY SYSTEM • OCTOBER 1970 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Liabilities and capital Total Gold Bank credit assets, stock Treas- net- D S R c c p r e a a i a e r g t n w t e c h i d s i f i t a i 1 s n - l g s r t o c e u i a u n n u r n g r y c 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 u ry R F s B e e e a c d s n e u e r k r r v i a s t e l i es Other4 r O s i e t t i c h e u e s - r 3 c T l a i i a n p a o t n i e b i t e d t a t i s a l l - l , c d u e T r a p r o n o e t d n s a i l c t y s c C o m a n a u p i a c e n s i n - t c t t d a s . l , 1947—Dec. 31.. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30.. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,008 184,384 14,624 1967—Dec. 30.. 11 ,982 6,784 468,943 282,040 117,064 66,752 49,112 1 ,200 69,839 487,709 444,043 43,670 1968—Dec. 31 . . 10,367 6,795 514,427 311 ,334 121,273 68,285 52,937 51 81,820 531,589 484,212 47,379 1969—Sept. 245. 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 I 11,600 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 7,000 528,400 330,100 111,300 54,300 57,000 87,000 547,200 478,400 68,800 July 29p, 11,800 7,000 537,500 335,000 114,800 56,500 58,300 87,700 556,300 488,800 67,500 Aug. 26". 11,800 7,000 543,600 336,600 117,700 58,100 59,600 89,300 562,400 493,100 69,300 Sept. 30" 11,500 7,100 552,900 342,400 118,800 58,800 60,000 91,800 571,500 503,300 68,200 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted 6 Not seasonally adjusted Time U.S. Government o b r u C e a t n u n s c i r k d - y s e d ju e m D p s a a t o d e e n s - - d d i t 7 s o b r u C e a t n u n s c r i k d - y s e d ju e m D p s a a t o d e e n - s - d d i t 7 s Total b m C a e n o r k m c s ia - 2 l b M sa a v u n i k t n u s g a s l 8 S P t a S o e v y m s i s t n a - 4 g l s e n F i e o g t r n - 9 , T h c i r u o n a e r g l s a y d h s s - - s b c a a o a A v n n m i d t n k l s g . 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—Sept. 245., 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 46,900 152,000 278,300 209,100 69,200 2,600 500 7,500 1 ,000 Aug. 26". 199,800 46,800 153,000 198,100 47,100 151,000 282,500 213,200 69,300 2,400 500 8,700 900 Sept. 30^. 203,400 47,200 156,200 202,100 47,300 154,800 288,100 218,600 69,600 2,400 400 9,000 1 ,200 1 Includes Special Drawing Rights certificates beginning January 1970. 8 Includes relatively small amounts of demand deposits. Beginning with 2 Beginning with data for June 30, 1966, about $1.1 billion in "Deposits June 1961, also includes certain accounts previously classified as other liaaccumulated for payment of personal loans" were excluded from "Time bilities. deposits" and deducted from "Loans" at all commercial banks. These 9 Reclassification of deposits of foreign central banks in May 1961 rechanges resulted from a change in Federal Reserve regulations. These duced this item by $1,900 million ($1,500 million to time deposits and $400 hypothecated deposits are shown in a table on p. A-23. million to demand deposits). 3 See note 2 at bottom of p. A-22. 4 After June 30, 1967, Postal Savings System accounts were eliminated from this Statement. 5 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 estigross 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

OCTOBER 1970 • COMMERCIAL BANKS A 19 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars Loans and investments Deposits Total assets— Securities Total Interbank 3 Other Total Num- Cash lia- Bor- capital ber Cla a s n s d o d f a b te a nk Total LLooaannss assets3 bbii aa ll nn iitt dd iiee ss Total 3 Demand r i o n w gs - co a u c n - ts ba o n f k s 11,,22 UU..SS.. ccaappiittaall De- TTrreeaass-- Other 2 aacc-- mand Time Timel uurryy ccoouunnttss44 U.S. Govt. Other All c 1 1 1 o 9 9 9 m 4 4 4 m 1 7 5 — — — erc D D D ia e e e l c c c . . . b a 3 3 3 n 1 1 1 k 5 . . s . . . : . . . 1 1 5 2 1 0 4 6 , , , 7 0 2 1 4 8 9 6 4 2 2 3 1 6 8 , , , 7 0 0 1 8 5 4 3 7 9 2 6 0 1 9 , , , 6 8 2 0 0 2 6 8 1 9 7 7 , , , 3 0 2 3 0 2 1 6 5 2 3 3 6 4 7 , , , 5 8 5 5 0 0 1 6 2 1 1 7 6 5 9 0 5 , , , 1 3 3 0 1 7 4 2 7 1 1 7 5 4 1 0 4 , , , 2 2 1 8 2 0 3 7 3 12,7 1 1 4 0 9 , , 2 C > ) 6 8 5 2 240 1,3 1 4 4 0 4 3 5 , , . 3 9 4 2 9 9 1 4 ,367 3 3 1 0 5 5 , , , 2 3 9 4 5 6 1 2 0 21 2 6 9 3 5 1 8 7 0 , , , 1 9 0 7 5 5 3 0 9 1 1 1 4 4 4 , , , 0 2 1 1 7 8 1 8 1 1 1 19 9 9 6 6 6 8 6 7 — — — D D D e e e c c c . . . 3 3 3 1 0 1 . . . . . . . . . 4 3 3 0 5 2 1 9 2 , , , 2 6 9 6 6 0 2 1 3 2 2 2 6 3 1 5 5 7 , , , 2 9 7 5 5 2 9 4 6 6 6 5 4 2 6 , , , 4 4 1 6 7 6 6 3 3 4 6 7 8 1 1 , , , 7 4 5 7 7 3 7 2 7 6 8 7 9 3 7 , , , 1 9 7 1 2 5 9 8 2 4 4 5 5 0 0 1 3 0 , , , 0 3 6 1 6 5 2 8 7 4 3 3 3 9 5 4 5 2 , , , 0 0 2 0 2 8 8 3 7 2 2 1 4 1 9 , , , 7 8 7 4 8 7 7 3 0 1 1, , 2 3 9 1 1 6 1 4 7 4 5 5 , , , 9 2 0 9 3 1 2 0 4 1 1 1 6 8 9 7 4 9 , , , 7 9 0 5 0 6 1 1 6 2 1 1 0 8 5 3 2 8 , , , 1 5 8 1 5 0 1 4 6 4 8 5 , , , 8 8 7 5 9 7 9 9 7 3 3 3 4 2 7 , , , 3 0 0 8 0 5 4 6 4 1 1 1 3 3 3 , , , 7 6 7 7 2 6 9 2 7 1969— D O N Se e c o p c t v . t . . . 2 3 2 2 6 1 4 9 6 . . .. . . . . . . . 4 4 4 4 0 0 1 2 9 8 3 1 , , , , 2 6 0 5 1 7 8 9 0 0 0 7 2 2 2 2 8 9 8 8 4 5 4 7 , , , , 3 5 4 1 0 2 4 3 0 0 7 0 5 5 5 5 4 3 4 5 , , , , 7 2 4 0 0 0 1 7 9 0 0 0 7 7 7 7 1 0 1 0 , , , , 3 1 3 8 4 7 8 8 1 0 0 0 7 8 8 7 9 6 2 5 , , , , 9 9 9 3 8 6 1 4 4 0 0 0 5 5 5 5 0 0 1 3 4 3 4 0 , . , , 9 5 6 4 2 6 9 7 0 5 0 0 4 4 4 4 3 0 0 1 5 6 4 3 , , , , 5 8 1 3 7 0 6 0 7 0 0 0 2 2 2 2 7 2 1 3 , , , , 1 1 2 1 7 9 6 9 4 0 0 0 8 8 7 6 8 3 1 8 0 5 0 0 6 7 6 5 , , , , 1 6 6 0 8 1 1 5 0 0 0 4 2 1 1 1 0 8 8 9 8 4 0 0 , , , , 8 1 5 1 7 5 5 0 0 0 0 0 1 1 1 1 9 9 9 9 3 3 3 2 ; , , . 4 7 9 7 0 4 3 2 0 4 0 0 2 2 2 1 1 1 1 8 , , , , 2 6 9 3 4 1 6 6 0 0 0 0 3 3 3 3 9 9 8 9 , , , , 9 3 8 4 7 1 6 5 8 0 0 0 1 1 1 1 3 3 3 3 , , . . 6 6 6 6 8 6 8 8 1 1 3 4 1970— F M Ja e a n b r . . . 2 2 2 5 5 8 . . . . . . . . . 4 4 4 0 1 1 8 0 2 , , , 8 9 4 9 8 1 0 0 0 2 2 2 8 8 8 6 7 8 , , , 6 3 2 8 3 3 0 0 0 5 5 5 1 2 1 , , , 4 9 5 0 6 2 0 0 0 7 7 7 0 0 2 , , , 6 8 6 0 1 6 0 0 0 7 7 7 7 8 6 , , , 4 9 3 0 0 6 0 0 0 5 5 5 0 0 0 6 6 8 , , , 7 7 4 7 8 2 0 0 0 4 4 4 0 0 0 6 6 7 , , , 3 3 9 9 8 8 0 0 0 2 2 2 2 1 1 , , , 2 5 8 3 5 1 0 0 0 6 6 5 2 2 8 0 0 0 6 7 6. , , 1 3 3 4 2 8 0 0 0 1 1 1 8 8 8 3 6 2 , , , 1 9 0 3 4 9 0 0 0 1 1 1 9 9 9 1 3 6 , , , 7 2 3 6 2 6 0 0 0 2 2 2 2 2 2 , , , 8 6 6 4 2 2 0 0 0 4 4 4 0 0 0 , , , 0 2 3 3 3 7 0 0 0 1 1 1 3 3 3 , . , 6 6 6 6 6 6 5 4 2 Apr. 29f.. 416,630 290,090 52,250 74,290 78,410 515,110 413,240 21,600 660 6,230 185,380 199,370 23,530 40,590 13.665 J J A S M u u e u l a n p y g y e t . . . 2 2 2 2 3 4 9 7 0 6 p » p ? f . . . . . . . . . . 4 4 4 4 4 1 1 2 2 3 6 9 8 3 4 , , , , , 3 2 4 9 7 0 4 5 3 2 0 0 0 0 0 2 2 2 2 3 9 8 9 9 0 6 9 3 4 0 , , , , , 5 2 4 9 1 2 8 8 0 2 0 0 0 0 0 5 5 5 5 5 4 5 2 1 3 , , , , , 7 4 5 0 2 8 0 8 8 5 0 0 0 0 0 7 7 7 7 7 9 6 4 5 5 , , , , , 3 9 2 5 0 6 9 8 5 7 0 0 0 0 0 7 7 7 8 7 9 8 5 6 7 , , , , , 2 9 3 1 5 2 3 3 4 7 0 0 0 0 0 5 5 5 5 5 2 4 1 1 1 8 2 5 7 9 , , , , , 0 2 5 7 2 7 8 9 1 6 0 0 0 0 0 4 4 4 4 4 1 2 2 1 4 2 1 8 4 6 , , , , , 6 6 7 2 3 8 2 1 0 5 0 0 0 0 0 2 2 2 2 2 2 2 2 6 2 , , , , , 1 8 2 4 4 8 5 6 4 0 0 0 0 0 0 1 1 1 , , , 5 6 2 6 7 5 3 7 9 0 0 0 0 0 0 7 8 5 7 8 , , , , , 3 4 9 6 6 0 3 6 3 5 0 0 0 0 0 1 1 1 1 1 8 8 9 8 8 2 3 0 1 2 , , , , , 3 6 4 2 4 9 6 9 0 6 0 0 0 0 0 2 2 2 2 2 0 0 0 1 1 0 1 9 3 8 , , , , , 4 1 3 4 9 6 8 6 8 4 0 0 0 0 0 2 2 2 1 1 0 3 2 8 9 , , , , , 1 0 8 1 8 6 8 7 7 5 0 0 0 0 0 4 4 4 4 4 0 1 1 0 1 , , , , , 8 2 5 9 8 5 9 0 2 2 0 0 0 0 0 1 1 1 1 1 3 3 3 3 3 , , , , , 6 6 6 6 6 6 7 7 7 7 5 0 0 0 0 Member of F.R 1 1 1 . 9 9 9 4 4 4 S 1 5 7 y — — — ste D D D m e e e c c c : . . . 3 3 3 1 1 1 . . . . . .. . . 1 4 9 0 3 7 7 , , , 5 8 1 2 4 8 1 6 3 2 3 1 2 2 8 , , , 6 7 0 2 2 7 8 1 5 7 5 1 8 7 9 , , , 3 9 5 3 3 1 8 9 4 6 7 5 , , , 9 0 3 6 7 0 1 0 4 2 2 3 9 3 2 , , , 1 8 8 1 4 4 3 5 5 1 1 6 3 3 8 8 2 , , , 1 3 0 2 0 6 1 4 0 1 1 6 2 2 1 9 2 , , , 7 5 6 1 2 7 7 8 0 1 1 1 2 0 3 , , , 3 3 5 5 8 7 3 5 6 1 6 5 4 4 0 0 22 1 1 , , 1 7 ,1 0 7 7 9 9 6 6 8 3 0 9 7 , , , 6 1 6 0 3 4 9 6 0 2 2 1 4 8 2 , , , 2 3 3 1 4 4 0 0 7 20 5 4 8 4 8 5 7 , , , 4 8 5 8 8 6 6 9 4 6 6 6 , , , 6 9 8 1 2 8 9 3 4 1 1 1 9 9 9 6 6 6 7 6 8 — — — D D D e e e c c c . . . 3 3 3 1 1 0 . . . . . . . . . 2 2 3 9 6 2 3 3 5 , , , 1 6 0 2 8 8 0 7 6 2 1 1 2 9 8 0 6 2 , , , 8 2 8 4 8 0 9 5 2 4 4 4 6 1 7 , , , 8 9 9 8 5 2 1 6 4 4 3 5 9 8 6 , , , 3 9 9 1 6 2 5 0 0 6 7 6 8 3 0 , , , 7 9 7 3 4 5 8 6 6 4 3 3 1 7 3 2 3 4 , , , 5 5 5 8 4 5 4 1 9 2 3 3 9 2 5 1 6 5 , , , 0 0 4 3 6 1 3 3 4 2 2 1 0 3 8 , , , 8 5 7 1 1 8 1 9 8 1 1 , , 1 0 7 6 6 9 9 1 4 4 4 4 , , , 6 3 4 3 0 3 1 9 2 1 1 1 6 3 5 8 3 1 , , , 2 9 9 1 8 2 8 0 0 1 1 1 4 6 28 7 2 , , , 8 4 6 3 4 0 1 2 5 4 8 5 , , , 6 4 3 1 5 7 8 8 0 2 2 3 8 6 0 , , , 0 2 0 9 7 6 8 8 0 6 6 5 , , , 0 1 9 7 5 7 1 0 8 1969— O N Se c o p t v . t . . 2 2 2 9 6 4 . 6 . . . . . . . 3 3 3 2 3 2 7 0 7 , , , 6 2 0 1 8 0 1 8 2 2 2 2 3 3 3 3 5 3 , , , 7 0 2 4 6 5 4 0 5 4 3 3 0 8 9 , , , 2 6 7 7 4 2 6 3 5 5 5 54 5 4 , , , 6 2 3 7 2 0 1 4 3 6 6 7 7 8 3 , , , 5 5 1 0 0 9 4 7 6 4 4 4 1 1 1 1 2 9 , , , 5 5 1 0 7 3 1 1 0 3 3 3 2 2 3 4 6 1 , , , 7 7 3 6 8 5 8 0 0 2 2 2 0 1 2 , , , 2 1 1 3 3 8 8 4 2 6 7 5 8 2 2 3 1 2 6 5 5 , , , 5 4 6 3 7 6 8 6 6 1 1 1 4 4 5 6 9 3 , , , 4 4 8 6 7 2 8 4 4 1 1 1 5 5 4 0 0 9 , , , 8 0 1 1 0 5 9 3 0 2 2 1 0 0 9 , , , 3 6 8 2 1 9 2 4 3 3 3 3 1 1 1 , , , 3 6 7 7 9 9 4 4 3 5 5 5 , , , 9 8 9 0 9 1 1 0 3 Dec. 31 .. . 336,738 242,119 39,833 54,785 79,034 432,270 349,883 25,841 609 4,114 169,750 149,569 17,395 32,047 5,869 1970— J J A A S F M M J u u a e e p u l n a a n p b y g r y e r . t . . . . . 2 2 2 2 2 2 3 2 9 6 5 2 0 4 5 9 8 * 1 . > ^ . . . . . . . . . . . . . . . . . . . . . . . . 3 3 3 3 3 3 3 3 3 4 3 3 2 2 2 4 3 3 7 1 7 2 8 5 6 3 1 , , , , , , , , , 3 3 0 3 5 7 6 8 0 6 8 9 7 5 7 4 2 9 8 9 6 7 6 7 3 5 7 2 2 2 2 2 2 2 2 2 4 4 3 4 3 3 3 3 3 0 1 5 4 4 6 8 4 5 , , , , , , , , , 3 1 7 5 8 4 8 9 2 0 3 6 9 6 0 3 1 1 9 8 9 4 0 5 6 7 3 4 4 3 3 3 3 3 3 3 0 0 8 8 8 7 6 7 8 , , , , , , , , , 3 7 3 1 2 3 9 1 9 2 7 0 5 9 4 8 1 5 8 9 5 9 2 0 6 0 0 5 6 5 5 5 5 5 5 5 1 9 4 7 4 7 6 8 7 , , , , , , , , , 0 1 4 4 1 0 1 9 3 9 9 6 7 1 8 5 2 2 5 7 9 8 8 0 4 2 5 7 6 6 6 6 6 6 6 6 5 8 7 9 5 9 8 9 9 , , , , , , , , , 4 9 8 5 1 7 1 7 8 7 4 6 9 7 5 2 1 0 1 9 9 4 4 3 4 0 6 4 4 4 4 4 4 4 4 4 1 1 1 1 2 1 1 2 4 8 1 3 8 0 2 9 8 0 , , , , , , , , , 8 1 6 5 8 8 0 6 7 2 4 0 1 0 4 9 3 2 8 8 9 8 7 4 7 6 4 3 3 3 3 3 3 3 3 3 4 2 2 3 2 2 5 3 3 2 4 6 6 9 4 8 0 0 , , , , , , , , , 0 9 8 5 6 9 4 1 3 2 1 9 4 0 3 3 3 5 8 8 5 1 5 7 6 3 2 2 2 2 2 2 2 2 2 2 1 5 0 0 1 1 0 1 1 , , , , , , , , , 8 3 6 3 5 8 2 1 2 7 0 2 3 6 4 4 8 6 1 8 5 9 0 5 4 3 5 1 1 1 , , , 5 1 4 4 4 4 5 5 5 3 0 2 9 5 9 3 6 7 9 0 3 7 4 6 1 7 1 4 7 7 6 6 6 5 5 5 , , , , , , , , , 1 4 9 2 2 0 3 4 1 8 2 5 1 5 2 0 8 5 1 1 9 4 8 0 0 6 4 1 1 1 1 1 1 1 1 1 5 4 4 4 4 5 4 4 4 3 8 8 7 0 6 6 9 7 , , , . , , , , , 9 3 4 2 9 0 9 9 1 5 6 1 7 0 3 9 4 4 1 3 4 0 3 2 6 0 2 1 1 1 1 1 1 1 1 1 7 5 5 4 5 5 6 4 6 0 1 4 8 3 4 5 7 2 , , , , , , , , , 3 3 1 8 8 9 6 7 4 8 5 2 3 0 8 9 6 6 5 9 4 6 6 8 7 5 3 2 2 2 2 2 2 1 1 1 1 1 1 2 1 1 7 9 8 , , , , , , , , , 2 7 2 3 5 5 1 0 6 3 4 6 6 7 8 7 5 7 8 9 3 9 6 2 6 9 5 3 3 3 3 3 3 3 3 3 2 3 2 2 2 2 3 2 3 , , , , , . , , , 0 7 5 4 0 3 2 7 2 7 7 2 7 4 4 4 3 2 8 1 8 9 7 3 2 3 3 5 5 5 5 5 5 5 5 5 , , , , , , , , , 8 7 7 8 8 7 8 8 8 3 2 8 5 9 1 8 0 5 9 8 3 3 5 6 6 3 0 RReesseerrvvee cciittyy mmeemmbbeerr:: NNee 11 1 1 1 1 ww 99 9 9 9 9 44 4 4 4 4 YY 1 5 7 1 5 7 oo — — — — —— rrkk D D D D DD CC e e e e ee c c c c cc ii . . . . .. tt yy 33 3 3 3 3 :: 11 77 1 1 1 1 .. .. .. .. .. .. .. .. .. 2 2 2 2 11 6 0 6 0 22 , , , , ,, 1 3 1 3 88 4 9 4 9 99 3 3 3 3 66 44 77 77 ,, ,, ,, 11 00 33 77 77 33 99 22 44 11 11 77 11 77 ,, ,, ,, 22 55 99 66 77 77 55 44 22 11 11 11 ,, ,, ,, 55 22 22 55 44 33 99 22 55 66 6 7 6 7 ,, ,, ,, 22 44 66 66 33 33 11 99 77 22 33 11 77 22 99 ,, ,, ,, 99 88 88 88 88 66 22 77 22 3 2 3 2 11 00 55 77 ,, ,, ,, 11 22 99 22 11 33 11 66 22 44 4 4 4 4 ,, ,, ,, 44 22 66 55 00 44 33 22 00 1 1 6 2 7 66,,99 8 2 8 2 44 66 66 00 77 66 11 1 1 1 1 99 22 77 ,, ,, ,, 00 00 22 55 44 88 11 00 77 1 1 , , 4 2 8 4 3 0 5 6 7 1 3 9 0 5 22 22 11 ,, ,, ,, 22 11 66 55 22 44 99 00 88 3 3 3 7 6 7 1 1 1 9 9 9 6 6 6 7 8 6 — — — D D D e e e c c c . . . 3 3 3 1 0 1 . . . . . . . . . 4 5 5 6 2 7 , , , 1 5 0 4 3 4 1 6 7 4 3 3 2 9 5 . , , 9 0 9 6 5 4 8 9 1 4 6 5 , , , 9 0 9 2 2 8 0 7 4 8 7 5 , , , 0 0 6 9 5 7 4 5 4 1 1 1 4 8 9 , , , 8 9 7 6 4 9 9 8 7 6 7 8 4 4 1 , , , 6 4 3 0 2 6 9 4 4 6 6 5 0 3 1 , , , 4 9 8 0 3 0 7 7 0 8 6 7 , , , 9 2 3 3 6 7 8 4 0 4 7 6 6 4 2 7 1 2 1 1 ,0 , 8 0 1 8 8 6 8 4 2 3 3 6 1 3 , , , 5 3 2 5 3 8 1 5 2 2 2 1 0 0 7 , , , 0 0 4 6 7 4 2 6 9 2 1 1 , , , 7 8 8 3 7 8 3 4 0 6 5 5 , , , 1 2 7 3 9 1 7 8 5 1 1 1 2 2 2 1969— D O N Se e c o p c t v . t . . . 2 2 3 2 9 6 1 4 . . 6 . . . . . . . . . 6 5 5 5 0 8 6 7 , , , , 5 3 2 9 0 3 7 0 9 3 8 5 4 4 4 4 6 8 5 5 , , , , 2 3 8 7 4 0 0 8 9 5 7 7 4 4 5 5 . , , , 7 5 0 4 2 3 4 8 2 4 8 7 6 6 6 6 , , , , 3 9 7 9 9 3 7 8 6 7 3 0 2 2 2 1 2 1 1 9 , , , , 3 8 8 1 4 1 4 6 9 8 5 5 8 8 8 8 7 3 5 1 , , , , 7 8 4 4 5 0 0 8 3 4 5 6 6 5 5 5 2 7 6 4 , , , , 3 9 7 2 8 3 1 7 1 1 2 3 1 9 9 8 0 , , , , 5 0 3 3 7 4 4 4 3 0 6 9 2 2 3 3 4 6 3 3 8 8 1 7 1 1 1 , , 2 3 , 6 5 9 2 9 0 8 8 4 8 3 3 3 3 1 1 6 0 , , , , 9 5 2 1 0 5 8 2 9 3 6 6 1 1 1 1 4 4 4 4 , , , , 4 9 7 0 2 2 4 1 1 6 4 2 4 5 5 5 , , , , 4 6 4 4 3 0 2 2 9 5 0 2 6 6 6 6 , , , , 3 3 2 2 0 1 8 5 1 8 1 6 1 1 1 1 2 2 2 2 1970— J J S A A F M M J u u a e e u p l n a a n p b y g r y e r . t . . . . . 2 2 2 2 2 2 3 2 9 5 4 6 2 9 0 5 8 . . 1 . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 5 5 5 5 5 5 5 9 8 7 7 7 6 8 8 7 , , , , , , , , , 4 4 0 8 2 5 7 0 2 8 6 6 1 8 6 2 1 2 4 8 9 9 8 8 0 0 5 4 4 4 4 4 4 4 4 4 6 5 4 5 5 5 5 5 5 , , , , , , , , , 2 8 6 2 9 2 7 5 5 6 1 3 1 0 8 2 0 2 5 9 4 7 8 6 2 5 3 4 5 4 4 4 5 4 5 5 , , , , , , , , , 9 1 4 7 3 4 3 1 0 8 4 0 1 9 4 5 9 0 1 4 8 9 4 2 8 1 0 7 8 6 7 6 7 7 7 7 , , , , , , , , , 0 6 8 5 3 4 8 7 6 7 6 0 8 5 1 8 2 3 5 1 2 2 8 3 5 6 3 2 2 2 2 2 2 2 1 1 3 0 0 1 0 1 2 9 8 , , , , , , , , , 0 8 7 9 8 0 5 4 3 5 0 7 0 0 8 3 0 2 7 8 8 9 7 2 5 4 2 8 8 8 8 8 8 8 8 8 2 4 4 3 4 2 8 2 4 , , , , , , , , , 3 6 6 0 5 1 8 3 8 4 2 7 9 0 4 4 5 9 8 6 3 9 4 5 5 6 3 6 5 5 5 5 5 5 5 5 4 8 6 7 7 8 5 7 7 , , , , , , , , , 0 9 2 2 0 7 0 5 1 1 5 5 7 4 3 6 3 4 9 9 1 6 0 7 3 6 7 1 9 9 9 8 9 9 9 8 2 , , , , , , , , , 2 3 5 3 6 6 3 9 16 2 5 2 8 2 6 9 9 1 4 6 2 5 7 8 7 3 7 7 2 2 2 2 2 2 5 1 2 1 3 4 8 8 1 9 9 9 1 6 5 0 0 6 2 1 1 1 1 1 , , , , 2 3 1 4 9 9 8 8 3 1 8 8 4 6 9 4 8 5 4 2 4 0 8 8 4 2 5 2 2 3 3 3 3 3 3 3 8 9 1 0 2 2 1 1 1 , , , , , , , , , 4 9 2 9 7 1 0 4 7 1 2 0 1 7 3 9 4 4 9 7 3 6 2 0 7 3 2 1 1 1 1 1 1 1 1 1 8 7 4 4 5 5 6 4 4 , , , , , , , , 7 4 4 6 2 2 8 8 8 1 0 6 3 3 8 4 8 1 2 5 1 7 3 0 0 7 6 4 4 4 5 5 5 5 5 5 ; , , , , , , , , 9 8 2 2 8 7 0 4 1 3 2 3 5 6 5 4 6 8 1 1 0 5 8 6 3 7 4 6 6 6 6 6 6 6 6 6 , , , , , , , , , 4 4 3 2 3 2 2 3 3 3 0 4 0 7 4 0 9 3 9 5 8 4 2 0 4 0 5 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 - For notes see p. A-22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 20 COMMERCIAL BANKS • OCTOBER 1970 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank3 Class of bank lia- Borand date Cash bilities row- Total Loans assets 3 and Demand ings 1,2 U.S. capital Total 3 Treas- Other ac- De- Time1 ury counts4 mand U.S. Govt. Other 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 1945—Dec. 31 5,931 1,333 4,213 385 1 ,489 7,459 7,046 1,312 1 ,552 3,462 719 1947—Dec. 31 5,088 1 ,801 2,890 397 1 ,739 6,866 6,402 1,217 72 4,201 913 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 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 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 1969—Sept. 246 14,006 10,564 1 ,471 1,971 2,925 17,784 11,806 1,189 349 5,555 4,689 2,092 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 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 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 1970— F Ja e n b . . 2 2 5 8 1 1 4 3 , , 1 6 0 8 2 4 1 1 0 0 , , 3 3 8 7 8 6 1 1 ,3 ,5 5 7 1 8 2 1 , , 1 9 3 5 6 7 2 3 , , 8 0 5 3 8 9 1 17 7 , , 9 2 6 8 6 7 1 12 2 , , 2 0 0 2 5 4 1 1, 2 ,2 05 8 0 4 3 4 3 2 6 5 5 , , 8 9 3 0 1 3 4 4 , , 5 6 4 1 8 0 2 1 , , 2 7 9 8 7 3 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 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 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 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 July 29 14,449 10,662 M 2,099 2,560 18,021 12,937 1 ,237 457 5,764 5,425 1 ,689 Aug. 26 14,556 10,642 1,796 2,118 2,911 18,520 12,841 1 ,192 342 5,725 5,524 2,129 Sept. 30 15,058 11,151 1,746 2,161 2,788 18,849 13,764 1 ,595 380 6,017 5,703 1 ,959 Other reserve city: 7, 8 1 1 9 9 4 4 1 5 — — D D e e c c . . 3 3 1 1 4 1 0 5 , , 1 3 0 4 8 7 8 7 , , 5 1 1 0 4 5 2 6 9 , , 4 5 6 5 7 2 2 1 , , 0 7 4 7 2 6 1 8 1 , , 5 2 1 8 8 6 2 5 4 1 , ,8 4 9 3 8 0 4 2 9 2 , , 0 3 8 1 5 3 4 6 , ,4 3 1 5 8 6 1 3 0 0 4 8,2 4 2 9 1 1 2 1 4 2 , , 6 5 5 5 5 7 4 9, , 7 8 6 0 0 6 2 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 1966—Dec. 31 95,831 69,464 13,040 13,326 24,228 123,863 108,804 8,593 233 1,633 49,004 49,341 1,952 1967—Dec. 30 105,724 73,571 14,667 17,487 26,867 136,626 120,485 9,374 310 1,715 53,288 55,798 2,555 1968—Dec. 31 119,006 83,634 15,036 20,337 28,136 151,957 132,305 10,181 307 1,884 57,449 62,484 4,239 1969—Sept. 246 117,698 87,577 11,110 19,011 25,301 148,736 117,685 8,329 217 2,963 49,663 56,513 10,236 Oct. 29 117,954 87,388 11,794 18,772 23,979 147,722 117,701 8,631 246 2,411 50,780 55,633 9,506 Nov. 26 118,287 87,908 11,583 18,796 26,601 150,766 118,724 8,853 167 2,213 52,603 54, r~ 10,518 Dec. 31 121,324 90,896 11,944 18,484 29,954 157,512 126,232 10,663 242 1,575 58,923 54,829 9,881 1970—Jan. 28 118,177 88,298 11,255 18,624 24,714 148,856 115,408 8,327 143 2,350 50,625 53,963 11,846 Feb. 25 117,265 87,839 10,775 18,651 24,467 147,785 115.117 8,231 152 2,823 49,823 54,( 11,104 Mar. 25 117,942 87,645 11,078 19,219 23,272 147,381 114,763 7,757 116 2,148 49,856 54,886 11,180 A M p a r y . 2 2 7 9 1 11 1 9 9 , , 0 2 0 1 2 3 8 88 8 , , 0 0 3 9 3 3 1 1 1 1 , , 2 2 9 8 8 7 1 1 9 9 , , 6 8 8 2 2 2 2 24 5 , , 3 0 9 4 3 2 1 1 4 5 9 0 , ,6 8 4 1 8 6 1 1 1 1 6 7 , .1 9 1 4 8 5 8 8, . 2 1 1 1 3 3 1 1 5 6 9 0 2 1 , , 3 9 0 4 4 5 4 5 9 0 , , 9 3 9 0 0 6 5 5 6 6 , , 2 63 3 7 6 1 1 1 1 , , 7 0 8 2 8 5 June 24 119,473 88,768 11,039 19,666 24,999 150,846 118,046 8,402 163 2,880 49,842 56,759 11,272 July 29 120,894 89,581 11,665 19,648 24,422 151,834 120.708 8,374 409 2,349 50,046 59,530 9,777 Aug. 26 123,418 91,106 12,341 19,971 25,008 154,765 123,746 8,544 552 3,049 50,085 61 ,516 9,485 Sept. 30 125,582 91,955 12,859 20,768 27,368 159,587 129,246 8,992 628 3,082 53,139 63,405 9,019 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 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 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 1966—Dec. 31 109,518 68,641 22,419 18,458 19,004 131,338 117,749 2,392 69 1,474 56,672 57,144 308 1967—Dec. 30 122,511 74,995 24,689 22,826 20,334 146,052 131,156 2,766 96 1,564 61,161 65,569 552 1968—Dec. 31 134,759 83,397 24,998 26,364 22,664 161,122 144,682 2,839 111 1,281 66,578 73,873 804 1969—Sept. 246 138,629 89,796 21,528 27.305 20,113 163.495 141,016 2,370 111 1,966 60,964 75,605 2,572 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 Nov. 26 139,184 90,567 21,521 27,096 21,719 165,576 142,737 2,415 86 1,695 63,496 75,045 2,691 Dec. 31 140,715 92,147 21,278 27,291 23,928 169,078 148,007 3,152 84 1,671 67,930 75,170 1,820 1970—Jan. 28 138,438 90,464 20,928 27,046 20,342 163,012 140,933 2,331 86 1,594 62,105 74,817 2.704 Feb. 25 137,842 90,463 20,438 26,941 20,492 162,686 140,364 2,340 86 1 ,680 60,781 75,477 2,769 Mar. 25 139,131 91,537 20,283 27,311 19,812 163.496 141,187 2,271 86 1,850 60,449 76,531 2,510 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 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 2,670 June 24 142,146 93,736 20,167 28,243 21,004 168,020 144,557 2,356 86 2,243 61,313 78,559 2,592 July 29 143,314 94,149 20,455 28,710 20,667 168,633 146,110 2,438 84 1,993 61,266 80,329 2,354 Aug. 26P 144,654 94,638 20,710 29.306 20,868 170,429 147,449 2,411 84 2,449 61,243 81,252 2,202 Sept. 30P 146,519 95,398 21,030 30,091 22,640 174,262 151,404 2,591 84 2,441 63,723 82,565 2,007 For notes see p. A-22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 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 TTTToooottttaaaallll aaaasssssssseeeettttssss———— CCCCllllaaaassssssssiiiiffffiiiiccccaaaattttiiiioooonnnn bbbbyyyy Securities TTTToooottttaaaallll Interbank3 Other FFFFRRRRSSSS mmmmeeeemmmmbbbbeeeerrrrsssshhhhiiiipppp CCCCaaaasssshhhh lllliiiiaaaa---- BBBBoooorrrr---- TTTToooottttaaaallll NNNNuuuummmm---aaaannnndddd FFFFDDDDIIIICCCC aaaasssssssseeeettttssss 3333 bbbbiiiilllliiiittttiiiieeeessss rrrroooowwww---- ccccaaaappppiiiittttaaaallll bbbbeeeerrrr iiiinnnnssssuuuurrrraaaannnncccceeee TTToootttaaalll LLLoooaaannnsss aaaannnndddd TTToootttaaalll333 Demand iiiinnnnggggssss aaaacccc---- ooooffff 111...222 UU..SS.. OOtthheerr ccccaaaappppiiiittttaaaallll DDee-- TTiimmee ccccoooouuuunnnnttttssss bbbbaaaannnnkkkkssss TTrreeaass-- 22 aaaacccc---- mmaanndd TTiimmee ll uurryy ccccoooouuuunnnnttttssss4444 G U o . v S t . . Other Insured banks: Total: 1941—Dec. 31.. 49 290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,298 15,699 10 6,844 13,426 1945—Dec. 31.. 121 809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,276 29,876 215 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 56,086 276,600 247,176 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 53,702 295,093 260,609 15,844 402 6,815 140,169 97,380 3,584 23,712 13,119 1963—Dec. 20.. 252 579 155,261 62,723 34,594 50,337 310,730 273,657 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 59,911 343,876 305,113 17,664 733 6,487 154,043 126,185 2,580 27,377 13.486 1965—Dec. 31. . 303 593 200,109 59,120 44,364 60,327 374,051 330,323 18,149 923 5,508 159,659 146,084 4,325 29,827 13.540 1966—Dec. 31. . 321 473 217,379 55,788 48,307 68,515 401,409 351,438 19,497 881 4,975 166,689 159,396 4,717 31,609 13,533 1967—Dec. 30. . 358 536 235,502 62,094 60,941 77,348 448,878 394,118 21,598 1,258 5,219 182,984 183,060 5,531 33,916 13,510 1968—Dec. 31. . 399 566 264,600 64,028 70,938 83,061 498,071 432,719 24,427 1,155 5,000 198,535 203,602 8,675 36,530 13,481 1969—June 306. 408 620 283,199 53,723 71,697 87,311 513,960 423,957 24,889 800 5,624 192,357 200,287 14,450 38,321 13,464 Dec. 31. . 419 746 294,638 54,399 70,709 89,090 527,598 434,138 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 3399,,445588 6, 786 1,088 23,262 88,,332222 4 3,640 5,117 1945—Dec. 31.. 69 312 13,925 51,250 4,137 20,144 90,220 84,939 9,: 229 14,013 45,473 16,224 78 4,644 5,017 1947—Dec. 31. . 65 280 21,428 38,674 5,178 22,024 88,182 83,023 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 36,880 219,744 193,860 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 41,690 235,996 206,456 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 46,634 263,375 231,374 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 50,953 296,594 257,884 15,117 657 3,090 116,422 122,597 5,923 21,524 4,716 1969—June 30«. 242 241 170,834 29,481 41,927 52,271 305,800 251,489 14,324 437 3,534 113,134 120,060 9,895 22,628 4,700 Dec. 31. . 247 526 177,435 29,576 40,514 54,721 313,927 256,314 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,' 411 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 30«. 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 I ,025 2,668 8.708 7,702 129 53 4,162 3,360 6 959 6,810 1945—Dec. 31. . 14 639 2,992 10,584 1 ,063 4,448 19.256 18,119 244 1 .560 10.635 5,680 7 1 .083 6,416 1947—Dec. 31. . 16 444 4,958 10,039 1 ,448 4,083 20,691 19,340 262 4 149 12,366 6,558 7 1 ,271 6,478 1961—Dec. 30. . 34 320 18,123 11,972 4,225 6,508 41,504 37,560 543 30 553 21,456 14,979 24 3,452 6,997 1962—Dec. 28. . 38 557 20,811 12,932 4,814 6,276 45,619 41,142 535 43 729 22,170 17,664 34 3,870 7,072 1963—Dec. 20. . 42 464 23,550 13,391 5,523 5.942 49,275 44,280 559 61 726 23,140 19,793 72 4,234 7,173 1964—Dec. 31. . 46 567 26,544 13,790 6,233 7.174 54,747 49,389 658 70 649 25,504 22,509 99 4,488 7,262 1965—Dec. 31.. 52 028 30,310 14,137 7,581 7,513 60,679 54,806 695 83 618 27,528 25,882 91 4,912 7,320 1966—Dec. 31. . 56 857 33,636 13,873 9,349 7,777 65,921 59,434 709 87 543 28,471 29,625 99 5,342 7,384 1967—Dec. 30. . 64 449 37,675 15,146 11,629 8,403 74,328 67,107 786 89 588 31,004 34,640 162 5,830 7,440 1968—Dec. 31. . 73 553 43,378 16,155 14,020 9,305 84,605 76,368 908 94 691 34,615 40,060 217 6,482 7,504 1969—June 306. 78 032 48,358 14,341 15,333 8,696 88,802 78,610 791 78 749 34,070 42,921 451 7,004 7,528 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 • OCTOBER 1970 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits TTToootttaaalll aaasssssseeetttsss——— CCClllaaassssssiiifffiiicccaaatttiiiooonnn bbbyyy Securities TTToootttaaalll Interbank3 Other FFFRRRSSS mmmeeemmmbbbeeerrrssshhhiiippp CCCaaassshhh llliiiaaa--- BBBooorrr--- TTToootttaaalll NNNuuummm--aaannnddd FFFDDDIIICCC aaasssssseeetttsss 333 bbbiiillliiitttiiieeesss rrrooowww--- cccaaapppiiitttaaalll bbbeeerrr iiinnnsssuuurrraaannnccceee TToottaall LLoo ii,, aa 22 nn ss T U r u e . r S a y s . - Oth 2 er ccc ccc ooo aaa aaa uuu aaa ppp nnn nnn ccc iii ddd --- ttt ttt sss aaa lll 444 TToottaall33 m D a e n - d Time U. D S. e n land Tim l e iiinnngggsss cccooo aaa uuu ccc nnn --- tttsss bbbaaa ooo nnn fff kkk sss Govt. Other Noninsured nonmember: 1941—Dec. 31 1,457 455 761 241 763 2,283 1,872 329 1 ; :91 253 13 329 852 1945—Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 4 279 714 1947—Dec. 315, 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 4 325 783 1961—Dec. 30 1,536 577 553 406 346 1,961 1,513 177 148 12 869 307 8 370 323 1962—Dec. 28 1,584 657 534 392 346 2,009 1,513 164 133 14 872 330 44 371 308 1963—Dec. 20 1,571 745 463 362 374 2,029 1,463 190 83 17 832 341 93 389 285 1964—Dec. 31 2,312 1,355 483 474 578 3,033 2,057 273 86 23 1,141 534 99 406 274 1965—Dec. 31 2,455 1,549 418 489 572 3,200 2,113 277 85 17 1,121 612 147 434 263 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 Dcc. 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 9,573 457 5 ,i 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 44,430 965 7,931 7,792 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

OCTOBER 1970 • COMMERCIAL BANKS A 23 LOANS AND INVESTMENTS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Securities Securities PPPeeerrriiioooddd TToottaall 11,,22 LLooaannss 11,,22 TToottaall 11,,22 LLooaannss II,,22 U.S. Other 2 U.S. Other 2 Govt. Govt. I960—Dec. 31 194.5 113.8 59.8 20.8 198.5 116.7 61.0 20.9 1961— Dec. 30 209.6 120.4 65.3 23.9 214.4 123.9 66.6 23.9 1962—Dec. 31 227.9 134.0 64.6 29.2 233.6 137.9 66.4 29.3 1963—Dec. 31 246.2 149.6 61.7 35.0 252.4 153.9 63.4 35.1 1964—Dec. 31 267.2 167.7 60.7 38.7 273.9 172.1 63.0 38.8 1965—Dec. 31 294.4 192.6 57.1 44.8 301.8 197.4 59.5 44.9 1966—Dec. 31 310.5 208.2 53.6 48.7 317.9 213.0 56.2 48.8 1967—Dec. 30 346.5 225.4 59.7 61.4 354.5 230.5 62.5 61.5 1968—Dec. 31 384.6 251.6 61.5 71.5 393.4 257.4 64.5 71.5 1969—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 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. 29p 402.9 276.6 52.3 74.0 402.9 276.4 52.3 74.3 May 27f 404.9 277.1 53.3 74.4 402.9 276.1 52.5 74.3 June 30re 405.1 276.2 54.1 74.8 408.7 281.7 51.6 75.4 July 29 p 410.7 279.9 55.5 75.3 410.6 281.8 53.3 75.6 Aug. 26*> 416.3 282.4 57.2 76.6 413.4 281.6 54.8 77.0 Sept 30*> 421.6 285.7 57.3 78.6 421.2 286.4 55.5 79.4 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 111111,,,,,,222222888888333333 111111,,,,,,222222111111666666 111111,,,,,,111111555555000000 111111 ,,,,,,111111333333111111 All member—Cont. Insured 111111,,,,,,222222888888333333 111111,,,,,,222222111111666666 111111,,,,,,111111444444999999 111111 ,,,,,,111111222222999999 Other reserve city 333336666622222 333333333322222 222229999933333 333333000000444444 National member 777777444444777777 777777333333000000 666666999999444444 666666888888888888 Country 666661111177777 666660000055555 555558888888888 555555777777111111 State member 222222333333222222 222222000000777777 111111888888777777 111111888888888888 All nonmember 333330000044444 222227777788888 222226666699999 222222555555555555 All member 999999777777999999 999999333333777777 888888888888111111 888888777777666666 333330000044444 222227777788888 222226666688888 222222555555333333 Noninsured 222222 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 • OCTOBER 1970 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans 1 Investments b c C a a l n l a l k s s d a a o n te f d l i m T o n a a v o e n n e t n d a s s t l t s i - f s e F e u o t r e c n l a d . d d l - 2 , s T 3 o , t a 4 l C m a c o i n i n e a m d - r l - - A c a tu u l g r l r 5 - - i - o p b T s r u r e o o r c c - c F u a h r o r a r i r t s y i i i e n n s g g in f s in ti a T t n u o c t i i a o l ns R t e a e s t a - e l O v t i d h t i n o i d e - - - r, Other U B s . e S il c . l s u T ri r t e i a es s u 6 r y S s g l a o e o t n c c a v d a u t t e l - , r O s it e t i h c es u e r - 5 d tr u ia s- l k a e n r d s ot T h o e rs Banks Others uals3 Total ce a r n t d if i- Notes Bonds rities deal- cates ers Total: 2 1947—Dec. 31. 116,284 38,057 1,660 830 1,220 115 9,393 5,723 947 69,221 9,982 6,034 53,205 5,276 3,729 1968—Dec. 31. 402,477 6,747 259,727 98,357 9,718 6,625 4,108 2,206 13,729 65,137 58,337 6,724 64,466 58,570 12.967 1969— D Ju e n c e . 3 3 0 1 i . o . 4 4 1 2 1 2 , , 4 7 2 2 9 8 9 7 , , 9 2 2 2 8 6 2 2 7 8 7 6 , , 7 7 7 5 3 0 1 10 04 8 , 4 4 0 4 3 3 1 1 0 0 , ,5 3 5 2 2 9 5 5 , , 3 7 0 3 6 9 4 4 , , 2 0 1 2 2 7 2 2 ,5 /" 87 1 1 3 5 , , 7 0 4 6 6 2 6 7 8 0 , , 4 0 1 2 9 0 6 6 1 3 , . 2 ,5 5 4 6 0 7 7 , , 0 3 0 8 9 8 5 5 4 4 , , 0 70 4 9 4 6 5 0 9 , , 0 1 8 8 0 3 1 12 2 , , 1 3 5 0 8 5 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 3,164 3,606 49 4,677 2.361 1,132 88,912 21,526 16,045 51,342 3,873 3,258 1947—Dec. 31. . 114,274 37,583 18,012 1,610 823 1,190 114 9,266 5! 654 914 67,941 9,676 5,918 52,347 5,129 3,621 1968—Dec. 31.. 399,566 6,526 258,074 97,741 9,700 6,409 4,063 2,145 13,621 64,804 58.142, 6,655 64,028 58,288 12,650 1969—June 30io 408,620 7,067 276,132 103,723 10,534 5,180 4,168 2,541 13,605 68,104 61 .337 6,941 53,723 59,746 11,950 Dec. 31.. 419,746 9,693 284,945 107,685 10,314 5,644 3,991 2,425 14,890 69,669 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 3,090 2,871 1945—Dec. 31.. 107,183 22,775 8,949 855 3,133 3.378 47 3,455 1,900 1,057 78,338 19,260 14,271 44,807 3,254 2,815 1947—Dec. 31.. 97,846 32,628 16,962 1,046 811 1,065 113 7,130 4,662 839 57,914 7,803 4,815 45,295 4,199 3,105 1968—Dec. 31.. 326,023 5,551 215,671 87,819 5,921 6,174 3.379 2,012 12,797 50,461 45,404 6,189 47,881 48,423 8,498 1969—June 30io3 30,587 5,444 229,397 92,926 6,348 4,996 3,473 2,386 12,820 52,556 47,457 6,435 39,382 48,600 7,764 Dec. 31.. 337,613 7,356 235,639 96,095 6,187 5,408 3,286 2,258 14,035 53,207 48.388 6,776 39.833 47,227 7,558 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 42,222 25,258 3,803 903 1,099 3,426 3,619 3,485 1,694 5,984 7,233 861 1969—June 30io 57,885 992 45,240 26,469 3,410 887 1,218 3,819 4,041 3,706 1,676 4,445 6,553 655 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 1,254 588 6.005 18,939 16,916 2,520 15,036 18,111 2,226 1969—June 30io 120,082 1,997 86,879 37,120 1,512 1,360 885 5,816 19,417 17,354 2,656 11,635 17,621 1,951 Dec. 31.. 121,628 3,021 88,180 37,701 1,386 1,300 876 6.006 19,706 17,569 2,757 11,944 16,625 1,859 Country: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 2 1,823 1,528 4,377 110 481 3,787 1,222 1,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 4 1,881 707 359 26,999 5,732 4,544 16,722 1,342 1,067 1947—Dec. 31.. 36,324 10,199 3,096 818 23 227 5 3,827 1,979 224 22,857 3,063 2,108 17,687 2,006 1,262 1968—Dec. 31.. 135,364 2,295 81,706 21,811 4,493 720 969 119 2,147 27,164 24,154 1,694 24,998 21,269 5,095 1969—June 30io 138,298 2,248 86,913 22,984 4,779 460 963 104 2,041 28,308 25,509 1 ,765 21,686 22,559 4,893 Dec. 31.. 141,286 3,318 89,401 23,762 4,739 498 947 148 2,263 28,824 26,362 1,858 21,278 22,572 4,718 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 10,147 4,469 1969—June 30io 80,841 1,783 48,376 11,476 4,204 310 739 201 925 15,863 14,083 574 14,662 11,481 4,541 Dec. 31.. 85,115 2,572 51 ,111 12,348 4,141 329 741 231 1 ,028 16,813 14,868 612 14,875 11 ,956 4,600 1 Beginning with June 30, 1948, figures for various loan items are 4 Breakdowns of loan, investment, and deposit classifications are not shown gross (i.e., before deduction of valuation reserves); they do not available before 1947; summary figures for 1941 and 1945 appear in the add to the total and are not entirely comparable with prior figures. Total table on pp. A-19—A-22. loans continue to be shown net. See also note 10. 5 Beginning with June 30, 1966, loans to farmers directly guaranteed 2 Includes securities purchased under resale agreements. Prior to June 30, by CCC were reclassified as "Other securities," and Export-Import Bank 1967, they were included in loans—for the most part in "Loans to banks." portfolio fund participations were reclassified from loans to "Other Prior to Dec. 1965, Federal funds sold were included with "Total loans" securities." This increased "Other securities" by about $1 billion. and "Loans to banks." 6 Beginning with Dec. 31, 1965, components shown at par rather than 3 See table (and notes) entitled Deposits Accumulated for Payment of at book value; they do not add to the total (shown at book value) and are Personal Loans, p. A-23. not entirely comparable with prior figures. See also note 10. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 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 s d a a o n te f d s B w F e R a r . i n v e R th - k e . s s r C c e a o n n u i d c r n - y b m a a w B d n e n i o a c s k t - l t e h - i s s c 7 ju p m D s o a d a t d s e e e n i - - d - t d s * m D e I s o n t - t i e c7 r ba e F n ig k o n r - 9 G U o . v S t . . g S l a o o t n c a v d a t t e l . c C c h o e f a e e e i f t n e r r c f c d d t s i . k i - ' - s, IPC I b n a t n e k r- G P S U i a o n o a n . s g v v S d t s - t . a , l g S l a o o t n c a v d a t t e l . IPC 3 r B i o n o w g r s - - C t a a p l i- Total: 3 1947—Dec. 31... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 866 34,383 10,059 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 19,110 184,892 8,899 37,006 1969—June 3010. 19,801 6,258 17,591 152,995 22,929 2,258 5,639 16,930 12,717 164,141 882 351 16,690 183,976 14,740 38,823 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 18,360 39,978 AH insured: 1941—Dec. 31... 12,396 1,358 8,570 37,845 9,823 673 ,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31... 15,810 1,829 11,075 74,722 12,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.. . 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1968—Dec. 31.. . 21,230 7,165 18,343 165,527 22,310 2,117 5,000 16,774 9,442 172,319 1,155 368 19,057 184,178 ,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 14,450 38,321 Dec. 31. . . 21,449 7,292 19,528 170,280 24,386 2,471 5,038 17,434 11,476 178,401 695 211 13,166 180,860 18,024 39,450 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. . . 15,81' 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 1,061 330 15,668 147,545 8,458 30,060 1969—June 30io. 19,801 4,828 10,370 118,038 22,026 2,072 4,874 12,916 11,513 133,857 722 305 13,071 143,990 13.999 31,317 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 17,395 32,047 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 1 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 20 1 ,206 195 2,120 1947—Dec. 31 . . . 4,639 151 70 16,653 3,236 1 ,217 267 290 1,105 17,646 12 14 1 ,418 30 2,259 1968—Dec. 31... 4,506 443 420 20,808 7,532 1 ,433 1 ,068 4,827 27,455 622 1,623 18,380 2,733 6,137 1969—June 30io. 4,212 400 424 15,504 9,725 1 ,509 983 1,314 7,801 25,338 405 673 14,735 ~ 671 6,283 Dec. 31. . . 4,358 463 455 21,316 8,708 1,641 694 1,168 6,605 28,354 268 207 14,692 4,405 6.301 City of Chicago: 1941—Dec. 31... 1,021 43 298 2,215 1,027 127 233 34 2,152 476 288 1945—Dec. 31. . . 942 36 200 3,153 1,292 1,552 237 66 3,160 719 377 1947—Dec. 31... 1,070 30 175 3,737 1 ,196 72 285 63 3,853 902 426 1968—Dec. 31. . . 1 ,164 98 281 5,183 1,445 257 245 207 6,090 624 5,545 682 1 ,433 1969— D Ju e n c e . 3 3 1 0 . i . o . . 8 6 6 5 9 2 1 7 2 8 3 1 1 3 5 4 0 4 5 , , 4 22 2 1 8 1 1 , , 5 2 8 9 1 8 2 1 7 7 4 5 2 3 6 2 8 1 2 2 2 2 9 8 5 6 , , 6 2 4 7 4 3 2 3 1 91 6 4 4 , , 4 7 0 8 9 3 1 2 ;2 30 9 0 1 1 , , 4 5 9 1 2 7 Other reserve city: 1 1 1 9 9 9 4 4 4 5 7 1 — — — D D D e e e c c c . . . 3 3 3 1 1 1 . . . . . . . . . 4 7 6 , , , 0 0 3 9 6 2 5 0 6 4 4 5 2 6 9 5 2 4 2 2 2 , , , 1 1 5 2 7 9 5 4 0 2 2 1 5 2 1 , , , 7 3 1 7 1 1 2 4 7 4 5 6 , , , 3 4 3 0 0 9 2 7 7 1 1 5 3 1 4 0 1 8,2 4 4 2 9 0 1 1 5 2 1 1 , , 2 1 ,7 8 4 6 2 4 3 7 2 6 0 8 1 5 6 1 2 2 1 2 6 1 , , , 0 2 1 0 8 2 1 3 7 1 2 3 0 0 4 2 4 2 3 5 0 8 2 3 1 4 3 6 3 2 0 1 4 9 1 , , , 5 5 0 6 4 4 3 2 5 2 2 1 , , , 8 5 9 6 4 6 6 4 7 1 1 9 9 6 6 8 9 — — D Ju e n c e . 3 3 0 1 i . o .. . . 7 8 , , 9 8 4 4 5 7 1 1 ,8 ,4 0 9 0 9 2 2 , , 7 9 7 8 6 6 4 3 3 9, , 7 6 8 7 1 4 9 8 , , 7 5 2 3 5 8 4 4 5 4 6 4 2 1 , , 1 8 7 8 2 4 3 3 , , 8 7 3 9 5 2 1 1 , ,8 9 4 4 3 7 4 5 8 1 , , 4 6 4 6 4 7 2 3 0 0 5 7 1 16 6 2 8 7 6, , 2 3 3 7 1 8 5 53 5 , , 6 2 2 7 1 1 4 7 , ,3 2 1 3 1 9 1 1 0 1 , ,1 6 6 84 6 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 50,439 " 881 11,464 Country: 1941—Dec. 31 ... . 2,210 526 3,216 9,661 790 225 I ,370 239 8,500 30 146 6,082 4 1,982 1 1 9 9 4 4 5 7 — — D D e ec c . . 3 3 1 1 . . . . . . . . 4 4 , , 9 5 9 2 3 7 9 7 2 9 9 6 4 3 , , 6 9 6 0 5 0 2 2 3 7 , , 5 4 9 2 5 4 1 1 , , 0 1 4 9 9 9 5,4 4 6 3 5 2 2 2, , 6 0 4 0 7 4 4 5 3 2 5 8 2 25 1 , , 2 7 0 9 3 7 1 1 7 7 2 3 1 3 9 7 1 14 2 , , 1 2 7 2 7 4 2 11 3 2 2 , , 5 9 2 3 5 4 1968—Dec. 31 ... . 6,714 3,293 7,592 61,827 2,781 1,281 7,703 1 ,612 57,263 111 6,043 68,348 804 11,807 1969—June 30io. . 6,991 2,851 7,036 58,325 2,465 1 ,447 7,490 I ,641 54,432 86 5,776 70,852 I ,787 12,376 Dec. 31... . 7,179 3.302 7,870 62,729 3,080 I ,671 7,905 1 .721 58,304 84 4,920 70,768 1 .820 12,766 No 1 n 9 m 47 e — mb D e e r c :3 . 31 544 3,947 13,595 385 167 I ,295 180 12,284 190 172 6,858 1 ,596 1 1 9 9 6 6 9 8 — — J D D u e e n c c e . . 3 3 3 1 0 1 . i . o . . . . 1 1 I , , , 5 6 4 6 4 3 0 4 0 7 7 8 , , , 2 6 3 2 3 8 1 1 3 3 3 3 4 5 8 , , , 9 6 6 5 5 4 7 4 4 1 I , 9 , 1 0 0 1 1 3 2 8 2 2 1 0 2 8 9 2 6 7 7 9 0 6 4 1 5 0 4 4 4 , , , 2 0 2 0 1 8 5 3 4 1 1 1 , , , 2 4 0 0 1 9 4 6 2 3 3 3 0 0 3 , , , 8 2 4 6 8 2 5 3 0 1 1 1 5 6 2 0 0 6 3 3 3 , , , 6 4 2 1 6 4 9 9 2 4 3 3 1 9 7 , , , 1 9 3 3 4 8 5 7 6 9 4 7 4 4 6 1 1 5 6 7 7, , , 9 9 5 3 4 0 1 5 6 7 Beginning with 1942, excludes reciprocal bank balances. banks in U.S. possessions are included through 1968 and excluded there- 8 Through 1960 demand deposits other than interbank and U.S. after. Govt., less cash items in process of collection; beginning with 1961, For the period June 1941—June 1962 member banks include mutual demand deposits other than domestic commercial interbank and U.S. savings banks as follows: three before Jan. 1960, two through Dec. 1960, Govt., less cash items in process of collection. and one through June 1962. Those banks are not included in all insured or 9 For reclassification of certain deposits in 1961, see note 6, p. 589, total banks. May 1964 BULLETIN. Beginning June 30, 1969, a small noninsured member bank engaged 10 Beginning June 30, 1969, reflects (1) inclusion of consolidated reports exclusively in trust business is treated as a noninsured bank and not as a (including figures for all bank-premises subsidiaries and other significant member bank. majority-owned domestic subsidiaries) and (2) reporting of figures for Comparability of figures for classes of banks is affected somewhat by total loans and for individual categories of securities on a gross basis—that changes in F.R. membership, deposit insurance status, and the reserve is, before deduction of valuation reserves. See also notes 1 and 6. classifications of cities and individual banks, and by mergers, etc. 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 • OCTOBER 1970 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans Federal funds sold, etc.1 Other To brokers For purchasing and dealers or carrying securities Total involving— To nonbank loans finan. Wednesday and Com- To brokers To institutions invest- To mer- and dealers others ments com- To cial Agri- Total mer- U.S. others Total and culcial Treas- Other indus- tural banks ury se- trial U.S. U.S. se- curi- Treas- Other Treas- Other curi- ties ury sees. ury sees. ties sees. sees. Large Banks— Total 1969 3 Sept. 3 231,91 5,791 5,564 132 166,694 76,669 2,104 715 3,244 107 2,661 10 232,915 6,216 4,459 1,664 166,922 77,010 2,084 996 3,108 106 2,645 17 233,507 5,598 4,773 704 168,320 77,917 2,084 721 3,323 103 2,627 24 232,108 5,780 5,591 41 167,903 78,097 2,094 492 3,085 103 2,617 1970 Aug. 5 242,195 7,938 7,342 298 198 100 172,121 79,349 2,058 735 2,927 104 2,311 12 240,498 7,064 6,105 661 139 159 171,501 79,389 2,050 692 2,781 105 2,329 19 241,110 6,560 5,791 537 168 64 171,695 79,117 2,041 ,036 2,845 104 2,355 26 241,265 6,845 5,981 623 192 49 171,289 79,219 2,029 973 2,874 103 2,301 Sept. 2 1 2 9 3 6 P * * p 2 2 2 2 4 4 4 4 3 7 3 3 , , , , 1 0 8 3 5 9 5 1 9 7 7 7 6 8 , , , , 6 6 3 1 2 4 2 9 2 2 4 2 6 6 6 5 , , , , 2 1 0 2 6 7 8 9 5 3 7 8 1 1 1 , , , 7 6 0 1 7 6 3 0 8 2 6 6 2 2 2 1 2 0 4 7 7 7 0 5 1 1 1 11 2 2 66 2 0 8 1 1 1 1 7 7 7 7 2 2 4 3 , , , , 6 2 2 4 9 6 0 2 5 4 3 6 7 7 8 8 9 9 0 0 , , , , 5 7 8 8 1 0 2 0 8 4 8 4 2 2 2 2 , , , , 0 0 0 0 2 1 2 2 8 3 6 6 9 7 7 8 2 2 4 3 1 8 7 6 2 2 3 3 , , , , 0 7 8 0 6 5 3 8 1 6 3 6 1 1 1 1 0 0 0 0 3 5 5 2 2 2 2 2 , , , , 2 3 3 3 9 0 1 2 6 9 9 2 30* 245,838 6,546 ' 4,936 1 ,160 255 195 174,441 81,173 2,010 554 3,104 104 2,329 New York City 19693 Sept. 3 53,933 2,001 1,984 10 41,488 25,197 628 2,035 820 10 53,824 1,429 810 595 41,767 25,538 878 1 ,905 816 17 54,522 1,367 1,144 209 42,245 25,872 630 2,071 811 24 54,012 1,786 1,727 10 41.641 25,847 408 1,852 809 1970 Aug. 5 55,645 1,205 1,197 42,307 25,748 524 1,818 687 12 54,669 781 756 41,848 25,756 425 1 ,739 689 19 54,71' 889 856 10 41,836 25,447 788 1 ,780 687 26 54,716 996 986 41,645 25,560 692 1 ,825 682 Sept. 2* 55,554 1,427 1,358 42,101 25,712 504 2,017 680 9P 55,296 928 864 42,372 25,933 667 1,720 679 1 6P 56,521 1,019 930 43,099 26,522 611 1 ,913 676 23 p 55,421 975 960 42,453 26,434 534 1 ,744 674 30* 55,779 565 514 20 43,131 26,715 454 1 ,993 669 Outside New York City 19693 Sept. 3 177,978 3,790 3,580 122 125,206 51,472 2,092 87 1 ,209 1,841 10 179,091 4,787 3,649 1,069 125,155 51,472 2,073 118 1,203 1 ,829 17 178,985 4,231 3,629 495 126,075 52,045 2,073 91 1,252 1,816 2 4 178,096 3,994 3,864 31 126,262 52,250 2,082 84 1,233 1970 Aug. 5 186,550 6,733 6,145 298 198 92 129,814 53,601 2,044 211 1,109 1 ,624 12 185,829 6,283 5,349 661 139 134 129,653 53,633 2,036 267 1 ,042 1,640 19 186,399 5,671 4,935 527 168 41 129,859 53,670 2,027 248 1,065 1,668 26 186,549 5,849 .4,995 623 192 39 129,644 53,659 2,015 281 1 ,049 1,619 Sept. 2p 187,803 6,217 4,907 1,011 217 82 130,163 53,792 2,014 243 1,069 1,619 9 p 188,584 6,694 5,309 1,082 175 128 130,323 53,785 2,012 261 1,036 1,630 16* 190,530 7,173 5,157 1,758 197 61 131,104 54,306 2,000 225 1,148 1,646 2 3 3 0* * 1 1 9 8 0 8 , , 0 4 5 7 9 8 5 5, , 9 3 8 4 1 7 4 4 , , 3 4 3 2 8 2 1,1 6 4 6 0 2 2 25 4 5 0 1 1 0 6 7 4 1 1 3 3 0 1 , , 9 3 7 1 3 0 5 5 4 4 , , 4 3 5 7 8 0 2 1 , , 0 9 1 96 1 1 1 8 0 7 0 1 1, ,0 1 8 1 9 * 1 1 , , 6 6 4 6 2 0 For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1970 • WEEKLY REPORTING BANKS A 27 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Loans (cont.) Investments Other (cont.) U.S. Treasury securities To commercial Notes an bonds banks maturing— Wednesday Con- Real sumer For- All Certifestate instal- eign other Total Bills icates Do- For- ment govts.2 Within 1 to After mes- eign 1 yr. 5 yrs. 5 yrs. tic Large banks— Total 1969 3 33,535 463 1,535 19,915 1,088 13,520 23,336 2,218 4,457 12,832 3,829 Sept. 3 33,594 408 1 ,639 19,919 1,095 13,380 23,292 2,195 4,496 12,782 3,819 10 33,696 440 1 ,503 19,958 1,065 13,570 23,116 2,068 4,472 12,760 3,816 17 33,766 410 1 ,500 20,002 1 ,043 13,434 22,223 1 ,596 4,341 12,736 3,550 24 1970 33,623 441 1,455 20,954 971 13,997 23,706 3,724 4,074 13,876 2,032 Aug. 5 33,686 381 1,476 20,968 976 13,688 23,468 3,520 4,052 13,847 2,049 12 33,731 430 1 ,426 20,999 942 13,679 24,334 3,262 3,562 14,936 2,574 19 33,696 402 1 ,417 21,045 921 13,629 24,556 3,486 3,627 14,834 2,609 26 33,727 402 1 ,374 21,117 909 13,915 24,764 3,750 3,605 14,806 2,603 Sept. 2p 3 3 3 3 , ,7 8 5 6 4 0 4 3 1 6 7 2 1 1 , , 4 4 8 1 2 5 2 2 1 1 , ,1 1 2 3 8 0 9 9 5 6 9 7 1 1 4 4 , ,1 1 0 10 4 2 2 4 4 , , 6 7 2 1 5 0 3 3 , , 7 8 9 4 1 4 3 3, , 5 5 6 4 1 5 1 1 4 4 , , 7 7 6 2 1 6 2 2 , , 5 59 1 7 0 1 9 6 p ? ' 33,901 409 1,512 21,195 936 13,874 24,402 3,689 3,564 14,691 2,458 23 v 33,923 424 1 ,428 21,250 926 13,985 24,793 4,195 3,570 14,648 2,380 30" New York City 1969 3 3,590 236 771 1,594 694 2,676 4,361 865 465 2,340 691 .Sept. 3 3,610 172 811 1 ,599 711 2,599 4,335 868 463 2,326 678 10 3,634 167 775 1,601 691 2,656 4,330 881 445 2,322 682 17 3,653 192 757 1,610 674 2,583 4,271 790 475 2,415 591 24 1970 3,428 227 820 1 ,846 599 2,803 5,202 1 ,407 810 2,691 294 .Aug. 5 3,447 189 834 11 ,,884466 609 2,589 5,146 1 ,320 841 2,693 292 12 3,460 227 785 11 ,,886688 576 2,567 5,120 1 ,021 508 3,098 493 19 3,449 189 778 1 ,859 557 2,523 5,210 1 ,159 512 3,066 473 26 3,475 188 754 1 ,849 551 2,631 5,138 1 ,173 512 2,981 472 .Sept. 9 2" " 3,511 150 830 1 ,842 597 2,654 5,153 1 ,211 519 2,961 462 16p 3,528 204 793 1 ,844 604 2,715 4,984 1,186 505 2,894 399 3,521 186 861 1,846 571 2,546 4,858 1 ,135 489 2,835 399 23» 3,491 199 789 1 ,836 568 2,614 4,832 1 ,134 475 2,832 391 30» Outside New York City 1969 3 29,945 227 764 18,321 394 10,844 18,975 1 ,353 3,992 10,492 3,138 Sept. 3 29,984 236 828 18,320 384 10,781 18,957 1 ,327 4,033 10,456 3,141 10 30,062 273 728 18,357 374 10,914 18,786 1 ,187 4,027 10,438 3,134 17 30,113 218 743 18,392 369 10,851 17,952 806 3,866 10,321 2,959 24 1970 30,195 214 635 19,108 372 1 ,194 18,504 2,317 3,264 1,185 1 ,738 Aug. 5 3 3 0 0 , , 2 2 7 3 1 9 2 1 0 9 3 2 6 6 4 4 1 2 1 19 9 , , 1 1 3 2 1 2 3 3 6 6 7 6 1 1 , ,1 0 1 99 2 1 1 8 9 , , 3 2 2 1 2 4 2 2, , 2 2 4 0 1 0 3 3 , , 2 0 1 5 1 4 1 1 ,8 ,1 3 5 8 4 2 1 , 0 ,7 8 5 1 7 1 1 9 2 30,247 213 639 19,186 364 1 ,106 19,346 2,327 3,115 1,768 2,136 26 3 3 3 0 0 0 , , , 2 2 3 5 4 3 2 3 2 2 2 21 1 1 2 4 3 6 6 6 5 2 2 2 0 2 1 1 1 9 9 9 , , , 2 2 2 8 8 6 6 6 8 3 3 3 5 6 6 8 2 3 1 1 1 , , , 3 4 2 8 5 8 9 6 4 1 1 1 9 9 9 , , , 6 5 6 4 5 2 1 7 6 2 2 2 , , , 5 6 5 7 5 8 7 8 0 3 3 3 , , , 0 0 0 4 9 4 2 3 0 1 1 1 , , 8 8 ,8 2 3 5 2 0 0 2 2 2, , , 1 1 11 3 3 1 1 5 Sept. 1 9 2 6 pp p 30,380 223 651 19,349 365 1,328 19,544 2,554 3,075 1 ,856 2,059 23 p 30,432 225 639 19,414 358 1,371 19,961 3,061 3,095 1,816 1,989 30p For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 28 WEEKLY REPORTING BANKS • OCTOBER 1970 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Investments (cont.) Other securities Cash Invest- Obligations Other bonds, items Re- Bal- ments of State corp. stock, in serves Cur- ances in sub- Wednesday and and process with rency with sidiar- Other political securities of F.R. and do- ies not assets Total subdivisions collec- Banks coin mestic consoltion banks idated Tax Certif. war- All of All rants4 other partici- others pation5 Large banks— Total 19693 36,090 3,690 28,752 1 ,139 2,509 30,714 15.934 2,989 4,727 508 12,834 Sept. 3 36,485 3,874 28,891 1 ,139 2,581 31,886 14,874 3,099 5,077 508 12,852 10 36,473 3,904 28,916 1 ,126 2,527 32,699 15.935 3,032 4,807 517 12,715 17 36,202 3,746 28,826 1,123 2,507 29,279 16,525 3,131 4,341 520 12,856 24 1970 Aug. 5 38,430 4,963 29,073 1 ,045 3,349 28,507 17,628 2,976 4,834 711 14,154 12 38,465 5,076 29,095 1 ,014 3,280 27,611 16,712 3,258 4,547 706 14,042 19 38,521 5,084 29,146 1 ,030 3,261 29,994 17,597 3,254 4,713 706 13,886 26 38,575 4,983 29,132 1,039 3,421 28,889 17,738 3,379 4,856 705 14,010 Sept. 2" 38,685 5,086 29,164 1,024 3,411 29,844 17,719 3,243 4,757 705 14,334 9" 38,853 5,167 29,230 1 ,045 3,411 29,949 17,252 3,282 5,464 710 14,249 16" 40,031 5,769 29,839 1 ,049 3,374 33,174 16,768 3,354 5,872 709 14,191 23" 39,749 5,580 29,705 1 ,039 3,425 28,198 18,129 3,428 4,919 710 14,078 30" 40,058 5,681 29,815 1,042 3,520 32,851 17,895 3,306 5,896 704 14,345 New York City 1969 ^ Sept. 3 6,083 879 4,584 106 514 13,548 3,963 372 321 270 4,597 10 6,293 972 4,653 105 563 16,007 4,018 372 341 270 4,687 17 6,580 1,171 4,766 105 538 15,389 4,064 370 378 270 4,565 24 6,314 1,012 4,674 99 529 14,344 3,700 372 319 270 4,674 1970 Aug. 5 6,931 1 ,332 4,589 88 922 12,320 4,548 400 561 324 5,017 12 6,894 1 ,390 4,527 87 890 11,963 4,358 411 418 324 4,891 19 6,866 1,397 4,479 87 903 14,094 4,336 410 544 324 5,011 26 6,865 1 ,261 4,611 94 899 14,716 4,774 418 507 324 5,028 Sept. 2" 6,888 1,317 4,597 86 888 13,878 4,244 431 459 325 5,095 9" 6,843 1 ,325 4,543 86 889 13,861 4,954 443 637 330 5,015 16" 7,419 1,719 4,752 75 873 14,742 4,585 439 667 332 5,055 23" 7,135 1,586 4,674 60 815 12,908 4,673 418 509 332 4,966 30" 7,251 1,630 4,705 64 852 16,036 4,901 405 1 ,158 332 5,038 Outside New York City 19693 Sept. 3 30,007 2,811 24,168 1.033 1,995 17,166 11,971 2,617 4,406 238 8,237 10 30,192 2,902 24,238 1.034 2,018 15,879 10,856 2,727 4,736 238 8,165 17 29,893 2.733 24,150 1,021 1,989 17,310 11,871 2,662 4,429 247 8,150 24 29,888 2.734 24,152 1,024 1,978 14,935 12,825 2,759 4,022 250 8,182 1970 1 Aug. 5 31,499 3,631 24,484 957 2,427 16,187 13,080 2,576 4,273 387 9,137 12 31,571 3.686 24,568 927 2,390 15,648 12,354 2,847 4,129 382 9,151 19 31,655 3.687 24,667 943 2,358 15,900 13,261 2,844 4,169 382 8,875 26 31,710 3,722 24,521 945 2,522 14,173 12,964 2,961 4,349 381 8,982 Sept. 2" 31,797 3,769 24,567 938 2,523 15,966 13,475 2,821 4,298 380 9,239 9" 32,010 3,842 24,687 959 2,522 16,088 12,298 2,839 4,827 380 9,234 16" 32,612 4.050 25,087 974 2,501 18,432 12,183 2,915 5,205 377 9,136 23" 32,614 3,994 25,031 979 2,bl0 15,290 13,456 3,010 4,410 378 9,112 30" 32,807 4.051 25,110 978 2,668 16,815 12,994 2,901 4,738 372 9,307 For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1970 • WEEKLY REPORTING BANKS A 29 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Deposits Demand Time and savings1 Domestic interbank Foreign IPC States States Wednesday and Certi- and Dopolit- fied polit- mes- For- 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 1969 3 91,904 6,361 1 ,228 18,183 671 716 2,065 8,439 98,580 46,653 38,588 8,145 428 4,368 Sept. 3 91,608 6,211 1 ,291 18,762 695 685 2,147 10,108 98,274 46,599 38,457 8,085 422 4,346 10 92,411 5,755 4,633 17,782 707 722 1 .997 9,396 97,992 46,554 38,312 7,936 416 4,417 17 1,739 5,979 5,474 16,157 645 727 2; 048 9,073 97,898 46,532 38,179 7,886 417 4,529 24 1970 90,750 6,301 3,789 18,591 632 839 2.104 6,805 107,580 46,379 42,359 10,805 931 6,715 Aug. 5 91,214 5,974 2,791 17,776 581 799 2.228 5,759 108,241 46,373 42,584 10,998 1 ,051 6,843 12 91,293 5,569 6,185 18,436 549 778 2.202 6,726 108,724 46,375 43,258 11,107 1 ,077 6,487 19 90,763 5,769 5,555 17,728 510 710 2,142 7,419 109,727 46,334 43,971 11,289 1 ,198 6,520 26 93,036 6,189 3,815 18,235 567 786 1 ,948 7,031 110,639 46,337 44,886 11,455 1,190 6,336 Sept. 2" 9 9 91 7 3 , , , 7 2 4 9 1 9 4 8 3 6 6 5 , , , 3 0 7 5 5 5 5 6 6 4 2 5 , , , 9 9 6 3 1 9 1 6 0 1 1 1 9 8 7 , , , 4 7 4 9 4 1 4 0 3 5 6 5 2 0 5 4 3 1 7 7 8 4 7 2 4 0 3 2 2 2 , . , 1 2 3 7 0 4 3 5 7 7 6 6 , , , 0 8 0 0 7 9 9 2 9 1 1 1 1 1 1 1 1 2 , , , 1 6 8 6 7 7 5 7 6 4 4 4 6 6 6 , , , 4 4 4 0 0 6 2 3 4 4 4 4 5 5 6, , , 8 8 3 8 5 3 1 8 8 1 1 1 1 1 1 , , ,6 4 5 6 4 5 2 3 0 1 1 1 , , , 2 2 3 3 6 4 9 5 2 6 6 6 , , , 2 0 1 3 8 5 5 3 0 2 1 9 3 6 " p " 94,521 7,677 5,798 20,962 657 851 2,191 7,361 113,641 46,811 47,581 11,607 1 ,269 5,879 30" New York City 1969 3 21 ,752 689 175 6,790 395 542 1 ,455 6,095 12,947 4,426 4,991 392 249 2,719 Sept. 3 21,756 552 70 7,564 433 536 1 .530 7,805 12,905 4,418 4,970 389 244 2,741 10 21,837 520 1 ,170 6,850 452 571 1 .409 7,233 12,896 4.407 4,958 383 246 2,767 17 21,016 553 1 ,264 6,393 415 571 1 .453 7,070 12,861 4.408 4,865 380 246 2,828 24 1970 21,402 585 882 7,432 331 682 1 ,508 4,468 15,916 4,354 6,197 648 517 4,070 Aug. 5 21,402 621 563 6,956 309 656 1 ,592 3,614 16,058 4,346 6,177 701 581 4,129 12 22,026 538 1 ,430 7,822 287 636 1 ,576 4,502 16,040 4.341 6,423 716 579 3,850 19 22,241 500 1 ,166 7,775 275 574 1 .529 5,375 16,323 4.338 6,641 738 653 3,822 26 22,827 611 710 7,478 302 647 1 ,333 4,661 16,657 4.339 7,000 784 638 3,763 Sept. 2" 2 2 2 3, , 7 4 5 3 1 4 5 7 2 9 9 8 1 , 5 0 8 7 8 8 7 7 , , 6 9 2 7 6 0 2 35 8 1 7 5 6 8 7 9 5 1 1 , , 7 5 0 6 4 9 4 4 , , 6 7 8 2 5 2 1 1 6 6 , , 8 9 3 5 3 8 4 4 . , 3 3 4 4 2 4 7 7, , 2 1 8 2 9 8 8 87 1 6 3 6 67 7 9 8 3 3 , , 6 7 2 3 5 4 1 9 6 " " 22,303 592 1,391 7,331 252 630 1 ,536 3,989 17,392 4,353 7,718 895 704 3,550 23" 22,501 1,512 1 ,309 10,135 383 709 1 .548 4,995 17,661 4,390 8,130 847 632 3,479 30" Outside New York Citv 1969 3 7 6 0 9 , , 1 8 5 5 2 2 5 5 , , 6 6 7 5 2 9 I I , , 0 2 5 21 3 I I I I, , 3 19 9 8 3 2 26 76 2 1 1 4 7 9 4 6 61 1 7 0 2 2 , , 3 3 4 0 4 3 8 85 5 , , 3 6 6 3 9 3 4 4 2 2 , , 1 2 8 2 1 7 3 3 3 3 , , 5 4 9 8 7 7 7 7, , 6 7 9 5 6 3 1 1 7 7 8 9 1 1 , , 6 6 0 4 5 9 Sept. 1 3 0 70,574 5,235 3,463 10,932 255 151 588 2,163 85,096 42,147 33,354 7,553 170 I ,650 17 67,723 5,426 4,210 9,764 230 156 595 2,003 85,037 42,124 33,314 7,506 171 I ,701 24 1970 6 6 9 9 , , 8 3 1 4 2 8 5 5 , , 7 3 1 5 6 3 2 2 , , 9 2 0 2 7 8 1 1 1 0 , , 8 1 2 5 0 9 2 30 7 1 2 1 1 5 4 7 3 5 6 9 3 6 6 2 2 , ,1 3 4 3 5 7 9 9 1 2 , , 6 1 6 8 4 3 4 4 2 2 , , 0 0 2 2 5 7 3 3 6 6 . , 1 40 6 7 2 1 1 0 0 , , 2 1 9 5 7 7 4 4 1 7 4 0 2 2 , , 6 7 4 1 5 4 Aug. 1 5 2 69,267 5,031 4,755 10,614 262 142 626 2,224 92,684 42,034 36,835 10,391 498 2,637 19 68,522 5,269 4,389 9,953 235 136 613 2,044 93,404 41,996 37,330 10,551 545 2,698 26 70,209 5,578 3,105 10,757 265 139 615 2,370 93,982 41,998 37,886 10,671 552 2,573 Sept. 2" 71,059 5,227 2,343 11,114 270 155 643 2,187 94,332 42,061 38,210 10,640 561 2,546 9" 73,467 5,557 3,612 11,524 266 148 636 2,287 94,719 42,058 38,569 10,666 586 2,528 16" 69,491 5,464 4,525 10,082 252 140 637 2,110 95,484 42,111 39.163 10,765 638 2,485 23" 72,020 6,165 4,489 10,827 274 142 643 2,366 95,980 42,421 39,451 10,760 637 2,400 30" For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 30 WEEKLY REPORTING BANKS • OCTOBER 1970 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Borrowings Reserves Memoranda from— for— Large negotiable Fed- Total time CD's eral Other Total loans included in time Wednesday funds liabili- capital Total and De- and savings deposits11 pur- F.R. ties Secur- loans invest- mand chased, Banks Others etc. 8 Loans ities (gross) ments deposits etc. 7 ad- (gross) ad- Issued justed9 ad- justed 1 o Total to justed 9 IPC's Large banks—Total 19693 Sept. 3 15,641 425 2,567 26,112 3,575 114 23,036 166,458 225,884 79,442 12,249 7,015 10 15,303 219 2,590 26,620 3,575 114 23,009 168,271 228,048 79,568 12,057 6,908 17 15,672 538 2,569 26,445 3,578 114 22,901 168,705 228,294 78,289 11,799 6,678 24 15,468 1,249 2,403 26,283 3,581 114 22,922 167,682 226,107 77,932 11 ,732 6,571 1970 Aug. 5 19,254 513 1 ,847 23,811 4,014 24,100 172,276 234,412 78,924 18,478 9,995 12 17,955 354 1 ,809 23,727 4.013 24,079 172,079 234,012 78,944 18,942 10,183 19 16,339 725 1,668 23,948 4.014 24,029 172,034 234,889 77,123 19,414 10,759 26 15,417 941 1,659 24,349 4.015 24,064 171,751 234,882 78,424 20,174 11,244 Sept. 2* 17,071 767 1,767 23,816 4,021 24,197 173,241 236,690 79,713 20,740 11,829 1 9 6 p * 1 1 7 7 , , 0 60 1 3 3 4 1 4 8 7 0 1 1 ,6 ,7 2 3 3 4 2 2 4 4 , , 0 0 3 9 6 2 4 4 , , 0 0 1 2 8 9 2 2 4 4 , , 2 0 0 8 5 3 1 1 7 7 5 3 , , 8 7 9 8 1 2 2 2 3 4 7 0 , , 3 5 4 4 5 7 7 8 9 0 , , 8 98 8 9 4 2 2 1 1 , , 0 1 7 2 0 4 1 1 2 2, , 1 2 1 4 7 7 23* 15,046 1 ,324 1 ,546 23,691 3,998 24,079 174,041 238,192 79,198 22,054 13,161 30* 13,903 788 1 ,435 22,708 4,007 24,258 175,627 240,478 80,407 22,249 13,629 New York City 19693 Sept. 3 4,260 15 518 14,237 1 ,050 6,081 41,269 51,713 17,380 2,068 866 10 4,334 15 508 14,372 1 ,050 6,086 42,214 52,842 16,605 2,014 855 17 4,577 115 432 14,419 1 ,050 6,024 42,301 53,211 16,633 1,977 793 24 4,191 297 422 14,128 1,049 6,005 41 ,508 52,093 16,734 1 ,996 769 1970 Aug. 1 1 5 2 9 5 5 4 , , , 4 5 0 0 6 9 6 9 4 168 2 2 2 3 3 3 7 0 8 1 1 1 2 2 2 , , , 4 5 4 7 9 2 1 9 6 1 1 1, , 2 2 ,2 0 03 0 0 0 6 6 6, , , 1 1 1 3 3 3 2 8 3 4 4 4 2 1 1 , , , 0 6 6 8 4 8 8 2 4 5 5 5 4 3 3 , , , 2 7 6 2 2 2 1 8 4 1 1 1 6 5 6 , , , 2 4 6 3 7 5 1 1 6 4 4 4 , , , 6 5 7 6 9 7 1 5 7 2 2 2 , , , 4 2 2 9 5 4 1 5 2 26 4,126 416 238 12,624 1.205 6,116 41,466 53,541 15,778 5,110 2,711 Sept. 2 9 * * 4 5 , , 3 2 7 6 7 2 213250 2 22 4 6 4 1 1 2 2 , , 5 22 3 0 0 1 1 . , 2 2 0 0 6 4 6 6 , ,1 1 6 6 5 8 4 4 2 1 , . 2 9 8 8 6 2 5 5 4 4 , , 0 2 0 8 8 2 1 1 6 6 , , 4 5 3 0 1 3 5 5 , , 4 3 2 2 5 6 2 3 , , 9 0 4 0 2 6 16* 4,525 225 12,471 1,208 6,104 42,984 55,387 17,060 5,451 3,036 23* 3,779 549 185 12,028 1 ,185 6,085 42,282 54,275 16,394 5,875 3,470 30* 3,364 259 187 11,754 1 ,191 6,141 42.983 55,066 15,612 5,938 3,665 Outside New York City 19693 Sept. 3 11,381 410 2,049 11,875 2,525 16,955 125,189 174,171 62,062 10,1,81 6,149 10 10,969 204 2,082 12,248 2,525 111 16,923 126,057 175,206 62,963 10,043 6,053 17 11,095 423 2,137 12,026 2,528 111 16,877 126,404 175,083 61,656 9,822 5,885 24 11,277 952 1,981 12,155 2,532 111 16,917 126,174 174,014 61 ,198 9,736 5,802 1970 Aug. 5 13,685 513 1,617 11,340 2.814 17,962 130,188 180,191 62,268 13,883 7,740 12 12,861 354 1,572 11,128 2.813 17,946 130,395 180,288 62,713 14,281 7,941 19 11,933 557 1,430 11,522 2,811 17,897 130,392 181,261 61,652 14,637 8,268 26 11,291 525 1,421 11,725 2,810 17,948 130,285 181,341 62,646 15,064 8,533 Sept. 2* 12,694 532 1,523 11,286 2.815 18,029 131,259 182,682 63,210 15,414 8,887 1 9 6 * * 1 1 2 2 , , 3 4 4 8 1 8 3 1 2 8 7 0 1 1 , ,5 3 0 9 8 8 1 1 1 1 , , 8 6 1 2 6 1 2 2, .8 8 1 2 4 1 1 17 8 , , 9 0 7 4 9 0 1 1 3 3 2 1 , , 9 4 0 9 7 6 1 1 8 8 3 5 , , 0 1 6 6 3 0 6 6 3 3 , ,9 4 2 5 9 3 1 1 5 5 , , 6 6 4 7 5 3 9 9 , , 1 2 1 1 1 1 23* 11,267 775 1,361 11,663 2,813 17,994 131,759 183,917 62,804 16,179 9,691 30* 10,539 529 1,248 10,954 2.816 18,117 132,644 185,412 64,795 16,311 9,964 1 Includes securities purchased under agreements to resell. 7 Includes securities sold under agreements to repurchase. 2 Includes official institutions and so forth. 8 Includes minority interest in consolidated subsidiaries. 3 Figures not comparable with 1969 data. For description of revision 9 Exclusive of loans and Federal funds transactions with domestic comin series beginning July 2 (with overlap for June 25), see BULLETIN for Aug. mercial banks. 1969, pp. 642-46. 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. 11 Certificates of deposit issued in denominations of $100,000 or more. 6 Includes corporate stock. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 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 1970 1969 Sept. Sept. Sept. Sept. Sept. 1st 2nd 30 23 16 9 2 Sept. Aug. July III half half Durable goods manufacturing: P M ri a m ch a i r n y e r m y etals 6 2, , 3 0 1 2 5 4 6 2 , , 0 25 9 9 3 2 6 , , 2 2 3 2 2 3 2 6 , ,0 2 8 0 3 0 2 6 , , 1 0 7 3 2 4 - 1 7 9 5 1 -85 2 -10 4 0 3 -1 1 7 4 3 9 1 1 5 2 5 2 - 1 7 4 4 9 27 8 1 1 6 1 0 2 9 9 Transportation equipment 2,998 2,930 2,894 2,800 2,763 262 -2 -22 238 31 96 127 539 Other fabricated metal products.. 2,177 2,167 2,220 2,187 2,174 11 -58 -28 -75 124 125 249 -174 Other durable goods 2,803 2,803 2,803 2,813 2,827 -40 -16 107 51 237 237 79 Nondurable goods manufacturing: Food, liquor, and tobacco 2,555 2,588 2,583 2,592 2,565 27 -17 -209 -199 -84 -415 -499 709 Textiles, apparel, and leather 2,840 2,878 2,922 2,941 2,920 -25 13 139 127 207 169 376 -373 Petroleum refining 1,646 1,651 1,658 1,579 1,527 138 -4 -127 7 45 -124 -79 -350 Chemicals and rubber 2,802 2,710 2,726 2,661 2,616 192 -54 -53 85 -127 -128 103 Other nondurable goods 2,212 2,321 2,351 2,248 2,218 25 76 101 35 -8 27 199 Mining, including crude petroleum Trad a e n : d C o n m at m ur o a d l i g ty a s dealers 4 1 , , 1 0 6 0 9 4 4,2 9 1 7 9 6 4,2 9 2 5 3 0 4,1 9 9 2 4 1 4,1 8 7 8 4 8 13 1 3 3 -6 2 5 0 - - 4 3 7 9 - 1 9 0 1 6 - - 1 1 3 3 2 4 - - 4 1 4 5 5 8 - - 5 2 7 9 7 2 - 2 6 3 9 4 Other wholesale 3,675 3,631 3,647 3,600 3,612 73 -25 4 52 146 -92 54 11 Retail 4,246 4,163 4,074 4,122 4,160 118 -53 -172 -107 276 -103 173 -126 Transportation 5,887 5,780 5,790 5,751 5,726 155 -44 136 247 60 -156 -96 257 Communication 1,262 1,315 1,321 1,282 1,304 -75 18 30 -27 -30 -220 -250 341 Other public utilities 2,588 2,520 2,578 2,547 2,608 29 26 -201 -146 -38 -793 -831 747 Construction 3,259 3,262 3,276 3,277 3,268 -42 61 32 51 149 -83 66 -70 Services 7,103 7,016 7,047 6,916 6,920 194 -101 137 230 -19 -128 -147 263 All other domestic loans 4,978 4,954 5,032 4,931 4,898 46 -41 143 148 88 -203 -115 507 Bankers' acceptances 746 760 712 685 721 13 202 26 241 -47 -156 -203 183 Foreign commercial and industrial loans 2,211 2,247 2,211 2,169 2,162 51 1 -5 57 22 -106 -84 -192 Total classified loans 69,500 69,243 69,473 68,499 68,257 1,414 -212 -130 '1,072 1,086 -2,726 -1,640 3,456 Total commercial and industrial loans, 81,173 80,804 80,828 79,718 79,504 1,954 -100 -228 1,625 n ,101 -3,028 -1,940 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 1970 1969 1970 Industry Sept. Aug. July June May Apr. Mar. Feb. Jan. 1st 30 26 29 24 27 29 25 25 28 III IV half Durable goods manufacturing: Primary metals 1,677 1,474 1,523 1,520 1,447 1,463 1,452 1,420 1,428 157 68 -24 57 44 Machinery 2,924 2,920 2,824 2,784 2,763 2,761 2,800 2,748 2,686 140 -16 51 193 35 Transportation equipment 1,655 1,608 1 ,599 1 ,564 1,549 1,560 1 ,575 1,544 1,554 91 -11 74 256 63 Ot p h r e o r duc fa ts b ricated metal 807 789 770 762 755 780 759 754 757 45 3 -2 -8 1 Other durable goods 1 ,141 1,135 1 ,158 1 ,132 1 ,162 1 ,183 1 ,162 1 ,141 1 ,145 9 -30 -7 59 -37 Nondurable goods manufac- Fo t o u d ri , n l g iq : uor, and tobacco 1 ,008 968 968 1 ,007 939 951 960 952 942 1 47 73 54 T Pe e l x t e r t a o il t l e h e s e u , r m r a e p fi p n a i r n e g l , and 1 , 7 2 5 4 1 8 1 , 7 1 3 8 3 3 1 7 ,1 6 9 7 9 1 , 7 2 6 6 2 6 1,2 7 1 5 7 6 1 , 7 2 0 5 9 4 1,2 7 5 2 5 6 1,2 7 3 2 4 1 1 , 7 3 0 1 8 0 - - 1 1 1 8 3 1 6 1 -10 1 1 3 -12 2 1 4 -9 4 0 9 C O h th e e m r ic n a o l n s d a u n r d a b r l u e b b g e o r o ds. , 1 1 ,1 ,7 8 8 3 0 1 1 ,1 ,6 0 6 6 4 1 1 ,6 ,0 8 9 7 8 1 1 , ,0 7 7 0 1 9 1 1 , 0 ,6 7 9 1 4 1 1 ,0 ,8 9 3 9 1 1 1 , , 8 1 0 4 5 6 1 1 ,1 ,8 2 9 0 6 1 1 ,1 ,8 3 3 3 2 1 7 12 1 - - 7 9 5 6 - - 2 5 4 1 8 12 5 -1 -8 20 0 T T C C O S A M e r r o o l t r i a l a h n m n v n d e o s i i t s r m e n c t t r p h r : e g o p u u o s e , C l u O R n c r e r i b t t o i e u t n l i c a l h m t o m o c i a t a e c a n i l t i m r o u i n l a u o n d s o w n t n i i d d n l h i i g o t t n i y l e a e c s t s d r u u a e r l d a e a e l l e g r p s a e . s - . . 4 3 1 3 1 1 , , , , , , 4 4 0 1 3 2 9 6 4 1 6 6 3 2 6 5 9 4 8 7 1 5 2 5 0 7 7 8 2 4 3 3 1 1 1 , , , , , , 3 3 0 0 3 2 9 7 4 8 4 4 3 4 6 8 8 0 8 1 7 2 4 2 0 5 7 4 2 4 3 1 1 3 1 , , , , , , 4 4 0 2 0 2 9 7 4 2 8 3 9 6 4 5 0 2 8 5 9 1 2 7 9 9 8 4 0 '1 4 3 3 1 1 , , , , , , 2 2 5 0 3 0 6 4 9 2 7 8 1 0 3 1 9 0 8 7 6 2 7 8 3 1 2 8 8 4 3 1 3 1 , , , , , 2 0 5 2 1 7 9 4 8 6 3 8 2 8 1 8 1 8 8 2 1 5 0 6 7 4 6 7 8 4 2 3 1 1 1 , , , , , , 1 9 5 0 2 1 4 6 8 9 6 9 4 2 8 4 7 8 9 9 2 0 2 0 3 5 7 4 9 4 2 3 1 1 1 , , , , , , 3 9 7 1 2 2 6 4 9 3 6 9 0 0 0 7 9 7 0 1 1 5 9 6 6 8 6 6 3 rl 4 2 3 1 1 , , , , , , 2 9 7 2 2 1 6 4 8 9 7 5 3 4 9 7 9 9 8 1 1 7 6 4 4 2 3 9 1 4 2 3 1 1 1 , , , , , , 9 3 9 2 3 2 6 4 8 3 1 4 3 1 1 9 8 8 9 6 6 3 2 8 4 0 6 0 3 -1 1 1 - - 2 5 4 4 6 2 3 4 1 1 2 0 6 5 2 1 5 - -1 1 - - 1 5 ' - 6 2 2 1 2 4 0 8 1 5 8 7 5 2 0 8 2 - ' - - 3 1 - - - - 3 - 8 2 - 1 2 8 7 1 1 2 0 6 3 3 1 6 4 - 3 1 1 2 4 4 7 0 5 3 1 1 9 2 0 1 7 2 1 3 0 - - - '- 1 3 5 - - 1 1 9 3 0 0 7 2 5 4 0 8 4 8 9 9 7 6 Foreign commercial and industrial loans 1,604 1,599 1,599 1,620 '1,614 rl ,579 rl ,605 "1,575 '1,591 -16 '-37 -75 -22 Total loans 32,622 31,843 31,916 r31,739 31,343 r31,471 r32,006 r31,943 '32,194 883 -267 '-784 1,391 1,051 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 • OCTOBER 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 By type of loan By type of loan Commercial I Commercial and All other and All other industrial industrial 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 2 1 2 5. . 7,783 6,037 1,746 1,874 637 1,237 7,976 6,063 1,913 1 ,879 648 1 ,231 29. 8,018 6,151 1,867 1 ,892 647 1,245 Aug. 5. 7,902 6,006 1,896 1,877 640 1,237 12. 7,927 5,998 1,929 1,881 656 1,225 2 1 6 9. . r7 7 , , 7 9 8 0 7 7 r5 6 , , 7 0 8 8 8 9 1 1 , , 9 8 9 1 9 8 rl 1 , , 8 7 3 9 6 4 r5 6 8 2 6 9 1 1. .2 2 0 0 7 8 Sept. 2. 7,062 5,296 1,766 1,775 559 1,216 9. 6,657 5,013 1 ,644 1,739 528 1,211 16. 5,736 4,216 1 ,520 1,747 538 1,209 23. 5,515 4,027 1 ,488 1,764 544 1,220 30. 5,004 3,479 1 ,525 1 ,713 500 1,213 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) Aug. May Aug. May Aug. May Aug. May Aug. May Aug. May 1970 1970 1970 1970 1970 1970 1970 1970 1970 1970 1970 1970 Percentage distribution of dollar amount 1i Less than 8.00. 1.4 1.3 5.4 9.7 2.5 3.3 1.7 2.1 .6 1.4 1.3 .8 8.00 41.9 44.2 8.7 7.6 8.2 8.5 19.5 19.2 36.5 36.8 57.3 58.7 8.01-8.49 20.1 19.9 6.0 7.2 8.8 8.3 19.2 18.1 25.0 22.2 21.4 21.8 8.50 7.9 8.2 6.3 5.6 11.0 10.6 11.6 12.2 10.0 10.9 5.6 6.2 8.51-8.99 7.3 7.0 8.0 8.6 13.4 14.7 12.7 13.1 6.8 9.1 4.4 3.6 9.00 6.2 5.8 14.0 11.5 13.4 12.5 9.4 10.0 6.7 6.0 3.7 3.5 9.01-9.49 4.2 3.5 12.9 12.6 11.7 12.4 7.7 7.4 4.1 3.7 1.6 .9 9.50 3.4 3.5 11.2 11.1 9.3 9.2 5.7 6.8 3.9 3.1 1.3 1.7 9.51-9.99 1.6 1.8 10.5 10.0 6.5 6.9 3.1 3.2 .9 1.8 .2 .5 Over 10.0 5.8 4.8 16.8 16.2 15.1 13.6 9.3 7.9 5.4 5.1 3.2 2.3 Total. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Total loans: Dollar (millions) 193.4 5.278.2 38.7 48.9 402.6 453.7 815.1 908.8 574.3 699.9 2,362.7 3,166.9 Number (thousands).. . . 28.6 34.1 9.7 12.4 12.7 14.5 4.2 4.7 .9 1.1 1.1 1.4 Center Weighted average rates (per cent per annum) 35 centers 50 8.49 9.15 9.05 9.07 9.04 8.75 8.73 8.46 8.43 8.25 8.25 New York City. . . 24 8.24 9.07 9.05 8.95 8.91 8.59 8.53 8.24 8.31 8.12 8.13 7 Other Northeast. 89 8.86 9.41 9.23 9.42 9.34 9.01 9.01 8.68 8.72 8.49 8.45 8 North Central.. . 47 8.44 8.90 8.80 8.99 8.93 8.79 8.78 8.46 8.44 8.27 8.24 7 Southeast 49 8.44 8.76 8.70 8.79 8.77 8.54 8.49 8.45 8.31 8.15 8.15 8 Southwest 53 8.61 9.08 9.10 8.84 8.90 8.59 8.61 8.48 8.32 8.33 8.58 4 West Coast 54 8.42 9.51 9.49 9.19 9.13 8.81 8.72 8.61 8.50 8.28 8.13 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

OCTOBER 1970 • INTEREST RATES A 33 PRIME RATE CHARGED BY BANKS (Per cent per annum) In effect during- Rate Effective date Rate Effective date Rate Effective date Rate 192 9 5i/i-6 1947—Dec.1. ... Wa 1956--Apr. 13. m 1966—June 29 5% Aug. 21. 4 Aug. 16.... 6 1 1 9 9 3 3 0 1 2 3 3 i/ 42- - 6 5 1948—Aug.i.... 2 1957--Aug. 6. 4% 1967— M Jan a . r . 2 2 6 7 - . 2 . 7 .. . 5 5 1 % /2-5 54 193 2 1950—Sept. 22. 21/4 Nov. 20.... 1 1 9 9 3 3 1 4 9 3 — 4 7 (Nov.). m m - 4 1 1 9 9 5 5 1 3 — — O D J A a c e p n t c r . . . . 2 1 1 8 7 9 7 . . . . 2 2 3 3 3 V 1 / / z 4 4 1 1 9 9 5 5 8 9 - - - - J M S A S a e e p a n p p y r . t t . . . 2 2 1 1 1 2 8 1 1 . . . . . 4 4 5 4 W % l 1968— S N D D A e o e e p p c c v r t . . . . . 2 1 1 1 5 2 3 9 8 . . . . . . . . . . . . . . . . 6 6 6 6 6 6 1 y i % / / 2 4 4 -6 14 1969—Jan. 7.... 7 1954—Mar. 17. 3 1 1 9 9 6 6 5 0 - -- - A D u ec g . . 23 6 . . 41/2 J M un a e r. 1 9 7 .... m81 /2 1955—Aug. 31/4 5 1970—Mar. 25.... 8 Oct. 31/2 1966--Mar. 10. 5% Sept. 21 7H 1 Date of change not available. MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable) 4 FFFiiinnnaaannnccceee PPPrrriiimmmeee CCCOOO... PPPrrriiimmmeee cccooommmlll... pppaaapppeeerrr bbbaaannnkkkeeerrrsss''' FFFeeedddeeerrraaalll 3-month bills3 6-month bills 5 9- to 12-month issues PPPeeerrriiioooddd pppaaapppeeerrr ppplllaaaccceeeddd aaacccccceeepppttt--- fffuuunnndddsss 33-- ttoo 55-mmm 444--- ooo nnn tttooo ttt hhh 666 sss --- 111 d m d m d m 333 iii --- rrr ooo eee ttt nnn ooo ccc ttt ttt hhh lll 666 yyy sss --- ,,, 222 999000 aaa nnn ddd ccc aaa eee yyy sss,,, sss 111 rrraaattteee333 n R ew at e i s o su n e M y a ie r l k d e t n R ew at e i s o su n e M y a ie r l k d e t k B e i t l ls y i ( e m ld a ) r 5 - Other 6 iiss yy ss ee uu aa ee rr ss 77 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 fftt<< << 1969—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 8.21 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 '6.555 6. 51 6.63 7.00 7.58 Aug. 7.90 7.48 7.20 6.61 6.412 6.41 6.526 6. 56 6.55 6.92 7.56 Sept 7.32 7.12 7.03 6.29 6.244 6.12 6.450 6. 47 6.40 6.68 7.24 Week ending— 11997700——JJuunnee 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 JJuullyy 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 8 8.00 7.60 7.33 6.93 6.413 6.46 6.496 6. 59 6.61 6.97 7.61 15 8.00 7.50 7.25 6.82 6.512 6.52 6.682 6. 66 6.65 7.09 7.65 22 8.00 7.50 7.20 6.64 6.527 6.42 6.587 6. 52 6.49 6.95 7.59 29 7.70 7.35 7.05 6.34 6.198 6.25 6.338 6. 46 6.46 6.69 7.42 SSeepptt.. 5 7.50 7.31 7.13 6.46 6.342 6.36 6.508 6.58 6.52 6.81 7.42 12 7.38 7.31 7.13 6.64 6.365 6.40 6.555 6.58 6.49 6.85 7.40 19 7.38 7.25 7.10 6.46 6.314 6.21 6.494 6. 49 6.37 6.72 7.24 26 7.20 6.91 6.90 5.84 5.954 5.80 6.241 6.29 6.27 6.49 7.05 Oct. 3 7.13 6.75 6.88 6.05 5.807 5.84 6.373 6.43 6.39 6.54 7.09 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. maturities in the 90-179 day range. 5 Bills quoted on bank discount rate basis. 3 Seven-day average for week ending Wednesday. 6 Certificates and selected note and bond issues. 7 Selected note and bond issues. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 34 INTEREST RATES • OCTOBER 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 1 Baa Aaa Baa Indus- Rail- Public Pre- Com- Comtrial road utility ferred mon mon 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 1963 4.00 3.28 3.06 3.58 4.50 4.26 4.86 4.42 4.65 4.41 4.30 3.17 5.68 196 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—Sep t 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 Aug 6.75 6.27 5.96 6.65 8.73 8.13 9.44 8.44 9.19 8.83 7.41 4.07 Sept 6.63 6.18 5.90 6.49 8.68 8.09 9.39 8.40 9.10 8.80 7.31 3.82 Week ending— 1970—July 4... 6.73 6.99 6.65 7.25 8.92 .60 9.41 8.69 8.76 9.20 7.84 4.32 11 . . . 6.56 6.77 6.50 7.10 8.93 ;.55 9.44 8.67 9.11 9.13 7.66 4.32 18. . . 6.61 6.77 6.50 7.10 8.88 .49 9.39 8.62 9.12 9.05 7.59 4.20 25. . . 6.54 6.41 6.15 6.80 8.82 .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 .26 9.37 8.52 9.12 8.85 7.50 4.04 8. . . 6.61 6.36 6.10 6.75 8.73 .17 9.41 8.47 9.15 8.81 7.44 4.09 15. . . 6.76 6.40 6.10 6.80 8.71 .10 9.42 8.40 9.19 8.81 7.41 4.19 22. . . 6.90 6.31 5.95 6.45 8.74 ;.12 9.44 8.42 9.18 8.84 7.38 4.10 29... 6.73 6.01 5.70 6.40 8.72 .13 9.47 8.44 9.22 8.85 7.39 3.88 Sept. 5. . . 6.72 6.01 5.70 6.40 8.72 .13 9.45 8.43 9.17 8.82 7.39 3.89 12. . . 6.75 6.26 6.00 6.55 8.70 .13 9.44 8.43 9.08 8.83 7.31 3.81 19... 6.64 6.22 5.96 6.50 8.69 .09 9.42 8.40 9.12 8.82 7.38 3.86 26... 6.52 6.24 5.95 6.50 8.66 .06 9.32 8.38 9.07 8.77 7.26 3.81 Oct. 3... 6.53 6.36 6.15 6.65 8.63 .05 9.29 8.36 9.04 8.75 7.19 3.75 Number of issues2 20 108 18 38 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

OCTOBER 1970 • SECURITY MARKETS A 35 SECURITY PRICES Common stock prices Volume of Bond prices New York Stock Exchange trading in (per cent of par) stocks in Amer- thousands of Standard and Poor's index New York Stock Exchange index ican shares (1941-43= 10) (Dec. 31, 1965 = 50) Stock Exchange ( G l U o o . n v S g t . , - S l a o t n c a d a te l p A C o A o ra r A - te 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 r o i a r o n t n a s - - Utility na F n i- ce i t n o d t e a x l 1 NYSE term) 76.55 100.5 81.8 91.93 99.18 46.72 68.10 50.77 51.97 53.51 45.43 49.82 19.67 10,143 72.33 93.5 76.4 98.70 107.49 48.84 66.42 55.37 58.00 50.58 44.19 65.85 27.72 12,971 64.49 79.0 68.5 97.84 106.30 45.95 62.64 54.67 57.45 46.96 42.80 70.49 28.73 11,403 62.64 73.6 67.2 94.51 103.97 42.03 57.84 52.37 55.29 42.72 40.20 68.16 26.57 10,439 63.05 74.9 66.5 95.52 105.07 41.75 58.80 53.27 56.22 43.12 40.55 71.71 27.48 13,486 61.08 73.4 65.7 96.21 105.86 40.63 59.46 53.85 56.84 42.59 41.36 71.62 27.97 11,247 58.71 68.7 62.9 91.11 100.48 36.69 55.28 50.86 53.93 37.77 38.69 66.95 26.32 12,384 58.33 69.7 62.2 90.31 99.41 37.62 55.72 50.61 53.58 37.51 38.76 66.19 26.48 10,532 61.63 71.7 62.4 87.16 95.73 36.58 55.24 48.76 51.29 36.06 38.55 65.01 25.61 11,500 62.04 75.6 62.8 88.65 96.95 37.33 59.04 49.46 51.33 36.85 40.77 67.37 25.15 10,141 60.89 62.8 71.9 85.95 94.01 35.59 55.76 47.51 49.47 34.99 39.49 64.07 23.56 10,146 57.78 67.8 61.2 76.06 83.16 31.10 51.15 41.65 43.33 29.85 35.48 54.58 20.92 12,299 5 6 7 0 . . 3 5 7 9 7 67 0 . . 5 6 5 5 9 9 . . 5 0 7 7 5 5 . . 5 7 9 2 8 8 2 3 . . 9 0 6 0 2 2 6 8 . . 5 9 9 4 4 5 9 0. . 9 2 1 2 4 41 1 . . 1 2 5 8 4 43 3 . . 0 4 4 0 2 2 8 6 . . 5 4 1 6 3 3 3 4 . . 7 9 4 0 5 5 4 4 . . 2 0 1 0 2 2 0 0 . .1 81 1 1 1 0 0 , , 2 3 9 5 4 8 59.20 73.8 60.0 77.92 85.40 26.74 52.62 42.28 44.20 27.66 35.74 56.05 20.39 10,420 60.10 72.3 60.8 82.58 90.66 29.14 54.44 45.10 47.43 30.43 36.74 60.13 21.72 14,423 59.42 74.2 60.2 81.61 89.50 27.83 54.71 44.42 46.54 29.39 37.00 59.30 21 .11 12,078 59.15 72.5 60.1 82.66 90.74 28.65 54.78 45.09 47.30 29.94 37.30 59.98 21.48 14,358 60.06 72.6 60.7 82.03 90.02 28.63 54.41 44.81 47.06 30.02 36.71 60.25 21.62 13,056 61.00 72.6 61.6 82.86 90.99 29.61 54.27 45.33 47.81 30.84 36.32 60.40 22.00 16,634 60.88 71.7 61.5 84.36 92.75 31.90 54.04 46.22 48.88 32.85 36.42 60.81 22.61 14,449 i Begins June 30, 1965, at 10.90. On that day the average price of a share yields as computed by Standard and Poor's Corp., on basis of a 4 per cent, of stock listed on the American Stock Exchange was $10.90. 20-year bond; Wed. closing prices. Common stocks, derived from component common stock prices. Average daily volume of trading, normally NOTE.—Annual data are averages of monthly figures. Monthly and conducted 5 days per week for 5Vi hours per day, or 21l/i hours per week. weekly data are averages of daily figures unless otherwise noted and are In recent years shorter days and/or weeks have cut total weekly trading computed as follows: U.S. Govt, bonds, derived from average market to the following number of hours: 1967—Aug. 8-20, 20; 1968—Jan. 22yields in table at bottom of preceding page on basis of an assumed 3 per Mar. 1,20; June 30-Dec. 31,22; 1969—Jan. 3-July 3, 20; July 7-Dec. 31cent, 20-year bond. Municipal and corporate bonds, derived from average 22.5; 1970—Jan. 2-May 1, 25. TERMS ON CONVENTIONAL FIRST MORTGAGES New homes Existing homes Period C c t ( r r e p a o a n e t n c e t r t - ) c F c h e ( e a p e n r s e t g ) r e & i s M (y a e tu ar r s i ) ty L c r p ( a o e p r t i n a e i c t r n o e ) / (t d h c o p o P h l r u u l a i a s c r s . r - e e s o ) f (t a d h m L o o l o u o la a s u . n r n s t o ) f C c t ( r r e p a o a n e t n c e t r t - ) c F c h e ( e a p e n r s e t g r ) e & 1 s M (y a e tu ar r s i ) ty L c r p ( a o e p r t i n a e i c r t n o e ) / (t d h c o p o P h l r u u l a i a s c r s . r - e e s o ) f (t d a h L m o o l u o o l s a a u . n r n s o ) t f 1964 5.78 .57 24.8 74.1 23.7 17.3 5.92 .55 20.0 71.3 18.9 13.4 1965 5.74 .49 25.0 73.9 25.1 18.3 5.87 .55 21.8 72.7 21.6 15.6 1966 6.14 .71 24.7 73.0 26.6 19.2 6.30 .72 21.7 72.0 22.2 15.9 1967 6.33 .81 25.2 73.6 28.0 20.4 6.40 .76 22.5 72.7 24.1 17.4 1968 6.83 .89 25.5 73.9 30.7 22.4 6.90 .83 22.7 73.0 25.6 18.5 1969 7.66 .91 25.5 72.8 34.1 24.5 7.68 .88 22.7 71.5 28.3 19.9 11996699--—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 11997700--—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 11..0099 25.2 71.8 35.0 24.9 8.23 1.02 22.4 70.2 29.4 20.4 Mar 8.29 11..1111 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 May 8.28 .98 25.3 71 .7 35.8 25.3 8.18 .94 22.8 70.3 30.5 21.1 June 8.31 .99 25.1 71.3 36.3 25.6 8.19 .98 23.0 71.5 30.5 21.5 July 8.32 1.01 25.1 71.5 35.3 24.9 8.21 .95 23.1 71.5 31.0 21.7 Aug 88..3355 00..9999 2244..99 71.8 35.7 25.5 8.25 .89 23.1 71.7 30.3 21.4 t 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 • OCTOBER 1970 STOCK MARKET CREDIT REGULATORY STATUS OF MARGIN ACCOUNT DEBT AT BROKERS (In millions of dollars) (Per cent of total adjusted debt, except as noted) End of period B m ro a C k r r g e e r in d s it c B u e s x a t n t o e k m n s d e e rs d T b t o o y t - al to a d C b n n m e u a c e b e l s t e - i - r t s s ' to c a C m b f r n n r e u a e c e e d l s t e e r - - i s s t ' b t c e r N r n e o b e x d e k y d - t e e i d t r s E pe n r d i o o d f Un 2 d 0 er 2 A 0- d 2 j 9 u sted 3 0 d ( - e p 3 b e 9 t r /c c o e l 4 n l 0 t a ) - t e 4 r 9 a l v 5 a 0 lu -5 e 9 6 m 0 o r o e r j T l ( u d i a m o s o e d t t b n i - e a l t s d - l of Unre- dol- 1969—Aug. 5,000 2,670 7,670 7,019 2,577 4,442 strict- Restricted lars) Sept. 4,940 2,620 7,560 7,039 2,579 4,460 ed Oct.. 5,040 2,570 7,610 7,243 2,753 4,490 Nov. 5,070 2,520 7,590 7,111 2,613 4,498 Dec. 4,970 2,580 7,550 7,445 2,803 4,642 1969—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 ,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 ,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 ,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 ,248 3,724 May 4,160 2,290 6,450 5,433 ,222 3,211 1970—Jan... 1.7 27.6 16.7 11.4 7.9 34.9 9,280 June 3 ^ /4 3 , ,8 1 6 5 0 0 J \ 2,290 6,150 5,281 2,009 3,272 M Fe a b r . .. . 4 3 . . 2 7 2 27 6 . . 1 9 1 1 6 6 . . 8 3 1 11 1 . . 6 4 7 7. . 5 9 3 3 2 3 . . 8 8 9 8 , , 0 8 4 8 0 0 July' 3,790 2,290 6,080 (4) 52,180 (4) Apr.. 1.5 21.8 16,7 12.1 9.3 38.6 8,450 Aug. 3,780 2,300 6,080 (4) 2,077 (4) Unrestricted Restricted 1 1 End of month data. Total amount of credit extended by member firms of the N.Y. Stock Exchange in margin accounts, excluding credit extended on convertible bonds and other debt instruments and in special subscrip- May. 1.0 4.8 31.8 13.9 8.8 39.8 9,100 tion accounts. June. 1.3 1.0 23.3 24.9 9.4 40.1 8,490 2 Figures are for last Wed. of month for large commercial banks re- July.. 1.1 1.0 32.7 16.7 9.0 39.5 8,610 porting weekly and represent loans made to others than brokers or dealers Aug.. 0.7 1.1 37.8 14.3 9.2 36.9 8,580 for the purpose of purchasing or carrying securities. Excludes loans collateralized by obligations of the U.S. Govt. 3 Change in series. From Jan. 1966 to June 1970 the total of broker- i Debt representing more than 30 per cent but less than 35 per cent of extended margin credit was estimated by expanding the total of such collateral value is unrestricted as of May 6, 1970, but is not separable from credit extended by a small sample of New York Stock Exchange member the remainder of this category. firms according to the proportion of total Customers' Net Debit Balances extended by these firms. Beginning with June 30, 1970, total broker-ex- NOTE.—Adjusted debt is computed in accordance with requirements set tended margin credit is derived from reports by the majority of New York forth in Regulation T and often differs from the same customer's net debit Stock Exchange member firms that carry margin accounts for customers; balance mainly because of the inclusion of special miscellaneous accounts these firms, as a group, account for nearly all such credit extended by in adjusted debt. Collateral in the margin accounts covered by these data members of that exchange. now consists exclusively of stocks listed on a national securities exchange. 4 Series discontinued. Unrestricted accounts are those in which adjusted debt does not exceed the 5 Change in series. loan value of collateral; accounts in all classes with higher ratios are NOTE.—Customers' net debit and free credit balances are end-of-month restricted. ledger balances as reported to the New York Stock Exchange by all member firms that carry margin accounts. They exclude balances carried for other member firms of national securities exchanges as well as balances of the reporting firm and of its general partners. Net debit balances are SPECIAL MISCELLANEOUS ACCOUNT BALANCES total debt owed by those customers whose combined accounts net to a AT BROKERS, BY EQUITY STATUS OF ACCOUNTS debit. Free credit balances are in accounts of customers with no unfulfilled commitments to the broker and are subject to withdrawal on demand. Net credit extended by brokers is the4 difference between customers' net debit (Per cent of total, except as noted) and free credit balances since the latter are available for the brokers' use until withdrawn. Equity class of accounts in debit status EQUITY STATUS OF MARGIN ACCOUNT DEBT End of period c NN re ee d tt i t b TT al oo a tt n aa c ll e AT BROKERS status 60 per cent Less than (millions or more 60 per cent of dollars) (Per cent of total debt, except as noted) 1969—Aug 53.0 40.0 6.9 4,880 TToottaall Equity class (per cent) 52.6 40.7 6.7 4,800 ddeebbtt 52.8 40.8 6.4 4,780 ((mmiill-- 54.8 37.8 7.3 4,670 EE ppee nn rr dd ii oo oo dd ff ll ll dd aa ii oo oo rr oo ff ss nn ll -- )) ss !! 8 m 0 o o re r 70-79 60-69 50-59 40-49 Un 4 d 0 er 1970—Jan 5 5 3 4 . . 0 8 3 3 8 7 . . 2 3 7 8 . . 9 7 4 4 , , 6 7 2 6 0 0 Feb 53.0 38.3 8.8 4,420 54.0 34.7 11.2 4,340 1969— S N O D A e o c e u p t v c g t . . . . . . . . . . . 5 4 4 5 5 , , , , , 9 0 0 6 0 4 0 7 4 9 0 0 0 0 0 2 1 1 1 1 0 6 6 7 7 . . . . . 4 9 6 8 0 2 2 2 2 2 3 2 3 2 4 . . . . . 5 5 0 3 4 1 1 1 1 1 8 7 8 8 7 . . . . . 3 8 8 4 0 1 1 1 1 1 2 1 2 2 2 . . . . . 5 8 6 2 8 7 9 8 8 8 . . . . . 8 5 6 4 9 2 2 2 1 1 0 0 1 9 8 . . . . . 1 6 4 8 0 July 5 5 4 4 4 4 0 9 7 6 . . . . 5 5 3 7 0 4 4 3 3 3 0 2 9 5 8 . . . . . 1 5 6 9 8 1 1 1 1 1 0 0 0 1 1 . . . . . 2 9 7 9 4 4 4 4 4 4 , , , , , 3 5 8 1 4 9 4 5 0 4 0 0 0 0 0 1970— M F A J M J u a e p a a n n b r r y . e . . . . . . . . . . 4 4 4 4 4 3 , , , , , , 6 5 6 3 1 8 7 2 8 6 6 6 0 0 0 0 0 0 1 1 1 1 9 8 5 5 1 3 . . . . . . 6 3 3 7 8 8 2 2 2 1 1 1 1 0 8 1 5 2 . . . . . . 1 1 3 0 8 4 1 1 1 1 1 1 4 5 6 6 8 8 . . . . . . 5 1 3 8 8 3 1 1 1 1 1 1 3 3 3 5 3 4 . . . . . . 3 4 8 7 4 2 1 1 1 1 1 1 1 1 0 1 3 3 . . . . . . 1 2 5 8 6 5 2 2 2 2 3 3 2 4 4 8 0 1 . . . . . . 5 9 0 6 2 4 p c m sa o u a l l N r e y l c s a O h t b e T a p e r s r E a o e u . l s c — s . e i e n e S d B d p a t s e b h l ) c y a e i n a o c c c l c u e u c s s m s u t t r o m i o . s m m a c e y e e r l r s l a ' a s r n a is s e m e o t a u h a r s e s g i t n m a r c a a c a n r c o s g c u f i e n o n r u t s s d n e t b p c a o o o s r e s n d i t d t a e i o r n p n e o q s l c u o i r i t a e r s n e d d i o t v f f a o b c lu r a a e s la a h s n d o c d ( f e u i s t s o i u o t a t h n l h e a l a y r l t July.. 3,790 8.1 15.1 21.1 16.0 13.8 25.8 Aug.. 3,780 10.7 15.1 22.9 16.6 13.7 21.1 1 See footnote 1 to table above. NOTE.—Each customer's equity in his collateral (market value of collateral less net debit balance) is expressed as a percentage of current collateral value. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 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 Im- Ex- Total Others ports ports All r B el 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 g r n - Un in it to ed U f n r i o t m ed other bills bought acct. 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—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 O No ct v . . . . . r3 3 3 1 , , 6 8 3 8 6 1 1 1 , , 2 0 0 88 0 1 1 1 0 , , 3 99 2 8 4 r3 2, ,0 64 1 4 8 1 1 8 7, , 1 0 5 9 1 4 5 5, ,2 2 5 1 6 2 1 1, , 3 3 4 3 1 5 1 1 , , 0 05 7 8 6 2 2 6 7 6 7 4 4 1 9 1 1 4 4 9 6 3 3 , , 6 7 7 3 6 0 1 1 , ,9 8 1 5 3 0 1 1 , ,0 0 6 6 3 1 2 2 , , 2 2 9 8 9 2 Dec.. r31,709 1,216 10,601 r3,078 16,814 5,451 1,567 1,318 249 64 146 3,674 1,889 1 ,153 2,408 1970—Jan... r34,362 1,266 10,772 r4,262 18,062 5,288 1,439 1,123 316 83 147 3,619 1.863 1,096 2,329 M Fe a b r . . . . r ' 3 "3 6 7 , , 0 1 2 6 0 4 1 1 , , 2 2 7 2 1 3 1 12 1 , , 4 6 1 04 * r r 4 5, , 2 7 9 8 5 l 1 18 8 , , 2 3 3 6 5 4 5 5 , , 2 35 4 2 9 1 1 , , 4 3 0 9 8 8 1 1 , , 1 1 5 1 6 0 2 24 9 2 8 5 5 6 2 1 1 7 5 0 2 3 3 , , 6 7 3 3 2 2 1 1 , . 8 8 9 6 1 4 1 1 , , 1 0 1 5 3 4 2 2 , , 3 3 3 4 1 9 Apr.. r37,966 1,088 12,647 r5,539 18,692 5,614 1 ,577 1,314 263 106 194 3,737 2,034 1,137 2,444 May. r39,674 1,126 12,826 r6,424 19,298 5,801 1 ,539 1,287 252 42 231 3,989 2,139 1 ,189 2,472 June. r37,748 1,044 11,945 r6,509 18,250 5,849 1,589 1,339 250 32 232 3,996 2,190 1,162 2,497 July.. r36,911 986 11,048 r6,784 18,093 5,973 1,599 1,324 275 37 239 4,098 2,294 1,198 2,482 Aug.? 36,524 802 11,242 6,455 18,025 5,979 1,911 1,541 370 63 253 3,752 2,354 1,294 2,331 i As reported by dealers; includes finance company paper as well as 2 As reported by finance companies that place their paper directly with other commercial paper sold in the open market. invveessttoorrss . MUTUAL SAVINGS BANKS (In millions of dollars) Loans Securities Total Mortgage loan assets— commitments3 End of period M ga o g r e t- Other G U o . v S. t . g S l a o o t n c a v d a t t e l . o C t r a o h a n r t e d p e r o i - Cash O as t s h e e ts r g r l e T i e a a t s n o i b n e e e t d r i s a r l v l i a e - l De it p s o 2 s- l O ia t t i b h e i s e l i r - G r c e o e s a n u e c e n r - v r t a s e l cla ( s i s n i fi m ed o n b t y h s m ) aturity accts. 3 or 6-9 Over Total less 9 196 0 26,702 416 6,243 672 5,076 874 589 40,571 36.343 678 3,550 1,200 196 1 28,902 475 6,160 677 5,040 937 640 42,829 38,277 781 3,771 1,654 196 2 32,056 602 6,107 527 5,177 956 695 46,121 41,336 828 3,957 2.548 196 3 36,007 607 5,863 440 5,074 912 799 49,702 44,606 943 4,153 2.549 196 4 40,328 739 5,791 391 5,099 1,004 886 54.238 48,849 989 4,400 2,820 196 5 44,433 862 5,485 320 5,170 1,017 944 58,232 52,443 1,124 4,665 2,697 196 6 47,193 1,078 4,764 251 5,719 953 1 ,024 60,982 55,006 1 ,114 4,863 2,010 196 7 50,311 1 ,203 4,319 219 8,183 993 1,138 66.365 60,121 1 ,260 4,984 742 982 799 2,523 196 8 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 3,011 196 9 55,781 1 ,824 3,296 200 10,824 912 1 ,307 74,144 67,026 1 ,588 5.530 485 946 2,467 1969—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 ,918 582 549 458 496 882 3,385 A M p a r r .. . 5 5 6 6 , , 1 2 1 7 9 9 2 2 , , 0 0 8 4 0 8 3 3 , , 2 27 9 4 4 1 1 9 8 4 8 1 1 1 1 , , 2 3 1 1 2 9 8 8 5 4 3 8 1 1 , , 4 3 3 8 6 5 7 7 5 5 , . 1 3 6 6 4 6 6 6 7 7 , ,8 8 6 8 1 5 1 1 , , 9 91 0 3 6 5 5 , , 5 5 9 9 6 9 6 6 4 0 8 3 4 5 7 0 8 0 4 45 7 5 6 8 8 0 0 7 1 2 2 , , 4 3 0 6 9 0 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... 56,644 2,131 3,214 197 11 ,766 956 1 ,404 76,312 68,724 1 ,957 5,631 646 474 363 707 2,190 July. . . 56,804 2,239 3,241 196 II,945 920 1 ,459 76,804 69,039 2,121 5,643 665 457 351 678 2,151 Aug.... 56,986 2,249 3,271 197 12,099 972 1,464 77.239 69,222 2,327 5,689 603 406 322 715 2,057 1 Also includes securities of foreign governments and international NOTE.—National Assn. of Mutual Savings Banks data; figures are organizations and nonguaranteed issues of U.S. Govt, agencies. estimates for all savings banks in the United States and differ somewhat 2 See note 6, p. A-18. from those shown elsewhere in the BULLETIN; the latter are for call dates 3 Commitments outstanding of banks in New York State as reported to and are based on reports filed with U.S. Govt, and State bank supervisory the Savings Banks Assn. of the State of New York. Data include building agencies. Loans are shown net of valuation reserves. Figures for Jan. and loans beginning with Aug. 1967. June 1968 include one savings and loan that converted to a mutual savings bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 38 SAVINGS INSTITUTIONS • OCTOBER 1970 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period TToottaall MMoorrtt-- RReeaall PPoolliiccyy OOtthheerr aasssseettss Total U St n a i t t e e s d Sta lo te c a a l n d Foreign 1 Total Bonds Stocks ggaaggeess eessttaattee llooaannss aasssseettss 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 June... 199,683 10,788 4,401 3,222 3,165 84,656 71 ,894 12,762 73,165 6,103 15,180 9,791 i Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and NOTE.—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance companies in the United States. on each item separately but are included in total, in "other assets." SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Mortgage loan Assets -Liabilities commitments4 Total assets— End of period M ga o g r e t s - I s n i m e t v i c e e e u s n s r t 1 t - - Cash lia T b o il t i a t l i es S c a a v p i i n ta g l s R a d p n e i r v d s o e i f d r u i v e t n d s e - s m ro B o w n o e r e y - d 3 Loans Other d p M u er r a i i d o n e d g O e p u i n n e t d g s ri 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 >11 ,116 2,962 9,571 152,890 131,618 10,315 5,705 2,449 2,803 3,584 196 9 140,169 10,814 2.443 11,026 162,353 135,494 11,176 9,783 2,426 3,474 2,812 1969—June 136,242 11,475 2,529 10,363 158,627 134,839 10,674 6,768 3,007 3,339 1,532 4,373 July. 137,107 11,301 1,957 10,371 158,634 133,729 10,671 7,392 2,978 3,824 1 ,346 4,145 Aug. 137,951 11,388 1,902 10,635 159,630 133,721 10,669 7,885 2,874 4,471 1,148 3,775 Sept. 138,618 11,260 1,931 10,723 160,279 134,600 10,663 8,295 2,749 3,972 1,057 3,530 Oct.. 139,226 11,171 1,910 10,798 160,840 134,194 10,662 8,783 2,648 4,553 1 ,023 3,293 D N e o c v . . 1 1 3 4 9 0 , , 6 2 7 0 6 9 1 1 1 0 , , 3 8 9 1 2 4 2 2 , ,4 1 4 1 1 4 1 1 1 0 , , 0 9 5 5 5 9 1 1 6 62 1 , ,8 1 5 6 6 2 1 1 3 3 4 5, , 4 4 8 2 9 0 1 1 0 1 , ,2 6 2 55 6 9 9 , , 1 7 2 5 3 4 2 2 , , 5 4 3 5 9 4 5 3 , , 1 2 1 3 9 9 8 80 8 7 2 3 2 , , 0 8 7 1 9 2 1970—Jan.. 140,345 10,821 1,866 11,020 161,686 134,072 11,249 10,230 2,300 3,835 772 2,738 Feb., 140,568 11,084 2,086 11,343 162,465 134,277 11,246 10,262 2,202 4,478 846 2,815 Mar. 140,766 11,423 2,225 11,701 163,253 135,872 11,234 10,036 2,170 3,941 1,084 3,041 Apr. 141,252 11,475 2,361 11,999 164,018 136,079 11,239 10,079 2,223 4,398 1,391 3,487 May 141,975 12,029 2,525 '9,064 165,593 136,832 11,241 10,192 2,293 5,035 1 ,588 3,956 June 143,103 12,018 2,645 9,130 166,896 138,633 II,607 10,503 2,460 3,693 1 ,544 4,038 July. 144,182 12,663 2,406 9,077 168,328 139,176 11,604 10,578 2.529 4,441 1 ,700 4,333 Aug. 145,293 12,748 2,415 9,174 169,630 139,732 11,604 10,651 2,576 5,067 1 ,532 4,299 1 U.S. Govt, securities only through 1967. Beginning 1968 the total preceding page) except that figures for loans in process are not included reflects liquid assets and other investment securities. Included are U.S. above but are included in the figures for mutual savings banks. Govt, obligations, Federal agency securities, State and local govt, securities, time deposits at banks and miscellaneous securities, except FHLB NOTE.—Federal Home Loan Bank Board data; figures are estimates for stock. all savings and loan assns. in the United States. Data are based on 2 Includes other loans, stock in the Federal home loan banks, other monthly reports of insured assns. and annual reports of noninsured assns. investments, real estate owned and sold on contract, and office buildings Data for current and preceding year are preliminary even when revised. and fixtures. Figures for Jan. and June 1968 reflect conversion of one savings and loan 3 Consists of advances from FHLB and other borrowing. assn. to a mutual savings bank. Figures for June 1968 also reflect exclu- 4 Insured savings and loan assns. only. Data on outstanding commit- sion of two savings and loan assns. in process of liquidation. Data for ments are comparable with those shown for mutual savings banks (on 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

OCTOBER 1970 • FEDERALLY SPONSORED CREDIT AGENCIES A 39 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks Federal National Mortgage Assn. Banks Federal Federal (secondary market for intermediate land Liabilities and capital operations) cooperatives credit banks banks v m a b A t n e e o d m c r - s e - s I m nv e e n s ts t- p C a o d a n s e s d i - h t s B n a o o n n t d e d s s M po b d e s e e m i - r t s - C s a to p c it k a l M l g o ( a A o a g n r ) e t s - D n t e a u ( o b n L r t d e e e ) s s n - c L a o ( t o o i t A o v p a ) e n e s s r - D t e u ( b L 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 ( b L re e ) s n - M l g o ( a A o a g n r ) e t s - 6,935 2,523 113 6,859 1,037 1 ,369 4,266 3,800 1,290 1,074 2,924 2,786 4,958 5 4 , , 2 3 5 8 9 6 2 2 , ,3 5 7 9 5 8 112276 4 4, , 7 0 0 6 1 0 1 1 , , 4 3 3 8 2 3 1 I , , 4 3 0 9 2 5 5 6 , , 3 8 4 7 8 2 4 6 , , 9 3 1 7 9 6 1 1 , , 5 5 7 0 7 6 1 1 , , 2 3 5 3 3 4 3 3 , , 4 6 1 5 1 4 3 3 , , 2 5 1 7 4 0 5 6 , ,1 60 2 9 6 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 7,053 1 ,496 88 6,021 928 1 ,435 8,125 8,093 1 ,594 1 ,387 4.310 6,605 7,543 1,543 56 6,572 848 1 ,438 8,577 8,360 1,572 1 ,422 4,397 6,644 7,940 1 ,657 97 7,072 891 1 ,444 8,999 8,815 1 ,585 1 ,420 4,329 4,357 6,676 8,439 1,654 90 7,572 865 1 ,457 9,500 9,756 1,680 1 ,429 4,192 6,700 9 8 , , 2 8 8 0 9 2 11,,896682 1 1 2 1 4 0 8 8 , , 4 17 2 2 2 1,0 9 4 3 1 9 1 1 , , 4 46 7 7 8 1 1 0 0 , , 5 0 4 0 1 9 1 1 0 0 , , 5 2 1 0 1 5 1 1 , , 7 7 3 0 2 5 1 1 , , 4 4 4 7 5 3 4,275 4 4 , , 1 15 1 2 6 6 6 , , 7 7 0 1 4 4 9,852 1 ,536 72 8,822 806 1,503 11,070 10,717 1 ,804 1 ,508 4,371 4,161 6,738 9,937 1 ,787 93 9,171 802 1 ,537 11,540 11,659 1 ,844 1,577 4,474 4.311 6,777 9,745 2,870 107 9,825 986 1,558 12,016 12,227 1 ,840 1 ,576 4,644 4,422 6,833 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 1 10 0 , ,0 2 0 36 8 2 2 , , 9 8 6 4 4 4 17086 9 9 , , 8 8 8 8 8 0 1 1 , , 1 3 8 3 9 3 1 1 , , 5 5 7 8 9 6 1 13 3 , , 6 2 5 8 9 7 1 1 2 3 , ,1 6 6 0 5 5 1 1 , , 7 7 4 9 9 6 1 1 , , 5 5 3 0 9 9 5 4 , , 0 9 9 4 7 2 4 4 , , 8 73 7 9 9 6 6, , 9 9 9 4 5 3 14,085 13,401 1 ,762 1 ,518 5 R034 4,980 7,026 14,452 13,976 1 ,778 1 ,537 5,015 4,918 7,061 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 FN MA 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, AUGUST 31, 1970 Cou- Amount Cou- Amount Cou- Agency, and date of issue pon (millions Agency, and date of issue pon (millions Agency, and date of issue pon and maturity of dollars) and maturity of dollars) and maturity rate Federal home loan banks Federal National Mortgage Federal land banks Notes: Association—Cont. Bonds: 9 1 / 1 2 / 5 2 / 5 6 / 9 6 9 - - 7 9 /2 /2 7 5 /7 / 0 7 0 8 8 . % 40 6 6 5 5 0 0 De 1 b 2 e / n 1 t 2 u /6 r 9 e s: - 7/12/71 . . . 8.60 400 2 1 / 0 1 / 5 1 / / 5 5 7 7 - - 2 1 / 0 1 / 5 1 / / 6 6 7 7 - - 7 7 2 0 . . 4 4V H 4 12/22/69 - 11/25/70. 8.70 250 8/23/60 - 8/10/71 4Vs 63 12/23/68 - 10/20/70. . 6.30 Bo 4 n /2 d 5 s: / 69 - 8/25/70 6.70 200 4 7/ / 1 1 0 0 / / 7 7 0 0 - - 8 8 / / 1 1 0 0 / / 7 7 1 1 7 8 . . 3 0 8 5 2 25 0 0 0 4 2 / / 2 2 1 0 / / 6 7 9 0 - - 4 2 / / 2 2 0 3 / / 7 7 1 1 8 6. % 80 8 1 / 0 2 / 5 2 / 7 6 / 9 6 9 - - 8/ 1 2 0 5 / / 2 70 7 /70. 8 81 . / 2 4 0 6 6 5 5 0 0 9 9 / / 1 1 1 0 / / 6 6 1 8 - - 9 9 / / 1 1 0 0 / / 7 7 1 1 4 5V % A 3 9 5 6 0 4 5 / / 2 1 0 /5 / 6 7 0 - - 5/ 4 1 / / 2 7 0 1 / 71 731.3/52 1/26/70 - 1/26/71 8.63 600 6/10/70 - 10/21/71. . . 8.45 500 7/15/69 - 7/20/71 8.15 2/25/69 - 2/25/71 6.60 200 5/10/69 - 11/10/71. . . 6.85 350 10/20/69 - 7/20/71 . . . 8.45 7 3 / / 2 2 5 5 / / 6 7 9 0 - - 2 3 / / 2 2 5 5 / /7 7 1 1 8 7 . . 0 70 0 4 8 0 5 0 0 2 3 / / 1 10 0 / / 7 6 0 0 - - 1 2 2 /1 /1 0 0 / / 7 7 2 1 . . .. 6 5 V V a 8 5 9 0 8 0 8 1 / 0 2 / 0 2 / 0 6 / 8 6 8 - - 2 1 /1 0 5 /2 / 0 7 / 2 7 . 1 . . 6 5 . . 0 70 0 4 9 / /2 2 5 7 / / 6 7 9 0 - - 4 4 / /2 2 6 6 / / 7 7 1 1 m 7. 25 4 2 0 5 0 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 / a 4 2 2 10 5 0 0 00 9 6 / / 1 2 4 2 / / 5 7 6 0 - - 9 7 / / 1 2 5 0 / / 7 7 2. 2 .... 8 3 . K 20 5 5 / / 2 2 5 6/ / 6 7 9 0 - - 5 5 / / 2 2 5 5 / / 7 7 1 1 7 8 . .2 00 0 5 3 0 5 0 0 2 1 / 2 1 / 0 1 / 1 7 / 0 6 1 - - 6 6 / / 1 1 2 2 / / 7 72 2 . . . . . . . 4 8 % .7 0 300 9 1 / 0 2 / 2 2 / 3 6 / 9 7 2 - - 9 1 /1 0 5 /2 /7 3 2 /7 . 2. . 85.K35 2/25/70 - 6/25/71 8.45 650 5/11/70 - 9/11/72. . .. 8.40 400 7/20/70 - 1/22/73 7.95 10/27/69 - 11/26/71. . . 8.20 250 6/10/70 - 9/11/72. 7.40 200 2/20/63 - 2/20/73-78. 4H 11/25/69 -^2/25/72. 8.20 200 11/10/69 - 12/11/72. . 8.00 200 1/20/70 - 7/20/73 8.45 5 6 / / 2 2 5 6 / / 7 7 0 0 - - 5 2 / /: 2 5/72 8 8. . 1 2 5 0 2 3 0 00 0 6 1 / 2 1 / 2 1 / 2 6 / 1 6 9 - - 6/ 3 1 / 2 1 / 2 7 / 3 7 . 3 . . . . . . 481./340 2 1 5 4 0 6 4 8 / / 2 2 0 0/ / 7 7 3 0 - - 7 1 / 0 2 / 0 2 / 2 73 /7 3. . . 7 7 . . 9 8 5 0 2 8 6 3 1 1 / / / / 1 / 2 2 2 2 2 / 5 5 6 5 2 6 / / / 5 / / 6 7 7 7 7 / 9 0 0 0 0 6 9 - - - - - - 2 8 2 2 1 / / / / / 1 2 2 2 2 2 1 5 6 5 5 5 / / / / / / 2 7 7 7 7 8 5 3 4 4 4 0 / 74. . . 8 8 8 8 7 7 . . . . . . 3 0 4 4 6 7 5 0 0 5 5 0 3 2 2 3 3 1 4 5 5 0 5 8 2 0 0 0 0 8 9 7 4 2 3 8 / / / / / / 1 1 1 1 1 5 0 3 0 0 0 /7 / / / / / 6 6 0 7 7 7 9 2 0 0 0 - - - - - - 6 9 9 6 3 2 / / / / / / 1 1 1 1 1 1 0 0 0 2 1 0 / / / / / 7 / 7 7 7 7 7 4 3 4 3 4 7 . . . . . . . . . . . . . . . . . 4 8 7 7 7 8 . f . . . . 7 c 3 1 8 9 5 5 5 0 0 3 3 4 2 3 1 5 0 0 5 5 9 0 0 0 0 0 8 4 2 2 7 2 5 / / / / / / 2 2 2 2 2 2 0 0 0 1 0 /6 / / / / / 6 6 6 7 6 7 6 6 2 5 0 - - - - - - 4/ 1 2 4 2 2 7 / / / / 0 2 / 2 2 2 2 / 0 4 1 7 0 0 / / / 8 7 / 7 7 / 7 5 7 6 5 . . . 4 6 . . . . . . . . . . . . . . 4 8 55 5 . H % ^ H 00 Federal National Mortgage Banks for cooperatives 2/20/67 - 1/22/79. . .. 5.00 Association—Secondary Debentures: market operations 4/1/70 - 10/1/70 7.45 294 Discount notes 3,406 5/4/70 - 11/2/70 71/4 229 Tennessee Valley Authority Capital debentures: 6/1/70 - 12/1/70 7.70 328 Short-term notes 9/30/68 - 10/1/73 6.00 250 7/1/70 - 1/4/71 7.85 295 Bonds: 4/1/70 - 4/1/75 8.00 200 8/3/70-2/1/71 7.25 391 6/1/69 - 6/1/74 8.50 Mortgage backed bonds: Federal intermediate 6/15/70 - 6/19/75 8.75 6/1/70 - 6/1/71 8.13 150 credit banks 11/15/60 - 11/15/85.. . 4.40 6/1/70 - 6/2/75 8.38 250 Debentures: 7/1/61 - 7/1/86 Debentures: 12/1/69 - 9/1/70 8.75 508 2/1/62 - 2/1/87 9/12/60 - 9/10/70 4 Vs 119 1/5/70 - 10/1/70 8.80 613 5/15/67 - 5/15/92 5.70 9 1 / 0 1 / 0 1 / 1 6 / 9 6 7 - - 11 1 / 0 1 / 0 1 / 3 7 / 0 7 0 8 5* .3 4 0 4 3 0 5 0 0 2 3 / / 2 2 / / 7 7 0 0 - - 1 1 1 2 / / 2 1 / / 7 7 0 0 8 8 . .1 65 0 6 40 5 1 6 1 10 1 / / 1 1 5 /6 / 7 6 9 - - 1 1 1 0 /1 /1 3 5 /9 /9 2. 4 . . . . . . 8 ey 18/ 4 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 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 3/11/68 - 3/11/71 6.00 350 6/1/70 - 3/1/71 8.15 511 2/10/70 - 4/12/71 8.75 500 7/1/70 - 4/1/71 8.05 437 11/10/69 - 5/10/71 8.20 400 8/3/70- 5/3/71 7.25 439 4/10/69 - 6/10/71 6.85 250 3/2/70 - 3/1/73 8.15 203 Digitized for FRASER NOTE.—These securities are not guaranteed by the U.S. Govt.; see also note to table above. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 40 FEDERAL FINANCE • OCTOBER 1970 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) U.S. budget Means of financing R i e t c u e re ip t a - c e c x o p u e n n t d - Borrowings from the public - L m e o s n s: e t C a a ry s h a s a s n e d ts M N e e m t o : Period r B e u c d e g ip e t t s p t e N u e n x r e d e - t s i - le N in n e g d t - B l o u a u d y t g s - 1 e t s B d u u ( e r o f d - p r i ) g l c u e it s t s P e d u t c e i b u e b l s r t i i c - s A P e t g i l c e u e u s n s r 3 : i c - y m L e e n s a t s s c : c b o y I u n n v G t e s o s v t- t, S n L p o e e t c s e s s i a : 4 l b E o T q r i o n u r t o g a a w l l s - o T p s i r e u n e r r g a y a - t- Other f m O i n n i e n t a o e h a n g f t 5 e n c , r - s t p o r s r d w a h i e n t v n i o b s p a e t f 2 t r e e - r Special Other balance issues 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 6,030 178,833 -25,162 21,357 5,944 3,271 2,049 ,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 ,384 -1,295 596 1,266 -82 9,853 1970* 193,844 194,968 1,784 196,752 -2,908 17,198 -1,740 9,386 676 5,397 2,151 -684 -1,021 Half year: 1968—July-Dec. 82,899 92,210 977 93,186 -10,287 10,450 1,446 -280 1 ,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-Dec... 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—Au g r14,841 r16,630 '319 r16,949 -2,107 3,175 -831 1 ,543 124 677 -1,651 r — 535 r — 755 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 A M p a r y 2 1 2 3 , , 0 9 2 8 9 2 1 1 7 6 , , 8 3 4 3 4 3 2 1 0 0 0 8 1 16 8 , , 4 0 4 4 1 3 -2 3 , , 4 9 5 8 9 6 -4 3 , , 8 8 1 9 3 3 -2 -3 7 9 8 1 - 2 ,5 8 6 5 5 5 1 9 2 9 3 -4 1 , 6 ,4 9 5 1 2 -1,00 8 8 5 -1 , 5 2 2 5 6 8 -1 1 , , 2 3 5 1 9 7 June* 22,649 15,367 136 15,503 7,146 -169 -161 2,909 -82 -3,157 2,034 162 -1,795 July 12,617 19,352 -17 119,335 -6,71 5,649 -38 -233 -153 5,997 -646 -386 -312 Aug 15,172 17,429 66 17,495 -2,323 4,333 -3 1 ,539 76 2,716 -58 -367 -818 Selected balances Treasury operating balance Federal securities End Memo: of Less: Debt of period B F a . n R k . s ac l c T a o o n a a u d x n n ts b G al o an ld c e se P c d u u e b r b i l t t i i c e s s A ec g u e r n it c i y e s Sp G I e n c o v i v a e t l s , tm ac e c n o ts u n o t f s S n L p o e e t c s e s i s a : 4 l E p T h q u o b e u b y t l a d l a i l l c s : s c p p o G r o N r i n o p v o s v s a w o . t t — . r e - e 7 d issues 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 1 1 9 9 6 7 9 0 * 1 1 ,2 ,0 5 0 8 5 4 6 , , 5 9 2 2 5 9 111121 5 8 , , 8 0 9 4 4 5 3 3 5 7 3 0 , , 7 9 2 1 0 9 1 1 4 2 , , 2 5 4 0 9 9 6 7 6 6 , , 7 1 3 2 8 4 2 2 0 1 , , 9 5 2 9 3 9 8 8 2 2 5 5 2 2 7 8 9 4 , , 4 8 8 8 3 0 2 3 4 5 , , 9 7 9 8 1 9 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-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 34,815 J M un ay e . ' '. . 1 1 , , 2 0 9 0 5 5 4 6, , 9 6 2 0 9 5 111111 6 8 , , 0 0 1 4 1 5 3 3 7 7 1 0, , 9 0 1 8 9 8 1 12 2 , , 5 6 0 7 9 0 7 7 3 6 , , 2 1 1 2 5 4 2 2 1 1 , , 6 5 8 9 1 9 8 8 2 2 5 5 2 28 8 4 8 , , 8 0 8 3 0 6 3 3 5 5 , , 7 0 8 6 9 8 July.. . 1 ,200 6,087 111 7,399 376,568 12,471 75,891 21,446 825 290,877 36,398 Aug.. . 1 ,056 6,174 111 7,341 380,901 12,469 77,431 21,521 825 293,593 1 Equals net expenditures plus net lending. penditure account to public debt account, increasing recorded borrowing 2 The decrease in Federal securities resulting from conversion to private from the public during July 1969 by $1,583 million. ownership of Govt.-sponsored corporations is shown as a memo item 4 Represents non-interest-bearing public debt securities issued to the rather than as a repayment of borrowing from the public in the top panel. International Monetary Fund and international lending organizations. In the bottom panel, however, these conversions decrease the outstanding New obligations to these agencies are handled by letters of credit. amounts of Federal securities held by the public mainly by reductions in 5 Includes accrued interest payable on public debt securities, deposit agency securities. The Federal National Mortgage Association (FNMA) funds, miscellaneous liability and asset accounts, and seigniorage. was converted to private ownership in Sept. 1968 and the Federal Inter- 6 Includes 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

OCTOBER 1970 • FEDERAL FINANCE A 41 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Budget receipts Corporation Social insurance taxes Individual income taxes income taxes and contributions Period Total W he it ld 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 c E o P m n t a a t y p x r - i l e b o s u y a t m S i n o e e d l n n f s - t 1 e in U m s n u p - r l. . c O e n r i t e p h e - t t e s r 2 t N ot e a t l E ta x x c e i s s e t C o u m s- s E a g s n i t f d a t te c M e r i i e p s - t c s . 3 roll empl. taxes Fiscal year: 196 7 149,552 50,521 18,850 7,845 61 ,526 34,918 946 26,047 1 ,776 3,659 1 ,867 33,349 13,719 1 ,901 2,978 2,108 1 1 9 9 6 6 9 8 1 1 5 8 3 7 , , 6 7 7 9 1 2 7 5 0 7, , 3 1 0 8 1 2 2 2 0 7 , , 9 2 5 5 1 8 1 9 0 , , 5 1 2 9 7 1 6 8 8 7 , , 7 2 2 4 6 9 2 3 9 8 , , 8 3 9 3 7 8 1 1 ,6 ,2 6 3 0 2 2 3 7 2, , 5 6 2 8 1 0 1 1 , ,7 5 1 4 5 4 3 3 , , 3 3 4 2 6 8 2 2 , , 0 3 5 5 2 3 3 3 4 9 , , 6 9 2 1 2 8 1 1 5 4 , ,0 2 7 2 9 2 2 2, ,0 31 3 9 8 3 3 , , 0 4 5 9 1 1 2 2 , , 4 9 9 1 1 6 1970* 193,844 77,376 26,243 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-Dec.. 82,899 33,736 5,515 476 38,775 15,494 784 14,944 131 1 ,289 1 ,179 17,544 7,834 1 ,213 1 ,417 1,405 1969—Jan.-June. 104,893 36,446 21,743 9,715 48,474 22,844 876 17,577 1 ,584 2,039 1 ,174 22,374 7,388 1 ,106 2,074 1,511 July-Dec.. 90,830 38,766 5,771 481 44,056 15,179 982 17,057 131 1 ,270 1 ,283 19,741 8,242 1 ,263 1 ,496 1,837 1970—Jan-. June* 103,014 38,610 20,473 12,769 46,316 19,856 1 ,223 20,134 I ,811 2,197 1 ,416 25,555 7,469 1 ,168 2,123 1 ,751 Mo 1 n 96 th 9 : — S A e u p g t rl 2 0 4 , ,8 4 4 1 1 2 7 5 , , 0 9 1 4 4 8 3,9 3 1 1 2 9 1 8 0 4 3 7 9, , 7 2 7 3 6 0 5,6 7 7 1 3 6 1 1 4 2 5 2 2 4 , , 6 3 5 9 5 2 60 51 1 r2 20 1 5 1 r5 3 , , 0 2 2 0 2 3 1 1 , , 2 2 9 6 5 3 2 21 1 5 3 2 2 5 5 7 4 r 2 1 9 0 9 5 O N c o t v 1 1 1 4 , ,3 81 36 1 7 6 , , 1 2 0 8 8 4 4 1 1 6 9 0 6 3 7 3 7 6 , , 2 6 3 3 6 6 1,1 7 8 7 0 8 3 1 3 4 6 4 2 3 , , 0 5 4 4 4 7 3 9 4 3 3 2 1 1 8 6 7 2 4 , , 3 0 6 7 4 8 1 1 ,6 ,2 0 5 6 9 2 1 3 8 1 5 2 2 6 2 4 2 2 3 1 7 3 4 Dec 16,709 6,407 412 45 6,774 5,637 110 1,908 59 214 2,181 1 ,400 197 277 345 1970—Ja n 16,297 6,203 4,491 35 10,660 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 J J A u u u l n y g e * 2 1 1 2 2 5 , , , 6 6 1 4 1 7 9 7 2 6 6 5 , , , 9 9 0 8 7 4 5 5 0 3,8 4 3 0 7 3 6 7 3 2 4 1 3 6 0 6 9 0 9 6 7 , , ,2 3 2 1 1 8 9 3 1 7 1 , 5 , 6 0 1 6 7 4 6 1 2 1 1 3 8 8 4 5 2 2 4 3 , , , 7 4 2 4 9 9 5 4 3 127 5 1 8 7 8 7 1 6 2 2 2 5 7 4 5 7 9 5 3 3, , , 1 7 3 8 6 3 5 7 0 1 1 1 , , 4 , 3 3 3 0 7 9 9 2 2 2 2 0 1 2 7 3 8 2 2 3 9 2 0 3 4 3 3 3 3 5 8 6 8 2 4 Budget outlays4 Period t f i N e d o n e n a - s - a e l a I f n fa tl i . r s s S e p r a e a r - c c e h A t c u g u r r l e - i - so N u u r r a e r a - t c l - es m C tr a o a e n n r m d c s - e p . d h e C o m v a u o n e u s m d l n i o . n - p g E p m d t o a i u n a w o d n c n e - a r - w H e a e l n a f d l a t r h e e V ra e n t- s In e t s e t r- g G e o r e v a n l t - . t I t g r i n a o a o t c n v r n - a s t s . - - ' Fis 1 c 9 a 6 l 7 y ear: 158,254 70,081 4,547 5,423 4,376 1 ,860 7,554 2,616 6,135 37,602 6,897 12,588 2,510 -3,936 196 8 178,833 80,517 4,619 4,721 5,943 1,702 8,047 4,076 7,012 43,508 6,882 13,744 2,561 -4,499 196 9 184,556 81,240 3,785 4,247 6,221 2,129 7,873 1,961 6,825 49,095 7,640 15,791 2,866 -5,117 1970* 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 •« 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-Dec. 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 1970— J J u a l n y . - - D Ju e n c e . 9 9 7 8 , , 8 9 2 3 3 0 4 39 0 , , 6 5 5 9 0 8 1 1 ,9 ,5 4 6 1 0 1 1 , , 8 9 4 0 1 9 5 1 , 4 ,0 7 0 9 9 1 1 , , 5 0 1 1 5 1 4 4 , , 6 6 1 4 0 8 1 1 , , 3 8 0 2 0 6 4 3 , , 3 1 1 1 7 8 2 3 6 0 , , 0 4 6 3 3 6 4 4 , , 1 5 4 3 8 7 9 8 , , 6 6 5 2 4 3 1 1 ,5 ,8 3 0 4 8 - - 2 4 , , 3 0 6 1 5 2 Month : 1969—Au g r16,949 '6,711 299 337 1 ,130 369 859 r310 517 4,342 669 1 ,440 287 r — 320 Sept 17,622 6,767 357 294 1 ,801 286 785 225 659 4,227 693 1 ,513 231 -215 N D Oc e o t c v 1 1 1 5 5 7 , , , 0 4 9 9 2 6 7 3 6 6 7 6 , , , 2 3 8 6 0 3 7 3 3 4 1 3 4 4 7 5 3 4 2 2 3 6 9 2 7 7 7 1 , 3 3 1 8 9 0 5 3 8 2 1 1 6 8 3 6 9 7 6 3 5 6 5 5 4 5 2 2 2 8 2 8 8 4 6 5 3 0 9 4 1 1 6 4 4 4 , , , 4 4 2 9 4 5 2 6 0 7 7 6 2 1 9 2 0 4 1 1 1 , , , 2 5 5 2 7 1 0 1 5 2 2 27 5 2 5 3 7 -1 - - , 2 2 0 4 6 9 8 3 1 1970—Ja n 16,394 6,648 161 290 659 113 713 212 583 4,700 729 1,537 305 -256 M Fe a b r 1 16 4 , , 5 8 4 9 8 4 6 6 , , 1 6 9 0 9 8 2 3 9 1 8 2 2 3 9 2 9 5 -18 7 7 6 1 18 09 1 5 6 7 8 1 3 2 1 5 5 7 8 7 5 1 3 9 2 5 4 , , 0 5 1 1 9 0 7 8 1 0 9 1 1 1, , 6 6 8 1 6 4 2 3 4 1 9 2 - -2 3 4 6 2 4 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 July 19,335 6,794 199 268 2,430 208 843 471 553 5,276 732 1,597 198 -234 Aug 17,495 6,253 285 282 720 371 885 261 680 5,289 766 1,705 344 -347 t 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 Feb. 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 $2,575 million ous receipts. for fiscal 1971, are not included. 4 Outlays by functional categories are published in the Monthly 7 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 • OCTOBER 1970 GROSS PUBLIC DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues Total End of period p d g u e r b b o t l s i s c i Total Total Bills Ma C r c e k a r e t t e i t f s a i b - le Notes Bonds 2 b C v o i e o b n r n l t d e - - s T N o o ta n l m 3 a rke b t S o i a n n a b g v d l s - e s i S s p su e e c s i al 4 & 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—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 Aug. 380.9 301.4 240.5 81.9 99.9 58.7 2.4 58.5 52.1 77.5 Sept. 378.7 300.1 239.3 80.7 99.9 58.7 2.4 58.4 52.1 76.7 1 Includes non-interest-bearing debt (of which $630 million on Aug. 31, 1956, tax and savings notes; and before Oct. 1965, Series A investment 1970, was not subject to statutory debt limitation). bonds. 2 Includes Treasury bonds and minor amounts of Panama Canal and 4 Held only by U.S. Govt, agencies and trust funds and the Federal postal saving bonds. home loan banks. 3 Includes (not shown separately): depositary bonds, retirement plan bonds, foreign currency series, foreign series, and Rural Electrification NOTE.—Based on Daily Statement of U.S. Treasury. See also second Administration bonds; before 1954, Armed Forces leave bonds; before paragraph in NOTE to table below. OWNERSHIP OF PUBLIC DEBT (Par value, in billions of dollars) Held by- Held by private investors EEE pppeee nnn rrr ddd iii ooo ooo ddd fff ppp TTT ggg ddd uuu rrr ooo eee bbb ooo ttt bbb lll sss aaa ttt iii sss lll ccc aagg GG tt UU ee aa rr oo nn nn uu SS vv dd cc ss .. tt tt ii ,, ee ss BB FF aa .. nn RR kk .. ss TToottaall mm CC bb ee aa oo rr nn cc mm kk ii -- aa ss ll ss MM bb aa aa vv uu nn ii tt nn uu kk gg aa ss ss ll pp II cc aa nn aa oo nn ss nn mm cc uu ii ee ee rr -- ss -- rr cc OO aa oo tt tt rr ii hh pp oo ee oo nn rr -- ss gg SS ll aa oo oo tt nn vv cc aa dd aa tt tt ee ss ll .. Savi I n n g d s i vidu O al t s h er nn FF aa ii oo tt nn aa ii rr oo tt nn ee ee dd nn ii rr gg aa -- nn ll 11 i O m t n o t v i r h s e s c e s . r - 2 ffuunnddss bonds securities 1939—Dec 41.9 6.1 2.5 33.4 12.7 2.7 5.7 2.0 .4 1.9 7.5 .2 .3 1946—Dec 259.1 27.4 23.4 208.3 74.5 11.8 24.9 15.3 6.3 44.2 20.0 2.1 9.3 1962—Dec 303.5 53.2 30.8 219.5 67.1 6.0 11.5 18.6 20.1 47.0 19.1 15.3 14.8 1963—Dec 309.3 55.3 33.6 220.5 64.2 5.6 11.2 18.7 21.1 48.2 20.0 15.9 15.6 1964—Dec 317.9 58.4 37.0 222.5 63.9 5.5 11.0 18.2 21.1 49.1 20.7 16.7 16.3 1965—Dec 320.9 59.7 40.8 220.5 60.7 5.3 10.3 15.8 22.9 49.7 22.4 16.7 16.7 1966—Dec 329.3 65.9 44.3 219.2 57.4 4.6 9.5 14.9 24.3 50.3 24.3 14.5 19.4 1967—Dec 344.7 73.1 49.1 222.4 63.8 4.1 8.6 12.2 24.1 51.2 22.8 15.8 19.9 1968—Dec 358.0 76.6 52.9 228.5 66.0 3.6 8.0 14.2 24.4 51 .9 23.9 14.3 22.4 1969—Aug 360.2 86.6 54.9 218.6 55.0 3.2 7.2 14.3 25.7 51.7 27.0 11.9 22.8 Sept 360.7 86.9 54.1 219.6 54.7 3.1 7.1 12.7 25.8 51.6 27.6 12.9 23.9 Oct 364.4 86.1 55.5 222.7 56.0 3.0 7.1 13.9 25.4 51.7 28.3 12.5 24.7 Nov 368.1 87.0 57.3 223.8 56.7 3.0 7.2 14.3 25.9 51.7 28.5 11.6 24.8 Dec 368.2 89.0 57.2 222.0 56.8 2.9 7.1 13.3 25.4 51.8 29.1 11.4 24.1 1970—Jan 367.6 88.6 55.5 223.5 54.6 2.9 7.2 13.9 26.1 51 .7 30.4 11.7 24.9 Feb 368.8 89.4 55.8 223.6 53.0 2.9 7.1 13.2 26.2 51.6 31.1 12,3 26.1 Mar 372.0 90.4 55.8 225.9 55.5 2.9 7.0 12.7 25.5 51.6 31.6 13.2 25.9 Apr 367.2 90.2 56.5 220.5 54.5 2.8 7.1 11.9 24.7 51.6 31.1 13.2 23.6 May 371.1 92.3 57.3 221 .4 53.9 2.9 6.9 12.5 25.2 51.6 31.4 13.8 23.3 June 370.9 95.2 57.7 218.0 53.3 2.9 6.8 11.1 24.6 51.6 30.9 14.8 22.0 July 376.6 94.8 58.6 223.2 55.1 2.8 7.1 12.0 24.2 51.6 31.2 15.9 23.4 Aug 380.9 96.4 59.9 224.6 58.0 2.9 7.2 11.7 24.2 51.7 30.6 16.5 21 .8 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- - 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

OCTOBER 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 Total y 1 ea -5 rs y 5 e - a 1 r 0 s 1 y 0 e - a 2 rs 0 20 O y v e e a r rs 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—July 31. 237,821 110,813 81,437 29,376 89,615 15,876 10,514 11,004 Aug. 30. 240,511 109,830 81,854 27,976 91,074 18,122 10,506 10,978 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 2,059 437 1970—July 31 16,805 2,500 792 1,708 7,219 2,285 2,413 387 Aug. 30 16,867 2,587 736 1 ,851 6,803 2,677 2,413 387 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—July 31.... 58,597 27,263 23,290 3,973 25,396 5,314 235 389 Aug. 30.... 59,947 28,587 24,628 3,959 25,269 5,467 235 389 Held by private investors: 1967—Dec. 31 1968—Dec. 31 168,473 77,670 55,222 22,448 50,877 21,223 6,133 12,569 1969—Dec. 31 162,414 79,780 57,494 22,286 54,485 9,912 6,075 12,164 1970—July 31 162,419 81,050 57,355 23,695 57,000 8,277 7,866 8,228 Aug. 30 163,697 78,656 56,490 22,166 59,002 9,978 7,858 8,202 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—July 31. 43,926 14,750 5,815 8,935 25,420 2,934 577 246 Aug. 30. 46,624 15,571 6,708 8,863 26,666 3,536 596 256 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 1 1 9 97 6 0 9 — — J D u e ly c . 3 3 1 1. . . . . . 2 2, ,9 8 3 1 1 6 5 5 0 1 1 0 1 1 4 4 9 2 3 3 5 6 2 8 1 1 , , 2 2 5 6 1 2 2 2 6 1 3 1 2 4 0 1 3 7 7 4 1 1 5 5 Aug. 30... 2,891 516 144 372 1,290 255 415 415 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—July 31.. 6,118 913 510 403 1,867 339 1,789 1 ,210 Aug. 30.. 6,212 1 ,015 557 458 1 ,809 384 1 ,791 1 ,214 iVonfinancial corporations: 1967—Dec. 31 4,936 3,966 2,897 1,069 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—July 31 4.170 2,828 1,972 856 1,263 36 38 6 Aug. 30 4.171 2,816 2,194 622 1,251 61 38 6 Savin 1 g 9 s 6 a 7 n — d D lo e a c n . a 3 s 1 s ociations: 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—July 31 3,542 679 219 460 2,019 178 353 312 Aug. 30 3,614 655 235 420 2,086 203 357 313 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—July 31 12,657 5,561 4,474 1,087 3,105 656 1 ,470 1,865 Aug. 30 12,902 5,682 4,732 950 3,264 670 1 ,431 1 ,854 AH 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—July 31. 89,190 55,809 44,223 11,586 22,064 3,923 3,222 4,174 Aug. 30. 87,283 52,401 41,920 10,481 22,636 4,869 3,230 4,144 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 5,736 commercial banks, 494 mutual savings agencies and certain Govt, deposit accounts have been removed from U.S. banks, and 746 insurance companies combined; (2) about 50 per cent by Govt, agencies and trust funds and added to "All others." Comparable data the 467 nonfinancial corporations and 487 savings and loan assns.; and are not available for earlier periods. (3) about 70 per cent by 502 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 • OCTOBER 1970 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer Period agency Total Dealers ar id brokers securities W 1 i y th e i a n r y 1 ea -5 rs y 5 e - a 1 r 0 s 10 O y v e er a rs U se .S c ur G it o ie v s t , Other m b C e a o r n c m k ia - s l o A th l e l r 1969— N D S O A e u c e o p t c g v t 2 2 2 2 2 , , , , , 5 7 2 4 4 5 2 8 3 4 1 5 6 9 2 2 2 2 2 1 , , , , , 1 2 0 9 1 6 6 0 1 1 5 2 9 7 4 2 2 2 2 3 3 8 9 2 6 3 1 0 5 4 1 1 5 5 0 6 1 1 5 1 0 1 4 3 4 5 3 1 6 0 4 4 1 1 1 , , 0 1 , 9 9 0 0 4 4 2 2 9 5 8 0 9 1 9 9 8 8 0 8 9 0 7 4 1,0 9 7 9 8 0 6 7 1 3 6 5 6 3 5 4 4 4 5 5 5 7 6 2 1 9 4 0 0 8 4 3 3 3 4 1 8 6 4 1 1 1 0 2 4 1970— J A J J M A M F a u u e u p n a n a b l g r r e y y . . . . . . . . 2 2 2 2 2 2 2 2 , , , , , , , , 1 6 3 1 3 0 1 9 2 8 9 6 8 4 4 3 1 1 5 4 5 6 6 6 2 2 2 2 1 1 1 1 , , , , , , , , 2 0 3 6 0 8 8 5 0 8 3 5 7 0 6 7 1 5 8 8 3 2 7 8 2 2 2 4 3 3 1 1 3 2 9 0 3 7 9 6 3 1 8 0 7 2 0 0 1 1 1 1 9 5 5 5 0 1 7 4 6 8 9 9 6 4 6 6 2 2 2 3 2 3 3 3 7 9 7 6 5 1 6 6 1 1 , , 2 3 9 7 7 8 8 8 0 3 7 2 2 8 6 3 8 2 1 2 8 7 8 2 1 9 9 7 7 7 7 6 2 2 2 0 3 7 4 8 4 1,0 9 9 9 7 6 8 8 4 2 1 1 2 6 2 2 3 1 4 7 2 5 0 0 5 4 4 4 4 5 5 5 0 0 0 7 3 6 2 2 6 5 2 3 7 0 9 4 4 5 4 5 4 3 3 3 0 1 1 4 8 1 7 9 1 0 3 7 7 4 8 8 Week ending— 1970—Aug. 2 1 1 6 5 2 9 . . . . 2 2 2 2 , , , , 2 0 6 3 3 0 4 7 5 8 0 0 1 1 1 1 , , , , 6 4 7 9 8 2 2 6 9 9 9 8 4 4 3 3 4 4 6 6 9 6 2 4 2 1 1 1 8 1 5 6 3 1 5 9 22 2 3 11 55 6 0 88 7 7 7 8 1 6 9 9 5 1 6 4 9 9 6 7 4 1 8 0 1,0 7 8 8 1 4 8 9 4 8 7 7 6 4 6 4 7 1 7 5 7 8 2 2 2 4 5 2 2 8 6 8 2 4 0 0 Sept. 2 3 1 0 9 2 3 6 * . . . . > 2 2 3 1 1 , , , , 3 6 0 8 ,9 9 3 6 9 1 2 7 4 8 1 2 2 2 1 1 , , , , , 1 4 0 5 5 3 4 2 9 2 7 7 8 7 6 2 2 3 3 1 2 3 5 7 9 9 9 1 5 3 1 1 1 1 1 8 0 0 1 4 9 1 5 1 0 2 2 2 3 1 2 6 9 8 9 1 , 5 9 5 1 5 4 9 8 1 5 3 2 1 7 8 8 0 9 7 7 0 1 , 7 6 8 0 6 9 9 9 5 9 4 8 7 5 5 6 3 5 3 1 3 7 2 0 2 4 6 33 3 3 2 0 33 8 1 9 8 66 6 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 Commerc nal banks UU..SS.. PPeerriioodd ma t A i t e u l s l r i- W y i e t 1 a h r i n y 1 ea -5 rs y 5 e - a 1 r 0 s y O e 1 v a 0 e r r s GG aa ssee oo gg tt cc ee vv iiee uu nn tt ss ,, rr cc ii yy -- Period so A ur l c l es Y N C o i e t 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 i e l r 1969— S O D N A e c e o u p t c v g t 2 2 3 2 3 , , , , , 4 3 3 2 6 5 8 1 0 9 1 9 3 7 9 3 3 1 1 1 , , , , , 1 2 8 9 9 5 6 5 3 0 8 6 3 6 3 2 2 1 1 1 5 0 5 7 6 6 5 5 0 2 2 1 1 1 1 3 8 0 0 9 0 1 0 6 3 3 3 4 3 3 4 7 7 0 5 4 5 6 5 4 0 1 6 9 9 6 2 4 6 2 1969— S O N D A e c e o u p t c v g t 2 2 2 3 3, , , , , 6 6 5 5 2 8 9 3 8 2 9 2 9 6 6 1 1 , , 0 7 4 5 0 5 7 6 6 3 0 1 2 3 6 6 7 5 4 3 5 1 0 6 9 1 2 5 4 2 4 5 8 7 8 7 2 5 3 8 0 0 6 3 4 1 1 , , 1 0 7 8 8 1 7 8 5 3 9 3 1 2 8 1970—Jan 2,908 2,869 -2 22 20 529 1970—Jan 3,075 907 469 792 907 M A F M e p a a b r r y 2 4 3 3 , , , , 6 6 5 1 6 6 0 8 7 8 7 2 2 3 4 1 , , , , 1 4 2 8 1 8 2 6 6 6 8 4 4 2 3 1 6 4 0 7 1 8 7 4 2 3 3 1 8 0 3 6 5 6 0 4 1 1 1 7 4 6 8 7 7 6 5 3 0 5 5 1 5 4 9 M M Fe a a b y r 2 2 4 3 , , , , 8 9 9 7 9 9 1 2 8 5 9 2 1 , 9 6 6 2 5 3 6 9 8 7 0 3 1,3 9 5 8 7 4 3 0 3 3 0 4 4 5 6 5 6 4 8 5 6 6 8 0 1 1 1 , , , 2 7 1 9 2 1 8 6 9 0 0 4 J J A u u u l n y g e 4 2 3 , , , 4 1 2 7 9 6 4 9 7 3 3 1 , , , 3 1 8 8 0 5 9 2 9 - 4 1 1 5 1 8 4 1 6 2 1 0 2 7 4 7 1 2 1 7 2 3 8 6 8 2 1 1 8 5 9 J J A u u u l n y g e 4 2 3 , , , 9 2 3 0 1 1 0 4 0 1 , 8 4 5 5 2 2 5 2 6 1,1 7 6 6 7 2 8 0 6 5 4 8 1 2 3 8 1 4 1 1 , ,0 3 8 7 7 4 1 3 2 Week ending— Week ending— 1970—July 1 1,980 1,759 9 208 4 697 1970—July 1... 1 ,837 285 423 342 788 8 2,374 2,147 15 200 12 670 88.. .. .. 2,571 733 669 363 806 15 2,591 2,391 12 182 7 636 1155.. .. .. 2,903 529 467 365 1,542 22 3,225 3,053 -21 178 16 916 22. . . 2,981 750 594 580 1,057 29 4,330 4,198 -40 156 15 1 ,037 29. . . 4,124 I ,258 1 ,216 701 949 Aug. 5 4,707 4,474 -2 216 19 913 Aug. 5... 5,097 1,586 1,368 886 1,256 12 4,680 3,270 631 749 30 787 12. . . 5,350 1 ,720 1,010 905 1,714 19 4,305 3,030 558 688 29 808 19. . . 4,689 1 ,259 1 ,063 813 1,553 26 4,199 3,133 450 587 29 827 26. . . 4,480 1 ,523 1 ,167 794 995 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

OCTOBER 1970 • GOVERNMENT SECURITIES A 45 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, SEPTEMBER 30, 1970 (In millions of dollars) Issue and coupon rate 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. Oct. 1, 1970. 3,108 Mar. 11, 1971 1,405 Feb. 15, 1972 4y4 2,006 Dec. 15, 1967-72. .21/2 2,571 Oct. 8, 1970. 3.106 Mar. 18, 1971 1 ,402 Feb. 15, 1972 1V2 3,362 Aug. 15, 1971 4 2,806 Oct. 15, 1970. 3,104 Mar. 22, 19711 - • • 2,517 Apr. 1, 1972 n/2 34 Nov. 15, 1971 3% 2,760 Oct. 22, 1970. 3,104 Mar. 25, 1971 1,395 May 15, 1972 4% 5,310 Feb. 15, 1972 4 2,344 Oct. 29, 1970. 3,102 Mar. 31, 1971 1,702 Oct. 1, 1972 iy2 33 Aug. 15, 1972 4 2,579 Oct. 31, 1970. 1,504 Apr. 22, 1971 f. . . 2,261 Apr. 1, 1973 iy2 34 Aug. 15, 1973 4 3,894 Nov. 5, 1970. 3,112 Apr. 30, 1971 1,700 May 15, 1973 7 y4 5,846 Nov.15, 1973 41/g 4,345 Nov. 12, 1970. 3,102 May 31, 1971 1 ,702 Aug. 15, 1973 SVs 1,839 Feb. 15, 1974 4i/8 3,127 N N o o v v . . 2 1 7 9 , , 1 1 9 9 7 7 0 0 . . 3 3 . , 1 0 0 9 7 2 J Ju u l n y e 3 3 0 1 , , 1 1 9 9 7 7 1 1 1 1, ,7 2 0 0 2 2 O Fe c b t. . 15 '1 , , 1 1 9 9 7 73 4 . .7l3i//24 3,14 3 2 0 N M o ay v .1 1 5 5 , , 1 1 9 9 7 7 4 4 4 37 1/ / 4 s 2 3 , , 2 5 3 8 9 2 D N e o c v . . 30 3 , , 1 1 9 9 7 7 0 0 . . 3 1 . , 1 50 0 1 8 S A e u p g t . . 3 3 0 1 , , 1 1 9 9 7 7 1 1 . ... 1 1 , , 2 2 0 0 4 2 A Au p g r. . 1 1 5 , , 1 19 9 7 7 4 4 . . ••5 5IV/8z 10,28 3 4 4 J M u a n y e 1 1 5 5 , , 1 19 9 7 7 5 8 - - 8 8 5 3 . . . . 3 4 1 % 4 1 1 , , 2 5 1 4 3 5 Dec. 10, 1970. 3,108 Oct. 1, 1974 n/2 42 Feb. 15, 1980 4 2,594 Dec. 17, 1970. 3,104 Nov. 15, 1974 534 3,981 Nov.15, 1980 31/2 1,905 Dec. 24, 1970. 3,108 Feb. 15, 1975 5y4 5,148 May 15, 1985 3% 1,077 Dec. 31, 1970. 2,806 Treasury notes Apr. 1, 1975 lih 6 Aug. 15, 1987-92. .41/4 3,811 J Ja a n n . . 1 7 4 , , 1 1 9 9 7 7 1 1 . . 1 1 , , 3 3 1 0 1 5 O N c o t v . . 1 1 5 , , 1 1 9 9 7 7 0 0 5 li /2 7,6 1 7 1 5 3 M Fe a b y . 1 1 5 5 , , 1 1 9 9 7 7 5 6 6 6 V 4 6 3, , 7 7 3 6 9 0 F M e a b y . 1 1 5 5 , , 1 1 9 9 8 8 9 8 - - 9 9 4 3 . . . . 4 4 i/8 1,5 2 5 4 4 8 J J a a n n . . 2 28 1 , , 1 1 9 9 7 7 1 1 . . 1 1. . 3 3 0 0 1 0 F Fe e b b . . 1 1 5 5 , , 1 1 9 9 7 7 1 1 5% 2 2 , ,5 9 0 2 9 4 A M u a g y . 1 1 5 5 , , 1 1 9 9 7 7 6 6 7 6 1 V /2 Z 2 1 , , 6 6 9 8 7 3 F F e e b b . . 1 1 5 5 , , 1 1 9 9 9 9 5 0 3 3 i/2 4 1 , , 7 2 6 8 2 3 Jan. 31, 1971. 1,503 Apr. 1, 1971 1 Vi 35 Feb. 15, 1977 8 5,164 Nov.15, 1998 31/2 4,055 Feb. 4,1971... 1,300 May 15, 1971 4,265 Aug. 15, 1977 734 2,264 Feb. 11, 1971. 1,303 May 15, 1971 8 4,176 Feb. 18, 1971. 1,298 Aug. 15, 1971 2,257 Treasury bonds Feb. 25, 1971. 1,402 Oct. 1, 1971 1 % 72 Mar. 15, 1966-71. .2i/2 1,219 Convertible bonds Feb. 28, 1971. 1,700 Nov. 15, 1971 53/g 1,734 June 15, 1967-72. .21/2 1,236 Investment Series B Mar. 4, 1971. 1,400 Nov. 15, 1971 7% 10,743 Sept. 15, 1967-72. .2% 1,951 Apr. 1, 1975-80. .2% 2,383 t Tax-anticipation series. NOTE.—Direct public issues only. Based on Daily Statement of U.S. Treasury. NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Total Use of proceeds Period amount deliv- Special ered 3 Total G o e b a n l l e i- r- R n e u v e e - HAAi G l U o o a . v S n t . s , State di s a s t n t a r d t i . c t Other2 c E a d ti u o - n b R r a i o d n a g d d e s s i U ti t e i s l- 4 H in o g u s s - V a a e n i t d e s ' r - O p p o t u h s r e e - s r gations auth. 196 2 8,845 5,582 2,681 437 145 1,419 2,600 4,825 8,732 8,568 2,963 1,114 1,668 521 125 2,177 196 3 10,538 5,855 4,180 254 249 1,620 3,636 5,281 10,496 9,151 3,029 812 2,344 598 2,396 196 4 10,847 6,417 3,585 637 208 1,628 3,812 5,407 10,069 10,201 3,392 688 2,437 727 120 2,838 196 5 11,329 7,177 3,517 464 170 2,401 3,784 5,144 11,538 10,471 3,619 900 1,965 626 50 3,311 196 6 11,405 6,804 3,955 325 312 2,590 4,110 4,695 11,303 3,738 1,476 1,880 533 3,667 196 7 14,766 8,985 5,013 477 334 2,842 4,810 7,115 14,643 4,473 1,254 2,404 645 5,667 196 8 16,596 9,269 6,517 528 282 2,774 5,946 7,884 16,489 4,820 1,526 2,833 787 6,523 196 9 11,881 7,725 3,556 402 197 3,359 3,596 4,926 11,638 3,252 1,432 1,734 543 4,884 1969— S A e u p g t . . . . . . 5 8 5 0 9 8 5 3 8 6 3 1 2 1 1 0 3 6 49 4 1 3 2 2 1 2 0 8 0 2 1 5 3 5 0 3 3 2 2 5 9 5 8 5 0 9 3 2 1 0 6 9 1 155 6 7 8 5 2 70 2 2 3 4 5 5 3 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 1970— F J e a b n. . . . . . 1 1, , 2 3 1 4 4 0 9 8 0 3 1 8 4 3 9 0 5 2 1 7 2 3 31 4 1 6 5 26 0 4 0 5 6 2 0 9 4 1 1 ,2 ,3 0 2 9 6 4 3 0 1 6 9 9 5 1 9 3 2 0 3 5 8 4 6 4 0 2 8 Mar... 1,551 1,084 459 7 434 390 727 1,545 393 206 227 662 Apr... 1,646 1,215 416 15 468 343 833 1 ,646 472 167 292 703 May.. 995 675 312 8 254 311 430 986 299 30 367 278 June.. 1,070 642 416 12 165 376 529 1 ,070 523 60 146 335 July.. 1,306 1,038 264 4 559 214 532 1,306 261 129 132 780 Aug... 1,342 858 479 5 331 516 494 1 ,342 396 135 189 615 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 • OCTOBER 1970 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues1 Noncorporate Corporate Period Bonds Stock Total U.S. U.S. U.S. Govt. 2 a G ge o n v c t y . 3 and S t l a o te c al4 Other 5 Total Total P o u f b fe li r c e l d y P p ri l v a a c t e e d l y Preferred Common 196 2 29,956 8,590 1,188 8,558 915 10,705 8,969 4,440 4,529 422 1,314 196 3 35,199 10,827 1,168 10,107 887 12,211 10,856 4,713 6,143 343 1,011 196 4 37,122 10,656 1,205 10,544 760 13,957 10,865 3,623 7,243 412 2,679 196 5 40,108 9,348 2,731 11,148 889 15,992 13,720 5,570 8,150 725 1,547 196 6 45,015 8,231 6,806 11,089 815 18,074 15,561 8,018 7,542 574 1,939 196 7 68,514 19,431 8,180 14,288 1,817 24,798 21,954 14,990 6,964 885 1,959 196 8 65,562 18,025 7,666 16,374 1,531 21,966 17,383 10,732 6,651 637 3,946 196 9 52,496 4,765 8,617 11,460 961 26,744 18,347 12,734 5,613 682 7,714 1969—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 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— F Ja e n b . . . . 6 6, , 0 1 0 4 3 4 4 41 1 6 3 2 1 , , 5 6 2 4 3 8 1 1 , , 3 19 1 8 4 1 6 3 3 3 2 1 , 6 ,8 36 0 2 2 1 , ,3 1 3 2 4 0 1 1 , , 0 5 6 9 8 5 5 2 2 6 5 6 6 5 0 0 4 4 5 1 6 7 Mar. 6,799 461 1,201 1 ,504 94 3,539 2,385 1,914 471 90 1 ,064 Aprr 5,891 387 700 1 ,625 9,110 3,170 2,469 2,022 448 67 634 May 9,548 3,701 950 974 14,000 3,909 3,441 3,041 399 69 399 June 6,985 819 1 ,693 1,058 26,700 3,389 2,368 1 ,931 436 222 436 Gross proceeds, major groups of corporate issuers Manufacturing C m om is m ce e l r l c a i n a e l ou a s n d Transportation Public utility Communication a R nd e al fi e n s a t n a c t i e a l Bonds Stocks Bonds Stocks Bonds 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— J J u u l n y e . 6 5 3 0 6 5 2 1 3 8 8 6 1 1 3 1 3 9 3 1 1 7 4 7 210222 1 4 3 6 44 0 6 6 9 4 6 7 2 1 8 8 6 7 2 1 6 6 6 7 1 1 2 3 3 1 Aug. 284 77 37 161 48 6 354 153 122 4 99 82 S O e c p t t . . . 5 1 0 1 1 5 1 1 2 4 4 4 1 9 4 5 2 2 2 0 0 9 2 1 5 81 2 1 9 6 4 6 1 7 3 6 1 6 3 9 1 2 1 3 2 0 0 43 2 2 3 2 3 5 2 2 1 19 0 Nov. 286 167 183 242 137 5 422 201 156 45 207 326 Dec. 420 181 190 193 140 6 497 103 255 22 358 166 1970— F Ja e n b . . . . 6 3 9 1 0 4 1 4 2 3 1 1 6 7 5 2 1 1 6 2 5 2 3 1 3 6 0 3 1 7 0 4 5 1 5 7 7 1 8 2 1 3 2 2 1 2 6 9 1 4 0 1 1 4 6 1 0 1 16 3 3 4 Mar. 882 533 110 200 262 613 293 286 20 231 108 Apr. 616 73 283 276 154 939 170 56 6 421 176 May 801 17 113 338 63 535 65 1 ,747 182 49 June, 896 42 124 396 117 673 430 353 204 151 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 preceding 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

OCTOBER 1970 • SECURITY ISSUES A 47 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers1 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 9,318 5,045 4,272 1969—11. 7,728 3,268 4,460 5,365 1 504 3,861 2,363 1,764 599 III 6,507 1,980 4,526 4,499 382 3,117 2,008 598 1,410 IV 7,473 2,109 5,364 4,710 609 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 II. 10,114 2,227 7,886 7,876 1,545 6,330 2,238 682 1,556 Type of issuer Manu- Commercial Transpor- Public Communi- Real estate Period facturing and other 2 tation 3 utility cation and financial 1 & B o n n o d te s s Stocks & B o n n o d t s e s Stocks & B o n n o d te s s Stocks & B o n n o d t s e s Stocks & B o n n o d t s e s Stocks & B o n n o d t s e s Stocks 196 5 2,606 -570 614 -70 185 -1 1,342 96 644 518 2,707 -10 196 6 4,324 32 616 -598 956 718 2,659 533 1,668 575 864 -90 196 7 7,237 832 1,104 282 1,158 165 3,444 652 1,716 467 1,302 -130 196 8 4,418 -1,842 2,242 821 987 -149 3,669 892 1,579 120 1,069 -741 196 9 3,747 69 1,075 1,558 946 186 4,464 1,353 1,834 241 1,687 866 1969—11. 936 -386 433 445 175 49 1,445 235 312 78 560 178 Ill, 1,087 343 101 274 136 21 898 320 566 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 II. 1,334 416 343 633 64 -24 1,953 583 2,134 10 504 361 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 ] Re t d io e n m s p- Net Total 2 po C si a ti s o h n Other Sales i Re t d io e n m s p- s N al e e t s Total 2 po C si a t s io h n 3 Other 1958 1,620 511 1,109 13,242 634 12,608 1969—Aug.. 483 208 275 49,072 4,642 44,430 1959 2,280 786 1,494 15,818 860 14,958 Sept.. 442 235 207 48,882 4,393 44,489 1960 2,097 842 1,255 17,026 973 16,053 Oct... 564 269 295 50,915 4,572 46,343 Nov.. 417 277 140 49,242 4,079 38,163 1961 2,951 1,160 1,791 22,789 980 21,809 Dec.. 522 301 221 48,291 3,846 44,445 1962 2,699 1,123 1,576 21,271 1,315 19,956 1963 2,460 1,504 952 25,214 1,341 23,873 1970—Jan... 523 303 220 44,945 3,959 40,986 Feb.. 407 249 158 48,202 4,209 43,993 1964 3,404 1,875 1,528 29,116 1,329 27,787 Mar.. 451 289 162 47,915 4,046 43,869 1965 4,359 1,962 2,395 35,220 1.803 33,417 Apr.. 371 306 65 42,785 3,909 38,876 1966 4,671 2,005 2,665 34,829 2,971 31,858 May. 304 300 4 39,824 4,042 35,782 June. 364 197 167 38,459 4,396 34,230 1967 4,670 2,745 1,927 44,701 2,566 42,135 July.. 306 193 113 40,714 4,817 35,897 1968 6,820 3,841 2,979 52,677 3,187 49,490 Aug.' 311 167 144 42,452 4,794 37,658 1969 6,717 3,661 3,056 48,291 3,846 44,445 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 • OCTOBER 1970 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1968 19691 Industry 11996655 11996666 11996677 11996688 11996699 I II III IV I II III IV Manufacturing Total (177 corps.): Sales 177,237 195,738 201,399 225,740 243,449 53,633 57,732 53,987 60,388 57,613 61,392 61,061 63,383 Profits before taxes 22,046 23,487 20,898 25,375 25,622 5,985 6,878 5,580 6,932 6,565 6,887 5,851 6,319 Profits after taxes 12,461 13,307 12,664 13,787 14,090 3,298 3,609 3,030 3,850 3,579 3,750 3,244 3,517 Dividends 6,527 6,920 6,989 7,271 7,757 1,716 1,731 1,746 2,078 1,838 1,916 1,885 2,118 Nondurable goods industries (78 corps.):2 Sales 64,897 73,643 77,969 84,861 92,033 20,156 21,025 21,551 22,129 21,764 23,198 23,445 23,626 Profits before taxes 7,846 9,181 9,039 9,866 10,333 2,387 2; 492 2,545 2,442 2,524 2,664 2,641 2,504 Profits after taxes 4,786 5,473 5,379 5,799 6,103 1,428 1,411 1,471 1,489 1,492 1,559 1,529 1,523 Dividends 2,527 2,729 3,027 3,082 3,289 743 751 763 825 812 808 820 849 Durable goods industries (99 corps.):3 Sales 112,341 122,094 123,429 140,879 151,416 33,477 36,707 32,435 38,259 35,849 38,195 37,616 39,756 Profits before taxes 14,200 14,307 11,822 15,510 15,290 3,598 4,386 3,036 4,490 4,041 4,224 3,210 3,815 Profits after taxes : 7,675 7,834 6,352 7,989 7,989 1,871 2,198 1,559 2,361 2,087 2,190 1,715 1,997 Dividends 4,000 4,191 3,964 4,189 4,469 972 981 983 1,253 1,026 1,108 1,065 1,270 Selected industries: Foods and kindred products (25 corps.): Sales 16,427 19,038 20,134 22,109 24,593 5,184 5,389 5,737 5,799 5,714 5,923 6,631 6,325 Profits before taxes 1,710 1,916 1,967 2,227 2,425 498 563 590 576 534 581 666 644 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 1 Manufacturing figures reflect changes by a number of companies in profits before taxes are partly estimated by the Federal Reserve to include accounting methods and other reporting procedures. affiliated nonelectric operations. 2 Includes 17 corporations in groups not shown separately. Telephone: Data obtained from Federal Communications Commis- 3 Includes 27 corporations in groups not shown separately. sion on revenues and profits for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long NOTE.—Manufacturing corporations: Data are obtained primarily from Lines and General Depts. of American Telephone and Telegraph Co.) published reports of companies. and for two affiliated telephone companies. Dividends are for the 20 Railroads: Interstate Commerce Commission data for Class I line- operating subsidiaries and the two affiliates. haul railroads. All series: Profits before taxes are income after all charges and before Electric power: Federal Power Commission data for Class A and B Federal income taxes and dividends. electric utilities, except that quarterly figures on operating revenue and Back data available from the Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 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 t s d C d e i a n v s d i h - s t U r p i r b n o u d f t i i e s ts - d co c a n a l t s l i p o o u i n w t m a - l p - Quarter P b t r e a o f x o f e i r s t e s c ta o I x n m e - e s P t a r a f o x t f e e i s r t s d C d e i a n v s d i h - s t U r p i r b n o u d f t i i e s ts - d co c a t n a l i s l p o o u n i w t m a - l p ances 1 ances i 1962 55.4 24.2 31 .2 15.2 16.0 30.1 1968—IV .. 91.3 41 .7 49.6 24.1 25.5 47.4 1963 59.4 26.3 33.1 16.5 16.6 31.8 1964 66.8 28.3 38.4 17.8 20.6 33.9 1969—1 93.0 43.5 49.5 24.1 25.5 48.5 II.... 93.4 43.8 49.7 24.4 25.2 49.3 1965 77.8 31.3 46.5 19.8 26.7 36.4 III.. . 89.9 42.1 47.9 25.0 22.9 50.1 1966 84.2 34.3 49.9 20.8 29.1 39.5 IV... 88.5 41.4 47.1 25.2 21.9 51.0 1967 79.8 33.2 46.6 21.4 25.3 43.0 1968 88.7 40.6 48.2 23.3 24.9 46.5 1970—1 . .. 82.6 38.0 44.6 25.2 19.4 52.0 1969 91.2 42.7 48.5 24.7 23.9 49.8 II.... 82.0 38.1 43.9 25.1 18.8 53.0 1 Includes depreciation, capital outlays charged to current accounts, and NOTE.—Dept. of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities NNNeeettt Notes and accts. Notes and accts. EEEnnnddd ooofff pppeeerrriiioooddd wwwooorrrkkkiiinnnggg UU..SS.. receivable payable AAccccrruueedd cccaaapppiiitttaaalll TToottaall CCaasshh ss GG eecc oo uu vv rr tt ii ,, -- II tt nn oo vv rrii ee ee nn ss -- OOtthheerr TToottaall FF iinn ee cc dd oo ee mm rraa ee ll OOtthheerr ttiieess G U o . v S t . . 1 Other G U o . v S t . . 1 Other ttaaxxeess 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—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 II 215.1 558.3 49.9 10.2 4.4 267.0 188.8 38.0 343.2 7.0 238.7 15.0 82.5 i Receivables from, and payables to, the U.S. Govt, exclude amounts NOTE.—Securities and Exchange Commission estimates; excludes offset against each other on corporations' books. banks, savings and loan assns., insurance companies, and investment companies. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Public utilities TToottaall PPeerriioodd TToottaall Durable d N ur o a n b - le MMiinniinngg R ro a a i d l- Air Other Electric and Ga o s t her nn CC ii oo cc mm aatt mm iioo uu nn -- ss OOtthheerr11 aa (( rr nn SS aa nn .. tt uu AA ee)) aa .. ll 1963 4444444400000000........7777777777777777 77777777........5555555533333333 88888888........7777777700000000 11111111........2222222277777777 11111111........2222222266666666 ........4444444400000000 11111111........5555555588888888 33333333........6666666677777777 11111111........3333333311111111 44444444........0000000066666666 1111111100000000........9999999999999999 1964 4444444466666666........9999999977777777 99999999........2222222288888888 1111111100000000........0000000077777777 11111111........3333333344444444 11111111........6666666666666666 11111111........0000000022222222 11111111........5555555500000000 33333333........9999999977777777 11111111........5555555511111111 44444444........6666666611111111 1111111122222222........0000000022222222 1965 5555555544444444........4444444422222222 1111111111111111........5555555500000000 1111111111111111........9999999944444444 11111111........4444444466666666 11111111........9999999999999999 11111111........2222222222222222 11111111........6666666688888888 44444444........4444444433333333 11111111........7777777700000000 55555555........3333333300000000 1111111133333333........1111111199999999 1966 6666666633333333........5555555511111111 1111111144444444........9999999966666666 1111111144444444........1111111144444444 11111111........6666666622222222 22222222........3333333377777777 11111111........7777777744444444 11111111........6666666644444444 55555555........3333333388888888 22222222........0000000055555555 66666666........0000000022222222 1111111144444444........4444444488888888 1967 6666666655555555........4444444477777777 1111111144444444........0000000066666666 1111111144444444........4444444455555555 11111111........6666666655555555 11111111........8888888866666666 22222222........2222222299999999 11111111........4444444488888888 66666666........7777777755555555 22222222........0000000000000000 66666666........3333333344444444 1111111144444444........5555555599999999 1968 6666666677777777........7777777766666666 1111111144444444........1111111122222222 1111111144444444........2222222255555555 11111111........6666666633333333 11111111........4444444455555555 22222222........5555555566666666 11111111........5555555599999999 77777777........6666666666666666 22222222........5555555544444444 66666666........8888888833333333 1111111155555555........1111111144444444 1969 7777777755555555........5555555566666666 1111111155555555........9999999966666666 1111111155555555........7777777722222222 11111111........8888888866666666 11111111........8888888866666666 22222222--------5555555511111111 11111111........6666666688888888 88888888........9999999944444444 22222222........6666666677777777 88888888........3333333300000000 1111111166666666........0000000055555555 19702r 8888888800000000........5555555522222222 1111111155555555........8888888888888888 1111111166666666........1111111166666666 11111111........8888888866666666 11111111........8888888866666666 33333333........1111111166666666 11111111........2222222266666666 1111111100000000........9999999977777777 22222222........5555555555555555 1111111100000000........1111111166666666 1111111166666666........7777777777777777 1968—IV 19.03 4.16 3.94 .40 .38 .66 .47 2.16 .74 2.00 4.13 69.05 1969—1 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 II 20.33 4.08 4.07 .47 .47 .80 .31 2.59 .69 2.59 4.26 80.22 III2r 20.06 3.78 3.98 .44 .46 .80 .31 2.91 .79 6.58 81.05 IV2 22.66 4.44 4.55 .49 .52 .71 .35 3.32 .68 7.60 82.24 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!* axekitfes agriculture, real estate operators, medical, legal, educational, and feultulfal service, and nonprofit organizations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 50 REAL ESTATE CREDIT a OCTOBER 1970 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Farm Nonfarm Other 1- to 4-family houses4 Multifamily and Mortgage holders2 commercial properties5 type* EE ppee nn rr dd ii oo oo dd ff hh AA oo eerr ll ll ss dd ll -- ttuu FF ii tt ii nn cc ii nn ii ss oo aa aa tt nn ll ii nn -- ss -- 11 a U c g i . e e S n s . - v o I i t a d n h n u d e d a i r - l s s hh A e A e oo rr ll ll ss dd ll -- ttuu FF ii tt ii nn cc ii nn ii ss oo aa aa tt nn ll ii nn -- ss -- 11 OO hh ee oo tt rr hh ll ss dd 33 ee -- rr hh AA ee oo rr ll ll ss dd ll -- Total tu F i t i n i n s o a t n i n - s . 1 O h e o th r l s d e - r Total tu F i t i n i n s o a t n i n - s . 1 O h e o t r h l s d e r - F w u H V n ri d A A t e t — - e r n - t C i v o e o n n n a - - l 1941 37.6 20.7 4.7 12.2 6.4 1.5 4.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 3.0 28.2 1945 35.5 21.0 2.4 12.1 4.8 1.3 3.4 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.3 26.5 1964 300.1 241.0 11.4 47.7 18.9 7.0 11.9 281.2 197.6 170.3 27.3 83.6 63.7 19.9 77.2 204.0 1965 325.8 264.6 12.4 48.7 21.2 7.8 13.4 304.6 212.9 184.3 28.7 91.6 72.5 19.1 81.2 223.4 1966 347.4 280.8 15.8 50.9 23.3 8.4 14.9 324.1 223.6 192.1 31.5 100.5 80.2 20.3 84.1 240.0 1967P 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—I Vf. 370.2 298.8 18.4 53.0 25.5 9.1 16.3 344.8 236.1 201.8 34.2 108.7 87.9 20.9 88.2 256.6 1968—P... 375.8 302.6 19.6 53.5 26.0 9.3 16.7 349.8 239.1 203.7 35.4 110.6 89.6 21.0 89.4 260.4 IP.. 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 111P. 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 IVf. 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—P... 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 Hp.. 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 IIP. 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 29.5 9.9 19.6 395.9 266.8 223.6 43.2 129.0 105.5 23.5 100.2 295.7 11997700——IIPP.. 442299..66 2299..88 339999..77 226688..77 113311..11 1 Commercial banks (including nondeposit trust companies but not 5 Derived figures; includes small amounts of farm loans held by savings trust depts.), mutual savings banks, life insurance companies, and savings and loan assns. and loan assns. 6 Data by type of mortgage on nonfarm 1- to 4-family properties alone 2 U.S. agencies include former FNMA and, beginning fourth quarter are shown on second page following. 1968, new GNMA as well as FHA, VA, PHA, Farmers Home Admin., and in earlier years, RFC, HOLC, and FFMC. They also include U.S. NOTE.—Based on data from Federal Deposit Insurance Corp., Federal sponsored agencies—new FNMA and Federal land banks. Other agencies Home Loan Bank Board, Institute of Life Insurance, Depts. of Agricul- (amounts small or current separate data not readily available) included ture and Commerce, Federal National Mortgage Assn., Federal Housing with "individuals and others." Admin., Public Housing Admin., Veterans Admin., and Comptroller of 3 Derived figures*, includes debt held by Federal land banks and farm the Currency. debt held by Farmers Home Admin. Figures for first three quarters of each year are F.R. estimates. 4 For multifamily and total residential properties, see p. A-52. MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings 1 Mutual savings bank holdings 2 Residential Residential End of period Other Other Total non- Farm Total non- Farm FHA- VA- Con- farm FHA- VA- Con- farm Total in- guar- ven- Total in- guar- vensured anteed tional sured anteed tional 1941 444,,,999000666 33,,229922 11,,004488 566 444,,,888111222 3,884 900 28 1945 444,,,777777222 33,,339955 885566 521 444,,,222000888 33,,338877 797 24 196 4 444333,,,999777666 28,933 7,315 2,742 18,876 12,405 2,638 444000,,,555555666 3366,,448877 12,287 11,121 13,079 4,016 53 196 5 444999,,,666777555 32,387 7,702 2,688 21,997 14,377 2,911 444444,,,666111777 4400,,009966 13,791 11,408 14,897 4,469 52 196 6 555444,,,333888000 34,876 7,544 2,599 24,733 16,366 3,138 444777,,,333333777 4422,,224422 14,500 11,471 16,272 5,041 53 196 7 555999,,,000111999 37,642 7,709 2,696 27,237 17,931 3,446 555000,,,444999000 4444,,664411 15,074 11,795 17,772 5,732 117 196 8 666555,,,666999666 41,433 7,926 2,708 30,800 20,505 3,758 555333,,,444555666 4466,,774488 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 III. 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--I.. . 60,119 38,157 7,694 2,674 27,789 18,396 3,566 51,218 45,171 15,179 11,872 18,120 5,931 116 II. . 61,967 39,113 7,678 2,648 28,787 19,098 3.756 51,793 45,570 15,246 11,918 18,406 6,108 115 III. 63,779 40,251 7,768 2,657 29,826 19,771 3.757 52,496 46,051 15,367 11,945 18,739 6,329 116 IV. 65,696 41,433 7,926 2,708 30,800 20,505 3.758 53,456 46,748 15,569 12,033 19,146 6,592 117 1969—1.. 67,146 42,302 7,953 2,711 31,638 20,950 3,894 54,178 47,305 15,678 12,097 19,530 6,756 117 II. . 69,079 43,532 8,060 2,743 32,729 21,459 4,088 54,844 47,818 15,769 12,151 19,898 6,908 117 III. 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. . 7700,,995544 5566,,443333 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

OCTOBER 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 i F ns 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 1945 976 6,637 5,860 1,394 4,466 196 2 7,478 6,859 1,355 469 5,035 619 46,902 43,502 10,176 6,395 26,931 196 3 9,172 8,306 1,598 678 6,030 866 50,544 46,752 10,756 6,401 29,595 196 4 10,433 9,386 1,812 674 6,900 1,047 55,152 50,848 11,484 6,403 32,961 196 5 11,137 9,988 1,738 553 7,697 1,149 60,013 55,190 12,068 6,286 36,836 196 6 10,217 9,223 1,300 467 7,456 994 64,609 59,369 12,351 6,201 40,817 196 7 8,470 7,633 757 444 6,432 837 67,516 61,947 12,161 6,122 43.664 196 8 7,925 7,153 719 346 6,088 772 69,973 64,172 11,961 5,954 46,257 196 9 7,200 6,658 602 199 5,857 542 72,031 66,257 11,690 5,669 48,898 1969—June 556 498 55 20 423 58 70,964 65,114 11,882 5,879 47,353 July. 593 557 49 6 502 36 71,079 65,226 11,845 5,819 47,562 Aug. 532 495 44 13 438 37 71,250 65,388 11,824 5,799 47,765 Sept. 576 553 41 14 498 23 71,429 65,564 11,797 5,775 47,992 Oct.. 688 663 47 9 607 25 71,569 65,766 11,777 5,744 48,245 Nov. 464 446 39 399 18 71,710 65,915 11,762 5,720 48,433 Dec. 803 774 48 718 29 72,127 66,353 11,744 5,697 48,912 1970—Jan.. 599 572 34 530 27 72,340 66,621 11,696 5,660 49,265 Feb. 564 541 27 508 23 72,527 66,836 11,675 5,638 49,523 Mar. 576 546 24 510 30 72,616 66,943 11,642 5,636 49.665 A M p a r y . 5 5 2 2 1 4 4 50 9 2 3 3 3 1 9 4 4 5 5 4 8 3 1 1 9 7 7 2 2 , , 7 9 9 8 3 2 6 6 7 7 , , 1 3 2 2 1 0 1 1 1 1 , ,6 62 0 1 6 5 5 , , 6 5 0 8 9 3 4 5 9 0 , , 8 1 9 3 1 1 June 549 522 25 492 27 73,165 67,498 11,569 5,556 50,373 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 (I) 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) Ad- Repay- Period vances ments 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- venstruc- chase sured anteed tional tion 1945 278 213 195 176 19 196 3 5,601 4,296 4,784 2,863 1,921 1,913 181 1,358 5,376 1 1 9 9 6 6 4 5 5 5 , , 5 0 6 0 5 7 4 5 , , 3 02 3 5 5 5 5 , , 3 9 2 9 5 7 2 3 , , 8 0 4 7 6 4 2 2 , , 4 9 7 2 9 3 25,173 7,185 10,055 90,944 4,696 6,960 79,288 196 6 3,804 2,866 6,935 5,006 1,929 24,913 6,638 10,538 101,333 4,894 6,683 89,756 24,192 6,013 10,830 110,306 5,145 6,398 98,763 196 7 1,527 4,076 4,386 3,985 401 16,924 3,653 7,828 114,427 5,269 6,157 103,001 196 8 2,734 1,861 5,259 4,867 392 196 9 5,531 1,500 9,289 8,434 855 2 2 2 0 1 1 , , , 8 9 1 3 8 2 2 3 2 4 4 4 , , , 9 2 7 1 4 5 6 3 6 1 1 9 1 1 , , , 6 2 2 0 1 4 4 5 4 1 1 1 2 3 4 1 0 0 , , , 8 2 8 0 0 0 5 9 2 5 7 6 , , , 7 6 9 9 5 1 1 8 0 7 7 6 , , , 6 3 0 5 5 1 1 3 2 1 1 1 2 1 0 4 7 9 , , , 1 6 6 3 4 6 2 6 3 1969— S A Ju e u p l g y t . . . . , 7 4 6 5 5 3 1 9 0 1 1 5 1 3 5 9 8 7 7 7 , , , 0 9 5 5 4 4 3 0 4 7 6 6 , , , 2 5 8 7 6 7 3 4 2 4 6 6 8 6 7 9 7 2 1 1 1 , , , 6 7 9 2 9 1 8 8 8 3 3 3 6 7 9 5 7 3 1,0 9 8 8 3 6 9 6 2 1 1 1 3 3 3 7 8 9 , , , 9 6 2 5 1 2 1 8 6 7 7 7 , , , 6 6 7 0 9 7 7 4 0 7 7 7 , , , 5 5 6 7 3 0 0 8 0 1 1 1 2 2 2 3 2 3 , , , 8 3 8 6 5 0 5 4 6 O N D c o e t c v . . . . . . 5 6 5 5 3 6 2 7 4 1 1 7 8 3 7 9 8 9 8 8 , , , 2 4 8 8 3 0 9 9 2 7 7 8 , , , 9 7 4 7 4 3 9 6 4 6 8 8 6 5 5 0 6 5 1 1 , , 3 5 3 0 0 8 2 3 8 0 6 0 6 6 5 8 2 7 1 1 3 4 9 0 , , 6 2 7 0 6 9 7 7 , , 8 9 2 1 2 0 7 7 , , 6 6 1 5 6 3 1 1 2 2 4 4 , , 2 6 3 4 8 6 1970—Jan.. 708 145 9,852 8,744 1,108 Feb.. 384 299 9,937 8,717 1,220 2 1 1 1 1 1 , , , , , , 0 0 4 5 0 2 8 4 0 8 6 6 6 2 0 6 4 2 2 2 2 3 3 3 2 8 2 2 9 7 0 4 3 5 8 3 1,0 5 5 6 7 5 1 8 4 2 0 3 7 5 1 7 2 0 1 1 1 1 1 1 4 4 4 4 4 4 1 0 0 0 1 3 , , , , , , 3 9 2 5 7 1 4 7 5 6 6 0 5 5 2 8 6 3 7 8 8 8 8 8 , , , , , , 9 1 3 0 5 0 3 2 8 9 7 0 7 5 4 2 9 0 7 7 7 7 7 7 , , , , , , 7 6 7 6 8 6 1 6 7 6 6 8 2 1 7 9 2 0 1 1 1 1 1 1 2 2 2 2 2 2 6 4 4 4 5 5 , , , . . , 9 7 8 8 3 6 9 3 8 8 5 6 7 9 9 8 6 2 J J A M A M u u u p a n a l g r y y r e . p . . . . . . . 2 2 2 3 1 1 4 9 4 7 9 3 3 9 0 9 3 6 2 3 1 1 9 7 7 8 0 0 2 1 8 8 6 6 1 1 1 1 9 9 0 0 0 0 , , , , , , 7 8 4 2 3 0 4 4 6 3 7 0 5 6 0 6 3 8 7 7 7 8 , , , , 0 7 0 5 3 2 0 0 1 1 1 2 2 2 1 3 , , , , 9 1 2 2 9 3 3 4 7 8 4 3 2,080 393 1,071 144,182 8,819 7,960 127,403 2,110 368 1,151 145,293 9,009 8,050 128,234 1 Secured or unsecured loans maturing in 1 year or less. 2 Secured loans, amortized quarterly, having maturities of more than 1 Includes loans for repairs, additions and alterations, refinancing, etc. year but not more than 10 years. not shown separately. 2 Beginning with 1958, includes shares pledged against mortgage loans; NOTE.—Federal Home Loan Bank Board data. 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 • OCTOBER 1970 MORTGAGE DEBT OUTSTANDING MORTGAGE DEBT OUTSTANDING ON ON RESIDENTIAL PROPERTIES NONFARM 1- to 4-FAMILY PROPERTIES (In billions of dollars) (In billions of dollars) All residential Multifamily i Governmentunderwritten CCoonn-- E pe n r d i o o d f Total F i i n c n i s a a t l i n - - h O ol t d h e er r s Total F i i n c n i s a a t l i n - - h O ol t d h e er r s EEnndd ooff ppeerriioodd TToottaall Total FH in A - - g V u A ar - - ttii vv oo ee nn nn aa -- ll tutions tutions sured anteed 1 1941 24.2 14.9 9.4 5.9 3.6 2.2 1954 18.6 4.3 4.1 .2 14.3 1945 24.3 15.7 8.6 5.7 3.5 2.2 1963 182.2 65.9 35.0 30.9 116.3 196 3 211.2 176.7 34.5 29.0 20.7 8.3 1964 197.6 69.2 38.3 30.9 128.3 196 4 231.1 195.4 35.7 33.6 25.1 8.5 1965 212.9 73.1 42.0 31.1 139.8 196 5 250.1 213.2 36.9 37.2 29.0 8.2 1966 223.6 76.1 44.8 31.3 147.6 196 6 264.0 223.7 40.3 40.3 31.5 8.8 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—III*. . . 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—1 * 283.7 239.0 44.7 44.6 35.3 9.3 IV* 236.1 79.9 47.4 32.5 156.1 II*.. .. 288.5 242.7 45.8 45.3 35.9 9.4 Ill*. . . 293.3 246.4 46.9 46.2 36.7 9.5 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—1 * 303.0 254.4 48.6 48.3 38.4 9.9 IV* 251.2 84.4 50.6 33.8 166.8 II*.... 308.9 259.3 49.6 49.4 39.3 10.1 Ill*. . . 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 52.2 41.3 10.9 II* 259.5 87.1 52.2 34.9 172.3 Ill* 263.5 88.8 53.4 35.4 174.6 1970—1 * 332211..99 5533..22 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. NOTE.—Based on data from same source as for "Mortgage Debt Oat- 1 Includes outstanding amount of VA vendee accounts held by private standing" table (second preceding page). investors under repurchase agreement. NOTE.—For total debt outstanding, figures are FHLBB and F.R. estimates. For conventional, figures are derived. Based on data from Federal Home Loan Bank Board, Federal Housing 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 PPPeeerrriiioooddd PPrroopp-- PPrroo-- eerrttyy Loans not in foreclosure Total h N o e m w e s h is E o t m i x n - e g s jjeeccttss ii mm pprr ii ee mm oo nn vv -- tt ee ss -- 22 TToottaall33 h N om ew e s 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 s e - re in 30 days 60 days 90 days or more 1945 665 257 217 20 171 192 1964. 8,130 1,608 4,965 895 663 2,846 1,023 1,821 196 3 3.30 2.32 .60 .38 .34 1965. 8,689 1,705 5,760 591 634 2,652 876 1,774 196 4 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 2,259 196 5 3.29 2.40 .55 .34 .40 1968. 8,275 1,572 4,924 1,123 656 3,774 1,430 2,343 196 6 3.40 2.54 .54 .32 .36 1969. 9,129 1,551 5,570 1,316 693 4,072 1,493 2,579 196 7 3.47 2.66 .54 .27 .32 196 8 3.17 2.43 .51 .23 .26 1969--June. 787 121 475 134 58 308 99 209 196 9 3.22 2.43 .52 .27 .27 July.. 869 140 518 127 85 356 122 234 Aug.. 791 130 501 92 68 385 126 259 1966—III. 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—I... 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 Mar.. 780 176 406 157 42 257 114 143 1968—I.. . 2.84 2.11 .49 .24 .32 Apr.. 864 176 385 257 45 232 97 135 II. . 2.89 2.23 .44 .22 .28 May. 943 176 351 367 48 237 98 139 III. 2.93 2.23 .48 .22 .26 June. 1,097 218 478 336 64 262 99 163 IV. 3.17 2.43 .51 .23 .26 1969—1.. . 2.77 2.04 .49 .24 .26 1 Monthly figures do not reflect mortgage amendments included in annual II. , 2.68 2.06 .41 .21 .25 totals. III. 2.91 2.18 .47 .26 .25 2 Not ordinarily secured by mortgages. IV. 3.22 2.43 .52 .27 .27 3 Includes a small amount of alteration and repair loans, not shown separately; only such loans in amounts of more than $1,000 need be secured. 1970—I.. , 2.96 2.14 .52 .30 .31 II. 2.83 2.10 .45 .28 .31 NOTE.—Federal Housing Admin, and Veterans Admin, data. FHA-insured loans represent gross amount of insurance written; VA-guaranteed loans, gross amounts of loans closed. Figures do not take into account principal NOTE.—Mortgage Bankers Association of America data from repayments on previously insured or guaranteed loans. For VA-guaranteed reports on 1- to 4-family FHA-insured, VA-guaranteed, and conloans, amounts by type are derived from data on number and average ventional mortgages held by more than 400 respondents, including amount of loans closed. mortgage bankers (chieflyX commercial banks, savings banks, and savings and loan associations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 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 F su H in re A - d - a g n V u t A e a e r - - d ch P a u s r e - s Sales d p M u er r a i i d o n e d g st O i a n n u g t d - Total sured a g n V u t A e a e r - - d ch P a u s r e - s d p M u er r a i i d o n e d g st O i a n n u g t d - 196 6 2,667 2,062 604 620 371 491 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 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-Aug.. 4,552 3,935 617 77 33 1 ,266 1969-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 July.. 5,070 4,499 571 55 172 966 July. 14,084 9,936 4,148 470 532 4,684 Aug.. 5,102 4,535 567 54 123 802 Aug. 14,452 10,218 4,234 413 718 4,834 NOTE.—Government National Mortgage Assn. data. Data prior to NOTE.—Federal National Mortgage Assn. data. Data prior to Sept. Sept. 1968 relate to Special Assistance and Management and Liquidating 1968 relate to secondary market portfolio of former FNMA. Mortgage portfolios of former FNMA and include mortgages subject to participation commitments made during the period include some multifamily and nonpool of Government Mortgage Liquidation Trust, but exclude conven- profit hospital loan commitments in addition to 1- to 4- family loan comtional mortgage loans acquired by former FNMA from the RFC Mortgage mitments accepted in FNMA's free market auction system. Co., the Defense Homes Corp., the Public Housing Admin., and Community Facilities Admin. HOME-MORTGAGE YIELDS FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY UNDER FREE MARKET SYSTEM (In per cent) Primary market 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 1 1 9 9 6 6 7 6 . . , , 6 6 . .2 4 5 6 6 6 . . 5 4 2 1 6 6. . 5 4 3 0 6 6. . 5 3 5 8 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— S O A e c u p t g . t . . . . , 8 8 8 . . . 0 1 0 5 3 0 8 8 8 . . . 0 1 0 8 3 5 8 8 8 . . . 2 2 3 0 5 0 8 8 8 . . . 3 4 4 6 8 0 1970—May 1 1 4 8 1 . . . . . . 2 4 3 6 4 0 9 3 0 . . . 2 2 3 1 1 1 9 0 3 5 2 6 . . . 5 2 3 2 4 3 3 6 2 . . . 5 0 3 1 6 8 2 3 6 1 . . . 2 1 4 3 1 1 8 7 3 . . . 5 9 0 9 9 9. . . 1 0 0 1 1 4 9 9 9 . . . 0 1 0 7 3 4 9 9 9 . . . 1 1 1 8 3 0 Nov., 8.13 8.15 8.35 8.48 25.. 289.5 145.2 38.9 86.7 19.7 9.15 9.18 9.22 Dec.. 8.25 8.24 8.35 8.62 June 1.. 224.2 113.8 31.1 71.4 11.3 9.20 9.24 9.27 1970— F Ja e n b . . . . 8 8. . 4 3 1 4 8 8 . .4 2 1 9 8 8 . . 5 5 5 5 9.29 2 1 9 5 . . . . 2 1 4 5 9 6 . . 7 3 1 9 2 8 7 . . 9 9 3 30 4 . . 6 2 5 8 6 6. . 7 5 1 7 1 . . 0 8 9 9 . . 2 3 7 2 9 9 . . 3 3 0 3 9 9 . . 3 3 1 4 A M M p a a r y r . . . . . 8 8 8 . . . 4 4 4 1 5 7 8 8 8 . . . 3 4 3 4 3 4 8 8 8 . . . 5 5 5 5 5 5 9 9 9 . . . 1 1 2 1 0 0 July 2 1 7 3 . . . . 2 3 8 2 6 3 . . 2 8 1 1 5 1 0 3. . 3 4 2 3 4 7 . . 9 0 9 7 1 2. . 9 0 2 1 2 5 . . 3 3 9 9. . 1 2 0 0 9 9 . . 2 1 1 2 9 9 . . 2 1 2 2 J J A u u u l n y g e . r . , P 8 8 8 . . . 5 4 4 1 9 8 8 8 8 . . . 3 3 4 7 6 0 8 8 8 . . . 5 6 6 5 0 0 9 9 9 . . . 1 1 0 1 6 7 Aug. 2 3 4. . . . 4 4 4 9 1 2 . . 3 8 2 1 1 8 5 0 . . 1 1 4 48 1 . . 9 4 1 9 2 1 4 . . 0 4 4 4 7 1 . . 8 9 9 9 . . 0 0 3 3 9 9 . . 0 0 3 3 9 9 . .0 0 3 4 Sept.. 8.50 9.01 Sept. 8.. 384.2 200.1 45.6 117.0 37.5 9.06 9.04 9.04 24.. 207.8 195.3 40.1 121.5 33.7 9.01 9.01 9.02 FH N A O T d E at . a — a A re n n b u a a s l e d d o a n ta op a i r n e io a n v e re ra p g o e r s t s o s f u b m m o it n te th d ly b y f f i i g e u ld re s o . f fi T ce h s e Oct. 5.. 267.5 114499..88 62.2 73.1 14.5 8.90 8.92 8.97 on prevailing local conditions as of the first of the succeeding 19 ((115500..00)) month. Yields on FHA-insured mortgages are derived from weighted averages of private secondary market prices for Sec. 203, 30-year mortgages with minimum downpayment and an NOTE.—Implicit secondary market yields are gross—before deduction of 50assumed prepayment at the end of 15 years. Gaps in the data basis- point fee paid for mortgage servicing. They reflect the average accepted bid are due to periods of adjustment to changes in maximum per- price for Govt.-underwritten mortgages after adjustment by Federal Reserve missible contract interest rates. The FHA series on average to allow for FNMA commitment fees and FNMA stock purchase and holding contract interest rates on conventional first mortgages in primary requirements, assuming a prepayment period of 15 years for 30-year loans. Commarkets are unweighted and are rounded to the nearest 5 basis mitments for 12-18 months are for new homes only. points. The FHLBB effective rate series reflects fees and charges If total accepted is shown in parenthesis, it indicates FNMA announced limit as well as contract rates (as shown in the table on conventional before the "auction" date. 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 • OCTOBER 1970 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Total m A pa o u p b t e o il r - e co g p O n o a s t o p h u d e e m r s 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 r o i d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 1 19 9 5 5 5 0 2 3 1 8 , , 4 8 7 3 1 0 2 1 8 4 , , 9 7 0 0 6 3 1 6 3 , , 0 4 7 6 4 0 4 7 , ,6 7 4 9 1 9 1 1 ,6 ,0 9 1 3 6 6 2, ,1 8 1 14 2 9 6 , , 9 7 2 6 4 8 3 1 , , 0 8 0 2 2 1 4 3 , , 7 3 9 6 5 7 1960 56,141 42,968 17,658 11,545 3,148 10,617 13,173 4,507 5,329 196 4 80,268 62,692 24,934 16,333 3,577 17,848 17,576 6,874 6,195 196 5 90,314 71,324 28,619 18,565 3,728 20,412 18,990 7,671 6,430 196 6 97,543 77,539 30,556 20,978 3,818 22,187 20,004 7,972 6,686 196 7 102,132 80,926 30,724 22,395 3,789 24,018 21,206 8,428 6,968 196 8 113,191 89,890 34,130 24,899 3,925 26,936 23,301 9,138 7,755 196 9 122,469 98,169 36,602 27,609 4,040 29,918 24,300 9,096 8,234 1969—Aug. 117,380 94,732 36,245 25,467 4,063 28,957 22,648 9.073 6,988 Sept. 118,008 95,356 36,321 25,732 4,096 29,207 22,652 9,075 7,005 Oct.. 118,515 95,850 36,599 25,855 4,084 29,312 22,665 9,025 7,085 Nov. 119,378 96,478 36,650 26,223 4,076 29,529 22,900 9,000 7,238 Dec. 122,469 98,169 36,602 27,609 4,040 29,918 24,300 9,096 8,234 1970—Jan.. 121,074 97,402 36,291 27,346 3,991 29,774 23,672 9,092 7,539 Feb. 120,077 96,892 36,119 26,987 3,970 29,816 23,185 9.074 6,789 Mar. 119,698 96,662 36,088 26,814 3,951 29,809 23,036 9,054 6,645 Apr. 120,402 97,104 36,264 26,850 3,960 30,030 23,298 9,102 6,900 May 121,346 97,706 36,455 27,055 4,003 30,193 23,640 9,159 7,273 June 122,542 98,699 36,809 27,303 4,040 30,547 23,843 9,239 7,473 July. 123,092 99,302 36,918 27,538 4,081 30,765 23,790 9,254 7,509 Aug. 123,655 99,860 36,908 27,801 4,104 31,047 23,795 9,294 7,508 1 Holdings of financial institutions; holdings of retail outlets are in- loans. For back figures and description of the data, see "Consumer Credit," cluded in "other consumer goods paper." Section 16 (New) of Supplement to Banking and Monetary Statistics, 1965, NOTE.—Consumer credit estimates cover loans to individuals for house- and Dec. 1968 BULLETIN, pp. 983-1003. hold, family, and other personal expenditures, except real estate mortgage INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets End of period Total Total m b C e a o r n m c k i - s a l fi S n c a a o n l s e c . s e u C n r i e o d n i s t fi s n C u a o m nc n e e - r 1 Other i d m e A a o u l b t e o i r l - s e 2 1939 4,503 3,065 1,079 1,197 132 657 1,438 123 1 1 9 94 4 1 5 2 6 , , 4 0 6 8 2 5 4 1 , , 4 77 8 6 0 1,7 7 2 4 6 5 1,7 3 9 0 7 0 1 1 0 98 2 7 6 5 2 9 9 1,6 6 0 8 5 6 1 2 8 8 8 1950 14,703 11,805 5,798 3,711 590 1 ,286 420 2,898 287 1955 28,906 24,398 10,601 8,447 1 ,678 2,623 1 ,049 4,508 487 1960 42,968 36,673 16,672 10,763 3,923 3,781 I ,534 6,295 359 196 4 62,692 53,898 25,094 13,605 6,340 6,492 2,367 8,794 329 196 5 71,324 61,533 28,962 15,279 7,324 7,329 2,639 9,791 315 196 6 77,539 66,724 31,319 16,697 8,255 7,663 2,790 10,815 277 196 7 80,926 69,490 32,700 16,838 8,972 8,103 2,877 11,436 285 196 8 89,890 77,457 36,952 18,219 0,178 8,913 3,195 12,433 320 196 9 98,169 84,982 40,305 19,798 1 ,594 9,740 3,545 13,187 336 1969—Aug. 94,732 82,910 39,532 19,265 1 ,220 9,436 3,457 11,822 336 Sept. 95,356 83,440 39,793 19,360 I ,347 9,450 3,490 11,916 336 Oct.. 95,850 83,949 40,006 19,569 1 ,438 9,436 3,500 11,901 338 Nov. 96,478 84,301 40,047 19,668 1,491 9,532 3,563 12,177 337 Dec. 98,169 84,982 40,305 19,798 1 ,594 9,740 3,545 13,187 336 1970—Jan.. 97,402 84,531 40,144 19,703 1 ,468 9,683 3,533 12,871 333 Feb. 96,892 84,393 39,990 19,652 1 ,459 9,691 3,601 12,499 331 Mar. 96,662 84,308 39,956 19.586 1 ,533 9,650 3,583 12,354 331 Apr. 97,104 84,802 40,245 19,672 1 ,644 9,652 3,589 12,302 332 May 97,706 85,335 40,515 19,760 1 ,778 9,631 3,651 12,371 333 June 98,699 86,311 40,979 19,936 2,030 9,703 3,663 12,388 336 July. 99,302 86,876 41,703 19.587 2,141 9,739 3,706 12,426 337 Aug. 99,860 87,315 41,934 19,601 2 292 9,735 3,753 12,545 337 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

OCTOBER 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 c t o h n e - r R a e n p d a ir End of period Total sumer erniza- loans End of period Total mobile sumer modern- Pur- goods tion paper goods ization chased paper loans paper loans 1,079 237 178 166 135 363 1939 1 ,197 878 115 1 ,726 447 338 309 161 471 1941 1 ,797 1 ,363 167 745 66 143 114 110 312 1945 300 164 24 5,798 1 ,177 1 ,294 1 ,456 834 1 ,037 1950 3,711 2,956 532 10,601 3,243 2,062 2,042 1 ,338 1 ,916 1955 8,447 6,905 1 ,048 16,672 5,316 2,820 2,759 2,200 3,577 1960 10,763 7,488 2,059 25,094 8,691 4,734 3,670 2,457 5,542 196 4 13,605 8,285 3,022 28,962 10,209 5,659 4,166 2,571 6,357 196 5 15,279 9,068 3,556 3 3 3 4 2 1 6 0 , , , , 7 3 9 3 1 0 5 0 9 0 2 5 1 1 1 1 0 1 2 2 , , , , 9 2 0 7 2 1 2 8 7 3 4 4 5 6 7 7 , , , , 2 1 9 6 6 0 5 2 7 5 6 0 5 4 6 7 , , , , 6 1 4 0 8 2 1 6 1 6 5 0 2 2 2 2 , , , , 6 6 7 7 5 2 4 1 1 9 7 9 7 7 8 9 , , , , 0 7 8 7 1 5 5 3 1 1 5 5 1 1 1 1 9 9 9 9 6 6 6 6 7 6 8 9 1 1 1 1 6 6 8 9 , , , , 6 8 2 7 9 3 1 9 7 8 9 8 1 9 9 9 0 , , , , 2 5 9 7 5 7 8 4 2 2 6 3 4 4 4 5 , , , , 5 2 8 3 1 5 4 0 8 6 9 6 39,532 12,859 7,513 6,818 2,787 9,555 1969—Aug. 19,265 10,570 5,139 39,793 12,864 7,543 6,929 2,808 9,649 Sept. 19,360 10,557 5,191 40,006 12,914 7.597 7,023 2,798 9,674 Oct.. 19,569 10,693 5,227 40,047 12,883 7,618 7,100 2,779 9,667 Nov. 19,668 10,727 5,247 40,305 12,784 7,620 7,415 2,751 9,735 Dec. 19,798 10,743 5,306 40,144 12,664 7,569 7,472 2,714 9,725 1970—Jan.. 19,703 10,660 ,310 39,990 12,585 7,533 7,474 2,691 9,707 Feb. 19,652 10,604 ,324 39,956 12,552 7,538 7,476 2,678 9,712 Mar. 19.586 10,575 ,297 40,245 12,550 7.598 7,568 2,685 9,844 Apr. 19,672 10,647 ,288 40,515 12,600 7,635 7,667 2,705 9,908 May 19,760 10,689 ,317 40,979 12,680 7,722 7,828 2,731 10,018 June 19,936 10,770 ,372 41,703 13,002 7,759 8,078 2,755 10,109 July. 19.587 10,467 ,307 41,934 12,981 7,748 8,183 2,770 I 1 0,252 Aug. 19,601 10,429 ,332 See NOTE to first table on preceding page. See NOTE to first table on preceding 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 paper loans End of period Com- Other 789 81 24 15 669 b m a ci n e a r k 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 i t * 957 122 36 14 785 tutions 731 54 20 14 643 2,296 360 200 121 1,615 1939 2,719 625 162 1,414 5,350 763 530 327 3,730 1941 3,087 693 152 1,645 9,238 1,675 791 802 5,970 1945 3,203 674 72 1,612 1 1 1 8 7 5 , , , 7 2 1 0 9 9 8 2 9 2 3 3, , , 7 8 3 2 9 6 7 5 8 1 1 1 , , , 5 3 1 0 6 7 3 7 6 1,0 9 9 2 7 1 0 2 3 1 1 1 2 0 1 , , , 2 5 4 1 8 5 5 5 8 1 1 1 9 9 9 5 5 6 5 0 0 1 6 9 3 , , , 7 9 1 6 2 7 8 4 3 2 3 1 , , 6 , 8 5 3 8 7 5 4 6 2 6 3 4 2 6 5 3 7 4 4 3 , , , 2 8 5 9 9 7 1 3 9 2 4 7 3 1 6 6 6 19,952 3,993 1,600 1,046 13,313 22,286 4,506 1 ,877 1,132 14,771 196 4 17,576 5,950 924 5,587 608 24,879 5,119 2,037 1 ,224 16,499 196 5 18,990 6,690 981 5,724 706 196 6 20,004 6,946 1,026 5,812 874 24,113 4,967 2,024 1,207 15,915 196 7 21,206 7,340 1,088 5,939 1,029 2 2 4 4 , , 3 2 7 8 4 7 5 5 , , 0 0 5 2 7 1 2 2 , . 0 0 4 3 2 2 1 1 , , 2 2 1 1 9 9 1 1 6 6 , , 0 0 5 1 6 5 1 19 9 6 6 9 8 2 2 3 4 , , 3 3 0 0 1 0 7 7 , , 9 9 7 0 5 0 1 1 , , 1 1 6 9 3 6 6 6 , , 4 6 5 5 0 0 1 1 ,3 ,5 0 8 5 4 24,586 5,085 2.036 1,231 16,234 24,879 5,119 2.037 1,224 16,499 1969—Aug... 22,648 7,879 1,194 5,438 1,550 Sept.. 22,652 7,882 1 ,193 5,448 1,557 24,684 5.065 2,026 1,212 16,381 Oct.. . 22,665 7,837 1,188 568 1,517 24,751 5.066 2,021 1,215 16,449 Nov.., 22,900 7,795 1,205 685 1,553 24,766 5,092 2,018 1,209 16,447 Dec.. 24,300 7,900 1 ,196 650 1 ,584 2 2 2 2 2 5 5 5 4 5 , , , , , 3 5 8 0 7 8 9 8 6 8 5 6 6 0 0 5 5 5 5 5 , , , , , 3 4 1 1 3 0 1 3 9 5 1 3 7 8 3 2 2 2 2 2 , . , , , 0 0 0 0 0 5 3 6 7 2 1 3 4 8 4 1 1 1 1 1 , , , , , 2 2 2 2 2 6 3 4 1 7 5 6 7 2 4 1 1 1 1 1 6 6 6 7 6 , , , , , 9 7 0 5 5 1 0 9 9 1 5 7 4 3 2 1970— A M M F Ja e p a a n b r r y . . . . . . . . . . , . , , 2 2 2 2 2 3 3 3 3 3 , , , , , 1 6 2 0 6 8 7 3 9 4 5 2 6 8 0 7 7 7 7 7 , , , , , 8 9 8 8 8 2 4 8 5 9 5 3 7 7 2 1 1 1 1 1 , , , , , 2 2 2 2 2 1 0 1 3 1 1 5 7 4 0 5 5 5 5 5 , , , , , 9 0 2 2 6 3 6 8 1 3 2 0 2 9 3 1 1 1 1 1 , , , , , 6 5 6 5 6 1 8 0 7 4 1 3 7 9 0 June., 23,843 8,005 1,234 5,765 1,708 un N io O n T s, E i .— nd I u n s s t t r i i t a u l t io lo n a s n r e c p o re m s p en an te i d e s a , re m c u o t n u s a u l m s e a r v i f n in gs a n b ce a n c k o s m , p s a a n v i i e n s g , s c r a e n d d it J A u u l g y. . .. . 2 23 3 , , 7 7 9 9 5 0 8 8 , ,0 0 4 0 1 5 1 1 , , 2 2 4 5 9 3 5 5 , , 7 6 2 6 7 4 1 1 , , 7 8 8 4 2 4 loan assns., and other lending institutions holding consumer instalment credit. See also NOTE to first table on preceding page. i Service station and miscellaneous credit-card accounts and homeheating-oil accounts. Bank credit card accounts outstanding are included in estimates of instalment credit outstanding. See also NOTE to first table on preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 56 CONSUMER CREDIT • OCTOBER 1970 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R r e n p iz a a ir t io a n n d l oans Personal loans PPeerriioodd S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions 11996644 ,, 77777770000000,,,,,,,666666677777770000000 22222224444444,,,,,,,000000044444446666666 22222220000000,,,,,,,888888822222221111111 2222222,,,,,,,222222222222225555555 22222223333333,,,,,,,555555577777778888888 1965 77777778888888,,,,,,,555555588888886666666 22222227777777,,,,,,,222222222222227777777 22222222222222,,,,,,,777777755555550000000 2222222,,,,,,,222222266666666666666 22222226666666,,,,,,,333333344444443333333 1966 88888882222222,,,,,,,333333333333335555555 22222227777777,,,,,,,333333344444441111111 22222225555555,,,,,,,555555599999991111111 2222222,,,,,,,222222200000000000000 22222227777777,,,,,,,222222200000003333333 1967 88888884444444,,,,,,,666666699999993333333 22222226666666,,,,,,,666666666666667777777 22222226666666,,,,,,,999999955555552222222 2222222,,,,,,,111111111111113333333 22222228888888,,,,,,,999999966666661111111 1968 99999997777777,,,,,,,000000055555553333333 33333331111111,,,,,,,444444422222224444444 33333330000000,,,,,,,555555599999993333333 2222222,,,,,,,222222266666668888888 33333332222222,,,,,,,777777766666668888888 1969 111111100000002222222,,,,,,,888888888888888888888 33333332222222,,,,,,,333333355555554444444 33333333333333,,,,,,,000000077777779999999 2222222,,,,,,,222222277777778888888 33333335555555,,,,,,,111111177777777777777 111999666999———AAAuuu ggg 8,680 8888888,,,,,,,666666600000004444444 2,634 2222222,,,,,,,555555599999993333333 2,819 2222222,,,,,,,777777766666664444444 177 222222200000006666666 3,050 3333333,,,,,,,000000044444441111111 SSSeeepppttt 8,669 8888888,,,,,,,444444488888885555555 2,794 2222222,,,,,,,555555566666666666666 2,740 2222222,,,,,,,777777799999994444444 180 111111199999994444444 2,955 2222222,,,,,,,999999933333331111111 OOOcccttt 8,661 8888888,,,,,,,777777799999997777777 2,808 2222222,,,,,,,999999933333339999999 2,707 2222222,,,,,,,888888800000005555555 175 111111188888883333333 2,971 2222222,,,,,,,888888877777770000000 NNNooovvv 8,632 8888888,,,,,,,111111177777773333333 2,683 2222222,,,,,,,444444433333333333333 2,841 2222222,,,,,,,888888811111117777777 164 111111166666660000000 2,944 2222222,,,,,,,777777766666663333333 DDDeeeccc 8,344 11111110000000,,,,,,,000000099999996666666 2,472 2222222,,,,,,,444444477777779999999 2,838 4444444,,,,,,,000000000000004444444 169 111111144444449999999 2,865 3333333,,,,,,,444444466666664444444 111999777000———JJJaaa nnn 8,521 7777777,,,,,,,444444499999990000000 2,479 2222222,,,,,,,111111133333330000000 2,925 2222222,,,,,,,666666666666663333333 160 111111111111118888888 2,957 2222222,,,,,,,555555577777779999999 FFFeeebbb 8,625 7777777,,,,,,,111111100000006666666 2.536 2222222,,,,,,,222222211111114444444 3,018 2222222,,,,,,,222222277777775555555 179 111111133333337777777 2,892 2222222,,,,,,,444444488888880000000 MMMaaarrr 8,392 8888888,,,,,,,222222244444443333333 2,496 2222222,,,,,,,555555588888884444444 2,922 2222222,,,,,,,777777722222225555555 165 111111155555552222222 2,809 2222222,,,,,,,777777788888882222222 AAAppprrr 8,491 8888888,,,,,,,777777777777773333333 2,571 2222222,,,,,,,777777777777776666666 2,843 2222222,,,,,,,777777799999992222222 183 111111188888885555555 2,894 3333333,,,,,,,000000022222220000000 MMMaaayyy 9,004 8888888,,,,,,,888888855555557777777 2,595 2222222,,,,,,,666666699999996666666 3,183 3333333,,,,,,,000000000000008888888 180 222222211111113333333 3,046 2222222,,,,,,,999999944444440000000 JJJuuunnneee 8,683 9999999,,,,,,,555555533333334444444 2,587 3333333,,,,,,,000000022222223333333 2,925 3333333,,,,,,,000000011111119999999 189 222222222222220000000 2,982 3333333,,,,,,,222222277777772222222 JJJuuulllyyy 9,065 9999999,,,,,,,444444499999997777777 2,685 2222222,,,,,,,999999955555552222222 3,124 3333333,,,,,,,111111144444441111111 192 222222222222220000000 3,064 3333333,,,,,,,111111188888884444444 AAAuuuggg 8,809 8888888,,,,,,,999999911111115555555 2.537 2222222,,,,,,,555555544444440000000 3,168 3333333,,,,,,,111111155555552222222 173 111111199999997777777 2,931 3333333,,,,,,,000000022222226666666 Repayments 111999666444 66666663333333,,,,,,,444444477777770000000 22222221111111,,,,,,,333333366666669999999 11111118888888,,,,,,,666666666666666666666 2222222,,,,,,,000000088888886666666 22222221111111,,,,,,,333333344444449999999 1965 66666669999999,,,,,,,999999955555557777777 22222223333333,,,,,,,555555544444443333333 22222220000000,,,,,,,555555511111118888888 2222222,,,,,,,111111111111116666666 22222223333333,,,,,,,777777788888880000000 1966 77777776666666,,,,,,,111111122222220000000 22222225555555,,,,,,,444444400000004444444 22222223333333,,,,,,,111111177777778888888 2222222,,,,,,,111111111111110000000 22222225555555,,,,,,,444444422222228888888 1967 88888881111111,,,,,,,333333300000006666666 22222226666666,,,,,,,444444499999999999999 22222225555555,,,,,,,555555533333335555555 2222222,,,,,,,111111144444442222222 22222227777777,,,,,,,111111133333330000000 1968 88888888888888,,,,,,,000000088888889999999 22222228888888,,,,,,,000000011111118888888 22222228888888,,,,,,,000000088888889999999 2222222,,,,,,,111111133333332222222 22222229999999,,,,,,,888888855555550000000 1969 99999994444444,,,,,,,666666600000009999999 22222229999999,,,,,,,888888888888882222222 33333330000000,,,,,,,333333366666669999999 2222222,,,,,,,111111166666663333333 33333332222222,,,,,,,111111199999995555555 111999666999———AAAuuu ggg 8,080 7777777,,,,,,,777777700000005555555 2,562 2222222,,,,,,,444444422222229999999 2,574 2222222,,,,,,,444444466666669999999 185 111111188888882222222 2,759 2222222,,,,,,,666666622222225555555 SSSeeepppttt 7,971 7777777,,,,,,,888888866666661111111 2.498 2222222,,,,,,,444444499999990000000 2,600 2222222,,,,,,,555555522222229999999 156 111111166666661111111 2,717 2222222,,,,,,,666666688888881111111 OOOcccttt 7,992 8888888,,,,,,,333333300000003333333 2,463 2222222,,,,,,,666666666666661111111 2,615 2222222,,,,,,,666666688888882222222 189 111111199999995555555 2,725 2222222,,,,,,,777777766666665555555 NNNooovvv 8,012 7777777,,,,,,,555555544444445555555 2,503 2222222,,,,,,,333333388888882222222 2,623 2222222,,,,,,,444444444444449999999 179 111111166666668888888 2,707 2222222,,,,,,,555555544444446666666 DDDeeeccc 7,929 8888888,,,,,,,444444400000005555555 2.499 2222222,,,,,,,555555522222227777777 2,552 2222222,,,,,,,666666611111118888888 185 111111188888885555555 2,693 3333333,,,,,,,000000077777775555555 111999777000———JJJaaa nnn 8,141 8888888,,,,,,,222222255555557777777 2,469 2222222,,,,,,,444444444444441111111 2,722 2222222,,,,,,,999999922222226666666 168 111111166666667777777 2,782 2222222,,,,,,,777777722222223333333 FFFeeebbb 8,207 7777777,,,,,,,666666611111116666666 2,550 2222222,,,,,,,333333388888886666666 2,761 2222222,,,,,,,666666633333334444444 171 111111155555558888888 2,725 2222222,,,,,,,444444433333338888888 MMMaaarrr 8.194 8888888,,,,,,,444444477777773333333 2,501 2222222,,,,,,,666666611111115555555 2,792 2222222,,,,,,,888888899999998888888 169 111111177777771111111 2,732 2222222,,,,,,,777777788888889999999 AAAppprrr 8.195 8888888,,,,,,,333333333333331111111 2,527 2222222,,,,,,,666666600000000000000 2,729 2222222,,,,,,,777777755555556666666 173 111111177777776666666 2,766 2222222,,,,,,,777777799999999999999 MMMaaayyy 8,589 8888888,,,,,,,222222255555555555555 2,600 2222222,,,,,,,555555500000005555555 2,888 2222222,,,,,,,888888800000003333333 174 111111177777770000000 2,927 2222222,,,,,,,777777777777777777777 JJJuuunnneee 8,242 8888888,,,,,,,555555544444441111111 2,573 2222222,,,,,,,666666666666669999999 2,750 2222222,,,,,,,777777777777771111111 174 111111188888883333333 2,745 2222222,,,,,,,999999911111118888888 JJJuuulllyyy 8,622 8888888,,,,,,,888888899999994444444 2,752 2222222,,,,,,,888888844444443333333 2,874 2222222,,,,,,,999999900000006666666 170 111111177777779999999 2,826 2222222,,,,,,,999999966666666666666 AAAuuuggg 8,577 8888888,,,,,,,333333355555557777777 2,632 2222222,,,,,,,555555555555550000000 2,967 2222222,,,,,,,888888888888889999999 175 111111177777774444444 2,803 2222222,,,,,,,777777744444444444444 Net change in credit outstanding 2 111999666444 7777777,,,,,,,222222200000000000000 2222222,,,,,,,666666677777777777777 2222222,,,,,,,111111155555555555555 111111133333339999999 2222222,,,,,,,222222222222229999999 1965 8888888,,,,,,,666666622222229999999 3333333,,,,,,,666666688888884444444 2222222,,,,,,,222222233333332222222 111111155555550000000 2222222,,,,,,,555555566666663333333 1966 6666666,,,,,,,222222211111115555555 1111111,,,,,,,999999933333337777777 2222222,,,,,,,444444411111113333333 99999990000000 1111111,,,,,,,777777777777775555555 1967 3333333,,,,,,,333333388888887777777 111111166666668888888 1111111,,,,,,,444444411111117777777 -------22222229999999 1111111,,,,,,,888888833333331111111 1968 8888888,,,,,,,999999966666664444444 3333333,,,,,,,444444400000006666666 2222222,,,,,,,555555500000004444444 111111133333336666666 2222222,,,,,,,999999911111118888888 1969 8888888,,,,,,,222222277777779999999 2222222,,,,,,,444444477777772222222 2222222,,,,,,,777777711111110000000 111111111111115555555 2222222,,,,,,,999999988888882222222 1969—Au g 600 888888899999999999999 72 111111166666664444444 245 222222299999995555555 -8 22222224444444 291 444444411111116666666 Sept 698 666666622222224444444 296 77777776666666 140 222222266666665555555 24 33333333333333 238 222222255555550000000 Oct 669 444444499999994444444 345 222222277777778888888 92 111111122222223333333 -14 -------11111112222222 246 111111100000005555555 Nov 620 666666622222228888888 180 55555551111111 218 333333366666668888888 -15 -------8888888 237 222222211111117777777 Dec 415 1111111 ,,,,,,,666666699999991111111 -27 -------44444448888888 286 1111111 ,,,,,,,333333388888886666666 -16 -------33333336666666 172 333333388888889999999 1970—Ja n 380 -------777777766666667777777 10 -------333333311111111111111 203 -------222222266666663333333 -8 -------44444449999999 175 -------111111144444444444444 Feb 418 -------555555511111110000000 -14 -------111111177777772222222 257 -------333333355555559999999 8 -------22222221111111 167 44444442222222 Mar 198 -------222222233333330000000 -5 -------33333331111111 130 -------111111177777773333333 -4 -------11111119999999 77 -------7777777 Apr 296 444444444444442222222 44 111111177777776666666 114 33333336666666 10 9999999 128 222222222222221111111 May 415 666666600000002222222 -5 111111199999991111111 295 222222200000005555555 6 44444443333333 119 111111166666663333333 June 441 999999999999993333333 14 333333355555554444444 175 222222244444448888888 15 33333337777777 237 333333355555554444444 July 443 666666600000003333333 -67 111111100000009999999 250 222222233333335555555 22 44444441111111 238 222222211111118888888 Aug 232 555555555555558888888 -95 -------11111110000000 201 222222266666663333333 -2 22222223333333 128 222222288888882222222 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

OCTOBER 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 i n n i a e n s c e Ot i h n e s r t itu fi t n io an n c s i al Retail outlets PPeerriioodd S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. * Extensions 11996644 77777770000000,,,,,,,666666677777770000000 22222225555555,,,,,,,999999955555550000000 11111112222222,,,,,,,666666611111113333333 11111118888888,,,,,,,777777799999997777777 11111113333333,,,,,,,333333311111110000000 1965 77777778888888,,,,,,,555555588888886666666 22222229999999,,,,,,,555555522222228888888 11111113333333,,,,,,,777777722222222222222 22222220000000,,,,,,,999999900000006666666 11111114444444,,,,,,,444444433333330000000 1966 88888882222222,,,,,,,333333333333335555555 33333330000000,,,,,,,000000077777773333333 11111114444444,,,,,,,222222277777778888888 22222221111111,,,,,,,444444499999990000000 11111116666666,,,,,,,444444499999994444444 1967 88888884444444,,,,,,,666666699999993333333 33333330000000,,,,,,,888888855555550000000 11111113333333,,,,,,,888888833333333333333 22222222222222,,,,,,,555555577777774444444 11111117777777,,,,,,,444444433333336666666 1968 99999997777777,,,,,,,000000055555553333333 33333336666666,,,,,,,333333333333332222222 11111115555555,,,,,,,999999900000009999999 22222225555555,,,,,,,777777777777777777777 11111119999999,,,,,,,000000033333335555555 1969 111111100000002222222,,,,,,,888888888888888888888 33333338888888,,,,,,,555555533333333333333 11111117777777,,,,,,,111111144444441111111 22222227777777,,,,,,,999999955555558888888 11111119999999,,,,,,,222222255555556666666 1969—Au g 8,680 8888888,,,,,,,666666600000004444444 3,148 3333333,,,,,,,111111166666662222222 1111111,,,,,,,444444433333331111111 1111111,,,,,,,444444400000001111111 2,470 2222222,,,,,,,444444466666663333333 1111111,,,,,,,666666633333331111111 1111111,,,,,,,555555577777778888888 Sept 8,669 8888888,,,,,,,444444488888885555555 3,292 3333333,,,,,,,222222200000003333333 1111111,,,,,,,444444444444440000000 1111111,,,,,,,333333399999996666666 2,332 2222222,,,,,,,222222288888880000000 1111111,,,,,,,666666600000005555555 1111111,,,,,,,666666600000006666666 Oct 8,661 8888888,,,,,,,777777799999997777777 3,298 3333333,,,,,,,333333344444446666666 1111111,,,,,,,555555511111118888888 1111111,,,,,,,666666600000003333333 2,341 2222222,,,,,,,222222266666667777777 1111111,,,,,,,555555500000004444444 1111111,,,,,,,555555588888881111111 Nov 8,632 8888888,,,,,,,111111177777773333333 3,213 2222222,,,,,,,888888844444445555555 1111111,,,,,,,444444499999990000000 1111111,,,,,,,333333388888881111111 2,291 2222222,,,,,,,222222211111117777777 1111111,,,,,,,666666633333338888888 1111111,,,,,,,777777733333330000000 Dec 8,344 11111110000000,,,,,,,000000099999996666666 3,179 3333333,,,,,,,333333300000002222222 1111111,,,,,,,333333333333331111111 1111111,,,,,,,555555566666668888888 2,213 2222222,,,,,,,666666677777770000000 1111111,,,,,,,666666622222221111111 2222222,,,,,,,555555555555556666666 1970—Ja n 8,521 7777777,,,,,,,444444499999990000000 3,047 2222222,,,,,,,777777755555551111111 1111111,,,,,,,444444400000001111111 1111111,,,,,,,222222200000001111111 2.339 1111111,,,,,,,999999977777779999999 1111111,,,,,,,777777733333334444444 1111111,,,,,,,555555555555559999999 Feb 8,625 7777777,,,,,,,111111100000006666666 3,167 2222222,,,,,,,777777733333335555555 1111111,,,,,,,333333388888886666666 1111111,,,,,,,111111177777772222222 2,322 1111111,,,,,,,999999999999991111111 1111111,,,,,,,777777755555550000000 1111111,,,,,,,222222200000008888888 Mar 8,392 8888888,,,,,,,222222244444443333333 3,193 3333333,,,,,,,222222200000006666666 1111111,,,,,,,333333344444444444444 1111111,,,,,,,333333311111115555555 2,217 2222222,,,,,,,222222222222220000000 1111111,,,,,,,666666633333338888888 1111111,,,,,,,555555500000002222222 Apr 8,491 8888888,,,,,,,777777777777773333333 3,208 3333333,,,,,,,444444455555550000000 1111111,,,,,,,444444411111117777777 1111111,,,,,,,444444477777775555555 2,283 2222222,,,,,,,333333333333335555555 1111111,,,,,,,555555588888883333333 1111111,,,,,,,555555511111113333333 May 9,004 8888888,,,,,,,888888855555557777777 3,291 3333333,,,,,,,333333344444441111111 1111111 ,,,,,,,444444466666668888888 1111111 ,,,,,,,444444422222224444444 2,423 2222222,,,,,,,333333388888888888888 1111111 ,,,,,,,888888822222222222222 1111111 ,,,,,,,777777700000004444444 June 8,683 9999999,,,,,,,555555533333334444444 3,262 3333333,,,,,,,666666644444443333333 1111111,,,,,,,444444455555557777777 1111111 ,,,,,,,666666644444443333333 2,392 2222222,,,,,,,666666677777776666666 1111111 ,,,,,,,555555577777772222222 1111111 ,,,,,,,555555577777772222222 July 9,065 9999999,,,,,,,444444499999997777777 3,382 3333333,,,,,,,666666699999997777777 1111111,,,,,,,444444477777770000000 1111111,,,,,,,555555577777771111111 2,485 2222222,,,,,,,555555577777778888888 1111111,,,,,,,777777722222228888888 1111111,,,,,,,666666655555551111111 Aug 8,809 8888888,,,,,,,999999911111115555555 3,308 3333333,,,,,,,333333388888885555555 1111111,,,,,,,333333322222222222222 1111111 ,,,,,,,333333311111110000000 2.340 2222222,,,,,,,444444422222224444444 1111111 ,,,,,,,888888833333339999999 1111111,,,,,,,777777799999996666666 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—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 July. 8,622 8,894 3,264 3,388 479 1,505 2,285 2,388 594 1,613 Aug.. 8,577 8,357 3,185 3,154 383 1,296 2,282 2,230 727 1,677 Net change in credit outstanding 2 196 4 7,200 3,065 975 2,033 1,127 196 5 8,629 3,865 1,674 2,093 997 196 6 6,215 2,357 1,418 1,416 1,024 196 7 3,387 1,381 141 1,244 621 196 8 8,964 4,252 1,381 2,334 997 196 9 8,279 3,353 1 ,579 2,593 754 1969—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 M Ap a r r . . . . 2 1 9 9 6 8 -2 4 3 4 0 2 1 7 2 4 7 - 2 3 8 4 9 4 8 4 3 -6 8 6 6 6 8 3 5 11 1 9 5 17 1 -1 -5 4 2 5 May. 415 602 121 270 60 88 84 175 150 69 June. 441 993 221 464 23 176 191 336 6 17 July. 443 603 533 724 -424 -349 200 190 134 38 Aug.. 232 558 123 231 -61 14 58 194 112 119 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 preceding 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. • OCTOBER 1970 MARKET GROUPINGS (1957-59=100) 19 p 5 r 7 o - - 59 11996699 1969 1970 GGrroouuppiinngg portion ageP Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Juner July r Aug. Total index 100.00 172.8 174.3 173.9 173.1 171.4 171.1 170.4 170.5 171.1 170.2 169.0 168.8 169.2 168.9 Final products, total 47.35 170.8 172.7 172.2 170.9 168.4 168.5 168.5 169.9 169.7 168.5 167.7 167.1 167.5 166.8 Consumer goods 32.31 162.5 164.2 162.8 161.2 160.5 160.7 161.5 162.4 162.0 163.2 163.2 162.8 164.7 164.2 Equipment, including defense.... 15.04 188.6 190.3 192.4 191.9 185.6 185.2 183.6 186.2 186.3 179.9 177.3 176.3 173.7 172.2 Materials 52.65 174.6 175.9 176.0 175.4 174.6 173.9 172.5 171.5 171.7 171.9 170.4 171.2 171.8 170.9 Consumer goods Automotive products 3.21 173.2 179.5 176.6 172.8 168.0 160.9 155.3 154.8 160.0 158.4 166.4 170.3 174.0 173.0 Autos 1.82 162.8 178.4 169.9 164.0 153.8 141.6 132.9 127.6 138.4 136.1 156.0 163.0 163.8 163.3 Auto parts and allied products 1.39 186.8 181.0 185.4 184.4 186.7 186.2 184.9 190.7 188.5 187.8 180.1 179.9 187.3 185.7 Home goods and apparel 10.00 159.3 159.3 156.7 156.2 150.9 151.0 152.3 153.6 154.5 155.0 153.0 153.2 154.6 156.1 Home goods 4.59 184.0 184.5 181.2 179.5 166.7 166.8 169.6 174.8 179.4 180.0 178.4 177.7 181.0 184.5 Appliances, TV, and radios 1.81 180.2 181.9 176.5 175.2 142.2 140.1 149.0 168.6 178.1 178.9 182.6 178.8 187.7 199.8 Appliances 1.33 192.4 195.0 188.2 187.2 147.8 151.0 162.5 186.5 199.1 206.7 213.9 201.4 212.1 225.3 TV and home radios .47 145.6 144.9 143.6 141.3 126.2 109.6 111.0 118.2 119.1 100.3 94.2 115.2 118.8 127.8 Furniture and rugs 1.26 180.3 179.7 177.9 175.7 176.0 175.0 173.8 169.2 170.3 170.6 165.5 164.9 164.5 164.9 Miscellaneous home goods 1.52 191.5 191.6 189.4 187.8 188.2 191.7 190.5 186.7 188.4 189.0 184.1 186.9 186.6 118822..77 Apparel, knit goods, and shoes 5.41 138.5 138.0 135 9 136.4 137.5 137.7 137.6 135.7 133.4 133.8 131.4 132.4 132.2 Consumer staples 19.10 162.4 164.1 163.7 161.8 164.2 165.7 167.3 168.2 166.2 168.4 168.0 166.6 166.3 167.0 Processed foods 8.43 136.6 138.8 137.9 132.3 136.5 137.0 138.7 139.5 139.6 140.2 141.1 137.9 138.7 114400..00 Beverages and tobacco 2.43 146.8 152.3 152.6 148.9 145.0 149.6 151.7 154.6 146.1 150.1 142.2 142.6 141.9 Drugs, soap, and toiletries 2.97 209.0 207.2 208.6 210.4 213.2 217.0 217.6 217.9 216.5 218.6 219.6 217.4 217.4 213.8 Newspapers, magazines, and books. 1.47 147.1 147.6 149.8 147.1 148.9 149.7 147.7 147.6 146.1 146.0 146.9 147.6 142.9 114433..55 Consumer fuel and lighting 3.67 199.6 201.1 198.6 203.9 206.0 206.0 210.0 210.3 207.2 212 6 212.3 213.7 212.8 Fuel oil and gasoline 1.20 144.6 144.4 146.1 150.9 152.7 148.4 150.3 146.5 150.3 152.1 149.7 153.0 148! 2 114477..99 Residential utilities 2.46 226.3 228.7 224.2 229.8 232.0 234.1 239.1 241.5 235.0 242 1 242.8 243. 3 244 3 Electricity 1.72 224499..77 225522..22 224455..33 225522..99 225555..66 225588..22 226644..77 226677..55 225577..77 226677 ..''55 226688..11 226688..11 226699!! 11 Gas .74 Equipment Business equipment 11.63 195.6 197.0 200.4 200.9 194.4 193.8 192.8 196.9 198.0 193.0 188.7 188.0 186.1 184.9 Industrial equipment 6.85 179.1 180.3 183.9 182.9 174.4 176.3 175.0 184.9 186.8 182.1 175.8 175.2 174.6 173.7 Commercial equipment 2.42 220.0 221.3 222.9 224.9 223.3 223.6 223.0 222.4 225.0 223.4 220.4 220.4 218.3 214.1 Freight and passenger equipment. .. 1.76 246.7 249.7 251.9 254.5 252.8 240.9 239.5 231.8 226.1 215.4 216.8 213.8 207.3 205.5 Farm equipment .61 113366..88 113366..00 114466..88 115533..11 113366..55 113355..44 113388..44 113300..33 113344..66 113300..44 112277..44 112288..66 112266..00 Defense equipment 33..4411 Materials Durable goods materials 26.73 165.5 167.3 166.6 165.8 163.5 161.8 160.1 157.9 159.1 159.6 157.5 157.8 158.0 156.9 Consumer durable 3.43 163.9 169.5 171.7 166.4 158.5 150.9 148.7 142.3 143.0 143.6 146.0 155.4 156.0 156.9 Equipment 7.84 191.9 195.1 197.2 194.8 190.7 189.8 188.6 188.6 189.8 183.8 177.5 176.6 178.4 176.2 Construction 9.17 152.4 149.9 149.8 149.6 150.2 150.4 151.2 150.7 148.8 148.8 146.8 145.1 145.3 144.9 Metal materials n.e.c 6.29 152.8 153.5 149.3 153.3 156.1 155.4 149.4 150.2 152.4 147.7 146.8 150.0 152.5 147.1 Nondurable materials 25.92 183.9 184.7 185.5 185.3 186.0 186.5 185.3 185.5 184.7 184.6 183.8 184.9 186.0 185.3 Business supplies 9.11 166.6 167.4 167.0 167.4 166.9 168.5 167.5 166.2 164.8 164.5 162.1 163.4 167.5 163.7 Containers 3.03 168.6 166.7 167.8 169.9 165.6 174.0 173.7 169.3 165.0 166.2 168.2 166.0 168.0 165.6 General business supplies 6.07 165.5 167.8 166.6 166.1 167.6 165.8 164.4 164.7 164.7 163.7 159.1 162.1 167.2 162.8 Nondurable materials n.e.c 7.40 237.8 238.2 240.2 239.0 242.0 240.0 239.5 239.0 237.2 236.1 233.1 234.7 233.8 232.6 Business fuel and power 9.41 158.2 159.4 159.8 160.4 160.4 161.7 159.8 162.0 162.7 163.8 166.0 166.6 166.4 168.9 Mineral fuels 6.07 134.9 136.5 137.7 135.7 136.5 137.7 135.3 137.1 137.4 139.1 142.0 142.4 141.7 114455..99 Nonresidential utilities 2.86 216.7 217.3 221.1 222.8 220.9 222.5 222.4 225.0 226.3 226 5 228.1 228.6 229.4 Electricity 2.32 220.6 221.1 225.8 227.8 225.4 227.3 227.1 230.2 231.8 232.0 233.8 234] 3 235 !o General industrial 1.03 216.1 219.2 221.4 224.7 218.4 221.1 216.5 218.1 219.4 220 6 221.8 223 9 221.2 Commercial and other 1.21 236.1 234.7 241.7 242.7 243.4 224444..88 224488..55 225533..11 225544..88 225544..22 225566..77 225555..99 225544..''88 Gas ..5544 Supplementary groups of consumer goods Automotive and home goods 7.80 179.5 182.4 179.3 176.8 167.2 164.4 163.7 166.6 171.4 171.1 173.5 172.7 179.7 117799..88 Apparel and staples 2244..5511 115577..11 115588..44 115577..66 156.2 115588..33 115599..55 116600..88 116611..00 115599..00 116600..77 115599..99 115599..00 115588..88 For NOTE see p. A-61. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1970 • INDUSTRIAL PRODUCTION: S.A. A 59 INDUSTRY GROUPINGS (1957-59 = 100) Grouping 19 p p t 5 i r o o 7 o r n - - - 5 9 a a 1 v g 9 e e 6 r p 9 - Aug. Sept. O 19 c 6 t. 9 Nov. Dec. Jan. Feb. Mar. Apr. 197 M 0 ay Juner July' Aug. Total index 100.00 172.8 174.3 173.9 173.1 171.4 171.1 170.4 170.5 171.1 170.2 169.0 168.8 169.2 168.9 Manufacturing, total 86.45 173.9 175.4 175.2 173.9 171.8 171.3 170.2 170.3 170.8 170.0 168.1 168.0 168.4 167.6 Durable 48.07 176.5 178.8 178.7 177.3 111 A 171.1 169.7 169.6 171.0 168.4 167.6 167.3 167.3 166.2 Nondurable 38.38 170.6 171.3 170.9 169.5 171.5 171.5 171.0 171.3 170.6 171.9 168.7 168.9 169.7 169.5 Mining 8.23 130.2 131.2 131.6 130.2 132.6 134.4 131.7 134.2 135.1 133.9 134.8 135.5 134.9 138.2 Utilities 5.32 221.2 222.6 222.5 226.0 226.0 227.9 230.1 232.7 230.3 233.8 234.9 235.4 236.3 236.5 Durable manufactures Primary and fabricated metals. 12.32 162.5 164.1 162.3 163.1 162.9 161.1 159.2 156.5 157.8 154.7 155.2 155.6 157.3 156.8 Primary metals 6.95 149.1 151.3 149.3 150.4 150.3 147.7 143.1 139.2 141.9 138.9 142.6 142.7 145.2 145.5 Iron and steel 5.45 140.3 141.1 141.4 141.5 142.7 138.8 135.2 129.8 134.4 133.0 136.7 138-8 136.8 134.0 Nonferrous metals and products, 1.50 181.1 177.9 178.6 178.7 183.1 181.1 174.8 177.3 183.6 175.4 174.4 169.2 172.2 169.8 Fabricated metal products 5.37 179.8 180.6 179.1 179.4 179.2 178.4 180.0 178.9 178.3 175.2 171.4 172.3 172.9 171.4 Structural metal parts 2.86 173.3 171.5 171.5 172.5 174.5 177.1 175.4 174.6 174.4 170.2 164.2 164.4 162.9 163.1 Machinery and related products 27. 188.4 192.0 192.7 190.0 181.1 180.3 178.8 180.0 182.2 178.6 177.6 178.0 177.6 175.9 Machinery 14.80 195.7 199.4 201.2 199.0 187.4 188.7 189.7 195.8 199.1 194.9 191.0 190.6 191.4 190.5 Nonelectrical machinery 8.43 194.6 195.5 199.8 200.3 194.9 196.5 195.9 195.8 196.6 191.7 187.1 185.2 185.2 183.5 Electrical machinery 6.37 197.2 204.5 202.9 197.3 177.5 178.3 181.5 195.9 202.5 199.1 196.3 197.7 199.7 199.8 Transportation equipment 10.19 174.6 179.1 178.8 175.7 168.3 163.9 159.6 154.3 156.0 153.1 157.3 159.9 158.1 155.9 Motor vehicles and parts 4.68 166.9 174.1 170.5 167.9 159.9 152.0 146.8 142.1 148.9 148.0 158.5 164.4 164.8 164.6 Aircraft and other equipment. . , 5.26 177.8 180.3 182.6 179.6 171.9 170.7 166.7 161.4 159.1 154. L 153.0 153.3 149.7 145.7 Instruments and related products. 1.71 194.4 194.9 195.4 193.9 196.0 197.4 194.8 194.0 193.6 195.4 191.3 187.9 187.0 183.2 Ordnance and accessories 1.28 C L C l u la a m y y , , b g e g r l l a a a s s s s n , , d a a p n n d r d o s d lu t u o m c n b t e s e r products... 4 2 1 . . . 7 9 7 2 9 3 1 1 1 4 1 5 2 9 6 . . . 5 1 0 1 1 1 4 1 5 0 4 5 . . . 2 1 3 1 1 1 4 1 5 0 7 1 . . 6 . 7 0 1 1 1 4 5 1 0 6 3 . . 7 . 3 8 1 1 1 4 1 5 0 4 5 . . . 6 1 9 1 1 1 3 0 5 9 9 7 . . . 9 7 4 1 1 1 4 5 1 1 4 8 . . 1 . 5 0 1 1 1 4 1 5 1 7 5 . . 2 . 5 0 1 1 1 3 1 5 7 3 1 . . . 5 1 7 1 1 1 4 1 5 0 5 4 . . . 3 5 6 1 1 13 1 5 9 6 2 . . . 2 1 6 1 1 13 4 0 4 9 7 . . . 1 4 6 1 1 1 3 0 4 2 8 5 . . 9 . 9 3 1 1 3 4 3 9 .1 .0 Furniture and miscellaneous 3.05 176.7 176.2 175.4 174.7 175.1 175.3 175.9 174.0 174.2 173.5 169.1 168.3 167.3 165.6 Furniture and fixtures 1.54 186.9 186.5 185.3 184.0 183.7 183.3 183.4 179.4 180.4 179.5 174.4 173.8 172.5 172.7 Miscellaneous manufactures 1.51 166.4 165.8 165.3 165.3 166.4 167.2 168.2 168.4 167.8 167.4 163.6 162.6 162.0 158.4 Nondurable manufactures Textiles, apparel, and leather 7.60 144.2 143.3 141.1 142.0 142.9 141.5 141.3 138.8 137.5 138.9 136.7 135.8 135.5 135.3 T A L e e p x a p t t a i h l r e e e r l m a p i n l r l d o p d p r u r o c o d t d s u u c c ts ts 2 3 . . 9 5 0 9 1 1 1 4 5 0 9 4 1 . . . 2 9 2 1 1 1 0 4 5 8 0 3 . . . 8 0 0 1 1 9 4 5 7 6 1 . . . 7 1 6 1 1 1 0 4 5 1 6 2 . . . 1 1 5 1 1 1 0 4 5 2 1 8 . . . 7 9 0 1 1 9 4 5 8 7 0 . . . 0 9 3 1 1 9 5 4 6 2 5 . . . 9 9 8 1 1 9 4 5 6 1 1 . . . 9 7 3 1 1 9 4 5 5 0 0 . . . 9 1 3 1 1 1 4 0 5 0 0 1 . . . 8 2 3 1 1 1 3 0 4 7 4 7 . . . 7 5 8 1 1 9 4 3 9 5 9 . . . 3 9 0 1 1 9 4 4 5 4 0 . . . 6 9 3 144.9 Paper and printing 8.17 164.4 166.3 165.8 165.3 166.1 166.8 164.6 164.6 164.4 165.0 163.0 161.7 161.3 161.2 Paper and products 3.43 175.6 177.5 177.5 177.1 175.9 178.0 173.8 174.8 174.9 176.3 174.5 170.8 170.6 170.6 Printing and publishing 4.74 156.3 158.2 157.3 156.9 159.1 158.6 157.9 157.3 156.9 156.9 154.8 155.2 154.6 154.4 Newspapers 1.53 142.7 144.4 143.3 143.0 154.1 142.0 141.7 142.1 137.9 139.3 136.9 137.5 140.0 138.7 Chemicals, petroleum, and rubber.. 11.54 222.6 222.4 223.3 222.7 225.3 224.8 222.1 224.1 224.7 227.0 220.2 224.3 226.7 224.6 Chemicals and products 7.58 239.0 238.1 240.2 238.3 240.8 241.7 240.2 242.6 242.3 244.4 241.4 243.2 242.5 238.3 Industrial chemicals 3.84 283.0 281.5 286.2 281.2 283.9 283.8 281.9 284.3 284.8 289.2 281.3 285.8 285.0 Petroleum products 1.97 143.8 144.5 146.2 146.7 150.9 149.5 143.3 143.0 146.6 147.9 146.5 147.8 145.5 147.'5 Rubber and plastics products 1.99 238.7 239.9 240.0 238.6 240.2 234.8 231.4 234.0 235.3 239.4 212.2 227.8 247.2 Foods, beverages, and tobacco 11.07 139.0 141.0 140.4 136.2 139.2 140.1 142.7 143.5 141.3 142.3 141.3 139.2 140.0 141.7 Foods and beverages 10.25 140.7 143.1 142.2 138.0 141.0 142.1 144.7 145.2 143.3 143.7 143.1 140.7 141.1 142.9 Food manufactures 8.64 136.7 137.8 137.0 132.6 137.5 137.4 140.2 140.4 140.0 140.1 141.0 138.3 139.5 140.5 To B ba ev c e co ra g p e r s o ducts 1 . . 8 61 2 1 16 1 1 7 . . 9 3 1 17 1 1 4 . . 3 8 1 1 6 1 9 8 . . 9 6 1 16 1 6 3 . . 7 8 1 1 5 1 9 6 . . 7 2 1 1 1 6 5 7 . . 1 2 1 1 6 1 8 7 . . 9 8 1 1 2 7 2 0 . . 8 7 1 1 6 1 1 6. . 8 0 1 1 6 25 2 . . 1 8 1 1 1 5 7 4 . . 8 6 1 1 2 5 0 3 . . 7 7 1 14 2 9 6 . . 6 6 Mining C Co o a a l l , oil, and gas 6 1 . . 8 1 0 6 1 1 1 2 7 7 . . 7 4 1 12 2 8 2 . . 8 1 1 1 2 1 9 4 . . 9 7 1 1 2 1 8 5 . . 1 7 1 1 2 1 9 8 .1 .9 1 1 3 1 0 9 . . 3 3 1 1 2 1 8 3 . . 3 1 1 1 3 2 0 2 .2 .3 1 13 2 0 1 . . 5 5 1 1 2 2 9 3 .8 .0 1 1 3 3 2 4 .3 .2 1 1 3 2 3 4 .3 .3 1 1 3 2 2 6 .4 .6 1 1 3 2 6 8 . . 4 5 Crude oil and natural gas 5.64 129.3 130.2 133.1 130.7 131.2 132.6 131.4 131.8 132.4 131.3 131.9 135.1 133.6 138.1 Oil and gas extraction 4.91 139.0 139.9 143.1 140.4 140.6 142.0 140.5 140.6 141.2 142.9 143.9 146.7 145.3 150.1 C G r a u s d a e n d o il g as liquids 4. . 2 6 5 6 1 11 3 88 2 44 . .. 0 00 132.4 135.6 132.8 133.5 135.0 133.7 133.0 133.5 135.2 135.8 137.5 136.9 141.5 Oil and gas drilling .73 64.2 Metal, stone, and earth minerals... 1.43 143.5 142.6 139.5 140.2 149.6 153.7 148.2 153.5 156.8 153.1 146.6 146.1 146.7 146.6 S M to et n a e l a m n i d n i e n a g r th minerals . . 8 61 2 1 1 4 4 4 2 . . 7 0 1 1 4 4 2 2 . . 8 3 1 13 4 3 4 . . 1 3 1 1 4 3 1 9 . . 1 6 1 15 4 3 6 . . 3 8 1 1 5 5 4 2 . . 8 3 1 1 4 55 2 . . 7 6 1 1 4 5 9 8 . . 8 4 1 1 5 6 0 5 . . 1 8 1 14 6 6 2 . . 1 6 1 1 4 5 2 1 . . 8 8 1 15 4 0 3 . . 3 0 1 1 5 4 0 3 . . 7 8 1 1 4 5 2 2 . . 3 4 Utilities Electric 4.04 233.0 234.4 234.1 238.5 238.3 240.5 243.1 246.1 242.8 247.1 248.4 248.7 249.5 Gas 1.28 117744..11 For NOTE see p. A-61. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 60 INDUSTRIAL PRODUCTION: N.S.A. • SEPTEMBER 1970 MARKET GROUPINGS (1957-59=100) 19 p 5 r 7 o - - 59 1969 1969 1970 GGrroouuppiinngg portion age* Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Juner July r Aug. Total index 100.00 172.8 174.6 179.2 177.8 173.6 169.6 168.2 171.5 172.1 170.6 169.1 172.1 163.9 169.2 Final products, total 47.35 170.8 173.4 179.2 176.5 170.0 166.2 167.1 170.5 169.9 166.9 165.8 169.9 161.9 167.9 Consumer goods 32.31 162.5 166.3 172.6 169.4 162.6 156.6 159.0 163.0 161.8 160.6 160.3 165.7 157.7 166.8 Equipment, including defense.. .. 15.04 188.6 188.5 193.4 191.8 186.0 187.0 184.3 186.5 187.3 180.3 177.7 179.0 170.9 170.3 Materials 52.65 174.6 175.6 179.2 178.9 176.9 172.6 169.5 172.5 174.0 174.3 172.1 174.1 165.7 170.5 Consumer goods Automotive products 3.21 173.2 133.2 181.8 189.8 179.0 167.8 163.3 161.6 167.0 167.0 173.8 182.9 132.4 123.2 Autos 1.82 162.8 91.9 175.0 188.6 172.3 155.8 146.2 140.4 152.2 152.4 173.2 185.0 98.3 68.9 Auto parts and allied products 1.39 186.8 187.6 190.6 191.3 187.8 183.6 185.9 189.4 186.5 186.3 174.4 180.1 177.4 194.7 Home goods and apparel 10.00 159.3 159.2 162.0 166.0 156.6 143.4 147.4 158.6 158.3 157.1 154.1 156.4 143.7 154.5 Home goods 4.59 184.0 179.4 190.5 193.7 173.7 167.2 166.3 178.4 182.9 181.4 177.5 180.0 169.0 174.0 Appliances, TV, and radios 1.81 180.2 164.4 189.5 194.5 147.9 135.0 149.8 181.6 190.1 188.3 185.7 186.0 172.3 168.8 Appliances 1.33 192.4 168.8 200.7 204.3 149.5 147.5 161.6 201.9 215.7 223.0 219.8 213.0 200.6 181.0 TV and home radios .47 145.6 152.1 158.0 166.7 143.4 99.7 116.4 124.3 117.8 90.3 89.5 110.0 92.3 134.2 Furniture and rugs 1.26 180.3 183.8 182.9 184.8 182.5 181.5 170.0 167.2 168.3 165.8 159.2 162.9 156.6 168.7 Miscellaneous home goods 1.52 191.5 193.5 197.9 200.2 196.9 193.6 182.9 183.9 186.3 186.2 183.0 186.9 175.4 118844..55 Apparel, knit goods, and shoes 5.41 138.5 142.1 137.9 142.5 142.1 123.2 131.4 141.8 137.4 136.5 134.4 136.4 122.2 Consumer staples 19.10 162.4 175.6 176.6 167.8 163.0 161.6 164.4 165.6 162.8 161.4 161.2 167.7 169.3 180.5 Processed foods 8.43 136.6 150.2 155.6 146.8 141.7 134.7 131.8 133.2 131.6 129.8 132.6 136.5 138.0 115555..33 Beverages and tobacco 2.43 146.8 164.8 156.4 152.8 137.3 129.7 132.7 140 8 142 8 151 7 152.8 163. 3 148.7 Drugs, soap, and toiletries 2.97 209.0 211.3 216.9 215.4 214.3 212.0 213.2 220.1 216.5 216^4 215.2 225! 0 216! 3 218.1 Newspapers, magazines, and books. 1.47 147.1 149.4 151.1 147.0 147.0 149.4 146.4 147.0 148.3 146.6 146.5 145.5 142.9 114455..22 Consumer fuel and lighting 3.67 199.6 222.6 215.2 194.3 192.5 207.7 226.9 218.4 209.1 200 0 193.7 203 6 226. 3 Fuel oil and gasoline 1.20 144.6 148.7 149.4 147.0 151.8 153.5 151.5 150.0 148.7 114444!! 33 144.8 115511..''33 1155KK00 115522..33 Residential utilities 2.46 226.3 Electricity 1.72 224499..77 229955..11 227788..44 223355..22 222277..55 225588..22 229999..99 228822..22 226622..99 224466..11 223311..99 224477..99 229966..00 Gas ..7744 Equipment Business equipment 11.63 195.6 195.1 201.6 200.2 193.6 194.8 193.0 197.3 199.5 194.0 189.7 191.9 182.9 182.8 Industrial equipment 6.85 179.1 179.8 185.6 181.8 174.4 177.2 176.9 184.9 187.0 182.1 176.0 178.7 172.9 173.2 Commercial equipment 2.42 220.0 221.3 226.2 227.1 226.0 228.5 223.2 220.8 223.0 219.2 217.8 221.1 213.9 214.1 Freight and passenger equipment. .. 1.76 246.7 244.7 251.9 254.5 247.7 238.5 232.3 231.8 232.9 224.0 223.3 222.4 203.2 201.4 Farm equipment .61 113366..88 112200..77 113377..88 114433..88 112244..11 113322..55 114411..00 114433..99 115500..55 114400..11 113344..44 113355..66 111144..11 Defense equipment 33..4411 Materials Durable goods materials 26.73 165.5 166.2 170.2 169.7 166.3 161.8 156.8 158.4 161.3 160.4 159.5 162.0 152.8 155.4 Consumer durable 3.43 163.9 161.0 170.0 168.9 163.3 158.4 153.9 144.4 147.3 147.9 150.4 158.5 142.7 149.1 Equipment 7.84 191.9 189.2 195.2 194.2 190.9 192.6 190.3 190.3 191.9 185.8 178.7 178.4 172.9 170.9 Construction 9.17 152.4 160.4 160.3 157.8 152.5 145.9 137.0 141.1 144.0 148.1 149.6 154.1 149.1 153.2 Metal materials n.e.c 6.29 152.8 149.0 153.8 157.0 157.3 148.6 145.5 151.6 156.1 153.6 154.9 154.8 138.8 142.8 Nondurable materials 25.92 183.9 185.3 188.5 188.4 187.8 183.7 182.5 186.9 187.1 188.5 185.1 186.6 178.9 186.0 Business supplies 9.11 166.6 167.5 171.7 174.1 170.9 162.7 161.5 165.6 167.8 169.3 164.8 165.1 157.2 163.8 Containers 3.03 168.6 176.7 177.5 178.6 165.6 154.9 165.0 167.3 165.8 172.2 169.9 171.1 163.8 175.5 General business supplies 6.07 165.5 162.8 168.8 171.9 173.5 166.6 159.8 164.7 168.8 167.8 162.3 162.1 153.8 157.9 Nondurable materials n.e.c 7.40 237.8 235.8 241.3 241.4 244.4 237.6 235.9 243.8 241.9 245.7 236.6 238.5 225.6 230.3 Business fuel and power 9.41 158.2 162.9 163.2 160.6 159.5 161.5 160.8 162.9 162.8 162.1 164.3 166.5 163.3 172.7 Mineral fuels 6.07 134.9 134.8 135.9 136.2 137.8 139.4 137.5 141.6 140.5 114400..99 142.0 114400..88 113322..77 114444..11 Nonresidential utilities 2.86 216.7 Electricity 2.32 220.6 240.2 238.8 227.5 218.3 221.2 224.7 221.1 223.6 220.7 227.3 239,0 247.1 General industrial 1.03 216.1 223.6 224.7 225.1 218.4 218.9 215.4 212.6 217.0 2177 222.9 228! 4 226 1 Commercial and other 1.21 223366..11 267.6 226633..99 224411..77 230.0 223355..00 224444..88 224400..44 224411..00 223355]] 11 224433..11 226611 !!oo 227799 !!oo Gas ..5544 Supplementary groups of consumer goods Automotive and home goods 7.80 179.5 160.4 186.9 192.1 175.9 167.4 165.1 171 .5 176.3 175.5 176.0 181.2 154.0 115533..11 Apparel and staples 2244..5511 115577..11 116688..22 116688..00 116622..22 158.4 115533..11 115577..11 116600..33 115577..22 115555..99 115555..33 116600..88 115588..99 For NOTF. see p. A-61. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1970 • INDUSTRIAL PRODUCTION: N.S.A. A 61 INDUSTRY GROUPINGS (1957-59= 100) Grouping 19 p p t 5 i r o o 7 o r n - - - 5 9 a a 1 g v 9 e e 6 r 9 * - Aug. Sept. O 19 c 6 t. 9 Nov. Dec, Jan. Feb. Mar. Apr. 197 M 0 ay June7" Julyr Aug. Total index 100.00 172.8 174.6 179.2 177.8 173.6 169.6 168.2 171.5 172.1 170.6 169.1 172.1 Manufacturing, total 86.45 173.9 174.3 180.0 179.5 175.0 169.6 167.5 171.3 172.2 171.0 168.9 171.8 Durable 48.07 176.5 173.6 181.5 181.5 175.4 172.6 169.1 170.7 173.5 170.5 169.4 171.3 Nondurable 38.38 170.6 175.0 178.1 176.9 174.5 165.9 165.6 172.0 170.6 171.7 168.4 172.3 Mining 8.23 130.2 132.3 132.9 132.7 132.9 133.1 130.1 134.1 134.0 135.0 137.9 137.6 Utilities 5.32 221.2 Durable manufactures Primary and fabricated metals. 12.32 162.5 161.7 165.7 166.3 165.8 161.8 158.3 158.1 161.4 158.7 158.3 159.9 Primary metals 6.95 149.1 144.2 148.6 151.9 152.5 144.7 143.1 145.7 115401..71 147.9 149.0 147.6 Iron and steel 5.45 140.3 135.5 140.0 143.6 144.1 136.7 135.2 136.3 138.3 139.4 138.8 Nonferrous metals and products 1.50 181.1 176.1 179.9 182.1 183.1 173.9 171.8 180.0 185.6 183.1 183.6 179.7 Fabricated metal products 5.37 179.8 184.2 187.7 184.8 183.0 183.8 177.9 174.1 175.1 172.6 170.5 175.7 Structural metal parts 2.86 173.3 175. 178.4 177.7 177.1 178.9 171.9 167.6 167.6 165.1 163.4 167.7 Machinery and related products 27.98 188.4 182.0 193.6 193.4 184.6 183.2 181.0 182.9 185.8 181.0 179.5 181.4 Machinery 14.80 195.7 193.2 202. 200.8 189.6 190.2 191.3 198.8 202.1 197.3 192.1 193.6 Nonelectrical machinery 8.43 194.6 188.3 197.2 196.7 193.0 197.9 197.9 199.7 202.1 197.4 191.8 190.4 Electrical machinery 6.37 197.2 199.8 208.5 206.3 185.0 180.1 182.5 197.6 202.1 197.2 192.4 197.8 Transportation equipment 10.19 174.6 160.6 179.7 181.7 174.2 169.0 163.5 158.2 161.6 157.0 161.2 164.6 Motor vehicles and parts 4.68 166.9 137.7 173.8 179.9 170.2 159.4 154.3 148.3 155.7 155.4 167.7 176.4 Aircraft and other equipment... 5.26 177. 177.1 181.9 180.5 174.5 174.1 168.4 163.8 163.7 154.9 152.4 151.2 Instruments and related products. 1.71 194.4 196.5 197.5 196.0 197.6 199.8 192.5 191.1 194.6 192.5 189.4 189.8 Ordnance and accessories 1.28 Clay, glass, and lumber 4.72 142.5 150.3 150.3 149.1 142.2 132.5 125.6 132.5 134.1 139.9 140.7 143.3 Clay, glass, and stone products 2.99 156.0 167.4 166.7 164.9 157.5 149.1 137.5 142.9 145.8 154.0 155.0 159.7 Lumber and products 1.73 119 120.9 122.1 121.8 115.8 103.8 105.0 114.6 113.7 115.5 116.1 115.1 Furniture and miscellaneous 3.05 176.7 181.3 181.9 184.0 181.8 181.3 170.2 169.3 171.0 169.0 165.2 168.5 Furniture and fixtures 1.54 186.9 191.7 190.9 191.0 188.8 190.3 179.7 176.7 178.2 174.7 169.2 173.5 Miscellaneous manufactures 1.51 166.4 170.8 172.7 176.9 174.7 172.2 160.6 161.7 163.6 163.2 161.1 163.4 Nondurable manufactures Textiles, apparel, and leather 7.60 144.2 145.9 143. 147.2 147.5 130.8 138.9 146.4 143.0 142.0 139.5 139.3 Textile mill products 2.90 154.2 153.8 154.6 156.7 156.5 145.0 152.1 155.5 154.1 154.3 151.5 147.4 Apparel products 3.59 149.2 151.8 149.0 153.1 154.8 131.6 141.4 152.3 147.1 145.7 142.5 145.3 Leather and products 1.11 101.9 106.5 99.2 103.6 100.6 91.4 96.4 103.6 100.7 98.2 98.2 98.8 Paper and printing 8.17 164.4 164.3 168.3 172.4 170.2 162.8 160.6 166.1 165.7 168.7 164.2 162.8 Paper and products 3.43 175.6 177.5 180.2 187.0 178.5 163.8 171.2 180.9 176.6 182.5 175.4 174.7 Printing and publishing 4.74 156.3 154.7 159.7 161.9 164.3 162.1 152.9 155.4 157.8 158.8 156. 154.3 Newspapers 1.53 142.7 132.1 144.0 153.4 159.6 145.5 129.7 136.4 140.0 148.4 145.9 138.2 Chemicals, petroleum, and rubber.. 11.54 222.6 223.1 229.4 227.0 227.1 221.7 218.5 228.0 226.9 228.3 220.1 229.2 Chemicals and products 7.58 239.0 239.0 244.8 241.1 241.9 239. 235.2 246.0 244.4 248.4 241.4 248.5 Industrial chemicals 3.84 283.0 280.1 289.1 284.0 288.2 286.6 277.7 290.0 287.6 295.0 281.3 287.2 Petroleum products 1.97 143.8 152.2 152.0 148.2 148.9 145.9 139.0 140.1 141.5 142.0 145.0 152.2 Rubber and plastics products 1.99 238.7 232.7 247.2 251.7 248.6 230.1 233.7 246.7 245.2 237.0 213.3 232.4 Foods, beverages, and tobacco 11.07 139.0 152.9 155.3 148.4 141.2 134.0 132.6 135.5 134.6 135.2 137.5 142.7 Foods and beverages 10.25 140.7 155.2 157.9 150.4 143.0 137.3 133.9 136.6 136.1 136.1 138.7 143. Food manufactures 8.64 136.7 149.5 155.0 147.2 142.3 135.3 132.5 134.0 132.2 130.6 133.2 136.9 To B b e a v c e co ra g p e r s o ducts 1..8612 1 1 6 1 1 7 . . 9 3 1 1 8 2 5 4 . . 5 2 1 1 7 2 3 3 . . 3 2 1 1 6 2 7 3 . . 5 9 1 1 4 1 6 8. . 5 9 1 9 4 3 8 . . 7 0 1 1 4 16 0 . . 5 9 1 1 5 2 0 2 . . 2 2 1 1 1 5 5 7. . 0 0 1 1 6 2 5 4 . . 4 8 1 1 2 68 2 . . 5 0 1 12 8 9 0 . . 1 7 Mining Coal, oil, and gas 6.80 127.4 127.3 128.3 128.6 130.2 131.9 130.4 134.1 132.8 132.4 134.0 132.7 Coal 1.16 117.7 128.4 121.3 126.1 123.8 117.2 110.8 123.8 122.5 123.9 135.5 127.2 Crude oil and natural gas 5.64 129.3 127.1 129.8 129.1 131.5 134.9 134.5 136.3 134.9 134.2 133.7 133.8 Oil and gas extraction 4.91 139.0 136.3 139.4 138.6 141.1 144.6 143.9 145.8 144.7 144.9 143.5 144.0 Crude oil 4..6256 132.0 129.8 132.9 131.5 133.5 136.3 135.7 137.0 136.2 137.4 136.5 136.1 Gas and gas liquids 184.0 Oil and gas drilling .73 64.2 Metal, stone, and earth minerals... 1.43 143.5 156.0 154.4 152.1 145.9 139.3 128.3 133.6 139.7 146.9 156.2 161.0 S M t e o t n a e l a m n i d n i e n a g r th minerals . .8 61 2 1 1 4 44 2 . . 7 0 1 1 5 5 3 7 . . 7 8 1 15 5 7 0 . . 3 4 1 1 5 52 1 . . 9 0 1 1 4 4 2 8. . 3 6 1 1 3 4 7 0 . . 1 9 1 12 3 1 7 . .0 8 1 1 4 2 2 6 . . 6 9 1 1 4 3 7 3. . 9 6 1 1 5 4 1 3 . . 2 8 1 14 6 8 7 . .0 1 1 6 5 9 4 . . 8 4 Utilities Electric 4.04 233.0 263.6 255.7 230.7 222.2 237.0 256.7 247.2 240.3 231.6 229.2 242.! Gas 1.28 74. 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 • OCTOBER 1970 SELECTED BUSINESS INDEXES (1957-59= 100, except as noted) Industrial production fac M tu a r n in u g - 2 Prices 4 CCaa-- PPPPeeeerrrriiiioooodddd TTToootttaaalll M F a i j n o a r l m p a ro rk d e u t c t g s roupin MM gs aa ttee-- MMaa gg jj rr oo oo rr uu ii pp nn ii dd nn uu ggss ss ttrryy ii p u p u nn cc tt aa (( tt ii ee ii pp mm cc ll oo nn ii ee ii nn zz ff tt tt rr yy )) gg aa .. -- tt ss CC rr tt cc tt ii aa rr oo oo oo cc uu nn nn nn tt cc -- ss -- -- NN TT mm rr pp tt ii oo ee oo uu ee ll cc mm nn tt oo rr nn uu aa aa yy aa -- tt ll ll ll —— -- -- gg ii -- p m E l e o m n y - t - P ro a l y ls - ss T r T r aa ee oo ll tt tt ee aa aa ii ss ll ll 33 s C u o m n e - r W c s o h a m l o e l - e- Con- rriiaallss modity Total g s o u o m d e s r E m q e u n ip t - Mfg. M in i g n - U iti t e il s - 1951. 81.3 78.6 77.8 78.4 83.8 81.9 91.3 56.4 94.0 63 91.1 106.1 80.2 76 90.5 96.7 1952. 84.3 84.3 79.5 94.1 84.3 85.2 90.5 61.2 91.3 67 93.0 106.1 84.5 79 92.5 94.0 1953, 91.3 89.9 85.0 100.5 92.6 92.7 92.9 66.8 94.2 70 95.6 111.6 93.6 83 93.2 92.7 1954, 85.8 85.7 84.3 88.9 85.9 86.3 90.2 71.8 83.5 76 93.3 101.8 85.4 82 93.6 92.9 1955, 96.6 93.9 93.3 95.0 99.0 97.3 99.2 80.2 90.0 91 96.5 105.5 94.8 89 93.3 93.2 1956, 99.9 98.1 95.5 103.7 101.6 100.2 104.8 87.9 87.7 92 99.8 106.7 100.2 92 94.7 96.2 1957 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 83.6 93 100.7 104.7 101.4 97 98.0 99.0 1958, 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98.1 74.0 102 97.8 95.2 93.5 98 100.7 100.4 1959. 105.6 105.7 106.6 104.1 105.4 106.0 99.7 108.0 81.5 105 101.5 100.1 105.1 105 101.5 100.6 1960. 108.7 109.9 111.0 107.6 107.6 108.9 101.6 115.6 80.6 105 103.3 99.9 106.7 106 103.1 100.7 1961, 109.7 111.2 112.6 108.3 108.4 109.6 102.6 122.3 78.5 108 102.9 95.9 105.4 107 104.2 100.3 1962. 118.3 119.7 119.7 119.6 117.0 118.7 105.0 131.4 82.1 120 105.9 99.1 113.8 115 105.4 100.6 1963. 124.3 124.9 125.2 124.2 123.7 124.9 107.9 140.0 83.3 132 108.0 99.7 117.9 120 106.7 100.3 1964. 132.3 131.8 131.7 132.0 132.8 133.1 111.5 151.3 85.7 137 111.1 101.5 124.3 128 108.1 100.5 1965. 143.4 142.5 140.3 147.0 144.2 145.0 114.8 160.9 88.5 143 115.8 106.7 136.6 138 109.9 102.5 1966. 156.3 155.5 147.5 172.6 157.0 158.6 120.5 173.9 90.5 145 121.8 113.5 151.7 148 113.1 105.9 1967. 158.1 158.3 148.5 179.4 157.8 159.7 123.8 184.9 85.3 153 125.4 113.6 155.1 153 116.3 106.1 1968. 165.5 165.1 156.9 182.6 165.8 166.9 126.6 202.5 84.5 173 129.3 115.2 167.9 165 121.2 108.7 1969 172.8 170.8 162.5 188.6 174.6 173.9 130.2 221.2 133.8 117.3 180.8 171 127.7 113.0 1969-— S A e u p g t 1 1 7 7 3 4 . . 9 3 1 17 7 2 2 . . 7 2 1 1 6 6 2 4 . . 8 2 1 1 9 9 2 0 . . 4 3 1 17 7 5 6 . . 9 0 1 1 7 7 5 5 . . 2 4 1 1 3 3 1 1 . . 6 2 2 2 2 2 2 2 . . 5 6 |5P84.2 2 1 1 7 6 3 1 1 3 3 4 4 . . 4 2 1 1 1 1 7 7 . . 7 7 1 1 8 8 5 4. . 6 0 1 1 7 7 1 2 1 1 2 28 9 . . 7 3 1 1 1 1 3 3 . . 6 4 Oct 173.1 170.9 161.2 191.9 175.4 173.9 130.2 226.0 ) 195 134.9 117.4 184.0 173 129.8 114.0 Nov 171.4 168.4 160.5 185.6 174.6 171.8 132.6 226.0 \ m .7 178 134.8 116.2 182.8 172 130.5 114.7 Dec 171.1 168.5 160.7 185.2 173.9 171.3 134.4 227.9 J 218 134.9 116.2 185.0 172 131.1 115.1 1970-—Jan 170.4 168.5 161.5 183.6 172.5 170.2 131.7 230.1 ] 205 135.2 115.7 183.0 173 131.8 116.0 Feb 170.5 169.9 162.4 186.2 171.5 170.3 134.2 232.7 P79.8 215 135.4 115.0 179.9 175 132.5 116.4 Mar 171.1 169.7 162.0 186.3 171.7 170.8 135.1 230.3 J 208 135.7 115.2 182.2 174 133.2 116.6 Apr 170.2 168.5 163.2 179.0 171.9 170.0 133.9 233.8 203 135.5 114.2 179.3 179 134.0 116.6 J J S A M u u e u l a n p y g y e t .2' r1 1 1 1 1 6 6 6 6 6 8 9 8 6 9 . . . . . 9 2 8 0 0 r r ' 1 1 1 1 1 6 6 6 6 6 7 6 7 7 2 . . . . . 5 8 1 7 9 ' ' '1 1 1 1 1 6 6 6 6 6 2 4 4 0 3 . . . . . 8 7 2 2 3 ' ' ' 1 1 1 1 1 7 7 7 7 6 2 3 6 7 8 . . . . . 2 7 3 5 3 ' ' ' 1 1 1 1 1 7 7 7 7 6 0 1 1 0 8 . . . . . 9 2 8 4 8 ' ' 1 1 1 1 1 6 6 6 6 6 7 8 8 8 4 . . . . . 6 0 1 4 0 ' ' '1 1 1 1 1 3 3 3 3 3 5 8 4 9 4 . . . . . 5 2 9 6 8 ' ' ' 2 2 2 2 2 3 3 3 3 3 6 6 5 9 4 . . . . . 5 3 5 4 9 j i 1 \ I ' ^ p7 7 6 8 . . 2 0 2 1 1 1 1 8 8 7 2 6 0 0 '1 1 1 1 11 3 3 3 3 33 4 4 4 4 44 . . . .. . 3 0 9 00 4 1 1 1 1 1 1 1 1 1 11 1 1 2 2 11 1 . . . .. . 3 6 9 11 0 '1 1 1 1 1 1 7 7 7 77 7 8 9 8 99 6 . . . .. . 1 1 6 00 7 11 1 1 1 1 88 7 8 7 7 00 9 0 8 8 1 1 1 1 3 3 3 3 5 5 6 4 . . . . 7 2 0 6 1 11 1 1 1 11 1 1 1 1 77 7 7 7 6 .. . . . . 77 2 7 8 0 Capacity utilization: Based on data from Federal Reserve, McGraw- 1 Employees only: excludes personnel in the Armed Forces. Hill Economics Department, and Department of Commerce. 2 Production workers only. Construction contracts: F. W. Dodge Co. monthly index of dollar 3 F.R. index based on Census Bureau figures. value of total construction contracts, including residential, nonresidential, 4 Prices^are not seasonally adjusted. and heavy engineering; does not include data for Alaska and Hawaii. 5 Figure is for 3rd quarter 1969. Employment and payrolls: Based on Bureau of Labor Statistics data; includes data for Alaska and Hawaii beginning with 1959. NOTE.—All series: Data are seasonally adjusted unless otherwise noted. Prices: Bureau of Labor Statistics data. CONSTRUCTION CONTRACTS AND PRIVATE HOUSING PERMITS (In millions of dollars, except as noted) 1969 1970 T t y y p p e e o o f f o c w o n n e s r t s ru hi c p t io a n n d 1968 1969 Aug. Sept. Oct. Nov. Dec, Mar. Apr. May June July Total construction 1 61,732 67,425 6,523 5,140 6,240 4,406 5,228 4,927 5,249 6,140 6,757 5,417 6,552 6,177 6,229 By type of ownership: Public 19,597 22,656 2,605 1,719 1,626 1,427 1,727 1,433 1,652 2,037 1,791 1,695 2,814 2,312 2,078 Private 1 42,135 44,769 3,918 3,420 4,615 2,980 3,501 3,495 3,597 3,864 4,966 3,722 3,738 3,865 4,151 By type of construction: Residential building 1 24,838 25,219 2,394 1,952 2,290 1,675 1,744 1,475 1,482 1.974 2,466 2,122 2,347 2,347 Nonresidential building 22,512 25,667 2,460 2,013 2,502 1,566 2,168 2,252 2,269 2,191 2,412 1,749 2,469 2,469 Nonbuilding 14,382 16,539 1,669 1,174 1,149 1,165 1,317 1,201 1,498 1.975 1,877 1,544 1,361 1,361 Private housing units authorized. 1,330 1,299 1,245 1,201 1,183 1,191 1,239 1,013 1,137 1,099 1,263 1 ,321 1,306 '1,275 ,342 (In thousands, S.A., A.R.) i Because of improved collection procedures, data for 1-family homes NOTE.—Dollar value of construction contracts as reported by the F. W. beginning Jan. 1968 are not strictly comparable with those for earlier Dodge Co. does not include data for Alaska or Hawaii. Totals of monthly periods. To improve comparability, earlier levels may be raised by ap- data exceed annual totals because adjustments—negative—are made into proximately 3 per cent for total and private construction, in each case, accumulated monthly data after original figures have been published. and by 8 per cent for residential building. Private housing units authorized are Census Bureau series for 13,000 reporting areas with local building permit systems. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1970 • CONSTRUCTION A 63 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Nonresidential Conser- Period Total Total N f r a e o s rm n i- - Buildings Total M ta i r l y i- H w ig ay h - vat & io n Other 2 dential Total Indus- Com- Other Other de m ve e l n o t ptrial mercial b in u g i s l d 1 - 196 1 55,447 38,299 21,680 16,619 2,780 4,674 3,280 5,885 17.148 1,371 5,854 1,384 8,539 1962 3 59,667 41,798 24,292 17,506 2,842 5,144 3,631 5,889 17,869 1,266 6,365 1,524 8,714 19634 63,423 44,057 26,187 17,870 2,906 4,995 3,745 6,224 19,366 1,189 7,084 1,690 9,403 196 4 66,200 45,810 26,258 19,552 3,565 5,396 3.994 6,597 20,390 938 7,133 1,729 10,590 196 5 72,319 50,253 26,268 23,985 5,118 6,739 4,735 7,393 22,066 852 7,550 2,019 11,645 196 6 75,120 51,120 23,971 27,149 6,679 6,879 5,037 8,554 24,000 769 8,355 2.195 12,681 196 7 76,160 50,587 23,736 26,851 6,131 6,982 4,993 8,745 25,573 721 8,538 2.196 14,511 196 8 84,692 56,996 28,823 28,173 5,594 8,333 4,873 9,373 27,696 824 9,295 2,046 15,531 196 9 90,866 62,806 30,603 32,203 6,373 10,136 5,521 10,170 28,060 949 9,276 1,796 16,039 1969—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 r63,561 r29,280 34,281 6,946 19,856 5,850 10,629 27,096 943 Nov.. r88,791 r61,805 '28,778 33,027 6,571 10,168 6,023 10,265 26,986 779 Dec.. r89,759 r61,878 '28,926 32,952 6,419 10,337 5,861 10,335 27,881 895 1970—Jan... r90,790 r62,737 '28,711 34,026 6,433 11,029 5,885 10,679 28,053 937 Feb.. r91,978 '63,340 '28,658 34,682 6,000 11,724 6,227 10,731 28,638 890 Mar.r 90,666 64,159 29,381 34,778 5,916 11,831 6,099 10,733 26,507 766 Apr.' 90,415 63,365 29,588 33,777 6,230 10,577 5,857 11.113 27,050 746 Mayr 89,538 62,389 28,883 33,506 5,864 10,553 5,975 11.114 27.149 868 Juner 90,245 62,103 28,149 33,954 5,892 10,903 5,878 11,281 28,142 830 July. 90,487 62,244 28,583 33,661 5,915 10,027 5,932 11,787 28,243 592 Aug.f 91,520 63,045 29,586 33,459 6,610 9,524 5,942 11,383 28,475 695 1 Includes religious, educational, hospital, institutional, and other build- 4 Beginning 1963, reflects inclusion of new series under "Public" (for ings. State and local govt, activity only). 2 Sewer and water, formerly shown separately, now included in "Other." 3 Beginning July 1962, reflects inclusion of new series affecting most NOTE.—Monthly data are at seasonally adjusted annual rates. Figures private nonresidential groups. for period shown are Census Bureau estimates. NEW HOUSING UNITS (In thousands) Units started Private (S.A., A.R.) Government Mobile Private and public underwritten home Period (N.S.A.) (N.S.A.) sshhiipp-- Region Type of structure mmeennttss ((NN..SS..AA..)) Total N e o a r s t t h - C N e o n r t t r h a l South West family 2 f - a m to i l 4 y - f m 5 a o m -o r i e r l - y Total Private Public Total FHA VA 1961 1,313 247 277 473 316 974 3:5 9 1,365 1,313 52 328 244 83 90 1962 111,,,444666333 264 290 531 378 991 471 1,492 1,463 30 339 261 78 118 1963 111,,,666111000 261 328 591 431 1,021 589 11,,664422 11,,661100 32 292 221 71 151 1964 111,,,555222999 253 339 582 355 972 108 450 11,,556622 11,,552299 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 11,,229922 215 337 520 220 844 72 376 11,,332222 1,292 30 232 180 53 240 1968 11,,550088 227 369 619 294 900 81 527 11,,554488 1,508 40 283 227 56 318 1969 111,,,444666777 206 349 588 323 810 87 571 1,500 1,467 33 291 240 51 413 11996699--—Aug 111,,,333777666 186 395 525 270 752 68 556 128 125 3 27 22 4 38 Sept 111,,,444888111 140 365 615 361 828 96 557 133 129 4 23 18 5 40 Oct 11,,339900 172 299 574 345 766 93 531 126 123 2 30 25 5 43 Nov 11,,228800 164 267 517 332 762 83 435 97 95 3 23 19 4 33 Dec 1111111111,,,,,,,,,,444444444400000000002222222222 167 297 573 365 776 105 521 85 84 1 27 23 4 27 11997700---Jan 1111111111 ,,,,,,,,,,000000000055555555559999999999 150 245 444 220 577 66 416 69 66 3 20 17 3 24 Feb 1111111111,,,,,,,,,,333333333300000000006666666666 243 209 525 329 725 72 509 77 74 3 21 18 4 24 Mar 1111111111..........333333333399999999992222222222 319 290 519 264 708 70 614 117 114 3 30 25 5 29 Apr.' 1111111111 ,,,,,,,,,,222222222222222222224444444444 222 255 524 223 697 57 470 130 128 2 37 32 5 40 May' 1111111111 ,,,,,,,,,,222222222244444444442222222222 190 228 566 258 728 81 433 127 125 2 42 37 5 33 Juner....... 1111111111..........333333333399999999993333333333 176 311 592 314 835 78 480 141 135 6 46 41 5 35 July' 1111111111 ,,,,,,,,,,555555555599999999991111111111 262 328 651 350 817 93 681 142 139 3 48 43 5 37 Aug.*' 1111111111 ,,,,,,,,,,444444444411111111113333333333 117733 330011 644 313 833 104 494 132 129 3 40 34 6 38 NOTE.—Starts are Census Bureau series (including farm starts) except habilitation units under FHA, based on field office reports of first compliin the case of Govt.-underwritten, which are from Federal Housing ance inspections. Data may not always add to totals because of rounding. Admin, and Veterans Admin, and represent units started, including re- Mobile home shipments are as reported by Mobile Homes Manufacturers Assn. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 64 EMPLOYMENT • OCTOBER 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 t p t i a u t l u l a t n i t o i o o n n n a - l l N ab o o t r in f o t r h c e e T l f a o o b r t c o a e r l Employed1 Une m r m a e t p e n 2 l t oy- N.S.A. N.S.A. S.A. Total In nonagri- In U pl n o e y m ed - (pe S r . c A e . nt) Total cultural 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—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 Aug. 140,468 53,220 85,810 82,676 78,445 75,025 3,420 4,231 5.1 Sept. 140,675 55,019 86,140 83,031 78,424 75,025 3,399 4,607 5.5 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) Manufac- Mining c C o o n n s t t r r a u c c t - T tio ra n n & sp o p r u t b a- - Trade Finance Service Governturing tion lic utilities ment 196 4 58,331 17,274 634 3,050 3,951 12,160 2,957 8,709 9,596 196 5 60,815 18,062 632 3,186 4,036 12,716 3,023 9,087 10,074 196 6 63,955 19,214 627 3,275 4,151 13,245 3,100 9,551 10,792 196 7 65,857 19,447 613 3,208 4,261 13,606 3,225 10,099 11,398 196 8 67,915 19,781 606 3,285 4,310 14,084 3,382 19,623 11,845 196 9 70,274 20,169 619 3,437 4,431 14,645 3,557 11,211 12,204 SEASONALLY ADJUSTED 1969—Sep t 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—Ja n 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 70,603 19,477 620 3,324 4,511 14,927 3,679 11,532 12,533 July 70,546 19,402 618 3,314 4,539 14,933 3,676 11,514 12,550 Aug.*' 70,384 19,276 620 3,301 4,522 14,910 3,668 11 ,515 12,572 Sept." 70,380 19,276 614 3,232 4,526 14,931 3,675 11 ,533 12,593 NOT SEASONALLY ADJUST!D 1969 -Sept 70,964 20,482 630 3,687 4,508 14,714 3,595 II,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 71,385 19,627 635 3,504 4,561 14,994 3,708 11,717 12,639 July 70,602 19,325 635 3,572 4,593 14,924 3,738 11,698 12,117 Aug./' 70,534 19,454 637 3,601 4,576 14,867 3,730 11.642 12,027 Sept 70,760 19,508 621 3,468 4,576 14,906 3,686 11,545 12,450 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 tp Mar. 1969 benchthe Armed Forces are excluded. mark. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1970 • EMPLOYMENT AND EARNINGS A 65 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted1 Not seasonally adjusted1 Industry group 1969 1970 1969 1970 Sept. July Aug.f Sept.P Sept. July Aug.? Sept.f 14,826 14,090 13,978 13,996 15,041 13,958 14,110 14,210 Durable goods 8,713 8,082 8,015 8,036 8,767 7,993 7,966 8,093 Ordnance and accessories 174 131 129 126 175 130 128 126 Lumber and wood products 525 491 489 492 536 508 509 502 Furniture and fixtures 401 373 372 372 404 366 376 375 Stone, clay, and glass products 526 499 500 507 538 513 517 519 Primary metal industries 1,106 1,033 1,033 1,044 1,099 1,044 1,036 1,036 Fabricated metal products 1,116 1,058 1,058 1,063 1,123 1,039 1,055 1,070 Machinery 1,386 1,316 1,291 1,283 1,379 1,309 1,280 1,277 Electrical equipment and supplies 1,367 1,289 1,269 1,278 1,378 1,264 1,270 1,288 Transportation equipment 1,477 1,290 1,278 1,273 1,483 1,228 1,187 1,287 Instruments and related products 294 278 273 277 294 276 274 277 Miscellaneous manufacturing industries 341 324 323 321 358 316 334 336 Nondurable goods 6,113 6,008 5,963 5,960 6,274 5,965 6,144 6,117 Food and kindred products 1,207 1,203 1,206 1,202 1,331 1,231 1,335 1,325 Tobacco manufactures 69 67 68 57 84 59 74 69 Textile-mill products 874 839 835 836 879 831 841 840 Apparel and related products 1,236 1,223 1,205 1,203 1,248 1,177 1,221 1,215 Paper and allied products 554 544 541 546 557 545 548 549 Printing, publishing, and allied industries 685 680 676 685 685 677 676 685 Chemicals and allied products 621 605 602 605 619 608 608 604 Petroleum refining and related industries 118 118 117 116 120 122 121 118 Rubber and misc. plastic products. 462 444 435 436 464 435 437 438 Leather and leather products 287 285 278 274 287 280 283 274 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 Sept. July Aug.? Sept.f Sept. July Aug.*5 Sept.33 Sept. July Total 40.7 40.1 39.8 39.4 132.84 134.46 134.13 136.17 3.24 3.37 Durable goods 41.4 40.7 40.3 40.1 143.45 143.87 143.92 147.06 3.44 3.57 Ordnance and accessories 40.3 40.3 40.3 39.7 140.48 143.28 145.16 146.00 3.46 3.60 L Fu u r m n b it e u r re a n a d n d w f o ix o t d u r p es r oducts 4 40 0 . . 1 0 3 3 9 9 . . 8 3 3 3 9 9 . . 9 0 3 3 9 8 . . 2 5 1 10 1 9 4 . . 0 4 8 5 1 1 0 18 7 . . 3 8 1 6 112121..0610 1 1 1 1 9 0. .2 2 9 6 2 2. . 6 8 8 4 2 2. . 7 9 8 8 Stone, clay, and glass products 41.9 41.2 41.0 40.8 137.80 141.25 142.35 142.90 3.25 3.42 Primary metal industries 42.1 40.7 40.5 41.1 162.93 159.96 161.20 168.92 3.87 3.94 Fabricated metal products 41.5 41.3 40.5 40.0 143.14 144.79 144.54 146.97 3.40 3.54 Machinery 42.6 41.1 40.9 39.9 155.00 153.06 152.31 152.40 3.63 3.77 Electrical equipment and supplies 40.4 40.4 39.9 38.9 127.39 132.14 131.74 131.32 3.13 3.32 Transportation equipment 41.6 41.2 40.7 42.0 166.66 166.06 164.00 176.35 3.94 4.08 I M ns is t c ru el m la e n n e t o s u a s n m d a r n el u a f t a e c d t u p r r i o n d g u c in ts d ustries.. s 3 4 9 1 . . 0 0 4 3 0 9 . . 3 1 4 3 0 8 . . 0 4 3 3 7 8 . . 7 5 1 1 0 3 5 1 . .4 0 3 6 1 1 0 3 8 2 . . 2 8 9 7 1 1 0 3 8 4 . . 2 1 9 3 1 1 3 0 2 8 . .0 74 2 2 3. . 6 1 8 9 2 3 . . 8 3 2 3 Nondurable goods 39.7 39.3 39.2 38.5 118.00 121.44 121.35 121.44 2.95 3.09 Food and kindred products 40.9 40.2 40.8 39.9 124.15 128.61 128.86 129.43 2.97 3.16 Tobacco manufactures 37.4 37.9 37.5 37.2 97.89 113.63 105.46 110.19 2.51 3.03 Textile-mill products 40.7 40.3 39.8 38.8 98.81 96.96 97.36 95.80 2.41 2.43 Apparel and related products 35.8 35.5 35.1 34.1 83.77 84.61 85.56 83.55 2.34 2.39 Paper and allied products 42.9 41.7 41.6 41.2 143.32 144.70 145. 146.85 3.31 3.47 Printing, publishing, and allied industries 38.3 37.9 37.7 37.1 144.75 148.18 149.33 148.85 3.75 3.92 Chemicals and allied products 41.8 41.5 41.3 42.0 147.14 153.59 153. 159.18 3.52 3.71 Petroleum refining and related industries 42.2 42.6 43.0 43.0 172.10 184.45 183.18 187.49 4.04 4.25 Rubber and misc. plastic products 41.0 40.8 40.4 39.4 129.90 129.68 130.41 128.48 3.13 3.21 Leather and leather products 37.1 37.6 36.7 35.8 87.58 93.99 91.14 88.75 2.38 2.48 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 • OCTOBER 1970 CONSUMER PRICES (1957-59=100) Housing Health and recreation Fur- AAppppaarreell TTrraannss-- PPeerriioodd iitt AA eemm llll ss FFoooodd Total Rent H ow s o h n m ip e e r - - F c a o o u n i a d e l l l t e r G a i l c n e a i d c s t - y o n i p t a n i i n e s o g d r h n s a - - uupp aa kk nn ee dd ee pp pp tt oo ii rr oo tt nn aa -- 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 t a i c e i n n o r a g d e n d a - - g O s a i o e c t n o r h e d v d s e - r s 1929 5555599999.....77777 5555555555.....66666 8888855555.....44444 1933 4444455555.....11111 3333355555.....33333 6666600000.....88888 1941 5555511111.....33333 4444444444.....22222 666111...444 6666644444.....33333 444555...222 888888...333 555111...222 555000...666 444777...666 555777...333 555888...222 1945 6666622222.....77777 5555588888.....44444 666777...555 6666666666.....11111 555333...666 888666...444 555555...444 555777...555 666333...666 777555...000 666777...333 196 0 111110000033333.....11111 111110000011111.....44444 111000333...111 111110000033333.....11111 103.7 999999...555 111000777...000 101.5 102.2 111000333...888 105.4 111000888...111 111000444...111 111000444...999 111000333...888 196 1 111110000044444.....22222 111110000022222.....66666 111000333...999 111110000044444.....44444 104.4 111000111...666 111000777...999 101.4 103.0 111000555...000 107.3 111111111...333 111000444...666 111000777...222 111000444...666 196 2 111110000055555.....44444 111110000033333.....66666 111000444...888 111110000055555.....77777 105.6 111000222...111 111000777...999 101.5 103.6 111000777...222 109.4 111111444...222 111000666...555 111000999...666 111000555...333 196 3 111110000066666.....77777 111110000055555.....11111 111000666...000 111110000066666.....88888 107.0 111000444...000 111000777...888 102.4 104.8 111000777...888 111.4 111111777...000 111000777...999 111111111...555 111000777...111 196 4 111110000088888.....11111 111110000066666.....44444 111000777...222 111110000077777.....88888 109.1 111000333...555 111000777...999 102.8 105.7 111000999...333 113.6 111111999...444 111000999...222 111111444...111 111000888...888 196 5 111110000099999.....99999 111110000088888.....88888 111000888...555 111110000088888.....99999 111.4 111000555...666 111000777...888 103.1 106.8 111111111...111 115.6 111222222...333 111000999...999 111111555...222 111111111...444 196 6 111111111133333.....11111 111111111144444.....22222 111111111...111 111111111100000.....44444 115.7 111000888...333 111000888...111 105.0 109.6 111111222...777 119.0 111222777...777 111111222...222 111111777...111 111111444...999 196 7 111111111166666.....33333 111111111155555.....22222 111111444...333 111111111122222.....44444 120.2 111111111...666 111000888...555 108.4 114.0 111111555...999 123.8 111333666...777 111111555...555 111222000...111 111111888...222 196 8 111112222211111.....22222 111111111199999.....33333 111111999...111 111111111155555.....11111 127.0 111111555...111 111000999...555 113.0 120.1 111111999...666 130.0 111444555...000 111222000...333 111222555...777 111222333...666 196 9 111112222277777.....77777 111112222255555.....55555 111222666...777 111111111188888.....88888 139.4 111111777...777 111111111...555 117.9 127.1 111222444...222 136.6 111555555...000 111222666...222 111333000...555 111222999...000 1969—Au g 111112222288888.....77777 111112222277777.....44444 111222777...888 111111111199999.....33333 141.3 111111777...777 111111111...555 118.5 126.6 111222444...222 137.7 111555666...888 111222666...888 111333111...222 111333000...111 Sept 111112222299999.....33333 111112222277777.....55555 111222888...666 111111111199999.....77777 142.6 111111888...111 111111222...000 119.0 128.7 111222333...666 138.4 111555777...666 111222777...333 111333111...666 111333111...333 Oct 111112222299999.....88888 111112222277777.....22222 111222999...222 111112222200000.....11111 143.6 111111888...444 111111222...222 119.3 129.8 111222555...777 138.6 111555666...999 111222777...333 111333222...000 111333222...222 Nov 111113333300000.....55555 111112222288888.....11111 111222999...888 111112222200000.....55555 144.5 111111888...999 111111333...222 119.6 130.7 111222555...666 139.1 111555777...444 111222777...888 111333222...333 111333333...111 Dec 111113333311111.....33333 111112222299999.....99999 111333000...555 111112222211111.....00000 145.4 111111999...222 111111333...777 120.0 130.8 111222666...444 139.6 111555888...111 111222888...111 111333222...777 111333333...555 1970—Ja n 111113333311111.....88888 111113333300000.....77777 111333111...111 111112222211111.....33333 146.8 111111999...777 111111444...111 120.1 129.3 111222777...333 140.1 111555999...000 111222888...555 111333333...111 111333333...999 Feb 111113333322222.....55555 111113333311111.....55555 111333222...222 111112222211111.....88888 148.5 111222000...666 111111444...666 120.8 130.0 111222777...333 140.7 111666000...111 111222999...000 111333333...222 111333444...333 Mar 111113333333333.....22222 111113333311111.....66666 111333333...666 111112222222222.....33333 150.9 111222000...888 111111444...888 121.6 130.6 111222777...111 141.4 111666111...666 111222999...666 111333333...666 111333444...888 Apr 111113333344444.....00000 111113333322222.....00000 111333444...444 111112222222222.....66666 152.1 111222000...999 111111555...777 122.0 131.1 111222888...999 142.3 111666222...888 111222999...888 111333444...444 111333555...666 May 111113333344444.....66666 111113333322222.....44444 111333555...111 111112222233333.....00000 153.3 111222111...000 111111555...888 122.5 131.9 111222999...999 142.9 111666333...666 111333000...333 111333555...222 111333666...111 June 111113333355555.....22222 111113333322222.....77777 111333555...666 111112222233333.....44444 154.4 111222111...222 111111555...333 122.8 132.2 111333000...666 143.7 111666444...777 111333000...222 111333666...111 111333666...777 July 111113333355555.....77777 111113333333333.....44444 111333666...222 111112222233333.....88888 155.0 111222222...333 111111555...777 123.0 131.4 111333111...444 144.3 111666555...888 111333000...666 111333666...666 111333777...333 Aug 111113333366666.....00000 111113333333333.....55555 111333777...000 111112222244444.....22222 156.2 111222222...999 111111666...444 123.2 131.5 111333000...666 145.1 111666666...888 111333111...333 111333777...111 111333888...111 NOTE.—Bureau of Labor Statistics index for city wage-earners and clerical workers. WHOLESALE PRICES: SUMMARY (1957_59=100) Industrial commodities Prom c t A o o ie m l d s l i - - p F u r a c o r t m d s - c f f e o a e s n o e s d d e d s d s Total t T e il e t e c x s . - , H e i t d c e . s, F e u tc e . l , C ic e h a t e c l m s . , - R b e u t e c r b . , - L b e u e tc m r . , - P e a t p c e . r, M e a t l e c s t , . - e c m M a q e h n e r u i a y d n n i - p - t - F t e u u t r r c e n . , i - N t e m m a r o l a i e l n n l i - s c - - T e m p t q r o i e a u o r n n n t ip a s t 1 - - - n c M e e o l i l s u a - s - 100.7 96.9 100.0 101.3 101.5 105.2 99.6 100.2 99.9 100.4 101.8 101.3 102.9 100.1 101.4 101.7 100.3 96.0 101.6 100.8 99.7 106.2 100.7 99.1 96.1 95.9 98.8 100.7 102.9 99.5 101.8 102.0 100.6 97.7 102.7 100.8 100.6 107.4 100.2 97.5 93.3 96.5 100.0 100.0 102.9 98.8 101.8 102.4 100.3 95.7 103.3 100.7 100.5 104.2 99.8 96.3 93.8 98.6 99.2 100.1 103.1 98.1 101.3 103.3 100.5 94.3 103.1 101.2 101.2 104.6 97.1 96.7 92.5 100.6 9).0 102.8 103.8 98.5 101.5 104.1 102.5 98.4 106.7 102.5 101.8 109.2 98.9 97.4 92.9 101.1 99.9 105.7 105.0 98.0 101.7 104.8 105.9 105.6 113.0 104.7 102.1 119.7 101.3 97.8 94.8 105.6 102.6 108.3 108.2 99.1 102.6 106.8 106.1 99.7 111.7 106.3 102.1 115.8 103.6 98.4 97.0 105.4 104.0 109.5 111.8 101.0 104.3 109.2 108.8 102.2 114.2 109.0 105.8 119.5 102.5 98.2 100.2 119.4 104.9 112.4 115.4 103.9 108.2 111.7 113.0 108.5 119.8 112.7 108.0 125.8 104.6 98.3 102.1 132.0 108.2 118.9 119.0 106.1 112.8 100.7 114.7 113.4 108.9 121.5 112.8 108.7 126.4 104.7 98.7 103.0 124.0 108.7 120.4 119.1 106.2 113.0 99.9 115.9 113.6 108.4 121.3 113.2 109.0 128.2 104.7 98.9 102.7 123.2 108.8 121.7 119.9 106.4 113.5 100.0 116.4 114.0 107.9 121.6 113.8 109.1 127.4 105.4 98.6 103.5 122.6 109.0 122.4 120.5 106.5 113.8 102.3 116.7 114.7 111.1 121.8 114.2 109.2 126.8 105.5 98.9 104.4 123.9 109.3 122.9 121.0 106.9 113.9 102.7 117.0 115.1 111.7 122.6 114.6 109.2 126.5 106.1 98.8 104.5 122.5 109.5 123.8 121.9 107.2 114.5 102.7 117.0 116.0 112.5 125.1 115.1 109.5 126.6 105.6 99.1 104.7 121.6 111.1 124.9 122.5 107.5 116.5 102.9 117.4 116.4 113.7 125.2 115.5 109.4 126.7 106.4 99.5 104.6 120.2 111.8 126.1 122.8 107.9 116.9 102.9 117.5 116.6 114.3 124.9 115.8 109.5 126.8 106.3 100.0 104.4 119.5 112.1 127.0 123.1 108.1 117.3 103.2 117.8 116.6 111.3 124.9 116.2 109.3 128.5 107.5 100.4 104.2 120.1 112.5 127.8 123.4 108.3 117.8 103.1 117.8 116.8 111.0 124.1 116.6 109.3 127.9 109.1 100.6 104.2 121.0 112.3 128.7 123.7 108.3 117.9 103.2 118.2 117.0 111.3 124.8 116.7 109.3 127.3 108.6 100.5 104.1 120.2 112.2 129.1 124.1 108.6 117.9 103.3 121.0 117.7 113.1 126.6 116.9 109.2 127.1 108.9 100.9 105.6 119.6 112.5 129.0 124.7 108.8 118.1 103.2 121.4 117.2 108.2 126.1 117.1 109.5 127.1 109.6 101.1 106.3 120.2 112.3 128.8 124.8 108.9 118.5 103.3 121.5 1 For transportation equipment, Dec. 1968 = 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1970 • PRICES A 67 WHOLESALE PRICES: DETAIL (1957-59= 100) 1969 1970 11996699 1970 Group Group Aug. June July Aug. AAuugg.. June July Aug. Farm products: Pulp, paper, and allied products: Fresh and dried produce. 106.7 122.2 112.6 99.6 Pulp, paper and products, excluding Grains 81 .9 89.2 89.2 89.2 building paper and board 98. 0 113.0 113. 3 113.1 Livestock . 123.6 123.0 126.2 118.6 Woodpulp 1 10. 3 105.0 109. 6 109.6 Live poultry 92.3 77.9 81 .9 77.5 Wastepaper 117. 2 99.0 95. 3 92.6 Plant and animal fibers. . 66.9 65.7 66.1 66.2 Paper 95. 8 121 .7 121. 9 122.5 Fluid milk 135.1 1 39.6 139.7 139.5 Paperboard 109. 2 95.5 95. 5 95.5 Eggs 100.5 85.3 111.2 89.6 Converted paper and paperboard. . . 9955.. 2 I 13.6 113. 7 113.2 Hay and seeds 107.3 112.6 116.8 116.6 Building paper and board 93.3 93. 2 93.1 Other farm products 109.5 114.9 116.5 118.3 Processed foods and feeds: Metals and metal products: Cereal and bakery products 120.1 124.6 125.8 126.5 Iron and steel 112. 7 120.2 120.4 120.3 Meat, poultry, and fish 124.5 123.7 126.3 122.5 Steelmill products 115. 4 122.0 122. 8 122.8 Dairy products 133.0 135.4 135.7 136.2 Nonferrous metals 139. 5 155.0 152. 6 151 .1 Processed fruits and vegetables 116.8 118.5 118.9 119.6 Metal containers 119. 7 125.0 126. 1 126.1 Sugar and confectionery 127.2 130.4 132.3 132.4 Hardware 120. 6 125.9 116. 3 127,1 Beverages and beverage materials. 112.6 120.3 120.4 121 .1 Plumbing equipment 119. 4 124.7 125. , 1 124.8 Animal fats and oils 105.0 111.5 111.3 118.5 Heating equipment 97. 7 102.4 103. 3 103.4 Crude vegetable oils 80.0 105.3 103.0 109.9 Fabricated structural metal products 112. 6 118.1 119. 1 119.4 Refined vegetable oils 84.7 102.8 103.8 107.5 Miscellaneous metal products. 123. 2 130.4 131 . 2 131 .6 Vegetable oil end products 102.1 113.2 113.2 1 14.5 Miscellaneous processed foods.. . . 119.8 126.7 128.2 128.6 Manufactured animal feeds 118.2 120.8 127.4 128.1 Machinery and equipment: Textile products and apparel: Agricultural machinery and equip... 132. 3 137.1 137. ,4 137.6 C W S M i o l a o k t n o t o l y m n a p a r r p d n o e s r d o u d f c i u b t c e s t r s textile products . 1 1 1 9 0 7 0 2 5 7 4 . . . . 7 1 7 8 1 1 1 8 0 0 9 9 5 2 9 . . . . 9 5 0 8 2 1 1 8 0 0 0 8 5 1 2 . . . . 8 4 6 0 2 1 1 8 0 0 0 8 6 1 2 . . . . 3 0 4 0 C M G o e e e n n t q a s e u t l r r w i a u p l o c m r t k e i p o i n u n n t r g p m o m a se a c c h h i m n in e a e r c y r h y i a n a n e n d r d y e e q q u a u i n p i d p . . . 1 1 12 3 3 1 3 4 . . ., 9 8 5 1 1 1 4 4 2 1 1 8 . . . 2 7 0 1 1 1 4 4 2 2 1 9 . . . . , 8 2 2 1 1 1 4 4 3 1 1 0 . . 1 . 5 6 T A M e p i x s p t c a i e l r e l e l l a h n o e u o s u e s f u t r e n x i t s i h le i n p g r s o ducts. .. 1 1 1 0 1 1 4 5 9 . . . 7 8 6 1 1 1 1 0 2 9 8 4 . . . 7 3 4 1 1 1 2 1 0 5 8 9 . . . 5 8 4 1 1 1 1 2 1 0 8 9 . . . 5 2 0 S E M p l i e e e s c q c c t i u e r a i i l l c p l a a m n l i e e n m o n d t u a u s c s ( h t J m r i a y n n a e . c r h y 1 m i 9 n a a 6 e c n 1 r d h y = i n e 1 e q 0 r u 0 y i ) p.. a n . d . 1 1 1 2 1 0 9 8 4 . . . . . 7 2 5 1 1 1 2 3 0 3 4 8 . . . 1 3 2 1 1 1 3 0 2 5 8 3 , . . . 6 0 1 1 1 1 2 3 0 3 8 5 . . . 2 8 4 Hides, skins, leather, and products: Hides and skins 123.1 93.8 90.8 92.8 Furniture and household durables: O L Fo e th a o e t t h r w e e l r e a a r ther products. 1 1 1 3 2 1 2 1 7 . . . 7 0 6 1 1 1 3 1 2 7 9 0 . . . 9 8 9 1 1 12 3 1 1 7 9 . . . 9 8 0 1 1 1 3 1 21 7 8 . . . 1 9 9 H C Fl o o o m u o s r m e h c e o o rc v ld i e a r l i f n u f g r u s n r i n t i u t r u e r e 1 1 9 1 2 3 9 3 . . . . . . 0 5 2 1 1 9 2 2 2 7 6 . . . 6 6 0 1 1 9 2 2 2 7 6 , . . . . 3 6 7 1 1 9 2 2 2 6 8 . . . 7 6 4 Fuels and related products, and power: H H o o u m s e e h e o le ld c tr a o p n p i l c i a e n q c u e i s p ment. . . . 9 7 3 7 . . . . 0 9 9 7 4 7 . . 9 0 9 77 4 , . . 9 2 9 7 5 7 . . 1 2 Coal 115.5 152.8 155.5 157.8 Other household durable goods 131 .4 135.5 135 .8 135.8 Coke 120.3 139.6 141 .0 141.0 Gas fuels (Jan. 1958= 100) 121.8 136.3 137.0 137.2 Electric power (Jan. 1958= 100). 102.4 104.3 104.8 105.5 Nonmetallic mineral products: Crude petroleum 104.5 104.5 103.3 103.3 Petroleum products, refined.... 102.5 102.2 102.4 103.1 Flat glass 116 .2 121.6 122 .1 122.1 Concrete ingredients 116 . 1 122.3 122.4 122.4 Chemicals and allied products: Concrete products 112 .4 118.1 118.3 118.9 Structural clay products excluding Industrial chemicals 98.2 98.0 98.8 98.6 refractories 117 .0 121.2 121 .3 121.3 Prepared paint 119.2 122.8 122.8 122.8 Refractories 117 .0 125. S 125 .7 125.7 Paint materials 93.3 91 .8 91.5 91 .6 Asphalt roofing 96 .7 92.7 92.0 93.6 Drugs and pharmaceuticals. 93.8 94.8 95.0 95.5 Gypsum products 103 .2 100.7 100.7 104.7 Fats and oils, inedible 99.3 108.1 107.7 112.0 Glass containers 116 .1 120.9 120.9 120.9 . 88.4 91.8 91.0 91.6 Other nonmetallic minerals 109 .2 113.7 113.9 114.6 Plastic resins and materials 80.7 80.2 80.8 80.6 Other chemicals and products . 112.9 117.8 118.4 118.5 Rubber and plastic products:1 Transportation equipment: C Ti r r u e d s e a r n u d b t b u e b r es 9 9 2 9 . . 5 2 1 8 0 6 1 . . 8 7 1 8 0 6 7. . 5 0 1 8 0 5 7 . . 7 5 M Ra o i t l o ro r a v d e e h q ic u le ip s m a e nd n t e (J q a u n i . p 1 m 9 e 61 n t = . ) 1 1 0 1 6 4 . . 0 3 1 1 0 1 9 9 . . 5 3 1 1 0 1 9 9 . . 4 3 1 1 0 1 9 9 . . 5 3 Miscellaneous rubber products. 110.8 115.7 116.5 118.7 1969 = 100). 97.4 96.8 97.0 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms, ammunition 111 .8 115.8 115 .9 116.2 Lumber... 131.1 123.0 121.8 123.0 Tobacco products 123 .5 132.3 131 .7 131.8 Millwork. 135.1 131.1 131 .1 131.0 Notions 106.7 109.4 109 .8 109.8 Plywood. . 93.6 98.5 98.5 99.0 Photographic equipment and supplies 5 111 .4 116.1 117 .0 117.2 )) 116.8 119.3 119.4 119.4 Other miscellaneous products 114 .2 116.8 118 .2 118.3 i 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 • OCTOBER 1970 GROSS NATIONAL PRODUCT (In billions of dollars) 1969 1970 Item 1929 1933 1941 1950 1965 1966 1967 1968 1969 III IV i II III" Gross national product 103.1 55.6 124.5 284.8 684.9 749.9 793.9 865.0 931.4 942.6 951.7 959.5 971.1 985.2 Final purchases 101.4 57.2 120.1 278.0 675.3 735.1 785.7 857.4 922.9 931.2 944.5 957.9 968.1 981.2 Personal consumption expenditures 77.2 45.8 80.6 191.0 432.8 466.3 492.1 535.8 577.5 582.1 592.6 603.1 614.4 622.4 Durable goods 9.2 3.5 9.6 30.5 66.3 70.8 73. 1 84.0 90.0 89.5 90.8 89.1 91.9 91.4 Nondurable goods 37.7 22.3 42.9 98. 1 191. 1 206.9 215.0 230.2 245.8 248. 1 252.0 258.8 262.6 265.5 Services 30.3 20. 1 28. 1 62.4 175.5 188.6 204.0 221.6 241.6 244.5 249.8 255.2 259.9 265.4 Gross private domestic investment 16.2 1.4 17.9 54.1 108.1 121.4 116.6 126.5 139.8 143.8 140.2 133.2 134.3 136.8 Fixed investment 14.5 3.0 13.4 47.3 98.5 106.6 108.4 118.9 131.4 132.4 133.0 131.6 131.2 132.8 Nonresidential 10.6 2.4 9.5 27.9 71.3 81.6 83.3 88.7 99.3 101.5 102.6 102.6 102.8 103.7 Structures 5.0 .9 2.9 9.2 25.5 28.5 28.0 29.6 33.8 35.2 35.1 35.7 35.3 35.4 Producers' durable equipment 5.6 1.5 6.6 18.7 45.8 53. 1 55.3 59. 1 65.5 66.3 67.5 66.9 67.5 68.4 Residential structures 4.0 .6 3.9 19.4 27.2 25.0 25. 1 30.3 32.0 31.0 30.4 29.1 28.4 29.1 Nonfarm 3.8 .5 3.7 18.6 26.7 24.5 24.5 29.7 31.5 30.4 29.8 28.4 27.8 28.5 Change in business inventories 1.7 -1.6 4.5 6.8 9.6 14.8 8.2 7.6 8.5 11.3 7.2 1.6 3.1 4.0 Nonfarm 1.8 -1.4 4.0 6.0 8.6 15.0 7.5 7.5 8.0 10.8 6.5 .9 2.6 3.5 Net exports of goods and services 1.1 .4 1.3 1.8 6.9 5.3 5.2 2.5 1.9 2.6 2.6 3.5 4.1 4.7 Exports 7.0 2.4 5.9 13.8 39.2 43.4 46.2 50.6 55.5 58.3 58.8 61.1 62.8 63.5 Imports 5.9 2.0 4.6 12.0 32.3 38.1 41.0 48.1 53.6 55.6 56.2 57.6 58.7 58.8 Government purchases of goods and services.. 8.5 8.0 24.8 37.9 137.0 156.8 180.1 200.2 212.2 214.1 216.3 219.6 218.4 221.3 Federal 1.3 2.0 16.9 18.4 66.9 77.8 90.7 99.5 101.3 102.5 102.1 102.3 99.7 99.0 National defense 13.8 14.1 50.1 60.7 12 A 78.0 78.8 79.8 78.8 19. 3 76.8 75 2 Other 3. 1 4. 3 16.8 17.1 18.4 21.5 22.6 22. 7 23. 3 23.0 22.9 23.8 State and local 7.2 6.0 7.9 19.5 70.1 79.0 89.4 100.7 110.8 111.6 114.2 117.4 118.7 122.4 Gross national product in constant (1958) dollars 203.6 141.5 263.7 355.3 617.8 658.1 675.2 707.2 727.1 730.9 729.2 723.8 724.9 727.5 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 11992299 11993333 11994411 11995500 11996655 11996666 11996677 11996688 11996699 Item III IV I II IIP National income 86.8 40.3 104.2 241.1 564.3 620.6 653.6 712.7 769.5 779.5 785.2 791.5 797.4 Compensation of employees 511 29.5 64.8 154.6 393.8 435.5 467.2 514.1 564.2 572.2 582.1 592.2 596.4 603.8 Wages and salaries 50.4 29.0 62.1 146.8 358.9 394.5 423.1 464.8 509.0 516.4 525.3 534.4 537.4 543.4 Private 45.5 23.9 51.9 124.4 289.6 316.8 337.3 369.1 404.9 409.9 All.2 422.6 424.0 428.9 Military .3 .3 1.9 5.0 12.1 14.6 16.2 17.9 19.0 19.9 19.6 20.1 19.5 19.2 Government civilian 4.6 4.9 8.3 17.4 57.1 63.1 69.5 77.8 85.1 86.6 88.5 91.7 93.9 95.4 Supplements to wages and salaries .7 .5 2.7 7.8 35.0 41.0 44.2 49.3 55.1 55.8 56.8 57.9 59.0 60.4 Employer contributions for social insurance .1 . 1 2.0 4.0 16.2 20.3 21.9 24.3 27.5 21.9 28.3 28.6 29.0 29.6 Other labor income .6 .4 .7 3.8 18.7 20.7 22.3 24.9 27.6 21.9 28.5 29.3 30.0 30.8 Proprietors' income 15.1 5.9 17.5 37.5 57.3 61.3 62.1 64.1 66.8 67.5 67.2 67.6 67.8 67.8 Business and professional 9.0 3.3 11.1 24.0 42.4 45.2 47.3 49.1 50.5 50.9 50.6 50.6 51.2 51.7 Farm 6.2 2.6 6.4 13.5 14.8 16.1 14.8 15.0 16.4 16.6 16.6 17.0 16.5 16.1 Rental income of persons 5.4 2.0 3.5 9.4 19.0 20.0 21.1 21.3 22.0 22.1 22.3 22.5 22.6 22.7 Corporate profits and inventory valuation adjustment 10.5 -1.2 15.2 37.7 76.1 82.4 78.7 85.4 85.8 86.8 82.0 76.7 77.5 Profits before tax 10.0 1.0 17.7 42.6 77.8 84.2 79.8 88.7 91.2 89.9 88.5 82.6 82.0 Profits tax liability 1.4 .5 1.6 17.8 31.3 34.3 33.2 40.6 42.7 42.1 41.4 38.0 38.1 Profits after tax 8.6 .4 10.1 24.9 46.5 49.9 46.6 48.2 48.5 47.9 47.1 44.6 43.9 Dividends 5.8 2.0 4.4 8.8 19.8 20.8 21.4 23.3 24.7 25.0 25.2 25.2 25.1 25.4 Undistributed profits 2.8 -1.6 5.7 16.0 26.7 29.1 25.3 24.9 23.9 22.9 21.9 19.4 18.8 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -1.7 -1.8 -1.1 -3.3 -5.4 -3.2 -6.5 -5.8 -4.5 -5.8 Net interest 4.7 4.1 3.2 2.0 18.2 21.4 24.4 27.8 30.7 31.0 31.7 32.4 33.1 33.8 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

OCTOBER 1970 a NATIONAL PRODUCT AND INCOME A 69 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING (In billions of dollars) 1969 1970 IItteemm 11992299 11993333 11994411 11995500 11996655 11996666 11996677 11996688 1969 III IV I II III? 103.1 55-6 124.5 284.8 684.9 749.9 793.9 865.0 931.4 942.6 951.7 959.5 971.1 985.2 Less: Capital consumption allowances 7.9 7.0 8.2 18.3 59.8 63.9 68.9 74.0 78.9 79.4 80.7 82.1 83.6 85.0 Indirect business tax and nontax liability 7.0 7.1 11.3 2233..33 62.5 65.7 70.4 78.1 85.2 86.6 87.7 89.3 91.1 93.0 .6 .7 .5 ..88 2.7 3.0 3.1 3.3 3.5 3.5 3.5 3.6 3.6 3.6 Statistical discrepancy .7 .6 .4 1.5 -3.1 -1.0 -.7 -2.4 -4.7 -5.5 -4.3 -5.4 -3.1 Plus: Subsidies less current surplus of gov- -. 1 . 1 .2 1.3 2.3 1.4 .7 1.0 1.0 1.2 1.6 1.5 1.9 888666...888 444000...333 111000444...222 241.1 564.3 620.6 653.6 712.7 769.5 779.5 785.2 791.5 797.4 LLeessss:: CCoorrppoorraattee pprrooffiittss aanndd iinnvveennttoorryy vvaalluu-aattiioonn aaddjjuussttmmeenntt 111000...555 ---111...222 111555...222 3377..77 7766..11 8822..44 7788..77 8855..44 8855..88 8866..88 8822..00 7766..77 77.5 CCoonnttrriibbuuttiioonnss ffoorr ssoocciiaall iinnssuurraannccee........ ...222 ...333 222...888 66..99 2299..66 3388..00 4422..44 4477..11 5533..66 5544..22 5555..11 5566..00 56.7 57.6 EExxcceessss ooff wwaaggee aaccccrruuaallss oovveerr ddiissbbuurrssee-- 22..55 -2.1 -.4 Plus: Government transfer payments .9 1.5 2.6 14.3 37.2 41.1 48.7 55.7 61.6 62.0 63.4 66.3 75.8 75.0 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 29.1 30.2 31.0 31.4 32.2 Dividends 5.8 2.0 4.4 8.8 19.8 20.8 21.4 23.3 24.7 25.0 25.2 25.2 25.1 25.4 Business transfer payments .6 .7 .5 .8 2.7 3.0 3.1 3.3 3.5 3.5 3.5 3.6 3.6 3.6 Equals: Personal income 85.9 47.0 96.0 227.6 538.9 587.2 629.3 688.7 748.9 758.1 770.5 782.3 801.3 807.1 Less: Personal tax and nontax payments 2.6 1.5 3.3 20.7 65.7 75.4 83.0 97.5 117.3 117.5 119.9 117.0 117.7 114.1 Equals: Disposable personal income 83.3 45.5 92.7 206.9 473.2 511.9 546.3 591.2 631.6 640.6 650.6 665.3 683.6 693.0 Less: Personal outlays 79.1 46.5 81.7 193.9 444.8 479.3 506.0 550.8 593.9 598.7 609.6 620.5 632.1 640.5 Personal consumption expenditures. 77.2 45.8 80.6 191.0 432.8 466.3 492.1 535.8 577.5 582.1 592.6 603.1 614.4 622.4 Consumer interest payments 1.5 .5 .9 2.4 11.3 12.4 13.2 14.3 15.7 15.8 16.1 16.4 16.8 17.2 Personal transfer payments to foreigners .3 .2 .2 .5 .7 .6 .7 .7 .8 .9 .8 .9 1.0 1.0 Equals: Personal saving 44..22 - .9 1111..00 1133..11 2288..44 32.5 40.4 40.4 37-6 42.0 41.1 44.8 515 52.5 Disposable personal income in constant (1958) dollars 115500..66 111122..22 119900..33 224499..66 443355..00 445588..99 477.5 499.0 511 5 5159 517.8 522.9 532.0 534.7 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also NOTE to table opposite. PERSONAL INCOME (In billions of dollars) 1969 1970 1968 1969 Sept. Oct. Nov. Dec Jan. Feb. Mar. Apr. May June July Aug. Sept.'1 Total personal income 688.7 748.9 763.1 766.7 770.6 774.3 777.8 781.5 787.6 806.0 799.7 798.2 803.3 Wa C g o e m a m nd o d s i a t l y a - r p y r o d d is u b c u i r n s g e m i e n n d t u s stries... 4 1 6 8 4 1 . . 8 5 5 1 0 9 9 7 . . 0 5 2 5 0 2 0 0 . . 9 0 2 5 0 2 1 2 . . 8 7 2 5 0 2 1 5 . . 9 2 2 5 0 2 3 8 . . 8 0 2 5 0 2 2 9 . . 2 5 2 5 0 31 2 . . 1 0 5 20 3 3 5 . . 9 0 2 5 0 3 2 9 . . 3 9 2 5 0 4 0 0 . . 9 5 2 5 0 38 1 . . 1 3 5 2 4 0 1 2 .5 . 1 Manufacturing only 145.9 157.5 160.4 160.9 160.0 161.6 160.8 160.0 161.3 160.0 159.2 159.5 160.1 Distributive industries 109.2 119.8 122.2 123.1 124. 1 124. 1 125.4 125.7 126.7 126.0 127.2 127.9 129. 1 Service industries 78.4 87.7 89.6 90.0 91.0 91.6 93. 1 94.1 94.6 95. 1 95.5 95.7 96.8 Government 95.7 104. 1 107.3 107.7 108. I 108.5 108.9 109.3 109.8 116.5 116.9 113.2 113.5 Other labor income 24.9 27.6 28.2 28.3 28.5 28.6 29.0 29.3 29.6 29.8 30.0 30.3 30.6 Proprietors' income 64.1 66.8 67.7 67.5 67. 1 67.0 67.2 67.6 67.9 67.9 67.8 67.7 67.8 Business and professional 49. 1 50.5 51.0 50.8 50.5 50.4 50.4 50.6 50.7 51.0 51.3 51.5 51.6 Farm 15.0 16.4 16.7 16.7 16.8 17.0 17.2 16.9 16.5 16.2 16.2 16.6 16.6 Rental income 21.3 22.0 22. 1 22.2 22.3 22.4 22.5 22.5 22.6 22.6 22.6 22.7 22.7 Dividends 23.3 24.7 25.2 25.2 25.3 25.0 25.1 25.2 25.2 25 25.3 24.7 25.2 Personal interest income 54.0 59.7 60.5 61.2 62.0 62.6 63.0 63.4 63.7 64.2 64.5 64.8 65.3 Transfer payments 59.0 65.1 65.9 66.3 66.9 67.7 68.8 69.7 71. 1 84. 1 76.6 77.6 78. I Les i s n : s u P ra e n rs c o e nal contributions for social 22.8 26.0 26.5 26.7 26.7 26.9 27.3 27.3 27.5 27.7 27.7 27.6 27.8 Nonagricultural income 668.2 726.7 740.6 744.1 747.9 751.6 755.0 758.4 764.3 783.0 777.0 775.7 780.9 Agriculture income 20.5 22.2 22.5 22.6 22.7 22.7 22.8 23.1 23.3 23.0 22.7 22.4 22.4 NOTE.—Dept. of Commerce estimates. Monthly data are seasonally adjusted totals at annual rates. See also NOTE to table opposite. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1. SUMMARY OF FLOW OF FUNDS ACCOUNTS FOR SECOND 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. i nonbank world ancy savings Sector holds ness govts. agencies auth. banks finance and investment Transaction category 1 Gross saving 163.4 81.8 244.6 -17. 3.6 3.0 .4 -1.1 229.2 230.4 2 Capital consumption. . 90.4 71.3 161.7 1 .9 .7 . 163.3 163.3. 3 Net saving (1-2) . 73.0 10.6 . 82.9 ! -17.8 2.0 2.1 -.3 . 65.9 67.0. 4 Gross investment (5 + 10) 153.8 76.6 -2.1 228.3 -18.0 4.5 2.6 1.1 214.6 14.6 226.4 5 Private capital expenditures. .. . 115.8 . 108.8 . 224.6 . 1.5 .9 . 226.2 . 3.1. 226.2. 6 Consumer durables 91.9 . 91.9 . 91.9 . 91.9. 7 Residential construction.... 18.5 . 9.9 . 28.4 . 28.4 . 28.4. 8 Plant and equipment 5.5 95.8 . 101.3 . 102.8 . 102.8. 9 Inventory change 3.1 . 3.1 . 3.1 . 3.1. 10 Net financial investment (11-12). 37.9 -32.2 -2.1 3.6 18.0 3.0 .7 . 2.0 .2 -11.6 11.6 .2 11 Financial uses 56.3 28.7 . 9.7 94.6 1.4 77.9 6.6 30.3 39.6 3.9 177.8 . 4.1 12 Financial sources. 60.9 11A 91.0 19.J 74.9 1.2 39.4 4.1 3.9. 13 Gold and official foreign exchange. -2.0 -2.0 -.1 -4.2 -4.2 - 14 Treasury currency .3 . .3 . .3 15 Demand deposits and currency. 1.9 -1.9 -2.2 16 Private domestic -.3 . -2.8 . ; -1.8 5.3 -7.1 -2.6 -1.8 17 U.S. Government 2.4 -3.2 5.6 .9 2.4 1.5. 18 Foreign -.6 -.2 -.4 -.6 . -.6 19 Time and savings accounts. 24.8 . 44.3 . : 42.3 .4 . . 42.3 20 At commercial banks 9.5 . 11.4 29.0 . 26.6 26.6 -2.4; 26.6 21 At savings institutions... 15.3 . 15.3 . 15.7 A 15.7 15.7 22 Life insurance reserves. 4.6 . 4.6 . .1 4.5 4.5 4.6 23 Pension fund reserves. . 15.5 . 15.5 . 3.5 12.0 12.0 15.5 24 Interbank items : -4.4 -2.9 -1.3 -1.4 -3.0 -4.4 -4.4 25 Credit market instruments 15.2 22.1 .9 49.2 2.0 11.3 18.0 82.5 2.8 17.2 ' 15.6 5.9 33.8 4.1 40.5 9.4 1. 116.9 116.9 2 2 2 8 7 6 U S C t . o a S r t . e p G o a r n o a d v t e e l r o s n c h m a a l e r o e n s b t li s g e a c t u i r o i n ti s e s -1 1 1 .0 . . 6 3 - - . 2 1 .. . . . 1 1 . . . . 6.2 -2. . 1 2 . 1 . 1.0 - - 4 1 . . 4 2 .3 1 6 1 . . 2 0 * 17^3 1 1 8 1 7 . . . 7 4 6 3 4 . . 3 7 -.8 4.7 5.7 . 1 9 1 . .6 2 . . - 8 3 .2 . . 7 5 . . - 8 .5 .5 .... 2 1 9 1 1 . . . 5 9 0 29 Corporate and foreign bonds... 10.4 .... 22.7 3.7 . . 14.1 22.7 10.0 10.0 2.3 .6 -.4 24.6 30 Home mortgages .7 12.6 .2 . . .9 11. .1 -.1 10.8 4.9 . 1.3 4.7 . 11.7 31 Other mortgages 2.2 1.0 10.8 2.2 11.8 .4 . . 9.2 .9 . 7.5 . 11.8 32 Consumer credit 6.2 1.8 6.2 4.4 2.2 2.2 . 6.2 33 Bank loans n.e.c -.6 5.5 4. 4.5 -.1 .2 . 4. 3 -.1 .. -.4 4.5 34 Other loans 2.7 4.9 2.2 7.9 2.3 10.3 5.4 -.1 . 4.4 4.1 4.3 .2 .8 2.4 15.6 35 Security credit -1.8 -4.5 -1.8 • -4.5 10.6 -7.9 -5.7 . -4.9 - -.1 -12.5 36 To brokers and dealers -1.8 -1.8 • -6.0 -7.9 -5.8 . -.2 - -.1 . -7.9 37 To others -4.5 -4.6 .1 . -4.7 • -4.6 38 Taxes payable. -1.2 -1.2 .1 .... .1 - -1.2 -1.3. 39 Trade credit... 12.8 7.7 12.8 8.6 -.8 -l.: 14.0 7.9 -6.0. 4 4 0 1 E M q i u s i c t e y l l i a n n n e o ou n s c o c r l p a o im ra s te business. -3 2 . . 6 3 • 5.4 8.1 -3 7 . . 6 7 --3.6 3.7 2.3 3.1 8.5 -3.8 6.5 11.1 - 2 3 8 .6 .0 16.9. 42 Sector discrepancies (1-4). 5.2 .... 1.5 • 16.3 . .4 -.7 -.9 14.6 14.6. 4.0. i Commercial banks and unconsolidated affiliates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1970 • 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 TTrraannssaaccttiioonn ccaatteeggoorryy,, oorr sseeccttoorr 1965 1966 1967 1968 1969 II IIIIII IIVV II IIII IIIIII IIVV II IIII Funds raised, by type and sector Total funds raised 1 by nonfinancial sectors 70.4 68.5 82.6 97.4 88.2 81.8 118.0 95.5 88.9 88.8 93.4 8822..22 8800..00 110011..33 1 ? U.S. Government 1.7 3.5 13.0 13.4 -3.6 9.3 29.3 -5.4 -5.3 -13.3 3.7 .4 3.3 17.2 2 Public debt securities 1.3 2.3 8.9 10.3 -1.3 4.9 24.5 -7.4 -5.7 -12.5 9.4 3.9 5.6 17.8 3 4 Budget agency issues .4 1.2 4.1 3.0 -2.4 4.4 4.9 2.0 .4 -.7 -5.7 -3.5 -2.3 -.6 4 5 All other nonfinancial sectors.. 68.7 64.9 69.6 84.1 91.9 72.5 88.7 100.9 94.2 102.0 89.7 81.8 76.7 84.1 5 6 Capital market instruments 39.1 39.9 48.0 50.5 53.6 44.2 50.5 59.0 55.0 55.0 51.7 52.9 52.7 63.1 6 7 Corporate equity shares .3 .9 2.4 -.7 4.5 -.4 -1.8 -2.0 .2 3.2 5.3 9.2 6.3 6.2 7 8 Debt capital instruments 38.8 39.0 45.7 51.2 49.1 44.6 52.3 61.1 54.7 51.7 46.4 43.6 46.4 56.9 8 9 State and local govt, sec 7.3 5.7 7.7 9.9 8.5 5.4 12.5 13.8 10.2 9.8 6.7 7.1 9.2 11.0 9 10 Corporate and fgn. bonds... 5.9 11.0 15.9 14.0 13.3 13.7 13.2 16.5 15.8 13.3 12.8 11.1 14.7 22.3 10 11 Mortgages 25.6 22.3 22.0 27.3 27.4 25.5 26.6 30.8 28.6 28.6 26.8 25.4 22.5 23.6 11 12 Home mortgages 15.4 11.4 11.6 15.2 15.7 14.6 14.6 16.6 16.4 16.6 15.6 14.3 11.4 11.8 12 13 Other residential 3.6 3.1 3.6 3.5 4.4 3.1 3.6 4.2 4.2 4.7 4.6 4.3 6.0 5.5 13 14 Commercial 4.4 5.7 4.7 6.6 5.2 5.6 6.6 8.2 5.9 5.1 4.7 5.2 5.0 4.8 14 15 2.2 2.1 2.1 2.1 2.0 2.3 1.9 1.8 2.2 2.3 2.0 1.6 .1 1.5 15 16 Other private credit 29.5 25.0 21.6 33.6 38.3 28.3 38.2 41.8 39.2 47.1 38.0 28.9 24.0 21.0 16 17 Bank loans n.e.c 14.2 10.3 9.6 13.4 14.2 10.9 13.5 22.5 16.4 19.5 11.5 9.7 7.8 4.5 17 18 Consumer credit 10.0 7.2 4.6 11.1 9.3 9.8 13.2 12.0 9.9 10.4 8.8 8.4 4.8 6.2 18 19 Open market paper -.3 1.0 2.1 1.6 3.3 -1.1 6.2 .2 5.1 3.9 3.2 1.2 5.0 2.2 19 20 Other 5.7 6.4 5.2 7.5 11.3 8.8 5.3 7.0 7.9 13.3 14.6 9.6 6.4 8.1 20 21 By borrowing sector— 68.7 64.9 69.6 84.1 91.9 72.5 88.7 100.9 94.2 102.0 89.7 81.8 76.7 84.1 21 22 Foreign 2.6 1.5 4.1 3.0 3.5 2.0 2.6 2.9 4.2 5.5 2.4 2.1 2.7 1.6 22 23 State and local governments 7.6 6.4 7.9 10.2 8.9 5.5 12.8 14.3 10.8 10.1 7.0 7.7 8.8 11.3 23 24 28.8 23.2 19.7 31.8 31.6 29.4 33.2 34.9 32.2 34.6 31.3 28.6 24.7 22.1 24 25 Nonfinancial business 29.6 33.8 37.9 39.1 47.8 35.6 39.9 48.8 47.1 51.8 49.0 43.4 40.5 49.2 25 26 Corporate 20.5 24.9 29.4 31.0 37.8 26.6 31.1 40.7 37.6 42.3 38.0 33.4 34.2 40.3 26 27 Nonfarm noncorporate 5.8 5.5 5.0 5.2 6.4 5.8 6.0 5.8 6.2 5.8 7.3 6.5 4.5 5.1 27 28 Farm 3.3 3.5 3.5 2.9 3.6 3.2 2.8 2.2 3.2 3.8 3.7 3.5 1.8 3.8 28 Funds advanced directly in credit markets ! Total funds raised 70.4 68.5 82.6 97.4 88.2 81.8 118.0 955 88.9 88.8 93.4 82.2 80.0 101.3 1 Advanced directly by— 2 U.S. Government 2.8 4.9 4.6 5.2 2.6 7.1 4.8 2.9 22..33 11..66 33..77 22..88 22..77 22..88 2 3 U.S. Govt, credit agencies, net... * .3 .5 -.2 .1 -.1 -.5 -.8 -.2 -.4 -.2 .5 -.6 1.9 3 4 Funds advanced 2.2 5.1 -.1 3.2 8.9 4.0 1.2 1.7 3.9 7.1 10.7 13.1 14.2 6.6 4 5 Less funds raised in cr. mkt 2.3 4.8 -.6 3.5 8.8 4.1 1.7 2.5 4.1 7.5 10.9 12.6 14.7 4.7 5 6 Federal Reserve System 3.8 3.5 4.8 3.7 4.2 6.3 7.2 -2.9 3.1 5.0 -.4 9.2 1.3 5.9 6 7 Commercial banks, net 28.3 16.7 36.8 39.0 9.4 22.8 66.7 47.1 9.2 24.7 1.1 3.1 3.8 23.9 7 8 Funds advanced 29.1 16.8 37.0 39.2 13.7 23.5 66.9 47.0 10.1 29.2 6.2 9.9 12.9 28.1 8 9 Less funds raised .8 .1 .2 .2 4.3 .7 .2 -.1 .9 4.5 5.0 6.8 9.1 4.1 9 10 Private nonbank finance 30.1 25.9 36.1 33.5 30.9 34.7 32.7 33.0 31.3 34.7 30.5 28.0 25.9 36.7 10 11 Savings institutions, net 13.7 7.8 16.9 14.5 10.3 15.7 14.2 12.6 15.7 13.5 6.6 5.6 5.3 15.6 11 12 Insurance 17.9 19.3 20.4 21.5 22.3 21.1 20.4 22.9 20.3 22.6 27.0 19.1 22.7 21.0 12 13 Finance n.e.c., net -1.4 -1.3 -1.3 -2.4 -1.7 -2.1 -1.9 -2.5 -4.8 -1.4 -3.0 3.2 -2.1 .2 13 14 Foreign -.3 -1.8 2.8 2.5 2.0 -2.3 3.1 9.4 -1.4 1.3 6.0 2.0 8.1 9.4 14 15 Private domestic nonfinancial.. .. 5.6 19.1 -2.9 13.7 39.0 13.4 4.0 6.7 44.7 21.8 52.7 36.6 38.8 20.7 15 16 Business 1.0 3.6 -.6 9.0 11.4 10.4 8.6 6.4 13.2 12.6 12.2 7.1 10.7 .9 16 17 State and local governments. .. 2.5 3.4 1.2 .7 7.2 -1.9 3.1 .9 6.5 4.1 4.9 13.4 1.4 2.0 17 18 Households 2.5 11.9 -1.3 5.4 18.8 9.3 -7.0 2.9 22.2 5.0 32.3 16.0 21.5 15.2 18 19 Less net security credit .3 -.2 2.2 1.4 -1.6 4.5 .7 3.6 -2.7 -.2 -3.2 -.2 -5.2 -2.7 19 Sources of funds supplied to credit markets Total borrowing by nonfinancial sectors 70.4 68.5 82.6 97.4 88.2 81.8 118.0 95.5 88.9 88.8 93.4 82.2 80.0 101.3 1 1 Supplied directly and indirectly by pvt. domestic nonfin. sectors: 2 Total 46.3 42.8 47.7 58.1 40.4 47.7 58.0 63.3 48.8 28.8 3366..55 4466..00 4488..44 6622..99 2 3 40.7 23.7 50.6 44.3 1.4 34.3 53.9 56.6 4.1 6.9 -16.1 9.4 9.6 42.2 3 4 Demand dep. and currency.. 8.0 4.0 11.6 11.2 5.5 15.5 11.0 15.8 -2.8 4.1 * 19.1 -3.9 -2.1 4 5 Time and svgs. accounts 32.7 19.7 39.1 33.1 -4.1 18.9 43.0 40.8 6.9 2.8 -16.2 -9.7 13.5 44.3 5 6 At commercial banks. . . 19.5 12.5 22.3 20.5 — 12.0 6.4 31.2 27.5 -6.1 -6.3 -22.1 -13.6 9.4 29.0 6 7 At savings instit 13.1 7.2 16.7 12.6 8.0 12.4 11.8 13.3 13.0 9.1 5.9 3.9 4.1 15.3 7 8 Credit mkt. instr., net 5.6 19.1 -2.9 13.7 39.0 13.4 4.0 6.7 44.7 21.8 52.7 36.6 38.8 20.7 8 9 U.S. Govt, securities 2.5 8.5 -2.8 8.9 15.8 4.5 6.9 9.6 24.7 -.9 26.3 13.4 6.4 -4.2 9 10 Pvt. credit market instr 3.5 10.4 2.0 6.2 21.6 13.4 -2.2 .7 17.3 22.5 23.2 23.0 27.2 22.2 10 11 Less security debt .3 -.2 2.2 1.4 -1.6 4.5 .1 3.6 -2.7 -.2 -3.2 -.2 -5.2 -2.7 11 Other sources: 12 Foreign funds .8 .1 5.0 4.0 10.4 1.8 7.1 4.9 12.7 14.4 1111..99 22..66 99..77 44..66 1122 13 1.1 2.5 2.2 1.5 8.4 4.1 4.0 -4.5 14.1 13.1 5.9 .6 1.6 -4.7 13 14 -.3 -1.8 2.8 2.5 2.0 -2.3 3.1 9.4 -1.4 1.3 6.0 2.0 8.1 9.4 14 15 Chg. in U.S. Govt, cash bal -1.0 -.4 1.2 -1.2 .4 -16.2 26.4 -9.6 -6.4 2.1 1.5 4.1 .5 2.5 15 16 U.S. Government loans 2.8 4.9 4.6 5.2 2.6 7.1 4.8 2.9 2.3 1.6 3.7 2.8 2.7 2.8 16 17 Pvt. insur. and pension res 15.7 16.7 18.7 18.2 18.7 17.5 19.1 19.6 16.7 18.6 22.2 17.3 18.6 16.5 17 18 Sources n.e.c 5.8 3.8 5.6 13.2 15.7 24.0 2.7 14.4 14.8 23.4 17.6 9.4 .2 12.0 18 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 71.2 FLOW OF FUNDS a OCTOBER 1970 3. PRINCIPAL FINANCIAL TRANSACTIONS (Seasonally adjusted annual rates; in billions of dollars) 1968 1969 1970 TTrraannssaaccttiioonn ccaatteeggoorryy,, oorr sseeccttoorr 11996655 11996666 11996677 11996688 11996699 II III IV I II III IV I II Demand deposits and currency 1 Net incr. in banking system liability. 7.6 2.6 14.3 10.7 6.6 .1 39.2 7.2 -10.1 7.3 3.2 24.2 --11..99 2 U.S. Government deposits -1.0 -.4 -1.3 .5 -16.2 26.3 -9.7 -6.3 2.1 1.6 4.3 ..88 3 Money supply 8.6 3.0 1133^^22 12.0 6.1 16.3 12.9 16.9 -3.9 5.1 1.6 19.9 -2.7 4 Domestic sectors 8.3 3.9 12.6 12.2 5.9 17.0 13.5 17.1 -4.1 5.1 .9 20.1 -3.3 5 Households 7.2 3.1 11.4 6.9 3.4 8.8 15.6 13.5 -7.9 5.6 -1.5 17.3 -3.2 6 Nonfinancial business -1.4 .7 -2.1 1.3 .5 3.6 -1.2 -4.3 3.8 .6 -1.7 -1.1 -4.2 7 State and local governments -.2 -.1 -.4 1.1 2.2 1.6 -1.9 4.1 1.9 -1.8 4.6 3.9 1.8 1 9 8 0 Re M F st i n a o i a l f n f t c l h o i e a a l t w se o c rl t d o rs 2. . . 5 3 3 - — 1. . 0 . 3 1 2 1 . . . 7 6 1 - 1 1 .2 . . 9 0 -.6 . . 2 4 - 1 1 .7 . . 6 5 - - 1 2 . . 7 . 5 6 - 2 1 .2 . . 4 3 - - 1 . . 6 . 3 2 - 1 .3 .0 * -1. . . 3 7 8 - - 1 1 . . 2 0 .0 1 . . . 6 7 6 Time and savings accounts Net increase—Total 33.1 20.2 40.8 33.0 -3.0 19.1 43.8 39.9 6.5 .6 -15.7 -3.6 17.9 At commercial banks—Total. . 20.0 13.3 23.8 20.6 -11.0 6.2 32.3 27.5 -6.8 -7.9 -21.5 -7.8 12.8 Corporate business 3.9 -.7 4.1 2.2 -7.8 -3.2 9.5 4.1 -7.2 -7.6 -10.8 -5.6 -.7 State and local governments. 2.4 1.3 2.4 3.2 -7.5 1.3 5.2 5.7 -5.4 -4.0 -10.4 -10.0 .9 Foreign .6 ..88 1.4 # 1.2 -.4 1.0 -.1 -.4 -1.4 .7 6.0 3.7 Households 13.3 1111..99 15.8 15.1 3.3 8.3 16.5 17.8 6.6 5.4 -.8 2.0 9.1 At savings institutions 13.1 7.0 17.0 12.4 8.0 12.9 11.5 12.4 13.4 8.5 5.8 4.2 5.1 Liabilities— Savings and loan assns.. .. 8.5 3.6 10.7 7.3 4.0 7.6 7.2 6.8 8.0 4.6 3.0 .5 1.8 Mutual savings banks 3.6 2.6 5.1 4.1 2.6 4.0 3.4 4.5 3.8 2.7 1.5 2.4 1.6 Credit unions 1.0 .8 1.2 1.1 1.4 1.3 .9 1.2 1.6 1.2 1.3 1.4 1.6 Assets Households 13.1 7.2 16.7 12.6 8.0 12.4 11.8 13.3 13.0 9.1 5.9 3.9 4.1 Cr. union deps. at S & L's. -.2 .3 -.2 * .5 -.3 -1.0 .3 -.6 .3 1.0 U.S. Government securities 1 Total net issues 3.8 8.7 12.6 16.7 5.5 13.1 31.2 -3.2 .1 -5.7 14.7 1133..11 18.1 2 Household savings bonds .6 .6 .9 .5 -.4 .3 .8 .7 -.5 -.4 -.7 -.9 3 Direct excluding savings bonds. .7 1.8 8.0 9.8 -.9 4.6 23.7 -8.1 -5.2 -12.1 10.1 3^8 6.5 4 Budget agency issues * .2 1.4 -.4 1.9 1.4 2.7 .8 -1.3 -.8 -.2 .7 5 Sponsored agency issues 5.1 -.6 3.2 9.1 3.7 1.8 2.1 5.2 7.5 10.9 12.6 14.7 6 Loan participations .4 1.3 4.0 1.7 -1.9 2.6 3.5 -.6 -.3 .6 -4.8 -3.2 -3.0 7 Net acquisitions, by sector 3.8* 8.7 12.6 16.7 5.5 13.1 31.2 -3.2 .1 -5.7 14.7 13.1 18.1 U.S. Government (agency sec.). 1.3 —. 1 . 1 -1.3 1.6 -.1 -1.0 -1.1 -2.2 -.8 -1.0 .1 Sponsored credit agencies .1 1.0 • -.1 -.4 .3 -.4 -.5 -2.1 -. 1 -.3 .3 2.4 Direct marketable -.2 .3 .9 -.1 -.7 .2 .1 -.2 -2.1 _. J -.6 --..66 2.8 FHLB special issue .3 .6 -.9 .3 .1 -.5 -.3 * * .3 ..88 -.4 Federal Reserve System 3.7 3.5 4.8 3.8 4.2 6.2 7.4 -2.8 3.2 5.0 -.4 9.1 1.2 Foreign -.2 -2.4 2.1 -.5 -1.1 -4.7 .6 4.2 -6.2 -1.1 3.6 -.5 6.7 Commercial banks -2.3 -3.6 9.4 2.8 -11.2 -2.2 12.2 -3.1 -15.2 -10.7 -10.3 -8.1 1.2 Direct -3.1 -3.4 6.3 1.7 -9.4 -1.8 9.8 -4.9 -12.5 -11.3 -6.1 -7.1 .4 Agency issues .8 -.2 3.2 1.1 -1.8 -.4 2.4 1.7 -2.7 .5 -4.1 -.9 ..88 Nonbank finance -.1 .4 -.9 1.6 -.5 7.4 4.5 -9.7 -3.1 4.4 -3.3 Pv D A t. i g d r e e o n c m c t y e s i t s i s c u e n s o nfin - 2 .6 . . 5 5 - 8 .2 . . 5 5 - -2 1 . . 8 . 3 3 8 1 . . . 9 3 3 - 1 2 1 5 . . . 3 8 8 4 6 . . . 5 5 9 6 3 1 . . . 9 1 4 -10 9 . . . 0 6 3 - 2 5 2 4 . . 9 . 8 7 - 2 2 .9 . . 3 0 - 2 5 2 6 . . 9 . 6 3 1 - 3 .2 . . 1 4 — 2 6 2 . . ! 6 4 5 D A Sa i g v r e e i n n c c t g y s e x i b s c s o l u . n e s d s a s v — in H gs o u b s o e n h d o s ld .. s . . 1. . . 7 6 2 4 3 . . . 7 3 6 -3. . 8 . 2 9 4 3 . . . 6 8 5 - 8 8 .4 . . 1 1 -1 6 . . 9 . 1 3 3 3 . . . 1 1 8 3 5. . . 8 1 7 1 - 6 8 .5 . . 9 3 - - 7 6 . . 4 . 0 5 1 - 7 9 .7 . . 7 3 1 2 1 . . 0 3 - - 1 9 . . 9 . 7 0 Private securities 1 Total net issues, by sector 16.1 18.5 27.2 24.2 27.9 20.2 24.8 29.0 27.8 28.8 26.2 28.7 31.6 41.8 1 2 , State and local governments... 7.3 5.7 7.7 9.9 8.5 5.4 12.5 13.8 10.2 9.8 6.7 7.1 9.2 11.0 2 3 Nonfinancial corporations 5.4 11.4 17.0 12.1 16.4 12.8 10.3 12.4 14.7 14.9 16.1 19.8 20.2 28.9 3 4 Finance companies 1.9 .8 1.0 .8 1.6 .8 .7 .9 1.4 2.2 1.4 1.3 1.3 2.3 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 .5 1.1 2.0 1.4 1.6 2.0 .5 .7 -.4 6 7 Net purchases 16.1 18.5 27.2 24.2 27.9 20.2 24.8 29.0 27.8 28.8 26.2 28.7 31.6 41.8 7 8 Households 1.1 3.2 -2.9 -3.3 4.4 —. 1 -12.1 -8.9 4.4 1.8 5.7 5.9 5.2 13.3 8 9 Nonfinancial corporations .5 1.0 -.4 .4 2.3 2.1 -2.6 1.3 2.4 2.7 .2 3.7 -2.2 -2.1 9 10 State and local governments.. .6 1.1 1.5 .5 2.9 1.0 .3 1.0 3.8 3.7 -1.2 5.0 4.4 3.9 10 11 Commercial banks 5.0 1.9 9.7 9.0 1.0 3.2 12.6 15.2 2.6 3.3 1.0 -2.7 6.1 11.6 11 12 Mutual savings banks • .3 2.3 1.6 .6 1.3 1.5 1.8 1.1 1.1 * .2 1.2 2.0 12 13 Insurance and pension funds.. 11.2 12.9 17.4 17.5 17.3 17.1 17.3 19.3 17.0 17.5 19.8 14.8 15.6 15.8 13 14 Finance n.e.c -1.7 -2.2 -1.0 -3.6 -2.6 -6.4 5.7 -4.2 -7.4 -2.0 * -1.0 .9 -2.6 14 15 Security brokers and dealers -.1 ..11 .1 -.9 .4 -7.4 9.0 -3.6 .3 -.9 3.4 -1.4 1.7 1.7 15 16 Investment companies, net.. -1.5 --22..44 -1.1 -2.8 -3.0 1.0 -3.3 -.6 -7.8 -1.1 -3.4 .4 -.8 -4.4 16 17 Portfolio purchases 1.6 1.4 1.5 1.9 2.7 3.4 1.4 4.2 -.2 3.6 2.7 4.6 1.3 -1.1 17 18 Net issues of own shares. 3.1 3.7 2.6 4.7 5.6 2.4 4.7 4.9 7.6 4.7 6.1 4.2 2.1 3.3 18 19 Rest of the world -.5 .3 .6 2.2 2.0 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 13.6 16.2 24.9 17.3 24.3 12.2 11.7 3.2 4.5 1 2 Households 1.4 .4 2.1 3.0 2.0 2.6 2.9 4.6 2.1 3.5 1.5 1.0 3.1 -.6 2 3 Nonfinancial business 12.3 10.1 7.7 10.6 12.5 8.3 10.8 18.7 13.9 15.5 11.4 9.2 33..99 5.5 3 4 Rest of the world .4 -.2 -.2 -.3 -.3 * -.3 -.7 .3 .5 -1.4 -.5 ..88 -.4 4 Digitized for FRAS 5 E R Financial sectors 2.4 -1.3 -2.1 2.3 2.1 2.8 2.7 2.4 1.0 4.8 .7 2.1 -4.6 -.1 5 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 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 participain 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 CCaatteeggoorryy 1965 1966 1967 1968 1969 II III IV I II III IV I II 1 Households1 1 Personal income 538.9 587.2 629.3 688.7 748.9 680.9 697.6 712.5 725.8 741.1 758.1 770.5 782.3 801.3 1 2 Less: Personal taxes & nontaxes... 65.7 75.4 83.0 97.5 117.3 92.6 102.1 106.5 113.8 118.1 117.4 119.9 117.0 117.7 2 3 Personal outlays 444.8 479.3 506.0 550.8 593.9 543.8 559.0 566.4 577.8 589.7 598.6 609.6 620.4 632.1 3 4 Equals: Personal saving, NIA basis. 28.4 32.5 40.4 40.4 37.6 44.5 36.5 39.6 34.2 33.3 42.0 41.1 44.9 51.5 4 5 Plus: Credits from Govt, insur.2. 4.8 5.3 6.0 5.6 6.6 5.8 5.5 5.8 5.9 6.6 9.3 4.7 5.9 7.6 5 6 Capital gains dividends. 3. .9 1.3 1.7 2.5 2.5 1.8 2.4 2.7 5.0 1.9 2.2 1.1 2.0 1.8 6 7 Net durables in consumpt.. 14.8 15.2 12.4 17.0 17.3 16.4 19.0 17.4 17.8 17.7 14.8 14.5 11.1 12.2 7 8 Equals: Net saving 49.0 54.3 60.5 65.5 64.1 68.5 63.4 65.5 62.9 59.5 68.4 61.4 63.8 73.0 8 9 Plus: Capital consumption 59.9 64.3 69.9 76.7 82.9 75.8 77.5 79.4 81.2 83.1 85.0 86.8 88.6 90.4 9 10 On owner-occ. homes 7.1 7.4 7.8 8.2 8.6 8.2 8.3 8.3 8.5 8.6 8.7 8.8 8.9 9.0 10 11 On nonprofit pi. and eq.. . 1.2 1.3 1.4 1.5 1.6 1.5 1.5 1.5 1.5 1.6 1.6 1.6 1.6 1.7 11 12 On consumer durables.... 51.5 55.6 60.7 67.0 73.8 66.1 67.8 69.5 71.3 73.0 74.7 76.4 78.0 79.7 12 13 Equals: Gross savings 108.8 118.6 130.4 142.2 147.1 144.3 140.9 144.9 144.1 142.6 153.3 148.2 152.5 163.4 13 14 Gross investment 112.4 119.8 131.7 134.0 137.3 131.2 133.7 139.9 134.9 126.9 145.6 141.7 142.7 153.8 14 15 Capital expend, (net of sales). . .. 89.6 94.2 94.6 109.8 116.9 108.9 112.5 111.8 116.0 119.6 116.6 115.5 113.7 115.8 15 16 Residential construction 19.1 18.9 17.0 21.2 21.8 21.8 21.6 20.4 22.1 24.0 21.9 19.3 19.1 18.5 16 17 Consumer durable goods 66.3 70.8 73.1 84.0 90.0 82.6 86.7 86.9 89.1 90.6 89.5 90.8 89.1 91.9 17 18 Plant and equip, (nonprofit). .. 4.1 4.5 4.5 4.5 5.1 4.6 4.2 4.4 4.8 4.9 5.3 5.3 5.5 5.5 18 19 Net finan. investment 22.9 25.6 37.0 24.2 20.3 22.3 21.2 28.1 18.9 7.3 29.0 26.2 29.0 37.9 19 20 Net acquis, of financial assets. . 53.0 49.3 60.7 58.9 50.3 59.2 55.1 69.2 47.5 41.5 56.0 56.5 47.9 56.3 20 21 Total deposits and curr 33.6 22.2 43.9 34.7 14.6 29.5 44.0 44.7 11.7 20.0 3.5 23.2 10.1 24.0 21 22 Demand dep. and curr.... 7.2 3.1 11.4 6.9 3.4 8.8 15.6 13.5 -7.9 5.6 -1.5 17.3 -3.2 -.7 22 23 Savings accounts 26.4 19.1 32.5 27.7 11.3 20.8 28.4 31.1 19.6 14.5 5.1 5.9 13.2 24.8 23 24 At commercial banks ... 13.3 11.9 15.8 15.1 3.3 8.3 16.5 17.8 6.6 5.4 -.8 2.0 9.1 9.5 24 25 At savings institutions... 13.1 7.2 16.7 12.6 8.0 12.4 11.8 13.3 13.0 9.1 5.9 3.9 4.1 15.3 25 26 Life insurance reserves 4.8 4.6 4.8 4.5 4.5 4.5 4.5 4.5 5.3 3.7 4.5 4.5 4.5 4.6 26 27 Pension fund reserves 12.3 13.4 15.3 14.9 15.8 14.8 15.5 16.1 13.1 16.2 20.0 14.0 15.5 15.5 27 28 Credit market instruments... 2.5 11.9 -1.3 5.4 18.8 9.3 -7.0 2.9 22.2 5.0 32.3 16.0 21.5 15.2 28 29 U.S. Govt, securities 2.2 7.3 .6 7.1 13.1 8.4 2.6 11.1 16.1 2.1 24.1 10.1 12.5 -1.0 29 30 State and local oblig 2.3 2.1 -2.1 -.2 3.8 -2.0 2.6 -2.9 5.0 1.7 3.3 5.0 4.0 1.6 30 31 Corporate and fgn. bonds . .7 2.0 4.0 4.6 4.9 7.7 -.9 6.9 4.8 5.3 4.7 4.7 8.2 10.4 31 32 Investment co. shares 3.1 3.7 2.6 4.7 5.6 2.4 4.7 4.9 7.6 4.7 6.1 4.2 2.1 3.3 32 33 Other corp. shares -5.0 -4.7 -7.4 -12.4 -9.9 -8.2 -18.5 -17.7 -13.0 -10.0 -8.4 --88..00 -9.1 -1.9 33 34 Mortgages —. 8 1.4 1.0 1.6 1 3 1 0 2. 5 # 7 1.7 1 | 2 5 3 8 2.9 34 35 Net invest, in noncorp. bus... -1.9 -4.1 -4.6 -3.2 -4.8 -3.0 -2.9 -2.8 -5.3 -4.5 -4.7 -4.5 -4.6 -3.6 35 36 Security credit .5 * 1.1 .7 -.8 2.2 -.8 1.9 -1.5 -1.0 -1.8 1.1 -1.3 -1.8 36 37 Miscellaneous 1.3 1.2 1.7 1.8 2.1 1.7 1.8 1.9 2.0 2.0 2.1 2.2 2.3 2.3 37 38 Net increase in liabilities 30.2 23.6 23.7 34.6 30.0 36.9 33.9 41.2 28.7 34.2 27.0 30.3 18.9 18.3 38 39 Credit mkt. instruments 28.8 23.2 19.7 31.8 31.6 29.4 33.2 34.9 32.2 34.6 31.3 28.6 24.7 22.1 39 40 Home mortgages 15.2 12.3 10.5 14.9 16.3 14.2 14.2 15.6 17.0 16.9 16.0 15.2 12.3 12.6 40 41 Other mortgages 1.2 1.3 1.2 1.1 1.1 1.2 1.1 1.1 1.1 1.1 1.1 1.1 1.0 1.0 41 42 Instalment cons, credit.... 8.6 6.2 3.4 9.0 8.3 8.4 10.1 10.2 8.3 9.6 7.7 8.0 4.0 4.6 42 43 Other consumer credit.... 1.4 1.0 1.2 2.1 1.0 1.4 3.1 1.8 1.5 .8 1.1 .5 .8 1.6 43 44 Bank loans n.e.c 1.4 .4 2.1 3.0 2.0 2.6 2.9 4.6 2.1 3.5 1.5 1.0 3.1 -.6 44 45 Other loans ^ .9 2.0 1.3 1.6 2.9 1.7 1.8 1.6 2.1 2.7 4.0 3.0 3.4 2.7 45 46 Security credit .8 -.2 3.3 2.1 -2.4 6.8 -.1 5.5 -4.3 -1.2 -5.0 .9 -6.6 -4.5 46 47 Trade debt .2 .3 .4 .4 .4 .4 .4 .4 .4 .4 .4 .4 4 .4 47 48 Miscellaneous .3 .4 .3 .4 .3 .4 .4 .4 .4 .4 .3 .3 .3 .3 48 49 Discrepancy (13-14) -3.6 -1.2 -1.2 8.1 9.8 13.1 7.2 5.0 9.3 15.7 7.7 6.5 9.8 9.6 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 OCTOBER 1970 4. SECTOR STATEMENTS OF SAVING AND INVESTMENT—Continued (Seasonally adjusted annual rates; in billions of dollars) 1968 1969 1970 Transaction category, or sector 11996655 11996666 11996677 11996688 11996699 II III IV I II III IV I II Nonfinancial business—Total 2 1 G In r c o o s m s e s a b v e in fo g re taxes i 1 7 2 1 9 . . 8 5 1 7 3 7 9 . . 7 1 1 7 3 9 6 . . 3 2 1 8 4 0 3 . . 5 5 1 8 4 2 5 . . 6 6 1 8 4 1 3 . . 4 8 1 8 4 2 5 . . 8 2 1 8 4 1 5 . . 5 7 1 8 4 3 6 . . 6 4 1 8 4 2 7 . . 2 3 1 8 4 4 6 . . 0 8 1 8 4 0 1 . . 1 8 1 8 3 0 6 . . 0 8 1 8 3 1 8 . . 8 2 2 1 4 9 8 3 5 6 7 G Ca r C F o p i i s h x t O B s 1 a a e - l u n t d i 4 h n s g i f e v e i n a e n r e e x m v i s r n s p t e e s i m e l s s i y n t n p i e m d d v l n r e i a e e e t t n n u s n n t t i r t t i d e o a & e s r l n i e t e , s q c u 3 o i p n m st. e n 2. t 7 6 6 8 9 7 4 4 6 4 . . . . . . . 6 4 6 4 3 7 1 8 9 6 7 1 - 6 2 9 6 7 4 .7 . . . . . . 8 1 6 2 0 8 8 7 9 7 2 6 8 5 7 4 0 . . . . . . . 1 0 2 8 8 4 0 9 8 9 7 8 7 1 2 9 4 . . . . . . . 1 8 6 8 9 3 4 1 1 9 7 1 0 1 - 8 2 5 0 3 1 .1 . . . . . . 8 5 4 4 0 5 8 8 9 7 1 7 0 9 9 4 1 0 . . . . . . . 8 4 2 6 0 4 0 9 8 9 7 8 8 1 2 9 8 . . . . . . . 2 2 0 7 2 6 2 1 9 8 7 0 9 9 2 7 5 4 6 . . . . . . . 2 3 0 2 9 6 5 1 1 8 7 0 0 9 7 9 1 7 0 7 . . . . . . . 7 4 5 2 6 4 7 1 1 9 7 1 0 0 - 7 1 4 0 1 8 .4 . . . . . . 9 2 8 3 0 9 1 1 - 9 7 1 1 0 1 1 4 3 1 3 0 5 . . 5 . . . . . 7 8 3 4 5 2 1 1 9 7 1 0 1 7 5 5 0 6 4 . . . . . . . 8 2 2 9 3 9 1 1 1 9 7 1 0 0 5 4 1 0 5 7 . . . . . . 5 3 6 0 5 1 • 1 1 9 7 1 0 0 - 5 3 6 0 5 8 .7 . . . . . . 8 1 6 7 7 8 4 3 9 5 6 7 8 2 1 1 1 1 1 1 1 1 1 1 0 1 9 2 3 4 7 6 8 0 5 Ne N N t e e f O T t C t i n r t r i i B O a h S H a O e n n n d e d e c c a t o t c r e r c r h i h n m t e i e u e k e a l a d a r m i r e r l s a i s e l t e i e m b a o l b i m n o e i r t a v i o l s i k a o n n i n e r n t e r s s i t t t s e l g f t g i i n m s a a n i 4 a . n b g a e e g i s e n n . e l c s t i c t s t r i i u a e l s m a e 4. s n s t . e . s t . s . . . -1 2 4 2 1 9 4 9 9 2 3 4 5 9 2 . . . . . . . . . . . 5 5 1 9 1 1 6 4 6 3 1 -2 - 4 3 1 1 1 1 7 9 2 3 7 3 6 3 0 1 . . . . . . . . . 0 . . 9 4 5 7 7 4 6 8 1 4 - - 2 3 3 1 1 3 3 9 4 2 7 8 4 7 1 7 . . . . . . . . . 5 . . 7 4 7 8 2 0 7 9 1 0 -2 2 3 5 1 1 1 5 8 3 7 6 5 9 2 0 1 . . . . . . . . . . . 2 2 3 8 4 1 1 1 3 6 0 -3 4 6 2 1 1 1 1 - 6 1 5 8 2 7 6 0 1 2 . . . . 6 . . . . . . . 6 5 1 9 5 8 4 6 3 5 -2 3 4 1 1 5 4 9 3 8 8 8 5 2 . . . . . . . . . . . 6 9 3 8 4 3 2 6 3 8 1 -2 3 5 3 1 1 1 0 0 1 8 7 3 9 0 0 0 . . . . . . . . . . . 7 6 3 2 6 2 9 8 9 4 3 -3 4 3 6 1 1 1 1 0 2 7 3 8 5 3 1 8 2 . . . . . . . . . . . 3 2 9 6 8 6 9 1 7 4 0 -3 4 3 6 1 1 1 - 0 0 0 8 7 7 5 3 1 4 . . . . 6 . . . . . . . 2 4 2 1 1 9 3 9 2 7 -3 - 6 3 5 1 1 1 1 1 - 1 4 4 0 1 0 4 4 0 5 . . . . . 3 8 . . . . . . 9 8 1 8 8 9 9 9 5 -4 4 6 2 1 1 1 1 1 - 1 6 4 2 9 6 4 1 0 1 . . . . 5 . . . . . . . 0 2 8 8 0 1 2 2 7 4 -3 4 5 1 1 1 - 8 4 9 7 5 3 5 3 9 0 . . . 9 . . . . . . . . 6 8 8 9 2 3 4 3 8 0 -3 4 2 3 6 1 1 1 - 2 0 3 7 3 0 0 0 2 0 . . . 9 . . . . . . . . 7 5 8 9 1 5 2 1 4 7 -3 4 2 6 2 1 - 2 4 0 8 7 3 5 9 8 0 . . . . 8 . . . . . . . 9 7 2 9 7 9 9 2 5 8 2 1 1 1 1 1 1 1 1 1 1 0 4 1 2 9 5 3 8 7 6 0 21 Discrepancy (2-3) 7.2 8.0 9.0 6.3 7.2 7.4 4.2 6.9 6.0 7.4 10.7 4.9 5.7 5.2 21 Farm and nonfarm noncorporate business * 2 1 G N r e o t s i s n c sa o v m in e g 1 6 6 1 5 5 . . 6 2 6 1 9 6 . . 8 5 7 1 1 7 . . 2 9 7 1 3 8 . . 2 1 2 7 0 6 . . 1 3 7 1 3 8 . . 0 0 7 1 3 8 . . 5 5 7 1 4 8 . . 2 3 2 7 1 5 . . 2 3 7 1 6 9 . . 3 5 2 7 0 7 . . 0 0 7 1 6 9 . . 9 5 7 1 7 9 . . 4 9 2 7 0 7 . . 2 6 2 j 4 6 3 5 C G a r C F p o i i s h t x s a a e l n i d n g v e i e n e x v i s n p t e m e s i n t n e m d v n i e e t t u n n r t t e o s r ies 3 2 1 1 1 5 9 1 . . . . 3 2 6 7 1 1 1 9 6 9 . . . . 9 4 5 5 2 2 1 1 2 7 . . . . 1 9 9 1 2 2 1 2 2 8 . . . . 0 6 6 1 2 2 2 0 3 4 1 . . . . 1 2 2 4 2 2 1 2 1 8 . . . . 9 7 6 0 2 2 1 1 2 8 . . . . 7 5 8 5 2 2 1 3 4 8 1 . . . . 1 3 1 0 2 2 21 3 4 . . . . 8 2 2 0 2 2 1 2 3 9 . . . . 9 7 8 5 2 2 2 2 2 0 5 . . . . 8 4 0 2 2 2 1 4 4 9 . . . . 5 3 8 5 2 2 1 2 2 9 . . . 8 9 9 2 2 2 3 0 1 5 . . . . 9 3 2 1 6 4 3 5 1 1 1 1 1 1 9 7 8 0 4 1 2 3 5 Ne N N t e e f P C T t t i n r r r i i o a O B a e M n n n p d d c c a t o c e r i r h r n t i i e e r e k a e d a t a m r l g t s e s o l a e i e a l b o n r o g r t a s v i k a , i e n ' n n e n s e n s s n s t l e t f e i n m t i a i 4 t n . n b , e e a 7 i i s n . n n l c t i t c v t r i i u e e a s s m l tm 4 e a n e ss n t e s t t . s .. . . - - 1 6 9 5 2 7 1 1 . . . . . . . 9 . 1 1 1 0 4 0 7 * - - - 4 3 4 9 2 4 2 1 . . . . 4 . . . . . 1 4 5 1 5 0 2 2 - - 4 4 8 5 5 1 1 1 1 . . . . . . . 2 . 6 . 4 2 5 8 3 5 4 - - 4 3 8 6 5 1 1 1 1 . . . . . . 5 . . 2 . 0 5 1 5 1 1 6 - - 1 4 4 2 5 5 1 1 0 . . . . . . 8 . . 3 . 6 3 7 7 6 4 0 - - 4 3 9 6 2 5 1 1 . . . . . . . . . 5 0 1 6 0 2 2 6 2 - - — 4 2 2 8 5 5 1 1 . . . . . . . 9 0 . . 8 8 8 5 3 0 1 - - 5 2 8 2 6 1 7 1 . . . . . . . 8 7 . . 5 1 2 0 5 5 1 - - - 5 2 9 2 3 5 1 . . . 4 . . . . 3 . 8 . 8 5 7 7 1 9 - - 4 4 9 6 5 1 1 1 . . . . . . . . . 5 3 6 5 3 3 4 5 8 - - 1 4 5 2 2 5 2 7 1 1 . . . . . . . . 7 3 . 1 3 9 1 9 1 0 - - 1 4 5 4 3 6 1 1 0 . . . . . . . . 5 4 . 4 9 0 2 9 9 0 - - - 4 3 4 2 6 2 3 . . . 6 . . . . . 6 0 . 8 6 3 1 3 8 - -3 4 6 2 8 5 1 1 . . . . . . . 6 . 9 . 2 1 3 9 9 7 1 1 1 1 1 1 1 4 9 7 5 1 2 3 8 0 Nonfinancial corporate business 1 Profits before tax 65.7 71.1 66.1 73.6 74.7 73.5 72.7 75.8 77.1 77.0 73.0 71.5 65.3 65.1 1 2 Less: Profits tax accruals.... 27.5 30.0 28.3 34.7 36.0 34.6 34.2 35.6 37.1 37.1 35.2 34.5 31.0 30.9 2 3 Net dividends paid.... 16.8 18.1 18.8 20.5 21.6 20.2 21.0 21.1 21.1 21.5 21.8 21.9 21.7 21.9 3 4 5 P E l q u u s a : l F s: o r U ei n g d n i b st r r a i n b c u h t e p d r o p f r it o s f , i n ts e . t 21 1. . 8 3 22 1 . . 9 8 1 2 9 . . 1 0 1 2 8 . . 5 4 1 2 7 . . 8 1 1 2 8 . . 6 7 1 2 7 . . 6 5 1 2 9 . . 6 0 1 2 8 . . 7 9 1 2 8 . . 8 4 1 2 6 . . 9 0 1 3 5 . . 0 1 1 3 2 . . 3 5 1 2 2 . . 8 3 4 5 7 8 6 Equal I C s n : a v p G . i r v ta o a l s l s u c a i o t n i n t o e s n u r n m a a d l p j t f i u on n ds.. - 3 5 1 5 6 . . . 7 2 6 - 6 3 1 1 8 .8 . . 2 2 - 4 6 1 1 1 . . 1 . 5 5 - 4 6 3 4 2 . . . 3 9 5 - 4 6 5 8 2 . . . 4 0 5 - 4 6 2 4 3 . . . 6 7 4 4 6 - 5 4 .9 . . 2 3 - 4 6 4 5 3 . . . 2 7 1 - 4 6 5 6 2 . . . 9 8 4 - 4 6 6 7 2 . . . 0 6 7 - 4 6 3 8 4 . . . 2 3 1 - 4 6 6 9 0 . . 5 . 1 6 - 6 5 5 0 0 . . 8 . 1 1 - 6 5 4 1 1 . . . 5 6 1 7 8 6 1 1 1 1 1 9 0 1 3 2 4 G Ca r C F o p i i s h x t P R s a a e l l e n d i a s n g n i v e i t d n e e e a i v s x n n n e t p t m d s e i i t n a n e m e l v d n q e e i t c t u n n u o ( i t t r p n 1 o e m s 0 r s i t + e e r s u 1 n c t 5 3 t ) . i o .. n . . . 4 6 5 5 2 7 9 4 2 2 . . . . . . 9 0 4 9 8 8 7 6 6 5 1 2 7 1 3 1 4 . . . . . . 1 7 1 1 6 4 6 7 6 5 2 7 4 2 2 2 . . . . . . 3 3 7 0 5 5 6 7 6 5 2 7 9 6 7 6 . . . . . . 4 0 9 9 5 2 7 8 7 5 2 7 9 7 6 5 . . . . . . 9 8 2 9 0 2 6 7 6 5 9 2 7 7 5 6 . . . . . . 5 3 5 0 2 0 6 7 6 6 2 7 9 6 0 7 . . . . . . 0 4 1 3 3 7 7 8 7 5 8 3 4 2 0 6 . . . . . . 4 3 1 4 7 3 8 7 7 5 6 3 3 3 7 6 . . . . . . 6 2 9 1 7 4 7 8 7 5 7 2 8 5 5 5 . . . . . . 1 6 1 2 5 4 8 7 8 5 8 2 9 9 1 3 . . . . . . 3 5 1 9 4 4 7 8 8 5 6 3 9 9 2 5 . . . . . . 7 4 1 3 5 8 8 8 7 5 3 2 4 1 9 4 . . . . . . 0 7 2 5 7 4 8 8 8 5 2 0 1 3 2 6 . . . . . . 3 2 2 7 4 4 1 1 1 1 1 9 4 3 2 1 0 2 2 2 2 2 2 1 1 1 1 1 0 1 4 2 3 5 6 7 8 9 5 Ne N t e f T O C L t i n r i o t a q U S a a D T h O n c n d u t e i . s e p q a m e c i r S u d m u e t i . e e a m n i c f s a l i G a r , a n d e n e m s i n a o r n e s d d o n d a e v p v i f c c t r t e t o d r s i , k f l s e a s e i o e t n i l d p s m c t t a e . i s a t a n e c l p a s . n u n s o a t a r e d b p i s t t s l s e i i c e e g r t u 9 . s s . r . . . . . r . . . . . . . . . , -1 - - 2 1 1 1 3 3 3 5 1 1 5 . . . . . . 5 . . . 6 . . 1 4 9 1 5 5 7 1 2 -2 - 1 1 - 1 4 2 5 1 1 1 1 1 . . . . 7 . . . 2 . . . . 0 5 0 9 7 0 0 3 2 -1 - - 1 - 3 2 9 4 8 3 3 1 . . . . 4 . . . . 1 2 . . 5 5 1 8 8 5 9 • -2 2 1 1 0 6 4 2 1 1 4 0 1 . . . . . . - . . . . 6 7 5 2 1 4 8 8 1 3 7 - - 3 - 2 1 7 1 1 4 8 2 2 3 1 7 . . . . . . . . . 8 4 . . 2 8 7 3 3 5 4 3 3 - - - 2 1 - 3 2 1 9 6 6 2 8 3 1 . . . . 9 . . . . . . 2 3 . 7 1 0 9 1 5 6 5 - - - - 1 2 1 1 2 1 3 6 9 2 6 8 1 6 3 . . . . . . . . 6 2 5 . . . 6 8 5 1 2 7 5 7 - - - 2 2 1 4 1 6 4 4 8 4 4 1 1 8 . . . . . . . . 3 3 . . . 8 2 1 7 5 6 1 3 6 - - 2 2 1 7 7 9 2 2 6 8 3 1 1 8 . . . . . . . . 2 . . . 3 3 9 4 1 0 8 4 6 3 - - - 2 2 1 1 7 3 9 9 4 6 2 8 1 . . . . . . . 6 . 2 . . . 6 9 2 2 7 9 2 7 7 - - 1 - - - 3 2 1 1 3 1 3 0 6 2 5 1 8 3 . . . . . . . . . 8 7 . . 0 2 8 5 3 2 4 5 1 - - - 3 - 1 1 4 - 5 1 3 7 3 4 4 . . . . . . 6 . . . . 9 . 6 1 5 8 7 2 7 7 1 - - - 2 - 3 1 1 - 2 3 4 9 0 4 6 1 7 4 . . . . . 7 . . . 2 . 0 . . 2 0 8 2 5 5 7 4 - - - - 2 2 1 1 2 1 1 7 4 7 2 8 1 2 1 . . . . . . . . 1 8 1 . . . 4 3 6 6 2 4 8 4 2 2 2 2 2 2 1 1 1 1 1 4 1 2 3 5 0 9 6 8 7 5 26 Net increase in liabilities 36.5 39.4 33.0 47.3 56.0 37.8 45.5 55.0 56.6 59.4 58.7 48.2 59.8 54.7 26 27 Credit market instruments 20.5 24.9 29.4 31.0 37.8 26.6 31.1 40.7 37.6 42.3 38.0 33.4 34.2 40.3 27 28 Corporate bonds 5.4 10.2 14.7 12.9 12.1 13.4 12.1 14.6 14.6 12.5 10.5 10.7 13.9 22.7 28 29 Corporate stock * 1.2 2.3 -.8 4.3 -.6 -1.9 -2.2 . l 2.4 5.6 9.1 6.3 6.2 29 30 Mortgages 3.9 4.2 4.5 5.8 4.3 4.9 5.9 7.6 4.9 4.4 3.8 4.2 4.6 4.3 20 31 Bank loans n.e.c 10.6 7.9 6.4 9.6 10.9 6.7 9.8 18.2 12.8 14.0 9.3 7.3 4.5 3.3 31 32 Other loans io .6 1.4 1.4 3.6 6.2 2.2 5.1 2.6 5.2 9.0 8.8 2.0 4.8 3.8 32 33 Profit tax liability 2.2 .2 -4.1 3.7 .8 3.4 -1.9 2.9 5.6 -3.9 .8 .5 1.9 -1.2 33 34 Trade debt 9.1 7.8 2.6 5.7 10.9 —. 1 8.3 5.6 8.5 14.5 13.2 7.0 8.7 6.8 34 35 Other liabilities 4.6 6.5 5.2 6.9 6.5 7.8 8.0 5.7 5.0 6.5 6.7 7.4 15.1 8.8 35 36 Discrepancy (8-9) 7.2 8.0 9.0 6.3 7.2 7.4 4.2 6.9 6.0 7.4 10.7 4.9 5.7 5.2 36 37 Memo: Net trade credit 5.9 3.5 6.2 9.2 6.4 9.0 8.2 13.0 9.8 3.7 5.3 7.1 9.1 6.0 37 38 Profits tax payments 11 25.8 30.5 32.7 31.9 36.3 33.2 37.3 34.0 33.1 42.2 35.4 34.4 30.2 30.8 38 Digitized for FRASER http://fraser.stlouFisofre ndo.otersg s/e e p. A-71.9. Federal Reserve Bank of St. Louis

OCTOBER 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 CCaatteeggoorryy 1965 1966 1967 1968 1969 II III IV I II III IV I II State and local governments--General funds 1 1 Net surplus, NIA basis 1.0 1.3 -1.6 -1.1 -.6 -.7 -.4 -1.9 -1.8 -1.5 -.3 1.0 .5 3.4 1 2 Less: Retirement cr. to households . 3.3 4.0 4.6 4.3 5.0 3.9 4.6 4.7 4.1 5.3 7.0 3.5 4.4 4.0 2 3 Equals: Gross saving -2.4 -2.7 -6.2 -5.4 -5.6 -4.6 -5.0 -6.6 -5.9 -6.8 -7.2 -2.5 -4.0 -.6 3 4 Net financial investment -31 -2.1 -5.2 -5.6 -7.5 -4.6 -6.9 -4.0 -8.3 -12.4 -8.3 -1.0 -5.2 -2.1 4 5 Net acq. of financial assets 4.9 4.8 3.2 5.1 1.9 1.4 6.4 10.8 3.0 —1.8 -.8 7.2 4.1 9.7 5 6 Currency and demand deposits. -.2 -.1 -.4 1.1 2.2 1.6 -1.9 4.1 1.9 -1.8 4.6 3.9 1.8 -.3 6 7 Time deposits 2.4 1.3 2.4 3.2 -7.5 1.3 5.2 5.7 -5.4 -4.0 -10.4 -10.0 .9 8.1 7 8 Credit market instruments 2.5 3.4 1.2 .7 7.2 -1.9 3.1 .9 6.5 4.1 4.9 13.4 1.4 2.0 8 9 U.S. Government securities.. 1.9 2.4 -.3 .1 4.2 -3.0 2.6 -.3 2.5 .2 5.9 8.2 -3.1 -2.1 9 10 Direct 1.3 2.2 -.9 -.8 2.0 -5.6 3.3 -.4 .5 -.7 2.6 5.6 -3.4 -3.3 10 11 U.S. Govt, agency sec .6 .1 .6 .8 2.2 2.6 -.7 .1 2.0 .9 3.4 2.6 .3 1.3 11 12 State and local securities.... -.1 * * * .1 .2 * . 1 * .1 .1 * .2 .2 12 13 Corporate bonds .7 1.1 1.5 .4 2.8 .8 .3 .9 3.8 3.6 -1.2 5.0 4.2 3.7 13 14 Home mortgages * * * .2 .2 .2 .2 .2 .2 .2 .2 .2 .2 .2 14 15 Tax receivables .2 * .1 .4 .1 .1 * . 1 -.1 * * 15 16 Net increase in liabilities 8.0 6.9 8.4 10.7 9.4 6.0 13.3 14.8 11.3 10.6 7.5 8.2 9.3 11.8 16 17 Credit mkt. borrowing 7.6 6.4 7.9 10.2 8.9 5.5 12.8 14.3 10.8 10.1 7.0 7.7 8.8 11.3 17 18 State and local obligations ... 7.3 5.7 7.7 9.9 8.5 5.4 12.5 13.8 10.2 9.8 6.7 7.1 9.2 11.0 18 19 Short-term .6 .7 1.7 1.6 4.1 * .8 3.9 4.3 4.4 2.9 4.7 3.4 3.3 19 20 Other 6.7 5.1 6.1 8.3 4.4 5.4 11.7 9.9 6.0 5.4 3.9 2.4 5.8 7.8 20 21 U.S. Govt, loans .3 .6 .2 .3 .4 .2 .3 .5 .5 .3 .3 .5 -.4 .3 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 * 1.9 -2.6 2.4 5.6 1.1 -1.6 1.2 1.5 23 U.S. Government 2 1 Total receipts, NIA basis 124.7 142.5 151.2 175.4 200.6 170.0 180.1 186.2 197.2 202.5 200.8 202.0 195.9 196.7 1 2 Personal taxes 53.8 61.7 67.5 79.3 95.9 74.5 83.4 87.2 93.7 97.3 95.6 96.9 93.4 93.5 2 3 Corp. profits tax accruals 29.3 32.1 30.7 37.5 39.2 37.3 37.3 38.5 39.9 40.2 38.6 38.1 34.8 34.9 3 4 Indirect taxes 16.5 15.7 16.3 18.0 19.1 17.8 18.2 18.4 18.5 19.0 19.5 19.3 19.3 19.4 4 5 Insurance receipts 25.1 33.0 36.7 40.7 46.5 40.3 41.2 42.0 45.1 46.0 47.0 47.7 48.4 48.9 5 6 Totai expenditures, NIA basis 123.5 142.8 163.6 181.6 191.3 180.5 184.2 187.2 187.7 189.1 192.5 195.9 197.7 210.9 6 7 Goods and services 66.9 77.8 90.7 99.5 101.3 98.9 100.7 101.9 100.9 99.8 102.5 102.1 102.3 99.7 7 8 Grants and donations 24.2 29.0 30.7 33.4 36.8 33.2 33.8 34.3 34.9 36.7 36.5 39.0 38.7 46.4 8 9 Net interest 8.7 9.5 10.2 11.8 13.1 11.7 12.1 12.5 12.6 12.9 13.2 13.9 14.3 14.3 9 10 Insurance benefits 23.7 26.4 32.0 36.9 40.0 36.7 37.6 38.5 39.3 39.7 40.3 40.9 42.4 50.5 10 11 Net surplus, NIA basis 1.2 -.2 -2.4 -6.2 9.3 -10.5 -4.1 -1.1 9.4 13.4 8.3 6.1 -1.7 -14.2 11 12 Less: Insur. credits to households3 . 1.4 1.4 1.4 1.3 1.7 1.8 .9 1.0 1.8 1.3 2.4 1.2 1.4 3.6 12 13 Equals: Gross saving -.2 -1.6 — 13.8 -7.5 7.6 -12.3 -5.0 -2.1 7.7 12.0 5.9 4.9 -3.2 -17.8 13 14 Net financial investment -.8 -.1 -12.3 -7.2 7.6 -11.3 -4.2 -3.6 8.5 13.8 2.9 5.1 -4.9 -18.0 14 15 Net acquis, of finan. assets 3.0 5.4 3.0 8.4 66..00 -1.9 28.0 -5.8 4.2 2.9 8.4 8.6 .6 1.4 15 16 Demand deposits & currency. . -1.4 1.0 -1.7 11..11 -14.3 24.8 -10.4 -3.1 1.6 2.2 3.7 -.4 .9 16 17 Credit market instruments 2.8 4.9 4.6 55..22 2.6 7.1 4.8 2.9 2.3 1.6 3.7 2.8 2.7 2.8 17 18 Agency securities4 * 11..33 -.1 ..11 -1.3 1.6 -.1 -1.0 -1.1 -2.2 -.8 -1.0 .1 • 18 19 Mortgages -.1 ..88 .9 1.1 .7 1.5 1.0 .7 .4 .8 .8 .8 .3 .5 19 20 Other loans 22..99 22..88 33..88 33..99 33..22 3.9 3.8 3.1 2.9 3.0 3.8 3.0 2.4 2.3 20 Excess of tax accruals 21 Over receipts 1.2 -.7 -4.4 2.4 * 1.0 -2.5 .8 4.2 -4.5 .3 .2 1.8 .1 21 22 Other financial assets5 .5 1.3 1.8 2.5 2.3 4.5 1.0 1.0 .9 4.1 2.2 1.9 -3.5 -2.4 22 23 Net increase in liabilities 3.8 5.5 15.3 15.6 -1.6 9.5 32.3 — 2.2 -4.3 — 11.0 5.4 3.5 5.6 19.3 23 24 U.S. Government securities 1.7 3.5 13.0 13.4 -3.6 9.3 29.3 -5.4 -5.3 -13.3 3.7 .4 3.3 17.2 24 25 Savings bonds—households.. .6 .6 .9 .5 -.4 .3 .8 .7 -.5 -.4 -.7 . 1 -.9 -.2 25 26 Direct excl. savings bonds. . . .7 1.8 8.0 9.8 -.9 4.6 23.7 -8.1 -5.2 -12.1 10.1 3.8 6.5 17.9 26 27 Budget agency sec. 6 .4 1.2 4.1 3.0 -2.4 4.4 4.9 2.0 .4 -.7 -5.7 -3.5 -2.3 -.6 •27 28 Life & retirement reserves 1.4 1.4 1.4 1.3 1.7 1.8 .9 1.0 1.8 1.3 2.4 1.2 1.4 3.6 28 29 Other liabilities7 .7 .6 .9 .9 .4 -1.7 2.0 2.2 -.8 .9 -.6 1.9 .8 -1.4 29 30 Discrepancy (13-14) .6 -1.5 -1.4 -.3 . 1 -1.0 -.8 1.5 -.8 -1.8 3.0 -.2 1.8 ..11 30 31 Memo: Corp. tax receipts, net 28.1 32.8 35.1 35.0 39.2 36.3 39.9 37.7 35.7 44.7 38.4 37.9 33.0 3344..88 31 Federally sponsored credit agencies8 1 Current surplus .1 .1 .1 .1 .1 .1 .1 2 Net increase in assets 2.3 5.3 3.2 9.2 4.0 1.0 7.6 4.3 7.4 11.7 12.6 16.1 6.6 2 4 3 Cre U d . i S t . m G a o r v k e e r t n m in e s n tr t u s m ec e u n r t i s ti . e .. s 2. .1 2 5 1 .0 -.1• - 3 .1 .2 - 8 .4 .9 4. . 0 3 - 1 .4 .2 - 1 .5 .7 -2 3 . . 1 9 7.1 1 - 0 .3 .7 13 . . 3 1 1 2 4 . . 4 2 - 6 .8 .6 4 3 6 5 F R a e r s m id e m nt o i r a t l g a m ge o s r tgages.... . . 6 5 1 . . 7 9 1. . 1 7 1 . . 5 6 3. . 9 6 2. . 1 6 1. . 1 4 1. . 1 4 1. . 7 6 2. . 5 8 4. . 7 6 6. . 6 3 5. . 8 3 5. . 2 5 6 5 8 7 Ot T h o er c l o o o a p n s s (BC) 1.0 1 . .6 2 -1. .2 1.2 4. . 8 2 - 1 .1 .0 .1 . . 6 1 3. . 7 2 4. . 0 2 - 5 .1 .7 5. . 9 3 5. . 6 3 1. . 7 1 7 8 9 To farmers (FICB) .'3 .4 .5 '.2 .6 .2 .3 .6 .7 .4 .8 1.0 .7 9 10 To S & L's (FHLB) .7 .9 -2.5 .9 4.0 .2 2.9 3.1 5.3 4.8 4.4 .8 10 11 Net increase in liabilities 2.2 5.2 —.2 3.2 9.1 4.3 1.5 1.3 4.4 5.9 12.0 13.2 16.1 5.9 11 1 1 2 3 Cr A ed g i e t n m cy a r s k e e c t u r i i n ti s e t s r uments... 2 2 . . 1 3 4 5. . 1 8 - - . .6 6 3 3. . 5 2 9 8 . . 1 8 4 3 . . 1 7 1 1 . .7 8 2 2 . . 5 1 4 5 . . 1 2 7 7 . . 5 5 1 1 0 0 . . 9 9 1 1 2 2 . . 6 6 1 1 4 4 . . 7 7 4 4. . 7 7 1 1 3 2 1 1 4 5 Mi U sc .S el . la G n o e v o e u r s n l m ia e b n il t iti l e o s a ns... .2 -.2 .4 -.3 .2 -.3 .4 . . 2 4 - - . . 1 2 -1. . 3 4 -1. . 1 3 -.6 .6 1.4 1.3 1 1 4 5 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 • OCTOBER 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 II III IV I II III IV I II Monetary authorities 1 1 Current surplus * • * * * # * * * * * * * .1 1 2 Net acquisition of financial assets. . . 2.3 4.2 4.8 3.8 4.1 1.8 3.9 7.6 .3 4.0 5.1 7.0 66..00 1.3 2 3 Gold and foreign exchange 2 -1.3 -.3 -.5 -1.2 _, i -2.6 1.1 3.1 * -.9 2.0 -1.5 ..88 -2.0 3 4 Treas. currency and SDR ctfs .2 .7 .5 .2 * -.3 .1 .3 .1 -.4 .2 .3 1.9 .3 4 5 F.R. float -.4 .3 * 1.0 * .4 -5.0 6.9 3.8 -.3 3.2 .6 2.4 -3.1 5 6 F.R. loans to domestic banks.. .. —. l . i * * * -1.9 .6 .1 .9 .5 .2 -1.6 -.3 .2 6 7 Credit mkt. instruments 3.8 3.5 4.8 3.7 4.2 6.3 7.2 -2.9 3.1 5.0 -.4 9.2 1.3 5.9 7 8 U.S. Govt, securities 3.7 3.5 4.8 3.8 4.2 6.2 7.4 -2.8 3.2 5.0 -.4 9.1 1.2 5.7 8 9 Net increase in liabilities 2.2 4.2 4.7 3.8 4.1 1.8 3.9 7.6 .3 4.0 5.1 6.9 6.0 1.2 9 10 Member bank reserves .4 1.3 1.2 .9 .2 -1.6 -.8 2.9 .1 2.3 -1.1 -.4 4.3 -1.4 10 11 Vault cash of coml. banks 3 .3 .6 .5 1.3 .2 1.7 3.7 2.9 --..33 ..99 .3 -.3 --..11 1111 Demand deposits and currency 12 U.S. Government * .2 .9 — 1.1 .6 -.5 -.3 * -.1 —. i . i 2.4 -1.4 -3.2 12 13 Foreign 4 —. 1 .2 * . 1 -.1 -.2 .1 .1 -.2 • —. i -.1 .3 -.2 13 14 Currency outside banks 2.1 2.0 2.1 2.4 2.8 3.1 1.0 1.9 1.4 3.2 2.3 4.3 2.4 5.3 14 15 Other -.5 -. 1 .2 .4 -.8 .2 -.2 -.7 -2.3 3.5 1.1 .4 .7 15 -1 Commercial banks and affiliates 5 Current surplus 2.1 2.5 2.3 2.9 3.1 2.9 3.1 2.8 3.0 3.1 3.2 3.1 3.0 3.0 1 2 Net acquisition of financial assets. .. 30.5 20.1 39.9 43.2 16.9 25.5 71.9 55.2 10.9 37.0 7.3 12.8 17.8 30.3 2 3 Total loans and investments 29.1 16.8 37.0 39.2 13.7 23.5 66.9 47.0 10.1 29.2 6.2 9.9 12.9 28.1 3 4 Credit market instruments 29.0 16.2 35.5 38.0 14.9 23.3 52.2 51.2 16.0 27.0 8.7 8.4 13.7 33.8 4 5 U.S. Government securities6. -2.3 -3.6 9.4 2.8 -11.2 -2.2 12.2 -3.1 -15.2 -10.7 -10.3 -8.1 1.2 9.2 5 6 Direct -3.1 -3.4* 6.3 1.7 -9.4 -1.8 9.8 -4.9 -12.5 -11.3 -6.1 -7.1 .4 7.9 6 7 Agency issuer .3 1.1 -.2 1.3 2.2 -1.6 -.6 -.4 2.1 2.9 1.4 7 8 Loan partic. certificates... -.2 2.9 -1.7 1.1 -.4 -1.1 1.2 -3.7 -3.0 -2.0 • 8 9 Other securities and mtg.'. .. 10.6 6.6 14.3 15.7 6.0 9.6 18.7 22.7 10.2 9.2 4.4 .1 8.9 13.7 9 10 State and local obligations. 5.1 1.9 9.0 8.7 1.4 2.9 12.3 14.7 2.6 4.9 1.0 -2.7 6.1 11.6 10 11 Corporate bonds -.1 .1 .8 .3 -.4 .3 .2 .4 -1.6 11 12 Home mortgages 3.1 2.4 2.4 3.5 2.6 3.3 3.4 3.9 '' 4-!3 3.3 1.7 1.2 1.5 1.3 12 13 Other mortgages 2.5 2.3 2.2 3.2 2.3 3.2 2.7 3.6 3.4 2.6 1.8 1.6 1.3 .8 13 14 Other credit exc. security . . 20.7 13.3 11.7 19.5 20.2 15.9 21.4 31.6 21.0 28.5 14.6 16.5 3.6 10.9 14 15 Consumer credit 4.6 2.6 1.8 4.9 3.3 3.6 6.0 5.9 3.7 3.7 2.5 3.1 1.0 2.2 15 16 Bank loans n.e.c 16.6 9.1 7.5 15.7 16.4 13.6 16.2 24.9 17.3 24.3 12.2 11.7 3.1 4.3 16 17 Open market paper -.5 1.6 2.4 .5 -1.4 -.9 .8 -.1 .5 * 1.6 -.5 4.4 17 18 Security credit .1 .5 1.5 -1.2 .2 14.7 -4.2 -5.9 2.2 -2.6 1.4 -.9 -5.7 18 19 Vault cash & mem. bk. reserves. .7 1.9 1.7 .4 .2 2.9 5.8 -.2 3.2 -.8 -.7 4.2 -1.3 19 2 21 0 L M o i a sc n e s ll t a o n a e f o f u il s i a a t s e s e b t a s n ks. .7 1.2 1.9 2. . 3 6 1.8 2.] 2.4 1.0 * 4. . 0 7 1 . . 4 5 3. . 3 3 . . 5 2 3*. 1 7 2 2 0 1 22 Net increase in liabilities. 29.2 18.9 38.2 41.4 14.9 23.8 70.0 52.7 9.2 34.1 5.9 10.6 15.6 28.3 22 23 Demand deposits, net. 5.6 .3 11.3 9.3 3.3 -2.2 38.3 5.3 -11.3 4.2 .8 17.6 -3.3 -1.9 23 2 2 5 4 O U t . h S e . r G 7 overnment.. , -1 6 . . 0 6 -.5 U. .2 l - 9 .2 .5 - 3 .1 .4 -1 1 5 3 . . 7 5 2 1 6 1 . . 6 7 - 1 9 4 . . 6 9 - -5 6 . . 1 2 2 2 . . 0 3 - 1 .6 .4 1 1 5 . . 9 7 -5 2 . . 4 2 -7 5 . . 5 6 2 2 4 5 26 Time deposits 20.0 13.3 23.8 20.6 -11.0 6.2 32.3 27.5 -6.8 -7.9 -21.5 -7.8 12.8 26.6 26 27 Large negotiable CD's 3.8 -.8 4.7 2.5 -12.0 -5.1 12.0 2.2 -16.7 -15.4 -12.3 -3.5 5.3 7.6 27 28 Other 16.2 14.0 19.1 18.1 1.0 11.3 20.3 25.3 9.9 7.5 -9.2 -4.3 7.5 19.1 28 29 Commercial paper issues. 4.2 .8 4.2 5.0 6.9 8.9 4.1 29 30 Bank security issues .8 .1 .3 * -.1 .2 • 30 31 F.R. float -.4 -5.0 6.9 -3.8 -.3 3.2 .6 2.4 -3.1 31 32 Borrowing at F.R. Banks. -.1 .6 .1 .9 .5 .2 -1.6 -.3 .2 32 33 Loans from affiliates .6 1.0 .7 .4 .3 .5 -.1 33 34 Profit tax liabilities -.1 -.2 .2 .4 * .6 .3 -.1 .9 .1 34 35 Miscellaneous liabilities 8.. 3.3 5.0 2.9 10.5 17.5 20.9 3.2 13.7 28.2 31.7 17.5 -5.3 -6.5 2.3 35 36 Discrepancy .2 .5 .4 .6 -.1 .7 -.5 1.2 .3 .3 .4 36 Memo: Amounts included above'for unconsolidated bank affiliates: 37 Net acquisition of financial assets 5.1 2.4 7.7 6.6 3.8 9.2 4.6 37 38 Bank loans n.e.c 3 1.4 7.0 6.2 .7 11.5 4.7 38 39 Loans to affiliate banks .6 1.0 .7 .4 .3 .5 -.1 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 4.6 41 42 Commercial paper issues. 4.2 .8 4.2 5.0 6.9 8.9 4.1 42 43 Miscellaneous liabilities.. .9 1.6 3.5 1.5 -3.0 .3 .5 43 For notes see p. A-71.9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1970 • 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 CCaatteeggoorryy 1965 1966 1967 1968 1969 II III IV I II III IV I II Private nonbank financial institutions—Total 1 1 Current surplus 1.4 1.6 1.3 -.1 -.3 .6 -.4 -2.7 .4 * 1.1 .1 .4 ! 2 Physical investment (life insurance).. .4 .5 .6 .8 .8 .8 .8 .8 .8 .8 .9 .9 .9 .9 2 3 Net acquisition of financial assets.... 41.3 34.9 44.4 49.0 48.0 49.8 58.4 45.7 37.9 56.5 49.6 48.7 33.0 39.6 3 4 Demand deposits and currency. .. .3 -.1 1.0 1.0 .3 1.6 2.5 1.3 -1.5 1.0 .1 1.8 .8 .3 4 s TTiimmee ddeeppoossiittss ((MMSSBB)) * * » .2 — .2 -.2 5 6 Svgs. and loan shares (Cr. union) * -.2 .3 -.2 * .5 -.3 -1.0 .3 -.6 —. 1 .3 11..00 .4 6 7 Credit market instruments 39.0 33.2 37.1 44.9 49.3 40.9 54.2 39.1 44.1 56.8 53.2 43.8 34.3 40.5 7 8 U.S. Government securities.... —. l .4 -.9 1.6 -.5 7.4 4.5 -9.7 -3.1 4.4 -3.3 -.1 .1 3.5 8 9 State and local oblig -.5 .8 1.2 1.0 1.0 2.2 .2 .6 .2 .4 2.1 1.0 1.2 -.2 9 10 Corporate and foreign bonds... 7.4 8.0 11.0 9.4 7.2 6.2 14.2 8.5 7.9 8.2 10.8 1.8 2.8 10.0 10 11 Corporate stocks 5.7 5.9 9.0 9.8 12.8 5.9 14.7 12.6 10.2 12.7 13.0 15.3 15.8 8.7 11 12 Home mortgages 12.0 5.1 8.0 8.6 9.4 7.4 8.2 12.0 10.8 11.2 7.4 8.1 1.7 4.7 12 13 Other mortgages 7.8 6.8 6.8 7.1 6.3 6.4 6.9 8.7 6.2 6.5 6.8 5.9 6.4 7.5 13 14 Consumer credit 3.8 2.9 1.4 3.8 4.2 3.9 3.9 4.4 4.4 5.3 3.6 4.3 2.3 2.2 14 15 Other loans 2.9 3.3 .6 3.7 9.0 1.5 1.4 2.0 7.6 8.2 12.8 7.4 4.0 4.3 15 16 Security credit .2 -.1 2.8 2.0 -2.6 6.0 -.2 5.0 -6.3 -.6 -5.2 1.8 -4.6 -4.9 16 17 Trade credit .2 .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 .4 1.9 1.0 1.1 -.2 1.2 .7 1.2 3.1 18 19 Net increase in liabilities 40.6 34.7 44.7 48.6 49.4 47.3 58.2 46.1 43.3 56.0 519 46.4 32.8 39.4 19 20 Time and savings accounts 13.1 7.0 17.0 12.4 8.0 12.9 11.5 12.4 13.4 8.5 5.8 4.2 5.1 15.7 20 21 Insurance and pension reserves... 15.7 16.7 18.7 18.2 18.7 17.5 19.1 19.6 16.7 18.6 22.2 17.3 18.6 16.5 21 22 Credit market instruments 9.1 6.6 1.7 11.4 18.0 10.5 7.6 13.6 15.9 19.7 22.0 14.3 4.0 6.8 22 23 Finance company bonds 1.9 .8 1.0 .8 1.6 .8 .7 .9 1.4 2.2 1.4 1.3 1.3 2.3 23 24 Investment company shares 3.1 3T7 2.6 4.7 5.6 2.4 4.7 4.9 7.6 4.7 6.1 4.2 2.1 3.3 24 2255 Mtg. loans in process * — .9 11..00 2 * . i 6 . 7 . 3 — .4 — .7 -1.2 2255 26 Bank loans n.e.c 2.4 -1.3 -2.1 2.3 2.1 2.8 2.7 2.4 1.0 4.8 .7 2.1 -4.6 —. 1 26 27 Other loans 1.7 4.3 -.7 3.3 8.6 4.4 -.5 4.9 5.2 7.7 14.2 7.3 6.4 1.2 27 28 Finance company paper 1.0 3.4 1.8 2.5 4.6 3.6 -.5 4.6 2.3 4.6 8.9 2.6 2.1 .4 28 29 FHLB loans .7 .9 -2.5 .9 4.0 .8 » .2 2.9 3.1 5.3 4.8 4.4 .8 29 30 Security credit * .6 2.1 2.0 -2.2 1.7 13.7 -2.5 -9.4 1.8 -4.5 3.4 -.3 -7.9 30 31 Taxes payable .2 * —. 1 * . l . 1 .1 * . 1 * .2 * . 1 —. 1 31 32 Miscellaneous liabilities 2.6 3.8 5.2 4.6 6.9 4.6 6.2 3.1 6.6 7.5 6.1 7.2 5.3 8.5 32 33 Discrepancy .2 .8 .9 -1.3 .3 -2.6 -1.0 -.7 1.9 -.9 1.4 -2.0 -1.1 -.7 33 Savings and loan associations 1 Net acquisition of financial assets.... 10.2 4.6 9.7 9.3 9.4 9.9 8.9 7.6 12.8 10.1 8.2 6. 5 5.6 12.8 1 2 Demand deposits & currency 2... * -.5 -.3 -.4 -.2 -.8 -.6 . 1 -. 1 —. .5 * • .2 2 3 Credit market instruments 9 .6 4.2 9.2 10.0 10.0 11.8 9.0 7.5 12.6 11., 7 8.8 6.8 4.6 10.2 3 4 U.S. Govt, securities .5 .4 1.6 .6 .4 3.2 -.2 -3.9 1.9 ,4 -. 1 —. 4 .3 3.1 4 5 Home mortgages 7 . 1 2.9 6.0 7.2 8.0 6.5 6.9 8.9 9.1 9. .5 7.4 6.1 3.0 4.9 5 6 Other mortgages 1 .9 .9 1.5 2.1 1.5 2.0 2.2 2.4 1.7 1., 7 1.6 1. 2 1.3 2. 2 6 7 Consumer credit . 1 * • . 1 * . 1 . 1 . 1 * 1 * —. 1 -.1 1 7 8 Misc. financial trans .6 .9 .8 -.3 -.4 -1.0 .5 * .3 -I! ,2 -.6 — • 3 .8 2.6 8 9 Net increase in liabilities 9 .4 4.0 9.3 8.5 8.5 9.2 8.4 6.3 12.3 9 1 7.5 5. 0 4.9 11.9 9 10 Savings shares 8,. 5 3.6 10.7 7.3 4.0 7.6 7.2 6.8 8.0 4.6 3.0 5 1.8 9. 8 10 11 Credit market instruments .8 . 1 -1.7 1.1 4.1 1.2 -. 1 1.3 3.2 3.. 6 5.1 4. 6 2.5 8 11 12 Mtg. loans in process * — .9 1.0 .2 * . l —. l .6 .7 ,3 -.4 7 -1.2 12 13 Borrowing from FHLB .7 .9 -2.5 .9 4.0 .8 * .2 2.9 3!. 1 5.3 4. 8 4.4 8 13 Mutual savings banks 1 Net acquisition of financial assets3. . . 4. 0 2.8 5.4 4.6 3.1 4.8 4.5 4.0 4.8 3. .5 1.8 2. 0 2.6 5. ,2 1 2 Credit market instruments 3. 9 2.7 5.2 4.3 3.0 4.3 3.8 4.3 4.9 3.. 5 1.4 2. 3 2.5 4. 9 2 3 U.S. Govt, securities —. 3 -.5 -.3 -.3 -.5 .6 -.8 -1.1 .3 —. 5 -1.0 —. 8 -.6 6 3 4 State and local govt, securities.. —. 1 -.1 * * * -. 1 * * * * * * * * 4 5 Corporate bonds —, 1 .3 2.1 1.4 .3 1.1 1.2 1.6 .8 8 -.3 —. 2 .9 1. 7 5 6 Corporate stocks 2 * .2 .3 .3 .2 .3 .3 .3 3 .3 3 .3 3 6 7 Home mortgages 2. 7 1.6 1.8 1.4 1.4 1.2 1.4 2. 1 1.6 1! 5 1.1 l! 3 .3 1. 1 7 8 Other mortgages 1.4 1.1 1.4 1.4 1.2 1.1 1.4 1.7 1.3 1. 2 1.0 1. 2 .5 1. 0 8 9 Savings deposits 3. 6 2.6 5.1 4.1 2.6 4.0 3.4 4.5 3.8 2. 7 1.5 2.4 1.6 4. 3 9 10 Miscellaneous liabilities 1 * . 1 .2 .2 . 1 .5 .2 . 1 5 . 1 3 .2 5 10 Life insurance companies 1 Net acquisition of financial assets3... 8.7 8.3 9.4 9.3 8.9 10.1 8.8 9.1 9.1 8.8 9.6 8.2 9.5 10.1 1 2 Credit market instruments 8.2 8.1 8.4 8.6 8.5 9.2 7.3 8.5 8.6 8.6 9.6 7.1 8.6 9.3 : 3 U.S. Govt, securities -.4 -.3 -.3 -.2 -.5 -.6 * -.5 -.9 -.3 -.7 -.3 1 .3 : 4 State and local obligations -.3 -.4 —. 1 * .2 .7 -.7 .2 .2 . 1 .5 .2 -.2 -.1 ' 5 Corporate bonds 2.8 2.4 3.8 3.8 1.9 3.9 3.0 3.8 2.9 2.7 2.1 -.3 -.5 2.4 t 6 Corporate stock .7 .3 1.1 1.4 1.6 1.5 1.3 1.7 1.9 1.8 1.1 1.7 2.2 2.3 ( 7 Home mortgages 1.1 .6 -.5 -.7 -1.0 -.6 -.8 -1.0 -.7 -.6 -.8 -1.9 -1.3 -1.2 : 8 Other mortgages 3.8 4.0 3.4 3.2 3.1 2.8 3.3 4.0 2.7 2.9 3.2 3.4 4.0 3.7 5 9 Other loans .6 1.5 1.0 1.1 3.2 1.5 1.3 .2 2.5 2.0 4.2 4.2 4.4 1.9 s 10 Net increase in liabilities 7.9 7.9 9.0 9.1 9.4 9.0 9.0 9.2 10.5 8.1 9.4 9.5 9.6 9.7 i< 11 Life insurance reserves 4.7 4.5 4.7 4.6 4.5 4.6 4.5 4.5 5.3 3.7 4.5 4.4 4.4 4.5 1 12 Pension fund reserves 2.1 2.1 2.6 2.9 3.0 2.9 3.0 3.0 3.4 2.6 3.0 3. 1 3.1 3.1 1: 13 Other liabilities 1.2 1.2 1.8 1.5 1.8 1.5 1.5 1.7 1.8 1.9 1.8 1.9 2.0 2.3 1; Digitized for FRASER http://fraser.stloFuori snfeotdes.o srege /p . A-71.9. Federal Reserve Bank of St. Louis

A 71.8 FLOW OF FUNDS • OCTOBER 1970 4. SECTOR STATEMENTS OF SAVING AND INVESTMENT—Continued (Seasonally adjusted annual rates; in billions of dollars) 1968 1969 1970 TTrraannssaaccttiioonn ccaatteeggoorryy,, oorr sseeccttoorr 11996655 11996666 11996677 11996688 11996699 II III IV I II III IV I II Private pension funds 1 Net acquisition of financial assets.... 5.6 6.1 6.7 6.4 6.2 6.1 7.0 7.3 3.9 7.0 7.7 6.3 6.6 2 Demand deposits and currency... * * .4 .3 —. 1 .7 .8 .6 -1.6 1.6 -.6 .4 .3 3 Credit market instruments 5.2 5.5 5.4 5.8 6.2 5.1 5.9 6.7 5.7 5.5 8.0 5.6 6.8 4 U.S. Govt, securities # -.5 -.6 .5 .3 .5 . 1 .7 .5 .1 1.9 -1.5 -.4 5 Corporate bonds 1.5 1.9 .9 .7 .5 .7 .7 .3 -.8 .7 1.3 .6 1.8 6 Corporate stock 3.1 3.7 5.0 4.7 5.4 4.1 5.0 5.7 5.8 4.8 4.5 66..44 5.2 7 Mortgages .6 .5 .1 * .1 -.2 * * .1 -.1 .2 .2 8 Miscellaneous .3 .6 .8 .2 .3 .2 .1 -.2 -.1 .4 .*3 -.5 -1 State and local govt, employee retirement funds 1 Net acquisition of financial assets.. 3.3 4.0 4.6 4.3 5.0 3.9 4.6 4.7 4.1 5.3 7.0 3.5 4.4 4.0 2 Demand deposits and currency. * .1 .1 . 1 —. 1 * .4 .1 -.2 -.6 .5 -.1 -.3 * 3 Credit market instruments.. .. 3.3 3.8 4.5 4.1 5.0 3.9 4.1 4.6 4.2 5.8 6.4 3.5 4.6 3.8 4 U.S. Govt, securities .4 .2 * * —. 1 . 1 -.4 .3 -1.0 -.4 .4 .5 -.4 5 Direct .2 . 1 -.2 -.4 -.3 -.3 -.9 -.3 -1.3 -.4 * ..55 -.5 6 U.S. Govt, agency sec .2 .1 .2 .4 .2 .4 .4 .5 .3 . 1 .4 .1 .1 7 State and local obligations... -.3 -.1 —. 1 —. 1 —. 1 -.3 * -.2 -.1 —. 1 -.2 -.1 8 Other cr. mkt. instruments. . 3.2 3.8 4.6 4.1 5.2 4.1 4.6 4.5 5.2 6.3 6.1 3.1 4.9 4.3 9 Corporate bonds 2.1 2.5 3.4 2.4 3.0 2.5 3.2 2.3 3.6 3.9 3.4 1.1 2.4 2.9 ( 10 Corporate stock .4 .5 .7 1.3 1.8 1.1 1.3 1.7 1.2 2.0 1.9 2.1 2.1 1.0 1< 11 Mortgages .7 .8 .5 .4 .4 .5 .1 .5 .4 .4 .8 -.1 .4 .5 1 12 Other . 1 A .1 1 .1 .1 .1 .1 .1 .1 .1 1 -1 -1 -1 Other insurance companies 1 Current surplus .5 .4 .1 -.1 .1 -.1 * -.1 -.1 -.1 * -.1 -.1 2 Net acquisition of financial assets.... 2.1 2.3 3.4 3.0 3.3 3.5 3.5 2.2 3.0 3.3 3.3 3.0 3.1 3 Demand deposits and currency... • • .1 * .1 . 1 .1 * * -.1 * * * 4 Credit market instruments 1.9 2.1 3.0 2.6 2.9 3.0 3.1 1.9 2.7 3.0 2.9 2.7 2.7 5 U.S. Government securities -.4 -.7 -.3 -.5 * -.5 -.6 -.4 1.0 2.1 -.3 * * 6 State and local oblig 1.3 1.4 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 1.2 1.2 .2 * 3.1 1.0 .6 .8 8 Corporate stock .4 .6 1.1 1.0 .8 1.3 1.5 1.1 1.2 .3 1.3 1.4 1.1 9 Commercial mortgages # * * * * * * • * * .1 .1 10 Trade credit .2 .3 .3 .3 .3 .3 .3 .3 .3 .3 .3 .3 .3 11 Net increase in liabilities 1,8 2.1 2.3 2.7 2.4 2.4 2.5 2.7 2.7 2.8 2.8 3.1 2.9 12 Discrepancy .1 .2 -1.0 -.3 -.9 -1.1 -1.0 .4 -.4 -.6 -.5 * -.2 Finance companies ! Net acquisition of financial assets.... 5.4 2.6 .9 5.5 8.1 7.1 3.0 7.6 4.9 11.1 8.5 8.5 .2 2.7 1 2 Demand deposits and currency... .2 .2 .2 .2 .3 .2 .2 .3 .3 .3 .3 .3 .3 2 3 Home mortgages .5 -.6 .4 .6 .8 .4 .5 1.9 .7 .8 -.5 2.3 -.7 -.4 3 4 Consumer credit 2.6 1.8 .6 2.4 2.6 2.9 2.4 2.3 2.9 3.2 2.1 3.1 1.5 .7 4 5 Other loans (to bus.) 2.0 1.2 -.4 2.2 4.3 3.6 -.1 3.2 1.0 6.8 6.7 2.7 -.8 2.4 5 6 Net increase in liabilities 5.2 2.8 .9 5.5 8.2 6.9 3.0 7.4 5.1 11.4 10.8 5.5 -.6 2.7 6 7 Corporate bonds 1.9 .8 1.0 .8 1.6 .8 .7 .9 1.4 2.2 1.4 1.3 1.3 2.3 7 8 Bank loans n.e.c 2.2 -1.4 -2.0 2.3 2.0 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 3.6 -.5 4.6 2.3 4.6 8.9 2.6 2.1 .4 9 Open-end investment companies 1 Current surplus -1.1 -1.2 -1.5 -2.2 -2.3 -1.5 -2.1 -2.4 -4.8 -1.7 -2.0 -.8 -1.8 -1.6 1 2 Net acquisition of financial assets 2.0 2.5 1.1 2.5 3.3 .9 2.7 2.5 2.8 3.0 4.1 3.4 .2 1.7 2 3 Demand deposits and currency... .1 * .2 .1 -.1 .4 -.2 .3 -.1 -.1 * * -.5 3 4 Credit market instruments 2.0 2.5 .9 2.4 3.4 .5 2.8 2.2 2.9 3.1 4.1 3.4 .3 2.2 4 5 U.S. Govt, securities * .6 -.5 .2 -.5 .5 1.4 -1.0 -.7 • .2 -1.3 -.9 3.0 5 6 Corporate bonds .4 .4 * .4 .2 1.0 .4 .9 .5 .5 -.6 .3 -2.9 * 6 7 Corporate stocks 1.2 1.0 1.5 1.5 2.5 2.4 1.0 3.4 -.7 3.1 3.3 4.3 4.2 -1.1 7 8 Open market paper .3 .5 * .3 1.2 -3.5 * -1.0 3.8 -.4 1.3 .2 -.1 .3 8 9 Net stock issues 4 3.1 3.7 2.6 4.7 5.6 2.4 4.7 4.9 7.6 4.7 6.1 4.2 2.1 3.3 9 For notes see p. A-71.9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1970 • FLOW OF FUNDS A 71.71 4. SECTOR STATEMENTS OF SAVING AND INVESTMENT—Continued (Seasonally adjusted annual rates; in billions of dollars) 1968 1969 1970 TTrraannssaaccttiioonn ccaatteeggoorryy,, oorr sseeccttoorr 1965 1966 1967 1968 1969 II III IV I II III IV I II Rest of the world 1 Net U.S. exports 6.9 5.3 5.2 2.5 2.0 3.4 3.4 1.4 1.3 1.3 2.6 2.6 3.5 4.1 1 2 U.S. exports 39.2 43.4 46.2 50.6 55.5 50.7 53.2 50.9 47.8 57.2 58.3 58.8 61.1 62.8 2 3 U.S. imports 32.3 38.1 41.0 48.1 53.6 47.3 49.8 49.5 46.5 55.9 55.6 56.2 57.6 58.7 3 4 Transfer receipts from U.S 2.8 2.8 3.0 2.8 2.8 2.7 3.0 3.1 2.4 3.2 2.8 2.9 2.8 3.0 4 5 Current account balance1 -4.1 -2.4 -2.2 .3 .9 -.7 -.4 1.7 1.1 2.0 -1 .3 -.7 -1.1 5 6 Net financial investment -3.7 -2.0 -1.1 1.2 3.7 .4 -.8 2.8 5.4 5.7 4.0 -.4 -.5 -.2 6 7 Net acquis, of financial assets 1.9 3.3 7.6 8.3 10.1 7..0 7.0 10.5 13.8 14.9 12.3 -.6 8.2 3.9 7 8 Gold and SDR's2 1.7 .6 1.2 1.2 -1.0 I -.3 -.5 .2 -1.3 * -2.8 -.4 —. i 8 9 U.S. dem. dep. and currency... .3 -1.0 .6 -.2 .2 -.7 -.7 -.2 .2 * .7 -.2 .6 -.6 9 10 Time deposits .6 .8 1.4 * 1.2 -.4 1.0 —. 1 -.4 -1.4 .7 6.0 3.7 -2.4 10 11 U.S. Government securities -.2 -2.4 2.1 -.5 -1.1 -4.7 .6 4.2 -6.2 -1.1 3.6 -.5 6.7 8.5 11 12 Other credit market instr.3. . .. -.1 .6 .8 2.8 3.0 2.5 2.5 5.0 4.7 2.4 2.4 2.5 1.4 .9 12 13 Other financial assets 4 -.3 4.7 1.6 5.1 7.7 10.2 3.8 2.1 15.3 16.3 4.9 -5.6 -3.8 -2.3 13 14 Net increase in liabilities 5.6 5.3 8.7 7.1 6.5 6.6 7.8 7.7 8.5 9.3 8.3 -.2 8.7 4.1 14 15 Official U.S. fgn. exchange5 . . . .4 * 1.1 2.1 .3 .6 2.0 3.7 .4 -.1 2.8 -1.9 -2.3 -4.2 15 16 .8 .5 1.3 1.3 1.4 .5 1.1 2.0 1.4 1.6 2.0 .5 .7 -.4 16 17 Loans 6 1.9 1.1 2.8 1.7 2.1 1.5 1.5 .9 2.7 3.9 .4 1.6 2.0 2.0 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 8.3 6.8 18 19 Discrepancy 8 -.3 -.4 -1.1 -.9 -2.8 -1.1 .4 -1.0 -4.2 -3.7 -3.9 .6 -.2 -.9 19 U.S. gold, SDR's & net fgn. exchg.: 20 Monetary authority -1.3 -.3 -.5 -1.2 -.1 --22..66 1.1 3.1 * -.9 22..00 -1.5 .8 -2.0 2200 21 U.S. Treasury9 -.2 .4 2.0 1.4 3.2 1.2 1.2 .2 2.1 .8 2.3 -2.7 -2.2 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. Bu 4 2 3 s 1 i E C A n E e x h x f s c t c a s e l l n u r u g d d i e n e e s v s i n e C i n m w C to p o C r u r y - k t g e v d u in a a l r r u e p a a n r n t o t t i a c e o l e e n d s in s a . c l d o o j a m u n s e s t , m fr t e r o n e m t a . t e o d w n a e s r- U o . c S c . u p G i o ed v t, h o p u u s r e c s h . a ses on d p B a l a u t 4 5 s s a e , I T d a M a h f s o i f F s i n l o i d s n a b e e t a c e p p l t s . o a i o s n n A n i c o t - s e t 1 r 9 e a s c , p h r o e r e a n e e r n s s e t o e e t e l f n i r s t d i e s t n a i q m t a u l e i a e d n c t n e e o t i s m l n 3 y . f b o b f i o r n a r n e l a d k la s t s s r t e t d a W p a t o y e e r m d ts o n e f n e ( t s s q e d u f e a o a y r r l i t o n e c f e o r . s m m R 3 m o e 7 n e p - t r 4 o h c 3 r i t a o e l b r d e b o lo b a th w n a e k n ) r s k . NIA basis. reporting date. Excludes banks in U.S. possessions. 6 s N In o c n lu c d o e r s p o c r o a r t p e o n ra et t e i n f c a o rm me s. is treated as payment in full to proprietors 7 6 N N e e t t o c f h a F n . g R e . i f n l o p a a t, r s v h a o lu w e n o s f e p h a o r l a d t i e n l g y s . i n 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 8 L In o c a l n u s d e f s r o e m a r U ni . n S g . s G r o e v t t a , i n a e n d d c in o m b m us e i r n c e i s a s l ; lo se a e n s n f o r t o e m 6 fi a n b a o nc v e e . companies. No 1 n b In a n a k d d fi i n ti a o n n c e t o types shown, includes credit unions, agencies of foreign 9 Direct investments abroad, foreign currency holdings, and unallocated banks, security brokers and dealers, and banks in possessions. cur 1 r 0 e C nt o m as m se e t r s c . ial paper, commercial loans from finance companies, and line 2 E 8. x cludes deposits at FHLB, which are included in Miscellaneous, U.S 11 . I G n o cl v u t d , e l s o a S n ta s t . e and local profit taxes. 3 4 I I n n c c l l u u d d e e s s c re a t s a h i n a e n d d c o a t p h i e t r a l a g ss a e in ts s , n di o v t id sh e o n w ds n . separately. 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. 6 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. i 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: Preliminary 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 • OCTOBER 1970 1. U.S. BALANCE OF PAYMENTS (In millions of dollars) 1969 1970 Item 1968 1969r II III IVr I HP Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets- —Seasonally adjusted Exports of goods and services—Total i 50,622 55,514 14,291 14,565 14,712 15,355 15,890 Merchandise 33,588 36,473 9,585 9,581 9,835 10,241 10,714 Military sales 1,395 1,515 313 458 352 258 432 Transportation 2,969 3,131 827 843 803 877 921 Travel 1,775 2,058 520 519 518 559 575 Investment income receipts, private 6,922 7,906 1,919 2,043 2,083 2,255 2,041 Investment income receipts, Govt 765 932 231 243 231 244 239 Other services 3,208 3,498 896 878 890 921 968 Imports of goods and services—Total -48,129 -53,564 -13,978 -13,909 -14,061 -14,504 -14,771 Merchandise -32,964 -35,835 -9,606 -9,263 -9,390 — 9, 723 -9,867 Military expenditures -4,535 -4,850 -1,187 -1,220 -1,245 -1, 178 -1,247 Transportation -3,269 -3,608 -907 -960 -967 — 976 -1,002 Travel -3,022 -3,390 -855 -875 -840 — 914 -947 Investment income payments -2,933 -4,463 -1,071 -1,240 -1,247 -1,348 -1,328 Other services -1,406 -1,419 -352 -351 -372 — 365 -380 Balance on goods and services1 2,493 1,949 313 656 651 851 1,119 Remittances and pensions -1,121 -1,190 -294 -318 -309 328 -359 1. Balance on goods, services, remittances and pensions 1,372 759 19 338 342 523 760 2. U.S. Govt, grants and capital flow, net -3,975 --33,,882288 -1,159 -1,022 -870 855 -785 Grants,2 loans, and net change in foreign currency holdings, and short-term claims -5,359 -5,032 -1,519 -1,213 -1,183 -1,278 --11,,228888 Scheduled repayments on U.S. Govt, loans 1,114 1,291 326 345 324 335 389 Nonscheduled repayments and selloffs 269 -87 34 3-154 3-11 88 114 3. U.S. private capital flow, net -5,412 -5,233 -2,151 -980 -889 -1 ,686 -1,813 Direct investments -3,209 -3,070 -1,015 -877 -276 -1 ,411 -1,363 Foreign securities -1,254 --11,,449944 -539 -567 -69 •133 64 Other long-term claims reported by— Banks 358 330 31 131 35 26 47 Others -220 -424 -80 -13 -249 -375 35 Short-term claims reported by— Banks -105 -871 -533 98 -371 121 -506 Others -982 296 -15 248 41 86 -90 4. Foreign capital flow, net, excluding change in liquid assets in the United States 8,701 4,131 413 311 11,,663355 556622 11,,114499 Long-term investments 6,029 3,959 414 428 1,276 843 438 Short-term claims 759 76 65 113 -19 17 150 Nonliquid claims on U.S. Govt, associated with— Military contracts -105 156 84 -91 229 --2222 --225511 U.S. Govt, grants and capital 2 -16 -7 -5 * -9 * Other specific transactions 6 -2 28 -20 -1 -25 11 Other nonconvertible, nonmarketable, mediumterm U.S. Govt, securities4 2,010 -41 -171 -115 150 -242 880000 5, Allocation of Special Drawing Rights 221177 221177 6. Errors and unrecorded transactions -514 -2,841 -922 -927 204 -144 -729 Balances 5 A. Balance on liquidity basis Seasonally adjusted (Equals sum of items 1-6.)... 171 -7,012 -3,801 -2,279 420 66--11,,559988 --11,,338811 --11,,220033 Less' Net seasonal adjustments 15 693 -624 -102 -752 208 Before seasonal adjustment 171 -7,012 -3,816 -2,972 1,044 -1,496 -629 -1,411 B. Balance on basis of official reserve transactions" Balance A, seasonally adjusted 171 -7,012 -3,801 -2,279 420 --11,,559988 --11,,338811 --11,,220033 Plus: Seasonally adjusted change in liquid assets in the United States of— Commercial banks abroad 3,387 9,217 4,805 1,311 149 -1,916 -1,916 -118 Other private residents of foreign countries. . . 375 -441 -145 -143 -131 -153 -153 190 International and regional organizations other than IMF 48 -60 82 12 -66 114422 114422 --112244 Less: Change in certain nonliquid liabilities to foreign central banks and govts 2,340 -996 -374 -517 -142 --442222 --442222 550066 Balance B, seasonally adjusted 1,641 2,700 1,315 -582 514 -3,103 -2,886 -1,761 Less' Net seasonal adjustments 111 458 -311 -274 -924 300 Before seasonal adjustment 1,641 2,700 1,204 -1,040 825 -2,829 -1,962 -2,061 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 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 1969r II III IV r I II* Transactions by which balances were settled—Not seasonally adjusted 5 A. To settle balance on liquidity basis. -171 7,012 3,816 2,972 -1,044 1,496 629 1,411 Change in U.S. official reserve assets (increase, —) -880 -1,187 -299 -686 -154 481 -386 1,022 Gold 1,173 -967 -317 -11 -695 -44 -44 14 SDR's -53 -920 -37 IMF gold tranche position. -870 -1,034 -228 -233 -542 -253 -253 227 Convertible currencies -1 ,183 814 246 -442 1 ,083 831 831 818 Change in liquid liabilities to all foreign accounts. . 709 8,199 4,115 3,658 -890 1,015 1,015 389 Foreign central banks and govts.: Convertible nonmarketable U.S. Govt. securities7 -10 -163 -10* 84 -212 -126 -126 Marketable U.S. Govt, bonds and notes7.., -379 -79 -9 -67 -3 -3 17 Deposits, short-term U.S. Govt, securities, etc --22,,770099 -264 -525 2,169 -227 2,900 2,900 509 IMF (gold deposits) --33 — 11 -3 -9 -9 -9 Commercial banks abroad 33,,338877 9,217 4,716 1,554 -187 -1,736 -1,736 -203 Other private residents of foreign countries 337755 -441 -145 -143 -131 -153 -153 190 International and regional organizations other than IMF 48 -60 82 12 -66 142 142 -124 B. Official reserve transactions. -1,641 -2,700 -1,204 1,040 -825 2,829 1,962 2,061 Change in U.S. official reserve assets (increase, —) -880 -1,187 -299 -686 -154 481 -386 1,022 Change in liquid liabilities to foreign central banks and govts., and IMF (see detail above under A.) — 3,101 -517 -538 2,235 -506 2,762 2,762 526 Change in certain nonliquid liabilities to foreign central banks and govts, of — U.S. private organizations 534 -834 -195 -390 -206 -156 -156 -230 U.S. Govt 1 ,806 -162 -172 -119 41 -258 -258 743 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 previously 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 s 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 Imports 2 Export surplus Period 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 A M p a r r . . . . 2 2 , , 5 6 2 0 5 8 3 32 2 , , 8 4 5 3 5 9 3 33 3 , , 3 1 5 9 3 7 3 3 , , 3 4 7 5 9 0 2 2, ,1 1 6 98 6 3 3 2 2 , , 5 6 8 0 9 4 3 33 2 , , 1 9 7 7 3 6 3 3, , 2 2 4 1 8 4 4 3 1 5 0 9 -1 2 5 5 0 1 212810 2 1 0 6 2 5 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 J A u u l g y. . . 2 2, ,6 5 0 66 1 3 2 2 , , 8 9 5 5 8 0 3 3 , , 3 1 7 6 3 9 3 3 , , 6 6 0 8 2 3 2 2 , , 2 1 4 4 5 5 2 2 , , 7 8 2 7 5 2 3 3 , ,1 0 8 66 0 3 3, , 3 2 6 4 5 2 4 3 2 5 1 7 1 7 3 8 3 1 19 0 3 3 4 2 4 3 1 7 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 II. . . 7,739 8,465 9,860 10,921 6,500 8,151 9,635 9,918 1,240 314 225 1 ,003 III... 7,764 9,019 9,867 6,588 8,548 9,301 1,177 471 566 IV... 7,763 8,580 9,968 7,143 8,527 9,443 620 53 525 Year 4., 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 beentries into bonded warehouses. cause of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 74 U.S. GOLD TRANSACTIONS • OCTOBER 1970 3. U.S. NET MONETARY GOLD TRANSACTIONS WITH FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (Net sales (—) or net acquisitions; in millions of dollars at $35 per fine troy ounce) 1969 1970 AArreeaa aanndd ccoouunnttrryy 11996611 11996622 11996633 119966..44 11996655 11996666 11996677 11996688 11996699 II III IV I II Western Europe: ----111144443333 --8822 -----------5555555555555555555555 ----111100000000 --2255 44 44 Belgium --114444 ----66663333 -----------4444444444400000000000 ----88883333 ---555888 ----444455556666 --551188 -----------444444444440000000000055555555555 ----888888884444 --660011 666000000 333332222255555 227755 GGeerrmmaannyy,, FFeedd.. RReepp.. ooff.. .. .. --2233 -----------222222222222222222222255555555555 555550000000000 555000000 IIrreellaanndd -------2222222 ---222 ---222 ----55552222 4444411111 1166 222555 22 Italy 111111110000000000000000 222222222220000000000000000000000 -------88888880000000 ---666000 ---888555 ----222200009999 -----7777766666 Netherlands --------2222222255555555 -----------6666666666600000000000 -------33333335555555 ----11119999 --------111111115555555566666666 ----111144446666 --113300 -----------3333333333322222222222 -------111111188888880000000 --------111111112222222255555555 111100002222 -----------8888888888811111111111 -------55555550000000 ---222 ---333000 ---555000 --2255 --------333333330000000066666666 ----333388887777 332299 666666666661111111111188888888888 111111155555550000000 888000 ---888777999 ---888333555 BBaannkk ffoorr IInnttll.. SSeettttlleemmeennttss.... --------2222222233333333 222000000 222000000 OOtthheerr --------5555555533333333 --1122 11 --66 --3355 --4499 1166 --4477 111 111177 --77 ---777 22 --11 TToottaall --775544 ------111111,,,,,,111111000000555555 --339999 --8888 --11,,229999 ------666666555555999999 -----999998888800000 -----666666666699999 996699 229922 99 772211 44 --11 Canada 111111999999000000 222222000000000000 111115555500000 5555500000 Latin American republics : Argentina ---999000 888888555555 ---333000 ------333333999999 -----11111 -----2222255555***** --2255 --1100 --1155 --55 Brazil ———222 555555777777 777222 555444 2222255555 ------333333 -----11111 Colombia 333333888888 111000 2222299999 777777 ** ** --ii Venezuela -----2222255555 Other --1177 --55 --1111 --99 -----1111133333 --66 iiii --4400 --2299 --55 --55 --1122 --ll --99 TToottaall --110099 117755 3322 5566 111777 -----4444411111 999 ---666555 --5544 --55 --1155 --2277 --77 --99 Asia: Iraq ---111000 -----44444 ---222111 ---444222 Japan -----5555566666 L M e a b l a a n ys o i n a --2211 ----- ----- 33333 11111 22222 --1111 -----1111111111 --11 ------- ------- 9999999 3333333 5555555 4444444 Philippines 2255 2200 ** --11 9999999 4400 1177 1111 55 11 ** Saudi Arabia --4488 -----1111133333 -------55555550000000 Singapore -------88888881111111 111111 111111 Other --3322 --4477 --1133 --66 --1144 --1144 --2222 -------77777775555555 ---999 --11 --55 222233 --11 TToottaall ---111000111 ---999333 111222 333 ---222444 ---888666 ---444444 ---333666666 444222 222888 111000 222444 All other ---666 ---333666 ---777 ---111666 ---222222 333---111666666 333---666888 ---111 ---111 ---111 ---222 TToottaall ffoorreeiiggnn ccoouunnttrriieess ----999977770000 --883333 --339922 --3366 ----1111,,,,333322222222 ----666600008888 ----1111,,,,000033331111 ----1111,,,,111111118888 999955557777 333311116666 2222 669955 22220000 --1144 Intl Monetary Fund4 . . .. 111155550000 5555----222222225555 111177777777 22222222 ----3333 11110000 8888 22224444 Grand total ----888822220000 --883333 -392 -36 ----1111,,,,555544447777 ----444433331111 ----1111,,,,000000009999 ----1111,,,,111122221111 999966667777 333311117777 11110000 669955 44444444 --1144 1 Includes purchase from Denmark of $25 million. IMF sold to the United States a total of $800 million of gold ($200 2 Includes purchase from Kuwait of $25 million. million in 1956, and $300 million in 1959 and in 1960) with the right of 3 Includes sales to Algeria of $150 million in 1967 and $50 million in repurchase; proceeds from these sales invested by IMF in U.S. Govt, 1968. securities. 4 Includes IMF gold sales to the United States, gold deposits by the 5 Payment to the IMF of $259 million increase in U.S. gold subscription IMF (see note 1 (b) to Table 4), and withdrawal of deposits. The first less gold deposits by the IMF. withdrawal, amounting to $17 million, was made in June 1968. Notes to Table 5 on opposite page: 1 Represents net IMF sales of gold to acquire U.S. dollars for use in 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. 1 he 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. 6 Includes $30 million of special drawing rights. commitment to repurchase by an equivalent amount. NOTE.—The initial U.S. quota in the IMF was $2,750 million. The U.S. 3 Includes dollars obtained by countries other than the United States quota was increased to $4,125 million in 1959 and to $5,160 million in from sales of gold to the IMF. Feb. 1966. Under the Articles of Agreement, subscription payments equal 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

OCTOBER 1970 • U.S. RESERVE ASSETS; POSITION IN THE IMF A 75 4. U.S. RESERVE ASSETS (In millions of dollars) Total To G ta o l2 l d st T o r c e k a i s ury v c fo u e C c r r r o i e t r e i e n i s b 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 l2 l d st T o r c e k a 1 s ury v c fo e C u c r r i r o t e e r i n e i s b g 5 - n l n e - p R I o e M s s i e t F r io 3 v n e 24,832 22,857 22,781 1,975 1969—Sept.. 16,743 11,164 10,367 3,797 1,782 22,540 20,582 20,534 1,958 Oct.. 716,316 11,190 10,367 73,341 1,785 21,504 19,507 19,456 1,997 Nov.. 16,000 11,171 10,367 2,865 1,964 19,359 17,804 17,767 1,555 Dec.. 16,964 11,859 10,367 2,781 2,324 18,753 16,947 16,889 116 1,690 1970—Jan.. 17,396 11,882 11,367 2,294 2,321 17,220 16,057 15,978 99 1,064 Feb.. 17,670 11,906 11,367 2,338 2,507 16,843 15,596 15,513 212 1,035 Mar.. 17,350 11,903 11,367 1,950 2,577 16,672 15,471 15,388 432 769 Apr.. 16,919 11,902 11,367 1,581 2,510 15,450 413,806 413,733 781 4863 May. 16,165 11,900 11,367 980 2,360 June. 16,328 11,889 11,367 1 ,132 2,350 14,882 13,235 13,159 1,321 326 July. 16,065 11,934 11,367 716 2,454 14,830 12,065 11,982 2,345 420 Aug.. 15,796 11,817 11,367 695 2,323 15,710 10,892 10,367 3,528 1,290 Sept.. 15,527 11,494 11 ,117 1,098 1,944 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 Drawincreases. For corresponding liabilities, see Table 6. ing Rights on Jan. 1, 1970, plus net transactions in SDR's since that 2 Includes gold in Exchange Stabilization Fund. time. 3 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 Transactions by other countries Period with IMF P s t u d a i b o y o s n m l o l c s f a e r r i n i s p n t - s by s g N I a o M l e l e d t F s i T t c f i r c o u o a i r r n e n e r s s s e i g a n 2 i n c n - - I i M nc F o m ne e t P d u o r l c o l h a f a r s s3 e s pur R ch e a - ses c T h o an ta g l e Amount P q e U r u o . o c f S t e . a n t 1946—1957. 2,063 600 -45 -2,670 827 775 775 28 1958—1963. 1,031 150 60 -1,666 ,740 2,315 3,090 75 1964—1966. 776 1,640 45 -723 6 1 ,744 4,834 94 1967. 20 -114 -94 4,740 92 1 19 9 6 6 9 8 . . -84* 2109 -1 - , 8 3 0 4 6 3 268 -1 - , 8 0 7 3 0 4 3 2 , , 8 8 7 3 0 6 7 5 5 5 1969— O Se c p t t .. . . -2-829 12 5 2 -1 - 4 3 0 3 3, , 3 3 7 7 5 8 6 6 5 5 Nov.. -268 89 -179 3,196 62 Dec.. -396 32 -360 2.836 55 1970—Jan.. -33 36 3 2,839 55 Feb.. 32 -262 42 -186 2,653 51 Mar.. -178 103 -70 2,583 50 Apr.. -2 66 67 2,650 51 May 150 150 2,800 54 June. 7 10 2,810 54 J A u u ly g . . . . 1 -1 -2 3 0 9 1 3 5 3 0 -1 1 0 3 4 1 2 2 . , 8 7 3 0 7 6 5 5 5 2 Sept.. 10 -16 253 379 3,216 62 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. • OCTOBER 1970 6. U.S. LIQUID LIABILITIES TO FOREIGNERS (In millions of dollars) Liabilities to Intl. Liabilities to foreign countries LLiiaabbiilliittiieess ttoo nnoonn-- Monetary Fund arising mmoonneettaarryy iinnttll.. aanndd from gold transactions rreeggiioonnaall oorrggaanniizzaattiioonnss 55 Official institutions 3 Banks and other foreigners Nonpe E o r n i f d o d Total Total p G o d s o e i l t - d ; m in G e v o n e l t s d t - 2 Total i i p S n t l b i t i o h e a a e b r s U n o b r y t m r k i e . r l t S d s e - - . - M n b G o U a a a o t o b n r n . e v k S l d s d e t . e s , 4 t - c m T b o U a a n o r i u a b b e n v n r . r l y a S d l k e e d e s . r s e - t t - - Total i i p n t S b l i t i o e h a a e b r s U n o b r y t m k i r e . r l t d S s e - - - . M n b G o U a a a o t o b r n n e . k v S l d s d e e t . s , 4 t - Total i i n p S t b l i t i o h a e U a e b r s n o b r y t . m k r i e S r l t s d e . - - - 6 M n b G o U a a a o t o b r n n e . v k S l d s d e t e . s , t 4 notes 1 1 1 9 9 9 5 5 5 9 8 7 7 7 1 1 1 9 5 6 , , , 4 8 8 2 2 4 8 5 5 2 2 5 0 0 00 0 0 2 5 2 0 0 0 0 0 0 1100,,112200 7 8 99 , , ,, 9 6 11 1 6 55 7 5 44 996666 77,,661188 5 7 5 7 5 7 5 7 5555 ,,,, ,,,, ,,,, 0000 7777 9999 7777 2222 5555 7777 4444 0000 554411 ll"",, 119900 5 5 5 5 5 5 5 5 5 5 5 53333 4 5 4 5 4 5 4 5 0000 2 2 2 2 2 2 2 2 666600 1960s \ ( 2 2 1 0 , , 0 9 2 9 7 4 8 80 0 0 0 8 8 0 0 0 0 111 111 111 111 ,,, ,,, 000 000 888 777 888 888 1 1 1 1 1 1 0 0 0 0 0 0 , , , , , , 2 2 2 2 2 2 1 1 1 1 1 1 2 2 2 2 2 2 8 88 6 77 6 66 777 777 ,,, ,,,555 555 999 999 111 888 777 777 ,,, ,,, 000 000 444 444 888 888 5 5 5 5 5 5555 444 000 333 111 111 ,,, ,,, 555 555 444 222 111 555 7 7 7 7 7 7555 555 000 000 7 7 7 7 7 7999 777 111 555 19618 / 1 2 2 2 2 , , 8 9 5 3 3 6 8 8 0 0 0 0 8 8 0 0 0 0 1 11 1 11 , ,, 8 88 3 33 0 00 1 1 1 1 1 1 0 0 0 0 0 0 , , , , , , 9 9 9 9 9 9 4 4 4 4 4 4 0 0 0 0 0 0 8 88 9 99 0 00 8 8 8 8 8 8,,, ,,, 333 222 555 777 777 555 7 7 7 7 7 7,,, ,,, 888 777 444 555 111 999 5 5 5 5 5 5 1 1 1 1 1 1 6 6 6 6 6 6 111 111 ... ... 999 999 444 444 888 999 7 7 7 7 7 7 000 000 333 444 1 1 1 1 1 1 ,,, ,,, 222 222 444 444 555 555 19628 \ / 2 2 4 4 , ,0 0 6 6 8 8 8 8 0 0 0 0 8 8 0 0 0 0 1 11 2 22 , ,, 7 77 4 11 8 44 111 111 111 111 ,,, ,,, 999 999 999 666 777 333 77 7 55 5 11 1 8 8 8 8 8 8 ,,, ,,, 333 333 555 555 999 999 7 7 7 7 7 7,,, ,,, 999 999 111 111 111 111 444 444 444 444 888 888 2 2 2 2 2 2 ,,, ,,, 111 111 666 999 111 555 1 1 1 1 1 1 ,,,222 ,,,222 555 888 000 444 999 999 111 111 111 111 1963 8 / \ 2 26 6 , , 3 3 2 6 2 l 8 8 0 00 0 8 8 0 0 0 0 1 1 4 4 , , 3 38 5 7 3 1 1 2 2 , , 4 4 6 6 7 7 1 1 , , 1 21 8 7 3 7 7 0 0 3 3 9 9, , 2 2 0 1 4 4 8 8 , , 8 8 6 6 3 3 3 3 4 5 1 1 1 1 , , 9 9 6 6 5 0 8 8 0 0 8 8 1 1, , 1 1 5 5 7 2 19648 / 1 2 2 8 9 ,9 , 5 0 1 0 2 8 80 00 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 4 0 1 1 , , 1 1 2 2 5 5 1 1 ,0 ,0 7 7 9 9 1 1 1 1 , , 0 0 0 5 1 6 1 1 0 0 , ,6 6 2 8 5 0 3 3 7 7 6 6 1 1 , , 7 7 2 2 2 2 8 8 1 1 8 8 9 9 0 0 4 4 1965 29,115 34 800 15,372 13,066 1,105 1,201 11,478 11,006 472 1 ,431 679 752 19668 / 1 2 2 9 9 , , 9 7 0 7 4 9 1 1 , ,0 0 1 11 1 2 2 1 1 1 1 8 8 0 0 0 0 1 1 3 3 , , 6 6 0 5 0 5 1 1 2 2 , ,5 4 3 8 9 4 8 8 6 6 0 0 2 2 5 5 6 6 1 li 4 , ,2 38 0 7 8 1 1 3 3 , , 6 85 8 9 0 5 5 2 2 8 8 9 90 0 5 6 5 5 8 8 1 0 3 3 2 2 5 5 19678 / \ 3 3 3 3 , , 2 1 7 1 1 9 1 1 , , 0 0 3 3 3 3 2 2 3 3 3 3 8 8 0 0 0 0 1 1 5 5 , , 6 6 5 4 3 6 1 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 1 5 5 , ,2 3 0 3 5 6 5 5 5 5 8 8 6 69 7 1 7 4 4 8 7 7 3 2 2 0 0 4 4 19689 \ ( 3 3 3 3 , , 6 82 1 1 4 1 1 ,0 ,0 3 3 0 0 2 23 3 0 0 8 8 0 0 0 0 1 1 2 2 , , 4 5 8 4 1 8 1 1 1 1 , , 3 3 1 1 8 8 5 46 2 2 9 7 7 0 0 1 1 1 19 9 , , 3 5 8 1 1 8 1 1 8 8 , , 9 9 0 1 9 6 4 6 6 0 5 9 7 7 2 2 2 5 6 68 8 3 3 4 3 2 9 1969- S N D O A Ju e e o u c l p c v g y t t . . . . . . . . 8 . . . . 1 y ( 0 4 4 4 4 4 4 4 1 0 2 1 2 1 3 , , , , , , , 9 1 8 6 7 1 8 1 6 5 1 0 1 3 8 5 5 9 3 9 0 1 1 1 1 1 1 1 , , , , , , , 0 0 0 0 0 0 0 1 1 1 1 1 2 2 9 9 9 9 9 8 8 2 2 2 2 2 2 2 2 1 2 1 1 1 1 8 9 9 9 9 9 8 8 8 8 8 8 8 8 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 0 1 9 1 1 2 1 1 2 2 , , , , , , 9 4 9 9 0 0 ,6 8 8 9 9 3 1 8 1 0 2 2 9 4 6 1 1 1 1 1 9 8 1 1 1 1 1 , , , , , , , 8 6 2 7 0 0 1 1 3 8 8 5 5 2 1 9 1 0 4 4 8 4 4 4 3 3 3 3 3 5 5 5 3 8 8 1 0 0 0 3 3 3 10 5 7 5 5 7 7 7 5 5 5 5 5 5 4 5 5 5 2 0 0 0 2 2 2 2 2 2 2 8 8 8 8 9 8 8 , , , , , , , 2 7 8 1 4 1 4 4 2 3 5 7 0 2 5 1 1 7 5 3 6 2 2 2 2 2 2 2 7 7 8 7 7 8 8 , , , , , , , 6 7 5 9 3 9 1 2 1 5 4 2 4 9 8 6 9 5 9 3 0 5 5 5 4 5 5 4 2 2 4 8 4 9 3 9 9 1 1 4 2 2 7 6 6 7 7 6 7 6 6 1 3 3 8 2 2 2 9 1 1 3 8 6 6 6 6 6 6 6 1 1 7 6 8 8 3 2 2 9 9 2 2 4 5 4 4 5 5 4 4 0 9 9 0 0 9 9 1970- J M A M J F J u u a e p a n a l n b r y r y e . . . . ? r . . r . , . , . , 4 4 4 4 4 4 4 3 3 3 2 3 2 3 . . , , , , , 3 3 8 4 9 0 4 2 1 2 9 3 3 0 3 1 2 7 3 8 4 1 1 1 1 1 1 1 , , , , , , , 0 0 0 0 0 0 0 1 1 1 1 1 1 1 9 0 0 0 0 0 0 2 2 2 2 2 2 2 1 1 1 1 1 1 1 9 0 0 0 0 0 0 8 8 8 8 8 8 8 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 4 4 5 4 2 4 6 , , , , , , , 7 4 2 6 7 0 5 8 7 8 0 6 2 7 7 5 9 9 3 2 4 1 1 1 1 1 1 1 3 3 5 4 1 3 3 , , , , , , , 9 7 4 9 8 2 6 7 2 6 6 1 5 0 6 8 3 3 3 4 0 4 3 3 3 3 3 3 1 9 8 8 8 8 8 7 7 2 0 0 3 0 4 4 4 4 4 4 4 2 2 2 2 2 2 2 9 9 9 9 9 9 9 2 2 2 2 2 2 2 5 7 6 6 6 8 7 , , , , , , , 2 1 3 3 8 3 1 1 5 4 5 2 8 9 5 6 3 4 0 4 0 2 2 2 2 2 2 2 6 5 4 5 6 7 6 , , . , , , , 3 6 8 8 8 7 7 1 1 0 5 8 3 0 9 2 7 3 0 0 6 4 4 5 5 5 5 4 8 0 3 4 7 3 8 5 1 6 2 6 1 4 7 7 6 7 7 8 8 8 5 0 7 3 1 0 1 9 5 0 3 6 4 6 6 7 7 6 7 7 2 5 0 1 5 6 8 9 4 6 9 4 6 3 5 5 5 5 5 5 5 2 3 0 0 0 1 1 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' cre 2 a s U es .S . . Govt, obligations at cost value and funds awaiting investment s th u e r v n ey e w d a s t e e r . i es is introduced as of Dec. 31, 1968, rather than as of the obtained from proceeds of sales of gold by the IMF to the United States 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 Developme 6 n t I n a c n l d u d t e h s e d In if t f e e r r - e A n m ce e r b i e c t a w n e e D n e c v o e s l t o p v m al e u n e t a B nd a n f k a . ce value of securities in Tre N a O su T r E y . — D B ep a t s . e d b y o b n a n T ks r e a a n s d u r b y r o D ke e r p s t . i n d t a h t e a U a n n i d te d o n S ta d t a e t s a . D r a ep ta o r c t o ed rr e t s o p o t n h d e 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 holdinas of U.S. Treasury the securities is included under "Gold investment." The difference, which letters of credit and non-negotiable, non-interest-bearing special United amounted to $43 million at the end of 1969, is included in this column. States notes held by other international and regional organizations 7 Includes total foreign holdings of U.S. Govt, bonds and notes, for The liabilities figures are used by the Dept. of Commerce in the statistics which breakdown by type of holder is not available. measuring the U.S. balance of international payments on the liquidity 8 Data on the two lines shown for this date differ because of changes in basis; however, the balance of payments statistics include certain adjustreporting coverage. Figures on .the first line are comparable with those ments to Treasury data prior to 1963 and some rounding differences, and shown for the preceding date; figures on the second line are comparable they may differ because revisions of Treasury data have been incorporated with those shown for the following date. ' at varying times. The table does not include certain nonliquid liabilities 9 Data included on the first line" for holdings of marketable U.S. Govt, to foreign official institutions that enter into the calculation of the official securities are based on a July 31, 1963, benchmark survey of holdings and reserve transactions balance by the Dept. of Commerce. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1970 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 77 7. U.S. LIQUID LIABILITIES TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES, BY AREA (Amounts outstanding; in millions of dollars) End of period c f o o T u r o n e t t i a r g l i n e s E W u e ro st p e e r n 1 Canada A re m L pu e a r b t i i l n c i c a s n Asia Africa cou O n t t h ri e e r s 2 1967 15,646 9,872 996 1,131 3,145 249 253 1199668833 / \ 1 1 2 2 , , 4 5 8 4 1 8 7 7, , 0 0 0 0 1 9 5 5 3 3 2 3 1 1, , 3 3 5 5 4 4 3 3 , , 1 1 6 2 8 2 2 2 5 4 9 8 2 2 2 2 5 4 1969—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 11,992 5,860 495 1,679 3,190 546 222 1970—Jan 12,675 6,291 600 1,743 3,313 533 195 Feb 14,022 7,251 662 1,893 3,331 702 183 14,763 7,394 590 2,091 3,780 705 203 Apr 14,409 6,942 733 2,096 3,668 725 245 May 14,787 7,310 762 2,057 3,632 744 282 June 15,289 8,059 500 2,098 3,571 710 351 JulyP 16,574 9,554 527 2,090 3,331 691 381 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 organizations5 Payable in dollars Deposits IMF Payable gold U.S End of period Total i Total Dem D an e d p os T its i me2 b T i c r l c e U l e s a r a . t t S s i e a f u . s i n r - y d s O l t h i e a t o h r b m r e . t 3 r - f re o c n r i u e c n r i i - g e n s in m v e e n st t - 4 Total Demand Time2 b T i c r l c e l e s r a a t t i s e f a u s i n - ry d 30,505 30,276 11 ,577 5,775 9,173 3,750 229 800 473 67 120 178 31,717 31,081 14,387 5,484 6,797 4,412 636 800 683 68 113 394 39,650 39,192 21,091 5,854 5,858 6,389 458 800 682 54 76 230 40,703 40,287 20,750 6,090 7,052 6,395 416 800 679 61 86 225 41,235 40,747 20,984 6,376 6,450 6,937 488 800 634 71 76 234 41,156 40,711 21,235 6,673 5,632 7,171 445 800 669 58 66 291 f40,094 39,666 20,481 6,834 5,015 7,336 429 800 612 57 83 244 [40,182 39,753 20,481 6,946 5,015 7,311 429 800 612 57 83 244 41,199 40,757 20,076 6,960 5,938 7,783 442 800 683 66 102 252 41,485 41,059 18,949 7,234 6,602 8,274 426 800 766 75 115 317 41,388 40,986 17,995 7,226 7,228 8,537 402 800 754 81 131 330 41,849 41,487 18,793 7,040 7,164 8,490 362 800 719 87 136 237 41,749 41,398 18,266 7,305 7,564 8,263 351 800 654 65 141 226 41,699 41,361 18,067 7,299 8,159 7,836 338 800 629 76 132 194 41,846 41,502 17,230 7,178 9,103 7,991 344 800 706 66 130 218 42,307 41,970 17,420 7,231 9,845 7,474 337 800 789 59 131 252 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. • OCTOBER 1970 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE—Continued (Amounts outstanding; in millions of dollars) To residents of foreign countries To official institutions7 Payable in dollars Payable in dollars Payable End of period Total Dema D nd e posi T ts i me2 T bi c r l c U e e l a s r a . t t s S e i a u f . s n i r - y d s O l t i h e a t o r h b m r e . t 3 r - f r o e c n r i u e n c r i i - g e n s Total Dema D nd e posi T ts ime2 T bi c r l c U e e l a s a r . t t s S e i a u f . s n i r - d y s t O l e h i r a t o m h b r e . t 3 r - 196 7 29,232 11,510 5,655 8,195 3,643 229 14,027 2,054 2,458 7,985 1,378 196 8 30,234 14,320 5,371 5,602 4,304 636 11,318 2,149 1,899 5,486 1,321 1969—Aug.., 38,168 21,037 5,778 4,828 6,067 458 9,839 2,066 1,983 4,671 887 Sept.. 39,224 20,689 6,004 6,027 6,088 416 11,281 1,993 2,119 5,895 1,042 Oct. .. 39,801 20.912 6,299 5,416 6,686 488 11,611 1,955 2,432 5,301 1,691 Nov.., 39,687 21,177 6,607 4,540 6,917 445 11,128 1,894 2,709 4,421 1,902 Dec. 6. 3 3 8 8 , , 6 7 8 7 2 0 2 2 0 0 , , 4 4 2 2 3 3 6 6 , , 7 8 5 6 1 3 3 3 , , 9 9 7 7 1 1 7 7 , ,1 0 0 8 9 4 4 42 2 9 9 1 1 1 1 , , 0 0 5 5 4 4 1 1 , , 9 9 1 1 8 8 2 2 , , 9 9 5 5 1 1 3 3 , , 8 8 4 4 4 4 2 2 , , 1 1 3 3 9 9 1970—Jan. 39,716 20,010 6,858 4,886 7,519 442 11,863 1,649 2,970 4,749 2,293 Feb.. . 39,919 18,874 7,119 5,485 8,016 426 13,213 1,661 3,263 5,381 2,706 Mar.. 39,834 17.913 7,095 6,098 8,327 402 13,954 1,445 3,412 5,989 2,906 Apr.. . 40,330 18,706 6,904 6,127 8,231 362 13,600 1,295 3,391 6,035 2,731 Mayr. 40,295 18,201 7,162 6,538 8,042 351 13,976 1 ,330 3,442 6,417 2,639 June. . 40,270 17,990 7,166 7,166 7,609 338 14,463 1,410 3,498 7,020 2,387 Julyf. 40,340 17,164 7,047 8,086 7,700 344 15,728 1,553 3,502 7,946 2,579 Aug.p. 40,718 17,361 7,100 8,793 7,126 337 15,742 1,224 3,607 8,653 2,110 To banks » To other foreigners Payable in dollars End of period Total Total Dema D nd e posi T ts i me2 T b c i r l c e e U l a s r a . t t s S i e a u f s . n i r - y d O s l t i h e a t o h r b m r e . t 3 r - Total Dema D nd e posi T ts ime2 T b c i r l c U e e l a s r a . t t s S i e a u f . s n i r - y d s O l t i h e a t o h r b m r e . t 3 r - 196 7 15,205 11,008 7,763 1,142 129 1,973 4,120 1,693 2,054 81 292 196 8 18,916 14,299 10,374 1,273 30 2,621 4,444 1,797 2,199 86 362 1969—Aue.. 28,329 24,031 17,318 1,947 35 4,732 4,072 1,653 1,847 122 448 Sept.., 27,943 23,692 16,920 2,080 25 4,667 4,067 1,776 1,804 107 379 Oct.. . 28,190 23,990 17,246 2,125 22 4,598 3,944 1,711 1,742 93 398 Nov.. 28,559 24,457 17,611 2,164 18 4,664 3,859 1,673 1,734 101 351 Dec. 6, 2 2 7 7 , , 6 7 2 1 8 6 2 23 3 , , 4 4 3 6 9 3 1 1 6 6 , , 7 7 9 9 6 6 1 1 , , 9 9 8 8 8 9 2 20 0 4 4 , , 6 6 5 3 8 3 4 3 , , 0 9 5 3 1 9 1 1 , , 7 7 0 0 9 9 1 1 , , 9 8 2 1 3 1 1 1 0 0 7 7 3 3 1 1 2 2 1970—Jan.. . 27,853 23,614 16,664 2,050 22 4,879 3,999 1,698 1,838 116 347 Feb.. . 26,706 22,604 15,548 2,077 27 4,952 3,879 1,665 1,779 78 358 Mar.. 25,880 21,730 14,702 1,947 21 5,060 3.951 1,766 1,736 89 361 A M p a r y . . . . . 2 2 6 6 , ,3 7 1 3 9 0 2 2 2 2 , , 5 14 5 5 6 1 1 5 5 , , 6 1 2 6 7 3 1 1 , ,7 9 8 5 4 4 2 1 0 9 5 5 , ,0 1 0 2 7 6 3 3 , , 9 97 6 2 0 1 1 , , 7 7 8 0 4 8 1 1 , , 7 7 2 6 9 6 1 7 0 4 2 3 3 7 9 4 6 June.. 25,807 21,536 14,813 1,857 26 4,840 4,081 1,768 1,811 120 381 July?. 24,612 20,463 13,947 1,752 24 4,740 3,953 1 ,664 1,793 116 381 Aug.p 24,976 20,835 14,451 1,724 23 4,637 3.952 1,686 1,769 116 380 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

OCTOBER 1970 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 79 9. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (End of period. Amounts outstanding; in millions of dollars) 1968 1969 1970 AArreeaa aanndd ccoouunnttrryy Dec. Dec. ir Jan.r Feb.r Mar.r Apr.r Mayr June July? Aug.p Europe: Austria 162 314 314 299 300 343 279 264 265 274 287 Belgium-Luxembourg 313 528 530 587 625 603 598 511 526 582 581 Denmark 146 153 153 178 182 212 186 165 167 189 189 Finland 176 120 120 124 138 130 132 141 130 134 140 France 1,383 1,581 1,581 1,514 1,564 1,575 1,778 1,858 1,915 2,032 2,282 Germany 2,640 1,381 1,381 2,226 2,658 2,680 2,685 2,770 3,455 4,241 4,505 Greece 183 207 207 208 191 178 185 185 179 198 199 Italy 729 627 627 626 741 604 590 647 911 902 845 Netherlands 276 463 463 581 539 526 459 408 382 469 631 Norway 448 341 341 240 305 281 272 241 216 272 309 Portugal 345 309 309 313 289 280 266 263 257 272 272 Spain 158 202 202 195 226 234 179 224 228 325 416 Sweden 453 412 412 455 426 381 364 353 410 429 440 2,155 2,002 2,005 1,970 1,952 2,149 2,149 2,249 2,266 2,192 2,033 Turkey 29 28 28 31 35 31 27 24 25 27 28 United Kingdom 6,133 11,398 11,400 11,235 10,504 9,808 10,361 9,514 9,465 8,339 8,600 Yugoslavia 33 37 37 44 33 42 29 40 32 35 27 357 1,553 1,553 1,480 1,757 1,976 1,736 1,762 1,491 1,548 1,139 U.S.S.R 5 11 11 8 6 6 6 4 18 8 7 Other Eastern Europe 48 50 50 44 39 39 37 40 49 53 41 Total 16,170 21,718 21,725 22,358 22,510 22,078 22,317 21,663 22,388 22,520 22,971 Canada 2,797 3,991 4,012 4,121 3,873 3,628 3,787 4,113 3,421 3,646 3,827 Latin America: Argentina 479 416 416 418 450 450 517 525 535 588 581 Brazil 257 425 425 412 452 526 544 518 555 544 427 Chile 323 393 400 368 392 444 406 447 458 444 429 Colombia : 249 258 261 269 279 298 291 308 302 275 294 Cuba 8 7 7 7 7 7 6 7 7 6 7 Mexico 974 848 849 892 916 940 990 883 860 896 915 Panama 154 129 140 156 148 148 146 170 168 169 170 Peru 276 239 240 219 216 239 220 233 242 210 208 Uruguay 149 111 111 140 119 120 122 121 122 113 108 Venezuela 792 674 691 703 695 718 704 675 682 637 651 Other Latin American republics 611 556 562 558 587 611 635 635 645 651 634 Bahamas and Bermuda 273 1,405 1,405 1,589 1,550 1,343 1,321 1,609 1,505 1,306 1,183 Netherlands Antilles and Surinam 88 74 80 85 87 90 99 93 95 84 87 Other Latin America 30 34 34 40 36 36 47 36 39 70 41 Total 4,664 5,571 5,622 5,856 5,934 5,969 6,049 6,259 6,216 5,993 5,733 Asia : China Mainland 38 36 36 37 39 39 37 41 43 41 41 Hong Kong 270 213 213 196 223 219 225 223 225 226 245 India 281 260 260 260 286 330 322 354 356 363 356 Indonesia 50 86 86 78 69 89 87 79 68 59 61 Israel 215 146 146 178 185 152 139 172 147 131 115 Japan 3,320 3,788 3,788 3,628 3,557 3,910 4,084 4,020 3,995 3,914 3,969 Korea 171 236 236 283 308 299 258 291 289 307 280 Philippines 269 201 201 196 248 285 241 264 261 264 275 Taiwan 155 196 196 215 218 228 210 226 262 260 212 Thailand 556 628 628 653 666 664 630 643 627 603 591 Other 628 606 606 657 652 762 724 679 714 745 779 Total 5,953 6,396 6,396 6,381 6,451 6,976 6,958 6,992 6,987 6,913 6,924 Africa: Congo (Kinshasa) 12 87 87 85 109 97 73 71 52 50 30 Morocco 13 21 21 21 44 52 47 47 43 33 21 South Africa 58 66 66 69 91 96 58 50 45 47 48 U.A.R. (Egypt) 18 23 23 25 25 22 22 24 22 24 19 Other 260 499 505 517 606 594 694 716 683 664 685 Total 361 695 701 716 875 862 895 908 845 817 803 Other countries: Australia 261 282 282 255 244 287 290 329 383 418 428 All other 28 29 30 30 32 34 33 30 32 33 31 Total 289 311 313 285 275 321 324 359 414 451 459 Total foreign countries 30,234 38,682 38,770 39,716 39,919 39,834 40,330 40,295 40,270 40,340 40,718 International and regional : International 3 1,372 1,260 1,260 1,302 1,360 1,346 1,276 1,224 11,,119944 11,,225511 1,330 Latin American regional 78 100 100 116 121 111 146 127 133 145 150 Other regional4 33 52 52 65 85 97 97 103 102 110 109 Total 1,483 1,412 1,412 1,483 1,566 1,554 1,519 1,454 1,429 1,506 1,589 Grand total 31,717 40,094 40,182 41,199 41,485 41,388 41,849 41,749 41,699 41,846 42,307 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. • OCTOBER 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 r65 '82 Saudi Arabia. 70 29 48 106 166 Ecuador 64 66 62 r76 '72 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 T P r a i r n a i g d u a a d y & Tobago 1 9 4 1 1 0 6 18 8 13 8 '1 1 1 7 K G e h n a y n a a 2 1 0 3 29 3 34 8 4 1 3 0 47 7 Liberia 26 25 28 '23 '41 Libya 45 69 68 288 430 Ot B he r r it i L sh a t W in es A t m In e d ri i c es a : 25 30 r38 S N o ig u e th ri e a r n Rhodesia 24 4 20 1 1 2 0 1 2 1 1 2 1 Sudan 2 5 3 3 1 Other Asia: Tanzania 27 21 23 10 18 Afghanistan 6 6 8 16 Tunisia 2 7 2 6 7 Burma 17 5 5 2 Uganda 10 6 9 5 7 Cambodia 3 2 2 I Zambia 21 25 19 '20 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 Total intl. reg a i n o d n al Total O in t f i s f o t i i n c t s i u a - l Banks * fo O r e t e r h i s g e r n - A t r i g n e a n - A O L m a t e h t r i e i n r c a Israel Japan Thailand 1,494 506 988 913 50 234 197 140 [2,546 689 1,858 1,807 35 251 234 126 443 218 2,560 698 1,863 1,807 40 251 234 126 443 218 3,166 777 2,389 2,341 40 284 257 241 658 201 2,768 813 1,956 1,889 30 37 207 149 154 658 157 2,678 886 1,792 1,713 43 36 146 130 101 659 117 2,530 919 1,611 1,533 43 35 67 123 43 659 117 2,483 900 1,583 1,502 44 37 62 154 43 659 70 2,492 889 1,602 1,507 55 41 64 175 41 655 70 2,344 877 1,467 1,376 55 37 25 166 6 657 47 2.343 872 1,471 1,376 59 36 25 191 6 657 54 2.344 891 1,453 1,351 62 40 25 202 6 636 49 2,268 839 1,429 1,319 64 46 25 210 6 636 49 2,214 853 1,362 1,248 64 50 25 217 6 619 28 2,127 842 1,285 1,121 116 48 25 216 6 576 28 2,044 819 1,226 1,053 121 52 25 197 7 526 28 1,948 830 1,118 945 123 51 25 145 7 502 22 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. ng coverage. Figures on the first line are comparable in coverage with Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 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. Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July? Aug.f Europe: Denmark 1100 9 9 9 9 9 9 6 6 6 6 6 6 6 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 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 45 42 42 42 42 46 46 46 45 45 44 47 United Kingdom 350 368 406 420 421 407 407 358 350 359 369 396 401 411 Other Western Europe 33 24 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 488 502 541 553 553 538 539 491 483 492 501 529 532 545 Canada 384 389 389 271 272 272 271 270 271 271 279 286 287 294 Latin America: Latin American republics.. 2 2 2 2 2 2 ~> 2 2 2 2 2 2 2 Neth. Antilles & Surinam. 15 12 12 12 12 12 13 12 12 12 12 12 12 12 Other Latin America • * * * 2 2 2 2 2 2 2 2 3 4 Total 17 14 14 14 15 15 17 15 15 15 15 15 16 17 Asia: 9 10 10 10 10 61 61 62 62 62 61 61 61 61 Other Asia 18 18 19 19 17 18 18 18 18 18 19 19 19 19 Total 26 28 28 29 27 79 79 80 80 80 81 81 81 81 Other countries 11 9 9 7 7 7 7 7 7 7 7 22 42 42 Total foreign countries 927 942 982 874 875 912 914 864 856 865 883 933 959 979 International and regional: International 25 32 32 32 32 32 31 31 30 30 30 30 30 22 Latin American regional.. 13 17 17 17 18 18 19 19 20 20 21 21 22 23 Asian regional 1 Total 39 49 49 50 50 50 50 50 50 51 51 52 53 45 Grand total 966 991 1,031 923 925 962 964 914 906 916 934 985 1,012 1,024 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 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 - Tai- 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 e S r w la it n z 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 15 100 1,638 50 1,051 226 311 1969—Sept. 3,251 1,390 32 1,084 139 15 100 1,861 25 1,200 125 511 Oct.. 43,372 1,435 32 1 ,129 139 15 100 41,937 41,301 125 511 Nov. 3,181 1 ,431 32 1,129 135 15 100 1,750 1,084 125 541 Dec. 3,181 1,431 32 1,129 135 15 100 1,750 1,084 125 541 1970—Jan.. 2,514 1,431 32 1,129 135 15 100 1,083 542 541 Feb.. 2,513 1,431 32 1,129 135 15 100 1,083 542 541 Mar. 2,799 1,717 32 1,429 121 15 100 1,083 542 541 Apr. 2,897 1,814 32 1,529 118 15 100 1 ,083 542 541 May 3,096 2,013 32 1,729 117 15 100 1 ,083 542 541 June 3,511 2,428 32 2,229 32 15 100 1 ,083 542 541 July. 3,508 2,425 32 2,229 29 15 100 I ,083 542 541 S A e u p g t . . 3 3 , , 5 5 0 0 8 8 2 2 , , 4 4 2 2 5 5 3 3 2 2 2 2 , , 2 2 2 2 9 9 2 2 9 9 1 1 5 5 1 1 0 0 0 0 1 1 , . 0 0 8 8 3 3 5 5 4 4 2 2 5 5 4 4 1 1 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. • OCTOBER 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. Dec. Jan. Feb. Mar. Apr. May June JulyP Aug.P Europe: Austria 6 7 7 20 10 11 3 5 6 13 7 Belgium-Luxembourg 40 56 56 49 53 55 69 67 64 53 52 Denmark 36 40 40 49 32 36 31 29 33 28 36 Finland 63 68 68 66 63 64 64 61 63 65 63 France 66 107 107 117 94 87 96 100 82 83 75 Germany 171 205 205 180 155 192 135 146 152 125 169 Greece 12 22 22 17 16 17 19 22 22 25 27 Italy 105 120 120 129 123 107 102 103 100 87 90 Netherlands 40 51 51 84 61 50 65 86 53 49 46 Norway 43 34 34 34 32 36 34 35 33 31 30 Portugal 10 8 8 9 11 13 9 13 12 12 8 Spain 46 70 70 73 83 57 99 96 102 52 51 Sweden 58 67 67 82 95 78 99 92 112 113 103 Switzerland 93 99 99 124 122 107 114 91 115 104 123 Turkey 38 19 19 14 15 25 19 31 16 22 10 United Kingdom 318 418 408 405 435 418 393 329 403 399 340 Yugoslavia 22 28 28 29 35 32 32 34 30 32 32 Other Western Europe 15 9 9 7 8 9 7 10 8 7 6 U.S.S.R 3 2 2 2 1 2 2 2 2 2 Other Eastern Europe 21 34 34 30 34 43 40 46 41 45 44 Total 1,205 1,463 1,454 1,519 1,478 1,439 1,432 1,397 1,449 1,345 1,315 Canada 533 818 826 730 720 652 598 765 816 728 749 Latin America: Argentina 249 311 309 301 293 290 285 280 311 306 297 Brazil 338 317 317 296 289 285 293 303 305 299 296 Chile 193 188 188 178 195 203 213 218 213 210 210 Colombia 206 225 225 237 252 249 254 252 249 250 256 Cuba 14 14 14 14 14 14 14 14 14 14 14 Mexico 948 801 803 805 808 851 888 899 911 901 889 Panama 56 68 68 61 68 61 68 67 63 67 68 Peru 207 161 161 173 168 163 159 162 172 156 142 Uruguay 44 48 48 49 50 55 55 54 52 57 53 Venezuela 232 240 240 250 261 264 254 264 253 248 251 Other Latin American republics 280 295 295 303 307 292 295 287 298 295 294 Bahamas and Bermuda 80 92 93 62 68 73 67 63 65 56 58 Netherlands Antilles and Surinam 19 14 14 13 14 13 15 15 18 16 17 Other Latin America 22 27 27 22 22 27 29 23 21 23 21 Total 2,889 2,803 2,802 2,764 2,810 2,839 2,890 2,901 2,946 2,898 2,865 As C ia h : ina Mainland 1 I j I I 1 1 1 1 1 1 Hong Kong 32 36 36 37 37 41 41 44 46 41 35 India 19 10 10 11 9 9 9 12 11 12 II Indonesia 23 30 30 29 25 68 49 48 52 36 42 Israel 84 108 108 101 96 92 99 94 93 90 80 Japan 3,114 3,342 3,372 3,160 3,080 3,215 3,276 3,378 3,407 3,378 3,276 Korea 77 158 158 167 172 178 190 216 215 222 228 Philippines 239 215 215 207 254 275 295 278 268 269 209 Taiwan 38 49 49 50 56 55 59 69 79 82 81 Thailand 99 101 101 99 98 95 103 98 100 96 106 Other 145 212 212 208 168 162 164 179 184 180 165 Total 3,872 4,261 4,291 4,069 3,997 4,190 4,286 4,419 4,455 4,406 4,234 Africa: Congo (Kinshasa) 3 6 6 5 5 3 4 5 5 5 4 Morocco 2 3 3 3 3 4 5 4 4 4 6 South Africa 46 55 55 53 51 62 60 58 66 69 68 U.A.R. (Egypt) 8 11 11 10 12 12 15 17 15 15 14 Other 73 86 86 79 63 63 62 62 68 65 65 Total 133 162 162 150 136 144 146 145 158 157 157 Other countries: Australia 66 53 53 58 55 60 56 62 62 63 66 All other 13 16 16 14 14 13 22 22 18 15 16 Total 79 69 69 72 68 73 78 84 80 78 82 Total foreign countries 8,710 9,576 9,604 9,304 9,209 9,338 9,429 9,711 9,903 9,612 9,401 International and regional * 2 2 1 2 2 1 2 1 1 2 Grand total 8,711 9,578 9,606 9,305 9,210 9,340 9,430 9,714 9,904 9,613 9,403 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

OCTOBER 1970 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 83 14. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars Payable in foreign currencies End of period Total Total Total O in t f i s f o L t i i n c o t s i u a a - l n s t B o a — n ksi Others C s t t o o i i a o n u l n l g n t e d - s c - - f A e o o m a i f c r g n c a a f n c e d o c e e p e r c s r - 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 o n u p c o n v o r a a r d i n t m e p t , i i c e f e l g s e r i . s e - n , - 8,606 8,182 3,150 306 1,616 1,228 1,552 3,013 467 425 287 70 8,711 8,261 3,165 247 1,697 1,221 1,733 2,854 509 450 336 8,947 8,467 3,072 235 1,819 1,018 1,838 3,015 543 480 272 101 8,967 8,472 3,093 212 1,880 1,000 1,860 2,973 546 495 355 51 9,092 8,573 3,173 263 1.921 990 1,896 2,940 563 520 393 46 9,044 8,610 3,203 261 1,944 999 1,928 2,922 556 434 316 45 \ 9,578 9,063 3,281 262 1,946 1,073 1,954 3.169 658 516 352 84 I 9,606 9,091 3,278 262 1,943 1.073 1,954 3,202 656 516 352 84 9,305 8,804 3,260 257 1,986 1,018 1,970 3,019 554 502 347 77 9,210 8,750 3,207 265 1,914 1,029 1,992 2 ,.987 563 461 320 62 9,340 8,926 3,290 294 1.922 1.074 2,083 3,044 508 415 300 45 9,430 8,952 3,116 335 1,734 1,047 2,153 3,223 459 478 342 70 9,714 9,216 3,193 315 1,825 1,053 2,220 3,244 559 498 338 76 9,904 9,437 3,316 305 1,932 1,079 2,238 3,287 595 467 314 78 9,613 9,193 3,190 256 1,872 1,062 2.244 3,234 525 420 295 61 9,403 8,938 2,976 178 1,710 1,087 2.245 3.170 547 466 357 44 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 y r r i e r n a e i b g n l n - e U K d n i o i n m t g e - d EE OO uu tt rr hh oo ee pp rr ee Canada AA LL mm aa ee tt rr ii ii nn cc aa Japan OO AA tt ss hh ii ee aa rr co o u A t n h l t e l r r i es Official Other term cies Total institu- Banks t foreign- claims tions ers 1967 3,925 333,,,666333888 669 323 2,645 272 15 56 720 427 1,556 180 449 537 1968 33,,556677 333,,,111555888 528 237 2,393 394 16 68 479 428 1,375 122 617 479 1969—Aug 33,,228899 222,,,888555999 504 212 2,142 409 21 56 436 405 1,348 95 551 397 Sept 33,,227722 222,,,888444777 485 211 2,150 409 17 55 416 403 1,334 93 562 410 Oct 33,,227788 222,,,888444777 493 204 2,149 415 16 56 411 410 1,344 88 568 401 Nov 33,,226688 222,,,888444666 495 203 2,147 406 17 55 400 407 1,357 85 573 391 Dec 33,,223388 222,,,888000666 502 209 2,096 414 18 55 411 408 1,329 88 568 378 1970—Jan 3,174 2,735 461 210 2,063 409 29 55 403 406 1,306 90 558 356 Feb , 3,147 2,725 476 203 2,046 390 33 51 401 416 1 ,296 86 545 351 Mar 3,212 2,795 519 210 2,067 386 31 56 419 406 1,336 87 559 349 Apr 3,236 2,815 508 220 2,087 390 32 62 413 420 1,363 89 546 343 May... . 3,232 2,822 511 211 2,100 380 30 67 426 427 1 ,348 89 530 344 June 3,165 2,776 486 209 2,080 362 27 67 425 416 1 ,328 92 517 319 JulyP. .. 3,111 2,731 473 215 2,043 351 29 68 396 417 1,324 100 500 307 Aug.p... 3,138 2,708 458 225 2,025 381 50 63 398 432 1,312 107 514 312 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. • OCTOBER 1970 16. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U.S. corporate Marketable U.S. Govt, bonds and notes i securities 2 Foreign bonds Foreign stocks Net purchases or sales Period Total I a n n t d l. Foreign c P ha u s r e - s Sales c N ha s e a s t e le p s s u o r r - c P ha u s r- es Sales c N h s a e a t s l e e p s s u o r- r ch P a u s r e - s Sales N ch e s a t a s l e e p s s u o r r regional Total Official Other 196 8 -489 -328 -380 51 17,563 13,329 4,234 2,306 3,686 -1,380 1,252 1,566 -314 196 9 -4 -15 -79 64 15,476 12,795 2,681 1,552 2,568 -1,016 1,519 2,037 -517 1970—Jan.-Aug.P 62 67 34 7,119 6,554 565 1,017 1,636 -619 737 615 122 1969— N D S A O e u e c o p c t g v t -10 4 3 8 0 7 2 -10 4 3 1 8 0 7 1 -1 - 1 5 1 7 2 -1 4 1 5 0 9 2 1 1 1 1 1 1 , , , , , 0 2 6 1 0 6 2 9 8 6 1 1 0 1 2 1 1 , ,1 0 9 9 9 9 7 4 6 0 5 4 1 9 4 4 2 1 1 1 9 1 4 2 5 4 2 7 8 0 1 1 7 9 9 5 7 5 8 1 7 6 2 1 1 1 1 0 5 9 4 6 7 5 0 8 8 -1 - - -6 1 7 1 5 9 0 7 1 1 1 1 1 1 0 0 0 0 3 7 5 7 6 2 2 1 1 1 1 0 2 3 4 0 7 3 9 0 4 - - - 1 - 3 1 0 6 6 4 2 2 1970— F A J J M M a u e p n a a n b r y r e - - 5 8 5 1 1 0 1 2 8 0 - - 5 8 5 1 0 0 2 9 8 1 2 5 - - 4 8 1 7 2 9 6 1 1 1 , , , 1 0 0 7 9 8 0 0 2 6 1 5 5 7 9 6 7 8 9 9 9 7 9 8 8 5 3 8 4 0 5 0 0 3 5 3 -1 1 1 6 7 7 6 2 1 1 7 6 4 0 2 1 1 1 1 1 1 0 1 1 6 4 1 9 3 6 8 3 3 2 2 1 1 6 6 7 9 8 9 8 5 0 2 6 0 - -1 1 - - 7 4 0 5 4 2 1 7 2 6 7 1 1 1 1 1 7 0 5 0 0 8 4 9 1 1 0 0 1 1 7 9 7 5 1 0 7 0 4 2 5 4 - - 1 2 7 2 2 1 3 4 7 3 2 8 J A u u ly g * * 27 26 20 35 780 645 135 112 260 -148 62 58 4 13 21 6 656 514 142 143 305 -162 60 45 15 21 1 Excludes nonmarketable U.S. Treasury bonds and notes issued to Also includes issues of new debt securities sold abroad by U.S. corporaofficial institutions of foreign countries; see Table 12. tions organized to finance direct investments abroad. 2 Includes State and local govt, securities, and securities of U.S. Govt, NOTE.—Statistics include transactions of international and regional agencies and corporations that are not guaranteed by the United States. organizations. 17. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE STOCKS, BY COUNTRY (In millions of dollars) Period Total France m G a e n r- y N l e an th d e s r - Sw la i n tz d e r- K U in n g i d te o d m E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r in ic a Asia Africa co O u t n h t e ri r e s r I e n g t i l o . n & al 1968 2,270 201 169 298 822 -28 130 1,592 386 151 124 2 3 12 1969 1,487 150 216 189 490 -245 295 1,094 125 136 90 7 36 1970—Jan.-Aug. J* -69 20 97 52 11 -110 -46 23 -112 -36 45 -1 1 11 1969— D S O N A e e c u o p c t g v t 3 1 1 8 4 1 1 1 9 8 8 2 9 7 2 1 1 6 1 4 2 1 4 3 1 1 1 1 0 2 9 7 - - 1 1 2 7 3 3 5 1 9 2 1 2 3 3 2 5 9 7 8 6 - - - 2 1 3 - 1 4 2 4 9 4 2 3 2 1 0 2 0 7 3 2 1 1 1 4 4 2 0 3 0 6 7 7 0 - - - 2 2 - 4 3 3 3 7 2 - - 2 1 5 1 5 8 5 7 6 1 1 3 • * 3 * * * * • * 4 2 3 * 5 1970—Jan -42 1 11 -5 -24 5 -20 -31 -39 25 3 * « * F A M e p a b r r - - 1 4 5 1 8 - - 1 8 3 9 2 1 1 0 6 1 - - 2 8 3 6 -2 1 1 6 9 2 - - 1 3 2 5 2 - - 1 1 4 9 5 - - 1 3 3 0 3 2 - - 2 3 2 5 0 5 - - 2 1 1 7 3 2 3 6 6 _ • •j # * • 4 1 1 May -200 1 -2 33 -46 -102 -32 -149 -30 -26 3 * J J u ul n y e * 5 6 4 3 16 6 19 3 1 1 6 8 2 1 3 3 - - 1 2 4 3 1 9 4 4 5 1 9 -16 8 -2 3 1 6 5 * * *1 1* Aug.p 104 7 18 16 40 20 11 113 -6 -9 4 * * 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1970 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 85 18. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE BONDS, BY COUNTRY (In millions of dollars) Period Total France m G a e n r- y N l e a t n h d e s r - Sw la it n z d e r- K U in n g i d te o d m E O u t r h o e p r e E T u o r t o a p l e Canada A L m a e t r i i n c a 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 1,195 97 200 14 169 251 83 815 32 14 -11 — 1 10 336 1970—Jan.-Aug.P 634 30 14 39 110 97 24 315 78 26 15 • -11 210 1969—Aug 31 * 24 -1 5 23 2 54 5 -1 * * -15 -13 Sept 39 3 27 1 -4 -20 -6 2 -2 5 * * * 35 N Oc o t v 1 3 4 5 6 4 4 2 1 5 0 4 1 9 6 -1 1 3 1 1 9 5 6 1 8 8 4 -6 1 * 1 * * * 1 8 1 2 4 Dec 193 34 17 5 26 44 19 146 1 6 1 — 1 1 38 1970—Jan 56 7 5 1 15 14 2 43 11 3 * * * 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 * * 14 -14 5 9 2 2 2 * -1 26 June 13 4 -6 * 4 -12 3 -8 13 2 10 * -6 3 July? 81 4 -2 -1 23 36 8 68 7 5 1 * -1 1 Aug.P 38 -1 -3 * -1 1 -4 21 2 * * -2 21 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 Period Total I a r n n e t d - l. c e f o i o u g r n n - - r E o u p - e C a a d n a - A L i m a c t a e i n r - Asia r A ic f a - c O t o r t i u h e n e s - r E pe nd ri o o d f fo b ( r a d e l u i a g e n n c t e e o r s s ) f ( o b d r a u e l e i a g n f n r c e o e r m s s ) gional tries 1966 175 128 1968 -1,694 -329 -1,366 7 -945 -300 -96 -39 6 1967 311 298 1969 -1,534 66 -1,600 74 -1,118 - 98 -471 -6 20 1968—Mar 351 269 1970—Jan.-Aug.p.. -497 -189 -308 118 -405 30 -58 -3 10 453 372 468 398 1969—Aug -63 -6 -57 9 -50 -16 -1 -1 2 636 508 Sept -218 -9 -209 16 -131 * -98 3 Oct -6 4 -10 70 -21 -12 -48 -1 1969—Mar 553 393 Nov -104 3 -107 15 -78 1 -48 1 566 397 Dec -35 4 -39 -8 -24 10 -30 14 467 297 Dec 434 278 1970—Jan * -2 2 10 -11 -5 5 2 Feb -133 -38 -95 33 -110 -5 -13 — 1 2 1970—Mar 368 220 Mar -114 22 -136 36 -154 5 -23 — 1 1 331 181 J A M u p a n r y e -6 6 4 6 5 2 1 5 9 1 -7 5 3 5 4 7 - 1 1 9 7 -8 4 3 2 2 9 -2 3 3 - - 1 9 4 8 2 1 1 NOTE.—Data represent the money credit balances and Julyp -144 -38 -106 9 -77 -23 -14 • money debit balances appearing on the books of reporting Aug." -147 -158 11 4 -52 56 2 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. • OCTOBER 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) 1968—Cont. 1970—Cont. 1970 1966 Maturity of May 29 5,872 Mar. 4 12,395 liability Jan. 26 1,688 June 26 6,202 1 1 12,485 May June July Feb. 23 1,902 July *31 6,126 1 8 12,472 Mar. 30 1,879 Aug. 28 7,004 2 5 11,942 Apr. 27 1,909 Sept. 25 7,104 1.74 1.68 1.51 May 25 2,003 Oct. 30 7,041 Apr. 1 11,800 Call 2.36 2.19 2.19 June 29 . 1,951 Nov. 27 7,170 8 11,832 Other liabilities, maturing Dec. 25 6,948 15 11,558 in following calendar July 27 2,786 Dec. 31 (1/1/69).. 6,039 2 2 11,550 months after report Aug. 31 3,134 29 11,973 date: Sept. 28 3,472 1969 1st 8.98 10.49 7.76 Oct. 26 3,671 May 6 11,982 2nd 5.19 4.06 4.78 Nov. 30 3,786 Jan. 29 8,545 13 11,662 3rd 3.15 3.46 3.46 Dec. 28 4,036 Feb. 26 8,822 20 12,026 4th .98 1.22 1.53 Mar. 26 9,621 27 12,373 5 th 1.05 1.28 1.39 1967 Apr. 30 9,399 6th 1.11 1.18 1.52 May 28 9,868 June 3 11,987 7th .31 .24 .29 Jan. 25 3,653 June 25 13,269 10 11,946 8th .21 .19 .29 Feb. 22 3,396 17 12,082 9th .18 .26 .28 Mar. 29 3,412 July 30 14,434 24 12,220 10th .20 .23 .24 Apr. 26 3,047 Aug. 27 14,658 11th .21 .24 .27 May 31 2,776 Sept. 24 14,349 July 1 11,455 12th .24 .25 .20 June 28 3,166 Oct. 29 13,649 8 rl 1,541 Maturities of more than 1 Nov. 26 14,528 1 5 11,562 .32 .34 .57 July 26 3,660 Dec. 31 12,822 22 11,280 Aug. 30 3,976 2 9 10,514 Sept. 27 4,059 1970 Total 26.24 27.30 26.28 O N c o t v . . 2 2 9 5 4 4 , , 2 3 0 2 6 2 Jan. 7 13,472 Aug. 1 5 2 r1 l0 0, , 3 4 7 0 9 1 Dec. 27 4,241 14 13,999 1 9 10,423 NOTE.—Includes interest-bearing U.S. dollar 21 13,779 2 6 '10,733 deposits and direct borrowings of all branches in 1968 28 13,623 the Bahamas and of all other foreign branches Sept. 2 10,437 for which such deposits and direct borrowings Jan. 31 4,259 Feb. 4 13,472 9 10,333 amount to $50 million or more. Feb. 28 4,530 11 13,215 1 6 10,636 Details may not add to totals due to rounding. Mar. 27 4,920 18 12,983 2 3 10,188 Apr. 24 5,020 25 13,094 3 0 9,780 NOTE.—The data represent gross liabilities of reporting banks to their branches in foreign countries. For weekly data covering the period Jan. 1964-Mar. 1968, see May 1968 BULLETIN, p. A-104. 23. DEPOSITS, U.S. GOVT. SECURITIES, 24. SHORT-TERM LIQUID CLAIMS ON FOREIGNERS AND GOLD HELD AT F.R. BANKS FOR REPORTED BY NONBANKING CONCERNS FOREIGNERS (Amounts outstanding; in millions of dollars) (In millions of dollars) Payable in Assets in custody Payable in dollars foreign currencies End of period Deposits EEnndd ooff UUnniitteedd U.S. Govt, Earmarked ppeerriioodd TToottaall Short- Short- KKiinngg-- CCaannaaddaa securities1 gold Deposits in te v r e m st - Deposits in te v r e m st - ddoomm ments t ments 1 1967 135 9,223 13,253 1968 216 9,120 13,066 1967 1,163 852 133 128 49 621 309 1969—Sept... 143 9,252 13,004 1968 1,638 1,219 87 272 60 979 280 Oct... 131 8,447 12,979 Nov... 130 7,533 12,998 1969—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 20 0 4 0 9 9 , , 1 11 5 8 4 1 1 2 2, , 2 2 7 7 2 0 D ecc. 2r / 1 l 1 , , 3 4 1 4 8 8 1,0 9 2 5 2 1 1 16 1 1 6 1 17 7 9 4 7 8 6 6 6 6 1 6 0 3 4 51 6 8 8 J J A S M u u e u a l n p g y y e t . . . . . . . . . . . . . 1 1 1 1 1 9 6 7 2 3 9 8 3 8 6 1 1 1 1 9 0 2 1 3 , , , , , 8 7 4 8 9 8 5 8 0 8 8 4 9 3 3 1 1 1 1 1 2 2 2 2 2 , , , . . 2 2 2 2 6 1 8 3 4 1 7 3 9 0 1 1970— A M F J e p a a b r n r . . . . r r r r . . . . . . . . . . . . . . . 1 1 1 1 , , , , 7 6 4 7 0 1 8 2 3 6 3 4 1 1 1 1 , , , , 2 1 2 0 5 4 6 6 3 1 7 0 1 1 1 1 8 9 7 8 6 3 8 3 2 1 1 1 2 8 9 8 4 8 0 0 7 6 6 8 6 3 6 0 1 1 1 , , , 0 0 0 9 0 5 0 0 3 0 4 4 2 4 3 3 6 7 0 4 9 1 1 6 Mayr.... 1,532 1,041 200 182 109 879 329 Juner 1,583 1,102 174 194 112 812- 357 * U.S. Treasury bills, certificates of indebtedness, July 1,478 1,039 181 184 74 778 307 notes, and bonds; includes securities payable in foreign currencies. * Negotiable and other readily transferable foreign obligations payable on demand NOTE.—Excludes deposits and U.S. Govt, securities or having a contractual maturity of not more than 1 year from the date on which the held for international and regional organizations. Ear- obligation was incurred by the foreigner. 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

OCTOBER 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.1 Mar.? Europe: 4 4 2 4 3 5 5 5 5 6 64 69 45 62 70 51 58 53 67 60 2 2 2 3 3 12 13 15 16 16 * 2 2 1 7 6 6 7 8 121 131 124 135 124 162 149 114 122 156 Germany, Fed. Rep. of 102 119 178 255 203 193 166 192 305 195 5 3 3 4 3 24 26 18 19 19 Italy 54 62 77 90 83 148 160 143 152 167 45 70 66 90 110 62 59 45 58 64 14 9 3 4 5 14 12 15 17 12 7 9 9 10 6 11 15 10 10 14 47 63 55 59 55 81 74 71 77 77 17 22 35 38 29 26 24 27 32 27 116 130 114 127 139 44 37 33 43 44 Turkey 4 2 3 3 2 14 10 11 12 12 335544 401 348 439 519 1,234 1,199 931 1,062 1,344 11 5 1 1 2 14 15 18 18 18 1177 19 20 21 19 17 16 10 12 11 Eastern Europe 11 1 2 2 12 10 19 22 17 Total 976 1,122 11,,008877 1,348 1,378 2,131 2,053 1,734 2,054 2,267 159 181 119988 225 219 713 625 728 821 622 Latin America: Argentina 5 6 6 9 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 41 42 Colombia 6 7 6 7 6 27 33 28 29 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 88 6 9 12 10 26 28 27 30 34 Uruguay 1 5 5 4 5 7 7 8 Venezuela 26 22 25 25 23 70 65 56 58 69 Other L.A. republics 18 26 37 43 25 85 82 84 90 91 Bahamas and Bermuda 19 22 22 31 47 38 33 54 65 82 O N t e h t e h r . A La n t t i i n ll e A s m an e d ri c S a u rinam 2 2 2 1 2 1 4 2 5 4 1 5 4 1 5 7 1 6 6 1 6 7 26 7 Total 121 132 150 190 190 570 557 582 643 702 Asia: Hong Kong 5 5 5 8 7 10 U 11 13 India 18 20 18 20 27 40 37 34 37 36 Indonesia 6 5 4 5 5 7 3 12 12 10 Israel 12 12 14 15 13 19 31 36 33 Japan 114 118 136 143 133 212 220 234 255 298 Korea 2 2 2 1 24 22 26 28 27 Philippines 11 10 8 9 6 25 26 31 37 32 Taiwan S 6 3 3 4 19 19 19 19 23 Thailand 2 2 3 3 3 12 12 14 15 15 Other Asia 5500 5533 33 27 26 104 111 112 119 112 Total 223 233 224 234 228 466 485 524 569 601 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 ] 8 9 9 9 9 Other Africa 5511 3333 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 61 65 53 65 56 61 60 All other 3 6 2 7 6 7 8 9 10 13 Total 50 63 62 68 71 60 73 64 71 74 International and regional * • * * 2 2 2 * * 5 Grand total 11,,559988 11,,778822 1,770 22,,111177 22,,114444 44,,002233 33,,887744 3,712 4,246 4,356 i 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. • OCTOBER 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 cu P f r o a r r y e i e n a n i b c g l i n e e s Total P d a o y i l n l a a b r l s e D ba e n p k o s s i a ts b r w o i a t d h in reporter's 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.. 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 2,117 1,627 490 4,246 3,555 313 379 1970—Mar.* 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 EEEnnnddd ooofff pppeeerrriiioooddd TTToootttaaalll Country or area llliiiaaabbbiiillliiitttiiieeesss TToottaall 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 r c 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 \ 2,155 2,331 152 443 537 174 77 416 142 269 75 46 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

OCTOBER 1970 • MONEY RATES A 89 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Australia Argentina Austria Belgium Canada Ceylon Denmark Finland Period (peso) (schilling) (franc) (dollar) (rupee) (krone) (markka) (pound) (dollar) 1 1 9 9 6 6 6 5 . . 5 4 9 8 5 6 1 9 7 0 2 2 2 2 2 3. . 4 7 1 8 Ull.22 3 3 . . 8 8 7 6 0 8 4 6 2 2 . . 0 00 1 6 4 7 4 9 9 2 2 . .8 7 1 4 1 3 2 2 0 0 . . 9 9 5 4 9 6 1 14 4 . . 4 4 7 6 5 0 3 31 1 . . 0 0 6 7 1 0 196 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 1969 .28492 111.10 3.8654 1.9942 92.855 16.741 13.299 23.774 1969—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 Aug. 24.936 110.99 3.8638 2.0145 97.890 16.770 13.329 23.748 Sept. 24.888 110.87 3.8684 2.0145 98.422 16.770 13.331 23.748 Period ( F f r r a a n n c c e ) ( G d m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e ) ( I p re o l u a n n d d ) ( I l t i a r l a y ) J ( a y p en an ) M (d a o la ll y a s r i ) a M (p e e x s i o c ) o ( e g N r u l e i a l t n d h d e - s r ) 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—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. 17.932 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 Aug. 18.109 27.537 13.212 238.77 .15928 .27915 32.287 8.0056 27.775 Sept. 18.112 27.537 13.211 238.53 .16005 .27935 32.314 8.0056 27.785 Period (pou N n e d w ) Zea ( la d n o d ll ar) N (k o r r o w n a e y ) P (e o s r c t u u d g o a ) l A ( S r o f a r u n i t d c h a ) (p S e p s a e i t n a ) S (k w r e o d n e a n ) ( e S f r w r l a a i n t n z c d - ) ( U p K d o n i o u n i m t n g e - d d ) 1965. 276.82 13.985 3.4829 139.27 1.6662 19.386 23.106 279.59 1966. 276.54 13.984 3.4825 139.13 1.6651 19.358 23.114 279.30 1967. 276.69 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—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 I.4288 19.266 23.171 239.77 July.. 111.23 13.951 3.4913 138.93 1.4290 19.282 23.235 239.06 Aug.. 111.10 13.998 3.4898 138.76 1.4290 19.306 23.247 238.77 Sept.. 110.98 13.994 3.4886 138.62 1.4287 19.225 23.219 238.53 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 • OCTOBER 1970 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of Sept. 30, 1969 Rate Country 1969 1970 as of Sept. 30, Per Month 1970 cent effective Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept, Argentina 6.0 Dec. 1957 6.0 Austria 4.75 Sept. 1969 5.0 5.0 Belgium 7.5 Sept. 1969 7.5 Brazil 20.0 July 1969 20.0 Burma 4.0 Feb. 1962 4.0 Canada1 8.0 July 1969 7.5 7.0 6.5 6.5 Ceylon 5.5 May 1968 5.5 Chile 14.0 July 1969 14.0 Colombia 8.0 May 1963 8.0 Costa Rica 4.0 June 1966 4.0 Denmark 9.0 May 1969 9.0 Ecuador 5.0 Nov. 1956 8.0 El Salvador 4.0 Aug. 1964 4.0 Finland 7.0 Apr. 1962 7.0 France 7.0 June 1969 7.5 7.5 Germany, Fed. Rep. of... 6.0 Sept. 1969 7.0 Ghana 5.5 Mar. 1968 5.5 Greece 6.0 July 1969 6.0 Honduras2 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 8.0 Aug. 1969 8.0 Ireland 8.38 Aug. 1969 8.25 8.62 8.19 7.19 7.31 7.31 Israel 6.0 Feb. 1955 6.0 Italy 4.0 Aug. 1969 5.5 5.5 Jamaica 6.0 May 1969 6.0 Japan 6.25 Sept. 1969 6.25 Korea 26.0 June 1969 24.0 24.0 Mexico 4.5 June 1942 4.5 Netherlands 6.0 Aug. 1969 6.0 New Zealand 7.0 Mar. 1961 7.0 Nicaragua 6.0 Apr. 1954 6.0 Norway 4.5 Sept. 1969 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 3.75 Sept. 1969 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 9.0 9.0 United Arab Rep. (Egypt) 5.0 May 1962 5.0 United Kingdom 8.0 Feb. 1969 7.5 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, comgovt, securities for commercial banks or brokers. For countries with modity involved, etc.; more than one rate applicable to such discounts or advances, the rate Japan—Penalty rates (exceeding the basic rate shown) for borrowings shown is the one at which it is understood the central bank transacts from the central bank in excess of an individual bank's quota; the largest proportion of its credit operations. Other rates for some Peru—3.5, 5, and 7 per cent for small credits to agricultural or fish producof these countries follow: tion, import substitution industries and manufacture of exports; 8 per Argentina—3 and 5 per cent for certain rural and industrial paper, de- cent for other agricultural, industrial and mining paper; pending on type of transaction; Philippines—6 per cent for financing the production, importation, and dis- Brazil—8 per cent for secured paper and 4 per cent for certain agricultural tribution of rice and corn and 7.75 per cent for credits to enterprises enpaper; gaged in export activities. Preferential rates are also granted on credits to Chile—17 per cent 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

OCTOBER 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 it n z d e r- Month 3 T m r b e o i a l n s ls t u , h r s y * D m a o d y n a - e y t y o 2 - 3 B a a a m c n n c c o k e e n p e s t r t , - h s ' s 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e t o y - a B l d l e a o p n w o o k n a s e n i r t c s s e ' D m a o d y n a - e y t y o 3 - Tr 6 d b e 0 a i a y l - s l 9 s s u 0 , 4 r y D m a o d y n a - e y t y o 5 - 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e t o y - d P is r r i c a v o t a e u t n e t 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—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 r9.35 7.00 8.76 6.00 6.92 5.25 July 5.79 6.00 8.07 6.82 6.01 5.00 8.57 6.75 8.86 6.00 6.96 5.25 Aug.... 555...666666 555...777444 8 06 6.81 6.08 5.00 66..7755 77..8855 66..0000 66..0033 555...444555 555...555666 88''..0066 66..8822 55..8844 55..0000 1 Based on average yield of weekly tenders during month. 5 Monthly averages based on daily quotations. 2 Based on weekly averages of daily closing rates. NOTE.—For description and back data, see "International Finance," 3 Rate shown is on private securities. Section 15 of Supplement to Banking and Monetary Statistics, 1962. 4 Rate in effect at end of month. ARBITRAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates PPrreemmiiuumm DDDaaattteee q K ( u U i a o n U n d t g i j . a . t d S t e o . i t d o o m n U S n ta i t t e e s d L S ( o f p n a o r d v e f o a o d r n ) PP dd ff (( (( rr pp ii oo —— ee ss ++ oo rr cc mm )) ww )) uu oo ii nn aa uu oo oo uu dd rr rr nn nn mm dd tt ii LL nn (( oo cc ff NN nn ee aa oo nn vv dd ee ff tt tt oo oo ii rr vv nn ee )) qu A o in t s e d C an ta q d u A a o U d t j . a . S t . i t o o n U S n ta i t t e e s d C S ( a f p n a o r v a e f d a o d r a ) CC dd ff (( (( dd aa oo ii —— ++ ss oo nn rr cc )) ww ll aa )) ll oo dd aa aa uu oo oo ii rr rr rr nn nn ss aa dd tt nn ii CC nn (( cc aa ff NN ee nn aa oo nn vv aa ee ff tt tt dd oo ii rr vv aa )) ee basis) Canada basis 1970 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 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 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 7 6.69 6.42 .27 -.18 .09 5.78 5.62 6.42 -.80 + .61 -.19 14 6.70 6.48 .22 -.31 -.09 5.80 5.54 6.48 -.94 + .78 -.16 21 6.69 6.27 .42 -.53 -.11 5.62 5.47 6.27 -.80 + .69 -.11 28 6.69 6.22 .47 -.85 -.38 5.55 5.37 6.22 -.85 + .49 -.36 . 4 6.69 6.37 .32 -1.38 -1.06 5.52 5.37 6.37 -1.00 .39 -.61 11 6.69 6.35 .34 -2.54 -2.20 5.54 5.39 6.35 -.96 .65 -.31 18 6.69 6.08 .61 -1.38 -.77 5.41 5.27 6.08 -.81 .67 -.14 25 6.69 5.74 .95 -1.02 -.07 5.44 5.29 5.74 -.45 .65 + .20 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 • OCTOBER 1970 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti- Intl. Estimated Mone- United mated Afghan- Argen- Aus- Aus- Beltotal tary States rest of istan tina tralia tria gium Brazil Burma Canada world1 Fund world 42,305 2,312 15,596 24,395 78 208 536 1,371 150 42 817 43,015 2,179 15,471 25,365 71 226 600 1,451 92 84 ,026 243,230 31,869 13,806 27,285 66 223 700 1,558 63 84 ,151 43,185 2,652 13,235 27,300 84 224 701 1,525 45 84 ,046 41,600 2,682 12,065 26,855 84 231 701 1,480 45 84 ,015 40,905 2,288 10,892 27,725 109 257 714 1,524 45 84 863 40,900 2 2 , , 2 3 5 3 8 6 1 1 1 1 , , 1 1 5 6 4 4 27,480 1 12 2 0 0 2 2 5 5 7 7 7 7 1 1 5 5 1 1 , , 5 5 2 2 0 0 4 4 5 5 8 8 4 4 8 8 7 6 2 6 2,260 11,190 125 262 715 1,520 45 84 872 2,288 11,171 130 263 715 1,518 45 84 872 41,015 2,310 11,859 26,845 135 263 715 1,520 45 84 872 2,413 11,882 140 263 710 1,518 45 84 870 2,435 11,906 140 268 714 1,520 45 84 879 41,205 2,512 11,903 26,790 140 269 714 1,520 45 84 879 2,514 11,902 140 268 712 1,518 45 84 879 2,529 11,900 140 269 713 1,520 45 84 880 P41,175 2,544 11,889 *26,740 140 270 714 1,520 45 84 880 2,547 11,934 140 269 714 1,520 45 84 880 2,652 11,817 269 714 1,518 45 63 880 Gerlo 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 - Italy Rep. of 62 92 61 3,175 3,843 77 247 142 98 60 2,343 58 92 85 3,729 4,248 77 247 141 112 19 56 2,107 2 35 6 1 9 0 7 8 4 8 5 4 5 4 , , 2 7 3 0 8 6 4 4 , , 4 2 1 9 0 2 17280 2 2 8 43 1 1 13 4 0 6 1 1 1 0 0 6 2 23 1 5 4 6 6 2 2 , ,4 4 1 0 4 4 31 107 45 5,234 4,228 130 243 144 115 25 46 2,400 31 114 45 3,877 4,539 140 243 158 193 79 46 2,923 29 89 45 3,551 4,564 130 243 158 193 69 46 2,938 27 89 45 3.545 4,597 130 243 158 193 64 46 2,954 27 89 45 3,547 4,597 130 243 158 193 39 46 2,954 26 89 45 3,547 4,610 130 243 158 193 39 46 2,956 26 89 45 3,547 4,079 130 243 158 193 39 46 2,956 2 2 2 2 2 2 7 7 7 7 7 6 8 8 8 8 8 8 9 9 9 9 9 9 4 4 4 4 4 4 5 5 5 5 5 5 3 3 3 3 3 3 , , , . , , 5 5 5 5 5 5 4 4 4 4 4 4 1 4 6 4 4 3 4 4 4 4 4 4 , , . , , . 0 0 0 0 0 0 7 7 7 7 7 8 9 9 9 9 9 0 1 1 1 11 1 2 2 2 32 2 0 0 0 0 0 0 2 2 2 2 2 2 4 4 4 4 4 4 3 3 3 3 3 3 1 1 1 1 1 1 5 5 5 5 5 5 8 8 8 8 8 8 1 1 1 1 1 1 5 5 5 5 5 5 1 1 1 1 1 1 3 2 2 2 3 3 8 8 9 6 6 6 4 4 4 4 4 4 6 6 6 6 6 6 2 2 2 2 2 2 . , , , , . 9 9 9 9 9 9 8 7 7 7 7 8 1 8 8 8 6 2 2 2 6 6 8 8 9 9 4 4 5 5 3 3, , 5 5 3 4 7 3 4 4, , 0 0 8 8 0 0 1 1 2 2 0 0 243 1 1 5 5 8 8 1 1 5 5 1 1 2 2 6 6 4 4 6 5 2 2 . , 9 9 8 8 3 3 Kuwait a L n e o b n - Libya Ma si l a a y- Mexi- Moroc- N l e a t n h d e s r - N w o a r y - P s a ta k n i- P p h i i n l e ip s - Po g r a t l u - 48 172 8 139 29 1,601 31 53 57 28 497 4 5 8 2 118832 7 2 1 15 6 8 9 2 34 1 1 1 , ,7 6 5 8 6 8 3 3 1 1 5 5 3 3 6 6 7 7 2 3 3 8 5 5 2 7 3 6 67 193 1 109 21 1,730 18 53 65 44 643 136 193 31 166 21 1,711 18 53 20 60 699 122 288 66 165 21 1,697 24 54 20 62 856 107 288 64 167 21 1,703 24 54 25 45 872 110030 2 2 8 8 8 8 6 6 4 5 1 1 6 6 8 8 2 2 1 1 1 1 , , 7 71 1 1 1 2 2 5 5 5 5 4 4 2 2 5 5 4 4 5 5 8 87 7 2 2 86 288 65 172 21 1,711 25 54 25 45 872 86 288 63 169 21 1,720 25 54 25 45 876 86 288 63 169 21 1,720 27 54 25 45 882 86 288 63 170 21 1,730 27 54 26 46 882 86 288 63 170 21 1,730 27 54 40 47 890 86 288 63 170 21 1,730 27 54 40 49 889 86 288 63 171 21 1,730 R27 54 40 50 889 86 288 63 171 21 1 ,730 R27 54 40 50 890 86 288 63 21 1.750 R27 54 53 889 86 288 63 1.751 27 54 54 902 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER 1970 • GOLD RESERVES AND PRODUCTION A 93 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) Bank E pe n r d i o o d f A So fr u i t c h a Spain Sweden Sw la i n tz d e r- Taiwan T la h n a d i- Turkey ( U E . g A y . p R t) . U K d n i o i n m t g e - d U gu r a u y - V zu e e n l e a - Y sl u a g vi o a - S I e f n t o t t r l l . e ments 4 196 3 630 573 182 2,820 50 104 115 174 2,484 171 401 14 -279 196 4 574 616 189 2,725 55 104 104 139 2,136 171 401 17 -50 196 5 425 810 202 3,042 55 96 116 139 2,265 155 401 19 -558 196 6 637 785 203 2,842 62 92 102 93 1,940 146 401 21 -424 196 7 583 785 203 3,089 81 92 97 93 1,291 140 401 22 -624 196 8 1,243 785 225 2,624 81 92 97 93 1,474 133 403 50 -349 1969—Aug.. 1,138 785 226 2,642 81 92 107 93 165 403 51 -268 Sept.. 1,093 785 226 2,642 81 92 107 93 ,459 165 403 50 -285 Oct... 1,128 785 226 2,642 81 92 117 93 165 403 50 -314 Nov.. 1,125 785 226 2,642 81 92 117 93 165 403 50 -309 Dec.. 1,115 784 226 2,642 82 92 117 93 1,471 165 403 51 -480 1970—Jan... 1,075 784 224 2,659 82 92 117 93 165 403 51 -488 Feb.., 1,035 784 224 2,659 82 92 117 93 165 404 51 -467 Mar.. 1,002 784 224 2,659 82 92 127 93 1,469 165 404 51 -507 Apr.. 992 784 224 2,659 82 92 127 93 165 404 51 -519 May. 978 784 225 2,659 82 92 127 93 165 404 51 -530 June. 942 784 225 2,670 82 92 127 93 1 j 469 165 404 51 -516 J A u u l g y . . f . 9 9 5 2 4 0 7 5 8 3 4 4 2 2 2 2 5 5 2 2 , , 6 7 7 2 0 0 82 9 9 2 2 1 1 2 2 7 6 165 4 40 0 4 4 52 - -3 5 1 1 1 9 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 WWoorrlldd PPeerriioodd pp tt rr ii oo oo dd nn uu cc ii -- A So fr u i t c h a Ghana C s ( h K o a n i s n g a - o ) U S n ta i t t e e s d C a a d n a - M ic e o x - N ra ic g a u - a Co b l i o a m- India Japan P p h i i n l e ip s - t A ra u l s ia - o A th l e l r 1964 1111111,,,,,,,444444400000005555555.......0000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000001111111111111111111188888888888888888888....................99999999999999999999 33333330000000.......3333333 777777......888888 55555551111111.......4444444 111111111111111111113333333333333333333333333333333333333333....................00000000000000000000 7777777.......4444444 666666......999999 11111111111111111112222222222222222222...................8888888888888888888 55555555555555..............22222222222222 111111111666666666.........111111111 11111114444444.......9999999 3333333333333333333333333333..............77777777777777 666666666666......666666 1965 1111111,,,,,,,444444444444440000000.......0000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000006666666666666666666699999999999999999999....................44444444444444444444 22222226666666.......4444444 222222......333333 55555558888888.......6666666 111111111111111111112222222222222222222255555555555555555555....................66666666666666666666 7777777.......6666666 555555......444444 11111111111111111111111111111111111111...................2222222222222222222 44444444444444..............66666666666666 111111111888888888.........111111111 11111115555555.......3333333 3333333333333300000000000000..............77777777777777 666666444444......888888 1966 1111111,,,,,,,444444444444445555555.......0000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000008888888888888888888800000000000000000000....................88888888888888888888 22222224444444.......0000000 555555......666666 66666663333333.......1111111 111111111111111111111111111111111111111144444444444444444444....................66666666666666666666 7777777.......5555555 555555......222222 9999999999999999999...................8888888888888888888 44444444444444..............22222222222222 111111111999999999.........444444444 11111115555555.......8888888 3333333333333322222222222222..............11111111111111 666666222222......999999 1967 1111111,,,,,,,444444411111110000000.......0000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000006666666666666666666688888888888888888888....................77777777777777777777 22222226666666.......7777777 555555......444444 55555553333333.......4444444 111111111111111111110000000000000000000033333333333333333333....................77777777777777777777 5555555.......8888888 555555......222222 9999999999999999999...................0000000000000000000 33333333333333..............44444444444444 222222222333333333.........777777777 11111117777777.......2222222 2222222222222288888888888888..............44444444444444 555555999999......444444 1968 1111111,,,,,,,444444422222220000000.......0000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000008888888888888888888888888888888888888888....................00000000000000000000 22222225555555.......4444444 555555......999999 55555553333333.......9999999 9999999999999999999944444444444444444444....................11111111111111111111 6666666.......2222222 444444......999999 8888888888888888888...................4444444444444444444 44444444444444..............00000000000000 222222222111111111.........555555555 11111118888888.......5555555 2222222222222277777777777777..............66666666666666 666666111111......666666 1969*' 1111111,,,,,,,444444422222220000000.......0000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000009999999999999999999900000000000000000000....................77777777777777777777 22222224444444.......8888888 66666660000000.......1111111 8888888888888888888855555555555555555555....................22222222222222222222 7777777.......5555555 7777777777777777777...................7777777777777777777 33333333333333..............44444444444444 222222222333333333.........777777777 22222220000000.......0000000 2222222222222255555555555555..............11111111111111 1969—July 9999999999999999999933333333333333333333....................77777777777777777777 66666666666666666666....................77777777777777777777 ...................7777777777777777777 ..............33333333333333 222222222.........111111111 22222222222222..............11111111111111 Aug 9999999999999999999933333333333333333333....................99999999999999999999 66666666666666666666....................66666666666666666666 ...................7777777777777777777 ..............33333333333333 222222222.........222222222 22222222222222..............00000000000000 Sept 9999999999999999999955555555555555555555....................11111111111111111111 2211..55 77777777777777777777....................00000000000000000000 ...................6666666666666666666 ..............33333333333333 2244..88 22222222222222..............22222222222222 Oct 9999999999999999999955555555555555555555....................22222222222222222222 66666666666666666666....................55555555555555555555 ...................6666666666666666666 ..............33333333333333 22222222222222..............11111111111111 Nov 9999999999999999999933333333333333333333....................66666666666666666666 66666666666666666666....................88888888888888888888 ...................6666666666666666666 ..............33333333333333 22222222222222..............00000000000000 Dec 8888888888888888888899999999999999999999....................55555555555555555555 77777777777777777777....................11111111111111111111 ...................4444444444444444444 ..............22222222222222 11111111111111..............99999999999999 1970—Jan 9999999999999999999922222222222222222222....................88888888888888888888 77777777777777777777....................55555555555555555555 ...................5555555555555555555 ..............22222222222222 11111111111111..............77777777777777 Feb 8888888888888888888888888888888888888888....................44444444444444444444 66666666666666666666....................55555555555555555555 ...................8888888888888888888 Mar 9999999999999999999944444444444444444444....................33333333333333333333 77777777777777777777....................11111111111111111111 ...................5555555555555555555 Apr 9999999999999999999922222222222222222222....................88888888888888888888 66666666666666666666....................66666666666666666666 ...................6666666666666666666 May 9999999999999999999944444444444444444444....................55555555555555555555 77777777777777777777....................00000000000000000000 ...................6666666666666666666 June 9999999999999999999966666666666666666666....................66666666666666666666 77777777777777777777....................22222222222222222222 ...................6666666666666666666 July 9999999999999999999955555555555555555555....................22222222222222222222 66666666666666666666....................88888888888888888888 1 Estimated; excludes U.S.S.R., other Eastern European countries, China Mainland, and North Korea. 2 Quarterly data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 94 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM ARTHUR F. BURNS, Chairman J. L. ROBERTSON, Vice Chairman GEORGE W. MITCHELL J. DEWEY DAANE SHERMAN J. MAISEL ANDREW F. BRIMMER WILLIAM W. SHERRILL ROBERT C. HOLLAND, Secretary of the Board J. CHARLES PARTEE, Adviser to the Board ROBERT SOLOMON, Adviser to the Board HOWARD H. HACKLEY, Assistant to the Board CHARLES MOLONY, Assistant to the Board ROBERT L. CARDON, Assistant to the Board DAVID B. HEXTER, Assistant to the Board JOSEPH R. COYNE, Special Assistant to the Board FRANK O'BRIEN, JR., Special Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF FEDERAL RESERVE BANK OPERATIONS ROBERT C. HOLLAND, Secretary KENNETH A. KENYON, Deputy Secretary JOHN R. FARRELL, Director ELIZABETH L. CARMICHAEL, Assistant Secretary JOHN N. KILEY, JR., Associate Director ARTHUR L. BROIDA, Assistant Secretary JAMES A. MCINTOSH, Assistant Director NORMAND R. V. BERNARD, Assistant Secretary P. D. RING, Assistant Director GORDON B. GRIM WOOD, Defense Planning CHARLES C. WALCUTT, Assistant Director Coordinator and Assistant Secretary LLOYD M. SCHAEFFER, Chief Federal Reserve * EUGENE A. LEONARD, Assistant Secretary Examiner DIVISION OF SUPERVISION AND REGULATION LEGAL DIVISION L T R P A A H O W U O B L M E R I R E A N T N S E C F J E . . B . O S F A . ' H C N N E O D O L N E L B N R E L S E R E , L , , L A A A , s s s d G s i v i s e s i t s t n a a e e n n r r t t a G l G C e e n n o e e u r r n a a s l l e C l C o o u u n n s s e e l l * * *B J J F F A A R R R C N E E E K D E D N T E E T M R R O O . I N I C C . E K H C G S . A O E R L R R L . E T O T D A , S M A V O A O H I N s T N L s , T , , i , s A D A t D a s s i s n r e s i e t i p s s c t u t D a t a t o n y i n r r t t e D D c D i t r i o i r e r r e e c c c to t t o o r r r 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 STANLEY J. SIGEL, Adviser DIVISION OF PERSONNEL ADMINISTRATION MURRAY S. WERNICK, Adviser EDWIN J. JOHNSON, Director KENNETH B. WILLIAMS, Adviser JOHN J. HART, Assistant Director PETER M. KEIR, Associate Adviser DIVISION OF ADMINISTRATIVE SERVICES JAMES B. ECKERT, Assistant Adviser JAMES L. PIERCE, Assistant Adviser JOSEPH E. KELLEHER, Director STEPHEN P. TAYLOR, Assistant Adviser DONALD E. ANDERSON, Assistant Director Louis WEINER, Assistant Adviser JOHN D. SMITH, Assistant Director JOSEPH S. ZEISEL, Assistant Adviser OFFICE OF THE CONTROLLER LEVON H. GARABEDIAN, Assistant Director JOHN KAKALEC, Controller DIVISION OF INTERNATIONAL FINANCE HARRY J. HALLEY, Assistant Controller ROBERT SOLOMON, Director DIVISION OF DATA PROCESSING ** ROBERT L: SAMMONS, Associate 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 BERNARD NORWOOD, Adviser *On leave from the Federal Reserve Bank of RALPH C. WOOD, Adviser St. Louis. RALPH C. BRYANT, Associate 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 95 FEDERAL OPEN MARKET COMMITTEE ARTHUR F. BURNS, Chairman ALFRED HAYES, Vice Chairman ANDREW F. BRIMMER AUBREY N. HEFLIN J. L. ROBERTSON J. DEWEY DAANE W. BRADDOCK HICKMAN WILLIAM W. SHERRILL DARRYL R. FRANCIS SHERMAN J. MAISEL ELIOT J. SWAN GEORGE W. MITCHELL ROBERT C. HOLLAND, Secretary ARTHUR L. BROIDA, Deputy Secretary GEORGE GARVY, Associate Economist KENNETH A. KENYON, Assistant Secretary LYLE E. GRAM LEY, Associate Economist CHARLES MOLONY, Assistant Secretary A. B. HERSEY, Associate Economist HOWARD H. HACKLEY, General Counsel WILLIAM J. HOCTER, Associate Economist DAVID B. HEXTER, Assistant General Counsel HOMER JONES, Associate Economist J. CHARLES PARTEE, Economist JAMES PARTHEMOS, Associate Economist STEPHEN H. AXILROD, Associate Economist JOHN E. REYNOLDS, Associate Economist J. HOWARD CRAVEN, Associate Economist ROBERT SOLOMON, Associate Economist ALAN R. HOLMES, Manager, System Open Market Account CHARLES A. COOMBS, Special Manager, System Open Market Account FEDERAL ADVISORY COUNCIL PHILIP H. NASON, NINTH FEDERAL RESERVE DISTRICT, President JACK T. CONN, TENTH FEDERAL RESERVE DISTRICT, Vice President MARK C. WHEELER, FIRST FEDERAL GEORGE S. CRAFT, SIXTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT JOHN M. MEYER, JR., SECOND FEDERAL DONALD M. GRAHAM, SEVENTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT GEORGE H. BROWN, JR., THIRD FEDERAL ALLEN MORGAN, EIGHTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT JOHN A. MAYER, FOURTH FEDERAL JOHN E. GRAY, ELEVENTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT ROBERT D. H. HARVEY, FIFTH FEDERAL A. W. CLAUSEN, TWELFTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Assistant Secretary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 96 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 FI. 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 97 FEDERAL RESERVE BOARD PUBLICATIONS Available from Publications Services, Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Where a charge is indicated, remittance should accompany request and be made payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. currency. (Stamps and coupons not accepted.) THE FEDERAL RESERVE SYSTEM—PURPOSES AND SUPPLEMENT TO BANKING AND MONETARY STA- FUNCTIONS. 1963. 298 pp. TISTICS. Sec. 1. Banks and the Monetary System. 1962. 35 pp. $.35. Sec. 2. Member Banks. ANNUAL REPORT. 1967. 59 pp. $.50. Sec. 5. Bank Debits. 1966. 36 pp. $.35. Sec. 6. Bank Income. 1966. 29 pp. FEDERAL RESERVE BULLETIN. Monthly. $6.00 per $.35. Sec. 9. Federal Reserve Banks. 1965. 36 annum or $.60 a copy in the United States and pp. $.35. Sec. 10. Member Bank Reserves and its possessions, Bolivia, Canada, Chile, Colom- Related Items. 1962. 64 pp. $.50. Sec. 11. Curbia, Costa Rica, Cuba, Dominican Republic, rency. 1963. 11 pp. $.35. Sec. 12. Money Rates Ecuador, Guatemala, Haiti, Republic of Honand Securities Markets. 1966. 182 pp. $.65. duras, Mexico, Nicaragua, Panama, Paraguay, Sec. 14. Gold. 1962. 24 pp. $.35. Sec. 15. Inter- Peru, El Salvador, Uruguay, and Venezuela; 10 national Finance. 1962. 92 pp. $.65. Sec. 16 or more of same issue sent to one address, $5.00 (New). Consumer Credit. 1965. 103 pp. $.65. per annum or $.50 each. Elsewhere, $7.00 per annum or $.70 a copy. INDUSTRIAL PRODUCTION—1957-59 BASE. 1962. 172 pp. $1.00 a copy; 10 or more sent to one FEDERAL RESERVE CHART BOOK ON FINANCIAL address, $.85 each. AND BUSINESS STATISTICS. Monthly. Annual subscription includes one issue of Historical BANK MERGERS & THE REGULATORY AGENCIES: Chart Book. $6.00 per annum or $.60 a copy in APPLICATION OF THE BANK MERGER ACT OF the United States and the countries listed above; 1960. 1964. 260 pp. $1.00 a copy; 10 or more 10 or more of same issue sent to one address, sent to one address, $.85 each. $.50 each. Elsewhere, $7.00 per annum or $.70 a copy. BANKING MARKET STRUCTURE & PERFORMANCE IN METROPOLITAN AREAS: A STATISTICAL HISTORICAL CHART BOOK. Issued annually in Sept. STUDY OF FACTORS AFFECTING RATES ON Subscription to monthly chart book includes BANK LOANS. 1965. 73 pp. $.50 a copy; 10 or one issue. $.60 a copy in the United States and more sent to one address, $.40 each. countries listed above; 10 or more sent to one address, $.50 each. Elsewhere, $.70 a copy. THE PERFORMANCE OF BANK HOLDING COM- PANIES. 1967. 29 pp. $.25 a copy; 10 or more THE FEDERAL RESERVE ACT, as amended through sent to one address, $.20 each. Nov. 5, 1966, with an appendix containing provisions of certain other statutes affecting the FARM DEBT. Data from the 1960 Sample Survey Federal Reserve System. 353 pp. $1.25. of Agriculture. 1964. 221 pp. $1.00 a copy; 10 or more sent to one address, $.85 each. REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. MERCHANT AND DEALER CREDIT IN AGRICUL- TURE. 1966. 109 pp. $1.00 a copy; 10 or more PUBLISHED INTERPRETATIONS OF THE BOARD OF sent to one address, $.85 each. GOVERNORS, as of June 30, 1970. $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 98 FEDERAL RESERVE BULLETIN • OCTOBER 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 DISform, 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 RElist 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 subform, 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 99 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- ALIZATION OF "STOCK ADJUSTMENT" DECISION 11 pp. RULES, by P. A. Tinsley. July 1969. 14 pp. REVISION OF BANK DEBITS AND DEPOSIT TURN- ECONOMIC FORECASTS: EVALUATION PROCE- OVER SERIES. Mar. 1965. 4 pp. DURES AND RESULTS, by H. O. Stekler. Oct. 1969. 49 pp. TIME DEPOSITS IN MONETARY ANALYSIS, Staff 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. THE AVAILABILITY OF MORTGAGE LENDING COM- RESEARCH ON BANKING STRUCTURE AND PER- MITMENTS, by Robert Moore Fisher. Dec. 1969. FORMANCE, Staff Economic Study by Tynan 36 pp. Smith. Apr. 1966. 11 pp. IMPORTED INFLATION AND THE INTERNATIONAL COMMERCIAL BANK LIQUIDITY, Staff Economic ADJUSTMENT PROCESS, by Ruth Logue. Dec. Study by James Pierce. Aug. 1966. 9 pp. 1969. 147 pp. CONSUMER SAVINGS AND THRIFT INSTITUTIONS, TOWARD UNDERSTANDING OF THE WHOLE DE- VELOPING ECONOMIC SITUATION, Staff Ecoby Edward C. Ettin and Barbara Negri Opper. nomic Study by Frank R. Garfield. Nov. 1966. June 1970. 12 pp. 14 pp. OPTIMAL CHOICE OF MONETARY POLICY INSTRU- MENTS IN A SIMPLE STOCHASTIC MACRO A REVISED INDEX OF MANUFACTURING CAPACITY, MODEL, by William Poole. Sept. 1970. 20 pp. Staff Economic Study by Frank de Leeuw with Frank E. Hopkins and Michael D. Sherman. Nov. 1966. 11 pp. Printed in full in the Bulletin. (Reprints available as shown in following list.) THE ROLE OF FINANCIAL INTERMEDIARIES IN U.S. CAPITAL MARKETS, Staff Economic Study REPRINTS by Daniel H. Brill with Ann P. Ulrey. Jan. (From Federal Reserve BULLETIN unless preceded 1967. 14 pp. by an asterisk.) REVISED SERIES ON COMMERCIAL AND INDUS- ADJUSTMENT FOR SEASONAL VARIATION. June TRIAL LOANS BY INDUSTRY. Feb. 1967. 2 pp. 1941. 11 pp. AUTO LOAN CHARACTERISTICS AT MAJOR SALES SEASONAL FACTORS AFFECTING BANK RESERVES. FINANCE COMPANIES. Feb. 1967. 5 pp. Feb. 1958. 12 pp. SURVEY OF FINANCE COMPANIES, MID-1965. Apr. LIQUIDITY AND PUBLIC POLICY, Staff Paper by 1967. 26 pp. Stephen H. Axilrod. Oct. 1961. 17 pp. MONETARY POLICY AND THE RESIDENTIAL MORT- SEASONALLY ADJUSTED SERIES FOR BANK GAGE MARKET. May 1967. 13 pp. CREDIT. July 1962. 6 pp. 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 100 FEDERAL RESERVE BULLETIN • OCTOBER 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 THE CHANNELS OF MONETARY POLICY, Staff Eco- AND CAPACITY UTILIZATION. July 1967. 3 pp. 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. REVISION OF WEEKLY SERIES FOR COMMERCIAL INTEREST COST EFFECTS OF COMMERCIAL BANK BANKS. Aug. 1969. 5 pp. UNDERWRITING OF MUNICIPAL REVENUE BONDS. Aug. 1967. 16 pp. EURO-DOLLARS: A CHANGING MARKET. Oct. 1969. 20 pp. THE FEDERAL RESERVE-MIT ECONOMETRIC MODEL, Staff Economic Study by Frank de REVISION OF MONEY SUPPLY SERIES. Oct. 1969. Leeuw and Edward Gramlich. Jan. 1968. 30 pp. 16 pp. THE PRICE OF GOLD IS NOT THE PROBLEM. Feb. BALANCE OF PAYMENTS PROGRAM: REVISED 1968. 7 pp. GUIDELINES FOR BANKS AND NONBANK FINAN- U.S. INTERNATIONAL TRANSACTIONS: TRENDS IN CIAL INSTITUTIONS. Jan. 1970. 11 pp. 1960-67. Apr. 1968. 23 pp. RECENT CHANGES IN STRUCTURE OF COMMER- MARGIN ACCOUNT CREDIT. June 1968. 12 pp. CIAL BANKING. Mar. 1970. 16 pp. MONETARY RESTRAINT AND BORROWING AND U.S. BALANCE OF PAYMENTS AND INVEST- CAPITAL SPENDING BY LARGE STATE AND MENT POSITION. Apr. 1970. 17 pp. LOCAL GOVERNMENTS IN 1966. July 1968. 30 pp. SDR's IN FEDERAL RESERVE OPERATIONS AND REVISED SERIES ON BANK CREDIT. Aug. 1968. STATISTICS. May 1970. 4 pp. 4 pp. CHANGES IN BANK LENDING PRACTICES, 1969. FEDERAL FISCAL POLICY IN THE 1960's. Sept. May 1970. 5 pp. 1968. 18 pp. HOW DOES MONETARY POLICY AFFECT THE BANKING AND MONETARY STATISTICS, 1969. ECONOMY? Staff Economic Study by Maurice Selected series of banking and monetary statistics Mann. Oct. 1968. 12 pp. for 1969 only. Mar. and July 1970. 18 pp. BUSINESS FINANCING BY BUSINESS FINANCE FINANCIAL DEVELOPMENTS IN THE SECOND COMPANIES. Oct. 1968. 13 pp. QUARTER OF 1970. Aug. 1970. 10 pp. MANUFACTURING CAPACITY: A COMPARISON OF TREASURY AND FEDERAL RESERVE FOREIGN EX- TWO SOURCES OF INFORMATION, Staff Eco- CHANGE OPERATIONS. Sept. 1970. 17 pp. nomic Study by Jared J. Enzler. Nov. 1968. 5 pp. CHANGES IN TIME AND SAVINGS DEPOSITS, JAN- MONETARY RESTRAINT, BORROWING, AND CAP- UARY-APRIL 1970. Sept. 1970. 10 pp. ITAL SPENDING BY SMALL LOCAL GOVERN- MENTS AND STATE COLLEGES IN 1966. Dec. INFLATION IN WESTERN EUROPE AND JAPAN. 1968. 30 pp. Oct. 1970. 13 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 101 INDEX TO STATISTICAL TABLES (For list of tables published periodically, but not monthly, see page A-3.) Acceptances, bankers', 14, 33, 37 Deposits (See also specific types of deposits): Agricultural loans of commercial banks, 24, 26 Accumulated at commercial banks for payment of Arbitrage, 91 personal loans, 23 Assets and liabilities (See also Foreigners, claims on, Adjusted, and currency, 18 and liabilities to): Banks, by classes, 11, 19, 25, 29, 37 Banks, by classes, 19, 24, 25, 26, 37 Euro-dollars, 86 Banks and the monetary system, 18 Federal Reserve Banks, 12, 86 Corporate, current, 49 Postal savings, 18, 25 Federal Reserve Banks, 12 Subject to reserve requirements, 17 Automobiles: Discount rates, 9, 90 Consumer instalment credit, 54, 55, 56 Discounts and advances by Reserve Banks, 4, 12, 13, 15 Production index, 58, 59 Dividends, corporate, 48, 49 Dollar assets, foreign, 75, 81 Bank credit proxy, 17 Bankers' balances, 25, 28 Earnings and hours, manufacturing industries, 65 {See also Foreigners, claims on, and liabilities to) 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 Yields and prices, 34, 35 Farm mortgage loans, 50, 51 Branch banks, liabilities of U.S. banks to their foreign Federal finance: branches, 30, 86 Cash transactions, 40 Brokerage balances, 85 Receipts and expenditures, 41 Business expenditures on new plant and equipment, 49 Treasury operating balance, 40 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 Capacity utilization, 62 Federal intermediate credit banks, 39 Capital accounts: Federal land banks, 39 Banks, by classes, 19, 25, 30 Federal National Mortgage Assn., 39, 53 Federal Reserve Banks, 12 Federal Reserve Banks: Central banks, 90, 92 Condition statement, 12 Certificates of deposit, 30 U.S. Govt, securities held, 4, 12, 15, 42, 43 Coins, circulation, 16 Federal Reserve credit, 4, 6, 12, 15 Commercial and industrial loans: Federal Reserve notes, 12, 16 Commercial banks, 24, 32 Federally sponsored credit agencies, 39 Weekly reporting banks, 26, 31 Finance company paper, 33, 37 Commercial banks: Financial institutions, loans to, 24, 26 Assets and liabilities, 19, 24, 25, 26 Float, 4 Consumer loans held, by type, 55 Flow of funds, 70 Deposits at, for payment of personal loans, 23 Foreign: Loans sold outright, 32 Currency operations, 12, 14, 75. 81 Number, by classes, 19 Deposits in U.S. banks, 5, 12, 18, 25, 29, 86 Real estate mortgages held, by type, 50 Exchange rates, 89 Commercial paper, 33, 37 Trade, 73 Condition statements (See Assets and liabilities) Foreigners: Construction, 62, 63 Claims on, 82, 83, 86, 87, 88 Consumer credit: Liabilities to, 30, 76, 77, 79, 80, 81, 86, 87, 88 Instalment credit, 54, 55, 56, 57 Noninstalment credit, by holder, 55 Gold: Consumer price indexes, 62, 66 Certificates, 12, 13, 16 Consumption expenditures, 68, 69 Earmarked, 86 Corporations: Net purchases by U.S., 74 Sales, profits, taxes, and dividends, 48, 49 Production, 93 Security issues, 46, 47 Reserves of central banks and govts., 92 Security yields and prices, 34, 35 Stock, 4, 18, 75 Cost of living (See Consumer price indexes) Government National Mortgage Association, 53 Currency and coin, 5, 10, 25 Gross national product, 68, 69 Currency in circulation, 5, 16, 17 Customer credit, stock market, 36, 94 Hours and earnings, manufacturing industries, 65 Housing permits, 62 Debits to deposit accounts, 15 Housing starts, 63 Debt (See specific types of debt or securities) Demand deposits: Income, national and personal, 68, 69 Adjusted, banks and the monetary system, 18 Industrial production index, 58, 62 Adjusted, commercial banks, 15, 17, 25 Instalment loans, 54, 55, 56, 57 Banks, by classes, 11, 19, 25, 29 Insurance companies, 38, 42, 43, 51 Subject to reserve requirements, 17 Insured commercial banks, 21, 23, 24 Turnover, 15 Interbank deposits, 11, 19, 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 102 FEDERAL RESERVE BULLETIN • OCTOBER 1970 Interest rates: Reserve position, basic, member banks, 8 Business loans by banks, 32 Reserve requirements, member banks, 10 Federal Reserve Bank discount rates, 9 Reserves: Foreign countries, 90, 91 Central banks and govts., 92 Money market rates, 33, 91 Commercial banks, 25, 28, 30 Mortgage yields, 53 Federal Reserve Banks, 12 Prime rate, commercial banks, 33 Member banks, 5, 6, 11, 17, 25 Time deposits, maximum rates, 11 U.S. reserve assets, 75 Yields, bond and stock, 34 Residential mortgage loans, 35, 50, 51, 52 International capital transactions of the U.S., 76-88 Retail credit, 54 International institutions, 74, 75, 90, 92 Retail sales, 62 Inventories, 68 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 New security issues, 45, 46 Manufacturers: Ownership of securities of, 24, 28, 37, 38 Capacity utilization, 62 Yields and prices of securities, 34, 35 Production index, 59, 62 State member banks, 21, 23 Margin requirements, 10 Stock market credit, 36, 94 Member banks: Stocks: Assets and liabilities, by classes, 19, 24 New issues, 46, 47 Borrowings at Reserve Banks, 6, 12 Yields and prices, 34, 35 Deposits, by classes, 11 Number, by classes, 19 Reserve position, basic, 8 Tax receipts, Federal, 41 Reserve requirements, 10 Reserves and related items, 4, 17 Time deposits, 11, 17, 18, 19, 25, 29 Mining, production index, 59, 62 Treasury cash, Treasury currency, 4, 5, 16, 18 Mobile home shipments, 63 Treasury deposits, 5, 12, 40 Money rates (See Interest rates) Treasury operating balance, 40 Money supply and related data, 17 Mortgages (See Real estate loans and Residential mortgage loans) Unemployment, 64 Mutual funds (See Investment companies) U.S. balance of payments, 72 Mutual savings banks, 18, 29, 37, 42, 43, 50 U.S. Govt, balances: Commercial bank holdings, 25, 29 National banks, 21, 23 Consolidated condition statement, 18 National income, 68, 69 Member bank holdings, 17 National security expenditures, 41, 68 Treasury deposits at Reserve Banks, 5, 12, 40 Nonmember banks, 22, 23, 24, 25 U.S. Govt, securities: Bank holdings, 18, 19, 24, 27, 37, 42, 43 Dealer transactions, positions, and financing, 44 Open market transactions, 14 Federal Reserve Bank holdings, 4, 12,15,42, 43 Foreign and international holdings, 12, 81, 84, 86 Payrolls, manufacturing index, 62 International transactions, 81, 84 Personal income, 69 New issues, gross proceeds, 46 Postal savings, 18, 25 Open market transactions, 14 Prices: Outstanding, by type of security, 42, 43, 45 Ownership of, 42, 43 Consumer and wholesale commodity, 62, 66 Yields and prices, 34, 35, 91 Security, 35 United States notes, 16 Prime rate, commercial banks, 33 Utilities, production index, 59, 62 Production, 58, 62 Profits, corporate, 48, 49 Veterans Administration, 50, 51, 52, 53 Real estate loans: Banks, by classes, 24, 27, 37, 50 Delinquency rates on home mortgages, 52 Weekly reporting banks, 26 Mortgage yields, 53 Type of holder and property mortgaged, 50, 51, 52, 53 Yields {See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES MeUru Minneapolis^ / ^innnrwa SCO Denver* ® Kansas City^ 1 Oklahoma Citt)\ \emf>MS\ i«t*io*X BM^J^nta Dallas ® \£C~Paso~ nvOk Jiouston I .jftw&Ceans nAntonio< October 16, 1969 -Drawn byft .W. gdvin, Cart * (p THE FEDERAL RESERVE SYSTEM g) £ ALAS KA HAWAII Legend Boundaries of Federal Reserve Districts Boundaries of Federal Reserve Branch Territories © Board of Governors of the Federal Reserve System ® Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis