Federal Reserve Bulletin, 1970-11

FEDERAL RESERVE BULLETIN * * * * NOVEMBER 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 11 • VOLUME 56 • NOVEMBER 1970 CONTENTS 797 Capital Markets—First Three Quarters of 1970 803 Changes in Time and Savings Deposits, April-July 1970 815 Record of Policy Actions of the Federal Open Market Committee 823 Law Department 863 Announcements 865 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 Index to Statistical Tables Map of Federal Reserve System on Inside Back Cover EDITORIAL Charles Molony COMMITTEE J- Charles Partee Robert C. Holland Robert Solomon Kenneth B. Williams Elizabeth B. Sette The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed except in official statements and signed articles. Direction for the art work is provided by Mack Rowe. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Capital Markets— First Three Quarters of 1970 DEMANDS for capital market funds by corporations and by State and local governments were heavy during the first three quarters of 1970, while mortgage debt originations showed only a modest recovery from the reduced levels of 1969. Long-term interest rates on corporate and municipal securities were at their highs for the year in the late spring of 1970, but by the end of September these yields had fallen about half a percentage point below the levels reached at the end of 1969. Rates on long-term U.S. Government securities were down only slightly from their December 1969 averages, and mortgage rates, which tend to lag other market rates, had risen modestly. FUNDS RAISED IN Although plans for expansion of capital spending were dampened SECURITIES MARKETS as 1970 unfolded—because growth in the economy slowed and profits were weak—corporate needs for long-term funds to restore liquidity, restructure balance sheets, and maintain projects already under way resulted in a record level of new corporate security offerings. The total gross volume of bonds and stocks issued by corporations during the first three quarters of 1970— $27 billion—was more than one-third larger than in the comparable period of 1969. Most of this growth was in the public bond market, where new issues appeared at an average monthly rate of almost $2 billion. Private placements in the first three quarters of the year, however, were about one-fifth smaller than the total for the comparable period of 1969. Life insurance companies, which have been the major investors in this market, had limited their forward-commitments schedule for private placements apparently because of the pressures resulting from in- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

798 FEDERAL RESERVE BULLETIN • NOVEMBER 1970 creases in policy loans. Moreover, for these companies asset acquisitions reflected to an increased degree a growing volume of purchases of equities for variable annuities. Reflecting the heavy capital demands of corporations, total new stock sold in the first 9 months of 1970 was little different from the year-earlier period despite prolonged weakness in the stock markets. There appeared to be little or no change in the volume of stock sold by manufacturing corporations. However, a sharp increase in equity financing by public utilities and a large volume of certificates of beneficial interest issued by the fastgrowing real estate investment trust sector tended to offset a marked decline in stock offerings by firms in the "commercial and other" category. Sales of convertible bonds fell off abruptly, especially after the spring low in stock market prices, and the 9-month total was about one-third below the year-earlier figure. There have been several interesting changes in the composition of issues of corporate securities this year. Communications firms, which accounted for about 8 per cent of the total in 1969, represented 15 per cent of the gross proceeds from new security issues in the first three quarters of 1970. The share of public utilities— excluding the communications sector—increased from 24 to 28 per cent. In dollar terms, the volume of securities issued by utilities increased by $2.8 billion. The sharp rise in financing by public utilities and communications firms in 1970 reflected the rapid growth of capital outlays in these industries. The dollar volume of gross security issues by manufacturing firms also rose —by more than $2 billion—and the manufacturing share edged up slightly. Although the share of "other" issuers—which includes financial, commercial, and transportation firms—dropped sharply, the dollar volume of securities sold by that sector was off by only about $300 million. The total of bond financing in the first three quarters of 1970 included an unusual volume of high-grade issues by large industrial concerns. Despite this development the increased emphasis of investors on safety and marketability in the wake of this past summer's liquidity problems resulted in a significant widening of the yield spread between prime and lower-grade bonds. Not only was there a marked change in the composition of issues by type of borrower, but also the maturity structure of debt offerings changed appreciably. Intermediate-term debt issues, which amounted to only about 9 per cent of total publicly offered bonds in 1969, represented almost one-fifth of the total in the first three quarters of 1970. Bonds in this area ranged in maturity Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CAPITAL MARKETS 799 from 3 to 8 years, with a median maturity of 5 years. Undoubtedly, many companies that would have preferred to float long-term debt found it desirable to tailor their securities to the preferences of investors less willing to acquire long-term assets. But much of this intermediate-term financing represented a substitute for bank loans and also reflected borrower expectations of lower long-term interest rates in the future. New offerings of long-term debt by State and local governments, after a period of depressed volume in 1969, returned to about the 1968 level. For many State and local governments that had been unable to sell bonds after mid-1969 because of restrictive interest rate ceilings, legal ceilings were liberalized. As yields on tax-exempt issues declined during the first and third quarters of 1970, these units were able to work down some of the backlog of authorized but unsold issues. NEW SECURITY OFFERINGS BILLIONS OF DOLLARS Quarterly data. Following a sharp decline in the first quarter, net mortgage debt formation increased through the third quarter of 1970. Deposit growth at thrift institutions in the 9-month period was relatively much stronger than in the similar period of 1969. Several factors have benefited thrift institutions this year: the high rate of saving that has prevailed; the apparent preference of savers for safe, liquid assets in the face of the economic problems of 1970; the January increase in ceiling rates paid on deposits; and the growing attractiveness of deposits as rates on other money Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

800 FEDERAL RESERVE BULLETIN • NOVEMBER 1970 market instruments fell. Financial institutions utilized much of NONBANK SAVINGS ACCOUNTS the inflow to rebuild their own liquidity, but new mortgage com- ANNUAL RATE OF CHANGE, PER CENT I 10 mitments began to increase, especially at savings and loan associations, in the second quarter. Contrasting with the first three quarters of 1969 when the U.S. Treasury made net repayments of more than $9 billion of debt, in the corresponding period of 1970 it borrowed about $3 billion net. The Treasury's cash borrowing, as well as its sizable refund- Seasonally adjusted. ing operations, took the form of short- or intermediate-term debt, of course, since the interest rate ceiling prevented the issuance of Treasury bonds. A decline in receipts associated with the limited growth in nominal GNP and with tax reductions was combined with an increase in the rate of spending. Federal agency borrowing—mainly to aid the mortgage market—showed no change over the two periods as a whole. But there was a significant decrease in agency debt issues in the second and third quarters of 1970 when inflows to thrift institutions expanded rapidly. Like Treasury borrowing, agency financing was mainly in shortand intermediate-term market sectors. There were, however, some long-term agency issues, for example, bonds sold by the Federal Home Loan Bank Board and the Federal National Mortgage Association. INTEREST RATES The heavy volume of borrowing by corporations and municipalities in the capital markets moderated the decline in long-term interest rates from January through September of 1970, while short-term rates, as illustrated in the accompanying chart, fell 150 basis points or more. Both corporate and municipal longterm borrowing began to accelerate in March. This surge in private borrowing, occurring at the time when it also became apparent to the market that Treasury cash borrowing might be sizable, exerted downward pressure on prices in all securities markets. In addition to the adverse impact of these economic factors, investor expectations were depressed by domestic political and social developments. The Bond Buyer index, a widely followed indicator of yields on tax-exempt issues, reached its highest recorded level in late May and hovered near that level during much of June. Yields on corporate new issues rose rapidly in April and May and set a record high in June, when a Aaa-rated communications issue was marketed at a yield of 9.35 per cent. There was also widespread concern in late spring about the continuing downtrend in corporate liquidity. In June, when a major railroad declared bankruptcy and it became apparent that Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CAPITAL MARKETS 801 INTEREST RATES PER CENT PER ANNUM 10 SHORT-TERM LONG-TERM FHAM ORTRAhFS Monthly averages except FHA (based on quotations for one day each month). Yields: U.S. Treasury bills, market yields on 3-month issues; prime commercial paper, dealer offering rates; FHA, weighted averages of private secondary market prices of new-home 30-year mortgages converted to annual yield (dashed line indicates period of adjustment to change in contractual interest rate); corporate bonds, weighted averages of new publicly offered bonds rated Aaa, Aa, and A by Moody's Investors Service and adjusted to an Aaa basis; U.S. Govt, bonds, market yields adjusted to 20-year constant maturity by U.S. Treasury; State and local govt, bonds (20 issues, mixed quality), Bond Buyer. the railroad might not be able to meet certain of its obligations on commercial paper, a substantial contraction occurred in the market for such paper. Confidence in the market was shaken for a while; but borrowers were enabled to find accommodation at banks after Regulation Q ceilings on large certificates of deposit maturing in 30 to 89 days were suspended by the Board of Governors of the Federal Reserve System. Conditions in both short- and long-term markets improved in the third quarter as both financial and nonfinancial firms were able to rebuild their liquidity, and investor expectations were modified by the easing of international and domestic tensions as well as by continuing evidence of less restrictive monetary policy. By the end of the quarter rates on long-term corporate and tax-exempt bonds were 80 to 90 basis points below their peaks, and rates on long-term Government securities and mortgages had also retreated somewhat. In early October corporate and municipal yields tended to rise somewhat as the volume of offerings accelerated further, but money market yields continued to decline. Mortgage rates also eased. However, with the accumulating evidence of a sluggish economy, long-term rates began to decline once more after late October, and short-term rates continued to decline sharply. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Changes in Time and Savings Deposits, April-July 1970 Interest rates paid at most banks on those tween banks' offering rates and yields on time and savings deposits subject to rate reg- market instruments, commercial banks exulation were at or close to the regulatory ceil- perienced in the April-July period the ings at the end of July 1970. Most of the largest quarterly inflow of time and savings large banks and many of the smaller ones deposits since the surveys were begun in had moved their offering rates to the new January 1967. A major part of the expansion ceilings during the first few months follow- was in large negotiable certificates of deposit ing the change in ceiling rates on January and in other instruments issued in denom- 21, 1970. An appreciable number of the inations of $100,000 or more. Consumerremaining banks moved to the highest per- type time deposits and passbook savings also missible rates during the April-July period. increased, although the rate of growth was For some types of deposits ceilings were sus- less dramatic than for large negotiable CD's.1 pended in late June. NET CHANGES IN DEPOSITS The upward movement of rates and the resulting rate structure on July 31 reflect the Total time and savings deposits held by incontinued competitive pressure from high dividuals, partnerships, and corporations yields on market instruments. The steep de- (IPC) at insured commercial banks incline in short-term interest rates that had creased by about $10 billion, or 5.7 per characterized the first quarter of 1970 was cent, in the 3 months ending July 31, 1970 succeeded by wide swings in rates during (Table 1). This compares with an increase the second quarter. Nevertheless, short-term of about $4 billion, or nearly 2.5 per cent, market rates were generally above bank of- in the preceding quarter. fering rates until late June. On June 24 Large negotiable CD's, held mainly by supervisory authorities suspended the ceil- businesses, increased by $4.2 billion, or 48 ing rates that banks may pay on large-denom- per cent. This represented two-fifths of the ination time deposits with maturities of less growth in all time and savings deposits, IPC, than 90 days. This action was designed to in the April-July period. At the end of the help banks meet any unusual demands for quarter holdings of large negotiable CD's short-term credit resulting from uncertainties amounted to $13 billion, or about threein financial markets, particularly those in the fourths of the peak level of $16.9 billion commercial paper market associated with reached in the October 1968 survey. Other the financial difficulties of a large railroad. 1 Previous surveys of time and savings deposits at all Following this action, short-term market member banks were conducted by the Board of Governors in late 1965, in early 1966, and quarterly berates declined further, and banks again ginning in 1967. Beginning in 1968 the quarterly were able to compete effectively for both surveys were expanded to provide figures for all inlarge- and small-denomination time deposits. sured commercial banks and were conducted jointly by the Board of Governors and the Federal Deposit In view of the improved relationship be- Insurance Corporation. The results of earlier surveys have appeared in BULLETINS for 1966-70, the most NOTE.—Caroline H. Cagle of the Board's Division of recent being September 1970, pp. 681-90. Research and Statistics prepared this article. Appendix tables for this article appear on pp. 809-13. 803 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

804 FEDERAL RESERVE BULLETIN • NOVEMBER 1970 TABLE 1 TYPES OF TIME AND SAVINGS DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS HELD BY INSURED COMMERCIAL BANKS ON SURVEY DATES, OCTOBER 1969-JULY 1970 Number of issuing banks Amount (in millions of dollars) Percentage change in deposits Type of deposit 1969 1970 1969 1970 (quarterly rate) Oct. 31,1969- Apr. 30- Oct. 31 Jan. 31 Apr. 30 July 31 Oct. 31 Jan. 31 Apr. 30 July 31 Apr. 30, 1970 Total time and savings deposits... . 13,161 13,148 13,315 13,324 175,485 173,404 177,585 187,743 .6 Savings 12,622 12,638 12,876 12,842 91,529 89,898 90,511 92,226 -.6 Time deposits in denominations of less than $100,000—total. . 12,974 13,024 64,324 66,672 66,402 68,898 Accounts with original maturity of— Less than 1 year n.a. n.a. 11,656 12,014 n.a. n.a. 42,871 40,594 1 up to 2 years n.a. n.a. 11,860 12,155 n.a. n.a. 14,133 15,149 2 years or more n.a. n.a. 9,399 9,923 n.a. n.a. 9,398 13,154 All maturities: CD's— Issued mainly to consumers 1 12,378 12,165 n.a. n.a. 46,274 45,863 n.a. n.a. Issued mainly to others2. 6,405 6,339 n.a. n.a. 3,029 3,161 n.a. n.a. Open accounts— Passbook or statement form 3 2,293 2,753 3,162 3,117 13,508 16,039 (16,320) (17,489) 10.3 Other4 1,713 1,641 n.a. n.a. 1,513 1,609 n.a. Time deposits in denominations of $100,000 or more 4,086 4,497 5,469 5,392 13,945 11,835 14,900 20,432 5.4 Negotiable CD's 1,630 2,001 2,750 2,921 7,686 6,445 8,788 13,024 10.2 N O o p n en n e a g c o c t o i u ab nt le CD's 2,5 5 6 2 9 3 2,5 4 8 7 7 5 3,206 2,976 4 1 , 7 ,5 2 3 9 0 3 1 , , 9 4 8 0 6 4 7,407 -.2 6,112 Christmas savings and other special funds 7,472 7,894 8,278 8,366 5,686 4,999 6,187 1.7 5,772 n.a. Not available. than $100,000, other than those described in footnote 3. These in- 1 Includes all time CD's in denominations of less than $100,000 struments are issued both to consumers and to businesses. for which, in the judgment of the reporting banks, 50 per cent or NOTE.—Data were compiled jointly by the Board of Governor? of more of the outstanding volume of deposits was issued to consumers the Federal Reserve System and the Federal Deposit Insurance Cor- (nonbusiness holders). poration. For January 31, April 30, and July 31, 1970, the information 2 Includes all time CD's in denominations of less than $100,000 for was reported by a probability sample of all insured commercial banks; which, in the judgment of the reporting bank, 50 per cent or more of for October 31, 1969, the data for member banks were reported by the outstanding volume of deposits was issued to businesses. virtually all such banks and for insured nonmember banks by the 3 Includes time deposits, open account, issued in passbook, state- same sample of these banks reporting in earlier surveys. ment, or other forms that are direct alternatives for regular savings Some deposit categories include a small amount of deposits outaccounts. Most of these are believed to be in accounts totaling less standing in a relatively few banks that no longer issue these types of dethan $100,000. posits and are not included in the number of issuing banks. Dollar 4 Includes time deposits, open account, in denominations of less amounts may not add to totals because of rounding. large-denomination instruments (nonnego- major part of the total increase in large negotiable CD's and open account deposits) also tiable CD's at all insured commercial banks expanded—by about $1.3 billion, or 21 per during that period. cent—in the 3 months ending July. The re- Growth in other large-denomination decent growth in these deposit categories fol- posits was more widely distributed by size of lowed a period of more modest expansion bank and by rate paid than that for negotibetween January and April of this year. able CD's. Whereas banks with total deposits Most of the increase in large negotiable of $100 million and over accounted for nine- CD's occurred after the suspension of rate tenths of the increase in large negotiable ceilings and at banks that were offering CD's, they accounted for only seven-tenths a rate above the old IV2 per cent ceiling. of the increase in other large-denomination Holdings of this type of deposit nearly dou- instruments. Banks with offering rates on bled between April and July at large banks July 31 of 7, IV2, and 8 per cent on other that were paying a rate over IV2 per cent large-denomination instruments accounted on July 31. Such banks accounted for a for most of the increase in these deposits. A Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TIME AND SAVINGS DEPOSITS 805 much smaller proportion of all large banks in the longer maturities reflected a shift out raised their offering rate on other large- of the short maturities by depositors seeking denomination instruments than they did on a higher interest rate. But some of the growth negotiable CD's in the April-July period. probably was also attributable to the nar- This reflects to some extent variations in the rowing in the spread between bank rates and interest rate sensitivity of their depositors. market rates and to some uncertainties in Almost half of all large nonnegotiable CD's financial markets, all of which made bank and open account deposits are estimated to deposits more attractive than they had been be held by consumers—a less rate-sensitive earlier in the year. group than businesses that account for the The major part of the growth in total time bulk of all holders of negotiable CD's. and savings deposits, IPC, in the most recent Regular savings deposits at insured com- quarter was at big banks. Nearly two-thirds mercial banks rose about $1.7 billion, or of the $10 billion increase was accounted for nearly 2 per cent, in the 3 months ending by banks with total deposits of $100 million July 31. This contrasts with an increase of and over. This reflected the concentration of about $600 million in the preceding quarter growth during this period in large-denominaand with a decline of $3.7 billion in the year tion deposits, which are held mainly by big ending January 31, 1970. Small banks ex- banks. On the other hand, the smaller banks perienced a somewhat faster growth rate actively promoted small-denomination time than large banks. deposits in the 2-year-and-over maturity Consumer-type time deposits (all time class. At small banks such deposits expanded deposits in denominations of less than twice as fast as at large banks. $100,000 other than savings) increased by RATE STRUCTURE AND RATE CHANGES about $2.5 billion, or nearly 4 per cent, in the April-July period. In the previous quar- As in previous periods after increases in ter there had been a slight decline. The re- interest rate ceilings, most banks were quick cent expansion was entirely in maturities of to move their rates to the new ceilings. On 1 year and over on which most banks were consumer-type time deposits the rates being offering interest rates above the old 5 per paid by most insured commercial banks were cent ceiling. Deposits with maturities of 2 at the regulatory ceilings in each of the three years or more, on which the maximum rate maturity classes on July 31. Rates paid on is 53A per cent, increased by $3.8 billion. deposits in the shortest maturity—under 1 This represented a large percentage growth year—were at the 5 per cent ceiling at since banks had relatively few of these virtually all banks (Table 2). This was litmaturities in the previous survey and tle changed from the preceding survey. For did not begin to issue them in large maturities of 1 up to 2 years and of 2 years volume until after the change in Regula- and over, more than nine-tenths of the banks tion Q in late January of this year. In the offering these deposits (and an equivalent 1- to 2-year maturities, deposits expanded by proportion of all deposits in these cate- $1 billion, or 7 per cent. On these maturi- gories) were paying depositors the 5 V2 or ties a rate of 5Vi per cent was permitted. 53A per cent ceilings, respectively. These At the same time deposits with the shortest proportions were somewhat higher than maturities (less than 1 year)—and subject those reported in the April 30 survey, for to a maximum rate of 5 per cent—declined some additional banks had moved their rates by $2.3 billion. No doubt part of the growth to the maximum level. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

806 FEDERAL RESERVE BULLETIN • NOVEMBER 1970 TABLE 2 TIME AND SAVINGS DEPOSITS, IPC, HELD BY INSURED COMMERCIAL BANKS ON APRIL 30 AND JULY 31, 1970, BY TYPE OF DEPOSIT, BY MOST COMMON RATE PAID ON NEW DEPOSITS IN EACH CATEGORY, AND BY SIZE OF BANK Size of bank (total deposits in Size of bank (total deposits in millions of dollars) millions of dollars) All banks All banks Group Less than 100 100 and over Less than 100 100 and over July Apr. July Apr. July Apr. July Apr. July Apr. July Apr. 31 30 31 30 31 30 31 30 31 30 31 30 Number of banks, or percentage distribution Amount of deposits (in millions of dollars) or percentage distribution Savings deposits: Issuing banks 12,842 12,876 12,338 12,384 504 492 92,226 90,511 38,004 37,196 54,222 53,315 Percentage distribution by most common rate paid on new deposits: 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 3.50 or less 8.4 9.0 8.6 9.2 3.8 3.7 2.9 3.1 4.7 5.1 1.7 1.8 3.51-4.00 15.5 18.6 15.9 19.1 6.3 5.9 6.3 7.4 8.8 12.0 4.5 4.1 4.01-4.50 76.1 72.4 75.5 71.7 89.9 90.4 90.8 89.5 86.5 82.9 93.8 94.1 Time deposits in denominations of less than $100,000: Maturities less than 1 year: Issuing banks 12,014 11,656 11,516 11,173 498 483 40,594 42,871 21,008 22,672 19,586 20,199 Percentage distribution by most common rate paid on new deposits: 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 4.50 or less 2.4 2.8 2.5 2.8 1.6 1.0 .2 .2 .3 .4 . 1 O) 4.51-5.00 97.6 97.2 97.5 97.2 98.4 99.0 99.8 99.8 99.7 99.6 99.9 100.0 Maturities of 1 up to 2 years: Issuing banks 12,155 11,860 11,672 11,391 483 469 15,149 14,133 11,485 10,855 3665 3,277 Percentage distribution by most common rate paid on new deposits : 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 5.00 or less 6.5 7.6 6.5 7.6 6.6 9.2 9.7 13.6 10.7 13.3 6.8 14.6 5.01-5.25 .1 .1 .1 O) 0.2 .4 .1 .1 O) .1 .6 5.26-5.50 93.4 92.3 93.4 92.4 93.2 90.4 90.2 86.3 89.2 86.7 93.1 84.8 Maturities of 2 years and over: Issuing banks 9,923 9,399 9,454 8,953 469 446 13,154 9,397 7,211 4,775 5,944 4,623 Percentage distribution by most common rate paid on new deposits : 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 5.00 or less • 11..44 2.0 11..22 1.8 5.6 7.0 55..33 77..11 33..66 22..33 7.5 1122..11 5 5 . . 0 2 1 6 - - 5 5 . . 2 5 5 0 OO ..99 )) . . 7 1 OO ..99 )) . .6 1 .6 1. . 8 2 OO ..44 )) 11 CC ..66 11)) OO ..22 )) nn .6 nn 5.51-5.75 9977..77 97.2 9977..99 97.5 93.8 91.0 9944..33 9911..33 9966..22 9955..66 91.9 8866..88 Time deposits in denominations of $100,000 or more: Issuing banks 5,392 5,469 4,894 4,984 498 485 20,432 14,900 4,132 3,840 16,299 11,061 Percentage distribution by most common rate paid on new deposits : 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 5.75 or less 999...666 11.9 111000...333 12.6 3.2 4.1 2.2 5.3 6.2 11.2 1.2 3.6 5.75-6.0 0 222...777 3.6 222...999 3.8 1.2 2.3 1.6 2.0 3.5 2.9 1.1 1.6 6.00-6.5 0 777...222 19.3 777...222 18.8 6.4 23.5 3.3 18.0 6.8 16.4 2.5 18.5 6.51-6.75 444...777 6.5 444...555 6.2 6.4 10.1 4.9 15.0 4.7 9.1 5.0 17.0 6.76-7.0 0 111888...666 13.7 111888...444 12.9 20.3 22.0 17.8 28.4 15.1 16.1 18.5 32.6 7.01-7.2 5 111...888 .4 111...888 .3 2.0 1.0 2.4 .5 1.7 .2 2.5 .6 7.26-7.50 555111...111 44.6 555222...111 45.4 41.8 37.0 29.8 30.8 53.8 44.1 23.7 26.1 7.51-8.00 444...000 222...777 17.7 37.3 7.6 44.8 8.01-8.50 ...333 ...111 11..00 .7 .6 .7 For notes, see p. 808. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TIME AND SAVINGS DEPOSITS 807 Rates paid on regular savings deposits of all savings deposits—a slightly higher prowere lower in relation to the regulatory ceil- portion than on April 30. Nearly all large ing than those on consumer-type time de- banks were offering the ceiling rate to their posits, as had been true in previous surveys. customers, but this proportion declined as Slightly more than three-fourths of all in- bank size decreased to a low of about twosured commercial banks indicated they were thirds for banks in the smallest size group paying the AV2 per cent maximum on July (total deposits of less than $10 million). 31. These banks held more than nine-tenths Most of the small banks that had not moved TABLE 3 AVERAGE OF MOST COMMON INTEREST RATES PAID ON VARIOUS CATEGORIES OF TIME AND SAVINGS DEPOSITS, IPC, AT INSURED COMMERCIAL BANKS ON JULY 31, 1970 Per cent per annum Time deposits in denominations of— Less than $100,000 $100,000 or more AAAAllllllll SSSSaaaavvvviiiinnnnggggssss BBBBaaaannnnkkkk llllooooccccaaaattttiiiioooonnnn aaaannnndddd ssssiiiizzzzeeee ooooffff bbbbaaaannnnkkkk ttttiiiimmmmeeee aaaannnndddd aaaannnndddd ((((ttttoooottttaaaallll ddddeeeeppppoooossssiiiittttssss iiiinnnn mmmmiiiilllllllliiiioooonnnnssss ooooffff ddddoooollllllllaaaarrrrssss)))) ssssaaaavvvviiiinnnnggggssss ssssmmmmaaaallllllll ddddeeee---- SSSSaaaavvvviiiinnnnggggssss Maturing inddddeeeeppppoooossssiiiittttssss nnnnoooommmmiiiinnnnaaaa---tttt dddd iiiioooo eeee nnnn pppp oooo tttt ssss iiii iiii mmmm ttttssss eeee TToottaall 1 t L h y e a e s n s a r 1 2 u y p ea t r o s o 2 r y m ea o r r s e NN tt CC ii ee aa DD gg bb '' oo ll ss ee -- oo AA tthh UU ee rr All banks: All size groups 5.07 4.77 4.43 5.23 5.00 5.45 5.71 7.56 7.13 Less than 10 4.99 4.95 4.33 5.30 5.00 5.43 5.75 7.08 6.70 10-50. 4.94 4.83 4.41 5.25 5.00 5.45 5.70 7.15 6.98 50-100 4.95 4.74 4.40 5.22 5.00 5.47 5.75 7.37 7.17 100-500 5.01 4.71 4.42 5.20 5.00 5.45 5.69 7.45 7.19 500 and over 5.26 4.72 4.48 5.19 5.00 5.48 5.69 7.68 7.16 Banks in— Selected large SMSA's1: All size groups 5.14 4.72 4.46 5.20 5.00 5.46 5.70 7.61 7.15 Less than 10 4.85 4.78 4.40 5.26 5.00 5.47 5.73 7.03 6.91 10-50 4.87 4.72 4.41 5.23 5.00 5.44 5.73 7.14 7.03 50-100 4.97 4.73 4.44 5.21 5.00 5.48 5.73 7.43 7.20 100-500 5.05 4.70 4.43 5.20 5.00 5.45 5.69 7.48 7.20 500 and over 5.27 4.73 4.49 5.19 5.00 5.48 5.69 7.68 7.16 All other SMSA's: All size groups 4.95 4.75 4.38 5.23 5.00 5.46 5.73 7.39 7.31 Less than 10 4.88 4.80 4.28 5.29 4.99 5.44 5.75 7.47 7.28 10-50 4.93 4.80 4.38 5.28 5.00 5.47 5.75 7.29 7.41 50-100 5.02 4.76 4.43 5.21 5.00 5.47 5.75 7.40 7.49 100-500 4.95 4.73 4.42 5.19 4.99 5.44 5.69 7.38 7.18 500 and over 4.89 4.60 4.21 5.26 5.00 5.50 5.75 7.55 7.21 Banks outside SMSA's: All size groups 4.97 4.90 4.37 5.27 5.00 5.44 5.71 7.11 6.72 Less than 10 5.02 4.99 4.32 5.30 5.00 5.43 5.75 6.97 6.50 10-50 4.98 4.89 4.42 5.25 5.00 5.45 5.69 7.12 6.77 50-100 4.84 4.72 4.30 5.25 5.00 5.47 5.75 7.06 6.63 100-500 4.83 4.69 4.35 5.28 5.00 5.49 5.75 7.28 7.06 500 and over 55..0055 44..8888 44..5500 55..2222 55..0000 55..5500 55..7755 77..2255 1 The selected large Standard Metropolitan Statistical Areas, as defined by the Bureau of the Budget and arranged by size of population in the 1960 census, are as follows: New York City Buffalo San Bernardino-Riverside Norfolk-Portsmouth Nashville Los Angeles Houston Tampa-St. Petersburg Gary-Hammond-E. Chicago Salt Lake City Chicago Milwaukee Louisville Ft. Worth Flint Philadelphia Paterson-Clifton-Passaic Indianapolis Syracuse Wichita Detroit Seattle Dayton Hartford Ft. Lauderdale-Hollywood San Francisco-Oakland Dallas San Antonio Akron Orlando Boston Cincinnati Columbus Oklahoma City Charlotte Pittsburgh Kansas City Phoenix Youngstown-Warren Des Moines St. Louis San Diego Albany-Schenectady-Troy Sacramento Ft. Wayne Washington, D.C. Atlanta San Jose Honolulu Baton Rouge Cleveland Miami Birmingham Omaha West Palm Beach Baltimore Denver Memphis Jacksonville Rockford Newark New Orleans Jersey City Tulsa Jackson, Miss. Minneapolis-St. Paul Portland, Ore. Rochester Richmond NOTE.—The average rates were calculated by weighting the most common rate reported on each type of deposit at each bank by the amount of hat type of deposit outstanding. Christmas savings and other special funds, for which no rate information was collected, were excluded. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

808 FEDERAL RESERVE BULLETIN • NOVEMBER 1970 to the ceiling rate were paying 4 per cent, tenths had rates that varied between 63A and but about 900 banks reported a rate of 3 IV2 per cent (Appendix Table 6). per cent or less. AVERAGE INTEREST RATES Most large money market banks and some smaller institutions raised their offering rates Reflecting the removal of rate ceilings on on large short-term negotiable CD's above certain categories of deposits and some IV2 per cent shortly after the suspension of further upward adjustments in rates on other rate ceilings in late June. On the most re- types of deposits, weighted average rates cent survey date about 180 banks indicated were higher on July 31 than on the previous that their most common rate was higher than survey date for nearly all forms of time and IV2 per cent but very few of this group were savings deposits. The over-all average on all paying more than 8 per cent. The most com- time and savings deposits held by IPC's at mon rate as used in the survey is the rate the end of July was 5.07 per cent (Table 3), that brought in the largest dollar volume of 14 basis points greater than 3 months earlier. new deposits in the 30 days immediately On regular savings deposits the rate inpreceding the survey date. While banks that crease was only 1 basis point (to 4.43 per had raised their offering rate above IV2 per cent), whereas on total time deposits in decent represented only 6 per cent of all issuers nominations of less than $100,000 the rate of these instruments, they accounted for rose by 4 basis points (to 5.23 per cent). about half of all large-denomination negoti- These small changes reflect the fact that inable CD's that were outstanding on July 31 creases in rates in this period occurred main- (Appendix Table 5). ly at small banks that held relatively small On other large-denomination time de- amounts of these deposits. posits, banks were offering rates that were On time deposits in denominations of lower than those on negotiable CD's. Only $100,000 or more rates rose more rapidly. about 3 per cent of the issuing banks had On negotiable CD's the rate increased by raised their most common rate above IV2 nearly two-thirds of 1 percentage point (to per cent on nonnegotiable CD's and open 7.56 per cent), whereas on all other largeaccount deposits, and these banks held less denomination instruments the increase than one-fifth of all such deposits on July amounted to more than one-third of 1 per- 31. Of the remaining banks about seven- centage point (to 7.13 per cent.) • NOTES TABLE 2 1 Less than 0.05 per cent. While rate ranges of % or V4 of a percentage point are shown in thi NOTE.—The most common interest rate for each instrument or and other tables, the most common rate reported by most banks was group of instruments refers to the basic stated rate per annum (before the top rate in the range; for example, 4.00, 4.50, etc. On business-type compounding) in effect on the survey date that was generating the time deposits in denominations of $100,000 and over, however, some largest dollar volume of deposit inflows. If the posted rates were un- large banks have had on past surveys rates at intervals of H of a perchanged during the 30-day period just preceding the survey date, the centage point. rate reported as the most common rate was the rate in effect on the Time deposits in denominations of $100,000 and over include nelargest dollar volume of deposit inflows during that 30-day period. If gotiable and nonnegotiable CD's and open accounts. Each bank was the rate changed during that period, the rate reported was the rate grouped by the most common rate paid on the largest dollar volume of prevailing on the largest dollar volume of inflows from the time of the deposits and all of the deposits of these types were included at this last rate change to the survey date. rate. Figures may not add to totals because of rounding. APPENDIX TABLES 1-6: 1 Less than $500,000. 2 Omitted to avoid individual bank disclosure. still had some deposits outstanding on the survey date. Time deposits, NOTE.—Data were compiled from information reported by a open account, exclude Christmas savings and other special accounts. probability sample of all insured commercial banks expanded to Dollar amounts may not add to totals because of rounding. provide universe estimates. In the headings of these tables under "Most common rate paid Figures exclude banks that reported no interest rate paid and (per cent)" the rates shown are those being paid by nearly all reporting that held no deposits on the survey dates, and they also exclude banks. However, for the relatively few banks that reported a rate in a few banks that had discontinued issuing these instruments but between those shown, the bank was included in the next higher rate. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TIME AND SAVINGS DEPOSITS 809 APPENDIX TABLE 1—SAVINGS DEPOSITS Most common interest rates paid by insured commercial banks on new deposits on July 31, 1970 Most common rate paid (per cent) Most common rate paid (per cent) GGrroouupp TToottaall Total o 3 r . l 5 e 0 s s 4.00 4.50 o 3 r .5 le 0 s s 4.00 4.50 NUMBER OF BANKS MILLIONS OF DOLLARS AAllll bbaannkkss 1122,,884422 1,075 1,996 99,,777711 9922,,222266 2,707 5,799 8833,,772200 SSiizzee ooff bbaannkk ((ttoottaall ddeeppoossiittss iinn mmiilllliioonnss ooff ddoollllaarrss)):: LLeessss tthhaann 1100 77,,336622 786 1,517 55,,005599 66,,557722 393 1,011 55,,116699 1100--5500 44,,441188 238 412 33,,776688 2211,,550099 740 1,759 1199,,001100 5500--110000 555599 34 34 449911 99,,992233 667 575 88,,668811 110000--550000 338899 15 27 334477 1199,,775544 624 1,491 1177,,663399 550000 aanndd oovveerr 111144 2 6 110066 3344,,446688 (2) 963 3333,,222211 FFeeddeerraall RReesseerrvvee ddiissttrriicctt:: BBoossttoonn 336666 4 80 228822 44,,229955 97 485 33,,771133 445566 7 26 442233 1144,,990011 340 1,427 1133,,113333 PPhhiillaaddeellpphhiiaa 447755 61 78 333366 66,,005599 509 580 44,,997700 CClleevveellaanndd 779966 90 59 664477 99,,443377 557 302 88,,557788 RRiicchhmmoonndd 775500 10 29 771111 66,,990099 92 132 66,,668855 AAttllaannttaa 11,,555533 73 281 11,,119999 66,,446633 206 708 55,,554499 CChhiiccaaggoo 22,,553300 333 385 11,,881122 1166,,222266 481 1,363 1144,,338822 SStt.. LLoouuiiss 11,,330033 106 251 994466 22,,771166 143 236 22,,333377 MMiinnnneeaappoolliiss 11,,336699 245 502 662222 11,,997766 218 403 11,,335555 KKaannssaass CCiittyy 11,,668866 93 248 11,,334455 33,,117744 47 104 33,,002233 DDaallllaass 11,,220033 53 57 11,,009933 33,,007744 17 59 22,,999999 SSaann FFrraanncciissccoo 335555 335555 1166,,999955 1166,,999955 APPENDIX TABLE 2—TIME DEPOSITS, IPC, IN DENOMINATIONS OF LESS THAN $100,000—MATURING IN LESS THAN 1 YEAR Most common interest rates paid by insured commercial banks on new deposits on July 31, 1970 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total o 4 r .5 le 0 s s 4.75 5.00 o 4 r . l 5 e 0 s s 4.75 5.00 NUMBER OF BANKS MILLIONS OF DOLLARS All banks 12,014 291 11,720 40,594 84 Size of bank (total deposits in millions of dollars) Less than 10 6,814 235 6,579 4,961 34 10-50 4,146 44 4,101 11,569 13 (2) 50-100 556 4 552 4,478 20 100-500 385 375 7,455 17 (2)' 500 and over 113 113 12,131 Federal Reserve district: Boston 331 331 1,467 New York 450 46 402 3,139 4 (2) Philadelphia 333 45 287 1,706 27 (2) Cleveland 753 35 718 3,047 Richmond 689 8 681 3,104 21 Atlanta 1,424 48 1,376 3,329 5 Chicago 2,285 31 2,254 9,597 St. Louis 1,265 66 1,199 2,282 13 Minneapolis 1,193 1,193 2,618 Kansas City 1,681 1,672 2,272 10 Dallas 1,276 1,273 2,180 1 San Francisco 334 334 5,855 For notes to Appendix Tables 1-6, see p. 808. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

810 FEDERAL RESERVE BULLETIN • NOVEMBER 1970 APPENDIX TABLE 3—TIME DEPOSITS, IPC, IN DENOMINATIONS OF LESS THAN $100,000—MATURING IN 1 UP TO 2 YEARS Most common interest rates paid by insured commercial banks on new deposits on July 31, 1970 Most common rate paid (per cent) Most common rate paid (per cent) Group Total 4.50 Total 4.50 or 5.00 5.25 5.50 or 5.00 5.25 5.50 less less NUMBER OF BANKS MILLIONS OF DOLLARS All banks 12,155 36 757 7 11,355 15,149 16 1,458 10 13,665 Size of bank (total deposits in millions of dollars): Less than 10 7,022 30 517 6,473 4,934 632 (2) 10-50 4,114 5 200 3,906 5,350 512 6 50-100 536 9 526 1,201 64 (2) 100-500 370 23 346 1,867 (2) 192 500 and over 113 104 1,798 57 (2) Federal Reserve district: Boston 216 14 201 83 (2) New York 389 36 352 514 . „ . 49 (2) Philadelphia 450 46 395 1,271 116 Cleveland 714 86 625 1,119 4 285 Richmond 642 5 637 754 11 Atlanta 1,463 124 1,336 1,476 183 6 Chicago 2,424 23 134 2,266 3,320 237 (2) St. Louis 1,395 139 1,256 1,811 356 Minneapolis 1,296 81 1,215 1,391 119 Kansas City 1,720 33 1,687 1,287 19 Dallas 1,114 50 1,062 1,059 54 (2) San Francisco 332 9 323 1,064 27 APPENDIX TABLE 4—TIME DEPOSITS, IPC, IN DENOMINATIONS OF LESS THAN $100,000—MATURING IN 2 YEARS OR MORE Most common interest rates paid by insured commercial banks on new deposits on July 31, 1970 Most common rate paid (per cent) Most common rate paid (per cent) Group Total 4.50 Total 4.50 or 5.00 5.25 5.50 5.75 or 5.00 5.25 5.50 5.75 less less NUMBER OF BANKS MILLIONS OF DOLLARS All banks 9,923 134 84 9,699 13,154 704 (2) Size of bank (total deposits in millions of dollars): Less than 10 5,314 8 52 5,252 1,812 4 (2) 10-50 3,620 99 28 3,493 4,080 249 50-100 522 7 514 1,319 8 100-500 360 15 340 2,224 1 157 500 and over 107 5 100 3,720 (2) 286 Federal Reserve district: Boston 197 7 190 173 20 New York 356 6 347 1,115 (2) 3 Philadelphia 282 3 278 1,552 326 Cleveland 623 25 596 1,159 (2) 12 Richmond 591 5 585 1,041 (2) 19 Atlanta 1,167 13 26 ,128 1,180 46 Chicago 1,991 3 7 ,978 2,616 (2) (2) St. Louis 1,033 26 ,006 909 215 Minneapolis 993 2 25 966 820 (2) Kansas City 1,444 2 ,442 614 Dallas 928 39 20 869 506 San Francisco 318 3 1 314 1,468 2 For notes to Appendix Tables 1-6, see p. 808. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TIME AND SAVINGS DEPOSITS 811 APPENDIX TABLE 5—NEGOTIABLE CD's, IPC, DENOMINATIONS OF $100,000 OR MORE Most common interest rates paid by insured commercial banks on new deposits on July 31, 1970 Most common rate paid (per cent) Most common rate paid (per cent) Group Total 5.75 Total 5.75 or 6.00 6.50 6.75 7.00 7.50 8.00 8.50 or 6.00 6.50 6.75 7.00 7.50 8.00 8.50 less less NUMBER OF BANKS MILLIONS OF DOLLARS All banks 2,921 226 57 251 156 648 1,401 172 10 13,024 111 33 485 612 1,097 4,331 6,292 63 Size of bank (total deposits in millions of dollars): Less than 10 796 124 31 203 360 162 17 5 6 37 83 11 10-50 1,492 89 187 288 760 1,236 79 150 61 161 690 72 50-100 284 7 12 89 129 806 2 27 25 148 457 122 100-500 249 4 17 58 117 2,581 6 106 76 469 1,191 718 500 and over 100 2 4 10 35 8,240 (2) (2) 196 445 281 1,910 5,368 Federal Reserve district: Boston 158 19 63 886 11 39 164 672 New York 174 38 49 3,194 16 45 137 208 524 2,251 Philadelphia 134 33 40 301 4 57 86 19 40 91 Cleveland 115 35 50 723 (2) 1 11 21 98 591 Richmond 144 45 38 558 2 23 21 53 279 111 Atlanta 442 99 204 659 2 75 12 193 275 95 Chicago 349 79 155 1,591 3 5 33 38 94 405 979 S M t. i n L n o e u a i p s o lis 3 1 2 9 0 4 1 2 1 5 7 1 8 7 5 8 2 2 2 7 0 0 4 7 0) ( 1 2) 1 <2 2 1 0 7 2 1 0 1 2 5 ' Y2) Kansas City 300 47 151 510 11 (2) 54 38 83 275 (2) D Sa a n ll a F s r ancisco 4 1 1 7 2 9 7 3 4 7 2 1 7 1 7 1 2 1 , , 3 7 8 2 7 7 (2 2 ) V2) 15 1 6 7 20 1 0 9 2 1 4 0 7 3 1,0 9 3 2 1 2 8 5 8 1 5 1 APPENDIX TABLE 6—NONNEGOTIABLE CD's AND OPEN ACCOUNT DEPOSITS, IPC, IN DENOMINATIONS OF $100,000 OR MORE Most common interest rates paid by insured commercial banks on new deposits on July 31, 1970 Most common rate paid (per cent) Most common rate paid (per cent) GGrroouupp Total 5.75 Total 5.75 or 6.00 6.50 6.75 7.00 7.50 8.00 8.50 or 6.00 6.50 6.75 7.00 7.50 8.00 8.50 less less NUMBER OF BANKS MILLIONS OF DOLLARS All banks 2,976 463 94 158 110 482 1,580 84 7,400 456 271 252 393 2,058 2,611 1,295 Size of bank (total deposits in millions of dollars): Less than 10 766 107 83 521 216 44 7 11 23 127 10-50 1,500 224 268 810 997 125 12 67 134 582 19 50-100 360 52 79 115 715 21 77 26 138 321 90 100-500 254 54 41 105 1,324 93 13 57 191 667 170 500 and over 96 26 11 29 4,147 173 (2) 233 1,573 913 1,016 Federal Reserve district: Boston 129 10 72 208 20 (2) 2 44 142 New York 181 64 49 1,909 62 26 147 270 568 794 Philadelphia 162 14 82 337 96 (2) 25 14 10 162 29 Cleveland 210 61 47 289 46 (2) 10 11 85 73 61 Richmond 286 43 108 477 8 71 28 99 87 182 (2) Atlanta 447 67 276 654 54 7 37 51 162 333 (2) Chicago 441 104 203 702 44 22 8 154 333 129 St. Louis 244 23 153 223 37 15 (2) 24 101 (2) Minneapolis 103 7 71 69 2 3 6 57 D K a a l n la sa s s City 4 2 1 5 3 4 4 2 9 7 2 1 9 6 9 4 2 54 0 9 5 5 1 1 7 (2l 2 8 38 7 3 5 3 2 3 1 4 1 5 8 (2) San Francisco 106 13 56 1,780 19 147 85 (2) 1,174 295 46 For notes to Appendix Tables 1-6, see p. 808. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

00 N> APPENDIX TABLE 7—INSURED COMMERCIAL BANKS CHANGING THE MOST COMMON RATE PAID ON NEW TIME AND SAVINGS DEPOSITS, IPC, BETWEEN APRIL 30 AND JULY 31, 1970 Time deposits in denominations of— Less than $100,000 maturing in— $100,000 or more SSSaaavvviiinnngggsss less than 1 year 1 up to 2 years 2 years and over Negotiable CD's All other GGGGGrrrrrooooouuuuuppppp Size of bank Size of bank Size of bank Size of bank Size of bank Size of bank (total deposits (total deposits (total deposits (total deposits (total deposits (total deposits in millions in millions in millions in millions in millions in millions AAllll of dollars) AAllll of dollars) AAllll of dollars) AAllll of dollars) AAllll of dollars) AAllll of dollars) ssiizzee ssiizzee ssiizzee ssiizzee ssiizzee ssiizzee ggrroouuppss ggrroouuppss ggrroouuppss ggrroouuppss ggrroouuppss ggrroouuppss 100 100 100 100 100 100 Under and Under and Under and Under and Under and Under and 100 over 100 over 100 over 100 over 100 over 100 over NNuummbbeerr ooff iissssuuiinngg bbaannkkss JJuullyy 3311,, 11997700 12,743 12,243 500 11,948 11,453 495 12,066 11,586 480 9,838 9,373 465 2,900 2,554 346 2,978 2,632 346 PE RCENTAGE DISTRIBUTION OF NUMBER OF BANKS IN GROUP * Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 No change in rate, Apr. 30-July 31, 1970.. 92.9 92.7 97.2 93.8 93.6 98.4 91.4 91.4 92.3 86.1 85.8 90.1 44.7 45.1 41.3 53.6 53.5 54.1 Banks raising rate 5.3 5.5 1.2 .9 .9 .2 2.9 2.8 4.4 1.7 1.6 4.5 28.0 24.6 52.9 21.7 20.4 30.9 New most common rate1 (per cent) 3.50 or less 3.51-4.00 .3 .3 4.01-4.50 5.0 5.2 1.2 4.51-5.00 .9 .9 .2 5.01 5.25 (2) (2) 5.26-5.50 2.9 2.8 4.4 ((22)) ((22)) 5.51-5.75 1.7 1.6 4.5 .3 .3 5.76-6.00 . 1 . 1 .2 .2 6.01-6.25 1.6 11..88 .8 .8 .3 6.26-6.50 1.1 i!o 1.7 .2 .2 .3 6 6. . 5 7 1 6 - - 6 7 . . 7 0 5 0 4 5 1 . . 6 0 5.2 8 1 . . 1 1 4. . 5 5 4. . 4 3 4 1 . . 9 4 7.01-7.50 12.8 11.9 19.4 12.7 12.5 14.2 7.51-8.00 5.4 3.2 21.7 2.4 1.6 8.7 8.01-8.50 .3 .3 .9 .2 (2) 1.1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Banks reducing rate 6.4 6.9 3.2 7.6 7.7 New most common rate* (per cent) m 3.50 or less > 3.51-4.00. .2 .2 4.01-4.50. .1 4.51-5.00 1.2 1.3 .6 1.7 O 5.01-5.25 5.26-5.50 (((222))) ((22)) C > O 5.51-5.75 <<33 <<33 (((222))) < 5.76-6.00 .3 .4 111...444 1.6 6.01-6.25 .9 1.1 .4 .4 6.26-6.50 .2 .2 .2 .2 O 6 6 7 . . . 5 7 0 1 6 1 - - - 6 7 7 . . . 7 0 5 5 0 0 2. . . 6 3 1 2. . . 7 3 1 2. . 0 6 2. . . 3 9 3 2. . . 4 3 9 C o m O 7.51-8.00 8.01-8.50 - o u Banks introducing new CO instrument H Most common rate * (per cent) CO 4.00 or less 4.01-4.50 4.51-5.00 5.01-5.25 5.26-5.50 5.51-5.75 5.76-6.00 6.01-6.25 6.26-6.50 6.51-6.75 6.76-7.00 7.01-7.50 7.51-8.00 8.01-8.50 * Shaded areas indicate that rates shown in the stub are higher 2 Less than 0.05 per cent. July 31, 1970. The table excludes banks that issued these types of than the maximum permissible rate on the various instruments. NOTE.—This table was compiled by comparing rates as reported deposits on April 30, but no longer issued them on July 31. Peri For description of most common rate, see NOTE to Table 2, by the sample banks that had these types of deposits outstanding centages may not add to totals because of rounding. p. 808. on April 30, 1970, with the rates reported by the same banks on 0H0- » CO 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 July 21 were published in the BULLETINS for April, pages 333-40; May, pages 436-43; June, pages 507-16; July, pages 573-80; August, pages 627-33; September, pages 708-19; and October, pages 757-63. The record for the meeting held on August 18, 1970, follows: 815 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

816 FEDERAL RESERVE BULLETIN • NOVEMBER 1970 MEETING HELD ON AUGUST 18, 1970 Authority to effect transactions in System Account. According to revised estimates of the Commerce Department, real GNP had edged up at an annual rate of 0.6 per cent in the second quarter of 1970—slightly more than preliminary estimates had indicated—after having declined appreciably in the first quarter. Prices and wage rates generally were continuing to rise at a rapid pace, but there were some indications that upward pressures on prices were moderating. Staff projections still suggested that growth in real GNP would pick up somewhat in the third and fourth quarters but would remain well below the economy's potential; also that the rate of price advance would slow as the year progressed. In July industrial production increased slightly—about offsetting its decline in June—and was approximately 3 per cent below the peak that had been reached a year earlier. Retail sales also rose, according to advance estimates. On the other hand, the labor market continued to ease: nonfarm payroll employment dropped for the fourth successive month, and the unemployment rate moved back up to the 5 per cent level of May, after having declined in June to 4.7 per cent. Average wholesale prices rose sharply from mid-June to mid-July, mainly because of an upsurge in prices of farm products and foods; the increase for industrial commodities was somewhat below the average for the first half of the year. Although the consumer price index continued to rise at a rapid rate in June, after seasonal adjustment it advanced less over the second quarter as a whole than it had over the first. The increase in unit labor costs in the private nonfarm sector slowed substantially during the second quarter, largely because of improvements in productivity. The staff's GNP projections for the second half assumed that there would not be an extended strike in the automobile industry when current wage contracts expired in mid-September. The expectation that over-all activity would expand somewhat further depended importantly on a fairly sharp recovery in residential construction activity and on some acceleration in expenditures of State and local governments. It was anticipated that consumer spending would continue to rise at about the average pace of the first half. On the other hand, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 817 business outlays on fixed investment were expected to turn down and defense spending to continue declining. The surplus on U.S. foreign trade increased sharply further in June. Preliminary indications were that the over-all balance of payments, which had been in heavy deficit during the second quarter, had improved somewhat in July on the liquidity basis. On the other hand, it appeared that the official settlements deficit had remained heavy, reflecting substantial reductions in outstanding liabilities of U.S. banks to their foreign branches following the June 24 suspension of Regulation Q ceilings on large-denomination CD's with maturities of less than 90 days. In foreign exchange markets, demand had been heavy in recent weeks for the Canadian dollar, the exchange rate for which remained on a floating basis. There also were strong demands for the German mark and some other European currencies, especially the Dutch guilder. On August 12 the German Federal Bank, acting to offset the effects on bank liquidity of the large amounts of foreign exchange it had acquired, imposed high marginal reserve requirements on commercial banks. In domestic securities markets demands for funds had remained heavy in recent weeks, and some uncertainties persisted, especially in the market for commercial paper, which had been most directly affected by the insolvency of a major railroad in the latter part of June. The volume of commercial paper outstanding had contracted further— although most recently it appeared to be stabilizing—and investors remained highly selective and cautious about investing in less than prime-grade issues in this market or in lower-grade securities in other markets. Long-term interest rates—which had declined considerably in late June and early July—subsequently showed mixed changes: municipal yields continued downward, but yields on Treasury and new corporate bonds edged up. Treasury bill rates also had been under some upward pressure in recent weeks. On the day before this meeting the market rate on 3-month bills, at 6.53 per cent, was about 15 basis points above its level of 4 weeks earlier. In July interest rates on new-home mortgages remained close to the high levels that had prevailed since the beginning of the year. However, the availability of funds to the mortgage market appeared to be increasing as a result of continued heavy savings inflows to thrift institutions. In late July the Treasury announced the terms on which it would Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

818 FEDERAL RESERVE BULLETIN • NOVEMBER 1970 refinance securities maturing in mid-August, including about $5.6 billion held by the public. Holders of the maturing issues were offered the choice of two new 7 3A per cent notes—a 3 V2 -year note priced at par and a 7-year note priced to yield 7.80 per cent. In addition, the Treasury indicated that it would sell for cash about $2.75 billion of a new 18-month, IV2 per cent note (priced to yield 7.54 per cent). The volume of subscriptions received in the cash offering was very large, and the Treasury accepted somewhat more than originally planned. According to estimates at the time of this meeting, the financing yielded more than $2 billion of new cash after allowance had been made for attrition in the exchange offering. On the day before this meeting, the Board of Governors had announced that it was amending Regulation D to apply regular time and demand deposit reserve requirements to funds obtained by member banks through the issuance of commercial paper by their affiliates, and at the same time to reduce from 6 to 5 per cent the reserves that member banks must hold against time deposits in excess of $5 million. The actions would become effective in the reserve computation period beginning October 1 and would be applicable to affected deposits and commercial paper outstanding in the week beginning September 17. It was expected that the net result for all member banks would be a reduction in required reserves of about $350 million. Private demand deposits and the money stock expanded moderately on the average from June to July. The money stock rose at an annual rate of 4.1 per cent—considerably less than had been expected at the time of the preceding meeting of the Committee and almost the same as the 4.2 per cent rate of growth recorded over the second quarter.1 There was an unusually large increase in commercial bank time and savings deposits in July. As at nonbank thrift institutions, inflows of savings funds to banks were heavy, but the bulk of the rise in total time and savings deposits was attributable to the sharp expansion that had occurred in the outstanding volume of large-denomination CD's after the Board acted in late June to suspend rate ceilings on such CD's of 30 to 89 days maturity. The rise in CD's outstanding appeared to be slowing somewhat in early August. 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

RECORD OF POLICY ACTIONS OF FOMC 819 Because of the strength in time and savings deposits, the bank credit proxy—daily-average member bank deposits—increased substantially from June to July; growth was at an annual rate of 18 per cent, after adjustment for some decline in banks' reliance on funds from nondeposit sources. Banks added considerably to their holdings of shortterm Government securities, mainly by investment in tax-anticipation bills auctioned by the Treasury on July 2 and 16. They also expanded sharply their loans to finance companies, particularly in the early weeks of the month when some finance companies were encountering difficulty in rolling over maturing commercial paper. System open market operations since the preceding meeting of the Committee had been directed at fostering money market conditions that were favorable to stable financial markets and that were consistent with a moderate rate of growth in the money stock. Money market conditions were permitted to ease somewhat during the period when it began to appear that the money stock was falling below a path consistent with growth over the third quarter at the 5 per cent annual rate favored by the Committee. Thus, the Federal funds rate fluctuated mostly in a range of 6V2 to 7 per cent, compared with a 7 to l5/s per cent range in the preceding interval between meetings. Average member bank borrowings in the period remained quite high—about $1.2 billion—chiefly as a result of special accommodation at the discount window for banks lending to firms that were encountering difficulties in rolling over maturing commercial paper. However, during the period such borrowings declined somewhat as pressures in the commercial paper market moderated. Staff analysis suggested that if prevailing money market conditions were maintained the money stock would grow at an annual rate of about 4 per cent over the third quarter and into the fourth; and that some further easing of money market conditions would be required if money were to grow at a 5 per cent rate. Within the third quarter it was expected that the growth rate of money would increase somewhat from July to August and then slacken moderately in September. The analysis suggested-that a 5 per cent growth rate for the money stock over the third quarter would be associated with a 16.5 per cent rate of expansion in the adjusted credit proxy—reflecting a high but slowing rate of growth in time deposits. In the Committee's discussion it was noted that expectations of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

820 FEDERAL RESERVE BULLETIN • NOVEMBER 1970 continuing inflation had abated considerably in recent months, even though prices were still advancing at an undesirably rapid rate. It was the consensus of the Committee that monetary policy at present should be sufficiently stimulative to foster moderate growth in real economic activity, but not so stimulative as to risk a resurgence of inflationary expectations. Considerable stress was placed on the need to encourage an adequate flow of credit to the housing industry and to State and local governments if a satisfactory rate of growth in over-all activity were to be achieved. Against this background, the Committee decided that open market operations should be directed at promoting some easing of conditions in credit markets and growth in the money stock at a rate somewhat greater than that of the second quarter. In the latter connection most members continued to believe, as they had at the preceding meeting, that an appropriate target rate of growth for the money stock over the period ahead would be an annual rate of about 5 per cent; and should moderate deviations from that growth rate develop, they preferably should be in an upward rather than a downward direction. As to bank credit, the Committee took note of the reintermediation process now under way and decided that the growth rate should be allowed to reflect any continued shift of credit flows from market to banking channels. It also directed that account be taken of possible liquidity problems, if they should emerge in the coming period, and of the effect of the Board's actions with respect to Regulation D. The following current economic policy directive was issued to the Federal Reserve Bank of New York : The information reviewed at this meeting suggests that real economic activity, which edged up slightly in the second quarter after declining appreciably earlier in the year, may be expanding somewhat further. 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. Credit demands in securities markets have continued heavy, and interest rates have shown mixed changes since mid-July after declining considerably in preceding weeks. Some uncertainties persist in financial markets, particularly in connection with market instruments of less than prime grade. In July the money supply rose moderately on average and bank credit expanded sub- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 821 stantially. Banks increased holdings of securities and loans to finance companies, some of which were experiencing difficulty in refinancing maturing commercial paper. Banks sharply expanded their outstanding large-denomination CD's of short maturity, for which rate ceilings had been suspended in late June, and both banks and nonbank thrift institutions experienced large net inflows of consumertype time and savings funds. The over-all balance of payments remained in heavy deficit in the second quarter, despite a sizable increase in the export surplus. In July the official settlements deficit continued large, but there apparently was a marked shrinkage in the liquidity deficit. In light of the foregoing developments, it is the policy of the Federal Open Market Committee to foster financial conditions conducive to orderly reduction in the rate of inflation, while encouraging the resumption of sustainable economic growth and the attainment of reasonable equilibrium in the country's balance of payments. To implement this policy, the Committee seeks to promote some easing of conditions in credit markets and somewhat greater growth in money over the months ahead than occurred in the second quarter, while taking account of possible liquidity problems and allowing bank credit growth to reflect any 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, taking account of the effects of other monetary policy actions. Votes for this action: Messrs. Burns, Daane, Heflin, Hickman, Maisel, Mitchell, Robertson, Sherrill, and Swan. Votes against this action: Messrs. Hayes, Brimmer, and Francis. Messrs. Hayes, Brimmer, and Francis believed that it was appropriate for money to grow at a moderate rate at present. They dissented from this directive primarily because they were opposed to the promotion of "some easing of conditions in credit markets" as a specific objective of Committee policy at this time. In their judgment such easing was not presently required for the purpose of encouraging a satisfactory rate of expansion in economic activity, and it would involve an unduly large risk of rekindling inflationary expectations. The views of the dissenting members regarding bank credit differed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Mr. Brimmer indicated that he was deeply troubled by the rapid recent and projected growth rates in bank credit, and that he favored fostering growth at only a modest rate. Mr. Hayes thought that a sizable increase in bank credit in the last month or two had been appropriate, in view of the shrinkage in commercial paper following the insolvency of a major railroad corporation. However, he observed that he would be troubled by continued rapid growth in bank credit now that the commercial paper market seemed to be stabilizing. Mr. Francis expressed the view that bank credit was likely to be misleading as a proximate guide to policy because of the reintermediation in process, and that the Committee accordingly should focus on the growth rate in money. Digitized for FRASE8R2 2 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Statutes, regulations, interpretations, and decisions TRUTH IN LENDING Under the general rule in § 226.4(a), any such discount, to the extent it is passed on to the buyer The Board of Governors, effective October 23, through an increase in the selling price, must be 1970, amended section 226.7 of Regulation Z, included in the finance charge. However, as a "Truth in Lending", to allow creditors of open end practical matter, it may be difficult to determine accounts to reduce the periodic rate or rates ap- whether or not a discount paid by the seller in plicable to those accounts without the necessity of connection with a real estate transaction has been, advance notice to the customer. The text of the in fact, passed along to the customer as a part of amendment reads as follows: the purchase price of the property. The same situation may exist in other cases, for example, those in AMENDMENT TO REGULATION Z which the creditor sells at a discount obligations payable in more than four instalments. The Board has concluded that in any such trans- Effective October 23, 1970, section 226.7(e) is action coming within its administrative enforceamended to read as follows: ment authority, where seller's points or discounts were, in fact, passed along to the customer or buyer SECTION 226.7—OPEN END CREDIT and the amount thereof was not disclosed as a ACCOUNTS—SPECIFIC DISCLOSURES finance charge, the Board will take such action as may be appropriate in the circumstances. How- * * • * • ever, it will not attempt to prescribe rules creating a presumption that all discounts or points are (e) Change in terms. If any change is to be passed on to the customer or buyer and hence must made in terms of an open end credit account plan be included in the finance charge in any particular previously disclosed to the customer, the creditor class of transaction. On the other hand, the inclushall mail or deliver to the customer written dission of seller's points or discounts in the finance closure of such proposed change not less than 30 charge will be acceptable to the Board as a correct days prior to the effective date of such change or disclosure under Regulation Z. 30 days prior to the beginning of the billing cycle This position relates only to the Board's adminwithin which such change will become effective, istrative enforcement procedures and it is not inwhichever is the earlier date. No notice is necessary tended in any way to restrict or prejudice the rights if the only change is a reduction in the periodic rate of any customer or buyer to bring an action under or rates applicable to the account. sections 130 and 131 of the Truth in Lending Act (15 U.S.C. 1601) where he has reason to be- * * * * * lieve he is or was required to pay directly or in- INTERPRETATION OF REGULATION Z directly a finance charge imposed directly or indirectly by the creditor of the transaction and SELLER'S POINTS AND DISCOUNTS the amount of that finance charge was not dis- UNDER REGULATION Z closed to him. Section 226.4(a) of Regulation Z includes in the RULES REGARDING AVAILABILITY OF INFORMATION finance charge any charge "payable directly or indirectly by the customer, and imposed directly or The Board of Governors amended its Rules Reindirectly by the creditor as an incident to or as a garding Availability of Information, effective Octocondition of the extension of credit. . ." The ques- ber 27, 1970, in order to reflect a reorganization tion arises as to the proper treatment of discounts of certain divisions of the Board's staff that had paid by the seller, including points imposed on the been made subsequent to the latest revision of these seller by the lender in connection with a real estate rules. The amendment, which is editorial in nature, transaction. is as follows: Digitized for FRASER 823 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

824 FEDERAL RESERVE BULLETIN • NOVEMBER 1970 Effective October 27, 1970, section 261.6(b) is Applicant maintains six offices, all located in or amended by changing the words "the Board's Divi- around Augusta in Richmond County. Richmond sion of Examinations" to read "the Board's Division Bank maintains its two offices in Richmond of Supervision and Regulation" in the second sen- County. Applicant and Richmond Bank hold, retence thereof. spectively, about 49 per cent and 2 per cent of Richmond County deposits. The closest offices of ORDERS UNDER BANK MERGER ACT the merging banks are approximately three miles apart. There are, however, alternative banking GEORGIA RAILROAD BANK & TRUST facilities located in the areas which intervene be- COMPANY, AUGUSTA, GEORGIA tween the offices of Applicant and Richmond Bank. Applicant was instrumental in organizing Rich- In the matter of the application of Georgia Rail- mond Bank which obtained its charter in 1955. The road Bank & Trust Company, Augusta, Georgia, merging banks have been affiliated by reason of for approval of merger with Richmond County common ownership since 1958. Applicant has pro- Bank, Augusta, Georgia. vided Richmond Bank with various officers and employees, including chief executive officers, for ORDER APPROVING MERGER OF BANKS the purpose of assisting Richmond Bank in providing services to its customers since it opened. There has come before the Board of Governors, Moreover, Richmond Bank has relied to a subpursuant to the Bank Merger Act (12 U.S.C. stantial extent on Applicant in its operation. Appli- 1828 (c)), an application by Georgia Railroad cant is Richmond Bank's principal correspondent Bank & Trust Company, Augusta, Georgia ('Ap- bank; it assists Richmond Bank with investments, plicant"), a member State bank of the Federal advises on loan applications, handles Richmond Reserve System, for the Board's prior approval Bank's money supply and computer operations, and of the merger of that bank and Richmond County has solicited customers for Richmond Bank's credit Bank, Augusta, Georgia ("Richmond Bank"), card program. There is no indication that the close under the charter and name of Georgia Railroad relationship which exists between Applicant and Bank & Trust Company. As an incident to the Richmond Bank is likely to change in the foreseemerger the two offices of Richmond Bank would able future, regardless of the Board's action with become branches of Applicant under Georgia law respect to the present application. In view of the effective January 1, 1971. Notice of the proposed close relationship which has existed between Applimerger, in the form approved by the Board, has cant and Richmond Bank, it may be reasonably been published as required by said Act. concluded that present and potential competition Pursuant to the Act, the Board requested reports would neither be foreclosed by approval of the on the competitive factors involved from the Attor- application, nor encouraged by its denial. It does ney General, the Comptroller of the Currency, and not appear that competition with and between the Federal Deposit Insurance Corporation. The other banks in Richmond County would be af- Board has considered all relevant material con- fected in any significant way. tained in the record in the light of the factors set The Board concludes that consummation of forth in the Act, including the effect of the pro- the proposal would not have an adverse effect on posal on competition, the financial and managerial competition in any relevant area. Consummation resources and prospects of the banks concerned, of the merger would provide customers of Richand the convenience and needs of the communi- mond Bank with more convenient access to certain ties to be served, and finds that: banking services which are not now being offered Applicant, with deposits of $133 million, is the by Richmond Bank. Based upon the foregoing, it is fifth largest bank in Georgia, having about 2 per the Board's judgment that consummation of the cent of the commercial bank deposits in the State. proposal would be in the public interest, and that (All banking data are as of December 31, 1969.) the application should be approved. Richmond Bank has deposits of about $6 million; IT IS HEREBY ORDERED, on the basis of the findconsequently, consummation of the proposed ings summarized above, that said application be and merger would not increase substantially the con- hereby is approved, provided that the merger so centration of banking resources in the State of approved shall not be consummated (a) before Georgia. January 1, 1971, or (b) later than three months Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 825 after the date of this Order, unless such period is centration of banking resources in the State of extended for good cause by the Board, or by the Georgia. Federal Reserve Bank of Atlanta pursuant to dele- Applicant maintains six offices, all located in or gated authority. around Augusta in Richmond County. Metropoli- By order of the Board of Governors, October tan Bank maintains its sole office in Richmond 27, 1970. County. Applicant and Metropolitan Bank hold, respectively, about 49 per cent and 1.5 per cent of Voting for this action: Chairman Burns and Gover- Richmond County deposits. The closest office of nors Robertson, Mitchell, Daane, Maisel, Brimmer, and Sherrill. Applicant to Metropolitan Bank is approximately four miles distant. There are, however, alternative (Signed) KENNETH A. KENYON, banking facilities located in the area which inter- Deputy Secretary. venes between the offices of Applicant and Metro- [SEAL] politan Bank. Applicant was instrumental in organizing Metro- In the matter of the application of Georgia Railpolitan Bank, which obtained its charter in 1963. road Bank & Trust Company, Augusta, Georgia, The merging banks have been closely associated for approval of merger with Metropolitan State since that time by virtue of common shareholders. Bank, Augusta, Georgia. Applicant has provided Metropolitan Bank with various officers and employees, including chief ex- ORDER APPROVING MERGER OF BANKS ecutive officers, for the purpose of assisting Metropolitan Bank in providing services to its customers There has come before the Board of Governors, since it opened. Metropolitan Bank has relied to a pursuant to the Bank Merger Act (12 U.S.C. substantial extent on Applicant in its operation. 1828(c)), an application by Georgia Railroad Applicant is Metropolitan Bank's principal corre- Bank & Trust Company, Augusta, Georgia ("Ap- spondent bank; it assists Metropolitan Bank with plicant"), a member State bank of the Federal investments, advises on loan applications, handles Reserve System, for the Board's prior approval of Metropolitan Bank's money supply and computer the merger of that bank and Metropolitan State operations, and has solicited customers for Metro- Bank, Augusta, Georgia ("Metropolitan Bank"), politan Bank's credit card program. There is no under the charter and name of Georgia Railroad indication that the close relationship which exists Bank & Trust Company. As an incident to the between Applicant and Metropolitan Bank is likely merger Metropolitan Bank would become a branch to change in the foreseeable future, regardless of office of Applicant under Georgia law effective the Board's action with respect to the present appli- January 1, 1971. Notice of the proposed merger, cation. In view of the close relationship which has in the form approved by the Board, has been pub- existed between Applicant and Metropolitan Bank, lished as required by said Act. it may be reasonably concluded that present and Pursuant to the Act, the Board requested reports potential competition would neither be foreclosed on the competitive factors involved from the Attor- by approval of the application, nor encouraged by ney General, the Comptroller of the Currency, and its denial. It does not apear that competition with the Federal Deposit Insurance Corporation. The and between other banks in Richmond County Board has considered all relevant material con- would be affected in any significant way. tained in the record in the light of the factors set The Board concludes that consummation of the forth in the Act, including the effect of the proposal proposal would not have an adverse effect on comon competition, the financial and managerial re- petition in any relevant area. Consummation of the sources and prospects of the banks concerned, and merger would provide customers of Metropolitan the convenience and needs of the communities to Bank with more convenient access to certain bankbe served, and finds that: ing services which are not now being offered by Applicant, with deposits of $133 million, is the Metropolitan Bank. Based upon the foregoing, it is fifth largest bank in Georgia, having about 2 per the Board's judgment that consummation of the cent of the commercial bank deposits in the State. proposal would be in the public interest, and that (All banking data are as of December 31, 1969.) the application should be approved. Metropolitan Bank has deposits of about $4 mil- IT IS HEREBY ORDERED, on the basis of the findlion; consequently, consummation of the proposed ings summarized above, that said application be and merger would not increase substantially the con- hereby is approved, provided that the merger so Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

826 FEDERAL RESERVE BULLETIN • NOVEMBER 1970 approved shall not be consummated (a) before STATEMENT January 1, 1971, or (b) later than three months after the date of this Order, unless such period is Connecticut Bank and Trust Company, Hartextended for good cause by the Board, or by the ford, Connecticut ("CBT") has applied, pursuant Federal Reserve Bank of Atlanta pursuant to dele- to the Bank Merger Act (12 U.S.C. 1828 (c)) for gated authority. the Board's prior approval of the merger of that By order of the Board of Governors, October bank and The North Side Bank and Trust Com- 27, 1970. pany, Bristol, Connecticut ("North Side Bank"). The banks would be merged under the charter and Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Daane, Maisel, Brimmer, name of CBT, which is a member of the Federal and Sherrill. Reserve System. As an incident to the merger, the (Signed) KENNETH A. KENYON, three offices of North Side Bank would become Deputy Secretary. offices of CBT. Competitive effect of the proposed transaction. [SEAL] The 10 largest banking organizations in Connecticut control 80 per cent of the commercial bank CONNECTICUT BANK & TRUST COMPANY, deposits in that State.1 CBT, the largest bank in the HARTFORD, CONNECTICUT State with 54 branches and deposits of $830 million, controls 18 per cent of the deposits in the In the matter of the application of Connecticut State. Although CBT is a State-wide institution, its Bank & Trust Company, Hartford, Connecticut, operations are centered in the Hartford SMSA, in for approval of merger with The North Side Bank which it is the largest competitor with 45 per cent and Trust Company, Bristol, Connecticut. of deposits as of June 30, 1968. The two largest banks in the area control 87 per cent of the deposits ORDER DENYING APPLICATION FOR APPROVAL held by all banks located therein, making Hartford one of the most concentrated metropolitan areas OF MERGER OF BANKS in the United States. There has come before the Board of Governors, North Side Bank, located in the Bristol-Plymouth pursuant to the Bank Merger Act (12 U.S.C. area (population 66,400) is the second largest of 1828 (c)), an application by Connecticut Bank three banks located therein. Its $12 million in and Trust Company, Hartford, Connecticut, a deposits represents 28 per cent of the deposits in State-chartered member bank of the Federal Re- the area. The largest bank located in Bristol-Plyserve System, for the Board's prior approval of the mouth controls 53 per cent of that area's deposits merger of that bank with The North Side Bank and and is a subsidiary of a holding company that con- Trust Company, Bristol, Connecticut, under the trols $170 million deposits. charter and name of the former institution. Notice Bristol, where North Side Bank has its offices, is of the proposed merger, in form approved by the located 15 miles southwest of Hartford. The main Board, has been published pursuant to said Act. offices of the proponents are located about 18 Upon consideration of all relevant material in the miles apart; their closest offices are 13 miles apart, record, including reports received pursuant to the and CBT has received approval to establish a new Act on the competitive factors involved in the branch in Avon, which is 10 miles northeast of proposed merger, in the light of the factors set Bristol. There is some existing competition beforth in said Act, tween the banks, which is primarily due to persons IT IS HEREBY ORDERED, for the reasons set forth living in Bristol-Plymouth who commute to the in the Board's Statement of this date, that said Hartford area. For example, excluding loans which application be and hereby is denied. are above the lending limit of North Side Bank, By order of the Board of Governors, November CBT derives commercial and industrial loans from 5, 1970. the Bristol-Plymouth area in an amount equal to 33 per cent of such loans made by the smaller Voting for this action: Unanimous, with all mem- bank. Continuing industrial and residential develbers present and voting. opment, together with the completion of new and (Signed) KENNETH A. KENYON, Deputy Secretary. 1 Banking data are as of December 31, 1969, except [SEAL] when stated to the contrary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 827 modern highways between Hartford and Bristol- Summary and conclusion. On the basis of all Plymouth, are expected to fully integrate the two relevant facts contained in the record, and in the areas shortly. light of the factors set forth in the Act, it is the The Board is of the view that, except under un- Board's judgment that the proposed transaction usual circumstances, large banking organizations in would not be in the public interest and should be highly concentrated markets should only be per- denied. mitted to expand in their own markets de novo. AMERICAN BANK AND TRUST Additionally, the Board applies the same principle COMPANY, LANSING, MICHIGAN in those adjacent markets which appear to be in the process of being integrated into such a concen- In the matter of the application of American trated market. It is only in this manner that the Bank and Trust Company, Lansing, Michigan, for undesirable effects of further concentration can be approval of consolidation with The National Bank avoided, and the possibilities for deconcentration of of Eaton Rapids. such areas can be maintained. The Board has considered that Connecticut law ORDER APPROVING APPLICATION FOR APPROVAL presently prohibits the establishment of de novo OF CONSOLIDATION OF BANKS offices in Bristol because it is the location of the There has come before the Board of Governors, home office of North Side Bank. While some favor- pursuant to the Bank Merger Act (12 U.S.C. able weight might be accorded the effect of the 1828(c)), an application by American Bank and present proposal in eliminating "home office pro- Trust Company, Lansing, Michigan, a State memtection" in that city, it appears that there are alter- ber bank of the Federal Reserve System, for the native methods of accomplishing that result, which Board's prior approval of the consolidation of that would not involve the anticompetitive effects of the bank with The National Bank of Eaton Rapids, present proposal. In the light of discussions which Eaton Rapids, Michigan. Notice of the proposed North Side Bank has had with other Connecticut consolidation, in form approved by the Board, has banking organizations, it is not unlikely that, if the been published pursuant to said Act. present application is denied, North Side would Upon consideration of all relevant material in merge with some other bank and "home office pro- the record, including reports received pursuant to tection" would be removed from Bristol. Even if the Act on the competitive factors involved in the such action were not to occur, however, the Board proposed consolidation, in the light of the factors is of the view that the anticompetitive effects of the set forth in said Act, proposed merger would not be outweighed by the IT IS HEREBY ORDERED, for the reasons set forth benefits accruing from the removal of "home office in the Board's Statement of this date, that said approtection". plication be and hereby is approved, provided that Financial and managerial resources and future said consolidation shall not be consummated (a) prospects. The financial condition, management and before the thirtieth calendar day following the date future prospects of CBT and North Side Bank are of this Order or (b) later than three months after satisfactory regardless of whether the proposed the date of this Order unless such period is exmerger is consummated. tended for good cause by the Board or by the These considerations lend no weight toward ap- Federal Reserve Bank of Chicago pursuant to delegated authority. proval of the proposal. By order of the Board of Governors, November Convenience and needs of the communities in- 9, 1970. volved. The banking needs of the Bristol-Plymouth Voting for this action: Chairman Burns and Goverareas are being adequately served by the banking nors Mitchell, Daane, and Sherrill. Voting against this organizations located therein and in nearby com- action: Governors Robertson, Maisel, and Brimmer. munities. However, with the continuing expansion (Signed) KENNETH A. KENYON, of industry in the Bristol area, it can be expected [SEAL] Deputy Secretary. that more highly sophisticated services will be needed. STATEMENT The convenience and needs factors provide some American Bank and Trust Company, Lansing, weight in favor of approval of the application, but Michigan ("American Bank"), with deposits of fail to outweigh the serious anticompetitive effects $147 million, has applied, pursuant to the Bank noted earlier. Merger Act (12 U.S.C. 1828(c)), for the Board's Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

828 FEDERAL RESERVE BULLETIN • NOVEMBER 1970 prior approval of the consolidation of that bank residents of the Eaton Rapids area who commute and the National Bank of Eaton Rapids, Eaton to Lansing for employment. In view of the number Rapids, Michigan ("Eaton Rapids Bank"), which and size of other alternatives available to such perhas deposits of $8.4 million. The banks would sons in Lansing, the anticompetitive effect of the consolidate under the charter and name of Ameri- elimination of such competition as presently exists can Bank, which is a member of the Federal Re- between the two merging banks is regarded as serve System. As an incident to the consolidation, minimal. The potential for increased future comthe two offices of Eaton Rapids Bank would be- petition between the two institutions would seem come offices of American Bank, increasing the to be somewhat limited by the size of Eaton Rapids number of its offices to 13. Bank and by the office protection features of Michi- Competitive effect of the proposed transaction. gan branch banking laws. The Board thus con- Both American Bank and Eaton Rapids Bank cludes that the competitive effects of the proposal maintain all of their offices in the Lansing Standard will be no more than slightly adverse. Metropolitan Statistical Area (SMSA) consisting of The record in this matter reflects that three other Clinton, Eaton, and Ingham Counties. The Lansing banks have indicated interest in consolidating with SMSA represents the relevant geographic market Eaton Rapids Bank and that at least one of these, within which the competitive effects of the pro- not presently competing in the Lansing SMSA, has posed merger are to be considered. made an offer which was rejected by Eaton Rapids American Bank is the second largest of 16 banks management. While the existence of such alternain the market, holding about 19 per cent of Lan- tives might have significant bearing on the Board's sing SMSA deposits. It maintains its head office and decision if the present proposal involved serious seven of its branches in the City of Lansing, anticompetitive effects, the Board does not find Ingham County (population 137,000); its three their existence determinative in this case. Appliother offices are all located within a radius of six cant's proposal involves potential competitive conmiles from Lansing. The largest bank in the area, sequences that, in the judgment of the Board, are and American Bank's principal competitor, is the at most slightly adverse. Under these circum- Michigan National Bank, which has total deposits stances, the proposed consolidation, viewed in the in excess of $1 billion, $297 million of which are light of its probable competitive consequences, is derived from the Lansing SMSA, and represent 44 regarded as consistent with the public interest. per cent of total deposits held by all banks in that Certainly, the slightly adverse competitive consearea. The third largest area bank, Bank of Lansing, quences that may be anticipated do not justify the has deposits of $126 million, representing 14 per Board's substituting its judgment for that of Eaton cent of total area deposits. Rapids Bank's management regarding the merits of Eaton Rapids Bank, with deposits of $8.4 mil- the alternatives for merger, particularly in view of lion, is the eleventh largest bank in the Lansing the benefits to the convenience and needs of the SMSA, controlling only one per cent of area de- Eaton Rapids and Dimondale communities which, posits. It maintains both of its offices in Eaton as discussed below, would result from consumma- County; its head office in Eaton Rapids, 17 miles tion of Applicant's proposal. south of Lansing, and a branch in Dimondale, Financial and managerial resources and proswhich is nine miles north of Eaton Rapids. pects. The banking factors with respect to each of American Bank's primary service area consists the banks proposing to consolidate are reasonably of the communities of Lansing and East Lansing satisfactory, as they would be with respect to the and the area immediately surrounding its branch resulting bank. office locations. The primary service area of Eaton Convenience and needs of the communities to he Rapids Bank encompasses an area with a radius of served. The consolidation would have no material approximately three to five miles from Eaton effect on banking convenience and needs of the Rapids and one to two miles around Dimondale. communities in which American Bank presently American Bank draws approximately one to two operates offices. per cent of its deposits and two per cent of its loans American Bank, the area's second largest bank, from the service areas of Eaton Rapids Bank. While would offer a greater variety of services than Eaton the amount of such business is not insignificant Rapids Bank now provides. These would include when compared with the total deposits and loans larger lending limits, fiduciary services, a credit derived by Eaton Rapids Bank from its own area, card plan, and a greater variety of deposit services. such business appears to originate primarily with Although these services are already available from Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 829 the larger Lansing Banks, the addition of a con- forbidden categories, the Board has discretion, venient alternative source of full banking services which it must exercise reasonably, responsibly, and would benefit the convenience and needs of the in accordance with the public interest. In every Eaton Rapids and Dimondale areas. As already in- case, Board decisions must be based on the public dicated, American Bank is precluded by the re- interest, as determined under criteria set forth in strictions of State law from branching de novo into the Act. The Board does not perform its statutory the area. role if it determines merely that the proposal does Summary and conclusion. In the judgment of not violate antitrust laws, and, having so found, the Board, any anticompetitive effects of the pro- permits the greater public good to become subordiposed consolidation would be slight, and would be nated to management prerogatives. Our role is not outweighed by the benefits to the banking con- merely that of an antitrust screen, but of a reguvenience and needs of the Eaton Rapids and latory agency entrusted with responsibility for Dimondale communities. determining the public interest with respect to a Accordingly, the Board concludes that the appli- proposed merger. cation should be approved. With that goal clearly before us, the ultimate question for Board resolution is whether, consider- DISSENTING STATEMENT OF GOVERNORS ing all relevant circumstances, the proposed merger ROBERTSON, MAISEL, AND BRIMMER will be to the advantage or disadvantage of the By its action, the Board's majority approves a public. If the former, the application should be proposal which will eliminate present competition, approved; if the latter, it should be denied. Applyincrease banking concentration in the Lansing area, ing those standards to the record before us, we and provide no significant benefits to the public find that consummation of the proposal would affected. Moreover, it does so despite the strongest eliminate competition between the merging banks, evidence that an alternative merger has been pro- particularly with respect to those residents of the posed to Eaton Rapids Bank which, if consum- Eaton Rapids area (the majority of the area's labor mated, would permit another significant participant force) who commute to employment in Lansing. in the market, leading toward increased competi- Further, in the greater Lansing area, which intion and decreased concentration. cludes the area served by Eaton Rapids Bank, two As we understand the majority's attempted banks—American Bank and the larger Michigan justification of this action, it is based on the con- National Bank—control 63 per cent of deposits. clusion that the adverse effects on competition are The proposed merger will add to that concentrawithin tolerable limits, and that, under those con- tion. Apart from the question of whether or not ditions, management's judgment with respect to the these adverse competitive effects are so serious as interests of the banks involved should prevail. In to violate antitrust standards, it cannot be doubted our view, this is an incorrect construction of the that they are negative considerations in determin- Board's statutory responsibility to protect the public ing the public interest with respect to the proposal. interest. We would deny the application. Nor can it be said that the public will be measur- The standards of the Bank Merger Act are stated ably benefited by access, at locations of Eaton in terms of limitations on the Board's discretionary Rapids Bank, to services already available at offices authority to approve an anticompetitive bank of American Bank which are convenient to a large merger. Specifically, the Board is precluded by the portion of the residents served by those locations. Act from approving any merger which would Finally, to the extent that management of Eaton violate the antimonopoly provisions of § 2 of the Rapids Bank might determine that the bank shall Sherman Act. It is also prohibited from approving not continue independent operations, there is eviany proposal which would restrain trade in viola- dence that the bank has received a merger offer, tion of § 7 of the Clayton Act—unless it finds such equally as attractive financially, from a major bank anticompetitive effects to be clearly outweighed in outside the area. That proposal would involve none the public interest by the probable effect of the of the anticompetitive effects of the present protransaction in meeting the convenience and needs posal; in fact, it would offer the area the services of of the community to be served. a major new competitive alternative. The fact that the Board is specifically prohibited On the record before us, it is clear that consumfrom approving certain types of mergers clearly mation of the merger of American Bank and Eaton does not mean that it must or should approve all Rapids Bank would not be in the public interest, others. It simply means that in cases outside the and we would therefore deny the application. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

830 FEDERAL RESERVE BULLETIN • NOVEMBER 1970 ORDERS UNDER SECTION 3 OF BANK HOLDING application be and hereby is approved, provided COMPANY ACT that the action so approved shall not be consummated (a) before the thirtieth calendar day follow- FIRST NATIONAL STATE ing the date of this Order or (b) later than three BANCORPORATION, months after the date of this Order, unless such NEWARK, NEW JERSEY period is extended for good cause by the Board, or by the Federal Reserve Bank of New York pur- In the matter of the application of First National suant to delegated authority. State Bancorporation, Newark, New Jersey, for By order of the Board of Governors, October approval of action to become a bank holding com- 15, 1970. pany through the acquisition of voting shares of Voting for this action: Chairman Burns and Goverfour banks in the State of New Jersey. nors Robertson, Mitchell, Daane, and Brimmer. Absent and not voting: Governors Maisel and Sherrill. ORDER APPROVING ACTION TO BECOME (Signed) KENNETH A. KENYON, A BANK HOLDING COMPANY Deputy Secretary. [SEAL] There has come before the Board of Governors, pursuant to section 3(a)(1) of the Bank Holding STATEMENT Company Act of 1956 (12 U.S.C. 1842(a)(1)) and section 222.3(a) of Federal Reserve Regula- First National State Bancorporation, Newark, tion Y (12 CFR 222.3(a)), an application by First New Jersey ("Applicant"), which presently owns National State Bancorporation, Newark, New Jer- all (less directors' qualifying shares) of the voting sey, which owns presently all (less directors' quali- shares of First National State Bank of New Jerfying shares) of the voting shares of First National sey, Newark, New Jersey ("National State"), has State Bank of New Jersey, Newark, New Jersey, filed with the Board, pursuant to section 3(a)(1) for prior approval of the Board of action whereby of the Bank Holding Company Act of 1956, an Applicant would become a bank holding company application for approval of action to become a through the acquisition of 80 per cent or more of bank holding company through the acquisition of the voting shares of the following New Jersey 80 per cent or more of the voting shares of the banks, or their successors by merger: City National following New Jersey banks, or their successors by Bank, Hackensack; The Warren County National merger: City National Bank, Hackensack ("City Bank, Washington; The Edison Bank, South Plain- National"); The Warren County National Bank, field; and First National Bank of Spring Lake, Washington ("Warren National"); The Edison Spring Lake. Bank ("Edison Bank"); and First National Bank As required by section 3(b) of the Act, the of Spring Lake ("Spring Lake National"). The Board gave written notice of receipt of the applica- successor banks have significance primarily as the tion to the Comptroller of the Currency and the means of accomplishing the acquisition of all of New Jersey Commissioner of Banks, and requested the voting shares of the banks to be merged into their views and recommendations. The Comp- them. troller recommended approval; the Commissioner Views and recommendations of supervisory replied that the application, as a whole, has sub- authorities. As required by section 3(b) of the Act, stantial merit. written notice of receipt of the application was Notice of receipt of the application was pub- given to, and views and recommendations requested lished in the Federal Register on July 30, 1970 (35 of, the Comptroller of the Currency and the State Federal Register 12240), which provided an oppor- Bank Commissioner of New Jersey. The Comptunity for interested persons to submit comments troller recommended approval; the Commissioner and views with respect to the proposed transaction. replied that the application, as a whole, has sub- A copy of the application was forwarded to the stantial merit. United States Department of Justice for its con- Statutory considerations. Section 3(c) of the Act sideration. The time for filing comments and views provides that the Board shall not approve an acquihas expired and all those received have been con- sition that would result in a monopoly or would sidered by the Board. be in furtherance of any combination or conspiracy IT IS HEREBY ORDERED, for the reasons set forth to monopolize or to attempt to monopolize the in the Board's Statement of this date, that said business of banking in any part of the United Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 831 States. Nor may the Board approve a proposed ington (population 6,500) at the fringe of the acquisition, the effect of which, in any section of Phillipsburg, New Jersey-Easton, Pennsylvania marthe country, may be substantially to lessen com- ket; it is the fifth largest of 11 banks operating in petition, or to tend to create a monopoly, or which that area. Its two other offices are located in the in any other manner would be in restraint of trade, Hackettstown area; in terms of local deposits, Warunless the Board finds that the anticompetitive ren National is the third largest of six banks in that effects of the proposed transaction are clearly out- area. weighed in the public interest by the probable In the Second Bank District, Edison Bank is effect of the transaction in meeting the convenience the third largest of 18 banks operating in the New and needs of the communities to be served. In each Brunswick area (Middlesex County), with 10 per case, the Board is required to take into considera- cent of that area's deposits. Spring Lak6 National tion the financial and managerial resources and is the ninth largest of twelve banks operating in future prospects of the bank holding company and Monmouth County. Applicant's two proposed subthe banks concerned, and the convenience and sidiaries in the Second District hold approximately needs of the communities to be served. 2 per cent of deposits in that District. Competitive effect of the proposed transaction. There is little existing competition between any Applicant's existing subsidiary, National State (de- of Applicant's present and proposed subsidiaries. posits $737 million), is the largest bank in New National State, being the largest organization in Jersey.1 On consummation of the acquisition by the State, does obtain a significant portion of its Applicant of Warren National (deposits $33 mil- loans from the New Brunswick area. However, the lion), City National (deposits $41 million), Edi- size and nature of these loans are such that the $64 son Bank (deposits $64 million), and Spring Lake million Edison Bank cannot or does not compete National (deposits $18 million), Applicant would for them. It may also be noted that the Newark become the larger of three bank holding companies market (in which National State is located) and in the State, controlling 6.5 per cent of the bank the Paterson market (in which City National is deposits in the State; the 10 largest banking orga- located) are contiguous. Since the latter market is nizations would control 39.3 per cent of such de- oriented towards New York City, however, neither posits in the State, an increase of 1.1 per cent. bank presently is a significant competitor in the The 1969 amendments to the New Jersey Bank- other's market. ing Law, which permitted State-wide bank holding Consummation of the acquisitions is unlikely to companies, divided the State into three banking foreclose substantial future competition. The four districts, with branching permitted within district proposed affiliates are essentially retail institutions lines, subject to a "home office protection" pro- serving separate local markets. Because of the disvision, and to "branch office protection" in towns tances involved, the relatively small size of the prowith a population of less than 7,500. National posed subsidiaries, and the intense competition in State, City National, and Warren National are loeach area, it is unlikely that any of the proposed cated in the First Banking District. Edison Bank subsidiaries would choose to or could successfully and Spring Lake National are located in the Second compete in areas served by the other banks. Al- Banking District. though National State has the resources and legal National State operates principally within a four ability to branch or merge into areas served by Apcounty area centered in Newark. It is the largest plicant's two proposed First District subsidiaries, of 33 banks in that area, controlling 22 per cent the foreclosure of this possible competition would of the deposits therein, and approximately 10 per not substantially affect those markets because of cent of the deposits in the First Banking District. the significant competition presently existing there- City National is the thirteenth largest of 37 banks in and the relatively small size of the proposed subheadquartered in the Paterson market (Bergen and sidiaries. Passaic Counties), controlling 1.3 per cent of the Based upon the foregoing, the Board concludes deposits held by banks in that market. Warren that consummation of the proposed acquisition National has three offices, all located in Warren would not result in a monopoly or be in further- County, in the extreme Western portion of the First ance of any combination, conspiracy, or attempt to Banking District. Its main office is located in Washmonopolize the business of banking in any area, and would not substantially lessen competition, 1 All banking data are as of December 31, 1969, and retend to create a monopoly, or restrain trade in any flect holding company formations and acquisitions approved by the Board to date. section of the country. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

832 FEDERAL RESERVE BULLETIN • NOVEMBER 1970 Financial and managerial resources and future As required by section 3(b) of the Act, the prospects. The financial condition of Applicant and Board gave written notice of receipt of the appliits present and proposed subsidiaries is satisfac- cation to the Comptroller of the Currency, and tory. Considerations relating to the managements requested his views and recommendation. The and prospects of each are also consistent with ap- Comptroller offered no objection to approval of proval of the application. Although none of the the application. banks has deficiencies which could not be resolved Notice of receipt of the application was pubwithout the proposed affiliation, the proposal would lished in the Federal Register on September 2, 1970 assure needed management depth and successor (35 Federal Register 13910), providing an oppormanagement to the proposed subsidiaries. tunity for interested persons to submit comments The banking factors are consistent with approval and views with respect to the proposal. A copy of of the application. the application was forwarded to the United States Convenience and needs of the communities in- Department of Justice for its consideration. Time volved. The banking needs of the communities for filing comments and views has expired and all affected by Applicant's proposal are being ade- those received have been considered by the Board. quately served by present banking facilities. How- The Board has considered the application in the ever, while there is likely to be little effect on the light of the factors set forth in section 3(c) of the areas served by National State, the areas served Act, including the effect of the proposed acquisiby each of the proposed subsidiaries would benefit tion on competition, the financial and managerial from increased lending capacity, more specialized resources and prospects of Applicant and the services, and improved operating efficiency of the banks concerned, and the convenience and needs banks involved. of the communities to be served. Upon such con- Considerations relating to the convenience and sideration, the Board finds that: needs of the communities involved lend weight in Applicant, the twelfth largest banking organizasupport of approval of the application. tion and bank holding company in Florida, has Summary and conclusion. On the basis of all three subsidiary banks with $210 million in derelevant facts contained in the record, and in the posits, which represent 1.7 per cent of total deposits light of the factors set forth in section 3(c) of the of all Florida banks. (All banking data are as of Act, it is the Board's judgment that the proposed December 31, 1969, adjusted to reflect holding transaction would be in the public interest and that company formations and acquisitions approved by the application should be approved. the Board to date.) Since Bank is a proposed new bank, consummation of the proposal would not BROWARD BANCSHARES, INC., increase concentration in any market. FORT LAUDERDALE, FLORIDA Bank would be located in the western suburban In the matter of the application of Broward area of Fort Lauderdale, and would serve a rapidly Bancshares, Inc., Fort Lauderdale, Florida, for ap- growing area (population 59,000) consisting of proval of acquisition of 80 per cent or more of the Lauderdale Lakes, Sunrise Golf Village and an voting shares of Lauderdale Lakes National Bank, unincorporated part of Broward County. Appli- Lauderdale Lakes, Florida, a proposed new bank. cant's three subsidiaries, all located in Fort Lauderdale, are 5.2 to 7.3 miles from Bank, with six com- ORDER APPROVING ACQUISITION OF BANK STOCK peting banks located in the intervening area. Bank BY BANK HOLDING COMPANY would be the only bank located within the immediate area which it would serve. It does not appear There has come before the Board of Governors, that existing competition would be eliminated, pursuant to section 3(a)(3) of the Bank Holding Company Act of 1956 (12 U.S.C. 1842(a)(3)), or significant potential competition foreclosed, by and section 222.3(a) of Federal Reserve Regula- consummation of the present proposal. tion Y (12 CFR 222.3(a)), an application by Based upon the foregoing, the Board concludes Broward Bancshares, Inc., Fort Lauderdale, Flor- that consummation of the proposed acquisition ida ("Applicant"), a registered bank holding com- would not have significant adverse effects on the pany, for the Board's prior approval of the acqui- competition in any relevant area. The banking sition of 80 per cent or more of the voting shares factors, as they relate to Applicant, its subsidiaries, of Lauderdale Lakes National Bank, Lauderdale the Bank, are regarded as consistent with approval. Lakes, Florida ("Bank"), a proposed new bank. The proposal will provide the immediate area Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 833 served by Bank with its only banking facility, cation to the Commissioner of Banking of the which, with Applicant's assistance, will have full- State of Florida, and requested his views and recservice capability. It is the Board's judgment that ommendation. The Commissioner recommended consummation of the proposed acquisition would approval of the application. be in the public interest, and that the application Notice of receipt of the application was pubshould be approved. lished in the Federal Register on September 5, IT IS HEREBY ORDERED, for the reasons set forth 1970 (35 Federal Register 14176); providing an in the findings summarized above, that said appli- opportunity for interested persons to submit comcation be and hereby is approved, provided that ments and views with respect to the proposed transthe acquisition so approved shall not be consum- action. A copy of the application was forwarded mated (a) before the thirtieth callendar day fol- to the United States Department of Justice for its lowing the date of this Order, or (b) later than consideration. The time for filing comments and three months after the date of this Order, and views has expired and all those received have been provided further that (c) Lauderdale Lakes Na- considered by the Board. tional Bank shall be open for business not later The Board has considered the application in the than six months after the date of this Order. The light of the factors set forth in section 3 (c) of the periods described in (b) and (c) hereof may be Act, including the effect of the proposed acquisiextended for good cause by the Board, or by the tion on competition, the financial and managerial Federal Reserve Bank of Atlanta pursuant to deleresources of the Applicant and the banks congated authority. cerned, and convenience and needs of the com- By order of the Board of Governors, October 15, munities to be served and finds that: 1970. Applicant presently controls 23 banks which Voting for this action: Chairman Burns and Gover- hold deposits of $644 million, representing 5.2 per nors Robertson, Mitchell, and Brimmer. Absent and cent of total deposits held by Florida's commercial not voting: Governors Daane, Maisel, and Sherrill. banks, and is the State's third largest bank holding (Signed) KENNETH A. KENYON, company. (All banking data are as of December Deputy Secretary. 31, 1969, adjusted to reflect holding company [SEAL] formations and acquisitions approved by the Board to date.) Applicant's acquisition of the proposed BARNETT BANKS OF FLORIDA, INC., new bank would have no immediate effect on con- JACKSONVILLE, FLORIDA centration of banking resources. In the matter of the application of Barnett Banks Applicant's two closest subsidiaries, with deof Florida, Inc., Jacksonville, Florida, for approval posits of $29 million and $6 million, are located of acquisition of 80 per cent or more of the voting five and seven miles southeast of Auburndale Bank, shares of The American Bank in Auburndale, at Winter Haven and Cypress Gardens, respec- Auburndale, Florida, a proposed new bank. tively. Applicant's Winter Haven bank is the fourth largest and its bank in Cypress Gardens is the ORDER APPROVING ACQUISITION OF BANK STOCK smallest of 11 banks in the Auburndale area, which BY BANK HOLDING COMPANY range in deposit size from $6 million to $91 million. There has come before the Board of Governors, The town of Auburndale has one bank with depursuant to section 3(a)(3) of the Bank Holding posits of more than $11 million. Applicant's pres- Company Act of 1956 (12 U.S.C. 1842(a)(3)) ent subsidiary banks do not derive any significant and Section 222.3(a) of Federal Reserve Regula- amount of their business from the area proposed to tion Y (12 CFR 222.3(a)), an application by be served by Auburndale Bank. The consummation Barnett Banks of Florida, Inc., Jacksonville, Flor- of this proposal would serve to stimulate competiida ("Applicant"), a registered bank holding com- tion in the Auburndale area; no existing competipany, for the Board's prior approval of the acqui- tion would be eliminated nor significant potential sition of 80 per cent or more of the voting shares of competition foreclosed, nor would there be undue The American Bank in Auburndale, Auburndale, adverse effects on any competing banks. Florida ("Auburndale Bank"), a proposed new The financial condition and management of Apbank. plicant's group and Auburndale Bank are satisfac- As required by section 3(b) of the Act, the tory, and the prospects for each appear favorable. Board gave written notice of receipt of the appli- Considerations concerning community convenience Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

834 FEDERAL RESERVE BULLETIN • NOVEMBER 1970 and needs add some weight in favor of approval of recommendation. The Commissioner indicated that the application because of the benefits to be derived he would offer no objection to approval of the by the community from an additional banking fa- application. cility. It is the Board's judgment that the proposed Notice of receipt of the application was pubtransaction would be in the public interest, and lished in the Federal Register on August 5, 1970 that the application should be approved. (35 Federal Register 12499), which provided an IT IS HEREBY ORDERED, for the reasons set forth opportunity for interested persons to submit comin the findings summarized above, that said appli- ments and views with respect to the proposed transcation be and hereby is approved, provided that action. A copy of the application was forwarded the acquisition so approved shall not be consum- to the United States Department of Justice for its mated (a) before the thirtieth calendar day follow- consideration. The time for filing comments and ing the date of this Order or (b) later than three views has expired and all those received have been months after the date of this Order, and provided considered by the Board. further that (c) The American Bank in Auburndale IT IS HEREBY ORDERED, for the reasons set forth shall be opened for business not later than six in the Board's Statement of this date, that said months after the date of this Order. The periods application be and hereby is denied. described in (b) and (c) hereof may be extended By order of the Board of Governors, October for good cause by the Board or by the Federal 19, 1970. Reserve Bank of Atlanta pursuant to delegated Voting for this action: Chairman Burns and Goverauthority. nors Robertson, Mitchell, Daane, and Brimmer. Absent and not voting: Governors Maisel and Sherrill. By order of the Board of Governors, October 15, 1970. (Signed) KENNETH A. KENYON, Voting for this action: Chairman Burns and Gover- [SEAL] Deputy Secretary. nors Robertson, Mitchell, and Brimmer. Absent and not voting: Governors Daane, Maisel, and Sherrill. STATEMENT (Signed) KENNETH A. KENYON, [SEAL] Deputy Secretary. Security Financial Services, Inc., Sheboygan, Wisconsin ("Applicant"), a registered bank hold- SECURITY FINANCIAL SERVICES, INC., ing company, has applied to the Board, pursuant SHEBOYGAN, WISCONSIN to section 3(a) (3) of the Bank Holding Company Act of 1956, for prior approval of the acquisition In the matter of the application of Security of 80 per cent or more of the voting shares of Financial Services, Inc., Sheboygan, Wisconsin, for Security West Side Bank, Sheboygan, Wisconsin approval of acquisition of 80 per cent or more of ("Bank"), a proposed new bank. the voting shares of Security West Side Bank, Sheboygan, Wisconsin, a proposed new bank. Views and recommendation of supervisory authority. As required by section 3(b) of the Act, the Board gave notice of receipt of the application ORDER DENYING ACQUISITION OF BANK STOCK BY to the Commissioner of Banking of the State of BANK HOLDING COMPANY Wisconsin and requested his views and recom- There has come before the Board of Governors, mendation. The Commissioner indicated that he pursuant to section 3(a)(3) of the Bank Holding would offer no objection to approval of the applica- Company Act of 1956 (12 U.S.C. 1842(a)(3)) tion. and Section 222.3(a) of Federal Reserve Regula- Statutory considerations. Section 3(c) of the Act tion Y (12 CFR 222.3(a)), an application by provides that the Board shall not approve an acqui- Security Financial Services, Inc., Sheboygan, Wis- sition that would result in a monopoly or would consin, a registered bank holding company, for the be in furtherance of any combination or conspiracy Board's prior approval of the acquisition of 80 per to monopolize or to attempt to monopolize the busicent or more of the voting shares of Security West ness of banking in any part of the United States. Side Bank, Sheboygan, Wisconsin, a proposed new Nor may the Board approve a proposed acquisibank. tion, the effect of which, in any section of the As required by section 3(b) of the Act, the country, may be substantially to lessen competition, Board gave written notice of receipt of the appli- or to tend to create a monopoly, or which in any cation to the Commissioner of Banking of the other manner would be in restraint of trade, unless State of Wisconsin and requested his views and the Board finds that the anticompetitive effects of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 835 the proposed transaction are clearly outweighed in of Bank would raise barriers to entry of new comthe public interest by the probable effect of the petitors into the area, thereby perpetuating the transaction in meeting the convenience and needs present oligopolistic banking structure of the Sheof the communities to be served. In each case, the boygan area, which has the. highest degree of bank- Board is required to take into consideration the ing concentration of any area of comparable size financial and managerial resources and future pros- in Wisconsin. In two applications involving acquipects of the bank holding company and the banks sitions by a Wisconsin bank holding company of concerned, and the convenience and needs of the proposed new banks the Board's Statements comcommunities to be served. mented on the considerations involved in such pro- Competitive effect of proposed transaction. The posals, as follows: 10 largest banking organizations in Wisconsin, all If every newly developing need for banking facilities of which are bank holding companies,1 control $3.4 which arises in a concentrated market were to be filled by the market's dominant organization, any meaningful billion of deposits, or 39.2 per cent of the deposits deconcentration of the market's banking resources held by all commercial banks in the State.2 Appli- would be made impossible, and further concentration cant, the twelfth largest bank holding company in might be encouraged. . . .3 the State, controls two banks with aggregate de- % * * * * Determination of the competitive effects of a proposits of $77 million, representing approximately posed holding company acquisition, whether the pro- 1 per cent of total State deposits. posal is one to acquire an existing bank or a new bank There are five banks in Sheboygan, each of to be organized under the holding company's direction, turns on the issue of whether consummation of the prowhich is a subsidiary of one of the area's two regposal will result in a substantially less competitive bankistered bank holding companies. Applicant's group ing market than is likely to exist or develop in the event of two banks holds 51 per cent of the city's total that the proposal is not consummated. In the present case, consummation of the proposal would result in commercial bank deposits; Citizens Bancorporation expansion of the dominant banking organization in Mil- ("Citizens Group") controls three banks which waukee County and would tend to preclude entry which hold 49 per cent of such deposits. The two holding could lessen the extent of Applicant's dominance in the county, and provide competition to offices of Applicant's companies control 83 per cent of total Sheboygan present subsidiaries which serve the immediate area.4 County deposits. The remaining 17 per cent of Applicant indicates that directors of its lead bank county deposits is held by nine small banks with have been granted a charter for the proposed new deposits ranging from $2 to $7 million. bank and that Bank will be opened regardless of The area to be served by Bank lies primarily action by the Board on this application. The extent within the western section of the City of Sheboyof future common ownership of Bank cannot be gan and the immediately surrounding area; its only predicted. However, some likelihood of dissolution office will be located in an area contiguous to the of such common ownership will be preserved if western city limits and adjacent to a major shopping Bank does not become a subsidiary of Applicant. center complex. Applicant's lead bank, Security Consummation of this proposal would raise another First National Bank of Sheboygan, is situated three barrier to entry, thereby lessening the possibility of miles to the east of the proposed site; its other subany significant deconcentration of the market sidiary, South-West Bank, is located about the same through entry by other organizations. In view of distance southeast. Applicant's lead bank derives a the anticompetitive implications present in this substantial amount of business from Bank's proproposal, it is concluded that consummation would posed service area, and the two principal subsidihave adverse effects on competition and banking aries of the Citizens Group, Citizens Bank of Sheconcentration in the relevant area. boygan and North Side Bank, derive a large per- Convenience and needs of the communities to centage of their banking business from customers be served. The convenience and needs of customers located in this area. in those areas in which Applicant's present sub- Since the present proposal involves a de novo sidiaries are located would not be affected by conacquisition, there is no existing competition between summation of this proposal. the Bank and Applicant's present subsidiaries to be The area proposed to be served by Bank has a affected thereby. However, Applicant's acquisition population of approximately 11,000 and the only banking facility for the area is a branch of a sub- 1 In addition, three holding companies headquartered in Minnesota have subsidiary banks in Wisconsin. sidiary of the Citizens Group. There is evidence of -All banking data are as of December 31, 1969, and reflect holding company formations and acquisitions approved 1968 Federal Reserve BULLETIN 645, 647. by the Board to date. 4 1968 Federal Reserve BULLETIN 1024, 1026-1027. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

836 FEDERAL RESERVE BULLETIN • NOVEMBER 1970 a need for a more convenient banking facility in shares of seven other Texas banks, as follows: the general vicinity of Bank's projected site near the South Park National Bank of Houston (33.5 per Town of Kohler. However, it appears that, not- cent); Commercial State Bank, Houston (20.3 per withstanding the Board's action on this application, cent); Gulf Coast National Bank, Houston (19.1 Bank will be opened and will serve the area. per cent); Western National Bank of Houston These considerations are consistent with approval (16.9 per cent); Long Point National Bank of of the application, but do not outweigh the adverse Houston (14.7 per cent); The First National Bank competitive effects noted herein. of Longview (22.1 per cent); and The Kilgore Financial and managerial resources and future National Bank, Kilgore (24.7 per cent). prospects. The financial condition and manage- As required by section 3(b) of the Act, the ment of Applicant and both subsidiaries are satis- Board gave written notice of receipt of the applifactory, and the prospects for Applicant and its cation to the Comptroller of the Currency and the two subsidiary banks are regarded as favorable. Texas Commissioner of Banking, and requested Bank, as a proposed new bank, has no financial their views and recommendations. Both recomor operating history. Its management, which would mended approval of the application. be drawn from Applicant and its subsidiaries, Notice of receipt of the application was pubwould be satisfactory and its prospects favorable. lished in the Federal Register on July 30, 1970 Considerations relating to the banking factors (35 Federal Register 12240), providing an opporare consistent with, but lend no significant weight tunity for interested persons to submit comments in favor of, approval of the application. and views with respect to the proposed transaction. Summary and conclusion. On the basis of all A copy of the application was forwarded to the relevant facts in the record, and in the light of the United States Department of Justice for its confactors set forth in section 3(c) of the Act, it is sideration. Time for filing comments and views has the Board's judgment that the proposed acquisition expired and all those received have been considwould have an adverse effect on competition, with- ered by the Board. out offsetting benefits under the convenience and IT IS HEREBY ORDERED, for the reasons set forth needs factors or banking factors. in the Board's Statement of this date, that said Accordingly, the Board concludes that consum- application be and hereby is approved, provided mation of the proposal would not be in the public that the acquisition so approved shall not be coninterest and that the application should be denied. summated (a) before the thirtieth calendar day following the date of this Order, or (b) later than SOUTHWEST BANCSHARES, INC., three months after the date of this order, unless HOUSTON, TEXAS such period is extended for good cause by the Board, or by the Federal Reserve Bank of Dallas In the matter of the application of Southwest pursuant to delegated authority. Bancshares, Inc., Houston, Texas, for approval of By order of the Board of Governors, October action to become a bank holding company. 22, 1970. Voting for this action: Chairman Burns and Gover- ORDER APPROVING ACTION TO BECOME A BANK nors Robertson, Mitchell, Daane, Maisel, Brimmer, and Sherrill. HOLDING COMPANY (Signed) KENNETH A. KENYON, There has come before the Board of Governors, Deputy Secretary. pursuant to section 3(a)(1) of the Bank Holding [SEAL] Company Act of 1956 (12 U.S.C. 1842(a)(1)), and Section 222.3(a) of Federal Reserve Regula- STATEMENT tion Y (12 CFR 222.3(a)), an application by Southwest Bancshares, Inc., Houston, Texas Southwest Bancshares, Inc., Houston, Texas, for ("Applicant"), has filed with the Board, pursuant the Board's prior approval of action whereby Appli- to section 3(a)(1) of the Bank Holding Company cant would become a bank holding company Act of 1956, an application for approval of action through the merger of Bank of the Southwest Na- to become a registered bank holding company tional Association, Houston, Texas, into a non- through the merger of Bank of the Southwest Naoperating bank of which Applicant owns all but tional Association, Houston, Texas ("BSW"), into directors' qualifying shares, and, as an incident to a nonoperating bank of which Applicant owns all the merger, acquisition of beneficial ownership of but directors' qualifying shares and, as an incident Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 837 to the merger, acquisition of beneficial ownership operating bank. It has significance only as a vehicle of shares of seven other Texas banks, as follows: for accomplishing the acquisition by Applicant of 33.5 per cent of the shares of South Park National all of the shares of BSW. Bank of Houston ("South Park Bank"); 20.3 per BSW ($649 million deposits), located in downcent of the shares of Commercial State Bank, town Houston, is the third largest Houston bank, Houston ("Commercial Bank"); 19.1 per cent of with 12 per cent of deposits held by all banks in the shares of Gulf Coast National Bank, Houston the Houston metropolitan area; it is the fifth largest ("Gulf Coast Bank"); 16.9 per cent of the shares Texas bank, with 2.7 per cent of State-wide deof Western National Bank of Houston ("Western posits. Bank"); 14.7 per cent of the shares of Long Point South Park Bank ($7 million deposits), Western National Bank of Houston ("Long Point Bank"); Bank ($35 million deposits), Long Point Bank 22.1 per cent of the shares of The First National ($23 million deposits), Commercial Bank ($18 Bank of Longview ("Longview Bank"); and 24.7 million deposits), and Gulf Coast Bank ($10 milper cent of the shares of The Kilgore National lion deposits) are located in the Houston suburban Bank, Kilgore ("Kilgore Bank"). The described area. As a group, they control 1.7 per cent of shares of the seven other banks are owned by deposits in the Houston area. BSW, between 1956 Houston Southwest Corporation, all of the shares and 1960, sponsored the organization of four of of which are held by trustees for the benefit of these. Houston Southwest Corporation acquired its shareholders of BSW; as a result of the merger, interest in the fifth in settlement of a debt. Applicant will succeed to beneficial ownership of Kilgore Bank ($15 million deposits) is the larger all of the shares of Houston Southwest Corpora- of two banks located in Kilgore, and Longview tion, and, indirectly, of the shares of the seven Bank ($36 million deposits) is the second largest banks. of five banks in Longview. Both Kilgore and Long- Views and recommendations of supervisory au- view are located about 200 miles from Houston. thorities. As required by section 3(b) of the Act, Inasmuch as the proposal involves essentially a the Board gave written notice of receipt of the reorganization of existing interests, and reflects application to the Comptroller of the Currency and neither expansion of the group nor an increase in the Texas Commissioner of Banking, and requested the banking resources controlled by it, consumtheir views and recommendations. Both recom- mation of Applicant's proposal would not alter mended approval of the application. existing banking competition, nor affect potential Statutory considerations. Section 3(c) of the competition. Act provides that the Board shall not approve an On the basis of the foregoing, the Board conacquisition that would result in a monopoly or cludes that consummation of this proposal would would be in furtherance of any combination or not result in a monopoly or be in furtherance of conspiracy to monopolize or to attempt to monopo- any combination, conspiracy, or attempt to monoplize the business of banking in any part of the olize the business of banking in any part of the United States. Nor may the Board approve a pro- United States, and would not restrain trade, subposed acquisition, the effect of which, in any sec- stantially lessen competition, or tend to create a tion of the country, may be substantially to lessen monopoly in any part of the country. competition, or to tend to create a monopoly, or Financial and managerial resources and future which in any other manner would be in restraint of prospects. Applicant would begin operations in a trade, unless the Board finds that the anticompeti- satisfactory financial condition. Its management is tive effects of the proposed transaction are clearly competent, and its prospects, which are dependent outweighed in the public interest by the probable upon those of its proposed subsidiaries, appear effect of the transaction in meeting the convenience favorable. and needs of the communities to be served. In each BSW and South Park Bank are in satisfactory case, the Board is required to take into considera- condition, with competent managements, and have tion the financial and managerial resources and favorable prospects. The banking factors with refuture prospects of the bank holding company and spect to the six other banks are also considered the banks concerned, and the convenience and satisfactory. needs of the communities to be served. The banking factors, as they relate to Applicant, Competitive effects of the proposed transaction. its proposed subsidiaries, and the other six banks, The bank into which BSW will be merged is not an are consistent with approval. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

838 FEDERAL RESERVE BULLETIN • NOVEMBER 1970 Convenience and needs of the communities in- The Board has considered the application in the volved. The convenience and needs of the com- light of the factors set forth in section 3(c) of the munities served by the banks involved would not Act, including the effect of the proposed acquisibe materially affected by consummation of Appli- tion on competition, the financial and managerial cant's proposal. resources of the Applicant and banks concerned, Considerations relating to the convenience and and the convenience and needs of the communities needs of the areas involved are consistent with to be served. Upon such consideration, the Board approval of the application. finds that: Summary and conclusion. On the basis of all Applicant, the largest bank holding company and relevant facts contained in the record, and in the banking organization in Wisconsin, controls 15 light of the factors set forth in section 3(c) of the banks with aggregate deposits of $1.4 billion, rep- Act, it is the Board's judgment that the proposed resenting 16.5 per cent of the State's total deposits. transaction would be in the public interest and that (All banking data are as of December 31, 1969, the application should be approved. adjusted to reflect bank holding company formations and acquisitions approved by the Board to FIRST WISCONSIN BANKSHARES date.) Bank has deposits of $15 million, and its CORPORATION, MILWAUKEE, WISCONSIN sole office, located in Wausau, is 93 miles northwest of Applicant's nearest subsidiary bank in Green In the matter of the application of First Wis- Bay. Bank is the third largest of the seven banks consin Bankshares Corporation, Milwaukee, Wisoperating in the area it serves and holds approxiconsin, for approval of acquisition of 80 per cent mately 10 per cent of area deposits. The largest or more of the voting shares of First National area bank, the lead bank of a registered bank hold- Bank of Wausau, Wausau, Wisconsin. ing company, holds about 61 per cent of total area deposits, and the second largest bank holds 13 per ORDER APPROVING ACQUISITION OF BANK STOCK cent of such deposits. It does not appear that con- BY BANK HOLDING COMPANY summation of the proposal would significantly in- There has come before the Board of Governors, crease concentration within any relevant area, or pursuant to section 3(a)(3) of the Bank Holding eliminate significant existing or potential compe- Company Act of 1956 (12 U.S.C. 1842(a)(3)) tition, or have an undue adverse effect on other and section 222.3(a) of Federal Reserve Regula- competing banks. On the contrary, in view of the tion Y (12 CFR 222.3(a) ), an application by First size of competing organizations in the Wausau Wisconsin Bankshares Corporation, Milwaukee, area, it appears likely that Bank's affiliation with Wisconsin ("Applicant"), a registered bank hold- Applicant will have a procompetitive effect, deing company, for the Board's prior approval of the creasing concentration and providing a significant acquisition of 80 per cent or more of the voting alternative to the largest bank in the market. Conshares of First National Bank of Wausau, Wau- siderations relating to the financial condition, mansau, Wisconsin ("Bank"). agement, and prospects of Applicant, its present As required by section 3(b) of the Act, the subsidiaries, and Bank are consistent with approval Board gave written notice of receipt of the appli- of the Application. Although all significant bankcation to the Comptroller of the Currency and re- ing needs of the Wausau community appear to be quested his views and recommendations. The adequately met at present, the proposal would pro- Comptroller recommended approval of the appli- vide somewhat greater convenience to area resication. dents. Bank would be afforded the means with Notice of receipt of the application was pub- which to become a more effective competitor to the lished in the Federal Register on August 5, 1970 largest bank in the area. International services, not (35 Federal Register 12499), providing an oppor- now available from any area bank, and trust servtunity for interested persons to submit comments ices would be offered through Applicant's lead and views with respect to the proposed transaction. bank. It is the Board's judgment that consumma- A copy of the application was forwarded to the tion of the proposed acquisition would be in the United States Department of Justice for its con- public interest, and that the application should be sideration. The time for filing comments and views approved. has expired and all those received have been con- IT IS HEREBY ORDERED, for the reasons set forth sidered by the Board. in the findings summarized above, that said appli- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 839 cation be and hereby is approved, provided that the FIRST WISCONSIN BANKSHARES acquisition so approved shall not be consummated CORPORATION, MILWAUKEE, WISCONSIN (a) before the thirtieth calendar day following the In the matter of the application of First Wiscondate of this Order or (b) later than three months sin Bankshares Corporation, Milwaukee, Wisconafter the date of this Order, unless such period is sin, for approval of acquisition of 80 per cent or extended for good cause by the Board, or by the more of the voting shares of West Racine Bank, Federal Reserve Bank of Chicago pursuant to Racine, Wisconsin. delegated authority. By order of the Board of Governors, October ORDER APPROVING APPLICATION UNDER BANK 23, 1970. HOLDING COMPANY ACT There has come before the Board of Governors, Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Daane, and Brimmer. Absent pursuant to section 3(a)(3) of the Bank Holding and not voting: Governors Maisel and Sherrill. Company Act of 1956 (12 U.S.C. 1842(a)(3)), (Signed) KENNETH A. KENYON, and section 222.3(a) of Federal Reserve Regula- Deputy Secretary. tion Y (12 CFR 222.3(a)), an application by [SEAL] First Wisconsin Bankshares Corporation, Milwaukee, Wisconsin, a registered bank holding company, for the Board's prior approval of the acquisition of 80 per cent or more of the voting shares of West CONCURRING STATEMENT OF GOVERNORS Racine Bank, Racine, Wisconsin. ROBERTSON AND BRIMMER As required by section 3(b) of the Act, the Board Although we concur in the Board's approval of gave written notice of receipt of the application to the present application, based on the particular the Commissioner of Banking of the State of Wisfacts of this case, we wish to note our concern consin and requested his views and recommendawith respect to the increasing control exercised by tion. The Commissioner responded that he would Applicant over banking resources in the State of take no action to disapprove the application. Wisconsin. Applicant is the State's largest bank Notice of receipt of the application was pubholding company and banking organization; its lished in the Federal Register on July 16, 1970 lead bank is the largest in the State. The addition (35 Federal Register 11429), providing an opporof First National Bank of Wausau to its group will tunity for interested persons to submit comments give it control of about 17 per cent of all com- and views with respect to the proposed transaction. mercial bank deposits in Wisconsin, whereas the A copy of the application was forwarded to the second and third largest banking organizations in United States Department of Justice for its conthe State each hold less than 7 per cent of such sideration. Time for filing comments and views has deposits. It is also relevant to our concern that expired and all those received have been consid- Applicant's lead bank serves as correspondent for ered by the Board. more than 80 per cent of the banks in Wisconsin. IT IS HEREBY ORDERED, for the reasons set forth The extent of Applicant's present influence re- in the Board's Statement of this date, that said quires that particular caution be exercised with application be and hereby is approved, provided respect to proposals which would expand its system. that the application so approved shall not be con- In the instant case, we are persuaded that the summated (a) before the thirtieth calendar day effect of the proposal in offering a potential for following the date of this Order or (b) later than decreased concentration and increased competition three months after the date of this Order, unless in the highly concentrated Wausau area outweighs such period is extended for good cause by the any adverse effects which it may have. In joining in Board, or by the Federal Reserve Bank of Chicago the Board's approval action, however, we wish to pursuant to delegated authority. avoid any possibility that such action may be mis- By order of the Board of Governors, October interpreted as indicating a tolerant attitude toward 23, 1970. increasing concentration in Wisconsin banking. It Voting for this action: Chairman Burns and Goveris our firm conviction that holding company expannors Robertson, Daane, Brimmer, and Sherrill. Absent sion in the State, particularly by the largest orga- and not voting: Governors Mitchell and Maisel. nizations should be subjected to the closest scrutiny (Signed) KENNETH A. KENYON, under strict public interest standards. [SEAL] Deputy Secretary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

840 FEDERAL RESERVE BULLETIN • NOVEMBER 1970 STATEMENT Applicant's share of such deposits by only 0.3 per cent. First Wisconsin Bankshares Corporation, Mil- In processing this application, it was disclosed waukee, Wisconsin ("Applicant"), a registered that two of Applicant's directors also serve as dibank holding company, has applied to the Board rectors of another bank headquartered in Racine. of Governors, pursuant to section 3(a)(3) of the Applicant has given assurance that in the event the Bank Holding Company Act of 1956 (12 U.S.C. application is approved, the interlocking relation- 1842(a)(3)), for prior approval of the acquisition ships of these directors, which would apparently of 80 per cent or more of the voting shares of result in a violation of section 8 of the Clayton West Racine Bank, Racine, Wisconsin ("Bank"). Act and the Board's Regulation L, would be termi- Views and recommendation of supervisory aunated prior to its acquisition of Bank. thority. As required by section 3(b) of the Act, The only office of Bank, located approximately the Board gave written notice of receipt of the aptwo miles southwest of the downtown business displication to the Commissioner of Banking of the trict of Racine, primarily serves the city where it State of Wisconsin and requested his views and controls 11 per cent of the total commercial bank recommendation thereon. The Commissioner redeposits. Bank is the fourth largest of seven banks sponded that he would take no action to disapprove headquartered in Racine; the three largest hold the application. total deposits of $86 million, $45 million, and $27 Statutory considerations. Section 3(c) of the Act million, respectively, controlling in the aggregate, provides that the Board shall not approve an acqui- 74 per cent of area deposits. At the present time sition that would result in a monopoly or would be there are no bank holding companies represented in furtherance of any combination or conspiracy to in the city. monopolize or to attempt to monopolize the business of banking in any part of the United States. Racine is located 25 miles south of Milwaukee, Nor may the Board approve a proposed acquisition where Applicant's largest and five other subsidiary the effect of which, in any section of the country, banks are situated, and its closest banking office to may be substantially to lessen competition, or to Bank is also located in this area, approximately 23 tend to create a monopoly, or which in any other miles to the north of Racine. Applicant's largest manner would be in restraint of trade, unless the subsidiary bank derives some business from large Board finds that the anticompetitive effects of the corporations in the Racine area which require subproposed transaction are clearly outweighed in the stantial financing not readily available from Racine public interest by the probable effect of the trans- banks. However, it does not appear there is any action in meeting the convenience and needs of the meaningful competition between any of Applicant's community to be served. In each case, the Board present subsidiaries and Bank. Moreover, consumis required to take into consideration the financial mation of this proposal is not likely to eliminate and managerial resources and future prospects of any substantial amount of future competition bethe bank holding company and the banks con- tween them, because of the distances involved and cerned, and the convenience and needs of the com- the separation of the banking markets. munity to be served. The Board has considered the probability of Competitive effect of proposed transaction. The competition developing between Applicant and 10 largest banking organizations in Wisconsin, all Bank in the event this application is denied, either of which are bank holding companies,1 control ag- through Applicant's entry into the Racine area by gregate deposits of about $3.4 billion, representing the chartering of a new bank or the acquisition of 39.2 per cent of the deposits held by all coman existing smaller bank. In this regard, the Demercial banks in the State. Applicant, the largest partment of Justice advised the Board that in its banking organization in the State, controls 15 banks opinion the acquisition would have an adverse with total deposits of $1.4 billion,2 representing 16.7 effect on potential competition since Applicant per cent of the total State deposits. The acquisition could avail itself of either of the alternative means of Bank ($24 million deposits) would increase of entry into the market. However, in view of the circumstances presented by this record, the Board 1In addition, three holding companies headquartered in finds that the evidence does not indicate that Appli- Minnesota have subsidiary banks in Wisconsin. cant would be likely to enter this area through other 2 All banking data are as of December 31, 1969, and remeans in the event this proposal is denied, or that flect holding company formations and acquisitions approved by the Board to date. entry de novo or through acquisition of a smaller Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 841 bank would be significantly more desirable in this it is the Board's judgment that the proposed acquisicase from a competitive standpoint. Bank's total tion would be in the public interest and that the deposits have decreased by 18 per cent since 1967, application should be approved. and its position among Racine banks has been changed from third to fourth largest bank in the CONCURRING STATEMENT OF GOVERNOR city. It appears that the affiliation with Applicant ROBERTSON could serve to strengthen Bank and enable it to As is the case with respect to the Board's apbecome a more effective competitor in the area, proval of Applicant's proposal to acquire voting without having an undue adverse effect on any of shares of First National Bank of Wausau, I agree the Racine banks. with the Board's conclusion that, all things con- The proposed transaction would not result in a sidered, Applicant's acquisition of West Racine monopoly, or be in furtherance of any combination, Bank would be in the public interest. Once again, conspiracy, or attempt to monopolize the business however, I do so because of the special circumof banking in any relevant area. Approval of the stances involved, and despite serious and growing application and consummation of the proposal reservations with respect to the apparent accelerawould not substantially lessen competition, tend to tion of Applicant's acquisition program. create a monopoly, or restrain trade in any section Each succeeding acquisition by Applicant, by far of the country. the largest and most influential banking organiza- Financial and managerial resources and future tion in Wisconsin, increases the likelihood of its prospects. The financial condition and management domination of banking throughout the State. Thereof applicant and its subsidiary banks are satisfactory fore, even in the absence of clear adverse effects in and prospects for the group appear favorable. the market served by the bank involved, the danger The financial condition of Bank is satisfactory of adverse effects on a State-wide level is suffiand its prospects are reasonably favorable at this ciently great that acquisitions by Applicant should time. Management of the Bank is under the control not be approved except upon a strong and affirmaof its president who has been seriously ill for the tive showing of public interest. past two years. Applicant is capable of supplying In the present case, a combination of circumneeded personnel and proposes to assist Bank in stances tips the balance in Applicant's favor. Bank meeting its management problem. is not only the fourth largest in the Racine area— These considerations are consistent with, and less than one-third as large as the largest bank in provide some weight in favor of, approval of the that area and about one-half as large as the second application. largest—but also has had certain internal difficulties Convenience and needs of the communities inwhich preclude its being as effective a competitor volved. The banking needs of the communities as its size would otherwise permit it to be. The served by Applicant's present subsidiaries would proposed acquisition will also have the incidental not be affected by consummation of the present effect of requiring the dissolution of an interlockproposal. ing directorship between Applicant and the area's The major banking needs of the Racine area second largest bank. Under these circumstances, I appear to be adequately served at the present time. am persuaded that competitive conditions in the However, Applicant proposes to improve Bank's Racine area will be improved by consummation of present lending program and to improve and ex- the proposal and that this effect, coupled with pand other services presently offered Bank's cus- anticipated improvements in the operations of West tomers. For example, at the present time Bank has Racine Bank, outweighs the adverse effects implicit no trust department; Applicant will provide coun- in the resulting expansion in the size and scope of seling in trust and estate matters and in the field Applicant's system. of international banking, in order to enable Bank While these considerations appear to me to justify to make these services available to its customers. the present action, it does not necessarily follow It is concluded that considerations relating to that even identical considerations will justify the convenience and needs of the communities in- favorable action on future applications. To the volved support approval of this application. extent that consummation of the present proposal Summary and conclusion. On the basis of all increases the banking resources under Applicant's relevant facts contained in the record, and in light control, it also increases the seriousness of the of the factors set forth in section 3(c) of the Act, adverse effects involved in further expansion. Be- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

842 FEDERAL RESERVE BULLETIN • NOVEMBER 1970 cause the effect is cumulative and the balance, ORDER APPROVING ACQUISITION OF BANK STOCK even with respect to the present case, is close, I BY BANK HOLDING COMPANY regard the precedential effect of this decision as There has come before the Board of Governors, limited. Specifically, as Applicant's size increases, pursuant to section 3(a)(3) of the Bank Holding I believe that the Board should require a more Company Act of 1956 (12 U.S.C. 1842(a)(3)), convincing demonstration that contemplated im- and section 222.3(a) of Federal Reserve Regulaprovements in operations of the bank involved tion Y (12 CFR 222.3(a)), the application of Pan cannot be achieved in some alternative manner. American Bancshares, Inc., Miami, Florida ("Ap- Also, at some point the possibility must be con- plicant"), a registered bank holding company, for sidered that, because of Applicant's preeminent the Board's prior approval of the acquisition of at position, apparent improvements in local market least 80 per cent of the voting shares of Commerstructure may be illusory—it may be that, even cial National Bank of Broward County, Broward with a relatively small share of the local market, County, Florida ("Commercial Bank"). Applicant's overwhelming size and correspondent As required by section 3(b) of the Act, the banking connections will be such as to permit it Board gave written notice of receipt of the applito dictate competitive conditions within such a cation to the Comptroller of the Currency and market. At that point, I believe that further exrequested his views and recommendation. The pansion should be prohibited. Comptroller recommended approval of the appli- It is difficult to state the precise point at which cation. a given banking organization reaches such size that Notice of receipt of the application was pubfurther acquisitions must be prohibited regardless lished in the Federal Register on August 20, 1970 of the particular facts of the case involved. Never- (35 Federal Register 13335), providing an opportheless, I am convinced that Congress, in requiring tunity for interested persons to submit comments the Board to control the expansion of bank hold- and views with respect to the proposal. A copy of ing companies, contemplated that, at a minimum the application was forwarded to the United States the Board would draw the line against further ac- Department of Justice for its consideration. Time quisitions by a holding company whose size threat- for filing comments and views has expired and all ens the continued existence of a competitive bank- those received have been considered by the Board. ing structure. I am equally convinced that Appli- The Board has considered the application in the cant's size approaches that point.1 Furthermore, I light of the factors set forth in section 3(c) of the believe that any doubt as to where the line should Act, including the effect of the proposed acquisition be drawn must be resolved in favor of the public on competition, the financial and managerial reinterest, and not in favor of the Applicant. Theresources and future prospects of the Applicant and fore, while I join in the present action, I wish to the banks concerned, and the convenience and go on record at this time as stating that my favorneeds of the communities to be served. Upon such able vote on such acquisitions will be more difficult considerations, the Board finds that: to obtain in the future. Applicant controls three banks with aggregate deposits of $119 million, which represents 1 per cent PAN AMERICAN BANCSHARES, INC., of total bank deposits in Florida. (All banking data MIAMI, FLORIDA are as of December 31, 1969 and reflect holding In the matter of the application of Pan Ameri- company formations and acquisitions approved by can Bancshares, Inc., Miami, Florida, for ap- the Board to date, with the exception of the Appliproval of acquisition of at least 80 per cent of the cant's proposed acquisition of Citizens National voting shares of Commercial National Bank of Bank of Orlando, approved by the Board on June Broward County, Broward County, Florida. 25, 1970. Applicant has notified the Board that it does not intend to consummate that acquisition.) 1 It appears that two States, New Hampshire and New Applicant is presently the sixteenth largest banking Jersey, have considered the point at which a line should be organization in Florida, and, upon consummation drawn against further acquisitions. Both have legislation of the instant proposal and that to acquire Uniwhich provides that no acquisition should be approved by State authorities which will result in the holding company's versity National Bank of Coral Gables, Coral control of 20 per cent or more of the bank deposits of the Gables, Florida, also approved as of this date, State (N. H. Rev. Stat. Ann. 384-B: 3; N. J. Stat. Ann. would rank as the fifteenth largest, with control of 17: 9A-345.) Applicant now controls about 17 per cent of Wisconsin deposits. 1.2 per cent of State deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 843 Commercial Bank (deposits $11.8 million) ranks ORDER APPROVING ACQUISITION OF BANK STOCK as the fourteenth largest of 17 banks in the Fort BY BANK HOLDING COMPANY Lauderdale area, holding 1.8 per cent of deposits There has come before the Board of Governors, in that market (the east-central section of Broward pursuant to section 3(a)(3) of the Bank Holding County). It is sixth in size among seven banks Company Act of 1956 (12 U.S.C. 1842(a)(3)), competing directly in its service area. None of and section 222.3(a) of Federal Reserve Regula- Applicant's subsidiaries, the closest of which is 30 tion Y (12 CFR 222.3(a)), the application of Pan miles south of Commercial Bank, compete in the American Bancshares, Inc., Miami, Florida ("Ap- Fort Lauderdale market, and such competition is plicant"), a registered bank holding company, for unlikely to develop. Upon consummation of the the Board's prior approval of the acquisition of at proposal, Applicant would be the smallest of three least 80 per cent of the voting shares of University holding companies with subsidiaries in the market. National Bank of Coral Gables, Coral Gables, Based upon the foregoing, the Board concludes Florida ("University Bank-"). that consummation of the proposed acquisition As required by section 3(b) of the Act, the would not have an adverse effect on competition in Board gave written notice of receipt of the applicaany relevant area. The banking factors, as applied tion to the Comptroller of the Currency and reto the facts of record, weigh heavily toward apquested his views and recommendation. The Compproval of the application. Commercial Bank's prostroller offered no objection to approval of the appects are regarded as only fair, mainly because of plication. management and asset deficiencies, rather than con- Notice of receipt of the application was pubditions in the market area. The change of ownership and management contemplated by Applicant lished in the Federal Register on August 20, 1970 would likely result in improved prospects of the (35 Federal Register 13335), providing an opporbank. Although the needs of the communities in- tunity for interested persons to submit comments volved appear to be adequately served by present and views with respect to the proposal. A copy of facilities, the public would benefit from the antici- the application was forwarded to the United States pated improvements in operations of the bank. It is Department of Justice for its consideration. Time the Board's judgment that the proposed transaction for filing comments and views has expired and all would be in the public interest, and that the appli- those received have been considered by the Board. cation should be approved. The Board has considered the application in the light of the factors set forth in section 3(c) of the IT IS HEREBY ORDERED, for the reasons set forth Act, including the effect of the proposed acquisition in the findings summarized above, that said applion competition, the financial and managerial recation be and hereby is approved, provided that sources and future prospects of the Applicant and the action so approved shall not be consummated (a) before the thirtieth calendar day following the the banks concerned, and the convenience and date of this Order or (b) later than three months needs of the communities to be served. Upon such after the date of this Order, unless such time be consideration the Board finds that: extended for good cause by the Board, or the Applicant controls three banks with aggregate Federal Reserve Bank of Atlanta pursuant to dele- deposits of $119 million, representing 1 per cent gated authority. of total deposits in the State of Florida. (All bank- By order of the Board of Governors, October ing data are as of December 31, 1969, adjusted to 23, 1970. reflect bank holding company formations and acquisitions approved by the Board to date, with Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Daane, Maisel, and Sherrill. the exception of Applicant's proposed acquisition Absent and not voting: Governor Brimmer. of Citizens National Bank of Orlando, approved (Signed) KENNETH A. KENYON, by the Board on June 25, 1970. The Board has Deputy Secretary. been advised that Applicant does not intend to consummate that proposal.) Upon consummation of [SEAL] this proposal and that to acquire the Commercial In the matter of the application of Pan American National Bank of Broward County, approved by Bancshares, Inc., Miami, Florida, for approval of the Board on this date, Applicant would control 1.2 acquisition of at least 80 per cent of the voting per cent of total State deposits, and would advance shares of University National Bank of Coral from the sixteenth to the fifteenth largest banking Gables, Coral Gables, Florida. organization in Florida. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

844 FEDERAL RESERVE BULLETIN • NOVEMBER 1970 University Bank (deposits $17 million) is the nors Robertson, Mitchell, Daane, Maisel, and Sherrill. twenty-eighth largest of 69 banks located in Dade Absent and not voting: Governor Brimmer. County, holding .6 per cent of county deposits. In (Signed) KENNETH A. KENYON, its immediate service area, it holds 5.5 per cent of Deputy Secretary. deposits and is the eighth largest of 11 banks. [SEAL] Eight banks holding companies presently own 23 banks and hold 63.5 per cent of deposits in SOCIETY CORPORATION, Dade County. Applicant is the seventh largest of CLEVELAND, OHIO these; although all three of its subsidiary banks are In the matter of the application of Society Corlocated in Dade County, it controls only 4.2 per poration, Cleveland, Ohio, for approval of acquicent of county deposits, and would control only sition of 80 per cent or more of the voting shares 4.8 per cent upon consummation of the present of Tri-County National Bank, Fostoria, Ohio. proposal. Applicant's closest subsidiary to University Bank is its lead bank, Pan American Bank, Miami, ORDER APPROVING ACQUISITION OF BANK Florida (deposits $75 million), located eight miles STOCK BY BANK HOLDING COMPANY northeast of University Bank. It is the only one of There has come before the Board of Governors, Applicant's subsidiaries which competes to any expursuant to section 3(a)(3) of the Bank Holding tent with University Bank, and such competition Company Act of 1956 (12 U.S.C. 1842(a)(3)) appears limited. In view of University Bank's size and section 222.3(a) of Federal Reserve Regulaand the number of banking alternatives intervening tion Y (12 CFR 222.3(a)), the application of its location and the locations of the present subsidi- Society Corporation, Cleveland, Ohio ('Appliaries, there is little likelihood that any significant cant"), a registered bank holding company, for competition will develop between it and any of the Board's prior approval of the acquisition of 80 Applicant's subsidiaries in the future. per cent or more of the voting shares of Tri-County Based upon the foregoing, the Board con- National Bank, Fostoria, Ohio ("Bank"). cludes that consummation of the proposed transac- As required by section 3(b) of the Act, the tion would have no significant adverse effect upon Board gave written notice of receipt of the applicacompetition in any relevant area. The banking faction to the Comptroller of the Currency, and retors, as applied to the facts of record, weigh heavily quested his views and recommendation. The Compin favor of approval of the application. University troller offered no objection to approval of the ap- Bank's prospects are presently limited by manageplication. ment and asset weaknesses which would be cor- Notice of receipt of the application was pubrected under Applicant's proposal. Applicant prolished in the Federal Register on September 15, poses to improve and expand the services of Uni- 1970 (35 Federal Register 14485), providing an versity Bank, and contemplated improvements in opportunity for interested persons to submit comits condition and operation would benefit the pubments and views with respect to the proposal. A lic. It is the Board's judgment that the proposed copy of the application was forwarded to the transaction would be in the public interest and that United States Department of Justice for its conthe application should be approved. sideration. Time for filing comments and views has IT IS HEREBY ORDERED, for the reasons set forth expired and all those received have been considin the findings summarized above, that said applicaered by the Board. tion be and hereby is approved, provided that the The Board has considered the application in the action so approved shall not be consummated (a) light of the factors set forth in section 3(c) of the before the thirtieth calendar day following the Act, including the effect of the proposed acquisidate of this Order or (b) later than three months tion on competition, the financial and managerial after the date of this Order, unless such time be resources and future prospects of the Applicant and extended for good cause by the Board, or by the the banks concerned, and the convenience and Federal Reserve Bank of Atlanta pursuant to deleneeds of the communities to be served. Upon such gated authority. consideration, the Board finds that: By order of the Board of Governors, October 23, Applicant, the second largest bank holding com- 1970. pany and the fourth largest banking organization Voting for this action: Chairman Burns and Gover- in Ohio, controls eight banks with aggregate de- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 845 posits of $985 million, representing 4.8 per cent of Reserve Bank of Cleveland pursuant to delegated the commercial bank deposits in the State. (All authority. banking data are as of December 31, 1969, and By order of the Board of Governors, October reflect holding company actions approved by the 27, 1970. Board to date.) Upon acquisition of Bank ($40.1 Voting for this action: Chairman Burns and Govermillion deposits), Applicant would control 5.0 per nors Robertson, Mitchell, Daane, Maisel, Brimmer, and Sherrill. cent of the commercial bank deposits in the State; (Signed) KENNETH A. KENYON, its position relative to other banking organizations Deputy Secretary. and holding companies would remain the same. [SEAL] Bank is headquartered in Fostoria, 100 miles southwest of Cleveland, and operates nine offices UNITED BANKS OF COLORADO, INC., in three counties: five offices in Seneca, three of- DENVER, COLORADO fices in Wood, and one office in Hancock. Under Ohio law, a bank may branch in the county in In the matter of the application of United Banks which its main office is located. Since the corporate of Colorado, Inc., Denver, Colorado, for approval limits of Fostoria extend into three countries, Bank of acquisition of at least 80 per cent of the voting may establish branches in each of the counties. shares of The Colorado Springs National Bank, In that three county area, Bank is the third largest Colorado Springs, Colorado. of 23 banks, and controls 10.1 per cent of the area deposits. Applicant's closest subsidiary to bank ORDER APPROVING APPLICATION UNDER has a branch office in Sandusky County, 18 miles BANK HOLDING COMPANY ACT east of one of Bank's branches in Wood County, There has come before the Board of Governors, and neither it nor any other of Applicant's present pursuant to section 3(a)(3) of the Bank Holding subsidiaries compete with Bank to a significant Company Act of 1956 (12 U.S.C. 1842(a)(3)), extent. Nor does it appear likely that such comand section 222.3(a) of Federal Reserve Regulapetition would develop because of the distances tion Y (12 CFR 222.3(a)), an application by between Applicant's present subsidiaries and Bank; United Banks of Colorado, Inc., Denver, Colofuthermore, under Ohio law, none of Applicant's rado, a registered bank holding company, for the present subsidiaries can establish branches in any Board's prior approval of the acquisition of at least of the counties served by Bank. 80 per cent of the voting shares of The Colorado Based upon the foregoing, the Board concludes Springs National Bank, Colorado Springs, Colothat consummation of the proposal would not have rado. an adverse effect on competition in any relevant As required by section 3(b) of the Act, the area. The banking factors, as they relate to Ap- Board notified the Comptroller of the Currency of plicant, its subsidiaries, and Bank are regarded as the application and requested his views and recconsistent with approval. Considerations relating to ommendation. The Comptroller recommended apthe convenience and needs of the communities to proval of the application. be served lend weight in support of approval; The present application was filed under the name Applicant proposes to expand many of Bank's of Denver U. S. Bancorporation, Inc.; during the present services and to make trust and international pendency of the application, Applicant's name was services available through Applicant's largest subchanged to United Banks of Colorado, Inc. Notice sidiary, in Cleveland. It is the Board's judgment of receipt of the application was published in the that the proposed transaction would be in the pub- Federal Register on November 5, 1969 (34 Federal lic interest, and that the application should be Register 17930), providing an opportunity for inapproved. terested persons to submit comments and views IT IS HEREBY ORDERED, for the reasons set forth with respect to the proposed transaction. A copy in the findings summarized above, that said applica- of the application was forwarded to the United tion be and hereby is approved, provided that the States Department of Justice for its consideration. action so approved shall not be consummated (a) Time for filing comments and views has expired before the thirtieth calendar day following the date and all those received have been considered by the of this Order or (b) later than three months after Board. the date of this Order, unless such time be extended IT IS HEREBY ORDERED, for the reasons set forth for good cause by the Board, or by the Federal in the Board's Statement of this date, that said ap- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

846 FEDERAL RESERVE BULLETIN • NOVEMBER 1970 plication be and hereby is approved, provided that and managerial resources and future prospects of the application so approved shall not be consum- the bank holding company and the banks conmated (a) before the thirtieth calendar day follow- cerned, and the convenience and needs of the coming the date of this Order or (b) later than three munities to be served. months after the date of this Order, unless such Competitive effects of the proposed transaction. period is extended for good cause by the Board or Applicant, the largest banking organization in Coloby the Federal Reserve Bank of Kansas City pur- rado, has eight subsidiary banks which have total suant to delegated authority. deposits of $590 million.2 Acquisition of Bank, By order of the Board of Governors, October which has deposits of $36 million, would increase 29, 1970. Applicant's share of deposits in the State from 15 Voting for this action: Chairman Burns and Gover- per cent to 15.9 per cent. nors Mitchell, Daane, and Sherrill. Voting against this Bank is the third largest of four banks in downaction: Governors Robertson, Maisel, and Brimmer. town Colorado Springs, the largest city in El Paso (Signed) KENNETH A. KENYON, County. The largest bank in the area ($93 mil- Deputy Secretary. lion deposits) is a subsidiary of a bank holding [SEAL] company which is the State's fourth largest banking organization; the same organization also owns STATEMENT two suburban banks in the area, and together its United Banks of Colorado, Inc., Denver, Colo- subsidiaries control over $100 million in deposits, rado ("Applicant")1, a registered bank holding more than 35 per cent of the El Paso County total. company, has applied to the Board of Governors, The second and fourth largest banks in the downtown area are affiliated through common ownerpursuant to section 3(a)(3) of the Bank Holding ship; together they hold about $64 million in de- Company Act of 1956 (12 U.S.C. 1842(a)(3)), posits, almost 23 per cent of the County total. Bank for prior approval of the acquisition of at least 80 controls 12.7 per cent of the deposits in El Paso per cent of the voting shares of The Colorado County; its affiliation with a suburban bank hold- Springs National Bank, Colorado Springs, Colorado ing 2.3 per cent of County deposits would be ("Bank"). broken if the present proposal is consummated. Views and recommendation of supervisory au- The fourth largest banking organization in the thority. As required by section 3(b) of the Act, County is a locally-based bank holding company the Board notified the Comptroller of the Currency which controls a bank located just outside the of receipt of the application and requested his views downtown area, as well as a suburban bank; its and recommendation thereon. The Comptroller two subsidiaries control 9.7 per cent of County derecommended approval of the application. posits. In all, 18 banks, representing 13 banking Statutory considerations. Section 3(c) of the Act groups, compete in El Paso County. Consummation provides that the Board shall not approve an acquiof the present proposal, by dissolving the common sition that would result in a monopoly or would be ownership between Bank and its suburban affiliate, in furtherance of any combination or conspiracy to would result in 14 competing organizations. Bank monopolize or to attempt to monopolize the busiwould remain the third largest of these—about oneness of banking in any part of the United States. half as large as the second largest, and one-third Nor may the Board approve a proposed acquisition the size of the largest, in terms of local deposits. the effect of which, in any section of the country, may be substantially to lessen competition, or to The nearest of Applicant's present subsidiary tend to create a monopoly, or which in any other banks is located about 43 miles south of Colorado manner would be in restraint of trade, unless the Springs. Four of its eight subsidiaries are located Board finds that the anticompetitive effects of the in the Denver area, about 70 miles north of Coloproposed transaction are clearly outweighed in the rado Springs. Only Applicant's largest subsidiary, public interest by the probable effect of the trans- in Denver, competes to any extent with Bank, and action in meeting the convenience and needs of the the extent of such competition is not significant. communities to be served. In each case, the Board In a comment on the application submitted to is required to take into consideration the financial the Board, the United States Department of Justice 1 The application was originally filed under the name of 2 All banking data are as of December 31, 1969, and in- Denver U. S. Bancorporation, Inc. Applicant adopted its clude bank holding company formations and acquisitions present name on August 31, 1970. approved by the Board to date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 847 concluded that, because of the proposal's effect in its subsidiary banks is regarded as reasonably satisforeclosing potential competition and extending the factory, although Applicant has a relatively heavy influence of Applicant into the second largest city debt position and certain of its subsidiary banks in the State, its competitive effect "would be sig- face a need for additional capital. In view of the nificantly adverse." For the reasons stated here- fact that the present proposal would not increase after, the Board believes this assessment overstates Applicant's debt position, and in view of Applithe long-range anticompetitive effects of the pro- cant's indications that it plans in the near future posal, and accords insufficient weight to the im- to liquidate its debt and provide additional capital mediate benefits to competition which would result to its subsidiaries, considerations bearing on these from its consummation. factors, as they relate to Applicant and its present Although Applicant is, by a small margin, the subsidiaries, are regarded as consistent with aplargest banking organization in Colorado, none of proval of the application.its subsidiaries is the largest bank in the area it Bank is in satisfactory financial condition, and serves, and, in view of Bank's size relative to its its management is competent, though conservative. competitors, Applicant is unlikely to become a Its prospects, which appear favorable in any event, dominant competitor in Colorado Springs. Bank would be enhanced by consummation of the prohas been very conservatively operated, and its share posal. These considerations are also consistent with of the area deposits has declined by more than one- approval of the application. third since 1958. In the light of the unaggressive Convenience and needs of the communities inpolicies which it has pursued in the past, it seems volved. Consummation of the present proposal highly unlikely that it would be a leading force in would not significantly affect the convenience or the formation of a new holding company, or even needs of areas now served by subsidiaries of Apthat it would be a significant independent competi- plicant. tor to the bank holding companies which are now It appears that the banking needs of the Coloentering or forming in Colorado Springs. Consum- rado Springs area are being adequately met by mation of Applicant's proposal would result in four banks located there. However, although Bank offers strong competing organizations in the Colorado a reasonably complete line of services, it has not Springs area, no one of which is likely to dominate been aggressive in marketing them. Strong demand area banking. The Board considers this beneficial exists in the area for consumer financing, mortgage effect on competition more persuasive than the pos- loans, and trust services. Bank has not been active sible anticompetitive effects resulting from the fore- in any of these areas, and Applicant proposes to closure of Applicant's possible acquisition of a improve its performance by developing sources of smaller outlying bank (which would have only a mortgage funds, and by supplying the direction limited impact on the larger downtown organiza- and advice necessary to increase its instalment tions), or its possible establishment of a new bank lending and fiduciary capability. Bank's present (which also would have limited immediate impact) quarters are old, of insufficient size, and lack adequate parking facilities; Applicant proposes to take in the downtown area. The fact that the proposal necessary steps to improve these physical facilities. would also serve to break an affiliation now existing between Bank and a suburban bank, thereby These considerations weigh in favor of approval removing an impediment to competition between of the application. them, further supports the view that the overall Summary and conclusion. On the basis of all effect of the proposal on competition would not be relevant facts contained in the record, and in the seriously adverse. light of the factors set forth in section 3(c) of the Act, it is the Board's judgment that the proposed Based on the foregoing, the Board concludes that transaction would be in the public interest, and that consummation of Applicant's proposal would not the application should be approved. result in a monopoly or be in furtherance of any combination, conspiracy, or attempt to monopolize the business of banking in any area, and would not DISSENTING STATEMENT OF GOVERNORS restrain trade, substantially lessen competition, or ROBERTSON, MAISEL, AND BRIMMER tend to create a monopoly in any section of the The present proposal would continue a trend country. whereby, through one acquisition after another, the Financial and managerial resources and future banking structure of Colorado has been changed prospects. The financial condition of Applicant and from one of local markets served by local banks Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

848 FEDERAL RESERVE BULLETIN • NOVEMBER 1970 to one in which most of the banking resources of The acquisition by the largest banking organizaevery significant market in the State are concen- tions in the State of leading banks in these markets trated under the control of a few bank holding lessens present and future competition in markets companies. A principal objective of the Act was throughout the State in several ways. First, the to preserve and encourage a system which would immediate competitive stimulus which the major allow for as many separate and competing bank- potential competitors may provide to the present ing organizations as can effectively and efficiently principal market participants is lost when the latter serve the convenience and needs of the commu- are acquired by the former. Secondly, such acquinities involved. We believe that objective to be sitions reduce the number of potential participants frustrated by approval of proposals such as the in the market at the very time that the area is present one, and consequently, there being no out- undergoing its greatest growth and is most able to weighing considerations, we would deny the appli- attract new entrants and support additional particication. pants. Another facet of this is that those organiza- In our Dissenting Statement in connection with tions least able to expand through de novo estabthe Board's approval of the application of First lishments are deprived of a vehicle through which National Bancorporation to acquire First National they might have been able to achieve a market Bank of Greeley (1970 Federal Reserve BULLETIN position. The end result is that a large percentage 539, 543) we noted the undesirable trend develop- of the banking resources of every significant maring in Colorado, and expressed our belief that "it ket in the State are vested in the same few organiis essential that the Board not now approve any zations. Subject only to the same competitive stimuacquisition in furtherance of that trend where ap- lation in each market, and without the stimulus proval is not clearly required by considerations which a significant potential competitor might probearing upon the public convenience and needs." vide, the result tends to be parallel policies, not {Id. at 544). The present proposal is clearly in competition. Innovations in service and pricing befurtherance of that trend, and is without any sig- come less likely, and the public is forced to depend nificant offsetting benefits to the community. upon the judgment of the few as to the best methods by which its needs may be met, and indeed— Upon consummation of the present proposal, particularly in periods of credit scarcity—as to Applicant (the largest banking organization in the whether some needs will be met at all. State) will control a major bank in every Colorado city with a population of 25,000 or more. Its sub- In view of the serious anticompetitive effects of sidiaries include the second largest bank in Denver the proposal, and the lack of offsetting benefits, we (accounting for 20 per cent of that area's deposits), would deny the application, in accordance with the the second largest in Fort Collins (23 per cent of Congressional mandate. that area's deposits), the third largest in Boulder (13 per cent of area deposits) and Greeley (15 In the matter of the application of United Banks per cent of area deposits), and the fourth largest of Colorado, Inc., Denver, Colorado, for approval in Pueblo (11 per cent of area deposits). Acquisi- of acquisition of 80 per cent or more of the voting tion of the third largest bank in Colorado Springs shares of Mesa National Bank of Grand Junction, completes the circuit through which it has estab- Grand Junction, Colorado. lished control over a significant portion of the banking resources of every major market in the State. ORDER APPROVING ACQUISITION OF BANK STOCK Two other Colorado bank holding companies, First BY BANK HOLDING COMPANY National Bancorporation, Inc., and Affiliated Bancshares of Colorado, Inc., also have major subsidi- There has come before the Board of Governors, aries in several of these markets. With consumma- pursuant to section 3(a)(3) of the Bank Holding tion of the present proposal, these three organiza- Company Act of 1956 (12 U.S.C. 1842(a)(3)) tions will control the two largest banks in Denver and section 222.3(a) of Federal Reserve Regula- (44 per cent of Denver area deposits), the three tion Y (12 CFR 222.3(a)), an application by largest in Greeley (79 per cent of Greeley area United Banks of Colorado, Inc., Denver, Colorado deposits), and two of the three largest in Boulder ("Applicant") [formerly Denver U.S. Bancorpora- (52 per cent of area deposits), Fort Collins (42 per tion, Inc.], a registered bank holding company, for cent of area deposits), and Colorado Springs (48 the Board's prior approval of the acquisition of 80 per cent of area deposits). per cent or more of the voting shares of Mesa Na- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 849 tional Bank of Grand Junction, Grand Junction, Based upon the foregoing, the Board concludes Colorado ("Bank"). that consummation of the proposed acquisition As required by section 3(b) of the Act, the would not have significant adverse effects on com- Board gave written notice of receipt of the applica- petition in any relevant area. The banking factors, tion to the Comptroller of the Currency, and re- as they relate to Applicant and its subsidiaries, are quested his views and recommendation. The Comp- consistent with approval; as they relate to Bank, troller recommended approval of the application. they weigh in favor of approval since Applicant Notice of receipt of the application was pub- plans to raise additional capital for Bank. Affilialished in the Federal Register on September 16, tion with Applicant would enable Bank to develop 1970 (35 Federal Register 14522), providing an programs to attract new industry to the area and opportunity for interested persons to submit com- to accommodate the needs of the community ments and views with respect to the proposed through larger lending limits and specialized loan transaction. A copy of the application was for- services. It is the Board's judgment that consumwarded to the United States Department of Justice mation of the proposed acquisition would be in for its consideration. The time for filing comments the public interest, and that the application should and views has expired and all those received have be approved. been considered by the Board. IT IS HEREBY ORDERED, for the reasons set forth above, that said application be and hereby is ap- The Board has considered the application in the proved, provided that the acquisition so approved light of the factors set forth in section 3(c) of the shall not be consummated (a) before the thirtieth Act, including the effect of the proposed acquisicalendar day following the date of this Order or tion on competition, the financial and managerial (b) later than three months after the date of this resources of Applicant and the banks concerned, Order, unless such period is extended for good and the convenience and needs of the communicause by the Board, or by the Federal Reserve ties to be served. Upon such consideration, the Bank of Kansas City pursuant to delegated au- Board finds that: thority. Applicant, the largest banking organization in By order of the Board of Governors, October Colorado, controls nine subsidiary banks with $626 29, 1970. million in deposits, which represent 15.9 per cent of total deposits of all Colorado banks. (All bank- Voting for this action: Chairman Burns and Govering data are as of December 31, 1969, adjusted nors Mitchell, Maisel, Brimmer, and Sherrill. Absent and not voting: Governors Robertson and Daane. to reflect holding company formations and acquisitions approved by the Board to date, including the (Signed) KENNETH A. KENYON, acquisition by Applicant of The Colorado Springs Deputy Secretary. National Bank, Colorado Springs, Colorado, ap- [SEAL] proved by the Board this date in a separate action.) Upon acquisition of Bank ($7 million deposits), SHAWMUT ASSOCIATION, INC., Applicant would increase its shares of Statewide BOSTON, MASSACHUSETTS deposits by .2 per cent. Bank is the smallest of three banks in Grand In the matter of the application of Shawmut As- Junction, and is the third largest of five banks in sociation, Inc., Boston, Massachusetts, for approval Mesa County, the relevant market, with about 10 of acquisition of up to 100 per cent of the voting per cent of market deposits. The largest and second shares (less directors' qualifying shares) of The largest banks in the market control 43 per cent and Framingham National Bank, Framingham, Massa- 37 per cent, respectively, of market deposits. Ap- chusetts. plicant's closest subsidiary to Bank is located in Denver, about 250 miles east, and it does not ORDER APPROVING ACQUISITION OF BANK STOCK appear that existing competition would be elimi- BY BANK HOLDING COMPANY nated, nor potential competition foreclosed, by consummation of the proposal. To the extent that There has come before the Board of Governors, affiliation with Applicant would enable Bank to pursuant to section 3(a)(3) of the Bank Holding improve its ability to compete with the larger banks Company Act of 1956 (12 U.S.C. 1842(a)(3)) in its market, competition would be increased in and section 222.3(a) of Federal Reserve Regula- Mesa County. tion Y (12 CFR 222.3(a)), an application by Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

850 FEDERAL RESERVE BULLETIN • NOVEMBER 1970 Shawmut Association, Inc., Boston, Massachusetts Bank, primarily because of the presence of com- ("Applicant"), a registered bank holding company, peting banks in the intervening areas. Applicant's for the Board's prior approval of the acquisition largest subsidiary, The National Shawmut Bank of of up to 100 per cent of the voting shares (less Boston, does derive some business from the Framdirectors' qualifying shares) of The Framingham ingham area. However, part of this business is National Bank, Framingham, Massachusetts represented by accounts of companies with bank- ("Bank"). ing needs which Bank could not meet, and for As required by section 3(b) of the Act, the which it is not competitive, and the remainder con- Board gave written notice of receipt of the appli- sists of accounts of persons who commute from cation to the Comptroller of the Currency, and re- Framingham to Boston. Although consummation quested his views and recommendation. The Comp- of the proposal would eliminate a banking altertroller offered no objection to approval of the appli- native for these commuters, the significance of this cation. fact is minimized by the large number of alterna- Notice of receipt of the application was pub- tives available to such commuters in Boston. In lished in the Federal Register on August 27, 1970 addition, by breaking a close relationship that pres- (35 Federal Register 13673), providing an oppor- ently exists among Bank and the other financial tunity for interested persons to submit comments institutions in Framingham, competition would be and views with respect to the proposal. A copy of increased in that area, since Bank would reprethe application was forwarded to the United States sent a competitive force in the area separate from Department of Justice for its consideration. Time its immediate competitors. It does not appear that for filing comments and views has expired and all significant competition would be eliminated, or sigthose received have been considered by the Board. nificant potential competition foreclosed by consummation of Applicant's proposal, or that there The Board has considered the application in the would be undue adverse effects on any other bank. light of the factors set forth in section 3(c) of the Act, including the effect of the proposed acquisi- Based upon the foregoing, the Board concludes tion on competition, the financial and managerial that consummation of the proposed acquisition resources and future prospects of the Applicant and would not have significant adverse effects on comthe banks concerned, and the convenience and petition in any relevant area. The banking factors, needs of the communities to be served. Upon such as they relate to Applicant, its subsidiaries, and consideration, the Board finds that: Bank are regarded as consistent with approval. Ap- Applicant, the largest bank holding company plicant proposes to expand many of Bank's present and second largest banking organization in Massa- services, to make international services available chusetts, has 11 subsidiary banks with $1.2 billion through Applicant's principal bank in Boston, and in deposits, which represents 12.7 per cent of the to assist Bank in meeting larger credit needs total deposits of all commercial banks in the State. through participations with Applicant's subsidiary (All banking data are as of December 31, 1969, banks; these considerations provide some weight adjusted to reflect holding company formations and in support of approval of the application. It is the acquisitions approved by the Board to date.) In Board's judgment that consummation of the prothe Boston Standard Metropolitan Statistical Area, posed acquisition would be in the public interest, as in the State, Applicant is the second largest and that the application should be approved. banking organization, holding 15 per cent of the IT IS HEREBY ORDERED, on the basis of the findarea's deposits; the largest and third largest bank- ings summarized above, that said application be ing organizations in the Boston area, both inde- and hereby is approved, provided that the acquisipendent banks, hold 33 and 12 per cent of the tion so approved shall not be consummated (a) area's deposits, respectively. before the thirtieth calendar day following the date Bank (deposits $28.7 million) has seven offices, of this Order or (b) later than three months after all of which are located in the Framingham area, the date of this Order, unless such period is ex- 21 miles west of Boston, and primarily serves that tended for good cause by the Board, or by the Fedarea; it is less than one-half as large as the only eral Reserve Bank of Boston pursuant to delegated other bank located in Framingham. The closest authority. offices of Applicant's subsidiary banks are seven By order of the Board of Governors, October miles from any office of Bank; there is no signif- 29, 1970. icant competition between those subsidiaries and Voting for this action: Chairman Burns and Gover- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 851 nors Mitchell, Maisel, Brimmer, and Sherrill. Absent six months after the date of this Order. The periods and not voting: Governors Robertson and Daane. described in (b) and (c) hereof may be extended (Signed) KENNETH A. KENYON, for good cause by the Board or by the Federal Deputy Secretary. Reserve Bank of Kansas City pursuant to delegated authority. [SEAL] By order of the Board of Governors, October 29, 1970. COLORADO CNB BANKSHARES, INC., DENVER, COLORADO Voting for this action: Chairman Burns and Governors Mitchell, Daane, Maisel, Brimmer, and Sherrill. In the matter of the application of Colorado Voting against this action: Governor Robertson. CNB Bankshares, Inc., Denver, Colorado, for ap- (Signed) KENNETH A. KENYON, proval of acquisition of at least 80 per cent of the Deputy Secretary. voting shares of Arapahoe Colorado National [SEAL] Bank, Arapahoe County, Colorado, a proposed new bank. STATEMENT Colorado CNB Bankshares, Inc., Denver, Colo- ORDER APPROVING ACQUISITION OF BANK STOCK rado ("Applicant"), a registered bank holding BY BANK HOLDING COMPANY company, has applied to the Board, pursuant to There has come before the Board of Governors, section 3(a)(3) of the Bank Holding Company pursuant to section 3(a)(3) of the Bank Holding Act of 1956, for prior approval of the acquisition Company Act of 1956 (12 U.S.C. 1842(a)(3)) of at least 80 per cent of the voting shares of and section 222.3(a) of Federal Reserve Regula- Arapahoe Colorado National Bank, Arapahoe tion Y (12 CFR 222.3(a)), an application by County, Colorado ("Bank"), a proposed new bank. Colorado CNB Bankshares, Inc., Denver, Colo- Views and recommendation of supervisory aurado, a registered bank holding company, for the thority. As required by section 3(b) of the Act, Board's prior approval of the acquisition of at least notice of receipt of the application was given to, 80 per cent of the voting shares of Arapahoe Colo- and views and recommendation requested of, the rado National Bank, Arapahoe County, Colorado, Comptroller of the Currency. The Comptroller reca proposed new bank. ommended approval of the application. 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 an receipt of the application and requested his views acquisition that would result in a monopoly or and recommendation. The Comptroller recom- 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 July 30, 1970 United States. Nor may the Board approve a pro- (35 Federal Register 12240), which provided an posed acquisition, the effect of which, in any secopportunity for interested persons to submit com- tion of the country, may be substantially to lessen ments and views with respect to the proposed trans- competition, or to tend to create a monopoly, or action. A copy of the application was forwarded which in any other manner would be in restraint to the United States Department of Justice for its of trade, unless the Board finds that the anticomconsideration. The time for filing comments and petitive effects of the proposed transaction are views has expired and all those received have been clearly outweighed in the public interest by the 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 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 venience and needs of the communities to be three months after the date of this Order; and pro- served. vided further that (c) Arapahoe Colorado National Competitive effect of proposed transaction. The Bank shall be opened for business not later than 10 largest banking organizations in Colorado, six Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

852 FEDERAL RESERVE BULLETIN • NOVEMBER 1970 of which are registered bank holding companies, Bancorporation, Inc., the State's second largest control $2.5 billion in total deposits, which repre- banking organization. Although another commersents 63 per cent of the deposits held by all com- cial bank, Littleton National Bank (deposits $14.3 mercial banks in the State.1 Applicant, the third million), is located only 4.2 miles northwest of largest banking organization and third largest bank Bank, it is beyond Bank's anticipated service area, holding company in Colorado, has five subsidiary and consummation of the proposal would have banks with aggregate deposits of $310 million, and little effect on it. controls 7.9 per cent of State deposits. Since Bank On the basis of its review of the present case, is a proposed new bank, the deposits under Appli- the Board concludes that the establishment of the cant's control would not be immediately increased new Bank by Applicant would have a beneficial by consummation of the proposal. effect upon the banking structure in Colorado. The Four of Applicant's five subsidiary banks are proposal would provide another banking office in located in the Denver metropolitan area, which is the Arapahoe area, which like Colorado metropolicomprised of Adams, Arapahoe, Denver, and Jef- tan regions in general, appears underbanked: Colferson Counties. In that market, as in the State, orado metropolitan regions have a population per Applicant is the third largest banking organization, banking office of 14,600, and the ratio in Arapahoe holding 12.6 per cent ($304.0 million) of market County is 13,400, compared with a United States deposits; the two larger banking organizations, both average of 5,700. Applicant is approximately half registered bank holding companies, control 22.2 the size of the State's two largest banking organiper cent ($529.8 million) and 20.7 per cent zations, and it does not appear to be dominant in ($495.7 million) of market deposits, respectively. the Denver market. The proposed de novo entry Bank, a proposed new bank, is to be located in into Arapahoe County will more conveniently serve Arapahoe County, 10 miles south of downtown a portion of the Denver market and will enable Denver, the location of Applicant's lead bank, Col- Applicant to compete more effectively in that segorado National Bank of Denver. Bank's proposed ment of the market with the two larger banking service area, which is wholly contained in the serv- organizations which are already represented thereice area of Colorado National Bank, encompasses in. an area of approximately 24 square miles immedi- Since branching is prohibited by Colorado law, ately south of the city and county of Denver in the only adverse effect of the proposal on potenthe northern part of Arapahoe County; the area, tial competition would be its foreclosure of the opwhich has experienced moderate growth in the portunity of other individuals or groups to compete past, has an estimated population of 26,000, and for the privilege of having a bank at the proposed the prospects for its long-range development appear location. In view of the absence of any indication to be favorable. Applicant's closest subsidiary to that anyone other than Applicant has the desire or the proposed site of Bank is the South Colorado intention to establish a new bank in the relevant National Bank (deposits $5.2 million), seven miles area in the foreseeable future, the Board finds that north of the site; that bank obtains about 3 per consideration to be more than offset by the imcent of its deposits and 11 per cent of its com- mediate effect of the proposal in decreasing conmercial loans from Bank's service area. Since Bank centration and promoting competition in Bank's is a new bank, no existing competition will be service area. eliminated by consummation of Applicant's pro- As to the effect of the proposal on the existing posal. competitors in Bank's service area, both banks have Within Bank's proposed service area are two experienced moderate growth in the past, and, as other commercial banks. The Arapahoe Valley earlier mentioned, are affiliated with the largest Bank, located two miles northwest of Bank, with banking organizations in the State. It therefore does deposits of $14.2 million, is a subsidiary of United not appear that there would be undue adverse ef- Banks of Colorado, Inc., Colorado's largest bankfects on either bank and, in that light, the increase ing organization. The First National Bank of Southin competition which is to be anticipated as a result glenn, located in a new shopping center across the of the proposal tends to support approval of the street from Bank, is a subsidiary of First National application. On the basis of the foregoing, the Board con- 1 All banking data are as of December 31, 1969, and recludes that consummation of Applicant's proposal flect holding company formations and acquisitions approved by the Board to date. would not result in a monopoly or be in further- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 853 ance of any combination, conspiracy, or attempt to community to outweight these adverse effects, I monopolize the business of banking in any area, would deny the application. and would not substantially lessen competition, In a previous decision denying the application of tend to create a monopoly or restrain trade in any a large bank holding company to acquire a prosection of the country. posed new bank, the Board observed that: Financial and managerial resources and future Bank holding companies often have the available reprospects. The financial condition of Applicant and sources, and therefore the ability, to act more quickly than a group of individuals in endeavoring to establish its subsidiary banks is generally satisfactory, their a new bank in an area which gives promise of supporting management is capable, and the prospects of the a successful banking operation. Such early establishgroup appear favorable. ment of a bank, and the acquisition of its stock by a bank holding company, may benefit the community in Bank has no financial or operating history. Its some respects. On the other hand, such an entry into an management would be derived from Applicant's area by a bank holding company bank may, in some circumstances, expand the size or extent of the bank present subsidiaries, and its projected growth and holding company system in such a manner or to such a earnings indicate favorable prospects. degree as to have a strong tendency to preclude later Considerations under this factor are consistent entry by a bank which is not controlled by a bank holding company. It is apparent that in such a situation conwith approval of the application. trol of a bank by a bank holding company would run Convenience and needs of the communities in- counter to [competitive] considerations . . . and should not be approved unless there are considerations favorvolved. The banking needs of the residents of able to the application that are sufficient to offset such Bank's service area appear to be adequately served adverse circumstances.1 at the present time by existing institutions. While In the present case, the evidence indicates that Bank will not offer any major banking service not there is no need for an additional bank at Bank's now offered by banks in the area, Applicant pro- proposed location at this time. Although Appliposes to expand upon the consumer and small busi- cant estimates that deposits of Bank will be $7 milness oriented services now available, to the end that lion after three years of operation, it is difficult to a third banking alternative offering a complete accept this figure as even reasonably accurate in range of banking services will be available to the light of the fact that the First National Bank of area. Southglenn, which is located in a shopping center Considerations under this factor are consistent across the street from Bank's proposed site, was with, and lend some weight in support of, approval opened in 1964 and its deposits are only $4.7 milof the application. lion after five years of operation. In addition, the Summary and conclusion. On the basis of all expansion of the shopping center, from which Bank relevant facts contained in the record, and in the presumably would draw most of its customers, has light of the factors set forth in section 3(c) of the not been as rapid as its developer originally antici- Act, it is the Board's judgment that the proposed pated. The two other banks in Bank's service area transaction would be in the public interest and that have had to rely to some extent on the resources the application should be approved. of their respective parent holding companies to be profitable. The preliminary charter approval granted to Bank is conditioned upon its acquisition by DISSENTING STATEMENT OF GOVERNOR Applicant, and it seems clear to me that such ap- ROBERTSON proval would not have been granted except for the assumed ability of Applicant to withstand the finan- I do not agree with the conclusion of the majorcial loss likely to result from Bank's premature ity that consummation of Applicant's proposal establishment. Parenthetically, I might point out would serve the public interest and promote comthat Applicant and banks within its present system petition. On the contrary, the evidence indicates have some need for additional capital, and that the that there is little, if any, present need for an addifunds to be used for Bank's establishment might tional banking source in the area to be served by be used more productively than in an expansion Bank, and that Applicant's proposal represents an which serves no public purpose. attempt to "warehouse" a site. Consummation of It is likely that, with the growth of the area inthe proposal will tend to foreclose potential comvolved, a need will develop for one or more addipetition from sources unrelated to the area's domtional banks to serve the area. If, at that time, inant bank holding companies, thereby perpetuating the high level of banking concentration in the 1 Application of Northwest Bancorporation, 1958 Federal area. Since there are no significant benefits to the Reserve BULLETIN 11, 12. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

854 FEDERAL RESERVE BULLETIN • NOVEMBER 1970 Applicant's establishment of a new bank represents opportunity for interested persons to submit comthe only or the best means of meeting the need, I ments and views with respect to the proposal. A would believe it appropriate to consider favorable copy of the application was forwarded to the Deaction on an application such as the present one. partment of Justice for its consideration. Time for I find it inappropriate, however, to approve such a filing comments and views has expired and all those proposal at a time so far in advance of any real received have been considered by the Board. need as to preclude consideration of the alterna- The Board has considered the application in the tives being foreclosed. In a non-branching State light of the factors set forth in section 3(c) of the such as Colorado, the establishment of new banks Act, including the effect of the proposed acquisition represents virtually the only hope for deconcentra- on competition, the financial and managerial retion of significant markets. If the dominant orga- sources and future prospects of the Applicant and nizations in such markets are permitted to pre-empt the banks concerned, and the convenience and favorable locations before it is economically feas- needs of the communities to be served, and finds ible for less advantaged organizations or individuals that: to compete for the privilege of serving, that hope Applicant is the State's third largest holding comis indeed forlorn. pany and sixth largest banking organization con- I believe Applicant's proposal may foreclose sub- trolling seven banks (44 offices) with total deposits stantial competition and perpetuate present high of $644 million, representing 3.2 per cent of the levels of concentration in the Denver area. There total bank deposits in the State of Ohio. (All being no public interest to be served by consum- banking data are as of December 31, 1969, admation of the proposal at this time, I would deny justed to reflect holding company formations and the application. acquisitions approved by the Board to date.) Upon acquisition of Lima Bank ($58 million deposits), HUNTINGTON BANCSHARES Applicant's share of deposits in the State would INCORPORATED, COLUMBUS, OHIO increase to 3.4 per cent. Bank, located in Lima, Allen County, is slightly In the matter of the application of Huntington the largest of three banks in Lima and of seven Bancshares Incorporated, Columbus, Ohio, for ap- banks operating in the County with 34 per cent of proval of acquisition of 80 per cent or more of the deposits in the County. Applicant's nearest subvoting shares of First National Bank and Trust sidiary to Bank is an office of The Bank of Wood Company of Lima, Lima, Ohio. County Company which is located 42 miles north of Lima, in North Baltimore, Wood County, Ohio. ORDER APPROVING ACQUISITION OF BANK STOCK Wood County and Allen County are separated by BY BANK HOLDING COMPANY an intervening county. There is no existing competition between Lima Bank and that bank or any There has come before the Board of Governors, other of Applicant's subsidiaries. Furthermore, in pursuant to section 3(a)(3) of the Bank Holding view of the distance separating Lima Bank and Company Act of 1956 (12 U.S.C. 1842 (a)(3)), Applicant's present subsidiaries, and the Ohio law and section 222.3(a) of Federal Reserve Regula- restricting branching to the county of the bank's tion Y (12 CFR 222.3(a)), the application of head office, the possibility of such competition Huntington Bancshares Incorporated, Columbus, arising in the future appears remote. Consumma- Ohio ("Applicant"), a registered bank holding tion of the proposed acquisition, therefore, would company, for the Board's prior approval of the not eliminate significant existing competition or acquisition of 80 per cent or more of the voting foreclose significant potential competition, and shares of First National Bank and Trust Company would not have undue adverse effects on the viabiliof Lima, Lima, Ohio ("Bank"). ty or competitive effectiveness of any competing As required by section 3(b) of the Act, the bank. Board gave written notice of receipt of the appli- Based upon the foregoing, the Board concludes cation to the Comptroller of the Currency and re- that consummation of the proposed acquisition quested his views and recommendation. The Comp- would not have an adverse effect on competition in troller recommended approval of the application. any relevant area. The banking factors, as applied Notice of receipt of the application was pub- to the facts of record, are consistent with approval lished in the Federal Register on September 16, of the application. Consummation of the proposal 1970 (35 Federal Register 14521), providing an would likely lead to broadened lending policies, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 855 which have been conservative, and an extension of Notice of receipt of the application was pub- Lima Bank's services. Considerations relating to lished in the Federal Register on July 25, 1970 (35 the convenience and needs of the communities to Federal Register 12040), providing an opportunity be served lend some weight in support of approval. for interested persons to submit comments and It is the Board's judgment that the proposed trans- views with respect to the proposal. A copy of the action is in the public interest and should be application was forwarded to the United States Deapproved. partment of Justice for its consideration. The time IT IS HEREBY ORDERED, for the reasons set forth for filing comments and views has expired and all above, that said application be and hereby is ap- those received have been considered by the Board. proved, provided that the action so approved shall IT IS HEREBY ORDERED, for the reasons set forth not be consummated (a) before the thirtieth in the Board's Statement of this date, that said calendar day following the date of this Order or application be and hereby is approved, provided (b) later than three months after the date of this that the acquisition so approved shall not be con- Order, unless such time be extended for good cause summated (a) before the thirtieth calendar day by the Board, or by the Federal Reserve Bank of following the date of this Order or (b) later than Cleveland pursuant to delegated authority. three months after the date of this Order, unless By order of the Board of Governors, November such period is extended for good cause by the 2, 1970. Board, or by the Federal Reserve Bank of Kansas City pursuant to delegated authority. Voting for this action: Chairman Burns and Governors Mitchell, Daane, Maisel, and Brimmer. Absent By order of the Board of Governors, November and not voting: Governors Robertson and Sherrill. 3, 1970. (Signed) KENNETH A. KENYON, Voting for this action: Chairman Burns and Gover- Deputy Secretary. nors Mitchell, Maisel, and Sherrill. Voting against this action: Governor Robertson. Absent and not voting: [SEAL] Governors Daane and Brimmer. THE FIRST NATIONAL BANCORPORATION, (Signed) KENNETH A. KENYON, INC., DENVER, COLORADO Deputy Secretary. [SEAL] In the matter of the application of The First National Bancorporation, Inc., Denver, Colorado, STATEMENT for approval of acquisition of 80 per cent or more of the voting shares of The Security State Bank of The First National Bancorporation, Inc., Denver, Sterling, Sterling, Colorado. Colorado ("Applicant"), a registered bank holding company, has applied to the Board of Governors, pursuant to section 3(a)(3) of the Bank Holding ORDER APPROVING ACQUISITION OF BANK STOCK Company Act of 1956 (12 U.S.C. 1842(a)(3)), BY BANK HOLDING COMPANY for prior approval of the acquisition of 80 per cent There has come before the Board of Governors, or more of the voting shares of The Security State pursuant to section 3(a)(3) of the Bank Holding Bank of Sterling, Sterling, Colorado ("Bank"). Company Act of 1956 (12 U.S.C. 1842(a)(3)) Views and recommendation of supervisory auand section 222.3(a) of Federal Reserve Regula- thority. As required by section 3(b) of the Act, the tion Y (12 CFR 222.3(a)) an application by The Board gave written notice of receipt of the appli- First National Bancorporation, Inc., Denver, Colo- cation to the Colorado State Banking Commissioner rado, a registered bank holding company, for the and requested his views and recommendation. The Board's prior approval of the acquisition of 80 Commissioner replied on behalf of the State Bankper cent or more of the voting shares of The ing Board that they offered no objection to ap- Security State Bank of Sterling, Sterling, Colorado. proval of the application. As required by section 3(b) of the Act, the Statutory considerations. Section 3(c) of the Act Board gave written notice of receipt of the applica- provides that the Board shall not approve an tion to the Colorado State Banking Commissioner, acquisition that would result in a monopoly or and requested his views and recommendation. The would be in furtherance of any combination or Commissioner replied on behalf of the State Bank- conspiracy to monopolize or attempt to monopoing Board that they offered no objection to ap- lize the business of banking in any part of the proval of the application. United States. Nor may the Board approve a pro- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

856 FEDERAL RESERVE BULLETIN • NOVEMBER 1970 posed acquisition, the effect of which, in any sec- might make a significant addition to a new holding tion of the country, may be substantially to lessen company seeking statewide coverage. The Departcompetition, or to tend to create a monopoly, or ment also expressed concern that approval of the which in any other manner would be in restraint proposal might trigger further acquisitions of leadof trade, unless the Board finds that the anticom- ing local banks throughout Colorado by the large petitive effects of the proposed transaction are State-wide holding companies. clearly outweighed in the public interest by the On the facts of the present case, the Board diseffect of the transaction in meeting the convenience agrees with that analysis. Despite Bank's relative and needs of the communities to be served. In each size, it does not appear to dominate area banking; case, the Board is required to take into considera- the second largest bank in the County has nearly tion the financial and managerial resources and doubled in size since 1960, and the third largest, future prospects of the bank holding company and which was organized in 1962, now has more than the banks concerned, and the convenience and $7 million, or 17 per cent of the County's deposits. needs of the communities to be served. Moreover, even if Applicant's entry de novo, or by Competitive effect of the proposed transaction. acquisition of a smaller bank might ordinarily be Applicant, the second largest bank holding com- competitively preferable, there are circumstances pany and the second largest banking organization in the present case which point toward a contrary in Colorado, controls five banks with aggregate conclusion. Not only is there no evidence to suggest deposits of $570 million, representing 14.5 per cent that Applicant would pursue such a course, but obof the commercial bank deposits in the State.1 On jective data appear to indicate that entry through acquisition of Bank ($23 million deposits), Appli- alternative means is unlikely. The population-tocant would remain the second largest banking or- bank ratio in the County is less than half the State ganization and holding company, and its share of average, and the preliminary 1970 census indicates deposits would be increased by less than 1 per a decreasing population. With respect to the possicent. bility of entry through a smaller acquisition, there Bank is located in Sterling, Logan County is evidence that there are no other banks available (county population 18,390) which is 120 miles for acquisition which would permit Applicant to northeast of Denver. It is the largest of four banks achieve a meaningful competitive posture in the in the county, holding 53 per cent of the deposits area; over and above that, however, the desirability therein. Bank is over 100 miles from any of Appli- of such alternatives must be considered in the light cant's banking subsidiaries. In the light of the of the close relationship that has existed between distances involved and the State law prohibiting Bank and Applicant's largest subsidiary (First Nabranch banking, consummation of the proposed tional of Denver) for over 45 years. The Executive acquisition would not eliminate substantial present Vice President of First National and his close relacompetition nor foreclose significant potential com- tives control 90 per cent of the stock of Bank. It petition between Bank and Applicant's present does not appear that the ends of competition would subsidiaries. be served if Applicant owned one bank in Sterling In connection with its review of the application, and its Executive Vice President owned another. the Board has considered a view expressed by the In light of the above circumstances, the Board Department of Justice that consummation of the concludes that the consummation of the proposed proposed acquisition "would have a significantly transaction would not result in a monopoly, nor be adverse effect on competition." Specifically, the in furtherance of any combination, conspiracy, or Department took the position that the proposal attempt to monopolize the business of banking in would entrench the present concentrated banking any part of the United States, and would not restructure in Logan County in that it would elimi- strain trade, substantially lessen competition or nate the possibility that Applicant might enter the tend to create a monopoly in any section of the market either through the establishment of a new country. bank or acquisition of a smaller bank, or that Bank Financial and managerial resources and future prospects. The financial condition of Applicant, its *A11 banking data are as of December 31, 1969, and subsidiaries, and Bank is presently satisfactory and reflect holding company formations and acquisitions approved by the Board to date, including Applicant's acquisi- the prospects of each are favorable. The managetion of First National Bank of Greeley ($40 million ment of Applicant and its subsidiaries is comdeposits) which was approved by the Board on June 9, petent. Depth in management of Bank is somewhat 1970. Consummation of that acquisition has been delayed by litigation instituted by the Department of Justice. lacking and affiliation with Applicant would tend to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 857 assure competent management succession for Bank As required by section 3(b) of the Act, the through Applicant's staffing and training facilities. Board gave written notice of receipt of the applica- Considerations relating to the banking factors tion to the Comptroller of the Currency and relend weight in favor of approval of the application. quested his views and recommendation. The Comp- Convenience and needs of the communities con- troller recommended approval of the application. cerned. Logan County's economy is dependent on a Notice of receipt of the application was pubfour-pronged agriculture base—cattle ranching, lished in the Federal Register on September 22, cattle feeding, raising irrigated cash crops, and rais- 1970 (35 Federal Register 14746), providing an ing wheat. Applicant intends to provide a more opportunity for interested persons to submit comformal and permanent allocation of funds neces- ments and views with respect to the proposal. A sary to meet and sustain the large credit needs copy of the application was forwarded to the which a progressive agricultural economy demands. United States Department of Justice for its con- Additionally, through the affiliation, Applicant sideration. Time for filing comments and views has plans to supply Bank's customers with services expired and all those received have been considered available only from larger banking organizations. by the Board. For example, Applicant proposes to augment The Board has considered the application in the Bank's trust services through tax consultation and light of the factors set forth in section 3(c) of the investment advice. Act, including the effect of the proposed acquisition The convenience and needs factors lend addi- on competition, the financial and managerial retional weight in favor of approval of the applica- sources and future prospects of the Applicant and tion. the banks concerned, and the convenience and Summary and conclusion. On the basis of all needs of the communities to be served. Upon such relevant facts contained in the record, and in the consideration, the Board finds that: light of the factors set forth in section 3(c) of the Applicant is the second largest banking organiza- Act, it is the Board's judgment that the proposed tion and the largest bank holding company in Ohio, acquisition would be in the public interest and that controlling 25 banks with deposits totaling $1.4 the application should be approved. billion, representing 7 per cent of deposits held by all banking organizations in Ohio. (All banking BANCOHIO CORPORATION, data are as of December 31, 1969, adjusted to re- COLUMBUS, OHIO flect holding company formations and acquisitions In the matter of the application of BancOhio approved by the Board to date.) Applicant's ac- Corporation, Columbus, Ohio, for approval of quisition of Bank, with deposits of $10 million, acquisition of voting shares of the successor by would increase its share of deposits in the State by merger to The First National Bank at East Pales- less than 1 per cent. The area served by Bank tine, East Palestine, Ohio. is Columbiana County, where no bank holding company is presently represented. Bank is com- ORDER APPROVING ACQUISITION OF BANK STOCK parable in size to the two other banks serving the BY BANK HOLDING COMPANY same area which hold deposits of $8 and $7 mil- There has come before the Board of Governors, lion, respectively. Bank is the sixth largest of the pursuant to section 3(a)(3) of the Bank Holding 10 county banks, the largest of which holds 30 per Company Act of 1956 (12 U.S.C. 1842(a)(3)) cent of county deposits, and the second and third and section 222.3(a) of Federal Reserve Regula- largest hold 18 and 17 per cent, respectively. The tion Y (12 CFR 222.3(a)), the application of closest office of any of Applicant's subsidiary banks BancOhio Corporation, Columbus, Ohio ("Appli- to Bank is located 50 miles northeast of East cant"), a registered bank holding company, for the Palestine, and there are 54 banking offices and an- Board's prior approval of the acquisition of 100 other county situated in the intervening area. Apper cent (less directors' qualifying shares) of the plicant's subsidiary banks do not compete with voting shares of a new national bank into which Bank, and it does not appear that significant future would be merged The First National Bank at East competition would be foreclosed by consummation Palestine, East Palestine, Ohio ("Bank"). The new of this proposal due to the distances separating the national bank has significance only as a means of banks and limitations placed on branching by Ohio acquiring all of the shares of the bank to be merged laws. into it. Based upon the foregoing, the Board concludes Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 858 FEDERAL RESERVE BULLETIN • NOVEMBER 1970 that consummation of the proposed acquisition prior approval of the acquisition of 80 per cent or would not have an adverse effect on competition in more of the voting shares of Hollywood Bank and any relevant area. The banking factors as they Trust Company, Hollywood, Florida. pertain to Applicant, its present subsidiary banks, As required by section 3(b) of the Act, the and Bank are consistent with approval of the appli- Board gave written notice of receipt of the applicacation. Consummation of the proposal would en- tion to the Commissioner of Banking for the State able Bank to more easily service loan requests in of Florida and requested his views and recommenexcess of its present lending limit and to offer spe- dation. The Deputy Commissioner recommended cialized services (such as trust and international approval of the application. services) not presently available to residents of the Notice of receipt of the application was pub- East Palestine area. These considerations lend addi- lished in the Federal Register on August 12, 1970 tional weight in favor of approval. It is the Board's (35 Federal Register 12804), providing an opporjudgment that the proposed transaction would be in tunity for interested persons to submit comments the public interest, and that the application should and views with respect to the proposal. A copy of be approved. the application was forwarded to the United States IT IS HEREBY ORDERED, for the reasons set forth Department of Justice for its consideration. Time in the findings summarized above, that said appli- for filing comments and views has expired and all cation be and hereby is approved, provided that those received have been considered by the Board. the action so approved shall not be consummated IT IS HEREBY ORDERED, for the reasons set forth (a) before the thirtieth calendar day following the in the Board's Statement of this date, that said date of this Order or (b) later than three months application be and hereby is denied. after the date of this Order, unless such time be By order of the Board of Governors, November extended for good cause by the Board, or by the 3, 1970. Federal Reserve Bank of Cleveland pursuant to Voting for this action: Chairman Burns and Goverdelegated authority. nors Robertson, Mitchell, Daane, Maisel, Brimmer, By order of the Board of Governors, November and Sherrill. 3, 1970. (Signed) KENNETH A. KENYON, Voting for this action: Chairman Burns and Gover- Deputy Secretary. nors Robertson, Mitchell, Daane, Maisel, Brimmer, [SEAL] and Sherrill. (Signed) KENNETH A. KENYON, In the matter of the application of Southeast Deputy Secretary. Bancorporation, Inc., Miami, Florida, for approval [SEAL] of acquisition of 80 per cent or more of the voting shares of The Bank of Hollywood Hills, Holly- SOUTHEAST BANCORPORATION, INC., wood, Florida. MIAMI, FLORIDA ORDER APPROVING ACQUISITION OF BANK STOCK In the matter of the application of Southeast BY BANK HOLDING COMPANY Bancorporation, Inc., Miami, Florida, for approval of acquisition of 80 per cent or more of the voting There has come before the Board of Governors, shares of Hollywood Bank and Trust Company, pursuant to section 3(a)(3) of the Bank Holding Hollywood, Florida. Company Act of 1956 (12 U.S.C. 1842 (a)(3)) and section 222.3(a) of Federal Reserve Regula- ORDER DENYING APPLICATION FOR ACQUISITION tion Y (12 CFR 222.3(a)), an application by OF BANK STOCK BY BANK HOLDING COMPANY Southeast Bancorporation, Inc., Miami, Florida, a registered bank holding company, for the Board's There has come before the Board of Governors, prior approval of the acquisition of 80 per cent pursuant to section 3(a)(3) of the Bank Holding or more of the voting shares of The Bank of Holly- Company Act of 1956 (12 U.S.C. 1842(a)(3)) wood Hills, Hollywood, Florida. and section 222.3(a) of Federal Reserve Regula- As required by section 3(b) of the Act, the tion Y (12 CFR 222.3(a)), an application by Board gave written notice of receipt of the appli- Southeast Bancorporation, Inc., Miami, Florida, a cation to the Commissioner of Banking for the registered bank holding company, for the Board's State of Florida and requested his views and recom- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 859 mendation. The Deputy Commissioner recom- dation. The Deputy Commissioner recommended mended approval of the application. approval of the application. Notice of receipt of the application was pub- Notice of receipt of the application was published in the Federal Register on August 12, 1970 lished in the Federal Register on August 12, 1970 (35 Federal Register 12804), providing an oppor- (35 Federal Register 12804), providing an opportunity for interested persons to submit comments tunity for interested persons to submit comments and views with respect to the proposal. A copy of and views with respect to the proposal. A copy of the application was forwarded to the United the application was forwarded to the United States States Department of Justice for its consideration. Department of Justice for its consideration. Time Time for filing comments and views has expired, for filing comments and views has expired, and all and all those received have been considered by the those received have been considered by the Board. Board. IT IS HEREBY ORDERED, for the reasons, set forth IT IS HEREBY ORDERED, for the reasons set forth in the Board's Statement of this date, that said in the Board's Statement of this date, that said ap- application be and hereby is approved, provided plication be and hereby is approved, provided that that the action so approved shall not be consumthe action so approved shall not be consummated mated (a) before the thirtieth calendar day follow- (a) before the thirtieth calendar day following the ing the date of this Order or (b) later than three date of this Order or (b) later than three months months after the date of this Order, unless such after the date of this Order, unless such time shall time shall be extended for good cause by the Board, be extended for good cause by the Board, or by the or by the Federal Reserve Bank of Atlanta, pur- Federal Reserve Bank of Atlanta, pursuant to dele- suant to delegated authority. gated authority. By order of the Board of Governors, November By order of the Board of Governors, November 3, 1970. 3, 1970. Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Daane, Maisel, Brimmer, Voting for this action: Chairman Burns and Goverand Sherrill. nors Mitchell, Daane, Maisel, and Sherrill. Voting against this action: Governors Robertson and Brimmer. (Signed) KENNETH A. KENYON, (Signed) KENNETH A. KENYON, Deputy Secretary. Deputy Secretary. [SEAL] [SEAL] STATEMENT In the matter of the application of Southeast Bancorporation, Inc., Miami, Florida, for approval Southeast Bancorporation, Inc., Miami, Florida of acquisition of 80 per cent or more of the voting ("Applicant"), a registered bank holding company, shares of Bank of Miramar, Miramar, Florida. has applied to the Board of Governors, pursuant to section 3(a)(3) of the Bank Holding Company ORDER APPROVING ACQUISITION OF BANK STOCK Act of 1956 (12 U.S.C. 1842 (a)(3)), for prior BY BANK HOLDING COMPANY approval of the acquisition of 80 per cent or more of the voting shares of each of the following three There has come before the Board of Governors, Florida banks: (1) Hollywood Bank and Trust pursuant to section 3(a)(3) of the Bank Holding Company, Hollywood ("Hollywood Bank"); (2) Company Act of 1956 (12 U.S.C. 1842(a)(3)) The Bank of Hollywood Hills, Hollywood ("Hills and section 222.3(a) of Federal Reserve Regula- Bank"); and (3) Bank of Miramar, Miramar tion Y (12 CFR 222.3(a)), an application by ("Miramar Bank"). Southeast Bancorporation, Inc., Miami, Florida, a Each of the applications has been considered registered bank holding company, for the Board's separately by the Board and is the subject of a prior approval of the acquisition of 80 per cent or separate Board Order. However, since many of the more of the voting shares of Bank of Miramar, facts and circumstances involved are common to Miramar, Florida. the three applications, this Statement contains the As required by section 3(b) of the Act, the Board's findings and conclusions with respect to Board gave written notice of receipt of the applica- each of the applications. tion to the Commissioner of Banking for the State Views and recommendation of supervisory auof Florida and requested his views and recommen- thority. As required by section 3(b) of the Act, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 860 FEDERAL RESERVE BULLETIN • NOVEMBER 1970 the Board gave written notice of receipt of the expansion will continue; and the area is regarded applications to the Commissioner of Banking for as attractive for entry. the State of Florida and requested his views and Hollywood Bank with deposits of $65 million, recommendation. The Deputy Commissioner rec- Hills Bank with $27 million, and Miramar Bank ommended approval of all three applications. with $2.5 million are generally referred to as the Statutory considerations. Section 3(c) of the Mailman Group; and all three banks serve the Hol- Act provides that the Board shall not approve an lywood market. Applicant states that the two acquisition that would result in a monopoly or smaller banks were sponsored by the directors of would be in furtherance of any combination or Hollywood Bank and were formed to offer conconspiracy to monopolize or to attempt to monopo- venient services to customers of Hollywood Bank lize the business of banking in any part of the and to other persons in the respective local residen- United States. Nor may the Board approve a pro- tial communities where the smaller banks are loposed acquisition, the effect of which, in any sec- cated. Apparently, because of common ownership tion of the country, may be substantially to lessen and management, there is no real competition among the three banks. competition, or to tend to create a monopoly, or In the relevant market, there are ten banks repwhich in any other manner would be in restraint of resenting six organizations, of which the four largest trade, unless the Board finds that the anticompetihold roughly 85 per cent of area deposits. The tive effects of the proposed transaction are clearly Mailman Group constitutes the largest banking outweighed in the public interest by the probable organization in the market area and controls close effect of the transaction in meeting the convenience to 28 per cent of the total deposits there. On the and needs of the community to be served. In each basis of deposits, Hollywood Bank ranks second case, the Board is required to take into consideraand controls over 19 per cent of the deposits in tion the financial and managerial resources and the market; Hills Bank ranks sixth with control of future prospects of the bank holding company and approximately 8 per cent; and Miramar Bank ranks the banks concerned, and the convenience and ninth with control of less than 1 per cent. needs of the community to be served. Applicant is headquartered, and is the dominant Competitive effect of the proposed transactions. banking organization, in Dade County, which is Applicant, the second largest banking organization directly south of and contiguous to Broward Counin Florida, controls eight banks which hold dety. Applicant's lead bank, First National Bank of posits of approximately $812 million, or 6.6 per Miami, located 20 miles from Hollywood, is the cent of total commercial deposits in the State.1 largest single banking institution in the State (de- Acquisition of the three banks involved would inposits of $713 million), is more than four times crease Applicant's control of Statewide deposits to greater in deposit size than any of its competitors 7.4 per cent, and Applicant would continue to be and holds more than 25 per cent of Dade County the State's second largest banking organization and commercial bank deposits. The record shows that the second largest of 18 holding companies in the First National Bank of Miami derives approximate- State. Such increase in banking concentration at ly $6 million in deposits, and more than $3 milthe State level is not regarded by itself as signifi- lion in loans, from the Hollywood area. These cant. amounts represent, respectively, 7 per cent and 10 The relevant market area is considered to be the per cent of Hollywood Bank's total dollar deposits southern one-third of Broward County, or the and loans; and Hollywood Bank obtains 3.7 per Hollywood Metropolitan area, with an estimated cent of its IPC2 deposits and over 21 per cent of population of over 212,000. Hollywood is the its total dollar loans from the Dade County market. seventh largest city in Florida and, during the last Also, Applicant solicits successfully for trust and decade, the Hollywood area has experienced a credit card accounts in both Dade County and rapid growth in population, income, and employ- South Broward County markets. ment. It appears likely that the trend of economic Another subsidiary of Applicant, Everglades Bank and Trust Company, is located in the Fort 1 All banking data are as of December 31, 1969, adjusted Lauderdale market, which is in Broward County to reflect acquisitions heretofore approved by the Board, and adjacent to the Hollywood area on its northern including those of Southeast National Bank of Orlando, Orlando, Florida, Citizens Bank of Brevard, Melbourne, boundary. This subsidiary holds deposits of ap- Florida, and The First National Bank of Satellite Beach, Satellite Beach, Florida. 2 Individual, partnership and corporation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 861 proximately $25 million, is located about nine area appear to be adequately served at present. miles from Hollywood Bank, derives some business Proposed benefits offered by Applicant include the from the Hollywood market and is in a position to providing of greater lending capacity, additional offer further competition in that market. In sum, mortgage funds, improved trust facilities and the Applicant's subsidiaries currently derive some busi- introduction of credit card facilities at the Mailness from the Hollywood market, and Applicant's man banks. Applicant would be the second holding competitive strength in markets contiguous to the company to enter the Hollywood market. The Hollywood area make Applicant one of the most benefits contemplated by Applicant for an area that likely entrants into that attractive market. In the is expected to experience significant growth and a Board's judgment, the acquisition of all three pro- need for expanded banking services constitute a posed subsidiaries or of Hollywood Bank would favorable consideration in support of approval of eliminate present competition and would foreclose the applications. However, the gains under the consignificant potential competition. Unless these anti- venience and needs factor do not outweigh the competitive effects are clearly outweighted in the anticompetitive effects of the acquisition of all three public interest by the probable effect of the transac- banks or of Hollywood Bank. tion in meeting the convenience and needs of the Summary and conclusion. On the basis of all community to be served, approval of the proposed relevant facts in the record, and in the light of the acquisition of all three banks or of Hollywood factors set forth in section 3(c) of the Act, it is Bank would not be justified under the standards of the Board's judgment that the proposed acquisition the Bank Holding Company Act and would not be of Hollywood Bank or of all three banks in the in the public interest. Mailman Group would have a significantly adverse The record shows that Applicant is capable of effect on competition without offsetting benefits entry into the Hollywood market on a much smaller under the convenience and needs factors or the scale than Applicant has proposed. The acquisition banking factors; but that the acquisition of Hills of Hills Bank and Miramar Bank (or of either of Bank and Miramar Bank, or either of them, would these two smaller banks), which together control promote competition in the relevant market withless than 9 per cent of deposits in the relevant out serious anticompetitive effects and would serve market, would sever the relationship among the the convenience and needs of the area. three Mailman banks, would increase the likelihood Accordingly, the Board concludes that: of competition among them, and would give Ap- (1) The proposed acquisition of Hollywood plicant an entry into but not a dominant position Bank or of all three Mailman banks would not be in the market. The procompetitive considerations in the public interest and the application relating to that would arise out of severing the relationships Hollywood Bank should be denied; among the Mailman banks would offset any lessen- (2) The proposed acquisition of Hills Bank and ing of competition that would result from Ap- Miramar Bank, or of either of them, would be in plicant's acquisition of the two smaller banks in- the public interest and the applications relating to volved. those two banks should be approved. Financial and managerial resources and future STATEMENT OF GOVERNORS ROBERTSON AND prospects. Data presented reflect a satisfactory fi- BRIMMER CONCURRING IN PART AND DISSENTING nancial condition for Applicant and its subsidiary IN PART banks. Management is considered competent and prospects are regarded as favorable. We concur in the Board's actions denying the All three banks in the Mailman Group are in application for the acquisition of stock of Hollysatisfactory condition. Management appears to be wood Bank and Trust Company and approving satisfactory. Prospects are regarded as good. the application for the acquisition of stock of Bank The banking factors relating to the proposed ac- of Miramar. However, we dissent from the Board's quisitions are satisfactory and consistent with ap- action on the application relating to The Bank of proval. Hollywood Hills ("Hills Bank"). We would deny Convenience and needs of the communities in- that application. volved. Consummation of the proposed acquisitions Applicant is the dominant banking organization would have no effect on the convenience and needs in Dade County, which is south of and contiguous of customers located in the areas served by Appli- to the Hollywood market, the area served by Hills cant's present subsidiaries. Bank. Also, Applicant has a substantial subsidiary Banking needs of the South Broward market in the Fort Lauderdale banking market which ad- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

joins the Hollywood market on its northern bound- our judgment, the acquisition would be significantly ary. The record shows that these subsidiaries, par- anticompetitive and not in the public interest. And ticularly Applicant's lead bank, which is located in we find no considerations of convenience or needs Miami and is the State's largest banking institution, in the community to be served that are sufficiently already compete in the Hollywood area to some compelling to outweigh the anticompetitive effects extent and are in a position to increase competition described herein. Applicant's entry into the Hollyin that area, an area with attractive growth po- wood market through the acquisition of the stock tential. of the Miramar bank ($2.5 million of deposits), Acquisition of control of Hills Bank would tend which the Board has approved today, is viewed as to eliminate or lessen existing competition between a toehold acquisition or one that is comparable to that bank and Applicant's present subsidiaries and a de novo expansion. In these circumstances, that preclude the development of significant future com- transaction is likely to enhance competition in the petition. We are opposed to an acquisition that Hollywood market without any serious anticompetiwould enable Applicant to extend its dominance tive effects and would provide a vehicle for Appliinto an adjacent banking market through the ac- cant to furnish the benefits it proposes for the quisition of a bank of substantial size and strength. area. However, the record offers no considerations And it must be remembered that, in the context that warrant Applicant's entry into that market of the Florida banking structure, a $27 million through the acquisition of a bank of the size and bank is above the median in terms of deposits. In capability of Hills Bank. 862 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements CHANGE IN DISCOUNT RATE Assets of Insured Commercial Banks—1969." The Board of Governors of the Federal Reserve Data on trust assets in various types of trust ac- System on November 10, 1970, unanimously ap- counts were collected on a uniform basis by the proved actions by the directors of the Federal Re- Federal Reserve System, the Office of the Compserve Banks of Boston, Richmond, Atlanta, St. troller of the Currency, and the Federal Deposit Louis, Minneapolis, and San Francisco reducing Insurance Corporation for the second successive the discount rate of those banks from 6 to 53A per year from the banks under their respective supercent, effective Wednesday, November 11. vision. The data were tabulated and published by The move was in recognition of reductions that the FDIC and were compared with data published have taken place recently in other short-term in- for 1968. terest rates and is designed to bring the discount The report also provides detailed data on the rate—the rate charged member banks for borrow- number of trust accounts and the amount of trust ings from their district Federal Reserve Banks— investments in banks by State and by size of the into better alignment with short-term rates gener- trust department. Of total trust assets of $280.1 ally. billion reported by almost 3,300 commercial The reduction in the discount rate, made within banks, approximately $132.8 billion was in perthe framework of the moderately expansive sonal trusts and estates, $95.5 billion in employee monetary policy that was initiated earlier this benefit trusts and agencies, and $51.8 billion in year, is the first since August 1968, when the rate personal agencies. was lowered from 5V2 to SVa per cent. The dis- Further, total trust assets by type of account are count rate was increased to 5Vi per cent on Decem- listed for each of the 300 largest trust departments. ber 18, 1968, and to 6 per cent on April 4, 1969. A limited number of copies of the report are The Board of Governors later approved similar available. Requests for single copies from the actions by the directors of the Federal Reserve Board may be addressed to Publications Services, Banks of New York, Cleveland, Chicago, Kansas Division of Administrative Services, Board of Gov- City, and Dallas, effective Friday, November 13, ernors of the Federal Reserve System, Washingand by the directors of the Federal Reserve Bank ton, D.C. 20551. of Philadelphia effective Monday, November 16. As of November 16, the rate in effect at all Fed- TRUST ASSETS OF INSURED COMMERCIAL BANKS—DECEMBER 1969 eral Reserve Banks was 53A per cent. In billions of dollars unless otherwise indicated RESIGNATION OF DIRECTOR Type of account Fred O. MacFee, Jr., who had served since Janu- Total Employee ary 1, 1970, as a Bank-appointed director of the Item trusts Per- benefit Per- Cincinnati Branch of the Federal Reserve Bank of and sonal sonal agencies trusts & agencies Cleveland, resigned effective October 1, 1970. Mr. estates Agen- Trusts cies MacFee, who had been Vice President and General Manager of the Aircraft Engine Operating Division Common stock 181.0 88.4 54.8 4.4 33.4 of the General Electric Company at Cincinnati, Other investments... 99.1 44.4 31.6 4.7 18.4 has been transferred to Lynn, Massachusetts. Total 228800..11 113322..88 8866..44 99..11 5511..88 TRUST ASSETS OF BANKS Number of accounts (thousands) 1,028.4 797.1 105.4 6.6 119.3 Insured commercial banks had trust assets of approximately $280.1 billion in December 1969. Of this total, $181 billion, or almost 65 per cent, was CONSUMER CREDIT TABLES invested in common stock. These are among the The consumer credit tables in the statistical section figures recently made available in the report "Trust of this BULLETIN (pp. A 54-A 57) incorporate a Digitized for FRASER 863 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

number of changes, reflecting primarily the re- CHANGES IN OTC MARGIN STOCKS grouping of holder institutions in line with present The Board of Governors on November 13, 1970, industry practices. The changes represent only a announced several changes, effective Monday, reorganization of data and do not affect previously November 16, in its "List of OTC Margin Stocks" published estimates of total instalment credit. as revised last July 20. The "Financial institutions" section of the table Eight stocks are deleted: Bolt Beranek and on instalment credit (p. A54) shows holdings for Newman, Inc., no par common; Inexco Oil Comcommercial banks, finance companies, credit pany, $.02 par common; National Semiconductor unions, and miscellaneous lenders. Commercial Corporation, common; Newhall Land and Farming bank and credit union figures do not change; fi- Company, The, common; Public Service Company nance company figures reflect a combination of of New Hampshire, $5.00 par common; Southern the previously published separate estimates for Union Gas Company, $1.00 par common; Winnesales finance companies, consumer finance com- bago Industries, Inc., $.50 par common; Dallas panies, and unpublished combined estimates for Airmotive, Inc., common. consumer loans of industrial loan companies and Other changes are: Continental Mortgage Insurbusiness finance companies that were included in ance Company, common, to CMI Investment Cor- "Other." The "Other" column—now titled "Miscelporation, $2.50 par common; New England Merlaneous lenders"—includes data for mutual savings chants National Bank, $5.00 par capital, to New banks and savings and loan associations that pre- England Merchants Company, Inc., $5.00 par capiviously had been combined with industrial loan and tal; and Tassette, Inc., common, to read Tassette, business finance companies. Inc., Class A, common. The table in the upper right corner of page A55 has been titled "Instalment Credit Held by Finance Companies" and includes combined figures for ADMISSION OF STATE BANKS TO sales finance companies, consumer finance com- MEMBERSHIP IN FEDERAL RESERVE SYSTEM panies, and other finance companies—mainly busi- The following banks were admitted to membership ness finance and industrial loan companies; the in the Federal Reserve System during the period lower left table on the same page entitled "Instal- September 16, 1970, through November 15, 1970: ment Credit Held by Other Financial Lenders" includes combined totals for credit unions, mutual New Jersey savings banks, and savings and loan associations. Hamilton Township The Hamilton Bank On page A57 the "Sales finance companies" column has been retitled "Finance companies"; the "Other financial institutions" column has become Virginia "Other financial lenders." Warrenton Bank of Warrenton 864 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication November 17 Industrial production, nonfarm employment and ther. Among materials, output of steel, construcretail sales declined in October reflecting in tion materials, paper, and some chemical and part the General Motors strike. The unemployment rubber products was down. rate edged up. Commercial bank credit declined, EMPLOYMENT the money supply changed little, and the expansion in time and savings deposits slowed. Between mid- Nonfarm payroll employment declined in October October and mid-November, yields on U.S. Gov- with a large part of the drop attributable to the ernment and municipal bonds declined and yields General Motors strike. Employment in manufacon corporate securities changed little on balance. turing dropped sharply but increased in services, trade, and State and local government. The aver- INDUSTRIAL PRODUCTION age workweek in manufacturing rose 0.1 hour to Industrial production in October was 162.3 per 39.4 hours in October, from the reduced Septemcent of the 1957-59 average, down 2.3 per cent ber level. The unemployment rate edged up slightly from September and 7.0 per cent below the July further to 5.6 per cent. 1969 peak. The auto strike accounted for about RETAIL SALES one-half of the 3.8 point decline in the total index in October, with the balance reflecting further The value of retail sales declined about 1.5 per curtailments in output of consumer durable goods cent from September to October as sales at autoother than autos, business and defense equipment, motive stores declined sharply. Excluding the and industrial materials. automotive component, sales at durable goods With the strike continuing through October, auto stores were unchanged and at nondurable goods assemblies dropped sharply further and were at an stores rose 1 per cent. annual rate of 4.0 million units, compared with AGRICULTURE 5.7 million units in September and 8.4 million in Farm output in 1970 is now estimated to be about August. Production of television sets increased in the same as last year. Livestock output is expected October but output of most other household goods to be up about 5 per cent reflecting gains in meat declined. Production of industrial, commercial, and and poultry production. Crops, however, will be freight and passenger equipment was reduced furdown about 2 per cent because of planned cuts in food grains and a 10 per cent reduction in corn INDUSTRIAL PRODUCTION 1957-59=100 because of blight. 180 WHOLESALE AND CONSUMER PRICES Wholesale prices rose 0.2 per cent from mid- 160 September to mid-October after seasonal adjust- 140 ment. A sharp increase of 0.6 per cent in prices of industrial commodities, led by increases for 1971model passenger cars, more than offset a decline 200 of 1.4 per cent in prices of farm and food products. D M U A R N A U B F L A E C TURES 180 Consumer prices rose 0.5 per cent in September, seasonally adjusted; a reversal of the August de- 160 cline in food and gasoline prices and increases in new car and house prices contributed to the faster pace. 1966 1968 1970 BANK CREDIT, DEPOSITS, AND RESERVES F.R. indexes, seasonally adjusted. Latest figures: Oct. Commercial bank credit, after adjustment for 865 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

changes in loans sold to affiliates, declined $600 Net borrowed reserves of member banks avermillion in October compared with an average aged about $285 million over the four weeks endmonthly increase of almost $5 billion during the ing October 28 compared with $375 million in third quarter. Total loans and holdings of U.S. September. Member bank borrowings declined Treasury securities both declined following sub- further but excess reserves also dropped somewhat. stantial expansion over the third quarter. Holdings of other securities, however, continued to increase SECURITY MARKETS rapidly reflecting acquisitions of both municipals Yields on U.S. Government securities continued to and Federal agency issues. decline sharply from mid-October to mid-Novem- The money supply declined nominally in Octo- ber. Treasury bill rates fell about 40 to 60 basis ber following a slight increase in September. For points on average, with the 3-month bill bid at the third quarter, growth in the money supply was around 5.45 per cent in the middle of November. at an annual rate of 5.1 per cent. Expansion in Yields on most notes and bonds declined some time and savings deposits slowed somewhat in 20 to 35 basis points. October—$4 billion compared with over $5 billion Yields on new and seasoned corporate securities per month during the third quarter. At large com- increased slightly in late October on heavy volume mercial banks, both acquisitions of large negotiable but by mid-November had fallen to the month- CD's and inflows of consumer-type time and sav- earlier levels. Municipal bond yields fluctuated ings deposits were smaller than in other recent mildly but on balance were over 20 basis points months. "Other" time deposits declined. At country lower at the end of the 4-week period. banks, however, growth in time and savings de- Common stock prices changed little on balance posits continued strong. with volume declining slightly over the period. PRICES 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, September; Wholesale, October. years or more and for 90-day Treasury bills. Latest figures: week ending Nov. 8. 866 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial and Business Statistics CONTENTS A 3 GUIDE TO TABULAR PRESENTATION A 3 STATISTICAL RELEASES: REFERENCE U.S. STATISTICS: A 4 Member bank reserves, Federal Reserve Bank credit, and related items A 8 Federal funds—Major reserve city banks A 9 Reserve Bank discount rates A 10 Reserve and margin requirements A 11 Maximum interest rates; bank deposits A 12 Federal Reserve Banks A 14 Open market account A 15 Reserve Banks; bank debits A 16 U.S. currency A 17 Money supply; bank reserves A 18 Banks and the monetary system A 19 Commercial banks, by classes A 23 Commercial banks A 26 Weekly reporting banks A 31 Business loans of banks A 32 Loan sales by banks A 33 Interest rates A 35 Security markets A 36 Stock market credit A 37 Open market paper A 37 Savings institutions A 39 Federally sponsored credit agencies A 40 Federal finance A 42 U.S. Government securities A 45 Security issues A 48 Business finance A 50 Real estate credit A 54 Consumer credit Continued on next page A 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 2 FEDERAL RESERVE BULLETIN • NOVEMBER 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 I, II, S Sources of funds U Uses of funds III, IV Quarters * Amounts insignificant in terms of the parn.e.c. Not elsewhere classified ticular unit (e.g., less than 500,000 when A.R. Annual rate the unit is millions) S.A. Monthly (or quarterly) figures adjusted for (1) Zero, (2) no figure to be expected, or seasonal variation (3) figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) include not fully guaranteed issues) as well as direct a negative figure, or (3) an outflow. obligations of the Treasury. "State and local govt." also includes municipalities, special districts, and other politi- A heavy vertical rule is used in the following instances: (1) to the right (to the left) of a total when cal subdivisions. the components shown to the right (left) of it add to In some of the tables details do not add to totals that total (totals separated by ordinary rules include because of rounding. more components than those shown), (2) to the right The footnotes labeled NOTE (which always appear (to the left) of items that are not part of a balance last) provide (1) the source or sources of data that do sheet, (3) to the left of memorandum items. not originate in the System; (2) notice when figures are "U.S. Govt, securities" may include guaranteed issues estimates; and (3) information on other characteristics of U.S. Govt, agencies (the flow of funds figures also of the data. TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Page Annually—Continued Issue Page Flow of funds 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-l 07 List of, Dec. 31, 1969 June 1970 A-94 Income ratios Aug. 1970 A-l 08—A-l 13 Banking offices and deposits of Operating ratios Aug. 1970 A-l 14—A-l 19 group banks, Dec. 31, 1969 Aug. 1970 A-95 Stock exchange firms, detailed debit Banking and monetary statistics, 1969 Mar. 1970 A-94—A-l 07 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-l 02 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 4 BANK RESERVES AND RELATED ITEMS • NOVEMBER 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 1 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 * s G to o c ld k c D e R r r t a i i g w fi h c i t n a s t g e Bought repur- ad- assets 3 account Total 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 I960—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—Oc t 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 59,903 59,625 278 607 2,832 1,216 64,619 11,300 400 Oct.? 59,533 59,360 173 463 2,915 1,734 64,691 11,117 400 Week ending— 1970—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 16 60,211 59,667 544 500 2,844 1,206 64,840 11,367 400 23 59,309 59,309 460 3,394 1,215 64,416 11,331 400 30 59,776 59,531 661 2,565 1,312 64,372 11,117 400 Oct. 7 59,568 59,366 202 398 2,581 1,692 64,289 11,117 400 14 p 59,516 59,366 150 453 2,777 1,734 64,524 11,117 400 21® 59,599 59,350 249 588 3,321 1,761 65,319 11,117 400 28p 59,287 59,287 435 2,982 1,778 64,516 11,117 400 End of month 1970—Aug 59,978 59,618 360 538 1,510 1,124 63,213 11,367 400 Sept 60,055 759,600 455 852 2,313 1,678 64,985 11,117 400 Oct.® 60,103 759,528 575 427 2,924 1,591 65,118 11,117 400 Wednesday 1970—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. 2 60,295 759,941 354 843 2,256 1,126 64,590 11,367 400 9 59,808 759,808 491 2,689 1,196 64,223 11,367 400 16 59,034 6.759,034 210 3,143 1,293 63,719 11,367 400 23 59,694 759,694 1,373 2,904 1,238 65,245 11,117 400 30 60,055 759,600 455 852 2,313 1,678 64,985 11,117 400 Oct. 7® 59,366 759,366 302 2,799 1,723 64,226 11,117 400 14® 60,067 759,366 701 914 2,559 1,776 65,385 11,117 400 21® 59,635 759,309 326 1,279 2,824 1,762 65,546 11,117 400 28*> 59,283 759,283 417 2,830 1,821 64,387 11,117 400 For notes see opposite pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 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 Tr u e r a y s - with r e F s . e R r . v e B s a , nks O F t . h R e . r O F l t . i h a R - e . r reserves Period or date cash 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 l 3 B W F a . n i R t k h . s c r C a e o n n u in d c r s y - Total Averages of daily figures 2,402 616 739 248 11,473 11,473 1939—Dec. 2,189 592 1,531 292 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. 665 983 121 479 2,078 22,659 4,681 27,340 1969—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. 655 1,206 170 642 2,044 23,580 5,278 28,858 1970—Jan. 610 1,060 182 710 2,160 23,112 4,864 27,976 Feb. 575 1,148 219 763 2,134 22,740 4,733 27,473 Mar. 567 1,180 166 870 2,137 23,323 4,773 28,096 Apr. 544 1,440 182 845 2,215 23,105 4,805 27,910 May 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 23,719 5,106 28,825 Sept. 459 1,042 142 747 2,249 23,576 5,105 28,681 Oct.f Week ending— 461 1,054 190 790 2,337 23,060 5,082 28,142 1970—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 16 451 1,117 129 760 2,191 23,686 4,708 28,394 23 448 1,090 125 695 2,258 23,700 5,334 29,034 30 457 874 135 729 2,333 23,518 5,268 28,786 Oct. 7 461 1,037 139 809 2,294 23,168 5,302 28,470 14p 455 1,110 130 746 2,154 24,083 4,819 28,902 21 p 45? 1,182 145 711 2,205 23,393 5,013 28,406 28* End of month 468 1,056 173 750 2,352 22,557 5,017 27,574 447 1,238 136 725 2,301 23,938 5,333 29,271 1970—ASeupgt.. 470 920 142 739 2,277 24,173 5,180 29,353 . .Oct.? Wednesday 459 754 169 804 2,356 23,523 5,081 28,604 446 1,043 207 916 2,111 22,444 5,219 27,663 1970—Aug. 5 451 1,041 172 877 2,193 23,533 4,841 28,374 12 463 937 189 749 2,252 23,664 4,853 28,517 19 26 471 967 151 757 2,358 23,836 5,017 28,853 Sept. 2 471 1,107 157 743 2,400 22,749 5,191 27,940 9 472 996 126 757 2,152 22,845 5,214 28,059 16 456 1,032 138 725 2,216 24,442 4,708 29,150 23 447 1,238 136 725 2,301 23,938 5,333 29,271 30 472 660 150 698 2,354 23,339 5,256 28,595 Oct. 7 456 899 151 725 2,132 24,201 5,302 29,503 14f 460 1,153 107 713 2,181 24,320 4,819 29,139 2 Ip 472 1,271 197 713 2,225 22,991 5,013 28,004 28 p 1 U.S. Govt, securities include Federal agency obligations. 5 Part allowed as reserves Dec. 1, 1959—Nov. 23, 1960; all allowed • Beginning with 1960 reflects a minor change in concept; see Feb. thereafter. Beginning with Jan. 1963, figures are estimated except for 1961 BULLETIN, p. 164. weekly averages. Beginning Sept. 12, 1968, amount is based on close- • Beginning Apr. 16, 1969, "Other F.R. assets" and "Other F.R. of-business figures for reserve period 2 weeks previous to report date. liabilities and capital" are shown separately; formerly, they were 6 Reflects securities sold, and scheduled to be bought back, under netted together and reported as "Other F.R. accounts." matched sale/purchase transactions. 4 Includes industrial loans and acceptances, when held (industrial 7 Includes securities loaned—fully secured by U.S. Government loan program discontinued Aug. 21, 1959). For holdings of accept- securities pledged with Federal Reserve Banks. ances on Wed. and end-of-month dates, see subsequent tables on F.R. Banks. See also note 2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 6 BANK RESERVES AND RELATED ITEMS • NOVEMBER 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 Bor- T h o e t ld a l qu R ir e e - d ^ Excess B r F i a o n 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 J B r F i a n o a . n w g R t k s - . s se F r r r e v e - e e s T h o e t ld al qu R ir e e - d 1 Excess B F i a n r . a n o R g t k w s . s - 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 27,340 27,197 143 1,135 -992 5,195 5,183 12 138 -126 1,228 1,235 -7 27,764 27,511 253 1,241 -988 5,376 5,350 26 169 -143 1,244 1,254 -10 28,031 27,774 257 1,086 -829 5,441 5,385 56 259 -203 1,285 1,267 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 28,349 28,204 145 827 -682 5,381 5,378 3 159 -156 1,298 1,304 -6 28,825 28,553 272 607 -335 5,497 5,436 61 117 -56 1,316 1,310 6 28,681 28,410 271 463 -192 5,579 5,544 35 12 23 1,309 1,309 27,400 27,080 320 1,436 -1,116 5,134 5,062 72 99 -27 1,211 1,212 27,153 27,014 139 967 -828 5,012 5,041 -29 198 -227 1,192 1,197 27,379 27,161 218 1,347 -1,129 5,222 5,186 36 222 -186 1,242 1,231 27,614 27,458 156 1,015 -859 5,296 5,355 -59 42 -101 1,271 1,272 27,172 27,092 80 1,179 -1,099 5,158 5,148 10 65 -55 1,227 1,239 27,613 27,418 195 1,224 -1,029 5,198 5,145 53 287 -234 1 ,245 1,262 27.469 27,333 136 857 -721 5,175 5,193 -18 195 -213 1,281 1,262 27,703 27,430 273 658 -385 5,289 5,244 45 11 34 1,229 1,252 27,273 27,185 88 887 -799 5,099 5,052 47 97 -50 1,209 1,203 27,823 27,550 273 991 -718 5.221 5,176 45 119 -74 1,253 1,267 27,847 27,773 74 1,294 -1,220 5,188 5,233 -45 389 -434 1,286 1.275 28,222 27,992 230 1,681 -1,451 5,439 5,381 58 493 -435 1,308 1,306 28,373 28,188 185 1,386 -1,201 5,418 5,384 34 166 -132 1,316 1.311 28,183 28,030 153 1,231 -1,078 5,259 5,260 -1 80 -81 1,268 1,286 28,142 27,954 188 1,010 -822 5,238 5,300 -62 147 -209 1,288 1,283 28,588 28,309 279 1,174 -895 5,579 5,522 57 431 -374 1,331 1.339 28,515 28,423 92 681 -589 5,488 5,535 -47 55 -102 1,359 1,350 28,177 28,039 138 660 -522 5.222 5,200 22 77 -55 1,252 1,259 28,370 28,192 178 660 -482 5,303 5,288 15 79 -64 1,277 1.276 28,931 28,516 415 763 -348 5,539 5,450 89 187 -98 1,311 1 ,293 28,921 28,565 356 500 -144 5,599 5,478 121 89 32 1,302 1,326 28,394 28,441 -47 460 -507 5,296 5,380 -84 78 -162 1,315 1,289 29,034 28,762 272 661 -389 5,581 5,476 105 103 2 1,319 1.340 28,786 28,434 352 398 -46 5,615 5,568 47 47 1,337 1.312 28.470 28,354 116 453 -337 5,549 5,563 -14 -35 1,342 1,343 28,902 28,702 200 588 -388 5,676 5,675 1 -20 1,288 1 ,314 28,406 28,262 144 435 -291 5,411 5,399 12 1,300 1,276 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1970 • BANK RESERVES AND RELATED ITEMS A 7 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) banks Country banks Reserves Reserves Borrow- Borrow- Period ings at Free ings at Free F.R. reserves F.R. reserves T h o e t ld al Required Excess Banks T h o e t ld al Required1 Excess Banks 3,140 1,953 1,188 1,188 1,568 897 671 3 668 .1939—Dec. 4,317 3,014 1,303 1 1,302 2,210 1,406 804 4 800 .1941—Dec. 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 .1945—Dec. 6,689 6,458 232 50 182 4,761 4,099 663 29 634 .1950—Dec. 7,950 7,851 100 20 80 6,689 6,066 623 40 583 .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. 10,081 10,031 50 105 -55 8,901 8,634 267 80 187 .1967—Dec. 10,990 10,900 90 270 -180 9,875 9,625 250 180 70 .1968—Dec. 10,745 10,772 -27 531 -558 10,172 10,007 165 447 -282 .1969—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. 11,407 11,375 32 369 -337 10,605 10,432 173 107 66 Sept. 11,309 11,270 40 338 -298 10,484 10,287 197 102 95 Oct.* Week ending— 10,786 10,724 62 626 -564 10,269 10,082 187 553 -366 .1969—Oct. 1 10,737 10,744 -7 351 -358 10,212 10,032 180 418 -238 10,813 10,824 664 -675 10,102 9,920 182 439 -257 .15 10,894 10,846 48 562 -514 10,153 9,985 168 396 -228 .22 10,613 10,669 -56 587 -643 10,174 10,036 138 511 -373 .29 10,877 10,884 -7 598 -605 10,293 10,127 166 339 -173 .1970—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 11,232 11,242 -10 402 -412 10,558 10,386 172 179 -7 .Sept. 2 11,509 11,424 85 430 -345 10,572 10,349 223 117 106 9 11,445 11,376 69 317 -248 10,575 10,385 190 94 96 16 11,241 11,328 -87 320 -407 10,542 10,444 98 50 48 .Sept. 23 11,406 11,393 13 386 -373 10,728 10,553 175 154 21 30 11,349 11.253 96 308 -212 10,485 10,301 184 90 94 .Oct. 7 11,177 11,286 -109 338 -447 10,402 10,162 240 73 167 14 p 11,456 11,374 82 405 -323 10,481 10,339 142 133 9 21* 11,164 11,202 -38 306 -344 10,531 10,385 146 118 28 28*> i 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 • NOVEMBER 1970 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars, except as noted) Related transactions with Basic reserve position Interbank Federal funds transactions U.S. Govt, securities dealers Less- Net- Gross transactions Net transactions Reporting banks week a e n n d d ing— s E e x r r v c e e e - s s s 1 r a B o t B w a F o n i r n . k R - g s s . F t f i b e r n u N d a a t n e n e e n d t r r k s s - a . l S d u e r o f p i r c l u it s r P r e e e q a s r e u o v r c f i g r e v . e n e d s t c P ha 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 a l - s y 2 b c o b P h u f a a y u n n s i r k n e e - s t s g s o b S e f a a l l n n l i e n k e s g s t d L ea o t l a o e n r s s 3 de f r B i a r n o o l o w g e r m r s - - s 4 lo N a e n t s Total—46 banks 1970—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 Oct. 7 322 4 6,304 -5,986 48.3 8,907 2,602 2,534 6,373 68 2,115 89 2,026 14 8 67 7,020 -7,079 56.4 9,307 2,288 2,275 7,032 13 2,142 74 2,068 21 45 114 6,517 -6,585 52.0 8,822 2,306 2,296 6,526 9 1,659 105 1,554 28 44 24 5,154 -5,134 41.9 7,674 2,519 2,464 5,209 55 1,892 129 1,763 8 in New York City 1970—Sept. 2 35 79 1,806 -1,850 38.5 2,440 634 634 1,806 1,111 86 1,025 9 97 160 2,197 -2,260 45.6 2,778 582 582 2,197 1,044 102 942 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 Oct. 7 105 1,864 -1,760 34.7 2,876 ,011 1,011 1,865 1,178 77 1,101 14 25 21 2,365 -2,361 46.6 2,960 595 595 2,365 1,184 73 1,111 21 36 16 1,910 -1,891 36.6 2,730 819 819 1,911 900 63 837 28 25 11 1,361 -1,347 27.4 2,142 780 780 1,361 1,071 73 997 38 outside New York City 1970—Sept. 2 36 169 3,585 -3,718 50.6 5,221 1,636 1,507 3,714 129 1,111 1,080 9 110 143 4,296 -4,329 57.8 6,036 1,740 1,614 4,422 127 1,104 1,085 16 46 98 4,684 -4,737 63.2 6,343 1,659 1,568 4,775 91 1,252 1,229 23 -13 76 4,010 -4,099 55.2 5,805 1,796 1,630 4,176 166 1,086 1,068 30 10 93 3,388 -3,471 46.2 4,913 1,525 1,431 3,482 94 812 764 Oct. 7 217 4 4,440 -4,227 57.7 6,031 1,591 1,523 4,508 68 937 925 14 -17 46 4,655 -4,717 63.1 6,347 1,693 1,680 4,667 13 958 957 21 9 98 4,606 -4,694 62.6 6,093 1,487 1,477 4,615 9 759 717 28 19 13 3,793 -3,787 51.6 5,532 1,739 1,684 3,848 55 822 766 5 in City of Chicago 1970—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 Oct. 7 22 1,287 -1,266 106.0 1,594 307 307 1,287 115 115 14 15 21 1,295 -1,302 106.3 1,683 388 389 1,295 112 112 21 -35 2-9 1,217 -1,280 106.8 1,592 375 375 1,217 96 96 28 3 1,127 -1,124 96.7 1,451 324 324 1,127 95 95 33 others 1970—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 Oct. 7 195 4 3,153 -2,961 48.2 4,437 1,284 1,216 3,221 68 822 12 810 14 -32 24 3,360 -3,415 54.6 4,664 1,304 1,292 3,372 13 846 1 846 21 44 69 3,390 -3,415 54.2 4,501 1,112 1,102 3,399 9 663 42 621 28 16 13 2,666 -2,663 43.1 4,081 1,415 1,360 2,721 55 727 56 671 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

NOVEMBER 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 R O a c 1 t t 9 . e 7 3 0 o 1 n , Ef d fe a c t t e i ve Pr r e a v t io e us R O a c 1 t t 9 . e 7 3 0 o 1 n , Ef d fe a c t t e i ve Pr r e a v t io e us R O a c 1 t t 9 e . 7 3 0 o 1 n , Ef d fe a c t t e i ve Pre r v at io e us Boston 6 Apr. 8, 1969 5 Vi 6Vi Apr. 8, 1969 6 m Feb. 2, 1970 7 New York 6 Apr. 4, 1969 5Vi 6V4 Apr. 4, 1969 6 m Apr. 4, 1969 7 Philadelphia 6 Apr. 4, 1969 5Vi 6Vi Apr. 4, 1969 6 m Feb. 10, 1970 7 Cleveland 6 Apr. 4, 1969 5Vi 6Vi Apr. 4, 1969 6 m Apr. 4,1969 7 Richmond 6 Apr. 4, 1969 51/2 6VL Apr. 4, 1969 6 m Feb. 18, 1970 7 Atlanta 6 Apr. 4, 1969 51/2 6 Vi Apr. 4, 1969 6 m Feb. 10, 1970 7 Chicago 6 Apr. 4, 1969 5*4 6Vt Apr. 4, 1969 6 m Mar. 4, 1970 7 St. Louis 6 Apr. 4, 1969 5% 6V4 Apr. 4, 1969 6 m Mar. 16, 1970 7 Minneapolis 6 Apr. 4, 1969 51/2 6V2 Apr. 4, 1969 6 m Apr. 4,1969 6 Vi Kansas City 6 Apr. 4, 1969 5 Vi 6 % Apr. 4, 1969 6 m Feb. 18, 1970 7 Dallas 6 Apr. 4, 1969 5% 6Vi Apr. 4, 1969 6 m Feb. 18, 1970 7 San Francisco 6 Apr. 4, 1969 5% 6% Apr. 4, 1969 6 m Feb. 2,1970 7 i Discounts of eligible paper and advances secured by such paper or by 2 Advances secured to the satisfaction of the F.R. Bank. Maximum U.S. Govt, obligations or any other obligations eligible for Federal maturity: 4 months. Reserve Bank purchase. Maximum maturity: 90 days except that dis- 3 Advances to individuals, partnerships, or corporations other than counts of certain bankers' acceptances and of agricultural paper may member banks secured by direct obligations of, or obligations fully have maturities not over 6 months and 9 months, respectively. guaranteed as to principal and interest by, the U.S. Govt, or any agency thereof. Maximum maturity: 90 days. FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Range F.R. Range F.R. Range F.R. Effective (or level)— Bank Effective (or level)— Bank Effective (or level)— Bank date All F.R of date All F.R, of date All F.R. of Banks N.Y. Banks N.Y. Banks N.Y. I A O n p c t r e . . f fe 1 1 c 1 5 t Dec 1 . 9 3 4 1 2 , 1941 1 1 -ll/2 1 1 N Se o p v t . . 2 1 1 1 3 9 8 3 9 55—Cont. 2 2 V 2 2 4 V V - - 2 42 i % 1A 2 2 2 2 1 % % V /2 i A Ju u n g e . 1 1 1 2 3 4 0 , , , , 1960 3 3 3 V 1A 3 5 - % - - 3 4 4 % 4 3 3 3 V % 4 30 tVi Sept. 9, 3 3 1946 t % 1956 1963 Apr. 25 Apr. 13 2%-3 July 17. 3 -3% 3 Vi May 10 20 2*4-3 IS 26. 3Vi 3% t Vi-l Aug. 24 2*4-3 3 1948 1 »rA 31 3 3 Nov. 24. 1964 3Vi-4 4 Jan. 12 1957 30. 4 4 Aug. 1 1 3 9 tv nrA Aug. 9 3 -3Vi 3 1965 23 it 2 3 m 3 Vi Dec. 6. 4 -4Vi Nov. 15 3 -3Vi 3 13. 4V4 4% 1950 Dec. 2 3 1967 Aug. 21 lVi-1'4 1958 Apr. 7. 4 -4lA 4 25 1953 W4 1% J M a a n r . . 2 2 7 2 4 2 2 W % V - 4 3 - - 3 3 2V4 Nov. 2 2 1 7 0 4 . , . 4 4 4 % -4 lA 4 4 4V % 4 J A F M a e p n a b r y . . . 2 2 1 1 1 1 1 3 5 4 6 6 5 1954 l m % - 2 m i 2 - y 2 4 i l g >/ 4 N A A S O M e p u o c a p t r v g y t . . . . . 2 2 2 1 1 1 1 7 9 4 1 3 5 8 2 3 2 2 1 1 1 * * 3 ^ 2 2 2 4 1 4 4 - % * - l - - - 2 A 2 2 2 2 4 1 * % 4 4 2 2 2 2 2 2 1 1 1 % % % * * * 4 4 4 D M A A e p u a c r g r . . . . 2 2 2 3 1 1 1 1 2 0 6 0 8 9 5 6 . . . . . . . . 1968 5 5 4 5 1 * V / 4 5 5 5 5 4 i - ! - V - - % / 5 5 5 5 4 1 i 1 ! / / f 2 2 t 5 5 5 5 5 5 5 4 1 V V V V V V /4 4 i i i i i 1955 1959 1969 Apr. 14 IVi-l'A Mar. 6 2%-3 3 Apr. 4. 51/2-6 6 15 ig 16 3 8. 6 6 May 2 "iii* May 29 3 -3% Aug. 4 IV4-2V4 18 June 12 3% k 1970 5 IV4-2V4 2 Sept. 11 3V4-4 4 12 2 -21/4 2 18 4 4 In effect Oct. 31, 1970.... 6 6 t Preferential rate of Vi of 1 per cent for advances secured by U.S. in the following periods (rates in percentages): 1955—May 4-6, 1.65; Govt, obligations maturing in 1 year or less. The rate of 1 per cent was Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug. continued for discounts of eligible paper and advances secured by such 24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31-Nov. 17, Dec. 28-29, paper or by U.S. Govt, obligations with maturities beyond 1 year. 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July 20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3, NOTE.—Discount rates under Sees. 13 and 13a (as described in table 2.75; 1962—Mar. 20-21, 2.75; 1964—Dec. 10, 3.85; Dec. 15, 17, 22, 24, above). For data before 1942, see Banking and Monetary Statistics, 28, 30, 31, 3.875; 1965—Jan. 4-8, 3.875; 1968—Apr. 4, 5, 11, 15,16, 5.125; 1943, pp. 439-42. Apr. 30, 5.75; May 1-3, 6, 9, 13-16, 5.75; June 7, 11-13, 19, 21, 24, 5.75; The rate charged by the F.R. Bank of N.Y. on repurchase contracts July 5, 16, 5.625; Aug. 16, 19, 5.25. against U.S. Govt, obligations was the same as its discount rate except Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 10 RESERVE AND MARGIN REQUIREMENTS • NOVEMBER 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 5 deposits 2 deposits (all classes of banks) Time deposits Reserve Country Other Effective date 1 b C r a e e c s n n i e k t t r y r s v a e 3 l b s c R a e i r n t e v y k - e s C ba o tr n u y k n s - b cl a a ( o n a s f l k s l e s s ) Effective date i $ U 5 n c m d it e i y r l - ba $ n O 5 k v m s e r il - $ U 5 n m de b il r a - nk $ O s 5 v m er il - d S i e n i p a t g s v o s - s - $ U 5 ti n m m d e e i r l- d ep $ O 5 o s v m i e ts r i l lion lion lion lion lion lion In effect Dec. 31, 1949. 22 18 12 1966—July 14,21. 6 16% 6 12 64 64 Sept. 8, 15. 1951—Jan. 11, 16 23 19 13 Jan. 25, Feb. 1. 24 20 14 1967—Mar. 2. 3% 1953—July 9,1 22 19 13 Mar. 16. 3 i* 1954—June 24, 16 21 July 29, Aug. 1. 20 18 12 1968—Jan. 11,18. 16% 17 12 12% 1958—Feb. 27, Mar. 1. 17% JIM Mar. 20, Apr. 1. 8* 17 1969—Apr. 17.... 17 17% 12% 13 Apr. 17 Apr. 24 18* 16% 1970—Oct. 1 1960—Sept. 1 17% In effect Oct. 31, 1970. 17 17% 12% Nov. 24 12 1962—J D u e l c y . 28 1 1 ( 63) % Presen r t e q le u g i a re l ment: Oct. 25, Nov. 1. Minimum 10 7 3 3 3 Maximum 22 14 10 10 10 1 When two dates are shown, the first applies to the change at central requirement on borrowings by domestic offices of a member bank from reserve or reserve city banks and the second to the change at country foreign banks, except that only a 3 per cent reserve is required against banks. For changes prior to 1950 see Board's Annual Reports. such borrowings that do not exceed a specified base amount. For details 2 Demand deposits subject to reserve requirements are gross demand concerning these requirements, see Regulations D and M and appropriate deposits minus cash items in process of collection and demand balances supplements and amendments. due from domestic banks. 5 Effective Jan. 5, 1967, time deposits such as Christmas and vacation 3 Authority of the Board of Governors to classify or reclassify cities club accounts became subject to same requirements as savings deposits. as central reserve cities was terminated effective July 28, 1962. 6 See preceding columns for earliest effective date of this rate. 4 Beginning Oct. 16, 1969, a member bank is required under Regulation M to maintain, against its foreign branch deposits, a reserve equal NOTE.—All required reserves were held on deposit with F.R. Banks to 10 per cent of the amount by which (1) net balances due to, and certain June 21, 1917, until Dec. 1959. From Dec. 1959 to Nov. 1960, member assets purchased by, such branches from the bank's domestic offices and banks were allowed to count part of their currency and coin as reserves; (2) credit extended by such branches to U.S. residents exceed certain effective Nov. 24, 1960, they were allowed to count all as reserves. For specified base amounts. Regulation D imposes a similar 10 per cent reserve further details, see Board's Annual Reports. MARGIN REQUIREMENTS (Per cent of market value) Effective date Regulation Jan. 16, Aug. 5, Oct. 16, July 28, July 10, Nov. 6, Mar. 11, June 8, May 6, 1958 1958 1958 1960 1962 1963 1968 1968 1970 Regulation T: For credit extended by brokers and dealers on— Margin stocks 50 70 90 50 70 70 80 65 Registered bonds convertible into margin stocks. 50 60 50 For short sales 50 70 90 70 '50* 70 70 80 65 Regulation U: For credit extended by banks on— Margin stocks 50 70 90 70 50 70 70 80 65 Bonds convertible into margin stocks 50 60 50 Regulation G: For credit extended by others than brokers and dealers and banks on— Margin stocks 70 80 65 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

NOVEMBER 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 4 Vi 90 days-1 year.., 5 1 year to 2 years. 5 to 2 years and over., 5V4 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.. 5% 6 months to 12 months 3% 4% 2 years and over. . 5% 9 L 0 e ( s d 3 s a 0 t y h 8 s a 9 t n o d 9 6 a 0 y m s d ) a o y n s t hs.. . 21/2 4 5% $1 3 6 0 0 0 0, - - 0 8 5 0 9 9 0 d d a a a n y y d s s over: 5% 5% ( ( 4 4) ) 90-179 days 5*4 6V4 180 days to 1 year. Wa 7 1 year or more. .. 5Vi 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 6lA commercial banks, as established by the FDIC, have been the same as per cent on maturities of 30-59 days and 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 AAllll All Item mm bb ee aa mm nn bb kkss ee rr Y N o e r w k C o i f t y Other C b o a u n n k t s r y Item m b e a m n b ks e r Y N o e r w k C o i f t y Other C b o a u n n k t s r y City Chicago City Chicago Four weeks ending Sept. 9, 1970 Four weeks ending Oct. 7, 1970 Gross demand—Total... 178,047 40,804 7,310 62,704 67,229 Gross demand—Total 182,382 42,110 7,637 64,129 68,507 Interbank 22,741 10,055 1,288 8,849 2,549 Interbank 23,677 10,703 1,368 8,996 2,611 U.S. Govt 5,979 987 276 2,490 2,227 U.S. Govt 6,142 1,122 328 2,510 2,183 Other 149,328 29,762 5,746 51,366 62,454 Other 152,564 30,286 5,941 52,624 63,713 Net demand i 135,381 25,227 5,769 48,047 56,338 Net demand 1 137,925 26,198 5,983 48,622 57,123 Time 167,352 18,219 5,562 62,085 81,486 Time 170,816 19,102 5,682 63,616 82,417 Demand balances due Demand balances due from dom. banks.... 9,586 530 134 2,478 6,444 from dom. banks 10,008 700 126 2,549 6,634 Currency and coin 4,974 418 88 1,555 2,914 Currency and coin 5,131 444 100 1,620 2,967 Balances with F.R. Balances with F.R. Banks 23,525 4,971 1,212 9,723 7,620 Banks 23,653 5,079 1,219 9,740 7,616 Total reserves held 28,499 5,389 1,300 11,278 10,534 Total reserves held 28,784 5,523 1,319 11,360 10,583 Required 28,293 5,368 1,295 11,270 10,360 Required 28,551 5,476 1,317 11,338 10,421 Excess 206 21 5 8 174 Excess 233 47 2 22 162 iJDemand deposits subject to reserve requirements are gross demand NOTE.—Averages of daily figures. Balances with F.R. Banks are as deposits minus cash items in process of collection and demand balances of close of business; all other items (excluding total reserves held and due from domestic banks. excess reserves) are as of opening of business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 12 FEDERAL RESERVE BANKS • NOVEMBER 1970 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month IIIttteeemmm 1970 1970 1969 Oct. 28 Oct. 21 Oct. 14 Oct. 7 Sept. 30 Oct. 31 Sept. 30 Oct. 31 Assets Gold certificate account 1100,,881199 1100,,881199 1100,,881199 1100,,881199 1100,,881199 1100,,881199 1100,,881199 10,036 Special Drawing Rights certificate account 440000 440000 440000 440000 440000 440000 440000 222233 222244 222211 222233 222211 222255 222211 149 Discounts and advances: Member bank borrowings 441177 11,,227799 991144 330022 885522 442277 885522 1,691 Other Acceptances: Bought outright 36 333666 333666 36 333666 333666 333666 41 Held under repurchase agreements 111000 333333 555111 333777 555111 Federal agency obligations—Held under repurchase agreements 333222 888000 888888 888000 1177 111444333 U.S. Govt, securities: Bought outright: Bills 23,793 222333,,,888111999 23,876 222444,,,111111000 222444,,,000333888 222444,,,111111000 2200,,446611 Certificates—Other 222333,,,888777666 NNootteess 32,758 32,758 32,758 32,758 32,758 32,758 32,758 31,357 BBoonnddss 2,732 2,732 2,732 2,732 2,732 2,732 2,732 3,468 TToottaall bboouugghhtt oouuttrriigghhtt 159,283 115599,,330099 115599,,336666 159,366 115599,,660000 115599,,552288 115599,,660000 5555,,228866 HHeelldd uunnddeerr rreeppuurrcchhaassee aaggrreeeemmeennttss 229944 555588 337755 448877 337755 222299 TTTTTTTTToooooooootttttttttaaaaaaaaalllllllll UUUUUUUUU.........SSSSSSSSS......... GGGGGGGGGooooooooovvvvvvvvvttttttttt,,,,,,,,, ssssssssseeeeeeeeecccccccccuuuuuuuuurrrrrrrrriiiiiiiiitttttttttiiiiiiiiieeeeeeeeesssssssss 59,283 59,603 59,924 59,366 59,975 60,015 59,975 55,515 TTTTTTTTToooooooootttttttttaaaaaaaaalllllllll llllllllloooooooooaaaaaaaaannnnnnnnnsssssssss aaaaaaaaannnnnnnnnddddddddd ssssssssseeeeeeeeecccccccccuuuuuuuuurrrrrrrrriiiiiiiiitttttttttiiiiiiiiieeeeeeeeesssssssss 59,736 60,960 61,050 59,704 60,994 60,603 60,994 57,264 CCCCCCCCCaaaaaaaaassssssssshhhhhhhhh iiiiiiiiittttttttteeeeeeeeemmmmmmmmmsssssssss iiiiiiiiinnnnnnnnn ppppppppprrrrrrrrroooooooooccccccccceeeeeeeeessssssssssssssssss ooooooooofffffffff cccccccccooooooooolllllllllllllllllleeeeeeeeeccccccccctttttttttiiiiiiiiiooooooooonnnnnnnnn f9,867 P10,585 *10,703 *>9,825 9,233 *>9,088 9,233 8,207 BBBBBBBBBaaaaaaaaannnnnnnnnkkkkkkkkk ppppppppprrrrrrrrreeeeeeeeemmmmmmmmmiiiiiiiiissssssssseeeeeeeeesssssssss 125 125 124 123 122 125 122 113 OOOOOOOOOttttttttthhhhhhhhheeeeeeeeerrrrrrrrr aaaaaaaaasssssssssssssssssseeeeeeeeetttttttttsssssssss::::::::: DDDDDDDDDeeeeeeeeennnnnnnnnooooooooommmmmmmmmiiiiiiiiinnnnnnnnnaaaaaaaaattttttttteeeeeeeeeddddddddd iiiiiiiiinnnnnnnnn fffffffffooooooooorrrrrrrrreeeeeeeeeiiiiiiiiigggggggggnnnnnnnnn cccccccccuuuuuuuuurrrrrrrrrrrrrrrrrreeeeeeeeennnnnnnnnccccccccciiiiiiiiieeeeeeeeesssssssss 650 632 681 680 680 408 680 1,823 IIIIIIIIIMMMMMMMMMFFFFFFFFF gggggggggooooooooolllllllllddddddddd dddddddddeeeeeeeeepppppppppooooooooosssssssssiiiiiiiiittttttttteeeeeeeeeddddddddd 222222222 187 187 187 187 187 187 187 219 AAAAAAAAAllllllllllllllllll ooooooooottttttttthhhhhhhhheeeeeeeeerrrrrrrrr 859 818 784 733 689 871 689 772 TTTTTTTTToooooooootttttttttaaaaaaaaalllllllll aaaaaaaaasssssssssssssssssseeeeeeeeetttttttttsssssssss P82,866 ®84,750 »84,969 P82,694 83,345 P82,726 83,345 78,583 LLLLLLLLLiiiiiiiiiaaaaaaaaabbbbbbbbbiiiiiiiiillllllllliiiiiiiiitttttttttiiiiiiiiieeeeeeeeesssssssss FFFFFFFFF.........RRRRRRRRR......... nnnnnnnnnooooooooottttttttteeeeeeeeesssssssss 48,432 48,515 48,717 48,467 48,087 48,311 48,087 45,373 DDDDDDDDDeeeeeeeeepppppppppooooooooosssssssssiiiiiiiiitttttttttsssssssss::::::::: MMMMMMMMMeeeeeeeeemmmmmmmmmbbbbbbbbbeeeeeeeeerrrrrrrrr bbbbbbbbbaaaaaaaaannnnnnnnnkkkkkkkkk rrrrrrrrreeeeeeeeessssssssseeeeeeeeerrrrrrrrrvvvvvvvvveeeeeeeeesssssssss ®22,991 p24,320 p24,201 ®23,339 23,938 ®24,173 23,938 23,628 UUUUUUUUU.........SSSSSSSSS......... TTTTTTTTTrrrrrrrrreeeeeeeeeaaaaaaaaasssssssssuuuuuuuuurrrrrrrrreeeeeeeeerrrrrrrrr—————————GGGGGGGGGeeeeeeeeennnnnnnnneeeeeeeeerrrrrrrrraaaaaaaaalllllllll aaaaaaaaaccccccccccccccccccooooooooouuuuuuuuunnnnnnnnnttttttttt 1,271 1,153 899 660 1,238 920 1,238 954 FFFFFFFFFooooooooorrrrrrrrreeeeeeeeeiiiiiiiiigggggggggnnnnnnnnn 197 107 151 150 136 142 136 131 OOOOOOOOOttttttttthhhhhhhhheeeeeeeeerrrrrrrrr::::::::: IIIIIIIIIMMMMMMMMMFFFFFFFFF gggggggggooooooooolllllllllddddddddd dddddddddeeeeeeeeepppppppppooooooooosssssssssiiiiiiiiittttttttt 222222222 187 187 187 187 187 187 187 219 AAAAAAAAAllllllllllllllllll ooooooooottttttttthhhhhhhhheeeeeeeeerrrrrrrrr 526 526 538 511 538 552 538 233 TTTTTTTTToooooooootttttttttaaaaaaaaalllllllll dddddddddeeeeeeeeepppppppppooooooooosssssssssiiiiiiiiitttttttttsssssssss ®25,172 P26,293 p25,976 ®24,847 26,037 P25,974 26,037 25,165 DDDDDDDDDeeeeeeeeefffffffffeeeeeeeeerrrrrrrrrrrrrrrrrreeeeeeeeeddddddddd aaaaaaaaavvvvvvvvvaaaaaaaaaiiiiiiiiilllllllllaaaaaaaaabbbbbbbbbiiiiiiiiillllllllliiiiiiiiitttttttttyyyyyyyyy cccccccccaaaaaaaaassssssssshhhhhhhhh iiiiiiiiittttttttteeeeeeeeemmmmmmmmmsssssssss 7,037 7,761 8,144 7,026 6,920 6,164 6,920 5,864 570 594 615 610 626 592 626 580 OOOOOOOOOttttttttthhhhhhhhheeeeeeeeerrrrrrrrr llllllllliiiiiiiiiaaaaaaaaabbbbbbbbbiiiiiiiiillllllllliiiiiiiiitttttttttiiiiiiiiieeeeeeeeesssssssss aaaaaaaaannnnnnnnnddddddddd aaaaaaaaaccccccccccccccccccrrrrrrrrruuuuuuuuueeeeeeeeeddddddddd dddddddddiiiiiiiiivvvvvvvvviiiiiiiiidddddddddeeeeeeeeennnnnnnnndddddddddsssssssss ®81,211 »83,163 P83,452 ®80,950 81,670 P81,041 81,670 76,982 TTTTTTTTToooooooootttttttttaaaaaaaaalllllllll llllllllliiiiiiiiiaaaaaaaaabbbbbbbbbiiiiiiiiillllllllliiiiiiiiitttttttttiiiiiiiiieeeeeeeeesssssssss CCCCCCCCCaaaaaaaaapppppppppiiiiiiiiitttttttttaaaaaaaaalllllllll aaaaaaaaaccccccccccccccccccooooooooouuuuuuuuunnnnnnnnntttttttttsssssssss 690 690 690 690 691 690 691 665 CCCCCCCCCSSSSSSSSSuuuuuuuuuaaaaaaaaarrrrrrrrrppppppppppppppppppiiiiiiiiitttttttttllllllllluuuuuuuuuaaaaaaaaalllllllllsssssssss pppppppppaaaaaaaaaiiiiiiiiiddddddddd iiiiiiiiinnnnnnnnn 669 669 669 669 669 669 669 630 OOOOOOOOOttttttttthhhhhhhhheeeeeeeeerrrrrrrrr cccccccccaaaaaaaaapppppppppiiiiiiiiitttttttttaaaaaaaaalllllllll aaaaaaaaaccccccccccccccccccooooooooouuuuuuuuunnnnnnnnntttttttttsssssssss 296 228 158 385 315 326 315 306 TTTTTTTTToooooooootttttttttaaaaaaaaalllllllll llllllllliiiiiiiiiaaaaaaaaabbbbbbbbbiiiiiiiiillllllllliiiiiiiiitttttttttiiiiiiiiieeeeeeeeesssssssss aaaaaaaaannnnnnnnnddddddddd cccccccccaaaaaaaaapppppppppiiiiiiiiitttttttttaaaaaaaaalllllllll aaaaaaaaaccccccccccccccccccooooooooouuuuuuuuunnnnnnnnntttttttttsssssssss P82,866 p84,750 *84,969 »82,694 83,345 P82,726 83,345 78,583 CCCCCCCCCooooooooonnnnnnnnntttttttttiiiiiiiiinnnnnnnnngggggggggeeeeeeeeennnnnnnnnttttttttt llllllllliiiiiiiiiaaaaaaaaabbbbbbbbbiiiiiiiiillllllllliiiiiiiiitttttttttyyyyyyyyy ooooooooonnnnnnnnn aaaaaaaaacccccccccccccccccceeeeeeeeeppppppppptttttttttaaaaaaaaannnnnnnnnccccccccceeeeeeeeesssssssss pppppppppuuuuuuuuurrrrrrrrrccccccccchhhhhhhhhaaaaaaaaassssssssseeeeeeeeeddddddddd fffffffffooooooooorrrrrrrrr fffffffffooooooooorrrrrrrrreeeeeeeeeiiiiiiiiigggggggggnnnnnnnnn cccccccccooooooooorrrrrrrrrrrrrrrrrreeeeeeeeessssssssspppppppppooooooooonnnnnnnnndddddddddeeeeeeeeennnnnnnnntttttttttsssssssss 238 237 233 232 235 238 235 149 MMMMMMMMMaaaaaaaaarrrrrrrrrkkkkkkkkkeeeeeeeeetttttttttaaaaaaaaabbbbbbbbbllllllllleeeeeeeee UUUUUUUUU.........SSSSSSSSS......... GGGGGGGGGooooooooovvvvvvvvvttttttttt,,,,,,,,, ssssssssseeeeeeeeecccccccccuuuuuuuuurrrrrrrrriiiiiiiiitttttttttiiiiiiiiieeeeeeeeesssssssss hhhhhhhhheeeeeeeeelllllllllddddddddd iiiiiiiiinnnnnnnnn cccccccccuuuuuuuuussssssssstttttttttooooooooodddddddddyyyyyyyyy fffffffffooooooooorrrrrrrrr fffffffffooooooooorrrrrrrrreeeeeeeeeiiiiiiiiigggggggggnnnnnnnnn aaaaaaaaannnnnnnnnddddddddd iiiiiiiiinnnnnnnnnttttttttteeeeeeeeerrrrrrrrrnnnnnnnnnaaaaaaaaatttttttttiiiiiiiiiooooooooonnnnnnnnnaaaaaaaaalllllllll aaaaaaaaaccccccccccccccccccooooooooouuuuuuuuunnnnnnnnnttttttttt.........333333333 9,907 10,023 9,887 9,559 9,300 9,941 9,300 8,447 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank) 51,618 51,639 51,581 51,507 51,471 51,652 51,471 48,352 Collateral held against notes outstanding: Gold certificate account 3,300 3,300 3,300 3,300 3,300 3,300 3,300 33,,330077 U.S. Govt, securities 49,755 49,755 49,755 49,755 49,700 49,755 49,700 46,076 Total collateral 53,055 53,055 53,055 53,055 53,000 53,055 53,000 49,383 1 See note 7 on p. A-5. date include both marketable and nonmarketable securities for foreign 2 See note 1 (b) at top of p. A-75. account only. 3 This caption valid beginning Sept. 16, 1970; figures prior to that Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1970 • FEDERAL RESERVE BANKS A 13 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON OCTOBER 31F 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 - L S ou t. is M ap in o n li e s - K C s a a it n s y - Dallas F c S i r s a a c n n o - Assets Gold certificate account 111111000000,,,,,,888888111111999999 630 2,312 603 906 907 494 11,,773377 465 210 338844 436 1,735 Special Drawing Rights certif. acct 444444000000000000 23 93 23 33 36 22 7700 15 7 1155 14 49 F.R. notes of other banks 111111,,,,,,000000000000333333 133 207 63 56 61 207 4422 21 44 4444 28 97 Other cash 222222222222555555 11 22 10 26 15 30 3322 12 8 1166 14 29 Discounts and advances: Secured by U.S. Govt, securities.... 888888222222 19 5 8 8 3300 2 77 1 Other 333333444444555555 334444 AAAcccccceeeppptttaaannnccceeesss::: BBBooouuuggghhhttt ooouuutttrrriiiggghhhttt 333333666666 3333366666 HHHeeelllddd uuunnndddeeerrr rrreeepppuuurrrccchhhaaassseee aaagggrrreeeeeemmmeeennntttsss...... 333333777777 3333377777 FFFeeedddeeerrraaalll aaagggeeennncccyyy ooobbbllliiigggaaatttiiiooonnnsss———HHHeeelllddd 888888888888 8888888888 UUU...SSS... GGGooovvvttt,,, ssseeecccuuurrriiitttiiieeesss::: BBBooouuuggghhhttt ooouuutttrrriiiggghhhttt 111111555555999999,,,,,,555555222222888888 2,995 1111155555,,,,,000002222288888 3,077 4,634 4,512 3,034 9,589 2,165 1,163 2,316 2,608 8,407 HHHeeelllddd uuunnndddeeerrr rrreeepppuuurrrccchhhaaassseee aaagggrrreeeeeemmmeeennntttsss...... 444444888888777777 444448888877777 TTToootttaaalll llloooaaannnsss aaannnddd ssseeecccuuurrriiitttiiieeesss 6600,,660033 2,996 1155,,669955 3,082 4,635 4,520 3,042 9,963 2,167 1,163 ' 2,324 2,608 8,408 CCCaaassshhh iiittteeemmmsss iiinnn ppprrroooccceeessssss ooofff cccooolllllleeeccctttiiiooonnn......... 1111,,993355 660 22,,336655 557 794 798 1,189 2,053 537 453 730 657 1,142 BBBaaannnkkk ppprrreeemmmiiissseeesss 112255 2 88 2 11 11 17 17 12 10 18 8 9 OOOttthhheeerrr aaasssssseeetttsss::: DDDeeennnooommmiiinnnaaattteeeddd iiinnn fffooorrreeeiiigggnnn cccuuurrrrrreeennnccciiieeesss...... 440088 20 22110088 21 36 21 26 60 14 9 17 23 53 118877 118877 AAAllllll ooottthhheeerrr 887711 55 221199 45 67 67 44 137 30 18 34 37 118 TTToootttaaalll aaasssssseeetttsss 86,576 4,530 21,216 4,406 6,564 6,436 55,,007711 1144,,111111 33,,227733 1,922 3,582 3,825 11,640 LLLiiiaaabbbiiillliiitttiiieeesss FFF...RRR... nnnooottteeesss 444999,,,333111444 2,786 111111,,,666555444 2,764 4,026 4,440 22,,550088 88,,668866 11,,886622 851 1,822 1,846 6,069 DDDeeepppooosssiiitttsss::: MMMeeemmmbbbeeerrr bbbaaannnkkk rrreeessseeerrrvvveeesss 222444,,,111777333 954 666,,,777444444 979 1,628 1,133 11,,339900 33,,338811 883388 612 1,003 1,296 4,215 UUU...SSS... TTTrrreeeaaasssuuurrreeerrr———GGGeeennneeerrraaalll aaaccccccooouuunnnttt...... 999222000 85 999999 95 55 80 3399 4455 6699 46 82 58 167 111444222 6 444444666 7 12 7 88 1199 44 3 6 7 17 OOOttthhheeerrr::: IIIMMMFFF gggooolllddd dddeeepppooosssiiittt 333 111888777 111888777 All other 555555222 33 444999666 55 1100 22 77 11 22 ii 22 2233 TTTTToooootttttaaaaalllll dddddeeeeepppppooooosssssiiiiitttttsssss 25,974 1,048 7,572 1,086 1,695 1,230 1,439 3,452 912 663 1,092 1,363 4,422 DDDDDeeeeefffffeeeeerrrrrrrrrreeeeeddddd aaaaavvvvvaaaaaiiiiilllllaaaaabbbbbiiiiillllliiiiitttttyyyyy cccccaaaaassssshhhhh iiiiittttteeeeemmmmmsssss 9,011 587 1,384 442 652 629 988 1,625 421 360 576 500 847 592 29 161 28 45 44 29 93 21 11 23 25 83 84,891 4,450 20,771 4,320 6,418 6,343 4,964 13,856 3,216 1,885 3,513 3,734 11,421 OOOOOttttthhhhheeeeerrrrr llllliiiiiaaaaabbbbbiiiiillllliiiiitttttiiiiieeeeesssss aaaaannnnnddddd aaaaaccccccccccrrrrruuuuueeeeeddddd dddddiiiiivvvvviiiiidddddeeeeennnnndddddsssss 690 32 183 35 61 35 46 102 24 16 29 39 88 CCCCCaaaaapppppiiiiitttttaaaaalllll aaaaaccccccccccooooouuuuunnnnntttttsssss 669 32 177 34 60 34 43 99 23 15 28 37 87 326 16 85 17 25 24 18 54 10 6 12 15 44 86,576 4,530 21,216 4,406 6,564 6,436 5,071 14,111 3,273 1,922 3,582 3,825 11,640 OOOOOttttthhhhheeeeerrrrr cccccaaaaapppppiiiiitttttaaaaalllll aaaaaccccccccccooooouuuuunnnnntttttsssss TTTTToooootttttaaaaalllll llllliiiiiaaaaabbbbbiiiiillllliiiiitttttiiiiieeeeesssss aaaaannnnnddddd cccccaaaaapppppiiiiitttttaaaaalllll aaaaaccccccccccooooouuuuunnnnntttttsssss.......... CCCCCooooonnnnntttttiiiiinnnnngggggeeeeennnnnttttt llllliiiiiaaaaabbbbbiiiiillllliiiiitttttyyyyy ooooonnnnn aaaaacccccccccceeeeeppppptttttaaaaannnnnccccceeeeesssss pppppuuuuurrrrrccccchhhhhaaaaassssseeeeeddddd fffffooooorrrrr fffffooooorrrrreeeeeiiiiigggggnnnnn cccccooooorrrrrrrrrreeeeessssspppppooooonnnnnddddd----- 238 12 563 12 21 12 16 35 8 5 10 13 31 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank) 5511,,665522 22,,994400 1122,,221188 22,,883366 44,,119955 44,,558855 2,685 99,,000044 11,,995533 891 1,918 22,,000011 6,426 Collateral held against notes outstanding: rprtifirntp aprmint 33,,330000 225500 550000 330000 551100 558800 11,,000000 115555 55 UU..SS.. GGoovvtt,, sseeccuurriittiieess 4499,,775555 22,,773300 1111,,880000 22,,770000 33,,775500 44,,007755 2,900 88,,225500 11,,888800 915 1,975 22,,003300 6,750 TToottaall ccoollllaatteerraall 53,055 2,980 12,300 3,000 4,260 4,655 2,900 9,250 2,035 915 1,975 2,035 6,750 1 See Note 7 on p. A-5. 5 After deducting $175 million participations of other Federal Reserve 2 After deducting $300 million participations of other Federal Reserve 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 $96 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 • NOVEMBER 1970 TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT (In millions of dollars) Outright transactions in U.S. Govt, securities, by maturity Total Treasury bills Others within 1 year 1-5 years MMoonntthh Exch., c G p h r u a o 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 p h r u a o s r s e - s s G sa r l o e s s s Re t d io e n m s p- c G p h r u a o s r s e - s s G sa r l o e s s s m re s a d h t o e i u f r m t r s i p , t y - c G p h r u a o s r s e - s s G sa r l o e s s s m E s a h x t o u i c r f r h t i s . t y tions 1969—Sept 44444444444444,,,,,,,,,,,,,,777777777777776666666666666622222222222222 55555555555555,,,,,,,,,,,,,,444444444444448888888888888833333333333333 111155 44444444444444,,,,,,,,,,,,,,777777777777776666666666666622222222222222 55555555555555,,,,,,,,,,,,,,444444444444448888888888888833333333333333 111155 Oct 55555555555555,,,,,,,,,,,,,,111111111111114444444444444455555555555555 33333333333333,,,,,,,,,,,,,,777777777777770000000000000044444444444444 55555555555555..............000000000000001111111111111166666666666666 33333333333333,,,,,,,,,,,,,,777777777777770000000000000044444444444444 ---666999444 777444 555111999 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 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 Sept 22222222222222,,,,,,,,,,,,,,666666666666665555555555555577777777777777 22222222222222,,,,,,,,,,,,,,333333333333336666666666666677777777777777 333000888 22222222222222,,,,,,,,,,,,,,444444444444447777777777777744444444444444 22222222222222,,,,,,,,,,,,,,333333333333336666666666666677777777777777 333000888 1177 9900 Outright transactions in U.S. Govt, securities—Continued RRReeepppuuurrrccchhhaaassseee BBaannkkeerrss'' aaagggrrreeeeeemmmeeennntttsss FFFFeeeeddddeeeerrrraaaallll aacccceeppttaanncceess (((UUU...SSS... GGGooovvvttt,,, NNNNeeeetttt aaaaggggeeeennnnccccyyyy 55--1100 yyeeaarrss OOvveerr 1100 yyeeaarrss ssseeecccuuurrriiitttiiieeesss))) cccchhhhaaaannnnggggeeee oooobbbblllliiiiggggaaaa---- MMMMoooonnnntttthhhh iiiinnnn UUUU....SSSS.... ttttiiiioooonnnnssss UUnnddeerr NNNNeeeetttt c G h p r 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 h t t a y s . - c G p h r u a o r s s e - s s G sa r l o e s s s o E t s r u h x r m i c i f h t t a y s . - c G p h r u a o s r s e - s s G sa r l o e s s s ssss GGGG eeee iiiitttt cccc oooo iiii uuuu eeee vvvv ssss rrrr tttt ,,,, ---- pppp (((( mmmm uuuu nnnn aaaa rrrr gggg eeee eeee cccc tttt rrrr nnnn hhhh eeee rrrr tttt eeee aaaa eeee ssss ---- ssss )))) ---- eeee rr OO ii nn gg uu ee hh tt tt tt -- ,, mm rr aa cc ee gg hh nn ee pp rr aa nn ee uu ee tt ss tt ee rr ee ss -- -- ,, cccchhhhaaaannnnggggeeee1111 1969 Sept 11111111111111,,,,,,,,,,,,,,111111111111112222222222222211111111111111 11111111111111,,,,,,,,,,,,,,000000000000006666666666666622222222222222 --------------777777777777777777777777777777777777777777 ----33339999 --------------33333333333333 --2222 --------------888888888888884444444444444411111111111111 Oct 555222 111777555 333 22222222222222,,,,,,,,,,,,,,666666666666665555555555555555555555555555 22222222222222,,,,,,,,,,,,,,777777777777771111111111111155555555555555 11111111111111,,,,,,,,,,,,,,333333333333338888888888888811111111111111 11117777 44444444444444 11111111111111,,,,,,,,,,,,,,444444444444440000000000000022222222222222 NNoovv........ 333 ---111,,,111333777 444 11111111111111,,,,,,,,,,,,,,000000000000003333333333333311111111111111 11111111111111,,,,,,,,,,,,,,222222222222226666666666666600000000000000 11111111111111,,,,,,,,,,,,,,888888888888880000000000000033333333333333 ----11117777 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 333111 --------------44444444444444 333000 11111111111111,,,,,,,,,,,,,,444444444444440000000000000077777777777777 SSeepptt 6611 1166 33333333333333,,,,,,,,,,,,,,999999999999990000000000000066666666666666 33333333333333,,,,,,,,,,,,,,888888888888886666666666666611111111111111 2222222222222288888888888888 555000 33333333333333 222111 111111111111110000000000000011111111111111 I Net change in U.S. Govt, securities, Federal agency obligations, and NOTE.—Sales, redemptions, and negative figures reduce System holdbankers' acceptances. ings; all other figures increase such holdings. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) E pe n r d i o o d f Total P st o e u rl n in d g s s A c u h s il t l r in ia g n s B fr e a lg n i c a s n C d a o n l a la d r i s a n D kr a o n n is e h r F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e a n Jap y a e n n 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 222222222222222,,,,,,,,,,,,,,,000000000000000666666666666666111111111111111 111111,,,,,,444444444444444444 8 3 443333 165 1 4 3 1 QfiO Tnlv 111111111111111,,,,,,,,,,,,,,,666666666666666777777777777777000000000000000 111111,,,,,,333333888888333333 5500 24 * * 15 1 196 • 111111111111111,,,,,,,,,,,,,,,999999999999999222222222222222999999999999999 111111,,,,,,555555777777111111 224 * * 15 1 114 3 Sept 222222222222222,,,,,,,,,,,,,,,333333333333333333333333333333000000000000000 111111,,,,,,666666999999333333 220044 * * * 315 1 114 2 Oct 111111111111111,,,,,,,,,,,,,,,888888888888888222222222222222333333333333333 111111,,,,,,444444999999444444 11 * 7 313 1 2 5 Nov . . 111111111111111,,,,,,,,,,,,,,,333333333333333777777777777777000000000000000 111111,,,,,,222222777777333333 1 * 60 6 1 2 27 Dec 111111111111111,,,,,,,,,,,,,,,999999999999999666666666666666777777777777777 11,,557755 1 * 199 60 125 1 3 4 1970 Jan 999999999999999777777777777777555555555555555 660055 1 * 110000 60 201 1 3 4 Feb 111111111111111,,,,,,,,,,,,,,,111111111111111777777777777777999999999999999 215 1 * 159 801 1 3 * 111111111111111,,,,,,,,,,,,,,,111111111111111666666666666666999999999999999 222222000000777777 1 * 157 801 1 3 * A 111111111111111,,,,,,,,,,,,,,,111111111111111000000000000000111111111111111 111111999999999999 1 * 93 805 1 3 * Mav' 555555555555555111111111111111000000000000000 111111999999999999 * * 94 205 1 * 11 June 666666666666666999999999999999000000000000000 111111888888000000 * * 94 440000 1 * 15 July 222222222222222999999999999999000000000000000 111111888888000000 * * 9955 1 * 14 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 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 Oct. 28 Oct. 21 Oct. 14 Oct. 7 Sept. 30 Oct. 31 Sept! 30 Oct. 31 Discounts and advances—Total 417 1,279 914 302 853 427 853 1,690 Within 15 days 410 1,276 860 300 851 426 851 1,683 16 days to 90 days 7 3 54 2 2 2 7 91 days to 1 year Acceptances—Total 36 46 69 36 87 73 87 41 Within 15 days 14 19 43 14 65 „ 45 65 9 16 days to 90 days 22 27 26 22 22 28 22 32 91 days to 1 year U.S. Government securities—Total 59,283 59,635 60,067 59,366 60,055 60,103 60,055 55,532 Within 15 days* 3,597 3,785 3,478 2,631 3,086 3,819 3,086 2,036 16 days to 90 days 11,139 11,130 11,751 11,821 11,569 11,055 11,569 9,447 91 days to 1 year 13,027 13,200 13,318 13,394 13,880 13,709 13,880 21,777 Over 1 year to 5 years 25,356 25,356 25,356 25,356 25,356 25,356 25,356 12,822 Over 5Zyears to 10 years 5,524 5,524 5,524 5,524 5,524 5,524 5,524 8,776 Over 10 years 640 640 640 640 640 640 640 674 i Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts1 Turnover of demand deposits (billions of dollars) Period Total Leading SMSA's T S o M ta S l A 2 ' 3 s 2 226 Total Leading SMSA's T S o M ta S l A 2 ' 3 s 2 226 233 (excl. other 233 (excl. other SMSA's N.Y. 6 others2 N.Y.) SMSA's SMSA's N.Y. 6 others2 N.Y.) SMSA's 1969—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 41.4 Apr. 10.170.2 4,422.0 2,417.9 5.748.2 3.330.3 72.9 149.7 75.8 52.3 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 Julyr 10,218.1 4.324.3 2.508.2 5,893.9 3.385.6 73.3 145.3 79.4 53.8 43.4 Aug. 10,558.9 4.770.6 2.478.8 5,788.3 3,309.5 75.8 162.8 77.9 52.6 42.3 Sept. 10,560.1 4.668.1 2.502.9 5,892.0 3.389.1 75.5 161.0 77.9 53.1 43.0 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 counties not designated as SMSA's. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 16 U.S. CURRENCY • NOVEMBER 1970 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency End of period in circulation 1 Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1.404 1.048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 195 8 32,193 22,856 2,182 1,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 195 9 32,591 23,264 2,304 1,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 196 0 32,869 23,521 2,427 1,533 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 196 1 33,918 24,388 2,582 1,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 3 10 196 2 35,338 25,356 2,782 1,636 97 2,375 7,071 11,395 9,983 2,990 6,448 240 293 3 10 196 3 37,692 26,807 3,030 1,722 103 2,469 7,373 12,109 10,885 3,221 7,110 249 298 3 4 196 4 39,619 28,100 3.405 1,806 111 2,517 7,543 12,717 11,519 3,381 7,590 248 293 2 4 196 5 42,056 29,842 4.027 1,908 127 2,618 7,794 13,369 12,214 3,540 8,135 245 288 3 4 196 6 44,663 31,695 4,480 2,051 137 2,756 8,070 14,201 12,969 3,700 8,735 241 286 3 4 196 7 47,226 33,468 4,918 2,035 136 2,850 8,366 15,162 13,758 3,915 9,311 240 285 3 4 196 8 50,961 36,163 5,691 2.049 136 2,993 8,786 16,508 14,798 4,186 10,068 244 292 3 4 1969—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 Sept. 54,795 38,082 6,193 2,168 136 2,964 8,747 17,875 16,712 4,668 11,562 219 257 3 4 i Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin. overstated because they include small amounts of paper currency held by the Treasury and the F.R. Banks for which a denominational break- NOTE.—Condensed from Statement of United States Currency and down is not available. Coin, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circulation 1 TTToootttaaalll ooouuuttt--- HHHeeelllddd bbbyyy ssstttaaannndddiiinnnggg,,, AAss sseeccuurriittyy FFoorr FFF...RRR... 1970 1969 KKKiiinnnddd ooofff cccuuurrrrrreeennncccyyy SSSeeepppttt... 333000,,, aaggaaiinnsstt TTrreeaassuurryy FF..RR.. BBBaaannnkkksss 111999777000 ggoolldd aanndd ccaasshh BBaannkkss aaannnddd ssiillvveerr aanndd AAAgggeeennntttsss Sept. Aug. Sept. cceerrttiiffiiccaatteess AAggeennttss 30 31 30 Gold 1111111111,,,,,111111111177777 ((1100,,881199)) 22229988 Gold certificates (((((1111100000,,,,,888881111199999))))) 331100,,881188 1111 Federal Reserve notes 5555511111,,,,,444447777722222 888888 3333,,,,333388881111 444888,,,000000333 444777,,,999000000 444444,,,888666222 Treasury currency—Total 77777,,,,,000007777744444 666222 222222220000 666,,,777999222 666,,,777666999 666,,,444777444 SSttaannddaarrdd ssiillvveerr ddoollllaarrss 444448888855555 3333 444448888822222 444448888822222 444448888822222 Fractional coin 55555,,,,,999996666677777 33337777 222111999 55555,,,,,777771111111111 55555,,,,,666668888899999 55555,,,,,333339999955555 United States notes 333332222233333 22222222 333330000000000 222229999999999 222229999933333 In process of retirement4 222229999999999 222229999999999 222229999999999 333330000044444 TToottaall——SSeepptt.. 3300,, 11997700 555566669999,,,,666666662222 ((((11110000,,,,888811119999)))) 444444447777 11110000,,,,888811118888 3333,,,,666600003333 5544,,779955 Aug. 31, 1970 555566669999,,,,555599997777 ((((11111111,,,,000044445555)))) 444466668888 11111111,,,,000044444444 3333,,,,444411116666 5544,,666699 Sept. 30 1969 555566665555,,,,111166667777 ((((11110000,,,,000033336666)))) 666644440000 11110000,,,,000033335555 3333,,,,111155556666 5511,,333366 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 $187 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

NOVEMBER 1970 • MONEY SUPPLY; BANK RESERVES A 17 MONEY SUPPLY AND RELATED DATA (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply PPPeeerrriiioooddd TTiimmee TTiimmee UU..SS.. ddeeppoossiittss ddeeppoossiittss GGoovvtt,, Currency Demand aadd-- Currency Demand aadd-- ddeemmaanndd Total component deposit jjuusstteedd 11 Total component deposit jjuusstteedd ii ddeeppoossiittss ii 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—Oct 199.1 45.6 153.6 193.5 199.3 45.6 153.7 193.7 4.2 Nov 199.3 45.9 153.4 193.4 201.0 46.4 154.7 192.6 5.1 Dec 199.6 45.9 153.7 194.1 206.0 46.9 159.1 192.4 5.5 1970—Jan 201.1 46.1 155.0 192.1 207.1 46.1 161.1 191.7 4.7 Feb 199.3 46.4 153.0 192.0 197.8 45.9 151.9 192.0 7.1 Mar 201.5 46.7 154.8 194.3 199.7 46.3 153.4 194.9 6.9 Apr 203.3 47.0 156.2 197.9 204.2 46.6 157.6 198.3 5.3 May 203.9 47.6 156.2 199.6 199.9 47.3 J52.6 200.0 6.4 June 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 Aug 206.0 48.2 157.8 211.8 202.8 48.3 154.5 212.8 7.1 Sept 206.2 48.2 158.0 217.0 204.8 48.2 156.5 217.2 6.9 Oct.f 206.0 48.5 157.6 221.0 206.2 48.5 157.7 221.2 6.2 Week ending— 1970—Sept. 30 206.4 48.1 158.3 218.8 203.8 47.8 156.0 218.8 8.5 Oct. 7 207.2 48.3 158.9 219.8 207.0 48.6 158.4 220.0 7.6 14 205.1 48.6 156.5 220.8 206.1 48.7 157.5 221.0 5.0 21 207.2 48.6 158.7 221.5 206.4 48.5 157.9 221.7 5.0 28*> 204.9 48.5 156.4 221.7 204.6 48.1 156.6 221.9 7.1 Nov. 4f 205.4 48.6 156.8 222.2 207.8 48.5 159.3 222.2 6.1 1 At all commercial banks. and F.R. float; (2) foreign demand balances at F.R. Banks; and (3) currency outside the Treasury, F.R. Banks, and vaults of all commercial NOTE.—For description of revised series and for back data, see Oct. banks. Time deposits adjusted are time deposits at all commercial 1969 Bulletin, pp. 787-803. banks other than those due to domestic commercial banks and the Averages of daily figures. Money supply consists of (1) demand U.S. Govt. Effective June 9, 1966, balances accumulated for payment of deposits at all commercial banks other than those due to domestic com- personal loans were reclassified for reserve purposes and are excluded from mercial banks and the U.S. Govt., less cash items in process of collection time deposits reported by member banks. AGGREGATE RESERVES AND MEMBER BANK DEPOSITS (In billions of dollars) Member bank reserves, S.A.1 Deposits subject to reserve requirements2 Total member bank deposits plus nondeposit S.A. N.S.A. items 3 Total Non- Demand Demand borrowed Required Time Time Total and Total and S.A. savings Private U.S. savings Private 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 27.35 26.21 27.13 283.5 151.5 128.9 3.1 283.8 151.1 129.3 3.5 302.2 27.78 26.54 27.55 285.8 151.1 129.1 5.6 284.7 150.0 130.3 4.3 305.5 27.93 26.81 27.71 285.8 151.5 129.4 4.9 288.6 149.7 134.4 4.6 305.7 28.00 26.97 27.82 284.8 149.4 130.1 5.3 288.5 148.9 135.6 3.9 304.8 27.72 26.62 27.52 282.9 148.8 128.5 5.6 282.3 148.8 127.4 6.1 303.4 27.72 26.78 27.54 286.2 150.6 129.8 5.9 285.4 151.0 128.5 5.8 306.1 28.22 27.35 28.05 290.2 153.5 131.4 5.2 290.7 153.8 132.5 4.5 309.6 27.89 26.92 27.69 289.1 154.6 131.4 3.0 287.9 154.9 127.7 5.4 309.3 27.90 27.06 27.71 290.5 155.7 129.9 4.8 289.6 155.7 128.5 5.4 311.1 28.04 26.69 27.90 296.0 160.7 130.9 4.4 296.3 160.9 129.6 5.8 315.8 28.59 27.78 28.41 303.2 164.9 131.9 6.4 301.0 166.0 129.1 5.9 321.9 29.24 28.71 29.02 308.0 169.5 132.3 6.2 306.8 169.9 131.2 5.8 324.5 29.37 28.92 29.13 310.6 173.0 132.4 5.2 310.9 173.2 132.7 5.1 324.7 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-dollar 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 • NOVEMBER 1970 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Gold Bank credit assets, stock Treas- net- Date D S r p a a e n w c d i i a n l g r c e u u n r r c y - y U.S. Treasury securities T li i a t o i b t e a i s l l - d T ep o o t s a i l t s C m a a p n is d i c t a . l R c c e a i r g t t e h i s f t i 1 s - st o i a n u n g t d - - Total n L e o t a 2 n . s, 3 Total s C b a a a v o n n i m n d k g l s . s R F B e e a d s n e e r r k v a s e l Other4 r O s i e t t i c h e u e s - r 3 ca a n p n e it d t a l, cur a r n e d n cy co n a u c e n - t t s, 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—Oct. 295, 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. ,600 6,900 517,100 323,600 111,900 56,300 55,600 81,600 535,500 468,600 67,000 Feb. 25. ,700 6,900 515,500 323,200 110,400 54,700 55,700 81,900 534,100 466,200 67,900 Mar. 25. ,800 6,900 519,800 325,300 110,400 54,800 55,600 84,100 538,400 472,100 66,300 Apr. 29. ,800 6,900 523,900 326,300 111,700 55,600 56,100 85,800 542,600 476,800 65,800 May 27. ,800 7,000 526,100 327,000 113,100 56,000 57,100 86,000 544,800 475,800 69,000 June 30. ,767 6,986 536,845 336,860 112,475 54,742 57,714 19 87,510 555,596 487,093 68,501 July 29. ,800 7,000 539,300 336,400 115,100 56,800 58,300 87,800 558,100 489,800 68,300 Aug. 26. ,800 7,000 545,400 338,100 118,000 58,300 59,600 89,400 564,200 494,000 70,200 Sept. 30. ,500 7,100 554,800 343,800 119,000 59,000 60,000 91,900 573,300 504,600 68,800 Oct. 28*>, ,500 7,100 554,300 341,200 119,600 60,300 59,300 93,500 572,900 505,200 67,600 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted 6 Not seasonally adjusted Time U.S. Government DDDaaattteee Total o b r u C a e t n u n s c i r k d y - s e d ju m e D p s a a t o d e e n s - - d d i t 7 s Total o b r u C e a t n u n s r c i k d - y s e d ju m e D p s a a t d o 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 t k n u s g a s « l S P t a S o e v y s m i s t n a - 4 g l s nn ee FF ii ee oo gg tt rr nn 99 -- ,, T h c i u r n o a e r l g s a d y h s s - - s b c a a o a A v n m n i t d n k l g s . s B F a A . n R t k . s 11994477——DDeecc.. 3311........ 110,500 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1,682 1,336 1,452 870 11995500——DDeecc.. 3300........ 114,600 24,600 90,000 117,670 25,398 92,272 59,246 36,314 20,009 2,923 2,518 1,293 2,989 668 11996677——DDeecc.. 3300........ 181,500 39,600 141,900 191,232 41,071 150,161 242,657 182,243 60,414 2,179 1,344 5,508 1,123 11996688——DDeecc.. 3311........ 199,600 42,600 157,000 207,347 43,527 163,820 267,627 202,786 64,841 2,455 695 5,385 703 11996699——OOcctt.. 229955...... 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 NNoovv.. 2266........ 196,400 45,000 151,400 199,500 46,300 153,200 259,100 192,500 66,600 2,400 700 6,900 900 DDeecc.. 3311........ 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 11997700——JJaann.. 2288........ 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 FFeebb.. 2255........ 195,000 45,300 149,700 194,100 44,800 149,300 260,400 193,000 67,400 2,600 600 7,600 900 MMaarr.. 2255........ 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 AApprr.. 2299........ 198,400 46,300 152,100 198,400 45,900 152,600 267,400 199,500 68,000 2,600 600 6,400 1,400 MMaayy 2211........ 198,600 46,500 152,100 196,200 46,400 149,800 269,300 201,000 68,300 2,400 500 6,200 1,300 JJuunnee 3300 199,600 46,600 153,000 201,614 47,032 154,582 273,109 203,916 69,193 2,641 439 8,285 1,005 JJuullyy 2299........ 199,300 46,800 152,500 199,100 46,900 152,200 279,200 210,000 69,200 2,600 500 7,400 1,000 AAuugg.. 2266........ 199,900 46,800 153,100 198,200 47,100 151,100 283,400 214,100 69,300 2,400 500 8,600 900 SSeepptt.. 3300........ 203,500 47,200 156,300 202,200 47,300 154,900 289,400 219,500 69,900 2,400 400 8,800 1 ,200 OOcctt.. 2288**\\.... 201,600 47,400 154,200 202,400 47,300 155,100 292,000 221,800 70,100 2,600 500 6,600 1,300 1 Includes Special Drawing Rights certificates beginning January 1970. 8 Includes relatively small amounts of demand deposits. Beginning with 2 Beginning with data for June 30,1966, about $1.1 billion in "Deposits June 1961, also includes certain accounts previously classified as other liaaccumulated for payment of personal loans" were excluded from "Time bilities. deposits" and deducted from "Loans" at all commercial banks. These 9 Reclassification of deposits of foreign central banks in May 1961 rechanges resulted from a change in Federal Reserve regulations. These duced this item by $1,900 million ($1,500 million to time deposits and $400 hypothecated deposits are shown in a table on p. A-23. million to demand deposits). 3 See note 2 at bottom of p. A-22. 4 After June 30, 1967, Postal Savings System accounts were eliminated from this Statement. 5 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

NOVEMBER 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 Class of bank assets3 bilities row- ac- of and date Total Loans and Total 3 Demand ings counts banks 1.2 U.S. capital De- Treas- Other 2 ac- mand Time Time1 ury counts4 U.S. Govt. Other ALL commercial banks: 1941—Dec. 31... 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10, S> 82 44, ,349 15,952 23 7,173 14,278 1945—Dec. 31 ... 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,( )65 105 ,921 30,241 219 8,950 14,011 1947—Dec. 315.. 116,284 38,057 69,221 9,006 37,502 155,377 144,103 12,792 240 1,343 94,367 35,360 65 10,059 14,181 1966—Dec. 31... 322,661 217,726 56,163 48,772 69,119 403,368 352,287 19,770 967 4,992 167,751 1-58,806 4,859 32,054 13,767 1967—Dec. 30... 359,903 235,954 62,473 61,477 77,928 451,012 395,008 21,883 1,314 5,234 184,066 182,511 5,777 34,384 13,722 1968—Dec. 31 ... 401,262 265,259 64,466 71,537 83,752 500,657 434,023 24,747 1,211 5,010 199,901 203,154 8,899 37,006 13,679 1969—Oct. 296.. 409,210 284,420 54,410 70,380 76,960 504,920 406,800 22,190 880 6,180 184,150 193,400 21,240 39,310 13.683 Nov. 26... 413,080 287,130 55,070 70,880 82,340 514,470 413,300 23,190 680 6,610 190,100 192,720 21,960 39,450 13.684 Dec. 31... 421,597 295,547 54,709 71,341 89,984 530,665 435,577 27,174 735 5,054 208,870 193,744 18,360 39,978 13,661 1970—Jan. 28... 410,980 287,330 52,960 70,600 77,400 506,770 406,380 21,550 620 6,320 186,130 191,760 22,620 40,030 13,662 Feb. 25... 408,890 286,680 51,400 70,810 78,900 506,780 406,390 22,230 620 7,380 182,940 193,220 22,620 40,230 13,665 Mar. 25... 412,410 288,230 51,520 72,660 76,360 508,420 407,980 21,810 580 6.140 183,090 196,360 22,840 40,370 13.664 Apr. 29... 417,170 290,550 52,330 74,290 78,410 515,650 413,780 21,600 660 6,230 185,620 199,670 23,530 40,590 13.665 May 21... 417,340 290,370 52,640 74,330 78,930 516,630 413,720 22,180 690 5,960 183,740 201,150 23,080 40,850 13,665 June 30... 423,240 296,091 51,569 75,579 85,631 529,679 432,429 26,338 898 8,076 192,999 204,118 18,546 41,708 13,671 July 29... 425,530 296,330 53,510 75,690 74,930 520,800 422,740 22,440 1,350 7,170 181,540 210,240 19,850 41,510 13,671 Aug. 26. . . 430,080 297,900 55,050 77,130 78,820 529,640 429,680 22,890 1,630 8,270 182,520 214,370 20,160 41,720 13,675 Sept. 30p.. 436,790 301,530 55,750 79,510 85,760 543,900 447,320 26,480 1,710 8,470 190,810 219,850 18,170 42,040 13,678 Oct. 28p.. 439,350 301,310 57,050 80,990 78,310 538,950 439,820 24,780 1 ,740 6,220 184,870 222,210 20,200 42,080 13,678 Member of F.R. System: 1941—Dec. 31 .. . 43,521 18,021 19,539 5,961 23,113 68,121 61,717 10,385 140 1,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31 ... 107,183 22,775 78,338 6,070 29,845 138,304 129,670 13,576 64 22,179 69,640 24,210 208 7,589 6,884 1947—Dec. 31... 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,353 50 1,176 80,609 28,340 54 8,464 6,923 1966—Dec. 31... 263,687 182,802 41,924 38,960 60,738 334,559 291,063 18,788 794 4,432 138,218 128,831 4,618 26,278 6,150 1967—Dec. 30... 293,120 196,849 46,956 49,315 68,946 373,584 326,033 20,811 1,169 4,631 151,980 147,442 5,370 28,098 6,071 1968—Dec. 31... 325,086 220,285 47,881 56,920 73,756 412,541 355,414 23,519 1,061 4,309 163,920 162,605 8,458 30,060 5,978 1969—Oct. 296.. 327,288 233,260 39,725 54,303 68,596 412,130 326,768 21,182 721 5,438 149,424 150,003 19,893 31,694 5,901 Nov. 26... 330,002 235,055 40,276 54,671 73,107 419,571 331,350 22,138 522 5,666 153,874 149,150 20,614 31,793 5,893 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—Jan. 28... 327,368 234,860 38,328 54,180 68,449 411,828 324,605 20,560 497 5,420 150,363 147,765 21,263 32,078 5,853 Feb. 25... 325,777 234,213 37,110 54,454 69,806 412,036 324,937 21,244 496 6,429 147,932 148,836 21,238 32,242 5,850 Mar. 25... 328,556 235,138 37,340 56,078 67,594 413,148 326,028 20,845 454 5,100 148,270 151,359 21,582 32,343 5,839 Apr. 29... 332,097 236,436 38,192 57,469 69,174 418,597 330,136 20,608 531 5,251 149,940 153,806 22,376 32,528 5,828 May 21... 331,389 235,805 38,259 57,325 69,710 418,609 329,541 21,183 567 4,914 148,414 154,463 21,749 32,733 5,816 June 30... 335,551 240,100 37,324 58,127 75,539 428,975 345,514 25,122 691 6,957 155,916 156,829 17,507 33,184 5,803 July 29... 337,377 240,309 38,950 58,118 65,971 420,844 336,818 21,371 1,139 6,181 146,003 162,124 18,675 33,047 5,795 Aug. 26. .. 341,096 241,594 40,305 59,197 69,769 428,607 342,995 21,825 1,423 7,054 146,996 165,697 19,059 33,223 5,785 Sept. 30p.. 346,643 244,769 40,779 61,095 75,853 440,724 358,433 25,339 1,500 7,258 153,951 170,385 17,169 33,479 5,784 Oct. 28p.. 348,424 244,377 41,872 62,175 68,978 435,498 351,021 23,643 1,535 5,169 148,472 172,202 19,021 33,481 5,784 RReesseerrvvee cciittyy mmeemmbbeerr:: NNeeww YYoorrkk CCiittyy::77 11994411——DDeecc.. 3311...... 1122,,889966 44,,007722 7,265 11,,555599 6,637 1199,,886622 1177,,993322 4,202 6 866 1122,,005511 807 1 648 36 11994455——DDeecc.. 3311 ...... 2266,,114433 77,,333344 17,574 11,,223355 6,439 3322,,888877 3300,,112211 4,640 17 6,940 1177,,228877 1,236 195 2,120 37 11994477——DDeecc.. 3311...... 2200,,339933 77,,117799 11,972 11,,224422 7,261 2277,,998822 2255,,221166 4,453 12 267 1199,,004400 1,445 30 2,259 37 1966—Dec. 31 .. . 46,536 35,941 4,920 5,674 14,869 64,424 51,837 6,370 467 1,016 26,535 17,449 1,874 5,298 12 1967—Dec. 30... 52,141 39,059 6,027 7,055 18,797 74,609 60,407 7,238 741 1,084 31,282 20,062 1,880 5,715 12 1968—Dec. 31 .. . 57,047 42,968 5,984 8,094 19,948 81,364 63,900 8,964 622 888 33,351 20,076 2,733 6,137 12 1969—Oct. 296.. 56,905 45,787 4,722 6,396 21,818 83,804 56,712 9,073 337 1,328 31,553 14,421 5,639 6,281 12 Nov. 26.. . 58,509 46,249 5,487 6,773 21,845 85,405 57,931 9,540 248 1,508 31,909 14,726 5,420 6,318 12 Dec. 31... 60,333 48,305 5,048 6,980 22,349 87,753 62,381 10,349 268 694 36,126 14,944 4,405 6,301 12 1970—Jan. 28... 57,069 45,722 4,794 6,553 20,535 82,673 56,240 8,697 236 1,140 31,730 14,437 4,930 6,248 12 Feb. 25... 56,568 45,523 4,319 6,726 21,808 83,599 57,251 9,393 216 1,484 31,497 14,661 5,068 6,304 12 Mar. 25... 57,225 45,505 4,408 7,312 21,809 84,348 58,076 9,585 211 844 32,203 15,233 5,467 6,272 12 Apr. 29 ... 58,010 45,286 5,091 7,633 20,778 84,145 57,536 8,927 245 968 32,116 15,280 5,756 6,290 12 May 21... 57,288 44,819 4,981 7,488 22,007 84,604 57,147 9,356 280 882 31,742 14,887 5,821 6,335 12 June 30... 57,088 44,881 4,413 7,795 23,070 85,666 60,615 11,148 321 1 ,236 32,590 15,320 4,057 6,374 12 July 29 .. . 58,720 45,917 5,142 7,661 18,322 82,356 57,063 9,322 592 1,382 28,927 16,840 4,855 6,340 12 Aug. 26. . . 58,468 45,208 5,458 7,802 20,982 84,893 58,959 9,668 729 1,214 29,943 17,405 5,243 6,405 12 Sept. 30... 59,484 46,265 5,144 8,075 23,057 88,026 64,019 12,161 719 1,355 31,072 18,712 4,184 6,439 12 Oct. 28... 59,215 45,990 5,337 7,888 19,175 83,785 59,297 10,738 776 658 28,024 19,101 5,038 6,385 12 For notes see p. A-22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 20 COMMERCIAL BANKS • NOVEMBER 1970 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CUSS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank 3 Other 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- Time Time1 ury 2 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—Oct. 296 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—Jan. 28 13,684 10,376 1,351 1,957 2,858 17,287 12,024 1,205 336 5,903 4,548 1,783 Feb. 25 14,102 10,388 1,578 2,136 3.039 17,966 12,205 1,280 442 5,831 4,610 2,297 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 30 14,648 10,986 1,540 2,121 2,622 18,291 13,266 1,682 347 6,102 5,119 1,507 July 29 14,449 10,662 1,688 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 Oct. 28 14,835 10,735 1,925 2,175 3.040 18,841 13,399 1,301 250 5,921 5,848 2,253 Other reserve city: 7- 8 1941—Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1945—Dec. 31 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 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—Oct. 296 117,954 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 54,888 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 54,088 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 Apr. 29 119,213 88,093 11.298 19,822 25,042 150,648 117.118 8,113 159 2,304 50,306 56,236 11,788 May 27 119,002 88,033 11,287 19,682 24,393 149,816 116,945 8,213 160 1,945 49,990 56,637 11.025 June 30 121,213 90,152 11,372 19,689 27,106 154,889 123,673 9,530 273 3,115 53,317 57,438 9,779 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 Oct. 28 126,646 91,973 13.299 21,374 25,157 158,316 127,263 9,032 599 2,138 51,709 63,785 9,380 Country member: 1<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 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 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—Oct. 296 138,484 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 30 142,603 94,081 19,999 28,522 22,741 170,129 147,960 2,763 81 2,259 63,907 78,951 2,164 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. 26 144/654 94,638 20,710 29,306 20,868 170,429 147,449 2,41' 84 2,449 61,243 81,252 2,202 Sept. 30® 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 Oct. 28® 147,728 95,679 21,311 30,738 21,606 174,556 151,062 2,572 81 2,123 62,818 83,468 2,350 For notes sec p. A-22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1970 • COMMERCIAL BANKS A 21 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Classification by Securities Total Interbank 3 Other FRS membership Cash lia- Bor- Total Numand FDIC assets 3 bilities row- capital ber insurance Total Loans and Total 3 Demand ings ac- of 1,2 U.S. Other capital De- Time counts banks Treas- 2 ac- mand Time l ury counts 4 U.S. Govt. Other Insured banks: Total: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10, 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 30«. 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 1970—June 30.. 421,141 294,963 51,248 74,929 84,885 526,484 431,094 26,017 829 8,040 191,752 204,456 18,215 41,159 rl 3,478 National member: 1941—Dec. 31.. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6, 786 1,088 23,262 8,322 4 3,640 5,117 1945—Dec. 31.. 69,312 13,925 51,250 4,137 20,144 90,220 84,939 9, 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 82,023 8,375 35 795 53,541 19,278 45 5,409 5,005 1961—Dec. 30. . 116,402 67,309 36,088 13,006 31,078 150,809 135,511 10,359 104 3,315 76,292 45,441 225 11,875 4,513 1962—Dec. 28. . 127,254 75,548 35,663 16,042 29,684 160,657 142,825 9,155 127 3,735 76,075 53,733 1,636 12,750 4,505 1963—Dec. 20.. 137,447 84,845 33,384 19,218 28,635 170,233 150,823 8,863 146 3,691 76,836 61,288 1,704 13,548 4,615 1964—Dec. 31.. 151,406 96,688 33,405 21,312 34,064 190,289 169,615 10,521 211 3,604 84,534 70,746 1,109 15,048 4,773 1965—Dec. 31.. 176,605 118,537 32,347 25,720 36,880 219,744 193,860 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 1970—June 30. . 247,862 176,376 28,191 43,295 51,942 312,480 254,261 14,947 393 5,066 113,296 120,559 13,051 24,106 r4,637 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,<4 11 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 1970—June 30.. 88,404 64,439 9,133 14,832 23,598 117,209 91,967 10,175 299 1,891 42,620 36,983 4,457 9,078 1,166 Nonmember: 1941—Dec. 31. . 5,776 3,241 1,509 1,025 2,668 8,708 7,702 11 29 53 4,162 3,360 6 959 6,810 1945—Dec. 31. . 14,639 2,992 10,584 1,063 4,448 19,256 18,119 144 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 30«. 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 1970—June 30.. 84,875 54,149 13,924 16,802 9,346 96,794 84,865 894 137 1,083 35,837 46,913 708 7,975 7,675 For notes see p. A-22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 22 COMMERCIAL BANKS • NOVEMBER 1970 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Classification by Securities Total Interbank3 Other FRS membership Cash lia- Bor- Total and FDIC assets 3 bilities row- capital insurance Total Loans T U r u e . r S a y . s - Oth 2 er c c o a a u a p n n c i d - t ts a l 4 Total3 m D a e n - d Time U. D S. e mand Time ings co a u c n - ts Govt. Other Noninsured nonmember: 1941—Dec. 31. 1,457 455 761 241 763 2,283 1,872 329 1,291 253 13 1945—Dec. 31. 2,211 318 ,693 200 514 2,768 2,452 181 1,905 365 4 1947—Dec. 315 2,009 474 ,280 255 576 2,643 2,251 177 185 18 1 ,392 478 4 1961—Dec. 30. 1,536 577 553 406 346 1,961 1,513 177 148 869 307 1962—Dec. 28. 1,584 657 534 392 346 2,009 1,513 164 133 872 330 44 1963—Dec. 20. 1,571 745 463 362 374 2,029 1,463 190 83 832 341 93 1964—Dec. 31. 2,312 1,355 483 474 578 3,033 2,057 273 86 1,141 534 99 1965—Dec. 31. 2,455 1,549 418 489 572 3,200 2,113 277 85 1,121 612 147 1967—Dec. 30. 2,638 1,735 370 533 579 3,404 2,172 285 58 1,081 733 246 1968—Dec. 31. 2,901 1,875 429 597 691 3,789 2,519 319 56 1,366 767 224 1969—June 306 2,809 1,800 321 688 898 3,942 2,556 298 81 1,430 731 290 Dec. 31. 2,982 2,041 310 632 895 4,198 2,570 316 41 1,559 638 336 1970—June 30. 3,043 2,073 321 650 746 4,140 2,280 321 69 1,247 606 331 Total nonmember: 1941 —Dec. 31. 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 18 1945—Dec. 31. 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 11 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 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 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 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 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 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 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 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 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 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 1970—June 30. 87,919 56,222 14,245 17,452 10,092 100,934 87,145 1,215 207 1,119 37,084 47,520 1,038 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

NOVEMBER 1970 • COMMERCIAL BANKS A 23 LOANS AND INVESTMENTS (In billions of dollars) Seasonally adjusted Not seasonally adjusted PPPeeerrriiioooddd Securities Securities TToottaall 11,,22 LLooaannss 11,,22 TToottaall ii,, 22 LLooaannss 11,,22 U.S. Other 2 U.S. Other 2 Govt. Govt. 1960—Dec. 31 194.5 113.8 59.8 20.8 198.5 fl6.7 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. 29 403.5 277.0 52.4 74.0 403.5 276.9 52.3 74.3 May 27 405.9 278.0 53.4 74.5 403.9 277.0 52.6 74.3 June 30 406.4 277.4 54.1 75.0 410.1 282.9 51.6 75.6 July 29 412.8 281.5 55.8 75.5 412.6 283.4 53.5 75.7 Aug. 26 418.3 284.1 57.5 76.7 415.4 283.2 55.1 77.1 Sept. 30 423.7 287.3 57.6 78.8 423.3 288.0 55.8 79.5 Oct. 28p 424.0 286.9 56.3 80.8 423.6 285.5 57.1 81.0 1 Adjusted to exclude interbank loans. without valuation reserves deducted, rather than net of valuation reserves 2 Beginning June 9, 1966, about $1.1 billion of balances accumulated as was done previously. For a description of the revision, see Aug. 1969 for payment of personal loans were deducted as a result of a change in BULLETIN, pp. 642-46. Federal Reserve regulations. Beginning June 30, 1966, CCC certificates of interest and Export- NOTE.—For monthly data 1948-68, see Aug. 1968 BULLETIN, pp. A-94 Import Bank portfolio fund participation certificates totaling an estimated —A-97. For a description of the seasonally adjusted series see the follow- $1 billion are included in "Other securities" rather than "Other loans." ing BULLETINS: July 1962, pp. 797-802; July 1966, pp. 950-55; and Sept. 3 Data revised to include all bank premises subsidiaries and other sig- 1967, pp. 1511-17. nificant majority-owned domestic subsidiaries; earlier data include com- Data are for last Wed. of month except for June 30 and Dec. 31; data mercial banks only. Also, loans and investments are now reported gross, are partly or wholly estimated except when June 30 and Dec. 31 are call dates. DEPOSITS ACCUMULATED FOR PAYMENT OF PERSONAL LOANS (In millions of dollars) Class of Dec. 31, June 30, Dec. 31, June 30, Class of Dec. 31, June 30, Dec. 31, June 30, bank 1968 1969 1969 1970 bank 1968 1969 1969 1970 All commercial 11111,,,,,222221111166666 11111,,,,,111115555500000 11111,,,,,111113333311111 999994444455555 All member—Cont. Insured 11111,,,,,222221111166666 11111,,,,,111114444499999 11111,,,,,111112222299999 999994444433333 Other reserve city 333333333322222 222229999933333 333330000044444 222222222222222 National member 777773333300000 666669999944444 666668888888888 555553333366666 Country 666660000055555 555558888888888 555557777711111 444449999922222 State member 222220000077777 111118888877777 111118888888888 111117777788888 All nonmember 222227777788888 222226666699999 222225555555555 222223333300000 All member 999993333377777 888888888811111 888887777766666 777771111144444 222227777788888 222226666688888 222225555533333 222222222299999 Noninsured 22222 22222 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-l9, 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 • NOVEMBER 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 d s a a o n te f d l i m o T n a a v o e n n e t n d a s s t t l s i - f s e F e u o t r e n c l a d d d . l 2 - , s T 3 o , t 4 a l C m a c i o n i n e a m d - r l - - A c t a u u l g r l r 5 - - i - o p b T s r u r e o o r c c - c F a u h r r o a r i r t y s i i i e n n s g g in f s in ti a T tu n o t c i i o a n l s R t e a e s t a - e l O v t i d t h i n o d i e - - - r, Other U B s . e S il c . l u s T r r it e i a e s s u 6 r y s g S l a o e o t n c c a v u a d t t e l - , r O s i e t t i h c e u e s 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 18,167 1,660 830 1,220 115 9,393 5,723 947 69,221 9,982 6,034 53,205 5,276 3,729 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—Dec. 31 io 422,728 9,928 286,750 108.443 10,329 5,739 4,027 2,488 15,062 70,020 63,256 7,388 54,709 59,183 12,158 1970—June 30.. 424,184 1,193 285,843 108,361 11,233 3,972 3,565 2,522 14,393 70,550 64,180 7,068 51,569 62,975 12,604 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 I,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—Dec. 31 io 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 1970—June 30.. 421,141 10,867 284,096 107,567 II,215 3,886 3,541 2,457 14,248 70,252 63,921 7,009 51,248 62,619 12,311 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—Dec. 31 io 337,613 7,356 "3,639 96,095 6,187 5,408 3,286 2,258 14,035 53,207 48,388 6,776 39,833 47,227 7,558 1970—June 30.. 336,266 8,267 232,548 95,190 6,626 3,749 2,920 2,228 13,452 53,215 48,729 6,439 37,324 50,108 8,019 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 ,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—Dec. 31 io 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 1970—June 30.. 57, 553 44,328 26,692 2,444 741 1,228 4,178 3,728 3,773 1,528 4,413 6,847 948 City of Chicago: 1941—Dec. 31.. 2,760 954 732 48 52 22 95 1,430 256 153 1,022 182 193 1945—Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,213 ,600 749 1,864 181 204 1947—Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 2,890 367 248 2,274 213 185 1968—Dec. 31.. 14,274 312 9,974 6,118 535 253 205 1,219 738 848 281 1,863 1,810 315 1969—Dec. 3110 14,365 215 10,556 6,444 337 262 186 1,219 842 862 354 1,564 1,837 192 1970—June 30.. 14,648 383 10,603 6,635 379 141 152 1,154 823 942 331 1,540 1,861 261 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 ,116 1,254 588 6.005 18,939 16,916 2,520 15,036 18,111 2,226 1969—Dec. 31 io 121,628 3,021 88,180 37,701 1,386 878 1,300 876 6.006 19,706 17,569 2,757 11,944 16,625 1,859 1970—June 30.. 121,435 3,473 86,901 37,502 1,478 588 1,151 689 5,981 19,536 17,156 2,820 11,372 17,733 1,955 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—Dec. 31 io 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 1970—June 30.. 143,095 3,858 90,716 24,361 5,088 337 887 159 2,139 29,127 26,858 1,759 19.999 23,667 4,855 Nonmember: 1947—Dec. 31.. 18,454 5,432 ,205 614 20 156 2,266 1,061 109 11,318 2,179 1,219 7,920 1,073 625 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—Dec. 31 io 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 1970—June 30.. 87,919 2,926 53,296 13,171 4,606 223 645 294 941 17,336 15,451 629 14,245 12,876 4,585 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

NOVEMBER 1970 • COMMERCIAL BANKS A 25 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits b c C a a l n l a l k s d s a a o n te f d s B w F e R a r . i n v e R th - k e . s s r C a e u n n d r c - y b m a w a B d n e n i a o c s t k - l t e h - i s s c 7 j p m u D o d a s a t d s e e e n i - - - d t d s 8 m D e I s o n t - t i e c r 7 ba e F n ig k o n r- 9 G U o . v S t . . S g l a o o t n c a v d a t t e l . c C c h o f a e e e i e t f n e r r c f c d d t s i . k i - ' - s, I b n a t n e k r- G P S U i a n o o a n . s g v v S d t s - t . a , l g S l a o o t n c a v a d t t e l . IPC 3 r B i o n o w g r s - - c C o a t a u a c p n l - i t - s 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 65 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 ,211 368 19,110 184,892 8,899 37,006 1969—Dec. 31* o. 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 1970—June 30... 21,526 7,090 18,208 158,241 23,759 2,579 8,076 17,062 10,254 165,683 898 202 17,148 187,713 18,546 41,708 All insured: 1941—Dec. 31... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31... 15,810 1,829 11,075 74,722 12,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 11 826 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 ,155 368 19,057 184,178 8,675 36,530 1969—Dec. 311°. 21,449 7,292 19,528 170,280 24,386 2,471 5,038 17,434 11,476 178,401 695 21 13,166 180,860 18,024 39,450 1970—June 30... 21,526 7,061 17,577 156,743 23,624 2,393 8,040 16,955 10,073 164,725 829 202 17,088 187,166 18,215 41,159 Member—Total: 1941—Dec. 31.. . 12,396 1,087 6,246 33,754 9,714 671 ,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.. . 15,811 1,438 7,117 64,184 12,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1968—Dec. 31... 21,230 5,634 11,279 31,491 21,483 2,036 4,309 12,851 8,592 142,476 ,061 330 15,668 147,545 8,458 30,060 1969—Dec. 31 io. 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 1970—June 30... 21,526 5,476 10,617 121,562 22,809 2,313 6,957 12,930 9,179 133,807 691 168 13,142 144,233 17,507 33,184 New York City: 1941—Dec. 31... 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31... 4,015 111 78 15,065 3,535 ,105 6,940 237 1,338 15,712 17 20 1,206 195 2,120 1947—Dec. 31... 4,639 151 70 16,653 3,236 ,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 ,433 1,068 4,827 27,455 622 1,623 18,380 2,733 6,137 1969—Dec. 31io. 4,358 463 455 21,316 8,708 ,641 694 1,168 6,605 28,354 268 207 14,692 4,405 6,301 1970—June 30... 4,621 429 606 17,479 9,474 ,673 1,236 1,136 5,628 25,825 321 572 14,708 4,057 6,374 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 ,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—Dec. 31 io. 869 123 150 5,221 1,581 175 268 229 6,273 216 4,409 1,290 1,517 1970—June 30... 885 96 135 4,683 1,607 347 326 178 5,597 390 4,729 1,507 1,566 Other reserve city: 1941—Dec. 31... 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1968—Dec. 31... 8,847 1,800 2,986 43,674 9,725 456 1,884 3,835 1,947 51,667 307 168 7,378 55,271 4,239 10,684 1969—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 9,881 '1,464 1970—June 30.. . 8,784 1,728 2,810 40,393 9,021 509 3,115 3,798 1,723 47,797 273 67 6,005 51,588 9,779 11,868 Country: 1941—Dec. 31... 2,210 526 3,216 9,661 790 225 1,370 239 8,500 30 146 6,082 4 1,982 1945—Dec. 31... 4,527 796 4,665 23,595 1,199 5,465 2,004 435 21,797 17 219 12,224 2,525 1947—Dec. 31... 4,993 929 3,900 27,424 1,049 432 2,647 528 25,203 17 337 14,177 23 2,934 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—Dec. 31 K>. 7,179 3,302 7,870 62,729 3,080 1,671 7,905 1,721 58,304 84 4,920 70,768 ,820 12,766 1970—June 30. .. 7,236 3,222 7,066 59,008 2,707 2,259 7,670 1,650 54,587 81 6,176 73,207 ,164 '3,377 Nonmember:3 1947—Dec. 31. .. 544 3,947 13,595 385 55 167 1,295 180 12,284 190 172 6,858 12 1,596 1968—Dec. 31... 1,560 7,631 35,654 1,018 209 701 4,205 1,092 30,865 150 3,442 37,347 441 6,945 1969—Dec. 31 io. 1,644 8,383 38,644 1,112 222 940 4,284 1,416 33,420 126 3,269 41,135 965 7,931 1970—June 30... 1,614 7,592 36,678 949 266 1,119 4,132 1,075 31,877 207 4,005 43,480 ,038 8,523 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 1 o 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 • NOVEMBER 1970 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans Federal funds sold, etc. i 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 trial U.S. U.S. se- cun- Treas- Other Treas- Other curi- ties ury sees. ury sees. ties sees. sees. Large banks— Total 19693 Oct. 1 233,239 6,309 5,917 202 116 74 168,867 78,440 2,089 500 3,383 2,594 8 231,042 5,383 5,140 136 71 36 168,256 78,420 2,069 373 3,053 2,584 1 5 232,281 5,542 5,274 143 68 57 168,816 78,667 2,063 405 3,058 103 2,583 22 231,746 6,564 5,887 583 49 45 168,156 78,296 2,054 1,009 2,902 102 2,582 2 9 231,898 5,960 5,365 466 16 113 167,322 77,649 2,050 681 2,905 102 2,573 1970 Sept. 2 243,357 7,644 6,265 ,036 227 116 172,264 79,504 2,028 747 3,086 103 2,299 9 243,880 7,622 6,173 ,106 175 168 172,695 79,718 2,026 928 2,756 105 2,309 1 6 247,051 8,192 6,087 ,778 207 120 174,203 80,828 2,013 836 3,061 105 2,322 23 243,899 6,322 5,298 662 240 122 173,426 80,804 2,026 721 2,833 102 2,316 3 0 245,838 6,546 4,936 ,160 255 195 174,441 81,168 2,010 554 3,104 104 2,329 Oct. 7* 247,222 7,421 6,038 985 273 125 174,457 80,857 2,007 938 3,212 101 2,293 14* 246,388 7,062 6,121 601 266 74 174,188 80,773 2,018 615 3,100 102 2,276 21* 246,913 6,343 5,470 568 203 102 173,850 80,575 2,024 591 3,283 102 2,286 28* 246,399 7,109 5,836 994 179 100 172,971 79,964 2,016 893 3,238 103 2,270 New York City 19693 Oct. 1 54,122 1,451 1,413 20 42,326 26,022 413 2,101 793 8 52,875 958 940 41,831 25,938 301 1,817 795 1 5 54,318 1,650 1,625 42,334 26,129 312 1,876 789 22 54,078 2,304 2,284 42,073 25,908 890 1,726 790 2 9 53,576 1,726 1,690 41,706 25,746 563 1,753 795 1970 Sept. 2 55,554 1,427 1,358 42,101 25,712 504 2,017 680 9 55,296 928 864 42,372 25,933 667 1,720 679 1 6 56,521 1.019 930 43,099 26,522 611 1,913 676 23 55,421 975 960 42,453 26,434 534 1 ,744 674 3 0 55,779 565 514 20 43,131 26,715 454 1 ,993 669 Oct. 7* 56,278 1.020 955 43,139 26,401 768 2,028 669 14* 56,014 1,204 1,121 42,928 26,394 463 1,928 658 21* 55,884 1,194 1,119] 42,545 26,178 424 2,062 651 28* 55,301 983 917 42,281 25,905 619 2,112 647 Outside New York City 19693 Oct. 1 179,117 4,858 4,504 182 116 126,541 52,418 2,077 87 1,282 ,801 8 178,167 4,425 4,200 136 71 126,425 52,482 2,057 72 1,236 ,789 1 5 177,963 3,892 3,649 133 68 126,482 52,538 2,050 93 1,182 ,794 22 177,668 4,260 3,603 568 49 126,083 52,388 2,041 119 1,176 ,792 2 9 178,322 4,234 3,675 451 16 125,616 51,903 2,037 118 1,152 ,778 1970 Sept. 2 187,803 6,217 4,907 1,01 217 82 130,163 53,792 2,014 243 1,069 1,619 9 188,584 6,694 5,309 1,082 175 128 130,323 53,785 2,012 261 1,036 1,630 1 6 190,530 7,173 5,157 1,758 197 61 131,104 54,306 2,000 225 1,148 1,646 23 188,478 5,347 4,338 662 240 107 130,973 54,370 2,011 187 1,089 1,642 3 0 190,059 5,981 4,422 1,140 255 164 131,310 54,453 1,996 100 1,111 1,660 Oct. 7* 190,944 6,401 5,083 985 231 102 131,318 54,456 1,992 170 1,184 1,624 14* 190,374 5,858 5,000 591 217 50 131,260 54,379 2,002 152 1,172 1,618 21* 191,029 5,149 4,351 506 203 89 131,305 54,397 2,005 167 1,221 1,635 28* 191,098 6,126 4,919 949 179 79 130,690 54,059 1,998 274 1,126 1,623 For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1970 • WEEKLY REPORTING BANKS A 27 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Loans (cont.) Investments Other (cont.) U.S. Treasury securities To commercial Notes and bonds banks maturing— Wednesday Consumer For- All Certifinstal- eign other Total Bills icates Do- For- ment govts.2 Within 1 to After mes- eign 1 yr. 5 yrs. 5 yrs. tic Large banks— Total 19693 448 1,494 19,937 1,053 13,766 22,190 1,633 3,271 13,543 3,743 Oct. 1 409 1,575 19,918 1,079 13,585 21,748 1,373 3,175 13,502 3,698 8 443 1,554 19,944 1,093 13,646 22,327 2,046 3,174 13,421 3,686 15 385 1,564 19,984 1,093 13,374 21,782 1,626 3,129 13,362 3,665 22 413 1,494 20,024 1,081 13,581 23,349 3,246 3,136 13,312 3,655 29 1970 402 1,374 21,117 909 13,915 24,764 3,750 3,605 14,806 2,603 Sept. 2 362 1,482 21,128 959 14,110 24,710 3,791 3,561 14,761 2,597 9 417 1,415 21,130 967 14,104 24,625 3,844 3,545 14,726 2,510 16 409 1,512 21,195 936 13,874 24,402 3,689 3,564 14,691 2,458 23 424 1,428 21,250 926 13,990 24,793 4,195 3,570 14,648 2,380 30 398 1,507 21,273 924 13,819 24,705 4,225 3,553 14,585 2,342 Oct. 7p 448 1,507 21,293 934 13,969 24,387 3,920 3,596 14,532 2,339 14* 410 1,616 21,291 898 13,715 25,857 5,260 3,715 14,556 2,326 212> 419 1,580 21,356 884 13,609 25,589 4,873 3,773 14,627 2,316 28* New York City 19693 216 764 1.596 673 2,771 4,185 701 276 2,567 641 Oct. 1 206 841 1.597 694 2,683 4,046 622 241 2,554 629 8 219 824 1,584 693 2,781 4,307 926 242 2,510 629 15 176 835 1,587 704 2,605 3,911 648 244 2,440 579 22 1 822 1,591 707 2,713 4,373 ,090 256 2,462 565 29 1970 188 754 1,849 551 2,631 5,138 1,173 512 2,981 472 Sept. 2 150 830 1,842 597 2,654 5,153 1,211 519 2,961 462 9 204 793 1,844 604 2,715 4,984 1,186 505 2,894 399 16 186 861 1,846 571 2,546 4,858 1,135 489 2,835 399 23 199 789 1,836 568 2,614 4,832 1,134 475 2,832 391 30 185 844 1,824 565 2,570 4,855 1,197 502 2,781 375 Oct. 1p 204 850 1,831 571 2,759 4,669 1,002 514 2,771 382 14P 165 959 1,830 550 2,587 4,996 1,304 549 2,751 392 21 p 182 937 1,849 541 2,530 5,000 1,356 456 2,841 347 28 p Outside New York City 19693 232 730 18,341 380 10,995 18,005 932 2,995 10,976 3,102 Oct. 1 203 734 18,321 385 10,902 17,702 751 2,934 10,948 3,069 8 224 730 18,360 400 10,865 18,020 1,120 2,932 10,911 3,057 15 209 729 18,397 389 10,769 17,871 978 2,885 10,922 3,086 22 225 672 18,433 374 10,868 18,976 2,156 2,880 10,850 3,090 29 1970 214 620 19,268 358 11,284 19,626 2,577 3,093 11,825 2,131 Sept. 2 212 652 19,286 362 11,456 19,557 2,580 3,042 11,800 2,135 9 213 622 19,286 363 11,389 19,641 2,658 3,040 11,832 2,111 16 223 651 19,349 365 11,328 19,544 2,554 3,075 11,856 2,059 23 225 639 19,414 358 11,376 19,961 3,061 3,095 11,816 1,989 30 213 663 19,449 359 11,249 19,850 3,028 3,051 11.804 1,967 Oct. 1p 244 657 19,462 363 11,210 19,718 2,918 3,082 11,761 1,957 14 245 657 19,461 348 11,128 20,861 3,956 3,166 11.805 1,934 2\P 237 643 19,507 343 11,079 20,589 3,517 3,317 11,786 1,969 28p For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 28 WEEKLY REPORTING BANKS • NOVEMBER 1970 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Investments (cont.) Other securities Cash IInnvveesstt-- Obligations Other bonds, items Re- BBaall-- mmeennttss Total of State corp. stock, in serves Cur- aanncceess iinn ssuubb-- assets/ Wednesday and and process with rency wwiitthh ssiiddiiaarr-- Other total political securities of F.R. and ddoo-- iieess nnoott assets liabil- Total subdivisions collec- Banks coin mmeessttiicc ccoonnssooll-- ities tion bbaannkkss iiddaatteedd Tax Certif. war- All of All rants 4 other partici- other6 pations Large banks— Total 19693 Oct. 1 35,873 3,687 28,627 1,094 2,465 32,976 15,802 2,947 4,852 520 13,361 303,697 8 35,655 3,615 28,571 1,083 2,386 30,025 15,781 2,932 4,835 559 12,985 298,159 1 5 35,596 3,536 28,526 1,116 2,418 36,300 17,429 3,026 5,579 557 12,958 308,130 22 35,244 3,435 28,327 1,107 2,375 29,799 15,236 3,126 4,452 557 12,870 297,786 2 9 35,267 3,433 28,298 1,106 2,430 30,237 16,431 3,191 4,374 559 13,019 299,709 1970 Sept. 2 38,685 5,086 29,164 1,024 3,411 29,844 17,719 3,243 4,757 705 14,334 313,959 9 38,853 5,167 29,230 1,045 3,411 29,949 17,252 3,282 5,464 710 14,249 314,786 1 6 40,031 5,769 29,839 1,049 3,374 33,174 16,768 3,354 5,872 709 14,191 321,119 23 39,749 5,580 29,705 1,039 3,425 28,198 18,129 3,428 4,919 710 14,078 313,361 3 0 40,058 5,681 29,815 1,042 3,520 32,851 17,895 3,306 5,896 704 14,345 320,835 Oct. 7* 40,639 5,865 30,174 1,033 3,567 29,430 17,672 3,157 5,649 704 13,991 317,825 14 p 40,751 5,759 30,149 1,054 3,789 32,724 18,444 3,419 6,117 705 13,732 321,529 21* 40,863 5,754 30,312 1,036 3,761 30,861 18,214 3,434 5,672 706 13,881 319,681 28* 40,730 5,712 30,211 1,029 3,778 27,148 17,029 3,535 6,047 708 14,016 314,882 New York City 19693 Oct. 1 6,160 955 4,580 98 527 15,971 4,406 369 452 270 4,895 80,485 8 6,040 899 4,537 98 506 14,791 4,374 368 295 271 4,717 77,691 1 5 6,027 872 4,518 116 521 17,983 4,363 388 497 271 4,692 82,512 22 5,790 769 4,419 116 486 14,465 3,197 372 368 271 4,720 77,471 2 9 5,771 778 4,382 113 498 15,743 4,781 405 340 271 4,733 79,849 1970 Sept. 2 6,888 1,317 4,597 86 888 13,878 4,244 431 459 325 5,095 79,986 9 6,843 1,325 4,543 86 889 13,861 4,954 443 637 330 5,015 80,536 1 6 7,419 1,719 4,752 75 873 14,742 4,585 439 667 332 5,055 82,341 23 7,135 1,586 4,674 60 815 12,908 4,673 418 509 332 4,966 79,227 3 0 7,251 1,630 4,705 64 852 16,036 4,901 405 1,158 332 5,038 83,649 Oct. 1p 7,264 1,686 4,681 63 834 13,225 4,395 419 1,045 333 4,841 80,536 14* 7,213 1,616 4,664 59 874 14,905 5,102 443 1,225 334 4,659 82,682 21* 7,149 1,558 4,669 54 868 14,831 4,187 417 907 334 4,889 81,449 28* 7,037 1,521 4,601 45 870 12,220 4,684 434 1,334 334 4,898 79,205 Outside New York City 19693 Oct. 1 29,713 2,732 24,047 996 1,938 17,005 11,396 2,578 4,400 250 8,466 223,212 8 29,615 2,716 24,034 985 1,880 15,234 11,407 2,564 4,540 288 8,268 220,468 1 5 29,569 2,664 24,008 1,000 1,897 18,317 13,066 2,638 5,082 286 8,266 225,618 22 29,454 2,666 23,908 991 1,889 15,334 12,039 2,754 4,084 286 8,150 220,315 2 9 29,496 2,655 23,916 993 1,932 14,494 11,650 2,786 4,034 288 8,286 219,860 1970 Sept. 2 31,797 3,769 24,567 938 2,523 15,966 13,475 2,812 4,298 380 9,239 233,973 9 32,010 3,842 24,687 959 2,522 16,088 12,298 2,839 4,827 380 9,234 234,250 1 6 32,612 4.050 25,087 974 2,501 18,432 12,183 2,915 5,205 377 9,136 238,778 23 32,614 3,994 25,031 979 2,610 15,290 13,456 3,010 4,410 378 9,112 234,134 3 0 32,807 4.051 25,110 978 2,668 16,815 12,994 2,901 4,738 372 9,307 237,186 Oct. 7* 33,375 4,179 25,493 970 2,733 16,205 13,277 2,738 4,604 371 9,150 237,289 14* 33,538 4,143 25,485 995 2,915 17,819 13,342 2,976 4,892 371 9,073 238,847 21* 33,714 4,196 25,643 982 2,893 16,030 14,027 3,017 4,765 372 8,992 238,232 28* 33,693 4,191 25,610 984 2,908 14,928 12,345 3,101 4,713 374 9,118 235,677 For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 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 19693 92,621 6,952 3,879 17,613 794 779 2,117 10,268 97,977 46,711 38,026 7,703 411 4,768 Oct. 1 89.300 6,138 1,844 17,926 815 758 2,043 9,283 97,685 46,614 37,938 7,613 403 4,762 8 95.301 6,183 2,626 18,604 770 825 2,078 10,479 97,345 46,517 37,674 7,470 404 4,921 15 90,828 5,692 2,613 16,973 677 707 2,172 9,077 97,163 46,476 37,515 7,380 399 5,050 22 90,846 5,788 4,754 17,070 689 744 2,071 9,744 97,170 46,376 37,327 7,292 402 5,423 29 1970 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 93,493 5,756 2,931 18,740 621 744 2,347 6,872 111,165 46,403 45,338 11,453 1,239 6,280 9 97,218 6,355 4,690 19,494 553 823 2,205 7,009 111,677 46,402 45,858 11,542 1,265 6,153 16 91,794 6,056 5,916 17,413 504 770 2,173 6,099 112,876 46,464 46,881 11,660 1,342 6,035 23 94,521 7,677 5,798 20,962 657 851 2.191 7,361 113,641 46,81 47,540 11,612 1,269 5,919 30 92,320 6,256 4,089 20,352 737 778 2,213 6,788 114,217 46,893 48,030 11,711 1,301 5,803 Oct. 7 p 96,386 5,803 2,601 20,397 692 796 2,167 7,342 114,571 46,935 48,599 11,594 1,330 5,626 14p 92,919 5,716 5,035 19,777 607 773 2.192 7,468 114,685 47,024 48,781 11,619 1,299 5,492 21* 92,382 5,921 3,722 19,382 623 765 2,119 6,120 114,827 47,013 49,085 11,616 1,268 5,391 28 p New York City 19693 22.394 718 913 6,850 500 606 1,519 7,777 12,935 4,417 4,792 370 243 2,976 Oct. 1 20,668 562 239 7,004 529 606 1,419 7,042 12,947 4,407 4,818 355 242 2,987 8 22,514 623 759 7,490 470 652 1,470 8,266 12,991 4,391 4,756 344 244 3,118 15 21.395 450 485 6,459 407 547 1,546 7,051 13,023 4,387 4,684 338 243 3,231 22 21,816 448 ,224 7,163 388 582 1,442 7,629 13,312 4,378 4,665 319 248 3,559 29 1970 22,827 611 710 7,478 302 647 1,333 4,661 16,657 4,339 7,000 784 638 3,763 Sept. 2 22,434 529 588 7,626 351 589 1,704 4,685 16,833 4,342 7,128 813 678 3,734 9 23,751 798 1,078 7,970 287 675 1,569 4,722 16,958 4,344 7,289 876 679 3,625 16 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 ,512 1,309 10,135 383 709 1,548 4,995 17,661 4,390 8,130 847 632 3,479 30 21,668 686 900 8,897 422 630 1,562 4,421 17.864 4,393 8,404 869 653 3,381 Oct. 1p 23,030 422 493 8,983 388 641 1,566 5,011 17,935 4,393 8,617 833 695 3,228 14*> 21,717 494 969 9,242 314 625 1,564 5,259 17.865 4,397 8,596 846 685 3,183 21 p 21,675 381 635 8,843 302 619 1,503 3,986 18,025 4,397 8,772 835 704 3,167 28p Outside New York City 19693 70,227 6,234 2,966 10,763 294 173 598 2,491 85,042 42,294 33,234 7,333 168 1,792 Oct. 1 68,632 5,576 1,605 10,922 286 152 624 2,241 84,738 42,207 33,120 7,258 161 1,775 8 72,787 5,560 1,867 11 ,114 300 173 608 2,213 84,354 42,126 32,918 7,126 160 1,803 15 69,433 5,242 2,128 10,514 270 160 626 2,026 84,140 42,089 32,831 7,042 156 1,819 22 69,030 5,340 3,530 9,907 301 162 629 2,115 83,858 41,998 32,662 6,973 154 1,864 29 1970 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 39,410 10,765 637 2,440 30 70,652 5,570 3,189 11,455 315 148 651 2.367 96,353 42,500 39,626 10,842 648 2,422 Oct. 1p 73,356 5,381 2,108 11,414 304 155 601 2,331 96,636 42,542 39,982 10,761 635 2,398 14 p 71,202 5,222 4,066 10,535 293 148 628 2,209 96,820 42,627 40,185 10,773 614 2,309 21 p 70,707 5,540 3,087 10,539 321 146 616 2,134 96,802 42,616 40,313 10,781 564 2,224 28*> For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 30 WEEKLY REPORTING BANKS • NOVEMBER 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 deposits *1 pur- F.R. ties Secur- ac- loans invest- mand chased, Banks Others etc. s Loans ities counts (gross) ments deposits etc. 7 ad- (gross) ad- Issued justed9 ad- justed io Total to justed9 IPC's Large banks—Total 19693 Oct. 1 14.719 851 2,486 25,819 3.607 113 23,102 168,811 226,874 80,555 11,700 6,403 8 16,051 612 2,593 26,267 3.608 114 23,122 168,090 225,493 78,312 11,647 6,346 1 5 16.720 964 2,593 26,848 3,600 112 23,082 168,641 226,564 79,336 11,549 6,233 22 15,932 418 2,659 26,116 3,593 120 23,046 168,448 225,474 79,354 11,384 6,015 2 9 15,409 905 2,302 25,384 3,600 113 23,120 167,504 226,120 79,645 11,511 5,902 1970 Sept. 2 17,071 767 1,767 23,816 4,021 24,197 173,241 236,690 79,713 20,738 11,819 9 17,603 447 1,734 24,036 4,018 24,205 173,782 237,345 79,884 21,067 12,107 1 6 17,013 180 1,623 24,092 4,029 24,083 175,891 240,547 80,989 21,120 12,237 23 15,046 1,324 1,546 23,691 3,998 24,079 174,041 238,192 79,198 22,050 13,152 3 0 13,903 788 1,435 22,708 4,007 24,258 175,627 240,478 80,407 22,240 13,627 Oct. 7® 16,963 254 1,505 22,966 4,004 24,305 175,442 240,786 79,662 22,719 14,020 14P 17,757 847 1,466 22,380 4,020 24,227 174,681 239,819 80,462 23,166 14,598 2\v 16,477 1,219 1,438 23,105 4,017 24,176 174,313 241,033 78,814 23,262 14,697 16,206 341 1,373 22,800 4,023 24,201 173,825 240,144 80,782 23,561 14,957 28* New York City 19693 4,335 380 417 14,025 1,051 6,062 42,148 52,493 17,543 2,097 724 Oct. 1 4,723 177 415 14,258 1,051 6,048 41,643 51,729 16,035 2,155 728 8 4,997 90 404 14,679 1.051 6,053 42,140 52,474 16,012 2,230 715 1 5 4,350 413 14,264 1.052 6,026 41,917 51,618 16,931 2,256 698 22 4,395 228 399 13,742 1,052 6,026 41,554 51,698 16,562 2,480 667 2 9 1970 Sept. 2 4,377 235 244 12,530 1,206 6,168 41.982 54,008 16,503 5,326 2,942 9 5,262 120 226 12,220 1.204 6,165 42,286 54,282 16,431 5,425 3,006 1 6 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 3 0 3,364 259 187 11,754 1,191 6,141 42.983 55,066 15,612 5,938 3,665 Oct. 4,247 193 11,711 1,191 6,144 43,019 55,138 16,164 6,164 3,891 14f 4,930 150 191 11,617 1,203 6,122 42,807 54,689 16,153 6,387 4,184 21* 4,090 115 190 11,695 1.205 6.105 42,455 54,600 15,142 6,371 4,157 28? 4,283 75 190 11,395 1,209 6,084 42,165 54,202 16,246 6,584 4,326 Outside New York City 19693 Oct. 1 10,384 4T1 2,069 11,794 2.556 110 17,040 126,663 174,381 63,012 9,603 5,679 8 11,328 435 2,178 12,009 2.557 17,074 126,447 173,764 62,277 9,492 5,618 1 5 11,723 874 2,189 12,169 2,549 109 17,029 126,501 174,090 63,324 9,319 5,518 22 11,582 418 2,246 11,852 2,541 117 17,020 126,531 173,856 62,423 9,128 5,317 2 9 11,014 677 1,903 11,642 2,548 110 17,094 125,950 174,422 63,083 9,031 5,235 1970 Sept. 2 12,694 532 1,523 11,286 2.815 18,029 131,259 182,682 63,210 15,412 8,877 9 12,341 327 1,508 11,816 2,814 18,040 131,496 183,063 63,453 15,642 9,101 1 6 12,488 180 1,398 11,621 2,821 17,979 132,907 185,160 63,929 15,669 9,201 23 11,267 775 1,361 11,663 2,813 17,994 131,759 183,917 62,804 16,175 9,682 3 0 10,539 529 1,248 10,954 2.816 18,117 132,644 185,412 64,795 16,302 9,962 Oct. 7f 12,716 254 1,312 11,255 2.813 18,161 132,423 185,648 63,498 16,555 10,129 14? 12,827 697 1,275 10,763 2,817 18,105 131,874 185,130 64,309 16,779 10,414 21* 12,387 1,104 1,248 11,410 2,812 18,071 131,858 186,433 63,672 16,891 10,540 28p 11,923 266 1,183 11,405 2.814 18,117 131,660 185,942 64,536 16,977 10,631 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. i o 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

NOVEMBER 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 Oct. Oct. Oct. Oct. Sept. Oct. 1st 28 21 14 7 30 Sept. Aug. III half Durable goods manufacturing: Primary metals 2,088 2,117 2,150 2,178 2,315 -227 191 -85 149 155 -74 81 Machinery 5,671 5,858 6,003 5,979 6,024 -353 -75 2 -173 122 149 271 Transportation equipment 2,872 2,960 2,916 2,937 2,998 -126 262 -2 238 31 96 127 Other fabricated metal products.. 2,078 2,109 2,166 2,170 2,177 - 99 1 -58 -75 124 125 249 Other durable goods 2,702 2,770 2,820 2,837 2,803 -101 -40 -16 51 237 237 Nondurable goods manufacturing: Food, liquor, and tobacco 2,633 2,699 2,616 2,604 2,555 78 27 -17 -199 -84 -415 -499 Textiles, apparel, and leather 2,695 2,774 2,834 2,822 2,840 -145 -25 13 127 207 169 376 Petroleum refining 1,527 1,545 1,580 1,585 rl,631 -104 r123 -4 -8 45 -124 -79 Chemicals and rubber 2,639 2,645 2,656 2,689 2,802 -163 192 -54 85 -127 -1 -128 Other nondurable goods 2,091 2,146 2,177 2,198 2,212 -121 25 101 35 27 Mining, including crude petroleum and natural gas 4,094 4,108 4,128 4,129 r4,184 -90 r28 -65 -76 -132 -445 -577 Trade: Commodity dealers 1,130 1,080 1,056 1,012 1,004 126 133 20 106 -134 -158 -292 Other wholesale 3,661 3,677 3,699 3,713 3,675 -14 73 -25 52 146 -92 54 Retail 4,504 4,338 4,293 4,315 4,246 258 118 -53 -107 276 — 1CT3 173 Transportation 5,865 5,825 5,823 5,795 5,887 -22 155 -44 247 60 -156 -96 Communication 1,176 1,201 1,203 1,219 1,262 -86 -75 18 -27 -30 -220 -250 Other public utilities 2,564 2,568 2,577 2,590 2,588 -24 29 26 -146 -38 -793 -831 Construction 3,253 3,258 3,260 3,265 3,259 -6 -42 61 51 149 -83 66 Services 7,045 7,094 7,119 7,081 r7,098 -53 189 -101 '225 — 19 -128 -147 All other domestic loans 4,775 4,885 5,040 5,030 4,978 -203 46 -41 148 88 -203 -115 Bankers' acceptances 874 916 804 754 746 128 13 202 241 -47 -156 -203 Foreign commercial and industrial loans 2,260 2,267 2,246 2,240 2,211 49 51 11 57 22 -106 -84 Total classified loans 68,197 68,840 69,166 69,142 r69,495 -1,298 1,409 -212 1,067 1,086 -2,726 -1,640 Total commercial and industrial loans. 79,964 80,575 80,773 80,857 '81,168 -1,204 '1 ,948 '-100 1,620 1,101 -3,028 -1,940 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 Oct. Sept. Aug. July June May Apr. Mar. Feb. 28 30 26 29 24 27 29 25 25 III IV Durable goods manufacturing: Primary metals 1,548 1,677 1,474 1,523 1,520 1,447 1,463 1,452 1,420 157 -24 57 Machinery 2,826 2,924 2,920 2,824 2,784 2,763 2,761 2,800 2,748 140 51 193 Transportation equipment 1,627 1,655 1,608 1,599 1,564 1,549 1,560 1,575 1,544 91 74 256 Other fabricated metal products 781 807 789 770 762 755 780 759 754 45 -2 -8 Other durable goods 1,136 1,141 1,135 1,158 1,132 1,162 1,183 1,162 1,141 9 -7 59 Nondurable goods manufacturing : Food, liquor, and tobacco 984 1,008 968 968 1,007 939 951 960 952 1 47 73 Textiles, apparel, and leather 720 751 733 767 762 756 709 726 721 -11 36 13 24 Petroleum refining 1,230 1,248 1,183 1,199 1,266 1,217 1,254 1,255 1,234 -18 11 -101 -121 Chemicals and rubber 1,693 1,780 1,664 1,687 1,709 1,694 1,831 1,805 1,896 71 -96 -24 112 Other nondurable goods. , 1,171 1,183 1,106 1,098 1,071 1,071 1,099 1,146 1,120 112 -75 -5 85 Mining, including crude petroleum and natural gas, 3,419 3,461 3,381 3,489 3,582 3,520 3,590 3,709 3,757 -121 -127 -381 -29 Trade: Commodity dealers., 73 82 82 80 88 87 77 78 81 -6 10 -1 Other wholesale 727 697 704 708 692 717 684 696 693 5 -4 -10 40 Retail 1,351 1,360 1,334 1,292 1,308 1,285 1,242 1,206 1,236 52 102 -23 71 Transportation 4,443 4,417 4,347 4,425 4,276 4,262 4,199 4,331 4,291 141 -55 -83 307 Communication 386 448 487 424 408 416 445 476 472 40 -68 -22 52 Other public utilities 1 ,017 1,065 1,042 1,031 1,033 984 1,020 1,161 1,244 32 -128 -176 42 Construction 972 957 985 959 911 888 899 903 899 46 8 -1 13 Services 3,069 3,132 3,060 3,049 3,017 3,031 2,962 2,995 2,971 115 22 4 131 All other loans 1,241 1,225 1,242 1,267 1,227 1,186 1,183 1,206 1,194 -2 15 r —36 110 Foreign commercial and industrial loans 1,612 1,604 1,599 1,599 1,620 1,614 1,579 1,605 1,575 -16 '21: -37 -75 Total loans 32,026 32,622 31,843 31,916 '31,739 31,343 '31,471 '32,006 '31,943 883 -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 • NOVEMBER 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 Total Total Commercial Commercial and All other and All other industrial industrial 7,793 6,146 1,647 1,806 634 1,172 7,741 6,054 1,687 1,825 634 1,191 7,783 6,037 1,746 1,874 637 1,237 7,976 6,063 1,913 1,879 648 1,231 8,018 6,151 1,867 1,892 647 1,245 7,902 6,006 1,896 1,877 640 1,237 7,927 5,998 1,929 1,881 656 1,225 7,907 6,089 1,818 1,836 629 1.207 7,787 5,788 1,999 1,794 586 1.208 7,062 5,296 1,766 1,775 559 1,216 6,657 5,013 1,644 1,739 528 1,211 5,736 4,216 1,520 1,747 538 1,209 5,515 4,027 1,488 1,764 544 1,220 5,004 3,479 1,525 1,713 500 rl ,214 4,596 3,244 1,352 1,722 491 1,231 4,416 3,150 1,266 1,772 486 1,285 4,225 3,050 1,175 1,704 459 1,245 4,103 2,963 1,140 1,763 466 1,297 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. 1970 1970 1970 1970 1970 1970 1970 1970 1970 1970 1970 Percentage distribution of dollar amount 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 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: Dollars (millions) 4,193.4 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 8.50 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 8.24 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 8.89 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 8.47 8.44 8.90 8.80 8.99 8.93 8.79 8.78 8.46 8.44 8.27 8.24 7 Southeast 8.49 8.44 8.76 8.70 8.79 8.77 8.54 8.49 8.45 8.31 8.15 8.15 8 Southwest 8.53 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 8.54 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

NOVEMBER 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 sr* 192 9 5 fc-6 1947—Dec. i.... l'/4 1956—Apr. 13.. 3% 1967—Jan. 26-27. Aug. 21. 4 Mar. 27.... 1 1 9 9 3 3 0 1 2 3 * V 4 i - - 5 6 1948—Aug.i.... 2 1957—Aug. 6. . 4% Nov. 20.... 6 193 2 3*4-4 1950—Sept. 22. 2VA 1958—Jan. 22. 4 1968—Apr. 19. 6Vi 193 3 1 Yl-4 Apr. 21, 3% Sept. 25. 6 -6V4 193 1 4 9 — 47 (Nov.).... m 1951—J D O a e c n c t . . . 1 1 9 8 7 . . . 2 2 j-» V V i A 1959— S M e a p y t. 1 1 1 8 , 4 4 N D De e o c c v . . . 1 1 3 8 . . $ Sept. 1.. 5 1969—Jan. 7. 7 1953—Apr. 27. 3% 1960—Aug. 23. 4V4 Mar. 17. IVi 1954—Mar. 17. 3 1965—Dec. 6. , June 9. m 1966—Mar. 10. 1970—Mar. 25. 8 1955—Aug. 4. 3V4 June 29.. Sept. 21. m Oct. 14. 3V4 Aug. 16. 6 Nov. 12. 7 M 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 bills' 6-month bills 5 9- to 12-month issues PPPeeerrriiioooddd pppaaapppeeerrr ppplllaaaccceeeddd aaacccccceeepppttt--- fffuuunnndddsss 33-- ttoo 55-- 444--- tttooo 666--- dddiiirrreeeccctttlllyyy,,, aaannnccceeesss,,, rrraaattteee 333 yyeeaarr mmmooonnnttthhhsss *** mmm 333--- ooo ttt nnn ooo ttt hhh 666 sss --- 222 999000 dddaaayyysss*** n R ew at e i ss o u 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 il t l s y i ( e m ld a ) r s - Other6 iissssuueess 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 —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 —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 Oct 6.85 6.76 6.54 6.20 5.927 5.90 6.251 6.21 6.23 6.34 7.06 !c ending— —June 6 8.13 7.56 7.78 7.84 6.824 6.82 6.858 6.88 7.01 7.52 7.76 13 8.15 7.56 7.75 7.98 6.785 6.76 6.895 6.92 7.10 7.53 7.86 20 8.25 7.56 7.85 7.80 6.733 6.71 6.947 6.96 7.17 7.55 7.95 27 8.25 7.51 7.78 7.21 6.626 6.50 6.929 6.80 7.06 7.44 7.88 July 4 8.38 7.54 7.75 7.23 6.421 6.44 6.603 6.50 6.85 7.29 7.73 11 8.35 7.54 7.75 7.34 6.642 6.61 6.656 6.66 6.77 7.14 7.60 18 8.25 7.56 7.63 7.59 6.547 6.45 6.644 6.53 6.62 6.94 7.55 25 8.35 7.75 7.58 7.16 6.385 6.34 6.442 6.41 6.55 6.90 7.56 AAuugg.. 11 8.15 7.78 7.43 6.89 6.345 6.37 6.429 6.47 6.52 6.93 7.58 88 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 Sept. 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 10. . 6.98 6.79 6.78 6.36 6.025 6.01 6.413 6.36 6.29 6.44 7.04 17 6.88 6.81 6.47 6.21 6.029 5.96 6.225 6.17 6.22 6.36 7.05 24 6.80 6.78 6.38 6.18 5.942 5.83 6.128 6.15 6.22 6.28 7.13 31 6.63 6.66 6.38 6.11 5.831 5.84 6.116 6.08 6.16 6.20 7.03 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. ' Seven-day average for week ending Wednesday. 6 Certificates and selected note and bond issues. * Selected note and bond issues. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 34 INTEREST RATES • NOVEMBER 1970 BOND AND STOCK YIELDS (Per cent per annum) Government bonds Corporate bonds Stocks State By selected By Dividend/ Earnings / Period United and local rating group price ratio price ratio States (long- Total i term) Total i Aaa Baa Aaa Baa In tr d i u al s - R ro a a i d l- P u u ti b li l t i y c fe P r r r e e - d C m o o m n - C m o o m n - 196 2 3.95 3.30 3.03 3.67 4.62 4.33 5.02 4.47 4.86 4.51 4.50 3.37 6.06 196 3 4.00 3.28 3.06 3.58 4.50 4.26 4.86 4.42 4.65 4.41 4.30 3.17 5.68 196 4 4.15 3.28 3.09 3.54 4.57 4.40 4.83 4.52 4.67 4.53 4.32 3.01 5.54 196 5 4.21 3.34 3.16 3.57 4.64 4.49 4.87 4.61 4.72 4.60 4.33 3.00 5.87 196 6 4.66 3.90 3.67 4.21 5.34 5.13 5.67 5.30 5.37 5.36 4.97 3.40 6.72 196 7 4.85 3.99 3.74 4.30 5.82 5.51 6.23 5.74 5.89 5.81 5.34 3.20 5.71 196 8 5.25 4.48 4.20 4.88 6.51 6.18 6.94 6.41 6.77 6.49 5.78 3.07 5.84 196 9 6.10 5.73 5.45 6.07 7.36 7.03 7.81 7.22 7.46 7.49 6.41 3.24 6.05 1969—Oc t 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 7.50 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 Oct 6.59 6.41 6.07 6.74 8.63 8.03 9.33 8.35 9.06 8.74 7.33 3.74 Week ending— 1970—Aug. 1... 6.54 6.47 6.20 6.85 ,76 8.26 9.37 8.52 9.12 8.85 7.50 4.04 8... 6.61 6.36 6.10 6.75 .73 8.17 9.41 8.47 9.15 8.81 7.44 4.09 15... 6.76 6.40 6.10 6.80 .71 8.10 9.42 8.40 9.19 8.81 7.41 4.19 22... 6.90 6.31 5.95 6.45 .74 8.12 9.44 8.42 9.18 8.84 7.38 4.10 29... 6.73 6.01 5.70 6.40 .72 8.13 9.47 8.44 9.22 8.85 7.39 3.88 Sept. 5... 6.72 6.01 5.70 6.40 ,72 8.13 9.45 8.43 9.17 8.82 7.39 3.89 12... 6.75 6.26 6.00 6.55 ,70 8.13 9.44 8.43 9.08 8.83 7.31 3.81 19... 6.64 6.22 5.96 6.50 ,69 8.09 9.42 8.40 9.12 8.82 7.38 3.86 26... 6.52 6.24 5.95 6.50 ,66 8.06 9.32 8.38 9.07 8.77 7.26 3.81 Oct. 3... 6.53 6.36 6.15 6.65 ,63 8.05 9.29 8.36 9.04 8.75 7.19 3.75 10. . . 6.51 6.36 6.15 6.65 ,63 8.02 9.34 8.37 9.05 8.74 7.17 3.64 17. . . 6.55 6.34 6.10 6.65 ,62 8.01 9.34 8.33 9.06 8.71 7.26 3.75 24. . . 6.66 6.43 6.10 6.75 ,63 8.03 9.31 8.33 9.07 8.73 7.37 3.78 31 . . . 6.65 6.39 5.85 7.00 ,64 8.07 9.34 8.36 9.06 8.77 7.50 3.78 Number of issues2 108 18 30 38 30 40 14 500 500 1 Includes bonds rated Aa and A, data for which are not shown sep- Averages of daily figures for bonds maturing or callable in 10 years o 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

NOVEMBER 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 t l U e o o r . n m v S g t . ) - , S l a o t n c a a d te l p A C o A r o a r A t - e Total In tr d i u al s - R ro a a i d l- P u u ti b li l t i y c Total In tr d i u al s - T p t o r i a r o n t n a s - - Utility na F n i- ce i t n o d t e a x l l NYSE 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 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 C71.9 c62.8 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 57.37 67.5 59.5 75.59 82.96 28.94 49.22 41.28 43.40 28.51 33.74 54.21 20.81 10,294 60.59 70.6 59.0 75.72 83.00 26.59 50.91 41.15 43.04 26.46 34.90 54.00 20.11 10,358 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 6a. 13 21.72 14,423 60.44 71.9 61.3 84.37 92.85 31.73 53.37 46.06 48.87 32.38 36.01 59.04 22.39 11,887 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 61.08 71.8 61.7 86.25 94.98 32.64 54.03 47.16 50.04 33.51 36.65 61.40 22.80 16,826 60.72 72.5 61.3 84.27 92.73 31.87 53.35 46.05 48.81 32.52 36.06 59.55 22.51 10,112 59.87 71.5 61.1 83.52 91.89 31.64 52.91 45.53 48.33 31.93 35.67 57.82 22.12 10,230 59.97 71.6 61.0 83.29 91.67 39.54 52.91 45.34 48.22 31.14 35.49 56.60 21.99 10,105 i Begins June 30, 1965, at 10.90. On that day the average price of a share yields as computed by Standard and Poor's Corp., on basis of a 4 per cent, of stock listed on the American Stock Exchange was $10.90. 20-year bond; Wed. closing prices. Common stocks, derived from component common stock prices. Average daily volume of trading, normally NOTE.—Annual data are averages of monthly figures. Monthly and conducted 5 days per week for 5 Vi hours per day, or 27Vi hours per week. weekly data are averages of daily figures unless otherwise noted and are In recent years shorter days and/or weeks have cut total weekly trading computed as follows: U.S. Govt, bonds, derived from average market to the following number of hours: 1967—Aug. 8-20, 20; 1968—Jan. 22yields in table at bottom of preceding page on basis of an assumed 3 per Mar. 1, 20; June 30-Dec. 31, 22; 1969—Jan. 3-July 3, 20; July 7-Dec. 31cent, 20-year bond. Municipal and corporate bonds, derived from average 22.5; 1970—Jan. 2-May 1, 25. TERMS ON CONVENTIC IAL FIRST MORTGAGES New homes Existing homes C c t ( r r e p a o a n e t n c t e r t ) - c F c h ( e e a p e n r e s t g r ) & e 1 s M (y a e t a u r r s i ) t y L c p r ( e o a p r n t a i e c i n r t o e ) / (t d h c o p o P h l r u u l a i a s c r s r . e - e s o ) f (t a d h m L o o l o u o la a s u r . n n s o t ) f c C t ( r r e p a o a n e t n c t e r t ) - c F c h e ( e a p n e r e s t g r ) & e 1 s M (y a e t a u r r s i ) t y L c p r ( e o a p r n t a i e c i r t n o e ) / (t d h c o p o P h l r u u l a i a s r c s . r - e e s o ) f (t d a h L m o o l u o l o a a s u . r n n s o ) t f 5.78 .57 24.8 74.1 23.7 17.3 5.92 .55 20.0 71.3 18.9 13.4 5.74 .49 25.0 73.9 25.1 18.3 5.87 .55 21.8 72.7 21.6 15.6 6.14 .71 24.7 73.0 26.6 19.2 6.30 .72 21.7 72.0 22.2 15.9 6.33 .81 25.2 73.6 28.0 20.4 6.40 .76 22.5 72.7 24.1 17.4 6.83 .89 25.5 73.9 30.7 22.4 6.90 .83 22.7 73.0 25.6 18.5 7.66 .91 25.5 72.8 34.1 24.5 7.68 .88 22.7 71.5 28.3 19.9 7.86 .86 25.2 72.3 34.0 24.3 7.90 .93 22.6 71.2 28.4 19.8 7.89 .92 25.3 72.4 34.3 24.7 7.92 .92 22.2 70.7 27.5 19.2 7.98 .89 25.3 72.9 34.6 25.0 7.98 .91 22.2 70.2 28.1 19.5 7.97 .96 25.3 72.8 34.4 24.6 8.00 .90 22.6 70.4 28.8 20.1 8.07 1.06 25.4 71.9 35.3 25.0 8.08 .93 22.9 70.6 30.0 20.8 8.16 1.08 25.0 69.3 36.1 25.1 8.13 .94 22.4 70.3 29.8 20.5 8.23 1.09 25.2 71.8 35.0 24.9 8.23 1.02 22.4 70.2 29.4 20.4 8.29 1.11 25.0 71.1 35.8 25.1 8.26 .98 22.6 70.4 29.7 20.6 8.24 1.02 24.8 71.3 34.9 24.5 8.19 .90 22.7 70.2 29.6 20.4 8.28 .98 25.3 71.7 35.8 25.3 8.18 .94 22.8 70.3 30.5 21.1 8.31 .99 25.1 71.3 36.3 25.6 8.19 .98 23.0 71.5 30.5 21.5 8.32 1.01 25.1 71.5 35.3 24.9 8.21 .95 23.1 71.5 31.0 21.7 8.35 0.99 24.9 71.8 35.7 25.5 8.25 .89 23.1 71.7 30.3 21.4 i Fees and charges—related to principal mortgage amount—include based on probability sample survey of characteristics of mortgages loan commissions, fees, discounts, and other charges, which provide originated by major institutional lender groups (including mortgage added income to the lender and are paid by the borrower. They exclude companies) for purchase of single-family homes. Data exclude loans for any closing costs related solely to transfer of property ownership. refinancing, reconditioning, or modernization; construction loans to homebuilders; and permanent loans that are coupled with construction NOTE.—Compiled by Federal Home Loan Bank Board in cooperation loans to owner-builders. Series beginning 1965, not strictly comparable with Federal Deposit Insurance Corporation. Data are weighted averages with earlier data. See also the table on Home-Mortgage Yields, p. A-53. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 36 STOCK MARKET CREDIT • NOVEMBER 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 l k r r e g e r in d s it c B u e s a x t n 2 t o e k m n s d e e r d s T b t o o y t — al to a d C b m n n e a u e c 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 r e - i - s s t ' b t c e r r N 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 ju 9 sted 3 0 d ( - p e 3 b e 9 r t / c c o e l 4 n la 0 t) t - e 4 r 9 a l v 5 a 0 lu - e 5 9 6 m 0 o o re r j T ( l u d i a m o o s e d t t b n i e - a l t s - d l of Unre- dol- 1969—Sept.. 4,940 2,620 7,560 7,039 2,579 4,460 strict- Restricted lars) Oct.. 5,040 2,570 7,610 7,243 2,753 4,490 ed 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—Sept.. 2.9 30.2 19.0 11.7 6.6 29.6 9,910 1970—Jan 4,680 2,430 7,110 6,683 2,626 4,057 Oct... 5.8 31.9 18.1 10.1 6.2 27.9 9,970 Feb 4,570 2,390 6,960 6,562 2,463 4,099 Nov.. 3.2 31.3 18.1 11.0 6.8 29.7 9,910 Mar 4,520 2,370 6,890 6,353 2,441 3,912 Dec.. 4.5 27.6 16.2 11.8 7.0 31.0 9,810 Apr 4,360 2,330 6,690 5,985 2,248 3,724 May 4,160 2,290 6,450 5,433 2,222 3,211 1970—Jan... 1.7 27.6 16.7 11.4 7.9 34.9 9,280 J J A t ' ™ u u u n 'l e g y " . r 3 ( / 3 4 3 3 , , 1 , 8 8 8 5 6 1 0 0 0 0 0 \ / 2 2 2 , , , 2 2 3 9 9 0 0 0 0 6 6 6 , , , 1 0 1 5 9 1 0 0 0 5, ( ( 2 4 4 8 ) ) 1 5 2 2 2 , , , 0 0 1 0 8 8 9 3 0 3, ( ( 2 4 4 ) 7 ) 2 M F A e p a b r r . . . . . . 4 3 1 . . . 2 5 7 2 2 2 7 1 6 . . . 1 8 9 1 1 1 6 6 6 . . . 3 7 8 1 1 12 1 1 . . . 1 6 4 7 7 9 . . . 5 9 3 3 3 3 2 8 3 . . . 8 6 8 9 8 8 , , , 0 8 4 4 8 5 0 0 0 Sept.. 3,920 2,330 6,250 (4) 2,236 (4) Unrestricted Restricted i 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 May. 1.0 4.8 31.8 13.9 8.8 39.8 9,100 on convertible bonds and other debt instruments and in special subscrip- June. 1.3 1.0 23.3 24.9 9.4 40.1 8,490 tion accounts. July.. 1.0 32.7 16.7 9.0 39.5 8,610 2 Figures are for last Wed. of month for large commercial banks re- Aug.. O!7 37.8 14.3 9.2 36.9 8,580 porting weekly and represent loans made to others than brokers or dealers Sept.. 0.6 l!l 45.5 12.0 8.9 31.9 8,900 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 (Per cent of total, except as noted) credit extended by brokers is the difference between customers' net debit and free credit balances since the latter are available for the brokers' use until withdrawn. Equity class of accounts in debit status Net Total EQUITY STATUS OF MARGIN ACCOUNT DEBT EEnndd ooff ppeerriioodd credit balance 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—Sept 52.6 40.7 6.7 4,800 TToottaall Equity class (per cent) 52.8 40.8 6.4 4,780 ddeebbtt 54.8 37.8 7.3 4,670 ((mmiill-- 54.8 37.3 7.9 4,760 EEnndd ooff lliioonnss ppeerriioodd dd oo oo ff ll -- 8 m 0 o o re r 70-79 60-69 50-59 40-49 Un 4 d 0 e r 1970—Jan 5 5 3 3 . . 0 0 3 38 8 . . 3 2 8 8 . . 7 8 4 4 , , 6 4 2 2 0 0 llaarrss))!! 54.0 34.7 11.2 4,340 54 0 35.9 10.2 4,140 1969— N S O D e o e c p c v t t . . . . . . . . . 4 5 4 5 , , , , 9 0 6 0 4 4 9 7 0 0 0 0 2 1 1 1 0 6 6 7 . . . . 4 9 6 0 2 2 2 2 3 2 2 3 . . . . 5 5 3 0 1 1 1 1 7 8 7 8 . . . . 8 8 0 4 1 1 1 1 2 1 2 2 . . . . 5 8 2 8 9 8 8 8 . . . . 5 6 9 4 2 2 2 1 0 0 1 8 . . . . 6 4 8 0 July 5 4 4 4 4 9 7 6 0 6 . . . . . 5 5 7 3 6 4 4 3 4 3 2 0 4 9 8 . . . . . 1 5 5 6 8 1 1 1 1 9 0 1 0 1 . . . . . 0 9 7 9 4 4 4 4 4 4 , , , , , 8 5 3 4 4 4 5 9 3 8 0 0 0 0 0 1970—Jan... 4,680 13.8 21.0 16.1 13.4 10.8 24.9 M A J F M J u u e p a a l n b r y r y e . . . . . . . . . . 4 4 4 4 3 3 , , , , , , 3 6 5 1 8 8 6 7 2 6 0 6 0 0 0 0 0 0 1 1 1 9 8 8 5 5 1 . . . . . . 1 6 3 3 7 8 2 2 1 1 1 1 1 0 8 5 5 2 . . . . . . 1 1 3 1 8 4 2 1 1 1 1 1 1 4 5 6 8 8 . . . . . . 1 5 8 3 8 3 1 1 1 1 1 15 3 3 3 4 6 . . . . . . 7 3 8 4 2 0 1 1 1 1 1 1 1 3 3 1 1 3 . . . . . . 1 5 5 6 2 8 2 2 2 2 3 3 2 4 8 5 0 1 . . . . . . 5 6 8 0 2 4 c m p sa o u a l l N r e l y a c s O h t b e p T a e r r s E a o e u . l s — c s . e i e n e S B d d p a t s e b h l ) c a y e i n a o c l c c c u e c u s u m s s t t r o m i o . s m m c a e e y e l r r l s a a ' s r n a i e s m s o e u t a h a s r s e g i a t n m r c a c a a n o r c s u g c f i n o e n r t u s s n d t b e c p a o o o s n r e s t d i a d t i e o n r p n e o q c s l u r o it e i a r s d n e i d o t v f a f b o c l a u a r l s e a h a s n d c o ( d e f u i s s t o i u o t t a h n h l e l a a y r l t Aug.. 3,810 10.7 15.1 22.9 16.6 13.6 21.1 Sept.. 3,920 11.4 18.3 24.4 16.7 13.1 16.0 i 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

NOVEMBER 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- Others ports ports All r B el a a n te k d Other i r B el a a n le k d Other2 Total Own Bills Own e F i o g r n - Un in it t e o d U f n r i o t m ed other bills bought acct. corr. States States 196 4 8,361 2,223 6,138 3,385 1,671 1,301 370 94 122 1,498 667 999 1,719 196 5 9,058 1,903 7,155 3,392 1,223 1,094 129 187 144 1,837 792 974 1,626 196 6 13,279 3,089 10,190 3,603 1,198 983 215 193 191 2,022 997 829 1,778 196 7 16,535 4,901 11,634 4,317 1,906 1,447 459 164 156 2,090 1,086 989 2,241 196 8 20,497 7,201 13,296 4,428 1,544 1,344 200 58 109 2,717 1,423 952 2,053 1969—Au g 29,515 949 10,360 1,300 16,906 5,145 1,390 1,108 282 62 159 3,535 1,791 1,084 2,271 Sept 29,663 954 10,917 1,641 16,151 5,232 1,351 1,044 308 37 159 3,685 1,880 1,063 2,289 Oct 31,881 1,088 10,998 2,644 17,151 5,256 1,335 1,058 277 41 149 3,730 1,913 1,061 2,282 Nov 33,636 1,200 11,324 3,018 18,094 5,212 1,341 1,076 266 49 146 3,676 1,850 1,063 2,299 Dec 31,709 1,216 10,601 3,078 16,814 5,451 1,567 1,318 249 64 146 3,674 1,889 1,153 2,408 1970—Ja n 34,362 1,266 10,772 4,262 18,062 5,288 1,439 1,123 316 83 147 3,619 1.863 1,096 2,329 Feb 36,020 1,271 11,604 4,781 18,364 5,249 1,408 1,110 298 56 152 3,632 1.864 1,054 2,331 Mar 37,164 1,223 12,411 5,295 18,235 5,352 1,398 1,156 242 52 170 3,732 1,891 1,113 2,349 Apr 37,966 1,088 12,647 5,539 18,692 5,614 1,577 1,314 263 106 194 3,737 2,034 1,137 2,444 May 39,674 1,126 12,826 6,424 19,298 5,801 1,539 1,287 252 42 231 3,989 2,139 1,189 2,472 June 37,748 1,044 11,945 6,509 18,250 5,849 1,589 1,339 250 32 232 3,996 2,190 1,162 2,497 July 36,91 986 11,048 6,784 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 Sept.* 33,924 505 12,013 4,081 17,325 5,848 1,952 1,557 395 87 235 3,574 2,396 1,285 2,167 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. investors. MUTUAL SAVINGS BANKS (In millions of dollars) Loans Securities Total Mortgage loan assets— commitments3 Total General classified by maturity End of period M ga o g r e t - Other G U o .S vt . . g S l a o o t n c a v a d t t e l . o C t r a o h a n r e t p d e r o i - Cash O as t s h e e ts r g r li e e a a t s n i b n e e e r i d s r l v a i e - l De it p s o 2 s- l O ia t t i b h e i s e l i r - r c e o s a u e c n r - v ts e (in months) accts. 3 or 3-6 6-9 Over Total less 9 I960.. 26,702 416 6,243 672 5,076 874 589 40,571 36.343 678 3,550 1,200 1961.. 28,902 475 6,160 677 5,040 937 640 42,829 38,277 781 3,771 1 654 1962.. 32,056 602 6,107 527 5,177 956 695 46,121 41,336 828 3,957 2.548 1963.. 36,007 607 5,863 440 5,074 912 799 49,702 44,606 943 4,153 2.549 1964.. 40,328 739 5,791 391 5,099 1,004 886 54.238 48,849 989 4,400 2,820 1965.. 44,433 862 5,485 320 5,170 1,017 944 58,232 52,443 1,124 4,665 2,697 1966.. 47,193 1,078 4,764 251 5,719 953 1,024 60,982 55,006 1,114 4,863 2,010 1967.. 50,311 1,203 4,319 219 8,183 993 1,138 66.365 60,121 1,260 4,984 742 982 799 2,523 1968.. 53,286 1,407 3,834 194 10,180 996 1,256 71,152 64,507 1,372 5,273 811 1,034 1,166 3,011 1969... 55,781 1,824 3,296 200 10,824 912 1,307 74,144 67,026 1,588 5,530 584 485 452 946 2,467 1969—Sep 55,188 1,732 3,536 190 10,990 833 1,327 73,796 66,519 1,796 5,481 756 ,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 55,781 1,824 3,296 200 10,824 912 1,307 74,144 67,026 1,588 5.530 584 485 452 946 2,467 1970—Jan 55,860 1,861 3,276 204 10,894 780 1,360 74,235 66,997 1,708 5.531 576 454 516 912 2,457 Feb 55,966 2,122 3,303 190 10,938 884 1,353 74,755 67,255 1,918 5,582 549 458 496 882 3,385 Mar 56,119 2,080 3,274 194 11,212 848 1,436 75,164 67,885 1,913 5,596 648 478 476 807 2,409 Apr 56,279 2,048 3,294 188 11,319 853 1,385 75.366 67,861 1,906 5,599 603 500 455 801 2,360 May 56,423 2,223 3,362 190 11,465 852 1,374 75,889 68,196 2,071 5,621 616 502 388 769 2,275 Jun 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 11,945 920 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 Sept. 57,202 2.240 3,281 197 12,222 1,001 1,459 77,602 69,817 2,087 5,698 635 334 266 691 1,926 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 o NOVEMBER 1970 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period Total Mort- Real Policy Other assets Total U S n ta i t t e e s d Sta lo te c a a l n d Foreign1 Total Bonds Stocks gages estate loans assets Statement value: 196 1 126,816 11,896 6,134 3,888 1,874 55,294 49,036 6,258 44,203 4,007 5,733 5,683 196 2 133,291 12,448 6,170 4,026 2,252 57,576 51,274 6,302 46,902 4,107 6,234 6,024 196 3 141,121 12,438 5,813 3,852 2,773 60,780 53,645 7,135 50,544 4,319 6,655 6,385 196 4 149,470 12,322 5,594 3,774 2,954 63,579 55,641 7,938 55,152 4,528 7,140 6,749 196 5 158,884 11,679 5,119 3,530 3,030 67,599 58,473 9,126 60,013 4,681 7,678 7,234 196 6 167,022 10,837 4,823 3,114 2,900 69,816 61,061 8,755 64,609 4,883 9,117 7,760 196 7 177,832 10,573 4,683 3,145 2,754 76,070 65,193 10,877 67,516 5,187 10,059 8,427 196 8 188,636 10,509 4,456 3,194 2,859 82,127 68,897 13,230 69,973 5,571 11,306 9,150 Book value: 196 6 167,022 10,864 4,824 3,131 2,909 68,677 61,141 7,536 64,661 4,888 9,911 8,801 196 7 177,361 10,530 4,587 2,993 2,950 73,997 65,015 8,982 67,575 5,188 10,060 11,011 196 8 187,695 10,483 4,365 3,036 3,082 79.403 68,575 10,828 70,071 5,573 11,284 10,881 1969—July... 193,375 10,975 4,507 3,254 3,214 83,483 70,417 13,066 71,016 5,814 12,663 9,424 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 July. 201,002 11,071 4,650 3.251 3,170 85.404 72,200 13,204 73,352 6,144 15,354 9,677 i Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and NOTE.—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance companies in the United States. on each item separately but are included in total, in "other assets." SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Mortgage loan Assets Liabilities commitments 4 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 n s s r t 1 t - - Cash Other2 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 s d o e i d f r u i v e t n d s e - s m r B o 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 p e u in n e t g d s r t i a o 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 8 130,802 111,116 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—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 Nov. 139,676 11,392 2,114 11,055 161,856 134,420 10,655 9,123 2,539 5,119 882 3,079 Dec. 140,209 10,814 2,441 10,959 162,162 135,489 11,226 9,754 2,454 3,239 807 2,812 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 11,607 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. 145,296 12,747 2,415 9,169 169,627 139,176 11,602 10,645 2,580 5,074 1,531 4,303 Sept. 146,424 12,751 2,462 9,276 170,913 141,558 11,598 10,721 2,683 4,353 1,627 4,374 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

NOVEMBER 1970 • FEDERALLY SPONSORED CREDIT AGENCIES A 39 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks Federal National Mortgage Assn. Banks Federal Federal (secondary market for intermediate land Assets Liabilities and capital operations) cooperatives credit banks banks v m a A t n e o d m c - e - s I m nv e e n s t t s - p C a o d a n s e s i d - t h s B n a o o n n te d d s s p M o 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 a o g n r ) e t s - D n t e a u o b n r t e d e e s n s - c L a o t o o t i p a v o e e n s r s - D t e u b r e es n - c L o a d o u n i a s n d n - t s s D t e u b r e es n - M l g o a a o g r n e t s bers (L) (A) (L) (A) (L) (A) 6,935 2,523 113 6,859 1,037 1,369 4,266 3,800 1,290 1,074 2,924 2,786 4,958 4,386 2,598 127 4,060 1,432 1,395 5,348 4,919 1,506 1,253 3,411 3,214 5,609 5,259 2,375 126 4,701 1,383 1,402 6,872 6,376 1,577 1,334 3,654 3,570 6,126 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 7,940 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 8,802 1,968 110 8,172 939 1,467 10,009 10,205 1,705 1,445 4,152 6,704 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 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 10,008 2,964 78 9,888 1,189 1,579 13,287 12,605 1,796 1,539 4,942 4,739 6,943 10,236 2,844 106 9,880 1,333 1,586 13,659 13,165 1,749 1.509 5,097 4,879 6,995 14,085 13,401 1,762 1,518 5,034 4,980 7,026 14,452 13,976 1,778 1,537 5,015 4,918 7,061 14,815 14,396 1,852 1,537 4,998 4,839 7,101 NOTE.—Data from Federal Home Loan Bank Board, Federal National bonds held within the FHLB System), and are not guaranteed by the U.S. Mortgage Assn., and Farm Credit Admin. Among the omitted balance Govt.; for a listing of these securities, see table below. Loans are gross sheet items are capital accounts of all agencies, except for stock of home of valuation reserves and represent cost for FNMA and unpaid principal loan banks. Bonds, debentures, and notes are valued at par. They in- for other agencies. clude only publicly offered securities (excluding, for the home loan banks, OUTSTANDING ISSUES OF FEDERALLY SPONSORED AGENCIES, SEPTEMBER 30, 1970 Cou- Amount Cou- Amount Cou- Agency, and date of issue pon (millions Agency, and date of issue pon (millions Agency, and date of issue pon and maturity of dollars) and maturity rate of dollars) and maturity rate Federal home loan banks Federal National Mortgage Federal intermediate Notes: Association—Cont. credit banks—Cont. 9/25/69 - 7/27/70 8.40 650 Debentures: Debentures: 11/25/69 - 9/25/70. W 650 4/10/69 - 6/10/71. 6.85 250 9/1/70-6/1/71 7.30 12/22/69 - 11/25/70... 8.70 250 12/12/69 - 7/12/71. 8.60 400 3/2/70 - 3/1/73 8.15 Bonds: 8/23/60 - 8/10/71. . 4 H 63 9/1/70-7/2/73 7.75 4/25/69 - 8/25/70 6.70 200 4/10/70 - 8/10/71. . 7.38 200 Federal land banks 8/25/69 - 8/25/70 8.20 650 7/10/70 - 8/10/71 . . 8.05 250 Bonds: 10/27/69 - 10/27/70... 8% 650 9/11/61 - 9/10/71.. 4% 96 10/1/57 - 10/1/67-70. 1/26/70 - 1/26/71 8.63 600 9/10/68 - 9/10/71.. 5*A 350 2/15/57 - 2/15/67-72. 2/25/69 - 2/25/71 6.60 200 6/10/70 - 10/21/71. 8.45 500 12/23/68 - 10/20/70. . 6.30 7/25/69 - 2/25/71 8.00 400 5/10/69 - 11/10/71. 6.85 350 4/21/69 - 2/23/71 6.80 9 3 / / 2 2 5 5 / / 6 7 9 0 - - 4 3 / / 2 2 6 5/ / 7 7 1 1 7 SH .7 0 2 8 5 5 0 0 2 3 / / 1 1 0 0 / / 6 7 0 0 - - 2 1 / 2 1 / 0 1 / 0 7 / 2 7 . 1 . . 6 5 V % 4 5 9 0 8 0 4 2 / / 2 2 0 0 / / 7 7 0 0 - - 4 4 / / 2 2 0 0 / / 7 7 1 1 . 4/27/70 - 4/26/71 7.25 400 3/10/69 - 3/10/72. . 6VA 250 5/1/56 - 5/1/71. 5/26/69 - 5/25/71 7.00 350 10/14/69 - 3/10/72. 6Va 200 7/15/69 - 7/20/71 5/25/70 - 5/25/71 8.20 500 12/11/61 - 6/12/72. 4% 100 10/20/69 - 7/20/71. . . 8.45 2/25/70 - 6/25/71 8.45 650 22//1100//7700 - - 6/12/72. . . 8.70 300 10/20/68 - 10/20/71. . , 6.00 10/27/69 - 11/26/71... 8.20 250 5/11/70 - 9/11/72. . . 8.40 400 8/20/68 - 2/15/72 5.70 11/25/69 - 2/25/72. 8.20 200 6/10/70 - 9/11/72. . . 7.40 200 6/22/70 - 7/20/72 8.20 6/26/70 - 2/25/72 8.20 300 11/10/69 - 12/11/72. 8.00 200 9/14/56 - 9/15/72 3K 5/25/70 - 5/25/72 8.15 200 12/12/69 _ 3/12/73 . . 8.30 250 9/22/69 - 9/15/72 8.35 2/25/70 - 2/26/73 8.35 350 6/12/61 - 6/12/73 4% 146 10/23/72 - 10/23/72. . . 5Vs 1/26/70 - 1/25/74 8.40 300 7/10/70 - 6/12/73 8.35 350 7/20/70 - 1/22/73 7.95 6 8 1 / / 1 2 2 / 5 2 6 / 5 / 6 7 / 9 0 6 9 - - - 2 8 / / 1 2 2 1 5 5 / / / 7 7 2 4 4 5 /74... 8 8 7 . . . 0 4 6 0 5 0 2 2 1 4 5 8 2 0 8 4 8 3 / / / 1 1 5 0 0 /7 / / 0 7 7 0 0 - - - 6 9 3 / / / 1 1 1 0 0 1 / / / 7 7 7 4 3 4 . 7 7 8 . . . 7 9 1 5 0 0 4 3 3 0 5 0 0 0 0 2 8 1 / / / 2 2 2 0 0 0 / / / 6 7 7 3 3 0 - - - 7 2 7 / / / 2 2 2 0 0 0 / / / 7 7 7 3 3 3 -78 . . 4 7 8 K . . 9 4 5 5 3/25/70 - 2/25/80 7.75 350 9/10/69 - 9/10/74 7.85 250 4/20/70 - 10/22/73. . .. 7.80 Federal National Mortgage 2/13/62 - 2/10/77 4% 198 2/20/72 - 2/20/74 $ Association—Secondary Banks for cooperatives 2/20/70 - 1/20/75 market operations Debentures: 4/20/65 - 4/21/75 4H Discount notes 3,345 4/1/70 - 10/1/70. 7.45 294 2/21/66 - 2/24/76 5.00 Capital debentures: 5/4/70 - 11/2/70. 7% 229 7/20/66 - 7/20/76 9/30/68 - 10/1/73. 6.00 250 6/1/70 - 12/1/70. 7.70 328 5/2/66 - 4/20/78 5K 4/1/70 - 4"/11/ /75... 8.00 200 7/1/70 - 1/4/71... 7.85 295 2/20/67 - 1/22/79 5.00 Mortgage backed bonds: 8/3/70-2/1/71... 7.25 391 Tennessee Valley Authority 6/1/70 - 6/1/71 8.13 150 Federal intermediate Short-term notes 6/1/70 - 6/2/75 8.38 250 credit banks Bonds: 9/9/70- 10/2/72 7.50 400 Debentures: 6/1/69 - 6/1/74 8.50 9/29/70- 10/1/90. ... 8.63 200 12/1/69 - 9/1/70. 8.75 508 6/15/70 - 6/19/75 8.75 Debentures: 1/5/70 - 10/1/70. 8.80 613 11/15/60 - 11/15/85... 4.40 10/11/67 - 10/13/70. SVa 400 2/2/70 - 11/2/70. 8.65 656 7/1/61 - 7/1/86 4H 9/10/69 - 11/1100//7700 .. 8.30 350 3/2/70 - 12/1/70. 8.10 401 2/1/62 - 2/1/87 7/10/69 - 12/10/70. 8.10 250 4/1/70 - 1/4/71.. 7.50 560 5/15/67 - 5/15/92 5.70 10/14/69 - 2/10/71. 8.75 400 5/4/70 - 2/1/71 . . 7.40 592 11/1/67 - 11/13/92 6^ 3/11/68 - 3/11/71. . 6.00 350 6/1/70 - 3/1/71... 8.15 511 10/15/69 - 10/15/94.. . 8% 2/10/70 - 4/12/71.. 8.75 500 7/1/70 - 4/1/71.. . 8.05 437 3/17/70 - 3/15/95 9.00 11/10/69 - 5/10/71. 8.20 400 8/3/70- 5/3/71... 7.25 439 6/15/70 - 6/95 9.00 NOTE.—These securities are not guaranteed by the U.S. Govt.; see also note to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 40 FEDERAL FINANCE • NOVEMBER 1970 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) U.S. budget Means of financing R i e tu ce r i e p a t- c e c x o p u e n n t d - Borrowings from the public 2 L m e o s n s: e t C ar a y s h a s a s n e d ts M N e e m t o: Period r B e u c d ei g p e t t s p t N e u e n x r e d e - t s i- 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 d f - p i r ) g c l u e it s t s P e d u t c e i b u e b s l r t i i c - s A P e t g c i l e u e u s n s r 3 : c i - y S m i L p s e s e e n u c s a t e i s s c a s : c l b o I y u n O n G v t t e s o h s v e t- r t, S n L p o e e t c e ss i s a : 4 l b E o T q r i o n u r t g o a a w l l s - : b o a T p s l i u e r a n r e r n g a a y c - t e - Other f m O i n n in e t o e a h a g f t n e n 5 , c r s - t p o r s w r d a h i e t n n v i o b p s e a t f r 2 t e e - r Fiscal year: 196 7 149,552 153,201 5,053 158,254 -8,702 6,314 5,079 5,035 4,000 -482 2,838 -5,222 304 945 196 8 153,671 172,802 6,030 178,833 -25,162 21,357 5,944 3,271 2,049 -1,119 23,100 -397 1,700 3,364 196 9 187,792 183,080 1,476 184,556 3,236 6,142 633 7,364 2,089 -1,384 -1,295 596 1,266 -82 1970P 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 ,489 -384 11,072 -598 27 -1,356 1969—Jan.-June... 104,893 90,871 500 91,370 13,523 -4,309 -815 7,643 604 -1,000 -12,370 1,194 ,240 1,280 July-Dec.... 90,830 97,573 ,354 98,930 -8,100 14,505 -429 3,935 329 9,813 -567 315 -1,963 1970—Jan.-JuneP.. 103,014 97,395 430 97,823 5,190 2,693 -1,310 5,446 351 -4,415 2,718 -999 944 Month : 1969—Sep t r20,473 rl7,240 449 17,689 r2,784 498 -641 521 -291 -375 2,608 r374 ••571 Oct 11,811 17,580 342 17,923 -6,112 3,709 -47 -826 99 4,388 -1,166 19 577 Nov 14,336 15,229 236 15,466 -1,130 3,718 -141 780 103 2,695 958 -4 -610 Dec 16,709 15,237 -140 15,097 1,612 113 -85 1,938 103 -2,012 -1,099 269 -430 1970—Ja n 16,297 16,558 -164 16,394 -97 -654 -64 -717 193 -194 1,100 6775 62,166 Feb 14,938 14,999 -104 14,894 43 1,275 -789 1,204 -579 -139 191 -436 -149 Mar 13,119 16,310 238 16,548 -3,429 3,161 21 770 97 2,314 316 -768 664 Apr 22,029 17,844 200 18,043 3,986 -4,813 -39 -285 123 -4,691 85 526 1,317 May 13,982 16,333 108 16,441 -2,459 3,893 -278 1,565 599 1,452 -1,008 1,258 -1,259 June* 22,649 15,367 136 15,503 7,146 -169 -161 2,909 -82 3,157 2,034 162 1,795 July 12,617 19,352 -17 19,335 -6,718 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 Sept 18,725 17,329 114 17,443 1,281 -2,223 12 -890 27 -1,347 1,497 7 1,570 Selected balances Treasury operating balance Federal securities Less: B F a . n R k . s l T a o n a a d x n ba G la o n ld c e Total 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 G In o v v e t s , tm ac e c n o t u s n o t f s S n L p o e e t c e s i s s a : 4 l E T h q b o e u y t ld a a l l s: accounts S i p ss e u c e ia s l Other public 1,311 4,272 112 5,695 326,221 18,455 56,155 17,663 3,328 267,529 1,074 4,113 111 5,298 347,578 24,399 59,374 19,766 2,209 290,629 1,258 4,525 112 5,894 353,720 14,249 66,738 20,923 825 279,483 1,005 6,929 8,045 370,919 12,509 76,124 21,599 825 284,880 703 3,885 111 4,700 358,029 15,064 59,094 20,318 1,825 291,855 1,312 3,903 112 5,327 368,226 13,820 70,677 21,250 825 289,294 1,003 5,519 112 6,634 360,685 14,093 68,779 20,950 825 284,224 954 4,402 112 5,468 364,394 14,045 67.959 21,044 825 288,612 980 5,335 112 6.426 368,112 13,905 68,739 21,147 825 291,306 1,312 3,903 112 5,327 368,226 13,820 70,677 21,250 825 289,294 1,127 5,188 112 6.427 367,572 13,755 69.960 21,442 825 289,100 915 5,592 111 6,618 368,847 12,966 71,164 20,863 825 288,961 1,192 5,630 111 6,934 372,007 12,987 71,935 20,959 825 291,275 1,784 5,123 111 7,019 367,194 12,948 71,650 21,082 825 286,584 1,295 4,605 111 6,011 371,088 12,670 73,215 21,681 825 288,036 1,005 6,929 111 8,045 370,919 12,509 76,124 21,599 825 284,880 1,200 6,087 111 7,399 376,568 12,471 75,891 21,446 825 290,877 1,056 6,174 7,341 380,901 12,469 77,431 21,521 825 293,593 1,238 7,489 8,839 378,678 12,481 76,541 21,548 825 292,246 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

NOVEMBER 1970 • FEDERAL FINANCE A 41 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Budget receipts Individual income taxes Corporation Social insurance taxes income taxes and contributions Period Employment Total taxes and Excise Cus- Estate Misc. W he it ld h - N w h i e o t l n h d - - fu R n e d - s t N ot e a t l c G e r r i e p o - t s s s fu R n e d - s co P r n a o t y l r l - ibut S i e o l n f- s1 i e n U m s n u p - r l. . c O e n r i t p e h e - t t e s r 2 t N ot e a t l taxes toms a g n if d t ce r ip e- ts 3 taxes empl. 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 2,108 196 8 153,671 57,301 20,951 9,527 68,726 29,897 1,232 27,680 1,544 3,346 2,052 34,622 14,079 2,038 3,051 2,491 196 9 187,792 70,182 27,258 10,191 87,249 38,338 1,660 32,521 1,715 3,328 2,353 39,918 15,222 2,319 3,491 2,916 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 15,71~ 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 1,811 2,197 1,416 25,555 7,469 1,168 2,123 1,751 Month : 1969—Sep t '20,473 r5,941 3,912 84 r9,769 5,673 122 2,655 51 r212 r3,029 1,295 215 254 r360 Oct 11,811 6,284 419 67 6,636 1,180 336 2,044 93 216 2,364 1,259 231 264 213 Nov 14,336 7,108 160 33 7,236 778 144 3,547 343 187 4,078 1,606 185 222 374 Dec 16,709 6,407 412 45 6,774 5,637 110 1,908 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 June* 22,649 5,975 3,806 469 9,313 7,514 185 3,293 127 71 277 3,767 1,372 207 303 358 July '12,609 6,040 477 236 6,281 1,071 234 2,745 186 255 3,185 1,439 218 293 r356 Aug 15,172 6,985 333 100 7,219 666 182 4,494 587 249 5,330 1,309 223 224 382 Sept 18,725 5,907 3,623 81 9,449 4,543 265 2,521 123 47 270 2,962 1,272 218 234 313 Budget outlays4 Period Total f t e i N d o n n e a s - - a e l a I f n fa t i l r . s s S e p r a e a r - c c e h A t c u g u r r l- e i- so N u u r r a r e a t - c - l e s m t C r a a o e n r n m d c s - e p . d h e C o m a v u o n e u s m l d n i o n . - p g . E p m d t o a i w a n u o n d c n e a - r - w H e a e l n a fa d lt r h e e V ra e n t- s In e t s e t r - g G e o r e v a n t l - . t I t g i r n o a o a t c n v n r - s a t s . - - 5 Fiscal year: 196 7 158,254 70,081 4,547 5,423 4,376 1,860 7,554 2,616 6,135 37,602 6,897 12,588 2,510 -3,936 196 8 178,833 80,517 4,619 4,721 5,943 1,702 8,047 4,076 7,012 43,508 6,882 13,744 2,561 -4,499 196 9 184,556 81,240 3,785 4,247 6,221 2,129 7,873 1,961 6,825 49,095 7,640 15,791 2,866 -5,117 1970* 196,752 80,253 3,500 3,749 6,484 2,522 9,259 3,113 7,434 56,499 8,684 18,277 3,355 -6,377 1971«6 7200,771 73,583 3,589 3,400 5,364 2,503 8,785 3,781 8,129 65,341 8,475 17,799 4,084 -6,639 Half year: 1968—July-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 July-Dec. 98,930 40,598 1,941 1,841 5,479 1 ,515 4,610 1,826 3,118 26,063 4,148 8,623 1,534 -2,365 1970—Jan.-June; 97,823 39,650 1,560 1 ,909 1 ,009 1 ,011 4,648 1,300 4,317 30,436 4,537 9,654 1,808 -4,012 Month: 1969—Sep t 17,689 '6,835 357 294 1,801 286 785 224 659 4,227 693 1,513 '223 '—209 Oct 17,923 7,267 374 327 1,108 263 964 588 646 4,492 694 1,220 227 -248 Nov 15,466 6,303 443 267 393 188 735 228 391 4,246 710 1,571 253 -263 Dec 15,097 6,833 145 297 385 186 655 224 501 4,450 722 1,515 275 -1,091 1970—Ja n 16,394 6,648 161 290 659 113 713 212 583 4,700 729 1,537 305 -256 Feb 14,894 6,199 298 299 -187 109 571 158 719 4,510 719 1,614 249 -364 Mar 16,548 6,608 312 325 76 181 683 257 532 5,019 801 1,686 312 -242 Apr 18,043 6,806 336 332 107 185 967 281 642 5,996 751 1,631 258 -249 May 16,441 6,516 296 285 144 211 715 99 694 5,207 806 1,563 308 -401 June* 15,503 6,873 157 378 210 212 999 293 1,147 5,004 731 1,623 376 -2,500 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 Sept 17,443 6,374 221 282 44 337 ,231 268 651 5,434 722 1,731 396 -250 1 Old-age, disability, and hospital insurance, and Railroad Retirement 5 Consists of government contributions for employee retirement and accounts. interest received by trust funds. 2 Supplementary medical insurance premiums and Federal employee 6 Estimates presented in 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 • NOVEMBER 1970 GROSS PUBLIC DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues Total End of period p g u r b o l s i s c Marketable Con- Nonmarketable debt 1 Total v i e b r l t e - Sav- Total Bills C c e a r t t e i s fi - Notes Bonds 2 bonds Total 3 bo in n g d s s & notes 1941—Dec. 57.9 50.5 41.6 2.0 6.0 33.6 8.9 1946—Dec. 259.1 233.1 176.6 17.0 30.0 10.1 119.5 56.5 1962—Dec. 303.5 255.8 203.0 48.3 22.7 53.7 78.4 4.0 48.8 1963—Dec. 309.3 261.6 207.6 51.5 10.9 58.7 86.4 3.2 50.7 1964—Dec. 317.9 267.5 212.5 56.5 59.0 97.0 3.0 52.0 1965—Dec. 320.9 270.3 214.6 60.2 50.2 104.2 2.8 52.9 1966—Dec. 329.3 273.0 218.0 64.7 5.9 48.3 99.2 2.7 52.3 1967—Dec. 344.7 284.0 226.5 69.9 61.4 95.2 2.6 54.9 1968—Dec. 358.0 296.0 236.8 75.0 76.5 85.3 2.5 56.7 1969—Oct.. 364.3 294.4 235.0 79.0 85.4 70.6 2.4 56.9 Nov. 368.1 297.0 237.9 81.9 85.4 70.6 2.4 56.6 Dec. 368.2 295.2 235.9 80.6 85.4 69.9 2.4 56.9 1970—Jan.. 367.6 295.5 236.3 81.1 85.4 69.8 2.4 56.8 Feb.. 368.8 295.4 236.0 81.2 91.4 63.4 2.4 57.0 Mar. 372.0 297.9 238.2 83.7 91.4 63.1 2.4 57.3 Apr. 367.2 293.3 234.0 79.7 91.3 63.1 2.4 56.9 May 371.1 295.8 236.6 80.1 93.5 63.0 2.4 56.9 June 370.9 292.7 232.6 76.2 93.5 63.0 2.4 57.7 July. 376.6 298.5 237.8 81.4 93.5 62.9 2.4 58.3 Aug. 380.9 301.4 240.5 81.9 99.9 58.7 2.4 58.5 Sept. 378.7 300.1 239.3 80.7 99.9 58.7 2.4 58.4 Oct.. 380.2 302.9 242.2 83.7 99.8 58.7 2.4 58.3 1 Includes non-interest-bearing debt (of which $630 million on Sept. 30, 1956, tax and savings notes; and before Oct. 1965, Series A investment 1970, was not subject to statutory debt limitation). bonds. 2 Includes Treasury bonds and minor amounts of Panama Canal and 4 Held only by U.S. Govt, agencies and trust funds and the Federal postal saving bonds. home loan banks. 3 Includes (not shown separately): depositary bonds, retirement plan bonds, foreign currency series, foreign series, and Rural Electrification NOTE.—Based on Daily Statement of U.S. Treasury. See also second Administration bonds; before 1954, Armed Forces leave bonds; before paragraph in NOTE to table below. OWNERSHIP OF PUBLIC DEBT (Par value, in billions of dollars) Held by- Held by private investors E pe n r d i o o d f p T g d u r o e b o t b l s a t i s l c ag G t U e a r o n n u .S v c d s t . i t , e s B F a . n R k . s Total m C b e a o r n m c k ia - s l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m u c i e e r - s - r c O a o t t r i h p o e o n r - s g S l a o o t n v c a a d t te s l . Savi I n n g d s i v idu O al t s h er n F a i o t n a i r t o n e e n d i r g a - n l 1 i O m t n o t v i r h s e s c e s . r - 2 funds bonds securities 1939—Dec 41.9 6.1 2.5 33.4 12.7 2.7 5.7 2.0 .4 1.9 7.5 .2 .3 1946—Dec 259.1 27.4 23.4 208.3 74.5 11.8 24.9 15.3 6.3 44.2 20.0 2.1 9.3 1962—Dec 303.5 53.2 30.8 219.5 67.1 6.0 11.5 18.6 20.1 47.0 19.1 15.3 14.8 1963—Dec 309.3 55.3 33.6 220.5 64.2 5.6 11.2 18.7 21.1 48.2 20.0 15.9 15.6 1964—Dec 317.9 58.4 37.0 222.5 63.9 5.5 11.0 18.2 21.1 49.1 20.7 16.7 16.3 1965—Dec 320.9 59.7 40.8 220.5 60.7 5.3 10.3 15.8 22.9 49.7 22.4 16.7 16.7 1966—Dec 329.3 65.9 44.3 219.2 57.4 4.6 9.5 14.9 24.3 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—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 Sept 378.7 95.5 60.0 223.2 56.9 2.9 7.1 10.3 24.0 51.7 31.0 17.4 22.1 1 Consists of investments of foreign and international accounts in The debt and ownership concepts were altered beginning with the the United States. Mar. 1969 BULLETIN. The new concepts (1) exclude guaranteed se- 2 Consists of savings and loan assns., nonprofit institutions, cor- curities and (2) remove from U.S. Govt, agencies and trust funds porate pension trust funds, and dealers and brokers. Also included and add to other miscellaneous investors the holdings of certain are certain Govt, deposit accounts and Govt.-sponsored agencies. Govt.-sponsored but privately-owned agencies and certain Govt, NOTE—Reported data for F.R. Banks and U.S. Govt, agencies deposit accounts. and trust funds; Treasury estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 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 r s y 5 e - a 1 r 0 s 1 y 0 ea -2 r 0 s Total Bills Other All holders: 1967—Dec. 31. 226,476 104,363 69,870 34,493 78,159 18,859 8,417 1968—Dec. 31. 236,812 108,611 75,012 33,599 68,260 35,130 8,396 1969—Dec. 31. 235,863 118,124 80,571 37,553 73,301 20,026 8,358 1970—Aug. 31. 240,511 109,830 81,854 27,976 91,074 18,122 10,506 Sept. 30. 239,330 108,671 80,691 27,980 91,066 18,141 10,502 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 1969—Dec. 31 16,295 2,321 812 1,509 6,006 2,472 2,059 1970—Aug. 31 16,867 2,587 736 1,851 6,803 2,677 2,413 Sept. 30 16,875 2,550 705 1,845 6,833 2,691 2,413 Federal Reserve Banks: 1967—Dec. 31 49,112 31,484 16,041 15,443 16,215 858 178 1968—Dec. 31.... 52,937 28,503 18,756 9,747 12,880 10,943 203 1969—Dec. 31.... 57,154 36,023 22,265 13,758 12,810 7,642 224 1970—Aug. 31.... 59,947 28,587 24,628 3,959 25,269 5,467 235 Sept. 30 59,975 28,390 24,391 3,999 25,400 5,544 244 Held by private investors: 1967—Dec. 31 1968—Dec. 31 168,473 77,670 55,222 22,448 50,877 21,223 6,133 1969—Dec. 31 162,414 79,780 57,494 22,286 54,485 9,912 6,075 1970—Aug. 31 163,697 78,656 56,490 22,166 59,002 9,978 7,858 Sept. 30 162,480 77,731 55,595 22,136 58,833 9,906 7,845 Commercial banks: 1967—Dec. 31. 52,194 18,451 10,415 8,036 26,370 6,386 485 1968—Dec. 31. 53,174 18,894 9,040 9,854 23,157 10,035 611 1969—Dec. 31. 45,173 15,104 6,727 8,377 24,692 4,399 564 1970—Aug. 31. 46,624 15,571 6,708 8,863 26,666 3,536 596 Sept. 30. 45,556 14,917 6,235 8,682 26,374 3,484 527 Mutual savings banks: 1967—Dec. 31... 4,033 716 440 276 1,476 707 267 1968—Dec. 31... 3,524 696 334 362 1,117 709 229 1969—Dec. 31... 2,931 501 149 352 1,251 263 203 1970—Aug. 31... 2,891 516 144 372 1,290 255 415 Sept. 30... 2,849 492 141 351 1,282 259 408 Insurance companies: 1967—Dec. 31... 7,360 815 440 375 2,056 914 1,175 1968—Dec. 31... 6,857 903 498 405 1,892 721 1,120 1969—Dec. 31... 6,152 868 419 449 1,808 253 1,197 1970—Aug. 31... 6,212 1,015 557 458 1,809 384 1,791 Sept. 30... 6,096 868 421 447 1,831 382 1,786 Nonfinancial corporations: 1967—Dec. 31 4,936 3,966 2,897 1,069 898 61 3 1968—Dec. 31 5,915 4,146 2,848 1,298 1,163 568 12 1969—Dec. 31 5,007 3,157 2,082 1,075 1,766 63 12 1970—Aug. 31 4,171 2,816 2,194 622 1,251 61 38 Sept. 30 2,938 1,501 1,013 488 1,287 100 42 Savings and loan associations: 1967—Dec. 31 4,575 1,255 718 537 1,767 811 281 1968—Dec. 31 4,724 1,184 680 504 1,675 1,069 346 1969—Dec. 31 3,851 808 269 539 1,916 357 329 1970—Aug. 31 3,614 655 235 420 2,086 203 357 Sept. 30 3,494 606 216 390 2,031 204 349 State and local governments: 1967—Dec. 31 14,689 5,975 4,855 1,120 2,224 937 1,557 1968—Dec. 31 13,426 5,323 4,231 1,092 2,347 805 1,404 1969—Dec. 31 13,909 6,416 5,200 1,216 2,853 524 1,225 1970—Aug. 31 12,902 5,682 4,732 950 3,264 670 1,431 Sept. 30 12,723 5,688 4,642 1,046 3,178 668 1,429 All others: 1967—Dec. 31. 1968—Dec. 31. 80,853 46,524 37,591 8,933 19,526 7,316 2,411 1969—Dec. 31. 85,391 52,926 42,648 10,278 20,199 4,053 2,545 1970—Aug. 31. 87,283 52,401 41,920 10,481 22,636 4,869 3,230 Sept. 30. 88,824 53,659 42,927 10,732 22,850 4,809 3,304 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 5,720 commercial banks, 494 mutual savings agencies and certain Govt, deposit accounts have been removed from U.S. banks, and 747 insurance companies combined; (2) about 50 per cent by Govt, agencies and trust funds and added to "All others." Comparable data the 468 nonfinancial corporations and 488 savings and loan assns.; and are not available for earlier periods. (3) about 70 per cent by 503 State and local govts. Data complete for U.S. Govt, agencies and trust funds and F.R. Banks "All others," a residual, includes holdings of all those not reporting but for other groups are based on Treasury Survey data. Of total mar- in the Treasury Survey, including investor groups not listed separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 44 U.S. GOVERNMENT SECURITIES a NOVEMBER 1970 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer UUU...SSS... GGGooovvvttt... PPPeeerrriiioooddd aaagggeeennncccyyy TToottaall Dealers ari d brokers ssseeecccuuurrriiitttiiieeesss Within 1-5 5-10 Over Com- All 1 year years years 10 years U s . e S c . u r G it o ie v s t , Other m b e a r n c k ia s l other 1969—Sept 2,442 2,017 290 101 34 1,009 80 835 520 342 Oct 2,725 2,209 364 111 41 1,145 99 1,006 474 460 Nov 2,439 2,114 225 60 40 920 87 913 518 414 Dec 2,551 2,162 281 55 54 1,029 98 965 460 381 1970—Jan 2,385 2,058 233 58 36 971 92 922 402 410 Feb 2,936 2,302 421 176 36 1,332 124 1,043 437 513 Mar 2,681 2,238 298 114 31 1,208 92 921 460 501 Apr 2,046 1,801 160 59 27 887 70 665 424 387 May 2,164 1,685 337 106 36 868 73 717 506 378 June 2,146 1,867 190 59 29 728 68 820 529 414 July 2,395 2,073 200 96 27 832 77 914 573 447 Aug.. 2,121 1,578 372 146 25 722 74 820 505 398 Sept 2,500 2,041 293 137 28 878 90 931 602 403 Week ending— 1970—Sept. 2 1,898 1,526 239 111 22 545 79 765 510 386 9 1,911 1,597 193 101 19 593 87 699 532 208 16 2,664 2,147 351 140 26 951 87 894 733 431 23 3,037 2,437 375 189 38 1,182 100 1,098 657 629 30 2,364 1,999 231 105 29 804 82 1,016 463 339 Oct. 7 2,290 1,937 228 96 30 874 72 835 510 582 14 2,795 2,401 237 136 21 1,039 114 1,104 538 459 21 2,509 2,261 130 95 22 936 96 962 515 451 28 3,336 2,548 444 314 30 1,209 148 1,391 589 523 NOTE.—The transactions data combine market purchases and sales of sales of securities under repurchase agreement, reverse repurchase (resale) U.S. Govt, securities dealers reporting to the F.R. Bank of New York. or similar contracts. Averages of daily figures based on the number of They do not include allotments of, and exchanges for, new U.S. Govt, trading days in the period. securities, redemptions of called or matured securities, or purchases or DEALER POSITIONS DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity Commercial banks UU..SS.. GGoovvtt,, All Corpora- All PPeerriioodd ma t A i t e l u l s r i- W y i e t 1 a h r i n y 1 ea -5 r s y 5 e - a 1 r 0 s y O e 1 v a 0 e r r s aa ssee gg tt cc ee ii uu ee nn ss rr cc ii yy -- sources Y N C o e it r w y k w E h ls e e r - e tions i other 1969—Sept 2,313 1,936 162 181 34 496 1969—Sep t 2,586 771 564 470 781 Oct 2,389 1,903 256 193 37 512 Oct 2.226 462 392 520 852 Nov 3,451 3,158 155 106 30 606 Nov 3,692 1,050 712 856 1,073 Dec 3,607 3,266 205 100 35 564 Dec 3,689 1,036 651 884 1,119 1970—Jan 2,908 2,869 -2 22 20 529 1970—Ja n 3,075 907 469 792 907 Feb 3,182 2,464 374 330 14 559 Feb 2,995 660 504 650 1,180 Mar 3,667 3,116 248 285 17 731 Mar 3,719 958 943 588 1,229 Apr 4,507 4,228 107 164 8 705 Apr 4,922 1,293 1,373 546 1,710 May 2,668 1,886 461 306 16 654 May 2,898 637 830 466 964 June 2,199 1,859 111 227 2 615 June 2,310 422 626 421 842 July 3,267 3,102 -18 171 13 828 July 3,214 855 770 518 1,071 Aug 4,474 3,389 454 604 27 819 Aug 4,900 1,526 1,168 834 1,373 Sept 4,020 3,326 246 433 16 724 Sept 4,220 1,164 1,456 449 1,152 Week ending— Week ending— 1970—Aug. 5 4,707 4,474 -2 216 19 913 1970—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 1,167 704 995 Sept. 2 4,672 • 3,739 369 541 23 756 Sept. 2. 4,787 1,507 1,401 709 1,171 9 4,403 3,578 325 485 15 646 9. 4,510 1,278 1,534 582 1,115 16 3,932 3,274 240 409 9 660 16. 4,311 989 1,515 421 1,386 23 3,427 2,800 208 400 19 804 23. 3,802 1,132 1,326 414 931 30 4,115 3,501 185 410 19 789 30. 4,135 1,199 1,427 335 1,175 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

NOVEMBER 1970 • GOVERNMENT SECURITIES A 45 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, OCTOBER 31, 1970 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. O No ct v . . 3 5 1 , , 1 1 9 9 7 7 0 0 . . 3 1 . , 1 5 1 0 2 4 A A p p r r . . 8 1 , , 1 19 9 7 7 1 1 1 1 . . 4 4 0 0 1 2 F F e e b b . . 1 1 5 5 , , 1 1 9 9 7 7 2 2 1 4y ft 4 2 3 , , 0 3 0 6 6 2 S D e e p c t . . 1 1 5 5 , , 1 1 9 9 6 6 7 7 - - 7 7 2 2 . . . . 2 2 % ^ 2 1 , , 5 95 7 1 0 N N o o v v . . 1 1 9 2 , , 1 1 9 9 7 7 0 0 . . 3 3 . , 1 1 0 0 7 2 A Ap p r r . . 2 1 2 5 , , 1 1 9 9 7 7 1 1 1 1 , , 4 4 0 0 1 4 A M p a r y . 1 1 5 , , 1 1 9 9 7 7 2 2 4 li % /2 5,31 3 0 4 N A o u v g . . 1 1 5 5 , , 1 1 9 9 7 7 1 1 3 4 % 2 2 , , 7 80 6 5 0 Nov. 27, 1970. 3,092 Apr. 22, 19711 • • • 2,261 Oct. 1, 1972 11/2 33 Feb. 15, 1972 4 2.344 N De o c v . . 30 3 , , 1 1 9 9 7 7 0 0 . . 3 1 . ,5 1 0 0 1 8 A A p p r r . . 2 3 9 0 , , 1 1 9 9 7 7 1 1 1 1 . ,4 7 0 0 1 0 A M p a r y . 15 1 , , 1 1 9 97 7 3 3 i \ y y 4 2 5,84 3 2 4 A A u u g g . . 1 1 5 5 , , 1 1 9 9 7 7 3 2 4 4 2 3 , , 5 8 7 9 9 4 Dec. 10, 1970. 3,108 May 31, 1971 1.701 Aug. 15, 1973 SVs 1,839 Nov. 15, 1973 41/s 4.345 D D D e e e c c c . . . 2 3 1 4 7 1 , , , 1 1 1 9 9 9 7 7 7 0 0 0 . . . 4 3 3 , , , 6 1 1 0 0 0 7 8 4 J J J u u u n l n y e e 2 3 3 2 0 1 , , , 1 1 1 9 9 9 7 7 7 1 1 1 f.. . 2 1 1 , , . 5 2 7 1 0 0 5 2 2 A O Fe p c b t r . . . 1 1 5 1 , , , 1 1 1 9 9 9 7 7 7 3 4 4 1 i 1 1 y / % 4 2 3,14 3 3 2 4 0 N M Fe o a b v y . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 7 7 7 4 4 4 3 4 4 % y y 4 8 2 3 3 , , , 5 2 1 8 3 2 1 9 7 Jan. 7, 1971 . 3.113 Aug. 31, 1971 1,204 Aug. 15, 1974 5 y8 10,284 May 15, 1975-85.. 414 1,213 Jan. 14, 1971 . 3,107 Sept. 30, 1971 .... 1 ,202 Oct. 1, 1974 I1/2 42 June 15, 1978-83..314 1,544 Jan. 21, 1971 . 3,101 Nov. 15, 1974 5y4 3,981 Feb. 15, 1980 4 2,593 Jan. 28, 1971. , 3,101 Feb. 15, 1975 5 y4 5,148 Nov. 15, 1980 3ft 1,905 J F a e n b . . 3 4 1 , , 1 1 9 9 7 7 1 1 . . 1 1 , , 3 50 0 3 0 Treasury notes A M p a r y . 15 1 , , 1 1 9 9 7 7 5 5 1 6 1 /2 6,760 8 M Au a g y . 1 1 5 5 , , 1 19 9 8 8 5 7 -92.. 4 3 1 y 4 4 3 1 , , 8 0 1 7 1 6 Feb. 11, 1971. 1,303 Nov. 15, 1970 5 7,675 Oct. 1, 1975 U/i 1 Feb. 15, 1988-93.. 4 248 Feb. 18, 1971. 1,298 Feb. 15, 1971 5 3/g 2,509 Feb. 15, 1976 6% 3,739 May 15, 1989-94.. 4% 1,554 F F e e b b . . 2 2 5 8 , , 1 19 9 7 7 1 1 . . , 1 1 , , 4 7 0 0 3 0 A Fe p b r . . 1 1 5 , , 1 1 9 9 7 7 1 1 7 U y A 4 2,92 3 4 5 A M u a g y . 1 1 5 5 , , 1 1 9 9 7 7 6 6 6 ll i / / i 2 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 ft 4 1 , , 7 2 5 6 5 9 M M a a r r . . 1 4 1 , , 1 1 9 9 7 7 1 1 . . 1 1, , 4 4 0 0 5 0 M M a a y y 1 1 5 5 , , 1 1 9 9 7 7 1 1 8 5 y4 4 4 , , 2 1 6 7 5 6 F A e u b g . . 1 1 5 5 , , 1 1 9 9 7 7 7 7 8 i y 4 5 2, , 2 1 6 6 3 3 Nov. 15, 1998 31/2 4,039 Mar. 18, 1971. 1,402 Aug. 15, 1971 8 X 2,257 M M M a a a r r r . . . 2 2 3 2 5 1 , , , 1 1 1 9 9 9 7 7 7 1 1 1 f . . 2 1 1 , , 5 7 ,3 1 0 9 7 2 5 O N N c o o t v v . . . 1 1 5 5 1 , , , 1 1 1 9 9 9 7 7 7 1 1 1 5 i U 3 y / / 4 g 2 10 1 , , 7 7 4 3 7 3 4 2 Tr J M e u as a n u r e r . y 1 1 5 5 b , , o n 1 1 d 9 9 s 6 6 6 7 - - 7 7 1 2 . . . . 2 2 1 i / / 2 2 , , 2 2 3 1 6 9 Co I A n n p v v e r e r . s t t i m b 1 l e e , n t b 1 o S 9 n e 7 d r 5 s ie - s 8 0 B .. iy4 t Tax-anticipation series. NOTE.—Direct public issues only. Based on Daily Statement of U.S. Treasury. NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Total Use of proceeds Period amount deliv- Special ered3 Total G o e b a n l l e i - r- R n e u v e e - HAA1 G l U o o a . v S n t . s , State di s a s t t n a r d t i . c t Other2 Total c E a d ti u o - n b R r a o id 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 t i e s d * 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 "iio 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 5,013 477 334 842 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 •,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 1,359 3,596 4,926 11,638 3,252 1,432 1,734 543 4,884 1969—Sept.. 559 361 106 49 43 100 130 329 559 161 6 75 70 245 Oct.. , 1,280 898 357 24 482 270 526 1,275 379 40 265 69 523 Nov.. 886 489 358 33 5 102 360 422 885 216 168 138 47 318 Dec.. 816 679 134 3 340 192 286 816 211 221 97 289 1970—Jan... 1,340 838 495 7 311 500 529 1,326 319 91 305 6 608 Feb... 1,214 901 302 12 346 264 604 1,209 406 59 238 14 442 Mar.. 1,551 1,084 459 7 434 390 727 1,545 393 206 227 85 662 Apr... 1,646 1,215 416 15 468 343 833 1,646 472 167 292 12 703 May.. 995 675 312 8 254 311 430 986 299 30 367 11 278 June.. 1,070 642 416 12 165 376 529 1,070 523 60 146 7 335 July.. 1,306 1,038 264 4 559 214 532 1,306 261 129 132 4 780 Aug... 1,342 858 479 5 331 516 494 1 ,342 396 135 189 4 615 Sept... 1,728 1,194 525 9 534 530 663 1,728 486 137 234 21 849 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 • NOVEMBER 1970 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues1 Noncorporate Corporate Period Bonds Stock Total G U o . v S t . . 2 a G g U e o . n v S c t . y . 3 and S U t l . a o S t c . e al4 Other 5 Total Total P o u ff b e l r ic e l d y P p ri l v a a c t e e d l y Preferred Common 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 ,817 24,798 21,954 14,990 6,964 885 1,959 196 8 65,562 18,025 7,666 16,374 ,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—July. 5,014 421 940 1,052 124 2,478 1,889 1,279 609 40 553 Aug. 3,314 377 600 794 117 1,427 944 685 259 72 410 Sept. 3,958 353 587 531 60 2,427 1,701 1,222 479 74 652 Oct.. 5,420 440 1,782 1,254 11 1,933 1,282 969 313 20 630 Nov. 4,069 300 450 853 92 2,374 1,390 1,164 226 83 902 Dec. 4,440 380 650 812 65 2,531 1,860 1,346 514 32 640 1970—Jan.. 6,144 413 1,648 1,314 133 2,636 2,120 1,595 525 60 456 Feb.. 6,003 416 2,523 1,198 63 1,802 1,334 1,068 266 50 417 Mar. 6,799 461 1,201 1,504 94 3,539 2,385 1,914 471 90 1,064 Apr. 5,891 387 700 1,625 9 3,170 2,469 2,022 448 67 634 May 9,548 3,701 950 974 14 3,909 3,441 3,041 399 69 399 June 6,985 819 1,693 1,058 27 3,389 2,368 1,931 436 222 436 July. 5,774 405 1,107 1,310 304 2,648 2,068 1,831 236 86 494 Gross proceeds, major groups of corporate issuers Period Manufacturing C m om is m ce e l r la c n ia e l o u a s n d Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e a l Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks 196 2 2,880 404 622 274 573 14 2,279 562 1,264 43 1,397 457 196 3 3,202 313 676 150 948 9 2,259 418 953 152 2,818 313 196 4 2,819 228 902 220 944 38 2,139 620 669 ,520 3,391 466 196 5 4,712 704 1,153 251 953 60 2,332 604 808 139 3,762 514 196 6 5,861 1,208 1,166 257 1,856 116 3,117 549 1,814 189 1,747 193 196 7 9,894 1,164 1,950 117 1,859 466 4,217 718 1,786 193 2,247 186 196 8 5,668 1,311 1,759 116 1,665 ,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—July. 636 238 133 177 122 4 446 47 286 266 123 Aug. 284 77 37 161 48 6 354 153 122 4 99 82 Sept. 501 124 142 209 181 9 413 131 230 43 233 210 Oct.. 115 144 95 202 52 16 676 69 120 225 219 Nov. 286 167 183 242 137 5 422 201 156 45 207 326 Dec. 420 181 190 193 140 6 497 103 255 22 358 166 1970—Jan.. 690 121 172 165 330 10 557 81 229 4 141 134 Feb., 314 43 65 122 163 7 417 123 216 10 160 163 Mar. 882 533 110 200 262 613 293 286 20 231 108 Apr. 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 July. 544 32 231 170 208 624 219 143 316 151 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

NOVEMBER 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 1,382 3,117 2,008 598 1,410 IV 7,473 2,109 5,364 4,710 1,609 3,101 2,763 500 2,263 1970—1. . 7,272 2,185 5,086 4,987 1,507 3,480 2,285 679 1,606 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 te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks 196 5 2,606 -570 614 -70 185 -1 1,342 96 644 518 2,707 -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 III. 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) Month Sales i Re t d io e n m s p- s N al e e t s Total 2 po C si a ti s o h n Other Sales i Re t d io e n m s p- s N al e e t s Total 2 po C si a ti s o h n 3 Other 1958. 1,620 511 1,109 13,242 634 12,608 1969—Sept.. 442 235 207 48,882 4,393 44,489 1959. 2,280 786 1,494 15,818 860 14,958 Oct... 564 269 295 50,915 4,572 46,343 1960. 2,097 842 1,255 17,026 973 16,053 Nov.. 417 277 140 49,242 4,079 38,163 Dec.. 522 301 221 48,291 3,846 44,445 1961 . 2,951 1,160 1,791 22,789 980 21,809 1962. 2,699 1,123 1,576 21,271 1,315 19,956 1970—Jan... 523 303 220 44,945 3,959 40,986 1963. 2,460 1,504 952 25,214 1,341 23,873 Feb.. 407 249 158 48,202 4,209 43,993 Mar.. 451 289 162 47,915 4,046 43,869 1964. 3,404 1,875 1,528 29,116 1,329 27,787 Apr.. 371 306 65 42,785 3,909 38,876 1965. 4,359 1,962 2,395 35,220 1.803 33,417 May. 304 300 4 39,824 4,042 35,782 1966. 4,671 2,005 2,665 34,829 2,971 31,858 June. 364 197 167 38,459 4,396 34,230 July.. 306 193 113 40,714 4,817 35,897 1967. 4,670 2,745 1,927 44,701 2,566 42,135 Aug.' 311 167 144 42,452 4,794 37,658 1968. 6,820 3,841 2,979 52,677 3,187 49,490 Sept.. 357 218 139 44,353 4,593 39,760 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 • NOVEMBER 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 Nond D u i r v a id b e le n ds g oods industries (78 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;ii8 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 Dura D b i l v e i g d o en od d s s industries (99 corps.):3 2,527 2,729 3,027 3,082 3,289 743 751 763 825 812 808 820 849 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: Food9 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

NOVEMBER 1970 • BUSINESS FINANCE A 49 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t r e a o f x o f e i r s t e s c ta o 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 n b o u d f t i it e s s - d co c a n a t l s i p l o o u i n w t m a - l p - Quarter P b t r e a o f x o f e i r s t e s c ta o I x n m e - e s P t a r a f o x t f e e i r s t s d C d e i a n v s d i h - s t U p ri r n b o d u f t i i t s e s - d co c a n t a l i s l p o o u n i w t m a - l p ances! ances * 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 I Includes depreciation, capital outlays charged to current accounts, and NOTE.—Dept. of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities 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 rr ee iiee nn ss -- OOtthheerr TToottaall FF iinn ee cc dd oo ee mm rraa ee ll OOtthheerr ttiieess G U o . v S t . , i Other G U o . v S t . , i 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 G a o s t her nn CC ii oo cc mm aatt mm iioonn uu ss -- OOtthheerr ii aa (( rr nn SS aa nn .. tt AA uu 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 1970? 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 Ill2 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; excludes agriculture, real estate operators, medical, legal, educational, and cultural service, and nonprofit organizations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 50 REAL ESTATE CREDIT • NOVEMBER 1970 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Farm Nonfarm Other 1- to 4-family houses4 Multifamily and Mortgage holders2 commercial properties' type 6 EEE ppp nnn eeerrr ddd iii ooo ooo ddd fff hh AA ee oo rr ll ll dd ss ll -- tt FF uu ii tt nn ii cc nn ii ii ss oo aa aa tt nn ll ii nn -- ss -- 11 a U c g i . e e S n s . - v o I i t a d n h n u d e d a i r - l s s hh AA ee oo rr ll ll ss dd ll -- tt FF uu ii tt nn ii cc nn ii ii ss oo aa aa tt nn ll ii nn -- ss -- 11 OO hh ee oo tt rr hh ll ss dd ee 33 -- rr hh AA ee oo rr ll ll dd ss ll -- Total tu F i t n i i n s o a t n i n - s . 1 O h e o t r h ld s e - r Total tu F i t n i i n s o a t n i n - s . 1 O h e o t r h l s d e r - F w u H V n ri d A A t e t — - e r n - t C v io e o n n n a - - l 1941 , 37.6 20.7 4.7 12.2 6.4 1.5 4.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 3.0 28.2 1945 35.5 21.0 2.4 12.1 4.8 1.3 3.4 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.3 26.5 1964 300.1 241.0 11.4 47.7 18.9 7.0 11.9 281.2 197.6 170.3 27.3 83.6 63.7 19.9 77.2 204.0 1965 325.8 264.6 12.4 48.7 21.2 7.8 13.4 304.6 212.9 184.3 28.7 91.6 72.5 19.1 81.2 223.4 1966 347.4 280.8 15.8 50.9 23.3 8.4 14.9 324.1 223.6 192.1 31.5 100.5 80.2 20.3 84.1 240.0 1967* 370.2 298.8 18.4 53.0 25.5 9.1 16.3 344.8 236.1 201.8 34.2 108.7 87.9 20.9 88.2 256.6 1968* 397.5 319.9 21.7 55.8 27.5 9.7 17.8 370.0 251.2 213.1 38.1 118.7 97.1 21.6 92.8 277.2 1968—1*... 375.8 302.6 19.6 53.5 26.0 9.3 16.7 349.8 239.1 203.7 35.4 110.6 89.6 21.0 89.4 260.4 II*.. 382.9 308.1 20.6 54.2 26.7 9.6 17.1 356.1 243.2 206.7 36.5 112.9 91.8 21.2 90.7 265.4 III*. 389.8 313.5 21.1 55.1 27.2 9.6 17.5 362.6 247.0 209.7 37.3 115.6 94.1 21.5 92.0 270.6 IV*. 397.5 319.9 21.7 55.8 27.5 9.7 17.8 370.0 251.2 213.1 38.1 118.7 97.1 21.6 92.8 277.2 1969—1*... 403.7 324.7 22.6 56.4 28.1 9.8 18.3 375.7 254.8 216.0 38.8 120.9 98.9 21.9 94.5 281.2 II*.. 411.7 331.0 23.4 57.1 28.8 10.1 18.7 382.9 259.5 219.9 39.5 123.4 101.0 22.4 96.6 286.3 III*. 418.7 335.7 24.9 58.1 29.2 10.1 19.1 389.5 263.4 222.5 40.9 126.0 103.1 22.9 98.5 291.0 IV*. 425.3 339.1 26.8 59.4 29.5 9.9 19.6 395.9 266.8 223.6 43.2 129.0 105.5 23.5 100.2 295.7 1970—I.... 429.3 340.6 28.5 60.1 29.8 9.8 20.0 399.5 268.5 223.7 44.8 131.0 107.1 23.9 101.9 297.9 II*.. 435.6 344.4 30.1 61.2 30.3 9.8 20.5 405.2 271.7 225.6 46.1 133.5 109.0 24.5 103.2 302.3 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 : Mutual savings bank holdings 2 Residential Residential End of period Other Other Total non- non- Farm FHA- VA- Con- farm FHA- VA- Con- farm Total in- guar- ven- in- guar- vensured anteed tional sured anteed tional 1941 4,906 3,292 1,048 566 4,812 3,884 900 28 1945 4,772 3,395 856 521 4,208 3,387 797 24 196 4 43,976 28,933 7,315 2.742 18,876 12,405 2,638 40,556 36,487 12,287 11,121 13,079 4,016 53 196 5 49,675 32,387 7,702 2,688 21,997 14,377 2,911 44,617 40,096 13,791 11,408 14.897 4,469 52 196 6 54,380 34,876 7,544 2,599 24,733 16,366 3,138 47,337 42,242 14,500 11,471 16,272 5,041 53 196 7 59,019 37,642 7,709 2,696 27,237 17,931 3,446 50,490 44,641 15,074 11,795 17,772 5,732 117 196 8 65,696 41,433 7,926 2,708 30,800 20,505 3,758 53,456 46,748 15,569 12,033 19,146 6,592 117 1967—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—1.. 60,119 38,157 7,694 2,674 27,789 18,396 3,566 51,218 45,171 15,179 11,872 18,120 5,931 116 II. 61,967 39,113 7,678 2,648 28,787 19,098 3.756 51,793 45,570 15,246 11,918 18,406 6,108 115 Ill 63,779 40,251 7,768 2,657 29,826 19,771 3.757 52,496 46,051 15,367 11,945 18,739 6,329 116 IV. .65,696 41,433 7,926 2,708 30,800 20,505 3.758 53,456 46,748 15,569 12,033 19,146 6,592 117 1969—1.. 67,146 42,302 7,953 2,711 31,638 20,950 3,894 54,178 47,305 15,678 12,097 19,530 6,756 117 II. 69,079 43,532 8,060 2.743 32,729 21,459 4,088 54,844 47,818 15,769 12,151 19.898 6,908 117 Ill 70,336 44,331 8,065 2,793 33,470 21,924 4,081 55,359 48,189 15,813 12,169 20,207 7,053 117 IV. 70,705 44,573 7,960 2,663 33,950 22,113 4,019 56,138 48,682 15,862 12,166 20,654 7,342 114 1970—1.. 70,854 44,568 7 2,496 34,184 22,248 4,038 56,433 48,892 15,865 12,144 20,883 7,427 114 HP 71,291 44,845 7,800 2,575 34,469 22,392 4,054 56,961 49,291 15,916 12,150 21,225 7,556 114 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

NOVEMBER 1970 • REAL ESTATE CREDIT A 51 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total Total in F s H ur A e - d a g n V u t A a e r e - - d Other J Farm Total Total in F s H ur A e - d a g n V u t A a e r e - - d Other 1945 976 6,637 5,860 1,394 4,466 196 2 7,478 6,859 1,355 469 5,035 619 46,902 43,502 10,176 6,395 26,931 196 3 9,172 8,306 1,598 678 6,030 866 50,544 46,752 10,756 6,401 29,595 196 4 10,433 9,386 1,812 674 6,900 ,047 55,152 50,848 11,484 6,403 32,961 196 5 11,137 9,988 1,738 553 7,697 ,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—Aug.. 532 495 44 13 438 37 71,250 65,388 11,824 5,799 47,765 Sept.. 576 553 41 14 498 23 71,429 65,564 11,797 5,775 47,992 Oct.. 688 663 47 9 607 25 71,569 65.766 11,777 5,744 48,245 Nov.. 464 446 39 8 399 18 71,710 65,915 11,762 5,720 48,433 Dec.. 803 774 48 718 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 Apr.. 524 493 31 458 31 72,793 67,121 11,621 5,609 49,891 May. 521 502 39 454 19 72,982 67,320 11,606 5,583 50,131 June. 549 522 25 492 27 73,165 67,498 11,569 5,556 50,373 July. , 551 531 50 476 20 73,352 67,687 11,561 5,528 50,598 Aug.. 472 458 31 419 14 73,427 67.767 11,526 5,499 50,742 1 Include mortgage loans secured by land on which oil drilling or the end-of-Dec. figures may differ from end-of-year figures because (1) extracting operations are in process. monthly figures represent book value of ledger assets, whereas year-end figures represent annual statement asset values, and (2) data for year-end NOTE.—Institute of Life Insurance data. For loans acquired, the adjustments are more complete. Beginning 1970 monthly and year ago monthly figures may not add to annual totals; and for loans outstanding data are on a statement balance basis. MORTGAGE ACTIVITY OF SAVINGS AND FEDERAL HOME LOAN BANKS LOAN ASSOCIATIONS (In millions of dollars) (In millions of dollars) Advances outstanding Loans made Loans outstanding (end of period) (end of period) Period Ad- Repayvances ments h N o e m w e Home FHA- VA- Con- Total t S e h r o m r t- i t L er o m 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 19 9 6 6 4 5 5 5 , , 5 0 6 0 5 7 4 5 , , 3 0 3 2 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 20,122 4,243 9,604 121,805 5,791 6,351 109,663 21,983 4,916 11,215 130,802 6,658 7,012 117,132 1969—Aug. 630 139 7,544 6,872 672 21,832 4,756 11,244 140,209 7,910 7,653 124,646 Sept. 451 55 7,940 7,273 667 Oct.. 637 138 8,439 7,779 660 1,728 377 936 138,618 7,694 7,570 123,354 Nov. 552 189 8,802 7,946 856 1,698 365 862 139,226 7,770 7,600 123,865 Dec. 564 77 9,289 8,434 855 1,330 286 652 139,676 7,822 7,616 124,238 1,508 300 687 140,209 7,910 7,653 124,646 1970—Jan.. 708 145 9,852 8,744 1,108 Feb.. 384 299 9,937 8,717 1,220 1,064 220 530 140,345 7,937 7,669 124,739 Mar. 136 388 9,745 8,501 1,243 1,042 223 502 140,568 8,000 7,680 124.888 Apr. 393 278 9,860 7,721 2,138 1,262 284 585 140,766 8,092 7,677 124,997 May, 240 92 10,008 7,031 2,997 1,400 325 627 141,252 8,184 7,712 125,356 June 299 71 10,236 7,002 3,234 1,586 373 741 141,975 8,325 7,761 125.889 July. 243 106 10,373 2,086 398 1,017 143,103 8,579 7,862 126,662 Aug. 179 106 10,446 2,080 393 1,071 143,103 8,579 7,862 126,662 Sept. 204 125 10,524 3,477 7,047 2,111 369 1,147 145,296 9,011 8,050 128,434 2,169 384 1,095 146,424 9,232 8,111 129,081 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. 1 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 • NOVEMBER 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 e r r s Total F i i n c n i s a a t l i n - - h O ol t d h e e r r s EEnndd ooff ppeerriioodd TToottaall Total FH in A - - g V u A ar - - tt vv iioo ee nn nn aa -- ll tutions tutions sured anteed i 1 1 9 9 4 4 1 5 2 2 4 4. . 3 2 1 1 4 5 . . 9 7 9 8 . . 4 6 5 5 . . 9 7 3 3. . 5 6 2 2. . 2 2 1 19 9 6 5 3 4 1 1 8 8 2 . . 6 2 6 4 5 . . 3 9 3 4 5 . . 1 0 30. . 9 2 1 1 1 4 6 . . 3 3 196 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 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 I I 288.5 242.7 45.8 45.3 35.9 9.4 II I 293.3 246.4 46.9 46.2 36.7 9.5 1968—1 239.1 81.0 48.1 32.9 158.1 I V 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— 1 312.7 265.8 55.9 53.2 42.1 11.1 IV 266.8 90.1 54.5 35.6 176.9 Hp.. .. 326.2 268.7 57.5 54.5 43.1 11.4 1970—1 268.5 91.6 55.6 36.0 177.1 IIP 271.7 92.1 56.1 36.0 179.9 i Structures of five or more units. NOTE.—Based on data from same source as for "Mortgage Debt Out- 1 Includes outstanding amount of VA vendee accounts held by private standing" table (second preceding page). investors under repurchase agreement. NOTE.—For total debt outstanding, figures are FHLBB and F.R. estimates. For conventional, figures are derived. Based on data from Federal Home Loan Bank Board, Federal Housing Admin., and Veterans Admin. GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE (In millions of dollars) DELINQUENCY RATES ON HOME MORTGAGES FHA-insured VA-guaranteed (Per 100 mortgages held or serviced) Mortgages Mortgages Period Prop- Pro- erty Loans not in foreclosure h N o e m w e s h is E o t m i x n - e g s jects 1 m pr i e m o n v - t e s - 2 Total 3 h N om ew e s h is o E t m i x n - e g s EEnndd ooff ppeerriioodd but delinquent for— LL cc oo ll ff oo aa oo ss nn rr uu ss ee rr -- ee iinn Total 30 days 60 days o 9 r 0 m da o y r s e 1945 665 257 217 20 171 192 196 4 8,130 1,608 4,965 895 663 2,846 1,023 1,821 1963 3.30 2.32 .60 .38 .34 196 5 8,689 1,705 5,760 591 634 2,652 876 1,774 1964 3.21 2.35 .55 .31 .38 196 6 7,320 1,729 4,366 583 641 2,600 980 1,618 196 7 7,150 1,369 4,516 642 623 3,405 1,143 2,259 1965 3.29 2.40 .55 .34 .40 196 8 8,275 1,572 4,924 1,123 656 3,774 1,430 2,343 1966 3.40 2.54 .54 .32 .36 196 9 9,129 1,551 5,570 1,316 693 4,072 1,493 2,579 1967 3.47 2.66 .54 .27 .32 1968 3.17 2.43 .51 .23 .26 1969—June. 787 121 475 134 58 308 99 209 1969 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... 91 160 553 140 59 397 148 249 Nov. 705 131 430 90 55 328 125 203 1967—1 3.04 2.17 .56 .31 .38 Dec.. 793 148 448 146 50 317 134 183 II 2.85 2.14 .45 .26 .34 Ill.... 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—1 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. Ill.... 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—1 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 (chiefly), commercial banks, savings banks, and savings and loan associations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1970 • REAL ESTATE CREDIT A 53 GOVERNMENT NATIONAL MORTGAGE FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY ASSOCIATION ACTIVITY (In millions of dollars) (In millions of dollars) Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage holdings transactions commitments holdings transactions commitments (during (during End of period) End of period) period period Total F su H in r A e - d - a g n V u t A a e r e - - d c P ha u s r e - s Sales d p M u er r a i i d o n e d g st O i a n n u g d t - Total F su H in r A e - d - a g V n u t A a e r e - - d c P ha u s r e - s Sales d p M u er r a i i d o n e d g st O i a n n u g d t - 196 6 2,667 2,062 604 620 371 491 196 6 4,396 3,345 1,051 2,081 1,920 214 196 7 3,348 2,756 592 860 1,045 1,171 196 7 5,522 4,048 1,474 1,400 12 1,736 501 196 8 4,220 3,569 651 1,089 867 1,266 196 8 7,167 5,121 2.046 1,944 2,697 1,287 196 9 4,820 4,220 600 827 615 1,130 196 9 10,950 7,680 3,270 4,121 6,630 3,539 1969-Sept.. 4,614 4,001 613 41 1,237 1969-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 Sept.. 5,109 4,546 563 27 57 795 Sept.. 14,807 10,499 4,308 406 718 4,800 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 1966. 6.25 6.41 6.40 6.38 1967. 6.46 6.52 6.53 6.55 In millions of dollars In per cent 1968. 6.97 7.03 7.12 7.21 1969. 7.81 7.82 7.99 8.26 1969—Sept., 8.05 8.08 8.25 8.40 1970—May 11.. 269.2 102.2 26.0 63.2 13.0 9.04 9.07 9.13 Oct.. 8.13 8.13 8.30 8.48 18.. 300.2 136.3 32.3 86.4 17.5 9.11 9.13 9.18 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—Jan.. . . 8.34 8.29 8.55 15.. 249.7 127.9 34.2 86.7 7.0 9.27 9.30 9.31 Feb.... 8.41 8.41 8.55 9.29 29.. 156.3 98.9 30.6 56.5 11.8 9.32 9.33 9.34 Mar.. . 8.47 8.43 8.55 9.20 Apr 8.41 8.34 8.55 9.10 July 13.. 286.2 113.3 24.9 72.9 15.3 9.20 9.21 9.22 May... 8.45 8.34 8.55 9.11 27.. 323.8 150.4 37.0 91.0 22.3 9.10 9.12 9.12 June... 8.48 8.36 8.55 9.16 July. .. 8.49 8.37 8.60 9.11 Aug. 3.. 441.3 180.1 41.4 91.0 47.8 9.03 9.03 9.04 Aug.. . 8.52 8.41 8.60 9.07 24.. 492.8 215.1 48.9 124.4 41.9 9.03 9.03 9.03 Sept. f. 8.49 8.40 8.50 9.01 Oct.*.. 8.50 8.97 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 NOTE.—Annual data are averages of monthly figures. The Oct. 5.. 267.5 149.8 62.2 73.1 14.5 8.90 8.92 8.97 FHA data are based on opinion reports submitted by field offices 19.. 352.5 149.7 53.2 88.1 8.4 8.89 8.90 8.95 on prevailing local conditions as of the first of the succeeding month. Yields on FHA-insured mortgages are derived from Nov. 2.. 341.5 181.2 100.0 62.4 18.7 8.90 8.93 8.93 weighted averages of private secondary market prices for Sec. 203, 30-year mortgages with minimum downpayment and an assumed prepayment at the end of 15 years. Gaps in the data NOTE.—Implicit secondary market yields are gross—before deduction of 50are due to periods of adjustment to changes in maximum per- basis-point fee paid for mortgage servicing. They reflect the average accepted bid missible contract interest rates. The FHA series on average price for Govt.-underwritten mortgages after adjustment by Federal Reserve contract interest rates on conventional first mortgages in primary to allow for FNMA commitment fees and FNMA stock purchase and holding markets are unweighted and are rounded to the nearest 5 basis requirements, assuming a prepayment period of 15 years for 30-year loans. Compoints. The FHLBB effective rate series reflects fees and charges mitments for 12-18 months are for new homes only. as well as contract rates (as shown in the table on conventional If total accepted is shown in parenthesis, it indicates FNMA announced limit first mortgage terms, p. A-35) and an assumed prepayment at before the "auction" date. end of 10 years. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 54 CONSUMER CREDIT • NOVEMBER 1970 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Other Repair Auto- consumer and mod- Personal Single- Charge Service Total mobile goods ernization loans Total payment accounts credit paper paper loans i loans 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1950 21,471 14,703 6,074 4,799 1,016 2,814 6,768 1,821 3,367 1,580 1955 38,830 28,906 13,460 7,641 1,693 6,112 9,924 3,002 4,795 2,127 1960 56,141 42,968 17,658 11,545 3,148 10,617 13,173 4,507 5,329 3,337 196 4 80,268 62,692 24,934 16,333 3,577 17,848 17,576 6,874 6,195 4,507 196 5 90,314 71,324 28,619 18,565 3,728 20,412 18,990 7,671 6,430 4,889 196 6 97,543 77,539 30,556 20,978 3,818 22,187 20,004 7,972 6,686 5,346 196 7 102,132 80,926 30,724 22,395 3,789 24,018 21,206 8,428 6,968 5,810 196 8 113,191 89,890 34,130 24,899 3,925 26,936 23,301 9,138 7,755 6,408 196 9 122,469 98,169 36,602 27,609 4,040 29,918 24,300 9,096 8,234 6,970 1969—Sept. 118,008 95,356 36,321 25,732 4,096 29,207 22,652 9,075 7,005 6,572 Oct.. 118,515 95,850 36,599 25,855 4,084 29,312 22,665 9,025 7,085 6,555 Nov. 119,378 96,478 36,650 26,223 4,076 29,529 22,900 9,000 7,238 6,662 Dec. 122,469 98,169 36,602 27,609 4,040 29,918 24,300 9,096 8,234 6,970 1970—Jan.. 121,074 97,402 36,291 27,346 3,991 29,774 23,672 9,092 7,539 7,041 Feb. 120,077 96,892 36,119 26,987 3,970 29,816 23,185 9,074 6,789 7,322 Mar. 119,698 96,662 36,088 26,814 3,951 29,809 23,036 9,054 6,645 7,337 Apr. 120,402 97,104 36,264 26,850 3,960 30,030 23,298 9,102 6,900 7,296 May 121,346 97,706 36,455 27,055 4,003 30,193 23,640 9,159 7,273 7,208 June 122,542 98,699 36,809 27,303 4,040 30,547 23,843 9,239 7,473 7,131 July. 123,092 99,302 36,918 27,538 4,081 30,765 23,790 9,254 7,509 7,027 Aug. 123,655 99,860 36,908 27,801 4,104 31,047 23,795 9,294 7,508 6,993 Sept. 123,907 100,142 36,738 28,055 4,123 31,226 23,765 9,316 7,489 6,960 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 and Dec. 1968 BULLETIN, pp. 983-1003. NOTE.—Consumer credit estimates cover loans to individuals for household, family, and other personal expenditures, except real estate mortgage INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets End of period Total Com- Mis- Auto- Other Total mercial Finance Credit cellaneous mobile retail banks cos. 1 unions lenders 1 dealers 2 outlets 1939 4,503 3,065 1,079 1,836 132 1,438 123 1,315 1941 6,085 4,480 1,726 2,541 198 15 1,605 188 1,417 1945 2,462 1,776 745 910 102 19 686 28 658 1950 14,703 11,805 5,798 5,315 590 102 2,898 287 2,611 1955 28,906 24,398 10,601 11,838 1,678 281 4,508 487 4,021 1960 42,968 36,673 16,672 15,435 3,923 643 6,295 359 5,936 196 4 62,692 53,898 25,094 21,641 6,340 823 8,794 329 8,465 196 5 71,324 61,533 28,962 24,282 7,324 965 9,791 315 9,476 196 6 77,539 66,724 31,319 26,091 8,255 1,059 10,815 277 10,538 196 7 80,926 69,490 32,700 26,734 8,972 1,084 11,436 285 11,151 196 8 89,890 77,457 36,952 29,098 10,178 1,229 12,433 320 12,113 196 9 98,169 84,982 40,305 31,734 11,594 1,349 13,187 336 12,851 1969—Sept. 95,356 83,440 39,793 30,975 11,347 1,325 11,916 336 11,580 Oct.. 95,850 83,949 40,006 31,185 11,438 1,320 11,901 338 11,563 Nov. 96,478 84,301 40,047 31,390 11,491 1,373 12,177 337 11,840 Dec. 98,169 84,982 40,305 31,734 11 ,594 1 ,349 13,187 336 12,851 1970—Jan.. 97,402 84,531 40,144 31,571 11,468 1,348 12,871 333 12,538 Feb.. 96,892 84,393 39,990 31,538 11,459 1,406 12,499 331 12,168 Mar. 96,662 84,308 39,956 31,433 11 ,533 1,386 12,354 331 12,023 Apr., 97,104 84,802 40,245 31 ,537 11,644 1 ,376 12,302 332 11,970 May 97,706 85,335 40,515 31,595 11,778 1 ,447 12,371 333 12,038 June, 98,699 86,311 40,979 31,862 12,030 1,440 12,388 336 12,052 July. 99,302 86,876 41,703 31,561 12,141 1 ,471 12,426 337 12,089 Aug. 99,860 87,315 41,934 31,588 12,292 1,501 12,545 337 12,208 Sept. 100,142 87,471 42,051 31,510 12,409 1,501 12,671 337 12,334 1 Finance companies consist of those institutions formerly classified 2 Automobile paper only; other instalment credit held by automobile as sales finance, consumer finance, and other finance companies. Mis- dealers is included with "other retail outlets." cellaneous lenders include savings and loan associations, and mutual See also NOTE to table above. savings banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1970 • CONSUMER CREDIT A 55 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY FINANCE COMPANIES (In millions of dollars) (In millions of dollars) E p n e d ri o o d f Total ch P a A u s r u e - d t p o a m pe o r D b i i l r e e ct s g O p c u o a t o m o h p n d e e e - r r s r m i R z l o a o e a d n a p t e i d n a o r s i n n r - s l P o o a e n r n a - s l End of period Total m A pa o u p b t e o il r - e s O g p c u o a t o m o h p n d e e e - r r s r m i R z lo o a e a d a n p ti n e d a o r s i n r n - s l P o o a e n r n a - s l 1 1 1 9 9 9 4 4 3 1 5 9 1 1 , , 7 0 7 2 7 4 6 9 5 4 2 4 3 6 7 7 6 3 1 1 3 7 4 8 8 3 3 1 1 0 1 6 9 4 6 1 1 1 6 3 1 1 5 0 4 3 3 7 6 1 1 3 2 1 1 1 9 9 9 4 4 3 1 5 9 2 1 , , 5 8 9 4 3 1 1 6 0 ,4 2 9 3 0 3 8 2 2 1 1 4 9 3 0 4 4 2 1 6 0 5 2 4 1 7 6 6 0 0 1 5 6 9 1 1 1 9 9 9 5 5 6 5 0 0 1 1 5 0 6 , , , 7 6 6 9 0 7 8 2 1 5 3 1 , , , 3 1 2 1 7 4 6 7 3 2 2 1 , , , 0 8 2 6 2 9 2 0 4 2 2 1 , , , 7 0 4 5 4 5 9 6 2 2 1 , , 2 3 8 3 0 3 8 0 4 3 1 1 , , , 5 0 9 3 1 7 7 6 7 1 1 1 9 9 9 5 5 6 5 0 0 1 1 5 5 1 , , , 3 4 8 1 3 3 5 5 8 , , , 1 7 1 5 0 0 7 3 8 2 1 , , 5 4 6 5 4 9 3 8 2 1 4 7 8 2 3 0 5 1 3 , , , 0 3 2 8 0 4 6 6 0 1 1 1 1 1 1 9 9 9 9 9 9 6 6 6 6 6 6 9 6 7 4 8 5 4 2 2 3 3 3 0 5 8 6 2 1 , , , , , , 3 3 9 0 9 7 0 1 6 5 0 9 5 9 2 2 0 4 1 1 1 1 1 8 2 0 2 1 0 , , , , , , 6 9 2 7 2 0 9 2 1 0 8 2 1 7 3 9 4 4 5 7 7 6 4 5 , , , , , , 1 2 9 6 6 7 0 6 5 2 5 3 5 7 6 0 9 4 7 4 5 6 4 3 , , , , , , 4 6 1 1 0 6 1 8 2 6 6 7 5 1 6 6 0 0 2 2 2 2 2 2 , , , , , , 7 5 7 6 6 4 5 7 1 2 4 5 1 1 9 9 7 7 9 7 7 5 6 8 , , , , , , 7 0 7 8 3 5 5 1 3 5 5 4 1 1 5 5 7 2 1 1 1 1 1 1 9 9 9 9 9 9 6 6 6 6 6 6 9 6 7 4 5 8 2 2 2 2 2 3 6 9 1 6 4 1 , , , , , , 0 6 0 7 2 7 9 4 9 3 8 3 1 1 8 4 2 4 1 1 9 9 9 8 0 1 , , , , , , 8 5 4 6 2 0 8 3 0 0 7 5 9 8 3 0 9 3 4 5 5 5 6 3 , , , , , , 1 4 7 4 9 5 7 2 7 7 9 1 1 5 5 9 9 4 2 2 1 1 1 1 4 9 2 1 0 5 8 1 4 3 6 4 1 1 1 1 1 9 4 1 2 0 0 , , , , , , 0 0 5 7 8 2 1 6 6 0 3 4 5 1 3 7 3 0 1969— D O N S e o c e c p t v . . t . . . . . . . . . . . . 4 4 4 3 0 0 0 9 , , , , 3 0 0 7 0 4 0 9 5 7 6 3 1 1 1 1 2 2 2 2 , , , , 8 9 8 7 8 1 6 8 3 4 4 4 7 7 7 7 . , , , 6 5 5 6 1 9 4 2 8 7 3 0 7 7 6 7, , , , 4 0 1 9 1 2 0 2 5 3 0 9 2 2 2 2, , , , 7 8 7 7 5 0 9 7 1 8 8 9 9 9 9 9 , , , , 7 6 6 6 3 6 4 7 5 7 9 4 1969— N D S O e e o c p c t v t . . . . . 3 3 3 3 1 1 1 0 , , , , 1 9 7 3 8 7 3 9 5 5 4 0 1 1 1 1 1 1 1 0 , , , , 0 0 0 8 4 0 5 7 1 7 3 2 6 6 6 6 , , , . 4 4 5 4 5 1 1 6 1 1 4 0 1 1 1 1 0 0 0 1 7 8 6 0 1 1 1 1 4 3 3 3 , , , , 0 6 7 5 6 1 8 8 1 9 2 2 1970— J J A S A F M M J u u e e u p a a p a n l b g n r y y t r e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 4 4 4 4 4 3 3 2 0 1 0 0 1 0 9 9 , , , , , , , , , 0 5 2 9 7 9 9 1 9 5 1 4 7 0 5 3 4 9 1 5 5 9 3 6 4 4 0 1 1 1 1 1 1 1 1 1 2 3 2 2 2 2 2 2 2 , , , , , , , , , 9 5 0 8 5 6 6 5 6 8 8 0 9 5 0 8 5 6 1 5 2 0 2 0 4 0 0 7 7 7 7 7 7 7 7 7 , , , , . , , , , 7 6 5 5 7 5 5 7 7 3 5 3 9 4 6 3 2 3 5 9 8 8 8 9 3 2 4 7 7 7 7 7 7 8 8 8 , , , , , , , , , 8 6 4 5 1 2 4 0 4 2 6 6 7 8 6 7 7 7 8 7 3 8 6 3 8 2 4 2 2 2 2 2 2 2 2 2 , , , , , , , , , 7 6 7 6 7 7 6 7 7 3 9 8 5 8 0 7 1 7 1 1 5 5 3 5 8 4 0 1 1 1 1 9 9 9 9 9 0 0 0 0 , , , , , , , , , 7 7 3 7 9 8 1 2 0 8 2 1 0 0 4 0 5 1 1 5 2 7 8 4 9 2 8 1970— J J A S J F M A M u u a e e u p a a p n n l b g r y r y t e . . . . . . . . 3 3 3 3 3 3 3 3 3 1 1 1 1 1 1 1 1 1 , , , , , , , , , 5 5 5 5 5 5 5 4 8 6 7 8 9 3 3 3 1 6 1 1 8 5 7 8 3 0 2 1 1 1 1 1 1 1 1 1 0 1 0 0 0 0 0 0 0 , , , , , , , , , 7 6 0 8 7 9 9 9 9 7 1 7 4 7 3 0 9 6 1 9 3 9 6 2 8 0 4 6 6 6 6 6 6 6 6 6 , , , , . , , , , 5 5 5 5 4 4 4 5 5 1 0 6 2 8 7 9 2 6 5 5 8 9 9 8 9 3 0 1 1 1 1 9 9 9 9 9 0 0 0 0 4 8 6 9 4 1 6 2 3 1 1 1 1 1 1 1 1 1 4 4 4 3 4 4 3 4 4 , , , , , , , , , 1 0 1 2 9 2 9 0 0 3 0 9 2 6 3 8 0 0 1 1 5 9 6 3 6 9 4 See NOTE to first table on preceding page. NOTE.—Finance companies consist of those institutions formerly classified as sales finance, consumer finance, and other finance companies. INSTALMENT CREDIT HELD BY OTHER NONINSTALMENT CREDIT FINANCIAL LENDERS (In millions of dollars) (In millions of dollars) Single- Other Repair payment Charge accounts Auto- con- and Per- loans End of period Total mobile sumer modern- sonal paper goods ization loans Total Service paper loans End of period Com- Other credit mer- finan- Retail Credit cial cial outlets cardsi 1939 150 27 5 12 106 banks insti- 1941 213 47 9 11 146 tutions 1945 121 16 4 10 91 1950 692 159 40 102 391 1939 2,719 625 162 1,414 518 1955 1,959 560 130 313 956 1941 3,087 693 152 1,645 597 1960 4,566 1,460 297 775 2,034 1945 3,203 674 72 1,612 845 196 4 7,163 2,577 423 872 3,291 1950 6,768 1,576 245 3,291 76 1,580 196 5 8,289 3,036 498 933 3,822 1955 9,924 2,635 367 4,579 216 2,127 196 6 9,314 3,410 588 980 4,336 1960 13,173 3,884 623 4,893 436 3,337 196 7 10,056 3,707 639 1,006 4,704 196 8 11,407 4,213 727 1,093 5,374 196 4 17,576 5,950 924 5,587 608 4,507 196 9 12,943 4,809 829 1,183 6,122 196 5 18,990 6,690 981 5,724 706 4,889 196 6 20,004 6,946 1,026 5,812 874 5,346 1969—Sept. 12,672 4,706 812 1,178 5,976 196 7 21,206 7,340 1,088 5,939 1,029 5,810 Oct.. 12,758 4,743 818 1,178 6,019 196 8 23,301 7,975 1,163 6,450 1,305 6,408 Nov. 12.864 4,771 823 1,190 6,080 196 9 24,300 7,900 1,196 6,650 1,584 6,970 Dec. 12,943 4,809 829 1,183 6,122 1969—Sept.. . 22,652 7,882 1,193 5,448 1,557 6,572 1970—Jan.. 12,816 4.761 821 1,171 6,063 Oct.... 22,665 7,837 1,188 5,568 1,517 6,555 Feb. 12.865 4.762 822 1,176 6,105 Nov.. . 22,900 7,795 1,205 5,685 1,553 6,662 Mar. 12,919 4,791 826 1,171 6,131 Dec.... 24,300 7,900 1,196 6,650 1,584 6,970 Apr. 13,020 4,835 834 1,174 6,177 May 13,225 4,897 845 1,199 6,284 1970—Jan.... 23,672 7,887 1,205 5,932 1,607 7,041 June 13,470 4,998 863 1,211 6,398 Feb.... 23,185 7,857 1,217 5,210 1,579 7,322 July. 13,612 5,049 872 1,230 6,461 Mar.. . 23,036 7,843 1,211 5,062 1,583 7,337 Aug. 13,793 5,110 881 1,240 6,562 Apr— 23,298 7,892 1,210 5,289 1,611 7,296 Sept. 13,910 5,158 890 1,246 6,616 May... 23,640 7,925 1,234 5,633 1,640 7,208 June... 23,843 8,005 1,234 5,765 1,708 7,131 July... 23,790 8,005 1,249 5,727 1,782 7,027 NOTE.—"Other financial lenders" consist of credit unions and mis- Aug.... 23,795 8,041 1.253 5,664 1,844 6,993 cellaneous lenders. Sept.... 23,765 8,062 1.254 5,617 1,872 6,960 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 • NOVEMBER 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 e r mode R r e n p iz a a ir t io a n n d l oans Personal loans PPeerriioodd S.A.i N.S.A. S.A.i 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———SSSeeeppp ttt 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 SSSeeepppttt 8,849 8888888,,,,,,,555555588888880000000 2,621 2222222,,,,,,,444444400000002222222 3,071 3333333,,,,,,,000000099999997777777 186 111111199999994444444 2,971 2222222,,,,,,,888888888888887777777 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———SSSeeeppp ttt 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 SSSeeepppttt 8,490 8888888,,,,,,,222222299999998888888 2,599 2222222,,,,,,,555555577777772222222 2,913 2222222,,,,,,,888888844444443333333 174 111111177777775555555 2.804 2222222,,,,,,,777777700000008888888 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—Sep t 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 Sept 359 222222288888882222222 22 -------111111177777770000000 158 222222255555554444444 12 11111119999999 167 111111177777779999999 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

NOVEMBER 1970 • CONSUMER CREDIT A 57 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Other financial Total Commercial banks Finance companies lenders 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 22222222222222,,,,,,,999999977777772222222 8888888,,,,,,,444444433333338888888 11111113333333,,,,,,,333333311111110000000 1965 77777778888888,,,,,,,555555588888886666666 22222229999999,,,,,,,555555522222228888888 22222225555555,,,,,,,111111199999992222222 9999999,,,,,,,444444433333336666666 11111114444444,,,,,,,444444433333330000000 1966 88888882222222,,,,,,,333333333333335555555 33333330000000,,,,,,,000000077777773333333 22222225555555,,,,,,,444444400000006666666 11111110000000,,,,,,,333333366666662222222 11111116666666,,,,,,,444444499999994444444 1967 88888884444444,,,,,,,666666699999993333333 33333330000000,,,,,,,888888855555550000000 22222225555555,,,,,,,444444499999996666666 11111110000000,,,,,,,999999911111111111111 11111117777777,,,,,,,444444433333336666666 1968 99999997777777,,,,,,,000000055555553333333 33333336666666,,,,,,,333333333333332222222 22222228888888,,,,,,,888888833333336666666 11111112222222,,,,,,,888888855555550000000 11111119999999,,,,,,,000000033333335555555 1969 111111100000002222222,,,,,,,888888888888888888888 33333338888888,,,,,,,555555533333333333333 33333330000000,,,,,,,888888855555554444444 11111114444444,,,,,,,222222244444445555555 11111119999999,,,,,,,222222255555556666666 111999666999———SSSeeeppp ttt 8,669 8888888,,,,,,,444444488888885555555 3,292 3333333,,,,,,,222222200000003333333 2,562 2222222,,,,,,,444444499999990000000 1,210 1111111,,,,,,,111111188888886666666 1,605 1111111,,,,,,,666666600000006666666 OOOcccttt 8,661 8888888,,,,,,,777777799999997777777 3,298 3333333,,,,,,,333333344444446666666 2,646 2222222,,,,,,,666666688888889999999 1,213 1111111,,,,,,,111111188888881111111 1,504 1111111,,,,,,,555555588888881111111 NNNooovvv 8,632 8888888,,,,,,,111111177777773333333 3,213 2222222,,,,,,,888888844444445555555 2,635 2222222,,,,,,,555555511111118888888 1,146 1111111,,,,,,,000000088888880000000 1,638 1111111,,,,,,,777777733333330000000 DDDeeeccc 8,344 11111110000000,,,,,,,000000099999996666666 3,179 3333333,,,,,,,333333300000002222222 2,374 3333333,,,,,,,000000000000008888888 1,170 1111111,,,,,,,222222233333330000000 1,621 2222222,,,,,,,555555555555556666666 111999777000———JJJaaa nnn 8,521 7777777,,,,,,,444444499999990000000 3,047 2222222,,,,,,,777777755555551111111 2,565 2222222,,,,,,,111111177777779999999 1,175 1111111,,,,,,,000000000000001111111 1,734 1111111,,,,,,,555555555555559999999 FFFeeebbb 8,625 7777777,,,,,,,111111100000006666666 3,167 2222222,,,,,,,777777733333335555555 2,510 2222222,,,,,,,111111122222225555555 1,198 1111111,,,,,,,000000033333338888888 1,750 1111111,,,,,,,222222200000008888888 8,392 8888888,,,,,,,222222244444443333333 3,193 3333333,,,,,,,222222200000006666666 2,439 2222222,,,,,,,333333399999991111111 1,122 1111111,,,,,,,111111144444444444444 1,638 1111111,,,,,,,555555500000002222222 AAAppprrr 8,491 8888888,,,,,,,777777777777773333333 3,208 3333333,,,,,,,444444455555550000000 2,502 2222222,,,,,,,555555588888881111111 1,198 1111111,,,,,,,222222222222229999999 1,583 1111111,,,,,,,555555511111113333333 MMMaaayyy 9,004 8888888,,,,,,,888888855555557777777 3,291 3333333,,,,,,,333333344444441111111 2,639 2222222,,,,,,,555555500000003333333 1,252 1111111,,,,,,,333333300000009999999 1,822 1111111,,,,,,,777777700000004444444 JJJuuunnneee 8,683 9999999,,,,,,,555555533333334444444 3,262 3333333,,,,,,,666666644444443333333 2,616 2222222,,,,,,,999999911111112222222 1,233 1111111,,,,,,,444444400000007777777 1,572 1111111,,,,,,,555555577777772222222 JJJuuulllyyy 9,065 9999999,,,,,,,444444499999997777777 3,382 3333333,,,,,,,666666699999997777777 2,590 2222222,,,,,,,777777733333331111111 1,365 1111111,,,,,,,444444411111118888888 1,728 1111111,,,,,,,666666655555551111111 AAAuuuggg 8,809 8888888,,,,,,,999999911111115555555 3,308 3333333,,,,,,,333333388888885555555 2,427 2222222,,,,,,,444444411111116666666 1,235 1111111,,,,,,,333333311111118888888 1,839 1111111,,,,,,,777777799999996666666 SSSeeepppttt 8,849 8888888,,,,,,,555555588888880000000 3,417 3333333,,,,,,,333333355555552222222 2,441 2222222,,,,,,,333333300000000000000 1,265 1111111,,,,,,,222222211111112222222 1,726 1111111,,,,,,,777777711111116666666 Repayments 111999666444 66666663333333,,,,,,,444444477777770000000 22222222222222,,,,,,,999999977777771111111 22222220000000,,,,,,,888888888888888888888 7777777,,,,,,,555555511111114444444 11111112222222,,,,,,,000000099999997777777 1965 66666669999999,,,,,,,999999955555557777777 22222225555555,,,,,,,666666666666663333333 22222222222222,,,,,,,555555555555551111111 8888888,,,,,,,333333311111110000000 11111113333333,,,,,,,444444433333333333333 1966 77777776666666,,,,,,,111111122222220000000 22222227777777,,,,,,,777777711111116666666 22222223333333,,,,,,,555555599999997777777 9999999,,,,,,,333333333333337777777 11111115555555,,,,,,,444444477777770000000 1967 88888881111111,,,,,,,333333300000006666666 22222229999999,,,,,,,444444466666669999999 22222224444444,,,,,,,888888855555553333333 11111110000000,,,,,,,111111166666669999999 11111116666666,,,,,,,888888811111115555555 1968 88888888888888,,,,,,,000000088888889999999 33333332222222,,,,,,,000000088888880000000 22222226666666,,,,,,,444444477777772222222 11111111111111,,,,,,,444444499999999999999 11111118888888,,,,,,,000000033333338888888 1969 99999994444444,,,,,,,666666600000009999999 33333335555555,,,,,,,111111188888880000000 22222228888888,,,,,,,222222211111118888888 11111112222222,,,,,,,777777700000009999999 11111118888888,,,,,,,555555500000002222222 111999666999———SSSeeeppp ttt 7,971 7777777,,,,,,,888888866666661111111 2,919 2222222,,,,,,,999999944444442222222 2,434 2222222,,,,,,,333333366666661111111 1,054 1111111,,,,,,,000000044444446666666 1,564 1111111,,,,,,,555555511111112222222 OOOcccttt 7,992 8888888,,,,,,,333333300000003333333 2,986 3333333,,,,,,,111111133333333333333 2,408 2222222,,,,,,,444444477777779999999 1,064 1111111,,,,,,,000000099999995555555 1,534 1111111,,,,,,,555555599999996666666 NNNooovvv 8,012 7777777,,,,,,,555555544444445555555 3,020 2222222,,,,,,,888888800000004444444 2,393 2222222,,,,,,,333333311111113333333 1,070 999999977777774444444 1,529 1111111,,,,,,,444444455555554444444 DDDeeeccc 7,929 8888888,,,,,,,444444400000005555555 2,977 3333333,,,,,,,000000044444444444444 2,339 2222222,,,,,,,666666666666664444444 1.064 1111111,,,,,,,111111155555551111111 1,549 1111111,,,,,,,555555544444446666666 111999777000———JJJaaa nnn 8,141 8888888,,,,,,,222222255555557777777 2,962 2222222,,,,,,,999999911111112222222 2,431 2222222,,,,,,,333333344444442222222 1,086 1111111,,,,,,,111111122222228888888 1,662 1111111,,,,,,,888888877777775555555 FFFeeebbb 8,207 7777777,,,,,,,666666611111116666666 3,101 2222222,,,,,,,888888888888889999999 2,368 2222222,,,,,,,111111155555558888888 1,099 999999988888889999999 1,639 1111111,,,,,,,555555588888880000000 MMMaaarrr 8.194 8888888,,,,,,,444444477777773333333 3,119 3333333,,,,,,,222222244444440000000 2,389 2222222,,,,,,,444444499999996666666 1.065 1111111,,,,,,,000000099999990000000 1,621 1111111,,,,,,,666666644444447777777 AAAppprrr 8.195 8888888,,,,,,,333333333333331111111 3,081 3333333,,,,,,,111111166666661111111 2,415 2222222,,,,,,,444444477777777777777 1,117 1111111,,,,,,,111111122222228888888 1,582 1111111,,,,,,,555555566666665555555 MMMaaayyy 8,589 8888888,,,,,,,222222255555555555555 3,170 3333333,,,,,,,000000077777771111111 2,574 2222222,,,,,,,444444444444445555555 1,173 1111111,,,,,,,111111100000004444444 1,672 1111111,,,,,,,666666633333335555555 JJJuuunnneee 8,242 8888888,,,,,,,555555544444441111111 3,041 3333333,,,,,,,111111177777779999999 2,548 2222222,,,,,,,666666644444445555555 1,087 1111111,,,,,,,111111166666662222222 1,566 1111111,,,,,,,555555555555555555555 JJJuuulllyyy 8,622 8888888,,,,,,,888888899999994444444 3,264 3333333,,,,,,,333333388888888888888 2,580 2222222,,,,,,,666666611111117777777 1,184 1111111,,,,,,,222222277777776666666 1,594 1111111,,,,,,,666666611111113333333 AAAuuuggg 8,577 8888888,,,,,,,333333355555557777777 3,185 3333333,,,,,,,111111155555554444444 2,507 2222222,,,,,,,333333388888889999999 1,158 1111111,,,,,,,111111133333337777777 1,727 1111111,,,,,,,666666677777777777777 SSSeeepppttt 8,490 8888888,,,,,,,222222299999998888888 3,249 3333333,,,,,,,222222233333335555555 2,482 2222222,,,,,,,333333377777778888888 1,127 1111111,,,,,,,000000099999995555555 1,632 1111111,,,,,,,555555599999990000000 Net change in credit outstanding 2 111999666444 7777777,,,,,,,222222200000000000000 3333333,,,,,,,000000066666665555555 2222222,,,,,,,000000088888884444444 999999922222224444444 1111111,,,,,,,111111122222227777777 1965 8888888,,,,,,,666666622222229999999 3333333,,,,,,,888888866666665555555 2222222,,,,,,,666666644444441111111 1111111,,,,,,,111111122222226666666 999999999999997777777 1966 6666666,,,,,,,222222211111115555555 2222222,,,,,,,333333355555557777777 1111111,,,,,,,888888800000009999999 1111111,,,,,,,000000022222225555555 1111111,,,,,,,000000022222224444444 1967 . . . .. 3333333,,,,,,,333333388888887777777 1111111,,,,,,,333333388888881111111 666666644444443333333 777777744444442222222 666666622222221111111 1968 8888888,,,,,,,999999966666664444444 4444444,,,,,,,222222255555552222222 2222222,,,,,,,333333366666664444444 1111111,,,,,,,333333355555551111111 999999999999997777777 1969 8888888,,,,,,,222222277777779999999 3333333,,,,,,,333333355555553333333 2222222,,,,,,,666666633333336666666 1111111,,,,,,,555555533333336666666 777777755555554444444 1969—Sep t 698 666666622222224444444 373 222222266666661111111 128 111111122222229999999 156 111111144444440000000 41 99999994444444 Oct 669 444444499999994444444 312 222222211111113333333 238 222222211111110000000 149 88888886666666 -30 -------11111115555555 Nov. 620 666666622222228888888 193 44444441111111 242 222222200000005555555 76 111111100000006666666 109 222222277777776666666 Dec 415 1111111,,,,,,,666666699999991111111 202 222222255555558888888 35 333333344444444444444 106 77777779999999 72 1111111,,,,,,,000000011111110000000 1970—Ja n 380 -------777777766666667777777 85 -------111111166666661111111 134 -------111111166666663333333 89 -------111111122222227777777 72 -------333333311111116666666 Feb 418 -------555555511111110000000 66 -------111111155555554444444 142 -------33333333333333 99 44444449999999 111 -------333333377777772222222 Mar 198 -------222222233333330000000 74 -------33333334444444 50 -------111111100000005555555 57 55555554444444 17 -------111111144444445555555 Apr 296 444444444444442222222 127 222222288888889999999 87 111111100000004444444 81 111111100000001111111 1 -------55555552222222 May 415 666666600000002222222 121 222222277777770000000 65 55555558888888 79 222222200000005555555 150 66666669999999 June 441 999999999999993333333 221 444444466666664444444 68 222222266666667777777 146 222222244444445555555 6 11111117777777 July 443 666666600000003333333 533 777777722222224444444 -405 -------333333300000001111111 181 111111144444442222222 134 33333338888888 Aug 232 555555555555558888888 123 222222233333331111111 -80 22222227777777 77 111111188888881111111 112 111111111111119999999 Sept 359 222222288888882222222 168 111111111111117777777 -41 -------77777778888888 138 111111111111117777777 94 111111122222226666666 1 Includes adjustments for differences in trading days. changes in their outstanding credit. Such transfers do not affect total 2 Net changes in credit outstanding are equal to extensions less re- instalment credit extended, repaid, or outstanding. payments, except in certain months when data for extensions and repayments have been adjusted to eliminate duplication resulting from NOTE.—"Other financial lenders" include credit unions and miscellaneous large transfers of paper. In those months the differences between ex- lenders. See also NOTE to preceding table and footnote 1 at bottom of tensions and repayments for some particular holders do not equal the p. A-54. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 58 INDUSTRIAL PRODUCTION: S.A. • NOVEMBER 1970 MARKET GROUPINGS (1957-59= 100) 19 p 5 r 7 o - - 59 11996699 1969 1970 Grouping portion age Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.r Sept. Total index 100.00 172.8 173.9 173.1 171.4 171.1 170.4 170.5 171.1 170.2 169.0 168.8 169.2 169.0 166.1 Final products, total 47.35 170.8 172.2 170.9 168.4 168.5 168.5 169.9 169.7 168.5 167.7 167.1 166.8 166.6 163.1 Consumer goods 32.31 162.5 162.8 161.2 160.5 160.7 161.5 162.4 162.0 163.2 163.2 162.8 163.5 164.1 160.4 Equipment, including defense.... 15.04 188.6 192.4 191.9 185.6 185.2 183.6 186.2 186.3 179.9 177.3 176.3 173.7 171.9 169.0 Materials 52.65 174.6 176.0 175.4 174.6 173.9 172.5 171.5 171.7 171.9 170.4 171.2 171.4 171.2 168.7 Consumer goods Automotive products 3.21 173.2 176.6 172.8 168.0 160.9 155.3 154.8 160.0 158.4 166.4 170.3 172.8 167.5 132.8 Autos 1.82 162.8 169.9 164.0 153.8 141.6 132.9 127.6 138.4 136.1 156.0 163.0 163.8 163.3 108.5 Auto parts and allied products 1.39 186.8 185.4 184.4 186.7 186.2 184.9 190.7 188.5 187.8 180.1 179.9 184.7 173.1 164.8 Home goods and apparel 10.00 159.3 156.7 156.2 150.9 151.0 152.3 153.6 154.5 155.0 153.0 153.2 155.4 155.9 153.6 Home goods 4.59 184.0 181.2 179.5 166.7 166.8 169.6 174.8 179.4 180.0 178.4 177.7 182.5 183.7 179.0 Appliances, TV, and radios 1.81 180.2 176.5 175.2 142.2 140.1 149.0 168.6 178.1 178.9 182.6 178.8 192.3 198.6 189.9 Appliances 1.33 192.4 188.2 187.2 147.8 151.0 162.5 186.5 199.1 206.7 213.9 201.4 218.4 223.7 212.8 TV and home radios .47 145.6 143.6 141.3 126.2 109.6 111.0 118.2 119.1 100.3 94.2 115.2 118.8 127.8 125.5 Furniture and rugs 1.26 180.3 177.9 175.7 176.0 175.0 173.8 169.2 170.3 170.6 165.5 164.9 165.2 164.9 165.0 Miscellaneous home goods... 1.52 191.5 189.4 187.8 188.2 191.7 190.5 186.7 188.4 189.0 184.1 186.9 185.0 181.5 177.7 Apparel, knit goods, and shoes. 5.41 138.5 135.9 136.4 137.5 137.7 137.6 135.7 133.4 133.8 131.4 132.4 132.4 132.4 Consumer staples 19.10 162.4 163.7 161.8 164.2 165.7 167.3 168.2 166.2 168.4 168.0 166.6 166.3 167.8 168.6 Processed foods 8.43 136.6 137.9 132.3 136.5 137.0 138.7 139.5 139.6 140.2 141.1 137.9 138.7 142.2 114422..22 Beverages and tobacco 2.43 146.8 152.6 148.9 145.0 149.6 151.7 154.6 146.1 150.1 142.2 142.6 141.9 144.7 Drugs, soap, and toiletries 2.97 209.0 208.6 210.4 213.2 217.0 217.6 217.9 216.5 218.6 219.6 217.4 217.4 213.9 'ii4.'7 Newspapers, magazines, and books. 1.47 147.1 149.8 147.1 148.9 149.7 147.7 147.6 146.1 146.0 146.9 147.6 142.9 143.1 141.7 Consumer fuel and lighting 3.67 199.6 198.6 203.9 206.0 206.0 210.0 210.3 207.2 212.6 212.3 213.7 212.8 213.5 Fuel oil and gasoline 1.20 144.6 146.1 150.9 152.7 148.4 150.3 146.5 150.3 152.1 149.7 153.0 148.2 148.9 148.8 Residential utilities 2.46 226.3 224.2 229.8 232.0 234.1 239.1 241.5 235.0 242.1 242.8 243.3 244.3 245.0 Electricity 1.72 224499..77 224455..33 225522..99 225555..66 225588..22 226644..77 226677..55 225577..77 226677..55 226688..11 226688..11 226699..11 226699..77 Gas ..7744 Equipment Business equipment 11.63 195.6 200.4 200.9 194.4 193.8 192.8 196.9 198.0 193.0 188.7 188.0 186.1 184.2 181.1 Industrial equipment 6.85 179.1 183.9 182.9 174.4 176.3 175.0 184.9 186.8 182.1 175.8 175.2 174.6 173.4 170.3 Commercial equipment 2.42 220.0 222.9 224.9 223.3 223.6 223.0 222.4 225.0 223.4 220.4 220.4 218.3 214.2 210.3 Freight and passenger equipment... 1.76 246.7 251.9 254.5 252.8 240.9 239.5 231.8 226.1 215.4 216.8 213.8 207.3 205.5 200.0 Farm equipment .61 113366..88 114466..88 115533..11 113366..55 113355..44 113388..44 113300..33 113344..66 113300..44 112277..44 112288..66 112266..00 112255..11 Defense equipment 33..4411 Materials Durable goods materials 26.73 165.5 166.6 165.8 163.5 161.8 160.1 157.9 159.1 159.6 157.5 157.8 158.4 157.2 152.3 Consumer durable 3.43 163.9 171.7 166.4 158.5 150.9 148.7 142.3 143.0 143.6 146.0 155.4 156.0 155.4 143.5 Equipment 7.84 191.9 197.2 194.8 190.7 189.8 188.6 188.6 189.8 183.8 177.5 176.6 178.4 175.9 171.8 Construction 9.17 152.4 149.8 149.6 150.2 150.4 151.2 150.7 148.8 148.8 146.8 145.1 146.3 147.2 145.9 Metal materials n.e.c 6.29 152.8 149.3 153.3 156.1 155.4 149.4 150.2 152.4 147.7 146.8 150.0 152.6 146.3 140.7 Nondurable materials 25.92 183.9 185.5 185.3 186.0 186.5 185.3 185.5 184.7 184.6 183.8 184.9 184.9 185.7 185.7 Business supplies 9.11 166.6 167.0 167.4 166.9 168.5 167.5 166.2 164.8 164.5 162.1 163.4 164.9 165.3 163.2 Containers 3.03 168.6 167.8 169.9 165.6 174.0 173.7 169.3 165.0 166.2 168.2 166.0 161.9 167.5 164.5 General business supplies 6.07 165.5 166.6 166.1 167.6 165.8 164.4 164.7 164.7 163.7 159.1 162.1 166.4 164.2 162.6 Nondurable materials n.e.c 7.40 237.8 240.2 239.0 242.0 240.0 239.5 239.0 237.2 236.1 233.1 234.7 234.2 233.7 232.0 Business fuel and power 9.41 158.2 159.8 160.4 160.4 161.7 159.8 162.0 162.7 163.8 166.0 166.6 165.4 167.6 170.9 Mineral fuels 6.07 134.9 137.7 135.7 136.5 137.7 135.3 137.1 137.4 139.1 142.0 142.4 140.2 144.6 114488..33 Nonresidential utilities 2.86 216.7 221.1 222.8 220.9 222.5 222.4 225.0 226.3 226.5 228.1 228.6 229.4 227.9 Electricity 2.32 220.6 225.8 227.8 225.4 227.3 227.1 230.2 231.8 232.0 233.8 234.3 235.0 233.0 General industrial 1.03 216.1 221.4 224.7 218.4 221.1 216.5 218.1 219.4 220.6 221.8 223.9 227.2 225.4 Commercial and other 1.21 223366..11 241.7 224422..77 243.4 224444..88 224488..55 225533..11 225544..88 225544..22 225566..77 225555..99 225544..88 225522..77 Gas ..5544 Supplementary groups of consumer goods Automotive and home goods 7.80 179.5 179.3 176.8 167.2 164.4 163.7 166.6 171.4 171.1 173.5 172.7 178.5 177.0 160.0 Apparel and staples 2244..5511 115577..11 115577..66 115566..22 115588..33 115599..55 116600..88 116611..00 115599..00 116600..77 115599..99 115599..00 115588..88 116600..00 For NOTE see p. A-61. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1970 • INDUSTRIAL PRODUCTION: S.A. A 59 INDUSTRY GROUPINGS (1957-59 = 100) GGrroouuppiinngg 1199 pp pp tt 55 ii rr oo oo 77 oo rr nn -- -- -- 55 99 aa 1 a 1 a vv 99 gg ee 66 ee rr ** 99 -- Sept. Oct. 196 N 9 ov. Dec. Jan. Feb. Mar. Apr. M 19 a 7 y 0 June July r Aug.r Sept. Total index 100.00 172.8 173.9 173.1 171.4 171.1 170.4 170.5 171.1 170.2 169.0 168.8 169.2 169.0 166.1 Manufacturing, total 86.45 173.9 175.2 173.9 171.8 171.3 170.2 170.3 170.8 170.0 168.1 168.0 168.5 167.9 164.2 Durable 48.07 176.5 178.7 177.3 172.1 171.1 169.7 169.6 171.0 168.4 167.6 167.3 167.4 166.5 160.5 Nondurable 38.38 170.6 170.9 169.5 171.5 171.5 171.0 171.3 170.6 171.9 168.7 168.9 170.0 169.8 168.7 Mining 8.23 130.2 131.6 130.2 132.6 134.4 131.7 134.2 135.1 133.9 134.8 135.5 133.8 137.2 139.5 Utilities 5.32 221.2 222.5 226.0 226.0 227.9 230.1 232.7 230.3 233.8 234.9 235.4 236.3 235.8 238.5 Durable manufactures Primary and fabricated metals 12.32 162.5 162.3 163.1 162.9 161.1 159.2 156.5 157.8 154.7 155.2 155.6 157.1 155.9 154.1 Primary metals 6.95 149.1 149.3 150.4 150.3 147.7 143.1 139.2 141.9 138.9 142.6 142.7 145.2 145.0 143.1 Iron and steel 5.45 140.3 141.4 141.5 142.7 138.8 135.2 129.8 134.4 133.0 136.7 138*8 136.8 133.3 129.5 Nonferrous metals and products.. 1.50 181.1 178.6 178.7 183.1 181.1 174.8 177.3 183.6 175.4 174.4 169.2 172.6 169.3 174.2 Fabricated metal products 5.37 179.8 179.1 179.4 179.2 178.4 180.0 178.9 178.3 175.2 171.4 172.3 172.5 170.0 168.4 Structural metal parts 2.86 173.3 171.5 172.5 174.5 177.1 175.4 174.6 174.4 170.2 164.2 164.4 162.9 164.0 162.1 Machinery and related products 27.98 188.4 192.7 190.0 181.1 180.3 178.8 180.0 182.2 178.6 177.6 178.0 177.4 176.2 167.4 Machinery 14.80 195.7 201.2 199.0 187.4 188.7 189.7 195.8 199.1 194.9 191.0 190.6 191.2 190.3 186.2 Nonelectrical machinery 8.43 194.6 199.8 200.3 194.9 196.5 195.9 195.8 196.6 191.7 187.1 185.2 185.2 183.1 179.9 Electrical machinery 6.37 197.2 202.9 197.3 177.5 178.3 181.5 195.9 202.5 199.1 196.3 197.7 199.1 199.9 194.6 Transportation equipment 10.19 174.6 178.8 175.7 168.3 163.9 159.6 154.3 156.0 153.1 157.3 159.9 158.1 156.7 139.4 Motor vehicles and parts 4.68 166.9 170.5 167.9 159.9 152.0 146.8 142.1 148.9 148.0 158.5 164.4 164.8 164.7 128.9 Aircraft and other equipment 5.26 177.8 182.6 179.6 171.9 170.7 166.7 161.4 159.1 154.1 153.0 153.3 149.7 147.1 145.2 Instruments and related products. .. 1.71 194.4 195.4 193.9 196.0 197.4 194.8 194.0 193.6 195.4 191.3 187.9 187.0 183.3 181.0 1 28 Clay, glass, and lumber 4.72 142.5 140.6 140.7 140.6 139.9 141.1 141.2 137.5 140.3 139.2 134.1 134.7 137.0 133.6 Clay, glass, and stone products 2.99 156.0 157.7 156.3 155.9 157.4 154.5 155.0 151.7 154.6 152.6 149.4 148.8 150.2 148.8 Lumber and products 1.73 119.1 111.0 113.8 114.1 109.7 118.0 117.5 113.1 115.5 116.1 107.6 110.5 114.2 Furniture and miscellaneous 3.05 176.7 175.4 174.7 175.1 175.3 175.9 174.0 174.2 173.5 169.1 168.3 167.3 166.1 165.1 Furniture and fixtures 1.54 186.9 185.3 184.0 183.7 183.3 183.4 179.4 180.4 179.5 174.4 173.8 172.5 172.9 172,1 Miscellaneous manufactures 1.51 166.4 165.3 165.3 166.4 167.2 168.2 168.4 167.8 167.4 163.6 162.6 162.0 159.1 158.0 Nondurable manufactures Textiles, apparel, and leather 7.60 144.2 141.1 142.0 142.9 141.5 141.3 138.8 137.5 138.9 136.7 135.8 135.9 136.4 136.7 Textile mill products 2.90 154.2 151.6 152.1 151.9 150.3 152.9 151.3 150.3 151.3 147.8 145.9 145.3 146.3 145.9 Apparel products 3.59 149.2 146.1 146.5 148.0 147.9 145.8 141.7 140.1 140.8 137.7 139.0 140.9 141.8 Leather and products 1.11 101.9 97.7 101.1 102.7 98.0 96.9 96.9 95.9 100.2 104.5 99.3 95.6 93.6 Paper and printing 8.17 164.4 165.8 165.3 166.1 166.8 164.6 164.6 164.4 165.0 163.0 161.7 161.9 162.0 157.6 Paper and products 3.43 175.6 177.5 177.1 175.9 178.0 173.8 174.8 174.9 176.3 174.5 170.8 172.0 172.7 166.4 Printing and publishing 4.74 156.3 157.3 156.9 159.1 158.6 157.9 157.3 156.9 156.9 154.8 155.2 154.6 154.3 151.3 Newspapers 1.53 142.7 143.3 143.0 154.1 142.0 141.7 142.1 137.9 139.3 136.9 137.5 140.0 138.7 136.2 Chemicals, petroleum, and rubber.... 11.54 222.6 223.3 222.7 225.3 224.8 222.1 224.1 224.7 227.0 220.2 224.3 226.8 223.8 222.4 Chemicals and products 7.58 239.0 240.2 238.3 240.8 241.7 240.2 242.6 242.3 244.4 241.4 243.2 243.3 239.8 240.4 Industrial chemicals 3.84 283.0 286.2 281.2 283.9 283.8 281.9 284.3 284.8 289.2 281.3 285.8 285.7 280.8 Petroleum products 1.97 143.8 146.2 146.7 150.9 149.5 143.3 143.0 146.6 147.9 146.5 147.8 145.5 147.5 ' 1*48.0 Rubber and plastics products 1.99 238.7 240.0 238.6 240.2 234.8 231.4 234.0 235.3 239.4 212.2 227.8 244.8 238.5 Foods, beverages, and tobacco 11.07 139.0 140.4 136.2 139.2 140.1 142.7 143.5 141.3 142.3 141.3 139.2 140.0 142.1 142.8 Foods and beverages 10.25 140.7 142.2 138.0 141.0 142.1 144.7 145.2 143.3 143.7 143.1 140.7 141.1 143.8 144.5 Food manufactures 8.64 136.7 137.0 132.6 137.5 137.4 140.2 140.4 140.0 140.1 141.0 138.3 139.5 141.4 141.4 Beverages 1.61 161.9 169.9 166.7 159.7 167.2 168.9 170.7 161.0 162.8 154.6 153.7 149.6 156.4 Tobacco products ..8822 111177..33 118.6 113.8 116.2 115.1 117.8 112222..88 116.8 112255..11 117.8 112200..77 112266..66 121.8 Mining Coal, oil, and gas 6.80 127.4 129.9 128.1 129.1 130.3 128.3 130.2 130.5 129.8 132.3 133.3 131.0 135.3 138.9 Coal 1.16 117.7 114.7 115.7 118.9 119.3 113.1 122.3 121.5 123.0 134.2 124.3 127.5 128.5 129.6 Crude oil and natural gas 5.64 129.3 133.1 130.7 131.2 132.6 131.4 131.8 132.4 131.3 131.9 135.1 131.7 136.7 140.8 Oil and gas extraction 4.91 139.0 143.1 140.4 140.6 142.0 140.5 140.6 141.2 142.9 143.9 146.7 143.2 148.4 152.8 Crude oil 4.25 132.0 135.6 132.8 133.5 135.0 133.7 133.0 133.5 135.2 135.8 137.5 134.4 139.8 144.5 . 66 184.0 Oil QIIH OJIQ Hrillina .13 64! 2 Metal, stone, and earth minerals 1.43 143.5 139.5 140.2 149.6 153.7 148.2 153.5 156.8 153.1 146.6 146.1 146.8 146.4 142.7 Metal mining .61 142.0 133.1 141.1 153.3 152.3 155.7 158.4 165.8 162.6 151.8 150.3 150.9 152.0 145.1 Stone and earth minerals .82 144.7 144.3 139.6 146.8 154.8 142.6 149.8 150.1 146.1 142.8 143.0 143.8 142.3 140.9 Utilities Electric 4.04 233.0 223344..11 238.5 238.3 240.5 224433..11 224466..11 224422..88 224477..11 224488..44 224488..77 224499..55 224488..66 Gas 11..2288 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. • NOVEMBER 1970 MARKET GROUPINGS (1957-59= 100) 19 p 5 r 7 o - - 59 11996699 1969 1970 Grouping portion Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July' Aug.r Sept. Total index 100.00 172.8 179.2 177.8 173.6 169.6 168.2 171.5 172.1 170.6 169.1 172.1 163.6 169.2 170.9 Final products, total 47.35 170.8 179.2 176.5 170.0 166.2 167.1 170.5 169.9 166.9 165.8 169.9 161.8 167.4 170.1 Consumer goods 32.31 162.5 172.6 169.4 162.6 156.6 159.0 163.0 161.8 160.6 160.3 165.7 157.6 165.8 169.6 Equipment, including defense.. .. 15.04 188.6 193.4 191.8 186.0 187.0 184.3 186.5 187.3 180.3 177.7 179.0 170.9 171.0 171.0 Materials 52.65 174.6 179.2 178.9 176.9 172.6 169.5 172.5 174.0 174.3 172.1 174.1 165.3 170.9 172.0 Consumer goods Automotive products 3.21 173.2 181.8 189.8 179.0 167.8 163.3 161.6 167.0 167.0 173.8 182.9 131.6 116.6 134.7 Autos 1.82 162.8 175.0 188.6 172.3 155.8 146.2 140.4 152.2 152.4 173.2 185.0 98.3 68.9 108.5 Auto parts and allied products 1.39 186.8 190.6 191.3 187.8 183.6 185.9 189.4 186.5 186.3 174.4 180.1 175.6 179.5 169.2 Home goods and apparel 10.00 159.3 162.0 166.0 156.6 143.4 147.4 158.6 158.3 157.1 154.1 156.4 143.7 154.5 157.2 Home goods 4.59 184.0 190.5 193.7 173.7 167.2 166.3 178.4 182.9 181.4 177.5 180.0 168.7 174.1 182.9 Appliances, TV, and radios 1.81 180.2 189.5 194.5 147.9 135.0 149.8 181.6 190.1 188.3 185.7 186.0 172.3 170.1 189.9 Appliances 1.33 192.4 200.7 204.3 149.5 147.5 161.6 201.9 215.7 223.0 219.8 213.0 200.6 182.8 208.3 TV and home radios .47 145.6 158.0 166.7 143.4 99.7 116.4 124.3 117.8 90.3 89.5 110.0 92.3 134.2 138.0 Furniture and rugs 1.26 180.3 182.9 184.8 182.5 181.5 170.0 167.2 168.3 165.8 159.2 162.9 157.3 168.7 169.6 Miscellaneous home goods 1.52 191.5 197.9 200.2 196.9 193.6 182.9 183.9 186.3 186.2 183.0 186.9 173.9 183.3 185.7 Apparel, knit goods, and shoes 5.41 138.5 137.9 14? 5 142.1 123.2 131.4 141.8 137.4 136.5 134.4 136.4 122.5 138.0 Consumer staples 19.10 162.4 176.6 167.8 163.0 161.6 164.4 165.6 162.8 161.4 161.2 167.7 169.2 179.9 182.0 Processed foods 8.43 136.6 155.6 146.8 141.7 134.7 131.8 133.2 131.6 129.8 132.6 136.5 138.0 154.3 160.0 Beverages and tobacco 2.43 146.8 156.4 152.8 137.3 129.7 132.7 140.8 142.8 151.7 152.8 163.3 148.7 156.7 Drugs, soap, and toiletries 2.97 209.0 216.9 215.4 214.3 212.0 213.2 220.1 216.5 216.4 215.2 225.0 216.3 218.2 "iii.'i Newspapers, magazines, and books. 1.47 147.1 151.1 147.0 147.0 149.4 146.4 147.0 148.3 146.6 146.5 145.5 142.9 144.8 143.0 Consumer fuel and lighting 3.67 199.6 215.2 194.3 192.5 207.7 226.9 218.4 209.1 200.0 193.7 203.6 226.3 236.7 Fuel oil and gasoline 1.20 144.6 149.4 147.0 151.8 153.5 151.5 150.0 148.7 144.3 144.8 151.3 151.0 153.3 152.3 Residential utilities 2.46 226.3 Electricity 1.72 224499..77 227788..44 223355..22 222277..55 225588..22 229999..99 228822..22 226622..99 224466..11 223311..99 224477..99 229966..00 331166..11 Gas ..7744 Equipment Business equipment 11.63 195.6 201.6 200.2 193.6 194.8 193.0 197.3 199.5 194.0 189.7 191.9 182.9 183.5 183.7 Industrial equipment 6.85 179.1 185.6 181.8 174.4 177.2 176.9 184.9 187.0 182.1 176.0 178.7 172.9 172.9 171.8 Commercial equipment 2.42 220.0 226.2 227.1 226.0 228.5 223.2 220.8 223.0 219.2 217.8 221.1 213.9 214.2 213.5 Freight and passenger equipment. .. 1.76 246.7 251.9 254.5 247.7 238.5 232.3 231.8 232.9 224.0 223.3 222.4 203.2 207.9 205.7 Farm equipment .61 113366..88 113377..88 114433..88 112244..11 113322..55 114411..00 114433..99 115500..55 114400..11 113344..44 113355..66 111144..11 111100..99 Defense equipment 33..4411 Materials Durable goods materials 26.73 165.5 170.2 169.7 166.3 161.8 156.8 158.4 161.3 160.4 159.5 162.0 153.2 155.8 154.8 Consumer durable 3.43 163.9 170.0 168.9 163.3 158.4 153.9 144.4 147.3 147.9 150.4 158.5 142.7 147.6 142.1 Equipment 7.84 191.9 195.2 194.2 190.9 192.6 190.3 190.3 191.9 185.8 178.7 178.4 172.9 170.6 170.1 Construction 9.17 152.4 160.3 157.8 152.5 145.9 137.0 141.1 144.0 148.1 149.6 154.1 150.1 155.6 153.2 Metal materials n.e.c 6.29 152.8 153.8 157.0 157.3 148.6 145.5 151.6 156.1 153.6 154.9 154.8 138.9 142.1 144.9 Nondurable materials 25.92 183.9 188.5 188.4 187.8 183.7 182.5 186.9 187.1 188.5 185.1 186.6 177.8 186.4 189.7 Business supplies 9.11 166.6 171.7 174.1 170.9 162.7 161.5 165.6 167.8 169.3 164.8 165.1 154.7 165.3 166.3 Containers 3.03 168.6 177.5 178.6 165.6 154.9 165.0 167.3 165.8 172.2 169.9 171.1 157.9 177.5 173.6 General business supplies 6.07 165.5 168.8 171.9 173.5 166.6 159.8 164.7 168.8 167.8 162.3 162.1 153.1 159.3 162.6 Nondurable materials n.e.c 7.40 237.8 241.3 241.4 244.4 237.6 235.9 243.8 241.9 245.7 236.6 238.5 226.0 231.4 238.4 Business fuel and power 9.41 158.2 163.2 160.6 159.5 161.5 160.8 162.9 162.8 162.1 164.3 166.5 162.3 171.4 174.1 Mineral fuels 6.07 134.9 135.9 136.2 137.8 139.4 137.5 141.6 140.5 140.9 142.0 140.8 131.1 142.8 146.5 Nonresidential utilities 2.86 216.7 Electricity 2.32 220.6 238.8 227.5 218.3 221.2 224.7 221.1 223.6 220.7 227.3 239.0 247.1 253.4 General industrial 1.03 216.1 224.7 225.1 218.4 218.9 215.4 212.6 217.0 217.7 222.9 228.4 226.1 229.9 Commercial and other 1.21 223366..11 226633..99 224411..77 223300..00 223355..00 224444..88 224400..44 224411..00 223355..11 224433..11 226611..00 227799..00 228888..11 Gas ..5544 Supplementary groups of consumer goods Automotive and home goods 7.80 i 179.5 186.9 192.1 175.9 167.4 165.1 171.5 176.3 175.5 176.0 181.2 153.5 150.4 163.1 Apparel and staples 2244..5511 115577..11 116688..00 116622..22 115588..44 115533..11 115577..11 116600..33 115577..22 115555..99 115555..33 116600..88 115588..99 117700..66 For NOTE see p. A-61. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1970 • INDUSTRIAL PRODUCTION: N.S.A. A 61 INDUSTRY GROUPINGS (1957-59= 100) 11995577--5599 11996699 1969 1970 Grouping pp pp ttii rr oo oo oo rr nn -- -- aa aa gg vvee ee rr pp -- Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July' Aug.r Sept. Total index 100.00 172.8 179.2 177.8 173.6 169.6 168.2 171.5 172.1 170.6 169.1 172.1 163.6 169.2 170.9 Manufacturing, total 86.45 173.9 180.0 179.5 175.0 169.6 167.5 171.3 172.2 171.0 168.9 171.8 161.6 166.6 168.3 Durable 48.07 176.5 181.5 181.5 175.4 172.6 169.1 170.7 173.5 170.5 169.4 171.3 159.8 161.0 162.4 Nondurable 38.38 170.6 178.1 176.9 174.5 165.9 165.6 172.0 170.6 171.7 168.4 172.3 163.8 173.7 175.7 Mining 8.23 130.2 132.9 132.7 132.9 133.1 130.1 134.1 134.0 135.0 137.9 137.6 129.2 138.2 140.8 Utilities 5.32 221.2 Durable manufactures Primary and fabricated metals.... 12.32 162.5 165.7 166.3 165.8 161.8 158.3 158.1 161.4 158.7 158.3 159.9 148.0 153.5 155.0 Primary metals 6.95 149.1 148.6 151.9 152.5 144.7 143.1 145.7 150.7 147.9 149.0 147.6 131.1 136.6 138.4 Iron and steel 5.45 140.3 140.0 143.6 144.1 136.7 135.2 136.3 141.1 138.3 139.4 138.8 124.5 128.0 128.2 Nonferrous metals and products 1.50 181.1 179.9 182.1 183.1 173.9 171.8 180.0 185.6 183.1 183.6 179.7 155.3 167.6 175.4 Fabricated metal products 5.37 179.8 187.7 184.8 183.0 183.8 177.9 174.1 175.1 172.6 170.5 175.7 169.9 175.4 176.5 Structural metal parts 2.86 173.3 178.4 177.7 177.1 178.9 171.9 167.6 167.6 165.1 163.4 167.7 162.9 168.1 168.6 Machinery and related products 27.98 188.4 193.6 193.4 184.6 183.2 181.0 182.9 185.8 181.0 179.5 181.4 168.2 165.6 167.9 Machinery 14.80 195.7 202.1 200.8 189.6 190.2 191.3 198.8 202.1 197.3 192.1 193.6 185.3 184.6 187.0 Nonelectrical machinery 8.43 194.6 197.2 196.7 193.0 197.9 197.9 199.7 202.1 197.4 191.8 190.4 182.4 176.3 177.6 Electrical machinery 6.37 197.2 208.5 206.3 185.0 180.1 182.5 197.6 202.1 197.2 192.4 197.8 189.2 195.6 199.3 Transportation equipment 10.19 174.6 179.7 181.7 174.2 169.0 163.5 158.2 161.6 157.0 161.2 164.6 142.0 136.1 139.4 Motor vehicles and parts 4.68 166.9 173.8 179.9 170.2 159.4 154.3 148.3 155.7 155.4 167.7 176.4 134.0 123.0 130.0 Aircraft and other equipment... 5.26 177.8 181.9 180.5 174.5 174.1 168.4 163.8 163.7 154.9 152.4 151.2 146.1 144.5 144.6 Instruments and related products. 1.71 194.4 197.5 196.0 197.6 199.8 192.5 191.1 194.6 192.5 189.4 189.8 185.1 184.8 183.0 Ordnance and accessories 1.28 Clay, glass, and lumber 4.72 142.5 150.3 149.1 142.2 132.5 125.6 132.5 134.1 139.9 140.7 143.3 139.9 146.9 143.0 Clay, glass, and stone products... 2.99 156.0 166.7 164.9 157.5 149.1 137.5 142.9 145.8 154.0 155.0 159.7 157.0 161.9 157.3 Lumber and products 1.73 119.1 122.1 121.8 115.8 103.8 105.0 114.6 113.7 115.5 116.1 115.1 110.5 121.1 Furniture and miscellaneous 3.05 176.7 181.9 184.0 181.8 181.3 170.2 169.3 171.0 169.0 165.2 168.5 161.9 170.9 171.2 Furniture and fixtures 1.54 186.9 190.9 191.0 188.8 190.3 179.7 176.7 178.2 174.7 169.2 173.5 168.2 177.7 177.3 Miscellaneous manufactures 1.51 166.4 172.7 176.9 174.7 172.2 160.6 161.7 163.6 163.2 161.1 163.4 155.5 163.9 165.1 Nondurable manufactures Textiles, apparel, and leather 7.60 144.2 143.8 147.2 147.5 130.8 138.9 146.4 143.0 142.0 139.5 139.3 124.9 139.6 139.3 Textile mill products 2.90 154.2 154.6 156.7 156.5 145.0 152.1 155.5 154.1 154.3 151.5 147.4 135.9 147.0 148.8 Apparel products 3.59 149.2 149.0 153.1 154.8 131.6 141.4 152.3 147.1 145.7 142.5 145.3 128.2 146.1 Leather and products 1.11 101.9 99.2 103.6 100.6 91.4 96.4 103.6 100.7 98.2 98.2 98.8 86.0 99.7 Paper and printing 8.17 164.4 168.3 172.4 170.2 162.8 160.6 166.1 165.7 168.7 164.2 162.8 153.1 160.7 160.0 Paper and products 3.43 175.6 180.2 187.0 178.5 163.8 171.2 180.9 176.6 182.5 175.4 174.7 159.1 174.4 168.9 Printing and publishing 4.74 156.3 159.7 161.9 164.3 162.1 152.9 155.4 157.8 158.8 156.1 154.3 148.8 150.8 153.7 Newspapers 1.53 142.7 144.0 153.4 159.6 145.5 129.7 136.4 140.0 148.4 145.9 138.2 125.3 126.9 136.9 Chemicals, petroleum, and rubber... 11.54 222.6 229.4 227.0 227.1 221.7 218.5 228.0 226.9 228.3 220.1 229.2 219.3 223.6 227.9 Chemicals and products 7.58 239.0 244.8 241.1 241.9 239.1 235.2 246.0 244.4 248.4 241.4 248.5 237.5 239.3 244.3 Industrial chemicals 3.84 283.0 289.1 284.0 288.2 286.6 277.7 290.0 287.6 295.0 281.3 287.2 276.0 276.6 Petroleum products 1.97 143.8 152.0 148.2 148.9 145.9 139.0 140.1 141.5 142.0 145.0 152.2 153.2 155.3 153.9 Rubber and plastics products 1.99 238.7 247.2 251.7 248.6 230.1 233.7 246.7 245.2 237.0 213.3 232.4 215.4 231.3 Foods, beverages, and tobacco 11.07 139.0 155.3 148.4 141.2 134.0 132.6 135.5 134.6 135.2 137.5 142.7 140.4 154.6 157.7 Foods and beverages 10.25 140.7 157.9 150.4 143.0 137.3 133.9 136.6 136.1 136.1 138.7 143.8 142.7 156.4 160.2 Food manufactures 8.64 136.7 155.0 147.2 142.3 135.3 132.5 134.0 132.2 130.6 133.2 136.9 138.1 154.0 159.5 Beverages 1.61 161.9 173.3 167.5 146.9 148.0 140.9 150.2 157.0 165.4 168.5 180.7 167.3 169.4 Tobacco products .82 117.3 123.2 123.9 118.5 93.7 116.5 122.2 115.0 124.8 122.0 129.1 112.0 131.8 Mining Coal, oil, and gas 6.80 127.4 128.3 128.6 130.2 131.9 130.4 134.1 132.8 132.4 134.0 132.7 122.9 133.6 137.3 Coal 1.16 117.7 121.3 126.1 123.8 117.2 110.8 123.8 122.5 123.9 135.5 127.2 94.7 135.2 137.1 Crude oil and natural gas 5.64 129.3 129.8 129.1 131.5 134.9 134.5 136.3 134.9 134.2 133.7 133.8 128.8 133.3 137.3 Oil and gas extraction - 4.91 139.0 139.4 138.6 141.1 144.6 143.9 145.8 144.7 144.9 143.5 144.0 139.8 144.5 148.8 Crude oil 4.25 132.0 132.9 131.5 133.5 136.3 135.7 137.0 136.2 137.4 136.5 136.1 131.7 137.0 141.6 Gas and gas liquids .66 184.0 Oil and gas drilling .73 64.2 Metal, stone, and earth minerals.... 1.43 143.5 154.4 152.1 145.9 139.3 128.3 133.6 139.7 146.9 156.2 161.0 159.0 160.1 157.7 Metal mining .61 142.0 150.4 151.0 142.6 137.1 137.0 142.6 147.6 151.2 167.0 169.8 161.5 164.2 164.0 Stone and earth minerals .82 144.7 157.3 152.9 148.3 140.9 121.8 126.9 133.9 143.8 148.1 154.4 157.2 157.0 153.0 Utilities Electric 4.04 233.0 255.7 230.7 222.2 237.0 256.7 247.2 240.3 231.6 229.2 242.8 268.0 280.2 Gas 11..2288 7744..11 NOTE.—Published groupings include some series and subtotals not Industrial Production—1957-59 Base. Figures for individual series and shown separately. A description and historical data are available in subtotals (N.S.A.) are published in the monthly Business Indexes release. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 62 BUSINESS ACTIVITY; CONSTRUCTION • NOVEMBER 1970 SELECTED BUSINESS INDEXES (1957-59= 100, except as noted) Industrial production fac M tu a r n in u g - 2 Prices 4 PPPPeeeerrrriiiioooodddd TTToootttaaalll To M t F a a i l n j o a r g l s C o u m p o o m r a n d o r e - s d k r u e E t c m t q g s u e r n i o p t u - pi MM n rrii g aa aa s ll tt ss ee -- Mfg MM . aa gg jj rr oo oo rr M uu i n ii pp i nn g n ii dd nn - uu gg ss ss tt rryy U it i t e il s - iiii uuuu pppp nnnn cccc tttt CCCC aaaa (((( tttt eeee iiii pppp mmmm iiii cccc llll aaaa nnnn oooo iiii eeee iiii zzzz ---- tttt nnnn tttt ffff rrrr aaaa yyyy )))) gggg ---- .... tttt ssss CCCC tttt rrrr cccc tttt iiii aaaa rrrr oooo oooo oooo cccc uuuu nnnn nnnn nnnn tttt cccc ---- ssss ---- ---- NNNN TTTT mmmm rrrr pppp tttt oooo iiii eeee oooo uuuu eeee cccc llll nnnn mmmm tttt oooo rrrr nnnn uuuu aaaa aaaa aaaa yyyy tttt ---- llll llll ———— llll ---- ---- gggg iiii ---- p m p m p m EEE lll eee mmm ooo nnn yyy --- ttt --- PPP rrrooo aaa lll yyy lllsss --- ssss TTTT rrrr aaaa eeee oooo llll tttt eeee tttt aaaa aaaa ssss iiii llll llll 3333 sss CCC uuummm ooonnn eee --- rrr WWW mmm ccc sss ooo ooo aaa hhh mmm ddd lll ooo eee iii --- lll ttt eee yyy --- 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--Sept 173.9 172.2 162.8 192.4 176.0 175.2 131.6 222.5 5*84.2 173 134.4 117.7 185.0 171 129.3 113.6 Oct 173.1 170.9 161.2 191.9 175.4 173.9 130.2 226.0 1 195 134.9 117.4 184.0 173 129.8 114.0 Nov 171.4 168.4 160.5 185.6 174.6 171.8 132.6 226.0 \ p81.7 178 134.8 116.2 182.8 172 130.5 114.7 Dec 171.1 168.5 160.7 185.2 173.9 171.3 134.4 227.9 1 218 134.9 116.2 185.0 172 131.1 115.1 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 '135.6 115.2 182.2 174 133.2 116.6 Apr 170.2 168.5 163.2 179.0 171.9 170.0 133.9 233.8 1 203 135.5 114.2 179.3 179 134.0 116.6 May 169.0 167.7 163.2 177.3 170.4 168.1 134.8 234.9 \ ^78.0 170 134.9 112.6 176.7 178 134.6 116.8 June 168.8 167.1 162.8 176.3 171.2 168.0 135.5 235.4 186 '134.5 112.3 178.6 178 135.2 117.0 July 169.2 '166.8 '163.5 173.7 '171.4 '168.5 '133.8 236.3 i 180 '134.4 111.9 178.1 180 135.7 117.7 Aug ••169.0 '166.6 '164.1 '171.9 '171.2 '167.9 '137.2 '235.8 \rv76.3 212 '134.1 '110.9 '179.0 '180 136.0 117.2 Sept r166.1 '163.1 '160.4 '169.0 '168.7 '164.2 '139.5 '238.5 J 183 '134.4 '111.2 '178.2 180 136.6 117.8 Oct v 116622..33 116600..77 115588..66 116655..22 116644..11 116600..22 113355..44 224400..00 113333..55 110066..55 116699..11 117788 111177..77 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 Type of ownership and 1968 1969 type of construction Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept. Total construction 1 61,732 67,425 5,140 6,240 4,406 5,228 4,927 5,249 6,140 6,757 5,417 6,552 6,177 6,229 5,398 By type of ownership: Public 19,597 22,656 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 3,420 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 1,952 2,290 1,675 1,744 1,475 1,482 1,974 2,466 2,122 2,347 2,347 2,349 2,176 Nonresidential building 22,512 25,667 2,013 2,502 1,566 2,168 2,252 2,269 2,191 2,412 1 ,749 2,469 2,469 2,331 1,943 Nonbuilding 14,382 16,539 1,174 1,149 1,165 1,317 1,201 1,498 1 ,975 1 ,877 1 ,544 1,361 1,361 1,549 1,278 Private housing units authorized. 1,330 1,299 1,201 1,183 1,191 1,239 1,013 1,137 1,099 1,263 1 ,321 1,306 1,275 1,326 p1,368 (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

NOVEMBER 1970 • CONSTRUCTION A 63 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Nonresidential Conser- Total Total N f r a e o r s n m i- - Buildings Total M ta i r l y i- H w i a g * h - de v v a£ e o l n o pdential Total Indus- Com- b O u t i h l e d r - Other ment trial mercial ings i 55,447 38,299 21,680 16,619 2,780 4,674 3,280 5,885 17,148 1,371 5,854 1,384 59,667 41,798 24,292 17,506 2,842 5,144 3,631 5,889 17,869 1,266 6,365 1,524 63,423 44,057 26,187 17,870 2,906 4,995 3,745 6,224 19,366 1,189 7,084 1,690 66,200 45,810 26,258 19,552 3,565 5,396 3.994 6,597 20,390 938 7,133 1,729 72,319 50,253 26,268 23,985 5,118 6,739 4,735 7,393 22,066 852 7,550 2,019 75,120 51,120 23,971 27,149 6,679 6,879 5,037 8,554 24,000 769 8,355 2.195 76,160 50.587 23,736 26,851 6,131 6,982 4,993 8,745 25,573 721 8,538 2.196 84,692 56,996 28,823 28,173 5,594 8,333 4,873 9,373 27,696 824 9,295 2,046 90,866 62,806 30,603 32,203 6,373 10,136 5,521 10,170 28,060 949 9,276 1,796 91,105 63,725 29,214 34,511 6,714 11,118 5.995 10,684 27,380 920 90,657 63,561 29,280 34,281 6,946 19,856 5,850 10,629 27,096 943 88,791 61,805 28,778 33,027 6,571 10,168 6,023 10,265 26,986 779 89,759 61,878 28,926 32,952 6,419 10,337 5,861 10,335 27,881 895 90,790 62,737 28,711 34,026 6,433 11,029 5,885 10,679 28,053 937 91,978 63,340 28,658 34,682 6,000 11,724 6,227 10,731 28,638 890 r90,718 64,159 29,381 34,778 5,916 11,831 6,099 10,733 r26,559 766 r90,485 63,365 29,588 33,777 6,230 10,577 5,857 11.113 r27,115 746 r89,435 62,389 28,883 33,506 5,864 10,553 5,975 11.114 r27,046 868 r90,488 62,103 28,149 33,954 5,892 10,903 5,878 11,281 r28,385 830 90,652 62,268 28,607 33,661 5,915 10,027 5,932 11,787 28,384 592 92,094 63.588 29,631 33,957 6,241 10,188 5,959 11,569 28,506 845 92,711 63,974 30,642 33,332 5,978 9,923 5,659 11,772 28,737 738 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.) GGoovveerrnnmmeenntt MMMooobbbiiillleee PPrriivvaattee aanndd ppuubblliicc uunnddeerrwwrriitttteenn hhhooommmeee PPPeeerrriiioooddd ((NN..SS..AA..)) ((NN..SS..AA..)) ssshhhiiippp--- Region Type of structure mmmeeennntttsss (((NNN...SSS...AAA...;;; TToottaall N e o a r s t t h - C N e o n r t t r h a l South West fam 1- ily 2 fa - m to i l 4 y - f m 5 a - m o r o i e l r y - Total Private Public Total FHA VA 1961 1,313 247 277 473 316 974 3:J 9 1,365 1,313 52 328 244 83 90 1962 1,463 264 290 531 378 991 471 1,492 1,463 30 339 261 78 118 1963 1,610 261 328 591 431 1,021 589 1,642 1,610 32 292 221 71 151 1964 1,529 253 339 582 355 972 108 450 1,562 1,529 32 264 205 59 191 1965 1,473 270 362 575 266 964 87 422 1,510 1,473 37 246 197 49 216 1966 1,165 207 288 473 198 779 61 325 1,196 1,165 31 195 158 37 217 1967 1,292 215 337 520 220 844 72 376 1,322 1,292 30 232 180 53 240 1968 1,508 227 369 619 294 900 81 527 1,548 1,508 40 283 227 56 318 1969 1,467 206 349 588 323 810 87 571 1,500 1,467 33 291 240 51 413 1969—Sept 1,481 140 365 615 361 828 96 557 133 129 4 23 18 5 40 Oct 1,390 172 299 574 345 766 93 531 126 123 2 30 25 5 43 Nov 1,280 164 267 517 332 762 83 435 97 95 3 23 19 4 33 Dec 1,402 167 297 573 365 776 105 521 85 84 1 27 23 4 27 1970—Jan 1,059 150 245 444 220 577 66 416 69 66 3 20 17 3 24 Feb 1,306 243 209 525 329 725 72 509 77 74 3 21 18 4 24 Mar 1,392 319 290 519 264 708 70 614 117 114 3 30 25 5 29 Apr 1,224 222 255 524 223 697 57 470 130 128 2 37 32 5 40 May 1,242 190 228 566 258 728 81 433 127 125 2 42 37 5 33 June 1,393 176 311 592 314 835 78 480 141 135 6 46 41 5 35 July 1,603 264 335 652 352 827 95 681 143 141 2 49 43 6 37 Aug 1,412 178 295 638 301 830 94 488 130 127 3 40 34 6 38 Sept.* 1,504 199 267 669 369 884 121 499 133 131 2 40 34 6 41 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 a NOVEMBER 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 t u u l l a t n i t o o i n o n n a - l l N ab o o t r i n f o t r h c e e T l f a o o b r t o c a e r l Employed1 Une m r m a e t p n e2 t l o y- N.S.A. N.S.A. S.A. Total Total In c n ul o t n u a r g a r l i- agric I u n l ture U pl n o e y m ed - (pe S r .A ce . nt) industries 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—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 Oct.. 140,886 54,631 86,432 83,353 78,686 75,398 3,288 4,667 5.6 1 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Bureau of Labor Statistics. Information relating to persons 16 2 Per cent of civilian labor force. years of age and over is obtained on a sample basis. Monthly data relate 3 Beginning 1967, data not strictly comparable with previous data. to the calendar week that contains the 12th day; annual data are averages Description of changes available from Bureau of Labor Statistics. of monthly figures. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Contract Transporta- Period Total M t a u n r u in f g a c- Mining con ti s o tr n u c- t l i i o c n u & til i p ti u e b s - Trade Finance Service G m ov e e n r t n - 196 4 58,331 17,274 634 3,050 3,951 12,160 2,957 8,709 9,596 196 5 60,815 18,062 632 3,186 4,036 12,716 3,023 9,087 10,074 196 6 63,955 19,214 627 3,275 4,151 13,245 3,100 9,551 10,792 196 7 65,857 19,447 613 3,208 4,261 13,606 3,225 10,099 11,398 196 8 67,915 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—Oc t 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 ••71,242 19,944 626 3,481 4,502 14,984 3,665 11,537 r12,503 Apr r71,149 19,795 622 3,426 4,468 14,991 3,673 11,564 r12,610 May r70,839 19,572 620 3,351 4,478 14,968 3,677 11,572 r12,601 June '70,629 19,477 620 3,324 4.511 14,927 3,679 11,532 12,559 July r70,587 19,402 618 3,314 4,539 14,933 3,676 11,514 12,591 Aug r70,414 19,271 619 3,305 4,520 14,912 3,670 11,521 12,596 Sept.* 70,610 19,298 621 3,253 4.512 14,972 3,681 11,626 12,647 Oct.* 70,129 18,689 621 3,246 4,506 15,018 3,695 11,688 12,666 NOT SEASONALLY ADJUSTED 1969—Oc t 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—Ja n 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 70,527 19,446 636 3,606 4,574 14,869 3,732 11,648 12,016 Sept.? 70,987 19,512 628 3,491 4.562 14,947 3,692 11,638 12,517 Oct.* 70,633 18,852 622 3,437 4,524 15,045 3,688 11,700 12,765 NOTE.—Bureau of Labor Statistics; data include all full- and part- Data on total and government employment have been revised back time employees who worked during, or received pay for, the pay pe- to 1964 due to adjustment of State and local government series to riod that includes the 12th of the month. Proprietors, self-employed Oct. 1967 Census of Governments. persons, domestic servants, unpaid family workers, and members of Beginning with 1968, series has been adjusted to Mar. 1969 benchthe Armed Forces are excluded. mark. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1970 • EMPLOYMENT AND EARNINGS A 65 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted1 Not seasonally adjusted1 IIInnnddduuussstttrrryyy gggrrrooouuuppp 1969 1970 1969 1970 Oct. Aug. Sept.? Oct.* Oct. Aug. Sept.* Oct.* 14,794 13,974 14,013 13,416 14,953 14,101 14,223 13,587 Durable goods 8,703 8,019 8,039 7,526 8,744 7,964 8,088 7,581 Ordnance and accessories 170 129 128 117 170 128 128 118 Lumber and wood products 520 491 495 494 523 510 505 497 Furniture and fixtures 401 372 378 373 406 377 381 378 Stone, clay, and glass products 526 500 505 501 533 517 516 507 Primary metal industries 1,112 1,031 1,045 994 1,089 1,034 1,037 974 Fabricated metal products 1,107 1,060 1,066 1,028 1,118 1,057 1,074 1,038 Machinery 1,391 1,288 1,280 1,237 1,380 1,277 1,274 1,227 Electrical equipment and supplies 1,373 1,266 1,266 1,206 1,391 1,268 1,276 1,222 Transportation equipment 1,468 1,285 1,283 998 1,475 1,187 1,289 1,020 Instruments and related products 293 274 272 263 294 275 272 263 Miscellaneous manufacturing industries 342 323 321 315 365 334 336 337 Nondurable goods 6,091 5,955 5,974 5,890 6,209 6,137 6,135 6,006 Food and kindred products 1,187 1,198 1,200 1,173 1,269 1,326 1,324 1,254 Tobacco manufactures 68 69 62 61 80 75 75 73 Textile-mill products 872 837 838 828 877 844 842 832 Apparel and related products 1,234 1,206 1,213 1,201 1,250 1,222 1,225 1,216 Paper and allied products 554 540 545 539 554 548 548 540 Printing, publishing, and allied industries 689 676 681 675 691 676 682 676 Chemicals and allied products 619 602 606 602 615 608 605 599 Petroleum refining and related industries 118 117 115 116 119 121 118 118 Rubber and misc. plastic products 460 433 438 419 465 435 440 423 Leather and leather products 290 277 276 276 289 282 276 275 I 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 earnings i Average hourly earnings1 (per week; S.A.) (dollars per week; N.S.A.) (dollars per hour; N.S.A.) IInndduussttrryy ggrroouupp 1969 1970 1969 1970 1969 1970 Oct. Aug. Sept.* Oct.* Oct. Aug. Sept.* Oct.* Oct. Aug. Sept.* Oct.* 40.5 39.8 39.3 39.4 132.28 134 .13 135.43 133.85 3.25 3.37 3.42 3.38 Durable goods 41.2 40.3 39.8 39.8 142.83 143 .92 145.16 142.80 3.45 3.58 3.62 3.57 Ordnance and accessories 40.2 40.4 39.8 40.0 140.24 145 .52 146.37 145.96 3.48 3.62 3.65 3.64 Lumber and wood products 39.9 39.8 39.4 38.9 114.05 122 .31 120.69 119.87 2.83 3.05 3.04 3.05 Furniture and fixtures 39.9 39.0 38.3 39.3 108.81 111,. 00 108.92 112.00 2.68 2.81 2.80 2.80 Stone, clay, and glass products 41.7 41.0 40.9 41.0 137.67 142 .35 143.24 143.24 3.27 3.43 3.46 3.46 Primary metal industries 42.1 40.4 41.1 39.0 160.55 160 .80 167.69 154.40 3.85 3.99 4.08 4.00 Fabricated metal products 41.4 40.6 39.7 40.1 141.36 144,. 89 145.08 145.44 3.39 3.56 3.60 3.60 Machinery 42.4 40.9 39.9 40.2 155.61 152,. 31 152.00 153.56 3.67 3.77 3.80 3.82 Electrical equipment and supplies 40.2 39.9 39.2 39.8 126.45 131.. 74 131.93 132.40 3.13 3.31 3.34 3.31 Transportation equipment 41.2 40.7 39.8 39.9 165.51 164,. 40 167.26 163.21 3.95 4.11 4.14 4.02 Instruments and related products 40.7 40.0 39.3 40.0 131.29 133,. 73 134.30 137.48 3.21 3.36 3.40 3.42 Miscellaneous manufacturing industries... 38.9 38.6 38.2 38.6 105.72 108,. 85 109.06 110.76 2.69 2.82 2.84 2.84 Nondurable goods 39.6 39.1 38.6 38.9 117.51 121. 04 122.15 121.68 2.96 3.08 3.14 3.12 Food and kindred products 40.6 40.7 40.1 40.7 121.29 128., 96 131.29 130.15 2.98 3.13 3.21 3.19 Tobacco manufactures 37.3 37.4 36.4 38.7 96.11 104., 81 109.91 115.09 2.49 2.78 2.90 2.87 Textile-mill products 40.6 39.9 38.9 39.8 98.57 97. .60 96.43 99.85 2.41 2.44 2.46 2.49 Apparel and related products 35.8 35.1 34.3 34.9 83.77 85. 56 83.69 84.81 2.34 2.41 2.44 2.43 Paper and allied products 42.8 41.7 41.4 41.7 142.66 146., 23 147.55 147.49 3.31 3.49 3.53 3.52 Printing, publishing, and allied industries. 38.2 37.6 37.3 37.3 144.77 149. 31 150.40 148.85 3.77 3.95 4.00 3.98 Chemicals and allied products 41.7 41.3 42.0 40.6 148.04 153. 68 158.76 153.47 3.55 3.73 3.78 3.78 Petroleum refining and related industries . 42.6 43.1 43.0 43.5 173.77 184. 03 187.49 188.78 4.06 4.26 4.32 4.32 Rubber and misc. plastic products 40.9 40.4 39.8 39.7 128.86 130. 41 130.98 128.72 3.12 3.22 3.25 3.21 Leather and leather products 37.2 36.8 36.5 36.8 88.80 91. 76 90.50 91.50 2.40 2.48 2.50 2.50 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 • NOVEMBER 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 i e p e r - - F c a o o u n i a l d e l l t e r G a l i n e c a c i d s t - y o n p i t a n i i e n s o g r h d 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 l e - 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 n e d a - - g O s a i o e c t n o r h e v d 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—Sep t 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 Sept 111113333366666.....66666 111113333333333.....33333 111333777...888 111112222244444.....66666 157.8 111222444...333 111111666...888 123.6 133.6 111333111...000 145.7 111666777...666 111333111...777 111333777...777 111333888...888 NOTE.—Bureau of Labor Statistics index for city wage-earners and clerical workers. WHOLESALE PRICES: SUMMARY (1957-59=100) Industrial commodities PPrroo-- PPeerriioodd mm cc tt AA oo oo iiee mm ll dd ss ll ii -- -- pp FF uu rr aa cc oo rr tt dd mm ss -- cc ff ff ee oo aa ee ss oo nn ee ss dd dd dd eedd ss ss Total t T e il t e e c x s . - , H e i t d c e . s, F e u tc e . l , C ic e h a t e c l m s . , - R b e u t e c r b . , - L b e u t e c m r . , - P e a t p c e . r, M e a t l e c s t , . - e c m M a q e h n e r u i a y n n d i - p - t - F t e u u t r r c e n . , i - N t e m m a r o l i a e l n n i l - c s - - T e p m t q r o i e a u o r n n n i t p a t s 1 - - - n c M e e l o i l s u a - - s 1960 111111111000000000000000000.........777777777 999999999666666666.........999999999 111111111000000000000000000.........000000000 111111111000000000111111111.........333333333 111111111000000000111111111.........555555555 111111111000000000555555555.........222222222 999999999999999999.........666666666 111111111000000000000000000.........222222222 999999999999999999.........999999999 111111111000000000000000000.........444444444 111111111000000000111111111.........888888888 111111111000000000111111111.........333333333 111111111000000000222222222.........999999999 111111111000000000000000000.........111111111 111111111000000000111111111.........444444444 111111111000000000111111111.........777777777 1961 111111111000000000000000000.........333333333 999999999666666666.........000000000 111111111000000000111111111.........666666666 111111111000000000000000000.........888888888 999999999999999999.........777777777 111111111000000000666666666.........222222222 111111111000000000000000000.........777777777 999999999999999999.........111111111 999999999666666666.........111111111 999999999555555555.........999999999 999999999888888888.........888888888 111111111000000000000000000.........777777777 111111111000000000222222222.........999999999 999999999999999999.........555555555 111111111000000000111111111.........888888888 111111111000000000222222222.........000000000 1962 111111111000000000000000000.........666666666 999999999777777777.........777777777 111111111000000000222222222.........777777777 111111111000000000000000000.........888888888 111111111000000000000000000.........666666666 111111111000000000777777777.........444444444 111111111000000000000000000.........222222222 999999999777777777.........555555555 999999999333333333.........333333333 999999999666666666.........555555555 111111111000000000000000000.........000000000 111111111000000000000000000.........000000000 111111111000000000222222222.........999999999 999999999888888888.........888888888 111111111000000000111111111.........888888888 111111111000000000222222222.........444444444 1963 111111111000000000000000000.........333333333 999999999555555555.........777777777 111111111000000000333333333.........333333333 111111111000000000000000000.........777777777 111111111000000000000000000.........555555555 111111111000000000444444444.........222222222 999999999999999999.........888888888 999999999666666666.........333333333 999999999333333333.........888888888 999999999888888888.........666666666 999999999999999999.........222222222 111111111000000000000000000.........111111111 111111111000000000333333333.........111111111 999999999888888888.........111111111 111111111000000000111111111.........333333333 111111111000000000333333333.........333333333 1964 111111111000000000000000000.........555555555 999999999444444444.........333333333 111111111000000000333333333.........111111111 111111111000000000111111111.........222222222 111111111000000000111111111.........222222222 111111111000000000444444444.........666666666 999999999777777777.........111111111 999999999666666666.........777777777 999999999222222222.........555555555 111111111000000000000000000.........666666666 999999999))))))))).........000000000 111111111000000000222222222.........888888888 111111111000000000333333333.........888888888 999999999888888888.........555555555 111111111000000000111111111.........555555555 111111111000000000444444444.........111111111 1965 111111111000000000222222222.........555555555 999999999888888888.........444444444 111111111000000000666666666.........777777777 111111111000000000222222222.........555555555 111111111000000000111111111.........888888888 111111111000000000999999999.........222222222 999999999888888888.........999999999 999999999777777777.........444444444 999999999222222222.........999999999 111111111000000000111111111.........111111111 999999999999999999.........999999999 111111111000000000555555555.........777777777 111111111000000000555555555.........000000000 999999999888888888.........000000000 111111111000000000111111111.........777777777 111111111000000000444444444.........888888888 1966 111111111000000000555555555.........999999999 111111111000000000555555555.........666666666 111111111111111111333333333.........000000000 111111111000000000444444444.........777777777 111111111000000000222222222.........111111111 111111111111111111999999999.........777777777 111111111000000000111111111.........333333333 999999999777777777.........888888888 999999999444444444.........888888888 111111111000000000555555555.........666666666 111111111000000000222222222.........666666666 111111111000000000888888888.........333333333 111111111000000000888888888.........222222222 999999999999999999.........111111111 111111111000000000222222222.........666666666 111111111000000000666666666.........888888888 1967 111111111000000000666666666.........111111111 999999999999999999.........777777777 111111111111111111111111111.........777777777 111111111000000000666666666.........333333333 111111111000000000222222222.........111111111 111111111111111111555555555.........888888888 111111111000000000333333333.........666666666 999999999888888888.........444444444 999999999777777777.........000000000 111111111000000000555555555.........444444444 111111111000000000444444444.........000000000 111111111000000000999999999.........555555555 111111111111111111111111111.........888888888 111111111000000000111111111.........000000000 111111111000000000444444444.........333333333 111111111000000000999999999.........222222222 1968 111111111000000000888888888.........888888888 111111111000000000222222222.........222222222 111111111111111111444444444.........222222222 111111111000000000999999999.........000000000 111111111000000000555555555.........888888888 111111111111111111999999999.........555555555 111111111000000000222222222.........555555555 999999999888888888.........222222222 111111111000000000000000000.........222222222 111111111111111111999999999.........444444444 111111111000000000444444444.........999999999 111111111111111111222222222.........444444444 111111111111111111555555555.........444444444 111111111000000000333333333.........999999999 111111111000000000888888888.........222222222 111111111111111111111111111.........777777777 1969. 113.0 108.5 119.8 112.7 108.0 125.8 104.6 98.3 102.1 132.0 108.2 118.9 119.0 106.1 112.8 100.7 114.7 1969--Sept 113.6 108.4 121.3 113.2 109.0 128.2 104.7 98.9 102.7 123.2 108.8 121.7 119.9 106.4 113.5 100.0 116.4 Oct 114.0 107.9 121.6 113.8 109.1 127.4 105.4 98.6 103.5 122.6 109.0 122.4 120.5 106.5 113.8 102.3 116.7 Nov 114.7 111.1 121.8 114.2 109.2 126.8 105.5 98.9 104.4 123.9 109.3 122.9 121.0 106.9 113.9 102.7 117.0 Dec 115.1 111.7 122.6 114.6 109.2 126.5 106.1 98.8 104.5 122.5 109.5 123.8 121.9 107.2 114.5 102.7 117.0 1970—Jan 116.0 112.5 125.1 115.1 109.5 126.6 105.6 99.1 104.7 121.6 111.1 124.9 122.5 107.5 116.5 102.9 117.4 Feb 116.4 113.7 125.2 115.5 109.4 126.7 106.4 99.5 104.6 120.2 111.8 126.1 122.8 107.9 116.9 102.9 117.5 Mar 116.6 114.3 124.9 115.8 109.5 126.8 106.3 100.0 104.4 119.5 112.1 127.0 123.1 108.1 117.3 103.2 117.8 Apr 116.6 111.3 124.9 116.2 109.3 128.5 107.5 100.4 104.2 120.1 112.5 127.8 123.4 108.3 117.8 103.1 117.8 May 116.8 111.0 124.1 116.6 109.3 127.9 109.1 100.6 104.2 121.0 112.3 128.7 123.7 108.3 117.9 103.2 118.2 June 117.0 111.3 124.8 116.7 109.3 127.3 108.6 100.5 104.1 120.2 112.2 129.1 124.1 108.6 117.9 103.3 121.0 July 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 Aug 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 Sept 117.8 111.8 126.2 117.4 109.6 127.3 111.0 100.9 106.0 120.4 112.4 128.7 125.3 109.0 118.7 103.6 121.9 For transportation equipment, Dec. 1968=100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1970 • PRICES A 67 WHOLESALE PRICES: DETAIL (1957-59=100) 1969 1970 1969 1970 Group Group Sept. July Aug. Sept. Sept. July Aug. Sept, Farm products: Pulp, paper, and allied products: Fresh and dried produce. 103.4 112.6 99.6 113.4 Pulp, paper and products, excluding Grains 83.4 89.2 89.2 100.5 building paper and board 109.3 113.3 113.1 Livestock 119.2 126.2 118.6 114.9 Woodpulp 98.0 109.6 109.6 Live poultry 89.0 81.9 77.5 81.7 Wastepaper 108.4 95.3 92.6 Plant and animal fibers.. 66.4 66.1 66.2 64.9 Paper 116.5 121.9 122.5 Fluid milk 135.6 139.7 139.5 140.3 Paperboard 95.9 95.5 95.5 Eggs 122.5 111.2 89.6 117.6 Converted paper and paperboard.. 109.8 113.7 113.2 Hay and seeds 105.7 116.8 116.6 118.3 Building paper and board 95.1 93.2 93.1 Other farm products . 110.6 116.5 118.3 118.7 Processed foods and feeds: Metals and metal products: Cereal and bakery products 120.4 125.8 126.5 127.9 Iron and steel 113.2 120.4 120.3 Meat, poultry, and fish 122.9 126.3 122.5 120.9 Steelmill products 115.5 122.8 122.8 Dairy products . 133.4 135.7 136.2 135.8 Nonferrous metals 143.5 152.6 151.1 Processed fruits and vegetables . 116.6 118.9 119.6 120.1 Metal containers 120.3 126.1 126.1 Sugar and confectionery , 127.2 132.3 132.4 133.6 Hardware 121.0 116.3 127.1 Beverages and beverage materials. , 113.1 120.4 121.1 121.5 Plumbing equipment 120.2 125.1 124.8 Animal fats and oils 104.0 111.3 118.5 118.0 Heating equipment 98.0 103.3 103.4 Crude vegetable oils 79.8 103.0 109.9 104.2 Fabricated structural metal products 112.8 119.1 119.4 V R e e g fi e n t e a d b l v e e o g i e l t a e b nd le p o r il o s d ucts 1 8 0 5 2. . 1 0 1 1 0 1 3 3 . . 8 2 1 11 0 4 7 . . 5 5 1 11 0 4 4 . . 5 8 Miscellaneous metal products 124.2 131.2 131.6 Miscellaneous processed foods 121.2 128.2 128.6 129.7 Manufactured animal feeds 119.3 127.4 128.1 131.2 Machinery and equipment: Textile products and apparel: Agricultural machinery and equip... 133.0 137.4 137.6 Cotton products 105.9 105.8 106.3 106.4 Construction machinery and equip.. 136.1 141.2 141.6 Wool products 105.0 102.6 102.4 102.0 Metalworking machinery and equip. 134.4 142.2 141.5 Manmade fiber textile products. 92.1 88.4 88.0 87.1 General purpose machinery and Silk yarns 181.2 201.0 201.0 193.2 equipment 122.6 129.8 130.1 Apparel 116.2 118.4 119.0 119.6 Special industry machinery and Textile housefurnishings 107.3 109.8 110.5 111.3 equipment (Jan. 1961= 100) 129.6 135.1 135.4 Miscellaneous textile products. .. 121.4 125.5 128.2 128.4 Electrical machinery and equip.. . . 105.4 108.6 108.8 Miscellaneous machinery 119.2 123.0 123.2 Hides, skins, leather, and products: Hides and skins 128.7 90.8 92.8 93.8 Furniture and household durables: Leather 121.7 119.8 118.9 116.8 Footwear 134.9 137.9 137.9 138.8 Household furniture 123.0 126.3 126.6 Other leather products. 117.9 121.0 121.1 121.0 Commercial furniture 121.7 127.6 128.4 Floor coverings 93.2 92.7 92.7 Fuels and related products, and power: Household appliances 93.0 94.9 95.1 Home electronic equipment 77.9 77.2 77.2 Coal 115.9 155.5 157.8 165.3 Other household durable goods 131.4 135.8 135.8 Coke 120.3 141.0 141.0 141.0 Gas fuels (Jan. 1958= 100) 123.0 137.0 137.2 142.9 Electric power (Jan. 1958= 100). 103.5 104.8 105.5 106.1 Nonmetallic mineral products: Crude petroleum 104.5 103.3 103.3 103.3 Petroleum products, refined.... 101.8 102.4 103.1 103.8 Flat glass 116.2 122.1 122.1 Chemicals and allied products: C C o o n n c c r r e e t t e e i p n r g o r d e u d c ie ts n ts 1 1 1 1 6 3 . . 5 2 1 11 2 8 2 . . 3 4 1 1 1 2 8 2 . . 9 4 Structural clay products excluding P A I P P D F n l r a a g r a d e i t r u s n s p u i g t c t a s i s a u c t r m n r l e a r t i d d a a n u e t l s d r o p e i a c i n r a p l l h i s s i a h n c , e l a a h m t s i n r n e i d m m e c d a a i m i l c c b s a a e l l u t e s e t r i a c ia n a l d l s s products.. 1 1 9 9 8 9 8 0 1 3 7 4 1 2 8 9 . . . . . . . 1 3 4 0 0 2 2 1 1 9 9 9 8 9 0 2 1 1 0 5 8 7 2 . . . . . . . 5 8 0 0 7 8 8 1 1 9 9 9 8 9 1 2 1 5 0 1 8 2 2 . . . . . . . 6 5 6 6 6 8 0 1 1 9 9 9 9 8 2 0 2 1 1 4 8 2 4 . . . . . . . 1 1 2 8 7 8 0 O R A G G e s t l y r h a p f p e r s e h s f s a r r a u c a c l m n t t o c o o t n r r n o p o t i r m e a r o i s o i e f e n d i s t n e u a r g l c s l t i s c minerals 1 1 1 1 1 9 1 0 1 0 1 6 6 6 7 9 7 . . . . . . 7 1 1 5 6 2 1 1 1 1 1 9 1 2 2 0 2 2 3 5 0 0 1 . . . . . . 9 0 7 7 9 3 1 1 1 1 1 9 2 1 0 2 2 3 5 4 4 0 1 . . . . . . 6 7 6 7 9 3 Other chemicals and products 113.9 118.4 118.5 118.5 Rubber and plastic products :x Transportation equipment: Crude rubber 90.6 86.0 85.7 85.5 Motor vehicles and equipment 106.1 109.4 109.5 Tires and tubes - 99.2 107.5 107.5 107.5 Railroad equipment (Jan. 1961 = 100) 114.4 119.3 119.3 Miscellaneous rubber products 110.7 116.5 118.7 119.6 Plastic construction products (Dec. 1969 = 100) 96.8 97.0 95.5 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms, ammunition 112.1 115.9 116.2 Lumber 129.5 121.8 123.0 124.1 Tobacco products 123.8 131.7 131.8 Millwork 134.4 131.1 131.0 129.7 Notions 106.7 109.8 109.8 Plywood 94.4 98.5 99.0 98.9 Photographic equipment and supplies 113.9 117.0 117.2 Other wood products (Dec. 1966 = 100) 116.5 119.4 119.4 119.2 Other miscellaneous products 114.3 118.2 118.3 1 Retitled to include the direct pricing of plastic construction products; incorporate (1) new weights beginning with Jan. 1967 data and (2) various continuity of the group index is not affected. classification changes. Back data not yet available for some new classi- NOTE.—Bureau of Labor Statistics indexes as revised in Mar. 1967 to fications. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 68 NATIONAL PRODUCT AND INCOME • NOVEMBER 1970 GROSS NATIONAL PRODUCT (In billions of dollars) 1969 1970 Item 1929 1933 1941 1950 1965 1966 1967 1968 1969 III IV 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. 248.1 252.0 258.8 262.6 265.5 Services 30.3 20 28.1 62.4 175.5 188.6 204.0 221.6 241.6 244.5 249. 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 98.5 106.6 108.4 118.9 131 132.4 133.0 131.6 131.2 132.8 Nonresidential 10.6 2.4 9.5 27.9 71.3 81.6 83.3 88.7 99.3 10 U 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. 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. .5 3.7 18.6 26.7 24.5 24.5 29.7 31.5 30.4 29. 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 -1.4 4.0 6.0 8.6 15.0 7.5 7.5 8.0 10.8 6.5 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. 39.2 43.4 46.2 50.6 55.5 58.3 58. 61.1 62.8 63.5 Imports 5.9 2.0 4.6 12.0 32.3 38 41.0 48 53.6 55.6 56.2 57.6 58.7 58.8 Government purchases of goods and services. 8.5 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 72.4 78.0 78.8 79.8 78. 79.3 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. 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 III* 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 51.9 124.4 289.6 316.8 337.3 369.1 404.9 409.9 417.2 422.6 424.0 428.9 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 27.9 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 27.9 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 7.6 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

NOVEMBER 1970 • NATIONAL PRODUCT AND INCOME A 69 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING (In billions of dollars) 1969 1970 Item 1929 1933 1941 1950 1965 1966 1967 1968 1969 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 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 23.3 62.5 65.7 70.4 78.1 85.2 86.6 87.7 89.3 91.1 93.0 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 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 government enterprises -.1 .1 .2 1.3 2.3 1.4 .7 1.0 1.0 1.2 1.6 1.5 1.9 Equals: 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 Less: 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 Contributions for social insurance... .2 •3 2.8 6.9 29.6 38.0 42.4 47.1 53.6 54.2 55.1 56.0 56.7 57.6 Excess of wage accruals over disbursements 2.5 -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. 4.2 -.9 11.0 13.1 28.4 32.5 40.4 40.4 37-6 42.0 41.1 44.8 51.5 52.5 Disposable personal income in constant (1958) dollars 150.6 112.2 190.3 249.6 435.0 458.9 477.5 499.0 511-5 515.9 517.8 522.9 532.0 534.7 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.* Total personal income 688.7 748.9 763.1 766.7 770.6 774.3 777.8 781.5 787.6 806.0 799.7 798.2 803.3 806.4 811.8 Wage and salary disbursements 464.8 509.0 520.0 522.7 525.2 528.0 529.5 531.1 535.0 539.9 540.5 538.1 541.5 543.2 546.6 Commodity-producing industries... 181.5 197.5 200.9 201.8 201.9 203.8 202.2 202.0 203.9 202.3 200.9 201.3 202.1 202.0 201.9 Manufacturing only 145.9 157.5 160.4 160.9 160.0 161.6 160.8 160.0 161.3 160.0 159.2 159.5 160.1 159.6 159.9 Distributive industries 109.2 119.8 122.2 123.1 124.1 124.1 125.4 125.7 126.7 126.0 127.2 127.9 129.1 129.7 129.9 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 97.3 97.8 Government 95.7 104.1 107.3 107.7 108.1 108.5 108.9 109.3 109.8 116.5 116.9 113.2 113.5 114.2 117.0 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 30.8 31.1 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 67.8 67.9 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 51.7 51.8 Farm 15.0 16.4 16.7 16.7 16.6 16.6 16.8 17.0 17.2 16.9 16.5 16.2 16.2 16.1 16.1 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 22.7 22.8 Dividends 23.3 24.7 25.2 25.2 25.3 25.0 25.1 25.2 25.2 25.2 25.3 24.7 25.2 25.3 25.5 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 66.0 66.7 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 78.1 78.6 79.4 Less: Personal contributions for social insurance 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 28.0 28.2 Nonagricultural income 668.2 726.7 740.6 744.1 747.9 751.6 755.0 758.4 764.3 783.0 777.0 775.7 780.9 784.0 789.4 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 22.3 22.3 NOTE.—Dept. of Commerce estimates. Monthly data are seasonally adjusted totals at annual rates. See also NOTE to table opposite. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 70 FLOW OF FUNDS • NOVEMBER 1970 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 III IV I II III IV I II 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 82.2 80.0 101.3 1 2 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 3 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.a 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 Farm 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 Households 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 1 Total funds raised 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 Advanced directly by— 2 U.S. Government 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 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 8888..22 81.8 118.0 95.5 88.9 88.8 93.4 8822..22 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 48.4 62.9 2 3 Deposits 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 ins tit 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 .7 3.6 -2.7 -.2 -3.2 -.2 -5.2 -2.7 11 Other sources: 12 Foreign funds .8 .7 5.0 4.0 10.4 1.8 7.1 4.9 12.7 14.4 11.9 2.6 9.7 4.6 12 13 At banks 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 Direct -.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

NOVEMBER 1970 • FLOW OF FUNDS A 71 PRINCIPAL FINANCIAL TRANSACTIONS (Seasonally adjusted annual rates; in billions of dollars) 1968 1969 1970 Transaction category, or sector 1965 1966 1967 1968 1969 n 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 -1.9 * 1 2 U.S. Government deposits -1.0 -.4 1.1 -1.3 .5 -16.2 26.3 -9.7 -6.3 2.1 1.6 4.3 .8 2.4 2 3 Money supply 8.6 3.0 13.2 12.0 6.1 16.3 12.9 16.9 -3.9 5.1 1.6 19.9 -2.7 -2.4 3 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 -1.8 4 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 -.7 5 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 -1.8 6 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 -.3 7 8 Financial sectors .3 -.1 1.1 1.0 .4 1.6 2.6 1.3 -1.3 1.0 .8 1.0 .6 .3 8 9 Mail float 2.5 .3 2.7 1.9 -.6 1.5 -1.5 2.4 -.6 -.3 -1.3 -1.0 1.7 .8 9 10 Rest of the world .3 -1.0 .6 -.2 .2 -.7 -.7 -.2 .2 * .7 -.2 .6 -.6 10 Time and savings accounts 1 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 42.3 1 2 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 26.6 2 3 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 11.4 3 4 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 8.1 4 5 Foreign .6 .8 1.4 * 1.2 -.4 1.0 -.1 -.4 -1.4 .7 6.0 3.7 -2.4 5 6 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 6 7 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 15.7 7 Liabilities— 8 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 9.8 8 9 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 4.3 9 10 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 1.5 10 Assets 11 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 15.3 11 12 Cr. union deps. at S & L's... * -.2 .3 -.2 * .5 -.3 -1.0 .3 -.6 .3 1.0 .4 12 "-1 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 13.1 18.1 21.9 1 2 Household savings bonds .6 .6 .9 .5 -.4 .3 .8 .7 -.5 -.4 -.7 .1 -.9 -.2 2 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 17.9 3 4 Budget agency issues * * .2 1.4 -.4 1.9 1.4 2.7 .8 -1.3 -.8 -.2 .7 .2 4 5 Sponsored agency issues 2.1 5.1 -.6 3.2 9.1 3.7 1.8 2.1 5.2 7.5 10.9 12.6 14.7 4.7 5 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 6 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 21.9 7 8 U.S. Government (agency sec.)... * 1.3 -.1 .1 -1.3 1.6 -.1 -1.0 -1.1 -2.2 -.8 -1.0 .1 * 8 9 Sponsored credit agencies .1 1.0 * -.1 -.4 .3 -.4 -.5 -2.1 —. 1 -.3 .3 2.4 -.8 9 10 Direct marketable -.2 .3 .9 -.1 -.7 .2 . 1 -.2 -2.1 —. 1 -.6 -.6 2.8 -.8 10 11 FHLB special issue .3 .6 -.9 .3 1 -.5 -.3 * * .3 .8 — .4 — .1 11 12 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 5.7 12 13 Foreign -.2 -2.4 2.1 -.5 -1.1 -4.7 .6 4.2 -6.2 -1.1 3.6 -.5 6.7 8.5 13 14 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 9.2 14 15 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 15 16 Agency issues .8 -.2 3.2 1.1 -1.8 -.4 2.4 1.7 -2.7 .5 -4.1 -.9 .8 1.3 16 17 Nonbank finance —. J .4 -.9 1.6 -.5 7.4 4.5 -9.7 -3.1 4.4 -3.3 —. 1 1 3.5 17 18 Direct -.6 -.2 -1.3 .3 -2.3 6.5 3.1 -10.0 -5.9 2.3 -5.9 .1 -2.5 1.3 18 19 Agency issues .5 .5 .3 1.3 1.8 .9 1.4 .3 2.8 2.0 2.6 -.2 2.6 2.2 19 20 Pvt. domestic nonfin 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 20 21 Savings bonds—Households... .6 .6 .9 .5 -.4 .3 .8 .7 -.5 -.4 -.7 .1 -.9 -.2 21 22 Direct excl. savings bonds .7 3.3 -3.8 4.6 8.1 -1.9 3.1 5.8 18.3 ,-7.0 19.3 2.0 -1.7 -4.6 22 23 Agency issues 1.2 4.7 .2 3.8 8.1 6.1 3.1 3.1 6.9 ^ 6.5 7.7 11.3 9.0 .7 23 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 ! 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 —. i -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 .1 .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 -2.4 -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 -1 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 ! 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 3.9 5.5 3 4 Rest of the world .4 -.2 -.2 -.3 -.3 * -.3 -.7 .3 .5 -1.4 -.5 .8 -.4 4 Digitized for5 F RAFSinEaRnc ial 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 5 http://fraser.stlouisfed.org/ "-1 Federal Reserve Bank of St. Louis

A 72 U.S. BALANCE OF PAYMENTS • NOVEMBER 1970 1. U.S. BALANCE OF PAYMENTS (In millions of dollars) 1969 1970 IItteemm 11996688 11996699 II III IV 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 --33,,997755 -3,828 --11,,115599 -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 --11,,225544 --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 1,635 562 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 -22 -251 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 -242 800 5. Allocation of Special Drawing Rights 217 217 6. Errors and unrecorded transactions -514 -2,841 -922 -927 204 -144 -729 Balances5 A. Balance on liquidity basis Seasonally adjusted (Equals sum of items 1-6.)... 171 -7,012 -3,801 -2,279 420 6-1,598 -1,381 -1,203 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 -1,598 -1,381 -1,203 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 -66 142 142 -124 Less: Change in certain nonliquid liabilities to foreign central banks and govts 2,340 -996 -374 -517 -142 -422 -422 506 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

NOVEMBER 1970 • U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE A 73 1. U.S. BALANCE OF PAYMENTS—Continued (In millions of dollars) 1969 1970 Item 1968 1969 II III IV I HP 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. offiicial reserve assets (increase, —) -880 -1,187 -299 -686 — 154 481 -386 1,022 Gold ,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 ,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. Ma se r c k u e r ta it b ie le s 7 U.S. Govt, bonds and notes7.., -3 -1 7 0 9 -1 -7 6 9 3 -10 * -9 8 4 - - 2 6 1 7 2 -1 - 2 3 6 -1 - 2 3 6 17 Deposits, short-term U.S. Govt, securities, etc -2,709 -264 — 525 2,169 -227 2,900 2,900 509 IMF (gold deposits) -3 — 3 -9 -9 -9 Commercial banks abroad 3,387 9,217 4,716 1,554 -187 -1,736 -1,736 -203 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 -66 142 142 -124 B. Official reserve transactions. -1,641 -2,700 -1,204 1,040 -825 2,829 1,962 2,061 Change U.S. official reserve assets (in- Ch c a r n e g a e se , in — l ) i . q uid liabilities to foreign central -880 -1,187 -299 -686 -154 481 -386 1,022 banks and govts., and IMF (see detail above Ch u a n n d g e e r i A n . c ) ertain nonliquid liabilities to foreign -517 -538 2,235 -506 2,762 2,762 526 central banks and govts, of — U.S. private organizations 534 -834 -195 -390 -206 -156 -156 -230 U.S. Govt ,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 5 The first column shown for 1970-1 excludes, and the second column add to totals because of rounding. includes, initial allocation by the IMF of $867 million of SDR's. For purposes of seasonal adjustment the allocation is accounted for at the rate of $217 million per quarter. 2. MERCHANDISE EXPORTS AND IMPORTS (Seasonally adjusted; in millions of dollars) Exports ] Imports 2 Export surplus Period 1967 1968 1969r 1970 1967 1968 1969r 1970 1967 1968 1969r 1970 Month: Jan.. . 2,639 2,814 32,094 3,305 2,317 2,687 32,014 3,250 322 127 80 55 Feb... 2,582 2,775 32,313 3,628 2,216 2,592 32,653 3,256 366 184 -340 372 Mar.., 2,525 32,439 33,197 3,379 2,166 32,589 32,976 3,214 359 -150 221 165 Apr... 2,608 32,855 33,353 3,450 2,198 32,604 33,173 3,248 410 251 180 202 May.. 2,549 2,740 33,296 3,695 2,118 2,755 33,276 3,361 432 -15 20 334 June.. 2,582 2,870 33,211 3,776 2,184 2,792 33,185 3,310 398 78 26 466 July. . 2,601 2,858 3,168 3,683 2,245 2,725 3,064 3,242 357 133 104 441 Aug... 2,566 32,950 3,370 3,602 2,145 2,872 3,179 3,365 421 78 191 237 Sept... 2,597 33,211 3,323 3,535 2,198 2,951 3,054 3,341 399 261 269 194 Oct.. . 2,415 32,631 3,362 2,254 2,736 3,221 161 -105 141 Nov... 2,671 2,972 3,365 2,396 2,883 3,212 275 89 153 Dec... 2,677 2,977 3,238 2,493 2,908 3,006 184 70 232 Quarter: I 7,745 8,028 7,604 10,313 6,698 7,867 7,643 9,719 1,047 161 -39 594 II.... 7,739 8,465 9,860 10,921 6,500 8,151 9,635 9,918 1,240 314 225 11,,000033 III.... 7,764 9,019 9,862 6,588 8,548 9,297 1,177 471 565 IV.... 7,763 8,580 9,966 7,143 8,527 9,438 620 53 852 Year4... 30,934 34,063 37,332 26,812 33,226 36,043 4,122 837 1,289 1 Exports of domestic and foreign merchandise; excludes Dept. of 3 Significantly affected by strikes. Defense shipments of grant-aid military equipment and supplies under 4 Sum of unadjusted figures. Mutual Security Program. 2 General imports including imports for immediate consumption plus NOTE.—Bureau of the Census data. Details may not add to totals 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 • NOVEMBER 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 Area and country 1961 1962 1963 1964 1965 1966 1967 1968 1969 III IV Western Europe: Austria -143 -82 -55 -100 -25 Belgium -144 -63 -40 -83 -58 France -456 —5 i8 -405 -884 -60i 600 325 275 Germany, Fed. Rep. of.., -23 -225 500 500 Ireland -1 -2 -2 -2 -52 41 16 25 Italy 100 200 -80 -60 -85 -209 -76 Netherlands -25 -60 -35 -19 Spain -156 -146 -130 -32 -180 Switzerland -125 102 -81 -50 -2 -30 -50 -25 United Kingdom -306 -387 '329 618 150 80 -879 -835 Bank for Intl. Settlements. -23 .... 200 200 Other -53 -12 -35 -49 16 -47 1 U7 -7 -7 Total. -754 -1,105 -399 -88 -1,299 -659 -980 -669 969 292 721 Canada 190 200 150 50 Latin American republics: Argentina -90 -39 -1 -25 -25 -10 -15 Brazil -2 -3 -1 Colombia 7 Venezuela Other -17 -5 -11 -9 -40 -29 -12 -1 -9 Total. -109 175 32 56 17 -65 -54 -15 -27 -7 -9 Asia: Iraq -10 -4 -21 -42 Japan -56 Lebanon -11 "-i -95 Malaysia -34 Philippines. .. 9 40 11 5 Saudi Arabia. -50 O Si t n h g e a r p ore -14 -14 -22 - -7 81 5 -9 1 1 '-i -5 223 -1 Total -101 -93 12 3 -24 -86 -44 -366 10 24 -1 All other -6 -1 -36 -7 -16 -22 3-166 3-68 -1 -1 -2 Total foreign countries. -970 -833 -392 -36 -1,322 -608 -1,031 -1,118 957 316 695 --14 Intl. Monetary Fund4.. 150 5-225 177 22 -3 10 1 Grand total.... -820 -833 -392 -36 -1,547 -431 -1,009 -1,121 967 317 10 695 -14 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. Ihe 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

NOVEMBER 1970 • U.S. RESERVE ASSETS; POSITION IN THE IMF A 75 4. U.S. RESERVE ASSETS (In millions of dollars) Total Tot G a o l 2 ld st T o r c e k a i s ury v c fo u e C c r r r i o t e r e i n i e s b g n - l n e - p R I o e M s s i e t F r io 3 v n e EE mm nn oo dd nn tt oo hh ff Total Tot G a o l 2 ld st T o r c e k a i s ury v c fo u e C c r r i r e o e t r i s n i e b g n 5 - l n e - p R I o e M s s i i n e t F r i o v 3 n e 24,832 22,857 22,781 1,975 1969—Oct.. . . 716,316 11,190 10 ,367 73,341 1,785 22,540 20,582 20,534 1,958 Nov 16,000 11,171 10 ,367 2,865 1,964 21,504 19,507 19,456 1,997 Dec 16,964 11,859 10 ,367 2,781 2,324 19,359 17,804 17,767 1,555 1970—Jan.. . . 17,396 11,882 11 ,367 2,294 2,321 18,753 16,947 16,889 116 1,690 Feb.... 17,670 11,906 11 ,367 2,338 2,507 17,220 16,057 15,978 99 1,064 Mar 17,350 11,903 11 ,367 1,950 2,577 16,843 15,596 15,513 212 1,035 Apr.. .. 16,919 11,902 11 ,367 1,581 2,510 16,672 15,471 15,388 432 769 May... 16,165 11,900 11 ,367 980 2,360 15,450 413,806 413,733 781 4863 June. .. 16,328 11,889 11 ,367 1,132 2,350 July. . . 16,065 11,934 11 ,367 716 2,454 14,882 13,235 13,159 1,321 326 Aug 15,796 11,817 11 ,367 695 2,323 14,830 12,065 11,982 2,345 420 Sept.... 15,527 11,494 11 ,117 1,098 1,944 15,710 10,892 10,367 3,528 1,290 Oct 15,120 11,495 11 ,117 811 1,823 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 n s m o ll c s f a r e r i n i p s n t - s by s g N I a o M l e l e d t s F 1 T t c f i r c o u o a i r r n e n e r s s i e s g a n 2 i n n c - - I i d M n o c F l i o n l a m n r e s e t P d u o r l c l o a h f r a s s 3 e s pu d r o R c l i l h n e a a - r s s e s c T ha o n ta g l e Amount P q e U r u o . o c f S t e . a n t 1946—1957. 2,063 600 -45 -2,670 827 775 775 28 1958—1963. 1,031 150 60 -1,666 2,740 2,315 3,090 75 1964—1966. 776 1,640 45 -723 6 1,744 4,834 94 1967. 20 -114 -94 4,740 92 1968. 20 -806 -870 3,870 75 1969. 22 19 -1,343 268 -1 ,034 2,836 55 1969—Oct.. -9 5 -3 3,375 65 Nov.. -268 89 -179 3,196 62 Dec.. -396 32 -360 2.836 55 1970—Jan.. -33 36 3 2,839 55 Feb.. 32 -262 42 -186 2,653 51 Mar.. -178 103 -70 2,583 50 Apr.. -2 66 67 2,650 51 May. 150 150 2,800 54 June. 5 -2 7 10 2,810 54 July.. 2 -139 33 -104 2,706 52 Aug.. 1 -20 150 131 2.837 55 Sept.. 6132 10 -16 253 379 3,216 62 Oct.. 129 -3 -34 29 121 3,337 65 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. • NOVEMBER 1970 6. U.S. LIQUID LIABILITIES TO FOREIGNERS (In millions of dollars) Liabilities to Intl. Liabilities to foreign countries Liabilities to non- Monetary Fund arising monetary intl. and from gold transactions regional organizations 5 Official institutions 3 Banks and other foreigners Non- Total Total p G o d s o e i l t - d 1 m in G e v o n e l t s d t - 2 Total i p S t l t i i o h e a e b r s o r b y t m r i e r l t d - e - - M b G U a a a o o b r n n . v S k l d d e t . e s , t - c m T o a U a n i u r b r b v e . r k l S l a e y e e e . r s t - t - - Total i p t S l i t i o h e a e b r s o b r y t m r i e r l t d - e - - M b G U a a a o o b r n n . v S k l d d e t . e s , t - Total i p t S l i t i o h e a e b r s o b r y t m r i e r l t d e - - banks notes 4 bonds banks notes 4 banks in U.S. and in U.S. in U.S. 6 notes 715,825 200 200 7,917 5,724 716,845 200 200 8,665 5,950 19,428 500 500 10,120 9,154 966 7,618 7,077 541 1,190 /20,994 800 800 11,078 10,212 866 7,591 7,048 543 1,525 \21,027 800 800 11,088 10,212 876 7,598 7,048 550 1,541 /22,853 800 800 11,830 10,940 890 8,275 7,759 516 1.948 \22,936 800 800 11,830 10,940 890 8,357 7,841 516 1.949 /24,068 800 800 12,748 11,997 751 8,359 7,911 448 2,161 \24,068 800 800 12,714 11,963 751 8,359 7,911 448 2,195 /26,361 800 800 14,387 12,467 1,217 703 9,214 8,863 351 1,960 \26,322 800 800 14,353 12,467 1,183 703 9,204 8,863 341 1,965 (28, 951 800 800 15,428 13,224 1,125 1,079 11,001 10,625 376 1,722 \29, 002 800 800 15,424 13,220 1,125 1,079 11,056 10,680 376 1,722 29,115 834 34 800 15,372 13,066 1,105 1,201 11,478 11,006 /29,904 1,011 211 800 13,600 12,484 860 256 14,387 13,859 528 906 \29,779 1,011 211 800 13,655 12,539 860 256 14,208 13,680 528 905 /33,271 1,033 233 800 15,653 14,034 908 711 15,894 15,336 558 691 \33,119 1,033 233 800 15,646 14.027 908 711 15,763 15,205 558 677 /33,828 1,030 230 800 12,548 11,318 529 701 19,525 18,916 609 725 \33,614 1,030 230 800 12,481 11,318 462 701 19,381 18,916 465 722 41,619 1,028 228 800 11,039 9,839 450 750 28,821 28,329 492 731 42,703 1,019 219 800 12,481 11,281 450 750 28,475 27,943 532 728 1043,119 1,019 219 800 1012,686 11,611 333 10742 28,731 28,190 541 683 42,855 1,019 219 800 12,014 11,128 331 555 29,103 28,559 544 719 (41,830 1,019 219 800 11,992 11,054 383 555 28,157 27,628 529 662 141,918 1,019 219 800 11,992 11,054 383 555 28,245 27,716 529 662 42,811 1,019 219 800 12,675 11,863 383 429 28,384 27,853 531 733 43,038 1,010 210 800 14,022 13,213 380 429 27,190 26,706 484 816 42,933 1,010 210 800 14,763 13,954 380 429 26,356 25,880 476 804 43,404 1,010 210 800 14,409 13,600 380 429 27,215 26,730 485 770 43.322 1,010 210 800 14,787 13,976 382 429 26,820 26,319 501 705 43.323 1,010 210 800 15,289 14,463 397 429 26,343 25,807 536 681 43,471 1,010 210 800 16,574 15,728 417 429 25,128 24.586 542 759 43,970 1,010 210 800 16,588 15,742 417 429 25,538 24,976 562 834 1 Represents liability on gold deposited by the International Monetary regular monthly reports of securities transactions (see Table 16). Data in- Fund to mitigate the impact on the U.S. gold stock of foreign purchases cluded on the second line are based on a benchmark survey as of Nov. 30, for the purpose of making gold subscriptions to the IMF under quota in- 1968, and the monthly transactions reports. For statistical convenience, creases. the new series is introduced as of Dec. 31, 1968, rather than as of the 2 U.S. Govt, obligations at cost value and funds awaiting investment survey date. obtained from proceeds of sales of gold by the IMF to the United States The difference between the two series is believed to arise from errors in to acquire income-earning assets. Upon termination of investment, the reporting during the period between the two benchmark surveys, from same quantity of gold can be reacquired by the IMF. shifts in ownership not involving purchases or sales through U.S. banks 3 Includes Bank for International Settlements and European Fund. and brokers, and from physical transfers of securities to and from abroad. 4 Derived by applying reported transactions to benchmark data; It is not possible to reconcile the two series or to revise figures for earlier breakdown of transactions by type of holder estimated for 1960-63. dates. Includes securities issued by corporations and other agencies of the U.S. !0 Includes $17 million increase in dollar value of foreign currency Govt, that are guaranteed by the United States. liabilities resulting from revaluation of the German mark in Oct. 1969. 5 Principally the International Bank for Reconstruction and Development and the Inter-American Development Bank. NOTE.—Based on Treasury Dept. data and on data reported to the 6 Includes difference between cost value and face value of securities in Treasury Dept. by banks and brokers in the United States. Data correspond IMF gold investment account. Liabilities data reported to the Treasury to statistics following in this section, except for minor rounding differences. include the face value of these securities, but in this table the cost value of Table excludes IMF "holdings of dollars," and holdings of U.S. Treasury the securities is included under "Gold investment." The difference, which letters of credit and non-negotiable, non-interest-bearing special United amounted to $43 million at the end of 1969, is included in this column. States notes held by other international and regional organizations. 7 Includes total foreign holdings of U.S. Govt, bonds and notes, for The liabilities figures are used by the Dept. of Commerce in the statistics which breakdown by type of holder is not available. measuring the U.S. balance of international payments on the liquidity 8 Data on the two lines shown for this date differ because of changes in basis; however, the balance of payments statistics include certain adjustreporting coverage. Figures on the first line are comparable with those ments to Treasury data prior to 1963 and some rounding differences, and shown for the preceding date; figures on the second line are comparable they may differ because revisions of Treasury data have been incorporated with those shown for the following date. at varying times. The table does not include certain nonliquid liabilities 9 Data included on the first line for holdings of marketable U.S. Govt, to foreign official institutions that enter into the calculation of the official securities are based on a July 31, 1963, benchmark survey of holdings and reserve transactions balance by the Dept. of Commerce. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1970 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 77 7. U.S. LIQUID LIABILITIES TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES, BY AREA (Amounts outstanding; in millions of dollars) End of period c f o o T u r o n e t t i a r g i l n e s E W ur es o t p e e r n 1 Canada A re m L p e u a r b t i i l c n i a c s n Asia Africa cou O n t t h r e ie r s 2 1967 15,646 9,872 996 1,131 3,145 249 253 / 12,548 7,009 533 1,354 3,168 259 225 1199668833 \ 12,481 7,001 532 1,354 3,122 248 224 1969—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 Mar 14,763 7,394 590 2,091 3,780 705 203 14,409 6,942 733 2,096 3,668 725 245 May 14,787 7,310 762 2,057 3,632 744 282 15,289 8,059 500 2,098 3,571 710 351 July 16,574 9,554 527 2,090 3,331 691 381 Aug.** 16,588 9,654 690 1,973 3,189 692 390 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 all foreigners T a o n n d o r n e m gi o o n n e a t l a r o y r g i a n n t i e z r a n t a io ti n o s n 5 a l Payable in dollars Deposits IMF End of period Payable gold U.S. Total i Total Dem D an e d p os T it i s m e2 b T i c r l c e U l e s a r a . t t S s i e a f u . s i n - r d y s O l t i h e a t o r h b r m e . t 3 r - f r o e c r n u i e n c r i i g - e n s i m nv e e n s t t 4 - Total Demand Time2 b T i c r l c e l e s a r a t t s i e a f u s i n - r d y 196 7 30,505 30,276 11,577 5,775 9,173 3,751 229 800 473 67 120 178 196 8 31,717 31,081 14,387 5,484 6,797 4,413 636 800 683 68 113 394 1969—Sept.. 40,703 40,287 20,750 6,090 7,052 6,395 416 800 679 61 86 225 Oct... 41,235 40,747 20,984 6,376 6,450 6,937 488 800 634 71 76 234 Nov.. 41,156 40,711 21,235 6,673 5,632 7,171 445 800 669 58 66 291 Dec. 6, f [4 4 0 0 , , 1 0 8 9 2 4 3 3 9 9 , , 7 6 5 6 3 6 2 2 0 0 , , 4 4 8 8 1 1 6 6, , 9 8 4 3 6 4 5 5 , , 0 0 1 1 5 5 7 7, , 3 3 1 3 1 6 4 4 2 2 9 9 8 80 0 0 0 6 61 1 2 2 5 5 7 7 8 8 3 3 2 24 4 4 4 1970—Jan... 41,199 40,757 20,076 6,960 5,938 7,783 442 800 683 66 102 252 Feb.. . 41,485 41,059 18,949 7,234 6,602 8,274 426 800 766 75 115 317 Mar.. 41,388 40,986 17,995 7,226 7,228 8,537 402 800 754 81 131 330 Apr.. 41,849 41,487 18,793 7,040 7,164 8,490 362 800 719 87 136 237 May. 41,749 41,398 18,266 7,305 7,564 8,263 351 800 654 65 142 226 June. , 41,699 41,361 18,067 7,299 8,159 7,836 338 800 629 76 132 194 July.. 41,820 41,476 17,204 7,178 9,103 7,991 344 800 706 66 131 218 Aug.f 42,307 41,970 17,420 7,231 9,845 7,474 337 800 789 59 131 252 Sept.* 42,561 42,201 17,234 7,236 10,856 6,875 360 400 715 73 130 179 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. • NOVEMBER 1970 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 in Total Dema D nd ep osi T ts i me 2 T b c i r l c U e e l a s r a . t t S s e i a u f . s n i r - d y s O l t i h e a t o r h b r m e . t 3 r - f r o e c r n u e c r i i g - e n s Total Dema D n e d p osi T ts i me 2 T bi r c c l U e e l a s r a . t t S s e a i u . s f n i r - d y t s 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—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 38,682 20,423 6,751 3,971 7,109 429 11,054 1,918 2,951 3,844 2,139 Dec. 6. 38,770 20,423 6,863 3,971 7,084 429 11,054 1,918 2,951 3,844 2,139 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 May.. 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 July. . 40,314 17,138 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 Sept.* 41,446 17,161 7,106 10,277 6,542 360 16,912 1,353 3,440 10,141 1,830 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 c l e U e l a s r a . t t s S e i a u f . s n i r - d y s O l t h i e a t o r h b r m e . t 3 r - Total Dema D nd ep osi T ts ime2 T b c i r l c e U e l a r s a . t t s S e i a u f . s n i r - d y s O l t h i e a t o r h b r m e . t 3 r - 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—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 27,628 23,463 16,796 1.988 20 4,658 3,939 1,709 1,811 107 312 Dec. 6. 27,716 23,439 16,796 1.989 20 4,633 4,051 1,709 1,923 107 312 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 Apr... 26,730 22,556 15,627 1,784 19 5,126 3,960 1,784 1,729 74 374 May.. 26,319 22,145 15,163 1,954 20 5,007 3,972 1,708 1,766 102 396 June.. 25,807 21,536 14,813 1,857 26 4,840 4,081 1,768 1,811 120 381 July. . 24,586 20,437 13.921 1,752 24 4,740 3,953 1,664 1,793 116 381 Aug.*. 24,976 20,835 14,451 1,724 23 4,637 3.952 1,686 1.769 116 380 Sept.* 24,534 20,405 14,155 1,896 23 4,332 3,917 1,653 1.770 114 380 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

NOVEMBER 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) 1969 1970 Area and country Dec. Jan. Feb. Mar. Apr. May June July Aug. Europe: Austria 314 299 300 343 279 264 265 274 287 Belgium-Luxembourg 530 587 625 603 598 511 526 582 581 Denmark 153 178 182 212 186 165 167 189 189 Finland 120 124 138 130 132 141 130 134 140 France 1,581 1,514 1,564 1,575 1,778 1,858 1,915 2,032 2,282 Germany 1,381 2,226 2,658 2,680 2,685 2,770 3,455 4,241 4,505 Greece 207 208 191 178 185 185 179 198 199 Italy 627 626 741 604 590 647 911 902 845 Netherlands 463 581 539 526 459 408 382 469 631 Norway 341 240 305 281 272 241 216 272 309 Portugal 309 313 289 280 266 263 257 272 272 Spain 202 195 226 234 179 224 228 325 416 Sweden 412 455 426 381 364 353 410 429 440 Switzerland 2,005 1,970 1,952 2,149 2,149 2,249 2,266 2,192 2,033 Turkey 28 31 35 31 27 24 25 27 28 United Kingdom 11,400 11,235 10,504 9,808 10,361 9,514 9,465 8,339 8,600 Y O u th g e o r s l W av e i s a t ern Europe1 1,55 3 3 7 1,48 4 1 4 1,75 3 7 3 1,97 4 6 2 1,73 2 6 9 1,76 4 2 0 1,49 3 1 2 1,54 3 8 5 1,13 2 9 7 U.S.S.R 11 8 6 6 6 4 18 8 7 Other Eastern Europe 50 44 39 39 37 40 49 53 41 Total 21,725 22,358 22,510 22,078 22,317 21,663 22,388 22,520 22,971 Canada 4,012 4,121 3,873 3,628 3,787 4,113 3,421 3,646 3,827 Latin America: Argentina 416 418 450 450 517 525 535 588 581 Brazil 425 412 452 526 544 518 555 544 427 Chile 400 368 392 444 406 447 458 444 429 Colombia 261 269 279 298 291 308 302 275 294 Cuba 7 7 7 7 6 7 7 6 7 Mexico 849 892 916 940 990 883 860 896 915 Panama 140 156 148 148 146 170 168 169 170 Peru 240 219 216 239 220 233 242 210 208 Uruguay 111 140 119 120 122 121 122 113 108 Venezuela 691 703 695 718 704 675 682 637 651 Other Latin American republics.. 562 558 587 611 635 635 645 651 634 Bahamas and Bermuda 1,405 1,589 1,550 1,343 1,321 1,609 1,505 1,306 ,183 Netherlands Antilles and Surinam 80 85 87 90 99 93 95 84 87 Other Latin America 34 40 36 36 47 36 39 44 41 Total 5,622 5,856 5,934 5,969 6,049 6,259 6,216 5,967 5,733 Asia: China Mainland 36 37 39 39 37 41 43 41 41 Hong Kong 213 196 223 219 225 223 225 226 245 India 260 260 286 330 322 354 356 363 356 Indonesia 86 78 69 89 87 79 68 59 61 Israel 146 178 185 152 139 172 147 131 115 Japan 3,788 ,628 3,557 3,910 4,084 4,020 3,995 3,914 3,969 Korea 236 283 308 299 258 291 289 307 280 Philippines 201 196 248 285 241 264 261 264 275 Taiwan 196 215 218 228 210 226 262 260 212 Thailand 628 653 666 664 630 643 627 603 591 Other 606 657 652 762 724 679 714 745 779 Total 6,396 6,381 6,451 6,976 6,958 6,992 6,987 6,913 6,924 Africa: Congo (Kinshasa) 87 85 109 97 73 71 52 50 30 Morocco 21 21 44 52 47 47 43 33 21 South Africa 66 69 91 96 58 50 45 47 48 U.A.R. (Egypt) 23 25 25 22 22 24 22 24 19 Other 505 517 606 594 694 716 683 664 685 Total 701 716 875 862 895 908 845 817 803 Other countries: Australia 282 255 244 287 290 329 383 418 428 All other 30 30 32 34 33 30 32 33 31 Total 313 285 275 321 324 359 414 451 459 Total foreign countries 38,770 39,716 39,919 39,834 40,330 40,295 40,270 40,314 40,718 International and regional: International2 1,260 1,302 1,360 ,346 1,276 1,224 1,194 1,251 1,330 Latin American regional 100 116 121 111 146 127 133 145 150 Other regional3 52 65 85 97 97 103 102 110 109 Total 1,412 1,483 1,566 1,554 1,519 1,454 1,429 1,506 1,589 Grand total 40,182 41,199 41,485 41,388 41,849 41,749 41,699 41,820 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. • NOVEMBER 1970 SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES BY COUNTRY—Continued (End of period. Amounts outstanding; in millions of dollars) Supplementary data 4 1968 1969 1970 1968 1969 Area or country Area or country Apr. Dec. Apr. Dec. Apr. Apr. Dec. Apr. Other Western Europe: Other Asia—Cont.: Cyprus 21 8 2 11 15 Jordan 7 3 4 Iceland 3 6 4 9 10 Kuwait 34 67 40 Ireland, Rep. of 15 24 20 38 32 Laos 4 3 4 Lebanon 97 78 82 Other Latin American republics Malaysia 52 52 41 Bolivia 61 66 65 68 76 Pakistan 54 60 24 Costa Rica 55 51 61 52 43 Ryukyu Islands (incl. Okinawa) 26 17 20 Dominican Republic 60 69 59 65 82 Saudi Arabia 70 29 48 E El c u S a a d lv o a r dor 6 8 4 4 6 8 6 2 6 89 2 7 6 6 9 7 7 2 9 S Sy in r g ia a pore 157 7 67 o 40 4 Guatemala 96 86 90 84 110 Vietnam 123 51 40 Haiti 17 17 18 16 19 Honduras 31 33 37 29 29 Other Africa: Jamaica 44 42 29 16 17 Algeria 8 6 Nicaragua 58 67 78 63 76 Ethiopia (incl. Eritrea) 23 13 15 Paraguay 14 16 18 13 17 Ghana 13 3 8 Trinidad & Tobago 9 10 8 8 11 Kenya 20 29 34 Liberia 26 25 28 Ot B he r r it i L sh a t W in e A st m In er d i i c e a s : 21 25 25 30 '38 N L So i i b g u y e t a r h i e a r n Rhodesia 4 2 5 4 4 2 69 0 1 6 1 8 2 0 Sudan 2 5 3 Other Asia: Tanzania 27 21 23 Afghanistan 6 6 16 15 Tunisia 2 7 2 Burma 17 5 5 2 Uganda 10 6 9 Cambodia 3 2 2 1 Zambia 21 25 19 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 1 Includes Bank for International Settlements and European Fund. 3 Asian, African, and European regional organizations, except BIS and 2 Data exclude "holdings of dollars" of the International Monetary European Fund, which are included in "Europe." Fund but include IMF gold investment. 4 Represent a partial breakdown of the amounts shown in the "other" categories (except "Other Eastern Europe"). 10. LONG-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) To foreign countries Country or area To End of period Total re i g a n i n o t d l n . al Total O in t f i s f o t i i n c t i s u a - l Banks1 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 O A t s h i e a r 1,494 506 988 913 25 50 234 8 197 140 [2,546 689 1,858 1,807 15 35 251 234 126 443 218 !2,560 698 1,863 1,807 15 40 251 234 126 443 218 3,166 777 2,389 2,341 8 40 284 257 241 658 201 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 2,046 820 1,226 1,051 121 54 25 197 7 526 28 1,948 830 1,118 945 123 51 25 145 7 502 22 1,920 851 1,070 891 121 58 25 147 7 483 1 Excludes central banks, which are included with "Official institutions." those shown for the preceding date; figures on the second line are com- 2 Data on the two lines for this date differ because of changes in report- parable with those shown for the following date, ing coverage. Figures on the first line are comparable in coverage with Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 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. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.* Sept.* Europe: Denmark 10 9 9 9 9 9 6 6 6 6 6 6 6 6 France 5 6 6 6 6 6 6 6 6 6 6 6 6 6 Netherlands 2 2 2 2 2 2 2 2 2 2 2 2 2 2 Norway 37 37 37 37 37 37 37 37 37 37 37 37 37 37 Sweden 5 5 5 5 5 5 5 5 5 5 5 5 5 5 Switzerland 39 45 42 42 42 42 46 46 46 45 45 44 47 49 United Kingdom 350 406 420 421 407 407 358 350 359 369 396 401 411 423 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 488 541 553 553 538 539 491 483 492 501 529 532 545 560 Canada 384 389 271 272 272 271 270 271 271 279 286 287 294 284 Latin America: Latin American republics.. 2 2 2 2 2 2 2 2 2 2 2 2 2 2 Neth. Antilles 8c Surinam. 15 12 12 12 12 13 12 12 12 12 12 12 12 12 Other Latin America • * * 2 2 2 2 2 2 2 2 3 4 4 Total 17 14 14 15 15 17 15 15 15 15 15 16 17 17 Asia: Japan 9 10 10 10 61 61 62 62 62 61 61 61 61 61 Other Asia 18 19 19 17 18 18 18 18 18 19 19 19 19 19 Total 26 28 29 27 79 79 80 80 80 81 81 81 81 80 Other countries 11 9 7 7 7 7 7 7 7 7 22 42 42 42 Total foreign countries 927 982 874 875 912 914 864 856 865 883 933 959 979 984 International and regional: International 25 32 32 32 32 31 31 30 30 30 30 30 22 22 Latin American regional.. 13 17 17 18 18 19 19 20 20 21 21 22 23 2233 Asian regional 11 Total 39 49 50 50 50 50 50 50 51 51 52 53 45 45 Grand total 966 1,031 923 925 962 964 914 906 916 934 985 1,012 1,024 1,030 NOTE.—Data represent estimated official and private holdings of mar- year, and are based on a Nov. 30,1968, benchmark survey of holdings and ketable U.S. Govt, securities with an original maturity of more than 1 regular monthly reports of securities transactions (see Table 16). 12. NONMARKETABLE U.S. TREASURY BONDS AND NOTES ISSUED TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES (In millions of dollars or dollar equivalent) Payable in dollars Payable in foreign currencies End of period Total Total g B iu e m l- C ad a a n 1 - m De a n rk - Italy 2 Korea S d w en e- 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 20 100 1,638 50 1,051 226 311 1969—Oct. 43,372 1,435 32 1,129 139 15 20 100 41,937 41,301 125 511 Nov. 3,181 1,431 32 1,129 135 15 20 100 1,750 1,084 125 541 Dec. 3,181 1,431 32 1,129 135 15 20 100 1,750 1,084 125 541 1970—Jan.. 2,514 1,431 32 1,129 135 15 20 100 ,083 542 541 Feb.. 2,513 1,431 32 1,129 135 15 20 100 ,083 542 541 Mar. 2,799 1,717 32 1,429 121 15 20 100 ,083 542 541 Apr. 2,897 1,814 32 1,529 118 15 20 100 ,083 542 541 May 3,096 2,013 32 1,729 117 15 20 100 ,083 542 541 June 3,511 2,428 32 2,229 32 15 20 100 ,083 542 541 July. 3,508 2,425 32 2,229 29 15 20 100 ,083 542 541 Aug. 3,508 2,425 32 2,229 29 15 20 100 ,083 542 541 Sept, 3,508 2,425 32 2,229 29 15 20 100 ,083 542 541 Oct.. 3,567 2,484 32 2,289 28 15 20 100 ,083 542 541 1 Includes bonds issued in 1964 to the Government of Canada in connec- 3 In addition, nonmarketable U.S. Treasury notes amounting to $125 tion with transactions under the Columbia River treaty. Amounts out- million equivalent were issued to a group of German commercial banks in standing end of 1967 through Oct. 1968, $114 million; Nov. 1968 through June 1968. The revaluation of the German mark in Oct. 1969 increased Sept. 1969, $84 million; Oct. 1969 through Sept. 1970, $54 million; and the dollar value of these notes by $10 million. Oct. 1970, $24 million. 4 Includes an increase in dollar value of $101 million resulting from 2 Bonds issued to the Government of Italy in connection with mili- revaluation of the German mark in Oct. 1969. tary purchases in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 82 INTL. CAPITAL TRANSACTIONS OF THE U.S. • NOVEMBER 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) 1969 1970 AArreeaa aanndd ccoouunnttrryy Dec. Jan. Feb. Mar. Apr. May June July Aug.* Sept.* Europe: Austria 7 20 10 11 3 5 6 13 7 4 Belgium-Luxembourg 56 49 53 55 69 67 64 53 52 70 Denmark 40 49 32 36 31 29 33 28 36 34 Finland 68 66 63 64 64 61 63 65 63 63 France 107 117 94 87 96 100 82 83 75 104 Germany 205 180 155 192 135 146 152 125 169 181 Greece 22 17 16 17 19 22 22 25 27 28 Italy 120 129 123 107 102 103 100 87 90 102 Netherlands 51 84 61 50 65 86 53 49 46 67 Norway 34 34 32 36 34 35 33 31 30 33 Portugal 8 9 11 13 9 13 12 12 8 10 Spain 70 73 83 57 99 96 102 52 51 59 Sweden 67 82 95 78 99 92 112 113 103 112 Switzerland 99 124 122 107 114 91 115 109 123 100 Turkey 19 14 15 25 19 31 16 17 10 6 United Kingdom 408 405 435 418 393 329 403 399 340 382 Yugoslavia 28 29 35 32 32 34 30 32 32 36 Other Western Europe 9 7 8 9 7 10 8 7 6 7 U.S.S.R 2 2 1 2 2 2 2 1 2 3 Other Eastern Europe 34 30 34 43 40 46 41 45 44 40 Total 1,454 1,519 1,478 1,439 1,432 1,397 1,449 1,345 1,315 1,442 Canada 826 730 720 652 598 765 816 729 749 805 Latin America: Argentina 309 301 293 290 285 280 311 306 297 305 Brazil 317 296 289 285 293 303 305 299 296 317 Chile 188 178 195 203 213 218 213 210 210 225 Colombia 225 237 252 249 254 252 249 250 256 265 Cuba 14 14 14 14 14 14 14 14 14 14 Mexico 803 805 808 851 888 899 911 901 889 900 Panama 68 61 68 61 68 67 63 68 68 83 Peru 161 173 168 163 159 162 172 156 142 132 Uruguay 48 49 50 55 55 54 52 57 53 57 Venezuela 240 250 261 264 254 264 253 248 251 267 Other Latin American republics 295 303 307 292 295 287 298 295 294 286 Bahamas and Bermuda 93 62 68 73 67 63 65 56 58 73 Netherlands Antilles and Surinam 14 13 14 13 15 15 18 16 17 19 Other Latin America 27 22 22 27 29 23 21 23 21 22 Total 2,802 2,764 2,810 2,839 2,890 2,901 2,946 2,900 2,865 2,964 Asia: China Mainland 1 1 1 1 1 1 1 1 1 1 Hong Kong 36 37 37 41 41 44 46 41 35 46 India 10 11 9 9 9 12 11 12 11 10 Indonesia 30 29 25 68 49 48 52 36 42 46 Israel 108 101 96 92 99 94 93 90 80 82 Japan 3,372 3,160 3,080 3,215 3,276 3,378 3,407 3,378 3,276 3,225 Korea 158 167 172 178 190 216 215 222 228 227 Philippines 215 207 254 275 295 278 268 269 209 215 Taiwan 49 50 56 55 59 69 79 82 81 81 Thailand 101 99 98 95 103 98 100 96 106 108 Other 212 208 168 162 164 179 184 180 165 157 Total 4,291 4,069 3,997 4,190 4,286 4,419 4,455 4,406 4,234 4,198 Africa: Congo (Kinshasa) 6 5 5 3 4 5 5 5 4 7 Morocco 3 3 3 4 5 4 4 4 6 5 South Africa 55 53 51 62 60 58 66 69 68 71 U.A.R. (Egypt) 11 10 12 12 15 17 15 15 14 13 Other 86 79 63 63 62 62 68 65 65 63 Total 162 150 136 144 146 145 158 157 157 159 Other countries: Australia 53 58 55 60 56 62 62 63 66 60 All other 16 14 14 13 22 22 18 15 16 17 Total 69 72 68 73 78 84 80 78 82 77 Total foreign countries 9,604 9,304 9,209 9,338 9,429 9,711 9,903 9,614 9,401 9,645 International and regional 2 1 2 2 1 2 1 1 2 2 Grand total 9,606 9,305 9,210 9,340 9,430 9,714 9,904 9,616 9,403 9,646 NOTE.—Short-term claims are principally the following items payable their own account or for account of their customers in the United States; on demand or with a contractual maturity of not more than 1 year: loans and foreign currency balances held abroad by banks and bankers and made to, and acceptances made for, foreigners; drafts drawn against their customers in the United States. Excludes foreign currencies held foreigners, where collection is being made by banks and bankers for by U.S. monetary authorities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 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 Loans to— Foreign EEnndd ooff ppeerriioodd Total C t o io ll n e s c - A a c n c c e e p s t - Deposits g c o u v ri t t , ie se s. - Total Total O in t f i s f o t i i n c t i s u a - l Banks i Others st o i a n u n g t d - - f e o o i f r g n f a o e c r r c - s t . Other Total w e i i t g h n e f r o s r - a n p c n o a a d m p n e c f l r e i . - Other 1967 8,606 8,182 3,150 306 1,616 1,228 1,552 3,013 467 425 287 70 67 1968 8,711 8,261 3,165 247 1,697 1,221 1,733 2,854 509 450 336 40 73 1969—Sept 8,967 8,472 3,093 212 1,880 1,000 1,860 2,973 546 495 355 51 89 Oct 9,092 8,573 3,173 263 1,921 990 1,896 2,940 563 520 393 46 80 Nov 9,044 8,610 3,203 261 1,944 999 1,928 2,922 556 434 316 45 74 DDeecc.. 22 1 1 9 9 , , 5 6 7 0 8 6 9 9, , 0 0 9 6 1 3 3 3 , , 2 2 8 7 1 8 2 2 6 6 2 2 1 1 , , 9 9 4 4 3 6 1 1 , , 0 0 7 7 3 3 1 1 , , 9 9 5 5 4 4 3 3 , , 2 1 0 6 2 9 6 65 5 6 8 5 5 1 1 6 6 3 3 5 5 2 2 8 8 4 4 7 7 9 9 1970—Jan 9,305 8,804 3,260 257 1,986 1,018 1,970 3,019 554 502 347 77 78 Feb. 9,210 8,750 3,207 265 1,914 1,029 1,992 2,987 563 461 320 62 78 Mar 9,340 8,926 3,290 294 1,922 1,074 2,083 3,044 508 415 300 45 70 Apr 9,430 8,952 3,116 335 1,734 1,047 2,153 3,223 459 478 342 70 66 May 9,714 9,216 3,193 315 1,825 1,053 2,220 3,244 559 498 338 76 84 June 9,904 9,437 3,316 305 1,932 1,079 2,238 3,287 595 467 314 78 74 July 9,616 9,195 3,191 256 1,873 1,063 2,244 3,234 525 421 296 61 64 Aug.* 9,403 8,938 2,976 178 1,710 1,087 2,245 3,170 547 466 357 44 65 Sept.? 9,646 9,167 3,253 186 1,940 1,128 2,275 3,052 587 479 366 39 75 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 EEEnnnddd ooofff PPaayyaabbllee pppeeerrriiioooddd TTToootttaaalll Loan s to— O lo t n h g e - r cc ffoo uu rr rr ii ee rr nn ii ee gg nn nn -- UU KK dd nn ii oo nn ii mm tt gg ee -- dd EE OO uu tt rr hh oo ee pp rr ee CCaannaaddaa AAmm LLaa ee tt rr ii ii nn cc aa JJaappaann OO AA tt ss hh ii ee aa rr ccoo oo uu AA tt nn hh UU tt ee rr rr ii eess Official Other term cciieess Total institu- Banks 1 foreign- claims tions ers 1967 3,925 3,638 669 323 2,645 272 15 56 720 427 1,556 180 449 537 1968 3,567 3,158 528 237 2,393 394 16 68 479 428 1,375 122 617 479 1969—Sept 3,272 2,847 485 211 2,150 409 17 55 416 403 1,334 93 562 410 Oct 3,278 2,847 493 204 2,149 415 16 56 411 410 1,344 88 568 401 Nov 3,268 2,846 495 203 2,147 406 17 55 400 407 1,357 85 573 391 Dec 3,238 2,806 502 209 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 2,087 389 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 July. ... 3,112 2,733 473 215 2,044 351 29 68 396 417 1,324 100 500 307 Aug.*... 3,138 2,708 458 225 2,025 381 50 63 398 432 1,312 107 514 312 Sept.f... 3,142 2,739 447 244 2,047 376 28 64 395 416 1,346 108 499 314 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. • NOVEMBER 1970 16. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U.S. corporate Marketable U.S Govt, bonds and notes 1 securities * Foreign bonds Foreign stocks Net purchases or sales PPPPeeeerrrriiiioooodddd TToottaall II aa nn nn tt dd ll.. Foreign ccc PPP hhhaaa uuu sss rrr eee --- sss SSSaaallleeesss ccc NNN hhhaaa sss eee aaa ttt sss eee lll ppp eee sss sss uuu ooo rrr rrr --- ccchhh PPP aaa uuu sss rrr eee --- sss SSSaaallleeesss ccc NNN hhhaaa sss eee aaa ttt sss eee lll ppp eee sss sss uuu ooo rrr rrr --- ccchhh PPP aaa uuu sss rrr eee --- sss SSSaaallleeesss N c N c N chhh eee sss aaa ttt aaa sss lll eee ppp eee sss sss uuu ooo rrr rrr --rreeggiioonnaall Total Official Other 1968 -489 -161 -328 -380 51 17,563 13,329 4,234 2,306 3,686 -1,380 1,252 1,566 -314 1969 -4 11 -15 -79 64 15,476 12,795 2,681 1,552 2,568 -1,016 1,519 2,037 -517 1970—Jan.-Sept.P 68 -5 72 34 39 8,156 7,261 894 1,125 1,730 -605 813 705 108 1969—Sept 40 * 40 40 1,062 904 158 91 208 -117 105 207 -102 Oct -108 * -108 -117 9 1,690 1,195 494 157 157 1 132 139 -6 Nov 2 1 1 -1 2 1,221 1,074 147 98 168 -70 106 140 -34 Dec 37 • 37 52 -15 1,181 969 212 176 195 -19 107 123 -16 1970—jan 2 * 2 2 917 903 14 113 190 -77 151 74 77 Feb -50 * -50 -3 -47 1,026 950 77 109 265 -156 100 77 23 Mar -8 * -8 * -8 1,105 985 120 168 268 -101 101 115 -13 Apr 10 1 9 9 1,007 845 162 143 186 -42 80 104 -24 May 18 18 2 16 769 930 -161 116 70 47 109 90 18 June 51 • 50 15 35 858 783 76 113 92 21 74 52 22 July 27 1 26 20 6 783 649 134 111 263 -151 62 58 4 Aug? 13 -8 21 * 21 656 514 142 143 305 -162 60 45 15 Sept.p 5 * 5 5 11,,003333 770033 333300 110088 9911 1177 7766 9900 --1144 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 la et n h d e s r -Sw la it n z d e r- K U in n g i d te o d m E O u t r h o e p r e E T u o r t o a p l e Canada A L m a e t r in ic a Asia Africa co O u t n h t e r r ie s r I e n g t i l o . n & al 1968 2,270 201 169 298 822 -28 130 1,592 386 151 124 2 3 12 1969 1,487 150 216 189 490 -245 295 1,094 125 136 90 7 -1 36 1970—Jan.-Sept.f 155 16 132 89 60 -81 -40 176 -86 -16 67 * 1 13 1969—Sept 118 21 17 32 38 -4 27 130 -3 -15 1 • * 6 Oct 348 12 41 79 126 -34 22 246 32 58 6 3 • 4 Nov 112 1 30 21 37 -12 30 107 -4 5 1 3 • • Dec 19 14 12 -13 5 9 13 40 -23 -1 1 • • 2 1970—Jan -42 1 11 -5 -24 5 -20 -31 -39 25 3 • • * Feb -15 9 16 6 19 -3 -14 32 -25 -27 3 • • 1 Mar -41 -13 11 -8 -26 22 -19 -33 -30 12 6 • 4 Apr 8 -8 20 -23 12 -15 5 -10 25 -13 6 * • 1 May -200 1 -2 33 -46 -102 -32 -149 -30 -26 3 — 1 • 1 June 63 6 3 18 23 -23 14 41 8 -2 15 • • • July 53 16 18 16 13 -14 9 59 -16 3 6 • 1 1 Aug.* 104 7 18 16 40 20 11 113 -6 -9 4 • * 2 Sept.P 225 -4 36 37 49 29 6 154 26 20 22 * * 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1970 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 85 18. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE BONDS, BY COUNTRY (In millions of dollars) Period Total France m G a e n r y - N la et 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 r r ie s I r n e t g l. i on an al ( 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-Sept.? 739 31 39 39 113 97 27 347 94 19 17 * -11 274 1969—Sept 39 3 27 1 -4 -20 -6 2 -2 5 * * * 35 Oct 146 4 25 4 9 11 15 68 4 -6 * * * 82 Nov 35 4 10 1 6 -13 9 18 1 1 1 * 1 14 Dec 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 6 5 1 * -1 1 Aug.* 38 — 1 -3 * — 1 — 1 1 -4 21 2 * * -2 21 Sept.35 106 1 25 * 3 2 31 16 -7 1 * * 64 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 o i 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 u i h e n e s r - E pe n r d i o o d f fo b ( r a d e l u i a g e n n c t e e o r s s ) f ( o d b r u a 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.-Sept.P.. -497 -173 -324 123 -384 * -71 -4 13 453 372 468 398 1969—Sept -218 -9 -209 16 -131 * -98 * 3 636 508 Oct -6 4 -10 70 -21 -12 -48 2 -1 Nov -104 3 -107 15 -78 1 -48 * 1 1969—Mar 553 393 Dec -35 4 -39 -8 -24 10 -30 * 14 566 397 Sept 467 297 1970—Jan * -2 2 10 -11 -5 5 * 2 434 278 Feb -133 -38 -95 33 -110 -5 -13 — 1 2 Mar -114 22 -136 36 -154 5 -23 — 1 1 1970—Mar 368 220 Apr -66 9 -75 17 -82 -2 -9 * 1 331 181 May 65 11 54 — 1 42 3 8 * 2 June 42 5 37 9 39 3 -14 * 1 July -147 -38 -109 9 -78 -23 -16 * * NOTE.—Data represent the money credit balances and Aug.? -147 -158 11 4 -52 56 2 * 1 money debit balances appearing on the books of reporting Sept.? 3 16 -13 5 22 -30 -11 * 2 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. • NOVEMBER 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 Apr. 1 11,800 liability Jan. 26 1,688 June 26 6,202 8 11,832 June July Aug. Feb. 23 1,902 July 31 6,126 15 11,558 Mar. 30 1,879 Aug. 28 7,004 2 2 11,550 Apr. 27 1,909 Sept. 25 7,104 29 11,973 1.68 1.16 1.63 May 25 2,003 Oct. 30 7,041 Call 2.19 2.16 2.08 June 29 1,951 Nov. 27 7,170 May 6 11,982 Other liabilities, maturing Dec. 25 6,948 1 3 11,662 in following calendar July 27 2,786 Dec. 31 (1/1/69).. 6,039 20 12,026 months after report Aug. 31 3,134 2 7 12,373 date: Sept. 28 3,472 1969 1st 10.49 7.79 8.44 N D J O a e o c n c t v . . . . 2 3 2 2 8 0 6 5 1967 3 4 3 3 , , , , 7 6 0 6 7 8 3 5 1 6 6 3 J A J F M M a u e p a n a n b r r y . e . . . 2 2 2 2 2 3 6 9 8 6 5 0 1 9 9 9 8 8 3 , , , , , , 6 8 5 3 8 2 2 4 6 9 2 6 1 5 8 9 2 9 J J u u l n y e 2 1 1 4 7 0 8 3 1 1 1 1 1 1 1 1 2 1 1 1 2 , , , , , , 4 5 9 9 2 0 4 5 8 4 2 8 1 5 7 6 0 2 7 6 2 5 3r t t n t h h h d d 4 3 1 1 1 . . . . . . . 0 4 2 1 2 1 2 6 6 2 8 8 9 4 4 3 1 1 1 . . . . . . . 4 7 5 5 2 2 4 7 9 3 3 9 9 0 4 3 1 1 1 . . . . . . . 7 6 3 6 2 2 3 6 7 9 3 8 0 3 Feb. 22 3,396 July 30 14,434 1 5 11,562 .26 .28 .27 Mar. 29 3,412 Aug. 27 14,658 22 11,280 .23 .24 .28 A M p a r y . 2 3 6 1 3 2 , , 0 7 4 7 7 6 S O e c p t. t . 2 2 4 9 1 1 4 3 , , 3 6 4 4 9 9 2 9 10,514 1 1 1 2 t t h h . .2 2 5 4 . . 2 2 7 0 . . 2 1 1 4 June 28 3,166 N De o c v . . 2 3 6 1 1 1 4 2 , , 5 8 2 2 8 2 Aug. 1 5 2 1 1 0 0, , 4 3 0 7 1 9 Maturities of more than 1 .34 .57 .50 July 26 3,660 19 10,423 Aug. 30 3,976 1970 26 10,733 Sept. 27 4,059 Total 27.30 25.96 26.79 Oct. 25 4,322 Jan. 28 13,623 Sept. 2 10,437 D N e o c v . . 2 2 9 7 1968 4 4, , 2 2 4 0 1 6 Feb. 2 1 1 5 4 1 8 1 1 1 1 3 3 2 3 , , , , 4 9 2 0 7 8 1 9 2 3 5 4 2 3 1 9 3 0 6 1 1 r 1 9 0 0 0 , , , 7 , 1 3 6 8 8 3 3 7 8 3 6 t d f h o e r e p N o O w B s T i a h t h i s E c a . h a — m n s a d I u n s c d c l h a i u r n d e d d c e e t s p o b f o i o n s r a i t t r e l s l o r e w o a s t i t n n h - d b g e r e s a d o f r ir o f i n e r a c g e l t i l g b U n b r o . a S b r n . r r c o a h d w n e o c i s n l h l g e a in s s r Jan. 31 4,259 Mar. 4 12,395 Oct. 7 9,957 amount to $50 million or more. Feb. 28 4,530 11 12,485 1 4 9,716 Details may not add to totals due to rounding. Mar. 27 4,920 18 12,472 21 9,733 Apr. 24 5,020 25 11,942 2 8 9,439 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 End of United U.S. Govt, Earmarked period Total Short- Short- King- Canada securities1 gold Deposits in te v r e m st - Deposits in te v r e m st - dom ments 1 ments * 1967. 135 9,223 13,253 1968. 216 9,120 13,066 196 7 1,163 852 133 128 49 621 309 1969—Oct.. 131 8,447 12,979 196 8 1,638 1,219 87 272 60 979 280 Nov.. 130 7,533 12,998 Dec.. 134 7,030 12,311 1969—Au g 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 12 2 , , 2 2 7 7 2 0 Dec. 2 1 fl 1 , , 4 3 4 1 8 8 1,0 95 2 1 2 1 16 1 1 6 1 17 7 9 4 7 8 6 6 6 66 1 3 0 4 5 6 1 8 8 May. 128 9,754 12.239 J J u ul n y e . . . 1 1 6 9 8 9 1 1 0 1 , ,8 8 0 8 3 8 1 1 2 2 . ,2 2 1 4 7 0 1970—J F a e n b 1 1 . , 7 7 1 2 6 4 1 1 . ,2 2 4 5 1 3 1 1 9 8 3 3 2 1 2 9 4 0 7 8 6 0 1 1 , , 0 0 5 0 0 4 4 37 4 1 6 Aug.. 173 12,489 12,283 Mar 1,603 1,167 186 188 63 1,003 301 Sept.. 136 13,983 12,611 Apr 1,484 1,060 178 180 66 904 269 Oct... 142 14,458 12,617 J M u a n y e r.. .. 1 1 , , 5 5 3 8 2 4 1 1 , , 0 1 4 0 1 3 2 1 0 74 0 1 19 8 4 2 1 1 1 0 2 9 8 8 1 7 3 9 3 3 5 2 7 9 July.. .. 1,489 1,040 181 194 74 787 307 1 U.S. Treasury bills, certificates of indebtedness, Aug 1,359 898 164 203 94 699 295 notes, and bonds; includes securities payable in foreign currencies. 1 Negotiable and other readily transferable foreign obligations payable on demand NOTE.—Excludes deposits and U.S. Govt, securities or having a contractual maturity of not more than 1 year from the date on which the h m e a ld rk e fo d r g i o n l t d e r i n s a t g i o o l n d a l he a l n d d fo r r e g f io o n re a i l g n o r a g n a d n iz i a n t t i e o r n n s a . ti E on a a r l - obl 2 i g D a a ti t o a n o n w t a h s e i t n w cu o r l r i e n d e s b f y o r t t h h e i s f d o a re te ig d n i e f r fe . r 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

NOVEMBER 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 Sept.r Dec.1 ' Mar. Junep Sept. Dec. i r Mar. June? Europe: Austria 4 2 4 3 4 5 5 5 7 8 Belgium-Luxembourg 69 45 62 70 68 58 53 67 60 61 Denmark 2 2 3 3 3 13 15 16 16 17 Finland 1 2 2 1 1 6 6 7 8 8 France 131 124 135 124 143 149 114 122 155 176 Germany, Fed. Rep. of 119 178 255 203 191 166 192 305 195 243 Greece 3 3 4 3 3 26 18 19 19 27 Italy 62 77 90 83 91 160 143 155 169 177 Netherlands 70 66 90 110 116 59 45 58 68 74 Norway 9 3 4 5 5 12 15 17 11 12 Portugal 9 9 10 6 5 15 10 10 14 18 Spain 63 56 59 55 47 74 71 77 77 72 Sweden 22 35 38 29 32 24 27 32 27 27 Switzerland 130 114 127 155 165 37 33 44 44 35 Turkey 2 3 3 2 2 10 11 12 12 15 United Kingdom 416 363 457 543 626 1,199 929 1,060 1,338 1,129 Yugoslavia 5 1 1 2 1 15 18 18 19 15 Other Western Europe 19 20 21 19 21 16 10 12 11 12 Eastern Europe 1 1 1 2 3 10 19 22 17 20 Total 1,136 1,102 1,365 1,419 1,526 2,053 1,732 2,057 2,265 2,146 Canada 181 198 226 204 204 625 728 821 638 679 Latin America: Argentina 6 6 9 11 15 37 49 52 53 59 Brazil 12 16 18 13 14 86 82 86 97 100 Chile 10 9 12 10 11 37 40 41 42 37 Colombia 7 6 7 6 5 33 28 29 33 34 Cuba * * * • * 2 1 1 1 1 Mexico 9 13 17 24 21 110 115 141 139 131 Panama 5 3 4 8 5 17 18 19 19 19 Peru 6 9 12 10 6 28 27 30 34 37 Uruguay 1 1 5 5 5 5 7 7 8 6 Venezuela 22 25 25 23 28 65 56 58 69 64 Other L.A. republics 26 37 43 27 27 82 84 90 92 100 Bahamas and Bermuda 22 22 31 46 62 33 54 65 83 158 Neth. Antilles and Surinam 2 2 2 4 38 5 6 6 7 8 Other Latin America 1 1 4 5 8 17 16 17 25 20 Total 132 150 190 190 245 557 582 643 702 774 Asia: Hong Kong 5 5 8 7 8 10 11 11 13 17 India 20 18 20 27 37 37 34 37 36 40 Indonesia 5 4 5 5 7 8 12 12 11 18 Israel 12 12 14 15 17 19 31 36 34 23 Japan 118 136 144 133 114 220 234 256 298 310 Korea 2 2 2 1 2 22 26 28 27 50 Philippines 10 8 9 6 7 26 31 38 32 33 Taiwan 6 3 3 4 4 19 19 19 23 29 Thailand 2 3 3 3 3 12 14 15 15 15 Other Asia 53 33 27 26 28 111 112 119 113 126 Total 233 224 235 228 228 485 524 571 602 659 Africa: Congo (Kinshasa) 2 2 2 3 14 3 4 4 4 5 South Africa 12 13 14 19 19 25 26 30 28 34 U.A.R. (Egypt) 7 7 7 1 2 9 9 9 9 10 Other Africa 31 27 29 33 43 42 43 46 46 49 Total 52 49 52 56 78 80 80 88 86 98 Other countries: Australia 57 60 61 65 70 65 56 61 65 85 All other 6 2 7 6 6 8 9 10 13 14 Total 63 62 68 71 76 73 64 71 78 99 International and regional * * * * * 2 * * 1 2 Grand total 1,797 1,786 2,136 2,169 2,356 3,874 3,710 4,253 4,372 4,457 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. • NOVEMBER 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 Payable Payable Payable Total do i l n la rs for i e n i gn Total do i l n la rs Deposits with currencies b i a n n r k e s p o a r b t r e o r a 's d Other name 1966—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 Juner 1,613 1,263 350 4,023 3,316 429 278 Sept.r 1,797 1,450 346 3,874 3,222 386 267 Dec.r 1,786 1,399 387 3,710 3,124 221 365 Dec.1 2,136 1,645 492 4,253 3,559 315 379 1970—Mar.. 2,169 1,675 494 4,372 3,800 259 313 June35 2,356 1,816 540 4,457 3,816 294 348 1 Data differ from that shown for Dec. in line above because of changes in reporting coverage. 27. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (Amounts outstanding; in millions of dollars) Claims Country or area EEEnnnddd ooofff pppeeerrriiioooddd TTToootttaaalll 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—June 188 1,207 27 167 251 205 61 217 90 90 86 14 Sept 249 1,235 23 174 267 202 64 207 102 91 90 14 Dec 329 1,256 27 198 272 203 56 212 95 93 87 13 1967—Mar 454 1,324 31 232 283 203 58 210 108 98 84 17 June 430 1,488 27 257 303 214 88 290 110 98 85 15 Sept 411 1,452 40 212 309 212 84 283 109 103 87 13 Dec ( 414 1,537 43 257 311 212 85 278 128 117 89 16 Dec.1 t 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.r f K725 2,215 152 433 496 172 73 388 141 249 69 42 Dec.1 r I 2,190 2,332 152 443 537 174 77 417 142 269 75 46 1970—Mar 2,321 2,713 159 735 549 178 74 455 158 286 71 47 June25 2,544 2,725 160 712 557 174 65 475 166 286 76 54 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

NOVEMBER 1970 • MONEY RATES A 89 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Australia Period Argentina Austria Belgium Canada Ceylon Denmark (peso) (schilling) (franc) (dollar) (rupee) (krone) (pound) (dollar) 196 5 .59517 222.78 3.8704 2.0144 92.743 20.959 14.460 196 6 .48690 223.41 1111.22 3.8686 2.0067 92.811 20.946 14.475 196 7 .30545 111.25 3.8688 2.0125 92.689 20.501 14.325 196 8 .28473 111.25 3.8675 2.0026 92.801 16.678 13.362 196 9 .28492 111.10 3.8654 1.9942 92.855 16.741 13.299 1969—Oct.. .28490 111.10 3.8644 2.0023 92.762 16.784 13.297 Nov. .28490 111.38 3.8621 2.0121 92.941 16.784 13.334 Dec. .28490 111.43 3.8652 2.0125 93.083 16.772 13.348 1970—Jan.. 328.487 111.58 3.8649 2.0124 93.199 16.772 13.339 Feb., 28.507 111.77 3.8663 2.0131 93.179 16.772 13.337 Mar. 28.504 111.83 3.8663 2.0133 93.212 16.770 13.340 Apr., 28.500 111.84 3.8651 2.0127 93.207 16.770 13.325 May, 28.500 111.73 3.8614 2.0140 93.195 16.770 13.324 June, 27.241 111.45 3.8618 2.0142 496.273 16.770 13.334 July. 24.934 111.12 3.8670 2.0146 96.872 16.770 13.328 Aug. 24.936 110.99 3.8638 2.0145 97.890 16.770 13.329 Sept. 24.888 110.87 3.8684 2.0145 98.422 16.770 13.331 Oct.. 24.874 110.97 3.8698 2.0146 97.890 16.775 13.331 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 In up d e ia e ) ( I p r o el u a n n d d ) ( I l t i a r l a y ) J ( a y p en a ) n M (d a o l l a l y a s r i ) a M (p e e x s i o c ) o 196 5 20.401 25.036 20.938 279.59 .16004 .27662 32.609 8.0056 196 6 20.352 25.007 516.596 279.30 .16014 .27598 32.538 8.0056 196 7 20.323 25.084 13.255 275.04 .16022 .27613 32.519 8.0056 196 8 20.191 25.048 13.269 239.35 .16042 .27735 32.591 8.0056 196 9 619.302 725.491 13.230 239.01 .15940 .27903 32.623 8.0056 1969—Oct.. 17.907 726.801 13.217 239.02 .15923 .27911 32.659 8.0056 Nov. 17.928 27.101 13.231 239.63 .15971 .27951 32.661 8.0056 Dec. 17.952 27.131 13.232 239.73 .15948 .27953 32.481 8.0056 1970—Jan.. 18.005 27.126 13.239 240.04 .15890 .27948 32.438 8.0056 Feb.. 18.034 27.110 13.248 240.47 .15886 .27950 32.469 8.0056 Mar. 18.038 27.225 13.260 240.58 .15897 .27963 32.460 8.0056 Apr., 18.076 27.459 13.260 240.61 .15895 .27926 32.460 8.0056 May. 18.108 27.523 13.240 240.37 .15897 .27862 32.449 8.0056 June, 18.111 27.528 13.230 239.77 .15897 .27864 32.391 8.0056 July. 18.164 27.537 13.219 239.06 .15893 .27826 32.308 8.0056 Aug. 18.109 27.537 13.212 238.77 .15928 .27915 32.287 8.0056 Sept. 18.112 27.537 13.211 238.53 .16005 .27935 32.314 8.0056 Oct.. 18.104 27.531 13.217 238.74 .16052 .27948 32.395 8.0056 Period (pou N n e d w ) Zeal ( a d n o d ll ar) N (k o r r o w n a e y ) P (e o s r c t u u d g o a ) l A ( S r o f a r u n i t c d h a ) (p S e p s a e i t n a ) S (k w r e o d n e a n ) ( e S f r w r l a a i n t n z c d - ) 1965. 276.82 13.985 3.4829 139.27 1.6662 19.386 23.106 1966. 276.54 13.984 3.4825 139.13 1.6651 19.358 23.114 1967. 276.69 8131.97 13.985 3.4784 139.09 1.6383 19.373 23.104 1968. 111.37 14.000 3.4864 139.10 1.4272 19.349 23.169 1969. 111.21 13.997 3.5013 138.90 1.4266 19.342 23.186 1969—Oct... 111.21 13.986 3.5038 138.91 1.4262 19.365 23.229 Nov.. 111.50 13.989 3.5032 139.26 1.4248 19.354 23.118 Dec.. 111.54 14.000 3.5059 139.32 1.4230 19.352 23.203 1970—Jan.. . 111.69 13.983 3.5096 139.50 1.4247 19.355 23.176 Feb.. 111.89 13.990 3.5104 139.75 1.4266 19.305 23.257 Mar.. 111.94 14.001 3.5072 139.82 1.4268 19.232 23.202 Apr.. 111.96 14.001 3.5021 139.83 1.4274 19.233 23.244 May. 111.84 13.987 3.5033 139.69 1.4280 19.233 23.199 June. 111.56 13.985 3.4978 139.35 1.4288 19.266 23.171 July.. 111.23 13.951 3.4913 138.93 1.4290 19.282 23.235 Aug.. 111.10 13.998 3.4898 138.76 1.4290 19.306 23.247 Sept.. 110.98 13.994 3.4886 138.62 1.4287 19.225 23.219 Oct... 111.08 13.993 3.4893 138.74 1.4290 19.282 23.090 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 • NOVEMBER 1970 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of Oct. 31, 1969 Rate Country 1969 1970 as of Oct. 31, Per Month 1970 cent effective Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Argentina 6.0 Dec. 1957 6.0 Austria 4.75 Sept. 1969 55..00 5.0 Belgium 7.5 Sept. 1969 77..00 7.0 Brazil 20.0 July 1969 20.0 Burma 4.0 Feb. 1962 4.0 Canada 8.0 July 1969 77..55 77..00 66..55 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 88..00 8.0 El Salvador 4.0 Aug. 1964 4.0 Finland 7.0 Apr. 1962 7.0 France 7.0 June 1969 77..55 77..00 7.0 Germany, Fed. Rep. of.. 6.0 Sept. 1969 77..55 77..00 7.0 Ghana 5.5 Mar. 1968 5.5 Greece 6.0 July 1969 6.0 Honduras 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 8.25 Nov. 1969 88..2255 88..6622 88..1199 77..8811 77..1199 77..3311 7.31 Israel 6.0 Feb. 1955 6.0 Italy 4.0 Aug. 1969 55..55 5.5 Jamaica 6.0 May 1969 6.0 Japan 6.25 Sept. 1969 66..00 6.0 Korea 26.0 June 1969 2244..00 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 33..55 3.5 South Africa 5.5 Aug. 1968 5.5 Spain 5.5 July 1969 66..55 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 99..00 9.0 United Arab Rep. (Egypt). . 5.0 May 1962 5.0 United Kingdom 8.0 Feb. 1969 77..55 77..00 7.0 Venezuela 5.5 June 1969 55..00 5.0 Vietnam 6.0 Aug. 1969 77..00 1188..00 18.0 NOTE.—Rates shown are mainly those at which the central bank either agricultural purposes, 7 per cent for bank acceptances for industrial discounts or makes advances against eligible commercial paper and/or purposes, and 10 per cent for advances to cover shortages in legal reserves; govt, securities for commercial banks or brokers. For countries with Honduras—Rate shown is for advances only. more than one rate applicable to such discounts or advances, the rate Indonesia—Various rates depending on type of paper, collateral, comshown is the one at which it is understood the central bank transacts modity involved, etc.; the largest proportion of its credit operations. Other rates for some Japan—Penalty rates (exceeding the basic rate shown) for borrowings of these countries follow: from the central bank in excess of an individual bank's quota; Argentina—3 and 5 per cent for certain rural and industrial paper, de- Peru—3.5, 5, and 7 per cent for small credits to agricultural or fish producpending on type of transaction; tion, import substitution industries and manufacture of exports; 8 per Brazil—8 per cent for secured paper and 4 per cent for certain agricultural cent for other agricultural, industrial and mining paper; paper; Philippines—6 per cent for financing the production, importation, and dis- Chile—17 per cent for forestry paper, preshipment loans and consumer tribution of rice and corn and 7.75 per cent for credits to enterprises enloans, 18 per cent for selective and special rediscounts, 19.5 per cent for gaged in export activities. Preferential rates are also granted on credits to cash position loans, and 23.5 per cent for construction paper beyond a rural banks; and basic rediscount period. A fluctuating rate applies to paper covering the Venezuela—2 per cent for rediscounts of certain agriculture paper, 4Vi acquisition of capital goods. per cent for advances against government bonds, and 5l/i per cent for Colombia—5 per cent for warehouse receipts covering approved lists of rediscounts of certain industrial paper and on advances against promissory products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent notes or securities of first-class Venezuelan companies. for rediscounts in excess of an individual bank's quota; Vietnam—10 per cent for export paper; treasury bonds are rediscounted Costa Rica—5 per cent for paper related to commercial transactions at a rate 4 percentage points above the rate carried by the bond; and (rate shown is for agricultural and industrial paper); there is a penalty rate of 24 per cent for banks whose loans exceed quan- Ecuador—5 per cent for special advances and for bank acceptances for titative ceilings. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 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- MMoonntthh 3 T m r b e o i a l n s ls u t , h r y s1 D m a o d y n a - e y t y o 2 - 3 B a a a m c n n c o c k e n e p e s t r t , h - s s ' 3 T r m b e i a o l s l n s u t , r h y s D m a d o y a n - y e t o y - a B d ll e a o p n w o o k n a s e n i r t c s s e ' m Da o d y n a - e y t y o * - 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 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 - d P is r r c i a v o t a u e t n e t 1967—De c 555...888000 555...666777 777...777888 777...555222 666...888333 666...000000 4.76 22..7755 22..7777 44..5511 44..0055 3.75 1968—De c 555...999666 555...333111 777...222666 666...888000 555...999999 555...000000 8.22 22..7755 11..8844 44..6655 44..9966 3.75 1969—Sep t 777...777555 777...777777 888...888888 777...888000 777...000777 666...000000 9.39 55..7755 44..0033 66..0000 77..6666 4.38 Oct 777...666888 777...777111 888...888888 777...777333 777...000222 666...000000 9.37 55..7755 66..6688 55..8888 33..8800 4.75 Nov 777...777111 777...777888 888...888888 777...777222 666...888555 666...000000 9.59 55..7755 77..6644 55..9955 55..5555 4.75 Dec 777...777888 777...777888 888...888888 777...777000 666...999000 666...000000 10.38 55..7755 88..3355 66..0000 77..1111 4.75 1970—Ja n 777...888000 777...888888 888...888888 777...555555 666...888888 666...000000 10.21 55..7755 99..0099 66..0000 66..7766 4.75 Feb 777...777000 777...888111 888...888888 777...666000 777...000333 666...000000 9.70 55..7755 88..4488 66..0000 77..0055 4.75 Mar 777...333555 777...333555 888...666000 777...222777 666...999777 555...555666 9.47 77..0000 99..5555 66..0000 77..0044 5.00 Apr 666...888111 666...888222 888...333000 666...999444 666...222666 555...222333 9.02 77..0000 99..6688 66..0000 55..5577 5.25 May 666...555111 666...666666 888...000666 666...888222 666...000333 555...000000 8.90 77..0000 99..2233 66..0000 77..0077 5.25 June 555...999000 555...999888 888...000666 666...888777 666...000333 555...000000 r9.35 77..0000 88..7766 66..0000 66..9922 5.25 July 555...777999 666...000000 888...000777 666...888222 666...000111 555...000000 8.57 66..7755 88..8866 66..0000 66..9966 5.25 Aug 555...666666 555...777444 888...000666 666...888111 666...000888 555...000000 8.13 66..7755 77..8855 66..0000 66..0033 5.25 Sept 555...444555 555...555666 888...000666 666...888222 555...888444 555...000000 66..7755 99..1155 66..0000 66..3311 Oct 555...222888 555...222555 888...000666 666...888111 555...999333 555...000000 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 m 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 PPrreemmiiuumm DDDaaattteee United dd (( ii ++ sscc )) oo uu oorr nn tt iinncc NN eenn ee tt tt ii vvee Cant ada dd (( ii ++ sscc )) oo uu oorr nn tt iinncc NN eenn ee tt tt ii vvee Kingdom Spread ((——)) oonn ((ffaavvoorr Spread ((--)) oonn ((ffaavvoorr q ( u a b o U d a t j . s a . S i t s . t i ) o o n U S n ta it te e s d L ( o f n a o v d f o o r n ) ff pp oorr oo ww uunn aarr dd dd LLoonn oo dd ff oonn)) C q a u A n i o n a s t e d d a q A u b o U d a t j . a s . S t i . s t i o o n U S n ta i t t e e s d C ( a fa n o v a f o d r a ) CC ff dd oo aa oo rr nn ww ll aa llaa dd aa rr ii rr aa ss dd nn CCaann oo aa ff ddaa)) 1970 June 5 6.72 6.80 -.08 -.29 -.37 5.85 5.69 6.80 -1.11 +1.15 .04 12 6.75 6.68 .07 -.16 -.09 5.85 5.69 6.68 -.99 +1.46 .47 19 6.81 6.67 .14 -.07 .07 5.87 5.71 6.67 -.96 +1.79 .83 26 6.72 6.35 .37 -.12 .25 5.93 5.76 6.35 -.59 +1.49 .90 JJuullyy 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 AAuugg.. 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 SSeepptt.. 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 Oct. 2 6.69 5.80 .89 -.92 -.03 5.40 5.26 5.80 -.54 .94 .40 9 6.69 6.01 .68 -1.27 -.59 5.41 5.27 6.01 -.74 1.10 .36 16 6.69 5.86 .83 -1.14 -.31 5.35 5.21 5.86 -.65 .98 .33 23 6.69 5.71 .98 -.96 .02 5.22 5.08 5.71 -.63 .33 -.30 30 6.69 5.79 .90 -.83 .07 4.97 4.84 5.79 -.95 .41 -.54 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 • NOVEMBER 1970 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti- Intl. Estimated Mone- United mated Afghan- Argen- Aus- Aus- Bel- Brazil Burma Canada total tary States rest of istan tina tralia tria gium world i 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 2,258 11,164 27,480 120 257 715 1,520 45 84 872 2,260 11,190 125 262 715 1,520 45 84 872 2,288 11,171 130 263 715 1,518 45 84 872 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 P26,740 140 270 714 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 2,825; 11,494 282 714 1,530 63 880 Gerlo C m o b - ia m De a n rk - l F a i n n d - m F a e n d y . , Greece India Iran Iraq l I a r n e d - Israel Italy Rep. of 62 92 61 3,175 3,843 77 247 142 98 60 2,343 58 92 85 3,729 4,248 77 247 141 112 56 2,107 35 97 84 4,706 4,410 78 281 146 110 56 2,404 26 108 45 5,238 4,292 120 243 130 106 46 2,414 31 107 45 5,234 4,228 130 243 144 115 46 2,400 31 114 45 3,877 4,539 140 243 158 193 46 2,923 27 89 45 3.545 4,597 130 243 158 193 46 2,954 27 89 45 3,547 4,597 130 243 158 193 46 2,954 26 89 45 3,547 4,610 130 243 158 193 46 2,956 26 89 45 3,547 4,079 130 243 158 193 46 2,956 27 89 45 3.546 4,079 130 243 158 151 46 2,976 27 89 45 3,544 4,079 120 243 158 151 46 2,978 27 89 45 3,544 4,079 120 243 158 151 46 2,978 27 89 45 3,544 4,079 120 243 158 151 46 2,978 27 89 45 3,541 4.079 120 243 158 151 46 2.981 26 89 45 3,543 4.080 120 243 158 151 46 2.982 26 89 45 3,543 4,080 120 243 158 151 46 2.983 26 89 45 3,537 4.080 120 243 158 151 45 2,983 26 45 3,537 4.081 119 243 148 151 45 2,983 Kuwait a L n e o b n - Libya M s a i l a a y- N la et n h d e s r - N w o a r y - P s a ta k n i- P p h in il e ip s - Po g r a t l u - 48 172 7 139 29 1,601 31 53 57 28 497 48 183 17 7 169 34 1,688 31 53 67 23 523 52 182 68 2 158 21 1,756 31 53 67 38 576 67 193 68 1 109 21 1,730 18 53 65 44 643 136 193 68 31 166 21 1,711 18 53 20 60 699 122 288 85 66 165 21 1,697 24 54 20 62 856 103 288 85 64 168 21 1,711 25 54 25 45 872 100 288 85 65 168 21 1,711 25 54 25 45 872 86 288 85 65 172 21 1,711 25 54 25 45 872 86 288 85 63 169 21 1,720 25 54 25 45 876 86 288 85 63 169 21 1,720 27 54 25 45 882 86 288 85 63 170 21 1,730 27 54 26 46 882 86 288 85 63 170 21 1,730 27 54 40 47 890 86 288 85 63 170 21 1,730 27 54 40 49 889 86 288 85 63 171 21 1,730 27 54 40 50 889 86 288 85 63 171 21 1,730 27 54 40 50 890 86 288 85 63 171 21 1.750 27 54 53 889 86 288 85 63 21 1.751 27 54 54 902 86 288 85 63 1,801 34 54 56 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1970 • GOLD RESERVES AND PRODUCTION A 93 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) Bank E pe n r d i o o d f A So fr u i t c h a Spain Sweden Sw la it n z d e r- Taiwan T la h n a d i- Turkey ( U E . g A y . p R t . ) U K d n i o i n t m g e - d U gu r a u y - V zu e e n l e a - Y sl u av g i o a - S I e f n t o t t r l l e . ments 4 196 3 630 573 182 2,820 50 104 115 174 2,484 171 401 14 -279 196 4 574 616 189 2,725 55 104 104 139 2,136 171 401 17 -50 196 5 425 810 202 3,042 55 96 116 139 2,265 155 401 19 -558 196 6 637 785 203 2,842 62 92 102 93 1,940 146 401 21 -424 196 7 583 785 203 3,089 81 92 97 93 1,291 140 401 22 -624 196 8 1,243 785 225 2,624 81 92 97 93 1,474 133 403 50 -349 1969—Sept. 1,093 785 226 2,642 81 92 107 93 1,459 165 403 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 i j 469 165 404 51 -516 July. 954 784 225 2,670 82 92 127 93 165 404 52 -519 Aug. 920 534 225 2,720 82 92 126 165 404 52 -311 Sept. 921 534 225 2,720 92 126 404 52 -303 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 11 cc -- A So fr u i t c h a Ghana C s ( h K o a n i s n g a - o ) U S n ta i t t e e s d C a a d n a - M ic e o x - N ra ic g a u - a Co b l i o a m - India Japan P p h i i n li e p s - t A ra u l s ia - o A th l e l r 1964 1111111,,,,,,,444444400000005555555.......0000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000001111111111111111111188888888888888888888....................99999999999999999999 33333330000000.......3333333 7777777.......8888888 55555551111111.......4444444 111111111111111111113333333333333333333333333333333333333333....................00000000000000000000 7777777.......4444444 6666666.......9999999 111111111111111111222222222222222222..................888888888888888888 5555555555555.............2222222222222 1111111166666666........11111111 11111114444444.......9999999 3333333333333333333333333333..............77777777777777 66666666666666.......6666666 1965 1111111,,,,,,,444444444444440000000.......0000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000006666666666666666666699999999999999999999....................44444444444444444444 22222226666666.......4444444 2222222.......3333333 55555558888888.......6666666 111111111111111111112222222222222222222255555555555555555555....................66666666666666666666 7777777.......6666666 5555555.......4444444 111111111111111111111111111111111111..................222222222222222222 4444444444444.............6666666666666 1111111188888888........11111111 11111115555555.......3333333 3333333333333300000000000000..............77777777777777 66666664444444.......8888888 1966 1111111,,,,,,,444444444444445555555.......0000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000008888888888888888888800000000000000000000....................88888888888888888888 22222224444444.......0000000 5555555.......6666666 66666663333333.......1111111 111111111111111111111111111111111111111144444444444444444444....................66666666666666666666 7777777.......5555555 5555555.......2222222 999999999999999999..................888888888888888888 4444444444444.............2222222222222 1111111199999999........44444444 11111115555555.......8888888 3333333333333322222222222222..............11111111111111 66666662222222.......9999999 1967 1111111,,,,,,,444444411111110000000.......0000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000006666666666666666666688888888888888888888....................77777777777777777777 22222226666666.......7777777 5555555.......4444444 55555553333333.......4444444 111111111111111111110000000000000000000033333333333333333333....................77777777777777777777 5555555.......8888888 5555555.......2222222 999999999999999999..................000000000000000000 3333333333333.............4444444444444 2222222233333333........77777777 11111117777777.......2222222 2222222222222288888888888888..............44444444444444 55555559999999.......4444444 1968 1111111,,,,,,,444444422222220000000.......0000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000008888888888888888888888888888888888888888....................00000000000000000000 22222225555555.......4444444 5555555.......9999999 55555553333333.......9999999 9999999999999999999944444444444444444444....................11111111111111111111 6666666.......2222222 4444444.......9999999 888888888888888888..................444444444444444444 4444444444444.............0000000000000 2222222211111111........55555555 11111118888888.......5555555 2222222222222277777777777777..............66666666666666 66666661111111.......6666666 1969p 1111111,,,,,,,444444422222220000000.......0000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,0000000000000000000099999999999999999999((((((((((((((((((((55555555555555555555....................77777777777777777777 22222224444444.......8888888 6666666.......0000000 66666660000000.......1111111 8888888888888888888855555555555555555555....................22222222222222222222 7777777.......5555555 3333333.......7777777 777777777777777777..................777777777777777777 3333333333333.............4444444444444 2222222233333333........77777777 22222220000000.......0000000 2222222222222244444444444444..............55555555555555 66666662222222.......7777777 1969—Aug 9999999999999999999933333333333333333333....................99999999999999999999 66666666666666666666....................66666666666666666666 ..................777777777777777777 .............3333333333333 22222222........22222222 22222222222222..............00000000000000 Sept 9999999999999999999955555555555555555555....................11111111111111111111 2211..55 77777777777777777777....................00000000000000000000 ..................666666666666666666 .............3333333333333 2244..88 22222222222222..............22222222222222 Oct 9999999999999999999955555555555555555555....................22222222222222222222 66666666666666666666....................55555555555555555555 ..................666666666666666666 .............3333333333333 22222222222222..............11111111111111 Nov 9999999999999999999933333333333333333333....................66666666666666666666 66666666666666666666....................88888888888888888888 ..................666666666666666666 .............3333333333333 22222222222222..............00000000000000 Dec 8888888888888888888899999999999999999999....................55555555555555555555 77777777777777777777....................11111111111111111111 ..................444444444444444444 .............2222222222222 11111111111111..............99999999999999 1970—Jan 9999999999999999999922222222222222222222....................88888888888888888888 77777777777777777777....................55555555555555555555 ..................555555555555555555 .............2222222222222 11111111111111..............77777777777777 Feb 8888888888888888888888888888888888888888....................44444444444444444444 66666666666666666666....................55555555555555555555 ..................888888888888888888 11111111111111..............88888888888888 Mar 9999999999999999999944444444444444444444....................33333333333333333333 77777777777777777777....................11111111111111111111 ..................555555555555555555 Apr 9999999999999999999922222222222222222222....................88888888888888888888 66666666666666666666....................66666666666666666666 ..................666666666666666666 May 9999999999999999999944444444444444444444....................55555555555555555555 77777777777777777777....................00000000000000000000 ..................666666666666666666 June 9999999999999999999966666666666666666666....................66666666666666666666 77777777777777777777....................22222222222222222222 ..................666666666666666666 July 9999999999999999999955555555555555555555....................22222222222222222222 66666666666666666666....................88888888888888888888 Aug 9999999999999999999966666666666666666666....................33333333333333333333 66666666666666666666....................33333333333333333333 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 ROBERT C. HOLLAND, Secretary OPERATIONS KENNETH A. KENYON, Deputy Secretary JOHN R. FARRELL, Director ELIZABETH L. CARMICHAEL, Assistant Secretary JOHN N. KILEY, JR., Associate Director ARTHUR L. BROIDA, Assistant Secretary JAMES A. MCINTOSH, Assistant Director NORMAND R. V. BERNARD, Assistant Secretary P. D. RING, Assistant Director GORDON B. GRIMWOOD, Defense Planning CHARLES C. WALCUTT, Assistant Director Coordinator and Assistant Secretary LLOYD M. SCHAEFFER, Chief Federal Reserve * EUGENE A. LEONARD, Assistant Secretary Examiner DIVISION OF SUPERVISION AND REGULATION LEGAL DIVISION FREDERIC SOLOMON, Director THOMAS J. O'CONNELL, General Counsel ***BRENTON C. LEAVITT, Deputy Director ROBERT F. SANDERS, Assistant General Counsel FREDERICK R. DAHL, Assistant Director LAWRENCE F. NOBLE, Assistant General Counsel JACK M. EGERTSON, Assistant Director PAULINE B. HELLER, Adviser JANET O. HART, Assistant Director JOHN N. LYON, Assistant Director DIVISION OF RESEARCH AND STATISTICS JOHN T. MCCLINTOCK, Assistant Director J. CHARLES PARTEE, Director THOMAS A. SIDMAN, Assistant Director STEPHEN H. AXILROD, Associate Director TYNAN SMITH, Assistant Director LYLE E. GRAMLEY, Associate Director 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 JAMES B. ECKERT, Assistant Adviser DIVISION OF ADMINISTRATIVE SERVICES 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 HARRY J. HALLEY, Assistant Controller DIVISION OF INTERNATIONAL FINANCE 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 I. 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. GRAMLEY, Associate Economist CHARLES MOLONY, Assistant Secretary A. B. HERSEY, Associate Economist HOWARD H. HACKLEY, General Counsel WILLIAM J. HOCTER, Associate Economist DAVID B. HEXTER, Assistant General Counsel HOMER JONES, Associate Economist J. CHARLES PARTEE, Economist JAMES PARTHEMOS, Associate Economist STEPHEN H. AXILROD, Associate Economist JOHN E. REYNOLDS, Associate Economist J. HOWARD CRAVEN, Associate Economist ROBERT SOLOMON, Associate Economist ALAN R. HOLMES, Manager, System Open Market Account CHARLES A. COOMBS, Special Manager, System Open Market Account FEDERAL ADVISORY COUNCIL PHILIP H. NASON, NINTH FEDERAL RESERVE DISTRICT, President JACK T. CONN, TENTH FEDERAL RESERVE DISTRICT, Vice President MARK C. WHEELER, FIRST FEDERAL GEORGE S. 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 H. MacDonald Cincinnati ...45201 Graham E. Marx Fred O. Kiel Pittsburgh ....15230 Lawrence E. Walkley Clyde E. Harrell Richmond ...23213 Wilson H. Elkins Aubrey N. Heflin Robert W. Lawson, Jr. Robert P. Black Baltimore 21203 Arnold J. Kleff, Jr. H. Lee Boatwright, III Charlotte , .28201 William B. McGuire Jimmie R. Monhollon Atlanta ....30303 Edwin I. Hatch Monroe Kimbrel John C. Wilson Kyle K. Fossum Birmingham... . ..35202 C. Caldwell Marks Dan L. Hendley Jacksonville ,,,.32201 Henry Cragg Edward C. Rainey Nashville • ,37203 Robert M. Williams Jeffrey J. Wells New Orleans... 70160 Frank G. Smith Arthur H. Kantner Chicago ..,.60690 Emerson G. Higdon Robert P. Mayo William H. Franklin Ernest T. Baughman Detroit ....48231 L. Wm. Seidman Daniel M. Doyle St. Louis ....63166 Frederic M. Peirce Darryl R. Francis Smith D. Broadbent, Jr. Dale M. Lewis Little Rock 72203 A1 Pollard John F. Breen Louisville .40201 Harry M. Young, Jr. Donald L. Henry Memphis .,..38101 Alvin Huffman, Jr. Laurence T. Britt Minneapolis ,55480 Robert F. Leach Hugh D. Galusha, Jr. David M. Lilly M. H. Strothman, Jr. Helena ....59601 Warren B. Jones Howard L. Knous Kansas City ,...64198 Dolph Simons George H. Clay Willard D. Hosford, Jr. John T. Boysen Denver ,80217 Cris Dobbins John W. Snider Oklahoma City. ....73125 C. W. Flint, Jr. Howard W. Pritz Omaha ,68102 Henry Y. Kleinkauf George C. Rankin Dallas. ,75222 Carl J. Thomsen Philip E. Coldwell Chas. F. Jones T. W. Plant El Paso ....79999 Gordon W. Foster Fredric W. Reed Houston .,.77001 Geo. T. Morse, Jr. J. Lee Cook San Antonio... 78206 Francis B. May Carl H. Moore San Francisco.... 94120 O. Meredith Wilson Eliot J. Swan S. Alfred Halgren A. B. Merritt Los Angeles ....90054 Leland D. Pratt Paul W. Cavan Portland •,97208 Robert F. Dwyer William M. Brown Salt Lake City., 84110 Peter E. Marble Arthur L. Price Seattle 98124 C. Henry Bacon, Jr. William R. Sandstrom Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 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 • NOVEMBER 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- 11 pp. ALIZATION OF "STOCK ADJUSTMENT" DECISION RULES, by P. A. Tinsley. July 1969. 14 pp. REVISION OF BANK DEBITS AND DEPOSIT TURN- OVER SERIES. Mar. 1965. 4 pp. SOME PROBLEMS IN FORECASTING INVENTORY INVESTMENT, by H. O. Stekler. Oct. 1969. 23 pp. TIME DEPOSITS IN MONETARY ANALYSIS, Staff Economic Study by Lyle E. Gramley and AUTOMOTIVE TRADE BETWEEN THE UNITED Samuel B. Chase, Jr. Oct. 1965. 25 pp. STATES AND CANADA, by Kathryn A. Morisse. Nov. 1969. 33 pp. CYCLES AND CYCLICAL IMBALANCES IN A CHANG- ING WORLD, Staff Paper by Frank R. Garfield. THE AVAILABILITY OF MORTGAGE LENDING COM- Nov. 1965. 15 pp. MITMENTS, by Robert Moore Fisher. Dec. 1969. 36 pp. RESEARCH ON BANKING STRUCTURE AND PER- FORMANCE, Staff Economic Study by Tynan IMPORTED INFLATION AND THE INTERNATIONAL Smith. Apr. 1966. 11 pp. ADJUSTMENT PROCESS, by Ruth Logue. Dec. 1969.147 pp. COMMERCIAL BANK LIQUIDITY, Staff Economic Study by James Pierce. Aug. 1966. 9 pp. CONSUMER SAVINGS AND THRIFT INSTITUTIONS, by Edward C. Ettin and Barbara Negri Opper. TOWARD UNDERSTANDING OF THE WHOLE DE- June 1970. 12 pp. VELOPING ECONOMIC SITUATION, Staff Economic Study by Frank R. Garfield. Nov. 1966. OPTIMAL CHOICE OF MONETARY POLICY INSTRU- 14 pp. MENTS IN A SIMPLE STOCHASTIC MACRO MODEL, by William Poole. Sept. 1970. 20 pp. A REVISED INDEX OF MANUFACTURING CAPACITY, Staff Economic Study by Frank de Leeuw with Printed in full in the Bulletin. Frank E. Hopkins and Michael D. Sherman. (Reprints available as shown in following list.) Nov. 1966. 11 pp. REPRINTS THE ROLE OF FINANCIAL INTERMEDIARIES IN U.S. CAPITAL MARKETS, Staff Economic Study (From Federal Reserve BULLETIN unless preceded by Daniel H. Brill with Ann P. Ulrey. Jan. by an asterisk.) 1967. 14 pp. ADJUSTMENT FOR SEASONAL VARIATION. June REVISED SERIES ON COMMERCIAL AND INDUS- 1941. 11 pp. TRIAL LOANS BY INDUSTRY. Feb. 1967. 2 pp. SEASONAL FACTORS AFFECTING BANK RESERVES. AUTO LOAN CHARACTERISTICS AT MAJOR SALES Feb. 1958. 12 pp. FINANCE COMPANIES. Feb. 1967. 5 pp. LIQUIDITY AND PUBLIC POLICY, Staff Paper by SURVEY OF FINANCE COMPANIES, MID-1965. Apr. Stephen H. Axilrod. Oct. 1961. 17 pp. 1967. 26 pp. SEASONALLY ADJUSTED SERIES FOR BANK MONETARY POLICY AND THE RESIDENTIAL MORT- CREDIT. July 1962. 6 pp. GAGE MARKET. May 1967. 13 pp. INTEREST RATES AND MONETARY POLICY, Staff BANK FINANCING OF AGRICULTURE. June 1967. Paper by Stephen H. Axilrod. Sept. 1962. 28 pp. 23 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 100 FEDERAL RESERVE BULLETIN • NOVEMBER 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. 1968. 7 pp. BALANCE OF PAYMENTS PROGRAM: REVISED 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 TWO SOURCES OF INFORMATION, Staff Eco- TREASURY AND FEDERAL RESERVE FOREIGN EX- CHANGE OPERATIONS. Sept. 1970. 17 pp. nomic Study by Jared J. Enzler. Nov. 1968. 5 pp. INFLATION IN WESTERN EUROPE AND JAPAN. MONETARY RESTRAINT, BORROWING, AND CAP- Oct. 1970. 13 pp. ITAL SPENDING BY SMALL LOCAL GOVERN- MENTS AND STATE COLLEGES IN 1966. Dec. CHANGES IN TIME AND SAVINGS DEPOSITS, APRIL- 1968. 30 pp. JULY 1970. Nov. 1970. 11 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 Business indexes, 62 Federal funds, 8, 24, 26, 30, 33 Business loans {See Commercial and industrial loans) Federal home loan banks, 39, 51 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 Debits to deposit accounts, 15 Housing permits, 62 Debt {See specific types of debt or securities) Housing starts, 63 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 • NOVEMBER 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 Reserve requirements, 10 Tax receipts, Federal, 41 Reserves and related items, 4, 17 Time deposits, 11, 17, 18, 19, 25, 29 Mining, production index, 59, 62 Treasury cash, Treasury currency, 4, 5,16,18 Mobile home shipments, 63 Treasury deposits, 5, 12, 40 Money rates (See Interest rates) Treasury operating balance, 40 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 Consumer and wholesale commodity, 62, 66 Ownership of, 42, 43 Security, 35 Yields and prices, 34, 35, 91 Prime rate, commercial banks, 33 United States notes, 16 Production, 58, 62 Utilities, production index, 59, 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 A C° THE FEDERAL RESERVE SYSTEM g) A HAWAII Legend Boundaries of Federal Reserve Districts Boundaries of Federal Reserve Branch Territories © Board of Governors of the Federal Reserve System ® Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis