Federal Reserve Bulletin, 1970-12
FEDERAL RESERVE BULLETIN * * * * * » » DECEMBER 1970 BOARD OF GOVERNORS • THE FEDERAL RESERVE SYSTEM • WASHINGTON, D.C. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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FEDERAL RESERVE BULLETIN NUMBER 12 • VOLUME 56 • DECEMBER 1970 CONTENTS 867 Economic Activity in 1970 877 Staff Economic Studies: Summary 879 Financial Developments in the Third Quarter of 1970 887 Revision of Money Stock 910 Measures of Security Credit 921 Record of Policy Actions of the Federal Open Market Committee 929 Law Department 961 Announcements 965 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 104 Index to Statistical Tables A 106 Index to Volume 56 Map of Federal Reserve System on Inside Back Cover EDITORIAL Charles Molony J. Charles Partee COMMITTEE Robert C. Holland Robert Solomon Kenneth B. Williams Elizað 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
Economic Activity in 1970 THE SLOWDOWN in economic activity that had become evident in late 1969 intensified in early 1970. Real gross national product declined sharply in the first quarter, and while growth resumed at a slow pace in the second and third quarters, the overall level of activity remained weak. Industrial production and nonfarm employment continued to decline and the unemployment rate rose over the year. Indications are that fourth-quarter GNP will also show a drop in real terms—reflecting mainly the widespread effects of a strike at a major automobile manufacturer, which commenced in mid-September. For the year as a whole, it is likely that real output of goods and services will turn out to be slightly lower than in 1969, the first year of decline since 1958. The sluggish pace of economic activity in 1970 reflected a lack of expansive vigor in final sales, particularly of goods, and a reduced rate of inventory investment as business sought to work CHANGES IN GNP CHANGE, BILL16N* BT DOLLARS down excessive stocks in some lines and to limit accumulation in others. Increased weakness was evident in a number of key sectors: reductions in Federal defense spending, which had begun in 1969, continued during 1970; business outlays for new plant and equipment leveled off in response to lower earnings, the high cost of external financing, and gradually weakening product markets; and construction activity in the early months of 1970 continued to be curtailed due largely to earlier restrictive monetary and credit conditions. These factors contributed to, and were in turn affected by, generally sluggish growth in consumer Dept. of Commerce quarterly data seaexpenditures. sonally adjusted at annual rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
868 FEDERAL RESERVE BULLETIN • DECEMBER 1970 A resumption of growth in inventory accumulation and easier money markets acted to strengthen the economy as the year progressed. In conjunction with lower interest rates and increasing availability of funds, there was a pick-up in residential construction activity and in State and local government capital expenditures. The modest pick-up in real activity was halted when the auto strike sharply curtailed production and sales in the fourth FEDERAL GOVERNMENT quarter. A resumption of real growth in economic activity is BILLIONS OF DOLLARS likely in the first quarter of 1971 when a recovery in auto production will be reflected in expanded consumer outlays and inventory accumulation. In addition, the greater availability and lower cost of funds, and the more expansive fiscal policy of recent quarters, should contribute to a moderate rate of economic growth thereafter. The weakness of over-all demand throughout 1970 resulted in diminished levels of industrial output and increased slack in resource use. The rate of manufacturing capacity utilization fell Dept. of Commerce (Federal sector, NIA) data seasonally adjusted at an- to the lowest level since 1958. Employment was reduced in both nual rates. manufacturing and nonmanufacturing industries—affecting not only production workers, but also large numbers of white collar workers. With growth in the civilian labor force continuing at a substantial pace, representing in part the cuts that were made in the Armed Forces, the unemployment rate trended up throughout the year, rising from 3.5 per cent in December 1969 to 5.8 per cent in November 1970. Progress in moderating the rise in key price measures as the year progressed was disappointing although both consumer and wholesale price increases slowed somewhat, on the average, after the first quarter. Nevertheless, there have been indications of significant progress in containing inflationary pressures: excess demands have largely been eliminated; business has taken substan- 1 j PRODUCTION and CAPACITY USE fall, PROFITS weaken but PRICES rise rapidly "Industrial production" and "Capacity use," FRB data; "Corporate profits" and "GNP deflator," Dept. of Commerce data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ECONOMIC ACTIVITY IN 1970 869 tial steps to cut costs; and productivity gains resumed in the spring—the first gain since mid-1968. As a result, although wage rates continued to rise sharply—in part representing an attempt to catch up with past cost-of-living increases—there has been a significant easing in the rise of unit labor costs since spring. BUSINESS FIXED The extended capital goods boom of recent years came to a halt INVESTMENT j 1970. Business fixed investment expenditures showed little n change between the fourth quarter of 1969 and the third quarter of 1970. In real terms, such spending declined by about 3 per cent. In contrast, for 1969 as a whole, capital outlays in current dollars had expanded by about 12 per cent, in spite of developments that might have suggested a reduced rate of growth: relatively low operating rates in manufacturing for several years, high and rising costs for plant and equipment, and increasing scarcity of funds. But inflationary expectations apparently dominated the REAL INVESTMENT declines as PLANT and EQUIPMENT ? ^ spending slows BILLIONS OF DOLLARS BILLIONS OF 55 45 35 "Business fixed investment," Dept. of Commerce; "Plant and equipment," Dept. of Commerce-SEC data, 1970 Q4 and 1971 Q1 and Q2 anticipated; seasonally adjusted annual rates. thinking of many businessmen. As 1970 progressed, however, sharply declining profits and further rises in costs, together with increases in the amount of idle capacity and with sluggish orders, caused businessmen to begin to reexamine their investment plans. In February of 1970, according to the Commerce-SEC survey, businesses indicated that they expected to increase their 1970 spending for plant and equipment by about 10 per cent. By November the survey reported that planned increases for the year as a whole would be about 6.5 per cent—little more than the recent trend of increase in plant and equipment prices. Actual expenditures for the plant and equipment component Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
870 FEDERAL RESERVE BULLETIN • DECEMBER 1970 of business fixed investment rose at an annual rate of about 7 per cent between the fourth quarter of 1969 and the third quarter of 1970. Outlays by manufacturing, mining, and railroads were about unchanged over this period, but spending by public utilities and communications firms continued to increase at a fast rate in response to heavy and growing demands on their capacity. The early surveys of spending plans for 1971 suggest only a very modest increase over 1970 outlays, with utilities and communications firms again accounting for almost all of the gain while manufacturers indicate reduced levels of spending. With construction and equipment costs apparently continuing to rise at a rapid rate, capital outlays, in real terms, may well decline further in 1971. INCOME AND Growth of consumer outlays was sustained in the first half of CONSUMPTION 1970 at rates comparable to those in 1969. While declines in employment reduced gains in private wages and salaries, increases in disposable income were actually larger than earlier, as the result of retroactive increases in social security benefits and in Federal wages and salaries, and the reduction of the income tax surcharge from 10 to 5 per cent on January 1. The saving rate rose sharply in the second quarter to 7.5 per cent of disposable income from 6.7 per cent in the first quarter. After midyear, however, the rise in consumer expenditures weakened as growth in disposable income slowed, despite the July 1 expiration of the remainder of the surtax. Employment and the workweek declined further and real average weekly earnings of nonfarm workers continued below year-earlier levels. Surveys during the year indicated continued deterioration of consumer attitudes concerning business conditions and personal financial prospects. This deterioration in confidence was a reason for the continued high saving rate in the third quarter. Although consumer outlays rose by $40 billion, or 7 per cent, between the third quarter of 1969 and the third quarter of 1970, the increase in real terms was only 2 per cent. All of the real DISPOSABLE INCOME increase was due to purchases of nondurable goods and services. Expenditures for durable goods remained only fractionally above year-earlier levels in current dollars, and in real terms were off by about 6 per cent. Sales of new domestic-type automobiles averaged about 7.8 million units, annual rate, for the first 9 months of 1970, off sharply from the 8.6 million units sold in the Dept. of Commerce data seasonally adjusted at annual rates. same period of 1969. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ECONOMIC ACTIVITY IN 1970 871 Toward year-end, retail sales continued sluggish with little strength in any of the major categories. Auto sales dropped sharply in October and November, mainly because of the strike. But even after adjustment for strike effects there appeared to be Increases in CONSUMER SPENDING slow; SAVING RATE rises INCREASES, BILLIONS OF DOLLARS 20 CONSUMPTION EXPENDITURES PER CENT 10 PERSONAL SAVING 1968 1969 1970 Dept. of Commerce data seasonally adjusted at annual rates. little, if any, expansive strength. The continued trend toward smaller, less expensive cars may indicate some consumer resistance to higher auto prices. In real terms retail sales, excluding automobiles, were only slightly above the year-earlier levels. GOVERNMENT The rise in Federal purchases of goods and services, which had averaged about $11 billion per year between 1966 and 1968, slowed sharply in 1969, and these purchases are estimated to have declined by about $2 billion in 1970. Relatively small increases in nondefense purchases have not been enough to offset sharply reduced spending for defense. In addition to smaller outlays for defense hardware, cuts have been made in both military and civilian defense employment. The size of the Armed Forces was reduced by over 400,000 in the past year, and civilian employment in the Department of Defense contracted by more than 100,000 over the same period. The effects of the cutback in defense spending have been much more pervasive than the above figures would indicate. Production worker employment in defense products industries alone dropped Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
872 FEDERAL RESERVE BULLETIN • DECEMBER 1970 DEFENSE purchases decline while OTHER FEDERAL purchases level out BILLIONS OF DOLLARS 1966 1968 1970 Dept. of Commerce data seasonally adjusted at annual rates. by more than 150,000 in the past year, and the impact on supplier and related industries, in total, may have been as large. The increase in purchases by States and municipalities, which had been averaging more than $2.5 billion a quarter in 1968 and early 1969, slowed to around $2 billion per quarter in the second half of 1969. In the first half of 1970 such purchases moved erratically, and the increase in the second quarter was only $1.3 billion. For the third quarter, however, the gain exceeded $3 billion. Lower interest rates and greater availability of funds contributed importantly to the resumption of growth after midyear. In addition, a Federal freeze on highway funds was lifted and spending on highway projects was increased. Federal grantsin-aid also rose. Much of the recent pick-up in spending has been for construction, but the rise in other State and local expenditures has also accelerated. RESIDENTIAL The impact of the change in monetary policy this year has been NSTRUCTION ident in the behavior of residential construction. Outlays most ev for such construction had declined sharply throughout most of 1969 in response to increasingly stringent conditions in the mortgage market, and activity continued to weaken into 1970. But Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ECONOMIC ACTIVITY IN 1970 873 HOUSING recovery began relatively early this year as mortgage funds be- MILLIONS OF UNITS came increasingly available. Housing starts rose from a low of 1.6 1.25 million units in the first quarter of 1970 to an annual rate of moie than 1.5 million units in the third quarter—and an even 1.4 higher rate in the final months of the year. OF DOLLARS The improvement in housing starts was reflected in increased construction expenditures. These rose about $1 billion in the third quarter to $29.2 billion, annual rate, after having declined each quarter since the second-quarter-1969 peak of $33.9 billion. Strong increases in both new housing starts and building permits suggest that spending for residential construction is likely to continue to rise in the near future. But there have also been Private "starts," Bureau of Census data; "Expenditures," Dept of Com- indications that, in response to rapidly rising house prices, inmerce; seasonally adjusted at annual rates. dividuals have shifted their preferences to lower-cost homes or to rental units—a development that could limit the growth of outlays in this sector. INVENTORY INVESTMENT The weakness in final sales growth—reflecting the leveling off in expenditures for business fixed investment, the cutbacks in defense production, and the relatively sluggish spending of consumers—led businesses in 1970 to reappraise the desired levels of their inventories. This resulted in a significantly lower rate of inventory investment in 1970, which in turn was a principal factor making for a slow pace of over-all economic activity. For CHANGE IN BUSINESS INVENTORIES the first three quarters of the year inventory investment averaged BILLIONS OF DOLLARS about $3.5 billion at an annual rate, down from $8.5 billion in 1969. As a result of the depletion of auto stocks caused by the strike, inventory accumulation has been sharply reduced in the fourth quarter. Inventory/sales ratios in the durable goods manufacturing J1 sector—particularly in primary metals, machinery, and transportation equipment—have remained high by past standards. Ratios Dept. of Commerce data seasonally of inventories to unfilled orders have also risen; the increase in adjusted at annual rates. this ratio was particularly evident for capital equipment. The ratio for defense products changed little in 1970 but remained very high. EXPORTS AND IMPORTS The surplus of exports of goods and services over imports, which had deteriorated significantly in the previous 2 years, recovered considerably in 1970. For the first three quarters net exports were at an annual rate of about $4 billion compared with the 1969 total of $1.9 billion. This change reflected a sharp rise in exports Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
874 FEDERAL RESERVE BULLETIN • DECEMBER 1970 (14 per cent greater than last year) and slower growth in imports (10 per cent) as a result of the weakness of demand in the U.S. economy. Exports of agricultural products were very strong, and shipments of nonagricultural commodities, particularly industrial metals, machinery, and aircraft, also rose as economic activity in foreign industrial countries continued at high levels. However, there seemed to be a slowing in the rate of improvement in the goods and services surplus after midyear as growth in exports leveled off and imports increased. MANPOWER Reduced industrial output and sluggish consumer markets re- UTILIZATION sulted in substantial cuts in employment and increases in unemployment in 1970. The jobless rate rose to 5.8 per cent in the closing months of 1970—the highest rate since early 1963. Much of the rise in joblessness occurred among adult men: their unemployment rate about doubled, mainly reflecting layoffs of both production and nonproduction workers, not only in manufactur- EMPLOYMENT declines sharply and UNEMPLOYMENT RATE rises CHANGE, MILLIONS OF PERSONS NONFARM EMPL 1.0 rn .5 nrm U M 1968 1969 1970 BLS quarterly data seasonally adjusted. Q4 is average of October and November. ing, but also in construction and the Federal Government. Reductions of nonproduction worker employment in manufacturing were large compared to past postwar downturns, and increases in unemployment in other white-collar occupations were also Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ECONOMIC ACTIVITY IN 1970 875 relatively large. Employment growth slowed in the private nonindustrial sector during 1970, particularly in trade where sales were relatively sluggish all year. Over-all, nonfarm employment declined by 1.2 million between March and November and manufacturing employment was down by over 1.6 million from its September 1969 peak. Although about one-quarter to one-third of the drop in manufacturing employment resulted from the auto strike, production data suggested continued pervasive weakness in the industrial sector. COMPENSATION continues rapid increase, but faster growth in PRODUCTIVITY moderates rise in UNIT LABOR COSTS RATIO SCALE, 1968 01 =100 120 PERCENTAGE UNIT LABOR COSTS t—I — I— — n j— 1968 1969 1970 BLS quarterly data seasonally adjusted. Despite the easing of demand for labor, compensation per manhour continued to increase at an average annual rate of about 7 per cent, reflecting large wage increases in union and nonunion, and public and private sectors of the economy. With virtually no gain in productivity from mid-1968 to the first quarter of 1970, such increases had been reflected in their entirety in rising unit labor costs during that period. But growth of output per manhour in the private nonfarm economy resumed in the second and third quarters of 1970, as employment and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
working hours were sharply reduced while real output posted small gains. These increases in productivity partially offset the continued strong gains in compensation and resulted in a moderation in the rate of increase of unit labor costs. PRICES Slack demands and a slower rise in unit costs resulted in some reduction in the rate of price inflation during 1970. An increase in food supplies, particularly meat, also contributed. Among nonfood items the slowing of the rise in wholesale prices was concentrated largely in crude and partially processed materials, while prices of highly fabricated commodities rose as rapidly as earlier. Over-all increases in consumer prices were less rapid in the third quarter of this year than in the first and second quarters —reflecting in part a leveling off of food prices and in part a slower increase in service costs as the cost of mortgage financing stabilized. In September and October, however, the rate of rise speeded up and was as large as in the early months of the year because of the substantial increases that were posted for automobiles, houses, apparel, and other commodities. Increases in the implicit deflator for the GNP, a broad measure of price trends covering all major economic sectors, were moderately lower in the third quarter of this year than in the first quarter, and substantially lower than in the spring and summer of 1969. However, the apparent improvement in part was the result of a shift in the composition of output, and in part was attributable to the timing of the Federal pay increase which resulted in a reduced rate of growth for the Federal Government deflator. A slowdown in the rate of increase in prices of consumption goods, mainly foods, was offset by an acceleration in costs of investment goods. • 876 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Staff Economic Studies The research staffs of the Board of Gover- In all cases the analyses and conclusions nors of the Federal Reserve System and of set forth are those of the authors and do not the Federal Reserve Banks undertake studies necessarily indicate concurrence by the that cover a wide range of economic and Board of Governors, by the Federal Reserve financial subjects, and other staff members Banks, or by the members of their staffs. prepare papers related to such subjects. In Single copies of the full text of each of some instances the Federal Reserve System the studies or papers summarized in the finances similar studies by members of the BULLETIN are available in mimeographed academic profession. form. The list of Federal Reserve Board From time to time the results of studies publications at the back of each BULLETIN that are of general interest to the economics includes a separate section entitled "Staff profession and to others are summarized—or Economic Studies" that enumerates the studthey may be printed in full—in this section ies for which copies are currently available of the BULLETIN. in that form. Study Summary UNCERTAINTY AND STABILIZATION POLICIES FOR A NONLINEAR MACROECONOMIC MODEL Franklin R. Shupp—Staff, Board of Governors Presented at the annual meeting of the Econometric Society at Detroit, Michigan, December 28, 1970 The design of short-run stabilization policies that for the static case if uncertainty is presfor a growing economy has stimulated con- ent in the multiplicative term—that is, if the siderable recent research in both govern- impact of a particular policy decision on the mental and academic institutions. However, state of the economy is not known precisely few of these studies examine the impact of —optimal fiscal and monetary policies tend uncertainty on optimal fiscal and monetary to be less responsive to disequilibrium policy decisions. Using a quadratic welfare phenomenon than do the corresponding function and a linear macroeconomic model, optimal policies for the deterministic case. Brainard, Holt, and Theil have each demon- Recent work in control theory suggests that strated that if uncertainty is restricted to the an analogous conclusion obtains for the additive term of the model, the random dynamic situation. variable(s) may be replaced by its mean In this paper the quadratic restriction on value without affecting the indicated opti- the criterion function is relaxed and a nonmal policy. This is the so-called certainty linear macroeconomic system is employed. equivalence result, or in the case of dynamic A distinctive feature of the underlying ecomodels first-period certainty equivalence. nomic theory is that the autonomous con- In addition, Brainard shows in his paper sumption and investment terms are given Digitized for FRASER 877 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
stochastically by a Markov process. Optimal A separate conclusion of the study is that policies for both the stochastic and corre- the prevailing mood or psychology of both sponding deterministic problems are com- consumer and investor plays a critical role puted by using a dynamic programming in determining appropriate stabilization polialgorithm. The indicated results are suffi- cies. Since this role is not fully reflected in ciently consistent to conclude that, for this such aggregate measures as the level of more general situation, the introduction of national income, the price level, and the uncertainty in either the additive or the unemployment rate, a measure of the premultiplicative terms induces a significantly vailing attitudes must be introduced as an more conservative—less vigorous—optimal independent variable in any policy determinstabilization response. ation. Digitized for FRASER 878 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Financial Developments in the Third Quarter of 1970 The availability of credit from banks and reissue maturing commercial paper, the other financial institutions expanded consid- market most directly affected by investor erably and interest rates in most markets de- reactions to the insolvency. clined further during the third quarter and Commercial banks attracted a substantial into autumn. The decline in short-term inter- volume of CD's in July and at the same time est rates was related partly to a shift of extended an unusually large volume of demands to long-term markets and to an loans. Some of the funds supplied were apparent increase in demands for liquid derived by borrowing at the Federal Reserve assets. Banks reduced their offering rates on discount facilities, which had been made negotiable certificates of deposit (CD's) available to banks that otherwise would not throughout the period and—with sluggish have been able to meet these special loan loan demands—reduced their prime loan demands readily. However, bank borrowing rate in September from 8 per cent to IV2 for such purposes was repaid later in the per cent. More recently, short-term interest quarter after the unusual uncertainties and rates have dropped sharply, with the 3- strains in financial markets had abated. month bill rate down about 80 basis points Total deposits at commercial banks rose from the end of September to around 5 per substantially for the quarter as a whole. cent at the end of November; banks reduced Time deposit growth accounted for much of their prime loan rate twice in November, to the rise, as the volume of CD's outstanding a level of 7 per cent. With market interest rose very sharply and consumer-type derates dropping, the Federal Reserve discount posits expanded at a more rapid pace than rate was reduced in two steps, first by XA in the previous quarter. Demand deposits point to 5% per cent in the first part of also increased considerably during the quar- November and to 5 V2 per cent effective De- ter, and newly revised data show that the cember 1. money stock grew at a 6.1 per cent annual Early in the third quarter, financial mar- rate. This compared with an increase over kets came under severe pressure as investors the first half of the year now indicated at a became concerned about the quality of vari- 5.9 per cent annual rate. ous credits in the wake of the insolvency of Banks continued to place a high priority a major railroad. Late in June the Board of on rebuilding their previously depleted li- Governors of the Federal Reserve System quidity positions and acquired a large had suspended interest rate ceilings on short- amount of Treasury and relatively shortterm negotiable CD's so as to enable banks term municipal securities during the quarto supply credit to borrowers who could not ter. In addition, since business loan demands were weak—excluding demands from cus- NOTE.—This report, which was sent to the Joint tomers experiencing difficulty in selling Economic Committee of the U.S. Congress, highlights commercial paper—banks used part of their the important developments in financial markets durdeposit inflows to repay higher cost sources ing the summer and early autumn. 879 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
880 FEDERAL RESERVE BULLETIN • DECEMBER 1970 of funds. Thus, during the third quarter In spite of the heavy demands for credit, banks repaid $3.0 billion of commercial interest rates in most markets declined by paper issued by their affiliates and $2.7 bil- one-half percentage point or more from lion of Euro-dollars previously borrowed June to September and continued to decline through their foreign branches and other during the fall months. Mortgage interest foreign sources. Declines in such outstand- rates, which usually lag rate developments ing indebtedness continued into the final in other markets, did not decline much, even quarter of the year. though mortgage credit availability contin- BANK RESERVES AND BORROWINGS ued to improve as deposit inflows at thrift institutions accelerated. BILLIONS OF DOLLARS, SEASONALLY ADJUSTED MONETARY AGGREGATES The money stock grew at an annual rate of 6.1 per cent during the third quarter— on the basis of newly revised data—as demands for liquidity continued large. This rate of growth was only slightly faster than during the preceding quarter and the first half as a whole. In comparison with the money supply figures previously published, the data revisions resulted in a 1 percentage point increase in money growth during the third quarter, and for the first half money growth was revised up to a 5.9 per cent annual rate from the 4.0 per cent annual rate estimated earlier. An article describing the annual revision of the money stock series appears Monthly averages of daily figures for member banks. Total and nonborrowed reserves are adjusted to exclude the effects of changes in on pp. 887-909. reserve requirement percentages. Nonborrowed reserves are total reserves adjusted minus member bank borrowings from the Federal Interest-bearing deposits at banks—par- Reserve. Excess reserves are total reserves less required reserves. Latest figures, September. ticularly large-denomination negotiable CD's —increased sharply over the summer quar- In part, the limited growth in business ter. After the Board of Governors suspended loans at banks reflected repayment of loans interest rate ceilings on 30- to 89-day CD's from proceeds of capital market financings. late in June, banks bid aggressively for The volume of securities issued by cor- short-term CD's to meet the huge demands porations remained at a record level in the for funds by those borrowers who could not third quarter, as corporations appeared to obtain financing in the commercial paper be placing increased emphasis on restructur- market when uncertainties developed in that ing their balance sheets and increasing their market. During July—the peak month of financial flexibility. Government security of- these unusual pressures in financial markets ferings also were large: the Treasury con- —outstanding CD's at weekly reporting ducted three financing operations in the banks rose by nearly $5 billion. As the quarquarter, and State and loc^l governments ter progressed, the abatement of loan defloated an increased volume of debt as in- mands and the improved availability of terest rates declined. other sources of funds induced banks to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FINANCIAL DEVELOPMENTS, Q3 1970 881 lower their offering rates on CD's to mod- FLOWS OF SELECTED MONETARY AGGREGATES erate the rate of inflow of such deposits. Percentage annual rates of change, seasonally adjusted Nevertheless, the rise in outstanding CD's 1969 1970 from the last week in June to the last week IItteemm in September aggregated $9.3 billion. III IV I II III Time deposits other than CD's also rose Money stock 1.0 1.4 5.9 5.8 6.1 Time and savings deat an accelerated pace during the third quar- posits at all commercial banks -12.7 -.4 1.4 14.1 32.2 ter, an acceleration similar to that at the Money stock plus time and savings nonbank thrift institutions. While the de- deposits at all commercial banks -5.8 -.5 3.7 9.9 18.9 cline of market interest rates may have Total member bank deposits plus Eurostimulated consumers to acquire more de- dollars plus other nondeposit funds i.. -4.3 2.0 .5 6.5 17.2 positary claims relative to market securities MEMO: Average money than in the second quarter, it is unlikely that stock2 2.4 1.0 3.9 7.0 5.2 this change accounted for all of the strength 1 Beginning on May 28, 1969, the following data were collected of consumer-type time and savings deposits. weekly: Euro-dollars borrowed directly from foreign banks or through brokers and dealers, bank liabilities to own branches in U.S. territories Perhaps consumers viewed depositary claims and possessions, commercial paper issued by bank holding companies or other bank affiliates, and loans or participation in pools of as especially desirable at this time, when loans sold under repurchase agreement to other than banks and other than banks' own affiliates or subsidiaries. income flows were large and appreciable un- 2 The percentage change in the average level of the money stock during a quarter from the average level during the preceding quarter, certainty surrounded the general economic at annual rates. This measure is included because it is used by many analysts and in various econometric models in relating money stock data t6 quarterly figures for economic activity, such as the gross outlook as well as the outlook for stock national product. NOTE.—With the exception of the memo item, changes are calprices. culated from the average amounts outstanding in the last month of each quarter. Total member bank deposits increased sharply in the third quarter—reflecting the position of a 5 per cent reserve requirement rapid expansion of time deposits. Part of the on funds obtained by member banks through increased inflows of funds were used to re- the issuance of commercial paper by their pay borrowings from higher cost sources of affiliates. funds, and the adjusted credit proxy—mem- At the time of the imposition of reserve ber bank deposits plus nondeposit sources requirements on commercial paper, the of funds—rose less than the .unadjusted Board of Governors reduced from 6 to 5 proxy. Borrowings of Euro-dollars from for- per cent the reserves that member banks eign branches of domestic banks declined must hold against time deposits in excess of substantially. In fact, a few banks decided to $5 million. Both actions became effective on give up part of their reserve-free Euro-dollar deposits and commercial paper outstanding base in light of their interest rate expecta- in the week beginning September 17, 1970, tions, the availability of less costly alterna- and resulted in a net reduction of required tive sources of funds, and reduced loan de- reserves. The greater portion of the net mands. reserves released became available to banks Fund inflows were also directed to the that—on the basis of their distribution of repurchase of loans from bank affiliates, with assets—might be expected to use a sizable the proceeds going to repay outstanding share of the available funds in financing bank-related commercial paper; such paper State and local governments and housing, declined by $3 billion in the third quarter. sectors especially constrained by previous All of the decline in bank-related commer- public policies of restraint. cial paper took pjace, after August 17, when Because of the timing, the change in rethe Board of Governors announced the im- serve requirement regulations had little im- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
882 FEDERAL RESERVE BULLETIN • DECEMBER 1970 pact on bank reserve positions in the third September, about $1.5 billion above the enquarter. But total reserves grew quite rapidly larged second-quarter gain. Banks acquired for the quarter as a whole and supported the $3.5 billion of U.S. Government securities, growth in member bank deposits. Member reflecting principally their participation in bank borrowing from the Federal Reserve the three Treasury financings during the rose sharply in July, when banks were under quarter—two tax anticipation bill offerings pressure to supply credit to firms that could in July totaling $4.8 billion and the August not obtain funds in the commercial paper cash and refunding operation that raised market. The Federal Reserve, along with $2.3 billion. the partial suspension of Regulation Q ceil- Holdings of other securities also showed ings, assured member banks that the dis- a substantial rise; shorter-term municipal count window would be available under the securities accounted for the bulk of this usual rules, which would permit banks to growth. With banks placing a high priority accommodate businesses unable to reissue on improving their liquidity positions, which maturing commercial paper. Banks repaid had deteriorated considerably over the presuch borrowing as the quarter progressed, vious year and a half, short- and intermedihowever, and borrowing averaged appreci- ate-term State and local government obliably less by September than during the sec- gations proved particularly attractive in view ond quarter. of the existing yield relationships. Loan developments at banks in the third BANKS' USES OF FUNDS quarter were marked by a sharp increase in With lendable funds more readily available, total loans—the largest quarterly rise since commercial banks were able to acquire a the fourth quarter of 1969—and by a shift sizable volume of securities during the third in the composition of net loans extended. quarter. Investment holdings rose over $7 More than two-fifths of the increase in loans billion from the end of June to the end of was to dealers in U.S. Government and BANK CREDIT COMPONENTS mm, ftlLLIflNS DP DOLLARS U.S. SQVT. BANK LOANS-MAJOR COMPONENTS CHAHEfi, mm DP DOLLARS 4 I H —1 2 mSSSm 0 NONBANK SAVINGS ACCOUNTS AUUAL RATE IF CHUK. JH KIT 10 Seasonally adjusted. Loans adjusted for transfers between banks and their holding companies, affiliates, subsidiaries, or foreign branches. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FINANCIAL DEVELOPMENTS, Q3 1970 883 other securities, and it represented the higher NONBANK INTERMEDIARIES AND THE MORTGAGE MARKETS financing requirements of the dealers in light of enlarged inventory positions and ac- Deposit growth at thrift institutions contincelerated underwriting activity. Loans to ued to improve in the third quarter. Net nonbank financial institutions also rose sub- deposit inflows to mutual savings banks and stantially during the quarter, as finance com- savings and loan associations rose at a seapanies substituted bank credit for commer- sonally adjusted annual rate of about 9.5 cial paper financing. These loans were being per cent, as compared to rates of 6.9 per repaid later in the quarter, however, since cent in the second quarter and 1.7 per cent most finance companies by late July were in the first quarter. The strength of deposit able to increase their commercial paper out- inflows in the second and third quarters standing. appears to have been based, in part, on Business loan demands at banks became the sustained high rate of personal saving quite sluggish during the third quarter, with and an apparent continuation of saver such loans registering the smallest increase preference for safe, liquid assets in the since the fourth quarter of 1966. Although face of uncertainty about the economic part of the reduced growth in business loans outlook, general financial conditions, and may have been attributable to limited needs stock market prices. Although the thrift infor financing normally obtained at banks— stitutions continued to replenish liquidity such as at tax and dividend dates and for during the summer months, partly in anticworking capital and inventory financing—it ipation of future repayment of advances nonetheless seems that a large portion of from the Federal home loan banks, new financing was shifted to capital markets. commitment activity picked up significantly Corporations apparently placed increased during the third quarter. Most of the inemphasis during the period on improving crease in mortgage activity was accounted their liquidity positions, and consequently for by savings and loan institutions, where funded a large portion of their needs in new commitments rose very sharply at a sealong-term markets and used some of the sonally adjusted annual rate from the secproceeds to repay short-term bank debt. ond to the third quarters. Business loan demands continued quite Seasonally adjusted net mortgage debt sluggish in early autumn, probably related formation advanced further in the third in part to the effects of the strike at a major quarter. As in the second quarter, all of the automobile firm. gain was concentrated in residential mort- Real estate loans increased at a relatively gage debt, the increase in which reached a slow pace, after having declined slightly dur- quarterly rate of $5.5 billion, the highest ing the second quarter. Inasmuch as funds since the first quarter of 1969 and well were more readily available and business above the low in the first quarter of this year. loan demands were declining, banks ap- Altogether, the advance continued to be peared to show some additional interest in dominated by substantial further improveacquiring mortgages during the third quar^ ment in lending activity by savings and loan ter. However, there is a sizable lag in the associations, the major private lender group mortgage funding process, and a movement in the mortgage market. While net additions toward less restrictive lending policies and to mortgage debt by the Federal National the actual acquisition of assets takes longer Mortgage Association remained an importhan in most other loan areas. tant factor, they were appreciably below the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
884 FEDERAL RESERVE BULLETIN • DECEMBER 1970 record level reached in the fourth quarter governments to market debt issues that had of 1969 and earlier this year when the over- been postponed because of unsettled market all trend in mortgage formation was down- conditions in the late spring. Although a ward. significant number of governmental units continued unable to issue debt because of NET CHANGE IN MORTGAGE DEBT OUTSTANDING statutory interest rate ceilings that were be- In billions of dollars, seasonally adjusted quarterly data low market rates, the volume of long-term, tax-exempt securities offered during the first 1969 1970 three quarters of 1970 exceeded the total for IItteemm III IV I II III« the entire year of 1969. The Federal budget usually moves into a Total 6666....8888 6666....4444 4444....9999 5555....6666 7777....0000 Residential 5555....0000 4444....6666 3333....3333 4444....2222 5555....4444 Other i 1111....8888 1111....8888 1111....6666 1111....4444 1111....6666 deficit period in the third quarter, but this year's deficit was more than twice as large 1 Includes commercial, farm, and other nonresidential properties. « Partly estimated. as that of the corresponding period of 1969, and Treasury borrowing was higher than in FUNDS RAISED IN SECURITIES MARKETS any quarter of the preceding fiscal year. Corporate issuance of stocks and bonds, al- With the economy still below its potential though somewhat below that of the record- and with tax liabilities reduced by the exbreaking second quarter, set a third-quarter piration of the surtax and the impact of record. Corporations, in a continuing effort liberalized deductions, Treasury receipts to restructure balance sheets and restore were actually somewhat lower than in the liquidity, issued public long-term debt at a year-earlier period. Federal outlays, on the rate of over $2 billion a month. At the same other hand, were about 6 per cent greater time, the level of private bond placements than in the third quarter of 1969. Net new remained relatively low, as it has been since borrowing by Federal agencies was slightly mid-1969. Stock offerings were significantly above that of the preceding quarter, with below second-quarter levels, although over most of the new funds going to the housing the course of the third quarter stock prices agencies. recovered from their spring lows. FEDERAL GOVERNMENT BORROWING AND CASH BALANCE OFFERINGS OF NEW SECURITY ISSUES Quarterly totals in billions of dollars, not seasonally adjusted Monthly average in billions of dollars, not seasonally adjusted 1969 1970 1969 1970 IItteemm IItteemm III IV I II III III IV I II III' Budget surplus or Corporate securities— deficit -2.5 -5.6 -3.5 8.7 -7.8 Total 22222.....11111 22222.....33333 22222.....77777 33333.....55555 22222.....99999 Net cash borrowings, Bonds 11111.....55555 11111.....55555 11111.....99999 22222.....88888 22222.....44444 or repayment (—)*. 23.2 5.1 2.0 -6.4 7.4 Stocks .....66666 .....88888 .....77777 .....77777 .....55555 Other means of financing 3 .0 -.8 3.1 -1.1 1.2 State and local govern- Change in cash balment bonds .....88888 11111.....00000 11111.....44444 11111.....22222 11111.....44444 .7 -1.3 1.6 1.1 .8 MEMO: Net Federal agency • Estimated. borrowing4 2.7 2.9 3.6 1.1 v\A 1 Excludes effect on agency debt outstanding of transfers of certain Sales of long-term bonds by State and agencies to private ownership. 2 Adjusted to remove effects of reclassification of $1.6 billion in local governments were up about 16 per Commodity Credit Corporation certificates of interest from Budget transactions to agency securities (borrowing from the public). cent over the second-quarter volume, as de- 3 Checks issued less checks paid and other accrued items. 4 Includes debt of FHLBB, Federal land banks, FNMA, Federal clining yields made it possible for these intermediate credit banks, and banks for cooperatives. p Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FINANCIAL DEVELOPMENTS, Q3 1970 885 INTEREST RATES rates adjusted downward significantly in Short-term interest rates declined substan- most areas during the summer months. tially during the third quarter. On the one Yields on corporate new issues and longhand, there was an increased demand for term municipal bonds fell about 70 basis short-term financial assets as both financial points from their June highs, although there institutions and nonfinancial firms sought to were some brief periods when rates backed rebuild their liquidity. This demand served up as congestion developed, particularly in to bid up asset prices in the short end of the the corporate market. The decline in yields market. On the other hand, demand for on long-term Government bonds was alfunds increased in long-term markets as cor- most 60 basis points from the June high. porations adjusted their balance sheets by Mortgage rates, however, were down only issuing long-term securities and by using the about 20 basis points from their summer proceeds, in part, to pay down short-term peak. In general, the third-quarter decline in debt. long-term interest rates was more moderate Yields on 3-month Treasury bills fell 70 than the fall in the short-term end of the basis points from June through September, market. By September short-term rates were and rates on Federal funds dropped about well below their year-earlier levels, whereas 130 basis points as pressures on bank re- most long-term yields were still about 60 serve positions eased. In the commercial basis points above the September 1969 averpaper market, where outstanding debt fell ages. Only in the municipal market had substantially in the third quarter, rates de- long-term rates fallen back to the yearclined almost 90 basis points. earlier levels; and there, too, the spread be- In spite of the large volume of funds tween long- and short-term rates was unusuraised in the long-term end of the market, ally large. • INTEREST RATES PER CENT PER ANNUM 10 9 8 6 5 4 Monthly averages except FHA (based on quotations for one day each weighted averages of new publicly offered bonds rated Aaa, Aa, and month). Yields: U.S. Treasury bills, market yields on 3-month issues; A by Moody's Investors Service and adjusted to an Aaa basis; U.S. prime commercial paper, dealer offering rates; FHA, weighted aver- Govt, bonds, market yields adjusted to 20-year constant maturity by ages of private secondary market prices of new-home 30-year mort- U.S. Treasury; State and local govt, bonds (20 issues, mixed quality), gages converted to annual yield (dashed line indicates period of ad- Bond Buyer. justment of change in contractual interest rate); corporate bonds, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Revision of the Money Stock In late November the Board of Governors for recent years; and small benchmark published its annual revision of the daily- adjustments also were made in the estimates average money stock.1 As usual the revision of U.S. Government demand deposits. These incorporated both corrections to new bench- series are published regularly along with the mark levels that had become available for money stock. nonmember banks and changes that re- The tables on pages 895-909 show reflected new seasonal adjustment factors. But vised data monthly and weekly back to Janthis year's revision also reflected the use of uary 1959, together with the earlier monthly new data, obtained mainly from New York data back to 1947, which were not affected agencies and branches of foreign banks and by the revision. Comparisons of the old and from subsidiaries of U.S. banks organized revised series are provided in Table 1 and in under the Edge Act.2 The new data have per- Charts 1 and 2. mitted a correction for a downward bias in EFFECTS OF REVISIONS the level and trend of the money stock series The revision resulted in raising the level and that had developed with expansion of check the rate of growth of the money stock. As clearings of foreign agencies and Edge usual, the principal effects were concentrated corporations through New York banks. In in data for recent years. Although levels addition, the scope of deposits included in were raised over the entire period from 1959 the money stock was broadened slightly. The to date, the increases in levels prior to 1968 reasons for these adjustments and the methwere relatively small (Chart 1). The same ods of estimation are discussed in more detail was true of the changes in growth rates, as later in this article. is indicated in Table 1. Revisions for new benchmarks and for The largest part of the revision was in changes in seasonal factors also affected data for time deposits of commercial banks 1 | TOTAL MONEY STOCK - MONTHLY BILLIONS OF DOLLARS 1 The money stock concept discussed here is defined to include currency outside banks plus demand deposits other than interbank and U.S. Government. 2 Such subsidiaries engage in international banking REVISED SERIES^ business. NOTE.—The revised series was prepared by Edward R. Fry, Darwin Beck, and Mary F. Weaver of the ^j—[_- Vntn SERIES Board's staff. Irving Auerbach, Anton Nissen, and Robert Crowley, among others of the Federal Reserve Bank of New York, gave valuable assistance in identifying the special accounting problems encountered in this revision and in obtaining data needed to adjust for these measurement problems. We also are indebted to several member banks, Edge Act corporations, and agencies and branches of foreign banks for their advice HMHI HHHHHHHHHH i i i i and data, which served as a basis for revising the 1960 1965 1970 money stock series. Seasonally adjusted monthly averages of daily figures. Digitized for FRASER 887 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
888 FEDERAL RESERVE BULLETIN • DECEMBER 1970 connection with compensating for bias in 2 I TOTAL MONEY STOCK - WEEKLY the measurement of the money stock that BILLIONS OF DOLLARS was associated for the most part with growth in "cash items in the process of collection" on the books of U.S. commercial banks as a REVISED SERIES result of the rapidly increasing volume of international transfers effected through for- OLD SERIES eign agencies and Edge Act corporations. In years prior to 1968, the revisions required by the effects of these international transactions showed a gradual increase, but the revisions were not enough to affect sig- Seasonally adjusted weekly averages of daily figures. nificantly the percentage rates of growth in the revised money stock. Beginning in 1968, the revisions of seasonal factors contributed however, growth rates of the revised series to this smoothing. The bias had resulted in rose above those of the old series by a widenvery sharp movements around the Easter ing margin. For both 1968 and 1969 the and Christmas holiday periods in recent revision raised the annual rates of growth years. As revised, however, the series shows by 0.6 of a percentage point. In the first noticeably less variability in these periods 10 months of 1970, the revision added 1.7 (Chart 2). percentage points to the moderate growth Although growth rates are higher and rate that had been indicated by previously some of the short-run fluctuations have been published data. smoothed, the broad pattern of movement In addition to raising growth rates gen- in the money stock over recent years is erally for recent years, the revision smoothed basically unchanged. The revised series short-run fluctuations in the series somewhat. shows somewhat more rapid growth in 1968, Both the adjustments for cash-items bias and at a 7.8 per cent annual rate. The rate of growth still slows in the first half of 1969, TABLE 1 about as much as was indicated by the old CHANGES IN MONEY STOCK AND TIME DEPOSITS series, and in the second half of 1969 the Seasonally adjusted annual rates of change, in per cent growth rate slows further to only a small increase. In 1970, revival of monetary expan- Money stock Time deposits adjusted sion is stronger on the revised basis—at an Period Old Revised Old Revised annual rate of 5.5 per cent in the first 10 series series series series months of the year, compared with 3.8 per 1959-1967 2.8 2.9 12.2 12.1 cent before the revision. 1968 7.2 7.8 11.5 11.6 1st H 7.2 7.8 5.3 5.9 Growth in commercial bank time and 2nd H 7.0 7.6 17.3 16.8 savings deposits in 1970 also shows a some- 1969 2.5 3.1 -5.3 -5.0 1st H 4.3 5.1 -4.0 -3.5 what larger increase in the revised data than 2nd H .6 1.2 -6.7 -6.6 in the old, because the new benchmarks 1970-10 mos 3.8 5.5 16.6 17.0 Q Q 2 1 4 3 . . 2 8 5 5 . . 8 9 13. . 8 4 1 1 4. . 1 4 derived from call reports raised estimates Q3 5.1 6.1 31.8 32.2 for nonmember banks. On the revised basis, Oct -1.2 1.1 22.1 20.3 Nov n.a. 3.9 n.a. 15.1 total time and savings deposits increased at a 17.0 per cent annual rate over the 10 n.a.—Not available after the week ending Nov. 18. months through October, compared with a NOTE.—Rates of change calculated as difference between the daily-average amounts outstanding in last month of each rate of 16.6 per cent before revision. period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF THE MONEY STOCK 889 EXPLANATION OF REVISIONS upon the stage—in the process of recording The money stock series discussed here is accounting entries—at which one decides designed as one measure of the public's to define the "money stock," quite different stock of the means of payment. For an oper- measures and calculation requirements may ational definition it is necessary to specify arise. what groups are to be included in "the pub- It is not necessary to list all the possibililic" and what financial instruments issued by ties here, but three of the major timing what financial institutions are to be included choices for defining demand deposits are in the means of payment. As used in the as follows: (1) as they are recorded on daily-average series, the basic money stock the books of the depositors (holder-record concept covers the amounts of demand de- basis); (2) as they are actually recorded at posit, currency, and coin liabilities of the a given time on the books of banks (gross U.S. banking and monetary system—includ- bank-record basis); (3) as they would be ing U.S. commercial banks, Federal Reserve recorded on the books of banks after all and Treasury—that are held by all trans- checks outstanding at the given time had actors (foreign and domestic) except the completed the process of collection (ad- U.S. Government, the Federal Reserve, and justed net bank-record basis). The third is domestic commercial banks.3 the basis used in the money stock concepts and measures published by the Federal Given these general boundaries, measure- Reserve.4 The second, being the way dement and definitional problems still arise. posits are reported by banks, is the base to There are questions with respect to the exact which adjustments must be made to arrive coverage of institutions to be included in the at the published concept of the money stock. reporting series. For purposes of the daily- From the point of view of the money stock average money stock definition, banks in concept used, the actual deposits at banks U.S. territories and possessions are excluded; reported at any given time contain some so too are foreign branches and territorial double-counting associated with the transfer branches of U.S. banks. U.S. branches of of deposit balances from one bank to anforeign banks are included. Although U.S. other. For example, when depositor A deagencies of foreign banks were excluded in posits a check sent to him by B, A's bank the past, as were Edge Act subsidiaries of account is increased before B's account is redomestic banks, both of them are included duced. Upon receipt of the check, A's bank in the revised series. records a deposit liability to A and, while In addition to the question of which the check is clearing between the banks, holders of deposits and which institutional also carries an asset called "cash items in liabilities to include, a particularly acute the process of collection." Meanwhile, B's issue for measurement of the money stock arises in connection with the timing of the 4 This is not the only logical timing basis that might be accounting for the transfer of funds from used for a money stock concept. Depending on the operone depositor to another. Entries recording ational timing with which depositors actually treat their entries and the extent to which they "play float," there such transfers ordinarily are not made simulmight be some analytic purposes for which the second taneously on the books of the two depositors basis would be appropriate. Similarly for some broad portfolio analyses that use series on many financial inand the two banks involved. Depending struments and many economic sectors, a holder-record basis may be appropriate; for example, the flow of funds accounts use both a holder-record money stock 3 The same concept on a point-in-time basis (as basis for the holder sectors' money holdings, and the contrasted to a daily-average basis) is used in the adjusted bank-record basis of the money stock series Board's flow of funds accounts. for the banking system's money stock liability. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
890 FEDERAL RESERVE BULLETIN • DECEMBER 1970 bank still has a deposit liability to B until The problem of having an inappropriatethe check written by B goes through the ly large amount of cash items in the figures clearing process and is presented for pay- used for estimating the money stock was not ment. Thus, in order to avoid overstatement critical until recent years. While there was of the money stock in the concept measured, some understatement in the level of the outit is necessary in calculating the money stock standing money stock, this was not signifto offset the deposit liability still carried on icant in amount and, more importantly, the the books of B's bank by deducting the cash degree of understatement probably changed item that will shortly be debited against B's little from year to year. But as internaaccount. Thus, the deduction of reported tional transactions, particularly Euro-dollar "cash items in process of collection" has transactions, grew in importance, related been a standard calculation step in estimat- "cash items" were being generated at an ing the money stock.5 accelerated rate. Moreover, they grew faster However, deduction of total "cash items than the reported deposits, in part because, in process of collection" from the deposit for a time, the liabilities that were generating component of the money stock has always the cash items were not being reported by been regarded as only a rough approxima- banks as deposits and in part because covertion of the needed adjustment for deposit du- age of the institutions reporting statistics plication. The "cash items" that should be going into the calculation of the money deducted for purposes of the money stock stock was not broad enough. As a result, calculation are those, and only those, re- both the level of the outstanding money flecting checks drawn against deposits that stock and the rate of increase in the stock are included in the concept of the money came to be understated. stock. The available series on "cash items" In 1969 the money stock series was coractually used in the calculations does not rected for one form of cash-item bias satisfy this condition. Some commercial emanating from international transactions.6 banks record these cash items as "due from In that instance, the Euro-dollar transactions banks" rather than as "cash items in process —in particular the repayment of Euro-dollar of collection." But what is much more im- borrowings—of several large banks with portant in magnitude, the "cash items" series their own foreign branches had sharply exalso includes many items not drawn on panded the dollar amount of checks in proc- "money stock" accounts; for example, items ess of collection. While such repayments indrawn by the U.S. Government and by do- creased cash items, the checks written for mestic banks enter the cash-items total for a this purpose were not classified as deposits time during the collection process. To the ex- by the banks making Euro-dollar repaytent that the cash-items total includes such ments. As no deposit counterpart to the cash items, deduction of total cash items results in items was being recorded, deduction of these an understatement of deposits in the money cash items from the deposit component was stock. causing the money stock to be understated. The Board changed Regulation D, effective 5 Checks in process of collection through the banking July 31, 1969, to require that checks origisystem are reflected both in the item "cash items in nating from transactions with foreign process of collection" reported by commercial banks and in Federal Reserve "float" and both are deducted from gross deposits in the money stock calculation. See "A New Measure of the Money Supply," Federal Re- 6 The 1969 revision was published in the October 1969 serve BULLETIN, October 1960, p. 1108-12. BULLETIN, p. 787. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF THE MONEY STOCK 891 branches of U.S. banks be counted as de- The cash items generated in the collection posits subject to reserve requirements. The process are offset, and their effect on the addition of such checks to the deposits in- measured money stock is neutralized. cluded in the money stock offset about $3 The figures for deposits of Edge Act corbillion of the cash-items bias as of mid- porations are readily available from weekly 1969. reports submitted to the Federal Reserve This year's revision corrects for other Bank of New York in accordance with Regforms of the bias associated with interna- ulation K. For agencies and branches of fortional transactions. These other forms were eign banks, end-of-month deposit figures are related mainly to the process of clearing available from reports submitted to the New transactions involving agencies of foreign York State Commissioner of Banking. Howbanks and Edge Act corporations. The ever, it was necessary to obtain additional checks issued by these institutions in trans- data from agencies and branches to allow for ferring funds are recorded as cash items on checks written by them that were making the books of domestic banks. However, these for inappropriate cash items as a result of checks had not been picked up in the gross the intermediary role of these institutions in deposits data entering into the money stock international transfers. Such data have been calculation. This generation of cash items reported daily since October 1 and will be without recording the counterpart liability available on a continuing basis. had resulted in a downward bias in the The data obtained from Edge Act corporestimates of the money stock. The inclu- ations, agencies, and branches that serve sion of gross deposits (or similar items) of to neutralize the downward bias in the agencies and Edge Act corporations along money stock resulting from an equivalent with deposits of commercial banks in the amount of cash items on the books of U.S. money stock calculation eliminates this bias: commercial banks averaged more than $7 TABLE 2 FACTORS IN MONEY STOCK REVISION In billions of dollars Level of stock (seasonally adjusted) Contributing factors Year and Change month in Bench Change Old Revised level Bias Change mark in series series adjust- in adjust- seasonal ment coverage ment factors 1969—Nov. 199.3 203.5 4.2 3.6 .6 -.2 Dec. 199.6 203.6 4.0 3.1 .7 -.3 .3 1970—Jan.. 201.1 205.2 4.1 3.5 .6 -.3 .1 Feb., 199.3 204.5 5.2 4.3 .6 -.3 .2 Mar. 201.5 206.6 5.1 4.4 .6 -.4 Apr. 203.3 208.3 5.0 4.5 .6 -.7 May 203.9 209.2 5.3 4.8 .7 -.7 June 203.6 209.6 6.0 5.5 .7 -.8 July. 204.3 210.6 6.3 5.5 .8 -.9 Aug. 206.0 211.8 5.8 5.6 .8 -1.0 Sept. 206.2 212.8 6.6 6.8 .9 -1.2 Oct.. 206.0 213.0 7.0 7.2 .9 -1.3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
892 FEDERAL RESERVE BULLETIN • DECEMBER 1970 billion per day in October. Thus, deposits al- METHOD OF ESTIMATING BACK DATA ready on the books of commercial banks, The data now available will provide a basis which were inappropriately offset by these for carrying the revised series forward. To cash items, are now reflected in the money make corresponding revisions in the back stock measure. In addition, foreign agencies data, it was necessary to estimate the amount and Edge Act corporations are now treated of total cash-items bias indirectly. The sharp as part of the commercial banking system fluctuations in cash items and in interbank for purposes of money stock measurement, deposits that occurred on the books of the and a small additional amount of dollar de- major New York banks around certain holiposits of their customers is added to the days, such as Easter and Christmas when money stock. European and U.S. banking practices with In addition to the main source of bias ad- respect to working days diverged, provided a justment—that is, intermediary transactions basis for estimates of the magnitude of the through foreign agencies and branches and cash-items bias. In these periods the holiday Edge Act corporations—two much smaller decline in cash items typically exceeds the sources of downward bias affecting the decline in money stock deposits by several series during part of 1969 and 1970 were identified. First, a few commercial banks "CASH ITEMS" and DEMAND DEPOSITSwere, for a time, accounting for Euro- Movements around holiday periods dollar repayments in such a way as to result + CUMULATIVE CHANGE, BILLIONS OF DOLLARS in an understatement of deposits in the EASTER BOXING DAY EASTER BOXING DAY EASTER 1968 1968 1969 1969 1970 money stock. Accounting practices were changed to avoid this problem, and the K GROSS DEMANO I banks provided back data for purposes of this revision. Secondly, another minor distortion was introduced for a time when the New York Clearing House initiated a new system of computerized interbank transfers for international transactions. Initially, accounting entries for such transactions were not standardized among participating banks —leading to understatement of the money • stock in some cases and overstatement in • n ^t 4 JH A f^ \bK ! others. Adjustments for these distortions EDGE ACT IJ 11 11 were made on the basis of daily data pro- DEMAND • LL N DEMAND DUE U \J 4 vided by the New York Clearing House. GROSS DEMAND While the volume of transactions handled NET OF through this new system became very large, the net adjustments required were relatively small. I < II I II I II I It I 4 14 24 18 28 7 27 6 16 18 28 7 19 29 8 The total amount of the revision and the APR. DEC. '68- MAR.-APR. DEC. '69- MAR.-APR. '68 JAN. '69 '69 JAN. '70 '70 amounts stemming from the various factors are shown in Table 2, monthly, for the period • Good Friday. A Boxing Day. "Gross demand" excludes U.S. Govt, and domestic commercial interbank deposits. All November 1969 through October 1970. data are for New York City banks except for "Edge Act demand." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF THE MONEY STOCK 893 billion dollars (top panel of Chart 3).7 The the latest holiday period—Easter 1970—the difference reflects a drop in interbank de- decline in "due to banks" indicated that the posits attributable to the collection of checks bias in the money stock had increased to issued the preceding day by agencies, about $5 billion. By early October the branches, and Edge Act corporations. This amount of cash-items bias had increased to difference is a measure of the amount of bias more than $7 billion, according to the newly associated with the international operations reported daily data. of agencies, branches, and Edge Act corpor- According to the Board's estimates, the ations.8 relatively small cash-items bias up to 1965 The decline in balances "due to banks" reflected mainly transactions of Edge Act was measured on each Good Friday back to corporations. More recently—since 1967— 1959 and on Boxing Day (observed as a all three groups of institutions have contribholiday in Europe on the day after Christ- uted heavily to the build-up of cash items. mas) back to 1966 to provide benchmarks for adjusting the back data for cash-items BENCHMARK REVISION bias. Ratios of the total bias to known Edge Not all the components of the money stock Act deposits were interpolated between the are available on a current basis. In general holiday benchmarks, and the intervening the relevant deposit liabilities of member weekly and monthly bias estimates were de- banks can be derived from the deposit figrived by multiplying these ratios by Edge ures that member banks report in their cal- Act deposit figures. culations of reserve requirements, but direct These estimates indicated that bias in the estimates for nonmember banks and thus for money stock increased gradually in most all domestic commercial banks are available years prior to 1968. In 1968 the indicated only for June and December call report adjustments began to rise more rapidly. In dates. Deposit estimates for nonmember banks for dates between the call dates are 7 The decline in "gross demand" deposits that ac- derived indirectly and are based on weekly companies the reduction in cash items reflects the clearing of officers' checks issued by New York commercial movements in deposits at country member banks the preceding day for purposes of transferring banks and on call report relationships beforeign balances. To the extent that such checks appear on the banks' books, the corresponding cash items are tween nonmember and country bank deappropriately deducted from the money stock. posits. In addition, it is necessary to estimate 8 With the Euro-dollar market closed on the holiday some minor categories of member bank deabroad, the flow of overnight transfers is interrupted, but banks in New York remain open and collect out- posits between call reports because current standing checks. When these checks are collected, cash data are incomplete. items are reduced sharply. At the same time, New York banks debit "due to banks"—that is, due to Such estimates are subject to revision agencies, branches, and Edge Act corporations—for an when call report benchmarks for all banks equivalent amount of check clearings against their balances. The balances "due to banks" decline by an become available. This year, corrections amount approximately equal to the residual decline were made to current estimates for benchin cash items. Thus, the holiday decline in balances mark levels for December 31, 1969, and "due to banks" is about equal to the volume of cash items being generated by these institutions in their June 30, 1970. Benchmark adjustments for normal daily transactions. As the chart indicates, cash currency outside banks were negligible. Deitems and balances "due to banks" return to normal quickly following the holiday. Over the holiday, the mand deposit benchmarks resulted in downelimination of Euro-dollar cash items results in an ward adjustments of $300 million and $900 "unbiased" measure of net deposits (bottom panel), as derived from bank records. million, respectively, for the end of 1969 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
894 FEDERAL RESERVE BULLETIN • DECEMBER 1970 and for mid-1970. The midyear benchmark 0.2 of a percentage point. Small increases revision, which was relatively large by past also were made in February and October standards, offset some of the upward revi- levels, and small reductions for the months sion resulting from the bias adjustments dis- of January, May, June, and August. Revicussed earlier. sions in currency factors were negligible. Seasonal adjustments for time deposits SEASONAL FACTOR REVISION adjusted were recomputed for the period Seasonal factors for the money stock were 1964 to date with new weights given to searecomputed on the basis of the revised data. sonal movements in large negotiable cer- The largest seasonal revision in the monthly tificates of deposit and in other time and series was in seasonally adjusted deposit savings deposits. These revisions smoothed levels for recent Decembers, which were the series somewhat but had relatively little raised by approximately $300 million, or effect on the over-all movement. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF THE MONEY STOCK 895 MONEY STOCK AND RELATED DATA, 1947-70 In billions of dollars Seasonally adjusted Not seasonally adjusted Money stock Money stock MMMooonnnttthhh TTiimmee TTiimmee UU..SS.. ddeeppoossiittss ddeeppoossiittss GGoovvtt,, Demand aadd-- Demand aadd-- ddeemmaanndd Total Currency deposit jjuusstteedd 11 Total Currency deposit jjuusstteedd 11 ddeeppoossiittss11 component component component component 1947—Jan 109.5 26.7 82.8 33.3 111.9 26.7 85.2 33.2 2.6 Feb 109.7 26.7 83.0 33.5 109.8 26.5 83.3 33.4 3.3 Mar 110.3 26.7 83.7 33.6 109.4 26.5 82.9 33.7 3.6 Apr 111.1 26.6 84.5 33.7 109.1 26.4 82.7 33.8 2.9 May 111.7 26.6 85.1 33.8 109.8 26.4 83.4 33.9 2.3 June 112.1 26.6 85.5 33.9 110.9 26.4 84.5 34.0 1.0 July 112.2 26.5 85.7 34.0 111.4 26.4 84.9 34.2 1.0 Aug 112.6 26.5 86.1 34.4 111.9 26.4 85.5 34.4 1.4 Sept 113.0 26.7 86.3 34.7 113.3 26.8 86.5 34.7 1.6 Oct 112.9 26.5 86.4 35.0 113.6 26.7 86.9 35.0 2.2 Nov 113.3 26.5 86.8 35.2 114.5 26.7 87.8 35.1 1 .6 Dec 113.1 26.4 86.7 35.4 115.9 26.8 89.1 35.1 1.0 1948—Jan 113.4 26.4 87.0 35.5 115.9 26.4 89.5 35.5 .9 Feb 113.2 26.3 86.8 35.7 113.4 26.2 87.2 35.6 1.7 Mar 112.6 26.2 86.4 35.7 111.8 26.1 85.7 35.8 2.1 Apr 112.3 26.1 86.3 35.7 110.4 25.9 84.5 35.8 2.3 May 112.1 26.0 86.0 35.7 110.2 25.8 84.4 35.8 2.7 June 112.0 26.0 86.0 35.8 110.8 25.9 85.0 35.9 2.2 July 112.2 26.0 86.2 35.8 111.3 26.0 85.3 36.0 2.0 Aug 112.3 26.0 86.2 35.9 111.6 26.0 85.6 35.9 2.5 Sept 112.2 26.0 86.2 35.9 112.4 26.1 86.2 35.9 2.4 Oct 112.1 26.0 86.1 35.9 112.8 26.2 86.6 36.0 2.3 Nov 111.8 26.0 85.9 36.0 112.9 26.2 86.8 35.9 2.4 Dec 111.5 25.8 85.8 36.0 114.3 26.2 88.1 35.7 1.8 1949—Jan 111.2 25.7 85.5 36.1 113.7 25.7 88.0 36.0 1.6 Feb 111.2 25.7 85.5 36.1 111.5 25.5 85.9 36.1 2.7 Mar 111.2 25.7 85.6 36.1 110.5 25.5 84.9 36.2 3.0 Apr 111.3 25.7 85.6 36.2 109.5 25.5 84.0 36.3 2.6 May 111.5 25.7 85.8 36.3 109.7 25.5 84.2 36.4 1.9 June 111.3 25.6 85.7 36.4 110.2 25.4 84.8 36.5 1.5 July 111.2 25.5 85.7 36.4 110.2 25.5 84.7 36.5 1.4 Aug 111.0 25.5 85.6 36.4 110.3 25.4 84.9 36.5 2.8 Sept 110.9 25.3 85.6 36.4 110.9 25.4 85.5 36.4 3.2 Oct 110.9 25.3 85.6 36.4 111.5 25.5 86.0 36.4 3.4 Nov 111.0 25.2 85.8 36.4 112.0 25.4 86.6 36.3 3.5 Dec 111.2 25.1 86.0 36.4 113.9 25.5 88.4 36.1 2.8 1950—Jan 111.5 25.1 86.4 36.4 114.0 25.1 88.9 36.4 2.8 Feb 112.1 25.1 86.9 36.6 112.4 25.0 87.4 36.5 3.7 Mar 112.5 25.2 87.3 36.6 111.8 25.1 86.8 36.7 3.5 Apr 113.2 25.3 88.0 36.7 111.5 25.1 86.4 36.8 3.3 May 113.7 25.2 88.5 36.9 111.9 25.0 86.9 36.9 3.0 June 114.1 25.1 89.0 36.9 112.9 24.9 88.0 37.0 3.0 July 114.6 25.0 89.6 36.8 113.5 25.0 88.5 36.9 3.4 Aug 115.0 24.9 90.1 36.7 114.2 24.9 89.3 36.7 3.4 Sept 115.2 24.9 90.3 36.6 115.1 25.0 90.1 36.6 3.4 Oct 115.7 24.9 90.8 36.5 116.3 25.1 91.2 36.6 2.8 Nov 115.9 24.9 90.9 36.6 117.0 25.2 91.8 36.5 3.0 Dec 116.2 25.0 91.2 36.7 119.2 25.4 93.8 36.4 2.4 1951—Jan 116.7 25.0 91.7 36.7 119.5 25.0 94.5 36.7 2.1 Feb 117.1 25.1 92.0 36.6 117.5 25.0 92.5 36.6 3.3 Mar 117.6 25.2 92.4 36.6 117.4 25.0 92.3 36.7 4.5 Apr 117.8 25.2 92.6 36.7 116.0 25.0 91.0 36.7 6.1 May 118.2 25.3 92.8 36.8 116.4 25.1 91.2 36.7 5.1 June 118.6 25.4 93.2 36.9 117.6 25.3 92.4 36.9 4.6 July 119.1 25.6 93.4 37.2 117.5 25.6 91.9 37.3 4.8 Aug 119.6 25.7 93.8 37.4 118.4 25.7 92.7 37.5 4.2 Sept 120.4 25.8 94.5 37.7 120.0 25.9 94.1 37.7 3.6 Oct 121.0 26.0 95.1 37.8 121.4 26.1 95.2 37.9 3.9 Nov 122.0 26.0 96.0 38.0 123.2 26.3 97.0 38.0 3.1 Dec 122.7 26.1 96.5 38.2 125.8 26.6 99.2 38.0 2.7 1952—Jan 123.1 26.2 96.9 38.4 126.2 26.2 100.0 38.4 2.2 Feb 123.6 26.3 97.3 38.7 124.2 26.1 98.0 38.6 3.3 Mar 123.8 26.4 97.5 38.9 123.6 26.2 97.4 38.9 3.9 Apr 124.1 26.4 97.6 39.1 122.3 26.2 96.1 39.1 4.5 May 124.5 26.5 98.0 39.3 122.7 26.3 96.4 39.3 4.3 June 125.0 26.7 98.4 39.5 124.2 26.5 97.7 39.6 4.3 July 125.3 26.7 98.6 39.7 123.6 26.7 96.9 39.9 7.6 Aug 125.7 26.8 98.9 40.0 124.2 26.8 97.4 40.1 6.3 Sept 126.4 26.9 99.4 40.3 125.8 27.0 98.9 40.3 5.2 Oct 126.7 27.0 99.7 40.5 126.9 27.2 99.7 40.6 5.4 Nov 127.1 27.2 99.9 40.9 128.3 27.5 100.9 40.8 5.2 Dec 127.4 27.3 100.1 41.1 130.8 27.8 103.0 40.9 4.9 For notes see p. 909. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
896 FEDERAL RESERVE BULLETIN • DECEMBER 1970 MONEY STOCK AND RELATED DATA, 1947-70—Continued In billions of dollars Seasonally adjusted Not seasonally adjusted Money stock Money stock TTiimmee TTiimmee UU..SS.. ddeeppoossiittss ddeeppoossiittss GGoovvtt,, Demand aadd-- Demand aadd-- ddeemmaanndd Total Currency deposit jjuusstteedd ii Total Currency deposit jjuusstteedd 11 ddeeppoossiittss11 component component component component 1953—Jan.. 127.3 27.4 99.9 41.4 130.5 27.4 103.1 41.4 3.7 Feb. 127.4 27.5 99.9 41.6 128.1 27.3 100.8 41.6 4.6 Mar. 128.0 27.6 100.4 41.9 127.7 27.4 100.3 41.9 4.4 Apr. 128.3 27.7 100.7 42.1 126.7 27.4 99.3 42.1 3.7 May 128.5 27.7 100.7 42.4 126.7 27.5 99.2 42.3 2.8 June 128.5 27.7 100.7 42.6 127.6 27.6 100.1 42.7 2.6 July. 128.6 27.8 100.8 42.9 127.0 27.8 99.2 43.0 5.2 Aug. 128.7 27.8 100.9 43.2 127.0 27.8 99.2 43.2 6.8 Sept. 128.6 27.8 100.8 43.5 127.9 27.9 100.0 43.5 5.6 Oct.. 128.7 27.8 100.9 43.9 128.8 27.9 100.9 44.0 4.2 Nov. 128.7 27.8 100.9 44.2 129.9 28.0 101.8 44.1 4.9 Dec. 128.8 27.7 101.1 44.5 132.1 28.2 103.9 44.2 3.8 1954—Jan.. 129.0 27.7 101.3 44.8 132.3 27.7 104.6 44.8 3.0 Feb. 129.1 27.7 101.5 45.2 129.8 27.5 102.3 45.2 3.7 Mar. 129.2 27.6 101.6 45.6 128.9 27.4 101.4 45.6 4.0 Apr. 128.6 27.6 101.0 46.1 127.2 27.4 99.8 46.0 4.0 May 129.7 27.6 102.1 46.5 128.1 27.4 100.7 46.4 3.9 June 129.9 27.5 102.3 46.8 129.0 27.4 101.6 46.9 3.9 July. 130.3 27.5 102.8 47.3 128.8 27.5 101.3 47.5 4.2 Aug. 130.7 27.5 103.2 47.8 129.0 27.4 101.5 47.9 4.9 Sept. 130.9 27.4 103.5 47.9 130.1 27.5 102.6 48.0 4.0 Oct.. 131.5 27.4 104.1 48.1 131.5 27.6 103.9 48.2 6.1 Nov. 132.1 27.4 104.7 48.2 133.1 27.7 105.4 48.1 6.2 Dec. 132.3 27.4 104.9 48.3 135.6 27.9 107.7 48.0 5.0 1955—Jan.. 133.0 27.4 105.6 48.5 136.4 27.4 109.0 48.5 3.0 Feb. 133.9 27.5 106.4 48.7 134.5 27.2 107.3 48.6 3.7 Mar. 133.6 27.5 106.0 48.8 133.1 27.3 105.8 48.8 3.8 Apr. 133.9 27.5 106.3 49.0 132.8 27.3 105.5 48.9 4.9 May 134.6 27.6 107.0 49.0 132.7 27.4 105.4 49.0 4.9 June 134.4 27.6 106.8 49.2 133.5 27.5 106.1 49.2 4.0 July. 134.8 27.7 107.2 49.3 133.4 27.7 105.7 49.4 4.6 Aug. 134.8 27.7 107.0 49.3 133.0 27.7 105.3 49.5 4.9 Sept. 135.0 27.7 107.3 49.6 134.2 27.8 106.4 49.7 3.9 Oct.. 135.2 27.8 107.4 49.7 135.1 27.9 107.2 49.9 4.5 Nov. 134.9 27.8 107.1 49.9 135.9 28.1 107.7 49.8 4.3 Dec. 135.2 27.8 107.4 50.0 138.6 28.4 110.2 49.6 3.4 1956—Jan.. 135.5 27.9 107.7 49.9 139.1 27.9 111.2 49.8 2.2 Feb., 135.5 27.9 107.7 49.9 136.0 27.6 108.4 49.8 2.7 Mar. 135.7 27.9 107.8 50.1 135.2 27.7 107.5 50.1 4.1 Apr. 136.0 27.9 108.1 50.3 135.1 27.7 107.5 50.3 4.1 May 135.8 27.9 107.9 50.4 134.0 27.7 106.3 50.4 5.1 June, 136.0 27.9 108.1 50.7 135.1 27.8 107.3 50.8 4.2 July. 136.0 28.0 108.0 50.9 134.5 28.1 106.5 51.2 3.9 Aug. 135.7 28.0 107.8 51.2 134.0 28.0 106.0 51.4 4.4 Sept. 136.2 28.0 108.2 51.5 135.4 28.1 107.3 51.6 4.4 Oct.. 136.3 28.0 108.2 51.6 136.2 28.2 108.0 51.8 3.9 Nov. 136.6 28.1 108.4 51.8 137.5 28.4 109.1 51.5 4.2 Dec.. 136.9 28.2 108.7 51.9 140.3 28.8 111.5 51.4 3.4 1957—Jan.. 136.9 28.2 108.6 52.6 140.3 28.2 112.1 52.3 2.0 Feb.. 136.8 28.2 108.6 53.1 137.3 27.9 109.3 52.9 1.9 Mar. 136.9 28.2 108.7 53.7 136.1 27.9 108.2 53.7 3.0 Apr.. 136.9 28.2 108.7 54.0 136.1 28.0 108.1 54.2 4.4 May. 137.0 28.2 108.8 54.5 135.2 28.0 107.2 54.6 4.1 June. 136.9 28.3 108.6 54.8 135.9 28.2 107.7 55.2 4.0 July. 137.0 28.3 108.7 55.3 135.6 28.4 107.2 55.6 4.9 Aug.. 137.1 28.3 108.8 55.7 135.6 28.3 107.2 55.9 3.1 Sept. 136.8 28.3 108.4 56.1 136.1 28.4 107.7 56.3 3.5 Oct.. 136.5 28.3 108.2 56.6 136.4 28.4 107.9 56.7 4.2 Nov., 136.3 28.3 108.0 57.0 137.2 28.6 108.6 56.5 3.0 Dec.. 135.9 28.3 107.6 57.4 139.3 28.9 110.4 56.7 3.5 1958—Jan.. 135.5 28.3 107.2 57.6 138.8 28.2 110.6 57.2 2.3 Feb.. 136.2 28.2 107.9 59.2 136.4 27.9 108.5 59.1 2.5 Mar., 136.5 28.2 108.3 60.5 135.4 27.9 107.4 60.5 4.3 Apr.. 137.0 28.2 108.7 61.5 136.4 28.0 108.4 61.7 4.2 May. 137.5 28.3 109.2 62.3 135.7 28.1 107.6 62.6 5.5 June. 138.4 28.3 110.1 63.2 137.4 28.3 109.1 63.5 6.0 July., 138.4 28.4 110.0 64.0 137.0 28.5 108.5 64.4 6.0 S A e u p g t . . . . 1 13 3 9 9 . . 1 5 2 2 8 8 . . 5 4 1 11 1 0 1 . . 7 1 6 6 4 4. . 8 6 1 13 3 7 8 . . 8 9 2 28 8 . . 5 5 1 1 0 1 9 0 . . 2 4 6 64 5 . . 8 0 4 5 . . 0 3 Oct.. 140.1 28.5 111.6 64.9 140.0 28.6 111.5 65.0 4.2 Nov.. 140.9 28.5 112.4 65.2 142.0 28.8 113.2 64.6 3.9 Dec.. 141.1 28.6 112.6 65.4 144.7 29.2 115.5 64.6 3.9 For notes see p. 909. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF THE MONEY STOCK 897 MONEY STOCK AND RELATED DATA, 1947-70—Continued In billions of dollars Seasonally adjusted Not seasonally adjusted Money stock Money stock MMMooonnnttthhh TTiimmee Time UU..SS.. ddeeppoossiittss deposits GGoovvtt,, Currency Demand aadd-- Currency Demand ad- ddeemmaanndd Total component deposit jjuusstteedd ii Total component deposit justed i ddeeppoossiittss ii component component 1959—Jan. 141.8 28.6 113.2 66.0 145.2 28.6 116.6 65.6 3.2 Feb 142.2 28.7 113.4 66.0 142.3 28.4 113.9 65.8 4.3 142.8 28.8 114.0 66.2 141.6 28.5 113.1 66.2 3.7 143.1 28.8 114.3 66.5 142.7 28.5 114.2 66.7 4.6 143.6 29.0 114.6 66.6 141.6 28.7 112.9 67.0 5.2 143.8 29.0 114.8 67.0 142.4 28.9 113.4 67.4 4.0 July 144.6 29.0 115.6 67.1 143.1 29.1 114.0 67.5 4.9 Aug 144.1 29.1 115.1 67.2 142.7 29.1 113.6 67.4 5.1 Sept 143.8 29.0 114.9 67.3 143.2 29.1 114.2 67.5 5.2 Oct 143.5 29.0 114.5 67.3 143.6 29.0 114.5 67.4 4.9 143.3 28.9 114.4 67.3 144.6 29.2 115.4 66.8 4.7 Dec 142.6 28.9 113.7 67.4 146.3 29.5 116.8 66.6 4.9 I960—Jan 142.4 29.0 113.4 67.2 145.7 28.9 116.8 66.8 4.1 Feb 141.9 29.0 113.0 66.9 141.9 28.6 113.3 66.6 4.1 Mar 141.6 29.0 112.6 67.0 140.4 28.7 111.7 67.0 4.3 141.5 29.0 112.5 67.3 141.3 28.8 112.6 67.5 3.6 May 141.0 29.0 112.0 67.4 139.1 28.8 110.3 67.8 6.4 June 140.9 29.0 112.0 67.9 139.3 28.9 110.4 68.3 6.3 July 141.2 29.0 112.2 68.7 139.8 29.1 110.6 69.1 6.7 Aug. 141.7 29.0 112.7 69.7 140.3 29.1 111.2 70.0 6.1 Sept 141.8 29.0 112.8 70.5 141.2 29.1 112.1 70.7 5.4 Oct 141.8 29.0 112.8 71.3 142.0 29.1 112.9 71.4 5.6 Nov. 141.6 29.0 112.6 72.1 142.9 29.3 113.6 71.5 5.8 Dec 141.7 28.9 112.8 72.9 145.5 29.6 115.9 72.1 4.7 1961—Jan 141.9 29.0 113.0 73.6 145.2 28.8 116.4 73.2 4.1 Feb 142.4 28.9 113.5 74.9 142.4 28.6 113.8 74.6 4.8 142.8 28.9 113.9 75.5 141.6 28.6 113.0 75.5 4.7 Apr 143.2 29.0 114.2 76.2 143.2 28.7 114.6 76.5 2.8 May 143.5 28.9 114.6 77.2 141.6 28.7 112.9 77.7 4.7 June 143.8 28.9 114.8 78.1 142.1 28.9 113.2 78.6 4.5 July 143.9 29.0 114.8 79.1 142.4 29.2 113.2 79.5 4.3 Aug 144.3 29.1 115.2 79.9 142.4 29.2 113.2 80.2 5.5 Sept 144.6 29.2 115.4 80.7 143.9 29.3 114.6 80.9 5.2 Oct 145.1 29.3 115.7 81.5 145.3 29.4 115.8 81.5 6.4 Nov 145.7 29.4 116.3 82.2 147.0 29.7 117.3 81.5 5.8 Dec 146.0 29.6 116.5 82.7 150.1 30.2 120.0 81.8 4.9 1962—Jan 146.2 29.6 116.6 84.1 149.7 29.5 120.2 83.6 3.8 Feb 146.4 29.7 116.7 86.0 146.4 29.3 117.1 85.6 4.7 Mar 146.8 29.8 117.0 87.6 145.6 29.5 116.1 87.7 5.0 Apr 147.1 30.0 117.1 88.8 147.6 29.7 117.8 89.2 3.8 May 147.1 30.0 117.1 89.5 145.0 29.7 115.2 90.0 7.0 June 147.1 30.1 117.0 90.6 145.2 30.0 115.2 91.1 7.2 July 146.9 30.1 116.8 91.7 145.5 30.3 115.2 92.2 7.0 Aug 146.8 30.2 116.6 92.6 144.8 30.3 114.5 92.9 6.8 Sept 146.7 30.3 116.4 93.7 145.8 30.3 115.4 93.8 7.2 Oct 147.2 30.3 116.8 95.0 147.3 30.4 116.9 95.0 7.3 Nov 147.6 30.4 117.2 96.2 149.0 30.8 118.2 95.5 6.0 Dec 148.1 30.6 117.6 97.8 152.3 31.2 121.1 96.7 5.6 1963—Jan 148.8 30.7 118.1 99.0 152.5 30.5 122.0 98.6 4.8 Feb 149.2 30.9 118.3 100.3 149.1 30.5 118.6 100.1 5.7 Mar.. 149.6 31.0 118.5 101.4 148.3 30.7 117.6 101.9 6.0 Apr 150.0 31.1 118.9 102.7 150.5 30.9 119.6 103.1 4.2 May 150.6 31.3 119.3 103.6 148.3 31.0 117.2 104.3 7.1 June 151.1 31.5 119.6 104.7 149.0 31.4 117.6 105.2 7.5 July 151.7 31.6 120.1 105.9 150.2 31.8 118.4 106.2 7.8 Aug 151.9 31.8 120.2 107.2 149.9 31.9 118.0 107.5 6.3 Sept 152.1 31.9 120.2 108.4 151.2 32.0 119.3 108.3 6.6 Oct 152.9 32.0 120.9 109.6 153.1 32.1 121.0 109.5 5.3 Nov 153.9 32.3 121.7 111.1 155.4 32.6 122.8 110.2 4.4 Dec 153.6 32.5 121.1 112.2 157.9 33.1 124.8 111.0 5.1 1964—Jan 154.1 32.6 121.5 113.4 158.4 32.4 125.9 113.0 4.1 Feb 154.5 32.8 121.8 114.6 154.3 32.3 122.0 114.5 4.8 Mar 155.0 32.9 122.0 115.3 153.6 32.6 120.9 115.7 6.0 Apr 155.2 33.1 122.1 116.3 155.7 32.8 122.9 116.7 4.2 May 155.9 33.3 122.7 117.6 153.0 33.1 120.0 118.0 6.8 June 156.4 33.5 122.9 118.8 154.2 33.4 120.8 119.1 7.6 July 157.5 33.6 124.0 119.7 156.0 33.7 122.3 120.0 6.9 Aug 158.4 33.8 124.6 120.6 156.0 33.9 122.1 121.1 6.3 Sept 159.1 33.9 125.2 122.1 158.1 33.9 124.2 122.0 6.5 Oct 159.7 34.0 125.7 123.6 160.1 34.1 126.0 123.4 5.5 Nov 160.3 34.2 126.1 125.1 161.8 34.6 127.3 124.1 5.8 Dec 160.5 34.2 126.3 126.6 165.3 35.0 130.3 125.2 5.5 For notes see p. 909. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
898 FEDERAL RESERVE BULLETIN • DECEMBER 1970 MONEY STOCK AND RELATED DATA, 1947-70—Continued In billions of dollars Seasonally adjusted Not seasonally adjusted Money stock Money stock MMMooonnnttthhh TTiimmee TTiimmee UU..SS.. ddeeppoossiittss ddeeppoossiittss GGoovvtt,, Total c C om ur p r o en n c e y n t co D d m e e m p p o o a s n n i e t d n t jjuu aa sstt dd ee -- dd ii Total c C om ur p r o en n c e y n t co D d m e e m p p o o a s n n i e t d n t jjuu aa sstt dd ee -- dd ii dd dd ee ee pp mm ooss aa ii nn ttss dd ii 1965—Jan 160.8 34.4 126.4 128.7 165.7 34.4 131.3 128.3 4.2 Feb 161.3 34.6 126.7 130.8 160.8 34.2 126.5 130.8 5.7 Mar 161.7 34.7 127.1 132.2 160.3 34.4 125.9 132.7 6.6 Apr 162.0 34.7 127.3 133.5 162.9 34.5 128.4 134.0 5.5 May 162.3 34.9 127.4 134.9 158.9 34.6 124.2 135.4 9.5 June 163.1 35.0 128.0 136.4 160.8 34.9 125.9 136.6 9.1 July 163.7 35.2 128.5 137.9 162.1 35.4 126.7 138.3 9.0 Aug 164.3 35.5 128.9 139.6 161.5 35.5 126.0 140.2 7.3 Sept 165.2 35.7 129.5 141.4 164.3 35.7 128.6 141.4 5.5 Oct 166.4 36.0 130.4 143.7 166.8 36.0 130.8 143.5 5.0 Nov 166.9 36.1 130.8 145.4 168.5 36.5 131.9 144.3 4.1 Dec 168.0 36.3 131.7 146.8 173.1 37.1 136.0 145.2 4.6 1966—Jan 168.9 36.6 132.3 147.8 174.2 36.5 137.6 147.4 3.8 Feb 169.7 36.7 133.0 148.7 168.8 36.4 132.5 148.7 5.1 Mar 170.5 36.9 133.6 149.8 168.9 36.5 132.4 150.4 4.5 Apr 171.7 37.1 134.6 151.8 172.6 36.8 135.8 152.4 3.0 May 171.6 37.3 134.4 153.6 168.0 37.0 131.0 154.2 7.1 June 171.7 37.4 134.3 154.2 170.0 37.3 132.7 154.4 6.1 July 171.0 37.6 133.4 155.9 169.3 37.8 131.5 156.2 8.0 Aug 171.2 37.8 133.5 156.7 168.4 37.8 130.5 157.4 5.1 Sept 171.9 37.9 134.0 157.4 170.9 37.9 133.1 157.4 4.3 Oct 171.4 38.0 133.4 157.1 171.7 38.1 133.6 157.1 4.8 Nov 171.2 38.2 133.1 156.8 172.7 38.5 134.1 156.1 3.7 Dec 171.7 38.3 133.4 158.3 176.9 39.1 137.8 156.9 3.4 1967—Jan 171.1 38.5 132.6 161.3 176.4 38.5 137.9 160.8 4.2 Feb 173.1 38.7 134.4 164.3 171.8 38.3 133.4 164.1 5.1 Mar 174.6 38.9 135.8 166.3 173.1 38.5 134.6 166.9 4.9 Apr 174.1 39.0 135.1 168.3 174.9 38.6 136.3 168.9 4.8 May 175.9 39.1 136.8 170.5 172.4 38.8 133.5 170.9 6.6 June 177.5 39.3 138.2 172.9 175.7 39.2 136.5 173.1 4.0 July 178.9 39.4 139.5 175.1 177.2 39.6 137.6 175.3 5.7 Aug 180.0 39.5 140.5 177.1 177.2 39.6 137.7 177.9 4.3 Sept 180.9 39.7 141.1 179.3 179.8 39.7 140.0 179.1 5.0 Oct 181.7 39.9 141.7 180.4 182.0 40.0 142.0 180.6 6.3 Nov 182.4 40.0 142.3 182.0 183.9 40.4 143.4 181.4 5.3 Dec 183.1 40.4 142.7 183.5 188.6 41.2 147.4 182.1 5.0 1968—Jan 183.6 40.6 143.1 184.4 189.3 40.5 148.8 183.9 5.0 Feb 184.7 40.7 144.0 186.2 183.3 40.3 143.0 185.9 7.2 Mar 185.8 41.1 144.7 187.2 184.1 40.7 143.4 187.9 6.7 Apr 186.6 41.3 145.3 187.5 187.6 41.0 146.6 188.2 4.3 May 188.7 41.6 147.1 188.1 185.0 41.3 143.7 188.7 6.5 June 190.2 41.9 148.3 188.9 188.5 41.8 146.6 189.0 5.6 July 191.6 42.1 149.5 191.1 190.1 42.3 147.8 191.3 5.8 Aug 192.7 42.3 150.3 193.8 189.8 42.5 147.3 194.9 5.6 Sept 193.6 42.7 150.9 196.7 192.2 42.7 149.6 196.7 6.1 Oct 194.3 42.8 151.5 199.6 194.3 42.8 151.5 199.7 6.3 Nov 196.0 43.2 152.9 201.8 197.7 43.6 154.1 201.4 4.5 Dec 197.4 43.4 154.0 204.8 203.4 44.3 159.1 203.2 5.0 1969—Jan 198.1 43.6 154.5 203.7 204.2 43.5 160.7 202.9 4.9 Feb 199.3 43.8 155.5 203.2 197.8 43.4 154.4 202.6 6.9 Mar 200.1 44.1 156.0 202.5 198.3 43.7 154.6 203.2 4.8 Apr 201.0 44.2 156.8 202.1 202.0 43.8 158.2 203.0 5.4 May 201.6 44.5 157.1 201.7 197.7 44.2 153.5 202.5 9.2 June 202.4 44.8 157.6 201.2 200.5 44.7 155.8 201.3 6.0 July 203.1 45.0 158.1 198.1 201.5 45.2 156.4 198.1 5.6 Aug , 202.6 45.2 157.4 195.4 199.6 45.4 154.3 196.0 4.3 Sept 202.8 45.3 157.6 194.8 201.4 45.3 156.1 194.9 5.3 Oct 203.2 45.6 157.6 194.2 203.2 45.6 157.6 194.4 4.2 Nov 203.5 45.9 157.6 194.0 205.3 46.4 158.9 193.4 5.2 Dec 203.6 46.0 157.7 194.6 209.8 46.9 162.9 193.2 5.6 1970—Jan 205.2 46.2 159.0 193.3 211.4 46.1 165.4 192.7 4.8 Feb 204.5 46.4 158.1 193.5 202.8 45.9 156.8 193.0 7.1 Mar 206.6 46.7 159.8 195.3 204.7 46.3 158.4 195.9 6.9 Apr 208.3 47.1 161.2 198.5 209.3 46.6 162.6 199.3 5.3 May 209.2 47.7 161.6 200.3 205.3 47.3 158.0 201.1 6.4 June 209.6 47.8 161.9 202.2 207.8 47.7 160.1 202.3 6.5 July 210.6 48.1 162.5 208.2 209.0 48.3 160.7 208.1 6.8 Aug 211.8 48.2 163.7 213.2 208.7 48.3 160.4 214.0 7.1 Sept 212.8 48.2 164.6 218.5 211.4 48.2 163.1 218.4 6.8 Oct 213.0 48.5 164.5 222.2 213.0 48.5 164.5 222.5 6.1 Nov 213.8 48.6 165.1 225.0 215.6 49.1 166.4 224.6 5.6 For notes see p. 909. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF THE MONEY STOCK 899 MONEY STOCK AND RELATED DATA, 1947-70—Continued In billions of dollars Seasonally adjusted Not seasonally adjusted Money stock Money stock WWWeeeeeekkk eeennndddiiinnnggg——— TTiimmee TTiimmee UU..SS.. ddeeppoossiittss ddeeppoossiittss GGoovvtt,, Total c C om ur p r o en n c e y n t D d e e m po a s n it d jjuuss aa tt dd ee -- dd ii Total c C om ur p r o en n c e y n t D d e e m po a s n it d jjuuss aa tt dd ee -- dd 11 dd dd ee ee pp mm oo aa ssii nn tt dd ss11 component component 1959 Jan. 7 141.7 28.7 113.0 65.9 145.6 29.0 116.7 65.5 3.9 14 141.7 28.6 113.1 66.0 145.7 28.7 117.1 65.6 2.3 21 141.9 28.7 113.2 66.1 145.5 28.5 117.0 65.6 1.7 28 141.9 28.7 113.3 66.0 144.3 28.3 116.0 65.7 4.3 Feb. 4 141.9 28.7 113.2 66.0 143.6 28.3 115.2 65.7 4.7 11 142.0 28.7 113.3 66.0 143.0 28.5 114.5 65.7 4.0 18 142.2 28.7 113.5 66.0 142.5 28.4 114.1 65.7 4.3 25 142.5 28.8 113.7 66.0 141.0 28.3 112.7 65.8 4.3 Mar. 4 142.4 28.7 113.7 66.0 141.4 28.4 113.0 65.9 4.1 11 142.6 28.8 113.8 66.1 141.6 28.6 113.0 66.1 3.0 18 142.8 28.8 114.0 66.2 143.0 28.6 114.4 66.2 3.0 25 142.7 28.8 114.0 66.2 140.8 28.4 112.4 66.2 5.1 Apr. 1 143.0 28.8 114.2 66.3 140.9 28.4 112.5 66.4 3.6 8 142.9 28.8 114.2 66.4 141.4 28.7 112.8 66.5 6.2 15 143.0 28.8 114.2 66.5 143.1 28.6 114.5 66.7 4.6 22 143.2 28.9 114.3 66.5 143.6 28.5 115.1 66.7 4.0 29 143.3 28.9 114.4 66.5 142.9 28.4 114.5 66.8 3.9 May 6 143.3 28.9 114.4 66.6 142.3 28.7 113.6 66.9 4.9 13 143.3 28.9 114.4 66.6 142.0 28.8 113.2 67.0 4.9 20 143.6 28.9 114.6 66.6 141.4 28.7 112.7 67.0 5.9 27 143.7 29.0 114.7 66.7 140.9 28.6 112.3 67.1 5.4 June 3 143.7 29.0 114.8 66.8 141.6 28.8 112.7 67.2 4.7 10 143.8 29.0 114.8 66.9 141.9 29.1 112.9 67.3 3.5 17 143.8 29.0 114.9 67.0 143.7 28.9 114.8 67.4 3.3 24 143.9 29.0 114.8 67.0 142.2 28.9 113.3 67.4 4.7 July 1 144.1 29.0 115.1 67.1 141.9 28.9 113.0 67.6 4.5 8 145.3 29.0 115.2 67.1 142.6 29.4 113.1 67.5 3.8 15 144.4 29.0 115.4 67.0 143.3 29.2 114.1 67.5 4.9 22 144.6 29.0 115.6 67.1 143.2 29.2 114.1 67.5 6.0 29 144.8 29.0 115.7 67.1 143.5 28.9 114.5 67.4 5.0 Aug. 5 144.3 29.0 115.3 67.0 143.6 29.1 114.5 67.4 5.0 12 144.4 29.1 115.3 67.1 143.7 29.3 114.4 67.4 3.8 19 144.3 29.0 115.2 67.1 142.5 29.2 113.3 67.4 4.8 26 144.1 29.0 115.1 67.2 141.6 29.0 112.6 67.5 6.1 Sept. 2 143.8 29.0 114.8 67.3 142.5 29.0 113.5 67.5 5.9 9 143.6 29.0 114.6 67.3 142.7 29.4 113.3 67.5 5.0 16 143.8 29.0 114.7 67.3 144.6 29.2 115.5 67.5 4.0 23 143.9 29.0 114.8 67.3 143.4 29.0 114.4 67.5 5.5 30 144.1 29.0 115.1 67.3 142.3 28.8 113.6 67.5 6.0 Oct. 7 143.9 29.0 114.9 67.3 142.9 29.2 113.7 67.5 5.5 14 143.8 29.0 114.9 67.3 144.1 29.2 114.9 67.4 3.7 21 143.5 29.0 114.6 67.2 143.8 29.1 114.7 67.4 4.4 28 143.0 29.0 114.0 67.3 143.4 28.9 114.5 67.3 5.6 Nov. 4 142.8 28.9 113.9 67.4 144.2 29.0 115.2 67.3 5.6 11 143.2 28.9 114.3 67.4 144.7 29.3 115.4 67.2 4.6 18 143.4 28.9 114.5 67.3 145.0 29.2 115.8 66.7 4.7 25 143.7 28.9 114.8 67.3 144.3 29.2 115.1 66.5 4.6 Dec. 2 143.2 28.9 114.4 67.3 144.8 29.3 115.5 66.4 4.3 9 142.9 28.9 114.0 67.3 145.3 29.6 115.7 66.5 5.2 16 142.9 28.9 114.0 67.3 147.3 29.4 117.9 66.5 4.2 23 142.3 28.9 113.4 67.4 146.5 29.5 116.9 66.7 5.4 30 142.4 28.9 113.5 67.5 146.7 29.6 117.0 66.8 5.0 1960—Jan. 6 141.9 28.9 113.0 67.5 146.5 29.3 117.2 67.1 4.8 13 142.4 28.9 113.4 67.4 146.4 29.0 117.4 66.9 4.4 20 142.4 28.9 113.5 67.1 146.1 28.8 117.3 66.7 3.8 27 142.4 29.0 113.4 66.9 144.6 28.5 116.1 66.6 3.4 Feb. 3 142.2 29.0 113.2 66.9 143.9 28.5 115.4 66.7 4.1 10 142.0 28.9 113.1 66.9 143.0 28.7 114.3 66.6 3.7 17 142.0 28.9 113.1 67.0 142.5 28.6 113.9 66.6 3.8 24 141.9 28.9 113.0 66.9 140.4 28.6 111.8 66.7 4.6 For notes see p. 909. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
900 FEDERAL RESERVE BULLETIN • DECEMBER 1970 MONEY STOCK AND RELATED DATA, 1947-70—Continued In billions of dollars Seasonally adjusted Not seasonally adjusted Money stock Money stock WWWeeeeeekkk eeennndddiiinnnggg——— TTiimmee TTiimmee UU..SS.. ddeeppoossiittss ddeeppoossiitt GGoovvtt,, Total c C om ur p r o en n c e y n t co D d m e e m p p o o a n s n i e t d n t jjuuss aa tt dd ee -- dd ii Total c C om ur p r o en n c e y n t co D d m e e m p po o a n s n i e t d n t jjuuss aa tt dd ee -- dd ii dd dd ee ee pp mm ooss aa ii nn ttss dd ii 1960—Mar. 2 141.9 29.0 112.9 66.8 140.7 28.5 112.2 66.6 4.5 9 141.8 29.0 112.8 66.9 140.8 28.8 111.9 66.8 4.0 16 141.7 29.0 112.6 67.0 141.6 28.8 112.9 67.0 3.3 23 141.5 29.0 112.5 67.1 140.0 28.7 111.3 67.1 5.2 30 141.5 29.0 112.4 67.1 139.2 28.5 110.7 67.2 4.7 Apr. 6 141.5 29.0 112.5 67.1 139.3 28.9 110.4 67.3 4.1 13 141.5 29.0 112.5 67.3 141.0 29.0 112.0 67.5 2.3 20 141.5 29.0 112.5 67.3 142.9 28.8 114.0 67.4 3.6 27 141.4 29.0 112.4 67.3 142.0 28.5 113.5 67.5 4.1 May 4 141.3 29.0 112.3 67.4 140.9 28.6 112.3 67.6 5.4 11 141.2 29.0 112.3 67.4 140.1 28.9 111.2 67.7 5.8 18 141.0 29.0 112.0 67.4 139.2 28.8 110.4 67.8 6.4 25 140.9 29.0 111.9 67.4 137.8 28.7 109.1 67.9 6.9 June 1 140.9 29.0 111.9 67.5 138.2 28.8 109.5 67.9 6.9 8 140.8 28.9 111.9 67.6 138.6 29.0 109.6 68.1 6.4 15 140.9 29.0 111.9 67.8 140.3 28.9 111.4 68.2 5.1 22 140.9 29.0 111.9 68.0 139.6 28.9 110.7 68.3 7.0 29 141.0 29.0 112.0 68.2 138.9 28.7 110.1 68.6 6.6 July 6 140.8 29.0 111.8 68.4 138.6 29.3 109.3 68.9 7.2 13 141.1 29.0 112.2 68.6 139.6 29.3 110.3 69.0 5.6 20 141.5 28.9 112.5 68.7 140.4 29.1 111.3 69.1 7.6 27 141.6 28.9 112.7 68.8 140.5 28.9 111.6 69.2 6.6 Aug. 3 141.6 28.9 112.7 69.1 141.0 29.0 112.1 69.4 6.5 10 141.7 28.9 112.8 69.3 141.2 29.3 111.9 69.6 6.0 17 141.7 29.0 112.8 69.6 140.5 29.1 111.4 69.9 6.1 24 141.6 29.0 112.6 69.9 139.3 29.0 110.3 70.2 6.5 31 141.6 29.0 112.6 70.1 139.8 28.8 111.0 70.4 5.5 Sept. 7 141.6 29.0 112.6 70.3 140.5 29.3 111.2 70.4 5.1 14 141.6 29.0 112.6 70.4 142.1 29.2 112.9 70.7 3.6 2 2 8 1 1 1 4 41 2 . . 9 2 2 2 9 9 . . 0 0 1 1 1 1 2 3 . . 9 2 7 70 0 . . 5 6 1 14 4 2 0 . . 6 0 2 29 8 . . 1 8 1 11 1 3 1 . . 5 1 7 70 0 . . 8 9 4 7 . . 9 3 Oct. 5 142.0 29.0 112.9 70.9 140.5 29.0 111.5 71.1 7.5 12 141.8 29.0 112.8 71.1 141.4 29.3 112.1 71.3 5.5 19 141.8 29.0 112.9 71.3 142.3 29.2 113.2 71.4 4.3 26 141.9 29.0 112.9 71.5 142.5 29.0 113.6 71.6 5.4 Nov. 2 141.6 29.0 112.6 71.7 143.2 28.9 114.3 71.7 6.2 9 141.3 29.0 112.3 71.9 142.7 29.3 113.4 71.7 6.0 16 141.5 29.0 112.6 72.1 143.5 29.3 114.2 71.6 5.4 23 141.6 29.0 112.6 72.1 142.2 29.3 112.9 71.4 6.0 30 141.8 29.0 112.8 72.2 142.8 29.3 113.5 71.4 5.6 Dec. 7 141.7 29.0 112.7 72.4 143.7 29.5 114.2 71.6 4.9 14 141.8 29.0 112.8 72.6 145.8 29.5 116.3 71.8 3.2 21 141.8 29.0 112.8 72.9 146.8 29.6 117.2 72.1 4.2 28 141.7 28.9 112.8 73.3 145.3 29.7 115.6 72.4 5.9 1961—Jan. 4 141.4 28.9 112.4 73.4 145.8 29.3 116.6 72.9 5.9 11 141.5 28.9 112.6 73.6 145.4 29.2 116.2 72.9 4.7 18 141.8 28.9 112.9 73.5 145.6 28.8 116.7 73.1 3.5 25 142.4 28.9 113.5 73.6 145.0 28.6 116.5 73.3 3.3 Feb. 1 142.5 28.9 113.6 73.9 144.4 28.4 116.1 73.6 3.8 8 142.4 28.9 113.4 74.7 143.7 28.7 115.0 74.4 4.3 15 142.4 28.9 113.5 74.8 143.1 28.7 114.4 74.6 3.7 22 142.4 28.9 113.4 75.1 141.2 28.6 112.6 74.8 5.8 Mar. 1 142.4 28.9 113.4 75.1 141.0 28.4 112.6 74.9 5.7 8 142.5 28.9 113.6 75.3 141.3 28.8 112.5 75.2 5.3 15 142.7 28.9 113.7 75.5 142.3 28.7 113.6 75.5 3.6 22 143.0 28.9 114.0 75.6 142.2 28.7 113.4 75.5 5.3 29 143.1 29.0 114.1 75.5 141.0 28.5 112.5 75.7 4.6 Apr. 5 143.1 29.0 114.1 75.7 141.2 28.8 112.4 76.0 4.5 12 143.1 28.9 114.1 76.0 142.9 28.8 114.0 76.3 3.2 19 143.0 28.9 114.0 76.3 144.2 28.7 115.5 76.5 2.1 26 143.1 28.9 114.2 76.5 143.9 28.5 115.4 76.6 1.9 For notes see p. 909. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF THE MONEY STOCK 901 MONEY STOCK AND RELATED DATA, 1947-70—Continued In billions of dollars Seasonally adjusted Not seasonally adjusted Money stock Money stock WWWeeeeeekkk eeennndddiiinnnggg——— Time TTiimmee UU..SS.. deposits ddeeppoossiittss GGoovvtt,, Total c C om ur p r o e n nc e y n t co D d m e e m p po o a n s n i e t d n t jus a t d e - d i Total c C om ur p r o e n n e c n y t co D d m e e m p p o o a n s n i e t d n t jjuuss aa tt dd ee -- dd ii dd dd ee ee pp mm ooss aa ii nn ttss dd ii 1961 May 3, 143.3 29.0 114.4 76.7 143.2 28.6 114.7 77.0 3.2 10 143.4 28.9 114.4 77.1 142.6 28.9 113.7 77.4 3.9 17 143.5 28.9 114.6 77.1 141.9 28.8 113.2 77.6 4.5 24 143.6 28.9 114.7 77.2 140.5 28.7 111.8 77.9 5.8 31 143.7 28.9 114.8 77.5 140.8 28.6 112.2 78.1 5.0 June 7 143.8 28.9 114.8 77.7 141.7 29.0 112.7 78.3 4.0 14 143.8 29.0 114.9 78.0 143.4 29.0 114.4 78.4 2.2 21 143.8 29.0 114.8 78.3 142.7 28.9 113.8 78.6 5.7 28 143.7 29.0 114.7 78.5 140.9 28.7 112.2 78.8 5.7 July 5 143.8 29.0 114.7 78.7 141.3 29.2 112.1 79.3 6.1 12 143.8 29.0 114.9 78.9 142.1 29.4 112.7 79.3 4.5 19 143.8 29.0 114.8 79.0 142.7 29.2 113.5 79.5 3.1 26 143.9 29.0 114.9 79.2 142.6 29.0 113.6 79.7 2.8 Aug. 2 143.9 29.0 114.9 79.5 143.2 29.0 114.3 79.9 6.0 9 143.9 29.0 114.8 79.6 143.2 29.4 113.8 80.0 5.1 16 144.3 29.1 115.2 79.8 143.2 29.3 113.9 80.2 4.8 23 144.6 29.2 115.4 80.1 141.3 29.2 112.1 80.3 6.1 30 144.6 29.2 115.4 80.2 141.7 29.0 112.7 80.4 5.6 Sept. 6 144.5 29.2 115.3 80.3 142.8 29.4 113.4 80.6 5.4 13 144.6 29.2 115.4 80.5 144.4 29.4 115.0 80.8 3.6 20 144.6 29.2 115.4 80.7 145.4 29.3 116.1 80.9 4.4 27 144.8 29.2 115.6 80.9 143.1 29.1 114.1 81.0 5.9 Oct. 4 144.8 29.2 115.6 81.1 143.3 29.2 114.1 81.3 8.1 11 145.0 29.3 115.7 81.3 144.3 29.6 114.7 81.5 6.2 18 145.1 29.3 115.8 81.5 145.8 29.5 116.2 81.5 6.9 25 145.1 29.3 115.8 81.6 145.8 29.3 116.4 81.6 6.2 Nov. 1 145.2 29.4 115.8 81.8 146.5 29.2 117.3 81.7 5.6 8 145.3 29.4 115.9 82.0 146.8 29.7 117.1 81.7 5.8 15 145.8 29.4 116.5 82.2 147.8 29.7 118.1 81.7 4.8 22 145.8 29.5 116.3 82.3 146.7 29.8 116.8 81.3 6.5 29 145.8 29.5 116.3 82.4 146.8 29.8 117.0 81.4 6.1 Dec. 6 145.8 29.5 116.4 82.5 148.0 30.0 118.0 81.6 5.4 13 145.9 29.5 116.4 82.6 149.6 30.2 119.4 81.7 3.5 20 146.0 29.5 116.5 82.8 151.4 30.2 121.3 81.7 4.1 27 146.1 29.6 116.5 82.9 150.3 30.4 119.9 81.9 6.1 1962—Jan. 3 146.3 29.7 116.6 83.0 151.5 30.0 121.5 82.3 6.0 10 146.2 29.7 116.6 83.4 150.5 29.9 120.6 82.8 4.6 17 146.2 29.6 116.6 84.0 150.4 29.6 120.8 83.6 3.1 24 146.3 29.7 116.6 84.4 149.1 29.3 119.8 84.0 2.9 31 146.1 29.6 116.5 84.9 148.0 29.0 119.0 84.4 3.8 Feb. 7 146.2 29.7 116.5 85.3 148.0 29.4 118.6 84.9 4.7 14 146.4 29.7 116.7 85.7 147.4 29.4 118.0 85.5 3.7 21 146.5 29.8 116.8 86.3 145.3 29.4 115.9 85.8 5.1 28 146.7 29.8 116.9 86.5 144.9 29.2 115.7 86.2 5.1 Mar. 7 146.7 29.8 116.9 86.9 145.7 29.6 116.1 86.9 5.0 14 146.8 29.8 117.0 87.2 146.4 29.6 116.8 87.5 3.2 21 146.9 29.8 117.0 87.8 146.4 29.6 116.8 87.8 4.8 28 147.0 29.9 117.1 88.0 144.3 29.4 114.9 88.3 6.7 Apr. 4 147.0 29.9 117.1 88.2 145.1 29.6 115.5 88.7 6.1 11 147.0 29.9 117.1 88.6 147.0 30.0 117.0 89.2 3.7 18 147.1 29.9 117.1 89.0 148.9 29.8 119.0 89.2 2.5 25 147.1 30.0 117.2 89.1 148.4 29.6 118.8 89.3 3.4 May 2 147.1 30.0 117.1 89.0 147.3 29.5 117.8 89.4 4.8 9 147.0 30.0 117.0 89.2 146.5 30.0 116.5 89.6 6.2 16 147.0 30.0 117.0 89.4 145.9 29.8 116.1 89.9 6.4 23 147.0 30.0 117.0 89.6 143.4 29.8 113.6 90.2 8.0 30 147.1 30.0 117.1 89.8 143.5 29.6 113.9 90.5 7.5 June 6 147.1 30.0 117.0 90.0 144.9 30.0 114.9 90.7 7.1 13 147.1 30.1 117.0 90.4 146.1 30.1 116.0 91.0 5.3 20 147.0 30.1 116.9 90.7 146.2 30.0 116.2 91.1 6.7 27 147.1 30.1 117.0 90.8 144.0 29.8 114.2 91.4 8.6 For notes see p. 909. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
902 FEDERAL RESERVE BULLETIN • DECEMBER 1970 MONEY STOCK AND RELATED DATA, 1947-70—Continued In billions of dollars Seasonally adjusted Not seasonally adjusted Money stock Money stock WWWeeeeeekkk eeennndddiiinnnggg——— TTiimmee TTiimmee UU..SS.. ddeeppoossiittss ddeeppoossiittss GGoovvtt,, Total c C om ur p r o en n c e y n t D d e e m po a s n it d jjuuss aa tt dd ee -- dd ii Total c C om ur p r o en n c e y n t D d e e m po a s n it d jjuuss aa tt dd ee -- dd 11 dd dd ee ee pp mm ooss aa ii nn ttss dd ii component component 1962—July 4 147.0 30.1 117.0 91.1 144.5 30.2 114.3 91.9 9.4 11 147.0 30.0 116.9 91.6 145.1 30.6 114.6 92.0 8.1 18 147.0 30.1 116.9 91.7 145.9 30.4 115.5 92.2 6.6 25 146.8 30.1 116.7 91.8 145.5 30.2 115.3 92.3 6.0 Aug. 1 146.9 30.2 116.7 92.1 146.1 30.0 116.1 92.4 5.8 8 146.8 30.2 116.6 92.2 146.3 30.5 115.8 92.6 5.6 15 147.0 30.2 116.7 92.5 145.9 30.4 115.5 92.8 5.0 22 146.9 30.2 116.7 92.8 143.5 30.4 113.2 93.0 8.4 29 146.8 30.2 116.5 92.9 143.6 30.1 113.5 93.2 7.9 Sept. 5 146.7 30.2 116.4 93.2 144.7 30.4 114.3 93.5 7.8 12 146.6 30.3 116.4 93.4 146.3 30.5 115.8 93.6 6.1 19 146.4 30.2 116.2 93.7 146.8 30.3 116.5 93.8 6.3 26 146.6 30.3 116.3 94.0 144.9 30.1 114.8 94.0 8.1 Oct. 3 146.9 30.3 116.7 94.2 145.6 30.2 115.5 94.3 8.2 10 146.9 30.3 116.7 94.6 146.2 30.6 115.6 94.7 8.9 17 147.0 30.3 116.7 94.9 147.7 30.5 117.1 94.9 7.4 24 147.1 30.3 116.8 95.2 147.5 30.4 117.2 95.2 6.9 31 147.3 30.4 117.0 95.4 148.5 30.2 118.3 95.4 5.9 Nov. 7 147.4 30.4 117.0 95.8 149.0 30.7 118.3 95.5 6.1 14 147.5 30.4 117.1 96.1 149.5 30.8 118.7 95.6 4.8 21 147.7 30.5 117.2 96.3 148.7 30.9 117.9 95.2 6.7 28 147.7 30.5 117.2 96.5 148.6 30.7 117.9 95.4 6.6 Dec. 5 147.8 30.5 117.3 96.7 149.8 31.0 118.8 95.8 6.3 12 147.8 30.5 117.4 97.3 151.4 31.3 120.1 96.3 4.5 19 148.0 30.5 117.4 97.9 153.2 31.2 122.0 96.7 4.6 26 148.3 30.5 117.8 98.3 152.8 31.4 121.4 97.1 6.5 1963—Jan. 2 148.5 30.6 118.0 98.5 154.1 30.9 123.2 97.6 6.9 9 148.7 30.7 118.0 98.7 153.2 31.0 122.2 98.1 6.1 16 148.8 30.7 118.1 98.9 153.5 30.6 122.9 98.5 4.3 23 148.8 30.7 118.1 99.2 152.3 30.4 121.8 98.9 4.2 30 148.8 30.7 118.1 99.4 150.9 30.2 120.8 99.2 4.1 Feb. 6 149.0 30.8 118.2 99.6 151.1 30.5 120.7 99.5 4.9 13 149.1 30.9 118.3 100.1 150.4 30.6 119.8 99.9 4.9 20 149.2 30.9 118.3 100.4 148.4 30.5 117.9 100.2 6.2 27 149.3 31.0 118.3 100.8 147.1 30.4 116.7 100.5 6.7 Mar. 6 149.5 31.0 118.5 100.9 148.3 30.7 117.6 101.0 6.5 13 149.6 31.0 118.6 101.2 148.9 30.8 118.1 101.6 4.6 20 149.6 31.0 118.6 101.4 149.4 30.8 118.6 102.0 5.0 27 149.7 31.0 118.6 101.7 147.1 30.6 116.5 102.3 7.3 Apr. 3 149.8 31.1 118.7 102.1 147.8 30.8 117.1 102.7 7.0 10 149.9 31.1 118.7 102.2 149.3 31.2 118.1 103.0 4.6 17 150.1 31.1 118.9 102.6 151.9 31.0 120.8 103.0 3.2 24 150.1 31.1 119.0 102.9 151.3 30.8 120.5 103.1 3.6 MMaayy 11 150.3 31.2 119.1 103.1 150.6 30.6 120.0 103.4 4.7 88 150.4 31.3 119.2 103.3 149.7 31.2 118.6 103.7 6.7 15 150.5 31.3 119.2 103.6 149.3 31.1 118.2 104.1 6.3 22 150.7 31.4 119.2 103.8 146.8 31.1 115.7 104.5 8.2 29 150.7 31.4 119.4 103.9 147.1 30.9 116.3 104.7 7.6 June 5 150.8 31.4 119.4 104.2 148.2 31.3 116.9 104.9 6.8 12 150.9 31.4 119.5 104.6 149.6 31.5 118.1 105.1 4.7 19 151.0 31.5 119.5 104.8 150.1 31.4 118.7 105.2 5.9 26 151.2 31.5 119.7 104.9 147.9 31.2 116.6 105.3 10.5 July 3 151.4 31.6 119.8 105.1 148.9 31.6 117.3 105.8 10.9 10 151.4 31.6 119.8 105.4 149.3 32.1 117.2 105.9 9.5 17 151.8 31.6 120.3 105.8 150.7 31.8 118.9 106.1 7.7 24 151.8 31.6 120.2 106.1 150.5 31.7 118.8 106.4 6.7 31 151.8 31.6 120.2 106.4 150.7 31.5 119.2 106.7 6.0 Aug. 7 151.8 31.6 120.2 106.7 151.4 31.9 119.5 107.0 6.4 14 152.0 31.7 120.2 107.0 150.9 32.0 119.0 107.3 5.4 21 152.0 31.8 120.2 107.3 148.7 31.9 116.8 107.6 6.9 28 152.0 31.9 120.1 107.5 148.5 31.7 116.8 107.8 6.6 For notes see p. 909. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF THE MONEY STOCK 903 MONEY STOCK AND RELATED DATA, 1947-70—Continued In billons of dollars Seasonally adjusted Not seasonally adjusted Money stock Money stock WWWeeeeeekkk eeennndddiiinnnggg——— TTiimmee TTiimmee UU..SS.. ddeeppoossiittss ddeeppoossiittss GGoovvtt,, Total c C om ur p r o en n c e y n t co D d m e e m p p o o a n s n i e t d n t jjuu aa sstt dd ee -- dd 11 Total c C om ur p r o en n c e y n t co D d m e e m p p o o a n s n i e t d n t jjuu aa sstt dd ee -- dd ii dd dd ee ee pp mm ooss aa ii nn ttss dd ii 1963--Sept. 4 152.0 31.9 120.1 107.8 150.0 31.9 118.1 108.1 6.1 11 152.0 31.9 120.2 108.2 151.4 32.2 119.3 108.2 5.1 18 152.1 31.9 120.3 108.5 152.8 32.0 120.8 108.4 5.1 25 152.3 31.9 120.4 108.6 150.5 31.8 118.7 108.3 8.1 Oct. 2 152.5 31.9 120.6 108.8 150.7 31.7 119.0 108.7 8.8 9 152.7 32.0 120.7 109.1 152.0 32.3 119.7 109.1 7.7 16 152.8 32.0 120.8 109.3 153.4 32.2 121.2 109.3 5.4 23 152.9 32.1 120.8 109.7 153.3 32.2 121.1 109.6 4.1 30 153.1 32.2 120.9 110.3 153.9 31.9 122.0 110.1 3.1 Nov. 6 153.7 32.1 121.6 110.5 155.7 32.3 123.4 110.2 4.2 13 153.8 32.2 121.6 110.7 155.9 32.7 123.2 110.2 3.6 20 153.8 32.2 121.6 111.2 155.1 32.6 122.5 110.1 4.7 27 154.0 32.4 121.7 111.5 154.5 32.6 121.8 110.4 4.9 Dec. 4 154.0 32.5 121.6 111.8 156.2 33.0 123.2 110.5 4.5 11 153.8 32.4 121.4 112.1 157.0 33.3 123.8 110.8 3.8 18 153.7 32.5 121.2 112.2 158.9 33.1 125.8 111.0 4.2 25 153.7 32.4 121.3 112.3 158.2 33.3 124.9 111.0 6.6 1964-—Jan. 1 153.8 32.4 121.4 112.6 159.5 32.8 126.7 111.5 6.5 8 154.0 32.5 121.5 112.9 159.3 32.9 126.4 112.3 6.4 15 154.1 32.6 121.5 113.1 159.0 32.6 126.5 112.9 4.2 22 154.1 32.6 121.5 113.4 158.7 32.5 126.2 113.2 3.1 29 154.3 32.7 121.6 113.7 156.7 32.1 124.7 113.6 2.8 Feb. 5 154.4 32.7 121.7 114.2 156.7 32.2 124.4 113.9 3.5 12 154.4 32.7 121.7 114.5 156.0 32.5 123.5 114.4 3.6 19 154.6 32.8 121.8 114.6 153.8 32.3 121.4 114.6 5.2 26 154.6 32.8 121.8 114.8 152.1 32.2 119.9 114.8 5.9 Mar. 4 154.7 32.8 121.9 115.0 153.0 32.3 120.7 115.2 5.6 11 154.7 32.8 121.9 115.1 153.7 32.8 121.0 115.5 4.5 18 154.9 32.9 122.0 115.3 155.0 32.7 122.3 115.8 4.6 25 155.0 33.0 122.1 115.5 152.5 32.6 119.9 115.9 7.7 AApprr.. 11 155.1 33.0 122.1 115.7 153.1 32.5 120.6 116.2 7.8 88 155.0 33.0 122.0 115.7 154.3 33.0 121.4 116.4 5.9 15 155.2 33.1 122.1 116.0 156.2 32.9 123.3 116.6 5.0 22 155.3 33.2 122.1 116.4 157.3 32.8 124.5 116.6 2.3 29 155.3 33.2 122.1 116.8 155.4 32.5 122.9 117.1 2.9 May 6 155.7 33.2 122.5 117.0 155.1 33.0 122.1 117.3 5.5 13 156.0 33.3 122.7 117.2 154.1 33.1 120.9 117.8 6.0 20 156.1 33.3 122.8 117.6 152.1 33.0 119.1 118.1 7.4 27 156.1 33.3 122.8 117.9 151.2 32.9 118.3 118.4 7.5 June 3 156.2 33.4 122.8 118.3 153.1 33.2 119.9 118.8 7.1 10 156.3 33.4 122.9 118.5 153.7 33.6 120.2 119.1 6.1 17 156.3 33.4 122.9 118.8 155.9 33.4 122.5 119.2 6.2 24 156.4 33.5 123.0 119.0 154.1 33.3 120.8 119.1 8.8 JJuullyy 11 156.7 33.5 123.2 119.2 153.6 33.3 120.4 119.3 10.0 88 157.0 33.5 123.5 119.3 155.2 34.0 121.1 119.6 9.5 15 157.4 33.6 123.8 119.6 156.3 33.9 122.4 119.9 8.1 22 157.7 33.6 124.1 119.8 156.3 33.8 122.6 120.2 5.4 29 157.8 33.6 124.2 119.9 156.1 33.5 122.6 120.4 4.6 Aug. 5 158.0 33.7 124.3 120.1 157.2 33.7 123.5 120.6 5.8 12 158.3 33.7 124.6 120.3 157.0 34.0 122.9 120.9 5.4 19 158.4 33.7 124.7 120.6 155.4 33.9 121.6 121.1 6.8 26 158.6 33.7 124.8 121.0 154.6 33.7 120.9 121.4 7.2 Sept. 2 158.7 33.8 124.9 121.2 156.2 33.6 122.6 121.7 5.9 9 158.7 33.7 125.0 121.7 157.4 34.3 123.1 121.9 5.6 16 158.9 33.8 125.1 122.1 159.8 34.0 125.9 122.1 4.0 23 159.1 33.9 125.2 122.2 158.4 33.8 124.6 121.8 7.5 30 159.5 34.0 125.4 122.4 157.0 33.6 123.5 122.2 9.1 Oct. 7 159.5 33.9 125.6 123.0 158.9 34.1 124.8 122.8 8.2 14 159.6 34.0 125.6 123.3 160.1 34.2 125.9 123.3 5.5 21 159.7 34.0 125.7 123.7 160.3 34.1 126.2 123.4 4.5 28 159.9 34.1 125.8 124.0 160.5 33.9 126.6 123.8 4.1 For notes see p. 909. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
904 FEDERAL RESERVE BULLETIN • DECEMBER 1970 MONEY STOCK AND RELATED DATA, 1947-70—Continued In billions of dollars Seasonally adjusted Not seasonally adjusted Money stock Money stock WWWeeeeeekkk eeennndddiiinnnggg——— TTiimmee TTiimmee UU..SS.. ddeeppoossiittss ddeeppoossiittss GGoovvtt,, Total c C om ur p r o en n c e y n t co D d m e e m p p o o a n s n i e t d n t jjuuss aa tt dd ee -- dd ii Total c C om ur p r o en n c e y n t co D d m e e m p p o o a s n n i e t d n t jjuu aa sstt dd ee -- dd ii dd dd ee ee pp mm ooss aa ii nn ttss dd ii 1964—Nov. 4 160.0 34.1 125.9 124.5 161.9 34.1 127.9 124.0 5.1 11 160.2 34.1 126.2 124.8 162.3 34.6 127.6 124.1 4.5 18 160.3 34.1 126.2 125.1 162.3 34.6 127.7 124.1 5.3 25 160.4 34.1 126.3 125.4 160.8 34.6 126.2 124.2 6.9 Dec. 2 160.5 34.2 126.3 125.6 162.3 34.7 127.6 124.4 7.1 9 160.5 34.2 126.3 126.1 163.4 35.0 128.4 124.7 5.5 16 160.5 34.3 126.3 126.4 166.2 34.9 131.3 125.1 3.6 23 160.5 34.3 126.2 126.8 166.3 35.0 131.3 125.3 5.7 30 160.5 34.3 126.2 127.3 165.5 35.1 130.4 125.7 6.6 1965 Jan. 6 160.6 34.3 126.3 127.5 168.1 34.8 133.3 126.7 6.4 13 160.7 34.4 126.3 128.2 166.4 34.6 131.8 127.7 4.0 20 160.8 34.4 126.4 129.0 165.8 34.2 131.6 128.5 2.9 27 160.9 34.5 126.4 129.5 163.7 34.0 129.7 129.3 3.8 Feb. 3 161.0 34.5 126.5 129.9 163.7 34.0 129.7 129.7 4.6 10 161.2 34.6 126.6 130.5 162.6 34.4 128.2 130.4 4.7 17 161.3 34.6 126.7 130.9 160.9 34.2 126.7 130.9 5.2 24 161.4 34.6 126.8 131.2 157.9 34.1 123.8 131.3 7.1 Mar. 3 161.6 34.6 126.9 131.4 160.3 34.1 126.2 131.6 6.6 10 161.5 34.6 126.9 131.9 160.4 34.6 125.9 132.3 5.2 17 161.7 34.6 127.1 132.1 162.2 34.4 127.8 132.7 4.6 24 161.6 34.7 126.9 132.4 159.1 34.4 124.8 132.8 8.2 31 161.8 34.8 127.1 133.2 159.1 34.1 124.9 133.3 8.4 Apr. 7 161.9 34.8 127.1 132.9 161.4 34.7 126.7 133.6 7.1 14 162.2 34.8 127.4 133.2 163.4 34.7 128.7 133.9 4.6 21 162.2 34.8 127.5 133.7 165.0 34.6 130.4 133.9 4.4 28 162.1 34.8 127.3 134.0 162.4 34.1 128.2 134.3 5.7 May 5 162.1 34.8 127.4 133.7 161.6 34.4 127.2 134.7 8.4 12 162.2 34.8 127.4 134.6 160.1 34.8 125.3 135.1 8.3 19 162.3 34.9 127.4 134.9 157.8 34.6 123.2 135.4 10.1 26 162.4 34.9 127.5 135.2 156.9 34.5 122.5 135.7 10.6 June 2 162.7 35.0 127.7 135.5 158.8 34.8 124.1 136.1 9.5 9 162.9 35.0 127.9 135.9 160.1 35.1 125.0 136.4 7.9 16 162.9 35.0 127.9 136.2 162.5 35.0 127.5 136.7 7.0 23 163.1 35.1 128.0 136.7 161.4 34.9 126.5 136.6 10.0 30 163.2 35.1 128.1 137.0 159.6 34.7 124.9 137.0 11.3 July 7 163.5 35.1 128.3 137.2 161.6 35.6 125.9 137.5 11.8 14 163.7 35.2 128.5 137.8 162.5 35.5 127.0 137.9 9.1 21 163.7 35.3 128.5 137.9 162.2 35.4 126.8 138.4 8.2 28 163.9 35.3 128.6 138.3 161.7 35.2 126.5 138.9 7.5 Aug. 4 164.0 35.3 128.7 138.8 163.2 35.3 127.9 139.3 7.3 11 164.2 35.4 128.8 139.1 162.5 35.7 126.7 139.8 6.6 18 164.3 35.4 128.9 139.5 161.4 35.6 125.8 140.2 7.5 25 164.4 35.4 129.0 140.0 159.9 35.4 124.5 140.5 8.0 Sept. 1 164.5 35.5 129.0 140.5 161.5 35.2 126.3 141.0 6.9 8 164.7 35.5 129.1 141.1 162.7 36.0 126.8 141.4 5.5 15 165.0 35.6 129.4 141.2 165.3 35.7 129.7 141.5 2.9 22 165.3 35.7 129.5 141.4 165.9 35.6 130.2 141.0 5.7 29 165.7 35.8 129.9 141.8 163.4 35.5 127.9 141.7 7.6 Oct. 6 166.1 35.9 130.2 142.7 165.5 35.9 129.5 142.5 6.2 13 166.3 35.9 130.3 143.3 166.5 36.2 130.2 143.3 4.1 20 166.4 35.9 130.4 143.8 167.1 36.1 131.0 143.6 5.7 27 166.5 36.0 130.6 144.1 167.1 35.9 131.3 144.0 4.8 Nov. 3 166.7 36.0 130.7 144.6 168.8 36.0 132.8 144.2 4.3 10 166.8 36.0 130.8 145.0 168.9 36.5 132.4 144.3 3.1 17 166.8 36.1 130.7 145.2 168.9 36.5 132.4 144.2 3.3 24 167.0 36.1 130.9 145.7 167.7 36.6 131.1 144.4 4.2 Dec. 1 167.2 36.2 131.0 146.0 168.4 36.6 131.8 144.6 5.7 8 167.6 36.2 131.3 146.5 170.5 37.1 133.4 145.0 4.8 15 167.8 36.3 131.5 146.4 172.9 37.0 135.9 145.2 2.6 22 168.1 36.4 131.7 146.9 174.8 37.2 137.6 145.1 4.5 29 168.5 36.4 132.1 147.2 173.9 37.2 136.7 145.6 6.0 For notes see p. 909. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF THE MONEY STOCK 905 MONEY STOCK AND RELATED DATA, 1947-70—Continued In billions of dollars Seasonally adjusted Not seasonally adjusted Money stock Money stock WWWeeeeeekkk eeennndddiiinnnggg——— TTiimmee TTiimmee UU..SS.. ddeeppoossiittss ddeeppoossiittss GGoovvtt,, Total c C om ur p r o e n nc en y t D d e e m po a s n it d jjuuss aa tt dd ee -- dd 11 Total c C om ur p r o e n nc e y n t D d e e m po a s n it d jjuuss aa tt dd ee -- dd ii dd dd ee ee pp mm oo aa ssii nn tt dd ss11 component component 1966—Jan. 5 168.5 36.5 132.1 147.4 176.7 36.9 139.9 146.5 5.3 12 168.7 36.5 132.2 147.4 175.4 36.9 138.5 146.8 3.8 19 168.9 36.5 132.3 147.8 174.4 36.5 137.9 147.4 2.5 26 169.1 36.6 132.5 148.1 172.1 36.2 136.0 147.9 3.8 Feb. 2 169.3 36.7 132.7 148.3 172.1 36.1 136.0 148.2 4.3 9 169.6 36.7 132.9 148.5 171.2 36.6 134.5 148.3 4.3 16 169.8 36.7 133.0 148.8 169.6 36.4 133.2 148.7 4.5 23 169.9 36.7 133.1 148.9 166.0 36.3 129.7 149.0 6.3 Mar. 2 169.9 36.8 133.1 149.1 167.5 36.2 131.3 149.3 5.6 9 170.1 36.9 133.2 149.4 168.5 36.8 131.7 149.9 4.1 16 170.3 36.9 133.4 149.5 170.5 36.6 133.9 150.2 2.6 23 170.5 37.0 133.6 150.0 169.0 36.6 132.4 150.4 5.5 30 170.9 37.0 133.9 150.3 167.7 36.4 131.3 151.1 5.7 Apr. 6 171.1 37.0 134.1 150.8 170.0 36.8 133.2 151.7 4.7 13 171.5 37.1 134.4 151.2 172.6 37.2 135.4 152.2 2.7 20 171.7 37.1 134.6 151.9 175.0 36.7 138.2 152.3 1.4 27 172.0 37.1 134.9 152.4 172.9 36.5 136.4 152.9 2.8 May 4 172.1 37.2 134.8 153.0 171.4 36.7 134.6 153.3 5.9 11 171.9 37.2 134.7 153.2 169.9 37.2 132.7 153.7 6.4 18 171.8 37.2 134.6 153.6 167.9 37.0 130.9 154.1 7.7 25 171.7 37.3 134.4 153.9 165.8 36.9 128.9 154.5 7.7 June 1 171.6 37.3 134.2 154.2 166.7 37.0 129.7 154.9 7.2 8 171.6 37.4 134.2 154.4 169.1 37.5 131.6 155.1 5.7 15 171.6 37.4 134.2 153.5 171.1 37.4 133.7 154.1 3.1 22 172.3 37.5 134.9 153.9 172.2 37.4 134.9 153.9 5.2 29 171.5 37.5 134.0 154.6 168.0 37.1 130.9 154.5 9.8 July 6 171.2 37.5 133.7 155.3 170.0 37.9 132.1 155.3 10.7 13 171.0 37.6 133.4 156.0 169.3 38.0 131.3 155.9 8.9 20 170.9 37.6 133.3 156.2 169.7 37.8 132.0 156.4 6.7 27 170.9 37.6 133.2 156.6 168.1 37.6 130.6 156.7 7.0 Aug. 3 170.9 37.7 133.2 156.3 170.0 37.6 132.4 156.8 5.8 10 170.9 37.7 133.2 156.4 168.6 38.1 130.5 157.0 5.9 17 171.1 37.8 133.4 156.7 168.8 38.0 130.8 157.5 4.7 24 171.4 37.8 133.6 157.1 167.0 37.8 129.2 157.7 4.3 31 171.6 37.8 133.7 157.1 168.1 37.5 130.5 157.8 5.1 Sept. 7 171.8 37.9 134.0 157.2 169.9 38.2 131.7 157.6 4.6 14 172.0 37.9 134.1 157.3 171.4 38.1 133.4 157.6 3.1 21 172.0 37.9 134.1 157.4 173.5 37.9 135.6 157.1 3.0 28 172.0 37.9 134.1 157.4 169.3 37.6 131.7 157.3 6.2 Oct. 5 171.7 37.9 133.8 157.4 171.4 37.9 133.5 157.4 6.6 12 171.6 38.0 133.6 157.4 171.6 38.3 133.3 157.4 4.4 19 171.5 38.0 133.5 157.1 171.9 38.1 133.8 157.3 3.1 26 171.3 38.0 133.3 156.8 171.1 37.9 133.3 156.8 5.5 Nov. 2 171.0 38.0 133.0 156.7 172.7 37.8 134.9 156.7 4.6 9 171.0 38.1 132.9 156.7 172.6 38.5 134.1 156.5 4.5 16 171.1 38.2 133.0 156.8 173.1 38.6 134.5 156.2 3.1 23 171.1 38.2 132.9 156.8 172.1 38.6 133.4 155.9 3.2 30 171.2 38.2 133.0 157.0 172.3 38.6 133.7 155.9 3.5 Dec. 7 171.4 38.2 133.2 157.5 174.3 39.0 135.4 156.2 3.4 14 171.7 38.3 133.4 157.8 175.7 39.1 136.6 156.5 2.2 21 171.9 38.3 133.6 158.2 179.9 39.1 140.8 156.6 2.3 28 172.0 38.4 133.5 159.1 176.8 39.4 137.4 157.6 5.2 1967—Jan. 4 171.2 38.5 132.7 159.8 179.8 38.9 140.9 158.8 5.0 11 171.2 38.5 132.7 160.4 178.2 38.9 139.2 159.6 4.4 18 171.2 38.5 132.7 161.1 177.5 38.5 139.0 160.5 2.7 25 171.0 38.5 132.5 162.0 174.3 38.1 136.2 161.7 4.5 Feb. 1 171.8 38.6 133.2 162.9 173.6 37.9 135.7 162.7 4.6 8 172.2 38.6 133.6 163.7 173.4 38.5 134.9 163.3 5.3 15 172.8 38.7 134.1 164.3 172.2 38.5 133.7 164.0 4.7 22 173.7 38.8 134.9 164.8 170.6 38.3 132.3 164.5 5.0 For notes see p. 909. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
906 FEDERAL RESERVE BULLETIN • DECEMBER 1970 MONEY STOCK AND RELATED DATA, 1947-70—Continued In billions of dollars Seasonally adjusted Not seasonally adjusted Money stock Money stock WWWeeeeeekkk eeennndddiiinnnggg——— Time TTiimmee UU..SS.. deposits ddeeppoossiittss GGoovvtt,, Total c C om ur p r o en n c e y n t co D d m e e m p po o a n s n i e t d n t ju a st d e - d! Total c C om ur p r o en n c e y n t co D d m e e m p p o o a n s n i e t d n t jjuu aa sstt dd ee -- dd 11 dd dd ee ee pp mm oo aa ssii nn ttss dd ii 1967—Mar. 1 174.0 38.8 135.2 165.1 170.5 38.1 132.4 164.9 5.3 8 174.2 38.8 135.4 165.4 171.8 38.7 133.1 165.8 4.2 15 174.6 38.9 135.7 166.2 173.5 38.6 134.9 166.7 3.0 22 174.9 38.9 136.0 166.6 174.8 38.6 136.2 167.1 5.3 29 174.8 39.0 135.8 167.1 172.1 38.4 133.6 167.7 6.8 Apr. 5 174.6 39.0 135.7 167.4 174.3 38.5 135.8 168.3 4.9 12 174.2 39.0 135.2 167.9 175.2 38.9 136.4 168.8 3.9 19 173.9 39.0 134.9 168.2 176.6 38.7 137.9 168.9 3.6 26 173.9 39.0 134.9 168.6 174.0 38.4 135.6 169.1 6.0 May 3 174.4 39.0 135.4 169.3 173.9 38.5 135.4 169.6 6.7 10 174.8 39.1 135.7 169.8 172.6 39.1 133.6 170.2 7.9 17 175.9 39.1 136.8 170.3 173.1 38.9 134.2 170.8 6.7 24 176.3 39.1 137.2 170.9 170.6 38.8 131.9 171.3 6.6 31 176.8 39.2 137.7 171.4 172.2 38.7 133.5 172.0 5.0 June 7 177.2 39.3 137.9 172.0 174.6 39.2 135.3 172.5 3.4 14 177.3 39.3 138.0 172.6 176.3 39.4 136.9 173.1 2.3 21 177.4 39.3 138.1 173.1 177.7 39.3 138.5 173.0 4.8 28 177.8 39.4 138.4 173.6 174.2 39.0 135.2 173.4 5.2 July 5 178.5 39.4 139.1 174.1 177.1 39.5 137.6 174.3 5.1 12 178.7 39.4 139.3 174.9 177.3 39.8 137.5 174.5 4.7 19 179.0 39.4 139.6 175.0 176.6 39.5 138.1 175.3 6.1 26 179.1 39.4 139.7 175.7 176.1 39.3 136.8 175.8 6.6 Aug. 2 179.3 39.4 139.9 175.9 178.2 39.2 139.0 176.5 5.4 9 179.6 39.5 140.1 176.6 177.6 39.9 137.7 177.3 5.5 16 179.9 39.5 140.4 177.1 178.0 39.7 138.3 177.8 3.8 23 180.2 39.6 140.6 177.4 176.0 39.6 136.4 178.1 4.5 30 180.3 39.6 140.7 177.9 176.7 39.3 137.3 178.6 3.2 Sept. 6 180.6 39.7 141.0 178.7 178.8 39.9 138.8 179.0 4.3 13 180.7 39.7 141.0 179.1 180.3 39.9 140.4 179.2 3.3 20 181.0 39.8 141.3 179.4 180.9 39.7 141.1 178.9 4.7 27 181.2 39.8 141.4 179.6 178.6 39.5 139.2 179.2 6.9 Oct. 4 181.4 39.8 141.5 179.8 181.0 39.6 141.4 179.8 6.1 11 181.6 39.9 141.7 180.1 182.0 40.2 141.7 180.2 5.3 18 181.7 39.9 141.8 180.4 182.5 40.1 142.4 180.6 6.7 25 181.8 40.0 141.8 180.7 181.2 39.9 141.3 180.7 7.0 Nov. 1 181.9 40.0 142.0 181.1 183.0 39.7 143.3 181.2 6.3 8 182.0 40.0 142.0 181.4 184.1 40.4 143.7 181.2 5.7 15 182.2 40.0 142.2 181.8 184.4 40.4 143.9 181.4 4.2 22 182.4 40.1 142.2 182.1 183.4 40.6 142.8 181.2 5.9 29 182.5 40.2 142.3 182.7 183.4 40.6 142.8 181.7 5.2 Dec. 6 182.7 40.2 142.5 183.1 186.4 40.9 145.5 181.9 4.8 13 182.9 40.3 142.6 183.2 186.9 41.2 145.7 182.2 3.2 20 183.0 40.3 142.7 183.7 189.3 41.2 148.1 182.0 4.7 27 183.2 40.5 142.7 183.8 189.1 41.7 147.4 182.1 7.1 1968—Jan. 3 183.3 40.5 142.7 183.8 193.2 40.9 152.3 182.7 5.5 10 183.4 40.5 142.9 183.9 191.3 41.0 150.3 183.1 4.7 17 183.7 40.6 143.1 184.1 191.1 40.6 150.5 183.0 3.1 24 183.6 40.6 143.0 184.4 187.2 40.3 146.9 184.1 6.0 31 183.9 40.6 143.3 185.0 185.6 39.9 145.7 184.9 5.9 Feb. 7 184.3 40.7 143.7 185.9 186.2 40.4 145.8 185.1 7.2 14 184.6 40.7 143.9 186.1 183.9 40.5 143.4 185.7 6.2 21 184.9 40.7 144.2 186.4 182.5 40.3 142.2 186.1 5.5 28 185.2 40.8 144.4 186.8 180.6 40.1 140.6 186.7 9.8 Mar. 6 185.4 40.9 144.5 186.9 183.6 40.5 143.1 187.1 8.5 13 185.7 41.0 144.7 187.1 184.2 40.8 143.4 187.9 6.0 20 185.8 41.1 144.7 187.2 184.6 40.7 143.9 187.9 6.4 27 186.0 41.1 144.9 187.4 183.4 40.5 142.8 188.2 7.0 Apr. 3 186.3 41.2 145.1 187.5 185.2 40.7 144.5 188.5 5.2 10 186.3 41.2 145.1 187.4 186.7 41.4 145.4 188.4 3.7 17 186.5 41.3 145.2 187.4 190.8 41.2 149.5 188.1 2.8 24 186.7 41.3 145.3 187.6 187.7 40.8 146.9 187.7 5.0 For notes see p. 909. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF THE MONEY STOCK 907 MONEY STOCK AND RELATED DATA, 1947-70—Continued In billions of dollars Seasonally adjusted Not seasonally adjusted Money stock Money stock WWWeeeeeekkk eeennndddiiinnnggg——— TTiimmee TTiimmee UU..SS.. ddeeppoossiittss ddeeppoossiittss GGoovvtt,, Total c C om ur p r o e n nc e y n t co D d m e e m p p o o a n s n i e t d n t jjuu aa sstt dd ee -- dd 11 Total c C om ur p r o en n c e y n t co D d m e e m p p o o a n s n i e t d n t jjuu aa sstt dd ee -- dd 11 dd dd ee ee pp mm ooss aa ii nn ttss dd ii 11996688——MMaayy 11 186.9 41.4 145.5 187.6 186.0 40.6 145.4 188.3 5.6 88 187.5 41.5 146.0 187.9 185.9 41.4 144.5 188.4 7.4 15 188.2 41.5 146.7 188.4 185.3 41.4 143.9 188.8 5.8 22 189.1 41.6 147.5 188.2 183.9 41.3 142.6 188.8 6.9 29 189.9 41.7 148.2 188.1 184.2 41.1 143.1 188.9 6.3 June 5 190.3 41.8 148.5 188.4 187.7 41.7 146.0 189.0 4.9 12 189.4 41.9 147.5 188.5 188.0 42.0 146.0 189.1 4.2 19 189.7 41.9 147.8 188.7 189.2 41.8 147.3 188.8 4.9 26 190.5 41.9 148.5 189.0 187.3 41.6 145.7 188.6 8.5 July 3 191.8 42.0 149.8 189.4 191.0 41.9 149.1 189.6 4.8 10 191.1 42.1 149.1 190.1 189.9 42.8 147.2 190.0 4.4 17 191.4 42.1 149.4 190.8 191.5 42.3 149.2 191.0 5.5 24 191.4 42.1 149.3 191.6 188.5 42.1 146.4 191.9 7.7 31 191.8 42.1 149.7 192.4 189.8 41.9 147.9 192.9 6.4 Aug. 7 192.5 42.2 150.3 192.6 191.1 42.5 148.6 193.6 5.9 14 192.5 42.3 150.1 193.4 190.1 42.7 147.5 194.5 4.9 21 192.8 42.4 150.4 194.1 189.0 42.6 146.5 195.1 6.1 28 193.0 42.5 150.5 194.7 188.7 42.3 146.4 195.7 6.1 Sept. 4 193.3 42.5 150.8 195.4 191.0 42.6 148.4 196.1 4.4 11 193.2 42.6 150.7 195.9 192.7 43.0 149.8 196.3 3.5 18 193.2 42.6 150.6 196.5 192.9 42.7 150.2 196.4 5.2 25 193.3 42.6 150.7 197.3 190.2 42.3 147.9 197.0 8.8 Oct. 2 193.8 42.7 151.1 198.0 193.4 42.4 151.0 197.9 8.4 9 193.7 42.7 151.0 198.7 194.0 43.1 150.8 198.9 7.4 16 194.2 42.8 151.4 199.4 195.7 42.9 152.7 199.5 5.1 23 194.3 42.8 151.5 200.2 193.2 42.8 150.4 200.2 5.5 30 194.9 42.9 152.0 200.6 194.3 42.5 151.9 200.7 7.0 Nov. 6 195.5 43.0 152.5 200.8 198.0 43.3 154.8 200.9 6.0 13 195.4 43.1 152.3 201.3 196.6 43.6 152.9 201.0 5.1 20 196.0 43.2 152.8 201.9 197.4 43.5 153.9 201.1 3.5 27 196.5 43.3 153.2 202.8 197.4 43.6 153.9 202.0 4.2 Dec. 4 197.2 43.4 153.8 203.8 200.4 44.1 156.3 202.6 3.5 11 197.4 43.4 154.0 204.5 201.3 44.4 157.0 203.2 3.4 18 197.4 43.4 154.0 205.0 203.7 44.3 159.4 203.4 4.8 25 197.6 43.4 154.1 205.1 203.6 44.7 158.9 203.3 7.1 1969—Jan. 1 197.6 43.5 154.1 205.1 207.6 43.9 163.7 203.5 5.4 8 198.1 43.5 154.6 204.4 208.3 44.1 164.2 203.3 4.5 15 198.4 43.5 154.8 203.6 206.1 43.6 162.6 203.2 2.8 22 198.1 43.6 154.5 203.3 203.3 43.4 159.9 202.7 4.6 29 197.5 43.7 153.8 202.9 199.2 42.9 156.3 202.6 7.0 Feb. 5 198.3 43.8 154.5 203.2 200.2 43.3 156.9 202.4 7.6 12 198.9 43.8 155.1 203.2 198.2 43.6 154.6 202.6 7.3 19 199.8 43.8 155.9 202.9 197.8 43.4 154.4 202.6 6.8 26 200.0 43.9 156.1 203.0 195.5 43.1 152.4 202.8 6.7 Mar. 5 200.0 43.9 156.1 202.6 198.2 43.5 154.7 202.8 5.3 12 199.8 44.0 155.9 202.5 198.3 43.8 154.5 203.1 4.2 19 200.0 44.0 156.0 202.4 199.0 43.8 155.2 203.1 4.6 26 200.4 44.2 156.2 202.4 197.1 43.5 153.5 203.1 5.9 Apr. 2 200.8 44.2 156.6 202.3 199.7 43.7 156.0 203.6 3.7 9 200.9 44.2 156.6 202.4 201.6 44.4 157.3 203.5 3.8 16 201.1 44.2 156.8 202.2 204.8 43.9 160.9 203.1 3.4 23 200.8 44.2 156.6 202.1 202.0 43.7 158.3 202.6 6.7 30 200.6 44.3 156.3 201.7 199.4 43.4 156.0 202.5 8.0 May 7 200.4 44.3 156.1 201.8 198.2 44.1 154.1 202.4 10.2 14 201.4 44.4 157.1 201.7 198.1 44.2 153.9 202.5 10.2 21 202.5 44.4 158.1 201.7 197.3 44.1 153.2 202.4 9.3 28 202.7 44.6 158.1 201.6 196.9 43.9 152.9 202.4 8.3 June 4 201.5 44.7 156.8 201.8 198.7 44.7 154.0 202.3 5.7 11 202.2 44.7 157.5 201.5 200.8 44.9 155.8 202.0 4.3 18 202.4 44.8 157.6 201.2 201.7 44.7 156.9 201.3 5.7 25 202.4 44.8 157.5 200.9 198.9 44.5 154.4 200.7 8.4 For notes see p. 909. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
908 FEDERAL RESERVE BULLETIN • DECEMBER 1970 MONEY STOCK AND RELATED DATA, 1947-70—Continued In billions of dollars Seasonally adjusted Not seasonally adjusted Money stock Money stock k ending Time Time U.S. deposits deposits Govt. Currency Demand ad- Currency Demand ad- demand Total component deposit justed i Total component deposit justed i deposits i component component 1969—July 202.8 44.9 157.9 200.2 202.0 44.8 157.2 200.2 5.8 202.9 44.9 158.0 199.4 202.4 45.8 156.6 199.2 5.7 203.2 45.0 158.2 198.3 202.6 45.2 157.4 198.3 3.2 203.0 45.0 158.0 197.5 200.1 45.1 155.0 197.6 7.0 202.7 45.1 157.7 196.9 200.3 44.7 155.6 197.1 6.4 Aug. 202.9 45.1 157.7 196.1 201.4 45.4 156.0 196.6 5.3 202.7 45.1 157.6 195.7 200.4 45.5 154.9 196.3 4.0 202.8 45.1 157.7 195.3 199.4 45.3 154.1 195.9 3.4 202.7 45.2 157.5 195.0 197.8 45.1 152.8 195.6 4.8 Sept. 203.0 45.4 157.6 194.9 200.2 45.4 154.7 195.3 3.5 202.7 45.1 157.6 194.8 201.9 45.6 156.4 195.1 3.4 203.0 45.3 157.7 194.6 203.5 45.3 158.2 194.8 4.5 202.5 45.3 157.2 194.8 199.3 45.1 154.2 194.6 7.5 Oct. 1. 202.6 45.3 157.3 194.8 201.1 45.0 156.1 194.9 6.8 8. 202.8 45.4 157.4 194.6 203.2 45.8 157.4 194.7 4.9 15. 203.2 45.7 157.5 194.3 204.1 45.8 158.3 194.4 2.7 22. 203.6 45.7 157.9 194.0 203.1 45.7 157.4 194.2 4.2 29. 202.8 45.7 157.1 194.0 202.2 45.3 156.9 194.1 4.5 Nov. 5. 203.2 45.7 157.5 194.0 205.6 45.9 159.7 194.0 5.5 12. 203.8 45.8 158.0 193.8 205.4 46.4 158.9 193.5 4.9 2 19 6 . . 203.8 45.9 157.9 194.0 205.8 46.3 159.5 193.2 4.3 203.4 46.0 157.5 194.3 203.8 46.3 157.5 193.2 5.5 Dec. 3. 203.9 46.0 157.9 194.3 207.0 46.7 160.3 193.1 6.0 10. 203.4 46.0 157.4 194.5 207.2 47.0 160.2 193.1 4.4 17. 203.1 46.1 157.0 194.5 210.1 46.8 163.3 193.2 5.0 24. 202.7 46.1 156.6 194.7 209.2 47:3 161.9 193.2 7.4 31. 204.6 45.9 158.6 194.9 213.2 46.8 166.4 193.4 5.3 1970—Jan. 7. 205.3 46.0 159.4 194.3 216.5 46.6 169.9 193.4 4.8 14. 205.8 46.0 159.8 193.7 214.0 46.2 167.7 192.9 3.3 21. 205.9 46.2 159.7 193.0 211.5 46.0 165.5 192.5 4.2 28. 204.3 46.3 157.9 192.7 206.2 45.5 160.6 192.2 6.1 Feb. 4. 203.9 46.3 157.6 192.7 206.1 45.8 160.3 192.1 6.6 11. 204.0 46.3 157.6 193.1 203.7 46.2 157.5 192.4 6.9 18. 204.5 46.4 158.1 193.5 202.7 46.0 156.7 193.0 6.8 25. 205.0 46.5 158.5 194.1 199.8 45.7 154.1 193.6 8.0 Mar. 4. 205.8 46.5 159.3 194.3 204.0 46.0 158.0 194.2 6.9 11. 205.9 46.6 159.3 194.4 204.3 46.5 157.8 194.9 6.5 18. 206.0 46.7 159.3 195.0 204.9 46.4 158.5 195.7 6.3 25. 206.6 46.8 159.8 195.8 203.1 46.2 156.9 196.5 7.7 Apr. 1. 208.3 46.9 161.4 197.0 207.2 46.3 160.9 197.8 7.0 8. 209.5 46.9 162.6 197.7 209.7 46.9 162.9 198.8 5.6 15. 209.6 47.1 162.5 198.2 211.2 46.8 164.4 199.0 3.6 22. 207.3 47.2 160.1 199.1 210.0 46.6 163.4 199.5 6.2 29. 206.7 47.4 159.4 199.5 206.3 46.4 159.8 200.1 5.5 May 6. 208.0 47.5 160.5 199.7 207.2 47.2 160.0 200.4 7.1 13. 208.8 47.6 161.3 199.8 205.7 47.4 158.4 200.7 5.3 20. 210.1 47.6 162.5 200.4 205.0 47.3 157.8 201.2 6.3 27. 210.1 47.7 162.5 200.6 203.5 47.0 156.4 201.5 7.4 June 3. 210.1 47.7 162.4 201.2 207.1 47.6 159.5 201.7 5.0 10. 209.5 47.8 161.8 201.3 207.5 48.0 159.5 202.0 4.2 17. 210.1 47.8 162.3 201.8 210.0 47.8 162.2 202.0 5.2 24. 208.5 47.8 160.6 202.3 205.3 47.6 157.8 202.1 9.3 July 1. 210.0 47.9 162.1 203.8 208.3 47.5 160.8 203.7 7.9 8. 211.3 48.1 163.2 205.8 210.3 48.9 161.4 205.7 6.9 15. 210.9 48.1 162.8 207.4 210.5 48.4 162.1 207.1 6.0 22. 210.0 48.1 161.9 208.8 207.7 48.2 159.5 208.7 6.2 29. 210.0 48.0 162.0 210.2 207.3 47.7 159.5 210.3 7.8 Aug. 5. 210.5 48.1 162.4 211.4 209.4 48.3 161.1 212.0 6.8 12. 211.7 48.1 163.5 212.3 209.0 48.6 160.4 213.1 5.8 19. 212.7 48.2 164.5 212.9 209.2 48.4 160.7 213.7 6.3 26. 212.3 48.1 164.2 214.3 207.2 48.0 159.2 214.9 9.0 For notes see p. 909. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF THE MONEY STOCK 909 MONEY STOCK AND RELATED DATA, 1947-70—Continued In billions of dollars Seasonally adjusted Not seasonally adjusted Money stock Money stock WWWeeeeeekkk eeennndddiiinnnggg TTiimmee TTiimmee UU..SS.. ddeeppoossiittss ddeeppoossiittss GGoovvtt,, Currency Demand aadd-- Currency Demand aadd-- ddeemmaanndd Total component deposit jjuusstteedd ii Total component deposit jjuusstteedd 11 ddeeppoossiittss11 component component 11997700——SSeepptt.. 2 212.4 48.2 164.3 215.4 209.9 47.9 162.0 216.1 7.2 9 212.7 48.2 164.5 217.0 211.1 48.9 162.2 217.2 5.9 16 212.8 48.2 164.6 217.8 213.9 48.3 165.6 217.8 4.7 23 212.4 48.2 164.2 219.4 210.1 48.0 162.1 218.9 8.3 30 212.9 48.1 164.8 220.3 210.2 47.7 162.5 220.1 8.4 Oct. 7 213.7 48.4 165.4 221.0 213.7 48.6 165.0 221.2 7.5 14 212.7 48.5 164.2 222.0 213.2 48.7 164.5 222.2 4.9 21 213.9 48.6 165.3 222.8 213.3 48.5 164.8 222.9 4.9 28 212.2 48.5 163.7 223.0 211.3 48.1 163.3 223.1 7.0 Nov. 4 212.7 48.6 164.1 223.4 215.3 48.5 166.8 223.4 5.9 11 213.2 48.6 164.5 223.8 214.9 49.3 165.5 224.0 4.9 18 213.9 48.7 165.2 224.9 216.3 49.2 167.1 224.5 4.9 25 213.8 48.6 165.2 226.1 214.1 49.1 165.0 225.3 6.6 Dec. 2P 214.5 48.6 165.9 227.1 217.4 49.3 168.1 225.8 5.8 p Preliminary. vaults of all commercial banks. Time deposits adjusted are time 1 At all commercial banks. deposits at all commercial banks other than those due to domestic NOTE.—Averages of daily figures. Money stock consists of (1) commercial banks and the U.S. Govt. Effective June 9, 1966, balances demand deposits at all commercial banks other than those due to accumulated for payment of personal loans were reclassified for redomestic commercial banks and the U.S. Govt., less cash items in serve purposes and are excluded from time deposits reported by memprocess of collection and F.R. float; (2) foreign demand balances at ber banks. F.R. Banks; and (3) currency outside the Treasury, F.R. Banks, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Measures of Security Credit Beginning in mid-1970, all lenders subject BULLETIN) already reflect substantial imto the margin regulations of the Board of provement in reporting coverage, and Governors of the Federal Reserve System further improvements are planned for the filed annual reports on a consistent basis on near future. In addition, a detailed monthly their extensions of regulated security credit. series will be introduced in 1971 on security This article summarizes and describes the credit extended by banks; it will be esticontent of these reports; technical terms used mated from reports by a group of banks are defined in the appendix, pp. 918-20. that are important sources of such credit. As of June 30, 1970, the amount of reg- This series will replace the existing colulated security credit outstanding totaled umn on bank credit to purchase or carry $5.3 billion. Of this, $4.1 billion, or 78 per securities in the BULLETIN table. All of cent, was accounted for by brokers and these improvements are described more dealers who carry margin accounts for their fully below. customers. Banks, including U.S. agencies of Measures of security credit have been foreign banks, were extending just under compiled ever since Congress, in 1934, $900 million in regulated security credit, or sought to prevent excessive use of credit 17 per cent of the total, with other lenders in the stock market by making such credit supplying the remaining 5 per cent ($245 subject to margin regulations. For many million). Table 1 summarizes these figures years, the figure most generally used was in greater detail and also includes major the sum of two statistical series representing components of unregulated security credit. credit extended by brokers and banks— Table 1 provides the first comprehensive the two major sources of such credit. The summary of credit from all sources to brokerage component was—until 1968— finance the purchase of margin stock. It will an end-of-month figure on customers' net appear annually in the BULLETIN and is debit balances (CNDB's) at New York compiled from reports on selected types of Stock Exchange (NYSE) member firms security credit outstanding on June 30 at that carried margin accounts. The bank all lenders who extend any loans subject to component has been a monthly figure on margin requirements. In addition to the loans by large banks for the purpose of development of these annual benchmark purchasing or carrying securities, excludstatistics, continuing improvements are ing all loans made to brokers and dealers being made in similar statistics collected and all loans secured by U.S. Government on a monthly basis from major security securities. Each of these series had gaps in lenders. The monthly data on margin ac- coverage and, more seriously, distortions count credit at brokers (p. A 36 in the in content since they included items not definable as regulated security credit. Recent and prospective changes in reporting by NOTE.—Ann P. Ulrey, Consultant, and John D. regulated lenders will largely correct both Stoffels, Economist, Division of Research and Statistics of the Board of Governors, prepared this article. types of problems. 910 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
COVERAGE OF REPORTING SERIES banks—currently about 330—that submit In measuring credit supplied by brokers, re- weekly condition reports on the composition liance in the past on annual reporting by of their assets and liabilities. Periodic con- NYSE member firms only has never intro- dition reports required of all commercial duced serious quantitative distortions. As banks contain a figure comparable to that Table 1 confirms, such firms account for in the weekly series except that the former an overwhelming share of total broker includes loans secured by Government margin account credit. In 1968, in order to obligations. Weekly reporting banks have make the series more complete, American consistently accounted for more than two- Stock Exchange (AMEX) firms not also thirds of the total for all banks. However, belonging to the NYSE were added to the the monthly series published in the BULlist of brokers filing annual balance sheet re- LETIN has never been expanded to reflect ports with the Federal Reserve Board. that relationship; therefore, there is an un- Beginning in 1970, universe coverage was derstatement in the BULLETIN report of the achieved with the National Association of aggregate level of bank loans to purchase or Securities Dealers (NASD) voluntarily carry securities. providing data—also as of each June 30 Annual bank data (Table 1) are drawn —on credit extended by those of its from the detailed report on loans to purmembers not required to file detailed reports. chase or carry securities that is now re- At banks, monthly data on security credit quired each June 30 from all banks subject has in the past been drawn from those large to Regulation U. The new reporting require- TABLE 1 SECURITY CREDIT REPORTED BY LENDERS SUBJECT TO MARGIN REGULATIONS, JUNE 30, 1970 In millions of dollars Regulation T Regulation U1 TTyyppee ooff ccrreeddiitt RReegguullaa-- Other2 Com- ttiioonn GG TToottaall NYSE brokers Total mercial Other 3 Total members and dealers banks banks Subject to margin requirements: Margin stock4 3,862 43 3,905 803 15 818 175 4,898 Convertible bonds 161 3 164 60 1 61 1 226 Stock purchased through subscription rights. 48 48 14 14 62 "Plan lenders" 5 '69 69 Total 4,071 "46 4,117 877 16 893 245 5,255 Not subject to margin requirements: Nonmargin stock6 11,,002233 1100 11,,003333 11,,003333 Other 7 369 ' 4 373 11,,333366 2 11,,333388 1,711 Debit balances in cash accounts 1,152 42 1,194 1,194 Total 1,521 46 1,567 2,358 12 2,370 3,937 At banks reporting less than $250,000 n.e.c... 191 3 194 194 Total 5,592 92 5,684 3,426 29 3,455 245 9,384 1 Excludes loans to brokers and dealers. 7 At brokers and dealers, includes balances in nonconvertible bond 2 Includes data for 17 firms that are members of the American Stock accounts, arbitrage accounts, loans to customers for purposes other Exchange but not of the New York Stock Exchange that report than purchasing or carrying securities, etc. At banks, includes loans directly to the Federal Reserve Board and for 158 other broker-dealers to purchase or carry margin stock if these are unsecured or are secured reporting voluntarily to the National Association of Securities Dealers. entirely by unrestricted collateral; also loans to purchase or carry 3 Includes U.S. agencies of foreign banks and mutual savings banks. bonds or any other financial instrument classified as a security by 4 Includes $77 million in bank loans for which part of the collateral the Securities and Exchange Commission. was not restricted. This amount may contain some credit to purchase 8 Security credit extended under Regulation U by banks reporting or carry convertible bonds. less than $250,000 of such loans, not included in detail above. 5 Credit extended to finance purchases through qualified stock option and employee stock purchase plans. NOTE.—Details may not add to totals due to rounding. See ap- 6 Loans to purchase or carry OTC stock not on the Federal Reserve pendix for explanation of terms. Board's OTC margin stock list and secured by restricted collateral in whole or in part. 911 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
912 FEDERAL RESERVE BULLETIN • DECEMBER 1970 ment applies not only to commercial banks lenders) were extending $69 million on more but also to mutual savings banks and U.S. liberal terms to finance stock acquisitions agencies of foreign banks. As in the case of by corporate employees and officers under NYSE members relative to other lenders stock option and employee stock purchase subject to Regulation T, credit extensions plans. by Regulation U lenders other than com- On the basis of mid-1970 universe magnimercial banks do not currently contribute tudes, gaps in reporting coverage do not significantly to the total. seem to have distorted significantly the Prior to adoption of Regulation G in generally accepted measures of security 1968, any lender other than a broker or a credit. However, inclusive annual reportbank was free to extend credit to purchase ing will permit any changes in the relative or carry margin stock without applying importance of the various lenders to be margin requirements. No statistically reli- identified promptly. Monthly statistics will able data on the aggregate level of security continue to be drawn from NYSE members loans by these "unregulated lenders" were and—beginning sometime in 1971—from available at that time. Under Regulation G, a limited number of commercial banks that however, lenders who make loans secured account for a high proportion of bank credit by restricted collateral are required to to purchase or carry securities. Quarterly register and to file quarterly reports on those reports will be published for Regulation G loans that are subject to margin require- lenders. ments. As shown in Table 1, Regulation G lenders accounted for $245 million at mid- CONTENT OF REPORTING SERIES 1970, a minor part of total regulated security When stock market credit was measured by credit. CNDB figures from brokers and loans to Registrants under Regulation G represent purchase or carry securities from weekly diverse fields of economic activity. Of 175 reporting banks, neither series provided a such lenders currently reporting outstanding clean figure for the amount of credit actualcredit subject to margin requirements, 20 ly subject to margin regulation. Table 1 insurance companies accounted for $153.2 gives some indication of the seriousness of million, the largest share of the total. Forty- this deficiency. It separates regulated secueight nonfinancial corporations reported rity loan totals for each type of lender regulated security credit of $31.7 million, from unregulated balances. In the old rewhile 83 credit unions had such credit ag- porting series, these two categories were gregating $9.4 million. Fifteen registrants indistinguishable.1 classified as collateral lenders were extend- At banks, the unregulated components ing only $4.6 million in regulated security include significant elements of credit to credit; before Regulation G was adopted, purchase stocks, but part of the $2.3 billion the extension of unregulated security credit subtotal at banks and the entire $1.6 billion was a primary activity for a substantial at brokers represent extensions of credit for number of such lenders. While most regulated security credit on 1 The weekly bank series, accounting for 70 per cent the books of Regulation G registrants on of the bank universe, did exclude one element in the June 30 was subject to regular margin re- unregulated component: loans secured by U.S. Government securities, amounting to $96 million in midquirements, "plan lenders" (27 corpora- 1970. The all-bank total for this component on the tions, 20 credit unions, and 3 other qualified reporting date was probably less than $150 million. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MEASURES OF SECURITY CREDIT 913 other purposes. The most important re- payment for new purchases is delayed bevisions in reporting security credit at both yond the settlement date—often because brokers and banks are those that will provide the broker himself has been unable to make an unambiguous total for regulated loans, full delivery of the security. Temporary cash both annually and monthly. Also available account debt has always been part of the will be significant bank detail on two cat- figure on CNDB's reported by brokers. For egories of unregulated security credit. many years, its presence was not thought to Regulated security credit at brokers- invalidate the CNDB figure as a measure of Loans to purchase or carry stocks are subject regulated security credit because such debits to margin requirements only if the stock to be appeared to be a small and relatively stable purchased or carried is a margin stock and part of the total. But rapid growth in transif the loan is secured by restricted collateral; action volume in the late 1960's was acthat is, to be subject to margin regulations, companied by widespread delays in stock the loan must meet both a purpose test and a deliveries; moreover, institutions that cuscollateral test. If a lender can legally make a tomarily pay for purchases only on delivery loan to purchase or carry stock that fails to began to account for an increasing share of meet either of these conditions, it will be un- all trading. Consequently, the cash account regulated. component of CNDB's increased so sharply Brokers and dealers cannot extend un- in amount and volatility that the series lost regulated credit to customers to finance stock its usefulness as the primary indicator of purchases.2 Under Regulation T, any loan regulated security credit extended by to finance a stock or convertible bond posi- brokers. tion must be made either in the customer's Beginning in 1968, the annual balance general margin account or in special margin sheets that member firms of the NYSE file accounts for bonds convertible into listed with the Federal Reserve Board—published or OTC margin stock or issues bought with each September in the BULLETIN—were subscription rights. The amount of credit revised to require a separate total for the extended in a margin account by a broker amount of credit extended in each category is limited to the collateral's loan value as of customer account now shown in Table assigned by Regulation T at the time the l.3 Since 1966, monthly estimates of margin credit is extended. Stocks other than account credit extended by NYSE firms— "margin stocks" have no loan value at excluding that in special convertible bond brokers, and nonconvertible debt securities and subscription accounts—have been may not be used as collateral in stock margin derived from data supplied by a small sample accounts. of firms that furnish detail on the status of But brokers and dealers in the course of their margin accounts. When it became aptheir business maintain other types of cus- parent that the CNDB series was subject to tomer accounts that may have debit bal- massive distortions, this estimate was subances on any given reporting date. The most important of these are cash accounts 3 The first report using the new format disclosed a that show temporary credit extensions if total of $2.7 billion in cash account debits and about $250 million in other accounts not covered by Regulation T of the Board of Governors. Only two-thirds 2 Brokers and dealers can extend unregulated credit of the total for that year could properly be defined to customers in special accounts for purchasing or as regulated security credit. This total is not identical carrying listed bonds or for purposes other than with the CNDB figure for the same date due to other purchasing or carrying securities. technical differences. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
914 FEDERAL RESERVE BULLETIN • DECEMBER 1970 stituted for CNDB's in monthly statistics TABLE 2 as the measure of regulated security credit STOCK MARGIN ACCOUNT CREDIT EXTENDED BY at brokers.4 MEMBER FIRMS OF THE NEW YORK STOCK EXCHANGE, JUNE 30, 1970 1 This change was an interim improvement. Apart from inherent deficiencies in the e C xt r e e n d d i e t2 d Per s c iz e e n t o a f g l e e n d d is e t r r ' i s b u cr ti e o d n it by outstanding sample, which had been created for an al- No. Type of broker- of Mil- Less $10- $50 together different purpose, the estimating dealer firms Per- lions than 50 milcent- of $10 mil- lion Total procedure was statistically defective because age dol- mil- lion or lars lion more sample data could not be expanded to represent NYSE totals without relying on the Multiregional firms with 50 CNDB series itself. At mid-1970 the NYSE or more branches 13 52 2,021 100 100 —in cooperation with the Federal Reserve Other firms based in Board—revised its monthly reporting re- New York. . . 155 35 1,346 27 57 16 100 quirement to call for a separate listing of Other firms based outside margin account credit by the three principal New York. . . 161 13 495 77 23 100 components included in the annual report All reporting brokerand dropped monthly reporting on credit dealers 332299 110000 33,,886622 1199 2233 5588 110000 extensions in accounts not subject to margin 1 Includes all member firms carrying margin accounts. 2 Excludes credit in special convertible bonds and subscription requirements. accounts. Monthly reports are no longer required by the NYSE of all firms that carry margin wide coverage. Most potential customers in accounts, but the 240 firms that do report the United States have the option of dealing account for 98 per cent of the total. Data locally with one—and frequently several— from these reports are expanded to a of these firms. monthly universe estimate on the basis of The other 316 firms were almost evenly the preceding year's annual balance sheet divided in numbers between those based in report. Compiled for the first time in June New York and those located elsewhere in 1970, the improved reporting disclosed that the United States. But New York-based firms stock margin account credit ($3.9 billion) were lending a much larger total amount— was $300 million below estimates derived more than $1.3 billion, or 35 per cent of through the old procedure. the NYSE total—and more than four-fifths The annual report submitted to the Fed- of this was concentrated at firms with ageral Reserve Board for the same date in- gregate credit extensions of more than $10 dicated that 329 NYSE member firms were million. On the other hand, most of the $495 extending some customer credit in stock million in margin account balances being margin accounts. Table 2 shows that slightly carried by 161 firms outside the New York more than half of this credit was accounted area was on the books of firms supplying for by 13 large firms, operating through 50 regulated security credit in lesser amounts. or more branch offices over a wide geo- In addition to the existing stock margin graphic area. These multiregional firms— account credit series, revised NYSE reporteach of which was extending more than $50 ing also provides monthly data on credit million in margin credit—offered nation- in the other two types of regulated margin account. In one, convertible bonds are allowed a somewhat higher loan value than 4 See "Margin Account Credit," BULLETIN, June 1968, p. 470. stock in recognition that the instrument Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MEASURES OF SECURITY CREDIT 915 possesses debt as well as equity character- extended by 770 banks. An additional 2,788 istics. In the other, holders of subscription banks had security credit outstanding in rights to a new offering can exercise those amounts below this level, but as of June 30, rights with a downpayment as low as 25 almost three-fourths of all banks were not per cent and then repay in four quarterly extending any security credit. Security credit instalments the amount by which their bor- is not a major use of loan funds for the bankrowing exceeds the collateral's current loan ing system as a whole, equaling only about value. While totals in these accounts are 0.7 per cent of total deposits. For the 770 small relative to borrowing in stock margin banks that were significant sources of secuaccounts, both are highly responsive to levels rity credit, this ratio was only 1.4 per cent. of new offerings and to changes in market For some banks, however, security lendconditions. Credit extended in these special ing was a highly important activity; more margin accounts at both brokers and banks than one-fourth of the $3.2 billion outstandwill be incorporated in revised BULLETIN ing total was on the books of lenders that tables on regulated security credit when more reported security loans equal to 5 per cent detailed monthly reporting by bank lenders of deposits or more. Moreover, security begins in 1971. The monthly totals now credit tends to be concentrated at banks that shown for margin account credit extended individually make such loans in large dollar by brokers are already based on the new volume; 13 banks reported security credit sample. totals of $50 million or more, and these Security credit at banks. The most restric- accounted for 33 per cent of the entire tive measure for security credit at banks amount. In contrast, the 440 respondents might be limited to those credit extensions with between $250,000 and $1 million on subject to margin requirements. However, their books reported only 7 per cent of the certain types of unregulated security credit total. that can be extended by banks, but not brok- As Table 3 shows, regulated loans to ers, often have a significant impact on the purchase or carry margin stocks amounted stock market. Depending on the character of to $892 million, or 27 per cent of reported the security and the terms of the loan, these security credit at banks. Most of these loans may include loans to purchase nonmargin were secured entirely by margin stock; only stock, which are unregulated even when $77 million of the regulated loan total was secured by restricted collateral and loans secured both by restricted collateral and in to purchase margin stock'that are unsecured part by unrestricted collateral entitled to or secured entirely by unrestricted collateral. good faith loan value. Recordkeeping procedures at banks pro- At mid-1970, 645 of the 770 respondents duce a classification of loans according to making detailed reports had regulated secupurpose, including security credit identified rity loans on their books. While there was in the newly introduced annual report as an important concentration of this credit "loans to purchase or carry securities other in the major financial centers of New York than loans to brokers and dealers." Table 3 and Chicago—36.5 per cent of the total— shows this category of loans broken into the the remainder was much more widely dissubtotals called for in that report. tributed throughout the rest of the country Detailed reporting is required only of than was security credit in the two nonbanks having $250,000 or more in security regulated categories. Twenty-one per cent credit and at mid-1970 encompassed credit of regulated security credit was scattered Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
916 FEDERAL RESERVE BULLETIN • DECEMBER 1970 TABLE 3 stocks. A higher proportion of loans to pur- TYPES OF SECURITY CREDIT EXTENDED BY chase nonmargin stock—about one-fifth of BANKS, JUNE 30, 1970 1 the total—was secured in part by collateral In millions of dollars unless otherwise indicated other than stock in order to protect the NNoo.. ooff lender's position, presumably reflecting the Credit extended bbaannkkss rree-- LLooaann ccaatteeggoorryy ppoorrttiinngg fact that many nonmargin stocks are not llooaannss iinn Amount Percentage ccaatteeggoorryy readily marketable and valuations may be difficult to establish. 1. Loans to purchase or carry In contrast to regulated security credit, a margin stock, secured by— (a) i S n t o ( c c k ) s b ( e e l x o c w e ) p t as described 741 23 little less than half of the reporting banks— (b) Convertible bonds 61 2 (c) Stocks acquired with sub- 355—had outstanding any unregulated sescription rights 14 (•) (d) Restricted collateral, in curity loans to purchase nonmargin stock; 77 2 Total 892 27 645 of these, respondents with small amounts 2. Loans to purchase or carry outstanding were supplying only an insignifnonmargin stock, secured by restricted collateral— icant fraction of the total. Indeed, lenders 837 26 195 6 Total 1,032 32 355 reporting less than $5 million in unregulated 3. All other loans to purchase nonmargin stock loans accounted for less or carry securities 1,337 41 486 than 30 per cent of all lending in this cate- Total 33,,226611 110000 777700 gory, whereas lenders with regulated security loans of less than $5 million accounted i Includes all banks reporting total security credit of $250,000 or more. for 50 per cent of the total in that category. * Less than 0.5 per cent. NOTE.—Details may not add to totals due to rounding. At the other end of the scale, however, among 493 banks individually extending credit to finance nonmargin stock holdings less than $1 million of such credit. Nearly was less likely to be outstanding at the very one-fourth of regulated security credit orig- largest banks; 14 banks with deposits above inated in geographic areas where all banks $2.5 billion and total security credit in collectively were extending less than $5 excess of $25 million were extending only million of such credit. 19 per cent of the nonmargin stock credit, Category 2, loans made to purchase non- compared with 30 per cent of regulated semargin stock and secured, at least in part, curity credit and 38 per cent of other reby restricted collateral, encompasses those ported security credit. Major suppliers of loans that would become subject to margin nonmargin stock credit, however, were conregulation if the issue being financed by the siderably more likely to report that security loan were to be registered on a securities ex- credit was an important element in their change or added to the Federal Reserve total loan portfolios. Board's list of OTC margin stocks. In June Nonmargin stock credit also differed in 1970, banks reported just over $1 billion of geographic distribution very sharply from such loans to finance nonmargin stocks— regulated security credit at banks. Less more than the reported total of bank credit heavily concentrated at such general finansubject to margin requirements. This rela- cial centers as New York and Chicago (only tionship was to be expected since the public 24 per cent as compared with 37 per cent can finance margin stocks on about the same of the regulated security credit total), a terms and with greater convenience in mar- much higher proportion of these loans origgin accounts at brokers but cannot obtain inated in Texas and certain Midwestern from brokers any credit on nonmargin States. In this loan category, the metropoli- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MEASURES OF SECURITY CREDIT 917 tan areas of Dallas, Houston, Minneapolis- Category 3 is the one most heavily concen- St. Paul, San Antonio, Milwaukee, Kansas trated in major financial centers; banks in City, and Oklahoma City were among the the New York and Chicago metropolitan 10 most important lending centers; only areas reported 44 per cent of the entire Dallas and Houston were also important amount, and the 10 metropolitan areas in centers for regulated security credit. which such loans aggregated more than $25 These contrasting patterns in lending million accounted for 75 per cent of the probably reflect the inclusion, within the total. At the largest reporting banks— nonmargin stock credit category, of credit those with deposits in excess of $2.5 billion secured by inactively traded issues or non- —more than half the total of reported semarketable stock in closely held corpora- curity credit fell into this category. The 13 tions. Such loans also differ from those se- banks reporting the largest totals for all cured by actively traded issues in their po- types of security credit—those that reported tential impact on the stock market. Where $50 million or more—accounted for 42 per the borrower seeks to secure or maintain cent of the category, compared with 30 per ownership control rather than to participate cent of the regulated credit total and only in stock market price movements, the poten- 23 per cent of the loans to purchase or carry tial general market impact is minimal, and nonmargin stock. —in the case of stock that could not be The impact on the stock market of an marketed without prior SEC registration— unsecured loan to purchase stock does not may be discounted. differ from that of a secured loan at the time Thus, while credit extended to purchase credit is extended. But since the lender canor carry nonmargin stocks is an impor- not issue a margin call in a declining martant part of the security credit extended by ket, such unsecured loans would not seem to banks, this subtotal should be considered carry the same threat of cumulative downseparately from that for regulated security ward pressure on market prices. As a practicredit. Not only is such credit unregulated cal matter, this distinction may not be signifbut also an undetermined but probably sig- icant if the loan is drawn in such a way that nificant share of the collateral is less mar- the borrower himself comes under pressure ketable than is the case with regulated se- in a falling market to liquidate all or part curity credit. of the outstanding credit. On balance, there- Category 3 of security loans at banks— fore, the portion of the "all other security All other loans to purchase or carry secur- credit" category that represents credit to ities—constituted 41 per cent of the re- purchase stock should be considered as ported total of security credit in June 1970 having a significant potential impact on the (Table 3). This category—also unregulated stock market. —includes unsecured credit to purchase or carry stock, credit secured entirely by un- OTHER CREDIT SECURED BY STOCKS restricted collateral, and secured or un- Credit extended for the purpose of pursecured credit to purchase bonds or other chasing or carrying stocks does not exhaust securities. There is no basis for precise esti- the amount of credit that may have a signifmates of these components, but unsecured icant impact on the stock market—particucredit to purchase stock—or that secured by larly in periods of falling prices. Since bank unrestricted collateral—is likely to be the records classify extensions of credit by purmajor share of the $1.3 billion total. pose rather than by collateral, the amount of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
918 FEDERAL RESERVE BULLETIN • DECEMBER 1970 credit for other purposes that is secured by purchase or carry stock is secured by stock, stock cannot be identified through periodic the borrower's purchase and retention of that reporting.5 No recent information is availa- stock may, in fact, depend on his ability to ble on the level of these "collateral loans," use it as collateral. All such credits, morebut a sample survey in 1962 indicated that over, are potentially vulnerable to margin less than one-fifth of all credit at banks calls in a declining market, especially when secured by stock was for the purpose of they carry relatively high "unregulated" purchasing or carrying securities—most had loan values. No quantitative measure of been extended for personal or business rea- these stock-secured loans at banks is in sons. prospect at present. But the existence of When credit for purposes other than to such credit, like that of the components of security credit now being identified through 5 Brokers also are permitted to make such loans to improved reporting, must be considered in their customers in special accounts. These are included assessing the level and potential impact of in Table 1 within the category "Other" unregulated security credit. security credit on the stock market. • APPENDIX: Definition of Terms Margin regulations. The Board of Governors OTC margin stock. Stocks not traded on a has implemented its authority under the Securities national securities exchange but which the Board Exchange Act of 1934 (as amended) to establish of Governors of the Federal Reserve System has margin requirements by adopting three regulations: determined meet several criteria (degree of na- Regulation T that governs credit extended by tional investor interest, depth and breadth of brokers and dealers; Regulation U that applies to market, availability of information respecting credit by banks for the purpose of purchasing or the stock and its issuer, and character and percarrying margin stocks; and Regulation G that manence of the issuer), warranting the inclusion covers security credit extended by persons other of such stocks within the scope of margin reguthan banks, brokers, or dealers. lations. Stocks currently meeting these criteria Margin stock. Also referred to as margin are identified in the Federal Reserve Board's OTC security in the regulations. As applied to brokers margin stock list. and dealers, this term means any equity security Nonmargin stock. Any security that is not that is "listed," that is, registered on a national se- classified as a margin stock only because the securities exchange or included on the Federal Re- curity itself or the equity security to which it is serve Board's over-the-counter (OTC) margin related is not registered on a national securities stock list, as well as any debt security so "listed" exchange or included on the OTC margin stock that is convertible into, or carries warrants or list. rights to subscribe to or purchase, an equity se- Restricted collateral. Collateral that will cause curity so "listed." As applied to banks and other a loan to be a regulated loan if the loan is also for lenders, the term includes, in addition to "listed" the purpose of purchasing or carrying margin equity securities, all debt securities convertible into stock. At banks, restricted collateral includes any a "listed" equity security, or carrying warrants or security commonly known as a stock; any voting rights to subscribe to one, whether or not the trust certificate or other instrument representing debt securities themselves are "listed"; also all such a security; and any security convertible, with warrants or rights to purchase or subscribe to a or without consideration, presently or in the "listed" equity security, whether or not such war- future, into such security, certificate, or other rants or rights are themsleves "listed"; and also instrument, or carrying any warrant or right to any security issued by a registered investment subscribe to or purchase such a security; or any company (excluding licensed small business in- such warrant or right. At brokers and dealers and vestment companies) unless at least 95 per cent at all other nonbank lenders (Regulation G of the assets of such a company are continuously lenders), restricted collateral includes the same invested in "exempted securities" as defined in securities as those defined to be margin stock for the regulations. that lender. Brokers and dealers are prohibited Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MEASURES OF SECURITY CREDIT 919 from giving any loan value to collateral other than initial margin on the transaction. restricted collateral for a loan to purchase or carry Margin call. A procedure through which a margin stock. Banks, however, may extend loan creditor requires the deposit of either additional value in "good faith" in such cases. Regulation G collateral for maintenance of an existing credit or lenders may extend good faith loan value to a cash to reduce the amount of the credit. Margin customer on nonrestricted collateral only if all calls occur when a creditor, on the basis of its own credit extended to that customer is of this type. lending policies, determines that the value of col- General margin account. Also referred to as lateral underlying a credit has declined sufficiently stock margin account, this account includes all to jeopardize the standing of a credit. Margin regfinancial relations between a broker or dealer and ulations of the Federal Reserve Board do not its customers, except those specifically permitted specify or require the maintenance of margins in or required to be transacted in special accounts. this manner. Margin regulations do, however, Transactions in this account generally are those require the retention of a portion of the proceeds subject to the initial margin requirements for of the sale of collateral underlying a credit that stocks (currently 65 per cent). is undermargined or would become so as a result Special margin accounts. Included in these of the withdrawal of such proceeds. Margin accounts are transactions between a broker or regulations limit correspondingly the withdrawal dealer and a customer to which specific initial of such collateral, in order to prevent a credit from margin requirements (1) do not apply or (2) becoming undermargined by actions of the borapply at a different rate than is necessarily applica- rower and to improve the ratio of collateral to ble to the general account. Included in the latter debt in a credit that is already undermargined, group are the Special Convertible Debt Security whenever there is a transaction in the account. Account (currently with an initial margin require- Customer net debit balance (CNDB). The net ment of 50 per cent) and the Special Subscription balance due from a customer of a broker or Account (initial margin requirement of 25 per dealer, calculated by aggregating the balances in cent). all accounts carried by the customer with that Initial margin requirements. The amount the broker-dealer. Thus, for example, if a customer customer must deposit in connection with any had a debit balance in his margin account with a transaction in securities governed by initial margin broker and carried a credit balance in a separate requirements. This deposit may be in the form of cash account with the same broker, these two loan value of securities currently collateralizing balances would be offset or "netted" in determining an account to the extent that such loan value the CNDB. The aggregate CNDB for a broker or exceeds the debt in the account (computed ac- dealer, no longer reported, was the sum of these cording to a special formula set forth in the regula- individually netted customer debit balances. tion), or in the form of a subsequent deposit by Registrants under Regulation G. Any person the customer of cash or securities with loan value. other than a broker or dealer or bank who extends, Loan value of collateral. Related to initial mar- arranges for the extension of, or has outstanding gin requirements, loan value as a percentage of col- credit secured by restricted collateral in the aglateral value is 100 per cent minus the percentage gregate exceeding the amounts specified in Regmargin requirement. A credit with an initial mar- ulation G must register with the Board of Govgin requirement of 65 per cent is one in which ernors of the Federal Reserve System by filing the loan value of the collateral is 35 per cent. a quarterly statement. Not all registrants under Good faith loan value is that assigned by a lender Regulation G necessarily extend credit subject to when there is securities collateral but when initial margin requirements; Regulation G lenders margin regulations do not require the application may, for example, make loans only for purposes of initial margin requirements. It is the amount the other than to purchase or carry margin stock. lender would lend any customer on the same col- Purpose of a credit. The purpose of a credit is lateral if that transaction were the only one be- determined by substance rather than form. (1) tween the lender and the customer. Credit that is for the purpose, whether immedi- Settlement date. The date subsequent to a ate, incidental, or ultimate, of purchasing or carrytransaction on which full payment must be made ing a margin stock is purpose credit, despite any in a cash account, or in a margin account, on temporary application of funds otherwise. (2) which sufficient cash or securities with loan value Credit to enable the customer to reduce or retire must have been deposited to meet the required indebtedness that was originally incurred to pur- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
920 FEDERAL RESERVE BULLETIN • DECEMBER 1970 chase a margin stock is for the purpose of carrying but not all of the credit that can potentially have an such a security. (3) An extension of credit pro- impact on the stock market. Unregulated security vided for in a plan, program, or investment con- credit is all security credit not subject to margin tract (equity funding plan) described specifically requirements. Depending on the specific nature of in margin regulations is a purpose credit. Banks purpose and collateral, such a credit may neverand Regulation G registrants must obtain from theless be subject to other provisions of margin the borrower a statement as to the purpose of regulations. Reported security credit presently any credit secured directly or indirectly by any includes all credit extended to customers by restricted collateral; if such a credit is a purpose broker-dealers, all purpose credit extended by credit, it is subject to initial margin requirements. banks (with the exception of some unsecured pur- Credit extended by brokers and dealers that is pose credits regarding which the bank has mainsecured directly or indirectly by any restricted tained no record to indicate the purpose), and all collateral is presumed to be for the purpose of regulated security credit extended by Regulation purchasing, carrying, or trading in securities—and G lenders. Nonmargin stock credit includes all subject to initial margin requirements—unless the credit extended to purchase or carry nonmargin creditor obtains a statement from the borrower, stock and collateralized at least in part by reexecuted in good faith, indicating that the purpose stricted collateral. Such credit is not presently is otherwise. regulated security credit but would become so Security lender. Any lender that extends credit if the stock purchased or carried were added to on collateral consisting in whole or in part, directly the OTC margin stock list. Brokers and dealers or indirectly, of restricted collateral. cannot extend such credit, and Regulation G Regulated lender. Any lender that makes reg- lenders may do so only under certain circumulated loans or that because it makes loans for stances described in that regulation. Also included purposes other than to purchase margin stock on as nonmargin stock credit are those credits excollateral consisting of restricted collateral is tended under Regulation G where both the pursubject to the registration and/or recordkeeping pose and the collateral relate to nonmargin stocks. requirements of margin regulations. Such nonmargin stock collateral is not technically Security credit. Broadly defined, security credit restricted collateral under Regulation G but would is any credit that, because either the purpose or become so if the particular stock represented as the collateral, or both, involve securities of any collateral were added to the OTC margin stock list. type, can be considered to have a potential impact Banks may extend nonmargin stock credit on good on the securities markets. The two major categories faith loan value without restriction, are presof security credit are customer credit and credit ently extending the bulk of such credit, and are extended to brokers, dealers, and market makers. the only security lenders that presently report the The second category, because it involves credit volume of such credit extensions. Unsecured purused largely—but not exclusively—for market- pose credit is an unregulated component of secumaking purposes, is generally considered as a rity credit that could have an impact on the stock separate category of lending altogether. Within market in the event that the stock purchased with the definition of customer security credit, herein- the proceeds of such a credit represented such a after referred to as security credit, several specific significant proportion of the borrower's assets subcategories of credit can be identified. Regulated that the lending bank might force sale of stock, by security credit, also described as margin account calling for, a reduction in the credit, if the stock's credit, is all credit subject to initial margin re- value declined substantially. The reporting of this quirements when extended, or that would be type of unregulated security credit is not complete, subject if extended currently, that is, a credit and such credit that is reported by banks is not for the purpose of purchasing or carrying margin separately identifiable. Stock-secured nonpurpose stock and secured by restricted collateral. For the credit is neither regulated nor reported but has a purposes of Regulation G, regulated security credit potentially significant impact on the stock market, includes credit extended by plan lenders for the because fluctuations in stock prices could lead to purpose of exercising stock options and stock margin calls and forced liquidation of the stock purchase rights. This subcategory includes part collateral for the credit. 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 August 18 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; October, pages 757-63; and November, pages 815-22. The record for the meeting held on September 15, 1970, follows: 921 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
922 FEDERAL RESERVE BULLETIN • DECEMBER 1970 MEETING HELD ON SEPTEMBER 15, 1970 Authority to effect transactions in System Account. Information reviewed at this meeting suggested that real GNP, which had edged up in the second quarter, was expanding somewhat further in the third. Wage rates generally were continuing to increase at a rapid pace, but improvements in productivity appeared to be slowing the rise in costs and some major price measures were advancing less rapidly than before. In August industrial production declined slightly; on balance production had changed little since May. Retail sales also moved down a little in August, according to advance estimates, and were only moderately above their average level in the second quarter. The labor market eased slightly further: nonfarm payroll employment declined and the unemployment rate edged up to 5.1 from 5.0 per cent in July. On the other hand, the latest data for private housing starts indicated that such starts had risen sharply in July after increasing appreciably in June. Average wholesale prices declined from mid-July to mid-August as a result of a reduction in prices of farm products and foods; this volatile series had risen sharply in the previous month. At the same time the advance in prices of industrial commodities slowed further. In July the rate of increase in the seasonally adjusted consumer price index was below that of June and was significantly below the average monthly rise in the first half of the year. According to the latest staff estimates, the advance in real GNP expected for the third quarter was to an important extent attributable to the recovery of residential construction activity. Also, growth in State and local government outlays had stepped up from the low second-quarter pace, and consumer spending was expanding at a rate close to that of the first half—although not so rapidly as had been projected earlier. On the other hand, the estimates suggested that business capital outlays were beginning to edge down and that defense spending was continuing to decline. The economic outlook was clouded by uncertainty regarding the duration of a strike, which had begun on the day of this meeting, at a major automobile manufacturer. Staff projections suggested that, apart from possible effects of the strike, real GNP would pick up somewhat in the fourth quarter of 1970 and would expand further in the first two Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RECORD OF POLICY ACTIONS OF FOMC 923 quarters of 1971, but would still remain well below the economy's potential. However, it was noted that the rise in real GNP projected for the fourth quarter was not likely to be realized if the automobile strike continued well into that quarter. At the same time, it appeared that much of the loss of output and income that would result from such an extended strike would probably be made up in the first quarter of 1971. With respect to the U.S. balance of payments, the deficit on the liquidity basis in July and August—while still large—was considerably smaller than earlier in the year. A major part of the recent improvement had occurred in private capital flows. In addition, in July both exports and imports declined about equally and the foreign trade surplus remained at the high level to which it had risen in June. On the official settlements basis the deficit continued very high after midyear as a result of repayments of Euro-dollar borrowings by U.S. banks. In foreign exchange markets sterling had been under selling pressure recently, particularly in early September. The Italian lira had strengthened significantly in the latter part of August. On August 27 the Bank of France reduced its discount rate from 8 to IV2 per cent, and on September 1 the Bank of Canada cut its rate from 7 to 6V2 per cent. System open market operations since the August 18 meeting had been directed at promoting some easing of conditions in credit markets and moderate growth in the money supply. Reserves had been provided liberally during the period, first to foster somewhat easier money market conditions and later to resist a persistent tendency toward firmness that developed. In the latter part of August Federal funds traded mostly in a range of 6Vs to 63/s per cent, well below the 6V2 to 7 per cent range generally prevailing earlier in the month. In the first half of September, however, the funds rate rose to levels above 6V2 per cent largely as a result of a shift in the distribution of reserves away from the major money centers. Member bank borrowings averaged about $690 million in the 4 weeks ending September 9, down sharply from the $1.2 billion average of the previous 4 weeks. However, part of this decline reflected a further reduction in special accommodations at the discount window for banks lending to firms that were encountering difficulties in rolling over maturing commercial paper. Most short- and long-term interest rates declined in the latter part Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
924 FEDERAL RESERVE BULLETIN • DECEMBER 1970 of August, to a large extent because of growing expectations among investors of a significant near-term easing of monetary policy. These expectations were stimulated in part by the announcement of the Board of Governors on the day before the August 18 meeting of a reduction in reserve requirements on time and savings deposits 1 and by the easing of money market conditions following that meeting. Most yields turned up in early September, however, against the background of the firmer money market conditions that developed then and of the continuing heavy volume of new offerings in capital markets. On balance, yields on corporate and municipal bonds had changed little since mid-August, but yields on Treasury notes and bonds and on most types of short-term securities had declined somewhat. On the day before this meeting the market rate on 3-month Treasury bills was 6.33 per cent, 20 basis points below its level 4 weeks earlier. The relationships among yields on market securities of different grades suggested that investors continued to be highly concerned about credit quality. At commercial banks growth in the outstanding volume of largedenomination CD's was relatively rapid in August—although it moderated considerably from the unusually rapid pace that had been recorded in July following the suspension in late June of rate ceilings on such CD's maturing in 30 to 89 days. Inflows of consumer-type time and savings deposits also remained substantial in August, although not so large as in July. As a result of these gains in time and savings deposits and a marked increase in private demand deposits, the bank credit proxy—daily-average member bank deposits—rose sharply further from July to August. During the month banks reduced their reliance on funds obtained through the issuance of commercial paper by their affiliates, in anticipation of the application of reserve requirements to such funds. After adjustment for this development and for repayments of Euro-dollar borrowings by U.S. banks, the bank credit proxy increased at an annual rate of about 24 per cent from July to August. xThe Board reduced from 6 to 5 per cent the reserves that member banks must hold against time and savings deposits in excess of $5 million. At the same time, it applied regular time and demand deposit reserve requirements on funds obtained by member banks through the issuance of commercial paper by their affiliates. The Board announced that both actions would become effective in the reserve computation period beginning October 1 and would be applicable on such deposits and commercial paper outstanding in the week beginning September 17. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RECORD OF POLICY ACTIONS OF FOMC 925 Growth of the adjusted proxy series appeared to be slowing considerably in September. The money stock, according to the latest published statistics, rose sharply in the first part of August but then moved down through early September. On the average in August, the published measure showed an increase at an annual rate of about 11 per cent—compared with annual rates of about 4 per cent in July and close to 4 per cent over each of the first two quarters of the year.2 Including a projection for the rest of September, growth over the third quarter was estimated at about a 4.5 per cent annual rate. It was noted at the meeting, however, that the rates of growth calculated for money would be somewhat different if adjustments were made for biases that had developed in the data because of the accounting procedures employed in connection with certain types of international transactions. It was reported that work was now in process on statistical revisions, including not only adjustments for these biases but also benchmark corrections and revisions of seasonal factors. Although the final revisions were not expected to be available until late autumn, tentative calculations based on the preliminary information now available suggested that the adjustments for biases due to these types of international transactions might in themselves raise the growth rates for the first two quarters by about 1 or 2 percentage points and might lower the rate for the third quarter by about 1 percentage point. Staff analysis suggested that some easing of currently prevailing money market conditions probably would be required if the money stock series, adjusted for bias, were to grow at an annual rate of about 5 per cent over the fourth quarter. The analysis also suggested that such a growth rate for money would be associated with a 10 per cent rate of expansion in the adjusted bank credit proxy. The anticipation of marked slowing in bank credit growth—from a third-quarter rate tentatively estimated at 17.5 per cent—reflected in part expectations that the rate of increase of time deposits would slacken as banks completed their adjustments to the suspension of rate ceilings on largedenomination CD's of shorter term. Also, it appeared likely that there would be a considerable abatement in the shift of credit flows from market to banking channels that had followed earlier pressures in the 2 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
926 FEDERAL RESERVE BULLETIN • DECEMBER 1970 commercial paper market and that had contributed importantly to the rapid growth of the bank credit proxy in the third quarter. The Committee agreed that some easing of conditions in credit markets and moderate growth in the money stock—at an annual rate of about 5 per cent in the fourth quarter—remained appropriate as the objectives of monetary policy at this time, although a few members felt that somewhat faster expansion of money would be preferable. A few members also expressed the view that it would be desirable to place less emphasis on a specific growth rate for the money stock, particularly in light of present data uncertainties. It was noted in the discussion that prospects for a satisfactory rate of economic growth depended importantly on continued recovery in residential construction outlays and State and local government expenditures. In view of the sensitivity of these types of spending to interest rates, some members stressed the desirability of fostering somewhat lower levels of interest rates over the months ahead. There was some sentiment in the Committee for increasing the weight given to developments in bank credit in day-to-day decisions regarding open market operations, now that the period of rapid reintermediation appeared to be drawing to a close. The Committee concluded, however, that for the time being the practice should be continued of giving preponderant weight to the money stock in assaying the implications of the behavior of financial aggregates for System operating decisions. 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, is expanding somewhat further in the third quarter, led by an upturn in residential construction. Wage rates generally are continuing to rise at a rapid pace, but improvements in productivity appear to be slowing the rise in costs, and some major price measures are rising less rapidly than before. Interest rates declined in the last half of August, but most yields turned up in early September, as credit demands in securities markets have continued heavy; existing yield spreads continue to suggest concern with credit quality. The money supply rose rapidly in the first half of August but moved back down through early September. Bank credit expanded sharply further in August as Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RECORD OF POLICY ACTIONS OF FOMC 927 banks continued to issue large-denomination CD's at a relatively rapid rate, while reducing their reliance on the commercial paper market after the Board of Governors acted to impose reserve requirements on bank funds obtained from that source. The balance of payments deficit on the liquidity basis diminished somewhat in July and August from the very large second-quarter rate, but the deficit on the official settlements basis remained high as banks repaid Euro-dollar liabilities. 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 moderate growth in money and attendant bank credit expansion over the months ahead. System open market operations until the next meeting of the Committee shall be conducted with a view to maintaining bank reserves and money market conditions consistent with that objective. Votes for this action: Messrs. Burns, Brimmer, Daane, Francis, Heflin, Hickman, Maisel, Robertson, Sherrill, and Swan. Vote against this action: Mr. Hayes. Absent and not voting: Mr. Mitchell. In dissenting from this action, Mr. Hayes indicated that he was concerned about again calling in the directive for an easing of conditions in credit markets. Short-term interest rates had declined since the last Committee meeting and he was not convinced that further easing would be required to achieve the objective, which he favored, of moderate growth in money and bank credit. He feared the possible inflationary effects of a policy calling for progressive easing of credit conditions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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Law Department Statutes, regulations, interpretations, and decisions FINANCIAL RECORDKEEPING; "(2) It is the purpose of this section to require the REPORTS OF CURRENCY AND FOREIGN maintenance of appropriate types of records by insured banks in the United States where such records have a TRANSACTIONS; high degree of usefulness in criminal, tax, or regu- MARGIN REQUIREMENTS; latory investigations or proceedings. CREDIT CARDS; "(b) Where the Secretary of the Treasury (referred to in this section as the 'Secretary') determines that the CONSUMER CREDIT REPORTING maintenance of appropriate types of records and other evidence by insured banks has a high degree of useful- An Act approved by Congress October 26, ness in criminal, tax, or regulatory investigations or 1970 (Public Law 91-508), contains provisions proceedings, he shall prescribe regulations to carry out relating to the following: (1) retention of records the purposes of this section. "(c) Each insured bank shall maintain such records by insured banks and other financial institutions and other evidence, in such form as the Secretary shall (Title I); (2) reports by those institutions of for- require, of the identity of each person having an aceign and domestic currency transactions and ex- count in the United States with the bank and of each individual authorized to sign checks, make withdrawports and imports of monetary instruments (Title als, or otherwise act with respect to any such account. II); (3) application of margin requirements to The Secretary may make such exemptions from any requirement otherwise imposed under this subsection certain foreign transactions involving extensions as are consistent with the purposes of this section. of credit to purchase or carry securities (Title "(d) Each insured bank shall make, to the extent III); (4) issuance of credit cards and liabilities that the regulations of the Secretary so require— "(1) a microfilm or other reproduction of each for their unauthorized use (Title IV); and (5) fair check, draft, or similar instrument drawn on it and credit reporting (Title VI). The Act reads as presented to it for payment; and follows: "(2) a record of each check, draft, or similar instrument received by it for deposit or collection, together AN ACT with an identification of the party for whose account it is to be deposited or collected, unless the bank has al- To amend the Federal Deposit Insurance Act to require ready made a record of the party's identiy pursuant to insured banks to maintain certain records, to require subsection (c). that certain transactions in United States currency be "(e) Whenever any individual engages (whether as reported to the Department of the Treasury, and for principal, agent, or bailee) in any transaction with an other purposes. insured bank which is required to be reported or recorded under the Currency and Foreign Transac- Be it enacted by the Senate and House of Repretions Reporting Act, the bank shall require and retain sentatives of the United States of America in Congress such evidence of the identity of that individual as the assembled, Secretary may prescribe as appropriate under the cir- TITLE I—FINANCIAL RECORDKEEPING cumstances. "(f) In addition to or in lieu of the records and evi- Chapter Sec. dence otherwise referred to in this section, each in- 1. INSURED BANKS AND INSURED INSTITUTIONS 101 sured bank shall maintain such records and evidence 2. OTHER FINANCIAL INSTITUTIONS 121 as the Secretary may prescribe to carry out the purposes of this section. Chapter 1.—INSURED BANKS AND "(g) Any type of record or evidence required under INSURED INSTITUTIONS this section shall be retained for such period as the Secretary may prescribe for the type in question. Any Sec. period so prescribed shall not exceed six years unless 101. Retention of records by insured banks. the Secretary determines, having regard for the pur- 102. Retention of records by insured institutions. poses of this section, that a longer period is necessary § 101. Retention of records by insured banks in the case of a particular type of record or evidence. "(h) The Secretary shall include in his annual re- The Federal Deposit Insurance Act is amended (1) port to the Congress information on his implementaby redesignating sections 21 and 22 as 22 and 23, retion of the authority conferred by this section and spectively, and (2) by inserting the following new secany similar authority with respect to recordkeeping tion immediately after section 20: or reporting requirements conferred by other provi- "SEC. 21. (a)(1) The Congress finds that adequate sions of law." records maintained by insured %anks have a high degree of usefulness in criminal, tax, and regulatory in- § 102. Retention of records by insured institutions vestigations and proceedings. The Congress further Title IV of the National Housing Act is amended finds that microfilm or other reproductions and other by adding at the end thereof the following new secrecords made by banks of checks, as well as records tion: kept by banks of the identity of persons maintaining or "SEC. 411. The Secretary of the Treasury shall authorized to act with respect to accounts therein, have prescribe such regulations as may be appropriate to been of particular value in this respect. carry out, with respect to insured institutions, the pur- Digitized for FRASER http://fraser.stlouisfed.org/ 929 Federal Reserve Bank of St. Louis
930 FEDERAL RESERVE BULLETIN • DECEMBER 1970 poses set forth in section 21 of the Federal Deposit (b) The authority of the Secretary under this sec- Insurance Act with respect to insured banks." tion extends to any person engaging in the business of carrying on any of the following functions: (1) Issuing or redeeming checks, money orders, Chapter 2.—OTHER FINANCIAL travelers' checks, or similar instruments, except as an INSTITUTIONS incident to the conduct of its own nonfinancial busi- Sec. ness. (2) Transferring funds or credits domestically or 121. Congressional findings and purpose. internationally. 122. Authority of Secretary with respect to reports on (3) Operating a currency exchange or otherwise ownership and control. dealing in foreign currencies or credits. 123. Authority of Secretary with respect to recordkeeping (4) Operating a credit card system. and procedures. (5) Performing such similar, related, or substitute 124. Injunctions. functions for any of the foregoing or for banking as 125. Civil penalties. may be specified by the Secretary in regulations. 126. Criminal penalty. 127. Additional criminal penalty in certain cases. § 124. Injunctions 128. Compliance. Whenever it appears to the Secretary that any per- 129. Administrative procedure. son has engaged, is engaged, or is about to engage in any acts or practices constituting a violation of any § 121. Congressional findings and purpose regulation under this chapter, he may in his discretion (a) The Congress finds that certain records main- bring an action, in the proper district court of the tained by businesses engaged in the functions described United States or the proper United States court of any in section 123(b) of this Act have a high degree of territory or other place subject to the jurisdiction of usefulness in criminal, tax, and regulatory investiga- the United States, to enjoin such acts or practices, and tions and proceedings. The Congress further finds that upon a proper showing a permanent or temporary inthe power to require reports of changes in the owner- junction or restraining order shall be granted without ship, control, and managements of types of financial bond. Upon application of the Secretary, any such institutions referred to in section 122 of this Act may court may also issue mandatory injunctions commandbe necessary for the same purpose. ing any person to comply with any regulation of the (b) It is the purpose of this chapter to require the Secretary under this chapter. maintenance of appropriate types of records and the § 125. Civil penalties making of appropriate reports by such businesses in the United States where such records or reports have (a) For each willful violation of any regulation a high degree of usefulness in criminal, tax, or regu- under this chapter, the Secretary may assess upon any latory investigations or proceedings. person to which the regulation applies, and, if such person is a partnership, corporation, or other entity, § 122. Authority of Secretary with respect to reports upon any partner, director, officer, or employee thereon ownership and control of who willfully participates in the violation, a civil Where the Secretary determines that the making of penalty not exceeding $1,000. appropriate reports by uninsured banks or uninsured (b) In the event of the failure of any person to pay institutions of any type with respect to their ownership, any penalty assessed under this section, a civil action control, and managements and any changes therein has for the recovery thereof may, in the discretion of the a high degree of usefulness in criminal, tax, or regu- Secretary, be brought in the name of the United latory investigations or proceedings, he may by regu- States. lation require such banks or institutions to make such reports as he determines in respect of such ownership, § 126. Criminal penalty control, and managements and changes therein. Whoever willfully violates any regulation under this chapter shall be fined not more than $1,000 or im- § 123. Authority of Secretary with respect to record- prisoned not more than one year, or both. keeping and procedures (a) Where the Secretary determines that the main- § 127. Additional criminal penalty in certain cases tenance of appropriate records and procedures by any Whoever willfully violates any regulation under this uninsured bank or uninsured institution, or any person chapter, section 21 of the Federal Deposit Insurance engaging in the business of carrying on in the United Act, or section 411 of the National Housing Act, States any of the functions referred to in subsection where the violation is committed in furtherance of (b) of this section, has a high degree of usefulness in the commission of any violation of Federal law puncriminal, tax, or regulatory investigations or proceed- ishable by imprisonment for more than one year, ings, he may by regulation require such bank, institu- shall be fined not more than $10,000 or imprisoned tion, or person— not more than five years, or both. (1) to require, retain, or maintain, with respect to its functions as an uninsured bank or uninsured institu- § 128. Compliance tion or its functions referred to in subsection (b), any The Secretary shall have the responsibility to assure records or evidence of any type which the Secretary is compliance with the requirements of this title and may authorized under section 21 of the Federal Deposit delegate such responsibility to the appropriate bank Insurance Act to require insured banks to require, re- supervisory agency, or other supervisory agency. tain, or maintain; and (2) to maintain procedures to assure compliance § 129. Administrative procedure with requirements imposed under this chapter. For the The administrative procedure and judicial review purposes of any civil or criminal penalty, a separate provisions of subchapter II of chapter 5 and chapter violation of any requirement under this paragraph oc- 7 of title 5, United States Code, shall apply to all curs with respect to each day and each separate office, proceedings under this chapter, section 21 of the Fedbranch, or place of business in which the violation eral Deposit Insurance Act, and section 411 of the occurs or continues. National Housing Act. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 931 TITLE II—REPORTS OF CURRENCY AND (7) a broker or dealer registered with the Securities and Exchange Commission under the Securities Ex- FOREIGN TRANSACTIONS change Act of 1934; (8) a broker or dealer in securities or commodi- Chapter Sec. ties; 1. GENERAL PROVISIONS 201 (9) an investment banker or investment company; 2. DOMESTIC CURRENCY TRANSACTIONS 221 (10) a currency exchange; 3. REPORTS OF EXPORTS AND IMPORTS OF MONETARY (11) an issuer, redeemer or cashier of travelers' INSTRUMENTS 231 checks, money orders, or similar instruments; 4. FOREIGN TRANSACTIONS 241 (12) an operator of a credit card system; (13) an insurance-company; (14) a dealer in precious metals, stones, or jewels; Chapter 1.—GENERAL PROVISIONS (15) a pawnbroker; (16) a loan or finance company; Sec. (17) a travel agency; 201. Short title. (18) a licensed transmitter of funds; 202. Purpose. (19) a telegraph company; 203. Definitions and rules of construction. (20) a Federal, State, or local government institu- 204. Regulations. tion which performs any of the functions of any of the 205. Compliance. businesses listed above; or 206. Exemptions. (21) any other type of business or institution per- 207. Civil penalty. forming similar, related, or substitute functions speci- 208. Injunctions. fied by the Secretary by regulation for the purposes of 209. Criminal penalty. the provision of this title to which the regulation re- 210. Additional criminal penalty in certain cases. lates. 211. Immunity of witnesses. (f) The term "domestic", used with reference to in- 212. Availability of information to other Federal agencies. stitutions or agencies, limits the applicability of the 213. Administrative procedure. provision wherein it appears to the performance by such institutions or agencies of functions within the § 201. Short title United States. This title may be cited as the "Currency and For- (g) The term "financial agency" means any person eign Transactions Reporting Act". which acts in the capacity of a financial institution or in the capacity of a bailee, depository trustee, agent, or § 202. Purpose in any other similar capacity with respect to money, credit, securities, or gold or transactions therein, on be- It is the purpose of this title to require certain rehalf of any person other than a government, a moneports or records where such reports or records have a tary or financial authority when acting as such, or an high degree of usefulness in criminal, tax, or reguinternational financial institution of which the United latory investigations or proceedings. States is a member. § 203. Definitions and rules of construction (h) The term "foreign", used with reference to institutions or agencies, limits the applicability of the (a) The definitions and rules of construction set provision wherein it appears to the performance by forth in this section apply for the purposes of this such institutions or agencies of functions outside the title. United States. (b) The term "Secretary" means the Secretary of (i) References to this title or any provision thereof the Treasury. include regulations issued under this title or the pro- (c) The term "person" includes natural persons, vision thereof in question. partnerships, trusts, estates, associations, corporations, (j) All reports required under this title and all recand all entities cognizable as legal personalities. The ords of any such reports are specifically exempted term also includes any governmental department or from disclosure under section 552 of title 5, United agency specified by the Secretary either for the pur- States Code. pose of this title generally or any particular require- (k) For the purposes of section 1001 of title 18, ment thereunder. United States Code, the contents of reports required (d) The term "United States", used in a geograph- under any provision of this title are statements and ical sense, includes the States and the District of representations in matters within the jurisdiction of an Columbia, and to the extent the Secretary shall by agency of the United States. regulation specify, either for the purposes of this title (1) The term "monetary instruments" means coin generally or any particular requirement thereunder, and currency of the United States, and in addition, such the Commonwealth of Puerto Rico, the possessions of foreign coin and currencies, and such types of travelthe United States, United States military establish- ers' checks, bearer negotiable instruments, bearer inments, and United States diplomatic establishments. vestment securities, bearer securities, and stock with (e) The term "financial institution" means any per- title passing upon delivery, or the equivalent thereof, son which does business in any one or more of the as the Secretary may by regulation specify for the following capacities: purposes of the provision of this title to which the (1) an insured bank as defined in section 3 of the regulation relates. Federal Deposit Insurance Act; (2) a commercial bank or trust company; § 204. Regulations (3) a private banker; (4) an agency or a branch within the United States The Secretary shall prescribe such regulations as he of any foreign bank; may deem appropriate to carry out the purposes of (5) an insured institution as defined in section 401 this title. of the National Housing Act; (6) a savings bank, building and loan association, § 205. Compliance credit union, industrial bank, or other thrift institution; (a) The Secretary shall have the responsibility to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
932 FEDERAL RESERVE BULLETIN • DECEMBER 1970 assure compliance with the requirements of this title § 211. Immunity of witnesses and may delegate such responsibility to the appropriate Whenever a witness refuses on the basis of his bank supervisory agency, or other supervisory agency. privilege against self-incrimination, to testify or provide (b) The Secretary may by regulation require any other information in a proceeding involving any violaclass of domestic financial institutions to maintain tion of this title before or ancillary to— such procedures as he may deem appropriate to assure (1) a court or grand jury of the United States, compliance with the provisions of this title. For the (2) an agency of the United States, or purposes of both civil and criminal penalties for viola- (3) either House of Congress, a joint committee of tions of this section, a separate violation shall be the two Houses, or a committee or a subcommittee of deemed to occur with respect to each day and each either House, separate office, branch, or place of business in which and the person presiding over the proceeding comthe violation occurs or continues. municates to the witness an order requiring him to give testimony or provide other information, the witness § 206. Exemptions may not refuse to comply with the order on the basis The Secretary may make such exemptions from any of his privilege against self-incrimination. No such requirement otherwise imposed under this title as he testimony or other information so compelled under the may deem appropriate. Any such exemption may be order or evidence or other information which is obconditional or unconditional, by regulation, order, or tained by the exploitation of such testimony may be licensing, or any combination thereof, and may relate used against the witness in any criminal case, except to any particular transaction, to the type or amount a prosecution for perjury, giving a false statement, or of the transaction, to the party or parties or the classi- otherwise failing to comply with the order. fication of parties, or to any combination thereof. The § 212. Availability of information to other Federal Secretary may in his discretion, in any manner giving agencies actual or constructive notice to the parties affected, The Secretary shall, upon such conditions and purrevoke any exemption made under this section. Any suant to such procedures as he may by regulation presuch revocation shall remain in effect pending any judicial review. scribe, make any information set forth in reports filed pursuant to this title available for a purpose consistent § 207. Civil penalty with the provisions of this title to any other department or agency of the Federal Government on the (a) For each willful violation of this title, the Secrequest of the head of such department or agency. retary may assess upon any domestic financial institu- § 213. Administrative procedure tion, and upon any partner, director, officer, or employee thereof who willfully participates in the viola- Subject to section 203(j), the administrative protion, a civil penalty not exceeding $1,000. cedure and judicial review provisions of subchapter II (b) In the event of the failure of any person to of chapter 5 and chapter 7 of title 5, United States pay any penalty assessed under this title, a civil Code, shall apply to all proceedings under this title. action for the recovery thereof may, in the discretion of the Secretary, be brought in the name of the United Chapter 2.—DOMESTIC CURRENCY States. TRANSACTIONS § 208. Injunctions Sec. 221. Reports of currency transactions required. Whenever it appears to the Secretary that any per- 222. Persons required to file reports. son has engaged, is engaged, or is about to engage in 223. Reporting procedure. any acts or practices constituting a violation of the provisions of this title, or of any order thereunder, he § 221. Reports of currency transactions required may in his discretion bring an action, in the proper Transactions involving any domestic financial indistrict court of the United States or the proper United stitution shall be reported to the Secretary at such States court of any territory or other place subject to time, in such manner, and in such detail as the Secrethe jurisdiction of the United States, to enjoin such tary may require if they involve the payment, receipt, acts or practices, and upon a proper showing a per- or transfer of United States currency, or such other manent or temporary injunction or restraining order monetary instruments as the Secretary may specify, shall be granted without bond. Upon application of in such amounts, denominations, or both, or under the Secretary, any such court may also issue manda- such circumstances, as the Secretary shall by regulatory injunctions commanding any person to comply tion prescribe. with the provisions of this title or any order of the Secretary made in pursuance thereof. § 222. Persons required to file reports The report of any transaction required to be re- § 209. Criminal penalty ported under this chapter shall be signed or otherwise Whoever willfully violates any provision of this title made both by the domestic financial institution inor any regulation under this title shall be fined not volved and by one or more of the other parties thereto more than $1,000, or imprisoned not more than one or participants therein, as the Secretary may require. year, or both. If any party to or participant in the transaction is not an individual acting only for himself, the report shall § 210. Additional criminal penalty in certain cases identify the person or persons on whose behalf the transaction is entered into, and shall be made by the Whoever willfully violates any provision of this title individuals acting as agents or bailees with respect where the violation is— thereto. (1) committed in furtherance of the commission of any other violation of Federal law, or § 223. Reporting procedure (2) committed as part of a pattern of illegal activity (a) The Secretary may in his discretion designate involving transactions exceeding $100,000 in any domestic financial institutions, individually or by class, twelve-month period, shall be fined not more than as agents of the United States to receive reports re- $500,000 or imprisoned not more than five years, or quired under this chapter, except that an institution both. which is not insured, chartered, examined, or regis- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 933 tered as such by any agency of the United States may process of any transportation with respect to which any not be so designated without its consent. The Secretary report required to be filed under section 231(1) either may suspend or revoke any such designation for any has not been filed or contains material omissions or violation of this Act, or section 21 of the Federal misstatements are subject to seizure and forfeiture to Deposit Insurance Act, or section 411 of the National the United States. Housing Act. (b) For the purpose of this section, monetary in- (b) Any person (other than an institution desig- struments transported by mail, by any common carrier, nated under subsection (a)) required to file a report or by any messenger or bailee, are in process of transunder this chapter with respect to a transaction with a portation from the time they are delivered into the domestic financial institution shall file the report with possession of the postal service, common carrier, mesthat institution, except that (1) if the institution is not senger, or bailee until the time they are delivered into designated under subsection (a), the report shall be or retained in the possession of the addressee or infiled as the Secretary shall prescribe, and (2) any such tended recipient or any agent of the addressee or inperson may, at his election and in lieu of filing the re- tended recipient for purposes other than further transport in the manner hereinabove prescribed, file the re- portation within, or across any border of, the United port with the Secretary. Domestic financial institutions States. designated under subsection (a) shall transmit reports 8 233. Civil liability filed with them, and shall file their own reports, as the Secretary shall prescribe. The Secretary may assess a civil penalty upon any person who fails to file any report required under section 231, or who files such a report containing any ma- Chapter 3.—REPORTS OF EXPORTS AND terial omission or misstatement. The amount of the IMPORTS OF MONETARY INSTRUMENTS penalty shall not exceed the amount of the monetary instruments with respect to whose transportation the re- Sec. port was required to be filed. The liabilities imposed by 231. Reports required. this chapter are in addition to any other liabilities, civil 232. Forfeiture. or criminal, except that the liability under this section 233. Civil liability. shall be reduced by any amount actually forfeited un- 234. Remission by the Secretary. der section 232. 235. Enforcement authority. § 231. Reports required 8 234. Remission by the Secretary (a) Except as provided in subsection (c) of this The Secretary may in his discretion remit any forsection, whoever, whether as principal, agent, or bailee, feiture or penalty under this chapter in whole or in or by an agent or bailee, knowingly— part upon such terms and conditions as he deems reasonable and just. (1) transports or causes to be transported monetary instruments— § 235. Enforcement authority (A) from any place within the United States to or (a) If the Secretary has reason to believe that through any place outside the United States, or monetary instruments are in the process of transporta- (B) to any place within the United States from or tion and with respect to which a report required under through any place outside the United States, or section 231 has not been filed or contains material (2) receives monetary instruments at the terminaomissions or misstatements, he may apply to any court tion of their transportation to the United States from of competent jurisdiction for a search warrant. Upon a or through any place outside the United States showing of probable cause, the court may issue a warin an amount exceeding $5,000 on any one occasion rant authorizing the search of any or all of the followshall file a report or reports in accordance with subsec- ing: tion (b) of this section. (1) One or more designated persons. (b) Reports required under this section shall be (2) One or more designated or described places or filed at such times and places, and may contain such of premises. the following information and any additional informa- (3) One or more designated or described letters, tion, in such form and in such detail, as the Secretary parcels, packages, or other physical objects. may require: (4) One or more designated or described vehicles. (1) The legal capacity in which the person filing the Any application for a search warrant pursuant to this report is acting with respect to the monetary instrusection shall be accompanied by allegations of fact supments transported. porting the application. (2) The origin, destination, and route of the trans- (b) This section is not in derogation of the authorportation. ity of the Secretary under any other law. (3) Where the monetary instruments are not legally and beneficially owned by the person transporting the same, or are transported for any purpose other than the Chapter 4.—FOREIGN TRANSACTIONS use in his own behalf of the person transporting the same, the identities of the person from whom the Sec. monetary instruments are received, or to whom they 241. Records and reports required. are to be delivered, or both. 242. Classifications and requirements. (4) The amounts and types of monetary instruments § 241. Records and reports required transported. (c) Subsection (a) does not apply to any common (a) The Secretary of the Treasury, having due recarrier of passengers in respect of monetary instru- gard for the need to avoid impeding or controlling the ments in the possession of its passengers, nor to any export or import of currency or other monetary instrucommon carrier of goods in respect of shipments of ments and having due regard also for the need to avoid monetary instruments not declared to be such by the burdening unreasonably persons who legitimately enshipper. gage in transactions with foreign financial agencies, shall by regulation require any resident or citizen of the § 232. Forfeiture United States, or person in the United States and doing (a) Any monetary instruments which are in the business therein, who engages in any transaction or Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
934 FEDERAL RESERVE BULLETIN • DECEMBER 1970 maintains any relationship, directly or indirectly, on be- United States person' includes any noncorporate entity half of himself or another, with a foreign financial in which United States persons directly or indirectly agency to maintain records or to file reports, or both, have more than a 50 per centum beneficial interest, setting forth such of the following information, in such and any corporation in which one or more United form and in such detail, as the Secretary may require: States persons, directly or indirectly, own stock possess- (1) The identities and addresses of the parties to the ing more than 50 per centum of the total combined transaction or relationship. voting power of all classes of stock entitled to vote, or (2) The legal capacities in which the parties to the more than 50 per centum of the total value of shares transaction or relationship are acting, and the identities of all classes of stock. of the real parties in interest if one or more of the "(3) The Board of Governors of the Federal Reparties are not acting solely as principals. serve System may, in its discretion and with due re- (3) A description of the transaction or relationship gard for the purposes of this section, by rule or reguincluding the amounts of money, credit, or other prop- lation exempt any class of United States persons or erty involved. foreign persons controlled by a United States person (b) No person required to maintain records under from the application of this subsection." this section shall be required to produce or otherwise (b) The amendment made by subsection (a) of this disclose the contents of the records except in compli- section does not affect the continuing validity of any ance with a subpena or summons duly authorized and rule or regulation under section 7 of the Securities Exissued or as may otherwise be required by law. change Act of 1934 in effect prior to the effective date of the amendment. § 242. Classifications and requirements The Secretary may prescribe: TITLE IV—EFFECTIVE DATES (1) Any reasonable classification of persons subject § 401. Effective dates to or exempt from any requirement imposed under sec- (a) Except as otherwise provided in this section, tion 241. titles I, II, and III of this Act and the amendments (2) The foreign country or countries as to which made thereby take effect on the first day of the seventh any requirement imposed under section 241 applies or calendar month which begins after the date of enactdoes not apply if, in the judgment of the Secretary, ment. uniform applicability of any such requirement to all (b) The Secretary of the Treasury may by regulaforeign countries is unnecessary or undesirable. tion provide that any provision of title I or II or any (3) The magnitude of transactions subject to any amendment made thereby shall be effective on any date requirement imposed under section 241. not earlier than the publication of the regulation in the (4) Types of transactions subject to or exempt from Federal Register and not later than the first day of the any requirement imposed under section 241. thirteenth calendar month which begins after the date (5) Such other matters as he may deem necessary of enactment. to the application of this chapter. (c) The Board of Governors of the Federal Reserve System may by regulation provide that the amendment TITLE III—MARGIN REQUIREMENTS made by title III shall be effective on any date not earlier than the publication of the regulation in the § 301. Amendment of section 7 of the Securities Ex- Federal Register and not later than the first day of the change Act of 1934 thirteenth calendar month which begins after the date (a) Section 7 of the Securities Exchange Act of of enactment. 1934 (15 U.S.C. 78g) is amended by adding at the end TITLE V—PROVISIONS RELATING TO thereof the following new subsection: "(f) (1) It is unlawful for any United States person, CREDIT CARDS or any foreign person controlled by a United States SEC. 501. Section 103 of the Truth in Lending Act person or acting on behalf of or in conjunction with (82 Stat. 146) is amended by redesignating subsections such person, to obtain, receive, or enjoy the beneficial (j), (k), and (1) as subsections (p), (q), and (r), reuse of a loan or other extension of credit from any spectively, and by adding after subsection (i) the follender (without regard to whether the lender's office or lowing: place of business is in a State or the transaction oc- "(j) The term 'adequate notice', as used in section curred in whole or in part within a State) for the pur- 133, means a printed notice to a cardholder which sets pose of (A) purchasing or carrying United States forth the pertinent facts clearly and conspicuously so securities, or (B) purchasing or carrying within the that a person against whom it is to operate could rea- United States of any other securities, if, under this sec- sonably be expected to have noticed it and understood tion or rules and regulations prescribed thereunder, the its meaning. Such notice may be given to a cardholder loan or other credit transaction is prohibited or would by printing the notice on any credit card, or on each be prohibited if it had been made or the transaction periodic statement of account, issued to the cardholdhad otherwise occurred in a lender's office or other er, or by any other means reasonably assuring the place of business in a State. receipt thereof by the cardholder. "(2) For the purposes of this subsection— "(k) The term 'credit card' means any card, plate, "(A) The term 'United States person' includes a coupon book or other credit device existing for the person which is organized or exists under the laws of purpose of obtaining money, property, labor, or servany State or, in the case of a natural person, a citizen ices on credit. or resident of the United States; a domestic estate; or a "(1) The term 'accepted credit card' means any credit trust in which one or more of the foregoing persons card which the cardholder has requested and received has a cumulative direct or indirect beneficial interest in or has signed or has used, or authorized another to use, excess of 50 per centum of the value of the trust. for the purpose of obtaining money, property, labor, or "(B) The term 'United States security' means a services on credit. security (other than an exempted security) issued by a "(m) The term 'cardholder' means any person to person incorporated under the laws of any State, or whom a credit card is issued or any person who has whose principal place of business is within a State. agreed with the card issuer to pay obligations arising "(C) The term 'foreign person controlled by a from the issuance of a credit card to another person. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 935 "(n) The term 'card issuer' means any person who "133. Liability of holder of credit card. issues a credit card, or the agent of such person with "134. Fraudulent use of credit card." respect to such card. SEC. 503. The amendments to the Truth in Lending "(o) The term 'unauthorized use', as used in section Act made by this title become effective as follows: 133, means a use of a credit card by a person other (1) Section 132 of such Act takes effect upon the than the cardholder who does not have actual, implied, date of enactment of this title. or apparent authority for such use and from which the (2) Section 133 of such Act takes effect upon the cardholder receives no benefit." expiration of 90 days after such date of enactment. SEC. 502. (a) The Truth in Lending Act (82 Stat. (3) Section 134 of such Act applies to offenses com- 146) is amended by adding after section 131 the fol- mitted on or after such date of enactment. lowing sections: "§ 132. Issuance of credit cards TITLE VI—PROVISIONS RELATING TO "No credit card shall be issued except in response to a CREDIT REPORTING AGENCIES request or application therefor. This prohibition does not apply to the issuance of a credit card in renewal of, AMENDMENT OF CONSUMER CREDIT or in substitution for, an accepted credit card. PROTECTION ACT "§ 133. Liability of holder of credit card SEC. 601. The Consumer Credit Protection Act is "(a) A cardholder shall be liable for the unauthor- amended by adding at the end thereof the following ized use of a credit card only if the card is an accepted new title: credit card, the liability is not in excess of $50, the card "TITLE VI—CONSUMER CREDIT REPORTING issuer gives adequate notice to the cardholder of the potential liability, the card issuer has provided the "Sec. cardholder with a self-addressed, prestamped notifica- "601. Short title. tion to be mailed by the cardholder in the event of the "602. Findings and purpose. loss or theft of the credit card, and the unauthorized "603. Definitions and rules of construction. use occurs before the cardholder has notified the card "604. Permissible purposes of reports. issuer that an unauthorized use of the credit card has "605. Obsolete information. occurred or may occur as the result of loss, theft, or "606. Disclosure of investigative consumer reports. otherwise. Notwithstanding the foregoing, no card- "607. Compliance procedures. holder shall be liable for the unauthorized use of any "608. Disclosures to governmental agencies. credit card which was issued on or after the effective "609. Disclosure to consumers. date of this section, and, after the expiration of twelve "610. Conditions of disclosure to consumers. months following such effective date, no cardholder "611. Procedure in case of disputed accuracy. shall be liable for the unauthorized use of any credit "612. Charges for certain disclosures. card regardless of the date of its issuance, unless (1) "613. Public record information for employment purposes. the conditions of liability specified in the preceding "614. Restrictions on investigative consumer reports. sentence are met, and (2) the card issuer has provided "615. Requirements on users of consumer reports. a method whereby the user of such card can be iden- "616. Civil liability for willful noncompliance. tified as the person authorized to use it. For the pur- "617. Civil liability for negligent noncompliance. poses of this section, a cardholder notifies a card issuer "618. Jurisdiction of courts; limitation of actions. by taking such steps as may be reasonably required in "619. Obtaining information under false pretenses. the ordinary course of business to provide the card is- "620. Unauthorized disclosures by officers or employees. suer with the pertinent information whether or not any "621. Administrative enforcement. particular officer, employee, or agent of the card issuer "622. Relation to State laws. does in fact receive such information. "(b) In any action by a card issuer to enforce lia- "§ 601. Short title bility for the use of a credit card, the burden of proof "This title may be cited as the Fair Credit Reporting is upon the card issuer to show that the use was author- Act. ized or, if the use was unauthorized, then the burden "§ 602. Findings and purpose of proof is upon the card issuer to show that the con- "(a) The Congress makes the following findings: ditions of liability for the unauthorized use of a credit "(1) The banking system is dependent upon fair and card, as set forth in subsection (a), have been met. accurate credit reporting. Inaccurate credit reports di- "(c) Nothing in this section imposes liability upon a cardholder for the unauthorized use of a credit card rectly impair the efficiency of the banking system, and in excess of his liability for such use under other ap- unfair credit reporting methods undermine the public plicable law or under any agreement with the card confidence which is essential to the continued functionissuer. ing of the banking system. "(d) Except as provided in this section, a card- "(2) An elaborate mechanism has been developed holder incurs no liability from the unauthorized use of for investigating and evaluating the credit worthiness, a credit card. credit standing, credit capacity, character, and general reputation of consumers. "§ 134. Fraudulent use of credit card "(3) Consumer reporting agencies have assumed a "Whoever, in a transaction affecting interstate or vital role in assembling and evaluating consumer credit foreign commerce, uses any counterfeit, fictitious, and other information on consumers. altered, forged, lost, stolen, or fraudulently obtained "(4) There is a need to insure that consumer reportcredit card to obtain goods or services, or both, having ing agencies exercise their grave responsibilities with a retail value aggregating $5,000 or more, shall be fairness, impartiality, and a respect for the consumer's fined not more than $10,000 or imprisoned not more right to privacy. than five years, or both." "(b) It is the purpose of this title to require that (b) The table of contents of chapter 2 of the Truth consumer reporting agencies adopt reasonable procein Lending Act is amended by adding at the end dures for meeting the needs of commerce for conthereof the following: sumer credit, personnel, insurance, and other informa- "132. Issuance of credit cards. tion in a manner which is fair and equitable to the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
936 FEDERAL RESERVE BULLETIN • DECEMBER 1970 consumer, with regard to the confidentiality, accuracy, dividual to whom it relates, from licensed physicians relevancy, and proper utilization of such information or medical practitioners, hospitals, clinics, or other in accordance with the requirements of this title. medical or medically related facilities. "§ 603. Definitions and rules of construction "§ 604. Permissible purposes of reports "(a) Definitions and rules of construction set forth "A consumer reporting agency may furnish a conin this section are applicable for the purposes of this sumer report under the following circumstances and no title. other: "(b) The term 'person' means any individual, part- "(1) In response to the order of a court having nership, corporation, trust, estate, cooperative, associa- jurisdiction to issue such an order. tion, government or governmental subdivision or "(2) In accordance with the written instructions of agency, or other entity. the consumer to whom it relates. "(c) The term 'consumer' means an individual. "(3) To a person which it has reason to believe— "(d) The term 'consumer report' means any written, "(A) intends to use the information in connection oral, or other communication of any information by a with a credit transaction involving the consumer on consumer reporting agency bearing on a consumer's whom the information is to be furnished and involving credit worthiness, credit standing, credit capacity, char- the extension of credit to, or review or collection of an acter, general reputation, personal characteristics, or account of, the consumer; or mode of living which is used or expected to be used or "(B) intends to use the information for employment collected in whole or in part for the purpose of serving purposes; or as a factor in establishing the consumer's eligibility for "(C) intends to use the information in connection (1) credit or insurance to be used primarily for per- with the underwriting of insurance involving the consonal, family, or household purposes, or (2) employ- sumer; or ment purposes, or (3) other purposes authorized under "(D) intends to use the information in connection section 604. The term does not include (A) any report with a determination of the consumer's eligibility for a containing information solely as to transactions or ex- license or other benefit granted by a governmental inperiences between the consumer and the person making strumentality required by law to consider an applicant's the report; (B) any authorization or approval of a financial responsibility or status; or specific extension of credit directly or indirectly by the "(E) otherwise has a legitimate business need for issuer of a credit card or similar device; or (C) any the information in connection with a business transacreport in which a person who has been requested by a tion involving the consumer. third party to make a specific extension of credit di- "§ 605. Obsolete information rectly or indirectly to a consumer conveys his decision with respect to such request, if the third party advises "(a) Except as authorized under subsection (b), no the consumer of the name and address of the person to consumer reporting agency may make any consumer whom the request was made and such person makes report containing any of the following items of inthe disclosures to the consumer required under section formation : 615. "(1) Bankruptcies which, from date of adjudication "(e) The term 'investigative consumer report' of the most recent bankruptcy, antedate the report by means a consumer report or portion thereof in which more than fourteen years. information on a consumer's character, general reputa- "(2) Suits and judgments which, from date of entry, tion, personal characteristics, or mode of living is ob- antedate the report by more than seven years or until tained through personal interviews with neighbors, the governing statute of limitations has expired, whichfriends, or associates of the consumer reported on or ever is the longer period. with others with whom he is acquainted or who may "(3) Paid tax liens which, from date of payment, have knowledge concerning any such items of informa- antedate the report by more than seven years. tion. However, such information shall not include "(4) Accounts placed for collection or charged to specific factual information on a consumer's credit profit and loss which antedate the report by more than record obtained directly from a creditor of the con- seven years. sumer or from a consumer reporting agency when such "(5) Records of arrest, indictment, or conviction of information was obtained directly from a creditor of crime which, from date of disposition, release, or the consumer or from the consumer. parole, antedate the report by more than seven years. "(f) The term 'consumer reporting agency' means "(6) Any other adverse item of information which any person which, for monetary fees, dues, or on a co- antedates the report by more than seven years. "(b) The provisions of subsection (a) are not apoperative nonprofit basis, regularly engages in whole or plicable in the case of any consumer credit report to be in part in the practice of assembling or evaluating conused in connection with— sumer credit information or other information on con- "(1) a credit transaction involving, or which may sumers for the purpose of furnishing consumer reports reasonably be expected to involve, a principal amount to third parties, and which uses any means or facility of $50,000 or more; of interstate commerce for the purpose of preparing or "(2) the underwriting of life insurance involving, or furnishing consumer reports. which may reasonably be expected to involve, a face "(g) The term 'file', when used in connection with amount of $50,000 or more; or information on any consumer, means all of the infor- "(3) the employment of any individual at an annual mation on that consumer recorded and retained by a salary which equals, or which may reasonably be exconsumer reporting agency regardless of how the inpected to equal, $20,000 or more. formation is stored. "(h) The term 'employment purposes' when used in "§ 606. Disclosure of investigative consumer reports connection with a consumer report means a report used "(a) A person may not procure or cause to be prefor the purpose of evaluating a consumer for employ- pared an investigative consumer report on any conment, promotion, reassignment or retention as an em- sumer unless— ployee. "(1) it is clearly and accurately disclosed to the "(i) The term 'medical information' means informa- consumer that an investigative consumer report includtion or records obtained, with the consent of the in- ing information as to his character, general reputation, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 937 personal characteristics, and mode of living, whichever "(3) The recipients of any consumer report on the are applicable, may be made, and such disclosure (A) consumer which it has furnished— is made in a writing mailed, or otherwise delivered, to "(A) for employment purposes within the two-year the consumer, not later than three days after the date period preceding the request, and on which the report was first requested, and (B) in- "(B) for any other purpose within the six-month cludes a statement informing the consumer of his right period preceding the request. _ to request the additional disclosures provided for under "(b) The requirements of subsection (a) respecting subsection (b) of this section; or the disclosure of sources of information and the recip- "(2) the report is to be used for employment pur- ients of consumer reports do not apply to information poses for which the consumer has not specifically ap- received or consumer reports furnished prior to the plied. effective date of this title except to the extent that the "(b) Any person who procures or causes to be pre- matter involved is contained in the files of the conpared an investigative consumer report on any con- sumer reporting agency on that date. sumer shall, upon written request made by the con- "§ 610. Conditions of disclosure to consumers sumer within a reasonable period of time after the receipt by him of the disclosure required by subsection "(a) A consumer reporting agency shall make the (a)(1), shall make a complete and accurate disclosure disclosures required under section 609 during normal of the nature and scope of the investigation requested. business hours and on reasonable notice. This disclosure shall be made in a writing mailed, or "(b) The disclosures required under section 609 otherwise delivered, to the consumer not later than five shall be made to the consumer— days after the date on which the request for such dis- "(1) in person if he appears in person and furnishes closure was received from the consumer or such report proper identification; or was first requested, whichever is the later. "(2) by telephone if he has made a written request, "(c) No person may be held liable for any violation with proper identification, for telephone disclosure and of subsection (a) or (b) of this section if he shows by the toll charge, if any, for the telephone call is prepaid a preponderance of the evidence that at the time of the by or charged directly to the consumer. violation he maintained reasonable procedures to as- "(c) Any consumer reporting agency shall provide sure compliance with subsection (a) or (b). trained personnel to explain to the consumer any in- "§ 607. Compliance procedures formation furnished to him pursuant to section 609. "(d) The consumer shall be permitted to be accom- "(a) Every consumer reporting agency shall mainpanied by one other person of his choosing, who shall tain reasonable procedures designed to avoid violations furnish reasonable identification. A consumer reporting of section 605 and to limit the furnishing of consumer agency may require the consumer to furnish a written reports to the purposes listed under section 604. These statement granting permission to the consumer reportprocedures shall require that prospective users of the in e agencv to discuss the consumer's file in such perinformation identify themselves, certify the purposes son's presence. for which the information is sought, and certify that "(ej Except as provided in sections 616 and 617, no the information will be used for no other purpose. consumer may bring any action or proceeding in the Every consumer reporting agency shall make a reasonnature of defamation, invasion of privacy, or negliable effort to verify the identity of a new prospective gence with respect to the reporting of information user and the uses certified by such prospective user prior to furnishing such user a consumer report. No against any consumer reporting agency, any user of inconsumer reporting agency may furnish a consumer formation, or any person who furnishes information to report to any person if it has reasonable grounds for a consumer reporting agency, based on information believing that the consumer report will not be used for disclosed pursuant to section 609, 610, or 615, except a purpose listed in section 604. as to false information furnished with malice or willful intent to injure such consumer. "(b) Whenever a consumer reporting agency pre- "§ 611. Procedure in case of disputed accuracy pares a consumer report it shall follow reasonable procedures to assure maximum possible accuracy of "(a) If the completeness or accuracy of any item of the information concerning the individual about whom information contained in his file is disputed by a conthe report relates. sumer, and such dispute is directly conveyed to the "§ 608. Disclosures to governmental agencies consumer reporting agency by the consumer, the consumer reporting agency shall within a reasonable "Notwithstanding the provisions of section 604, a period of time reinvestigate and record the current consumer reporting agency may furnish identifying instatus of that information unless it has reasonable formation respecting any consumer, limited to his grounds to believe that the dispute by the consumer is name, address, former addresses, places of employfrivolous or irrelevant. If after such reinvestigation ment, or former places of employment, to a governsuch information is found to be inaccurate or can no mental agency. longer be verified, the consumer reporting agency shall "§ 609. Disclosures to consumers promptly delete such information. The presence of "(a) Every consumer reporting agency shall, upon contradictory information in the consumer's file does request and proper identification of any consumer, not in and of itself constitute reasonable grounds for clearly and accurately disclose to the consumer: believing the dispute is frivolous or irrelevant. "(1) The nature and substance of all information "(b) If the reinvestigation does not resolve the dis- (except medical information) in its files on the con- pute, the consumer may file a brief statement setting sumer at the time of the request. forth the nature of the dispute. The consumer report- "(2) The sources of the information; except that the ing agency may limit such statements to not more than sources of information acquired solely for use in pre- one hundred words if it provides the consumer with paring an investigative consumer report and actually assistance in writing a clear summary of the dispute. used for no other purpose need not be disclosed: Pro- "(c) Whenever a statement of a dispute is filed, unvided, That in the event an action is brought under less there is reasonable grounds to believe that it is this title, such sources shall be available to the plaintiff frivolous or irrelevant, the consumer reporting agency under appropriate discovery procedures in the court in shall, in any subsequent consumer report containing which the action is brought. the information in question, clearly note that it is dis- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
938 FEDERAL RESERVE BULLETIN • DECEMBER 1970 puted by the consumer and provide either the con- formation in the consumer report (other than inforsumer's statement or a clear and accurate codification mation which is a matter of public record) may be or summary thereof. included in a subsequent consumer report unless such "(d) Following any deletion of information which is adverse information has been verified in the process of found to be inaccurate or whose accuracy can no making such subsequent consumer report, or the adlonger be verified or any notation as to disputed in- verse information was received within the three-month formation, the consumer reporting agency shall, at the period preceding the date the subsequent report is request of the consumer, furnish notification that the furnished. item has been deleted or the statement, codification or "§ 615. Requirements on users of consumer reports summary pursuant to subsection (b) or (c) to any "(a) Whenever credit or insurance for personal, person specifically designated by the consumer who has family, or household purposes, or employment involvwithin two years prior thereto received a consumer re- ing a consumer is denied or the charge for such credit port for employment purposes, or within six months or insurance is increased either wholly or partly beprior thereto received a consumer report for any other cause of information contained in a consumer report purpose, which contained the deleted or disputed in- from a consumer reporting agency, the user of the formation. The consumer reporting agency shall clearly consumer report shall so advise the consumer against and conspicuously disclose to the consumer his rights whom such adverse action has been taken and supply to make such a request. Such disclosure shall be made the name and address of the consumer reporting at or prior to the time the information is deleted or the agency making the report. consumer's statement regarding the disputed information is received. "(b) Whenever credit for personal, family, or household purposes involving a consumer is denied or "§ 612. Charges for certain disclosures the charge for such credit is increased either wholly or "A consumer reporting agency shall make all dis- partly because of information obtained from a person closures pursuant to section 609 and furnish all con- other than a consumer reporting agency bearing upon sumer reports pursuant to section 611(d) without the consumer's credit worthiness, credit standing, credit charge to the consumer if, within thirty days after capacity, character, general reputation, personal charreceipt by such consumer of a notification pursuant to acteristics, or mode of living, the user of such insection 615 or notification from a debt collection formation shall, within a reasonable period of time, agency affiliated with such consumer reporting agency upon the consumer's written request for the reasons stating that the consumer's credit rating may be or has for such adverse action received within sixty days been adversely affected, the consumer makes a request after learning of such adverse action, disclose the under section 609 or 611(d). Otherwise, the consumer nature of the information to the consumer. The user reporting agency may impose a reasonable charge on of such information shall clearly and accurately disthe consumer for making disclosure to such consumer close to the consumer his right to make such written pursuant to section 609, the charge for which shall be request at the time such adverse action is communiindicated to the consumer prior to making disclosure; cated to the consumer. and for furnishing notifications, statements, summaries, "(c) No person shall be held liable for any violaor codifications to person designated by the consumer tion of this section if he shows by a preponderance of pursuant to section 611(d), the charge for which shall the evidence that at the time of the alleged violation be indicated to the consumer prior to furnishing such he maintained reasonable procedures to assure cominformation and shall not exceed the charge that the pliance with the provisions of subsections (a) and (b) consumer reporting agency would impose on each designated recipient for a consumer report except that no "§ 616. Civil liability for willful noncompliance charge may be made for notifying such persons of the "Any consumer reporting agency or user of infordeletion of information which is found to be inaccurate mation which willfully fails to comply with any reor which can no longer be verified. quirement imposed under this title with respect to any "§ 613. Public record information for employment consumer is liable to that consumer in an amount purposes equal to the sum of— "A consumer reporting agency which furnishes a "(1) any actual damages sustained by the conconsumer report for employment purposes and which sumer as a result of the failure; for that purpose compiles and reports items of infor- "(2) such amount of punitive damages as the court mation on consumers which are matters of public may allow; and record and are likely to have an adverse effect upon a "(3) in the case of any successful action to enforce consumer's ability to obtain employment shall— any liability under this section, the costs of the action "(1) at the time such public record information is together with reasonable attorney's fees as determined reported to the user of such consumer report, notify by the court. the consumer of the fact that public record informa- "§ 617. Civil liability for negligent noncompliance tion is being reported by the consumer reporting "Any consumer reporting agency or user of inforagency, together with the name and address of the permation which is negligent in failing to comply with son to whom such information is being reported; or any requirement imposed under this title with respect "(2) maintain strict procedures designed to insure to any consumer is liable to that consumer in an that whenever public record information which is likely amount equal to the sum of— to have an adverse effect on a consumer's ability to ob- "(1) any actual damages sustained by the consumer tain employment is reported it is complete and up to as a result of the failure; date. For purposes of this paragraph, items of public "(2) in the case of any successful action to enforce record relating to arrest, indictments, convictions, suits, any liability under this section, the costs of the action tax liens, and outstanding judgments shall be contogether with reasonable attorney's fees as determined sidered up to date if the current public record status by the court. of the item at the time of the report is reported. "§ 618. Jurisdiction of courts; limitation of actions "§ 614. Restrictions on investigative consumer reports "An action to enforce any liability created under "Whenever a consumer reporting agency prepares this title may be brought in any appropriate United an investigative consumer report, no adverse in- States district court without regard to the amount in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 939 controversy, or in any other court of competent juris- under this title with respect to consumer reporting diction, within two years from the date on which the agencies and persons who use consumer reports from liability arises, except that where a defendant has such agencies shall be enforced under— materially and willfully misrepresented any informa- "(1) section 8 of the Federal Deposit Insurance tion required under this title to be disclosed to an in- Act, in the case of: dividual and the information so misrepresented is ma- "(A) national banks, by the Comptroller of the terial to the establishment of the defendant's liability Currency; to that individual under this title, the action may be "(B) member banks of the Federal Reserve System brought at any time within two years after discovery (other than national banks), by the Federal Reserve by the individual of the misrepresentation. Board; and "§ 619. Obtaining information under false pretenses "(C) banks insured by the Federal Deposit Insur- "Any person who knowingly and willfully obtains ance Corporation (other than members of the Federal information on a consumer from a consumer reporting Reserve System), by the Board of Directors of the agency under false pretenses shall be fined not more the Federal Deposit Insurance Corporation. than $5,000 or imprisoned not more than one year, or "(2) section 5(d) of the Home Owners Loan Act both. of 1933, section 407 of the National Housing Act, and sections 6(i) and 17 of the Federal Home Loan Bank "§ 620. Unauthorized disclosures by officers or em- Act, by the Federal Home Loan Bank Board (acting ployees directly or through the Federal Savings and Loan In- "Any officer or employee of a consumer reporting surance Corporation), in the case of any institution agency who knowingly and willfully provides informa- subject to any of those provisions; tion concerning an individual from the agency's files "(3) the Federal Credit Union Act, by the Adto a person not authorized to receive that information ministrator of the National Credit Union Administrashall be fined not more than $5,000 or imprisoned not tion with respect to any Federal credit union; more than one year, or both. "(4) the Acts to regulate commerce, by the Interstate Commerce Commission with respect to any com- "§ 621. Administrative enforcement mon carrier subject to those Acts; "(a) Compliance with the requirements imposed "(5) the Federal Aviation Act of 1958, by the under this title shall be enforced under the Federal Civil Aeronautics Board with respect to any air carrier Trade Commission Act by the Federal Trade Comor foreign air carrier subject to that Act; and mission with respect to consumer reporting agencies and all other persons subject thereto, except to the "(6) the Packers and Stockyards Act, 1921 (exextent that enforcement of the requirements imposed cept as provided in section 406 of that Act), by the under this title is specifically committed to some other Secretary of Agriculture with respect to any activities government agency under subsection (b) hereof. For subject to that Act. the purpose of the exercise by the Federal Trade Com- "(c) For the purpose of the exercise by any agency mission of its functions and powers under the Federal referred to in subsection (b) of its powers under any Trade Commission Act, a violation of any requirement Act referred to in that subsection a violation of any reor prohibition imposed under this title shall constitute quirement imposed under this title shall be deemed to an unfair or deceptive act or practice in commerce in be a violation of a requirement imposed under that Act. violation of section 5(a) of the Federal Trade Com- In addition to its powers under any provision of law mission Act and shall be subject to enforcement by specifically referred to in subsection (b), each of the the Federal Trade Commission under section 5(b) agencies referred to in that subsection may exercise, thereof with respect to any consumer reporting agency for the purpose of enforcing compliance with any or person subject to enforcement by the Federal Trade requirement imposed under this title any other au- Commission pursuant to this subsection, irrespective thority conferred on it by law. of whether that person is engaged in commerce or meets any other jurisdictional tests in the Federal "§ 622. Relation to State laws Trade Commission Act. The Federal Trade Commis- "This title does not annul, alter, affect, or exempt sion shall have such procedural, investigative, and any person subject to the provisions of this title from enforcement powers, including the power to issue complying with the laws of any State with respect to procedural rules in enforcing compliance with the re- the collection, distribution, or use of any information quirements imposed under this title and to require on consumers, except to the extent that those laws are the filing of reports, the production of documents, inconsistent with any provision of this title, and then and the appearance of witnesses as though the ap- only to the extent of the inconsistency." plicable terms and conditions of the Federal Trade Commission Act were part of this title. Any person EFFECTIVE DATE violating any of the provisions of this title shall be SEC. 602. Section 504 of the Consumer Credit subject to the penalties and entitled to the privileges Protection Act is amended by adding at the end thereand immunities provided in the Federal Trade Com- of the following new subsection: mission Act as though the applicable terms and pro- "(d) Title VI takes effect upon the expiration of visions thereof were part of this title. one hundred and eighty days following the date of "(b) Compliance with the requirements imposed its enactment." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
940 FEDERAL RESERVE BULLETIN • DECEMBER 1970 ADVANCES AND DISCOUNTS BY FEDERAL ber bank requesting Reserve Bank credit shall be RESERVE BANKS deemed to represent and guarantee (1) that it is not The Board of Governors, effective November 23, acting as the medium or agent of a nonmember bank 1970, has amended section 201.2(c) and section in receiving credit from a Reserve Bank except in 201.4(a) of Regulation A, "Advances and Discounts accordance with the provisions of this Part, and (2) by Federal Reserve Banks", so as to facilitate a that, except as to credit granted under § 201.2(c), simplification of procedures with respect to exten- as long as the credit is outstanding no obligor on sions of Reserve Bank credit by elimination of regu- paper tendered as collateral or for discount will be latory language that implies that a formal written indebted to it in an amount exceeding the limitations application must be submitted by a member bank in section 5200 of the Revised Statutes, which for in connection with each borrowing from a Reserve this purpose shall be deemed to apply to State mem- Bank and that a promissory note must be executed ber as well as national banks. in connection with each such borrowing. The amendments are essentially of a procedural and technical * * * * * nature and reflect no change in the Federal Reserve RESERVES AGAINST EURODOLLAR BORROWINGS System's general credit and monetary policies. The text of the amendments reads as follows: The Board of Governors, effective January 7, 1971, has amended section 204.5 of Regulation D, AMENDMENTS TO REGULATION A "Reserves of Member Banks", (the Supplement to Effective November 23, 1970, Part 201 is amended Regulation D) and section 213.7 of Regulation M, in the following respects: "Foreign Activities of National Banks", in regard Paragraph (c) of § 201.2 is amended to read as to member bank borrowings of Eurodollars. The follows: principal change is to raise from 10 to 20 per cent the reserve ratio applicable to a member bank's SECTION 201.2—ADVANCES TO MEMBER Eurodollar borrowings to the extent they exceed a BANKS specified reserve-free base. The second major change sis H5 • applies an automatic downward adjustment feature (c) Advances on other security under section to the minimum reserve-free bases applicable to 10(b) of the Federal Reserve Act. Any Federal Eurodollar borrowings. The text of the amendments Reserve Bank may make advances, under authority reads as follows: of section 10(b) of the Federal Reserve Act, to any of its member banks if secured to the satis- AMENDMENT TO REGULATION D faction of such Federal Reserve Bank regardless of Effective January 7, 1971, section 204.5(c) is whether the collateral offered as security conforms amended to read as follows: to eligibility requirements under other provisions of this Part. The rate on advances made under the SECTION 204.5—RESERVE REQUIREMENTS provisions of this paragraph shall in no event be less than one-half of 1 per cent per annum higher than (c) Reserve percentages against certain deposits the highest rate applicable to discounts for member by foreign banking offices. Deposits represented by banks under the provisions of sections 13 and 13a promissory notes, acknowledgments of advance, due of the Federal Reserve Act in effect at such Federal bills, or similar obligations described in § 204.1(f) Reserve Bank. Such an advance must be repayable to foreign offices of other banks,8 or institutions the either (1) on a definite date not more than four time deposits of which are exempt from the rate months after the date of such advance, or (2) at limitations of Regulation Q pursuant to § 217.3(g) the option of the Reserve Bank on or before a thereof, shall not be subject to paragraph (a) of this definite date not more than four months after the section or to § 204.3(a)(1) and (2); but during date of such advance. each week of the four-week period beginning October 16, 1969, and during each week of each suc- Paragraph (a) of § 201.4 is amended to read as cessive four-week ("maintenance") period, a memfollows: ber bank shall maintain with the Reserve Bank of SECTION 201.4—GENERAL REQUIREMENTS s Any banking office located outside the States of the AS TO ADVANCES AND DISCOUNTS United States and the District of Columbia of a bank (a) Representations by member banks. A mem- organized under domestic or foreign law. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 941 its district a daily average balance equal to 20 per ginning of the maintenance period, exceeds the cent of the amount by which the daily average greater of amount of such deposits during the four-week (i) the corresponding daily average total8 for ("computation") period ending on the Wednesday the computation period ending November 25, 1970, fifteen days before the beginning of the maintenance or the lowest corresponding daily average total for period exceeds the lesser of (i) 3 per cent of such any computation period beginning after that date, member bank's daily average deposits subject to whichever amount is the lesser, or paragraph (a) of this section during the current (ii) 3 per cent of the member bank's daily avercomputation period or during the computation age deposits subject to § 204.5(a) of this chapter period ending November 25, 1970, whichever is (Regulation D) during the current computation greater, or (ii) the lowest corresponding daily aver- period, or, if the bank has had a foreign branch in age total for any computation period beginning on operation for more than 90 days, the lowest correor after December 24, 1970. An excess or deficiency sponding daily average total for any computation in reserves in any week of a maintenance period period beginning on or after December 24, 1970, under this paragraph shall be subject to § 204.3(a) whichever amount is the lesser: (3), as if computed under § 204.3(a)(2), and de- Provided, That the applicable base computed under ficiencies under this paragraph shall be subject to § 204.3(b).6 (i) or (ii) shall be reduced by the daily average amount of any deposits of the member bank subject 6 The term "computation period" in § 204.3(a) (3) and to § 204.5(c) of this chapter (Regulation D) dur- (b) shall, for this purpose, be deemed to refer to each ing the computation period. week of a maintenance period under this paragraph. (b) Credit extended to United States residents. AMENDMENT TO REGULATION M During each week of the four-week period beginning October 16, 1969, and during each week of Effective January 7, 1971, section 213.7 is each successive four-week maintenance period, a amended to read as follows: member bank having one or more foreign branches shall maintain with the Reserve Bank of its district, as a reserve against its foreign branch deposits, a SECTION 213.7—RESERVES AGAINST daily average balance equal to 20 per cent of the FOREIGN BRANCH DEPOSITS amount by which daily average credit outstanding (a) Transactions with parent bank. During each from such branches to United States residents9 week of the four-week period beginning October 16, (other than assets acquired and net balances due 1969, and during each week of each successive four- from its domestic offices), during the four-week week ("maintenance") period, a member bank hav- computation period ending on Wednesday fifteen ing one or more foreign branches shall maintain days before the beginning of the maintenance period, with the Reserve Bank of its district, as a reserve exceeds the corresponding daily average total during against its foreign branch deposits, a daily average the four-week period ending on November 25, 1970: balance equal to 20 per cent of the amount by which Provided, That this paragraph does not apply to the daily average total of credit extended (1) by a foreign branch which at no time during the computation period had credit (1) net balances due from its domestic offices outstanding to United States residents exceeding $5 to such branches, and million, (2) to enable the borrower to comply with (2) assets (including participations) held by such requirements of the Office of Foreign Direct Investbranches which were acquired from its domestic offices.7 s Excluding assets representing credit extended to persons not residents of the United States. during the four-week ("computation") period end- 9 (a) Any individual residing (at the time the credit is ing on the Wednesday fifteen days before the be- extended) in any State of the United States or the District of Columbia; (b) any corporation, partnership, association or other entity organized therein ("domestic corporation"); 7 Excluding (1) assets so held on June 26, 1969, repre- and (c) any branch or office located therein of any other senting credit extended to persons not residents of the entity wherever organized. Credit extended to a foreign United States and (2) credit extended or renewed by a branch, office, subsidiary, affiliate or other foreign estabdomestic office after June 26, 1969, to persons not residents lishment ("foreign affiliate") controlled by one or more of the United States to the extent such credit was not ex- such domestic corporations will not be deemed to be credit tended in order to replace credit outstanding on that date extended to a United States resident if the proceeds will be which was paid prior to its original maturity (see definition used in its foreign business or that of other foreign affiliates of United States resident in footnote 9). of the controlling domestic corporation(s). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
942 FEDERAL RESERVE BULLETIN • DECEMBER 1970 ments, Department of Commerce,10 or (3) under to use silver coins at any time to meet customers' binding commitments entered into before December demands are: 1, 1970. (1) The bank holds the coins subject to a repurchase agreement or an option by the customer 1,1 The branch may in good faith rely on the borrower's certification that the funds will be so used. or his assignee (a borrowing by the bank of the coins). (2) Coins are deposited by the customer and the INTERPRETATION OF REGULATION D bank promises to resell to the customer a similar amount of coins (in effect a borrowing by the bank CURRENCY OR COIN HELD PRINCIPALLY of the coins). FOR ITS NUMISMATIC OR BULLION VALUE * (3) The coins deposited by the customer are to be segregated and returned to the customer upon The Board of Governors has considered the status his request or after a certain period of time (a under Regulation D for purposes of reserve com- bailment). putations of currency and coins held by member (4) The bank issues a certificate of deposit, the banks principally for their numismatic or bullion consideration for which is coins, and the bank simulvalue. taneously enters into an agreement to redeem the It appears that a number of banks have been certificate by payment of the coins, either the idencounting as part of their reserve requirements silver tical coins deposited by the customer or similar coins coins which the banks have acquired and segregated (a special deposit). from coins available to meet customers' demands. (5) Coins are transferred to the bank as collateral In some cases, the coins are held by the bank for for a loan. its own account with the expectation of earning a An agreement between the bank and its customer premium over face value because of the greater that the currency or coin is to be regarded as "owned" numismatic or bullion value of the coins. In other by the bank for purposes of reserve requirements is cases, the coins are held by the bank for the account not determinative. Whether currency or coin may of its customers, under a written or oral agreement, be counted as reserves depends on the underlying whereby the customer retains the right to, or an nature of the transaction in the light of the principle option on, such coins. and examples set forth herein. When a member bank acquires currency or coin This interpretation is not intended to affect the that it has the full and unrestricted right to use at legality of agreements, undertakings, or arrangeany time to meet depositors' claims, such currency ments between the bank and its customers regarding or coin may be counted as reserves for purposes of currency or coin. satisfying the bank's reserve requirements. The fact that a bank may choose to segregate part of such ORDERS UNDER BANK MERGER ACT currency or coin does not of itself disqualify the currency or coin from counting as reserves. LONG ISLAND TRUST COMPANY A bank does not have "the full and unrestricted GARDEN CITY, NEW YORK right" within the meaning of the preceding para- In the matter of the application of Long Island graph if the bank is prevented, legally or practically, Trust Company, Garden City, New York, for apby virtue of customer agreements, undertakings, or proval of merger with Seaside Bank, Westhampton arrangements, from using the currency or coin at Beach, New York. any time to meet customer's demands. Such customer agreements, undertakings, or arrangements may re- ORDER APPROVING MERGER OF BANKS late to the specific currency or coins transferred to There has come before the Board of Governors, the bank or to currency or coin that the bank is or pursuant to the Bank Merger Act (12 U.S.C. 1828 may be obligated to acquire to replace the specific (c)), an application by Long Island Trust Comcurrency or coins so transferred. pany, Garden City, New York ("Long Island Examples of agreements, undertakings, or ar- Trust"), a State member bank of the Federal Rerangements between a bank and its customer that serve System, for the Board's prior approval of the have come to the Board's attention under which the merger of that bank and Seaside Bank, Westhampbank does not have the full and unrestricted right ton Beach, New York, under the charter and name * This interpretation is effective January 7, 1971. of Long Island Trust. As an incident to the merger, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 943 the sole office of Seaside Bank would become a approved shall not be consummated (a) before the branch of the resulting bank. Notice of the pro- thirtieth calendar day following the date of this posed merger, in form approved by the Board, has Order or (b) later than three months after the date been published pursuant to said Act. of this Order, unless such period is extended for In accordance with the Act, the Board requested good cause by the Board, or by the Federal Reserve reports on the competitive factors involved from the Bank of New York pursuant to delegated authority. Attorney General, the Comptroller of the Currency, By order of the Board of Governors, November and the Federal Deposit Insurance Corporation. The 12, 1970. Board has considered all relevant material contained in the record in the light of the factors set forth in Voting for this action: Chairman Burns and Governors Mitchell, Maisel, Brimmer, and Sherrill. Absent the Act, including the effect of the proposal on comand not voting: Governors Robertson and Daane. petition, the financial and managerial resources and prospects of the banks concerned, and the con- (Signed) KENNETH A. KENYON, venience and needs of the communities to be served, [SEAL] Deputy Secretary. and finds that: NEW CITIZENS BANK Long Island Trust, with deposits of $242 million, POQUOSON; VIRGINIA is the second largest of 11 banks headquartered in Nassau County, where it operates 13 branch offices; In the matter of the application of New Citizens its remaining seven offices are situated in Suffolk Bank for approval of merger with Citizens Bank of County. (All banking data are as of June 30, 1970.) Poquoson. Seaside Bank, deposits $11 million, operates its only office in Westhampton Beach, Suffolk County. In ORDER APPROVING MERGER OF BANKS terms of deposits held, it ranks fifteenth of 16 banks located in the County. The closest offices of Long There has come before the Board of Governors, Island Trust and Seaside Bank are about 30 miles pursuant to the Bank Merger Act (12 U.S.C. 1828 apart, and there is no significant competition exist- (c)), an application by New Citizens Bank, Poquoing between them. It appears that no substantial son, Virginia, a proposed State member bank of the amount of potential competition would be fore- Federal Reserve System, for the Board's prior apclosed by the merger, because of the size of Seaside proval, of the merger of that Bank and Citizens Bank and due to the restrictions placed on branch- Bank of Poquoson, Poquoson, Virginia, under the ing by State laws. Consummation of the proposed charter of the former and the name of the latter. transaction would not result in concentration levels Notice of the proposed merger, in form approved being significantly increased on a local or Statewide by the Board, has been published pursuant to said basis. Act. Based upon all the facts revealed in the record, Upon consideration of all relevant material in the the Board concludes that the merger would not have record, including reports received pursuant to the an adverse effect on competition in any relevant Act on the competitive factors involved in the proarea. Consummation of the merger would provide posed merger, in the light of the factors set forth customers of Seaside Bank with more convenient in said Act, access to certain banking services, which are now IT IS HEREBY ORDERED, for the reasons set forth available to them only from banks located several in the Board's Order 1 of this date concerning the miles from Westhampton Beach; these considerations acquisition of the successor by merger to Citizens lend weight toward approval of the transaction. Con- Bank of Poquoson by First Virginia Bankshares siderations relating to the financial condition, man- Corporation, Arlington, Virginia, that said applicaagement and prospects of Long Island Trust, Seaside tion be and hereby is approved, provided that said Bank, and the resulting bank are consistent with merger shall not be consummated (a) before the approval of the application. It is the Board's judgthirtieth calendar day following the date of this ment that consummation of the proposal would be Order or (b) later than three months after the date in the public interest, and that the action should be of this Order unless such period is extended for approved. good cause by the Board or by the Federal Reserve IT IS HEREBY ORDERED, on the basis of the find- Bank of Richmond pursuant to delegated authority. ings summarized above, that said application be and hereby is approved, provided that the action so 1 See page 950 of this BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
944 FEDERAL RESERVE BULLETIN • DECEMBER 1970 By order of the Board of Governors, November Marine Midland-Syracuse (deposits $251 million) 24, 1970. and Marine Midland-Utica (deposits $196 million) are subsidiaries of Marine Midland Banks, Inc., Voting for this action: Chairman Burns, and Governors Robertson, Mitchell, Daane, Brimmer, and Buffalo, New York, a registered bank holding com- Sherrill. Absent and not voting: Governor Maisel. pany, which owns approximately 99 per cent of the outstanding stock of each bank. The holding com- (Signed) KENNETH A. KENYON, pany acquired control of Marine Midland-Syracuse Deputy Secretary. in 1951 and of Marine Midland-Utica in 1954. The [SEAL] banks serve separate markets, their main offices are 50 miles apart and closest offices are situated ap- MARINE MIDLAND TRUST COMPANY OF proximately 35 miles from each other. The proposed CENTRAL NEW YORK, merger represents an internal reorganization of the SYRACUSE, NEW YORK banks undertaken to effect economies in their operations and to alleviate personnel shortages. In the matter of the application of Marine Mid- The merger of Marine Midland-Syracuse and land Trust Company of Central New York, Syra- Marine Midland-Utica would not eliminate existing cuse, New York, for approval of merger with Marine or potential competition. The financial and mana- Midland Trust Company of the Mohawk Valley, gerial resources and prospects of the merging banks Utica, New York. and the resulting bank are satisfactory and consistent with approval of the application. Consummation of ORDER APPROVING MERGER OF BANKS the proposed merger would enable the resulting bank to better serve customers in the Syracuse and Utica There has come before the Board of Governors, markets by making available to them increased lendpursuant to the Bank Merger Act (12 U.S.C. 1828 ing limits and more convenient access to inter- (c)), an application by Marine Midland Trust Comnational banking services. Convenience and needs pany of Central New York, Syracuse, New York considerations are, therefore, consistent with ap- ("Marine Midland-Syracuse"), a member State bank proval of the application. It is the Board's judgment of the Federal Reserve System, for the Board's prior that consummation of the proposal would be in the approval of the merger of that bank and Marine public interest and that the application should be Midland Trust Company of the Mohawk Valley, approved. Utica, New York ("Marine Midland-Utica"), under IT IS HEREBY ORDERED, on the basis of the findthe charter of Marine Midland-Syracuse and with ings summarized above, that said application be the name Marine Midland Bank-Central. As an inand hereby is approved, provided that the action so cident to the merger the 15 offices of Marine Midapproved shall not be consummated (a) before the land-Utica would become branches of the resulting thirtieth calendar day following the date of this bank. Notice of the proposed merger, in form ap- Order or (b) later than three months after the date proved by the Board, has been published pursuant of this Order, unless such period is extended for to said Act. good cause by the Board, or by the Federal Reserve In accordance with the Act, the Board requested Bank of New York pursuant to delegated authority. reports on the competitive factors involved from the Attorney General, the Comptroller of the Cur- By order of the Board of Governors, December rency, and the Federal Deposit Insurance Corpora- 10, 1970. tion. The Board has considered all relevant material Voting for this action: Vice Chairman Robertson contained in the record in the light of the factors and Governors Mitchell, Maisel, and Sherrill. Absent and not voting: Chairman Burns and Governors Daane set forth in the Act, including the effect of the proand Brimmer. posal on competition, the financial and managerial resources and prospects of the banks concerned, and (Signed) KENNETH A. KENYON, Deputy Secretary. the convenience and needs of the communities to be served, and finds that: [SEAL] Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 945 ORDERS UNDER SECTION 3 OF BANK HOLDING needs of the communities to be served. Upon such COMPANY ACT consideration, the Board finds that: Applicant, the fourth largest banking organiza- VIRGINIA COMMONWEALTH tion in Virginia, controls 12 banks with aggregate BANKSHARES, INC., RICHMOND, deposits of $581 million, representing 8.1 per cent VIRGINIA of the total commercial bank deposits in the State. (All banking data are as of December 31, 1969, In the matter of the application of Virginia adjusted to reflect holding company formations and Commonwealth Bankshares, Inc., Richmond, Viracquisitions approved by the Board to date.) The ginia, for approval of acquisition of 100 per cent of acquisition of Galax Bank, with deposits of approxvoting shares of the successor by merger to The imately $15 million, would increase Applicant's Merchants and Farmers Bank of Galax, Galax, control of deposits in the State by 0.2 percentage Virginia. point. Applicant's relative ranking among banking organizations would remain unchanged. ORDER APPROVING ACQUISITION OF BANK STOCK Galax Bank is situated in the independent City BY BANK HOLDING COMPANY of Galax in the southwestern section of Virginia, and serves an area which includes the city and the There has come before the Board of Governors, greater part of Carroll and Grayson Counties. pursuant to section 3(a)(3) of the Bank Holding Galax Bank, with control of slightly over 24 per Company Act of 1956 (12 U.S.C. 1842(a)(3)) cent of area deposits, is the second largest of the and section 222.3(a) of Federal Reserve Regulafive independent banks in the area, the largest and tion Y (12 CFR 222.3(a)), the application of third largest controlling, respectively, close to 32 Virginia Commonwealth Bankshares, Inc., Richand 21 per cent of the total area deposits. mond, Virginia ("Applicant"), a registered bank Applicant's subsidiary bank located nearest to holding company, for the Board's prior approval Galax Bank is 39 miles to the northeast in the City of the acquisition of 100 per cent of the voting of Pulaski, Virginia; and communities with altershares of a new insured nonmember bank into native banking facilities are located in the interwhich would be merged The Merchants and Farmvening area. There is no meaningful competition ers Bank of Galax, Galax, Virginia ("Galax between Applicant's present subsidiaries and Galax Bank"). The new bank has significance only as a Bank, and it does not appear that consummation of means of acquiring all of the shares of the bank to this proposal would foreclose potential competition, be merged into it; the proposal is therefore treated or have any adverse effect on competing banks. herein as one to acquire shares of Galax Bank. Based upon the foregoing, the Board concludes As required by section 3(b) of the Act, the that consummation of the proposed acquisition Board gave written notice of receipt of the applicawould not adversely affect competition in any reletion to the Commissioner of Banking for the State vant area. The financial condition of Applicant apof Virginia and requested his views and recompears to be reasonably satisfactory. The Board has mendation. The Commissioner recommended apconsidered Applicant's long-term debt position and proval of the application. its commercial paper outstanding together with all Notice of receipt of the application was pubthe facts in the record, including the earnings reclished in the Federal Register on August 27, 1970 ord of the system, Applicant's apparent ability to (35 Federal Register 13673), providing an opporservice its debt, Applicant's plans for increasing the tunity for interested persons to submit comments capital of its subsidiary banks, and concludes that and views with respect to the proposal. A copy of Applicant's debt position does not preclude apthe application was forwarded to the United States proval of the application herein. Management Department of Justice for its consideration. Time throughout Applicant's system is considered capafor filing comments and views has expired and all ble and progressive, and prospects for the group those received have been considered by the Board. appear favorable. The banking factors as they per- The Board has considered the application in the tain to Applicant, its subsidiaries, and Galax Bank light of the factors set forth in section 3(c) of the are consistent with approval of the application, and Act, including the effect of the proposed acquisi- Applicant's projected increase in the capital of tion on competition, the financial and managerial Galax Bank and Applicant's ability to supply resources and future prospects of the Applicant management as needed lend some weight in favor and the banks concerned, and the convenience and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
946 FEDERAL RESERVE BULLETIN • DECEMBER 1970 of approval. Considerations relating to the con- tion to the Commissioner of Banking of the State venience and needs aspects of this proposal also of Wisconsin and requested his views and recomlend support in favor of approval because Ap- mendation. The Commissioner indicated that he plicant, through its subsidiaries, would be in a had no objection to approval of the application. position to furnish a variety of specialized services Notice of receipt of the application was pubto the Galax area, which is expanding industrially. lished in the Federal Register on September 24, These services include factoring, equipment leas- 1970 (35 Federal Register 15335), providing an ing, trust services, and expertise in the consumer opportunity for interested persons to submit comcredit field. It is the Board's judgment that the ments and views with respect to the proposed proposed transaction would be in the public inter- transaction. A copy of the application was forest, and that the application should be approved. warded to the United States Department of Justice IT IS HEREBY ORDERED, for the reasons set forth for its consideration. The time for filing comments in the findings summarized above, that said applica- and views has expired and all those received have tion be and hereby is approved, provided that the been considered by the Board. action so approved shall not be consummated (a) The Board has considered the application in the before the thirtieth calendar day following the date light of the factors set forth in section 3(c) of the of this Order or (b) later than three months after Act, including the effect of the proposed acquisithe date of this Order, unless such time be ex- tion on competition, the financial and managerial tended for good cause by the Board, or by the resources and future prospects of the Applicant and Federal Reserve Bank of Richmond pursuant to the banks concerned, and the convenience and delegated authority. needs of the communities to be served. Upon such By order of the Board of Governors, November consideration, the Board finds that: 19, 1970. Applicant, the eighth largest registered bank Voting for this action: Chairman Burns and Gov- holding company and banking organization in Wisernors Robertson, Mitchell, Maisel, Brimmer, and consin, controls eight banks with aggregate deposits Sherrill. Absent and not voting: Governor Daane. of $100.8 million, representing 1.2 per cent of the (Signed) KENNETH A. KENYON, State's total deposits. (All banking data are as of Deputy Secretary. December 31, 1969, adjusted to reflect bank hold- [SEAL] ing company formations and acquisitions approved by the Board to date.) Upon acquisition of Bank VALLEY BANCORPORATION, ($11 million in deposits), Applicant would increase APPLETON, WISCONSIN its share of State-wide deposits to 1.3 per cent. Bank's sole office is located in Kewaskum, 52 In the matter of the application of Valley miles southeast of Applicant's nearest subsidiary Bancorporation, Appleton, Wisconsin, for approval of acquisition of 80 per cent or more of the voting bank in Oshkosh. Bank's primary service area is shares of Bank of Kewaskum, Kewaskum, Wis- stated by Applicant to consist of the village of consin. Kewaskum and its environs; however, after consideration of all the facts of record, the Board concludes that, for the purposes of the subject ap- ORDER APPROVING ACQUISITION OF BANK STOCK plication, the relevant market includes the city of BY BANK HOLDING COMPANY West Bend and the surrounding communities, in- There has come before the Board of Governors, cluding the Kewaskum area, the upper two-thirds of pursuant to section 3(a)(3) of the Bank Holding Washington County, and the lower portion of Fond Company Act of 1956 (12 U.S.C. 1842(a)(3)) du Lac County, including the town of Campbellsand section 222.3(a) of Federal Reserve Regula- port. Under Wisconsin law, no subsidiary of Aption Y (12 CFR 222.3(a)), an application by plicant could establish a branch in the relevant Valley Bancorporation, Appleton, Wisconsin ("Ap- market. plicant"), a registered bank holding company, for Bank is the third largest of the eight banks operthe Board's prior approval of the acquisition of ating in its market, holding 15.5 per cent of market 80 per cent or more of the voting shares of Bank deposits. The largest area bank holds 42 per cent of Kewaskum, Kewaskum, Wisconsin ("Bank"). of market deposits, and the second largest area As required by section 3(b) of the Act, the bank, a subsidiary of The Marine Corporation (the Board gave written notice of receipt of the applica- third largest registered bank holding company and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 947 banking organization in Wisconsin), holds 16 per ORDER APPROVING ACQUISITION OF BANK STOCK cent of market deposits. BY BANK HOLDING COMPANY The proposed action will apparently have no There has come before the Board of Governors, effect on the areas served by Applicant's present pursuant to section 3(a)(3) of the Bank Holding subsidiaries and will result in only an insignificant Company Act of 1956 (12 U.S.C. 1842(a)(3)) increase in banking concentration in the State of and section 222.3(a) of Federal Reserve Regula- Wisconsin. It does not appear that existing competion Y (12 CFR 222.3(a)) an application by Comtition would be eliminated, or significant potential merce Bancshares, Inc., Kansas City, Missouri competition foreclosed, by consummation of the ("Applicant"), a registered bank holding company, present proposal. On the contrary, it would appear for the Board's prior approval of the acquisition of that Bank's affiliation with Applicant would afford more than 80 per cent of the voting shares of the Kewaskum area the benefit of a more mean- Commerce Bank of Bonne Terre, Bonne Terre, ingful competitive alternative to the two larger Missouri ("Bank"). banks serving that area. As required by section 3(b) of the Act, the Based upon the foregoing, the Board concludes Board gave written notice of receipt of the apthat consummation of the proposed acquisition plication to the Commissioner of Finance of the would not have significant adverse effects on com- State of Missouri, and requested his views and petition in any relevant area. The banking factors, recommendation. The Commissioner recommended as they relate to Applicant, its subsidiaries, and approval of the application. Bank are consistent with approval of the applica- Notice of receipt of the application was pubtion. Furthermore, although it appears that all lished in the Federal Register on October 10, 1970 major banking requirements of the Kewaskum area (35 Federal Register 16021), providing an opporcurrently are being adequately served, consummatunity for interested persons to submit comments tion of the proposal would enable Bank to expand and views with respect to the proposal. A copy of and improve the services which it offers. It is the the application was forwarded to the United States Board's judgment that consummation of the pro- Department of Justice for its consideration. Time posed acquisition would be in the public interest, for filing comments and views has expired and all and that the application should be approved. those received have been considered by the Board. IT IS HEREBY ORDERED, for the reasons set forth The Board has considered the application in the above, that said application be and hereby is aplight of the factors set forth in section 3(c) of the proved, provided that the acquisition so approved Act, including the effect of the proposed acquisishall not be consummated (a) before the thirtieth tion on competition, the financial and managerial calendar day following the date of this Order or resources and future prospects of the Applicant (b) later than three months after the date of this and the banks concerned, and the convenience and Order, unless such period is extended for good needs of the communities to be served. Upon such cause by the Board, or by the Federal Reserve consideration, the Board finds that: Bank of Chicago pursuant to delegated authority. Applicant, the second largest bank holding com- By order of the Board of Governors, November pany and the third largest banking organization in 19, 1970. Missouri, has 15 subsidiary banks with $823 mil- Voting for this action: Vice Chairman Robertson and Governors Mitchell, Maisel, and Sherrill. Absent lion in deposits, which represent 7.6 per cent of and not voting: Chairman Burns and Governors the total deposits of commercial banks in the Daane and Brimmer. State. (Unless otherwise indicated, all banking data (Signed) KENNETH A. KENYON, are as of December 31, 1969, adjusted to reflect [SEAL] Deputy Secretary. holding company formations and acquisitions approved by the Board to date.) Bank (deposits of $7.0 million as of August 31, COMMERCE BANCSHARES, INC., 1970) was organized in August 1970 by directors KANSAS CITY, MISSOURI and officers of Applicant and its subsidiary banks under emergency circumstances as a successor to In the matter of the application of Commerce First State Bank of Bonne Terre. Bank is presently Bancshares, Inc., Kansas City, Missouri, for apcontrolled by, and is operating under the close proval of acquisition of more than 80 per cent of supervision of, Applicant's officers, and the present the voting shares of Commerce Bank of Bonne proposal was contemplated at the time of its or- Terre, Bonne Terre, Missouri. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
948 FEDERAL RESERVE BULLETIN • DECEMBER 1970 ganization. Bank, the only bank in Bonne Terre, By order of the Board of Governors, November 67 miles south of downtown St. Louis, is the sixth 19, 1970. largest of nine banks serving the northern half of Voting for this action: Vice Chairman Robertson St. Francois County and portions of the three and Governors Mitchell, Maisel, and Sherrill. Absent adjacent counties, and holds 11.7 per cent of that and not voting: Chairman Burns and Governors Daane and Brimmer. area's commercial bank deposits. Applicant's closest subsidiary bank is 55 miles north of Bank, (Signed) KENNETH A. KENYON, and neither it nor any other of Applicant's present Deputy Secretary. subsidiaries compete with Bank to a significant [SEAL] extent. Nor does it appear likely that such competition would develop, because of distances be- MIDWEST BANCORPORATION, INC., tween Applicant's present subsidiaries and Bank KANSAS CITY, MISSOURI and Missouri's restrictive branching laws. It does not appear that existing competition would be In the matter of the application of Midwest Baneliminated or significant potential competition fore- corporation, Inc., Kansas City, Missouri, for apclosed by consummation of Applicant's proposal, proval of acquisition of over 80 per cent of the or that there would be undue adverse effects on any voting shares of Community State Bank, Kansas bank in the area involved. City, Missouri. Based upon the foregoing, the Board concludes that consummation of the proposed acquisition ORDER DENYING ACQUISITION OF BANK STOCK would not have significant adverse effects on com- BY BANK HOLDING COMPANY petition in any relevant area. Considerations relating to the financial and managerial resources and There has come before the Board of Governors, future prospects are regarded as consistent with pursuant to section 3(a)(3) of the Bank Holding approval of the application as they relate to Ap- Company Act of 1956 (12 U.S.C. 1842(a)(3)) plicant and its subsidiaries, and lend weight in sup- and section 222.3(a) of Federal Reserve Regulaport of approval as they relate to Bank, since tion Y (12 CFR 222.3(a)), an application by Mid- Applicant would assist Bank in recruiting per- west Bancorporation, Inc., Kansas City, Missouri, manent and capable management. Applicant's early a registered bank holding company, for the Board's establishment of a new bank, in a time of emer- prior approval of the acquisition of over 80 per gency, has been instrumental in minimizing the in- cent of the voting shares of Community State convenience that resulted from the closing of the Bank, Kansas City, Missouri. First State Bank of Bonne Terre. Bank's affilia- As required by section 3(b) of the Act, the tion with Applicant would continue to provide the Board gave written notice of receipt of the applicaarea with an additional source of quality banking tion to the Commissioner of Finance of the State services and would provide Bank with a stability of Missouri and requested his views and recomwhich, in view of the financial difficulties of its mendation. The Commissioner indicated that he predecessor, is important to the maintenance of would offer no objection to approval of the appublic confidence. These considerations lend strong plication, although he did express concern about weight in support of approval of the application. the effect on Applicant's subsidiary banks of the It is the Board's judgment that consummation of initial proposal for financing the acquisition. the proposed acquisition would be in the public Notice of receipt of the application was pubinterest, and that the application should be ap- lished in the Federal Register on September 17, proved. 1970 (35 Federal Register 14588), which pro- IT IS HEREBY ORDERED, on the basis of the find- vided an opportunity for interested persons to ings summarized above, that said application be submit comments and views with respect to the and hereby is approved, provided that the acquisi- proposed transaction. A copy of the application tion so approved shall not be consummated (a) was forwarded to the United States Department before the thirtieth calendar day following the date of Justice for its consideration. The time for filing of this Order or (b) later than three months after comments and views has expired and all those the date of this Order, unless such period is ex- received have been considered by the Board. tended for good cause by the Board, or by the IT IS HEREBY ORDERED, for the reasons set forth Federal Reserve Bank of Kansas City pursuant to in the Board's Statement of this date, that said, delegated authority. application be and hereby is denied. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 949 By order of the Board of Governors, November senting approximately .2 per cent of commercial 24, 1970. bank deposits in the State.1 Both of Applicant's subsidiary banks are located in the Kansas City area Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Daane, Maisel, Brimmer, —Platte Woods Bank ($4.5 million deposits) is and Sherrill. 16 miles northwest or downtown Kansas City, and (Signed) KENNETH A. KENYON, Laurel Bank ($12.2 million deposits) is 14 miles Deputy Secretary. southeast of downtown Kansas City. Upon acquisi- [SEAL] tion of Bank ($9 million deposits), Applicant would remain the second smallest bank holding STATEMENT company, controlling .3 per cent of commercial bank deposits in Missouri. Midwest Bancorporation, Inc., Kansas City, Community Bank is located in Kansas City, ap- Missouri, ("Applicant"), a registered bank holdproximately 3 miles south of the main downtown ing company, has applied to the Board, pursuant district; its service area, which covers about 15 to section 3(a)(3) of the Bank Holding Company square miles, has a population of 200,000, consist- Act of 1956, for prior approval of the acquisition ing primarily of low and middle income families. of over 80 per cent of the voting shares of Com- Of the nine banks located within Bank's service munity State Bank, Kansas City, Missouri area, Community Bank is the seventh largest, with ("Bank"). 7.6 per cent of area deposits. No significant exist- Views and recommendation of supervisory auing competition would be eliminated or substantial thority. As required by section 3(b) of the Act, the potential competition foreclosed by consummation Board gave notice of receipt of the application to of the proposal. Applicant's subsidiary banks do the Commissioner of Finance of the State of Misnot compete with Community Bank to any signifsouri and requested his views and recommendation. icant extent because of the distances separating the The Commissioner indicated that he would offer banks and the presence of competing banks in the no objection to approval of the application, alintervening areas. Nor does it appear that such though he did express concern about the effect on competition would develop, because of Missouri's Applicant's subsidiary banks of the initial proposal restrictive branching laws and the unattractiveness for financing the acquisition of Bank. of Bank's service area for de novo entry. Statutory considerations. Section 3(c) of the Act On the basis of the foregoing, the Board conprovides that the Board shall not approve an accludes that consummation of the proposed transacquisition that would result in a monopoly or would tion would not result in a monopoly, nor be in be in furtherance of any combination or confurtherance of any combination, conspiracy or atspiracy to monopolize or to attempt to monopolize tempt to monopolize the business of banking in the business of banking in any part of the United any part of the United States, and would not States. Nor may the Board approve a proposed restrain trade, substantially lessen competition, or acquisition, the effect of which, in any section of tend to create a monopoly in any section of the the country, may be substantially to lessen comcountry. petition, or to tend to create a monopoly, or which Financial and managerial resources and future in any other manner would be in restraint of trade, prospects. The present financial condition of Apunless the Board finds that the anticompetitive efplicant, its subsidiaries, and Bank is satisfactory; fects of the proposed transaction are clearly outthe management of each is capable; and the prosweighed in the public interest by the probable effect pects of each are favorable. However, because of of the transaction in meeting the convenience and the proposed method of financing the acquisition needs.of the communities to be served. In each case, of Bank, the financial condition and prospects of the Board is required to take into consideration Applicant, the present subsidiaries, and Bank would the financial and managerial resources and future prospects of the bank holding company and the be adversely affected by consummation of the probanks concerned, and the convenience and needs posed transaction. of the communities to be served. Applicant, which was formed in October 1969, Competitive effect of proposed transaction. Ap- intends to finance the cash purchase of Bank's stock plicant, the second smallest of 10 registered bank holding companies in Missouri, controls two banks XA11 banking data are as of June 30, 1970, and reflect holding company formations and acquisitions approved by with aggregate deposits of $16.7 million, reprethe Board to date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
950 FEDERAL RESERVE BULLETIN • DECEMBER 1970 through a six-year loan, secured by the stock of located in a low income area, and it would appear its two existing subsidiaries and Bank. On con- that the needs of the area would best be served summation of the acquisition, approximately one- by a progressive lending policy. The reduced capital half of the debt would be repaid by extraordinary position contemplated by Applicant's proposal dividends to be declared by each of the three would hamper Bank in meeting this need, or unbanks. These dividends would reduce the capital necessarily and unduly increase the risk involved level of two of the banks to approximately the in its doing so. minimum amount which the State Commissioner These considerations weigh against approval of of Finance considers acceptable. The remaining the application on the basis of the financial ardebt—equal to 60 per cent of Applicant's net worth rangements contemplated by Applicant. —would be repaid out of the earnings of the three Summary and conclusion. On the basis of all banks over a 4-6 year period. relevant facts in the record, and in the light of the The Board is of the view that the reduced capital factors set forth in section 3(c) of the Act, it is position of the banks and the incurrence of a high the Board's judgment that the proposed acquisition level of acquisition debt by Applicant, which would would have adverse effects on the financial condition and prospects of Applicant, its subsidiaries, hinder its ability to meet emergency capital needs and Bank, and could hinder Bank in meeting the of its subsidiary banks should such need arise, needs of the community which it serves. weigh strongly against approval of the application. Accordingly, the Board concludes that consum- Applicant has proposed that if the acquisition debt mation of the proposal would not be in the public at the end of 1972 exceeds 25 per cent of its equity interest, and that the application should be denied. capital, it would take steps to pay off the entire debt by obtaining additional equity funds, if the Board so requests. Although this conditional pro- FIRST VIRGINIA BANKSHARES posal may lessen to some extent the permanent CORPORATION, ARLINGTON, VIRGINIA adverse effect on the financial condition of Ap- In the matter of the application of First Virginia plicant, it does not cure the above-noted problems. Bankshares Corporation, Arlington, Virginia, for These considerations, it should be clear, in no approval of acquisition of voting shares of the way reflect adversely on the financial soundness of successor by merger to Citizens Bank of Poquoson, Applicant, its subsidiaries, or Bank at the present Poquoson, Virginia. time. On the contrary, as earlier indicated, their financial conditions are presently sound; the instant proposal, however, would jeopardize that sound- ORDER APPROVING ACQUISITION OF BANK STOCK ness. Therefore, the Board, in exercising its respon- BY BANK HOLDING COMPANY sibility under the Act, must assign adverse weight There has come before the Board of Governors, to this aspect of the proposal. pursuant to section 3(a)(3) of the Bank Holding On the basis of the foregoing, the Board con- Company Act of 1956 (12 U.S.C. 1842(a)(3)) cludes that, although considerations relating to the and section 222.3(a) of Federal Reserve Regulapresent financial and managerial resources of Ap- tion Y (12 CFR 222.3(a)), the application of plicant, its subsidiaries, and Bank are consistent First Virginia Bankshares Corporation, Arlington, with approval, the effects of Applicant's plan for Virginia ("Applicant"), a registered bank holding financing the purchase of Bank weigh heavily company, for the Board's prior approval of the against approval, since that plan would unneces- acquisition of 80 per cent or more of the voting sarily weaken the financial conditions of Applicant shares of a new bank into which would be merged and each of the banks involved. Citizens Bank of Poquoson, Poquoson, Virginia Convenience and needs of the communities in- ("Bank"). The new bank has significance only as volved. The banking needs of the residents of a means of acquiring all of the shares of the bank Bank's service area appear to be adequately served to be merged into it. at the present time by the existing institutions, and As required by section 3(b) of the Act, the Applicant is proposing no new service that is not Board gave written notice of receipt of the apalready being offered by other banks in the area. plication to the Virginia Commissioner of Bank- In addition, Applicant's proposal for reducing ing and requested his views and recommendation. the capital at Bank could limit Bank's ability to The Commissioner recommended approval of the effectively serve the area. As noted above, Bank is application. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 951 Notice of receipt of the application was pub- novo entrant into its area, the Board affords limited lished in the Federal Register on October 7, 1970 weight to this adverse consideration. (35 Federal Register 15426), providing an op- Moreover, it appears that the primary purpose portunity for interested persons to submit com- of the acquisition of Bank is to facilitate Appliments and views with respect to the proposal. A cant's entry into the Williamsburg area, in which copy of the application was forwarded to the Bank can legally establish branches. Bank ap- United States Department of Justice for its con- parently lacks the financial and managerial resideration. Time for filing comments and views has sources as an independent institution to branch and expired and all those received have been considered become fully competitive in the Newport Newsby the Board. Hampton area. On the other hand, under the spon- The Board has considered the application in the sorship of Applicant, it could become a meaningful light of the factors set forth in section 3(c) of the competitor in the Williamsburg area. 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 proposal would have no resources and future prospects of the Applicant and significant adverse effect on competition in any the banks concerned, and the convenience and relevant area. The banking factors as they relate to needs of the communities to be served. Upon such Applicant and its subsidiaries are consistent with consideration, the Board finds that: approval. The banking factors as they relate to Applicant, which controls 12 banks with $444 Bank are reasonably satisfactory. Since Applicant million in deposits, is the State's sixth largest bankwould provide a remedy for a potential manageing organization and fourth largest bank holding ment succession problem, these factors lend some company. (Banking data are as of December 31, weight toward approval of the application. Con- 1969, and reflect acquisitions approved by the siderations relating to the convenience and needs of Board to date.) Upon acquisition of Bank, with the communities to be served also lend some weight deposits of $6.2 million, Applicant would increase toward approval; although the banking needs of the its share of State deposits by only .2 per cent and Poquoson area appear to be adequately served, Apwould retain its relative position among the State's plicant proposes to improve and expand Bank's banking organizations and holding companies. present service by instituting trust and data process- Bank is slightly the smaller of the two banks ing services and expansion of bank mortgage lendlocated within the Town of Poquoson and is the ing. It is the Board's judgment that consummation ninth largest of the 11 banks located in the Newof the proposed acquisition would be in the public port News-Hampton SMSA, holding 2 per cent of interest and that the application should be apthat area's deposits. Applicant's nearest existing proved. subsidiaries are located 14 and 25 miles respectively from Bank and there is no significant existing com- IT IS HEREBY ORDERED, for the reasons set forth petition between Bank and either of these sub- in the findings summarized above, that said applisidiaries. cation be and hereby is approved, provided that the On May 28, 1970, Applicant received Board ap- action so approved shall not be consummated (a) proval for the acquisition of a new bank to be before the thirtieth calendar day following the date located in the City of Hampton ("Hampton of this Order or (b) later than three months after Bank"), about 7.5 miles from Poquoson. It is ex- the date of this Order, unless such time be extended pected that the bank will open in early 1971. Bank, for good cause by the Board, or by the Federal one of the two area banks offering checking ac- Reserve Bank of Richmond pursuant to delegated counts without service charge, derives a substantial authority. percentage of its demand deposits from Hampton By order of the Board of Governors, November and the adjoining City of Newport News, primarily 24, 1970. through its bank-by-mail program. (Applicant plans Voting for this action: Chairman Burns and Goverto continue the practice upon consummation of acnors Robertson, Mitchell, Daane, Brimmer, and Sherquisition of Bank.) To this extent, consummation rill. Absent and not voting: Governor Maisel. of the present proposal would eliminate some potential competition between the two organizations. (Signed) KENNETH A. KENYON, However, in view of the limited nature of this com- Deputy Secretary. petition, and the fact that Hampton Bank is a de [SEAL] Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
952 FEDERAL RESERVE BULLETIN • DECEMBER 1970 FIRST SECURITY CORPORATION, By order of the Board of Governors, November SALT LAKE CITY, UTAH 25, 1970. In the matter of the application of First Security Voting for this action: Chairman Burns and Gover- Corporation, Salt Lake City, Utah, for approval of nors Mitchell, Daane, and Sherrill. Voting against this action: Governors Robertson, Maisel, and Brimmer. aquisition of 100 per cent of the voting shares (less directors' qualifying shares) of First Security State (Signed) KENNETH A. KENYON, Bank of Springville, Springville, Utah, a proposed Deputy Secretary. new bank. [SEAL] ORDER APPROVING APPLICATION UNDER BANK HOLDING COMPANY ACT STATEMENT There has come before the Board of Governors, pursuant to section 3(a)(3) of the Bank First Security Corporation, Salt Lake City, Utah Holding Company Act of 1956 (12 U.S.C. 1842 ("Applicant"), a registered bank holding company, (a)(3)) and section 222.3(a) of Federal Reserve has applied to the Board of Governors, pursuant to Regulation Y (12 CFR 222.3(a)), an application section 3(a)(3) of the Bank Holding Company by First Security Corporation, Salt Lake City, Act of 1956 (12 U.S.C. 1842(a)(3)), for prior Utah, a registered bank holding company, for the approval of the acquisition of 100 per cent of the Board's prior approval of the acquisition of 100 per voting shares (less directors' qualifying shares) of cent of the voting shares (less directors' qualifying First Security State Bank of Springville, Springville, shares) of First Security State Bank of Springville, Utah ("Bank"), a proposed new bank. Springville, Utah, a proposed new bank. Views and recommendation of supervisory au- As required by section 3(b) of the Act, the thority. As required by section 3(b) of the Act, the Board gave written notice of receipt of the applica- Board gave written notice of receipt of the application to the Commissioner of Financial Institutions tion to the Commissioner of Financial Institutions of the State of Utah, and requested his views and of the State of Utah, and requested his views and recommendation. The Commissioner responded recommendation thereon. The Commissioner rethat he had no objection to approval of the applica- sponded that he had no objection to approval of tion. the application. Notice of receipt of the application was pub- Statutory considerations. Section 3(c) of the Act lished in the Federal Register on September 3, provides that the Board shall not approve an aquisi- 1970 (35 Federal Register 14027), providing an tion that would result in a monopoly or would be opportunity for interested persons to submit com- in furtherance of any combination or conspiracy to ments and views with respect to the proposed trans- monopolize or to attempt to monopolize the busiaction. A copy of the application was forwarded to ness of banking in any part of the United States. the United States Department of Justice for its con- Nor may the Board approve a proposed acquisition sideration. Time for filing comments and views has the effect of which, in any section of the country, expired and all those received have been considered may be substantially to lessen competition, or to by the Board. tend to create a monopoly, or which in any other IT IS HEREBY ORDERED, for the reasons set forth manner would be in restraint of trade, unless the in the Board's Statement of this date, that said ap- Board finds that the anticompetitive effects of the plication be and hereby is approved, provided that proposed transaction are clearly outweighed in the the application so approved shall not be consum- public interest by the probable effect of the transmated (a) before the thirtieth calendar day follow- action in meeting the convenience and needs of the ing the date of this Order, or (b) later than three communities to be served. In each case, the Board months after the date of this Order, and provided is required to take into consideration the financial further that (c) First Security State Bank of and managerial resources and future prospects of Springville shall be open for business not later than the bank holding company and the banks consix months after the date of this Order. The cerned, and the convenience and needs of the comperiods described in (b) and (c) hereof may be munities to be served. extended for good cause by the Board, or by the Competitive effect of proposed transaction. The Federal Reserve Bank of San Francisco pursuant to 10 largest banking organizations in Utah control delegated authority. about 82 per cent of commercial bank deposits in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 953 the State.1 Applicant is the largest banking organi- factory financial condition, with competent manzation in the State by virtue of its control of two agement, and favorable prospects. banks (50 offices)2 with total deposits of $508 mil- Bank has no financial history. It will open with lion, which represent 30 per cent of the deposits in satisfactory capital. Its management, which will be the State. Since Bank is a proposed new bank, con- largely provided by Applicant, is competent, and its summation of the proposal would not increase Ap- prospects are satisfactory. plicant's share of State-wide deposits. Banking factors, as they relate to Applicant, its Bank would be located in Springville, five miles subsidiaries, and Bank are consistent with approval south of Provo, and would be the second bank op- of the application. erating in that city. It would be competing in the Convenience and needs of the communities in- Utah County market, where Applicant, with con- volved. The Springville-Mapleton area is being trol of 32.2 per cent of the deposits and 31.6 per served by only one bank and has an established cent of the banking offices, is the largest of eight need for an additional full-service bank, which Apbanking organizations. Four offices of Applicant's plicant's proposal would provide. At the present subsidiaries are situated within 7.5 miles of the time, a substantial number of residents commute to proposed bank site. Provo and Spanish Fork to do their banking busi- Since Bank is a proposed new bank, no existing ness. Bank, through its affiliation with Applicant, competition would be eliminated. Its principal com- would be able to offer credit card programs, inpetitor would be the other Springville bank, which vestment services, electronic data processing, trust has been operating as the only bank in Springville services, and would have capability for making for the last 33 years. That bank has experienced larger loans through participations with affiliates. continued growth and is in healthy condition; more- Such variety of services cannot usually be offered over, it has an application pending to establish a by a newly-established independent bank. branch in the adjacent community of Mapleton, Considerations regarding the convenience and which, if granted, would make it the only bank in needs of the communities involved weigh heavily in Mapleton. Hence, consummation of the proposal support of approval of the application. should result in increased competition in the Summary and conclusion. On the basis of all Springville-Mapleton area. relevant facts contained in the record, and in the Applicant's position in the market is not likely to light of the factors set forth in section 3(c) of the increase substantially through acquisition of Bank. Act, it is the Board's judgment that the proposed A large number of Springville-Mapleton residents transaction would be in the public interest and that are currently customers of Applicant's subsidiaries the application should be approved. in Provo and Spanish Fork, and, to a large extent, Bank's growth can be expected to come at the ex- DISSENTING STATEMENT OF GOVERNORS pense of Applicant's other subsidiaries. Moreover, ROBERTSON, MAISEL, AND BRIMMER the growth of the Springville area and the increased business activity deriving from the construction of We dissent from the action taken by the majority a large industrial park just north of the city should in this case. In our opinion, consummation of the provide new banking opportunities for present or proposal will have an adverse competitive effect potential competitors. which is not outweighed by the convenience and Based upon the foregoing, the Board concludes needs of Springville-Mapleton or any other comthat consummation of the proposed acquisition munity. Moreover, we are most seriously concerned would not result in a monopoly or be in furtherance that the reasoning of the majority represents a of any combination, conspiracy, or attempt to mo- philosophy which departs from previous Board denopolize the business of banking in any area, and cisions and which is in conflict with the spirit and would not substantially lessen competition, tend to thrust of the Act which we are required to adcreate a monopoly, or restrain trade in any section minister. of the country. The record in this case provides the clearest pos- Financial and managerial resources and future sible evidence that approval of Applicant's proposal prospects. Applicant and its subsidiaries are in satis- will foreclose new entry into the concentrated market which Applicant dominates. On February 13, 1 All banking data are as of December 31, 1969. 1970, Applicant filed with the Commissioner of Fi- 2 Additionally, Applicant controls an Idaho bank ($375 nancial Institutions of the State of Utah an applicamillion deposits) and a Wyoming bank ($10 million deposits) . tion to organize Bank in Springville, within eight Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
954 FEDERAL RESERVE BULLETIN • DECEMBER 1970 miles of four offices of present subsidiaries. On Feb- must therefore be examined to determine its probable effect on existing concentration, whether it will foreruary 25, 1970—only twelve days later—an indeclose an opportunity for new entry which could propendent group filed an application to establish a vide additional competition and possibly promote a new bank in the same community. On August 5, decrease in concentration, and its effect in limiting the development of existing competitors located in or near 1970, the Commissioner issued Orders approving the area to be served by the new institution."1 Applicant's proposal and denying that of the inde- The Board further noted that . . the law is no pendent group, indicating that the actions were less opposed to a proposal which suppresses the based on his conclusion that there is no present development of competition than to one which justification for two additional banks in Springville eliminates competition which already exists." (1968 and his view that, under those circumstances, he Federal Reserve BULLETIN 1027). Yet, the majorwas required to approve the application filed first, ity, in discussing the competitive effects of Appliif such application met legal requirements. At the cant's proposal, completely ignores its effect of suprequest of the independent group, the Commispressing competition which is certain and emminent. sioner, on August 14, 1970, amended his Order It is inconceivable that, had the independent group and issued additional findings: the amended Order rather than Applicant been authorized to establish provides that, in the event Applicant's proposal Bank, the Board would or lawfully could have apshould be found to be legally insufficient or in the event Applicant should fail to obtain the approval proved its acquisition by Applicant, in view of the of this Board to acquire Bank, the application of competitive circumstances in Utah County. It is the independent group would be approved. even more inconceivable that the majority can conclude that the accident of less than two weeks dif- We find this case to be controlled by the preceference in the time of filing the charter applications dent of the Board's decision in the matter of the application of First Wisconsin Bankshares Corpora- causes such anticompetitive effect to diminish to an tion ("First Wisconsin") to acquire First Wisconsin insignificance unworthy of mention. In view of the National Bank of Greenfield, a proposed new bank decision of the Utah Commissioner, the Board's to be located in a Milwaukee suburb, which ap- decision today authorizes elimination of competiplication was denied on November 27, 1968 (1968 tion as surely as would approval of the acquisition Federal Reserve BULLETIN 1024). First Wisconsin, of an existing bank. with 17.4 per cent of State deposits, was the largest The majority's only allusion to the relative merits banking organization in Wisconsin, and Applicant, of Applicant's proposal and the competitive alterwith 30.1 per cent, is the largest banking organiza- native being foreclosed is the finding, in its "contion in Utah. First Wisconsin held 38.3 per cent of venience and needs" discussion, that the "variety of deposits in the relevant market, and Applicant services [to be offered by Bank] cannot usually be holds 32.2 per cent of the deposits in the relevant offered by a newly-established bank." The majority market. In each case the proposal involved forma- provides no analysis of the need of the Springville tion by the Applicant of a de novo bank in an area community for the additional services which althat apparently could support only one new bank, legedly would be provided or the extent to which an area into which the Applicant could not branch, any such need cannot be met by Applicant's presand an area into which other organizers sought to ent Utah County subsidiaries, the other bank in establish an independent bank. In this case, even Springville, or other banks in the market. Moremore clearly than First Wisconsin, denial of the ap- over, in making the apparent determination that plication will result in a new consumer alternative "big banking organizations serve better than small entering the market, thereby creating additional ones", it ignores the significant contributions which competition and a potential for deconcentration. have been and are being made by smaller banks In denying the application of First Wisconsin, throughout the country. the Board cited favorably the principle established Our national economic philosophy, implemented in an earlier case involving a different proposed by the Bank Holding Company Act and the antiacquisition by First Wisconsin: trust laws, is based upon the premises that: (1) "If every newly developing need for banking facili- oligopolistic markets tend to become stagnant in ties which arises in a concentrated market were to be regard to the services offered, and (2) markets with filled by the market's dominant organization, any meaningful deconcentration of the market's banking the greatest number of alternatives tend to result in resources would be made impossible, and further better services to the public. As the number of concentration might be encouraged. Each application by such an organization to expand within its present trade area, even through acquisition of a new bank, 1 1968 Federal Reserve BULLETIN 645, 647-48. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 955 competitors increase, the communities reap the di- Our analysis indicates that the overriding need rect benefits through additional conveniences and of the Springville-Mapleton and Utah County comimproved services. These premises are validated by munities is for additional competitive banking faexperience; in banking, no less than in other indus- cilities. The majority's decision makes satisfaction tries, major competitive innovations are frequently of that need more difficult and less likely. introduced by smaller to medium-sized market par- We would deny the application. ticipants. It is for this reason that the mandate of the Act BARNETT BANKS OF FLORIDA, INC. is that anticompetitive acquisitions are to be ap- JACKSONVILLE, FLORIDA proved only when the adverse effects on competition are clearly outweighed by considerations relat- In the matter of the application of Barnett Banks ing to the convenience and needs of the commu- of Florida, Inc., Jacksonville, Florida, for approval nities involved. Evidence of clear outweighing is of acquisition of 80 per cent or more of the voting not provided by an uncritical acceptance of the at- shares of The Brickell Bank, Miami, Florida. tractions of bigness, but only by cogent analysis of the extent to which needs exist which cannot rea- ORDER APPROVING ACQUISITION OF BANK STOCK sonably be met by competitively preferable alterna- BY BANK HOLDING COMPANY tives. There has come before the Board of Governors, Such an analysis of the facts of the instant case pursuant to section 3(a)(3) of the Bank Holding reveals no needs which could not be met by an in- Company Act of 1956 (12 U.S.C. 1842(a)(3)) dependent bank, in conjunction with present mar- and section 222.3(a) of Federal Reserve Regulation ket participants. Y (12 CFR 222.3(a)), an application by Barnett Springville is a residential and agricultural com- Banks of Florida, Inc., Jacksonville, Florida ("Apmunity (population 8,780) and has little business plicant"), a registered bank holding company, for activity. The largest enterprises are four construc- the Board's prior approval of the acquisition of 80 tion firms. The largest employer is the local news- per cent or more of the voting shares of The Brickell paper, and the next two largest firms employ less Bank, Miami, Florida ("Brickell Bank"). than 10 persons each. For the most part, Spring- As required by section 3(b) of the Act, the Board ville residents must commute to jobs in Provo and gave written notice of receipt of the application to other nearby communities. Without any undue in- the Commissioner of Banking of the State of Florconvenience, they can and do take advantage of the ida, and requested his views and recommendation. extra services that they may occasionally need The Commissioner recommended approval of the which are provided by full service banks in those application. communities; it is likely that they will continue to Notice of receipt of the application was published do so even if a full service bank is established in in the Federal Register on October 22, 1970 (35 Springville. It should be clear that a small residen- Federal Register 16191), providing an opportunity tial community, which cannot provide sufficient for interested persons to submit comments and jobs for its residents, has no great need for all the views with respect to the proposed transaction. A possible services that a bank may be authorized to copy of the application was forwarded to the United conduct. States Department of Justice for its consideration. Two of the major services which the majority The time for filing comments and views has exstates will be provided by Bank are loan participa- pired and all those received have been considered tions through affiliates and trust services. There is by the Board. no reason to believe that an independent bank The Board has considered the application in the could not offer participations in large loans. As to light of the factors set forth in section 3(c) of the trust services, Bank will be referring customers to Act, including the effect of the proposed acquisition Applicant's subsidiaries in Provo and Spanish Fork. on competition, the financial and managerial re- This represents no new convenience; many Spring- sources of the Applicant and the banks concerned, ville residents are currently doing their trust busi- and the convenience and needs of the communities ness there. Of course, Bank is expected to establish to be served and finds that: its own trust department once it becomes large Applicant presently controls 23 banks which enough to do so; but the same would apply to any holds deposits of $622 million, representing 5.1 per other bank. cent of total deposits held by Florida's commer- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
956 FEDERAL RESERVE BULLETIN • DECEMBER 1970 cial hanks, and is the State's third largest banking extended for good cause by the Board, or by the organization. (All banking data are as of June 30, Federal Reserve Bank of Atlanta pursuant to 1970, adjusted to reflect holding company forma- delegated authority. tions and acquisitions approved by the Board to By order of the Board of Governors, November date, except Applicant's proposed acquisition of 30, 1970. Bank of Osceola, Kissimmee, Florida (56 Federal Reserve BULLETIN 361, which has been aban- Voting for this action: Chairman Burns and Governors Robertson, Daane, Maisel, Brimmer and doned.) Applicant's acquisition of Brickell Bank Sherrill. Absent and not voting: Governor Mitchell. ($4 million deposits) would have no significant effect on concentration of banking resources. (Signed) KENNETH A. KENYON, Deputy Secretary. Brickell Bank, located in the City of Miami, Dade County, Florida, serves the coastal area [SEAL] around Brickell Avenue, and the adjacent residential area. Although Brickell Bank is the only bank FIDELITY UNION BANCORPORATION, located in the area it serves, there are eight larger NEWARK, NEW JERSEY banks competing therein, which controls over 99 per cent of the area's total deposits. Brickell Bank In the matter of the application of Fidelity Union is the 65th largest of the 69 banks operating in the Bancorporation, Newark, New Jersey, for approval county, 22 of which are situated within five miles of action to become a bank holding company of Brickell Bank. Applicant's closest subsidiary bank through the acquisition of 100 per cent of the votto Brickell Bank is located 167 miles northwest of ing shares of (1) Fidelity Union Trust Company, Miami. None of Applicant's present subsidiaries Newark, New Jersey, and (2) Bank of West Jersey, Delran, New Jersey; and 100 per cent of the voting competes with Brickell Bank because of the disshares (less directors' qualifying shares) of the suctances involved and the presence of other banks in cessor by merger to The National Bank of New the intervening areas. Consummation of the pro- Jersey, New Brunswick, New Jersey. posed acquisition would eliminate no existing competition, and it does not appear that it would foreclose potential competition, or have adverse effects ORDER APPROVING ACTION TO BECOME on any of the competing banks, all of which are A BANK HOLDING COMPANY many times larger than Brickell Bank. There has come before the Board of Governors, Based on the foregoing, the Board concludes that pursuant to section 3(a)(1) of the Bank Holding consummation of the proposal would not have an Company Act of 1956 (12 U.S.C. 1842(a)(1)) adverse effect on competition in any relevant area, and section 222.3(a) of Federal Reserve Regulaand would have a pro-competitive effect in the tion Y (12 CFR 222.3(a)), an application by Miami area. The banking factors, as applied to Fidelity Union Bancorporation, Newark, New Jerthe record before the Board, and as they pertain sey, for the Board's prior approval of action whereto Applicant, its subsidiaries and Brickell Bank are by Applicant would become a bank holding comregarded as consistent with approval of the applica- pany through the acquisition of 100 per cent of the tion. Although it appears that the banking needs of voting shares of (1) Fidelity Union Trust Comthe area served by Brickell Bank are being ade- pany, Newark, New Jersey, and (2) Bank of West quately served, Applicant proposes to institute im- Jersey, Delran, New Jersey; and 100 per cent of the proved and more aggressive banking policies at voting shares (less directors' qualifying shares) of Brickell Bank. It is the Board's judgment that con- the successor by merger to The National Bank of summation of the proposed acquisition would be in New Jersey, New Brunswick, New Jersey. the public interest, and that the application should As required by section 3(b) of the Act, the be approved. Board gave written notice of receipt of the applica- IT IS HEREBY ORDERED, for the reasons set forth tion to the Comptroller of the Currency and the in the findings summarized above, that said appli- Commissioner of Banking of the State of New cation be and hereby is approved, provided that Jersey, and requested their views and recommendathe action so approved shall not be consummated tions. Both the Comptroller and the Commissioner (a) before the thirtieth calendar day following the recomendmed approval of the application. date of this Order or (b) later than three months Notice of receipt of the application was published after the date of this Order, unless such time be in the Federal Register on October 6, 1970 (35 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 957 Federal Register 15659), which provided an oppor- cation to the Comptroller of the Currency and the tunity for interested persons to submit comments Commissioner of Banking of the State of New and views with respect to the proposed transaction. Jersey, and requested their views and recommenda- A copy of the application was forwarded to the tions. Both the Comptroller and the Commissioner United States Department of Justice for its con- recommended approval of the application. sideration. Time for filing comments and views has Statutory considerations. Section 3(c) of the Act expired and all those received have been considered provides that the Board shall not approve an acby the Board. quisition that would result in a monopoly or would IT IS HEREBY ORDERED, for the reasons set forth be in furtherance of any combination or conspiracy in the Board's Statement of this date, that said to monopolize or to attempt to monopolize the application be and hereby is approved, provided that business of banking in any part of the United States. the action so approved shall not be consummated Nor may the Board approve a proposed acquisition, (a) before the thirtieth calendar day following the the effect of which, in any section of the country, date of this Order or (b) later than three months may be substantially to lessen competition, or to after the date of this Order, unless such period is tend to create a monopoly, or which in any other extended for good cause by the Board, or by the manner would be in restraint of trade, unless the Federal Reserve Bank of New York pursuant to Board finds that the anticompetitive effects of the delegated authority. proposed transaction are clearly outweighed in the public interest by the probable effect of the transac- By order of the Board of Governors, December tion in meeting the convenience and needs of the 2, 1970. communities to be served. In each case, the Board is required to take into consideration the financial Voting for this action: Vice Chairman Robertson and Governors Mitchell, Maisel, and Sherrill. Absent and managerial resources and future prospects of and not voting: Chairman Burns and Governors Daane the bank holding company and the banks concerned, and Brimmer. and the convenience and needs of the communities (Signed) KENNETH A. KENYON, to be served. Deputy Secretary. Competitive effect of the proposed transaction. [SEAL] The ten largest banking organizations in New Jersey control 39.2 per cent of the deposits in the STATEMENT State.1 Upon consummation of the proposal, Applicant would become the third largest banking orga- Fidelity Union Bancorporation, Newark, New nization and bank holding company, with control Jersey ("Applicant"), has filed with the Board, of 5.1 per cent of State-wide deposits. pursuant to section 3(a)(1) of the Bank Holding Company Act of 1956, an application for approval Fidelity Union ($606 million deposits), the third of action to become a registered bank holding com- largest bank in New Jersey, with 4.4 per cent of pany through the acquisition of 100 per cent of the State-wide deposits, operates 18 of its 20 offices in voting shares of (1) Fidelity Union Trust Com- the Greater Newark market area, consisting of pany, Newark, New Jersey ("Fidelity Union") Essex County, Union County (except Plainfield), and (2) Bank of West Jersey, Delran, New Jersey and portions of western Hudson County and eastern ("West Jersey Bank"); and 100 per cent of the Morris County. It is the second largest of the 33 voting shares (less directors' qualifying shares) of banks in the market, by virtue of its control of the successor by merger to The National Bank of almost 18 per cent of market deposits. New Jersey ("New Jersey National"). New Jersey National ($64 million deposits) The bank into which New Jersey National is to operates five offices in the New Brunswick market, be merged has no significance except as a vehicle for consisting mainly of Middlesex County, where it is the acquisition of the voting shares of New Jersey the fourth largest of 22 banks, and controls 9.5 per National. Accordingly, the proposed acquisition of cent of market deposits. It also has an office in the the shares of the successor organization is treated as Plainfield market; that office controls less than 1 a proposed acquisition of the shares of New Jersey per cent of the deposits in its market. National. Views and recommendations of supervisory au- 1 All deposit data are as of December 31, 1969, and thorities. As required by section 3(b) of the Act, banking office data are as of September 30, 1970, and reflect all holding company formations approved by the the Board gave written notice of receipt of the appli- Board to date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
958 FEDERAL RESERVE BULLETIN • DECEMBER 1970 West Jersey Bank ($22 million deposits), with would be dependent upon those of its proposed three offices and 1.3 per cent of market deposits, is subsidiaries, appear to be favorable. the tenth largest of the 23 banks in the Camden All three of Applicant's proposed subsidiaries market, consisting of Camden County, the south- are in generally satisfactory condition, with comwestern portion of Burlington County, and almost ponent managements and favorable prospects. Apall of Gloucester County. It also has an office in the plicant would be able to solve any management Burlington market; that office controls about 3 per succession problem that might arise in any of its cent of the deposits in its market. subsidiary banks. On the basis of the facts of record, it appears The banking factors, as they relate to Applicant that consummation of the proposal will not have a and its proposed subsidiaries, are consistent with substantial adverse effect on existing competition approval of the application. nor foreclose potential competition. Each proposed Convenience and needs of the communities insubsidiary is in a different banking district and volved. Fidelity Union is a full-service commercial serves a fairly distinct and separate market. Con- bank, providing both retail and wholesale banking siderable distances separate the banks, the closest services. Consummation of the proposal would not offices of any two of the proposed subsidiaries being result in the introduction or improvement of any about 15 miles apart, with numerous banking of- banking services not already available in the Newark fices in the intervening areas. area. Nor does consummation of the proposal appear Neither of the other proposed subsidiaries proto present a reasonable likelihood of precluding vides the complete range of banking services or potential competition. Under New Jersey law, none financial assistance required by the communities of the proposed subsidiaries can expand, either by where they are located. Through affiliation with merger or de novo branching, into another's bank- Applicant, these banks would be able to introduce ing district. West Jersey Bank is not regarded as or expand credit card programs, data processing an existing or potential competitor of either of the services, investment services, trust services, and inother proposed subsidiaries. There is some poten- ternational banking services, and would have catial for competition between Fidelity Union and pability for making larger loans through participa- New Jersey National because the latter is authorized tions with affiliates. These improvements would to branch into Union County, which is part of make the banks more meaningful alternatives in Fidelity Union's market. However, the possibility their respective markets. of such branching is considered remote since Union Considerations relating to the convenience and County is heavily banked and highly competitive, needs of the communities involved lend some weight and prospects for the future growth of Union toward approval of the application. County are not as good as those of some other coun- Summary and conclusion. On the basis of all ties in New Jersey National's banking district. relevant facts contained in the record, and in the light of the factors set forth in section 3(c) of the In general, the principal competitive effect of the Act, it is the Board's judgment that the proposed transaction would seem to be to enable New Jersey transaction would be in the public interest, and that National and West Jersey Bank to compete more the application should be approved. aggressively with the larger banks in their respective markets. UNITED TENNESSEE BANCSHARES On the basis of the foregoing, the Board con- CORPORATION, cludes that consummation of Applicant's proposal JOHNSON CITY, TENNESSEE would not result in a monopoly nor be in furtherance of any combination, conspiracy, or attempt to In the matter of the application of United Tenmonopolize the business of banking in any area, nessee Bancshares Corporation, Johnson City, Tenand would not restrain trade, substantially lessen nessee, for approval of acquisition of 80 per cent competition, nor tend to create a monopoly in any or more of the voting shares of National Bank of section of the country. Commerce, Memphis, Tennessee. Financial and managerial resources and future ORDER APPROVING ACQUISITION OF BANK STOCK prospects. Applicant would begin operations in sat- BY BANK HOLDING COMPANY isfactory financial condition. Its management, which is virtually identical to that of Fidelity Union, There has come before the Board of Governors, is regarded as competent, and its prospects, which pursuant to section 3(a)(3) of the Bank Holding Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 959 Company Act of 1956 (12 U.S.C. 1842(a)(3)) tion in any relevant area. The banking factors lend and section 222.3(a) of Federal Reserve Regulation weight to approval of the application because the Y (12 CFR 222.3(a)) an application by United addition of Commerce Bank to Applicant's system Tennessee Bancshares Corporation, Johnson City, would provide Applicant and its present subsidiaries Tennessee ("Applicant"), a registered bank hold- with greater management depth and the ability to ing company, for the Board's prior approval of the raise additional capital as needed. Furthermore, inacquisition of 80 per cent or more of the voting clusion of Bank in Applicant's system should lead shares of National Bank of Commerce, Memphis, to improvement in the ability of Applicant's present Tennessee ("Bank"). subsidiaries to offer specialized services and accom- As required by section 3(b) of the Act, the modate large borrowers in the Washington-Carter Board gave written notice of receipt of the appli- Counties area. It is the Board's judgment that concation to the Comptroller of the Currency, and summation of the proposed transaction is in the requested his views and recommendation. The public interest and that the application should be Comptroller recommended approval of the appli- approved. cation. IT IS HEREBY ORDERED, for the reasons set forth Notice of receipt of the application was published above, that said application be and hereby is apin the Federal Register on October 17, 1970 (35 proved, provided that the action so approved shall Federal Register 16346), providing an opportunity not be consummated (a) before the thirtieth calenfor interested persons to submit comments and views dar day following the date of this Order or (b) with respect to the proposal. A copy of the applica- later than three months after the date of this Order, tion was forwarded to the United States Depart- unless such time be extended for good cause by the ment of Justice for its consideration. Time for filing Board, or by the Federal Reserve Bank of Atlanta comments and views has expired and all those pursuant to delegated authority. received have been considered by the Board. By order of the Board of Governors, December The Board has considered the application in the 2, 1970. light of the factors set forth in section 3(c) of the Voting for this action: Chairman Burns and Gov- Act, including the effect of the proposed acquisition ernors Robertson, Mitchell, Daane, Maisel, Brimmer, on competition, the financial and managerial re- and Sherrill. sources and future prospects of the Applicant and the banks concerned, and the convenience and (Signed) KENNETH A. KENYON, needs of the communities to be served. Upon such Deputy Secretary. consideration, the Board finds that: Applicant controls two banks with combined de- [SEAL] posits of $54 million, which represent only .8 per cent of the deposits in Tennessee. (All banking data In the matter of the application of United Tenare as of June 30, 1970, adjusted to reflect holding nessee Bancshares Corporation, Johnson City, Tencompany formations and acquisitions approved by the Board to date.) Upon acquisition of Bank, Ap- nessee, for approval of acquisition of 48.02 per cent plicant would increase its share of State-wide de- or more of the voting shares of First Peoples Bank, posits by 3.1 percentage points and would become Johnson City, Tennessee. the State's seventh largest banking organization. Bank ($205 million deposits) is the ninth largest ORDER APPROVED ACQUISITION OF BANK STOCK banking organization in the State and the third BY BANK HOLDING COMPANY largest of 14 banks in the Memphis metropolitan There has come before the Board of Governors, area, the relevant market. Bank controls 13 per cent pursuant to section 3(a) (3) of the Bank Holding of market deposits. Applicant's two subsidiaries are Company Act of 1956 (12 U.S.C. 1842(a)(3)), located more than 500 miles from Bank. In view of and section 222.3(a) of Federal Reserve Regulathis great distance, it appears that consummation tion Y (12 CFR 222.3(a)), the application of of the proposal will neither eliminate existing com- United Tennessee Bancshares Corporation, Johnson petition nor foreclose potential competition. City, Tennessee ("Applicant"), a registered bank On the basis of the foregoing, the Board con- holding company, for the Board's prior approval of cludes that consummation of the proposed acquisi- the acquisition of 48.02 per cent or more of the tion would not have an adverse effect on competi- voting shares of First Peoples Bank, Johnson City, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Tennessee ("Bank"). Applicant presently owns plicant is slightly the largest banking organization in 31.98 per cent of the voting shares of Bank. this market with control of 37 per cent of market As required by section 3(b) of the Act, the deposits. This proposal would solidify the affiliate Board gave written notice of receipt of the applica- relationship of Applicant's subsidiaries, but the postion to the Tennessee Superintendent of Banks, and sibility that a party other than Applicant could gain requested his views and recommendation. The Su- control of Bank and make it a competitor of Appliperintendent responded that he does not object to cant's subsidiary in Carter County is remote. the transaction. Therefore, it appears that consummation of the Notice of receipt of the application was pub- proposal will neither eliminate existing competition lished in the Federal Register on October 17, 1970 nor foreclose potential competition. (35 Federal Register 16346), providing an oppor- On the basis of the foregoing, the Board contunity for interested persons to submit comments cludes that consummation of the proposed acquisiand views with respect to the proposal. A copy of tion would not have an adverse effect on competithe application was forwarded to the United States tion in any relevant area. The banking factors, as Department of Justice for its consideration. Time they relate to Applicant, Bank, and Applicant's for filing comments and views has expired and all other subsidiary, are consistent with approval of the those received have been considered by the Board. application. The convenience and needs of the com- The Board has considered the application in the munities involved will be unaffected by the transaclight of the factors set forth in section 3(c) of the tion. It is the Board's judgment that consummation Act, including the effect of the proposed acquisition of the proposed transaction is in the public interest, on competition, the financial and managerial re- and that the application should be approved. sources and future prospects of the Applicant and IT IS HEREBY ORDERED, for the reasons set forth the banks concerned, and the convenience and needs above, that said application be and hereby is apof the communities to be served, and finds that: proved, provided that the action so approved shall Bank is one of two banks controlled by Applicant. not be consummated (a) before the thirtieth calen- These two subsidiaries have combined deposits of dar day following the date of this Order or (b) later $54 million, which represent only .8 per cent of than three months after the date of this Order, the deposits in Tennessee. (All banking data are as unless such time be extended for good cause by of June 30, 1970, adjusted to reflect holding com- the Board, or by the Federal Reserve Bank of pany formations and acquisitions approved by the Atlanta pursuant to delegated authority. Board to date). Acquisition by Applicant of additional voting shares of Bank will not increase Ap- By order of the Board of Governors, December plicant's share of State-wide deposits because Ap- 2, 1970. plicant is regarded as already controlling all of Voting for this action: Chairman Burns and Gov- Bank's deposits. ernors Robertson, Mitchell, Daane, Maisel, Brimmer, First Peoples Bank ($37 million deposits) oper- and Sherrill. ates six offices in Washington County. Applicant's other subsidiary, located in contiguous Carter (Signed) KENNETH A. KENYON, County, operates four offices, the closest of which Deputy Secretary. is located five miles from Bank's main office. Four other banking organizations, with 12 offices, compete in the Washington-Carter Counties area. Ap- [SEAL] 960 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Announcements ELECTION OF CLASS A AND CLASS B DIRECTORS The Federal Reserve Banks have announced the results of the annual elections by their member banks of Class A and Class B directors as shown below. The directors have been elected to serve for 3 years, beginning January 1, 1971. Boston Class A RALPH A. MCININCH, President, Merchants National Bank, Manchester, New Hampshire. Mr. McIninch succeeds William R. Kennedy, President, Merrimack Valley National Bank, Andover, Massachusetts. Class B G. WILLIAM MILLER, President, Textron Inc., Providence, Rhode Island. Mr. Miller succeeds James R. Carter, Chairman of the Board, Nashua Corporation, Nashua, New Hampshire. New York Class A WILLIAM S. RENCHARD, Chairman of the Board, Chemical Bank, New York, New York. Mr. Renchard succeeds R. E. McNeill, Jr., Chairman of the Board, Manufacturers Hanover Trust Company, New York, New York. Class B WILLIAM D. EBERLE, President and Chief Executive Officer, American Standard Inc., New York, New York. (Re-elected) Philadelphia Class A RICHARD A. HERBSTER, President, Lewistown Trust Company, Lewistown, Pennsylvania. Mr. Herbster succeeds H. Lyle Duffey, Executive Vice President, The First National Bank, McConnellsburg, Pennsylvania. Class B PHILIP H. GLATFELTER, III, Chairman of the Board and President, P. H. Glatfelter Co., Spring Grove, Pennsylvania. (Re-elected) Cleveland Class A EDWARD W. BARKER, President, First National Bank of Middletown, Ohio. Mr. Barker succeeds Seward D. Schooler, President, Coshocton National Bank, Coshocton, Ohio. Class B JOHN L. GUSHMAN, President and Chief Executive Officer, Anchor Hocking Corporation, Lancaster, Ohio. (Re-elected) Richmond Class A THOMAS P. MCLACHLEN, President, McLachlen National Bank, Washington, DC. Mr. McLachlen succeeds Giles H. Miller, Jr., President, The Culpeper National Bank, Culpeper, Virginia. Class B H. DAIL HOLDERNESS, President, Carolina Telephone and Telegraph Company, Tarboro, North Carolina. (Re-elected) 961 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
962 FEDERAL RESERVE BULLETIN • DECEMBER 1970 Atlanta Class A A. L. ELLIS, Chairman of the Board, First National Bank, Tarpon Springs, Florida. (Re-elected) Class B HOSKINS A. SHADOW, President, Tennessee Valley Nursery, Inc., Winchester, Tennessee. (Re-elected) Chicago Class A MELVIN C. LOCKARD, President, First National Bank, Mattoon, Illinois. (Re-elected) Class B HOWARD M. PACKARD, Vice Chairman, S. C. Johnson & Son, Inc., Racine, Wisconsin. (Re-elected) St. Louis Class A BRADFORD BRETT, President, The First National Bank of Mexico, Missouri. (Re-elected) Class B FRED I. BROWN, Jr., President, Arkansas Foundry Company, Little Rock, Arkansas. Mr. Brown succeeds Mark Townsend, Chairman of the Board, Townsend Lumber Company, Inc., Stuttgart, Arkansas. Minneapolis Class A PHILIP H. NASON, President, The First National Bank, St. Paul, Minnesota. Mr. Nason succeeds Warren F. Vaughan, President, Security Trust & Savings Bank, Billings, Montana. Class B DALE V. ANDERSEN, President, Mitchell Packing Company, Inc., Mitchell, South Dakota. (Re-elected) Kansas City Class A C. M. MILLER, President, The Farmers and Merchants State Bank, Colby, Kansas. (Re-elected) Class B ALFRED E. JORDAN, Vice President, Trans World Airlines, Kansas City, Missouri. (Re-elected) Dallas Class A J. V. KELLY, President, The Peoples National Bank of Belton, Texas. (Re-elected) Class B CARL D. NEWTON, Chairman of the Board, Fox-Stanley Photo Products, Inc., San Antonio, Texas. (Re-elected) San Francisco Class A RALPH J. Voss, President, First National Bank of Oregon, Portland, Oregon. Mr. Voss succeeds Charles F. Frankland, Chairman of the Board, The Pacific National Bank of Washington, Seattle, Washington. Class B MARRON KENDRICK, President and Chairman of the Board, Schlage Lock Company, San Francisco, California. (Re-elected) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ANNOUNCEMENTS 963 CHANGE IN THE BOARD'S STAFF The move was in recognition of the further downward trend in short-term interest rates in recent Joe M. Jackson was appointed Assistant Director weeks. The discount rate had been reduced from 6 of the Division of Data Processing, effective Noto 53A per cent effective November 11. vember 15, 1970. Mr. Jackson joined the Board's staff in May Three interrelated decisions were made by the 1970, as Branch Manager of Systems Design, Divi- Board regarding bank borrowings of Euro-dollars. sion of Data Processing. Before coming to the First, the Board raised from 10 to 20 per cent Board, he was with the Department of the Army the reserves required from member banks against where he received that Department's second high- Euro-dollar borrowings that exceed amounts that est award, the Meritorious Civilian Service Award. the banks are allowed as a reserve-free base. The higher requirement is intended to give banks an Mr. Jackson holds a B.S. degree from Georgia added inducement to preserve their reserve-free Institute of Technology and an M.S. from New bases presently at substantial levels against a time York University, both in Applied Mathematics, of future need, instead of allowing their bases to and is working on a Doctorate in Business Adminbe lowered automatically by repaying their Euroistration at George Washington University. dollar borrowings. The higher requirement becomes effective in the current 4-week reserve com- DEATH OF RESERVE BANK PRESIDENT putation period ending December 23. Mr. W. Braddock Hickman, President of the Fed- In a second step, to assure that the higher mareral Reserve Bank of Cleveland, died on November ginal reserve requirement does not penalize banks 28, 1970. He had served as President since May 1, that currently have Euro-dollar liabilities above 1963. their reserve-free bases, the Board also amended its regulations so as to make the marginal reserve DEATH OF DIRECTOR requirement applicable to borrowings above either (1) the minimum base equal to a percentage of de- Robert F. Leach, partner in Oppenheimer, Hodgposits, or (2) the average level in the reserve comson, Brown, Wolff & Leach, attorneys at law, St. putation period ended November 25, whichever is Paul, Minnesota, who had served as a Class C dihigher. rector of the Federal Reserve Bank of Minneapolis Third, the Board amended its regulations to dissince January 24, 1966, and as Chairman and Fedcourage repayment of Euro-dollar liabilities, not eral Reserve Agent since 1969, died on December only by banks that use an historically determined 11, 1970. reserve-free base originally related to their May 1969 borrowings, but also by those banks that op- CHANGE IN DISCOUNT RATE erate under a minimum base equal to 3 per cent of The Board of Governors of the Federal Reserve their over-all deposits subject to reserve require- System announced on November 30, 1970, a fur- ments. The amendment will apply the automatic ther reduction in the Federal Reserve Bank dis- downward adjustment to reserve-free bases of the count rate to 5Vi per cent. latter kind as well as of the former. This amend- At the same time, the Board announced steps to ment becomes effective with the reserve computastrengthen the inducement for American banks to tion period ending January 20, 1971. retain their Euro-dollar liabilities and thus moderate Although the steps announced were deliberthe pace of repayments of Euro-dollar borrowings. ately made of modest scale, the Board has under The reduction in the discount rate was accom- review other measures that might be adopted for plished as the Board approved actions by the direc- the purpose of tempering the repayment of Eurotors of the Federal Reserve Banks reducing the dis- dollars while avoiding penalty to banks that opcount rate at those banks from 53A to 5V2 per cent, erate so as to retain their reserve-free bases. effective as follows: F.R. Bank Effective date BIDS FOR ANNEX BUILDING Boston, Cleveland, Atlanta, The Board of Governors on December 11, 1970, Minneapolis, and Dallas Dec. 1, 1970 New York, Philadelphia, invited competitive bids for construction of an and San Francisco Dec. 4, 1970 Kansas City Dec. 10, 1910 annex building to be situated immediately north Richmond, Chicago, and of its present building on Constitution Avenue in St. Louis Dec. 11, 1970 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Washington. Construction is scheduled for com- need for additional space has been intensified by pletion during 1973. new administrative, regulatory, and supervisory re- Plans for the annex have been approved by the sponsibilities assigned to the Board in recent years Fine Arts Commission and the National Capital along with its efforts to improve economic re- Planning Commission. search and data processing facilities. Available office space has long been exhausted in Construction of the annex was postponed in the existing Federal Reserve building that was April 1969 to minimize competition for scarce completed in 1937, and several hundred Board goods and services during a period of inflation due employees now occupy rented offices nearby. The to excess demand. 964 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
National Summary of Business Conditions Released for publication December 15 Industrial production, nonfarm employment, and was 12 per cent below its 1969 high. Output of retail sales declined in November and the unem- steel, construction materials, and some other inployment rate rose. Commercial bank credit, the dustrial materials was also down. money supply, and time and savings deposits increased. Between mid-November and mid-Decem- EMPLOYMENT ber, yields declined on U.S. Government securities, Unemployment rose from 5.6 per cent in October municipal bonds, and new corporate securities. to 5.8 per cent in November and nonfarm pay- INDUSTRIAL PRODUCTION roll employment declined by 135,000. The employment decline was concentrated in trade and Industrial production declined 0.6 per cent in Nomanufacturing. Further weakness in defensevember and, at 161.4 per cent of the 1957-59 average, was 7.6 per cent below the July 1969 related and capital goods industries and additional peak. Output declines were centered in business secondary layoffs stemming from the auto strike and defense equipment and industrial materials. accounted for most of the decline in manufac- Auto assemblies, which had declined sharply in turing. The average workweek of factory produc- September and October because of the auto strike, tion workers edged up 0.1 hour to 39.5 hours but were maintained in November at the reduced was 1 hour shorter than a year earlier. October annual rate of 4 million units. With the settlement of the strike, auto production is ex- RETAIL SALES pected to rise sharply in December. The value of retail sales was down about half a Production of other consumer goods, both dur- per cent in November, mainly reflecting a further able and nondurable, also changed little in Novem- sharp decline in sales of new domestic autos. Exber. Among business equipment industries, output cluding the automotive stores, sales at both durable of industrial and freight and passenger equipment and nondurable goods stores were up slightly. declined further, but output of commercial equipment rose following 7 months of decline. The WHOLESALE AND CONSUMER PRICES index for total business equipment in November Wholesale prices declined 0.1 per cent, seasonally adjusted, in November (October 13th to Novem- INDUSTRIAL PRODUCTION ber 10th) as prices of industrial commodities were unchanged for the first time in 2 years while farm and food products declined 0.3 per cent. Major price increases were registered for fuels and power and machinery and equipment while important declines were reported for metals and metal products, especially for nonferrous metals, and lumber and wood products. The consumer price index rose 0.5 per cent, after seasonal adjustment, in October as in September. Food prices rose only 0.1 per cent, but substantial increases were posted for nonfood commodities—new and used cars, household durables, apparel, and gasoline. Prices of services were up 0.5 per cent, about in line with increases F. R. indexes, seasonally adjusted. Latest figures: November. during the last 6 months. 965 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BANK CREDIT, DEPOSITS, AND RESERVES were relatively strong but somewhat smaller than Commercial bank credit, after adjustment for in most other recent months when growth had changes in loans sold to affiliates, increased $2.8 been exceptionally rapid. billion in November following a small decline in Net borrowed reserves of member banks aver- October. Most of the expansion reflected net ac- aged about $165 million over the 5 weeks ending quisitions, totaling $2.4 billion of municipal and December 2 compared with $275 million in Octo- Federal agency securities and followed increases ber. Member bank borrowings declined further and almost as large in each of the two previous months. excess reserves rose. A slight increase in holdings of U. S. Government securities was associated with bank participation SECURITY MARKETS in the midmonth Treasury exchange and cash Yields on all maturities of U.S. Government sefinancing. Total loans, adjusted for sales, also curities fell sharply further between mid-November showed a small increase after substantial contrac- and mid-December. The 3-month Treasury bill tion in October. was bid at about 4.85 per cent in the middle of The money supply increased at an annual rate December, compared with around 5.30 per cent of 4.5 per cent in November compared with a rate a month earlier. Over the same period, yields on of 1.1 per cent in October and 6.1 per cent in the Government notes and bonds generally declined third quarter. In November, a slowdown in the rate around 40 to 70 basis points. of currency expansion was more than offset by Yields on new corporate securities declined an increase in privately-held demand deposits sharply from mid-November to mid-December, which had declined slightly in October. Expansion but rates on seasoned corporate securities rein time and savings deposits slowed somewhat fur- mained steady. Municipal bond yields declined ther in November. At large commercial banks more than 50 basis points over the same period. both acquisitions of large negotiable CD's and Common stock prices rose steadily with volume inflows of consumer-type time and savings deposits rising on balance. PRICES INTEREST RATES ALL COMMODITIES V TREASURY BILLS LONG-TERM GOVERNMENT SECURITIES 140 130 120 F.R. DISCOUNT RATE 110 INDUSTRIAL COMMODITIES Bureau of Labor Statistics. "Farm products and foods" is Discount rate, range or level for all F.R. Banks. Weekly BLS "Farm products, and processed foods and feeds." Latest average market yields for U.S. Govt, bonds maturing in 10 figures: Consumer, October; Wholesale, November. years or more and for 90-day Treasury bills. Latest figures: week ending Dec. 5. 966 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
2 FEDERAL RESERVE BULLETIN • DECEMBER 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 104 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.SA. 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) SA. 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 incal subdivisions. stances: (1) to the right (to the left) of a total when 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-l08—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 Dec. 1970 A-l 00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 4 BANK RESERVES AND RELATED ITEMS • DECEMBER 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 Bought r u H e n p e d u l e d r r - co D a a u n d i n s d - - t s Float 2 as O F se t . h t R s e . r 3 Total 4 s G to o c ld k c D e a R r r c t a c i i g o f w i h u c i t n n a s t g t e 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 1960—Dec 27,248 27,170 78 94 1,665 29,060 17,954 1965—De c 40,885 40,772 113 490 2,349 43,853 13,799 1966—De c 43,760 43,274 486 570 2,383 46,864 13,158 1967—De c 48,891 48,810 81 238 2,030 51,268 12,436 1968—De c 52,529 52,454 75 765 3,251 56,610 10,367 1969—No v 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 59,360 173 462 2,933 1 ,734 64,708 11,117 400 Nov.P 60,393 60.004 389 424 2,930 1 ,314 65,128 11,117 400 Week ending— 1970—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 59,531 245 661 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 59,516 59,366 150 450 2,760 1,734 64,504 11,117 400 21 59,599 59,350 249 586 3,335 1,761 65,331 11,117 400 28 59,287 59,287 433 3,024 1,778 64,556 11,117 400 Nov. 4 59,960 59,528 432 423 2,640 1,633 64,720 11,117 400 11 59,879 59,434 445 445 3,122 1 ,642 65,163 11,117 400 18^ 60,652 59,943 709 332 2,949 1,382 65,403 11,117 400 25V 60,452 60,350 102 435 3,210 1,013 65,151 11 ,117 400 End of month 1970—Sept 60,055 759,600 455 852 2,313 1,678 64,985 11,117 400 Oct 60,103 759,528 575 428 2,957 1,591 65,152 11,117 400 Nov 61,294 761,008 286 300 2,028 928 64,637 11 ,117 400 Wednesday 1970—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 6.7 59,034 210 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 2,893 1,723 64,320 11,117 400 14 60,067 759,366 701 912 2,513 1,776 65,337 11,117 400 21 59,635 759,309 326 1 ,279 2,949 1,762 65,671 11,117 400 28 59,283 759,283 418 2,984 1,821 64,542 11,117 400 Nov. 4P 59,910 759,528 382 584 2,536 1,613 64,707 11,117 400 11? 58,786 6758,786 553 2,878 1,670 63,923 11,117 400 18? 60,714 760,097 617 325 3,286 1,019 65,451 11,117 400 25P 61,209 760,494 715 1,144 2,605 1,037 66,058 11,117 400 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1970 • BANK RESERVES AND RELATED ITEMS A 5 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued (In millions of dollars) Factors absorbing reserve funds Deposits, other than member bank Member bank reserves, Other reserves Period or date Treas- with F.R. Banks Other F.R. ury F.R. liacash bilities h i o n l g d s - T u re r a y s - F ei o g r n - Other 2 counts3 ca a p n it d a l3 B W F a . n R it k h . s c r C a e o n n u in d c r y 5 - 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. 666 1,074 135 445 2,140 23,037 4,727 27,764 .1969—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 23,593 5,108 28,701 Oct. 453 890 149 721 2.256 23,412 5,140 28,552 Nov.2' Week ending— 461 1,041 160 761 2,311 23,351 5,019 28,370 .1970—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 23,148 5,316 28,464 14 455 1 ,110 130 746 2,154 24,095 4,795 28,890 21 459 1,182 145 711 2,205 23,433 5,014 28,447 28 467 1 ,041 169 750 2,292 23,471 5,181 28,652 .Nov. 4 448 988 170 758 2,379 23,381 5,344 28,725 11 451 899 153 716 2,145 23,692 5,120 28,812 18^ 456 747 135 681 2,208 23,507 4,896 28,403 25 p End of month 447 1,238 136 725 2.301 23,938 5,333 29,271 .1970—Sept. 462 920 142 739 2,277 24,206 5,182 29,388 Oct. 458 587 136 692 2.302 22,730 5,205 27,935 NOV.P Wednesday 471 967 151 757 2,358 23,836 5,017 28,853 .1970—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 23,433 5,268 28,701 .Oct. 7 456 899 151 725 2,132 24,153 5,317 29,470 14 460 1,153 107 713 2,181 24,445 4,799 29,244 21 472 1 ,271 197 713 2,225 23,146 5,017 28,163 28 455 1,194 163 738 2,327 23,008 5,180 28,188 .Nov. 453 1,510 141 750 2,392 21,264 5,337 26,601 11^ 463 837 124 703 2,162 23,720 5,120 28,840 18 p 453 805 117 662 2,236 24,075 4,896 28,971 25 P 1 U.S. Govt, securities include Federal agency obligations. 5 Part allowed as reserves Dec. 1, 1959—Nov. 23, 1960; all allowed 2 Beginning with 1960 reflects a minor change in concept; see Feb. thereafter. Beginning with Jan. 1963, figures are estimated except for 1961 BULLETIN, p. 164. weekly averages. Beginning Sept. 12, 1968, amount is based on close- » 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 • DECEMBER 1970 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City City of Chicago Period Reserves Bor- Reserves Bor- Reserves Bor- T h o e t ld al qu R ir e e - d^ 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 Excess B r F i a n o a . n w R g 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 - 1939—Dec 11,473 6,462 5,01 3 5,008 5,623 3,012 2,611 2,611 1,141 601 540 1941—Dec 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 1,143 848 295 1945—Dec 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 1950—Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 1,191 1960—Dec 19,283 18,527 756 87 669 3,687 3.658 29 19 10 958 953 4 1963—De c 20,746 20,210 536 327 209 3,951 3,895 56 37 19 1,056 1,051 5 1964—De c 21,609 21,198 411 243 168 4,083 4,062 21 35 -14 1,083 1,086 -3 1965—De c 22,719 22,267 452 454 -2 4,301 4,260 41 111 -70 1,143 1,128 15 1966—De c 23,830 23,438 392 557 -165 4,583 4,556 27 122 -95 1,119 1,115 4 1 1 9 9 6 6 7 8 — — D D e e c c 2 27 5 , , 2 2 2 6 1 0 2 2 4 6 , , 9 7 1 6 5 6 4 3 5 4 5 5 7 2 6 3 5 8 -3 1 1 0 0 7 5 5, , 1 0 5 5 7 2 5 5, , 0 0 5 3 7 4 10 18 0 2 4 3 0 0 -1 -2 3 2 0 1 1 ,2 ,1 2 9 5 9 1 1 , , 1 21 8 7 4 1969—No v 27,764 27,511 253 1,241 -988 5,376 5,350 26 169 -143 1,244 1,254 -10 Dec 28,031 27,774 257 1 ,086 -829 5,441 5,385 56 259 -203 1 ,285 1,267 18 1970—Ja n 28,858 28,692 166 965 -799 5,668 5.659 9 141 -132 1,320 1,316 4 Feb 27,976 27,703 273 1,092 -819 5,458 5,424 34 110 -76 1,253 1,264 -11 Mar 27,473 27,358 115 896 -781 5,349 5,344 5 153 -148 1,265 1 ,249 16 Apr 28,096 27,978 118 822 -704 5,482 5,453 29 227 -198 1,295 1,316 -21 May 27,910 27,729 181 976 -795 5,307 5,302 5 176 -171 1 ,285 1 ,287 -2 June 27,567 27,380 187 888 -701 5,201 5,164 37 132 -95 1,250 1,247 3 July 28,128 27,987 141 1 ,358 -1,217 5,315 5,306 9 269 -260 1,290 1,293 -3 Aug 28,349 28,204 145 827 -682 5,381 5,378 3 159 -156 1,298 1 ,304 -6 Sept 28,825 28,553 272 607 -335 5,497 5,436 61 117 -56 1,316 1,310 6 O N c o t v .f 2 2 8 8 , , 7 5 0 5 1 2 2 2 8 8 , ,4 4 4 3 7 2 2 1 5 2 4 0 4 4 6 2 2 4 - - 3 2 0 08 4 5 5 , , 5 4 8 4 3 4 5 5, , 4 5 4 4 3 2 41 1 6 1 0 2 -5 2 9 9 1 1 ,2 ,3 8 0 2 7 1 1 ,3 ,2 0 8 9 0 -2 1 Week ending— 1969—Nov. 5.. 27,661 27,365 296 1 ,328 -1,032 5,347 5,257 90 144 -54 1 ,272 1 ,254 12. . 27,725 27,354 371 1 ,244 -873 5,404 5,318 86 350 -264 1,246 1,244 19.. 27,969 27,823 146 1,071 -925 5,588 5,559 29 25 4 1,287 1,279 26. . 27,601 27,463 138 1,210 -1,072 5,275 5,269 6 -2 1 ,232 1 ,237 1970—July 1.. 27,823 27,550 273 991 -718 5.221 5,176 45 119 -74 1,253 1,267 8. . 27,847 27,773 74 1 ,294 -1,220 5,188 5,233 -45 389 -434 1,286 1,275 15. . 28,222 27,992 230 1,681 -1,451 5,439 5,381 58 493 -435 1,308 1 ,306 22. . 28,373 28,188 185 1,386 -1,201 5,418 5,384 34 166 -132 1,316 1 ,311 29. . 28,183 28,030 153 1,231 -1,078 5,259 5,260 -1 80 -81 1 ,268 1 ,286 Aug. 5. . 28,142 27,954 188 1,010 -822 5,238 5,300 -62 147 -209 1 ,288 1 ,283 12. . 28,588 28,309 279 1 ,174 -895 5,579 5,522 57 431 -374 1 ,331 1 ,339 19. . 28,515 28,423 92 681 -589 5,488 5,535 -47 55 -102 1 ,359 1 ,350 26. . 28,177 28,039 138 660 -522 5.222 5,200 22 77 -55 1 ,252 1 ,259 Sept. 2.. 28,370 28,192 178 660 -482 5,303 5,288 15 79 -64 1 ,277 1 ,276 9. . 28,931 28,516 415 763 -348 5,539 5,450 89 187 -98 1 ,311 1 ,293 16. . 28,921 28,565 356 500 -144 5,599 5,478 121 89 32 1 ,302 1 ,326 23. . 28,394 28,441 -47 460 -507 5,296 5,380 -84 78 -162 1,315 1 ,289 30. . 29,034 28,762 272 661 -389 5,581 5,476 105 103 2 1 ,319 1,340 Oct. 7. . 28,786 28,434 352 398 -46 5,615 5,568 47 47 1,337 1,312 14. . 28,464 28,423 41 450 -409 5,550 5,563 -13 -34 1 ,336 1 ,343 21. . 28,890 28,701 189 586 -397 5,682 5,666 16 -5 1 ,287 1,314 28. . 28,447 28,256 191 433 -242 5,417 5,399 1 7 1,301 1 ,276 Nov. 4. . 28,652 28,334 318 423 -105 5,571 5,475 96 85 1 ,298 1 ,291 11 . . 28,725 28,443 282 445 -163 5,488 5,466 22 -47 1 ,298 1,319 18^. 28,812 28,607 205 332 -127 5,588 5,558 30 30 1 ,306 1,308 25 p. 28,403 28,295 108 435 -327 5,259 5,325 -66 89 -155 1 ,226 1,243 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1970 • BANK RESERVES AND RELATED ITEMS A 7 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Country banks Period Borrow- Borrowings 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 l a d l Required 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. 10,888 10,841 47 572 -525 10,256 10,066 190 443 -253 .. .1969—Nov. 10,970 10,964 6 479 -473 10,335 10,158 177 321 -144 Dec. 1 10 1 , , 9 2 7 9 5 6 1 10 1 , , 9 3 1 1 3 4 -1 6 8 2 4 5 5 3 5 5 - - 4 4 7 7 3 3 1 1 0 0 , , 5 2 7 9 4 0 1 1 0 0 , , 4 1 0 0 3 2 1 1 7 8 1 8 2 4 8 0 3 0 - - 2 1 1 1 2 2 .. ..1970—J F a e n b . . 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. 11,319 11,270 49 338 -289 10,492 10,326 166 101 65 Oct. 11,206 11,273 -67 301 -368 10,621 10,435 185 52 133 NOV.P Week ending— 10,815 10,804 11 505 -494 10,227 10,050 177 490 -313 1969—Nov. 5 10,881 10,821 60 400 -340 10,194 9,971 223 409 -186 12 10,908 10,949 -41 625 -666 10,186 10,036 150 421 -271 19 10,801 10,801 697 -697 10,293 10,156 137 504 -367 26 10,922 10,879 43 539 -496 10,427 10,228 199 333 -134 1970—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 11,141 683 -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 11,168 11,278 -110 337 -447 10,410 10,239 171 71 100 14 11.446 11,376 70 405 -335 10.475 10,345 130 131 -1 21 11,183 11,203 -20 305 -325 10,546 10,378 168 117 51 28 11,215 11,188 27 314 -287 10,568 10,380 188 86 102 Nov. 4 11,383 11,326 57 311 -254 10,556 10,332 224 65 159 11 11,341 11,339 2 297 -295 10,577 10,402 175 35 140 18" 11,256 11,203 53 288 -235 10,662 10,524 138 40 98 25" 1 Beginning Sept. 12, 1968, amount is based on close-of-business fig- Total reserves held: Based on figures at close of business through Nov. ures for reserve period 2 weeks previous to report date. 1959; thereafter on closing figures for balances with F.R. Banks and opening figures for allowable cash; see also note 3 to preceding table. NOTE.—Averages of daily figures. Monthly data are averages of daily Required reserves: Based on deposits as of opening of business each day. figures within the calendar month; they are not averages of the 4 or 5 Borrowings at F.R. Banks: Based on closing figures. weeks ending on Wed. that fall within the month. Beginning with Jan. 1964, reserves are estimated except for weekly averages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 8 MAJOR RESERVE CITY BANKS • DECEMBER 1970 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars, except as noted) Basic reserve position Interbank Federal funds transactions Related transactions with U.S. Govt, securities dealers Less- Net- Gross transactions Net transactions Reporting banks week a e n n d d ing— s E e x r r v c e e e - s s s 1 r a B o t B w a o F n i r n . k R - g s s . F t f i b e r n u N d a a t n n e e e n d r t 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 u o e v c r f i g r e v . e n e d s t c P ha u s r e - s Sales t a w t c T r o t a o i - o n t w a n s a l - s y 2 b c b o P u h f a y a u n n i s r k n e e - s t g s s o b S e f a l a l n n l i e n k e s g s t d L ea o t l a o e n rs s 3 de f r B i a r n o o o l w g e r m s r - - s 4 lo N a e n t s Total—46 banks 1970—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 Nov. 4. 158 26 6,047 -5,914 48.0 8,818 2,771 2,709 6,109 63 2,403 89 2,314 11. 126 97 8,173 -8,144 65.3 10,491 2,318 2,310 8,181 8 2,332 82 2,250 18. 21 1 7,127 -7,108 56.8 9,945 2,817 2,753 7,192 64 1,784 71 1,713 25. 21 108 6,253 -6,340 52.4 8,622 2,369 2,156 6,466 213 2,061 93 1,968 8 in New York City 1970—Oct. 7. 105 1,864 -1,760 34.7 2,876 1 ,011 1 ,011 1 ,865 1 ,178 1,101 14. 25 2,365 -2,361 46.6 2,960 595 595 2,365 1,184 1,111 21. 36 1,910 -1,891 36.6 2,730 819 819 1 ,911 900 837 28. 25 1,361 -1,347 27.4 2,142 780 780 1,361 1 ,071 997 Nov. 4. 120 1 ,773 -1,664 33.5 2,671 898 1 ,773 1 ,267 1,180 11. 87 2,543 -2,525 50.9 3,233 690 690 2,543 1 ,189 1,111 18. 63 2,372 -2,309 45.6 3,161 789 749 2,412 1 ,157 1,094 25. -14 86 2,283 -2,383 49.4 2,980 696 608 2,372 1 ,378 1 ,299 38 outside New York City 1970—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 Nov. 4. 39 15 4,274 -4,250 57.7 6,147 1,873 1 ,811 4,336 1 ,135 1,134 11. 39 29 5,630 -5,619 74.8 7,258 1,628 1 ,620 5,638 1 ,143 1 ,139 18. -42 1 4,756 -4,799 64.3 6,784 2,028 2,004 4,780 24 627 618 25. 35 22 3,970 -3,957 54.4 5,643 1 ,673 1 ,549 4,094 124 683 670 5 in City of Chicago 1970—Oct. 7. 22 1,287 -1,266 106.0 1,594 307 307 1 ,287 115 115 14. 15 1,295 -1,302 106.3 1,683 388 389 1 ,295 112 112 21. -35 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 Nov. 4. 36 1 ,308 -1,284 109.2 1 ,664 356 356 1 ,308 75 75 11. 1,797 -1,798 149.4 2,104 307 307 1 ,797 73 73 18. 1,545 -1,541 130.0 1,964 419 419 1 ,545 74 74 25. 1,292 -1,312 117.0 1,651 359 340 1 ,311 103 103 33 others 1970—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 Nov. 4. 3 3 2,966 -2,966 48.0 4,483 1,517 1,455 3,028 63 1,060 2 1 ,059 11. 39 29 3,833 -3,822 60.6 5,154 1,321 1,313 3,840 8 1,070 4 1 ,066 18. -46 1 3,211 -3,258 51.9 4,820 1 ,609 1 ,584 3,236 24 554 9 545 25. 37 4 2,678 -2,645 43.0 3,992 1 ,314 1,209 2,783 105 580 14 566 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
DECEMBER 1970 • F. R. BANK DISCOUNT RATES A 9 CURRENT RATES (Per cent per annum) Advances to and discounts for member banks Advances to all others under Advances and discounts under Advances under last par. Sec. 13 3 Federal Reserve Bank Sees. 13 and 13a i Sec. 10(b) 2 N Ra o 1 t 9 v e 7 . 0 o 3 n 0 Ef d fe a c t t e i ve Pr r e a v t i e o us N Ra o 1 t v 9 e . 7 0 o 3 n 0 Ef d fe a c t t e i ve Pr r e a v t io e us N Ra o 1 t v 9 e . 7 0 o 3 n 0 Ef d fe a c t t e i ve Pr r e a v t io e us Boston 5% Nov. 11, 1970 61/4 Nov. 11, 1970 61/2 71/4 Nov. 11, 1970 71/2 New York. . . Nov. 13, 1970 61/4 Nov. 13, 1970 6I/2 71/2 Apr. 4, 1969 7 Philadelphia.. 534 Nov. 16, 1970 61/4 Nov. 16, 1970 6I/2 71/4 Nov. 16, 1970 IVi Cleveland.... 534 Nov. 13, 1970 61/4 Nov. 13, 1970 6I/2 71/4 Nov. 13, 1970 71/2 R At ic la h n m ta o nd. . . s 5 y %4 N N o o v v . . 1 11 1 , , 1 19 9 7 7 0 0 6 6 1 1 / / 4 4 N N o o v v . . 1 1 1 1 , , 1 1 9 9 7 7 0 0 6 6 1 I/ / 2 2 7 7 1 1 / / 2 4 N Fe o b v . . 1 1 1 0 , , 1 1 9 9 7 7 0 0 7 71 /2 Chicago 534 Nov. 13, 1970 61/4 Nov. 13,1970 6% 71/2 Mar. 4, 1970 7 St. Louis 534 Nov. 11, 1970 61/4 Nov. 11,1970 6I/2 71/4 Nov. 11, 1970 71/2 Minneapolis.. 5Y4 Nov. 11, 1970 61/4 Nov. 11, 1970 61/2 71/4 Nov. 11, 1970 71/2 D K a a l n la sa s s City.. 5 5 V 3 4 4 N N o o v v . . 1 1 3 3 , , 1 1 9 9 7 7 0 0 6 6 1 1 / / 4 4 N N o o v v . . 1 13 3 , , 1 1 9 9 7 7 0 0 6 6 I I / / 2 2 7 7 1 1 / / 4 4 N No o v v . . 1 1 3 3 , , 1 1 9 9 7 7 0 0 7 71 i/ / 2 2 San Francisco 5 y4 Nov. 11, 1970 61/4 Nov. 11, 1970 6I/2 7 M Nov. 11, 1970 71/2 1 Discounts of eligible paper and advances secured by such paper or by 2 Advances secured to the satisfaction of the F.R. Bank. Maximum U.S. Govt, obligations or any other obligations eligible for Federal maturity: 4 months. Reserve Bank purchase. Maximum maturity: 90 days except that dis- 3 Advances to individuals, partnerships, or corporations other than counts of certain bankers' acceptances and of agricultural paper may member banks secured by direct obligations of, or obligations fully have maturities not over 6 months and 9 months, respectively. guaranteed as to principal and interest by, the U.S. Govt, or any agency thereof. Maximum maturity: 90 days. SUMMARY OF EARLIER CHANGES (Per cent per annum) Range F.R. Range F.R. Range F.R. Effective (or level)— Bank Effective (or level)— Bank Effective (or level)— Bank date All F.R. of date All F.R. of date All F.R. of Banks N.Y. Banks N.Y. Banks N.Y. In effect Dec. 31, 1941 -Wi 1955—Cont. 1960—Cont. 1942 Nov. 2 1 3 8 21/ 2 4 1 - / 2 2 1/ 2 2 21 i/ /22 S A e u p g t . . 1 9 2 3 3 -3i/2 3 3 Apr. 11 1 Oct. 15 1 1956 1963 Apr. 2 3 5 0 1946 t ir Vi-1 fl/2 A A u p g r. . 2 3 2 1 0 1 4 3 . . . . 2 2 2 3 3 ^ 3 ^ 4 - - - 3 3 3 2 3 2 3 3 3 4 4 July 2 1 6 7 1964 3 31 -3 /2 1 /2 3 3 1 1 / / 2 2 May 10 1 Nov. 24 31/2-4 4 1957 30 4 4 Jan. 1 1 9 2 1948 1 iV - 4 iy 4 m 1J4 A N u ov g . . 2 1 3 9 5 . . . 3 3 31 - - 3 3 /2 1 1 / / 2 2 3 3 3 J /2 1965 4 -41/2 41/2 Aug. 13 1V4-1V2 l Vi Dec. 2. 3 3 13 41/2 41/2 23 11/2 iy2 1958 1967 1950 Jan. 22. 234-3 3 Apr. 7 4 -41/2 4 Aug. 21 Wi-m m 24. 2*4-3 14 4 4 25 iy4 m Mar. 1 7 3 . . 2 2 1 1 ^ 4- - 2 3 3 4 2 1 1 8 4 Nov. 2 2 0 7 4 41 -4 /2 1 /2 4 41 i/ / 2 2 Jan. 2 1 3 6 1953 13 2 4 -2 A A M p u a r g y . . 2 1 1 1 9 5 8 . . . . 1 1 3 3 2 1 4 4 1 3 - - / 4 2 2 4 1 4 2 1 1 1 3 3 4 4 4 Mar. 2 1 2 5 1968 41/ 5 2 -5 5 41 /2 Sept. 12. 134-2 Apr. 19 5 -51/2 51/2 1954 23. 2 2 26 51/2 51/2 Feb. 1 5 5 13 1 4 3 - 4 2 134 N O o ct v . . 2 7 4 . . 2 2 - 1 2 / 1 2 / 2 2 21 /2 30 514 5 - 1 5 /4 1 /2 5 5 1 1 / / 2 4 Apr. 14 in Dec. 18 514-51/2 51/2 1 6 1959 20 51/2 51/2 May 21 m 18 Mar. 6. 2!4-3 3 16. 3 3 1969 Apr. 1 1 5 4 1955 m m - - m m 1 Vi J S M u e a p n y t e . 2 1 1 1 9 2 . . . 3 3 1 , 3 4 y - 3 24 i /2 4 3 3 % % 8 51/ 6 2 -6 6 6 May 2 w !8 18. 4 4 1970 A S u e g p . t . 1 9 4 5 2 2 2 l 1 3 * /4 4 - - - 2 2 2 -2 y 1 1 Y / A 4 4 4 2 i 2 * 1 / 4 June 10 3 . . 1960 m 4 31 /2 Nov. 1 1 1 1 6 3 5 5 5 3 3 3 4 4 4 - - 6 6 5 6 5 3 3 4 4 13 21/4 21/4 14. 3% 31/2 In effect Nov. 30, 1970 534 534 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 • DECEMBER 1970 RESERVE REQUIREMENTS OF MEMBER BANKS (Per cent of deposits) Dec. 31, 1949, through July 13, 1966 Beginning July 14, 1966 Net demand Net demand Time deposits 4,5 deposits 2 deposits 2>4 (all classes of banks) TTTiiimmmeee dddeeepppooosss--iiitttsss Reserve Country Other EEEffffffeeeccctttiiivvveee dddaaattteee iii (((aaallllll EEEffffffeeeccctttiiivvveee dddaaattteee 111 city banks banks SSaavv-- time deposits CC rree ee ss nn ee tt rr rr vv aa ee ll ss RR eerr ee vv -- ee CCoo ttrr uu yy nn -- ccclllaaa ooo sss fff sss eeesss ddee iinn pp gg oo ss ss -cciittyy cciittyy bbaannkkss bbbaaannnkkksss))) Under Over Under Over iittss Under Over bbaannkkss 33 bbaannkkss $5 mil- $5 mil- $5 mil- $5 mil- $5 mil- $5 million lion lion lion lion lion IIInnn eeeffffffeeecccttt DDDeeeccc... 333111,,, 111999444999 22222222222222222222 11118888 11112222 55 1966—July 14, 21 6 I6I/2 6 12 64 64 55 Sept. 8, 15 66 111999555111———JJJaaannn... 111111,,,111666 22222222223333333333 11119999 11113333 66 JJJaaannn... 222555,,, FFFeeebbb... 111 22222222224444444444 22220000 11114444 1967—Mar. 2 33331111////2222 33331111////2222 111999555333———JJJuuulllyyy 999,,,111 22222222222222222222 11119999 11113333 Mar. 16 3333 3333 1954—June 24, 16 22222222221111111111 55 JJJuuulllyyy 222999,,, AAAuuuggg... 111............ 22222222220000000000 111888 111222 11996688——JJaann.. 1111,, 1188 IIII66661111////2222 11117777 11112222 111122221111////2222 111999555888———FFFeeebbb... 222777,,, MMMaaarrr... 111............ 111111111199999999991111111111//////////2222222222 111777111///222 HHH111///222 MMMaaarrr... 222000,,, AAAppprrr... 111............ 11111111119999999999 111777 111111 1969—Apr. 17 11117777 111177771111////2222 111122221111////2222 11113333 AAAppprrr... 111777 11111111118888888888%%%%%%%%%% Apr. 24 11111111118888888888 II66II//22 11997700 OOcctt.. 11 55555 1960—Sept. 1 11111111117777777777%%%%%%%%%% Nov. 24 1122 IIInnn eeeffffffeeecccttt NNNooovvv... 333000,,,111999777000...... 111777 111777111///222 111222111///222 111333 333 333 55555 1962—J D u e l c y 2 1 8 111 (((333 666 ))) iii///222 PPPrrreeessseeennnttt llleeegggaaalll Oct. 25, Nov. 1 44 rrreeeqqquuuiiirrreeemmmeeennnttt::: 111000 777 333 333 333 MMMaaaxxxiiimmmuuummm 222222 111444 111000 111000 111000 1 When two dates are shown, the first applies to the change at central of a member bank. For details concerning these requirements, see Regular reserve or reserve city banks and the second to the change at country tions D and M and appropriate supplements and amendments thereto. banks. For changes prior to 1950 see Board's Annual Reports. Details of revisions effective Jan. 7, 1971, are also shown on pp. 940-42. 2 Demand deposits subject to reserve requirements are gross demand 5 Effective Jan. 5, 1967, time deposits such as Christmas and vacation deposits minus cash items in process of collection and demand balances club accounts became subject to same requirements as savings deposits. due from domestic banks. 6 See preceding columns for earliest effective date of this rate. 3 Authority of the Board of Governors to classify or reclassify cities as central reserve cities was terminated effective July 28, 1962. NOTE.—All required reserves were held on deposit with F.R. Banks 4 Since Oct. 16, 1969, member banks have been required under Regula- June 21, 1917, until Dec. 1959. From Dec. 1959 to Nov. 1960, member tion M to maintain reserves against balances above a specified base due banks were allowed to count part of their currency and coin as reserves; from domestic offices to their foreign branches. Until Jan. 7, 1971, the effective Nov. 24, 1960, they were allowed to count all as reserves. For applicable reserve percentage is 10 per cent; effective that date it will be further details, see Board's Annual Reports. 20 per cent. Regulation D imposes a similar reserve requirement on borrowings above a specified base from foreign banks by domestic offices MARGIN REQUIREMENTS (Per cent of market value) Effective date RReegguullaattiioonn Jan. 16, Aug. 5, Oct. 16, July 28, July 10, Nov. 6, Mar. 11, June 8, May 6, 1958 1958 1958 1960 1962 1963 1968 1968 1970 Regulation T: For credit extended by brokers and dealers on— Margin stocks 50 70 90 70 50 70 Registered bonds convertible into margin stocks OOO OO 00 80 65 60 50 For short sales 50 70 90 70 50 70 80 65 Regulation U: For credit extended by banks on— Margin stocks 50 70 90 70 50 70 80 65 Bonds convertible into margin stocks 60 50 80 65 60 50 OOO OO 00 80 65 60 50 80 65 80 65 60 50 Regulation G: For credit extended by others than brokers and dealers and banks on— Margin stocks 80 65 60 50 OOO OO 00 80 65 60 50 80 65 80 65 60 50 80 65 Bonds convertible into listed stocks 60 50 OOO OO 00 80 65 60 50 80 65 80 65 60 50 80 65 60 50 OOO OO 00 80 65 60 50 80 65 80 65 60 50 80 65 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
DECEMBER 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 41/2 12 months or more.. 4 4 Other time deposits:2 Less than 12 months. m 3!/2 Multiple maturity:3 30-89 days 4Vi 90 days-1 year... 5 1 year to 2 years. 5Vi 2 years and over.. 5V4 Single-maturity: Less than $100,000: Other time deposits: 2 30 days to 1 year.. 5 12 months or more 4 1 year to 2 years.. 51/2 5Vz 9 6 0 m d o a n y t s h t s o t o 6 m 12 o m nt o h n s t . h . s . 2 3 1 V /z i 41/2 5Vi $1 2 0 0 y , e 0 a 0 r 0 s a a n n d d o o v v e e r r . : . 5V4 Less than 90 days 4 30-59 days 51/2 (4) (30-89 days) 60-89 days 5% (4) 90-179 days 51/2 51/2 6 63/ 4 180 days to 1 year, / 7 1 year or more. ., 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 6% commercial banks, as established by the FDIC, have been the same as per cent on maturities of 30-59 days and 6l/i percent on maturities of those in effect for member banks. DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks Reserve city banks Item mm bb ee aa AA mm nn ll bb ll kk ee ss 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 mm bb ee aa AA mm nn ll bb kk ll ee ss rr Y N o e r w k C o i f t y Other C b o a u n n k t s r y City Chicago City Chicago Four weeks ending Oct. 7, 1970 Four weeks ending Nov. 4, 1970 Gross demand—Total... 182,382 42,110 7,637 64,129 68,507 Gross demand—Total..., 182,307 41,816 7,506 64,059 68,927 Interbank 23,677 10,703 1,368 8,996 2,611 Interbank 24,930 11 ,562 1,343 9,327 2,698 U.S. Govt 6,142 1,122 328 2,510 2,183 U.S. Govt 4,738 676 233 1 ,870 1,959 Other 152,564 30,286 5,941 52,624 63,713 Other 152,641 29,579 5,930 52,862 64,270 Net demand 1 137,925 26,198 5,983 48,622 57,123 Net demand 1 137,478 25,690 5,811 48,599 57,379 Time 170,816 19,102 5,682 63,616 82,417 Time 173,489 19,777 5,946 64,273 83,494 Demand balances due Demand balances due from dom. banks.... 10,008 700 126 2,549 6,634 from dom. banks 10,560 1,075 115 2,652 6,719 Currency and coin 5,131 444 100 1,620 2,967 Currency and coin 5,077 430 90 1 ,632 2,925 Balances with F.R. Balances with F. R. Banks 23,653 5,079 1,219 9,740 7,616 Banks 2233,,553377 55,,112266 I ,216 9,621 77,,557755 Total reserves held 28,784 5,523 1,319 11,360 10,583 Total reserves held 2288,,661144 55,,555566 1 ,306 11,253 1100,,550000 Required 28,551 5,476 1,317 11,338 10,421 Required 2288,,442299 55,,552266 1,306 11,261 1100,,333366 Excess 233 47 2 22 162 Excess 118855 3300 -8 116644 1 Demand deposits subject to reserve requirements are gross demand NOTE.—Averages of daily figures. Balances with F.R. Banks are as deposits minus cash items in process of collection and demand balances of close of business; all other items (excluding total reserves held and due from domestic banks. excess reserves) are as of opening of business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
12 FEDERAL RESERVE BULLETIN • DECEMBER 1970 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1970 1970 1969 Nov. 25 Nov. 18 Nov. 11 Nov. 4 Oct. 28 Nov. 30 Oct. 31 Assets Gold certificate account 10,827 10,827 10,827 10,827 10,819 10,827 10,819 Special Drawing Rights certificate account. 400 400 400 400 400 400 400 Cash 217 223 219 223 223 219 225 Discounts and advances: Member bank borrowings 1,144 325 553 584 r418 300 428 Other Acceptances: Bought outright 36 36 36 36 36 37 36 Held under repurchase agreements 27 71 28 50 37 Federal agency obligations—Held under repurchase agreements 86 153 88 U.S. Govt, securities: Bought outright: Bills 24,848 24,607 23,296 24,038 23,793 25,362 24,038 Certificates—Other. Notes 32,864 32,758 32,758 32,758 32,758 32,864 32,758 Bonds 2,782 2,732 2,732 2,732 2,732 2,782 2,732 Total bought outright 160,494 160,097 1,258,786 159,528 159,283 161,008 159,528 Held under repurchase agreements. 629 464 331 225 487 Total U.S. Govt, securities. 61,123 60,561 58,786 59,859 59,283 61,233 60,015 Total loans and securities 62,416 61,146 59,375 60,558 r59,737 61,681 60,604 Cash items in process of collection. . . "9,941 "11,982 "10,015 "10,985 10,021 "9,910 9,120 Bank premises 127 127 127 125 125 127 125 Other assets: Denominated in foreign currencies. 389 408 407 708 650 265 408 IMF gold deposited 3 179 179 179 179 187 179 187 All other 342 305 957 601 859 357 871 Total assets. "84,838 "85,597 "82,506 "84,606 83,021 "83,965 82,759 Liabilities F.R. notes 49,607 49,355 49,312 48,432 49,636 48,311 Deposits: Member bank reserves "24,075 "23,720 "21,264 "23,008 23,146 "22,730 24,206 U.S. Treasurer—General account. 805 837 1 ,510 1 ,194 1,271 587 920 Foreign 117 124 141 163 197 136 142 Other: IMF gold deposit 3 179 179 179 179 187 179 187 All other 483 524 571 559 526 513 552 Total deposits. "25,659 "25,384 "23,665 "25,103 25,327 "24,145 26,007 Deferred availability cash items 7,336 8,696 7,137 8,449 7,037 7,882 6,164 Other liabilities and accrued dividends. 607 603 600 603 570 624 592 Total liabilities "83,209 "84,038 "80,714 "82,882 81,366 "82,287 81,074 Capital accounts Capital paid in 693 692 690 690 690 693 690 Surplus 669 669 669 669 669 669 669 Other capital accounts 267 198 433 365 296 316 326 Total liabilities and capital accounts "84,838 "85,597 "82,506 "84,606 83,021 "83,965 82,759 Contingent liability on acceptances purchased for foreign correspondents 246 246 246 239 238 243 238 Marketable U.S. Govt, securities held in custody for foreign and international accounts4 10,814 10,647 10,418 10,113 9,907 10,817 9,941 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank).. . 52,387 52,106 51,904 51,657 51,618 52,555 51,652 Collateral held against notes outstanding: Gold certificate account 3,330 3,330 3,300 3,300 3,300 3,330 3,300 U.S. Govt, securities 50,545 50,245 49,955 49,755 49,755 50,580 49,755 Total collateral. 53,875 53,575 53,255 53,055 53,055 53,910 53,055 1 See note 7 on p. A-5. 4 This caption valid beginning Sept. 16, 1970; figures prior to that 2 See note 6 on p. A-5. date include both marketable and nonmarketable securities for foreign 3 See note 1 (b) at top of p. A-75. account only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1970 • FEDERAL RESERVE BANKS A 13 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON NOVEMBER 30, 1970 (In millions of dollars) Total Boston Y N o e r w k P p d h h e i i l l a a - - C la le n v d e - m Ri o c n h d - At t la a n - c C a h g i o - L S ou t. i s M ap i o n l n is e . K C s a a it n s y - Assets Gold certificate account 10,827 501 3,411 574 826 880 514 1,811 457 254 395 Special Drawing Rights certif. acct... 400 23 93 23 33 36 22 70 15 7 15 F.R. notes of other banks 754 94 134 41 33 47 197 29 18 29 29 Other cash 219 10 22 10 25 14 28 30 11 7 16 Discounts and advances: Secured by U.S. Govt, securities... 19 9 Other 281 281 Acceptances: Bought outright Held under repurchase agreements. Federal agency obligations—Held under repurchase agreements 61 U.S. Govt, securities: Bought outright 161,008 3,156 15,010 3,179 4,823 4,667 3,165 9,781 2,259 1,194 2,415 Held under repurchase agreements., 225 225 Total loans and securities 61,681 3,156 15,387 3,179 4,823 4,668 3,165 10,071 2,260 1,194 2,419 Cash items in process of collection.., 13,696 770 2,269 703 1,050 980 1 ,323 2,255 733 534 935 Bank premises 127 2 2 12 11 17 17 12 11 18 Other assets: Denominated in foreign currencies., 265 270 IMF gold deposited 3 179 179 All other 357 87 Total assets 8,505 4,600 21,660 4,565 6,851 6,678 5,301 14,376 3,527 2,048 3,852 Liabilities F.R. notes 50,390 2,858 11,908 2,878 4,122 4,536 2,568 8,849 1,908 863 1,855 Deposits: Member bank reserves 22,730 846 6,759 954 1,519 1,109 1,354 3,001 770 661 1,040 U.S. Treasurer—General account.. 587 51 56 45 43 23 56 60 59 31 49 Foreign 136 6 451 6 10 6 7 17 4 3 5 Other: IMF gold deposit 3 179 179 All other 513 472 Total deposits 24,145 904 7,517 1,006 1,572 1 ,147 1 ,418 3,083 833 696 1,096 Deferred availability cash items 11,668 727 1,633 564 961 856 1,177 2,092 707 440 807 624 32 158 32 49 46 32 98 22 13 25 Other liabilities and accrued dividends 86,827 4,521 21,216 4,480 6,704 6,585 5,195 14,122 3,470 2,012 3,783 Total liabilities Capital accounts 693 184 103 SCuarppitluals paid in 669 177 99 Other capital accounts 316 83 52 Total liabilities and capital accounts.. 88,505 4,600 21,660 4,565 6,851 6,678 5,301 14,376 3,527 2,048 3,852 Contingent liability on acceptances purchased for foreign correspondents 243 12 562 36 10 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank) 5522,,555555 22,,998866 1122,,445566 22,,996600 44,,227755 44,,665555 2,738 99,,113322 22,,000022 900 1 ,929 22,,001144 6,508 Collateral held against notes outstanding: Gold certificate account 33,,330000 225500 550000 330000 551100 661100 11 ,,000000 115555 55 UU..SS.. GGoovvtt,, sseeccuurriittiieess 5500,,558800 22,,777700 1122,,220000 22,,880000 33,,990000 44,,111100 2,900 88,,225500 11 ,,993300 915 i ,975 22,,008800 6,750 TToottaall ccoollllaatteerraall 53,910 3,020 12,700 3,100 4,410 4,720 2,900 9,250 2,085 915 1 ,975 2,085 6,750 1 See Note 7 on p. A-5. 5 After deducting $181 million participations of other Federal Reserve 2 After deducting $195 million participations of other Federal Reserve Banks. Banks. 3 See note 1 (b) to table at top of page A-75. NOTE.—Some figures for cash items in process of collection and 4 After deducting $85 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 • DECEMBER 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 h p r u a o s r s e - s s G sa r l o e s s s Re t d io e n m s p- c G h p r u a o s r s e - s s G sa r l o e s s s m re s a d h t o e i u f r m t r s i p t , y - c G h p r u a o s r s e - s s G sa r l o e s s s m E s a h x t o u i c r f r h t i s . t y tions 1969—Oct 55555555555555,,,,,,,,,,,,,,111111111111114444444444444455555555555555 33333333333333,,,,,,,,,,,,,,777777777777770000000000000044444444444444 55555555555555..............000000000000001111111111111166666666666666 33333333333333,,,,,,,,,,,,,,777777777777770000000000000044444444444444 ---666999444 777444 555111999 Nov 22222222222222,,,,,,,,,,,,,,999999999999991111111111111155555555555555 777777777777773333333333333355555555555555 111111444444888888 22222222222222,,,,,,,,,,,,,,888888888888885555555555555522222222222222 777777777777773333333333333355555555555555 111111444444888888 222888 111,,,111777777 222999 ---444000 Dec 11111111111111,,,,,,,,,,,,,,222222222222225555555555555500000000000000 11111111111111,,,,,,,,,,,,,,000000000000002222222222222299999999999999 333333888888666666 11111111111111,,,,,,,,,,,,,,222222222222225555555555555500000000000000 11111111111111,,,,,,,,,,,,,,000000000000002222222222222299999999999999 333333888888666666 1970—Jan 33333333333333,,,,,,,,,,,,,,111111111111113333333333333333333333333333 44444444444444,,,,,,,,,,,,,,111111111111115555555555555544444444444444 666666111111555555 33333333333333,,,,,,,,,,,,,,111111111111113333333333333333333333333333 44444444444444,,,,,,,,,,,,,,111111111111115555555555555544444444444444 666666111111555555 Feb 888888888888880000000000000011111111111111 333333333333339999999999999955555555555555 111111000000000000 888888888888880000000000000011111111111111 333333333333339999999999999955555555555555 111111000000000000 ---555666444 111,,,333111999 Mar 22222222222222,,,,,,,,,,,,,,666666666666665555555555555577777777777777 22222222222222,,,,,,,,,,,,,,555555555555557777777777777777777777777777 111111111111999999 22222222222222,,,,,,,,,,,,,,666666666666665555555555555577777777777777 22222222222222,,,,,,,,,,,,,,555555555555557777777777777777777777777777 111111111111999999 111555444 ---111555444 Apr 11111111111111,,,,,,,,,,,,,,111111111111112222222222222244444444444444 777777777777774444444444444477777777777777 11111111111111,,,,,,,,,,,,,,111111111111112222222222222244444444444444 777777777777774444444444444477777777777777 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 333300008888 22222222222222,,,,,,,,,,,,,,444444444444447777777777777744444444444444 22222222222222,,,,,,,,,,,,,,333333333333336666666666666677777777777777 333300008888 1177 9900 Oct 222222222222224444444444444455555555555555 111111111111118888888888888833333333333333 111133334444 222222222222224444444444444455555555555555 111111111111118888888888888833333333333333 111133334444 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 GGGGoooovvvvtttt,,,, ((((nnnneeeetttt rrrreeee---- rreeppuurr-- cccchhhhaaaannnnggggeeee1111 c G h p r u a o s r s e - s s G sa r l o e s s s o E t s r u h x r i m c f it h t a y s . - c G h p r u a o s r s e - s s G sa r l o e s s s o E t s r u h x r i m c i f t h t a y s . - c G h p r u a o s r s e - s s G sa r l o e s s s sssseeee iiiitttt cccc iiii uuuu eeeessss rrrr ---- pppp mmmm uuuu aaaa rrrr gggg eeee cccc rrrr nnnn hhhh eeee tttt eeee aaaa ssss ---- ssss )))) eeee rr OO ii nn gg uu ee hh tt tt tt -- ,, mm aa cc gg hh nn ee rr aa nn ee ee tt ss tt ee ee ss -- ,, 1969—Oct 555222 111777555 333 22222222222222,,,,,,,,,,,,,,666666666666665555555555555555555555555555 22222222222222,,,,,,,,,,,,,,777777777777771111111111111155555555555555 11111111111111,,,,,,,,,,,,,,333333333333338888888888888811111111111111 111777 44444444444444 11111111111111,,,,,,,,,,,,,,444444444444440000000000000022222222222222 NNoovv........ 333 ---111,,,111333777 444 11111111111111,,,,,,,,,,,,,,000000000000003333333333333311111111111111 11111111111111,,,,,,,,,,,,,,222222222222226666666666666600000000000000 11111111111111,,,,,,,,,,,,,,888888888888880000000000000033333333333333 ---111777 88888888888888 11111111111111,,,,,,,,,,,,,,777777777777779999999999999944444444444444 DDeecc.... .. .. 33333333333333,,,,,,,,,,,,,,333333333333333333333333333366666666666666 33333333333333,,,,,,,,,,,,,,333333333333333333333333333366666666666666 --------------111111111111116666666666666655555555555555 1111111111111155555555555555 --------------111111111111115555555555555500000000000000 1970—Jan 11111111111111,,,,,,,,,,,,,,222222222222220000000000000011111111111111 11111111111111,,,,,,,,,,,,,,000000000000000000000000000099999999999999 --------------11111111111111,,,,,,,,,,,,,,444444444444444444444444444444444444444444 333000 --------------77777777777777 222666 --------------11111111111111,,,,,,,,,,,,,,333333333333339999999999999955555555555555 Feb --668888 --6666 44444444444444,,,,,,,,,,,,,,444444444444440000000000000077777777777777 44444444444444,,,,,,,,,,,,,,555555555555559999999999999999999999999999 111111111111111111111111111144444444444444 ---333000 ---222666 5555555555555577777777777777 Mar.. . . 11111111111111,,,,,,,,,,,,,,111111111111117777777777777766666666666666 11111111111111,,,,,,,,,,,,,,111111111111117777777777777766666666666666 --------------3333333333333388888888888888 --------------44444444444444 --------------4444444444444433333333333333 Apr . . . 33333333333333,,,,,,,,,,,,,,666666666666668888888888888855555555555555 33333333333333,,,,,,,,,,,,,,333333333333333333333333333388888888888888 777777777777772222222222222233333333333333 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 Aug.. .. 115500 33333333333333,,,,,,,,,,,,,,111111111111118888888888888811111111111111 22222222222222,,,,,,,,,,,,,,888888888888885555555555555522222222222222 11111111111111,,,,,,,,,,,,,,333333333333335555555555555511111111111111 33331111 --------------44444444444444 33330000 11111111111111,,,,,,,,,,,,,,444444444444440000000000000077777777777777 SSeepptt 6611 1166 33333333333333,,,,,,,,,,,,,,999999999999990000000000000066666666666666 33333333333333,,,,,,,,,,,,,,888888888888886666666666666611111111111111 2222222222222288888888888888 55550000 33333333333333************** 22221111 111111111111110000000000000011111111111111 OOcctt 33333333333333,,,,,,,,,,,,,,444444444444446666666666666655555555555555 33333333333333,,,,,,,,,,,,,,333333333333335555555555555533333333333333 4444444444444400000000000000 8888 ----11114444 3333333333333344444444444444 1 Net change in U.S. Govt, securities, Federal agency obligations, and NOTE.—Sales, redemptions, and negative figures reduce System holdbankers' acceptances. ings; all other figures increase such holdings. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) E pe n r d i o o d f Total P st o e u rl n in d g s s A c u h s il t l r i i n a g n s B fr e a lg n i c a s n C d a o n l a la d r i s a n D kr a o n n is e h r F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e a n Jap y a e n n e se g N u l e a i t l n h d d e e s r r s - f S r w an is c s s 1968—Dec.. 2,061 1,444 433 165 1 4 3 1969—Aug. 1,929 1,571 224 * 15 114 3 Sept. 2,330 1,693 204 * 315 114 2 Oct.. 1,823 1,494 7 313 2 5 Nov. 1,370 1,273 60 6 2 27 Dec. 1,967 1,575 199 60 125 3 4 1970—Jan.. 975 605 100 60 201 3 4 Feb.. 1,179 215 159 801 3 * Mar. 1,169 207 157 801 3 * Apr. 1,101 199 93 805 3 * May 510 199 94 205 * 11 June, 690 180 94 400 * 15 July. 290 180 95 * 14 Aug. 280 180 9966 * 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 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 Nov. 25 Nov. 18 Nov. 11 Nov. 4 Oct. 28 Nov. 30 Oct. 31 Nov. 30 Discounts and advances—Total 11,,114444 332255 553 558844 441177 330000 442277 11,,553311 Within 15 days 11,,114422 331188 553 557799 441100 229988 442266 11,,552277 16 days to 90 days 22 77 55 77 22 11 44 91 days to 1 year Acceptances—T otal 63 107 36 64 36 87 73 49 Within 15 days 35 79 9 38 14 56 45 13 16 days to 90 days 28 28 27 26 22 31 28 36 91 days to 1 year U.S. Government securities—Total 61,209 60,714 58,786 59,910 59,283 61,294 60,103 57,318 Within 15 days* 3,877 4,065 2,536 4,704 3,597 2,045 3,819 1,373 16 days to 90 days 10.723 10,423 11,410 10,543 11,139 12,511 11,055 10,901 91 days to 1 year 21,331 21,067 13,320 13,143 13,027 21,460 13,709 23,913 Over 1 year to 5 years 18.724 18,644 25,356 25,356 25,356 18,724 25,356 12,811 Over 5 years to 10 years 5,933 5,910 5,524 5,524 5,524 5,933 5,524 7,642 Over 10 years 621 605 640 640 640 621 640 678 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts1 Turnover of demand deposits (billions of dollars) Period SM T 2 o 3 S t 3 A a l ' s N Le .Y ad . ing S 6 M o S t A h ' e s r s2 T S o N M ( t e a . x S Y l c A . l 2 ) . ' 3 s 2 SM o 2 th 2 S 6 e A r ' s SM T 2 o 3 S t 3 A a l ' s N Le .Y ad . ing S 6 M o S t A h ' e s r s2 T S o N M ( t e a . x S Y l c A . l 2 ) . ' 3 s 2 SM o 2 th 2 S 6 e A r ' s 1969—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 July. 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.' 10,557.7 4.770.6 2.478.8 5,787.1 3.308.3 75.8 162.8 77.9 52.6 42.3 Sept. 10.559.4 4.668.1 2.502.9 5,891.3 3.388.4 75.5 161.0 77.9 53.1 43.0 Oct.. 10,792.1 4.899.8 2,499.8 5,892.3 3.392.8 78.3 175.9 78.4 53.6 43.4 1 Excludes interbank and U.S. Govt, demand deposit accounts. For description of series, see Mar. 1965 BULLETIN, p. 390. 2 Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and The data shown here differ from those shown in the Mar. 1965 BULLETIN Los Angeles-Long Beach. because they have been revised, as described in the Mar. 1967 BULLETIN, p. 389. NOTE.—Total SMSA's includes some cities and counties not designated as SMSA's. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 16 U.S. CURRENCY • DECEMBER 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—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 Oct.. 55,021 38,192 6,213 2,181 136 2,975 8,761 17,926 16,829 4,694 11,656 217 255 3 4 1 Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin. overstated because they include small amounts of paper currency held by the Treasury and the F.R. Banks for which a denominational break- NOTE.—Condensed from Statement of United States Currency and down is not available. Coin, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circulation 1 TTToootttaaalll ooouuuttt--- HHHeeelllddd bbbyyy ssstttaaannndddiiinnnggg,,, AAss sseeccuurriittyy FFoorr FFF...RRR... 1970 1969 KKKiiinnnddd ooofff cccuuurrrrrreeennncccyyy OOOcccttt... 333111,,, aaggaaiinnsstt TTrreeaassuurryy FF..RR.. BBBaaannnkkksss 111999777000 ggoolldd aanndd ccaasshh BBaannkkss aaannnddd ssiillvveerr aanndd AAAgggeeennntttsss Oct. Sept. Oct. cceerrttiiffiiccaatteess AAggeennttss 31 30 31 Gold 1111111111,,,,,111111111177777 ((1100,,881199)) 22229988 Gold certificates (((((1111100000,,,,,888881111199999))))) 331100,,881199 1111 Federal Reserve notes 5555511111,,,,,666665555522222 111000333 3333,,,,333344441111 444888,,,222000777 444888,,,000000333 444555,,,222000666 Treasury currency—Total 77777,,,,,111110000044444 666222 222222228888 666,,,888111444 666,,,777999222 666,,,555000555 SSttaannddaarrdd ssiillvveerr ddoollllaarrss 444448888855555 3333 444448888822222 444448888822222 444448888822222 Fractional coin 55555,,,,,999999999977777 33339999 222277 55555,,,,,777773333311111 55555,,,,,777771111111111 55555,,,,,444442222288888 United States notes 333332222233333 11119999 333330000033333 333330000000000 222229999922222 In process of retirement4 222229999999999 222229999999999 222229999999999 333330000033333 TToottaall——OOcctt.. 3311,, 11997700 555566669999,,,,888877772222 ((((11110000,,,,888811119999)))) 444466662222 11110000,,,,888811118888 3333,,,,555577771111 5555,,002211 Sept. 30, 1970 555566669999,,,,666666662222 ((((11110000,,,,888811119999)))) 444444447777 11110000,,,,888811118888 3333,,,,666600003333 5544,,779955 Oct. 31,1969 555566665555,,,,555522221111 ((((11110000,,,,000033336666)))) 666644449999 11110000,,,,000033336666 3333,,,,111122227777 5511,,771100 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
DECEMBER 1970 • MONEY STOCK; BANK RESERVES A 17 MONEY STOCK AND RELATED DATA (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money stock Money stock PPPeeerrriiioooddd TTiimmee TTiimmee UU..SS.. ddeeppoossiittss ddeeppoossiittss GGoovvtt,, Currency Demand aadd-- Currency Demand aadd-- ddeemmaanndd Total component deposit jjuusstteedd ii Total component deposit jjuusstteedd 11 ddeeppoossiittss11 component component 1966—Dec 171.7 38.3 133.4 158.3 176.9 39.1 137.8 156.9 3.4 1967—Dec 183.1 40.4 142.7 183.5 188.6 41.2 147.4 182.1 5.0 1968—Dec 197.4 43.4 154.0 204.8 203.4 44.3 159.1 203.2 5.0 1969—Nov 203.5 45.9 157.6 194.0 205.3 46.4 158.9 193.4 5.2 Dec 203.6 46.0 157.7 194.6 209.8 46.9 162.9 193.2 5.6 1970—Jan 205.2 46.2 159.0 193.3 211.4 46.1 165.4 192.7 4.8 Feb 204.5 46.4 158.1 193.5 202.8 45.9 156.8 193.0 7.1 Mar 206.6 46.7 159.8 195.3 204.7 46.3 158.4 195.9 6.9 Apr 208.3 47.1 161.2 198.5 209.3 46.6 162.6 199.3 5.3 May 209.2 47.7 161.6 200.3 205.3 47.3 158.0 201.1 6.4 June 209.6 47.8 161.9 202.2 207.8 47.7 160.1 202.3 6.5 July 210.6 48.1 162.5 208.2 209.0 48.3 160.7 208.1 6.8 Aug 211.8 48.2 163.7 213.2 208.7 48.3 160.4 214.0 7.1 Sept 212.8 48.2 164.6 218.5 211.4 48.2 163.1 218.4 6.8 Oct 213.0 48.5 164.5 222.2 213.0 48.5 164.5 222.5 6.1 Nov.*3 213.8 48.6 165.1 225.0 215.6 49.1 166.4 224.6 5.6 Week ending— 1970—Oct. 28 212.2 48.5 163.7 223.0 211.3 48.1 163.3 223.1 7.0 Nov. 4 212.7 48.6 164.1 223.4 215.3 48.5 166.8 223.4 5.9 11 213.2 48.6 164.5 223.8 214.9 49.3 165.5 224.0 4.9 18 213.9 48.7 165.2 224.9 216.3 49.2 167.1 224.5 4.9 25 213.8 48.6 165.2 226.1 214.1 49.1 165.0 225.3 6.6 Dec. 2P 214.5 48.6 165.9 227.1 217.4 49.3 168.1 225.8 5.8 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.—Series are revised; for description see pp. 887-909 of this banks. Time deposits adjusted are time deposits at all commercial BULLETIN. banks other than those due to domestic commercial banks and the Averages of daily figures. Money stock 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 members bank deposiit plus nondepost S.A. N.S.A. items 3 Period Non- Demand Demand borrowed Required Time Time Total and Total and S.A. N.S.A. savings Private U.S. savings Private U.S. Govt. Govt. 1966—Dec.. . 23.52 22.98 23.17 244.6 129.4 111.7 3.5 247.1 127.9 116.1 3.0 1967—Dec.. . 25.94 25.68 25.60 273.5 149.9 118.9 4.6 276.2 148.1 123.6 4.5 1968—Dec.. . 27.96 27.22 27.61 298.2 165.8 128.2 4.2 301.2 163.8 133.3 4.1 1969—Nov.. . 27.78 26.54 27.55 285.8 151.1 129.1 5.6 284.7 150.0 130.3 4.3 305.5 304.3 Dec.. . 27.93 26.81 27.71 285.8 151.5 129.4 4.9 288.6 149.7 134.4 4.6 305.7 308.6 1970—Jan.... 28.00 26.97 27.82 284.8 149.4 130.1 5.3 288.5 148.9 135.6 3.9 304.8 308.5 Feb.. . 27.72 26.62 27.52 282.9 148.8 128.5 5.6 282.3 148.8 127.4 6.1 303.4 302.8 Mar... 27.72 26.78 27.54 286.2 150.6 129.8 5.9 285.4 151.0 128.5 5.8 306.1 305.3 Apr.. . 28.22 27.35 28.05 290.2 153.5 131.4 5.2 290.7 153.8 132.5 4.5 309.6 310.2 May. . 27.89 26.92 27.69 289.1 154.6 131.4 3.0 287.9 154.9 127.7 5.4 309.3 308.2 June.. 27.90 27.06 27.71 290.5 155.7 129.9 4.8 289.6 155.7 128.5 5.4 311.1 310.3 July... 28.04 26.69 27.90 296.0 160.7 130.9 4.4 296.3 160.9 129.6 5.8 315.8 316.1 Aug... 28.59 27.78 28.41 303.2 164.9 131.9 6.4 301.0 166.0 129.1 5.9 321.9 319.9 Sept... 29.24 28.71 29.02 308.0 169.5 132.3 6.2 306.8 169.9 131.2 5.8 324.5 323.2 Oct.... 29.39 28.93 29.13 310.6 173.0 132.4 5.2 310.9 173.2 132.6 5.1 324.7 325.1 Nov.". 29.48 29.04 29.23 314.2 175,7 132.5 6.0 313.0 174.9 133.6 4.6 326.9 325.8 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 • DECEMBER 1970 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Gold Bank credit assets, stock Treas- net— D S R c c r p e a a i a r e g t n w t c e h d i i s f i t a i n s i - l g s r t o c e u i a u u n n r n r g t c y d - - y - Total n L e o t a 2 n , s , 3 Total U.S. C T a o r n m e d a l s . ury R F s e e e d c se u e r r r v a it e l i es Other 4 r O s i e t t i c h e u e s - r 3 c l T a i i a n a p t o n i b e i t e t d t a i s a l l - l , c d u e T r a p r o n o e t d s n a i l c t y s c C o m a a n a u p n i c e n s i d - t c t t a s . , l savings Banks banks 1947—Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,008 184,384 14,624 1967—Dec. 30. 11,982 6,784 468,943 282,040 117,064 66,752 49,112 1,200 69,839 487,709 444,043 43,670 1968—Dec. 31. 10,367 6,795 514,427 311,334 121,273 68,285 52,937 51 81,820 531,589 484,212 47,379 1969—Nov. 265 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 7,100 554,300 341,300 119,600 60,300 59,300 93,400 572,900 505,300 67,600 Nov. 25 p ,500 7,100 559,100 341,600 122,400 61,300 61,100 95,100 577,700 510,100 67,600 DETAILS OF DEPOSITS AND CURRENCY Money stock 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 a s a t d o e e n s - - d d it 7 s Total o b r u C e a t n u n s c r 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 8 l S P t a S o e v y m s i s t n - a 4 g l s nn ee FF ii ee oo gg tt rr nn 99 -- ,, T h c i r u 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——NNoovv.. 226655...... 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 70,200 2,600 500 6,600 1 ,300 NNoovv.. 2255""...... 202,000 47,600 154,400 205,200 48,900 156,300 294,900 224,300 70,600 2,500 500 6,200 800 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 Aueust 1969, pp. collection. 642-46. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 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 Total3 Demand ings counts banks 1,2 U.S. capital De- Treas- Other2 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,?) S2 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,(3 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 4,992 167,751 158,806 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—Nov. 266 .. 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. 30^.. 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 78,310 538,950 439,790 24,780 1,740 6,220 184,870 222,180 20,200 42,080 13,684 Nov. 25p.. 442,490 301,860 58,020 82,610 82,400 546,470 445,690 24,680 1,740 5,790 188,780 224,700 21,680 42,270 13,684 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—Nov. 266. . 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. 30. .. 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. 28. .. 348,424 244,377 41,872 62,175 68,978 435,498 350.996 23,643 1,535 5,169 148,472 172,177 19,021 33,481 5,781 Nov. 25p.. 350,746 244,442 42,661 63,643 72,422 441,486 355,566 23,516 1,535 4,855 151,385 174,275 20,538 33,629 5,781 Reserve city member: New York City:? 1941—Dec. 31 .. . 1122,,889966 44,,007722 77,,226655 11,,555599 66,,663377 1199,,886622 1177,,993322 44,,220022 6 866 1122,,005511 807 11,,664488 36 1945—Dec. 31 .. . 2266,,114433 77,,333344 1177,,557744 11,,223355 66,,443399 3322,,888877 3300,,112211 44,,664400 17 6,940 1177,,228877 1,236 195 22,,112200 37 1947—Dec. 31 ... 2200,,339933 77,,117799 1111,,997722 11,,224422 77,,226611 2277,,998822 2255,,221166 44,,445533 12 267 1199,,004400 1,445 30 22,,225599 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—Nov. 266.. 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 Nov. 25 ... 59,657 45,717 5,463 8,477 20,151 85,368 59,654 10,276 814 749 28,552 19,263 6,224 6,424 12 For notes see p. A-22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 20 COMMERCIAL BANKS • DECEMBER 1970 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank 3 Other Class of bank lia- Borand date Cash bilities row- Total Loans assets3 and Demand ings 1,2 U.S. capital Treas- Other ac- De- Time ury counts4 mand U.S. Govt. Other Reserve city member (cont.) City of Chicago: 7.8 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 1 1 9 9 4 4 5 7 — — D D e e c c . . 3 3 1 1 5 5 , , 91 31 1 1 , , 3 8 3 01 3 4 2 , , 2 8 1 9 3 0 3 3 9 8 7 5 1 1 , , 4 7 8 3 9 9 7 6, ,4 8 5 66 9 7 6 , , 0 4 4 0 6 2 1 1 , , 3 21 1 7 2 1,55 7 2 2 4 3 , , 2 4 0 6 1 2 9 7 1 1 3 9 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—Nov. 266. 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 J A u u ly g . 2 2 6 9 . .. . 1 1 4 4 , ,4 5 4 5 9 6 1 1 0 0 , , 6 6 4 6 2 2 1 1, , < 7 96 2 2, , 0 99 2 2 , , 9 5 1 6 0 1 1 8 8 , , 5 0 2 21 0 1 1 2 2 , , 8 9 4 3 1 7 1 1 , , 1 2 9 3 2 7 4 3 5 4 7 2 5 5 , , 7 7 2 6 5 4 5 5 , , 5 42 2 5 4 2 1 , , 1 6 2 8 9 9 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 Nov. 25. . 15,076 10,921 1,839 2,316 2,981 19,016 13,538 1,375 250 5,855 5,979 2,330 Other reserve city: 7. 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 49,085 6,418 30 8,221 24,655 9,760 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—Nov. 266. 118,287 87,908 11,583 18,796 26,601 150,766 118,724 8,853 167 2,213 52,603 54,! 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 54,1 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 54,1 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 25,157 158,316 127,238 9,032 599 2,138 51,709 63,760 9,380 Nov. 25 . 126.943 91,301 13,789 21,853 26,774 160,182 129,249 9,213 561 1 ,977 52,625 64,873 9,711 Country member: 7> 8 1941—Dec. 31.. 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 30 225 10,109 6,258 4 1945—Dec. 31.. 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 17 5,465 24,235 12,494 11 1947—Dec. 31.. 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,056 17 432 28,378 14,560 23 1966—Dec. 31. 109,518 68,641 22,419 18,458 19,004 131,338 117,749 2,392 69 1,474 56,672 57,144 308 1967—Dec. 30. 122,511 74,995 24,689 22,826 20,334 146,052 131,156 2,766 96 1,564 61,161 65,569 552 1968—Dec. 31. 134,759 83,397 24,998 26,364 22,664 161,122 144,682 2,839 111 1,281 66,578 73.873 804 1969—Nov. 266. 139,184 90,567 21,521 27,096 21,719 165,576 142,737 2,415 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 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 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 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 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 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 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 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 1,993 61,266 80,329 2,354 Aug. 26. . 144,654 94,638 20,710 29,306 20,868 170,429 147,449 2,411 2,449 61,243 81,252 2,202 Sept. 30p. 146,519 95,398 21,030 30,091 22,640 174,262 151,404 2,591 2,441 63,723 82,565 2,007 Oct. 2SP. 147,728 95,679 21,311 30,738 21,606 174,556 151,062 2,572 2,123 62,818 83,468 2,350 Nov. 25 . . 149,070 96,503 21,570 30,997 22,516 176,920 153,125 2,652 1,879 64,353 84,160 2,273 For notes see p. A-22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1970 • COMMERCIAL BANKS A 21 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits TTTToooottttaaaallll aaaasssssssseeeettttssss———— CCCCllllaaaassssssssiiiiffffiiiiccccaaaattttiiiioooonnnn bbbbyyyy Securities TTTToooottttaaaallll Interbank3 Other FFFFRRRRSSSS mmmmeeeemmmmbbbbeeeerrrrsssshhhhiiiipppp CCCCaaaasssshhhh lllliiiiaaaa---- BBBBoooorrrr---- TTTToooottttaaaallll NNNNuuuummmm---aaaannnndddd FFFFDDDDIIIICCCC aaaasssssssseeeettttssss 3333 bbbbiiiilllliiiittttiiiieeeessss rrrroooowwww---- ccccaaaappppiiiittttaaaallll bbbbeeeerrrr iiiinnnnssssuuuurrrraaaannnncccceeee TTToootttaaalll LLLoooaaannnsss aaaannnndddd TTToootttaaalll 333 Demand iiiinnnnggggssss aaaacccc---- ooooffff 111...222 UU..SS.. 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Other Insured banks: Total: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,298 15,699 10 6,844 13,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,276 29,876 215 8,671 13,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,615 54 1,325 92,975 34,882 61 9,734 13,398 1961—Dec. 30. . 213,904 124,348 66,026 23,531 56,086 276,600 247,176 17,737 333 5,934 141,050 82,122 462 22,089 13,108 1962—Dec. 28. . 234,243 139,449 65,891 28,903 53,702 295,093 260,609 15,844 402 6,815 140,169 97,380 3,584 23,712 13,119 1963—Dec. 20. . 252,579 155,261 62,723 34,594 50,337 310,730 273,657 15,077 443 6,712 140,702 110,723 3,571 25.277 13,284 1964—Dec. 31. . 275,053 174,234 62,499 38,320 59,911 343,876 305,113 17,664 733 6,487 154,043 126,185 2,580 27,377 13,486 1965—Dec. 31.. 303,593 200,109 59,120 44,364 60,327 374,051 330,323 18,149 923 5,508 159,659 146,084 4,325 29,827 13,540 1966—Dec. 31. . 321,473 217,379 55,788 48,307 68,515 401,409 351,438 19,497 881 4,975 166,689 159,396 4,717 31,609 13,533 1967—Dec. 30. . 358,536 235,502 62,094 60,941 77,348 448,878 394,118 21,598 1,258 5,219 182,984 183,060 5,531 33,916 13,510 1968—Dec. 31. . 399,566 264,600 64,028 70,938 83,061 498,071 432,719 24,427 1,155 5,000 198,535 203,602 8,675 36,530 13,481 1969—June 306. 408,620 283,199 53,723 71,697 87,311 513,960 423,957 24,889 800 5,624 192,357 200,287 14,450 38,321 13,464 Dec. 31. . 419,746 294,638 54,399 70,709 89,090 527,598 434,138 26,858 695 5,038 207,311 194,237 18,024 39,450 13,464 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 13,478 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 306. 242,241 170,834 29,481 41,927 52,271 305,800 251,489 14,324 437 3,534 113,134 120,060 9,895 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 4,637 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, 411 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31. . 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1961—Dec. 30. . 63,196 38,924 17,971 6,302 18,501 84,303 74,119 6.835 199 2,066 43,303 21,716 213 6,763 1,600 1962—Dec. 28. . 68,444 43,089 17,305 8,050 17,744 88,831 76,643 6,154 231 2,351 41.924 25,983 1,914 7,104 1,544 1963—Dec. 20. . 72,680 46,866 15,958 9,855 15,760 91,235 78,553 5,655 236 2,295 40,725 29,642 1,795 7,506 1,497 1964—Dec. 31. . 77,091 51,002 15,312 10,777 18,673 98,852 86,108 6,486 453 2,234 44,005 32,931 1,372 7,853 1,452 1965—Dec. 31. . 74,972 51,262 12,645 11,065 15,934 93,640 81,657 5,390 382 1,606 39,598 34,680 1 ,607 7,492 1,406 1966—Dec. 31. . 77,377 54,560 11,569 11,247 19,049 99,504 85,547 6,200 357 1,397 41,464 36,129 1,498 7,819 1,351 1967—Dec. 30. . 85,128 58,513 12,649 13,966 22,312 111,188 95,637 6,934 516 1,489 45,961 40,736 1,892 8,368 1 ,313 1968—Dec. 31.. 89,894 61,965 12,581 15,348 22,803 116,885 98,467 8,402 404 1,219 47,498 40,945 2,535 8,536 1,262 1969—June 306. 88,346 64,007 9,902 14,437 26,344 119,358 93,858 9,773 285 1,341 45,152 37,307 4,104 8,689 1,236 Dec. 31. . 90,088 65,560 10,257 14,271 24,313 119,219 94,445 9,541 248 1 ,065 48,030 35,560 5,116 8,800 1 ,201 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 7,702 129 53 4,162 3,360 6 959 6,810 1945—Dec. 31. . 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 7 1,083 6,416 1947—Dec. 31. . 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 4 149 12,366 6,558 7 1,271 6,478 1961—Dec. 30. . 34,320 18,123 11,972 4,225 6,508 41,504 37,560 543 30 553 21,456 14,979 24 3,452 6,997 1962—Dec. 28. . 38,557 20,811 12,932 4,814 6,276 45,619 41,142 535 43 729 22,170 17,664 34 3,870 7,072 1963—Dec. 20. . 42,464 23,550 13,391 5,523 5,942 49,275 44,280 559 61 726 23,140 19,793 72 4,234 7,173 1964—Dec. 31. . 46,567 26,544 13,790 6,233 7,174 54,747 49,389 658 70 649 25,504 22,509 99 4,488 7,262 1965—Dec. 31. . 52,028 30,310 14,137 7,581 7,513 60,679 54,806 695 83 618 27,528 25,882 91 4,912 7,320 1966—Dec. 31. . 56,857 33,636 13,873 9,349 7,777 65,921 59,434 709 87 543 28,471 29,625 99 5,342 7,384 1967—Dec. 30. . 64,449 37,675 15,146 11,629 8,403 74,328 67,107 786 89 588 31,004 34,640 162 5,830 7,440 1968—Dec. 31. . 73,553 43,378 16,155 14,020 9,305 84,605 76,368 908 94 691 34,615 40,060 217 6,482 7,504 1969—June 306. 78,032 48,358 14,341 15,333 8,696 88,802 78,610 791 78 749 34,070 42,921 451 7,004 7,528 Dec. 31. . 82,133 51,643 14,565 15,925 10,056 94,453 83,380 1,017 85 924 37,561 43,792 629 7,403 7,595 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 • DECEMBER 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 Numa i n ns d u r F a D nc IC e Total T U re .S a . s - Other assets 3 c b a i a a l p n i c t i d t i - e a s l Total3 m D a e n - d Time Time r i o n w gs - c c a o a p u c i n t - a ts l ba b o n e f r k s ury counts 4 U.S. Govt. Noninsured nonmember: 1941—Dec. 31 . 1,457 455 761 241 763 2,283 1,872 329 1,291 253 329 852 1945—Dec. 31. 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947—Dec. 315 2,009 474 1,280 255 576 2,643 2,251 177 1 ,392 478 325 783 1961—Dec. 30. 1,536 577 553 406 346 1,961 1,513 177 148 869 307 370 323 1962—Dec. 28. 1,584 657 534 392 346 2,009 1,513 164 133 872 330 44 371 308 1963—Dec. 20. 1,571 745 463 362 374 2,029 1,463 190 83 832 341 93 389 285 1064—Dec. 31. 2,312 1,355 483 474 578 3,033 2,057 273 86 1,141 534 99 406 274 1965—Dec. 31. 2,455 1,549 418 489 572 3,200 2,113 277 85 1,121 612 147 434 263 1967—Dec. 30. 2,638 1,735 370 533 579 3,404 2,172 285 58 1,081 733 246 457 211 1968—Dec. 31. 2,901 1,875 429 597 691 3,789 2,519 319 56 1,366 767 224 464 197 1969—June 306 2,809 1,800 321 688 898 3,942 2,556 298 81 1,430 731 290 502 209 Dec. 31. 2,982 2,041 310 632 895 4,198 2,570 316 41 1 ,559 638 336 528 197 1970—June 30. 3,043 2,073 321 650 746 4,140 2,280 321 69 1,247 606 549 193 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 1,288 7,662 1945—Dec. 31. 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 11 1,362 7,130 1947—Dec. 31. 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 167 13,758 7,036 12 1,596 7,261 1961—Dec. 30. 35,856 18,700 12,525 4,631 6,854 43,465 39,073 719 178 565 22,325 15,286 33 3,822 7,320 1962—Dec. 28. 40,141 21,469 13,466 5,206 6,622 47,628 42,654 699 176 743 23,042 17,994 77 4,240 7,380 1963—Dec. 20. 44,035 24,295 13,854 5,885 6,316 51,304 45,743 749 144 743 23,972 20,134 165 4,623 7,458 1964—Dec. 31. 48,879 27,899 14,273 6,707 7,752 57,780 51,447 931 156 672 26,645 23,043 198 4,894 7,536 1965—Dec. 31. 54,483 31,858 14,555 8,070 8,085 63,879 56,919 972 168 635 28,649 26,495 238 5,345 7,583 1967—Dec. 30. 67,087 39,409 15,516 12,162 8,983 77,732 69,279 1,071 147 603 32,085 35,372 408 6,286 7,651 1968—Dec. 31. 76,454 45,253 16,585 14,617 9,997 88,394 78,887 1,227 150 701 35,981 40,827 441 6,945 7,701 1969—June 30<* 80,841 50,159 14,662 16,021 9,594 92,743 81,166 1,090 160 765 35,500 43,652 741 7,506 7,737 Dec. 31. 85,115 53,683 14,875 16,556 10,950 98,651 85,949 1 ,333 126 940 39,120 44,430 965 7,931 7,792 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 8,523 7,868 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
DECEMBER 1970 • COMMERCIAL BANKS A 23 LOANS AND INVESTMENTS (In billions of dollars) Seasonally adjusted Not seasonally adjusted PPPeeerrriiioooddd Securities Securities TToottaall ii,,22 LLooaannss 11,,22 TToottaall 11,,22 LLooaannss 11,,22 U.S. Other2 U.S. Other2 Govt. Govt. I960—Dec. 31 194.5 113.8 59.8 20.8 198.5 116.7 61.0 20.9 1961—Dec. 30 209.6 120.4 65.3 23.9 214.4 123.9 66.6 23.9 1962—Dec. 31 227.9 134.0 64.6 29.2 233.6 137.9 66.4 29.3 1963—Dec. 31 246.2 149.6 61.7 35.0 252.4 153.9 63.4 35.1 1964—Dec. 31 267.2 167.7 60.7 38.7 273.9 172.1 63.0 38.8 1965 Dec. 31 294.4 192.6 57.1 44.8 301.8 197.4 59.5 44.9 1966—Dec. 31 310.5 208.2 53.6 48.7 317.9 213.0 56.2 48.8 1967—Dec. 30 346.5 225.4 59.7 61.4 354.5 230.5 62.5 61.5 1968—Dec. 31 384.6 251.6 61.5 71.5 393.4 257.4 64.5 71.5 1969—June 30 (old series) 392.5 264.3 56.2 72.0 396.4 269.8 54.0 72.6 June 30 (new series)3 397.3 269.2 56.3 71.8 401.3 274.9 54.0 72.4 Aug. 27 397.5 270.3 56.9 70.3 394.7 269.5 54.3 70.9 Sept. 24 396.5 271.3 54.7 70.5 396.5 272.1 53.2 71.2 Oct. 29 397.6 273.8 53.5 70.3 397.2 272.4 54.4 70.4 Nov. 26 401.2 276.4 53.4 71.4 400.7 274.7 55.1 70.9 Dec. 31 401.3 278.1 51.9 71.3 410.5 284.5 54.7 71.3 1970—Jan. 28 398.5 276.6 50.4 71.5 397.6 274.0 53.0 70.6 Feb. 25 399.7 278.5 49.8 71.4 395.7 273.5 51.4 70.8 Mar. 25 400.9 277.6 50.3 73.0 399.0 274.8 51.5 72.7 Apr. 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 Nov. 25 p 427.3 287.7 56.5 83.2 426.8 286.2 58.0 82.6 1 Adjusted to exclude interbank loans. without valuation reserves deducted, rather than net of valuation reserves 2 Beginning June 9, 1966, about $1.1 billion of balances accumulated as was done previously. For a description of the revision, see Aug. 1969 for payment of personal loans were deducted as a result of a change in BULLETIN, pp. 642-46. Federal Reserve regulations. Beginning June 30, 1966, CCC certificates of interest and Export- NOTE.—For monthly data 1948-68, see Aug. 1968 BULLETIN, pp. A-94 Import Bank portfolio fund participation certificates totaling an estimated —A-97. For a description of the seasonally adjusted series see the follow- $1 billion are included in "Other securities" rather than "Other loans." ing BULLETINS: July 1962, pp. 797-802; July 1966, pp. 950-55; and Sept. 3 Data revised to include all bank premises subsidiaries and other sig- 1967, pp. 1511-17. nificant majority-owned domestic subsidiaries; earlier data include com- Data are for last Wed. of month except for June 30 and Dec. 31; data mercial banks only. Also, loans and investments are now reported gross, are partly or wholly estimated except when June 30 and Dec. 31 are call dates. DEPOSITS ACCUMULATED FOR PAYMENT OF PERSONAL LOANS (In millions of dollars) Class of Dec. 31, 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-19, A-20, and A-26—A-30 A-24 and A-25 (IPC only for time deposits). (consumer instalment loans), and in the table at the top of this page. Details may not add to totals because of rounding. These changes resulted from a change in the Federal Reserve regulations. See June 1966 BULLETIN, p. 808. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 24 COMMERCIAL BANKS • DECEMBER 1970 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans 1 Investments For To U.S. Treasury 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 C m c a i o i n 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 u a h r r a r it y s i i i e n n s g g in f s in ti a tu n t c i i o a n l s 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 B se il c l u s rities 6 s g S l a o e o t n c c a v a u d t t e l - , O r 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 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 »o4 22,728 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 11,193 285,843 108,361 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 ,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 ,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 7,356 235,639 96,095 6,187 5,408 3,286 2,258 14,035 53,207 48,388 6,776 39,833 47,227 7,558 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 1,172 26 80 287 272 17,574 3,910 3,325 10,339 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 267 93 111 564 238 11,972 1,642 558 9,772 638 604 1968—Dec. 31.. 57,047 747 42,222 25,258 ,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 ,695 776 1,047 4,547 3,835 3,595 1,807 5,048 6,192 788 1970—June 30. 57,088 553 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: 1 1 9 9 4 4 1 5 — — D D e e c c . . 3 3 1 1 . . 2 5, , 9 7 3 6 1 0 1,3 9 3 5 3 4 7 7 3 6 2 0 2 4 1 8 1 23 5 3 2 2 3 2 6 51 9 5 40 4 1 , , 2 4 1 3 3 0 ,6 2 0 5 0 6 7 1 4 5 9 3 1 1, ,0 8 2 64 2 1 1 8 81 2 2 1 0 9 4 3 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. 31 io 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 1,116 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 ,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 1,205 614 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-l 9—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
DECEMBER 1970 • COMMERCIAL BANKS A 25 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits b c C a a l n l a l k s d s a a o n te f d B s F w e R a r . i n R v e t k h - e . s s r C c a e o n n u i d c r n y - b m a a w B d n e n i a o c s t k l t - e h - i s s c 7 ju p m D a s o d a t d s e e e n i - - - d t d s 8 m D e I s o n t - t i e c r 7 ba e F n ig k o n r - 9 G U o . v S t . . gg SS ll aa oo oo tt nn cc aa vv aa dd tt tt ee ll .. c C c h o a e f e e i e f t n e r r f c c d d i s t . k - i ' - s, IPC I b n a t n er k - GG PP SS UU ii aa nn oo oo aa nn .. ss gg vv vv SS dd tt ss -- tt .. aa ,, ll gg S l S l aa oo oo tt nn cc aa vv aa dd tt tt ee ll .. IPC3 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 84,987 240 111 866 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 1,211 368 19,110 184,892 8,899 37,006 1969—Dec. 3110. 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 54 111 826 33,946 61 9,734 1968—Dec. 31. . . 21,230 7,165 18,343 165,527 22,310 2,117 5,000 16,774 9,442 172,319 1,155 368 19,057 184,178 8,675 36,530 1969—Dec. 31 io. 21,449 7,292 19,528 170,280 24,386 2,471 5,038 17,434 11,476 178,401 695 211 13,166 180,860 18,024 39,450 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 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.. . 15,811 1,438 7,117 64,184 12,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31. . . 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1968—Dec. 31 .. . 21,230 5,634 11,279 131,491 21,483 2,036 4,309 12,851 8,592 142,476 1,061 330 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 33,,559955 607 866 319 450 11,282 6 29 778 11,,664488 1945—Dec. 31.. . 4,015 111 78 15,065 33,,553355 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 22,,112200 1947—Dec. 31.. . 4,639 151 70 16,653 33,,223366 1,217 267 290 1,105 17,646 12 12 14 1,418 30 22,,225599 1968—Dec. 31... 4,506 443 420 20,808 7,532 1,433 888 1,068 4,827 27,455 622 73 1,623 18,380 2,733 6,137 1969—Dec. 31 io. 4,358 463 455 21,316 8,708 1,641 694 1,168 6,605 28,354 268 45 207 14,692 4,405 6,301 1970—June 30.... 4,621 429 606 17,479 9,474 1,673 1,236 1 ,136 5,628 25,825 321 40 572 14,708 4,057 6,374 City of Chicago: 1941—Dec. 31.... 1,021 43 298 2,215 11,,002277 8 127 233 34 22,,115522 476 288 1945—Dec. 31.... 942 36 200 3,153 11,,229922 20 1,552 237 66 33,,116600 719 377 1947—Dec. 31.... 1,070 30 175 3,737 11,,119966 21 72 285 63 33,,885533 2 9 902 426 1968—Dec. 31.... 1,164 98 281 5,183 11,,444455 89 257 245 207 66,,009900 21 2 624 5,545 682 1 ,433 1969—Dec. 31 io.. 869 123 150 5,221 11,,558811 96 175 268 229 66,,227733 15 1 216 4,409 1,290 1,517 1970—June 30. . . . 885 96 135 4,683 11,,660077 75 347 326 178 55,,559977 16 1 390 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 io.. 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 11,464 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 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31.... 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31.... 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1968—Dec. 31.... 6,714 3,293 7,592 61,827 2,781 58 1,281 7,703 1,612 57,263 111 86 6,043 68,348 804 11,807 1969—Dec. 31 io.. 7,179 3,302 7,870 62,729 3,080 72 1,671 7,905 1,721 58,304 84 54 4,920 70,768 1,820 12,766 1970—June 30.... 7,236 3,222 7,066 59,008 2,707 56 2,259 7,670 1,650 54,587 81 60 6,176 73,207 2,164 13,377 Nonmember:3 1947—Dec. 31.... 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1968—Dec. 31.. . 1,560 7,631 35,654 1,018 209 701 4,205 1,092 30,865 150 38 3,442 37,347 441 6,945 1969—Dec. 31 io. 1,644 8,383 38,644 1 ,112 222 940 4,284 1,416 33,420 126 25 3,269 41,135 965 7,931 1970—June 30... 1,614 7,592 36,678 949 266 1 ,119 4,132 1,075 31,877 207 34 4,005 43,480 1,038 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 !0 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 • DECEMBER 1970 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans Federal funds sold, etc.1 Other To brokers For purchasing and dealers or carrying securities Total involving— To nonbank loans finan. Wednesday and Com- To brokers To institutions invest- To mer- and dealers others ments com- To cial Agri- Total mer- U.S. others and culcial Treas- Other indus- tural banks ury se- trial U.S. U.S. se- curi- Treas- Other Treas- Other curi- ties ury sees. ury sees. ties Sees. sees. Large banks— Total 1969 Nov. 5 233,154 5,981 5,452 351 168,413 78,117 2,052 587 3,101 104 2,575 12 232,970 6,035 5,561 318 168,422 78,236 2,054 490 3,265 102 2,555 19 232,522 6,178 5,774 274 168,043 78,092 2,057 537 3,364 100 2,549 26 233,972 6,256 5,542 616 168,178 77,987 2,042 724 3,473 99 2,521 1970 Oct. 7 247,222 7,421 6,038 985 273 125 174,457 80,839 2.007 938 3,212 101 2,293 2 2 1 1 8 4 2 2 2 4 4 4 6 6 6 , , , 3 3 9 9 8 1 9 8 3 7 7 6 , , , 1 3 0 7 4 6 7 3 2 5 5 6 , , , 8 1 4 2 3 7 1 5 0 1 , 5 6 0 6 0 4 1 8 2 2 2 2 0 0 6 3 6 0 1 1 7 0 0 4 0 2 1 1 1 7 7 7 2 4 3 , , , 1 9 8 " 0 5 3 " 0 7 8 8 9 0 0 , , , 7 9 5 5 6 4 1 8 9 2 2 2, , ,0 0 0 1 1 2 6 8 4 6 5 8 9 1 4 1 5 6 3 3 3, , , 2 2 1 1 8 0 7 3 0 1 1 10 0 0 3 2 2 2 2 2 , , , 2 2 2 7 7 86 0 6 Nov. 4" 250,449 9,401 7,470 1 ,477 285 169 174,234 80,117 2,017 1 ,021 3,438 102 2,291 2 1 1 1 5 8 » p p 2 2 2 4 5 4 0 7 9 , , , 3 8 8 5 4 8 1 5 4 9 6 8 , , , 0 7 2 6 9 5 3 2 8 7 5 6 , , , 0 8 7 2 2 4 6 0 0 1 1 ,1 , 5 7 3 7 1 4 4 6 2 2 2 5 5 7 5 4 0 1 9 9 2 6 9 9 1 1 1 7 7 7 2 3 3 , , , 7 9 1 9 5 7 3 9 7 7 7 8 9 9 0 , , , 9 9 2 8 0 3 1 5 5 2 2 2 . , , 0 0 0 0 0 1 8 3 0 1 7 7 ,2 7 3 0 1 9 0 3 3 3 , , , 3 5 4 7 0 6 9 2 2 1 1 1 0 0 0 0 2 0 2 2 2 , , , 3 2 2 1 7 7 7 5 3 New York City 1969 Nov. 5 54,233 1,600 1,571 42,203 25,876 474 1,895 810 1 19 2 5 5 4 3, , 7 0 2 7 1 3 1 1 ,3 ,1 8 2 3 3 1 1 , , 3 09 6 8 4 4 42 2 , , 1 2 9 7 1 2 2 2 5 5 , , 9 9 1 6 1 1 4 3 3 8 6 5 2 2 , ,0 12 5 6 9 8 8 0 0 8 2 2 6 55,176 1,522 1,506 42,406 25,946 594 2,189 788 1970 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 Nov. 4p 56,780 1,647 1,589 42,898 25,896 786 2,192 641 llf 55,934 561 491 42,875 25,948 1 ,005 2,210 638 18 p 56,340 1,184 1 ,052 42,455 25,851 622 2,251 635 25* 55,918 997 922 42.140 25,818 584 2,205 634 Outside New York City 1969 Nov. 5 178,921 4,381 3,881 341 126,210 52,241 2,040 113 1,206 1,765 12 179,249 4,912 4,463 303 126,150 52,275 2,042 105 1 ,206 1 ,747 1 9 178,449 4,795 4,410 268 125,852 52,181 2,044 101 1 ,238 1,747 26 178,796 4,734 4,036 606 125,772 52,041 2,029 130 1,284 1,733 1970 Oct. 7 190,944 6,401 5,083 985 231 102 131,318 54,438 1.992 170 1,184 87 1,624 14 190,374 5,858 5,000 591 217 50 131,260 54,357 2,002 152 1,172 1,618 21 191,029 5,149 4,351 506 203 89 131,305 54,371 2,005 167 1,221 1,635 28 191,098 6,194 4,918 997 200 79 130,622 54,063 1,998 227 1,105 1,623 Nov. 4p 193,669 7,754 5,881 1,436 285 152 131,336 54,221 2,000 235 1 ,246 1,650 11? 194,417 8,531 6,535 1,671 254 71 131,084 54,287 1.993 195 1,252 1.637 18 p 193,544 7,074 5,688 1,049 245 92 130,722 54,130 1,987 149 1,251 1.638 25 p 191,927 5,766 4,898 549 270 49 130,653 54,087 1,992 155 1,174 1,683 For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 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 1969 418 1,375 20,024 1,105 13,696 23,430 3,303 3,152 13,336 3,639 Nov. 5 450 1,295 20,041 1,077 13,629 22,974 2,879 3,145 13,347 3,603 12 397 1,416 20,035 1,060 13,506 22,642 2,51 3,607 13,328 3,196 19 410 1,362 20,046 1,071 13,540 23,879 3,779 3,633 13,393 3,074 26 1970 398 1,507 21,273 924 13,819 24,705 4,225 3,553 14,585 2,342 Oct. 7 448 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 21 419 1,580 21,353 884 13,609 25,593 4,873 3,773 14,631 2,316 28 441 1,551 21,361 904 13,903 25,710 4,925 4,053 14,383 2,349 Nov. 4" 380 1,558 21,330 917 13,739 25,533 4,719 4,064 14,420 2,330 Hp 423 1,514 21,360 917 13,833 26,506 4,474 3,762 15,490 2,780 18" 427 1,579 21,373 887 13,527 26,211 4,276 3,734 15,409 2,792 25" New York City 1969 2 1 4 8 4 7 6 7 4 2 9 4 1 1 , ,6 5 0 93 6 7 7 2 0 2 0 2 2 , , 7 7 6 2 8 3 4 4, , 3 5 8 9 5 2 1 1 , , 2 1 9 0 5 6 2 2 7 8 8 4 2 2 , , 4 4 4 3 7 0 5 57 6 1 6 Nov. 5 197 746 1,611 687 2,685 4,363 1,030 401 2,395 537 12 201 677 1,613 703 2,709 5,124 1,833 370 2,427 494 19 26 1970 185 844 1,824 565 2,570 4,855 1,197 502 2,781 375 Oct. 7 204 850 1,831 571 2,759 4,669 1,002 514 2,771 382 14 165 959 1,830 550 2,587 4,996 1,304 549 2,751 392 21 182 937 1,849 541 2,530 5,000 1,356 456 2,841 347 28 193 918 1,856 551 2.672 5,087 1,456 580 2,725 326 Nov. 4" 1 1 6 54 2 9 8 3 9 3 3 1 1 , , 8 8 5 9 5 6 5 56 6 1 6 2 2 , . 5 6 4 7 9 3 5 5 , , 0 0 2 9 7 2 1 1, , 0 3 9 6 0 4 5 3 9 3 4 6 2 3 , , 7 1 4 6 2 4 5 3 0 2 2 7 1 18 1P" 182 952 1,886 538 2,416 5,174 1,108 378 3,159 529 25" Outside New York City 1969 231 651 18,431 383 10,928 18,838 2,008 2,868 10,889 3,073 Nov. 5 206 646 18,435 377 10,906 18,589 1,773 2,867 10,917 3,032 12 200 670 18,424 373 10,821 18,279 1,481 3,206 10,933 2,659 19 209 685 18,433 368 10,831 18,755 1,946 3,263 10,966 2,580 26 1970 213 663 19,449 359 11,249 19,850 3,028 3,051 11.804 1,967 Oct. 7 244 657 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 21 237 643 19.504 343 11,079 20,593 3,517 3,317 11,790 1,969 28 248 633 19.505 353 11,231 20,623 3,469 3,473 11,658 2,023 Nov. 4" 226 625 19,475 351 11,190 20,506 3,355 3,470 11,678 2,003 11" 261 621 19,464 356 11,160 21,414 3,384 3,426 12,326 2,278 18" 245 627 19,487 349 11,11 21,037 3,168 3,356 12,250 2,263 25" For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 28 WEEKLY REPORTING BANKS • DECEMBER 1970 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Investments (cont.) Other securities Cash Invest- Obligations Other bonds, items Re- Bal- ments of State corp. stock, in serves Cur- ances in sub- Wednesday and and process with rency with sidiar- Other political securities of F.R. and do- ies not assets subdivisions collec- Banks coin mestic consoltion banks idated Tax Certif. war- All of All rants 3 other partici- other5 pation4 Large banks— Total 1969 Nov. 5 35,330 3,483 28,319 I ,081 2,447 38,351 17,195 2,858 5,361 575 13,262 12 35,539 3,382 28,572 1,085 2,500 38,717 16,261 3,144 5,153 576 I 3,164 19 35,659 3,487 28,561 1 ,066 2,545 32,037 16,920 3,158 4,799 575 13,107 26 35,659 3,366 28,581 1 ,092 2,620 33,800 16,231 2,974 4,840 587 13,035 1970 Oct. 7 40,639 5,865 30,174 1 ,033 3,567 29,430 17,672 3,157 5,649 704 13,991 14 40,751 5,759 30,149 1 ,054 3,789 32,724 18,444 3,419 6,117 705 13,732 21 40,863 5,754 30,312 1 ,036 3,761 30,861 18,214 3,434 5,672 706 13,881 28 40,726 5,712 30,211 I ,024 3,779 27,148 17,029 3,535 6,047 714 13,990 Nov. 1 4 1 " " 4 4 1 1 , , 7 1 6 0 7 4 5 5, , 9 9 0 3 4 6 3 3 0 0 , , 6 1 3 7 6 4 1 I , ,1 1 0 08 9 4 3 , , 1 8 1 8 8 6 2 3 8 4 , , 2 6 4 8 8 2 1 15 6 , , 4 7 1 8 5 7 3 3 , , 1 3 6 3 3 2 6 6, , 1 4 8 5 3 4 7 7 1 1 5 6 1 14 4 , , 0 5 8 0 1 3 18" 41,943 5,895 30,812 1 ,150 4,086 31 ,111 17,695 3,450 6,011 716 13,937 25" 42,078 5,859 30,817 I ,161 4,241 29,467 17,857 3,294 5,704 716 14,234 New York City 1969 Nov. 5 5,838 784 4,413 110 531 20,813 4,325 381 433 271 4,770 1 19 2 6 5, , 9 1 4 3 1 6 7 8 2 7 6 8 4 4 , , 5 5 5 7 1 2 1 1 0 18 5 5 58 4 1 6 2 1 1 5 , , 3 3 5 7 1 5 4 4, , 7 5 6 9 9 4 4 3 0 8 6 2 4 4 6 3 3 7 2 27 7 3 2 4 4 , , 7 6 0 9 7 9 26 6,124 847 4,571 119 587 16,470 4,049 367 380 275 4,683 1970 Oct. 7 7,264 1 ,686 4,681 63 834 13,225 4,395 419 1,045 333 4,841 14 7,213 1 ,616 4,664 59 874 14,905 5,102 443 1 ,225 334 4,659 21 7,149 1 ,558 4,669 54 868 14,831 4,187 417 907 334 4,889 28 7,037 1 ,521 4,601 45 870 12,220 4,684 434 1 ,334 334 4,898 Nov. 4" 7,148 1,640 4,550 69 889 16,175 4,507 422 1 ,316 335 5,119 11" 7,471 1,634 4,725 59 1 ,053 12,300 4,375 427 1,226 335 4,926 2 1 5 8 " " 7 7 , , 6 6 0 0 7 9 1 1 , , 6 6 2 7 9 9 4 4, , 7 8 7 3 9 9 1 1 2 2 1 3 1,0 9 7 7 6 0 1 1 3 3 , , 1 3 8 0 5 2 4 4 , , 8 7 2 2 1 6 4 3 1 9 3 1 1 1 , , 1 1 0 6 9 1 3 3 3 3 7 7 4 5, , 1 9 2 4 6 2 Outside New York City 1969 Nov. 5 29,492 2,699 23,906 971 1,916 17,538 12,870 2,477 4,928 304 8,492 12 29,598 2,656 24,021 967 1,954 17,366 11,667 2,738 4,716 304 8,457 19 29,523 2,609 23,989 961 1,964 16,662 12,151 2,776 4,336 302 8,408 26 29,535 2,519 24,010 973 2,033 17,330 12,182 2,607 4,460 312 8,352 1970 Oct. 7 33,375 4,179 25,493 970 2,733 16,205 13,277 2,738 4,604 371 9,150 14 33,538 4,143 25,485 995 2,915 17,819 13,342 2,976 4,892 371 9,073 21 33,714 4,196 25,643 982 2,893 16,030 14,027 3,017 4,765 372 8,992 28 33,689 4,191 25,610 979 2,909 14,928 12,345 3,101 4,713 380 9,092 Nov. 4" 33,956 4,296 25,624 1,039 2,997 18,507 12,280 2,741 5,138 380 9,384 11 p 34,296 4,270 25,911 1,050 3,065 15,948 11,040 2,905 4,957 381 9,155 34,334 4,216 25,973 1,029 3,116 17,809 12,969 3,037 4,902 379 8,995 2 1 5 8 " " 34,471 4,230 26,038 1,038 3,165 16,282 13,036 2,903 4,543 379 9,108 For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1970 • WEEKLY REPORTING BANKS A 29 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Deposits Demand Time and savings Domestic interbank Foreign IPC States States Wednesday and Certi- and Dopolit- fied polit- mes- For- Total IPC ical U.S. and Total6 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. 2 cial checks ings sions banks Large banks— Total 1969 140,191 92,738 6,885 3,567 20,311 805 826 2,222 12,837 96,741 46,411 37,015 7,085 388 5,487 Nov. 5 139,742 94,250 6,006 2,764 19,863 750 783 2,159 13,167 96,609 46,344 36,824 7,030 386 5,675 12 132,850 92,653 6,200 3,600 17,381 661 720 2,162 9,473 96,453 46,344 36,746 6,913 295 5,816 19 135,679 93,761 6,603 4,622 17,908 621 733 2,186 9,245 96,332 46,332 36,698 6,816 292 5,853 26 1970 133,533 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. 7 136,184 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 14 134,487 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 21 131,032 92,380 5,921 3,722 19,382 623 765 2,119 6,120 114,802 47,013 49,086 11,615 1,268 5,391 28 138,817 95,088 6,997 3,057 22,252 759 789 2,192 7,683 114,783 47,121 49,228 11,498 1,216 5,297 Nov. 4" 1 13 3 4 0 , , 7 0 5 4 7 4 9 94 1 , , 5 8 7 0 1 7 6 6 , , 1 6 6 5 7 9 2 4 , ,0 0 1 9 2 0 2 1 0 9 , , 2 6 7 7 9 2 6 5 7 8 9 3 7 8 4 2 3 3 2 2 , , 1 4 8 0 2 2 6 6, , 1 0 1 1 5 7 1 11 1 5 5 , , 6 3 4 9 8 6 4 47 7 , , 2 1 9 8 0 6 4 49 9 , , 8 6 2 0 1 5 1 1 1 1 , ,6 6 5 6 5 7 1 1 , , 2 2 5 7 5 7 5 5 , , 1 23 2 5 2 1181"" 132,521 93,779 6,390 3,569 19,186 537 757 2,217 6,086 116,447 47,335 50,446 11,755 1,312 5,089 25" New York City 1969 45,787 22,554 792 846 8,477 440 676 1,590 10,412 13,299 4,386 4,577 305 243 3,640 Nov. 5 45,916 22,727 541 602 8,573 452 635 1,551 10,835 13,377 4,389 4,522 304 244 3,775 12 40,075 22,275 582 984 6,612 400 562 1,514 7,146 13,491 4,403 4,601 263 156 3,924 19 41,685 22,755 473 1,491 7,549 371 580 1,542 6,924 13,573 4,400 4,635 246 155 3,990 26 1970 39,186 21,668 686 900 8,897 422 630 1,562 4,421 17.864 4,393 8,404 869 653 3,381 Oct. 7 40,534 23,030 422 493 8,983 388 641 1,566 5,011 17,935 4,393 8,617 833 695 3,228 14 40,184 21,717 494 969 9,242 314 625 1,564 5,259 17.865 4,397 8,596 846 685 3,183 21 37,944 21,675 381 635 8,843 302 619 1,503 3,986 18,025 4,397 8,772 835 704 3,167 28 42,423 23,100 854 523 10,154 352 645 1,600 5,195 18,001 4,411 8,804 863 699 3,079 Nov. 4" 36,955 21,280 428 316 8,681 347 679 1,578 3,646 18,099 4,428 8,949 867 718 2,992 11" 38,661 22,503 799 814 8,189 294 587 1,786 3,689 18,072 4,451 9,002 848 732 2,893 18" 38,058 22,221 520 710 8,325 268 618 1,598 3,798 18,199 4,455 9,178 829 741 2,846 25" Outside New York City 1969 94,404 70,184 6,093 2,721 11,834 365 150 632 2,425 83,442 42,025 32,438 6,780 145 1,847 Nov. 5 93,826 71,523 5,465 2,162 11,290 298 148 608 2,332 83,232 41,955 32,302 6,726 142 1,900 12 92,775 70,378 5,618 2,616 10,769 261 158 648 2,327 82,962 41,941 32,145 6,650 139 1,892 19 93,994 71,006 6,130 3,131 10,359 250 153 644 2,321 82,759 41,932 32,063 6,570 137 1 ,863 26 1970 94,347 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. 7 95,650 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 94,303 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 93,088 70,705 5,540 3,087 10,539 321 146 616 2,134 96,777 42,616 40,314 10,780 564 2,224 28 96,394 71,988 6,143 2,534 12,098 407 144 592 2,488 96,782 42,710 40,424 10,635 517 2,218 Nov. 4" 93,089 70,527 5,739 1,774 11,598 332 144 604 2,371 97,297 42,758 40,656 10,788 537 2,243 11" 96,096 72,068 5,860 3,198 11,483 289 156 616 2,426 97,576 42,839 40,819 10,819 545 2,229 18" 94,463 71,558 5,870 2,859 10,861 269 139 619 2,288 98,248 42,880 41,268 10,926 57. 2,243 25" For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 30 WEEKLY REPORTING BANKS • DECEMBER 1970 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Borrowings Reserves Memoranda from— for— Large negotiable Fed- Total time CD's eral Other Total loans included in time Wednesday funds liabili- capital Total and De- and savings deposits1 pur- F.R. ties Secur- ac- loans invest- mand chased, Banks Others etc. 8 Loans ities counts (gross) ments deposits etc. i ad- (gross) ad- Issued justed 9 ad- justed io Total to justed 9 IPC's Large banks—Total 1969 Nov. 5 17,156 1 ,016 2,338 26,336 3,601 110 23,267 168,524 227,284 77,962 11,452 5,818 1 19 2 1 16 7 , , 5 1 2 9 6 2 5 5 3 6 5 9 2 2 , ,5 4 7 9 5 8 2 2 7 6 , , 2 3 9 9 5 5 3 3 , , 5 5 9 9 9 9 1 1 1 1 0 0 2 2 3 3, , 2 1 7 7 1 5 1 1 6 6 8 8 , , 4 0 4 5 6 0 2 22 2 6 6 , , 3 9 5 5 1 9 7 7 8 9 , , 3 8 9 3 8 2 1 11 1 , , 3 4 8 3 8 6 5 5, , 8 7 6 6 1 2 26 15,913 939 2,559 27,132 3,603 111 23,171 168,482 228,020 79,349 11,305 5,787 1970 Oct. 7 16,963 254 1 ,505 22,966 4,004 24,305 175,442 240,786 79,662 22,719 14,020 14 17.757 847 1 ,466 22,380 4,020 24,227 174,681 239,819 80,462 23,166 14,598 21 16,477 1 ,219 1 ,438 23,105 4,017 24,176 174,313 241,033 78,814 23,262 14,697 28 16,206 341 1 ,373 22,810 4.024 24,197 173,826 240,145 80,780 23,546 14,950 Nov. 4" 19,941 530 1 ,415 22,783 4,026 24.382 175,724 242,538 78,826 23,611 15,123 11 p 19.758 521 1 ,411 22,712 4.025 24.383 175,645 242,945 79,427 24,297 15,628 19,657 287 1,387 22,657 4,017 24,319 174,272 242,721 79,962 24,493 15,717 2 1 5 8 " * 17,004 1 ,098 1,363 22,304 4,017 24,287 173,309 241,598 80,299 25,226 16,249 New York City 1969 Nov. 5 4,529 230 398 13,839 1,052 6,089 42,045 52,475 15,651 2,576 674 1 1 9 2 4 4 , , 8 5 5 8 9 2 12 3 3 8 8 6 2 1 1 4 3 , , 3 7 7 8 8 6 1 1 ,0 ,0 5 5 2 2 6 6, , 0 0 7 9 1 7 4 4 2 2 , , 0 0 5 1 3 3 5 5 2 2 , , 3 5 7 1 9 2 1 1 5 7 , , 3 1 9 0 0 4 2 2 , , 6 6 3 9 3 8 6 7 5 8 7 9 2 6 4,321 57 384 14,264 1 ,052 6,061 42,221 53,469 16,175 2,725 767 1970 Oct. 7 4,247 193 11,711 1,191 6,144 43,019 55,138 16,164 6,164 3,891 14 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 Nov. 4p 5,236 75 190 11,369 1 ,208 6,152 42,763 54,998 15,571 6,625 4,339 Hp 5,275 240 193 11.396 1 ,207 6,158 42,791 55,289 15,658 6,788 4,458 18* 5,828 194 11,053 1.207 6,154 42,425 55,126 16,356 6,788 4,478 25® 5,177 605 184 11,383 1.208 6,125 42,033 54,814 15,838 6,966 4,641 Outside New York City 1969 Nov. 5 12,627 786 1,940 12,497 2,549 107 17,178 126,479 174,809 62,311 8,876 5,144 12 12,333 557 2,112 12,609 2,547 107 17,174 126,393 174,580 63,008 8,803 5,105 19 11,944 535 2,193 12,917 2,547 107 17,104 126,037 173,839 62,728 8,690 5,072 26 11,592 882 2,175 12,868 2,551 108 17,110 126,261 174,551 63,174 8,580 5,020 1970 Oct. 7 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 28 11,923 266 1,183 11,415 2,815 18,113 131,661 185,943 64,534 16,962 10,624 Nov. 4p 14,705 455 1,225 11,414 18,230 132,961 187,540 63,255 16,986 10,784 11* 14,483 281 1,218 11,316 18,225 132,854 187,656 63,769 17,509 11 ,170 ISP 13,829 287 1,193 11,604 18,165 131,847 187,595 63,606 17,705 11,239 25 p 11,827 493 1,179 10,921 18,162 131,276 186,784 64,461 18,260 11,608 1 Includes securities purchased under agreements to resell. 8 Includes minority interest in consolidated subsidiaries. 2 Includes official institutions and so forth. 9 Exclusive of loans and Federal funds transactions with domestic com- 3 Includes short-term notes and bills. mercial banks. 4 Federal agencies only. I o All demand deposits except U.S. Govt, and domestic commercial 5 Includes corporate stock. banks, less cash items in process of collection. 6 Includes U.S. Govt, and foreign bank deposits, not shown separately. II Certificates of deposit issued in denominations of $100,000 or more 7 Includes securities sold under agreements to repurchase. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1970 • BUSINESS LOANS OF BANKS A 31 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during Industry 1970 1970 1970 1970 1969 N 2 o 5 v . N 1 o 8 v . NNoovv.. No 4 v . O 2 c 8 t . Nov. Oct. Sept. III II I h 1 a s l t f 2 h n a d lf Durable goods manufacturing; Primary metals 2,094 2,095 2,105 2,096 2,088 6 -227 191 149 155 -74 81 129 Machinery 5,481 5,564 5,634 5,568 5,671 -190 -353 -75 -173 122 149 271 609 Transportation equipment 2,878 2,872 2,891 2,912 2,872 6 -126 262 238 31 96 127 539 Other fabricated metal products... 1,998 2,013 2,043 2,024 2,078 -80 - 99 11 -75 124 125 249 -174 Other durable goods 22,,663311 2,652 22,,770044 22,,771144 22,,770022 -71 -101 -40 51 237 237 79 Nondurable goods manufacturing: Food, liquor, and tobacco 2,736 2,716 2,623 2,609 2,633 103 78 27 -199 -84 -415 -499 709 Textiles, apparel, and leather 2,500 2,540 2,611 2,643 2,695 -195 -145 -25 127 207 169 376 -373 Petroleum refining 1,484 1,491 1,506 1,523 1,527 -43 -104 123 -8 45 -124 -79 -350 Chemicals and rubber 2,687 2,637 2,670 2,656 r2,635 52 r —167 192 85 -127 — 1 -128 103 Other nondurable goods 22,,000077 22,,003399 22,,003399 2,068 r2,095 -88 r —117 25 101 35 -8 27 199 Mining, including crude petroleum and natural gas 4,005 4,019 4,078 4,090 4,094 -89 — 90 r28 -76 -132 -445 -577 -69 Trade: Commodity dealers 1,217 1,201 1,183 1,160 1,130 87 126 133 106 -134 -158 -292 234 Other wholesale 3,683 3,702 3,713 3,695 3,661 22 -14 73 52 146 -92 54 11 Retail 4,480 4,498 4,441 4,488 4,504 -24 258 118 -107 276 -103 173 -126 Transportation 5,907 5,879 5,809 5,812 5,865 42 -22 155 247 60 -156 -96 257 Communication 1,261 1,257 1,228 1,216 1,176 85 -86 -75 -27 -30 -220 -250 341 Other public utilities 2,360 2,444 2,587 2,675 2,564 -204 -24 29 -146 -38 -793 -831 747 Construction 3,307 3,259 3,294 3,273 3,253 54 -6 -42 51 149 -83 66 -70 Services 7,102 7,116 7,161 7,105 7,045 57 -53 189 r225 -19 -128 -147 263 All other domestic loans 4,740 4,820 4,803 4,783 4,775 -35 -203 46 148 88 -203 -115 507 Bankers' acceptances 11,,005533 11,,002233 983 965 874 179 128 13 241 -47 -156 -203 183 Foreign commercial and industrial loans 2,330 2,310 2,315 2,299 2,260 70 49 51 57 22 -106 -84 -192 Total classified loans 67,941 68,147 68,421 68,374 68,197 -256 -1,298 1,409 1,067 1,086 -2,726 -1 ,640 3,456 Total commercial and industrial loans. 79,905 79,781 80,235 80,117 r78,968 -63 r —1,186 1,948 1,620 1,101 -3,028 -1,940 3,077 See NOTE to table below. "TERM" COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during— 1970 1970 1969 1970 IInndduussttrryy Nov. Oct. Sept. Aug. July June May Apr. Mar. 1st 25 28 30 26 29 24 27 29 25 III II I IV half Durable goods manufacturing: Primary metals 1,535 1,548 1,677 1,474 1,523 1,520 1,447 1,463 1,452 157 68 -24 57 44 Machinery 2,690 2,826 2,924 2,920 2,824 2,784 2,763 2,761 2,800 140 -16 51 193 35 Transportation equipment. 1,621 1,627 11,,665555 11,,660088 1,599 11,,556644 11,,554499 1,560 11,,557755 91 -11 74 256 63 Other fabricated metal 801 products 781 807 789 770 762 755 780 759 45 3 -2 -8 1 Other durable goods 1.131 11,,113366 11,,114411 11,,113355 11,,115588 11,,113322 11,,116622 11,,118833 11,,116622 9 -30 -7 59 -37 Nondurable goods manufacturing : Food, liquor, and tobacco. 932 984 11,,000088 968 968 11,,000077 939 951 960 1 47 7 73 54 Textiles, apparel, and leather 703 720 751 733 767 762 756 709 726 -11 36 13 24 49 Petroleum refining 1,220 1,230 1,248 1,183 1,199 1,266 1,217 1,254 1,255 -18 11 -101 -121 -90 Chemicals and rubber 1,738 1,693 1,780 1,664 1,687 1,709 1,694 1,831 1,805 71 -96 -24 112 -120 Other nondurable goods. . 11,,115599 1 ,171 1,183 1,106 11,,009988 1,071 11,,007711 11,,009999 11,,114466 112 -75 -5 85 -80 Mining, including crude petroleum and natural gas. 3.329 3,419 3,461 3,381 3,489 3,582 3,520 3,590 3,709 -121 -127 -381 -29 -508 Trade: Commodity dealers. . 83 73 82 82 80 88 87 77 78 -6 10 — 1 — 1 9 Other wholesale 739 727 697 704 708 692 717 684 696 5 -4 -10 40 -14 Retail 1,371 1,351 1,360 1,334 1,292 1,308 1,285 1,242 1,206 52 102 -23 71 79 Transportation 4,453 4,443 4,417 4,347 4,425 4,276 4,262 4,199 4,331 141 -55 -83 307 -138 Communication 415 386 448 487 424 408 416 445 476 40 -68 -22 52 -90 Other public utilities 1,022 1,017 1,065 1,042 1,031 1,033 984 1,020 1,161 32 -128 -176 42 -304 Construction 1,005 972 957 985 959 911 888 899 903 46 8 -1 13 7 Services 3.079 3,069 3,132 3,060 3,049 3,017 3,031 2,962 2,995 115 22 4 131 26 All other loans 11,,220099 11,,224411 11,,222255 11,,224422 1,267 11,,222277 11,,118866 11,,118833 11,,220066 -2 15 -36 110 -15 Foreign commercial and industrial loans 1,648 1,612 1,604 1,599 1,599 1,620 1,614 1,579 1,605 -16 21 -37 -75 -22 Total loans 31,883 32,026 32,622 31,843 31,916 31,739 31,343 31,471 32,006 883 -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 • DECEMBER 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 Commercial Commercial and All other and All other industrial industrial Aug. 5 7,902 6,006 1,877 640 1,237 12 7,927 5,998 1,929 1,881 656 1,225 19 7,907 6,089 1,818 1,836 629 1.207 26 7,787 5,788 1,999 1,794 586 1.208 Sept. 2 7,062 5,296 1 ,766 1 ,775 559 1 ,216 9 6,657 5,013 1 ,644 1,739 528 1 ,211 2 1 3 6 5 5, , 5 7 1 3 5 6 4 4, , 0 2 2 1 7 6 1 1 , , 4 5 8 2 8 0 1 1 ,7 ,7 6 4 4 7 5 5 3 4 8 4 1 1 , , 2 2 0 2 9 0 30 5,004 3,479 1 ,525 1 ,713 500 r\,214 Oct. 7 4,596 3,244 1 ,352 1,722 491 1 ,231 14 4,416 3,150 1 ,266 1 ,772 486 1 ,285 21 4,225 3,050 1 ,175 1 ,704 459 1,245 28 r4,129 r2,985 rl ,144 r\ ,760 r467 rl ,294 Nov. 4 3,963 2,781 1 ,182 1 ,797 481 1 ,316 11 3,805 2,694 1,112 1 ,807 489 1 ,319 18 3,731 2,617 1 ,115 1 ,820 477 1 ,343 25 3,611 2,520 1 ,091 1 ,848 473 1 ,375 NOTE.—Amounts sold under repurchase agreement are excluded. Figures include small amounts sold by banks other than large weekly reporting banks. RATES ON SHORT-TERM BUSINESS LOANS OF BANKS Size of loan (in thousands of dollars) All sizes 1-9 10-99 100-499 500-999 1,000 and over Interest rate (per cent per annum) Aug. May Aug. May Aug. May Aug. May Aug. May Aug. May 1970 1970 1970 1970 1970 1970 1970 1970 1970 1970 1970 1970 Percentage distribution of dollar amount Less than 8.00 1.4 1.3 5.4 9.7 2.5 3.3 1.7 2.1 .6 1.4 1.3 .8 8.00 41.9 44.2 8.7 7.6 8.2 8.5 19.5 19.2 36.5 36.8 57.3 58.7 8.01-8.49 20.1 19.9 6.0 7.2 8.8 8.3 19.2 18.1 25.0 22.2 21.4 21.8 8.50 7.9 8.2 6.3 5.6 11.0 10.6 11.6 12.2 10.0 10.9 5.6 6.2 8.51-8.99 7.3 7.0 8.0 8.6 13.4 14.7 12.7 13.1 6.8 9.1 4.4 3.6 9.00 6.2 5.8 14.0 11.5 13.4 12.5 9.4 10.0 6.7 6.0 3.7 3.5 9.01-9.49 4.2 3.5 12.9 12.6 11.7 12.4 7.7 7.4 4.1 3.7 1.6 .9 9.50 3.4 3.5 11.2 11.1 9.3 9.2 5.7 6.8 3.9 3.1 1.3 1.7 9.51-9.99 1.6 1.8 10.5 10.0 6.5 6.9 3.1 3.2 .9 1.8 .2 .5 Over 10.0 5.8 4.8 16.8 16.2 15.1 13.6 9.3 7.9 5.4 5.1 3.2 2.3 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Total loans: Dollars (millions) 4,193.4 5,278.2 38.7 48.9 402.6 453.7 815.1 908.8 574.3 699.9 22,,336622..77 3,166.9 Number (thousands) 28.6 34.1 9.7 12.4 12.7 14.5 4.2 4.7 .9 1.1 11..11 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
DECEMBER 1970 • INTEREST RATES A 33 PRIME RATE CHARGED BY BANKS (Per cent per annum) In effect during— Rate Effective date Rate Effective date Rate Effective date Rate 192 9 51/2-6 1947—Dec. 1. 1956-—Apr. 13 334 1967—Jan. 26-27 51/2-5% Aug. 21 4 Mar. 27... 51/2 1 1 1 1 9 9 9 9 3 3 3 3 2 0 3 1 2 3 3 1 * * 1 i/ / 4 4 2 2 - - - - 6 4 5 4 1 1 9 9 5 4 0 8 - -- -S A e u p g t. . 1 22 2 2 1/4 1 1 9 9 5 5 7 8 - - - — A A J u a p n g r . . . 2 2 6 2 1 4 4 3 1 1 / / 2 2 1968—A S N N e p o o p r v v t . . . . 2 2 1 1 5 0 3 9 . . . . . . . . . . . . 6 6 66 1 1 / / 4 2 -6 1/4 193 1 4 9 — 47 (Nov.) IV2 1951-— O D Ja e c n t c . . . 1 1 8 7 9 . . . . . . 2 2 3 1 * / 4 2 1959-— S S M e e p p a t t y . . 1 1 1 1 8 4 4 5 1 /2 1969—J D D a e e n c c . . . 1 2 7 8 . . . . . . . . . 7 6 6 3 1 / / 4 2 1953-—Apr. 27 31/4 1960--Aug. 23 41/2 J M u a n r e . 1 9 7 . . . . . . 7 81 1 / / 2 2 1954—Mar. 17, , 3 1965--Dec. 6 5 1970—Mar. 25... 8 1955-—Aug. 4. . 314 1966-— J M un ar e . 2 1 9 0 5 53 1 / / 4 2 N Se o p v t . . 2 1 1 2. . . . . . 7 7 y M2 Oct. 14. . 3Vi Aug. 16 6 Nov. 23... 7 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 5 6-month bills5 9- to 12-month issues PPPeeerrriiioooddd pppaaapppeeerrr ppplllaaaccceeeddd aaacccccceeepppttt--- fffuuunnndddsss 33-- ttoo 55-- 444--- tttooo 666--- dddiiirrreeeccctttlllyyy,,, aaannnccceeesss,,, rrraaattteee *** yyeeaarr mmmooonnnttthhhsss111 mmm 333--- ooo nnn tttooo ttt hhh 666 sss --- 222 999000 dddaaayyysss111 n R ew at e is o su n e M y a ie r l k d e t n R ew at e i s o su n e M y a ie r l k d e t k B e il t l s y ( i m eld ar )5 - Other 6 iissssuueess77 1962 3.26 3.07 3.01 2.68 2.778 2.77 2.908 2.90 3.01 3.02 3.57 1963 3.55 3.40 3.36 3.18 3.157 3.16 3.253 3.25 3.30 3.28 3.72 1964 3.97 3.83 3.77 3.50 3.549 3.54 3.686 3.68 3.74 3.76 4.06 1965 4.38 4.27 4.22 4.07 3.954 3.95 4.055 4.05 4.06 4.09 4.22 1966 5.55 5.42 5.36 5.11 4.881 4.85 5.082 5.06 5.07 5.17 5.16 1967 5.10 4.89 4.75 4.22 4.321 4.30 4.630 4.61 4.71 4.84 5.07 1968 5.90 5.69 5.75 5.66 5.339 5.33 5.470 5.48 5.45 5.62 5.59 1969 7.83 7.16 7.61 8.22 6.677 6.64 6.853 6.84 6.77 7.06 6.85 1969—Nov 8.46 7.92 8.18 8.85 7.193 7.24 7.565 7.62 7.38 7.94 7.57 Dec 8.84 7.93 8.58 8.97 7.720 7.81 7.788 7.89 7.64 8.34 7.98 1970—Jan 8.78 8.14 8.64 8.98 7.914 7.87 7.863 7.78 7.50 8.22 8.14 Feb 8.55 8.01 8.30 8.98 7.164 7.13 7.249 7.23 7.07 7.60 7.80 Mar 8.33 7.68 7.60 7.76 6.710 6.63 6.598 6.59 6.52 6.88 7.20 Apr 8.06 7.26 7.54 8.10 6.480 6.50 6.568 6.61 6.54 6.96 7.49 May 8.23 7.43 8.02 7.94 7.035 6.83 7.262 7.02 7.12 7.69 7.97 June 8.21 7.55 7.78 7.60 6.742 6.67 6.907 6.86 7.07 7.50 7.86 July 8.29 7.64 7.61 7.21 6.468 6.45 6.555 6.51 6.63 7.00 7.58 Aug 7.90 7.48 7.20 6.61 6.412 6.41 6.526 6.56 6.55 6.92 7.56 Sept 7.32 7.12 7.03 6.29 6.244 6.12 6.450 6.47 6.40 6.68 7.24 Oct 6.85 6.76 6.54 6.20 5.927 5.90 6.251 6.21 6.23 6.34 7.06 Nov 6.30 6.16 5.79 5.60 5.288 5.28 5.422 5.42 5.39 5.52 6.37 Week ending— 1970—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 Nov. 7 6.63 6.58 6.22 6.07 5.653 5.56 5.772 5.80 5.86 6.03 6.84 14 6.56 6.44 6.13 5.80 5.459 5.48 5.653 5.69 5.65 5.81 6.67 21 6.40 6.18 5.60 5.70 5.281 5.19 5.406 5.32 5.22 5.34 6.26 28 5.75 5.61 5.38 5.16 4.760 4.98 4.855 5.03 4.98 5.04 5.84 1 Averages of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily 2 Averages of daily rates, published by finance companies, for varying closing bid prices. maturities in the 90-179 day range. 5 Bills quoted on bank discount rate basis. 3 Seven-day average for week ending Wednesday. 6 Certificates and selected note and bond issues. 7 Selected note and bond issues. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 34 INTEREST RATES • DECEMBER 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 - 1962 3.95 3.30 3.03 3.67 4.62 4.33 5.02 4.47 4.86 4.51 4.50 3.37 6.06 1963 4.00 3.28 3.06 3.58 4.50 4.26 4.86 4.42 4.65 4.41 4.30 3.17 5.68 1964 4.15 3.28 3.09 3.54 4.57 4.40 4.83 4.52 4.67 4.53 4.32 3.01 5.54 1965 4.21 3.34 3.16 3.57 4.64 4.49 4.87 4.61 4.72 4.60 4.33 3.00 5.87 1966 4.66 3.90 3.67 4.21 5.34 5.13 5.67 5.30 5.37 5.36 4.97 3.40 6.72 1967 4.85 3.99 3.74 4.30 5.82 5.51 6.23 5.74 5.89 5.81 5.34 3.20 5.71 1968 5.25 4.48 4.20 4.88 6.51 6.18 6.94 6.41 6.77 6.49 5.78 3.07 5.84 1969 6.10 5.73 5.45 6.07 7.36 7.03 7.81 7.22 7.46 7.49 6.41 3.24 6.05 1969—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—Jan 6.86 6.74 6.38 7.13 8.32 7.91 8.86 8.15 8.38 8.54 7.01 3.56 Feb 6.44 6.47 6.19 6.80 8.29 7.93 8.78 8.11 8.39 8.47 7.04 3.68 Mar 6.39 6.08 5.81 6.40 8.18 7.84 8.63 7.98 8.33 8.34 6.97 3.60 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 Nov 6.24 6.04 5.79 6.33 8.65 8.05 9.38 8.37 9.06 8.77 7.30 3.72 Week ending— 1970— Sept. 5 6.72 6.01 5.70 6.40 8.72 8.13 9.45 8.43 9.17 8.82 7.39 3.89 12 6.75 6.26 6.00 6.55 8.70 8.13 9.44 8.43 9.08 8.83 7.31 3.81 19 6.64 6.22 5.96 6.50 8.69 8.09 9.42 8.40 9.12 8.82 7.38 3.86 26 6.52 6.24 5.95 6.50 8.66 8.06 9.32 8.38 9.07 8.77 7.26 3.81 Oct. 3 6.53 6.36 6.15 6.65 8.63 8.05 9.29 8.36 9.04 8.75 7.19 3.75 10 6.51 6.36 6.15 6.65 8.63 8.02 9.34 8.37 9.05 8.74 7.17 3.64 17 6.55 6.34 6.10 6.65 8.62 8.01 9.34 8.33 9.06 8.71 7.26 3.75 24 6.66 6.43 6.10 6.75 8.63 8.03 9.31 8.33 9.07 8.73 7.37 3.78 31 6.65 6.39 5.85 7.00 8.64 8.07 9.34 8.36 9.06 8.77 7.50 3.78 Nov. 7 6.49 6.26 6.00 6.60 8.68 8.09 9.38 8.39 9.08 8.81 7.37 3.72 14 6.39 6.14 5.95 6.40 8.67 8.07 9.41 8.39 9.09 8.80 7.28 3.69 21 6.19 6.05 5.85 6.25 8.64 8.05 9.38 8.36 9.06 8.76 7.40 3.78 28 5.97 5.71 5.35 6.05 8.62 8.02 9.37 8.35 9.04 8.71 7.15 3.67 Number of issues2 8 20 5 5 108 18 30 38 30 40 14 500 500 1 Includes bonds rated Aa and A, data for which are not shown sep- Averages of daily figures for bonds maturing or callable in 10 years or arately. Because of a limited number of suitable issues, the number more. State and local govt, bonds: General obligations only, based on of corporate bonds in some groups has varied somewhat. As of Dec. Thurs. figures. Corporate bonds: Averages of daily figures. Both of these 23, 1967, Aaa-rated railroad bonds are no longer a component of the series are from Moody's Investors Service series. railroad average or the Aaa composite series. Stocks: Standard and Poor's corporate series. Dividend/price ratios are 2 Number of issues varies over time; figures shown reflect most recent based on Wed. figures; earnings/price ratios are as of end of period. count. Preferred stock ratio is based on eight median yields for a sample of noncallable issues—12 industrial and two public utility; common stock ratios NOTE.—Annual yields are averages of monthly or quarterly data. on the 500 stocks in the price index. Quarterly earnings are seasonally Monthly and weekly yields are computed as follows: U.S. Govt, bonds: adjusted at annual rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1970 • SECURITY MARKETS A 35 SECURITY PRICES Common stock prices Volume of Bond prices New York Stock Exchange trading in (per cent of par) stocks in Amer- thousands of Period Standard and Poor's index New York Stock Exchange index ican shares (1941-43=10) (Dec. 31, 1965 = 50) Stock 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 ia u l s - R ro a a i d l- P u u ti b li l t i y c Total In tr d i u al s - T p t o r i a r o t n n a s - - Utility na F n i- ce in to d t e a x l 1 NYSE AMEX 196 7 76.55 100.5 81.8 91.93 99.18 46.72 68.10 50.77 51.97 53.51 45.43 49.82 19.67 10,143 4,508 196 8 72.33 93.5 76.4 98.70 107.49 48.84 66.42 55.37 58.00 50.58 44.19 65.85 27.72 12,971 6,353 196 9 64.49 79.0 68.5 97.84 106.30 45.95 62.64 54.67 57.45 46.96 42.80 70.49 28.73 11,403 5,001 1969—Nov... . 61.08 73.4 65.7 96.21 105.86 40.63 59.46 53.85 56.84 42.59 41.36 71.62 27.97 11,247 4,396 Dec 58.71 68.7 62.9 91.11 100.48 36.69 55.28 50.86 53.93 37.77 38.69 66.95 26.32 12,384 4,928 1970—Ja n 58.33 69.7 62.2 90.31 99.41 37.62 55.72 50.61 53.58 37.51 38.76 66.19 26.48 10,532 4,062 Feb 61.63 71.7 62.4 87.16 95.73 36.58 55.24 48.76 51.29 36.06 38.55 65.01 25.61 11,500 3,830 M Ap a r r . 6 6 0 2 . . 8 0 9 4 C 7 7 5 1 . . 6 9 c6 6 2 2 . . 8 8 8 8 8 5 . . 6 9 5 5 9 94 6 . . 0 9 1 5 3 3 7 5 . . 3 5 3 9 5 5 9 5. . 7 0 6 4 4 47 9 . . 5 4 1 6 5 4 1 9 . . 3 4 3 7 3 3 6 4 . . 8 9 5 9 4 3 0 9 . . 7 4 7 9 6 6 7 4 . . 3 0 7 7 2 2 5 3 . . 1 5 5 6 1 1 0 0 , , 1 1 4 4 1 6 3 3 , , 1 1 2 5 2 0 May. .. 57.78 67.8 61.2 76.06 83.16 31.10 51.15 41.65 43.33 29.85 35.48 54.58 20.92 12,299 3,908 June... 57.37 67.5 59.5 75.59 82.96 28.94 49.22 41.28 43.40 28.51 33.74 54.21 20.81 10,294 3,189 July.... 60.59 70.6 59.0 75.72 83.00 26.59 50.91 41.15 43.04 26.46 34.90 54.00 20.11 10,358 2,202 Aug.. . . 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 2,474 Sept... . 60.10 72.3 60.8 82.58 90.66 29.14 54.44 45.10 47.43 30.43 36.74 60.13 21.72 14,423 4,438 Oct 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 3,135 Nov.. . . 63.27 75.1 61.9 84.28 92.58 30.80 54.86 45.84 48.54 31.23 36.71 57.40 21.73 11,519 2,677 Week ending— 1970—Oct. 31 . 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 2,586 1970—Nov. 7 61.20 72.4 61.5 84.09 92.53 30.61 53.58 53.58 48.57 31.36 36.23 57.32 22.98 10,829 2,377 14 62.02 73.5 61.9 84.40 92.71 30.96 54.84 54.84 48.65 31.43 36.82 57.50 21.87 12,175 2,921 21 63.69 74.8 62.0 83.20 91.33 30.46 54.55 54.55 47.84 30.67 36.49 56.67 21.46 9,740 2,534 28 65.62 79.5 62.2 85.01 93.26 31.05 56.17 56.17 48.84 31.25 37.09 57.68 21.54 12,226 2,493 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^ hours per day, or 27l/% hours per week. weekly data are averages of daily figures unless otherwise noted and are In recent years shorter days and/or weeks have cut total weekly trading computed as follows: U.S. Govt, bonds, derived from average market to the following number of hours: 1967—Aug. 8-20, 20; 1968—Jan. 22yields in table at bottom of preceding page on basis of an assumed 3 per Mar. 1, 20; June 30-Dec. 31, 22; 1969—Jan. 3-July 3, 20; July 7-Dec. 31cent, 20-year bond. Municipal and corporate bonds, derived from average 22.5; 1970—Jan. 2-May 1, 25. TERMS ON CONVENTIONAL FIRST MORTGAGES New homes Existing homes Period C c t ( r r e p a o a n e t n c t e r t - ) c F c h ( e e a p e n r e s t g r ) & e i s M (y a e t a u r r s it ) y L c p r ( o e a p r n a t 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 r c 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 r e t ) - c F c h ( e e a p n e r e s t g r ) & e i s M (y a e t a u r r s i ) t y L c r p ( o e a p r n a t i e c i n t r o e ) 1 (t d h c o p o P h l r u u l a i a s r c s . r - e e s o ) f (t a d h L m o o l u o l o a a s u . r n n s o ) t f 1964 5.78 .57 24.8 74.1 23.7 17.3 5.92 .55 20.0 71.3 18.9 13.4 1965 5.74 .49 25.0 73.9 25.1 18.3 5.87 .55 21.8 72.7 21.6 15.6 1966 6.14 .71 24.7 73.0 26.6 19.2 6.30 .72 21.7 72.0 22.2 15.9 1967 6.33 .81 25.2 73.6 28.0 20.4 6.40 .76 22.5 72.7 24.1 17.4 1968 6.83 .89 25.5 73.9 30.7 22.4 6.90 .83 22.7 73.0 25.6 18.5 1969 7.66 .91 25.5 72.8 34.1 24.5 7.68 .88 22.7 71.5 28.3 19.9 1969—Oct 7.98 .89 25.3 72.9 34.6 25.0 7.98 .91 22.2 70.2 28.1 19.5 Nov 7.97 .96 25.3 72.8 34.4 24.6 8.00 .90 22.6 70.4 28.8 20.1 Dec 8.07 1.06 25.4 71.9 35.3 25.0 8.08 .93 22.9 70.6 30.0 20.8 1970—Jan 8.16 1.08 25.0 69.3 36.1 25.1 8.13 .94 22.4 70.3 29.8 20.5 Feb 8.23 1.09 25.2 71.8 35.0 24.9 8.23 1.02 22.4 70.2 29.4 20.4 Mar 8.29 1.11 25.0 71.1 35.8 25.1 8.26 .98 22.6 70.4 29.7 20.6 Apr 8.24 1.02 24.8 71.3 34.9 24.5 8.19 .90 22.7 70.2 29.6 20.4 May 8.28 .98 25.3 71.7 35.8 25.3 8.18 .94 22.8 70.3 30.5 21.1 June 8.31 .99 25.1 71.3 36.3 25.6 8.19 .98 23.0 71.5 30.5 21.5 July 8.32 1.01 25.1 71.5 35.3 24.9 8.21 .95 23.1 71.5 31.0 21.7 Aug 8.35 r.98 r24.8 r71.6 35.7 25.5 8.25 .89 23.1 71.7 r30.4 21.4 Sept 8.31 1.03 25.2 72.7 35.3 25.3 8.27 .88 22.8 71.7 29.7 21.0 Oct 8.33 1.05 25.1 72.6 34.3 24.8 8.19 .88 22.8 71.5 29.0 20.6 i Fees and charges—related to principal mortgage amount—include based on probability sample survey of characteristics of mortgages loan commissions, fees, discounts, and other charges, which provide originated by major institutional lender groups (including mortgage added income to the lender and are paid by the borrower. They exclude companies) for purchase of single-family homes. Data exclude loans for any closing costs related solely to transfer of property ownership. refinancing, reconditioning, or modernization; construction loans to homebuilders; and permanent loans that are coupled with construction NOTE.—Compiled by Federal Home Loan Bank Board in cooperation loans to owner-builders. Series beginning 1965, not strictly comparable with Federal Deposit Insurance Corporation. Data are weighted averages with earlier data. See also the table on Home-Mortgage Yields, p. A-53. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 36 STOCK MARKET CREDIT • DECEMBER 1970 STOCK MARKET CREDIT REGULATORY STATUS OF MARGIN ACCOUNT DEBT AT BROKERS (In millions of dollars) (Per cent of total adjusted debt, except as noted) End of period B m ro a C k r r e g e r in d s it c B u e s a x t 2 n t o e k m n s d e e r d s b to y - to a d C b m n n e u a e c b e l s t e i - r - t s s ' to c a C m b r f 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 io o d f Un 2 d 0 e r 2 A 0 d -2 ju 9 s ted 3 0 d ( - p e 3 b e 9 r t / c c o e l n 4 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 m a o o s e d t t b n i e a - l t s d - l of Unre- dol- 1969—Oct.. 5,040 2,570 7,610 7,243 2,753 4,490 strict- Restricted lars) Nov. 5,070 2,520 7,590 7,111 2,613 4,498 ed Dec. 4,970 2,580 7,550 7,445 2,803 4,642 1970—Jan.. 4,680 2,430 7,110 6,683 2,626 4,057 1969—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 June 3 1 /4 3 , , 1 8 5 6 0 0 1 / 2,290 6,150 5,281 2,009 3,272 M Fe a b r . .. . 4 3 . . 2 7 2 27 6 . . 1 9 1 1 6 6 . .3 8 1 1 1 1 . . 4 6 7 7. . 5 9 3 3 2 3 . . 8 8 9 8 , , 0 8 4 8 0 0 S O J A u e u c p l t g y t . . , , 4 3 3 3 , , , , 8 8 0 9 0 1 2 1 0 0 0 0 2 2 2 2 , , , , 2 3 3 2 9 0 3 7 0 0 0 0 6 6 6 6 , , , , 0 2 1 2 9 1 5 8 0 0 0 0 ( ( ( ( 4 4 4 4 ) ) ) ) 5 2 2 2 2 , , , , 0 2 1 1 8 3 6 8 3 6 3 0 ( ( ( ( 4 4 4 4 ) ) ) ) Apr.. U 1 n . r 5 e stric 2 te 1 d . 8 16.7 1 R 2 e .1 st ricted 9 1 . 3 38.6 8,450 1 End of month data. Total amount of credit extended by member firms May. 1 .0 4.8 31 .8 13.9 8.8 39.8 9,100 of the N.Y. Stock Exchange in margin accounts, excluding credit extended June. 1.3 1.0 23.3 24.9 9.4 40.1 8,490 on convertible bonds and other debt instruments and in special subscrip- July.. 1.1 1.0 32.7 16.7 9.0 39.5 8,610 tion accounts. Aug.. .7 1.1 37.8 14.3 9.2 36.9 8,580 2 Figures are for last Wed. of month for large commercial banks re- Sept.. .6 1 .1 45.5 12.0 8.9 31.9 8,900 porting weekly and represent loans made to others than brokers or dealers Oct... .7 I .0 38.4 18.0 9.2 32.6 8,780 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- 1 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 notseparable from credit extended by a small sample of New York Stock Exchange member the remainder of this category. firms according to the proportion of total Customers' Net Debit Balances extended by these firms. Beginning with June 30, 1970, total broker-ex- NOTE.—Adjusted debt is computed in accordance with requirements set tended margin credit is derived from reports by the majority of New York forth in Regulation T and often differs from the same customer's net debit Stock Exchange member firms that carry margin accounts for customers; balance mainly because of the inclusion of special miscellaneous accounts these firms, as a group, account for nearly all such credit extended by in adjusted debt. Collateral in the margin accounts covered by these data members of that exchange. now consists exclusively of stocks listed on a national securities exchange. 4 Series discontinued. Unrestricted accounts are those in which adjusted debt does not exceed the 5 Change in series. loan value of collateral; accounts in all classes with higher ratios are NOTE.—Customers' net debit and free credit balances are end-of-month restricted. ledger balances as reported to the New York Stock Exchange by all member firms that carry margin accounts. They exclude balances carried for other member firms of national securities exchanges as well as balances of the reporting firm and of its general partners. Net debit balances are SPECIAL MISCELLANEOUS ACCOUNT BALANCES total debt owed by those customers whose combined accounts net to a AT BROKERS, BY EQUITY STATUS OF ACCOUNTS debit. Free credit balances are in accounts of customers with no unfulfilled commitments to the broker and are subject to withdrawal on demand. Net credit extended by brokers is the difference between customers' net debit (Per cent of total, except as noted) and free credit balances since the latter are available for the brokers' use until withdrawn. Equity class of accounts EQUITY STATUS OF MARGIN ACCOUNT DEBT Net in debit status Total AT BROKERS End of period credit balance status 60 per cent Less than (millions (Per cent of total debt, except as noted) or more 60 per cent of dollars) TToottaall Equity class (per cent) 1969—Oct.. 52.8 40.8 6.4 4,780 EEnndd ooff (( ll dd ii mm oo eebb nn iill tt ss -- N D o ec v . . 5 5 4 4 . . 8 8 3 3 7 7 . . 8 3 7 7 . . 3 9 4 4 , , 6 7 7 6 0 0 ppeerriioodd ll dd aa oo rr oo ff ss ll )) -- !! 8 m 0 o o re r 70-79 60-69 50-59 40-49 Un 4 d 0 e r 1970—J F a e n b . . . , 5 5 3 3 . . 0 0 3 38 8 . . 3 2 8 8 . .8 7 4 4 , , 6 4 2 2 0 0 Mar. 54.0 34.7 11.2 4,340 Apr. 54 0 35.9 10.2 4,140 1969— N D O o e c c v t. . . . . . . 4 5 5 , , , 6 0 0 9 4 7 0 0 0 2 1 1 0 6 6 . . . 4 9 6 2 2 2 3 2 2 . . . 5 5 3 1 1 1 7 8 7 . . . 8 8 0 1 1 1 2 2 1. . . 8 2 8 9 8 8 . . . 5 9 4 2 2 1 0 1 8 . . . 6 8 0 J J M A u u u a n l g y y e . . 4 4 4 5 9 7 6 0 . . . . 5 5 7 3 4 4 3 3 0 9 2 8 . . . . 1 5 6 8 1 1 1 1 1 0 0 1 . . . . 9 7 9 4 4 4 4 4 , , , , 3 4 5 8 9 3 5 4 0 0 0 0 1970—J F a e n b . . . . . 4 4 , , 6 67 8 0 0 1 15 3 . . 7 8 2 21 1 . . 1 0 1 16 6 . . 1 3 1 13 3 . . 3 4 1 1 1 0 . . 1 8 2 2 4 2. . 5 9 S O e c p t t . . 4 4 6 6 . . 6 2 4 4 4 3 . . 5 9 9 9 . . 0 9 4 4 , , 4 4 8 3 0 0 Mar.. 4,520 15.3 20.3 15.8 13.4 11.2 24.0 A M p a r y .. . 4 4 , , 3 1 6 6 0 0 1 9 1 . . 6 8 1 1 8 5 . . 1 8 1 1 4 8 . . 5 3 1 1 3 4 . . 8 2 1 13 1 . . 5 6 2 3 8 0 . . 6 2 ma N y O b T e E . u — se S d p e b c y ia l c u m st i o s m ce e l r la s n a e s o u t s h e a m cc a o r u g n in ts de c p on os ta it i n r eq cr u e i d re it d b fo a r la a n d ce d s i ti t o h n a a t l June. 3,860 8.3 12.4 18.8 15.7 13.5 31.4 purchases. Balances may arise as transfers based on loan values of other July.. 3,800 8.1 15.1 21.1 16.0 13.8 25.8 collateral in the customer's margin account or deposits of cash (usually Aug.. 3,810 10.7 15.1 22.9 16.6 13.6 21.1 sales proceeds) occur. Sept.. 3,920 11.4 18.3 24.4 16.7 13.1 16.0 Oct... 4,010 9.9 15.2 25.5 16.9 14.3 18.2 1 See footnote 1 to table above. NOTE.—Each customer's equity in his collateral (market value of collateral less net debit balance) is expressed as a percentage of current collateral value. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 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 - U i n n i t t o e d U f n r i o t m ed other bills bought acct. States States 196 4 8,361 2,223 6,138 3,385 1,671 1,301 370 94 122 1,498 667 999 1 ,719 196 5 9,058 1,903 7,155 3,392 1,223 1,094 129 187 144 1,837 792 974 1 ,626 196 6 13,279 3,089 10,190 3,603 1,198 983 215 193 191 2,022 997 829 1,778 196 7 16,535 4,901 11,634 4,317 1,906 1,447 459 164 156 2,090 1 ,086 989 2,241 196 8 20,497 7,201 13,296 4,428 1,544 1 ,344 200 58 109 2,717 1,423 952 2,053 1969—Oct... 31,881 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 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 10,601 3,078 16,814 5,451 1,567 1 ,318 249 64 146 3,674 1 ,889 1 ,153 2,408 1970—Jan... 34,362 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 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 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 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 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 11,945 6,509 18,250 5,849 1,589 1,339 250 32 232 3,996 2,190 1 ,162 2,497 July.. 36,911 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 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 12,013 4,081 17,325 5,: 1,952 1,557 395 87 235 3,574 2,396 1,285 2,167 Oct." 34,401 12,564 3,179 18,138 6,167 2,125 1,737 388 73 238 3.731 2,553 1 ,323 2,292 1 As reported by dealers; includes finance company paper as well as 2 As reported by finance companies that place their paper directly with other commercial paper sold in the open market. investors. MUTUAL SAVINGS BANKS (In millions of dollars) Securities Total Mortgage loan assets— commitments3 End of period M ga o g r e t- Other G U o . v S t . . g S l a o o t n c a v a d t t e l . o C t r a o h a n r e t d p e r o 1 - Cash O as t s h e e t r s g l r i T e e a a t s n o b i n e e e t i r d s r l a v i a l - e l D i e t p s o 2 s- l O ia t t i b h e i s e l i r - r G c e o e s a e u n c r e n - v r t e a s l classi ( f i i n e d m b o y n t m h a s) t urity accts. 3 or 3-6 6-9 Over Total less 9 1960. 26,702 416 6,243 672 5,076 874 589 40,571 36.343 678 3,550 1,200 1961. 28,902 475 6,160 677 5,040 937 640 42,829 38,277 781 3,771 1,654 1962. 32,056 602 6,107 527 5,177 956 695 46,121 41,336 828 3,957 2.548 1963. 36,007 607 5,863 440 5,074 912 799 49,702 44,606 943 4,153 2.549 1964. 40,328 739 5,791 391 5,099 1,004 886 54,238 48,849 989 4,400 2,820 1965. 44,433 862 5,485 320 5,170 1,017 944 58,232 52,443 1,124 4,665 2,697 1966. 47,193 1,078 4,764 251 5,719 953 1,024 60,982 55,006 1,114 4,863 2,010 1967. 50,311 1,203 4,319 219 8,183 993 1,138 66.365 60,121 1,260 4,984 742 982 799 2,523 1968. 53,286 1,407 3,834 194 10,180 996 1,256 71,152 64,507 1,372 5,273 811 1 ,034 1 ,166 3,011 1969—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 r828 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 1,708 531 576 454 516 912 2,457 Feb.. 55,966 2,122 3,303 190 10,938 884 1,353 74,755 67,255 1,918 582 549 458 496 882 3,385 Mar. 56,119 2,080 3,274 194 11,212 848 1,436 75,164 r67,855 rl ,713 596 648 478 476 807 2,409 Apr.. 56,279 2,048 3,294 188 11,319 853 1,385 75.366 67,861 1,906 599 603 500 455 801 2,360 May. 56,423 2,223 3,362 190 11,465 852 1,374 75,889 68,196 2,071 621 616 502 388 769 2,275 June. 56,644 2,131 3.214 197 11,766 956 1 ,404 76,312 68,724 1,957 631 646 474 363 707 2,190 July. 56,804 2.239 3,241 196 11,945 920 1,459 76,804 69,039 2,121 643 665 457 351 678 2,151 Aug.. 56,986 2,249 3,271 197 12,099 972 1.464 r77,238 69,222 2,327 5,689 603 406 r332 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 Oct.. 57,398 2,291 3.215 207 12,243 1,035 1.465 77,855 70,093 2,051 5,712 596 338 274 666 1,875 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 ail 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 • DECEMBER 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 it t e e d s Sta lo te c a a l n d Foreign 1 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: 1 1 9 9 6 6 6 7 1 17 6 7 7 , , 3 0 6 2 1 2 1 1 0 0 , ,5 8 3 6 0 4 4 4 , ,5 8 8 2 7 4 3 2 , , 1 9 3 9 1 3 2 2 , , 9 9 0 5 9 0 6 7 8 3 , , 6 9 7 9 7 7 6 6 1 5 , , 1 0 4 1 1 5 7 8 , , 5 9 3 8 6 2 6 6 4 7 , , 6 5 6 7 1 5 4 5 , . 8 1 8 8 8 8 1 9 0 , , 9 0 1 6 1 0 181,,081011 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—Aug.'.. 194,286 10,993 4,538 3,260 3.195 83,811 70,432 13,379 71 ,214 5,826 12,933 9,509 Sept.'., 195,049 10,956 4,511 3,253 3,192 84,080 70,703 13,377 71,368 5,831 13,184 9,630 Oct.'. . 196,133 10,993 4,565 3,256 3,172 84,687 71,008 13,679 71 ,534 5,875 13,418 9,626 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—Ja n 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 Aug 201,918 11,090 4,653 3,255 3,182 85,841 72,497 13,344 73,427 6,158 15,517 9,885 Sept... , 203,148 11,004 4,561 3.265 3,178 86,675 72,915 13,760 73,540 6,202 15,674 10,053 Oct.. . . 203,922 11,029 4,565 3,277 3,187 87,099 73,389 13,710 73,728 6,255 15,813 9,998 1 Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and NOTE.—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance companies in the United States. on each item separately but are included in total, in "Other assets." SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Mortgage loan Liabilities commitments4 Total assets— End of period M ga o g r e t s - I s n i m e t v i c e e e u n s s r t 1 t - - Cash Other2 lia T b o il t i a ti l e s S c a a v p i i n ta g l s R a d p n e i r v s d o e i d r f u i v e t n d e s - s m r B o o w o n r e e - d y3 Other d p M u er r a i i d o n e d g O e p u in n e ts g d r t i a o a o n d 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 1 1 9 96 6 9 8 5 1 1 3 4 0 0 , , 8 2 0 0 2 9 1 1 1 0 1 , ,1 8 1 14 6 2 2, , 4 9 4 6 1 2 9 8 , , 5 6 7 9 1 8 1 1 6 5 2 2 , , 1 8 6 9 2 0 1 1 3 3 1 5 , , 6 4 1 8 8 9 1 1 0 1 , , 3 2 1 2 5 6 5 9 , , 7 7 0 5 5 4 2 2 , , 4 4 4 5 9 4 2 3 , , 8 2 0 3 3 9 807 3 2, ,5 8 8 1 4 2 1969—Oct.. 139,226 11,171 1,910 '8,533 160,840 134,194 10,662 8,783 2,648 4,553 1,023 3,293 Nov. 139,676 11,392 2,114 r8,674 161,856 134,420 10,655 9,123 2,539 5,119 882 3,079 Dec. 140,209 10,814 2,441 r8,698 162,162 135,489 11,226 9,754 2,454 3,239 807 2,812 1970—Jan., 140,345 10,821 1,866 '8,654 161,686 134,072 11,249 10,230 2,300 3,835 772 2,738 Feb. 140,568 11,084 2,086 '8,727 162,465 134,277 11,246 10,262 2,202 4,478 846 2,815 Mar. 140,766 11,423 2,225 '8,839 163,253 135,872 11,234 10,036 2,170 3,941 1,084 3,041 Apr. 141,252 11,475 2,361 '8,930 164,018 136,079 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. 146,418 12,771 2,457 9,260 170,906 141,553 11,596 10,727 2,679 4,351 1,628 4,354 Oct. 147,620 13,207 2,715 9,353 172,895 142,697 11,578 10,834 2,684 5,102 1 ,701 4,535 1 U.S. Govt, securities only through 1967. Beginning 1968 the total 4 Insured savings and loan assns. only. Data on outstanding commitreflects liquid assets and other investment securities. Included are U.S. ments are comparable with those shown for mutual savings banks (on Govt, obligations, Federal agency securities, State and local govt, securi- preceding page) except that figures for loans in process are not included ties, time deposits at banks and miscellaneous securities, except FHLB above but are included in the figures for mutual savings banks. stock. Compensating changes have been made in "Other assets." 5 Figures previously shown were based on preliminary reports. 2 Includes other loans, stock in the Federal home loan banks, other investments, real estate owned and sold on contract, and office buildings NOTE.—Federal Home Loan Bank Board data; figures are estimates for and fixtures. See also note i. all savings and loan assns. in the United States. Data are based on 3 Consists of advances from FHLB and other borrowing. monthly reports of insured assns. and annual reports of noninsured assns. Data for current and preceding year are preliminary even when revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 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 Ad- Cash Mem- Deben- Loans Loans v m b a t n e e o r m c s e - s I m nv e e n s t t s - p a o d n s e i d - t s B n a o o n n t d e d s s p b o d s e e 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 - n t a u ( o n L r t e ) d e s s c a o ( t o t i A p v o ) e e s r - D t e u ( b L r e e ) n s - co a d ( u A n is n d ) - t s D t e u ( b L r e e ) n s - M l g o ( a a A o g n r ) e t s - Bo (L n ) d s 6,935 2,523 113 6,859 1,037 1,369 4,266 3,800 1,290 1,074 2,924 2,786 4,958 4,385 4,386 2,598 127 4,060 1,432 1,395 5,348 4,919 1,506 1,253 3,411 3,214 5,609 4,904 5,259 2,375 126 4,701 1,383 1,402 6,872 6,376 1,577 1,334 3,654 3,570 6,126 5,399 8,439 1,654 90 7,572 865 1,457 9,500 9,756 1,680 1,429 4,192 6,700 5,950 8,802 1,968 110 8,172 939 1,467 10,009 10,205 1,705 1,445 4,152 6,704 5,949 9,289 1,862 124 8,422 1,041 1 ,478 10,541 10,511 1,732 1,473 4,275 4,116 6,714 5,949 9,852 1,536 72 8,822 806 1,503 11,070 10,717 1,804 1.508 4,371 4,161 6,738 5,938 9,937 1,787 93 9,171 802 1,537 11,540 11,659 1,844 1,577 4,474 4,311 6,777 c6,032 9 9 , , 7 8 4 6 5 0 2 3 , , 8 0 7 9 0 0 10 8 7 9 9 9 , , 8 9 2 9 5 3 1,1 9 1 8 0 6 1 1 , , 5 55 7 8 4 1 1 2 2 , , 4 0 5 1 6 6 1 12 2 , , 4 2 1 2 1 7 1 1 , ,8 8 4 28 0 1 1 , , 5 5 9 7 4 6 4 4 , , 6 8 4 1 4 0 4 4, , 5 4 9 2 1 2 6 6 , , 8 8 3 9 3 0 c6 6 , , 0 1 3 1 2 3 1 1 0 0 , ,2 0 3 0 6 8 2 2 , , 9 8 6 4 4 4 1 7 0 8 6 9 9 , , 8 8 8 8 8 0 1 1 , ,3 1 3 8 3 9 1 1 , , 5 5 7 8 9 6 1 1 3 3 , , 2 6 8 5 7 9 1 1 2 3 , , 6 16 0 5 5 1 1 ,7 ,7 4 9 9 6 1 1 , . 5 5 3 0 9 9 4 5, , 0 9 9 4 7 2 4 4 , , 7 8 3 7 9 9 6 6 , , 9 99 4 5 3 6 6 , , 1 1 1 7 3 9 14,085 13,401 1,762 1,518 5,034 4,980 7,026 6,259 14,452 13,976 1,778 1,537 5,015 4,918 7,061 6,339 10,524 2,722 109 10,089 ,340 1,598 14,815 14,396 1,852 1,537 4,998 4,839 7,101 6,339 14,702 14,702 1,973 1,601 4,972 4,818 7,137 6,395 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, OCTOBER 31, 1970 Cou- Amount Cou- Amount Cou- Agency, and date of issue pon (millions Agency, and date of issue pon (millions Agency, and date of issue pon and maturity rate of dollars) and maturity rate of dollars) and maturity rate Federal home loan banks1 Federal National Mortgage Federal intermediate Notes: Association—Cont. credit banks—Cont. 12/22/69 - 11/25/70. . . 8.70 250 Debentures: Debentures: Bonds: 4/10/69 - 6/10/71 6.85 250 9/1/70-6/1/71 7.30 10/27/69 - 10/27/70. . . 8% 650 12/12/69 - 7/12/71. . . 8.60 400 10/1/70 - 7/1/71 . . . 7.10 1/26/70 - 1/26/71 8.63 600 8/23/60 - 8/10/71 4 Vs 63 3/2/70 - 3/1/73. . .. 8.15 2/25/69 - 2/25/71 6.60 200 4/10/70 - 8/10/71 7.38 200 9/1/70 -7/2/73 7.75 9 7 3 / / / 2 2 2 5 5 5 / / / 6 6 7 9 9 0 - - - 4 2 3 / / / 2 2 2 6 5 5 / / / 7 7 7 1 1 1 8 7 S . % .7 0 0 0 4 8 2 0 5 5 0 0 0 9 9 7 / / / 1 1 1 1 0 0 / / / 6 6 7 1 8 0 - - - 9 8 9 / / / 1 1 1 0 0 0 / / 7 7 / 1 1 7 1.... 4 8 5V . % 05 4 2 3 9 5 5 6 0 0 Fe B de o r n a d l s l : a nd banks 4/27/70 - 4/26/71 7.25 400 6/10/70 - 10/21/71. . . 8.45 500 2/15/57 - 2/15/67-72. 4Vs 72 5/26/69 - 5/25/71 7.00 350 5/10/69 - 11/10/71 . . . 6.85 350 4/21/69 - 2/23/71 6.80 431 5 2 / / 2 2 5 5 / / 7 7 0 0 - - 5 6 / / 2 2 5 5 / / 7 7 1 1 8 8 . . 4 2 5 0 5 6 0 5 0 0 2 3 / / 1 1 0 0 / / 6 7 0 0 - - 2 1 / 2 1 /1 0 0 /7 /7 2 1 . 6 5 3 H /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 8 7 V .3 4 5 2 3 2 0 5 0 7/27/70 - 7/27/71 m 500 3/10/69 - 3/10/72 6% 250 5/1/56 - 5/1/71 3Vi 60 9 8 / / 2 2 5 5 / / 7 7 0 0 - - 9 8 / / 2 2 7 5 / / 7 7 1 1 7 7 . . 6 3 5 5 4 6 0 5 0 0 1 12 0 / / 1 1 1 4 / / 6 6 1 9 - - 6 3 / / 1 1 2 0 / / 7 7 2 2 . . . . . . 4 6 H Y4 2 1 0 0 0 0 7 1 / 0 1 / 5 2 / 0 6 / 9 6 9 - - - 7 7 /2 /2 0 0 /7 /7 1 1 . . . 8 8 . . 4 1 5 5 2 23 7 2 0 10/27/69 - 11/26/71. . . 8.20 250 2/10/70 - 6/12/72 8.70 300 10/20/68 - 10/20/71 . . 6.00 447 11/25/69 - 2/25/72.... 8.20 200 5/11/70 - 9/11/72 8.40 400 8/20/68 -- 2/15/72. . .. 5.70 230 6/26/70 - 2/25/72 8.20 300 6/10/70 - 9/11/72. 7.40 200 6/22/70 - 7/20/72 8.20 442 5/25/70 - 5/25/72 8.15 200 11/10/69 - 12/11/72. . 8.00 200 9/14/56 - 9/15/72. 3K 109 9 2 1 / / / 2 2 2 5 5 6 / / / 7 7 7 0 0 0 - - - 2 1 1 / 1 / 2 2 / 6 2 5 / 7 / 7 7 / 3 7 4 2 8 8 m . . 4 3 0 5 2 3 30 5 5 0 0 0 6 1 1 / 2 0 1 / / 2 1 1 / 2 3 6 / / 1 6 7 9 0 - - - 6 3 / 1 1 / 2 1 2 / 2 / 1 7 / 1 7 3 / 3 . 7 . 2 . . . . . . . 4 8 7 1 . . / 3 2 4 0 0 4 2 1 0 5 4 0 0 6 7 9 1 / / 0 2 2 / 2 0 2 / / 3 6 7 / 9 0 7 2 - • - - - 9 1/ / 1 2 1 0 2 5 / / 2 / 7 7 3 3 2 / 7 . 2. . 7 8 57 . . 9 A 3 5 5 2 4 3 0 0 3 7 0 7 Fede 6 8 8 7 A 3 r 1 a / / / / / 1 s 2 2 2 2 2 l / s 5 6 5 7 5 2 o N / / / / 5 / c 6 7 7 7 7 a / i 9 6 0 0 0 0 a t 9 i t o i - - - - - o n - n a 2 8 2 8 5 — l / / / / / 1 2 2 2 2 2 M 1 S 5 5 5 5 6 / e / / / / / o 2 7 c 8 7 7 7 r 5 o 5 0 5 4 4 t / n g 7 d a 4 a g . r e . y . 7 8 8 7 8 7 . . . . . . 9 0 7 6 4 0 5 5 5 5 0 0 2 3 2 2 3 1 4 5 6 0 5 8 2 0 5 0 0 8 Bank 9 7 4 2 8 3 1 s / / / / / / 0 1 1 1 1 1 5 f / 0 o 3 0 0 1 0 /7 r / / 3 / / / 6 6 7 7 7 0 / c 9 2 7 0 0 0 o 0 - o - - - - - p - 6 e 9 9 6 3 2 / r 9 / / / / 1 / a 1 1 1 1 1 / 0 t 0 1 0 1 0 2 i / v / 0 / 7 / / / 7 7 7 e 7 7 / 4 3 7 s 4 4 7 3 5 . . . . . . . . . . . . . . . . 4 8 7 7 7 7 8 . . . . . V . 7 3 5 9 8 1 4 0 5 5 0 0 5 3 4 2 3 3 3 1 5 0 5 5 0 9 5 0 0 0 0 0 8 0 4 2 2 2 2 4 8 1 1 / / / / / / / 0 / 2 2 2 2 2 2 2 2 / 0 0 1 0 0 0 0 2 0 / / / / / / / 0 / 6 6 7 7 7 6 7 7 / 3 5 6 3 0 2 7 0 0 0 - - - - - - - - - - 7 7 4 1 1 2 2 2 / 4 / / / 0 / 2 / / 2 2 2 2 / 2 / 2 0 2 0 0 2 1 0 / 4 0 / 2 / 2 / 7 / 7 7 7 / / 7 / / 3 3 7 7 7 5 7 5 3 4 . 6 3 4 . - . . 7 . . . . . 8 . . . . . . . . . . . 7 4 4 8 7 4 8 7 5 .3 H V % . . . . % 9 4 0 8 0 s 5 5 0 0 2 2 3 3 3 1 1 1 1 2 0 5 5 2 0 4 9 5 0 0 0 4 3 0 8 8 5 D Ca i 9 4 m s p c / / i 3 1 a o t 0 r / a u 7 k / l n 6 0 e t 8 d t - e n o b - o p e 4 t e n / e 1 r 1 s t 0 a / u / 7 t 1 r i 5 o e / 7 n s: 3 s 6 8 . . 0 0 0 0 3,3 2 2 0 0 5 1 0 0 De 5 7 6 8 b / / / / e 1 4 1 3 n / / / / 7 7 7 t 7 0 0 0 u 0 r - _ - - e 2 s / : 1 1 1 1 / 1 2 / 4 / / 7 / 2 1 7 1 / / 1 7 7 0 0 7 7 I 7 V . . . 2 8 7 a 5 5 0 2 2 3 3 9 9 2 2 5 1 8 9 Tenn 2 7 5 e / / / s 2 2 2 s 0 0 e /6 e / / 6 6 6 V 7 6 - a • - - l l 4 e / y 1 7 2 / / 0 2 A 2 / 2 7 u 0 / 8 t 7 / h 7 9 o . 6 r . . i t . y . . . . 5 5 5 V % .0 s 0 2 1 1 8 5 5 5 0 0 Mo 6 r /1 tg /7 a 0 g e - ba 6 c /1 k / e 7 d 1 bonds: 8 8. . 3 1 8 3 2 1 5 5 0 0 1 1 0 0 / / 1 1 / / 7 7 0 0 - - 4 1 / 0 2 / / 1 7 / 1 7 3. . .. 7 7 . . 1 3 0 0 2 1 5 0 8 0 S B h o o n r d t s -t : e rm notes 6/1/70 - 6/2/75 7.50 400 Federal intermediate 6/1/69 - 6/1/74 8.50 9/9/70- 10/2/72....... 8.63 200 credit banks 6/15/70 - 6/19/75 8.75 9/29/70- 10/1/90 Debentures: 11/15/60 - 11/15/85. . . 4.40 Debentures: 2/2/70 - 11/2/70 8.65 656 7/1/61 - 7/1/86 4Vs 9/10/69 - 11/10/70. 8.30 350 3/2/70 - 12/1/70 8.10 401 2/1/62 - 2/1/87 4% 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. . .. 6H 3/11/68 - 3/11/71 6.00 350 6/1/70 - 3/1/71 8.15 511 10/15/69 - 10/15/94. . . 81/4 2/10/70 - 4/12/71 8.75 500 7/1/70 - 4/1/71 8.05 482 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 1 Data for changes in Oct. 1970 not yet available. Digitized for NFORTAES.—ETRhe se securities are not guaranteed by the U.S. Govt.; see also note to table above. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 40 FEDERAL FINANCE • DECEMBER 1970 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) U.S. budget Means of financing Receipt-expend- Borrowings from the public 2 Less: Cash and Memo: iture account monetary assets Net Period r B e u c d ei g p e t t s p t e N u e n x r e d e - t s i- le N in n e g d t - B l o u a u d y t g s - 1 e t s B d u u ( e r d f - p ) i g c lu e it s t s P e d u t c e i b u e b l s r t i i c - s A P e t g c i l e u e u s n s r 3 : c i - y S m L p e e e n c s a t s i c s a : c l b o I y u n O n v G t t e s o h s v e t- r t, S n L p o e e t c s e i s s a : 3 l b E T o 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 4 , c r s - t o p r s w d r a h i t e n n v i o b p s e a t f r 2 t e e - r issues Fiscal year: 196 7 149,552 153,201 5,053 158,254 -8,702 6,314 5,079 5,035 4,000 -482 2,838 -5,222 304 945 1 1 9 9 6 6 9 8 1 '1 5 8 3 7 , , 6 7 7 8 1 4 1r1 7 8 2 3 ,8 ,0 0 7 2 2 6 1 , 0 ,4 3 7 0 6 1 '1 7 8 8 4 , , 8 5 3 4 3 8 -25 3 , , 1 2 6 3 1 6 2 6 1 , , 1 35 42 7 5,9 6 4 3 4 3 7 3, , 2 3 7 6 1 4 2 2, , 0 0 8 4 9 9 - - 1 1 , , 1 3 1 8 9 4 - 2 1 3 , , 2 1 9 0 5 0 -3 5 9 9 7 6 '1 1 , , 6 7 1 0 6 0 3, ' 3 26 6 9 4 9,853 197 0 '193,743 '194,460 '2,128 '196,588 -2,845 17,198 -1 ,739 9,386 676 5,397 2,151 ' — 581 '-982 Half year: 1 1 9 96 6 9 8 — — J J a u n ly .- - J D u e n c e .. . . . . . 1 8 0 2 4 , , 8 8 9 9 9 3 9 90 2 , , 8 2 7 1 1 0 9 5 7 0 7 0 9 9 1 3 , ,1 3 8 7 6 0 -1 1 0 3 , , 2 5 8 2 7 3 - 1 4 0 ,3 ,4 0 5 9 0 1 - 8 , 1 4 5 4 6 7 - , 2 6 8 4 0 3 ,4 6 8 0 9 4 -1 - , 3 0 8 0 4 0 -1 1 2 1 , , 3 0 7 7 0 2 1 - 5 , 9 1 8 9 4 1 ,2 2 4 7 0 -1 1 , 3 ,2 5 8 6 0 9,853 July-Dec 90,830 '97,560 '1 ,360 '98,921 -8,092 14,505 -430 3,935 329 9,811 -567 '36 '-2,250 1970—Jan.-June... r 102,926 '96,899 '774 '97,671 '5,254 2,693 -1,309 5,446 351 -4,414 2,718 '-896 ' 984 Month: 1969—Oc t rl 1,828 r17,585 344 17,929 -6,101 3,709 -48 -826 99 4,388 -1,166 547 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 5775 52,166 Feb 14,938 14,999 -104 14,894 43 1 ,275 -789 1 ,204 -579 -139 191 -436 -149 Mar 13,119 16,310 238 16,548 -3,429 3,161 21 770 97 2,314 316 -768 664 A M p a r y 2 1 2 3 , , 0 9 2 8 9 2 1 1 7 6, , 3 8 3 4 3 4 210008 1 16 8 , , 4 0 4 4 1 3 -2 3 , , 4 9 5 8 9 6 -4 3 , , 8 8 1 9 3 3 -2 -3 7 9 8 1 - 2 , 8 5 5 6 5 5 1 9 2 9 3 -4 1 , 6 , 9 4 1 5 2 -1,00 85 8 -1 ,2 52 5 6 8 -1 1 ,2 ,3 5 1 9 7 J J u u l n y e r2 1 2 2 , , 5 6 6 1 1 7 r1 1 4 9 , , 8 3 7 5 1 2 ' - 4 1 8 7 0 r1 1 5 9 , , 3 3 5 3 1 5 - ' 6 7 , , 7 2 1 1 8 0 5 - , 1 6 6 4 9 9 - - 1 3 6 8 0 2 - , 2 9 3 0 3 9 -1 -8 5 2 3 -3 5 , , 1 9 5 9 6 7 2 - , 6 0 4 3 6 4 -3 '2 8 6 6 5 -1 - , 3 7 1 5 2 5 O S A e c u p t g t 1 1 1 8 1 5 , , , 7 4 1 2 9 7 5 3 2 1 1 1 7 7 7 , , , 3 4 4 2 2 9 9 9 0 1 1 6 5 1 6 0 4 1 1 1 7 7 7 , , , 4 4 6 9 4 4 5 3 0 - -6 2 1 , , 1 3 ,2 4 2 8 7 3 1 -2 4 1 , , 2 3 ,5 2 3 2 3 3 2 -1 -3 1 7 2 -1 1 - 8 ,1 , 9 5 7 0 3 8 9 1 2 7 2 7 6 2 -1 2 2 , , , 5 3 7 4 6 1 7 1 6 -2 1 , - 3 , 5 4 8 8 9 3 7 - - 1 36 9 7 2 7 1 1 - 8 , , 0 5 1 1 8 7 1 0 Selected balances Treasury operating balance Federal securities End MMMeeemmmooo::: pe o ri f o d BB FF aa .. nn RR kk .. ss aacc ll cc TT aa oo oo nn aa aa uu dd xx nn nn ttss bb GG aallaa oo nn lldd cc ee Total se P c d u u e b r b i l t t i i c e s ss AA eecc gg uu ee rr nn iitt cc ii yy ee ss S i p s G I s e n u c o v e i v a s e t l s L , t m e a s c e s c n : o t O u s n t o h t f s e r S n L p o e e t c s e s i s a : 3 l E p T h q u b o e u b y t ld a a l i l l c s : sss ccc ppp ppp DDD ooo GGG rrr ooo NNN rrr eee iii nnn ooo ppp vvv bbb ooo sss vvv aaa sss ttt www ooo ... ttt ttt ——— rrr ... eee ooo --- eee 666 fff ddd Fiscal year: 196 7 1,311 4,272 112 5,695 326,221 18,455 56,155 17,663 3,328 267,529 9,220 196 8 1,074 4,113 111 5,298 347,578 24,399 59,374 19,766 2,209 290,629 10,041 196 9 1,258 4,525 112 5,894 353,720 14,249 66,738 20,923 825 279,483 24,991 197 0 1 ,005 6,929 111 8,045 370,919 12,510 76,124 21 ,599 825 284,880 35,789 Calendar year 196 8 703 3,885 111 4,700 358,029 15,064 59,094 20,318 1,825 291,855 21,481 196 9 1 ,312 3,903 112 5,327 368,226 13,820 70,677 21,250 825 289,294 30,578 Month: 1969 —Oct.... 954 4,402 112 5,468 364,394 14,045 67,959 21,044 825 288,612 29,038 Nov... 980 5,335 112 6,426 368,112 13,905 68,739 21,147 825 291,306 30,072 Dec.. . 1 ,312 3,903 112 5,327 368,226 13,820 70,677 21,250 825 289,294 30,578 1970—Jan... . 11 ,,112277 55,,118888 111122 66,,442277 336677,,557722 1133,,775555 6699,,996600 2211,,444422 882255 228899,,110000 31,288 Feb.... 991155 55,,559922 111111 66,,661188 336688,,884477 1122,,996666 7711,,116644 2200,,886633 882255 228888,,996611 32,946 Mar... 11,,119922 55,,663300 111111 66,,993344 337722,,000077 1122,,998877 7711,,993355 2200,,995599 882255 229911,,227755 34,214 Apr.. . 11,,778844 55,,112233 111111 77,,001199 336677,,119944 1122,,994488 7711,,665500 2211,,008822 882255 228866,,558844 34,815 May. . 11,,229955 44,,660055 111111 66,,001111 337711,,008888 1122,,667700 7733,,221155 2211,,668811 882255 228888,,003366 35,068 June. . 11,,000055 66,,992299 111111 88,,004455 337700,,991199 1122,,551100 7766,,112244 2211,,559999 882255 228844,,888800 35,789 July.. . 11,,220000 66,,008877 111111 77,,339999 337766,,556688 1122,,447711 7755,,889911 2211,,444466 882255 229900,,887777 36,398 Aug.. . 11,,005566 66,,117744 111111 77,,334411 338800,,990011 1122,,446699 7777,,443311 2211,,552211 882255 229933,,559933 37,116 Sept... 11,,223388 77,,448899 111111 88,,883399 337788,,667788 1122,,448811 7766,,554411 2211,,554488 882255 229922,,224466 37,404 Oct.... 992200 55,,442244 111111 66,,445555 338800,,220000 1122,,446655 7755,,336633 2211,,666699 882255 229944,,880088 1 Equals net expenditures plus net lending. International Monetary Fund and international lending organizations. 2 The decrease in Federal securities resulting from conversion to private New obligations to these agencies are handled by letters of credit. ownership of Govt.-sponsored corporations is shown as a memo item 4 Includes accrued interest payable on public debt securities, deposit rather than as a repayment of borrowing from the public in the top panel. funds, miscellaneous liability and asset accounts, and seigniorage. In the bottom panel, however, these conversions decrease the outstanding 5 Includes initial allocation of SDR's of $867 million. amounts of Federal securities held by the public mainly by reductions in 6 Includes debt of Federal home loan banks, Federal land banks, D.C. agency securities. The Federal National Mortgage Association (FNMA) Stadium Fund, FNMA (beginning Sept. 1968), FICB, and banks for was converted to private ownership in Sept. 1968 and the Federal Inter- cooperatives (beginning Dec. 1968). mediate Credit Banks (FICB) and Banks for Cooperatives in Dec. 1968. NOTE.—Half years may not add to fiscal year totals due to revisions in 3 Represents non-interest-bearing public debt securities issued to the series which are not yet available on a monthly basis. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1970 • FEDERAL FINANCE A 41 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Budget receipts Individual income taxes i C n o co rp m o e r a ta ti x o e n s So a c n ia d l c in o s n u t r r a ib n u c t e i o t n ax s es Period Total W he it ld h - N w h i o e t l n h d - - fu R n e d - s t N ot e a t l G ce r r i e p o - s ts s fu R n e d - s c E o P r n m t a o a t y l p r x l - i l e b o s u y a m t S n i e o e d l n n f - s t 1 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 E ta x x c e is s e t C o u m s- s E a g s n i t f a d t t e c M e r ip i e s - t c s . 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 9 187,784 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 '2,908 197 0 193,743 77,416 26,236 13,240 90,412 35,037 2,208 37,190 rl ,942 '"3,465 r2,700 45,298 15,705 '2,430 '3,644 '3,424 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— J J u an ly .- - J D u e n c e .. . 1 9 0 0 4 , , 8 8 3 8 0 6 3 3 6 8, , 7 4 8 4 5 6 2 5 1 , , 7 7 7 4 1 3 9, ' 7 4 1 8 5 2 4 44 8 , , 0 4 7 7 3 4 2 1 2 5 , , 8 1 4 8 4 0 '9 8 8 7 3 6 1 1 7 7 , , 0 57 5 7 6 1 r , l 5 3 8 2 4 '1 2 , , 2 0 7 3 1 9 - 1 1 , , 1 2 7 8 4 5 2 1 2 9 , ,7 3 4 7 3 4 7 8 , , 3 2 8 4 8 2 1 1 , 2 ,1 6 0 3 6 '1 2 , , 4 0 9 7 5 4 1 1, ,5 8 0 18 4 1970—Jan.-June. 102,926 38,649 20,464 12,758 46,355 19,859 1,223 20,134 1,811 '2,196 1,416 25,557 r7,464 1 ,168 '2,148 1 ,600 Month: 1969—Oct.. '1 1,828 '6,281 419 r68 r6,632 1,180 336 2,044 93 '217 2,364 rl ,260 231 264 '234 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 M 59 214 2,181 1,400 197 277 345 1970—Jan.., 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. r22,561 r6,014 r3,797 r458 '9,353 r7,517 rl 88 '3,294 127 '70 '278 3,769 i,367 207 '328 '207 July.. 12,609 6,040 477 236 6,281 1,071 234 2,745 186 255 3,185 1,439 218 293 356 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 Oct.. . 11,493 5,667 497 55 6,110 1,089 420 2,311 106 280 2,697 1,237 231 262 288 Budget outlays4 Period Total t f i e 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- N ur a a t- l m t C r a a o e n n r m d c s - e p . d h C e o m a v u o n u e s m d l n i o n - . p g . E p m t d o a i w n a 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 a o o a t c n v n r - a t s 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 '184,548 r81,232 3,785 4,247 6,221 2,129 7,873 1 ,961 6,825 49,095 7,640 15,791 2,866 -5,117 197 0 '196,588 r80,299 '3,568 3,749 '6,187 '2,532 '9,262 '3,111 7,434 '56,495 '8,685 18,310 '3,337 '-6,380 197 1 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 '91,362 r41,408 1,878 2,114 1,293 860 3,372 928 3,764 25,202 3,975 8,183 1,542 '-3,161 July-Dec. '98,921 r40,595 1,941 1,841 '5,476 1 ,515 4,610 '1,823 3,11 26,063 4,148 8,623 1,534 -2,365 1970—Jan.-June 97,671 '39,703 '1,628 1 ,909 '711 1,017 '4,651 '1,297 '4,317 '30,430 4,537 '9,686 '1,800 '-4,015 Month: 1969— N O o c v t 1 1 5 7 , ,9 4 2 6 9 6 '7 6 , , 2 3 4 0 9 3 4 3 4 7 3 4 2 3 6 2 7 7 1,1 3 0 9 8 3 2 1 6 3 9 73 6 5 4 5 2 8 28 7 6 3 4 9 7 1 4 4 , , 4 2 9 4 2 6 6 7 9 1 4 0 1 1 , , 5 2 7 2 1 0 '2 2 5 5 3 3 - - 2 2 4 6 8 3 Dec 15,097 6,833 145 297 385 1 655 224 501 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 15,351 '6,926 '225 378 '-88 218 1,002 290 1,147 5,001 731 '1,655 368 -2,503 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 1,231 268 651 5,434 722 1,731 396 -250 Oct 17,640 6,354 311 302 927 316 1,105 234 593 5,545 767 1,148 334 -296 1 Old-age, disability, and hospital insurance, and Railroad Retirement 6 Estimates presented in Feb. 1970 Budget Document. Breakdowns do accounts. not add to totals because special allowances for contingencies, Federal pay 2 Supplementary medical insurance premiums and Federal employee increase, and allowance for revenue sharing, totaling $2,575 million retirement contributions. for fiscal 1971, are not included. 3 Deposits of earnings by Federal Reserve Banks and other miscellane- 7 On May 19, 1970, the administration revised the Budget estimates— ous receipts. increasing total outlays to $205.6 billion; revised figures for the functional 4 Outlays by functional categories are published in the Monthly breakdown are not available. Treasury Statement (beginning April 1969). Monthly back data (beginning July 1968) are published in the Treasury Bulletin of June 1969. NOTE.—Half years may not add to fiscal year totals due to revisions in 5 Consists of government contributions for employee retirement and series which are not yet available on a monthly basis. interest received by trust funds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 42 U.S. GOVERNMENT SECURITIES • DECEMBER 1970 GROSS PUBLIC DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues End of period p T g u r o b o t l s a i s l c Marketable Nonmarketable ii SS ss pp ssuu ee ee cc ss iiaa 44 ll debt i Total Sav- Total Bills C c e a r t t e if s i - Notes Bonds 2 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 6.1 7.0 1946—Dec. 259.1 233.1 176.6 17.0 30.0 10.1 119.5 56.5 49.8 24.6 1962—Dec. 303.5 255.8 203.0 48.3 22.7 53.7 78.4 4.0 48.8 47.5 43.4 1963—Dec. 309.3 261.6 207.6 51.5 10.9 58.7 86.4 3.2 50.7 48.8 43.7 1964—Dec. 317.9 267.5 212.5 56.5 59.0 97.0 3.0 52.0 49.7 46.1 1965—Dec. 320.9 270.3 214.6 60.2 50.2 104.2 2.8 52.9 50.3 46.3 1966—Dec. 329.3 273.0 218.0 64.7 5.9 48.3 99.2 2.7 52.3 50.8 52.0 1967—Dec. 344.7 284.0 226.5 69.9 61.4 95.2 2.6 54.9 51.7 57.2 1968—Dec. 358.0 296.0 236.8 75.0 76.5 85.3 2.5 56.7 52.3 59.1 1969—Nov. 368.1 297.0 237.9 81.9 85.4 70.6 2.4 56.6 52.1 69.3 Dec. 368.2 295.2 235.9 80.6 85.4 69.9 2.4 56.9 52.2 71.0 1970—Jan.. 367.6 295.5 236.3 81.1 85.4 69.8 2.4 56.8 52.1 70.1 Feb.. 368.8 295.4 236.0 81.2 91.4 63.4 2.4 57.0 52.1 71.4 Mar. 372.0 297.9 238.2 83.7 91.4 63.1 2.4 57.3 52.0 72.1 Apr. 367.2 293.3 234.0 79.7 91.3 63.1 2.4 56.9 52.0 71.8 May 371.1 295.8 236.6 80.1 93.5 63.0 2.4 56.9 52.0 73.3 June 370.9 292.7 232.6 76.2 93.5 63.0 2.4 57.7 52.0 76.3 July. 376.6 298.5 237.8 81.4 93.5 62.9 2.4 58.3 52.0 76.1 Aug. 380.9 301.4 240.5 81.9 99.9 58.7 2.4 58.5 52.1 77.5 Sept. 378.7 300.1 239.3 80.7 99.9 58.7 2.4 58.4 52.1 76.7 Oct.. 380.2 302.9 242.2 83.7 99.8 58.7 2.4 58.3 52.2 75.4 Nov. 383.6 306.0 244.4 84.6 101.2 58.6 2.4 59.2 52.4 75.6 1 Includes non-interest-bearing debt (of which $629 million on Nov. 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 EEE pppeee nnn rrr ddd iii ooo ooo ddd fff ppp TTT ggg ddd uuu rrr ooo eee bbb ooo ttt bbb sss lll aaa ttt iii sss lll ccc aagg GG tt UU aa ee rr oo nn nn uu ..SS vv cc dd ss tt .. ii tt ee ,, ss BB FF aa .. nn RR kk .. ss TToottaall mm CC bb ee aa oo rr nn mm cc kk iiaa -- ss ll M s M s bb aa aa vv uu nn ii tt nn uu kk gg aa ss ss ll pp II cc aa nn aa oo nn ss nn mm uu cc ii ee rr ee -- -- ss rr cc OO aa oo tt tt rr ii hh pp oo ee nn oo rr -- ss gg SS ll aa oo oo tt nn cc vv aa aa dd tt ttee ss ll .. Savi I n n g d s i vidu O a t ls h er nn FF aa ii oo tt nn aa ii rr tt oo nn ee ee nn dd ii rr gg aa -- nn ll 11 OO ii mm tt nn oo tt vv ii hh rr ss ee ss cc ee ss .. rr -- 22 ffuunnddss bonds securities 1939—Dec 41.9 6.1 2.5 33.4 12.7 2.7 5.7 2.0 .4 1.9 7.5 .2 .3 1946—Dec 259.1 27.4 23.4 208.3 74.5 11.8 24.9 15.3 6.3 44.2 20.0 2.1 9.3 1962—Dec 303.5 53.2 30.8 219.5 67.1 6.0 11.5 18.6 20.1 47.0 19.1 15.3 14.8 1963—Dec 309.3 55.3 33.6 220.5 64.2 5.6 11.2 18.7 21.1 48.2 20.0 15.9 15.6 1964—Dec 317.9 58.4 37.0 222.5 63.9 5.5 11.0 18.2 21.1 49.1 20.7 16.7 16.3 1965—Dec 320.9 59.7 40.8 220.5 60.7 5.3 10.3 15.8 22.9 49.7 22.4 16.7 16.7 1966—Dec 329.3 65.9 44.3 219.2 57.4 4.6 9.5 14.9 24.3 50.3 24.3 14.5 19.4 1967—Dec 344.7 73.1 49.1 222.4 63.8 4.1 8.6 12.2 24.1 51.2 22.8 15.8 19.9 1968—Dec 358.0 76.6 52.9 228.5 66.0 3.6 8.0 14.2 24.4 51.9 23.9 14.3 22.4 1969—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 Oct 380.2 94.4 60.0 225.8 58.9 2.8 7.0 11.1 24.2 51.9 30.5 18.2 21.4 1 Consists of investments of foreign and international accounts in The debt and ownership concepts were altered beginning with the the United States. Mar. 1969 BULLETIN. The new concepts (1) exclude guaranteed se- 2 Consists of savings and loan assns., nonprofit institutions, cor- curities and (2) remove from U.S. Govt, agencies and trust funds porate pension trust funds, and dealers and brokers. Also included and add to other miscellaneous investors the holdings of certain are certain Govt, deposit accounts and Govt.-sponsored agencies. Govt.-sponsored but privately-owned agencies and certain Govt, NOTE—Reported data for F.R. Banks and U.S. Govt, agencies deposit accounts. and trust funds; Treasury estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 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 1-5 5-10 10-20 Over years years years 20 years Total Bills Other All holders: 1967—Dec. 31. 226,476 104,363 69,870 34,493 78,159 18,859 8,417 16,679 1968—Dec. 31. 236,812 108,611 75,012 33,599 68,260 35,130 8,396 16,415 1969—Dec. 31. 235,863 118,124 80,571 37,553 73,301 20,026 8,358 16,054 1970—Sept. 30. 239,330 108,671 80,691 27,980 91,066 18,141 10,502 10,951 Oct. 31. 242,180 111,636 83,697 27,939 90,991 18,139 10,492 10,922 U.S. Govt, agencies and trust funds: 1967—Dec. 31 1968—Dec. 31 15,402 2,438 1,034 1,404 4,503 2,964 2,060 3,438 1969—Dec. 31 16,295 2,321 812 1,509 6,006 2,472 2,059 3,437 1970—Sept. 30 16,875 2,550 705 1,845 6,833 2,691 2,413 387 Oct. 31 16,983 2,575 713 1,862 6,893 2,715 2,413 387 Federal Reserve Banks: 1967—Dec. 31.... 49,112 31,484 16,041 15,443 16,215 858 178 377 1968—Dec. 31.... 52,937 28,503 18,756 9,747 12,880 10,943 203 408 1969—Dec. 31.... 57,154 36,023 22,265 13,758 12,810 7,642 224 453 1970—Sept. 30.... 59,975 28,390 24,391 3,999 25,400 5,544 244 396 Oct. 31 .... 60,015 28,482 24,349 4,133 25,368 5,524 244 396 Held by private investors: 1967—Dec. 31 1968—Dec. 31 168,473 77,670 55,222 22,448 50,877 21,223 6,133 12,569 1969—Dec. 31 162,414 79,780 57,494 22,286 54,485 9,912 6,075 12,164 1970—Sept. 30 162,480 77,731 55,595 22,136 58,833 9,906 7,845 8,168 Oct. 31 165,182 80,579 58,635 21,944 58,730 9,900 7,835 8,139 Commercial banks: 1967—Dec. 31. 52,194 18,451 10,415 8,036 26,370 6,386 485 502 1968—Dec. 31. 53,174 18,894 9,040 9,854 23,157 10,035 611 477 1969—Dec. 31. 45,173 15,104 6,727 8,377 24,692 4,399 564 414 1970—Sept. 30. 45,556 14,917 6,235 8,682 26,374 3,484 527 254 Oct. 31 . 47,164 16,460 7,520 8,940 26,510 3,402 527 266 Mutual savings banks: 1967—Dec. 31... 4,033 716 440 276 1,476 707 267 867 1968—Dec. 31... 3,524 696 334 362 1,117 709 229 773 1969—Dec. 31... 2,931 501 149 352 1,251 263 203 715 1970—Sept. 30... 2,849 492 141 351 1,282 259 408 408 Oct. 31... 2,776 440 135 305 1,271 260 405 400 Insurance companies: 1967—Dec. 31.. 7,360 815 440 375 2,056 914 1,175 2,400 1968—Dec. 31.. 6,857 903 498 405 1,892 721 1,120 2,221 1969—Dec. 31.. 6,152 868 419 449 1,808 253 1,197 2,028 1970—Sept. 30.. 6,096 868 421 447 1,831 382 1,786 1,232 Oct. 31 .. 6,006 804 420 384 1,791 385 1,791 1,235 Nonfinancial corporations: 1967—Dec. 31 4,936 3,966 2,897 1,069 898 61 3 9 1968—Dec. 31 5,915 4,146 2,848 1,298 1,163 568 12 27 1969—Dec. 31 5,007 3,157 2,082 1,075 1,766 63 12 1970—Sept. 30 2,938 1,501 1,013 488 1,287 100 42 Oct. 31 3,529 2,012 1,577 435 1,290 173 47 Savings and loan associations: 1967—Dec. 31 4,575 1,255 718 537 1,767 811 281 461 1968—Dec. 31 4,724 1,184 680 504 1,675 1,069 346 450 1969—Dec. 31 3,851 808 269 539 1,916 357 329 441 1970—Sept. 30 3,494 606 216 390 2,031 204 349 304 Oct. 31 3,515 627 273 354 2,038 211 341 299 State and local governments: 1967—Dec. 31 14,689 5,975 4,855 1,120 2,224 937 1,557 3,995 1968—Dec. 31. 13,426 5,323 4,231 1,092 2,347 805 1,404 3,546 1969—Dec. 31. 13,909 6,416 5,200 1,216 2,853 524 1,225 2,893 1970—Sept. 30. 12,723 5,688 4,642 1,046 3,178 668 1,429 1,761 Oct. 31 . 12,710 5,692 4,662 1,030 3,265 686 1,391 1,677 All others: 1967—Dec. 31. 1968—Dec. 31. 80,853 46,524 37,591 8,933 19,526 7,316 2,411 5,075 1969—Dec. 31. 85,391 52,926 42,648 10,278 20,199 4,053 2,545 5,665 1970—Sept. 30. 88,824 53,659 42,927 10,732 22,850 4,809 3,304 4,201 Oct. 31. 89,482 54,544 44,048 10,496 22,565 4,783 3,333 4,256 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 5,719 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 • DECEMBER 1970 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S. Govt. Period agency Total Dealers and brokers securities W 1 i y t e h a in r y 1 ea -5 r s y 5 e - a 1 r 0 s 10 O y v e e a r r s U s . e S c . u r G it o ie v s t , Other m b C e a o r n m c k ia - s l o A th l e l r 1969—Oc t 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 1,029 965 460 381 1970—Ja n 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 A M M p a a r y r 2 2 2, , , 1 0 6 6 8 4 1 4 6 2 1 1 , , 2 8 ,6 3 0 8 8 1 5 2 3 1 9 3 6 8 7 0 1 1 5 0 1 9 4 6 2 3 3 7 6 1 1 , 8 8 2 8 6 0 8 7 8 9 7 7 2 3 0 9 6 7 2 1 6 1 7 5 4 4 50 6 2 6 0 4 5 3 3 0 8 7 1 7 8 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 Oct 2,768 2,266 284 190 28 1,018 109 1 ,094 547 570 Week ending— 1970— 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 I ,104 538 459 21. 2,509 2,261 130 95 22 936 96 962 515 451 28. 3,340 2,548 441 320 30 1,209 148 1,394 589 522 Nov. 4. 3,433 2,525 488 375 46 1,253 137 1,464 579 928 11. 3,964 2,801 730 387 46 1 ,652 207 1 ,394 711 779 18. 3,629 2,451 754 385 38 1,453 177 1,345 654 680 25. 3,021 2,025 558 359 79 1,166 184 1,072 599 858 NOTE.—The transactions data combine market purchases and sales of sales of securities under repurchase agreement, reverse repurchase (resale) U.S. Govt, securities dealers reporting to the F.R. Bank of New York. or similar contracts. Averages of daily figures based on the number of They do not include allotments of, and exchanges for, new U.S. Govt, trading days in the period. securities, redemptions of called or matured securities, or purchases or DEALER POSITIONS DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity Commerc: ial banks UU..SS.. PPeerriioodd ma t A i t e u ll s r i- W y i e t 1 a h r i n y 1 ea -5 r s y 5 e - a 1 r 0 s y O e 1 v a 0 e r r s aa ss GG ee gg tt cc ee oo ii uu ee nn vv ss rr cc tt ii ,, yy -- Period sou A r l c l es Y N C o e it r w y k w E h ls e e r - e C t o io rp n o s r 1 a- ot A h l e l r 1969—Oct 2,389 1,903 256 193 37 512 1969—Oct 2,226 462 392 520 852 Nov 3,451 3,158 155 106 30 606 Nov 3,692 1,050 712 856 1,073 Dec 3,607 3,266 205 100 35 564 Dec 3,689 1,036 651 884 1,119 1970—Jan 2,908 2,869 -2 22 20 529 1970—Jan 3,075 907 469 792 907 Feb 3,182 2,464 374 330 14 559 Feb 2,995 660 504 650 1,180 Mar 3,667 3,116 248 285 17 731 Mar 3,719 958 943 588 1,229 Apr 4,507 4,228 107 164 8 705 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 Oct 3,963 3,449 103 379 33 1,001 4,233 1,370 1,232 392 1,240 Week ending— Week ending— 1970—Sept. 2 4,672 3,739 369 541 23 756 1970—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 Oct. 7 3,727 3,224 114 365 25 886 Oct. 7... 4,200 1,519 1,442 193 1,046 14 3,496 2,997 107 353 39 955 14. .. 3,887 1,351 1,200 203 1,133 21 3,500 3,085 51 321 43 987 21. .. 3,816 1,121 974 373 1,349 28 4,450 4,168 -24 280 26 1,089 28... 4,518 1,341 1,235 730 1,212 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
DECEMBER 1970 • GOVERNMENT SECURITIES A 45 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, NOVEMBER 30, 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. Dec. 3,1970.. 3,108 Apr. 30, 1971 1.700 Apr. 1, 1972 11/2 34 Sept. 15, 1967-72. .21/2 1,951 Dec. 10, 1970. , 3,108 May 7, 1971 1.402 May 15, 1972 4*/ 5,310 Dec. 15, 1967-72.. 21/2 2,569 Dec. 17, 1970., 3.104 May 14, 1971 1,401 May 15, 1972 63^4 2,038 Aug. 15, 1971 4 2,805 Dec. 24, 1970. , 3,108 May 21, 1971 1.403 Oct. 1, 1972 1 iA 33 Nov. 15, 1971 3% 2,760 Dec. 31, 1970. 4,607 May 28, 1971 1,400 Apr. 1, 1973..;..1% 34 Feb. 15, 1972 4 2.344 Jan. 7, 1971 . , 3,113 May 31, 1971 1.701 May 15, 1973 734 5,842 Aug. 15, 1972 4 2,579 J J J J a a a a n n n n . . . . 2 2 3 1 8 1 4 1 , , , , 1 1 1 1 9 9 9 9 7 7 7 7 1 1 1 1 . . . . . . , 3 3 3 1 , , , , 1 1 1 5 0 0 0 0 1 1 7 3 J J J A u u u u n l n y g e e . 2 3 3 3 2 1 1 0 , , , , 1 1 1 19 9 9 9 7 7 7 7 1 1 1 1 1 . 2 1 1 1 , . . . 5 7 7 7 1 0 0 0 5 3 2 4 A O F A e u p c b t r g . . . . 1 1 1 5 5 1 , , , , 1 1 1 1 9 9 9 9 7 7 7 7 3 3 4 4 8 U H iy y A / 4 2 8 3 1 , , 1 8 4 3 3 3 1 9 0 4 N A M Fe u o a b v g y . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 7 7 7 7 3 3 4 4 4 4 4 i i / / g g 4 3 3 3, . , , 5 3 1 8 8 4 2 9 1 5 7 4 F F F F e e e e b b b b . . . . 2 1 1 5 4 8 1 , , , , 1 1 1 1 9 9 9 9 7 7 7 7 1 1 1 1 . . . . 3 3 3 3, . , , 3 1 1 0 0 0 2 9 3 5 9 9 S N O e o c p t v t . . . 3 3 3 0 0 1 , , , 1 1 1 9 9 9 7 7 7 1 1 1 1 1 1 , , , 2 2 2 0 0 0 2 1 0 N O A M u o c a t v g y . . . 1 1 1 5 5 5 1 , , , , 1 1 1 1 9 9 9 9 7 7 7 7 4 4 4 4 5 5 I i 5 3 1 y / / 4 4g 2 1 4 3 0 , , , 9 5 2 8 1 8 4 1 1 4 2 J N M F u e o a n b v y e . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 7 8 7 7 4 0 5 8 - - 8 83 5 . . . . 3 3 4 4 7 y y / 4 8 4 2 2 1 1 , , , 5 2 2 ,5 9 3 1 4 3 9 3 3 Feb. 28, 1971., 1,700 Feb. 15, 1975 53^ 5,148 Nov. 15, 1980 3 W 1,904 M M M a a a r r r . . . 1 1 4 8 1 , , , 1 1 1 9 9 9 7 7 7 1 1 1 . . . 1 1 1 , , . 4 4 4 0 0 0 5 2 0 Tr F F ea e e s b b u . . r y 1 1 5 5 n , , o te 1 1 s 9 9 7 7 1 1 I 5 V % a 2 2 , ,5 9 0 2 9 4 O A M p c a t r y . . 1 1 1 5 , , , 1 1 1 9 9 9 7 7 7 5 5 5 1 1 6 1 1 / / 2 2 6,760 2 8 A F M e u a b g y . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 8 8 8 5 7 8 - - 9 9 2 3 . . . .4 4 3 y y 4 4 3 1, , 0 8 2 7 1 4 5 0 8 M M M a a a r r r . . . 2 2 3 5 2 1 , , , 1 1 1 9 9 9 7 7 7 1 1 1 1 . . 2 1 1 , , , 5 3 7 1 9 0 7 5 2 A M M p a a r y y . 1 1 5 1 5 , , , 1 1 1 9 9 9 7 7 7 1 1 1 8 V 5 y A 4 4 4 , , 2 1 6 7 3 5 6 5 A M Fe u a b g y . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 7 7 7 6 6 6 6 7 6 * 1 y / A 2 4 2 4 3 , , , 1 6 7 9 9 3 5 7 9 F M F e e a b b y . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 9 9 8 5 0 9 -94. .4 3 3 i i / / g 2 4 1 1 , , , 7 5 2 3 6 5 5 2 4 Apr. 1,1971.. 1.401 Aug. 15, 1971 8 X 2,257 Feb. 15, 1977 8 5,163 Nov. 15, 1998 31/2 4,027 A A p p r r . . 15 8 , , 1 1 9 9 7 7 1 1 . . . . 1 1 . , 4 4 0 0 2 4 O No ct v . . 15 1 , , 1 1 9 9 7 7 1 1 5 U 3/ A g 1,73 7 4 2 Aug. 15, 1977 iy4 2,263 Apr. 22, 1971 . . 1,401 Nov. 15, 1971 734 10,743 Treasury bonds Convertible bonds A A p p r r . . 2 2 9 2 , , 1 1 9 9 7 7 1 1 . 1 - . 2 1 , ,4 2 0 6 1 1 F Fe e b b . . 1 1 5 5 , , 1 1 9 9 7 7 2 2 4 7 y V4i 2 3 , , 0 3 0 6 6 2 J M u a n r e . 1 1 5 5 , , 1 1 9 9 6 6 6 7 - - 7 7 1 2 . . . . 2 2 1 % /2 1 1 , , 2 2 1 3 9 6 I A n p v r e . s tm 1 e , n t 1 S 9 e 7 r 5 ie - s 8 0 B .. 2 34 2,378 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 - HAAi 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 ou g5 s - V a a e n t id e s r ' - O p p o t u h s r e e - s r gations auth. 1962 8,845 5,582 2,681 437 145 1,419 2,600 4,825 8,732 8,568 2,963 1,114 1,668 521 125 2,177 196 3 10,538 5,855 4,180 254 249 1,620 3,636 5,281 10,496 9,151 3,029 812 2,344 598 2,396 196 4 10,847 6,417 3,585 637 208 1,628 3,812 5,407 10,069 10,201 3,392 688 2,437 727 120 2,838 196 5 11,329 7,177 3,517 464 170 2,401 3,784 5,144 11,538 10,471 3,619 900 1,965 626 50 3,311 196 6 11,405 6,804 3,955 325 312 2,590 4,110 4,695 11,303 3,738 1,476 1,880 533 3,667 196 7 14,766 8,985 5,013 477 334 2,842 4,810 7,115 14,643 4,473 1,254 2,404 645 5,667 196 8 16,596 9,269 6,517 528 282 2,774 946 7,884 16,489 4,820 1,526 2,833 787 6,523 196 9 11,881 7,725 3,556 402 197 3,359 596 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 5 102 360 422 885 216 168 138 47 318 Dec... 816 679 134 3 340 192 286 816 21 221 97 289 1970—Jan.... 1,340 838 495 7 311 500 529 1,326 319 91 305 608 Feb.... 1,214 901 302 12 346 264 604 1,209 406 59 238 442 Mar.... 1,551 1,084 459 7 434 390 727 1,545 393 206 227 662 Apr.r., 1,647 1,217 416 15 303 345 1,001 1,647 473 167 292 703 May... 995 675 312 8 254 311 430 986 299 30 367 278 June r., 1,088 652 423 12 165 377 547 1,088 528 61 150 343 July r.. 1,338 1,050 284 4 388 225 725 1,338 265 130 137 801 Aug.r., 1,355 870 481 5 331 518 505 1 ,354 404 136 191 849 Sept.... 1,728 1,194 525 9 534 530 663 1,728 486 137 234 849 Oct.. .. 1,860 1,175 641 12 290 475 1,095 1,859 524 123 376 774 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 n DECEMBER 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 Others 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 196 2 29,956 8,590 1,188 8,558 915 10,705 8,969 4,440 4,529 422 1,314 196 3 35,199 10,827 1,168 10,107 887 12,211 10,856 4,713 6,143 343 1,011 196 4 37,122 10,656 1,205 10,544 760 13,957 10,865 3,623 7,243 412 2,679 196 5 40,108 9,348 2,731 11,148 889 15,992 13,720 5,570 8,150 725 1,547 196 6 45,015 8,231 6,806 11,089 815 18,074 15,561 8,018 7,542 574 1,939 196 7 68,514 19,431 8,180 14,288 1,817 24,798 21,954 14,990 6,964 885 1,959 196 8 65,562 18,025 7,666 16,374 1,531 21,966 17,383 10,732 6,651 637 3,946 196 9 52,496 4,765 8,617 11,460 961 26,744 18,347 12,734 5,613 682 7,714 1969—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 Aug. 8,159 3,573 .1,618 1 ,318 76 2,277 1 ,938 1,728 210 92 247 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 an s d Transportation Public utility Communication a R nd e a f l i n e a st n a c t i e a l Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks 196 2 2,880 404 622 274 573 14 2,279 562 1,264 43 1,397 457 196 3 3,202 313 676 150 948 9 2,259 418 953 152 2,818 313 196 4 2,819 228 902 220 944 38 2,139 620 669 1,520 3,391 466 196 5 4,712 704 1,153 251 953 60 2,332 604 139 3,762 514 196 6 5,861 ,208 1,166 257 1,856 116 3,117 549 1,814 189 1,747 193 196 7 9,894 ,164 1,950 117 1,859 466 4,217 718 1,786 193 2,247 186 196 8 5,668 ,311 1,759 116 1,665 1,579 4,407 873 1,724 43 2,159 662 196 9 4,448 ,904 1,888 3,022 1,899 247 5,409 1,326 1,963 225 2,739 ,671 1969—Aug. 284 77 37 161 48 6 354 153 122 4 99 82 S O e c p t t . . . 5 1 0 1 1 5 1 1 2 4 4 4 1 9 4 5 2 2 2 0 0 9 2 1 5 81 2 1 9 6 4 6 1 7 3 6 13 6 1 9 2 1 3 2 0 0 43 2 22 3 5 3 2 2 1 1 9 0 Nov. 286 167 183 242 137 5 422 201 156 45 207 326 Dec. 420 181 190 193 140 6 497 103 255 22 358 166 1970— M J F a e a n b r . . . . , 6 8 3 8 9 1 2 0 4 5 1 3 4 21 3 3 1 1 6 7 1 5 0 2 2 1 1 0 6 2 5 0 2 2 3 1 6 3 6 2 0 3 1 7 0 6 5 4 1 5 1 3 7 7 2 1 9 2 8 3 1 3 2 2 2 8 1 2 6 6 9 2 1 0 4 0 2 1 1 3 4 6 1 1 0 1 1 1 6 0 3 3 4 8 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 Aug. 669 20 87 98 125 531 99 278 248 121 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
DECEMBER 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) Year Month Sales i Re t d io e n m s p- s N al e e t s Total 2 po C si a ti s o h n 3 Other Sales i Re t d io e n m s p- s N al e e t s Total 2 po C si a t s io h n 3 Other 1958 1,620 511 1,109 13,242 634 12,608 1969—Oct... 564 269 295 50,915 4,572 46,343 1959 2,280 786 1,494 15,818 860 14,958 Nov.. 417 277 140 49,242 4,079 38,163 1960 2,097 842 1,255 17,026 973 16,053 Dec.. 522 301 221 48,291 3,846 44,445 1961 2,951 1,160 1,791 22,789 980 21,809 1970—Jan... 523 303 220 44,945 3,959 40,986 1962 2,699 1,123 1,576 21,271 1,315 19,956 Feb.. 407 249 158 48,202 4,209 43,993 1963 2,460 1,504 952 25,214 1,341 23,873 Mar.. 451 289 162 47,915 4,046 43,869 Apr.. 371 306 65 42,785 3,909 38,876 1964 3,404 1,875 1,528 29,116 1,329 27,787 May. 304 300 4 39,824 4,042 35,782 1965 4,359 1,962 2,395 35,220 1.803 33,417 June. 364 197 167 38,459 4,396 34,230 1966 4,671 2,005 2,665 34,829 2,971 31,858 July.. 306 193 113 40,714 4,817 35,897 Aug.* 311 167 144 42,452 4,794 37,658 1967 4,670 2,745 1,927 44,701 2,566 42,135 Sept.. 357 218 139 44,353 4,593 39,760 1968 6,820 3,841 2,979 52,677 3,187 49,490 Oct.. 420 243 177 43,567 4,377 39,190 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 initia 1 offering of securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 48 BUSINESS FINANCE • DECEMBER 1970 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1968 19691 Industry 11996655 11996666 11996677 11996688 11996699 I II III IV I II III IV Manufacturing Total (177 corps.): Sales 177,237 195,738 201,399 225,740 243,449 53,633 57,732 53,987 60,388 57,613 61,392 61,061 63,383 Profits before taxes 22,046 23,487 20,898 25,375 25,622 5,985 6,878 5,580 6,932 6,565 6,887 5,851 6,319 Profits after taxes 12,461 13,307 12,664 13,787 14,090 3,298 3,609 3,030 3,850 3,579 3,750 3,244 3,517 Dividends 6,527 6.920 6,989 7,271 7,757 1,716 1,731 1,746 2,078 1 ,838 1 ,916 1 ,885 2,118 Nondurable goods industries (78 corps.):2 Sales 64,897 73,643 77,969 84,861 92,033 20,156 21,025 21,551 22,129 21,764 23,198 23,445 23,626 Profits before taxes 7,846 9,181 9,039 9,866 10,333 2,387 2,492 2,545 2,442 2,524 2,664 2,641 2,504 Profits after taxes 4,786 5,473 5,379 5,799 6,103 1 .428 1,411 1,471 1,489 1 ,492 1 ,559 1 ,529 1 ,523 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: Foods and kindred products (25 corps.): Sales 16,427 19,038 20,134 22,109 24,593 5,184 5,389 5,737 5,799 5,714 5,923 6,631 6,325 Profits before taxes 1,710 1,916 1,967 2,227 2,425 498 563 590 576 534 581 666 644 Profits after taxes 896 1,008 1,041 1,093 1 ,171 255 260 285 293 261 275 314 321 Dividends 509 564 583 616 661 150 155 155 156 162 165 164 170 Chemical and allied products (20 corps.): Sales 18,158 20,007 20,561 22,808 24,494 5,436 5,697 5,782 5,893 5,845 6,230 6,236 6,183 Profits before taxes 2,891 3,073 2,731 3,117 3,258 760 807 806 744 844 875 818 721 Profits after taxes 1,630 1,737 1,579 1,618 1 ,773 390 419 412 398 448 473 441 411 Dividends 926 948 960 1,002 1 ,031 236 236 243 287 252 251 254 274 Petroleum refining (16 corps.): Sales 17,828 20,887 23,258 24,218 25,586 5,890 6,013 6,100 6,214 6,107 6,610 6,264 6,605 Profits before taxes 1,962 2,681 3,004 2,866 2,941 767 692 740 667 726 728 750 737 Profits after taxes 1,541 1,898 2,038 2,206 2,224 592 520 561 534 562 558 554 550 Dividends 737 817 1,079 1,039 1 ,123 253 255 258 273 282 273 282 286 Primary metals and products (34 corps.): Sales 26,548 28,558 26,532 30,171 33,674 7,150 8.427 7,461 7,133 7,671 8,612 8,448 8,943 Profits before taxes 2,931 3,277 2,487 2,921 3,052 669 915 601 735 691 828 715 818 Profits after taxes 1,689 1,903 1,506 1,750 1 ,912 376 550 343 482 431 504 435 542 Dividends 818 924 892 952 987 224 230 233 264 242 245 247 253 Machinery (24 corps.): Sales 25,364 29,512 32,721 35,660 38,719 8,371 8,864 8,907 9,517 8,957 9,757 10,542 9,463 Profits before taxes 3,107 3,612 3,482 4,134 4,377 936 1,008 1,112 1,079 1 ,071 1 ,167 1 ,141 998 Profits after taxes 1,626 1,875 1,789 2,014 2,147 448 499 537 531 526 576 568 477 Dividends 774 912 921 992 1,128 247 248 248 249 270 271 293 294 Automobiles and equipment (14 corps.): Sales 42,712 43,641 42,306 50,526 52,290 12,343 13,545 9,872 14,767 13,328 13,638 11,300 14,024 Profits before taxes 6,253 5,274 3,906 5,916 5,268 1,507 1,851 640 1,918 1 ,663 1,542 652 1,411 Profits after taxes 3,294 2,877 1,999 2,903 2,604 783 847 330 943 806 750 342 706 Dividends 1,890 1,775 1,567 1,642 1,723 364 364 364 550 365 436 366 556 Public utility Railroad: Operating revenue 10,208 10,661 10,377 10,859 11,451 2,611 2,758 2,708 2,782 2,741 2,916 2,836 2,958 Profits before taxes 979 1,094 385 678 683 127 206 149 196 128 220 149 186 Profits after taxes 815 906 319 565 461 112 174 110 169 98 173 98 92 Dividends 468 502 538 515 488 117 132 100 166 116 136 100 136 Electric power: Operating revenue 15,816 16,959 17,954 19,421 21,075 5,106 4,553 4,869 4,892 5,480 4,913 5,370 5,312 Profits before taxes 4,213 4,414 4,547 4,789 4,938 1,351 1,040 1,271 1,125 1 ,384 1 ,065 1,366 1,123 Profits after taxes 2,586 2,749 2,908 3,002 3,186 863 641 764 733 873 707 827 779 Dividends 1,838 1,938 2,066 2,201 2,299 539 555 543 565 580 577 561 581 Telephone: Operating revenue 11,320 12,420 13,311 14,430 16,057 3,486 3,544 3,629 3,771 3,853 3,975 4,044 4,185 Profits before taxes 3,185 3,537 3,694 3,951 4,098 971 989 990 1,001 1,070 1,043 979 1,006 Profits after taxes 1,718 1,903 1,997 1,961 2,080 525 441 493 502 540 523 497 520 Dividends 1,153 1,248 1,363 1,428 1,493 351 318 396 363 368 371 373 381 Manufacturing figures reflect changes by a number of companies in profits before taxes are partly estimated by the Federal Reserve to include accounting methods and other reporting procedures. affiliated nonelectric operations. 2 Includes 17 corporations in groups not shown separately. Telephone: Data obtained from Federal Communications Commis- 3 Includes 27 corporations in groups not shown separately. sion on revenues and profits for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long NOTE.—Manufacturing corporations: Data are obtained primarily from Lines and General Depts. of American Telephone and Telegraph Co.) published reports of companies. and for two affiliated telephone companies. Dividends are for the 20 Railroads: Interstate Commerce Commission data for Class I line- operating subsidiaries and the two affiliates. haul railroads. All series: Profits before taxes are income after all charges and before Electric power: Federal Power Commission data for Class A and B Federal income taxes and dividends. electric utilities, except that quarterly figures on operating revenue and Back data available from the Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1970 • BUSINESS FINANCE A 49 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e r a f o x o f e r i s t e s c ta o In x m e - e s P t a r a f o x t f e e i r s t s d C d e i a n v s d i h - s t U r p i r n b o u d f t i i e t s s - d co c a n a t l s l i p o o u i n w t m a - l p - Quarter P b t e r a f o x o f e i r s t e s c ta o I x n m e - e s P t a r a f o x t f e e i r s t s d C d e i a n v s d i h - s t U r p i r b n o u d f t i i t e s s - d co c a n t a l i s l p o o u n i w t m a - l p ances1 ances 1 1962 55.4 24.2 31.2 15.2 16.0 30.1 1969—1 93.0 43.5 49.5 24.1 25.5 48.5 1963 59.4 26.3 33.1 16.5 16.6 31.8 II.... 93.4 43.8 49.7 24.4 25.2 49.3 1964 66.8 28.3 38.4 17.8 20.6 33.9 III.. . 89.9 42.1 47.9 25.0 22.9 50.1 IV... 88.5 41.4 47.1 25.2 21.9 51.0 1965 77.8 31.3 46.5 19.8 26.7 36.4 1966 84.2 34.3 49.9 20.8 29.1 39.5 1970—1 ... 82.6 38.0 44.6 25.2 19.4 52.0 1967 79.8 33.2 46.6 21.4 25.3 43.0 II.... 82.0 38.1 43.9 25.1 18.8 53.0 1968 88.7 40.6 48.2 23.3 24.9 46.5 Illf.. 85.0 39.6 45.4 25.4 20.0 54.0 1969 91.2 42.7 48.5 24.7 23.9 49.8 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 . . 1 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 Total 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 th er nn CC ii oo cc mm aatt mm iioonn uu ss -- OOtthheerr ii a ( r n S a n . t A u e) a . l 1963 40.77 7.53 8.70 1.27 1.26 .40 1.58 3.67 1.31 4.06 10.99 1964 46.97 9.28 10.07 1.34 1.66 1.02 1.50 3.97 1.51 4.61 12.02 1965 54.42 11.50 11.94 1.46 1.99 1.22 1.68 4.43 1.70 5.30 13.19 1966 63.51 14.96 14.14 1.62 2.37 1.74 1.64 5.38 2.05 6.02 14.48 1967 65.47 14.06 14.45 1.65 1.86 2.29 1.48 6.75 2.00 6.34 14.59 1968 67.76 14.12 14.25 1.63 1.45 2.56 1.59 7.66 2.54 6.83 15.14 1969 75.56 15.96 15.72 1.86 1.86 2-51 1.68 8.94 2.67 8.30 16.05 19702r 80.58 15.91 16.36 1.86 1.83 2.94 1.24 10.85 2.48 10.24 16.86 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 Ill 20.26 3.87 4.12 .46 .46 .74 .30 2.79 .78 2.56 4.16 81.88 IV2 r 22.52 4.37 4.61 .47 .49 .67 .34 3.32 .62 7.<6 4 81.72 1971—I2 18.12 3.43 3.50 .44 .36 .50 .24 2.90 .45 6. 31 81.40 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 • DECEMBER 1970 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Farm Nonfarm Other 1- to 4-family houses4 Multifamily and Mortgage holders2 commercial properties 5 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 cc iinn 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 A e A e oo rr ll ll ss dd ll -- tt FF uu iinn ii tt 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 in i s o a t n i n - s . 1 O h e o t r h l s d e - r Total tu F in t in i 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 tt e — - 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—I"... 375.8 302.6 19.6 53.5 26.0 9.3 16.7 349.8 239.1 203.7 35.4 110.6 89.6 21.0 89.4 260.4 IIP. 382.9 308.1 20.6 54.2 26.7 9.6 17.1 356.1 243.2 206.7 36.5 112.9 91.8 21.2 90.7 265.4 III". 389.8 313.5 21.1 55.1 27.2 9.6 17.5 362.6 247.0 209.7 37.3 115.6 94.1 21.5 92.0 270.6 IV". 397.5 319.9 21.7 55.8 27.5 9.7 17.8 370.0 251.2 213.1 38.1 118.7 97.1 21.6 92.8 277.2 1969—I"... 403.7 324.7 22.6 56.4 28.1 9.8 18.3 375.7 254.8 216.0 38.8 120.9 98.9 21.9 94.5 281.2 IIP.. 411.7 331.0 23.4 57.1 28.8 10.1 18.7 382.9 259.5 219.9 39.5 123.4 101.0 22.4 96.6 286.3 IIIP. 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 IVp. 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—1.... 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 IIP.. 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 saving trust depts.), mutual savings banks, life insurance companies, and savings and loan assns. and loan assns. 6 Data by type of mortgage on nonfarm 1- to 4-family properties alone 2 U.S. agencies include former FNMA and, beginning fourth quarter are shown on second page following. 1968, new GNMA as well as FHA, VA, PHA, Farmers Home Admin., and in earlier years, RFC, HOLC, and FFMC. They also include U.S. NOTE.—Based on data from Federal Deposit Insurance Corp., Federal sponsored agencies—new FNMA and Federal land banks. Other agencies Home Loan Bank Board, Institute of Life Insurance, Depts. of Agricul- (amounts small or current separate data not readily available) included ture and Commerce, Federal National Mortgage Assn., Federal Housing with "individuals and others." Admin., Public Housing Admin., Veterans Admin., and Comptroller of 3 Derived figures; includes debt held by Federal land banks and farm the Currency. debt held by Farmers Home Admin. Figures for first three quarters of each year are F.R. estimates. 4 For multifamily and total residential properties, see p. A-52. MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings 1 Mutual savings bank holdings 2 Residential Residential EEEnnnddd ooofff pppeeerrriiioooddd OOtthheerr OOtthheerr TToottaall nnoonn-- FFaarrmm TToottaall nnoonn-- FFaarrmm FHA- VA- Con- ffaarrmm FHA- VA- Con- ffaarrmm Total in- guar- ven- Total in- guar- vensured anteed tional sured anteed tional 1941 444,,,999000666 333,,,222999222 111,,,000444888 555666666 444,,,888111222 333,,,888888444 999000000 222888 1945 444,,,777777222 333,,,333999555 888555666 555222111 444,,,222000888 333,,,333888777 777999777 222444 196 4 444333,,,999777666 222888,,,999333333 7,315 2.742 18,876 111222,,,444000555 222,,,666333888 444000,,,555555666 333666,,,444888777 12,287 11,121 13,079 444,,,000111666 555333 196 5 444999,,,666777555 333222,,,333888777 7,702 2,688 21,997 111444,,,333777777 222,,,999111111 444444,,,666111777 444000,,,000999666 13,791 11,408 14.897 444,,,444666999 555222 196 6 555444,,,333888000 333444,,,888777666 7,544 2,599 24,733 111666,,,333666666 333,,,111333888 444777,,,333333777 444222,,,222444222 14,500 11,471 16,272 555,,,000444111 555333 196 7 555999,,,000111999 333777,,,666444222 7,709 2,696 27,237 111777,,,999333111 333,,,444444666 555000,,,444999000 444444,,,666444111 15,074 11,795 17,772 555,,,777333222 111111777 196 8 666555,,,666999666 444111,,,444333333 7,926 2,708 30,800 222000,,,555000555 333,,,777555888 555333,,,444555666 444666,,,777444888 15,569 12,033 19,146 666,,,555999222 111111777 1967—II I 555777,,,444888222 333666,,,666333999 7,584 2,601 26,454 111777,,,444777555 333,,,333666888 444999,,,777333222 444444,,,000999444 15,016 11,785 17,293 555,,,555222666 111111222 IV 555999,,,000111999 333777,,,666444222 7,709 2,696 27,237 111777,,,999333111 333,,,444444666 555000,,,444999000 444444,,,666444111 15,074 11,795 17,772 555,,,777333222 111111777 1968— 1 666000,,,111111999 333888,,,111555777 7,694 2,674 27,789 111888,,,333999666 333,,,555666666 555111,,,222111888 444555,,,111777111 15,179 11,872 18,120 555,,,999333111 111111666 I I 666111,,,999666777 333999,,,111111333 7,678 2,648 28,787 111999,,,000999888 333...777555666 555111,,,777999333 444555,,,555777000 15,246 11,918 18,406 666,,,111000888 111111555 II I 666333,,,777777999 444000,,,222555111 7,768 2,657 29,826 111999,,,777777111 333...777555777 555222,,,444999666 444666,,,000555111 15,367 11,945 18,739 666,,,333222999 111111666 I V 666555,,,666999666 444111,,,444333333 7,926 2,708 30,800 222000,,,555000555 333...777555888 555333,,,444555666 444666,,,777444888 15,569 12,033 19,146 666,,,555999222 111111777 1969— 1 666777,,,111444666 444222,,,333000222 7,953 2,711 31,638 222000,,,999555000 333,,,888999444 555444,,,111777888 444777,,,333000555 15,678 12,097 19,530 666,,,777555666 111111777 I I 666999,,,000777999 444333,,,555333222 8,060 2.743 32,729 222111,,,444555999 444,,,000888888 555444,,,888444444 444777,,,888111888 15,769 12,151 19.898 666,,,999000888 111111777 II I 777000,,,333333666 444444,,,333333111 8,065 2,793 33,470 222111,,,999222444 444,,,000888111 555555,,,333555999 444888,,,111888999 15,813 12,169 20,207 777,,,000555333 111111777 I V 777000,,,777000555 444444,,,555777333 7,960 2,663 33,950 222222,,,111111333 444,,,000111999 555666,,,111333888 444888,,,666888222 15,862 12,166 20,654 777,,,333444222 111111444 1970— 1 777000,,,888555444 444444,,,555666888 7,888 2,496 34,184 222222,,,222444888 444,,,000333888 555666,,,444333333 444888,,,888999222 15,865 12,144 20,883 777,,,444222777 111111444 II* 777111,,,222999111 444444,,,888444555 7,800 2,575 34,469 222222,,,333999222 444,,,000555444 555666,,,999666111 444999,,,222999111 15,916 12,150 21,225 777,,,555555666 111111444 * 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
DECEMBER 1970 n REAL ESTATE CREDIT A 51 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total Total in F s H ur A e - d a g n V u t A a e r e - - d Other i Farm Total Total in F s H ur A e - d a g n V u t A a e r e - - d Other 1945 976 6,637 5,860 1,394 4,466 196 2 7,478 6,859 1,355 469 5,035 619 46,902 43,502 10,176 6,395 26,931 196 3 9,172 8,306 1,598 678 6,030 866 50,544 46,752 10,756 6,401 29,595 196 4 10,433 9,386 1,812 674 6,900 1,047 55,152 50,848 11,484 6,403 32,961 196 5 11,137 9,988 1,738 553 7,697 1,149 60,013 55,190 12,068 6,286 36,836 196 6 10,217 9,223 1,300 467 7,456 994 64,609 59,369 12,351 6,201 40,817 196 7 8,470 7,633 757 444 6,432 837 67,516 61,947 12,161 6,122 43.664 196 8 7,925 7,153 719 346 6,088 772 69,973 64,172 11,961 5,954 46,257 196 9 7,200 6,658 602 199 5,857 542 72,031 66,257 11,690 5,669 48,898 1969—Sept.. 576 553 41 14 498 23 71,429 65,564 11,797 5,775 47,992 Oct.. 688 663 47 9 607 25 71,569 65.766 11,777 5,744 48,245 Nov.. 464 446 39 8 399 18 71,710 65,915 11,762 5,720 48,433 Dec.. 803 774 48 8 718 29 72,127 66,353 11,744 5,697 48,912 1970—Jan.. 599 572 34 530 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 Sept.. 520 489 31 452 31 73,540 67,875 11,486 5,467 50,922 1 Include mortgage loans secured by land on which oil drilling or the end-of-Dec. figures may differ from end-of-year figures because (1) extracting operations are in process. monthly figures represent book value of ledger assets, whereas year-end figures represent annual statement asset values, and (2) data for year-end NOTE.—Institute of Life Insurance data. For loans acquired, the adjustments are more complete. Beginning 1970 monthly and year ago monthly figures may not add to annual totals; and for loans outstanding data are on a statement balance basis. MORTGAGE ACTIVITY OF SAVINGS AND FEDERAL HOME LOAN BANKS LOAN ASSOCIATIONS (In millions of dollars) (In millions of dollars) Advances outstanding Loans made Loans outstanding (end of period) (end of period) Period va A n d c - es R m e e p n a t y s 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 1945. 1,913 181 1,358 5,376 1 1 9 9 6 6 4 5 5 5 , , 5 0 6 0 5 7 4 5 , , 3 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 1963. 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 1 1 1 9 9 9 6 6 6 6 5 4 . . . 2 2 1 4 4 6 , , , 9 1 9 1 9 2 3 2 4 6 6 3 , , , 0 6 6 1 5 3 3 3 8 1 1 7 0 0 , , , 8 8 5 2 3 3 8 0 8 1 1 1 1 1 0 0 4 1 , , , 4 3 3 2 0 3 7 6 3 5 5 4 , , , 1 2 8 4 6 9 5 9 4 6 6 6 , , , 1 3 6 5 9 8 7 8 3 1 9 8 0 8 9 3 , , , 7 0 7 0 6 5 1 3 6 1 1 1 9 9 9 6 6 6 9 7 8 2 5 1 , , , 5 7 5 3 2 3 1 7 4 4 1 1 , , , 0 8 5 7 6 0 6 1 0 5 4 9 , , , 2 2 3 5 8 8 9 9 6 4 3 8 , , , 8 9 4 6 8 3 7 5 4 4 3 8 0 5 9 1 5 2 1 1 1 9 9 9 6 6 6 9 7 8 . . . 2 2 2 1 0 1 , , , 9 1 8 8 2 3 3 2 2 4 4 4 , , , 2 9 7 4 1 5 3 6 6 1 1 9 1 1 , , , 6 2 2 1 0 4 5 4 4 1 1 1 2 3 4 1 0 0 , , , 8 8 2 0 0 0 5 9 2 5 6 7 , , , 7 6 9 9 5 1 1 8 0 7 7 6 , , , 3 6 0 5 5 1 1 3 2 1 1 1 0 2 1 9 4 7 , , , 6 1 6 6 3 4 3 2 6 1969— N D O o e c c t v . . . . 5 6 5 3 5 6 7 2 4 1 1 7 8 3 7 9 8 8 9 8 , , , 4 2 8 3 8 0 9 9 2 7 7 8 , , , 9 7 4 4 7 3 6 9 4 6 8 8 6 5 5 5 6 0 1969— N D O e o c c v t. . . . . . . . . . 1 1 1 , , , 6 5 3 9 0 3 8 8 0 3 2 3 6 8 0 5 6 0 6 6 8 8 5 6 7 2 2 1 1 1 3 4 3 9 0 9 , , , 2 2 6 2 0 7 6 9 6 7 7 7 , , , 8 7 9 2 7 1 2 0 0 7 7 7, , , 6 6 6 5 1 0 3 6 0 1 1 1 2 2 2 3 4 4 , , , 8 2 6 6 3 4 5 8 6 1970—J F M a e a n b r . . . , . 7 3 1 0 8 3 8 4 6 2 3 1 9 8 4 9 8 5 9 9 9 , , , 7 9 8 4 3 5 5 7 2 8 8 8 , , , 5 7 7 0 1 4 1 7 4 1 1 1 , , , 2 2 1 4 2 0 3 0 8 1970— M J J A M F J u u a e p a a n l b n r y r e y . . . ' . . . . . . . . . . . . . . . . 2 2 1 1 1 1 1 , , , , , , , 0 0 0 4 5 2 0 8 8 4 8 6 0 6 6 0 2 6 2 0 4 2 2 2 3 3 3 3 2 2 2 9 8 7 9 5 3 0 3 4 3 8 1 1 , , 0 0 5 5 7 5 6 7 1 8 4 2 0 3 1 7 5 1 7 2 0 1 1 1 1 1 1 1 4 4 4 4 4 4 4 0 3 0 1 1 0 3 , , , , , , , 3 9 5 1 2 7 1 4 7 6 0 5 6 0 5 5 8 3 2 6 3 7 8 8 8 8 8 8 , , , , , , , 9 3 5 5 0 1 0 3 2 7 7 9 8 0 7 5 9 9 2 4 0 7 7 7 7 7 7 7 , , , , , , , 7 6 7 6 8 8 6 6 7 1 6 6 6 8 1 7 2 9 2 2 0 1 1 1 1 1 1 r1 2 2 2 2 2 2 2 6 4 4 5 4 5 7 , , . . , , , 9 8 8 7 6 3 4 9 8 8 3 6 5 0 7 8 9 9 6 2 3 J J S M A A O u u e p u c a p n l t r g y y t e . . . . . . 2 2 2 2 3 1 1 0 9 4 4 9 7 3 4 9 0 3 3 9 5 2 1 1 1 1 9 7 7 2 0 0 2 2 8 1 5 6 6 0 1 1 1 1 1 1 9 0 0 0 0 0 0 , , , , , , , 8 4 0 3 5 2 5 4 6 7 0 3 2 4 6 0 3 6 4 0 8 7 7 7 4 3 3 , , , , , , 0 7 4 9 0 4 3 2 4 6 7 0 1 1 5 7 7 2 2 2 6 7 5 3 , , , , , , 9 0 9 1 4 2 9 2 4 3 7 3 7 7 7 8 8 4 Aug... 2,111 369 1,147 145,296 9,011 8,050 '128,234 O Se c p t t p .. . . . 2 2 , , 1 1 3 8 6 3 4 3 1 8 2 8 1 1, , 0 1 3 0 1 0 1 1 4 4 7 6, , 4 6 1 2 8 0 9 9 , , 4 2 5 2 1 4 8 8 , ,1 2 1 4 5 7 1 1 2 2 9 9 , , 9 0 2 7 2 9 2 1 S S e e c c u u r r e e d d l o o r a n un s, s e a c m ur o e r d ti z lo ed a n q s u m ar a t t e u r r l i y n , g h i a n v i 1 n g y e m ar a t o u r r i l t e i s e s s . of more than 1 year but not more than 10 years. 1 Includes loans for repairs, additions and alterations, refinancing, etc. NOTE.—Federal Home Loan Bank Board data. not shown separately. 2 Beginning with 1958, includes shares pledged against mortgage loans; beginning with 1966, includes junior liens and real estate sold on contract; and beginning with 1967, includes downward structural adjustment for change in universe. NOTE.—Federal Home Loan Bank Board data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 52 REAL ESTATE CREDIT • DECEMBER 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 Con- E pe n r d i o o d f Total t F u i i n c t n i i s a a o t l i n n - - s h O ol t d h e e r r s Total t F u i i n c t n i i s a a o t l i n n - - s h O ol t d h e e r r s End of period Total Total F su H in re A - d - an g V t u e A a e r - d - 1 ti v o e n n a - l 1941 24.2 14.9 9.4 5.9 3.6 2.2 1954 18.6 4.3 4.1 .2 14.3 1945 24.3 15.7 8.6 5.7 3.5 2.2 1963 182.2 65.9 35.0 30.9 116.3 196 3 211.2 176.7 34.5 29.0 20.7 8.3 1964 197.6 69.2 38.3 30.9 128.3 196 4 231.1 195.4 35.7 33.6 25.1 8.5 1965 212.9 73.1 42.0 31.1 139.8 196 5 250.1 213.2 36.9 37.2 29.0 8.2 1966 223.6 76.1 44.8 31.3 147.6 196 6 264.0 223.7 40.3 40.3 31.5 8.8 1967/' 236.1 79.9 47.4 32.5 156.1 1967P 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 II 288.5 242.7 45.8 45.3 35.9 9.4 III. . . 293.3 246.4 46.9 46.2 36.7 9.5 1968—1 239.1 81.0 48.1 32.9 158.1 IV... . 298.6 250.8 47.8 47.3 37.7 9.6 II 243.2 82.1 48.7 33.4 161.1 Ill 247.0 83.2 49.6 33.6 163.8 1969— 1 303.0 254.4 48.6 48.3 38.4 9.9 IV 251.2 84.4 50.6 33.8 166.8 I I I I I.. . 3 31 0 4 8 . . 1 9 2 2 6 5 2 9 . . 7 3 5 4 1 9 . . 4 6 4 50 9 . . 6 4 4 3 0 9 . . 2 3 1 1 0 0 . . 4 1 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 II*.. . 326.2 268.7 57.5 54.5 43.1 11.4 1970—1 268.5 91.6 55.6 36.0 177.1 II" 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 PPPeeerrriiioooddd PPrroopp-- PPrroo-- eerrttyy Loans not in foreclosure TToottaall h N o e m w e s h is E o t m i x n - e g s jjeeccttss ii mm pprr ii ee mm oo nn vv -- tt ee ss -- 22 TToottaall33 h N om ew e s h is o E t m i x n - e g s EEnndd ooff ppeerriioodd but delinquent for— LL cc oo ll ff oo aa oo ss nn rr uu ee ss rr -- ee iinn Total 30 days 60 days o 9 r 0 m da o y r s e 1945 665 257 217 20 171 192 1964. 8,130 1,608 4,965 895 663 2,846 1,023 1,821 1963 3.30 2.32 .60 .38 .34 1965. 8,689 1,705 5,760 591 634 2,652 876 1,774 1964 3.21 2.35 .55 .31 .38 1966. 7,320 1,729 4,366 583 641 2,600 980 1,618 1967. 7,150 1,369 4,516 642 623 3,405 1,143 2,259 1965 3.29 2.40 .55 .34 .40 1968, 8,275 1,572 4,924 1,123 656 3,774 1,430 2,343 1966 3.40 2.54 .54 .32 .36 1969. 9,129 1,551 5,570 1,316 693 4,072 1 ,493 2,579 1967 3.47 2.66 .54 .27 .32 1968 3.17 2.43 .51 .23 .26 1969--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... 911 160 553 140 59 397 148 249 Nov.. 705 131 430 90 55 328 125 203 1967—1 3.04 2.17 .56 .31 .38 Dec.. 793 148 448 146 50 317 134 183 II 2.85 2.14 .45 .26 .34 III. ... 3.15 2.36 .52 .27 .31 1970—Jan... 807 178 433 139 58 313 139 174 IV 3.47 2.66 .54 .27 .32 Feb.. 643 141 361 109 32 235 107 128 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
DECEMBER 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 FHA- VA- Made Out FHA- VA- Made Out Total su in re - d a g n u t a e r e - d c P ha u s r e - s Sales d p u er r i i o n d g st i a n n g d - Total su in re - d a g n u t a e r e - d c P ha u s r e - s Sales d p u er r i i o n d g st i a n n g d - 196 6 2,667 2,062 604 620 371 491 1966. 4,396 3,345 1,051 2,081 1,920 214 196 7 3,348 2,756 592 860 1,045 1,171 1967. 5,522 4,048 1,474 1,400 12 1,736 501 196 8 4,220 3,569 651 1,089 867 1,266 1968. 7,167 5,121 2.046 1,944 2,697 1,287 196 9 4,820 4,220 600 827 615 1,130 1969. 10,950 7,680 3,270 4,121 6,630 3,539 1969-Oct... 4,680 4,072 608 84 51 1,212 1969-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 4,308 406 565 4,800 Oct... 5,132 4,573 559 46 42 775 Oct.. 15,152 10,780 4,372 397 541 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 1970—May 11.. 269.2 102.2 26.0 63.2 13.0 9.04 9.07 9.13 1969—Nov.. 8.13 8.15 8.35 8.48 18.. 300.2 136.3 32.3 86.4 17.5 9.11 9.13 9.18 Dec.. 8.25 8.24 8.35 8.62 25.. 289.5 145.2 38.9 86.7 19.7 9.15 9.18 9.22 1970—Jan.., 8.34 8.29 8.55 June 1.. 224.2 113.8 31.1 71.4 11.3 9.20 9.24 9.27 Feb.. 8.41 8.41 8.55 9.29 15.. 249.7 127.9 34.2 86.7 7.0 9.27 9.30 9.31 Mar.. 8.47 8.43 8.55 9.20 29.. 156.3 98.9 30.6 56.5 11.8 9.32 9.33 9.34 Apr.. 8.41 8.34 8.55 9.10 May. 8.45 8.34 8.55 9.11 July 13.. 286.2 113.3 24.9 72.9 15.3 9.20 9.21 9.22 June. 8.48 8.36 8.55 9.16 27.. 323.8 150.4 37.0 91.0 22.3 9.10 9.12 9.12 July. . 8.49 8.37 8.60 9.11 Aug.. 8.52 8.41 8.60 9.07 Aug. 3.. 441.3 180.1 41.4 91.0 47.8 9.03 9.03 9.04 Sept.. 8.48 8.42 8.50 9.01 24.. 492.8 215.1 48.9 124.4 41.9 9.03 9.03 9.03 Oct.. . 8.50 8.34 8.50 8.97 Nov.. 8.45 8.90 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. 16.. 222.4 170.3 75.8 79.4 15.1 8.89 8.90 8.92 203, 30-year mortgages with minimum downpayment and an assumed prepayment at the end of 15 years. Gaps in the data Dec. 7.. 166.5 127.8 54.7 60.9 12.2 8.56 8.54 8.57 are due to periods of adjustment to changes in maximum permissible contract interest rates. The FHA series on average contract interest rates on conventional first mortgages in primary NOTE.—Implicit secondary market yields are gross—before deduction of 50markets are unweighted and are rounded to the nearest 5 basis basis-point fee paid for mortgage servicing. They reflect the average accepted bid points. The FHLBB effective rate series reflects fees and charges price for Govt.-underwritten mortgages after adjustment by Federal Reserve as well as contract rates (as shown in the table on conventional to allow for FNMA commitment fees and FNMA stock purchase and holding first mortgage terms, p. A-35) and an assumed prepayment at requirements, assuming a prepayment period of 15 years for 30-year loans. Comend of 10 years. mitments for 12-18 months are for new homes only. If total accepted is shown in parenthesis, it indicates FNMA announced limit before the "auction" date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 54 CONSUMER CREDIT • DECEMBER 1970 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment EEnndd ooff ppeerriioodd TToottaall Other Repair Auto- consumer and mod- Personal Single- Charge Service Total mobile goods ernization loans Total payment accounts credit paper paper loans 1 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 19601. 56,141 42,968 17,658 11,545 3,148 10,617 13,173 4,507 5,329 3,337 1964I. - 80,268 62,692 24,934 16,333 3,577 17,848 17,576 6,874 6,195 4,507 1965. 90,314 71,324 28,619 18,565 3,728 20,412 18,990 7,671 6,430 4,889 1966. 97,543 77,539 30,556 20,978 3,818 22,187 20,004 7,972 6,686 5,346 1967. 102,132 80,926 30,724 22,395 3,789 24,018 21,206 8,428 6,968 5,810 1 1 9 9 6 6 9 8i . . 1 11 2 3 2 , , 1 4 9 6 1 9 9 8 8 9 , , 1 8 6 9 9 0 3 3 6 4 , , 6 1 0 3 2 0 2 2 4 7 , , 8 6 9 0 9 9 4 3 , ,9 0 2 4 5 0 2 2 9 6 , , 9 9 1 3 8 6 2 23 4 , , 3 3 0 0 1 0 9 9 , , 0 13 9 8 6 7 8 , , 7 2 5 3 5 4 6 6, , 4 9 0 7 8 0 i—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 I—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 Oct 123,866 99,959 36,518 28,152 4,126 31 ,163 23,907 9,313 7,656 6,938 1 Holdings of financial institutions; holdings of retail outlets are in- hold, family, and other personal expenditures, except real estate mortgage cluded in "other consumer goods paper." loans. For back figures and description of the data, see "Consumer Credit," Section 16 (New) of Supplement to Banking and Monetary Statistics, 1965 NOTE.—Consumer credit estimates cover loans to individuals for house- and Dec. 1968 BULLETIN, pp. 983-1003. INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets EEnndd ooff ppeerriioodd TToottaall Com- Mis- Auto- Other Total mercial Finance Credit cellaneous Total mobile retail banks cos. 1 unions lenders 1 dealers 2 outlets 1939. 4,503 3,065 1,079 1,836 132 18 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 i . 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 1960i. 42,968 36,673 16,672 15,435 3,923 643 6,295 359 5,936 1964. 62,692 53,898 25,094 21,641 6,340 823 8,794 329 8,465 1965. 71,324 61,533 28,962 24,282 7,324 965 9,791 315 9,476 1966. 77,539 66,724 31,319 26,091 8,255 1,059 10,815 277 10,538 1967. 80,926 69,490 32,700 26,734 8,972 1 ,084 11,436 285 11,151 1968. 89,890 77,457 36,952 29,098 10,178 1 ,229 12,433 320 12,113 1969. 98,169 84,982 40,305 31,734 11,594 1 ,349 13,187 336 12,851 —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 >—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 Oct 99,959 87,243 42,010 31,309 12,422 1,502 12,716 335 12,381 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
DECEMBER 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) Automobile Repair paper Other and Other Repair End of con- modern- Per- Auto- con- and Perperiod Total sumer ization sonal End of period Total mobile sumer modern- sonal Pur- goods loans loans paper goods ization loans chased Direct paper paper loans 1939 1,079 237 178 166 135 363 1939 1,836 932 134 151 619 1941 1,726 447 338 309 161 471 1941 2,541 1,438 194 204 705 1945 745 66 143 114 110 312 1945 910 202 40 62 606 1950 5,798 1,177 1,294 1,456 834 1,037 1950 5,315 3,157 692 80 1,386 1955 10,601 3,243 2,062 2,042 1,338 1,916 1955 11,838 7,108 1,448 42 3,240 1960 16,672 5,316 2,820 2,759 2,200 3,577 1960 15,435 7,703 2,553 173 5,006 196 4 25,094 8,691 4,734 3,670 2,457 5,542 196 4 21,641 8,603 3,775 248 9,015 196 5 28,962 10,209 5,659 4,166 2,571 6,357 196 5 24,282 9,400 4,425 224 10,233 196 6 31,319 11,024 5,956 4,681 2,647 7,011 196 6 26,091 9,889 5,171 191 10,840 196 7 32,700 10,927 6,267 5,126 2,629 7,751 196 7 26,734 9,538 5,479 154 11,563 196 8 36,952 12,213 7,105 6,060 2,719 8,855 196 8 29,098 10,279 5,999 113 12,707 1969 40,305 12,784 7,620 7,415 2,751 9,735 1969 31,734 11,053 6,514 106 14,061 1969—Oct.... 40,006 12,914 7.597 7,023 2,798 9,674 1969—Oct.. 31,185 11,007 6,451 108 13,619 Nov.. . 40,047 12,883 7,618 7,100 2,779 9,667 Nov. 31,390 11,041 6,460 107 13,782 Dec.... 40,305 12,784 7,620 7,415 2,751 9,735 Dec. 31,734 11,053 6.514 106 14,061 1970—Jan.... 40,144 12,664 7,569 7,472 2,714 9,725 1970—Jan.. 31,571 10,964 6.515 106 13,986 Feb.... 39,990 12,585 7,533 7,474 2,691 9,707 Feb. 31,538 10,908 6,523 103 14,004 Mar.. . 39,956 12,552 7,538 7,476 2,678 9,712 Mar. 31,433 10,876 6,489 102 13,966 Apr 40,245 12,550 7.598 7,568 2,685 9,844 Apr. 31,537 10,949 6,478 101 14,009 May... 40,515 12,600 7,635 7,667 2,705 9,908 May 31,595 10,990 6,505 99 14,001 June... 40,979 12,680 7,722 7,828 2,731 10,018 June 31,862 11,073 6,560 98 14,131 July... 41,703 13,002 7,759 8,078 2,755 10,109 July. 31,561 10,771 6,499 96 14,195 Aug.. . 41,934 12,981 7,748 8,183 2,770 10,252 Aug. 31,588 10,732 6,529 94 14,233 Sept.. . 42,051 12,890 7,734 8,263 2,783 10,381 Sept. 31,510 10,619 6,568 94 14,229 Oct 42,010 12,824 7,730 8,286 2,785 10,385 Oct.. 31,309 10,465 6,594 94 14,156 See NOTE to first table on preceding page. NOTE.—Finance companies consist of those institutions formerly clas sified 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 EEnndd ooff ppeerriioodd 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 1 1 1 9 9 9 6 6 6 5 6 4 7 9 8 , , , 1 3 2 6 1 8 3 4 9 2 3 3 , , , 5 0 4 7 3 1 7 6 0 4 4 5 9 8 2 8 8 3 9 9 8 8 3 7 0 3 2 4 3 3 , , , 2 3 8 9 3 2 1 6 2 1 1 1 9 9 9 5 6 5 0 5 0 1 9 6 3 , , , 7 9 1 6 2 7 8 4 3 2 3 1 , , , 6 8 5 3 7 8 5 6 4 2 6 3 4 2 6 5 3 7 4 4 3 , , ,2 8 5 9 9 7 1 3 9 2 43 1 7 6 6 6 2 3 1 , , , 1 3 5 2 3 8 7 7 0 1 1 1 9 9 9 6 6 6 7 8 9 1 1 1 1 2 0 , , , 4 9 0 0 4 5 7 3 6 4 4 3 , , , 2 8 7 1 0 0 3 9 7 7 6 8 2 3 2 7 9 9 1 1 1 , , , 0 1 0 0 8 9 6 3 3 5 4 6 , , , 1 3 7 2 7 0 2 4 4 1 1 19 9 9 6 6 6 4 6 5 2 1 1 0 8 7 , , , 0 5 9 0 7 9 4 6 0 6 5 6 , , , 9 6 9 4 9 5 6 0 0 1,0 9 9 2 8 2 6 1 4 5 5 5 , , , 5 8 7 8 1 2 7 2 4 7 6 8 0 0 7 6 8 4 4 4 5 , , , 5 3 8 0 4 8 7 6 9 1969— N D O e o c c t v 1 1 1 2 2 2 , , , 7 9 8 5 4 6 8 3 4 4 4 4 , , , 7 8 7 7 0 4 1 9 3 8 8 8 2 1 2 9 8 3 1 1 1 , , , 1 1 1 8 7 9 3 8 0 6 6 6 , , , 0 1 0 1 2 8 9 2 0 1 1 1 9 9 96 6 6 9 7 8 2 2 2 1 3 4 , , , 3 3 2 0 0 0 1 0 6 7 7 7 , , , 9 3 9 7 4 0 5 0 0 1 1 1 , , , 1 1 0 9 6 8 6 3 8 5 6 6 , , , 9 4 6 3 5 5 9 0 0 1 1 1 , , , 3 0 5 0 2 8 5 9 4 6 6 5 , , , 4 9 8 0 1 7 8 0 0 1970—Jan 12,816 4,761 821 1,171 6,063 1969—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 Oct 13,924 5,164 891 1,247 6,622 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 Aug... 23,795 8,041 1.253 5,664 1,844 6,993 NOTE.—"Other financial lenders' consist of credit unions and mis- Sept... 23,765 8,062 1.254 5,617 1,872 6,960 cellaneous lenders. Oct... 23,907 8,059 1,254 5,797 1,859 6,938 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 • DECEMBER 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.i N.S.A. S.A.i N.S.A. S.A.i 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 1969—Oc t 8,661 8888888,,,,,,,777777799999997777777 2,808 2222222,,,,,,,999999933333339999999 2,707 2222222,,,,,,,888888800000005555555 175 111111188888883333333 2,971 2222222,,,,,,,888888877777770000000 Nov 8,632 8888888,,,,,,,111111177777773333333 2,683 2222222,,,,,,,444444433333333333333 2,841 2222222,,,,,,,888888811111117777777 164 111111166666660000000 2,944 2222222,,,,,,,777777766666663333333 Dec 8,344 11111110000000,,,,,,,000000099999996666666 2,472 2222222,,,,,,,444444477777779999999 2,838 4444444,,,,,,,000000000000004444444 169 111111144444449999999 2,865 3333333,,,,,,,444444466666664444444 1970—Ja n 8,521 7777777,,,,,,,444444499999990000000 2,479 2222222,,,,,,,111111133333330000000 2,925 2222222,,,,,,,666666666666663333333 160 111111111111118888888 2,957 2222222,,,,,,,555555577777779999999 Feb 8,625 7777777,,,,,,,111111100000006666666 2.536 2222222,,,,,,,222222211111114444444 3,018 2222222,,,,,,,222222277777775555555 179 111111133333337777777 2,892 2222222,,,,,,,444444488888880000000 Mar 8,392 8888888,,,,,,,222222244444443333333 2,496 2222222,,,,,,,555555588888884444444 2,922 2222222,,,,,,,777777722222225555555 165 111111155555552222222 2,809 2222222,,,,,,,777777788888882222222 Apr 8,491 8888888,,,,,,,777777777777773333333 2,571 2222222,,,,,,,777777777777776666666 2,843 2222222,,,,,,,777777799999992222222 183 111111188888885555555 2,894 3333333,,,,,,,000000022222220000000 May 9,004 8888888,,,,,,,888888855555557777777 2,595 2222222,,,,,,,666666699999996666666 3,183 3333333,,,,,,,000000000000008888888 180 222222211111113333333 3,046 2222222,,,,,,,999999944444440000000 June 8,683 9999999,,,,,,,555555533333334444444 2,587 3333333,,,,,,,000000022222223333333 2,925 3333333,,,,,,,000000011111119999999 189 222222222222220000000 2,982 3333333,,,,,,,222222277777772222222 July 9,065 9999999,,,,,,,444444499999997777777 2,685 2222222,,,,,,,999999955555552222222 3,124 3333333,,,,,,,111111144444441111111 192 222222222222220000000 3,064 3333333,,,,,,,111111188888884444444 Aug 8,809 8888888,,,,,,,999999911111115555555 2.537 2222222,,,,,,,555555544444440000000 3,168 3333333,,,,,,,111111155555552222222 173 111111199999997777777 2,931 3333333,,,,,,,000000022222226666666 Sept 8,849 8888888,,,,,,,555555588888880000000 2,621 2222222,,,,,,,444444400000002222222 3,071 3333333,,,,,,,000000099999997777777 186 111111199999994444444 2,971 2222222,,,,,,,888888888888887777777 Oct 8,580 8888888,,,,,,,666666677777770000000 2,349 2222222,,,,,,,444444466666663333333 3,113 3333333,,,,,,,222222200000000000000 182 111111188888884444444 2,936 2222222,,,,,,,888888822222223333333 Repayments 1964. 63,470 21,369 18,666 2,086 21,349 1965. 69,957 23,543 20,518 2,116 23,780 1966. 76,120 25,404 23,178 2,110 25,428 1967. 81,306 26,499 25,535 2,142 27,130 1968. 88,089 28,018 28,089 2,132 29,850 1969. 94,609 29,882 30,369 2,163 32,195 1969—Oct.. 7,992 8,303 2,463 2,661 2,615 2,682 189 195 2,725 2,765 Nov.. 8,012 7,545 2,503 2,382 2,623 2,449 179 168 2,707 2,546 Dec.. 7,929 8,405 2,499 2,527 2,552 2,618 185 185 2,693 3,075 1970—Jan.. 8,141 8,257 469 2,441 2,722 2,926 168 167 2,782 2,723 Feb.. 8,207 7,616 550 2,386 2,761 2,634 171 158 2,725 2,438 Mar.. 8.194 8,473 501 2,615 2,792 2,898 169 171 2,732 2,789 Apr.. 8.195 8,331 527 2,600 2,729 2,756 173 176 2,766 2,799 May. 8,589 8,255 600 2,505 2,888 2,803 174 170 2,927 2,777 June. 8,242 8,541 573 2,669 2,750 2,771 174 183 2,745 2,918 July. , 8,622 8,894 2,152 2,843 2,874 2,906 170 179 2,826 2,966 Aug.. 8,577 8,357 2,632 2,550 2,967 2,889 175 174 2.803 2,744 Sept.. 8,490 8,298 2,599 2,572 2,913 2,843 174 175 2.804 2,708 Oct.. 8,662 8,853 2,550 2,683 3,036 3,103 179 181 2,897 2,886 Net change in credit outstanding 2 196 4 7,200 2,677 2,155 139 2,229 196 5 8,629 3,684 2,232 150 2,563 196 6 6,215 1,937 2,413 90 1,775 196 7 3,387 168 1,417 -29 1,831 196 8 8,964 3,406 2,504 136 918 196 9 8,279 2,472 2,710 115 982 1969— N D O e o c c v t. . . . . . 6 4 6 6 1 2 9 5 0 1,6 4 6 9 9 2 1 4 8 - 3 1 2 4 8 7 5 0 - 2 4 7 5 8 8 1 2 2 9 1 8 2 8 6 1,3 3 1 8 2 6 6 3 8 - - - 1 1 16 5 4 - - - 3 1 8 2 6 2 2 1 4 3 7 6 7 2 2 3 1 1 0 8 7 5 9 1970—Jan.. 380 -767 10 -311 203 -263 -49 175 -144 Feb.. 418 -510 -14 -172 257 -359 -21 167 42 Mar.. 198 -230 -5 -31 130 -173 -4 -19 77 -7 Apr.. 296 442 44 176 114 36 10 9 128 221 May. 415 602 -5 191 295 205 6 43 119 163 June. 441 993 14 354 175 248 15 37 237 354 July. 443 603 -67 109 250 235 22 41 238 218 Aug.. 232 558 -95 -10 201 263 -2 23 128 282 Sept.. 359 282 22 -170 158 254 12 19 167 179 Oct.. -82 -183 -201 -220 77 97 3 3 39 -63 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
DECEMBER 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 Period S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. Extensions 1964. 70,670 25,950 22,972 8,438 13,310 1965. 78,586 29,528 25,192 9,436 14,430 1966. 82,335 30,073 25,406 10,362 16,494 1967. 84,693 30,850 25,496 10,911 17,436 1968. 97,053 36,332 28,836 12,850 19,035 1969. 102,888 38,533 30,854 14,245 19,256 1969—Oct.., 8,661 8,797 3,298 3,346 2,646 2,689 1,213 1,181 1,504 1,581 Nov.. 8,632 8,173 3,213 2,845 2,635 2,518 1,146 1,080 1,638 1,730 Dec.. 8,344 10,096 3,179 3,302 2,374 3,008 1,170 1,230 1,621 2,556 1970—Jan... 8,521 7,490 3,047 2,751 2,565 2,179 1,175 1,001 1,734 1,559 Feb.. 8,625 7,106 3,167 2,735 2,510 2,125 1,198 1,038 1,750 1,208 Mar.. 8,392 8,243 3,193 3,206 2,439 2,391 1,122 1,144 1,638 1,502 Apr.. 8,491 8,773 3,208 3,450 2,502 2,581 1,198 1,229 1,583 1,513 May. 9,004 8,857 3,291 3,341 2,639 2,503 1,252 1,309 1,822 1,704 June. 8,683 9,534 3,262 3,643 2,616 2,912 1,233 1,407 1,572 1,572 July.. 9,065 9,497 3,382 3,697 2,590 2,731 1,365 1,418 1,728 1,651 Aug.. 8,809 8,915 3,308 3,385 2,427 2,416 1,235 1,318 1,839 1,796 Sept.. 8,849 8,580 3,417 3,352 2,441 2,300 1,265 1,212 1,726 1,716 Oct.. 8,580 8,670 3,276 3,301 2,371 2,387 1,221 1,187 1,712 1,795 Repayments 1964. 63,470 22,971 20,888 7,514 12,097 1965. 69,957 25,663 22,551 8,310 13,433 1966. 76,120 27,716 23,597 9,337 15,470 1967. 81,306 29,469 24,853 10,169 16,815 1968. 88,089 32,080 26,472 11,499 18,038 1969. 94,609 35,180 28,218 12,709 18,502 1969—Oct.. 7,992 8,303 2,986 3,133 2,408 2,479 1,064 1,095 1,534 1,596 Nov.. 8,012 7,545 3,020 2,804 2,393 2,313 1,070 974 1,529 1,454 Dec.. 7,929 8,405 2,977 3,044 2,339 2,664 1.064 1,151 1,549 1,546 1970—Jan.. 8,141 8,257 2,962 2,912 2,431 2,342 1,086 1,128 1,662 1,875 Feb.. 8,207 7,616 3,101 2,889 2,368 2,158 1,099 989 1,639 1,580 Mar.. 8.194 8,473 3,119 3,240 2,389 2,496 1.065 1,090 1,621 1,647 Apr.. 8.195 8,331 3,081 3,161 2,415 2,477 1,117 1,128 1,582 1,565 May. 8,589 8,255 3,170 3,071 2,574 2,445 1,173 1,104 1,672 1,635 June. 8,242 8,541 3,041 3,179 2,548 2,645 1,087 1,162 1,566 1,555 July.. 8,622 8,894 3,264 3,388 2,580 2,617 1,184 1,276 1,594 1,613 Aug.. 8,577 8,357 3,185 3,154 2,507 2,389 1,158 1,137 1,727 1,677 Sept.. 8,490 8,298 3,249 3,235 2,482 2,378 1,127 1,095 1,632 1,590 Oct.. 8,662 8,853 3,258 3,342 2,551 2,588 1,165 1,173 1,688 1,750 Net change in credit outstanding 2 1964. 7,200 3,065 2,084 924 1,127 1965. 8,629 3,865 2,641 1,126 997 1966. 6,215 2,357 1,809 1,025 1,024 1967. 3,387 1,381 643 742 621 1968. 8,964 4,252 2,364 1,351 997 1969. 8,279 3,353 2,636 1 ,536 754 1969—Oct.. 669 494 312 213 238 210 149 86 -30 -15 Nov.. 620 628 193 41 242 205 76 106 109 276 Dec.. 415 1,691 202 258 35 344 106 79 72 1,010 1970—Jan... 380 -767 85 -161 134 -163 89 -127 72 -316 Feb.. 418 -510 66 -154 142 -33 99 49 111 -372 Mar.. 198 -230 74 -34 50 -105 57 54 17 -145 Apr.. 296 442 127 289 87 104 81 101 -52 May. 415 602 121 270 65 58 79 205 150 69 June. 441 993 221 464 68 267 146 245 6 17 July., 443 603 533 724 -405 -301 181 142 134 38 S A e u p g t . . . . 2 3 3 5 2 9 5 2 5 8 8 2 1 1 2 6 3 8 2 1 3 1 1 7 - -4 80 1 -7 2 8 7 1 7 3 7 8 1 1 8 1 1 7 1 9 1 4 2 1 1 1 2 9 6 Oct.. -82 -183 18 -41 -180 -201 56 14 24 45 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. • DECEMBER 1970 MARKET GROUPINGS (1957-59= 100) 19 p 5 r 7 o - - 59 11996699 1969 1970 Grouping portion Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.r Sept.r Oct. Total index 100.00 172.8 173.1 171.4 171.1 170.4 170.5 171.1 170.2 169.0 168.8 169.2 168.8 165.8 162.4 Final products, total 47.35 170.8 170.9 168.4 168.5 168.5 169.9 169.7 168.5 167.7 167.1 166.8 166.5 163.0 159.7 Consumer goods 32.31 162.5 161.2 160.5 160.7 161.5 162.4 162.0 163.2 163.2 162.8 163.5 163.5 160.1 157.0 Equipment, including defense.... 15.04 188.6 191.9 185.6 185.2 183.6 186.2 186.3 179.9 177.3 176.3 173.7 173.0 169.6 165.4 Materials 52.65 174.6 175.4 174.6 173.9 172.5 171.5 171.7 171.9 170.4 171.2 171.4 171.2 169.0 165.2 Consumer goods Automotive products 3.21 173.2 172.8 168.0 160.9 155.3 154.8 160.0 158.4 166.4 170.3 172.8 167.5 133.2 109.4 Autos 1.82 162.8 164.0 153.8 141.6 132.9 127.6 138.4 136.1 156.0 163.0 163.8 163.3 108.5 76.5 Auto parts and allied products 1.39 186.8 184.4 186.7 186.2 184.9 190.7 188.5 187.8 180.1 179.9 184.7 173.1 165.7 152.8 Home goods and apparel 10.00 159.3 156.2 150.9 151.0 152.3 153.6 154.5 155.0 153.0 153.2 155.4 156.4 153.5 153.4 Home goods 4.59 184.0 179.5 166.7 166.8 169.6 174.8 179.4 180.0 178.4 177.7 182.5 183.7 178.8 178.4 Appliances, TV, and radios 1.81 180.2 175.2 142.2 140.1 149.0 168.6 178.1 178.9 182.6 178.8 192.3 198.6 189.7 189.2 Appliances 1.33 192.4 187.2 147.8 151.0 162.5 186.5 199.1 206.7 213.9 201.4 218.4 223.7 212.6 209.1 TV and home radios .47 145.6 141.3 126.2 109.6 111.0 118.2 119.1 100.3 94.2 115.2 118.8 127.8 125.5 133.2 Furniture and rugs 1.26 180.3 175.7 176.0 175.0 173.8 169.2 170.3 170.6 165.5 164.9 165.2 164.9 164.4 166.3 Miscellaneous home goods 1.52 191.5 187.8 188.2 191.7 190.5 186.7 188.4 189.0 184.1 186.9 185.0 181.6 178.0 175.4 Apparel, knit goods, and shoes 5.41 138.5 136.4 137.5 137.7 137.6 135.7 133.4 133.8 131.4 132.4 132.4 133.2 132.0 Consumer staples 19.10 162.4 161.8 164.2 165.7 167.3 168.2 166.2 168.4 168.0 166.6 166.3 166.6 168.1 166.9 Processed foods 8.43 136.6 132.3 136.5 137.0 138.7 139.5 139.6 140.2 141.1 137.9 138.7 139.4 139.4 135.5 Beverages and tobacco 2.43 146.8 148.9 145.0 149.6 151.7 154.6 146.1 150.1 142.2 142.6 141.9 144.7 149.0 Drugs, soap, and toiletries 2.97 209.0 210.4 213.2 217.0 217.6 217.9 216.5 218.6 219.6 217.4 217.4 213.9 215.5 215.5 Newspapers, magazines, and books. 1.47 147.1 147.1 148.9 149.7 147.7 147.6 146.1 146.0 146.9 147.6 142.9 143.1 140.5 140.8 Consumer fuel and lighting 3.67 199.6 203.9 206.0 206.0 210.0 210.3 207.2 212.6 212.3 213.7 212.8 213.5 220.7 Fuel oil and gasoline 1.20 144.6 150.9 152.7 148.4 150.3 146.5 150.3 152.1 149.7 153.0 148.2 148.9 152.7 158.0 Residential utilities 2.46 226-. 3 229.8 232.0 234.1 239.1 241.5 235.0 242.1 242.8 243.3 244.3 245.0 253.8 Electricity 1.72 224499..77 225522..99 225555..66 225588..22 226644..77 226677..55 225577..77 226677..55 226688..11 226688..11 226699..11 226699..77 228811..99 Gas ..7744 Equipment Business equipment 11.63 195.6 200.9 194.4 193.8 192.8 196.9 198.0 193.0 188.7 188.0 186.1 185.9 182.3 178.4 Industrial equipment 6.85 179.1 182.9 174.4 176.3 175.0 184.9 186.8 182.1 175.8 175.2 174.6 173.3 170.5 169.3 Commercial equipment 2.42 220.0 224.9 223.3 223.6 223.0 222.4 225.0 223.4 220.4 220.4 218.3 214.2 210.5 205.8 Freight and passenger equipment. .. 1.76 246.7 254.5 252.8 240.9 239.5 231.8 226.1 215.4 216.8 213.8 207.3 214.3 206.5 193.4 Farm equipment .61 113366..88 115533..11 113366..55 113355..44 113388..44 113300..33 113344..66 113300..44 112277..44 112288..66 112266..00 113333..22 113333..66 Defense equipment 33..4411 Materials Durable goods materials 26.73 165.5 165.8 163.5 161.8 160.1 157.9 159.1 159.6 157.5 157.8 158.4 157.4 152.3 145.0 Consumer durable 3.43 163.9 166.4 158.5 150.9 148.7 142.3 143.0 143.6 146.0 155.4 156.0 161.3 143.5 112.9 Equipment 7.84 191.9 194.8 190.7 189.8 188.6 188.6 189.8 183.8 177.5 176.6 178.4 175.9 173.1 167.2 Construction 9.17 152.4 149.6 150.2 150.4 151.2 150.7 148.8 148.8 146.8 145.1 146.3 147.3 146.2 144.3 Metal materials n.e.c 6.29 152.8 153.3 156.1 155.4 149.4 150.2 152.4 147.7 146.8 150.0 152.6 147.2 139.9 137.3 Nondurable materials 25.92 183.9 185.3 186.0 186.5 185.3 185.5 184.7 184.6 183.8 184.9 184.9 185.4 186.2 186.1 Business supplies 9.11 166.6 167.4 166.9 168.5 167.5 166.2 164.8 164.5 162.1 163.4 164.9 165.0 161.7 160.4 Containers 3.03 168.6 169.9 165.6 174.0 173.7 169.3 165.0 166.2 168.2 166.0 161.9 167.5 163.7 167.1 General business supplies 6.07 165.5 166.1 167.6 165.8 164.4 164.7 164.7 163.7 159.1 162.1 166.4 163.7 160.7 157.1 Nondurable materials n.e.c 7.40 237.8 239.0 242.0 240.0 239.5 239.0 237.2 236.1 233.1 234.7 234.2 233.4 235.8 236.6 Business fuel and power 9.41 158.2 160.4 160.4 161.7 159.8 162.0 162.7 163.8 166.0 166.6 165.4 167.5 171.1 171.2 Mineral fuels 6.07 134.9 135.7 136.5 137.7 135.3 137.1 137.4 139.1 142.0 142.4 140.2 144.4 147.5 148.0 Nonresidential utilities 2.86 216.7 222.8 220.9 222.5 222.4 225.0 226.3 226.5 228.1 228.6 229.4 227.9 232.7 Electricity 2.32 220.6 227.8 225.4 227.3 227.1 230.2 231.8 232.0 233.8 234.3 235.0 233.0 238.7 General industrial 1.03 216.1 224.7 218.4 221.1 216.5 218.1 219.4 220.6 221.8 223.9 227.2 225.4 225.8 Commercial and other 1.21 223366..11 224422..77 224433..44 224444..88 224488..55 225533..11 225544..88 225544..22 225566..77 225555..99 225544..88 225522..77 226633..00 Gas ..5544 Supplementary groups of consumer goods Automotive and home goods 7.80 179.5 176.8 167.2 164.4 163.7 166.6 171.4 171.1 173.5 172.7 178.5 177.0 160.0 150.0 Apparel and staples 2244..5511 115577..11 115566..22 115588..33 115599..55 116600..88 116611..00 115599..00 116600..77 115599..99 115599..00 115588..88 115599..22 116600..11 For NOTE see p. A-61. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 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 aa 11 vv 99 gg ee 66 ee rr ff 99 -- Oct. N 1 o 96 v 9 . Dec. Jan. Feb. Mar. Apr. May 1 97 J 0 u ne July Aug.r Sept.r Oct. Total index 100.00 172.8 173.1 171.4 171.1 170.4 170.5 171.1 170.2 169.0 168.8 169.2 168.8 165.8 162.4 Manufacturing, total 86.45 173.9 173.9 171.8 171.3 170.2 170.3 170.8 170.0 168.1 168.0 168.5 167.7 163.7 159.5 Durable 48.07 176.5 177.3 172.1 171.1 169.7 169.6 171.0 168.4 167.6 167.3 167.4 166.7 160.4 153.5 Nondurable 38.38 170.6 169.5 171.5 171.5 171.0 171.3 170.6 171.9 168.7 168.9 170.0 169.0 167.7 167.1 Mining 8.23 130.2 130.2 132.6 134.4 131.7 134.2 135.1 133.9 134.8 135.5 133.8 137.1 138.9 139.9 Utilities 5.32 221.2 226.0 226.0 227.9 230.1 232.7 230.3 233.8 234.9 235.4 236.3 235.8 242.5 241.5 Durable manufactures Primary and fabricated metals 12.32 162.5 163.1 162.9 161.1 159.2 156.5 157.8 154.7 155.2 155.6 157.1 157.1 154.1 147.3 Primary metals 6.95 149.1 150.4 150.3 147.7 143.1 139.2 141.9 138.9 142.6 142.7 145.2 145.6 142.4 134.8 Iron and steel 5.45 140.3 141.5 142.7 138.8 135.2 129.8 134.4 133.0 136.7 138-8 136.8 134.1 129.3 122.0 Nonferrous metals and products.. 1.50 181.1 178.7 183.1 181.1 174.8 177.3 183.6 175.4 174.4 169.2 172.6 169.7 172.0 163.1 Fabricated metal products 5.37 179.8 179.4 179.2 178.4 180.0 178.9 178.3 175.2 171.4 172.3 172.5 171.9 169.1 163.5 Structural metal parts 2.86 173.3 172.5 174.5 177.1 175.4 174.6 174.4 170.2 164.2 164.4 162.9 164.0 162.7 162.1 Machinery and related products 27.98 188.4 190.0 181.1 180.3 178.8 180.0 182.2 178.6 177.6 178.0 177.4 176.0 167.2 158.5 Machinery 14.80 195.7 199.0 187.4 188.7 189.7 195.8 199.1 194.9 191.0 190.6 191.2 190.3 186.2 182.4 Nonelectrical machinery 8.43 194.6 200.3 194.9 196.5 195.9 195.8 196.6 191.7 187.1 185.2 185.2 183.0 180.0 176.2 Electrical machinery 6.37 197.2 197.3 177.5 178.3 181.5 195.9 202.5 199.1 196.3 197.7 199.1 199.9 194.5 190.5 Transportation equipment 10.19 174.6 175.7 168.3 163.9 159.6 154.3 156.0 153.1 157.3 159.9 158.1 156.7 139.0 121.7 Motor vehicles and parts 4.68 166.9 167.9 159.9 152.0 146.8 142.1 148.9 148.0 158.5 164.4 164.8 164.7 127.3 95.4 Aircraft and other equipment.... 5.26 177.8 179.6 171.9 170.7 166.7 161.4 159.1 154.1 153.0 153.3 149.7 147.1 145.7 140.6 Instruments and related products. .. 1.71 194.4 193.9 196.0 197.4 194.8 194.0 193.6 195.4 191.3 187.9 187.0 183.3 181.8 181.6 1 28 Clay, glass, and lumber 4.72 142.5 140.7 140.6 139.9 141.1 141.2 137.5 140.3 139.2 134.1 134.7 136.9 134.0 133.0 Clay, glass, and stone products 2.99 156.0 156.3 155.9 157.4 154.5 155.0 151.7 154.6 152.6 149.4 148.8 150.1 148.9 148.0 Lumber and products 1.73 119.1 113.8 114.1 109.7 118.0 117.5 113.1 115.5 116.1 107.6 110.5 114.2 108.2 Furniture and miscellaneous 3.05 176.7 174.7 175.1 175.3 175.9 174.0 174.2 173.5 169.1 168.3 167.3 166.1 164.8 164.9 Furniture and fixtures 1.54 186.9 184.0 183.7 183.3 183.4 179.4 180.4 179.5 174.4 173.8 172.5 172.9 171.7 172.8 Miscellaneous manufactures 1.51 166.4 165.3 166.4 167.2 168.2 168.4 167.8 167.4 163.6 162.6 162.0 159.1 157.7 156.9 Nondurable manufactures Textiles, apparel, and leather 7.60 144.2 142.0 142.9 141.5 141.3 138.8 137.5 138.9 136.7 135.8 135.9 135.9 135.6 136.4 Textile mill products 2.90 154.2 152.1 151.9 150.3 152.9 151.3 150.3 151.3 147.8 145.9 145.3 146.1 145.3 145.7 Apparel products. 33..5599 149.2 146.5 148.0 147.9 145.8 141.7 140.1 140.8 137.7 139.0 140.9 140.7 140.5 Leather and products ... 101.9 101.1 102.7 98.0 96.9 96.9 95.9 100.2 104.5 99.3 95.6 93.6 94.6 Paper and printing 8.17 164.4 165.3 166.1 166.8 164.6 164.6 164.4 165.0 163.0 161.7 161.9 162.1 157.5 157.2 Paper and products 3.43 175.6 177.1 175.9 178.0 173.8 174.8 174.9 176.3 174.5 170.8 172.0 172.9 165.8 167.0 Printing and publishing 4.74 156.3 156.9 159.1 158.6 157.9 157.3 156.9 156.9 154.8 155.2 154.6 154.3 151.5 150.1 Newspapers 1.53 142.7 143.0 154.1 142.0 141.7 142.1 137.9 139.3 136.9 137.5 140.0 138.7 137.4 134.5 Chemicals, petroleum, and rubber.... 11.54 222.6 222.7 225.3 224.8 222.1 224.1 224.7 227.0 220.2 224.3 226.8 223.5 221.8 221.5 Chemicals and products 7.58 239.0 238.3 240.8 241.7 240.2 242.6 242.3 244.4 241.4 243.2 243.3 239.8 240.9 240.3 Industrial chemicals 3.84 283.0 281.2 283.9 283.8 281.9 284.3 284.8 289.2 281.3 285.8 285.7 280.7 282.2 Petroleum products 1.97 143.8 146.7 150.9 149.5 143.3 143.0 146.6 147.9 146.5 147.8 145.5 147.5 150.3 151.6 Rubber and plastics products 1.99 238.7 238.6 240.2 234.8 231.4 234.0 235.3 239.4 212.2 227.8 244.8 236.9 220.0 Foods, beverages, and tobacco 11.07 139.0 136.2 139.2 140.1 142.7 143.5 141.3 142.3 141.3 139.2 140.0 140.1 141.0 138.6 Foods and beverages 10.25 140.7 138.0 141.0 142.1 144.7 145.2 143.3 143.7 143.1 140.7 141.1 141.6 142.5 139.9 Food manufactures 8.64 136.7 132.6 137.5 137.4 140.2 140.4 140.0 140.1 141.0 138.3 139.5 138.8 138.8 135.9 Beverages 1.61 161.9 166.7 159.7 167.2 168.9 170.7 161.0 162.8 154.6 153.7 149.6 156.4 162.2 Tobacco products ..8822 111177..33 113.8 116.2 111155..11 117.8 112222..88 111166..88 112255..11 111177..88 112200..77 112266..66 112211..88 112222..99 Mining 6.80 127.4 128.1 129.1 130.3 128.3 130.2 130.5 129.8 132.3 133.3 131.0 135.1 138.2 138.9 Coal 1.16 117.7 115.7 118.9 119.3 113.1 122.3 121.5 123.0 134.2 124.3 127.5 128.5 127.9 128.1 Crude oil and natural gas 5.64 129.3 130.7 131.2 132.6 131.4 131.8 132.4 131.3 131.9 135.1 131.7 136.5 140.3 141.2 Oil and gas extraction 4.91 139.0 140.4 140.6 142.0 140.5 140.6 141.2 142.9 143.9 146.7 143.2 148.2 152.1 152.7 Criorued oe roifill OQC... 1 iniiiHc 4.25 132.0 132.8 133.5 135.0 133.7 133.0 133.5 135.2 135.8 137.5 134.4 139.8 144.1 145.2 Oil anH aac Hrillino . . 1 6 3 6 1 6 8 4 4 . . 2 0 Metal, stone, and earth minerals 1.43 143.5 140.2 149.6 153.7 148.2 153.5 156.8 153.1 146.6 146.1 146.8 146.6 142.4 144.6 Metal mining .61 142.0 141.1 153.3 152.3 155.7 158.4 165.8 162.6 151.8 150.3 150.9 152.3 144.5 148.4 Stone and earth minerals .82 144.7 139.6 146.8 154.8 142.6 149.8 150.1 146.1 142.8 143.0 143.8 142.3 140.9 141.7 Utilities Electric. 4.04 233.0 238.5 238.3 240.5 243.1 246.1 242.8 224477..11 224488..44 224488..77 249.5 224488..66 225577..11 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. • DECEMBER 1970 MARKET GROUPINGS (1957-59= 100) 19 p 5 r 7 o - - 59 11996699 1969 1970 Grouping p ti o o r n - age Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.r Sept.r Oct. Total index 100.00 172.8 177.8 173.6 169.6 168.2 171.5 172.1 170.6 169.1 172.1 163.6 169.1 170.2 166.4 Final products, total 47.35 170.8 176.5 170.0 166.2 167.1 170.5 169.9 166.9 165.8 169.9 161.8 167.1 169.0 164.6 Consumer goods 32.31 162.5 169.4 162.6 156.6 159.0 163.0 161 .8 160.6 160.3 165.7 157.6 165.3 168.4 164.2 Equipment, including defense. . . . 15.04 188.6 191.8 186.0 187.0 184.3 186.5 187.3 180.3 177.7 179.0 170.9 170.9 170.4 165.5 Materials 52.65 174.6 178.9 176.9 172.6 169.5 172.5 174.0 174.3 172.1 174.1 165.3 170.9 171.3 168.3 Consumer goods Automotive products 3.21 173.2 189.8 179.0 167.8 163.3 161.6 167.0 167.0 173.8 182.9 131.6 116.6 135.3 118.2 Autos 1.82 162.8 188.6 172.3 155.8 146.2 140.4 152.2 152.4 173.2 185.0 98.3 68.9 108.5 88.0 Auto parts and allied products 1.39 186.8 191.3 187.8 183.6 185.9 189.4 186.5 186.3 174.4 180.1 175.6 179.5 170.5 157.9 Home goods and apparel 10.00 159.3 166.0 156.6 143.4 147.4 158.6 158.3 157.1 154.1 156.4 143.7 154.1 156.6 162.4 Home goods 4.59 184.0 193.7 173.7 167.2 166.3 178.4 182.9 181.4 177.5 180.0 168.7 174.1 182.9 190.8 Appliances, TV, and radios 1.81 180.2 194.5 147.9 135.0 149.8 181.6 190.1 188.3 185.7 186.0 172.3 170.1 189.9 205.0 Appliances 1.33 192.4 204.3 149.5 147.5 161.6 201.9 215.7 223.0 219.8 213.0 200.6 182.8 208.3 221.9 TV and home radios .47 145.6 166.7 143.4 99.7 116.4 124.3 117.8 90.3 89.5 110.0 92.3 134.2 138.0 157.2 Furniture and rugs 1.26 180.3 184.8 182.5 181.5 170.0 167.2 168.3 165.8 159.2 162.9 157.3 168.7 169.0 174.9 Miscellaneous home goods 1.52 191.5 200.2 196.9 193.6 182.9 183.9 186.3 186.2 183.0 186.9 173.9 183.4 186.0 187.0 Apparel, knit goods, and shoes 5.41 138.5 142.5 142.1 123.2 131.4 141.8 137.4 136.5 134.4 136.4 122.5 137.2 134.3 19.10 162.4 167.8 163.0 161.6 164.4 165.6 162.8 161.4 161.2 167.7 169.2 179.4 180.2 172.9 Processed foods 8.43 136.6 146.8 141.7 134.7 131.8 133.2 131.6 129.8 132.6 136.5 138.0 153.0 155.1 150.4 2.43 146.8 152.8 137.3 129.7 132.7 140.8 142.8 151.7 152.8 163.3 148.7 156.7 152.7 Drugs, soap, and toiletries 2.97 209.0 215.4 214.3 212.0 213.2 220.1 216.5 216.4 215.2 225.0 216.3 218.2 222.0 220.7 Newspapers, magazines, and books. 1.47 147.1 147.0 147.0 149.4 146.4 147.0 148.3 146.6 146.5 145.5 142.9 144.8 141.8 140.7 Consumer fuel and lighting 3.67 199.6 194.3 192.5 207.7 226.9 218.4 209.1 200.0 193.7 203.6 226.3 236.7 237.6 Fuel oil and gasoline 1.20 144.6 147.0 151.8 153.5 151.5 150.0 148.7 144.3 144.8 151.3 151.0 153.3 156.2 153.9 Residential utilities 2.46 226.3 Electricity 1.72 224499..77 223355..22 222277..55 225588..22 229999..99 228822..22 226622..99 224466..11 223311..99 224477..99 229966..00 331166..11 331155..77 Gas ..7744 Equipment Business equipment 11.63 195.6 200.2 193.6 194.8 193.0 197.3 199.5 194.0 189.7 191.9 182.9 183.5 183.4 178.2 Industrial equipment 6.85 179.1 181.8 174.4 177.2 176.9 184.9 187.0 182.1 176.0 178.7 172.9 172.8 172.0 168.3 Commercial equipment 2.42 220.0 227.1 226.0 228.5 223.2 220.8 223.0 219.2 217.8 221.1 213.9 214.2 213.7 207.9 Freight and passenger equipment. .. 1.76 246.7 254.5 247.7 238.5 232.3 231.8 232.9 224.0 223.3 222.4 203.2 207.9 204.4 193.4 Farm equipment .61 113366..88 114433..88 112244..11 113322..55 114411..00 114433..99 115500..55 114400..11 113344..44 113355..66 111144..11 111100..99 113311..00 Defense equipment 33..4411 Materials Durable goods materials 26.73 165.5 169.7 166.3 161.8 156.8 158.4 161.3 160.4 159.5 162.0 153.2 156.0 154.9 148.0 Consumer durable 3.43 163.9 168.9 163.3 158.4 153.9 144.4 147.3 147.9 150.4 158.5 142.7 147.6 140.6 113.5 Equipment 7.84 191.9 194.2 190.9 192.6 190.3 190.3 191.9 185.8 178.7 178.4 172.9 170.6 171.4 166.7 Construction 9.17 152.4 157.8 152.5 145.9 137.0 141.1 144.0 148.1 149.6 154.1 150.1 155.7 153.5 150.1 Metal materials n.e.c 6.29 152.8 157.0 157.3 148.6 145.5 151.6 156.1 153.6 154.9 154.8 138.9 142.9 144.1 140.6 Nondurable materials 25.92 183.9 188.4 187.8 183.7 182.5 186.9 187.1 188.5 185.1 186.6 177.8 186.2 188.2 189.1 Business supplies 9.11 166.6 174.1 170.9 162.7 161.5 165.6 167.8 169.3 164.8 165.1 154.7 165.0 164.7 166.9 Containers 3.03 168.6 178.6 165.6 154.9 165.0 167.3 165.8 172.2 169.9 171.1 157.9 177.6 172.7 175.6 General business supplies 6.07 165.5 171.9 173.5 166.6 159.8 164.7 168.8 167.8 162.3 162.1 153.1 158.8 160.7 162.6 Nondurable materials n.e.c 7.40 237.8 241.4 244.4 237.6 235.9 243.8 241.9 245.7 236.6 238.5 226.0 231.1 236.0 239.0 Business fuel and power 9.41 158.2 160.6 159.5 161.5 160.8 162.9 162.8 162.1 164.3 166.5 162.3 171.3 173.3 171.5 Mineral fuels 6.07 134.9 136.2 137.8 139.4 137.5 141.6 140.5 140.9 142.0 140.8 131.1 142.6 145.7 148.6 Nonresidential utilities 2.86 216.7 Electricity 2.32 220.6 227.5 218.3 221.2 224.7 221.1 223.6 220.7 227.3 239.0 247.1 253.4 252.9 General industrial 1.03 216.1 225.1 218.4 218.9 215.4 212.6 217.0 217.7 222.9 228.4 226.1 229.9 229.2 Commercial and other 1.21 223366..11 224411..77 223300..00 223355..00 224444..88 224400..44 224411..00 '' 223355..11 224433..11 226611..00 227799..00 228888..11 228877..22 Gas ..5544 Supplementary groups of consumer goods J Automotive and home goods 7.80 179.5 ! 192.1 175.9 167.4 165.1 171.5 176.3 175.5 176.0 > 181.2 153.5 150.4 163.3 160.9 Apparel and staples 2244..5511 115577..11 116622..22:: 115588..44 115533..11 115577..11 116600..33 115577..22 :: 115555..99 115555..33 116600..88 115588..99 117700..00 117700..00 For NOTE see p. A-61. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1970 • INDUSTRIAL PRODUCTION: N.S.A. A 61 INDUSTRY GROUPINGS (1957-59= 100) 11995577--5599 11996699 1969 1970 Grouping pprroo-- aavveerr-pp ttii oo oo rr nn -- aaggee Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.r Sept.r Oct. Total index 100.00 172.8 177.8 173.6 169.6 168.2 171.5 172.1 170.6 169.1 172.1 163.6 169.1 170.2 166.4 Manufacturing, total 86.45 173.9 179.5 175.0 169.6 167.5 171.3 172.2 171.0 168.9 171.8 161.6 166.4 167.6 164.4 Durable 48.07 176.5 181.5 175.4 172.6 169.1 170.7 173.5 170.5 169.4 171.3 159.8 161.0 162.3 156.4 Nondurable 38.38 170.6 176.9 174.5 165.9 165.6 172.0 170.6 171.7 168.4 172.3 163.8 173.2 174.2 174.5 Mining 8.23 130.2 132.7 132.9 133.1 130.1 134.1 134.0 135.0 137.9 137.6 129.2 138.2 140.1 141.9 Utilities 5.32 221.2 Durable manufactures Primary and fabricated metals 12.32 162.5 166.3 165.8 161.8 158.3 158.1 161.4 158.7 158.3 159.9 148.0 153.9 155.0 148.4 Primary metals 6.95 149.1 151.9 152.5 144.7 143.1 145.7 150.7 147.9 149.0 147.6 131.1 137.2 137.7 133.0 Iron and steel 5.45 140.3 143.6 144.1 136.7 135.2 136.3 141.1 138.3 139.4 138.8 124.5 128.7 128.0 123.8 Nonferrous metals and products 1.50 181.1 182.1 183.1 173.9 171.8 180.0 185.6 183.1 183.6 179.7 155.3 168.0 173.2 166.2 Fabricated metal products 5.37 179.8 184.8 183.0 183.8 177.9 174.1 175.1 172.6 170.5 175.7 169.9 175.3 177.2 168.4 Structural metal parts 2.86 173.3 177.7 177.1 178.9 171.9 167.6 167.6 165.1 163.4 167.7 162.9 168.1 169.2 167.0 Machinery and related products 27.98 188.4 193.4 184.6 183.2 181.0 182.9 185.8 181.0 179.5 181.4 168.2 165.5 167.7 160.7 Machinery 14.80 195.7 200.8 189.6 190.2 191.3 198.8 202.1 197.3 192.1 193.6 185.3 184.5 187.0 184.1 Nonelectrical machinery 8.43 194.6 196.7 193.0 197.9 197.9 199.7 202.1 197.4 191.8 190.4 182.4 176.2 177.7 173.0 Electrical machinery 6.37 197.2 206.3 185.0 180.1 182.5 197.6 202.1 197.2 192.4 197.8 189.2 195.6 199.3 198.9 Transportation equipment 10.19 174.6 181.7 174.2 169.0 163.5 158.2 161.6 157.0 161.2 164.6 142.0 136.1 139.0 124.5 Motor vehicles and parts 4.68 166.9 179.9 170.2 159.4 154.3 148.3 155.7 155.4 167.7 176.4 134.0 123.0 128.4 100.8 Aircraft and other equipment... 5.26 177.8 180.5 174.5 174.1 168.4 163.8 163.7 154.9 152.4 151.2 146.1 144.5 145.1 141.3 Instruments and related products.. 1.71 194.4 196.0 197.6 199.8 192.5 191.1 194.6 192.5 189.4 189.8 185.1 184.8 183.8 183.6 Ordnance and accessories 1.28 Clay, glass, and lumber 4.72 142.5 149.1 142.2 132.5 125.6 132.5 134.1 139.9 140.7 143.3 139.9 146.9 143.3 140.8 Clay, glass, and stone products.... 2.99 156.0 164.9 157.5 149.1 137.5 142.9 145.8 154.0 155.0 159.7 157.0 161.8 157.4 156.1 Lumber and products 1.73 119.1 121.8 115.8 103.8 105.0 114.6 113.7 115.5 116.1 115.1 110.5 121.1 119.0 Furniture and miscellaneous 3.05 176.7 184.0 181.8 181.3 170.2 169.3 171.0 169.0 165.2 168.5 161.9 170.9 170.9 173.7 Furniture and fixtures 1.54 186.9 191.0 188.8 190.3 179.7 176.7 178.2 174.7 169.2 173.5 168.2 177.7 176.8 179.4 Miscellaneous manufactures 1.51 166.4 176.9 174.7 172.2 160.6 161.7 163.6 163.2 161.1 163.4 155.5 163.9 164.8 167.9 Nondurable manufactures Textiles, apparel, and leather 7.60 144,2 147.2 147.5 130.8 138.9 146.4 143.0 142.0 139.5 139.3 124.9 139.0 138.2 141.5 Textile mill products 2.90 154.2 156.7 156.5 145.0 152.1 155.5 154.1 154.3 151.5 147.4 135.9 146.8 148.2 150.1 Apparel products 3.59 149.2 153.1 154.8 131.6 141.4 152.3 147.1 145.7 142.5 145.3 128.2 144.9 143.3 Leather and products 1.11 101.9 103.6 100.6 91.4 96.4 103.6 100.7 98.2 98.2 98.8 86.0 99.7 96.0 Paper and printing 8.17 164.4 172.4 170.2 162.8 160.6 166.1 165.7 168.7 164.2 162.8 153.1 160.8 159.9 163.9 Paper and products 3.43 175.6 187.0 178.5 163.8 171.2 180.9 176.6 182.5 175.4 174.7 159.1 174.6 168.3 176.4 Printing and publishing 4.74 156.3 161.9 164.3 162.1 152.9 155.4 157.8 158.8 156.1 154.3 148.8 150.8 153.8 154.9 Newspapers 1.53 142.7 153.4 159.6 145.5 129.7 136.4 140.0 148.4 145.9 138.2 125.3 126.9 138.1 144.3 Chemicals, petroleum, and rubber... 11.54 222.6 227.0 227.1 221.7 218.5 228.0 226.9 228.3 220.1 229.2 219.3 223.3 227.3 226.2 Chemicals and products 7.58 239.0 241.1 241.9 239.1 235.2 246.0 244.4 248.4 241.4 248.5 237.5 239.3 244.8 244.0 Industrial chemicals 3.84 283.0 284.0 288.2 286.6 277.7 290.0 287.6 295.0 281.3 287.2 276.0 276.5 285.0 Petroleum products 1.97 143.8 148.2 148.9 145.9 139.0 140.1 141.5 142.0 145.0 152.2 153.2 155.3 156.3 153.1 Rubber and plastics products 1.99 238.7 251.7 248.6 230.1 233.7 246.7 245.2 237.0 213.3 232.4 215.4 229.8 231.0 Foods, beverages, and tobacco 11.07 139.0 148.4 141.2 134.0 132.6 135.5 134.6 135.2 137.5 142.7 140.4 153.6 154.3 151.2 Foods and beverages 10.25 140.7 150.4 143.0 137.3 133.9 136.6 136.1 136.1 138.7 143.8 142.7 155.4 156.4 152.6 Food manufactures 8.64 136.7 147.2 142.3 135.3 132.5 134.0 132.2 130.6 133.2 136.9 138.1 152.8 154.7 150.8 Beverages 1.61 161.9 167.5 146.9 148.0 140.9 150.2 157.0 165.4 168.5 180.7 167.3 169.4 165.4 Tobacco products .82 117.3 123.9 118.5 93.7 116.5 122.2 115.0 124.8 122.0 129.1 112.0 131.8 127.7 Mining Coal, oil, and gas 6.80 127.4 128.6 130.2 131.9 130.4 134.1 132.8 132.4 134.0 132.7 122.9 133.5 136.5 139.4 Coal 1.16 117.7 126.1 123.8 117.2 110.8 123.8 122.5 123.9 135.5 127.2 94.7 135.2 135.3 139.6 Crude oil and natural gas 5.64 129.3 129.1 131.5 134.9 134.5 136.3 134.9 134.2 133.7 133.8 128.8 133.2 136.8 139.4 Oil and gas extraction 4.91 139.0 138.6 141.1 144.6 143.9 145.8 144.7 144.9 143.5 144.0 139.8 144.4 148.1 150.7 Crude oil 4.25 132.0 131.5 133.5 136.3 135.7 137.0 136.2 137.4 136.5 136.1 131.7 137.0 141.2 143.7 Gas and gas liquids .66 184.0 Oil and gas drilling .73 64.2 Metal, stone, and earth minerals 1.43 143.5 152.1 145.9 139.3 128.3 133.6 139.7 146.9 156.2 161.0 159.0 160.2 157.4 153.5 Metal mining .61 142.0 151.0 142.6 137.1 137.0 142.6 147.6 151.2 167.0 169.8 161.5 164.5 163.3 158.8 Stone and earth minerals .82 144.7 152.9 148.3 140.9 121.8 126.9 133.9 143.8 148.1 154.4 157.2 157.0 153.0 149.5 Utilities Electric 4.04 233.0 230.7 222.2 237.0 256.7 247.2 240.3 231.6 229.2 242.8 268.0 280.2 279.7 Gas 11..2288 7744..11 1 NOTE.—Published groupings include some series and subtotals not Industrial Production—1957-59 Base. Figures for individual series and shown separately. A description and historical data are available in subtotals (N.S.A.) are published in the monthly Business Indexes release. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 62 BUSINESS ACTIVITY; CONSTRUCTION • DECEMBER 1970 SELECTED BUSINESS INDEXES (1957-59= 100, except as noted) Industrial production Manu- Prices 4 facturing 2 CCCaaa--- PPPeeerrriiioooddd TToottaall M F a in jo a r l m pr a o r d k u et c t g s r ouf >>ii MM nngg aa ss tt ee-- Ma g j r o o r u i p n i d n u g s s t ry ppp iii uuu nnn ccc aaa ttt ((( ttt eee iii ppp ccc iii mmm lll nnn ooo iii iii eee zzz ttt ttt nnn rrr fff yyy aaa ))) ggg --- ... ttt sss CCC ttt rrr ccc ttt iii aaa rrr ooo ooo ooo uuu ccc nnn nnn nnn ttt ccc --- sss --- --- NNN TTT mmm rrr ppp ttt ooo iii eee ooo uuu eee ccc lll mmm nnn ttt ooo rrr nnn uuu aaa aaa aaa yyy ttt --- lll UUU ——— lll --- --- ggg --- pp mm EE ll ee oo mm nn yy -- tt -- P r P roo aa ll yy llss -- sss TTT rrr aaa eee ooo lll ttt ttt eee aaa aaa sss iii lll lll 333 ss CC uumm oonn ee -- rr WW cc ss oo aa hh mm ll oo ee ll -- ee-- Total g s C o u o o m n d e - s r E m q e u n ip t - rriiaallss Mfg. M in i g n - U iti t e il s - mmooddiittyy 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 96.7 195?, 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--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 \ "81.7 178 134.8 116.2 182.8 172 130.5 114.7 Dec 171.1 168.5 160.7 185.2 173.9 171.3 134.4 227.9 J 218 134.9 116.2 185.0 172 131.1 115.1 1970—Jan 170.4 168.5 161.5 183.6 172.5 170.2 131.7 230.1 ) 205 135.2 115.7 183.0 173 131.8 116.0 Feb 170.5 169.9 162.4 186.2 171.5 170.3 134.2 232.7 \ "79.8 215 135.4 115.0 179.9 175 132.5 116.4 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 J J u u n ly e 1 1 6 6 8 9 . . 8 2 1 16 6 7 6 . . 1 8 1 1 6 63 2 . . 5 8 1 17 7 3 6 . . 7 3 1 1 7 71 1 . . 2 4 1 1 6 6 8 8 . . 5 0 1 1 3 3 5 3 . . 5 8 2 23 3 6 5 . . 3 4 Jj 1 1 8 8 6 0 1 1 3 3 4 4 . . 5 4 1 1 1 1 1 2 . . 9 3 1 17 7 8 8 . . 1 6 1 1 7 8 8 0 1 1 3 3 5 5 . . 7 2 1 1 1 1 7 7 . . 7 0 S A e u p g t r r 1 1 6 6 8 5 . . 8 8 r r 1 1 6 66 3 . . 5 0 ' '1 1 6 6 0 3 . . 1 5 ' '1 1 6 7 9 3 . . 6 0 '1 1 6 7 9 1 . . 0 2 ' ' 1 1 6 6 7 3 . . 7 7 ' ' 1 1 3 3 7 8 . . 1 9 '2 2 4 3 2 5 . . 5 8 j1 '"76.2 2 1 1 8 2 3 '1 1 3 3 4 4. . 1 3 '1 1 1 1 1 0 . . 1 9 '1 1 7 7 8 9 . . 4 0 '1 1 8 8 1 0 1 1 3 3 6 6 . . 6 0 1 1 1 1 7 7 . . 8 2 Oct r162.4 r159.7 '157.0 '165.4 '165.2 '159.5 '139.9 '241.5 117799 '133.7 '107.0 r170.1 178 113377..44 117.8 Nov.?'. . .. 116611..44 115599..11 115566..99 116633..99 116633..66 115588..55 114400..11 224411..00 113333..44 110066..11 116699..33 117777 111177..66 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. Employment and payrolls: Based on Bureau of Labor Statistics data; NOTE.—All series: Data are seasonally adjusted unless otherwise noted. includes data for Alaska and Hawaii beginning with 1959. Prices: Bureau of Labor Statistics data. CONSTRUCTION CONTRACTS AND PRIVATE HOUSING PERMITS (In millions of dollars, except as noted) 1969 1970 TT tt yy yy pp pp ee ee oo oo ff ff oo cc ww oo nn nn ee ss rr ttrr ss uu hh cc iipp ttii oo aa nn nn dd 11996688 11996699 ii Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Total construction 1 66661111,,,,777733332222 66667777,,,,444422225555 6666,,,,222244440000 4444,,,,444400006666 5555,,,,222222228888 4444,,,,999922227777 5555,,,,222244449999 6666,,,,111144440000 6666,,,,777755557777 5555,,,,444411117777 6666,,,,555555552222 6666,,,,111177777777 6666,,,,222222229999 5555,,,,333399998888 5,453 By type of ownership: Public 11119999,,,,555599997777 22222222,,,,666655556666 1111,,,,666622226666 1111,,,,444422227777 1111,,,,777722227777 1111,,,,444433333333 1111,,,,666655552222 2222,,,,000033337777 1111,,,,777799991111 1111,,,,666699995555 2222,,,,888811114444 2222,,,,333311112222 2222,,,,000077778888 1111,,,,888866669999 2,023 Private i 44442222,,,,111133335555 44444444,,,,777766669999 4444,,,,666611115555 2222,,,,999988880000 3333,,,,555500001111 3333,,,,444499995555 3333,,,,555599997777 3333,,,,888866664444 4444,,,,999966666666 3333,,,,777722222222 3333,,,,777733338888 3333,,,,888866665555 4444,,,,111155551111 3333,,,,555522229999 3,430 By type of construction: Residential building 1 22224444,,,,888833338888 22225555,,,,222211119999 2222,,,,222299990000 1111,,,,666677775555 1111,,,,777744444444 1111,,,,444477775555 1111,,,,444488882222 1111....999977774444 2222,,,,444466666666 2222,,,,111122222222 2222,,,,333344447777 2222,,,,333344447777 2222,,,,333344449999 2222,,,,111177776666 Nonresidential building 22222222,,,,555511112222 22225555,,,,666666667777 2222,,,,555500002222 1111,,,,555566666666 2222,,,,111166668888 2222,,,,222255552222 2222,,,,222266669999 2222,,,,111199991111 2222,,,,444411112222 1111,,,,777744449999 2222,,,,444466669999 2222,,,,444466669999 2222,,,,333333331111 1111,,,,999944443333 Nonbuilding 11114444,,,,333388882222 11116666,,,,555533339999 1111,,,,111144449999 1111,,,,111166665555 1111,,,,333311117777 1111,,,,222200001111 1111,,,,444499998888 1111....999977775555 1111,,,,888877777777 1111,,,,555544444444 1111,,,,333366661111 1111,,,,333366661111 1111,,,,555544449999 1111,,,,222277778888 Private housing units authorized... 1111,,,,333333330000 1111,,,,222299999999 1111,,,,111188883333 1111,,,,111199991111 1111,,,,222233339999 1111,,,,000011113333 1111,,,,111133337777 1111,,,,000099999999 1111,,,,222266663333 1111,,,,333322221111 1111,,,,333300006666 1111,,,,222277775555 1111,,,,333322226666 1111,,,,333377771111 Pi,514 (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
DECEMBER 1970 • CONSTRUCTION A 63 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Nonresidential Period Total Total N f r a e o r s n m i- - Buildings Total M ta i r l y i- H w ig a h y - C v o a n & ti s o e n r - Other 2 dential Total In tr d i u al s - m C e o r m cia - l b i O n u t g i h s l e d 1 r - Other de m ve e l n o t p - 196 1 55,447 38,299 21,680 16,619 2,780 4,674 3,280 5,885 17,148 1,371 5,854 1,384 8,539 1962 3 59,667 41,798 24,292 17,506 2,842 5,144 3,631 5,889 17,869 1,266 6,365 1,524 8,714 19634 63,423 44,057 26,187 17,870 2,906 4,995 3,745 6,224 19,366 1,189 7,084 1,690 9,403 196 4 66,200 45,810 26,258 19,552 3,565 5,396 3,994 6,597 20,390 938 7,133 1,729 10,590 196 5 72,319 50,253 26,268 23,985 5,118 6,739 4,735 7,393 22,066 852 7,550 2,019 11,645 196 6 75,120 51,120 23,971 27,149 6,679 6,879 5,037 8,554 24,000 769 8,355 2.195 12,681 196 7 76,160 50,587 23,736 26,851 6,131 6,982 4,993 8,745 25,573 721 8,538 2.196 14,511 196 8 84,692 56,996 28,823 28,173 5,594 8,333 4,873 9,373 27,696 824 9,295 2,046 15,531 196 9 90,866 62,806 30,603 32,203 6,373 10,136 5,521 10,170 28,060 949 9,276 1,796 16,039 1969—Oct.. 90,657 63,561 29,280 34,281 6,946 19,856 5,850 10,629 27,096 943 Nov.. 88,791 61,805 28,778 33,027 6,571 10,168 6,023 10,265 26,986 779 Dec.. 89,759 61,878 28,926 32,952 6,419 10,337 5,861 10,335 27,881 895 1970—Jan.., 90,790 62,737 28,711 34,026 6,433 11,029 5,885 10,679 28,053 937 Feb.. 91,978 63,340 28,658 34,682 6,000 11,724 6,227 10,731 28,638 890 Mar.. 90,718 64,159 29,381 34,778 5,916 11,831 6,099 10,733 26,559 766 Apr.. 90,485 63,365 29,588 33,777 6,230 10,577 5,857 11.113 27,115 746 May. 89,435 62,389 28,883 33,506 5,864 10,553 5,975 11.114 27,046 868 June. 90,488 62,103 28,149 33,954 5,892 10,903 5,878 11,281 28,385 830 July.. 90,652 62,268 28,607 33,661 5,915 10,027 5,932 11,787 28,384 592 Aug.' 92,124 63,618 29,661 33,957 6,241 10,188 5,959 11,569 28,506 845 Sept.. 93,345 64,595 30,638 33,957 5,741 10,375 5,686 12,155 28.750 738 Oct.*5 93,149 64,398 31,560 32,838 5,994 9,426 5,437 11,967 28.751 866 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 MMMMoooobbbbiiiilllleeee PPrriivvaattee aanndd ppuubblliicc uunnddeerrwwrriitttteenn hhhhoooommmmeeee PPPPeeeerrrriiiioooodddd ((NN..SS..AA..)) ((NN..SS..AA..)) sssshhhhiiiipppp---- Region Type of structure mmmmeeeennnnttttssss ((((NNNN....SSSS....AAAA....;;;; TToottaall N e o a r s t t h - C N e o n r t t r h a l South West family 2 fa - m to i l 4 y - f m 5 a - m o r o i e r ly - 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—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.r 1,425 181 298 640 306 838 94 493 132 129 3 40 34 6 38 Sept 1,504 198 259 672 375 877 122 505 133 130 3 40 34 6 41 Oct.p 1,550 221 326 642 361 866 89 595 141 138 3 46 40 6 45 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 • DECEMBER 1970 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons, except as noted) Civilian labor force, S.A. Period i p T n o s o N t p t i a t u .S u l l t a . n A i t o o i . n o n n a - l l N ab o N o t . r S i n . f A o t r . h c e e T l f a S o o b . r A t o c a e r . l Total Total E In m c u n p l o t l n u o a r y a g e l r d i 1 - In U pl n o e y m ed - U (p n e e m r S r m a . e t A c p n e e . 2 t l n o t y ) industries agriculture 196 4 127,224 51,394 75,830 73,091 69,305 64,782 4,523 3,786 5.2 196 5 129,236 52,058 77,178 74,455 71,088 66,726 4,361 3,366 4.5 196 6 131,180 52,288 78,893 75,770 72,895 68,915 3,979 2,875 3.8 19673 133,319 52,527 80,793 77,347 74,371 70,527 3,844 2,975 3.8 196 8 135,562 53,291 82,272 78,737 75,920 72,103 3,817 2,817 3.6 196 9 137,841 53,602 84,239 80,733 77,902 74,296 3,606 2,831 3.5 1969—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 Nov. 141 091 54,705 86,432 83,393 78,535 75,202 3,333 4,858 5.8 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 Manufac- Mining construc- tion & pub- Trade Finance Governturing tion lic utilities ment 196 4 58,331 17,274 634 3,050 3,951 12,160 2,957 8,709 9,596 196 5 60,815 18,062 632 3,186 4,036 12,716 3,023 9,087 10,074 196 6 63,955 19,214 627 3,275 4,151 13,245 3,100 9,551 10,792 196 7 65,857 19,447 613 3,208 4,261 13,606 3,225 10,099 11,398 196 8 67,915 19,781 606 3,285 4,310 14,084 3,382 19,623 11,845 196 9 70,274 20,169 619 3,437 4,431 14,645 3,557 11,211 12,204 SEASONALLY ADJUSTED 1969—No v 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 12,503 Apr 71,149 19,795 622 3,426 4,468 14,991 3,673 11,564 12,610 May 70,839 19,572 620 3,351 4,478 14,968 3,677 11,572 12,601 June 70,629 19,477 620 3,324 4,511 14,927 3,679 11,532 12,559 July 70,587 19,402 618 3,314 4,539 14,933 3,676 11,514 12,591 Aug 70,414 19,271 619 3,305 4,520 14,912 3,670 11,521 12,596 Sept 70,531 19,285 621 3,262 4,511 14,961 3,684 11,622 12,585 Oct.f 70,216 18,726 620 3.273 4,502 15,004 3,696 11,669 12,726 NOV.P 70,082 18,590 626 3.274 4,493 14,919 3,710 11,694 12,776 NOT SEASONALLY ADJUSTED 1969—No v 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 70,922 19,512 628 3,500 4,561 14,936 3,695 11,634 12,456 Oct.P 70,726 18,892 621 3,466 4,520 15,031 3,689 11,681 12,826 Nov.f 70,638 18,697 624 3,349 4,515 15,164 3,695 11,659 12,935 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
DECEMBER 1970 • EMPLOYMENT AND EARNINGS A 65 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted1 Not seasonally adjusted1 Industry group 1969 1970 1969 1970 Nov. Sept. Oct.? NOV.p Nov. Sept. Oct." Nov.33 14,638 14,000 13,474 13,364 14,763 14,224 13,645 13,481 Durable goods 8,522 8,039 7,571 7,463 8,580 8,103 7,625 7,516 Ordnance and accessories 168 128 121 118 170 129 122 119 Lumber and wood products 522 495 494 490 519 505 497 487 Furniture and fixtures 397 377 373 373 403 380 377 378 Stone, clay, and glass products 526 505 499 495 529 517 505 498 Primary metal industries 1,108 1,047 1,008 991 1,091 1,039 988 976 Fabricated metal products 1,106 1,067 1,019 1,000 1,120 1,075 1,029 1,013 Machinery 1,384 1,281 1,236 1,215 1,372 1,274 1,226 1,204 Electrical equipment and supplies 1,264 1,258 1.214 1,195 1,282 1,268 1,229 1,214 Transportation equipment 1,418 1,286 i;023 1,007 1,443 1,306 1,046 1,027 Instruments and related products 292 273 268 265 293 273 268 267 Miscellaneous manufacturing industries 337 322 316 314 358 337 338 333 Nondurable goods 6,116 5,961 5,903 5,901 6,183 6,121 6,020 5,965 Food and kindred products 1,214 1,193 1,183 1,200 1,243 1,316 1,265 1,229 Tobacco manufactures 67 63 63 65 73 77 75 71 Textile-mill products 873 839 830 825 879 843 834 829 Apparel and related products 1,233 1,210 1,197 1,202 1,245 1,222 1,212 1,214 Paper and allied products 554 543 534 537 558 546 535 541 Printing, publishing, and allied industries 690 680 677 675 694 681 679 679 Chemicals and allied products 619 606 605 597 616 605 601 594 Petroleum refining and related industries 118 115 116 116 118 117 117 116 Rubber and misc. plastic products 459 436 423 410 465 438 427 415 Leather and leather products 289 276 275 274 292 276 275 277 1 Data adjusted to 1969 benchmark. NOTE.—Bureau of Labor Statistics; data cover production and related workers only (full- and part-time) who worked during, or received pay for, the pay period that includes the 12th of the month. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES Average hours worked1 Average weekly earnings1 Average hourly earnings i (per week; S.A.) (dollars per week; N.S.A.) (dollars per hour; N.S.A.) IInndduussttrryy ggrroouupp 1969 1970 1969 1970 1969 1970 Nov. Sept. Oct.P Nov.p Nov. Sept. Oct.? Nov.p Nov. Sept. Oct." Nov." Total 40.5 39.3 39.4 39.5 132.36 135. 43 133.85 134.24 3.26 3.42 3.38 3.39 Durable goods 41.1 39.8 39.9 40.0 142.55 145 .56 143.16 143.56 3.46 3.63 3.57 3.58 Ordnance and accessories 40.3 39.7 40. 1 40.7 143.32 146.. 00 147.53 154.16 3.53 3.65 3.67 3.76 Lumber and wood products 40.2 39.6 39.4 40.1 114.11 121.. 70 121.39 120.99 2.86 3.05 3.05 3.04 Furniture and fixtures 40.0 38.3 39.1 39.4 108.81 108., 92 111.44 111.95 2.70 2.80 2.80 2.82 Stone, clay, and glass products 41.8 40.9 41.0 41.1 137.85 142., 83 143.66 143.38 3.29 3.45 3.47 3.48 Primary metal industries 41.6 40.9 39.8 39.1 159.39 166., 46 157.21 155.21 3.85 4.07 3.99 3.99 Fabricated metal products 41.4 39.8 40.1 40.2 141.86 145., 44 143.82 144.23 3.41 3.60 3.56 3.57 Machinery 42.2 40.1 40.4 40.5 154.87 152., 76 153.92 154.71 3.67 3.80 3.81 3.82 Electrical equipment and supplies 40.1 39.2 39.7 39.5 126.77 131. 54 132.87 133.27 3.13 3.33 3.33 3.34 Transportation equipment 40.7 39.8 39.8 39.7 165.17 167. 66 163.22 163.62 3.98 4.15 4.03 4.04 Instruments and related products 40.9 39.4 39.9 40.2 132.75 134. 64 136.34 137.76 3.23 3.40 3.40 3.41 Miscellaneous manufacturing industries... 38.9 38.1 38.4 38.7 106.90 109. 16 110.58 112.32 2.72 2.85 2.85 2.88 Nondurable goods 39.6 38.6 38.9 38.8 118.21 122. 15 122.07 122.85 2.97 3.14 3.13 3.15 Food and kindred products 40.8 40.0 40.5 40.3 123.41 130. 56 129.92 130.82 3.01 3.20 3.20 3.23 Tobacco manufactures 37.2 36.1 38.2 38.5 97.73 108. 29 111. 79 113.87 2.62 2.88 2.83 2.95 Textile-mill products 40.7 38.8 39.5 39.6 99.46 96. 19 99.50 100.80 2.42 2.46 2.50 2.52 Apparel and related products 35.8 34.2 35.0 35.3 83.77 83. 45 84.70 85.78 2.34 2.44 2.42 2.43 Paper and allied products 42.7 41.4 41.6 41.6 142.43 147. 97 147.14 147.55 3.32 3.54 3.52 3.53 Printing, publishing, and allied industries. 38.4 37.4 37.3 37.4 145.15 151. 18 149.97 150.35 3.78 4.01 4.01 4.02 Chemicals and allied products 41.8 42.0 41.2 41.3 149.52 158. 76 155.32 157.70 3.56 3.78 3.77 3.80 Petroleum refining and related industries . 42.6 43.0 43.3 43.0 175.07 187. 49 187.49 186.62 4.10 4.32 4.31 4.33 Rubber and misc. plastic products 40.8 40.0 39.5 39.0 128.64 132. 03 129.28 127.73 3.13 3.26 3.24 3.25 Leather and leather products 37.3 36.5 37.0 36.9 90.51 90. 86 92.37 93.24 2.42 2.51 2.51 2.52 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 • DECEMBER 1970 CONSUMER PRICES (1957-59=100) Housing Health and recreation PPeerriioodd iitt AA eemm llll ss FFoooodd Total Rent H ow o n m e e r - - F a o n u il d e l e G a l n e a c d s - n F i a n i n u s g h r d s - - AA uu pp pp aa pp kk nn aa ee dd ee rr pp eell TT pp tt oo rr ii aa rr oo nn tt nn aa ss -- -- Total M ic e a d l - s P o e n r a - l R a i e n n a g d d - g O a o t n o h d d e s r ship coal tricity opera- care care recrea- servtion tion ices 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—Oc t 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 Oct 111113333377777.....44444 111113333333333.....00000 111333888...555 111112222255555.....22222 158.6 111222555...555 111111888...000 123.9 134.8 111333333...555 146.3 111666777...999 111333222...111 111333888...444 111333999...555 NOTE.—Bureau of Labor Statistics index for city wage-earners and clerical workers. WHOLESALE PRICES: SUMMARY (1957-59=100) Industrial commodities m c t A o o i m e l d l s i - - p F u r a c o r t d m s - c f f e P o a e s r o n e s o d d d e - d s s Total T t e il t e e c x s . - , H e i t d c e . s, F e u tc e . l , C ic e h a t e c l m s . , - R b e u t e c r b . , - L b e u t e c m r . , - P e a t p c e . r, M e a t l e c s t , . - e c m M q a e h n r u e i a n y 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 l i - s c - - T e m p t q r o i e u a o r n n n i t p a t s 1 - - - n c M e e o l i l s u a - s - 100.7 96.9 100.0 101.3 101.5 105.2 99.6 100.2 99.9 100.4 101.8 101.3 102.9 100.1 101.4 101.7 100.3 96.0 101.6 100.8 99.7 106.2 100.7 99.1 96.1 95.9 98.8 100.7 102.9 99.5 101.8 102.0 100.6 97.7 102.7 100.8 100.6 107.4 100.2 97.5 93.3 96.5 100.0 100.0 102.9 98.8 101.8 102.4 100.3 95.7 103.3 100.7 100.5 104.2 99.8 96.3 93.8 98.6 99.2 100.1 103.1 98.1 101.3 103.3 100.5 94.3 103.1 101.2 101.2 104.6 97.1 96.7 92.5 100.6 99.0 102.8 103.8 98.5 101.5 104.1 102.5 98.4 106.7 102.5 101.8 109.2 98.9 97.4 92.9 101.1 99.9 105.7 105.0 98.0 101.7 104.8 105.9 105.6 113.0 104.7 102.1 119.7 101.3 97.8 94.8 105.6 102.6 108.3 108.2 99.1 102.6 106.8 106.1 99.7 111.7 106.3 102.1 115.8 103.6 98.4 97.0 105.4 104.0 109.5 111.8 101.0 104.3 109.2 108.8 102.2 114.2 109.0 105.8 119.5 102.5 98.2 100.2 119.4 104.9 112.4 115.4 103.9 108.2 111.7 113.0 108.5 119.8 112.7 108.0 125.8 104.6 98.3 102.1 132.0 108.2 118.9 119.0 106.1 112.8 100.7 114.7 114.0 107.9 121.6 113.8 109.1 127.4 105.4 98.6 103.5 122.6 109.0 122.4 120.5 106.5 113.8 102.3 116.7 114.7 111.1 121.8 114.2 109.2 126.8 105.5 98.9 104.4 123.9 109.3 122.9 121.0 106.9 113.9 102.7 117.0 115.1 111.7 122.6 114.6 109.2 126.5 106.1 98.8 104.5 122.5 109.5 123.8 121.9 107.2 114.5 102.7 117.0 116.0 112.5 125.1 115.1 109.5 126.6 105.6 99.1 104.7 121.6 111.1 124.9 122.5 107.5 116.5 102.9 117.4 116.4 113.7 125.2 115.5 109.4 126.7 106.4 99.5 104.6 120.2 111.8 126.1 122.8 107.9 116.9 102.9 117.5 116.6 114.3 124.9 115.8 109.5 126.8 106.3 100.0 104.4 119.5 112.1 127.0 123.1 108.1 117.3 103.2 117.8 116.6 111.3 124.9 116.2 109.3 128.5 107.5 100.4 104.2 120.1 112.5 127.8 123.4 108.3 117.8 103.1 117.8 116.8 111.0 124.1 116.6 109.3 127.9 109.1 100.6 104.2 121.0 112.3 128.7 123.7 108.3 117.9 103.2 118.2 117.0 111.3 124.8 116.7 109.3 127.3 108.6 100.5 104.1 120.2 112.2 129.1 124.1 108.6 117.9 103.3 121.0 117.7 113.1 126.6 116.9 109.2 127.1 108.9 100.9 105.6 119.6 112.5 129.0 124.7 108.8 118.1 103.2 121.4 117.2 108.2 126.1 117.1 109.5 127.1 109.6 101.1 106.3 120.2 112.3 128.8 124.8 108.9 118.5 103.3 121.5 117.8 111.8 126.2 117.4 109.6 127.3 111.0 100.9 106.0 120.4 112.4 128.7 125.3 109.0 118.7 103.6 121.9 117.8 107.5 124.9 118.3 109.4 127.9 112.6 101.4 106.1 119.2 113.0 129.0 126.0 109.2 119.1 108.2 122.0 t For transportation equipment, Dec. 1968 = 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1970 • PRICES A 67 WHOLESALE PRICES: DETAIL (1957-59= 100) 1969 1970 1969 Group Group Oct. Aug. Sept. Oct. Oct. Aug. Farm products: Pulp, paper, and allied products: Fresh and dried produce. 101.3 99.6 113.4 102.4 Pulp, paper and products, excluding Grains 84.8 89.2 100.5 96.0 building paper and board 109.6 113.1 Livestock 118.7 118.6 114.9 111.8 Woodpulp 98.0 109.6 Live poultry 85.3 77.5 81.7 76.5 Wastepaper 107.2 92.6 Plant and animal fibers. . 66.1 66.2 64.9 64.1 Paper 116.5 122.5 Fluid milk 136.8 139.5 140.3 140.6 Paperboard 95.9 95.5 Eggs 113.8 89.6 117.6 88.2 Converted paper and paperboard... 110.3 113.2 Hay and seeds 101.2 116.6 118.3 123.0 Building paper and board 94.6 93.1 Other farm products 116.7 118.3 118.7 117.1 Processed foods and feeds: Metals and metal products: Cereal and bakery products 121.2 126.5 127.9 128.7 Iron and steel 113.7 120.3 Meat, poultry, and fish 120.2 122.5 120.9 116.4 Steelmill products 116.4 122.8 Dairy products 130.7 136.2 135.8 136.5 Nonferrous metals 144.8 151.1 S P A B u r e n o g v i c m a e e r r a s a s a l g e n e f d a d s t f a s c r n o u a d n i n t f d s b e c e a o t v n i i e l o d s r n a v e g e r e g y e m ta a b t l e e r s i als. . . 1 1 1 1 2 1 1 1 7 8 6 5 . . . . 7 3 0 0 1 1 1 1 2 1 1 3 1 8 9 2 . . . . 1 5 6 4 1 1 1 1 2 2 3 1 0 1 3 8 . . . . 1 5 6 0 1 1 1 1 1 2 1 3 9 1 7 4 . . . . 1 9 8 0 H P H M l a e u e a r t m d t a i w b l n i c g a n o r g e n e q t e a u q i i u n p i e m p r m s e n e t n t 1 1 1 9 2 2 2 8 0 0 2 . . . . 7 6 8 2 1 1 1 1 2 2 2 0 6 7 4 3 . . . . 1 8 4 1 Crude vegetable oils 88.4 109.9 104.2 117.6 Fabricated structural metal products 113.4 119.4 Refined vegetable oils 88.9 107.5 104.8 114.4 Miscellaneous metal products.... 124.4 131.6 Vegetable oil end products 104.7 114.5 114.5 117.5 Miscellaneous processed foods 131.6 128.6 129.7 128.6 Manufactured animal feeds 119.9 128.1 131.2 127.7 Machinery and equipment: Textile products and apparel: Agricultural machinery and equip... 133.2 137.6 Cotton products 105.8 106.3 106.4 106.7 Construction machinery and equip.. 137.7 141.6 Wool products 104.5 102.4 102.0 100.9 Metalworking machinery and equip 135.4 141.5 Manmade fiber textile products. 91.6 88.0 87.1 85.7 General purpose machinery and Silk ya!rns 183.9 201.0 193.2 193.4 equipment 123.4 130.1 Apparel 116.5 119.0 119.6 119.9 Special industry machinery and Textile housefurnishings 108.0 110.5 111.3 111.2 equipment (Jan. 1961= 100) 130.2 135.4 Miscellaneous textile products. .. 127.2 128.2 128.4 125.4 Electrical machinery and equip 105.6 108.8 Miscellaneous machinery 120.0 123.2 Hides, skins, leather, and products: Hides and skins 118.0 92.8 93.8 97.2 Furniture and household durables: Leather 120.3 118.9 116.8 118.1 Footwear 135.2 137.9 138.8 139.0 Household furniture 123.3 126.6 Other leather products. 118.4 121.1 121.0 121.0 Commercial furniture 122.4 128.4 Floor coverings 93.1 92.7 Fuels and related products, and power: Household appliances 93.1 95.1 Home electronic equipment 77.9 77.2 Coal 120.6 157.8 165.3 181.0 Other household durable goods. . . 131.2 135.8 Coke 126.9 141.0 141.0 163.4 Gas fuels (Jan. 1958=100) 128.7 137.2 142.9 143.0 Electric power (Jan. 1958= 100). 103.7 105.5 106.1 108.0 Nonmetallic mineral products: Crude petroleum 104.5 103.3 103.3 103.3 Petroleum products, refined.... 101.6 103.1 103.8 103.8 Flat glass 116.2 122.1 Concrete ingredients 116.6 122.4 Chemicals and allied products: Concrete products 113.5 118.9 Structural clay products excluding Industrial chemicals 97.6 98.6 98.7 98.9 refractories 117.8 121.3 Prepared paint 120.3 122.8 122.8 123.2 Refractories 117.2 125.7 Paint materials 93.9 91.6 91.1 91.0 Asphalt roofing 96.7 93.6 Drugs and pharmaceuticals 94.0 95.5 94.8 95.1 Gypsum products 105.9 104.7 Fats and oils, inedible 98.9 112.0 104.0 117.4 Glass containers 116.1 120.9 Agricultural chemicals and products.. 86.3 91.6 92.2 92.7 Other nonmetallic minerals 110.6 114.6 Plastic resins and materials 80.2 80.6 81.1 81.3 Other chemicals and products 114.3 118.5 118.5 118.4 Rubber and plastic products :l Transportation equipment: C Ti r r u e d s e a r n u d b b tu e b r es 1 8 0 9 0 . . 7 6 1 8 0 5 7 . . 7 5 1 8 0 5 7 . . 5 5 1 8 0 4 7 . . 9 5 M Ra o i t lr o o r a v d e e h q ic u l i e p s m a e n n d t e (J q a u n ip . m 19 e 6 n 1 t = . . 1 . 0 0) 1 11 0 5 8 . . 1 7 1 1 0 1 9 9 . . 5 3 Miscellaneous rubber products 111.7 118.7 119.6 120.2 Plastic construction products (Dec. 1969 = 100) 97.0 95.5 95.5 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms, ammunition 112.3 116.2 Lumber 128.0 123.0 124.1 123.4 Tobacco products 123.8 131.8 Millwork 133.9 131.0 129.7 128.3 Notions 106.7 109.8 Plywood 95.8 99.0 98.9 96.3 Photographic equipment and supplies 114.9 117.2 Other wood products (Dec. 1966 = 100) 116.7 119.4 119.2 119.2 Other miscellaneous products.... 114.8 118.3 t 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 • DECEMBER 1970 GROSS NATIONAL PRODUCT (In billions of dollars) 1969 Item 1929 1933 1941 1950 1965 1966 1967 1968 1969 IV 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 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 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 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 Nondurable goods 37.7 22.3 42.9 98. 1 191. 1 206.9 215.0 230.2 245.8 248. 1 252.0 258.8 Services 30.3 20. 1 28. 1 62.4 175.5 188.6 204.0 221.6 241.6 244.5 249.8 255.2 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 Fixed investment 14.5 3.0 13.4 47.3 98.5 106.6 108.4 118.9 131.4 132.4 133.0 131.6 Nonresidential 10.6 2.4 9.5 27.9 71.3 81.6 83.3 88.7 99.3 101.5 102.6 102.6 Structures 5.0 .9 2.9 9.2 25.5 28.5 28.0 29.6 33.8 35.2 35. 1 35.7 Producers' durable equipment. 5.6 1.5 6.6 18.7 45. 53. 1 55.3 59. 1 65.5 66.3 67.5 66.9 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 Nonfarm 3 .5 3.7 18.6 26.7 24.5 24.5 29.7 31.5 30.4 29.8 28.4 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 Nonfarm 1.8 -1.4 4.0 6.0 8.6 15.0 7.5 7.5 8.0 10.8 6.5 .9 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 Exports 7.0 2.4 5.9 13 39.2 43.4 46.2 50.6 55.5 58.3 58.8 61. 1 Imports 5.9 2.0 4.6 12.0 32.3 38. 1 41.0 48. 1 53.6 55.6 56.2 57.6 Government purchases of goods and services. 8.5 8.0 24.8 37.9 137.0 156.8 180. 200.2 212.2 214.1 216.3 219.6 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 National defense 13.8 14. 1 50.1 60.7 72.4 78.0 78.8 79.8 78.8 79.3 Other 3.1 4.3 16.8 17.1 18.4 21 22.6 22.7 23.3 23.0 State and local 7.2 7.9 19.5 70. 1 79.0 89.4 100.7 110.8 111.6 114.2 117.4 Gross national product in constant (1958) dollars 203.6 141.5 263.7 355.3 617.8 658.1 675.2 707.2 111. 730.9 729.2 723.8 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 IItteemm III IV • II IIP National income 86.8 40.3 104.2 241.1 564.3 620.6 653.6 712.7 769.5 779.5 785.2 791.5 797.4 807.2 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 19.1 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 151 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 7799..00 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 85.0 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 39.6 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 45.4 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 20.0 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 -5.9 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
DECEMBER 1970 • NATIONAL PRODUCT AND INCOME A 69 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING (In billions of dollars) 1969 1929 1933 1941 1950 1965 1966 1967 1968 1969 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 Less: Capital consumption allowances 7.9 7.0 8.2 18.3 59.8 63.9 68 74.0 78.9 79.4 80.7 82.1 Indirect business tax and nontax liability 7.0 7. 11.3 23.3 62.5 65.7 70.4 78. 85.2 86.6 87.7 89.3 Business transfer payments .6 .7 .5 .8 2.7 3.0 3. 3.3 3.5 3.5 3.5 3.6 Statistical discrepancy .7 .6 .4 1.5 -3.1 -1.0 -.7 -2.4 -4.7 -5.5 -4.3 -5.4 Plus: Subsidies less current surplus of government enterprises -.1 .2 1.3 2.3 1.4 .7 1.0 1.0 1.2 1.6 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 Less: Corporate profits and inventory valuation adjustment 10.5 15.2 37.7 76 82.4 78.7 85.4 85. 86.8 82.0 76.7 Contributions for social insurance .2 2. 6.9 29.6 38.0 42.4 47.1 53.6 54.2 55.1 56.0 Excess of wage accruals over disbursements 2.5 Plus: Government transfer payments 1.5 2.6 14.3 37.2 55.7 61.6 62.0 63.4 66.3 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 Dividends 5 2.0 4.4 8.8 19.8 20.8 21.4 23.3 24.7 25.0 25.2 25.2 Business transfer payments .6 .7 .5 .8 2.7 3.0 3.1 3.3 3.5 3.5 3.5 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 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 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 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 Personal consumption expenditures, 77.2 45. 80.6 191.0 432.8 466.3 492.1 535.8 577.5 582.1 592.6 603.1 C Pe o r n s s o u n m al e r t r i a n n te sf r e e r s t p p a a y y m m e e n n t t s s to for- 1.5 .5 .9 2.4 11.3 12.4 13.2 14.3 15.7 15.8 16.1 16.4 eigners .3 .2 .2 .5 .7 .6 .7 .7 .9 .9 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 Disposable personal income in constant (1958) dollars 150.6 112.2 190.3 249.6 435.0 458.9 477.5 499.0 5115 515.9 517.8 522.9 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 Item 1968 1969 Oct. Nov. Dec Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Total personal income 688.7 748.9 766.7 770.6 774.3 777.8 781.5 787.6 806.0 799.7 798.2 803.3 806.4 Wage and salary disbursements 464.8 509.0 522.7 525.2 528.0 529.5 531.1 535.0 539.9 540.5 538.1 541.5 543.2 Commodity-producing industries... 181.5 197.5 201.8 201.9 203.8 202.2 202.0 203.9 202.3 200.9 201.3 202.1 202.0 Manufacturing only 145.9 157.5 160.9 160.0 161.6 160.8 160.0 161.3 160.0 159. 159.5 160.1 159.6 Distributive industries 109.2 119.8 123.1 124.1 124.1 125.4 125.7 126.7 126.0 127.2 127.9 129.1 129.7 Service industries 78.4 87.7 90.0 91.0 91.6 93.1 94.1 94.6 95.1 95.5 95.7 96.8 97.3 Government 95.7 104.1 107.7 108.1 108.5 108.9 109.3 109.8 116.5 116.9 113.2 113.5 114.2 Other labor income 24.9 27.6 28.3 28.5 28.6 29.0 29.3 29.6 29.8 30.0 30.3 30.6 30.8 Proprietors' income 64. 66 67.5 67.1 67.0 67.2 67.6 67.9 67.9 67.8 67.7 67.8 67.8 Business and professional 49. 50.5 50.8 50.5 50.4 50.4 50.6 50.7 51.0 51.3 51.5 51.6 51.7 Farm 15.0 16.4 16.7 16.6 16.6 16.8 17.0 17.2 16.9 16.5 16.2 16.2 16.1 Rental income 21.3 22.0 22.2 22.3 22.4 22.5 22.5 22.6 22.6 22.6 22.7 22.7 22.7 Dividends 23.3 25.2 25.0 25.1 25.2 25.2 25.2 25.3 24.7 25.2 25.3 24.7 25.3 Personal interest income 54.0 59.7 61.2 62.0 62.6 63.0 63.4 63.7 64.2 64.5 64.8 65.3 66.0 Transfer payments 59.0 66.3 67.7 68.8 69.7 71.1 84 76.6 77.6 78.1 78.6 65 66.9 Less: Personal contributions for social insurance 22. 26.0 26.7 26.7 26.9 27.3 27.3 27.5 27.7 27.7 27.6 27.8 28.0 Nonagricultural income 668.2 726.7 744.1 747.9 751.6 755.0 758.4 764.3 783.0 777.0 775.7 780.9 784.0 Agriculture income 20.5 22.2 22.6 22.7 22.7 22.8 23.1 23.3 23.0 22.7 22.4 22.4 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 • DECEMBER 1970 SUMMARY OF FUNDS RAISED AND ADVANCED IN U.S. CREDIT MARKETS (Seasonally adjusted annual rates; in billions of dollars) 1968 1969 1970 Transaction category, or sector 1965 1966 1967 1968 1969 II III IV I II III IV 1 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 55.0 51.7 52.9 52.7 63.1 6 7 Corporate equity shares .3 .9 2.4 -.7 4.5 -.4 -1.8 -2.0 .2 3.2 5.3 9.2 6.3 6.2 7 8 Debt capital instruments 38.8 39.0 45.7 51.2 49.1 44.6 52.3 61.1 54.7 51.7 46.4 43.6 46.4 56.9 8 9 State and local govt, sec 7.3 5.7 7.7 9.9 8.5 5.4 12.5 13.8 10.2 9.8 6.7 7.1 9.2 11.0 9 10 Corporate and fgn. bonds .. . 5.9 11.0 15.9 14.0 13.3 13.7 13.2 16.5 15.8 13.3 12.8 11.1 14.7 22.3 10 11 Mortgages 25.6 22.3 22.0 27.3 27.4 25.5 26.6 30.8 28.6 28.6 26.8 25.4 22.5 23.6 11 12 Home mortgages 15.4 11.4 11.6 15.2 15.7 14.6 14.6 16.6 16.4 16.6 15.6 14.3 11.4 11.8 12 13 Other residential 3.6 3.1 3.6 3.5 4.4 3.1 3.6 4.2 4.2 4.7 4.6 4.3 6.0 5.5 13 14 Commercial 4.4 5.7 4.7 6.6 5.2 5.6 6.6 8.2 5.9 5.1 4.7 5.2 5.0 4.8 14 15 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 l.l 3.1 3.8 23.9 7 8 Funds advanced 29.1 16.8 37.0 39.2 13.7 23.5 66.9 47.0 10.1 29.2 6.2 9.9 12.9 28.1 8 9 Less funds raised .8 .1 .2 :2 4.3 .7 .2 -.1 .9 4.5 5.0 6.8 9.1 4.1 9 10 Private nonbank finance 30.1 25.9 36.1 33.5 30.9 34.7 32.7 33.0 31.3 34.7 30.5 28.0 25.9 36.7 10 11 Savings institutions, net 13.7 7.8 16.9 14.5 10.3 15.7 14.2 12.6 15.7 13.5 6.6 5.6 5.3 15.6 11 12 Insurance 17.9 19.3 20.4 21.5 22.3 21.1 20.4 22.9 20.3 22.6 27.0 19.1 22.7 21.0 12 13 Finance n.e.c., net -1.4 -1.3 -1.3 -2.4 -1.7 -2.1 -1.9 -2.5 -4.8 -1.4 -3.0 3.2 -2.1 .2 13 14 Foreign -.3 -1.8 2.8 2.5 2.0 -2.3 3.1 9.4 -1.4 1.3 6.0 2.0 8.1 9.4 14 15 Private domestic nonfinancial.... 5.6 19.1 -2.9 13.7 39.0 13.4 4.0 6.7 44.7 21.8 52.7 36.6 38.8 20.7 15 16 Business 1.0 3.6 -.6 9.0 11.4 10.4 8.6 6.4 13.2 12.6 12.2 7.1 10.7 .9 16 17 State and local governments. .. 2.5 3.4 1.2 .7 7.2 -1.9 3.1 .9 6.5 4.1 4.9 13.4 1.4 2.0 17 18 Households 2.5 11.9 -1.3 5.4 18.8 9.3 -7.0 2.9 22.2 5.0 32.3 16.0 21.5 15.2 18 19 Less net security credit .3 -.2 2.2 1.4 -1.6 4.5 .7 3.6 -2.7 -.2 -3.2 -.2 -5.2 -2.7 19 Sources of funds supplied to credit markets Total borrowing by nonfinancial sectors 70.4 68.5 82.6 97.4 88.2 81.8 118.0 95.5 88.9 88.8 93.4 82.2 80.0 101.3 1 1 Supplied directly and indirectly by pvt. domestic nonfin. sectors: 2 Total 46.3 42.8 47.7 58.1 40.4 47.7 58.0 63.3 48.8 28.8 36.5 46.0 48.4 62.9 2 4 3 De D p e o m sit a s n d dep. and currency.. 4 8 0. . 7 0 2 4 3. . 7 0 5 1 0 1 . . 6 6 4 1 4 1 . . 3 2 5 1 . . 5 4 3 1 4 5. . 5 3 5 1 3 1 . . 9 0 5 1 6 5 . . 6 8 -2 4 . . 8 1 4 6 . . 1 9 -16.1 * 1 9 9 . . 4 1 -3 9 . . 9 6 - 4 2 2 .1 .2 3 4 5 Time and svgs. accounts 32.7 19.7 39.1 33.1 -4.1 18.9 43.0 40.8 6.9 2.8 -16.2 -9.7 13.5 44.3 5 6 At commercial banks . . . 19.5 12.5 22.3 20.5 -12.0 6.4 31.2 27.5 -6.1 -6.3 — 22.1 -13.6 9.4 29.0 6 7 At savings instit 13.1 7.2 16.7 12.6 8.0 12.4 11.8 13.3 13.0 9.1 5.9 3.9 4.1 15.3 7 8 Credit mkt. instr., net 5.6 19.1 -2.9 13.7 39.0 13.4 4.0 6.7 44.7 21.8 52.7 36.6 38.8 20.7 8 9 U.S. Govt, securities 2.5 8.5 -2.8 8.9 15.8 4.5 6.9 9.6 24.7 -.9 26.3 13.4 6.4 -4.2 9 10 Pvt. credit market instr 3.5 10.4 2.0 ' 6.2 21.6 13.4 -2.2 .7 17.3 22.5 23.2 23.0 27.2 22.2 10 11 Less security debt .3 -.2 2.2 1.4 -1.6 4.5 .7 3.6 -2.7 -.2 -3.2 -.2 -5.2 -2.7 11 Other sources: 12 Foreign funds .8 .7 5.0 i 4.0 ' 10.4 1.8 7.1 4.9 12.7 14.4 1111..99 2.6 9.7 4.6 1122 13 1.1 2.5 2.2 1.5 8.4 4.1 4.0 ' -4.5 14.1 13.1 5.9 .6 1.6 -4.7 13 14 Direct -.3 -1.8 2.8 2.5 2.0 i -2.3 3.1 9.4 -1.4 1.3 6.0 i 2.0 > 8.1 9.4 14 15 Chg. in U.S. Govt, cash bal -1.0 i -.4 1.2 : -1.2 A • -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 1 3.8! 5.6; 13.2, 15.7 24. Ci 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
DECEMBER 1970 • FLOW OF FUNDS A 71 PRINCIPAL FINANCIAL TRANSACTIONS (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 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 ! 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 Households 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 -.1 .3 1.0 .4 12 U.S. Government securities ! 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 * 8 9 Sponsored credit agencies .1 1.0 * —. 1 -.4 .3 -.4 -.5 -2.1 -.1 -.3 .3 22..44 -.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 _, i .4 -.9 1.6 -.5 7.4 4.5 -9.7 -3.1 4.4 -3.3 —. i .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 . i .7 .2 _. i . i .3 * -.1 .2 * 5 6 Rest of the world .8 !5 1.3 1.3 1.4 .5 1.1 2.0 1.4 1.6 2.0 .5 .7 -.4 6 7 Net purchases 16.1 18.5 27.2 24.2 27.9 20.2 24.8 29.0 27.8 28.8 26.2 28.7 31.6 41.8 7 8 Households 1.1 3.2 -2.9 -3.3 4.4 -.1 -12.1 -8.9 4.4 1.8 5.7 5.9 5.2 13.3 8 9 Nonfinancial corporations. .5 1.0 -.4 .4 2.3 2.1 -2.6 1.3 2.4 2.7 .2 3.7 -2.2 -2.1 9 10 State and local governments.. .6 1.1 1.5 .5 2.9 1.0 .3 1.0 3.8 3.7 -1.2 5.0 4.4 3.9 10 11 Commercial banks 5.0 1.9 9.7 9.0 1.0 3.2 12.6 15.2 2.6 3.3 1.0 -2.7 6.1 11.6 11 12 Mutual savings banks * .3 2.3 1.6 .6 1.3 1.5 1.8 1.1 1.1 * .2 1.2 2.0 12 13 Insurance and pension funds.. 11.2 12.9 17.4 17.5 17.3 17.1 17.3 19.3 17.0 17.5 19.8 14.8 15.6 15.8 13 14 Finance n.e.c -1.7 -2.2 -1.0 -3.6 -2.6 -6.4 5.7 -4.2 -7.4 -2.0 * -1.0 .9 -2.6 14 15 Security brokers and dealers -.1 .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 — 11 -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. j 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 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 .4 -.2 -.2 -.3 -.3 * -.3 -.7 .3 .5 -1.4 -.5 ..88 -.4 4 Digitized fo5r FRAFiSnaEnRci al sectors 2.4 -1.3 -2.1 2.3 2.1 2.8 2.7 2.4 1.0 4.8 .7 2.1 --44..66 5 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 72 U.S. BALANCE OF PAYMENTS • DECEMBER 1970 1. U.S. BALANCE OF PAYMENTS (In millions of dollars) 1969 1970 Item 1968 1969 II III IV 1 IP Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets —Seasonally adjusted Exports of goods and services—Total1 50,622 55,514 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 sates 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 --33,,882288 --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 -1,288 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 ,686 -1,813 Direct investments -3,209 -3,070 -1,015 -877 -276 -1,411 -1 ,363 Foreign securities -1,254 --11,,449944 -539 -567 -69 -133 64 Other long-term claims reported by— Banks 358 330 31 131 35 26 47 Others -220 -424 -80 -13 -249 -375 35 Short-term claims reported by— Banks -105 -871 -533 98 -371 121 -506 Others -982 296 -15 248 41 86 -90 4. Foreign capital flow, net, excluding change in liquid assets in the United States 8,701 4,131 413 311 1,635 562 1,149 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 Balances 5 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
DECEMBER 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. official reserve assets (increase, —) -880 -1,187 -299 -686 -154 481 -386 1,022 Gold 1,173 -967 -317 -11 -695 -44 -44 14 SDR's -53 -920 -37 IMF gold tranche position -870 -1,034 -228 -233 -542 -253 -253 227 Convertible currencies -1,183 814 246 -442 1,083 831 831 818 Change in liquid liabilities to all foreign accounts.. 709 8,199 4,115 3,658 -890 1,015 1,015 389 Foreign central banks and govts.: Convertible nonmarketable U.S. Govt. securities 7 -10 -163 -10 84 -212 -126 -126 Marketable U.S. Govt, bonds and notes7... -379 -79 * -9 -67 -3 -3 17 Deposits, short-term U.S. Govt, securities, etc -2,709 -264 -525 2,169 -227 2,900 2,900 509 IMF (gold deposits) -3 -11 -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 in U.S. official reserve assets (increase, —) -880 -1,187 -299 -686 -154 481 -386 11,,002222 Change in liquid liabilities to foreign central banks and govts., and IMF (see detail above under A.) --33,,110011 -517 -538 2,235 -506 22,,776622 22,,776622 526 Change in certain nonliquid liabilities to foreign central banks and govts, of — U.S. private organizations 534 -834 -195 -390 -206 -156 -156 -230 U.S. Govt 1,806 -162 -172 -119 41 -258 -258 743 1 Excludes transfers under military grants. 6 Equals sum of items 1-4 plus 6. 2 Excludes military grants. 7 With original maturities over 1 year. 3 Negative entry reflects repurchase of foreign obligations previously sold. NOTE.—Dept. of Commerce data. Minus sign indicates net payments 4 Includes certificates sold abroad by Export-Import Bank. (debits); absence of sign indicates net receipts (credits). Details may not 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 1969 1970 1967 1968 1969 1970 1967 1968 1969 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 3,398r 399 261 269 137 r Oct.. . 2,415 32,631 3,362 3,707 2,254 2,736 3,221 3,528 161 -105 141 179 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 I I 7,739 8,465 9,860 10,921 6,500 8,151 9,635 9,918 1,240 314 225 1,003 III.... 7,764 9,019 9,862 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 • DECEMBER 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 III Western Europe: Austria -143 -82 -55 -100 -25 Belgium -144 -63 -40 -83 -58 France -456 -518 -405 -884 -6oi 600 325 Germany, Fed. Rep. of. . . -23 -225 500 500 I I r ta el l a y n d 100 2 - 0 1 0 -8-2 0 - - 2 5 0 2 9 -7 4 6 1 16 25 Netherlands -25 -60 -35 -19 -20 Spain -156 -146 -130 -32 -180 51 S U w n i i t t z e e d r la K n i d n gdom - - 1 3 2 0 5 6 -3 1 8 0 7 2 '329 - 6 8 1 1 8 - 1 5 5 0 0 -8 -3 7 0 9 - - 8 5 3 0 5 -25 -50 O Ba th n e k r for Intl. Settlements. - - 2 5 3 3 -12 -35 -49 16 -47 20i0l -7 2 -7 0 0 Total. -754 -1,105 -399 -88 -1,299 -659 -980 -669 969 721 -27 Canada 190 200 150 50 Latin American republics: Argentina -90 -39 -25 -25 -10 -15 Brazil -2 -3 Colombia 7 Venezuela Other -17 -5 -11 -9 -6 -40 -29 -5 -12 -4 Total. -109 175 32 56 17 -41 -65 -54 -15 -27 -4 Asia: Iraq -10 -4 -21 -42 Japan -56 Lebanon -11 -95 Malaysia -34 Philippines. .. 25 9 40 Saudi Arabia. -48 -50 Singapore -81 11 Other '-32 -14 -14 -22 -75 -9 223 Total -101 3 -86 -44 -366 42 -1 24 -39 All other -6 -7 -22 3-166 3-68 1 -1 -4 Total foreign countries. -970 -833 -392 -36 -1,322 -608 -1,031 1,118 957 -14 -73 Intl. Monetary Fund4.. 150 5-225 177 22 -3 10 -322 Grand total -820 -833 -392 -36 -1,547 -431 -1,009 1,121 967 10 695 -14 -395 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. The United published by the IMF from June 1965 through Jan. 1966, this gold sub- States has a commitment to repurchase within 3 to 5 years, but only to scription was included in the U.S. gold stock and excluded from the the extent that the holdings of dollars of the IMF exceed 75 per cent of reserve position. the U.S. quota. Purchases of dollars by other countries reduce the U.S. 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
DECEMBER 1970 • U.S. RESERVE ASSETS; POSITION IN THE IMF A 75 4. U.S. RESERVE ASSETS (In millions of dollars) Total To G ta o l 2 ld st T oc re k a i s ury v c fo u e C c r r r i o e t r e i n i e b s g n - l n e - p R I o e M s s i i n e t F r i 3 o v n e E m n o d n t o h f Total Gold st T oc re k a i s ury v c fo u e C c r r r i o e t e r i n i s e b g 5 n - l n e - p R o e s s i e t r io v n e 24,832 22,857 22,781 1,975 1969--Nov.. 16,000 11,171 10,367 2,865 1,964 22,540 20,582 20,534 1,958 Dec.. 16,964 11,859 10,367 2,781 2,324 21,504 19,507 19,456 1,997 19,359 17,804 17,767 1,555 1970—Jan.. . 17,396 11,882 11,367 2,294 2,321 Feb.. 17,670 11,906 11,367 2,338 2,507 18,753 16,947 16,889 116 1,690 Mar.. 17,350 11,903 11,367 1,950 2,577 17,220 16,057 15,978 99 1,064 Apr.. 16,919 11,902 11,367 1,581 2,510 16,843 15,596 15,513 212 1,035 May. 16,165 11,900 11,367 980 2,360 16,672 15,471 15,388 432 769 June. 16,328 11,889 11,367 1,132 2,350 15,450 413,806 413,733 781 4863 July. . 16,065 11,934 11,367 716 2,454 Aug.., 15,796 11,817 11,367 695 2,323 14,882 13,235 13,159 1,321 326 Sept.. 15,527 11.494 11,117 1,098 1,944 14,830 12,065 11,982 2,345 420 Oct.. . 15,120 11.495 11,117 811 1,823 15,710 10,892 10,367 3,528 1,290 Nov.. 14,891 11,478 11,117 640 1,812 716,964 11,859 10,367 72,781 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 a d io b y o n m s o ll c s f a r e r i n i p s n t - s by s g N I a o M l e l e d t s F i T t c f i r o c u o a i r r n e n e r s s i s e g a n 2 i n n c - - I i M nc F o m ne e t P d u o r l c o la h f r a s s e 3 s pu d r o R c i l n h l 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. — 84 20 -806 -870 3,870 75 1969. 22 19 -1,343 268 -1,034 2,836 55 1969—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 Nov.. 104 -95 1 11 3,348 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. • DECEMBER 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- End marketpe o ri f o d Total Total p G o d s o e i l t - d 1 m in G e v o n e l t s d t 2 - Total i i p S t n b l i t i o h e a a e b r s o r n U b y t m r k i e r . l t S d s e - - - . M n b G o U a a a o t o b n r n . e S v l k d d s e t . e s , 4 t - c T o b U a n a i u r o b b n v e r n . l S l a e y d e d e . r s s - t - Total i i p S n t b l i t i o h a e a e b r s U r n o b t y m r k i e r . l t S d s e - - . - M n b G o U a a a o t o b n r n . e v S k l d s d e t . e s , 4 t - i i n p S t b l i t i o h e a a e U b r s r o n b y t . m r k i e S r l t d s e - . - 6 - M n b G o U a a a o t b o n r n . e S v k l d d s e t . e s , t 4 notes 195 7 715,825 200 200 7,917 5,724 554422 195 8 716,845 200 200 8,665 5,950 555522 195 9 19,428 500 500 10,120 9,154 966 7,618 7,077 541 1 ,190 530 660 1960S / \2 2 1 0 , , 0 9 2 9 7 4 8 8 0 0 0 0 8 8 0 0 0 0 1 1 1 1 , ,0 0 8 78 8 1 1 0 0 , , 2 2 1 1 2 2 8 8 6 7 6 6 7 7 , ,5 5 9 9 1 8 7 7 , , 0 0 4 4 8 8 5 5 5 4 0 3 1 1 , ,5 5 4 2 1 5 7 75 5 0 0 7 7 9 7 1 5 /22,853 800 800 11 ,830 10,940 890 8,275 7,759 516 1 ,948 703 1,245 196U \22,936 800 800 11 ,830 10,940 890 8,357 7,841 516 1 ,949 704 1,245 19628 / \ 2 2 4 4 , , 0 0 6 6 8 8 8 8 0 0 0 0 8 8 0 0 0 0 1 1 2 2, , 7 7 4 1 8 4 1 1 1 1 , , 9 9 6 9 3 7 7 7 5 5 1 1 8 8, , 3 3 5 5 9 9 7 7 , , 9 9 1 1 1 1 4 44 4 8 8 2 2 , ,1 16 9 1 5 1 1 , , 2 2 8 5 4 0 9 9 1 1 1 1 /26,361 800 800 14,387 12,467 1 ,217 703 9,214 8,863 351 I ,960 808 1,152 19638 \26,322 800 800 14,353 12,467 1 ,183 703 9,204 8,863 341 1 ,965 808 1,157 /28,951 800 800 15,428 13,224 1 ,125 1 ,079 11,001 10,625 376 1 ,722 818 904 19648 \29,002 800 800 15,424 13,220 1 ,125 1 ,079 11,056 10,680 376 1 ,722 818 904 1965 29,115 834 34 800 15,372 13,066 1 ,105 1 ,201 11,478 11,006 472 1 ,431 679 752 19668 / \2 2 9 9 , , 7 9 7 0 9 4 1 1 , , 0 0 1 1 1 1 2 2 1 11 1 8 8 0 0 0 0 1 1 3 3 , , 6 6 5 0 5 0 1 12 2 , , 5 4 3 8 9 4 8 8 6 6 0 0 2 2 5 5 6 6 1 1 4 4 , , 2 38 0 7 8 1 1 3 3 , , 6 85 8 9 0 5 5 2 2 8 8 9 9 0 0 5 6 5 58 8 1 0 3 3 2 2 5 5 19678 f33,271 1,033 233 800 15,653 14,034 908 711 15,894 15,336 558 691 487 204 \33,119 1 ,033 233 800 15,646 14.027 908 711 15,763 15,205 558 677 473 204 19689 /33,828 1 ,030 230 800 12,548 11,318 529 701 19,525 18,916 609 725 683 42 \33,614 1,030 230 800 12,481 11,318 462 701 19,381 18,916 465 722 683 39 1969-Sept.' 42,655 1,019 219 800 12,481 11,281 450 750 28,430 27,898 532 725 676 49 Oct. io 43,092 1,019 219 800 1012,686 11,611 333 10742 28,707 28,166 541 680 631 49 Nov.r /4 4 1 2 , , 7 8 7 5 6 2 1 1 , , 0 0 1 1 9 9 2 2 1 1 9 9 8 8 0 0 0 0 1 11 2 , , 9 0 9 1 2 4 1 1 1 1 , , 1 0 2 5 8 4 3 3 3 8 1 3 5 5 5 5 5 5 2 28 9 , ,1 1 0 0 3 6 2 2 7 8 , , 5 5 7 5 7 9 5 52 4 9 4 7 6 1 5 6 9 6 6 6 0 6 9 5 5 0 0 Dec. 8 \41,876 1,019 219 800 11,992 11,054 383 555 28,205 27,676 529 660 610 50 1970-Jan.r 42,826 1 ,019 219 800 12,680 11,868 383 429 28,397 27,866 531 730 680 50 J A M F M u e p a a n b r y r e . . . r r r r ' 4 4 4 4 4 3 3 2 2 3 , , , , , 3 3 1 9 9 4 3 9 4 7 7 5 8 3 2 1 1 1 1 1 , , , , 0 0 0 0 ,0 1 1 1 1 1 0 0 0 0 0 2 2 2 2 2 1 1 1 1 1 0 0 0 0 0 8 8 8 8 8 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 4 4 4 5 4 , , , , , 7 2 4 0 7 6 8 8 0 2 3 9 8 9 2 1 1 1 1 1 3 4 3 3 3 , , , , , 9 2 4 9 6 7 1 6 5 0 7 3 3 4 0 3 3 3 3 3 9 8 8 8 8 7 2 0 0 0 4 4 4 4 4 2 2 2 2 2 9 9 9 9 9 2 2 2 2 2 6 6 7 6 7 , , , , , 7 3 1 3 1 0 6 2 7 5 1 9 8 4 4 2 2 2 2 2 5 5 6 6 6 , , , , , 8 8 6 6 2 9 6 3 4 0 3 9 8 4 0 4 4 4 5 5 8 7 0 8 3 5 6 1 4 6 6 7 6 8 8 9 7 6 1 0 9 2 1 4 2 6 6 7 7 7 5 4 1 2 6 1 8 1 2 2 5 5 5 5 5 2 0 1 0 1 July 43,463 1,010 210 800 16,574 15,728 417 429 25,127 24,585 542 752 699 53 Aug.. 43,963 1,010 210 800 16,593 15,747 417 429 25,524 24,962 562 836 791 45 Sept.* 44,207 587 187 400 17,758 16,912 417 429 25,101 24,534 567 761 715 46 1 Represents liability on gold deposited by the International Monetary regular monthly reports of securities transactions (see Table 16). Data in- Fund to mitigate the impact on the U.S. gold stock of foreign purchases cluded on the second line are based on a benchmark survey as of Nov. 30, for the purpose of making gold subscriptions to the IMF under quota in- 1968, and the monthly transactions reports. For statistical convenience, creases. the new series is introduced as of Dec. 31, 1968, rather than as of the 2 U.S. Govt, obligations at cost value and funds awaiting investment survey date. obtained from proceeds of sales of gold by the IMF to the United States The difference between the two series is believed to arise from errors in to acquire income-earning assets. Upon termination of investment, the reporting during the period between the two benchmark surveys, from same quantity of gold can be reacquired by the IMF. shifts in ownership not involving purchases or sales through U.S. banks 3 Includes Bank for International Settlements and European Fund. and brokers, and from physical transfers of securities to and from abroad. 4 Derived by applying reported transactions to benchmark data; It is not possible to reconcile the two series or to revise figures for earlier breakdown of transactions by type of holder estimated for 1960-63. dates. Includes securities issued by corporations and other agencies of the U.S. io includes $17 million increase in dollar value of foreign currency Govt, that are guaranteed by the United States. liabilities resulting from revaluation of the German mark in Oct. 1969. 5 Principally the International Bank for Reconstruction and 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
DECEMBER 1970 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 77 7. U.S. LIQUID LIABILITIES TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES, BY AREA (Amounts outstanding; in millions of dollars) End of period c f o o T u r o n e t t i a r g l i n e s E W u e r s o t p e e r n 1 Canada A re m L p e u a r 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 15,646 9,872 996 1,131 3,145 249 253 1199668833 / 12,548 7,009 533 1,354 3,168 259 225 \ 12,481 7,001 532 1,354 3,122 248 224 1969—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 12,680 6,291 600 1,743 3,318 533 195 Feb 14,022 7,251 662 1,893 3,331 702 183 Mar 14,763 7,394 590 2,091 3,780 705 203 Apr 14,409 6,942 733 2,096 3,668 725 245 Mayr 14,788 7,311 762 2,057 3,632 744 282 June 15,289 8,059 500 2,098 3,571 710 351 July 16,574 9,554 527 2,090 3,331 691 381 Aug 16,593 9,659 690 1,973 3,189 692 390 Sept.? 17,758 11,162 620 1,722 3,259 661 334 1 Includes Bank for International Settlements and European Fund. NOTE.—Data represent short-term liabilities to the official institutions 2 Includes countries in Oceania and Eastern Europe, and Western Euro- of foreign countries, as reported by banks in the United States, and foreign pean dependencies in Latin America. official holdings of marketable and convertible nonmarketable U.S. Govt, 3 See note 9 to Table 6. securities with an original maturity of more than 1 year. 4 Includes $17 million increase in dollar value of foreign currency liabilities resulting from revaluation of the German mark in Oct. 1969. 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) To nonmonetary international To all foreigners and regional organizations5 Payable in dollars Deposits IMF Payable gold U.S. Total i Total Dem D an e d p os T it i s m e 2 b T i c r l U c e l e s a r a . t t S s i e a u f . s i n r - d y s O l t i h e a t o r h b r m e . t 3 r - f r o e c r n i u n e 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 30,505 30,276 11,577 5,775 9,173 3,751 229 800 473 67 120 178 31,717 31,081 14,387 5,484 6,797 4,413 636 800 683 68 113 394 41,208 40,720 20,960 6,376 6,450 6,934 488 800 631 71 76 234 41,153 40,708 21,235 6,673 5,632 7,168 445 800 666 58 66 291 /40,040 39,611 20.430 6,834 5,015 7,332 429 800 609 57 83 244 \40,140 39,711 20.431 6,957 5,015 7,308 429 800 610 57 83 244 41,214 40,772 20,078 6,976 5,938 7,780 442 800 680 66 102 252 41,419 40,993 18,875 7,245 6,602 8,271 426 800 762 75 115 317 41,398 40,996 17,996 7,238 7,228 8,534 402 800 751 81 131 330 41,780 41,418 18,719 7,021 7,164 8,514 362 800 711 87 128 237 41,625 41,274 18,134 7,287 7,564 8,289 351 800 648 65 132 226 41,723 41,385 18,084 7,272 8,159 7,870 338 800 622 76 119 194 41,812 41,468 17,203 7,178 9,103 7,700 344 800 699 66 131 218 42,300 41,963 17,415 7,240 9,845 7,463 337 800 791 59 137 252 42,561 42,201 17,234 7,236 10,856 6,875 360 400 715 73 130 179 42,648 42,298 17,038 7,047 11,665 6,548 350 400 771 68 147 188 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. • DECEMBER 1970 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE—Continued (Amounts outstanding; in millions of dollars) To residents of foreign countries To official institutions7 Payable in dollars Payable in dollars Payable End of period Dema D nd ep osi T ts i me2 T b c i r c l 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 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 Total Dema D nd ep osi T ts i me2 T bi c r c l U e e l a s r a . t t S s e a i u f . s n i r - d y s O t l h i e t a o r h b r m e t . r 3 - 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—Oct.r. 39,777 20,888 6,299 5,416 6,686 488 11,611 1 ,955 2,432 5,301 1,691 Nov.. 39,687 21,177 6,607 4,540 6,917 445 11,128 1 ,894 2,709 4,421 1 ,902 Dec. 6' / \ 3 3 8 8 , , 6 7 3 3 1 0 2 2 0 0 . . 3 3 7 7 3 2 6 6 , , 7 8 5 7 1 4 3 3, , 9 9 7 7 1 1 7 7 , , 1 0 0 8 9 4 4 4 2 2 9 9 1 1 1 1 , , 0 0 5 5 4 4 1 1 ,9 ,9 1 1 8 8 2 2 , , 9 9 5 5 1 1 3 3 , , 8 8 4 4 4 4 2 2 , , 1 1 3 3 9 9 1970—Jan.r. 39,734 20,012 6,874 4,886 7,519 442 11,868 1 ,649 2,975 4,749 2,293 Feb.r. 39,857 18,800 7,130 5,485 8,016 426 13,213 1 ,661 3,263 5,381 2,706 Mar.r 39,847 17,914 7,107 6,098 8,327 402 13,954 1 ,445 3,412 5,989 2,906 Apr.r. 40,269 18,632 6,893 6,127 8,255 362 13,600 1 ,295 3,372 6,035 2,750 Mayr. 40,177 18,069 7,155 6,538 8,064 351 13,977 1,330 3,426 6,417 2,656 Juner. 40,301 18,008 7,153 7,166 7,637 338 14,463 1 ,410 3,475 7,020 2,410 July. 40,313 17,137 7,047 8,086 7,700 344 15,728 1 ,553 3,502 7,946 2,579 Aug... 40,709 17,356 7,103 8,793 7,120 337 15,747 1 ,224 3,612 8,653 2,110 Sept.", 41,446 17,161 7,106 10,277 6,542 360 16,912 I ,353 3,440 10,141 1 ,830 Oct.*'. 41,477 16,970 6,901 11,077 6,179 350 17,371 1 ,444 3,178 10,919 1 ,682 To banks» To other foreigners Payable in dollars End of period Total Total Dema D nd ep osi T ts i me2 T b c i r c l 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 - Total Dema D nd ep osi T ts i me2 T b c r i c l 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 i h 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—Oct.r. 28,166 23,966 17,222 2,125 22 4,598 3,944 1 ,711 1 ,742 93 398 Nov... 28,559 24,457 17,611 2,164 18 4,664 3,859 1 ,673 1 ,734 101 351 Dec. 6' 2 2 7 7 , , 5 6 7 7 7 6 2 2 3 3 , ,4 3 1 8 2 8 1 1 6 6 , , 7 7 4 4 5 5 1 1 ,9 ,9 8 8 8 9 2 20 0 4 4 , , 6 6 5 3 8 3 4 3 , , 0 93 6 9 2 1 1 , , 7 7 0 1 9 0 1 1 , , 8 9 1 3 1 4 1 1 0 0 7 7 3 3 1 1 2 2 1970—J F a e n b . . '". 2 2 7 6 , , 8 6 6 4 6 4 2 22 3 , , 5 6 2 1 9 4 1 1 5 6 , , 4 6 7 6 3 4 2 2 , , 0 0 7 5 7 0 2 2 2 7 4 4 , , 8 9 7 5 9 2 4 3 , , 0 8 1 9 2 2 1 1 , , 6 6 9 6 9 6 1 1 ,8 ,7 4 9 9 0 1 7 1 8 6 3 3 4 5 7 8 A M p a r r . . r r . . 2 26 5 , , 6 8 6 9 9 3 2 22 1 , , 4 7 8 3 1 0 1 15 4 , , 5 7 5 0 2 2 1 1, , 7 9 8 4 1 7 2 1 1 9 5 5, , 1 0 2 6 9 0 3 3 , , 9 9 6 7 4 4 1 1 ,7 ,7 6 8 7 5 1 1 ,7 ,7 4 4 0 8 7 8 4 9 3 3 7 6 5 1 Mayr. 26,200 22,011 15,029 1,951 20 5,011 3,987 1 ,710 1 ,779 102 398 Juner. 25,838 21,552 14,829 1 ,854 26 4,844 4,096 1 ,770 1,824 120 383 July. 24,585 20,448 13,921 1,763 24 4,740 3,941 1,662 I ,782 116 381 Aug... 24,962 20,827 14,446 1,726 23 4,631 3,946 1,685 1 ,764 116 380 Sept.f, 24,534 20,405 14,155 1,896 23 4,332 3,917 1,653 1,770 114 380 Oct.2'. 24,106 20,021 13,918 1,957 32 4,114 3,883 1,608 1,765 127 383 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
DECEMBER 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.r Feb.r Mar.r Apr.r Mayr Juner July Aug. 1 Sept.* Oet.p Europe: Austria 314 300 343 279 265 265 274 287 273 263 Belgium-Luxembourg 530 625 603 598 511 526 582 581 614 742 Denmark 153 182 212 186 165 167 189 189 195 193 120 138 130 132 141 130 134 140 137 134 France 1,581 1,564 1,575 1,778 1,858 1,915 2,030 2,282 2,286 2,311 Germany 1,381 2,658 2,680 2,685 2,770 3,455 4,241 4,505 5,438 5,977 Greece 207 191 178 185 185 179 198 199 205 212 Italy 627 741 604 590 647 911 902 839 926 1,104 Netherlands 463 539 526 459 408 382 469 631 626 800 Norway 341 305 281 272 241 216 272 309 287 315 Portugal 309 289 280 266 263 257 272 272 275 251 Spain 202 226 234 179 224 228 325 416 391 299 Sweden 412 426 381 364 353 410 429 431 409 378 Switzerland 2,005 1,952 2,149 2,149 2,249 2,266 2,192 2,032 2,015 1,985 Turkey 28 35 31 27 24 25 27 28 34 34 United Kingdom 11,349 10,429 9,808 10,286 9,380 9,481 8,339 8,600 9,093 7,865 Yugoslavia 37 33 42 29 40 32 35 27 33 31 Other Western Europe1 1,553 1,757 1,976 1,736 1,762 1,491 1,548 1,139 845 742 U.S.S.R 11 6 6 6 4 18 8 7 3 13 Other Eastern Europe 50 39 39 37 40 49 53 41 46 43 Total 21,674 22,435 22,078 22,242 21,530 22,403 22,519 22,956 24,129 23,689 Canada 4,012 3,873 3,628 3,787 4,113 3,421 3,646 3,827 3,787 4,529 Latin America: 416 450 450 517 525 535 588 581 533 608 Brazil 425 452 526 544 518 555 544 427 398 419 Chile 400 392 444 406 447 458 444 429 325 359 Colombia 261 279 298 291 308 302 275 294 282 258 Cuba 7 7 7 6 7 7 6 7 7 6 Mexico 849 916 940 990 882 859 896 915 846 780 140 148 148 146 170 168 169 170 180 174 Peru 240 216 239 220 233 242 210 208 221 213 Uruguay 111 119 120 122 121 122 113 108 107 104 Venezuela 691 695 718 704 675 682 637 651 630 643 Other Latin American republics 576 601 626 650 651 661 651 635 631 618 Bahamas and Bermuda 1,405 1,550 1,343 1,321 1,609 1,505 1,306 1,189 1,015 758 Netherlands Antilles and Surinam 80 87 90 99 93 95 84 88 95 91 Other Latin America 34 36 36 47 36 39 44 40 34 39 Total 5,636 5,948 5,984 6,064 6,274 6,231 5,967 5,740 5,304 5,070 Asia: China Mainland 36 39 39 37 41 43 41 41 41 38 Hong Kong 213 223 219 225 223 225 226 245 235 250 India 260 286 330 322 354 356 363 356 366 401 Indonesia 86 69 89 87 79 68 59 61 53 50 Israel 146 185 152 139 172 147 131 115 121 118 Japan 3,788 3,557 3,910 4,084 4,020 3,995 3,914 3,969 4,118 4,242 Korea 236 308 299 258 291 289 307 280 263 195 Philippines 201 248 285 241 264 261 264 275 247 279 Taiwan 196 218 228 210 226 262 260 212 228 247 Thailand 628 666 664 630 643 627 603 591 585 549 Other 606 652 762 724 679 714 745 779 768 727 Total 6,396 6,451 6,976 6,958 6,992 6,987 6,913 6,925 7,026 7,098 Africa: Congo (Kinshasa) 87 109 97 73 71 52 50 30 18 17 Morocco 21 44 52 47 47 43 33 21 14 14 South Africa 66 91 96 58 50 45 47 49 47 53 U.A.R. (Egypt) 23 25 22 22 24 22 24 19 19 19 Other 505 606 594 694 716 683 664 685 678 567 Total 701 875 862 895 908 845 817 803 777 669 Other countries: Australia 282 244 287 290 329 383 418 428 389 390 All other 29 30 32 33 30 32 33 31 34 31 Total 311 274 319 324 359 414 451 459 423 421 Total foreign countries 38,730 39,857 39,847 40,269 40,177 40,301 40,313 40,709 41,446 41,477 International and regional: 1,257 1,357 1,343 1,268 1,219 1,189 1,245 1,325 848 881 Latin American regional 100 121 111 146 127 131 143 150 148 175 Other regional 3 : 53 84 97 97 102 102 111 116 119 115 Total 1,410 1,562 1,551 1,511 1,448 1,422 1,499 1,591 1,115 1,171 Grand total 40,140 41,419 41,398 41,780 41,625 41,723 41,812 42,300 42,561 42,648 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. • DECEMBER 1970 9. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES BY COUNTRY—Continued (End of period. Amounts outstanding; in millions of dollars) Supplementary data 4 1968 1969 1970 1968 1969 1970 Area or country AArreeaa oorr ccoouunnttrryy Apr. Dec. Apr. Apr. Apr. Dec. Apr. Dec. Apr. Other Western Europe : Other Asia—Cont.: Cyprus 21 8 2 11 15 7 3 4 17 30 Iceland 3 6 4 9 10 34 67 40 46 66 Ireland, Rep. of 15 24 20 38 32 4 3 4 3 4 97 78 82 83 82 Other Latin American republics 52 52 41 30 48 C D Bo o o l s m i t v a i i n a R i c i a c n a Republic 5 6 6 5 0 1 5 6 6 1 9 6 6 6 5 1 5 9 " 5 6 7 8 2 8 '9 4 7 6 3 6 S R a y u u d k i y A u r I a s b la ia n ds (incl. Okinawa). 2 5 7 6 4 0 6 2 1 0 9 7 2 2 4 4 0 8 1 2 3 0 5 5 6 16 3 6 4 E El c u S a a d lv o a r d or 6 8 4 4 6 82 6 6 8 2 9 7 6 6 9 7 7 2 9 Singapore 15 7 7 6 2 7 40 4 1 4 7 25 6 H G a u i a t t i emala 9 1 6 7 8 1 6 7 9 1 0 8 r1 8 7 4 11 1 0 9 123 5? 40 94 91 Honduras 31 33 37 29 29 Other Africa: Jamaica 44 42 29 r17 17 8 8 6 14 13 Nicaragua 58 67 78 63 76 Ethiopia (incl. Eritrea) 23 13 15 20 33 T Pa ri r n a i g d u a a d y & Tobago 1 9 4 1 10 6 18 1 8 3 1 11 7 2 2 1 0 6 3 2 2 5 9 3 2 3 8 4 8 2 4 1 3 3 0 4 4 1 7 7 45 69 68 288 430 Other Latin America: 24 20 10 11 11 British West Indies 25 30 38 Southern Rhodesia 4 1 2 2 2 2 5 3 3 1 Other Asia: 27 21 23 10 18 A Bu fg r h m a a n istan 1 6 7 6 5 5 1 2 6 1 2 0 7 6 9 2 6 s 7 7 Cambodia 3 2 2 1 1 21 25 19 20 38 Ceylon 5 4 5 3 4 Iran 38 41 44 35 41 All other: Iraq 10 86 77 26 6 New Zealand 15 17 20 16 18 1 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 reg i a n i n o t d l n . al O in t f i s o f t i i n c t i s u a - l Banks1 fo O r e t e r h i s g e n r - 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 Japan Thailand O A t s h i e a r co o u t A n h l t e l r r i es 1 1 9 9 6 6 6 7 2 i '2 2 1 , , . 5 5 4 6 4 9 0 6 4 5 6 6 0 8 9 6 9 8 1 1 , , 8 8 9 5 6 8 8 3 8 1 1 , , 8 8 9 0 0 1 7 7 3 2 1 1 5 5 5 2 2 5 5 1 1 2 2 2 3 3 3 4 4 4 1 1 2 2 8 6 6 4 4 1 4 4 9 3 3 7 2 2 1 1 1 4 8 8 0 2 5 5 7 0 0 7 2 2 1 8 8 3 4 9 3 1968 3,166 777 2,389 2,341 8 284 257 241 658 201 651 97 1969—Oct. 2,533 922 1,611 1,533 43 67 123 43 659 117 477 125 Nov.' 2,486 903 1,583 1,502 44 62 154 43 659 70 475 119 Dec.r 2.495 892 1,602 1,507 55 64 175 41 655 70 472 124 1970—Jan.r. 2,344 1,464 1,374 55 25 166 657 47 445 120 Feb.r 2,346 875 1,471 1,376 59 25 191 657 54 416 122 Mar.' 2,348 894 1,454 1,352 62 25 202 636 49 405 131 Apr.r 2,277 847 1,430 1,320 64 25 210 636 49 377 127 Mayr 2,220 859 1,362 1,248 64 25 217 619 28 329 138 Juner 2,135 849 1,286 1,122 116 25 216 576 28 243 192 July. 2,051 827 1,224 1,052 118 25 197 523 28 238 206 Aug.. 1,951 835 1,116 946 120 25 145 499 22 209 209 Sept.* 1,920 851 1,070 891 121 25 147 483 11 194 202 Oct.*. 1,840 840 1,000 830 119 25 147 467 9 144 201 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
DECEMBER 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. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.P Oct.f Europe: Denmark 10 9 9 9 9 6 6 6 6 6 6 6 6 5 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 42 42 42 42 46 46 46 45 45 44 47 49 49 United Kingdom 350 420 421 407 407 358 350 359 369 396 401 411 423 424 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 488 553 553 538 539 491 483 492 501 529 532 545 560 559 Canada 384 271 272 272 271 270 271 271 279 286 287 294 284 191 Latin America: Latin American republics.. 2 2 2 2 2 2 2 2 2 2 2 2 2 2 Neth. Antilles & Surinam. 15 12 12 12 13 12 12 12 12 12 12 12 12 12 Other Latin America * * 2 2 2 2 2 2 2 2 3 4 4 5 Total 17 14 15 15 17 .15 15 15 15 15 16 17 17 18 Asia: Japan 9 10 10 61 61 62 62 62 61 61 61 61 61 61 Other Asia 18 19 17 18 18 18 18 18 19 19 19 19 19 19 Total 26 29 27 79 79 80 80 80 81 81 81 81 80 80 Other countries 11 7 7 7 7 7 7 7 7 22 42 42 42 42 Total foreign countries 927 874 875 912 914 864 856 865 883 933 959 979 984 891 International and regional: International 25 32 32 32 31 31 30 30 30 30 30 22 22 22 Latin American regional.. 13 17 18 18 19 19 20 20 21 21 22 23 23 23 Asian regional j Total 39 50 50 50 50 50 50 51 51 52 53 45 45 46 Grand total 966 923 925 962 964 914 906 916 934 985 1,012 1,024 1,030 936 NOTE.—Data represent estimated official and private holdings of mar- year, and are based on a Nov. 30, 1968, benchmark survey of holdings and ketable U.S. Govt, securities with an original maturity of more than 1 regular monthly reports of securities transactions (see Table 16). 12. NONMARKETABLE U.S. TREASURY BONDS AND NOTES ISSUED TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES (In millions of dollars or dollar equivalent) Payable in dollars Payable in foreign currencies End of period Total g B iu e m l- C ad a a n 1 - m De a n rk - Italy 2 S d w en e- Tai- T la h n a d i- A tr u i s a - 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 60 601 125 211 196 8 3,330 1,692 1,334 20 146 15 1,638 1,051 226 311 1969—Oct.. 43,372 1,435 1,129 139 15 100 41,937 41,301 125 511 Nov. 3,181 1 ,431 1,129 135 15 100 1,750 1,084 125 541 Dec. 3,181 1,431 1,129 135 15 100 1,750 1,084 125 541 1970—Jan.. 2,514 1,431 1,129 135 15 100 1,083 542 541 Feb.. 2,513 1,431 1,129 135 15 100 1,083 542 541 Mar. 2,799 1,717 1,429 121 15 100 1,083 542 541 Apr. 2,897 1,814 1,529 118 15 100 1,083 542 541 May 3,096 2,013 1,729 117 15 100 1,083 542 541 June 3,511 2,428 2,229 32 15 100 1 ,083 542 541 July. 3,508 2,425 2,229 29 15 100 1,083 542 541 Aug. 3,508 2,425 2,229 29 15 100 1,083 542 541 Sept, 3,508 2,425 2,229 29 15 100 1,083 542 541 Oct.. 3,567 2,484 2,289 28 15 100 1,083 542 541 Nov. 3.564 2,481 2,289 25 15 100 1,083 542 541 1 Includes bonds issued in 1964 to the Government of Canada in connec- 3 In addition, nonmarketable U.S. Treasury notes amounting to $125 tion with transactions under the Columbia River treaty. Amounts out- million equivalent were issued to a group of German commercial banks in standing end of 1967 through Oct. 1968, $114 million; 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 through latest date, $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. • DECEMBER 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 Area and country Dec. Feb. Mar. Apr. May June July Aug. Sept.f Oct.? Europe: Austria 7 10 11 3 5 6 13 7 4 5 Belgium-Luxembourg 56 53 55 69 67 64 53 52 70 68 Denmark 40 32 36 31 29 33 28 36 34 36 Finland 68 63 64 64 61 63 65 63 63 56 France 107 94 87 96 100 82 83 75 104 78 Germany 205 155 192 135 146 152 125 169 181 182 Greece 22 16 17 19 22 22 25 27 28 27 Italy 120 123 107 102 103 100 87 90 102 106 Netherlands 51 61 50 65 86 53 49 46 67 52 Norway 34 32 36 34 35 33 31 30 33 40 Portugal 8 11 13 9 13 12 12 8 10 16 Spain 70 83 57 99 96 102 52 51 59 58 Sweden 67 95 78 99 92 112 113 103 112 123 Switzerland 99 122 107 114 91 115 109 123 100 115 Turkey 19 15 25 19 31 16 17 10 6 4 United Kingdom 408 435 418 393 329 403 399 335 382 378 Yugoslavia 28 35 32 32 34 30 32 33 36 42 Other Western Europe 9 8 9 7 10 8 7 6 7 8 U.S.S.R 2 1 2 2 2 2 1 2 3 3 Other Eastern Europe 34 34 43 40 46 41 45 43 40 43 Total 1 ,454 1 ,478 1 ,439 1 ,432 1 ,397 1 ,449 1 ,345 1,310 1,442 1,436 Canada 826 720 652 598 765 816 729 749 805 858 Latin America: Argentina 309 293 290 285 280 311 306 297 305 303 Brazil 317 289 285 293 303 305 299 296 317 324 Chile 188 195 203 213 218 213 210 210 225 199 Colombia 225 252 249 254 252 249 250 256 265 267 Cuba 14 14 14 14 14 14 14 14 14 14 Mexico 803 808 851 888 899 911 901 889 900 906 Panama 68 68 61 68 67 63 68 68 83 94 Peru 161 168 163 159 162 172 156 142 132 136 Uruguay 48 50 55 55 54 52 57 53 57 54 Venezuela 240 261 264 254 264 253 248 251 267 281 Other Latin American republics 295 307 292 295 287 298 295 294 286 300 Bahamas and Bermuda 93 68 73 67 63 65 56 60 73 131 Netherlands Antilles and Surinam 14 14 13 15 15 18 16 17 19 14 Other Latin America 27 22 27 29 23 21 23 20 22 20 Total 2,802 2,810 2,839 2,890 2,901 2,946 2,900 2,867 2,964 3,043 Asia: China Mainland 1 1 1 1 1 1 1 1 1 2 Hong Kong 36 37 41 41 44 46 41 35 46 36 India 10 9 9 9 12 11 12 11 10 12 Indonesia 30 25 68 49 48 52 36 42 46 41 108 96 92 99 94 93 90 80 82 105 Japan 3,372 3,080 3,215 3,276 3,378 3,407 3,378 3,276 3,225 3,263 Korea 158 172 178 190 216 215 222 228 227 218 Philippines 215 254 275 295 278 268 269 209 215 134 Taiwan 49 56 55 59 69 79 82 81 81 82 Thailand 101 98 95 103 98 100 96 106 108 100 Other 212 168 162 164 179 184 180 165 157 160 Total 4,291 3,997 4,190 4,286 4,419 4,455 4,406 4,234 4,198 4,154 Africa: Congo (Kinshasa) 6 5 3 4 5 5 5 4 7 4 Morocco 3 3 4 5 4 4 4 6 5 6 South Africa 55 51 62 60 58 66 69 68 71 72 U.A.R. (Egypt) 11 12 12 15 17 15 15 14 13 12 Other 86 63 63 62 62 68 65 65 63 63 Total 162 136 144 146 145 158 157 157 159 157 Other countries: Australia 53 55 60 56 62 62 63 66 60 59 All other 16 14 13 22 22 18 15 16 17 15 Total 69 68 73 78 84 80 78 82 77 75 Total foreign countries 9,604 9,209 9,338 9,429 9,711 9,903 9,614 9,399 9,645 9,723 International and regional 2 2 2 1 2 1 1 2 2 1 9,606 9,210 9,340 9,430 9,714 9,904 9,616 9,401 9,646 9,725 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
DECEMBER 1970 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 83 14. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars Payable in foreign currencies End of period Total Total Total O in t f i s f o t L i i n c t o i s u a a - l n s B to a - nks * Others C s t t o o i i a o n u l n l n g t e d - s c - - f A e o o a m i r c f g n c n a f a c e o d e c e p r r c e s t - s t - . Other Total w D e i i e t g h p n o e f s o r i s r t s - g c F a n u o c o n v o a r r d i t m n e t , i c i f e l g s e i . e s - n , paper 196 7 8,606 8,182 3,150 306 1,616 1,228 1,552 3,013 467 425 287 70 196 8 8,711 8,261 3,165 247 1,697 1,221 1,733 2,854 509 450 336 40 1969—Oct.... 9,092 8,573 3,173 263 1.921 990 1,896 2,940 563 520 393 46 Nov... 9,044 8,610 3,203 261 1,944 999 1,928 2,922 556 434 316 45 Dec. 2. \ ( 9 9 , , 6 5 0 7 6 8 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 95 5 4 4 3 3 , .1 2 6 0 9 2 6 6 5 5 8 6 5 5 1 1 6 6 3 3 5 5 2 2 8 8 4 4 1970—Jan.... 9,305 8,804 3,260 257 1,986 1,018 1,970 3,019 554 502 347 77 Feb.. . 9,210 8,750 3,207 265 1,914 1,029 1,992 2,987 563 461 320 62 Mar.. . 9,340 8,926 3,290 294 1.922 1.074 2,083 3,044 508 415 300 45 Apr.. . 9,430 8,952 3,116 335 1,734 1,047 2,153 3,223 459 478 342 70 May.. 9,714 9,216 3,193 315 1,825 1,053 2,220 3,244 559 498 338 '87 June. . 9,904 9,437 3,316 305 1,932 1,079 2,238 3,287 595 467 314 78 July. . 9,616 9,195 3,191 256 1,873 1,063 2.244 3,234 525 421 296 61 Aug... 9,401 8,937 2,975 178 1,711 1,087 2.245 3.170 547 463 354 50 Sept.*. 9,646 9,167 3,253 186 1,940 1,128 2,275 3,052 587 479 366 39 Oct.f.. 9,725 9,205 3,128 109 1,898 1,121 2,331 3,157 589 519 370 67 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 Total Loans to— O lo t n h g e - r P c fo u a r r y i e r n a i e b g n l n - e U K d n i o n i m t g e - d E O u t r h o e p r e Canada Am La e t r i i n c a Japan O A t s h i e a r co o u t A n h l t e l r r i es Official Other term cies Total institu- Banks * foreign- claims tions ers 3,925 3,638 669 323 2,645 272 15 56 720 427 1,556 180 449 537 3,567 3,158 528 237 2,393 394 16 68 479 428 1,375 122 617 479 3,290 2,847 493 204 2,149 427 16 68 411 410 1,344 568 401 3,280 2,846 495 203 2,147 418 17 67 400 407 1,357 573 391 3,250 2,806 502 209 2,096 426 18 67 411 408 1,329 568 378 3,187 2,736 461 212 2,063 421 29 67 403 406 1,307 90 558 356 3,161 2,727 476 205 2.046 402 33 63 401 416 1,298 86 546 351 3,226 2,796 519 211 2,067 398 31 68 419 406 1,337 87 559 349 3,248 2,815 508 220 2,087 401 32 74 413 420 1,363 89 546 343 3,232 2,822 511 211 2,100 380 30 67 426 427 1,348 89 530 345 3,165 2,776 486 209 2,080 362 27 67 425 416 1.328 92 517 319 3,114 2,733 473 215 2,044 352 29 68 396 417 1,324 100 502 307 3,117 2,707 458 225 2,023 382 29 63 398 411 1,312 106 515 312 3,142 2,739 447 244 2.047 376 28 64 395 416 1,346 108 499 314 3,215 2,827 518 256 2,053 358 30 66 407 409 1.329 109 582 313 i 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. • DECEMBER 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 2 Foreign bonds Foreign stocks Net purchases or sales Period Total I a n n t d l. Foreign ch P a u s r e - s Sales c N h s a e a s t l e e p s s u o r r - ch P a u s r e - s Sales c N h s a e a s t l e e p s s u o r r - ch P a u s r e - s Sales c N h e s a t a s l e e p s s u o r r regional Total Official Other 1968 -489 -161 -328 -380 51 17,563 13,329 4,234 2,306 3,686 -1,380 1 ,252 1 ,566 -314 1969r -4 -15 -79 64 15,476 12,795 2,681 1 ,552 2,578 -1,026 1 ,519 2,037 -517 1970—Jan.-Oct.p -26 -22 35 9,339 8,209 1 ,130 1 ,233 833 1969—ONco vt -108 2 -108 1 -1 - 1 1 7 9 2 1 1, 2 ,6 21 9 0 1 1 ,0 ,1 7 9 4 5 4 1 9 4 4 7 1 9 5 8 7 1 15 6 7 8 -70 1 1 0 32 6 1 1 4 3 0 9 -3 -6 4 Dec 37 37 52 -15 1 ,181 969 212 176 195 -19 107 123 -16 1970—J F a e n b . . r ' ' 2 2 2 1 , 9 0 1 2 7 9 9 9 0 5 5 0 7 1 9 2 1 1 0 1 9 3 2 1 6 9 5 0 -1 -7 5 7 6 1 15 0 1 0 7 7 7 4 7 2 7 3 M Ap a r r . . r r - - 5 8 0 -5 -8 0 -4 -8 7 1 1 , ,0 10 1 8 0 9 8 8 5 9 0 1 1 2 6 0 0 1 14 6 3 8 2 1 6 8 8 6 - - 1 4 0 2 1 1 8 0 0 1 1 1 1 0 5 4 - - 1 2 3 4 May 10 9 9 769 930 -161 116 70 47 109 90 18 June 18 18 16 858 783 76 113 92 21 74 60 15 J A S O u e u c p l t g . y * t . P 5 5 2 1 5 1 7 3 5 2 21 6 5 0 2 3 1 5 6 5 1 1 , 0 7 6 ,1 3 8 5 7 3 3 6 4 6 7 5 9 0 3 5 1 3 6 0 4 2 3 1 1 3 3 3 4 8 0 3 2 1 1 1 1 1 0 0 4 1 9 3 8 2 2 3 6 5 9 0 3 5 1 5 - - - 1 1 1 5 6 4 1 1 6 2 7 7 6 7 60 6 1 2 1 4 9 5 2 5 0 8 0 - - 1 5 1 4 0 4 5 -93 -94 -3 i Excludes nonmarketable U.S. T easury bonds and notes issued to Also includes issues of new debt securities sold abroad by U.S. corporaofficial institutions of foreign countr s; 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.-Oct.P. 308 13 155 102 58 -50 -19 259 -55 11 80 -1 1 12 1969—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.r -43 1 11 -5 -24 5 -20 -31 -39 24 3 * * * Feb.r -13 9 16 6 19 -3 -14 32 -25 -24 3 * * 1 Mar -41 -13 11 -8 -26 22 -19 -33 -30 12 6 -1 * 4 Apr.r 4 -8 20 -23 12 -15 5 -10 25 -18 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 52 16 18 16 13 -14 9 58 -16 3 6 * 1 1 Aug 104 7 18 16 40 20 11 113 -6 -9 4 * * 2 Sept.? 225 -4 36 37 49 29 6 154 26 20 22 * * 2 Oct.p 157 -3 23 13 -2 32 21 84 31 30 13 -1 * -1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 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 Am La e t r i i n c a Asia Africa co O un th t e r r ie s I r n e t g l. i on an a d l 1968 1,964 195 253 39 510 522 238 1,757 68 12 * 11 117 1969 1,195 97 200 14 169 251 83 815 32 14 -11 -1 10 336 1970—Jan.-Oct.^. 822 31 40 40 121 88 69 390 109 20 23 1 -13 293 1969—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 * * -1 Feb 92 3 8 5 14 35 -12 53 7 -4 1 * — 1 37 Mar 161 4 8 19 8 30 9 78 13 10 1 * * 58 Apr.r 156 7 4 16 32 10 7 76 7 6 1 * * 65 May 40 3 # * 14 -14 5 9 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 — i -3 * -1 — 1 1 -4 21 2 * -2 21 Sept.? 106 1 25 * 3 — 1 2 31 16 -7 1 * * 64 Oct.f 81 * 1 8 -8 42 43 14 1 6 * -2 19 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 1969r -1,544 66 -1,610 74 -1,128 - 98 -471 -6 20 1968—June 453 372 1970—Jan.-Oct.2'. .. -700 -264 -436 82 -435 5 -99 -4 15 Sept 468 398 636 508 1969—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 14 566 397 467 297 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 1 368 220 Apr -66 9 -75 17 -82 -2 -9 1 334 182 May 65 11 54 — 1 42 3 8 2 Sept.p 291 203 June r....... 35 5 30 1 39 3 -14 1 July -147 -38 -109 9 -78 -23 -16 * Aug -147 -158 11 4 -52 56 2 1 NOTE.—Data represent the money credit balances and Sept.f 3 16 -13 5 22 -30 -11 2 money debit balances appearing on the books of reporting Oct.f -196 -91 -105 -33 -51 4 -27 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. • DECEMBER 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 May 6 11,982 liability Jan. 26 1,688 June 26 6,202 1 3 11,662 July Aug. Sept. Feb. 23 1,902 July 31 6,126 20 12,026 Mar. 30 1,879 Aug. 28 7,004 2 7 12,373 Apr. 27 1,909 Sept. 25 7,104 1.16 1.63 1.41 May 25 2,003 Oct. 30 7,041 June 3 11,987 Call 2.16 2.08 1.98 June 29 1,951 Nov. 27 7,170 1 0 11,946 Other liabilities, maturing Dec. 25 6,948 1 7 12,082 in following calendar July 27 2,786 Dec. 31 (1/1/69).. 6,039 2 4 12,220 months after report Aug. 31 3,134 date: N S O D e o e c p t c v t . . . . 2 2 2 3 8 6 8 0 4 3 3 3 , , , , 6 7 0 4 7 8 3 7 1 6 6 2 J F M a e n a b r . . . 2 2 2 9 6 6 1969 9 8 8 , , , 6 5 8 2 4 2 1 5 2 July 1 8 1 5 1 1 1 1 1 1 , , , 5 4 5 4 5 6 1 5 2 4 2 3 1 r n t s h d t d 7 4 3 1 . . . . 7 7 4 5 9 9 7 3 4 8 3 1 . . . . 7 3 6 4 6 9 3 4 9 4 2 3 . . . . 6 2 0 4 1 5 6 4 Apr. 30 9,399 22 11,280 5th 1.40 1.67 1.25 1967 May 28 9,868 2 9 10,514 1.53 1.20 1.10 June 25 13,269 .29 .33 .32 J A F M a e p a n b r r . . . . 2 2 2 2 5 2 6 9 3 3 3 3 , , , , 3 0 4 6 9 4 1 5 6 7 2 3 J S A O u e u c p l t g y t . . . 2 2 2 3 7 4 9 0 1 1 1 1 4 4 3 4 , , , , 3 6 6 4 4 5 4 3 9 8 9 4 Aug. 2 1 1 5 6 2 9 1 1 1 1 0 0 0 0 , , , , 4 3 7 4 0 7 3 2 1 9 3 3 1 1 9 0 1 8 t t t t h h h h . . . .2 2 2 2 7 8 9 4 . . . . 2 2 2 2 1 7 8 8 . . . . 1 2 2 2 5 8 9 2 May 31 2,776 Nov. 26 14,528 12th .20 .14 .13 June 28 3,166 Dec. 31 12,822 Sept. 2 10,437 Maturities of more than 1 9 10,333 .57 .50 .48 July 26 3,660 1970 1 6 10,636 Aug. 30 3,976 Jan. 28 13,623 23 10,188 Sept. 27 4,059 Feb. 25 13,094 3 0 9,787 Total 25.96 26.79 26.97 Oct. 25 4,322 Nov. 29 4,206 Mar. 4 12,395 Oct. 7 9,957 Dec. 27 4,241 11 12,485 1 4 9,716 NOTE.—Includes interest-bearing U.S. dollar 18 12,472 21 9,733 deposits and direct borrowings of all branches in 1968 25 11,942 2 8 9,439 the Bahamas and of all other foreign branches Apr. 1 11,800 for which such deposits and direct borrowings Jan. 31 4,259 8 11,832 Nov. 4 9,169 amount to $50 million or more. Feb. 28 4,530 15 11,558 1 1 9,037 Details may not add to totals due to rounding. Mar. 27 4,926 22 11,550 1 8 8,917 Apr. 24 5,020 29 11,973 2 5 8,578 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-l 04. 23. DEPOSITS, U.S. GOVT. SECURITIES, 24. SHORT-TERM LIQUID CLAIMS ON FOREIGNERS AND GOLD HELD AT F.R. BANKS FOR REPORTED BY NONBANKING CONCERNS FOREIGNERS (Amounts outstanding; in millions of dollars) (In millions of dollars) Payable in Assets in custody Payable in dollars foreign currencies End of period Deposits EEnndd ooff UUnniitteedd U.S. Govt. Earmarked ppeerriioodd TToottaall Short- Short- KKiinngg-- CCaannaaddaa securities1 gold Deposits in te v r e m st - Deposits in te v r e m st - ddoomm ments 1 ments 1 1967 135 9,223 13,253 1968 216 9,120 13,066 1,163 852 133 128 49 621 309 1969—Nov... 130 7,533 12,998 1968 1,638 1,219 87 272 60 979 280 Dec... 134 7,030 12,311 1969—Sept 1,626 1,132 100 303 90 941 360 1970—Jan... 152 7,374 12,291 Oct 1,676 1,234 97 279 65 981 385 Feb... 313 8,219 12,268 Nov 1,715 1,252 105 280 78 1,000 411 A M p a r r . . . . . . 2 2 0 0 4 0 9 9 , , 1 11 5 8 4 1 12 2 , , 2 2 7 7 2 0 D CC 2 / \1 I, , 3 4 1 4 8 8 1,0 9 2 5 2 1 1 16 1 1 6 1 1 7 7 9 4 7 8 6 6 6 6 6 1 3 0 4 51 6 8 8 May.. 128 9,754 12,239 June.. 168 10,888 12,240 1970—Jan 1,724 1,241 183 224 76 1,004 446 July... 199 11,803 12,217 Feb 1,716 1,253 193 190 80 1,050 371 Aug... 173 12,489 12,283 Mar 1,603 1,167 186 188 63 1,003 301 Sept... 136 13,983 12,611 Apr 1,483 1,060 178 180 66 904 269 Oct.... 142 14,458 12,617 May 1,532 1,041 200 182 109 879 329 Nov... 136 16,196 12,644 June 1,584 1,103 174 194 112 813 357 July 1,489 1,040 181 194 74 787 307 Aug 1,359 898 164 203 94 699 295 i U.S. Treasury bills, certificates of indebtedness, Sept 1,500 951 183 240 126 722 382 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 re r 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 a th 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 o d r a e t i e g d n i e f r f . e 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
DECEMBER 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. Dec.1 Mar. June® Sept. Dec.i 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 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. • DECEMBER 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 EEEnnnddd ooofff pppeeerrriiioooddd TToottaall PP dd aa oo yy ii ll nn ll aa aa bb rr ll ss ee ccuu PP ffoo rr aa rr rr yy ii ee ee nn aa nn ii bb gg cc ll nn ii ee ee ss TToottaall PP dd aa oo yy ii ll nn ll aa aa bb rr ll ss ee D ba e n p k o s s i a ts b r w o i a th d in reporter's 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. i { 1,386 1,039 347 3,011 2,599 203 209 1968—Mar 1,358 991 367 3,369 2,936 211 222 June 1,473 1,056 417 3,855 3,415 210 229 Sept 1,678 1,271 407 3,907 3,292 422 193 Dec 1,608 1,225 382 3,783 3,173 368 241 1969—Mar 1,576 1,185 391 4,014 3,329 358 327 June 1,613 1,263 350 4,023 3,316 429 278 Sept 1,797 1,450 346 3,874 3,222 386 267 Dec ( 1,786 1,399 387 3,710 3,124 221 365 Dec. i { 2,136 1,645 492 4,253 3,559 315 379 1970—Mar 2,169 1,675 494 4,372 3,800 259 313 Junef 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 llliiiaaa TTT bbb ooo iiilll ttt iii aaa tttiii lll eee sss 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. i { 428 1,570 43 263 322 212 91 274 128 132 89 16 1968—Mar 582 1,536 41 265 330 206 61 256 128 145 84 21 June 747 1,568 32 288 345 205 67 251 129 134 83 33 Sept 767 1,625 43 313 376 198 62 251 126 142 82 32 Dec 1,129 1,790 147 306 419 194 73 230 128 171 83 38 1969—Mar 1,285 1,872 175 342 432 194 75 222 126 191 72 43 June 1,325 1,952 168 368 447 195 76 216 142 229 72 40 Sept 1,418 1,965 167 369 465 179 70 213 143 246 71 42 Dec ( 1,725 2,215 152 433 496 172 73 388 141 249 69 42 Dec. 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 June? 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
DECEMBER 1970 a MONEY RATES A 89 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Australia Period Argentina Austria Belgium Canada Ceylon Denmark Finland (peso) (schilling) (franc) (dollar) (rupee) (krone) (markka) (pound) (dollar) 196 5 .59517 222.78 3.8704 2.0144 92.743 20.959 14.460 31.070 196 6 .48690 223.41 il 1.22 3.8686 2.0067 92.811 20.946 14.475 31.061 196 7 .30545 111.25 3.8688 2.0125 92.689 20.501 14.325 229.553 196 8 .28473 111.25 3.8675 2.0026 92.801 16.678 13.362 23.761 196 9 .28492 111.10 3.8654 1.9942 92.855 16.741 13.299 23.774 1969—Nov. .28490 111.38 3.8621 2.0121 92.941 16.784 13.334 23.748 Dec. .28490 111.43 3.8652 2.0125 93.083 16.772 13.348 23.748 1970—Jan.. 328.487 111.58 3.8649 2.0124 93.199 16.772 13.339 23.748 Feb. 28.507 111.77 3.8663 2.0131 93.179 16.772 13.337 23.748 Mar. 28.504 111.83 3.8663 2.0133 93.212 16.770 13.340 23.748 Apr. 28.500 111.84 3.8651 2.0127 93.207 16.770 13.325 23.748 May 28.500 111.73 3.8614 2.0140 93.195 16.770 13.324 23.748 June 27.241 111.45 3.8618 2.0142 496.273 16.770 13.334 23.748 July. 24.934 111.12 3.8670 2.0146 96.872 16.770 13.330 23.748 Aug. 24.936 110.99 3.8638 2.0145 97.890 16.770 13.329 23.748 Sept. 24.888 110.87 3.8684 2.0145 98.422 16.770 13.331 23.748 Oct.. 24.874 110.97 3.8698 2.0146 97.890 16.775 13.331 23.736 Nov. 24.864 111.11 3.8676 2.0147 98.014 16.792 13.336 23.7225 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 ( e g N r u l e i a l t d n h e d - r s ) 196 5 20.401 25.036 20.938 279.59 .16004 .27662 32.609 8.0056 27.774 196 6 20.352 25.007 516.596 279.30 .16014 .27598 32.538 8.0056 27.630 196 7 20.323 25.084 13.255 275.04 .16022 .27613 32.519 8.0056 27.759 196 8 20.191 25.048 13.269 239.35 .16042 .27735 32.591 8.0056 27.626 196 9 619.302 725.491 13.230 239.01 .15940 .27903 32.623 8.0056 27.592 1969—Nov. 17.928 27.101 13.231 239.63 .15971 .27951 32.661 8.0056 27.748 Dec., 17.952 27.131 13.232 239.73 .15948 .27953 32.481 8.0056 27.622 1970—Jan.. 18.005 27.126 13.239 240.04 .15890 .27948 32.438 8.0056 27.522 Feb.. 18.034 27.110 13.248 240.47 .15886 .27950 32.469 8.0056 27.486 Mar. 18.038 27.225 13.260 240.58 .15897 .27963 32.460 8.0056 27.525 Apr., 18.076 27.459 13.260 240.61 .15895 .27926 32.460 8.0056 27.533 May. 18.108 27.523 13.240 240.37 .15897 .27862 32.449 8.0056 27.565 June, 18.111 27.528 13.230 239.77 .15897 .27864 32.391 8.0056 27.588 July. 'IS.120 27.537 13.219 239.06 .15893 .27826 32.308 8.0056 27.694 Aug. 18.109 27.537 13.212 238.77 .15928 .27915 32.287 8.0056 27.775 Sept. 18.112 27.537 13.211 238.53 .16005 .27935 32.314 8.0056 27.785 Oct.. 18.104 27.531 13.217 238.74 .16052 .27948 32.395 8.0056 27.781 Nov. 18.120 27.544 13.231 239.03 .16064 .27956 32.402 8.0056 27.793 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 d c h a ) (p S e p s a e i t n a ) S (k w r e o d n e a n ) ( e S f r r w l a a i n t n z c d - ) ( U p K d o n i o u n i m t n g e d - d ) 1965. 276.82 13.985 3.4829 139.27 1.6662 19.386 23.106 279.59 1966. 276.54 13.984 3.4825 139.13 1.6651 19.358 23.114 279.30 1967., 276.69 8131.97 13.985 3.4784 139.09 1.6383 19.373 23.104 275.04 1968., 111.37 14.000 3.4864 139.10 1.4272 19.349 23.169 239.35 1969. 111.21 13.997 3.5013 138.90 1.4266 19.342 23.186 239.01 1969—Nov., 111.50 13.989 3.5032 139.26 1.4248 19.354 23.118 239.63 Dec.. 111.54 14.000 3.5059 139.32 1.4230 19.352 23.203 239.73 1970—Jan... 111.69 13.983 3.5096 139.50 1.4247 19.355 23.176 240.04 Feb.., 111.89 13.990 3.5104 139.75 1.4266 19.305 23.257 240.47 Mar.. 111.94 14.001 3.5072 139.82 1.4268 19.232 23.202 240.58 Apr.. 111.96 14.001 3.5021 139.83 1.4274 19.233 23.244 240.61 May. 111.84 13.987 3.5033 139.69 1.4280 19.233 23.199 240.37 June., 111.56 13.985 3.4978 139.35 1.4288 19.266 23.171 239.77 July.. 111.23 13.951 3.4913 138.93 1.4290 19.282 23.235 239.06 Aug.. 111.10 13.998 3.4898 138.76 1.4290 19.306 23.247 238.77 Sept.. 110.98 13.994 3.4886 138.62 1.4287 19.225 23.219 238.53 Oct... 111.08 13.993 3.4893 138.74 1.4290 19.282 23.090 238.74 Nov.. 111.22 13.996 3.4924 138.91 1.4290 19.324 23.155 239.03 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 a DECEMBER 1970 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of Nov. 30,1969 Rate Country 1969 1970 as of Nov. 30, Per Month 1970 cent effective Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. 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 66..00 6.0 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 66..55 6.5 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..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 5 l/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
DECEMBER 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 t u , h r s y i m Da 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 a e o p n w o o k n a s e n i r t c s s e ' D m a o d y n a - e y t y o - 3 Tr 6 d b e 0 a i a - y l s l 9 s s u 0 * , r y m Da o d y n a - e y t y o 5 - 3 T r m b e i a o l s l n s u t , r h y s D m a d o y a n - y t e o y - d P is r r c i a v o t a u e t n e t 1967—De c 55..8800 55..6677 777...777888 777...555222 666...888333 666...000000 4.76 2.75 22..7777 44..5511 44..0055 3.75 1968—De c 55..9966 55..3311 777...222666 666...888000 555...999999 555...000000 8.22 2.75 11..8844 44..6655 44..9966 3.75 1969—Oc t 77..6688 77..7711 888...888888 777...777333 777...000222 666...000000 9.37 5.75 66..6688 55..8888 33..8800 4.75 Nov 77..7711 77..7788 888...888888 777...777222 666...888555 666...000000 9.59 5.75 77..6644 55..9955 55..5555 4.75 Dec 77..7788 77..7788 888...888888 777...777000 666...999000 666...000000 10.38 5.75 88..3355 66..0000 77..1111 4.75 1970—Ja n 77..8800 77..8888 888...888888 777...555555 666...888888 666...000000 10.21 5.75 99..0099 66..0000 66..7766 4.75 Feb 77..7700 77..8811 888...888888 777...666000 777...000333 666...000000 9.70 5.75 88..4488 66..0000 77..0055 4.75 Mar 77..3355 77..3355 888...666000 777...222777 666...999777 555...555666 9.47 7.00 99..5555 66..0000 77..0044 5.00 Apr.. 66..8811 66..8822 888...333000 666...999444 666...222666 555...222333 9.02 7.00 99..6688 66..0000 55..5577 5.25 May 66..5511 66..6666 888...000666 666...888222 666...000333 555...000000 8.90 7.00 99..2233 66..0000 77..0077 5.25 June 55..9900 55..9988 888...000666 666...888777 666...000333 555...000000 9.35 7.00 88..7766 66..0000 66..9922 5.25 July 55..7799 66..0000 888...000777 666...888222 666...000111 555...000000 8.57 6.75 88..8866 66..0000 66..9966 5.25 55..6666 55..7744 888...000666 666...888111 666...000888 555...000000 8.13 6.75 77..8855 66..0000 66..0033 5.25 Sept rr55..4444 ''55..5511 888...000666 666...888222 555...888444 555...000000 8.13 6.75 99..1155 66..0000 66..3311 5.25 Oct 55..2255 55..2244 888...000666 666...888111 555...999333 555...000000 77..4433 66..0000 66..8899 Nov 888...000666 666...888111 555...888111 555...000000 t Based on average yield of weekly tenders during month. 5 Monthly averages based on daily quotations. J Based on weekly averages of daily closing rates. NOTE.—For description and back data, see "International Finance,' 3 Rate shown is on private securities. Section 15 of Supplement to Banking and Monetary Statistics, 1962. 4 Rate in effect at end of month. ARBITRAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates PPPrrreeemmmiiiuuummm PPPrrreeemmmiiiuuummm DDDDaaaatttteeee UUnniitteedd ddd ((( iii +++ sssccc ))) ooo uuu ooorrr nnn ttt iiinnnccc NNN eeennn eee ttt ttt iii vvveee Canada ddd ((( iii +++ sssccc ))) ooo uuu ooorrr nnn ttt iiinnnccc NNN eeennn eee ttt ttt iii vvveee KKiinnggddoomm SSpprreeaadd (((———))) ooonnn (((fffaaavvvooorrr SSpprreeaadd (((---))) ooonnn (((fffaaavvvooorrr qq (( uu aa bb oo UU dd aa tt jj .. ss aa .. SS ii tt ss .. tt ii )) oo oo nn UU SS nn ttaa ii tt tt ee ee ss dd LL (( oo ff nn aa oo vv dd ff oo oo rr nn )) fff ppp ooorrr ooo www uuunnn aaarrr ddd ddd LLLooonnn ooo ddd fff ooonnn))) C qu a A n i o n a t s 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 UU SS nn ttaa ii tt tt ee ee ss dd CC (( aa ffaa nn oo vv aa ff oo dd rr aa )) CCC fff ddd ooo aaa ooo rrr nnn www lll aaa lllaaa ddd aaa rrr rrr iiiaaa sss ddd nnn CCCaaannn ooo aaa fff dddaaa))) 1970 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 Nov. 6 6.69 5.44 1.25 -.89 .36 5.00 4.87 5.44 -.57 .43 -.14 13 6.69 5.46 1.23 -1.18 .05 4.86 4.74 5.46 -.72 .49 -.23 20 6.69 5.10 1.59 -.86 .73 4.60 4.49 5.10 -.61 .57 -.04 27 6.69 5.00 1.69 -.98 .71 4.35 4.25 5.00 -.75 .49 -.26 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 d DECEMBER 1970 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti- Intl. Estimated Mone- United mated Afghan- Argen- Aus- Aus- Beltotal tary States rest of istan tina tralia tria gium Brazil Burma Canada world i Fund world 42,305 2,312 15,596 24,395 78 208 536 1,371 150 817 43,015 2,179 15,471 25,365 71 226 600 1,451 92 1,026 243,230 31,869 13,806 27,285 66 223 700 1,558 63 1,151 43,185 2,652 13,235 27,300 84 224 701 1,525 45 1,046 41,600 2,682 12,065 26,855 84 231 701 1,480 45 1,015 40,905 2,288 10,892 27,725 109 257 714 1,524 45 863 2,260 11,190 125 262 715 1,520 45 872 2,288 11,171 130 263 715 1,518 45 872 41,015 2,310 11,859 26,845 135 263 715 1,520 45 872 2,413 11,882 140 263 710 1,518 45 870 2,435 11,906 140 268 714 1,520 45 879 41,205 2,512 11,903 26,790 140 269 714 1,520 45 879 2,514 11,902 140 268 712 1,518 45 879 2,529 11,900 140 269 713 1,520 45 880 41,170 2,544 11,889 26,735 140 270 714 1,520 45 880 2,547 11,934 140 269 714 1,520 45 880 2,652 11,817 140 269 714 1,518 45 880 "^41j180' 2,825 11.494 P26,m 140 282 714 1,530 45 880 2,902 11.495 283 714 1,528 45 880 Gerlo C m o b - ia m De a n rk - l F a i n n d - France m F a e n d y . , Greece India Iran Iraq l I a r n e d - Israel Italy Rep. of 92 61 3,175 3,843 77 247 142 98 18 60 2,343 92 85 3,729 4,248 77 247 141 112 19 56 2,107 97 84 4,706 4,410 78 281 146 110 21 56 2,404 108 45 5,238 4,292 120 243 130 106 23 46 2,414 107 45 5,234 4,228 130 243 144 115 25 46 2,400 114 45 3,877 4,539 140 243 158 193 79 46 2,923 89 45 3,547 4,597 130 243 158 193 39 46 2,954 89 45 3,547 4,610 130 243 158 193 39 46 2,956 89 45 3,547 4,079 130 243 158 193 39 46 2,956 89 45 3,546 4,079 130 243 158 151 39 46 2,976 89 45 3,544 4,079 120 243 158 151 38 46 2,978 89 45 3,544 4,079 120 243 158 151 38 46 2,978 89 45 3,544 4,079 120 243 158 151 26 46 2,978 89 45 3,541 4.079 120 243 158 151 26 46 2.981 89 45 3,543 4.080 120 243 158 151 26 46 2.982 89 45 3,543 4,080 120 243 158 151 26 46 2.983 89 45 3,537 4.080 120 243 158 151 26 45 2,983 89 45 3,537 4.081 119 243 148 151 26 45 2,983 65 45 3,537 4,081 119 243 148 151 26 45 2,983 Kuwait a L n e o b n - Libya M s a i l a a y- Mexi- Moroc- N l e a t n h d e s r - N w o a r y - P s a ta k n i- Peru P p h i i n l e ip s - Po g r a t l u - 48 172 7 8 139 29 1,601 31 53 57 28 497 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 68 109 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 62 856 100 288 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 r890 86 288 85 63 171 21 1,730 27 54 40 50 r890 86 288 85 63 171 21 1,730 27 54 40 50 890 86 288 85 63 171 21 1.750 27 54 53 r890 86 288 85 63 171 21 1.751 27 54 54 r901 86 288 85 63 21 1,801 34 54 56 902 86 288 85 1,801 33 54 59 902 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 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 n it 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—Oct... 1,128 785 226 2,642 81 92 117 93 165 403 50 -314 Nov.. 1,125 785 226 2,642 81 92 117 93 165 403 50 -309 Dec.. 1,115 784 226 2,642 82 92 117 93 1,471 165 403 51 -480 1970—Jan... 1,075 784 224 2,659 82 92 117 93 165 403 51 -488 Feb.. 1,035 784 224 2,659 82 92 117 93 165 404 51 -467 Mar.. 1,002 784 224 2,659 82 92 127 93 11,,446699 165 404 51 -507 Apr.. 992 784 224 2,659 82 92 127 93 165 404 51 -519 May. 978 784 225 2,659 82 92 127 93 165 404 51 -530 June. 942 784 225 2,670 82 92 127 93 1,469 165 404 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 82 92 126 11,,445544 165 404 52 -303 Oct.*, 879 534 225 2,720 9922 112266 440044 5522 --330088 1 Includes reported or estimated gold holdings of international and some member countries in anticipation of increase in Fund quotas, except regional organizations, central banks and govts, of countries listed in those matched by gold mitigation deposits with the United States and this table and also of a number not shown separately here, and gold to be United Kingdom; adjustment is $270 million. distributed by the Tripartite Commission for the Restitution of Monetary 3 Excludes gold subscription payments made by some member countries Gold; excludes holdings of the U.S.S.R., other Eastern European coun- in anticipation of increase in Fund quotas: for most of these countries tries, and China Mainland. the increased quotas became effective in Feb. 1966. The figures included for the Bank for International Settlements are 4 Net gold assets of BIS, i.e., gold in bars and coins and other gold the Bank's gold assets net of gold deposit liabilities. This procedure assets minus gold deposit liabilities. avoids the overstatement of total world gold reserves since most of the gold deposited with the BIS is included in the gold reserves of individual NOTE.—For back figures and description of the data in this and the countries. following tables on gold (except production), see "Gold," Section 14 of 2 Adjusted to include gold subscription payments to the IMF made by <Supplement to Banking and Monetary Statistics, 1962. GOLD PRODUCTION (In millions of dollars at $35 per fine troy ounce) Africa North and South America Asia Other WWoorrlldd PPeerriioodd pp tt rr ii oo oo dd nn uu cc ii -- A So fr u i t c h a Ghana C s ( h K o a n i s n g a - o ) U S n ta i t t e e s d C a a d n a - M ic e o x - N ra ic g a u - a Co b l i o a m - India Japan P p h i i n 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 77777777........88888888 55555551111111.......4444444 111111111111111111113333333333333333333333333333333333333333....................00000000000000000000 7777777.......4444444 6666666.......9999999 1111111111111111122222222222222222.................88888888888888888 555555555555............222222222222 1111111111111111166666666666666666.................11111111111111111 1111111144444444........99999999 333333333333333333333333333333...............777777777777777 66666666666666.......6666666 1965 1111111,,,,,,,444444444444440000000.......0000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000006666666666666666666699999999999999999999....................44444444444444444444 22222226666666.......4444444 22222222........33333333 55555558888888.......6666666 111111111111111111112222222222222222222255555555555555555555....................66666666666666666666 7777777.......6666666 5555555.......4444444 1111111111111111111111111111111111.................22222222222222222 444444444444............666666666666 1111111111111111188888888888888888.................11111111111111111 1111111155555555........33333333 333333333333333000000000000000...............777777777777777 66666664444444.......8888888 1966 1111111,,,,,,,444444444444445555555.......0000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000008888888888888888888800000000000000000000....................88888888888888888888 22222224444444.......0000000 55555555........66666666 66666663333333.......1111111 111111111111111111111111111111111111111144444444444444444444....................66666666666666666666 7777777.......5555555 5555555.......2222222 99999999999999999.................88888888888888888 444444444444............222222222222 1111111111111111199999999999999999.................44444444444444444 1111111155555555........88888888 333333333333333222222222222222...............111111111111111 66666662222222.......9999999 1967 1111111,,,,,,,444444411111110000000.......0000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000006666666666666666666688888888888888888888....................77777777777777777777 22222226666666.......7777777 55555555........44444444 55555553333333.......4444444 111111111111111111110000000000000000000033333333333333333333....................77777777777777777777 5555555.......8888888 5555555.......2222222 99999999999999999.................00000000000000000 333333333333............444444444444 2222222222222222233333333333333333.................77777777777777777 1111111177777777........22222222 222222222222222888888888888888...............444444444444444 55555559999999.......4444444 1968 1111111,,,,,,,444444422222220000000.......0000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000008888888888888888888888888888888888888888....................00000000000000000000 22222225555555.......4444444 55555555........99999999 55555553333333.......9999999 9999999999999999999944444444444444444444....................11111111111111111111 6666666.......2222222 4444444.......9999999 88888888888888888.................44444444444444444 444444444444............000000000000 2222222222222222211111111111111111.................55555555555555555 1111111188888888........55555555 222222222222222777777777777777...............666666666666666 66666661111111.......6666666 1969P 1111111,,,,,,,444444422222220000000.......0000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000009999999999999999999900000000000000000000....................77777777777777777777 22222224444444.......8888888 66666666........00000000 66666660000000.......1111111 8888888888888888888855555555555555555555....................22222222222222222222 7777777.......5555555 3333333.......7777777 77777777777777777.................77777777777777777 333333333333............444444444444 2222222222222222233333333333333333.................77777777777777777 2222222200000000........00000000 222222222222222444444444444444...............555555555555555 66666662222222.......7777777 1969—Sept 9999999999999999999955555555555555555555....................11111111111111111111 2222222211111111........55555555 77777777777777777777....................00000000000000000000 .................66666666666666666 ............333333333333 11111111111111111.................99999999999999999 2222222244444444........88888888 222222222222222...............222222222222222 Oct 9999999999999999999955555555555555555555....................22222222222222222222 66666666666666666666....................55555555555555555555 .................66666666666666666 ............333333333333 22222222222222222.................11111111111111111 222222222222222...............111111111111111 Nov 9999999999999999999933333333333333333333....................66666666666666666666 66666666666666666666....................88888888888888888888 .................66666666666666666 ............333333333333 22222222222222222.................00000000000000000 222222222222222...............000000000000000 Dec 8888888888888888888899999999999999999999....................55555555555555555555 77777777777777777777....................11111111111111111111 .................44444444444444444 ............222222222222 22222222222222222.................22222222222222222 111111111111111...............999999999999999 1970—Jan 9999999999999999999922222222222222222222....................88888888888888888888 77777777777777777777....................55555555555555555555 .................55555555555555555 ............222222222222 22222222222222222.................11111111111111111 111111111111111...............777777777777777 Feb 8888888888888888888888888888888888888888....................44444444444444444444 66666666666666666666....................55555555555555555555 .................88888888888888888 11111111111111111.................99999999999999999 111111111111111...............888888888888888 Mar 9999999999999999999944444444444444444444....................33333333333333333333 77777777777777777777....................11111111111111111111 .................55555555555555555 22222222222222222.................11111111111111111 222222222222222...............666666666666666 Apr 9999999999999999999922222222222222222222....................88888888888888888888 66666666666666666666....................66666666666666666666 .................66666666666666666 11111111111111111.................88888888888888888 111111111111111...............888888888888888 May 9999999999999999999944444444444444444444....................55555555555555555555 77777777777777777777....................00000000000000000000 .................66666666666666666 22222222222222222.................22222222222222222 June 9999999999999999999966666666666666666666....................66666666666666666666 77777777777777777777....................22222222222222222222 .................66666666666666666 22222222222222222.................00000000000000000 July 9999999999999999999955555555555555555555....................22222222222222222222 66666666666666666666....................88888888888888888888 Aug........... 9999999999999999999966666666666666666666....................33333333333333333333 66666666666666666666....................33333333333333333333 Sept 9999999999999999999966666666666666666666....................22222222222222222222 66666666666666666666....................66666666666666666666 1 Estimated; excludes U.S.S.R., other Eastern European countries, China Mainland, and North Korea. 2 Quarterly data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 94 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM ARTHUR F. BURNS, Chairman J. L. ROBERTSON, Vice Chairman GEORGE W. MITCHELL J. DEWEY DAANE SHERMAN J. MAISEL ANDREW F. BRIMMER WILLIAM W. SHERRILL ROBERT C. HOLLAND, Secretary of the Board J. CHARLES PARTEE, Adviser to the Board ROBERT SOLOMON, Adviser to the Board HOWARD H. HACKLEY, Assistant to the Board CHARLES MOLONY, Assistant to the Board ROBERT L. CARDON, Assistant to the Board DAVID B. HEXTER, Assistant to the Board JOSEPH R. COYNE, Special Assistant to the Board FRANK O'BRIEN, JR., Special Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF FEDERAL RESERVE BANK OPERATIONS ROBERT C. HOLLAND, Secretary KENNETH A. KENYON, Deputy Secretary JOHN R. FARRELL, Director ELIZABETH L. CARMICHAEL, Assistant Secretary JOHN N. KILEY, JR., Associate Director ARTHUR L. BROIDA, Assistant Secretary JAMES A. MCINTOSH, Assistant Director NORMAND R. V. BERNARD, Assistant Secretary P. D. RING, Assistant Director GORDON B. 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 JBRENTON 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 LEVON H. GARABEDIAN, Assistant Director OFFICE OF THE CONTROLLER JOHN KAKALEC, Controller DIVISION OF INTERNATIONAL FINANCE HARRY J. HALLEY, Assistant Controller ROBERT SOLOMON, Director DIVISION OF DATA PROCESSING T ROBERT L. SAMMONS, Associate Director JOHN E. REYNOLDS, Associate Director JEROLD E. SLOCUM, Director JOHN F. L. GHIARDI, Adviser JOHN P. SINGLETON, Associate Director A. B. HERSEY, Adviser GLENN L. CUMMINS, Assistant Director REED J. IRVINE, Adviser JOE M. JACKSON, Assistant Director SAMUEL I. KATZ, Adviser HENRY W. MEETZE, Assistant Director BERNARD NORWOOD, Adviser RICHARD S. WATT, Assistant Director RALPH C. WOOD, Adviser RALPH C. BRYANT, Associate Adviser *On leave from the Federal Reserve Bank of St. Louis. ROBERT F. GEMMILL, Associate Adviser tOn leave of absence. {Currently serving also as Program Director for Banking Digitized for FRASER SAMUEL PIZER, Associate Adviser Structure in the Office of the Secretary. 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 SHERMAN J. MAISEL WILLIAM W. SHERRILL DARRYL R. FRANCIS GEORGE W. MITCHELL ELIOT J. SWAN 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 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 1. Hatch Monroe Kimbrel John C. Wilson Kyle K. Fossum Birmingham... .,,.35202 C. Caldwell Marks Dan L. Hendley Jacksonville ....32201 Henry Cragg Edward C. Rainey Nashville ....37203 Robert M. Williams Jeffrey J. Wells New Orleans... ....70160 Frank G. Smith Arthur H. Kantner Chicago ....60690 Emerson G. Higdon 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 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.) ANNUAL REPORT. SUPPLEMENT TO BANKING AND MONETARY STA- TISTICS. Sec. 1. Banks and the Monetary Sys- FEDERAL RESERVE BULLETIN. Monthly. $6.00 per tem. 1962. 35 pp. $.35. Sec. 2. Member Banks. annum or $.60 a copy in the United States and 1967. 59 pp. $.50. Sec. 5. Bank Debits. 1966. 36 its possessions, Bolivia, Canada, Chile, Colom- pp. $.35. Sec. 6. Bank Income. 1966. 29 pp. bia, Costa Rica, Cuba, Dominican Republic, $.35. Sec. 9. Federal Reserve Banks. 1965. 36 Ecuador, Guatemala, Haiti, Republic of Hon- pp. $.35. Sec. 10. Member Bank Reserves and duras, Mexico, Nicaragua, Panama, Paraguay, Related Items. 1962. 64 pp. $.50. Sec. 11. Cur- Peru, El Salvador, Uruguay, and Venezuela; 10 rency. 1963. 11 pp. $.35. Sec. 12. Money Rates or more of same issue sent to one address, $5.00 and Securities Markets. 1966. 182 pp. $.65. per annum or $.50 each. Elsewhere, $7.00 per Sec. 14. Gold. 1962. 24 pp. $.35. Sec. 15. Interannum or $.70 a copy. national Finance. 1962. 92 pp. $.65. Sec. 16 (New). Consumer Credit. 1965. 103 pp. $.65. FEDERAL RESERVE CHART BOOK ON FINANCIAL INDUSTRIAL PRODUCTION—1957-59 BASE. 1962. AND BUSINESS STATISTICS. Monthly. Annual 172 pp. $1.00 a copy; 10 or more sent to one subscription includes one issue of Historical address, $.85 each. Chart Book. $6.00 per annum or $.60 a copy in the United States and the countries listed above; BANK MERGERS & THE REGULATORY AGENCIES: 10 or more of same issue sent to one address, APPLICATION OF THE BANK MERGER ACT OF $.50 each. Elsewhere, $7.00 per annum or $.70 1960. 1964. 260 pp. $1.00 a copy; 10 or more a copy. sent to one address, $.85 each. BANKING MARKET STRUCTURE & PERFORMANCE HISTORICAL CHART BOOK. Issued annually in Sept. IN METROPOLITAN AREAS: A STATISTICAL Subscription to monthly chart book includes STUDY OF FACTORS AFFECTING RATES ON one issue. $.60 a copy in the United States and BANK LOANS. 1965. 73 pp. $.50 a copy; 10 or countries listed above; 10 or more sent to one address, $.50 each. Elsewhere, $.70 a copy. more sent to one address, $.40 each. THE PERFORMANCE OF BANK HOLDING COM- THE FEDERAL RESERVE ACT, as amended through PANIES. 1967. 29 pp. $.25 a copy; 10 or more Nov. 5, 1966, with an appendix containing prosent to one address, $.20 each. visions of certain other statutes affecting the Federal Reserve System. 353 pp. $1.25. FARM DEBT. Data from the 1960 Sample Survey of Agriculture. 1964. 221 pp. $1.00 a copy; 10 REGULATIONS OF THE BOARD OF GOVERNORS OF or more sent to one address, $.85 each. THE FEDERAL RESERVE SYSTEM. MERCHANT AND DEALER CREDIT IN AGRICUL- PUBLISHED INTERPRETATIONS OF THE BOARD OF TURE. 1966. 109 pp. $1.00 a copy; 10 or more 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 • DECEMBER 1970 BANK CREDIT-CARD AND CHECK-CREDIT PLANS. RESERVE ADJUSTMENTS OF THE EIGHT MAJOR 1968. 102 pp. $1.00 a copy; 10 or more sent to NEW YORK CITY BANKS DURING 1966. 1968. one address, $.85 each. 29 pp. INTEREST RATE EXPECTATIONS: TESTS ON YIELD DISCOUNT POLICY AND OPEN MARKET OPERA- SPREADS AMONG SHORT-TERM GOVERNMENT TIONS. 1968. 23 pp. SECURITIES. 1968. 83 pp. $.50 a copy; 10 or more sent to one address, $.40 each. THE REDESIGNED DISCOUNT MECHANISM AND THE MONEY MARKET. 1968. 29 pp. SURVEY OF FINANCIAL CHARACTERISTICS OF CONSUMERS. 1966. 166 pp. $1.00 a copy; 10 or SUMMARY OF THE ISSUES RAISED AT THE ACAmore sent to one address, $.85 each. DEMIC SEMINAR ON DISCOUNTING. 1968. 16 pp. SURVEY OF CHANGES IN FAMILY FINANCES. 1968. 321 pp. $1.00 a copy; 10 or more sent to one address, $.85 each. A REVIEW OF RECENT ACADEMIC LITERATURE ON THE DISCOUNT MECHANISM. 1968. 40 pp. REPORT OF THE JOINT TREASURY-FEDERAL RE- SERVE STUDY OF THE U.S. GOVERNMENT DISCOUNT POLICY AND BANK SUPERVISION. SECURITIES MARKET. 1969. 48 pp. $.25 a copy; 1968. 72 pp. 10 or more sent to one address, $.20 each. THE LEGITIMACY OF CENTRAL BANKS. 1969. JOINT TREASURY-FEDERAL RESERVE STUDY OF 24 pp. THE GOVERNMENT SECURITIES MARKET: STAFF STUDIES—PART 1 (papers by Cooper, Bernard, SELECTIVE CREDIT CONTROL. 1969. 9 pp. and Scherer). 1970. 86 pp. $.50 a copy; 10 or more sent to one address, $.40 each. SOME PROPOSALS FOR A REFORM OF THE DIS- COUNT WINDOW. 1969. 40 pp. (Limited supplies, in mimeographed or similar form, of staff papers other than those con- RATIONALE AND OBJECTIVES OF THE 1955 REtained in Part 1 are available upon request for VISION OF REGULATION A. 1969. 33 pp. single copies. See p. 48 of main report for a list of such papers.) AN EVALUATION OF SOME DETERMINANTS OF MEMBER BANK BORROWING. 1969. 29 pp. REAPPRAISAL OF THE FEDERAL RESERVE DIS- COUNT MECHANISM: ACADEMIC VIEWS ON IMPROVING THE FEDERAL REPORT OF A SYSTEM COMMITTEE. 1968. 23 RESERVE DISCOUNT MECHANISM. 1970. pp. $.25 a copy; 10 or more sent to one ad- 172 pp. dress, $.20 each. CAPITAL AND CREDIT REQUIREMENTS OF AGRI- REPORT ON RESEARCH UNDERTAKEN IN CON- CULTURE, AND PROPOSALS TO INCREASE NECTION WITH A SYSTEM STUDY. 1968. 47 AVAILABILITY OF BANK CREDIT. 1970. 160 pp. pp. $.25 a copy; 10 or more sent to one address, $.20 each. FINANCIAL INSTABILITY REVISITED: THE ECO- NOMICS OF DISASTER. 1970. 87 pp. Limited supply of the following papers relating to the Discount Study, in mimeographed or similar form, available upon request for single copies: STAFF ECONOMIC STUDIES EVOLUTION OF THE ROLE AND FUNCTIONING Studies and papers on economic and financial sub- OF THE DISCOUNT MECHANISM. 1968. 65 pp. jects that are of general interest in the field of economic research. A STUDY OF THE MARKET FOR FEDERAL FUNDS. 1968. 47 pp. Summaries only printed in the Bulletin. THE SECONDARY MARKET FOR NEGOTIABLE (Limited supply of mimeographed copies of full text available upon request for single copies.) CERTIFICATES OF DEPOSIT. 1968. 89 pp. THE DISCOUNT MECHANISM IN LEADING IN- MEASURES OF INDUSTRIAL PRODUCTION AND DUSTRIAL COUNTRIES SINCE WORLD WAR II. FINAL DEMAND, by Clayton Gehman and Cor- 1968. 216 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 THE AVAILABILITY OF MORTGAGE LENDING COM- RESEARCH ON BANKING STRUCTURE AND PER- MITMENTS, by Robert Moore Fisher. Dec. 1969. FORMANCE, Staff Economic Study by Tynan 36 pp. Smith. Apr. 1966. 11 pp. IMPORTED INFLATION AND THE INTERNATIONAL COMMERCIAL BANK LIQUIDITY, Staff Economic ADJUSTMENT PROCESS, by Ruth Logue. Dec. Study by James Pierce. Aug. 1966. 9 pp. 1969.147 pp. A REVISED INDEX OF MANUFACTURING CAPACITY, CONSUMER SAVINGS AND THRIFT INSTITUTIONS, Staff Economic Study by Frank de Leeuw with by Edward C. Ettin and Barbara Negri Opper. Frank E. Hopkins and Michael D. Sherman. June 1970. 12 pp. Nov. 1966. 11 pp. THE ROLE OF FINANCIAL INTERMEDIARIES IN OPTIMAL CHOICE OF MONETARY POLICY INSTRU- U.S. CAPITAL MARKETS, Staff Economic Study MENTS IN A SIMPLE STOCHASTIC MACRO by Daniel H. Brill with Ann P. Ulrey. Jan. MODEL, by William Poole. Sept. 1970. 20 pp. 1967. 14 pp. UNCERTAINTY AND STABILIZATION POLICIES FOR REVISED SERIES ON COMMERCIAL AND INDUS- A NONLINEAR MACROECONOMIC MODEL, by TRIAL LOANS BY INDUSTRY. Feb. 1967. 2 pp. Franklin R. Shupp. Dec. 1970. 23 pp. AUTO LOAN CHARACTERISTICS AT MAJOR SALES FINANCE COMPANIES. Feb. 1967. 5 pp. Printed in full in the Bulletin. SURVEY OF FINANCE COMPANIES, MID-1965. Apr. (Reprints available as shown in following list.) 1967. 26 pp. MONETARY POLICY AND THE RESIDENTIAL MORT- REPRINTS GAGE MARKET. May 1967. 13 pp. ADJUSTMENT FOR SEASONAL VARIATION. June BANK FINANCING OF AGRICULTURE. June 1967. 1941. 11 pp. 23 pp. SEASONAL FACTORS AFFECTING BANK RESERVES. EVIDENCE ON CONCENTRATION IN BANKING Feb. 1958. 12 pp. MARKETS AND INTEREST RATES, Staff Economic Study by Almarin Phillips. June 1967. LIQUIDITY AND PUBLIC POLICY, Staff Paper by 11 PP. Stephen H. Axilrod. Oct. 1961. 17 pp. NEW BENCHMARK PRODUCTION MEASURES, 1958 AND 1963. June 1967. 4 pp. SEASONALLY ADJUSTED SERIES FOR BANK CREDIT. July 1962. 6 pp. REVISED INDEXES OF MANUFACTURING CAPACITY AND CAPACITY UTILIZATION. July 1967. 3 pp. INTEREST RATES AND MONETARY POLICY, Staff Paper by Stephen H. Axilrod. Sept. 1962. 28 pp. THE PUBLIC INFORMATION ACT—ITS EFFECT ON MEMBER BANKS. July 1967. 6 pp. MEASURES OF MEMBER BANK RESERVES. July INTEREST COST EFFECTS OF COMMERCIAL BANK 1963. 14 pp. UNDERWRITING OF MUNICIPAL REVENUE BONDS. Aug. 1967. 16 pp. CHANGES IN BANKING STRUCTURE, 1953-62. Sept. 1963. 8 pp. THE FEDERAL RESERVE-MIT ECONOMETRIC MODEL, Staff Economic Study by Frank de REVISION OF BANK DEBITS AND DEPOSIT TURN- Leeuw and Edward Gramlich. Jan. 1968. 30 pp. OVER SERIES. Mar. 1965. 4 pp. THE PRICE OF GOLD IS NOT THE PROBLEM. Feb. 1968. 7 pp. TIME DEPOSITS IN MONETARY ANALYSIS, Staff Economic Study by Lyle E. Gramley and U.S. INTERNATIONAL TRANSACTIONS: TRENDS IN Samuel B. Chase, Jr. Oct. 1965. 25 pp. 1960-67. Apr. 1968. 23 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 100 FEDERAL RESERVE BULLETIN • DECEMBER 1970 MONETARY RESTRAINT AND BORROWING AND EURO-DOLLARS: A CHANGING MARKET. Oct. 1969. CAPITAL SPENDING BY LARGE STATE AND 20 pp. LOCAL GOVERNMENTS IN 1966. July 1968. 30 pp. REVISION OF MONEY SUPPLY SERIES. Oct. 1969. 16 pp. REVISED SERIES ON BANK CREDIT. Aug. 1968. 4 pp. BALANCE OF PAYMENTS PROGRAM: REVISED GUIDELINES FOR BANKS AND NONBANK FINAN- FEDERAL FISCAL POLICY IN THE 1960's. Sept. CIAL INSTITUTIONS. Jan. 1970. 11 pp. 1968. 18 pp. RECENT CHANGES IN STRUCTURE OF COMMER- HOW DOES MONETARY POLICY AFFECT THE CIAL BANKING. Mar. 1970. 16 pp. ECONOMY? Staff Economic Study by Maurice Mann. Oct. 1968. 12 pp. U.S. BALANCE OF PAYMENTS AND INVEST- MENT POSITION. Apr. 1970. 17 pp. BUSINESS FINANCING BY BUSINESS FINANCE COMPANIES. Oct. 1968. 13 pp. SDR's IN FEDERAL RESERVE OPERATIONS AND STATISTICS. May 1970. 4 pp. MANUFACTURING CAPACITY: A COMPARISON OF TWO SOURCES OF INFORMATION, Staff Eco- CHANGES IN BANK LENDING PRACTICES, 1969. nomic Study by Jared J. Enzler. Nov. 1968. May 1970. 5 pp. 5 pp. BANKING AND MONETARY STATISTICS, 1969. MONETARY RESTRAINT, BORROWING, AND CAP- Selected series of banking and monetary statistics ITAL SPENDING BY SMALL LOCAL GOVERNfor 1969 only. Mar. and July 1970. 18 pp. MENTS AND STATE COLLEGES IN 1966. Dec. 1968. 30 pp. TREASURY AND FEDERAL RESERVE FOREIGN EX- CHANGE OPERATIONS. Sept. 1970. 17 pp. REVISION OF CONSUMER CREDIT STATISTICS. Dec. 1968. 21 pp. INFLATION IN WESTERN EUROPE AND JAPAN. Oct. 1970. 13 pp. HOUSING PRODUCTION AND FINANCE. Mar. 1969. 7 pp. CHANGES IN TIME AND SAVINGS DEPOSITS, APRIL- JULY 1970. Nov. 1970. 11 pp. OUR PROBLEM OF INFLATION. June 1969. 15 pp. FINANCIAL DEVELOPMENTS IN THE THIRD QUAR- TER OF 1970. Dec. 1970. 7 pp. THE CHANNELS OF MONETARY POLICY, Staff Economic Study by Frank de Leeuw and Edward REVISION OF THE MONEY STOCK. Dec. 1970. Gramlich. June 1969. 20 pp. 16 pp. REVISION OF WEEKLY SERIES FOR COMMERCIAL MEASURES OF SECURITY CREDIT. Dec. 1970. BANKS. Aug. 1969. 5 pp. 11pp. ANTICIPATED SCHEDULE OF RELEASE DATES FOR PUBLIC PERIODIC RELEASES BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Approximate Date or period to which Weekly releases release day data refer Week ended previous Aggregate Reserves and Member Bank Deposits (H.3) Tuesday Wednesday Applications and Reports Received, or Acted on, by the Week ended previous Board (H.2) Tuesday Saturday Assets and Liabilities of All Commercial Banks in the Wednesday, 2 weeks ear- Wednesday United States (H.8) lier Changes in State Bank Membership (K.3) Tuesday Week ended previous Saturday Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BOARD PUBLICATIONS A 101 Weekly releases (cont.) Approximate Date or period to which release day data refer Commercial and Industrial Loans Outstanding, by Industry Wednesday Wednesday, 1 week ear- (H.12)2 lier Condition Report of Large Commercial Banks in New York Thursday Previous Wednesday and Chicago (H.4.3) Condition Report of Large Commercial Banks and Domestic Wednesday Wednesday, 1 week ear- Subsidiaries (H.4.2) 3 lier Deposits, Reserves, and Borrowings of Member Banks (H.7) Wednesday Week ended 3 Wednesdays earlier Factors Affecting Bank Reserves and Condition Statement Thursday Week ended previous of Federal Reserve Banks (H.4.1) Wednesday Money Supply and Time Deposits (H.6) Thursday Week ended Wednesday of previous week Reserve Positions of Major Reserve City Banks (H.5) Friday Week ended Wednesday of previous week Selected Interest and Exchange Rates for Major Countries Thursday Week ended previous and the United States (H.13) Saturday Week ended previous Weekly Foreign Exchange Rates (H.10) Monday Friday Weekly Summary of Banking and Credit Measures (H.9) Thursday Week ended previous Wednesday; and week ended Wednesday of previous week Weekly U.S. Government Security Yields and Prices (H.15) Monday Week ended previous Saturday Semimonthly releases Research Library—Recent Acquisitions (J.2) 1st and 16th of Period since last release month Monthly releases Assets and Liabilities of All Member Banks by Districts 14th of month Last Wednesday of pre- (G.7.1) vious month Automobile Loans by Major Sales Finance Companies 7th working 2nd month previous (G.25) day of month Automobile Instalment Credit Developments (G.26) 6th working 2nd month previous day of month Bank Debits, Deposits, and Deposit Turnover (G.6) Previous month 25th of month Business Indexes (G.12.3) Previous month (Industrial Production Indexes also available annually, 15th of month see p. A-104) Commercial and Industrial Term Loans Outstanding by In- 2nd Wednes- Last Wednesday of predustry (H.12b) Available only as attachment to weekly day of month vious month H.12 release Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 102 FEDERAL RESERVE BULLETIN • DECEMBER 1970 Monthly releases (cont.) Approximate Date or period to which release day data refer Consumer Credit (G.19) 3rd working day of month 2nd month previous Consumer Instalment Credit at Commercial Banks (G.18) 4th working day of month 2nd month previous Interdistrict Settlement Fund (G.15) 15th of month Previous month Index Numbers of Wholesale Prices (G.8) 20th of month Previous month Maturity Distribution of Euro-Dollar Deposits in Foreign 1st of month Last day of 3rd month Branches of U.S. Banks (G.17) previous Maturity Distribution of Outstanding Negotiable Time Cer- 24th of month Last Wednesday of pretificates of Deposit (G.9) vious month Monthly Foreign Exchange Rates (G.5) 1st of month Previous month National Summary of Business Conditions (G.12.2) 15 th of month Previous month Open Market Money Rates and Bond Prices (G.13) 6th of month Previous month Finance Companies (G.20) 5th working 2nd month previous day of month State Member Banks of Federal Reserve System and Non- 1st week of Previous month member Banks that Maintain Clearing Accounts with month Federal Reserve Banks (G.4) (Also annual) 1st week of End of previous year February Summary of Equity Security Transactions (G.16) Last week of Release date month U.S. Government Security Yields and Prices (G.14) 4th of month Previous month Quarterly releases Bank Rates on Short-Term Business Loans (E.2) 18th of March, 1st 15 days of February, June, Sep- May, August, November tember, December Capacity Utilization in Manufacturing (E.5) 21st of Jan- Previous quarter uary, April, July, October Flow of funds: 15th of Feb- Previous quarter Seasonally adjusted and unadjusted (Z.l) ruary, May, Seasonally adjusted only (Z.la) August, and November Volume and Composition of Individuals' Saving (flow of funds series) (E.8) Sales, Profits, and Dividends of Large Corporations (E.6) • 10th of April, 2nd quarter previous June, September, December Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BOARD PUBLICATIONS A 103 Approximate Date or period to which Semiannual releases release day data refer Assets and Liabilities of All Commercial Banks, by Class of May and No- End of previous Decem- Bank (E.3.4) vember ber and June List of OTC Margin Stocks (E.7) June 30, De- Release date cember 31 (Also monthly revisions) Last week of Period since last release month Assets, Liabilities, and Capital Accounts of Commercial and May and No- End of previous Decem- Mutual Savings Banks—Reports of Call (Joint Release of vember ber and June Federal Deposit Insurance Corp., Board of Governors of Federal Reserve System, and Office of Comptroller of the Currency. Published and distributed by FDIC) Annual releases Bank Debits to Demand Deposit Accounts Except Inter- March 25 Previous year bank and U.S. Government Accounts (C.5) End of Month Demand Deposits Except Interbank and U.S. March 25 Previous year Government Accounts (C.5a) Federal Reserve Par List (G.3) Early Novem- Previous September 30 ber (Also monthly supplements) 5th of month Period since last release Industrial Production Indexes November Previous year (Available upon request, after being announced) Member Bank Income (C.4) End of May Previous year 1 Release dates are those anticipated or usually met. However, it should be noted that for some releases there is normally a certain variability because of reporting or processing procedures. Moreover, for all series unusual circumstances may, from time to time, result in a release date being later than anticipated. 2 Contains monthly H.12b release on second Wednesday of month. 3 Contains revised H.4.3 data. 4 Publication temporarily suspended. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 104 FEDERAL RESERVE BULLETIN • DECEMBER 1970 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 •a Bank credit proxy, 17 Bankers' balances, 25, 28 Earnings and hours, manufacturing industries, 65 (iSee 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): s New issues, 45, 46, 47 1 Yields and prices, 34, 35 Farm mortgage loans, 50, 51 cg 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 i 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 4> Capacity utilization, 62 Federal intermediate credit banks, 39 Capital accounts: Federal land banks, 39 J 9 WS ) B Fe a d n e k r s a , l b R y e c s l e a r s v s e e s B , a 1 n 9 k , s 2 , 5 1 , 2 3 0 F F e e d d e er r a a l l N Re a s ti e o rv n e a l B M an o k rt s g : age Assn., 39, 53 O Central banks, 90, 92 Condition statement, 12 a Certificates of deposit, 30 U.S. Govt, securities held, 4, 12, 15, 42, 43 73 Coins, circulation, 16 Federal Reserve credit, 4,6,12,15 ON 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 I Consumer loans held, by type, 55 Flow of funds, 70 Tf Deposits at, for payment of personal loans, 23 Foreign: i 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 0 rWt 4 D Commercial paper, 33, 37 Trade, 73 Condition statements (See Assets and liabilities) Foreigners: Construction, 62, 63 Claims on, 82, 83, 86, 87, 88 Consumer credit: Liabilities to, 30, 76, 77, 79, 80, 81, 86, 87, 88 Instalment credit, 54, 55, 56, 57 Noninstalment credit, by holder, 55 Gold: Consumer price indexes, 62, 66 Certificates, 12, 13, 16 Consumption expenditures, 68, 69 Earmarked, 86 Corporations: Net purchases by U.S., 74 Sales, profits, taxes, and dividends, 48, 49 Production, 93 Security issues, 46, 47 Reserves of central banks and govts., 92 Security yields and prices, 34, 35 Stock, 4, 18, 75 Cost of living (See Consumer price indexes) Government National Mortgage Association, 53 Currency and coin, 5, 10, 25 Gross national product, 68, 69 Currency in circulation, 5, 16, 17 Customer credit, stock market, 36, 94 Hours and earnings, manufacturing industries, 65 Housing permits, 62 Debits to deposit accounts, 15 Housing starts, 63 Debt (See specific types of debt or securities) Demand deposits: Income, national and personal, 68, 69 Adjusted, banks and the monetary system, 18 Industrial production index, 58, 62 Adjusted, commercial banks, 15, 17, 25 Instalment loans, 54, 55, 56, 57 Banks, by classes, 11, 19, 25, 29 Insurance companies, 38, 42, 43, 51 Subject to reserve requirements, 17 Insured commercial banks, 21, 23, 24 Turnover, 15 Interbank deposits, 11, 19, 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO STATISTICAL TABLES A 105 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 stock 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 International transactions, 81, 84 Payrolls, manufacturing index, 62 New issues, gross proceeds, 46 Personal income, 69 Open market transactions, 14 Postal savings, 18, 25 Outstanding, by type of security, 42, 43, 45 Prices: Ownership of, 42, 43 Consumer and wholesale commodity, 62, 66 Yields and prices, 34, 35, 91 Security, 35 United States notes, 16 Prime rate, commercial banks, 33 Utilities, production index, 59, 62 Production, 58, 62 Profits, corporate, 48, 49 Veterans Administration, 50, 51, 52, 53 Real estate loans: Banks, by classes, 24, 27, 37, 50 Delinquency rates on home mortgages, 52 Weekly reporting banks, 26 Mortgage yields, 53 Type of holder and property mortgaged, 50, 51, 52, 53 Yields (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 56 GUIDE TO PAGE REFERENCES IN MONTHLY ISSUES Text Other ("A" pages) Issue Text Other (' 4A" pages) etc. Index to etc. Index to total Total tables total Total tables January 1-112 1-102 101-102 July 555-608 1--106 105--106 February .... 113-194 1-106 105-106 August 609-666 1--128 127--128 March 195-314 1-117 116-117 September . . . 667-742 1--104 103--104 April 315-398 1-104 103-104 October 743-796 1--102 101--102 May 399-484 1-102 101-102 November . . . 797-866 1--102 101--102 June 485-554 1-106 105-106 December . . . . 867-966 1--115 104-105 (References to "A" pages in this ii are to such pages in the December issue.) Pages Pages Adams, Morton, director, Buffalo Branch, ap- BancOhio Corporation, Orders under Bank Holdpointment 100 ing Company Act 164, 455, 787, 857 Agricultural credit problems, Federal Reserve Bank credit proxy, publication of data 550 committee to study... 311 Bank holding companies, interlocking bank rela- American Bancorporation, Order under Bank tionships under the Clayton Act and Regulation Holding Company Act ... 735 L, interpretation 517 American Bancorporation, Inc., Order under Bank Bank Holding Company Act: Holding Company Act 391 Board's decisions under, new procedures for American Bank and Trust Company, Lansing, announcing 395, 448 Mich., Order under Bank Merger Act 827 Extension of, proposed, to one-bank holding American Bankshares Corporation, Order under companies, statement of Chairman Burns. . . 430 Orders issued under: Bank Holding Company Act 646 American Bancorporation 735 Anderson, Donald E., Assistant Director, Division American Bancorporation, Inc 391 of Administrative Services, appointment 105 American Bankshares Corporation 646 Annual Report, 1969, Board of Governors 395 Atlantic Bancorporation 529, 728, 729 Arbitrage transactions, margin requirements for, Atlantic Bancorporation and The Atlantic Naamendment of Regulations T and U 445 tional Bank of Jacksonville 170 Articles: BancOhio Corporation 164, 455, 787, 857 Bank lending practices, 1969, changes 425 Bank Securities, Inc 789, 790 Capital markets—First three quarters 1970. . . 797 Bankers Trust New York Corporation 294 Commercial banking, recent changes in struc- Barclays Bank Limited, London, England. . 734 ture 195 Barnett Banks of Florida, Inc. 157, 303, 361, Consumer markets in mid-1970 555 537, 650, 651, 833, 955 Economic activity in 1970 867 Brenton Banks, Inc 463, 525 Financial developments, quarterly reports to Broward Bancshares, Inc 84, 832 Congress: C. B. Investment Corporation 360 Q-4, 1969 113 Central Banking System, Inc 88, 477, 530 Q-l, Q-2, and Q-3, 1970 399, 609, 879 Central Colorado Bancorp, Inc 382 Inflation in Western Europe and Japan 743 Charter Bankshares Labor market developments, recent 485 Corporation 350, 351, 386, 387 Member bank income, 1969 564 Charter New York Corporation. 294, 295, 384 Money stock, revision 887 Citizens Bancorporation 81 1969—A year of moderating growth 1 Citizens Bancshares of Florida, Inc 776 Price developments, recent 667 City National Bank Corporation 367 SDR's in Federal Reserve operations and statis- Colorado CNB Bankshares, Inc 639, 851 tics 421 Commerce Bancshares, Security credit, measures of 910 Inc 467, 468, 522, 526, 645, 947 Time and savings deposits, surveys 211, 408, Commercial Bancorp, Inc 592 681, 803 Dacotah Bank Holding Co 464, 469 Treasury and Federal Reserve foreign exchange Denver U.S. Bancorporation, Inc 291 operations, reports 225, 691 Dominion Bankshares Corporation 307 U.S. balance of payments and investment posi- Exchange Bancorporation, Inc 372, 373 tion 315 Fidelity American Bankshares, Atlantic Bancorporation, Orders under Bank Hold- Inc 636, 637, 638 ing Company Act 529, 728, 729 Fidelity Union Bancorporation 956 Atlantic Bancorporation and The Atlantic Na- First Arkansas Bankstock Corporation 778 tional Bank of Jacksonville, Order under Bank First at Orlando Corporation 93, 162, 389 Holding Company Act 170 First Banc Group of Ohio, Inc 358, 591 First Bancshares of Florida, Inc 527 Baillargeon, Joseph C., director, Seattle Branch, First Connecticut Bancorp, Inc 452 appointment 104 First Financial Corporation 172, 654 Balance of payments (See U.S. balance of pay- First Florida Bancorporation 286, 379, 380, 463 ments) First Holding Company, Inc 772 A 106 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Pages Pages Bank Holding Company Act—Continued Bank Merger Act—Continued Orders issued under—Continued Orders issued under—Continued First Midwest Bancorp., Inc 356 Connecticut Bank and Trust Company, First National Bancorporation, Hartford, Conn 826 Inc 539, 544, 731, 855 Georgia Railroad Bank & Trust Company, First National Charter Corporation 730 Augusta, Ga 824, 825 First National Corporation 160, 288 Girard Trust Bank, Philadelphia, Pa 723 First National State Bancorporation 830 Grace Street Bank, Richmond, Va 344 First New Mexico Bankshare Corporation. . 781 Houston Bank & Trust Company, Houston, First Security Corporation 952 Tex 768 First Union, Incorporated 775 Isabella County State Bank, Mount Pleasant, First Virginia Bankshares Mich 519 Corporation 158, 533, 950 Long Island Trust Company, Garden City, First Wisconsin Bankshares N.Y 155, 769, 942 Corporation 586, 838, 839 Marine Midland Grace Trust Company of Florida National Banks of Florida, Inc 725 New York, New York, N.Y 722 Hamilton National Associates, Incorporated. 348 Marine Midland Trust Company of Central Huntington Bancshares New York, Syracuse, N.Y 944 Incorporated 465, 466, 521, 854 New Citizens Bank, Poquoson, Va 943 Jacob Schmidt Company 391 Peoples-Liberty Bank and Trust Company, Jefferson Bancorp, Inc 86 Covington, Ky 147 M & S Bancorp 783 Peoples Trust of New Jersey, Hackensack, Marine Corporation 531 N.J 150, 448 Marshall & Ilsley Bank Stock Savings & Trust Company of Indiana, Indi- Corporation 585, 647 ana, Pa 149 Mercantile Bankshares Corporation 596 Seattle Trust and Savings Bank, Seattle, Merrill Bankshares Company 457, 791 Wash 79 Mid-Ohio Banc-Shares, Inc 305 Security Trust Company of Rochester, Ro- Midlantic Banks, Inc 363, 482 chester, N.Y 766 Midwest Bancorporation, Inc 948 Severn Bank and Trust Company, Annapolis, Missouri Bancshares, Inc 736 Md 583 New Hampshire Bankshares, Inc 534 Union Bank, Los Angeles, Calif 345 Northwest Ohio Bancshares, Inc 785 Union Bank and Savings Company, Bellevue, Pan American Bancshares, Inc 590, 842, 843 Ohio 153 Security Financial Services, Inc 834 Union Bank and Trust Company, Ottumwa, Security New York State Corporation. .301, 538 Iowa 450 Shawmut Association, Inc 849 Union Trust Company of Maryland, Balti- Society Corporation 91, 289, 593, 653, 844 more, Md 767 Southeast Bancorporation, United California Bank, Los Angeles, Calif.. 78 Inc 521, 640, 641, 858, 859 Bank of Delaware, Wilmington, Del., Order under Southwest Bancshares, Inc 836 Bank Merger Act 764 Tennessee National Bancshares, Inc 365 Bank of New Jersey, Camden, N.J., Orders under U.N. Bancshares, Inc 461 Bank Merger Act 282, 284 United Bancorp of Maine 370 Bank of New Orleans and Trust Company, New United Bancshares of Florida, Inc 644 Orleans, La., Order under Bank Merger Act. . . 346 United Banks of Colorado, Inc 845, 848 Bank Securities, Inc., Orders under Bank Holding United Jersey Banks 648 Company Act 789, 790 United Tennessee Bancshares Bank securities of State member banks, amend- Corporation 958, 959 ment of Regulation F 40 United Virginia Bankshares Bankers Trust Company of Rochester, Rochester, Incorporated 166, 599 N.Y., Order under Bank Merger Act 285 Valley Bancorporation 946 Bankers Trust New York Corporation, Order un- Virginia Commonwealth Bankshares, Inc.. . . 945 der Bank Holding Company Act 294 Waccamaw Corporation 584 Barclays Bank Limited, London, England, Order Wyoming Bancorporation 376 under Bank Holding Company Act 734 Bank lending practices, 1969, changes 425 Barker, Edward W.: Bank Merger Act: Appointment as director, Cincinnati Branch... 102 Board's decisions under, new procedures for an- Election as Class A director, Cleveland 961 nouncing 395, 448 Barker, Robinson F., director, Pittsburgh Branch, Orders issued under: appointment 102 American Bank and Trust Company, Barnett Banks of Florida, Inc., Orders under Bank Lansing, Mich 827 Holding Company Act 157, 303, 361, Bank of Delaware, Wilmington, Del 764 537, 650, 651, 833, 955 Bank of New Jersey, Camden, N.J 282, 284 Beck, Darwin, article 887 Bank of New Orleans and Trust Company, Bernard, Normand R. V., Assistant Secretary of New Orleans, La 346 the Board, appointment 105 Bankers Trust Company of Rochester, Bingham, Jack W., director, Pittsburgh Branch, Rochester, N.Y.. 285 appointment 102 Bordentown Banking Company, Bordentown Board of Governors: Township, N.J 765 Annex building, bids invited 963 A 107 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 108 FEDERAL RESERVE BULLETIN • DECEMBER 1970 Pages Pages Board of Governors—Continued Board of Governors—Continued Annual Report, 1969 395 Staff changes—Continued Bank merger and holding company applications, Shay, Jerome W., Assistant General Counsel, amendment of Rules of Procedure for an- retirement 657 nouncing Board's decisions 395, 448 Shull, Bernard, Associate Adviser, Division Delegation of administrative responsibilities to of Research and Statistics, appointment Chairman of the Board 190 and resignation 105, 657 Delegation of authority, amendment of Smith, Tynan, Assistant Director, Division of rules 140, 342, 517, 582, 720, 764 Supervision and Regulation, appointment. . 550 Foreign credit restraint program 11, 311, 481, 739 Taylor, Stephen P., Assistant Adviser, Divi- Information, availability to public, amendment sion of Research and Statistics, appointof rules regarding 823 ment 105 Members: Wernick, Murray S., Adviser, Division of Re- Burns, Arthur F.: search and Statistics, appointment 105 Appointment as Member and designation Bordentown Banking Company, Bordentown as Chairman 190 Township, N.J., Order under Bank Merger Act. 765 Delegation of administrative responsibilities Bowman, Allan B., director, El Paso Branch, apof Board to 190 pointment 101 List, 1913-70 129 Branch banks: Martin, Wm. McC., Jr.. retirement as Mem- Federal Reserve: ber and Chairman 190 Board approval for planning establishment Robertson, J. L., redesignation as Vice Chairof branch bank at Miami 551 man 310 Directors (See Directors, Federal Reserve Statements to Congress (See Statements to branch banks) Congress) Foreign: Members and officers A-94 Publications (See Publications) Assets and liabilities of overseas branches of Regulations (See Regulations) member banks 740 Staff changes: Deposits in, guaranteed by domestic office of Anderson, Donald E., Assistant Director, Di- member bank, interpretation 140 vision of Administrative Services, appoint- Brenton Banks, Inc., Orders under Bank Holding ment 105 Company Act 463, 525 Bernard, Normand R. V., Assistant Secretary Brimmer, Andrew F., statement on recent developof the Board, appointment 105 ments in bank credit-card field 497 Bryant, Ralph C., Associate Adviser, Division Broward Bancshares, Inc., Orders under Bank of International Finance, appointment. ... 739 Holding Company Act 84, 832 Garabedian, Levon H., Assistant Director, Brown, Fred I., Jr., Class B director, St. Louis, Division of Research and Statistics, ap- election 962 pointment 550 Bryant, Ralph C., Associate Adviser, Division of Grimwood, Gordon B., Defense Planning Co- International Finance, appointment 739 ordinator and Assistant Secretary of the Burns, Arthur F.: Board, appointment 105 Appointment as Member and designation as Harris, Innis D., Coordinator, Office of De- Chairman of Board of Governors 190 fense Planning, retirement 191 Delegation of administrative responsibilities of Hexter, David B., Assistant to the Board, Board to 190 appointment 605 Economic and financial conditions, current state- Jackson, Joe M., Assistant Director, Division ment 619 of Data Processing, appointment 963 Economy, state of our national economy, state- Leavitt, Brenton C., Program Director for ments 247, 259 Banking Structure, appointment 310 Housing, conditions relating to production, Leonard, Eugene A., Assistant Secretary of financing, and use, statement 123 the Board, designation 657 One-bank holding companies, statement 430 McClintock, John T., Assistant Director, Di- Business conditions, national summary Ill, 193, vision of Supervision and Regulation, ap- 313, 396, 483, 553, 606, 665, 741, 795, 865, 965 pointment 550 Meetze, Henry W., Assistant Director, Divi- C. B. Investment Corporation, Order under Bank sion of Data Processing, appointment. . . . 550 Holding Company Act 360 Nichols, Robert E., Special Assistant to the Board, resignation 550 Cabot, Louis W., Class C director, Boston, ap- Noble, Lawrence F., Assistant General Coun- pointment 100 sel, appointment 481 Cagle, Caroline H., articles. .211, 408, 564, 681, 803 O'Brien, Frank, Jr., Special Assistant to the Capital markets—First three quarters of 1970, Board, appointment 739 article 797 O'Connell, Thomas J., General Counsel, ap- Central Banking System, Inc., Orders under Bank pointment 605 Holding Company Act 88, 477, 530 Pierce, James L., Assistant Adviser, Division Central Colorado Bancorp, Inc., Order under of Research and Statistics, appointment. . 105 Schober, Milton W., Assistant Director, Divi- Bank Holding Company Act 382 sion of Supervision and Regulation, resig- Chaffinch, J. R., Jr., director, Baltimore Branch, nation 550 appointment 102 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX VOLUME 56 A 109 Pages Pages Chairmen and Deputy Chairmen of Federal Re- Credit—Continued serve Banks 96, A-96 Mutual fund shares, interpretation of Regula- Charter Bankshares Corporation, Orders under tions G and U 446 Bank Holding Company Act. . .350, 351, 386, 387 Selective credit controls, legislation. . . 35 Charter New York Corporation, Orders under Stock market credit (See Stock market credit) Bank Holding Company Act 294, 295, 384 Truth in lending (See Truth in lending) Check collection and currency and coin facility, Currency: Board approval for establishment at Miami. . 551 Coin or, held principally for numismatic or Citizens Bancorporation, Order under Bank Hold- bullion value, proposed amendment of Reguing Company Act 81 lation D, and interpretation 551, 942 Citizens Bancshares of Florida, Inc., Order under Foreign transactions and, reporting, legislation 929 Bank Holding Company Act 776 City National Bank Corporation, Order under Dacotah Bank Holding Co., Orders under Bank Bank Holding Company Act 367 Holding Company Act 464, 469 Coin or currency held principally for numismatic Dayton, Newell B., director, Salt Lake City or bullion value, proposed amendment of Regu- Branch, resignation 310 lation D, and interpretation 551, 942 Defense Production Act: Colorado CNB Bankshares, Inc., Orders under Amendment and extension 720 Bank Holding Company Act 639, 851 Loans under, amendment of Regulation V. . . . 517 Commerce Bancshares, Inc., Orders under Bank Repeal of certain provisions 35 Holding Company Act. .467, 468, 522, 526, 645, 947 Defoe, William M., director, Detroit Branch, Commercial Bancorp, Inc., Order under Bank appointment 101 Holding Company Act 592 Denver U.S. Bancorporation, Inc., Order under Commercial banks: Bank Holding Company Act 291 Federal insurance coverage of deposits, increase 35 Deposits: Income, expenses, and dividends for all insured "Bank credit proxy," adjusted, data on 550 commercial banks, correct figures for BULLE- Federal funds (See Federal funds) TIN table 794 Foreign deposits (See Foreign deposits) Structure, recent changes, article 195 Obligations (so-called commercial paper) issued Trust assets of insured commercial banks 863 by affiliate of member bank as, authority to Commercial paper: regulate, amendment of Regulations D and Interest rate limitations and reserve require- Q and interpretation 35, 105, 106, ments, member banks: 311, 581, 657, 721 Amendment of Regulations D and Q 581, Release: "Aggregate Reserves and Member 657, 721 Bank Deposits," change to weekly release. . 657 Interpretation of Regulation D 721 Time and savings deposits: Legislative authority for Board to apply to Federal insurance coverage, increase 35 certain paper issued by bank affiliates or Maximum interest rates on, flexible authority parent holding company 35 for supervisory agencies to set, extension Proposal to amend Regulations D and Q. . . 311 of law, and rate increases 35, 105, Proposal to apply reserve requirements to 138, 279, 310 certain types of bank-related paper. .105, 106 Premiums not considered payment of interest, Publication of data on bank-related commer- interpretation 279 cial paper 550 Prepayment of interest, interpretation 343 Communications network, completion of first Savings deposits, definition, amendment of phase of new Federal Reserve transfer system. . 740 Regulation D 764 Connecticut Bank and Trust Company, Hartford, Surveys 211, 408, 681, 803 Conn., Order under Bank Merger Act 826 Suspension of short-term ceilings on certain Consumer credit: single-maturity time deposits, amendment Reporting, legislation 929 of Regulation Q and interpretation 581, Statistical tables in BULLETIN, changes 863 605, 634 Consumer markets in mid-1970, article 555 Time deposits of member banks in excess of Coombs, Charles A., reports on Treasury and $5 million, reserve requirements against, Federal Reserve foreign exchange decrease 657, 721 operations 225, 691 Directors, Federal Reserve Banks: Cordingley, William A., director, Helena Branch, Chairmen and Federal Reserve Agents.... 96, A-96 appointment 101 Class A and B, elections 739, 961 Crane, Francis G., director, Seattle Branch, ap- Class C, appointments 97 pointment 101 Death 963 Credit: Deputy Chairmen 96, A-96 Agricultural credit problems, Federal Reserve List 175 committee to study 311 Resignation 395 Bank credit-card field, recent developments, Directors, Federal Research branch banks: statement of Governor Brimmer 497 Appointments 98, 102, 395, 550, 739 Cards, issuance and liabilities for their unau- List 175, A-96 thorized use, legislation 929 Resignations 310, 481, 863 Consumer credit reporting, legislation 929 Discount rates at Federal Reserve Banks, reduc- Consumer credit tables in BULLETIN, changes. . 863 tions 863, 963 Insurance companies, certain credit by, subject Dividends: to Regulation G rather than T 446 Federal Reserve Banks 106 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 110 FEDERAL RESERVE BULLETIN • DECEMBER 1970 Pages Pages Dividends—Continued Federal Reserve Banks—Continued Member banks 565, 566, 569, 570, 572 List A-96 Dominion Bankshares Corporation, Order under Mayo, Robert P., President, Chicago, ap- Bank Holding Company Act 307 pointment 605 Duesenberry, James S., Chairman and Federal Vice Presidents, list A-96 Reserve Agent, Boston, designation 100 Federal Reserve notes, interest paid to Treasury. . 106 Federal Reserve operations and statistics, SDR's Earnings and expenses: in, article 421 Federal Reserve Banks 106 Federal Reserve System: Member banks 564 Admissions of State banks to membership. ... 192, Eberle, William D., Class B director, New York, 552, 605, 794, 864 election 739 Balance of payments program. . .11, 311, 481, 739 Economic activity in 1970, article 867 Committee to study agricultural credit problems 311 Euro-dollars, reserves against borrowings of, by Communications network, completion of first member banks, legislation and amendment of phase of new transfer system 740 Regulations D and M 35, 940, 963 Foreign exchange operations {See Foreign ex- Exchange Bancorporation, Inc., Orders under change operations) Bank Holding Company Act 372, 373 Fidelity American Bankshares, Inc., Orders under Bank Holding Company Act 636, 637, 638 Farwell, F. Evans, Class C director, Atlanta, Fidelity Union Bancorporation, Order under Bank appointment 100 Holding Company Act 956 Federal Advisory Council A-95 Financial developments, quarterly reports to Federal funds: Congress: Officers' checks in repayment of, included as Q-4, 1969 113 "gross demand deposits," interpretation 280 Q-l, Q-2, and Q-3, 1970 399, 609, 879 Transactions as deposits, amendment of Regula- First Arkansas Bankstock Corporation, Order tions D and Q and interpretation of Regula- under Bank Holding Company Act 778 tion Q 37, 38 First at Orlando Corporation, Orders under Bank Federal Open Market Committee: Holding Company Act 93, 162, 389 Foreign exchange operations, reports 225, 691 First Banc Group of Ohio, Inc., Orders under Members and staff A-95 Bank Holding Company Act 358, 591 Minutes, 1962-65, availability 191 First Bancshares of Florida, Inc., Order under Policy actions 23, 131, 267, 333, 436, Bank Holding Company Act 527 507, 573, 627, 708, 757, 815, 927 First Connecticut Bancorp, Inc., Order under Reciprocal currency arrangements 311 Bank Holding Company Act 452 Federal Reserve Act: First Financial Corporation, Orders under Bank Section 14(b), authority of Reserve Banks to Holding Company Act 172, 654 purchase Govt, obligations directly from First Florida Bancorporation, Orders under Bank U.S., extension of law 634 Holding Company Act 286, 379, 380, 463 Section 19, reserve requirements and interest First Holding Company, Inc., Order under Bank rate ceilings on deposits of member banks, Holding Company Act 772 amendment 35 First Midwest Bancorp., Inc., Order under Bank Section 23A, applicability of, to transactions Holding Company Act 356 between member State banks and their affili- First National Bancorporation, Inc., Orders under ates, interpretation 518 Bank Holding Company Act. .539, 544, 731, 855 Section 24, real estate loans by national banks, First National Charter Corporation, Order under amendment 634 Bank Holding Company Act 730 Federal Reserve and Treasury reports: Foreign exchange operations 225, 691 First National Corporation, Orders under Bank Joint Treasury-Federal Reserve Study of the Holding Company Act 160, 288 U.S. Government Securities Market: Staff First National State Bancorporation, Order under Studies—Part 1 605 Bank Holding Company Act 830 Federal Reserve Banks: First New Mexico Bankshare Corporation, Order Advances by: under Bank Holding Company Act 781 Amendments regarding negotiability of paper First Security Corporation, Order under Bank offered for advances, and technical and Holding Company Act 952 procedural changes 444, 940 First Union, Incorporated, Order under Bank Eligibility for discount of mortgage company Holding Company Act 775 notes, interpretation 39 First Virginia Bankshares Corporation, Orders Authority to purchase Govt, obligations directly under Bank Holding Company Act. . 158, 533, 950 from U.S. extension of law 634 First Wisconsin Bankshares Corporation, Orders Branches {See Branch banks) under Bank Holding Company Act. .586, 838, 839 Chairmen and Deputy Chairmen 96, A-96 Fisher, Roy J., director, Nashville Branch, ap- Directors {See Directors, Federal Reserve pointment 100 Banks) Discount rates, reductions 863, 963 Fitzhugh, James R., director, Memphis Branch, Earnings and expenses 106 appointment 103 Presidents and First Vice Presidents: Florida National Banks of Florida, Inc., Order Hickman, W. Braddock, President, Cleveland, under Bank Holding Company Act 725 death 963 Flow of Funds Accounts, 1945-68 551 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX VOLUME 56 A 111 Pages Pages Foreign banking and financing corporations, Insured commercial banks, Federal insurance covamendment of Regulation K 279 erage of deposits, increase 35 Foreign branches of U.S. banks (See Branch Interest on deposits (See also Interest rates): banks) Federal funds transactions as deposits, amend- Foreign credit restraint program, guidelines for ment of Regulations D and Q and interpretabanks and nonbank financial institutions 11, tion of Regulation Q 37, 38 311, 481, 739 Foreign deposits (See Foreign deposits) Foreign deposits: Maximum permissible rates: Deposits in foreign branches guaranteed by do- Flexible authority for supervisory agencies to mestic office of member bank, interpretation 140 set rates or dividends, extension of law... 35 Time deposits, exemption from interest rate Time and savings deposits, increases 105, limitation, amendment and interpretation of 138, 279, 310 Regulation Q 139 Obligations (so-called commercial paper) is- Foreign exchange operations: sued by affiliate of member bank as deposits Reciprocal currency arrangements 311 subject to Regulations D and Q 35, 105, 106, Treasury and Federal Reserve operations, re- 311, 581, 657, 721 ports 225, 691 Premiums not considered payment of interest, Foreign transactions and currency, reports, legis- interpretation 279 lation 929 Prepayment, interpretation 343 Franklin, William H., Deputy Chairman, Chicago, Suspension of short-term ceilings on certain appointment 100 single-maturity time deposits, amendment of Fry, Edward R., article 887 Regulation Q and interpretation. . .581, 605, 634 Interest rates (See also Interest on deposits): Garabedian, Levon H., Assistant Director, Divi- Discount rates at Federal Reserve Banks, reducsion of Research and Statistics, appointment. . . 550 tions 863, 963 Georgia Railroad Bank & Trust Company, Au- Interlocking bank relationships under the Clayton gusta, Ga., Orders under Bank Merger Act 824, 825 Act, amendment of Regulation L and interpre- Girard Trust Bank, Philadelphia, Pa., Order under tations 344, 517 Bank Merger Act 723 International Monetary Fund, arrangements re- Gold, arrangements relating to sales by South lating to sales of gold to, by South Africa. ... 107 Africa to International Monetary Fund 107 Interpretations: Grace Street Bank, Richmond, Va., Order under Advances by Reserve Banks, eligibility of mort- Bank Merger Act 344 gage company notes for discount 39 Grimwood, Gordon B., Defense Planning Coordi- Affiliates of member banks: nator and Assistant Secretary of the Board, Borrowings by, as deposits 721 appointment 105 Transactions between State bank and its Guidelines for banks and nonbank financial insti- "operations subsidiary" 518 tutions, foreign credit restraint program. .11, 311, Credit, "deep in the money put and call op- 481, 739 tions" as extensions of 280 Currency or coin held principally for numismatic or bullion value 942 Hamilton National Associates, Incorporated, Federal funds: Order under Bank Holding Company Act. . . . 348 Member bank participation in market for. . 38 Harris, Innis D., Coordinator, Office of Defense Officers' checks in repayment of, included Planning, retirement 191 as "gross demand deposits" 280 Heidelberg, H. P., Jr., director, New Orleans Foreign deposits: Branch, appointment 103 In foreign branches guaranteed by domestic Herbster, Richard A., Class A director, Philaoffice of member bank 140 delphia, election 961 Time deposits, list of entities exempt from Hexter, David B., Assistant to the Board, apinterest rate limitations 139 pointment 605 Interest on deposits: Hickman, W. Braddock, President, Federal Re- Maximum rate payable when higher rate is serve Bank of Cleveland, death 963 payable only on short-term deposits 634 Higdon, Emerson G., Chairman and Federal Re- Premiums not considered payment 279 serve Agent, Chicago, designation 100 Prepayment 343 Hoffman, Philip G., Class C director, Dallas, Interlocking relationships between member bank appointment 101 and— Housing (See Real estate) Bank holding companies 517 Houston Bank & Trust Company, Houston, Tex., Credit card subsidiary of another bank 344 Order under Bank Merger Act 768 Mutual fund shares, status after July 8, 1969, Huffman, Edward C., director, Nashville Branch, of credit extended prior to that date to purappointment 103 chase or carry such shares 446 Huntington Bancshares Incorporated, Orders under Truth in lending, Regulation Z 143, 342, 823 Bank Holding Company Act 465, 466, 521, 854 Investments (See also Securities): Article on U.S. balance of payments 315 Income and expenses (See Earnings and expenses) Isabella County State Bank, Mount Pleasant, Inflation in Western Europe and Japan, article. . 743 Mich., Order under Bank Merger Act 519 Information, public (See Public information) Insurance companies, certain credit by, subject to Jackson, Joe M., Assistant Director, Division of Regulation G rather than T 446 Data Processing, appointment 963 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 112 FEDERAL RESERVE BULLETIN • DECEMBER 1970 Pages Pages Jacob Schmidt Company, Order under Bank MacFee, Fred O., Jr., director, Cincinnati Branch, Holding Company Act 391 appointment and resignation 102, 863 Japan, inflation in, article 743 Mclninch, Ralph A., Class A director, Boston, Jefferson Bancorp, Inc., Order under Bank Hold- election 961 ing Company Act 86 McKee, Lewis K., director, Memphis Branch, ap- Jones, Chas. F., Deputy Chairman, Dallas, ap- pointment 103 pointment 101 McLachlen, Thomas P., Class A director, Richmond, election 961 Kleinpeter, D. Ben, director, New Orleans Branch, Margin account credit, article on measures of appointment 100 security credit 910 Margin requirements: Labor market developments, recent, article 485 Application to certain foreign transactions in- Laub, David J., director, Buffalo Branch, appoint- volving securities, legislation 929 ment 102 Arbitrage transactions, amendment of Regula- Leach, Robert F., Class C director, Minneapolis, tions T and U 445 death 963 "Deep in the money put and call options" as Leavitt, Brenton C., Program Director for Bank- extensions of credit, interpretation 280 ing Structure, appointment 310 Over-the-counter stocks subject to, list and Legislation: changes 192, 658, 794, 864 Authority of Reserve Banks to purchase Govt, Stocks and convertible bonds, reduction in reobligations directly from U.S., extension of quirements, amendment of Regulations G, T, law 634 and U 444, 481 Marine Corporation, Order under Bank Holding Commercial paper as deposits, rate limitations Company Act 531 and reserve requirements against 35 Marine Midland Grace Trust Company of New Consumer credit reporting 929 York, N.Y., Order under Bank Merger Act . 722 Credit cards, issuance and liabilities for their Marine Midland Trust Company of Central New unauthorized use 929 York, Syracuse, N.Y., Order under Bank Mer- Currency and foreign transactions, reports. . . . 929 ger Act 944 Defense Production Act: Marshall & Ilsley Bank Stock Corporation, Orders Amendment and extension 720 under Bank Holding Company Act 585, 647 Loans under, amendment of Regulation V . . 517 Martin, Wm. McC., Jr., retirement as Member Repeal of certain provisions 35 and Chairman of Board of Governors 190 Euro-dollar borrowings by member banks, re- Mayo, Robert P., President, Federal Reserve Bank serves against, Public Law 91-151 and of Chicago, appointment 605 amendment of Regulations D and M 35, 940, 963 Meetze, Henry W., Assistant Director, Division of Federal insurance coverage of deposits and ac- Data Processing, appointment 550 counts, increase 35 Member banks: Margin requirements, application to certain for- Certain obligations of, as deposits, proposal to eign transactions involving securities 929 amend Regulations D and Q 311 National banks: Commercial paper issued by (See Commercial Real estate loans by (Emergency Home paper) Finance Act of 1970) 634 Euro-dollar borrowings (See Euro-dollars) State taxation 137 Federal funds (See Federal funds) Rate ceilings on deposits or share accounts, Foreign branches (See Branch banks) flexible authority for Federal supervisory Income, expenses, and dividends for all member agencies to set maximum, extension 35 Recordkeeping, financial 929 banks, correct figures for BULLETIN table 794 Income and expenses, 1969 564 Selective credit controls 35 Interlocking relationships under the Clayton Leonard, Eugene A., Assistant Secretary of the Act, amendment of Regulation L and inter- Board, designation 657 pretations 344, 517 Loans: Prepayment of interest on deposits, interpreta- Advances by Reserve Banks (See Federal Re- tion 343 serve Banks) Reserve requirements (See Reserve require- Bank lending practices, 1969, changes 425 ments) Defense production loans (See Defense Pro- State member banks (See State member banks) duction Act) Mercantile Bankshares Corporation, Order under Euro-dollar borrowings (See Euro-dollars) Bank Holding Company Act 596 Real estate, by national banks, amendment of Merrill Bankshares Company, Order under Bank Federal Reserve Act 634 Holding Company Act and vacation of Stock market credit (See Stock market credit) Order 457, 791 Long Island Trust Company, Garden City, N.Y., Mewhort, Roland A., director, Detroit Branch, Orders under Bank Merger Act 155, 769, 942 appointment 103 M & S Bancorp, Order under Bank Holding Com- Mid-Ohio Banc-Shares, Inc., Order under Bank pany Act 783 Holding Company Act 305 McClintock, John T., Assistant Director, Division Midlantic Banks, Inc., Order under Bank Holding of Supervision and Regulation, appointment . 550 Company Act 363, 482 McDonald, W. H., director, Oklahoma City Midwest Bancorporation, Inc., Order under Bank Branch, appointment 104 Holding Company Act 948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX VOLUME 56 A 113 Pages Pages Miller, G. William, Class B director, Boston, elec- Publications in 1970, Board of Governors—Continued tion 961 "Trust Assets of Insured Commercial Banks— Minutes of Federal Open Market Committee, 1969," Comptroller of the Currency, FDIC, 1962-65, availability 191 and Federal Reserve publication 863 Missouri Bancshares, Inc., Order under Bank Pyeatt, Wayne W., director, Memphis Branch, Holding Company Act 736 appointment 739 Money stock, revision 887 Mortgage markets (See Real estate) Real estate: Mutual fund shares, interpretation of Regulations Housing, conditions relating to production, G and U 446 financing, and use, statement of Chairman Burns 123 Nason, Philip H., Class A director, Minneapolis, Loans by national banks, amendment of Federal election 962 Reserve Act 634 National banks: Mortgage company notes, eligibility for dis- Euro-dollar borrowings (See Euro-dollars) count, interpretation 39 Real estate loans by, amendment of Federal Reciprocal currency arrangements 311 Reserve Act 634 Record of policy actions of Federal Open Market State taxation 137 Committee 23, 131, 267, 333, 436, National summary of business conditions. ... Ill, 193, 507, 573, 627, 708, 757, 815, 927 313, 396, 483, 553, 606, 665, 741, 795, 865, 965 Regulations, Board of Governors: New Citizens Bank, Poquoson, Va., Order under A, Advances and Discounts by Federal Reserve Bank Merger Act 943 Banks: New Hampshire Bankshares, Inc., Order under Amendments regarding negotiability of paper Bank Holding Company Act 534 offered for advances, and technical and Nichols, Robert E., Special Assistant to the Board, procedural changes 444, 940 resignation 550 Eligibility of mortgage company notes for Noble, Lawrence F., Assistant General Counsel, discount, interpretation 39 appointment 481 D, Reserves of Member Banks: Northwest Ohio Bancshares, Inc., Order under Currency or coin held principally for its nu- Bank Holding Company Act 785 mismatic or bullion value, proposed amendment, and interpretation 551, 942 O'Brien, Frank, Jr., Special Assistant to the Definition of savings deposits, amendment. . 764 Board, appointment 739 Deposits in foreign branches guaranteed by O'Connell, Thomas J., General Counsel, appoint- domestic office of member bank, interprement 605 tation 140 "Operations subsidiaries" of State member banks, Euro-dollar borrowings, legislation and interpretation 518 amendment 35, 940, 963 Over-the-counter securities (See Stock market Federal funds transactions as deposits against credit) which reserves are required, amendment. . 37 Obligations (so-called commercial paper) Pan American Bancshares, Inc., Orders under issued by affiliate, authority to regulate, Bank Holding Company Act 590, 842, 843 amendment, and interpretation. . 35, 105, 106, Peoples-Liberty Bank and Trust Company, Cov- 311, 581, 657, 721 ington, Ky., Order under Bank Merger Act ... 147 Officers' checks in repayment of "Federal Peoples Trust of New Jersey, Hackensack, N.J., funds" transactions included as "gross de- Orders under Bank Merger Act 150, 448 mand deposits," interpretation 280 Pierce, James L., Assistant Adviser, Division of Prepayment of interest on deposits, interpre- Research and Statistics, appointment 105 tation 343 Policy actions, Federal Open Market Commit- Time deposits in excess of $5 million, decrease in requirements, amendment. . .657, 721 tee 23, 131, 267, 333, 436, 507, F, Securities of Member State Banks: 573, 627, 708, 757, 815, 927 Amendment and revision mainly to incorpo- Presidents of Federal Reserve Banks: rate "net income" concept for reporting Hickman, W. Braddock, Cleveland, death 963 bank income 40 List A-96 G, Securities Credit by Persons Other Than Mayo, Robert P., Chicago, appointment 605 Banks, Brokers, or Dealers: Price developments, recent, article 667 "Deep in the money put and call options" Public information, Board's Rules Regarding as extensions of credit, interpretation. . . . 280 Availability of Information, amendment 823 Insurance companies, certain credit by, sub- Publications in 1970, Board of Governnors: ject to Regulation G rather than T 446 "Adjusted bank credit proxy" and bank-related Mutual fund shares, status after July 8, 1969, commercial paper, data on 550 of credit extended prior to that date to "Aggregate Reserves and Member Bank De- purchase or carry such shares, interpretaposits," press release 657 tion 446 Annual Report, 1969 395 Stocks and convertible bonds, reduction in Flow of Funds Accounts, 1945-68 551 margin requirements, amendment. . . .444, 481 Joint Treasury-Federal Reserve Study of the K, Corporations Engaged in Foreign Banking U.S. Government Securities Market: Staff and Financing under the Federal Reserve Studies—Part 1 605 Act: List A-97 Amendment 279 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 114 FEDERAL RESERVE BULLETIN • DECEMBER 1970 Pages Pages Regulations, Board of Governors—Continued Reserve requirements, member banks—Continued L, Interlocking Bank Relationships Under the Officers' checks in repayment of "Federal Clayton Act: funds" transactions included as "gross de- Amendment of title 344 mand deposits," interpretation 280 Interlock between member bank and— Prepayment of interest on deposits, require- Bank holding companies, interpretation. . . 517 ments under Regulation D 343 Credit card subsidiary of another bank, Time deposits in excess of $5 million, decrease interpretation 344 in reserves against, amendment of Regula- M, Foreign Activities of National Banks: tion D 657, 721 Euro-dollar borrowings, legislation and Reserves, member banks: amendment 35, 940, 963 "Aggregate Reserves and Member Bank De- Q, Interest on Deposits: posits," press release 657 Federal funds transactions as deposits, Currency or coin held principally for its numisamendment and interpretation 37, 38 matic or bullion value, proposed amendment Foreign time deposits, exemption from in- of Regulation D, and interpretation. . . .551, 942 terest rate limitations, amendment and Reserve requirements (See Reserve requireinterpretation 139 ments) In foreign branches guaranteed by domestic SDR's in Federal Reserve operations and statisoffice of member banks, interpretation.... 140 tics, article 421 Maximum permissible rates on time and sav- Richardson, James G., director, Jacksonville ings deposits, increases. . . 105, 138, 279, 310 Branch, appointment 102 Obligations (so-called commercial paper) Robbins, E. Stanley, director, Birmingham Branch, issued by affiliate of member bank, author- appointment 100 ity to regulate, proposed amendment, and Robertson, W. O., director, San Antonio Branch, amendment 35, 105, 311, 581 appointment 104 Premiums not considered payment of inter- Robertson, J. L., redesignation as Vice Chairman est, interpretation 279 of Board of Governors 310 Prepayment, interpretation 343 Rubie, Richard D., director, Helena Branch, ap- Suspension of short-term ceilings on certain pointment 103 single-maturity time deposits, amendment of Regulation Q and interpretation 581, 605, 634 Savings & Trust Company of Indiana, Indiana, T, Credit by Brokers and Dealers: Pa., Order under Bank Merger Act 149 Arbitrage transactions, amendment 445 Schober, Milton W., Assistant Director, Division "Deep in the money put and call options" as of Supervision and Regulation, resignation. . . . 550 extensions of credit, interpretation 280 Seattle Trust and Savings Bank, Seattle, Wash., Insurance companies, certain credit by, Order under Bank Merger Act 79 amendment 446 Securities: Stocks and convertible bonds, reduction in Arbitrage transactions, margin requirements for, margin requirements, amendment. . .444, 481 amendment of Regulations T and U 445 U, Credit by Banks for the Purpose of Purchas- Eligibility for discount at Federal Reserve Banks ing or Carrying Margin Stocks: (See Federal Reserve Banks) Arbitrage transactions, amendment 445 Member State banks, amendment, Regulation F 40 Mutual fund shares, status after July 8, 1969, Stocks and bonds (See Stock market credit) of credit extended prior to that date to U.S. Govt. (See U.S. Govt, securities) purchase or carry such shares, interpreta- Security credit, measures of, article 910 tion . 446 Security Financial Services, Inc., Order under Stocks and convertible bonds, reduction in Bank Holding Company Act 834 margin requirements, amendment . . 444, 481 Security New York State Corporation, Orders un- V, Loan Guarantees for Defense Production: der Bank Holding Company Act 301, 538 Amendment 517 Security Trust Company of Rochester, Rochester, Z, Truth in Lending: N.Y., Order under Bank Merger Act 766 Amendments 312, 341, 447, 582, 635, 823 Severn Bank and Trust Company, Annapolis, Md., Interpretations 143, 342, 823 Order under Bank Merger Act 583 Renchard, William S., Class A director, New Shawmut Association, Inc., Order under Bank York, election 961 Holding Company Act 849 Reserve requirements, member banks: Shay, Jerome W., Assistant General Counsel, re- Definition of savings deposits, amendment of tirement 657 Regulation D 764 Shearin, T. H., director, Los Angeles Branch, Deposits in foreign branches guaranteed by doresignation 481 mestic office of member banks, applicability Shull, Bernard, Associate Adviser, Division of Reof Regulations D and Q to, interpretation . . 140 search and Statistics, appointment and resigna- Euro-dollar borrowings, legislation and amendtion 105, 657 ment of Regulations D and M. . . . .35, 940, 963 Federal funds transactions as deposits, amend- Simmons, Roy W., director, Salt Lake City ment of Regulations D and Q and interpreta- Branch, appointment 395 tion of Regulation Q 37, 38 Smith, Tynan, Assistant Director, Division of Su- Obligations (so-called commercial paper) issued pervision and Regulation, appointment 550 by affiiliate, subject to Regulations D and Q. 35, Society Corporation, Orders under Bank Holding 105, 106, 311, 581, 657, 721 Company Act 91, 289, 593, 653, 844 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX VOLUME 56 A 115 Pages Pages Southeast Bancorporation, Inc., Orders under U.N. Bancshares, Inc., Order under Bank Holding Bank Holding Company Act 521, 640, 641, Company Act 461 858, 859 Ulrey, Ann P., article 910 Southwest Bancshares, Inc., Order under Bank Union Bank, Los Angeles, Calif., Order under Holding Company Act 836 Bank Merger Act 345 Southwick, L. E., director, Los Angeles Branch, Union Bank and Savings Company, Bellevue, appointment 550 Ohio, Order under Bank Merger Act 153 Special Drawing Rights in Federal Reserve opera- Union Bank and Trust Company, Ottumwa, Iowa, tions and statistics, article 421 Order under Bank Merger Act 450 Staff economic studies, summaries 495, 679, 877 Union Trust Company of Maryland, Baltimore, State member banks: Md., Order under Bank Merger Act 767 Admissions to membership in Federal Reserve United Bancorp of Maine, Order under Bank System .192, 552, 605, 794, 864 Holding Company Act 370 Mergers (See Bank Merger Act) United Bancshares of Florida, Inc., Order under Operations subsidiaries of, interpretation 518 Bank Holding Company Act 644 Securities, amendment of Regulation F 40 United Banks of Colorado, Inc., Orders under Statements to Congress: Bank Holding Company Act 845, 848 Bank credit-card field, recent developments.... 497 United California Bank, Los Angeles, Calif., Bank Holding Company Act, proposed exten- Order under Bank Merger Act 78 sion of, to one-bank holding companies 430 United Jersey Banks, Order under Bank Holding Economic and financial conditions, current. ... 619 Company Act 648 Economy, state of our national economy. .247, 259 United Tennessee Bancshares Corporation, Orders Financial developments, quarterly reports to under Bank Holding Company Act 958, 959 Congress: United Virginia Bankshares Incorporated, Orders 0-4, 1969 113 under Bank Holding Company Act 166, 599 Q-l, Q-2, and Q-3, 1970 399, 609, 879 U.S. balance of payments (See also Foreign credit Housing, conditions relating to production, restraint program): financing, and use 123 Euro-dollars (See Euro-dollars) Stock market credit: Investment position and, article 315 Arbitrage transactions, margin requirements for, SDR's in Federal Reserve operations and statisamendment of Regulations T and U 445 tics, article 421 "Deep in the money put and call options" as U.S. Govt, securities: extensions of credit, interpretation 280 Authority of Reserve Banks to purchase di- Mutual fund shares, interpretation of Regula- rectly from U.S., extension of law 634 tions G and U 446 Joint Treasury-Federal Reserve Study of the Over-the-counter stocks subject to margin regu- U.S. Government Securities Market: Staff lations, list and changes 192, 658, 794, 864 Studies—Part 1 605 Security credit, measures of, article 910 Stocks and convertible bonds, reduction in mar- Valley Bancorporation, Order under Bank Holdgin requirements, amendment of Regulations ing Company Act 946 G, T, and U 444, 481 Virginia Commonwealth Bankshares, Inc., Order Stoffels, John D., article 910 under Bank Holding Company Act 945 Voss, Ralph J., Class A director, San Francisco, Tables (See list at bottom of p. A-3 for tables election 962 published periodically; see guide at top of p. A-106 for index to tables published monthly) Waccamaw Corporation, Order under Bank Hold- Taylor, Stephen P., Assistant Adviser, Division of ing Company Act 584 Research and Statistics, appointment 105 Wall, E. Craig, Sr., director, Charlotte Branch, Tennessee National Bancshares, Inc., Order under appointment 100 Bank Holding Company Act 365 Watson, Arthur K., director, New York, resigna- Terrell, Harvey, director, Birmingham Branch, tion 395 appointment 102 Weaver, Mary F., article 887 Treasury and Federal Reserve reports: Weekly reporting banks, corrections for annual Foreign exchange operations 225, 691 statistical BULLETIN tables 395 Joint Treasury-Federal Reserve Study of the Wernick, Murray S., Adviser, Division of Re- U.S. Government Securities Market: Staff search and Statistics, appointment 105 Studies—Part 1 605 Western Europe, inflation in, article 743 "Trust Assets of Insured Commercial Banks— Wyoming Bancorporation, Order under Bank 1969," publication of Comptroller of the Cur- Holding Company Act 376 rency, FDIC, and Federal Reserve 863 Truth in lending: Young, Sam D., Jr., director, El Paso Branch, Advisory Committee 793 appointment 104 Regulation Z: Amendments 312, 341, 342, 582, 635, 823 Zimmerman, James C., director, Louisville Interpretations 143, 342, 823 Branch, appointment 103 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Cite this document
Federal Reserve (1970, November 30). Federal Reserve Bulletin, 1970-12. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_197012
@misc{wtfs_bulletin_197012,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1970-12},
year = {1970},
month = {Nov},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_197012},
note = {Retrieved via When the Fed Speaks corpus}
}