Federal Reserve Bulletin, 1971-01

FEDERAL RESERVE BULLETIN * * * * ** JANUARY 1971 BOARD OF GOVERNORS • THE FEDERAL RESERVE SYSTEM • WASHINGTON, D.C. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A copy of the Federal Reserve Bulletin is sent to each member bank without charge; member banks desiring additional copies may secure them at a special $2.00 annual rate. The regular subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere, $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, SO cents per copy per month, or $5.00 for 12 months. The Bulletin may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D. C. 20SS1, and remittance should be made payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. currency. (Stamps and coupons not accepted) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN NUMBER 1 • VOLUME 57 • JANUARY 1971 CONTENTS 1 Corporate Financing in 1970 9 Balance of Payments—Revised Guidelines for Banks and Nonbank Financial Institutions 21 Record of Policy Actions of the Federal Open Market Committee 29 Law Department 64 Announcements 77 National Summary of Business Conditions Financial and Business Statistics A 1 Contents A 3 Guide to Tabular Presentation A 3 Statistical Releases: Reference A 4 U.S. Statistics A 72 International Statistics A 94 Board of Governors and Staff A 95 Open Market Committee and Staff; Federal Advisory Council A 96 Federal Reserve Banks and Branches A 97 Federal Reserve Board Publications A 101 Index to Statistical Tables Map of Federal Reserve System on Inside Back Cover EDITORIAL Charles Molony COMMITTEE J. Charles Partee Robert C. Holland Robert Solomon Kenneth B. Williams Elizabeth B. Sette The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed except in official statements and signed articles. Direction for the art work is provided by Mack Rowe. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Corporate Financing in 1970 LONG-TERM FINANCING by corporations in capital markets in 1970 was three-fifths again as large as in the preceding year. Borrowing in shorter-term form, on the other hand, which had been exceptionally large in 1969, declined to the lowest level since 1964. In total, funds raised by nonfinancial corporations in credit and capital markets changed little from the record rate of 1969. The flow of internal funds in 1970 was about the same as in each of the four preceding years. The changed composition of external financing last year reflected, in part, the efforts of corporations to fund a portion of the substantial volume of short-term debt incurred in 1969 and thereby to improve their liquidity positions and to lighten the pressure of increasing debt burdens. In addition, outlays for fixed investment continued to rise—though by much less than in 1969 —while the rate of inventory accumulation declined sharply. The increased emphasis on long-term financing last year was accompanied by moderate growth in holdings of liquid assets and by an unusually small expansion in total current liabilities, especially after midyear. Nevertheless, corporate liquidity ratios declined further, though by much less than in 1969. INTERNAL FUNDS As in each year since 1966, the flow of internal funds to nonfinancial corporations in 1970, after allowance for inventory valuation adjustment, amounted to around $62 billion and reflected a growth in capital consumption allowances about equal to the reduction in retained earnings. Such undistributed profits have declined more than 50 per cent over the past 4 years, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

2 FEDERAL RESERVE BULLETIN • JANUARY 1971 INTERNAL FUNDS of nonfinancial corporations change little BILLIONS OF DOLLARS 80 CAPITAL CONSUMPTION ALLOWANCES 20 INOISTRIBUTED PROFITS 0 Seasonally adjusted annual rates. "Undistributed profits" are after inventory valuation adjustment and inclusion of foreign branch profits. Q4 1970 preliminary. capital consumption allowances now account for five-sixths of total corporate internal funds. The 1969-70 decline in the retained-profits component of internal funds was attributable almost entirely to a reduction of one-eighth in profits before taxes. Income taxes absorbed a slightly smaller proportion of profits than in 1969, as the lower average level of the surcharge more than offset the tax effects of elimination of the investment tax credit. Dividend payments, on the other hand, absorbed an increased share of the lower after-tax profits though, for the first time since 1961, the dollar volume of these payments showed almost no increase. Profits before taxes—and before inventory profits—changed little after the first quarter of the year, following a decline of 16 per cent from the peak reached in the second quarter of 1969. In manufacturing, where most of the decline occurred, the combination of sluggish sales and rising unit costs resulted in the lowest profit margins in many years. But the decline in margins slowed as the year progressed, reflecting efforts to reduce expenses and a faster growth in productivity. It is likely that, without the direct and indirect effects of the strike at a major automobile producer in the fall, manufacturing profits would have moved up after midyear. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CORPORATE FINANCING IN 1970 3 CORPORATE INVESTMENT Spending by nonfinancial corporations for fixed assets was only 5 per cent larger in 1970 than a year earlier, following an increase of 14 per cent from 1968 to 1969. Investment in residential construction by corporate business moved up in the last half of 1970, but outlays for plant and equipment showed almost no expansion after the third quarter of 1969. The slowdown was attributable primarily to the manufacturing sector where profits declined most and the margin of unused capacity widened appreciably. Public utility and communications companies, on the other hand, were still striving to meet demands on their capacity and increased their outlays at an even faster rate than in 1969. Corporations invested about $2 billion in additional inventories in 1970, on a gross national product basis, compared with additions of around $7 billion in each of the three preceding years. Depletion of auto stocks in the fall as a result of the strike accounted for a relatively small part of the net decline in the rate of inventory accumulation. More important factors appear to have been weakness in sales, waning of inflationary expectations, reluctance to incur additional short-term debt, and the desire to conserve available funds for more pressing needs. Nonfinancial corporations' PLANT AND EQUIPMENT spending is up somewhat but INVENTORY ACCUMULATION is much lower BILLIONS OF DOLLARS PLANT AND EQUIPMENT 1968 1969 1970 Half-year data seasonally adjusted at annual rates. H2 1970 preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

4 FEDERAL RESERVE BULLETIN • JANUARY 1971 Net acquisition of corporate liquid assets was larger last year than in 1969, as holdings declined less than seasonally through the third quarter and apparently rose more than seasonally in the final quarter. For the year as a whole, the increase reflected a substantial expansion in time deposits, especially in the third quarter, and moderate declines in all other types of liquidity investment. Corporations had made large acquisitions of commercial and finance company paper in the first quarter, but they reacted to the midyear unsettlement in this market by drastically reducing their holdings in the third quarter and again in the fourth. EXTERNAL FINANCING With total financing needs moderately higher and internal funds showing little change for the year as a whole, nonfinancial corporations continued to rely heavily on external funds. Financing in credit and capital markets amounted to $38 billion in 1970, the same as in 1969. But net issues of long-term securities—bonds, stocks, and mortgages—accounted for seven-eighths of the total and the $12 billion expansion in the volume of such financing far exceeded the $4 billion increase in spending for fixed assets. In 1969, in contrast, long-term financing had risen less than one- FLOW OF FUNDS—NONFINANCIAL CORPORATIONS In billions of dollars Item 1966 1967 1968 1969 1970 >> Sources 92.8 92.0 104.1 107.6 108.5 Internal 61.2 61.5 62.5 62.5 62.0 Undistributed profits1 23.0 20.0 17.6 14.5 10.5 Capital consumption allowances. 38.2 41.5 44.9 48.0 51.5 Credit and capital market instruments 24.9 29.4 31.0 37.8 38.0 Bonds and mortgages 14.4 19.2 18.7 16.4 26.5 Stocks 1.2 2.3 -.8 4.3 6.5 Bank loans, n.e.c 7.9 6.4 9.6 10.9 1.5 Other 1.4 1.4 3.6 6.3 3.5 Other sources 6.7 1.1 10.6 7.3 8.5 Federal tax liabilities .2 -4.1 3.7 .8 1.5 Other liabilities 6.5 5.2 6.9 6.5 7.0 84.7 82.9 98.0 100.4 103.0 Fixed investment 62.7 64.7 69.9 79.8 84.0 Inventories 14.4 7.3 7.0 7.2 2.0 Net trade and consumer credit 4.7 7.1 10.9 7.7 8.5 Miscellaneous financial assets 1.0 3.8 .1 3.4 4.0 Liquid assets 1.9 10.1 2.3 4.5 Discrepancy 8.0 9.0 6.3 7.2 5.5 1 After inventory valuation adjustment and inclusion of foreign branch profits. » Preliminary n.e.c. Not elsewhere classified. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CORPORATE FINANCING IN 1970 5 SECURITY ISSUES by utility and communications companies increase sharply; those by manufacturers also rise BILLIONS OF DOLLARS 20 MANUFACTURING . 0 ALL OTHER 10 1966 1968 1970 Securities and Exchange Commission gross offerings data. 1970 partly estimated by Federal Reserve. "All other" issuers are extractive, railroad and other transportation, real estate and finance, and commercial and other. third as much as fixed investment and had accounted for little more than half of all funds raised by nonfinancial corporations in credit and capital markets. A large share of the increase in corporate long-term financing last year reflected the expanded needs of public utility and communications companies whose outlays for plant and equipment were rising rapidly. Gross offerings of corporate bonds and stocks exceeded $38 billion in 1970, an increase of nearly $12 billion, or 44 per cent, over the preceding year's volume. The public utility and communications sectors accounted for nearly three-fifths of the dollar increase. But offerings by manufacturing corporations also rose sharply, to about the level reached in the previous peak year of 1967. Efforts of corporations to limit further expansion of short-term debt, and to repay outstanding debt to the extent feasible, appear to have intensified as the year progressed and weakness in economic activity persisted. Although interest rates to high-grade borrowers at banks and in the commercial paper market declined much more rapidly than rates on new bond offerings, the volume of short-term funds raised by nonfinancial corporations declined steadily. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

6 FEDERAL RESERVE BULLETIN • JANUARY 1971 By the fourth quarter, net repayment of bank loans, seasonally adjusted, more than offset the small volume of short-term borrowing from nonbank lenders. For the year as a whole, bank loans supplied only 1 per cent of total corporate funds and other shortterm loans only 3 per cent; in 1969 the proportions had been 10 per cent and 6 per cent, respectively. The relative importance of long-term external financing, on the other hand, increased from 19 per cent to 30 per cent. Nonfinancial corporations increase reliance on LONG-TERM external sources while reducing use of SHORT-TERM borrowing PER CENT BONDS, STOCKS, MORTGAGES 30 20 10 BANK LOANS, N.E.C. wx 0 OTHER BORROWING I H m m H! H2 HI H2 1966 1967 1968 1969 1970 1969 1970 Per cent of total inflows to nonfinancial corporations. Total inflows comprise items listed in the table on page 4 under "Sources." 1970 includes preliminary Q4 estimates. CORPORATE LIQUIDITY Despite the dramatic shift in corporate financing patterns last year, and the frequent statements by prospective issuers of new long-term securities that the proceeds were to be used to reduce short-term debts and improve working capital positions, the liquidity of corporations as a group reached a new low, and available data for the manufacturing sector indicate only slight reduction in the relative importance of short-term debt. Securities and Exchange Commission data show a rather large decline through the third quarter of 1970 in corporate holdings of liquid assets—that is, cash and deposits, U.S. Government securities, and "other" current assets (the item which includes nonsegregated liquidity investments). Since total current liabilities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CORPORATE FINANCING IN 1970 7 rose much less than usual, the ratio of liquid assets to total shortterm debt declined over the first three quarters, though by less than in most other recent years. Holdings of liquid assets probably rose substantially in the fourth quarter of 1970, in part reflecting temporary investment of proceeds from the surge of security issues during the period. Even if total current liabilities continued to rise only slowly, the resulting increase in the liquidity ratio would not have offset the declines earlier in the year. These developments are quite different from those of 1968, when corporations were able to add considerable amounts to their holdings of liquid assets and to bring to a temporary halt the long decline in the ratio of liquid assets to total current liabilities. The absence of improvement in this measure of over-all corporate liquidity in 1970 is probably attributable in large part to the fact that a major share of the huge rise in long-term security issues represented increased financing by the utility and communications sectors that raised the funds for immediate and prospective capital outlays. Also, corporations in other industries apparently used available internal and long-term external funds to limit the growth in short-term debt—a course that strengthens corporate balance sheets and improves liquidity, broadly defined, but raises liquidity ratios much less than the same amount added instead to holdings of liquid assets. Holdings of LIQUID ASSETS decline but CURRENT LIABILITIES rise little and decline in LIQUIDITY RATIO slows PER CENT BILLIONS OF DOLLARS BILLIONS OF DOLLARS 110 400 LIQUID ASSETS CURRENT LIABILITIES SEC end-of-quarter data not seasonally adjusted. Liquid assets are sum of cash and deposits, holdings of U.S. Govt, securities, and "other" current assets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Some improvement in liquidity may have taken place last year in the manufacturing sector, but the improvement was probably quite selective. The rise in long-term financing by manufacturing corporations, which was much greater than the increase in their long-term outlays, reflected to a considerable extent individual security issues of $100 million or more by top-rated companies in markets that had become increasingly quality-conscious. These firms may well have been able to restructure their balance sheets and improve their liquidity, but many others may have been unable or unwilling to obtain long-term funds on the terms available and may have cut back or postponed their restructuring plans. * * * With business planning little growth in fixed investment this year, a major determinant of demand pressures on security markets and of the course of long-term interest rates over the near future is likely to be the extent to which corporations will be seeking additional funds in these markets for debt-restructuring purposes. Over-all data indicate little progress in 1970 toward strengthening the balance sheet structure of the nonfinancial corporate sector, but the resulting overhang of demands on the capital markets may be less than this implies. With money market conditions easier, the problem of rolling over maturing shortterm debt has become more manageable and use of bank term loans as an interim alternative to capital market financing has become more feasible. Another source of funds, of course, but one that seems less likely to be available very soon, would be that provided by a vigorous recovery in corporate profits. • 8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BALANCE OF PAYMENTS PROGRAM Revised Guidelines For Banks and Nonbank Financial Institutions The Board of Governors of the Federal Re- financial institutions such as insurance comserve System reissued on January 7, 1971, panies and mutual funds, is part of the revised voluntary guidelines that U.S. banks Government's over-all effort to strengthen and other financial institutions follow in the U.S. balance of payments position. limiting their loans and investments abroad. Other parts of that effort are the Interest No change was made in the over-all Equalization Tax and the Foreign Direct guideline ceilings already in effect under the Investment Program administered by the Voluntary Foreign Credit Restraint pro- Treasury Department and the Department of gram (VFCR). Each bank reporting under Commerce, respectively. the program will continue to have an Export In reissuing the guidelines, the Board Term-Loan Ceiling exclusively for loans of said that the outlook for the U.S. balance of payments did not justify changing the degree more than 1 year that finance U.S. export of restraint under the VFCR program. Congoods and a separate General Ceiling that sequently, the revisions relating to interis available for loans of any type and of national institutions and short-term export any maturity. The revisions will: credits to the developed countries of con- 1. Exclude from the guidelines bonds and tinental Western Europe reflect technical notes of international institutions—such as changes. The first was designed to equalize the International Bank for Reconstruction treatment under the guidelines between and Development, the Inter-American banks and other financial institutions, and Development Bank, and the Asian Developthe second was made to give banks greater ment Bank—of which the United States is flexibility in using their existing leeway a member. This grants to banks under the under the general ceiling for export financprogram an exclusion that already applies to ing. nonbank financial institutions. There are two subsidiary restraints on 2. Exempt export credits from a subbank lending to residents of the developed ceiling that limits short-term credits to resicountries of continental Western Europe. dents of developed countries of continental One asks that no credits of more than 1- Western Europe. These short-term export year maturity be extended to such residents, credits must still be reported under the except to finance exports. The other asks banks' General Ceiling. that credits of 1 year or less to such residents 3. Incorporate into the body of the guide- not exceed 75 per cent of the amount each lines three amendments adopted in 1970 bank had outstanding in credit of this kind and clarify language in several guidelines at the end of 1967. The latter provision is provisions. now being revised to exempt export credits. The VFCR, in operation since 1965 to At the end of November, the banks' Genlimit capital outflows by banks and nonbank eral Ceiling amounted to $10 billion, and 9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

10 FEDERAL RESERVE BULLETIN • JANUARY 1971 the Export Term-Loan Ceiling amounted to immediately. Language was clarified in $1.4 billion, or $11.4 billion in total. Out- Guideline Provision II: items A(3)(a) and standing credits subject to these ceilings (c); A(5); D(3)(c); D(4); E(l); and totaled $8.9 billion and $157 million, re- G(2). Changes in reference to "previous spectively. Thus the banks had leeway for guidelines" consequential to the issuance of further lending of $2.4 billion. Loans and a new text were made in Guideline Provision investments in Canada and credits related II: items A(l); and D(3)(b) and (c). to Export-Import Bank financing are exempt The guidelines are printed below. Copies from the ceilings. will be made available to financial institu- All changes in the guidelines are in pro- tions through the Federal Reserve Banks in visions relating to banks and are effective their districts. I. General Purpose In order to help to strengthen the U.S. the limits of the restraints, to give priority balance of payments, U.S. financial institu- to financing U.S. exports of goods and servtions are asked to continue to restrain their ices and to meeting the credit needs of foreign loans and investments and, within developing countries. II. Banks A. CEILINGS eral Ceiling, except for the claims which it reports under its separate Export Term- 1. Banks with Ceilings under Previous Guidelines Loan Ceiling described in item (b) below. A bank that had a foreign lending ceiling iii) Within its General Ceiling, a bank under the Federal Reserve foreign credit re- should give priority to credits financing exstraint guidelines in existence on November ports of U.S. goods and services and to 30, 1970 (hereinafter "previous guidelines") credits meeting the needs of developing will have, under the present revised guide- countries. lines, a General Ceiling and an Export Term-Loan Ceiling. The General Ceiling will be available for foreign claims of any b. EXPORT TERM-LOAN CEILING type and maturity, including export term i) The Export Term-Loan Ceiling will loans; subject to the definitions and other be equal to 0.5 per cent of the bank's total conditions set forth below, the Export Termassets as of December 31, 1968, as that Loan Ceiling will be available solely for ceiling is further adjusted under guidelines foreign export term loans. issued subsequent to November 30, 1969. ii) A bank should not at any time hold a. GENERAL CEILING claims on foreigners that are export term i) The General Ceiling will be equal to loans, as defined in item G(3) below, to the bank's adjusted ceiling as of November finance goods exported from the United 30, 1969, as further adjusted under guide- States after November 30, 1969, or to filines issued subsequent to that date. nance services performed in foreign countries ii) A bank should not at any time hold by U.S. individuals or U.S. firms after claims on foreigners in excess of its Gen- November 30, 1969, in excess of the bank's Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED GUIDELINES 11 Export Term-Loan Ceiling, except such ex- 4. Adjustment for Prior Export Term Loans port term loans as the bank counts against A bank each month should reduce its its General Ceiling, described in item (a) General Ceiling, and should increase its Exabove. port Term-Loan Ceiling, by the dollar amount of any repayments it receives on 2. Banks without Ceilings under Previous export term loans outstanding on Novem- Guidelines ber 30, 1969. A bank that has not had a foreign lending ceiling under the previous guidelines 5. Sales of Foreign Assets may discuss with the Federal Reserve Bank a. SALES WITHOUT RECOURSE. A in its district the possibility of adopting a bank that sells a foreign asset that is subject General Ceiling and an Export Term-Loan to the guideline ceilings, without recourse, Ceiling. In determining whether and, if so, (a) to a U.S. resident other than a financial in what amount ceilings should be estab- institution participating in the Federal Relished, there should be clear reason for ex- serve foreign credit restraint program or pecting that the bank will use such ceilings other than a direct investor subject to the predominantly for short- and long-term ex- controls administered by the Department of port loans. Any General Ceiling, and any Commerce or (b) to the Export-Import Export Term-Loan Ceiling, should not, in Bank should reduce its General Ceiling or the aggregate, exceed 1 per cent of the its Export Term-Loan Ceiling, whichever is bank's total assets as of December 31, 1968. relevant, by an equivalent amount. b. SALES WITH RECOURSE A bank 3. Western Europe that sells a foreign asset that is subject to a. GENERAL CEILING ADJUSTMENT the guideline ceilings with recourse (a) to FOR PRIOR NONEXPORT TERM LOANS. a U.S. resident other than a financial insti- A bank each month should reduce its Gentution participating in the Federal Reserve eral Ceiling by the dollar amount of any foreign credit restraint program or other repayments it receives on nonexport term than a direct investor subject to the Foreign loans to residents of developed countries of Direct Investment Program administered by continental Western Europe outstanding on the Department of Commerce or (b) to the December 31, 1967. Export-Import Bank should continue to report those assets under its General Ceiling b. RESTRAINT ON NEW NONEXPORT or its Export Term-Loan Ceiling, whichever TERM LOANS. A bank should not make is relevant. new term loans to such residents, except loans that finance U.S. exports. 6. Total Assets For the purpose of calculating the Export c. SUBCEILING ON SHORT-TERM Term-Loan Ceiling, total assets are those CREDITS. A bank should hold the amount shown in the Official Report of Condition of nonexport short-term credits (having a submitted to the relevant supervisory agenmaturity of not over 1 year) to such resi- cy as of December 31, 1968. dents to not more than 75 per cent of the amounts outstanding on December 31, 7. Foreign Borrowings 1967, of all short-term credits to such resi- In principle, the restraints under these dents. guidelines are imposed on gross foreign Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

12 FEDERAL RESERVE BULLETIN • JANUARY 1971 assets, including gross claims on foreigners. able value of foreign assets of the parent However, certain liabilities to foreigners may institution. be counted as offsets to foreign assets only where the liabilities arise from borrowings abroad that substitute for direct investment B. EXCLUSIONS capital outflow from the United States and 1. Canada are not likely to substitute for foreign de- a. NO RESTRAINT. These guidelines are posits, or for short-term foreign investments, not to restrain the extension of credit to resiin the United States. Such offsetting may be dents of Canada. done in the manner described below. b. REPORTING. For the purpose of rea. BANKS AND EDGE ACT, AND porting claims under the General Ceiling, AGREEMENT, CORPORATIONS. A bank, a bank should count against its General an "Edge Act" Corporation, or an "Agree- Ceiling claims on residents of Canada outment" Corporation may not count its bor- standing on February 29, 1968, deducting rowings from, or its other liabilities to, for- any net increase in such claims granted after eigners as offsets to its claims on foreigners that date and adding any net reduction in and other foreign assets. such claims granted after that date. b. DOMESTIC SUBSIDIARIES. A do- 2. Certain Guaranteed and Insured Loans mestically chartered subsidiary (for ex- Loans that are to finance U.S. exports and ample, a so-called Delaware subsidiary) of that are guaranteed, or participated in, by an Edge Act Corporation or of an Agreethe Export-Import Bank, or guaranteed by ment Corporation may count the outstandthe Department of Defense, or are insured ing amount of its borrowings from foreigners by the Foreign Credit Insurance Association as offsets to its claims on foreigners and to are exempted from the General Ceiling and its other foreign assets, provided those borthe Export Term-Loan Ceiling. rowings are of an original maturity of 3 years or more. Such borrowings would in- 3. Securities of Certain International Insticlude debentures, promissory notes, or other tutions debt obligations of the domestic subsidiary Bonds and notes of international instituto a foreigner. The amount of the offset at tions of which the United States is a memany time would be equal to the amount of ber, regardless of maturity, are exempted the outstandings after deducting (i) any refrom the General Ceiling and from the Expayments of principal and (ii) in the case port Term-Loan Ceiling. of convertible debt issues, any conversions. This offsetting principle may be used to reduce the value of foreign assets of the sub- C. TEMPORARY OVERAGES sidiary in computing the value of foreign A bank whose claims on foreigners are in assets to be consolidated for reporting pur- excess of either or both of its ceilings and poses with those of the parent institution; which does not show improvements will be any excess of outstanding borrowings of the invited periodically to discuss with the Fedsubsidiary over foreign assets of the subsideral Reserve Bank in its district the steps iary may not be used to reduce the reportit has taken and that it proposes to take to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED GUIDELINES 13 bring the amount of its claims under the c. MULTIBANK-OWNED CORPORAceilings. TIONS. i) Separate Ceilings. An Edge Act or D. APPLICABILITY TO FINANCIAL INSTITU- Agreement Corporation that is owned by TIONS more than one bank or by a registered bank 1. General holding company will have a General Ceil- The guidelines are applicable to all U.S. ing and an Export Term-Loan Ceiling sepbanks (exclusive of the trust departments of arate from those of its parent. The corcommercial banks, which should follow the poration's General Ceiling and Export guidelines for nonbank financial institutions Term-Loan Ceiling are each to be equal, in III below) and to Edge Act and Agreerespectively, to 100 per cent and 10 per ment Corporations. cent of its adjusted ceiling as of November 2. Edge Act and Agreement Corporations 30, 1969, as further adjusted under guidea. POLICY OF LIMITING AGGREGATE lines issued subsequent to that date. CEILINGS. It is intended that the establish- ii) Transfer of Parent's Ceiling. To acment of new Edge Act Corporations or quire or to increase ceilings, such an Edge Agreement Corporations not result in the Act or Agreement Corporation may receive expansion of aggregate lending ceilings from one or more of its parent banks a share under these guidelines. of the ceilings of the parent or parents. Once transferred to the corporation, the ceilings b. ONE-BANK-OWNED CORPORAshould not be transferred back to the parent TIONS. An Edge Act or Agreement Coror parents, except to meet unforeseen and poration that is owned by one bank and overriding developments. If any such excepthat, under the previous guidelines, had a tional need for retransfer should arise, the ceiling separate from that of its parent bank corporation and its parent or parents should may continue to be guided by General and consult in advance with the Federal Reserve Export Term-Loan Ceilings separate from Banks in their respective districts. those of its parent or may combine its foreign loans and investments with the respec- 3. Holding Companies tive General and Export Term-Loan Ceilings of its parent. a. REGISTERED BANK HOLDING i) The General Ceiling and the Export COMPANIES. A registered bank holding Term-Loan Ceiling to which it would be company is to be treated as a bank for the entitled if it did not combine would be cal- purpose of these guidelines. culated as under item A(l) above on the basis of the corporation's total assets and b. ONE-BANK HOLDING COMPANIES. its adjusted ceiling under guidelines in exist- A one-bank holding company whose bank ence November 30, 1969, subject to ceiling subsidiary has ceilings under these guideadjustment under subsequent guidelines. lines is to be treated as a bank for the purii) An Edge Act or Agreement Corpora- pose of these guidelines. Such a holding tion that is owned by one bank and that was company, together with its bank subsidiary established after March 3, 1965, should and any nonbank subsidiary, should report share the General and Export Term-Loan on a consolidated basis. However, the Gen- Ceilings of its parent bank. eral Ceiling and the Export Term-Loan Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

14 FEDERAL RESERVE BULLETIN • JANUARY 1971 Ceiling, respectively, are to be calculated on 5. Domestic Subsidiaries of Edge Act and the basis of the ceiling of the bank subsid- Agreement Corporations iary under the guidelines in existence on The foreign assets of domestically char- November 30, 1969, and on the basis of the tered subsidiaries of Edge Act Corporations bank subsidiary's total assets as of Decem- and of Agreement Corporations (net of forber 31, 1968. Furthermore, to minimize eign borrowings offset under item A(7)(b) changes from earlier established procedures, above) should be consolidated with the forany nonbank subsidiary that was reporting eign assets of the parent for purposes of the prior to December 1, 1969, to the Depart- guidelines. ment of Commerce under the Foreign Direct Investment Program or to a Federal Reserve E. CONFORMITY WITH OBJECTIVES OF Bank under the nonbank financial institu- GUIDELINES tion guidelines should not report under these 1. Department of Commerce Program and bank guidelines. Nonbank Financial Institution Guidelines Banks should avoid making loans that c. CONSOLIDATION OF CEILINGS OF would directly or indirectly enable borrow- BANK SUBSIDIARIES OF REGISTERED ers to use funds abroad in a manner incon- BANK HOLDING COMPANIES. A bank sistent with the Department of Commerce subsidiary (including a bank, Edge Act Cor- Foreign Direct Investment Program or with poration, or Agreement Corporation) of a the guidelines for nonbank financial instituregistered bank holding company may contions. solidate its General Ceiling and Export Term-Loan Ceiling with the respective ceilings of one or more of the holding company's 2. Substitute Loans other bank subsidiaries that had ceilings Banks should not extend to U.S.-resident under guidelines in existence on November subsidiaries, or branches, of foreign compa- 30, 1969. nies loans that otherwise might have been made by the banks to the foreign parent or 4. Foreign Branches and Foreign Subsidi- other affiliate of the company or that noraries of U.S. Banks and Banking Institutions mally would have been obtained abroad. a. The guidelines are not designed to restrict the extension of foreign credit by for- 3. Management of Liquid Assets eign branches of U.S. banks or by foreign A bank should not place its own funds subsidiaries of (1) U.S. banks, (2) Edge abroad (other than in Canada) for short- Act Corporations, or (3) Agreement Corterm investment purposes, whether such inporations, except as the result of the revestments are payable in foreign currencies straints on banks (including Edge and or in U.S. dollars. Banks need not, however, Agreement Corporations) with respect to reduce necessary working balances held with foreign credit to, or foreign investment in, foreign correspondents. such branches or subsidiaries. b. Total claims of a bank's domestic 4. Transactions for Customers offices on its foreign branches and foreign While recognizing that it must follow a subsidiaries (including permanent capital customer's instruction, a bank should disinvested in, as well as balances due from, courage customers from placing liquid funds such foreign branches and foreign subsid- outside the United States, except in Canada. iaries) represent bank credit to foreigners A bank should not place with a customer for purposes of the guidelines. foreign obligations that, in the absence of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED GUIDELINES 15 the guidelines, it would have acquired or with recourse, to U.S. residents other than held for its own account. financial institutions participating in the Federal Reserve credit restraint program or 5. U.S. Branches and Agencies of Foreign other than direct investors subject to the Banks controls administered by the Commerce Branches and agencies of foreign banks Department or to the Export-Import Bank. located in the United States are requested to Claims on foreigners exclude: contingent act in accordance with the spirit of these claims; unutilized credits; claims held for guidelines. account of customers; acceptances executed F. REPORTING by other U.S. banks; and, in the manner determined in item B( 1) (b) above, claims on Each bank that has ceilings under these residents of Canada. guidelines and that on a reporting date had 3. An "export term loan" is a claim on a $500,000 or more in foreign claims should foreigner having an original maturity of file a Monthly Report on Foreign Claims more than 1 year and for the demonstrable with the Federal Reserve Bank in the disfinancing of one or more specific export trict in which the bank is located. (Forms transactions involving the shipment of U.S. are available at the Federal Reserve Banks.) goods to a foreign destination or the per- G. DEFINITIONS formance of U.S. services abroad. The loans 1. "Foreigners" include: individuals, may be made directly by a bank or may be partnerships, and corporations domiciled made indirectly by a bank through its puroutside the United States, irrespective of chase of documented loan paper. For the citizenship, except their agencies or branches purpose of the present guidelines, such loans located within the United States; branches, that are to be counted against an Export subsidiaries, and affiliates of U.S. banks and Term-Loan Ceiling are confined to credits other U.S. corporations that are located in financing U.S. exports shipped after Novemforeign countries; and any government of a ber 30, 1969, or services performed abroad foreign country or official agency thereof by U.S. individuals or U.S. firms after Noand any official international or regional vember 30, 1969. Such loans exclude debt institution created by treaty, irrespective of obligations acquired by a bank and having location. not more than a year of remaining term un- 2. "Claims on foreigners" are claims on til maturity (regardless of original length of foreigners held for a bank's own account. maturity). The loans also exclude Export- They include: foreign long-term securities; Import Bank certificates of participation in foreign customers' liability for acceptances a pool of loans. (Participations with the executed, whether or not the acceptances Export-Import Bank, in particular loans are held by the reporting banks; deferred and loan paper purchased from the Exportpayment letters of credit described in the Import Bank of foreign obligors, are ex- Treasury Department's Supplementary Re- empted under item B(2) above.) porting Instructions No. 1, Treasury For- 4. "Developing countries" are all couneign Exchange Reports, Banking Forms, tries other than: Abu Dhabi, Australia, Ausdated May 10, 1968; participations pur- tria, the Bahamas, Bahrain, Belgium, Berchased in loans to foreigners; loans to finan- muda, Canada, Denmark, France, Germany cial subsidiaries incorporated in the United (Federal Republic), Hong Kong, Iran, Iraq, States, 50 per cent or more of which is Ireland, Italy, Japan, Kuwait, Kuwait-Saudi owned by foreigners; and foreign assets sold, Arabia Neutral Zone, Libya, Liechtenstein, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

16 FEDERAL RESERVE BULLETIN • JANUARY 1971 Luxembourg, Monaco, Netherlands, New area under its provisional administration), Zealand, Norway, Portugal, Qatar, Republic Romania, Soviet Zone of Germany and the of South Africa, San Marino, Saudi Arabia, Soviet sector of Berlin, Tibet, Union of Spain, Sweden, Switzerland, and the United Soviet Socialist Republics and the Kurile Kingdom; and other than: Albania, Bul- Islands, Southern Sakhalin, and areas in garia, the People's Republic of China, Cuba, East Prussia that are under the provisional Czechoslovakia, Estonia, Hungary, Com- administration of the Union of Soviet Somunist-controlled Korea, Latvia, Lithuania, cialist Republics, and Communist-controlled Outer Mongolia, Poland (including any Vietnam. III. Nonbank Financial Institutions A. TYPES OF INSTITUTIONS COVERED held on December 31, 1967, except for The group of institutions covered by the special situations discussed in item K below. nonbank guidelines includes: trust compa- Institutions generally are expected to hold nies; trust departments of commercial no foreign deposits or money market instrubanks; mutual savings banks; insurance ments (other than Canadian). However, an companies; investment companies; finance institution may maintain such minimum companies; employee retirement and pen- working balances abroad as are needed for sion funds; college endowment funds; chari- the efficient conduct of its foreign business table foundations; U.S. branches of foreign activities. insurance companies and of other foreign Among other foreign assets that are subnonbank financial corporations; and hold- ject to the guideline ceiling, institutions are ing companies (other than bank holding asked to give first priority to credits that companies) whose domestic assets consist represent the bona fide financing of U.S. exprimarily of the stock of operating non- ports and second priority to credits to develbank financial institutions. Investment un- oping countries. In addition, institutions are derwriting firms, securities brokers and requested not to increase the total of their dealers, and investment counseling firms also investments in the developed countries of are covered with respect to foreign financial continental Western Europe beyond the assets held for their own account and are re- amount held on December 31, 1968, except quested to inform their customers of the profor new credits that are judged to be essengram in those cases where it appears applitial to the financing of U.S. exports. This cable. Businesses whose principal activity means that reductions through amortizais the leasing of property and equipment, tions, maturities, or sales may be offset by and which are not owned or controlled by a new acquisitions in these countries. Howfinancial institution, are not defined as finanever, institutions are expected to refrain cial institutions. from offsetting proceeds of sales to other Americans by new acquisitions from for- B. CEILING AND PRIORITIES eigners. Each institution is requested to limit its Institutions may invest in noncovered foraggregate holdings of foreign assets covered eign assets generally as desired. However, by the program to no more than 100 per they are requested to refrain from making cent of the adjusted amount of such assets any loans and investments, noncovered as Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED GUIDELINES 17 well as covered, that appear to be incon- to mature in 10 years or less. This category sistent with other aspects of the President's includes bonds, notes, mortgages, loans, and balance of payments program. Among these other credits. Excluded are bonds and notes are the following: of international institutions of which the United States is a member, regardless of 1. Noncovered credits under this program maturity. Excluded also are loans guaranthat substitute directly for loans that com- teed or participated in by the Export-Import mercial banks would have made in the ab- Bank, guaranteed by the Department of sence of that part of the program applicable Defense, or insured by the Foreign Credit to them. Insurance Association. 2. Noncovered credits to developing 3. Net financial investment in foreign country subsidiaries of U.S. corporations branches, subsidiaries, and affiliates, located that would not have been permitted under in developed countries other than Canada.1 the Department of Commerce program if Such financial investment includes payments made by the U.S. parent directly. into equity and other capital accounts of, and net loans and advances to, any foreign 3. Credits to U.S. corporate borrowers businesses in which the U.S. institution has that would enable them to make new foran ownership interest of 10 per cent or eign loans and investments inconsistent with more. Excluded are earnings of a foreign the Department of Commerce program. affiliate if they are directly retained in the capital accounts of the foreign business. 4. Credits to U.S. subsidiaries and branches of foreign companies that otherwise would have been made to the foreign 4. Long-term credits of foreign obligors parent, or that would substitute for funds domiciled in developed countries other than normally obtained from foreign sources. Canada.1 Included in this category are bonds, notes, mortgages, loans, and other credits maturing more than 10 years after C. COVERED ASSETS date of acquisition. Excluded are bonds of Covered foreign financial assets, subject international institutions of which the United to the guideline ceiling, include the follow- States is a member. ing types of investments, except for "free delivery" items received after December 31, 5. Equity securities of foreign corpora- 1967: tions domiciled in developed countries other than Canada,1 except those acquired after 1. Liquid funds in all foreign countries September 30, 1965, in U.S. markets from other than Canada. This category comprises American investors. The test of whether an foreign bank deposits, including deposits in equity security is covered will depend on the foreign branches of U.S. banks, and liquid institution's obligation to pay the Interest money market claims on foreign obligors, Equalization Tax on acquisition. Exclusion generally defined to include marketable nefrom covered assets under this program norgotiable instruments maturing in 1 year or mally will be indicated when, in acquiring less. an equity security that otherwise would be 2. All other claims on non-Canadian foreign obligors written, at date of acquisition, 1 See NOTE on p. 20. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

18 FEDERAL RESERVE BULLETIN • JANUARY 1971 covered, the purchasing institution receives 1. All financial assets in, or claims on a certificate of prior American ownership, residents of, the Dominion of Canada. or brokerage confirmation thereof. 2. Bonds and notes of international in- D. BASE-DATE HOLDINGS stitutions of which the United States is a Base-date holdings for any reporting date member, regardless of maturity. after September 30, 1969, are defined as: 3. Long-term investments in all devel- 1. Total holdings of covered foreign oping countries, including credit instruments assets as of the base date, which is Decemwith final maturities of more than 10 years ber 31, 1969, for investments in Japan of at date of acquisition, direct investment in the types described in items C (3), (4), and subsidiaries and affiliates, and all equity se- (5) above, and December 31, 1967, for all curities issued by firms domiciled in these other covered assets; countries. 2. Minus equity securities of companies 4. Equity securities of firms in developed domiciled in developed countries (except countries other than Canada that have been Canada), that are included in item (1) but acquired in U.S. markets from American inhad been sold to American investors prior vestors (see item C(5) above). Foreign to the current quarter; assets of types covered by the program and 3. Plus, or minus, the difference between acquired as "free delivery" items—that is, sales proceeds and "carrying" value of cov- as new gifts or, in the case of trust comered equities sold prior to the current quar- panies or trust departments of commercial ter to other than American investors or in banks, in new accounts deposited with the other than U.S. markets. On each reporting institution—are not defined as covered asdate, "carrying" value should be the value sets if they were acquired after December reflected in the institution's report (on Form 31, 1967. Such assets should be reported as FR 392R-68) for December 31, 1967, in a memorandum item, as should outstanding the case of equities held on that date, and it amounts of loans guaranteed or participated should be cost in the case of equities pur- in by the Export-Import Bank, guaranteed chased after that date. by the Department of Defense, or insured by the Foreign Credit Insurance Association. "Adjusted" base-date holdings, to which the 100 per cent ceiling applies, are equal to F. CREDITS TO CERTAIN U.S. CORPORA- "base-date" holdings, as defined above, ad- TIONS justed for sales during the current quarter of Any loan or investment acquired by a included covered equities in accordance nonbank financial institution after June 30, with the procedures specified in items (2) 1968, that involves the advance of funds to and (3) above. a domestic corporation, which is simply a financing conduit (commonly known as a E. NONCOVERED ASSETS "Delaware sub") and which in turn will Foreign financial assets not covered by transmit the funds to a foreign business, the guidelines are still reportable on the should be reported as a foreign asset if one quarterly statistical reports to the Federal or more foreigners own a majority of the Reserve Banks. Such noncovered foreign in- "Delaware" corporation. The amounts of vestments include the following: such foreign loans or investments should be Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED GUIDELINES 19 classified according to the country where the placements that would involve extensions of funds are actually to be used, not according credit of $500,000 or more to private busito the residence of the owners of the "Dela- ness borrowers located in the developing ware" corporation. countries. In the event that U.S. residents hold a majority ownership interest in the "Dela- J. REPORTING REQUIREMENT ware" corporation, no part of a loan or in- Each nonbank financial institution holdvestment in such a corporation is to be reing, on any quarterly reporting date, covered garded as a foreign asset of the institution. assets of $500,000 or more, or total foreign financial assets of $5 million or more, is re- G. LEASING OF PHYSICAL GOODS quested to file a statistical report covering its The foreign leasing activities of firms total holdings on that date with the Federal that engage primarily in the leasing of Reserve Bank of the Federal Reserve district physical assets (e.g., computers, real propin which its principal office is located. The erty, ships, aircraft), and that are not reports are due within 20 days following the owned or controlled by a U.S. financial inclose of each calendar quarter, and forms stitution, are not reportable under the nonmay be obtained by contacting the Federal bank program. However, such activities are Reserve Bank. reportable when they are undertaken by nonbank financial institutions. These insti- K. COVERED ASSETS IN EXCESS OF tutions should report the book value of any CEILING physical assets leased to foreigners on the 1. In view of the balance of payments appropriate line of the quarterly form they objectives of the program, it is noted that file with their Federal Reserve Bank. covered investments of nonbank financial institutions may be permitted to exceed the H. INVESTMENT IN CERTAIN FOREIGN guideline ceiling to the extent that the funds INSURANCE VENTURES for such investment are borrowed abroad Net investment in foreign insurance venfor investment in the same country or in tures should be reported as such wherever countries that are subject to the same or possible. In the case of any such ventures more liberal guideline limitations. Thus, in which there is no segregated net investment, the U.S. insurance company may ex- funds borrowed in the developed countries clude from its foreign assets investments of continental Western Europe may be used within the foreign country involved in to finance investments in these countries and amounts up to 110 per cent of reserves ac- elsewhere, and funds borrowed in other decumulated on insurance sold to residents of veloped countries (except Canada) may be that country, or (if it is larger) the minimum used to finance investment in covered fordeposit of cash or securities required as eign assets anywhere but in the developed a condition of doing insurance business countries of continental Western Europe. within that country. Any institution desiring to offset foreign borrowing against foreign investment, how- I. LONG-TERM CREDITS TO DEVELOPING ever, should discuss its plans with the Fed- COUNTRY BUSINESSES eral Reserve Bank before entering into such Institutions are requested to discuss with an arrangement. their Federal Reserve Bank in advance any 2. While institutions are expected to make future long-term loans or direct security every reasonable effort to reduce outstand- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ing nonexport credits in order to accommo- assets up to this amount if its investments date new export credits within their guide- are consistent with other guideline proviline ceiling, such a reduction may not be sions, e.g., those with respect to liquid funds feasible for some institutions. An institution and to nonexport credits to the developed that cannot avoid exceeding its guideline countries of continental Western Europe. ceiling if it makes new loans to finance U.S. The institution is expected to file an initial exports—excluding loans that are guaran- statement of its holdings with its Federal teed or participated in by the Export-Import Reserve Bank and thereafter to file a state- Bank, guaranteed by the Department of De- ment with the Bank within 20 days after the fense, or insured by the Foreign Credit In- end of any calendar quarter when its total surance Association—should notify its Fed- holdings of covered foreign assets have eral Reserve Bank of the prospective over- changed by as much as $100,000 since its age before making such loans. previous report, even though its total hold- 3. An institution with a guideline ceiling ings remain below the minimum reporting of less than $500,000 may hold covered levels stipulated in the guidelines. • NOTE.-—Developed countries other than Canada: loped" are the following countries: Albania, Bulgaria, continental Western Europe—Austria, Belgium, Den- the People's Republic of China, Cuba, Czechoslovakia, mark, France, Germany (Federal Republic), Italy, Estonia, Hungary, Communist-controlled Korea, Liechtenstein, Luxembourg, Monaco, Netherlands, Nor- Latvia, Lithuania, Outer Mongolia, Poland (including way, Portugal, San Marino, Spain, Sweden, and Swit- any area under its provisional administration), zerland; other developed countries are: Abu Dhabi, Romania, Soviet Zone of Germany and the Soviet Australia, the Bahamas, Bahrain, Bermuda, Hong sector of Berlin, Tibet, Union of Soviet Socialist Kong, Iran, Iraq, Ireland, Japan, Kuwait, Kuwait- Republics and the Kurile Islands, Southern Sakhalin, Saudi Arabia Neutral Zone, Libya, New Zealand, and areas in East Prussia which are under the pro- Qatar, Republic of South Africa, Saudi Arabia, and visional administration of the Union of Soviet Sothe United Kingdom. Also to be considered "deve- cialist Republics, and Communist-controlled Vietnam. 20 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 September 15 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; November, pages 815-22; and December, pages 921-27. The record for the meeting held on October 20, 1970, follows: 21 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

22 FEDERAL RESERVE BULLETIN • JANUARY 1971 MEETING HELD ON OCTOBER 20, 1970 Authority to effect transactions in System Account Preliminary estimates of the Commerce Department indicated that real output of goods and services had risen at an annual rate of 1.4 per cent in the third quarter, compared with a 0.6 per cent rate of growth in the second. Nonfarm payroll employment declined on the average in the third quarter and the unemployment rate rose further. Wage rates generally were continuing to increase at a rapid pace, but it appeared that gains in productivity were slowing the advance in costs and some major price measures were rising less rapidly than earlier. A strike at a major automobile manufacturer that had begun in mid- September was retarding current economic activity and clouding the near-term outlook. Industrial production, which had been declining irregularly since July 1969, fell considerably in September; much of the reduction in that month was directly attributable to the strike in the automobile industry. Retail sales were about unchanged from August, and in the third quarter as a whole sales rose less than in any of the three preceding quarters. Nonfarm payroll employment leveled off in September, following earlier declines, but the unemployment rate advanced sharply from 5.1 to 5.5 per cent. Private housing starts, on the other hand, increased substantially in the third quarter. The wholesale price index rose considerably from mid-August to mid-September after having declined in the previous month; to a large extent these fluctuations reflected the volatile behavior of prices of farm products and foods. Average prices of industrial commodities continued upward in September, but in the third quarter as a whole the rate of advance was somewhat slower than in the second quarter. In August the increase in the consumer price index was smaller than in any other month since December 1968. It appeared that output per manhour in the private nonfarm sector of the economy had increased appreciably in both the second and third quarters, contributing to a significant slowing of the rise in unit labor costs. Staff projections suggested that real GNP might edge up in the fourth quarter at about the same pace as in the third if the strike in the automobile industry were settled by the end of October. On this assumption it appeared likely that the main effects of the strike on Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 23 business activity would be to hold down inventory accumulation and to keep consumer spending from accelerating very much from the low rate of expansion recorded in the third quarter. With respect to other sectors, the projections for the fourth quarter contemplated an acceleration of the advance in residential construction outlays that had begun in the third quarter, continued growth in State and local government expenditures at a rather rapid rate, and declines in business capital investment and defense outlays. Some rebound in over-all economic activity was expected in the first quarter of 1971, but it was anticipated that the rate of expansion would moderate in the second quarter when it was assumed that production and sales lost by the strike would have been largely made up. The surplus on U.S. foreign trade fell substantially in August from the unusually high level of the previous 2 months. Preliminary estimates indicated that the over-all balance of payments deficit had declined markedly on the liquidity basis from the second to the third quarters—reflecting mainly improvements in private capital flows. On the official settlements basis, however, the deficit remained close to its high second-quarter level as U.S. banks made sizable repayments of their Euro-dollar liabilities to foreign branches. By mid-October several large banks had reduced, or had announced intentions to reduce, such Euro-dollar liabilities by amounts large enough to lower their "reserve-free" bases.1 In foreign exchange markets, sterling had strengthened recently, after having been under selling pressure in early September. The rate for the Canadian dollar had declined sharply from its mid-September peak. On the day of this meeting the Bank of France reduced its discount rate from IVi to 7 per cent. On October 15 the Treasury auctioned a $2.5 billion issue of taxanticipation bills due to mature in June 1971. The Treasury was expected to announce on October 22 the terms on which it would refund 1 Amendments by the Board to its Regulations D and M, effective September 4, 1969, had (among other things) placed a 10 per cent reserve requirement on borrowings by member banks from their foreign branches, to the extent that these borrowings exceeded the daily-average amounts outstanding in the 4 weeks ending May 28, 1969. At the same time the Board had provided that the reserve-free base so established would be reduced when and to the extent that the liabilities of any bank to its foreign branches dropped below the original base in any subsequent period used to compute the reserve requirement. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

24 FEDERAL RESERVE BULLETIN • JANUARY 1971 $7.7 billion of notes maturing November 16. It was anticipated that the Treasury would offer intermediate-term notes in exchange for the maturing securities and that it would engage in a subsequent cash financing to cover attrition and perhaps to raise additional new cash. System open market operations since the September 15 meeting of the Committee had been directed at promoting some easing of conditions in credit markets and moderate growth in the money stock. Money market conditions varied considerably—tending toward ease in the latter part of September and toward firmness in early October—as a result of unexpectedly wide swings in market factors affecting reserves; but on balance such conditions eased somewhat. Thus, the average rate on Federal funds since the preceding meeting was about 6Va per cent, compared with 6V2 per cent in the previous intermeeting period; and member bank borrowings in the 5 weeks ending October 14 averaged about $490 million, $200 million below the average of the previous 4 weeks. Interest rates on short-term securities and on Treasury notes and bonds also had declined on balance since mid-September, in reflection of the easing of money market conditions, indications of sluggishness in the economy, and the reduction in the prime lending rate of banks— from 8 to IVi per cent—in the latter part of September. On the day before this meeting the market rate on 3-month Treasury bills was 5.94 per cent, about 40 basis points below its level 5 weeks earlier. Yields on corporate and municipal bonds had changed little over the period, however, in the face of a continuing very heavy flow of new issues. In September secondary market yields on federally insured residential mortgages again edged down, and the average contract interest rate on new-home mortgages declined for the first time in 2 years. The availability of mortgage funds had continued to improve recently as savings inflows to nonbank thrift institutions remained substantial. At commercial banks also, inflows of consumer-type time and savings deposits remained substantial in September. Outstanding largedenomination CD's continued to expand at a relatively rapid pace despite reductions in the interest rates offered by banks for such deposits. Private demand deposits and the money stock had increased slightly from August to September, according to the latest published statistics. Growth in the money stock over the third quarter was now Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 25 estimated to have been at an annual rate of about 5 per cent,2 after a tentative allowance for the biases resulting from the accounting procedures employed in connection with certain types of international transactions. There was a sharp decline during September in business loans at banks, adjusted to include loans that had been sold to affiliates. Growth in bank holdings of U.S. Government securities moderated substantially, but holdings of municipal and Federal agency securities increased markedly further. Banks continued to reduce their reliance on funds obtained from nondeposit sources—both Euro-dollar borrowings and funds obtained through the sale of commercial paper by bank affiliates. The bank credit proxy—daily-average member bank deposits— increased at an annual rate of about 10 per cent in September, after adjustment for changes in nondeposit funds. Over the third quarter the adjusted proxy series expanded at an annual rate of about 17 per cent. Staff analysis suggested that if money market conditions similar to those recently prevailing were maintained the money stock series, roughly adjusted for the biases related to international transactions, would grow at annual rates of about 4.5 per cent in October and about 5 per cent over the fourth quarter. It appeared that such growth rates for money would be associated with expansion in the adjusted bank credit proxy at an annual rate of about 9 per cent in the quarter. In the Committee's discussion considerable concern was expressed about the indications of actual and prospective weakness in economic activity, apart from the effects of the auto strike, and about the level to which the unemployment rate had risen. Concern also was voiced about the continuing advances in prices and costs, although some members expressed the view that progress was being made toward controlling inflation. 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 policy. As at the previous meeting, some members advocated a somewhat faster growth rate for the money stock, and a few observed that data uncertainties argued for reducing the emphasis placed on a specific growth rate for money. Several members again 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

26 FEDERAL RESERVE BULLETIN • JANUARY 1971 stressed the desirability of fostering declines in interest rates over coming months in order to encourage needed recovery in residential construction outlays and State and local government spending. It was noted that in the weeks immediately ahead account would have to be taken of "even keel" considerations arising from the forthcoming Treasury financings. 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 output of goods and services increased slightly further in the third quarter but that employment declined and unemployment continued to rise; activity in the current quarter is being adversely affected by a major strike in the automobile industry. Wage rates generally are continuing to rise at a rapid pace, but improvements in productivity appear to be slowing the increase in costs, and some major price measures are rising less rapidly than before. Most interest rates have declined since mid-September, although yields on corporate and municipal bonds have been sustained by the continuing heavy demands for funds in capital markets. The money supply rose slightly on average in September and increased moderately over the third quarter as a whole. Bank credit expanded further in September but at a rate considerably less than the fast pace of the two preceding months. Banks continued to issue large-denomination CD's at a relatively rapid rate and experienced heavy inflows of consumer-type time and savings funds, while making substantial further reductions in their use of nondeposit sources of funds. The balance of payments deficit on the liquidity basis diminished in the third quarter from the very large secondquarter 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 27 be conducted with a view to maintaining bank reserves and money market conditions consistent with those objectives, taking account of the forthcoming Treasury financings. Votes for this action: Messrs. Burns, Brimmer, Francis, Hickman, Maisel, Mitchell, Robertson, Sherrill, Swan, and Morris. Vote against this action: Mr. Hayes. Absent and not voting: Messrs. Daane and Heflin. (Mr. Morris voted as Mr. Heflin's alternate.) In dissenting from this action, Mr. Hayes said that he favored moderate growth in the monetary aggregates—including expansion in money and bank credit at annual rates of about 5 and 9 per cent, respectively, in the fourth quarter—and that he would have no objection to some easing of credit market conditions if that was the natural result of demand factors under such a policy course. As at the two preceding meetings, however, he was concerned about the directive language reading "the Committee seeks to promote some easing of conditions in credit markets," because it implied to him that a persistent push toward lower interest rates was intended, irrespective of market forces. Such a course, in his view, would involve undue risks of rekindling inflationary expectations and of weakening the international position of the dollar. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Statutes, regulations, interpretations, and decisions BANK HOLDING COMPANY ACT "(C) the Board determines, after notice and AMENDMENTS OF 1970 opportunity for hearing, that the company directly or indirectly exercises a controlling influence An Act of Congress approved December 31, over the management or policies of the bank 1970 (Public Law 91-607), expanded the coverage or company. of the Bank Holding Company Act to include a "(3) For the purposes of any proceeding under paragraph (2)(C) of this subsection, there is a precompany that controls only one bank. Other major sumption that any company which directly or inprovisions of the 1970 legislation include (1) a directly owns, controls, or has power to vote less revision of section 4(c) (8) of the Holding Company than 5 per centum of any class of voting securities Act, under which bank holding companies may of a given bank or company does not have control over that bank or company. acquire interests in nonbanking activities subject to certain restrictions and upon certain conditions, "(4) In any administrative or judicial proceeding under this Act, other than a proceeding under para- (2) an expansion of the Board's authority to detergraph (2)(C) of this subsection, a company may not mine that a company controls a bank, (3) a revision be held to have had control over any given bank or of the rules and expansion of the Board's authority company at any given time unless that company, at with respect to foreign activities of domestic- the time in question, directly or indirectly owned, controlled, or had power to vote 5 per centum or based holding companies and domestic activities more of any class of voting securities of the bank of foreign-based holding companies, and (4) a or company, or had already been found to have prohibition against any bank extending services to control in a proceeding under paragraph (2)(C). a customer upon certain conditions, commonly "(5) Notwithstanding any other provision of this described as tie-in arrangements. subsection— "(A) No bank and no company owning or The text of Title I of the December 31, 1970 controlling voting shares of a bank is a bank Act is as follows: holding company by virtue of its ownership or control of shares in a fiduciary capacity, except as provided in paragraphs (2) and (3) of subsec- AN ACT tion (g) of this section. For the purpose of the To amend the Bank Holding Company Act of preceding sentence, bank shares shall not be 1956, and for other purposes. deemed to have been acquired in a fiduciary Be it enacted by the Senate and House of Rep- capacity if the acquiring bank or company has resentatives of the United States of America in sole discretionary authority to exercise voting Congress assembled, That this Act may be cited as rights with respect thereto; except that this limithe "Bank Holding Company Act Amendments of tation is applicable in the case of a bank or 1970." company acquiring such shares prior to the date of enactment of the Bank Holding Company Act Amendments of 1970 only if the bank or TITLE I—BANK HOLDING COMPANIES company has the right consistent with its obliga- SEC. 101. (a) Section 2(a) of the Bank Holding tions under the instrument, agreement, or other Company Act of 1956 (12 U.S.C. 1841(a)) is arrangement establishing the fiduciary relationamended to read as follows: ship to divest itself of such voting rights and "SEC. 2. (a)(1) Except as provided in paragraph fails to exercise that right to divest within a (5) of this subsection, 'bank holding company' means reasonable period not to exceed one year after any company which has control over any bank or the date of enactment of the Bank Holding over any company that is or becomes a bank holding Company Act Amendments of 1970. company by virtue of this Act. "(B) No company is a bank holding company "(2) Any company has control over a bank or over by virtue of its ownership or control of shares any company if— acquired by it in connection with its underwrit- "(A) the company directly or indirectly or ing of securities if such shares are held only for acting through one or more other persons owns, such period of time as will permit the sale thereof controls, or has power to vote 25 per centum on a reasonable basis. or more of any class of voting securities of the "(C) No company formed for the sole purpose bank or company; of participating in a proxy solicitation is a "(B) the company controls in any manner bank holding company by virtue of its control the election of a majority of the directors or of voting rights of shares acquired in the course trustees of the bank or company; or of such solicitation. 29 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

30 FEDERAL RESERVE BULLETIN • JANUARY 1971 "(D) No company is a bank holding company or any organization which does not do business within by virtue of its ownership or control of shares the United States except as an incident to its activacquired in securing or collecting a debt previ- ities outside the United States." ously contracted in good faith, until two years (d) Section 2(d) of such Act is amended— after the date of acquisition. (1) by striking out "or (2)" and inserting in "(E) No company is a bank holding company lieu thereof "(2)"; and by virtue of its ownership or control of any (2) by striking out the period and inserting State chartered bank or trust company which is in lieu thereof the following: "; or (3) any comwholly owned by thrift institutions and which pany with respect to the management or policies restricts itself to the acceptance of deposits of which such bank holding company has the from thrift institutions, deposits arising out of power, directly or indirectly, to exercise a conthe corporate business of its owners, and deposits trolling influence, as determined by the Board, of public moneys. after notice and opportunity for hearing." "(F) No trust company or mutual savings (e) Section 2 of such Act is further amended by bank which is an insured bank under the Fed- adding at the end thereof a new subsection as follows: eral Deposit Insurance Act is a bank holding "(i) The term 'thrift institution' means (1) a domcompany by virtue of its direct or indirect owner- estic building and loan or savings and loan associaship or control of one bank located in the same tion, (2) a cooperative bank without capital stock State, if (i) such ownership or control existed organized and operated for mutual purposes and on the date of enactment of the Bank Holding without profit, or (3) a mutual savings bank not hav- Company Act Amendments of 1970 and is ing capital stock represented by shares." specifically authorized by applicable State law, SEC. 102. Section 3 of the Bank Holding Company and (ii) the trust company or mutual savings Act of 1956 (12 U.S.C. 1842 is amended— bank does not after that date acquire an inter- (1) by adding at the end of subsection (a) est in any company that, together with any a new sentence as follows: "For the purpose of other interest it holds in that company, will the preceding sentence, bank shares acquired exceed 5 per centum of any class of the voting after the date of enactment of the Bank Holding shares of that company, except that this limi- Company Act Amendments of 1970 shall not tation shall not be applicable to investments of be deemed to have been acquired in good faith the trust company or mutual savings bank, direct in a fiduciary capacity if the acquiring bank or and indirect, which are otherwise in accordance company has sole discretionary authority to exwith the limitations applicable to national banks ercise voting rights with respect thereto, but in under section 5136 of the Revised Statutes (12 such instances acquisitions may be made without U.S.C. 24). prior approval of the Board if the Board, upon application filed within ninety days after the "(6) For the purposes of this Act, any successor shares are acquired, approves retention or, if to a bank holding company shall be deemed to be a retention is disapproved, the acquiring bank disbank holding company from the date on which the poses of the shares or its sole discretionary predecessor company became a bank holding comvoting rights within two years after issuance of pany." the order of disapproval."; (b) Section 2(b) of such Act is amended— (2) by adding at the end of subsection (b) a (1) by inserting "partnership" after "corporanew sentence as follows: "In the event of the tion"; failure of the Board to act on any application (2) by striking out "(1)"; for approval under this section within the (3) by striking out ", or (2) any partnership"; ninety-one-day period which begins on the and date of submission to the Board of the com- (4) by adding after the period a new sentence plete record on that application, the application as follows: shall be deemed to have been granted."; and " 'Company covered in 1970' means a company (3) by adding at the end thereof the following which becomes a bank holding company as a new subsection: result of the enactment of the Bank Holding "(e) Every bank that is a holding company and Company Act Amendments of 1970 and which every bank that is a subsidiary of such a company would have been a bank holding company on shall become and remain an insured bank as such June 30, 1968, if those amendments had been term is defined in section 3(h) of the Federal Deposit enacted on that date." Insurance Act." (c) The first sentence of section 2(c) of such Act SEC. 103. Section 4 of the Bank Holding Company is amended to read as follows:" 'Bank' means any Act of 1956 (12 U.S.C. 1843) is amended— institution organized under the laws of the United 1) by striking out paragraph (2) of subsection States, any State of the United States, the District of (a) and inserting in lieu thereof the following: Columbia, any territory of the United States, Puerto "(2) after two years from the date as of which Rico, Guam, American Samoa, or the Virgin Islands it becomes a bank holding company, or in the case which (1) accepts deposits that the depositor has a of a company which has been continuously affililegal right to withdraw on demand, and (2) engages in ated since May 15, 1955, with a company which the business of making commercial loans. Such term was registered under the Investment Company does not include any organization operating under sec- Act of 1940, prior to May 15, 1955, in such a tion 25 or section 25(a) of the Federal Reserve Act, manner as to constitute an affiliated company Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 31 within the meaning of that Act, after December of subsection (a) and inserting in lieu thereof 31, 1978, or, in the case of any company which "two-year period"; becomes, as a result of the enactment of the Bank (3) by striking out that part of the text of sub- Holding Company Act Amendments of 1970, a section (c) which precedes the first numbered bank holding company on the date of such enact- paragraph and inserting in lieu thereof the folment, after December 31, 1980, retain direct or lowing: "The prohibitions in this section shall not indirect ownership or control of any voting shares apply to any bank holding company which is (i) of any company which is not a bank or bank a labor, agricultural, or horticultural organization holding company or engage in any activities other and which is exempt from taxation under section than (A) those of banking or of managing or con- 501 of the Internal Revenue Code of 1954, or trolling banks and other subsidiaries authorized (ii) a company covered in 1970 more than 85 per under this Act or of furnishing services to or per- centum of the voting stock of which was collecforming services for its subsidiaries, and (B) those tively owned on June 30, 1968, and continuously permitted under paragraph (8) of subsection (c) thereafter, directly or indirectly, by or for memof this section subject to all the conditions speci- bers of the same family, or their spouses, who are fied in such paragraph or in any order or regula- lineal descendants of common ancestor ;, and such tion issued by the Board under such paragraph: prohibitions shall not, with respect to any other Provided, That a company covered in 1970 may bank holding company, apply to—"; also engage in those activities in which directly (4) by striking out paragraph (8) of subsecor through a subsidiary (i) it was lawfully en- tion (c) and inserting in lieu thereof the followgaged on June 30, 1968 (or on a date subse- ing: quent to June 30, 1968 in the case of activities "(8) shares of any company the activities of carried on as the result of the acquisition by such which the Board after due notice and opportunity company or subsidiary, pursuant to a binding for hearing has determined (by order or regulawritten contract entered into on or before June 30, tion) to be so closely related to banking or man- 1968, of another company engaged in such activi- aging or controlling banks as to be a proper incities at the time of the acquisition), and (ii) it has dent thereto. In determining whether a particular been continuously engaged since June 30, 1968 activity is a proper incident to banking or manag- (or such subsequent date). The Board by order, ing or controlling banks the Board shall consider after opportunity for hearing, may terminate the whether its performance by an affiliate of a holdauthority conferred by the preceding proviso on ing company can reasonably be expected to proany company to engage directly or through a sub- duce benefits to the public, such as greater considiary in any activity otherwise permitted by that venience, increased competition, or gains in effiproviso if it determines, having due regard to the ciency, that outweigh possible adverse effects, such purposes of this Act, that such action is necessary as undue concentration of resources, decreased or to prevent undue concentration of resources, de- unfair competition, conflicts of interests, or uncreased or unfair competition, conflicts of interest, sound banking practices. In orders and regulations or unsound banking practices; and in the case of under this subsection, the Board may differentiate any such company controlling a bank having bank between activities commenced de novo and activiassets in excess of $60,000,000 on or after the ties commenced by the acquisition, in whole or date of enactment of the Bank Holding Com- in part, of a going concern;"; pany Act Amendments of 1970 the Board shall determine, within two years after such date (or, (5) by striking out paragraph (9) of subsecif later, within two years after the date on tion (c) and inserting in lieu thereof the followwhich the bank assets first exceed $60,000,000), ing: whether the authority conferred by the preced- "(9) shares held or activities conducted by any ing proviso with respect to such company should company organized under the laws of a foreign be terminated as provided in this sentence. Noth- country the greater part of whose business is coning in this paragraph shall be construed to author- ducted outside the United States, if the Board by ize any bank holding company referred to in the regulation or order determines that, under the preceding proviso, or any subsidiary thereof, to circumstances and subject to the conditions set engage in activities authorized by that proviso forth in the regulation or order, the exemption through the acquisition, pursuant to a contract would not be substantially at variance with the entered into after June 30, 1968, of any interest purposes of this Act and would be in the public in or the assets of a going concern engaged in interest;"; such activities. Any company which is authorized (6) by striking out the period at the end of to engage in any activity pursuant to the preced- paragraph (10) and inserting in lieu thereof a ing proviso or subsection (d) of this section but, semicolon, and by adding after paragraph (10) as a result of action of the Board, is required to the following: terminate such activity may (notwithstanding any "(11) shares owned directly or indirectly by a otherwise applicable time limit prescribed in this company covered in 1970 in a company which paragraph) retain the ownership or control of does not engage in any activities other than those shares in any company carrying on such activity in which the bank holding company, or its subfor a period of ten years from the date on which sidiaries, may engage by virtue of this section, but its authority was so terminated by the Board."; nothing in this paragraph authorizes any bank holding company, or subsidiary thereof, to ac- (2) by striking out "period" in the last sentence quire any interest in or the assets of any going Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

32 FEDERAL RESERVE BULLETIN • JANUARY 1971 concern (except pursuant to a binding written SEC. 104. (a) Section 11(b) of the Bank Holding contract entered into before June 30, 1968, or Company Act of 1956 (12 U.S.C. 1849(b)) is pursuant to another provision of this Act) other amended— than one which was a subsidiary on June 30, (1) by striking out "this Act" the first two 1968; times it appears and inserting in lieu thereof "sec- "(12) shares retained or acquired, or activities tion 3"; engaged in, by any company which becomes, as a (2) by inserting "approved under section 3" in result of the enactment of the Bank Holding Com- the second sentence immediately before "shall be pany Act Amendments of 1970, a bank holding commenced"; and company on the date of such enactment, or by (3) by inserting "approved under section 3" in any subsidiary thereof, if such company— the last sentence immediately before "in compli- "(A) within the applicable time limits ance with this Act". prescribed in subsection (a)(2) of this sec- (b) Section 11(c) of such Act (12 U.S.C. 1849(c)) tion (i) ceases to be a bank holding com- is amended by striking out "pursuant to" and inserting pany, or (ii) ceases to retain direct or in- in lieu thereof "under section 3 of". direct ownership or control of those shares SEC. 105. With respect to any proceeding before the and to engage in those activities not author- Federal Reserve Board wherein an applicant seeks auized under this section; and thority to acquire a subsidiary which is a bank under "(B) complies with such other conditions section 3 of the Bank Holding Company Act of 1956, as the Board may by regulation or order to engage directly or indirectly in a nonbanking activprescribe; or ity pursuant to section 4 of such Act, or to engage in "(13) shares of, or activities conducted by, any an activity otherwise prohibited under section 106 of company which does no business in the United this Act, a party who would become a competitor of States except as an incident to its international or the applicant or subsidiary thereof by virtue of the foreign business, if the Board by regulation or applicant's or its subsidiary's acquisition, entry into the order determines that, under the circumstances business involved, or activity, shall have the right to and subject to the conditions set forth in the be a party in interest in the proceeding and, in the regulation or order, the exemption would not be event of an adverse order of the Board, shall have the substantially at variance with the purposes of this right as an aggrieved party to obtain judicial review Act and would be in the public interest. thereof as provided in section 9 of such Act of 1956 In the event of the failure of the Board to act on any or as otherwise provided by law. application for an order under paragraph (8) of this SEC. 106. (a) As used in this section, the terms subsection within the ninety-one-day period which be- "bank", "bank holding company", "subsidiary", and gins on the date of submission to the Board of the "Board" have the meaning ascribed to such terms in complete record on that application, the application section 2 of the Bank Holding Company Act of 1956. shall be deemed to have been granted. The Board shall For purposes of this section only, the term "cominclude in its annual report to the Congress a descrip- pany", as used in section 2 of the Bank Holding Comtion and a statement of the reasons for approval of pany Act of 1956, means any person, estate, trust, each activity approved by it by order or regulation partnership, corporation, association, or similar orgaunder such paragraph during the period covered by nization, but does not include any corporation the the report."; and majority of the shares of which are owned by the (7) by redesignating subsection (d) as sub- United States or by any State. The term "trust servsection (e), and by adding after subsection (c) ice" means any service customarily performed by a a new subsection as follows: bank trust department. (b) A bank shall not in any manner extend credit, "(d) To the extent that such action would not be lease or sell property of any kind, or furnish any servsubstantially at variance with the purposes of this Act ice, or fix or vary the consideration for any of the and subject to such conditions as it considers necessary foregoing, on the condition or requirement— to protect the public interest, the Board by order, after (1) that the customer shall obtain some addiopportunity for hearing, may grant exemptions from tional credit, property, or service from such bank the provisions of this section to any bank holding comother than a loan, discount, deposit, or trust servpany which controlled one bank prior to July 1, 1968, ice; and has not thereafter acquired the control of any (2) that the customer shall obtain some addiother bank in order (1) to avoid disrupting business tional credit, property, or service from a bank relationships that have existed over a long period of holding company of such bank, or from any other years without adversely affecting the banks or commu- subsidiary of such bank holding company; nities involved, or (2) to avoid forced sales of small (3) that the customer provide some additional locally owned banks to purchasers not similarly rep- credit, property, or service to such bank, other resentative of community interests, or (3) to allow than those related to and usually provided in conretention of banks that are so small in relation to the nection with a loan, discount, deposit, or trust holding company's total interests and so small in rela- service; tion to the banking market to be served as to minimize (4) that the customer provide some additional the likelihood that the bank's powers to grant or deny credit, property, or service to a bank holding comcredit may be influenced by a desire to further the pany of such bank, or to any other subsidiary of holding company's other interests." such bank holding company; or Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 33 (5) that the customer shall not obtain some right of action under this section, the running of the other credit, property, or service from a competi- statute of limitations in respect of every private right of tor of such bank, a bank holding company of action arising under this section and based in whole or such bank, or any subsidiary of such bank hold- in part on such matter shall be suspended during the ing company, other than a condition or require- pendency of the enforcement action so instituted and ment that such bank shall reasonably impose in for one year thereafter: Provided, That whenever the a credit transaction to assure the soundness of running of the statute of limitations in respect of a the credit. cause of action arising under this section is suspended The Board may by regulation or order permit such ex- under this paragraph, any action to enforce such cause ceptions to the foregoing prohibition as it considers of action shall be forever barred unless commenced will not be contrary to the purposes of this section. either within the period of suspension or within the (c) The district courts of the United States have four-year period referred to in paragraph (1). jurisdiction to prevent and restrain violations of sub- (h) Nothing contained in this section shall be consection (b) of this section and it is the duty of the strued as affecting in any manner the right of the United States attorneys, under the direction of the United States or any other party to bring an action Attorney General, to institute proceedings in equity to under any other law of the United States or of any prevent and restrain such violations. The proceedings State, including any right which may exist in addition may be by way of a petition setting forth the case and to specific statutory authority, challenging the legality praying that the violation be enjoined or otherwise of any act or practice which may be proscribed by this prohibited. When the parties complained of have been section. No regulation or order issued by the Board duly notified of the petition, the court shall proceed, as under this section shall in any manner constitute a soon as possible, to the hearing and determination of defense to such action. the case. While the petition is pending, and before final decree, the court may at any time make such temporary restraining order or prohibition as it deems "TENDER OFFERS" WITH RESPECT TO just. Whenever it appears to the court that the ends of justice require that other parties be brought before it, SECURITIES OF MEMBER STATE BANKS the court may cause them to be summoned whether By Act approved December 22, 1970 (Public or not they reside in the district in which the court is held, and subpenas to that end may be served in any Law 91-567), Congress, among other things, district by the marshal thereof. amended the Securities Exchange Act of 1934 to (d) In any action brought by or on behalf of the require disclosure of certain information concern- United States under subsection (b), subpenas for wit- ing acquisitions of more than 5 per cent of a class nesses may run into any district, but no writ of sub- of equity securities registered pursuant to the Act pena may issue for witnesses living out of the district (rather than 10 per cent, as formerly). The proviin which the court is held at a greater distance than one hundred miles from the place of holding the same sions of the Act are applicable with respect to without the prior permission of the trial court upon securities of member state banks registered under proper application and cause shown. Regulation F, "Securities of Member State Banks". (e) Any person who is injured in his business or The text of pertinent portions of the Act is as property by reason of anything forbidden in subsection follows: (b) may sue therefor in any district court of the United States in which the defendant resides or is found or has an agent, without regard to the amount in contro- AN ACT versy, and shall be entitled to recover three times the To amend sections 13(d), 13(e), 14(d), and 14(e) amount of the damages sustained by him, and the cost of the Securities Exchange Act of 1934 in order to proof suit, including a reasonable attorney's fee. vide additional protection for investors. (f) Any person may sue for and have injunctive relief, in any court of the United States having juris- Be it enacted by the Senate and House of Represendiction over the parties, against threatened loss or tatives of the United States of America in Congress damage by reason of a violation of subsection (b), assembled, That (a) the part of paragraph (1) of subunder the same conditions and principles as injunc- section (d) of section 13 of the Securities Exchange tive relief against threatened conduct that will cause Act of 1934 (15 U.S.C. 78m(d)(l)) which precedes loss or damage is granted by courts of equity and clause (A) is amended— under the rules governing such proceedings. Upon the (1) by inserting after "section 12 of this title" execution of proper bond against damages for an in- the following: ", or any equity security of an injunction improvidently granted and a showing that the surance company which would have been required danger of irreparable loss or damage is immediate, a to be so registered except for the exemption conpreliminary injunction may issue. tained in section 12(g)(2)(G) of this title,"; and (g)(1) Subject to paragraph (2), any action to en- (2) by striking out "10 per centum" and inforce any cause of action under this section shall be serting in lieu thereof "5 per centum". forever barred unless commenced within four years (b) Paragraph (5) of subsection (d) of section 13 after the cause of action accrued. of the Securities Exchange Act of 1934 (15 U.S.C. (2) Whenever any enforcement action is instituted 78m(d)(5)) is redesignated as paragraph (6) and the by or on behalf of the United States with respect to following new paragraph is inserted immediately after any matter which is or could be the subject of a private paragraph (4). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

34 FEDERAL RESERVE BULLETIN • JANUARY 1971 "(5) The Commission, by rule or regulation or by INTEREST ON DEPOSITS order, may permit any person to file in lieu of the The Board of Governors, effective January 1, statement required by paragraph (1) of this subsection or the rules and regulations thereunder, a notice stating 1971, amended sections 217.3(e) and 217.6(b) the name of such person, the number of shares of any of Regulation Q, "Interest on Deposits," so as to equity securities subject to paragraph (1) which are authorize, respectively, (1) the use of a 360-day owned by him, the date of their acquisition and such basis in computing simple daily interest on time other information as the Commission may specify, if it appears to the Commission that such securities were and savings deposits and (2) the advertisement of acquired by such person in the ordinary course of his the interest rate resulting from the use thereof. business and were not acquired for the purpose of and The text of the amendments reads as follows: do not have the effect of changing or influencing the control of the issuer nor in connection with or as a participant in any transaction having such purpose or AMENDMENTS TO REGULATION Q effect." SEC. 2. Paragraph (2) of subsection (e) of section Effective January 1, 1971, section 217.3(e) is 13 of the Securities Exchange Act of 1934 (15 U.S.C. amended to read as follows: 78m(e)(2)) is amended by adding at the end thereof the following: "The Commission shall have power to make rules and regulations implementing this para- SECTION 217.3—INTEREST ON TIME AND graph in the public interest and for the protection of SAVINGS DEPOSITS. investors, including exemptive rules and regulations *= =1! * *f # covering situations in which the Commission deems it unnecessary or inappropriate that a purchase of the (e) Computation of interest. In the computatype described in this paragraph shall be deemed to be tion of simple daily interest, the time factor should a purchase by the issuer for purposes of some or all be expressed as a fraction in which the actual of the provisions of paragraph (1) of this subsection." number of days the funds earn interest is the SEC. 3. The first sentence of paragraph (1) of subnumerator, and the denominator is either 360, section (d) of section 14 of the Securities Exchange Act of 1934 (15 U.S.C. 78n(d)(l)) is amended— 365, or, in a leap year, 366. However, when a (1) by inserting after "section 12 of this title," deposit matures in one month (or multiples therethe following: "or any equity security of an in- of), the bank may use 30 days in the numerator surance company which would have been required (or corresponding multiples thereof). to be so registered except for the exemption contained in section 12(g)(2)(G) of this title,"; and * * =:= * * (2) by striking out "10 per centum" and insert- Effective January 1, 1971, section 217.6(b) is ing in lieu thereof "5 per centum". amended to read as follows: SEC. 4. Paragraph 8 of subsection (d) of section 14 of the Securities Exchange Act of 1934 (15 U.S.C. 78n(d)(8)) is amended by striking out clause (A) SECTION 217.6 ADVERTISING OF INand redesignating clauses (B), (C), and (D) as TEREST ON DEPOSITS. clauses (A), (B), and (C), respectively. * $ * ~ iS SEC. 5. Subsection (e) of section 14 of the Securir ties Exchange Act (15 U.S.C. 78n(e)) is amended by (b) Percentage yields based on one year. adding the following sentence at the end thereof: "The Where a percentage yield achieved by compound- Commission shall, for the purposes of this subsection, ing interest during one year is advertised, the anby rules and regulations define, and prescribe means nual rate of simple interest shall be stated with reasonably designed to prevent, such acts and practices as are fraudulent, deceptive, or manipulative." equal prominence, together with a reference to the * * * * * basis of compounding. No member bank shall advertise a percentage yield based on the effect of grace periods permitted in § 217.3(d). SECURITIES INVESTOR PROTECTION * * $ * * CORPORATION An Act of Congress approved December 30, INTERPRETATION OF REGULATION Q 1970 (Public Law 91-598), established the Se- PAYMENT AND COMPUTATION OF curities Investor Protection Corporation to protect INTEREST ON TIME AND SAVINGS customers of a broker-dealer in the event of his DEPOSITS insolvency. The Corporation will have a sevenman Board of Directors, one of whom is to be The Board has expressed the following views appointed by the Board of Governors of the relating to the payment and computation of in- Federal Reserve System from among its officers terest on deposits. and employees. The maximum rate of simple interest that a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 35 member bank may pay on a deposit is established time fraction could be stated as 30/360 or 30/ by § 217.7 of Regulation Q. In January 1970, the 365, or 28/360 or 28/365. Board established certain rates on deposits with a Section 217.3(a) provides that the effects of maturity of "one year or more." To qualify for compounding may be disregarded in determining a rate that may be paid on such a deposit, the whether a member bank is paying interest in exdeposit must not mature before one full year— cess of the rates established in § 217.7. The 365 or 366 days as the case may be—from the formula for continuous compounding is A = PeM date of deposit.1 where A is the final amount, P is the amount on The formula for the computation of simple in- which interest is compounded, e is the base for terest is A = P (1+RT) where A is the final Napierian or natural logarithms, R is the annual amount, P is the amount on which interest is com- rate of simple interest, and T is the time period. puted, R is the annual rate of simple interest and T may be expressed as a fraction in which the T is the time period. Effective January 1, 1971, numerator is the actual number of days the § 217.3(e) of Regulation Q was amended to funds earn interest and the denominator may be authorize the use of 360 or 365 (or 366 in a either 360, 365, or, in the case of a leap year, leap year) as the denominator of a fraction in 366. As is permitted in simple interest calculations, which the numerator is the actual number of days a bank may consider each month as having 30 the deposit earns interest. For example, a bank days. would be permitted to consider the time factor The formula for other than continuous comon a 295-day deposit as 295/365 or 295/360. pounding is A = P(1+R/M)N where A is the On a 360-day deposit, the fraction could be 360/ final amount, P is the amount on which interest is 365 or 360/360; it could not be 365/360. Addi- compounded, R is the annual rate of simple tionally, § 217.3(e) authorizes in the numerator interest, M is the number of compounding periods of the time fraction the use of 30 days (or mul- in a year, and N is the actual number of periods tiples thereof) for deposits of one month (or for which interest is compounded. When comcorresponding multiples thereof). For example, on pounding interest quarterly, M = 4; compounda deposit made February 1 for one month, the ing monthly, M = 12; and compounding daily, M = 360, 365, or 366. For example, a bank may compound 5 per cent interest daily on a $10,000 1 In the area of consumer time deposits (deposits in deposit for 91 days in accordance with either of denominations of less than $100,000), under § 217.7 in the following: effect in December 1970, a member bank may pay 5 per cent interest on a deposit that matures 3 months from the date of deposit. If the date of deposit is in February, such deposit will mature in 89 days. The Board regards this A = $10,000 + or $10,127.18; or de minimis departure from the 90-day interval required for payment of interest at 5 per cent (12 CFR 217.144) as justified on the grounds of mathematical simplicity. A = $10,000 (> + 5^)91 or $10,125.43. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

36 FEDERAL RESERVE BULLETIN • JANUARY 1971 ORDERS UNDER SECTION 3 OF BANK HOLDING to 16.6 per cent. Because of an apparent trend COMPANY ACT toward concentration of commercial banking in Maine, caution must be exercised with respect to DEPOSITORS CORPORATION, proposals that might increase such concentration. AUGUSTA, MAINE However, the facts presented in this case are not In the matter of the application of Depositors such as to require a denial of the application. Corporation, Augusta, Maine, for approval of ac- Bank, with deposits of $9 million, is the next to quisition of at least 80 per cent of the voting shares the smallest of nine banks operating offices in York of Springvale National Bank, Springvale, Maine. County, which approximates the relevant market. The nearest office of a subsidiary of Applicant is located 52 miles from Bank and numerous banking ORDER APPROVING ACQUISITION OF BANK STOCK offices are located in the intervening area. It ap- BY BANK HOLDING COMPANY pears that consummation of the proposal would There has come before the Board of Governors, eliminate no significant competition between Bank pursuant to section 3(a)(3) of the Bank Holding and any of Applicant's present subsidiary banks. Company Act of 1956 (12 U.S.C. 1842(a)(3)) De novo branching by any of Applicant's subsidiand section 222.3(a) of Federal Reserve Regula- aries into the area served by Bank may be accomtion Y (12 CFR 222.3(a)), an application by De- plished only through entry into a town having no positors Corporation, Augusta, Maine ("Appli- banking offices. It appears that such "open" towns cant"), a registered bank holding company, for the in York County are small residential communities Board's prior approval of the acquisition of at that seem not capable of supporting a banking office least 80 per cent of the voting shares of Springvale and that such entry is thus unlikely. Applicant has National Bank, Springvale, Maine ("Bank"). applied for a de novo charter in a county adjacent As required by section 3(b) of the Act, the to York County. Acquisition of such a charter Board gave written notice of receipt of the applica- would enable Applicant's new bank to branch into tion to the Comptroller of the Currency and re- any part of York County. However, that applicaquested his views and recommendation. The Comp- tion was denied by the Maine Bank Commissioner troller recommended approval of the application. and is the subject of litigation. It appears that con- Notice of receipt of the application was pub- summation of the instant proposal would not forelished in the Federal Register on October 24, 1970 close significant potential competition. (35 Federal Register 16611), providing an oppor- Based upon the foregoing, the Board concludes tunity for interested persons to submit comments that consummation of the proposed acquisition and views with respect to the proposal. A copy of would not have significant adverse effects on comthe application was forwarded to the United States petition in any relevant area. Considerations relat- Department of Justice for its consideration. Time ing to the convenience and needs of the communifor filing comments and views has expired and all ties to be served are regarded as consistent with those received have been considered by the Board. approval. The banking factors, as they relate to The Board has considered the application in the Applicant and its subsidiaries are consistent with light of the factors set forth in section 3 (c) of the approval. The prospects and financial condition of Act, including the effect of the proposed acquisition Bank are regarded as satisfactory. Bank's manageon competition, the financial and managerial re- ment is nearing retirement age and affiliation with sources and prospects of Applicant and the banks Applicant would facilitate management succession concerned, and the convenience and needs of the for Bank; this factor lends some weight toward apcommunities to be served. Upon such considera- proval. It is the Board's judgment that consummation, the Board finds that: tion of the proposed acquisition would be in the Applicant is the largest banking organization and public interest, and that the application should be bank holding company in the State of Maine, con- approved. trolling four subsidiary banks with $185 million in IT IS HEREBY ORDERED, on the basis of the findcombined total deposits. (Unless otherwise noted, ings summarized above, that said application be all banking data are as of June 30, 1970, adjusted and hereby is approved, provided that the acquisito reflect holding company acquisitions and forma- tion so approved shall not be consummated (a) betions approved by the Board to date.) Consumma- fore the thirtieth calendar day following the date of tion of the proposal would raise Applicant's control this Order, or (b) later than three months after the of total State deposits less than 1 percentage point date of this Order, unless such period is extended Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 37 for good cause by the Board or by the Federal tion on competition, the financial and managerial Reserve Bank of Boston pursuant to delegated resources and future prospects of Applicant and authority. the banks concerned, and the convenience and By order of the Board of Governors, Decem- needs of the communities to be served. Upon such ber 14, 1970. consideration, the Board finds that: Applicant, the third largest registered bank hold- Voting for this action: Chairman Burns and Governors Robertson, Brimmer, and Sherrill. Absent and ing company and the fourth largest banking organot voting: Governors Mitchell, Daane, and Maisel. nization in Missouri, has three subsidiary banks with $369 million in deposits, which represent 3.6 (Signed) KENNETH A. KENYON, per cent of the total deposits of all banks in the [SEAL] Deputy Secretary. State. (All banking data are as of June 30, 1970, adjusted to reflect holding company formations and FIRST NATIONAL CHARTER acquisitions approved by the Board to date.) This CORPORATION, proposal represents Applicant's initial effort to KANSAS CITY, MISSOURI expand into the greater St. Louis area through ac- In the matter of the application of First National quisition of Bank which is located 10 miles west of Charter Corporation, Kansas City, Missouri, for downtown St. Louis. approval of acquisition of 80 per cent or more of Bank (deposits $35.4 million), the larger of two the voting shares of Webster Groves Trust Com- banks in Webster Groves and the largest of 9 banks pany, Webster Groves, Missouri. serving Webster Groves and environs, is the ninth largest of 43 banks serving St. Louis County (which does not include the city of St. Louis). Applicant's ORDER APPROVING ACQUISITION OF BANK STOCK closest subsidiary is located 140 miles west of BY BANK HOLDING COMPANY Bank, and neither it nor any other of Applicant's There has come before the Board of Governors, present subsidiaries compete with Bank to a sigpursuant to section 3(a)(3) of the Bank Holding nificant extent. Nor does it appear likely that such Company Act of 1956 (12 U.S.C. 1842(a)(3)) competition would develop because of the distances and section 222.3(a) of Federal Reserve Regula- between Applicant's present subsidiaries and Bank, tion Y (12 CFR 222.3(a)), an application by and Missouri's restrictive branching law. First National Charter Corporation, Kansas City, Based upon the foregoing, the Board concludes Missouri ("Applicant"), a registered bank holding that consummation of the proposed acquisition company, for the Board's prior approval of the would not have significant adverse effects on comacquisition of 80 per cent or more of the voting petition in any relevant area. The banking factors shares of Webster Groves Trust Company, Webster are regarded as consistent with approval of the Groves, Missouri ("Bank"). application as they relate to Applicant and its sub- As required by section 3(b) of the Act, the sidiaries, and lend some weight in support of ap- Board gave written notice of receipt of the applica- proval as they relate to Bank, since affiliation with tion to the Commissioner of Finance for the State Applicant would provide Bank with greater manof Missouri and requested his views and recom- agement depth. Considerations relating to the conmendation. The Commissioner offered no objection venience and needs of the communities to be to the approval of the application. served lend additional weight in support of ap- Notice of receipt of the application was pub- proval; Applicant proposes to expand Bank's trust lished in the Federal Register on October 27, 1970 department and to assist Bank in providing an addi- (35 Federal Register 16656), providing an oppor- tional source for meeting the credit and service tunity for interested persons to submit comments needs of local businesses. It is the Board's judgand views with respect to the application. A copy ment that consummation of the proposed acquisiof the application was forwarded to the United tion would be in the public interest, and that the States Department of Justice for its consideration. application should be approved. Time for filing comments and views has expired IT IS HEREBY ORDERED, on the basis of the findand all those received have been considered by ings summarized above, that said application be the Board. and hereby is approved, provided that the acquisi- The Board has considered the application in the tion so approved shall not be consummated (a) belight of the factors set forth in section 3(c) of the fore the thirtieth calendar day following the date Act, including the effect of the proposed acquisi- of this Order, or (b) later than three months after Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

38 FEDERAL RESERVE BULLETIN • JANUARY 1971 the date of this Order, unless such period is ex- and the convenience and needs of the communitended for good cause by the Board, or by the Fed- ties to be served. Upon such consideration, the eral Reserve Bank of Kansas City pursuant to Board finds that: delegated authority. Applicant, the second largest banking organiza- By order of the Board of Governors, Decem- tion in Florida, controls 10 banks which hold comber 17, 1970. bined deposits of approximately $824 million, representing 6.8 per cent of total deposits held by Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Daane, Maisel, Brimmer, Florida's commercial banks. (All banking data are and Sherrill. as of June 30, 1970, adjusted to reflect holding company formations and acquisitions approved by (Signed) KENNETH A. KENYON, the Board to date.) Upon acquisition of Bank, Ap- [SEAL] Deputy Secretary. plicant's control of deposits in the State would remain under 7 per cent. SOUTHEAST BANCORPORATION, INC., Bank, with deposits of $16.6 million, ranks ninth MIAMI, FLORIDA among 17 banking organizations in Duval County, In the matter of the application of Southeast which is regarded as the relevant banking market, Bancorporation, Inc., Miami, Florida, for approval and holds 1.5 per cent of deposits in the county. of acquisition of 80 per cent or more of the voting Acquisition of Bank by Applicant will mark its shares of First Bank & Trust Company of Jackson- initial entry into the north Florida banking market. ville, Jacksonville, Florida. Inasmuch as no subsidiary of Applicant is located within 125 miles of Bank and Florida law prohibits branch banking, it appears that consumma- ORDER APPROVING ACQUISITION OF BANK STOCK tion of the proposal herein would not result in the BY BANK HOLDING COMPANY elimination of any significant present competition There has come before the Board of Governors, nor the foreclosure of any significant potential pursuant to section 3(a)(3) of the Bank Holding competition between Bank and any of Applicant's Company Act of 1956 (12 U.S.C. 1842(a)(3)) subsidiaries. On the other hand, acquisition of Bank and section 222.3(a) of Federal Reserve Regula- by Applicant may serve to enhance competition in tion Y (12 CFR 222.3(a)), an application by the Jacksonville market among Applicant and the Southeast Bancorporation, Inc., Miami, Florida, a three other large holding companies that already registered bank holding company, for the Board's serve that market and are dominant therein. On prior approval of the acquisition of 80 per cent or the record before the Board, considerations relating more of the voting shares of First Bank & Trust to the financial condition, management, and pros- Company of Jacksonville, Jacksonville, Florida. pects of Applicant, its present subsidiaries and As required by section 3(b) of the Act, the Bank are consistent with approval of the applica- Board gave written notice of receipt of the applica- tion. Although all banking needs of the Jacksonville tion to the Commissioner of Banking for the State area appear to be served adequately, consummaof Florida and requested his views and recom- tion of the proposed acquisition would afford Bank mendation. The Commissioner recommended ap- the means with which to offer larger loans and a proval of the application. greater range of services and to become a more Notice of receipt of the application was pub- effective competitor in the Jacksonville area. It is lished in the Federal Register on October 29, 1970 the Board's judgment that the proposed transaction (35 Federal Register 16757), providing an oppor- would be in the public interest, and that the applicatunity for interested persons to submit comments tion should be approved. and views with respect to the proposal. A copy of IT IS HEREBY ORDERED, for the reasons set forth the application was forwarded to the United States in the findings summarized above, that said appli- Department of Justice for its consideration. Time cation be and hereby is approved, provided that for filing comments and views has expired, and all the action so approved shall not be consummated those received have been considered by the Board. (a) before the thirtieth calendar day following the The Board has considered the application in the date of this Order or (b) later than three months light of the factors set forth in section 3(c) of the after the date of this Order, unless such time shall Act, including the effect of the proposed acquisition be extended for good cause by the Board, or by the on competition, the financial and managerial re- Federal Reserve Bank of Atlanta, pursuant to sources of the Applicant and the banks concerned, delegated authority. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 39 By order of the Board of Governors, Decem- in the Board's Statement of this date, that said apber 17, 1970. plication be and hereby is approved, provided that the action so approved shall not be consummated Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Daane, Maisel, Brimmer, (a) before the thirtieth calendar day following the and Sherrill. date of this Order or (b) later than three months after the date of this Order, unless such period is (Signed) KENNETH A. KENYON, extended for good cause by the Board, or by the [SEAL] Deputy Secretary. Federal Reserve Bank of St. Louis pursuant to delegated authority. BOATMEN'S BANCSHARES, INC., By order of the Board of Governors, Decem- ST. LOUIS, MISSOURI ber 22, 1970. In the matter of the application of Boatmen's Voting for this action: Governors Mitchell, Daane, Bancshares, Inc., St. Louis, Missouri, for approval Maisel, Brimmer, and Sherrill. Voting against this acof action to become a bank holding company tion: Governor Robertson. Absent and not voting: Chairman Burns. through the acquisition of 80 per cent or more of the voting shares of (I) Bank of Concord Village, (Signed) KENNETH A. KENYON, St. Louis County, and (2) Manchester Community [SEAL] Deputy Secretary. Bank, Ballwin, both in Missouri. STATEMENT Boatmen's Bancshares, Inc., St. Louis, Missouri ORDER APPROVING ACTION TO BECOME ("Applicant"), which presently owns all but direc- A BANK HOLDING COMPANY tors' qualifying shares of The Boatmen's National There has come before the Board of Governors, Bank of St. Louis, St. Louis, Missouri ("Boatmen's pursuant to section 3(a)(1) of the Bank Holding National"), has filed with the Board, pursuant to Company Act of 1956 (12 U.S.C. 1842(a)(1)) section 3(a)(1) of the Bank Holding Company and section 222.3(a) of Federal Reserve Regula- Act of 1956, an application for approval of action tion Y (12 CFR 222.3(a)), an application by to become a registered bank holding company Boatmen's Bancshares, Inc., St. Louis, Missouri, through the acquisition of 80 per cent or more of for the Board's prior approval of action whereby the voting shares of (1) Bank of Concord Village, Applicant would become a bank holding company St. Louis County ("Concord Bank"), and (2) through the acquisition of 80 per cent or more of Manchester Community Bank, Ballwin ("Manthe voting shares of each of the following two chester Bank"), both in Missouri. banks in Missouri: Bank of Concord Village, St. Views and recommendations of supervisory au- Louis County, and Manchester Community Bank, thority. As required by section 3(b) of the Act, the Ballwin. Applicant presently owns all but directors' Board gave written notice of receipt of the applicaqualifying shares of The Boatmen's National Bank tion to the Commissioner of Finance for the State of St. Louis, St. Louis, Missouri. of Missouri and requested his views and recom- As required by section 3(b) of the Act, the mendation. The Commissioner offered no objection Board gave written notice of receipt of the applica- to approval of the application. tion to the Commissioner of Finance for the State Statutory considerations. Section 3(c) of the Act of Missouri and requested his views and recom- provides that the Board shall not approve an acmendation. The Commissioner offered no objec- quisition that would result in a monopoly or would tion to approval of the application. be in furtherance of any combination or con- Notice of receipt of the application was pub- spiracy to monopolize or to attempt to monopolize lished in the Federal Register on October 17, 1970 the business of banking in any part of the United (35 Federal Register 16345), which provided an States. Nor may the Board approve a proposed opportunity for interested persons to submit com- acquisition, the effect of which, in any section of ments and views with respect to the proposed trans- the country, may be substantially to lessen competiaction. A copy of the application was forwarded tion, or to tend to create a monopoly, or which in to the United States Department of Justice for its any other manner would be in restraint of trade, consideration. The time for filing comments and unless the Board finds that the anticompetitive efviews has expired and all those received have been fects of the proposed transaction are clearly outconsidered by the Board. weighed in the public interest by the probable effect IT IS HEREBY ORDERED, for the reasons set forth of the transaction in meeting the convenience and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

40 FEDERAL RESERVE BULLETIN • JANUARY 1971 needs of the communities to be served. In each which includes Ballwin, Ellisville, and Manchester, case, the Board is required to take into considera- has experienced substantial growth in the past, and tion the financial and managerial resources and fu- its projected population in 1974 is 64,000. Manture prospects of the bank holding company and the chester Bank is the only bank within its service banks concerned, and the convenience and needs area; however, two new bank charters have reof the communities to be served. cently been approved for the area, and charter Competitive effect of proposed transaction. The applications for two additional banks are pending. 10 largest banking organizations in Missouri on the Consummation of Applicant's proposal would basis of deposits, five of which are registered bank not eliminate any significant competition between holding companies, control 40.2 per cent of total Concord Bank and Manchester Bank. There is no commercial bank deposits in the State.1 Applicant's overlap of their respective primary service areas, present subsidiary, Boatmen's National ($269 mil- and the two banks, located approximately 15 miles lion deposits), is the State's seventh largest banking apart, generally serve small individual accounts organization and controls 2.6 per cent of total com- and retail establishments in their respective servmercial bank deposits in the State. Consummation ice areas. of the proposal would increase Applicant's control Nor would significant competition be eliminated of State-wide deposits to 3 per cent; Applicant between Manchester Bank and Boatmen's National. would become the State's sixth largest banking or- Boatmen's National exerts little competitive influganization, and its fifth largest bank holding ence in the suburban area served by Manchester company. Bank, and Manchester Bank has no significant Boatmen's National, located in downtown St. competitive impact on the downtown St. Louis Louis, is the third largest of the seventy banks in banks. Furthermore, Missouri's restrictive branch the St. Louis-St. Louis County area, which ap- banking laws, the distance separating the two proximates the relevant banking market. Of the banks, and the number of banks in the intervening two larger banks in that area, the largest ($840 mil- area render unlikely the development of significant lion deposits) is involved in a holding company competition in the future. formation application presently before the Board, Boatmen's National and Concord Bank derive and the second largest ($712 million deposits) is some business from each other's service area, printhe lead bank in a holding company, the formation cipally due to the fact that a large number of perof which was recently approved by the Board. Con- sons commute to downtown St. Louis. Although summation of the proposal herein would give Ap- consummation of the proposal would eliminate plicant control of approximately 7.2 per cent of some competition between these two banks, the deposits in the relevant banking market. significance of this fact is lessened by the fact that Concord Bank ($22 million deposits) is located a large number of banking alternatives are availin the southern portion of St. Louis County, .15 able to residents of the areas involved. The antimiles southwest of Boatmen's National, Applicant's competitive aspects of Applicant's proposal are not lead bank, and serves a population of approxi- regarded as substantial. mately 110,000. The bank's service area is largely On the basis of the foregoing, the Board conunincorporated and primarily residential. On the cludes that consummation of the proposed transbasis of deposits, Concord Bank ranks sixth among action would not result in a monopoly, nor be in eight competing banks in the area. Although the furtherance of any combination, conspiracy or atarea has experienced little industrial development, tempt to monopolize the business of banking in a substantial population growth has given rise to the any part of the United States, and would not reestablishment of several regional and neighbor- strain trade, substantially lessen competition, or hood shopping centers. tend to create a monopoly in any part of the Manchester Bank ($17 million deposits) is lo- country. cated in a rapidly growing area of western St. Louis Financial and managerial resources and future County, 23 miles west of Applicant's lead bank, prospects. Applicant acquired its present subsidiary and currently serves a population of approximately bank, Boatmen's National, in September 1969. 38,000. Manchester Bank's primary service area, The financial condition of Applicant is regarded as satisfactory, its management as competent, and 1 All banking data are as of June 30, 1970, and reflect holding company formations and acquisitions approved by its prospects as favorable. These same conclusions the Board to date. apply to Boatmen's National. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 41 The financial condition of Manchester Bank ap- indicates, at the present time Manchester Bank is pears satisfactory, its prospects look favorable, and the only bank in its service area, a rapidly growing its present management is considered capable. The area of St. Louis County. Since Applicant, by virfinancial condition of Concord Bank is considered tue of its ownership of Boatmen's National, is one generally satisfactory, its prospects appear favor- of the dominant banking organizations in the St. able and its management is regarded as capable. Louis area, it possesses a potential for meaningful Applicant states that it proposes to furnish addi- participation through de novo entry into the local tional capital for Concord Bank. areas served by both of its proposed affiliates, an The Board concludes that considerations relat- alternative that would be more compatible with ing to the banking factors are consistent with ap- competitive considerations and the public interest proval of the application as they relate to Applicant, than the present proposal. and the banks concerned. My dissent from the Board's action is not in- Convenience and needs of the communities in- tended as a disapproval of Applicant's desire to volved. The major banking needs of the communi- more effectively serve the rapidly growing suburban ties served by the proposed subsidiaries appear to population of St. Louis. However, the Act permits be adequately served at the present time. However, approval of an application that would eliminate the evidence of increasing population and the eco- existing competition and preclude the development nomic activity in St. Louis County suggest that of potential competition only when such anti-comadditional banking facilities and services will be petitive effects are outweighed by considerations needed in the suburban areas. Applicant proposes related to the convenience and needs of the comto expand and modernize the banking facilities at munities involved. In the instant case, the needs of the Concord Bank and the Manchester Bank and the individual communities involved are being to institute trust and fiduciary services at the served adequately by existing institutions; the bene- Manchester Bank. fits alleged by Applicant are not such as would out- These considerations lend some support for ap- weigh the anti-competitive effects of the transproval of the application. action, and, in any event, the beneficial effects of Summary and conclusion. On the basis of all rele- the proposal could be accomplished through less vant facts contained in the record, and in the light anti-competitive means. For these reasons, I would of the factors set forth in section 3(c) of the Act, deny the application. it is the Board's judgment that the proposed transaction would be in the public interest, and that the SOUTHEAST BANCORPORATION, INC., application should be approved. MIAMI, FLORIDA In the matter of the application of Southeast DISSENTING STATEMENT OF Bancorporation, Inc., Miami, Florida, for approval GOVERNOR ROBERTSON of acquisition of SO per cent or more of the voting On the basis of the facts in the record, substantial shares of Deerfield Beach Bank and Trust Comcompetition exists between Boatmen's National and pany, Deerfield Beach, Florida. Concord Bank. Concord Bank derives $5.8 million, or 31.6 per cent, of its deposits and $6.2 million, ORDER APPROVING ACQUISITION OF BANK STOCK or 36.7 per cent, of its loans from the primary serv- BY BANK HOLDING COMPANY ice area of Boatmen's National. Boatmen's National derives over $4 million of its deposits from There has come before the Board of Governors, the primary service area of Concord Bank. Not- pursuant to section 3(a)(3) of the Bank Holding withstanding the fact that such competition is re- Company Act of 1956 (12 U.S.C. 1842(a)(3)) garded as arising out of the commuting patterns of and section 222.3(a) of Federal Reserve Regularesidents in the area served by Concord Bank, the tion Y (12 CFR 222.3(a)), an application by fact remains that competition will be eliminated by Southeast Bancorporation, Inc., Miami, Florida, a the consummation of Applicant's proposal. registered bank holding company, for the Board's Moreover, consummation of the proposal will prior approval of the acquisition of 80 per cent or foreclose potential competition between Boatmen's more of the voting shares of Deerfield Beach Bank National and Manchester Bank, and a potential and Trust Company, Deerfield Beach, Florida. for increased competition between Boatmen's Na- As required by section 3(b) of the Act, the tional and Concord Bank. As the majority opinion Board gave written notice of receipt of the applica- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

42 FEDERAL RESERVE BULLETIN • JANUARY 1971 tion to the Commissioner of Banking for the State cause of the distances involved and the traffic patof Florida and requested his views and recommen- terns in the areas concerned, the location of 27 dation. The Commissioner recommended approval banks in the area intervening between Bank and of the application. Applicant's closest subsidiary, the indications that Notice of receipt of the application was pub- deconcentration will be effected in the relevant lished in the Federal Register on October 17, 1970 market by virtue of the establishment of new banks, (35 Federal Register 16345), providing an oppor- and the fact that Florida law prohibits branch tunity for interested persons to submit comments banking, it appears that consummation of the proand views with respect to the proposal. A copy of posal herein would not result in the elimination of the application was forwarded to the United States any significant present competition nor the fore- Department of Justice for its consideration. Time closure of any significant potential competition befor filing comments and views has expired, and all tween Bank and any of Applicant's subsidiaries. On those received have been considered by the Board. the record before the Board, considerations relating The Board has considered the application in the to the financial condition, management, and proslight of the factors set forth in section 3(c) of the pects of Applicant, its present subsidiaries and Bank Act, including the effect of the proposed acquisition are consistent with approval of the application. All on competition, the financial and managerial re- banking needs of the North Broward area appear sources of the Applicant and the banks concerned, to be served adequately. However, a future need and the convenience and needs of the communities for increased bank services seems likely; and conto be served. Upon such consideration, the Board summation of the proposed acquisition would finds that: enable Bank to provide expanded and improved Applicant, the second largest banking organiza- services. It is the Board's judgment that the protion in Florida, controls 11 banks which hold com- posed transaction would be in the public interest, bined deposits of approximately $841 million, rep- and that the application should be approved. resenting close to 7 per cent of total deposits held IT IS HEREBY ORDERED, for the reasons set forth by Florida's commercial banks. (All banking data in the findings summarized above, that said applicaare as of June 30, 1970, adjusted to reflect holding tion be and hereby is approved, provided that the company formations and acquisitions approved by action so approved shall not be consummated (a) the Board to date.) Upon acquisition of Bank, Ap- before the thirtieth calendar day following the date plicant's control of deposits in the State would rise of this Order or (b) later than three months after to 7.2 per cent. the date of this Order, unless such time shall be The relevant banking market is considered to be extended for good cause by the Board, or by the the northern one-third of Broward County, which Federal Reserve Bank of Atlanta, pursuant to deleincludes the cities of Pompano Beach, Lighthouse gated authority. Point, and Deerfield Beach, and that portion of By order of the Board of Governors, Decem- Palm Beach County which contains the city of ber 28, 1970. Boca Raton. The market is one of the most rapidly growing areas in Florida. Bank, with deposits of Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Daane, Maisel, Brimmer, $39.5 million, is the smallest among five banking and Sherrill. organizations in the relevant banking area, and (Signed) KENNETH A. KENYON, holds 12.6 per cent of commercial bank deposits [SEAL] Deputy Secretary. there. It is reported that five charter applications have been filed seeking to establish new banks in AMERIBANC, INC., the market. In addition, one new State bank has ST. JOSEPH, MISSOURI received charter approval. Although Applicant is dominant in Dade County, In the matter of the application of Ameribanc, which is to the south of Broward County, Appli- Inc., St. Joseph, Missouri, for approval of action to cant's' area of dominance is 60 miles from Bank become a bank holding company through the acand no significant competition now exists between quisition of 100 per cent of the voting shares (less Bank and Applicant's Dade County subsidiaries. directors' qualifying shares) of the successor by Applicant's subsidiary located closest to Bank is in merger to The American National Bank of St. Fort Lauderdale, 15 miles south of Bank and, ac- Joseph, and the successor by merger to Belt Nacording to the record, derives only a minimal tional Bank of St. Joseph, both in St. Joseph, amount of business from Bank's service area. Be- Missouri. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 43 ORDER APPROVING ACTION TO BECOME tion 3(a)(1) of the Bank Holding Company Act A BANK HOLDING COMPANY of 1956, an application for approval of action to become a bank holding company, through the ac- There has come before the Board of Governors, quisition of 100 per cent of the voting shares (less pursuant to section 3(a)(1) of the Bank Holding directors' qualifying shares) of the successor by Company Act of 1956 (12 U.S.C. 1842(a)(1)) merger to The American National Bank of St. and section 222.3(a) of Federal Reserve Regula- Joseph ("American"), and the successor by merger tion Y (12 CFR 222.3(a)), an application by to Belt National Bank of St. Joseph ("Belt"), both Ameribanc, Inc., St. Joseph, Missouri, for the in St. Joseph, Missouri. Board's approval of action whereby Applicant The banks into which American and Belt are to would become a bank holding company through the be merged have no significance except as a means acquisition of 100 per cent of the voting shares to facilitate the acquisition of all the voting shares (less directors' qualifying shares) of the successor of American and Belt. Accordingly, the proposed by merger to The American National Bank of St. acquisition of the shares of the successor organiza- Joseph, and the successor by merger to Belt Nations is treated as the proposed acquisition of the tional Bank of St. Joseph, both in St. Joseph, shares of American and Belt. Missouri. 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 Comptroller of the Currency, and tion to the Comptroller of the Currency, and rerequested his views and recommendation. The quested his views and recommendation. The Dep- Deputy Comptroller recommended approval of the uty Comptroller recommended approval of the application. application. Notice of receipt of the application was pub- Statutory considerations. Section 3(c) of the Act lished in the Federal Register on October 23, 1970 provides that the Board shall not approve an ac- (35 Federal Register 16572), which provided an quisition that would result in a monopoly or would opportunity for interested persons to submit combe in furtherance of any combination or conspiracy ments and views with respect to the proposed transto monopolize or to attempt to monopolize the action. A copy of the application was forwarded to business of banking in any part of the United States. the United States Department of Justice for its Nor may the Board approve a proposed acquisiconsideration. The time for filing comments and tion, the effect of which, in any section of the views has expired and all those received have been country, may be substantially to lessen competition, considered by the Board. or to tend to create a monopoly, or which in any IT IS HEREBY ORDERED, for the reasons set forth other manner would be in restraint of trade, unless in the Board's Statement of this date, that said the Board finds that the anticompetitive effects of application be and hereby is approved, provided the proposed transaction are clearly outweighed in that the action so approved shall not be consumthe public interest by the probable effect of the mated (a) before the thirtieth calendar day followtransaction in meeting the convenience and needs ing the date of this Order or (b) later than three of the communities to be served. In each case, the months after the date of this Order, unless such Board is required to take into consideration the period is extended for good cause by the Board, financial and managerial resources and future prosor by the Federal Reserve Bank of Kansas City pects of the bank holding company and the banks pursuant to delegated authority. concerned, and the convenience and needs of the By order of the Board of Governors, Decemcommunities to be served. ber 28, 1970. Competitive effects of the proposed transaction. Voting for this action: Chairman Burns, and Gover- The 10 largest banking organizations in the State nors Robertson, Mitchell, Daane, Maisel, Brimmer, of Missouri control total deposits of $4.09 billion, and Sherrill. representing 40.2 per cent of the deposits held by (Signed) KENNETH A. KENYON, all commercial banks in the State.1 Acquisition by [SEAL] Deputy Secretary. Applicant of American ($83.9 million deposits) STATEMENT 'All banking data are as of June 30, 1970, adjusted to Ameribanc, Inc., St. Joseph, Missouri ("Appli- reflect holding company formations and acquisitions apcant"), has filed with the Board, pursuant to sec- proved by the Board to date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

44 FEDERAL RESERVE BULLETIN • JANUARY 1971 and Belt ($7.3 million deposits) would result in banking facilities. However, Applicant has indi- Applicant becoming Missouri's twelfth largest bank- cated that it would consider reactivation of the trust ing organization and the seventh largest of the services at Belt. In addition, consummation of the twelve registered bank holding companies in the transaction would enable Belt to more effectively State; it would control .9 per cent of the State's meet the expanding credit needs of its service area total deposits. and would make Applicant's specialized services Both of the proposed subsidiary banks are lo- more accessible to customers in the east St. Jocated in St. Joseph, a city of approximately 72,000, seph area. which is located 55 miles north of Kansas City. These considerations are consistent with, and American, the largest of the ten banks serving the lend some support for, approval of the application. St. Joseph area, is located in the downtown busi- Summary and conclusion. On the basis of all ness district and controls 38.6 per cent of the area's the relevant facts contained in the record, and in deposits. Belt, with 3.3 per cent of the area's de- the light of the factors set forth in section 3(c) of posits, is the seventh largest bank, and is located on the Act, it is the Board's judgment that the prothe eastern edge of the city. posed transaction would be in the public interest Although the service areas of the two banks and that the application should be approved. overlap to some extent, consummation of the proposal would not eliminate significant competition BARCLAYS BANK LIMITED, between the two banks, primarily because of the LONDON, ENGLAND close affiliation that exists between the two banks. In the matter of the application of Barclays That relationship has existed for nine years, and Bank Limited, London, England, for approval of at the present time the majority shareholders of indirect acquisition of 100 per cent of the voting American own approximately 95 per cent of the shares (less directors' qualifying shares) of Barclays shares of Belt. It appears that the close affiliate re- Bank of New York, New York, New York, a prolationship would continue to exist regardless of the posed new bank. Board's action on the present application. On the basis of the foregoing, the Board con- ORDER APPROVING ACQUISITION OF BANK STOCK cludes that consummation of this proposal would BY BANK HOLDING COMPANY not result in a monopoly or be in furtherance of any combination, conspiracy, or attempt to monop- There has come before the Board of Governors, olize the business of banking in any part of the pursuant to section 3(a)(3) of the Bank Holding United States, and would not restrain trade, sub- Company Act of 1956 (12 U.S.C. 1842(a)(3)) stantially lessen competition, or tend to create a and section 222.3(a) of Federal Reserve Regulamonopoly in any part of the country. tion Y (12 CFR 222.3(a)), an application by Bar- Financial and managerial resources and future clays Bank Limited, London, England, a registered prospects. Applicant's financial condition is satis- bank holding company as a result of its control of factory, its management is competent, and its banks in the United States, for the Board's prior prospects, which are dependent upon those of its approval of the indirect acquisition—through its two proposed subsidiaries, appear favorable. subsidiary, Barclays Bank D.C.O., London, Eng- The financial condition and management of land—of 100 per cent of the voting shares (less di- American are satisfactory, and its prospects are re- rectors' qualifying shares) of Barclays Bank of garded as favorable. Belt is somewhat undercapi- New York, New York, New York, a proposed talized, and Applicant intends to inject additional new bank. capital. Consummation of the proposal would pro- As required by section 3(b) of the Act, the vide Belt with greater management depth and en- Board gave written notice of receipt of the applicahance its prospects. tion to the Superintendent of Banking for the State The Board concludes that considerations relat- of New York and requested his views and recoming to the banking factors are consistent with ap- mendation. The Superintendent responded that he proval of the application as they relate to Applicant had no objection to approval of the application. and American, and lend some weight in support of Notice of receipt of the application was pubapproval as they relate to Belt. lished in the Federal Register on November 13, Convenience and needs of the communities in- 1970 (35 Federal Register 17451), providing an volved. The major banking needs of the St. Joseph opportunity for interested persons to submit comarea appear to be adequately served by present ments and views with respect to the proposed trans- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 45 action. A copy of the application was forwarded tors' qualifying shares) of the voting shares of Barto the United States Department of Justice for its clays Bank of New York, New York, New York, consideration. Time for filing comments and views a proposed new bank. has expired and all those received have been con- As required by section 3(b) of the Act, the sidered by the Board. Board gave written notice of receipt of the applica- IT IS HEREBY ORDERED, for the reasons set forth tion to the Superintendent of Banking for the State in the Board's Statement of this date, that said ap- of New York and requested his views and recomplication be and hereby is approved, provided that mendation. The Superintendent responded that he the application so approved shall not be consum- had no objection to the proposal. mated (a) before the thirtieth calendar day follow- Notice of receipt of the application was pubing the date of this Order, or (b) later than three lished in the Federal Register on November 13, months after the date of this Order, and provided 1970 (35 Federal Register 17451), which profurther that (c) Barclays Bank of New York shall vided an opportunity for interested persons to subbe open for business not later than six months after mit comments and views with respect to the prothe date of this Order. The periods described in posed acquisition. A copy of the application was (b) and (c) hereof may be extended for good forwarded to the United States Department of Juscause by the Board, or by the Federal Reserve tice for its consideration. The time for filing com- Bank of New York pursuant to delegated authority. ments and views has expired and all those received By order of the Board of Governors, Decem- have been considered by the Board. ber 29, 1970. IT IS HEREBY ORDERED, for the reasons set forth in the Board's Statement of this date, that said ap- Voting for this action: Vice Chairman Robertson and Governors Mitchell, Daane, and Sherrill. Absent lication be and hereby is approved, provided that and not voting: Chairman Burns and Governors this approval shall remain in effect only so long Maisel and Brimmer. as Barclays Bank D.C.O. remains a subsidiary of (Signed) KENNETH A. KENYON, Barclays Bank Limited, and provided that the ap- [SEAL] Deputy Secretary. plication so approved shall not be consummated (a) before the thirtieth calendar day following the BARCLAYS BANK D.C.O., date of this Order, or (b) later than three months LONDON, ENGLAND after the date of this Order, and provided further In the matter of the application of Barclays that (c) Barclays Bank of New York shall be open Bank D.C.O., London, England, (which presently for business not later than six months after the owns more than 25 per cent of the voting stock of date of this Order. The periods described in (b) one bank), for approval of action to become a bank and (c) hereof may be extended for good cause by holding company through the acquisition of 100 the Board, or by the Federal Reserve Bank of per cent (less directors' qualifying shares) of the New York pursuant to delegated authority. voting shares of Barclays Bank of New York, New By order of the Board of Governors, December York, New York, a proposed new bank. 29, 1970. Voting for this action: Vice Chairman Robertson ORDER APPROVING ACTION TO BECOME A and Governors Mitchell, Daane, and Sherrill. Absent and not voting: Chairman Burns and Governors BANK HOLDING COMPANY Maisel and Brimmer. There has come before the Board of Governors, (Signed) KENNETH A. KENYON, pursuant to section 3(a)(1) of the Bank Holding Deputy Secretary. Company Act of 1956 (12 U.S.C. 1842(a)(1)) [SEAL] and section 222.3(a) of Federal Reserve Regulation Y (12 CFR 222.3(a)), an application by Bar- STATEMENT clays Bank D.C.O., London, England, (a subsidiary of Barclays Bank Limited, London, England, a Barclays Bank Limited, London, England registered bank holding company) which presently ("Limited"), a registered bank holding company, owns more than 25 per cent of the voting shares has applied to the Board of Governors pursuant to of Barclays Bank of California, San Francisco, Cali- section 3(a)(3) of the Bank Holding Company fornia, for the Board's prior approval of action Act of 1956 (12 U.S.C. 1842(a)(3)), for prior whereby Applicant would become a bank holding approval of the indirect acquisition—through its company through the acquisition of all (less direc- subsidiary, Barclays Bank D.C.O., London, Eng- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

46 FEDERAL RESERVE BULLETIN • JANUARY 1971 land ("D.C.O.")—of 100 per cent (less directors* in New York City and a representative office in qualifying shares) of the voting shares of Bar- Pittsburgh. clays Bank of New York, New York, New York The proposal involves a reorganization of ("BBNY"), a proposed new bank. As a result of D.C.O.'s United States operations, with BBNY—a the acquisition, D.C.O., which presently owns more proposed new State-chartered commercial bank— than 25 per cent of the voting shares of Barclays assuming most of the domestic operations of one Bank of California, San Francisco, California, of D.C.O.'s New York City branches. Unlike the would itself become a bank holding company, and D.C.O. office which it will replace, BBNY will D.C.O. has applied to the Board, pursuant to sec- offer full banking services, and its deposits will be tion 3(a)(1) of the Act, for prior approval of federally insured. Consummation of the proposed that action. transaction would not eliminate present or potential Views and recommendations of supervisory au- competition, but would have a slight procompetithority. As required by section 3(b) of the Act, tive effect in midtown Manhattan, where BBNY the Board gave written notice of receipt of the will compete with 18 offices of 10 other commercial applications to the Superintendent of Banking for banks. the State of New York and requested his views and Based upon the foregoing, the Board concludes recommendations thereon. The Superintendent that consummation of the proposed acquisition responded that he had no objection to approval of would not result in a monopoly or be in furtherthe applications. ance of any combination, conspiracy, or attempt Statutory considerations. Section 3(c) of the to monopolize the business of banking in any area, Act provides that the Board shall not approve an and would not substantially lessen competition, tend acquisition that would result in a monopoly or to create a monopoly, or restrain trade in any secwould be in furtherance of any combination or tion of the country. conspiracy to monopolize or to attempt to monop- Financial and managerial resources and future olize the business of banking in any part of the prospects. Limited and D.C.O. are in satisfactory United States. Nor may the Board approve a profinancial condition, with competent management, posed acquisition the effect of which, in any secand favorable prospects. BBNY has no financial tion of the country, may be substantially to lessen history. It will open with satisfactory capital and competition, or to tend to create a monopoly, or favorable prospects. which in any other manner would be in restraint These factors are consistent with approval of the of trade, unless the Board finds that the anticomapplication. petitive effects of the proposed transaction are clear- Convenience and needs of the communities inly outweighed in the public interest by the probable volved. Although the banking needs of the mideffect of the transaction in meeting the convenience town Manhattan area are being adequately served, and needs of the communities to be served. In each consummation of the proposal would substitute a case, the Board is required to take into considerafull service bank for an office which is primarily tion the financial and managerial resources and future prospects of the bank holding company and engaged in foreign transactions at the present time. the banks concerned, and the convenience and The convenience and needs factors are consistent needs of the communities to be served. with approval of the application. Competitive effect of the proposed transaction. Section 3(d) of the Act. The Board has inter- Limited is a registered bank holding company be- preted § 3(d) to prohibit Board approval of (1) cause of its ownership of more than 25 per cent of the formation of a plural-State holding company, or the voting shares of two banks: D.C.O., whose (2) an acquisition by a bank holding company of three branches in New York City (deposits of $118 any additional bank outside the State in which the million) are primarily engaged in foreign banking operations of the holding company's banking subactivities; and Barclays Bank of California, a full sidiaries were principally conducted on the latter service commercial bank with deposits of $114 of (a) July 1, 1966, or (b) the date the company million.1 Limited also holds, directly and through became a bank holding company. Pursuant to this D.C.O., approximately 6.5 per cent of the voting provision, Limited, either directly or indirectly shares of Bank of London and South America, through a subsidiary, may acquire additional bank- Limited, London, England, which operates a branch ing subsidiaries only in New York. After consideration of the purposes of § 3(d), 1 All banking data are as of June 30, 1970. the Board concluded that a plural-State holding Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 47 company (such as Limited) may reorganize itself tion. Time for filing comments and views has exby forming a subsidiary plural-State holding com- pired and all those received have been considered pany (D.C.O.) whose expansion would be re- by the Board. stricted in the same manner as that of the parent. IT IS HEREBY ORDERED, for the reasons set forth Since the theory upon which D.C.O. would be in the Board's Statement of this date, that said apauthorized to acquire a bank in New York would plication be and hereby is denied. be predicated upon its status as a subsidiary of By order of the Board of Governors, January 4, Limited, the approval granted herein would con- 1971. tinue in effect only for so long as D.C.O. retains Voting for this action: Governors Robertson, Mitthat status. If it should cease to be a subsidiary of chell, Maisel, and Brimmer. Voting against this action: Limited, the authority of D.C.O. to own stock of Chairman Burns and Governors Daane, and Sherrill. BBNY would terminate. (Signed) KENNETH A. KENYON, Summary and conclusion. On the basis of all Deputy Secretary. relevant facts contained in the record, and in the [SEAL] light of the factors set forth in section 3 (c) of the Act, it is the Board's judgment that the proposed STATEMENT transaction would be in the public interest and that the applications should be approved. The First National Bancorporation, Inc., Denver, Colorado ("Applicant"), a registered bank holding company, has applied to the Board of Gov- THE FIRST NATIONAL BANCORPORATION, ernors, pursuant to section 3(a)(3) of the Bank INC., DENVER, COLORADO Holding Company Act of 1956 (12 U.S.C. In the matter of the application of The First 1842(a)(3)), for prior approval of the acquisition National Bancorporation, Inc., Denver, Colorado, of 80 per cent or more of the voting shares of for approval of acquisition of more than 80 per cent Montbello State Bank, Denver, Colorado ("Bank"). of the voting shares of Montbello State Bank, Den- Views and recommendation of supervisory auver, Colorado. thority. As required by section 3(b) of the Act, the Board notified the Colorado State Bank Commissioner of receipt of the application and re- ORDER DISAPPROVING ACQUISITION OF quested his views and recommendation thereon. BANK STOCK BY HOLDING COMPANY The Commissioner, replying on behalf of the There has come before the Board of Governors, Colorado State Banking Board, offered no objecpursuant to section 3(a)(3) of the Bank Holding tion to approval of the application. Company Act of 1956 (12 U.S.C. 1842(a)(3)) Statutory considerations. Section 3(c) of the Act and section 222.3(a) of Federal Reserve Regula- provides that the Board shall not approve an action Y (12 CFR 222.3(a)), an application by The quisition that would result in a monopoly or would First National Bancorporation, Inc., Denver, Col- be in furtherance of any combination or conorado, a registered bank holding company, for the spiracy to monopolize or to attempt to monopolize Board's prior approval of the acquisition of more the business of banking in any part of the United than 80 per cent of the voting shares of Montbello States. Nor may the Board approve a proposed State Bank, Denver, Colorado. acquisition the effect of which, in any section of As required by section 3(b) of the Act, the the country, may be substantially to lessen com- Board gave written notice of receipt of the applica- petition, or to tend to create a monopoly, or which tion to the Colorado State Bank Commissioner and in any other manner would be in restraint of trade, requested his views and recommendation. The unless the Board finds that the anticompetitive ef- Commissioner offered no objection to approval of fects of the proposed transaction are clearly outthe application. weighed in the public interest by the probable effect Notice of receipt of the application was pub- of the transaction in meeting the convenience and lished in the Federal Register on September 11, needs of the communities to be served. In each 1970 (35 Federal Register 14352), providing an case, the Board is required to take into consideraopportunity for interested persons to submit com- tion the financial and managerial resources and ments and views with respect to the proposal. A future prospects of the bank holding company and copy of the application was forwarded to the Unit- the banks concerned, and the convenience and ed States Department of Justice for its considera- needs of the communities to be served. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

48 FEDERAL RESERVE BULLETIN • JANUARY 1971 Competitive effect of proposed transaction. Ap- at the time of its establishment, apparently because plicant controls six subsidiary banks with total de- of Bank's unwillingness to agree to terms which posits of $593 million and is, by a small margin, would provide the developers a management and the second largest banking organization and bank ownership interest in Bank. Applicant proposes, holding company in Colorado.1 Upon acquisition of after acquiring Bank at a high premium, to move Bank (deposits $1.7 million), Applicant would re- it to a site within Montbello. Under the proposal main the State's second largest banking organiza- originally filed with the Board, the developers of tion and its share of State deposits would increase Montbello would be allotted two seats on Bank's by only .1 per cent. Board, and would have an option to acquire shares Bank, which was established in February of of Applicant. 1969, is located on a thruway on the southern In considering this application, it has been a fringe of the development of Montbello, a pri- matter of concern to the Board that, upon its acvately planned residential, commercial, and indus- quisition of Bank, Applicant would have the only trial community in Denver. It is envisioned that banking office in the immediate Montbello area, the Montbello complex will house 40,000 persons and, with the close relationship which would be and employ 10,000 to 12,000 persons by 1975. established between Bank and the developers, that Although Bank is a relatively small bank, it has situation might be perpetuated. Belatedly, the Board been affiliated since its inception with Aurora Nahas been advised that the developers would waive tional Bank (deposits $13 million), which is lotheir option to acquire shares of Applicant, and cated in Aurora, the nearest community to Montwould pledge that "should the area develop to the bello. Common stockholders own 87 per cent of point where a second bank is necessary or appro- Aurora National Bank and 91 per cent of Montpriate, and subject to the concurrence of the regubello Bank. latory authorities and the availability of space", Applicant's lead bank, First National Bank of additional banking tenants would be admitted to Denver ("First National") (deposits $507 milthe development. Assuming the good faith of the lion) and three other subsidiaries are located in the developers in giving this assurance, the Board is Denver area. The combined deposits of these subnevertheless of the view that the elimination of a sidiaries constitute over 22 per cent of area depresent competitor in the area is not justified by posits, the largest share held by any banking orthe hope that competition will be provided by ganization in the Denver market. The lead bank, another source. situated about 10 miles southwest of Bank, de- Applicant reportedly has considered establishing rives business, the bulk of which consists of coma new bank in Montbello, a course which appears mercial and real estate loans, directly from Bank's most appropriate both to the preservation of present service area. First National has banking relationand potential competition and to the service of ships with almost half of the firms located in the the banking needs of the Montbello community. Montbello industrial park, and also operates a The proposed alternative was adopted because it facility at Fitzsimmons General Hospital two miles was felt unlikely that chartering authorities would south of Bank, which, despite restrictions on solicitation of business, has about $3 million in deposits. authorize a new bank in the area, in view of the Consummation of the proposed acquisition would recent establishment of Bank and the adverse efthus eliminate present competition between Bank fect which a new bank with a locational advanand Applicant's subsidiaries. tage might have on its operations. It appears, how- From Applicant's standpoint, the purpose of the ever, that Montbello, like most sections of the present proposal is to obtain a charter to serve the Denver area, could support additional banking in- Montbello development. The developers of Mont- stitutions. That being the case, consideration of the bello, who control all commercial property within public interest dictates that Applicant's entry into the development, refused to lease a site to Bank that area be through establishment of a new bank, rather than through acquisition of the only bank now located in the area. Bank, particularly in view "AH banking data are as of December 31, 1969, and reflect holding company acquisitions approved by the Board of its affiliation with Aurora National Bank, should to date, including Applicant's acquisition of First National be capable of withstanding reasonable competition. Bank of Greeley ($40 million deposits), which was ap- The Board cannot lightly assume, especially in proved by the Board on June 9, 1970. Consummation of that acquisition has been delayed by litigation instituted by view of the large premium contemplated in the the Department of Justice. present proposal, that both the organizers of Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 49 and its chartering authority incorrectly assessed the consumer alternatives, despite the area's developprospects of Bank at the time of its establishment. ing needs. Any benefits to the community which Neither can we asume that regulatory authorities might result from the proposal could be attained with chartering responsibility will be less sensitive through means which do not involve the serious than the Board itself to the benefits which new anticompetitive effects of this proposal. These conentry in this growing area would provide to com- siderations, therefore, fail to outweigh the adverse petition and the public convenience. Finally, effects of the proposal on competition. nothing in the present record justifies the Board in Summary and conclusion. On the basis of all conferring on the largest banking organization in relevant facts contained in the record, and in the the Denver area an exclusive license of uncertain light of the factors set forth in section 3 (c) of the duration to serve Montbello. Act, it is the Board's judgment that the proposed Consummation of the proposal would eliminate transaction would have adverse effects on competisubstantial present competition, and foreclose sig- tion which would not be outweighed by any other nificant potential competition within the Montbello considerations. Consummation of the proposal, community. therefore, would not be in the public interest and Financial and managerial resources and future the application should be denied. prospects. The financial condition of Applicant and its subsidiary banks is generally satisfactory, their DISSENTING STATEMENT OF CHAIRMAN BURNS managements are capable, and prospects of the AND GOVERNORS DAANE AND SHERRILL group are favorable. In our opinion, Applicant's acquisition of Bank, The financial condition and management of which has been established for less than two years Bank are satisfactory and its prospects, based upon and which has less than $2 million in deposits, the projected growth of the Montbello area, and would have no significant adverse effect on comin the light of its affiliation with Aurora National petition. The proposal would provide a means for Bank, are favorable. assuring the Montbello community full banking These considerations provide no weight toward services at a convenient location, which Bank is approval of the application. unable to do at present. For these reasons, and on Convenience and needs of the communities inthe basis of the factors set forth in the Bank Holdvolved. Consummation of the instant proposal ing Company Act, we would approve the applicawould have no effect on areas presently served by tion. Applicant's subsidiaries, with the exception of the Applicant's proposal results from a dilemma Montbello area. jointly faced by Applicant, Bank, and residents and It is contended that because of the size and lobusinesses in the Montbello area. Applicant, desircation, Bank is unable to provide for many of the ous of meeting the developing needs of the comneeds of the Montbello area, which would be availmunity for convenient banking services, is preable from an organization of Applicant's size. It cluded from establishing a new bank in Montbello appears, however, that Bank, particularly in view because of the adverse effect which such estabof its affiliation with Aurora National Bank, is lishment might have on Bank, which, at least parcapable of meeting most needs of smaller and tially because of a poor location, has developed medium-sized customers in Montbello. Although its slowly. Bank, which was unable to obtain a site location is not as convenient as one within the comwithin Montbello, is located on the wrong side of munity, it does not appear to represent a serious a major traffic barrier, is inconvenient to most inconvenience to Montbello residents and busi- Montbello residents now, and is expected to benesses. Commercial needs which cannot be met by come more so as traffic increases with the antici- Bank can be, and are being, met with reasonable pated growth of the area. Even if it were able at convenience by larger banks in downtown Denver. this time to obtain a site within Montbello, the The establishment of competitive facilities in the loss which it would incur on its large investment Montbello area by a bank affiliated with an or- in its present premises would likely preclude its ganization such as Applicant would represent a taking advantage of the opportunity. Because of major convenience to residents and businesses in these circumstances, residents and businesses in that area. But the present proposal does not en- Montbello are likely to be denied the benefits of vision competitive facilities; on the contrary, its convenient full service banking for some time. consummation might well preclude establishment of Applicant's proposal represents the only im- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

50 FEDERAL RESERVE BULLETIN • JANUARY 1971 mediately feasible solution to this dilemma. Blocked shares of The Adams Bank, Millersburg, Ohio from pursuing the preferable and less expensive ("Adams Bank"). course of establishing a new bank in Montbello, As required by section 3(b) of the Act, the Applicant would acquire Bank, and, accepting the Board gave written notice of receipt of the apnecessary losses, would relocate it within Mont- plication to the Superintendent of Banks for the bello, where it would offer full banking services to State of Ohio and requested his views and recomthe community. mendation. The Superintendent recommended ap- It is unrealistic to suggest that Applicant's pro- proval of the application. posal would have any significant anti-competitive Notice of receipt of the application was pubeffect. Bank, at its present location, is not an ef- lished in the Federal Register on November 17, fective competitor and lacks the potential to be- 1970 (35 Federal Register 17685), providing an come one. Moreover, acquisition by Applicant opportunity for interested persons to submit comwould have the pro-competitive effect of eliminat- ments and views with respect to the proposal. A ing a present obstacle to a new entry in the area. copy of the application was forwarded to the The majority's real objection to the proposal, it United States Department of Justice for its conseems to us, is based upon its judgment that, if sideration. Time for filing comments and views Applicant establishes a banking facility within has expired and all those received have been Montbello, the developers of the community are considered by the Board. unlikely to permit any other bank to obtain a site The Board has considered the application in in the community. We are no more disposed than is the light of the factors set forth in section 3(c) the majority to look with favor on this type of entry of the Act, including the effect of the proposed restriction, but this is a matter extraneous to the acquisition on competition, the financial and manapresent application, and one with which the Board gerial resources and future prospects of the Apcannot effectively deal in the present determination. plicant and the banks concerned, and the con- The effect of the majority's decision is that, because venience and needs of the communities to be served. the developers may permit the community only one Upon such consideration, the Board finds that: convenient banking facility, the Board denies it any. Applicant is the second largest banking organiza- No alternative available to the Board in the tion and the largest bank holding company in Ohio, present case would assure Montbello of competitive controlling 26 banks with deposits totaling $1.3 banking facilities. That being the case, our first ob- billion, representing 6.8 per cent of deposits held jective should be to assure that at least one con- by all banking organizations in the State. (All venient source of full banking services is available. banking data are as of June 30, 1970, adjusted to To accomplish that objective, we would approve reflect holding company formations and acquisi- Applicant's proposal. tions approved by the Board through November 30, 1970.) Applicant's acquisition of Bank, with BANCOHIO CORPORATION, deposits of $9.6 million, would increase its share COLUMBUS, OHIO of deposits in the State by less than 1 per cent. In the matter of the application of BancOhio Adams Bank, the second largest of four banks in Corporation, Columbus, Ohio, for approval of the Holmes County, controls 29 per cent of deposits aquisition of 80 per cent or more of the voting in the County. The largest bank therein controls shares of The Adams Bank, Millersburg, Ohio. over 36 per cent of County deposits; the third largest is comparable in size to Adams Bank and the smallest holds 7 per cent. First National Bank ORDER APPROVING ACQUISITION OF BANK STOCK of Coshocton, Coshocton, the closest office of BY BANK HOLDING COMPANY any of Applicant's subsidiary banks to Adams There has come before the Board of Gov- Bank, is located 24 miles to the south of Adams ernors, pursuant to section 3(a)(3) of the Bank Bank in adjacent Coshocton County. Neither that Holding Company Act of 1956 (12 U.S.C. 1842 bank nor Adams Bank derives a significant amount (a)(3)) and section 222.3(a) of Federal Re- of business from the separate county areas presserve Regulation Y (12 CFR 222.3(a)), the ap- ently served by the other. Applicant's subsidiary plication of BancOhio Corporation, Columbus, banks do not compete with Adams Bank, and Ohio ("Applicant"), a registered bank holding it does not appear that significant future competicompany, for the Board's prior approval of the tion would be foreclosed by consummation of this acquisition of 80 per cent or more of the voting Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 51 proposal due to the distances separating the banks Company Act of 1956 (12 U.S.C. 1842(a) and limitations placed on branching by Ohio law, (3)), and section 222.3(a) of Federal Reserve and the unlikelihood that Applicant would seek Regulation Y (12 CFR 222.3(a)), the apde novo entry into Holmes County. plication of Pan American Bancshares, Inc., Based upon the foregoing, the Board concludes Miami, Florida ("Applicant"), a registered that consummation of the proposed acquisition bank holding company, for the Board's prior apwould not have an adverse effect on competition proval of the acquisition of at least 80 per cent of in any relevant area. The banking factors as they the voting shares of First Bank of Plantation, pertain to Applicant and its subsidiary banks are Plantation, Florida ("Plantation Bank"). consistent with approval of the application, and, As required by section 3(b) of the Act, the as they pertain to Adams Bank, lend strong sup- Board gave written notice of receipt of the apport for approval. Affiliation with Applicant would plication to the Florida Commissioner of Bankprovide added expertise which could materially ing and requested his views and recommendation. improve the bank's operations. Although major The Commissioner recommended approval of the banking needs in Holmes County are being met, application. consummation of the proposal would enable Notice of receipt of the application was published Adams Bank to offer to its customers another in the Federal Register on November 5, 1970 (35 source for trust and international services. These Federal Register 17076), providing an opportunity considerations lend weight in favor of approval. It for interested persons to submit comments and is the Board's judgment that the proposed transviews with respect to the proposal. A copy of the action would be in the public interest and should application was forwarded to the United States be approved. Department of Justice for its consideration. Time IT IS HEREBY ORDERED, for the reasons set forth for filing comments and views has expired and all in the findings summarized above, that said apthose received have been considered by the Board. plication be and hereby is approved, provided that The Board has considered the application in the the action so approved shall not be consummated light of the factors set forth in section 3(c) of (a) before the thirtieth calendar day following the the Act, including the effect of the proposed date of this Order or (b) later than three months acquisition on competition, the financial and after the date of this Order, unless such time be managerial resources and future prospects of the extended for good cause by the Board, or by the Federal Reserve Bank of Cleveland pursuant to Applicant and the banks concerned, and the condelegated authority. venience and needs of the communities to be served. Upon such consideration, the Board finds By order of the Board of Governors, January 7, that: 1971. Applicant controls five banks with aggregate Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Daane, Maisel, Brimmer, deposits of $147 million, representing 1.2 per cent and Sherrill. of total bank deposits in Florida. (All banking data (Signed) KENNETH A. KENYON, are as of June 30, 1970, adjusted to reflect bank Deputy Secretary. holding company formations and acquisitions ap- TSEAL] proved by the Board to date.) Applicant is the thirteenth largest holding company and banking PAN AMERICAN BANCSHARES, INC., organization in the State. Its acquisition of Planta- MIAMI, FLORIDA tion Bank, with deposits of $22 million, would not change this ranking and would increase Applicant's In the matter of the application of Pan American Bancshares, Inc., Miami, Florida, for approval control of deposits in the State to 1.4 per cent. of acquisition of at least 80 per cent of the voting Plantation Bank, located in and primarily servshares of First Bank of Plantation, Plantation, ing the City of Plantation, is the ninth largest of Florida. 20 banks located in the Fort Lauderdale banking market, holding 3.6 per cent of total deposits. ORDER APPROVING ACQUISITION OF BANK STOCK Plantation Bank was the smaller of two banks with- BY BANK HOLDING COMPANY in its primary service area on June 30, 1970. Since that time, three charters have been granted for There has come before the Board of Governors, new banks in the area. Two of these are affiliates pursuant to section 3(a)(3) of the Bank Holding Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

52 FEDERAL RESERVE BULLETIN • JANUARY 1971 of large banking groups and the third is affiliated plication be and hereby is approved, provided that with Plantation Bank through common director- the action so approved shall not be consummated ships. (Since that bank and Plantation Bank are (a) before the thirtieth calendar day following the nonmember banks, this affiliation is not prohibited date of this Order or (b) later than three months by section 8 of the Clayton Act.) after the date of this Order, unless such time be Applicant's closest present subsidiary to Planta- extended for good cause by the Board, or by the tion Bank is located 26 miles south in Miami Federal Reserve Bank of Atlanta pursuant to Beach. There is no present competition between delegated authority. this or any other of Applicant's existing subsid- By order of the Board of Governors, January 11, iaries and Plantation Bank. However, Applicant 1971. has received approval to acquire Commercial Voting for this action: Vice Chairman Robertson National Bank of Broward County ("Broward and Governors Mitchell, Daane, Brimmer, and Sherrill. Absent and not voting: Chairman Burns and Bank"), which is located eight road miles north- Governor Maisel. east of Plantation Bank. Existing competition be- (Signed) KENNETH A. KENYON, tween these two banks is minimal since the area Deputy Secretary. primarily served by each bank is separated from [SEAL] the area served by the other by major highways. While there is a likelihood of some competition SOCIETY CORPORATION, developing in the future between the banks, the CLEVELAND, OHIO amount of competition does not appear to be significant and any adverse effect from its elimination is In the matter of the application of Society outweighed by other circumstances. Corporation, Cleveland, Ohio, for approval of Upon consummation of the proposal, Applicant acquisition of 80 per cent or more of the voting would have some degree of control over three of the shares of The Second National Bank of Ravenna, 20 banks in the Fort Lauderdale market and 5.7 Ravenna, Ohio. per cent of deposits in the market (those three banks are Plantation Bank, Broward Bank, and ORDER APPROVING ACQUISITION OF BANK the bank affiliated by common directorship with STOCK BY BANK HOLDING COMPANY Plantation Bank). Applicant would become the There has come before the Board of Governors, fifth largest of eight banking groups in a market pursuant to section 3(a)(3) of the Bank Holding where the largest two groups control 35 per cent Company Act of 1956 (12 U.S.C. 1842(a)(3)) and 28 per cent of total deposits respectively. Con- and section 222.3(a) of Federal Reserve Regulasummation of the proposed acquisition would tion Y (12 CFR 222.3(a)), the application of eliminate no significant existing or potential com- Society Corporation, Cleveland, Ohio ("Appetition, would have no adverse effects on the via- plicant"), a registered bank holding company, for bility or competitive effectiveness of any competing the Board's prior approval of the acquisition of 80 bank, and may even have a procompetitiye effect per cent or more of the voting shares of The in the Fort Lauderdale market. Second National Bank of Ravenna, Ravenna, Ohio Based upon the foregoing, the Board concludes ("Bank"). that consummation of the proposed acquisition As required by section 3(b) of the Act, the would not have a significantly adverse effect on Board gave written notice of receipt of the apcompetition in any relevant area. The banking plication to the Comptroller of the Currency, and factors are consistent with approval. The factors requested his views and recommendation. The of convenience and needs lend support to approval Comptroller offered no objection to approval of of the application in that Plantation Bank, draw- the application. ' ing on the resources of Applicant, would be able Notice of receipt of the application was pubto offer its customers another convenient alternate lished in the Federal Register on November 20, for such services as international banking and trust 1970 (35 Federal Register 17879), providing an services. It is the Board's judgment that the pro- opportunity for interested persons to submit composed transaction would be in the public interest, ments and views with respect to the proposal. A and that the application should be approved. copy of the application was forwarded to the IT IS HEREBY ORDERED, for the reasons set forth United States Department of Justice for its conin the findings summarized above, that said ap- sideration. Time for filing comments and views Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 53 has expired and all those received have been con- consistent with approval. Considerations relating sidered by the Board. to the convenience and needs of the communities The Board has considered the application in the to be served lend some weight in support of aplight of the factors set forth in section 3(c) of the proval; Applicant proposes to broaden Bank's Act, including the effect of the proposed acquisi- lending services and to make trust services availtion on competition, the financial and managerial able through Applicant's lead bank in Cleveland. resources and future prospects of the Applicant It is the Board's judgment that the proposed transand the banks concerned, and the convenience action would be in the public interest, and that the and needs of the communities to be served. Upon application should be approved. such consideration, the Board finds that: IT IS HEREBY ORDERED, for the reasons set forth Applicant, the second largest bank holding com- in the findings summarized above, that said appany and the fourth largest banking organization in plication be and hereby is approved, provided that Ohio, controls nine banks with aggregate deposits the action so approved shall not be consummated of close to $1,007 million, representing 5.0 per (a) before the thirtieth calendar day following the date of this Order or (b) later than three months cent of the commercial bank deposits in the State. after the date of this Order, unless such time be (All banking data are as of June 30, 1970, and extended for good cause by the Board, or by the reflect holding company actions approved by the Federal Reserve Bank of Cleveland pursuant to Board to date.) Upon acquisition of Bank (apdelegated authority. proximately $31 million deposits), Applicant would control 5.2 per cent of the commercial bank de- By order of the Board of Governors, January 11, posits in the State; its position relative to other 1971. banking organizations and holding companies would Voting for this action: Chairman Burns and Govremain the same. ernors Robertson, Mitchell, Daane, and Maisel. Ab- Bank is headquartered in Ravenna, 18 miles sent and not voting: Governors Brimmer and Sherrill. northeast of Akron and 35 miles southeast of (Signed) KENNETH A. KENYON, Cleveland, and operates four offices in Portage Deputy Secretary. County. The banks in Portage County are regarded [SEAL] as being in the Akron banking market. Of the 11 banks in that market, Bank is eighth in size ORDER UNDER SECTION 4(c)(8) OF on the basis of deposits and holds less than 3 per BANK HOLDING COMPANY ACT cent of the deposits in the area. Bank, with 17.2 The Board of Governors issued the following Orper cent of the commercial bank deposits in the der, accompanied by the Hearing Examiner's Recounty, is the third largest of the six Portage port and Recommended Decision, approving the County banks competing in Bank's service area. request by a bank holding company for deter- The two larger banks in the county are almost minations that the planned activities of its protwice the size of Bank. Applicant's subsidiary bank posed nonbanking subsidiaries are not prohibited: located closest to Bank is Society National Bank of Cleveland, which has a branch office in Solon (Cuyahoga County), 20 miles northwest of Bank's OTTO BREMER COMPANY AND main office. Neither Society National Bank of OTTO BREMER FOUNDATION, Cleveland nor any other of Applicant's present SAINT PAUL, MINNESOTA subsidiaries compete with Bank to a significant extent. In the light of the distances between Ap- In the matter of the applications of Otto Bremplicant's present subsidiaries and Bank, the pres- er Company and Otto Bremer Foundation, ence of numerous banking facilities in the inter- Saint Paul, Minnesota, for determinations under vening areas, and Ohio's restrictive branching law, section 4(c)(8) of the Bank Holding Company it appears unlikely that consummation of the Act of 1956 relating to the planned insurance activiproposal herein would foreclose any significant ties of their nonbanking subsidiaries: Farmers State potential competition. Agency of Frederic, Bank of Willmar Agency, Based upon the foregoing, the Board concludes Inc., Peoples State Agency of Colfax, Inc., Shelly that consummation of the proposal would not State Agency, Inc., Washburn State-Bayfield have an adverse effect on competition in any rel- Agency, Inc., and Union State-Webster, Inc., evant area. The banking factors are regarded as Docket Nos. BHC-102-106, BHC-107. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

54 FEDERAL RESERVE BULLETIN • JANUARY 1971 ORDER MAKING DETERMINATIONS State-Webster, Inc. shall terminate its real estate REGARDING PLANNED INSURANCE business activities, and on the further condition that ACTIVITIES OF NONBANKING Union State-Webster, Inc. shall cease the solicita- SUBSIDIARIES UNDER BANK tion of insurance business which is not connected with banking activity or solicitation for banking HOLDING COMPANY ACT business, Provided, however, that this determina- Otto Bremer Company and Otto Bremer tion is subject to revocation by the Board if the facts Foundation, Saint Paul, Minnesota, both holding upon which it is based change in any material recompanies within the meaning of § 2(a) of the spect and Provided, further, that Applicants shall Bank Holding Company Act of 1956 (12 U.S.C. not proceed in reliance upon the terms of this Order § 1841(a)), have filed requests for determinations for 10 days from the date hereof. by the Board of Governors of the Federal Reserve By order of the General Counsel of the Board of System that the activities planned to be undertaken Governors, December 31,1970, acting on behalf of by their nonbank subsidiaries: Farmers State the Board pursuant to delegated authority (12 CFR Agency of Frederic, Bank of Willmar Agency, § 265.2(b)(2)). Inc., Peoples State Agency of Colfax, Inc., Shelly State Agency, Inc., Washburn State-Bayfield (Signed) KENNETH A. KENYON, Agency, Inc., and Union State-Webster, Inc., are Deputy Secretary. of the kind described in § 4(c)(8) of the Act [SEAL] (12 U.S.C. § 1843(c)(8)) and § 222.4(a) of Regulation Y (12 CFR § 222.4(a)) so as to make HEARING EXAMINER'S REPORT AND RECOMMENDED it unnecessary for the prohibitions of § 4(a) of DECISION the Act, respecting the ownership or control of Docket Nos. voting shares in nonbanking companies, to apply [Farmers State Agency of Frederic BHC-102 in order to carry out the purposes of the Act. Bank of Willmar Agency, Inc. BHC-103 Pursuant to the requirements of § 4(c)(8) of Peoples State Agency of Colfax, Inc. BHC-104 the Act, and in accordance with the provisions of Shelly State Agency, Inc. BHC-105 §§ 222.4(a) and 222.5(a) of Regulation Y (12 Washburn State-Bayfield Agency, Inc. BHC-106] CFR §§ 222.4(a) and 222.5(a)), a hearing was held on these matters on July 29, 1970. On No- Otto Bremer Foundation and Otto Bremer Comvember 18, 1970, the Hearing Examiner filed his pany (hereinafter called "Applicants"), both bank Reports and Recommended Decisions, copies of holding companies under Section 2(a) of the Bank which are annexed hereto, wherein he recom- Holding Company Act of 1956, as amended (12 mended that the Board make the requested deter- U.S.C. 1841(a)) (hereinafter called "Act"), seek a minations subject to certain conditions with respect determination by the Board of Governors of the to the application relating to Union State-Webster, Federal Reserve System that the activities of the Inc. The time for filing exceptions to the Reports proposed incorporated nonbanking subsidiaries are and Recommended Decisions has expired. No or are to be of the kind described in section 4(c) exception has been filed to the Reports and Rec- (8) of the Act (12 U.S.C. 1843(c)(8)) so as to ommended Decisions of the Hearing Examiner. make it unnecessary for the prohibitions of Section The findings of fact, conclusions of law, and rec- 4(a) of the Act (12 U.S.C. 1843(a)) to apply in ommendations of the Hearing Examiner are order to carry out the purposes of the Act. Puradopted, and on the basis of the entire record, suant to Notices of Request and Order for Hearing IT IS HEREBY ORDERED, that the activities to be published in the Federal Register on July 1, 1970, undertaken by Farmers State Agency of Frederic, this matter was heard by the undersigned, a duly Bank of Willmar Agency, Inc., Peoples State designated Hearing Examiner (Board's Exhibit 2), Agency of Colfax, Inc., Shelly State Agency, Inc., on July 29, 1970, at Minneapolis, Minnesota. The Washburn State-Bayfield Agency, Inc., and Union Applicants and the Board, the latter in a non- State-Webster, Inc., are determined to be so closely adversary capacity, were represented at the hearrelated to the business of banking and of managing ing by counsel and were afforded full opportunity or controlling banks as to be a proper incident to be heard, to examine and cross-examine witthereto and as to make it unnecessary for the pro- nesses, to introduce evidence, and to file proposed hibitions of § 4(a) of the Act to apply in order to findings of fact and conclusions of law in support carry out its purposes, on the condition that Union thereof. The Applicants' proposed findings of fact, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 55 conclusions of law, and supporting brief were re- Washburn State-Bayfield Agency, Inc. ceived on October 19, 1970. Comments of Board's Washburn, Wisconsin counsel were received on November 4, 1970. (Board's Exhibit 1)" Based upon a consideration of the complete rec- 5. Each of the subsidiary banks named in Paraord, and of prior decisions and Orders of the Board,1 it is concluded that the Applicants are en- graph 3 above has been engaged in the insurance business for a number of years and each bank now titled to a favorable determination under Section desires to separately incorporate its insurance ac- 4(c) (8) of the Act. Findings of fact and conclutivities in order, among other reasons, to insulate sions of law follow. Proposed findings not adopted the bank from any liability arising from such operain terms or in substance are denied. tion and to effect a more efficient operation (Tr. 30, 56, 73, 90, 99). FINDINGS OF FACT The Applicants Area Practice 1. Otto Bremer Foundation was established in 6. It is customary for commercial banks outside December of 1944 as a tax-free charitable founda- of the major metropolitan areas in both Minnesota tion under the laws of the State of Minnesota and and Wisconsin to engage in the insurance business owns all of the shares of stock in Otto Bremer either directly or through affiliated organizations. Company. Otto Bremer Foundation has been a By law, national banks situated in cities having a duly registered bank holding company since amend- population in excess of 5,000 are prohibited from ment of the Act in 1966 (Tr. 106, 107). engaging in such activity (Tr. 55). Evidence pre- 2. Otto Bremer Company, a wholly-owned sub- sented at the hearing indicated that of some 586 sidiary of Otto Bremer Foundation, is a corpora- banks in Minnesota located outside of the cities of tion under the laws of the State of Minnesota and Minneapolis, Saint Paul and Duluth, at least 516 has been a duly registered bank holding company of those banks have affiliated insurance agencies since enactment of the Act in 1956 (Tr. 106, 107). (Tr. 114, 115) and that in excess of 90% of rural 3. Otto Bremer Foundation and Otto Bremer state banks in Wisconsin similarly have insurance Company jointly or severally own controlling stock departments or affiliated agencies (Tr. 28, 70, 89, interest in the following banks in Minnesota and 123). Wisconsin: 7. The practice of operating affiliated insurance agencies or departments is known to the banking Farmers State Bank, Frederic, Wisconsin and insurance authorities in the States of Minne- Peoples State Bank, Colfax, Wisconsin sota and Wisconsin and is not objected to by those Bank of Willmar, Willmar, Minnesota authorities. (Applicants' Exhibits 9, 10, 11; Tr. 34, State Bank of Shelly, Shelly, Minnesota 75, 90, 91). Washburn State Bank, Washburn, Wisconsin 8. From the viewpoint of service to the commu- (Applicants' Exhibits 1, 2, 3, 4 and 5). nity, it is desirable that banks engage in the insur- 4. In this proceeding, Applicants seek a deter- ance business as many banks function in smaller mination by the Board of Governors that they may communities where competent insurance services obtain voting shares, as more fully set forth here- might not be otherwise available (Tr. 122, 133). It after, in the following corporations: is important to the banks as it permits the bank to be assured that the property securing a loan is Farmers State Agency of Frederic, covered by adequate insurance at all times during Frederic, Wisconsin the term of the loan. It is important to the banks Bank of Willmar Agency, Inc. involved herein for competitive reasons (Tr. 135), Willmar, Minnesota since most state banks offer insurance services (Tr. Peoples State Agency of Colfax, Inc. 26, 27, 33, 55, 70, 89, 104, 123). While the statutes Colfax, Wisconsin of both Wisconsin and Minnesota provide that a Shelly State Agency, Inc. bank may require insurance on collateral, banks Shelly, Minnesota may not require a customer to obtain his insurance i Application of Otto Bremer Company and/or Otto Bremer Foundation: 1969 FRB 388; 1954 FRB 891; 1960 a An application in regard to Deer Park Insurance FRB 621; 1961 FRB 23; 1963 FRB 1389; 1967 FRB 1555. Agency listed in Exhibit 1 was withdrawn (Tr. 10). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

56 FEDERAL RESERVE BULLETIN • JANUARY 1971 from a lending bank, the borrower being free to agency, would similarly own 3,645 shares of the choose his own insurance agent (Tr. 23, 24, 136). 4,000 shares of authorized stock of the agency. Otto The evidence shows that some borrowers do, in Bremer Company owns no stock in the bank and fact, obtain their insurance from agencies other would own no stock in the agency (Applicants' Exthan those operated by a bank (Tr. 57, 101, 136). hibit 1; Tr. 19, 29). Through the facilities of affiliated agencies, banks 12. The shareholders of the incorporated insurare benefited by reason of the availability of infor- ance agency will be identical to those in the bank mation concerning insurance written covering col- and in the same proportion. The officers and direclateral, thus, permitting banks, among other things, tors of the incorporated agency will be officers and to insure that proper loss-payable clauses are in- directors of the bank. It is proposed that shares of cluded in such policies of insurance and that pol- the bank and the incorporated agency will be linked icies are kept in force (Tr. 26, 70-71, 101, 133, by a restrictive agreement whereby disposition of 134). There are insurance agents not connected the shares of the one corporation will require diswith banks in most of the trade areas involved (Tr. position of the shares of the other so that the 36-38, 47-48, 66, 82, 94, 123-124), although some shareholders of the bank and the incorporated evidence of inadequacy was adduced (Tr. 105, agency will remain identical with respect to owner- 122). No request, however, was made by inde- ship and the proportion of ownership (Applicants' pendent insurance agencies to intervene to oppose Exhibit 1; Tr. 28-29). the applications although adequate notice of an 13. During the year 1969, the insurance agency opportunity to intervene was given by publication had the following premium income: in the Federal Register (35 F.R. 10703; 35 F.R. Type of Insurance Gross Premiums Net Commissions 13553). Casualty, Indemnity & Miscellaneous $ 85,500.86 $14,345.46 Fire 56,990.68 12,220.21 Farmers State Agency of Frederic $142,491.54 $26,565.67 (Applicants' Exhibit 1; Tr. 20) 9. Frederic, Wisconsin, has a population of ap- 14. During the year 1969, the foregoing preproximately 1,000 and is located in an agricultural mium income was classified as follows: and resort area in northwestern Wisconsin. The 1. Premiums received from borrowers on insurtrade area of Frederic extends approximately 20 ance written in connection with collateral $21,491.54 2. Premiums received from borrowers on insurmiles in each direction and includes approximately ance not written in connection with collateral $18,000.00 3. Premiums received from non-borrowing 10,000 people. Within that trade area, there are customers $80,000.00 two banks other than the Farmers State Bank of 4. P no re n m -b i a u n m k s c r u e s c t e o iv m e e d r s on insurance written for $23,000.00 Frederic, both of which operate insurance agencies Included within Item 4 are premiums received from (Applicants' Exhibit 1; Tr. 14-15, 26, 27). Minnesota residents owning summer homes in the 10. The Farmers State Bank of Frederic, Wis- Frederic area who do not bank with the Frederic consin, was chartered in 1906 and has operated an State Bank but use its insurance facilities by reason insurance agency on the bank premises since 1917 of the fact that their insurance must be written by (Tr. 16, 17). The licensed insurance agents are a licensed Wisconsin agent (Applicants' Exhibit 1; officers of the bank and insurance is written by Tr. 20, 24-25, 26). those agents at their desks in connection with their 15. The Bank presently uses a local newspaper banking activities (Tr. 17, 18). Thus, the agency and two local radio stations for its advertising and is a fully-integrated part of the bank. Following inat various times advertising for the bank and the corporation, the agency will pay rental to the bank insurance department are included in the same adof $300.00 per month for rental and incidental services used by the agency (Tr. 18, 19). The in- vertisement (Tr. 30-32). In soliciting new business corporated agency will continue to conduct the in- for the bank, bank officers also solicit insurance surance business as the bank has done in the past, business, though the evidence indicates that the no change being made in the physical arrangements amount of such solicitation is limited (Tr. 35, 39or personnel and will restrict its activities solely to 42). the writing of insurance (Applicants' Exhibit 1; Tr. 16-19, 30). Bank of Willmar Agency, Inc. 11. Otto Bremer Foundation presently owns 16. Willmar, Minnesota, located in west-central 3,645 shares of the 4,000 shares of capital stock Minnesota, has a population of approximately in the bank and following incorporation of the 12,000 and its trade area extends approximately Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 57 thirty miles in each direction, encompassing ap- rowing customers and there was no such income proximately 75,000 people. Within the trade area from non-banking customers (Applicants' Exhibit are fifteen banks, all of which sell insurance. The 2; Tr. 53). principal economic activity in the area is agricul- 22. As the bank presently writes only credit life ture or agriculture connected with some industry and health and accident insurance, it does not for- (Applicants' Exhibit 2; Tr. 45-47). mally advertise its insurance activities, but obtains 17. The Bank of Willmar, Willmar, Minnesota, such business at the time a loan is made by sugwas chartered in 1876 and has operated an insur- gesting insurance to its customer (Tr. 58-59). ance agency on the bank premises for many years. Since 1962, it has sold credit life and accident and Peoples State Agency of Colfax, Inc. health insurance. The licensed insurance agents are 23. Colfax, Wisconsin, located in the extreme officers of the bank and insurance is written by eastern part of Wisconsin, has a population of apthose agents at their desks in connection with their proximately 1,000 people. It serves a trade area of banking activities. Thus, the agency is a fullyapproximately twenty to twenty-five miles in each integrated part of the bank. Following incorporadirection, and by reason of its proximity to Eau tion, the agency will pay rental to the bank of Claire, a number of its residents are employed in $50.00 per month for rental and incidental servvarious industries in that city. Of the seven banks ices used by the agency. The incorporated agency in the trade area, six of them, including Peoples will continue to conduct the insurance business as State Bank, operate insurance agencies (Applicants' the bank has done in the past, no change being Exhibit 3; Tr. 65). made in the physical arrangements or personnel and will restrict its activities solely to the writing of in- 24. Peoples State Bank, Colfax, Wisconsin, was surance (Applicants' Exhibit 2; Tr. 46-47, 49-51, chartered in 1915 and has operated an insurance 56-57). agency on the bank premises since 1936. The licensed insurance agent is an officer of the bank and 18. Otto Bremer Company presently owns insurance is written by this agent at his desk in 3,439'/i shares and the Otto Bremer Foundation connection with his banking activities. Thus, the presently owns 75 shares of the 4,500 shares of agency is a fully-integrated part of the bank. Folcapital stock in the bank, and following incorporalowing incorporation, the agency will pay rental to tion of the agency, each Applicant would similarly the bank of $100.00 per month for rental and inciown 3,439V2 shares and 75 shares, respectively, of dental services used by the agency. The incorporthe 4,500 shares of authorized stock of the agency ated agency will continue to conduct the insurance (Applicants' Exhibit 2; Tr. 52, 54). business as the bank has done in the past, no change 19. The shareholders of the incorporated insurbeing made in the physical arrangements of perance agency will be identical to those in the bank sonnel and will restrict its activities solely to the and in the same proportion. The officers and direcwriting of insurance (Applicants' Exhibit 3; Tr. 64, tors of the incorporated agency will be officers and 66,67, 73-74). directors of the bank. It is proposed that the shares 25. Otto Bremer Foundation presently owns 930 of the bank and the incorporated agency will be shares of the 1,200 shares of capital stock in the linked by a restrictive agreement whereby disposibank and following incorporation of the agency, tion of the shares of the one corporation will rewould similarly own 930 shares of the 1,200 shares quire disposition of the shares of the other so that of authorized stock of the agency. Otto Bremer the shareholders of the bank and the incorporated Company owns no stock in the bank and would agency will remain identical with respect to ownership and the proportion of ownership (Applicants' own no stock in the agency (Applicants' Exhibit Exhibit 2; Tr. 54). 3; Tr. 67-68, 70). 26. The shareholders of the incorporated insur- 20. During the year 1969, the insurance agency ance agency will be identical to those in the bank had the following premium income: and in the same proportion. The officers and direc- Type of Insurance Gross Premiums Net Commissions Credit Life & Health tors of the incorporated agency will be officers and & Accident $20,812.30 $10,736.85 (Applicants' Exhibit 2) directors of the bank. It is proposed that shares of 21. As all premium income was from credit life the bank and the incorporated agency will be and health and accident insurance written on a linked by a restrictive agreement whereby disposiborrower, all such income was attributed to bor- tion of the shares of the one corporation will re- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

58 FEDERAL RESERVE BULLETIN • JANUARY 1971 quire disposition of the shares of the other so that activities solely to the writing of insurance (Applithe shareholders of the bank and the incorporated cants' Exhibit 5; Tr. 93, 95, 103). agency will remain identical with respect to owner- 32. Otto Bremer Company presently owns 870 ship and the proportion of ownership (Applicants' shares and the Otto Bremer Foundation presently Exhibit 3; Tr. 69-70, 72-73). owns 60 shares of the 1,000 shares of capital stock 27. During the year 1969, the insurance agency in the bank, and following incorporation of the had the following premium income: agency, each Applicant would similarly own 870 Type of Insurance Gross Premiums Net Commissions shares and 60 shares, respectively, of the 1,000 Fire, Auto and Bonds $16,762.54 $3,139.64 shares of authorized stock of the agency (Appli- Credit Life 10,654.79 3,298.95 $27,417.33 $6,438.59 cants' Exhibit 5; Tr. 96, 98-99). (Applicants' Exhibit 3) 33. The shareholders of the incorporated insur- 28. Under the method of bookkeeping used by ance agency will be identical to those in the bank the bank, it is not practicable to determine exactly and in the same proportion. The officers and directhe relationship of premium income to borrowers, tors of the incorporated agency will be officers and non-borrowing customers and non-customers. Howdirectors of the bank. It is proposed that shares of ever, the president of the bank estimated that apthe bank and the incorporated agency will be linked proximately 80% of the premiums collected for by a restrictive agreement whereby disposition of fire, auto and bonds were from regular customers, the shares of the one corporation will require disincluding borrowers and that all of the credit life position of the shares of the other so that the sharewas written for borrowers. He also estimated that holders of the bank and the incorporated agency no more than five percent of premiums were from will remain identical with respect to ownership and non-banking customers (Applicants' Exhibit 3; Tr. the proportion of ownership (Applicants' Exhibit 68-69). 5; Tr. 98-99). 29. The bank in its advertising uses a local news- 34. During the year 1969, the insurance agency paper and occasionally radio and television. It also had the following premium income: employs "give-away" items, such as calendars and pens. Insurance services as well as banking services Type of Insurance Gross Premiums Net Commissions Fire & Inland Marine $ 5,954.00 $1,191.00 are mentioned in these ads (Tr. 72). Auto Casualty, Indemnity & Bonds 3,962.00 768.00 Shelly State Agency, Inc. Hail 12,932.00 2,565.00 Credit Life, Health 30. Shelly, Minnesota, is a village with a popula- & Accident 1,147.00 368.00 tion of approximately 300. It is located in a highly $25,714.00 $5,208.00 (Applicants' Exhibit 5) developed agricultural area in the Red River Valley 35. During the year 1969, the foregoing prein northwestern Minnesota. The trade area of mium income was classified as follows: Shelly extends approximately three to fifteen miles 1. Premiums received from borrowers on insurin all directions and includes in excess of 2,000 ance written in connection with collateral $ 1,207.00 2. Premiums received from borrowers and cuspeople. The three banks in the trade area all operate tomers on insurance not written in connection with collateral $24,500.00 insurance agencies (Applicants' Exhibit 5; Tr. 92- (includes credit life insurance) 93, 100). 3. Premiums received on insurance written for non-bank customers $ 1,000.00 31. The State Bank of Shelly, Shelly, Minnesota, Category 3 includes bonds written for a contractor, was chartered in 1901 and has operated an insur- who finds it inconvenient to do his banking with ance agency on the bank premises for over fifty the subject bank, but has the bank write his conyears. The licensed insurance agent is an officer of tractor bonds as no other bank in the area will do the bank and insurance is written by this agent at it for him (Applicants' Exhibit 5; Tr. 96-98). his desk in connection with his banking activities. 36. The bank in advertising in newspaper and Thus, the agency is a fully-integrated part of the radio ads incorporates both bank and insurance bank. Following incorporation, the agency will pay services. There is heavy emphasis on hail insurance rental to the bank of $50.00 per month for rental which advertising identifies the agency as being the and incidental services used by the agency. The in- Shelly State Agency located in the bank building corporated agency will continue to conduct the in- (Tr. 102-103). surance business as the bank has done in the past, no change being made in the physical arrange- Washburn State-Bayfield Agency, Inc. ments. An additional officer will be asked to be- 37. Washburn, Wisconsin, has a population of come a licensed agent. The agency will restrict its approximately 1,900 and is located in an agricul- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 59 tural area known for the production of apples, borrowing customers and there was no premium berries, tomatoes and wood products. Washburn is income from non-bank customers (Applicants' Exsituated on Lake Superior in the heart of the north- hibit 4; Tr. 85-86). ern Wisconsin tourist area, and its trade area ex- 43. In connection with bank newspaper and tends approximately twenty miles in three direcradio advertising, the fact that insurance is availtions (Applicants' Exhibit 4; Tr. 79-81). All of the able is mentioned, but as the bank offers only four banks in the trade area have insurance agencredit life insurance, it is not heavily advertised cies (Tr. 81). (Tr. 90). 38. The Washburn State Bank, Washburn, Wisconsin, was chartered in 1941 and has operated an REASONS FOR RECOMMENDATION insurance agency on the bank premises since 1964. The licensed insurance agent is an officer of the As heretofore pointed out3 previous decisions of bank and insurance is written by this agent at his the Board of Governors involving the very applidesk in connection with his banking activities. cants herein compel the conclusion that the ex- Thus, the agency is a fully-integrated part of the emptions sought should be granted. Applicants in bank. Following incorporation, the agency will pay this proceeding are controlling stockholders of five rental to the bank of $50.00 per month for rental small banks located in rural reas. The banks have and incidental services used by the agency. The in- long operated insurance agencies through the licorporated agency will continue to conduct the in- censing of their officers and other personnel with surance business as the bank has done in the past, the acquiescence of the states in which they are no change being made in the physical arrangements located. By incorporating the agency, the assets of or personnel and will restrict its activities solely to the bank presumably will be protected against posthe writing of insurance (Applicants' Exhibit 4; Tr. sible losses due to the insurance operation, book- 81-83, 88). keeping should be simplified and a reasonable uniform charge on the insurance business will be made 39. Otto Bremer Foundation presently owns by the bank. l,382'/2 shares of the 1,500 shares of capital stock in the bank and following incorporation of the Bank customers will be convenienced in a numagency, would similarly own 1,382'/2 shares of the ber of ways and bank loans, where the insurance 1,500 shares of authorized stock of the agency. on collateral is placed with the bank agency, will Otto Bremer Company owns no stock in the bank have the added protection that the agency will and would own no stock in the agency (Applicants' see to it that the insurance is adequate and main- Exhibit 4; Tr. 84, 86). tained. A large proportion of other rural banks sell in- 40. The shareholders of the incorporated insursurance so that the operation of such an agency is ance agency will be identical to those in the bank desirable from a competitor standpoint among and in the same proportion. The officers and direcbanks. There are independent insurance agencies tors of the incorporated agency will be officers and which are protected to an extent by legislative fiat directors of the bank. It is proposed that shares of preventing banks from designating themselves as the bank and the incorporated agency will be linked agents, as a condition to granting a loan. However, by a restrictive agreement whereby disposition of no independent agencies have attempted to interthe shares of the one corporation will require disvene to register an objection and the greatest proposition of the shares of the other so that the shareportion of insurance business done is for bank cusholders of the bank and the incorporated agency tomers. will remain identical with respect to ownership and The activities in which the agency will engage the proportion of ownership (Applicants' Exhibit are solely of an insurance nature and are so closely 4; Tr. 87). related to the business of banking that they clearly 41. During the year 1969, the insurance agency are within the exemption provided for in Section had the following premium income: 4(c)(8) of the Bank Holding Company Act (12 U.S.C. 1841). Type of Insurance Gross Premiums Net Commissions Credit Life $5,108.20 $ 396.09 Accordingly, we recommend that the applica- (Applicants' Exhibit 4; Tr. 85, 86) tions for exemption be approved. 42. As all premium income was from credit life insurance, all such income was attributable to 'Fn. l,.p. 55. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

60 FEDERAL RESERVE BULLETIN • JANUARY 1971 CONCLUSIONS OF LAW to apply. None applied.1 The matter was heard by the undersigned, a duly designated Hearing Exam- 1. All the activities of Farmers State Agency of iner on July 29, 1970, at Minneapolis, Minnesota. Frederic, Bank of Willmar Agency, Inc., Peoples The Applicants and the Board, the latter in a non- State Agency of Colfax, Inc., Shelly State Agency, adversary capacity, were represented at the hearing Inc., and Washburn State-Bayfield Agency, Inc., as by counsel and were afforded full opportunity to proposed, will be of an insurance nature or will be be heard, to examine and cross-examine witnesses, so closely related to the business of banking as to to introduce evidence, and to file proposed findings be a proper incident thereto, and as to make it unof fact and conclusions of law in support thereof. necessary for the prohibitions of section 4 of the The Applicants' proposed findings of fact, conclu- Bank Holding Company Act of 1956, as amended, sions of law, and supporting brief were received on to apply in order to carry out the purposes of the October 19, 1970. Comments of Board's counsel Act. were received on November 4, 1970. Based upon a consideration of the complete rec- RECOMMENDED DECISION ord, and of prior decisions and orders of the Board,2 it is concluded that the Applicants are en- It is recommended that the Board of Governors titled to a favorable determination under section of the Federal Reserve System: 4(c)(8) of the Act. Findings of fact and conclu- 1. Enter an Order determining the issues in this sions of law follow. Those not adopted in terms or proceeding in accordance with the above Findings in substance are denied. of Fact and Conclusions of Law, and, 2. Grant the request of Otto Bremer Founda- FINDINGS OF FACT tion and Otto Bremer Company for an Order pur- The Applicants suant to section 4(c)(8) of the Bank Holding Company Act of 1956, as amended, permitting 1. Otto Bremer Foundation was established in Otto Bremer Foundation and Otto Bremer Com- December of 1944 as a tax-free charitable foundapany to acquire voting shares in the said proposed tion under the laws of the State of Minnesota and corporations. owns all of the shares of stock in Otto Bremer November 5, 1970. Company. Otto Bremer Foundation has been a duly registered bank holding company since amendment (Signed) WALTER K. BENNETT, to the Act in 1966. (Tr. 106, 107). Hearing Examiner. 2. Otto Bremer Company, a wholly-owned subsidiary of Otto Bremer Foundation, is a corpora- HEARING EXAMINER'S REPORT AND RECOMMENDED tion under the laws of the State of Minnesota and DECISION has been a duly registered bank holding company Docket No. since enactment of the Act in 1956. (Tr. 106, 107). [Union State-Webster, Inc. BHC-107] 3. Otto Bremer Foundation owns 4,160 shares Otto Bremer Foundation and Otto Bremer Com- of the 7,000 shares of the capital stock in the Union pany (hereinafter called "Applicants"), both bank State Bank, Amery, Wisconsin, and also owns holding companies under Section 2(a) of the Bank 4,160 shares of the 7,000 authorized shares of the Holding Company Act of 1956, as amended (12 capital stock of Union State-Webster, Inc., a Wis- U.S.C. 1841(a)) (hereinafter called "Act") seek consin corporation. Otto Bremer Company owns a determination by the Board of Governors of the 300 shares of said common stock in said bank and Federal Reserve System that the activity of the in- also owns 300 shares of the said common stock in corporated . non-banking subsidiary, Union State- Webster, Inc., is of the kind described in section iThis was one of seven applications made October 24, 1969, but was made by separate letter. Through inadvert- 4(c)(8) of the Act (12 U.S.C. 1843(c)(8)) so as ence presumably, the name was omitted in a notice to make it unnecessary for the prohibitions of Sec- published July 1, 1970 (35 Fed. Reg. 10703). Accordingly, tion 4(a) of the Act (12 U.S.C. 1843(a)) to apply it was felt necessary that additional notice be given permitting intervention. Testimony was previously recorded in order to carry out the purposes of the Act. An at the request of counsel for the Board and no requests to amended Notice of Request and Order for Hearing intervene were made. was published in the Federal Register on August 25, s Applications of Otto Bremer Company and/or Otto Bremer Foundation, 1969 FRB 388; 1959 FRB 891; 1960 1970, affording possible intervenors an opportunity FRB 621; 1961 FRB 23; 1963 FRB 1389; 1967 FRB 1555. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 61 said Union State-Webster, Inc. (Applicants' Ex- 82, 94, 123-124) although some evidence of inhibit 8). adequacy was adduced. (Tr. 105, 122). No re- 4. In this proceeding, both Applicants seek a quest, however, was made by independent insurdetermination by the Board of Governors that ance agencies to intervene to oppose the applicathey may retain the shares aforesaid which they tions although adequate notice of an opportunity presently own. (Applicants' Exhibit 1A). to intervene was given by publication in the Federal Register (35 Fed. Reg. 10703; 35 Fed. Reg. Area Practice 13553). 5. It is customary for commercial banks outside Union State-Webster, Inc. of the major metropolitan areas in Wisconsin to engage in the insurance business, either directly or 8. Amery, Wisconsin, has a population of apthrough affiliated organizations. By law, national proximately 2,500 and is located in an agricultural banks situated in cities having a population in ex- area in extreme western Wisconsin. The trade area cess of 5,000 are prohibited from engaging in such of Amery extends approximately ten to twelve activity. (Tr. 55). Evidence presented at the hear- miles in each direction and includes approximately ing indicated that in excess of 90% of the rural 6,000 people. Within the trade area, there are state banks in Wisconsin have insurance depart- thirteen banks or bank branches (including appliments or affiliated agencies (Tr. 28, 70, 89, 123). cants' bank and branch), eight of which operate insurance agencies. (Applicants' Exhibit 8; Tr. 120, 6. The practice of operating affiliated insurance 123). agencies or departments is known to the banking and insurance authorities in the State of Wiscon- 9. The Union State Bank was chartered in 1918 sin and is not objected to by those authorities. (Ap- and an insurance agency has been operated in conplicants' Exhibits 9, 10, 11; Tr. 34, 75, 90, 91). nection with the bank since 1918. (Tr. 121). In January of 1964, the unincorporated agency was in- 7. From the viewpoint of service to the comcorporated as Union State Insurance Agency, Inc., munity, it is desirable that banks engage in the under the laws of the State of Wisconsin (Appliinsurance business as many banks function in cants' Exhibit 8; Tr. 121), and since that time, smaller communities where competent insurance it has operated as a separate corporation, having services might not be otherwise available. (Tr. its offices on the bank premises and several of its 122, 133). It is important to the bank as it licensed agents being officers or employees of the permits the bank to be assured that the property bank. (Tr. 121-122). The reason for so incorporsecuring a loan is covered by adequate insurance ating is greater efficiency and to insulate the bank at all times during the term of the loan. It is also from any liability resulting from the operation of important to the bank and agency involved herein the unincorporated agency. (Tr. 134). The agency for competitive reasons (Tr. 135) since most state presently pays $300.00 per month in rental to the banks in Wisconsin offer insurance services (Tr. 26, bank for space and services, and while its principal 27, 33, 55, 70, 89, 104, 123). While the statutes business activity has been the selling of insurance, of Wisconsin provide that a bank may require init has in the past, to some extent, been involved in surance on collateral, banks may not require a custhe sale of real estate. (Tr. 135). At the hearing, tomer to obtain his insurance from a lending bank, the president of the bank testified that arrangements the borrower being free to choose his own insurhad been made to discontinue all real estate busiance agent. (Tr. 23, 24, 136). The evidence shows ness and that, in the future, the agency will limit that some borrowers do, in fact, obtain their initself strictly to the sale of insurance. (Tr. 135, surance from agencies other than those operated 143). by a bank. (Tr. 57, 101, 136). Through the facilities of affiliated agencies, banks are benefited by 10. With minor exceptions,3 all shareholders of reason of the availability of information concern- the incorporated agency are identical to those in ing insurance written covering collateral, thus, per- the bank, with Applicants holding shares as indimitting banks, among other things, to insure that cated above. The officers and directors of the inproper loss-payable clauses are included in such corporated agency are officers, directors, or empolicies of insurance and that policies are kept in ployees of the bank. (Applicants' Exhibit 8.) force. (Tr. 26, 70-71, 101, 133, 134). There are insurance agents not connected with banks in most ' Three stockholders aggregating 46 shares (out of 7,000) of the trade areas involved (Tr. 36-38, 47-48, 66, have not yet exercised their option to secure added shares. (Tr. 130). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 62 FEDERAL RESERVE BULLETIN • JANUARY 1971 11. During the year 1969, the insurance agency should not be continued in the future. We conhad the following premium income: sider these seriatim. Regarding the failure of the original notice of Type of Insurance Gross Premiums Net Commissions Property and Casualty $327,896.37 $61,569.53 hearing to include Union State-Webster, Inc. that Health and Accident 88,098.13 5,359.36 failure was in no way attributable to applicants. Credit Life 18,046.04 10,355.76 Life Insurance Not Stated 1,556.07 Moreover, after the hearing was held at the request $434,040.54 $78,840.72 of counsel for the bank, an amended notice was (Applicants' Exhibit 8; Tr. 125). served giving any possible intervenors an opportu- 12. During the year 1969, the foregoing pre- nity to seek intervention. None did. So any notice mium income was classified as follows: defect has been waived. The second difference, that applicants already 1. Premiums received from borrowers on insurance written in connection with collateral $15,265.00 owned Union State-Webster, Inc., seems immate- 2. Premiums received from borrowers on insurance not written in connection with collateral $116,624.00 rial. That agency had been owned by the Otto 3. Premiums received from non-borrowing customers $140,237.00 Bremer Foundation prior to the amendment of the 4. Premiums received on insurance written for Bank Holding Company Act which made charinon-bank customers $151,914.00 table trusts subject to it. (Tr. 116). So, at the time Included within Item 4 are premiums received of its purchase the Foundation could properly own from Minnesota residents owning summer homes it. Subsequently, after discussing the matter with in the Amery area who do not bank with the Union representatives of the Federal Reserve Bank, the State Bank but use its insurance facilities by reason Foundation was advised to include Union Stateof the fact that their insurance must be written by Webster, Inc. in the next set of applications for a licensed Wisconsin agent. (Applicants' Exhibit 8; permission to incorporate the insurance business of Tr. 125-129). applicants' banks. (Tr. 116-117). This is that application. 13. From the evidence presented at the hearing, there is some indication that while for the most The last difference is that Union State-Webster, part new insurance and banking business is jointly Inc. has engaged in real estate transactions and in solicited by officers or employees of the bank and soliciting insurance independent of banking. It has agency, on some occasions in the past, insurance now been agreed that it will no longer do so (Tr. business has been solicited separate and apart from 153) and applicants' proposed findings forbid it. the banking business. At the present time, it would This, we believe, may properly be remedied by appear, however, that officers and employees, be- conditioning the order of approval as has been done cause of the press of business, have no time to in other instances. (1961 FRB 290, 767; 1960 solicit new business and that there presently is no FRB 152; 1959 FRB 891). active solicitation of new insurance business. In Accordingly, we recommend that the applicathe opinion of the president of the bank, however, tion be approved on the conditions stated. the insurance business complements the banking business, the banking business complements the in- CONCLUSIONS OF LAW surance business and there is a close relationship All of the activities of Union State-Webster, Inc., between the insurance business and the banking following termination of its real estate activities and business. (Tr. 138-146). its activity in soliciting insurance not connected with banking activity or the solicitation of banking REASONS FOR RECOMMENDATION business will be of an insurance nature and will be so closely related to the business of banking as to Substantially the same reasons given for recombe a proper incident thereto, and as to make it mending today the approval of the five applications unnecessary for the prohibitions of Section 4 of the of the applicants herein apply to the application Bank Holding Company Act of 1956, as amended, covered by this recommended decision. Hence, to apply in order to carry out the purposes of the those reasons are incorporated herein by reference Act. to avoid repetition. However, certain differences should be considered. The significant differences are that: The evidence was taken prior to the notice RECOMMENDED DECISION of hearing; an existing ownership rather than a It is recommended that the Board of Governors prospective one is involved; and, some of the activi- of the Federal Reserve System: ties of the existing company are such that they 1. Enter an Order determining the issues in this Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 63 proceeding in accordance with the above Findings voting shares in the said Union State-Webster, Inc., of Fact and Conclusions of Law, and, conditioned on the termination of real estate activi- 2. Grant the request of Otto Bremer Foundation ties and of solicitation of insurance business not and Otto Bremer Company for an Order pursuant connected with banking activity or solicitation for to section 4(c)(8) of the Bank Holding Company banking business. Act of 1956, as amended, permitting Otto Bremer (Signed) WALTER K. BENNETT, Foundation and Otto Bremer Company to retain Hearing Examiner. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements DESIGNATIONS AND APPOINTMENTS OF CHAIRMEN AND FEDERAL RESERVE AGENTS, DEPUTY CHAIRMEN, AND DIRECTORS The Board of Governors of the Federal Reserve System announced its appointments at the Federal Reserve Banks and branches, effective January 1, 1971. The appointments are for Chairmen (who also serve as Federal Reserve Agents), Deputy Chairmen, and directors at the Federal Reserve Banks, and for directors at the Federal Reserve branches. Names in CAPITALS indicate NEW appointments; all others are reappointments. Brief biographic data about each of the new appointees follow the listings. CHAIRMEN AND FEDERAL RESERVE AGENTS (One-year terms) Federal Reserve Bank: Boston James S. Duesenberry, Professor of Economics, Harvard University, Cambridge, Massachusetts New York Albert L. Nickerson, former Chairman of the Board, Mobil Oil Corporation, New York, New York Philadelphia BAYARD L. ENGLAND, Chairman of the Board, Atlantic City Electric Company, Atlantic City, New Jersey Cleveland Albert G. Clay, President, Clay Tobacco Company, Mt. Sterling, Kentucky Richmond Wilson H. Elkins, President, University of Maryland, College Park, Maryland Atlanta Edwin I. Hatch, President, Georgia Power Company, Atlanta, Georgia Chicago Emerson G. Higdon, President, The Maytag Company, Newton, Iowa St. Louis Frederic M. Peirce, Chairman of the Board and Chief Executive Officer, General American Life Insurance Company, St. Louis, Missouri Minneapolis DAVID M. LILLY, Chairman of the Board, Toro Manufacturing Corporation, Minneapolis, Minnesota Kansas City ROBERT W. WAGSTAFF, President, Kansas City Coca-Cola Bottling Company, Kansas City, Missouri Dallas CHARLES F. JONES, Vice Chairman of the Board, Humble Oil & Refining Company, Houston, Texas San Francisco O. Meredith Wilson, President and Director, Center for Advanced Study in the Behavioral Sciences, Stanford, California DEPUTY CHAIRMEN (One-year terms) Federal Reserve Bank: Boston LOUIS W. CABOT, Chairman of the Board, Cabot Corporation, Boston, Massachusetts New York ROSWELL L. GILPATRIC, Partner, Cravath, Swaine & Moore, Attorneys, New York, New York 64 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPUTY CHAIRMEN—Continued Philadelphia D. ROBERT YARNALL, Jr., President, Yarway Corporation, Blue Bell, Pennsylvania Cleveland J. Ward Keener, Chairman of the Board and Chief Executive Officer, The B. F. Goodrich Company, Akron, Ohio Richmond Robert W. Lawson, Jr., Managing Partner of Charleston Office, Steptoe & Johnson, Charleston, West Virginia Atlanta John C. Wilson, President, Horne-Wilson, Inc., Atlanta, Georgia Chicago William H. Franklin, President, Caterpillar Tractor Company, Peoria, Illinois St. Louis SAM COOPER, President, HumKo Products, Memphis, Tennessee Minneapolis BRUCE B. DAYTON, Chairman of the Board, Dayton Hudson Corporation, Minneapolis, Minnesota Kansas City Willard D. Hosford, Jr., Vice President, General Manager, John Deere Company, Omaha, Nebraska Dallas PHILIP G. HOFFMAN, President, University of Houston, Houston, Texas San Francisco S. Alfred Halgren, Senior Vice President, Carnation Company, Los Angeles, California FEDERAL RESERVE BANK DIRECTORS 1 (Three-year terms) Federal Reserve Bank: Boston John M. Fox, President, United Fruit Company, Division of United Brands Company, Boston, Massachusetts New York WHITNEY M. YOUNG, Jr., Executive Director, National Urban League, New York, New York Philadelphia JOHN R. COLEMAN, President, Haverford College, Haverford, Pennsylvania Cleveland J. Ward Keener (see above) Richmond Stuart Shumate, President, Richmond, Fredericksburg and Potomac Railroad Company, Richmond, Virginia Adanta John C. Wilson (see above) Chicago JOHN W. BAIRD, President, Baird & Warner, Chicago, Illinios St. Louis HARRY M. YOUNG, Jr., Farmer, Herndon, Kentucky Minneapolis RUSS B. HART, President, Hart-Albin Company, Billings, Montana Kansas City ROBERT T. PERSON, President, Public Service Company of Colorado, Denver, Colorado Dallas JOHN LAWRENCE, Chairman of the Board and Chairman of the Executive Committee, Dresser Industries, Inc., Dallas, Texas San Francisco O. Meredith Wilson (see above) 'Each Federal Reserve Bank has a board of directors directors are appointed by the Board of Governors. One consisting of nine members, divided equally into three term in each class of directors expires at the end of each classes, known as Classes A, B, and C. The six A and B year. The Board of Governors appoints the Chairmen and directors are elected by the member banks, and the three C Deputy Chairmen from among the Class C directors. 65 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 66 FEDERAL RESERVE BULLETIN • JANUARY 1971 FEDERAL RESERVE BANK BRANCH DIRECTORS1 (Three-year terms unless otherwise indicated) Federal Reserve Bank and Branch: New York Buffalo RUPERT WARREN, President, Trico Products Corporation, Buffalo, New York Cleveland Cincinnati CLAIR F. VOUGH, Vice President, International Business Machines Corporation, Lexington, Kentucky Pittsburgh ROBERT E. KIRBY, President, Industry and Defense Products, Westinghouse Electric Corporation, Pittsburgh, Pennsylvania Richmond Baltimore John H. Fetting, Jr., President, A. H. Fetting Company, Baltimore, Maryland Charlotte CHARLES W. DeBELL, General Manager, North Carolina Works, Western Electric Company, Inc., Winston-Salem, North Carolina Atlanta Birmingham DAVID MATHEWS, President, University of Alabama, University, Alabama Jacksonville Henry Cragg, Vice President, Coca-Cola Company Foods Division, Orlando, Florida Nashville JAMES W. LONG, Farmer, Springfield, Tennessee New Orleans BROADUS N. BUTLER, President, Dillard University, New Orleans, Louisiana Chicago Detroit L. William Seidman, Resident Partner, Seidman & Seidman, Grand Rapids, Michigan St. Louis Little Rock ROLAND R. REMMEL, Chairman of the Board, Southland Building Products Co., Little Rock, Arkansas Louisville WILLIAM H. STROUBE, Assistant Dean, College of Science and Technology, Western Kentucky University, Bowling Green, Kentucky Memphis Alvin Huffman, Jr., President, Huffman Brothers Incorporated, Blytheville, Arkansas 2 Branches of Federal Reserve Banks have either five or Federal Reserve System. The announcement of the appointseven directors, of whom a majority are appointed by the ments of branch directors made by the Federal Reserve board of directors of the parent Federal Reserve Bank, and Banks is published on page 71. the others are appointed by the Board of Governors of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 67 FEDERAL RESERVE BANK BRANCH DIRECTORS—Continued Minneapolis (2-year term) Helena Warren B. Jones, Secretary-Treasurer, Two Dot Land and Livestock Company, Harlowton, Montana Kansas City (2-year terms) Denver David R. C. Brown, President, The Aspen Skiing Corporation, Aspen, Colorado Oklahoma City Florin W. Zaloudek, Manager, J. I. Case Implements, Kremlin, Oklahoma Omaha Henry Y. Kleinkauf, President, Natkin & Company, Omaha, Nebraska Dallas El Paso HERBERT M. SCHWARTZ, President, Popular Dry Goods Company, Inc., El Paso, Texas Houston M. Steele Wright, Jr., Chairman of the Board, Texas Farm Products Company, Nacogdoches, Texas San Antonio IRVING A. MATHEWS, President, Frost Bros., Inc., San Antonio, Texas San Francisco Los Angeles Norman B. Houston, Director, Golden State Mutual Life Insurance Company, Los Angeles, California (2-year terms) Portland JOHN R. HOWARD, President, Lewis and Clark College, Portland, Oregon Salt Lake City JOHN H. BRECKENRIDGE, President, L. L. Breckenridge Company, Twin Falls, Idaho Seattle C. Henry Bacon, Jr., Vice Chairman of the Board, Simpson Timber Company, Seattle, Washington Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 68 FEDERAL RESERVE BULLETIN • JANUARY 1971 Federal Reserve Bank of Boston School of Finance and Commerce of the Univer- LOUIS W. CABOT, Boston, Massachusetts, who sity of Pennsylvania, Philadelphia, whose terms as has been serving as a Board-appointed director of Chairman and as a director expired December 31, the Federal Reserve Bank of Boston since January 1970. 1, 1970, was appointed Deputy Chairman of the Bank for the year 1971. He is Chairman of the D. ROBERT YARNALL, Jr., Blue Bell, Penn- Board of Cabot Corporation (chemical manufac- sylvania, who has been serving as a Board-apturers) in Boston. As Deputy Chairman he suc- pointed director of the Federal Reserve Bank of ceeds John M. Fox, President of United Fruit Philadelphia since January 1, 1965, was appointed Company, Division of United Brands Company, Deputy Chairman of the Bank for the year 1971. Boston, who was reappointed to a second three- He is President of Yarway Corporation (heavy year term as a director. equipment manufacturing) in Blue Bell. As Deputy Chairman he succeeds Bayard L. England (see Federal Reserve Bank of New York preceding paragraph). ROSWELL L. GILPATRIC, New York, New York, who has been serving as a Board-appointed JOHN R. COLEMAN, Haverford, Pennsyldirector of the Federal Reserve Bank of New York vania, was appointed a Class C director of the since January 1, 1969, was appointed Deputy Federal Reserve Bank of Philadelphia for a three- Chairman of the Bank for the year 1971. He is a year term beginning January 1, 1971. He is Presipartner in the law firm of Cravath, Swaine & dent of Haverford College. As a director he suc- Moore in New York City. As Deputy Chairman ceeds Willis J. Winn (see two paragraphs above). he succeeds James M. Hester, President of New York University, whose terms as Deputy Chairman Federal Reserve Bank of Cleveland and as a director expired December 31, 1970. CLAIR F. VOUGH, Lexington, Kentucky, was appointed a director of the Cincinnati Branch of WHITNEY M. YOUNG, Jr., New York, New the Federal Reserve Bank of Cleveland for a York, was appointed a Class C director of the three-year term beginning January 1, 1971. He is Federal Reserve Bank of New York for a three- Vice President of International Business Machines year term beginning January 1, 1971. He is Execu- Corporation in Lexington. As a director he suctive Director of the National Urban League in ceeds Orin E. Atkins, President of Ashland Oil, New York City. As a director he succeeds James Inc., Ashland, Kentucky, whose term as a director M. Hester (see preceding paragraph). expired December 31, 1970. RUPERT WARREN, Buffalo, New York, was ROBERT E. KIRBY, Pittsburgh, Pennsylvania, appointed a director of the Buffalo Branch of the was appointed a director of the Pittsburgh Branch Federal Reserve Bank of New York for a three- of the Federal Reserve Bank of Cleveland for a year term beginning January 1, 1971. He is Presi- three-year term beginning January 1, 1971. He is dent of Trico Products Corporation (automotive President of Industry and Defense Products of products manufacturers) in Buffalo. As a director Westinghouse Electric Corporation in Pittsburgh. he succeeds Robert S. Bennett, former General As a director he succeeds Bob Rawls Dorsey, Manager of the Lackawanna Plant of Bethlehem President of Gulf Oil Corporation, Pittsburgh, Steel Corporation, Buffalo, whose term as a direc- whose term as a director expired December 31, tor expired December 31, 1970. 1970. Federal Reserve Bank of Philadelphia Federal Reserve Bank of Richmond BAYARD L. ENGLAND, Atlantic City, New CHARLES W. DeBELL, Winston-Salem, North Jersey, who has been serving as a Board-appointed Carolina, was appointed a director of the Chardirector and had been Deputy Chairman of the lotte Branch of the Federal Reserve Bank of Rich- Federal Reserve Bank of Philadelphia since March mond for a three-year term beginning January 1, 3, 1966, was designated Chairman of the Bank for 1971. He is General Manager of the North Carothe year 1971. He is Chairman of the Board of lina Works of Western Electric Company, Inc., Atlantic City Electric Company. As Chairman he in Winston-Salem. As a director he succeeds Wilsucceeds Willis J. Winn, Dean of the Wharton liam B. McGuire, President of Duke Power Com- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 69 pany, Charlotte, North Carolina, whose term as a Co., Cadiz, Kentucky, whose terms as Deputy director expired December 31, 1970. Chairman and as a director expired December 31, 1970. Federal Reserve Bank of Atlanta DAVID MATHEWS, University, Alabama, was HARRY M. YOUNG, Jr., Herndon, Kentucky, appointed a director of the Birmingham Branch of was appointed a Class C director of the Federal the Federal Reserve Bank of Atlanta for a three- Reserve Bank of St. Louis for a three-year term year term beginning January 1, 1971. He is Presi- beginning January 1, 1971. He is a farmer in Herndent of the University of Alabama. As a director don. As a director he succeeds Smith D. Broadbent, he succeeds Caldwell Marks, Chairman of the Jr. (see preceding paragraph). Board of Motion Industries, Inc., Birming- ROLAND R. REMMEL, Little Rock, Arkansas, ham, Alabama, whose term as a director expired was appointed a director of the Little Rock Branch December 31, 1970. of the Federal Reserve Bank of St. Louis for a three-year term beginning January 1, 1971. He is JAMES W. LONG, Springfield, Tennessee, was Chairman of the Board of Southland Building appointed a director of the Nashville Branch of the Products Co. in Little Rock. As a director he Federal Reserve Bank of Atlanta for a three-year succeeds Fred I. Brown, Jr., President, Arkansas term beginning January 1, 1971. He is a farmer in Foundry Company, Little Rock, whose term as a Springfield. As a director he succeeds Robert M. director expired December 31, 1970. Williams, President of ARO Inc., Tullahoma, Tennessee, whose term as a director expired December WILLIAM H. STROUBE, Bowling Green, Ken- 31, 1970. tucky, was appointed a director of the Louisville Branch of the Federal Reserve Bank of St. Louis BROADUS N. BUTLER, New Orleans, Louisifor a three-year term beginning January 1, 1971. ana, was appointed a director of the New Orleans He is Assistant Dean of the College of Science and Branch of the Federal Reserve Bank of Atlanta for Technology of Western Kentucky University in a three-year term beginning January 1, 1971. He is Bowling Green. As a director he succeeds Harry President of Dillard University in New Orleans. As M. Young, Jr. (see two paragraphs above), whose a director he succeeds Robert H. Radcliff, Jr., term as a director expired December 31, 1970. President, Southern Industries Corporation, Mobile, Alabama, whose term as a director expired Decem- Federal Reserve Bank of Minneapolis ber 31, 1970. DAVID M. LILLY, Minneapolis, Minnesota, who has been serving as a Board-appointed director Federal Reserve Bank of Chicago and had been Deputy Chairman of the Federal Re- JOHN W. BAIRD, Chicago, Illinois, was ap- serve Bank of Minneapolis since January 1, 1969, pointed a Class C director of the Federal Reserve was designated Chairman of the Bank for the year Bank of Chicago for a three-year term beginning 1971. He is Chairman of the Board of Toro Man- January 1, 1971. He is President of Baird & War- ufacturing Corporation in Minneapolis. As Chairner, Inc. (real estate) in Chicago. As a director man he succeeds Robert F. Leach, an attorney with he succeeds Franklin J. Lunding, Chairman of the Oppenheimer, Hodgson, Brown, Wolff & Leach, St. Finance Committee, Jewel Companies, Inc., Mel- Paul, Minnesota, who died December 11, 1970. rose Park, Illinois, whose term as a director expired December 31, 1970. BRUCE B. DAYTON, Minneapolis, Minnesota, was appointed a Class C director of the Federal Federal Reserve Bank of St. Louis Reserve Bank of Minneapolis, effective January 1, SAM COOPER, Memphis, Tennessee, who has 1971, for the remainder of a three-year term expirbeen serving as a Board-appointed director of the ing December 31, 1971, and was appointed Deputy Federal Reserve Bank of St. Louis since January Chairman of the Bank for the year 1971. He is 1, 1969, was appointed Deputy Chairman of the Chairman of the Board of Dayton Hudson Cor- Bank for the year 1971. He is President of HumKo poration (department stores) in Minneapolis. As a Products (division of Kraftco Corporation) in director he succeeds Robert F. Leach and as Memphis. As Deputy Chairman he succeeds Smith Deputy Chairman he succeeds David M. Lilly (see D. Broadbent, Jr., owner of Broadbent Hybrid Seed preceding paragraph). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 70 FEDERAL RESERVE BULLETIN • JANUARY 1971 RUSS B. HART, Billings, Montana, was ap- JOHN LAWRENCE, Dallas, Texas, was appointed a Class C director of the Federal Reserve pointed a Class C director of the Federal Reserve Bank of Minneapolis for a three-year term begin- Bank of Dallas for a three-year term beginning ning January 1, 1971. He is President of Hart- January 1, 1971. He is Chairman of the Board and Albin Company (retail stores) in Billings. As a Chairman of the Executive Committee of Dresser director he succeeds Byron W. Reeve, President of Industries, Inc. (oil field equipment), in Dallas. As Lake Shore, Inc., Iron Mountain, Michigan, whose a director he succeeds Carl J. Thomsen (see two term as a director expired December 31, 1970. paragraphs above). Federal Reserve Bank of Kansas City HERBERT M. SCHWARTZ, El Paso, Texas, ROBERT W. WAGSTAFF, Kansas City, Mis- was appointed a director of the El Paso Branch of souri, who has been serving as a Board-appointed the Federal Reserve Bank of Dallas for a threedirector of the Federal Reserve Bank of Kansas year term beginning January 1, 1971. He is Presi- City since January 1, 1969, was designated Chair- dent of Popular Dry Goods Company, Inc., in El man of the Bank for the year 1971. He is President Paso. As a director he succeeds Gordon W. Foster, of Kansas City Coca-Cola Bottling Company in Vice President, Farah Manufacturing Company, Kansas City. As Chairman he succeeds Dolph Inc., El Paso, whose term as a director expired De- Simons, Editor of the Journal-World in Lawrence, cember 31, 1970. Kansas, whose terms as Chairman and as a director expired December 31, 1970. IRVING A. MATHEWS, San Antonio, Texas, was appointed a director of the San Antonio ROBERT T. PERSON, Denver, Colorado, was Branch of the Federal Reserve Bank of Dallas for appointed a Class C director of the Federal Reserve a three-year term beginning January 1, 1971. He is Bank of Kansas City for a three-year term begin- President of Frost Bros., Inc. (department store), ning January 1, 1971. He is President of Public in San Antonio. As a director he succeeds Lloyd Service Company of Colorado in Denver. As a M. Knowlton, General Manager, Knowlton's director he succeeds Dolph Simons (see preceding Creamery, San Antonio, whose term as a director paragraph). expired December 31, 1970. Federal Reserve Bank of Dallas Federal Reserve Bank of San Francisco CHAS. F. JONES, Houston, Texas, who has JOHN R. HOWARD, Portland, Oregon, was been serving as a Board-appointed director of the appointed a director of the Portland Branch of the Federal Reserve Bank of Dallas since October 22, Federal Reserve Bank of San Francisco for a two- 1968, and had been Deputy Chairman since Januyear term beginning January 1, 1971. He is Presiary 1, 1970, was designated Chairman of the Bank dent of Lewis and Clark College in Portland. As a for the year 1971. He is Vice Chairman of the director he succeeds Robert F. Dwyer, Partner, Board of Humble Oil & Refining Company in Dwyer Forest Products Company, Portland, whose Houston. As Chairman he suceeds Carl J. Thomterm as a director expired December 31, 1970. sen, Senior Vice President, Texas Instruments Incorporated, Dallas, Texas, whose terms as Chairman and as a director expired December 31, 1970. JOHN H. BRECKENRIDGE, Twin Falls, Idaho, was appointed a director of the Salt Lake City PHILIP G. HOFFMAN, Houston, Texas, who Branch of the Federal Reserve Bank of San Franhas been serving as a Board-appointed director of cisco for a two-year term beginning January 1, the Federal Reserve Bank of Dallas since January 1971. He is President of L. L. Breckenridge Com- 1, 1970, was appointed Deputy Chairman for the pany (farming) in Twin Falls. As a director he year 1971. He is President of the University of succeeds Peter E. Marble, a rancher at Deeth, Houston. As Deputy Chairman he succeeds Chas. Nevada, whose term as a director expired Decem- F. Jones (see preceding paragraph). ber 31, 1970. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 71 FEDERAL RESERVE BANK APPOINTMENTS OF BRANCH DIRECTORS1 The Federal Reserve Banks have announced the following appointments of branch directors. The appointments have been made for terms of three years beginning January 1, 1971, except as otherwise indicated. Names in CAPITALS indicate NEW appointments; all others are reappointments. Federal Reserve Bank and Branch: New York Buffalo WILLIAM B. ANDERSON, President, The First National Bank of Jamestown, New York, succeeds Charles L. Hughes, President, The Silver Creek National Bank, Silver Creek, New York. ANGELO A. COSTANZA, President and Chief Executive Officer, Central Trust Company, Rochester, New York, succeeds Wilmot R. Craig, Chairman of the Board, Lincoln Rochester Trust Company, Rochester, New York. Cleveland Cincinnati PAUL W. CHRISTENSEN, Jr., President, Cincinnati Gear Company, Cincinnati, Ohio, succeeds Fred O. MacFee, Jr., Vice President and General Manager, Aircraft Engine Operating Division of General Electric Company, Cincinnati, Ohio. (2 years of term remain) ROBERT E. HALL, President, The First National Bank and Trust Company, Troy, Ohio, succeeds Edward W. Barker, President, First National Bank of Middletown, Ohio. (2 years of term remain) WILLIAM S. ROWE, President, The Fifth Third Bank, Cincinnati, Ohio, succeeds Fletcher E. Nyce, Chairman of the Board and Chief Executive Officer, The Central Trust Company, Cincinnati, Ohio. Pittsburgh MERLE E. GILLIAND, President and Chief Executive Officer, Pittsburgh National Bank, Pittsburgh, Pennsylvania, succeeds George S. Cook, President, Somerset Trust Company, Somerset, Pennsylvania. Richmond Baltimore James J. Robinson, Executive Vice President, Bank of Ripley, West Virginia. J. STEVENSON PECK, President, Union Trust Company of Maryland, Baltimore, Maryland, succeeds Adrian L. Mc- Cardell, Chairman of the Board, First National Bank of Maryland, Baltimore, Maryland. ' Federal Reserve branches have either five or seven di- Federal Reserve, System. The announcement of appointrectors, of whom a majority are appointed by the board of ments of branch directors made by the Board of Governors directors of the parent Federal Reserve Bank, and the is published on page 66. others are appointed by the Board of Governors of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 72 FEDERAL RESERVE BULLETIN • JANUARY 1971 Richmond—Continued Charlotte C. C. Cameron, Chairman of the Board and President, First Union National Bank of North Carolina, Charlotte, North Carolina. H. Phelps Brooks, Jr., President, The Peoples National Bank, Chester, South Carolina. Atlanta Birmingham WALLACE D. MALONE, Jr., Chairman of the Board and President, First National Bank of Dothan, Alabama, succeeds George A. LeMaistre, President, City National Bank, Tuscaloosa, Alabama. C. LOGAN TAYLOR, Chairman of the Board and President, The First State Bank of Oxford, Alabama, succeeds Arthur L. Johnson, President, Camden National Bank, Camden, Alabama. Jacksonville MALCOLM C. BROWN, Chairman of the Board and President, Florida First National Bank at Brent, Pensacola, Florida, succeeds John Y. Humphress, Executive Vice President, Capital City First National Bank, Tallahassee, Florida. A. CLEWIS HOWELL, President, Marine Bank and Trust Company, Tampa, Florida, succeeds Harry Hood Bassett, Chairman of the Board, The First National Bank, Miami, Florida. Nashville DAN B. ANDREWS, President, First National Bank, Dickson, Tennessee, succeeds W. H. Swain, President, First National Bank, Oneida, Tennessee. KENNETH L. ROBERTS, Executive Vice President, Commerce Union Bank, Nashville, Tennessee, succeeds Hubert A. Crouch, Jr., Executive Vice President, Third National Bank in Nashville, Tennessee. New Orleans T. A. FLANAGAN, Jr., President, Lakeside National Bank of Lake Charles, Louisiana, succeeds Lucien J. Hebert, Jr., Executive Vice President, Lafourche National Bank of Thibodaux, Louisiana. LAWRENCE A. MERRIGAN, President, The Bank of New Orleans and Trust Company, New Orleans, Louisiana, succeeds Morgan Whitney, Senior Vice President, Whitney National Bank of New Orleans, Louisiana. Chicago Detroit ELLIS B. MERRY, Chairman of the Board, National Bank of Detroit, Michigan, succeeds Raymond T. Perring, Chairman of the Board, The Detroit Bank and Trust Company, Detroit, Michigan. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 73 St. Louis Little Rock Edward M. Penick, President and Chief Executive Officer, Worthen Bank & Trust Company, Little Rock, Arkansas. Louisville HERBERT J. SMITH, President, The American National Bank and Trust Company of Bowling Green, Kentucky, succeeds James C. Zimmerman, Executive Vice President, The Owensboro National Bank, Owensboro, Kentucky. (2 years of term remain) HAROLD E. JACKSON, President, The Scott County State Bank, Scottsburg, Indiana, succeeds J. E. Miller, Executive Vice President, Sellersburg State Bank, Sellersburg, Indiana. Memphis J. J. White, President, Helena National Bank, Helena, Arkansas. Minneapolis (2-year terms) Helena E. LOWRY KUNKEL, President, First National Bank, Anaconda, Montana, succeeds Charles H. Brocksmith, President, First Security Bank of Glasgow, N.A., Glasgow, Montana. ROBERT I. PENNER, President, Citizens First National Bank of Wolf Point, Montana, succeeds Glenn H. Larson, President, First State Bank of Thompson Falls, Montana. Kansas City (2-year terms) Denver Robert L. Tripp, President, Albuquerque National Bank, Albuquerque, New Mexico. DALE R. HINMAN, President, The Greeley National Bank, Greeley, Colorado, succeeds Theodore D. Brown, Executive Vice President, The First National Bank of Denver, Colorado. Oklahoma City Marvin Millard, Chairman of the Board, National Bank of Tulsa, Oklahoma. HUGH C. JONES, Executive Vice President, Bank of Woodward, Oklahoma, succeeds Charley M. Crawford, President, First National Bank in Frederick, Oklahoma. Omaha Edward W. Lyman, President, The United States National Bank of Omaha, Nebraska. Dallas El Paso Cullen J. Kelly, President, The First National Bank of Midland, Texas. KLEIN McGEE, Chairman of the Board, Southern National Houston Bank of Houston, Texas, succeeds A. G. McNeese, Jr., Chairman of the Board and Chief Executive Officer, Bank of the Southwest National Association, Houston, Texas. Ray M. Keck, Jr., President, Union National Bank of Laredo, San Antonio Texas. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 74 FEDERAL RESERVE BULLETIN • JANUARY 1971 San Francisco Los Angeles Linus E. Southwick, President, Valley National Bank, Glendale, California. CARL E. HARTNACK, President, Security Pacific National Bank, Los Angeles, California, succeeds Harry J. Volk, Chairman of the Board and Chief Executive Officer, Union Bank, Los Angeles, California. Carl E. Schroeder, President, The First National Bank of Orange County, Orange, California. (2-year terms) Portland LeROY B. STAVER, President, United States National Bank of Oregon, Portland, Oregon, succeeds Ralph J. Voss, President, First National Bank of Oregon, Portland, Oregon. (1 year of term remains) FRANK L. SERVOSS, President, Crater National Bank of Medford, Oregon, succeeds E. W. Firstenburg, Chairman of the Board and President, First Independent Bank, Vancouver, Washington. James H. Stanard, Vice President, First National Bank of Mc- Minnville, Oregon. Salt Lake City Roderick H. Browning, President, Bank of Utah, Ogden, Utah. Roy W. Simmons, President and Chairman of the Executive Committee, Zions First National Bank, Salt Lake City, Utah. Seattle A. E. Saunders, President, Puget Sound National Bank, Tacoma, Washington. Philip H. Stanton, President, Washington Trust Bank, Spokane, Washington. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 75 CHANGES IN BOARD'S STAFF effective January 11, and by the Federal Reserve The Board of Governors of the Federal Reserve Bank of Dallas, effective January 15, at which time System has announced the following promotions the rate was 5V4 per cent at all Reserve Banks.) and appointments: The move was in recognition of further declines James L. Pierce promoted from Assistant Adviser that have taken place in short-term interest rates. to Associate Adviser in the Division of Research The last change in the discount rate—from 5% to and Statistics, effective January 11, 1971. 5V2 per cent—was announced by the Board last James A. Mcintosh promoted from Assistant November 30. Director to Director of the Division of Federal A further reduction to 5 per cent was approved Reserve Bank Operations, effective January 23, by the Board, effective as follows: 1971. He succeeds John R. Farrell, who retired F. R. Bank Effective date January 22. Boston, Philadelphia, Cleveland, Atlanta, Minneapolis, and Dallas Jan. 19, 1971 Harry J. Halley promoted from Assistant Con- Chicago Jan. 21, 1971 troller to Deputy Controller and Program Director AMENDMENT OF BOARD'S REGULATIONS for Management Systems, effective January 11, The Board of Governors on January 15, 1971, 1971. amended its regulations to permit U.S. banks to John S. Rippey appointed a Special Assistant to count toward maintenance of their reserve-free the Board, effective December 31, 1970, to assist Euro-dollar bases any funds invested by their over- Mr. Robert L. Cardon in maintaining liaison with seas branches in Export-Import Bank securities Congress. offered under the program announced on January Edward C. Ettin appointed an Assistant Adviser 15 by the Export-Import Bank. in the Division of Research and Statistics, effective The amendment is a further step resulting from January 11, 1971. the Board's continuing review of measures needed A graduate of the University of Notre Dame, to temper the adverse impact of Euro-dollar out- Mr. Rippey was legislative representative for the flows on the U.S. balance of payments. Consumer Bankers Association prior to his appoint- Euro-dollar borrowings by a member bank are ment to the Board's staff. Earlier positions had been subject to a 20 per cent reserve requirement to the with the Bureau of Federal Credit Unions and with extent that they exceed a bank's reserve-free base. CUNA International, the chief trade association for For those banks that have had a minimum (3 credit unions. per cent of deposits) reserve-free base, the Board Mr. Ettin has been serving as Chief, Capital postponed for 4 weeks, through the computation Markets Section, since January 1968. Prior to join- period ending February 17, 1971, the application ing the Board's staff in 1965 he had been an Assist- of the automatic downward adjustment of their ant Professor of Economics at Duke University. He bases. holds M.B.A. and Ph.D. degrees from the Univer- EARNINGS AND EXPENSES OF THE FEDERAL sity of Michigan. RESERVE BANKS IN 1970 RESIGNATION OF DIRECTOR Preliminary figures received from the Federal Re- Tucker H. David, who served throughout 1970 as serve Banks indicate that during 1970 their gross a Class A director of the Federal Reserve Bank of current earnings amounted to $3,877 million. Ex- Boston, resigned effective January 1, 1971. He is penses totaled $321 million, leaving net current Executive Vice President and Cashier of The Deep earnings of $3,556 million. With an $11 million River National Bank of Deep River, Connecticut. net addition to profit and loss account, net earnings before payments to the U.S. Treasury were CHANGE IN DISCOUNT RATE $3,567 million. Payments to the U.S. Treasury The Board of Governors on January 7, 1971, ap- as interest on Federal Reserve notes amounted to proved actions by the directors of the Federal Re- $3,493 million; statutory dividends to member serve Banks of Boston, New York, Philadelphia, banks, $41 million; and additions to surplus ac- Cleveland, Richmond, Chicago, St. Louis, Minne- counts, $33 million. apolis, Kansas City, and San Francisco, reducing Under the policy adopted by the Board of Govthe discount rates of those banks from 5Vi to 5V4 ernors at the end of 1964, all net earnings after the per cent, effective Friday, January 8. (The rate was statutory dividend to member banks and additions lowered by the Federal Reserve Bank of Atlanta, to surplus to bring it to the level of paid-in capital Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

were paid to the U.S. Treasury as interest on Fed- fully in behalf of a foreign customer. Inquiries also eral Reserve notes. went to more than 100 companies that had sought Compared with 1969, gross earnings were up official U.S. help in financing export transactions. $504 million, or 15 per cent (see table). The prin- Responses to the inquiry identified about a dozen cipal changes in earnings were as follows: on Gov- exporters who purportedly were at first denied credit ernment securities, an increase of $591 million; on because of the VFCR. But in almost all of these foreign currencies, a decrease of $73 million; and cases, the responses indicated that the exporters on discounts and advances, a decrease of $15 mil- were able to find other sources of financing to comlion. plete their export sales. Expenses in 1970 were up $46 million, about 17 In announcing the results of the inquiry, Govper cent, and dividends increased $2 million. ernor Andrew F. Brimmer, the member of the Board of Governors responsible for administration EARNINGS, EXPENSES, AND DISTRIBUTION OF of the VFCR program, said it was the most com- NET EARNINGS OF FEDERAL RESERVE BANKS, prehensive effort made to date to obtain data on the 1970 and 1969 possible effect of the program on export financing In thousands of dollars and the possible impact on exports. Item 1970 1969 ECONOMETRIC MODEL Over the past several years, members of the Board's CCuurrrreenntt eeaarrnniinnggss 3,877,218 3,373,360 research staff have worked jointly with economists CCuurrrreenntt eexxppeennsseess 321,373 274,973 from the academic community in the construction CCuurrrreenntt nneett eeaarrnniinnggss........ 33,,555555,,884455 33,,009988,,338877 of an econometric model of the U.S. economy. This research project has been completed, and the joint NNeett aaddddiittiioonn ttoo oorr ddeedduuccttiioonn ffrroomm ((——)) ccuurrrreenntt nneett eeaarrnn-- venture was terminated at the end of 1970. 1111,,444422 --555577 Interest in the outcome of this model-building project has been widespread. Numerous requests NNNeeettt eeeaaarrrnnniiinnngggsss bbbeeefffooorrreee pppaaayyymmmeeennntttsss tttooo UUU...SSS... TTTrrreeeaaasssuuurrryyy 3,567,287 3,097,830 have been received by the Board's staff and their academic colleagues for copies of the model, for DDDiiivvviiidddeeennndddsss pppaaaiiiddd 41,136 39,237 simulation runs, for advice on conversion of the PPPaaayyymmmeeennntttsss tttooo UUU... SSS... TTTrrreeeaaasssuuurrryyy (((iiinnnttteeerrreeesssttt ooonnn FFF... RRR... nnnooottteeesss)))... ...... 3,493,571 3,019,161 model to alternative computer facilities, and for other assistance in the use and interpretation of the TTTrrraaannnsssfffeeerrrrrreeeddd tttooo sssuuurrrpppllluuusss 32,580 39,432 model. To make possible a wide dissemination of the EFFECTS OF VFCR PROGRAM results of this research project at minimal cost, the The Board of Governors of the Federal Reserve Social Science Research Council's committee on System released on January 7, 1971, a report on Economic Stability, under whose direction and the results of an inquiry into the possible effects of sponsorship the model construction took place, has the Voluntary Foreign Credit Restraint program on arranged to make the model available to the public U.S. export financing and on U.S. exports. through Wharton EFA, Inc., a nonprofit corpora- The inquiry indicated that no significant amount tion wholly owned by the University of Pennof export credit was blocked during 1970 because sylvania. Wharton EFA, Inc., has agreed to of the VFCR guidelines. make available at incremental cost historical data The inquiry, conducted last fall after consulta- files on cards or tape, a simulation program, and tions with the Commerce Department, was aimed at manuals describing variables, listing equations, and determining the number and nature of loan requests demonstrating simulation procedures. Inquiries that might have been turned down because of the concerning distribution of the model may be ad- VFCR—as well as the amount of any U.S. sales dressed to Wharton EFA, Inc., One University that may have been lost as the result of any re- City, 4025 Chestnut Street, Philadelphia, Pennsyljected loans. Banks accounting for 92 per cent of all vania 19104. foreign credits subject to the guidelines were asked It should be noted that the model distributed by to provide information relating to any such trans- Wharton EFA varies from the one presently being actions. Inquiries were also made of exporters iden- used by the Board's staff for current analytical tified by banks as having sought credit unsuccess- purposes. 76 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication January 14 Industrial production and nonfarm employment put of television sets and furniture was about unincreased in December following settlement of the changed. Output of business equipment rose slightly General Motors strike in late November. Retail reflecting the sharp recovery in motor truck prosales also increased. The unemployment rate, how- duction. However, output of industrial and defense ever, rose further. Commercial bank credit, the equipment and commercial aircraft declined further money supply, and time and savings deposits and production of commercial and farm equipment increased. Between mid-December and mid-Jan- changed little at reduced levels. Among materials, uary, yields on Treasury bills and corporate bonds output of steel increased and production of autodeclined further. Yields on intermediate and longer- motive parts rose sharply. Output of other mateterm U.S. Government issues advanced moderately rials was maintained. and those on municipal securities rose. EMPLOYMENT INDUSTRIAL PRODUCTION The unemployment rate rose from 5.8 to 6.0 per Industrial production rose 1.4 per cent in Decem- cent in December, the highest level since the end ber to 163.9 per cent of the 1957-59 average and of 1961. The increase was concentrated among was 6.1 per cent below the July 1969 high. The adult workers. Total nonfarm employment, howrise in total output resulted from resumption of ever, rose by 290,000 in December. A decline , production at General Motors and at auto-supplying in employment in nonmanufacturing industries was industries. Production changes in most other indus- more than offset by a large increase in manufacturtries were relatively small. ing, reflecting the end of the automotive strike. Auto assemblies increased sharply in December The average workweek of factory workers was 0.1 and were at an annual rate of 7 million units com- hour higher. pared with a 4-million-unit rate in November. Output schedules for January indicate a further increase RETAIL SALES in auto production. Among other consumer goods, The value of retail sales rose about 1.5 per cent in output declines in appliances in December were off- December as sales at both durable and nondurable set by a rise in production of consumer staples. Outgoods stores increased. Exclusive of the automotive group, retail sales were 7.5 per cent above INDUSTRIAL PRODUCTION a year earlier. Unit sales of new domestic autos increased in the last selling period of December, reflecting the return of General Motors to production, but for the month as a whole auto sales were about unchanged from the low November rate. WHOLESALE AND CONSUMER PRICES Wholesale prices were unchanged, seasonally ad- BUSINESS - justed, in December (November 10th to De- EQUIPMENT^ cember 15th). Farm and food products declined - / ^ N r^ ISO 0.7 per cent further, while prices of industrial f CONSUMER - commodities rose 0.3 per cent. Increases for fuels " / G000S and power contributed most to the rise while - 140 metals and metal products declined for the second month. The increase in consumer prices slowed to 0.3 F.R. indexes, seasonally adjusted. Latest figures: December. per cent, seasonally adjusted, in November as food 77 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

and gasoline prices declined. However, prices of and growth in State and local deposits were subnew cars, apparel, and household durables con- stantial. And at country banks, expansion in total tinued to rise rapidly. Service costs were also a time and savings deposits continued strong. major factor in the over-all increase. Net borrowed reserves of member banks averaged about $90 million over the 5 weeks ending BANK CREDITS, DEPOSITS, AND RESERVES December 30 compared with $200 million in Commercial bank credit, adjusted for transfers November. Member bank borrowings declined of loans between banks and their affiliates, infurther and excess reserves rose. creased $4.3 billion in December following a smaller rise in November and a moderate decline SECURITY MARKETS in October. Growth over the fourth quarter was Treasury bill rates fell by about 15 to 20 basis substantially below that of the third quarter but points between mid-December and mid-January, somewhat above that of the first half. In Departly reflecting further declines in the bank prime cember, bank acquisitions of municipal and Federal rate and discount rate. The 3-month bill was bid agency securities continued very heavy. Holdings at around 4.60 per cent in the middle of January. of U.S. Treasury issues also increased, partly in association with Treasury financing operations. In the note and bond sector of the U.S. Govern- Total loans, adjusted for loan sales, increased ment securities market, yields on intermediate and slightly in December but declined slightly over the longer-term issues advanced moderately on balance fourth quarter. over the same period, partly in anticipation of The money stock increased $1.1 billion in the quarterly refinancing by the Treasury in December, substantially more than in October or February. November. Over the fourth quarter, money stock Yields on new and seasoned corporate bonds growth was at an annual rate of 3.4 per cent com- continued to decline from mid-December through pared with 6 per cent earlier in the year. Time and mid-January as markets experienced the usual savings deposits at commercial banks increased holiday lull in late December and a pick-up in $5.3 billion in December, considerably faster than investment demand early in January. Municipal in October or November. At large commercial bond yields rose more than 25 basis points over the banks, acquisitions of large negotiable CD's, same period. inflows of consumer-type time and savings deposits, Common stock prices rose on increased volume. INTEREST RATES 1957-59=100 1966 1967 1968 1969 1970 1971 Bureau of Labor Statistics. "Farm products and foods" is BLS Discount rate, range or level for all F.R. Banks. Weekly average "Farm products, and processed foods and feeds." Latest figures: market yields for U.S. Govt, bonds maturing in 10 years or more Consumer, November; Wholesale, December. and for 90-day Treasury bills. Latest figures: week ending Jan. 9. 78 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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

A 2 FEDERAL RESERVE BULLETIN • JANUARY 1971 U.S. STATISTICS—Continued A 58 Industrial production A 62 Business activity A 62 Construction A 64 Labor force, employment, and earnings A 66 Consumer prices A 66 Wholesale prices A 68 National product and income A 70 Flow of funds (flows through Q2 1970) INTERNATIONAL STATISTICS: A 72 U.S. balance of payments A 73 Foreign trade A 74 U.S. gold transactions A 75 U.S. reserve assets; position in the IMF A 76 International capital transactions of the United States A 89 Foreign exchange rates A 90 Money rates in foreign countries A 91 Arbitrage on Treasury bills A 92 Gold reserves of central banks and governments A 93 Gold production A 101 INDEX TO STATISTICAL TABLES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 3 Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS e Estimated N.S.A. Monthly (or quarterly) figures not adjusted c Corrected for seasonal variation IPC Individuals, partnerships, and corporations p Preliminary SMSA Standard metropolitan statistical area r Revised A Assets rp Revised preliminary L Liabilities I, II, S Sources of funds 111,1V Quarters U Uses of funds * Amounts insignificant in terms of the parn.e.c. Not elsewhere classified ticular unit (e.g., less than 500,000 when A.R. Annual rate the unit is millions) S.A. Monthly (or quarterly) figures adjusted for (1) Zero, (2) no figure to be expected, or seasonal variation (3) figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) include not fully guaranteed issues) as well as direct a negative figure, or (3) an outflow. obligations of the Treasury. "State and local govt." also includes municipalities, special districts, and other politi- A heavy vertical rule is used in the following instances: (1) to the right (to the left) of a total when cal subdivisions. the components shown to the right (left) of it add to In some of the tables details do not add to totals that total (totals separated by ordinary rules include because of rounding. more components than those shown), (2) to the right The footnotes labeled NOTE (which always appear (to the left) of items that are not part of a balance last) provide (1) the source or sources of data that do sheet, (3) to the left of memorandum items. not originate in the System; (2) notice when figures are "U.S. Govt, securities" may include guaranteed issues estimates; and (3) information on other characteristics of U.S. Govt, agencies (the flow of funds figures also of the data. TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Page Annually—Continued Issue Page Flow of funds Oct. 1970 A-70—A-71.9 Banks and branches, number, by class and State Apr. 1970 A-94—A-9S 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 Flows: On, and not on, Federal Reserve 1955-68 Nov. 1969 A-70—A-71.9 Par List, number Aug. 1970 Income and expenses: Federal Reserve Banks Feb. 1970 A-94—A-95 Annually Insured commercial banks Aug. 1970 A-98 Member banks: Bank holding companies: Calendar year Aug. 1970 A-98—A-107 List of, Dec. 31, 1969 June 1970 Income ratios Aug. 1970 A-108—A-113 Banking offices and deposits of Operating ratios Aug. 1970 A-l 14—A-l 19 group banks, Dec. 31, 1969.... Aug. 1970 Stock exchange firms, detailed debit Banking and monetary statistics, 1969 Mar. 1970 A-94—A-107 and credit balances Sept. 1970 A-94—A-95 July 1970 A-94—A-97 Statistical Releases LIST PUBLISHED SEMIANNUALLY, WITH LATEST BULLETIN REFERENCE Issue Page Anticipated schedule of release dates for individual releases Dec. 1970 A-100 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 4 BANK RESERVES AND RELATED ITEMS • JANUARY 1971 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 is n d - - t s O F t . h R e . r Total * s G to o c ld k c D e a R r r c t a i c i g w f o i h u c i t n a n s g t t e out- chase vances right agreement Averages of daily figures 1939—Dec 2,510 2,510 83 2,612 17,518 1941—Dec 2,219 2,219 5 170 2,404 22,759 1945—Dec 23,708 23,708 381 652 24,744 20,047 1950—Dec 20,345 20,336 142 1,117 21,606 22,879 I960—Dec 27,248 27,170 78 94 1,665 29,060 17,954 1965—De c 40,885 40,772 113 490 2,349 43,853 13,799 1966—De c 43,760 43,274 486 570 2,383 46,864 13,158 1967—De c 48,891 48,810 81 238 2,030 51,268 12,436 1968—De c 52,529 52,454 75 765 3,251 56,610 10,367 1969—De c 57,500 57,295 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 60,393 60.004 389 425 2,933 1,314 65,132 11,117 400 Dec.® 61,688 61,310 378 321 3,538 1,032 66,676 11,105 400 Week ending— 1970—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 710092 330 2,914 1,382 65,366 11,117 400 25 60,452 60,350 436 3,186 1,013 65,128 11,117 400 Dec. 2 61,378 60,866 512 455 2,837 952 65,704 11,117 400 9 61,203 60,898 305 290 3,013 978 65,604 11,117 400 16® 61,813 61,226 587 399 2,909 1,006 66,225 11,117 400 23® 61,771 61,512 259 324 3,814 1,051 67,050 11,117 400 30* : 61,704 61,554 150 270 4,555 1,097 67,695 11,117 400 End of month 1970—Oct 60,103 '59,528 575 428 2,957 1,591 65,152 11,117 400 Nov 61,294 6 61,008 286 300 1,987 928 64,596 11,117 400 Dec.® 62,142 62,142 334 4,164 1,123 67,820 10,732 400 Wednesday 1970—Oct. 7 59,366 7 59,366 302 2,893 1,723 64,320 11,117 400 14 60,067 7 59,366 701 912 2,513 1,776 65,337 11,117 400 21 59,635 '59,309 326 1,279 2,949 1,762 65,671 11,117 400 28 59,283 '59,283 418 2,984 1,821 64,542 11,117 400 Nov. 4 59,910 «59,528 584 2,587 1,613 64,758 11,117 400 11 58,786 6.758,786 553 2,867 1,670 63,912 11,117 400 18 60,714 6.7 60,097 617 325 3,339 1,019 65,504 11,117 400 25 61,209 «.'60,494 715 1,144 2,650 1,037 66,103 11,117 400 Dec. 2® 62,734 6 61,142 1,592 311 2,875 964 67,067 11,117 400 16 9 ® ® 5 6 9 2 , , 9 9 3 4 7 4 «. 6 '5 6 9 1 , , 9 3 3 3 7 7 'M07' 2 9 8 3 5 4 2 3 , ,2 6 2 7 1 8 1 1, , 0 0 4 1 2 3 6 68 3 , , 3 9 2 5 6 4 1 1 1 1 , , 1 1 1 1 7 7 4 4 0 0 0 0 23® 61,707 6 61,707 620 3,625 1,070 67,078 11,117 400 30® 60,632 6.'60,632 253 3,689 1,110 65,740 11,117 400 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1971 • 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 CCuurr-- reserves, Other reserves Period or date rreennccyy TTrreeaass-- with F.R. Banks Other F.R. iinn uurryy F.R. liacciirr-- ccaasshh bilities cc tt uu iioo llaa nn -- hh ii oo nn ll gg dd ss -- Tr u e r a y s- F ei o g r n - Other2 ca a p n it d a ls B W F a . n i R t k h . s c r C a e o n n u in d c r - y 3 Total Averages of daily figures 7,609 2,402 616 7. 9 248 11,473 11,473 1939—Dec. 10,985 2,189 592 1,531 292 12,812 12,812 1941—Dec. 28,452 2,269 625 1,247 493 16,027 16,027 1945—Dec. 27,806 1,290 615 920 353 739 17,391 17,391 1950—Dec. 33,019 408 522 250 495 1,029 16,688 2,595 19,283 1960—Dec. 42,206 808 683 154 231 389 18,747 3,972 22,719 1965—Dec. 44,579 1,191 291 164 429 83 19,568 4,262 23,830 1966—Dec. 47.000 1,428 902 150 451 -204 20,753 4,507 25,260 1967—Dec. 50,609 756 360 225 458 -1,105 22,484 4,737 27,221 1968—Dec. 53,591 656 1,194 146 458 2,192 23,071 4,960 28,031 1969—Dec. 52,722 655 1,206 170 642 2,044 23,580 5,278 28,858 1970—Ian. 52,113 610 1,060 182 710 2,160 23,112 4,864 27,976 Feb. 52,412 575 1,148 219 763 2,134 22,740 4,733 27,473 Mar. 52,867 567 1,180 166 870 2,137 23,323 4,773 28,096 Apr. 53,490 544 1,440 182 845 2,215 23,105 4,805 27,910 May 54,125 495 1,065 165 801 2.255 22,703 4,864 27,567 June 54,699 450 1,147 191 763 2,253 23,170 4,958 28,128 July 54,766 451 1,058 177 830 2,275 23,353 4,996 28,349 Aug. 54,931 457 1,070 141 750 2,300 23,719 5,106 28,825 Sept. 55,063 459 1,042 142 747 2,249 23,593 5,108 28,701 Oct. 55,864 453 890 149 721 2.256 23,416 5,142 28,558 Nov. 57,013 427 849 145 735 2,265 23,893 5,340 29,233 Dec.® Week ending— 54,823 457 874 135 729 2,333 23,518 5,268 28,786 1970—Oct. 7 55,200 461 1,037 139 809 2,294 23,148 5,316 28,464 14 55,228 455 1,110 130 746 2,154 24,095 4,795 28,890 21 55,015 459 1,182 145 711 2,205 23,433 5,014 28,447 28 55,135 467 1,041 169 750 2,292 23,471 5,181 28,652 Nov. 4 55,652 448 988 170 758 2,379 23,381 5,344 28,725 11 55,961 451 899 153 716 2,145 23,655 5,108 28,763 18 56,040 456 747 135 681 2,208 23,484 4,889 28,373 25 56,358 451 720 130 719 2,296 23,658 5,217 28,875 Dec. 2 56,566 442 634 138 717 2,363 23,375 5,343 28,718 9 56,964 429 763 135 734 2,299 23,542 5,473 29,015 16" 57,234 417 828 143 696 2,176 24,252 5,078 29,330 23" 57,424 409 1,205 162 711 2,231 24,241 5,500 29,741 30" End of month 55,021 462 920 142 739 2,277 24,206 5,182 29,388 1970—Oct. 56,381 453 587 136 692 2,302 22,689 5,220 27,909 Nov. 57,094 430 1,156 148 1,233 1,986 24,052 5,436 29,488 Dec." Wednesday 55,135 472 660 150 698 2,354 23,433 5,268 28,701 1970—Oct. 7 55,408 456 899 151 725 2,132 24,153 5,317 29,470 14 55,202 460 1,153 107 713 2,181 24,445 4,799 29,244 21 55,115 472 1,271 197 713 2,225 23,146 5,017 28,163 28 55,435 455 1,194 163 738 2,327 23,059 5,182 28,241 Nov. 4 56,029 453 1,510 141 750 2,392 21,253 5,348 26,601 11 56,060 463 837 124 703 2,162 23,773 5,110 28,883 18 56,333 453 805 117 662 2,236 24,120 4,890 29,010 25 56,504 458 474 152 752 2,356 25,001 5,205 30,206 Dec. 2" 56,946 441 830 118 753 2,374 21,124 5,335 26,459 9" 57,190 431 587 145 729 2,174 25,760 5,473 31,233 16* 57,534 423 774 144 708 2,196 23,995 5,078 29,073 2330" " 57,365 403 1,271 135 736 2,249 22,245 5,500 27,745 1 Includes Federal agency obligations. 5 Part allowed as reserves Dec. 1, 1959—Nov. 23, 1960; all allowed 3 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 Includes securities loaned—fully secured by U.S. Govt, securities netted together and reported as "Other F.R. accounts." pledged with F.R. Banks. 4 Includes industrial loans and acceptances, until Aug. 21, 1959, when 7 Reflects securities sold, and scheduled to be bought back, under industrial loan program was discontinued. For holdings of acceptances matched sale/purchase transactions. on Wed. and end-of-month dates, see tables on F.R. Banks on following pages. See also note 2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 6 BANK RESERVES AND RELATED ITEMS a JANUARY 1971 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City City of Chicago Bor- Bor- Reserves Bor- T h o e t ld al qu R ir e e - d1 B r F i o a n a . w n R t g 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 l B r F i o a n a . w n g R t s k - . s s F er r r v e e e - e s T h o e t l a d l qu R ir e e - d i Excess B F i a n r . a n o R g t k s w . s - se F r r r e v e - e e s 1 1 1 1 1 7 2 6 , , , , 3 4 8 0 9 7 1 2 1 3 2 7 1 1 6 9 4 6 , , , , 4 4 5 3 6 2 3 6 2 2 6 4 5 3 1 1 , , , , 0 3 4 0 1 9 9 2 1 1 0 7 3 1 3 4 4 3 5 2 5 3 1 , , , 3 0 1 8 8 0 5 8 5 8 7 5 5 5 4 4 , , , , 1 1 6 7 4 1 2 4 2 8 3 2 4 4 4 3 , , , , 1 6 0 0 5 1 7 1 3 6 0 2 2,6 9 1 1 4 8 2 1 8 9 5 1 5 9 8 2 2 - , 1 6 9 4 1 6 8 4 1 7 9 1 1 1 , , , 1 1 1 9 4 4 9 3 1 3 9 9 1,1 6 9 8 9 0 2 4 1 1 4 8 5 29 4 1 5 0 8 4 5 5 29 4 1 5 0 4 3 2 2 2 2 2 2 1 2 3 7 1 5 0 9 , , , , , , , 2 7 8 6 2 7 2 2 1 0 3 6 4 8 1 9 9 0 0 6 3 2 2 2 2 2 2 1 2 1 3 4 0 6 8 , , , , , , , 2 1 4 9 2 7 5 6 3 1 9 1 6 2 7 8 5 8 0 6 7 7 4 4 4 5 3 3 1 5 5 5 3 4 9 1 6 2 5 6 5 2 4 7 2 5 2 3 5 6 4 2 8 5 3 4 5 3 7 7 7 8 - - 1 3 6 21 1 - 6 1 2 6 0 0 6 5 0 9 9 7 8 4 4 3 3 4 5 5 , , , , , , , 3 9 0 1 0 6 5 0 5 8 5 5 8 8 1 1 7 3 2 7 3 4 4 3 3 4 5 5 , , . , , , , 2 0 6 8 5 0 0 6 6 5 9 5 5 3 0 2 8 5 6 7 4 1 2 4 2 5 2 0 1 1 9 6 7 8 0 1 2 1 1 3 4 3 3 1 2 1 1 5 0 0 7 2 9 - - 1 - - - 9 7 2 1 3 1 1 5 0 2 4 0 0 9 1 1 1 1 1 1 , , , , , , 2 1 1 1 0 0 9 2 4 1 9 5 8 5 5 3 9 9 6 3 8 1 1 1 1 1 1 , , , , , , 2 1 1 0 1 0 9 1 2 1 8 5 8 5 7 8 5 6 1 4 3 -3 1 1 4 4 5 5 5 8 2 2 2 5 8 1 3 6 8 4 5 3 8 - - - - 3 - — - 5 7 2 1 8 5 0 0 1 4 28,031 27,774 1, -829 5,441 5,385 -203 1,285 1,267 18 27 -9 2 2 2 2 2 2 2 2 2 2 2 2 8 7 7 8 7 9 7 8 8 8 8 8 , , , , , , , , , , , , 8 9 7 9 0 4 2 5 8 1 5 3 2 1 0 7 9 7 3 6 5 2 5 4 5 0 1 6 6 3 3 7 8 8 8 9 2 2 2 2 2 2 2 2 2 2 2 2 7 7 8 7 8 8 8 7 8 7 8 7 , , , , , , , , , , , , 7 7 9 3 4 5 6 9 4 9 2 3 2 0 8 5 3 8 4 7 5 9 0 8 9 3 9 8 8 7 7 8 3 2 4 0 2 2 2 1 2 1 1 1 1 1 1 1 7 7 4 8 1 5 4 1 6 2 4 8 3 2 4 1 5 4 1 8 5 7 6 0 1 1 , , 0 3 9 9 6 4 8 8 8 4 8 3 9 5 7 6 2 8 0 2 9 2 6 2 2 8 6 8 5 5 7 6 1 2 7 2 -1 - - - - - - - - - - , 7 3 3 7 8 7 7 - 2 7 6 2 7 9 8 3 0 1 0 0 0 9 8 1 7 8 2 5 1 5 5 9 4 1 9 7 5 5 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , , , 4 3 4 4 6 4 3 3 2 3 5 6 4 0 1 0 8 4 8 9 6 5 8 2 1 7 5 1 1 9 2 7 8 8 3 7 5 5 5 5 5 5 5 5 5 5 5 5 , , , , . , , , , , , , 5 4 4 4 6 4 3 3 5 3 1 3 8 4 3 5 5 2 4 6 0 4 7 0 9 4 6 3 9 4 4 4 2 2 8 6 -3 2 6 3 3 4 3 1 9 4 7 1 9 9 5 5 9 3 2 2 1 1 1 1 1 1 1 2 2 6 6 7 5 1 4 1 5 3 1 5 7 9 0 6 3 0 1 7 9 2 2 - - - - - - 1 1 1 1 1 - - - 2 - 7 5 6 9 7 3 4 9 5 6 2 1 6 6 3 5 1 2 8 8 6 0 9 4 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 2 2 2 3 3 2 2 2 3 3 2 2 9 6 8 1 2 5 8 0 9 2 9 5 5 5 5 6 6 3 2 7 0 0 8 0 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 3 2 3 2 3 2 3 3 2 2 2 3 2 8 1 4 0 6 1 1 8 9 4 0 2 7 6 9 9 4 0 6 3 3 7 4 - - - - - - - 1 2 1 2 6 3 2 1 1 1 4 6 4 6 3 1 6 22 11 4 8 2 6 1 3 11 4 1 33 44 7 6 9 1 1 1 11 - -- - - - - - 1 - - 11 1 8 8 5 1 6 3 8 2 22 5 2 2 8 3 7 2 5 3 2 2 2 2 2 8 7 8 7 7 , , , , , 0 7 6 8 7 1 7 8 7 3 6 5 0 6 7 2 2 2 2 2 7 7 7 8 7 , , , , , 9 4 6 1 5 1 8 1 5 3 9 4 2 2 4 2 2 2 5 9 9 6 2 0 7 1 4 8 3 1 1 1 1 1 , , , , , 0 1 0 1 2 4 0 9 9 0 4 4 6 1 0 - - - - - 9 5 8 9 9 4 7 3 0 8 7 6 2 9 8 5 5 5 5 5 , , , , , 4 2 4 6 3 6 5 4 2 0 5 5 4 8 0 5 5 5 5 5 , , , , , 4 5 3 2 2 7 1 5 3 9 1 5 5 8 4 1 -6 8 1 1 9 3 6 7 2 2 2 1 3 9 9 6 4 6 9 6 8 4 6 - - - - - 2 2 2 1 2 3 7 1 7 6 5 9 0 0 0 1 1 1 1 1 , , , , , 2 2 3 2 2 9 5 2 4 2 1 4 0 2 9 1 1 1 1 1 , , , , , 3 2 2 2 2 0 2 8 3 5 4 7 7 8 7 -3 1 4 4 2 6 120 -1 - 0 3 4 4 4 1 2 2 2 2 8 8 8 8 , , , , 5 5 1 1 1 8 4 7 5 8 2 7 2 2 2 2 8 8 7 8 , , , , 3 0 9 4 0 3 5 2 9 9 4 3 2 1 1 7 9 3 8 9 2 8 8 1 1, , 1 0 6 6 7 1 6 8 4 0 0 1 - - - - 8 8 5 5 9 2 8 22 5 2 9 5 5 5 5 , , , , 5 2 2 4 7 3 2 8 9 8 2 8 5 5 5 5 , , , , 5 3 2 5 2 0 0 3 2 0 0 5 - - 6 4 5 2 7 7 2 2 1 43 5 7 4 1 5 7 7 - - - 1 2 3 -5 0 0 7 5 2 9 4 1 1 1 1 , , , , 3 2 3 2 3 5 5 8 1 2 9 8 1 1 1 1 , , , , 2 3 3 2 5 3 5 8 9 9 0 3 - - 7 8 9 5 1 1 8 0 1 0 6 0 4 0 - - - - 2 9 9 9 1 5 1 4 2 2 2 2 2 8 9 8 8 8 , , , , , 9 0 9 3 3 3 3 2 7 9 1 4 1 0 4 2 2 2 2 2 8 8 8 8 8 , , , , , 4 7 5 5 1 4 6 6 1 9 1 2 5 6 2 - 4 2 3 1 4 1 7 5 7 7 5 2 6 8 6 7 5 4 66 6 6 0 6 1 3 0 0 0 - - - - - 4 3 5 3 1 8 8 0 4 4 2 9 7 8 4 5 5 5 5 5, . , , , 5 2 3 5 5 8 3 9 0 9 9 1 6 3 9 5 5 5 5 5 , , , , , 4 4 3 2 4 7 5 8 8 7 6 0 0 8 8 - 1 1 8 0 2 8 1 4 1 5 9 5 1 1 7 7 0 8 8 8 9 3 7 9 -1 - -9 6 6 3 8 4 2 2 2 1 1 1 1 1 , , , , , 3 3 3 2 3 1 1 1 7 0 1 9 5 7 2 1 1 1 1 1 , , , , , 2 3 2 3 2 8 4 7 2 9 9 0 6 6 3 - -2 2 2 1 1 4 6 8 1 22 1 1 99 2 8 - - 1 2 3 1 1 4 9 4 1 2 2 2 2 8 8 8 8 , , , , 7 4 8 4 8 6 4 9 6 4 7 0 2 2 2 2 8 8 8 8 , , , , 7 4 4 2 0 3 2 5 1 4 3 6 3 1 1 5 4 8 9 2 1 9 1 4 5 3 4 5 8 9 3 0 6 8 3 - - - 4 3 - 2 4 0 9 4 6 9 7 2 5 5 5 5 , , , , 6 4 6 5 1 1 8 5 5 7 2 0 5 5 5 5 , , , , 5 6 5 3 6 6 6 9 8 6 3 9 -1 4 1 1 3 7 6 8 - - 3 4 5 4 7 7 1 1 1 1 , , , , 2 3 3 3 8 0 3 3 7 1 7 6 1 1 1 1 , , , , 3 3 2 3 1 1 7 4 2 4 6 3 - - 2 7 2 2 7 5 5 2 2 2 1 99 - - 5 2 2 2 6 8 5 5 2 2 2 2 8 8 8 8 , , , , 7 3 7 6 6 7 2 5 3 3 5 2 2 2 2 2 8 8 8 8 , , , , 2 5 4 3 9 9 4 3 7 9 3 4 2 3 1 7 8 1 6 6 8 4 2 4 4 4 3 3 4 2 3 6 5 3 0 - - - - 3 1 1 1 6 6 0 6 6 0 5 3 5 5 5 5 , , , , 2 5 4 5 6 7 8 8 1 6 8 8 5 5 5 5 , , , , 3 5 4 4 2 5 7 6 7 8 5 6 -61 9 2 3 6 0 2 -1 -4 5 8 3 7 0 5 0 1 1 1 1 , , , , 2 2 2 3 3 9 9 0 1 8 8 8 1 1 1 1 , , , , 2 3 2 3 3 0 9 1 7 1 1 9 - - 2 6 1 7 7 1 1 8 2 - - 2 2 -5 4 1 7 28,875 28,458 417 455 -38 5.540 5,391 149 60 1,277 1,270 7 18 -11 2 2 2 2 8 9 9 9 , , , , 7 7 0 3 1 4 1 3 8 1 5 0 2 2 2 2 8 8 9 9 , , , , 9 5 0 4 1 8 7 0 6 2 2 3 2 1 3 5 9 3 3 8 9 6 8 2 3 3 2 9 9 2 7 0 9 4 0 - - 1 -36 5 0 6 4 06 8 5 5 5 5 , , , , 3 6 8 5 8 5 4 9 7 6 2 7 5 5 5 5, , , , 6 6 4 6 9 0 3 3 3 2 8 4 - 1 - 5 5 2 4 1 2 9 - - - 1 5 3 4 4 1 7 4 9 1 1 1 1, , , , 3 2 3 3 4 9 4 1 5 8 3 2 1 1 1 1 , , , , 3 3 3 3 0 3 3 2 3 0 2 7 -2 1 1 9 9 3 3 18 -4 1 1 7 9 3 3 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1971 • BANK RESERVES AND RELATED ITEMS A 7 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Country banks Borrow- Borrowings at Free ings at Free F.R. reserves F.R. reserves T h o e t ld al Required i Banks T h o e t ld al Required! Banks 3 4, , 3 1 1 4 7 0 3 1 , , 0 95 1 3 4 1 1 , , 1 3 8 0 8 3 1 1 1 , , 1 3 8 0 8 2 2 1 , , 2 5 1 6 0 8 1,4 8 0 9 6 7 6 8 7 0 1 4 3 4 8 6 0 6 0 8 . .. . . . . . 1 1 9 9 4 3 1 9 — — D D e e c c . . 6 6, , 6 3 8 9 9 4 5 6, , 4 9 5 7 8 6 2 4 3 1 2 8 9 5 6 0 312822 4 4, , 7 5 6 7 1 6 4 3 , , 0 5 9 6 9 6 1,0 6 1 6 1 3 4 2 6 9 9 6 6 3 5 4 . . . . . . . . 1 1 9 9 4 5 5 0 — — D D e e c c . . 7,950 7,851 100 20 6,689 6,066 623 40 583 ....I960—Dec. 8,393 8,325 68 190 -122 7,347 6,939 408 74 334 ....1963—Dec. 8,735 8,713 22 125 -103 7,707 7,337 370 55 315 ....1964—Dec. 9,056 8,989 67 228 -161 8,219 7,889 330 92 238 ....1965—Dec. 9,509 9,449 61 220 -159 8,619 8,318 301 161 140 ....1966—Dec. 10,081 10,031 50 105 -55 8,901 8,634 267 187 ... .1967—Dec. 10,990 10,900 90 270 -180 9,875 9,625 250 70 .... 1968—Dec. 10,970 10,964 -473 10,335 10,158 321 -144 ...1969—Dec. 11,296 11,314 -18 455 -473 10,574 10,403 171 283 -112 ....1970— Jan. 10,975 10,913 62 535 -473 10,290 10,102 188 400 -212 Feb. 10,737 10,802 -65 436 -501 10,122 9,963 159 217662 -117 Mar. 11,038 11,066 -28 372 -400 10,281 10,143 138 -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 117636 107 66 Sept. 11,319 11,270 49 338 -289 10,492 10,326 182 101 65 Oct. 11,216 11,274 -58 301 -359 10,619 10,437 53 129 Nov. 11,521 11,503 18 264 -246 10,759 10,575 184 28 156 Dec.? Week ending— 10,879 10,858 21 545 -524 10,329 10,155 174 379 -205 .1969—Dec. 3 10,846 10,818 28 522 -494 10,231 10,054 177 379 -202 10 10,984 11,034 -50 584 -634 10,276 10,127 149 296 -147 17 11,032 10,961 71 508 -437 10,347 10,175 172 292 -120 24 11,187 11,091 96 337 -241 10.545 10,242 303 299 4 31 11,142 11,076 66 532 -466 10.474 10,295 179 231 -52 .1970—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 23 11,406 11,393 13 386 -373 10,728 10,553 175 154 21 30 11,349 11.253 308 -212 10,485 10,301 184 90 94 Oct. 7 1 11 1 . , 4 1 4 6 6 8 1 11 1 , , 3 2 7 7 6 8 -11 7 0 0 4 3 0 3 5 7 - -3 4 3 4 5 7 1 10 0 . , 4 4 7 1 5 0 1 1 0 0 , , 2 3 3 4 9 5 1 11 7 36 1 08 1 7 3 1 1 1 - 0 1 0 2 1 1 4 11,183 11,203 -20 305 -325 10.546 10,378 117 51 28 188 102 11,215 11,188 27 314 -287 10,568 10,380 86 Nov. 4 11,383 11,326 57 311 -254 10,556 10,332 224 65 159 11 11,313 11,343 -30 296 -326 10,554 10,397 157 34 123 18 11,215 11,206 9 288 -279 10,661 10.527 134 41 93 25 11,325 11,269 56 301 -245 10,733 10.528 205 47 158 Dec. 2 11,363 11,356 7 263 -256 10,656 10,485 171 27 144 9 11,420 11,464 -44 293 -337 10,641 10,491 150 29 121 16* 11,618 11,538 260 -180 10,772 10,602 170 25 145 23» 11,640 11,669 245 -274 10,913 10,709 204 25 179 30" 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 o JANUARY 1971 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars, except as noted) Basic reserve position Interbank Federal funds transactions U R .S e . l a G te o d v t t , r s a e n c s u a r c i t t i i o es n s d e w al i e th rs Net- Gross transactions Net transactions Reporting banks week a e n n d d ing— s E e x r r v c e e e - s s s 1 r a o B t B w a F o n in r . k - R g s s . F t f i b e r n u N a d a t n n n e e e d t k r r s - s a . l S d u e r o f p i r c lu it s r P r e e e q a s r u e o v c r f i g r v e . e e n d s t c P ha u s r e - s t a w c t T r o t a o i - o n t w a n s l a - s y 2 b c o b u P h f a y a u n n s i r k n e e - s g s t s b o S e f a l a n l l n i e k n e s s g t d L ea o t l o a e n rs s 3 de f r B i a r o n o o l w g e m r s r - - s4 lo N a e n t s Total—46 banks 1970—Nov. 4 115286 26 6,047 -5,914 48.0 8,818 2,771 2,709 6,109 2,403 2,314 11 971 8,173 -8,144 65.3 10,491 2,318 2,310 8,181 2,332 2,250 18 21 7,127 -7,108 56.8 9,945 2,817 2,753 7,192 64 1,784 1,713 25 21 108 6,253 -6,340 52.4 8,622 2,369 2,156 6,466 213 2,061 1,968 Dec. 2 199 6,519 -6,428 52.6 9,819 3,300 2,895 6,924 405 2,444 2,352 9 72 7,507 -7,435 60.2 10,175 2,668 2,556 7,619 112 2,985 2,924 16 18 103 7,582 -7,666 60.5 10,002 2,420 2,352 7,650 68 2,746 2,669 23 27 49 7,631 -7,653 60.4 10,841 3,209 2,919 7,921 290 3,597 3,521 30 188 -7,893 61.6 11,055 2,974 2,755 8,300 220 3,424 3,362 8 in New York City 120 1970—Nov. 4 1,773 -1,664 33.5 2,671 898 1,773 1,267 1,180 1118 87 2,543 -2,525 50.9 3,233 690 690 2,543 1,189 1,111 63 2,372 -2,309 45.6 3,161 789 749 2,412 1,157 1,094 25 -14 2,283 -2,383 49.4 2,980 696 608 2,372 1,378 1,299 Dec. 2 124 2,294 -2,257 46.2 3,378 1,084 862 2,517 1,481 1,398 9 34 2,920 -2,886 58.6 3,661 741 741 2,920 1,600 1,547 16 38 2,973 -2,990 58.4 3,591 618 600 2,992 18 1,613 1,543 23 -6 2,907 -2,951 57.9 3,870 963 859 3,011 104 1,953 1,883 30 142 3,088 -2,946 56.9 3,795 706 706 3,088 1,925 1,865 38 outside New York City 1970—Nov. 4. 4,274 -4,250 57.7 6,147 1,873 1,811 4,336 1,135 1,134 1 1 1 8 . . 5 4, , 7 6 5 3 6 0 - - 5 4 , , 6 7 1 9 9 9 7 64 4 . . 3 8 7 6, , 7 2 8 5 4 8 2 1 , , 0 6 2 2 8 8 2 1 , , 0 6 0 2 4 0 5 4 , , 6 7 3 8 8 0 24 1,1 6 4 2 3 7 1,16319 8 25. 3,970 -3,957 54.4 5,643 1,673 1,549 4,094 124 683 670 Dec. 2. 4,225 -4,172 56.8 6,441 2,216 2,033 4,408 183 962 954 9. 4,587 -4,549 61.2 6,514 1,927 1,815 4,699 112 1,385 1,377 16. 4,609 -4,676 62.0 6,410 1,802 1,753 4,658 15806 1,133 1,126 23. 4,724 -4,702 62.1 6,971 2,246 2,060 4,910 1,643 1,638 30. 4,992 -4,947 64.9 7,260 2,268 2,048 5,212 220 1,499 1,497 5 in City of Chicago 1970—Nov. 4. 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 Dec. 2.. 1,180 -1,197 103.9 1,661 481 433 1,228 91 91 9.. 1,267 -1,252 106.0 1.652 385 366 1,286 154 154 16.. 1,386 -1,416 117.4 1,806 420 405 1,401 88 88 23.. 1,217 -1,213 100.3 1,689 473 424 1,266 105 105 30.. 1,465 -1,444 119.3 1,966 501 417 1,549 125 125 33 others 1970—Nov. 4. . 2,966 -2,966 48.0 4,483 1,517 1,455 3,028 1,060 1,059 11. . 3,833 -3,822 60.6 5,154 1,321 1,313 3,840 1,070 1,066 18.. 3,211 -3,258 51.9 4,820 1,609 1,584 3,236 24 554 545 25.. 2,678 -2,645 43.0 3,992 1,314 1,209 2,783 105 580 566 Dec. 2.. 3,045 -2,974 48.0 4,780 1,735 1,600 3,180 135 872 863 9. . 3,320 -3,297 32.7 4,862 1,542 1,449 3,413 94 1,231 1,223 16. . 3,222 -3,260 51.4 4,604 1,382 1,348 3,257 34 1,045 1,038 23.. 3,508 -3,489 54.8 5,281 1,774 1,637 3,645 137 1,538 1,533 30.. 3,528 -3,503 54.6 5,294 1,767 1,631 3,663 136 1,374 1,372 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

JANUARY 1971 a F.R. BANK INTEREST RATES A 9 CURRENT RATES (Per cent per annum) Advances to and discounts for member banks Advances to all others under last par. Sec. 13' Advances and discounts under Advances under Federal Reserve Bank Sees. 13 and 13a 1 Sec. 10(b)2 D R e a 1 c t 9 e . 7 0 3 o 1 n , Ef d fe a c te ti ve Pre ra v t i e o us D R e a 1 c t 9 e . 7 0 3 o 1 n , Ef d fe a c te ti ve Pre r v at i e o us D R e a 1 c t 9 e . 7 0 3 o 1 n , Ef d fe a c te ti ve Pre r v at i e o us B N P C R A C K D S S M a h t h o l a t e a i . i n l e i c w i s l n n a l L c l v t h a s n a n o a F o e a s d m e t n g Y r u s a l e a o a a i o l o p n s C n p n o r c h d i d i k l t i s . i y . a . . s c . . . . . . . o . . . . . 5 5 5 5 5 5 5 5 5 5 5 5 * * * * * * * 5 f % % % 4 4 4 4 4 4 4 4 t D D D D D D D D D D D D e e e e e e e e e e e e c c c c c c c c c c c c . . . . . . . . . . . . 1 1 1 1 4 4 1 4 1 1 1 1 1 1 1 0 , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 7 7 7 7 7 7 7 7 7 7 7 7 0 0 0 0 0 0 0 0 0 0 0 0 5 5 55 3 5 I 5 S 5 % 5 ? S X 5 V % * % 4 4 4 4 D D D D D D D D D D D D e e e e e e e e e e e e c c c c c c c c c c c c . . . . . . . . . . . . 1 1 1 1 4 4 1 1 4 1 1 1 1 1 1 0 , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 7 7 7 7 7 7 7 7 7 7 7 7 0 0 0 0 0 0 0 0 0 0 0 0 6 6 6 6 6 6 6 6 66 6 6 * * 5 1 * * V V V V V % 4 4 4 4 4 4 t t t t t 7 I 7 7 7 m 7 7 7 7 V * 4 i D A D D N D F M D D D D e e e e e o p e e e e a b c c c c c c c c v r r . . . . . . . . . . . . 1 1 1 1 4 4 4 4 1 1 1 0 1 1 1 0 , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 7 7 7 7 7 7 7 7 7 7 7 7 0 0 0 0 0 0 0 0 0 0 0 0 m 7 7 7 7 7 V7 7 m V 7 * * 5 5 5 A A 4 4 4 4 4 i Discounts of eligible paper and advances secured by such paper or by 2 Advances secured to the satisfaction of the F.R. Bank. Maximum U.S. Govt, obligations or any other obligations eligible for F.R. Bank maturity: 4 months. purchase. Maximum maturity: 90 days except that discounts of certain 3 Advances to individuals, partnerships, or corporations other than bankers' acceptances and of agricultural paper may have maturities not member banks secured by direct obligations of, or obligations fully 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) Ef d fe a c t t e i ve (o A r R B il l a a e n n v F g k e . e l s R ) — . B N F o a . . R Y f n k . . Ef d fe a c t t e i ve (o A r R B ll l a a e n n v F g k e .R e l s ) , — B N F a o . . R Y n f k . . Ef d fe a c te ti ve (o A r R B ll l a a e n n v F g k e . e s l R ) — . B N F a o . . R Y n f k . . In effect Dec. 31, 1945 t *4 154 1956 1963 Apr. 13 2*4-3 July 17 3 3^ 3*4 A M p a r y . 2 1 5 0 1946 t 116 -1 Aug. 2 2 3 4 0 1 2 2 5 ? 3 4 4 - - 3 3 Nov. 2 2 4 6 1964 3*4-4 3*4 30 4 1957 1948 Aug. 9 3 -3*4 1965 Jan. 1 1 2 9 m-1 Vt 18 Nov. 2 1 5 3 3 35 -3 4 *4 Dec. 1 6 3 4 4*-4454 4 4V *4 4 Aug. 13 14-154 1*4 Dec. 2 3 23 154 154 1967 1958 Apr. 7 4 4-4 54 4 Aug. 2 2 1 5 1950 15 1 4 5 -1 4 5 4 154 J M an a . r . 2 2 21 7 2 4 31 2 m 2V 5 4 4 - -2 3 V 4 Nov. 2 2 1 0 7 4 1968 4 45-445 4 4 4 4 5 *4 4 1953 Apr. 18 Mar. 15 4*4-5 4*4 Jan. 16 154-2 May 9 V 22 5 23 2 Aug. 15 154-2 Apr. 19 5*4 Sept. 12 154-2 26 SB 1954 Oct. 2 2 4 3 2 2 -2*4 Aug. 1 3 6 0 V 5*4 Feb. 5 154-2 Nov. 7 2*4 Dec. 18 5*4-5*4 5*4 1 5 154 20 554 5*4 A M p a r y . 2 1 1 1 4 6 ra 1* 4 Mar. 6 1959 254-3 Apr. 4 1969 554-6 May 2 1 9 6 3 -3*4 8 6 Apr. 14 1955 154-154 J S u e n p e t. 1 1 2 1 3*34*^4 1 1970 15 154-154 18 4 Nov. 11 554-6 6 May 2 13 554-6 554 Aug. 4 5 \m 1960 16 5« 554 12 22 --22514/ 4 June 3 Dec. 1 554-554 554 Sept. 1 9 3 254 1 1 0 4 3 3 - * 3* 4 4 1 4 1 5* 5 4 * -5 4 5 4 554 Nov. 18 254-2*5 Aug. 12 3 23 254 Sept. 9 In effect Dec. 31,1970. 554 5*4 t Preferential rate of 54 of 1 per ccnt 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.-—Rates under Sees. 13 and 13a (as described in table and notes 2.75: 1962—Mar. 20-21, 2.75; 1964—Dec. 10, 3.85; Dec. 15, 17, 22, 24, above). For data before 1946, see Banking and Monetary Statistics, 1943, 28, 30, 31,3.875; 1965—Jan. 4-8, 3.875; 1968—Apr. 4, 5,11,15,16,5.125; pp. 439-42 and Supplement to Section 12, p. 3. 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 • JANUARY 1971 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 (all classes of banks) TTTiiimmmeee dddeeepppooosss--iiitttsss Reserve Country Other EEEffffffeeeccctttiiivvveee dddaaattteee <<< CC rree bb ee cc ss aa nn ii ee nn tt tt rr yy kk rr vv aa ss ee ll bb ss cc RR aa ee ii rr nn ee tt vv yy kk -- ee ss CC bbaa oo ttrr nn uu yy kk nn ss -- bbb ccclll aaa ((( aaa ooo nnn aaa sss fff kkk lll sss lll eee sss sss ))) EEEffffffeeeccctttiiivvveee dddaaattteee <<< $ U 5 n c m d it e i y l r - ba $ n O 5 k v m s e i r l - $ U 5 n m de i b l r a - nk $ s O 5 v m er il - dd SS ii ee nn ii pp aa tt gg ss vv oo ss -- ss -- $ U 5 ti n m m d e e i r l- dep $ O 5 o s v m i e ts r i l lion lion lion lion lion lion IIInnn eeeffffffeeecccttt DDDeeeccc... 333111,,, 111999444999 22222222222222222222 11118888 11112222 55 1966—July 14,21 «16% « 12 64 «4 55 66 111999555111———JJJaaannn... 111111,,,111666 22222222223333333333 11119999 11113333 66 JJJaaannn... 222555,,, FFFeeebbb... 111 22222222224444444444 22220000 11114444 1967 Mar. 2 3333%%%% 3333%%%% 111999555333———JJJuuulllyyy 999,,, 111 22222222222222222222 11119999 11113333 Mar. 16 3333 3333 1954—June 24, 16 22222222221111111111 55 JJJuuulllyyy 222999,,, AAAuuuggg... 111............ 22222222220000000000 111888 111222 11116666%%%% 11117777 11112222 11112222%%%% 111999555888———FFFeeebbb... 222777,,, MMMaaarrr... 111............ 11111111119999999999%%%%%%%%%% 111777%%% 111111%%% MMMaaarrr... 222000,,, AAAppprrr... 111............ 11111111119999999999 111777 11117777 11117777%%%% 11112222%%%% 11113333 AAAppprrr... 111777 11111111118888888888%%%%%%%%%% 11111111118888888888 1166%% 55555 1960—Sept. 1 11111111117777777777%%%%%%%%%% Nov. 24 1122 IIInnn eeeffffffeeecccttt DDDeeeccc... 333111,,,111999777000... ... 111777 111777%%% 111222%%% 111333 333 333 55555 111666%%% 1962—July 28 (((333))) PPPrrreeessseeennnttt llleeegggaaalll 44 rrreeeqqquuuiiirrreeemmmeeennnttt::: MMMiiinnniiimmmuuummm 111000 777 333 333 333 MMMaaaxxxiiimmmuuummm 222222 111444 111000 111000 111000 t When two dates are shown, the first applies to the change at central rowings above a specified base from foreign banks by domestic offices reserve or reserve city banks and the second to the change at country of a member bank. For details concerning these requirements, see Regular banks. For changes prior to 1950 see Board's Annual Reports. tions D and M and appropriate supplements and amendments thereto. 2 Demand deposits subject to reserve requirements are gross demand Details of revisions effective Jan. 7, 1971, are also shown on pp. 940-42 deposits minus cash items in process of collection and demand balances of the Dec. 1970 BULLETIN. due from domestic banks. 5 Effective Jan. 5, 1967, time deposits such as Christmas and vacation 3 Authority of the Board of Governors to classify or reclassify cities club accounts became subject to same requirements as savings deposits. as central reserve cities was terminated effective July 28, 1962. * See preceding columns for earliest effective date of this rate. 4 Since Oct. 16, 1969, member banks have been required under Regulation M to maintain reserves against balances above a specified base due NOTE.—All required reserves were held on deposit with F.R. Banks from domestic offices to their foreign branches. Until Jan. 7, 1971, the June 21, 1917, until Dec. 1959. From Dec. 1959 to Nov. 1960, member applicable reserve percentage is 10 per cent; effective that date it will be banks were allowed to count part of their currency and coin as reserves; 20 per cent. Regulation D imposes a similar reserve requirement on bor- effective Nov. 24, I960, they were allowed to count all as reserves. For further details, see Board's Annual Reports. MARGIN REQUIREMENTS (Per cent of market value) Effective date Regulation Jan. 16, Aug. 5, Oct. 16, July 28, July 10, Nov. 6, Mar. 11, June 8, May 6, 1958 1958 1958 1960 1962 1963 1968 1968 1970 Regulation T: For credit extended by brokers and dealers on— Margin stocks 50 70 90 70 50 70 70 80 65 50 6600 50 For short sales 50 70 90 70 50 70 70 8800 65 Regulation U: For credit extended by banks on— Margin stocks 50 70 90 70 50 70 70 80 65 5500 6600 5500 Regulation G: For credit extended by others than brokers and dealers and banks on— 70 80 65 5500 6600 5500 NOTE.—Regulations T, U, and G, 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

JANUARY 1971 a MAXIMUM INTEREST RATES; BANK DEPOSITS A 11 MAXIMUM INTEREST RATES PAYABLE ON TIME AND SAVINGS DEPOSITS (Per cent per annum) Rates Jan. I, 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: i Savings deposits 414 12 months or more.. 4 4 Other time deposits:2 Less than 12 months. m 3 'A Multiple maturity:3 30-89 days 414 90 days-1 year... 55 % 1 year to 2 years.. 2 years and over.. 5 M Single-maturity: Less than $100,000: Other time deposits: 2 30 days to 1 year.. 5% 55 14 12 months or more.. .. 1 year to 2 years. . 6 months to 12 months, m 514 2 years and over.. 5 J/4 90 days to 6 months.. . $100,000 and over: 5V4 C) Less than 90 days 4 30-59 days $ (30-89 days) 60-89 days 5V4 5% 2* 90-179 days 180 days to 1 year. w 7 1 year or more... 4 714 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 are 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 614 commercial banks, as established by the FDIC, have been the same as per cent on maturities of 30-59 days and 614 per cent 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 mm bb ee aa AA mm nn ll kk bb ll ss ee rr Y N o ew rk C o i f ty Other C b o a u n n k t s r y m b e a A m n l k b l s e r Y N o ew rk C o i f ty Other C b o a u n n k t s r y City Chicago City Chicago Four weeks ending Nov. 4,1970 Four weeks ending Dec. 2, 1970 Gross demand—Total.... 182,307 41,816 7,506 64,059 68,927 Gross demand—Total.. 183,932 41,952 7,493 64,591 69,896 Interbank 24,930 11,562 1,343 9,327 2,698 Interbank 25,161 11,419 1,407 9,568 2,767 U.S. Govt 4,738 676 233 1,870 1,959 U.S. Govt 4,589 670 196 1,774 1,950 Other 152,641 29,579 5,930 52,862 64,270 Other 154,182 29,864 5,890 53,249 65,179 Net demand i 137,478 25,690 5,811 48,599 57,379 Net demand 1 138,266 25,607 5,764 48,774 58,122 Time 173,489 19,777 5,946 64,273 83,494 Time 175,087 19,969 5,963 65,039 84,117 Demand balances due Demand balances due from dom. banks 10,560 1,075 115 2,652 6,719 from dom. banks.... 10,925 1,277 123 2,661 6,865 Currency and coin 5,077 430 90 1,632 2,925 Currency and coin 5,140 438 91 1,666 2,945 Balances with F.R. Balances with F.R. Banks 2233,,553377 55,,112266 1,216 9,621 77,,557755 Banks 23,545 5,033 1,188 9,643 7,682 Total reserves held 2288,,661144 55,,555566 1,306 11,253 1100,,550000 Total reserves held 28,685 5,471 1,279 11,309 10,627 Required 2288,,442299 55,,552266 1,306 11,261 1100,,333366 Required. 28,449 J ,436 1,282 11,286 10,446 Excess 118855 3300 116644 Excess 236 35 -3 23 181 1 Demand deposits subject to reserve requirements are gross demand NOTE.—Averages of daily figures. Balances with F.R. Banks are as deposits minus cash items in process of collection and demand balances of close of business; all other items (excluding total reserves held and due from domestic banks. excess reserves) are as of opening of business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 12 FEDERAL RESERVE BANKS • JANUARY 1971 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month IIIttteeemmm 1970 1970 1969 Dec. 30 Dec. 23 Dec. 16 Dec. 9 Dec. 2 Dec. 31 Nov. 30 Dec. 31 Assets Gold certificate account 1100,,884422 1100,,884422 1100,,883344 1100,,883344 1100,,882277 1100,,445577 1100,,882277 10,036 440000 440000 440000 440000 440000 440000 440000 221199 221199 221199 221188 221144 222211 221199 110 Discounts and advances: Member bank borrowings 225533 662200 993344 228855 331111 333344 330000 183 Acceptances: Bought outright 56 56 555111 41 333888 57 333777 64 111333444 111444555 555000 Federal agency obligations—Held under repurchase 666111 U.S. Govt, securities: 111999111 222333555 Bought outright: Bills 24,564 25,639 24,158 25,965 222555,,,333666222 22,266 222555,,,555555888 222555,,,333666333 NNootteess 33,182 33,182 32,973 32,973 32,973 33,236 32,864 31,392 2,886 2,886 2,806 2,806 2,806 2,941 2,782 3,496 TToottaall bboouugghhtt oouuttrriigghhtt 1.2 60,632 2 61,707 22 6611,,333377 1.2 59,937 22 6611,,114422 2 62,142 22 6611,,000088 257,154 11,,441166 11,,335577 222255 TTTTTTToooooootttttttaaaaaaalllllll UUUUUUU.......SSSSSSS....... GGGGGGGooooooovvvvvvvttttttt,,,,,,, ssssssseeeeeeecccccccuuuuuuurrrrrrriiiiiiitttttttiiiiiiieeeeeeesssssss 60,632 61,707 62,753 59,937 62,499 62,142 61,233 57,154 TTTTTTToooooootttttttaaaaaaalllllll llllllloooooooaaaaaaannnnnnnsssssss aaaaaaannnnnnnddddddd ssssssseeeeeeecccccccuuuuuuurrrrrrriiiiiiitttttttiiiiiiieeeeeeesssssss 60,941 62,383 64,063 60,263 63,228 62,533 61,681 57,401 11,078 11,913 11,915 9,852 10,872 11,081 9,869 10,564 BBBBBBBaaaaaaannnnnnnkkkkkkk ppppppprrrrrrreeeeeeemmmmmmmiiiiiiissssssseeeeeeesssssss 128 128 128 128 126 128 127 116 OOOOOOOttttttthhhhhhheeeeeeerrrrrrr aaaaaaasssssssssssssseeeeeeetttttttsssssss::::::: DDDDDDDeeeeeeennnnnnnooooooommmmmmmiiiiiiinnnnnnnaaaaaaattttttteeeeeeeddddddd iiiiiiinnnnnnn fffffffooooooorrrrrrreeeeeeeiiiiiiigggggggnnnnnnn cccccccuuuuuuurrrrrrrrrrrrrreeeeeeennnnnnnccccccciiiiiiieeeeeeesssssss 257 257 257 267 261 257 265 1,967 IIIIIIIMMMMMMMFFFFFFF gggggggooooooolllllllddddddd dddddddeeeeeeepppppppooooooosssssssiiiiiiittttttteeeeeeeddddddd >>>>>>> 166 166 173 173 179 166 179 219 AAAAAAAllllllllllllll ooooooottttttthhhhhhheeeeeeerrrrrrr 559 519 484 445 398 572 357 441 TTTTTTToooooootttttttaaaaaaalllllll aaaaaaasssssssssssssseeeeeeetttttttsssssss 84,590 86,827 88,473 82,580 86,505 85,815 83,924 80,854 LLLLLLLiiiiiiiaaaaaaabbbbbbbiiiiiiillllllliiiiiiitttttttiiiiiiieeeeeeesssssss FFFFFFF.......RRRRRRR....... nnnnnnnooooooottttttteeeeeeesssssss 50,565 50,722 50,384 50,207 49,773 50,323 49,636 47,473 DDDDDDDeeeeeeepppppppooooooosssssssiiiiiiitttttttsssssss::::::: MMMMMMMeeeeeeemmmmmmmbbbbbbbeeeeeeerrrrrrr bbbbbbbaaaaaaannnnnnnkkkkkkk rrrrrrreeeeeeessssssseeeeeeerrrrrrrvvvvvvveeeeeeesssssss 22,245 23,995 25,760 21,124 25,001 24,052 22,689 22,085 UUUUUUU.......SSSSSSS....... TTTTTTTrrrrrrreeeeeeeaaaaaaasssssssuuuuuuurrrrrrreeeeeeerrrrrrr———————GGGGGGGeeeeeeennnnnnneeeeeeerrrrrrraaaaaaalllllll aaaaaaaccccccccccccccooooooouuuuuuunnnnnnnttttttt 1,271 774 587 830 474 1,156 587 1,312 FFFFFFFooooooorrrrrrreeeeeeeiiiiiiigggggggnnnnnnn 135 144 145 118 152 148 136 134 OOOOOOOttttttthhhhhhheeeeeeerrrrrrr::::::: 166 166 173 173 179 166 179 219 AAAAAAAllllllllllllll ooooooottttttthhhhhhheeeeeeerrrrrrr 570 542 556 580 573 1,067 513 588 TTTTTTToooooootttttttaaaaaaalllllll dddddddeeeeeeepppppppooooooosssssssiiiiiiitttttttsssssss 24,387 25,621 27,221 22,825 26,379 26,589 24,104 24,338 DDDDDDDeeeeeeefffffffeeeeeeerrrrrrrrrrrrrreeeeeeeddddddd aaaaaaavvvvvvvaaaaaaaiiiiiiilllllllaaaaaaabbbbbbbiiiiiiillllllliiiiiiitttttttyyyyyyy cccccccaaaaaaassssssshhhhhhh iiiiiiittttttteeeeeeemmmmmmmsssssss 7,389 8,288 8,694 7,174 7,997 6,917 7,882 7,124 560 578 627 604 656 582 624 581 OOOOOOOttttttthhhhhhheeeeeeerrrrrrr llllllliiiiiiiaaaaaaabbbbbbbiiiiiiillllllliiiiiiitttttttiiiiiiieeeeeeesssssss aaaaaaannnnnnnddddddd aaaaaaaccccccccccccccrrrrrrruuuuuuueeeeeeeddddddd dddddddiiiiiiivvvvvvviiiiiiidddddddeeeeeeennnnnnndddddddsssssss 82,901 85,209 86,926 80,810 84,805 84,411 82,246 79,516 TTTTTTToooooootttttttaaaaaaalllllll llllllliiiiiiiaaaaaaabbbbbbbiiiiiiillllllliiiiiiitttttttiiiiiiieeeeeeesssssss CCCCCCCaaaaaaapppppppiiiiiiitttttttaaaaaaalllllll aaaaaaaccccccccccccccooooooouuuuuuunnnnnnntttttttsssssss 770022 669988 669988 669955 669944 702 669933 669 CCCCCCCSSSSSSSuuuuuuuaaaaaaappppppprrrrrrrpppppppiiiiiiitttttttlllllllaaaaaaauuuuuuulllllllsssssss .......ppppppp aaaaaaaiiiiiiiddddddd iiiiiiinnnnnnn 66 33 66 11 99 88 22 66 55 66 11 99 66 11 66 88 99 00 44 66 00 66 66 99 66 33 66 33 99 77 702 66 33 66 11 99 66 669 TTToootttaaalll llliiiaaabbbiiillliiitttiiieeesss aaannnddd cccaaapppiiitttaaalll aaaccccccooouuunnntttsss 84,590 86,827 88,473 82,580 86,505 85,815 83,924 80,854 CCCooonnntttiiinnngggeeennnttt llliiiaaabbbiiillliiitttyyy ooonnn aaacccccceeeppptttaaannnccceeesss pppuuurrrccchhhaaassseeeddd fffooorrr fffooorrreeeiiigggnnn cccooorrrrrreeessspppooonnndddeeennntttsss 250 251 238 238 242 250 243 146 MMMaaarrrkkkeeetttaaabbbllleee UUU...SSS... GGGooovvvttt,,, ssseeecccuuurrriiitttiiieeesss hhheeelllddd iiinnn cccuuussstttooodddyyy fffooottt fffooorrreeeiiigggnnn aaannnddd iiinnnttteeerrrnnnaaatttiiiooonnnaaalll aaaccccccooouuunnntttsss444 11,282 11,049 11,077 11,218 11,010 11,197 10,817 7,030 Federal Reserve Note^—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank) 53,690 53,560 53,239 53,065 52,634 53,745 52,555 50,412 Collateral held against notes outstanding: 3,330 33,,333300 33,,333300 33,,333300 33,,333300 3,330 3,330 3,222 U.S. Govt, securities 51,415 51,415 51,345 51,045 50,780 51,415 50,580 48,152 Total collateral 54,745 54,745 54,675 54,375 54,110 54,745 53,910 51,374 1 See note 6 on p. A-5. 4 This caption valid beginning Sept. 16, 1970; figures prior to that 2 See note 7 on p. A-S. 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

JANUARY 1971 • FEDERAL RESERVE BANKS A 13 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER 31, 1970 (In millions of dollars) Item Total Boston Y N o e r w k P p d h h e i i l l a - a - C l l a e n v d e - m Ri o c n h d - At t l a a n- c C a h g i o - L S ou t. is M ap i o n l n i e s _ K C s a i a t n s y - Dallas F c S i r s a a c n n o - AAsssseettss GGoolldd cceerrttiiffiiccaattee aaccccoouunntt 11110000,,,,444455557777 591 1111,,,,999944442222 721 1,095 1,044 555 222,,,222111000 446699 161 442244 199 1,046 SSppeecciiaall DDrraawwiinngg RRiigghhttss cceerrttiiff.. aacccctt........ 444400000000 23 99993333 23 33 36 22 777000 1155 7 1155 14 49 FF..RR.. nnootteess ooff ootthheerr bbaannkkss 1111,,,,000066663333 131 111188887777 60 67 83 222 666000 3322 31 3377 40 113 OOtthheerr ccaasshh 222222221111 10 22220000 10 25 13 30 333222 1122 6 1177 14 32 DDiissccoouunnttss aanndd aaddvvaanncceess:: ** SSeeccuurreedd bbyy UU..SS.. GGoovvtt,, sseeccuurriittiieess........ 22222222 11116666 333 33 333311112222 88888888 222222444 Acceptances: 55557777 55557777 Federal agency obligations—Held U.S. Govt, securities: Bought outright 162,142 3,040 15,844 3,261 4,848 4,626 3,229 9,786 2,279 1,219 2,427 2,814 8,769 TToottaall llooaannss aanndd sseeccuurriittiieess 6622,,553333 3,040 1166,,000055 3,261 4,848 4,626 3,229 10,013 2,279 1,219 2,430 2,814 8,769 CCaasshh iitteemmss iinn pprroocceessss ooff ccoolllleeccttiioonn...... 1144,,226622 780 22,,880055 694 912 996 1,456 2,345 671 467 929 874 1,333 BBaannkk pprreemmiisseess 112288 2 88 3 12 11 17 17 12 12 18 8 8 OOtthheerr aasssseettss:: DDeennoommiinnaatteedd iinn ffoorreeiiggnn ccuurrrreenncciieess.... 225577 12 22 6688 13 23 13 17 38 9 6 11 14 33 116666 116666 AAAllllll ooottthhheeerrr 557722 42 114455 30 43 45 28 86 20 10 21 25 77 TTToootttaaalll aaasssssseeetttsss 999000,,,000555999 44,,663311 21,439 4,815 7,058 6,867 5,576 14,871 33,,551199 11,,991199 33,,990022 44,,000022 1111,,446600 LLLiiiaaabbbiiillliiitttiiieeesss FFF...RRR... nnnooottteeesss 555111,,,333888666 22,,991199 1122,,119966 2,934 4,198 4,604 2,645 9,003 11,,995511 887755 11,,887788 11,,994466 66,,223377 DDDeeepppooosssiiitttsss::: MMMeeemmmbbbeeerrr bbbaaannnkkk rrreeessseeerrrvvveeesss 222444,,,000555222 887755 66,,115577 1,163 1,813 1,307 1,606 3,448 888855 662233 11,,110044 11,,225577 33,,881144 UUU...SSS... TTTrrreeeaaasssuuurrreeerrr———GGGeeennneeerrraaalll aaaccccccooouuunnnttt...... 111,,,111555666 5522 333377 64 76 39 79 103 7744 4499 9966 5577 113300 FFFooorrreeeiiigggnnn 111444888 66 ••••5566 6 11 7 8 19 44 33 55 77 1166 OOOttthhheeerrr::: 111666666 116666 AAAllllll ooottthhheeerrr 111,,,000666777 15 557711 17 24 29 15 282 11 5 12 15 71 TTToootttaaalll dddeeepppooosssiiitttsss 26,589 948 7,287 1,250 1,924 1,382 1,708 3,852 974 680 1,217 1,336 4,031 DDDeeefffeeerrrrrreeeddd aaavvvaaaiiilllaaabbbiiillliiitttyyy cccaaassshhh iiittteeemmmsss 10,098 669 1,439 529 764 767 1,100 1,714 525 320 724 617 930 582 29 147 30 46 42 29 92 21 12 23 25 86 OOOttthhheeerrr llliiiaaabbbiiillliiitttiiieeesss aaannnddd aaaccccccrrruuueeeddd dddiiivvviiidddeeennndddsss 88,655 4,565 21,069 4,743 6,932 6,795 5,482 14,661 3,471 1,887 3,842 3,924 11,284 TTToootttaaalll llliiiaaabbbiiillliiitttiiieeesss CCCaaapppiiitttaaalll aaaccccccooouuunnntttsss 702 33 185 36 63 36 47 105 24 16 30 39 88 CCCaaapppiiitttaaalll pppaaaiiiddd iiinnn 702 33 185 36 63 36 47 105 24 16 30 39 88 TTToootttaaalll llliiiaaabbbiiillliiitttiiieeesss aaannnddd cccaaapppiiitttaaalll aaaccccccooouuunnntttsss...... 90,059 4,631 21,439 4,815 7,058 6,867 5,576 14,871 3,519 1,919 3,902 4,002 11,460 CCCooonnntttiiinnngggeeennnttt llliiiaaabbbiiillliiitttyyy ooonnn aaacccccceeeppptttaaannnccceeesss pppuuurrrccchhhaaassseeeddd fffooorrr fffooorrreeeiiigggnnn cccooorrrrrreeessspppooonnnddd--- 250 12 5 66 13 22 13 16 37 8 5 11 14 33 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank) 5533,,774455 33,,005555 1122,,881111 33,,000033 44,,336688 44,,774411 2,857 99,,334400 22,,003377 911 1,956 22,,006611 6,605 Collateral held against notes outstanding: 33,,333300 225500 550000 330000 551100 661100 11,,000000 115555 55 UU..SS.. GGoovvtt,, sseeccuurriittiieess 5511,,441155 22,,884400 1122,,440000 22,,880000 33,,990000 44,,116600 2,900 88,,445500 11,,993300 930 1,975 22,,113300 7,000 TToottaall ccoollllaatteerraall 54,745 3,090 12,900 3,100 4,410 4,770 2,900 9,450 2,085 930 1,975 2,135 7,000 1 See note 7 on p. A-5. 5 After deducting $184 million participations of other F.R. Banks. 2 After deducting $189 million participations of other F.R. 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 for * After deducting $92 million participations of other F.R. Banks. member bank reserves are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 14 OPEN MARKET ACCOUNT • JANUARY 1971 TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT (In millions of dollars) Outright transactions in U.S. Govt, securities, by maturity Total Treasury bills Others within 1 year 1-5 years MMoonntthh Exch., c G p h r u a o s r s - e s s G sa r l o e s s s Re t d io e n m s p- c G p h r u a o s r s - e s s G sa r l o e s s s Re t d io e n m s p- c G p h r u a o s r s - e s s G sa r l o e s s s m re s a d h t o e i u f r m r t s i p t , y - c G p h r u a o s r s - e s s G sa r l o e s s s m E s a h x t o u i c r f r h t i s . t y tions 22222222222222,,,,,,,,,,,,,,999999999999991111111111111155555555555555 777777777777773333333333333355555555555555 111111444444888888 22222222222222,,,,,,,,,,,,,,888888888888885555555555555522222222222222 777777777777773333333333333355555555555555 111111444444888888 2288 11,,117777 2299 --4400 11111111111111,,,,,,,,,,,,,,222222222222225555555555555500000000000000 11111111111111,,,,,,,,,,,,,,000000000000002222222222222299999999999999 333333888888666666 11111111111111,,,,,,,,,,,,,,222222222222225555555555555500000000000000 11111111111111,,,,,,,,,,,,,,000000000000002222222222222299999999999999 333333888888666666 1970—Jan 33333333333333,,,,,,,,,,,,,,111111111111113333333333333333333333333333 44444444444444,,,,,,,,,,,,,,111111111111115555555555555544444444444444 666666111111555555 33333333333333,,,,,,,,,,,,,,111111111111113333333333333333333333333333 44444444444444,,,,,,,,,,,,,,111111111111115555555555555544444444444444 666666111111555555 888888888888880000000000000011111111111111 333333333333339999999999999955555555555555 111111000000000000 888888888888880000000000000011111111111111 333333333333339999999999999955555555555555 111111000000000000 ---555666444 111,,,333111999 22222222222222,,,,,,,,,,,,,,666666666666665555555555555577777777777777 22222222222222,,,,,,,,,,,,,,555555555555557777777777777777777777777777 111111111111999999 22222222222222,,,,,,,,,,,,,,666666666666665555555555555577777777777777 22222222222222,,,,,,,,,,,,,,555555555555557777777777777777777777777777 111111111111999999 111555444 ---111555444 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 11111111111111,,,,,,,,,,,,,,666666666666662222222222222266666666666666 777777777777774444444444444444444444444444 11111111111111,,,,,,,,,,,,,,666666666666662222222222222266666666666666 777777777777774444444444444444444444444444 11111111111111,,,,,,,,,,,,,,111111111111112222222222222277777777777777 111111111111110000000000000066666666666666 »»»» 11111111111111,,,,,,,,,,,,,,111111111111112222222222222277777777777777 111111111111110000000000000066666666666666 **** --2211 --112299 22222222222222,,,,,,,,,,,,,,666666666666665555555555555577777777777777 22222222222222,,,,,,,,,,,,,,333333333333336666666666666677777777777777 333300008888 22222222222222,,,,,,,,,,,,,,444444444444447777777777777744444444444444 22222222222222,,,,,,,,,,,,,,333333333333336666666666666677777777777777 333300008888 1177 9900 222222222222224444444444444455555555555555 111111111111118888888888888833333333333333 111133334444 222222222222224444444444444455555555555555 111111111111118888888888888833333333333333 111133334444 22222222222222,,,,,,,,,,,,,,888888888888887777777777777711111111111111 11111111111111,,,,,,,,,,,,,,333333333333339999999999999911111111111111 22222222222222,,,,,,,,,,,,,,777777777777771111111111111155555555555555 11111111111111,,,,,,,,,,,,,,333333333333339999999999999911111111111111 3377 66,,336622 8800 66,,771122 Outright transactions in U.S. Govt, securities—Continued RRReeepppuuurrrccchhhaaassseee BBaannkkeerrss'' aaagggrrreeeeeemmmeeennntttsss FFFFeeeeddddeeeerrrraaaallll aacccceeppttaanncceess (((UUU...SSS... GGGooovvvttt,,, NNNNeeeetttt aaaaggggeeeennnnccccyyyy 55--1100 yyeeaarrss OOvveerr 1100 yyeeaarrss ssseeecccuuurrriiitttiiieeesss))) cccchhhhaaaannnnggggeeee oooobbbblllliiiiggggaaaa---- MMMMoooonnnntttthhhh iiiinnnn UUUU....SSSS.... ttttiiiioooonnnnssss UUnnddeerr NNNNeeeetttt c G p h r u a o s r s - e s s G sa ro le s s s o E t s r u h x r m i c i f t h t y a s . - c G p h r u a o s r s - e s s G sa r l o e s s s o E t s r u h x r m i c i f t h t y a s . - c G p h r u a o s r s - e s s G sa ro le s s s ssss GGGG eeee iiiitttt oooo cccc iiiieeee vvvv uuuu ssss rrrr tttt ,,,, ---- pppp (((( mmmm uuuu aaaa nnnn gggg rrrr eeee eeee cccc tttt rrrr nnnn hhhh eeee rrrr tttt eeee aaaa eeee ssss ---- ssss )))) ---- eeee rr OO ii nn gg uu ee hh tt tt tt -- ,, mm r a r a cc ee gg hh nn ee pp rr aa ee nn ee uu tt ss tt ee rr ee ss -- -- ,, cccchhhhaaaannnnggggeeee1111 11996699——NNoovv........ 33 --11,,113377 44 11111111111111,,,,,,,,,,,,,,000000000000003333333333333311111111111111 11111111111111,,,,,,,,,,,,,,222222222222226666666666666600000000000000 11111111111111,,,,,,,,,,,,,,888888888888880000000000000033333333333333 --1177 88888888888888 11111111111111,,,,,,,,,,,,,,777777777777779999999999999944444444444444 33333333333333,,,,,,,,,,,,,,333333333333333333333333333366666666666666 33333333333333,,,,,,,,,,,,,,333333333333333333333333333366666666666666 --------------111111111111116666666666666655555555555555 1111111111111155555555555555 --------------111111111111115555555555555500000000000000 11111111111111,,,,,,,,,,,,,,222222222222220000000000000011111111111111 11111111111111,,,,,,,,,,,,,,000000000000000000000000000099999999999999 --------------11111111111111,,,,,,,,,,,,,,444444444444444444444444444444444444444444 333000 ----------------------------7777777777777711111111111111 222666 --------------11111111111111,,,,,,,,,,,,,,333333333333339999999999999955555555555555 --668888 --6666 44444444444444,,,,,,,,,,,,,,444444444444440000000000000077777777777777 44444444444444,,,,,,,,,,,,,,555555555555559999999999999999999999999999 111111111111111111111111111144444444444444 ---333000 ---222666 5555555555555577777777777777 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 22222222222222,,,,,,,,,,,,,,000000000000000000000000000088888888888888 22222222222222,,,,,,,,,,,,,,000000000000000000000000000088888888888888 888888888888888888888888888822222222222222 55555555555555 888888888888888888888888888877777777777777 115500 33333333333333,,,,,,,,,,,,,,111111111111118888888888888811111111111111 22222222222222,,,,,,,,,,,,,,888888888888885555555555555522222222222222 11111111111111,,,,,,,,,,,,,,333333333333335555555555555511111111111111 3333311111 --------------44444444444444 3333300000 11111111111111,,,,,,,,,,,,,,444444444444440000000000000077777777777777 N SS N ee oo pp vv tt .... .. .. 2 66 23 11 3 338866 1 11 16 66 6 --3366 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 ,,,,,,,,,,,,,, ,,,,,,,,,,,,,, ,,,,,,,,,,,,,, 44444444444444 99999999999999 88888888888888 66666666666666 00000000000000 66666666666666 55555555555555 66666666666666 33333333333333 44444444444444 33333333333333 33333333333333 ,,,,,,,,,,,,,, ,,,,,,,,,,,,,, ,,,,,,,,,,,,,, 11111111111111 88888888888888 33333333333333 22222222222222 66666666666666 55555555555555 55555555555555 11111111111111 33333333333333 11111111111111,,,,,,,,,,,,,,2222222222222211111111111111 22222222222222 44444444444444 88888888888888 88888888888888 00000000000000 -----22222 55555 77777 00000 88888 33333333333333* 1 * 1 * 1 * 1 * 1 * 1 * 1 * 1 * 1 * 1 * 1 * 1 * 1 * 1 -----11111 22222 11111 44444 11111 33333 11111111111111,,,,,,,,,,,,,,22222222222222 11111111111111 00000000000000 00000000000000 33333333333333 44444444444444 11111111111111 44444444444444 i Net change in U.S. Govt, securities, Federal agency obligations, and NOTE.—Sales, redemptions, and negative figures reduce System holdbankers' acceptances. ings; all other figures increase such holdings. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) E pe n r d i o o d f Total P st o e u rl n in d g s s A c u h s il t l r i i n a g n s B fr e a lg n i c a s n C d a o n l a la d r i s a n D kr a o n n is e h r F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e a n Jap y a e n n e se g N u l e a i t l n h d d e e s r r s - f S r w an is c s s 1968—Dec.. 2,061 1,444 165 1 1969—Sept. 2,330 1,693 * 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 4 100 1970—Jan.. 975 605 60 201 3 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 999666 3 Sept. 680 580 999666 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1971 • 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 Dec. 30 Dec. 23 Dec. 16 Dec. 9 Dec. 2 Dec. 31 Nov. 30 Dec. 31 253 620 934 285 311 334 300 183 250 617 932 283 309 332 298 180 3 3 2 2 2 2 2 3 56 56 185 41 183 57 87 64 Within 15 days 1 4 2 4 4 1 4 2 1 4 4 3 2 3 6 5 15 3 1 2 4 1 6 1 5 3 6 1 4 1 9 5 60,632 61,707 62,944 59,937 62,734 62,142 61,294 57,154 2,223 3,036 4,337 1,776 3,988 1,995 2,045 2,148 11,895 12,069 11,911 11,286 11,874 12,676 12,511 11,168 20,819 20,907 21,286 21,465 21,462 21,667 21,460 22,707 19,007 19,007 18,812 18,812 18,812 19,089 18,724 12,811 6,029 6,029 5,966 5,966 5,966 6,046 5,933 7,642 659 659 632 632 632 669 621 678 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 SSMM TT 22 oo SS 33 tt 33 AA aa ll ''ss N Le .Y ad . ing S 6 M o S t A he 's r s1 T S o N M ( t e a . x S Y l c A 2 . l ) . 3 ' s 2 SSMM oo 22 tt 22 SS hh 66 ee AA rr ''ss SSMM TT 22 oo 33 SS tt 33 AA aa ll ''ss N Le .Y ad . ing S 6 M o S t A he 's r s2 T S o N M ( t e a . x S Y l c A . l 2 ) . 3 's 2 SSMM oo 22 tthh 22 SS 66 ee AA rr ''ss 9999999,,,,,,,444444488888884444444.......4444444 44,,220077..55 2,224.8 5,276.9 33,,005522..11 70.5 151.6 71.7 49.4 40.3 9999999.......555555566666660000000.......4444444 44,,119988..22 222,,,222111222...999 5,362.2 33,,114499..33 69.4 145.7 69.6 49.2 40.8 1970—Jan 9999999.......555555544444447777777.......5555555 44..005544..00 222,,,222777777...444 5,493.5 3,216.1 69.4 139.9 71.6 50.6 41.9 Feb 9999999,,,,,,,777777799999993333333.......5555555 44..223322..11 222,,,333000999...111 5,561.4 =3,252.2 72.4 148.8 74.2 52.0 42.9 9999999,,,,,,,888888844444445555555.......3333333 4444,,,,333333336666....7777 22,,229911..44 5,508.6 3,217.2 70.7 145.7 72.2 50.3 41.4 11111110000000,,,,,,,111111177777770000000.......2222222 4444,,,,444422222222....0000 22,,441177..99 5,748.2 3,330.3 72.9 149.7 75.8 52.3 42.7 11111110000000,,,,,,,000000022222221111111.......8888888 4444,,,,222244449999....4444 2,460.0 5,772.5 3,312.5 73.5 150.6 78.4 53.4 43.2 10,143.3 4444,,,,333366666666....0000 2,443.3 5,777.3 3,334.0 73.3 149.3 77.5 52.9 42.9 1111100000,,,,,222221111188888.....11111 4,324.3 2,508.2 5,893.9 33,,338855..66 73.3 145.3 79.4 53.8 43.4 1111100000,,,,,555555555577777.....77777 4,770.6 2222....444477778888....8888 5,787.1 33,,330088..33 75.8 162.8 77.9 52.6 42.3 Sept 1111100000,,,,,555555555599999.....44444 4,668.1 2222....555500002222....9999 5,891.3 3,388.4 75.5 161.0 77.9 53.1 43.0 1111100000,,,,,777779999933333.....22222 4,899.8 2222,,,,444499999999....5555 5,893.5 3,393.9 78.3 175.9 78.4 53,6 43.5 1111100000,,,,,555554444422222.....00000 44,,882244..00 2222,,,,444422220000....1111 5,718.0 33,,229977..99 75.8 168.5 75.8 51.7 42.0 1 Excludes interbank and U.S. Govt, demand deposit accounts. For description of series, see Mar. 1965 BULLETIN, p. 390. 2 Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and The data shown here differ from those shown in the Mar. 1965 BULLETIN Los AnKeles-Lonc 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 a JANUARY 1971 DENOMINATIONS IN CIRCULATION (la millions of dollars) Total Coin and small denomination currency Large denomination currency in circulation 1 Total Coin $1 2 $2 S5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,00C 1939. 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 . 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945. 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947. 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950. 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955. 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1958. 32,193 22,856 2,182 1,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959. 32,591 23,264 2,304 1,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 1960. 32,869 23,521 2,427 1,533 88 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 1961. 33,918 24,388 2,582 1,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 3 10 1962. 35,338 25,356 2,782 1,636 97 2,375 7,071 11,395 9,983 2,990 6,448 240 293 3 10 1963. 37,692 26,807 3,030 1,722 103 2,469 7,373 12,109 10,885 3,221 7,110 249 298 3 4 1964. 39,619 28,100 3,405 1,806 111 2,517 7,543 12,717 11,519 3,381 7,590 248 293 2 4 1965. 42,056 29,842 4,027 1,908 127 2,618 7,794 13,369 12,214 3,540 8,135 245 288 3 4 1966. 44,663 31,695 4,480 2,051 137 2,756 8,070 14,201 12,969 3,700 8,735 241 286 3 4 1967. 47,226 33,468 4,918 2,035 136 2,850 8,366 15,162 13,758 3,915 9,311 240 285 3 4 1968. 50,961 36,163 5,691 2,049 136 2,993 8,786 16,508 14,798 4,186 10,068 244 292 3 4 1969--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 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 Nov 56,381 39,284 6,251 2,242 136 3,068 9,090 18,497 17,097 4,781 11,839 216 254 3 4 i Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin. overstated because they include small amounts of paper currency held by the Treasury and the F.R. Banks for which a denominational break- NOTE.—Condensed from Statement of United States Currency and down is not available. Coin, issued by the Treasury. KjNDS 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 NNNooovvv... 333000,,, aaggaaiinnsstt TTrreeaassuurryy FF..RR.. BBBaaannnkkksss 111999777000 ggoolldd aanndd ccaasshh BBaannkkss aaannnddd ssiillvveerr aanndd AAAgggeeennntttsss Nov. Oct. Nov. cceerrttiiffiiccaatteess AAggeennttss 30 31 30 Gold 1111111111,,,,,111111111177777 ((1100,,882277)) 22 229900 (((((1111100000,,,,,888882222277777))))) 331100,,882266 1111 5555522222,,,,,555555555566666 iiiiiiiii 2222,,,,999911119999 444999,,,555222666 444888,,,222000777 444666,,,444333111 77777,,,,,111112222266666 555222 222222220000 666,,,888555555 666,,,888111444 666,,,555666000 444448888855555 3333 444448888822222 444448888822222 444448888822222 66666,,,,,000002222200000 33332222 221199 55555,,,,,777776666699999 55555,,,,,777773333311111 55555,,,,,444448888833333 333332222233333 11117777 333330000066666 333330000033333 222229999922222 222229999999999 222229999988888 222229999999999 333330000033333 TToottaall NNoovv.. 3300,, 11997700 5555 77770000,,,,777799999999 ((((11110000,,,,888822227777)))) 444455552222 11110000,,,,888822226666 3333,,,,111144440000 5566,,338811 Oct. 31, 1970 5555 66669999,,,,888877772222 ((((11110000,,,,888811119999)))) 444466662222 11110000,,,,888811118888 3333,,,,555577771111 5555,,002211 Nov. 30, 1969 5555 66666666,,,,444477771111 ((((11110000,,,,000033336666)))) 666633333333 11110000,,,,000033335555 2222,,,,888811112222 5522,,999911 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 $179 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

JANUARY 1971 • MONEY STOCK; BANK RESERVES A 17 MONEY STOCK AND RELATED DATA (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money stock Money stock PPeerriioodd Time Time U.S. deposits deposits Govt, Total c C om ur p re o n n c e y n t D d e e m po a s n it d jus a t d e - d! Total c C om ur p re o n n c e y n t D d e ep m o a s n it d jus a t d e - d 1 d d e e p m os a i n t d s 1 component component 171.7 38.3 133.4 158.3 176.9 39.1 137.8 156.9 3.4 183.1 40.4 142.7 183.5 188.6 41.2 147.4 182.1 5.0 197.4 43.4 154.0 204.8 203.4 44.3 159.1 203.2 5.0 203.6 46.0 157.7 194.6 209.8 46.9 162.9 193.2 5.6 205.2 46.2 159.0 193.3 211.4 46.1 165.4 192.7 4.8 204.5 46.4 158.1 193.5 202.8 45.9 156.8 193.0 7.1 206.6 46.7 159.8 195.3 204.7 46.3 158.4 195.9 6.9 208.3 47.1 161.2 198.5 209.3 46.6 162.6 199.3 5.3 209.2 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 6.5 210.6 48.1 162.5 208.2 209.0 48.3 160.7 208.1 6.8 211.8 48.2 163.7 213.2 208.7 48.3 160.4 214.0 7.1 212.8 48.2 164.6 218.5 211.4 48.2 163.1 218.4 6.8 213.0 48.5 164.5 222.2 213.0 48.5 164.5 222.5 6.1 213.5 48.7 164.8 225.0 215.3 49.2 166.1 224.6 5.6 221144..66 4488..99 165.6 230.4 221.1 50.0 171.1 228.7 7.1 Week ending— 214.5 48.6 165.9 227.2 217.4 49.3 168.1 225.9 5.7 214.2 48.9 165.4 228.8 218.3 50.0 168.3 227.3 6.3 16 215.3 49.0 166.3 229.7 222.3 49.8 172.5 228.3 5.0 23 213.5 49.1 164.4 231.6 221.3 50.2 171.1 229.5 9.2 221144..77 4499..00 116655..77 232.3 222.0 50.1 171.9 230.2 8.3 i At all commercial banks. and F.R. float; (2) foreign demand balances at F.R. Banks; and (3) currency outside the Treasury, F.R. Banks, and vaults of all commercial NOTE.—For description of revised series and for back data, see Dec. banks. Time deposits adjusted are time deposits at all commercial 1970 BULLETIN, pp. 887-909. 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.i Deposits subject to reserve requirements2 Total members bank deposiit plus nondepost S.A. N.S.A. items 3 Period Total NNoonn-- Demand Demand bboorrrroowweedd RReeqquuiirreedd Time Time Total and - Total and S.A. N.S.A. savings Private U.S. savings Private U.S. Govt. Govt. 22223333....55552222 22222222....99998888 22223333....11117777 222244444444....6666 111122229999....4444 111111..77 33..55 222244447777....1111 127.9 116.1 3.0 22225555....99994444 22225555....66668888 22225555....66660000 222277773333....5555 111144449999....9999 44..66 222277776666....2222 148.1 123.6 4.5 22227777....99996666 22227777....22222222 22227777....66661111 222299998888....2222 111166665555....8888 112288..22 44..22 333300001111....2222 163.8 133.3 4.1 22227777....99993333 22226666....88881111 22227777....77771111 222288885555....8888 111155551111....5555 112299..44 44..99 222288888888....6666 149.7 134.4 4.6 305.7 308.6 28.00 26.97 27.82 284.8 149.4 130.1 5.3 288.5 148.9 135.6 3.9 304.8 308.5 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 27.72 26.78 27.54 286.2 150.6 129.8 5.9 285.4 151.0 128.5 5.8 306.1 305.3 28.22 27.35 28.05 290.2 153.5 131.4 5.2 290.7 153.8 132.5 4.5 309.6 310.2 27.89 26.92 27.69 289.1 154.6 131.4 3.0 287.9 154.9 127.7 5.4 309.3 308.2 27.90 27.06 27.71 290.5 155.7 129.9 4.8 289.6 155.7 128.5 5.4 311.1 310.3 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 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 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 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 222999...444777 29.03 29.23 314.0 175.7 132.3 6.0 312.8 174.9 133.4 4.6 326.7 325.6 222999...999222 2299..5566 2299..7700 331199..55 117799..99 133.4 6.2 322.7 178.1 138.6 6.0 331.1 334.3 1 Averages of daily figures. Data reflect percentages of reserve require- 3 Total member bank deposits subject to reserve requirements, plus ments made effective Apr. 17, 1969. Required reserves are based on Euro-dollar borrowings, bank-related commercial paper, and certain average deposits with a 2-week lag. other nondeposit items. This series for deposits is referred to as "the 2 Averages of daily figures. Deposits subject to reserve requirements in- adjusted bank credit proxy." clude total time and savings deposits and net demand deposits as defined by Regulation D. Private demand deposits include all demand deposits ex- NOTE.—Due to changes in Regulations M and D, required reserves cept those due to the U.S. Govt., less cash items in process of collection include increases of approximately $400 million since Oct. 16, 1969. and demand balances due from domestic commercial banks. Effective June Back data may be obtained from the Banking Section, Division of Research 9,1966, balances accumulated for repayment of personal loans were elim- and Statistics, Board of Governors of the Federal Reserve System, Washinated from time deposits for reserve purposes. Jan. 1969 data are not ington, D.C. 20551. comparable with earlier data due to the withdrawal from the System on Jan. 2, 1969, of a large member bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 18 BANKS AND THE MONETARY SYSTEM • JANUARY 1971 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Liabilities and capital Total assets, S c c G s . e a a t D r o o n t t e c d . l i d R f s k i 1 - . T r s c o e r u i t n u n e u a r c g a r y n t - - y s d - - n L e o t a 2 n . s , 3 U.S. s C b a T a a v o r n n i m e n d k a g l s s . s u ry R F s B e e e a c d s n u e e r k r r v i a s t e l i es r O s i e t t i c h e u e s - r 3 c T l n a i i a n e p a t o n i t b i e t e — d t t a i s a l l - l , c d u T e r a p o r n o e t d a s n l i c t y s C c m o a a n a u p n i c e n s i d - t t c t a s . l , 1947—Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,008 184,384 14,624 1967—Dec. 30. 11,982 6,784 468,943 282,040 117,064 66,752 49,112 1,200 69,839 487,709 444,043 43,670 1968—Dec 31. 10,367 6,795 514,427 311,334 121,273 68,285 52,937 51 81,820 531,589 484,212 47,379 1969—Dec. 315 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 87,510 555,596 487,093 68,501 July 29. ,800 7,000 539,300 336,400 111158,,010000 56,800 58,300 87,800 558,100 489,800 68,300 Aug. 26. ,800 7,000 545,400 338,100 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. 25r ,500 7,100 558,900 341,300 122,400 61,200 61,100 95,200 577,500 509,900 67,600 Dec. 30", ,500 7,100 576,500 352,800 125,200 64,500 60,600 98,500 595,100 528,400 66,800 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 e a t n u n s c i r k d - y s e d ju e m D p s a a t o d e e n - s - d d i t 1 s Total o b r C u e a t n u n s c r i k - d y s e d ju e m D p s a a t o d e e n - s - d d i t t s Total b m C a e n o r k m c s i - a 2 l b M sa a v u n i t k n u s g a s l 8 S P t a S o e v y s m i s t n a - 4 g l s e n e n FF ii ee oo gg tt rr nn -- »» ,, T h c i r u o n a e r g l s a y d h s s - - s b c a a a o A v n n m i t d k n l s g . 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——DDeecc.. 331155...... 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 2277........ 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 48,900 156,300 294,800 224,300 70,500 2,500 500 6,200 800 DDeecc.. 3300»»...... 208,600 47,800 160,800 215,800 48,900 166,900 300,600 229,200 71,400 2,600 400 7,700 1,300 1 Includes Special Drawing Rights certificates beginning January 1970. 8 Includes relatively small amounts of demand deposits. Beginning with 2 Beginning with data for June 30,1966, about $ 1.1 billion in "Deposits June 1961, also includes certain accounts previously classified as other liaaccumulated for payment of personal loans" were excluded from "Time bilities. deposits" and deducted from "Loans" at all commercial banks. These 9 Reclassification of deposits of foreign central banks in May 1961 rechanges resulted from a change in Federal Reserve regulations. See table duced this item by $1,900 million (SI ,500 million to time deposits and $400 (and notes), Deposits Accumulated for Payment of Personal Loans, p. A-23. million to demand deposits). 3 See note 2 on 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. 5 Series began in 1946; data are available only for last Wed. of month, For description of substantive changes in official call reports of 7 Other than interbank and U.S. Govt., less cash items in process of condition beginning June 1969, see BULLETIN for August 1969, pp. collection. 642-46. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1971 • 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' Other Total Num- Cash lia- Bor- capital ber Class of bank assets3 bbiilliittiieess row- ac- of and date Total LLooaannss aanndd Total' Demand ings counts banks 11..22 UU..SS.. ccaappiittaall De- TTrreeaass-- Other2 aacc-- mand Time Time1 uurryy ccoouunnttss44 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, 82 44 349 15,952 23 7,173 14,278 1945—Dec. 31... 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14, )65 105 ,921 30,241 219 8,950 14,011 1947—Dec. 31'.. 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—Dec. 3I«.. 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 27... 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. 28".. 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. 25".. 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 13,687 Dec. 30".. 461,120 314,300 61,100 85,720 87,080 570,560 469,850 27,640 1,860 7,330 203,410 229,610 22,140 42,500 13,687 MMeemmbbeerr ooff FF..RR.. SSyysstteemm:: 11994411——DDeecc.. 3311...... 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 11994455——DDeecc.. 3311...... 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 11994477——DDeecc.. 3311...... 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—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 27.. • 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. 25. .. 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 5,773 Dec. 30".. 366,578 255,301 45,054 66,223 76,993 462,506 376,543 26,390 1,657 6,052 164,115 178,329 21,166 33,806 5,773 RReesseerrvvee cciittyy mmeemmbbeerr:: NNeeww YYoorrkk CCiittyy::'' 11994411——DDeecc.. 3311...... 1122,,889966 44,,007722 77,,226655 11,,555599 66,,663377 1199,,886622 1177,,993322 44,,220022 886666 1122,,005511 880077 3366 11994455——DDeecc.. 3311...... 2266,,114433 77,,333344 1177,,557744 11,,223355 66,,443399 3322,,888877 3300,,112211 44,,664400 17 66,,994400 1177,,228877 11,,223366 195 2,120 3377 11994477——DDeecc.. 3311...... 2200,,339933 77,,117799 1111,,997722 11,,224422 77,,226611 2277,,998822 2255,,221166 44,,445533 12 226677 1199,,004400 11,,444455 30 2,259 3377 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—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 27... 57,288 44,819 4,981 7,488 22,007 84,604 57,147 9,356 280 882 31,742 14,887 5,821 6,335 12 June 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... 58.72C 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 Dec. 30... 63,437 48,359 5,878 9,200 22,916 91,955 66,943 12,053 919 924 32,827 20,220 6,120 6,442 12 For notes see p. A-22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 20 COMMERCIAL BANKS • JANUARY 1971 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Total Class of bank la- Borand date Cash bilities row- Loans assets^ and ings 1.2 U.S. capital Total 3 Treas- ac- Deury counts4 mand U.S. Govt. Other Reserve city member (cont.) City of Chicago: 7-8 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 ,552 3,462 719 1947—Dec. 31 5,— 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 1966—Dec. 31...... 11,802 8,756 1,545 1,502 2,638 14,935 12,673 1.433 310 6,008 4,898 484 1967—Dec. 30 12,744 9,223 1,574 1,947 2,947 16,296 13,985 1.434 267 6,250 6,013 383 1968—Dec. 31 14,274 10,286 1,863 2,125 3,008 18,099 14,526 1,535 257 6,542 6,171 682 1969—Dec. 31® 14,365 10,771 1,564 2,030 2,802 17,927 13,264 1,677 6,770 4,626 1,290 1970—Jan. 28 13,684 10,376 1,351 1,957 2,858 17,287 12,024 1,205 336 5,903 4,548 1,783 Feb. 25 14,102 10,388 1,578 2,136 3.039 17,966 12,205 1,280 442 5,831 4,610 2,297 Mar. 25 14,258 10,451 1,571 2,236 2,701 17,923 12,002 1,232 258 5,762 4,709 2,425 Apr. 29 14,522 10,530 1,688 2,304 2,760 18,154 12,299 1,234 233 5,999 4,792 2,503 May 27 14,178 10,341 1,616 2,221 2,658 17,736 12,218 1,265 232 5,952 4,728 2,233 June 30 14,648 10,986 1,540 2,121 2,622 18,291 13,266 1,682 347 6,102 5,119 1,507 July 29 14,449 10,662 1,688 2,099 2,560 18,021 12,937 1,237 457 5,764 5,425 1,689 Aug. 26 14,556 10,642 1,796 2,118 2,911 18,520 12,841 1,192 342 5,725 5,524 2,129 Sept. 30 15,058 11,151 1,746 2,161 2, 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 Dec. 30 15,810 11,387 1,984 2,439 3,133 19,997 14,433 1,435 243 6,626 6,053 2,230 Other reserve city: 7. 8 1941—Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1945—Dec. 31 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 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 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—Dec. 31« 121,324 90,896 11,944 18,484 29,954 157,512 126,232 10,663 1,575 58,923 54,829 9,881 1970—Jan. 28 118,177 88,298 11,255 18,624 24,714 148,856 115,408 8,327 143 2,350 50,625 53,963 11,846 Feb. 25 117,265 87,839 10,775 18,651 24,467 147,785 115.117 8,231 152 2,823 49,823 54,088 II,104 Mar. 25 117.942 87,645 11,078 19,219 23,272 147,381 114,763 7,757 116 2,148 49,856 54,886 11,180 Apr. 29 119,213 88,093 11.298 19,822 25,042 150,648 117.118 8,113 159 2,304 50,306 56,236 11,788 May 27 119,002 88,033 11,287 19,682 24,393 149,816 116,945 8,213 160 1,945 49,990 56,637 11.025 June 30 121,213 90,152 11,372 19,689 27,106 154,889 123,673 9,530 273 3,115 53,317 57,438 9,779 July 29 120,894 89,581 11,665 19,648 24,422 151,834 120,708 8,374 409 2,349 50,046 59,530 9,777 Aug. 26 123,418 91,106 12,341 19,971 25,008 154,765 123,746 8,544 552 3,049 50,085 61,516 9,485 Sept. 30 125,582 91,955 12,859 20,768 27,368 159.587 129,246 8,992 628 3,082 53,139 63,405 9,019 Oct. 28 126,64« 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 Dec. 30 133,782 96,404 14,656 22,722 27,956 168,418 136,577 10,062 581 2,304 57,155 66,475 10,874 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 1945—Dec. 31 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 17 5,465 24,235 12,494 1947—Dec. 31 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,056 17 432 28,378 14,560 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 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—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—Ian. 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. 30 146,519 95,398 21,030 30,091 22,640 174,262 151,404 2,591 2,441 63,723 82,565 2,007 Oct. 28 147,728 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 Dec. 30s 153,549 99,151 22,536 31,862 22,988 182,136 158,590 2,840 2,581 67,507 85,581 1,942 For notes see p. A-22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1971 a COMMERCIAL BANKS A 21 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Classification by Securities Total Interbank 3 Other FRS membership Cash lia- Bor- Total Numand FDIC assets 3 bbiilliittiieess row- capital ber insurance Total Loans aanndd Total 3 Demand ings ac- of 1.2 U.S. Other ccaappiittaall De- Time counts banks Treas- 2 aacc-- mand Time l ury ccoouunnttss ^^ G U o . v S. t . Other Insured banks: Total: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10, 554 1,762 41,298 15,699 10 6,844 13,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,773 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.. 399,566 264,60C 64,028 70,938 83,061 498,071 432,719 24,427 1,155 5,000 198,535 203,602 8,675 36,530 13,481 1969—June 30«. 408,620 283,199 53,723 71,697 87,311 513,960 423,957 24,889 800 5,624 192,357 200,287 14,450 38,321 13,464 Dec. 31.. 419,746 294,638 54,399 70,709 89,090 527,598 434,138 26,858 695 5,038 207,311 194,237 18,024 39,450 13,464 1970—June 30.. 421,141 294,963 51,248 74,929 84,885 526,484 431,094 26,017 829 8,040 191,752 204,456 18,215 41,159 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 30'. 88,346 64,007 9,902 14,437 26,344 119,358 93,858 9,773 285 1,341 45,152 37,307 4,104 8,689 1,236 Dec. 31.. 90,088 65,560 10,257 14,271 24,313 119,219 94,445 9,541 248 1,065 48,030 35,560 5,116 8,800 1,201 1970—June 30.. 88,404 64,439 9,133 14,832 23,598 117,209 91,967 10,175 299 1,891 42,620 36,983 4,457 9,078 1,166 Nonmember: 1941—Dec. 31.. 5,776 3,241 1,509 1,025 2,668 8,708 7,702 29 53 4,162 3,360 6 959 6,810 1945—Dec. 31.. 14,639 2,992 10,584 1,063 4,448 19,256 18,119 .44 1,560 10,635 5,680 7 1,083 6,416 1947—Dec. 31.. 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 4 149 12,366 6,558 7 1,271 6,478 1961—Dec. 30.. 34,320 18,123 11,972 4,225 6,508 41,504 37,560 543 30 553 21,456 14,979 24 3,452 6,997 1962—Dec. 28.. 38,557 20,811 12,932 4,814 6,276 45,619 41,142 535 43 729 22,170 17,664 34 3,870 7,072 1963—Dec. 20.. 42,464 23,550 13,391 5,523 5,942 49,275 44,280 559 61 726 23,140 19,793 72 4,234 7,173 1964—Dec. 31.. 46,567 26,544 13,790 6,233 7,174 54,747 49,389 658 70 649 25,504 22,509 99 4,488 7,262 1965—Dec. 31.. 52,028 30,310 14,137 7,581 7,513 60,679 54,806 695 83 618 27,528 25,882 91 4,912 7,320 1966—Dec. 31.. 56,857 33,636 13,873 9,349 7,777 65,921 59,434 709 87 543 28,471 29,625 99 5,342 7,384 1967—Dec. 30.. 64,449 37,675 15,146 11,629 8,403 74,328 67,107 786 89 588 31,004 34,640 162 5,830 7,440 1968—Dec. 31.. 73,553 43,378 16,155 14,020 9,305 84,605 76,368 908 94 691 34,615 40,060 217 6,482 7,504 1969—June 30«. 78,032 48,358 14,341 15,333 8,696 88,802 78,610 791 78 749 34,070 42,921 451 7,004 7,528 Dec. 31.. 82,133 51,643 14,565 15,925 10,056 94,453 83,380 1,017 85 924 37,561 43,792 629 7,403 7,595 1970—June 30.. 84,875 54,149 13,924 16,802 9,346 96,794j 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 • JANUARY 1971 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits TTTToooottttaaaallll aaaasssssssseeeettttssss———— CCCCllllaaaassssssssiiiiffffiiiiccccaaaattttiiiioooonnnn bbbbyyyy Securities TTTToooottttaaaallll Interbank 3 Other FFFFRRRRSSSS aaaa iiii nnnn nnnn mmmm dddd ssss uuuu eeee FFFF rrrr mmmm aaaa DDDD bbbb nnnn eeee cccc IIIICCCC eeee rrrrssss hhhhiiiipppp TTToootttaaalll LLLooo 111 aaa ... nnn 222 sss TT UU rr uu ee .. rr SS aa yy ss .. -- OOtthh 22 eerr aaaa CCCC ssssssss aaaa eeee ssss tttt hhhh ssss 3333 cccc b c b c b c b c oooo aaaa iiii aaaa uuuu llll llll aaaa pppp iiii iiii nnnn nnnn cccc aaaa tttt iiii dddd iiii ---- ---- tttt tttt eeee ssss aaaa ssss llll 4444 TTToootttaaalll333 mm DD aa ee nn -- dd TTiimmee U. D S. e mand TTiimm ll ee B r B r B r B r iiii oooo nnnn oooo wwww gggg rrrr ssss ---- ---- c c c c c c c c TTTT aaaa oooo aaaa oooo pppp uuuu cccc tttt iiii nnnn ---- aaaa tttt tttt aaaa llll ssss llll NNNN bbbb bbbb aaaa uuuu oooo nnnn eeee ffff mmmm rrrr kkkk ssss ---- Govt. Other Noninsured nonmember: 1941—Dec. 31 1,457 455 761 241 763 2,283 1,872 329 1 91 253 13 329 852 1945 Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 1 ,905 365 4 279 714 1947 Dec. 315 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 4 325 783 1961 Dec. 30 1,536 577 553 406 346 1,961 1,513 177 148 12 869 307 8 370 323 1962 Dec. 28 1,584 657 534 392 346 2,009 1,513 164 133 14 872 330 44 371 308 1963 Dec. 20 1,571 745 463 362 374 2,029 1,463 190 83 17 832 341 93 389 285 1964—Dec. 31 2,312 1,355 483 474 578 3,033 2,057 273 86 23 1,141 534 99 406 274 1965 Dec. 31 2,455 1,549 418 489 572 3,200 2,113 277 85 17 1,121 612 147 434 263 1967—Dec. 30 2,638 1,735 370 533 579 3,404 2,172 285 58 15 1,081 733 246 457 211 1968 Dec. 31 2,901 1,875 429 597 691 3,789 2,519 319 56 10 1,366 767 224 464 197 1969 June 30« 2,809 1,800 321 688 898 3,942 2,556 298 81 15 1,430 731 290 502 209 Dec. 31 2,982 2,041 310 632 895 4,198 2,570 316 41 16 1,559 638 336 528 197 1970—June 30 3,043 2,073 321 650 746 4,140 2,280 321 69 36 1,247 606 331 549 193 Total nonmember: 1941 Dec. 31 7,233 3,696 2,270 1,266 3,431 10,992 9,573 4. 7 5,. 04 3,613 18 1,288 7,662 1945—Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14.101 6,045 11 1,362 7,130 1947 Dec. 31 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 12 1,596 7,261 1961 Dec. 30 35,856 18,700 12,525 4,631 6,854 43,465 39,073 719 178 565 22,325 15,286 33 3,822 7,320 1962—Dec. 28 40,141 21,469 13,466 5,206 6,622 47,628 42,654 699 176 743 23,042 17,994 77 4,240 7,380 1963—Dec. 20 44,035 24,295 13,854 5,885 6,316 51,304 45,743 749 144 743 23,972 20,134 165 4,623 7,458 1964—Dec. 31 48,879 27,899 14,273 6,707 7,752 57,780 51,447 931 156 672 26,645 23,043 198 4,894 7,536 1965—Dec. 31 54,483 31,858 14,555 8,070 8,085 63,879 56,919 972 168 635 28,649 26,495 238 5,345 7,583 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 (and notes), "Deposits Accumulated for Payment of Personal was reclassified as a reserve city bank. Beginning Feb. 29, 1968, a reserve Loans" 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. Total ing Alaska and Hawaii, beginning with 1959). Commercial banks represent loans include Federal funds sold, and beginning with June 1967 securities all commercial banks, both member and nonmember; stock savings purchased under resale agreements, figures for which are included in banks; and nondeposit trust companies. "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. ^ 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

JANUARY 1971 • COMMERCIAL BANKS A 23 LOANS AND INVESTMENTS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Securities Securities PPPeeerrriiioooddd TToottaall'',,22 LLooaannss11,,22 TToottaall11,, 22 LLooaannss11,,22 G U o . v S t . . Other2 G U o .S v . t . Other2 1960—Dec. 31 194.5 113.8 59.8 20.8 198.5 116.7 61.0 20.9 1961 Dec. 30 209.6 120.4 65.3 23.9 214.4 123.9 66.6 23.9 1962—Dec. 31 227.9 134.0 64.6 29.2 233.6 137.9 66.4 29.3 1963 Dec. 31 246.2 149.6 61.7 35.0 252.4 153.9 63.4 35.1 1964—Dec. 31 267.2 167.7 60.7 38.7 273.9 172.1 63.0 38.8 1965 Dec. 31 294.4 192.6 57.1 44.8 301.8 197.4 59.5 44.9 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—Oct. 293 397.6 273.8 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. 28" 424.0 286.9 56.3 80.8 423.6 285.5 57.1 81.0 Nov. 25" 427.3 287.7 56.5 83.2 426.8 286.2 58.0 82.6 Dec. 31« 432.5 288.9 58.0 85.6 442.4 295.5 61.2 85.7 1 Adjusted to exclude interbank loans. are now reported gross, without valuation reserves deducted, rather than 2 Beginning June 9, 1966, about $1.1 billion of balances accumulated net of valuation reserves as was done previously. For a description of the for payment of personal loans were deducted as a result of a change in revision, see Aug. 1969 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 "Loans." ing BULLETINS: July 1962, pp. 797-802; July 1966, pp. 950-55; and Sept. 5 Beginning June 30, 1969, data revised to include all bank-premises 1967, pp. 1511-17. subsidiaries and other significant majority-owned domestic subsidiaries; Data are for last Wed. of month except for June 30 and Dec. 31; data earlier data include commercial banks only. Also, loans and investments 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 1111111,,,,,,,222222211111116666666 1111111,,,,,,,111111155555550000000 1111111,,,,,,,111111133333331111111 999999944444445555555 AAllll mmeemmbbeerr——CCoonntt.. 1111111,,,,,,,222222211111116666666 1111111,,,,,,,111111144444449999999 1111111,,,,,,,111111122222229999999 999999944444443333333 333333333333222222 222222999999333333 333333300000004444444 222222222222222222222 777777733333330000000 666666699999994444444 666666688888888888888 555555533333336666666 666666000000555555 555555888888888888 555555577777771111111 444444499999992222222 222222200000007777777 111111188888887777777 111111188888888888888 111111177777778888888 222222777777888888 222222666666999999 222222255555555555555 222222233333330000000 999999933333337777777 888888888888881111111 888888877777776666666 777777711111114444444 222222777777888888 222222666666888888 222222255555553333333 222222222222229999999 2222222 2222222 NOTE.—These hypothecated deposits are excluded from Time deposits These deposits have not been deducted from Time deposits and Loans and Loans at all commercial banks beginning with June 30, 1966, as for commercial banks as shown on pp. A-21 and A-22 and on pp. A-24 shown in the tables on the following pages: A-19, A-20, and A-26—A-30 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 • JANUARY 1971 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans ' b c C a a l n l a l k s d s a a o n te f d l i m T o n a a v o e n n e t n d s a s t l t s 1 - f s e F e u o t e r c n l a d . d d l - 2 , s T 3 o . t 4 a l C m a c i o n i n e a m d - r l - - A c t a u l u g r l r - - : i - o p b T s r u r e o o r c c - c F a u h r r o a r i r y t s i i i e n n s g g in f s in ti a T tu n o t c i i o a n l s O v t i d t h i n o i d e - - - r, Other U B s .S e il c . l s u T ri r t e i a es s u 6 r y s S g l a o e o t n c c a v d a u t t e l - , O r s it e t i h c es e u r - s dus- kers To uals' and rities trial and others certifideal- cates ers Total: 2 1947—Dec. 31.. 38,057 18,167 1,660 ,220 53,205 3,729 4 1968—Dec. 31. 402,477 6,747 259,727 98,357 9,718 6,625 2,206 13,729 65,137 58,337 6,724 64,466 58,570 12.967 1969—Dec. 311 422,728 9,928 286,750 108 443 10,329 5,739 4,027 2,488 15,062 70,020 63,256 7,388 54,709 59,183 12,158 1970—June 30.. 424,184 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 4,5 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 ,132 88,912 21,526 16,045 51,342 3,873 3,258 1947—Dec. 31.. 114,274 37,583 18,012 1,610 823 1,190 114 9,266 5,654 914 67,941 9,676 5,918 52,347 5,129 3,621 1968—Dec. 31.. 399,566 6,526 258,074 97,741 9,700 6,409 4,063 2,145 13,621 64,804 58,142 6,655 64,028 58,288 12,650 1969—Dec. 3110 419,746 9,693 284,945 107,685 10,314 5,644 3,991 2,425 14,890 69,669 63,008 7,319 54,399 58,840 11,869 1970—June 30.. 421,141 10,867 284,096 107,567 II,215 3,886 3,541 2,457 14,248 70,252 63,921 7,009 51,248 62,619 12,311 Member—Total: 1941—Dec. 31. 43,521 18,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,007 15,561 3,090 2,871 1945—Dec. 31. 107,183 22,775 8,949 855 3,133 3.378 47 3,455 1,900 1,057 78,338 19,260 14,271 44,807 3,254 2,815 1947—Dec. 31. 97,846 32,628 16,962 1,046 811 1,065 113 7,130 4,662 839 57,914 7,803 4,815 45,295 4,199 3,105 1968—Dec. 31. 326,023 5,551 215,671 87,819 5,921 6,174 3.379 2,012 12,797 50,461 45,404 6,189 47,881 48,423 8,498 1969—Dec. 3110 337,613 7,356 235,639 96,095 6,187 5,408 3,236 2,258 14,035 53,207 48,388 ' 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 ",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 3,803 903 1,099 3,426 3,619 3,485 1,694 5,984 7,233 861 1969—Dec. 3110 60,333 802 47,503 28,189 3,695 776 1,047 4,547 3,835 3,595 1,807 5,048 6,192 788 1970—June 30.. 57,088 553 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: 1941—Dec. 31.. 2,760 954 732 24181 52 22 95 1,430 256 153 1,022 182 193 1945—Dec. 31.. 5,931 1,333 760 233 36 51 40 4,213 1,600 749 1,864 181 204 1947—Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 2,890 367 248 2,274 213 185 1968—Dec. 31.. 14,274 312 9,974 6,118 535 253 205 1,219 738 848 281 1,863 1,810 315 1969—Dec. 3110 14,365 215 10,556 6,444 337 262 186 1,219 842 862 354 1,564 1,837 192 1970—June 30.. 14,648 383 10,603 6,635 379 141 152 1,154 823 942 331 1,540 1,861 261 Other reserve city. 1941—Dec. 31. 15,347 7,105 3,456 300 114 194 4 1,527 1,508 6,467 295 751 5,421 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 427 1,503 17 1,459 855 387 29,552 8,016 5,653 15,883 1,126 916 1947—Dec. 31.. 36,040 13,449 7,088 225 170 484 15 3,147 1,969 351 20,196 2,731 1,901 15,563 1,342 1,053 1968—Dec. 31.. 119,339 2,197 81,769 34,632 1,362 1,116 1,254 588 6.005 18,939 16,916 2,520 15,036 18,111 2,226 1969—Dec. 3110 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 5,981 19,536 17,156 2,820 11,372 17,733 1,955 Country: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 2 1,823 1,528 4,377 110 481 3,787 1,222 1,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 4 1,881 707 359 26,999 5,732 4,544 16,722 1,342 1,067 1947—Dec. 31. 36,324 10,199 3,096 818 23 227 5 3,827 1,979 224 22,857 3,063 2,108 17,687 2,006 1,262 1968—Dec. 31.. 135,364 2,295 81,706 21,811 4,493 720 969 119 2,147 27,164 24,154 1,694 24.998 21,269 5,095 1969—Dec. 311« 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,' 337 887 159 2,139 29,127 26,858 1,759 19.999 23,667 4,855 Nonmember: 1947—Dec. 31.. 2,266 11,318 2,179 7,920 1,073 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. 311 85,115 2,572 51,111 12,348 4,141 329 741 231 1,028 16,813 14,868 612 14,875 11,956 4,600 1970—June 30. 87,919 2,926 53,296 13,171 4,606 223 645 294 941 17,336 15,451 629 14,245 12,876 4,585 1 Beginning with June 30, 1948, figures for various loan items are 4 Breakdowns of loan, investment, and deposit classifications are not shown gross (i.e., before deduction of valuation reserves); they do not available before 1947; summary figures for 1941 and 1945 appear in the add to the total and are not entirely comparable with prior figures. Total table on pp. A-19—A-22. loans continue to be shown net. See also note 10. 5 Beginning with June 30, 1966, loans to farmers directly guaranteed 2 Includes securities purchased under resale agreements. Prior to June 30. by CCC were reclassified as "Other securities," and Export-Import Bank 1967, they were included in loans—for the most part in loans to "Banks." portfolio fund participations were reclassified from loans to "Other Prior to Dec. 1965, Federal funds sold were included with "Total" loans securities." This increased "Other securities" by about $1 billion. and loans to "Banks." 6 Beginning with Dec. 31, 1965, components shown at par rather than 3 See table (and notes), Deposits Accumulated for Payment of Personal at book value; they do not add to the total (shown at book value) and are 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

JANUARY 1971 • COMMERCIAL BANKS A 25 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits b c C a a l n l a l k s d s a a o n te f d s B F w e R a r . i n e v R t - h k e . s s r C c e a o n n u i d c r n - y b m a a w B d n e n o i a c s k t - l e t h - i s s c 7 ju m p D s o d a a t d s e e e n i - - - d t d s 8 m D es o t - ic7 e F ig o n r - 9 G U o . v S t . . S l g a o o t n c a v d a t t e l . c C c h o f a e e i e f n r e r f c d t d s i i k - ' - s, I b n a t n e k r- G P S U a o o a n . s v v S d t - t . a , l g S l a o o t n c a v d a t t e l . r B i o n o w g r s - - c C o a t a u a c p l - n i t - s etc. Total:3 1947—Dec. 31... 17,796 2,216 10,216 11,362 1,343 6,799 34,383 10,059 1968—Dec. 31... 21,230 7,195 18,910 167,145 22,501 2,245 5,010 16,876 9,684 173,341 1,211 368 19,110 184,892 8,899 37,006 1969—Dec. 31 io. 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 ,155 231681 1 9,057 184,178 8,675 36,530 1969—Dec. 3110. 21,449 7,292 19,528 170,280 24,386 2,471 5,038 17,434 11,476 178,401 695 13,166 180,860 18,1 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. 3110. 21,449 5,676 11,931 133,435 23,441 2,399 4,114 13,274 10,483 145,992 609 118668 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 13,142 144,233 17,507 33,184 New York City: 1941—Dec. 31... 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 20 1,206 195 2,120 1947—Dec. 31... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 14 1,418 30 2,259 1968—Dec. 31... 4,506 443 420 20,808 7,532 1,433 1,068 4,827 27,455 622 1,623 18,380 2,733 6,137 1969—Dec. 31 m. 4,358 463 455 21,316 8,708 1,641 694 1,168 6,605 28,354 268 207 14,692 4,405 6,301 1970—June 30... 4,621 429 606 17,479 9,474 1,673 1,236 1,136 5,628 25,825 321 572 14,708 4,057 6,374 City of Chicago: 1941—Dec. 31... 1,021 43 298 2,215 1,027 127 233 34 2,152 476 288 1945—Dec. 31... 942 36 200 3,153 1,292 1,552 237 66 3,160 719 377 1947—Dec. 31... 1,070 30 175 3,737 1,196 72 285 63 3,853 902 426 1968—Dec. 31... 1,164 98 281 5,183 1,445 257 245 207 6,090 624 5,545 682 1,433 1969—Dec. 31 lo. 869 123 150 5,221 1,581 175 268 229 6,273 216 4,409 1,290 1,517 1970—June 30... 885 96 135 4,683 1,607 347 326 178 5,597 390 4,729 1,507 1,566 Other reserve city: 1941—Dec. 31... 4,060 425 2,590 11,117 4,302 15140 491 1,144 621861 11,127 104 20 243 4,542 1,967 1945—Dec. 31... 6,326 494 2,174 22,372 6,307 8,221 1,763 22,281 30 38 160 9,563 21 2,566 1947—Dec. 31... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 2,844 1968—Dec. 31... 8,847 1, 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 9,661 790 225 1,370 239 8,500 146 6,082 4 1,982 1945—Dec. 31... 4,527 796 4,665 23,595 1,199 5,465 2,004 435 21,797 219 12,224 11 2,525 1947—Dec. 31... 4,993 929 3,900 27,424 1,049 432 2,647 528 25,203 337 14,177 23 2,934 1968—Dec. 31... 6,714 3,293 7,592 61,827 2,781 1,281 7,703 1,612 57,263 6,043 68,348 804 1,807 1969—Dec. 31 m. 7,179 3,302 7,870 62,729 3,080 1,671 7,905 1,721 58,304 4,920 70,768 1,820 12,766 1970—June 30... 7,236 3,222 7,066 59,008 2,707 2,259 7,670 1,650 54,587 6,176 73,207 2,164 13,377 Nonmember: 3 1947—Dec. 31... 13,595 12,284 6,858 1,596 1968—Dec. 31.. 1,560 7,631 35,654 1,018 209 701 4,205 1,092 30,865 112506 3,442 37,347 441 6,945 1969—Dec. 31 lo 1,644 8,383 38,644 1,112 222 940 4,284 1,416 33,420 3,269 41,135 965 7,931 1970—June 30.. 1,614 7,592 36,678 949 266 1,119 4,132 1,075 31,877 207 4,005 43,480 1,038 8,523 7 Beginning with 1942, excludes reciprocal bank balances, banks in U.S. possessions were included through 1968 and then excluded. s Through 1960 demand deposits other than interbank and U.S. For the period June 1941—June 1962 member banks include mutual Govt., less cash items in process of collection; beginning with 1961, savings banks as follows: three before Jan. I960, two through Dec. 1960, demand deposits other than domestic commercial interbank and U.S. and one through June 1962. Those banks are not included in all insured or Govt., less cash items in process of collection. total banks. 9 For reclassification of certain deposits in 1961, see note 6, p. 589, Beginning June 30, 1969, a small noninsured member bank engaged May 1964 BULLETIN. exclusively in trust business is treated as a noninsured bank and not as a to Beginning June 30, 1969, reflects (1) inclusion of consolidated reports member bank. (including figures for all bank-premises subsidiaries and other significant Comparability of figures for classes of banks is affected somewhat by majority-owned domestic subsidiaries) and (2) reporting of figures for changes in F.R. membership, deposit insurance status, and the reserve total loans and for individual categories of securities on a gross basis—that classifications of cities and individual banks, and by mergers, etc. is, before deduction of valuation reserves. See also notes 1 and 6. 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 • JANUARY 1971 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans Federal funds sold, etc. 1 To brokers For purchasing and dealers or carrying securities Total involving— To nonbank loans finan. and Com- To brokers To institutions invest- To mer- and dealers others ments com- To cial Agrimer- U.S. others and culcial Treas- indus- tural banks ury trial U.S. U.S. se- cun- Treas- Other Treas- Other curi- ties ury sees. ury sees. ties sees. sees. 233,639 5,784 5,248 376 114 46 168,585 78,310 2,031 599 3,320 99 2,503 234,372 6,007 5,448 259 213090 61 186,819 78,486 2,028 591 3,377 100 2,481 238,229 6,321 5,880 235 106 172,040 80,321 2,011 492 3,406 100 2,526 237,796 6,174 5,801 161 144 68 172,498 80,458 2,013 438 3,626 99 2,495 239,780 4,637 4,032 299 156 150 175,603 81,491 2,000 1,141 4,000 105 2,565 102 250,449 9,401 7,470 1,477 285 169 174,234 80,117 2,017 1,021 3,438 2,291 250,351 9,092 7,026 1,716 254 96 173,959 80,235 2,010 1,200 3,462 100 2,275 249,884 8,258 6,740 1,134 255 129 173,177 79,981 2,003 771 3,502 110002 2,273 247,845 6,763 5,820 574 270 99 172,793 79,913 2,008 739 3,379 2,317 253,002 9,109 8,079 592 300 138 173,876 80,130 2.017 1,113 3,633 102 2,304 253,479 8,967 6,633 1,742 365 227 174,104 80,086 2,015 1,608 3,549 104 2,386 257,228 9,244 7.978 635 429 210228 176,633 81,400 2,019 771 4,186 104 2,325 258,834 9,624 7,773 1,266 457 177,657 81,213 2.018 1,677 4,459 105 2,339 261,057 10,230 7.979 1,699 395 157 178,633 81,526 2,116 1,685 4,399 130 2,330 54,790 1,115 1,093 42,470 26,138 470 2,019 782 55,059 919 755 42,665 26,335 459 2,076 773 57,214 1,733 1,714 43,944 27,064 373 2,059 763 56,878 1,985 1,955 43,940 27,062 337 2,273 749 57,002 691 619 45,273 27,345 995 2,605 762 56,780 1,647 1,589 42,898 25,896 786 2,192 641 55,934 561 491 42,875 25,948 1,005 2,210 638 56,340 1,184 1,052 42,455 25,851 622 2,251 635 55,918 997 922 42,140 25,818 584 2,205 634 57,537 1,593 1,532 42,782 25,820 936 2,338 634 57,663 1,076 921 43,044 25,783 1,411 2,287 651 58,847 1,164 1,036 43,637 26,193 587 2,725 643 59,536 1,451 1,390 44,228 25,769 1,442 3,028 651 59,254 1,218 1,126 44,285 25,888 1,403 3,001 643 178,849 4,669 4,155 376 114 126,115 52,172 2,018 129 1,301 1,721 179,313 5,088 4,693 259 19040 126,154 52,151 2,015 132 1,301 1,708 181,015 4,588 4,166 235 128,096 53,257 1,999 119 1,347 1,763 180,918 4,189 3,846 161 144 128,558 53,396 2,001 101 1,353 1,746 182,778 3,946 3,413 299 156 130,330 54,146 1,989 146 1,395 1,803 193,669 7,754 5,881 1,436 285 152 131,336 54,221 2,000 235 1,246 89 1,650 194,417 8,531 6,535 1,671 254 71 131,084 54,287 1,993 195 1,252 87 1.637 193,544 7,074 5,688 1,049 245 92 130,722 54,130 1,987 149 1,251 87 1.638 191,927 5,766 4,1 549 270 49 130,653 54,095 1,992 155 1,174 89 1,683 102 195,465 7,516 6,547 567 300 161 131,094 54,310 2,002 177 1,295 90 1,670 195,816 7,891 5,712 1,653 365 131,060 54,303 2,000 197 1,262 92 1,735 198,381 8,080 6,942 625 409 104 132,996 55,207 2,004 184 1,461 92 1,682 199,298 8,173 6,383 1,221 457 112 133,429 55,444 2,003 235 1,431 92 1,688 201,803 9,012 6,853 1,641 395 123 134,348 55,638 2,102 282 1,398 116 1,687 For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1971 • 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 icates Do- For- ment govts.2 Within 1 to After mes- eign 1 yr. 5 yrs. 5 yrs. Large Banks— Total 1969 373 1,472 20,055 1,068 13,658 23,668 3,623 3,658 13,383 3,004 Dec. 3 385 1,438 20,081 1,069 13,615 23,977 3,923 3,676 13,374 3,004 10 377 1,496 20,176 1,037 13,970 23,571 3,684 3,567 13,326 2,994 17 424 1,628 20,250 1,018 13,912 23,270 3,475 3,515 13,280 3,000 24 453 1,496 20,367 971 14,249 23,853 4,064 3,461 13,312 3,016 31 1970 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 4,034 14,436 2,344 11 423 1,514 21,360 917 13,833 26,506 4,474 3,732 15,505 2,795 18 427 1.590 21,373 887 13,508 26,211 4,276 3,734 15,409 2.792 25 419 1.591 21,359 869 13,691 27,364 5,496 3,819 15,256 2.793 Dec. 2® 382 1,616 21,334 846 13,646 27,284 5,279 3,943 15,270 2,792 '.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.. 196®® 390 1.559 21,470 849 14,078 27,349 5,328 4,143 15,123 2,755 420 1,631 21,576 871 13,878 27,573 5,693 4,137 14,978 2,765 23i 456 1,622 21,692 871 14,059 28,061 6,078 4,209 15,061 2,713 30* New York City 1969 185 762 1,608 704 2,721 5,052 1,752 390 2,432 478 Dec. 3 163 735 1,622 719 2,658 5,319 1,950 401 2,488 480 10 189 748 1.623 694 2,853 5,057 1,698 384 2,515 460 17 212 841 1.624 681 2,704 4,676 1,308 401 2,500 467 24 230 692 1,630 645 2,795 4,708 1,320 404 2,510 474 31 1970 193 918 1,856 551 2.672 5,087 1,456 580 2,725 326 Nov. 4 11 1 56 8 42 2 9 9 8 5 3 9 2 3 3 1 1 1 , , , 8 8 5 9 5 6 5 5 5 6 6 3 1 6 8 2 2 2, , . 4 5 6 1 4 7 6 9 3 5 5 5 , , , 0 1 0 2 7 9 4 7 2 1 1 1, , , 1 3 0 0 6 9 8 4 0 5 3 3 9 3 7 4 6 8 2 3 3 , , , 1 7 1 5 4 6 9 2 4 5 5 3 2 0 2 9 2 7 2 1 1 5 1 8 207 938 1,881 526 2,538 5,231 1,233 382 3,128 488 Dec. 2® 114852 941 1,877 515 2,565 5,444 1,282 438 3,220 504 196®" 878 1,909 524 2,790 5,534 1,419 493 3,153 469 158 952 1,931 543 2,597 5,534 1,516 521 3,029 468 23® 169 920 1,925 544 2,654 5,556 1,544 521 3,015 476 30" Outside New York City 1969 188 710 18,447 364 10,937 18,616 1,871 3,268 10,951 2,526 Dec. 3 212828 7 74 0 8 3 1 1 8 8 , , 5 4 5 5 3 9 3 34 5 3 0 1 1 0 1 , , 9 1 5 1 7 7 1 1 8 8 , , 5 6 1 5 4 8 1 1, , 9 9 8 7 6 3 3 3, , 1 2 8 7 3 5 1 10 0 , , 8 8 1 8 1 6 2 2, , 5 5 3 2 4 4 1 1 7 0 212 787 18,626 337 11,208 18,594 2,167 3,114 10,780 2,533 24 223 804 18,737 326 11,454 19,145 2,744 3,057 10,802 2,542 31 1970 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 3,440 11,694 2,017 11 261 621 19,464 356 11,160 21,414 3,384 3,396 12,341 2,293 18 245 638 19,487 349 11,092 21,037 3,168 3,356 12,250 2,263 25 212 653 19,478 343 11,153 22,133 4,263 3,437 12,128 2,305 Dec. 2® 237 675 19,457 331 11,081 21,840 3,997 3,505 12,050 2,288 9® 208 681 19,561 325 11,288 21,815 3,909 3,650 11,970 2,286 16® 262 679 19,645 328 11,281 22,039 4,177 3,616 11,949 2,297 23® 287 702 19,767 327 11,405 22,505 4,534 3,688 12,046 2,237 30® For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 28 WEEKLY REPORTING BANKS • JANUARY 1971 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 sidiarpolitical securities of F.R. and do- ies not subdivisions collec- Banks coin mestic consoltion banks idated Tax Certif. war- All of All rants 3 other partici- others pation4 Large banks— Total 1969 Dec. 3 35,602 3,425 28,477 1,085 2,615 33,526 16,732 3,180 4,813 593 10 35,569 3,366 28,579 1,077 2,547 31,628 15,932 3,333 4,567 609 1 7 36,297 3,591 29,028 1,111 2,567 34,765 17,485 3,336 4,971 620 2 4 35,854 3,465 28,699 1,092 2,598 32,287 16,765 3,042 4,627 648 31 35,687 3,360 28,598 2,641 36,822 16,182 3,408 6,021 657 1970 Nov. 4 41,104 5,936 30,174 1,108 3,886 34,682 16,787 3,163 6,454 715 11 41,767 5,904 30,636 1,109 4,118 28,248 15,415 3,332 6,183 716 1 8 41,943 5,895 30,812 1,150 4,086 31,111 17,695 3,450 6,011 716 2 5 42,078 5,859 30,817 1,161 4,241 29,467 17,857 3,294 5,704 716 Dec. 2® 42,653 6,291 30,741 1,208 4,413 31,502 18,894 3,477 6,244 716 169®® 43,124 6,323 31,206 1,173 4,422 29,404 15,256 3,530 5,850 716 44,002 6,526 31,680 1,222 4,574 33,732 19,634 3,558 6,257 714 23® 43,980 6,247 31,791 1,251 4,691 32,689 17,876 3,427 6,427 717 30® 44,133 6,243 31,952 1,238 4,700 33,532 16,429 3,835 6,825 716 New York City 1969 Dec. 3 6,153 901 4,541 119 592 16,320 4,523 416 458 274 10 6,156 874 4,590 123 569 15,925 4,415 444 337 275 1 7 6,480 986 4,791 123 580 17,408 4,850 421 482 275 2 4 6,277 977 4,580 124 596 14,704 3,584 370 369 285 31 6,330 900 4,676 125 629 16,749 4,143 415 456 284 1970 Nov. 4 7,148 1,640 4,550 69 889 16,175 4,507 422 1,316 335 11 7,471 1,634 4,725 59 1,053 12,300 4,375 427 1,226 335 1 8 7,609 1,679 4,839 121 970 13,302 4,726 413 1,109 337 2 5 7,607 1,629 4,779 123 1,076 13,185 4,821 391 1,161 337 Dec. 2® 7,931 1,933 4,702 139 1,157 13,882 4,942 439 1.164 337 9® 8,099 1,917 4,952 138 1,092 13,581 3,391 473 1,131 337 16® 8,512 2,207 5,085 123 1,097 15,420 5,760 447 1,283 332 23® 8,323 1,925 5,136 154 1,108 14,101 4,155 432 1.165 332 30® 8,195 1,806 5,156 127 1,106 15,712 4,738 454 1,392 331 Outside New York City 1969 Dec. 3 29,449 2,524 23,936 966 2,023 17,206 12,209 2,764 4,355 319 10 29,413 2,492 23,989 954 1,978 15,703 11,517 2,889 4,230 334 1 7 29,817 2,605 24,237 988 1,987 17,357 12,635 2,915 4,489 345 2 4 29,577 2,488 24,119 968 2,002 17,583 13,181 2,672 4,258 363 31 29,357 2,460 23,922 963 2,012 20,073 12,039 2,993 5,565 373 1970 Nov. 4 33,956 4,296 25,624 1,039 2,997 18,507 12,280 2,741 5,138 380 11 34,296 4,270 25,911 1,050 3,065 15,948 11,040 2,905 4,957 381 1 8 34,334 4,216 25,973 1,029 3,116 17,809 12,969 3.037 4,902 379 2 5 34,471 4,230 26.038 1,038 3,165 16,282 13,036 2,903 4,543 379 Dec. 2® 34,722 4,358 26.039 1,069 3,256 17,620 13,952 3.038 5,080 379 9® 35,025 4,406 26,254 1,035 3,330 15,823 11,865 3,057 4,719 379 16® 35,490 4,319 26,595 1,099 3,477 18,312 13,874 3,111 4,974 382 23® 35,657 4,322 26,655 1,097 3,583 18,588 13,721 2,995 5,262 385 30® 35,938 4,437 26,796 1,111 3,594 17,820 11,691 3,381 5,433 385 For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1971 • 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 IPC S p d s a i t o u c i a n v l a b t d i i e l - t - s - G U o . v S. t . C m o e m r- - M s u a t v u - al Govts., C m o e m r- - C c o f a e e i f n e r r f d d t s i i - ' - Sav- Other S p d s a i t o u i c a n v l a b t d i i e l t - - - s i b m D n a t t e i o n e c s - k r - - go F e v i o g t r s n - . 2 sions cial ings etc.2 cial checks ings banks 1 1 1 1 1 3 3 4 3 5 5 6 0 3 0 , , , , , 7 7 5 3 8 2 6 6 2 9 5 7 8 4 7 1 9 9 9 9 0 4 7 3 6 5 , , , , , 0 1 1 8 6 3 3 1 7 0 5 4 0 0 5 6 6 6 6 7 , , , 4 0 9 3 3 5 1 4 2 4 9 2 2 8 8 5 2 3 1 3 , , , , , 1 9 6 9 7 4 0 0 8 6 8 0 9 8 2 1 1 1 1 2 8 8 7 0 7 , , , , , 9 6 8 8 6 5 6 4 0 4 1 5 0 1 0 6 6 6 6 0 7 3 6 4 1 7 0 7 7 8 8 7 2 2 0 1 9 1 4 5 6 7 2 2 2 2 2 , , , , , 3 1 2 2 4 2 6 2 9 5 1 9 7 0 7 1 9 9 9 8 0 , , , , , 6 9 0 4 2 4 7 6 9 4 7 0 8 8 4 9 9 9 9 9 6 6 6 6 6 , , , , , 1 2 2 1 5 8 2 5 6 8 6 0 6 7 9 4 4 4 4 4 6 6 6 6 6 , , , , , 3 2 1 1 4 1 1 4 4 9 8 6 6 2 0 3 3 3 3 3 6 6 6 6 6 , , , , , 3 5 4 5 5 9 2 2 4 0 9 8 6 7 2 6 6 6 6 6 , , , , , 6 7 7 7 7 8 4 0 5 0 1 1 2 4 2 2 2 2 2 2 8 8 8 8 7 5 5 7 6 8 5 6 6 6 6 , , , , , 1 3 9 3 2 3 1 6 0 8 7 7 5 5 4 1 1 1 1 3 3 3 3 8 4 0 2 , , , , 8 5 7 0 1 2 5 4 7 1 7 4 9 9 9 9 5 4 3 1 , , , , 1 5 7 8 7 7 0 1 9 7 6 6 6 6 , , , 9 3 1 6 9 6 9 5 7 7 0 9 2 4 3 3 , , , , 0 5 0 0 1 6 5 9 2 9 7 0 2 2 1 1 2 0 9 9 , , , , 2 2 1 6 7 8 5 7 9 2 2 6 7 6 5 5 5 7 3 8 9 9 7 3 7 7 7 8 8 5 4 2 9 7 3 3 2 2 2 2 , , , , 2 1 1 4 1 8 9 0 7 2 2 2 7 6 6 6 , , , , 0 1 6 0 1 1 8 8 7 5 6 3 1 1 1 1 1 1 1 1 5 4 6 5 , , , , 3 4 7 6 9 4 4 8 6 7 8 3 4 4 4 4 7 7 7 7 , , , , 1 3 1 2 2 3 8 9 1 5 6 0 4 4 4 5 9 9 9 0 , , , , 8 2 6 4 2 0 2 4 1 5 8 6 1 1 1 1 1 1 1 1 , , , , 6 6 7 4 6 5 5 9 7 5 5 8 1 1 1 1 , , , , 2 2 3 2 1 5 1 7 6 5 2 7 5 5 5 5, , , , 0 2 1 2 8 9 2 3 9 7 2 5 1 1 1 1 1 4 3 3 4 4 3 9 4 4 7 , , , , , 6 5 8 6 3 6 6 8 3 5 6 0 0 0 5 1 9 9 9 9 0 9 6 4 9 3 , , , , , 8 8 6 5 1 2 5 5 8 8 7 9 7 3 3 6 6 6 6 6 , , , , 3 2 8 7 3 6 2 0 4 7 1 0 3 0 9 4 2 5 6 4 , , , , , 4 3 0 2 3 1 9 0 2 8 0 7 4 0 0 2 2 2 2 2 0 1 1 0 1 , , , , , 9 5 1 7 7 3 1 2 5 0 1 6 3 2 4 5 5 5 5 6 5 4 7 8 2 1 3 2 1 7 1,0 7 8 8 8 1 6 0 3 0 3 9 1 9 7 2 2 2 2 2 , , , , , 2 3 3 3 3 8 4 2 3 8 8 8 3 3 6 7 7 6 7 7 , , , , , 0 8 8 2 3 6 1 0 5 2 4 9 0 6 2 1 1 1 1 1 1 1 1 1 1 6 8 8 7 9 , , , , , 4 8 0 3 4 4 3 4 3 4 1 9 0 3 3 4 4 4 4 4 7 7 7 7 8 , , , , , 6 4 7 5 0 1 7 0 6 3 1 5 8 8 5 5 5 5 5 5 0 0 0 1 1 , , , , , 3 9 9 3 6 9 4 7 6 5 1 8 5 3 0 1 1 1 11 2 3 3 12 , , , ,,1 9 2 3 8 2 8 6 2 8 1 4 9 62 1 1 1 1 1 , , , , , 3 3 4 2 2 4 2 7 8 2 8 4 5 3 0 4 4 4 4 4 , , , , , 9 8 7 6 5 1 2 3 6 0 2 7 7 3 8 4 4 4 4 4 0 1 3 0 5 , , , , , 5 2 7 1 7 7 4 3 0 1 7 3 3 2 8 2 2 2 2 2 2 3 2 3 6 , , , , , 6 7 0 5 4 1 4 3 4 4 9 9 8 6 5 4 4 5 5 9 6 6 8 0 9 7 1 2 9 0 1 1 , , 5 2 5 6 1 5 6 7 7 9 5 1 9 6 5 7 7 7 7 8 , , , , , 4 6 0 0 0 4 9 0 7 9 0 2 2 7 6 4 3 3 5 3 1 7 8 2 9 7 6 8 6 8 6 6 5 5 6 6 4 7 8 3 6 5 6 2 4 1 1 1 1 1 , , , , , 5 6 5 6 6 1 6 6 1 8 8 7 3 2 2 7 7 7 5 6 , , , , , 9 2 5 8 6 0 2 1 3 6 9 0 4 2 9 1 1 1 1 1 3 3 3 3 3 , , , , , 7 7 7 5 8 8 0 8 6 3 6 5 6 9 8 4 4 4 4 4 , , , , , 3 3 3 3 4 8 9 7 8 2 1 5 9 7 2 4 4 4 4 4 , , , , , 6 6 5 6 7 1 3 7 4 0 9 5 9 5 8 2 2 1 11 2 2 3 96 4 3 6 62 1 1 1 1 1 5 5 5 4 5 1 1 1 8 2 4 4 4 4 4 , , , , , 1 2 3 0 2 6 8 4 7 9 5 8 0 2 0 4 3 3 3 8 8 6 2 , , , , 6 0 9 4 6 5 5 2 1 8 5 3 2 2 2 2 2 2 3 1 , , , , 5 1 2 2 0 0 8 2 3 1 0 0 8 4 7 5 9 2 5 2 9 8 4 0 7 5 8 3 1 1 2 1 0 4 3 6 1 8 8 8 0 , , , , 1 3 6 1 8 8 2 5 9 1 5 4 2 2 3 3 6 9 5 4 4 2 8 7 6 5 6 6 4 8 7 1 5 7 9 8 1 1 1 1 , , , , 7 6 5 5 8 9 0 7 6 8 8 0 5 3 3 3 , , , , 1 6 7 6 9 8 9 4 5 9 8 6 1 1 1 1 8 8 8 8 , , , , 0 1 0 0 0 9 9 7 1 9 9 2 4 4 4 4 , , , , 4 4 4 4 1 5 5 2 1 1 5 8 9 8 9 8 , , , , 0 1 8 9 0 8 0 4 7 2 4 9 8 8 8 8 6 2 4 6 3 9 8 7 6 7 7 7 4 9 3 1 1 9 2 8 3 2 2 2 , , , , 0 8 8 9 7 4 9 9 9 6 3 2 4 4 3 4 4 2 9 3 0 4 , , , , , 0 7 8 8 0 4 0 4 3 4 2 8 8 0 0 2 2 2 2 2 2 4 5 3 3 , , , , , 1 0 0 0 5 5 0 0 6 1 1 1 7 8 0 5 5 5 5 6 5 4 2 5 4 9 7 8 4 6 1 1 , , 4 6 8 9 4 5 7 7 9 3 1 0 1 5 2 9 9 9 9 9 , , , , , 0 3 5 8 7 1 9 9 6 5 1 1 9 9 0 2 2 2 2 3 9 9 7 9 5 1 6 2 8 4 6 6 6 6 8 5 7 4 1 5 7 6 3 0 6 1 1 1 1 1 , , , , , 7 7 6 6 7 2 0 8 6 3 9 1 3 5 2 4 4 4 4 5 , , , , , 4 3 6 2 6 6 5 8 4 5 5 4 3 0 3 1 1 1 1 1 9 9 8 8 8 , , , , , 0 2 1 7 6 4 0 3 9 2 7 5 2 6 3 4 4 4 4 4 , , , , , 4 4 5 4 5 7 7 0 8 4 1 5 6 7 3 1 9 9 9 9 0 , , , , , 2 9 7 6 1 1 5 4 5 9 8 6 7 8 2 9 9 9 8 8 5 5 4 1 8 9 9 9 7 7 7 7 7 8 8 1 2 5 8 5 9 8 1 7 4 2 2 2 2 2 , , , , , 6 6 5 7 7 2 8 5 0 6 9 9 0 4 3 1 9 9 9 9 0 2 6 4 6 5 , , , , , 7 8 4 6 1 4 3 8 6 7 7 5 2 5 9 7 7 7 7 7 3 1 1 3 9 , , , , , 1 4 0 5 1 2 1 7 8 6 1 6 2 8 0 5 5 5 5 6 , , , , , 8 9 9 7 5 6 7 5 8 1 1 0 2 0 7 2 ' 2 3 3 , , , , , 4 6 3 1 5 0 4 1 8 9 5 7 3 3 3 1 1 1 1 1 0 1 1 2 0 , , , , , 5 2 2 7 8 6 5 2 0 3 3 9 5 5 8 2 2 22 2 6 8 6 51 1 2 2 46 1 1 1 1 1 5 6 4 6 3 0 3 8 0 9 6 6 7 6 6 7 5 6 5 7 5 4 4 1 8 2 2 2 2 2 , , , , , 4 4 3 8 2 6 3 2 2 3 1 7 9 0 6 8 8 8 8 8 2 2 2 2 2 , , , , , 4 7 4 5 4 8 5 3 9 7 1 1 4 8 0 4 4 4 4 4 1 1 2 1 1 , , , , , 8 7 0 9 7 2 6 6 2 6 9 5 8 3 3 3 3 3 3 3 1 1 1 1 1 , , , , , 7 9 7 8 7 9 6 9 8 8 1 8 4 3 0 6 6 6 6 6 , , , , , 4 4 4 5 5 7 5 5 6 7 8 8 8 6 9 1 1 1 1 1 3 3 3 3 3 5 5 4 0 4 2 1 1 1 1 , , , , , 0 9 9 8 9 1 7 9 9 7 7 2 4 3 7 9 93 6 , , 0 3 8 9 9 4 7 70 1 , , 5 9 2 8 7 8 5 6 , , 7 1 3 4 9 3 2 1 , , 5 7 3 7 4 4 1 1 2 1 , , 0 5 9 9 8 8 4 3 0 3 7 2 1 1 4 4 4 4 5 60 9 4 2 2 2 , , 3 4 7 8 1 8 9 97 6 , , 2 7 9 8 7 2 4 42 2 , , 7 7 5 1 8 0 4 4 0 0 , , 6 4 5 2 6 4 1 1 0 0 , , 6 7 3 8 5 8 5 5 1 3 7 7 2 2 , , 2 2 1 4 8 3 Nov. 1 4 1 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 10,926 571 2,243 25 1 1 1 9 9 0 0 0 5 8 0 3 1 , , , , , 1 7 7 3 6 7 3 1 8 2 2 0 5 2 4 7 7 7 7 7 3 2 5 6 8 , , , , , 7 5 8 0 1 9 0 2 7 7 1 6 6 3 6 6 5 5 5 6 , , , , , 2 8 6 8 0 5 2 6 3 9 7 0 6 3 3 4 3 1 3 3 , , , , , 5 9 7 2 4 2 5 3 8 8 6 9 4 8 5 1 1 1 1 1 1 1 1 1 1 , , , , , 7 7 5 8 5 4 6 3 3 3 1 6 2 5 2 2 2 2 2 2 7 7 8 6 7 6 1 3 0 3 1 1 1 1 1 5 4 6 5 6 9 4 4 7 3 6 6 6 6 6 1 2 4 5 3 6 3 2 7 0 2 2 2 2 2 , , , , , 4 5 6 5 6 6 6 0 9 3 5 0 3 9 9 1 9 9 9 9 0 9 8 8 9 0 , , , , , 2 2 7 8 2 4 9 1 3 1 4 4 0 4 1 4 4 4 4 4 3 3 3 3 3 , , , , , 1 0 0 2 4 2 0 9 0 9 4 4 3 2 2 4 4 4 4 4 1 1 1 1 1 , , , , , 2 3 1 4 4 0 1 7 0 5 1 7 3 7 8 1 1 1 1 1 1 1 1 2 2 , , , , , 0 9 2 3 3 6 7 9 0 7 9 2 5 5 0 5 5 5 5 5 2 4 3 2 6 9 7 7 9 9 2 2 2 2 1 , , , , , 1 0 1 0 9 4 4 2 3 5 9 3 8 4 8 For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 30 WEEKLY REPORTING BANKS • JANUARY 1971 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Borrowings Reserves from— for— Large negotiable Fed- Total time CD's eral Other Total loans included in time Wednesday funds liabili- capital Total and De- and savings deposits 11 pur- F.R. ties Secur- loans invest- mand chased, Banks etc. 8 ities (gross) ments deposits etc. 7 ad- (gross) ad- Issued justed® ad- justed 10 to justed® IPC's Large Banks—Total 1969 Dec. 3 16,254 626 2,822 27,114 3,623 104 23,319 168,748 228,018 79,340 11,146 5,680 10 16,982 520 2,733 26,802 3,631 101 23,309 168,993 228,539 82,456 11,178 5,632 1 7 18,660 557 2,643 26,936 3,635 98 23,179 172,104 231,972 81,990 11,135 5,558 2 4 18,325 576 2,683 27,003 3,629 85 23,210 172,447 231,571 82,878 11,056 5,515 31 13,541 110 2,771 25,263 3,808 79 23,358 175,755 235,295 90,285 10,919 5,399 1970 Nov. 4 19,941 530 1,415 22,783 4,026 24.382 175,724 242,538 78,826 23,611 15,123 11 19,758 521 1,411 22,712 4,025 24.383 175,645 242,945 79,427 24,297 15,628 1 8 19,657 287 1,387 22,657 4,017 24,319 174,272 242,721 79,962 24,493 15,717 2 5 17,004 1,098 1,363 22,304 4,017 24,287 173,309 241,598 80,299 25,201 16,223 Dec. 29®® 20,257 283 1,352 22,066 4,033 24,497 174,487 244,504 83,086 25,053 16,106 18,508 257 1,344 21,836 4,031 24,516 176,056 246,464 81,956 25,747 16,551 16® 20,252 895 1,278 22,281 4,001 24,422 177,509 248,860 83,972 25,584 16,399 23® 19,516 595 1,296 22,275 3,967 24,400 179,088 250,641 84,042 25,894 16,649 30® 18,775 224 1,256 21,689 3,872 24,431 180,428 252,622 87,739 26,075 16,905 New York City 1969 Dec. 3 4,699 381 14,405 1,052 6,098 42,307 53,512 15,970 2,661 737 10 5,227 358 14,022 1,051 6,116 42,666 54,141 17,380 2,725 732 1 7 5,895 330 14,527 1,050 6,036 43,774 55,311 17,330 2,743 727 2 4 5,472 339 14,233 1,040 6,028 43,758 54,711 17,817 2,745 722 31 3,506 326 13,544 1,039 6,119 45,115 56,153 20,197 2,702 694 1970 Nov. 4 5,236 75 190 11,369 1,208 6,152 42,763 54,998 15,571 6,625 4,339 11 5,275 240 193 11,396 1,207 6,158 42,791 55,289 15,658 6,788 4,458 1 8 5,828 194 11,053 1.207 6,154 42,425 55,126 16,356 6,788 4,478 2 5 5,177 184 11,383 1.208 6,125 42,033 54,814 15,838 6,966 4,641 Dec. 2" 6,185 175 10,899 1.214 6,189 42,636 55,798 17,005 6,909 4,644 9v 5,051 175 10,740 1.215 6,203 43,054 56,597 16,065 7,425 5,039 2 16 3 ® " 5 5 , , 9 2 4 6 9 9 2 3 7 8 0 4 1 1 8 8 6 7 1 1 0 0 , , 8 7 6 7 8 0 1 1, , 2 2 0 1 8 4 6 6, , 1 1 1 5 8 0 4 44 3 , , 1 5 3 8 1 3 5 5 7 7 , , 6 9 2 8 9 8 1 1 7 7 , , 0 0 2 7 7 2 7 7, , 7 4 3 7 1 8 5 5 , , 2 0 8 4 7 8 30® 5,511 192 10,808 1,150 6,148 44,208 57,959 17,564 7,874 5,469 Outside New York City 1969 Dec. 3 11,555 541 2,441 12,709 2,571 101 17,221 126,441 174,506 63,370 8,485 4,943 10 11,755 520 2,375 12,780 2,580 98 17,193 126,327 174,398 65,076 8,453 4,900 1 7 12,765 543 2,313 12,409 2,585 95 17,143 128,330 176,661 64,660 8,392 4,831 2 4 12,853 526 2,344 12,770 2,589 82 17,182 128,689 176,860 65,061 8,311 4,793 31 10,035 104 2,445 11,719 2,769 77 17,239 130,640 179,142 70,088 8,217 4,705 1970 Nov. 4 14,705 455 1,225 11,414 2,818 18,230 132,961 187,540 63,255 16,986 10,784 11 14,483 281 1,218 11,316 2,818 18,225 132,854 187,656 63,769 17,509 11,170 1 8 13,829 287 1,193 11,604 22,,8r1"0 18,165 131,847 187,595 63,606 17,705 11,239 2 5 11,827 493 1,179 10,921 18,162 131,276 186,784 64,461 18,235 11,582 Dec. 2® 14,072 283 1,177 11,167 2,819 18,308 131,851 188,706 66,081 18,144 11,462 9® 13,457 257 1,169 11,096 2,816 18,313 133,002 189,867 65,891 18,322 11,512 16® 14,303 511 1,092 11,413 2,787 18,272 133,926 191,231 66,945 18,106 11,351 23® 14,247 325 1,109 11,505 2,759 18,282 134,957 192,653 66,970 18,163 11,362 30® 13,264 224 1,064 10,881 2,722 18,283 136,220 194,663 70,175 18,201 11,436 1 Includes securities purchased under agreements to resell. 8 Includes minority interest in consolidated subsidiaries. 2 Includes official institutions and so forth. ® Exclusive of loans and Federal funds transactions with domestic com- 3 Includes short-term notes and bills. mercial banks. 4 Federal agencies only. 10 All demand deposits except U.S. Govt, and domestic commercial s Includes corporate stock. banks, less cash items in process of collection. 6 Includes U.S. Govt, and foreign bank deposits, not shown separately. 11 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

JANUARY 1971 • 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 D 3 e 0 c . D 2 e 3 c . D 1 e 6 c . De 9 c . De 2 c . Dec. Nov. Oct. IV III II 2 ha n l d f h 1 a s l t f Durable goods manufacturing: 2,146 22,,110066 22,,006666 222,,,000777666 22,,006655 52 6 -227 -169 149 155 -20 81 555,,,444222999 55,,552277 55,,556611 555,,,444222666 55,,443333 -52 -190 -353 -595 -173 122 -768 271 222,,,999222999 22222,,,,,999991111111111 22,,995599 333,,,000111222 2,991 51 6 -126 -69 238 31 169 127 Other fabricated metal products... 111,,,999000888 11111,,,,,888889999988888 11,,995500 1,889 1,914 -90 -80 -99 -269 -75 124 -344 249 Other durahle goods 222,,,555555444 22222,,,,,555559999988888 22,,662299 2,621 2,628 -77 -71 -101 -249 51 237 -198 237 Nondurable goods manufacturing: 333,,,111000444 33333,,,,,222220000022222 33,,001166 2,884 2,825 368 103 78 549 -199 -84 350 -499 2,318 22222,,,,,333334444444444 22,,441144 222,,,444333555 22,,443322 -182 -195 -145 -522 127 207 -395 376 1,526 11111,,,,,444449999977777 11,,554400 111,,,444888444 11,,448833 42 -43 -104 -105 -8 45 -113 -79 222,,,777888000 22222,,,,,777771111199999 2,692 222,,,666888888 2,657 93 52 -167 -22 85 -127 63 -128 111,,,999999888 2,057 22,,006600 22,,004477 22,,002277 -9 -88 -117 -214 101 35 -113 27 Mining, including crude petroleum and natural gas 444,,,000000333 3,963 44,,004477 33,,992266 33,,993333 -2 -89 -90 -181 -76 -132 -257 -577 111,,,333777999 1,368 11,,336633 11,,229966 11,,224400 162 87 126 375 106 -134 481 -292 3,701 33,,668844 3,731 3,702 3,669 18 22 -14 26 52 146 78 54 4444,,,,000044445555 44,,114499 4,293 4,238 4,372 -435 -24 258 -201 -107 276 -308 173 6666,,,,000000000000 5,948 6,064 5,998 6,003 105 36 -22 119 247 60 366 -96 Communication • 1111,,,,333300008888 11,,331199 1,349 1,261 1,260 47 85 -86 46 -27 -30 19 -250 2222,,,,333344448888 22,,226677 2,354 2,377 2,415 -12 -204 -24 -240 -146 -38 -386 -831 3333,,,,444411111111 33,,334488 3,360 3,348 3,338 92 50 -6 146 51 149 197 66 7,398 77,,225566 7,221 7,157 7,136 296 57 -53 300 225 -19 525 -147 4444,,,,999922226666 44,,889922 4,835 44,,775577 4,809 186 -35 -203 -52 148 88 96 -115 1111,,,,666699991111 111,,,666000777 1,379 11,,115522 1,193 638 179 128 945 241 -47 1,186 -203 Foreign commercial and industrial loans.. 6666 2222 9999 ,,,, ,,,, 4444 33331111 0000 1111 9999 666 222 999 ,,, ,,, 333 000 999 555 000 000 6 2 9 , , 3 23 5 9 6 6 2 8 , , 3 1 4 1 2 6 6 2 8 , , 3 1 4 7 7 0 1,37 7 0 9 -25 7 6 0 -1,29 4 8 9 -1 1 8 9 4 8 1,06 5 8 7 1,08 2 6 2 2 8 5 8 5 4 -1, - 6 8 4 4 0 Total commercial and industrial loans. 81,526 81,213 81,400 80,088 80,128 1,613 -55 -1,186 372 1,607 1,101 1,979 -1,940 See NOTE to table below. "TERM" COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during— 1970 Industry Dec. Nov. Oct. Sept. Aug. July June May Apr. 2nd 30 25 28 30 26 29 24 27 29 half Durable goods manufacturing: Primary metals 1,527 1,535 1,548 1,677 1,474 1,523 1,520 1,447 1,463 -150 157 68 -24 7 Machinery 2,680 2,690 2,826 2,924 2,920 2,824 2,784 2,763 2,761 --22442 140 -16 51 -104 Transportation equipment 1,633 1,621 1,627 1,655 1,608 1,599 1,564 1,549 1,560 91 -11 74 69 Other fabricated metal -20 products 742 801 781 807 789 770 762 755 780 -65 45 3 -2 Other durable goods 1,089 1,131 1,136 1,141 1,135 1,158 1,132 1,162 1,183 -52 9 -30 -7 -43 Nondurable goods manufacturing: 1 -22 Food, liquor, and tobacco 985 932 984 1,008 968 968 1,007 939 951 -23 47 Textiles, apparel, and leather 657 703 720 751 733 767 762 756 709 -94 -11 36 13 -105 Petroleum refining 1,213 1,220 1,230 1,248 1,183 1,199 1,266 1,217 1,254 -35 -18 11 -101 -53 Chemicals and rubber 1,848 1,738 1,693 1,780 1,664 1,687 1,709 1,694 1,831 -1682 1711 2 -96 -24 139 Other nondurable goods. 1,171 1,159 1,171 1,183 1,106 1,098 1,071 1,071 1,099 -75 -5 100 Mining, including crude pe- Trad t e r : o C le o u m m m a o n d d it n y a t d u e r a al l e g r a s. s 3,32 7 7 9 3,32 8 9 3 3,41 7 9 3 3,46 8 1 2 3,38 8 1 2 3,48 8 9 0 3,58 8 2 8 3,52 8 0 7 3,59 7 0 7 -1 - 3 3 4 -1 - 2 6 1 -12 1 7 0 -3-811 -2 - 5 9 5 Other wholesale.... 755 739 727 697 704 708 692 717 684 58 5 1-40 2 -10 63 Retail 1,397 1,371 1,351 1,360 1,334 1,292 1,308 1,285 1,242 57 52 -23 89 Transportation 4,562 4,453 4,443 4,417 4,347 4,425 4,276 4,262 4,199 145 141 -55 --2832 286 Communication 415 415 386 448 487 424 408 416 445 -33 40 -68 7 O Co th n e s r t r p u u c b ti l o ic n utilities 1 1 , , 0 0 1 0 8 0 1 1 , , 0 0 0 2 5 2 1,0 9 1 7 7 2 1,0 9 6 5 5 7 1,0 9 4 8 2 5 1,0 9 3 5 1 9 1,0 9 3 1 3 1 9 8 8 8 4 8 1,0 8 2 9 0 9 -4 4 8 3 4 3 6 2 -128 8 -1-761 -1 8 6 9 S A e ll r v o ic th es e r loans 3 1 , , 2 2 0 8 8 3 3 1 , , 2 7 0 1 8 6 3 1 , , 0 24 6 1 9 3 1 , , 1 22 3 5 2 3 1 , , 0 24 6 2 0 3 1 , , 0 2 4 6 9 7 3 1 , , 0 2 1 2 7 7 3 1 , , 0 1 3 8 1 6 2 1 , , 9 1 6 8 2 3 7 5 6 8 1 -2 1 5 2 15 2 -36 4 1 5 9 6 1 Foreign commercial and industrial loans 1,716 1,283 1,612 1,604 1,599 1,599 1,620 1,614 1,579 -37 96 Total loans 32,305 32,205 32,026 31,843 31,739 31,343 31,471 883 -784 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 • JANUARY 1971 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 DDDaaattteee By type of loan By type of loan TToottaall TToottaall Commercial Commercial and All other and All other industrial industrial Sept. 2 '7,107 5,296 '1,811 1,775 559 1,216 9 '6,701 5,013 '1,688 1,739 528 1,211 16 '5,780 4,216 '1,564 1,747 538 1,209 23 '5,557 '4,026 '1,531 1,764 544 1,220 30 '5,037 '3,478 '1,559 '1,714 500 1,214 Oct. 7 '4,629 3,244 '1,385 1,722 491 1,231 14 '4,447 3,150 '1,297 1,772 486 1,286 21 '4,255 3,050 '1,205 1,704 459 1,245 28 '4,157 2,985 '1,172 1,760 467 1,293 Nov. 4 3,963 2,781 1,182 1,797 481 1,316 11 3,805 2,694 1,111 1,807 489 1,318 18 3,731 2,617 1,114 1,820 477 1,343 25 '3,610 '2,518 '1,092 '1,849 '472 '1,377 Dec. 2 3,491 2,450 1,041 1,832 462 1,370 9 3,424 2,403 1,022 1,853 459 1,394 16 3,155 2,261 894 1,830 440 1,390 23 3,029 2,170 859 1,846 449 1,397 30 2,735 1,899 836 1,890 442 1,448 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 izes 1- 9 10-99 100-499 500-999 1.000 and over Interest rate (per cent per annum) Nov. Aug. Nov. Aug. Nov. Aug. Nov. Aug. Nov. Aug. Nov. Aug. 1970 1970 1970 1970 1970 1970 1970 1970 1970 1970 1970 1970 Percentage distribution of dollar amount Less than 7.50 9.7 .8 4.7 3.7 2.3 1.4 3.5 1.0 6.7 .5 13.6 .7 7.50 17.8 .2 7.51 7.99 16.6 .3 4.2 1.0 171..00 .6 18.0 .2 22.7 .1 16.4 .4 8.00 8.9 41.9 10.7 8.7 8.2 11.5 19.5 11.3 36.5 7.2 57.3 8.01-8.49 6.8 20.1 7.3 6.0 11.3 181..80 10.8 19.2 7.6 25.0 4.7 21.4 8.50 5.8 7.9 8.0 6.3 10.8 8.0 11.6 6.6 10.0 4.1 5.6 8.51-8.99 3.7 7.3 9.7 8.0 10.1 13.4 7.8 12.7 2.2 6.8 1.7 4.4 9.00 3.6 6.2 11.6 14.0 9.8 13.4 6.4 9.4 4.3 6.7 1.4 3.7 9.01 9.49 1.9 4.2 10.1 12.9 7.3 11.7 3.2 7.7 2.3 4.1 .5 1.6 9.50 2.5 3.4 7.9 11.2 7.4 9.3 4.1 5.7 2.0 3.9 1.2 1.3 Over 9.50 5.4 7.4 21.6 27.3 17.1 21.6 8.9 12.4 6.9 6.3 1.9 3.4 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) 4,208.6 4,193.4 39.6 38.7 378.4 402.6 777.0 815.1 566.3 574.3 2,447.3 2,362.7 Number (thousands) 27.8 28.6 9.9 9.7 12.0 12.7 4.0 4.2 .9 .9 1.0 1.1 Center Weighted average rates (per cent per annum) 35 centers 8.07 8.50 8.89 9.15 8.79 9.07 8.34 8.75 8.09 8.46 7.74 8.25 New York City 7.74 8.24 8.67 9.07 8.60 8.95 8.12 8.59 7.83 8.24 7.59 8.12 7 other Northeast 8.47 8.89 9.00 9.41 9.09 9.42 8.60 9.01 8.30 8.68 7.99 8.49 8 North Central 8.05 8.47 8.71 8.90 8.72 8.99 8.36 8.79 8.26 8.46 7.78 8.27 7 Southeast 8.15 8.49 8.72 8.76 8.64 8.79 8.16 8.54 7.95 8.45 7.78 8.15 8 Southwest 8.08 8.53 8.85 9.08 8.53 8.84 8.26 8.59 7.99 8.48 7.69 8.33 4 West Coast 8.16 8.54 9.41 9.51 8.99 9.19 8.38 8.81 8.12 8.61 7.90 8.28 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

JANUARY 1971 a 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 192 9 5J4-6 1951—Jan. 8 2% 1959—May 18 4% 1969—Jan. 7 Oct. 17 2% Sept. 1 5 Mar. 17, . 193 0 3 >A-6 Dec. 19 3 June 9, . 193 1 2%-5 1960—Aug. 23 4% 1 19 9 3 3 2 3 3 11VV M 44 - -- 4 44 1953—Apr. 27 3V4 1965—Dec. 6 5 1970— S M e a p r t . . 2 2 1 5 . , . 1H 193 1 4 9 — 47 (Nov.) ""AA 1 1 9 9 5 5 4 5 — — O A M c u a t g . r . . 1 1 4 7 4 3 3 3 W % 1966— J A M u u n a g e r . . 2 1 1 9 0 6 s S 6 a ¥ t N D N e o o c v v . . . 2 2 1 3 7 ? , ¥ 6V a Effective date 1956— A A u p g r. . 2 1 1 3 W 4 1967— M N Ja o n a v . r . . 2 2 2 7 0 6 -27... 5 5 6 V < 4 A -5 % 1971— J J J a a a n n n . . . 1 1 6 5 8 . , . . , 66 6 V M4 1947—Dec. l 1% 1957—Aug. 6 4% 1968— S A e p p r t . . 2 1 5 9 6 6 Vi ~ -6lA 1948—Aug. 1 2 1958—Jan. 22 4 Nov. 13 6Yi Apr. 21 m Dec. 2 6% 1950—Sept. 22... 2 Vi Sept. 11 4 Dec. 18 6 y 4 i Date of change not available. MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable)4 FFFiiinnnaaannnccceee PPPrrriiimmmeee CCCOOO... PPPrrriiimmmeee cccooommmlll... pppaaapppeeerrr bbbaaannnkkkeeerrrsss''' FFFeeedddeeerrraaalll 3-month bills 5 6-month bills 5 9- to 12-month issues PPPeeerrriiioooddd pppaaapppeeerrr ppplllaaaccceeeddd aaacccccceeepppttt--- fffuuunnndddsss 33--ttoo 55-- 444--- tttooo 666--- dddiiirrreeeccctttlllyyy,,, aaannnccceeesss,,, rrraaattteee 333 yyeeaarr mmmooonnnttthhhsss 111 mmm 333--- ooo ttt nnn ooo ttt hhh 666 sss --- 222 999000 dddaaayyyssslll n R ew at e i s o su n e M y a ie rk ld e t n R ew at e i s o su n e M y a ie rk ld e t k B e il t l s y i ( e m ld a ) r 5 - Others 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 1970 7.72 7.23 7.31 7.17 6.458 6.42 6.562 6.55 6.53 6.90 7.37 1969—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 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 Dec 5.73 5.48 5.62 4.90 4.860 4.87 4.848 4.89 4.87 4.94 5.86 Week ending— 1970—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 Dec. 5 5.63 5.50 5.38 5.50 5.084 4.98 4.979 4.95 4.93 5.05 5.81 12 5.75 5.49 5.48 4.91 4.882 4.92 4.874 4.94 4.91 5.06 5.80 19 5.75 5.50 5.25 5.07 4.775 4.77 4.785 4.81 4.79 4.88 5.82 26 5.75 5.45 5.25 4.84 4.727 4.82 4.765 4.87 4.88 4.85 5.96 1971—Jan. 2 5.75 5.44 5.25 4.82 4.830 4.87 4.836 4.88 4.86 4.85 5.94 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. s Bills quoted on bank discount rate basis. 3 Seven-day average for week ending Wednesday. 6 Certificates and selected note and bond issues. '1 Selected note and bond issues. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 34 INTEREST RATES • JANUARY 1971 BOND AND STOCK YIELDS (Per cent per annum) Government bonds Corporate bonds State By selected By Dividend/ Earnings / United and local rating group price ratio price ratio ( S l t o a n te g s - Total' term) Total' Aaa In tr d i u al s - R ro a a i d l- P u u ti b li l t i y c fe P r r r e e - d C m o o m n - C m o o m n - 196 2 3.95 3.30 3.03 3.67 4.62 4.33 5.02 4.47 4.86 4.51 4.50 3.37 6.06 196 3 4.00 3.28 3.06 3.58 4.50 4.26 4.86 4.42 4.65 4.41 4.30 3.17 5.68 196 4 4.15 3.28 3.09 3.54 4.57 4.40 4.83 4.52 4.67 4.53 4.32 3.01 5.54 196 5 4.21 3.34 3.16 3.57 4.64 4.49 4.87 4.61 4.72 4.60 4.33 3.00 5.87 196 6 4.66 3.90 3.67 4.21 5.34 5.13 5.67 5.30 5.37 5.36 4.97 3.40 6.72 196 7 4.85 3.99 3.74 4.30 5.82 5.51 6.23 5.74 5.89 5.81 5.34 3.20 5.71 196 8 5.25 4.48 4.20 4.88 6.51 6.18 6.94 6.41 6.77 6.49 5.78 3.07 5.84 196 9 6.10 5.73 5.45 6.07 7.36 7.03 7.81 7.22 7.46 7.49 6.41 3.24 6.05 1969—De c 6.81 6.84 6.50 7.23 8.13 7.72 8.65 7.95 8.16 8.39 3.52 7.19 6.03 1970—Ia n 6.86 6.74 6.38 7.13 8.32 7.91 8.86 8.15 8.38 8.54 =7.02 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 Dec 5.97 5.49 5.21 5.80 8.35 7.64 9.12 7.95 8.96 8.45 6.88 3.46 Week ending— 1970—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 Dec. 5... 5.93 5.54 5.15 6.05 8.51 7.85 9.27 8.19 9.00 8.61 6.99 3.53 12... 5.89 5.42 5.15 5.70 8.46 7.78 9.28 8.09 9.02 8.57 6.79 3.49 19... 5.87 5.49 5.25 5.75 8.33 7.59 9.12 7.92 8.98 8.43 6.84 3.48 26... 6.05 5.49 5.25 5.75 8.23 7.51 9.02 7.80 8.93 8.33 6.87 3.47 1971—Jan. 2... 6.16 5.49 5.25 5.75 8.19 7.48 8.97 7.75 8.86 8.31 6.92 3.36 Number of issues2 119 1 Includes bonds rated Aa and A, data for which are not shown sep- Govt.: Averages of daily figures for bonds maturing or callable in 10 years arately. Because of a limited number of suitable issues, the number or more. (2) State and local govt.: General obligations only, based on of corporate bonds in some groups has varied somewhat. As of Dec. Thurs. figures. (3) Corporate: Averages of daily figures. (2) and (3) are 23, 1967, Aaa-rated railroad bonds are no longer a component of the from Moody's Investors Service series. railroad average or the Aaa composite series. Stocks: Standard and Poor's corporate series. Dividend/price ratios 2 Number of issues varies over time; figures shown reflect most recent are 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 Bonds; Monthly and weekly yields are computed as follows: (1) U.S. adjusted at annual rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1971 • SECURITY MARKETS A 35 SECURITY PRICES Common stock prices VVVooollluuummmeee ooofff BBBooonnnddd ppprrriiiccceeesss New York Stock Exchange tttrrraaadddiiinnnggg iiinnn (((pppeeerrr ccceeennnttt ooofff pppaaarrr))) ssstttoooccckkksss AAAmmmeeerrr--- (((ttthhhooouuusssaaannndddsss ooofff PPPPeeeerrrriiiioooodddd Standard and Poor's index New York Stock Exchange index iiicccaaannn ssshhhaaarrreeesss))) (1941-43= 10) (Dec. 31, 1965 = 50) SSStttoooccckkk EEExxx--ccchhhaaannngggeee ( G t l U e o o r . n m v S g t . ) - , S l a o t n c a d a te l p A C o A r o a r A t - e Total In tr d i u al s - R ro a a i d l- P u u ti b li l t i y c Total In tr d i u al s - T p t o r i a r o n t n a s - - Utility na F n i- ce iiinnn tttooo ddd ttt eee aaalll xxx 111 NYSE AMEX 119966 77 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 119966 88 72.33 93.5 76.4 98.70 107.49 48.84 66.42 55.37 58.00 50.58 44.19 65.85 27.72 12,971 6,353 1969 64.49 79.0 68.5 97.84 106.30 45.95 62.64 54.67 57.45 46.96 42.80 70.49 28.73 11,403 5,001 1969—Dec 58.71 68.7 62.9 91.11 100.48 36.69 55.28 50.86 53.93 37.77 38.69 66.95 26.32 12,384 4,928 1970—Jan 58.33 69.7 62.2 90.31 99.41 37.62 55.72 50.61 53.58 37.51 38.76 66.19 26.48 10,532 4,062 Feb 61.63 71.7 62.4 87.16 95.73 36.58 55.24 48.76 51.29 36.06 38.55 65.01 25.61 11,500 3,830 62.04 75.6 62.8 88.65 96.95 37.33 59.04 49.46 •51.53 36.85 40.77 67.37 25.15 10,141 3,122 60.89 71.9 62.8 85.95 94.01 '36.05 c57.19 47.51 49.47 34.99 39.49 64.07 23.56 10,146 3,150 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 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 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 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 Dec 65.63 79.8 64.7 90.05 98.72 32.95 59.96 49.00 51.68 33.70 39.93 61.95 22.19 15,241 4,330 Week ending— 1970—Dec. 5 65.93 80.6 63.3 88.30 96.83 31.99 58.70 48.03 50.72 32.86 38.95 60.46 21.99 18,457 4,165 12 66.26 80.6 65.1 89.83 98.54 32.50 59.51 48.87 51.66 33.53 39.43 61.36 22.10 14,778 3,080 19 66.52 80.0 65.1 89.89 98.56 32.57 59.85 48.87 51.54 33.24 39.99 61.26 22.03 13,901 3,182 26 64.88 79.2 65.1 90.17 98.81 33.14 60.29 49.09 51.68 33.53 40.32 62.49 22.31 13,688 3,342 1971—Jan. 2 63.99 78.8 64.9 91.90 100.68 34.70 61.33 50.09 52.71 35.32 40.92 64.25 22.64 15,647 4,432 i Begins June 30, 1965, at 10.90. On that day the average price of a share yields as computed by Standard and Poor's Corp., on basis of a 4 per cent, of stock listed on the American Stock Exchange was $10.90. 20-year bond; Wed. closing prices. Common stocks, derived from component common stock prices. Average daily volume of trading, normally NOTE.—Annual data are averages of monthly figures. Monthly and conducted 5 days per week for 5 V4 hours per day, or 27 Vi 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 on 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 Existing homes C c t ( r r e p a o a n e t n c e t r t ) - c F c h e ( e a p e n r s e g t r ) e & ' s M (y a e tu ar r s i ) ty L c p r ( a o e p r t i n a e i c n r t o e ) / (t d h c o p o P h l r u u l i a a s c r s . r - e e s o ) f (t a d h m L o o l o u o la a s u . n r n s o t ) f C c t ( r r e p a o a n e t n c e r t t - ) c F c h e ( e a p e n r s e t g r ) e & i s M (y a e tu ar r s i ) ty L c r p ( a o e p r t n i a e i c r t n o e ) / (t d h c o p o P h l r u u l a i a s c r s . r - e e s o ) f (t a d h L m o o l u o o l s a a u . n r n s o ) t f 196 4 5.78 .57 24.8 74.1 23.7 17.3 5.92 .55 20.0 71.3 18.9 13.4 196 5 5.74 .49 25.0 73.9 25.1 18.3 5.87 .55 21.8 72.7 21.6 15.6 196 6 6.14 .71 24.7 73.0 26.6 19.2 6.30 .72 21.7 72.0 22.2 15.9 196 7 6.33 .81 25.2 73.6 28.0 20.4 6.40 .76 22.5 72.7 24.1 17.4 196 8 6.83 .89 25.5 73.9 30.7 22.4 6.90 .83 22.7 73.0 25.6 18.5 196 9 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 '24.8 •71.6 35.7 25.5 8.25 .89 23.1 71.7 30.4 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 '72.4 '34.6 24.8 '8.20 .88 22.8 71.5 29.0 '20.5 Nov. 8.25 .99 25.3 72.0 36.1 25.3 8.17 .84 22.7 71.6 29.7 21.1 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 a JANUARY 1971 STOCK MARKET CREDIT REGULATORY STATUS OF MARGIN ACCOUNT DEBT AT BROKERS (In millions of dollars) (Per cent of total adjusted debt, except as noted) End of period B m ro a C k r r g e e r in s d it c B u e s a x t n t o e k m n s d e e rs d T b t o o y t — al to a d C b n n m e u a c e b e l s t e i - . r t s s ' to c a C m b f r n n r e u a e c e e d l s t e e - r - i s s t ' b t c e r N r e n o b e x d k y e d - t e e i d t r s E pe n r d i o o d f Un 2 d 0 er 2 A 0- d 2 j 9 u sted 3 0 d ( - e p 3 b e 9 t r / c c o e l 4 n l 0 t a ) t - e 4 r 9 a l v 5 a 0 lu -5 e 9 6 m 0 o o re r j T l u ( d i a m o s o e d t t b n i e - a l t s d - l of Unre- dol- 1969—Nov. 5,070 2,520 7,590 7,111 2,613 4,498 strict- Restricted lars) Dec. 4,970 2,580 7,550 7,445 2,803 4,642 ed 1970—Jan.. 4,680 2,430 7,110 6,683 2,626 4,057 11.0 Feb.. 4,570 2,390 6,960 6,562 2,463 4,099 1969—Nov.. 3.2 31.3 18.1 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 J M S O J A u u e c u a n l p t g y y e t . . . . . , 1 l 3 4 4 3 3 3 4 , , , , , , , 9 0 1 8 8 8 1 2 0 1 1 6 6 5 0 0 0 0 0 0 0 ] j 2 2 2 2 2 2 , , , , , , 2 2 2 3 3 2 9 9 9 0 3 7 0 0 0 0 0 0 6 6 6 6 6 6 , , , , , , 4 1 0 1 2 2 5 5 9 1 5 8 0 0 0 0 0 0 5 5, , ( ( ( ( 2 4 4 " " " ) 8 ) ) ) 3 1 3 5 2 2 2 2 2 2 , , , , , , 2 1 2 0 0 1 3 6 2 0 8 8 6 3 2 9 3 0 3 3 , , ( ( ( ( 2 2 4 4 4 " ) ) ) 1 ) 7 1 2 1970— M F A Ja e p a n b r r . . . . . . . . . U 4 1 3 1 n . . . . r 2 5 7 7 e stric 2 2 2 2 te 1 7 7 6 d . . . . 1 8 6 9 1 1 1 1 6 6 6 6 . . . . 7 7 8 3 1 1 1 1 R 2 1 1 1 e . . . . 1 6 s 4 4 t ricted 7 7 7 9 : . . . . 5 3 9 9 3 3 3 3 4 8 2 3 . . . . 9 6 8 8 9 9 8 8 , , , , 2 0 8 4 8 4 8 5 0 0 0 0 Nov. 4,012 2,320 6,332 (") 2,197 (4) May. 1.0 4.8 31.8 13.9 8.8 39.8 9,100 1 End-of-month data. Total amount of credit extended by member firms June. 1.3 1.0 23.3 24.9 9.4 40.1 8,490 of the N.Y. Stock Exchange in margin accounts, excluding credit extended July.. 1.1 1.0 32.7 16.7 9.0 39.5 8,610 on convertible bonds and other debt instruments and in special subscrip- Aug.. .7 1.1 37.8 14.3 9.2 36.9 8,580 tion accounts. Sept.. .6 1.1 45.5 12.0 8.9 31.9 8,900 2 Figures are for last Wed. of month for large commercial banks re- Oct... .7 1.0 38.4 18.0 9.2 32.6 8,780 porting weekly and represent loans made to others than brokers or dealers Nov.. 1.0 0.9 39.0 16.4 9.7 33.0 8,570 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 not separable from credit extended by a small sample of N.Y. Stock Exchange member firms the remainder of this category. according to the proportion of total Customers' net debit balances extended by these firms. Beginning with June 30, 1970, total broker-extended NOTE.—Adjusted debt is computed in accordance with requirements set margin credit is derived from reports by the majority of N.Y. Stock Ex- forth in Regulation T and often differs from the same customer's net debit change member firms that carry margin accounts for customers; these balance mainly because of the inclusion of special miscellaneous accounts firms, as a group, account for nearly all such credit extended by members of in adjusted debt. Collateral in the margin accounts covered by these data 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 (Per cent of total debt, except as noted) status 60 o r p e m r o c r e e n t 6 L 0 e p ss e r th c a e n n t o ( f m d i o ll l i l o a n r s s ) TT (( dd mm oo ee tt bb ii aa ll tt -- ll Equity class (per cent) 1969— D N e o c 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 EE ppee nn rr dd ii oo oo dd ff ll ll dd aa iioo oo rr oo ss ff nn ll )) -- ss !! 8 m 0 o r o e r 70-79 60-69 50-59 40-49 Un 4 d 0 er 1970— A F M Ja e p a n b r r . . . . . . . 5 5 5 5 4 4 3 3 . . . 0 0 0 0 3 3 3 3 8 5 4 8 . . . . 3 9 7 2 1 1 8 8 0 1 . . . . 8 7 2 2 4 4 4 4 , , , , 6 4 3 1 2 2 4 4 0 0 0 0 May, 50.3 38.8 10.9 4,840 1969— D N e o c v . . . . 5 4, , 6 0 9 7 0 0 1 1 6 6 . . 9 6 2 2 3 2 . . 5 3 1 1 7 7 . . 8 0 1 1 2 2 . . 2 8 9 8 . . 5 9 2 2 0 1 . . 6 8 J J A u u u n l g y e . . , 4 4 4 6 9 7 . . . 7 5 5 4 4 3 2 0 9 . . . 6 5 1 1 1 10 1 1 . . . 7 9 4 4 4 4 , , , 5 3 4 5 9 3 0 0 0 1970— M F Ja e a n b r . . . . . . . 4 4 4 , , , 5 6 6 2 7 8 0 0 0 1 1 15 5 3 . . . 3 7 8 2 2 2 1 0 1. . . 1 0 3 1 1 1 6 5 6. . . 1 3 8 1 1 1 3 3 3 . . . 3 4 4 1 1 1 1 1 0 . . . 1 2 8 2 2 2 4 2 4 . . . 9 5 0 S O N e o c p t v t . . . . 4 4 4 6 5 6 . . . 6 5 2 4 4 4 4 3 3 . . . 5 9 9 1 9 9 0 . . . 9 0 6 4 4 4 , , , 4 4 2 8 3 4 0 0 0 Apr.. 4,360 11.8 18.1 14.5 13.8 11.6 30.2 J J M u u l a n y y e . . . . 4 3 3 , , , 1 8 8 6 0 6 0 0 0 9 8 8 . . . 6 1 3 1 1 1 5 5 2 . . . 1 8 4 2 1 1 1 8 8 . . . 1 8 3 1 1 1 5 4 6 . . . 7 2 0 1 1 1 3 3 3 . . . 5 5 8 2 2 3 5 8 1 . . . 8 6 4 m pu a N r y c O h b T a e s E e u . s — s . e S d B p a b e l c y a i n a c c l u e s s m to m is m c ay e e r l s l a a r n a is s e e o t u h a s e s t m a r c a a c n r o s g f u i e n n r t s s d e b p c a o o se n s d i t t a i o n r n e q c l u o r ir e a e n d d i t v a f b o lu a r e la s a n d o c d f e i s t o io t t h n h e a a r l t Aug.. 3,810 10.7 15.1 22.9 16.6 13.6 21.1 collateral in the customer's margin account or deposits of cash (usually Sept.. 3,920 11.4 18.3 24.4 16.7 13.1 16.0 sales proceeds) occur. Oct... 4,010 9.9 15.2 25.5 16.9 14.3 18.2 Nov.. 4,012 10.4 14.8 26.1 17.5 14.1 17.2 i See note 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

JANUARY 1971 • OPEN MARKET PAPER; SAVINGS INSTITUTIONS A 37 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING (In millions of dollara) Commercial and finance Dollar acceptances company paper Held by- Placed through Placed End of period dealers directly Accepting banks F.R. Banks Im- Ex- Others ports ports AU Bank Bank For- into from other related related Own Bills Own eign United United bills bought acct. corr. States States 122 196 4 8,361 2,223 6,138 3,385 1,671 1,301 370 94 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—Nov.., 33,636 1,200 11,324 3,018 18,094 5,212 1,341 1,076 266 49 146 3,676 1,850 1,063 2,299 Dec.. 31,709 1,216 10,601 3,078 16,814 5,451 1,567 1,318 249 64 146 3,674 1,889 1 ,153 2,408 1970—Jan... 34,362 1,266 10,772 4,262 18,062 5,288 1,439 1,123 316 83 147 3,619 1.863 1,096 2,329 Feb.. , 36,020 1,271 11,604 4,781 18,364 5,249 1,408 1,110 298 56 152 3,632 1.864 1,054 2,331 Mar.., 37,164 1,223 12,411 5,295 18,235 5,352 1 398 1,156 242 1502 6 170 3,732 1,891 1,113 2,349 Apr.. 37,966 1, 12,647 5,539 18,692 5,614 1,577 1,314 263 194 3,737 2,034 1,137 2,444 May. 39,674 1,126 12,826 6,424 19,298 5,801 1,539 1,287 252 42 231 3,989 2,139 1,189 2,472 June. 37,748 1,044 11,945 6,509 18,250 5,849 1,589 1,339 250 32 232 3,996 2,190 1,162 2,497 July.. 36,911 986 11,048 6,784 18,093 5,973 1,599 1,324 275 37 239 4,098 2,294 1,198 2,482 Aug... 36,524 802 11,242 6,455 18,025 5,979 1,91 1,541 370 63 253 3,752 2,354 1,294 2,331 Sept.., 33,924 505 12,013 4,081 17,325 5,848 1,952 1,557 395 87 235 3,574 2,396 1,285 2,167 Oct... 34,401 520 12,564 3,179 18,138 6,167 2,125 1,737 388 73 238 3,731 2,553 1,323 2,292 Nov. J' 33,966 526 12,775 2,600 18,065 6,267 2,368 1,875 493 87 243 3,569 2,490 1,388 2,390 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 commitments 3 End of period Mort- U.S. S a t n a d te C r o a r t p e o - Cash li T a a t o b i n e t i d s l a i l - De it 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 n u c r e n - v r t e a s ] classi ( f i i n e d m b o y n m th a s) t urity gage Govt. g lo o c v a t l . ot a h n e d r 1 g re e s n e e r r v a e l accts. Over Total 9 196 0 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 1,200 196 1 28,902 475 6,160 677 5,040 937 640 42,829 38,277 781 3,771 1,654 196 2 32,056 602 6,107 527 5,177 956 695 46,121 41,336 828 3,957 2.548 196 3 36,007 607 5,863 440 5,074 912 799 49,702 44,606 943 4,153 2.549 196 4 40,328 739 5,791 391 5,099 1,004 886 54,238 48,849 989 4,400 2,820 196 5 44,433 862 5,485 320 5,170 1,017 944 58,232 52,443 1,124 4,665 2,697 196 6 47,193 1,078 4,764 251 5,719 953 1,024 60,982 55,006 1,114 4,863 2,010 196 7 50,311 1,203 4,319 219 8,183 993 1,138 66.365 60,121 1,260 4,984 784121 982 799 2,523 196 8 53,286 1,407 3,834 194 10,180 996 1,256 71,152 64,507 1,372 5,273 1,034 1,166 3,011 1969—Nov.. . 55,497 1,867 3,321 196 10,863 '828 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 5.530 584 485 452 946 2,467 1970—Jan.... 55,860 1,861 3,276 204 10,894 780 1,360 74,235 66,997 1,708 5.531 576 454 516 912 2,457 Feb.... 55,966 2,122 3,303 190 10,938 884 1,353 74,755 67,255 1,918 5,582 549 458 496 882 3,385 Mar... 56,119 2,080 3,274 119848 11,212 848 1,436 75,164 '67,855 '1,713 5,596 648 478 476 807 2,409 Apr 56,279 2,048 3,294 11,319 853 1,385 75.366 67,861 1,906 5,599 661036 500 455 801 2,360 May... 56,423 2,223 3,362 190 11,465 852 1,374 75,889 68,196 2,071 5,621 502 388 769 2,275 June... 56,644 2,131 3.214 197 11,766 956 1,404 76,312 68,724 1,957 5,631 646 474 363 707 2,190 July. .. 56,804 2.239 3,241 196 11,945 920 1,459 76,804 69,039 2,121 5,643 665 457 351 678 2,151 Aug.... 56,986 2,249 3,271 197 12,099 972 1.464 '77,238 69,222 2,327 5,689 603 406 '332 715 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 Nov.... 57,473 2,332 3,219 205 12,378 1,112 1,483 78,202 70,361 2,111 5,730 564 315 311 662 1,852 1 Also includes securities of foreign governments and international NOTE.—National Assn. of Mutual Savings Banks data; figures are organizations and nonguaranteed issues of U.S. Govt, agencies. estimates for all savings banks in the United States and differ somewhat 2 See note 6, p. A-18. from those shown elsewhere in the BULLETIN; the latter are for call dates 3 Commitments outstanding of banks in New York State as reported to and are based on reports filed with U.S. Govt, and State bank supervisory the Savings Banks Assn. of the State of New York. Data include building agencies. Loans are shown net of valuation reserves. Figures for Jan. and loans beginning with Aug. 1967. June 1968 include one savings and loan that converted to a mutual savings bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 38 SAVINGS INSTITUTIONS • JANUARY 1971 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period a T s o s t e a t l s U S n ta i t t e e s d Sta lo te c a a l n d Foreign 1 Total Bonds Stocks g M ag o e r s t- e R st e a a te l l P o o a l n i s c y a O s t s h e e ts r Statement value: 196 1 126,816 11,896 6,134 3,888 1,874 55,294 49,036 6,258 44,203 4,007 5,733 5,683 196 2 133,291 12,448 6,170 4,026 2,252 57,576 51,274 6,302 46,902 4,107 6,234 6,024 196 3 141,121 12,438 5,813 3,852 2,773 60,780 53,645 7,135 50,544 4,319 6,655 6,385 196 4 149,470 12,322 5,594 3,774 2,954 63,579 55,641 7,938 55,152 4,528 7,140 6,749 196 5 158,884 11,679 5,119 3,530 3,030 67,599 58,473 9,126 60,013 4,681 7,678 7,234 196 6 167,022 10,837 4,823 3,114 2,900 69,816 61,061 8,755 64,609 4,883 9,117 7,760 196 7 177,832 10,573 4,683 3,145 2,754 76,070 65,193 10,877 67,516 5,187 10,059 8,427 196 8 188,636 10,509 4,456 3,194 2,859 82,127 68,897 13,230 69,973 5,571 11,306 9,150 Book value: 196 6 167,022 10,864 4,824 3,131 2,909 68,677 61,141 7,536 64,661 4,888 9,911 8,801 196 7 177,361 10,530 4,587 2,993 2,950 73,997 65,015 8,982 67,575 5,188 10,060 11,011 196 8 187,695 10,483 4,365 3,036 3,082 79.403 68,575 10,828 70,071 5,573 11,284 10,881 1969—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... 210991,,060832 10,788 4,401 3,222 3,165 84,656 71,894 12,762 73,165 6,103 15,180 9,791 July. . . 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 II,090 4,653 3,255 3,182 85,841 72,497 13,344 73,427 6,158 15,517 9,885 Sept.... 203,148 II,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 i n m e t v i c e e e u s n s r t l t - - lia T b o il t i a t l i es S c a a v p i i n ta g l s R a d p e n i r v s d o e i f d r u i v e t n s d e - s m r B o o w n o e r e - y d 3 d p M u er r a i i d o n e d g O e p u in n e t g d s ri t o a a o d n t f d- 196 1 68,834 5,211 3,315 4,775 82,135 70,885 5,708 2,856 1,550 1,136 1,872 196 2 78,770 5,563 3,926 5,346 93,605 80,236 6,520 3,629 1,999 1,221 2,193 196 3 90,944 6,445 3,979 6,191 107,559 91,308 7,209 5,015 2.528 1,499 2,572 196 4 101,333 6,966 4,015 7,041 119,355 101,887 7,899 5,601 2,239 1,729 2,549 196 5 110,306 7,414 3,900 7,960 129,580 110,385 8,704 6,444 2,198 1,849 2,707 196 6 114,427 7,762 3,366 8,378 133,933 113,969 9,096 7,462 1,270 2,136 1,482 196 7 121,805 1191,,118106 3,442 9,107 143,534 124,531 9,546 4,738 2,257 2,462 3,004 196 8 130,802 2,962 9,571 152,890 131,618 10,315 5,705 2,449 2,803 3,584 19695 140,209 10,814 2,441 8,698 162,162 135,489 11,226 9,754 2,454 3,239 2,812 1969—Nov. 139,676 11,392 2,114 8,674 161,856 134,420 10,655 9,123 2,539 5,119 882 3,079 Dec. 140,209 10,814 2,441 8,698 162,162 135,489 11,226 9,754 2,454 3,239 807 2,812 1,866 1970—Jan.. 140,345 10,821 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.. 147,574 13,198 2,717 9,326 172,815 142,644 11,575 10,743 2,747 5,106 1,711 4,539 Nov. 148,739 13,272 3,160 9,436 174,607 143,742 11,580 10,718 2,839 5,728 1,619 4,634 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 FHLBB 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 1. all savings and loan assns. in the United States. Data are based on 3 Consists of advances from FHLBB 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

JANUARY 1971 d FEDERALLY SPONSORED CREDIT AGENCIES A 39 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks Federal National Mortgage Assn. Banks Federal Federal (secondary market for intermediate land Liabilities and capital operations) cooperatives credit banks banks End of period v m b a A n e e d r m c - s e - s I m nv e e n s ts t- p C a o d a n s e s d i - h t s B n a o o n n t d e d s s M po b d e s e e m i r - t s - C s a t p oc it k a l M l g o ( a A o a g n r ) e t s - D n t e a u ( o b L n r t d e e ) e s s n - c L a o ( t o o t i A o a v p ) n e e s s r - D t e u ( b L re e ) s n - c L o a d ( o u A n i a s n d ) n - t s s D t e u ( b L re e ) s n - lo (A an ) s B ( o L n ) d s 1 1 9 9 6 6 8 7 . . . . 4 5 , , 3 2 8 5 6 9 2 2 , , 5 3 9 7 8 5 112276 4 4, , 7 0 0 6 1 0 1 1, , 3 4 8 3 3 2 1 1 , , 3 4 9 0 5 2 5 6, , 8 3 7 4 2 8 6 4 , , 3 9 7 1 6 9 1 1 , , 5 5 7 0 7 6 1 1, , 3 2 3 5 4 3 3 3 , , 4 6 1 5 1 4 3 3 , , 2 5 1 7 4 0 5 6 , , 6 1 0 2 9 6 4 5, , 3 9 9 0 9 4 1969—Oct.. 8,439 1,654 90 7,572 865 1,457 9,500 9,756 1,680 1,429 4,192 6,700 5,950 Nov. 8,802 1,968 110 8,172 939 1,467 10,009 10,205 1,705 1,445 4,152 6,704 5,949 Dec.. 9,289 1,862 124 8,422 1,041 1 ,478 10,541 10,511 1,732 1,473 4,275 4,116 6,714 5,949 1970— F Ja e n b . . . . 9 9, , 9 8 3 5 7 2 1 1, , 7 5 8 3 7 6 7 9 2 3 9 8 , , 1 8 7 2 1 2 8 80 06 2 1 1, , 5 5 3 0 7 3 1 1 1 1 , , 5 0 4 7 0 0 1 1 1 0 , , 6 7 5 1 9 7 1 1 , , 8 8 4 0 4 4 1 1 , . 5 5 7 0 7 8 4 4 , , 3 4 7 7 1 4 4 4 , , 1 3 6 1 1 1 6 6, , 7 7 7 3 7 8 c6 5 , , 0 9 3 3 2 8 Mar.. 9,745 2,870 107 9,825 986 1,558 12,016 12,227 1,840 1,576 4,644 4,422 6,833 6,032 Apr.. 9,860 3,090 89 9,993 1,110 1,574 12,456 12,411 1,828 1,594 4,810 4,591 6,890 =6,113 May. 10,008 2,964 78 9,888 1,189 1,579 13,287 12,605 1,796 1,539 4,942 4,739 6,943 6,113 June. 10,236 2,844 106 9,880 1,333 1,586 13,659 13,165 1,749 1.509 5,097 4,879 6,995 6,179 July. 10,372 2,704 70 10,029 1,194 1,592 14,085 13,401 1,762 1,518 5,034 4,980 7,026 6,259 Aug.. 10,445 2,729 99 10,091 1,244 1,595 14,452 13,976 1,778 1,537 5,015 4,918 7,061 6,339 S O e c p t t .. . . 10,524 2,722 109 10,089 1,340 1,598 1 1 4 4 , , 8 7 1 0 5 2 1 1 4 4 , , 3 7 9 0 6 2 1 1, , 9 8 7 5 3 2 11,,650371 4 4 , , 9 9 7 9 2 8 4 4 , , 8 8 3 1 9 8 7 7 , , 1 1 0 3 1 7 6 6 , , 3 3 9 3 5 9 Nov.. 15,397 15,067 2,020 1,700 4,934 4,767 7,156 6,395 NOTE.—Data from Federal Home Loan Bank Board, Federal National offered securities (excluding, for FHLB's bonds held within the FHLB Mortgage Assn., and Farm Credit Admin. Among omitted balance System) and are not guaranteed by the U.S. Govt.; for a listing of these sheet items are capital accounts of all agencies, except for stock of FHLB's. securities, see table below. Loans are gross of valuation reserves and Bonds, debentures, and notes are valued at par. They include only publicly represent cost for FNMA and unpaid principal for other agencies. OUTSTANDING ISSUES OF FEDERALLY SPONSORED AGENCIES, NOVEMBER 30, 1970 Cou- Amount Cou- Amount Cou- Amount Agency, and date of issue pon (millions Agency, and date of issue pon (millions Agency, and date of issue pon (millions and maturity rate of dollars) and maturity rate of dollars) and maturity rate of dollars) Federal home loan banks1 Federal National Mortgage Federal intermediate Notes: Association—Cont. credit banks 12/22/69 - 11/25/70. . 8.70 Debentures: Debentures: Bo 1 n 0 d /2 s: 7 /69 - 10/27/70.. 8M 650 7 1 / 0 1 / 0 1 / 4 6 / 9 6 9 - - 1 2 2 / / 1 1 0 0 / / 7 7 1 0 . . . . . . 8 8 . . 1 7 0 5 4 2 0 5 0 0 3 4 / / 2 1 / / 7 7 0 0 1 1 / 2 4 / / 1 7 / 1 7 0 8 7. . 5 1 0 0 4 5 1 6 1 0 1/26/70 -- 1/26/71 8.63 600 3/11/68 - 3/11/71. . .. 6.00 350 5/4/70 2/1/71 7.40 592 2/25/69 -- 2/25/71. . .. 6.60 200 2/10/70 - 4/12/71 8.75 500 6/1/70 3/1/71 8.15 511 7/25/69 -- 2/25/71 8.00 400 11/10/69 - 5/10/71. . . 8.20 400 7/1/70 4/1/71 8.05 491 3/25/70 -- 3/25/71 7.70 850 4/10/69 - 6/10/71 6.85 250 8/3/70- 5/3/71 7.25 464 9/25/69 -- 4/26/71 m 250 12/12/69 - 7/12/71. . . 8.60 400 9/1/70 6/1/71 7.30 247 4/27/70 -- 4/26/71 7.25 400 8/23/60 - 8/10/71 •H 63 10/1/70 7/1/71 7.10 527 5/26/69 -• 5/25/71.... 7.00 350 4/10/70 - 8/10/71 7.38 200 11/2/70 8/2/71 6.80 564 5/25/70 -- 5/25/71 8.20 500 7/10/70 - 8/10/71 8.05 250 3/2/70 3/1/73 8.15 203 2/25/70 -• 6/25/71 8.45 650 9/11/61 - 9/10/71.... 4W 96 9/1/70 7/2/73 7.75 200 7/27/70 -- 7/27/71 m 500 9/10/68 - 9/10/71 5?4 350 8/25/70 - 8/25/71 7.65 650 6/10/70 - 10/21/71. . . 8.45 500 Federal land banks 9/25/70 - 9/27/71 7.35 400 5/10/69 - 11/10/71 . . . 6.85 350 Bonds: 4K 10/27/69 - 11/26/71.. 8.20 250 3/10/70 - 12/10/71... 6% 500 2/15/57 - 2/15/67-72. . . 72 11/25/69 - 2/25/72... 8.20 200 2/10/60 - 2/10/72. 5H 98 4/21/69 2/23/71 6.80 431 6/26/70 - 2/25/72 8.20 300 3/10/69 - 3/10/72.... 6Vi 250 2/20/70 4/20/71 300 5/25/70 -• 5/25/72 8.15 200 10/14/69 - 3/10/72. . . 644 200 44//2200//7700 44//2200//7711 225 9/25/70 -• 11/27/72. . . 7H 250 12/11/61 - 6/12/72. . . 4 H 100 55//11//5566 55//11//7711 135 60 2/25/70 - 2/26/73 8.35 350 2/10/70 - 6/12/72 8.70 300 7/15/69 7/20/71 270 1/26/70 -• 1/25/74.... 8.40 300 5/11/70 - 9/11/72 8.40 400 10/20/69 7/20/71 8.45 232 6/26/70 -• 2/25/74 8.40 250 6/10/70 - 9/11/72 7.40 200 10/20/68 - 10/20/71.... 6.00 447 8/25/69 -- 8/25/74 7.65 188 11/10/69 - 12/11/72. . 8.00 200 8/20/68 2/15/72 5.70 230 11/25/69 - 11/25/74.. 8.05 265 10/13/70 - 12/11/72. . 7.20 400 6/22/70 7/20/72 8.20 442 8/25/70 -- 5/26/75 8.00 242 11/10/70 - 3/12/73.. . 7.30 450 9/14/56 9/15/72 m 109 7/27/70 - 8/25/75 7.75 350 12/12/69 - 3/12/73. . . 8.30 250 9/22/69 9/15/72 8.35 337 3/25/70 -- 2/25/80.... 7.95 300 6/12/61 - 6/12/73.... 146 10/23/72 - 10/23/72. ... 5 K 200 7/10/70 - 6/12/73.... 8.35 350 7/20/70 1 /22/73 7.95 407 Federal National Mortgage 3/10/70 - 9/10/73 8.10 300 2/20/63 - 2/20/73-78. . . 4M 148 Association—Secondary 4/10/70 - 3/11/74 7.75 350 1/20/70 7/20/73 8.45 198 market operations 8/5/70 - 6/10/74 7.90 400 8/20/73 7/20/73 7.95 350 Discount notes 9/10/69 - 9/10/74 7.85 250 4/20/70 10/22/73 7.80 300 M Ca o 9 4 6 6 9 9 p r / / / / / / i 3 t 1 2 1 1 9 t g 0 / 9 / / a / 7 a 7 7 / l / 7 6 0 g 0 0 7 0 8 d e 0 e - - - - b b - 1 a 4 e 6 6 0 1 c n / / / 1 / 1 0 k 1 2 t 2 0 / / / u e / / / 1 7 7 7 d 7 1 r 5 1 / 5 e 2 / 9 7 s b 0 : 3 o nds: 6 8 8 7 8 8 . . . . . . 3 0 5 1 6 0 8 0 0 3 3 0 2 2 2 4 2 1 5 0 5 0 0 5 0 0 0 0 0 0 Ba D nk e 2 6 7 1 1 8 s b / / / 0 1 / 1 e 1 1 f 3 / / 3 n o 1 1 / / / 7 7 r / t 3 0 7 6 0 u 0 / / 0 c 2 7 7 r o - 0 e 0 - - 2 o - s : p / - - 1 1 1 e 2 2 / r / 9 4 3 / a / 7 1 / / / 1 t 1 1 7 1 / i 0 7 v 0 1 0 0 e / / / s 7 7 7 5 7 5 . . . . . . . . . . 7 7 4 7 7 7 7 7 7 7 7 7 . . . . . . . . ' ... A 5 5 8 2 8 2 8 2 777 5 0 5 5 5 5 5 5 000 3 3 3 2 3 2 3 2 1 333 5 999 0 222 9 999 0 555 0 888 8 111 2 2 4 1 2 7 2 5 / / / 0 / / / / 2 2 2 2 2 2 2 / 0 0 2 0 1 0 0 /6 / / 0 / / / / 7 7 6 6 6 6 6 / 0 2 5 7 6 6 7 0 - 4 4 2 2 7 / 1 1 2 4 / / / / / / 2 2 2 2 0 2 2 /2 1 0 4 0 / 0 2 7 2 / / / / / / 8 7 7 7 7 7 7 / 4 7 5 9 6 6 5 4 4 78 * 5 5 S 5 H . . . V H H3 f 0 0 t 0 0 s 0 2 2 2 3 1 1 1 1 2 8 0 5 5 5 5 2 0 5 4 0 5 0 0 3 10/1/70 - 4/2/71 7.10 258 11/2/70 - 5/3/71 6.70 324 10/1/70 - 10/1/73. . .. 7.30 100 1 Data for changes in Oct. 1970 not yet available. NOTE.—These securities are not guaranteed by the U.S. Govt.; see also note to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 40 FEDERAL FINANCE o JANUARY 1971 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) U.S. budget Means of financing Receipt-expend- Borrowings from the public 2 Less: Cash and iture account monetary assets Other Budget means Net Budget surplus Less: Invest- of Net lend- out- Public Plus: ments by Govt, Equals: Trea- financ- Budget ex- ing lays 1 deficit debt Agency accounts Less: Total sury ing, receipts pendi- (-) securi- securi- Special borrow- operat- Other net* tures ties ties 3 notes 3 ing ing Special balance issues Fiscal year: 196 7 149,552 153,201 5,053 158,254 -8,702 6,314 5,079 5,035 4,000 -482 2,838 -5,222 304 945 196 8 153,671 172,802 6,030 178,833 -25,161 21,357 5,944 3,271 2,049 -1,119 23,100 -397 1,700 3,364 196 9 187,784 183,072 1,476 184,548 3,236 6,142 633 7,364 2,089 -1,384 -1,295 596 1,616 269 197 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: 1968—July-Dec.. 82,899 92,210 977 93,186 -10,287 10,450 1,446 -280 1,489 -384 211,072 -598 27 -1,356 1969—Jan.-June. 104,893 90,871 500 91,370 13,523 -4,309 -815 7,643 604 -1,000 -12,370 1,194 1,240 1,280 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. 102,926 96,899 774 97,671 5,254 2,693 -1,309 5,446 351 -4,414 2,718 -896 984 Month: 1969—No v 14,337 '15,244 237 '15,481 -1,143 3,718 -141 780 103 2,694 958 '32 '—561 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 , , 8 3 4 3 4 3 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 5 8 6 5 5 5 1 9 2 9 3 -4 1 , , 6 4 9 5 1 2 -1,00 8 8 5 -1,2 5 5 2 8 6 -1 1 ,2 ,3 5 1 9 7 June 22,561 14,871 480 15,351 7,210 -169 -160 2,909 -82 -3,156 2,034 265 -1,755 July 12,617 19,352 -17 19,335 -6,718 5,649 -38 -233 -153 5,997 -646 -386 -312 Aug. 15,172 17,429 66 17,495 -2,323 4,333 -3 1,539 76 2,716 -58 -367 -818 Sept 18,725 17,329 114 17,443 1,281 -2,223 12 -890 12272 -1,347 1,497 7 1,570 Oct 11,493 17,490 150 17,640 -6,147 1,522 -17 -1,178 2,561 -2,383 -192 1,011 Nov 14,134 16,616 112 16,728 -2,594 3,440 -5 81 48 3,306 -429 -71 -1,212 Selected balances Treasury operating balance Federal securities pe E o r n i f o d d B F a . n R k . s ac l c T a o o n a a u d x n n ts ba G la o n ld c e se P c d u u e b r b i l t t i i c e s s A ec g u e r n it c i y es Sp G I e n c o v i v a e t l s L , tm e a s c e s c n : o ts u n o t f s S n L p o e e te c s s s ia : 3 l E p T h u q b o e b u y t l l a d a i l l c s : s c p p D o M G r o N r i e n v o p e b o s a v s m t w o . t t — e . r o o - e 5 : f d issues Fiscal year: 196 7 1,311 4,272 112 5,695 326,221 18,455 56,155 17,663 3,328 267,529 9,220 196 8 1,074 4,113 111 5,298 347,578 24,399 59,374 19,766 2,209 290,629 10,041 196 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—Nov... 980 5,335 112 6.426 368,112 13,905 68,739 21,147 825 291,306 '30,182 Dec... 1,312 3,903 112 5,327 368,226 13,820 70,677 21,250 825 289,294 30,578 1970—Jan.... 1,127 5,188 112 6.427 367,572 13,755 69,960 21,442 825 289,100 31,288 Feb.... 915 5,592 111 6,618 368,847 12,966 71,164 20,863 825 288,961 32,946 Mar... 1,192 5,630 111 6,934 372,007 12,987 71,935 20,959 825 291,275 34,214 Apr.., 1,784 5,123 111 7,019 367,194 12,948 71,650 21,082 825 286,584 '34,851 May.. 1,295 4,605 111 6,011 371,088 12,670 73,215 21,681 825 288,036 35,068 June.., 1,005 6,929 111 8,045 370,919 12,510 76,124 21,599 825 284,880 '35,762 July... 1,200 6,087 111 7,399 376,568 12,471 75,891 21,446 825 290,877 36,398 Aug... 1,056 6,174 111 7,341 380,901 12,469 77,431 21,521 825 293,593 37,116 Sept... 1,238 7,489 111 8,839 378,678 12,481 76,541 21,548 825 292,246 37,404 Oct.... 920 5,424 111110 6,455 380,200 12,465 75,363 21,669 825 294,808 37,811 Nov... 587 5,217 5,914 383,640 12,460 75,444 21,717 825 298,113 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 (totaling $9,853 million) is 4 Includes accrued interest payable on public debt securities, deposit not included here. In the bottom panel, however, these conversions de- funds, miscellaneous liability and asset accounts, and seigniorage. crease the outstanding amounts of Federal securites held by the public 3 Includes initial allocation of SDR's of $867 million. mainly by reductions in agency securities. The Federal National Mortgage 6 Includes debt of Federal home loan banks, Federal land banks, D.C. Association (FNMA) was converted to private oweiship in Sept. 1968 and Stadium Fund, FNMA (beginning Sept. 1968), FICB, and banks for the Federal Intermediate Credit Banks (FICB) and Banks for Coopera- cooperatives (beginning Dec. 1968). tives 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

JANUARY 1971 a 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 t t a i 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 ta n x s es W he i l t d h - N w he o it l n h d - - fu R n e d - s t N ot e a t l G ce r r i e o p - s ts s fu R n e d - s c E t o P a r m n t o a x a t y l e p x r l - s i l e b o s u y e a t m S i m n o e e d l p n n f l s - t . 1 e in U m s n u p - r l. . c O e n i t p e h 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 e1 c M e r i i e p s - t c s . 3 Fiscal year: 196 7 149,552 50,521 18,850 7,845 61,526 134,9181 946 26,047 1,776 3,659 1,867 33,349 13,719 1,901 2,978 2,108 1 1 1 9 9 9 7 6 6 9 8 0 1 1 1 5 9 8 3 3 7 , , , 6 7 7 7 8 4 1 4 3 5 7 7 7 0 7 , , , 3 1 4 0 8 1 1 2 6 2 2 2 0 7 6 , , , 2 9 2 5 5 3 8 1 6 1 1 1 9 0 3 , , , 5 1 2 2 9 4 7 1 d 6 9 8 8 0 7 , , , 7 4 2 2 1 4 6 2 9 2 3 3 9 8 5 , , , 8 3 0 9 3 3 7 8 7 1 ' 2 11 , ,,6 2 263 0 2 8 0 ' 2 3 3 7 2 7, , , 1 6 5 9 2 8 0 1 0 1 1 1 1, , , 9 5 7 4 1 4 2 5 4 1 3 3 3 , , , 3 3 4 4 6 2 6 5 8 2 2 2 , , , 0 3 7 5 5 0 2 3 0 3 3 4 4 9 5 , , , 6 9 2 2 1 9 2 8 8 1 1 1 5 5 4 , , 2 0 7 2 7 0 2 9 5 1 1 2 2 2 , , , 3 0 4 1 3 3 9 8 0 1 3 3 3 , , , 0 4 6 5 9 4 1 1 4 ] 2 2 3 , , , 4 9 4 9 0 2 1 8 4 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 11,,120163 11 ,417 1,405 1969—Jan.-June. 104,886 36,446 121,743! 9,715 148,474 22,844 876 17,577 1,584 2,039 1,174 22,374 7,388 2,074] 1,504 July-Dec.. 90,830 38,785 5,771 48214 4,073 15,180 983 17,056 132 1,2711 1,285 19,743 8,242 1 263 j 1,495 1,818 1970—Jan.-June. 102,926 38,649 20,464 12,758 46,355 19,859 1,223 120,134 1,811 2,196 1,416 125,557 7,464 1,168 2,148 1,600 Mo 19 n 6 th 9 : — Nov.. '14,337 •-7,115 160 33 '7,242 778 144 ,547 343 187 4,078 1,606 185 222 '370 Dec.. 16,709 6,407 411 45 6,774 5,637 110| 908 59 214 2,181 1,400 197 277 345 1970—Jan... 16,297 6,203 4,491 35 10,660 1,252 125 ,179 111 129 254 2,6741 1,154 195 2861 201 A M Fe p a b r r . . . . . . . . 2 1 1 2 3 4 , , , 0 1 9 2 1 3 9 9 8 7 6 5, , , 7 0 5 4 9 3 8 1 5 1 8 1 , , 9 2 8 9 3 8 2 5 6 1 ' 3 4 1 , , , 0 9 4 3 0 5 9 7 6 1 63 0 ,, , 4 7 916 0 59 1 4 4, , 8 5 7 9 5 7 5 9 4 3 1 31 2 2 7 0 8 ] , , 0 8 2 0 4 2 6 7 4 1,0 1 1 8 4 3 1 6 9 2 8 3 6 4 4 4 2 2 2 2 2 5 0 1 9 3 5 3 4, , , 4 4 4 1 3 0 9 6 8 1 1 1 , , , 1 2 2 9 0 2 2 6 6 2 2 1 0 0 6 2 7 5 1 2 5 3 6 9 22 5 9 ] 2 3 3 0 8 0 9 3 0 J J A M u u u n a l g y y e . . . . . . , . 2 1 1 1 2 5 3 2 , , , , 5 1 9 6 6 7 8 0 1 2 2 9 7 6 6 6 , , , , 9 0 0 0 8 1 5 4 5 4 8 0 3 1 , , 7 0 4 3 9 6 7 3 7 3 7 3 ' 2,8 4 21 6 3 5 0 3 6 8 0 5 9 6 7 , , , , 2 2 3 2 1 5 8 5 9 8 3 1 7 1 , , 5 0 6 8 1 7 6 6 7 1 6 2 , 2 11 13 4 8 88 42 8, , , |4 5 2 7 8 9 9 4 4 5 5 4 , 1 2 1 0 2 7 7 1 5 8 1 8 7 5 8 7 0 7 6 2 2 2 2 5 7 4 0 5 8 9 2 5 5 3 3 , , , , 7 8 1 3 6 5 8 3 9 1 5 0 1 1 1 1 1 , , , 3 3 3 4 6 1 0 3 7 9 9 9 | 22 22 1 0 21 1 9 7 3 2 8 8 2 2 3 3 2 9 2 4 4 3 8 8 1 2 3 3 3 0 5 8 0 7 6 2 0 Sept.. 18,725 5,907 3,623 81 9,449, 4,543 265 ,521 47 270 2,962 1,272 234 313 Oct... 11,493 5,667 4971 55 6,110 1,089 420 311 106 280 2,697 1,237 231 262, 288 Nov.. 14,134 7,007 216: 42 7,181 711 187 |474 374 259 4,107 1,549 2071 239 327 Budget outlays4 t f i e N d o n e n a s - - a e l a I f n fa tl i . r s s S e p r a e a r - c c e h A c tu u g r l r e - i- so N u u r r a e r a - t c l - e s C m tr a o a e n n r m d c s - e p . d h e C m o a v o u n e u m s d l n i o n - . p g . E p m d t a o i n u a w o d c n n e a - r - w H a e e n l a f d l a t r h e e V ra e n t- s In e t s e t r - G g e o r e a v n l t - . I t t g i r n o a a o t c n n v r - a s s t . - - s 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 81,232 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 80,299 3,568 3,749 6,187 2,532 9,262 3,111 7,434 56,495 8,685 18 310 3,337 -6,380 1971•« '200,771 73 583 3,589 3,400 5,364 2,503 8,785 3,781 8,129 65,341 8,475 17 799 4,084 -6,639 Half year: 1968—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[ 41,408 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 40,595 1,941 1,841 5,476 1,515 4,610 1,823 3,118 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—No v '15,481 '6,331 443 267 393 188 735 228 391 4,246 710 1 571 '242 -263 Dec 15,097 6,833 145 297 385 186 655 224 501 4,450 722 1 515 275 -1,091 1970—Ja n 16,394 6,648 161 290 659 113 713 212 583 4,700 729 1 537 305 -256 Feb 14,894 6,199 298 299 -187 109 571 158 719 4,510 719 1 ,614 249 -364 Mar 16,548 6,608 312 325 76 181 683 257 532 5,019 801 1 686 312 -242 Apr. 18,043 6,806 336 332 107 185 967 281 642 5,996 751 1 ,631 258 -249 May 16,441 6,516 296 285 144 211 715 99 694 5,207 806 1 563 308 -401 June 15,351 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 Nov 16,728 5,965 234 266 422 283 898 132 534 5,488 829 1 738 264 -324 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 s 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 • JANUARY 1971 GROSS PUBLIC DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues Total End of period p d g u e r b b o t l s i s c i Total Certifi- Bonds : b C v o i e b o n r l n d e t - - s T N o o ta n l m 3 ark b et o S i a n n a b g v d l s - s e i S s p su e e c s i a 4 l & notes 1941—Dec. 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 7.0 1946—Dec. 259.1 233.1 176.6 17.0 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 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—Dec. 368.2 295.2 235.9 80.6 85.4 69.9 2.4 56.9 52.2 71.0 81.1 1970—:J an.. 367.6 295.5 236.3 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 Dec. 389.2 309.1 247.7 87.9 101.2 58.6 2.4 59.1 52.5 78.1 1 Includes non-interest-bearing debt (of which $629 million on Dec. 31, 1956, tax and savings notes; and before Oct. 1965, Series A investment 1970, was not subject to statutory debt limitation). bonds. 2 Includes Treasury bonds and minor amounts of Panama Canal and 4 Held only by U.S. Govt, agencies and trust funds and the Federal postal saving bonds. home loan banks. 3 Includes (not shown separately): depositary bonds, retirement plan bonds, foreign currency series, foreign series, and Rural Electrification NOTE.—Based on Daily Statement of U.S. Treasury. See also second Administration bonds; before 1954, Armed Forces leave bonds; before paragraph in NOTE to table below. OWNERSHIP OF PUBLIC DEBT (Par value, in billions of dollars) Held by— Held by private investors EEE pppeee nnn rrr ddd iii ooo ooo ddd fff ppp TTT ggg ddd uuu rrr ooo eee bbb ooo ttt bbb lll sss aaa ttt iii sss lll ccc aagg GG tt UU ee aa rr oo nn nn uu .. vv SS cc dd ss ii tt .. tt ,, ee ss BB FF aa .. nn RR kk .. ss TToottaall mm CC bb ee aa oo rr nn cc mm kk iiaa -- ss ll M s M s bb aa aa vv uu nn ii tt nn uu kk gg aa ss ss ll I p I p cc aa nn aa oo nn ss nn mm cc uu ii ee ee rr -- -- ss rr cc OO aa oo tt tt rr ii hh pp oo ee oo nn rr -- ss gg S l S l aa oo oo tt nn vv cc aa dd aa tt ttee ss ll .. Savi I n n g d s i vidu O al t s h er nn FF aa ii oo tt nn aa ii rr tt nn oo ee ee dd nn ii rr gg -- aa nn ll11 ii OO mm nn ttoo 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—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 Nov 383.6 94.6 61.2 227.9 59.8 2.7 6.9 10.8 23.2 51.9 30.4 20.0 22.1 1 Consists of investments of foreign and international accounts in The debt and ownership concepts were altered beginning with the the United States. Mar. 1969 BULLETIN. The new concepts (1) exclude guaranteed se- 2 Consists^ of savings and loan assns., nonprofit institutions, cor- curities and (2) remove from U.S. Govt, agencies and trust funds porate pension trust funds, and dealers and brokers. Also included and add to other miscellaneous investors the holdings of certain are certain Govt, deposit accounts and Govt.-sponsored agencies. Govt.-sponsored but privately-owned agencies and certain Govt, NOTE—Reported data for F.R. Banks and U.S. Govt, agencies deposit accounts. and trust funds; Treasury estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1971 • U.S. GOVERNMENT SECURITIES A 43 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value, in millions of dollars) Within 1 year 1-5 5-10 10-20 Over Type of holder and date years years years 20 years Bills 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—Oct. 31. 242,180 111,636 83,697 27,939 90,991 18,139 10,492 10,922 Nov. 30. 244,447 120.125 84,625 35,500 82.302 22,555 8,566 10,900 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—Oct. 31 16,983 2,575 713 1,862 6,893 2,715 2,413 2,387 Nov. 30 17,049 3,013 718 2,295 6,053 3,848 1,748 2,387 Federal Reserve Banks: 1967—Dec. 31 49,112 31,484 16,041 15,443 16,215 858 178 377 1968—Dec. 31 52,937 28,503 18,756 9,747 12,880 10,943 203 408 1969—Dec. 31 57,154 36,023 22,265 13,758 12,810 7,642 224 453 1970—Oct. 31 60,015 28,482 24,349 4,133 25,368 5,524 244 396 Nov. 30 61,233 35,921 25,548 10,373 18,743 5,949 214 407 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—Oct. 31 165,182 80,579 58,635 21,944 58,730 9,900 7,835 8,139 Nov. 30 166,165 81,191 58,359 22,832 57,506 12,758 6,604 8,106 Commercial banks: 1967—Dec. 31... 52,194 18,451 10,415 8,036 26,370 6,386 468151 502 1968—Dec. 31... 53,174 18,894 9,040 9,854 23,157 10,035 477 1969—Dec. 31... 45,173 15,104 6,727 8,377 24,692 4,399 564 414 1970—Oct. 31... 47,164 16,460 7,520 8,940 26,510 3,402 527 266 Nov. 30... 48,045 16,279 7,382 8,897 26,710 4,406 378 274 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—Oct. 31... 2,776 440 113252 305 1,271 260 405 400 Nov. 30... 2,727 477 355 1,183 335 334 397 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 11,,880928 721 1,120 2,221 1969—Dec. 31... 6,152 868 419 449 253 1,197 2,028 1970—Oct. 31... 6,006 804 420 384 1,791 385 1,791 1,235 Nov. 30... 5,969 831 395 436 1,709 848 1,371 1,212 Nonfinancial corporations: 61 1967—Dec. 31 4,936 3,966 2,897 1,069 132 9 1968—Dec. 31 5,915 4,146 2,848 1,298 1,163 568 27 1969—Dec. 31 5,007 3,157 2,082 1,075 1,766 63 12 1970—Oct. 31 3,529 2,012 1,577 435 1,290 173 47 6 Nov. 30 3,323 1,667 1 251 416 1,372 262 2 21 Savings and loan associations: 281 1967—Dec. 31 4,575 1,255 718 537 1,767 811 461 1968—Dec. 31 4,724 1,184 680 504 1,675 1,069 346 450 1969—Dec. 31 3,851 539 1,916 357 329 441 1970—Oct. 31 3,515 627 273 354 2,038 211 341 299 Nov. 30 3,453 645 269 376 1,970 285 256 297 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—Oct. 31 12,710 5,692 4,662 1,030 3,265 686 1,391 1,677 Nov. 30 11,570 5,488 4,097 1,391 2,477 813 1,193 1,600 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—Oct. 31. 89,482 54,544 44,048 10,496 22,565 4,783 3,333 4,256 Nov. 30. 91,079 55,804 44,843 10,961 22,085 5,809 3,070 4,305 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 5,716 commercial banks, 493 mutual savings agencies and certain Govt, deposit accounts have been removed from U.S. banks, and 746 insurance companies combined; (2) about 50 per cent by Govt, agencies and trust funds and added to "All others." Comparable data the 469 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 • JANUARY 1971 DEALER TRANSACTIONS (Par value, io millions of dollars) U.S. Government securities By maturity By type of customer UUUU....SSSS.... GGGGoooovvvvtttt,,,, PPPPeeeerrrriiiioooodddd aaaaggggeeeennnnccccyyyy TTToootttaaalll WW 11 ii yy tthh ee ii aa nn rr yy 11 eeaa --55 rrss yy 55 ee -- aa 11 rr 00 ss 1100 OO yy vv ee ee aa rr rrss U s D . e S c e . u a r l G i e t r o i s e v s a t nd b O ro th k e e r r s mm bb CC ee aa oo rr nn cc mm kk ii ss -- aa ll oo AA tthh ll ee ll rr sssseeeeccccuuuurrrriiiittttiiiieeeessss 1969—Nov 2,439 2,114 225 60 40 920 87 913 518 414 Dec 2,551 2,162 281 55 54 1,029 98 965 460 381 1970—Jan 2,385 2,058 233 58 36 971 92 922 402 410 Feb 2,936 2,302 421 176 36 1,332 124 1,043 437 513 Mar 2,681 2,238 298 114 31 1,208 92 921 460 501 Apr 2,046 1,801 160 59 27 887 70 665 424 387 May 2,164 1,685 337 106 36 868 73 717 506 378 June 2,146 1,867 190 59 29 728 68 820 529 414 July 2,395 2,073 200 96 27 832 77 914 573 447 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 1,094 547 569 Nov 3,418 2,430 601 338 50 1,330 172 1,278 638 712 Week ending— 1970—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 3,635 2,457 754 385 38 1,453 177 1,352 653 680 25 3,012 2,015 558 359 79 1,165 184 1,069 593 855 Dec. 2 2,856 2,361 294 160 41 961 148 1,101 646 408 9 2,508 1,842 411 213 42 958 126 986 439 585 16 2,506 1,940 387 123 56 970 122 982 433 376 23 2,186 1,673 330 125 58 764 101 908 414 451 30 2,948 2,509 255 135 50 925 121 1,205 698 301 NOTE.—The transactions data combine market purchases and sales of sales of securities under repurchase agreement, reverse repurchase (resale), U.S. Govt, securities dealers reporting to the F.R. Bank of New York. or similar contracts. Averages of daily figures based on the number of They do not include allotments of, and exchanges for, new U.S. Govt, trading days in the period. securities, redemptions of called or matured securities, or purchases or DEALER POSITIONS DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity Commercial banks UU..SS.. PPeerriioodd ma t A i t e u l s l r i- W y i e 1 t a h r i n y 1 ea -5 rs y 5 e - a 1 r 0 s y O e 1 v a 0 e r r s aa ss GG ee gg tt cc ee oo iiee uu nn vv ss rr cc tt ii ,, yy -- PPeerriioodd ssoouu AA rr ll cc ll eess Y N C o e it w r y k w E h ls e e r - e CC tt oo ii rr oo pp nn oo ss rr !! aa-- oo AA tthh ll ee ll rr 1969—Nov 3,451 3,158 155 106 30 606 1969—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 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 2,898 637 830 466 964 June 2,199 1,859 111 227 2 615 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 4,900 1,526 1,168 834 1,373 Sept 4,020 3,326 246 433 16 724 4,220 1,164 1,456 449 1,152 Oct 3,963 3,449 103 379 33 1,001 Oct 4,233 1,370 1,232 392 1,240 Nov 4,761 3,400 617 682 62 1,067 5,149 1,517 1,527 416 1,689 Week ending— Week ending— 1970—Oct. 7 3,727 3,224 114 365 25 886 1970—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 Nov. 4...... 5,402 4,019 502 846 34 1,154 Nov. 4... 5,573 1,697 1,648 504 1,724 11 5,087 3,579 696 776 36 1,071 11... 5,503 1,407 1,696 476 1,924 18 4,535 3,278 582 639 37 894 18... 5,159 1,399 1,266 353 2,141 25 4,430 3,100 622 608 100 1,143 25... 4,565 1,475 1,353 437 1,301 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 table on the left. 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

JANUARY 1971 • GOVERNMENT SECURITIES A 45 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, DECEMBER 31, 1970 (In millions of dollars) Issue and coupon rate Issue and coupon rate Issue and coupon rate Issue and coupon rate Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. Ian. 7, 1971 . . 3,113 May 31, 1971 1.701 Apr. 1, 1972 1'A 34 Sept. 15, 1967-72..2Vi 1,951 Jan. 14, 1971.. 3,107 lune 3, 1971 1.399 May 15, 1972 4M 5,310 Dec. 15, 1967-72.. 2<A 2,568 Ian. 21, 1971.. 3,101 lune 10, 1971 1.401 May 15, 1972 6% 2,037 Aug. 15, 1971 4 2,805 Ian. 28, 1971. . 3,101 lune 17, 1971 1.400 Oct. 1, 1972 IVi 33 Nov. 15, 1971 3% 2,760 Ian. 31, 1971. 1,503 lune 22, 1971' 2,515 Apr. 1, 1973 34 Feb. 15, 1972 4 2.344 Feb. 4, 1971. 3,129 lune 24, 1971 1,404 May 15, 1973 7% 5,842 Aug. 15, 1972 4 2,579 Feb. 11, 1971. 3,105 lune 30, 1971 1.702 Aug. 15, 1973 8H 1,839 Aug. 15, 1973 4 3,894 Feb. 18, 1971. 3,099 luly 1, 1971 1.402 Oct. 1, 1973 IVi 30 Nov. 15, 1973 4Vs 4.345 Feb. 25, 1971. 3.303 luly 31, 1971 1.703 Feb. 15, 1974 TA 3,141 Feb. 15, 1974 4V4 3,127 Feb. 28, 1971. . 1,700 Aug. 31, 1971 1.704 Apr. 1, 1974 1V4 34 May 15, 1974 4(j 3,581 Mar. 4, 1971. 3.304 Sept. 30, 1971 1,703 May 15, 1974 7M 4,508 Nov. 15, 1974 3% 2,239 Mar. 11, 1971. 3,306 Oct. 31, 1971 1,201 Aug. 15, 1974 554 10,284 May 15, 1975-85..4% 1,213 Mar. 18, 1971. 3,302 Nov. 30, 1971 11,,220001 Oct. 1, 1974 IVi 42 lune 15, 1978-83..3V4 1,542 M M a a r r . . 2 22 5 , , 1 1 9 9 7 7 1 1 + . 2 3. , 3 5 0 1 5 7 Dec. 31, 1971 N Fe o b v . . 1 1 5 5 , , 1 1 9 9 7 7 5 4 5 S % Vt 3 5 , , 9 1 8 4 1 8 N Fe o b v . . 1 1 5 5 , , 1 1 9 9 8 8 0 0 3 4 V i 2 1 , , 5 9 9 0 3 4 Mar. 31, 1971. 1,702 Treasury notes Apr. 1, 1975 1% 8 May 15, 1985 3Vi 1,074 Apr. 1, 1971 . . 3,305 Feb. 15, 1971 5% 2,509 May 15, 1975 6 6,760 Aug. 15, 1987-92. .4% 3,809 Apr. 8, 1971.. 1,402 Feb. 15, 1971 7% 2,924 Oct. 1, 1975 IVi 11 Feb. 15, 1988-93.. 4 248 Apr. 15, 1971.. 1,404 Apr. 1, 1971 1% 35 Feb. 15, 1976 6V4 3,739 May 15, 1989-94.. 4<A 1,554 Apr. 22, 1971.. 1,401 May 15, 1971 5V4 4,265 May 15, 1976 6Vi 2,697 Feb. 15, 1990 3Vi 4,727 M A A M M M A p p p a a a a r y r r y y y . . . 2 2 2 2 3 1 9 7 6 2 0 0 3 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 7 7 7 7 7 7 7 1 1 1 1 1 1 1 . 1 . . . . . . . . 2 1 1 1 1 1 1 , . , , . , . 2 4 4 7 4 4 4 6 0 0 0 0 0 0 1 1 1 2 0 0 3 A O N N F M F e e u c o o a b b t g v v y . . . . . . 1 1 1 1 1 1 5 5 1 5 5 5 5 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 7 7 7 7 7 7 7 1 1 2 1 1 2 1 8 1 I 7 4 5 S V V % % % ii 4 i 1 4 2 2 3 1 0 , , , , , , 0 2 1 3 7 7 0 5 7 7 4 3 7 6 7 6 5 3 4 2 Tr l A A e F M u a e u u n s a b g g u e r . . . . r y 1 1 1 1 1 5 5 5 5 5 b , , , , , o n 1 1 1 1 1 d 9 9 9 9 9 s 7 7 7 6 6 7 6 7 7 6 - - 7 7 2 1 . . . , 2 2 8 7 V 7 V V H 4 i i 4 5 2 1 1 , , , , , 1 2 2 1 2 6 6 3 1 9 3 3 5 9 4 Co I A N F n n e v p o v b e r v e . . r . s t t i m 1 1 b 5 1 5 l e e , , , n t b 1 1 1 o S 9 9 9 n e 9 9 7 d r 8 5 5 i s - e 8 s 0 B . . 3 2 3 V % 4 2 3 1 , , , 3 9 2 7 9 5 0 9 3 I 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 amount deliv- Special ered' G o e b a n l l e i- r- R n e u v e e - G l U o o a . v S n . t s , di s a s t n t a r d t i . c t Other2 c E a d ti u o - n b R r a i o d n a g d d e s s i U ti t e i s l- 4 H in o g u 5 s - V a a e n i t d e s ' r - O p p o t u h s r e e - s r gations auth. 196 2 8,845 5,582 2,681 437 145 1,419 2,600 4,825 8,732 8,568 2,963 1,114 1,668 521 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 2,344 598 120 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 2,838 196 5 11,329 7,177 3,517 464 170 2,401 3,784 5,144 11,538 10,471 3,619 900 1,965 626 50 3,311 196 6 11,405 6,804 3,955 325 312 2,590 4,110 4,695 11,303 3,738 1,476 1,880 533 3,667 196 7 14,766 8,985 5,013 477 334 2,842 4,810 7,115 14,643 4,473 1,254 2,404 645 5,667 196 8 16,596 9,269 6,517 528 282 2,774 5,946 7,884 16,489 4,820 1,526 2,833 787 6,523 196 9 11,881 7,725 3,556 402 197 3,359 3,596 4,926 11,638 3,252 1,432 1,734 543 4,884 1969—Oct... 1,280 898 357 24 418022 270 526 1,275 379 14608 265 69 523 Nov... 886 489 358 5 360 422 885 221161 138 47 318 Dec... 816 679 134 3 340 192 286 816 221 97 289 1970—Ian... I ,340 838 495 7 311 500 529 1,326 319 91 305 608 Feb... I ,214 901 302 12 346 264 604 1,209 406 59 238 442 Mar... I ,551 I ,084 459 7 434 390 727 1,545 393 206 227 662 Apr... 1,647 1,217 416 15 303 345 1,001 1,647 473 167 292 703 May.. 1 9,9l5 675 312 8 254 311 430 986 299 30 367 278 June.. 652 423 12 165 377 547 1,088 528 61 150 343 July.. 1,338 1,050 284 4 388 225 725 1,338 265 130 137 801 Aug... 1,355 870 481 5 331 518 505 1,354 404 136 191 849 Sept... 1,728 1,194 525 19 2 534 530 663 1,728 486 137 234 849 Oct... I ,860 1,175 641 290 475 1,095 1,859 524 123 376 774 1 Only bonds sold pursuant to 1949 Housing Act, which are secured * 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 * 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 • JANUARY 1971 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues1 Noncorporate Corporate Period G U o . v S t . . 2 ag G U e o n . v S c t . y . 3 a ( n U S d . t S a l . o t ) e ' c al Total Publicly Privately offered placed 1 1 1 9 9 9 6 6 6 2 4 3 2 3 3 5 9 7 , , , 1 9 1 9 5 2 9 6 2 1 1 8 0 0 , , , 5 8 6 9 2 5 0 7 6 1 1 1 , , , 1 1 2 6 8 0 8 8 5 1 1 8 0 0 , , , 5 1 5 5 0 4 8 7 4 9 8 7 8 1 6 7 5 0 1 1 1 2 0 3 , , , 2 7 9 1 0 5 1 5 7 1 1 8 0 0 , , , 9 8 8 6 5 6 9 6 5 4 4 3 , , , 7 4 6 1 4 2 3 0 3 4 6 7 , , , 5 1 2 2 4 4 9 3 3 4 4 3 2 1 4 2 2 3 2 1 1 , , , 6 0 3 7 1 1 9 1 4 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 9 6 7 8 5 4 4 6 6 5 0 5 8 2 5 , , , , , 1 0 5 4 5 0 1 1 9 6 8 5 4 6 2 1 1 9 8 4 9 8 , , , , , 3 7 2 4 0 4 6 3 3 2 8 5 1 1 5 2 6 8 7 8 , , , , , 7 8 6 6 1 3 0 6 1 8 1 6 6 7 0 1 1 1 1 1 1 1 1 4 6 , , , , , 0 1 2 3 4 8 4 8 7 6 9 8 8 4 0 1 1, , 5 8 8 8 9 3 1 6 8 1 1 7 1 9 5 2 2 2 1 1 4 1 6 5 8 , , , , , 7 9 7 9 0 9 6 9 4 7 8 6 2 4 4 2 1 1 1 1 1 3 8 5 7 , , , , , 9 7 3 5 3 5 2 4 6 8 4 0 7 1 3 1 1 1 5 8 0 2 4 , , , , , 0 5 7 7 9 1 7 3 3 9 8 0 2 4 0 8 7 6 6 5 , , , , , 9 1 6 5 6 6 5 5 4 1 4 0 1 2 3 7 5 8 6 6 2 3 8 7 8 5 7 5 4 2 7 3 1 1 1 , , , , , 7 9 9 9 5 4 1 3 5 4 6 4 9 9 7 1969— O N D Se c o e p t c v t . . . . . 3 5 4 4 , , , , 9 4 4 0 5 4 6 2 8 0 9 0 3 4 3 3 5 4 0 8 3 0 0 0 1,7 5 4 6 8 8 5 5 2 7 0 0 1,2 5 8 8 5 3 5 1 4 1 3 2 6 9 6 1 0 2 5 1 2 2 2 1 , , , , 4 5 3 9 2 3 3 7 7 1 3 4 1 1 1 1 , , , , 7 2 3 8 0 8 9 6 1 2 0 0 1 1 1 , , , 2 3 1 9 2 4 6 6 2 6 4 9 4 2 5 3 7 1 2 1 9 4 3 6 7 2 8 3 4 0 3 2 6 9 6 6 5 0 3 4 2 2 0 0 1970— J J S M A M A F J u u a e e u p a a n n l p b g y r y e r . t . . . . . . ' . 4 6 6 5 9 6 5 6 3 , , , , , , , , , 6 8 7 5 9 0 8 1 1 8 9 9 4 8 0 8 2 4 1 1 9 8 5 3 2 8 4 3 3 1 , , , 7 4 5 4 4 4 4 3 8 0 2 7 6 1 0 1 8 1 1 8 3 1 6 5 9 7 3 2 1 1 1 1 1 , , , , 5 , 1 6 9 6 , 7 9 2 6 2 0 0 5 1 4 0 0 9 3 7 0 0 5 8 0 1 3 1 1 1 1 1 1 1 1 , , , , , , , , 6 6 0 5 1 3 3 3 9 2 5 5 0 9 1 1 1 7 5 0 8 4 8 8 4 0 4 3 1 6 9 2 7 0 1 3 3 4 7 6 9 4 6 4 3 3 3 2 2 3 3 2 3 1 , , , , , , , , , 9 1 7 5 5 2 3 6 8 0 3 7 1 6 7 8 3 0 9 9 0 8 8 3 9 6 2 2 2 2 2 2 3 2 1 1 , , , , , , , , , 4 3 8 3 4 1 3 1 9 6 8 4 5 1 6 3 3 2 9 5 1 1 4 8 4 5 0 2 2 3 1 1 1 1 1 1 , , , , , , , , , 4 0 0 9 8 7 5 9 0 2 4 3 2 3 3 9 1 6 5 1 1 2 1 1 5 4 8 2 4 4 4 2 5 3 3 3 7 6 4 0 3 8 2 9 2 1 8 5 6 9 5 6 9 0 2 1 5 9 6 6 9 2 7 6 8 0 0 7 9 2 2 6 0 8 1,0 4 4 6 4 2 5 3 5 6 1 2 3 3 5 4 9 2 4 7 8 4 6 6 6 9 9 Gross proceeds, major groups of corporate issuers Manufacturing C m om is m ce e l r l c an ia e l o u a s n d Transportation Public utility Communication a R nd e al f in e a s n ta c t i e a l Bonds Stocks 1 1 1 9 9 9 6 6 6 4 2 3 2 3 2 , , , 8 8 2 8 1 0 9 0 2 4 2 3 0 2 1 4 8 3 6 6 9 7 0 2 6 2 2 2 2 1 7 2 5 4 0 0 5 9 9 4 7 4 8 3 4 3 1 9 8 4 2 2 2 , , , 2 2 1 7 3 5 9 9 9 4 6 5 1 2 6 8 0 2 1,2 9 6 6 6 5 4 9 3 ,5 1 2 4 5 0 3 2 2 3 1 , , , 8 3 3 1 9 9 8 1 7 4 4 3 6 5 1 6 7 3 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 9 8 6 7 5 4 4 9 5 5 , , , , , 4 8 7 6 8 4 9 1 6 6 8 4 2 8 1 1 1 1 1 , , , , 9 1 3 2 7 6 0 1 0 0 4 4 1 8 4 1 1 1 1 , , , , 7 9 1 1 5 5 6 5 9 0 6 3 3,0 2 2 11 2 5 5 11 2 1 7 7 6 1 1 1 1 , , , , 8 8 6 8 9 5 9 6 5 5 9 9 5 6 3 1,5 4 2 1 7 6 4 6 1 9 6 7 0 6 4 4 5 2 3 , , , , , 2 4 4 3 1 1 0 0 3 1 7 9 7 2 7 1,3 7 8 6 5 2 7 1 4 0 6 3 8 9 4 1 1 1 1 , , , , 9 7 7 8 6 2 8 1 3 4 6 4 2 1 1 1 2 4 9 3 8 5 3 3 9 9 2 2 2 3 1 , , , , , 7 1 2 7 7 3 5 4 6 4 9 9 7 2 7 1,6 6 5 11 7 6 1 89 1 2 4 3 6 1969—Sept. 501 124 142 209 181 9 413 131 230 233 210 115 144 95 202 52 16 676 69 120 225 219 286 116871 183 242 137 5 422 201 156 45 207 326 Dec... 420 190 193 140 6 497 103 255 22 358 166 1970— M F J e a a b n r . . . . . . . . . 6 6 8 3 1 9 8 1 0 4 26 5 12 3 4 1 3 3 1 1 6 1 7 0 5 2 2 11 0 62 0 5 2 2 3 1 6 3 6 2 0 3 1 7 0 5 4 6 5 1 1 7 7 3 2 1 9 8 2 3 1 3 2 2 2 1 8 2 6 6 9 2 1 0 4 0 2 11 3 46 1 1 0 1 1 106 3 3 4 8 J J A S A M u u e u p n a l p g r y y e t . . . ' . . . . . ' . . . . . 9 8 6 6 8 3 9 6 0 0 7 6 3 1 2 4 2 5 7 3 1 2 0 6 3 6 7 2 2 1 1 1 9 3 8 1 2 1 1 2 3 8 4 3 2 3 2 3 1 9 7 9 2 3 6 6 6 6 8 8 2 2 1 2 1 1 7 1 6 1 2 5 1 7 3 5 5 4 9 5 6 3 7 3 1 5 3 9 5 4 1 1 1 3 6 7 2 9 7 0 5 0 4 0 0 1,7 3 2 4 1 4 5 4 7 5 4 7 3 3 8 6 3 6 2 4 2 2 3 1 0 2 4 6 3 8 4 1 8 6 5 2 1 11 1 4 8 5 92 7 9 1 1 6 1 2 1 Gross proceeds are derived by multiplying principal amounts or * Foreign governments and their instrumentalities, International Bank number of units by offering price. for Reconstruction and Development, and domestic nonprofit organ- 2 Includes guaranteed issues. izations. 3 Issues not guaranteed. 4 See NOTE to table at bottom of preceding page. NOTE.—Securities and Exchange Commission estimates of new issues 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

JANUARY 1971 • SECURITY ISSUES A 47 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers1 Bonds and notes Common and preferred stocks Retirements Net change Net change 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—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—I. . 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 ILL 9,385 2,089 7,297 7,598 1.546 6,051 1,788 542 1,245 Type of issuer Manu- Commercial Transpor- Public Communi- Real estate facturing and other 2 tation 3 utility cation and financial 1 & B o n n o d te s s & B o n n o d t s e s & B o n n o d te s s Stocks & B o n n o d t s e s & B o n n o d t s e s & B o n n o d t s e s Stocks 196 5 2,606 -570 614 -70 185 -1 1,342 96 644 518 2,707 -10 196 6 4,324 32 616 -598 956 718 2,659 533 1,668 575 864 -90 196 7 7,237 832 1,104 282 1,158 165 3,444 652 1,716 416270 1,302 -130 196 8 4,418 -1,842 2,242 821 987 -11489 6 3,669 892 1,579 1,069 -741 196 9 3,747 1,075 1,558 946 4,464 1,353 1,834 241 1,687 866 1969—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 -6 415 591 17 1,214 395 546 27 204 289 II. 1,334 416 343 633 64 -24 1,953 583 2,134 10 504 361 Ill 2,169 39 263 326 -15 21 1,917 750 991 6 691 139 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) Redemp- Net Cash Redemp- Net Cash tions sales position 3 tions sales position* 1958 1,620 511 1,109 13,242 634 12,608 1969—Nov.. 417 277 140 49,242 4,079 38,163 1959 2,280 786 1,494 15,818 860 14,958 Dec.. 522 301 221 48,291 3,846 44,445 1960 2,097 842 1,255 17,026 973 16,053 1970—Jan... 523 303 220 44,945 3,959 40,986 1961 2,951 1,160 1,791 22,789 980 21,809 Feb.. 407 249 115682 48,202 4,209 43,993 1962 2,699 1,123 1,576 21,271 1,315 19,956 Mar- 451 289 47,915 4,046 43,869 1963 2,460 1,504 952 25,214 1,341 23,873 Apr.. 371 306 65 42,785 3,909 38,876 May. 304 300 4 39,824 4,042 35,782 1964 3,404 1,875 1,528 29,116 1,329 27,787 June. 364 197 167 38,459 4,396 34,230 1965 4,359 1,962 2,395 35,220 1.803 33,417 July.. 306 193 113 40,714 4,817 35,897 1966 4,671 2,005 2,665 34,829 2,971 31,858 Aug." 311 167 144 42,452 4,794 37,658 Sept.. 357 218 139 44,353 4,593 39,760 1967 4,670 2,745 1,927 44,701 2,566 42,135 Oct.. 420 243 117278 43,567 4,377 39,190 1968 6,820 3,841 2,979 52,677 3,187 49,490 Nov.. 343 215 45,223 4,126 41,097 1969 6,717 3,661 3,056 48,291 3,846 44,445 1 Includes contractual and regular single purchase sales, voluntary 3 Cash and deposits, receivables, all U.S. Govt, securities, and other and contractual accumulation plan sales, and reinvestment of invest- short-term debt securities, less current liabilities. ment income dividends; excludes reinvestment of realized capital gains dividends. NOTE.—Investment Company Institute data based on reports of mem- 2 Market value at end of period less current liabilities. bers, which comprise substantially all open-end investment companies registered with the Securities and Exchange Commission. Data reflect newly formed companies after their initial offering of securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 48 BUSINESS FINANCE o JANUARY 1971 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1968 19691 Industry 11996655 11996666 11996677 11996688 11996699 I 11 111 IV 1 II 111 IV Manufacturing Total (177 corps.): Sales 177,237 195,738 201,399 225,740 243,449 53,633 57,732 53,987 60,388 57,613 61,392 61,061 63,383 Profits before taxes 22,046 23,487 20,898 25,375 25,622 5,985 6,878 5,580 6,932 6,565 6,887 5,851 6,319 Profits after taxes 12,461 13,307 12,664 13,787 14,090 3,298 3,609 3,030 3,850 3,579 3,750 3,244 3,517 Dividends 6,527 6.920 6,989 7,271 7,757 1,716 1,731 1,746 2,078 1,838 1,916 1,885 2,118 Nondurable goods industries (78 corps.): 2 Sales 64,897 73,643 77,969 84,861 92,033 20,156 21,025 21,551 22,129 21,764 23,198 23,445 23,626 Profits before taxes 7,846 9,181 9,039 9,866 10,333 2,387 2,492 2,545 2,442 2,524 2,664 2,641 2,504 Profits after taxes 4,786 5,473 5,379 5,799 6,103 1,428 1,411 1,471 1,489 1,492 1,559 1,529 1,523 Dividends 2,527 2,729 3,027 3.082 3,289 743 751 763 825 812 808 820 849 Durable goods industries (99 corps.) 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 Railr O P P D o r r i p a o o v e d f f i r : i i d a t t e s s t n i b a n d f e g s t f e o r r e r e t v a e t x a n e x u s e e s 10,2 9 4 8 0 6 7 1 8 8 9 5 1 1 0 , , 0 6 9 5 6 9 0 0 1 4 6 2 10,3 3 3 5 7 3 1 8 7 8 9 5 10,8 5 5 6 5 6 1 7 9 5 5 8 11,4 4 6 4 5 6 8 8 1 1 8 3 2,6 1 1 1 1 1 1 2 1 7 2 7 2,7 2 1 1 5 0 3 7 8 6 2 4 2,7 1 1 1 0 4 1 0 8 9 0 0 2,7 1 1 1 8 6 9 6 2 9 6 6 2,7 1 1 4 9 2 1 1 8 8 6 2,9 2 1 1 1 2 3 7 6 0 6 3 2,8 1 1 3 9 4 0 6 8 9 0 2,9 1 1 5 9 3 8 8 2 6 6 Elect D O P P ri r r i p c o o v e f f i p r i i d a t t o e s s t w n i b a n d e f e g s t r f e : o r r e r e t v a e t x a n e x u s e e s 1 4 2 1 5 , , , , 5 2 8 8 8 1 3 1 6 3 8 6 1 4 2 1 6 , , , , 4 7 9 9 4 1 3 5 9 4 8 9 1 4 2 2 7 , , , , 9 5 0 9 0 6 4 5 8 6 7 4 1 4 2 3 9 , , , , 7 2 0 4 8 0 2 0 9 1 1 2 2 4 2 1 3 , , , , 0 2 9 1 7 9 3 8 5 9 8 6 5 1 , , 1 3 8 5 5 0 6 3 1 6 3 9 4 1 , , 5 0 6 5 5 4 4 5 3 0 1 5 4 1 , , 8 2 7 5 6 7 6 4 9 1 4 3 4 1 , , 8 1 7 5 9 2 3 6 2 5 3 5 5 1 , 4 , 8 5 3 8 8 7 8 0 0 3 4 4 1 , , 9 0 7 5 1 6 0 7 3 5 7 7 5 1 , , 3 3 8 5 7 6 6 2 0 6 1 7 5 1 , , 3 1 7 5 1 2 8 7 2 3 1 9 Telep O P P D h r r i p o o o v e f f n i r i i d e a t t s e s : t n i a b n d f e g s t f e o r r e r e t v a e t x n a e x u s e e s 1 3 1 1 1 , , , , 1 7 1 3 8 1 5 2 5 8 3 0 1 3 1 1 2 , , , , 5 2 9 4 4 3 0 2 8 7 3 0 1 3 1 1 3 , , , , 6 9 3 3 9 9 1 6 7 4 1 3 1 3 1 1 4 , , , , 9 9 4 4 5 6 2 3 1 1 8 0 1 2 4 1 6 , , , , 0 0 4 0 8 9 5 9 0 8 7 3 3,4 9 5 3 8 7 2 5 6 1 5 1 3,5 9 4 3 4 4 8 1 4 1 9 8 3,6 9 4 3 2 9 9 9 9 3 0 6 3 1 , , 7 0 5 3 7 0 0 6 1 1 2 3 3 1 , , 8 0 5 3 5 7 4 6 3 0 0 8 3 1 , , 9 0 5 3 7 4 2 7 5 3 3 1 4,0 9 4 3 4 7 9 7 4 9 7 3 4 1 , , 1 0 5 3 8 0 8 2 5 6 1 0 1 Manufacturing figures reflect changes by a number of companies in profits before taxes are partly estimated by the Federal Reserve to include accounting methods and other reporting procedures. affiliated nonelectric operations. 2 Includes 17 corporations in groups not shown separately. Telephone: Data obtained from Federal Communications Commis- 3 Includes 27 corporations in groups not shown separately. sion on revenues and profits for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long NOTE.—Manufacturing corporations: Data are obtained primarily from Lines and General Depts. of American Telephone and Telegraph Co.) published reports of companies. and for two affiliated telephone companies. Dividends are for the 20 Railroad: 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

JANUARY 1971 • BUSINESS FINANCE A 49 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t r e a o f x o f e i r s t e s c ta o I x n m e - e s P t a r a f o x t f e e i r s t s d C d e i a n v s d i h - s tr U p i r b n o u d f t i i e s ts - d co c a n a l t s l i p o o u i n w t m a - l p - Quarter P b t e r a o f x o f e i r s t e s c ta o I x n m e - e s P t a r a f o x t f e e i s r t s d C d e i a n v s d i h - s t U r p i r b n o u d f t i i e s ts - d co c a t n a l i s l o p o u n i w t m a - l p ances1 ances 1 1962 55.4 24.2 31.2 15.2 16.0 30.1 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 11996644 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 3388..00 44.6 25.2 1199..44 5522..00 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 III... 84.4 38.9 45.4 25.4 20.0 54.0 1969 91.2 42.7 48.5 24.7 23.9 49.8 1 Includes depreciation, capital outlays charged to current accounts, and NOTE.—Dept. of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities NNNeeettt Notes and accts. Notes and accts. EEEnnnddd ooofff pppeeerrriiioooddd wwwooorrrkkkiiinnnggg UU..SS.. receivable payable AAccccrruueedd cccaaapppiiitttaaalll TToottaall CCaasshh ss GG eecc oo uu vv rr tt ii ,, -- II tt nn oo vv rrii ee ee nn ss -- OOtthheerr TToottaall FF iinn ee cc dd oo ee mm rraa ee ll OOtthheerr ttiieess G U o . v S t . . ' Other G U o . v S t . . 1 Other ttaaxxeess 1963 163.5 351.7 46.5 20.2 3.6 156.8 107.0 17.8 188.2 2.5 130.4 16.5 38.7 1964 170.0 372.2 47.3 18.6 3.4 169.9 113.5 19.6 202.2 2.7 140.3 17.0 42.2 1963 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 1967r 198.9 470.4 54.1 12.7 5.1 216.0 153.4 29.0 271.4 5.8 190.6 14.1 60.8 1968' 212.0 513.8 58.0 14.2 5.1 237.1 165.8 33.6 301.8 6.4 209.8 16.4 69.1 1969—I' 214.6 523.3 54.6 16.0 4.8 241.3 170.4 36.1 308.7 6.9 210.7 18.5 72.7 II' 215.6 534.5 55.4 13.5 4.8 248.6 175.2 36.9 318.9 7.2 220.1 15.0 76.5 Ill' 213.8 544.7 53.9 12.4 4.6 256.3 180.0 37.4 330.9 7.5 227.9 15.9 79.6 IV' 213.2 555.9 54.9 12.7 4.8 261.0 184.8 37.8 342.7 7.3 238.1 16.6 80.6 1970—1' 213.3 561.0 52.9 12.5 4.7 264.5 188.0 38.5 347.7 7.2 238.4 18.0 84.2 II' 213.6 566.3 52.5 10.7 4.4 268.7 190.2 39.9 352.7 7.0 244.1 14.6 87.1 Ill 214.0 567.6 53.7 9.3 4.2 270.0 191.8 38.5 353.6 6.8 243.0 15.4 88.3 "> Receivables from, and payables to, the U.S. Govt, exclude amounts Nore.—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 du N r o a n b - le Mining R ro a a i d l- Elec,ric andG«her C ni o c m ati m o u n - s Other 1 a T ( r n S a o n . t t A u e a ) a l l 196 3 40.77 7.53 8.70 1.27 1.26 .40 1.58 3.67 1.31 4.06 10.99 196 4 46.97 9.28 10.07 1.34 1.66 1.02 1.50 3.97 1.51 4.61 12.02 196 5 54.42 11.50 11.94 1.46 1.99 1.22 1.68 4.43 1.70 5.30 13.19 196 6 63.51 14.96 14.14 1.62 2.37 1.74 1.64 5.38 2.05 6.02 14.48 196 7 65.47 14.06 14.45 1.65 1.86 2.29 1.48 6.75 2.00 6.34 14.59 1 1 1 9 9 9 6 6 7 9 0 8 2 7 6 8 5 0 7 . . . 5 5 7 6 8 6 1 1 1 5 5 4 . . . 9 9 1 1 6 2 1 1 1 4 6 5 . . . 2 3 7 5 6 2 1 1 1 . . .8 6 86 3 6 1 1 1 . . . 4 8 8 5 6 3 2 2 2. . . 9 5 5 4 1 6 1 1 1 . . . 2 6 5 4 8 9 1 7 8 0 . . . 9 6 8 4 6 5 2 2 2 . . . 6 4 5 7 8 4 1 8 6 0 . . . 3 8 2 0 3 4 1 1 1 6 6 5 . . . 0 8 1 5 4 6 1969—I.. . 16.04 3.36 3.22 .42 .38 ..6686 .38 1.88 .48 1.81 3.41 72.52 I I I I V I. I . . . . 2 1 1 1 8 9 . . . 4 2 81 6 5 4 4 3 . . . 0 5 9 3 9 8 4 4 3 . . . 1 5 8 2 3 4 . . .4 4 4 9 7 8 . . .5 4 4 5 9 4 . .6 5 4 3 . . .4 4 4 4 0 6 2 2 2. . . 6 2 2 1 3 2 .. .6 877 2 0 2 2 2 . . . 1 3 0 1 9 0 4 4 3 . . . 0 6 9 7 0 7 7 7 7 3 7 7 . . . 9 8 8 4 4 4 .28 1970—I.. . 17.47 3.59 3.56 .45 .42 ..8730 2.15 .39 2.14 3.76 78.22 I I I I I V . I 2 . . 2 2 2 0 0 2 . . . 3 5 2 3 2 6 4 4 3 . . . 0 3 8 8 7 7 4 4 4 . . . 6 0 1 1 7 2 . . . 4 4 4 7 7 6 . . . 4 4 4 7 6 9 . . 6 7 7 4 . . . 3 3 3 1 4 0 2 2 3 . . . 5 7 3 9 9 2 . ..6 6 7 9 82 2 2 . . 5 5 9 6 4 4 . . 2 1 6 6 8 8 8 0 1 1 . . . 2 7 8 2 2 8 1971—P.. 18.12 3.43 3.50 .50 2.90 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 • JANUARY 1971 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties h O ol t d h e e r r s 2 1- to 4-family houses4 com M m u e l r t c i i f a a l m p il r y o p a e n r d t ies5 Mo ty r p tg e a « g e EE ppee nn rr dd ii oo oo dd ff hh AA ee oo rr ll ll ss dd ll -- ttuu FF ii tt ii cc nn ii nn ii ss oo aa aa tt nn ll ii nn -- ss -- 11 a U c g i e . e S n s . - v o I i a t d n h n u d e d a i r - l s s hh A e A e oo rr ll ll ss dd ll -- ttuu FF ii tt nn cc ii ii nn ii ss oo aa aa tt nn ll ii nn -- ss -- !! OO hh ee oo tt rr hh ll ss dd ee 33 -- rr hh A e A e oo rr ll ll ss dd ll -- Total tu F i t n i i n s o a t n i n - s . l O h e o t r h l s d e - r Total tu F i t n i i n s o a t n i n - s . 1 O h e o t r h l s d e r - F w u H V n ri d A A tt e — e - r n - t C i v o e o n n n a - - l 1941 37.6 20.7 4.7 12.2 6.4 1.5 4.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 3.0 28.2 1945 35.5 21.0 2.4 12.1 4.8 1.3 3.4 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.3 26.5 1964 300.1 241.0 11.4 47.7 18.9 7.0 11.9 281.2 197.6 170.3 27.3 83.6 63.7 19.9 77.2 204.0 1965 325.8 264.6 12.4 48.7 21.2 7.8 13.4 304.6 212.9 184.3 28.7 91.6 72.5 19.1 81.2 223.4 1966 347.4 280.8 15.8 50.9 23.3 8.4 14.9 324.1 223.6 192.1 31.5 100.5 80.2 20.3 84.1 240.0 1967® 370.2 298.8 18.4 53.0 25.5 9.1 16.3 344.8 236.1 201.8 34.2 108.7 87.9 20.9 88.2 256.6 1968® 397.5 319.9 21.7 55.8 27.5 9.7 17.8 370.0 251.2 213.1 38.1 118.7 97.1 21.6 92.8 277.2 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 II®.. 382.9 308.1 20.6 54.2 26.7 9.6 17.1 356.1 243.2 206.7 36.5 112.9 91.8 21.2 90.7 265.4 III®. 389.8 313.5 21.1 55.1 27.2 9.6 17.5 362.6 247.0 209.7 37.3 115.6 94.1 21.5 92.0 270.6 IV®. 397.5 319.9 21.7 55.8 27.5 9.7 17.8 370.0 251.2 213.1 38.1 118.7 97.1 21.6 92.8 277.2 1969—1®... 403.7 324.7 22.6 56.4 28.1 9.8 18.3 375.7 254.8 216.0 38.8 120.9 98.9 21.9 94.5 281.2 II®.. 411.7 331.0 23.4 57.1 28.8 10.1 18.7 382.9 259.5 219.9 39.5 123.4 101.0 22.4 96.6 286.3 III®. 418.7 335.7 24.9 58.1 29.2 10.1 19.1 389.5 263.4 222.5 40.9 126.0 103.1 22.9 98.5 291.0 IV®. 425.3 339.1 26.8 59.4 29.5 9.9 19.6 395.9 266.8 223.6 43.2 129.0 105.5 23.5 100.2 295.7 1970—I.... 429.3 340.6 28.5 60.1 29.8 9.8 20.0 399.5 268.5 223.7 44.8 131.0 107.1 23.9 101.9 297.9 II®.. 435.6 344.4 30.1 61.2 30.3 9.8 20.5 405.2 271.7 225.6 46.1 133.5 109.0 24.5 103.2 302.3 1 Commercial banks (including nondeposit trust companies but not s Derived figures; includes small amounts of farm loans held by savings trust depts.), mutual savings banks, life insurance companies, and savings and loan assns. and loan assns. 6 Data by type of mortgage on nonfarm 1 - to 4-family properties alone 2 U.S. agencies include former FNMA and, beginning fourth quarter are shown on second page following. 1968, new GNMA as well as FHA, VA, PHA, Farmers Home Admin., and in earlier years, RFC, HOLC, and FFMC. They also include U.S. NOTE.—Based on data from Federal Deposit Insurance Corp., Federal sponsored agencies—new FNMA and Federal land banks. Other agencies Home Loan Bank Board, Institute of Life Insurance, Depts. of Agricul- (amounts small or current separate data not readily available) included ture and Commerce, Federal National Mortgage Assn., Federal Housing with "individuals and others." Admin., Public Housing Admin., Veterans Admin., and Comptroller of 3 Derived figures; includes debt held by Federal land banks and farm the Currency. debt held by Farmers Home Admin. Figures for first three quarters of each year are F.R. estimates. 4 For multifamily and total residential properties, see p. A-52. MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings 1 Mutual savings bank holdings 2 End of period Other Other non- non- VA- Con- farm VA- Con- farm guar- ven- guar- vensured anteed tional anteed tional 1941 4,906 3,292 1,048 566 4,812 3,884 900 28 1945 4,772 3,395 856 521 4,208 3,387 797 24 196 4 43,976 28,933 7,315 2.742 18,876 12,405 2,638 40,556 36,487 12,287 11,121 13,079 4,016 53 196 5 49,675 32,387 7,702 2,688 21,997 14,377 2,911 44,617 40,096 13,791 11,408 14.897 4,469 52 196 6 54,380 34,876 7,544 2,599 24,733 16,366 3,138 47,337 42,242 14,500 11,471 16,272 5,041 53 196 7 59,019 37,642 7,709 2,696 27,237 17,931 3,446 50,490 44,641 15,074 11,795 17,772 5,732 117 196 8 65,696 41,433 7,926 2,708 30,800 20,505 3,758 53,456 46,748 15,569 12,033 19,146 6,592 117 1967—III 57,482 36,639 7,584 2,601 26,454 17,475 3,368 49,732 44,094 15,016 11,785 17,293 5,526 112 IV. 59,019 37,642 7,709 2,696 27,237 17,931 3,446 50,490 44,641 15,074 11,795 17,772 5,732 117 1968—1.. 60,119 38,157 7,694 2,674 27,789 18,396 3,566 51,218 45,171 15,179 11,872 18,120 5,931 116 II. 61,967 39,113 7,678 2,648 28,787 19,098 3.756 51,793 45,570 15,246 11,918 18,406 6,108 115 III. 63,779 40,251 7,768 2,657 29,826 19,771 3.757 52,496 46,051 15,367 11,945 18,739 6,329 116 IV. 65,696 41,433 7,926 2,708 30,800 20,505 3.758 53,456 46,748 15,569 12,033 19,146 6,592 117 1969—1.. 67,146 42,302 7,953 2,711 31,638 20,950 3,894 54,178 47,305 15,678 12,097 19,530 6,756 117 II. 69,079 43,532 8,060 2.743 32,729 21,459 4,088 54,844 47,818 15,769 12,151 19.898 6,908 117 III. 70,336 44,331 8,065 2,793 33,470 21,924 4,081 55,359 48,189 15,813 12,169 20,207 7,053 117 IV. 70,705 44,573 7,960 2,663 33,950 22,113 4,019 56,138 48,682 15,862 12,166 20,654 7,342 114 1970—1.. 70,854 44,568 2,496 34,184 22,248 4,038 56,433 48,892 15,865 12,144 20,883 7,427 114 II® 71,291 44,845 7,800 2,575 34,469 22,392 4,054 56,961 49,291 15,916 12,150 21,225 7,556 114 1 Includes loans held by nondeposit trust companies, but not bank States and possessions. First and third quarters, estimates based on FDIC trust depts. data for insured banks for 1962 and part of 1963 and on special F.R. inter- 2 Data for 1941 and 1945, except for totals, are special F.R. estimates. polations thereafter. For earlier years, the basis for first- and third-quarter estimates included F.R. commercial bank call report data and data from NOTE.—Second and fourth quarters. Federal Deposit Insurance Corpo- the National Assn. of Mutual Savings Banks. ration series for all commercial and mutual savings banks in the United Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1971 • REAL ESTATE CREDIT A 51 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) in F s H u A re - d a g n V u t A e a e r - - d in F s H u A re - d a g n V u t A e a e r - - d 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 7,456 994 64,609 59,369 12,351 6,201 40,817 196 7 8,470 7,633 757 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—Oct., 688 663 47 607 25 71,569 65.766 11,777 5,744 48,245 Nov. 464 446 39 399 18 71,710 65,915 11,762 5,720 48,433 Dec. 803 774 48 718 29 72,127 66,353 11,744 5,697 48,912 1970—Jan.. 599 572 34 530 27 72,340 66,621 11,696 5,660 49,265 Feb., 564 541 27 508 23 72,527 66,836 11,675 5,638 49,523 Mar. 576 546 24 510 30 72,616 66,943 11,642 5,636 49.665 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 Oct. 555 527 28 494 28 73,728 68,058 11,453 5,442 51,163 l Include mortgage loans secured by land on which oil drilling or the end-of-Dec. figures may differ from end-of-year figures because (I) extracting operations are in process. monthly figures represent book value of ledger assets, whereas year-end figures represent annual statement asset values, and (2) data for year-end NOTE.—Institute of Life Insurance data. For loans acquired, the adjustments are more complete. Beginning 1970 monthly and year ago monthly figures may not add to annual totals; and for loans outstanding data are on a statement balance basis. MORTGAGE ACTIVITY OF SAVINGS AND FEDERAL HOME LOAN BANKS LOAN ASSOCIATIONS (In millions of dollars) (In millions of dollars) Advances outstanding Loans made Loans outstanding (end of period) PPeerriioodd vvaa AA nn dd cc -- eess RR mm ee ee pp nn aa ttss yy -- (end of period) MM dd ee ee mm ppoo bb ss ee iitt rr ss ss '' Period h N o e m w e Home FHA- VA- Con- Total t S e h rm or t 1 - t L e o rm ng 2 - Total i con- pur- Total 2 in- guar- vens t t i r o u n c - chase sured anteed tional 1945 278 213 195 176 19 46 1961 5,601 4,296 4,784 2,863 1,921 1,151 1945 1,913 181 1,358 5,376 1965. 5 5 , , 5 0 6 0 5 7 5 4 , , 0 3 2 3 5 5 5 5, , 9 3 9 2 7 5 2 3 , , 8 0 4 7 6 4 2 2 , , 4 9 7 2 9 3 1 1 , , 1 0 9 4 9 3 1963 25,173 7,185 10,055 90,944 4,696 6,960 79,288 3,804 2,866 6,935 5,006 1,929 1,036 1 1 1 9 9 9 6 6 6 6 5 4 2 2 1 4 4 6 , , , 1 9 9 9 1 2 2 3 4 3 6 6, , , 6 6 0 3 5 1 8 3 3 1 1 7 0 0 , , , 8 5 8 2 3 3 8 8 0 1 1 1 1 1 0 4 0 1 , , , 4 3 3 2 0 3 7 6 3 5 5 4 , , , 2 1 8 6 4 9 9 5 4 6 6 6 , , , 1 3 6 5 9 8 7 8 3 1 9 8 0 8 9 3 , , , 7 0 7 6 0 5 3 1 6 1 1 1 9 9 9 6 6 6 8 9 7 , 2 5 1 , , , 5 7 5 3 3 2 1 4 7 4 1 1 , , , 0 8 5 6 7 0 1 6 0 4 5 9 , , , 3 2 2 8 5 8 6 9 9 3 4 8 , , , 8 9 4 6 8 3 7 5 4 4 3 8 0 9 5 1 2 5 1 1 1, , , 0 4 3 4 3 8 1 2 2 1 1 1 9 9 9 6 6 6 7 8 9 2 2 2 1 0 1 , , , 9 1 8 8 2 3 3 2 2 4 4 4 , , , 9 2 7 1 4 5 6 3 6 1 1 9 1 1 , , , 6 2 2 0 1 4 4 5 4 1 1 1 2 3 4 1 0 0 , , , 8 8 2 0 0 0 5 2 9 6 5 7 , , , 7 6 9 9 5 1 1 8 0 • 6 7 7 , , , 3 6 0 5 5 1 1 3 2 1 1 1 0 1 2 9 7 4 , , , 6 1 6 6 3 4 3 2 6 1969- Dec 5 5 5 6 2 4 18 7 9 7 8 9 , , 8 2 0 8 2 9 7 8 , , 9 4 4 3 6 4 8 8 5 5 6 5 1,0 9 4 3 1 8 1969— D N e o c v . . . . . . 1 1, , 5 3 0 3 8 0 2 3 8 0 6 0 6 6 5 8 2 7 1 1 3 4 9 0 , , 6 2 7 0 6 9 7 7 , , 8 9 2 1 2 0 7 7 , , 6 6 1 5 6 3 1 12 2 4 4 , , 6 2 4 3 6 8 1970— F Ja e n b 7 3 1 8 0 3 4 8 6 2 1 3 9 8 4 9 8 5 9 9 9, , , 9 8 7 3 5 4 7 2 5 8 8 8, , , 5 7 7 0 1 4 1 7 4 1 1 1 , , , 2 1 2 4 0 2 3 8 0 9 7 8 8 0 8 5 1 6 1970— J J M A M A F J u u a e u p a l n a n b y y g r e r . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 1 1 1 1 1 , , , , , , , , 1 0 0 4 5 0 2 0 1 8 8 0 8 4 6 6 1 0 6 0 6 2 2 4 2 2 2 3 3 3 3 3 2 6 9 9 8 2 7 2 5 9 3 8 4 3 3 0 1 1 1 , , , 0 1 0 5 5 5 6 7 7 4 1 4 8 2 0 3 1 7 7 1 5 7 2 0 1 1 1 1 1 1 1 1 4 4 4 4 4 4 4 4 5 3 0 1 1 0 3 0 , , , , , , , , 2 1 3 9 2 7 1 5 9 0 4 7 5 6 0 6 6 3 5 5 2 6 3 8 9 7 8 8 8 8 8 8 , , , , , , , , 0 5 3 0 5 9 1 0 1 7 2 9 7 3 8 0 1 9 5 2 9 7 4 0 7 7 7 7 7 7 7 8 , , , , , , , , 7 8 7 8 6 6 6 0 6 1 6 6 6 7 8 5 1 2 2 2 9 7 0 0 1 1 1 1 1 1 ' '1 1 2 2 2 2 2 2 2 2 6 4 5 4 4 5 8 7 , , , , , , , , 6 7 8 9 8 3 2 4 6 3 8 9 8 5 3 0 2 9 9 7 8 6 4 3 M J J S A u u e p a l n p y r y e t 2 2 2 3 2 11 1 1 0 4 4 9 11 9 3 7 4 0 3 3 22 9 5 9 2 11 1 1 1 1 7 9 22 7 2 2 0 0 1 2 66 8 5 0 6 6 11 1 1 1 1 1 1 9 00 0 0 0 0 0 0 , ,, , , , , , , 55 8 5 5 2 4 3 0 22 6 2 4 3 4 7 0 55 0 4 0 6 6 3 8 7 7 7 4 3 3 , , , , , , 7 0 4 0 9 4 2 3 4 6 0 7 1 1 5 7 2 7 2 2 5 6 7 3 , , , , , , 9 1 9 0 4 2 9 3 2 4 7 3 7 8 7 7 8 4 11 1 1 1 1 1 1 ,, , , , , , , 99 3 3 1 2 1 1 3 77 3 8 3 9 0 1 88 9 8 8 3 8 Sept... 2,183 388 1,100 146,418 9,224 8,115 129,079 O N c o t v . . '. " . . 2 1 , , 1 9 2 5 7 8 4 3 0 5 6 4 1 , 9 0 1 3 8 2 1 1 4 4 8 7 , , 7 5 3 7 9 0 9 9 , , 7 4 5 4 1 1 8 8 , , 3 2 3 3 5 0 1 1 3 2 0 9 , , 6 9 5 0 3 3 2 1 S S e e c c u u r r e e d d l o o r a u n n s, s e a c m u o re rt d i z l e o d 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 ri l t e i s e s s . of more than 1 year but not more than 10 years. not 1 s I h n o cl w u n d e s s e l p o a a r n a s t e f l o y r . repairs, additions and alterations, refinancing, etc. NOTE.—Federal Home Loan Bank Board data. 2 Beginning with 1958, includes shares pledged against mortgage loans; beginning with 1966, includes junior liens and real estate sold on contract; and beginning with 1967, includes downward structural adjustment for change in universe. NOTE —Federal Home Loan Bank Board data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 52 REAL ESTATE CREDIT • JANUARY 1971 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 Multifamilyt Governmentunderwritten CCoonn-- E pe n r d i o o d f Total F i i c n n i s a a t l i n - - h O ol t d h e er r s Total F i i c n n i s a a t l i n - - h O ol t d h e er r s EEnndd ooff ppeerriioodd TToottaall Total FH in A - - g V u A ar - - ttii vv oo ee nn nn aa -- ll tutions tutions sured anteed 1 1 19 9 4 4 1 5 2 2 4 4 . . 3 2 1 14 5 . . 9 7 9 8 . . 4 6 5 5 . . 9 7 3 3 . . 5 6 2 2 . . 2 2 1 1 9 9 5 6 4 3 1 1 8 8 2 . . 6 2 6 4 5 . . 3 9 3 4 5 . . 1 0 30. . 9 2 1 1 1 4 6 . . 3 3 1963 211.2 176.7 34.5 29.0 20.7 8.3 1964 197.6 69.2 38.3 30.9 128.3 1964 231.1 195.4 35.7 33.6 25.1 8.5 1965 212.9 73.1 42.0 31.1 139.8 1965 250.1 213.2 36.9 37.2 29.0 8.2 1966 223.6 76.1 44.8 31.3 147.6 1966 264.0 223.7 40.3 40.3 31.5 8.8 236.1 79.9 47.4 32.5 156.1 1967"" 280.0 236.6 43.4 43.9 34.7 9.2 19681" 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—11 288.5 242.7 45,8 45.3 35.9 9.4 IV 236.1 79.9 47.4 32.5 156.1 Ill 293.3 246.4 46.9 46.2 36.7 9.5 IV 298.6 250.8 47.8 47.3 37.7 9.6 1968—1 239.1 81.0 48.1 32.9 158.1 II 243.2 82.1 48.7 33.4 161.1 1969—1 303.0 254.4 48.6 48.3 38.4 9.9 Ill 247.0 83.2 49.6 33.6 163.8 II 308.9 259.3 49.6 49.4 39.3 10.1 IV 251.2 84.4 50.6 33.8 166.8 Ill.... 314.1 262.7 51.4 50.6 40.2 10.4 IV 319.0 265.0 54.0 52.2 41.3 10.9 1969—I 254.8 85.3 51.4 33.9 169.5 II 259.5 87.1 52.2 34.9 172.3 1970—1 312.7 265.8 55.9 53.2 42.1 11.1 Ill 263.5 88.8 53.4 35.4 174.6 II*.... 326.2 268.7 57.5 54.5 43.1 11.4 IV 266.8 90.1 54.5 35.6 176.9 1970—i 268.5 91.6 55.6 36.0 177.1 < Structures of five or more units. IP 271.7 92.1 56.1 36.0 179.9 NOTE.—Based on data from same source as for "Mortgage Debt Outstanding" table (second preceding page). 1 Includes outstanding amount of VA vendee accounts held by private 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 Loans not in foreclosure Period Prop- but delinquent for— LLooaannss iinn Pro- erty ffoorree-h N o e m w e s h is o E t m i x n - e g s jects! m pr i e m o n v - t e s - 2 h N om ew e s h i o s E t m i x n - e g s EEnndd ooff ppeerriioodd Total 30 days 60 days o 9 r 0 m da o y r s e cclloossuurree 1945 665 257 217 20 171 192 1963 3.30 2.32 .60 .38 .34 196 4 8,130 1,608 4,965 895 663 2,846 1,023 1,821 1964 3.21 2.35 .55 .31 .38 196 5 8,689 1,705 5,760 591 634 2,652 1,774 1965 3.29 2.40 .55 .34 .40 196 6 7,320 1,729 4,366 583 641 2,600 1,618 1966 3.40 2.54 .54 .32 .36 196 7 7,150 1,369 4,516 642 623 3,405 1,143 2,259 1967 3.47 2.66 .54 .27 .32 196 8 8,275 1,572 4,924 1,123 656 3,774 1,430 2,343 1968 3.17 2.43 .51 .23 .26 196 9 9,129 1,551 5,570 1,316 693 4,072 1,493 2,579 3.22 2.43 .52 .27 .27 122 1969—July.. 140 518 127 58 356 126 234 1966—in.... 3.09 2.25 .52 .32 .36 Aug.. 791 130 501 92 68 385 259 IV. ... 3.40 2.54 .54 .32 .36 Sept.. 872 148 566 95 63 364 134 230 Oct.., 911 160 553 140 59 397 148 249 1967—I 3.04 2.17 .56 .31 .38 Nov. 705 131 430 90 55 328 125 203 II 2.85 2.14 .45 .26 .34 Dec., 793 148 448 146 50 317 134 183 III.... 3.15 2.36 .52 .27 .31 IV 3.47 2.66 .54 .27 .32 1970—Jan... 807 178 433 139 58 313 139 174 Feb.. 643 141 361 109 32 235 107 128 1968—1 2.84 2.11 .49 .24 .32 Mar., 780 176 406 157 42 257 114 143 II 2.89 2.23 .44 .22 .28 Apr., 864 176 385 257 45 232 97 135 III.... 2.93 2.23 .48 .22 .26 May. 943 211768 351 367 48 237 98 139 IV 3.17 2.43 .51 .23 .26 J Ju u l n y e . . . 1 1 , , 0 0 9 8 7 7 230 4 4 7 7 8 5 3 3 3 1 6 9 6 6 4 2 2 2 6 9 2 7 1909 8 1 1 8 6 9 3 1969—1 2.77 2.04 .49 .24 .26 II 2.68 2.06 .41 .21 .25 Ill.... 2.91 2.18 .47 .26 .25 t Monthly figures do not reflect mortgage amendments included in annual IV 3.22 2.43 .52 .27 .27 totals. 2 Not ordinarily secured by mortgages. 1970—1 2.96 2.14 .52 .30 .31 3 Includes a small amount of alteration and repair loans, not shown separ- II 2.83 2.10 .45 .28 .31 ately; only such loans in amounts of more than $1,000 need be secured. III. 3.10 2.26 .53 .31 .25 NOTE.—Federal Housing Admin, and Veterans Admin, data. FHA-insured loans represent gross amount of insurance written; VA-guaranteed loans, NOTE.—Mortgage Bankers Association of America data from gross amounts of loans closed. Figures do not take into account principal reports on 1- to 4-family FHA-insured, VA-guaranteed, and conrepayments on previously insured or guaranteed loans. For VA-guaranteed ventional mortgages held by more than 400 respondents, including loans, amounts by type are derived from data on number and average mortgage bankers (chiefly), commercial banks, savings banks, and amount of loans closed. savings and loan associations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1971 a REAL ESTATE CREDIT A 53 GOVERNMENT NATIONAL MORTGAGE FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY ASSOCIATION ACTIVITY (In millions of dollars) (In millions of dollars) Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage holdings transactions commitments holdings transactions commitments (during (during End of period) End of period) period period Total FH in A - - g V u A ar - - Pur- d M ur a i d n e g st O an ut d - FH in A - - g V u A ar - - Pur- d M ur a i d n e g st O an ut d sured anteed chases period ing sured anteed chases period ing 196 6 2,667 2,062 604 620 371 491 196 6 4,396 3,345 1,051 2,081 1,920 214 196 7 3,348 2,756 592 860 1,045 1,171 196 7 5,522 4,048 1,474 1,400 1,736 501 196 8 4,220 3,569 651 1 ,089 867 1,266 196 8 7,167 5,121 2.046 1,944 2,697 1,287 196 9 4,820 4,220 600 827 615 1,130 196 9 10,950 7,680 3,270 4,121 6,630 3,539 1969-Nov.. 4,739 4,135 604 77 39 1,171 1969-Oct... 9,850 6,950 2,900 554 813 3,594 Dec.. 4,820 4,220 600 99 54 1,130 Nov.. 10,386 7,305 3,081 564 460 3,465 Dec.. 10,950 7,680 3,270 593 683 3,539 1970-Jan... 4,862 4,266 596 59 34 1,098 Feb.. 4,903 4,311 592 58 24 1,057 1970-Jan... 11,513 8,062 3,452 592 836 3,694 Mar.. 4,938 4,350 588 53 95 1,014 Feb.. 12,005 8,392 3,613 522 816 3,933 Apr.. 4,963 4,381 584 44 48 970 Mar.. 12,499 8,739 3,760 526 696 4,108 May. 5,006 4,426 580 62 92 925 Apr.. 12,949 9,069 3,880 485 592 4,152 June. 5,033 4,458 575 58 191 992 May. 13,287 9,324 3,962 374 817 4,510 July.. 5,070 4,499 571 55 172 966 June. 13,658 9,610 4.047 434 712 4,709 Aug.. 5,102 4,535 567 54 123 802 July.. 14,084 9,936 4,148 470 532 4,684 Sept.. 5,109 4,546 563 27 57 795 Aug.. 14,452 10,218 4,234 413 718 4.834 Oct... 5,132 4,573 559 46 42 775 Sept.. 14,807 10,499 4,308 406 650 4,849 Nov.. 5,141 4,587 554 35 42 776 Oct... 15,152 10,780 4,372 397 535 4,805 Nov.. 15,396 10,981 4,416 294 541 4,930 NOTE.—Government National Mortgage Assn. data. Data prior to Sept. 1968 relate to Special Assistance and Management and Liquidating NOTE.—Federal National Mortgage Assn. data. Data prior to Sept. portfolios of former FNMA and include mortgages subject to participation 1968 relate to secondary market portfolio of former FNMA. Mortgage pool of Government Mortgage Liquidation Trust, but exclude conven- commitments made during the period include some multifamily and nontional mortgage loans acquired by former FNMA from the RFC Mortgage profit hospital loan commitments in addition to 1- to 4- family loan com- Co., the Defense Homes Corp., the Public Housing Admin., and Com- mitments accepted in FNMA's free market auction system. munity Facilities Admin. HOME-MORTGAGE YIELDS FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY UNDER FREE MARKET SYSTEM (In per cent) Primary market Secondary Implicit yield, by (conventional loans) market Mortgage amounts commitment period (in months) FHA series FFHHLLBBBB sseerriieess YYYiiieeelllddd Date Accepted PPPPeeeerrrriiiioooodddd ((eeffffeeccttiivvee rraattee)) ooonnn FFFHHHAAA--- of iiinnnsssuuurrreeeddd auction NNeeww hhh nnn ooo eee mmm www eee Offered pe B r y i o c d o ( m in m m itm on e t n h t s ) 3 6 12-18 New Existing hhoommeess llloooaaannnsss 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—Dec 8.25 8.24 8.35 8.62 18.. 300.2 136.3 32.3 86.4 17.5 9.11 9.13 9.18 25.. 289.5 145.2 38.9 86.7 19.7 9.15 9.18 9.22 1970—Jan 8.34 8.29 Feb 8.41 8.41 8.55 9.29 June 1.. 224.2 113.8 31.1 71.4 11.3 9.20 9.24 9.27 Mar 8.47 8.43 8.55 9.20 15.. 249.7 127.9 34.2 86.7 7.0 9.27 9.30 9.31 Apr 8.41 8.34 8.55 9.10 29.. 156.3 98.9 30.6 56.5 11.8 9.32 9.33 9.34 May 8.45 8.34 8.55 9.11 June 8.48 8.36 8.55 9.16 July 13.. 286.2 113.3 24.9 72.9 15.3 9.20 9.21 9.22 July 8.49 8.37 8.60 9.11 27.. 323.8 150.4 37.0 91.0 22.3 9.10 9.12 9.12 Aug 8.52 8.41 8.60 9.07 Sept 8.48 8.42 8.50 9.01 Aug. 3.. 441.3 180.1 41.4 91.0 47.8 9.03 9.03 9.04 Octr 8.51 8.35 8.50 8.97 24.. 492.8 215.1 48.9 124.4 41.9 9.03 9.03 9.03 NOV.P 8.41 8.31 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 FHA data are based on opinion reports submitted by field offices Oct. 5.. 267.5 149.8 62.2 73.1 14.5 8.90 8.92 8.97 on prevailing local conditions as of the first of the succeeding 19.. 352.5 149.7 53.2 88.1 8.4 8.89 8.90 8.95 month. Yields on FHA-insured mortgages are derived from weighted averages of private secondary market prices for Sec. Nov. 2.. 341.5 181.2 100.0 62.4 18.7 8.90 8.93 8.93 203, 30-year mortgages with minimum downpayment and an 16.. 222.4 170.3 75.8 79.4 15.1 8.89 8.90 8.92 assumed prepayment at the end of 15 years. Gaps in the data are due to periods of adjustment to changes in maximum per- Dec. 7.. 166.5 127.8 54.7 60.9 12.2 8.56 8.54 8.57 missible contract interest rates. The FHA series on average 14.. 165.6 124.7 42.1 72.1 10.5 8.51 8.43 8.47 contract interest rates on conventional first mortgages in primary markets are unweighted and are rounded to the nearest 5 basis points. The FHLBB effective rate series reflects fees and charges NOTE.—Implicit secondary market yields are gross—before deduction of 50as well as contract rates (as shown in the table on conventional basis- point fee paid for mortgage servicing. They reflect the average accepted bid first mortgage terms, p. A-35) and an assumed prepayment at price for Govt.-underwritten mortgages after adjustment by Federal Reserve end of 10 years. to allow for FNMA commitment fees and FNMA stock purchase and holding requirements, assuming a prepayment period of 15 years for 30-year loans. Commitments for 12-18 months are for new homes only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 54 CONSUMER CREDIT • JANUARY 1971 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Other Repair Auto- consumer and mod- Personal Single- Charge Service mobile goods ernization loans payment accounts credit paper paper loans 1 loans 1939 7,222 4,503 1,497 1,620 298 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 317862 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 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 I960 56,141 42,968 17,658 11,545 3,148 10,617 13,173 4,507 5,329 3,337 196 4 80,268 62,692 24,934 16,333 3,577 17,848 17,576 6,874 6,195 4,507 196 5 90,314 71,324 28,619 18,565 3,728 20,412 18,990 7,671 6,430 4,889 196 6 97,543 77,539 30,556 20,978 3,818 22,187 20,004 7,972 6,686 5,346 196 7 102,132 80,926 30,724 22,395 3,789 24,018 21,206 8,428 6,968 5,810 196 8 113,191 89,890 34,130 24,899 3,925 26,936 23,301 9,138 7,755 6,408 196 9 122,469 98,169 36,602 27,609 4,040 29,918 24,300 9,096 8,234 6,970 1969—Nov. 119,378 96,478 36,650 26,223 4,076 29,529 22,900 9,000 7,238 6,662 Dec. 122,469 98,169 36,602 27,609 4,040 29,918 24,300 9,096 8,234 6,970 1970—Jan.. 121,074 97,402 36,291 27,346 3,991 29,774 23,672 9,092 7,539 7,041 Feb. 120,077 96,892 36,119 26,987 3,970 29,816 23,185 9,074 6,789 7,322 Mar. 119,698 96,662 36,088 26,814 3,951 29,809 23,036 9,054 6,645 7,337 Apr. 120,402 97,104 36,264 26,850 3,960 30,030 23,298 9,102 6,900 7,296 May 121,346 97,706 36,455 27,055 4,003 30,193 23,640 9,159 7,273 7,208 June 122,542 98,699 36,809 27,303 4,040 30,547 23,843 9,239 7,473 7,131 July. 123,092 99,302 36,918 27,538 4,081 30,765 23,790 9,254 7,509 7,027 Aug. 123,655 99,860 36,908 27,801 4,104 31,047 23,795 9,294 7,508 6,993 Sept. 123,907 100,142 36,738 28,055 4,123 31,226 23,765 9,316 7,489 6,960 Oct.. 123,866 99,959 36,518 28,152 4,126 31,163 23,907 9,313 7,656 6,938 Nov. 123,915 99,790 36,011 28,378 4,133 31,268 24,125 9,345 7,757 7,023 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 End of period Com- Mis- Auto- Other mercial Credit cellaneous mobile retail banks unions lenders 1 dealers 2 outlets 1939 4,503 3,065 1,079 1,836 132 18 1,438 118238 1,315 1941 6,085 4,480 1,726 2,541 110982 15 1,605 1,417 1945 2,462 1,776 745 910 19 686 28 658 102 1950 14,703 11,805 5,798 5,315 590 2,898 287 2,611 1955 28,906 24,398 10,601 11,838 1,678 281 4,508 487 4,021 1960 42,968 36,673 16,672 15,435 3,923 643 6,295 359 5,936 196 4 62,692 53,898 25,094 21,641 6,340 823 8,794 329 8,465 196 5 71,324 61,533 28,962 24,282 7,324 965 9,791 315 9,476 196 6 77,539 66,724 31,319 26,091 8,255 1,059 10,815 277 10,538 196 7 80,926 69,490 32,700 26,734 8,972 1,084 11,436 285 11,151 196 8 89,890 77,457 36,952 29,098 10,178 1,229 12,433 320 12,113 196 9 98,169 84,982 40,305 31,734 11,594 1,349 13,187 336 12,851 1969—Nov. 96,478 84,301 40,047 31,390 11,491 1,373 12,177 337 11,840 Dec. 98,169 84,982 40,305 31,734 11,594 1,349 13,187 336 12,851 1970—Jan.. 97,402 84,531 40,144 31,571 11,468 1,348 12,871 333 12,538 Feb.. 96,892 84,393 39,990 31,538 11,459 1,406 12,499 331 12,168 Mar. 96,662 84,308 39,956 31,433 11,533 1,386 12,354 331 12,023 Apr. 97,104 84,802 40,245 31,537 11,644 1,376 12,302 332 11,970 May 97,706 85,335 40,515 31,595 11,778 1,447 12,371 333 12,038 June 98,699 86,311 40,979 31,862 12,030 1,440 12,388 336 12,052 July. 99,302 86,876 41,703 31,561 12,141 1,471 12,426 337 12,089 Aug. 99,860 87,315 41,934 31,588 12,292 1,501 12,545 337 12,208 Sept. 100,142 87,471 42,051 31,510 12,409 1.501 12,671 337 12,334 Oct.. 99,959 87,243 42,010 31,309 12,422 1.502 12,716 335 12,381 Nov. 99,790 86,820 41,740 31,081 12,438 1,561 12,970 332 12,638 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

JANUARY 1971 a CONSUMER CREDIT A 55 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY FINANCE COMPANIES (In millions of dollars) (In millions of dollars) E p n e d ri o o d f ch P a A u s r u e - d t p o a m pe o r b ile s g O p c u o a t o m o p h n d e e e - r r s r m R i l z o o a e a d n a p t e i d n a o r s i n n r - s l P o o a e n n r a - s l End of period m A pa o u p b t e i o l r - e s g O p c u o a t o m o p h n d e e e - r s r r m i R z l o o a e a n d a p ti d n e a o s r i n r n - s l P o o e a n r n a - s l 166 1939 1,079 237 178 113651 363 1939 1,836 932 134 151 619 1941. 1,726 447 338 309 471 1941 2,541 1,438 194 204 705 1945 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 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 1964 25,094 8,691 4,734 3,670 2,457 5,542 196 4 21,641 8,603 3,775 248 9,015 1965. 28,962 10,209 5,659 4,166 2,571 6,357 196 5 24,282 9,400 4,425 224 10,233 1966. 31,319 11,024 5,956 4,681 2,647 7,011 196 6 26,091 9,889 5,171 191 10,840 1967. 32,700 10,927 6,267 5,126 2,629 7,751 196 7 26,734 9,538 5,479 154 11,563 1 19 9 6 6 9 8 . 4 3 0 6 , , 3 9 0 5 5 2 1 1 2 2 , , 2 7 1 8 3 4 7 7 , , 1 6 0 2 5 0 7 6 , , 4 0 1 6 5 0 2 2, , 7 7 5 1 1 9 9 8 , , 7 8 3 5 5 5 1 1 9 9 6 6 9 8 2 3 9 1 , , 0 73 9 4 8 1 1 0 1 , , 2 0 7 5 9 3 5 6 , , 9 5 9 1 9 4 111036 1 14 2 , , 0 7 6 0 1 7 1969--Nov.. 40,047 12,883 7,618 7,100 2,779 9,667 1969—Nov. ,390 11,041 6,460 107 13,782 Dec.. 40,305 12,784 7,620 7,415 2,751 9,735 Dec., ,734 11,053 6.514 106 14,061 1970—Jan... 40,144 12,664 7,569 7,472 2,714 9,725 1970—Jan.. ,571 10,964 6.515 106 13,986 F M e a b r .. . . . . 3 3 9 9 , , 9 9 5 9 6 0 1 1 2 2 , , 5 5 8 5 5 2 7 7 , , 5 5 3 3 3 8 7 7, , 4 4 7 7 6 4 2 2 , , 6 6 9 7 1 8 9 9, , 7 7 1 0 2 7 M Fe a b r . . . , ,4 5 3 3 3 8 1 10 0 , , 8 9 7 0 6 8 6 6, , 4 5 8 2 9 3 110032 1 13 4 , , 9 0 6 0 6 4 Apr 40,245 12,550 7,598 7,568 2,685 9,844 Apr.. ,537 10,949 6,478 101 14,009 May... 40,515 12,600 7,635 7,667 2,705 9,908 May. ,595 10,990 6,505 99 14,001 June... 40,979 12,680 7,722 7,828 2,731 10,018 June. ,862 11,073 6,560 98 14,131 July... 41,703 13,002 7,759 8,078 2,755 10,109 July. ,561 10,771 6,499 96 14,195 Aug.. . 41,934 12,981 7,748 8,183 2,770 10,252 Aug., ,588 10,732 6,529 94 14,233 Sept... 42,051 12,890 7,734 8,263 2,783 10,381 Sept. ,510 10,619 6,568 94 14,229 Oct 42,010 12,824 7,730 8,286 2,785 10,385 Oct.. ,309 10,465 6,594 94 14,156 Nov.... 41,740 12,628 7,654 8,299 2,779 10,380 Nov.* ,081 10,226 6,548 94 14,213 See NOTE to first table on preceding page. NOTE,—Finance companies consist of those institutions formerly classified as sales finance, consumer finance, and other finance companies. INSTALMENT CREDIT HELD BY OTHER NONINSTALMENT CREDIT FINANCIAL LENDERS (In millions of dollars) (In millions of dollars) Single- Other Repair payment Charge accounts Auto- con- and Per- loans End of period Total mobile sumer modern- sonal paper goods ization loans TToottaall SSeerrvviiccee paper loans EEnndd ooff ppeerriioodd Com- Other ccrreeddiitt mer- finan- Retail Credit cial cial outlets cards t 1 1 9 9 4 3 1 9 2 1 1 5 3 0 2 4 7 7 5 9 1 1 2 1 1 1 0 4 6 6 banks tu in ti s o ti n - s 1945 121 16 4 10 91 1 1 1 9 9 9 5 6 5 5 0 0 4 1 , , 5 9 6 5 6 9 9 6 2 1,4 5 1 6 6 5 0 0 9 2 1 4 9 3 0 7 0 7 1 3 7 1 0 5 3 2 2,0 9 3 3 5 9 4 6 1 222 333 ,,, ,,, 777 000 111 888 999 777 6 6 6 6 6 6 222 999 555 333 1 1 1 1 1 1 777 6 5 6 5 6 5 222 2 2 2 2 2 2 111 1 1 1 1 1 1 ,,, ,,, 666 444 666 444 111 111 555 444 222 5 5 8 5 5 8 5 5 8444 999 111 555 777 888 1964 7,163 2,577 423 872 3,291 1950 6,768 1,576 245 3 291 76 1,580 1965 8,289 3,036 498 933 3,822 1955 9,924 2,635 367 4 579 216 2,127 1966 9,314 3,410 588 -980 4,336 1960 13,173 3,884 623 4 893 436 3,337 1 1 19 9 9 6 6 6 9 7 8 1 1 1 0 1 2 , , , 0 4 9 5 0 4 6 7 3 3 4 4, , , 8 7 2 0 0 1 9 7 3 6 7 8 3 2 2 9 9 7 1 1 1 , , , 0 0 1 0 9 8 6 3 3 4 5 6, , , 1 3 7 2 7 0 2 4 4 1 1 9 9 6 6 4 5 , 1 1 7 8 , , 5 9 7 9 6 0 5 6 , , 9 6 5 9 0 0 9 98 2 1 4 5 5 , , 5 7 8 2 7 4 7 6 0 0 6 8 4 4, , 8 5 8 0 9 7 1966 20,004 6,946 1,026 5 812 874 5,346 1969-—Nov 12,864 4,771 823 1,190 6,080 1967 21,206 7,340 1,088 5 939 1,029 5,810 Dec 12,943 4,809 829 1,183 6,122 1968 23,301 7,975 1,163 6 450 1,305 6,408 1969 24,300 7,900 1,196 6 650 1,584 6,970 1970—Jan 12,816 4,761 821 1,171 6,063 Feb 12,865 4,762 822 1,176 6,105 1969--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 O N c o t v 1 1 3 3 , , 9 9 9 2 9 4 5 5, , 1 1 7 6 1 4 8 8 9 9 1 3 1 1 , , 2 2 4 6 7 0 6 6, , 6 6 7 2 5 2 J J u u n ly e . . . . . . 2 23 3 , , 7 8 9 4 0 3 8 8 , , 0 0 0 0 5 5 1 1, , 2 2 4 3 9 4 5 5 7 72 6 7 5 1 1 , , 7 7 0 8 8 2 7 7 , , 1 0 3 2 1 7 Aug.... 23,795 8,041 1,253 5 664 1,844 6,993 Sept.... 23,765 8,062 1,254 5 617 1,872 6,960 NOTE.—"Other financial lenders" consist of credit unions and mis- Oct.... 23,907 8,059 1,254 5 797 1,859 6,938 cellaneous lenders. Nov 24,125 8,071 1,274 5,884 1,873 7,023 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 • JANUARY 1971 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R r e n p iz a a ir t io a n n d l oans Personal loans PPeerriioodd S.A.l N.S.A. S.A.l N.S.A. S.A.1 N.S.A. S.A.l N.S.A. S.A.1 N.S.A. Extensions 77777770000000,,,,,,,666666677777770000000 22222224444444,,,,,,,000000044444446666666 22222220000000,,,,,,,888888822222221111111 2222222,,,,,,,222222222222225555555 22222223333333,,,,,,,555555577777778888888 1965 77777778888888,,,,,,,555555588888886666666 22222227777777,,,,,,,222222222222227777777 22222222222222,,,,,,,777777755555550000000 2222222,,,,,,,222222266666666666666 22222226666666,,,,,,,333333344444443333333 88888882222222,,,,,,,333333333333335555555 22222227777777,,,,,,,333333344444441111111 22222225555555,,,,,,,555555599999991111111 2222222,,,,,,,222222200000000000000 22222227777777,,,,,,,222222200000003333333 88888884444444,,,,,,,666666699999993333333 22222226666666,,,,,,,666666666666667777777 22222226666666,,,,,,,999999955555552222222 2222222,,,,,,,111111111111113333333 22222228888888,,,,,,,999999966666661111111 99999997777777,,,,,,,000000055555553333333 33333331111111,,,,,,,444444422222224444444 33333330000000,,,,,,,555555599999993333333 2222222,,,,,,,222222266666668888888 33333332222222,,,,,,,777777766666668888888 1969 111111100000002222222,,,,,,,888888888888888888888 33333332222222,,,,,,,333333355555554444444 33333333333333,,,,,,,000000077777779999999 2222222,,,,,,,222222277777778888888 33333335555555,,,,,,,111111177777777777777 111999666999———NNNooo vvv 8,632 8888888,,,,,,,111111177777773333333 2,683 2222222,,,,,,,444444433333333333333 2,841 2222222,,,,,,,888888811111117777777 164 111111166666660000000 2,944 2222222,,,,,,,777777766666663333333 DDDeeeccc 8,344 11111110000000,,,,,,,000000099999996666666 2,472 2222222,,,,,,,444444477777779999999 2,838 4444444,,,,,,,000000000000004444444 169 111111144444449999999 2,865 3333333,,,,,,,444444466666664444444 111999777000———JJJaaa n n n 8,521 7777777,,,,,,,444444499999990000000 2,479 2222222,,,,,,,111111133333330000000 2,925 2222222,,,,,,,666666666666663333333 160 111111111111118888888 2,957 2222222,,,,,,,555555577777779999999 FFFeeebbb 8,625 7777777,,,,,,,111111100000006666666 2.536 2222222,,,,,,,222222211111114444444 3,018 2222222,,,,,,,222222277777775555555 179 111111133333337777777 2,892 2222222,,,,,,,444444488888880000000 MMMaaarrr... 8,392 8888888,,,,,,,222222244444443333333 2,496 2222222,,,,,,,555555588888884444444 2,922 2222222,,,,,,,777777722222225555555 165 111111155555552222222 2,809 2222222,,,,,,,777777788888882222222 AAAppprrr... 8,491 8888888,,,,,,,777777777777773333333 2,571 2222222,,,,,,,777777777777776666666 2,843 2222222,,,,,,,777777799999992222222 183 111111188888885555555 2,894 3333333,,,,,,,000000022222220000000 MMMaaayyy 9,004 8888888,,,,,,,888888855555557777777 2,595 2222222,,,,,,,666666699999996666666 3,183 3333333,,,,,,,000000000000008888888 180 222222211111113333333 3,046 2222222,,,,,,,999999944444440000000 JJJuuunnneee 8,683 9999999,,,,,,,555555533333334444444 2,587 3333333,,,,,,,000000022222223333333 2,925 3333333,,,,,,,000000011111119999999 189 222222222222220000000 2,982 3333333,,,,,,,222222277777772222222 JJJuuulllyyy 9,065 9999999,,,,,,,444444499999997777777 2,685 2222222,,,,,,,999999955555552222222 3,124 3333333,,,,,,,111111144444441111111 192 222222222222220000000 3,064 3333333,,,,,,,111111188888884444444 AAAuuuggg 8,809 8888888,,,,,,,999999911111115555555 2.537 2222222,,,,,,,555555544444440000000 3,168 3333333,,,,,,,111111155555552222222 173 111111199999997777777 2,931 3333333,,,,,,,000000022222226666666 SSSeeepppttt 8,849 8888888,,,,,,,555555588888880000000 2,621 2222222,,,,,,,444444400000002222222 3,071 3333333,,,,,,,000000099999997777777 186 111111199999994444444 2,971 2222222,,,,,,,888888888888887777777 OOOcccttt 8,580 8888888,,,,,,,666666677777770000000 2,349 2222222,,,,,,,444444466666663333333 3,113 3333333,,,,,,,222222200000000000000 182 111111188888884444444 2,936 2222222,,,,,,,888888822222223333333 NNNooovvv 8,414 8888888,,,,,,,222222277777771111111 2,127 .......2222222,,,,,,,000000000000006666666 3,113 3333333,,,,,,,111111144444447777777 180 111111177777776666666 2,994 2222222,,,,,,,999999944444442222222 Repayments 111999666444 66666663333333,,,,,,,444444477777770000000 22222221111111,,,,,,,333333366666669999999 11111118888888,,,,,,,666666666666666666666 2222222,,,,,,,000000088888886666666 22222221111111,,,,,,,333333344444449999999 66666669999999,,,,,,,999999955555557777777 22222223333333,,,,,,,555555544444443333333 22222220000000,,,,,,,555555511111118888888 2222222,,,,,,,111111111111116666666 22222223333333,,,,,,,777777788888880000000 77777776666666,,,,,,,111111122222220000000 22222225555555,,,,,,,444444400000004444444 22222223333333,,,,,,,111111177777778888888 2222222,,,,,,,111111111111110000000 22222225555555,,,,,,,444444422222228888888 88888881111111,,,,,,,333333300000006666666 22222226666666,,,,,,,444444499999999999999 22222225555555,,,,,,,555555533333335555555 2222222,,,,,,,111111144444442222222 22222227777777,,,,,,,111111133333330000000 1968 88888888888888,,,,,,,000000088888889999999 22222228888888,,,,,,,000000011111118888888 22222228888888,,,,,,,000000088888889999999 2222222,,,,,,,111111133333332222222 22222229999999,,,,,,,888888855555550000000 1969 99999994444444,,,,,,,666666600000009999999 22222229999999,,,,,,,888888888888882222222 33333330000000,,,,,,,333333366666669999999 2222222,,,,,,,111111166666663333333 33333332222222,,,,,,,111111199999995555555 111999666999———NNNooo vvv 8,012 7777777,,,,,,,555555544444445555555 2,503 2222222,,,,,,,333333388888882222222 2,623 2222222,,,,,,,444444444444449999999 179 111111166666668888888 2,707 2222222,,,,,,,555555544444446666666 DDDeeeccc 7,929 8888888,,,,,,,444444400000005555555 2,499 2222222,,,,,,,555555522222227777777 2,552 2222222,,,,,,,666666611111118888888 185 111111188888885555555 2,693 3333333,,,,,,,000000077777775555555 111999777000———JJJaaa nnn 8,141 8888888,,,,,,,222222255555557777777 2,469 2222222,,,,,,,444444444444441111111 2,722 2222222,,,,,,,999999922222226666666 168 111111166666667777777 2,782 2222222,,,,,,,777777722222223333333 FFFeeebbb 8,207 7777777,,,,,,,666666611111116666666 2,550 2222222,,,,,,,333333388888886666666 2,761 2222222,,,,,,,666666633333334444444 171 111111155555558888888 2,725 2222222,,,,,,,444444433333338888888 MMMaaarrr 8.194 8888888,,,,,,,444444477777773333333 2,501 2222222,,,,,,,666666611111115555555 2,792 2222222,,,,,,,888888899999998888888 169 111111177777771111111 2,732 2222222,,,,,,,777777788888889999999 AAAppprrr 8.195 8888888,,,,,,,333333333333331111111 2,527 2222222,,,,,,,666666600000000000000 2,729 2222222,,,,,,,777777755555556666666 173 111111177777776666666 2,766 2222222,,,,,,,777777799999999999999 MMMaaayyy 8,589 8888888,,,,,,,222222255555555555555 2,600 2222222,,,,,,,555555500000005555555 2,888 2222222,,,,,,,888888800000003333333 174 111111177777770000000 2,927 2222222,,,,,,,777777777777777777777 JJJuuunnneee 8,242 8888888,,,,,,,555555544444441111111 2,573 2222222,,,,,,,666666666666669999999 2,750 2222222,,,,,,,777777777777771111111 174 111111188888883333333 2,745 2222222,,,,,,,999999911111118888888 JJJuuulllyyy 8,622 8888888,,,,,,,888888899999994444444 2,752 2222222,,,,,,,888888844444443333333 2,874 2222222,,,,,,,999999900000006666666 170 111111177777779999999 2,826 2222222,,,,,,,999999966666666666666 AAAuuuggg 8,577 8888888,,,,,,,333333355555557777777 2,632 2222222,,,,,,,555555555555550000000 2,967 2222222,,,,,,,888888888888889999999 175 111111177777774444444 2.803 2222222,,,,,,,777777744444444444444 SSSeeepppttt 8,490 8888888,,,,,,,222222299999998888888 2,599 2222222,,,,,,,555555577777772222222 2,913 2222222,,,,,,,888888844444443333333 174 111111177777775555555 2.804 2222222,,,,,,,777777700000008888888 OOOcccttt 8,662 8888888,,,,,,,888888855555553333333 2,550 2222222,,,,,,,666666688888883333333 3,036 3333333,,,,,,,111111100000003333333 179 111111188888881111111 2,897 2222222,,,,,,,888888888888886666666 NNNooovvv... 8,716 8888888,,,,,,,444444444444440000000 2,577 2222222,,,,,,,555555511111113333333 3,082 2222222,,,,,,,999999922222221111111 176 111111166666669999999 2,881 2222222,,,,,,,888888833333337777777 Net change in credit outstanding 2 7777777,,,,,,,222222200000000000000 2222222,,,,,,,666666677777777777777 2222222,,,,,,,111111155555555555555 111111133333339999999 2222222,,,,,,,222222222222229999999 8888888,,,,,,,666666622222229999999 3333333,,,,,,,666666688888884444444 2222222,,,,,,,222222233333332222222 111111155555550000000 2222222,,,,,,,555555566666663333333 1966 6666666,,,,,,,222222211111115555555 1111111,,,,,,,999999933333337777777 2222222,,,,,,,444444411111113333333 99999990000000 1111111,,,,,,,777777777777775555555 3333333,,,,,,,333333388888887777777 111111166666668888888 1111111,,,,,,,444444411111117777777 -------22222229999999 1111111,,,,,,,888888833333331111111 8888888,,,,,,,999999966666664444444 3333333,,,,,,,444444400000006666666 2222222,,,,,,,555555500000004444444 111111133333336666666 2222222,,,,,,,999999911111118888888 1969 8888888,,,,,,,222222277777779999999 2222222,,,,,,,444444477777772222222 2222222,,,,,,,777777711111110000000 111111111111115555555 2222222,,,,,,,999999988888882222222 1969—No v 620 666666622222228888888 180 55555551111111 218 333333366666668888888 -15 -------8888888 237 222222211111117777777 Dec 415 1111111,,,,,,,666666699999991111111 -27 -------44444448888888 286 1111111,,,,,,,333333388888886666666 -16 -------33333336666666 172 333333388888889999999 1970—Ja n 380 -------777777766666667777777 10 -------333333311111111111111 203 -------222222266666663333333 -8 -------44444449999999 175 -------111111144444444444444 Feb 418 -------555555511111110000000 -14 -------111111177777772222222 257 -------333333355555559999999 8 -------22222221111111 167 44444442222222 Mar 198 -------222222233333330000000 -5 -------33333331111111 130 -------111111177777773333333 -4 -------11111119999999 77 -------7777777 Apr 296 444444444444442222222 44 111111177777776666666 114 33333336666666 10 9999999 128 222222222222221111111 May 415 666666600000002222222 -5 111111199999991111111 295 222222200000005555555 6 44444443333333 119 111111166666663333333 June 441 999999999999993333333 14 333333355555554444444 175 222222244444448888888 15 33333337777777 237 333333355555554444444 July 443 666666600000003333333 -67 111111100000009999999 250 222222233333335555555 22 44444441111111 238 222222211111118888888 Aug 232 555555555555558888888 -95 -------11111110000000 201 222222266666663333333 -2 22222223333333 128 222222288888882222222 Sept 359 222222288888882222222 22 -------111111177777770000000 158 222222255555554444444 12 11111119999999 167 111111177777779999999 N O o ct v -3 -8 0 2 2 - - - - - - - - - - - - - -1111111 1111111 6666666 8888888 9999999 3333333 - - 4 20 5 1 0 ------- ------- 5555555 2222222 0000000 2222222 7777777 0000000 7 3 7 1 22222222222222 9999999 6666666 7777777 4 3 7777777 3333333 11 3 3 9 ------- 1111111 6666666 0000000 3333333 5555555 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

JANUARY 1971 • CONSUMER CREDIT A 57 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Other financial Total Commercial banks Finance companies lenders Retail outlets PPeerriioodd S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.i N.S.A. S.A.1 N.S.A. Extensions 11996644 77777770000000,,,,,,,666666677777770000000 22222225555555,,,,,,,999999955555550000000 22222222222222,,,,,,,999999977777772222222 8888888,,,,,,,444444433333338888888 11111113333333,,,,,,,333333311111110000000 1965 77777778888888,,,,,,,555555588888886666666 22222229999999,,,,,,,555555522222228888888 22222225555555,,,,,,,111111199999992222222 9999999,,,,,,,444444433333336666666 11111114444444,,,,,,,444444433333330000000 1966 88888882222222,,,,,,,333333333333335555555 33333330000000,,,,,,,000000077777773333333 22222225555555,,,,,,,444444400000006666666 11111110000000,,,,,,,333333366666662222222 11111116666666,,,,,,,444444499999994444444 1967 88888884444444,,,,,,,666666699999993333333 33333330000000,,,,,,,888888855555550000000 22222225555555,,,,,,,444444499999996666666 11111110000000,,,,,,,999999911111111111111 11111117777777,,,,,,,444444433333336666666 1968 99999997777777,,,,,,,000000055555553333333 33333336666666,,,,,,,333333333333332222222 22222228888888,,,,,,,888888833333336666666 11111112222222,,,,,,,888888855555550000000 11111119999999,,,,,,,000000033333335555555 1969 111111100000002222222,,,,,,,888888888888888888888 33333338888888,,,,,,,555555533333333333333 33333330000000,,,,,,,888888855555554444444 11111114444444,,,,,,,222222244444445555555 11111119999999,,,,,,,222222255555556666666 111999666999———NNNooovvv . . . 8,632 8888888,,,,,,,111111177777773333333 3,213 2222222,,,,,,,888888844444445555555 2,635 2222222,,,,,,,555555511111118888888 1,146 1111111,,,,,,,000000088888880000000 1,638 1111111,,,,,,,777777733333330000000 DDDeeeccc 8,344 11111110000000,,,,,,,000000099999996666666 3,179 3333333,,,,,,,333333300000002222222 2,374 3333333,,,,,,,000000000000008888888 1,170 1111111,,,,,,,222222233333330000000 1,621 2222222,,,,,,,555555555555556666666 111999777000———JJJaaa n n n 8,521 7777777,,,,,,,444444499999990000000 3,047 2222222,,,,,,,777777755555551111111 2,565 2222222,,,,,,,111111177777779999999 1,175 1111111,,,,,,,000000000000001111111 1,734 1111111,,,,,,,555555555555559999999 FFFeeebbb 8,625 7777777,,,,,,,111111100000006666666 3,167 2222222,,,,,,,777777733333335555555 2,510 2222222,,,,,,,111111122222225555555 1,198 1111111,,,,,,,000000033333338888888 1,750 1111111,,,,,,,222222200000008888888 MMMaaarrr... 8,392 8888888,,,,,,,222222244444443333333 3,193 3333333,,,,,,,222222200000006666666 2,439 2222222,,,,,,,333333399999991111111 1,122 1111111,,,,,,,111111144444444444444 1,638 1111111,,,,,,,555555500000002222222 AAAppprrr 8,491 8888888,,,,,,,777777777777773333333 3,208 3333333,,,,,,,444444455555550000000 2,502 2222222,,,,,,,555555588888881111111 1,198 1111111,,,,,,,222222222222229999999 1,583 1111111,,,,,,,555555511111113333333 MMMaaayyy 9,004 8888888,,,,,,,888888855555557777777 3,291 3333333,,,,,,,333333344444441111111 2,639 2222222,,,,,,,555555500000003333333 1,252 1111111,,,,,,,333333300000009999999 1,822 1111111,,,,,,,777777700000004444444 JJJuuunnneee 8,683 9999999,,,,,,,555555533333334444444 3,262 3333333,,,,,,,666666644444443333333 2,616 2222222,,,,,,,999999911111112222222 1,233 1111111,,,,,,,444444400000007777777 1,572 1111111,,,,,,,555555577777772222222 JJJuuulllyyy 9,065 9999999,,,,,,,444444499999997777777 3,382 3333333,,,,,,,666666699999997777777 2,590 2222222,,,,,,,777777733333331111111 1,365 1111111,,,,,,,444444411111118888888 1,728 1111111,,,,,,,666666655555551111111 AAAuuuggg 8,809 8888888,,,,,,,999999911111115555555 3,308 3333333,,,,,,,333333388888885555555 2,427 2222222,,,,,,,444444411111116666666 1,235 1111111,,,,,,,333333311111118888888 1,839 1111111,,,,,,,777777799999996666666 SSSeeepppttt 8,849 8888888,,,,,,,555555588888880000000 3,417 3333333,,,,,,,333333355555552222222 2,441 2222222,,,,,,,333333300000000000000 1,265 1111111,,,,,,,222222211111112222222 1,726 1111111,,,,,,,777777711111116666666 OOOcccttt 8,580 8888888,,,,,,,666666677777770000000 3,276 3333333,,,,,,,333333300000001111111 2,371 2222222,,,,,,,333333388888887777777 1,221 1111111,,,,,,,111111188888887777777 1,712 1111111,,,,,,,777777799999995555555 NNNooovvv 8,414 8888888,,,,,,,222222277777771111111 3,159 2222222,,,,,,,888888888888885555555 2,300 2222222,,,,,,,333333344444442222222 1,184 1111111,,,,,,,111111155555550000000 1,771 1111111,,,,,,,888888899999994444444 Repayments 111999666444 66666663333333,,,,,,,444444477777770000000 22222222222222,,,,,,,999999977777771111111 22222220000000,,,,,,,888888888888888888888 7777777,,,,,,,555555511111114444444 11111112222222,,,,,,,000000099999997777777 1965 66666669999999,,,,,,,999999955555557777777 22222225555555,,,,,,,666666666666663333333 22222222222222,,,,,,,555555555555551111111 8888888,,,,,,,333333311111110000000 11111113333333,,,,,,,444444433333333333333 1966 77777776666666,,,,,,,111111122222220000000 22222227777777,,,,,,,777777711111116666666 22222223333333,,,,,,,555555599999997777777 9999999,,,,,,,333333333333337777777 11111115555555,,,,,,,444444477777770000000 1967 88888881111111,,,,,,,333333300000006666666 22222229999999,,,,,,,444444466666669999999 22222224444444,,,,,,,888888855555553333333 11111110000000,,,,,,,111111166666669999999 11111116666666,,,,,,,888888811111115555555 1968 88888888888888,,,,,,,000000088888889999999 33333332222222,,,,,,,000000088888880000000 22222226666666,,,,,,,444444477777772222222 11111111111111,,,,,,,444444499999999999999 11111118888888,,,,,,,000000033333338888888 1969 99999994444444,,,,,,,666666600000009999999 33333335555555,,,,,,,111111188888880000000 22222228888888,,,,,,,222222211111118888888 11111112222222,,,,,,,777777700000009999999 11111118888888,,,,,,,555555500000002222222 111999666999———NNNooo vvv 8,012 7777777,,,,,,,555555544444445555555 3,020 2222222,,,,,,,888888800000004444444 2,393 2222222,,,,,,,333333311111113333333 1,070 999999977777774444444 1,529 1111111,,,,,,,444444455555554444444 DDDeeeccc 7,929 8888888,,,,,,,444444400000005555555 2,977 3333333,,,,,,,000000044444444444444 2,339 2222222,,,,,,,666666666666664444444 1.064 1111111,,,,,,,111111155555551111111 1,549 1111111,,,,,,,555555544444446666666 111999777000———JJJaaa n n n 8,141 8888888,,,,,,,222222255555557777777 2,962 2222222,,,,,,,999999911111112222222 2,431 2222222,,,,,,,333333344444442222222 1,086 1111111,,,,,,,111111122222228888888 1,662 1111111,,,,,,,888888877777775555555 FFFeeebbb 8,207 7777777,,,,,,,666666611111116666666 3,101 2222222,,,,,,,888888888888889999999 2,368 2222222,,,,,,,111111155555558888888 1,099 999999988888889999999 1,639 1111111,,,,,,,555555588888880000000 MMMaaarrr 8.194 8888888,,,,,,,444444477777773333333 3,119 3333333,,,,,,,222222244444440000000 2,389 2222222,,,,,,,444444499999996666666 1.065 1111111,,,,,,,000000099999990000000 1,621 1111111,,,,,,,666666644444447777777 AAAppprrr 8.195 8888888,,,,,,,333333333333331111111 3,081 3333333,,,,,,,111111166666661111111 2,415 2222222,,,,,,,444444477777777777777 1,117 1111111,,,,,,,111111122222228888888 1,582 1111111,,,,,,,555555566666665555555 MMMaaayyy 8,589 8888888,,,,,,,222222255555555555555 3,170 3333333,,,,,,,000000077777771111111 2,574 2222222,,,,,,,444444444444445555555 1,173 1111111,,,,,,,111111100000004444444 1,672 1111111,,,,,,,666666633333335555555 JJJuuunnneee 8,242 8888888,,,,,,,555555544444441111111 3,041 3333333,,,,,,,111111177777779999999 2,548 2222222,,,,,,,666666644444445555555 1,087 1111111,,,,,,,111111166666662222222 1,566 1111111,,,,,,,555555555555555555555 JJJuuulllyyy 8,622 8888888,,,,,,,888888899999994444444 3,264 3333333,,,,,,,333333388888888888888 2,580 2222222,,,,,,,666666611111117777777 1,184 1111111,,,,,,,222222277777776666666 1,594 1111111,,,,,,,666666611111113333333 AAAuuuggg... 8,577 8888888,,,,,,,333333355555557777777 3,185 3333333.......111111155555554444444 2,507 2222222,,,,,,,333333388888889999999 1,158 1111111,,,,,,,111111133333337777777 1,727 1111111,,,,,,,666666677777777777777 SSSeeepppttt 8,490 8888888,,,,,,,222222299999998888888 3,249 3333333,,,,,,,222222233333335555555 2,482 2222222,,,,,,,333333377777778888888 1,127 1111111,,,,,,,000000099999995555555 1,632 1111111,,,,,,,555555599999990000000 OOOcccttt 8,662 8888888,,,,,,,888888855555553333333 3,258 3333333,,,,,,,333333344444442222222 2.551 2222222,,,,,,,555555588888888888888 1,165 1111111,,,,,,,111111177777773333333 1,688 1111111,,,,,,,777777755555550000000 NNNooovvv 8,716 8888888,,,,,,,444444444444440000000 3,276 3333333.......111111155555555555555 2.552 2222222,,,,,,,555555577777770000000 1,135 1111111,,,,,,,000000077777775555555 1,753 1111111,,,,,,,666666644444440000000 Net change in credit outstanding 2 111999666444 7777777,,,,,,,222222200000000000000 3333333,,,,,,,000000066666665555555 2222222,,,,,,,000000088888884444444 999999922222224444444 1111111,,,,,,,111111122222227777777 1965 8888888,,,,,,,666666622222229999999 3333333,,,,,,,888888866666665555555 2222222,,,,,,,666666644444441111111 1111111,,,,,,,111111122222226666666 999999999999997777777 1966 6666666,,,,,,,222222211111115555555 2222222,,,,,,,333333355555557777777 1111111,,,,,,,888888800000009999999 1111111,,,,,,,000000022222225555555 1111111,,,,,,,000000022222224444444 1967 3333333,,,,,,,333333388888887777777 1111111,,,,,,,333333388888881111111 666666644444443333333 777777744444442222222 666666622222221111111 1968 8888888,,,,,,,999999966666664444444 4444444,,,,,,,222222255555552222222 2222222,,,,,,,333333366666664444444 1111111,,,,,,,333333355555551111111 999999999999997777777 1969 8888888,,,,,,,222222277777779999999 3333333,,,,,,,333333355555553333333 2222222,,,,,,,666666633333336666666 1111111,,,,,,,555555533333336666666 777777755555554444444 1969—Nov . 620 666666622222228888888 193 44444441111111 242 222222200000005555555 76 111111100000006666666 109 222222277777776666666 Dec 415 1111111,,,,,,,666666699999991111111 202 222222255555558888888 35 333333344444444444444 106 77777779999999 72 1111111,,,,,,,000000011111110000000 1970—Ja n 380 -------777777766666667777777 85 -------111111166666661111111 134 -------111111166666663333333 89 -------111111122222227777777 72 -------333333311111116666666 Feb 418 -------555555511111110000000 66 -------111111155555554444444 142 -------33333333333333 99 44444449999999 111 -------333333377777772222222 Mar. 198 -------222222233333330000000 74 -------33333334444444 50 -------111111100000005555555 57 55555554444444 17 -------111111144444445555555 Apr. 296 444444444444442222222 127 222222288888889999999 87 111111100000004444444 81 111111100000001111111 1 -------55555552222222 May 415 666666600000002222222 121 222222277777770000000 65 55555558888888 79 222222200000005555555 150 66666669999999 June 441 999999999999993333333 221 444444466666664444444 68 222222266666667777777 146 222222244444445555555 6 11111117777777 July 443 666666600000003333333 533 777777722222224444444 -405 -------333333300000001111111 181 111111144444442222222 134 33333338888888 Aug 232 555555555555558888888 123 222222233333331111111 -80 22222227777777 77 111111188888881111111 112 111111111111119999999 Sept 359 222222288888882222222 168 iiiiiiinnnnnnn -41 -------77777778888888 138 111111111111117777777 94 111111122222226666666 Oct -82 -------111111188888883333333 18 -------44444441111111 -180 -------222222200000001111111 56 11111114444444 24 44444445555555 Nov -302 -------111111166666669999999 -117 -------222222277777770000000 -252 -------222222222222228888888 49 77777775555555 18 222222255555554444444 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. • JANUARY 1971 MARKET GROUPINGS (1937-59= 100) 1957-59 11996699 1969 1970 GGrroouuppiinngg portion Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. SSeepptt..'' OOcctt..'' NNoovv.. Total index 100.00 172.8 171.4 171.1 170.4 170.5 171.1 170.2 169.0 168.8 169.2 168.8 165.8 162.3 161.6 47.35 170.8 168.4 168.5 168.5 169.9 169. 7 168.5 167.7 167.1 166.8 166.5 163.1 159.9 159.3 32.31 162.5 160.5 160.7 161.5 162.4 162.0 163.2 163.2 162.8 163.5 163.5 160.1 157.0 156.8 Equipment, including defense.... 15.04 188.6 185.6 185.2 183.6 186.2 186.3 179.9 177.3 176.3 173.7 173.0 169.6 165.9 164.6 Materials 52.65 174.6 174.6 173.9 172.5 171.5 171.7 171.9 170.4 171.2 171.4 171.2 168.9 165.0 164.0 Consumer goods 3.21 173.2 168.0 160.9 155.3 154.8 160.0 158.4 166.4 170.3 172.8 167.5 133.1 109.5 110.8 1.82 162.8 153.8 141.6 132.9 127.6 138.4 136.1 156.0 163.0 163.8 163.3 108.5 76.5 78.1 Auto parts and allied products 1.39 186.8 186.7 186.2 184.9 190.7 188.5 187.8 180.1 179.9 184.7 173.1 165.6 152.9 153.8 10.00 159.3 150.9 151.0 152.3 153.6 154.5 155.0 153.0 153.2 155.4 156.4 153.4 153.9 153.0 4.59 184.0 166.7 166.8 169.6 174.8 179.4 180.0 178.4 177.7 182.5 183.7 179.0 180.3 180.2 1.81 180.2 142.2 140.1 149.0 168.6 178.1 178.9 182.6 178.8 192.3 198.6 189.9 194.3 188.6 1.33 192.4 147.8 151.0 162.5 186.5 199.1 206.7 213.9 201.4 218.4 223.7 212.8 215.9 208.9 .47 145.6 126.2 109.6 111.0 118.2 119.1 100.3 94.2 115.2 118.8 127.8 125.5 133.2 131.1 1.26 180.3 176.0 175.0 173.8 169.2 170.3 170.6 165.5 164.9 165.2 164.9 164.4 166.5 169.1 1.52 191.5 188.2 191.7 190.5 186.7 188.4 189.0 184.1 186.9 185.0 181.6 178.0 175.0 179.4 5.41 138.5 137.5 137.7 137.6 135.7 133.4 133.8 131.4 132.4 132.4 133.2 131.7 131.6 19.10 162.4 164.2 165.7 167.3 168.2 166.2 168.4 168.0 166.6 166.3 166.6 168.1 166.7 166.5 8.43 136.6 136.5 137.0 138.7 139.5 139.6 140.2 141.1 137.9 138.7 139.4 139.3 135.2 137.2 2.43 146.8 145.0 149.6 151.7 154.6 146.1 150.1 142.2 142.6 141.9 144.7 149.0 148.1 Drugs, soap, and toiletries 2.97 209.0 213.2 217.0 217.6 217.9 216.5 218.6 219.6 217.4 217.4 213.9 215.5 215.0 221177!!66 Newspapers, magazines, and books. 1.47 147.1 148.9 149.7 147.7 147.6 146.1 146.0 146.9 147.6 142.9 143.1 140.5 140.8 142.8 3.67 199.6 206.0 206. C 210.0 210.3 207.2 212.6 212.3 213.7 212.8 213.5 219.2 221.7 1.20 144.6 152.7 148.4 150.3 146.5 150.3 152.1 149.7 153.0 148.2 148.9 152.7 155.2 156.7 2.46 226.3 232.0 234.1 239.1 241.5 235.0 242.1 242.8 243.3 244.3 245.0 251.7 254.2 1.72 224499..77 225555..66 225588..22 226644..77 226677..55 225577..77 226677..55 226688..11 226688..11 226699..11 226699..77 228811..99 228855..00 ..7744 Equipment 11.63 195.6 194.4 193.8 192.8 196.9 198.0 193.0 188.7 188.0 186.1 185.9 182.3 178.9 178.1 6.85 179.1 174.4 176.3 175.0 184.9 186.8 182.1 175.8 175.2 174.6 173.3 170.5 169.7 167.8 Commercial equipment 2.42 220.0 223.3 223.6 223.0 222.4 225.0 223.4 220.4 220.4 218.3 214.2 210.5 207.0 205.7 Freight and passenger equipment... 1.76 246.7 252.8 240.9 239.5 231.8 226.1 215.4 216.8 213.8 207.3 214.3 206.5 193.7 197.4 .61 113366..88 113366..55 113355..44 113388..44 113300..33 113344..66 113300..44 112277..44 112288..66 112266..00 113333..22 113333..66 112288..00 33..4411 Materials 26.73 165.5 163.5 161.8 160.1 157.9 159.1 159.6 157.5 157.8 158.4 157.4 151.9 144.7 142.4 3.43 163.9 158.5 150.9 148.7 142.3 143.0 143.6 146.0 155.4 156.0 161.3 143.6 111.7 112.4 7.84 191.9 190.7 189.8 188.6 188.6 189.8 183.8 177.5 176.6 178.4 175.9 173.1 166.8 164.0 Construction 9.17 152.4 150.2 150.4 151.2 150.7 148.8 148.8 146.8 145.1 146.3 147.3 146.1 144.2 141.8 Metal materials n.e.c 6.29 152.8 156.1 155.4 149.4 150.2 152.4 147.7 146.8 150.0 152.6 147.2 140.1 136.7 133.4 25.92 183.9 186.0 186.5 185.3 185.5 184.7 184.6 183.8 184.9 184.9 185.4 186.4 186.0 186.4 9.11 166.6 166.9 168.5 167.5 166.2 164.8 164.5 162.1 163.4 164.9 165.0 161.2 159.4 160.6 3.03 168.6 165.6 174.C 173.7 169.3 165.0 166.2 168.2 166.0 161.9 167.5 163.1 164.1 164.1 General business supplies 6.07 165.5 167.6 165.f 164.4 164.7 164.7 163.7 159.1 162.1 166.4 163.7 160.3 157.0 158.9 Nondurable materials n.e.c 7.40 237.8 242.0 240.0 239.5 239.0 237.2 236.1 233.1 234.7 234.2 233.4 235.8 236.0 237.2 9.41 158.2 160.4 161.7 159.8 162.0 162.7 163.8 166.0 166.6 165.4 167.5 171.8 172.5 171.3 6.07 134.9 136.5 137.7 135.3 137.1 137.4 139.1 142.0 142.4 140.2 144.4 147.5 148.0 147.1 2.86 216.7 220.9 222.5 222.4 225. C 226.3 226.5 228.1 228.6 229.4 227.9 235.1 236.7 2.32 220.6 225.4 227.3 227.1 230.2 231.8 232.0 233.8 234.3 235.0 233.0 238.7 240.8 1.03 216.1 218.4 221.1 216.5 218.1 219.4 220.6 221.8 223.9 227.2 225.4 225.8 223.1 1.21 223366..11 224433..44 224444..88 224488..55 225533..11 225544..88 225544..22 225566..77 225555..99 225544..88 225522..77 226633..00 226688..66 G . ..5544 Supplementary groups of consumer goods 7.80 179.5 167.2 164.4 163.7 166.6 171.4 171.1 173.5 172.7 178.5 177.0 160.1 151.1 151.6 2244..5511 115577..11 115588..33 115599..55 116600..88 116611..00 115599..00 116600..77 115599..99 115599..00 115588..88 115599..22 116600..11 115588..99 For NOTE see p. A-61. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1971 • INDUSTRIAL PRODUCTION: S.A. A 59 INDUSTRY GROUPINGS (1957-59 = 100) Grouping 19 p p t 5 i r o o 7 o r n - - - 59 a a 1 v g 9 e e 6 r " 9 - Jan. Feb. Mar. Apr. May June July Aug. Sept.'' Oct.r Nov, Total index 100.00 172.8 171.4 171.1 170.4 170.5 171.1 170.2 169.0 168.8 169.2 168.8 165.8 Manufacturing, total 86.45 173.9 171.8 171.3 170.2 170.3 170.8 170.0 168.1 168.0 168.5 167.7 163.7 Durable 48.07 176.5 172. 171.1 169.7 169.6 171.0 168.4 167.6 167.3 167.4 166.7 160.4 Nondurable 38.38 170.6 171.5 171.5 171.0 171.3 170.6 171. 168.7 168.9 170.0 169.0 167.7 Mining 8.23 212301..22 132.6 134.4 131.7 134.2 135.1 133.9 134.8 135.5 133.8 137.1 138.9 Utilities 5.32 226.0 227.9 230.1 232.7 230.3 233.8 234.9 235.4 236.3 235.8 242 Durable manufactures Primary and fabricated metals.... 12.32 162.5 162.9 161.1 159.2 156.5 157.8 154.7 155.2 155.6 157.1 157.1 154.2 Primary metals 6.95 149 150.3 147.7 143.1 139.2 141.9 138 .'9 142.6 142.7 145.2 145.6 142.6 Iron and steel 5.45 140.3 142.7 138.8 135.2 129.8 134.4 133.0 136.7 138 136.8 134.1 129.5 Nonferrous metals and products 1.50 181.1 183.1 181.1 174.8 177.3 183.6 175.4 174.4 169.2 172.6 169.7 172.1 Fabricated metal products 5.37 179.8 179.2 178.4 180.0 178 178.3 175.2 171.4 172.3 172.5 171.9 169.2 Structural metal parts 2." 173.3 174.5 177.1 175.4 174.6 174.4 170.2 164.2 164.4 162.9 164.0 162.7 T M I M n r a a s a N E M A c t c n l r o i h h e o s u r i n c i c p t n m n e o t r o e r l e a r e r i r e r f y c n t c y t v a a t t e s l a t r a h i i n m o a m c i d c n n a i a l l d e c o r e s h m t e q r h l i e a u a a n e l n t c i r e a e d p h r t d e y m e i n q d p p e e u a r n r p r i o y t t p r d s o m u d c e t u s n . c t. t s . . . . 2 1 1 7 6 4 5 8 1 0 4 . . . . . . . . 9 2 3 6 7 4 1 8 8 6 7 8 1 3 9 0 1 1 1 1 1 1 1 1 8 7 9 9 9 6 9 7 8 7 7 4 4 6 5 4 . . . . . . . . 4 2 9 7 4 6 6 1 1 1 1 1 1 1 1 8 7 7 9 6 9 5 8 1 1 7 6 8 4 9 7 . . . . . . . . 1 9 5 0 3 9 9 4 1 1 1 1 1 1 1 1 8 9 7 6 8 7 9 5 0 6 8 3 8 0 7 2 . . . . . . . . 3 5 3 9 7 7 4 0 1 1 1 1 1 1 1 1 7 6 8 9 8 4 9 5 8 6 1 5 9 6 4 9 . . . . . . . . 8 7 5 9 7 8 8 6 1 1 1 1 1 1 1 1 8 4 6 9 5 9 9 9 0 2 1 4 4 5 5 5 . . . . . . . . 0 1 4 3 9 0 8 8 2 1 1 1 1 1 1 1 8 0 5 9 9 4 5 9 2 9 2 3 6 8 9 6 . . . . . . . . 2 1 5 6 1 6 9 0 1 1 1 1 1 1 1 1 7 9 5 9 5 9 9 4 8 4 9 3 5 4 1 8 . . . . . . . . 6 1 1 1 9 7 4 0 1 1 1 1 1 1 1 1 7 9 8 5 5 9 5 9 7 1 7 8 3 6 7 1 . . . . . . . 6 . 1 3 5 0 3 3 0 1 1 1 1 1 1 1 1 7 8 5 8 6 9 5 9 8 7 3 5 4 0 9 7 . . . . . . . . 0 9 3 2 4 6 9 7 1 1 1 1 1 1 1 1 7 9 5 4 8 8 6 9 7 9 8 9 5 7 4 1 . . . . . . . . 4 1 1 7 2 0 8 2 1 1 1 1 1 1 1 1 7 4 8 9 5 6 8 9 6 7 3 9 6 4 3 0 . . . . . . . . 0 1 3 9 7 7 0 3 1 1 1 1 1 1 1 1 6 8 4 9 8 3 2 8 7 1 5 4 0 9 7 6 . . . . . . . . 2 8 7 5 0 0 3 2 Ordnance and accessories 1.28 Clay, glass, and lumber 4.72 142.5 140.6 139.9 141.1 141.2 137.5 140.3 139.2 134.1 134.7 136.9 133. Clay, glass, and stone products... 2.99 156.0 155.9 157.4 154.5 155.0 151.7 154.6 152.6 149.4 148.8 150.1 148.7 Lumber and products 1.73 119 114.1 109.7 118.0 117.5 113 115.5 116.1 107.6 110.5 114.2 108.2 F F M u u i r r s n n c i i e t t u l u l r a r e e n e a a o n n u d d s m m f i i s x a c t n e u u l r l f a e a s n c e t o u u r s e s 3 1 1 . . . 0 5 5 5 1 4 1 1 1 7 8 6 6 6 6 . . . 7 4 1 1 1 7 8 6 5 3 6 . . . 1 7 4 1 1 1 7 8 6 5 3 7 . . . 3 3 2 1 1 1 7 6 8 5 8 3 . . . 9 2 4 1 1 1 7 7 6 4 9 8 . . . 0 4 4 1 1 1 7 8 6 4 7 0 . . . 2 4 1 1 1 7 6 7 3 9 7 . . . 5 5 4 1 1 1 6 6 7 9 3 4 . . . 1 6 4 1 1 1 6 7 6 8 3 2 . . . 3 8 6 1 1 1 6 7 6 7 2 2 . . . 3 5 0 1 1 1 6 7 5 6 2 9 . . . 1 9 1 1 1 1 6 5 7 4 7 1 . . . 8 7 7 Nondurable manufactures T A L T e e e p x x a p t t t i a i h l l r e e e e s r l , m a p a i n l r p l d o p p d a p r u r r o e c o d l t , d s u u a c c n ts t d s leather 2 3 7 M . . . 6 5 9 l 0 9 0 1 1 1 1 4 5 4 0 4 4 9 1 . . . . 2 2 2 9 1 1 1 1 4 0 4 5 2 2 8 1 . . . . 9 7 0 9 1 1 1 9 4 5 4 1 8 0 7 . . . . 5 0 3 9 1 1 1 9 4 4 5 1 6 5 2 . . . . 3 9 8 9 1 1 1 9 3 4 5 8 6 1 1 . . . . 9 7 3 1 1 1 9 3 4 5 5 7 0 0 . . . . 5 9 1 3 1 1 1 1 3 0 4 5 8 0 0 1 . . . . 9 2 8 3 1 1 1 1 3 0 3 4 6 4 7 7 . . . . 7 5 7 8 1 1 1 9 3 3 4 5 9 9 5 . . . . 8 3 0 9 1 1 1 9 3 4 4 5 5 0 5 . . . . 9 6 9 3 1 1 1 9 3 4 4 5 3 6 0 . . . . 9 6 1 7 1 1 1 9 3 3 4 5 4 9 5 . . . . 2 6 3 7 P P P a r a i p p n e e t r r i n a a g n n d d a n p p d r r i o p n d u ti u b n c g li t s s h ing 8 4 3 . . . 1 7 4 7 4 3 1 1 1 6 7 5 4 5 6 . . . 4 6 3 1 1 1 6 5 7 6 9 5 . . . 1 9 1 1 1 1 6 7 5 6 8 8 . . . 0 6 1 1 1 6 5 7 4 7 3 . . . 6 9 8 1 1 1 6 7 5 4 4 7 . . 6 . 8 3 1 1 1 6 7 5 4 4 6 . . . 4 9 9 1 1 1 6 5 7 5 6 6 . . . 0 9 3 1 1 1 6 7 5 3 4 4 . . . 0 5 8 1 1 1 6 7 5 1 0 5 . . . 7 2 1 1 1 6 7 5 1 2 4 . . . 9 0 6 1 1 1 6 7 5 2 2 4 . . . 1 9 3 1 1 1 5 5 6 7 1 6 . . . 6 5 2 Newspapers 1.53 142.7 154.1 142.0 141.7 142.1 137.9 139.3 136.9 137.5 140.0 138.7 137.4 C Ch h e e m m i i c c a a l l s s , a p n e d tr o p l r e o um du , ct a s m i rubber.. 1 7 1. . 5 5 4 8 2 2 2 3 2 9 .6 .0 2 2 2 4 5 0 . . 3 2 2 2 4 4 1 . . 7 2 2 2 4 2 0 . . 1 2 2 2 2 4 4 2 . . 1 6 2 2 2 4 4 2 . . 7 3 2 2 2 4 7 4 . . 0 4 2 2 2 4 0 1 . . 2 4 2 2 2 4 4 3 .3 .2 2 2 2 4 6 3 . .3 2 2 2 3 3 9 .5 .8 2 2 2 4 2 0 . . 0 Pe I tr n o d l u e s u t m ri a p l r c o h d e u m c i t c s als 3 1 . . 8 9 4 7 2 1 8 4 3 3 . . 0 8 2 1 8 5 3 0. . 9 9 2 1 8 49 3 . . 5 8 2 1 8 4 1 3 . . 9 3 2 1 8 4 4 3 . . 3 0 2 1 8 4 4 6 . . 6 2 14 8 7 9 . . 9 2 2 1 8 4 1 6 . . 3 5 2 1 8 4 5 7 . . 2 1 8 4 5 5 . . 7 5 2 1 8 4 0 7 . . 7 5 2 1 8 5 2 0 . . 0 3 Rubber and plastics products 1.99 238.7 240.2 234.8 231.4 234.0 235.3 239.4 212.2 227. 244.8 236.9 221.4 Foods, beverages, and tobacco 11.07 139.0 139.2 140.1 142.7 143.5 141.3 142.3 141.3 139.2 140.0 140.1 141.0 Foods and beverages 10.25 140.7 141.0 142.1 144.7 145.2 143.3 143.7 143.1 140.7 141.1 141.6 142.4 To F B b o e a v o c d e co r a m g p e a r s n o u d f u a c c ts t ures 8 1. . .8 6 6 4 12 1 1 1 6 3 1 1 6 7 . . . 9 7 3 1 1 1 5 3 1 9 7 6 . . . 7 5 2 1 1 11 3 6 5 7 7 . . . 1 4 2 1 1 11 4 6 7 0 8 . . . 2 9 1 1 12 7 4 2 0 0 . . . 8 7 4 1 1 11 4 6 6 0 1 . . . 0 0 1 1 1 4 2 6 0 5 2 . . . 1 1 8 1 1 1 4 5 1 1 4 7 . . . 0 6 8 1 1 1 5 2 3 3 0 8 . . . 7 7 3 1 1 1 3 4 2 9 9 6 . . . 5 6 6 1 1 12 3 5 1 8 6 . . . 4 1 1 1 6 2 3 2 2 8 . . . 2 9 7 Mining C C Co o r O u e a d l d i l C , e o a r o u i n l i d d , l e a a g n n o a d d i s l g e n a x a s t t r u a r c a t l i o g n a s 4 6 5 4 1 . . . . . . 8 62 9 6 1 0 5 1 4 6 6 1 1 1 1 1 3 3 1 2 2 9 2 7 9 7 . . . . . 7 0 0 3 4 1 1 1 1 1 2 3 4 3 1 9 3 0 1 8 . . . . . 1 5 6 2 9 1 1 1 1 1 3 1 3 4 3 0 9 2 2 5 . . . 3 . . 3 6 0 0 1 1 1 1 1 2 1 3 4 3 8 3 3 0 1 . . . . . 3 1 7 5 4 1 1 1 1 1 3 4 3 3 2 0 0 1 3 2 . . . . . 2 6 8 0 3 1 1 1 1 1 3 2 3 4 3 0 1 3 1 2 . . . . . 5 5 5 2 4 1 1 1 1 1 2 4 2 3 3 9 2 3 1 5 . . . . . 8 9 0 3 2 1 1 1 1 1 3 3 3 4 3 2 5 1 3 4 . . . . . 3 8 9 9 2 1 1 1 1 1 3 3 3 4 2 3 5 7 6 4 . . . . . 3 1 5 7 3 1 1 1 1 1 3 2 3 4 3 1 7 1 3 4 . . . . 0 . 5 7 2 4 1 1 1 1 1 3 3 2 3 4 5 9 8 6 8 . . . . . 1 5 5 2 1 1 1 1 1 3 5 4 2 4 8 2 4 7 0 . . . . . 2 1 1 9 3 Gas and gas liquids 1a84..20 Oil and gas drilling .73 S M M t e o e t t n a a e l l , a m s n t i d o n n i e e n a , g r a th n d m e i a n r e t r h a l m s inerals 1.. . 64 8 3 2 1 1 1 1 4 4 4 3 2 4 . . . 5 7 0 1 1 1 4 5 4 9 3 6 . . . 6 3 8 1 1 1 5 5 5 3 2 4 . . . 7 3 8 1 1 1 4 4 5 8 2 5 . . . 2 6 7 1 1 1 5 4 5 3 9 8 . . . 5 8 4 1 1 1 5 5 6 6 0 5 . . . 1 8 1 1 1 5 6 4 3 6 2 . . . 1 1 6 1 1 1 4 5 4 6 1 2 . . . 6 8 8 1 1 1 4 4 5 6 3 0 . . . 1 0 3 1 1 1 4 4 5 6 3 0 . . 8 9 1 1 1 4 5 4 6 2 2 . . . 6 3 3 1 1 1 4 4 4 2 4 0 . . . 2 5 5 Utilities Electric 4.04 233.0 238.3 240.5 246. 247.1 249.5 248.6 Gas 1.28 174, 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. a JANUARY 1971 MARKET GROUPINGS (1957-59= 100) 1957-59 11996699 1969 1970 Grouping p ti o o r n - age Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.' Oct.' Nov. Total index 100.00 172.8 173.6 169.6 168.2 171.5 172.1 170.6 169.1 172.1 163.6 169.1 170.2 166.4 163.0 Final products, total 47.35 170.S 170.0 166.2 167.1 170.5 169.9 166.9 165.8 169.9 161.8 167.1 168.8 164.9 160.3 Consumer goods 32.31 162.5 162.6 156.6 159.0 163.0 161.8 160.6 160.3 165.7 157.6 165.3 168.1 164.3 158.2 Equipment, including defense.... 15.04 188.6 186.0 187.0 184.3 186.5 187.3 180.3 177.7 179.0 170.9 170.9 170.4 166.1 164.9 Materials 52.65 174.6 176.9 172.6 169.5 172.5 174.0 174.3 172.1 174.1 165.3 170.9 171.5 168.1 165.7 Consumer goods Automotive products 3.21 173.2 179.0 167.8 163.3 161.6 167.0 167.0 173.8 182.9 131.6 116.6 135.2 118.3 116.1 Autos 1.82 162.8 172.3 155.8 146.2 140.4 152.2 152.4 173.2 185.0 98.3 68.9 108.5 88.0 87.5 Auto parts and allied products 1.39 186.8 187.8 183.6 185.9 189.4 186.5 186.3 174.4 180.1 175.6 179.5 170.3 158.1 153.9 Home goods and apparel 10.00 159.3 156.6 143.4 147.4 158.6 158.3 157.1 154.1 156.4 143.7 154.1 156.2 162.0 155.9 Home goods 4.59 184.0 173.7 167.2 166.3 178.4 182.9 181.4 177.5 180.0 168.7 174.1 182.9 191.0 184.7 Appliances, TV, and radios 1.81 180.2 147.9 135.0 149.8 181.6 190.1 188.3 185.7 186.0 172.3 170.1 189.9 205.7 188.7 Appliances 1.33 192.4 149.5 147.5 161.6 201.9 215.7 223.0 219.8 213.0 200.6 182.8 208.3 222.9 202.8 TV and home radios .47 145.6 143.4 99.7 116.4 124.3 117.8 90.3 89.5 110.0 92.3 134.2 138.0 157.2 148.9 1.26 180.3 182.5 181.5 170.0 167.2 168.3 165.8 159.2 162.9 157.3 168.7 169.0 175.2 175.4 Miscellaneous home goods 1.52 191.5 196.9 193.6 182.9 183.9 186.3 186.2 183.0 186.9 173.9 183.4 186.0 186.6 187.7 138.5 131.4 141.8 137.4 134.4 137 2 133.7 137.5 Consumer staples 19.10 162.4 163.0 161.6 164.4 165.6 162.8 161.4 161.2 167.7 169.2 179.4 179.8 173.3 166.5 Processed foods 8.43 136.6 141.7 134.7 131.8 133.2 131.6 129.8 132.6 136.5 138.0 153.0 155.0 150.1 143.5 Beverages and tobacco 2.43 146.8 137.3 129.7 132.7 140.8 142.8 151.7 152.8 163.3 148.7 156.7 152.7 152.4 Drugs, soap, and toiletries 2.97 209.0 214.3 212.0 213.2 220.1 216.5 216.4 215.2 225.0 216.3 218.2 222.0 220.2 221.6 Newspapers, magazines, and books. 1.47 147.1 147.0 149.4 146.4 147.0 148.3 146.6 146.5 145.5 142.9 144.8 141.8 140.7 140.9 Consumer fuel and lighting 3.67 199.6 192.5 207.7 226.9 218.4 209.1 200.0 193.7 203.6 226.3 236.7 236.2 214.4 Fuel oil and gasoline 1.20 144.6 151.8 153.5 151.5 150.0 148.7 144.3 144.8 151.3 151.0 153.3 156.2 151.2 160.1 2.46 226.3 1.72 224499..77 222277..55 225588..22 229999..99 228822..22 226622..99 224466..11 223311..99 224477..99 229966..00 331166..11 331155..77 227722..11 ..7744 Equipment 11.63 195.6 193.6 194.8 193.0 197.3 199.5 194.0 189.7 191.9 182.9 183.5 183.4 178.8 177.5 Industrial equipment 6.85 179.1 174.4 177.2 176.9 184.9 187.0 182.1 176.0 178.7 172.9 172.8 172.0 168.7 167.8 Commercial equipment 2.42 220.0 226.0 228.5 223.2 220.8 223.0 219.2 217.8 221.1 213.9 214.2 213.7 209.1 208.2 Freight and passenger equipment... 1.76 246.7 247.7 238.5 232.3 231.8 232.9 224.0 223.3 222.4 203.2 207.9 204.4 193.7 193.5 .61 113366..88 112244..11 113322..55 114411..00 114433..99 115500..55 114400..11 113344..44 113355..66 111144..11 111100..99 113311..00 112277..88 33..4411 Materials Durable goods materials 26.73 165.5 166.3 161.8 156.8 158.4 161.3 160.4 159.5 162.0 153.2 156.0 154.9 147.4 144.0 Consumer durable 3.43 163.9 163.3 158.4 153.9 144.4 147.3 147.9 150.4 158.5 142.7 147.6 140.7 112.3 115.8 Equipment 7.84 191.9 190.9 192.6 190.3 190.3 191.9 185.8 178.7 178.4 172.9 170.6 171.4 166.3 164.2 Construction 9.17 152.4 152.5 145.9 137.0 141.1 144.0 148.1 149.6 154.1 150.1 155.7 153.4 149.4 143.9 6.29 152.8 157.3 148.6 145.5 151.6 156.1 153.6 154.9 154.8 138.9 142.9 144.3 140.0 134.5 Nondurable materials 25.92 183.9 187.8 183.7 182.5 186.9 187.1 188.5 185.1 186.6 177.8 186.2 188.6 189.4 188.0 Business supplies 9.11 166.6 170.9 162.7 161.5 165.6 167.8 169.3 164.8 165.1 154.7 165.0 165.2 166.9 164.4 Containers 3.03 168.6 165.6 154.9 165.0 167.3 165.8 172.2 169.9 171.1 157.9 177.6 173.1 175.8 164.1 General business supplies 6.07 165.5 173.5 166.6 159.8 164.7 168.8 167.8 162.3 162.1 153.1 158.8 161.3 162.5 164.5 Nondurable materials n.e.c 7.40 237.8 244.4 237.6 235.9 243.8 241.9 245.7 236.6 238.5 226.0 231.1 235.8 238.4 239.6 Business fuel and power 9.41 158.2 159.5 161.5 160.8 162.9 162.8 162.1 164.3 166.5 162.3 171.3 174.0 172.7 170.4 Mineral fuels 6.07 134.9 137.S 139.4 137.5 141.6 140.5 140.9 142.0 140.8 131.1 142.6 145.7 148.5 148.5 216.7 2.32 220.6 218.3 221.2 224.7 221.1 223.6 220.7 227.3 239.0 247.1 253.4 252.9 240.4 1.03 216.1 218.4 218.9 215.4 212.6 217.0 217.7 222.9 228.4 226.1 229.9 229.2 223.5 1.21 223366..11 223300..00 223355..00 224444..88 224400..44 224411..00 223355..11 224433..11 226611..00 227799..00 228888..11 228877..22 226677..55 ..5544 Supplementary groups of consumer goods 7.80 179.5 175.9 167.4 165.1 171.5 176.3 175.5 176.0 181.2 153.5 150.4 163.2 161.0 156.5 2244..5511 115577..11 115588..44 115533..11 115577..11 116600..33 115577..22 115555..99 115555..33 116600..88 115588..99 117700..00 116699..66 116655..44 For NOTE see p. A-61. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1971 a INDUSTRIAL PRODUCTION: N.S.A. A 61 INDUSTRY GROUPINGS (1957-59- 100) Grouping 19 p p t 5 i r o o 7 o r n - - - 5 9 a a 1 g v 9 e e 6 ® 9 r- 1969 Jan. Feb. Mar. Apr. May Ju 1 n 9 e 7 0 July Aug. Sept.' Oct. Total index 100.00 172.8 173.6 169.6 168.2 171.5 172.1 170.6 169.1 172.1 163.6 169.1 170.2 Ma D n u uf r a a c b tu le r ing, total 8 4 6 8 . . 4 0 5 7 1 17 7 3 6 . . 9 5 1 1 7 7 5 5 . . 0 4 1 1 6 7 9 2 . . 6 6 1 1 6 6 7 9 . . 5 1 1 1 7 7 1 0 . . 3 7 1 1 7 7 2 3 . . 2 5 1 1 7 7 1 0 . . 0 5 1 1 6 6 8 9 . . 9 4 1 1 7 7 1 1 .8 .3 1 1 6 5 1 9 . . 6 8 1 1 6 6 6 1 . . 4 0 1 1 6 6 7 2 . . 6 3 Nondurable 38.38 170.6 174.5 165. 165.6 172.0 170.6 171.7 168.4 172.3 163.8 173.2 174.2 Mining 8.23 130.2 132.9 133. 130.1 134.1 134.0 135.0 137.9 137.6 129.2 138.2 140.1 Utilities 5.32 221.2 Durable manufactures P P F r a r i I N S i b m m r t r o o r a i a n u n c r r a c y f y a e t t e u n r m a d r d r n o a e d l m u t s a t s f m e e l a s e t m b e a l r t l e i a c t l p a a r l p t s o e a d d a r u t n s c d t s p m ro et d a u ls c . t . s .. 1 5 5 2 6 2 1 . . . , . . 3 4 9 8 3 5 2 5 5 7 0 6 1 1 1 1 1 1 8 6 4 4 7 7 1 2 9 0 3 9 . . . . . 5 3 3 8 1 1 1 1 1 1 4 8 7 5 8 6 4 3 5 7 2 3 . . . . . . 1 1 8 1 5 0 1 1 1 1 1 1 6 8 7 4 3 7 1 3 3 4 6 8 . . . . . . 8 9 7 7 9 1 1 1 1 1 1 5 4 3 7 7 7 8 3 5 1 1 7 . . . . . . 3 1 2 8 9 9 1 1 1 1 1 1 5 3 4 8 7 6 8 6 5 4 0 7 . . . . . . 1 1 3 7 6 0 1 1 1 1 1 1 6 4 8 5 6 7 1 1 5 0 7 5 . . . . . . 4 1 6 7 1 6 1 1 1 1 1 1 5 6 8 3 4 7 8 5 3 8 7 2 . . . . . . 7 1 3 9 6 1 1 1 1 1 1 5 3 8 7 6 4 8 9 3 0 3 9 . . . . . . 3 4 6 5 4 0 1 1 1 1 1 1 5 3 7 6 4 7 9 8 9 7 7 5 . . . . . . 9 7 7 6 7 1 1 1 1 1 1 4 3 5 6 2 6 1 8 5 4 9 2 . . . . . 0 3 5 9 9 1 1 1 1 1 1 5 3 6 2 7 6 3 7 8 8 5 8 . . . . . . 9 2 7 3 1 0 1 1 1 1 1 1 5 3 7 6 7 2 5 7 3 9 7 8 . . . . . . 1 9 3 2 3 2 Machinery and related products... 27.98 188.4 184.6 183.2 181.0 182.9 185.8 181.0 179.5 181.4 168.2 165.5 167.7 Machinery 14.80 195.7 189.6 190.2 191.3 198.8 202.1 197.3 192. 193.6 185.3 184.5 187.0 Nonelectrical machinery 8.43 194.6 193.0 197.9 197.9 199.7 202.1 197.4 191.8 190.4 182.4 176.2 177.7 Electrical machinery 6.37 197.2 185.0 180.1 182.5 197.6 202.1 197.2 192.4 197.8 189.2 195.6 199.3 Transportation equipment 10.19 174.6 174.2 169.0 163.5 158.2 161.6 157.0 161.2 164.6 142.0 136.1 139.0 Motor vehicles and parts 4.68 166.9 170.2 159.4 154.3 148.3 155.7 155.4 167.7 176.4 134.0 123.0 128.4 Aircraft and other equipment.. 5.26 177.: 174.5 174.1 168.4 163.8 163.7 154.9 152.4 151.2 146.1 144.5 145.1 Instruments and related products. 1.71 194.4 197.6 199.8 192.5 191.1 194.6 192.5 189.4 189.8 185.1 184.8 183.8 Ordnance and accessories 1.28 C C Lu l l a a m y y , , b e g g r l l a a a s s s s n , d a a p n n d r d o s d lu t u o m c n b t e s e r p roducts. .. 4 2 1 . . . 7 7 9 2 3 9 1 1 1 4 1 5 9 2 6 . . 5 0 1 1 1 4 5 1 2 7 5 . . . 2 5 8 1 1 1 0 3 4 2 3 9 . . . 5 1 1 1 1 2 3 0 5 7 5 . . . 6 5 0 1 1 1 3 1 4 2 4 2 . . . 5 6 9 1 1 1 3 1 4 4 3 5 . . . 1 7 8 1 1 1 3 1 5 9 5 4 . . . 9 5 0 1 1 1 4 1 5 0 6 5 . . . 7 1 0 1 1 1 4 1 5 3 5 9 . . . 3 1 7 1 1 1 3 1 5 9 0 7 . . 9 . 5 0 1 1 1 4 2 6 6 1 1 . . . 9 1 8 1 1 1 4 5 1 3 7 9 . . . 2 2 0 F F u u r r n n i i t t u u r r e e a a n n d d m fi i x sc tu el r l e a s n eous 3 1 . . 0 5 5 4 1 1 7 8 6 6 . . 7 9 118818.8. 8 1 1 8 9 1 0 . . 3 3 1 1 7 7 0 9 . . 2 7 1 1 6 7 9 6 . . 3 7 1 1 7 7 1 8 . . 0 2 1 1 6 7 9 4 . . 0 7 1 1 6 6 5 9 . . 2 2 1 1 6 7 8 3 . . 5 5 1 1 6 6 1 8 . . 9 2 1 1 7 7 0 7 . . 9 7 1 1 7 7 0 6 . . 9 8 Miscellaneous manufactures 1.51 166.4 174.7 172.2 160.6 161.7 163.6 163.2 161.1 163.4 155.5 163.9 164.8 Nondurable manufactures Textiles, apparel, and leather 7.60 144.2 147.5 130.8 138.9 146.4 143.0 142.0 139.5 139.3 124.9 139.0 137. Textile mill products 2,90 154.2 156.5 145.0 152.1 155.5 154.1 154.3 151.5 147.4 135.9 146.8 148.6 A Le p a p t a h r e e r l a p n r d o d p u r c o t d s ucts 3 1 . . 5 1 9 1 1 1 4 0 9 1 . . 2 9 1 10 5 0 4 . .8 6 1 9 3 1 1 . . 4 6 1 9 4 6 1 . . 4 4 1 1 5 0 2 3 . . 3 6 1 1 4 0 7 0 . . 1 7 1 9 4 8 5 . . 2 7 1 9 4 8 2 . . 2 5 1 9 4 8 5 . . 8 3 1 8 28 6 . .0 2 1 9 4 9 4 . . 7 9 1 9 4 6 2 . . 0 1 Paper and printing 8.17 164.4 170.2 162.8 160.6 166.1 165.7 168.7 164.2 162.8 153.1 160.8 160.1 Paper and products 3.43 175.6 178.5 163.8 171.2 180.9 176.6 182.5 175.4 174.7 159.1 174.6 168.7 Printing and publishing 4.74 156.3 164.3 162.1 152.9 155.4 157.8 158.8 156 154.3 148.8 150.8 153.8 Newspapers 1.53 142.7 159.6 145.5 129.7 136.4 140.0 148.4 145.9 138.2 125.3 126.9 138.1 Chemicals, petroleum, and rubber.. 11.54 222.6 227.1 221.7 218.5 228.0 226.9 228.3 220.1 229.2 219.3 223.3 227.5 Chemicals and products 7.58 239.0 241.9 239.1 235.2 246.0 244.4 248.4 241.4 248.5 237.5 239.3 244.6 Industrial chemicals 3.84 283.0 288.2 286.6 277.7 290.0 287.6 295.0 281.3 287.2 276.0 276.5 284.8 Petroleum products 1.97 143.8 148.9 145.9 139.0 140. 141.5 142.0 145.0 152.2 153.2 155.3 156.3 Rubber and plastics products 1.99 238.7 248.6 230.1 233.7 246.7 245.2 237.0 213.3 232.4 215.4 229.8 232.5 Foods, beverages, and tobacco 11.07 139.0 141.2 134.0 132.6 135.5 134.6 135.2 137.5 142.7 140.4 153.6 154.2 Foods and beverages 10.25 140.7 143.0 137.3 133.9 136.6 136.1 136. 138.7 143.8 142.7 155.4 156.3 Food manufactures 8.64 136.7 142.3 135.3 132.5 134.0 132.2 130.6 133.2 136.9 138.1 152.8 154.6 To B b e a v c e c r o a g p e r s o ducts 1. . 6 82 1 1 1 6 1 1 7 . . 9 3 1 1 4 1 6 8 . . 9 5 1 9 4 3 8 . . 7 0 1 1 4 1 0 6 . . 9 5 1 1 5 2 0 2 . . 2 2 1 1 5 1 7 5 . . 0 0 1 1 6 2 5 4 . . 4 8 1 1 6 2 8 2 . . 5 0 1 1 8 2 0 9 . . 7 1 1 1 6 1 7 2 . . 3 0 1 1 6 3 9 1 . . 4 8 1 1 6 2 5 7 . . 4 7 Mining Coal, oil, and gas 6.80 127.4 130.2 131.9 130.4 134.1 132.8 132.4 134.0 132.7 122.9 133.5 136.5 C C o ru al d e oil and natural gas 1 5. .1 64 6 1 1 1 2 7 9 . . 7 3 1 1 2 3 3 1. . 5 8 1 1 1 3 7 4 . . 2 9 1 1 1 3 0 4 . .5 1 1 2 3 3 6 . . 8 3 1 1 2 3 2 4 . . 5 9 1 1 2 3 3 4 . . 9 2 1 1 3 3 5 3 . . 5 7 1 1 2 33 7 . . 2 1 9 2 4 8 . . 7 8 1 1 3 3 5 3 . . 2 2 1 1 3 3 5 6 . . 3 8 Oil C a r n u d d e g o as il extraction 4 4 . ..6 9 2 1 56 1 1 3 3 2 9 . . 0 0 1 1 4 3 1 3 . . 1 5 1 13 4 6 4 . . 3 6 1 13 4 5 3 . . 7 9 1 13 4 7 5 . . 0 8 1 13 4 6 4 . . 2 7 1 1 3 4 7 4 . . 4 9 1 1 4 3 3 6 . . 5 5 1 13 4 6 4 . . 1 0 1 13 3 1 9 . . 7 8 1 1 4 3 4 7 . . 4 0 1 1 4 4 8 1 . . 1 2 Gas and gas liquids 184.0 Oil and gas drilling .73 64.2 S M M t e o e t t n a a e l l a m s n t i d o n n i e e n a , g r a th n d m e in ar e t r h a ls minerals... 1.. .8 463 2 1 1 1 1 4 4 4 3 4 2 . . . 5 7 0 1 1 1 4 4 4 5 8 2 . . . 9 3 6 1 1 1 3 3 4 9 7 0 . . . 3 1 9 1 1 12 2 3 1 8 7 . . 3 0 1 1 1 3 4 2 3 2 6 . . . 6 9 6 1 1 1 3 3 4 9 3 7 . . . 7 9 6 1 1 1 4 5 4 6 1 3 . . . 9 2 8 1 1 1 5 4 6 6 8 7 . . . 2 1 0 1 1 1 6 6 5 1 9 4 .0 . . 8 4 1 1 1 5 6 5 9 1 7 . . . 0 5 2 1 1 1 6 6 5 0 4 7 . . . 2 5 0 1 1 1 5 5 6 7 2 3 . . . 2 6 3 Utilities Electric 4.04 233.0 256.7 240.3 231.6 229.2 268.0 280.2 Gas 1.28 74.1 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 • JANUARY 1971 SELECTED BUSINESS INDEXES (1957-59= 100, except as noted) Industrial production fac M tu a r n in u g - 2 Prices 4 PPPPeeeerrrriiiioooodddd TTToootttaaalll To M t F a a i l j n o a r l g s C m o u p o o m a r n d o r e - s k d r e u t E c m t q g s u e r n o ip t u - pin MM rr g iiaa aa s ll tt ss ee -- Mfg MM . aa gg jj rr oo oo rr M uu in ii pp i nn g n ii dd nn - uu gg ss ss ttrryy U i ti t e il s - p u p u p u p u iiiinnnn cccc tttt aaaa CCCC (((( tttt iiii eeee mmmm pppp cccc iiii llll aaaa oooo iiii nnnn iiii eeee ---- zzzz tttt ffff nnnn rrrr tttt yyyy aaaa )))) gggg ---- .... tttt ssss CCCC tttt rrrr cccc tttt iiii aaaa rrrr oooo oooo oooo cccc uuuu nnnn nnnn nnnn tttt cccc ---- ssss ---- ---- NNNN TTTT mmmm rrrr pppp tttt oooo iiii eeee oooo uuuu eeee cccc llll nnnn mmmm tttt oooo rrrr nnnn uuuu aaaa aaaa aaaa yyyy ---- tttt llll llll llll ———— ---- gggg ---- iiii ---- p m p m p m EEE lll eee mmm ooo nnn yyy --- ttt --- P r P r P rooo aaa lll yyy lllsss --- ssss TTTT rrrr aaaa eeee oooo llll tttt tttt aaaa eeee aaaa iiii ssss llll llll 3333 sss CCC uuu ooo mmm nnn eee --- rrr WWW mmm ccc sss ooo ooo hhh aaa mmm ddd lll ooo eee iii lll --- ttt eee yyy --- 1951 81.3 78.6 77.8 78.4 83.8 81.9 91.3 56.4 94.0 63 91.1 106.1 80.2 76 90.5 96.7 1952 84.3 84.3 79.5 94.1 84.3 85.2 90.5 61.2 91.3 67 93.0 106.1 84.5 79 92.5 94.0 1953 91.3 89.9 85.0 100.5 92.6 92.7 92.9 66.8 94.2 70 95.6 111.6 93.6 83 93.2 92.7 1954 85.8 85.7 84.3 88.9 85.9 86.3 90.2 71.8 83.5 76 93.3 101.8 85.4 82 93.6 92.9 1955 96.6 93.9 93.3 95.0 99.0 97.3 99.2 80.2 90.0 91 96.5 105.5 94.8 89 93.3 93.2 1956 99.9 98.1 95.5 103.7 101.6 100.2 104.8 87.9 87.7 92 99.8 106.7 100.2 92 94.7 96.2 1957 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 83.6 93 100.7 104.7 101.4 97 98.0 99.0 1958 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98.1 74.0 102 97.8 95.2 93.5 98 100.7 100.4 1959 105.6 105.7 106.6 104.1 105.4 106.0 99.7 108.0 81.5 105 101.5 100.1 105.1 105 101.5 100.6 1960 108.7 109.9 111.0 107.6 107.6 108.9 101.6 115.6 80.6 105 103.3 99.9 106.7 106 103.1 100.7 1961 109.7 111.2 112.6 108.3 108.4 109.6 102.6 122.3 78.5 108 102.9 95.9 105.4 107 104.2 100.3 1962 118.3 119.7 119.7 119.6 117.0 118.7 105.0 131.4 82.1 120 105.9 99.1 113.8 115 105.4 100.6 1961 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 84.5 173 129.3 115.2 167.9 165 121.2 108.7 162.5 221.2 133.8 117.3 180.8 171 127.7 113.0 1969-—Nov 171.4 168.4 160.5 185.6 174.6 171.8 132.6 226.0 178 134.8 116.2 182.8 172 130.5 114.7 Dec 171.1 168.5 160.7 185.2 173.9 171.3 134.4 227.9 I 8''7 218 134.9 116.2 185.0 172 131.1 115.1 ) 1970- 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 ( "79.8 215 135.4 115.0 179.9 175 132.5 116.4 171.1 169.7 162.0 186.3 171.7 170.8 135.1 230.3 J 208 135.6 115.2 182.2 174 133.2 116.6 170.2 168.5 163.2 179.0 171.9 170.0 133.9 233.8 1 203 135.5 114.2 179.3 179 134.0 116.6 169.C 167.7 163.2 177.3 170.4 168.1 134.8 234.9 } *78.0 170 134.9 112.6 176.7 178 134.6 116.8 June 168.8 167.1 162.8 176.3 171.2 168.0 135.5 235.4 1 186 134.5 112.3 178.6 178 135.2 117.0 July 169.2 166.8 163.5 173.7 171.4 168.5 133.8 236.3 l 180 134.4 111.9 178.1 180 135.7 117.7 168.8 166.5 163.5 173.C 171.2 167.7 137.1 235.8 }'»76.2 212 134.1 111101..91 179.0 180 136.0 117.2 Sept 165.8 '163.1 160.1 169.6 '168 9 163.7 138.9 242.8 I 183 134.3 178.4 181 136.6 117.8 Oct '162.3 '159.9 157.0 165.9 '165.C '159.4 139.9 '244.8 | 179 '133.6 '106.4 '168.9 '179 137.4 117.8 Nov '161.6 '159.3 '156.8 '164.6 164.C '158.8 140.0 239.5 f »72.3 202 133.4 '105.6 '168.6 '176 137.8 117.7 116633..99 116611..88 116600..55 116644..88 116655..77 116611..66 113399..33 224400..00 113333..99 110088..66 117777..44 117799 111177..88 Capacity utilization: Based on data from Federal Reserve, McGraw- 1 Employees only: excludes personnel in the Armed Forces. Hill Economics Department, and Department of Commerce. 2 Production workers only. Construction contracts: F. W. Dodge Co. monthly index of dollar 3 F.R. index based on Census Bureau figures. value of total construction contracts, including residential, nonresidential, 4 Prices are not seasonally adjusted. and heavy engineering; does not include data for Alaska and Hawaii. 5 Figure is for 4th quarter 1969. Employment and payrolls: Based on Bureau of Labor Statistics data; includes data for Alaska and Hawaii beginning with 1959. NOTE.—All series: Data are seasonally adjusted unless otherwise noted. Prices: Bureau of Labor Statistics data. CONSTRUCTION CONTRACTS AND PRIVATE HOUSING PERMITS (In millions of dollars, except as noted) 1970 Type of ownership and type of construction Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Total construction 1 61,732 67,425 4,406 5,228 4,927 5,249 6,140 6,757 5,417 6,552 6,177 6,229 5,144 By type of ownership: Public 19,597 22,656 1,427 1,727 1,433 1,652 2,037 1,791 1,695 2,814 2,312 2,078 1,869 2,023 Private 1 42,135 44,769 2,980 3,501 3,495 3,597 3,864 4,966 3,722 3,738 3,865 4,151 3,529 3,430 By type of construction: Residential building 1 24,838 25,219 1,675 1,744 1,475 1,482 1 ,974 2,466 2,122 2,347 2,347 2,349 2,176 2,301 1,947 Nonresidential building 22,512 25,667 1,566 2,168 2,252 2,269 2,191 2,412 1,749 2,469 2,469 2,331 1,943 1,862 1,701 Nonbuilding 14.382 16,539 1,165 1,317 1,201 1,498 1,975 1 ,877 1,544 1,361 1,361 1,549 1,278 1,289 1,497 Private housing units authorized.. 1,299 1,239 1,013 1,137 1,099 1,263 1,321 1,326 1,506 »1,508 (In thousands, S.A., A.R.) 1 Because of improved collection procedures, data for 1-family homes NOTE.—Dollar value of construction contracts as reported by the F. W. beginning Jan. 1968 are not strictly comparable with those for earlier Dodge Co. does not include data for Alaska or Hawaii. Totals of monthly periods. To improve comparability, earlier levels may be raised by ap- data exceed annual totals because adjustments—negative—are made into proximately 3 per cent for total and private construction, in each case, accumulated monthly data after original figures have been published. and by 8 per cent for residential building. Private housing units authorized are Census Bureau series for 13,000 reporting areas with local building permit systems. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1971 • CONSTRUCTION A 63 VALUE OF NEW CONSTRUCTION ACTIVITY (la millions of dollars) Private Nonresidential Conserd N f e r a e n o r s t m n i i - a - l Total In tr d i u al s - B m u C e i o l r d c m i i n a - g l s b O in u t g i h s l e d r 1 - Total M ta i r l y i- H w ig ay h - d v e m a v & t e e i l n o o t n 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 1963^ 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—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.. '90,721 '63,365 '29,829 33,777 6,230 10,577 5,857 11.113 27,115 746 May. '89,702 '62,656 '29,150 33,506 5,864 10,553 5,975 11.114 27,046 868 June. '90,090 '61,652 '27,698 33,954 5,892 10,903 5,878 11,281 '28,438 830 July.. '89,235 '60,795 '27,134 33,661 5,915 10,027 5,932 11,787 '28,440 592 Aug.. '90,031 '61,596 '27,639 33,957 6,241 10,188 5,959 11,569 '28,435 845 Sept.. '90,684 '62,489 '28,532 33,957 5,741 10,375 5,686 12,155 '28,195 738 Oct... 91,327 63,655 29,698 33,957 5,983 10,210 5,572 12,192 27,672 866 Nov.*. 91,059 63,285 30,540 32,745 6,086 8,924 5,688 12,047 27,774 758 1 Includes religious, educational, hospital, institutional, and other build- 4 Beginning 1963, reflects inclusion of new series under "Public" (for ings. State and local govt, activity only). 2 Sewer and water, formerly shown separately, now included in "Other." 3 Beginning July 1962, reflects inclusion of new series affecting most NOTE.—Monthly data are at seasonally adjusted annual rates. Figures private nonresidential groups. for period shown are Census Bureau estimates. NEW HOUSING UNITS (In thousands) Units started Private (S.A., A.R.) Government Mobile Private and public underwritten home (N.S.A.) (N.S.A.) ship- Region Type of structure ments . (N.S.A.) N e o a r s t t h - C N e o n r t t r h a l fam 1 i - ly 2 fa - m to il 4 y - f m 5 a o m -o r i e r l - y 196 1 1,313 247 277 473 316 974 339 1,365 1,313 328 244 83 90 196 2 1,463 264 290 531 378 991 471 1,492 1,463 339 261 78 118 196 3 1,610 261 328 591 431 1,021 589 1,642 1,610 292 221 71 151 196 4 1,529 253 339 582 355 972 1,562 1,529 264 205 59 191 196 5 1,473 270 362 575 266 964 87 422 1,510 1,473 246 197 49 216 196 6 1,165 207 288 473 198 779 61 325 1,196 1,165 195 115880 37 217 196 7 1,292 215 337 520 220 844 72 376 1,322 1,292 232 53 240 196 8 1.508 227 369 619 294 900 81 527 1,548 1,508 283 227 56 318 196 9 1,467 206 349 588 323 810 87 571 1,500 1,467 291 240 51 413 1969—Nov.. 1,280 164 267 517 332 762 83 435 97 95 23 19 4 33 Dec.. . 1,402 167 297 573 365 776 105 521 85 84 27 23 4 27 1970—Jan... 1,059 150 245 220 577 66 416 69 66 20 17 3 24 Feb.. . 1,306 243 209 525 329 725 72 509 77 74 21 18 4 24 Mar.. 1.392 319 290 519 264 708 70 614 117 111248 30 25 5 29 Apr... 1,224 222 255 524 223 697 57 470 130 37 32 5 40 May.. 1,242 190 228 566 258 728 81 433 127 125 42 37 5 33 June.. 1.393 176 311 592 314 835 78 480 141 135 46 41 5 35 July.. 1,603 264 335 652 352 827 95 681 143 141 49 43 6 37 Aug.. 1,425 181 298 640 306 838 19242 493 132 129 40 34 6 38 Sept.'. 1.509 198 262 673 376 881 506 133 131 40 34 6 41 Oct... 1,570 225 327 645 373 881 87 602 141 139 46 40 6 41 Nov.'' 1,692 251 367 731 343 933 119 640 128 127 39 34 5 30 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 • JANUARY 1971 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons, except as noted) Civilian labor force, S.A. Unemploy- Period i p T n o s o N t p t i a u t . l S u l a t . n i A t o o i . n o n n a - l l N ab o N o t . r S i n . f A o t r . h c e e T l f a S o o b . r t A o c a e r . l Total Total E In i m n c n d u p o u l l t s n o u t a y r r g a i e e l r d s i 1 - agric I u n lture U pl n o e y m ed - (pe m r S r a e . t A c n e e 2 t . nt) 1 1 1 1 1 1 9 9 9 9 9 9 6 6 6 6 6 6 9 6 8 4 5 7 3 1 1 1 1 1 1 3 3 3 3 2 2 7 5 3 1 9 7 , , , , , , 8 5 3 1 2 2 4 6 1 8 3 2 1 2 9 0 6 4 5 5 5 5 5 5 3 3 2 2 2 1 , , , , , , 2 6 5 0 2 3 9 0 2 5 8 9 1 2 7 8 8 4 7 8 7 7 8 8 2 7 4 8 0 5 , , , , , , 2 2 1 8 7 8 3 7 7 9 9 3 9 2 8 3 3 0 7 7 7 7 7 8 8 4 5 3 0 7 , , , , , , 7 4 7 0 7 3 3 9 3 5 4 7 7 1 3 5 7 0 7 7 7 7 7 6 5 7 4 2 1 9 , , , , , , 9 3 9 8 0 3 7 2 0 9 8 0 1 0 2 5 8 5 7 7 7 6 6 6 2 0 4 8 6 4 , , , , , , 1 5 2 9 7 7 0 2 9 1 2 8 3 7 6 5 6 2 4 3 3 4 3 3 , , , , , , 3 8 6 9 8 5 6 1 0 7 4 2 1 7 6 9 4 3 2 2 2 3 3 2 , , , , , , 8 8 9 8 7 3 3 1 7 7 8 6 1 7 5 5 6 6 4 3 3 3 5 3 . . . . . . 5 6 8 5 8 2 1969—Dec. 138,928 54,072 85,023 81,583 78,737 75,302 3,435 2,846 3.5 1970— J J A S D M O N M A F J u u e a e e u c o p a l n a p n b c t g y v r y e r . t . . . . . . . . . . . , , , 1 1 1 1 1 1 1 1 1 1 1 1 4 4 4 4 4 4 4 3 3 3 3 3 1 0 0 0 0 1 0 9 9 9 9 9 , , , , , , , , , , , , 3 4 6 0 2 8 4 0 8 0 6 2 0 9 6 7 5 8 9 4 8 9 8 9 1 1 8 5 9 6 7 6 4 9 7 8 5 5 5 5 5 5 5 5 5 5 5 5 4 5 5 4 3 2 4 2 4 4 4 4 , , , , , , , , , , , , 6 0 1 7 9 2 3 8 6 4 9 4 3 1 3 1 0 2 1 7 8 0 9 5 1 9 7 5 5 0 6 3 9 4 3 6 8 8 8 8 8 8 8 8 8 8 8 8 6 5 6 6 5 5 6 5 6 5 6 5 , , , , , , , , , , , , 4 8 4 0 9 3 1 7 4 5 1 5 5 1 3 8 6 0 4 8 3 4 9 9 9 0 2 7 7 4 0 3 2 3 9 0 8 8 8 8 8 8 8 8 8 8 8 8 3 2 2 2 3 3 2 3 2 2 2 2 , , , , , , , , , , , , 0 6 5 1 4 3 8 3 7 2 2 8 3 7 5 2 4 9 1 5 6 1 4 7 1 6 5 5 6 3 3 3 9 3 9 2 7 7 7 7 7 7 7 7 7 7 7 7 8 8 8 8 8 9 8 8 9 8 8 8 , , , , , , , , , , , , 4 4 5 4 2 0 6 8 1 4 6 9 4 2 3 7 2 4 8 2 1 4 3 2 5 4 5 2 5 1 6 2 2 9 8 4 7 7 7 7 7 7 7 7 7 7 7 7 5 5 5 5 5 4 4 5 5 5 5 5 , , , , , , , , , , , , 0 0 0 6 2 3 8 3 5 1 6 3 6 2 2 7 0 9 3 2 6 1 1 3 1 5 5 1 2 8 6 3 2 9 5 8 3 3 3 3 3 3 3 3 3 3 3 3 , , , , , , , , , , , , 3 4 4 5 5 3 4 2 6 5 4 5 1 9 2 1 3 9 5 8 1 5 2 8 1 9 0 9 3 9 0 3 8 4 6 6 4 4 4 4 4 4 4 3 3 3 3 3 , , , , , , , , , , , , 2 6 1 1 9 6 8 4 6 1 9 9 3 0 7 0 2 5 7 6 7 5 4 0 1 7 5 6 7 7 4 2 7 8 8 0 5 5 4 4 5 4 5 5 5 6 3 4 . . . . . . . . . . . . 1 5 6 2 7 8 4 0 0 9 8 0 1 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Bureau of Labor Statistics. Information relating to persons 16 2 Per cent of civilian labor force. years of age and over is obtained on a sample basis. Monthly data relate 5 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) M t a u n r u in f g a c- Mining c C o o n t n i s o t t r n r a u c c t - t T l i i o r c a n n u & s ti p l i o p t r i u e t b a s - - Trade Finance G m ov e e n r t n - 1 1 1 1 1 1 9 9 9 9 9 9 6 6 6 6 6 6 4 9 5 6 7 8 5 6 6 7 6 6 7 8 0 5 0 3 , , , , , , 9 3 2 8 8 9 1 3 7 1 5 5 5 1 4 7 5 5 2 1 1 1 1 1 0 7 9 8 9 9 , , , , , , 1 7 2 0 4 2 8 6 7 6 4 1 1 9 4 2 7 4 6 6 6 6 6 6 1 0 3 1 3 2 9 6 4 3 2 7 3 3 3 3 3 3 , , , , , , 2 2 2 0 4 1 0 7 8 5 3 8 8 5 5 0 7 6 4 3 4 4 4 4 , , , , , , 9 1 2 4 3 0 5 5 6 3 1 3 1 1 1 1 0 6 1 1 1 1 1 1 4 2 4 3 3 2 , , , , , , 6 1 2 0 6 7 4 6 4 0 8 1 5 0 5 6 4 6 2 3 3 3 3 3 , , , , , , 9 5 1 2 0 3 5 0 5 2 2 8 7 0 7 5 3 2 1 1 1 8 9 9 1 9 0 , , , , , , 5 7 2 0 6 0 5 0 1 8 2 9 1 1 9 7 3 9 1 1 1 1 1 9 1 2 0 1 0 , , , , , , 5 8 2 7 3 0 9 4 9 0 9 7 6 5 2 4 8 4 SEASONALLY ADJUSTED 1969—De c 70,842 20,082 3,496 4,469 14,750 3,626 11,431 12,361 1970— J J N D A S O F M M A J u u a e e e o c p u n l n a a p b t y c r g v y r e t . . " ? 7 7 7 7 7 7 7 7 7 7 7 7 0 1 0 0 0 0 0 0 0 1 0 1 , , , , , , , , , , , , 5 1 3 5 0 1 6 4 9 1 8 2 8 3 3 6 7 8 2 9 4 3 1 4 7 1 5 4 6 2 9 2 9 9 4 2 2 1 1 1 1 1 1 1 1 1 1 1 0 9 8 9 8 9 8 9 9 9 9 9 , , , , , , , , , , , , 2 0 9 4 5 7 6 9 4 9 5 2 7 4 2 1 0 9 8 3 7 4 7 8 1 7 0 8 2 5 4 7 7 4 2 5 66 6 6 6 6 6 6 6 6 6 6 2 1 2 2 1 2 2 2 2 2 2 2 5 9 0 1 5 1 6 6 0 2 6 8 3 3 3 3 3 3 3 3 3 3 3 3 , , , , , , , , , , , , 3 3 3 3 3 4 4 4 2 3 3 2 5 0 0 8 1 2 6 2 7 9 0 6 1 8 5 1 4 4 6 6 8 4 0 2 4 4 4 4 4 4 4 4 4 4 4 4 , , , , , , , , , , , , 5 4 5 5 4 5 5 5 4 4 5 4 1 1 3 0 4 9 2 0 9 7 0 6 1 1 9 9 3 4 0 7 6 8 2 8 1 1 1 1 1 1 1 1 1 1 1 1 4 4 4 4 5 4 4 4 4 4 4 4 , , , , , , , , , , , , 9 9 0 9 9 9 9 9 8 9 9 9 9 6 1 3 3 1 8 2 2 3 6 8 1 1 1 1 3 2 7 7 7 8 8 4 3 3 3 3 3 3 3 3 3 3 3 3 , , , , , , , , , , , , 7 7 6 6 6 6 6 6 6 6 6 6 1 2 7 9 7 4 6 7 7 5 7 8 1 0 6 6 9 8 5 0 3 2 7 4 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1, , , , , , , , , , , ,65 7 6 6 5 5 5 4 5 5 5 1 2 6 9 2 3 1 3 7 7 3 6 8 1 5 5 2 4 0 2 2 7 4 2 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , , , , 5 5 8 4 6 7 5 7 5 3 6 5 9 9 0 4 0 5 1 7 8 9 1 0 1 6 3 1 1 9 8 2 5 0 0 3 NOT SEASONALLY ADJUSTED 1969—De c 71,760 20,110 3,398 4,478 15,638 3,608 11,351 12,554 1970— N D J J O F M A M A S J u u a e e e o c u p n l a a n b c p t y g r v y r e . t ® . f 7 7 7 7 7 6 7 7 7 7 7 7 0 0 1 0 0 0 1 9 0 0 0 0 , , , , , , , , , , , , 5 6 3 6 6 0 3 9 7 4 7 9 2 0 0 9 3 2 8 3 5 8 2 6 7 9 2 2 2 9 5 3 8 0 2 0 1 1 1 1 1 1 1 1 1 1 1 1 9 9 8 8 9 9 9 8 9 9 9 9 , , , , , , , , , , , , 3 4 9 6 6 8 7 8 7 4 5 6 2 4 4 5 2 2 7 5 3 1 2 9 5 6 6 3 7 4 0 0 2 2 7 4 6 6 6 6 6 6 6 6 6 6 6 6 3 3 2 3 0 2 2 2 1 1 2 1 5 6 5 8 4 2 6 0 8 1 1 0 3 3 3 3 3 3 3 3 3 3 3 3 , , , , , , , , , , , , 0 5 2 1 4 6 5 3 0 3 2 5 7 1 6 7 7 0 7 0 4 4 8 0 1 5 1 1 2 6 6 4 8 4 6 0 4 4 4 4 4 4 4 4 4 4 4 4 , , , , , , , , , , , , 5 5 4 5 5 5 4 4 4 4 5 4 6 6 1 3 7 9 3 5 6 2 2 4 1 1 6 5 4 3 2 2 9 7 0 3 1 1 1 1 1 1 1 1 1 1 1 1 4 4 4 5 4 4 5 4 4 4 5 4 , , , , , , , , , , , , 8 9 7 7 9 6 1 8 8 0 7 9 6 0 1 2 9 3 0 7 1 7 3 0 9 7 7 4 4 8 6 6 8 8 6 0 3 3 3 3 3 3 3 3 3 3 3 3 , , , , , , . , . , , , 7 6 7 6 7 6 6 7 6 6 6 6 0 1 3 8 3 0 9 9 0 3 5 7 1 5 2 9 8 4 6 5 8 9 8 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , , , 6 6 3 7 6 2 5 6 6 4 6 6 4 4 5 1 9 5 6 3 6 7 3 3 8 1 7 7 8 4 4 6 0 7 3 4 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 3 2 2 2 , , , , , , , , , , , , 0 0 6 7 1 9 5 7 4 6 4 8 1 2 3 5 1 3 8 2 5 1 8 5 6 1 9 7 7 1 2 6 6 0 0 8 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

JANUARY 1971 • EMPLOYMENT AND EARNINGS A 65 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted1 Not seasonally adjusted 1 Industry group Total 14,638 13,405 13,297 13,680 14,680 13,575 13,414 13,718 Dura O bl r e d n go an od ce s and accessories . 8,5 1 1 6 6 4 7,51024 2 7,3 1 8 1 8 8 7,71714 6 8,51566 6 7,51527 2 7,4 1 4 1 0 9 7,8 1 0 1 8 7 Lumber and wood products 524 495 490 487 516 498 487 480 Furniture and fixtures 396 374 373 370 400 378 377 374 Stone, clay, and glass products 527 500 496 497 520 506 499 490 Primary metal industries 1,103 1,005 983 1,012 1,093 985 969 1,002 Fabricated metal products 1,110 1,002 986 1,039 1,120 1,012 999 1,048 Machinery 1,391 1,233 1,217 1,229 1,387 1,223 1,206 1,226 Electrical equipment and supplies 1,255 1,213 1,181 1,220 1,274 1,229 1,199 1,238 Transportation equipment 1,403 977 967 1,220 1,440 999 987 1,252 Instruments and related products 292 267 264 260 294 268 265 262 Miscellaneous manufacturing industries.. 351 316 313 324 346 337 333 319 Nondurable goods 6,122 5,901 5,909 5,906 6,124 6,018 5,974 5,910 Food and kindred products 1,213 1,184 1,197 1,195 1,202 1,266 1,226 1,184 Tobacco manufactures 64 63 64 64 70 75 70 71 Textile-mill products 874 830 828 832 875 834 833 833 Apparel and related products 1,238 1,196 1,203 1,200 1,235 1,212 1,215 1,198 Paper and allied products 557 535 537 533 560 536 540 536 Printing, publishing, and allied industries 691 676 675 677 696 678 679 681 P C e h t e r m ol i e c u a m ls r a e n f d in i a n l g li e a d n d p r r o e d la u t c e t d s industries. 612108 6 1 0 1 3 6 5 1 9 1 8 6 5 1 9 1 6 7 6 1 1 1 6 5 5 1 9 1 9 7 5 1 9 1 5 6 5 1 9 1 2 5 Rubber and misc. plastic products 457 423 420 422 463 427 426 427 Leather and leather products 290 275 271 270 292 274 274 273 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 l (per week; S.A.) (dollars per week; N.S.A.) (dollars per hour; N.S.A.) IInndduussttrryy ggrroouupp 1969 1970 1969 1970 1969 1970 Dec. Oct. Nov.P Dec.P Dec. Oct. NOV.P Dec.® Dec. Oct. Nov.? Dec." 40.7 39.4 39.6 39.7 134.89 133.45 134.58 138.40 3.29 3.37 3.39 3.46 41.3 39.9 40.0 40.1 145.53 142.76 143.56 149.04 3.49 3.56 3.58 3.68 Ordnance and accessories 40.5 40.1 40.3 40.5 143.91 147.53 151.03 154.57 3.51 3.67 3.72 3.77 40.3 39.2 39.8 40.3 113.88 120.78 120.48 121.50 2.84 3.05 3.05 3.03 40.0 39.2 39.4 39.4 110.57 111.72 111.56 114.17 2.71 2.80 2.81 2.84 Stone, clay, and glass products 42.1 41.0 41.0 41.4 137.76 143.66 143.85 144.55 3.28 3.47 3.50 3.50 Primary metal industries 41.7 39.9 39.5 39.9 161.38 157.61 156.81 162.79 3.87 3.99 3.99 4.08 41.5 40.1 40.0 40.6 143.79 142.61 142.31 150.51 3.44 3.53 3.54 3.68 42.6 40.4 40.6 40.6 160.33 153.92 155.09 157.85 3.72 3.81 3.82 3.85 40.3 39.7 39.5 39.6 129.65 132.47 133.67 136.68 3.17 3.32 3.35 3.40 41.4 39.8 39.7 40.2 170.49 162.41 163.22 173.02 4.04 4.01 4.03 4.22 40.9 39.8 39.9 39.5 134.23 136.00 136.74 138.45 3.25 3.40 3.41 3.47 Miscellaneous manufacturing industries... 39.3 38.3 38.6 38.6 109.02 110.30 111.64 113.68 2.76 2.85 2.87 2.93 39.8 38.9 38.9 39.0 119.60 122.07 123.17 124.26 2.99 3.13 3.15 3.17 40.8 40.5 40.3 40.6 124.64 129.92 131.22 133.01 3.04 3.20 3.24 3.26 36.2 38.1 38.7 36.5 98.26 111.50 114.46 108.70 2.67 2.83 2.95 2.93 40.9 39.6 39.6 39.7 99.95 99.75 100.80 101.45 2.42 2.50 2.52 2.53 36.0 34.9 35.4 35.5 84.37 84.46 86.38 86.38 2.35 2.42 2.44 2.44 Paper and allied products 42.8 41.7 41.7 41.5 144.29 147.07 147.91 148.75 3.34 3.51 3.53 3.55 38.6 37.4 37.5 37.6 148.59 150.38 150.75 154.28 3.81 4.01 4.02 4.06 41.8 41.3 41.3 41.3 150.36 155.70 156.87 157.70 3.58 3.77 3.78 3.80 42.3 43.2 42.9 43.1 170.97 187.05 186.19 184.45 4.10 4.31 4.33 4.34 41.1 39.6 39.4 39.4 130.41 129.60 130.22 131.74 3.14 3.24 3.28 3.31 Leather and leather products 37.7 37.0 37.2 37.1 93.45 92.00 93.62 94.63 2.44 2.50 2.51 2.51 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 • JANUARY 1971 CONSUMER PRICES (1957-59= 100) Housing Health and recreation PPeerriioodd iitt AA eemm llll ss FFoooodd Total Rent H o s w o h n m ip e e r - - F c a o o u n i a e d l l l t e r G a i l n c e a d i c s t - y o n F i p a n i u e n s g d r h r s - a - - AA uupp pp aa kk pp nn ee aa dd ee rr ee pp ll TT pp tt oo rr ii aa rr oo nn tt nn aa ss -- -- Total M c ic a e a r d e l - s P c o a e n r r a e - l r R e t a c i e i n n r o a e g d n d a - - g O s a i o e c t n o r h e d v d s e - s r tion 55559999....7777 55555555....6666 88885555....4444 1933 44445555....1111 33335555....3333 66660000....8888 1941 55551111....3333 44444444....2222 6611..44 66664444....3333 4455..22 8888..33 5511..22 5500..66 4477..66 5577..33 5588..22 1945 66662222....7777 55558888....4444 6677..55 66666666....1111 5533..66 8866..44 5555..44 5577..55 6633..66 7755..00 6677..33 I960. 103.1 101.4 103.1 103.1 103.7 99.5 107.0 101.5 102.2 103.8 105.4 108.1 104.1 104.9 103.8 1961 , 104.2 102.6 103.9 104.4 104.4 101.6 107.9 101.4 103.0 105.0 107.3 111.3 104.6 107.2 104.6 1967 105.4 103.6 104.8 105.7 105.6 102.1 107.9 101.5 103.6 107.2 109.4 114.2 106.5 109.6 105.3 1961 106.7 105.1 106.0 106.8 107.0 104.0 107.8 102.4 104.8 107.8 111.4 117.0 107.9 111.5 107.1 1964 108.1 106.4 107.2 107.8 109.1 103.5 107.9 102.8 105.7 109.3 113.6 119.4 109.2 114.1 108.8 1965 109.9 108.8 108.5 108.9 111.4 105.6 107.8 103.1 106.8 111.1 115.6 122.3 109.9 115.2 111.4 1966. 113.1 114.2 111.1 110.4 115.7 108.3 108.1 105.0 109.6 112.7 119.0 127.7 112.2 117.1 114.9 1967 116.3 115.2 114.3 112.4 120.2 111.6 108.5 108.4 114.0 115.9 123.8 136.7 115.5 120.1 118.2 1968 121.2 119.3 119.1 115.1 127.0 115.1 109.5 113.0 120.1 119.6 130.0 145.0 120.3 125.7 123.6 1969 127.7 125.5 126.7 118.8 139.4 117.7 111.5 117.9 127.1 124.2 136.6 155.0 126.2 130.5 129.0 1969—Nov 130.5 128.1 129.8 120.5 144.5 118.9 113.2 119.6 130.7 125.6 139.1 157.4 127.8 132.3 133.1 Dec 131.3 129.9 130.5 121.0 145.4 119.2 113.7 120.0 130.8 126.4 139.6 158.1 128.1 132.7 133.5 1970—Jan 131.8 130.7 131.1 121.3 146.8 119.7 114.1 120.1 129.3 127.3 140.1 159.0 128.5 133.1 133.9 Feb 132.5 131.5 132.2 121.8 148.5 120.6 114.6 120.8 130.0 127.3 140.7 160.1 129.0 133.2 134.3 133.2 131.6 133.6 122.3 150.9 120.8 114.8 121.6 130.6 127.1 141.4 161.6 129.6 133.6 134.8 Apr 134.0 132.0 134.4 122.6 152.1 120.9 115.7 122.0 131.1 128.9 142.3 162.8 129.8 134.4 135.6 134.6 132.4 135.1 123.0 153.3 121.0 115.8 122.5 131.9 129.9 142.9 163.6 130.3 135.2 136.1 135.2 132.7 135.6 123.4 154.4 121.2 115.3 122.8 132.2 130.6 143.7 164.7 130.2 136.1 136.7 July 135.7 133.4 136.2 123.8 155.0 122.3 115.7 123.0 131.4 131.4 144.3 165.8 130.6 136.6 137.3 136.0 133.5 137.0 124.2 156.2 122.9 116.4 123.2 131.5 130.6 145.1 166.8 131.3 137.1 138.1 Sept 136.6 133.3 137.8 124.6 157.8 124.3 116.8 123.6 133.6 131.0 145.7 167.6 131.7 137.7 138.8 Oct 137.4 133.0 138.5 125.2 158.6 125.5 118.0 123.9 134.8 133.5 146.3 167.9 132.1 138.4 139.5 Nov 137.8 132.4 139.3 125.7 159.3 127.1 119.2 124.5 135.7 134.4 146.9 168.7 132.3 139.3 139.8 NOTE.—Bureau of Labor Statistics index for city wage-earners and clerical workers. WHOLESALE PRICES: SUMMARY (1957-59=100) Industrial commodities Pro- Period m c t A o o ie m l d s l i - - p F u r a c o r t m d s - c f f e o a e s n o e s d d d e s d s T t e il e t e c x s . - , H e i t d c e . s, F e u tc e . l , C ic e h a t e c l m s . , - R b e u t e c r b . , - L b e u e t m c r . , - P e a t p c e . r, M a e l t e s c t , . - e c m M a q e h n u e r i a y d n n i - p - t - F t e u u t r r c e n . , i - N t e m m a r o l i a e l n n l i - s c - - T e p m t q r o i e a o u r n n n i t p a s t! - - - n c M e el o i l s u a - s - 1960 100.7 96.9 100.0 101.3 101.5 105.2 99.6 100.2 99.9 100.4 101.8 101.3 102.9 100.1 101.4 101.7 1961. 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 1967 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 1963 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 1964 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 1965 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 1966 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 1967 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 1968, 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 1969 113.0 108.5 119.8 112.7 108.0 125.8 104.6 98.3 102.1 132.0 108.2 118.9 119.0 106.1 112.8 100.7 114.7 1969—Nov 114.7 111.1 121.8 114.2 109.2 126.8 105.5 98.9 104.4 123.9 109.3 122.9 121.0 106.9 113.9 102.7 117.0 Dec 115.1 111.7 122.6 114.6 109.2 126.5 106.1 98.8 104.5 122.5 109.5 123.8 121.9 107.2 114.5 102.7 117.0 1970—Jan 116.0 112.5 125.1 115. 109.5 126.6 105.6 99.1 104.7 121.6 llt.l 124.9 122.5 107.5 116.5 102.9 117.4 Feb 116.4 113.7 125.2 115.5 109.4 126.7 106.4 99.5 104.6 120.2 111.8 126.1 122.8 107.9 116.9 102.9 117.5 Mar. 116.6 114.3 124.9 115.8 109.5 126.8 106.3 100.0 104.4 119.5 112.1 127.0 123.1 108.1 117.3 103.2 117.8 116.6 111.3 124.9 116.2 109.3 128.5 107.5 100.4 104.2 120.1 112.5 127.8 123.4 108.3 117.8 103.1 117.8 May 116.8 111.0 124.1 116.6 109.3 127.9 109.1 100.6 104.2 121.0 112.3 128.7 123.7 108.3 117.9 103.2 118.2 June 117.0 111.3 124.8 116.7 109.3 127.3 108.6 100.5 104.1 120.2 112.2 129.1 124.1 108.6 117.9 103.3 121.0 July 117.7 113.1 126.6 116.9 109.2 127.1 108.9 100.9 105.6 119.6 112.5 129.0 124.7 108.8 118.1 103.2 121.4 Aug 117.2 108.2 126.1 117.1 109.5 127.1 109.6 101.1 106.3 120.2 112.3 128.8 124.8 108.9 118.5 103.3 121.5 Sept 117.8 111.8 126.2 117.4 109.6 127.3 111.0 100.9 106.0 120.4 112.4 128.7 125.3 109.0 118.7 103.6 121.9 Oct 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 Nov. 117.7 106.7 124.8 118.3 109.2 128.4 113.7 101.6 105.7 117.9 112.8 128.0 126.5 109.6 119.5 108.5 122.2 1 For transportation equipment, Dec. 1968=100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1971 • PRICES A 67 WHOLESALE PRICES: DETAIL (1957-59= 100) 1969 1970 Group Group Nov. Sept. Oct. Nov. Nov. Sept. Farm products: Pulp, paper, and allied products: Fresh and dried produce. 125.3 113.4 102.4 109.4 Pulp, paper and products, excluding Grains 81.7 100.5 96.0 96.1 building paper and board 109.9 113.2 Livestock 116.6 114.9 111.8 102.3 Woodpulp 98.0 109.6 Live poultry 86.3 81.7 76.5 78.0 Wastepaper 107.0 90.0 Plant and animal fibers.. 66.0 64.9 64.1 63.4 Paper 117.0 122.6 Fluid milk 137.6 140.3 140.6 142.2 Paperboard 96.0 95.9 Eggs 139.8 117.6 88.2 99.3 Converted paper and paperboard.. 110.6 113.3 Hay and seeds 103.4 118.3 123.0 124.7 Building paper and boanl 94.4 92.8 Other farm products 115.9 118.7 117.1 120.9 Processed foods and feeds: Metals and metal products: C M e e r a e t a , l p a o n u d l t b ry a , k e a r n y d p f r is o h d ucts 1 12 2 0 1 . . 5 9 1 1 2 2 7 0 . . 9 9 1 1 2 1 8 6 . . 7 4 1 1 2 1 9 4 . . 5 2 I S r t o e n e lm an i d ll s p t r e o e d l ucts 1 1 1 1 3 6 . . 7 4 1 1 2 2 0 2 . . 9 8 Dairy products 131.2 135.8 136.5 136.8 Nonferrous metals. 146.4 148.4 Processed fruits and vegetables.... 116.3 120.1 119.1 119.6 Metal containers 120.6 126.1 Sugar and confectionery 127.9 133.6 134.0 133.5 Hardware 122.7 128.0 Beverages and beverage materials. 116.0 121.5 121.9 122.2 Plumbing equipment 122.2 127.0 Animal fats and oils 123.0 118.0 117.8 124.2 Heating equipment 99.3 103.8 Crude vegetable oils 97.0 104.2 117.6 126.7 Fabricated structural metal products 113.6 119.4 V Re e f g i e n t e a d b l v e e o g i e l t e ab nd le p o r i o ls d ucts 1 9 0 1 6 . . 1 5 1 11 0 4 4 . . 5 8 1 11 1 7 4 . . 5 4 1 1 2 2 3 1 . . 6 4 Miscellaneous metal products 124.4 133.1 Miscellaneous processed foods.... 127.2 129.7 128.6 127.6 Manufactured animal feeds 119.5 131.2 127.7 129.3 Machinery and equipment: Textile products and apparel: Agricultural machinery and equip... 135.8 138.4 C W M o a o t n o to l m n p a r p d o e r d o u d f c i u b t c s e t r s textile products. 1 1 9 0 0 1 4 6 . . . 5 6 0 1 1 8 0 0 7 6 2 . . . 1 4 0 1 1 8 0 0 5 0 6 . . . 7 9 7 1 1 8 0 0 4 6 0 . . . 8 9 9 C M G o e e n n ta s e l t r w r a u l o c r t k p io i u n n r g p m o m s a a e c c h h i m i n n e a e r c r y h y i a n a n e n d r d y e e q q u a u n i i p d p . . . 1 1 3 3 6 8 . . 5 6 1 14 4 1 2 . . 5 2 Silk yarns 184.6 193.2 193.4 190.1 equipment Apparel 116.7 119.6 119.9 120.0 Special industry machinery and Textile housefurnishings 108.0 111.3 111.2 111.2 equipment (Jan. 1961= 100) 130.6 135.8 Miscellaneous textile products... 129.6 128.4 125.4 125.2 Electrical machinery and equip.... 106.0 109.4 Miscellaneous machinery 120.4 124.0 Hides, skins, leather, and products: Hides and skins 110.4 93.8 97.2 102.9 Furniture and household durables: Leather 119.6 116.8 118.1 118.4 Footwear 135.5 138.8 139.0 139.0 Household furniture 123.6 126.5 Other leather products.. 118.6 121.0 121.0 121.1 Commercial furniture 124.0 128.4 Floor coverings 93.1 92.7 Fuels and related products, and power: Household appliances 93.6 95.0 Home electronic equipment 77.7 77.2 Coal 123.5 165.3 181.0 181.6 Other household durable goods... 131.1 136.5 Coke 126.9 141.0 163.4 163.4 Gas fuels (Jan. 1958= 100) 128.8 142.9 143.0 142.4 Electric power (Jan. 1958= 100)., 103.4 106.1 108.0 109.0 Nonmetallic mineral products: Crude petroleum 104.5 103.3 103.3 103.3 Petroleum products, refined 101.6 103.8 103.8 105.4 Flat glass 116.2 122.1 Concrete ingredients 116.7 122.6 Chemicals and allied products: Concrete products 113.6 119.7 Structural clay products excluding I P P D A P F n l r a a g r a d e i t u r s n s p u i g t t c a s i s a c t u r m n r e l a i r d t d a a n e u t l s d r o e p i a c i n r a p l l h i s s i a h e n c , l a a m h t s i n r n e i m d m e c d a a m i l i c c s b e a a l u l t e s e t i r a c ia n a l d l s s products. 1 1 7 9 9 9 8 0 2 9 3 4 6 7 0 0 . . . . . . . 6 1 2 5 7 8 3 1 1 9 9 8 9 9 0 2 2 4 1 1 8 4 2 . . . . . . . 1 1 2 8 7 0 8 1 1 9 9 8 9 9 2 1 5 1 1 8 2 3 7 . . . . . . . 1 0 3 9 7 2 4 1 1 9 9 9 8 9 2 2 5 2 2 0 8 3 3 . . . . . . . 5 6 7 5 9 2 2 R O A G G e t l s y r h a f p p e s r e h f s s a r r a u c a c l n m t t c o o o t n r r n o p o i t m r e r a o i o s i e f e n d i s t n e a u r g l c s l t i s c minerals 1 1 1 1 1 9 1 1 1 1 0 4 6 0 8 7 9 . . . . . . 1 0 5 6 2 8 1 1 1 1 9 9 1 2 2 2 5 9 4 0 5 2 . . . . . . 3 2 8 9 7 0 Other chemicals and products 114.9 118.5 118.4 118.5 Rubber and plastic products:1 Transportation equipment: Crude rubber 88.7 85.5 84.9 84.8 Motor vehicles and equipment.. 109.0 109.7 Tires and tubes 101.7 107.5 107.5 107.5 Railroad equipment (Jan. 1961—100) 115.1 119.5 Miscellaneous rubber products 113.0 119.6 120.2 120.0 Plastic construction products (Dec. 1969 = 100) 95.5 95.5 94.7 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms, ammunition 112.8 116.4 Lumber 129.3 124.1 123.4 121.6 Tobacco products 124.0 132.1 Millwork 133.2 129.7 128.3 128.0 Notions 107.2 110.4 Plywood 99.6 98.9 96.3 94.3 Photographic equipment and supplies 115.0 117.5 Other wood products (Dec. 1966 = 100) 116.7 119.2 119.2 119.2 Other miscellaneous products... 114.9 118.8 1 Retitled to include the direct pricing of plastic construction products; incorporate (1) new weights beginning with Jan. 1967 data and (2) various continuity of the group index is not affected. classification changes. Back data not yet available for some new classi- NOTE.—Bureau of Labor Statistics indexes as revised in Mar. 1967 to fications. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 68 NATIONAL PRODUCT AND INCOME • JANUARY 1971 GROSS NATIONAL PRODUCT (In billions or dollars) 1969 1933 1941 1950 1965 1966 1967 1968 II III G Fi r n o a s l s p n u a r t c i h o a n s a e l s product. 1 10 0 1 3 . . 4 1 5 57 5 . . 2 6 1 12 2 0 4 . . 1 5 2 27 8 8 4 . . 0 8 6 67 8 5 4 . . 3 9 7 7 4 35 9 . . 1 9 7 7 9 85 3 . . 7 9 8 85 6 7 5 . . 4 0 9 92 3 2 1 . . 9 4 9 93 4 1 2 . . 2 6 9 94 5 4 1 . . 5 7 9 95 5 7 9 .9 .5 9 96 7 8 1 .1 .1 9 98 8 0 5 . . 0 5 Pe D r N s u o o r n n a a d b l u le r c a o g b n o l s e u o m d g s o p o ti d o s n expenditures.. 7 3 9 7 7 . . . 2 2 7 4 2 3 2 5 . . . 5 3 8 4 8 9 2 0 . . . 6 9 6 1 9 3 9 8 0 1 . . . 1 5 0 4 1 6 3 9 6 2 1 . . . 3 1 8 4 20 7 6 6 0 6 . . . 9 8 3 4 2 9 7 1 3 2 5 . . . 1 1 0 2 5 8 3 3 4 0 5 . . . 2 0 8 5 2 9 4 7 5 7 0 . 0 . 8 5 2 5 8 4 8 8 9 2 . . . 1 5 1 2 5 9 5 9 0 2 2 . . . 8 0 6 6 2 8 5 0 9 8 3 . . . 8 1 1 6 2 9 6 1 1 2 4 . . . 9 6 4 2 6 9 6 2 1 5 2 . . . 2 8 1 Services 30.3 20.1 28.1 62.4 175.5 188.6 204.0 221.6 241.6 244.5 249.8 255.2 259.9 265.1 Gross private domestic investment. 16.2 1.4 17.9 54.1 108.1 121.4 116.6 126.5 139.8 143.8 140.2 133.2 134.3 138.3 Fixed investment 14.5 3.0 13.4 47.3 98.5 106.6 108.4 118.9 131.4 132.4 133.0 131.6 131.2 132.7 Nonresidential 10.6 2.4 9.5 27.9 71.3 81.6 83.3 88.7 99.3 101.5 102.6 102.6 102.8 103.6 Structures. 5.0 .9 2.9 9.2 25.5 28.5 28.0 29.6 33.8 35.2 35.1 35.7 35.3 35.0 Producers' durable equipment. 5.6 1.5 6.6 18.7 45.8 53.1 55.3 59.1 65.5 66.3 67.5 66.9 67.5 68.6 Residential structures 4.0 .6 3.9 19.4 27.2 25.0 25.1 30.3 32.0 31.0 30.4 29.1 28.4 29.2 Nonfarm. 3.8 .5 3.7 18.6 26.7 24.5 24.5 29.7 31.5 30.4 29.8 28.4 27.8 28.6 Ch N an o g n e f a in rm b usiness inventories 1 1. . 7 - -1 1 . . 4 6 4 4 . . 5 0 6 6 . . 8 0 9 8 . . 6 6 1 1 4 5 . . 8 0 8 7 . .5 2 7 7 . . 6 5 8 8 . . 5 0 1110.3 7 6 . . 2 5 1 . . 9 6 32..16 5 5 . . 5 0 Net exports of goods and services. 1.1 .4 1.3 1.8 6.9 5.3 5.2 2.5 1.9 2.6 2.6 3.5 4.1 4.2 Exports 7.0 2.4 5.9 13.8 39.2 43.4 46.2 50.6 55.5 58.3 58.8 61.1 62.8 62.8 Imports 5.9 2.0 4.6 12.0 32.3 38.1 41.0 48.1 53.6 55.6 56.2 57.6 58.7 58.6 Go F v e e d r e n r m al e nt purchases ot goods and services. 8 1. . 3 5 8 2. . 0 0 2 16 4 . . 9 8 3 1 7 8. . 4 9 1 6 3 6 7 . . 9 0 1 7 5 7 6 . . ' 8 1 9 8 0 0 . . 7 1 2 9 0 9 0 . . 5 2 2 10 1 1 2 . . 3 2 2 10 1 2 4 . . 5 1 2 10 1 2 6 . . 1 3 2 10 1 2 9 . . 3 6 29189..47 2 9 2 8 1 . . 6 0 National defense 13.8 14.1 50.1 60.7 72.4 78.0 78.8 79.8 78.8 79.3 76.8 75.8 Sta O te t h a e n r d local 3 7 . . 1 9 1 4 9 . . 3 5 7 1 0 6 . . 1 8 7 1 9 7 . . 0 1 8 1 9 8 . . 4 4 1 2 0 1 0 . . 5 7 12120.6 1 2 1 2 1 . . 7 6 1 2 1 3 4 . . 3 2 1 2 1 3 7 . . 0 4 1 2 1 2 8 . . 9 7 1 2 2 2 2 . . 9 4 Gross national product in constant (1958) dollars 203.6 355.3 675.2 707.2 723.8 724.9 727.4 Nora.—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 I II III National income 86.8 40.3 104.2 241.1 564.3 620.6 653.6 712.7 769.5 779.5 785.2 791.5 797.4 806.6 51.1 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 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 .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 5555..88 5566..88 5577..99 59.0 Employer contributions for social in- .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 15.1 5.9 17.5 37.5 57.3 61.3 62.1 64.1 66.8 67.5 67.2 67.6 67.8 67.8 Business and professional 9.0 3.3 11.1 24.0 42.4 45.2 47.3 49.1 50.5 50.9 50.6 50.6 51.2 51.7 Farm 6.2 2.6 6.4 13.5 14.8 16.1 14.8 15.0 16.4 16.6 16.6 17.0 16.5 16.1 Rental income of persons 5.4 2.0 3.5 9.4 19.0 20.0 21.1 21.3 22.0 22.1 22.3 22.5 22.6 22.7 Corporate profits and inventory valuation 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 78.4 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 84.4 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 38.9 Profits qfter tax 8.6 .4 10.1 24.9 46.5 49. S 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

JANUARY 1971 • NATIONAL PRODUCT AND INCOME A 69 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING (In billions of dollars) 1969 1970 IItteemm 11992299 11993333 11994411 11995500 11996655 11996666 1967 1968 1969 III IV I II III Gross national product 103.1 55.6 124.5 284.8 684.9 749.9 793.9 865.0 931.4 942.6 951.7 959.5 971.1 985.5 Less: Capital consumption allowances 7.9 7.0 8.2 18.3 59.8 63.9 68.9 74.0 78.9 79.4 80.7 82.1 83.6 85.0 Indirect business tax and nontax liability 7.C 7.1 11.3 23.3 62.5 65.7 70.4 78.1 85.2 86.6 87.7 89.3 91.1 93.3 Business transfer payments .6 .7 .5 .8 2.7 3.0 3.1 3.3 3.5 3.5 3.5 3.6 3.6 3.6 Statistical discrepancy .7 .6 .4 1.5 -3.1 -1.0 -.7 -2.4 -4.7 -5.5 -4.3 -5.4 -3.1 -1.1 Plus: Subsidies less current surplus of gov- — .1 . 1 .2 1.3 2.3 1.4 .7 1.0 1.0 11..22 1.6 1.5 1.8 86.8 40.3 104.2 241.1 564.3 620.6 653-6 712.7 769.5 779.5 785.2 791.5 797.4 806.6 Less: Corporate profits and inventory valuation adjustment 10.5 -1.2 15.2 37.7 76.1 82.4 78.7 85.4 85.8 86.8 8822..00 7766..77 7777..55 78.4 Contributions for social insurance .2 .3 2.S 6.9 29.6 38.0 42.4 47.1 53.6 54.2 55.1 56.0 56.7 57.6 Excess of wage accruals over disburse- 2.5 --22..11 --00..44 Plus: Government transfer payments .9 1.5 2.6 14.3 37.2 41.1 48.7 55.7 61.6 62.0 63.4 66.3 75.8 75.1 Net interest paid by government and 2.5 1.6 2.2 7.2 20.5 22.2 23.6 26.3 29.0 29.1 3300..22 3311..00 3311..44 32.2 Dividends 5.8 2.C 4.4 8.8 19.8 20.8 21.4 23.3 24.7 25.0 25.2 25.2 25.1 25.4 Business transfer payments .6 .7 .5 .8 2.7 3.0 3.1 3.3 3.5 3.5 3.5 3.6 3.6 3.6 Equals: Personal income 85.9 47.0 96.0 227.6 538.9 587.2 629.3 688.7 748.9 758.1 770.5 782.3 801.3 807.2 Less: Personal tax and nontax payments 2.6 1.5 3.3 20.7 65.7 75.4 83.0 97.5 117.3 117.5 119.9 117.0 117.7 114.2 Equals: Disposable personal income 83.3 45.5 92.7 206.9 473.2 511.9 546.3 591.2 631.6 640.6 650.6 665.3 683.6 693.0 Less: Personal outlays 79.1 46.5 81.7 193.9 444.8 479.3 506.0 550.8 593.9 598.7 609.6 620.5 632.1 640.2 Personal consumption expenditures. 77.2 45.» 80.6 191.0 432.8 466.3 492.1 535.8 577.5 S82.1 592.6 603.1 614.4 622.1 Consumer interest payments 1.5 .5 .9 2.4 11.3 12.4 13.2 14.3 15.7 15.8 16.1 16.4 16.8 17.2 Personal transfer payments to foreigners .3 .2 .2 .5 .7 .6 .7 .7 .8 .9 .8 .9 1.0 11..00 Equals: Personal saving 4.2 -.9 11.0 13.1 28.4 32.5 40.4 40.4 37.6 42.0 41.1 44.8 51.5 52.7 Disposable personal income in constant (1958) dollars 150.6 112.2 190.3 249.6 435 0 458.9 477.5 499.0 511.5 515.9 517.8 552222..99 553322..00 553344..22 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 IItteemm 11996699 11997700®® Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.® 748.9 801.0 774.3 777.8 781.5 787.6 806.0 799.7 798.2 803.3 806.4 811.9 809.9 812.6 817.8 509.0 540.1 528.0 529.5 531.1 535.0 539.9 540.5 538.1 541.5 543.2 546.6 541.8 544.1 550.3 Commodity-producing industries... 197.5 201.2 203.8 202.2 202.0 203.9 202.3 200.9 201.3 202.1 202.0 201.5 196.8 196.8 202.6 Manufacturing only 157.5 15S.9 161.6 160.8 160.0 161.3 160.0 159.2 159.5 160.1 159.6 159.5 154.3 153.6 159.5 119.8 128.4 124.1 125.4 125.7 126.7 126.0 127.2 127.9 129.1 129.7 130.2 130.6 131.4 131.0 87.7 96.6 91.6 93.1 94.1 94.6 95.1 95.5 95.7 96.8 97.3 97.9 98.8 99.8 100.0 104.1 114.0 108.5 108.9 109.3 109.8 116.5 116.9 113.2 113.5 114.2 117.0 115.6 116.1 116.7 27.6 30.4 28.6 29.0 29.3 29.6 29.8 30.0 30.3 30.6 30.8 31.1 31.3 31.5 31.7 PPrroopprriieettoorrss'' iinnccoommee 66.8 67.6 67.0 67.2 67.6 67.9 67.9 67.8 67.7 67.8 67.8 67.8 67.6 67.3 67.1 50.5 51.4 50.4 50.4 50.6 50.7 51.0 51.3 51.5 51.6 51.7 51.8 51.9 52.0 52.1 16.4 16.2 16.6 16.8 17.0 17.2 16.9 16.5 16.2 16.2 16.1 16.0 15.7 15.3 15.0 22.0 22.7 22.4 22.5 22.5 22.6 22.6 22.6 22.7 22.7 22.7 22.8 22.9 23.0 23.1 24.7 25.2 25.0 25.1 25.2 25.2 25.2 25.3 24.7 25.2 25.3 25.5 25.6 25.7 24.1 59.7 65.3 62.6 63.0 63.4 63.7 64.2 64.5 64.8 65.3 66.0 66.8 67.0 67.1 67.2 65.1 77.5 67.7 68.8 69.7 71.1 84.1 76.6 77.6 78.1 78.6 79.6 81.7 81.9 82.6 Less: Personal contributions for social insurance 26.0 27.8 26.9 27.3 27.3 27.5 27.7 2277..77 2277..66 2277..88 28.0 2288..22 2288..00 2288..11 2288..33 726.7 778.6 751.6 755.0 758.4 764.3 783.0 777.0 775.7 780.9 784.0 789.7 787.9 791.0 796.6 22.2 22.4 22.7 22.8 23.1 23.3 23.0 22.7 22.4 22.4 22.3 22.2 21.9 21.6 21.3 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 • JANUARY 1971 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 Alt 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.C .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 K 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. 4.3 6.C 5.5 13 14 Commercial 4.4 5.7 4.7 6.6 S.2 5.6 6.6 8.2 5.9 5.1 4.7 5.2 5.6 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 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 -.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 11 v 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 74 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. C 33.4 34.2 40.3 7.6 27 Nonfarm noncorporate 5.8 5.5 5.0 5.2 6.4 5.S 6.0 5.8 6.2 5.8 7.3 6.5 4.5 5.1 7.7 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 7, 3 U.S. Govt, credit agencies, net... * .3 .5 -.2 .1 — l -.5 -.8 -.2 -.4 -.2 .5 -.6 1.9 3 4 Funds advanced 2.2 5.1 -.1 3.2 8.9 4.0 1.2 1.7 3.9 7.1 10.7 13.1 14.2 6.6 4 5 Less funds raised in cr. mkt.... 2.3 4.8 -.6 3.5 8.8 4.1 1.7 2.5 4.1 7.5 10.9 12.6 14.7 4.7 5 6 Federal Reserve System 3.8 3.5 4.8 3.7 4.2 6.3 7.2 -2.9 3.1 5.0 -.4 9.2 1.3 5.9 6 7 Commercial banks, net 28.3 16.7 36.8 39.0 9.4 22.8 66.7 47.1 9.2 24.7 1.1 3.1 3.8 23.9 7 8 Funds advanced 29.1 16.8 37.0 39.2 13.7 23.5 66.9 47.0 10.1 29.2 6.2 9.9 12.9 28.1 8 9 Less funds raised .8 .1 .2 .2 4.3 .7 .2 -.1 .9 4.5 5.0 6.8 9.1 4.1 9 10 Private nonbank finance 30.1 25.9 36.1 33.5 30.9 34.7 32.7 33.0 31.3 34.7 30.5 28.0 25.9 36.7 10 11 Savings institutions, net 13.7 7.8 16.9 14.5 10.3 15.7 14.2 12.6 15.7 13.5 6.6 5.6 5.3 15.6 11 12 Insurance 17.9 19.3 20.4 21.5 22.3 21.1 20.4 22.9 20.3 22.6 27.0 19.1 22.7 21.0 17 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 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 nonlin. 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 7. 3 Deposits 40.7 23.7 50.6 44.3 1.4 34.3 53.9 56.6 4.1 6.9 -16.1 9.4 9.6 42.2 3 4 Demand dep. and currency.. 8.0 4.C 11.6 11.2 5.5 15.5 11.0 15.8 -2.8 4.1 * 19.1 -3.9 -2.1 4 5 Time and svgs. accounts.... 32.7 19.7 39.1 33.1 -4.1 18.9 43.0 40.8 6.9 2.8 -16.2 -9.7 13.5 44.3 5 6 At commercial banks... 19.5 12.5 22.3 20.5 -12.0 6.4 31.2 27.5 -6.1 -6.3 -22.1 -13.6 9.4 29.0 6 7 At savings instit 13.1 7.2 16.7 12.6 8.0 12.4 11.8 13.3 13.0 9.1 5.9 3.9 4.1 15.3 7 8 Credit mkt. instr., net 5.6 19.1 -2.9 13.7 39.0 13.4 4.0 6.7 44.7 21.8 52.7 36.6 38.8 20.7 8 9 U.S. Govt, securities 2.5 8.5 —2.8 8.9 15.8 4.5 6.9 9.6 24.7 -.9 26.3 13.4 6.4 -4.2 9 10 Pvt. credit market instr 3.5 10.4 2.0 6.2 21.6 13.4 -2.2 .7 17.3 22.5 23.2 23.0 27.2 22.2 10 11 Less security debt .3 -.2 2.2 1.4 -1.6 4.5 .7 3.6 -2.7 -.2 -3.2 -.2 -5.2 -2.7 11 Other sources: 12 Foreign funds .8 .7 5.0 4.0 10.4 1.8 7.1 4.9 12.7 14.4 11.9 2.6 9.7 4.6 17 13 At banks 1.1 2.5 2.2 1.5 8.4 4.1 4.0 -4.5 14.1 13.1 5.9 .6 1.6 -4.7 11 14 Direct -.3 -1.8 2.8 2.5 2.0 -2.3 3.1 9.4 -1.4 1.3 6.0 2.0 8.1 9.4 14 15 Chg. in U.S. Govt, cash bal -1.0 -.4 1.2 -1.2 .4 -16.2 26.4 -9.6 -6.4 2.1 1.5 4.1 .5 2.5 15 16 U.S. Government loans 2.8 4.9 4.6 5.2 2.6 7.1 4.8 2.9 2.3 1.6 3.7 2.8 2.7 2.8 16 17 Pvt. insur. and pension res 15.7 16.7 18.7 18.2 18.7 17.5 19.1 19.6 16.7 18.6 22.2 17.3 18.6 16.5 17 18 5.8 3.8 5.6 13.2 15.7 24.0 2.7 14.4 14.8 23.4 17.6 9.4 .2 12.0 18 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1971 a 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 IIIIII IIVV I 1111 Demand deposits and currency 1 7 1 Ne U t . i S n . c r G . i o n v b e a rn n m kin en g t s d ys e t p e o m s it l s ia bility.. -1 7 8 . . . 0 6 6 - 2 3 .4 . . 6 0 1 1 1 4 3 . . . 1 3 2 - 1 1 1 0 2 . . 3 . 7 0 6 6. . . 6 1 5 -1 1 6 6 . . . 2 1 3 3 2 1 9 6 2 . . . 2 3 9 - 1 9 7 6 . . 7 . 2 9 -1 - - 3 6 0 . . . 9 3 1 7 2 5 . . . 3 1 1 3 1 1 . . . 2 6 6 2 1 4 4 9 . . . 3 2 9 - -- 1 22 . .. .. 9 77 88 -2 2 . . 4 4 * 1 i 1 4 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 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 7 N St o a n te f i a n n a d n c l i o a c l a b l u g si o n v e e s r s n ments. - - 1 . . 2 4 — . . 7 1 - - 2 . . 4 1 1 1. . 1 3 2. . 2 5 3 1 . . 6 6 - -1 1 . . 9 2 -4 4 . . 3 1 3 1 . . 8 9 -1. . 8 6 -1 4 . . 7 6 -1 3 . . 1 9 -4 1 .2 .8 - - 1 . . 3 8 6 1 8 .3 —, 1 1.1 1.0 .4 1.6 2.6 1.3 -1.3 1.0 .8 1.0 .6 .3 8 <> Mail float 2.5 .3 2.7 1.9 -.6 1.5 -1.5 2.4 -.6 -.3 -1.3 -1.0 1.7 ..88 9 10 Rest of the world .3 -1.0 .6 -.2 .2 -.7 -.7 -.2 .2 .7 -.2 .6 --..66 1,0 Time and savings accounts 1 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 7 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 1 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 J 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 88..11 4 .6 .8 1.4 1.2 -.4 1.0 -.1 -.4 -1.4 .7 6.0 3.7 --22..44 i 6 13.3 11.9 15.8 15.1 3.3 8.3 16.5 17.8 6.6 5.4 -.8 2.0 9.1 9.5 6 7 At savings institutions 13.1 7.0 17.0 12.4 8.0 12.9 11.5 12.4 13.4 8.5 5.8 4.2 5.1 15.7 7 Liabilities— S Savings and loan assns 8.5 3.6 10.7 7.3 4.0 7.6 7.2 6.8 8.0 44..66 3.0 .5 11..88 99..88 8 9 Mutual savings banks 3.6 2.6 5.1 4.1 2.6 4.C 3.4 4.5 3.8 2.7 1.5 2.4 11..66 4.3 9 10 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 11 13.1 7.2 16.7 12.6 8.0 12.4 11.8 13.3 13.0 9.1 5.9 3.9 4.1 15.3 11 12, Cr. union deps. at S & L's... -.2 .3 -.2 * .5 -.3 -1.0 .3 -.6 .3 1.0 .4 12 U.S Government securities Total net issues 3.8 8.7 12.6 16.7 5.5 13.1 31.2 -3.2 .1 -5.7 14.7 13.1 18.1 21.9 1 7. H Di o r u e s c e t h e o x l c d l u s d a i v n i g n g s s a v b i o n n g d s s bonds... . . 6 7 1 . . 6 8 8. . 0 9 9. . 8 5 - -. . 9 4 4. . 6 3 23. . 7 8 -8. . 1 7 - - 5 . . 5 2 -1 - 2 . . 4 1 1 - 0 .7 .1 33 .. .. 11 88 - 6 .9 .5 1 - 7 .2 .9 2 i 4 .2 1.4 -.4 1.9 1.4 2.7 .8 -1.3 -.8 -.2 .7 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 b 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 ..11 * 8 9 Sponsored credit agencies . 1 1.0 —. 1 -.4 .3 -.4 -.5 -2.1 -.1 -.3 .3 22..44 11) Direct marketable -.2 .3 .9 —. 1 -.7 .2 .1 -.2 -2.1 -.1 -.6 -.6 2.8 -.9 .3 -.5 -.3 .3 .8 -.4 -.1 11 17 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 n 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 11 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 1 1 6 7 -.1 .8 -.2 .4 - 3 .9 .2 1 1 . . 6 1 - - 1 . . 5 8 - 7 .4 .4 4 2 . . 5 4 -9 1 .7 .7 - - 2 3. . 1 7 4. . 4 5 - - 4 3 . . 1 3 - - . . 9 1 . . 8 1 3 1 . . 5 3 1 II 6 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 .5 .5 .3 1.3 1.8 .9 1.4 .3 2.8 2.0 2.6 -.2 2.6 2.2 19 20 2.5 8.5 -2.8 8.9 15.8 4.5 6.9 9.6 24.7 -.9 26.3 13..41 6.4 -4.2 20 71 Savings bonds—Households... .6 .6 .9 .5 -.4 .3 .8 .7 -.5 -.4 -.7 -.9 -.2 21 77 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 1 2 State and local governments. • . 7.3 5.7 7.7 9.9 8.5 5.4 12.5 13.8 10.2 9.8 6.7 7.1 9.2 11.0 2 4 6 3 5 C F N R i o e o n s m n a t f n m i o c n f e e a r t n c c h c i o e a i m a l w l p b o c a a r o n n l r d i k p e s s o rations 5 1 . . . . 4 8 9 8 11 . . . . 8 1 5 4 1 1 1 7 . . . . 2 3 0 0 1 1 2 . . . . 8 2 1 3 1 1 1 6 . . . . 1 4 6 4 12 . . . . 8 7 5 8 1 1 0 . . . . 7 1 2 3 1 - 2 2 .1 . . . 0 9 4 1 1 1 4 . . . . 1 4 4 7 1 2 1 4 . . . . 2 3 9 6 1 2 1 6 . . . 0 1 4 * 1 - 1 9 .1 . . . 5 8 3 20 1 . . . . 2 7 2 3 2 - 2 8 .4 . . 9 3 • 6 3 4 5 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 -1.1 -2.8 -3.0 1.0 -3.3 -.6 -7.8 -1.1 -3.4 .4 -.8 -4.4 16 17 Portfolio purchases 1.6 1.4 1.5 1.9 2.7 3.4 1.4 4.2 -.2 3.6 2.7 4.6 1.3 -1.1 17 18 Net issues of own shares. 3.1 3.7 2.6 4.7 5.6 2.4 4.7 4.9 7.6 4.7 6.1 4.2 2.1 3.3 18 19 Rest of the world -.5 .3 .6 2.2 2.0 2.1 2.1 3.6 3.9 .7 .7 2.7 .6 .1 19 Bank loans n.e.c. 1 Total net borrowing 16.6 9.0 7.5 15.7 16.4 13.6 16.2 24.9 17.3 24.3 12.2 11.7 3.2 4.5 2 Households 1.4 .4 2.1 3.0 2.0 2.6 2.9 4.6 2.1 3.5 1.5 1.0 3.1 -.6 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 4 Rest of the world .4 -.2 -.2 -.3 -.3 * -.3 -.7 .3 .5 -1.4 -.5 .8 -.4 5 Financial sectors 2.4 -1.3 -2.1 2.3 2.1 2.8 2.7 2.4 1.0 4.8 .7 2.1 -4.6 -.1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 72 U.S. BALANCE OF PAYMENTS • JANUARY 1971 1. U.S. BALANCE OF PAYMENTS (In millions of dollars) 1969 1970 Item 1968 1969 III IV I II III" 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 14,565 14,712 15,342 15,914 15,924 Merchandise 33,588 36,473 9,581 9,835 10,228 10,705 10,678 Military sales 1,395 1,515 458 352 258 432 341 Transportation 2,969 3,131 843 803 877 926 940 Travel 1,775 2,058 519 518 559 575 578 Investment income receipts, private 6,922 7,906 2,043 2,083 2,255 2,058 2,179 Investment income receipts, Govt 765 932 243 231 244 244 228 Other services 3,208 3,498 878 890 921 974 980 Imports of goods and services—Total -48,129 -53,564 -13,909 -14,061 -14,510 -14,810 -14,903 Merchandise -32,964 -35,835 -9,263 -9,390 -9,723 -9,876 -9,958 Military expenditures -4,535 -4,850 -1,220 -1,245 -1 178 -1,255 -1,214 Transportation -3,269 -3,608 -960 -967 976 -977 -1,030 Travel -3,022 -3,390 -875 -840 920 -990 -1,025 Investment income payments -2,933 -4,463 -1,240 -1,247 -1 348 -1,325 -1,292 Other services -1,406 -1,419 -351 -372 365 -387 -384 Balance on goods and services1 2,493 1,949 656 651 832 1,104 1,021 Remittances and pensions -1,121 -1,190 -318 -309 328 -360 -360 1. Balance on goods, services, remittances and pensions 1,372 759 338 342 504 744 666611 2. U.S. Govt, grants and capital flow, net -3,975 --33,,882288 -1,022 -870 855 -725 -759 Grants,2 loans, and net change in foreign currency holdings, and short-term claims -5,359 -5,032 -1,213 -1,183 -1 278 -1,237 -1,147 Scheduled repayments on U.S. Govt, loans 1,114 1,291 345 324 335 398 386 Nonscheduled repayments and sellofis 269 -87 3-154 3-11 88 114 2 3. U.S. private capital flow, net -5,412 -5,233 -980 -889 -1 688 -1,870 -1,339 Direct investments -3,209 -3,070 -877 -276 — 1 411 -1,434 -759 Foreign securities --11,,225544 -1,494 -567 -69 -133 66 -576 Other long-term claims reported by— Banks 358 330 131 35 24 61 2233 Others -220 -424 -13 -249 -375 -12 -148 Short-term claims reported by— Banks -105 -871 98 -371 121 -506 103 Others -982 296 248 41 86 -45 18 4. Foreign capital flow, net, excluding change in liquid assets in the United States 8,701 4,131 ill 1,635 556633 11,,332200 11,,001111 Long-term investments 6,029 3,959 428 1,276 844 S83 770 Short-term claims 759 76 113 -19 17 199 255 Nonliquid claims on U.S. Govt, associated with— Military contracts -105 156 -91 229 -22 --225566 --6633 U.S. Govt, grants and capital 2 -16 -5 -9 -17 -6 Other specific transactions 6 -2 -20 -1 -25 11 -20 Other nonconvertible, nonmarketable, mediumterm U.S. Govt, securities* 2,010 -41 -115 150 -242 800 7755 217 217 217 6. Errors and unrecorded transactions —514 -2,841 -927 204 -182 -920 -428 Balances5 A. Ba S l e a a n s c o e n a o l n ly l i a q d u j i u d s it t y e d b ( a E si q s u als sum of items'1-6.). •. 171 -7,012 -2,279 442200 66 ——11,,665566 --11,,443399 --11,,223344 --663388 693 -624 -108 -758 192 1,023 Before seasonal adjustment 171 -7,012 -2,972 1,044 -1,548 -681 -1,426 -1,661 B. Balance on basis of official reserve transactions Balance A, seasonally adjusted 171 -7,012 -2,279 420 -1,656 -1,439 --11,,223344 --663388 Plus: Seasonally adjusted change in liquid assets 3,387 9,217 1,311 149 -1,865 -1,865 --110022 --11,,337755 Other private residents of foreign countries... 375 -441 -143 -131 -151 -151 192 -148 International and regional organizations other 48 -60 1122 --6666 114411 114411 --112277 8877 Less: Change in certain nonliquid liabilities to 2,340 -996 --551177 --114422 --442211 --442211 550066 --224444 1,641 2,700 -582 514 -3,110 -2,893 -1,777 -1,830 458 -311 -280 -930 284 781 Before seasonal adjustment 1,641 2,700 -1,040 825 -2,830 -1,963 -2,061 -2,611 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1971 n 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 III IV I' II III" Transactions by which balances were settled—Not seasonally adjusted s A. To settle balance on liquidity basis., -171 7,012 2,972 -1,044 1,548 681 1,426 1,661 Change in U.S. offiicial reserve assets (increase, —) -880 -1,187 -686 -154 481 -386 1,022 801 Gold 1,173 -967 -11 -695 -44 -44 14 395 SDR's -53 -920 -37 34 IMF gold tranche position. -870 -1,034 -233 -542 -253 -253 227 406 Convertible currencies -1,183 814 -442 1,083 831 831 818 -34 Change in liquid liabilities to all foreign accounts. 709 8,199 3,658 -890 1,067 1,067 404 860 Foreign central banks and govts.: Convertible nonmarketable U.S. Govt. securities 7 --1100 --116633 8844 212 --112266 -126 * Marketable U.S. Govt, bonds and notes?,.. --337799 --7799 --99 -67 --33 -3 17 20 Deposits, short-term U.S. Govt, securities, etc -2,709 --226644 2,169 -227 2,900 2,900 509 2,449 IMF (gold deposits) --1111 -9 -423 Commercial banks abroad 3,387 99,,221177 1,554 -187 -1,685 -1,685 -187 -1,125 Other private residents of foreign countries 375 --444411 -143 -131 -151 -151 192 -148 International and regional organizations other than IMF 48 -60 12 -66 141 141 -127 87 B. Official reserve transactions. -1,641 -2,700 1,040 -825 2,830 1,963 2,061 2,611 Change in U.S. official reserve assets (increase, —) -880 -1,187 -686 -154 481 -386 1,022 801 Change in liquid liabilities to foreign central banks and govts., and IMF (see detail above under A.) -3,101 -517 2,235 -506 2,762 2,762 526 2,046 Change in certain nonliquid liabilities to foreign central banks and govts, of —• U.S. private organizations 534 -834 -390 -206 -155 -155 -230 -231 U.S. Govt 1,806 -162 -119 41 -258 -258 743 -5 1 Excludes transfers under military grants. purposes of seasonal adjustment the allocation is accounted for at the 2 Excludes military grants. rate of $217 million per quarter. 3 Negative entry reflects repurchase of foreign obligations previously 6 Equals sum of items 1-4 plus 6. sold. 7 With original maturities over 1 year. inc * 5 l u I " d n H e c i s e l , u f d i i e r n s s i t t i c c a e l o r l t a u if l m i l c o n a c t a s e t h s i o o s n w o l n d b y f a o b r t r h o 1 e a 9 d I 7 M 0 b - F y 1 e E o x x f c p l $ u o 8 d r 6 t e - 7 s I , m m a p n i o l d l r i t o t h n B e a o s n f e k c S . o D nd R ' c s. o lu F m or n (de N b O it T s) E ; .— ab D se e n p c t. e o o f f C si o g m n m in e d r i c c e a t d es a t n a. e t M re in ce u i s p t s s i g ( n c r i e n d d it i s c ) a . te D s e n ta e i t l s p m ay a m y e n n o t t s add to totals because of rounding. 2. MERCHANDISE EXPORTS AND IMPORTS (Seasonally adjusted; in millions of dollars) Exports t Imports 2 Export surplus 1967 1968 1969 Month: Jan... 2,639 2,814 3 2,094 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 317625 Mar... 2,525 3 2,439 33,197 3,379 2,166 3 2,589 3 2,976 3,214 359 -150 212810 Apr... 2,608 3 2,855 3 3,353 3,450 2,198 3 2,604 3 3,173 3,248 410 251 202 May.. 2,549 2,740 3 3,296 3,695 2,118 2,755 3 3,276 3,361 432 -15 20 334 June.. 2,582 2,870 3 3,211 3,776 2,184 2,792 3 3,185 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 3 2,950 3,370 3,602 2,145 2,872 3,179 3,365 421 78 191 237 Sept... 2,597 3 3,211 3,323 3,535 2,198 2,951 3,054 3,398 399 261 269 137 Oct... 2,415 3 2,631 3,362 3,707 2,254 2,736 3,221 3,528 161 -105 141 1791 Nov... 2,671 2,972 3,365 3,463 2,396 2,883 3,212 3,462 275 89 153 Dec... 2,677 2,977 3,238 2,493 2,908 3,006 184 70 232 Quarter: 161 I 7,745 8,028 7,604 10,313 6,698 7,867 7,643 9,719 1,047 -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 10,820 6,588 8,548 9,297 10,005 1,177 471 565 815 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 ,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 • JANUARY 1971 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) Area and country 1969 Western Europe: -82 Austria -143 -55 -100 -25 Belgium -63 -sis -40 -83 -60i -58 France -456 -405 -884 600 325 Germany, Fed. Rep. of. .. -23 -225 500 500 Ireland -1 -2 -2 -52 41 25 Italy 100 200 -80 -85 -209 -76 -20 Netherlands -25 -60 -35 -19 Spain -156 -11406 2 -130 -32 -180 51 Switzerland -125 -81 -50 -30 -50 -50 United Kingdom -306 -387 329 618 150 -879 -835 Bank for Intl. Settlements. -23 .... 200 200 Other -53 -6 -35 -47 11 -7 Total. -754 -1,105 -1,299 -659 -980 -669 Canada .... 190 200 150 50 Latin American republics: Argentina -30 -39 Brazil 72 -3 Colombia 7 Venezuela Other Total. Asia: Iraq -4 -21 -42 Japan -56 Lebanon -32 -11 -11 -95 Malaysia -1 -34 Philippines. .. "'20 9 Saudi Arabia. -13 -50 Singapore.... -81 Other -47 -75 -41 Total -101 -93 12 3 -24 -86 -44 -366 10 24 -39 -1 -16 All other -6 -36 -7 -22 -166 3-68 -1 -1 -4 Total foreign countries.. -970 -1,322 -608 -1,031 -1,118 957 -73 Intl. Monetary Fund4.. 150 5-225 177 22 -3 10 -322 Grand total -820 -1,547 -431 -1,009 -1,121 967 -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. * Includes IMF gold sales to the United States, gold deposits by the 5 Payment to the IMF of $259 million increase in U.S. gold subscription IMF (see note 1 (b) to Table 4), and withdrawal of deposits. The first less gold deposits by the IMF. withdrawal, amounting to $17 million, was made in June 1968. Notes to Table 5 on opposite page: 1 Represents net IMF sales of gold to acquire U.S. dollars for use in 4 Represents the U.S. gold tranche position in the IMF (the U.S. IMF operations. Does not include transactions in gold relating to gold quota minus the holdings of dollars of the IMF), which is the amount deposit or gold investment (see Table 6). that the United States could purchase in foreign currencies automatically if needed. Under appropriate conditions, the United States could pur- 2 Positive figures represent purchases from the IMF of currencies of chase additional amounts equal to its quota. other members for equivalent amounts of dollars; negative figures repre- 5 Includes $259 million gold subscription to the IMF in June 1965 for sent repurchase of dollars, including dollars derived from charges on a U.S. quota increase, which became effective on Feb. 23, 1966. In figures purchases and from other net dollar income of the IMF. 1 he United published by the IMF from June 1965 through Jan. 1966, this gold sub- States has a commitment to repurchase within 3 to 5 years, but only to scription was included in the U.S. gold stock and excluded from the the extent that the holdings of dollars of the IMF exceed 75 per cent of reserve position. the U.S. quota. Purchases of dollars by other countries reduce the U.S. 6 Includes $30 million of special drawing rights. commitment to repurchase by an equivalent amount. NOTE—The initial U.S. quota in the IMF was $2,750 million. The U.S. 3 Includes dollars obtained by countries other than the United States quota was increased to $4,125 million in 1959, to $5,160 million in Feb. from sales of gold to the IMF. 1966, and to $6,700 million in Dec. 1970. 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

JANUARY 1971 • U.S. RESERVE ASSETS; POSITION IN THE IMF A 75 4. U.S. RESERVE ASSETS (In millions of dollars) Total To G ta o l2 l d st T o r c e k a ' s ury v c fo e u C r r r o t e r i e n i b g n - l n e - p R o e s s i e ti r o v n e E m n o d n t o h f Gold st T oc re k a l s ury v c fo e u C c r r i r o t e e r i n e i s b g 3 - n l n e - p R o e s s i e ti r o v n e 24,832 22,857 22,781 1,975 1969—Dec.... 16,964 11,859 10,367 2,781 2,324 22,540 20,582 20,534 1,958 21,504 19,507 19,456 1,997 1970—Ja n 17,396 11,882 11,367 2,294 2,321 19,359 17,804 17,767 1,555 Feb.... 17,670 11,906 11,367 2,338 2,507 Mar.... 17,350 11,903 11,367 1,950 2,577 18,753 16,947 16,889 116 1,690 Apr.... 16,919 11,902 11,367 1,581 2,510 17,220 16,057 15,978 29192 1,064 May... 16,165 11,900 11,367 980 2,360 16,843 15,596 15,513 1,035 June... 16,328 11,889 11,367 1,132 2,350 16,672 15,471 15,388 432 769 July... 16,065 11,934 11,367 716 2,454 15,450 413,806 413,733 781 4 863 Aug 15,796 11,817 11,367 695 2,323 Sept.... 15,527 11.494 11,117 1,08918 1 1,944 14,882 13,235 13,159 1,321 326 Oct 15,120 11.495 11,117 1,823 14,830 12,065 11,982 2,345 420 Nov.... 14,891 11,478 11,117 640 1,812 15,710 10,892 10,367 3,528 1,290 Dec 14,487 11,072 10,732 629 1,935 '16,964 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 3 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 with IMF P s t u a d i y o b o s m n o l c l s f a e r r i n i s p n t - s by s g N I a o M l e l e d t F s ' T t c f i r c o u o a i r r n e n e r s s s e i g a n z i n c n - - I i M nc F o m ne e t P d u o r l c o l h a f a r s s e 3 s pur R ch e a - ses c T h o an ta g l e P q e U r u o . o c f S t e . a n t 2,063 600 -45 -2,670 827 775 775 28 1,031 150 60 -1,666 2,740 2,315 3,090 75 776 45 -723 6 1,744 4,834 94 20 -114 -94 4,740 92 -84 20 -806 -870 3,870 75 22 '"iso" 19 -1,343 268 -1,034 2,836 55 1,155 «712 25 -854 741 1,929 4,765 71 -396 32 -360 2.836 -33 36 3 2,839 55 -262 42 -186 2,653 51 -178 103 -70 2,583 50 -2 66 67 2,650 51 150 2,800 54 2 5 1 -1 - 3 2 9 3 7 3 -10 1 4 0 2 2, , 7 8 0 1 6 0 5 5 4 2 -20 150 131 2.837 55 «132 10 -16 253 379 3,216 62 129 -3 1 -34 29 121 3,337 65 104 -1 -95 1 11 3,348 65 315 -73 21 1,417 4,765 71 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. • JANUARY 1971 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 Nonpe E r o n i f d o d p G o d s o e i l - t d 1 m i G n e v o n e l t s d t 2 - i i p S n t l b i i t o h e a a e b r s U o b n r y t m r i k e . r l t S d s e - - - . M n b G o U a a a o o t b r n n . e v l k S d s d e t . e s , 4 t - c m o T b U a a n a i o r u b b e n r v . n r l S k l y d a e e d e . s e r s - t t - - Total i i p n b S t l i i t o a e h a e b r s U n b o r y t m k i e r . r l t S s d - e - . - M n b G o U a a a o t o b r n n . e v k S l d s d e . t e s , t 4 - i i n p S t b l i t i o h a e U a e b r s n o b r y t . m i k r e S r l t d s e - . - - 6 M n b G o a U a a o t o b r n n . e l v k S d s d e t e . s , t 4 notes 1 1 1 9 9 95 5 5 7 8 9 . . . . . . . . . . . . 7 ' 1 1 1 6 5 9 , , , 8 8 4 4 2 2 5 5 8 2 2 5 0 0 0 0 0 0 2 2 5 0 0 0 0 0 0 7 8 9 , , , 6 1 9 6 5 1 5 4 7 7,618 5 7 5 , , , 0 9 7 7 5 2 7 0 4 541 1,190 5 5 53 5 4 0 2 2 660 1960 8... \ 1 2 2 1 0 , , 0 9 2 9 7 4 8 8 0 0 0 0 8 8 0 0 0 0 1111,,008788 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 55 4 0 3 1 1 , , 5 5 2 4 5 1 7 7 5 5 0 0 7 79 7 1 5 1961 8.. / ( 2 2 2 2 , , 8 9 5 3 3 6 800 8 80 0 0 0 1 1 1 1 , , 8 8 3 3 0 0 1 1 0 0 , , 9 9 4 4 0 0 8 8 9 9 0 0 8 8 , , 2 3 7 5 5 7 7 7 , , 7 84 5 1 9 5 5 1 1 6 6 1 1 . . 9 9 4 4 8 9 7 7 0 0 3 4 1 1 , , 2 2 4 4 5 5 1962 !... / ( 2 2 4 4 . , 0 0 6 6 8 8 8 8 0 0 0 0 1 1 2 2 , , 7 7 4 1 8 4 1 1 1 1 , , 9 9 9 6 7 3 7 7 5 5 1 1 8 8 , , 3 3 5 5 9 9 7 7 , , 9 91 1 1 1 4 4 4 4 8 8 2 2 , , 1 16 9 1 5 1 1 , , 2 2 5 8 0 4 9 91 1 1 1 19638... / \ 2 2 6 6 . , 3 3 6 2 1 2 8 8 0 0 0 0 1 1 4 4 , , 3 3 8 5 7 3 1 1 2 2 , , 4 4 6 6 7 7 1 1 , , 2 1 1 8 7 3 7 7 0 0 3 3 9 9 , , 2 2 1 0 4 4 8 8 , , 8 8 6 6 3 3 3 3 5 4 1 1 1 1, , 9 9 6 6 5 0 1 1 , , 1 1 5 5 2 7 1964 8... ( 1 2 2 9 8 , , 0 9 0 5 2 1 8 8 0 00 0 8 8 0 0 0 0 1 1 5 5 , , 4 4 2 2 8 4 1 1 3 3 , , 2 2 2 2 0 4 1 1 , , 1 1 2 2 5 5 1 1 , , 0 0 7 7 9 9 1 1 1 1, , 0 0 0 5 1 6 1 1 0 0 , , 6 6 8 2 0 5 3 3 7 7 6 6 1 1 , , 7 7 2 2 2 2 8 8 1 18 8 9 9 0 0 4 4 1965.... 29,115 15,372 1,105 11,478 11,006 472 1,431 752 211 1966 8.. / 1 2 2 9 9 . , 9 7 0 7 4 9 11,,001111 211 8 8 0 0 0 0 1 1 3 3 , , 6 6 5 0 5 0 1 1 2 2 , , 5 4 3 8 9 4 8 8 6 6 0 0 2 2 5 5 6 6 1 1 4 4 , , 2 3 0 8 8 7 1 1 3 3 , , 6 8 8 5 0 9 5 5 2 2 8 8 9 90 0 5 6 5 5 8 8 0 1 3 3 2 2 5 5 1967 8... / \ 3 3 3 3 . , 2 1 7 1 1 9 1 1 , , 0 0 3 3 3 3 2 23 3 3 3 1 1 5 5 , , 6 65 4 3 6 1 14 4 . , 0 0 2 3 7 4 9 9 0 0 8 8 7 7 1 1 1 1 1 1 5 5 , , 7 8 6 9 3 4 1 15 5 , , 2 3 0 3 5 6 5 5 5 5 8 8 6 6 9 7 1 7 4 47 8 3 7 2 2 0 0 4 4 1968 >. . / ( 3 3 3 3 , ,6 8 1 2 4 8 1 1, , 0 0 3 3 0 0 2 2 3 3 0 0 8 8 0 0 0 0 1 1 2 2 , , 4 5 8 4 1 8 1 1 1 1 , , 3 3 1 1 8 8 4 5 6 2 2 9 7 7 0 0 1 1 1 1 9 9 , , 3 5 8 2 1 5 1 1 8 8 , , 9 9 1 1 6 6 4 6 6 0 5 9 7 7 2 2 2 5 6 6 8 8 3 3 4 3 2 9 1969-O N D c o e t c v . . . 1 8 . 0 . . / ( 4 4 4 4 1 1 3 2 , , , , 8 7 0 8 7 7 9 5 6 6 2 2 1 1 1 1 , , , , 0 0 0 0 1 1 1 1 9 9 9 9 2 2 2 2 1 1 1 1 9 9 9 9 8 8 8 80 0 0 0 0 0 0 0 10 1 1 1 1 1 2 1 , , , 2 9 9 0 ,6 9 9 1 8 2 2 4 6 1 1 1 1 1 1 1 1 , , , , 0 6 1 0 1 5 2 5 1 4 8 4 3 3 3 3 3 3 8 8 1 3 3 3 10 5 5 5 7 5 5 5 4 5 5 5 2 2 2 2 2 8 8 9 8 , , , , 7 2 1 1 0 0 0 0 7 5 3 6 2 2 2 2 7 8 8 7 , , , , 1 6 5 5 6 7 5 7 6 9 7 6 5 5 5 5 4 2 4 2 1 9 4 9 6 7 6 66 8 1 5 0 0 6 9 6 6 6 6 3 6 0 1 1 6 9 0 5 4 5 5 0 9 0 0 1970- J J O M A M A S F J u u a e e c u p a a n l n p b t g r y y r e . t . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 4 4 4 4 4 4 4 4 4 4 3 3 3 3 3 2 2 2 , , , , , , , , , , 1 1 9 3 1 4 3 8 9 9 1 8 6 4 9 6 3 2 4 7 7 9 3 7 8 3 5 6 3 2 1 1 1 1 1 1 1 1, , , , , , , , 0 0 0 0 5 0 0 0 0 5 1 8 1 1 1 1 1 1 8 10 0 7 0 0 0 0 9 0 7 2 22 2 1 2 2 2 2 1 1 1 1 8 1 1 1 1 1 8 0 0 7 9 0 0 0 0 7 0 4 4 8 8 8 8 8 8 8 8 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 8 7 6 5 4 6 4 4 4 2 , , , , , , , , , , 1 7 5 2 7 5 6 7 0 4 3 7 7 8 8 9 8 6 2 0 4 7 4 9 8 3 3 2 9 0 1 1 1 1 1 1 1 1 1 1 7 6 3 5 5 4 1 3 3 3 , , , , , , , , , , 9 3 9 7 7 4 8 2 9 6 3 7 7 4 2 6 6 1 5 0 1 9 7 7 8 3 8 3 4 0 4 4 3 3 3 4 3 3 3 3 2 1 1 8 9 1 8 8 8 8 6 7 7 2 7 7 3 0 0 0 4 4 4 4 4 4 4 4 4 4 2 2 2 2 2 2 2 2 2 2 9 9 9 9 9 9 9 9 9 9 2 2 2 2 2 2 2 2 2 2 4 6 5 5 6 8 7 7 6 5 , , , , , , , , , , 7 5 1 0 3 3 1 1 3 5 0 8 2 6 6 9 2 5 7 2 1 3 7 2 9 7 8 4 4 4 2 2 2 2 2 2 2 2 2 2 4 4 6 4 6 4 5 7 5 6 , , , , , , , , , , 5 4 6 0 2 9 8 8 8 6 8 9 6 1 0 6 3 6 9 4 5 5 9 8 0 2 8 6 3 4 5 4 5 5 5 5 5 4 4 5 0 3 8 6 3 4 6 6 8 7 1 1 5 5 6 2 2 7 4 6 7 6 7 6 7 7 8 8 8 8 9 3 6 1 7 6 5 0 1 3 2 9 0 3 3 4 2 2 1 6 6 7 6 7 7 7 6 6 7 7 4 6 1 9 5 9 2 6 8 1 8 8 1 1 1 9 2 2 0 7 4 4 5 5 5 5 5 5 5 4 5 5 0 0 0 1 1 2 3 6 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. o t s o a b m t 3 4 a a e I c D i n n q q e c e u r u d l i i u a r v e d n f e r e t d i o s i t n m y c B b o o y p a m f r n o k g e a c - o p e e f l p e d a o l d r r y n c s i I a i n n n o n g g t f e b s r e a a n r s l e a e s r p t s e e i o a t o r o s c t n . f q e a d u g U l i o re p S l d d t o e r n t a b t b n l y y e t s e m a t r t c h h m e e t e n i i o t n I s I n M a M s t a F i F n o t d . n t o o E o t b f u h e e r i n o n U c p v h e n e m a s i n t t a e m r d k F e n u S t n t , d a d a t t . e t h s a e ; s a I r t e h n p i d i T s f o h t b s n r e r h o . i o d n n t k g i p f e o f o r w d e s s r u , n s e r i e a n b i r n n c l s d e g e h i t b f p t o r e h o t e r n m w e o c p e t p o e e h n n i r n i y c o v t s i h d l i o e c e l a v b t t l i h e w n e t t g o r w a t e w s n p e e s u o n r f r i e e c s r t s e h s h r a i e i o s s e f e s b t s s w e o e l o o r c i r e u t v o b r s i e e a t d r i n l e e e c v s t s o h i t s m t o e a h r a r a i f o r s n i k g u e d u g f s r h f e r u r o s r o U m v m f e . o y S e r a s r . b , r e o b r a f o r a r r s l a n o i d e k i m n r . s breakdown of transactions by type of holder estimated for 1960-63. dates. Includes securities issued by corporations and other agencies of the U.S. 1 o 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. t 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 » 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

JANUARY 1971 a INTL. CAPITAL TRANSACTIONS OF THE U.S. A 77 7. U.S. LIQUID LIABILITIES TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES, BY AREA (Amounts outstanding; in millions of dollars) End of period c f o o T u r o n e t t i a r g i l n e s E W u e ro st p e e r n t A re m p L u e a r b t i i l n c ic a s n cou O n t t h ri e e r s 2 1967... 15,646 9,872 996 1,131 3,145 249 253 f 12,548 7,009 533 1,354 3,168 259 225 19683,, 1 12,481 7,001 532 1,354 3,122 248 224 1969—(O ct... 412,686 * 7,400 425 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 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 May.. 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.. 17,777 11,171 620 1,738 3,253 661 334 Oct.". 18,134 11,589 575 1,771 3,335 526 338 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 nonmarkelable U.S. Govt, ^ See note 9 to Table 6. securities with an original maturity of more than 1 year. 4 Includes $17 million increase in dollar value of foreign currency liabilities resulting from revaluation of the German mark in Oct. 1969. 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) To nonmonetary international To all foreigners and regional organizations * Payable in dollars IIMMFF Deposits End of period Total i Total Deposits b T i r l U l e s a .S s a u . n r d y ss OO tt hh ee tt oo hh rrmm rr ee tt rr -- rrr fff PPP eee ooo ccc nnn aaa rrr iii uuu nnn eee yyy ccc rrr iii iii aaa --- ggg eee bbb sss nnn lll eee ii mm nn gg vv ee oo ee nn ll ss dd tt tt 44 -- Total DDeemmaanndd TTiimmee22 bbb TTT iii ccc rrr lll ccc eee UUU lll eee sss aaa rrr aaa ... ttt ttt SSS sss iii eee aaa fff uuu ... sss iii nnn rrr --- ddd yyy s l s OO tt i hh ee a tt oo rr hh b mm rr ee . tt ' rr -- Demand Time2 c c e a rt t i e f s i - lliiaabb..33 1967 3300,,550055 3300,,227766 11,577 5,775 99,,117733 3,751 229 800 473 67 120 178 107 1968 3311,,771177 3311,,008811 1144,,338877 5,484 66,,779977 4,413 636 800 683 68 113 394 108 (969—Nov 41,153 40,708 2211,,223355 666,,,666777333 5,632 7,168 445 800 666 58 66 291 251 JJ4400..004400 3399,,661111 2200..443300 666,,,888333444 55,,001155 77,,333322 442299 880000 660099 5577 8833 224444 222244 ((4400,,114400 3399,,771111 2200..443311 666,,,999555777 55,,001155 77,,330088 442299 880000 661100 5577 8833 224444 222244 4411,,221144 44440000,,,,777777772222 222000,,,000777888 666666,,,,,,999999777777666666 55,,993388 7,780 442 800 680 66 102 252 260 4411,,441199 44440000,,,,999999993333 111888,,,888777555 777777,,,,,,222222444444555555 66,,660022 8,271 426 800 762 75 115 317 256 44440000,,,,999999996666 111777,,,999999666 777777,,,,,,222222333333888888 7,228 8,534 402 800 751 81 131 330 208 41,780 44441111,,,,444411118888 18,719 777777,,,,,,000000222222111111 7,164 88,,551144 362 800 711 87 128 237 259 4411,,227744 1188,,113344 777777,,,,,,222222888888777777 7,564 88,,228899 351 800 648 65 132 226 225 41,723 4411,,338855 1188,,008844 777777,,,,,,222222777777222222 88,,115599 7,870 338 800 622 76 119 194 232 July 41,812 41,468 17,203 7,178 99,,110033 7,700 344 800 699 66 131 218 284 4444422222,,,,,333330000000000 41,963 1177,,441155 7,240 9,845 7,463 337 800 791 59 137 252 343 4444422222,,,,,555554444433333 42,186 1177,,223344 7,236 1100,,885566 6,860 357 400 717 73 135 179 330 4444422222,,,,,555556666655555 444222,,,222111555 111777,,,000444111 77,,004444 1111,,666655 6,465 350 400 768 68 144 188 368 4444422222,,,,,999991111199999 444222,,,555777666 111555,,,888333222 66,,773344 13,651 6,359 343 400 748 68 140 148 392 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. • JANUARY 1971 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 End of period Total Dema D nd e posi T ts i me2 T b c i r l c U e e l a s r a . t t s S e i a u f s . n i r - d y ss OO ll tt ii hh ee aa tt oo rr hh bb mm rr ee .. tt 33 rr -- PP ff r oo aa en rr yy ii ee nn c aa ii i bb gg e ll nn s ee Total Dema D nd e posi T ts i me2 T bi c r c l U e e l a s a r . t t s S e i a u f . s n i r - d y ss OO t l t l hh ii ee tt aa oo rr hh bb mm rr ee tt .. rr 33 -- ccuu PP ff rr aa oo rr yy rr ee ii aa ee nn nn ii bb cc gg ll ii nn ee ee ss 2299,,223322 11,510 5,655 88,,119955 3,643 229 1144,,002277 22,,005544 2,458 77,,998855 1,378 152 1968 3300,,223344 1144,,332200 5,371 55,,660022 4,304 636 1111,,331188 22,,114499 1,899 55,,448866 1,321 463 333999,,,666888777 2211,,117777 6,607 4,540 666,,,999111777 445 11,128 1,894 222,,,777000999 444,,,444222111 1,902 202 /// 333888,,,666333111 2200..337722 66,,775511 33,,997711 777,,,111000999 442299 1111,,005544 11,,991188 222,,,999555111 333,,,888444444 22,,113399 220022 \\\ 333888,,,777333000 2200..337733 66,,887744 33,,997711 777,,,000888444 442299 1111,,005544 11,,991188 222,,,999555111 333,,,888444444 22,,113399 220022 1970—jan 333999,,,777333444 2200,,001122 6,874 4,886 7,519 442 11,868 1,649 2,975 444,,,777444999 2,293 202 Feb 333999,,,888555777 1188,,880000 7,130 5,485 8,016 426 1133,,221133 1,661 33,,226633 555,,,333888111 22,,770066 202 333999,,,888444777 111777,,,999111444 7,107 6666,,,,000099998888 8,327 402 1133,,995544 1,445 33,,441122 555,,,999888999 22,,990066 202 4444400000,,,,,222226666699999 111888,,,666333222 6,893 6666,,,,111122227777 8,255 362 13,600 1,295 3,372 666666,,,,,,000000333333555555 2,750 148 4444400000,,,,,111117777777777 111888,,,000666999 7,155 6666,,,,555533338888 88,,006644 351 1133,,997777 1,330 3,426 666666,,,,,,444444111111777777 2222,,,,666655556666 148 4444400000,,,,,333330000011111 111888,,,000000888 7,153 7777,,,,111166666666 77,,663377 338 1144,,446633 1,410 33,,447755 777777,,,,,,000000222222000000 2222,,,,444411110000 148 July 4444400000,,,,,333331111133333 111777,,,111333777 777,,,000444777 8,086 7,700 344 15,728 1,553 33,,550022 777777,,,,,,999999444444666666 2222,,,,555577779999 148 4444400000,,,,,777770000099999 111777,,,333555666 777,,,111000333 8,793 7,120 337 15,747 1,224 3,612 888888,,,,,,666666555555333333 2222,,,,111111110000 148 41,426 17,161 777,,,111000222 1100,,227777 6,530 357 111666,,,999333111 1,369 3,439 111111000000,,,,,,111111444444111111 1,834 148 41,397 16,972 666,,,999000000 1111,,007777 66,,009977 350 111777,,,333777999 1,444 3,181 111000,,,999111999 1,687 148 4411,,777711 1155,,776633 666,,,555999555 13,103 55,,996666 343 111999,,,222111777 1,367 22,,885577 111222,,,999666777 11,,887788 148 To banks8 To other foreigners TTTToooo bbbbaaaannnnkkkkssss Payable in dollars aaaannnndddd ooootttthhhheeeerrrr ffffoooorrrreeeeiiiiggggnnnneeeerrrrssss:::: EEEEnnnndddd ooooffff ppppeeeerrrriiiioooodddd TTTToooottttaaaallll ppppaaaayyyyaaaabbbblllleeee iiiinnnn TToottaall Dema D nd e posi T ts i me2 TT bb cc ii rr cc ll ee ee UU ll aa ss rr aa .. tt tt ss SS ee ii aa uu ff ss .. nn ii rr -- yy dd ss OO ll tt ii hh ee aa tt oo rr hh bb mm rr ee .. tt 33 rr -- TToottaall Dema D nd e posi T ts i me2 TT bb cc ii rr ll cc ee ee UU ll aa ss rr aa .. tt tt ss SS ii ee aa uu ff ss .. nn ii rr -- yy dd O s O s ll tt ii hh ee aa tt oo hh rr bb mm rr ee .. tt 33 rr -- ffff rrrr oooo eeee cccc rrrr nnnn uuuu eeee cccc rrrr iiii ---- iiii gggg eeee nnnn ssss 1967 15,205 11,008 7,763 1,142 129 1,973 4,120 1,693 2,054 81 292 77 1968 18,916 14,299 10,374 1,273 30 2,621 4,444 1,797 2,199 86 362 173 1969—Nov 28,559 24,457 17,611 2,164 18 4,664 3,859 1,673 1,734 101 351 243 CC / 27,577 23,412 16,745 1,988 20 4,658 3,939 1,709 1,811 107 312 226 \ 27,676 23,388 16,745 1,989 20 4,633 4,062 1,710 1,934 107 312 226 1970—Jan 27,866 23,614 16,664 2,050 22 4,879 4,012 1,699 1,849 116 347 240 Feb 26,644 22,529 15,473 2,077 27 4,952 3,892 1,666 1,790 78 358 223 Mar 25,893 21,730 14,702 1,947 21 5,060 3,964 1,767 1,748 89 361 199 Apr 26,669 22,481 15,552 1,781 19 5,129 3,974 1,785 1,740 74 375 214 May 26,200 22,011 15,029 1,951 20 5,011 3,987 1,710 1,779 102 398 202 June 25,838 21,552 14,829 1,854 26 4,844 4,096 1,770 1,824 120 383 190 July 24,585 20,448 13,921 1,763 24 4,740 3,941 1,662 1,782 116 381 196 Aug 24,962 20,827 14,446 1,726 23 4,631 3,946 1,685 1,764 116 380 189 Sept 24,495 20,370 14,139 1,893 23 4,315 3,917 1,653 1,770 114 380 208 Oct.® 24,018 19,937 13,921 1,957 32 4,028 3,879 1,607 1,762 127 383 202 Nov.® 22,554 18,403 12,746 1,916 21 3,720 3,956 1,651 1,822 115 369 195 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 ? 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

JANUARY 1971 • 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 11997700 Area and country Dec. Mar. Apr. May June Julyl Aug. Sept. Oct." Nov." Europe: 314 343 279 265 265 274 287 273 263 236 530 603 598 511 526 582 581 614 742 709 153 212 186 165 167 189 189 195 193 187 120 130 132 141 130 134 140 137 134 139 1,581 1,575 1,778 1,858 1,915 2,030 2,282 2,286 2,311 2,417 1,381 2,680 2,685 2,770 3,455 4,241 4,505 5,439 5,977 7,543 207 178 185 185 179 198 199 204 212 206 627 604 590 647 911 902 839 909 1,104 1,155 463 526 459 408 382 469 631 626 800 748 341 281 272 241 216 272 309 287 315 291 309 280 266 263 257 272 272 275 251 250 Spain 202 234 179 224 228 325 416 391 299 234 412 381 364 353 410 429 431 389 378 449 2,005 2,149 2,149 2,249 2,266 2,192 2,032 2,015 1,985 1,909 Turkey 28 31 27 24 25 27 28 34 34 42 11,349 9,808 10,286 9,380 9,481 8,339 8,600 9,113 7,778 6,659 37 42 29 40 32 35 27 33 31 49 Other Western Europe1 1,553 1,976 1,736 1,762 1,491 1,548 1,139 850 747 834 11 6 6 4 18 8 7 3 13 13 Other Eastern Europe 50 39 37 40 49 53 41 46 43 48 Total 21,674 22,078 22,242 21,530 22,403 22,519 22,956 24,118 23,608 24,119 4,012 3,628 3,787 4,113 3,421 3,646 3,827 3,787 4,529 4,213 Latin America: 416 450 517 525 535 588 581 533 605 560 425 526 544 518 555 544 427 398 419 357 Chile 400 444 406 447 458 444 429 325 359 327 261 298 291 308 302 275 294 282 258 244 Cuba 7 7 6 7 7 6 7 7 6 7 849 940 990 882 859 896 915 846 780 876 140 148 146 170 168 169 170 177 174 178 240 239 220 233 242 210 208 221 213 213 111 120 122 121 122 113 108 107 104 108 691 718 704 675 682 637 651 630 643 652 Other Latin American republics 576 626 650 651 661 651 635 631 618 601 Bahamas and Bermuda 1,405 1,343 1,321 1,609 1,505 1,306 11,,118899 1,015 761 805 Netherlands Antilles and Surinam 80 90 99 93 95 84 8888 95 91 96 Other Latin America 34 36 47 36 39 44 40 34 39 44 Total 5,636 5,984 6,064 6,274 6,231 5,967 5,740 5,300 5,069 5,068 Asia: 36 39 37 41 43 41 41 41 38 35 213 219 225 223 225 226 245 235 250 274 260 330 322 354 356 363 356 366 401 426 86 89 87 79 68 59 61 53 50 85 146 152 139 172 147 131 115 121 118 107 3,788 3,910 4,084 4,020 3,995 3,914 3,969 4,118 4,242 4,527 Korea 236 299 258 291 289 307 280 263 195 185 201 285 241 264 261 264 275 242 282 282 196 228 210 226 262 260 212 228 247 260 628 664 630 643 627 603 591 585 549 512 Other 606 762 724 679 714 745 779 768 727 679 Total 6,396 6,976 6,958 6,992 6,987 6,913 6,925 7,021 7,102 7,372 Africa: Congo (Kinshasa) 87 97 73 71 52 50 30 18 17 17 Morocco 21 52 47 47 43 33 21 14 14 10 South Africa 66 96 58 50 45 47 49 47 53 55 U.A.R. (Egypt) 23 22 22 24 22 24 19 19 19 20 Other 505 594 694 716 683 664 685 678 567 472 Total 701 862 895 908 845 817 803 777 669 574 Other countries: Australia 282 287 290 329 383 418 428 389 390 392 All other 29 32 33 30 32 33 31 34 31 33 Total 311 319 324 359 414 451 459 423 421 425 Total foreign countries 38,730 39,847 40,269 40,177 40,301 40,313 40,709 41,426 41,397 41,771 International and regional: International2 1,257 1,343 1,268 1,219 1,189 1,245 1,325 848 881 881 Latin American regional 100 111 146 127 131 143 150 145 175 154 Other regional 3 53 97 97 102 102 111 116 124 113 113 Total 1,410 1,551 1,511 1,448 1,422 1,499 1,591 1,117 1,168 1,148 Grand total 40,140 41,398 41,780 41,625 41,723 41,812 42,300 42,543 42,565 42,919 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. • JANUARY 1971 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 Area or country Apr. Dec. Apr. Dec, Apr. Apr. Apr. Other Western Europe; Other Asia—Cont.: Cyprus 8 2 15 Jordan 7 3 Iceland 6 4 10 Kuwait 34 67 Ireland, Rep. of 24 20 32 Laos 4 3 Lebanon 97 78 Other Latin American republics; Malaysia 52 52 C E G B D E I c o o u o u l s S a m i t a t v a a e i d i l n m a v o R i a r c a i d a c la o n a r Republic 9 6 5 6 6 8 6 5 4 4 1 0 5 6 6 6 8 8 1 9 6 6 6 2 9 6 6 5 6 8 0 5 9 9 1 2 '7 8 6 5 7 6 8 4 2 6 9 8 1 '9 7 4 7 7 1 6 6 3 2 9 0 V P S S S R y i a a i y n e k u r u g i t i d a n k s a i a t y p a m A u o n r r I e a s b la ia n ds (incl. Okinawa) 1 1 5 2 2 7 5 4 3 0 7 7 6 6 2 6 1 9 7 7 0 Haiti 17 17 18 '17 19 Honduras 31 33 37 29 29 Other Africa: Jamaica 44 42 29 '17 17 Algeria Nicaragua 58 67 78 63 76 Ethiopia (incl. Eritrea) 13 Paraguay 14 1(60 18 13 17 Ghana 3 Trinidad & Tobago 9 8 11 K Li e b n e y ri a a 2 2 9 5 Ot B he ri r t i L sh a t W in e A st m In e d ri i c e a s : 30 L N So i i b g u y e t a h ri e a r n Rhodesia 6 2 9 01 Sudan 5 Other Asia: Tanzania 21 Afghanistan 6 6 Tunisia 7 Burma 17 5 5 Uganda 6 Cambodia 3 2 2 Zambia 25 Ceylon 5 4 5 Iran 38 41 44 All other: Iraq 10 86 77 New Zealand ' 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 intl. reg a i n o d n al O in ti f s o f t i n i c t s i u a - l fo O r e t e r h i g er n - A t r i g n e a n - A O m La t e h t r i e i n c r a Japan 1.494 506 988 913 234 126 197 140 [2,546 689 1,858 1,807 251 234 126 443 221188 2,560 698 1,863 1,807 251 234 443 3,166 777 2,389 2,341 284 257 241 658 201 2,486 903 1,583 1,502 44 62 154 43 659 70 2.495 892 1,602 1,507 55 64 175 41 655 70 166 2,344 1,464 1,374 5.5 25 6 657 47 2,346 875 1,471 1,376 59 25 191 6 657 54 2,348 894 1,454 1,352 62 25 202 6 636 49 2,277 847 1,430 1,320 64 25 210 6 636 49 2,220 859 1,362 1,248 64 25 217 6 619 28 2,135 849 1,286 1,122 116 25 216 6 576 28 2,051 827 1,224 1,052 111280 25 197 7 523 28 1 1 1 1 , , , , 9 7 9 8 2 5 3 4 1 1 4 0 8 8 8 8 0 5 3 4 7 9 5 0 1 1 1 , , , 1 0 0 9 1 6 2 0 7 6 2 0 9 7 8 8 5 4 8 3 8 6 0 6 1 1 1 1 1 1 9 9 8 2 2 2 1 5 5 5 7 1 1 1 1 4 4 4 4 3 7 5 6 7 7 7 7 4 4 4 4 1 9 8 6 7 9 3 7 2 1 9 2 1 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

JANUARY 1971 • 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 AArreeaa aanndd ccoouunnttrryy Dec. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. SSeepptt.. Oct." NNOOVV..PP Europe; 10 9 9 9 6 6 6 6 6 6 6 6 5 5 5 6 6 6 6 6 6 6 6 6 6 6 6 6 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 5 5 5 5 5 5 5 5 5 5 5 5 5 39 42 42 42 46 46 46 45 45 44 47 49 49 49 350 421 407 407 358 350 359 369 396 401 411 423 424 447 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 Total 488 553 538 539 491 483 492 501 529 532 545 560 559 582 384 272 272 271 270 271 271 279 286 287 294 284 191 190 Latin America: Latin American republics.. 2 2 2 2 2 2 2 2 2 2 2 2 2 Neth. Antilles & Surinam. 15 12 12 13 12 12 12 12 12 12 12 12 12 12 Other Latin America * 2 2 2 2 2 2 2 2 3 4 4 5 4 Total 17 15 15 17 15 15 15 15 15 16 17 17 18 18 9 10 61 61 62 62 62 61 61 61 61 61 61 6611 Other Asia 18 17 18 18 18 18 18 19 19 19 19 19 19 18 Total 26 27 79 79 80 80 80 81 81 81 81 80 80 80 Other countries 11 7 7 7 7 7 7 7 22 42 42 42 42 42 Total foreign countries 927 875 912 914 864 856 865 883 933 959 979 984 891 International and regional: 25 32 32 31 31 30 30 3300 30 3300 2222 2222 2222 22 Latin American regional.. 13 18 18 19 19 20 20 21 21 22 23 23 23 24 Asian regional 1 Total 39 50 50 50 50 50 51 51 52 53 45 45 46 46 Grand total 966 925 962 964 914 906 916 934 985 1,012 1,024 1,030 936 959 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 g B iu e m l- C ad a a n 1 - m De a n rk - Italy2 Korea S d w en e - T la h n a d i- A tr u ia s - g B iu e m l- m G a e n r y - 3 Italy e S r w la i n tz d - 196 7 1.563 516 314 177 100 1,047 601 125 211 196 8 3,330 1,692 1,334 146 15 100 1,638 1,051 226 311 196 9 43,181 1,431 1,129 135 15 4 1,750 • 1,084 125 541 100 1970—Jan.. 2,514 1,431 1,129 135 15 ,083 542 541 Feb.. 2,513 1,431 1,129 135 15 100 ,083 542 541 Mar. 2,799 1,717 1,429 121 15 100 ,083 542 541 Apr. 2,897 1,814 1,529 118 15 100 ,083 542 541 May 3,096 2,013 1,729 117 15 110000 ,083 542 541 June 3,511 2,428 2,229 32 15 100 ,083 542 541 July. 3,508 2,425 2,229 29 15 ,083 542 541 Aug. 3,508 2,425 2,229 29 15 110000 ,083 542 541 Sept, 3,508 2,425 2,229 29 15 ,083 542 541 Oct.. 3,567 2,484 2,289 28 15 100 ,083 542 541 Nov. 3.564 2,481 2,289 25 15 110000 ,083 542 541 Dec. 3,563 2,480 2,289 25 15 ,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 $84 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. • JANUARY 1971 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. Mar. Apr. May June July Aug. Sept. Oct.P Nov.P Europe: Austria 7 11 3 5 6 13 7 4 5 8 Belgium Luxembourg 56 55 69 67 64 53 52 70 68 71 Denmark 40 36 31 29 33 28 36 34 36 37 Finland 68 64 64 61 63 65 63 63 56 55 France 107 87 96 100 82 83 75 104 78 105 Germany 205 192 135 146 152 125 169 181 182 184 Greece 22 17 19 22 22 25 27 28 27 33 Italy 120 107 102 103 100 87 90 102 106 92 Netherlands. 51 50 65 86 53 49 46 67 52 57 Norway 34 36 34 35 33 31 30 33 40 48 Portugal 8 13 9 13 12 12 8 10 16 13 Spain 70 57 99 96 102 52 51 59 58 54 Sweden 67 78 99 92 112 113 103 112 123 110 Switzerland 99 107 114 91 115 109 123 100 115 98 Turkey 19 25 19 31 16 17 10 6 4 4 United Kingdom 408 418 393 329 403 399 335 382 378 428 Yugoslavia 28 32 32 34 30 32 33 36 42 41 Other Western Europe 9 9 7 10 8 7 6 7 8 12 U.S.S.R 2 2 2 2 2 1 2 3 3 1 Other Eastern Europe 34 43 40 46 41 45 43 40 43 41 Total 1,454 1,439 1,432 1,397 1,449 1,345 1,310 1,442 1,436 1,493 Canada 826 652 598 765 816 729 749 805 858 862 Latin America: Argentina 309 290 285 280 311 306 297 305 303 320 Brazil 317 285 293 303 305 299 296 317 324 322 Chile 188 203 213 218 213 210 210 205 199 190 Colombia 225 249 254 252 249 250 256 265 267 272 Cuba 14 14 14 14 14 14 14 14 14 13 Mexico 803 851 888 899 911 901 889 900 906 930 Panama 68 61 68 67 63 68 68 83 94 84 161 163 159 162 172 156 142 132 136 141 Uruguay 48 55 55 54 52 57 53 57 54 55 Venezuela 240 264 254 264 253 248 251 266 281 284 Other Latin American republics 295 292 295 287 298 295 294 285 300 321 Bahamas and Bermuda 93 73 67 63 65 56 60 74 131 100 Netherlands Antilles and Surinam 14 13 15 15 18 16 17 18 14 15 Other Latin America 27 27 29 23 21 23 20 22 20 25 Total 2,802 2,839 2,890 2,901 2,946 2,900 2,867 2,943 3,043 3,072 Asia: China Mainland 1 1 1 1 1 1 1 1 2 1 Hong Kong 36 41 41 44 46 41 35 46 36 36 India 10 9 9 12 11 12 11 10 12 12 Indonesia 30 68 49 48 52 36 42 46 41 54 Israel 108 92 99 94 93 90 80 82 105 no Japan 3,372 3,215 3,276 3,378 3,407 3,378 3,276 3,225 3,263 3,413 Korea 158 178 190 216 215 222 228 227 218 196 Philippines 215 275 295 278 268 269 209 215 134 129 Taiwan 49 55 59 69 79 82 81 81 82 82 Thailand 101 95 103 98 100 96 106 108 100 97 Other 212 162 164 179 184 180 165 157 160 164 Total 4,291 4,190 4,286 4,419 4,455 4,406 4,234 4,198 4,154 4,293 Africa: Congo (Kinshasa) 6 3 4 5 5 5 4 6 4 5 Morocco 3 4 5 4 4 4 6 5 6 4 South Africa 55 62 60 58 66 69 68 72 72 76 U.A.R. (Egypt) 11 12 15 17 15 15 14 13 12 10 Other 86 63 62 62 68 65 65 63 63 72 Total 162 144 146 145 158 157 157 159 157 166 Other countries: 59 Australia 53 60 56 62 62 63 66 60 59 16 All other 16 13 22 22 18 15 16 17 15 Total 69 73 78 84 80 78 82 77 75 75 Total foreign countries 9,604 9,338 9,429 9,711 9,903 9,614 9,399 9,624 9,723 9,961 International and regional 2 2 1 2 1 I 2 2 1 3 Grand total 9,606 9,340 9,430 9,714 9,904 9,616 9,401 9,626 9,725 9,964 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

JANUARY 1971 • 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 EEEnnnddd ooofff pppeeerrriiioooddd TTToootttaaalll TToottaall Total O in t f i s f o L t i i n c o t s i u a a - n l s t B o a — n ks' Others CC ss tt tt oo oo ii ii aa oo nn ll uu nn ll nn gg tt ee dd -- ss '' cc -- -- ff AA ee oo oo a m a m ii cc ff rr gg nn cc aa aa nn ff cc ee oo dd cc ee ee pp ee cc rr rr ss tt -- ss tt -- .. OOtthheerr TToottaall ww DD ee ii ii ee tt gg hh pp nn oo ee ff ss rr oo ii ss tt rr ss -- gg cc FF aa nn uu pp oo cc oo nn aa rr oo vv aa rr dd ii nn pp ee mm tt tt ,, ii cc ii ee ff ee gg ss ll ee rr ii .. ss ee -- nn ,, -- OOtthheerr 1967 8,606 8,182 3,150 306 1,616 1,228 1,552 3,013 467 425 287 70 67 8,711 8,261 3,165 247 1,697 1,221 1,733 2,854 509 450 336 40 73 1969 Nov 9,044 8,610 3,203 261 1,944 999 1,928 2,922 556 434 316 45 74 (9,578 9,063 3,281 262 1,946 1,073 1,954 3,169 658 516 352 84 79 (9,606 9,091 3,278 262 1,943 1,073 1,954 3,202 656 516 352 84 79 1970—Jan 9,305 8,804 3,260 257 1,986 1,018 1,970 3,019 554 502 347 77 78 Feb 9,210 8,750 3,207 265 1,914 1,029 1,992 2,987 563 461 320 62 78 9,340 8,926 3,290 294 1,922 1,074 2,083 3,044 508 415 300 45 70 9,430 8,952 3,116 335 1,734 1,047 2,153 3,223 459 478 342 70 66 9,714 9,216 3,193 315 1,825 1,053 2,220 3,244 559 498 338 87 72 9,904 9,437 3,316 305 1,932 1,079 2,238 3,287 595 467 314 78 74 July 9,616 9,195 3,191 256 1,873 1,063 2,244 3,234 525 421 296 61 64 9,401 8,937 2,975 178 1,711 1,087 2,245 3,170 547 463 354 50 59 Sept 9,626 9,147 3,229 186 1,936 1,108 2,275 3,056 586 479 366 40 74 9,725 9,205 3,128 109 1,898 1,121 2,331 3,157 589 519 370 67 83 Nov® 9,964 9,394 3,126 95 1,892 1,139 2,313 3,330 625 570 369 112 89 1 Excludes central banks which are included with "Official institutions." with those shown for the preceding date; figures on the second line are 2 Data on the two lines shown for this date differ because of changes in comparable with those shown for the following date, reporting coverage. Figures on the first line are comparable in coverage 15. LONG-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) Type Country or area Payable in dollars E pe n r d i o o d f Total Loans to— O lo t n h g e - r P c fo a u y r r i e r n a e i b g n l n - e U K d n i o n i m t g e - d EE OO uu tt rr hh oo ee pp rr ee Canada AA LL mm aa ee tt rr ii ii nn cc aa Japan OO AA tt ss hh ii ee aa rr co o u A t n h l t e l r r i es Official Other term cies Total institu- Banks' foreign- claims tions er 1967 3,925 3,638 669 323 2,645 272 15 56 720 427 1,556 180 449 537 1968 3,567 3,158 528 237 2,393 394 16 68 479 428 1,375 122 617 479 1969 Nov 3,280 2,846 495 203 2,147 418 17 67 400 407 1,357 85 573 391 Dec 3,250 2,806 502 209 2,096 426 18 67 411 408 1,329 88 568 378 1970—Jan 3,187 2.736 461 212 2.063 421 29 67 403 406 1,307 90 558 356 Feb ... 3,161 2,727 476 205 2,046 402 33 63 401 416 1,298 86 546 351 Mar 3,226 2,796 519 211 2,067 398 31 68 419 406 1,337 87 559 349 Apr 3,248 2,815 508 220 2,087 401 32 74 413 420 1,363 89 546 343 May. ... 3,232 2,822 511 211 2,100 380 30 67 426 427 1,348 89 530 345 June 3,165 2,776 486 209 2,080 362 27 67 425 416 1.328 92 517 319 July. 3,114 2,733 473 215 2,044 352 29 68 396 417 1,324 100 502 307 Aug 3,117 2,707 458 225 2,023 382 29 63 398 411 1,312 106 515 312 Sept .... 3,141 2.737 447 244 2,046 376 28 64 395 416 1,345 108 499 314 Oct."... 3,215 2,827 518 256 2,053 358 30 66 407 409 1.329 109 582 313 Nov.P.. . 3,189 2,808 498 247 2.064 354 26 65 387 398 1,336 113 583 307 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. • JANUARY 1971 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 t securities * Foreign bonds Foreign stocks Net purchases or sales Total I a n n t d l. Foreign cc PP hhaa uu ss rr ee -- ss SSaalleess cc NN hhaa ss ee aa ss tt ee llee pp ss ss uu oo rr rr -- cchh PP aa uu ss rr ee -- ss SSaalleess cc NN hhaa ss ee aa ss tt ll ee ee pp ss ss uu oo rr-- rr cchh PP aa uu ss rr ee -- ss SSaalleess cc NN hh ee ss aa tt aa ss ll ee ee pp ss ss uu oo rr rr -regional Total Official Other 196 8 -489 -161 -328 -380 51 17,563 13,329 4,234 2,306 3,686 -1,380 1,252 1,566 -314 196 9 -4 11 -15 -79 64 15,476 12,795 2,681 1,552 2,578 -1,026 1,519 2,037 -517 1970—Jan.-Nov.p, -3 -3 * -57 58 10,097 8,806 1,290 1,326 2,068 -743 950 908 42 1969—DNeoc v 37 2 1 37 1 -1 5 2 -15 2 1 1 , , 2 1 2 8 1 1 1,0 9 7 6 4 9 2 1 1 4 2 7 1 9 7 8 6 1 19 6 5 8 - -1 7 9 0 1 10 0 7 6 1 1 4 2 0 3 - - 3 1 4 6 1970—Ja n 2 * 2 2 917 905 12 113 190 -77 151 74 77 Feb -50 -50 -3 -47 1,029 950 79 109 265 -156 100 77 23 Mar. -S -8 * -8 1,108 989 120 168 268 -101 101 its -13 Apr 10 1 9 9 1,010 850 160 143 186 -42 80 104 -24 May 18 1 18 2 16 769 930 -161 116 70 47 109 90 18 June 51 50 15 35 858 783 76 113 92 21 74 60 15 July 27 1 26 20 6 783 650 133 111 263 -151 62 58 4 Aug 13 -8 21 * 21 656 514 142 143 305 -162 60 45 15 Sept 5 5 5 1,049 703 346 110 93 17 76 90 -14 Oct.* -93 -94 -91 -3 1,174 936 238 109 255 -146 71 120 -50 Nov.*.... 22 1 22 22 742 597 145 91 82 9 65 75 -10 1 Excludes nonmarketable U.S. Treasury bonds and notes issued to Also includes issues of new debt securities sold abroad by U.S. corporaofficial institutions of foreign countries; see Table 12. tions organized to finance direct investments abroad. 2 Includes State and local govt, securities, and securities of U.S. Govt, NOTE.—Statistics include transactions of international and regional agencies and corporations that are not guaranteed by the United States. organizations. 17. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE STOCKS, BY COUNTRY (In millions of dollars) Period Total France m G a e n r y - N la e n th d e s r -Sw la i n tz d e r- K U in n g i d te o d m E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r in ic a Asia Africa co O u t n h t e ri r e s r I e n g t i l o . n & al 1968 2,270 201 169 298 822 -28 130 1,592 386 151 124 2 12 1969 1,487 150 216 189 490 -245 295 1,094 125 136 90 7 36 1970—Jan.-Nov.® 405 20 168 120 69 -45 12 343 -49 12 81 -1 1 19 1969—Nov 112 1 30 21 37 -12 30 107 -4 5 1 3 * * Dec 19 14 12 -13 5 9 13 40 -23 * * 2 1970—Jan -43 1 11 -5 -24 5 -20 -31 -39 24 3 * * * Feb -13 9 16 6 19 -3 -14 32 -25 -24 3 * * j Mar. -41 -13 11 -8 -26 22 -19 -33 -30 12 6 • 4 Apr. 4 -8 20 -23 12 -15 5 -10 25 -18 6 * 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. * Sept. 225 -4 36 37 49 29 6 154 26 20 22 * 2 Oct.® 157 -3 23 13 -2 32 21 84 31 3300 13 -1 — 1 Nov.®.... 98 7 13 18 11 4 31 84 5 * * 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1971 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 85 18. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE BONDS, BY COUNTRY (In millions of dollars) Period Total France m G a e n r y - N la e n th d e s r -Sw la i n tz d e r- K U in n g i d te o d m E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n c a Asia Africa co O u t n h t e ri r e s I r n e t g l. i o a n n a t 1968 1,964 195 253 39 510 522 238 1,757 68 12 -1 * 11 117 1969 1,195 97 200 14 169 251 83 815 32 14 -11 -1 10 336 1970—Jan.-No v.® 885 33 41 40 125 105 73 418 127 22 25 1 -13 306 1969—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 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. 156 7 4 16 32 10 7 76 7 6 1 * * 65 May 40 * * 14 -14 5 9 2 2 2 * -1 26 June 13 4 -6 * 4 -12 3 -8 13 2 10 * -6 3 July 81 4 -2 — 1 23 36 8 68 6 5 1 * -1 1 Aug 38 -1 -3 * — 1 -1 1 -4 21 2 • • -2 21 Sept 121 1 25 • 3 15 2 47 16 -7 1 * • 64 Oct.® 81 — 1 * 1 8 -8 42 43 14 1 6 * -2 19 Nov.®.... 47 2 1 * 3 1 4 13 17 2 3 * * 13 NOTE.—Statistics include State and local govt, securities, and securities the United States. Also includes issues of new debt securities sold abroad of U.S. Govt, agencies and corporations that are not guaranteed by by U.S. corporations organized to finance direct investments abroad. 19. NET PURCHASES OR SALES BY FOREIGNERS OF 20. FOREIGN CREDIT AND DEBIT LONG-TERM FOREIGN SECURITIES, BY AREA BALANCES IN BROKERAGE ACCOUNTS (In millions of dollars) (Amounts outstanding; in millions of dollars) Total Credit Debit Period Total I a r n n e t d - l. c e f o i o u g r n n - - r E o u p - e C a a d n a - A L i m a c t a e i n r - Asia r A ic f a - c O t o r t i u h e n e s r - E pe 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 b d r a u e l e i a g n f n r c e o e r m s s ) gional tries 1966 175 128 1968 -1,694 -329 -1,366 7 -945 -300 -96 -39 6 1967 311 298 1969 -1,544 66 -1,610 74 -1,128 - 98 -471 -6 20 453 372 1970—Jan.-Nov.®. . -701 -261 -440 72 -420 3 -107 -5 16 Sept 468 398 Dec 636 508 1969—Nov. -104 3 -107 15 -78 1 -48 1 Dec -35 4 -39 -8 -24 10 -30 14 1969—Mar 553 393 566 397 1970—Jan * -2 2 10 -11 -5 5 2 Sept 467 297 Feb -133 -38 -95 33 -110 -5 -13 —1 2 Dec 434 278 Mar. -114 22 -136 36 -154 5 -23 — 1 1 Apr -66 9 -75 17 -82 -2 -9 1 1970—Mar 368 220 May 65 11 54 — 1 42 3 8 2 334 182 June 35 5 30 1 39 3 -14 1 291 203 July -147 -38 -109 9 -78 -23 -16 * Aug -147 -158 11 4 -52 56 2 1 Sept 3 16 -13 5 22 -30 -12 2 NOTE.—Data represent the money credit balances and Oct.® -196 -91 -105 -33 -51 4 -27 2 money debit balances appearing on the books of reporting Nov.® -1 3 -4 -10 15 -2 -8 — 1 1 brokers and dealers in the United States, in accounts of foreigners with them, and in their accounts carried by foreigners. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 86 INTL. CAPITAL TRANSACTIONS OF THE U.S. • JANUARY 1971 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 Wednesday Amount (End of month; in billions of dollars) 1966 1968—Cont. 1970—Cont. 1970 Maturity of Jan. 26 1,688 July 31 6,126 June 3 11,987 liability Feb. 23 1,902 Aug. 28 7,004 1 0 11,946 Aug. Sept. Oct. Mar. 30 1,879 Sept. 25 7,104 1 7 12,082 Apr. 27 1,909 Oct. 30 7,041 2 4 12,220 May 25 2,003 Nov. 27 7,170 1.63 1.41 1.47 June 29 1 ,951 Dec. 25 6,948 July 1 11,455 Call 2.08 1.98 2.17 Dec. 31 (1/1/69).. 6,039 8 11,541 Other liabilities, maturing J A u u ly g . 2 3 7 1 2 3 , , 7 1 8 3 6 4 1969 2 1 2 5 1 1 1 1 , , 2 5 8 6 0 2 i m n on fo th ll s o wi a n f g te r cal r e e n p d o a r r t Sept. 28 3,472 Jan. 29 8,545 2 9 10,514 date: Oct. 26 3,671 Feb. 26 8,822 1st 8.44 9.61 8.23 Nov. 30 3,786 Mar. 26 9,621 Aug. 5 10,379 2nd 4.76 4.25 5.09 Dec. 28 4,036 Apr. 30 9,399 12 '10,373 3rd 3.39 3.44 3.99 1967 J M u a n y e 2 2 8 5 1 9 3 , , 8 2 6 6 8 9 2 1 6 9 1 1 0 0 , , 7 4 3 2 3 3 5th 1 1 . . 6 6 3 7 2 1 . . 0 2 6 5 1 1 . . 4 3 8 2 J A J M M F a u e p n a a n b r y . e r . . . 2 2 2 3 2 2 9 5 6 1 8 2 3 3 2 3 3 3 , , , , , , 4 0 7 6 1 3 1 4 5 6 7 9 2 7 3 6 6 6 J O D A S N u e c e u o l p y t c g v . t . . . . 2 2 2 2 3 3 6 9 7 4 1 0 ' ' 1 1 1 1 1 1 4 3 4 4 2 4 , , , , , , 5 6 3 6 8 4 7 4 4 5 2 3 4 8 9 8 2 4 Sept. 2 1 3 3 2 9 0 6 '1 1 1 1 0 0 9 0 0 , , , , 2 , 4 7 3 6 3 3 8 3 3 8 7 7 3 6 1 1 1 9 7 8 0 1 2 t t t t t t h h h h h h 1 . . . . . . . 2 2 2 1 3 2 2 1 0 7 4 3 8 8 1 . . . . . • . 1 2 2 1 2 1 3 3 2 9 5 8 0 2 1 . . . . . . . 2 1 2 1 1 3 3 9 5 4 4 3 0 0 July 26 3,660 1970 Oct. 7 9,957 Maturities of more than 1 Aug. 30 3,976 Jan. 28 13,623 14 9,716 .50 .48 .52 Sept. 27 4,059 Feb. 25 13,094 21 9,733 Oct. 25 4,322 28 9,439 Nov. 29 4,206 Mar. 25 11,942 Total 26.79 26.97 26.81 Dec. 27 4,241 Apr. 1 11,800 Nov. 4 9,169 Jan. 31 1968 4,259 2 1 2 5 8 1 1 1 1 1 1 , , , 5 5 8 5 5 3 0 8 2 2 1 1 5 1 8 8 9 8 , , , 5 0 9 8 3 1 5 7 7 d th e e p N o O B s T i a t h s E a . a — m nd a In s c d l a i u r n e d d c e t s o b f i o n r a t r l e l o r w e o s i t t n h - g b e s r e a o f r o f i n r a e g l i l g b n U r . a S b n . r c a h n d e c o s h l l e i a n s r Feb. 28 4,530 29 11,973 Dec. 2 8,394 for which such deposits and direct borrowings Mar. 27 4,920 May 6 11,982 9 8,215 amount to $50 million or more. Apr. 24 5,020 13 ',11,682 16 8,305 Details may not add to totals due to rounding. May 29 5,872 20 12,026 23 7,902 June 26 6,202 27 12,373 30 7,669 NOTE.- The data represent gross liabilities of reporting banks to their branches in foreign countries. For weekly data covering the period Jan. 1964-Mar. 1968, see May 1968 BULLETIN, p. A-104. 23. DEPOSITS, U.S. GOVT. SECURITIES, 24. SHORT-TERM LIQUID CLAIMS ON FOREIGNERS AND GOLD HELD AT F.R. BANKS FOR REPORTED BY NONBANKING CONCERNS FOREIGNERS (Amounts outstanding; in millions of dollars) (In millions of dollars) Payable in Assets in custody Payable in dollars foreign currencies End of period Deposits EEnndd ooff UUnniitteedd U.S. Govt. Earmarked ppeerriioodd TToottaall Short- Short- KKiinngg-- CCaannaaddaa securities1 gold Deposits in te v r e m st - Deposits in te v r e m st - ddoomm ments 1 ments 1 1967 135 9,223 13,253 1968 216 9,120 13,066 1967 1,163 852 133 128 49 621 309 1969—Dec... 134 7,030 12,311 1968 1,638 1,219 87 272 60 979 280 1970—Jan... 152 7,374 12,291 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 Mar... 200 9,118 12,270 fl, 319 952 116 174 76 610 469 Apr... 204 9,154 12,272 \1,449 1,023 161 179 86 663 519 May.. 128 9,754 12,239 June.. 168 10,888 12,240 1970—Jan.'.... 1,725 1,242 183 224 76 1,004 447 July... 199 11,803 12,217 Feb.' 1,717 1,254 193 190 80 1,050 372 Aug... 173 12,489 12,283 Mar.'. .. 1,604 1,168 186 188 63 1,003 302 Sept... 136 13,983 12,611 Apr.'. ... 1,484 1,061 178 180 66 904 270 Oct.... 142 14,458 12,617 May'.... 1,534 1,043 200 182 109 879 331 Nov... 136 16,196 12,644 June'.... 1,586 1,105 174 194 112 813 359 Dec.. . 148 16,226 12,926 July'.... 1,491 1,043 181 194 74 787 309 Aug.' 1,361 900 164 203 94 699 297 Sept 1,500 951 183 240 126 722 382 1 U.S. Treasury bills, certificates of indebtedness, Oct 1,632 978 177 318 159 671 479 notes, and bonds; includes securities payable in foreign currencies. 1 Negotiable and other readily transferable foreign obligations payable on demand NOTE.—Excludes deposits and U.S. Govt, securities or having a contractual maturity of not more than 1 year from the date on which the held for international and regional organizations. Ear- obligation was incurred by the foreigner. marked gold is gold held for foreign and international 1 Data on the two lines for this date differ because of changes in reporting coverage. accounts and is not included in the gold stock of the Figures on the first line are comparable in coverage with those shown for the preceding United States. date; figures on the second line are comparable with those shown for the following date. NOTE.—Data represent the liquid assets abroad of large nonbanking concerns in the United States. They are a portion of the total claims on foreigners reported by nonbanking concerns in the United States and are included in the figures shown in Table 26. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1971 • 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.1 Mar. June® Europe: 4 2 4 3 4 5 5 5 7 8 69 45 62 70 68 58 53 67 60 61 2 2 3 3 3 13 15 16 16 17 1 2 2 1 1 6 6 7 8 8 131 124 135 124 143 149 114 122 155 176 119 178 255 203 191 166 192 305 195 243 3 3 4 3 3 26 18 19 19 27 62 77 90 83 91 160 143 155 169 177 70 66 90 no 116 59 45 58 68 74 9 3 4 5 5 12 15 17 11 12 9 9 10 6 5 15 10 10 14 18 63 56 59 55 47 74 71 77 77 72 22 35 38 29 32 24 27 32 27 27 130 114 127 155 165 37 33 44 44 35 2 3 3 2 2 10 11 12 12 15 416 336633 457 543 626 1,199 929 1,060 1,338 1,129 5 11 1 2 1 15 18 18 19 15 19 20 21 19 21 16 10 12 11 12 Eastern Europe 1 1 1 2 3 10 19 22 17 20 1,136 1,102 1,365 1,419 1,526 2,053 1,732 2,057 2,265 2,146 181 198 226 204 204 625 728 821 638 679 Latin America: 6 6 9 11 15 37 49 52 53 59 12 16 18 13 14 86 82 86 97 100 10 9 12 10 11 37 40 41 42 37 7 6 7 6 5 33 28 29 33 34 * * » * 2 1 1 1 1 9 13 17 24 21 110 115 141 139 131 5 3 4 8 5 17 18 19 19 19 6 9 12 10 6 28 27 30 34 37 1 1 5 5 5 5 7 7 8 6 22 25 25 23 28 65 56 58 69 64 26 37 43 27 27 82 84 90 92 100 22 22 31 46 62 33 54 65 83 158 Netil. Antilles and Surinam 2 2 2 4 38 5 6 6 7 8 1 1 4 5 8 17 16 17 25 20 132 150 190 190 245 557 582 643 702 774 Asia: 5 5 8 7 8 10 11 11 13 17 20 18 20 27 37 37 34 37 36 40 5 4 5 5 7 8 12 12 11 18 12 12 14 15 17 19 31 36 34 23 Japan 118 136 144 133 114 220 234 256 298 310 2 2 2 2 22 26 28 27 50 10 8 9 6 7 26 31 38 32 33 6 3 3 4 4 19 19 19 23 29 2 3 3 3 3 12 14 15 15 15 53 3333 27 26 28 111 112 119 113 126 233 224 235 228 228 485 524 571 602 659 Africa: 2 ~i 2 3 14 3 4 4 4 5 12 13 14 19 19 25 26 30 28 34 7 7 7 1 2 9 9 9 9 10 31 2277 29 33 43 42 43 46 46 49 52 49 52 56 78 80 80 88 86 98 Other countries: 57 60 61 65 70 65 56 61 65 85 6 2 7 6 6 8 9 10 13 14 . 63 62 68 71 76 73 64 71 78 99 International and regional * * * * 2 • 1 2 11,,779977 11,,778866 22,,113366 22,,116699 2,356 3,874 3,710 44,,225533 44,,337722 44,,445577 I Data in the two columns shown for this date differ because of changes NOTE.—Reported by exporters, importers, and industrial and cornin 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. • JANUARY 1971 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 ll iinn aa llaa bb rr ll ss ee ccuu PP ff rr oo aa rr rr yy ee ii ee nn aa nn ii bb gg cc ll ii nn ee ee ss TToottaall PP dd aa oo yy ii ll nn aa llaa bb rr ll ss ee b D i a n e n p k r o e s s p i a o ts b r t r w e o r i a ' t s d h Other name 1966—June 894 657 237 2,469 2,063 191 215 Sept 1,028 785 243 2,539 2,146 166 227 Dec 1,089 827 262 2,628 2,225 167 236 1967—Mar 1,148 864 285 2,689 2,245 192 252 June 1,203 916 287 2,585 2,110 199 275 Sept 1,353 1,029 324 2,555 2,116 192 246 Dec ( 1,371 1,027 343 2,946 2,529 201 216 Dec.1 ( 1,386 1,039 347 3,011 2,599 203 209 1968—Mar 1,358 991 367 3,369 2,936 211 222 June 1,473 1,056 417 3,855 3,415 210 229 Sept 1,678 1,271 407 3,907 3,292 422 193 Dec 1,608 1,225 382 3,783 3,173 368 241 1969—Mar 1,576 1,185 391 4,014 3,329 358 327 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 June? 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 EEEnnnddd ooofff pppeeerrriiioooddd TTToootttaaalll Country or area llliiiaaabbbiiillliiitttiiieeesss TToottaall K U in n g i d te o d m E O u t r h o e p r e Canada Brazil Mexico A O L m a t e h t r i e i n r c a Japan O A t s h i e a r Africa o A th i 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 9988 84 17 June 430 1,488 27 257 303 214 88 290 110 9988 85 15 Sept 411 1,452 40 212 309 212 84 283 109 103 87 13 Dec J 414 1,537 43 257 311 212 85 278 128 117 89 16 Dec.l 1 428 1,570 43 263 322 212 91 274 128 132 89 16 1968—Mar 582 1,536 41 265 330 206 61 256 128 145 84 21 June 747 1,568 32 288 345 205- 67 251 129 134 83 33 Sept 767 1,625 43 313 376 198 62 251 126 142 82 32 Dec 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 1,725 2,215 152 433 496 172 73 388 141 249 69 42 Dec.l | 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

JANUARY 1971 o MONEY RATES A 89 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Period Ar ( g p e e n so ti ) n a (s A ch u i s l t l r in ia g ) B (f e r l a g n iu c m ) C (d a o n ll a a d r a ) C (r e u y p l e o e n ) D ( e k n ro m n a e r ) k (pound) (dollar) 196 6 .48690 223.41 Ull.22 3.8686 2.0067 92.811 20.946 14.475 196 7 .30545 111.25 3.8688 2.0125 92.689 20.501 14.325 196 8 .28473 111.25 3.8675 2.0026 92.801 16.678 13.362 196 9 .28492 111.10 3.8654 1.9942 92.855 16.741 13.299 197 0 26.589 111.36 3.8659 2.0139 95.802 16.774 13.334 1969—Dec., .28490 111.43 3.8652 2.0125 93.083 16.772 13.348 1970—Jan.. 3 28.487 111.58 3.8649 2.0124 93.199 16.772 13.339 Feb.. 28.507 111.77 3.8663 2.0131 93.179 16.772 13.337 Mar. 28.504 111.83 3.8663 2.0133 93.212 16.770 13.340 Apr., 28.500 111.84 3.8651 2.0127 93.207 16.770 13.325 May. 28.500 111.73 3.8614 2.0140 93.195 16.770 13.324 June. 27.241 111.45 3.8618 2.0142 496.273 16.770 13.334 July. 24.934 111.12 3.8670 2.0146 96.872 16.770 13.330 Aug. 24.936 110.99 3.8638 2.0145 97.890 16.770 13.329 Sept. 24.888 110.87 3.8684 2.0145 98.422 16.770 13.331 Oct. 24.874 110.97 3.8698 2.0146 97.890 16.775 13.331 Nov. 24.864 111.11 3.8676 2.0147 98.014 16.792 13.336 Dec., 24.836 111.12 3.8681 2.0137 98.276 16.792 13.354 Period F (f r r a a n n c c e ) ( G d m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e ) ( I p re o l u a n n d d ) ( I l t i a r l a y ) J ( a y p en an ) M (d a o la ll y a s r i ) a M (p e e x s i o c ) o 196 6 20.352 25.007 3 16.596 279.30 .16014 .27598 32.538 8.0056 196 7 20.323 25.084 13.255 275.04 .16022 .27613 32.519 8.0056 196 8 20.191 25.048 13.269 239.35 .16042 .27735 32.591 8.0056 196 9 «19.302 '25.491 13.230 239.01 .15940 .27903 32.623 8.0056 197 0 18.087 27.424 13.233 239.59 .15945 .27921 32.396 8.0056 1969—Dec. 17.952 27.131 13.232 239.73 .15948 .27953 32.481 8.0056 1970—Jan.. 18.005 27.126 13.239 240.04 .15890 .27948 32.438 8.0056 Feb., 18.034 27.110 13.248 240.47 .15886 .27950 32.469 8.0056 Mar. 18.038 27.225 13.260 240.58 .15897 .27963 32.460 8.0056 Apr. 18.076 27.459 13.260 240.61 .15895 .27926 32.460 8.0056 May, 18.108 27.523 13.240 240.37 .15897 .27862 32.449 8.0056 June, 18.111 27.528 13.230 239.77 .15897 .27864 32.391 8.0056 July. 18.120 27.537 13.219 239.06 .15893 .27826 32.308 8.0056 Aug. 18.109 27.537 13.212 238.77 .15928 .27915 32.287 8.0056 Sept. 18.112 27.537 13.211 238.53 .16005 .27935 32.314 8.0056 Oct.. 18.104 27.531 13.217 238.74 .16052 .27948 32.395 8.0056 Nov. 18.120 27.544 13.231 239.03 .16064 .27956 32.402 8.0056 Dec. 18.107 27.437 13.229 239.06 .16039 .27959 32.382 8.0056 Period (po N un e d w ) Zea ( la d n o d ll ar) N (k o r r o w n a e y ) P (e o s r c t u u d g o a ) l A ( S r o f a r n u i d t c h a ) (p S e p s a e i t n a ) S (k w ro ed n e a n ) ( e S f r w r l a a i n n tz c d - ) 1966.. 276.54 13.984 3.4825 139.13 1.6651 19.358 23.114 1967.. 276.69 8131.97 13.985 3.4784 139.09 1.6383 19.373 23.104 1968.. 111.37 14.000 3.4864 139.10 1.4272 19.349 23.169 1969., 111.21 13.997 3.5013 138.90 1.4266 19.342 23.186 1970., 111.48 13.992 3.4978 139.24 1.4280 19.282 23.199 1969—Dec... 111.54 14.000 3.5059 139.32 1.4230 19.352 23.203 1970—Jan... 111.69 13.983 3.5096 139.50 1.4247 19.355 23.176 Feb... 111.89 13.990 3.5104 139.75 1.4266 19.305 23.257 Mar.. 111.94 14.001 3.5072 139.82 1.4268 19.232 23.202 Apr... 111.96 14.001 3.5021 139.83 1.4274 19.233 23.244 May.. 111.84 13.987 3.5033 139.69 1.4280 19.233 23.199 June.. 111.56 13.985 3.4978 139.35 1.4288 19.266 23.171 July.. 111.23 13.951 3.4913 138.93 1.4290 19.282 23.235 Aug.. 111.10 13.998 3.4898 138.76 1.4290 19.306 23.247 Sept.. 110.98 13.994 3.4886 138.62 1.4287 19.225 23.219 Oct... 111.08 13.993 3.4893 138.74 1.4290 19.282 23.090 Nov.. 111.22 13.996 3.4924 138.91 1.4290 19.324 23.155 Dec... 111.23 14.021 3.4919 138.93 1.4290 19.340 23.187 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.—Alter 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 • JANUARY 1971 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of Dec. 31, 1969 Rate Country as of Dec. 31, Per Month 1970 cent effective Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Argentina 6.0 Dec. 1957 6.0 Austria 5.0 Jan. 1970 55..00 5.0 Belgium 7.5 Sept. 1969 77..00 66..55 6.5 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 8.0 Jan. 1970 88..00 8.0 El Salvador 4.0 Aug. 1964 4.0 Finland 7.0 Apr. 1962 7.0 France 8.0 Oct. 1969 77..55 77..00 7.0 Germany, Fed. Rep. of.. 6.0 Sept. 1969 77..55 77..00 66..55 66..00 6.0 Ghana 5.5 Mar. 1968 5.5 Greece 6.0 July 1969 6.0 Honduras 3.0 Jan. 1962 3.0 Iceland 9.0 Jan. 1966 9.0 India 5.0 Mar. 1968 5.0 Indonesia 9.0 Aug. 1963 9.0 Iran 8.0 Aug. 1969 8.0 Ireland 8.62 Jan. 1970 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 99..88 9.8 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, 4ft acquisition of capital goods. per cent for advances against government bonds, and 5 '/2 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

JANUARY 1971 • MONEY RATES; ARBITRAGE A 91 OPEN MARKET RATES (Per cent per annum) Canada United Kingdom France Fe G d e . r R m e a p n . y o , f Netherlands Sw la i n tz d e r- Month 3 T m r b e o i a l n s ls t u , h r s y 1 m Da o d y n a - y e t y o 2 - 3 B a a a m c n n c c o k e e n e p s t r t , h - s ' s 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e t o y - a B l d l e a o p n w o o k n a s e n i r t c s s e ' D m a o d y n a - e y t y o 3 - Tr 6 d b e 0 a i a y l - s l 9 s s u 0 * , r y D m a o d y n a - e y t y o s - 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e t o y - d P is r r i c a v o t a e u t n e t 1968—Dec. 5.96 5.31 7.26 6.80 5.99 5.00 8.22 2.75 1.84 4.65 4.96 3.75 1969—Dec. 7.15 6.95 8.49 7.64 6.75 5.84 8.97 4.42 4.81 5.55 5.98 4.21 1969—Nov. 7.71 7.78 8.88 7.72 6.85 6.00 9.59 5.75 7.64 5.95 5.55 4.75 7.78 7.78 8.88 7.70 6.90 6.00 10.38 5.75 8.35 6.00 7.11 4.75 1970—Jan 7.80 7.88 8.88 7.55 6.88 6.00 10.21 5.75 9.09 6.00 6.76 4.75 Feb 7.70 7.81 8.88 7.60 7.03 6.00 9.70 5.75 8.48 6.00 7.05 4.75 7.35 7.35 8.60 7.27 6.97 5.56 9.47 7.00 9.55 6.00 7.04 5.00 6.81 6.82 8.30 6.94 6.26 5.23 9.02 7.00 9.68 6.00 5.57 5.25 6.51 6.66 8.06 6.82 6.03 5.00 8.90 7.00 9.23 6.00 7.07 5.25 5.90 5.98 8.06 6.87 6.03 5.00 9.35 7.00 8.76 6.00 6.92 5.25 5.79 6.00 8.07 6.82 6.01 5.00 8.57 6.75 8.86 6.00 6.96 5.25 5.66 5.74 8.06 6.81 6.08 5.00 8.13 6.75 7.85 6.00 6.03 5.25 5.44 5.51 8.06 6.82 5.84 5.00 8.13 6.75 9.15 6.00 6.31 5.25 5.25 5.24 8.06 6.81 5.93 5.00 7.82 6.75 7.43 6.00 6.89 5.25 44..7744 44..5522 8.06 6.81 5.81 5.00 6.25 8.44 5.75 4.33 5.25 88..0066 66..8822 55..9955 55..0000 55..7755 1 Based on average yield of weekly tenders during month. 5 Monthly averages based on daily quotations. 2 Based on weekly averages of daily closing rates. NOTE.—For description and back data, see "International Finance," 3 Rate shown is on private securities. Section 15 of Supplement to Banking and Monetary Statistics, 1962. * Rate in effect at end of month. ARBITRAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates PPrreemmiiuumm DDaattee K q ( u U i a b n o U d n a g t j i s . a . d t S i t e s o . t i d ) o o m n U S n ta it t e e d s L S ( o f p n a r o v d e f o a o d r n ) PP dd ff (( (( rr oo pp ii —— ee ++ ss rr oo cc mm ww )) )) uu oo oo ii nn aa uu oo uu rr dd rr nn nn mm dd tt ii LL nn (( oo cc ff NN ee nn aa oo nn vv dd ee ff tt tt oo oo ii rr vv nn ee )) C q a u A n o in s a t e d d C a an a q da A u b o U d a t j . a s . S t i . s t i o o n U S n ta i t t e e s d C S ( a f p a n r o v e a f o a d d r a ) CC dd ff (( dd oo ii aa ++ ss oo nn rr cc )) ww ll aa oo ll dd aa aa oo uu rr ii rr rr nn ss aa dd tt nn ii CC nn (( cc aa ff NN ee nn aa oo nn vv ee aa ff tt tt oo dd ii vv rr aa ee )) 1970 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 OOcctt.. 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 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 NNoovv.. 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 Dec. 4 6.69 4.87 1.82 -.71 1.11 4.46 4.36 4.87 -.51 .65 .14 11 6.69 4.80 1.89 -.80 1.09 4.54 4.42 4.80 -.38 .61 .23 18 6.69 4.68 2.01 -.68 1.33 4.51 4.35 4.68 -.33 .61 .28 24 6.69 4.78 1.91 -.91 1.00 4.40 4.29 4.78 -.49 .00 -.49 31 6.69 4.80 1.89 -.92 .97 4.44 4.33 4.80 -.47 -.12 -.59 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 I, 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 • JANUARY 1971 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti- Intl. Estim to a t t a e l d M t o ar n y e - U S n ta i t t e e s d r m es a t te o d f Af is g t h an a n- A t r i g n e a n- t A ra u l s i - a A tr u ia s- g B iu e m l- Burma world1 Fund world 42,305 2,312 15,596 24,395 78 208 536 1,371 150 42 43,015 2,179 15,471 25,365 71 226 600 1,451 92 84 243,230 31,869 13,806 27,285 66 223 700 1,558 63 84 43,185 2,652 13,235 27,300 84 224 701 1,525 45 84 41,600 2,682 12,065 26,855 84 231 701 1,480 45 84 40,905 2,288 10,892 27,725 109 257 714 1,524 45 84 2,288 11,171 130 263 715 1,518 45 84 41,015 2,310 11,859 26,845 135 263 715 1,520 45 84 2,413 11,882 140 263 710 1,518 45 84 2,435 11,906 140 268 714 1,520 45 84 41,205 2,512 11,903 26,790 140 269 714 1,520 45 84 2,514 11,902 140 268 712 1,518 45 84 2,529 11,900 140 269 713 1,520 45 84 41,170 2,544 11,889 26,735 140 270 714 1,520 45 84 2,547 11,934 140 269 714 1,520 45 84 2,652 11,817 140 269 714 1,518 45 63 ®41!l80 2,825 11.494 ®26!860' 140 282 714 1,530 45 63 2,902 11.495 140 283 714 1,528 45 63 3,224 11,478 283 704 1,528 63 Gerlo C m o b - ia m De a n rk - l F a i n n d - m F a e n d y . , India Iraq l I a r n e d - Rep. of 92 3,175 3,843 77 247 142 18 60 92 3,729 4,248 77 247 141 112 19 56 97 4,706 4,410 78 281 146 110 21 56 108 5,238 4,292 120 243 130 106 23 46 107 5,234 4,228 130 243 144 115 25 46 114 3,877 4,539 140 243 158 193 79 46 89 3,547 4,610 130 243 158 193 39 46 89 3,547 4,079 130 243 158 193 39 46 3,546 4,079 130 243 158 151 39 46 3,544 4,079 120 243 158 151 38 46 3,544 4,079 120 243 158 151 38 46 3,544 4,079 120 243 158 151 26 46 3,541 4.079 120 243 158 151 26 46 3,543 4.080 120 243 158 151 26 46 3,543 4,080 120 243 158 151 26 46 3,537 4.080 120 243 158 151 26 45 3,537 4.081 119 243 148 151 26 45 3,537 4,081 119 243 148 151 26 45 3,533 4,081 117 243 131 120 16 43 a L n e o b n - Libya Ma si l a a y- N l e a t n h d e s r- N w o ay r- P s a ta k n i - P p h i i n l e i s p - 48 172 139 1,601 57 28 48 183 169 1,688 67 23 52 182 158 1,756 67 38 67 193 109 1,730 65 44 136 193 166 1,711 20 60 122 288 165 1,697 20 62 86 288 172 1,711 25 45 86 288 169 1,720 25 45 86 288 169 1,720 25 45 86 288 170 1,730 26 46 86 288 170 1,730 40 47 86 288 170 1,730 40 49 86 288 171 1,730 40 50 86 288 171 1,730 40 50 86 288 171 1.750 53 86 288 171 1.751 54 86 288 176 1,801 56 86 288 1,801 59 86 288 1,832 59 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY 1971 • 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 Sw la i n tz d e r- Taiwan T la h n a d i- Turkey ( U E . g A y . p R t) . U K d n i o i n m t g e - d U gu r a u y - V zu e e n l e a - Y sl u 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—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 93 165 404 52 -311 Sept... 921 534 225 2,720 82 92 126 93 11,,445544 165 404 52 -303 Oct... 879 534 225 2,720 8822 116655 404 52 —308 Nov.?' 788 534 225 2,720 9922 112266 338844 5522 --330055 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 uucc 11 -- 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 i g ca u - a Co b l i o a m- India Japan P p h i i n l e ip s - t A ra u l s ia - o A th l e l r 1964 1111111,,,,,,,444444400000005555555.......0000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000001111111111111111111188888888888888888888....................99999999999999999999 33333330000000.......3333333 7777777.......8888888 55555551111111.......4444444 111111111111111111113333333333333333333333333333333333333333....................00000000000000000000 7777777.......4444444 6666666.......9999999 111111111111111111222222222222222222..................888888888888888888 55555555555555..............22222222222222 11111111111111116666666666666666................1111111111111111 11111114444444.......9999999 333333333333333333333333333333...............777777777777777 66666666666666.......6666666 1965 1111111,,,,,,,444444444444440000000.......0000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000006666666666666666666699999999999999999999....................44444444444444444444 22222226666666.......4444444 2222222.......3333333 55555558888888.......6666666 111111111111111111112222222222222222222255555555555555555555....................66666666666666666666 7777777.......6666666 5555555.......4444444 111111111111111111111111111111111111..................222222222222222222 44444444444444..............66666666666666 11111111111111118888888888888888................1111111111111111 11111115555555.......3333333 333333333333333000000000000000...............777777777777777 66666664444444.......8888888 1966 1111111,,,,,,,444444444444445555555.......0000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000008888888888888888888800000000000000000000....................88888888888888888888 22222224444444.......0000000 5555555.......6666666 66666663333333.......1111111 111111111111111111111111111111111111111144444444444444444444....................66666666666666666666 7777777.......5555555 5555555.......2222222 999999999999999999..................888888888888888888 44444444444444..............22222222222222 11111111111111119999999999999999................4444444444444444 11111115555555.......8888888 333333333333333222222222222222...............111111111111111 66666662222222.......9999999 1967 1111111,,,,,,,444444411111110000000.......0000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000006666666666666666666688888888888888888888....................77777777777777777777 22222226666666.......7777777 5555555.......4444444 55555553333333.......4444444 111111111111111111110000000000000000000033333333333333333333....................77777777777777777777 5555555.......8888888 5555555.......2222222 999999999999999999..................000000000000000000 33333333333333..............44444444444444 22222222222222223333333333333333................7777777777777777 11111117777777.......2222222 222222222222222888888888888888...............444444444444444 55555559999999.......4444444 1968 1111111,,,,,,,444444422222220000000.......0000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000008888888888888888888888888888888888888888....................00000000000000000000 22222225555555.......4444444 5555555.......9999999 55555553333333.......9999999 9999999999999999999944444444444444444444....................11111111111111111111 6666666.......2222222 4444444.......9999999 888888888888888888..................444444444444444444 44444444444444..............00000000000000 22222222222222221111111111111111................5555555555555555 11111118888888.......5555555 222222222222222777777777777777...............666666666666666 66666661111111.......6666666 1111111,,,,,,,444444422222220000000.......0000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000009999999999999999999900000000000000000000....................77777777777777777777 22222224444444.......8888888 6666666.......0000000 66666660000000.......1111111 8888888888888888888855555555555555555555....................22222222222222222222 7777777.......5555555 3333333.......7777777 777777777777777777..................777777777777777777 33333333333333..............44444444444444 22222222222222223333333333333333................7777777777777777 22222220000000.......0000000 222222222222222444444444444444...............555555555555555 66666662222222.......7777777 9999999999999999999955555555555555555555....................22222222222222222222 66666666666666666666....................55555555555555555555 ..................666666666666666666 ..............33333333333333 2222222222222222................1111111111111111 222222222222222...............111111111111111 9999999999999999999933333333333333333333....................66666666666666666666 66666666666666666666....................88888888888888888888 ..................666666666666666666 ..............33333333333333 2222222222222222................0000000000000000 222222222222222...............000000000000000 8888888888888888888899999999999999999999....................55555555555555555555 77777777777777777777....................11111111111111111111 ..................444444444444444444 ..............22222222222222 2222222222222222................2222222222222222 111111111111111...............999999999999999 9999999999999999999922222222222222222222....................88888888888888888888 77777777777777777777....................55555555555555555555 ..................555555555555555555 ..............22222222222222 2222222222222222................1111111111111111 111111111111111...............777777777777777 8888888888888888888888888888888888888888....................44444444444444444444 66666666666666666666....................55555555555555555555 ..................888888888888888888 ..............33333333333333 1111111111111111................9999999999999999 111111111111111...............888888888888888 . 9999999999999999999944444444444444444444....................33333333333333333333 77777777777777777777....................11111111111111111111 ..................555555555555555555 ..............33333333333333 2222222222222222................1111111111111111 222222222222222...............666666666666666 9999999999999999999922222222222222222222....................88888888888888888888 66666666666666666666....................66666666666666666666 ..................666666666666666666 ..............33333333333333 1111111111111111................8888888888888888 111111111111111...............888888888888888 Mav*' 9999999999999999999944444444444444444444....................55555555555555555555 77777777777777777777....................00000000000000000000 ..................666666666666666666 2222222222222222................2222222222222222 111111111111111...............777777777777777 June*''' 9999999999999999999966666666666666666666....................66666666666666666666 77777777777777777777....................22222222222222222222 ..................666666666666666666 2222222222222222................0000000000000000 9999999999999999999955555555555555555555....................22222222222222222222 66666666666666666666....................88888888888888888888 ..................666666666666666666 9999999999999999999966666666666666666666....................33333333333333333333 66666666666666666666....................33333333333333333333 ..................777777777777777777 9999999999999999999966666666666666666666....................22222222222222222222 66666666666666666666....................66666666666666666666 9999999999999999999966666666666666666666....................66666666666666666666 66666666666666666666....................99999999999999999999 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 JOHN S. RIPPEY, Special Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF FEDERAL RESERVE BANK OPERATIONS ROBERT C. HOLLAND, Secretary KENNETH A. KENYON, Deputy Secretary JAMES A. MCINTOSH, Director ELIZABETH L. CARMICHAEL, Assistant Secretary JOHN N. KILEY, JR., Associate Director ARTHUR L. BROIDA, Assistant Secretary P. D. RING, Assistant Director NORMAND R. V. BERNARD, Assistant Secretary CHARLES C. WALCUTT, Assistant Director GORDON B. GRIMWOOD, Defense Planning LLOYD M. SCHAEFFER, Chief Federal Reserve Coordinator and Assistant Secretary Examiner *EUGENE A. LEONARD, Assistant Secretary 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 DIVISION OF PERSONNEL ADMINISTRATION STANLEY J. SIGEL, Adviser MURRAY S. WERNICK, Adviser EDWIN J. JOHNSON, Director KENNETH B. WILLIAMS, Adviser JOHN J. HART, Assistant Director PETER M. KEIR, Associate Adviser DIVISION OF ADMINISTRATIVE SERVICES JAMES L. PIERCE, Associate Adviser JAMES B. ECKERT, Assistant Adviser JOSEPH E. KELLEHER, Director EDWARD C. ETTIN, Assistant Adviser DONALD E. ANDERSON, Assistant Director STEPHEN P. TAYLOR, Assistant Adviser JOHN D. SMITH, Assistant Director LOUIS WEINER, Assistant Adviser OFFICE OF THE CONTROLLER JOSEPH S. ZEISEL, Assistant Adviser LEVON H. GARABEDIAN, Assistant Director JOHN KAKALEC, Controller §HARRY J. HALLEY, Deputy Controller DIVISION OF INTERNATIONAL FINANCE DIVISION OF DATA PROCESSING ROBERT SOLOMON, Director IROBERT L. SAMMONS, Associate Director JEROLD E. SLOCUM, Director JOHN E. REYNOLDS, Associate Director JOHN P. SINGLETON, Associate Director JOHN F. L. GHIARDI, Adviser GLENN L. CUMMINS, Assistant Director A. B. HERSEY, Adviser JOE M. JACKSON, Assistant Director REED J. IRVINE, Adviser HENRY W. MEETZE, Assistant Director SAMUEL I. KATZ, Adviser RICHARD S. WATT, Assistant Director BERNARD NORWOOD, Adviser RALPH C. WOOD, Adviser *On leave from the Federal Reserve Bank of St. Louis, RALPH C. BRYANT, Associate Adviser ton leave of absence. ROBERT F. GEMMILL, Associate Adviser tServes also as Program Director for Banking Structure in the Office of the Secretary. SAMUEL PIZER, Associate Adviser §Also serves as Program Director for Management Systems. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 95 FEDERAL OPEN MARKET COMMITTEE ARTHUR F. BURNS, Chairman ALFRED HAYES, Vice Chairman ANDREW F. BRIMMER AUBREY N. HEFLIN J. L. ROBERTSON J. DEWEY DAANE 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 MARK C. WHEELER, FIRST FEDERAL GAYLORD A. FREEMAN, SEVENTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT JOHN M. MEYER, JR., SECOND FEDERAL ALLEN MORGAN, EIGHTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT G. MORRIS DORRANCE, JR., THIRD FEDERAL T. M. REARDON, NINTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT JOHN S. FANGBONER, FOURTH FEDERAL MORRIS F. MILLER, TENTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT JOSEPH W. BARR, FIFTH FEDERAL JOHN E. GRAY, ELEVENTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT HARRY HOOD BASSETT, SIXTH 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 Louis W. Cabot Earle O. Latham New York , .10045 Albert L. Nickerson Alfred Hayes Roswell L. Gilpatric William F. Treiber Buffalo ...14240 Norman F. Beach A. A. Maclnnes, Jr. Philadelphia 19101 Bayard L. England David P. Eastburn D. Robert Yarnall, Jr. 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 Jimmie R. Monhollon Atlanta , .30303 Edwin I. Hatch Monroe Kimbrel John C. Wilson Kyle K. Fossum Birmingham... ,.35202 Dan L. Hendley Jacksonville,,.. 32201 Henry Cragg Edward C. Rainey Nashville 37203 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 Peter B. Clark Daniel M. Doyle St. Louis , . .63166 Frederic M. Peirce Darryl R. Francis Sam Cooper Dale M. Lewis Little Rock. . 72203 A1 Pollard John F. Breen Louisville 40201 Donald L. Henry Memphis , 38101 Alvin Huffman, Jr. Laurence T. Britt Minneapolis 55480 David M. Lilly Hugh D. Galusha, Jr. Bruce B. Dayton M. H. Strothman, Jr. Helena ....59601 Warren B. Jones Howard L. Knous Kansas City 64198 Robert W. Wagstaff 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 Chas. F. Jones Philip E. Coldwell Philip G. Hoffman T. W. Plant El Paso 79999 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 J. Leland Atwood Paul W. Cavan Portland , ,,97208 Frank Anderson William M. Brown Salt Lake City,, 84110 Royden G. Derrick Arthur L. Price Seattle 98124 Francis G. Crane 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. HISTORICAL CHART BOOK. Issued annually in Sept. BANKING MARKET STRUCTURE & PERFORMANCE Subscription to monthly chart book includes IN METROPOLITAN AREAS: A STATISTICAL one issue. $.60 a copy in the United States and STUDY OF FACTORS AFFECTING RATES ON countries listed above; 10 or more sent to one BANK LOANS. 1965. 73 pp. $.50 a copy; 10 or 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- TURE. 1966. 109 pp. $1.00 a copy; 10 or more PUBLISHED INTERPRETATIONS OF THE BOARD OF sent to one address, $.85 each. GOVERNORS, as of June 30, 1970. $2.50. THE FEDERAL FUNDS MARKET. 1959. Ill pp. FLOW OF FUNDS IN THE UNITED STATES, 1939- $1.00 a copy; 10 or more sent to one address, 53. 1955. 390 pp. $2.75. $.85 each. FLOW OF FUNDS ACCOUNTS, 1945-1968. March TRADING IN FEDERAL FUNDS. 1965. 116 pp. $1.00 1970. 138 pp. $1.00 per copy; 10 or more sent a copy; 10 or more sent to one address, $.85 to one address, $.85 each. each. DEBITS AND CLEARING STATISTICS AND THEIR U.S. TREASURY ADVANCE REFUNDING, JUNE USE. 1959. 144 pp. $1.00 a copy; 10 or more 1960-JULY 1964. 1966. 65 pp. $.50 a copy; 10 sent to one address, $.85 each. or more sent to one address, $.40 each. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 98 FEDERAL RESERVE BULLETIN • JANUARY 1971 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 A REVIEW OF RECENT ACADEMIC LITERATURE address, $.85 each. 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 FINANCIAL INSTABILITY REVISITED: THE ECOaddress, $.20 each. 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 CERTIFICATES OF DEPOSIT. 1968. 89 pp. text available upon request for single copies.) 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 • JANUARY 1971 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. RECENT CHANGES IN STRUCTURE OF COMMER- CIAL BANKING. Mar. 1970. 16 pp. REVISED SERIES ON BANK CREDIT. Aug. 1968. 4 pp. U.S. BALANCE OF PAYMENTS AND INVEST- FEDERAL FISCAL POLICY IN THE 1960's. Sept. MENT POSITION. Apr. 1970. 17 pp. 1968. 18 pp. SDR's IN FEDERAL RESERVE OPERATIONS AND HOW DOES MONETARY POLICY AFFECT THE STATISTICS. May 1970. 4 pp. ECONOMY? Staff Economic Study by Maurice Mann. Oct. 1968. 12 pp. CHANGES IN BANK LENDING PRACTICES, 1969. May 1970. 5 pp. BUSINESS FINANCING BY BUSINESS FINANCE COMPANIES. Oct. 1968. 13 pp. BANKING AND MONETARY STATISTICS, 1969. MANUFACTURING CAPACITY: A COMPARISON OF Selected series of banking and monetary statistics TWO SOURCES OF INFORMATION, Staff Eco- for 1969 only. Mar. and July 1970. 18 pp. nomic Study by Jared J. Enzler. Nov. 1968. 5 pp. TREASURY AND FEDERAL RESERVE FOREIGN EX- CHANGE OPERATIONS. Sept. 1970. 17 pp. MONETARY RESTRAINT, BORROWING, AND CAP- ITAL SPENDING BY SMALL LOCAL GOVERN- INFLATION IN WESTERN EUROPE AND JAPAN. MENTS AND STATE COLLEGES IN 1966. Dec. Oct. 1970. 13 pp. 1968. 30 pp. CHANGES IN TIME AND SAVINGS DEPOSITS, APRIL- REVISION OF CONSUMER CREDIT STATISTICS. JULY 1970. Nov. 1970. 11 pp. Dec. 1968. 21 pp. FINANCIAL DEVELOPMENTS IN THE THIRD QUAR- HOUSING PRODUCTION AND FINANCE. Mar. 1969. TER OF 1970. Dec. 1970. 7 pp. 7 pp. REVISION OF THE MONEY STOCK. Dec. 1970. OUR PROBLEM OF INFLATION. June 1969. 15 pp. 23 pp. THE CHANNELS OF MONETARY POLICY, Staff Eco- MEASURES OF SECURITY CREDIT. Dec. 1970. nomic Study by Frank de Leeuw and Edward 11pp. Gramlich. June 1969. 20 pp. BALANCE OF PAYMENTS PROGRAM: REVISED REVISION OF WEEKLY SERIES FOR COMMERCIAL GUIDELINES FOR BANKS AND NONBANK FINAN- BANKS. Aug. 1969. 5 pp. CIAL INSTITUTIONS. Jan. 1971. 12 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 101 INDEX TO STATISTICAL TABLES (For list of tables published periodically, but not monthly, see page A-3.) Acceptances, bankers', 14, 33, 37 Deposits (See also specific types of deposits): Agricultural loans of commercial banks, 24, 26 Accumulated at commercial banks for payment of Arbitrage, 91 personal loans, 23 Assets and liabilities (See also Foreigners, claims on, Adjusted, and currency, 18 and liabilities to): Banks, by classes, 11, 19, 25, 29, 37 Banks, by classes, 19, 24, 25, 26, 37 Euro-dollars, 86 Banks and the monetary system, 18 Federal Reserve Banks, 12, 86 Corporate, current, 49 Postal savings, 18,25 Federal Reserve Banks, 12 Subject to reserve requirements, 17 Automobiles: Discount rates (See Interest rates) Consumer instalment credit, 54, 55, 56 Discounts and advances by Reserve Banks, 4, 12, 13, 15 Production index, 58, 59 Dividends, corporate, 48,49 Dollar assets, foreign, 75, 81 Bank credit proxy, 17 Bankers' balances, 25,28 (See also Foreigners, claims on, and liabilities to) Earnings and hours, manufacturing industries, 65 Banks and the monetary system, 18 Employment, 62, 64, 65 Banks for cooperatives, 39 Euro-dollar deposits in foreign branches of 5 Bonds (See also U.S. Govt, securities): U.S. banks, 86 TJ 3 New issues, 45, 46, 47 Yields and prices, 34, 35 Faim mortgage loans, 50, 51 1 Branch banks, liabilities of U.S. banks to their foreign Federal finance: branches, 30, 86 Cash transactions, 40 6 Brokerage balances, 85 Receipts and expenditures, 41 * Business expenditures on new plant and equipment, 49 Treasury operating balance, 40 Business indexes, 62 Federal funds, 8, 24,26, 30, 33 Business loans (.See Commercial and industrial loans) Federal home loan banks, 39, 51 Federal Housing Administration, 50, 51, 52, 53 a. Capacity utilization, 62 Federal intermediate credit banks, 39 €a> Capital accounts: Federal land banks, 39 * Banks, by classes, 19, 25, 30 Federal National Mortgage Assn., 39, 53 Federal Reserve Banks, 12 Federal Reserve Banks: Central banks, 90, 92 Condition statement, 12 i Certificates of deposit, 30 U.S. Govt, securities held, 4,12, 15,42, 43 •a Coins, circulation, 16 Federal Reserve credit, 4,6,12,15 Commercial and industrial loans: Federal Reserve notes, 12, 16 Commercial banks, 24, 32 Federally sponsored credit agencies, 39 Weekly reporting banks, 26, 31 Finance company paper, 33,37 Commercial banks: Financial institutions, loans to, 24, 26 f Assets and liabilities, 19, 24, 25, 26 Float, 4 a Consumer loans held, by type, 55 Flow of funds, 70 5 Deposits at, for payment of personal loans, 23 Foreign: f 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 -k Real estate mortgages held, by type, 50 Exchange rates, 89 8 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 S Security issues, 46, 47 Reserves of central banks and govts., 92 Security yields and prices, 34, 35 Stock, 4, 18,75 Cost of living (See Consumer price indexes) Government National Mortgage Association, 53 Currency and coin, 5, 10, 25 Gross national product, 68, 69 Currency in circulation, 5,16, 17 Customer credit, stock market, 36, 94 Hours and earnings, manufacturing industries, 65 Debits to deposit accounts, 15 Housing permits, 62 Debt (See specific types of debt or securities) Housing starts, 63 Demand deposits: Income, national and personal, 68, 69 Adjusted, banks and the monetary system, 18 Industrial production index, 58, 62 Adjusted, commercial banks, 15, 17, 25 Instalment loans, 54, 55,56, 57 Banks, by classes, 11, 19,25, 29 Insurance companies, 38, 42, 43, 51 Subject to reserve requirements, 17 Insured commercial banks, 21, 23, 24 Turnover, 15 Interbank deposits, 11, 19, 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 102 FEDERAL RESERVE BULLETIN • JANUARY 1971 Interest rates: Reserve position, basic, member banks, 8 Business loans by banks, 32 Reserve requirements, member banks, 10 Federal Reserve Banks, 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 1 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 2 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 e Number, by classes, 19 3 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 <t M M u u t t u u a a l l s fu av n i d n s g s (S b e a e n I k n s v , e 1 s 8 tm , 2 e 9 n , t 3 c 7 o , m 4 p 2 a , n 4 i 3 e , s ) 5 0 U.S. balance of payments, 72 U.S. Govt, balances: Commercial bank holdings, 25,29 I National banks, 21, 23 Consolidated condition statement, 18 National income, 68, 69 Member bank holdings, 17 o 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 u Open market transactions, 14 Federal Reserve Bank holdings, 4,12,15,42,43 § Foreign and international holdings, 12, 81, 84, 86 <gj Payrolls, manufacturing index, 62 International transactions, 81, 84 OS Personal income, 69 New issues, gross proceeds, 46 w Postal savings, 18, 25 Open market transactions, 14 Prices: Outstanding, by type of security, 42, 43, 45 Ownership of, 42, 43 Consumer and wholesale commodity, 62, 66 Yields and prices, 34, 35,91 Security, 35 United States notes, 16 Prime rate, commercial banks, 33 Utilities, production index, 59, 62 Production, 58, 62 Profits, corporate, 48, 49 Veterans Administration, 50, 51, 52, 53 Real estate loans: Banks, by classes, 24,27,37,50 Delinquency rates on home mortgages, 52 Weekly reporting banks, 26 Mortgage yields, 53 Type of holder and property mortgaged, 50,. 51, 52, 53 Yields (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis