Federal Reserve Bulletin, 1971-02

FEDERAL RESERVE BULLETIN * * * * * ** FEBRUARY 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. 20551, and remittance should be made payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. currency. (Stamps and coupons not accepted) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN NUMBER 2 • VOLUME 57 • FEBRUARY 1971 CONTENTS 79 Monetary Aggregates and Money Market Conditions in Open Market Policy 105 Record of Policy Actions of the Federal Open Market Committee 121 Law Department 149 Directors of Federal Reserve Banks and Branches 163 Announcements 164 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 100 Board of Governors and Staff A 101 Open Market Committee and Staff; Federal Advisory Council A 102 Federal Reserve Banks and Branches A 103 Federal Reserve Board Publications A 107 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

Monetary Aggregates and Money Market Conditions in Open Market Policy THERE HAS BEEN WIDESPREAD discussion over the past year or so about the emphasis given to monetary and credit aggregates, as compared with traditional operating variables such as money market conditions, in the formulation and conduct of the Federal Reserve System's open market policy. This article discusses the role—in the decision-making process of the Federal Open Market Committee (FOMC)1 and in the day-to-day conduct of Federal Reserve open market operations—of aggregates such as the money supply and bank credit, in comparison with other financial variables. Such aggregates, of course, represent only a few of the many financial variables, including interest rates and credit flows through nonbank institutions and the market directly, that are evaluated in monetary policy decisions and their implementation. And financial conditions as a whole are evaluated against the underlying purpose of monetary policy—the encouragement of a healthily functioning economy, both domestically and in relation to the rest of the world. The policy decisions of the FOMC are based on a full-scale evaluation by Committee members of likely tendencies in critical *The Federal Open Market Committee is the statutory body responsible for open market operations (purchase and sale of U.S. Government securities in the open market), the most flexible and frequently used instrument by which monetary policy affects bank reserves, bank credit, money supply, and ultimately over-all credit conditions. The FOMC consists of the seven members of the Board of Governors of the Federal Reserve System, the President of the Federal Reserve Bank of New York, and four of the remaining 11 Reserve Bank presidents serving in rotation. The Chairman of the Board of Governors has traditionally been elected by the Committee to serve as Chairman of the Open Market Committee, and the President of the Federal Reserve Bank of New York has traditionally been elected Vice-Chairman. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

80 FEDERAL RESERVE BULLETIN • FEBRUARY 1971 measures of economic performance such as output, employment, prices, and the balance of payments. In deciding on the stance of monetary policy, the Committee considers whether these tendencies in domestic economic activity and the balance of payments appear desirable, and if not, how they might be influenced by changes in financial conditions—including the pace of monetary expansion, credit availability, interest rates—and by expectational factors. Once a general policy stance is adopted, guidelines are set for the day-to-day conduct of operations in the open market. During 1970 somewhat more emphasis was placed on the behavior of monetary aggregates—such as the money supply and bank credit—in providing guidance for the day-to-day conduct of open market operations. Since it has always been recognized that the effect of monetary policy stems from its influence on bank credit, money, interest rates, and financial flows generally, the greater emphasis placed on monetary aggregates basically represented a modification of operating procedures rather than a change in the fundamental objective of policy. Under conditions of uncertainty— for example, uncertainty about the impact on interest rates of expectational factors or about the strength of future demands for goods and services—some emphasis on the aggregates helps to guard against the risk that open market operations might in the end supply either too large or too small amounts of bank reserves, credit, and money as a result of unexpected and undesired shifts in demands for goods and services and for credit. At the same time, however, an approach that utilizes aggregates as one operating guide must take account of shifts in the demand for money and liquidity at given levels of income. Such shifts would have to be accommodated through open market operations in order to help provide the money and liquidity demanded if interest rates and credit conditions generally were not to become unduly tight or easy. Thus, the longer-run path for monetary aggregates needs to be evaluated in relation to emerging credit conditions and tendencies in economic activity, to help determine if demands for liquidity have been properly assessed. And whatever longer-run path for the aggregates may be included as guidance for open market operations, short-run, selfcorrecting variations in money and credit demands need to be accommodated in order to avoid inducing unnecessary, and possibly destabilizing, fluctuations in money market conditions. In practice, allowance has to be made—in the formulation of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN MARKET POLICY 81 monetary policy and in the guides to the conduct of policy—for uncertainties with respect to both the demand for goods and the demand for money and liquidity. And trends in monetary aggregates, interest rates, and other financial variables have to be evaluated in relation to the continuing flow of evidence as to the likely course of economic activity. DIRECTIVES OF THE The monetary policy decisions of the FOMC—which in recent FOMC years has generally met about every 4 weeks—are embodied in the Committee's current economic policy directive, voted on near the end of each meeting. This directive is issued to the Federal Reserve Bank^of New York, which, because it is located in the Nation's central money and credit market, undertakes open market operations for the Federal Reserve System. The directive is carried out by a senior officer of the Bank, who is designated by the FOMC as Manager of the System Open Market Account. Both the form and the content of the FOMC directive have changed over the years. Since 1961 the directive has contained two paragraphs. The first paragraph has contained statements about recent key economic and financial developments, and also a general statement of current goals of the FOMC with respect to economic growth, price stability, and the balance of payments.2 The second paragraph contains the FOMC's instructions to the Account Manager for guiding open market operations in the interval between FOMC meetings. The second paragraph is, 2 For illustrative purposes the first paragraph of the directive issued on Dec. 16, 1969, is quoted below: "The information reviewed at this meeting indicates that real economic activity has expanded only moderately in recent quarters and that a further slowing of growth appears to be in process. Prices and costs, however, are continuing to rise at a rapid pace. Most market interest rates have advanced further in recent weeks partly as a result of expectational factors, including concern about the outlook for fiscal policy. Bank credit rose rapidly in November after declining on average in October, while the money supply increased moderately over the 2-month period; in the third quarter, bank credit had declined on balance and the money supply was about unchanged. The net contraction of outstanding large-denomination CD's has slowed markedly since late summer, apparently reflecting mainly an increase in foreign official time deposits. However, flows of consumer-type time and savings funds at banks and nonbank thrift institutions have remained weak, and there is considerable market concern about the potential size of net outflows expected around the year-end. In November the balance of payments deficit on the liquidity basis diminished further and the official settlements balance reverted to surplus, mainly as a result of return flows out of the German mark and renewed borrowing by U.S. banks from their foreign branches. In light of the foregoing developments, it is the policy of the Federal Open Market Committee to foster financial conditions conducive to the reduction of inflationary pressures, with a view to encouraging sustainable economic growth and attaining reasonable equilibrium in the country's balance of payments." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

82 FEDERAL RESERVE BULLETIN • FEBRUARY 1971 in essence, a highly condensed summary of the Committee's discussion and conclusions as to the sort of operations that will be required to reach its longer-run policy goals. These directives are made public after a 3-month lag in a "record of policy actions," which also includes a resume of prevailing economic and financial conditions and of the Committee's discussion of policy implications at the meeting. The nature of the operating instructions in the second paragraph of the directive has changed from time to time. Money market conditions have remained as important guides in determining day-to-day open market activity. Though emphasis on various money market indicators has varied over the years in light of changing economic and financial circumstances, money market conditions have generally been construed to include member bank borrowings at the Federal Reserve discount window, the net reserve position of member banks (excess reserves of banks less borrowings from the Federal Reserve), the interest rate on Federal funds (essentially reserve balances of banks that are made available to other banks, usually on an overnight basis), and at times the 3-month Treasury bill rate. At times when it was framing the operating instructions contained in the second paragraph of its directive solely in terms of money market conditions, the FOMC was nevertheless con^ cerned with developments in monetary aggregates and financial conditions generally as they affect the broad objectives of policy. Beginning in 1966, the Committee supplemented the reference to money market conditions in the second paragraph with a reference to certain monetary aggregates, such as bank credit, and later the money supply.3 The desired behavior of aggregates has been given increased emphasis since early 1970. From mid-1966 through 1969 the reference to aggregates was generally to bank credit and was contained in a so-called proviso clause. The second paragraph of the directive issued on December 16, 1969, is illustrative: "To implement this policy, System open market operations until the next meeting of the Committee shall be conducted with a view to maintaining the prevailing firm conditions in the money market; provided, however, that operations shall be modified if bank credit appears to be deviating significantly from current projections or if unusual liquidity pressures should develop." 3 There was also occasional reference to such aggregates in directives during the first half of the 1960's. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN MARKET POLICY 83 In 1970 monetary aggregates came to play a more prominent role in the phrasing of the second paragraph, and references were made to the money supply as well as to bank credit. In the directive issued on March 10, 1970, the Committee stated more directly its desires with respect to the aggregates rather than referring to them in the form of a proviso clause. The second paragraph of the directive of that date read as follows: "To implement this policy, the Committee desires to see moderate growth in money and bank credit over the months ahead. System open market operations until the next meeting of the Committee shall be conducted with a view to maintaining money market conditions consistent with that objective." The operating instructions in the second paragraphs of FOMC directives are not confined to money market conditions and a desired pattern of behavior in the monetary aggregates. The System Account Manager has also been directed, when appropriate, to take account of Treasury financings, liquidity pressures, and the possible impacts of bank regulatory changes in the process of achieving satisfactory conditions in the money market and satisfactory performance of monetary aggregates. As the nature of economic and financial problems has altered, so has the phrasing of the second paragraph of the directive. For instance, the second paragraph of the directive issued on May 26, 1970, emphasized the need to moderate pressures on financial markets; it read as follows: "To implement this policy, in view of current market uncertainties and liquidity strains, open market operations until the next meeting of the Committee shall be conducted with a view to moderating pressures on financial markets, while, to the extent compatible therewith, maintaining bank reserves and money market conditions consistent with the Committee's longer-run objectives of moderate growth in money and bank credit." The short-run bulge in bank credit expansion expected to result from the Board's action around midyear in suspending ceilings on maximum interest rates payable by banks on large certificates of deposit in the 30- to 89-day maturity range was taken into consideration in the phrasing of the second paragraph of the directive issued by the FOMC on July 21, 1970: "To implement this policy, while taking account of persisting market uncertainties, liquidity strains, and the forthcoming Treasury financing, the Committee seeks to promote moderate growth in money and bank credit over the months ahead, allow- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

84 FEDERAL RESERVE BULLETIN • FEBRUARY 1971 ing for a possible continued shift of credit flows from market to banking channels. System open market operations until the next meeting of the Committee shall be conducted with a view to maintaining bank reserves and money market conditions consistent with that objective; provided, however, that operations shall be modified as needed to counter excessive pressures in financial markets should they develop." And in the directive issued on August 18, 1970, an easing of conditions in credit markets was taken as an objective of open market operations parallel with desires with respect to monetary aggregates, as follows: "To implement this policy, the Committee seeks to promote some easing of conditions in credit markets and somewhat greater growth in money over the months ahead than occurred in the second quarter, while taking account of possible liquidity problems and allowing bank credit growth to reflect any continued shift of credit flows from market to banking channels. System open market operations until the next meeting of the Committee shall be conducted with a view to maintaining bank reserves and money market conditions consistent with that objective, taking account of the effects of other monetary policy actions." The first and second paragraphs of all directives issued from December 16, 1969, through December 15, 1970, are shown in the appendix to indicate the variety of considerations that the FOMC takes into account in formulating its policy and framing its operating instructions. POLICY FORMATION The FOMC's basic concern is with the real economy—production, employment, prices, and the balance of payments. But the Committee must translate its broader economic goals into the monetary and credit variables over which the Federal Reserve has a direct influence. Thus, whatever emphasis is given to the financial variables that influence day-to-day open market operations, it is recognized that the immediate targets of day-to-day operations are not the goals of monetary policy, but rather that those targets are set with a view to facilitating the achievement of the broader financial and economic objectives of the FOMC. In setting its immediate operating targets, the FOMC necessarily reviews past and prospective relationships between financial conditions and economic objectives. A benchmark in this Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN MARKET POLICY 85 review is provided several times a year in a presentation by the staff to the Committee of an interrelated set of longer-run economic and financial projections. These exercises review in detail recent economic and financial developments, assess the outlook for and impact of fiscal policy, and trace the likely patterns of change in such measures as income, output, employment, prices, and the balance of payments for a period of about a year ahead. Provisional estimates are also presented of the flow of funds— including various monetary aggregates—and interest rates expected to be consistent with these patterns of economic development. A reappraisal of current tendencies in and prospects for economic activity, financial flows and credit market conditions, and the balance of payments is presented to the FOMC by the staff on the occasion of each meeting. Included in the regular documentation is an analysis of relationships among money market variables, paths for monetary aggregates, and interest rates broadly considered for a period several months ahead. At each FOMC meeting, most of the time is given over to a free interchange of views by Committee members of their assessment of the current economic situation and outlook and of the related appropriate monetary policies. As the discussion proceeds, each Committee member indicates his assessment of the basic tendencies in economic activity, prices, employment, and so forth; his appraisal of recent financial developments in relation to desired economic goals; and what steps might be taken through open market operations (or other policy instruments that interact with open market operations) to help achieve financial conditions suitable to economic goals. It may develop, for instance, that most or all Committee members believe that economic prospects are deviating from those that had previously been expected and desired. If so, the Committee may wish to modify its objectives concerning money market conditions and desired rates of expansion in monetary and credit aggregates, so as to promote over-all financial and credit conditions that are more conducive to desired economic conditions. Or it may turn out that economic activity is developing about in line with expectations but seems to be entailing a pattern of financial flows different from that originally expected. Still another possibility is that the relationship that is developing between the variables specified for the System Account Manager for purposes of guiding day-to-day open market operations and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

86 FEDERAL RESERVE BULLETIN • FEBRUARY 1971 broader financial flows and interest rates is not what was expected. Under any of such circumstances, the FOMC could react by changing its operating instructions. The operating instructions in the second paragraph of the directive are expressed qualitatively. But the specific variables involved—money market conditions and monetary and credit aggregates—are typically indicated in terms of ranges in the discussion. Over the past year the operating instructions embodying the Committee's policy thrust have changed in two general ways. First, as has been noted, somewhat more emphasis has been placed on monetary aggregates as a target for open market operations rather than as an outgrowth of such operations. Second, the time horizon for a path of monetary and credit aggregates (in relation to money market conditions and other financial variables) has been viewed as encompassing several months or, expressed in calendar quarters, at least one or two quarters ahead. Longer-run paths provide the Committee with a means for focusing on the emerging trend of growth in the money supply or in bank credit, while recognizing that, over very short-run periods of a week or a month or so, there may be irregular movements in rates of change in monetary aggregates because of erratic shifts in the public's demand for deposits and such factors as Treasury financings, a large change in U.S. Government deposits, or movements of funds between the U.S. and foreign countries. ROLE OF The somewhat greater use of monetary aggregates in the formu- MONETARY AGGREGATES lation and conduct of open market policy during the past year represents for the most part an extension of the trend of policy over the previous several years. It has always been recognized that monetary policy achieves its effects through its influence on bank credit, money supply, interest rates, and financial flows generally. But the benefits that might be expected from an increased degree of emphasis on monetary aggregates in the conduct of open market operations relate to the question of monetary control under conditions of uncertainty. Greater emphasis on aggregates is consistent with a variety of economic theories, and it does not necessarily imply any particular judgment as to the importance for the economy of monetary flows relative to interest rates and credit conditions or relative to other influences such as fiscal policy and technological innovation. Operationally, however, by placing more emphasis Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN MARKET POLICY 87 on monetary aggregates in the instructions to the Account Manager, the FOMC has a greater assurance that unexpected and undesired shortfalls or excesses in the demands for goods and services in the economy, and hence in the demands for credit and money, will not lead more or less automatically to too little or too much expansion in bank reserves, bank credit, and money. Giving more weight to monetary aggregates means, for example, that if there were an unexpected and undesired shortfall in business and consumer demand for goods and services, the Federal Reserve would continue to provide reserves to try to keep growth in money and bank credit from weakening unduly at a time when the public, with transactions demand for cash reduced, was seeking to invest excess funds in various financial assets. In the process, there would be a greater short-run decline in interest rates than would otherwise be the case. The drop in interest rates and the easing of credit conditions would help to provide financial incentives that would encourage a strengthening of demands for goods and services. While increasing the emphasis on monetary and credit aggregates tends to increase the protection against undesired shifts in demands for goods and services, it at the same time runs the risk of reducing protection against unexpected shifts in the public's demand for cash and liquidity. Thus, for example, if the public decides to hold more liquidity relative to income than had been earlier assumed, failure to permit a faster rise in the money supply to accommodate this desire would lead to higher interest rates and tighter credit conditions as the public seeks to sell other assets to acquire cash. The tightening of credit conditions would tend to lead to a weaker GNP than desired. In contrast, the tendency toward tighter conditions could be averted if the Federal Reserve helped to meet the desire for greater liquidity by increasing its purchases of financial assets (through open market acquisitions of U.S. Government securities)—thereby providing more bank reserves to support an increase in bank deposits and in the money supply and to keep interest rates from rising. In practice, allowance has to be made for uncertainties about both the demand for goods and services and the demand for money and liquidity. Opinions differ among professional economists as to the relative degrees of stability of these types of demand, and practical experience over the past several years suggests that there is a good deal of variation in both. There have been periods when large increases in Federal Government Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

88 FEDERAL RESERVE BULLETIN • FEBRUARY 1971 purchases of goods and services and/or in private sector demands for capital goods and inventories have caused marked shifts in over-all demands for goods and services at given interest rates. But there have also been periods when liquidity strains, greatly increased financial transactions, and various international uncertainties have resulted in a sizable upward shift in the demand for cash and closely related assets at given interest rates. Furthermore, open market policy not only needs to distinguish between, and take account of, shifts in both the demand for goods and services and the demand for money and liquidity at given interest rates, but also must evaluate the extent to which such shifts are transitory or more permanent. The late spring and the summer of 1970 are an example of a period when liquidity strains in the economy—typified by rising long-term interest rates at a time when economic activity was sluggish, by the bankruptcy of a major railroad, and by a generally cautionary attitude on the part of investors toward securities, particularly commercial paper—were giving rise to considerable uncertainty and were threatening a marked erosion in confidence. Under those circumstances Federal Reserve policy stressed the need to moderate pressures on financial markets and to accommodate liquidity needs. In late June the Board of Governors suspended maximum ceiling rates on large CD's maturing in 30- to 89-days as part of the effort to reliquify the economy. This action made it possible for banks to compete for funds and to accommodate borrowers who were not able, in the conditions of the time, to refinance their borrowings in the commercial paper market, or were not able to do so without a bank loan commitment as back-up. And open market operations during the period were conducted in such a way as to provide the reserves to sustain the very large increase in bank credit resulting from renewed ability of banks to obtain funds through issuance of certain large CD's. The FOMC's policy directives in that period (see directives of May 26 and July 21, 1970, on pp. 99 and 100) tended to subordinate, temporarily, longer-run objectives for monetary aggregates to the shorter-run liquidity needs of the economy. In general, in evaluating the appropriateness of particular operating guidelines at a particular time, the FOMC has to make judgments about the nature of the fundamental influences that are affecting the domestic economy and the international position of the dollar. If, for example, it developed that interest rates Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN MARKET POLICY 89 were higher, and over-all credit conditions tighter, than expected for a given rate of increase in bank credit or money, the FOMC would have to make a judgment as to whether GNP was stronger than anticipated, whether inflationary expectations were affecting interest rates, or whether the demands for money and closely related assets had shifted at given levels of income and interest rates. Or, as another example, interest rate movements might be undesirably affecting capital flows between the United States and foreign countries; in this case judgments might have to be made as to how the various policy instruments could be adapted to such a development. Judgments made with respect to interrelationships among policy objectives would affect not only the open market policy instrument but also other monetary policy instruments. With respect to open market policy, types of adjustments called for in operating instructions would include, for instance, whether to change the targets for aggregates and/or whether to put more stress on money or credit market conditions. Or adjustments might be called for in other policy instruments—such as the discount rate or reserve requirements, including provisions such as those recently made affecting Euro-dollar borrowings of U.S. banks—in order to achieve a variety of policy objectives more effectively. In looking toward a desired longer-run growth rate in monetary aggregates, the FOMC has focused on money and bank credit in its operating instructions. The concept of money used for these purposes has generally been the so-called narrowly defined money supply—currency in circulation outside the banking system plus demand deposits other than U.S. Government and domestic interbank deposits—but broader definitions have also been taken into account. The determination of what rates of growth may be desired for money takes into account not only what is happening in credit markets but also the rates of growth in certain types of assets held by the public that are closely related to narrowly defined money and that the public holds as a store of value and as a source of immediate liquidity. A number of broader concepts of the money supply and of liquidity have been utilized by economic analysts; in relating money supply to economic activity. These include, in addition to the narrowly defined money supply, a concept—here termed M —that adds time and savings deposits other than large CD's 2 at commercial banks to narrowly defined money; and a concept, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

90 FEDERAL RESERVE BULLETIN • FEBRUARY 1971 termed M , that adds deposits at both mutual savings banks and 3 savings and loan associations. And even these concepts can be broadened by adding other money-like assets, such as large marketable negotiable CD's issued by banks and other shortterm marketable securities. Annual, quarterly, and monthly rates of change over the past year in the three concepts of money noted above are shown in the table below. VARIOUS MEASURES OF MONEY: RATES OF CHANGE Seasonally adjusted annual rates, in per cent M2 Ms M] (Mi plus coml. (M plus deposits 2 Period (Currency bank time deposits at S&L's and plus demand other than mutual savings deposits1) large CD's) banks) 1969 3.1 2.4 2.8 1970 5.4 8.2 7.9 1970—Q1 5.9 3.4 2.6 Q2 5.8 8.4 7.9 Q3 6.1 11.0 10.5 Q4 3.4 9.2 9.7 1970—January 9.4 2.2 1.2 February... -4.1 — 1.5 -1.2 March 12.3 9.6 7.8 April 9.9 10.8 9.7 May 5.2 7.6 7.2 June 2.3 6.7 6.6 July 5.7 9.9 9.9 August 6.8 12.5 11.4 September.. 5.7 10.3 10.0 October 1.1 7.3 8.1 November.. 2.8 7.0 8.1 December. . 6.2 13.0 12.6 i Demand deposits other than interbank and U.S. Govt. NOTE.—Monthly rates of change based on the daily-average levels outstanding. Quarterly and annual rates of changes measured from daily-average levels outstanding in end-of-period months. As may be seen, the rates of change for the various measures may diverge noticeably, and they may show a high degree of fluctuation over the short run. Differential tendencies in the various measures of money and liquidity have been the result in large part of sharp shifts of funds by the public between deposits and market securities when market interest rates moved above and then back below ceiling rates on deposits at banks and thrift institutions. But divergent movements, particularly in the short run, may develop even when ceiling rates are not a disturbing element. This highlights the need to evaluate a variety of money and liquidity measures, among other things, in gauging the impact of monetary policy on the economy. Moreover, the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN MARKET POLICY 91 relatively large month-to-month variations in growth for any particular money measure—and variations are even larger from week to week—emphasize the need to evaluate data over some long period of time in judging the underlying tendency of the series. As noted earlier, in addition to the money supply, the second paragraph of the directive has emphasized bank credit. A current measure of bank credit for the guidance of the Account Manager was provided by measuring bank credit from the liability side, since liability data are available more quickly and can be used to construct a series on a daily-average basis. This daily-average measure does not encompass all bank liabilities (it excludes nonmember bank deposits and bank capital, for example) but it includes the most volatile ones. It encompasses not only the member bank component of deposits included in M above, but 2 also funds obtained by banks through large time CD's, U.S. Government deposits, and interbank deposits and through nondeposit sources such as Euro-dollars and commercial paper issued by bank-related affiliates. The sum of these deposits and nondeposit sources is called the adjusted credit proxy. Inclusion of bank credit in the directive might be considered as recognition of a broader concept of money, since time and savings deposits at commercial banks are a key source of bank credit. In addition, however, the inclusion recognizes that bank credit is a key component of total credit availability and one that is immediately sensitive to open market operations. The amount of bank credit that the FOMC is willing to encourage or to countenance depends, like the money supply, on over-all economic and financial conditions. When, for example, banks have been unable for an extended period to increase time and savings deposits because interest rate ceilings on time deposits were unrealistically low relative to market rates, it was to be expected that outstanding bank credit would grow rapidly for a time after ceiling rates again became competitive. This growth would represent mainly a shifting of credit flows from market to banking channels as banks sought to restore their previous competitive position and as the public restructured its financial asset portfolios to reflect the changed yield relationships. Federal Reserve open market operations could provide the reserves necessary to sustain the shift in the public's ability and willingness to hold time deposits relative to other assets. The accompanying chart shows monthly changes in bank credit, as Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

92 FEDERAL RESERVE BULLETIN • FEBRUARY 1971 CREDIT PROXY ADJUSTED; TOTAL RESERVES BILLIONS OF DOLLARS Bank "credit proxy adjusted" is total member bank deposits plus funds provided by Eurodollar borrowings and bank-related commercial paper. Through the first half of 1969, no data on bank-related commercial paper were available, but amounts outstanding were not thought to be growing significantly in those periods. measured by the adjusted credit proxy, along with total bank reserves. DAY-TO-DAY OPEN The day-to-day operations in the market by the System Account MARKET OPERATIONS Manager have continued to be guided mainly by money market conditions, in part because the information that is available daily and continuously as to the state of the money market—for example, the Federal funds rate and dealer loan rates—reflects the interaction of the demand for and existing supply of bank reserves and hence provides a basis for making daily decisions as to whether the System should be in the market providing additional or absorbing existing reserves; and if so, by how much and through what means. But the degree to which the Manager seeks to influence money market conditions has been affected by the relationship that is presumed to exist at any given time among money market conditions, reserves, and the monetary aggregates and by the Committee's desires with respect to monetary aggregates and over-all conditions in the credit market. Changes in money market conditions, of course, may reflect factors other than efforts to influence reserve flows in accordance Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN MARKET POLICY 93 with longer-run targets for monetary aggregates. Some changes in money market conditions reflect no more than shifts in the distribution of reserves among banks. Others represent the shortrun effects of bulges in demand for day-to-day credit at times of Treasury financings or in tax payment periods. Yet others represent unanticipated, virtually random changes in technical factors —such as float or currency in circulation—that supply to or absorb from the market more reserves than was either expected or seemed likely to be sustained. And as in the summer of 1970, open market operations in relation to money market conditions may sometimes reflect primarily a concern with liquidity pressures in the economy. Although recognizing that money market conditions are subject to a number of influences, the System Account Manager takes into consideration the relationship between money market conditions and the trends in bank credit and money that has prevailed in the recent past and the relationship that is expected to develop in the future in making decisions concerning reserve provision or absorption through open market operations. At the beginning of a statement week, for example, his operations may be aimed at a condition of tightness or ease in the money market roughly similar to that of previous weeks. This would mean that such variables as the Federal funds rate, dealer loan rates, the net reserve position of member banks, and borrowings by member banks from the Federal Reserve would generally tend to fluctuate within the range of recent experience—although there might be special, sometimes unforeseen developments (such as a mail strike) that could cause marked short-run changes in money market conditions. If and as it becomes evident that monetary aggregates are running above or below the desired path, however, the Account Manager may aim at correspondingly tighter or easier money market conditions. Also, if it should turn out that the apparent new relationship was not long-lasting, the Account Manager would subsequently have to reverse the direction of his operations. Thus, to the extent that monetary aggregates are given more emphasis in the operating paragraph of the directive, money market conditions may be subject to a somewhat greater degree of fluctuation. While the counterpart of greater sensitivity to monetary aggregates would be a somewhat greater tendency for actual money market conditions to change more frequently than otherwise, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

94 FEDERAL RESERVE BULLETIN • FEBRUARY 1971 sharp short-run shifts in money market conditions are not likely to develop, in part because the FOMC is concerned with the state of money and credit markets as well as with tendencies in monetary aggregates. There are a number of reasons for the continuing role of money market conditions as a day-to-day guide for open market operations. First, the money market reflects the pressure of demand for liquidity, and the nation's central bank has a unique responsibility for maintenance of orderly conditions in such a market. Second, there are large and often unpredictable week-to-week and month-to-month swings in the economy's demand for money and bank credit. These demands are often self-correcting, and as a result there is little purpose in permitting the sharp fluctuations in money market conditions, and perhaps in credit markets generally, that would be likely to develop should the flow and ebb of these demands not be accommodated in Federal Reserve operations affecting bank reserves. Third, because of the key role of the money market in quickly reflecting shifts in the need for and availability of liquid funds, presumably in large part as a result of the interaction of the public's spending decisions and monetary policy, sharp shifts in money market conditions may be interpreted by market participants as a harbinger of relatively permanent changes in credit demand or monetary policy. Investors, businessmen, and consumers may vary their credit outlook, and perhaps their economic outlook too, in response to the money market to the extent that they regard changes in the market as a signal of events to come. This prospect itself counsels caution in undertaking open market operations that lead to large short-run changes in money market conditions until it becomes fairly certain that longer-run tendencies in money supply, bank credit, and over-all credit con ditions require such changes. While there are reasons for emphasis on money market conditions, it should be stressed that money market conditions are only instrumental to the attainment of the main financial objectives of policy—flows of monetary aggregates and over-all credit conditions—that are appropriate to achievement of overall economic goals. For the Account Manager, the day-to-day operations of the Account and the effect of these operations on the money market are made even more complex because he is aware that the FOMC generally has in mind not only some view concerning the desired longer-run trend in various monetary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN MARKET POLICY 95 aggregates but also a view concerning what should be sought in the way of associated credit conditions. These desires may sometimes turn out to be in conflict; for example, monetary aggregates as a group may be rising more rapidly than desirable while credit conditions may be tightening more than desirable. Meeting one desire by holding back on the provision of reserves in order to restrain growth in bank credit and money would tend, at least temporarily, to thwart the other desire by leading to even more tightening of credit conditions. Under such circumstances, the Account Manager would have to adjust his operations—thereby affecting day-to-day money market conditions—in line with the sense of priority among operating objectives given by the FOMC. While the whole set of objectives would be reconsidered at the next FOMC meeting, the Account Manager's operations are monitored daily through a morning telephone conference call. This call involves the Trading Desk in New York, senior officials on the staff of the Board of Governors in Washington, and one of the Reserve Bank Presidents (serving in rotation) who is a voting member of the FOMC (other than the President of the Federal Reserve Bank of New York). Individual Board members may also participate in the call from time to time, as may the President of the New York Reserve Bank. In this call the Manager explains his program for the day, and that program, or possible alternative approaches, are discussed. As part of this process, not only are current figures on bank reserve positions, money market conditions, and broader credit conditions reported, but also information on the latest deposit and bank credit figures and how these compare with FOMC desires is appraised. In general, as the FOMC's objectives with respect to monetary aggregates, and also over-all credit conditions, have been given increased stress in the directive to the Account Manager, the timing and extent of the System's day-to-day open market operations have, of course, been altered, with consequent effects on day-to-day money market conditions. At the same time, the Manager still takes account of the emerging tightness or ease in the money market as a factor affecting the timing and extent of day-to-day open market operations. But this emerging tightness or ease is evaluated against trends in money, bank credit, and over-all credit conditions, which are, and always have been, among the basic financial objectives of monetary policy. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

96 FEDERAL RESERVE BULLETIN • FEBRUARY 1971 APPENDIX: Current Economic Policy Directives Issued by the FOMC Meeting held on December 16,1969 The information reviewed at this meeting indicates that real economic activity has expanded only moderately in recent quarters and that a further slowing of growth appears to be in process. Prices and costs, however, are continuing to rise at a rapid pace. Most market interest rates have advanced further in recent weeks partly as a result of expectational factors, including concern about the outlook for fiscal policy. Bank credit rose rapidly in November after declining on average in October, while the money supply increased moderately over the 2-month period; in the third quarter, bank credit had declined on balance and the money supply was about unchanged. The net contraction of outstanding large-denomination CD's has slowed markedly since late summer, apparently reflecting mainly an increase in foreign official time deposits. However, flows of consumer-type time and savings funds at banks and nonbank thrift institutions have remained weak, and there is considerable market concern about the potential size of net outflows expected around the year-end. In November the balance of payments deficit on the liquidity basis diminished further and the official settlements balance reverted to surplus, mainly as a result of return flows out of the German mark and renewed borrowing by U.S. banks from their foreign branches. In light of the foregoing developments, it is the policy of the Federal Open Market Committee to foster financial conditions conducive to the reduction of inflationary pressures, with a view to encouraging sustainable economic growth and attaining reasonable equilibrium in the country's balance of payments. To implement this policy, System open market operations until the next meeting of the Committee shall be conducted with a view to maintaining the prevailing firm conditions in the money market; provided, however, that operations shall be modified if bank credit appears to be deviating significantly from current projections or if unusual liquidity pressures should develop. Meeting held on January 15,1970 The information reviewed at this meeting suggests that real economic activity leveled off in the fourth quarter of 1969 and that little change is in prospect for the early part of 1970. Prices and costs, however, are continuing to rise at a rapid pace. Most market interest rates have receded from highs reached during December. Bank credit and the money supply increased slightly on average in December and also over the fourth quarter as a whole. Outstanding large-denomination CD's held by domestic depositors have continued to contract in recent months while foreign official time deposits have expanded considerably. Flows of consumer-type time and savings funds at banks and nonbank thrift institutions have remained weak, and there apparently were sizable net outflows after year-end interest crediting. U.S. imports and exports have both grown further in recent months but through November the trade balance showed little or no further improvement from the third-quarter level. At the year-end the over-all balance of payments statistics were buoyed by large temporary inflows of U.S. corporate funds. In light of the foregoing developments, it is the policy of the Federal Open Market Committee to foster financial conditions conducive Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN MARKET POLICY 97 to the orderly reduction of inflationary pressures, with a view to encouraging sustainable economic growth and attaining reasonable equilibrium in the country's balance of payments. To implement this policy, while taking account of the forthcoming Treasury refunding, possible bank regulatory changes and the Committee's desire to see a modest growth in money and bank credit, System open market operations until the next meeting of the Committee shall be conducted with a view to maintaining firm conditions in the money market; provided, however, that operations shall be modified if money and bank credit appear to be deviating significantly from current projections. Meeting held on February 10, 1970 The information reviewed at this meeting suggests that real economic activity, which leveled off in the fourth quarter of 1969, may be weakening further in early 1970. Prices and costs, however, are continuing to rise at a rapid pace. Long-term market interest rates recently have fluctuated under the competing influences of heavy demands for funds and shifts in investor attitudes regarding the outlook for monetary policy. Bank credit declined in January but the money supply increased substantially on average; both had risen slightly in the fourth quarter. Flows of time and savings funds at banks and nonbank thrift institutions have remained generally weak since year-end, and they apparently have been affected little thus far by the recent increases in maximum rates payable for such funds. The U.S. foreign trade balance improved somewhat in December, as imports fell off. The over-all balance of payments has been in substantial deficit in recent weeks. In light of the foregoing developments, it is the policy of the Federal Open Market Committee to foster financial conditions conducive to the orderly reduction of inflationary pressures, with a view to encouraging sustainable economic growth and attaining reasonable equilibrium in the country's balance of payments. To implement this policy, while taking account of the current Treasury refunding, possible bank regulatory changes and the Committee's desire to see moderate growth in money and bank credit over the months ahead, System open market operations until the next meeting of the Committee shall be conducted with a view to moving gradually toward somewhat less firm conditions in the money market; provided, however, that operations shall be modified promptly to resist any tendency for money and bank credit to deviate significantly from a moderate growth pattern. Meeting held on March 10, 1970 The information reviewed at this meeting suggests that real economic activity, which leveled off in the fourth quarter of 1969, is weakening further in early 1970. Prices and costs, however, are continuing to rise at a rapid pace. Market interest rates have declined considerably in recent weeks, partly as a result of changing investor attitudes regarding the outlook for economic activity and monetary policy. Both bank credit and the money supply declined on average in February, but both were tending upward in the latter part of the month. Outflows of time and savings funds at banks and nonbank thrift institutions, which had been sizable in January, apparently ceased in February, reflecting advances in rates offered on such funds following the recent increases in regulatory ceilings, together with declines in short-term market interest rates. The U.S. foreign trade surplus narrowed Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

98 FEDERAL RESERVE BULLETIN • FEBRUARY 1971 in January and the over-all balance of payments deficit has remained large in recent weeks. 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 desires to see moderate growth in money and bank credit over the months ahead. System open market operations until the next meeting of the Committee shall be conducted with a view to maintaining money market conditions consistent with that objective. Meeting held on April 7,1970 The information reviewed at this meeting suggests that real economic activity weakened further in early 1970, while prices and costs continued to rise at a rapid pace. Fiscal stimulus, of dimensions that are still uncertain, will strengthen income expansion in. the near term. Most long-term interest rates backed up during much of March under the pressure of heavy demands for funds, but then turned down in response to indications of some relaxation of monetary policy and to the reduction in the prime lending rate of banks. Short-term rates declined further on balance in recent weeks, contributing to the ability of banks and other thrift institutions to attract time and savings funds. Both bank credit and the money supply rose on average in March; over the first quarter as a whole bank credit was about unchanged on balance and the money supply increased somewhat. The U.S. foreign trade surplus increased in February, but the over-all balance of payments appears to have been in considerable deficit during the first quarter. In light of the foregoing developments, it is the policy of the Federal Open Market Committee to foster financial conditions conducive to orderly reduction in the rate of inflation, while 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 desires to see moderate growth in money and bank credit over the months ahead. System open market operations until the next meeting of the Committee shall be conducted with a view to maintaining money market conditions consistent with that objective, taking account of the forthcoming Treasury financing. Meeting held on May 5,1970 The information reviewed at this meeting indicates that real economic activity weakened further in the first quarter of 1970. Growth in personal income, however, is being stimulated in the second quarter by the enlargement of social security benefit payments and the Federal pay raise. Prices and costs generally are continuing to rise at a rapid pace, although some components of major price indexes recently have shown moderating tendencies. Most market interest rates have risen sharply in recent weeks as a result of heavy demands for funds, possible shifts in liquidity preferences, and the disappointment of earlier expectations regarding easing of credit market conditions. Prices of common stocks have declined markedly since early April. Attitudes in financial markets generally are being affected by the expansion of military operations in Southeast Asia and by concern about the success of the Government's anti-inflationary program. Both bank credit Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN MARKET POLICY 99 and the money supply rose substantially from March to April on average, although during the course of April bank credit leveled off and the money supply receded sharply from the end-of-March bulge. The over-all balance of payments was in considerable deficit during the first quarter. In light of the foregoing developments, it is the policy of the Federal Open Market Committee to foster financial conditions conducive to orderly reduction in the rate of inflation, while 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 desires to see moderate growth in money and bank credit over the months ahead. System open market operations until the next meeting of the Committee shall be conducted with a view to maintaining bank reserves and money market conditions consistent with that objective, taking account of the current Treasury financing; provided, however, that operations shall be modified as needed to moderate excessive pressures in financial markets, should they develop. Meeting held on May 26,1970 The information reviewed at this meeting indicates that real economic activity declined more than previously estimated in the first quarter of 1970, but little further change is projected in the second quarter. Prices and costs generally are continuing to rise at a rapid pace, although some components of major price indexes recently have shown moderating tendencies. Since early May most long-term interest rates have remained under upward pressure, partly as a result of continued heavy demands for funds and possible shifts in liquidity preferences, and prices of common stocks have declined further. Attitudes in financial markets generally are being affected by the widespread uncertainties arising from recent international and domestic events, including doubts about the success of the Government's anti-inflationary program. Both bank credit and the money supply rose substantially from March to April on average; in May bank credit appears to be changing little while the money supply appears to be expanding rapidly. The over-all balance of payments continued in considerable deficit in April and early May. 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, in view of current market uncertainties and liquidity strains, open market operations until the next meeting of the Committee shall be conducted with a view to moderating pressures on financial markets, while, to the extent compatible therewith, maintaining bank reserves and money market conditions consistent with the Committee's longerrun objectives of moderate growth in money and bank credit. Meeting held on June 23,1970 The information reviewed at this meeting suggests that real economic activity is changing little in the current quarter after declining appreciably earlier in the year. Prices and costs generally are continuing to rise at a rapid pace, although some components of major price indexes recently have shown moderating tendencies. Since late May market interest rates have shown mixed changes following earlier sharp advances, and prices of com- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

100 FEDERAL RESERVE BULLETIN • FEBRUARY 1971 mon stocks have recovered part of the large decline of preceding weeks. Attitudes in financial markets continue to be affected by uncertainties and conditions remain sensitive, particularly in light of the insolvency of a major railroad. In May bank credit changed little and the money supply rose moderately on average, following substantial increases in both measures in March and April. Inflows of consumer-type time and savings funds at banks and nonbank thrift institutions have been sizable in recent months, but the brief spring upturn in large-denomination CD's outstanding at banks has ceased. The over-all balance of payments was in heavy deficit in April and May. 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, in view of persisting market uncertainties and liquidity strains, open market operations until the next meeting of the Committee shall continue to be conducted with a view to moderating pressures on financial markets. To the extent compatible therewith, the bank reserves and money market conditions maintained shall be consistent with the Committee's longer-run objective of moderate growth in money and bank credit, taking account of the Board's regulatory action effective June 24 and some possible consequent shifting of credit flows from market to banking channels. Meeting held on July 21,1970 The information reviewed at this meeting indicates that real economic activity changed little in the second quarter after declining appreciably earlier in the year. Prices and wage rates generally are continuing to rise at a rapid pace. However, improvements in productivity appear to be slowing the rise in costs, and some major price measures are showing moderating tendencies. Since mid-June long-term interest rates have declined considerably, and prices of common stocks have fluctuated above their recent lows. Although conditions in financial markets have improved in recent weeks uncertainties persist, particularly in the commercial paper market where the volume of outstanding paper has contracted sharply. A large proportion of the funds so freed apparently was rechanneled through the banking system, as suggested by sharp increases in bank loans and in largedenomination CD's of short maturity—for which rate ceilings were suspended in late June. Consequently, in early July bank credit grew rapidly; there was also a sharp increase in the money supply. Over the second quarter as a whole both bank credit and money supply rose moderately. The over-all balance of payments remained in heavy deficit in the second quarter. In light of the foregoing developments, it is the policy of the Federal Open Market Committee to foster financial conditions conducive to orderly reduction in the rate of inflation, while encouraging the resumption of sustainable economic growth and the attainment of reasonable equilibrium in the country's balance of payments. To implement this policy, while taking account of persisting market uncertainties, liquidity strains, and the forthcoming Treasury financing, the Committee seeks to promote moderate growth in money and bank credit over the months ahead, allowing for a possible continued shift of credit flows from market to banking channels. System open market operations Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN MARKET POLICY 101 until the next meeting of the Committee shall be conducted with a view to maintaining bank reserves and money market conditions consistent with that objective; provided, however, that operations shall be modified as needed to counter excessive pressures in financial markets should they develop. Meeting held on August 18,1970 The information reviewed at this meeting suggests that real economic activity, which edged up slightly in the Second quarter after declining appreciably earlier in the year, may be expanding somewhat further. Prices and wage rates generally are continuing to rise at a rapid pace. However, improvements in productivity appear to be slowing the rise in costs, and some major price measures are showing moderating tendencies. Credit demands in securities markets have continued heavy, and interest rates have shown mixed changes since mid-July after declining considerably in preceding weeks. Some uncertainties persist in financial markets, particularly in connection with market instruments of less than prime grade. In July the money supply rose moderately on average and bank credit expanded substantially. Banks increased holdings of securities and loans to finance companies, some of which were experiencing difficulty in refinancing maturing commercial paper. Banks sharply expanded their outstanding large-denomination CD's of short maturity, for which rate ceilings had been suspended in late June, and both banks and nonbank thrift institutions experienced large net inflows of consumer-type time and savings funds. The over-all balance of payments remained in heavy deficit in the second quarter, despite a sizable increase in the export surplus. In July the official settlements deficit continued large, but there apparently was a marked shrinkage in the liquidity deficit. In light of the foregoing developments, it is the policy of the Federal Open Market Committee to foster financial conditions conducive to orderly reduction in the rate of inflation, while encouraging the resumption of sustainable economic growth and the attainment of reasonable equilibrium in the country's balance of payments. To implement this policy, the Committee seeks to promote some easing of conditions in credit markets and somewhat greater growth in money over the months ahead than occurred in the second quarter, while taking account of possible liquidity problems and allowing bank credit growth to reflect any continued shift of credit flows from market to banking channels. System open market operations until the next meeting of the Committee shall be conducted with a view to maintaining bank reserves and money market conditions consistent with that objective, taking account of the effects of other monetary policy actions. Meeting held on September 15,1970 The information reviewed at this meeting suggests that real economic activity, which edged up slightly in the second quarter, is expanding somewhat further in the third quarter, led by an upturn in residential construction. Wage rates generally are continuing to rise at a rapid pace, but improvements in productivity appear to be slowing the rise in costs, and some major price measures are rising less rapidly than before. Interest rates declined in the last half of August, but most yields turned up in early September, as credit demands in securities markets have continued heavy; existing yield spreads continue to suggest concern with credit quality. The money Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

102 FEDERAL RESERVE BULLETIN • FEBRUARY 1971 supply rose rapidly in the first half of August but moved back down through early September. Bank credit expanded sharply further in August as banks continued to issue large-denomination CD's at a relatively rapid rate, while reducing their reliance on the commercial paper market after the Board of Governors acted to impose reserve requirements on bank funds obtained from that source. The balance of payments deficit on the liquidity basis diminished somewhat in July and August from the very large 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 be conducted with a view to maintaining bank reserves and money market conditions consistent with that objective. Meeting held on October 20, 1970 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 second-quarter rate, but the deficit on the official settlements basis remained high as banks repaid Euro-dollar liabilities. In light of the foregoing developments, it is the policy of the Federal Open Market Committee to foster financial conditions conducive to orderly reduction in the rate of inflation, while encouraging the resumption of sustainable economic growth and the attainment of reasonable equilibrium in the country's balance of payments. To implement this policy, the Committee seeks to promote some easing of conditions in credit markets and moderate growth in money and attendant bank credit expansion over the months ahead. System open market operations until the next meeting of the Committee shall be conducted with a view to maintaining bank reserves and money market conditions consistent with those objectives, taking account of the forthcoming Treasury financings. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN MARKET POLICY 103 Meeting held on November 17, 1970 The information reviewed at this meeting suggests that real output of goods and services is changing little in the current quarter and that unemployment has increased. Part but not all of the weakness in over-all activity is attributable to the strike in the automobile industry which apparently is now coming to an end. Wage rates generally are continuing to rise at a rapid pace, but gains in productivity appear to be slowing the increase in unit labor costs. Recent movements in major price measures have been erratic but the general pace of advance in these measures has tended to slow. Most interest rates declined considerably in the past few weeks, and Federal Reserve discount rates were reduced by one-quarter of a percentage point in the week of November 9. Demands for funds in capital markets have continued heavy, but business loan demands at banks have weakened. The money supply changed little on average in October for the second consecutive month; bank credit also was about unchanged, following a slowing of growth in September. The balance of payments deficit on the liquidity basis was at a lower rate in the third quarter and in October than the very high second-quarter rate, but the deficit on the official settlements basis remained high as banks repaid Euro-dollar liabilities. In light of the foregoing developments, it is the policy of the Federal Open Market Committee to foster financial conditions conducive to orderly reduction in the rate of inflation, while encouraging the resumption of sustainable economic growth and the attainment of reasonable equilibrium in the country's balance of payments. To implement this policy, the Committee seeks to promote some easing of conditions in credit markets and moderate growth in money and attendant bank credit expansion over the months ahead, with allowance for temporary shifts in money and credit demands related to the auto strike. System open market operations until the next meeting of the Committee shall be conducted with a view to maintaining bank reserves and money market conditions consistent with those objectives. Meeting held on December 15, 1970 The information reviewed at this meeting suggests that real output of goods and services has declined since the third quarter, largely as a consequence of the recent strike in the automobile industry, and that unemployment has increased. Resumption of higher automobile production is expected to result in a bulge in activity in early 1971. Wage rates generally are continuing to rise at a rapid pace, but gains in productivity appear to be slowing the increase in unit labor costs. Movements in major price measures have been diverse; most recently, wholesale prices have shown little change while consumer prices have advanced substantially. Market interest rates declined considerably further in the past few weeks, and Federal Reserve discount rates were reduced by an additional one-quarter of a percentage point. Demands for funds in capital markets have continued heavy, but business loan demands at banks have been weak. Growth in the money supply was somewhat more rapid on average in November than in October, although it remained below the rate prevailing in the first three quarters of the year. Banks acquired a substantial volume of securities in November, and bank credit increased moderately after changing little in October. The foreign trade balance in September and October was smaller than in any other 2-month period this year. The over-all Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

balance of payments deficit on the liquidity basis remained in October and November at about its third-quarter rate. The deficit on the official settlements basis was very large as banks continued to repay 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, System open market operations shall be conducted with a view to maintaining the recently attained money market conditions until the next meeting of the Committee, provided that the expected rates of growth in money and bank credit will at least be achieved. 104 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 October 20 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; December, pages 921-27; and January 1971, pages 21-27. The records for the meetings held on November 17, and December 15, 1970, follow: 105 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

106 FEDERAL RESERVE BULLETIN • FEBRUARY 1971 MEETING HELD ON NOVEMBER 17, 1970 Authority to effect transactions in System Account. Information reviewed at this meeting suggested that real output of goods and services, which had risen at an annual rate of 1.4 per cent in the third quarter, was changing little in the current quarter. Part but not all of the weakness in over-all activity was attributable to a strike at a major automobile manufacturer, which had begun in mid- September and which apparently was now coming to an end. Although recent movements in major price measures had been erratic, the general tendency in these measures had been toward a slower rate of increase. In October retail sales, industrial production, and nonfarm payroll employment all declined and the unemployment rate edged up to 5.6 from 5.5 per cent in September. Sales fell sharply at automobile dealers, but they increased at other types of retail establishments after having changed little since April. Production was cut back further in October in the motor vehicle and supplier industries and also in industries that make business and defense equipment and many types of industrial materials. Although payroll employment rose moderately in the nonmanufacturing sector, it declined in manufacturing even apart from the effects of the automobile shutdown. Average wholesale prices of industrial commodities advanced sharply from mid-September to mid-October after some slowing in the third quarter. Wholesale prices of farm products and foods declined about as much in October as they had risen in the previous month. The consumer price index rose considerably in September, but over the third quarter as a whole it had increased less than in either of the two preceding quarters. Wage rates were continuing to advance at a rapid pace; the increases provided by contract settlements concluded during the third quarter, while somewhat smaller than the second-quarter increases, were significantly larger than those of 1968 and 1969. However, output per manhour in the private nonfarm sector had risen considerably further in the third quarter, and the rate of advance in unit labor costs in the second and third quarters taken together was the lowest since mid-1967. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 107 According to the latest staff projections—in which it was assumed that the automobile industry would be back in full production by early December—real GNP would remain about unchanged in the fourth quarter, partly because of the effects of the strike in curtailing business inventory investment and growth in consumer spending. It appeared likely that over-all economic activity would rebound sharply in the first quarter of 1971 in the aftermath of the strike; but that the pace of expansion would moderate considerably in the second quarter, when automobile output and sales were expected to fall back from their earlier post-strike surge. Over the three quarters ending with the second quarter of 1971 the average rate of growth in real GNP was expected to be relatively low. The projections for that period contemplated further sizable advances in residential construction expenditures and State and local government outlays. However, it was anticipated that consumer expenditures would increase only moderately on balance, and that business capital investment and defense outlays would decline. The rate of advance in prices was still expected to slow, but by less than had appeared likely earlier. The surplus on U.S. foreign trade declined further in September; for the third quarter as a whole the surplus was slighdy below the high second-quarter rate. The over-all balance of payments on the liquidity basis improved markedly from the second to the third quarter, largely because of a reversal of flows involved in U.S. bank lending to foreigners and a renewal of foreign buying of U.S. stocks. The deficit on the official settlements basis remained near the high level of the second quarter as a result of substantial repayments of Euro-dollar borrowings by U.S. banks. Preliminary estimates for October suggested that on both bases the over-all payments deficit was remaining at about the third-quarter rate. Repayments of Euro-dollar borrowings by U.S. banks appeared to be continuing at a fairly steady pace; although Euro-dollar interest rates had declined markedly during October, they were still considerably above comparable U.S. interest rates. In the foreign exchange markets, most currencies had strengthened against the dollar recently. Abroad, discount rates were reduced by the National Bank of Belgium, from IVi to 7 per cent, on October 22; by the Bank of Japan, from 6Va to 6 per cent, on October 28; and by the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

108 FEDERAL RESERVE BULLETIN • FEBRUARY 1971 Bank of Canada, from 6V2 to 6 per cent, on November 12. These actions followed indications of easing of demand in the respective domestic economies. The German Federal Bank cut its discount rate from 7 to 6V2 per cent on the day of this meeting. On October 22 the Treasury announced the terms on which it would refund securities maturing in mid-November, including $6 billion held by the public. Holders of the maturing obligations were offered the choice of a new IV4 per cent, -year note priced at par or a reopened IV2 per cent, 534-year note priced to yield 7.39 per cent. The offering was very well received by the market; redemptions for cash were smaller than had been expected and the notes traded at substantial premiums on a "when-issued" basis. Near the end of October, when it announced the results of the refunding, the Treasury also announced that on November 5 it would auction $2 billion'of a 63A per cent, 18-month note, employing methods similar to those normally used in Treasury bill auctions. This financing also was highly successful; the average issuing rate in the auction was 6.21 per cent, well below expectations. Short-term interest rates had declined substantially further since the October 20 meeting of the Committee. For example, the market rate on 3-month Treasury bills, at 5.30 per cent on the day before this meeting, was about 65 basis points below its level 4 weeks earlier and lower than at any time in the preceding 2 years. The recent rate declines reflected a reduction in demands for short-term credit as a result of the prolonged strike in the automobile industry and the general sluggishness in the economy; the reinvestment in short-term securities of the proceeds of the continuing heavy volume of capital market issues; and widespread expectations among investors of imminent reductions in Federal Reserve discount rates and the prime lending rate of commercial banks. On November 11 and succeeding days Federal Reserve Bank discount rates were reduced to 53A per cent from the 6 per cent level that had been in effect since early April 1969. On November 12 the prime lending rate—which had been cut from 8 to IV2 per cent in the latter part of September—was lowered to IV4 per cent. In October some further easing of conditions in markets for residential mortgages was reflected in an additional slight decline in secondary market yields on federally insured loans. Inflows of savings Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 109 funds to nonbank thrift institutions were again substantial, and it appeared that the volume of mortgage loans and of new commitments for such loans—both of which had increased considerably in the third quarter—had continued large. At commercial banks the rate of growth in total time and savings deposits from September to October was below the very high thirdquarter rate, although the expansion remained substantial for both consumer-type deposits and large-denomination CD's. The money stock changed little from September to October—declining slightly according to the published statistical series, and rising slightly after a tentative allowance was made for the biases resulting from the accounting procedures employed in connection with certain types of international transactions. On both bases the money stock had increased only slightly in September, but over the third quarter as a whole it had grown at an annual rate of about 5 per cent.1 The lack of significant growth in the money stock in October contrasted with expectations at the time of the preceding Committee meeting of expansion in that month at about a 4.5 per cent rate. The shortfall appeared to be associated with the weakness in demands for short-term credit; business loans at banks (adjusted to include loans that had been sold to affiliates) declined even more sharply in October than in the preceding month. Growth in the bank credit proxy—dailyaverage member bank deposits—also fell considerably short of expectations. After adjustment for a further marked reduction in bank reliance on funds obtained from nondeposit sources, the proxy series increased at an annual rate of less than 1 per cent, compared with growth rates of about 10 per cent in September and more than 17 per cent in the third quarter as a whole. System open market operations had been directed at achieving a slight easing of money market conditions early in the period following the October 20 meeting of the Committee, when current estimates indicated that the monetary aggregates were growing at rates moderately below those desired. Somewhat greater easing had been sought later in the period, when revised data indicated that the shortfall in the aggregates was greater than had been thought earlier and when 1 Calculated on the basis of the daily-average level in the last month of the quarter relative to that in the last month of the preceding quarter. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

110 FEDERAL RESERVE BULLETIN • FEBRUARY 1971 conditions associated with the Treasury financings were such that "even keel" considerations offered less of a constraint on operations. Most recently, the Federal funds rate had been fluctuating in a range around 53A per cent, compared with the range above 6 per cent that had prevailed shortly before the October 20 meeting. In the 4 weeks ending November 11 member bank borrowings averaged about $475 million, down slightly from the average in the preceding 5 weeks. Staff analysis suggested that, in light of the current weakness in demands for money and credit, attainment of even a 4 per cent annual rate of growth for money over the fourth quarter probably would necessitate some easing of prevailing money market conditions. The analysis suggested, however, that if subsequently there were no further substantial change in money market conditions, money growth would step up in the first quarter of 1971, when demands for money and credit were expected to strengthen temporarily in connection with the bulge in GNP anticipated in the aftermath of the auto strike. It appeared that growth in the money stock at an annual rate of 4 per cent in the fourth quarter might be associated with expansion in the adjusted bank credit proxy at a rate of about 4.5 per cent. The Committee agreed that, in light of the current and prospective economic situation, some easing of conditions in credit markets and moderate growth in money remained appropriate as objectives of monetary policy. Concern was expressed about the shortfalls from expected growth rates for the monetary aggregates that had been experienced in October, and the members decided that an easing of money market conditions would be desirable at present for the purpose of stimulating more substantial growth in the aggregates. As at other recent meetings, there were some differences of view with respect to the emphasis that should be placed on the growth rate of money relative to other indicators of policy, and with respect to the specific growth rate for money that should be sought. The Committee decided that it would be undesirable to "whipsaw" money and credit market conditions to the extent that might be required to attain a 5 per cent money growth rate in the fourth and first quarters individually. In particular, the Committee agreed that a 4 per cent growth rate in the fourth quarter would be acceptable if the results of operating experience over coming weeks bore out the indication of the staff analysis that attainment of a 5 per cent rate would require a sharp easing of money market conditions. This judgment was reached Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 111 in light of the expectation that money growth would pick up in the first quarter if there were no further substantial change in money market conditions. At the same time, it was noted that the policy objectives for the first quarter and subsequent periods would, of course, be considered by the Committee at future meetings. During the discussion the Committee considered the degree to which money market conditions should be eased in coming weeks in pursuing the longer-run objectives for the monetary aggregates, in light of the possibility that a marked easing might substantially accelerate the currently large outflows of short-term capital from the United States. The Committee decided that, if it was found in the course of operations that easing sufficient to reduce the Federal funds rate to around 5 per cent was still not producing an adequate response in terms of growth rates in the aggregates, members' views regarding appropriate further operations should be ascertained. It was noted in this connection that the Board of Governors was prepared to consider measures to moderate the pace of repayments of Euro-dollar borrowings by U.S. banks if those repayments threatened to exceed tolerable limits. The Committee also considered a proposal for making somewhat more use than was customary at this time of the year of open market purchases of longer-term Treasury securities in meeting reserve needs. Most members thought that a moderate volume of such purchases, if practicable, could serve a constructive purpose. 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 is changing little in the current quarter and that unemployment has increased. Part but not all of the weakness in over-all activity is attributable to the strike in the automobile industry which apparently is now coming to an end. Wage rates generally are continuing to rise at a rapid pace, but gains in productivity appear to be slowing the increase in unit labor costs. Recent movements in major price measures have been erratic but the general pace of advance in these measures has tended to slow. Most interest rates declined considerably in the past few weeks, and Federal Reserve discount rates were reduced by one-quarter of a percentage point in the week of November 9. Demands for funds in capital markets have continued heavy, but business loan demands at banks Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

112 FEDERAL RESERVE BULLETIN • FEBRUARY 1971 have weakened. The money supply changed little on average in October for the second consecutive month; bank credit also was about unchanged, following a slowing of growth in September. The balance of payments deficit on the liquidity basis was at a lower rate in the third quarter and in October than the very high 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, with allowance for temporary shifts in money and credit demands related to the auto strike. System open market operations until the next meeting of the Committee shall be conducted with a view to maintaining bank reserves and money market conditions consistent with those objectives. Votes for this action: Messrs. Burns, Hayes, Brimmer, Daane, Francis, Heflin, Hickman, Mitchell, Robertson, Sherrill, and Swan. Vote against this action: Mr. Maisel. Mr. Maisel dissented from this action because he believed that the objectives for growth in money and credit favored by the majority were unsatisfactory. He favored seeking a growth rate for money in the fourth quarter at least as high as the rate that had prevailed on the average in the first three quarters of the year. Indeed, he thought the information developed at this and prior meetings on the state of the economy and its prospects should have led the Committee to reconsider and change the policies it had previously pursued. The monetary conditions sought under this directive would, he believed, increase the probabilities that output and employment would continue on a path that was too far below the economy's potential. In his judgment the gap between actual and potential output and the consequent lost production, income, and jobs would be greater than could be justified on the basis of the needs of the economy, demand pressures on prices, or the balance of payments. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 113 MEETING HELD ON DECEMBER 15, 1970 Authority to effect transactions in System Account. The information reviewed at this meeting suggested that real output of goods and services had declined in the fourth quarter of 1970, largely because of the strike in the automobile industry that had extended from mid-September until late November. A bulge in activity was in prospect for the first quarter of 1971, in connection with the resumption of higher production and sales of automobiles. In November retail sales, industrial production, and nonfarm payroll employment continued to decline and the unemployment rate rose further—to 5.8 from 5.6 per cent in October. The weakness in economic activity appeared to extend to areas well beyond those affected by the strike. While the decline in total retail sales was attributable to another sharp reduction at automobile dealers, sales at other types of retail establishments increased relatively little. Within the manufacturing sector, the cutbacks that occurred in production and employment were centered in industries making business and defense equipment and various types of industrial materials, as well as automobile parts and supplies; automobile assemblies were maintained at the reduced October rate. In the nonmanufacturing sector payroll employment changed little. On the other hand, private housing starts rose further in October, the latest month for which data were available. Major price measures had behaved in a diverse manner recently. Average wholesale prices of industrial commodities leveled off from mid-October to mid-November after rising sharply in the previous month. Prices of farm products and foods declined further, and the total wholesale price index edged down. In contrast, the consumer price index continued upward in October at the accelerated rate recorded in September. Staff projections had been revised since the previous Committee meeting to indicate a decline in real GNP in the fourth quarter, rather than little change; and a rebound in the first quarter, in the aftermath of the strike, somewhat greater than had been anticipated earlier. The projections still suggested that the pace of expansion would moderate considerably in the second quarter and that the average rate of growth in real GNP over the three quarters ending in mid-1971 would be Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

114 FEDERAL RESERVE BULLETIN • FEBRUARY 1971 relatively low. It was noted that the projections made no allowance for any unusual accumulation of steel inventories as a precaution against a possible steel strike when current wage contracts expired on July 31. The surplus on U.S. foreign trade declined slightly further in October; in September and October together it was smaller than in any other 2-month period in 1970. With respect to the over-all balance of payments, the deficit on the liquidity basis in October and November remained at about the third-quarter rate despite the shrinkage in the trade surplus. The official settlements deficit, on the other hand, continued very large as a result of further repayments of Euro-dollar borrowings by U.S. banks. On November 30 the Board of Governors announced certain measures to moderate the pace of repayments of such Euro-dollar borrowings, including an increase from 10 to 20 per cent in the reserves required from member banks against Euro-dollar borrowings in excess of the amounts allowed as a "reserve-free" base. The higher requirement was intended to give banks an added inducement to preserve their reserve-free bases against possible future need. At the same time the Board announced that discount rates at five Federal Reserve Banks had been lowered to 5 Vi per cent from the level of 53A per cent to which they had been reduced earlier in the month. Since late November Euro-dollar interest rates had risen considerably and the dollar had strengthened against most major European currencies. These developments appeared to reflect the combined influence of year-end adjustments in the Euro-dollar market and the response of U.S. banks to the Board's actions to moderate Euro-dollar repayments. In addition, the strength of the dollar reflected declines in domestic interest rates in some European financial markets. Discount rates were reduced by the German Federal Bank, from 6V2 to 6 per cent, on December 3; and by the National Bank of Belgium, from 7 to 6V2 per cent, on December 10. In each country similar reductions of V2 percentage point had been made only recently—on October 22 in Belgium and on November 17 in Germany. System open market operations since the November 17 meeting of the Committee had been directed at fostering some easing of money market conditions, for the purposes of promoting easier conditions in credit markets generally and of achieving expansion in the money Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 115 stock at a moderate rate. A substantial volume of reserves was supplied during the interval, in part through purchases of intermediateand long-term Treasury securities. The effective rate on Federal funds, which had been around 53A per cent shortly before the mid-November meeting, subsequently fluctuated for the most part in a range from 5 Vi per cent down to about 5 per cent. Most recently, however, the funds rate had moved below that range on a number of days and had averaged about 5 per cent. In the 4 weeks ending December 9 member bank borrowings had averaged about $375 million, approximately $100 million below the average of the preceding 4 weeks. Both short- and long-term market interest rates had declined substantially in recent weeks. With respect to short-term securities, the market rate on 3-month Treasury bills was 4.80 per cent on the day before this meeting, 50 basis points below its level 4 weeks earlier. In capital markets, where an extended rally had begun around the end of October, yields had fallen to their lowest levels in well over a year despite a continuing very heavy volume of new corporate and municipal offerings. Contributing to these declines in interest rates were the cumulating evidence of weakness in economic activity, a growing belief that demands for funds in capital markets might moderate after the turn of the year, and widespread market expectations that an expansionary monetary policy would be pursued. A reduction on November 23 in the prime lending rate of commercial banks from IV4 to 7 per cent— the third cut in the prime rate since the end of the summer—helped to sustain the rally, as did the recent reduction in Federal Reserve Bank discount rates. Yields on residential mortgages declined further in November in secondary markets for federally insured loans, and the ceiling rate on such loans was lowered by administrative action from 8V2 to 8 per cent, effective December 1. This was the first reduction in the ceiling rate in nearly a decade. According to preliminary indications, both the inflows of savings funds to nonbank thrift institutions and the volume of new mortgage commitments by those institutions had continued large in November. At commercial banks, business loans (adjusted to include loans that had been sold to affiliates) declined sharply in November for the third successive month. The recent weakness in loan demands re- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

116 FEDERAL RESERVE BULLETIN • FEBRUARY 1971 fleeted the effects of the automobile strike and the general sluggishness of economic activity, and also the use by corporations of some proceeds of capital market offerings to repay bank debt. Banks continued to acquire securities—particularly municipal issues—at a rapid rate, and they were less aggressive than earlier in seeking funds through issues of large-denomination CD's. Although the rate of growth in total time and savings deposits remained substantial, it was somewhat below that of October and only about half the exceptionally high rate of the summer. According to preliminary estimates, both the bank credit proxy— daily-average member bank deposits—and the money stock increased somewhat more rapidly on the average in November than had been anticipated at the time of the previous meeting. After adjustment for a further reduction in bank reliance on funds from nondeposit sources, the proxy series expanded at an annual rate of about 8 per cent, compared with rates of about 1 per cent in October and 17 per cent over the third quarter.1 Preliminary calculations for the money stock, based on the newly revised statistical series,2 indicated that growth in November was at an annual rate of 4.5 per cent. While this was above the 1 per cent growth rate recorded in October, it was below the increases—at annual rates of about 6 per cent—now indicated for each of the first three quarters of the year. It was noted that the outlook for the monetary aggregates was particularly uncertain at this time, both because of the difficulties of assessing the precise impact on financial markets of the surge in activity expected in the aftermath of the automobile strike and because of the churning in those markets that is typical of the period around the year-end. Staff analysis suggested that the money stock would tend to increase relatively rapidly in December and January, in part as a result of the expected bulge in economic activity. According to the analysis, if money market conditions were about the same as those 1 Calculated on the basis of the daily-average level in the last month of the quarter relative to that in the last month of the preceding quarter. 2 The revised series, published by the Board of Governors on November 27, 1970, incorporated the usual annual revisions of seasonal factors and benchmark adjustments for nonmember bank data. It also reflected the use of newly collected information to correct downward biases resulting from the accounting procedures employed in connection with certain types of international transactions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 117 most recently attained, over the fourth quarter the money stock and the adjusted bank credit proxy would expand at annual rates of about 5 and 9 per cent, respectively. For both aggregates somewhat faster growth was anticipated over the first quarter of 1971. In light of the uncertainties affecting the weeks immediately ahead, a number of Committee members suggested that it would be appropriate, in making decisions on open market operations in this period, to give somewhat greater weight than previously to money market conditions relative to the weight given to reported statistics on the monetary aggregates. A few members expressed the view that such a shift in emphasis was desirable on more general grounds, apart from present uncertainties. With respect to the monetary aggregates, some members drew attention to the significance of the behavior of aggregates other than the narrowly defined money stock—private demand deposits plus currency in circulation, the so-called "Mi." Reference was made in this connection both to bank credit and to money on various definitions that are broader than M. x There were some differences in the views expressed regarding the rates of expansion in money and bank credit that might be considered desirable or acceptable in the coming period. In the course of the discussion, and against the background of present expectations regarding growth rates in the fourth quarter, it was suggested that the monetary aggregates should expand in the weeks immediately ahead by at least the amounts that appeared to be consistent with the somewhat faster growth rates anticipated for the first quarter. The Committee agreed that money market conditions should be eased if it appeared that shortfalls from those growth paths were developing, but that otherwise operations should be directed at maintaining the conditions most recently attained. 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 has declined since the third quarter, largely as a consequence of the recent strike in the automobile industry, and that unemployment has increased. Resumption of higher automobile production is expected to result in a bulge in activity in early 1971. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

118 FEDERAL RESERVE BULLETIN • FEBRUARY 1971 Wage rates generally are continuing to rise at a rapid pace, but gains in productivity appear to be slowing the increase in unit labor costs. Movements in major price measures have been diverse; most recently, wholesale prices have shown little change while consumer prices have advanced substantially. Market interest rates declined considerably further in the past few weeks, and Federal Reserve discount rates were reduced by an additional one-quarter of a percentage point. Demands for funds in capital markets have continued heavy, but business loan demands at banks have been weak. Growth in the money supply was somewhat more rapid on average in November than in October, although it remained below the rate prevailing in the first three quarters of the year. Banks acquired a substantial volume of securities in November, and bank credit increased moderately after changing little in October. The foreign trade balance in September and October was smaller than in any other 2-month period this year. The over-all balance of payments deficit on the liquidity basis remained in October and November at about its third-quarter rate. The deficit on the official settlements basis was very large as banks continued to repay 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, System open market operations shall be conducted with a view to maintaining the recently attained money market conditions until the next meeting of the Committee, provided that the expected rates of growth in money and bank credit will at least be achieved. Votes for this action: Messrs. Burns, Hayes, Brimmer, Daane, Heflin, Maisel, Mitchell, Robertson, Sherrill, Swan, and Mayo. Vote against this action: Mr. Francis. (Mr. Mayo voted as alternate for the late Mr. Hickman.) Mr. Francis dissented from this action both because he favored increasing, rather than reducing, the emphasis on relative to that on money market conditions in making System operating decisions, and because he favored maintaining growth in the money stock at the recently prevailing annual rate of 5 per cent. In the latter connection, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 119 he believed that continued growth in money at a 5 per cent rate was likely to assure steady progress toward moderating price increases, along with a gradually increasing pace of expansion in real output. In his judgment a faster growth rate for money would result in higher real output in 1971, but at a disproportionate cost in terms of prolonging inflation and perhaps intensifying it after 1971. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Statutes, regulations, interpretations, and decisions HOUSING AND URBAN DEVELOPMENT ACT OF 1970 borrowings from its foreign branches by counting By Act approved December 31, 1970 (Public within its base the amount of purchases by its for- Law 91-609), Congress amended various laws eign branches of certain Export-Import Bank oblirelating to housing and urban development and en- gations. The text of the amendment reads as folacted new legislation in this area to provide for a lows (the change appears in footnote 8): national urban growth policy with emphasis on new community and inner city development. AMENDMENT TO REGULATION M A provision of the Act expands the powers of Effective January 15, 1971, section 213.7(a) is national banks by amending section 24 of the amended to read as follows: Federal Reserve Act to authorize such banks to make loans or purchase obligations for land de- SECTION 213.7—RESERVES AGAINST velopment that are guaranteed by the Secretary FOREIGN BRANCH DEPOSITS of Housing and Urban Development under the portion of the Act described as Part B of the (a) Transactions with parent bank. During each Urban Growth and New Community Develop- week of the four-week period beginning October ment Act of 1970 (84 Stat. 1793, 1803). 16, 1969, and during each week of each successive four-week ("maintenance") period, a member bank having one or more foreign branches shall FINANCIAL INSTITUTIONS SUPERVISORY ACT maintain with the Reserve Bank of its district, as a An Act of Congress approved December 31, reserve against its foreign branch deposits, a daily 1970 (Public Law 91-609), among other things, average balance equal to 20 per cent of the amount made permanent the provisions of titles I and II of by which the daily average total of the Act of October 16, 1966 (Public Law 89-695), (1) net balances due from its domestic offices to known as the Financial Institutions Supervisory such branches, and Act of 1966 (see Federal Reserve BULLETIN for (2) assets (including participations) held by November 1966, page 1618). Titles I and II con- such branches which were acquired from its dotain provisions with respect to regulatory and sumestic offices,7 pervisory authority and were originally made efduring the four-week ("computation") period endfective only through close of June 30, 1972. ing on the Wednesday fifteen days before the beginning of the maintenance period, exceeds the UNIFORM RELOCATION ASSISTANCE AND REAL greater of PROPERTY ACQUISITION POLICIES ACT OF 1970 (i) the lowest corresponding daily average to- By Act approved January 2, 1971 (Public Law tal 8 for any computation period ending after No- 91-646), Congress provided for uniform and equi- vember 25, 1970, or table policies regarding land acquisition and treat- (ii) 3 per cent of the member bank's daily avment of persons displaced from their homes, busi- erage deposits subject to § 204.5(a) of this chapnesses, or farms by Federal agencies or by federally assisted programs. For the purposes of the 7 Excluding (1) assets so held on June 26, 1969, repre- Act, "Federal agency" includes the Federal Re- senting credit extended to persons not residents of the United States and (2) credit extended or renewed by a serve Banks and branches thereof. domestic office after June 26, 1969, to persons not residents of the United States to the extent such credit was not extended in order to replace credit outstanding on that date RESERVES AGAINST EURODOLLAR BORROWINGS which was paid prior to its original maturity (see definition of United States resident in footnote 9). The Board of Governors, effective January 15, 8 Including the principal amount paid by a foreign branch 1971, amended section 213.7(a) of Regulation M, of the member bank for obligations held by such branch "Foreign Activities of National Banks", to provide that were purchased by it from the Export-Import Bank of the United States pursuant to its program announced on a means by which a member bank may retain its January 15, 1971, and excluding assets representing credit reserve-free base with respect to its Eurodollar extended to persons not residents of the United States. Digitized for FRASER http://fraser.stlouisfed.org/ 121 Federal Reserve Bank of St. Louis

122 FEDERAL RESERVE BULLETIN • FEBRUARY 1971 ter (Regulation D) during the current computation (k) of § 226.2, and to all persons who issue credit period, or the lowest corresponding daily average cards. total8 for any computation period beginning on (2) This Part implements the Act, the purpose or after January 21, 1971, and after the bank has of which is to assure that every customer who has had a foreign branch in operation for more than need for consumer credit is given meaningful in- 90 days, whichever amount is the lesser: formation with respect to the cost of that credit Provided, That the applicable base computed un- which, in most cases, must be expressed in the der (i) or (ii) shall be reduced by the daily average dollar amount of finance charge, and as an annual amount of any deposits of the member bank sub- percentage rate computed on the unpaid balance ject to § 204.5(c) of this chapter (Regulation D) of the amount financed. Other relevant credit induring the computation period. formation must also be disclosed so that the cus- ^ :Jc H: tomer may readily compare the various credit terms available to him from different sources and avoid TRUTH IN LENDING the uninformed use of credit. This Part also implements the provision of the Act under which a The Board of Governors, effective January 25, customer has a right in certain circumstances to 1971, amended Regulation Z, "Truth in Lending", cancel a credit transaction which involves a lien on to implement the provisions of an Act approved by his residence. Advertising of consumer credit terms Congress October 26, 1970 (Public Law 91-508), must comply with specific requirements, and cerwhich, among other things, amended the Truth in tain credit terms may not be advertised unless the Lending Act (15 U.S.C. 1601) to include credit creditor usually and customarily extends such cards within the coverage of that Act. Section terms. This Part also contains prohibitions against 226.1 of the Regulation has been amended to inthe issuance of unsolicited credit cards and limits dicate the addition of the new credit card provion the cardholders's liability for unauthorized use sions, and section 226.12 has been amended to of a credit card. Neither the Act nor this Part is specify that States may apply for an exemption, intended to control charges for consumer credit, or under certain conditions, from the Federal law. interfere with trade practices except to the extent Supplement IV sets forth the procedures and crithat such practices may be inconsistent with the teria necessary to obtain an exemption. A new secpurpose of the Act. tion 226.13 has been added to the Regulation setting forth the rules governing the issuance of credit (b) Administrative enforcement. (1) As set forth cards and conditions of liability, including liability more fully in section 108 of the Act, administrative for their unauthorized use. The text of the amend- enforcement of the Act and this Part with respect ments is as follows: to certain creditors and credit card issuers is assigned to the Comptroller of the Currency, Board AMENDMENTS TO REGULATION Z of Directors of the Federal Deposit Insurance Corporation, Federal Home Loan Bank Board (acting Effective January 25, 1971, section 226.1 and directly or through the Federal Savings and Loan section 226.12 are amended and section 226.13 and Insurance Corporation), Administrator of the Na- Supplement IV are added as follows: tional Credit Union Administration, Interstate Commerce Commission, Civil Aeronautics Board, SECTION 226.1—AUTHORITY, SCOPE, Secretary of Agriculture, and Board of Governors PURPOSE, ETC. of the Federal Reserve System. (a) Authority, scope and purpose. (1) This Part (2) Except to the extent that administrative comprises the regulations issued by the Board of enforcement is specifically committed to other au- Governors of the Federal Reserve System pursuant thorities, compliance with the requirements imto Title I (Truth in Lending Act) and Title V posed under the Act and this Part will be enforced (General Provisions) of the Consumer Credit Pro- by the Federal Trade Commission. tection Act, as amended (15 U.S.C. § 1601 et (c) Penalties and liabilities. Section 112 of the seq.). Except as otherwise provided herein, this Act provides for criminal liability for willful and Part applies to all persons who in the ordinary knowing failure to comply with any requirement course of business regularly extend, or offer to ex- imposed under the Act and this Part, and section tend, or arrange, or offer to arrange, for the exten- 130 of the Act provides for civil liability on the sion of consumer credit as defined in paragraph part of any creditor who fails to disclose any in- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 123 formation required under Chapter 2 of the Act and Act. Information required under such State law under the corresponding provisions of this Part. with the exception of those provisions which im- Section 134 provides for criminal liability for the pose disclosure requirements not imposed by this fraudulent use of a credit card to obtain goods or Act shall, accordingly, constitute the "information services having a retail value aggregating $5,000 or required under this Chapter" (Chapter 2 of the more. Pursuant to section 108 of the Act, viola- Act) for the purpose of section 130(a). tions of the Act or this Part constitute violations of (d) Exemptions granted. Exemptions granted by other Federal laws which may provide further the Board to particular classes of credit transacpenalties. tions within specified States are set forth in Supplement III to Regulation Z. SECTION 226.12—EXEMPTION OF CERTAIN STATE REGULATED SECTION 226.13—CREDIT CARDS- TRANSACTIONS ISSUANCE AND LIABILITY (a) Exemption for State regulated transactions. (а) Supplemental definitions applicable to this In accordance with the provisions of Supplements section. In addition to the definitions set forth in II and IV to Regulation Z, any State may make § 226.2, as applicable, the following definitions apapplication to the Board for exemption of any class ply to this section: of transactions within that State from the require- (1) "Accepted credit card" means any credit ments of Chapter 2 of the Act and the correspond- card which the cardholder has requested or applied ing provisions of this part: Provided, That for and received, or has signed, or has used, or has (1) Under the law of that State, that class of authorized another person to use for the purpose transactions is subject to requirements substantially of obtaining money, property, labor, or services on similar to those imposed under Chapter 2 of the credit. Any credit card issued in renewal of, or in Act and the corresponding provisions of this Part; substitution for, an accepted credit card becomes and an accepted credit card when received by the (2) There is adequate provision for enforcement. cardholder whether such card is issued by the same (b) Procedures and criteria. The procedures and or a successor card issuer. criteria under which any State may apply for the (2) "Adequate notice" means a printed notice to determination provided for in paragraph (a) of a cardholder which sets forth the pertinent facts this section are set forth in Supplement II to Regu- clearly and conspicuously so that a person against lation Z with respect to disclosure and rescission re- whom it is to operate could reasonably be expectquirements (§§ 121-131 of Chapter 2) and Sup- ed to have noticed it and understood its meaning. plement IV with respect to the prohibition of the (3) "Card issuer" means any person who issues issuance of unsolicited credit cards and the liability a credit card, or the agent of such person with of the cardholder for unauthorized use of a credit respect to such card. card (§§ 132-133 of Chapter 2). (4) "Cardholder" means any person to whom a (c) Civil liability. In order to assure that the credit card is issued or any person who has agreed concurrent jurisdiction of Federal and State courts with the card issuer to pay obligations arising from created in section 130(e) of the Act shall continue the issuance of a credit card to another person. to have substantive provisions to which such juris- (5) "Credit" means the right to defer payment diction shall apply, and generally to aid in impleof debt, incur debt and defer its payment, or to menting the Act with respect to any class of transobtain money, property, labor or services and deactions exempted pursuant to paragraph (a) of this fer payment therefor. section and Supplement II, the Board pursuant to sections 105 and 123 hereby prescribes that: (б) "Credit card" means any card, plate, coupon (1) No such exemption shall be deemed to ex- book, or other single credit device existing for the tend to the civil liability provisions of sections 130 purpose of being used from time to time upon and 131; and presentation to obtain money, property, labor, or (2) After an exemption has been granted, the services on credit. disclosure requirements of the applicable State law (7) "Unauthorized use" means the use of a shall constitute the disclosure requirements of this credit card by a person other than the cardholder Act, except to the extent that such State law im- (i) who does not have actual, implied, or apposes disclosure requirements not imposed by this parent authority for such use, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

124 FEDERAL RESERVE BULLETIN • FEBRUARY 1971 (ii) from which the cardholder receives no may be given orally or in writing, and the name benefit. and address of the party to receive the notice. It may include any additional information which is (b) Issuance of credit cards. No credit card not inconsistent with the provisions of this section. shall be issued except: An example of an acceptable notice is as follows: (1) In response to a request or application there- "You may be liable for the unauthorized use of for, or your credit card [or other term which describes (2) As a renewal of, or in substitution for, an the credit device]. You will not be liable for unaccepted credit card whether such card is issued authorized use which occurs after you notify by the same or a successor card issuer. [name of card issuer or his designee] at [address] orally or in writing of loss, theft, or possible un- (c) Conditions of liability of cardholder. A cardauthorized use. In any case liability shall not exholder shall be liable for unauthorized use of a ceed [insert—$50 or any lesser amount under credit card only if, other applicable law or under any agreement with (1) The credit card is an accepted credit card; the cardholder]." (2) Such liability does not exceed the lesser of (f) Notice to card issuer. For the purposes of $50 or the amount of money, property, labor, or this section, a cardholder notifies a card issuer by services obtained by such use prior to notification taking such steps as may be reasonably required of the card issuer pursuant to paragraph (f) of this in the ordinary course of business to provide the section; card issuer with the pertinent information with re- (3) The card issuer has given adequate notice spect to loss, theft, or possible unauthorized use to the cardholder of his potential liability on the of any credit card, whether or not any particular credit card or within two years preceding the officer, employee, or agent of the card issuer does, unauthorized use; and in fact, receive such notice or information. Irrespective of the form of notice provided under (4) The card issuer has provided the cardholder paragraph (c)(4) of this section, at the option of with an addressed notification requiring no postthe cardholder, notice may be given to the card age to be paid by the cardholder which may be issuer or his designee in person or by telephone or mailed by the cardholder in the event of the loss, by letter, telegram, radiogram, cablegram, or other theft, or possible unauthorized use of the credit written communication which sets forth the perticard. nent information. Notice by mail, telegram, radio- (d) Other conditions of liability. In addition to gram, cablegram, or other written communication the conditions of liability in paragraph (c) of this shall be considered given at the time of receipt or, section, no cardholder shall be liable for the un- whether or not received, at the expiration of the authorized use of any credit card which was issued time ordinarily required for transmission, whichafter January 24, 1971, and, regardless of the date ever is earlier. of its issuance, after January 24, 1972, no cardholder shall be liable for the unauthorized use of (g) Action to enforce liability. In any action by any credit card, unless the card issuer has provid- a card issuer to enforce liability for the use of a ed a method whereby the user of such card can credit card, the burden of proof is upon the card be identified as the person authorized to use it, issuer to show that the use was authorized or, if such as by signature, photograph, or fingerprint on the use was unauthorized, then the burden of proof the credit card or by electronic or mechanical is upon the card issuer to show that the conditions confirmation. of liability for the unauthorized use of a credit card, as set forth in paragraphs (c) and (d) of this (e) Notice to cardholder. The notice to card- section, have been met. holder pursuant to paragraph (c)(3) of this section may be given by printing the notice on the (h) Effect on other applicable law or agreement. credit card, or by any other means reasonably as- Nothing in this section imposes liability upon a suring the receipt thereof by the cardholder. An cardholder for the unauthorized use of a credit acceptable form of notice must state that liability card in excess of his liability for such use under shall not exceed $50 (or any lesser amount), that other applicable law or under any agreement with notice of loss, theft, or possible unauthorized use the card issuer. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 125 SUPPLEMENT IV TO REGULATION Z (3) A copy of the full text of the laws of the SECTION 226.12—SUPPLEMENT State which provide for enforcement of the State laws referred to in subparagraph (1) of this para- Procedures and criteria under which any State graph. may apply for exemption pursuant to paragraph (4) A comparison of the provisions of State (a) of § 226.12 from the provisions of Chapter 2 law with the provisions of § 108 and § 112 of the of the Truth in Lending Act prohibiting the Act, together with reasons to support the claim issuance of unsolicited credit cards and limiting that such State laws provide for: cardholder liability for unauthorized use of a (i) Administrative enforcement of the State credit card. laws referred to in subparagraph (1) of this para- (a) Application. Any State may make applica- graph which is tantamount to the provisions for tion to the Board, pursuant to the terms of this enforcement under § 108 of the Act and, supplement and the Board's Rules of Procedure (ii) Criminal liability for willful and knowing (12 CFR 262), for a determination that, under the violation with penalties substantially similar to laws of that State,1 a class of transactions within those prescribed under § 112 of the Act. the State is subject to requirements substantially (5) A statement identifying the office desigsimilar to those imposed under Chapter 2 of the nated or to be designated to administer the State Act2 prohibiting the issuance of unsolicited credit laws referred to in subparagraph (1) of this cards and limiting cardholder liability for un- paragraph, and a description of the procedures authorized use of a credit card and that there is under which such State laws are to be adminisadequate provision for enforcement of such re- tratively enforced, including administrative enquirements. Such application shall be made by forcement with respect to federally chartered letter addressed to the Board signed by the Gov- creditors.® The foregoing statement should include ernor, the Attorney General, or any official of the reasons to support the claim that there is ade- State having responsibilities under the State laws quate provision for enforcement of such State which are applicable to that class of transaction laws. and supported by the documents specified in (c) Public notice of filing and proposed rule paragraph (b). making. In connection with any application which (b) Supporting documents. The application shall has been filed in accordance with the requirements be accompanied by: of paragraphs (a) and (b), notice of such filing (1) A copy of the full text of the laws of the and proposed rule making will be published by State which are claimed by the applicant to the Board in the Federal Register, and a copy of impose requirements substantially similar to those such application will be made available for examimposed under Chapter 2 of the Act with respect ination by interested persons during business hours to the class of transactions within that State. at the Board and at the Federal Reserve Bank (2) A comparison of each requirement of of each Federal Reserve District in which any State law with the corresponding requirement of part of the State of the applicant is situated. A Chapter 2 of the Act, together with reasons to period of time will be allowed from the date of support the claim that applicable requirements of such publication for the Board to receive writ- State law are substantially similar to the applica- ten comments from interested persons with reble requirements imposed under Chapter 2 of the pect to that application. Act, and to demonstrate that any differences are (d) Exemption from requirements of Chapter 2. not inconsistent with such requirements of Chap- If the Board determines on the basis of the inter 2 of the Act and that there are no other effec- formation before it that under the law of a State tive State laws which are inconsistent with such requirements of Chapter 2 of the Act with respect 5 All transactions within the exempt class of transactions to that class of transactions. in which a federally chartered institution is a creditor shall be treated as a separate class of transactions not subject to the exemption, and such federally chartered creditors 1 Any reference to State law in Supplement IV includes shall remain subject to the requirements of the Act and ada reference to any regulations which implement State law ministrative enforcement by the appropriate Federal auand formal interpretations thereof. thority under § 108 of the Act, unless it is established to 2 Any reference to Chapter 2 of the Act or any section the satisfaction of the Board that appropriate arrangements thereof in Supplement IV includes a reference to the im- have been made with such Federal authorities to assure efplementing provisions of this Part and the Board's formal fective enforcement of the requirements of "State laws with interpretations thereof. respect to such creditors. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

126 FEDERAL RESERVE BULLETIN • FEBRUARY 1971 any class of transactions is subject to requirements Register a notice of its decision with respect to substantially similar to those imposed under such application and will furnish a copy of such Chapter 2 of the Act prohibiting the issuance of notice to the official who made application for unsolicited credit cards and limiting the card- such exemption. holder's liability for unauthorized use of a card, (f) Revocation of exemption. (1) The Board reand that there is adequate provision for enforce- serves the right to revoke any exemption if at any ment, the Board will exempt such class of trans- time it determines that the State law does not in actions in that State from the applicable require- fact impose requirements which are substantially ments of Chapter 2 of the Act in the following similar to those imposed under Chapter 2 of the manner and subject to the following conditions: Act or that there is not in fact adequate provi- (1) Notice of the exemption will be published sion for enforcement. in the Federal Register, and the Board will furnish (2) Before revoking any State exemption, the a copy of such notice to the official who made Board will notify the appropriate State official application for such exemption and to each Fed- of the facts or conduct which in the opinion of eral authority responsible for administrative en- the Board warrant such revocation and shall afforcement of the requirements of Chapter 2 of ford that State such opportunity as the Board the Act. deems appropriate in the circumstances to demon- (2) The appropriate official of any State which strate or achieve compliance. receives an exemption shall inform the Board (3) If, after having been afforded the opportuwithin 30 days of the occurrence of any change nity to demonstrate or achieve compliance, the in its related law (or regulations). The report of Board determines that the State has not done so, any change shall contain copies of the full text notice of the Board's intention to revoke such of that change together with statements setting exemption shall be published as a notice of proforth the information and opinions with respect posed rule making in the Federal Register. A to that change as specified in subparagraphs (2) period of time will be allowed from the date of and (4) of paragraph (b). The appropriate of- such publication for the Board to receive written ficial of any State which has received an exemp- comments from interested persons with respect to tion shall file with the Board from time to time the proposed rule making. such reports as the Board may require. (4) In the event of revocation of such exemp- (3) The Board will inform the appropriate of- tion, notice of such revocation shall be published ficial of any State which receives an exemption by the Board in the Federal Register, and a copy of any subsequent amendments to the applicable of such notice shall also be furnished to the approvisions of Chapter 2 of the Act (including propriate State official and to the Federal authorthe implementing provisions of this Part and the ities responsible for enforcement of requirements Board's formal interpretations) which might call of Chapter 2 of the Act, and the class of transfor amendment of State law, regulations, or actions affected within that State shall then be formal interpretations. subject to the requirements of Chapter 2 of the (e) Adverse determination. (1) If after publica- Act and subject to administrative enforcement as tion of notice in the Federal Register as provided provided under § 108 of the Act. under paragraph (d) the Board finds on the basis TENDER OFFERS AND OTHER STOCK of the information before it that it cannot make ACQUISITIONS any favorable determination in connection with The Board of Governors, effective February 4, the application, the Board will notify the appropri- 1971, has amended sections 206.4(g)(2) and ate State official of the facts upon which such find- 206.5(/) of Regulation F, "Securities of Member ings are based and shall afford that State a reason- State Banks", in view of the provisions of an Act able opportunity to demonstrate or achieve com- of Congress approved December 22, 1970 (Public pliance. Law 91-567). The Act, among other things, (2) If, after having afforded the State such amended the Securities Exchange Act of 1934 to opportunity to demonstrate or achieve compli- require disclosure of certain information concernance, the Board finds on the basis of the informa- ing acquisitions of more than 5 per cent of a class tion before it that it still cannot make any favor- of equity securities registered pursuant to the able determination in connection with the ap- 1934 Act (rather than 10 per cent, as formerly). plication, the Board will publish in the Federal The text of the amendments is as follows: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 127 AMENDMENTS TO REGULATION F tion 12 of the Act, of a member State bank if, after consummation thereof, such person would, directly Effective February 4, 1971, sections 206.4(g) (2) or indirectly, be the beneficial owner of more than and 206.5 (/) are amended as set forth below: 5 per cent of such class, unless, at the time copies of the offer or request or invitation are first pub- SECTION 206.4—REGISTRATION lished or sent or given to security holders, such per- STATEMENTS AND REPORTS son has filed with the Board a statement containing the information and exhibits required by Form * * * * * F-ll. (g) Current reports. * * * * * * (2)(i) Any person who, after acquiring, di- (5) If any securities to be offered in connection rectly or indirectly, the beneficial ownership of any with the tender offer for, or request or invitation equity security of a member State bank, of a class for tenders of, securities with respect to which a which is registered pursuant to section 12 of the statement is required to be filed pursuant to sub- Act, is directly or indirectly the beneficial owner paragraph (1) of this paragraph, have been or are of more than 5 per cent of such class shall, within to be registered under the Securities Act of 1933, a ten days after such acquisition, send to the bank at copy of the prospectus containing the information its principal executive office, by registered or cer- required to be included therein under that Act tified mail, send to each exchange where the secu- shall be filed as an exhibit to such statement. Any rity is traded, and file with the Board a statement information contained in the prospectus may be containing the information required by Form F-ll. incorporated by reference in such statement. Eight copies of the statement shall be filed with the (6) Eight copies of the statement required by Board. subparagraph (1) of this paragraph, every amend- (ii) Acquisitions of securities by a security ment to such statement, and all other material reholder who, prior to such acquisition, was the bene- quired by this section shall be filed with the Board. ficial owner of more than 5 per cent of the outstanding securities of the same class as those acquired INTERPRETATION OF REGULATION T shall be exempt from the reporting requirements of subdivision (i) of this subparagraph if the fol- PARTIAL DELAYED ISSUE CONTRACTS lowing conditions are met: (a) the acquisition is COVERING NONCONVERTIBLE BONDS made pursuant to preemptive subscription rights in During recent years, it has become customary an offering made to all holders of securities of the for portions of new issues of nonconvertible bonds class to which the preemptive subscription rights and preferred stocks to be sold subject to partial pertain; (b) the purchaser does not, through the delayed issue contracts, which have customarily exercise of such preemptive subscription rights, acbeen referred to in the industy as "delayed delivquire more than his or its pro-rata share of the ery" contracts, and the Board of Governors has securities offered; and (c) the acquisition is duly been asked for its views as to whether such transreported pursuant to section 16(a) of the Act and actions involve any violations of the Board's marthe provisions of § 206.6 promulgated thereunder. gin regulations. The practice of issuing a portion of a debt (or equivalent) security issue at a date subsequent to SECTION 206.5—PROXY STATEMENTS the main underwriting has arisen where market AND OTHER SOLICITATIONS UNDER conditions made it difficult or impossible, in a SECTION 14 OF THE ACT number of instances, to place an entire issue simultaneously. In instances of this kind, institutional * * * * * investors (e.g., insurance companies or pension » (7) Invitations for tenders. (1) No person, di- funds) whose cash flow is such that they expect to rectly or indirectly, by use of the mails or by any have funds available some months in the future, means or instrumentality of interstate commerce or have been willing to subscribe to a portion, to be of any facility of a national securities exchange or issued to them at a future date. The issuer has been otherwise, shall make a tender offer for, or a re- willing to agree to issue the securities in two or quest or invitation for tenders of, any class of any more stages because it did not immediately need equity security, which is registered pursuant to sec- the proceeds to be realized from the deferred por- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

128 FEDERAL RESERVE BULLETIN • FEBRUARY 1971 tion, because it could not raise funds on better than seven full business days have passed from the terms, or because it preferred to have a certain time the credit is extended. portion of the issue taken down by an investor of However, section 220.4(c)(3) (12 CFR this type. § 220.4(c)(3)) provides that: In the case of such a delayed issue contract, the If the security when so purchased is an unissued secuunderwriter is authorized to solicit from institu- rity, the period applicable to the transaction under subparagraph (2) of this paragraph shall be seven days tional customers offers to purchase from the issuer, after the date on which the security is made available pursuant to contracts of the kind described above, by the issuer for delivery to purchasers. and the agreement becomes binding at the under- In interpreting section 220.4(c)(3), the Board writers' closing, subject to specified conditions. has stated that the purpose of the provision: When securities are issued pursuant to the agree- . .. is to recognize the fact that, when an issue of ment, the purchase price includes accrued interest securities is to be issued at some future fixed date, a or dividends, and until they are issued to it, the security that is part of such issue can be purchased on a "when-issued" basis and that payment may reasonably purchaser does not, in the case of bonds, have be delayed until after such date of issue, subject to rights under the trust indenture, or, in the case of other basic conditions for transactions in a special cash preferred stocks, voting rights. account. (1962 Federal Reserve BULLETIN 1427; 12 CFR 220.118; «I 5996, Published Interpretations of the Securities sold pursuant to such arrangements Board of Governors). are high quality debt issues (or their equivalent). In that situation, the Board distinguished the case The purchasers buy with a view to investment and of mutual fund shares, which technically are not do not resell or otherwise dispose of the contract issued until the certificate can be delivered by the prior to its completion. Delayed issue arrangements transfer agent. The Board held that mutual fund are not acceptable to issuers unless a substantial shares must be regarded as issued at the time of portion of an issue, not less than ten per cent, is purchase because they are: involved. . . . essentially available upon purchase to the same Sections 3(a) (13) and (14) of the Securities extent as outstanding securities. The mechanics of their Exchange Act of 1934 provide that an agreement issuance and of the delivery of certificates are not significantly different from the mechanics of transfer to purchase is equivalent to a purchase, and an and delivery of certificates for shares of outstanding agreement to sell to a sale. The Board has hitherto securities, and the issuance of mutual fund shares is expressed the view that credit is extended at the not a future event in the sense that would warrant the extension of the time for payment beyond that afforded time when there is a firm agreement to extend such in the case of outstanding securities, (ibid.) credit (1968 Federal Reserve BULLETIN 328; 12 The issuance of debt securities subject to delayed CFR 207.101; H 6800 Published Interpretations of issue contracts, by contrast with that of mutual the Board of Governors). Accordingly, in infund shares, which are in a status of continual unstances of the kind described above, the issuer may derwriting, is a specific single event taking place at be regarded as extending credit to the institutional a future date fixed by the issuer with a view to its purchaser at the time of the underwriters' closing, need for funds and the availability of those funds when the obligations of both become fixed. under current market conditions. Section 220.7(a) of the Board's Regulation T For the reasons stated above the Board con- (12 CFR § 220.7(a)), with an exception not apcluded that the nonconvertible debt and preferred plicable here, forbids a creditor subject to that stock subject to delayed issue contracts of the kind regulation to arrange for credit on terms on which described above should not be regarded as having the creditor could not itself extend the credit. Sec- been issued until delivered, pursuant to the agreetions 220.4(c)(1) and (2) (12 CFR §§ 220.4(c) ment, to the institutional purchaser. This interpre- (1) and (2)) provide that a creditor may not sell tation does not apply, of course, to fact situations securities to a customer except in good faith reli- different from that described above. ance upon an agreement that the customer will promptly, and in no event in more than seven full ORDERS UNDER BANK MERGER ACT business days, make full cash payment for the CHEMICAL BANK AND TRUST securities. Since the underwriters in question are COMPANY, MIDLAND, MICHIGAN creditors subject to the regulation, unless some In the matter of the application of Chemical specific exception applies, they are forbidden to Bank and Trust Company, Midland, Michigan, for arrange for the credit described above. This result approval of consolidation with Gladwin County follows because payment is not made until more Bank, Beaverton, Michigan. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 129 ORDER DENYING APPLICATION FOR CONSOLIDATION the proposed consolidation, the sole office of The OF BANKS UNDER BANK MERGER ACT Commercial Savings Bank of Saint Louis would become a branch office of the resulting bank. There has come before the Board of Governors, Notice of the proposed consolidation, in form appursuant to the Bank Merger Act (12 U.S.C. proved by the Board, has been published pursuant 1828(c)), an application by Chemical Bank and to said Act. Trust Company, Midland, Michigan, a member In accordance with the Act, the Board requested State bank of the Federal Reserve System, for the reports on the competitive factors involved from Board's prior approval of the consolidation of that the Attorney General, the Comptroller of the Curbank with Gladwin County Bank, Beaverton, rency, and the Federal Deposit Insurance Corpora- Michigan, under the charter and name of the tion. The Board has considered all relevant maformer institution. Notice of the proposed conterial contained in the record in the light of the solidation, in form approved by the Board, has factors set forth in the Act, including the effect of been published as required by said Act. the proposal on competition, the financial and In accordance with the Act, the Board requested managerial resources and prospects of the banks reports on the competitive factors involved from concerned, and the convenience and needs of the the Attorney General, the Comptroller of the Curcommunities to be served, and upon such conrency, and the Federal Deposit Insurance Corporasideration, tion. The Board has considered all relevant material contained in the record in the light of the IT IS HEREBY ORDERED, for the reasons set forth in the Board's Statement of this date, said apfactors set forth in the Act, including the effect of plication be and hereby is approved, provided that the proposal on competition, the financial and the action so approved shall not be consummated managerial resources and prospects of the banks (a) before the thirtieth calendar day following the concerned, and the convenience and needs of the date of this Order or (b) later than three months communities to be served, and upon such conafter the date of this Order, unless such period is sideration, extended for good cause by the Board, or by the IT IS HEREBY ORDERED, for the reasons set forth Federal Reserve Bank of Chicago pursuant to in the Board's Statement of this date, that said apdelegated authority. plication be and hereby is denied. By order of the Board of Governors, January 28, By order of the Board of Governors, January 28, 1971. 1971. Voting for this action: Chairman Burns and Gover- Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Daane, Maisel, and Brim- nors Robertson, Mitchell, Daane, Maisel, and Brimmer. Absent and not voting: Governor Sherrill. mer. Absent and not voting: Governor Sherrill. (Signed) KENNETH A. KENYON, (Signed) KENNETH A. KENYON, [SEAL] Deputy Secretary. [SEAL] Deputy Secretary. In the matter of the application of Chemical CITIZENS BANK AND TRUST COMPANY, Bank and Trust Company, Midland, Michigan, for CLARE, MICHIGAN approval of consolidation with The Commercial In the matter of the application of Citizens Bank Savings Bank of Saint Louis, Saint Louis, Michiand Trust Company, Clare, Michigan, for approval gan. of consolidation with The Farwell State Savings ORDER APPROVING APPLICATION FOR Bank, Farwell, Michigan. CONSOLIDATION OF BANKS UNDER BANK MERGER ACT ORDER DENYING APPLICATION FOR CONSOLIDATION OF BANKS UNDER BANK MERGER There has come before the Board of Governors, pursuant to the Bank Merger Act (12 U.S.C. ACT 1828(c)), an application by Chemical Bank and There has come before the Board of Governors, Trust Company, Midland, Michigan, a member State pursuant to the Bank Merger Act (12 U.S.C. bank of the Federal Reserve System, for the Board's 1828(c)), an application by Citizens Bank and prior approval of the consolidation of that bank Trust Company, Clare, Michigan, a member State with The Commercial Savings Bank of Saint Louis, bank of the Federal Reserve System, for the Saint Louis, Michigan, under the charter arid the Board's prior approval of the consolidation of that name of the former institution. As an incident to bank with The Farwell State Savings Bank, Far- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

130 FEDERAL RESERVE BULLETIN • FEBRUARY 1971 well, Michigan, under the charter and name of the separately considered and is the subject of a sepformer institution. Notice of the proposed con- arate Board Order, because of facts and circumsolidation, in form approved by the Board, has been stances common to the three applications, including published as required by said Act. common ownership factors,1 this Statement con- In accordance with the Act, the Board requested tains the Board's findings and conclusions with reports on the competitive factors involved from respect to all three applications. the Attorney General, the Comptroller of the Cur- I. THE PROPOSED CONSOLIDATION OF rency, and the Federal Deposit Insurance Cor- CHEMICAL BANK-MIDLAND WITH poration. The Board has considered all relevant GLADWIN BANK material contained in the record in the light of the A. Competitive effect of the proposed transacfactors set forth in the Act, including the effect of tion. Chemical Bank-Midland (deposits $70 milthe proposal on competition, the financial and lion)2 operates its head office and two branch ofmanagerial resources and prospects of the banks fices within the city limits of Midland (pop. 34,concerned, and the convenience and needs of the 000), and an additional branch office to the south communities to be served, and upon such conof and in close proximity to Midland. It also opsideration, erates one branch in Fisherville, located seven IT IS HEREBY ORDERED, for the reasons set forth miles east of Midland; and one branch office in in the Board's Statement of this date, that said ap- Sanford, located eight miles northwest of Midland. plication be and hereby is denied. Chemical Bank-Midland is the largest bank located By order of the Board of Governors, January 28, in Midland, holding more than two times the 1971. amount of deposits held by the only other bank located in Midland (First National Bank & Trust Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Daane, Maisel, and Brim- Company (deposits $31 million)). Gladwin Bank mer. Absent and not voting: Governor Sherrill. (deposits $6 million) operates its sole office in (Signed) KENNETH A. KENYON, Beaverton (pop. 1,000), which is located approxi- [SEAL] Deputy Secretary. mately 23 miles north of Midland. Chemical Bank- Midland's Sanford branch, located about 18 miles STATEMENT from Beaverton, is the closest of that bank's offices to Gladwin Bank. Chemical Bank and Trust Company ("Chemical Bank-Midland"), Midland, Michigan, a member The relevant market within which the competi- State bank of the Federal Reserve System, has tive impact of the proposed consolidation is to be filed applications, pursuant to the Bank Merger considered is approximated by the southern one-half of Gladwin County (including Beaverton) and the Act (12 U.S.C. 1828(c)), for the prior approval northern and central portion of Midland County of the Board of Governors for the consolidation by (which includes the City of Midland). There are merger of that bank with Gladwin County Bank presently located in the Midland-Gladwin market ("Gladwin Bank"), Beaverton, Michigan, and area offices of five commercial banks which have with The Commercial Savings Bank of Saint Louis market shares (percentage of Midland-Gladwin ("St. Louis Bank"), Saint Louis, Michigan, each deposits held by those banks as of June 30, 1968) under the charter and name of Chemical Bankas follows: Midland. There has also come before the Board an application by Citizens Bank and Trust Com- Chemical Bank and Trust pany ("Clare Bank"), Clare, Michigan, a member Company 60.3 per cent State bank of the Federal Reserve System, pur- First National Bank & Trust suant to the Bank Merger Act (12 U.S.C. 1828 Company 25.9 per cent (c)), for the prior approval of the Board of the First State Savings Bank 6.2 per cent consolidation by merger of that bank with The Gladwin County Bank 4.2 per cent Farwell State Savings Bank ("Farwell Bank"), Citizens Bank and Trust Farwell, Michigan, under the charter and name of Company 3.4 per cent Clare Bank. If the applications should be approved, 1 Midland Investment Company and Currie-Todd Investthe present offices of Gladwin Bank and St. Louis ments, partnerships owned by officers and directors of Bank would be operated as branches of Chemical Chemical Bank-Midland, hold controlling stock interests in Bank-Midland and the present office of Farwell Gladwin Bank, St. Louis Bank, and Clare Bank, and a substantial stock interest in Farwell Bank. Bank would be operated as a branch of Clare Bank. 2 Unless otherwise noted, all data cited herein are as of Although each of the applications has been June 30, 1970. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 131 The proposed consolidation would combine the D. Summary and conclusion. On the basis of all largest and fourth largest banks in the Midland- relevant facts contained in the record and in the Gladwin market. The resulting bank would hold light of the factors set forth in the Bank Merger about 65 per cent of the deposits held by commer- Act (12 U.S.C. 1828(c)), it is the Board's judgcial banks in the market. ment that consummation of the proposed con- The Midland-Gladwin banking market is already solidation would have a seriously adverse competia very highly concentrated banking market. The tive impact in the Midland-Gladwin market not two largest banks located there hold about 86 per clearly outweighed by the benefits of the consolidacent of banking deposits, with Chemical Bank- tion in meeting the convenience and needs of the Midland holding the dominant share (60.3 per community. cent). Consummation of the proposed transaction Accordingly, the Board concludes that the apwould increase concentration in the Midland- plication should be denied. Gladwin banking market to a significant degree and would entrench Chemical Bank-Midland in its II. THE PROPOSED CONSOLIDATION OF dominant position as the largest holder of commer- CHEMICAL BANK-MIDLAND WITH ST. LOUIS BANK cial banking deposits in the highly concentrated A. Competitive effect of the proposed transac- Midland-Gladwin banking market. At the same time, Gladwin Bank would be eliminated as a tion. As previously set forth above, Chemical competitor in the market and the number of bank- Bank-Midland maintains its offices in or in close ing alternatives in the market would be reduced proximity to the City of Midland and east and from five to four. In this context, the Board is not northwest thereof in the Midland-Gladwin market. persuaded that Gladwin Bank cannot be regarded St. Louis Bank (deposits $17 million) operates its as being in competition with Chemical Bank- sole office in Saint Louis, Michigan (pop. 4,000), Midland because of common ownership features which is located about 23 miles to the southwest of which were established in January 1970. The re- the City of Midland. The banks serve separate cent acquisition of stock in Gladwin Bank by of- markets and there is no substantial existing comficers and directors of Chemical Bank-Midland petition between them. should not serve to establish a base upon which to There are six commercial banks located in the sanction an anticompetitive consolidation, closing Saint Louis area which are considered to be in off any prospect of disaffiliation and thereby elimi- direct competition with St. Louis Bank. They are: nating an independent competitor in the market Bank of Alma (deposits $30 million) and Central and the potential for eventual deconcentration of National Bank of Alma (deposits $9 million), the market.3 both located in Alma three miles to the southwest of Saint Louis; Commercial National Bank (de- B. Financial and managerial resources and posits $18 million), located in Ithaca eight miles prospects. The financial conditions, managements, to the south of Saint Louis; Shepherd State Bank and prospects of Chemical Bank-Midland and (deposits $7 million), located nine miles to the Gladwin Bank are regarded as satisfactory. Connorthwest of Saint Louis; Farmers State Bank in siderations relating to the banking factors, as ap- Breckenridge (deposits $10 million), located six plied to the proposed transaction, therefore, lend miles east of Saint Louis; and Farmers & Merno weight toward approval of the proposed transchants State Bank in Merrill (deposits $4 million), action. located 14 miles east of Saint Lous. No adverse C. Convenience and needs of the communities impact is foreseen on these banks arising from involved. There is no evidence that the general consummation of the consolidation of Chemical banking needs of the Midland-Gladwin market are Bank-Midland and St. Louis Bank. Further, under going unserved at the present time. Consummation current Michigan banking law providing homeof the proposed consolidation would enable Gladoffice and branch-office protection, Chemical Bankwin Bank to provide its customers with more con- Midland would be prohibited from establishing a venient access to increased lending limits and trust de novo branch office in the communities in which and data processing services. These factors lend St. Louis Bank and its competitor banks are loslight weight toward approval of the application. cated. Since the other areas intervening between Midland and Saint Louis are but sparsely settled, 3 There is evidence in the record which indicates that if it appears unlikely that Chemical Bank-Midland the consolidation is denied there is a substantial possibility would establish a de novo branch in these areas. that stock held in Gladwin Bank by Chemical Bank-Midland interests would be sold. There is, therefore, no significant potential for the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

132 FEDERAL RESERVE BULLETIN • FEBRUARY 1971 establishment of competition between Chemical do not experience significant competition from any Bank-Midland and St. Louis Bank. other bank. The relevant market, therefore, within B. Financial and managerial resources and which the competitive impact of the proposed conprospects. The financial condition, management, solidation is to be considered is the Clare-Farwell and prospects of Chemical Bank-Midland are sat- market. isfactory. The financial condition and management Clare Bank and Farwell Bank are the only two of St. Louis Bank are reasonably satisfactory. The banks located in the market. Thus, the proposed proposed consolidation would appear to enhance consolidation would eliminate the sole alternative 5 its future prospects. source of banking services in the Clare-Farwell The banking factors, therefore, as they relate to market. the proposed consolidation between Chemical B. Financial and managerial resources and Bank-Midland and St. Louis Bank lend slight prospects. The financial condition and management weight toward approval of the application. of Clare Bank is regarded as satisfactory and its C. Convenience and needs of the communities future prospects good. The financial condition and involved. Consummation of the proposed transac- prospects of Farwell Bank are regarded as satistion would not affect present customers of Chemi- factory. Farwell Bank's management has been concal Bank-Midland. sidered satisfactory; however, there appears to The proposed consolidation would make avail- have developed a management succession problem able to present customers of St. Louis Bank in- at Farwell Bank due to the ill health of its Presicreased lending limits and a relaxation of restric- dent. There is no showing, however, that Farwell tive lending policies which have been followed by Bank's management succession problem is not St. Louis Bank in the granting of agricultural, capable of solution absent the drastic step of its mortgage, and consumer instalment credit. While consolidation with the only other bank located in there is no evidence in the record to indicate that its market area. The banking factors, therefore, the major financial needs of the Saint Louis area lend no significant weight to approval of the apare, at present, going unserved, the factors set forth plication. above lend slight weight toward approval of the C. Convenience and needs of the communities application. concerned. There is no evidence that the major financial needs of the Clare-Farwell market are not D. Summary and conclusion. The proposed conbeing met at present. Considerations relating to the solidation would eliminate no substantial existing convenience and needs factors, therefore, lend no or potential competition between the banks. The significant weight toward approval of the applicabanking and convenience and needs factors lend tion. some weight toward approval of the application. D. Summary and conclusion. On the basis of all The Board concludes, therefore, that the applicarelevant facts contained in the record and in the tion is in the public interest and should be aplight of the factors set forth in the Bank Merger proved. Act (12 U.S.C. 1828(c)), it is the Board's judgment that consummation of the proposed transac- III. THE PROPOSED CONSOLIDATION tion, a consolidation of the only two banks located OF CLARE BANK WITH FARWELL BANK in the Clare-Farwell market, would have a seri- A. Competitive effect of the proposed transacously adverse effect on competition in the Claretion. Clare Bank (deposits $25 million) maintains Farwell market and would not be clearly outits head office in Clare, Clare County,4 Michigan. weighed in the public interest by the convenience It maintains one branch in Rosebush, Clare County, and needs of the community. seven miles to the south of Clare and one branch Accordingly, the Board concludes that the apin Coleman, Gladwin County, located nine miles to plication should be denied. the southeast of Clare. Farwell Bank (deposits $5 million) maintains 5 Consistent with the conclusion reached with respect to its sole office in Farwell, Clare County, which is the Chemical Bank-Midland and Gladwin Bank consolidation in this regard, the Board is not persuaded that the located five miles east of Clare. The two towns are stock interests recently acquired by officers and directors of connected by a major highway, maintain coop- Chemical Bank-Midland in Clare Bank in 1969 and in Farwell Bank in 1970 lead logically to the conclusion that erative educational facilities, and have tended to the banks cannot be regarded as competitors. Further, as in become closely integrated economically. The banks the case of the Chemical Bank-Midland and Gladwin Bank situation, there is evidence in the record herein which indi- 4 Clare County abuts on Gladwin County on the east and cates that if this application for consolidation is denied, the Midland County on the south. stock in Farwell Bank would probably be sold. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 133 ORDERS UNDER SECTION 3 OF BANK HOLDING tion on competition, the financial and managerial COMPANY ACT resources and future prospects of the Applicant and the banks concerned, and the convenience and SECURITY NEW YORK STATE needs of the communities to be served. Upon such CORPORATION, consideration, the Board finds that: ROCHESTER, NEW YORK Applicant, the State's twentieth largest banking organization, controls five banks which hold deposits In the matter of the application of Security New of $397 million, representing .5 per cent of New York State Corporation, Rochester, New York, for York's commercial bank deposits. (All banking approval of acquisition of voting shares of the sucdata are as of June 30, 1970, adjusted to reflect cessor by merger to First National Bank and Trust holding company formations and acquisitions ap- Company of Ithaca, Ithaca, New York. proved by the Board to date.) The acquisition by Applicant of Ithaca National ($48 million de- ORDER APPROVING ACQUISITION OF BANK STOCK posits) would increase its share of State deposits BY BANK HOLDING COMPANY by .1 per cent and would have no significant effect There has come before the Board of Governors, on the concentration of banking resources. pursuant to section 3(a)(3) of the Bank Holding Ithaca National, which operates two offices in Company Act of 1956 (12 U.S.C. 1842(a)(3)) Ithaca and an office in nearby Cuyaga Heights, is and section 222.3(a) of Federal Reserve Regulathe smaller of two banks in Ithaca and the second tion Y (12 CFR 222.3(a)), the application of Selargest of four banks in Tompkins County. Applicurity New York State Corporation, Rochester, cant's closest subsidiary to Ithaca National is lo- New York ("Applicant"), a registered bank holdcated 25 miles northeast of Ithaca, and no office of ing company, for the Board's prior approval of the Applicant's present subsidiary banks, which are loacquisition of 100 per cent (less directors' qualifycated in the Sixth, Eighth and Ninth New York ing shares) of the voting shares of a new national Banking Districts, competes to any significant exbank into which would be merged First National tent with Ithaca National which is located in the Bank and Trust Company of Ithaca, Ithaca, New Seventh District. Furthermore, it does not appear York ("Ithaca National"). The new national bank that substantial competition is likely to develop behas significance only as a means of acquiring all of tween them because of the distances involved, the the shares of the bank to be merged into it; the prolocation of the banks in separate banking districts posal is treated herein as a proposal to acquire and the State law restricting branching, and, in shares of Ithaca National. some instances, the lack of suitable branching sites As required by section 3(b) of the Act, the due to the rural nature of the intervening areas. Board gave written notice of receipt of the appli- Based upon the foregoing, the Board concludes cation to the Comptroller of the Currency and rethat consummation of the proposal would not have quested his views and recommendation. The Compa significant adverse effect on competition in any troller recommended approval of the application. relevant area. The banking factors, as they relate The New York State Banking Board, in accordto Applicant, its subsidiaries, and Ithaca National, ance with a recommendation of the New York Suare consistent with approval of the application. perintendent of Banks, approved an application Convenience and needs considerations are conwith respect to the pending proposal, filed with it sistent with approval and lend some weight thereto pursuant to New York law. because Applicant plans to expand and improve Notice of receipt of the application was pubpresent services offered by Ithaca National in such lished in the Federal Register on November 10, areas as investment services, municipal bond financ- 1970 (35 Federal Register 17280), providing an ing, electronic data processing, and fiduciary servopportunity for interested persons to submit comices. It is the Board's judgment that the proposed ments and views with respect to the proposal. A transaction would be in the public interest, and that copy of the application was forwarded to the United the application should be approved. States Department of Justice for its consideration. Time for filing comments and views has expired IT IS HEREBY ORDERED, for the reasons set forth and all those received have been considered by the in the findings summarized above, that said applica- Board. tion be and hereby is approved, provided that the The Board has considered the application in the action so approved shall not be consummated (a) light of the factors set forth in section 3(c) of the before the thirtieth calendar day following the date Act, including the effect of the proposed acquisi- of this Order or (b) later than three months after Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

134 FEDERAL RESERVE BULLETIN • FEBRUARY 1971 the date of this Order, unless such time be extended has expired and all those received have been confor good cause by the Board, or by the Federal sidered by the Board. Reserve Bank of New York pursuant to delegated IT IS HEREBY ORDERED, for the reasons set forth authority. in the Board's Statement of this date, that said ap- By order of the Board of Governors, January 14, plication be and hereby is approved, provided that 1971. the action so approved shall not be consummated (a) before the thirtieth calendar day following the Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Daane, Maisel, and Brimmer. date of this Order or (b) later than three months Absent and not voting: Governor Sherrill. after the date of this Order, unless such time be (Signed) KENNETH A. KENYON, extended for good cause by the Board, or by the Deputy Secretary. Federal Reserve Bank of Kansas City pursuant to [SEAL] delegated authority. By order of the Board of Governors, January 19, NEW MEXICO BANCORPORATION, INC., 1971. SANTA FE, NEW MEXICO In the matter of the application of New Mexico Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Maisel, Brimmer, and Sher- Bancorporation, Inc., Santa Fe, New Mexico, for rill. Absent and not voting: Governor Daane. approval of action to become a bank holding com- [SEAL] pany through the acquisition of 80 per cent or more (Signed) KENNETH A. KENYON, of the voting shares of (1) The First National Bank Deputy Secretary. of Santa Fe, Santa Fe, New Mexico, and (2) First State Bank of Taos, Taos, New Mexico. STATEMENT ORDER APPROVING ACTION TO BECOME A BANK New Mexico Bancorporation, Inc., Santa Fe, HOLDING COMPANY New Mexico ("Applicant"), has filed with the There has come before the Board of Governors, Board, pursuant to section 3(a)(1) of the Bank pursuant to section 3(a)(1) of the Bank Holding Holding Company Act of 1956, an application for Company Act of 1956 (12 U.S.C. 1842(a)(1)) and approval of action to become a bank holding comsection 222.3(a) of Federal Reserve Regulation Y pany through the acquisition of 80 per cent or more (12 CFR 222.3(a)), an application of New Mexico of the voting shares of (1) The First National Bank Bancorporation, Inc., Santa Fe, New Mexico, for of Santa Fe, Santa Fe, New Mexico ("First Nathe Board's prior approval of action whereby tional"), and (2) First State Bank of Taos, Taos, Applicant would become a bank holding company New Mexico ("First Taos"). through the acquisition of 80 per cent or more of Views and recommendations of supervisory authe voting shares of each of the following two banks thorities. As required by section 3 (b) of the Act, the in New Mexico: The First National Bank of Santa Board gave written notice of receipt of the applica- Fe, Santa Fe, and First State Bank of Taos, Taos. tion to the Comptroller of the Currency and the As required by section 3(b) of the Act, the Commissioner of Banking of the State of New Board gave written notice of receipt of the applica- Mexico and requested their views and recommendation to the Comptroller of the Currency and the tions. The Commissioner stated that he had no Commissioner of Banking of the State of New objection to approval of the application, and the Mexico and requested their views and recommenda- Comptroller recommended that the application be tions. The Commissioner stated that he had no approved. objection to approval of the application, and the Statutory considerations. Section 3(c) of the Act Comptroller recommended that the application be provides that the Board shall not approve an acapproved. quisition that would result in a monopoly or would Notice of receipt of the application was published be in furtherance of any combination or conspiracy in the Federal Register on December 1, 1970 (35 to monopolize or to attempt to monopolize the Federal Register 18304), which provided an op- business of banking in any part of the United States. portunity for interested persons to submit comments Nor may the Board approve a proposed acquisition, and views with respect to the proposed transaction. the effect of which, in any section of the country, A copy of the application was forwarded to the may be substantially to lessen competition, or to United States Department of Justice for its con- tend to create a monopoly, or which in any other sideration. The time for filing comments and views manner would be in restraint of trade, unless the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 135 Board finds that the anticompetitive effects of the First National and First Taos for many years, and proposed transaction are clearly outweighed in the it appears unlikely that affiliation of these banks public interest by the probable effect of the transac- would significantly alter the competitive situation tion in meeting the convenience and needs of the in Taos. communities to be served. In each case, the Board is The proposed subsidiaries serve fairly distinct required to take into consideration the financial and and separate markets. The shortest distance between managerial resources and future prospects of the any office of First National and any office of First bank holding company and the banks concerned, Taos is approximately 50 miles, being the distance and the convenience and needs of the communities between First National's branch office in Pojoaque to be served. and the main office of First Taos in Taos. The in- Competitive effect of proposed transaction. The tervening area between the two banks is undevelop- 10 largest banking organizations in New Mexico ed and sparsely populated and is already served by control deposits of $962.0 million, representing two other banks. Under New Mexico law, neither 70.5 per cent of State-wide deposits.1 First National of the proposed subsidiaries could establish a branch is presently the fourth largest bank and fifth largest in the other's market. First National has been the banking organization in the State with aggregate de- principal correspondent of First Taos for many posits of $50.5 million. First Taos, with deposits of years, and the president of First Taos is a director $8.8 million, holds less than 1 per cent of State-wide and shareholder of First National. There appears to deposits. Upon acquisition by Applicant of First be no substantial competition between the two banks National and First Taos, Applicant would be the and little likelihood that they would become signiffifth largest banking organization in New Mexico icant competitors. and the fourth and smallest bank holding company On the basis of the foregoing, the Board conin the State. Applicant would control only 4.4 per cludes that consummation of Applicant's proposal cent, and bank holding companies would in the would not result in a monopoly, nor be in furtheraggregate control 46.0 per cent, of State-wide de- ance of any combination, conspiracy, or attempt to posits. Consummation of Applicant's proposal monopolize the business of banking in any part of would result in only a small increase in banking the United States, and would not restrain trade, concentration in New Mexico and may have a pro- substantially lessen competition, or tend to create a competitive effect in that it would create a regional monopoly in any section of the country. bank holding company that eventually should be Financial and managerial resources and future capable of offering effective competition to the prospects. Applicant appears to be adequately larger State-wide banking organizations. capitalized. Its management, which is virtually On the basis of deposits, First National is the identical to that of First National with the addition largest bank serving the Santa Fe-Los Alamos mar- of the president of First Taos as its chairman, is ket and holds 53 per cent of deposits in that market. regarded as competent, and its prospects appear to First National's principal competitors include Santa be favorable. Fe National Bank, a subsidiary of Western Ban- Both of Applicant's proposed subsidiaries are in corporation, and Bank of Santa Fe, a member of a satisfactory financial condition, with competent group of banks in New Mexico, Texas and Wyo- management, and favorable prospects. ming under common control. Competition in the The Board concludes that considerations relating relevant market is not likely to be adversely affected to the banking factors are consistent with approval by consummation of the proposal. of the application. First Taos is the larger of two banks in Taos, Convenience and needs of the communities inwith 75 per cent of deposits in the Taos market. volved. The major banking needs of the communi- First Taos has branches at Questa and Red River. ties served by the proposed subsidiaries appear to The only other bank in Taos, Centinel Bank of Taos be adequately served at the present time. However, (founded in early 1969), is well capitalized and development of the Taos area has not kept pace with capable of offering First Taos effective competition. that in New Mexico or the rest of the country. A close working relationship has existed between Formation of a regional bank holding company holds forth the prospect that greater resourcefulness will be brought to the task of developing tourism in, and 1 All deposit data are as of June 30, 1970, and reflect all attracting industry to, the Taos area. holding company formations and acquisitions approved by the Board through December 31, 1970. References to "de- These considerations lend some support for apposits" include only deposits held by commercial banks. proval of the application. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

136 FEDERAL RESERVE BULLETIN • FEBRUARY 1971 Summary and conclusion. On the basis of all transaction. A copy of the application was forwardrelevant facts contained in the record, and in the ed to the United States Department of Justice for light of the factors set forth in section 3(c) of the its consideration. The time for filing comments and Act, it is the Board's judgment that the proposed views has expired and all those received have been transaction would be in the public interest and that considered by the Board. the application should be approved. IT IS HEREBY ORDERED, for the reasons set forth in the Board's Statement of this date, that said application be and hereby is approved, provided CONSOLIDATED BANKSHARES OF that the action so approved shall not be consum- FLORIDA, INC., mated (a) before the thirtieth calendar day follow- FORT LAUDERDALE, FLORIDA ing the date of this Order, or (b) later than three In the matter of the application of Consolidated months after the date of this Order, and provided Bankshares of Florida, Inc., Fort Lauderdale, Florifurther that (c) Security First National Bank of da, for approval of action to become a bank holding Plantation shall be open for business not later than company through the acquisition of 100 per cent six months after the date of this Order. The periods of the voting shares (less directors' qualifying described in (b) and (c) hereof may be extended shares) of Security First National Bank of Plantafor good cause by the Board, or by the Federal tion, Florida, a proposed new bank, and 80 per cent Reserve Bank of Atlanta pursuant to delegated or more of the voting shares of each of the following authority. Florida banks: First National Bank in Fort Lauder- By order of the Board of Governors, January 19, dale; Plantation First National Bank, Plantation; 1971. Guaranty First National Bank of Fort Lauderdale; and Ocean First National Bank of Fort Lauderdale. Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Maisel, Brimmer, and Sherrill. Absent and not voting: Governor Daane. ORDER APPROVING ACTION TO BECOME A BANK HOLDING COMPANY (Signed) KENNETH A. KENYON, Deputy Secretary. There has come before the Board of Governors, [SEAL] pursuant to section 3(a)(1) of the Bank Holding Company Act of 1956 (12 U.S.C. 1842(a)(1)) and STATEMENT section 222.3(a) of Federal Reserve Regulation Y Consolidated Bankshares of Florida, Inc., Fort (12 CFR 222.3(a)), an application by Consolidated Lauderdale, Florida ("Applicant"), has filed with Bankshares of Florida, Inc., Fort Lauderdale, Flor- the Board, pursuant to section 3(a) (1) of the Bank ida, for the Board's approval of action whereby Holding Company Act of 1956, an application for Applicant would become a bank holding company approval of action to become a bank holding comthrough the acquisition of 100 per cent of the voting pany through the acquisition of 100 per cent of the shares (less directors' qualifying shares) of Security voting shares (less directors' qualifying shares) of First National Bank of Plantation, Florida, a pro- Security First National Bank of Plantation, Florida posed new bank, and 80 per cent or more of the ("Security Bank"), a proposed new bank, and 80 voting shares of each of the following Florida per cent or more of the voting shares of each of the banks: First National Bank in Fort Lauderdale; following Florida banks: First National Bank in Plantation First National Bank, Plantation; Guar- Fort Lauderdale ("First National"); Plantation anty First National Bank of Fort Lauderdale; and First National Bank, Plantation ("Plantation Ocean First National Bank of Fort Lauderdale. Bank"); Guaranty First National Bank of Fort As required by section 3(b) of the Act, the Lauderdale ("Guaranty Bank"); and Ocean First Board gave written notice of receipt of the applica- National Bank of Fort Lauderdale ("Ocean tion to the Comptroller of the Currency, and re- Bank"). quested his views and recommendation. The Comp- Views and recommendation of supervisory autroller offered no objection to approval of the thority. As required by section 3(b) of the Act, the application. Board gave written notice of receipt of the applica- Notice of receipt of the application was published tion to the Comptroller of the Currency, and rein the Federal Register on November 20, 1970 (35 quested his views and recommendation. The Federal Register 17879), which provided an op- Comptroller offered no objection to approval of the portunity for interested persons to submit com- application. ments and views with respect to the proposed Statutory considerations. Section 3(c) of the Act Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 137 provides that the Board shall not approve an acqui- local banking groups; and one independent unit sition that would result in a monopoly or would be bank. in furtherance of any combination or conspiracy Despite the overlapping service areas of the proto monopolize or to attempt to monopolize the busi- posed subsidiaries and the fact that Applicant would ness of banking in any part of the United States. Nor become the largest participant in its market, conmay the Board approve a proposed acquisition, the summation of the proposal would not eliminate any effect of which, in any section of the country, may be existing competition. The four proposed subsidiaries substantially to lessen competition, or to tend to in operation are closely affiliated through common create a monopoly, or which in any other manner individual ownership and control, and Security would be in restraint of trade, unless the Board finds Bank is being organized by First National. As a that the anticompetitive effects of the proposed result, the banks do not compete with each other, transaction are clearly outweighed in the public in- as is evidenced by the facts that the banks freterest by the probable effect of the transaction in quently refer customers to one another to meet the meeting the convenience and needs of the commu- customer's needs, and in many instances, customers nities to be served. In each case, the Board is re- do various types of business with two or more banks quired to take into consideration the financial and in the group. Additionally, there is common advermanagerial resources and future prospects of the tising, pooling of account information, joint support bank holding company and the banks concerned, and of one trust department, and the servicing of each the convenience and needs of the communities to be of the banks by one internal audit staff. Moreover, served. employees of the affiliated banks share common Competitive effects of the proposed transaction. fringe benefit programs. The 10 largest banking organizations, on the basis Nor is consummation of the proposal likely to of deposits, in the State of Florida control about 42 foreclose potential competition. Controlling shareper cent of the deposits in the State.1 Upon consum- holders of First National sponsored the organizamation of the proposed transaction, Applicant, with tion of Plantation Bank in 1957, and Guaranty control of 1.8 per cent of the deposits in the State, Bank and Ocean Bank in 1963; and they are now would become the State's twelfth largest banking sponsoring the organization of Security Bank. organization and eleventh largest bank holding Shareholders owning more than 50 per cent of the company. voting shares of First National have owned 70 per The five banks that would comprise the holding cent or more of the voting shares of each of the company group are or will be located in close proxi- other operating proposed subsidiaries continuously mity, and there is considerable overlap of their ser- since the inception of each. It appears unlikely that vice areas. First National ($160 million deposits), the banks would, in the foreseeable future, become Guaranty Bank ($22 million deposits), and Ocean disaffiliated or for any other reason become more Bank ($9 million deposits) are all located in Fort meaningful competitors. Lauderdale. Plantation Bank ($32 million deposits) On the basis of the foregoing, the Board conis located in Plantation, a suburb west of Fort Lau- cludes that consummation of this proposal would derdale, and Security Bank, a proposed new bank, not result in a monopoly or be in furtherance of any will also be situated in Plantation. First National is combination, conspiracy, or attempt to monopolize within 6.5 miles of the sites of each of the other the business of banking in any part of the United proposed subsidiaries. States, and would not restrain trade, substantially Through acquisition of these banks, Applicant lessen competition, or tend to create a monopoly would become the largest banking organization in in any part of the country. the Fort Lauderdale area by virtue of its control of Financial and managerial resources and future about 35 per cent of market deposits. Other banks prospects. The financial condition of Applicant and and banking organizations in the market are Bro- its proposed subsidiaries is satisfactory, their manward Bancshares, with 28 per cent of market de- agements are considered competent, and their prosposits; subsidiaries of Pan American Bancshares pects are regarded as favorable. and Southeast Bancorporation, which together con- Considerations relating to the banking factors are trol about 10 per cent of market deposits; three consistent with approval of the application. Convenience and needs of the communities involved. It appears that the banking needs of the Fort 1 Banking data are as of June 30, 1970, adjusted to reflect Lauderdale and Plantation communities are being holding company formations and acquisitions approved by the Board to date. adequately served at the present time. The proposed Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

138 FEDERAL RESERVE BULLETIN • FEBRUARY 1971 subsidiaries are already cooperating with each other shares of the successor organization is treated as a to meet the needs of the communities; formation of proposed acquisition of the shares of Bank. the proposed bank holding company will facilitate As required by section 3(b) of the Act, the Board such efforts, and enable the participating banks to gave written notice of receipt of the application to provide more effective competition to other bank the Virginia Commissioner of Banking and to the holding company affiliates in the area. Comptroller of the Currency and requested their Considerations relating to the convenience and views and recommendations. The Commissioner needs of the communities involved are consistent and the Deputy Comptroller recommended apwith, and lend some weight in support of, approval proval of the application. of the application. Notice of receipt of the application was published Summary and conclusion. On the basis of all the in the Federal Register on November 19, 1970 relevant facts contained in the record, and in the (35 Federal Register 17808), providing an opporlight of the factors set forth in section 3(c) of the tunity for interested persons to submit comments Act, it is the Board's judgment that the proposed and views with respect to the proposal. A copy of transaction would be in the public interest and that the application was forwarded to the United States the application should be approved. Department of Justice for its consideration. Time for filing comments and views has expired and all SOUTHERN BANKSHARES, INC., those received have been considered by the Board. RICHMOND, VIRGINIA The Board has considered the application in the light of the factors set forth in section 3(c) of the In the matter of the application of Southern Act, including the effect of the proposed acquisition Bankshares, Inc., Richmond, Virginia, for approval on competition, the financial and managerial reof acquisition of voting shares of the successor by sources and future prospects of the Applicant and merger to Williamsburg National Bank, Williamsthe banks concerned, and the convenience and burg, Virginia. needs of the communities to be served. Upon such consideration, the Board finds that: ORDER APPROVING ACQUISITION OF BANK STOCK Applicant presently controls one banking subsi- BY BANK HOLDING COMPANY diary, acquired on April 30, 1970. This institution, There has come before the Board of Governors, Southern Bank and Trust Company ("Southern pursuant to section 3(a)(3) of the Bank Holding Bank"), is located in Richmond, Virginia, and is Company Act of 1956 (12 U.S.C. 1842(a)(3)), the State's eleventh largest banking organization, and section 222.3(a) of Federal Reserve Regulation controlling deposits of $94.6 million, representing Y (12 CFR 222.3(a)), the application of Southern 1.3 per cent of total commercial bank deposits in Bankshares, Inc., Richmond, Virginia ("Appli- the State. (All banking data are as of June 30, cant"), a one-bank holding company, for the 1970, adjusted to reflect holding company acquisi- Board's prior approval of the acquisition of 100 per tions approved by the Board to date.) cent of the voting shares (except directors' qualify- Southern Bank with control of 6.2 per cent of ing shares) of a new national bank into which total deposits in the Richmond market area, is the would be merged Williamsburg National Bank, fifth largest of 13 banks in that market. Upon Williamsburg, Virginia ("Bank"). [The application acquisition of Bank (deposits of $6.8 million), was filed as one to become a bank holding company Applicant would continue to rank eleventh among pursuant to section 3(a)(1) of the Bank Holding the State's largest banking organizations and would Company Act of 1956. Due to Applicant's owner- increase its control over total State deposits to 1.4 ship of 100 per cent of the voting shares of South- per cent. ern Bank and Trust Company, Richmond, Virginia, Bank operates one office in Williamsburg and is, and to the Bank Holding Company Act Amend- by a substantial margin, the smaller of the two ments of 1970 (Public Law 91-607, 84 Stat. 1760), banks operating in the Williamsburg banking mar- Applicant became a bank holding company by ket. Its competitor, a subsidiary of the State's largoperation of law on December 31, 1970, and the est banking organization, holds five times as many Board, therefore, treats the application as one by deposit dollars as Bank. such a company to acquire an additional bank.] Bank is located fifty-one miles from Southern The new bank has significance only as a means of Bank and there appears to be no existing competiacquiring all of the shares of the bank to be merged tion between the two. Further, in view of the disinto it. Accordingly, the proposed acquisition of the tance separating the two, the presence of two Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 139 intervening, sparsely settled counties, and the fact Company Act of 1956 (12 U.S.C. 1842(a)(3)) that Virginia law would preclude either bank from and section 222.3(a) of Federal Reserve Regulabranching de novo into the area served by the other, tion Y (12 CFR 222.3(a)), the application of there is little likelihood of such competition devel- First Holding Company, Inc., Waukesha, Wisconsin oping in the future. ("Applicant"), a registered bank holding company, Based upon the record, the Board concludes that for the Board's prior approval of the acquisition of consummation of the proposal would have no ad- 80 per cent or more of the voting shares of Elmverse effect on competition in any relevant area. Brook State Bank, Brookfield, Wisconsin ("Bank"). The banking factors as they relate to Applicant and As required by section 3(b) of the Act, the both its present and proposed subsidiary are satis- Board gave written notice of receipt of the applicafactory and consistent with approval of the applica- tion to the Wisconsin Commissioner of Banking and tion. Considerations relating to the convenience and requested his views and recommendation. The needs of the communities to be served lend some Commissioner responded that he offered no objecweight toward approval of the application; although tion to approval of the application. the banking needs of the Williamsburg area appear Notice of receipt of the application was published adequately served, affiliation with Applicant would in the Federal Register on November 20, 1970 enhance Bank's ability to participate in the expected (35 Federal Register 17879), providing an opporgrowth of the area by increasing Bank's lending tunity for interested persons to submit comments capabilities and enabling it to provide computer and and views with respect to the proposal. A copy of specialized financial and trust services. It is the the application was forwarded to the United States Board's judgment that consummation of the pro- Department of Justice for its consideration. The posed acquisition would be in the public interest time for filing comments and views has expired and and that the application should be approved. all those received have been considered by the IT IS HEREBY ORDERED, for the reasons set forth Board. in the findings summarized above, that said applica- The Board has considered the application in the tion be and hereby is approved, provided that the light of the factors set forth in section 3(c) of the action so approved shall not be consummated (a) Act, including the effect of the proposed acquisition before the thirtieth calendar day following the date on competition, the financial and managerial reof this Order or (b) later than three months after sources and future prospects of the Applicant and the date of this Order, unless such time be extended the banks concerned, and the convenience and for good cause by the Board, or by the Federal needs of the communities to be served. Upon such Reserve Bank of Richmond pursuant to delegated consideration, the Board finds that: authority. Applicant controls four banks with aggregate By order of the Board of Governors, January 22, deposits of $145 million, representing 1.7 per cent 1971. of total bank deposits in Wisconsin, and is the fifth Voting for this action: Chairman Burns, and Gover- largest banking organization in that State. (All nors Robertson, Mitchell, Daane, Maisel, and Brimmer. banking data are as of June 30, 1970, adjusted to Absent and not voting: Governor Sherrill. reflect bank holding company formations and ac- [SEAL] quisitions approved by the Board to date.) Appli- (Signed) KENNETH A. KENYON, cant's acquisition of Bank, with deposits of $6.4 Deputy Secretary. million, would not change this ranking or significantly increase its share of deposits in the State. FIRST HOLDING COMPANY, INC., Bank is one of the smaller banks in a market WAUKESHA, WISCONSIN which is approximated by Milwaukee County and In the matter of the application of First Holding the east-central portion of Waukesha County west Company, Inc., Waukesha, Wisconsin, for approval to and including the City of Waukesha. It has only of acquisition of 80 per cent or more of the voting 0.2 per cent of deposits in this market and its acshares of Elm-Brook State Bank, Brookfield, Wis- quisition by Applicant would increase the latter's consin. share of deposits in this market to only 4.7 per cent. Three large organizations control 65.3 per cent of ORDER APPROVING ACQUISITION OF BANK STOCK the deposits therein, and the addition of Bank to BY BANK HOLDING COMPANY Applicant's system would help Applicant compete There has come before the Board of Governors, with the three larger organizations. Though some pursuant to section 3(a)(3) of the Bank Holding actual competition between Applicant's subsidi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

140 FEDERAL RESERVE BULLETIN • FEBRUARY 1971 aries and Bank would be eliminated by consumma- Company Act of 1956 (12 U.S.C. 1842(a)(1)), tion of the acquisition, this is mitigated by the geo- and section 222.3(a) of Federal Reserve Regulagraphical closeness of several banking alternatives tion Y (12 CFR 222.3(a)), an application by Merto Bank. cantile Bancorporation, Inc., St. Louis, Missouri, Based upon the foregoing, the Board concludes for the Board's prior approval of action whereby that consummation of the proposed acquisition Applicant would become a bank holding company would not have a substantially adverse effect on through the merger of Mercantile Trust Company competition in any relevant area. The banking fac- National Association, St. Louis, Missouri, into a tors as they pertain to Applicant and its subsidiary nonoperating bank of which Applicant plans to own banks are consistent with approval of the applica- all but directors' qualifying shares and, as an incident tion and as they pertain to Bank lend support for to the merger, acquisition of indirect ownership of approval. Affiliation with Applicant would provide 100 per cent of the voting shares (less directors' Bank with greater depth in management and would qualifying shares) of Mercantile-Commerce Trust alleviate a management succession problem. Con- Company, St. Louis, Missouri; and through acquisisiderations relating to the convenience and needs of tion of 100 per cent of the voting shares (less directhe communities concerned also favor approval of tors' qualifying shares) of The Southern Missouri the application in that Applicant plans to add cer- Trust Company, Springfield, Missouri. tain new services at Bank, such as the elimination As required by section 3(b) of the Act, the of all service charges on demand deposit accounts. Board gave written notice of receipt of the applica- It is the Board's judgment that the proposed tran- tion to the Comptroller of the Currency and the saction would be in the public interest, and that the Commissioner of Finance of the State of Missouri, application should be approved. and requested their views and recommendations. IT IS HEREBY ORDERED, for the reasons set forth The Deputy Comptroller recommended approval of in the findings summarized above, that said applica- the application, and the Commissioner offered no tion be and hereby is approved, provided that the objection to approval. action so approved shall not be consummated (a) Notice of receipt of the application was pubbefore the thirtieth calendar day following the date lished in the Federal Register on November 7, 1970 of this Order or (b) later than three months after (35 Federal Register 17224), providing an opporthe date of this Order, unless such time be extended tunity for interested persons to submit comments for good cause by the Board, or by the Federal and views with respect to the proposed transaction. Reserve Bank of Chicago pursuant to delegated A copy of the application was forwarded to the authority. United States Department of Justice for its con- By order of the Board of Governors, January 22, sideration. Time for filing comments and views has 1971. expired and all those received have been considered by the Board. Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Daane, Maisel, and Brimmer. IT IS HEREBY ORDERED, for the reasons set forth Absent and not voting: Governor Sherrill. in the Board's Statement of this date, that said application be and hereby is approved, provided that [SEAL] the action so approved shall not be consummated (Signed) KENNETH A. KENYON, (a) before the thirtieth calendar day following the Deputy Secretary. date of this Order, or (b) later than three months after the date of this Order, unless such period is MERCANTILE BANCORPORATION, INC., extended for good cause by the Board, or by the ST. LOUIS, MISSOURI Federal Reserve Bank of St. Louis pursuant to In the matter of the application of Mercantile delegated authority. Bancorporation, Inc., of St. Louis, Missouri, for By order of the Board of Governors, January 28, approval of action to become a bank holding 1971. company. Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Daane, Maisel, and Brimmer. ORDER APPROVING ACTION TO BECOME Absent and not voting: Governor Sherrill. A BANK HOLDING COMPANY (Signed) KENNETH A. KENYON, There has come before the Board of Governors, Deputy Secretary. pursuant to section 3(a)(1) of the Bank Holding [SEAL] Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 141 STATEMENT public interest by the probable effect of the transaction in meeting the convenience and needs of the Mercantile Bancorporation, Inc., St. Louis, Mis- communities to be served. In each case, the Board souri ("Applicant"), has filed with the Board, pur- is required to take into consideration the financial suant to section 3(a)(1) of the Bank Holding Com- and managerial resources and future prospects of pany Act of 1956, an application for approval of the bank holding company and the banks conaction to become a registered bank holding com- cerned, and the convenience and needs of the pany through the merger of Mercantile Trust Com- communities to be served. pany National Association, St. Louis, Missouri Competitive effect of proposed transaction. The ("Mercantile N.A."), into a nonoperating bank of 10 largest banking organizations in Missouri on the which Applicant plans to own all but directors' basis of deposits, six of which are registered bank qualifying shares and, as an incident to the merger, holding companies, control 40.2 per cent of total acquisition of indirect ownership of 100 per cent commercial bank deposits in the State.1 Applicant's of the voting shares (less directors' qualifying proposed lead bank, Mercantile N.A. ($841 million shares) of Mercantile-Commerce Trust Company, deposits), is the State's largest banking organization St. Louis, Missouri ("Mercantile-Commerce"); and and controls 8.3 per cent of total commercial bank through acquisition of 100 per cent of the voting deposits in the State. Upon consummation of the shares (less directors' qualifying shares) of The proposal, Applicant would control 9.0 per cent of Southern Missouri Trust Company, Springfield, State-wide deposits, and would become the State's Missouri ("Southern"). The shares of Mercantile- largest bank holding company. Commerce Trust Company are owned by Mercan- Mercantile N.A., located in downtown St. Louis, tile Commerce Company, all the shares of which holds 19.7 per cent of commercial bank deposits are held by trustees for the benefit of the share- in the St. Louis-St. Louis County area, which apholders of Mercantile N.A.; as a result of the proximates that bank's relevant market area, and is merger, Applicant would succeed to the beneficial the largest of the seventy-two banks in the area. ownership of all the shares of Mercantile Commerce Each of the next three largest banks in that area is Company. After the aforementioned merger, Ap- affiliated with a St. Louis based holding company. plicant proposes to terminate the trust and become Mercantile-Commerce ($45.8 million deposits), the direct owner of Mercantile Commerce Com- located 2.3 miles from Mercantile N.A., is the 19th pany, and Mercantile-Commerce Trust Company largest commercial bank in the St. Louis-St. Louis would be a second-tier subsidiary of Applicant. County area and holds 1.07 per cent of the com- Views and recommendations of supervisory au- mercial bank deposits therein. By virtue of its thorities. As required by section 3(b) of the Act, ownership of Mercantile N.A. and Mercantilethe Board gave written notice of receipt of the ap- Commerce, Applicant would control 20.8 per cent plication to the Comptroller of the Currency and of the total commercial bank deposits in the area. the Commissioner of Finance of the State of Mis- Southern Bank ($26 million deposits) is located souri, and requested their views and recommenda- in Springfield, 220 miles southwest of Mercantile tions. The Deputy Comptroller recommended ap- N.A. Southern is the fourth largest of the 12 banks proval of the application, and the Commissioner in Greene County, the bank's relevant market, and offered no objection to approval. controls 10.3 per cent of aggregate commercial Statutory considerations. Section 3(c) of the Act bank deposits. Consummation of the proposal would eliminate provides that the Board shall not approve an acquino existing competition between Southern and the sition that would result in a monopoly or would be two St. Louis based banks. In the light of the distance in furtherance of any combination or conspiracy between St. Louis and Springfield and Missouri's to monopolize or to attempt to monopolize the busirestrictive branching law, it appears unlikely that ness of banking in any part of the United States. any significant future competition would develop. Nor may the Board approve a proposed acquisition, Although Mercantile N.A. and Mercantile-Comthe effect of which, in any section of the country, merce are located in the same market, the two banks may be substantially to lessen competition, or to tend to create a monopoly, or which in any other manner would be in restraint of trade, unless the Board finds that the anticompetitive effects of the 1 All banking data are as of June 30, 1970, and reflect holding company formations and acquisitions approved by proposed transaction are clearly outweighed in the the Board to date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

142 FEDERAL RESERVE BULLETIN • FEBRUARY 1971 do not compete with each other, primarily because C. B. INVESTMENT CORPORATION, of a relationship between the two banks based upon HOUSTON, TEXAS common ownership and management that has In the matter of the application of C. B. Investexisted for over 40 years. The legality of the relament Corporation, Houston, Texas, for approval of tionship was questioned in the Missouri courts some acquisition of 100 per cent of the voting shares (less years ago, but the relationship was not held to be directors' qualifying shares) of the successor by illegal. There appears little likelihood of disaffiliation merger to First City National Bank of Houston, in the foreseeable future and, without approving Houston, Texas. or condoning the origin or existence of said relationship, the Board believes that the status of that relationship is not of itself ground for denying the ORDER APPROVING ACQUISITION OF BANK STOCK application. BY BANK HOLDING COMPANY On the basis of the foregoing, the Board con- There has come before the Board of Governors, cludes that consummation of the proposal would pursuant to section 3(a)(3) of the Bank Holding not result in a monopoly or be in furtherance of any Company Act of 1956 (12 U.S.C. 1842(a)(3)) and combination, conspiracy, or attempt to monopolize section 222.3(a) of Federal Reserve Regulation Y the business of banking in any part of the United (12 CFR 222.3(a)), the application of C. B. In- States, and would not restrain trade, substantially vestment Corporation, Houston, Texas ("Applilessen competition, or tend to create a monopoly cant"), a registered bank holding company, for the in any part of the country. Board's prior approval of the acquisition of 100 Financial and managerial resources and future per cent of the voting shares (less directors' qualifyprospects. Applicant would begin operations in a ing shares) of the successor by merger to First City satisfactory financial condition. Its management is National Bank of Houston, Houston, Texas considered competent, and its prospects, which are ("Bank"). The successor bank only has significance dependent upon those of its proposed subsidiaries, as a means to facilitate the acquisition of all the appear to be favorable. voting shares of Bank, and the proposed acquisition The financial condition and the management of of shares of the successor bank is treated as the each of the proposed subsidiaries is regarded as proposed acquisition of shares of Bank. satisfactory and the prospects of each appear favor- As required by section 3(b) of the Act, the able. Board gave written notice of receipt of the applica- The banking factors, as they relate to Applicant tion to the Comptroller of the Currency, and reand its proposed subsidiaries, are consistent with quested his views and recommendation. The Compapproval. troller responded that he had no objection to approval of the application. Convenience and needs of the communities in- Notice of receipt of the application was published volved. The major banking needs of the St. Louis in the Federal Register on December 1, 1970 (35 area appear to be adequately served by present Federal Register 18304), providing an opportunity banking facilities and would not be materially affor interested persons to submit comments and fected by consummation of Applicant's proposal. views with respect to the proposal. A copy of the The major banking needs of the Springfield area application was forwarded to the United States also appear to be adequately served at the present Department of Justice for its consideration. Time time. However, affiliation with Applicant should for filing comments and views has expired and all enable Southern to become a stronger competitor those received have been considered by the Board. in its market. The Board has considered the application in the Considerations relating to the convenience and light of the factors set forth in section 3(c) of the needs of the areas involved are consistent with ap- Act, including the effect of the proposed acquisition proval of the application. on competition, the financial and managerial re- Summary and conclusion. On the basis of all sources and future prospects of the Applicant and relevant facts contained in the record, and in the the banks concerned, and the convenience and light of the factors set forth in section 3(c) of the needs of the communities to be served. Upon such Act, it is the Board's judgment that the proposed consideration, the Board finds that: transaction would be in the public interest and that Applicant, with control of four banks in the the application should be approved. suburban Houston area with deposits of $48 million Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 143 representing .2 per cent of the bank deposits in Voting for this action: Chairman Burns and Governors Daane, Maisel, Brimmer, and Sherrill. Absent and Texas, is the smallest registered bank holding comnot voting: Governors Robertson and Mitchell. pany in the State and is not among the ten largest [SEAL] banking organizations. (Banking data are as of (Signed) KENNETH A. KENYON, June 30, 1970, and represent holding company Deputy Secretary. formations and acquisitions approved to date.) Additionally, Applicant owns less than 5 per cent of MISSOURI BANCSHARES, the stock of 12 banks, and between 5 per cent and INCORPORATED, 25 per cent of the shares of four banks in that area. KANSAS CITY, MISSOURI Although Applicant presently owns less than 1 per cent of the shares of Bank (deposits of $930 mil- In the matter of the application of Missouri lion), the largest of 127 banks in Houston, a close Bancshares, Incorporated, Kansas City, Missouri, relationship has existed between the two since Ap- for approval of acquisition of 80 per cent or more plicant's formation. Applicant was organized by of the voting shares of First Security Bank in Kirkshareholders of Bank in 1950 to hold shares of wood, Kirkwood, Missouri. suburban Houston banks, and it has been staffed by Bank-related personnel since that time. At the ORDER APPROVING ACQUISITION OF BANK STOCK present time, persons owning 24 per cent of Bank's BY BANK HOLDING COMPANY shares control 100 per cent of Applicant's stock. An additional indication of the close relationship exist- There has come before the Board of Governors, ing between Applicant and Bank is the fact that pursuant to section 3(a)(3) of the Bank Holding four of the banks in which Applicant has an owner- Company Act of 1956 (12 U.S.C. 1842(a)(3)), ship interest of 5 per cent or more are majority and section 222.3(a) of Federal Reserve Regulacontrolled by stockholders who own more than 50 tion Y (12 CFR 222.3(a)), the application of per cent of the stock of the Bank. The present pro- Missouri Bancshares, Incorporated, Kansas City, posal would result in a strengthening of the existing Missouri ("Applicant"), a registered bank holding relationship, but would appear to have no significant company, for the Board's prior approval of the effect on existing or potential competition. On con- acquisition of 80 per cent or more of the voting summation of the acquisition, Applicant, rather shares of First Security Bank in Kirkwood, Kirkthan Bank, would be the third largest banking or- wood, Missouri ("Bank"). ganization in Texas and would control 4.3 per cent As required by section 3(b) of the Act, the of deposits in the State. Board gave written notice of receipt of the applica- Based upon the foregoing, the Board concludes tion to the Missouri Commissioner of Finance and that consummation of the proposal would not have requested his views and recommendation. The Coman adverse effect on competition in any relevant missioner stated he did not object to approval of the area. The banking factors are regarded as consistent application. with approval. Considerations relating to the con- Notice of receipt of the application was published venience and needs of the communities to be served in the Federal Register on December 12, 1970 (35 are also consistent with approval of the application. Federal Register 18934), providing an opportunity It is the Board's judgment that the proposed tran- for interested persons to submit comments and saction would be in the public interest, and that the views with respect to the proposal. A copy of the application should be approved. application was forwarded to the United States IT IS HEREBY ORDERED, for the reasons set forth Department of Justice for its consideration. Time in the findings summarized above, that said applica- for filing comments and views has expired and all tion be and hereby is approved, provided that the those received have been considered by the Board. action so approved shall not be consummated (a) The Board has considered the application in the before the thirtieth calendar day following the date light of the factors set forth in section 3(c) of the of this Order or (b) later than three months after Act, including the effect of the proposed acquisition the date of this Order, unless such time be extended on competition, the financial and managerial refor good cause by the Board, or by the Federal sources and future prospects of the Applicant and Reserve Bank of Dallas pursuant to delegated the banks concerned, and the convenience and authority. needs of the communities to be served. Upon such By order of the Board of Governors, January 28, consideration, the Board finds that: 1971. Applicant controls five banks with deposits of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

144 FEDERAL RESERVE BULLETIN • FEBRUARY 1971 $361 million representing approximately 3V2 percent BARNETT BANKS OF FLORIDA, INC., of the commercial bank deposits in Missouri. It is JACKSONVILLE, FLORIDA the fourth largest holding company and fifth largest In the matter of the application of Barnett Banks banking organization in the State. (All banking data of Florida, Inc., Jacksonville, Florida, for approval are as of June 30, 1970, and reflect holding comof acquisition of 80 per cent or more of the voting pany acquisitions approved by the Board through shares of International Bank of Tampa, Tampa, December 31, 1970). Bank (deposits of $21 mil- Florida. lion) is located 15 miles southwest of downtown St. Louis. The proposal represents Applicant's first en- ORDER APPROVING ACQUISITION OF BANK STOCK try into the St. Louis area, and Applicant's nearest BY BANK HOLDING COMPANY subsidiary to Bank is located 135 miles west of Kirkwood in Boonville. No significant competition be- There has come before the Board of Governors, tween Bank and Applicant's subsidiaries exists, and, pursuant to section 3(a)(3) of the Bank Holding because of distances and restrictive State branching Company Act of 1956 (12 U.S.C. 1842(a)(3)) laws, such competition is unlikely to develop. Bank and section 222.3(a) of Federal Reserve Regulais the smaller of two banks in Kirkwood, and the tion Y (12 CFR 222.3(a)), the application of third largest of seven banks serving the city and Barnett Banks of Florida, Inc., Jacksonville, environs with 19 per cent of that area's deposits. Florida ("Applicant"), a registered bank holding The largest bank, which controls 26 per cent of company, for the Board's prior approval of the area deposits, is owned by the individual who con- acquisition of 80 per cent or more of the voting trols Bank. Acquisition by Applicant of Bank would shares of International Bank of Tampa, Tampa, terminate the affiliation and would result in an Florida ("Bank"). additional banking alternative for area residents. As required by section 3(b) of the Act, the Board gave written notice of receipt of the applica- Based upon the foregoing, the Board concluded tion to the Florida Commissioner of Banking and that consummation of the proposed acquisition requested his views and recommendation. The would not have a substantially adverse effect on Commissioner recommended approval of the apcompetition in any area, and could stimulate complication. petition in the Kirkwood area. The banking factors are consistent with approval of the application. The Notice of receipt of the application was pubbanking needs of Bank's customers are being ade- lished in the Federal Register on December 16, quately served, although consummation of the ac- 1970 (35 Federal Register 19036), providing an quisition would provide an additional alternative for opportunity for interested persons to submit comsuch services as trust services. It is the Board's ments and views with respect to the proposal. A judgment that the proposed transaction would be in copy of the application was forwarded to the United the public interest, and the application should be States Department of Justice for its consideration. approved. Time for filing comments and views has expired and IT IS HEREBY ORDERED, for the reasons set forth all those received have been considered by the in the findings summarized above, that said applica- Board. tion be and hereby is approved, provided that the The Board has considered the application in the action so approved shall not be consummated (a) light of the factors set forth in section 3(c) of the before the thirtieth calendar day following the date Act, including the effect of the proposed acquisition of this Order or (b) later than three months after on competition, the financial and managerial rethe date of this Order, unless such time be extended sources and future prospects of the Applicant and for good cause by the Board, or by the Federal the banks concerned, and the convenience and Reserve Bank of Kansas City pursuant to delegated needs of the communities to be served. Upon such authority. consideration, the Board finds that: By order of the Board of Governors, January 28, Applicant is the third largest banking organization 1971. in Florida controlling 24 banks with $626 million in deposits, representing 5.1 per cent of the deposits Voting for this action: Chairman Burns and Governors Daane, Maisel, Brimmer, and Sherrill. Absent and held by all banking organizations in the State. (All not voting: Governors Robertson and Mitchell. banking data are as of June 30, 1970, adjusted to [SEAL] reflect holding company formations and acquisitions (Signed) KENNETH A. KENYON, approved by the Board through December 31, Deputy Secretary. 1970.) Applicant's acquisition of Bank (deposits Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 145 of $13 million) would increase its share of deposits TENNESSEE NATIONAL in the State by only one tenth of 1 per cent. Bank BANCSHARES, INC. is one of the smaller banks in Tampa, and is the MARYVILLE, TENNESSEE sixteenth largest of 23 commercial banks serving Hillsborough County (other than Plant City), In the matter of the application of Tennessee Naholding only 1.6 per cent of the deposits in that tional Bancshares, Inc., Maryville, Tennessee, for area. approval of action to become a bank holding com- Applicant's two closest subsidiaries to Bank are pany through the acquisition of 80 per cent or more located 23 miles from Bank in Pinellas County, of the voting shares of The Blount National Bank of across Tampa Bay. Because of the location of the Maryville, Maryville, Tennessee, and more than 50 three banks there is little meaningful competition per cent of the voting shares of Merchants & Farmbetween these two subsidiaries and Bank and little ers Bank, Greenback, Tennessee. possibility that more competition will develop in the future. Through affiliation with Applicant, ORDER APPROVING ACTION TO BECOME Bank would be in a stronger position to compete A BANK HOLDING COMPANY with its much larger competitors in Hillsborough There has come before the Board of Governors, County, two of which each have deposits in excess pursuant to section 3(a)(1) of the Bank Holding of $190 million. Because of this factor, the acquisi- Company Act of 1956 (12 U.S.C. 1842(a)(1)) and tion of Bank is likely to have a pro-competitive section 222.3(a) of Federal Reserve Regulation Y effect in the Hillsborough County area. (12 CFR 222.3a)), an application by Tennessee Based upon the foregoing, the Board concludes National Bancshares, Inc., Maryville, Tennessee, that consummation of the proposed acquisition for the Board's prior approval of action whereby would not have an adverse effect on competition in Applicant would become a bank holding company any relevant area. The banking factors as they through the acquisition of 80 per cent or more pertain to Applicant and its subsidiary banks are of the voting shares of The Blount National Bank consistent with approval of the application, and as of Maryville, Maryville, Tennessee, and more they pertain to Bank lend support for approval. than 50 per cent of the voting shares of Merchants Applicant plans to provide Bank with additional & Farmers Bank, Greenback, Tennessee. capital and with stronger management. Considera- This application represents an amended version tions relating to the convenience and needs of of an earlier application, approved by the Board banking customers in Hillsborough County are conof Governors on March 19, 1970, whereby Tensistent with approval of the application. It is the nessee National Bancshares, Inc. sought approval to Board's judgment that the proposed transaction become a bank holding company through the acquiwould be in the public interest and should be sition of the aforedescribed voting shares and in adapproved. dition 80 per cent or more of the voting shares of IT IS HEREBY ORDERED, for the reasons set forth The First National Bank of Oneida, Oneida, Tenin the findings summarized above, that said applicanessee. tion be and hereby is approved, provided that the As required by section 3(b) of the Act, the action so approved shall not be consummated (a) Board gave written notice of receipt of the amendbefore the thirtieth calendar day following the date ment of the application to the Comptroller of the of this Order or (b) later than three months after Currency and the Tennessee Superintendent of the date of this Order, unless such time be extended Banks, and requested their views and recommendafor good cause by the Board, or by the Federal tions. The Comptroller recommended, and the Reserve Bank of Atlanta pursuant to delegated Superintendent offered no objection to, approval authority. of the application. By order of the Board of Governors, January 28, The Board's Order approving Applicant's original 1971. •proposal was published in the Federal Register on Voting for this action: Chairman Burns and Gover- March 26, 1970 (35 F.R. 5137). Notice of receipt nors Daane, Maisel, Brimmer, and Sherrill. Absent and of the amendment of the application was published not voting: Governors Robertson and Mitchell. in the Federal Register on January 7,1971 (36 F.R. (Signed) KENNETH A. KENYON, 236), providing an opportunity for interested per- Deputy Secretary. sons to submit comments and views with respect to [SEAL] the proposed transaction. Written advice of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

146 FEDERAL RESERVE BULLETIN • FEBRUARY 1971 amendment of the application was sent to the United and Trust Company of Poplar Bluff, Poplar Bluff, States Department of Justice for its consideration. Missouri ("Bank"). The time for filing comments and views has expired As required by section 3(b) of the Act, the and all those received have been considered by the Board gave written notice of receipt of the appli- Board. cation to the Commissioner of Finance of the State Upon consideration of the amended proposal, the of Missouri and requested his views and recom- Board finds that the amended application involves mendation. His office indicated that this acquisition no significant changes, except for exclusion of all was a progressive step for banking in Missouri. reference to The First National Bank of Oneida, Notice of receipt of the application was published Oneida, Tennessee, that would alter the conclusion in the Federal Register on December 19, 1970 (35 reached by the Board in its Order and Statement of Federal Register 19291), providing an opportunity March 19, 1970, approving Applicant's original for interested persons to submit comments and proposal. views with respect to the proposed transaction. A IT IS HEREBY ORDERED, for the reasons set forth copy of the application was forwarded to the United above and in the Board's Statement of March 19, States Department of Justice for its consideration. 1970 with respect to Applicant's original proposal, The time for filing comments and views has expired that the application be and hereby is approved, pro- and all those received have been considered by the vided that the action so approved shall not be con- Board. summated (a) before the thirtieth calendar day The Board has considered the application in the following the date of this Order or (b) later than light of the factors set forth in section 3(c) of the three months after the date of this Order, unless such Act, including the effect of the proposed acquisition time be extended for good cause by the Board, or by on competition, the financial and managerial rethe Federal Reserve Bank of Atlanta pursuant to sources of the Applicant and the banks concerned, delegated authority. and the convenience and needs of the communities By order of the Board of Governors, February 4, to be served. Upon such consideration, the Board 1971. finds that: Voting for this action: Vice Chairman Robertson Applicant, the second largest bank holding comand Governors Mitchell, Daane, Brimmer, and Sherpany and second largest banking organization in rill. Absent and not voting: Chairman Burns and Governor Maisel. Missouri, has 16 subsidiary banks with aggregate (Signed) KENNETH A. KENYON, deposits of $776 million, representing 7.6 per cent Deputy Secretary. of the total commercial bank deposits in the State. (All banking data are as of June 30, 1970, adjusted [SEAL] to reflect bank holding company formations and ac- COMMERCE BANCSHARES, INC, quisitions approved by the Board to date.) Upon KANSAS CITY, MISSOURI consummation of the proposal herein, Applicant would control 7.8 per cent of deposits in the State, In the matter of the application of Commerce and its position relative to the State's other banking Bancshares, Inc., Kansas City, Missouri, for approvorganizations would remain unchanged. al of acquisition of more than 80 per cent of the Bank ($15.6 million deposits) is the largest of voting shares of State Bank and Trust Company of four banks in Butler County, which approximates Poplar Bluff, Poplar Bluff, Missouri. the relevant market, and holds 37.3 per cent of the aggregate commercial bank deposits therein. Bank ORDER APPROVING ACQUISITION OF BANK STOCK does not occupy a dominant position in the market: BY BANK HOLDING COMPANY the second largest bank holds $15.2 million in de- There has come before the Board of Governors, posits and is a strong competitor in the market; the pursuant to section 3(a)(3) of the Bank Holding third largest bank (deposits $8.3 million) was char- Company Act of 1956 (12 U.S.C. 1842(a)(3)) and tered in 1964 and has experienced satisfactory section 222.3(a) of Federal Reserve Regulation Y growth in the face of competition from the larger (12 CFR 222.3(a)), an application by Commerce banks. Applicant's closest subsidiary is located 95 Bancshares, Inc., Kansas City, Missouri ("Appli- miles north of Bank, and neither it nor any other cant"), a registered bank holding company, for the of Applicant's present subsidiaries compete with Board's prior approval of the acquisition of more Bank to a significant extent. Consummation of the than 80 per cent of the voting shares of State Bank proposal herein would not eliminate significant po- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 147 tential competition. Applicant's entry into the Butler posed transaction would be in the public interest, County market de novo or by acquisition of one of and that the application should be approved. the other banks in the area appears unlikely. Butler IT IS HEREBY ORDERED, for the reasons set forth County's low population to bank ratio mitigates above, that said application be and hereby is apagainst de novo entry and the other Poplar Bluff proved, provided that the acquisition so approved banks have rejected holding company affiliation. shall not be consummated (a) before the thirtieth Based upon the foregoing, the Board concludes calendar day following the date of this Order or (b) that consummation of the proposed acquisition later than three months after the date of this Order, would not have an adverse effect on competition in unless such period is extended for good cause by any relevant area. Considerations relating to finan- the Board, or by the Federal Reserve Bank of Kancial and managerial resources and prospects, as they sas City pursuant to delegated authority. relate to Applicant, its subsidiaries and Bank, are By order of the Board of Governors, February 4, regarded as consistent with approval of the applica- 1971. tion. Affiliation with Applicant would increase Voting for this action: Vice Chairman Robertson, Bank's effective lending capacity, and would enable and Governors Mitchell, Daane, Brimmer, and Sherrill. Absent and not voting: Chairman Burns and Gov- Applicant to broaden Bank's lending policies. In ernor Maisel. light of the industrial growth taking place in Bank's (Signed) KENNETH A. KENYON, area, these considerations lend weight in support of Deputy Secretary. approval. It is the Board's judgment that the pro- [SEAL] Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Directors of Federal Reserve Banks and Branches Following is a list of the directorates of the Federal Reserve Banks and Branches as at present constituted. The list shows, in addition to the name of each director, his principal business affiliation, the class of directorship, and the date when his term expires. Each Federal Reserve Bank has nine directors; three Class A and three Class B directors, who are elected by the stockholding member banks, and three Class C directors, who are appointed by the Board of Governors of the Federal Reserve System. Class A directors are representative of the stockholding member banks. Class B directors must be actively engaged in their district in commerce, agriculture, or some industrial pursuit, and may not be officers, directors, or employees of any bank. For the purpose of electing Class A and Class B directors, the member banks of each Federal Reserve district are classified by the Board of Governors of the Federal Reserve System into three groups, each of which consists of banks of similar capitalization, and each group elects one Class A and one Class B director. Class C directors may not be officers, directors, employees, or stockholders of any bank. One Class C director is designated by the Board of Governors as Chairman of the Board of Directors and Federal Reserve Agent and another as Deputy Chairman. Federal Reserve Branches have either five or seven directors, of whom a majority are appointed by the Board of Directors of the parent Federal Reserve Bank and the others are appointed by the Board of Governors of the Federal Reserve System. One of the directors appointed by the Board of Governors at each Branch is designated annually as Chairman of the Board in such manner as the Federal Reserve Bank may prescribe. District 1—FEDERAL RESERVE BANK OF BOSTON Term Expires Class A: Dec. 31 JOHN SIMMEN Chairman of the Board, Chief Executive Officer, Industrial National Bank of Rhode Island, Providence, R.I. 1971 (Vacancy) 1972 RALPH A. MCININCH President, Merchants National Bank of Manchester, N.H. 1973 Class B: W. GORDON ROBERTSON General Trustee, Bangor Punta Corporation, Bangor, Maine 1971 F. RAY KEYSER, JR. Vice President, Vermont Marble Company, Proctor, Vt. 1972 G. WILLIAM MILLER President, Chief Executive Officer, Textron, Providence, R.I. 1973 Class C: JAMES S. DUESENBERRY1 Professor of Economics, Harvard University, Cambridge, Mass. 1971 LOUIS W. CABOT2 Chairman of the Board, Cabot Corporation, Boston, Mass. 1972 JOHN M. FOX President, United Fruit Company, Boston, Mass. 1973 L Chairman 2 Deputy Chairman Digitized for FRASER 149 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

150 FEDERAL RESERVE BULLETIN • FEBRUARY 1971 District 2—FEDERAL RESERVE BANK OF NEW YORK Term Expires Class A: Dec. 31 President, Chief Executive Officer, Tompkins County Trust Com- C. E. TREMAN, JR. pany, Ithaca, N.Y. 1971 President, The Canandaigua National Bank and Trust Company, ARTHUR S. HAMLIN Canandaigua, N.Y. 1972 Chairman, Chemical Bank, New York, N.Y. 1973 WILLIAM S. RENCHARD Class B: MILTON C. MUMFORD Chairman of the Board, Lever Brothers Company, New York, N.Y. 1971 MAURICE R. FORM AN Chairman of the Board, B. Forman Co., Rochester, N.Y. 1972 WILLIAM D. EBERLE President, Chief Executive Officer, American-Standard Inc., New York, N.Y. 1973 Class C: ROSWELL L. GILPATRIC2 Partner, Cravath, Swaine & Moore, New York, N.Y. 1971 ALBERT L. NICKERSON 1 New York, N.Y. 1972 WHITNEY M. YOUNG, JR. Executive Director, National Urban League, New York, N.Y. 1973 BUFFALO BRANCH Appointed by Federal Reserve Bank: JAMES I. WYCKOFF Chairman of the Board, The National Bank of Geneva, N.Y. 1971 DAVID J. LAUB Chairman of the Board, Marine Midland Bank-Western, Buffalo, N.Y. 1972 WILLIAM B. ANDERSON President, The First National Bank of Jamestown, N.Y. 1973 ANGELO A. COSTANZA President, Chief Executive Officer, Central Trust Company Rochester, N.Y. 1973 Appointed by Board of Governors. NORMAN F. BEACH1 Vice President, Eastman Kodak Company, Rochester, N.Y. 1971 MORTON ADAMS General Manager, Pro-Fac Cooperative Inc., Rochester, N.Y. 1972 RUPERT WARREN President, Trico Products Corporation, Buffalo, N.Y. 1973 District 3—FEDERAL RESERVE BANK OF PHILADELPHIA Class A: HAROLD F. STILL, JR. President, Central Penn National Bank, Philadelphia, Pa. 1971 WILLIAM R. COSBY Chairman of the Board, Princeton Bank and Trust Company, Princeton, N.J. 1972 RICHARD A. HERBSTER President, Lewistown Trust Company, Lewistown, Pa. 1973 1 Chairman 2 Deputy Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS RESERVE BANKS AND BRANCHES 151 District 3—FEDERAL RESERVE BANK OF PHILADELPHIA—Continued Term Expires Class B: Dec. 31 (Vacancy) 1971 EDWARD J. DWYER President, ESB Incorporated, Philadelphia, Pa. 1972 PHILIP H. GLATFELTER, III Chairman of the Board, President, P. H. Glatfelter Co., Spring Grove, Pa. 1973 Class C: D. ROBERT YARNALL, JR. 2 President, Yarway Corporation, Blue Bell, Pa. 1971 BAYARD L. ENGLAND1 Chairman of the Board, Atlantic City Electric Company, Atlantic City, N.J. 1972 JOHN R. COLEMAN President, Haverford College, Haverford, Pa. 1973 District 4—FEDERAL RESERVE BANK OF CLEVELAND Class A : GEORGE F. KARCH Chairman of the Board, Chief Executive Officer, The Cleveland Trust Company, Cleveland, Ohio 1971 DAVID L. BRUMBACK, JR. President, Van Wert National Bank, Van Wert, Ohio 1972 EDWARD W. BARKER President, First National Bank of Middletown, Ohio 1973 Class B: J. WILLIAM HENDERSON, JR. Henderson & Associates, Columbus, Ohio 1971 R. STANLEY LAING President, The National Cash Register Company, Dayton, Ohio 1972 JOHN L. GUSHMAN President, Chief Executive Officer, Anchor Hocking Corporation, Lancaster, Ohio 1973 Class C.- HORACE A. SHEPARD Chairman of the Board, Chief Executive Officer, TRW Inc., Cleveland, Ohio 1971 ALBERT G. CLAY1 President, Clay Tobacco Company, Mt. Sterling, Ky. 1972 J. WARD KEENER2 Chairman of the Board, Chief Executive Officer, The B. F. Goodrich Company, Akron, Ohio 1973 CINCINNATI BRANCH Appointed by Federal Reserve Bank: ROBERT B. JOHNSON President, Pikeville National Bank & Trust Company, Pikeville, Ky. 1971 PAUL W. CHRISTENSEN, JR. President, The Cincinnati Gear Company, Cincinnati, Ohio 1972 ROBERT E. HALL President, The First National Bank and Trust Company, Troy, Ohio 1972 WILLIAM S. ROWE President, The Fifth Third Bank, Cincinnati, Ohio 1973 L Chairman 2 Deputy Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

152 FEDERAL RESERVE BULLETIN • FEBRUARY 1971 District 4—FEDERAL RESERVE BANK OF CLEVELAND—Continued CINCINNATI BRANCH—Continued Term Expires Appointed by Board of Governors: Dec. 31 GRAHAM E. MARX1 President, General Manager, The G. A. Gray Company, Cincinnati, Ohio 1971 PHILLIP R. SHRIVER President, Miami University, Oxford, Ohio 1972 CLAIR F. VOUGH Vice President, IBM Corporation, Lexington, Ky. 1973 PITTSBURGH BRANCH Appointed by Federal Reserve Bank: CHARLES H. BRACKEN President, Chief Executive Officer, Marine National Bank, Erie, Pa. 1971 ROBINSON F. BARKER Chairman, Chief Executive Officer, PPG Industries, Pittsburgh, Pa. 1972 J. W. BINGHAM President, The Merchants and Manufacturers National Bank of Sharon, Pa. 1972 MERLE E.'GILLIAND President, Chief Executive Officer, Pittsburgh National Bank, Pittsburgh, Pa. 1973 Appointed by Board of Governors : RICHARD M. CYERT Dean, Graduate School of Industrial Administration, Carnegie- Mellon University, Pittsburgh, Pa. 1971 LAWRENCE E. WALKLEY1 President, Chief Executive Officer, Westinghouse Air Brake Company, Pittsburgh, Pa. 1972 ROBERT E. KIRBY President, Industry and Defense Products, Westinghouse Electric Corporation, Pittsburgh, Pa. 1973 District 5—FEDERAL RESERVE BANK OF RICHMOND Class A : DOUGLAS D. MONROE, JR. President, Chesapeake National Bank, Kilmarnock, Va. 1971 HUGH A. CURRY President, The Kanawha Valley Bank, Charleston, W. Va. 1972 THOMAS P. MCLACHLEN President, McLachlen National Bank, Washington, D.C. 1973 Class B : CHARLES D. LYON Hagerstown, Md. 1971 ROBERT S. SMALL President, Dan River Mills Incorporated, Greenville, S.C. 1972 H. DAIL HOLDERNESS President, Carolina Telephone and Telegraph Company, Tarboro, N.C. 1973 Class C.- WILSON H. ELKINS1 President, University of Maryland, College Park, Md. 1971 ROBERT W. LAWSON, JR. Managing Partner of Charleston Office, Steptoe & Johnson, Charleston, W. Va. 1972 STUART SHUMATE President, Richmond, Fredericksburg and Potomac Railroad Company, Richmond, Va. 1973 1 Chairman 2 Deputy Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS RESERVE BANKS AND BRANCHES 153 District 5—FEDERAL RESERVE BANK OF RICHMOND—Continued BALTIMORE BRANCH Term Expires A ppointed by Federal Reserve Bank: Dec. 31 TILTON H. DOBBIN President, Chairman of the Executive Committee, Maryland National Bank, Baltimore, Md. 1971 J. R. CHAFFINCH, JR. Executive Vice President, The Denton National Bank, Denton, Md. 1972 JAMES J. ROBINSON Executive Vice President, Bank of Ripley, W. Va. 1973 J. STEVENSON PECK President, Union Trust Company of Maryland, Baltimore, Md. 1973 Appointed by Board of Governors: JAMES M. JARVIS Chairman of the Board, Jarvis, Downing & Emch, Inc., Clarksburg, W. Va. 1971 ARNOLD J. KLEFF, JR.1 Manager, Baltimore Refinery, American Smelting and Refining Company, Baltimore, Md. 1972 JOHN H. FETTING, JR. President, A. H. Fetting Company, Baltimore, Md. 1973 CHARLOTTE BRANCH Appointed by Federal Reserve Bank : L. D. COLTRANE, III President, The Concord National Bank, Concord, N.C. 1971 J. WILLIS CANTEY President, The Citizens and Southern National Bank of South Carolina, Columbia, S.C. 1972 C. C. CAMERON Chairman of the Board, President, First Union National Bank of North Carolina, Charlotte, N.C. 1973 H. PHELPS BROOKS, JR. President, The Peoples National Bank, Chester, S.C. 1973 Appointed by Board of Governors : JOHN L. FRALEY 1 President, Carolina Freight Carriers Corporation, Cherryville, N.C. 1971 E. CRAIG WALL, SR. Chairman of the Board, Canal Industries, Inc., Conway, S.C. 1972 CHARLES W. DEBELL General Manager, North Carolina Works, Western Electric Company, Inc., Winston-Salem, N.C. 1973 District 6—FEDERAL RESERVE BANK OF ATLANTA Class A : JOHN W. GAY President, The First National Bank of Scottsboro, Ala. 1971 WILLIAM B. MILLS President, The Florida National Bank, Jacksonville, Fla. 1972 A. L. ELLIS Chairman of the Board, First National Bank, Tarpon Springs, Fla. 1973 1 Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

154 FEDERAL RESERVE BULLETIN • FEBRUARY 1971 District 6—FEDERAL RESERVE BANK OF ATLANTA—Continued Term Expires Class B.- Dec. 31 Owen COOPER President, Mississippi Chemical Corporation and Coastal Chemical Corporation, Yazoo City, Miss. 1971 PHILIP J. LEE Vice President, Tropicana Products, Inc., Tampa, Fla. 1972 HOSKINS A. SHADOW President, Tennessee Valley Nursery, Inc., Winchester, Tenn. 1973 Class C : EDWIN I. HATCH1 President, Georgia Power Company, Atlanta, Ga. 1971 F. EVANS FARWELL President, Milliken and Farwell, Inc., New Orleans, La. 1972 JOHN C. WILSON 2 President, Horne-Wilson, Inc., Atlanta, Ga. 1973 BIRMINGHAM BRANCH Appointed by Federal Reserve Bank: K. M. VARNER, JR. President, The First National Bank of Auburn, Ala. 1971 HARVEY TERRELL Chairman of the Board, The First National Bank of Birmingham, Ala. 1972 WALLACE D. MALONE, JR. President, Chairman of the Board, The First National Bank of Dothan, Ala. 1973 C. LOGAN TAYLOR Chairman of the Board, The First State Bank of Oxford, Ala. 1973 Appointed by Board of Governors : W. CECIL BAUER1 President, South Central Bell Telephone Company, Birmingham, Ala. 1971 E. STANLEY ROBBINS President, National Floor Products Company, Inc., Florence, Ala. 1972 DAVID MATHEWS President, University of Alabama, University, Ala. 1973 JACKSONVILLE BRANCH Appointed by Federal Reserve Bank: EDWARD W. LANE, JR. President, The Atlantic National Bank, Jacksonville, Fla. 1971 JAMES G. RICHARDSON Chairman of the Board, President, The Commercial Bank and Trust Company of Ocala, Fla. 1972 MALCOLM C. BROWN President, Chairman, Florida First National Bank at Brent, Pensacola, Fla. 1973 A. CLEWIS HOWELL President, Marine Bank & Trust Company, Tampa, Fla. 1973 Appointed by Board of Governors : CASTLE W. JORDAN 1 President, AO Industries, Inc., Coral Gables, Fla. 1971 HENRY K. STANFORD President, University of Miami, Coral Gables, Fla. 1972 HENRY CRAGG Vice President, The Coca-Cola Company Foods Division, Orlando, Fla. 1973 1 Chairman 2 Deputy Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS RESERVE BANKS AND BRANCHES 155 District 6—FEDERAL RESERVE BANK OF ATLANTA—Continued NASHVILLE BRANCH Term Expires Appointed by Federal Reserve Bank: Dec. 31 HUGH M. WILLSON President, Citizens National Bank, Athens, Tenn. 1971 EDWARD C. HUFFMAN Chairman of the Board, President, First National Bank, Shelbyville, Tenn. 1972 DAN B. ANDREWS President, First National Bank, Dickson, Tenn. 1973 KENNETH L. ROBERTS Executive Vice President, Commerce Union Bank, Nashville, Tenn. 1973 Appointed by Board of Governors: EDWARD J. BOLING1 President, The University of Tennessee, Knoxville, Tenn. 1971 ROY J. FISHER Manager, Tennessee Operations, Aluminum Company of America, Alcoa, Tenn. 1972 JAMES W. LONG President, Robertson County Farm Bureau, Springfield, Tenn. 1973 NEW ORLEANS BRANCH Appointed by Federal Reserve Bank: E. W. HAINING President, The First National Bank of Vicksburg, Miss. 1971 H. P. HEIDELBERG, JR. President, Pascagoula-Moss Point Bank, Pascagoula, Miss. 1972 TOM A. FLANAGAN, JR. President, Lakeside National Bank of Lake Charles, La. 1973 LAWRENCE A. MERRIGAN President, The Bank of New Orleans and Trust Co., New Orleans, La. 1973 Appointed by Board of Governors: FRANK G. SMITH Vice President, Mississippi Power & Light Company, Jackson, Miss. 1971 D. BEN KLEINPETER1 Wholesale Manager, Kleinpeter Farms Dairy, Inc., Baton Rouge, La. 1972 BROADUS N. BUTLER President, Dillard University, New Orleans, La. 1973 District 7—FEDERAL RESERVE BANK OF CHICAGO Class A: FLOYD F. WHITMORE President, The Okey-Vernon National Bank, Corning, Iowa 1971 EDWARD B. SMITH Chairman of the Board, The Northern Trust Company, Chicago, 111. 1972 MELVIN C. LOCKARD President, First National Bank, Mattoon, 111. 1973 Class B: JOSEPH O. WAYMIRE Indianapolis, Ind. 1971 WILLIAM H. DAVIDSON President, Harley-Davidson Motor Co., Inc., Milwaukee, Wis. 1972 HOWARD M. PACKARD Vice Chairman, S. C. Johnson & Son, Inc., Racine, Wis. 1973 1 Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

156 FEDERAL RESERVE BULLETIN • FEBRUARY 1971 District 7—FEDERAL RESERVE BANK OF CHICAGO—Continued Term Expires Class C: Dec. 31 WILLIAM H. FRANKLIN2 President, Caterpillar Tractor Co., Peoria, 111. 1971 EMERSON G. HIGDON1 President, The Maytag Company, Newton, Iowa 1972 JOHN W. BAIRD President, Baird & Warner, Inc., Chicago, 111. 1973 DETROIT BRANCH Appointed by Federal Reserve Bank: B. P. SHERWOOD, JR. President, Security First Bank & Trust Company, Grand Haven, Mich. 1971 GEORGE L. WHYEL President, Genesee Merchants Bank & Trust Company, Flint, Mich. 1972 ROLAND A. MEWHORT Chairman, Manufacturers National Bank of Detroit, Mich. 1972 ELLIS B. MERRY Chairman of the Board, National Bank of Detroit, Mich. 1973 Appointed by Board of Governors: PETER B. CLARK1 Chairman of the Board, President, The Evening News Association, Detroit, Mich. 1971 W. M. DEFOE Chairman of the Board, Defoe Shipbuilding Company, Bay City, M[ich. 1972 L. WM. SEIDMAN Resident Partner, Seidman & Seidman, Grand Rapids, Mich. 1973 District 8—FEDERAL RESERVE BANK OF ST. LOUIS Class A : JAMES P. HICKOK Chairman of the Executive Committee, First National Bank in St. Louis, Mo. 1971 CECIL W. CUPP, JR. President, Arkansas Bank & Trust Company, Hot Springs, Ark. 1972 BRADFORD BRETT President, The First National Bank of Mexico, Mo. 1973 Class B: SHERWOOD J. SMITH Chairman of the Board, President, D/P Computer Services, Inc., Evansville, Ind. 1971 EDWARD J. SCHNUCK Chairman of the Board, Schnuck Markets, Inc., St. Louis, Mo. 1972 FRED I. BROWN, JR. President, Arkansas Foundry Company, Little Rock, Ark. 1973 Class C: FREDERIC M. PEIRCE1 Chairman of the Board, Chief Executive Officer, General American Life Insurance Company, St. Louis, Mo. 1971 SAM COOPER2 President, HumKo Products, Memphis, Tenn. 1972 HARRY M. YOUNG, JR. Melrose Farms, Herndon, Ky. 1973 1 Chairman 2 Deputy Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS RESERVE BANKS AND BRANCHES 157 District 8—FEDERAL RESERVE BANK OF ST. LOUIS—Continued LITTLE ROCK BRANCH Term Expires Appointed by Federal Reserve Bank: Dec. 31 Louis E. HURLEY Chairman of the Board, Chief Executive Officer, The Exchange Bank & Trust Company, El Dorado, Ark. 1971 ELLIS E. SHELTON President, The First National Bank of Fayetteville, Ark. 1972 WAYNE A. STONE Chairman of the Board, Chief Executive Officer, Simmons First National Bank of Pine Bluff, Ark. 1972 EDWARD M. PENICK President, Chief Executive Officer, Worthen Bank & Trust Company, Little Rock, Ark. 1973 Appointed by Board of Governors : AL POLLARD1 President, A1 Pollard & Associates, Little Rock, Ark. 1971 JAKE HARTZ, JR. President, Jacob Hartz Seed Co., Inc., Stuttgart, Ark. 1972 ROLAND R. REMMEL Chairman of the Board, Southland Building Products Co., Little Rock, Ark. 1973 LOUISVILLE BRANCH A ppointed by Federal Reserve Bank: HUGH M. SHWAB Chairman of the Board, First National Bank of Louisville, Ky. 1971 PAUL CHASE President, The Bedford National Bank, Bedford, Ind. 1972 HERBERT J. SMITH President, The American National Bank and Trust Company of Bowling Green, Ky. 1972 HAROLD E. JACKSON President, The Scott County State Bank, Scottsburg, Ind. 1973 Appointed by Board of Governors : RONALD E. REITMEIER1 President, Catalysts and Chemicals Inc., Louisville, Ky. 1971 JOHN G. BEAM President, Thomas Industries, Inc., Louisville, Ky. 1972 WILLIAM H. STROUBE Assistant Dean, College of Science and Technology, Western Kentucky University, Bowling Green, Ky. 1973 MEMPHIS BRANCH Appointed by Federal Reserve Bank: WADE W. HOLLOWELL President, The First National Bank of Greenville, Miss. 1971 JAMES R. FITZHUGH Executive Vice President, Bank of Ripley, Tenn. 1972 WAYNE W. PYEATT President, National Bank of Commerce, Memphis, Tenn. 1972 J.J.WHITE President, Helena National Bank, Helena, Ark. 1973 Appointed by Board of Governors : C. WHITNEY BROWN1 President, S. C. Toof & Company, Memphis, Tenn. 1971 WILLIAM L. GILES President, Mississippi State University, State College, Miss. 1972 ALVIN HUFFMAN, JR. President, Huffman Brothers Incorporated, Blytheville, Ark. 1973 1 Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

158 FEDERAL RESERVE BULLETIN • FEBRUARY 1971 District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS Term Expires Class A : Dec. 31 G. A. DAHLEN President, First National Bank of Ironwood, Mich. 1971 JOHN BOSSHARD Executive Vice President, First National Bank of Bangor, Wis. 1972 PHILIP H. NASON President, The First National Bank of Saint Paul, Minn. 1973 Class B: JOHN H. BAILEY President, The Cretex Companies, Inc., Elk River, Minn. 1971 DAVID M. HESKETT President, Montana-Dakota Utilities Company, Bismark, N.Dak. 1972 DALE V. ANDERSEN President, Mitchell Packing Company, Inc., Mitchell, S.Dak. 1973 Class C: BRUCE B. DAYTON2 Chairman, Dayton Hudson Corporation, Minneapolis, Minn. 1971 DAVID M. LILLY 1 Chairman of the Board, Toro Manufacturing Corporation, Minneapolis, Minn. 1972 Russ B. HART President, Hart-Albin Company, Billings, Mont. 1973 HELENA BRANCH Appointed by Federal Reserve Bank: RICHARD D. RUBIE President, Missoula Bank of Montana, Missoula, Mont. 1971 E. LOWRYKUNKEL President, First National Bank, Butte, Mont. 1972 ROBERT I. PENNER President, Citizens First National Bank, Wolf Point, Mont. 1972 Appointed by Board of Governors : WILLIAM A. CORDINGLEY1 Publisher, Great Falls Tribune, Great Falls, Mont. 1971 WARREN B. JONES Secretary-Treasurer, Two Dot Land and Livestock Company, Harlowton, Mont. 1972 District 10—FEDERAL RESERVE BANK OF KANSAS CITY Class A. JOHN A. O'LEARY Chairman of the Board, The Peoples State Bank, Luray, Kans. 1971 ROGER D. KNIGHT, JR. Chairman of the Board, United Banks of Colorado, Inc., Denver, Colo. 1972 C. MOSE MILLER Chairman of the Board, President, The Farmers and Merchants State Bank, Colby, Kans. 1973 Class B.- STANLEY LEARNED Phillips Petroleum Company, Bartlesville, Okla. 1971 CECIL O. EMRICH Manager, Norfolk Livestock Market, Inc., Norfolk, Nebr. 1972 ALFRED E. JORDAN Vice President, Trans World Airlines, Inc., Kansas City, Mo. 1973 1 Chairman 2 Deputy Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS RESERVE BANKS AND BRANCHES 159 District 10—FEDERAL RESERVE BANK OF KANSAS CITY—Continued Term Expires Class C: Dec. 31 ROBERT W. WAGSTAFF1 Chairman, President, Kansas City Coca-Cola Bottling Company, Kansas City, Mo. 1971 WILLARD DEERE HOSFORD, Vice President, General Manager, John Deere Company, Omaha, JR.2 Nebr. 1972 ROBERT T. PERSON President, Chairman of the Board, Public Service Company of Colorado, Denver, Colo. 1973 DENVER BRANCH A ppointed by Federal Reserve Bank: ARMIN B. BARNEY Chairman of the Board, The Colorado Springs National Bank, Colorado Springs, Colo. 1971 ROBERT L. TRIPP President, Albuquerque National Bank, Albuquerque, N.M. 1972 DALE R. HINMAN President, The Greeley National Bank, Greeley, Colo. 1972 Appointed by Board of Governors: CRIS DOBBINS1 Chairman of the Board, Chief Executive, Ideal Basic Industries, Inc., Denver, Colo. 1971 DAVID R. C. BROWN President, The Aspen Skiing Corporation, Aspen, Colo. 1972 OKLAHOMA CITY BRANCH A ppointed by Federal Reserve Bank: W. H. MCDONALD Chairman of the Executive Committee, The First National Bank and Trust Company of Oklahoma City, Okla. 1971 MARVIN MILLARD Chairman of the Board, National Bank of Tulsa, Okla. 1972 HUGH C. JONES Executive Vice President, The Bank of Woodward, Okla. 1972 Appointed by Board of Governors: C. W. FLINT, JR.1 Chairman of the Board, Flint Steel Corporation, Tulsa, Okla. 1971 FLORIN W. ZALOUDEK Manager, J. I. Case Implements, Kremlin, Okla. 1972 OMAHA BRANCH Appointed by Federal Reserve Bank: JOHN W. HAY, JR. President, Rock Springs National Bank, Rock Springs, Wyo. 1971 S. N. WOLBACH President, The First National Bank of Grand Island, Nebr. 1971 EDWARD W. LYMAN President, The United States National Bank of Omaha, Nebr. 1972 Appointed by Board of Governors: A. JAMES EBEL Vice President, General Manager, Cornhusker Television Corporation, Lincoln, Nebr. 1971 HENRY Y. KLEINKAUF1 President, Natkin & Company, Omaha, Nebr. 1972 L Chairman 2 Deputy Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

160 FEDERAL RESERVE BULLETIN • FEBRUARY 1971 District 11—FEDERAL RESERVE BANK OF DALLAS Term Expires Class A : Dec. 31 A. W. RITER, JR. President, The Peoples National Bank of Tyler, Tex. 1971 MURRAY KYGER Chairman of the Board, The First National Bank of Fort Worth, Tex. 1972 J. V. KELLY President, The Peoples National Bank of Belton, Tex. 1973 Class B : HUGH F. STEEN President, El Paso Natural Gas Company, El Paso, Tex. 1971 C. A. TATUM, JR. President, Chief Executive Officer, Texas Utilities Company, Dallas, Tex. 1972 CARL D. NEWTON Chairman of the Board, Fox-Stanley Photo Products, Inc., San Antonio, Tex. 1973 Class C : CHAS. F. JONES1 Vice Chairman of the Board, Humble Oil & Refining Company, Houston, Tex. 1971 PHILIP G. HOFFMAN 2 President, University of Houston, Tex. 1972 JOHN LAWRENCE Chairman of the Board, Dresser Industries, Inc., Dallas, Tex. 1973 EL PASO BRANCH Appointed by Federal Reserve Bank : JOE B. SISLER President, The Clovis National Bank, Clovis, N.M. 1971 ARCHIE B. SCOTT President, The Security State Bank of Pecos, Tex. 1972 SAM D. YOUNG, JR. President, El Paso National Bank, El Paso, Tex. 1972 CULLEN J. KELLY President, The First National Bank of Midland, Tex. 1973 Appointed by Board of Governors: JOSEPH M. RAY1 Benedict Professor of Political Science, The University of Texas at El Paso, Tex. 1971 ALLAN B. BOWMAN President, General Manager, Banner Mining Company, Tucson, Ariz. 1972 HERBERT M. SCHWARTZ President, Popular Dry Goods Co., Inc., El Paso, Tex. 1973 HOUSTON BRANCH Appointed by Federal Reserve Bank: HENRY B. CLAY President, First Bank & Trust, Bryan, Tex. 1971 W. G. THORNELL President, The First National Bank of Port Arthur, Tex. 1972 JOHN E. WHITMORE Chairman of the Board, Texas Commerce Bank National Association, Houston, Tex. 1972 KLINE MCGEE Chairman of the Board, Chief Executive Officer, Southern National Bank of Houston, Tex. 1973 1 Chairman 2 Deputy Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS RESERVE BANKS AND BRANCHES 161 District 11—FEDERAL RESERVE BANK OF DALLAS—Continued HOUSTON BRANCH—Continued Term Expires Appointed by Board of Governors: Dec. 31 R. M. BUCKLEY President, Eastex Incorporated, Silsbee, Tex. 1971 GEO. T. MORSE, JR.1 Vice Chairman of the Board, Chief Operating Officer, Peden Industries, Inc., Houston, Tex. 1972 M. STEELE WRIGHT, JR. Chairman of the Board, Texas Farm Products Company, Nacogdoches, Tex. 1973 SAN ANTONIO BRANCH A ppointed by Federal Reserve Bank: JAMES T. DENTON, JR. Chairman of the Board, Chief Executive Officer, Corpus Christi Bank and Trust, Corpus Christi, Tex. 1971 TOM C. FROST, JR. President, The Frost National Bank of San Antonio, Tex. 1972 W. O. ROBERSON President, First National Bank at Brownsville, Tex. 1972 RAY M. KECK, JR. President, Union National Bank of Laredo, Tex. 1973 Appointed by Board of Governors: FRANCIS B. MAY Professor of Business Statistics, The University of Texas, Austin, Tex. 1971 W. A. BELCHER1 Veterinarian, Rancher, Brackettville, Tex. 1972 IRVING A. MATHEWS President, Frost Bros., Inc., San Antonio, Tex. 1973 District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO Class A: RALPH V. ARNOLD Chairman of the Board, Chief Executive Officer, First National Bank and Trust Company, Ontario, Calif. 1971 CARROLL F. BYRD President, The First National Bank of Willows, Calif. 1972 RALPH J. VOSS President, First National Bank of Oregon, Portland, Oreg. 1973 Class B: Treasurer, Standard Oil Company of California, San Francisco, HERBERT D. ARMSTRONG Calif. 1971 Honorary Chairman of the Board, The Eimco Corporation, Salt JOSEPH ROSENBLATT Lake City, Utah 1972 President, Chairman of the Board, Schlage Lock Company, San MARRON KENDRICK Francisco, Calif. 1973 Class C.- BERNARD T. ROCCA, JR. Chairman of the Board, Pacific Vegetable Oil Corporation, San Francisco, Calif. 1971 S. ALFRED HALGREN 2 Senior Vice President, Carnation Company, Los Angeles, Calif. 1972 O. MEREDITH WILSON 1 President, Director, Center for Advanced Study in the Behavioral Sciences, Stanford, Calif. 1973 L Chairman 2 Deputy Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO—Continued LOS ANGELES BRANCH Term Expires Appointed by Federal Reserve Bank: Dec. 31 SHERMAN HAZELTINE Chairman of the Board, Chief Executive Officer, First National Bank of Arizona, Phoenix, Ariz. 1971 CARL E. SCHROEDER President, The First National Bank of Orange County, Orange, Calif. 1972 L. E. SOUTHWICK President, Valley National Bank, Glendale, Calif. 1973 CARL E. HARTNACK President, Security Pacific National Bank, Los Angeles, Calif. 1973 Appointed by Board of Governors: J. LELAND ATWOOD1 Senior Consultant, North American Rockwell Corporation, Los Angeles, Calif. 1971 LELAND D. PRATT President, Kelco Company, San Diego, Calif. 1972 NORMAN B. HOUSTON Golden State Mutual Life Insurance Company, Los Angeles, Calif. 1973 PORTLAND BRANCH Appointed by Federal Reserve Bank: LEROY B. STAVER President, United States National Bank of Oregon, Portland, Oreg. 1971 JAMES H. STANARD Vice President, First National Bank of McMinnville, Oreg. 1972 FRANK L. SERVOSS President, Crater National Bank of Medford, Oreg. 1972 Appointed by Board of Governors: FRANK ANDERSON 1 Farmer, Heppner, Oreg. 1971 JOHN R. HOWARD President, Lewis and Clark College, Portland, Oreg. 1972 SALT LAKE CITY BRANCH Appointed by Federal Reserve Bank: WILLIAM E. IRVIN Chairman of the Board, The Idaho First National Bank, Boise, Idaho 1971 RODERICK H. BROWNING President, Bank of Utah, Ogden, Utah 1972 ROY W. SIMMONS President, Zions First National Bank, Salt Lake City, Utah 1972 Appointed by Board of Governors : ROYDEN G. DERRICK1 President, General Manager, Western Steel Company, Salt Lake City, Utah 1971 JOHN H. BRECKENRIDGE President, L. L. Breckenridge Company, Twin Falls, Idaho 1972 SEATTLE BRANCH Appointed by Federal Reserve Bank: JOSEPH C. BAILLARGEON Chairman, Seattle Trust & Savings Bank, Seattle, Wash. 1971 A. E. SAUNDERS President, Puget Sound National Bank, Tacoma, Wash. 1972 PHILIP H. STANTON President, Washington Trust Bank, Spokane, Wash. 1972 Appointed by Board of Governors : FRANCIS G. CRANE1 Manager, Crane and Crane Orchards and Cold Storage, Brewster, Wash. 1971 C. HENRY BACON, JR. Vice Chairman of the Board, Simpson Timber Company, Seattle, Wash. 1972 L Chairman Digitized for FRASER1 62 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements CHANGE IN BOARD'S STAFF Banks of New York and San Francisco reducing Mr. Grasty Crews II was appointed Adviser in the the discount rate of those banks from 5 XA to 5 per Legal Division of the Board of Governors, effective cent, effective January 22, and those by the direc- February 1, 1971. tors of the Federal Reserve Banks of Richmond, Mr. Crews has been a Consultant to the Board St. Louis, and Kansas City effective January 29, since November 1970, in connection with a con- 1971. gressionally directed study of proposed national The reductions accord with the System's recent bank tax legislation. His initial responsibilities with- practice of making small changes in the discount in the Legal Division will relate to matters under rate from time to time to keep it in closer alignthe Bank Holding Company Act as amended in ment with short-term market rates. 1970. The discount rate is the rate charged member A graduate of Stevens Institute of Technology, banks on borrowings from their district Federal Mr. Crews received an LL.B. from the University Reserve Banks. of Virginia. CHANGE IN OTC MARGIN STOCKS DEATH OF A RESERVE BANK PRESIDENT The Board of Governors of the Federal Reserve Mr. Hugh D. Galusha, Jr., President of the Federal System has announced several changes, effective Reserve Bank of Minneapolis, died on January 31, February 8, 1971, in its "List of OTC Margin 1971. He had served as President since May 1, Stocks" as issued July 20, 1970. 1965. Ten stocks are deleted from the list: CMI Investment Corporation, ,$2.50 par common; Crocker RESIGNATION OF DIRECTOR National Corporation, $10.00 par common; First Henry A. Thouron, who had served since April National Bank of Boston, The, $12.50 par capital; 1967, as a Class B director of the Federal Reserve Hawaiian Airlines, Inc., common; Hillhaven Inc., Bank of Philadelphia, resigned effective February 4, $.16% par common; Hospital Corporation of 1971. He is Chairman of the Board of Hercules In- America, $1.00 par common; Indiana Gas Comcorporated in Wilmington, Delaware. pany, Inc., no par common; Public Service Company of New Hampshire, $5.00 par common; CHANGE IN DISCOUNT RATE Tropicana Products, Inc., common; and Virginia The Board of Governors of the Federal Reserve Commonwealth Bankshares, $5.00 par common. System on February 12, 1971, approved actions by Also, Liberty Equities Corporation, $1.00 par the directors of the Federal Reserve Banks of Bos- common, is changed to Smithfield Foods, Inc., ton, Philadelphia, Cleveland, Richmond, Atlanta, $1.00 par common. Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco reducing the discount rate ADMISSION OF STATE BANK TO of those banks from 5 per cent to 43A per cent, MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM effective February 13. (A similar reduction was The following bank was admitted to membership approved for the Federal Reserve Bank of New in the Federal Reserve System during the period York, effective February 19, at which time the rate January 16 through February 15, 1971: was 43A per cent at all Reserve Banks.) Virginia The Board of Governors had previously approved actions by the directors of the Federal Reserve Arlington The Bank of Arlington 163 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication February 16 Industrial production and retail sales rose in Jan- parts, production of automotive parts, rubber produary as automotive output and sales recovered ucts, and steel increased, the latter reflecting in part further from the effects of the General Motors a build-up of inventories in anticipation of a possible strike. Personal income and nonfarm employment strike. also rose and the unemployment rate declined. Commercial bank credit, the money supply, and PERSONAL INCOME AND EMPLOYMENT time and savings deposits increased. Between mid- Personal income rose appreciably in January, January and mid-February, interest rates declined largely as a result of higher nonfarm employment further. and an increase in Federal employees' wages and salaries. The rise in nonfarm employment was INDUSTRIAL PRODUCTION centered in trade, services, finance, and govern- Industrial production rose 0.7 per cent in January. ment. Manufacturing employment, however, was The rise in output was largely in the auto and about unchanged over the month as increases in the auto-supplying industries and changes in most auto group were offset by declines in other sectors.. other industries were about offsetting. The total The average workweek of factory workers rose index at 165.1 per cent of the 1957-59 average was slightly to 39.7 hours but was still 0.6 hour below a still 2 per cent below the pre-auto strike level and year earlier. The unemployment rate was 6.0 per 5.4 per cent below the July 1969 high. cent in January, down slightly from an upward Auto assemblies increased 18 per cent in revised December rate of 6.2 per cent. January and were at an annual rate of 8.3 million units; production schedules indicate a further in- RETAIL SALES crease in February. Output of television sets and The value of retail sales increased about 1 per some appliances was down again in January, while cent in January, according to the advance report, production of furniture and consumer staples rose. and was 4 per cent above a year earlier. Sales at Output of industrial, commercial, and defense durable goods stores rose 4.5 per cent, largely as equipment continued to decline. Production of a result of the rebound in automotive sales followtrucks rose again but output of commercial aircraft ing the end of the GM strike. Sales at nondurable dropped further. Among industrial materials and goods stores changed little. INDUSTRIAL PRODUCTION WHOLESALE AND CONSUMER PRICES 1957-59=100 Wholesale prices rose an estimated 0.4 per cent, seasonally adjusted, from December 15th to January 12th, largely as a result of an increase of 0.7 per cent in prices of farm and food products. Prices advanced for most major industrial commodity groups but, after adjustment for seasonal influences, the index of industrial commodities was up only 0.1 per cent. The consumer price index rose 0.5 per cent in December, seasonally adjusted, as food and gasoline reversed their previous declines and auto and household service prices registered substantial increases. The rise from December 1969 amounted 1966 1968 1970 1966 1968 1970 to 5.5 per cent, compared with 6.1 per cent over F.R. indexes, seasonally adjusted. Latest figures: January. the preceding year. 164 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK CREDIT, DEPOSITS, AND RESERVES Net borrowed reserves of member banks Commercial bank credit, adjusted for transfers of averaged about $125 million over the 4 weeks loans between banks and their affiliates, increased ending January 27 compared with $85 million in $5.4 billion in January, somewhat more than in December. Member bank borrowings increased December and well above the sluggish pace that somewhat and excess reserves declined. prevailed during the General Motors strike. While acquisitions of securities, particularly those of State SECURITY MARKETS and local governments, continued to account for Yields on U.S. Government securities fell sharply the bulk of the expansion, total loans also rose between mid-January and early February. Rates somewhat more than in other recent months, re- on most notes and bonds declined from 10 to 60 flecting expansion in most major categories. basis points, with the larger movements in shorter According to preliminary data, the money maturities, paralleling the changes in the bill stock increased $300 million in January, a smaller market. Treasury bill rates fell 60 basis points on increase than in December. Time and savings average, with the 3-month bill down almost 70 basis deposits at commercial banks, on the other hand, points to 3.64 per cent in mid-February. grew rapidly, particularly deposits other than Yields on new corporate bonds also moved large negotiable CD's. While CD expansion re- lower on balance over the same period, as did rates mained sizable, it was less rapid than in December, on seasoned corporate securities and on municipal whereas growth of other time and savings deposits bonds. accelerated to a record pace, reflecting the sharp Common stock prices rose on a sharply increased recent declines in market interest rates. volume. PRICES Wholesale Consumer INTEREST RATES 1957-59=100 PER CENT 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 December. and for 90-day Treasury bills. Latest figures: week ending Feb. 6. 165 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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

2 FEDERAL RESERVE BULLETIN • FEBRUARY 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 TABLES PUBLISHED PERIODICALLY: A 94 Earnings and expenses of Federal Reserve Banks, 1970 Number of banking offices: A 96 Analysis of changes A 97 On, and not on, Federal Reserve Par List Banking and monetary statistics, 1970: A 98 Money market rates A 99 Bond and stock yields A 107 INDEX TO STATISTICAL TABLES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 3 Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS e Estimated N.S.A. Monthly (or quarterly) figures not adjusted c Corrected for seasonal variation IPC Individuals, partnerships, and corporations p Preliminary SMSA Standard metropolitan statistical area r Revised A Assets rp Revised preliminary L Liabilities I, II, S Sources of funds U Uses of funds III, IV Quarters * Amounts insignificant in terms of the parn.e.c. Not elsewhere classified ticular unit (e.g., less than 500,000 when A.R. Annual rate the unit is millions) S.A. Monthly (or quarterly) figures adjusted for (1) Zero, (2) no figure to be expected, or seasonal variation (3) figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) include not fully guaranteed issues) as well as direct a negative figure, or (3) an outflow. obligations of the Treasury. "State and local govt." also includes municipalities, special districts, and other politi- A heavy vertical rule is used in the following instances: (1) to the right (to the left) of a total when cal subdivisions. the components shown to the right (left) of it add to In some of the tables details do not add to totals that total (totals separated by ordinary rules include because of rounding. more components than those shown), (2) to the right The footnotes labeled NOTE (which always appear (to the left) of items that are not part of a balance last) provide (1) the source or sources of data that do sheet, (3) to the left of memorandum items. not originate in the System; (2) notice when figures are "U.S. Govt, securities" may include guaranteed issues estimates; and (3) information on other characteristics of U.S. Govt, agencies (the flow of funds figures also of the data. TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Page Annually—Continued Issue Page Flow of funds Oct. 1970 A-70—A-71.9 Banks and branches, number, by class and State Apr. 1970 A-94—A-95 Semiannually Flow of funds: Banking offices: Assets and liabilities: Analysis of changes in number Feb. 1971 A-96 1955-68 Nov. 1969 A-71.10—A-71.20 On, and not on, Federal Reserve Flows: Par List, number Feb. 1971 A-97 1955-68 Nov. 1969 A-70—A-71.9 Annually Income and expenses : Federal Reserve Banks Feb. 1971 A-94—A-95 Bank holding companies: Insured commercial banks Aug. 1970 A-98 List of, Dec. 31, 1969 June 1970 A-94 Member banks : Banking offices and deposits of Calendar year Aug. 1970 A-98—A-107 group banks, Dec. 31, 1969 Aug. 1970 A-95 Income ratios Aug. 1970 A-l 08— A-l 13 Operating ratios Aug. 1970 A-l 14—A-l 19 Banking and monetary statistics: 196 9 July 1970 A-94—A-97 Stock exchange firms, detailed debit 197 0 Feb. 1971 A-98—A-99 and credit balances Sept. 1970 A-94—A-95 Statistical Releases LIST PUBLISHED SEMIANNUALLY, WITH LATEST BULLETIN REFERENCE Issue Page Anticipated schedule of release dates for individual releases Dec. 1970 A-l 00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 4 BANK RESERVES AND RELATED ITEMS • FEBRUARY 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 u H n e d l e d r co D a u n i n s d - t s Float 2 O F t . h R e . r Total 4 s G to o c ld k c D e R r r t a i i g w f h ic i t n a s g t e Bought repur- ad- assets 3 account Total out- chase vances right agreement Averages of daily figures 1939—Dec 2,510 2,510 83 2,612 17,518 1941—Dec 2,219 2,219 5 170 2,404 22,759 1945—Dec 23,708 23,708 381 652 24,744 20,047 1950—Dec 20,345 20,336 142 1,117 21,606 22,879 1960—Dec 27,248 27,170 78 94 1,665 29,060 17,954 1965—De c 40,885 40,772 113 490 2,349 43,853 13,799 1966—De c 43,760 43,274 486 570 2,383 46,864 13,158 1967—De c 48,891 48,810 81 238 2,030 51,268 12,436 1968—De c 52,529 52,454 75 765 3,251 56,610 10,367 1969—De c 57,500 57,295 205 1,086 3,235 2,204 64,100 10,367 1970—Ja n 56,273 56,182 91 965 3,442 2,114 62,867 11,141 155 Feb 55,949 55,548 401 1,099 2,476 1,853 61,468 11,367 243 Mar 55,780 55,695 85 936 2,551 2,061 61,388 11,367 345 Apr 55,982 55,787 195 877 3,275 2,209 62,424 11,367 400 May 57,265 57,179 86 1,066 2,985 1,708 63,087 11,367 400 June 57,630 57,584 46 978 2,824 1,369 62,843 11,367 400 July 58,219 58.003 216 1,432 2,901 1,302 63,912 11,367 400 Aug 59,544 59,255 289 849 2,446 1,248 64,134 11,367 400 Sept 59,903 59,625 278 607 2,832 1,216 64,619 11,300 400 Oct 59,533 59,360 173 462 2,933 1,734 64,708 11,117 400 Nov 60,393 60.004 389 425 2,933 1,314 65,132 11,117 400 Dec 61,688 61 ,310 378 321 3,570 1 ,032 66,708 11,105 400 1971—Jan. p 62,068 61,941 127 369 3,614 1 ,216 67,340 10,732 400 Week ending— 1970—Nov. 4 59,960 59,528 432 423 2,640 1,633 64,720 11,117 400 11 59,879 59,434 445 445 3,122 1,642 65,163 11,117 400 18 60,652 59,943 709 330 2,914 1,382 65,366 11,117 400 25 60,452 60,350 102 436 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 16 9 6 6 1 1 , , 8 2 1 0 3 3 6 6 1 0, , 8 2 9 2 8 6 5 3 8 0 7 5 2 39 9 9 0 2 3 , , 9 0 2 1 7 3 1 9 ,0 7 0 8 6 6 6 6 5 , , 2 6 4 0 3 4 1 1 1 1 , , 1 11 1 7 7 4 4 0 0 0 0 23 61,771 61,512 259 325 3,799 1,051 67,036 11,117 400 30 61,704 61,554 150 270 4,643 1,097 67,783 11 ,117 400 1971—Jan. 6 62,477 62,091 386 407 4,393 1,164 68,538 10,732 400 2 1 0 3 * > 6 6 2 1 , , 1 9 1 7 0 0 6 6 2 1 , , 1 8 1 7 0 4 96 4 2 7 7 1 7 3 3 , , 7 8 1 8 8 7 11 ,,212822 6 67 7 , , 6 3 1 4 9 7 1 1 0 0 , , 7 7 3 3 2 2 4 4 0 0 0 0 21 p 61,889 61,809 80 354 3,052 1,256 66,616 10,732 400 End of month 1970—No v 61,294 6 61,008 286 300 1,987 928 64,596 11,117 400 Dec 62,142 6 62,142 335 4,261 1,123 67,918 10,732 400 1971—Jan. ? 61,783 6 61,783 308 2,693 1,267 66,110 10,732 400 Wednesday 1970—Nov. 4 59,910 6 59,528 382 584 2,587 1,613 64,758 400 11 58,786 6.758,786 553 2,867 1,670 63,912 400 18 60,714 6.7 60,097 617 325 3,339 1,019 65,504 400 25 61,209 6.7 60,494 715 1,144 2,650 1,037 66,103 400 Dec. 2 62,734 661,142 1,592 312 2,885 964 67,078 400 9 59,937 6.759,937 285 2,658 1,013 63,934 400 16 62,944 6 61,337 1 j 607 933 3,281 1,042 68,385 400 2 3 3 0 6 6 1 0 , , 7 6 0 3 7 2 6,76 6610,,760372 6 2 2 52 0 3 3 , ,9 7 3 7 9 0 1 1 , , 0 1 7 1 0 0 6 6 7 5 , , 2 9 2 8 3 9 4 4 0 0 0 0 1971—Jan. 6 P.... 62,140 6,761,785 355 286 4,792 1,159 68,529 732 400 13p.... 62,110 662,110 271 3,024 1,202 66,670 732 400 20f.... 62,701 6 62,033 668 1,522 2,904 1,248 68,487 732 400 27p.... 62,044 661,883 161 741 2,908 1,270 67,031 732 400 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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 reserves, Other reserves Period or date Treas- with F.R. Banks Other F.R. ury F.R. liacash ac- bilities h i o n l g d s - Tr u e r a y s - F ei o g r n - Other 2 counts3 ca a p n it d a l3 B W F a . n R it k h . s r c C a e o n n u in d c r s y - Total Averages of daily figures 2,402 616 739 248 11,473 11,473 1939—Dec. 2,189 592 ,531 292 12,812 12,812 1941—Dec. 2,269 625 ,247 493 16,027 16,027 1945—Dec. 1,290 615 920 353 739 17,391 17,391 1950—Dec. 408 522 250 495 1,029 16,688 2,595 19,283 1960—Dec. 808 683 154 231 389 18,747 3,972 22,719 1965—Dec. 1,191 291 164 429 83 19,568 4,262 23,830 1966—Dec. 1,428 902 150 451 -204 20,753 4,507 25,260 1967—Dec. 756 360 225 458 -1,105 22,484 4,737 27,221 1968—Dec. 656 1,194 146 458 2,192 23,071 4,960 28,031 1969—Dec. 655 1,206 170 642 2,044 23,580 5,278 28,858 1970—Jan. 610 1,060 182 710 2,160 23,112 4,864 27,976 Feb. 575 1,148 219 763 2,134 22,740 4,733 27,473 Mar. 567 1,180 166 870 2,137 23,323 4,773 28,096 Apr. 544 1,440 182 845 2,215 23,105 4,805 27,910 May 495 1,065 165 801 2.255 22,703 4,864 27,567 June 450 1,147 191 763 2,253 23,170 4,958 28,128 July 451 1,058 177 830 2,275 23,353 4,996 28,349 Aug. 457 1,070 141 750 2,300 23,719 5,106 28,825 Sept. 459 1,042 142 747 2,249 23,593 5,108 28,701 Oct. 453 890 149 721 2.256 23,416 5,142 28,558 Nov. 427 849 145 735 2,265 23,925 5,340 29,265 Dec. 445 1,028 155 786 2,109 24,915 5,535 30,450 1971—Jan.P Week ending— 467 1,041 169 750 2,292 23,471 5,181 28,652 1970—Nov. 4 448 988 170 758 2,379 23,381 5,344 28,725 11 451 899 153 716 2,145 23,655 5,108 28,763 18 456 747 135 681 2,208 23,484 4,889 28,373 25 451 720 130 719 2,296 23,658 5,217 28,875 Dec. 2 442 634 138 717 2,363 23,375 5,343 28,718 9 429 763 135 734 2,299 23,560 5,478 29,038 16 4 4 0 1 9 7 1,2 8 0 2 5 8 1 1 6 43 2 7 6 1 9 1 6 2 2, , 2 1 3 7 1 6 2 2 4 4 , , 3 2 2 3 9 8 5 5, , 5 0 1 6 4 0 2 2 9 9 , , 8 2 4 9 3 8 2 3 3 0 430 973 154 1,053 2,006 25,181 5,430 30,611 1971—Jan. 6 430 1,039 158 711 2,061 24,578 5,664 30,242 13 440 925 158 718 2,120 25,446 5,565 31,011 20 p 465 1,184 159 737 2,169 24,613 5,589 30,202 27 p End of month 453 587 136 692 2,302 22,689 5,220 27,909 1970—Nov. 431 1,156 148 1,233 1,986 24,150 5,423 29,573 Dec. 976 129 24,508 5,511 30,019 1971— Jan.? Wednesday 455 1,194 163 738 2,327 23,059 5,182 28,241 4 4 5 6 3 3 1,5 8 1 3 0 7 1 1 4 2 1 4 7 7 5 0 0 3 2 2 , , 3 1 9 6 2 2 2 2 1 3 , , 2 7 5 7 3 3 5 5 , , 3 1 4 1 8 0 2 2 6 8 , , 6 8 0 8 1 3 1970—Nov. 1 4 1 453 805 117 662 2,236 24,120 4,890 29,010 18 25 458 474 152 752 2,356 25,012 5,220 30,232 Dec. 2 441 830 118 753 2,374 21,104 5,337 26,441 9 431 587 145 729 2,174 25,819 5,475 31,294 16 423 774 144 708 2,196 24,140 5,060 29,200 23 403 1,271 135 736 2,249 22,494 5,511 28,005 30 429 1,105 154 723 2,032 25,479 5,436 30,915 1971—Jan. 6» 435 587 136 719 2,098 24,440 5,548 29,988 13* 458 608 185 713 2,151 26,754 5,565 32,319 20 p 471 1,237 155 717 2,188 24,974 5,589 30,563 21 p 1 Includes Federal agency obligations. 5 Part allowed as reserves Dec. 1, 1959—Nov. 23, 1960; all allowed 2 Beginning with 1960 reflects a minor change in concept; see Feb. thereafter. Beginning with Jan. 1963, figures are estimated except for 1961 BULLETIN, p. 164. weekly averages. Beginning Sept. 12, 1968, amount is based on close- 3 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 • FEBRUARY 1971 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City City of Chicago Period Reserves Bor- Reserves Bor- Reserves Bor- T h o e t ld al qu R i e r - ed1 Excess B r F i a o n a . n w R t g k s - . s s F e r r r e v e - e e s T h o e t l a d l qu R ir e e - d 1 B F r i a n o a . n R g w t k s . - s se F r 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 r n . a n o R g t k w s . s - 1939—Dec 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 2,611 1,141 601 540 1941—Dec 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 1,143 848 295 1945—Dec 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 1950—Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 1,191 I960—Dec 19,283 18,527 756 87 669 3,687 3.658 29 19 10 958 953 1963—De c 20,746 20,210 536 327 209 3,951 3,895 56 37 19 1,056 1,051 1964—De c 21,609 21,198 411 243 168 4,083 4,062 21 35 -14 1,083 1,086 1965—De c 22,719 22,267 452 454 -2 4,301 4,260 41 111 -70 1,143 1,128 1967—De c 25,260 24,915 345 238 107 5,052 5,034 18 40 -22 1,225 1,217 1968—De c 27,221 26,766 455 765 -310 5,157 5,057 100 230 -130 1,199 1,184 1969—De c 28,031 27,774 257 1,086 -829 5,441 5,385 56 259 -203 1,285 1,267 1970—Ja n 28,858 28,692 166 965 -799 5,668 5.659 9 141 -132 1,320 1,316 Feb 27,976 27,703 273 1,092 -819 5,458 5,424 34 110 -76 1,253 1,264 Mar 27,473 27,358 115 896 -781 5,349 5,344 5 153 -148 1,265 1,249 Apr 28,096 27,978 118 822 -704 5,482 5,453 29 227 -198 1,295 1,316 May 27,910 27,729 181 976 -795 5,307 5,302 5 176 -171 1,285 1,287 June 27,567 27,380 187 888 -701 5,201 5,164 37 132 -95 1,250 1,247 July 28,128 27,987 141 1,358 -1,217 5,315 5,306 9 269 -260 1,290 1,293 Aug 28,349 28,204 145 827 -682 5,381 5,378 3 159 -156 1,298 1,304 Sept 28,825 28,553 272 607 -335 5,497 5,436 61 117 -56 1,316 1,310 Oct 28,701 28,447 254 462 -208 5,583 5,542 41 12 29 1,307 1,309 Nov 28,558 28,438 120 425 -305 5,441 5,444 -3 60 -63 1,282 1,283 Dec 29,265 28,993 272 321 -49 5,623 5,589 34 25 9 1,329 1,322 1971— Jan.p 30,450 30,192 258 369 -111 5,977 5,917 59 40 19 1,387 1,388 Week ending— 1970—Jan. 7.. 28,696 28,411 285 852 -567 ,624 5,604 20 196 -176 1,304 1,312 14.. 28,988 28,911 77 865 -788 ,747 5,780 -33 234 -267 1.335 1,340 -5 21.. 29,400 29,196 204 963 -759 ,923 5,873 50 80 -30 1,366 1,360 6 28. . 28,518 28,406 112 1,030 -918 ,410 5,451 -41 86 -127 1,290 1,279 1 Aug. 5. . 28,142 27,954 1 1,010 -822 5,238 5,300 -62 147 -209 1,288 1,283 12. . 28,588 28,309 279 1,174 -895 5,579 5,522 57 431 -374 1,331 1.339 2 19 6 . . . . 2 2 8 8 , , 5 1 1 7 5 7 2 28 8 , , 0 4 3 2 9 3 1 9 3 2 8 6 6 8 6 1 0 - - 5 5 8 2 9 2 5 5 , , 4 2 8 2 8 2 5 5 , , 5 2 3 0 5 0 -4 2 7 2 5 7 5 7 -1 -5 0 5 2 1 1 , , 3 2 5 5 9 2 1 1 , ,2 3 5 5 9 0 -7 9 Sept. 2. . 28,370 28,192 178 660 -482 5,303 5,288 15 79 -64 1,277 1,276 1 9. . 28,931 28,516 415 763 -348 5.539 5,450 89 187 -98 1,31 1 ,293 18 16. . 28,921 28,565 356 500 -144 5,599 5,478 121 89 32 1,302 1.326 -24 23. . 28,394 28,441 -47 460 -507 5,296 5,380 -84 78 -162 1,315 1,289 26 30. . 29,034 28,762 272 661 -389 5,581 5,476 105 103 2 1,319 1.340 -21 Oct. 7. . 28,786 28,434 352 398 -46 5,615 5,568 47 47 1,337 1,312 25 14.. 28,464 28,423 41 450 -409 5,550 5,563 -13 -34 1.336 1,343 -7 21.. 28,890 28,701 189 586 -397 5,682 5,666 16 -5 1,287 1,314 -27 28.. 28,447 28,256 191 433 -242 5,417 5,399 18 7 1.301 1,276 25 Nov. 4. . 28,652 28,334 318 423 -105 5,571 5,475 96 85 1,298 1,291 7 11.. 28,725 28,443 282 445 -163 5,488 5,466 22 -47 1,298 1,319 -21 18.. 28,763 28,599 164 330 -166 5,588 5,558 30 30 1,308 1,301 7 25.. 28,373 28,297 76 436 -360 5,266 5,327 -61 -150 1,231 1,237 -6 Dec. 2. . 28,875 28,458 417 455 -38 5.540 5,391 149 60 1,277 1,270 7 9.. 28,718 28,582 136 290 -154 5,387 5,438 -51 -51 1,312 1,303 9 16.. 29,038 28,918 120 399 -279 5,671 5,634 37 -22 1.302 1.327 -25 23.. 29,298 29,088 210 325 -115 5,574 5,602 -28 -67 1,341 1,330 11 30.. 29,843 29,409 434 270 164 5,843 5,693 150 150 1,362 1,332 30 1971—Jan. 6.. 30,611 30,035 576 407 169 6,064 5,902 162 91 1,396 1,411 -15 13.. 30,242 30,210 32 277 -245 5,850 5,910 -60 -60 1,402 1,384 18 20*>. 31,011 30,915 96 471 -375 6,161 6,198 -37 -129 1,421 1,453 -32 21 p. 30,202 29,907 295 354 -59 5,747 5,760 -13 -39 1,372 1,335 37 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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 Reserves Borrow- Borrow- Period ings at Free ings at Free F.R. reserves F.R. reserves T h o e t ld al Required ] Excess Banks T h o e t ld al Required i Banks 3,140 1,953 1,188 1,188 1,568 897 671 3 668 . ...1939—Dec. 4,317 3,014 1,303 1 1,302 2,210 1,406 804 4 800 . ...1941—Dec. 6,394 5,976 418 96 322 4,576 3,566 ,011 46 965 ....1945—Dec. 6,689 6,458 232 50 182 4,761 4,099 663 29 634 ....1950—Dec. 7,950 7,851 100 20 6,689 6,066 623 40 583 . ...1960—Dec. 8,393 8,325 68 190 -122 7,347 6,939 408 74 334 . ...1963—Dec. 8,735 8,713 22 125 -103 7,707 7,337 370 55 315 . ...1964—Dec. 9,056 8,989 67 228 -161 8,219 7,889 330 92 238 . ...1965—Dec. 10,081 10,031 50 105 -55 8,901 8,634 267 80 187 ....1967—Dec. 10,990 10,900 90 270 -180 9,875 9,625 250 180 70 .. ..1968—Dec. 10,970 10,964 6 479 -473 10,335 10,158 177 321 -144 ... 1969—Dec. 11,296 11,314 455 -473 10,574 10,403 171 283 -112 .. ..1970—Jan. 10,975 10,913 62 535 -473 10,290 10,102 188 400 -212 Feb. 10,737 10,802 -65 436 -501 10,122 9,963 159 276 -117 Mar. 11,038 11,066 -28 372 -400 10,281 10,143 138 162 -24 Apr. 10,978 10,948 30 477 -447 10,340 10,192 148 300 -152 May 10,849 10,847 2 489 -487 10,267 10,122 145 267 -122 June 11,074 11,118 -44 682 -726 10,449 10,270 179 278 -99 July 11,174 11,178 -4 424 -428 10,496 10,344 152 183 -31 Aug. 11,407 11,375 32 369 -337 10,605 10,432 173 107 66 Sept. 11,319 11,270 49 338 -289 10,492 10,326 166 101 65 Oct. 11,216 11,274 -58 301 -359 10,619 10,437 182 53 129 Nov. 11,548 11,506 42 264 -222 10,765 10,576 189 28 161 Dec. 11,966 11,952 14 294 -280 11,119 10,933 186 34 152 . . . .1971— Jan p Week ending— 11,280 11,223 57 216 -159 10,488 10,272 216 243 -27 .1970—Jan. 7 11,349 11,439 -90 440 -530 10.557 10,352 205 162 43 14 11,455 11,482 -27 554 -581 10,656 10,481 175 252 77 21 11,210 11,220 -10 542 -552 10,608 10,456 152 386 -234 28 11,142 11,076 66 532 -466 10.474 10,295 179 231 -52 Aug. 5 11,199 11,186 13 527 -514 10,479 10,262 217 130 87 12 11,233 11.252 -19 338 -357 10,435 10,286 149 188 -39 19 11,135 11,161 -26 371 -397 10,568 10,419 149 198 -49 26 11,232 11,242 -10 402 -412 10.558 10,386 172 179 -7 Sept. 2 11,509 11,424 85 430 -345 10,572 10,349 223 117 106 9 11.445 11,376 69 317 -248 10,575 10,385 190 94 96 16 11,241 11,328 -87 320 -407 10,542 10,444 98 50 48 23 11,406 11,393 13 386 -373 10,728 10,553 175 154 21 30 11,349 11.253 96 308 -212 10,485 10,301 184 90 94 Oct. 7 11,168 11,278 -110 337 -447 10,410 10,239 171 71 100 14 11.446 11,376 70 405 -335 10.475 10,345 130 131 21 11,183 11,203 -20 305 -325 10,546 10,378 168 117 51 28 11,215 11,188 27 314 -287 10,568 10,380 188 86 102 Nov. 4 11,383 11,326 57 311 -254 10,556 10,332 224 65 159 11 11,313 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 11,415 11,460 -45 294 -339 10,650 10,497 153 28 125 16 11,611 11,564 47 261 -214 10,772 10,592 180 25 155 23 11,682 11,666 16 245 -229 10,956 10,718 238 25 213 30 12,028 11,903 310 -185 11,123 10,819 304 26 278 .1971—Jan. 6 11,912 11,996 249 -333 11,078 10,920 158 28 130 13 12,211 12,238 -27 332 -359 11,218 11,026 192 42 150 20" 11,910 11,819 91 286 -195 11,172 10,993 179 42 137 21p i Beginning Sept. 12, 1968, amount is based on close-of-business fig- Total reserves held: Based on figures at close of business through Nov. ures for reserve period 2 weeks previous to report date. 1959; thereafter on closing figures for balances with F.R. Banks and opening figures for allowable cash; see also note 3 to preceding table. NOTE.—Averages of daily figures. Monthly data are averages of daily Required reserves: Based on deposits as of opening of business each day. figures within the calendar month; they are not averages of the 4 or 5 Borrowings at F.R. Banks: Based on closing figures. weeks ending on Wed. that fall within the month. Beginning with Jan. 1964, reserves are estimated except for weekly averages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 8 MAJOR RESERVE CITY BANKS • FEBRUARY 1971 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars, except as noted) Basic reserve position Interbank Federal funds transactions Related transactions with U.S. Govt, securities dealers Less- Net- Gross transactions Net transactions Reporting banks week a e n n d d ing— s E e x r r v c e e e - s s s 1 r a B o t B w a o F n i r n . k - R g s s . F t f i b e r n u N d a a t n e n e e n d t r r k s s - a . l S d u e r o f p r ic lu it s r P r e e e q a s r e u o v r c f i g r v e . e n e d s t c P ha u s r e - s Sales t a w c t T r o t o i a - o t n w n a s a l s - y 2 b c o b P h u f a a y u n n s i r k n e e - s t s g s b o S e f a a l l n n l i e n k e s g s t d L ea o t l a o e n r s s 3 de f r B i a r n o o o l w g e r m s r - - s4 lo N a e n t s Total—46 banks 1970—Dec. 2. 199 108 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 8,080 -7,893 61.6 11,055 2,974 2,755 8,300 220 3,424 3,362 1971—Jan. 6. 364 6,990 -6,753 51.2 9,410 2,420 2,247 7,163 173 3,173 3,076 13. 21 7,743 -7,721 58.4 10,828 3,085 2,956 7,872 129 2,617 2,520 20. -112 145 6,570 -6,828 49.9 9,570 3,000 2,837 6,733 163 2,551 2,474 27. 21 48 6,283 -6,310 49.1 9,054 2,771 2,555 6,498 215 2,745 2,654 8 in New York City 1970—Dec. 2. 124 86 2,294 -2,257 46.2 3,378 1,084 862 2,517 222 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 57.9 870 963 859 3,011 104 1,953 1,883 30. 142 3,088 -2,946 56.9 795 706 706 3,088 1,925 1,865 1971—Jan. 6. 244 2,159 -1,986 37.0 802 643 552 2,250 91 1,792 1,696 13. 10 2,764 -2,753 51.3 768 1,004 881 2,886 123 1,430 1,336 20. -43 2,198 -2,324 41.2 151 953 892 2,259 61 1,353 1,280 27. -22 2,181 -2,229 42.7 2,949 769 2,261 81 1,630 1,543 38 outside New York City 1970—Dec. 2. 75 4,225 -4,172 56.8 6,441 2,216 2,033 4,408 183 962 954 9. 38 4,587 -4,549 61.2 6,514 1,927 1,815 4,699 112 1,385 1,377 16. -20 4,609 -4,676 62.0 6,410 1,802 1,753 4,658 50 1,133 1,126 23. 33 4,724 -4,702 62.1 6,971 2,246 2,060 4,910 186 1,643 1,638 30. 45 4,992 -4,947 64.9 7,260 2,268 2,048 5,212 220 1,499 1,497 1971—Jan. 6. 120 4,831 -4,767 61.0 6,608 ,777 1,695 4,913 82 1,381 1,380 2 1 0 3 . . -6 1 9 1 4 4 , , 9 3 7 7 9 2 - - 4 4 , , 9 5 6 0 8 4 6 5 3 6 . . 3 0 7 6 , ,4 0 1 6 9 0 , , 0 0 8 4 1 7 2 1 , , 0 9 7 4 5 5 4 4 , , 9 4 8 7 5 4 10 6 2 1 1 , , 1 18 9 8 8 1 1 , , 1 1 8 9 4 4 27. 43 4,102 -4,081 53.4 6,104 ,002 1,867 4,237 135 1,115 1,111 5 in City of Chicago 1970—Dec. 2. . 1,180 -1,197 103.9 1,661 481 433 1,228 48 91 91 9. . 15 1,267 -1,252 106.0 1,652 385 366 1,286 18 154 154 16. . -12 1.386 -1,416 117.4 1,806 420 405 1,401 15 88 88 23. . 4 1,217 -1,213 100.3 1,689 473 424 1,266 49 105 105 30.. 20 1,465 -1,444 119.3 1,966 501 417 1,549 84 125 125 1971—Jan. 6. 24 1.387 -1,362 105.6 1,665 278 249 1,415 29 197 197 13. 10 1,318 -1,308 104.0 1,711 393 393 1,318 218 218 20. -32 1,145 -1,182 88.5 1,493 348 348 1,145 144 144 27. 15 1,186 -1,171 96.6 1,572 386 352 1,220 34 114 114 33 others 1970—Dec. 2. 75 4 3,045 -2,974 48.0 4,780 1,735 1,600 3,180 135 872 863 9. 23 3,320 -3,297 c52.7 4,862 1,542 1,449 3,413 94 1,231 1,223 16. -8 *30' 3,222 -3,260 51.4 4,604 1,382 1,348 3,257 34 1,045 1,038 23. 29 3,508 -3,489 54.8 5,281 1,774 1,637 3,645 137 1,538 1,533 30. 25 3,528 -3,503 54.6 5,294 1,767 1,631 3,663 136 1,374 1,372 1971—Jan. 6. 95 55 3,445 -3,405 42.1 4,943 1,499 1,446 3,498 53 1,185 1,183 13. 1 3,662 -3,660 55.5 5,350 1,688 1,682 3,668 6 970 966 20. -38 58 3,227 -3,322 49.6 4,927 1,700 1,597 3,329 102 1,054 1,050 27. 29 22 2,916 -2,909 45.3 4,533 1,617 1,516 3,017 100 1,002 997 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

FEBRUARY 1971 • F.R. BANK INTEREST RATES A 9 CURRENT RATES (Per cent per annum) Advances to and discounts for member banks AAddvvaanncceess ttoo aallll ootthheerrss uunnddeerr Advances and discounts under Advances under llaasstt ppaarr.. SSeecc.. 113333 FFFeeedddeeerrraaalll RRReeessseeerrrvvveee BBBaaannnkkk Sees. 13 and 13a 1 Sec. 10(b)2 R Ja a 1 n 9 t . e 7 1 3 o 1 n , Ef d fe a c t t e i ve Pr r e a v t i e o us R Ja a 1 n t 9 . e 7 1 3 o 1 n , Ef d fe a c t t e i ve Pr r e a v t i e o us R Ja a 1 n t 9 . e 7 1 3 o 1 n , Ef d fe a c t t e i ve Pr r e a v t io e us P B N C R C S K A M h t o l e h i t a . i e c i l w s n i n l a v h L t c a n s n e o a m o d Y a l e n t g a u s e a a o o o n l i p n p r s C d o k d h i l t i i y a s 5 5 5 5 5 5 5 5 5 5 J J J J J J J J J J a a a a a a a a a a n n n n n n n n n n . . . . . . . . . . 2 2 2 2 2 1 1 1 1 1 2 9 9 1 9 9 9 9 9 9 , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 7 7 7 7 7 7 7 7 7 7 1 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 5 1 1 1 1 1 1 V V V V / / / / / / 2 2 2 2 2 2 i 2 i z 5 5 5 5 5 5 5 5 5 5 1 1 1 1 1 1 ^ V V V / / / / / / 2 2 2 2 2 2 2 i i i J J J J J J J J J J a a a a a a a a a a n n n n n n n n n n . . . . . . . . . . 2 2 2 2 2 1 1 1 1 1 2 9 9 9 1 9 9 9 9 9 , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 7 7 7 7 7 7 7 7 7 7 1 1 1 1 1 1 1 1 1 1 6 6 6 6 6 6 6 6 6 6 7 7 7 7 7 7 7 7 7 7 J D D D J J J D D D a a a a e e e e e e n n n n c c c c c c . . . . . . . . . . 2 2 1 1 1 4 2 1 0 1 1 1 1 8 9 , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 7 7 7 7 7 7 7 7 7 7 1 1 1 1 0 0 0 0 0 0 7 m 7 7 7 7 7 m m 7 1 1 1 V V V Y / / / 4 2 4 a a 4 A Dallas 5 Jan. 19, 1971 51/2 5*4 Jan. 19, 1971 6 7 Dec. 1, 1970 71/4 San Francisco 5 Jan. 22, 1971 51/2 5y2 Jan. 22, 1971 6 7 Dec. 4, 1970 71/4 1 Discounts of eligible paper and advances secured by such paper or by 2 Advances secured to the satisfaction of the F.R. Bank. Maximum U.S. Govt, obligations or any other obligations eligible for 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) Range F.R. Range F.R. Range F.R. Effective (or level)— Bank Effective (or level)— Bank Effective (or level)- Bank date All F.R. of date All F.R. of date All F.R. of Banks N.Y. Banks N.Y. Banks N.Y. In effect Dec. 31, 1945 t fc 1957—Aug. 9 3 -31/2 3 1965—Dec. 6 4 -41/2 41/2 23, 31/2 31/2 1 3 41/2 41/2 1946—Apr. 25 t V2-1 Nov. 15 3 -31/2 3 May 10 1 Dec. 2 3 3 1967—Apr. 7 4 -41/2 4 1 4 4 4 1948—Jan. 12 1 -I14 11/4 1958—Jan. 22, 234-3 3 Nov. 20 4 -41/2 41/2 1 9 1V4 IV4 24, 234-3 234 27 41/2 41/2 Aug. 13 IV4-IV2 l!/2 Mar. 7, 21/4-3 21/4 23 IV2 11/2 2 1 1 3, . 214-234 21/4 1968—Mar. 15 41/2-5 4% 1 1 9 95 5 3 0 — — J A a u n g . . 2 2 2 1 5 3 1 6 1 1 1 ^ / 2 2 I - V - 2 13 4 / 4 2 2 i i y y 4 4 A S M A e p u a p r g y t . . . 1 2 1 1 9 2 3 5 8 . , , , 1 1 1 3 3 3 2 2 1 4 4 4 1 3 - - - / 4 2 2 2 4 1 4 2 2 2 1 1 1 3 1 3 3 / / 4 4 4 4 A A D p u ec r g . . . 2 2 1 1 1 3 6 2 6 0 8 9 5 5 5 1 * 4 4 5 5 5 - 1 1 - - 5 5 / 5 / 4 2 1 1 1 / / / 2 2 2 5 5 5 5 5 5 1 1 1 1 1 / / / / / 4 2 2 2 2 1954—F A e p b r . . 1 1 1 5 4 6 5 1 1 n 1 * / / i 2 4 2 y - - -4 1 2 1 % % i i i 1 y y y 1/ 4 4 4 2 1959—M N O o c a t v r . . . 2 1 7 4 6 6 2 2 1 / 2 3 2 1 - - / 2 3 2 1 /2 2 2 3 3 1 /2 1969—Apr. 20 4 8 5V 5 6 4 1 - / 6 2 6 6 51 /2 May 21 iy2 11/2 May 29 3 -31/2 31/2 1955—Apr. 14 11/2-134 11/2 J S u ep n t e . 1 1 1 2 31/ 3 2 1 - / 4 2 4 31 /2 1970—Nov. 1 13 1 5 53 3 4 4 - - 6 6 5 6 3 4 May 1 2 5. ..... , 1V 1 2 3 - 4 1 V4 i 1 y 34 4 18 4 4 16 534 534 N S A e o u p v g t . . . 1 1 1 8 9 4 5 3 2 2 2 2 1 1 1 3 3 4 2 4 4 - 1 - - - - 2 4 2 2 2 2 1 1 1 1 1 /2 4 4 4 4 2 2 2 2 2 1 1 1 1 % / 4 4 2 1960—J S A u e u p n g t e . . 1 1 1 9 3 2 4 0 . , . . . 3 3 3 1 1 / / 3 3 2 2 1 - - - 3 / 4 4 2 1 /2 4 3 3 3 3 1 1 / / 2 2 1971—J D a e n c . . 11 4 1 8 5 5 5 1 1 i/ 4 / 5 2 2 - 1 - - 5 / 5 5 2 1 3 3 / / 4 2 4 5 5 5 5 1 1 1 3 / / 4 4 2 2 1956—Apr. 2 2 1 3 0 3 2 2 1 3 / 2 4 2 1 - - / 3 3 2 2 2 2 1 3 y / 4 4 2 1963—July 1 2 7 6 . . 3 3V -3 i i/2 3 3 1 1 / / 2 2 2 2 1 1 2 9 9 5 5 5 5 5 1 - - / 5 5 4 1 1 / / 4 4 5 5 5 5 * 1 4 4 Aug. 24 23/4-3 3 1964—Nov. 24. 31/2-4 4 31 3 3 30. 4 4 In effect Jan. 31, 1971 5 5 Go t v t P , re o f b e l r i e g n a t t i i a o l n s r a m te a t o ur f i V ng 2 o in f 1 1 y p e e a r r c o e r n t l e f s o s. r T a h d e v a r n a c te e s of s e 1 c u p r e e r d c b e y n t U w . a S s . i A n u g th . e 4 , fo 1 l . l 8 o 5 w ; i S n e g p t p . e 1 ri - o 2 d , s 2 . ( 1 r 0 a ; t e S s ep in t. p 8 e , r 2 c . e 1 n 5 t ; a N ge o s v ): . 1 1 0 9 , 5 5 2 — .37 M 5; a y 1 9 4 5 - 6 6 — , A 1. u 6 g 5 . ; 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; 1971—Jan. 21, 27, 4.75. 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 • FEBRUARY 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> s deposits 2 deposits 2-4 (all classes of banks) TTTiiimmmeee dddeeepppooosss--iiitttsss Reserve Country Other EEEffffffeeeccctttiiivvveee dddaaattteee iii CC rr bb ee ee cc ss aa nn ii ee nn tt tt rr yy rr kk vv aa ss ee ll bb ss cc RR aa ee ii rr nn tt ee 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 iii $ U 5 n c m d it e i y r l - ba $ n O 5 k v m s e r il - $ U 5 n m de b i r l a - nk $ s O 5 v m er il - dd SS ee iinn ii pp aa tt gg ss vv oo ss -- ss -- $ U 5 t n i m m d e e i r l- de $ p 5 O 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 6 16% 6 12 64 64 55 Sept. 8, 15 66 111999555111———JJJaaannn... 111111,,, 111666 22222222223333333333 11119999 11113333 66 JJJaaannn... 222555,,, FFFeeebbb... 111 22222222224444444444 22220000 11114444 1967—Mar. 2 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 11996688——JJaann.. 1111,,1188 111166661111////2222 11117777 11112222 11112222%%%% 111999555888———FFFeeebbb... 222777,,, MMMaaarrr... 111............ iiiiiiiiiimmmmmmmmmm 111777111///222 M A M A M Appp aaa rrr rrr ... ... 222 111 000 777 ,,, AAAppprrr... 111 1111111111 1111111111 8888888888 9999999999 1111111111 //////////2222222222 111777 1969—Apr. 17. 11117777 11117777iiii////2222 111122221111////2222 11113333 Apr. 24 11111111118888888888 116611//22 11997700——OOcctt.. 11 55555 I960—Sept. 1 11111111117777777777%%%%%%%%%% Nov. 24 1122 IIInnn eeeffffffeeecccttt JJJaaannn... 333111,,, 111999777111...... 111777 111777111///222 111222%%% 111333 333 333 55555 1962—J D u e l c y 2 1 8 111 (((333 666 ))) iii ///222 PPPrrreeessseeennnttt llleeegggaaalll Oct. 25, Nov. 1 44 rrreeeqqquuuiiirrreeemmmeeennnttt::: MMMiiinnniiimmmuuummm 111000 777 333 333 333 MMMaaaxxxiiimmmuuummm 222222 111444 111000 111000 111000 1 When two dates are shown, the first applies to the change at central 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. 6 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. Effective Jan. 7, 1971, the June 21, 1917, until Dec. 1959. From Dec. 1959 to Nov. 1960, member applicable reserve percentage was increased from the original 10 per cent banks were allowed to count part of their currency and coin as reserves; to 20 per cent. Regulation D imposes a similar reserve requirement on bor- effective Nov. 24, 1960, 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 Registered bonds convertible into margin stocks 50 60 50 For short sales 50 70 90 70 50 70 70 80 65 Regulation U: For credit extended by banks on— Margin stocks 50 70 90 70 50 70 70 80 65 Bonds convertible into margin stocks 5500 6600 5500 Regulation G: For credit extended by others than brokers and dealers and banks on— Margin stocks 70 80 65 Bonds convertible into listed stocks 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

FEBRUARY 1971 a MAXIMUM INTEREST RATES; BANK DEPOSITS A 11 MAXIMUM INTEREST RATES PAYABLE ON TIME AND SAVINGS DEPOSITS (Per cent per annum) Rates Jan. 1, 1962—July 19, 1966 Rates beginning July 20, 1966 Effective date Effective date Type of deposit Type of deposit Jan. 1, July 17, Nov. 24, Dec. 6, July 20, Sept. 26, Apr. 19, Jan. 21, 1962 1963 1964 1965 1966 1966 1968 1970 Savings deposits: 1 Savings deposits 4% 12 months or more.. 4 4 Other time deposits:2 Less than 12 months. 3% 3% Multiple maturity:3 30-89 days 4 4% 90 days-1 year... 5 1 year to 2 years. 5 5Vi 2 years and over.. 5% Single-maturity: Less than $100,000: Other time deposits: 2 30 days to 1 year.. 5 9 L 6 1 0 2 e m ( s d m 3 s o a 0 o t n y - h n t 8 s a h t 9 n t h s o s d t 9 o 6 a 0 o y r m 1 s d ) 2 m a o y n m o s r t o e h n s t . h . s . 4 3 1 % 4 4 % 5Vz $1 3 2 6 0 1 0 0 0 y y , - - e e 0 5 8 a a 0 9 9 r r 0 s d d t o a a a a n n y y 2 d d s s y o o e v v a e e r r r s . : . . . 5 5 % 3/4 5 5 ( ( 4 4 % 3 ) ) / 4 90-179 days 5% 5% 6 634 180 days to 1 year. 7 1 year or more. .. W/4 7% 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 6*4 commercial banks, as established by the FDIC, have been the same as per cent on maturities of 30-59 days and 6% 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 Item mm bb ee aa AA mm nn ll bb ll kk ee ss rr Y N o e r w k C o i f t y Other C b o a u n n k t s r y Item mm bb ee aa AA mm nn llll bb kk ss ee rr Y N o e r w k C o i f t y Other C b o a u n n k t s r y City Chicago City Chicago Four weeks ending Dec. 2, 1970 Four weeks ending Dec. 30, 1970 Gross demand—Total... 183,932 41,952 7,493 64,591 69,896 Gross demand—Total.. 190,426 43,785 7,895 67,209 71,538 Interbank 25,161 11,419 1,407 9,568 2,767 Interbank 25,300 11,335 1,444 9,678 2,843 U.S. Govt 4,589 670 196 1,774 1,950 U.S. Govt 6,034 1,152 303 2,261 2,317 Other 154,182 29,864 5,890 53,249 65,179 Other 159,093 31,297 6,148 55,270 66,378 Net demand i 138,266 25,607 5,764 48,774 58,122 Net demand i 144,485 27,349 6,220 51,146 59,771 Time 175,087 19,969 5,963 65,039 84,117 Time 178,208 20,655 6,068 66,260 85,226 Demand balances due Demand balances due from dom. banks 10,925 1,277 123 2,661 6,865 from dom. banks.... 11,011 1 ,241 140 2,694 6,936 Currency and coin 5,140 438 91 1,666 2,945 Currency and coin 5,348 460 100 1 ,713 3,077 Balances with F.R. Balances with F.R. Banks 23,545 5,033 1,188 9,643 7,682 Banks 23,876 5,159 1 ,229 9,805 7,682 Total reserves held 28,685 5,471 1,279 11,309 10,627 Total reserves held 29,224 5,619 1 ,329 11,518 10,759 Required 28,449 5,436 1,282 11,286 10,446 Required 28,999 5,592 1 ,323 11,512 10,573 Excess 236 35 -3 23 181 Excess 225 27 6 6 186 i 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 o FEBRUARY 1971 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month 1971 1970 1971 1970 IIIttteeemmm Jan. Jan. Jan. Jan. Dec. Jan. Dec. Jan. 27 20 13 6 30 31 31 31 Assets Gold certificate account 10,464 10,464 10,464 10,464 10,842 10,464 10,457 11,036 Special Drawing Rights certificate account 400 400 400 400 400 400 400 200 247 239 225 218 219 255 221 169 Discounts and advances: Member bank borrowings 741 1,522 271 286 252 308 335 1,565 Other Acceptances: Bought outright 666333 666333 63 555999 56 59 57 555777 555 444999 999333 222666 Federal agency obligations—Held under repurchase 111000 888888 333000 999444 U.S. Govt, securities: Bought outright: Bills 222555,,,777000666 222555,,,888555666 25,933 24,564 25,606 25,965 222000,,,666222999 222555,,,666000888 NNootteess 33,236 33,236 33,236 33,236 33,182 33,236 33,236 31,392 BBoonnddss 2,941 2,941 2,941 2,941 2,886 2,941 2,941 3,496 TToottaall bboouugghhtt oouuttrriigghhtt 116611,,888833 116622,,003333 162,110 iill22 6611,,778855 il2 60,632 161,783 i 62,142 5555,,551177 HHeelldd uunnddeerr rreeppuurrcchhaassee aaggrreeeemmeennttss 115511 558800 226611 119922 TTTTTTToooooootttttttaaaaaaalllllll UUUUUUU.......SSSSSSS....... GGGGGGGooooooovvvvvvvttttttt,,,,,,, ssssssseeeeeeecccccccuuuuuuurrrrrrriiiiiiitttttttiiiiiiieeeeeeesssssss 62,034 62,613 62,110 62,046 60,632 61,783 62,142 55,709 TTTTTTToooooootttttttaaaaaaalllllll llllllloooooooaaaaaaannnnnnnsssssss aaaaaaannnnnnnddddddd ssssssseeeeeeecccccccuuuuuuurrrrrrriiiiiiitttttttiiiiiiieeeeeeesssssss 62,853 64,335 62,444 62,578 60,940 62,150 62,534 57,387 CCCCCCCaaaaaaassssssshhhhhhh iiiiiiittttttteeeeeeemmmmmmmsssssss iiiiiiinnnnnnn ppppppprrrrrrroooooooccccccceeeeeeessssssssssssss ooooooofffffff cccccccooooooolllllllllllllleeeeeeeccccccctttttttiiiiiiiooooooonnnnnnn P 10,590 P 11,229 f11,390 P 13,072 11,328 p 9,227 11,178 8,459 BBBBBBBaaaaaaannnnnnnkkkkkkk ppppppprrrrrrreeeeeeemmmmmmmiiiiiiissssssseeeeeeesssssss 129 129 128 128 128 129 128 117 OOOOOOOttttttthhhhhhheeeeeeerrrrrrr aaaaaaasssssssssssssseeeeeeetttttttsssssss::::::: DDDDDDDeeeeeeennnnnnnooooooommmmmmmiiiiiiinnnnnnnaaaaaaattttttteeeeeeeddddddd iiiiiiinnnnnnn fffffffooooooorrrrrrreeeeeeeiiiiiiigggggggnnnnnnn cccccccuuuuuuurrrrrrrrrrrrrreeeeeeennnnnnnccccccciiiiiiieeeeeeesssssss 223 244 253 253 257 186 257 975 IIIIIIIMMMMMMMFFFFFFF gggggggooooooolllllllddddddd dddddddeeeeeeepppppppooooooosssssssiiiiiiittttttteeeeeeeddddddd 3333333 159 159 159 159 166 159 166 219 AAAAAAAllllllllllllll ooooooottttttthhhhhhheeeeeeerrrrrrr 759 716 662 619 559 793 572 618 P85,824 P87,915 P86,125 p87,891 84,839 ^83,763 85,913 79,180 LLLLLLLiiiiiiiaaaaaaabbbbbbbiiiiiiillllllliiiiiiitttttttiiiiiiieeeeeeesssssss FFFFFFF.......RRRRRRR....... nnnnnnnooooooottttttteeeeeeesssssss 48,871 49,179 49,779 50,118 50,565 48,630 50,323 45,494 DDDDDDDeeeeeeepppppppooooooosssssssiiiiiiitttttttsssssss::::::: MMMMMMMeeeeeeemmmmmmmbbbbbbbeeeeeeerrrrrrr bbbbbbbaaaaaaannnnnnnkkkkkkk rrrrrrreeeeeeessssssseeeeeeerrrrrrrvvvvvvveeeeeeesssssss p24,974 P26,754 P24,440 P25,479 22,494 P24,508 24,150 23,637 UUUUUUU.......SSSSSSS....... TTTTTTTrrrrrrreeeeeeeaaaaaaasssssssuuuuuuurrrrrrreeeeeeerrrrrrr———————GGGGGGGeeeeeeennnnnnneeeeeeerrrrrrraaaaaaalllllll aaaaaaaccccccccccccccooooooouuuuuuunnnnnnnttttttt 1,237 608 587 1,105 1,271 976 1,156 1,127 FFFFFFFooooooorrrrrrreeeeeeeiiiiiiigggggggnnnnnnn 155 185 136 154 135 129 148 152 OOOOOOOttttttthhhhhhheeeeeeerrrrrrr::::::: IIIIIIIMMMMMMMFFFFFFF gggggggooooooolllllllddddddd dddddddeeeeeeepppppppooooooosssssssiiiiiiittttttt 3333333 159 159 159 159 166 159 166 210 AAAAAAAllllllllllllll ooooooottttttthhhhhhheeeeeeerrrrrrr 558 554 560 564 570 610 1,067 482 27,083 P28,260 P25,882 P27,461 24,636 P26,382 26,687 25,608 DDDDDDDeeeeeeefffffffeeeeeeerrrrrrrrrrrrrreeeeeeeddddddd aaaaaaavvvvvvvaaaaaaaiiiiiiilllllllaaaaaaabbbbbbbiiiiiiillllllliiiiiiitttttttyyyyyyy cccccccaaaaaaassssssshhhhhhh iiiiiiittttttteeeeeeemmmmmmmsssssss 7,682 8,325 8,366 8,280 7,389 6,534 6,917 5,915 519 551 563 569 560 511 582 529 OOOOOOOttttttthhhhhhheeeeeeerrrrrrr llllllliiiiiiiaaaaaaabbbbbbbiiiiiiillllllliiiiiiitttttttiiiiiiieeeeeeesssssss aaaaaaannnnnnnddddddd aaaaaaaccccccccccccccrrrrrrruuuuuuueeeeeeeddddddd dddddddiiiiiiivvvvvvviiiiiiidddddddeeeeeeennnnnnndddddddsssssss P84,155 P86,315 P84,590 P86,428 83,150 P82,057 84,509 77,546 TTTTTTToooooootttttttaaaaaaalllllll llllllliiiiiiiaaaaaaabbbbbbbiiiiiiillllllliiiiiiitttttttiiiiiiieeeeeeesssssss CCCCCCCaaaaaaapppppppiiiiiiitttttttaaaaaaalllllll aaaaaaaccccccccccccccooooooouuuuuuunnnnnnntttttttsssssss 770088 770066 770055 770022 770022 770088 702 667755 CSCSCSCSCSCSCSuuuuuuuaaaaaaarrrrrrrppppppppppppppiiiiiiitttttttllllllluuuuuuuaaaaaaalllllllsssssss pppppppaaaaaaaiiiiiiiddddddd iiiiiiinnnnnnn 770022 770022 770022 770022 666699 770022 702 666699 OOOOOOOttttttthhhhhhheeeeeeerrrrrrr cccccccaaaaaaapppppppiiiiiiitttttttaaaaaaalllllll aaaaaaaccccccccccccccooooooouuuuuuunnnnnnntttttttsssssss 225599 119922 112288 5599 331188 229966 229900 TTToootttaaalll llliiiaaabbbiiillliiitttiiieeesss aaannnddd cccaaapppiiitttaaalll aaaccccccooouuunnntttsss P85,824 P 87,915 P 86,125 P87,891 84,839 P83,763 85,913 79,180 CCCooonnntttiiinnngggeeennnttt llliiiaaabbbiiillliiitttyyy ooonnn aaacccccceeeppptttaaannnccceeesss pppuuurrrccchhhaaassseeeddd fffooorrr fffooorrreeeiiigggnnn cccooorrrrrreeessspppooonnndddeeennntttsss 248 252 247 249 250 270 250 147 MMMaaarrrkkkeeetttaaabbbllleee UUU...SSS... GGGooovvvttt,,, ssseeecccuuurrriiitttiiieeesss hhheeelllddd iiinnn cccuuussstttooodddyyy fffooorrr fffooorrreeeiiigggnnn aaannnddd iiinnnttteeerrrnnnaaatttiiiooonnnaaalll aaaccccccooouuunnntttsss 444 11,640 11,635 11,386 11,190 11,282 11,645 11,197 7,374 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank) 53,122 53,308 53,555 53,696 53,690 53,050 53,745 49,635 Collateral held against notes outstanding: Gold certificate account 3,330 3,330 3,330 3,330 33,,333300 33,,333300 33,,333300 33,,222222 U.S. Govt, securities 51,415 51,415 51,415 51,415 51,415 51,415 51,415 48,112 Total collateral 54,745 54,745 54,745 54,745 54,745 54,745 54,745 51,334 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-5. date include both marketable and nonmarketable securities for foreign 3 See note 1 (b) at top of p. A-75. account only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1971 • FEDERAL RESERVE BANKS A 13 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 29, 1971 (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 la le n v d e - m Ri o c n h d - At t l a a n- c C a h g i o - Lo S u t. i s M ap i o n l n is e - 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,,,,444466664444 532 2222,,,,999999999999 558800 855 993333 555777444 111,,,555666999 413 116611 334477 244 1,257 SSppeecciiaall DDrraawwiinngg RRiigghhttss cceerrttiiff.. aacccctt........ 444400000000 23 99993333 2233 33 3366 222222 777000 15 77 1155 14 49 FF..RR.. nnootteess ooff ootthheerr bbaannkkss 1111,,,,555577776666 164 222288887777 9977 117 110077 333888000 777777 43 3366 3388 60 170 OOtthheerr ccaasshh 222255555555 12 22223333 1133 29 1177 333333 333777 14 77 1188 16 36 *** DDiissccoouunnttss aanndd aaddvvaanncceess:: S O S O ee tt cc hh uu ee rr rr ee dd bbyy UU..SS.. GGoovvtt,, sseeccuurriittiieess 22229999 1111 0000 8888 4444**** 33 *** 222999000 333 ** 22 55 Acceptances: 55559999 55559999 Federal agency obligations—Held U.S. Govt, securities: Bought outright 161,783 3,078 15,802 3,172 4,764 4,621 3,070 9,942 2,281 1,233 2,412 2,811 8,597 TToottaall llooaannss aanndd sseeccuurriittiieess 6622,,115500 3,078 1155,,886655 3,173 4,764 4,624 3,070 10,235 2,281 1,235 2,417 2,811 8,597 CCaasshh iitteemmss iinn pprroocceessss ooff ccoolllleeccttiioonn...... 1122,,116655 659 22,,225522 608 812 856 1,326 1,949 560 426 804 783 1,130 BBaannkk pprreemmiisseess 112299 2 88 3 13 11 17 17 12 12 18 8 8 OOtthheerr aasssseettss:: DDeennoommiinnaatteedd iinn ffoorreeiiggnn ccuurrrreenncciieess.... 118866 9 22 4499 10 17 10 12 28 6 4 8 10 23 115599 115599 AAAllllll ooottthhheeerrr 779933 51 220077 40 58 60 38 117 28 15 29 34 116 TTToootttaaalll aaasssssseeetttsss 88,277 4,530 21,942 4,547 6,698 6,654 5,472 14,099 3,372 1,903 3,694 3,980 11,386 LLLiiiaaabbbiiillliiitttiiieeesss FFF...RRR... nnnooottteeesss 5500,,220066 2,839 1111,,998877 2,865 4,090 4,506 2,544 8,775 1,916 861 1,838 1,893 6,092 DDDeeepppooosssiiitttsss::: MMMeeemmmbbbeeerrr bbbaaannnkkk rrreeessseeerrrvvveeesss 2244,,550088 956 66,,881188 1,047 1,659 1,225 1,541 3,431 874 596 1,037 1,342 3,982 UUU...SSS... TTTrrreeeaaasssuuurrreeerrr———GGGeeennneeerrraaalll aaaccccccooouuunnnttt...... 997766 65 116677 65 74 94 95 41 48 55 75 66 131 FFFooorrreeeiiigggnnn 112299 6 44 3344 7 12 7 9 19 4 3 5 7 16 OOOttthhheeerrr::: IIIMMMFFF gggooolllddd dddeeepppooosssiiittt 333 115599 115599 AAAAAllllllllll ooooottttthhhhheeeeerrrrr 661122 1 554477 6 2 13 2 7 3 3 3 3 22 TTTTToooootttttaaaaalllll dddddeeeeepppppooooosssssiiiiitttttsssss 26,384 1,028 7,725 1,125 1,747 1,339 1,647 3,498 929 657 1,120 1,418 4,151 DDDDDeeeeefffffeeeeerrrrrrrrrreeeeeddddd aaaaavvvvvaaaaaiiiiilllllaaaaabbbbbiiiiillllliiiiitttttyyyyy cccccaaaaassssshhhhh iiiiittttteeeeemmmmmsssss 9,470 557 1,652 442 671 678 1,147 1,485 450 338 646 555 849 511 26 130 27 39 37 25 81 19 10 20 23 74 OOOOOttttthhhhheeeeerrrrr llllliiiiiaaaaabbbbbiiiiillllliiiiitttttiiiiieeeeesssss aaaaannnnnddddd aaaaaccccccccccrrrrruuuuueeeeeddddd dddddiiiiivvvvviiiiidddddeeeeennnnndddddsssss 86,571 4,450 21,494 4,459 6,547 6,560 5,363 13,839 3,314 1,866 3,624 3,889 11,166 TTTTToooootttttaaaaalllll llllliiiiiaaaaabbbbbiiiiillllliiiiitttttiiiiieeeeesssss CCCCCaaaaapppppiiiiitttttaaaaalllll aaaaaccccccccccooooouuuuunnnnntttttsssss 708 33 185 36 64 37 48 106 24 16 30 39 90 CCCCCaaaaapppppiiiiitttttaaaaalllll pppppaaaaaiiiiiddddd iiiiinnnnn 702 33 185 36 63 36 47 105 24 16 30 39 88 296 14 78 16 24 21 14 49 10 5 10 13 42 OOOOOttttthhhhheeeeerrrrr cccccaaaaapppppiiiiitttttaaaaalllll aaaaaccccccccccooooouuuuunnnnntttttsssss 88,277 4,530 21,942 4,547 6,698 6,564 5,472 14,099 3,372 1,903 3,694 3,980 11,386 TTTTToooootttttaaaaalllll llllliiiiiaaaaabbbbbiiiiillllliiiiitttttiiiiieeeeesssss aaaaannnnnddddd cccccaaaaapppppiiiiitttttaaaaalllll aaaaaccccccccccooooouuuuunnnnntttttsssss.......... CCCCCooooonnnnntttttiiiiinnnnngggggeeeeennnnnttttt llllliiiiiaaaaabbbbbiiiiillllliiiiitttttyyyyy ooooonnnnn aaaaacccccccccceeeeeppppptttttaaaaannnnnccccceeeeesssss pppppuuuuurrrrrccccchhhhhaaaaassssseeeeeddddd fffffooooorrrrr fffffooooorrrrreeeeeiiiiigggggnnnnn cccccooooorrrrrrrrrreeeeessssspppppooooonnnnnddddd----- 270 13 5 72 14 24 14 18 40 9 6 11 15 34 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank) 5533,,005500 33,,002233 1122,,771144 22,,995566 44,,330033 44,,770033 2,803 99,,116622 11,,999977 903 1,926 22,,002244 6,536 Collateral held against notes outstanding: nlH pprttfipflfp1 Jirpftiint 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 $198 million participations of other F.R. Banks. 2 After deducting $137 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 4 After deducting $95 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 • FEBRUARY 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 h p r u a o s r s e - s s G sa r l o e s s s Re t d io e n m s p- c G h p r a u o s r s e - s s G sa r l o e s s s Re t d io e n m s p- c G h p r 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 h p r u a o s r s e - s s G sa r l o e s s s m E s a h t x o u i c r f r h t i s . t y tions 1969—Dec 11111111111111,,,,,,,,,,,,,,222222222222225555555555555500000000000000 11111111111111,,,,,,,,,,,,,,000000000000002222222222222299999999999999 333333338888888866666666 11111111111111,,,,,,,,,,,,,,222222222222225555555555555500000000000000 11111111111111,,,,,,,,,,,,,,000000000000002222222222222299999999999999 333338888866666 1970—Jan 33333333333333,,,,,,,,,,,,,,111111111111113333333333333333333333333333 44444444444444,,,,,,,,,,,,,,111111111111115555555555555544444444444444 666666661111111155555555 33333333333333,,,,,,,,,,,,,,111111111111113333333333333333333333333333 44444444444444,,,,,,,,,,,,,,111111111111115555555555555544444444444444 666661111155555 Feb 888888888888880000000000000011111111111111 333333333333339999999999999955555555555555 111111110000000000000000 888888888888880000000000000011111111111111 333333333333339999999999999955555555555555 111110000000000 ---555666444 111,,,333111999 Mar 22222222222222,,,,,,,,,,,,,,666666666666665555555555555577777777777777 22222222222222,,,,,,,,,,,,,,555555555555557777777777777777777777777777 111111111111111199999999 22222222222222,,,,,,,,,,,,,,666666666666665555555555555577777777777777 22222222222222,,,,,,,,,,,,,,555555555555557777777777777777777777777777 111111111199999 111555444 ---111555444 Apr 11111111111111,,,,,,,,,,,,,,111111111111112222222222222244444444444444 777777777777774444444444444477777777777777 11111111111111,,,,,,,,,,,,,,111111111111112222222222222244444444444444 777777777777774444444444444477777777777777 May 22222222222222,,,,,,,,,,,,,,222222222222222222222222222255555555555555 888888888888883333333333333355555555555555 """"""""""""""""222222224444444444444444"""""""" 22222222222222,,,,,,,,,,,,,,000000000000001111111111111177777777777777 888888888888883333333333333355555555555555 222444444 111777 --99,,441144 111666777 1111,,110066 June 22222222222222,,,,,,,,,,,,,,666666666666665555555555555599999999999999 11111111111111,,,,,,,,,,,,,,666666666666661111111111111122222222222222 666666664444444411111111 22222222222222,,,,,,,,,,,,,,444444444444444444444444444499999999999999 11111111111111,,,,,,,,,,,,,,666666666666661111111111111122222222222222 666444111 222333 111444666 July 11111111111111,,,,,,,,,,,,,,666666666666662222222222222266666666666666 777777777777774444444444444444444444444444 11111111111111,,,,,,,,,,,,,,666666666666662222222222222266666666666666 777777777777774444444444444444444444444444 Aug 11111111111111,,,,,,,,,,,,,,111111111111112222222222222277777777777777 111111111111110000000000000066666666666666 **** 11111111111111,,,,,,,,,,,,,,111111111111112222222222222277777777777777 111111111111110000000000000066666666666666 **** --2211 --112299 Sept 22222222222222,,,,,,,,,,,,,,666666666666665555555555555577777777777777 22222222222222,,,,,,,,,,,,,,333333333333336666666666666677777777777777 333300008888 22222222222222,,,,,,,,,,,,,,444444444444447777777777777744444444444444 22222222222222,,,,,,,,,,,,,,333333333333336666666666666677777777777777 333300008888 1177 9900 Oct 222222222222224444444444444455555555555555 111111111111118888888888888833333333333333 111133334444 222222222222224444444444444455555555555555 111111111111118888888888888833333333333333 111133334444 Nov 22222222222222,,,,,,,,,,,,,,888888888888887777777777777711111111111111 11111111111111,,,,,,,,,,,,,,333333333333339999999999999911111111111111 22222222222222,,,,,,,,,,,,,,777777777777771111111111111155555555555555 11111111111111,,,,,,,,,,,,,,333333333333339999999999999911111111111111 333777 66,,336622 888000 --66,,771122 Dec 33333333333333,,,,,,,,,,,,,,444444444444441111111111111144444444444444 22222222222222,,,,,,,,,,,,,,222222222222228888888888888800000000000000 22222222222222,,,,,,,,,,,,,,888888888888888888888888888833333333333333 22222222222222,,,,,,,,,,,,,,222222222222228888888888888800000000000000 555 333666555 Outright transactions in U.S. Govt, securities—Continued RRReeepppuuurrrccchhhaaassseee BBaannkkeerrss'' aaagggrrreeeeeemmmeeennntttsss FFFFeeeeddddeeeerrrraaaallll aacccceeppttaanncceess (((UUU...SSS... GGGooovvvttt,,, NNNNeeeetttt aaaaggggeeeennnnccccyyyy 55 --1100 yyeeaarrss OOvveerr 1100 yyeeaarrss ssseeecccuuurrriiitttiiieeesss))) cccchhhhaaaannnnggggeeee oooobbbblllliiiiggggaaaa---- MMMMoooonnnntttthhhh iiiinnnn UUUU....SSSS.... ttttiiiioooonnnnssss UUnnddeerr NNNNeeeetttt c G h p r u a o s r s e - s s G sa r l o e s s s o E t s r u h x r i m c i f h t t a y s . - c G h p r u a o s r s e - s s G sa r l o e s s s o E t s r u h x r i m c i f h t t a y s . - c G h p r u a o s r s e - s s G sa r l o e s s s ssss GGGG eeee iiiitttt cccc oooo iiii uuuu eeee vvvv ssss rrrr tttt ,,,, ---- pppp (((( mmmm uuuu nnnn aaaa rrrr gggg eeee eeee cccc tttt rrrr nnnn hhhh eeee rrrr tttt eeee aaaa ssss eeee ---- )))) ssss ---- eeee rr OO ii nn gg uu ee hh tt tt tt -- ,, mm rr aa cc ee gg hh nn ee pp rr aa nn ee uu ee tt ss tt ee rr ee ss -- -- ,, cccchhhhaaaannnnggggeeee1111 1969—Dec 33333333333333,,,,,,,,,,,,,,333333333333333333333333333366666666666666 33333333333333,,,,,,,,,,,,,,333333333333333333333333333366666666666666 --------------111111111111116666666666666655555555555555 1111111111111155555555555555 --------------111111111111115555555555555500000000000000 1970—Jan 11111111111111,,,,,,,,,,,,,,222222222222220000000000000011111111111111 11111111111111,,,,,,,,,,,,,,000000000000000000000000000099999999999999 --------------11111111111111,,,,,,,,,,,,,,444444444444444444444444444444444444444444 333000 --------------77777777777777 222666 --------------11111111111111,,,,,,,,,,,,,,333333333333339999999999999955555555555555 Feb --668888 --6666 44444444444444,,,,,,,,,,,,,,444444444444440000000000000077777777777777 44444444444444,,,,,,,,,,,,,,555555555555559999999999999999999999999999 111111111111111111111111111144444444444444 ---333000 ---222666 5555555555555577777777777777 Mar.. . . 11111111111111,,,,,,,,,,,,,,111111111111117777777777777766666666666666 11111111111111,,,,,,,,,,,,,,111111111111117777777777777766666666666666 --------------3333333333333388888888888888 --------------44444444444444 --------------4444444444444433333333333333 Apr.. . . 33333333333333,,,,,,,,,,,,,,666666666666668888888888888855555555555555 33333333333333,,,,,,,,,,,,,,333333333333333333333333333388888888888888 777777777777772222222222222233333333333333 333444 66666666666666 444999 888888888888881111111111111111111111111111 MMMaaayyy... ... ... 111666 --ii ,,669922 999 999999999999995555555555555533333333333333 11111111111111,,,,,,,,,,,,,,222222222222229999999999999999999999999999 777777777777779999999999999999999999999999 ---333444 --------------1111111111111155555555555555 ---444999 777777777777770000000000000022222222222222 JJJuuunnneee......... 333777 444 999999999999990000000000000055555555555555 999999999999990000000000000055555555555555 444444444444440000000000000077777777777777 --------------1111111111111100000000000000 333333333333339999999999999977777777777777 JJJuuulllyyy 22222222222222,,,,,,,,,,,,,,000000000000000000000000000088888888888888 22222222222222,,,,,,,,,,,,,,000000000000000000000000000088888888888888 888888888888888888888888888822222222222222 55555555555555 888888888888888888888888888877777777777777 Aug.. .. 115500 33333333333333,,,,,,,,,,,,,,111111111111118888888888888811111111111111 22222222222222,,,,,,,,,,,,,,888888888888885555555555555522222222222222 11111111111111,,,,,,,,,,,,,,333333333333335555555555555511111111111111 333333111111 --------------44444444444444 333333000000 11111111111111,,,,,,,,,,,,,,444444444444440000000000000077777777777777 SSeepptt.... .. .. 6611 1166 33333333333333,,,,,,,,,,,,,,999999999999990000000000000066666666666666 33333333333333,,,,,,,,,,,,,,888888888888886666666666666611111111111111 2222222222222288888888888888 555555000000 33333333333333************** 222222111111 111111111111110000000000000011111111111111 OOcctt 33333333333333,,,,,,,,,,,,,,444444444444446666666666666655555555555555 33333333333333,,,,,,,,,,,,,,333333333333335555555555555533333333333333 4444444444444400000000000000 888888 ------111111444444 3333333333333344444444444444 NNNooovvv...... ... ... 222333 338866 111666 --3366 33333333333333,,,,,,,,,,,,,,888888888888886666666666666633333333333333 44444444444444,,,,,,,,,,,,,,111111111111112222222222222255555555555555 11111111111111,,,,,,,,,,,,,,222222222222221111111111111188888888888888 ------222222777777 11111111111111 111111333333 11111111111111,,,,,,,,,,,,,,222222222222220000000000000044444444444444 DDDeeeccc 111111333 444888 55555555555555,,,,,,,,,,,,,,111111111111110000000000000099999999999999 55555555555555,,,,,,,,,,,,,,333333333333333333333333333344444444444444 999999999999990000000000000088888888888888 ------666666111111 2222222222222211111111111111 ------555555000000 888888888888881111111111111199999999999999 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 i e sh r F fr r a e n n c c s h G m e a r r m k a s n Ita li l r i e a n Jap y a e n n e se g N u l e a i t l n h d d e e s r r - s f S r w an is c s s 1968—Dec.. 2,061 1,444 433 165 1 1969—Oct.. 1,823 1,494 7 313 5 Nov. 1,370 1,273 60 6 27 Dec., 1,967 1,575 199 60 125 4 1970—Jan.. 975 605 100 60 201 Feb.. 1,179 215 159 801 Mar. 1,169 207 157 801 Apr., 1,101 199 93 805 J J M u u a n ly y e . , , 2 5 6 9 1 9 0 0 0 1 1 1 8 9 8 9 0 0 9 9 9 5 4 4 2 4 0 0 5 0 1 1 1 4 1 5 Aug. 280 180 99996666 3 Sept. 680 580 99996666 3 Oct.. 408 306 99997777 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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 1971 1970 1971 1970 Jan. 27 Jan. 20 Jan.13 Jan. 6 Dec. 30 Jan. 31 Dec. 31 Jan. 31 Discounts and advances—Total 741 1,522 227711 228866 225533 308 333344 11,,556666 Within 15 days 741 1,522 227700 228855 225500 308 333322 11,,554499 16 days to 90 days 11 11 33 22 1177 68 112 63 152 56 59 57 83 Within 15 days 27 67 10 105 12 18 11 45 16 days to 90 days 41 45 53 47 44 41 46 38 U.S. Government securities—Total 62,044 62,701 62,110 62,140 60,632 61,783 62,142 55,739 Within 15 days* 4,100 4,430 3,175 3,058 2,223 2,415 1,995 2,210 11,910 11,861 12,377 12,481 11,895 13,685 12,676 11,112 91 days to 1 year 20,230 20,606 20,754 20,797 20,819 19,879 21,667 21,286 Over 1 year to 5 years 19,089 19,089 19,089 19,089 19,007 19,089 19,089 12,811 Over 5 years to 10 years 6,046 6,046 6,046 6,046 6,029 6,046 6,046 7,642 Over 10 years 669 669 669 669 659 669 669 678 i Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts1 Turnover of demand deposits (billions of dollars) Period SM T 2 o 3 S t 3 A a l ' s N Le .Y a . d ing S 6 M o S t A h ' e s r s2 T S o N M ( t e a . x S Y l c A . l 2 ) . ' 3 s 2 SM o 2 th 2 S 6 e A r ' s S T M 2 o 3 S t 3 A a l ' s L N e .Y a . d ing S 6 M o S t A h ' e s r s2 T S o N M ( t e a . x S Y l c A . l 2 ) . ' 3 s 2 SM o 2 th 2 S 6 e A r ' s 1969—Dec.. 9.560.4 4.198.2 2,212.9 5,362.2 3,149.3 69.4 145.7 69.6 49.2 40.8 1970—Jan.. 9.547.5 4.054.0 2,277.4 5.493.5 3.216.1 r 69. 3 139.9 71.6 '50.5 '41.8 Feb.. 9,793.5 4.232.1 2.309.1 5.561.4 3.252.2 ' 72. 3 148.8 74.2 '51.9 '42.8 Mar. 9,845.3 4.336.7 2,291.4 5.508.6 3.217.2 r 70.6 145.7 72.2 '50.2 '41.3 Apr.. 10.170.2 4,422.0 2,417.9 5.748.2 3.330.3 '72.8 149.7 75.8 '52.2 '42.6 May. 10,021.8 4,249.4 2.460.0 5.772.5 3.312.5 '"73.5 150.6 78.4 '53.3 '43.1 June. 10.143.3 4.366.0 2.443.3 5.777.3 3,334.0 r 73.2 149.3 77.5 '52.8 '42.8 July. 10,218.1 4.324.3 2.508.2 5,893.9 3.385.6 '73.2 145.3 79.4 '53.7 '43.3 Aug. 10.557.7 4,770.6 2.478.8 5,787.1 3,308.3 '75.7 162.8 77.9 '52.5 '42.2 Sept. 10.559.6 4.668.1 2.502.9 5.891.5 3,388.6 75.4 161.0 77.9 53.0 42.9 Oct.' 10.791.8 4.899.8 2.497.4 5,892.1 3,394.6 78.2 175.9 78.4 53.5 43.4 Nov. 10.542.4 4.824.0 2.420.1 5.718.4 3,298.3 75.7 168.5 75.8 51.7 41.9 Dec. 10.903.7 5.016.1 2,480.1 5.887.6 3,407.5 77.0 170.6 76.7 52.5 42.7 1 Excludes interbank and U.S. Govt, demand deposit accounts. For description of series, see Mar. 1965 BULLETIN, p. 390. 2 Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and The data shown here differ from those shown in the Mar. 1965 BULLETIN Los Angeles-Long Beach. because they have been revised, as described in the Mar. 1967 BULLETIN, p. 389. NOTE.—Total SMSA's includes some cities and counties not designated as SMSA's. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 16 U.S. CURRENCY • FEBRUARY 1971 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency End of period in circulation 1 Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1.404 1.048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 195 8 32,193 22,856 2,182 1,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 195 9 32,591 23,264 2,304 1,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 196 0 32,869 23,521 2,427 1,533 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 196 1 33,918 24,388 2,582 1,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 3 10 196 2 35,338 25,356 2,782 1,636 97 2,375 7,071 11,395 9,983 2,990 6,448 240 293 3 10 196 3 37,692 26,807 3,030 1,722 103 2,469 7,373 12,109 10,885 3,221 7,110 249 298 3 4 196 4 39,619 28,100 3.405 1,806 111 2,517 7,543 12,717 11,519 3,381 7,590 248 293 2 4 196 5 42,056 29,842 4.027 1,908 127 2,618 7,794 13,369 12,214 3,540 8,135 245 288 3 4 196 6 44,663 31,695 4,480 2,051 137 2,756 8,070. 14,201 12,969 3,700 8,735 241 286 3 4 196 7 47,226 33,468 4,918 2,035 136 2,850 8,366 15,162 13,758 3,915 9,311 240 285 3 4 196 8 50,961 36,163 5,691 2.049 136 2,993 8,786 16,508 14,798 4,186 10,068 244 292 3 4 1969—Dec. 53,950 37,917 6,021 2,213 136 3,092 8,989 17,466 16,033 4,499 11,016 234 276 3 5 1970—Jan.. 51,901 36,120 5,986 2,074 136 2,872 8,425 16,626 15,781 4,380 10,889 231 273 3 5 Feb. 52,032 36,227 5,988 2,060 136 2,862 8,482 16,699 15,805 4,384 10,914 229 271 3 5 Mar. 52,701 36,780 6.028 2,086 136 2,915 8,622 16,993 15,921 4,418 10,999 228 269 3 5 Apr. 53,034 37,012 6,053 2,105 136 2,920 8,646 17,152 16,022 4,446 11,075 226 266 3 4 May 53,665 37,509 6,084 2,134 136 2,953 8,744 17,458 16,157 4,488 11,173 225 264 3 4 June 54,351 37,994 6,128 2,157 136 2,983 8,837 17,753 16,357 4,567 11,298 223 262 3 4 July. 54,473 37,959 6,145 2,132 136 2,943 8,743 17,861 16,513 4,621 11,404 221 260 3 4 Aug. 54,669 38,042 6,170 2,142 136 2,942 8,743 17,909 16,627 4,654 11,487 220 259 3 4 Sept. 54,795 38,082 6,193 2,168 136 2,964 8,747 17,875 16,712 4,668 11,562 219 257 3 4 Oct.. 55,021 38,192 6,213 2,181 136 2,975 8,761 17,926 16,829 4,694 11,656 217 255 3 4 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 Dec. 57,093 39,639 6,281 2,310 136 3,161 9,170 18,581 17,454 4,896 12,084 215 252 3 4 1 Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin. overstated because they include small amounts of paper currency held by the Treasury and the F.R. Banks for which a denominational break- NOTE.—Condensed from Statement of United States Currency and down is not available. Coin, issued by the Treasury. KINDS OF UNITED STATES CURRENCY 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 DDDeeeccc... 333111,,, aaggaaiinnsstt TTrreeaassuurryy FF..RR.. BBBaaannnkkksss 111999777000 ggoolldd aanndd ccaasshh BBaannkkss aaannnddd ssiillvveerr aanndd AAAgggeeennntttsss Dec. Nov. Dec. cceerrttiiffiiccaatteess AAggeennttss 31 30 31 Gold 1111100000,,,,,777773333322222 ((1100,,445577)) 22 227755 Gold certificates (((((1111100000,,,,,444445555577777))))) 331100,,445566 1111 Federal Reserve notes 5555533333,,,,,777774444455555 111111777 3333,,,,444422223333 555000,,,222000444 444999,,,555222666 444777,,,333333444 Treasury currency—Total 77777,,,,,111114444499999 444000 222222221111 666,,,888888999 666,,,888555555 666,,,666111555 SSttaannddaarrdd ssiillvveerr ddoollllaarrss 444448888855555 3333 444448888822222 444448888822222 444448888822222 Fractional Coin 66666,,,,,000004444433333 22223333 222200 55555,,,,,888880000000000 55555,,,,,777776666699999 55555,,,,,555553333399999 United States notes 333332222233333 11113333 333330000099999 333330000066666 222229999922222 In process of retirement 4 222229999988888 222229999988888 222229999988888 333330000033333 TToottaall——DDeecc.. 3311,, 11997700 5555 77771111,,,,666622226666 ((((11110000,,,,444455557777)))) 444433331111 11110000,,,,444455556666 3333,,,,666644445555 5577,,009933 Nov. 30, 1970 5555 77770000,,,,777799999999 ((((11110000,,,,888822227777)))) 444455552222 11110000,,,,888822226666 3333,,,,111144440000 5566,,338811 Dec. 31, 1969 5555 66667777,,,,666633332222 ((((11110000,,,,000033336666)))) 555599996666 11110000,,,,000033335555 3333,,,,000055551111 5533,,995500 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

FEBRUARY 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. Currency Demand ad- Currency Demand ad- demand Total component deposit justed 1 Total component deposit justed i deposits1 component component 1967—Dec 183.1 40.4 142.7 183.5 188.6 41.2 147.4 182.1 5.0 1968—Dec 197.4 43.4 154.0 204.8 203.4 44.3 159.1 203.2 5.0 1969—Dec 203.6 46.0 157.7 194.6 209.8 46.9 162.9 193.2 5.6 1970—Jan 205.2 46.2 159.0 193.3 211.4 46.1 165.4 192.7 4.8 Feb 204.5 46.4 158.1 193.5 202.8 45.9 156.8 193.0 7.1 Mar 206.6 46.7 159.8 195.3 204.7 46.3 158.4 195.9 6.9 Apr 208.3 47.1 161.2 198.5 209.3 46.6 162.6 199.3 5.3 May 209.2 47.7 161.6 200.3 205.3 47.3 158.0 201.1 6.4 June 209.6 47.8 161.9 202.2 207.8 47.7 160.1 202.3 6.5 July 210.6 48.1 162.5 208.2 209.0 48.3 160.7 208.1 6.8 Aug 211.8 48.2 163.7 213.2 208.7 48.3 160.4 214.0 7.1 Sept 212.8 48.2 164.6 218.5 211.4 48.2 163.1 218.4 6.8 Oct 213.0 48.5 164.5 222.2 213.0 48.5 164.5 222.5 6.1 Nov 213.5 48.7 164.8 225.0 215.3 49.2 166.1 224.6 5.6 Dec 214.6 48.9 165.7 230.4 221.1 50.0 171.1 228.7 7.1 1971— Jan. p 214.8 49.2 165.6 235.3 221.3 49.1 172.2 234.6 6.6 Week ending— 1970—Dec. 30 214.7 49.0 165.8 232.3 222.0 50.1 171.9 230.2 8.3 1971—Jan. 6 215.4 49.2 166.2 233.6 227.2 49.8 177.4 232.2 7.0 13 215.2 49.1 166.1 234.2 223.8 49.4 174.4 233.3 4.8 2 2 0 1 "p 2 21 1 3 4 . . 9 9 4 4 9 9 . . 3 2 1 1 6 6 4 5 . . 6 7 2 23 3 6 5 . . 5 7 2 21 2 6 1 . . 4 2 4 48 9 . . 5 0 1 1 6 7 7 2 . . 9 2 2 2 3 3 6 4 . . 1 8 5 8. . 1 0 1 At all commercial banks. and F.R. float; (2) foreign demand balances at F.R. Banks; and (3) currency outside the Treasury, F.R. Banks, and vaults of all commercial NOTE.—For description of revised series and for back data, see 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.1 Deposits subject to reserve requirements 2 Total members bank deposiit plus nondepost S.A. N.S.A. items 3 Period Total Non- Demand Demand bboorrrroowweedd RReeqquuiirreedd Time Time Total and Total and S.A. N.S.A. ssaavviinnggss Private U.S. savings Private U.S. Govt. Govt. 1967—Dec.. 25.94 25.68 25.60 273.5 149.9 118.9 4.6 276.2 148.1 123.6 4.5 1968—Dec.. 27.96 27.22 27.61 298.2 165.8 128.2 4.2 301.2 163.8 133.3 4.1 1969—Dec.. 27.93 26.81 27.71 285.8 151.5 129.4 4.9 288.6 149.7 134.4 4.6 305.7 308.6 1970—Jan.. 28.00 26.97 27.82 284.8 149.4 130.1 5.3 288.5 148.9 135.6 3.9 304.8 308.5 Feb.. 27.72 26.62 27.52 282.9 148.8 128.5 5.6 282.3 148.8 127.4 6.1 303.4 302.8 Mar., 27.72 26.78 27.54 286.2 150.6 129.8 5.9 285.4 151.0 128.5 5.8 306.1 305.3 Apr.. 28.22 27.35 28.05 290.2 153.5 131.4 5.2 290.7 153.8 132.5 4.5 309.6 310.2 May. 27.89 26.92 27.69 289.1 154.6 131.4 3.0 287.9 154.9 127.7 5.4 309.3 308.2 June. 27.90 27.06 27.71 290.5 155.7 129.9 4.8 289.6 155.7 128.5 5.4 311.1 310.3 July. 28.04 26.69 27.90 296.0 160.7 130.9 4.4 296.3 160.9 129.6 5.8 315.8 316.1 Aug., 28.59 27.78 28.41 303.2 164.9 131.9 6.4 301.0 166.0 129.1 5.9 321.9 319.9 Sept.. 29.24 28.71 29.02 308.0 169.5 132.3 6.2 306.8 169.9 131.2 5.8 324.5 323.2 Oct.. 29.39 28.93 29.13 310.6 173.0 132.4 5.2 310.9 173.2 132.6 5.1 324.8 325.1 Nov.. 29.47 29.03 29.23 314.0 175.7 132.3 6.0 312.8 174.9 133.4 4.6 326.7 325.6 Dec.. 29.93 29.59 29.70 319.6 179.9 133.5 6.2 322.8 178.2 138.7 6.0 331.2 334.4 1971—Jan.p 30.24 29.81 30.03 324.0 183.2 134.1 6.7 328.2 182.8 139.7 5.6 334.1 338.3 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 • FEBRUARY 1971 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, Date S c c s G . e a a t D r o t o n t e c . d l i s R d k f 1 i . - T r s o c e u r i t u n u a n e r r g a t n y c - - y s d - - Total n L e o t a 2 ns , , 3 Total U.S. s C b a T a a v o r n n i m e n d k a g l s s . s u ry R F s B e e e a d c s n u e e r r r k v i a s t e l i es Other 4 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 p a e t o n i t b e i t e — t d t a i s a l l - l , c d u e T r a p o r n o e t d s a n i l c t s y C co m a a n a u p n i e c 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 19 87,510 555,596 487,093 68,501 July 29.. ,800 7,000 539,300 336,400 115,100 56,800 58,300 87,800 558,100 489,800 68,300 Aug. 26. . ,800 7,000 545,400 338,100 118,000 58,300 59,600 89,400 564,200 494,000 70,200 Sept. 30. . ,500 7,100 554,800 343,800 119,000 59,000 60,000 91,900 573,300 504,600 68,800 Oct. 2Sp.. ,500 7,100 554,300 341,300 119,600 60,300 59,300 93,400 572,900 505,300 67,600 Nov. 25p. ,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 60,600 100 98,500 595,100 528,400 66,800 1971—Jan. 27 11,100 7,200 572,700 345,900 126,800 64,600 62,000 300 100,000 591,000 524,900 66,100 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 m e D p a s a t o d e n e s - - d d it 7 s Total o b r u C a e t u n n s r c i k d - y s e d ju m e D p s a a t o d e e n s - - d d i t 7 s Total b m C a e n o r k m c s i a - 2 l b M sa a u v 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 nn ee FF ii ee oo gg tt rr nn 99 -- ,, T h c i u r o n a e r l g s a d y h s s - - s b c a a o a A v n n m i t d n k l s g . s B F a A . n R t k . s 1947—Dec. 31.... 110,500 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1,682 1,336 1,452 870 1950—Dec. 30.. . . 114,600 24,600 90,000 117,670 25,398 92,272 59,246 36,314 20,009 2,923 2,518 1 ,293 2,989 668 1967—Dec. 30.. . . 181,500 39,600 141,900 191,232 41,071 150,161 242,657 182,243 60,414 2,179 1,344 5,508 1,123 1968—Dec. 31.. .. 199,600 42,600 157,000 207,347 43,527 163,820 267,627 202,786 64,841 2,455 695 5,385 703 1969—Dec. 315... 206,800 45,400 161,400 214,689 46,358 168,331 260,992 193,533 67,459 2,683 596 5,273 1,312 1970—Jan. 28.... 196,400 45,300 151,100 198,900 44,700 154,300 258,700 191,600 67,100 2,500 600 6,500 1,300 Feb. 25.... 195,000 45,300 149,700 194,100 44,800 149,300 260,400 193,000 67,400 2,600 600 7,600 900 Mar. 25.. . . 200,000 45,900 154,100 196,900 45,400 151,600 264,100 196,200 68,000 2,700 600 6,300 1 ,500 Apr. 29.. . . 198,400 46,300 152,100 198,400 45,900 152,600 267,400 199,500 68,000 2,600 600 6,400 1,400 May 21.... 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 June 30.... 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 July 29.... 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 Aug. 26.. . . 199,900 46,800 153,100 198,200 47,100 151,100 283,400 214,100 69,300 2,400 500 8,600 900 Sept. 30 203,500 47,200 156,300 202,200 47,300 154,900 289,400 219,500 69,900 2,400 400 8,800 1,200 Oct. 2Sp... 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 Nov. 25p... 202,000 47,600 154,400 205,200 48,900 156,300 294,800 224,300 70,500 2,500 500 6,200 800 Dec. 30p. .. 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 1971—Jan. 21 p.. . 202,900 48,300 154,600 205,400 47,600 157,800 305,900 234,600 71,300 2,500 500 9,400 1 ,200 1 Includes Special Drawing Rights certificates beginning January 1970. 8 Includes relatively small amounts of demand deposits. Beginning with 2 Beginning with data for June 30, 1966, about $1.1 billion in "Deposits June 1961, also includes certain accounts previously classified as other liaaccumulated for payment of personal loans" were excluded from "Time bilities. deposits" and deducted from "Loans" at all commercial banks. These 9 Reclassification of deposits of foreign central banks in May 1961 rechanges resulted from a change in Federal Reserve regulations. See table duced this item by $1,900 million ($1,500 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. 6 Series began in 1946; data are available only for last Wed. of month. For description of substantive changes in official call reports of 7 Other than interbank and U.S. Govt., less cash items in process of condition beginning June 1969, see BULLETIN for August 1969, pp. collection. 642-46. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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 Interbank3 Other Total Num- Cash lia- Bor- capital ber Class of bank assets3 bbiilliittiieess row- ac- of and date Total LLooaannss aanndd Total3 Demand ings counts banks 11,,22 UU..SS.. ccaappiittaall De- TTrreeaass-- Other2 aacc-- mand Time Timel 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,C> 65 105 ,921 30,241 219 8,950 14,011 1947—Dec. 315.. 116,284 38,057 69,221 9,006 37,502 155,377 144,103 12,792 240 1,343 94,367 35,360 65 10,059 14,181 1966—Dec. 31 .. . 322,661 217,726 56,163 48,772 69,119 403,368 352,287 19,770 967 4,992 167,751 158,806 4,859 32,054 13,767 1967—Dec. 30... 359,903 235,954 62,473 61,477 77,928 451,012 395,008 21,883 1,314 5,234 184,066 182,511 5,777 34,384 13,722 1968—Dec. 31 .. . 401,262 265,259 64,466 71,537 83,752 500,657 434,023 24,747 1,211 5,010 199,901 203,154 8,899 37,006 13,679 1969—Dec. 31 6. 421,597 295,547 54,709 71,341 89,984 530,665 435,577 27,174 735 5,054 208,870 193,744 18,360 39,978 13,661 1970—Jan. 28... 410,980 287,330 52,960 70,600 77,400 506,770 406,380 21,550 620 6,320 186,130 191,760 22,620 40,030 13,662 Feb. 25... 408,890 286,680 51,400 70,810 78,900 506,780 406,390 22,230 620 7,380 182,940 193,220 22,620 40,230 13,665 Mar. 25 ... 412,410 288,230 51,520 72,660 76,360 508,420 407,980 21,810 580 6.140 183,090 196,360 22,840 40,370 13.664 Apr. 29 . . . 417,170 290,550 52,330 74,290 78,410 515,650 413,780 21,600 660 6,230 185,620 199,670 23,530 40,590 13.665 May 21... 417,340 290,370 52,640 74,330 78,930 516,630 413,720 22,180 690 5,960 183,740 201,150 23,080 40,850 13,665 June 30... 423,240 296,091 51,569 75,579 85,631 529,679 432,429 26,338 898 8,076 192,999 204,118 18,546 41,708 13,671 July 29... 425,530 296,330 53,510 75,690 74,930 520,800 422,740 22,440 1,350 7,170 181,540 210,240 19,850 41,510 13,671 Aug. 26. .. 430,080 297,900 55,050 77,130 78,820 529,640 429,680 22,890 1,630 8,270 182,520 214,370 20,160 41,720 13,675 Sept. 30*.. 436,790 301,530 55,750 79,510 85,760 543,900 447,320 26,480 1,710 8,470 190,810 219,850 18,170 42,040 13,678 Oct. 28p.. 439,350 301,310 57,050 80,990 78,310 538,950 439,790 24,780 1 ,740 6,220 184,870 222,180 20,200 42,080 13,684 Nov. 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 1971—Jan. 27*.. 453,850 305,310 61,250 87,290 83,300 558,140 461,630 25,380 1 ,990 9,080 190,210 234,970 20,650 42,660 13,687 Member of F.R. System: 1941—Dec. 31.. . 43,521 18,021 19,539 5,961 23,113 68,121 61,717 10,385 140 1,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31... 107,183 22,775 78,338 6,070 29,845 138,304 129,670 13,576 64 22,179 69,640 24,210 208 7,589 6,884 1947—Dec. 31... 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,353 50 1,176 80,609 28,340 54 8,464 6,923 1966—Dec. 31... 263,687 182,802 41,924 38,960 60,738 334,559 291,063 18,788 794 4,432 138,218 128,831 4,618 26,278 6,150 1967—Dec. 30... 293,120 196,849 46,956 49,315 68,946 373,584 326,033 20,811 1,169 4,631 151,980 147,442 5,370 28,098 6,071 1968—Dec. 31 ... 325,086 220,285 47,881 56,920 73,756 412,541 355,414 23,519 1,061 4,309 163,920 162,605 8,458 30,060 5,978 1969—Dec. 31 6. 336,738 242,119 39,833 54,785 79,034 432,.270 349,883 25,841 609 4,114 169,750 149,569 17,395 32,047 5,869 1970—Jan. 28... 327,368 234,860 38,328 54,180 68,449 411,828 324,605 20,560 497 5,420 150,363 147,765 21,263 32,078 5,853 Feb. 25... 325,777 234,213 37,110 54,454 69,806 412,036 324,937 21,244 496 6,429 147,932 148,836 21,238 32,242 5,850 Mar. 25 ... 328,556 235,138 37,340 56,078 67,594 413,148 326,028 20,845 454 5,100 148,270 151,359 21,582 32,343 5,839 Apr. 29 ... 332,097 236,436 38,192 57,469 69,174 418,597 330,136 20,608 531 5,251 149,940 153,806 22,376 32,528 5,828 May 21... 331,389 235,805 38,259 57,325 69,710 418,609 329,541 21,183 567 4,914 148,414 154,463 21,749 32,733 5,816 June 30. .. 335,551 240,100 37,324 58,127 75,539 428,975 345,514 25,122 691 6,957 155,916 156,829 17,507 33,184 5,803 July 29 .. . 337,377 240,309 38,950 58,118 65,971 420,844 336,818 21,371 1,139 6,181 146,003 162,124 18,675 33,047 5,795 Aug. 26. . . 341,096 241,594 40,305 59,197 69,769 428,607 342.995 21,825 1,423 7,054 146,996 165,697 19,059 33,223 5,785 Sept. 30. .. 346,643 244,769 40,779 61,095 75,853 440,724 358,433 25,339 1,500 7,258 153,951 170,385 17,169 33,479 5,784 Oct. 28. .. 348,424 244,377 41,872 62,175 68,978 435,498 350.996 23,643 1,535 5,169 148,472 172,177 19,021 33,481 5,781 Nov. 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 5,766 1971—Jan. 27*.. 359,731 247,183 45,222 67,326 73,521 451,224 369,092 24,179 1,785 7,929 152,695 182,504 19,557 33,950 5,766 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 6 866 1122,,005511 807 11,,664488 36 11994455——DDeecc.. 3311 .... .. 2266,,114433 77,,333344 1177,,557744 11,,223355 66,,443399 3322,,888877 3300,,112211 44,,664400 17 6,940 1177,,228877 1,236 195 22,,112200 37 11994477——DDeecc.. 3311 ...... 2200,,339933 77,,117799 1111,,997722 11,,224422 77,,226611 2277,,998822 2255,,221166 44,,445533 12 267 1199,,004400 1,445 30 22,,225599 37 1966—Dec. 31 ... 46,536 35,941 4,920 5,674 14,869 64,424 51,837 6,370 467 1,016 26,535 17,449 1,874 5,298 12 1967—Dec. 30... 52,141 39,059 6,027 7,055 18,797 74,609 60,407 7,238 741 1,084 31,282 20,062 1,880 5,715 12 1968—Dec. 31 ... 57,047 42,968 5,984 8,094 19,948 81,364 63,900 8,964 622 888 33,351 20,076 2,733 6,137 12 1969—Dec. 31 6. 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... 58,720 45,917 5,142 7,661 18,322 82,356 57,063 9,322 592 1,382 28,927 16,840 4,855 6,340 12 Aug. 26. .. 58,468 45,208 5,458 7,802 20,982 84,893 58,959 9,668 729 1,214 29,943 17,405 5,243 6,405 12 Sept. 30... 59,484 46,265 5,144 8,075 23,057 88,026 64,019 12,161 719 1,355 31,072 18,712 4,184 6,439 12 Oct. 28 .. . 59,215 45,990 5,337 7,888 19,175 83,785 59,297 10,738 776 658 28,024 19,101 5,038 6,385 12 Nov. 25 ... 59,657 45,717 5,463 8,477 20,151 85,368 59,654 10,276 814 749 28,552 19,263 6,224 6,424 12 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 1971—Jan. 27... 60,658 45,791 6,011 8,856 21,274 87,437 64,712 11,270 950 1,985 29,761 20,746 4,997 6,449 12 For notes see p. A-22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 20 COMMERCIAL BANKS • FEBRUARY 1971 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank 3 Other Class of bank lia- Borand date Cash bilities row- Total Loans assets 3 and Demand ings 1.2 U.S. capital Treas- Other ac- De- Time Time1 ury counts4 mand U.S. Govt. Other Reserve city member (cont.) City of Chicago: 7,8 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 1947—Dec. 31 5,< 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 ) ,535 257 6,542 6,171 682 1969—Dec. 31 6 14,365 10,771 1,564 2,030 2,802 17,927 13,264 1,677 175 6,770 4,626 1,290 1970—Jan. 28 13,684 10,376 1,351 1,957 2,858 17,287 12,024 1,205 336 5,903 4,548 1,783 Feb. 25 14,102 10,388 1,578 2,136 3.039 17,966 12,205 1,280 442 5,831 4,610 2,297 Mar. 25 14,258 10,451 1,571 2,236 2,701 17,923 12,002 1,232 258 5,762 4,709 2,425 Apr. 29 14,522 10,530 1,688 2,304 2,760 18,154 12,299 1,234 233 5,999 4,792 2,503 May 27 14,178 10,341 1,616 2,221 2,658 17,736 12,218 1,265 232 5,952 4,728 2,233 June 30 14,648 10,986 1,540 2,121 2,622 18,291 13,266 1,682 347 6,102 5,119 1 ,507 July 29 14,449 10,662 1,688 2,099 2,560 18,021 12,937 1,237 457 5,764 5,425 1,689 Aug. 26 14,556 10,642 1,796 2,118 2,911 18,520 12,841 1,192 342 5,725 5,524 2,129 Sept. 30 15,058 11,151 1,746 2,161 2,788 18,849 13,764 1,595 380 6,017 5,703 1,959 Oct. 28 14,835 10,735 1,925 2,175 3.040 18,841 13,399 1,301 250 5,921 5,848 2,253 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. 30v. 15,810 11,387 1,984 2,439 3,133 19,997 14,433 1.435 243 6,626 6,053 2,230 1971—Jan. 27 15,530 10,901 2,208 2,421 2,981 19,487 14,303 1 ,313 487 6,091 6,333 1,969 Other reserve city: 7• 8 1941—Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1 1 9 9 4 4 5 7 — — D D e e c c . . 3 3 1 1 4 3 0 6 , , 1 0 0 4 8 0 1 8 3 , , 5 4 1 4 4 9 2 2 9 0 , ,1 5 9 5 6 2 2 2, , 3 0 9 4 6 2 1 1 1 3, ,2 0 8 66 6 4 5 9 1 , , 6 8 5 9 9 8 4 4 9 6 , , 0 4 8 6 5 7 6 5 , , 4 6 1 2 8 7 2 3 2 0 8,2 4 2 0 1 5 2 2 4 8 , , 6 9 5 9 5 0 1 9 1 , , 7 4 6 2 0 3 2 1 1966—Dec. 31 95,831 69,464 13,040 13,326 24,228 123,863 108,804 8,593 233 1,633 49,004 49,341 1,952 1967—Dec. 30 105.724 73,571 14,667 17,487 26,867 136,626 120,485 9,374 310 1,715 53,288 55,798 2,555 1968—Dec. 31 119,006 83,634 15,036 20,337 28,136 151,957 132,305 10,181 307 1,884 57,449 62,484 4,239 1969—Dec. 31 6 121,324 90,896 11,944 18,484 29,954 157,512 126,232 10,663 242 1,575 58,923 54,829 9,881 1970—Jan. 28 118,177 88,298 11,255 18,624 24,714 148,856 115,408 8,327 143 2,350 50,625 53,963 11,846 Feb. 25 117,265 87,839 10,775 18,651 24,467 147,785 115.117 8,231 152 2,823 49,823 54, 11,104 Mar. 25 117.942 87,645 11,078 19,219 23,272 147,381 114,763 7,757 116 2,148 49,856 54, S 11,180 Apr. 29 119,213 88,093 11.298 19,822 25,042 150,648 117.118 8,113 159 2,304 50,306 56,236 11,788 May 27 119,002 88,033 11,287 19,682 24,393 149,816 116,945 8,213 160 1,945 49,990 56,637 11,025 June 30 121,213 90,152 11,372 19,689 27,106 154,889 123,673 9,530 273 3,115 53,317 57,438 9,779 July 29 120,894 89,581 11,665 19,648 24,422 151,834 120.708 8,374 409 2,349 50,046 59,530 9,777 Aug. 26 123,418 91,106 12,341 19,971 25,008 154,765 123,746 8,544 552 3,049 50,085 61,516 9,485 Sept. 30 125,582 91,955 12,859 20,768 27,368 159.587 129,246 8,992 628 3,082 53,139 63,405 9,019 Oct. 28 126,646 91,973 13.299 21,374 25,157 158,316 127,238 9,032 599 2,138 51,709 63,760 9,380 Nov. 25 126.943 91,301 13,789 21,853 26,774 160,182 129,249 9,213 561 1,977 52,625 64,873 9,711 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 1971—Jan. 27 130.725 92,805 14,490 23,430 26,930 164,214 133,018 8,875 675 3,141 52,463 67,864 10,413 Country member: 7,8 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 30 225 10,109 6,258 4 1945—Dec. 31 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 17 5,465 24,235 12,494 11 1947—Dec. 31 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,056 17 432 28,378 14,560 23 1966—Dec. 31 109.518 68,641 22,419 18,458 19,004 131,338 117,749 2,392 69 1,474 56,672 57,144 308 1967—Dec. 30 122,511 74,995 24,689 22,826 20,334 146,052 131,156 2,766 96 1,564 61,161 65,569 552 1968—Dec. 31 134,759 83.397 24.998 26,364 22,664 161,122 144,682 2,839 111 1,281 66,578 73,873 804 1969—Dec. 316 140,715 92,147 21,278 27,291 23,928 169,078 148,007 3,152 84 1,671 67,930 75,170 1 ,820 1970—Jan. 28 138,438 90,464 20,928 27,046 20,342 163,012 140,933 331 86 1,594 62,105 74,817 2.704 Feb. 25 137,842 90,463 20,438 26,941 20,492 162,686 140,364 340 86 1,680 60,781 75,477 2,769 Mar. 25 139,131 91,537 20,283 27,311 19,812 163,496 141,187 271 86 1,850 60,449 76,531 2,510 Apr. 29 140,326 92,501 20,115 27,710 20,594 165,624 143,183 334 86 1,746 61,519 77,498 2,303 May 27 140,921 92,612 20,375 27,934 20,652 166,453 143,231 349 86 1,855 60,730 78,211 2,670 June 30 142,603 94,081 19.999 28,522 22,741 170,129 147,960 763 81 2,259 63,907 78,951 2,164 July 29 143,314 94,149 20,455 28,710 20,667 168,633 146,110 2; 438 84 1,993 61,266 80,329 2,354 Aug. 26 144,654 94,638 20,710 29,306 20,868 170,429 147,449 2,411 84 2,449 61,243 81,252 2,202 Sept. 30 146.519 95.398 21,030 30,091 22,640 174,262 151,404 2,591 84 2,441 63,723 82,565 2,007 Oct. 28 147,728 95,679 21,311 30,738 21,606 174,556 151,062 2,572 81 2,123 62,818 83,468 2,350 Nov. 25 149,070 96,503 21,570 30,997 22,516 176,920 153,125 2,652 81 1,879 64,353 84,160 2,273 Dec. 30 153,549 99,151 22,536 31,862 22,988 182,136 158,590 2,840 81 2,581 67,507 85,581 1,942 1971—Jan. 27* 152,818 97,686 22,513 32,619 22,336 180,086 157,059 2,721 2,316 64,380 87,561 2,178 For notes see p. A-22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1971 • 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 and FDIC assets 3 bilities row- capital insurance Total Loans and Total3 Demand ings ac- 1,2 U.S. Other capital De- Time counts Treas- 2 ac- mand Time l ury counts4 G U o . v S t . . Other Insured banks: Total: 1941-—Dec. 31. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10, 654 1,762 41,298 15,699 10 6,844 1945--Dec. 31. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,;8 83 23,740 80,276 29,876 215 8,671 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 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 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 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 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 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 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 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 1968-—Dec. 31. 399,566 264,600 64,028 70,938 83,061 498,071 432,719 24,427 1,155 5,000 198,535 203,602 8,675 36,530 1969-—June 306 408,620 283,199 53,723 71,697 87,311 513,960 423,957 24,889 800 5,624 192,357 200,287 14,450 38,321 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 1969—June 306 88,346 64,007 9,902 14,437 26,344 119,358 93,858 9,773 285 1,341 45,152 37,307 4,104 8,689 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 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 Nonmember: 1941—Dec. 31. 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 6 959 1945—Dec. 31. 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 7 1,083 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 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 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 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 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 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 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 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 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 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 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 1970—June 30.. 84,875 54,149 13,924 16,802 9,346 96,794 84,865 894 137 1,083 35,837 46,913 708 7,975 For notes see p. A-22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 22 COMMERCIAL BANKS • FEBRUARY 1971 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits TTToootttaaalll aaasssssseeetttsss——— CCClllaaassssssiiifffiiicccaaatttiiiooonnn bbbyyy Securities TTToootttaaalll Interbank 3 Other FFFRRRSSS aaa iii nnn nnn mmm ddd sssuuu eee rrr mmm FFF aaa DDD bbb nnn eee ccc IIICCC rrr eee sss hhhiiippp TToottaall LLoo 11 aa ,, nn 22 ss T U r u e . r S a y . s - Oth 2 er aaa CCC ssssss aaa eee sss ttt hhh sss 333 ccc ccc bbb ooo aaa iii aaa uuu lll aaa lll ppp iii iii nnn nnn ccc aaa ttt iii ddd --- iii ttt ttt --- eee sss aaa sss lll 444 TToottaall33 m D a e n - d Time U. D S. e n land Tim l e rrr BBB iii ooo nnn ooo www ggg rrr sss --- --- ccc ccc TTT aaa ooo aaa ooo ppp uuu ccc ttt iii nnn --- ttt aaa aaa ttt lll sss lll NNN bbb bbb aaa uuu ooo nnn eee fff mmm rrr kkk --- sss Other Govt. Noninsured nonmember: 1941—Dec. 31 1,457 455 761 241 763 2,283 1,872 3:, 9 1,291 253 13 329 852 1945—Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 4 279 714 1947—Dec. 315 2,009 474 1,280 255 576 2,643 2,251 111 185 18 1,392 478 4 325 783 1961—Dec. 30 1,536 577 553 406 346 1,961 1,513 111 148 12 869 307 8 370 323 1962—Dec. 28 1,584 657 534 392 346 2,009 1,513 164 133 14 872 330 44 371 308 1963—Dec. 20 1,571 745 463 362 374 2,029 1,463 190 83 17 832 341 93 389 285 1964—Dec. 31 2,312 1,355 483 474 578 3,033 2,057 273 86 23 1,141 534 99 406 274 1965—Dec. 31 2,455 1,549 418 489 572 3,200 2,113 277 85 17 1,121 612 147 434 263 1967—Dec. 30 2,638 1,735 370 533 579 3,404 2,172 285 58 15 1,081 733 246 457 211 1968—Dec. 31 2,901 1,875 429 597 691 3,789 2,519 319 56 10 1,366 767 224 464 197 1969—June 306. , 2,809 1,800 321 688 898 3,942 2,556 298 81 15 1,430 731 290 502 209 Dcc. 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 9,573 457 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 306 80,841 50,159 14,662 16,021 9,594 92,743 81,166 1,090 160 765 35,500 43,652 741 7,506 7,737 Dec. 31 85,115 53,683 14,875 16,556 10,950 98,651 85,949 1,333 126 940 39,120 44,430 965 7,931 7,792 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 1 See table (and notes), "Deposits Accumulated for Payment of Personal 8 Beginning Jan. 4, 1968, a country bank with deposits of $321 million Loans" p. A-23. was reclassified as a reserve city bank. Beginning Feb. 29, 1968, a reserve 2 Beginning June 30, 1966, loans to farmers directly guaranteed by city bank in Chicago with total deposits of $190 million was reclassified as CCC were reclassified as securities, and Export-Import Bank portfolio a country bank. fund participations were reclassified from loans to securities. This reduced Total loans and increased "Other securities" by about $1 billion. Total NOTE.—Data are for all commercial banks in the United States (includloans include Federal funds sold, and beginning with June 1967 securities ing Alaska and Hawaii, beginning with 1959). Commercial banks represent purchased under resale agreements, figures for which are included in all commercial banks, both member and nonmember; stock savings "Federal funds sold, etc.," on p. A-24. banks; and nondeposit trust companies. 3 Reciprocal balances excluded beginning with 1942. For the period June 1941-June 1962 member banks include mutual 4 Includes other assets and liabilities not shown separately. See also savings banks as follows: three before Jan. 1960; two through Dec. 1960, note 1. and one through June 1962. Those banks are not included in insured 5 Beginning with Dec. 31, 1947, the series was revised; for description, commercial banks. see note 4, p. 587, May 1964 BULLETIN. Beginning June 30, 1969, commercial banks and member banks exclude 6 Figures for this and later dates take into account the following changes a small national bank in the Virgin Islands; also, member banks exclude, (beginning June 30, 1969) for commercial banks: (1) inclusion of consol- and noninsured commercial banks include, a small member bank engaged idated reports (including figures for all bank-premises subsidiaries and exclusively in trust business. other significant majority-owned domestic subsidiaries) and (2) reporting Comparability of figures for classes of banks is affected somewhat by of figures for total loans and for individual categories of securities on a changes in F.R. membership, deposit insurance status, and the reserve gross basis—that is, before deduction of valuation reserves—rather than classifications of cities and individual banks, and by mergers, etc. net as previously reported. Data for national banks for Dec. 31, 1965, have been adjusted to make 7 Regarding reclassification of New York City and Chicago as reserve them comparable with State bank data. cities, see Aug. 1962 BULLETIN, p. 993. For various changes between Figures are partly estimated except on call dates. reserve city and country status in 1960-63, see note 6, p. 587, May 1964 For revisions in series before June 30, 1947, see July 1947 BULLETIN, BULLETIN. pp. 870-71. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1971 • COMMERCIAL BANKS A 23 LOANS AND INVESTMENTS (In billions of dollars) Seasonally adjusted Not seasonally adjusted PPPeeerrriiioooddd Securities Securities TToottaall 11,,22 LLooaannss11,,22 TToottaall 11,,22 LLooaannss11,,22 G U o . v S t . . Other2 G U o . v S t . . Other2 1960—Dec. 31 194.5 113.8 59.8 20.8 198.5 116.7 61.0 20.9 1961—Dec. 30 209.6 120.4 65.3 23.9 214.4 123.9 66.6 23.9 1962—Dec. 31 227.9 134.0 64.6 29.2 233.6 137.9 66.4 29.3 1963—Dec. 31 246.2 149.6 61.7 35.0 252.4 153.9 63.4 35.1 1964—Dec. 31 267.2 167.7 60.7 38.7 273.9 172.1 63.0 38.8 1965—Dec. 31 294.4 192.6 57.1 44.8 301.8 197.4 59.5 44.9 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—Dec. 313 401.3 278.1 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 75.7 418.3 284.1 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 e 432.5 288.9 58.0 85.6 442.4 295.5 61.2 85.7 1971—Jan. 27* 438.0 291.2 58.4 88.4 437.1 288.5 61.3 87.3 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. 3 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 All commercial 11111,,,,,222221111166666 11111,,,,,111115555500000 11111,,,,,111113333311111 999994444455555 All member—Cont. Insured 11111,,,,,222221111166666 11111,,,,,111114444499999 11111,,,,,111112222299999 999994444433333 Other reserve city 333333333322222 222229999933333 333330000044444 222222222222222 National member 777773333300000 666669999944444 666668888888888 555553333366666 666660000055555 555558888888888 555557777711111 444449999922222 State member 222220000077777 111118888877777 111118888888888 111117777788888 All nonmember 222227777788888 222226666699999 222225555555555 222223333300000 All member 999993333377777 888888888811111 888887777766666 777771111144444 Insured 222227777788888 222226666688888 222225555533333 222222222299999 Noninsured 22222 22222 NOTE.—These hypothecated deposits are excluded from Time deposits These deposits have not been deducted from Time deposits and 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-l9, 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 • FEBRUARY 1971 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans t Investments b c C a a l n l a l k s d s a a o n t f e d l i m T o n a a v o e n n e t n d a s s t t l s i - f s e F u e o t r e c n l a d . d d l 2 - , s T 3 o , ta 4 l C m a c i o i n n e a m d - r l - - A c a tu u l g r l r 5 - - i - o p b T s r u r e o o r c c - c F u a h r r o a r i r t y s i i i e n n s g g in f s in ti a T t n u o c t i i a o l n s Real O v t i d t h i n o d i e - - - r, Other U B s . e S il c . l u s T r r it e i a es su 6 r y s S g l a o e o t n c c a v u a d t t e l - , r O s i e t t i h c e u e s r - 5 d tr u ia s- l k a e n r d s ot T h o e rs Banks Others uals3 Total ce a r n t d if i- Notes Bonds rities deal- cates ers Total: 2 1947—Dec. 31.. 116,284 38,057 18,167 1,660 830 1,220 115 9,393 5,723 947 69,221 9,982 6,034 53,205 5,276 3,729 1968—Dec. 31.. 402,477 6,747 259,727 98,357 9,718 6,625 4,108 2,206 13,729 65,137 58,337 6,724 64,466 58,570 12.967 1969—Dec. 31 io 422,728 9,928 286,750 108 443 10,329 5,739 4,027 1,' 15,062 70,020 63,256 7,388 54,709 59,183 12,158 1970—June 30 424,184 11,193 285,843 108,361 11,233 3,972 3,565 2,522 14,393 70,550 64,180 7,068 51,569 62,975 12,604 All insured: 1941—Dec. 31.. 49,290 21,259 9,214 1,450 614 662 40 4,773 4,505 21,046 988 3,159 16,899 3,651 3,333 1945—Dec. 31 121,809 25,765 9,461 I,314 3,164 3,606 49 4,677 2,361 1,132 88,912 21,526 16,045 51,342 3,873 3,258 1947—Dec. 31.. 114,274 37,583 18,012 1,610 823 1,190 114 9,266 5,654 914 67,941 9,676 5,918 52,347 5,129 3,621 1968—Dec. 31.. 399,566 6,526 258,074 97,741 9,700 6,409 4,063 2,145 13,621 64,804 58,142 6,655 64,028 58,288 12,650 1969—Dec. 31 io 419,746 9,693 284,945 107,685 10,314 5,644 3,991 2,425 14,890 69,669 63,008 7,319 54,399 58,840 11,869 1970—June 30.. 421,141 10,867 284,096 107,567 II,215 3,886 3,541 2,457 14,248 70,252 63,921 7,009 51,248 62,619 12,311 Member—Total: 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,007 15,561 3,090 2,871 1945—Dec. 31.. 107,183 22,775 8,949 855 3,133 3.378 47 3,455 1,900 1,057 78,338 19,260 14,271 44,807 3,254 2,815 1947—Dec. 31.. 97,846 32,628 16,962 ,046 811 1,065 113 7,130 4,662 839 57,914 7,803 4,815 45,295 4,199 3,105 1968—Dec. 31.. 326,023 5,551 215,671 87,819 5,921 6,174 3.379 2,012 12,797 50,461 45,404 6,189 47,881 48,423 8,498 1969—Dec. 31 io 337,613 7,356 235,639 96,095 6,187 5,408 3,286 2,258 14,035 53,207 48,388 6,776 39,833 47,227 7,558 1970—June 30.. 336,266 8,267 232,548 95,190 6,626 3,749 2,920 2,228 13,452 53,215 48,729 6,439 37,324 50,108 8,019 New York City: 1941—Dec. 31.. 12,896 4,072 2,807 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945—Dec. 31.. 26,143 7,334 3,044 2,453 1,172 26 80 287 272 17,574 3,910 3,325 10,339 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 267 93 111 564 238 11,972 1,642 558 9,772 638 604 1968—Dec. 31.. 57,047 747 42,222 25,258 3,803 903 1,099 3,426 3,619 3,485 1,694 5,984 7,233 861 1969—Dec. 31 io 60,333 802 47,503 28,189 3,695 776 1,047 4,547 3,835 3,595 1,807 5,048 6,192 788 1970—June 30.. 57,088 553 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 48 52, 22 95 1,430 256 153 1,022 182 193 1945—Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,213 1,600 749 1,864 181 204 1947—Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 2,890 367 248 2,274 213 185 1968—Dec. 31.. 14,274 312 9,974 6,118 535 253 205 1,219 738 848 281 1,863 1,810 315 1969—Dec. 3110 14,365 215 10,556 6,444 337 262 186 1,219 842 862 354 1,564 1,837 192 1970—June 30.. 14,648 383 10,603 6,635 379 141 152 1,154 823 942 331 1,540 1,861 261 Other reserve city: 1941—Dec. 31.. 15,347 7,105 3,456 300 114 194 4 1,527 1,508 6,467 295 751 5,421 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 427 1,503 17 1,459 855 387 29,552 8,016 5,653 15,883 1,126 916 1947—Dec. 31.. 36,040 13,449 7,088 225 170 484 15 3,147 1,969 351 20,196 2,731 1,901 15,563 1,342 1,053 1968—Dec. 31.. 119,339 2,197 81,769 34,632 1,362 ,116 1,254 588 6.005 18,939 16,916 2,520 15,036 18,111 2,226 1969—Dec. 31 io 121,628 3,021 88,180 37,701 1,386 878 1,300 876 6.006 19,706 17,569 2,757 ,944 16,625 1,859 1970—June 30.. 121,435 3,473 86,901 37,502 478 588 1,151 689 5,981 19,536 17,156 2,820 11,372 17,733 1,955 Country: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 2 1,823 1,528 4,377 110 481 3,787 1,222 1,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 4 1,881 707 359 26,999 5,732 4,544 16,722 1,342 1,067 1947—Dec. 31.. 36,324 10,199 3,096 818 23 227 5 3,827 1,979 224 22,857 3,063 2,108 17,687 2,006 ,262 1968—Dec. 31.. 135,364 2,295 81,706 21,811 4,493 720 969 119 2,147 27,164 24,154 1,694 24.998 21,269 5,095 1969—Dec. 31 io 141,286 3,318 89,401 23,762 4,739 498 947 148 2,263 28,824 26,362 1,858 21,278 22,572 4,718 1970—June 30.. 143,095 3,858 90,716 24,361 5,088 337 887 159 2,139 29,127 26,858 1,759 19.999 23,667 4,855 Nonmember: 1947—Dec. 31.. 18,454 5,432 1,205 614 20 156 2,266 1,061 109 11,318 2,179 1,219 7,920 1,073 625 1968—Dec. 31.. 76,454 1,196 44,056 10,538 3,797 451 729 194 932 14,676 12,933 535 16,585 10,147 4,469 1969—Dec. 31 io 85,115 2,572 51,111 12,348 4,141 329 741 231 1,028 16,813 14,868 612 14,875 11,956 4,600 1970—June 30.. 87,919 2,926 53,296 13,171 4,606 223 645 294 941 17,336 15,451 629 14,245 12,876 4,585 1 Beginning with June 30, 1948, figures for various loan items are 4 Breakdowns of loan, investment, and deposit classifications are n o 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

FEBRUARY 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 R v t - h k e . s s r C c a e o u n n i r d c n - y b m a a w B d n e n i a o s c t k l - t e h - i s s c 7 ju p m D a s o d a t d s e e e n i - - - d t d s 8 m D e I s o n t - t i e c r 7 ba e F n ig k o n r - 9 G U o . v S t . . g S l a o o t n c a v d a t t e l . c C c h o e f a e e i e f t n e r r c f c d d s i t . k - i ' - s, IPC I b n a t n e k r- G P S U i a n o o a n . s g v v S d t s - t . a , l g S l a o o t n c a v d a t t e l . IPC 3 r B i o n o w g r s - - c C o a t a u a c p n l - i t - s Total: 3 1947—Dec. 31... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 866 34,383 65 10,059 1968—Dec. 31... 21,230 7,195 18,910 167,145 22,501 2,245 5,010 16,876 9,684 173,341 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 1 1 9 9 4 4 5 7 — — D D e e c c . . 3 3 1 1 . . . . . . 1 17 5 , , 7 8 9 1 6 0 2 1 , , 1 8 4 2 5 9 1 9 1 , , 7 0 3 7 6 5 7 85 4 , , 7 7 5 2 1 2 1 1 2 1 , , 5 2 6 3 6 6 1 1 , , 2 3 4 7 8 9 23 1 , , 7 32 4 5 0 6 5 , , 6 09 9 8 2 2 2 , , 5 55 8 9 5 7 8 2 3 , , 5 7 9 2 3 3 7 5 0 4 1 11 0 3 4 8 9 2 6 6 2 3 9 3 , , 2 94 7 6 7 21651 9 8 , ,6 7 7 3 1 4 1968—Dec. 31... 21,230 7,165 18,343 165,527 22,310 2,117 5,000 16,774 9,442 172,319 1,155 368 19,057 184,178 8,675 36,530 1969—Dec. 31 io. 21,449 7,292 19,528 170,280 24,386 2,471 5,038 17,434 11,476 178,401 695 211 13,166 180,860 18,024 39,450 1970—June 30... 21,526 7,061 17,577 156,743 23,624 2,393 8,040 16,955 10,073 164,725 829 202 17,088 187,166 18,215 41,159 Member—Total: 1941—Dec. 31... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31... 15,811 1,438 7,117 64,184 12,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1968—Dec. 31.. . 21,230 5,634 11,279 31,491 21,483 2,036 4,309 12,851 8,592 142,476 1,061 330 15,668 147,545 ,458 30,060 1969—Dec. 31 21,449 5,676 11,931 133,435 23,441 2,399 4,114 13,274 10,483 145,992 609 186 9,951 140,308 17,395 32,047 1970—June 30... 21,526 5,476 10,617 121,562 22,809 2,313 6,957 12,930 9,179 133,807 691 168 13,142 144,233 17,507 33,184 New York City: 1941—Dec. 31... 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31... 4,015 111 78 15,065 3,535 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 io. 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*0. 869 123 150 5,221 1,581 175 268 229 6,273 216 4,409 290 1,517 1970—June 30... 885 96 135 4,683 1,607 347 326 178 5,597 390 4,729 1,507 1,566 Other reserve city: 1941—Dec. 31... 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31.. . 6,326 494 2,174 22,372 6,307 110 ,221 1,763 611 22,281 30 38 160 9,563 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 1,800 2,986 43,674 9,725 456 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 ~ 779 " 868 Country: 1941—Dec. 31... 2,210 526 3,216 9,661 790 225 1,370 239 8,500 30 146 6,082 4 1,982 1945—Dec. 31.. . 4,527 796 4,665 23,595 1,199 5,465 2,004 435 21,797 17 219 12,224 11 2,525 1947—Dec. 31... 4,993 929 3,900 27,424 1,049 432 2,647 528 25,203 17 337 14,177 23 2,934 1968—Dec. 31. . . 6,714 3,293 7,592 61,827 2,781 1,281 7,703 1,612 57,263 111 6,043 68,348 804 11,807 1969—Dec. 31 io. 7,179 3,302 7,870 62,729 3,080 1,671 7,905 1,721 58,304 84 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 81 6,176 73,207 2,164 13,377 Nonmember:3 1947—Dec. 31... 544 3,947 13,595 385 55 167 1,295 180 12,284 190 172 6,858 12 1,596 1968—Dec. 31... 1,560 7,631 35,654 ,018 209 701 4,205 1,092 30,865 150 3,442 37,347 441 6,945 1969—Dec. 31 io. 1,644 8,383 38,644 ,112 222 940 4,284 1,416 33,420 126 3,269 41,135 965 7,931 1970—June 30... 1,614 7,592 36,678 949 266 1,119 4,132 1,075 31,877 207 4,005 43,480 1,038 8,523 7 Beginning with 1942, excludes reciprocal bank balances. banks in U.S. possessions were included through 1968 and then excluded. 8 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. 1960, 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 10 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 • FEBRUARY 1971 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans Federal funds sold, etc.1 Other To brokers For purchasing and dealers or carrying securities Total involving— To nonbank loans finan. Wednesday and Com- To brokers To institutions invest- To mer- and dealers others ments com- To cial Agri- Total mer- U.S. others Total and culcial Treas- Other indus- tural banks ury se- trial U.S. U.S. se- curi- Treas- Other Treas- Other curi- ties ury sees. ury sees. ties sees. sees. Large banks— Total 1970 237,799 6,305 5,732 182 232 159 172,350 79,802 2.003 1,135 3,321 100 2,478 Jan. 7 235,137 5,957 5,266 482 129 80 170,548 79,094 2.004 1,104 3,069 104 2,458 14 232,746 5,668 5,405 65 137 61 169,265 78,823 2,010 599 2,988 98 2,430 21 232,314 6,751 6,499 106 97 49 167,984 77,956 2,003 555 2,898 94 2,417 Dec. 28 2 253,002 9,109 8,079 592 300 138 173,876 80,130 2.017 1,113 3,633 102 2,304 9 253,479 8,967 6,633 1,742 365 227 174,104 80,086 2,015 1,608 3,549 104 2,386 16 257,228 9,244 7.978 635 429 202 176,633 81,400 2,019 771 4,186 104 2,325 23 258,834 9,624 7,773 1,266 457 128 177,657 81,213 2.018 1,677 4,459 105 2,339 30 261,057 10,230 7.979 1,699 395 157 178,633 81,618 2,027 1,68!" 4,406 130 2,329 1971 Jan. 6* 261,137 9,495 7,761 1,119 387 228 177,794 81,456 2,094 1,522 3,773 130 2,334 13* 258,268 8,994 7,467 1,127 282 118 175,619 80,971 2,066 1,066 3,514 129 2,340 20* 255,991 7,715 6,694 631 238 152 174,783 80,895 2,076 886 3,133 140 2,350 27* 255,537 7,872 6,505 1,009 230 128 174,443 80,000 2,064 1,377 3,466 142 2,302 New York City 1970 Jan. 7 55,508 1,363 1,230 100 43,350 26,449 919 2,035 757 14 54,408 1,189 1,143 42,603 26,080 867 1,869 756 21 53,805 1,759 1,717 41,639 25,803 451 1,813 751 28 53,834 2,340 2,313 41,150 25,483 394 1,746 752 Dec. 2 57,537 1,593 1,532 42,782 25,820 936 2,338 634 9 57,663 1,076 921 43,044 25,783 1,411 2,287 651 16 58,847 1,164 1,036 43,637 26,193 587 2,725 643 23 59,536 1,451 1,390 44,228 25,769 1,442 3,028 651 30 59,254 1,218 1,126 44,285 25,888 1,403 3,001 643 1971 Jan. 6* 58,793 1,168 1,019 45 104 43,314 25,806 1,268 2,450 642 13* 57,587 1,401 1,240 114 47 42,331 25,687 882 2,293 641 20* 56,378 935 865 35 35 41,796 25,627 760 1,892 656 27* 56,847 1,194 1,103 45 46 41,936 25,237 1,113 2,156 625 Outside New York City 1970 Jan. 7 182,291 4,942 4,502 167 132 141 129,000 53,353 1,990 216 1,286 92 1,721 14 180,729 4,768 4,123 472 129 44 127,945 53,014 1,992 237 1,200 96 1,702 21 178,941 3,909 45 137 39 127,626 53,020 1,995 148 1,175 89 1,679 28 178,480 4,411 4,186 86 97 42 126,834 52,473 1,988 161 1,152 85 1,665 Dec. 2 195,465 7,516 567 300 102 131,094 54,310 2,002 177 1,295 90 1,670 9 195,816 7,891 ,653 365 161 131,060 54,303 2,000 197 1,262 92 1,735 16 198,381 8,080 625 409 104 132,996 55,207 2,004 184 1,461 92 1,682 23 199,298 8,173 ,221 457 112 133,429 55,444 2,003 235 1,431 92 1,688 30 201,803 9,012 ,641 395 123 134,348 55,730 2,013 282 1,405 116 1,686 1971 Jan. 6* 202,344 8,327 6,742 1,074 387 124 134,480 55,650 2,062 254 1,323 118 1,692 2 1 0 3 * * 2 1 0 9 0 9 , , 6 6 8 13 1 7 6 , , 5 7 9 8 3 0 6 5 , , 2 8 2 2 7 9 1,0 5 1 9 3 6 2 2 3 8 8 2 1 7 1 1 7 1 1 3 3 2 3 , , 9 2 8 8 7 8 5 55 5 , , 2 2 6 8 8 4 2 2, , 0 0 6 5 0 3 1 12 84 6 1 1 , ,2 2 4 21 1 1 12 1 7 4 1 1 ,6 ,6 9 9 9 4 27* 198,690 6,678 5,402 964 230 82 132,507 54,763 2,048 264 1,310 129 1,677 For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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 Bills icates Do- For- ment govts. 2 Within 1 to After mes- eign 1 yr. 5 yrs. 5 yrs. tic Large Banks— Total 1970 498 1,463 20,387 967 14,406 23,454 3,681 3,500 13,353 2,920 Jan. 7 485 1,507 20,323 984 14,061 23,151 3,469 3,581 13,221 2,880 14 459 1 ,493 20,259 954 13,862 22,602 2,965 3,691 13,074 2,872 21 474 1,487 20,252 960 13,937 22,435 2,893 3,682 13,007 2,853 28 419 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 9 390 1,559 21,470 849 14,078 27,349 5,328 4,143 15,123 2,755 16 420 1,631 21,576 871 13,878 27,573 5,693 4,137 14,978 2,765 23 458 1,619 21,692 870 14,101 28,061 6,078 4,209 15,061 2,713 30 1971 677 1,528 21,854 814 14,167 28,631 6,514 4,240 15,070 2,807 Jan. 6p 635 1,531 21,838 814 13,743 28,329 6,247 4,265 14,998 2,819 13 668 1,508 21,786 798 13,593 28,349 6,239 4,386 15,005 2,719 20 627 1,552 21,781 786 13,463 28,265 5,922 4,637 14,937 2,769 27 p New York City 1970 290 741 1,621 600 2,925 4,627 1,257 435 2,466 469 Jan. 7 2 2 2 9 6 5 3 0 1 7 7 7 4 9 8 7 0 8 1 1 1 , , 6 6 ,6 2 4 2 7 2 8 6 6 6 1 0 0 4 0 1 2 2 2 , , , 7 f ' 8 ~ 0 ' 4 4 4 , , , 6 4 4 2 5 9 5 9 0 1 1 1 , , , 2 1 1 9 7 3 8 3 4 4 4 5 4 8 1 1 8 0 2 2 2 , , , 4 3 3 2 7 7 9 3 3 4 4 4 5 5 4 7 6 2 2 2 1 1 8 4 207 938 1,881 526 2,538 5,231 1,233 382 3,128 488 Dec. 2 145 941 1,877 515 2,565 5,444 1,282 438 3,220 504 9 182 878 1,909 524 2,790 5,534 1,419 493 3,153 469 16 158 952 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 1971 185 878 1,900 498 2,794 5,782 1,838 513 2,980 451 Jan. 6p 136 895 1,912 504 2,623 5,353 1,401 518 2,987 447 13* 185 901 1,911 497 2,595 5,357 1,293 627 3,016 421 20 p 152 914 1 ,905 479 2,510 5,687 1,389 875 2,986 437 21 p Outside New York City 1970 208 722 18.766 367 11,481 18,827 2,424 3,065 10,887 2,451 Jan. 7 192 717 18,695 370 11,281 18,526 2,171 3,140 10,792 2,423 14 198 746 18,632 354 11,178 18,112 1,792 3,203 10,701 2,416 21 224 699 18,610 359 11,237 17,976 1,759 3,172 10,634 2,41 28 212 653 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 23 289 699 19.767 326 11,447 22,505 4,534 3,688 12,046 2,237 30 1971 492 650 19,954 316 11,373 22,849 4,676 3,727 12,090 2,356 Jan. 6f 499 636 19,926 310 11,120 22,976 4,846 3,747 12,011 2,372 13* 483 607 19.875 301 10,998 22,992 4,946 3,759 11,989 2,298 20p 475 638 19.876 307 10,953 22,578 4,533 3,762 11,951 2,332 27 p For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 28 WEEKLY REPORTING BANKS • FEBRUARY 1971 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Investments (cont.) Other securities Cash IInnvveesstt-- Obligations Other bonds, items Re- BBaall-- mmeennttss Total of State corp. stock, in serves Cur- aanncceess iinn ssuubb-- assets/ Wednesday and and process with rency wwiitthh ssiiddiiaarr-- Other total political securities of F.R. and ddoo-- iieess nnoott assets liabil- Total subdivisions collec- Banks coin mmeessttiicc ccoonnssooll-- ities tion bbaannkkss iiddaatteedd Tax Certif. war- All of All rants 3 other partici- others pation4 Large banks— Total 1970 Jan. 7 35,690 3,424 28,552 1,103 2,611 33,170 17,106 3.376 5,407 630 13,361 310,849 14 35,481 3,391 28,504 1,057 2,529 34,161 16,779 3:413 4,664 633 13,190 307,977 21 35,211 3,292 28,372 1,042 2,505 32,470 18,784 3; 255 4,876 634 13,037 305,802 28 35,144 3,283 28,248 1,041 2,572 29,468 16,960 3,267 4,502 634 13,019 300,164 Dec. 2 42,653 6,291 30,741 1,208 4,413 31,502 18,894 3,477 6,244 716 14,731 328,566 9 43,124 6,323 31,206 1,173 4,422 29,404 15,256 3,530 5,850 716 14,543 322,778 16 44,002 6,526 31,680 1,222 4,574 33,732 19,634 3.558 6,257 714 14,749 335,872 23 43,980 6,247 31,791 1,251 4,691 32,689 17,876 3; 427 6,427 717 14,657 334,627 30 44,133 6,243 31,952 1,238 4,700 33,532 16,429 3,835 6,825 716 14,724 337,118 1971 Jan. 6 p 45,217 6,715 32,384 1,272 4,846 33,489 19,626 3,539 7,205 717 14,648 340,361 13 p 45,326 6,795 32,509 1,267 4,755 33,386 18,260 3,733 6,535 718 14,515 335,415 20 p 45,144 6,675 32,413 1,249 4,807 31,484 20,562 3,506 6,021 721 14,788 333,073 44,957 6,237 32,629 1,264 4,827 29,761 18,865 3,562 5,671 722 14,488 328,606 21P New York City 1970 6,168 909 4,518 127 614 15,648 4,463 444 395 282 4,823 81,563 Jan. 7 5,991 873 4,437 104 577 16,818 5,055 424 439 282 4,772 82,198 2 1 4 1 5 5 , , 9 8 1 8 7 5 8 8 4 3 2 2 4 4 , , 4 3 1 8 9 3 1 9 0 2 1 5 5 5 7 5 8 1 1 6 4 , , 7 8 2 7 8 4 4 5 , , 4 0 3 4 0 4 4 4 1 1 5 2 4 36 6 1 6 2 2 8 8 1 1 4 4, , 6 6 6 4 6 3 7 8 8 1 , , 8 3 5 8 8 2 28 Dec. 2 7,931 1,933 4,702 139 1,157 13,882 4,942 439 1.164 337 5,338 83,639 9 8,099 1,917 4,952 138 1,092 13,581 3,391 473 1,131 337 5,139 81,715 16 8,512 2,207 5,085 123 1,097 15,420 5,760 447 1,283 332 5,306 87,395 23 8,323 1,925 5,136 154 1,108 14,101 4,155 432 1.165 332 5,148 84,869 30 8,195 1 ,806 5,156 127 1,106 15,712 4,738 454 1,392 331 5,200 87,081 1971 Jan. 6 p 8,529 1,983 5,292 129 1,125 13,547 5,152 459 1,107 337 5,152 84,547 13* 8,502 1,973 5,290 134 1,105 15,955 4,726 464 1,076 337 5,046 85,191 20 p 8,290 1,882 5,147 131 1,130 14,619 5,518 425 1,113 338 5,420 83,811 21 P 8,030 1 ,479 5,296 131 1,124 14,346 4,922 427 974 339 5,112 82,967 Outside New York City 1970 Jan. 7 29,522 2,515 24,034 976 1,997 17,522 12,643 2,932 5,012 348 8,538 229,286 14 29,490 2,518 24,067 953 1,952 17,343 11,724 2,989 4,225 351 8,418 225,779 21 29,294 2.450 23,953 941 1,950 15,742 13,740 2,840 4,410 353 8,394 224,420 28 29,259 2.451 23,865 949 1,994 14,594 12,530 2,855 4,141 353 8,353 221,306 Dec. 2 34,722 4,358 26,039 1,069 3,256 17,620 13,952 3,038 5,080 379 9,393 244,927 9 35,025 4,406 26,254 1,035 3,330 15,823 11,865 3,057 4,719 379 9,404 241,063 16 35,490 4,319 26,595 1 ,099 3,477 18,312 13,874 3,111 4,974 382 9,443 248,477 23 35,657 4,322 26,655 1,097 3,583 18,588 13,721 2,995 5,262 385 9,509 249,758 30 35,938 4,437 26,796 1,111 3,594 17,820 11,691 3,381 5,433 385 9,524 250,037 1971 Jan. 6P 36,688 4,732 27,092 1,143 3,721 19,942 14,474 3.080 6,098 380 9,496 255,814 1 3P 36,824 4,822 27,219 1 ,133 3,650 17,431 13,534 3,269 5,459 381 9,469 250,224 20 P 36,854 4,793 27,266 1,118 3,677 16,865 15,044 3.081 4,908 383 9,368 249,262 21P 36,927 4,758 27,333 1,133 3,703 15,415 13,943 3,135 4,697 383 9,376 245,639 For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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 States States Wednesday and Certi- and Dopolit- fied polit- mes- For- Total IPC ical U.S. and Total6 ical tic eign sub- Govt. Com- Mutual Com- offi- sub- inter- govts. 2 divi- mer- sav- Govts., mer- cers' Sav- Other divi- bank sions cial ings etc. 2 cial checks ings sions banks Large Banks— Total 1970 140,977 98,644 6,485 2,980 19,272 908 778 2,196 9,714 96,252 46,436 36,181 6,649 280 6,399 Jan. 7 137,598 97,933 6,181 1,559 17,972 787 732 2,253 10,181 95,707 46,141 35,977 6,646 279 6,371 14 136,052 94,166 6,220 3,577 17,618 683 715 2,273 10,800 95,265 45,965 35,773 6,601 283 6,353 21 131,846 92,209 6,371 4,474 16,239 645 745 2,260 8,903 95,017 45,806 35,646 6,616 285 6,373 28 139,560 96,854 6,808 4,220 20,752 581 801 2,288 7,256 116,441 47,475 50,391 11,886 1,275 4,912 Dec. 2 134,880 94,657 6,220 2,397 21,123 572 769 2,323 6,819 117,333 47,568 50,975 12,182 1,283 4,827 9 144,630 99,827 6,379 5,410 21,516 543 807 2,348 7,800 118,040 47,611 50,948 12,921 1,324 4,737 16 143,666 99,583 6,361 6,004 20,931 551 839 2,333 7,064 118,839 47,708 51,363 13,264 1,348 4,663 23 147,355 103,149 6,774 4,380 21,704 627 1,013 2,386 7,322 119,443 48,035 51,650 13,329 1,420 4,508 30 1971 147,657 102,750 6,996 4,075 22,981 788 780 2,359 6,928 120,844 48,800 52,500 13,387 1,280 4,373 Jan. 6* 142,363 99,356 6,307 2,994 21,966 763 826 2,411 7,740 121,989 48,834 53,303 13,503 1,521 4,332 13 P 139,596 97,053 6,114 4,968 20,396 662 850 2,483 7,070 122,774 48,974 53,626 13,812 1,570 4,299 20 P 138,263 94,901 6,459 6,557 19,652 636 871 2,286 6,901 123,089 49,143 53,769 13,896 1,576 4,253 27 P New York City 1970 41,840 23,570 589 656 7,355 595 606 1,497 6,972 13,770 4,407 4,547 136 149 4,408 Jan. 7 41,360 23,377 460 161 6,991 499 537 1,532 7,803 13,631 4,381 4,463 135 149 4,382 14 42,162 22,443 508 799 7,299 413 526 1,612 8,562 13,527 4,378 4,388 121 158 4,365 21 40,324 22,764 484 1,104 6,606 395 561 1,614 6,796 13,331 4,366 4,279 120 158 4,289 28 40,830 23,068 546 932 9,011 298 657 1,665 4,653 18,147 4,471 9,218 817 728 2,763 Dec. 2 39,708 22,151 554 471 9,591 296 610 1,681 4,354 18,623 4,475 9,658 887 754 2,704 9 43,848 24,001 559 1,651 9,750 272 643 1,732 5,240 18,796 4,487 9,747 949 787 2,689 16 42,042 23,510 528 1,470 9,399 291 676 1,703 4,465 19,005 4,506 9,956 959 819 2,629 23 44,040 25,007 647 895 9,869 354 856 1,729 4,683 19,232 4,543 10,192 959 851 2,550 30 1971 4 4 2 1 , ,9 6 4 0 5 3 2 2 3 4 , , 0 1 6 3 1 9 6 5 3 7 5 2 6 8 7 7 8 5 1 9 0 , , 5 1 9 8 9 9 4 4 5 3 1 3 6 6 5 2 3 7 1 1 , , 7 6 8 5 1 6 5 3 , , 2 9 3 6 6 3 1 1 9 9 , , 8 4 3 8 6 0 4 4 , , 5 6 8 0 7 3 1 10 0 , , 8 6 1 3 3 6 1,0 9 0 7 0 9 6 8 8 86 0 2 2, , 4 3 6 9 1 7 Jan. 163P* 4 4 1 1 , , 1 4 0 7 9 6 2 2 2 2 , , 9 6 1 3 1 1 4 5 6 0 0 4 1 1 , ,9 0 3 6 1 9 9 9 , , 1 1 2 5 1 6 3 3 7 5 0 0 6 7 9 2 0 3 1 1 , , 8 6 5 7 6 0 4 4 , ,5 6 1 3 1 2 1 1 9 9 , ,7 7 6 7 5 6 4 4 , , 6 6 3 6 1 7 1 1 0 0 , , 7 6 7 9 1 4 1 1, , 0 0 3 1 5 4 8 88 8 5 4 2 2, , 3 3 4 5 1 0 2 2 0 1 * P Outside New York City 1970 99,137 75,074 5,896 2,324 11,917 313 172 699 2,742 82,482 42,029 31,634 6,513 131 1,991 Jan. 7 96,238 74,556 5,721 1,398 10,981 288 195 721 2,378 82,076 41,760 31,514 6,511 130 1,989 14 93,890 71,723 5,712 2,778 10,319 270 189 661 2,238 81,738 41,587 31,385 6,480 125 1,988 21 91,522 69,445 5,887 3,370 9,633 250 184 646 2,107 81,686 41,440 31,367 6,496 127 2,084 28 98,730 73,786 6,262 3,288 11,741 283 144 623 2,603 98,294 43,004 41,173 11,069 547 2,149 Dec. 2 95,172 72,506 5,666 1,926 11,532 276 159 642 2,465 98,710 43,093 41,317 11,295 529 2,123 9 100,782 75,826 5,820 3,759 11,766 271 164 616 2,560 99,244 43,124 41,201 11,972 537 2,048 16 101,624 76,073 5,833 4,534 11,532 260 163 630 2,599 99,834 43,202 41,407 12,305 529 2,034 23 103,315 78,142 6,127 3,485 11,835 273 157 657 2,639 100,211 43,492 41,458 12,370 569 1,958 30 1971 105,712 78,611 6,361 3,200 13,382 337 153 703 2,965 101,364 44,213 41,864 12,408 600 1,912 Jan. 6p 99,760 76,295 5,735 2,316 11,777 330 173 630 2,504 102,153 44,231 42,490 12,503 635 1,935 13* 98,487 74,142 5,654 3,899 11,275 292 160 627 2,438 102,998 44,343 42,855 12,798 686 1,958 20* 96,787 72,270 5,955 4,626 10,496 286 148 616 2,390 103,324 44,476 43,075 12,861 691 1,903 27* For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 30 WEEKLY REPORTING BANKS • FEBRUARY 1971 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Borrowings Reserves Memoranda from— for— Large negotiable Fed- Total time CD's eral Other Total loans included in time Wednesday funds liabili- capital Total and De- and savings deposits 11 pur- F.R. ties Secur- ac- loans invest- mand chased, Banks Others etc. 8 Loans ities counts (gross) ments deposits etc. 7 ad- (gross) ad- Issued Issued justed 9 ad- justed io to to justed 9 IPC's others Large Banks—Total 1970 Jan. 7 17,336 96 2,883 25,849 4,026 23,343 172.425 231,569 85,555 10,759 5,249 14 17.251 901 2,926 26,155 4.030 23,322 170,754 229,386 83,906 10,567 5,132 21 16,700 1,825 2,900 25,679 4,024 23,272 169,069 226,882 82,387 10,455 5,003 28 16,366 807 2,981 25,710 4,026 23,330 167,762 225,341 81,665 10,467 4,966 Dec. 2 20,257 283 1 ,352 22,066 4,033 24,497 174,487 244,504 83,086 25,053 16,106 9 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 24,431 180.426 252,620 87,739 26,075 16,905 1971 Jan. 6* 20,013 258 1,364 21,392 4,012 24,746 178,851 252,699 87,112 26,216 17,214 13* 19,011 245 1,329 21,638 4,059 24,709 176,511 250,166 84,017 27,046 17,715 20* 17,903 1,445 1,216 21,321 4,059 24,682 175,136 248,629 82,748 27,278 17,823 27* 16,700 675 1,157 19,902 4,062 24,681 175,183 248,405 82,293 27,190 17,746 New York City 1970 Jan. 7 4,429 325 13,968 1,205 6,025 43,193 53,988 18,181 2,706 642 14 5,079 375 337 14,190 1,205 6,020 42,356 52,972 17,390 2,605 604 2 2 8 1 4 4 , , 0 5 4 8 8 6 279 3 3 3 3 8 9 1 1 3 3 , , 6 2 2 8 5 0 1 1. .2 1 0 99 0 6 5 , , 0 9 1 9 0 0 4 40 1 , , 9 4 2 2 7 0 5 51 1 , , 2 8 7 2 1 7 1 1 7 7 , , 3 7 3 4 6 0 2 2 , , 5 5 7 2 8 3 5 5 7 6 7 7 Dec. 2 6,185 175 10,899 1.214 6,189 42,636 55,798 17,005 6,909 4,644 9 5,051 175 10,740 1.215 6,203 43,054 56,597 16,065 7,425 5,039 2 1 3 6 5 5, , 2 9 6 4 9 9 2 3 7 8 0 4 1 1 8 8 7 6 1 1 0 0 , ,8 7 6 7 8 0 1 1 , , 2 2 0 14 8 6 6, , 1 1 1 5 8 0 4 4 4 3 , , 1 5 3 8 1 3 5 57 7 , , 9 6 8 2 8 9 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 1971 Jan. 6* 5,571 168 9,994 1,169 6,220 43,278 57,589 17,924 7,989 5,736 13* 4,886 182 10,316 1.203 6,165 42,356 56,211 15,781 8,314 5,934 20* 4,476 602 163 10,318 1,202 6,165 41,681 55,328 16,300 8,326 5,924 27* 4,413 184 157 9,622 1.204 6,146 41,875 55,592 16,043 8,224 5,822 Outside New York City 1970 Jan. 7 12,907 96 2,558 11,881 2,821 17,318 129,232 177,581 67,374 8,053 4,607 14 12,172 526 2,589 11,965 2,825 17,302 128,398 176,414 66,516 7,962 4,528 21 12,114 1,546 2,562 12,399 2.825 17,262 127,649 175,055 65,051 7,877 4,426 28 12,318 807 2,642 12,085 2.826 17,340 126,835 174,070 63,925 7,944 4,399 Dec. 2 14,072 283 1,177 11,167 18,308 131,851 188,706 66,081 18,144 11,462 9 13,457 257 1,169 11,096 18,313 133,002 189,867 65,891 18,322 11,512 16 14,303 511 1,092 11,413 18,272 133,926 191,231 66,945 18,106 11,351 23 14,247 325 1,109 11,505 18,282 134,957 192,653 66,970 18,163 11,362 30 13,264 224 1,064 10,881 18,283 136,218 194,661 70,175 18,201 11,436 1971 Jan. 6* 14,442 258 1,196 11,398 2,843 18,526 135,573 195,110 69,188 18,227 11,478 13* 14,125 245 1,147 11,322 2.856 18,544 134,155 193,955 68,236 18,732 11,781 20* 13,427 843 1,053 11,003 2.857 18,517 133,455 193,301 66,448 18,952 11,899 27* 12,287 491 1,000 10,280 2.858 18,535 133,308 192,813 66,250 18,966 11,924 1 Includes securities purchased under agreements to resell. 8 Includes minority interest in consolidated subsidiaries. 2 Includes official institutions and so forth. 9 Exclusive of loans and Federal funds transactions with domestic com- 3 Includes short-term notes and bills. mercial banks. 4 Federal agencies only. 10 All demand deposits except U.S. Govt, and domestic commercial 5 Includes corporate stock. banks, less cash items in process of collection. 6 Includes U.S. Govt, and foreign bank deposits, not shown separately. 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

FEBRUARY 1971 • BUSINESS LOANS OF BANKS A 31 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during— Industry 1971 1970 1971 1970 1970 1970 J 2 a 7 n . J 2 a 0 n . J 1 a 3 n . Ja 6 n . Dec. Jan. Dec. Nov, IV ILL h 2n al d f h 1 a s l t f Du T P M r r r a a i a b m c n l h e a s i p r n g y o e o r r m o t y a d e t s t i a o m l n s a e n q u u f i a p c m tu e r n i t n g: 2 2 5 , , ,1 9 2 0 4 2 3 7 0 2 5 2 , , , 1 3 9 5 8 0 7 7 7 2 2 5 , , . 8 1 3 9 5 8 2 6 8 2 5 2, , , 8 3 1 9 1 9 6 1 3 1 2 5 2, , , 9 1 4 2 4 2 9 6 9 -1- — 286 2 2 61 -5 5 5 2 2 1 — 19 6 6 0i | - - — 5 1 9 6 6 5 9 9 -1 2 1 7 3 4 3 8 9 1152 3 5 1 2 — -2 1 7 6 0 6 9 1 8 i 2 1 7 8 2 1 7 1 Other fabricated metal products. . 1,851 1 ,912 1,9401 1,929 1,908 — 57 -90 -80 -269 -75 124| -344 249 Other durable goods 2,456 2,486 2,538 2,5521 2,554 -77 -71 -249 51 237 -198 237 Nondurable goods manufacturing: Food, liquor, and tobacco 2,7621 2,853l 2,877 3,016 3,104 — 342 368 103 549 -199 350| -499 Textiles, apparel, and leather 2,1 2,195 2,230 2,240 2,318 -130 -182 -195 -522 127 207] — 395 376 C Pe h t e r m ol i e c u a m ls r a e n f d in r in u g b ber 2 1 ,6 ,4 6 3 1 8 1 2 1 , , 7 4 6 4 9 9 2 1 .7 ,4 6 3 0 9 2 1 ,8 ,4 0 6 0 9 2 1 ,7 ,5 8 2 0 6 -1 -8 1 8 9 9 4 3 2 -4 5 3 2 1 --12052 -8 8 5 -12 4 7 5 —11 6 3 3 -1 -7 2 9 8 Other nondurable goods 1,894 1,910 1 ,925 1 ,906 1 ,998 -104 -214| 101 35 -113 27 Mini a n n g d , n in a c tu lu r d al i n g g a s crude petroleum 4,008 4,008 3,935 4,015 4,003 5 -21 -89 -181 -76 -132 -257 -577 Trade: C O o th m er m w od h i o ty le s d a e l a e lers 3 1 , , 5 3 7 7 6 7 ; ; 3 1 ,6 ,3 0 6 4 7 3 1 ,6 ,3 1 6 5 7 3 1 ,6 ,3 6 6 2 4 3 1 , 7 ,3 0 7 1 9 -1 - 2 2 5 16128i 2 87 2 ! 37 2 5 6 1 5 0 2 6 -1 1 3 4 4 6 48 7 1 8 -29 5 2 4 Transpo R r e ta ta ti i o l n 4 6 , , 0 1 1 3 3 O J 4 6 , , 0 1 8 2 9 7 6 3 , , 1 9 7 4 6 6 4 6 , , 0 2 4 0 1 0 | 4 6 , , 0 0 4 0 5 0 - 1 3 3 5 3 -4 1 3 0 5 5 -2 3 4 6 -2 1 0 1 1 9 -1 2 0 4 7 7 27660 -3 3 0 6 8 6 | - 1 9 7 6 3 Communication 1 ,420| 1 ,433 1 ,428 1,437 1 ,308 112 47 85 46 -27 -30 19 -250 Other public utilities 2,373 2,454| 2,447 2,452 2,348 25 -12 -2041 -240 —146| -38 -386! -831 C S A B e o a l r l n n v o k s i t t c e r h e r u s e s r ' c t a d io c o n c m e p e t s a ti n c c e lo s ans 7 4 3 1 , , , , 4 3 6 5 1 0 0 5 1 7 7 2 7 4 3 1 , , , 3 7 4 , 6 6 3 1 8 2 6 0 2 7 4 3 1 , . . 4 7 3 ,6 1 6 8 5 1 1 9 6 7 4 3 1 , , , , 4 8 3 6 0 2 5 9 8 2 8 4 7 4 3 1 , , , 4 3 9 ,6 1 9 2 9 1 8 6 1 - — 2 - 9 7 1 1 4 8 4| 2 6 1 9 9 3 8 6 2 8 6 - 1 3 5 5 7 5 7 0 9 - 9 3 1 5 4 0 4 2 5 0 6 2 2 12 4 4 5 5 1 1 8 1 — - 1 4 4 8 7 19 8 9 1,1 5 1 8 2 9 9 5 6 7 6 j | - - - 1 1 2 1 4 0 6 5 7 3 6 Foreign commercial and industrial 221 Total l o c a l n a s s sified loans 6 2 7 , , 3 69 9 2 8 6 2 8 , , 2 5 8 1 7 2 6 2 8 , , 3 58 0 2 6 6 2 9 , , 2 0 5 2 7 2 6 2 9 , ,3 4 1 0 1 9 -1 ,619 1,37 7 0 9 1 -25 7 6 0 | -1 1 8 9 4 8 ! ! 1,06 5 8 7' 1,086 2 88 5 4 5 J -1, - 6 8 4 4 0 Total commercial and industrial loans 80,000 3,971 81,456 81 ,618 -1,628 1,613 -55 1,607 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— 1971 1970 1970 1970 IIInnnddduuussstttrrryyy J 2 a 7 n . D 3 e 0 c . N 2 o 5 v . O 2 c 8 t . Se 3 p 0 t . A 2 u 6 g . J 2 u 9 ly Ju 24 n e M 27 a y IV III II I h 2n al d f Durable goods manufacturing: P M r a im ch a i r n y e r m y etals 2 1 , , 6 5 6 4 6 4 r 1 2 , , 5 6 2 8 7 1 2 1 , , 6 5 9 3 0 5 2 1 , , 8 5 2 4 6 8 2 1 , ,6 9 7 2 7 4 2 1 , , 9 4 2 7 0 4 2 1 , , 8 5 2 2 4 3 2 1 , , 7 5 8 2 4 0 2 1 , , 7 4 6 4 3 7 '- - 2 1 4 5 3 0 1 1 5 4 7 0 -1 6 6 8 -2 5 4 1 r —103 7 Transportation equipment. 1,647 1 ,633 1,621 1,627 1,655 1,608 1,599 1,564 1,549 -22 91 -11 74 69 Other fabricated metal Ot p h r e o r d d u u c r t a s ble goods 1 , 7 1 5 0 0 7 1 , 7 0 4 8 2 9 1,1 8 3 0 1 1 1,1 7 3 8 6 1 1,1 8 4 0 1 7 1,1 7 3 8 5 9 1,1 7 5 7 8 0 1,1 7 3 6 2 2 1,1 7 6 5 2 5 - - 5 6 2 5 45 9 -30 3 - - 7 2 - - 4 2 3 0 Nondurable goods manufac- Fo t o u d r , i n l g iq : u or, and tobacco. 949 985 932 984 1,008 968 968 1,007 939 -23 1 47 7 -22 T P C O e e h t l t x h e e r t e a m o i r l t l e i h e c n s u e a , o r m l n s d r a a u e n p r f d i p a n b a r i r n l u e e g b l , b g e o r o d an s. d . 1 1 1 ,1 , , 6 8 1 9 7 0 1 1 4 0 6 ^ 1 1 1 , , 2 8 , 6 1 1 4 5 7 3 9 7 1 1 1 1 , , , 7 1 2 7 3 5 2 0 8 9 0 3 1 1 1 ,2 , , 7 1 6 3 2 7 9 0 0 1 3 1 1 1 , , , 2 1 7 7 4 8 8 5 8 3 0 1 1 1 1 , , , 1 1 6 7 8 0 6 3 3 6 4 3 1 1 1 , , , 6 1 0 7 8 9 9 6 7 9 8 7 1 1 1 , , , 2 0 7 7 7 6 0 6 1 6 9 2 1 1 1, , , 0 2 6 7 7 1 9 5 1 7 4 6 - - - 3 7 9 1 6 5 4 2 9 - - 1 1 1 7 1 1 8 1 2 - -7 9 3 1 5 6 6 1 -1 -2 0 -5 1 4 1 3 -1 - r1 1 5 0 0 4 3 5 0 0 T C S T C A M O e r r o o l t i r l a a h m n n v n d e o s i i t m r n s t e c t r h r p : e g o p u u s e o , C O l R u n r c r e i b t i t o e t u n l c i a h l t o m m o c a i a t e c a n l i t i r m u o n l i a u o n d s w o n n t i d i d n h l i i g o t t n i y l e a e c s s t r d u a u e r l d a e a e l l e r p g s a e . - s . . 4 3 3 1 1 1 1 , , , , 7 1 3 0 , , , 7 3 4 0 3 3 8 5 4 8 7 9 2 5 4 1 6 4 8 3 9 8 9 0 4 ' ' M r r M 3 3 1 4 1 , , r , , 3 , 2 , , 5 3 4 2 7 0 0 2 0 1 7 9 6 5 8 4 1 6 9 5 9 9 4 6 5 4 8 4 3 3 1 1 1 1 , , , , , , , 4 3 2 3 0 0 7 4 7 5 2 7 0 0 2 1 3 1 8 3 9 1 8 5 2 6 9 5 3 4 3 3 1 1 1 , , , , , 4 4 0 2 0 , 7 9 3 3 1 4 6 4 1 2 7 8 7 5 9 3 9 1 7 7 3 6 2 1 4 3 3 1 1 1 , , , , , , 4 4 1 0 3 2 6 4 9 6 1 6 3 2 6 9 4 5 8 1 7 5 2 5 0 7 8 7 2 4 3 1 3 1 1 , , , , , , 3 3 3 0 0 2 7 4 9 8 4 3 6 4 4 0 8 8 8 1 7 4 0 2 2 4 7 5 2 4 3 1 3 1 1 , , , , , , 4 4 0 0 2 2 7 4 9 2 8 3 4 9 6 0 5 2 8 5 9 1 9 2 7 8 9 4 0 4 3 3 1 1 1 , , , , , , 2 0 5 3 2 0 6 4 9 1 7 8 0 2 3 9 1 0 8 7 6 2 8 7 3 2 1 8 8 4 3 3 1 1 , , , , , 0 2 2 5 1 7 4 9 8 3 8 6 2 8 1 1 8 8 8 1 5 2 0 6 7 6 4 7 8 r — r r — — - 1 1 r 3 -r ' r 7 6 3 3 3 5 8 4 3 4 7 0 9 5 7 7 9 7 -1 1 1 - 2 - 6 2 5 4 4 4 1 3 1 2 0 6 1 5 5 2 - - 1 1 - - 1 5 6 - 2 2 4 2 0 1 1 5 8 7 8 2 2 0 5 8 - - 3 1 - - - - - 1 - 2 8 2 3 8 7 1 0 3 3 2 6 1 6 4 r r — r — r r 2 1 1 2 r - r r 9 8 6 5 9 9 8 1 5 1 8 4 6 2 9 7 5 6 Foreign commercial and industrial loans 1,723 1 ,716 1,283 1,612 1,604 1,599 1,599 1,620 1,614 112 -16 21 -37 96 Total loans 32,569 r32,358 32,205 32,026 32,622 31,843 31,916 31,739 31,343 r — 264 883 -267 -784 r6l9 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 a FEBRUARY 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 Date By type of loan By type of loan Total Total Commercial Commercial and All other and All other industrial industrial 1970—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 3,424 403 1,022 1,853 459 1,394 16 3,155 261 894 1,830 440 1,390 23 3,029 170 859 1,846 449 1,397 30 2,735 899 836 1,890 442 1,448 1971—Jan. 6 2,832 1,964 868 1,908 447 1,461 13 2,723 1,908 815 1,884 429 1,455 20 2,667 1,882 785 1,888 422 1,466 27 2,600 1,832 768 1,911 430 1,481 NOTE.—Amounts sold under repurchase agreement are excluded. Figures include small amounts sold by banks other than large weekly reporting banks. RATES ON SHORT-TERM BUSINESS LOANS OF BANKS Size of loan (in thousands of dollars) All sizes 1-9 10-99 100-499 500-999 1,000 and over Interest rate (per cent per annum) 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 35.1 .3 4.3 .7 5.9 .5 17.8 .5 27.5 47.3 .2 7.51-7.99 16.6 .3 4.2 1.0 7.0 .6 18.0 .2 22.7 .1 16.4 .4 8.00 8.9 41.9 10.7 8.7 11.0 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 8.8 10.8 19.2 7.6 25.0 4.7 21.4 8.50 5.8 7.9 8.0 6.3 10.8 11.0 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 81:5.1 566.3 574.3 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 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

FEBRUARY 1971 • INTEREST RATES A 33 PRIME RATE CHARGED BY BANKS (Per cent per annum) In effect during- Rate Effective date Rate Effective date Rate Effective date Rate 192 9 55 VV22--66 1951—Jan. 8. . 21/z 1959—May 18.... 4Vi 1969—Jan. 7. 7 Oct. 17. . 2% Sept. 1 5 Mar. 17. m 193 0 31/2-6 Dec. 19.. 3 June 9. 8 % 193 1 2^/4-5 1960—Aug. 23.... 41/2 1 1 9 9 3 3 2 3 3 llVV 14 ii-- - 44 4 1953—Apr. 27. . 3% 1965—Dec. 6.... 5 1970—M Se a p r t . . 2 2 1 5 . . m 8 193 1 4 9 — 47 (Nov.) Wl 1 1 9 9 5 5 4 5 — — M A O u c a t g r . . . 1 1 4 4 7 . . . . . . 3 3 3 1 V /4 i 1966—M J A u u a n g r e . . 2 1 1 9 6 0 .... 5 5 6 » V / 2a N D N e o o c v v . . . 2 2 1 3 2 2 . . . 7 6 7 V K 4 Effective date 1956—A A p u r g . . 2 1 1 3 . . . . m 4 1967—J N M a o n a v . r . . 2 2 2 6 0 7 - . . 2 . . 7 . . . . . 5 5 6 V 1/ 2 2 -53/4 1971—J J J a a a n n n . . . 1 1 6 8 5 . . . 6 61 lA /4 6 1947—Dec. i.... m 1957—Aug. 6. . 41/2 1968—Apr. 19. 6% 1948—Aug.i.... 2 1958—J A a p n r . . 2 22 1 . . 4 31 /2 N S D e o e p c v t . . . 2 1 2 3 5 . . . 66 6 V %4 -6V4 1950—Sept. 22. 2V4 Sept. 11 . 4 Dec. 18. ey A 1 Date of change not available. MONEY MARKET RATES (Per cent per annum) U.S. Government secutities (taxable) 4 FFFiiinnnaaannnccceee PPPrrriiimmmeee CCCOOO... PPPrrriiimmmeee PPPeeerrriiioooddd mmm 444 ppp ccc --- ooo ooo aaa nnn ttt mmm ppp ooo ttt eee hhh lll 666 rrr ... sss --- 111 mmm ddd 333 ppp ppp iii --- ooo rrr lll aaa aaa eee nnn ttt ppp ooo ccc ccc ttt eee ttt eee hhh lll 666 rrr ddd yyy sss --- 222 ,,, 999 bbb aaa 000 aaa aaa ccc nnn nnn ccc ddd kkk ccc eee aaa eee eee ppp yyy sss rrr ttt ,,, sss sss --- 111 ''' FFF fff rrr eee uuu aaa ddd nnn ttt eee eee ddd rrr 333 sss aaa lll n R ew at 3 e i - s m o su n o e n th b M i y ll a i s e r 5 l k d e t n R ew at 6 e i - s m s o u n o e n th b M i y ll a i s e r 5 l k d e t k B 9 e i - l t l t s y o i ( e m 1 ld 2 a ) - r m 5 - ont O h t i h s e su r6 e s 33 iiss -- yy ss ee tt uu oo aa ee rr ss 55 77 -- 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 1970—Jan 8.78 8.14 8.64 8.98 7.914 7.87 7.863 7.78 7.50 8.22 8.14 Feb 8.55 8.01 8.30 8.98 7.164 7.13 7.249 7.23 7.07 7.60 7.80 Mar 8.33 7.68 7.60 7.76 6.710 6.63 6.598 6.59 6.52 6.88 7.20 Apr 8.06 7.26 7.54 8.10 6.480 6.50 6.568 6.61 6.54 6.96 7.49 May 8.23 7.43 8.02 7.94 7.035 6.83 7.262 7.02 7.12 7.69 7.97 June 8.21 7.55 7.78 7.60 6.742 6.67 6.907 6.86 7.07 7.50 7.86 July 8.29 7.64 7.61 7.21 6.468 6.45 6.555 6.51 6.63 7.00 7.58 Aug 7.90 7.48 7.20 6.61 6.412 6.41 6.526 6.56 6.55 6.92 7.56 Sept 7.32 7.12 7.03 6.29 6.244 6.12 6.450 6.47 6.40 6.68 7.24 Oct 6.85 6.76 6.54 6.20 5.927 5.90 6.251 6.21 6.23 6.34 7.06 Nov 6.30 6.16 5.79 5.60 5.288 5.28 5.422 5.42 5.39 5.52 6.37 Dec 5.73 5.48 5.32 4.90 4.860 4.87 4.848 4.89 4.87 4.94 5.86 1971—Jan 5.11 5.07 4.77 4.14 4.494 4.44 4.510 4.47 4.39 4.29 5.72 Week ending— 1970—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 5.95 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 9 5.68 5.41 5.23 3.82 4.921 4.84 4.927 4.89 4.71 4.76 5.99 16 5.38 5.25 4.88 4.27 4.640 4.51 4.633 4.55 4.48 4.40 5.78 23 4.85 4.93 4.48 4.13 4.213 4.20 4.243 4.22 4.19 3.87 5.58 30 4.53 4.69 4.45 4.23 4.201 4.19 4.235 4.24 4.18 4.11 5.54 1 Averages of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily 2 Averages of daily rates, published by finance companies, for varying closing bid prices. maturities in the 90-179 day range. 5 Bills quoted on bank discount rate basis. 3 Seven-day average for week ending Wednesday. 6 Certificates and selected note and bond issues. 7 Selected note and bond issues. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 34 INTEREST RATES • FEBRUARY 1971 BOND AND STOCK YIELDS (Per cent per annum) Government bonds Corporate bonds Stocks State By selected By Dividend/ Earnings / Period United and local rating group price ratio price ratio S (l t o a n t g es - Total1 term) Total i Aaa Baa Indus- Rail- Public Pre- Com- Comtrial road utility ferred mon mon 196 2 3.95 3.30 3.03 3.67 4.62 4.33 5.02 4.47 4.86 4.51 4.50 3.37 6.06 196 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 6.05 197 0 6.59 6.42 6.12 6.75 8.51 8.04 9.11 8.26 8.77 8.68 7.22 3.83 1970—Ja n 6.86 6.74 6.38 7.13 8.32 7.91 8.86 8.15 8.38 8.54 c7.02 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 6.34 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 1971—Ja n 5.91 5.34 5.08 5.65 8.04 7.36 8.74 8.57 8.70 8.17 6.53 3.32 Week ending— 1970—Nov. 7... 6.49 6.26 6.00 6.60 8.68 8.09 9.38 8.39 9.08 .81 7.37 3.72 14... 6.39 6.14 5.95 6.40 8.67 8.07 9.41 8.39 9.09 .80 7.28 3.69 21... 6.19 6.05 5.85 6.25 8.64 8.05 9.38 8.36 9.06 .76 7.40 3.78 28... 5.97 5.71 5.35 6.05 8.62 8.02 9.37 8.35 9.04 .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 .61 6.99 3.53 12.. . 5.89 5.42 5.15 5.70 8.46 7.78 9.28 8.09 9.02 .57 6.79 3.49 19... 5.87 5.49 5.25 5.75 8.33 7.59 9.12 7.92 8.98 .43 6.84 3.48 26... 6.05 5.49 5.25 5.75 8.23 7.51 9.02 7.80 8.93 .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 1.31 6.92 3.36 9.. . 6.09 5.59 5.40 5.80 8.16 7.45 8.90 7.71 8.84 .26 6.79 3.36 16... 5.96 5.30 5.00 5.60 8.10 7.42 8.82 7.66 8.76 .22 6.62 3.35 23... 5.83 5.24 4.95 5.60 8.02 7.36 8.69 7.54 8.63 .19 6.33 3.30 30... 5.78 5.24 4.95 5.60 7.87 7.19 8.54 7.38 8.57 .01 6.38 3.26 Number of issues2 20 119 20 30 40 29 40 14 500 500 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

FEBRUARY 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 l U o o . n v S g t . - , S l a o t n c a d a te l p A C o A 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 t n n a s - - Utility na F n i- ce iiinnn tttooo ddd ttt eee aaa xxx lll 111 NYSE AMEX term) 1967. 76.55 100.5 81.8 91.93 99.18 46.72 68.10 50.77 51.97 53.51 45.43 49.82 19.67 10,143 4,508 1968. 72.33 93.5 76.4 98.70 107.49 48.84 66.42 55.37 58.00 50.58 44.19 65.85 27.72 12,971 6,353 1969. 64.49 79.0 68.5 97.84 106.30 45.95 62.64 54.67 57.45 46.96 42.80 70.49 28.73 11,403 5,001 1970, 60.52 72.3 61.6 83.22 91.29 32.13 54.48 45.72 48.03 32.14 37.24 54.64 22.59 10,532 3,376 1970—Jan 58.33 69.7 62.2 90.31 99.41 37.62 55.72 50.61 53.58 37.51 38.76 66.19 26.48 10,532 4,062 Feb 61.63 71.7 62.4 87.16 95.73 36.58 55.24 48.76 51.29 36.06 38.55 65.01 25.61 11,500 3,830 Mar 62.04 75.6 62.8 88.65 96.95 37.33 59.04 49.46 51.53 36.85 40.77 67.37 25.15 10,141 3,122 Apr 60.89 71.9 62.8 85.95 94.01 c36.05 c57.19 47.51 49.47 34.99 39.49 64.07 23.56 10,146 3,150 May 57.78 67.8 61.2 76.06 83.16 31.10 51.15 41.65 43.33 29.85 35.48 54.58 20.92 12,299 3,908 June 57.37 67.5 59.5 75.59 82.96 28.94 49.22 41.28 43.40 28.51 33.74 54.21 20.81 10,294 3,189 July 60.59 70.6 59.0 75.72 83.00 26.59 50.91 41.15 43.04 26.46 34.90 54.00 20.11 10,358 2,202 Aug 59.20 73.8 60.0 77.92 85.40 26.74 52.62 42.28 44.20 27.66 35.74 56.05 20.39 10,420 2,474 Sept 60.10 72.3 60.8 82.58 90.66 29.14 54.44 45.10 47.43 30.43 36.74 60.13 21.72 14,423 4,438 Oct 60.44 71.9 61.3 84.37 92.85 31.73 53.37 46.06 48.87 32.38 36.01 59.04 22.39 11,887 3,135 Nov 63.27 75.1 61.9 84.28 92.58 30.80 54.86 45.84 48.54 31.23 36.71 57.40 21.73 11,519 2,677 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 1971--Jan 66.10 79.9 66.5 93.49 102.22 36.64 63.43 51.29 53.72 37.76 42.52 66.41 23.56 17,429 4,493 Week ending— 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 9 , 64.53 77.0 66.0 91.97 100.79 35.67 62.01 50.27 52.68 36.30 41.29 65.02 22.97 14,026 3,610 16 65.72 78.8 66.2 92.62 101.04 36.12 63.81 50.86 53.17 37.27 42.46 66.50 23.34 17,445 4,314 23 66.88 82.1 66.8 94.00 102.66 37.08 64.58 51.65 53.96 38.24 43.31 66.90 23.76 18,061 4,712 30 67.29 81.8 67.2 95.37 104.47 37.71 63.30 52.38 54.97 39.24 43.01 67.21 24.16 20,182 5,338 i Begins June 30, 1965, at 10.90. On that day the average price of a share yields as computed by Standard and Poor's Corp., on basis of a 4 per cent, of stock listed on the American Stock Exchange was $10.90. 20-year bond; Wed. closing prices. Common stocks, derived from component common stock prices. Average daily volume of trading, normally NOTE.—Annual data are averages of monthly figures. Monthly and conducted 5 days per week for 5 Vi hours per day, or 21l/i hours per week. weekly data are averages of daily figures unless otherwise noted and are In recent years shorter days and/or weeks have cut total weekly trading computed as follows: U.S. Govt, bonds, derived from average market to the following number of hours: 1967—Aug. 8-20, 20; 1968—Jan. 22yields in table 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 New homes Existing homes Period C c t ( r r e p a o a n e t n c t e r t - ) c F c h e ( e a p e n r e s t g r ) & e 1 s M (y a e t a u r r s i ) t y L c r p ( o e a p r n a t i e c i r t n o e ) / (t d h c o p o P h l r u u l a i a s r c s r . - e e s o ) f (t a d h m L o o l o u o la a s u r . n n s o t ) f c C t ( r r e p a o a n e t n c t e r t ) - c F c h e e ( a p n e r s e t g r ) e & i s M (y a e t a u r r s i ) t y L c r p ( e o a p r n a t i e c i t r n o e ) / (t d h c o p o P h l r u u l a i a s r c s . r - e e s o ) f (t d a h L o m o l u o l o a a s u . r n n s o ) t f 1964 5.78 .57 24.8 74.1 23.7 17.3 5.92 .55 20.0 71.3 18.9 13.4 1965 5.74 .49 25.0 73.9 25.1 18.3 5.87 .55 21.8 72.7 21.6 15.6 1966 6.14 .71 24.7 73.0 26.6 19.2 6.30 .72 21.7 72.0 22.2 15.9 1967 6.33 .81 25.2 73.6 28.0 20.4 6.40 .76 22.5 72.7 24.1 17.4 1968 6.83 .89 25.5 73.9 30.7 22.4 6.90 .83 22.7 73.0 25.6 18.5 1969 7.66 .91 25.5 72.8 34.1 24.5 7.68 .88 22.7 71.5 28.3 19.9 1969—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 K02 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 .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.r 8.26 .99 25.3 72.1 35.8 25.2 8.18 .85 22.8 71.5 29.9 21.1 Dec 8.20 1.07 25.9 74.0 35.0 25.7 8.12 .84 23.3 71.9 30.7 21.8 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 o FEBRUARY 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) Credit extended to Cus- Cus- Net Adjusted debt/collateral value margin customers by— tomers' tomers' credit (per cent) Total End of period Brolk ers Banks Total a d b n n e a c e b l t e i - t s c a b r f n n r e a e c e d l t e e - i s t b te r n e o b x d k y - e e d rs E pe n r d i o o d f Un 2 d 0 er 20-29 30-39 40-49 50-59 6 m 0 o r o e r j l ( u d i a m s o e d t b n i e - l t s - d of Unre- dol- 1969—Dec.. 4,970 2,580 7,550 7,445 2,803 4,642 strict- Restricted lars) ed 1970—Jan 4,680 2,430 7,110 6,683 2,626 4,057 Feb 4,570 2,390 6,960 6,562 2,463 4,099 Mar 4,520 2,370 6,890 6,353 2,441 3,912 1969—Dec.. 4.5 27.6 16.2 11.8 7.0 31.0 9,810 Apr 4,360 2,330 6,690 5,985 2,248 3,724 May 4,160 2,290 6,450 5,433 2,222 3,211 1970—Jan... 1.7 27.6 16.7 11.4 7.9 34.9 9,280 « 2,290 6,150 5,281 2,009 3,272 M Fe a b r . . . . 4 3. . 7 2 2 2 7 6 . . 1 9 1 1 6 6 . . 3 8 1 1 1 1 . . 6 4 7 7. . 5 9 3 3 2 3 . . 8 8 9 8 , , 0 8 4 8 0 0 July 3,800' 2,290 6,090 (4) 52,180 (4) Apr.. 1.5 21.8 16.7 12.1 9.3 38.6 8,450 Aug 3,810 2,300 6,110 (4) 2,083 (4) Sept 3,920 2,330 6,250 (4) 2,236 (4) Oct 4,010 2,270 6,280 (4) 2,163 (4) Unrestricted Restricted i NoV.... 4,010 2,320 6,332 (4) 2,197 (4) Dec 4,030 2,330 6,360 (4) 2,286 (4) May. 1.0 4.8 31.8 13.9 8.8 39.8 9,100 June. 1.3 1.0 23.3 24.9 9.4 40.1 8,490 1 End-of-month data. Total amount of credit extended by member firms July.. 1.0 32.7 16.7 9.0 39.5 8,610 of the N.Y. Stock Exchange in margin accounts, excluding credit extended Aug.. \l 1.1 37.8 14.3 9.2 36.9 8,580 on convertible bonds and other debt instruments and in special subscrip- Sept.. .6 1.1 45.5 12.0 8.9 31.9 8,900 tion accounts. Oct... .7 1.0 38.4 18.0 9.2 32.6 8,780 2 Figures are for last Wed. of month for large commercial banks re- Nov.. 1.0 0.9 39.0 16.4 9.7 33.0 8,570 porting weekly and represent loans made to others than brokers or dealers Dec.. .0 .3 47.0 13.7 9.5 29.4 8,140 for the purpose of purchasing or carrying securities. Excludes loans collateralized by obligations of the U.S. Govt. 3 Change in series. From Jan. 1966 to June 1970 the total of broker- i Debt representing more than 30 per cent but less than 35 per cent of extended margin credit was estimated by expanding the total of such collateral value is unrestricted as of May 6, 1970, but is not separable from credit extended by a small sample of 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 t h c a e n n t o ( f m d i o ll l i l o a n r s s ) Total Equity class (per cent) 1969—Dec. 54.8 37.3 7.9 4,760 debt (mil- 1970—Jan.. 53.0 38.2 8.7 4,620 E pe n r d i o o d f l l d a i o o r o f n s l - ) s ! 8 m 0 o r o e r 70-79 60-69 50-59 40-49 Un 4 d 0 er A M M Fe p a a b r y r . . . , , , 5 5 5 5 4 4 0 3 . . . 3 0 0 0 3 3 3 3 4 5 8 8 . . . . 7 9 3 8 1 1 1 8 1 0 0 . . . . 9 2 8 2 4 4 4 4 , , , , 3 8 4 1 4 4 2 4 0 0 0 0 June 49.5 39.1 11.4 4,550 July. 47.5 40.5 11.9 4,390 1969—Dec.. 4,690 16.6 22.3 17.0 12.8 9.5 21.8 Aug. 46.7 42.6 10.7 4,430 Sept. 46.6 44.5 9.0 4,480 1970— M A J F a e p a n b r r . . . . . . . . . 4 4 4 4 , , , , 5 3 6 6 2 6 7 8 0 0 0 0 1 1 1 1 5 1 5 3 . . . . 3 8 7 8 2 2 2 1 1 0 1 8 . . . . 1 1 3 0 1 1 1 1 4 6 5 6 . . . . 1 5 8 3 1 1 1 1 3 3 3 3 . . . . 3 8 4 4 1 1 1 1 1 1 0 1 . . . . 1 6 8 2 2 2 2 3 2 4 4 0 . . . . 5 9 0 2 N D O e o c c t v . . . , 4 4 4 5 6 8 . . . 5 2 2 4 4 4 3 3 2 . . . 9 9 3 1 9 9 0 . . . 9 4 6 4 4 4 , , , 4 2 0 3 4 3 0 0 0 May. 4,160 9.6 15.8 18.3 14.2 13.5 28.6 June. 3,860 8.3 12.4 18.8 15.7 13.5 31.4 NOTE.—Special miscellaneous accounts contain credit balances that July.. 3,800 8.1 15.1 21.1 16.0 13.8 25.8 may be used by customers as the margin deposit required for additional Aug.. 3,810 10.7 15.1 22.9 16.6 13.6 21.1 purchases. Balances may arise as transfers based on loan values of other Sept.. 3,920 11.4 18.3 24.4 16.7 13.1 16.0 collateral in the customer's margin account or deposits of cash (usually Oct... 4,010 9.9 15.2 25.5 16.9 14.3 18.2 sales proceeds) occur. Nov.. 4,010 10.4 14.8 26.1 17.5 14.1 17.2 Dec.. 4,030 11.0 16.1 27.1 16.8 13.5 15.5 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

FEBRUARY 1971 • OPEN MARKET PAPER; SAVINGS INSTITUTIONS A 37 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING (In millions of dollars) Commercial and finance Dollar acceptances company paper Held by- Based on— Placed through Placed End of period dealers directly Accepting banks F.R. Banks Total Im- Ex- Total Others ports ports All r B el a a n te k d Other i r B el a a n te k d Other2 Total Own Bills Own e F i o g r n - U i n n i t t o e d U f n r i o t m ed other bills bought acct. corr. States States 196 4 8,361 2,223 6,138 3,385 1,671 1,301 370 94 122 1,498 667 999 1,719 196 5 9,058 1,903 7,155 3,392 1,223 1,094 129 187 144 1,837 792 974 1,626 196 6 13,279 3,089 10,190 3,603 1,198 983 215 193 191 2,022 997 829 1,778 196 7 16,535 4,901 11,634 4,317 1,906 1,447 459 164 156 2,090 1,086 989 2,241 196 8 20,497 7,201 13,296 4,428 1,544 1,344 200 58 109 2,717 1,423 952 2,053 196 9 31,709 216 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... 34,362 266 10,772 4,262 18,062 ,288 1,439 1,123 316 83 147 3,619 1.863 1,096 2,329 Feb.. 36,020 271 11,604 4,781 18,364 ,249 1,408 1,110 298 56 152 3,632 1.864 1,054 2,331 Mar.. 37,164 223 12,411 5,295 18,235 ,352 1,398 1,156 242 52 170 3,732 1,891 1,113 2,349 Apr.. r38,01 088 12,647 '5,584 18,692 ,614 1,577 1,314 263 106 194 3,737 2,034 1,137 2,444 May. r39,724 126 12,826 r6,474 19,298 ,801 1 ,539 1,287 252 42 231 3,989 2,139 1,189 2,472 June. r37,798 044 11,945 '6,559 18,250 ,849 1,589 1,339 250 32 232 3,996 2,190 1,162 2,497 July.. r36,961 986 11,048 r6,834 18,093 ,973 1,599 1,324 275 37 239 4,098 2,294 1,198 2,482 S A e u p g t . . . . r r 3 3 3 6 , , 9 5 5 7 8 0 8 50 0 5 2 1 1 1 2, , 0 2 1 4 3 2 r r6 4 , , 5 1 0 1 1 5 1 1 8 7 , , 0 3 2 2 5 5 5 5 ,979 1 1 , , 9 9 1 5 1 2 1 1 , , 5 5 4 5 1 7 3 3 9 7 5 0 6 8 3 7 2 2 5 3 3 5 3 3 , , 5 7 7 5 4 2 2 2, , 3 3 9 5 6 4 1 1 , ,2 2 8 9 5 4 2 2 , , 3 1 3 6 1 7 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.. 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 Dec.* 31,765 409 12,262 1,940 17,154 7,058 2,694 1,960 735 57 250 4,057 2,601 1,561 2,895 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) Loans Securities Total Mortgage loan assets— commitments 3 Total Other General classified by maturity End of period M ga o g r e t - Other G U o . v S t . . g S l a o o t n c a v a d t t e l . o C t r a o h a n r e t d p e r o 1 - Cash O as t s h e e t r s g l r i e e a a t s n b i n e e e i r d s l r v i a - e l De it p s o 2 s- lia ti b e i s l i- reserve (in months) accts. 3 or 3-6 6-9 Over Total less 9 196 0 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 1,200 196 1 28,902 475 6,160 677 5,040 937 640 42,829 38,277 781 3,771 1,654 196 2 32,056 602 6,107 527 5,177 956 695 46,121 41,336 828 3,957 2.548 196 3 36,007 607 5,863 440 5,074 912 799 49,702 44,606 943 4,153 2.549 196 4 40,328 739 5,791 391 5,099 1,004 886 54,238 48,849 989 4,400 2,820 196 5 44,433 862 5,485 320 5,170 1,017 944 58,232 52,443 1,124 4,665 2,697 196 6 47,193 1,078 4,764 251 5,719 953 1,024 60,982 55,006 1,114 4,863 2,010 196 7 50,311 1,203 4,319 219 8,183 993 1,138 66.365 60,121 1,260 4,984 742 982 799 2,523 196 8 53,286 1,407 3,834 194 10,180 996 1,256 71,152 64,507 1,372 5,273 811 1,034 1,166 3,011 1969—Nov.. . 55,497 1,867 3,321 196 10,863 r828 1,343 73,914 66,505 1,853 5,556 677 463 483 1,082 2,705 Dec.... 55,781 1,824 3,296 200 10,824 912 1,307 74,144 67,026 1,588 5.530 584 485 452 946 2,467 1970—Jan.... 55,860 1,861 3,276 204 10,894 780 1,360 74,235 66,997 1,708 5.531 576 454 516 912 2,457 Feb.... 55,966 2,122 3,303 190 10,938 884 1,353 74,755 67,255 1,918 5,582 549 458 496 882 3,385 Mar... 56,119 2,080 3,274 194 11,212 848 1,436 75,164 r67,855 n ,713 5,596 648 478 476 807 2,409 Apr 56,279 2,048 3,294 188 11,319 853 1,385 75.366 67,861 1,906 5,599 603 500 455 801 2,360 May... 56,423 2,223 3,362 190 11,465 852 1 ,374 75,889 68,196 2,071 5,621 616 502 388 769 2,275 June... 56,644 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 r77,238 69,222 2,327 5,689 603 406 r332 715 2,057 Sept.. . 57,202 2.240 3,281 197 12,222 1,001 1,459 77,602 69,817 2,087 5,698 635 334 266 691 1,926 Oct 57,398 2,291 3.215 207 12,243 1,035 1.465 77,855 70,093 2,051 5,712 596 338 274 666 1,875 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 a FEBRUARY 1971 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period Total Mort- Real Policy Other assets Total U S n ta i t t e e s d Sta lo te c a a l n d Foreign 1 Total Bonds Stocks gages estate loans assets Statement value 196 1 126,816 11,896 6,134 3,888 1,874 55,294 49,036 6,258 44,203 4,007 5,733 5,683 196 2 133,291 12,448 6,170 4,026 2,252 57,576 51,274 6,302 46,902 4,107 6,234 6,024 196 3 141,121 12,438 5,813 3,852 2,773 60,780 53,645 7,135 50,544 4,319 6,655 6,385 196 4 149,470 12,322 5,594 3,774 2,954 63,579 55,641 7,938 55,152 4,528 7,140 6,749 196 5 158,884 11,679 5,119 3,530 3,030 67,599 58,473 9,126 60,013 4,681 7,678 7,234 196 6 167,022 10,837 4,823 3,114 2,900 69,816 61,061 8,755 64,609 4,883 9,117 7,760 196 7 177,832 10,573 4,683 3,145 2,754 76,070 65,193 10,877 67,516 5,187 10,059 8,427 196 8 188,636 10,509 4,456 3,194 2,859 82,127 68,897 13,230 69,973 5,571 11,306 9,150 Book value: 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—Jan... 197,677 10,962 4,532 3,242 3,188 84,764 71,542 13,222 72,340 5,923 14,060 9,628 Feb... 198,506 10,980 4,527 3.250 3,203 85,021 71,600 13,421 72,527 5,984 14,295 9,699 Mar... 199,403 10,941 4,505 3,242 3,194 85,344 71,532 13,812 72,616 5,990 14,535 9,977 Apr... 199,090 10,833 4,414 3,223 3.196 85,103 71,764 13,339 72,793 6,030 14,759 9,572 May.. 199,173 10,895 4,472 3,226 3.197 84,633 71,858 12,775 72,982 6,061 14,951 9,651 June.. 199,683 10,788 4,401 3,222 3,165 84,656 71,894 12,762 73,165 6,103 15,180 9,791 July. . 201,002 11,071 4,650 3.251 3,170 85.404 72,200 13,204 73,352 6,144 15,354 9,677 Aug... 201,918 11,090 4,653 3,255 3,182 85,841 72,497 13,344 73,427 6,158 15,517 9,885 Sept... 203,148 11,004 4,561 3.265 3,178 86,675 72,915 13,760 73,540 6,202 15,674 10,053 Oct.. . 203,922 11,029 4,565 3,277 3,187 87,099 73,389 13,710 73,728 6,255 15,813 9,998 i Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and NOTE.—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance companies in the United States. on each item separately but are included in total, in "Other assets." SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Mortgage loan Assets Liabilities commitments4 Total assets— End of period M ga o g r e t s - I s n i m e t v i c e e e u n s s r t t 1 - - Cash Other2 lia T b o il t i a t l i es S c a a v p i i n ta g l s R a d p n e i r s v d o e i d r f u i v e t n d e s - s m r B o o w n or e e - y d 3 Other d p M u er r a i i d o n e d g O e p u in n e t g s d r t i a o a o n d t f d - 196 1 68,834 5,211 3,315 4,775 82,135 70,885 5,708 2,856 1,550 1,136 1,872 196 2 78,770 5,563 3,926 5,346 93,605 80,236 6,520 3,629 1,999 1,221 2,193 196 3 90,944 6,445 3,979 6,191 107,559 91,308 7,209 5,015 2,528 1,499 2,572 196 4 101,333 6,966 4,015 7,041 119,355 101,887 7,899 5,601 2,239 1,729 2,549 196 5 110,306 7,414 3,900 7,960 129,580 110,385 8,704 6,444 2,198 1,849 2,707 196 6 114,427 7,762 3,366 8,378 133,933 113,969 9,096 7,462 1,270 2,136 1,482 196 7 121,805 9,180 3,442 9,107 143,534 124,531 9,546 4,738 2,257 2,462 3,004 196 8 130.802 i 11,116 2,962 9,571 152,890 131,618 10,315 5,705 2,449 2,803 3,584 19695 140,347 10,893 2,439 8,620 162,299 135,670 11,239 9,728 2,455 3,207 807 2,812 1969—Nov.. 139.803 11,469 2,112 8,611 161,995 134,585 10,668 9,105 2,538 5,099 882 3,079 Dec.. 140,347 10,893 2,439 8,620 162,299 135,670 11,239 9,728 2,455 3,207 807 2,812 1970s—Jan.. 140,483 10,900 1,864 8,576 161,823 134,253 11,262 10,207 2,301 3,800 772 2,738 Feb. 140,706 11,163 2,084 8,649 162,602 134,458 11,259 10,253 2,203 4,429 846 2,815 Mar. 140,904 11,502 223 8,761 163,390 136,053 11,247 10,013 2,171 3,906 1,084 3,041 Apr. 141,390 11 ,554 359 8,852 164,155 136,260 11,252 10,056 2,, 224 4,363 1,391 3,487 May 142,113 12,108 523 8,986 165,730 137,013 11,254 10,169 2,, 294 5,000 1,588 3,956 June 143,241 12,097 643 9,052 167,033 138,814 11,620 10,480 2,,'4 61 3,658 1,544 4,038 July. 144,320 12,742 404 8,999 168,465 139,357 11,617 10,555 2,,;5 30 4,406 1,700 4,333 Aug. 145,434 12,826 413 9,091 169,764 139,907 11,615 10,622 2,,5 81 5,039 1,531 4,303 Sept. 146,556 12,850 455 9,182 171,043 141,734 11,609 10,705 2,, 679 4,316 1,628 4,354 Oct.. 147,712 13,277 715 9,248 172,952 142,825 11,588 10,721 2,747 5,071 1,711 4,539 Nov. 148,896 13,340 155 9,356 174,747 143,928 11,592 10,691 2,838 5,698 1,628 4,633 Dec. 150,560 13,013 526 9,445 176,562 146,754 12,020 10,939 3,087 3,762 1,574 4,454 1 U.S. Govt, securities only through 1967. Beginning 1968 the total ments are comparable with those shown for mutual savings banks (on reflects liquid assets and other investment securities. Included are U.S. preceding page) except that figures for loans in process are not included Govt, obligations, Federal agency securities, State and local govt, securi- above but are included in the figures for mutual savings banks. ties, time deposits at banks, and miscellaneous securities, except FHLBB 5 Balance sheet data for all operating savings and loan associations stock. Compensating changes have been made in "Other assets." were revised by the Federal Home Loan Bank Board for 1969 and 1970. 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. 4 Insured savings and loan assns. only. Data on outstanding commit- Data for current and preceding year are preliminary even when revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1971 • FEDERALLY SPONSORED CREDIT AGENCIES A 39 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks FFeeddeerraall NNaattiioonnaall MMoorrttggaaggee AAssssnn.. BBaannkkss FFeeddeerraall FFeeddeerraall ((sseeccoonnddaarryy mmaarrkkeett ffoorr iinntteerrmmeeddiiaattee llaanndd Assets Liabilities and capital ooppeerraattiioonnss)) ccooooppeerraattiivveess ccrreeddiitt bbaannkkss bbaannkkss EEEnnnddd ooofff pppeeerrriiioooddd v m a b A t n e e d o m r c - s e - s I m nv e e n s t t s - p C a o d a n s e s i d - h t s B n a o o n n t d e d s s M po b d e s e e m i r - t s - C s a to p c it k a l M l g o ( a A o a g r n ) e t s - D n t e a u ( o b L n r t e d e e ) n s s - c L a o ( t o o t i A p a o v ) n e e s r s - D t e u ( b L r e 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 r e e ) s n - M l g o ( a a o A g r n ) e t s - Bo (L n ) d s 196 7 4,386 2,598 127 4,060 1,432 1,395 5555,,,,333344448888 4444,,,,999911119999 1111,,,,555500006666 1111,,,,222255553333 3333,,,,444411111111 3333,,,,222211114444 5555,,,,666600009999 4444,,,,999900004444 196 8 5,259 2,375 126 4,701 1,383 1,402 6666,,,,888877772222 6666,,,,333377776666 1111,,,,555577777777 1111,,,,333333334444 3333,,,,666655554444 3333,,,,555577770000 6666,,,,111122226666 5555,,,,333399999999 1969—Nov.. 8,802 1,968 110 8,172 939 1,467 11110000,,,,000000009999 11110000....222200005555 1111,,,,777700005555 1111,,,,444444445555 4444,,,,111155552222 6666,,,,777700004444 5555,,,,999944449999 Dec... 9,289 1,862 124 8,422 1,041 1,478 11110000,,,,555544441111 11110000,,,,555511111111 1111,,,,777733332222 1111,,,,444477773333 4444,,,,222277775555 4444,,,,111111116666 6666,,,,777711114444 5555,,,,999944449999 1970—Jan.. . 9,852 1,536 72 8,822 806 1,503 11111111,,,,000077770000 11110000,,,,777711117777 1111,,,,888800004444 1111....555500008888 4444,,,,333377771111 4444,,,,111166661111 6666,,,,777733338888 5555,,,,999933338888 Feb... 9,937 1,787 93 9,171 802 1 ,537 11111111,,,,555544440000 11111111,,,,666655559999 1111,,,,888844444444 1111,,,,555577777777 4444,,,,444477774444 4444,,,,333311111111 6666,,,,777777777777 cccc6666,,,,000033332222 Mar... 9,745 2,870 107 9,825 986 1,558 11112222,,,,000011116666 11112222,,,,222222227777 1111,,,,888844440000 1111,,,,555577776666 4444,,,,666644444444 4444,,,,444422222222 6666,,,,888833333333 6666,,,,000033332222 Apr... 9,860 3,090 89 9,993 1,110 1,574 11112222,,,,444455556666 11112222,,,,444411111111 1111,,,,888822228888 1111,,,,555599994444 4444,,,,888811110000 4444,,,,555599991111 6666,,,,888899990000 cccc6666,,,,111111113333 May.. 10,008 2,964 78 9,888 1 ,189 1,579 11113333,,,,222288887777 11112222,,,,666600005555 1111,,,,777799996666 1111,,,,555533339999 4444,,,,999944442222 4444,,,,777733339999 6666,,,,999944443333 6666,,,,111111113333 June.. 10,236 2,844 106 9,880 1,333 1,586 11113333,,,,666655559999 11113333,,,,111166665555 1111,,,,777744449999 1111....555500009999 5555,,,,000099997777 4444,,,,888877779999 6666,,,,999999995555 6666,,,,111177779999 July. . 10,372 2,704 70 10,029 1,194 1,592 11114444,,,,000088885555 11113333,,,,444400001111 1111,,,,777766662222 1111,,,,555511118888 5555,,,,000033334444 4444,,,,999988880000 7777,,,,000022226666 6666,,,,222255559999 Aug... 10,445 2,729 99 10,091 1,244 1,595 11114444,,,,444455552222 11113333,,,,999977776666 1111,,,,777777778888 1111,,,,555533337777 5555,,,,000011115555 4444,,,,999911118888 7777,,,,000066661111 6666,,,,333333339999 Sept... 10,524 2,722 109 10,089 1,340 1,598 11114444,,,,888811115555 11114444,,,,333399996666 1111,,,,888855552222 1111,,,,555533337777 4444,,,,999999998888 4444,,,,888833339999 7777,,,,111100001111 6666,,,,333333339999 Oct 11114444,,,,777700002222 11114444,,,,777700002222 1111,,,,999977773333 1111,,,,666600001111 4444,,,,999977772222 4444,,,,888811118888 7777,,,,111133337777 6666,,,,333399995555 Nov 11115555,,,,333399997777 11115555,,,,000066667777 2222,,,,000022220000 1111,,,,777700000000 4444,,,,999933334444 4444,,,,777766667777 7777,,,,111155556666 6666,,,,333399995555 Dec 11115555,,,,555500002222 11115555....222200006666 2222,,,,000033330000 1111,,,,777755555555 4444,,,,999977774444 4444,,,,777799999999 7777,,,,111188886666 6666,,,,333399995555 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, DECEMBER 31, 1970 Cou- Amount Cou- Amount Cou- Agency, and date of issue pon (millions Agency, and date of issue pon (millions Agency, and date of issue pon and maturity rate of dollars) and maturity rate of dollars) and maturity Federal home loan banks1 Federal National Mortgage Federal intermediate Notes: Association—Cont. credit banks 12/22/69 - 11/25/70. 8.70 250 Debentures: Debentures: Bonds: 3/11/68 - 3/11/71.... 6.00 350 4/1/70 - 1/4/71 7.50 10/27/69 - 10/27/70. 650 2/10/70 - 4/12/71 8.75 500 5/4/70 - 2/1/71 7.40 1/26/70 -- 1/26/71... 8.63 600 11/10/69 - 5/10/71. . . 8.20 400 6/1/70 - 3/1/71 8.15 2/25/69 -- 2/25/71. . . 6.60 200 4/10/69 - 6/10/71 6.85 250 7/1/70 - 4/1/71 8.05 7 3 / / 2 2 5 5 / / 6 7 9 0 - -- - 2 3 / /2 2 5 5 / / 7 7 1 1 . . . . . , 7 8 . . 7 0 0 0 4 8 0 5 0 0 8 1 / 2 2 / 3 1 / 2 6 / 0 6 9 - - 8 7 /1 /1 0/ 2 7 / 1 7 1. . . 4 8. H 60 4 63 0 0 9 8 / / 1 3 / / 7 7 0 0 - - 6 5 /1 /3 / / 7 7 1 1 7 7 . . 2 3 5 0 9/25/69 -- 4/26/71. . . 8 % 250 4/10/70 - 8/10/71 7.38 200 10/1/70 - 7/1/71 7.10 4/27/70 -- 4/26/71 . . , 7.25 400 7/10/70 - 8/10/71 8.05 250 11/2/70 - 8/2/71 6.80 5/26/69 -- 5/25/71. . , 7.00 350 9/11/61 - 9/10/71 41/z 96 12/1/70 - 9/1/71 5.70 5/25/70 -- 5/25/71 . . , 8.20 500 9/10/68 - 9/10/71 5V4 350 3/2/70 - 3/1/73 8.15 2/25/70 -- 6/25/71. . . 8.45 650 6/10/70 - 10/21/71. . . 8.45 500 9/1/70-7/2/73 7.75 8 7 / / 2 2 5 7 / / 7 7 0 0 - -- - 7 8 / / 2 2 7 5 / / 7 7 1 1 . . . . , . V 7 A .6 5 6 5 5 0 0 0 5 3 / / 1 1 0 0 / / 6 7 9 0 - - 1 1 2 1 / / 1 1 0 0 / /7 7 1 1 . . . . . . 6 6 . % 85 3 5 5 0 0 0 Federal land banks 9/25/70 -- 9/27/71 . . . 7.35 400 2/10/60 - 2/10/72. 5H 98 Bonds: 10/27/69 - 11/26/71. 8.20 250 3/10/69 - 3/10/72 6Y4 250 2/15/57 - 2/15/67-72 4H 6 1 / 1 2 / 6 2 / 5 7 / 0 6 9 -- - 2 2 /2 /2 5 5 /7 /7 2. 2 . . , . 8 8. . 2 2 0 0 2 3 0 0 0 0 1 1 0 2 / / 1 1 4 1/ / 6 6 1 9 - - 3 6 / / 1 1 0 2 / / 7 7 2 2 . . . . . . 4ey %4 2 1 0 0 0 0 4 2 / / 2 2 1 0 / / 6 7 9 0 - - 4 2 / / 2 2 0 3 / / 7 7 1 1 . . . . . . 6 81 . / 8 2 0 5/25/70 -- 5/25/72. . , 8.15 200 2/10/70 - 6/12/72 8.70 300 4/20/70 - 4/20/71 . . . 7.35 9 2 / / 2 2 5 5 / / 7 7 0 0 - - - - 2 1 / 1 2 / 6 2 / 7 7 / 3 7 2 . . . , . 8 IV .3 s 5 2 3 5 5 0 0 5 6 / / 1 1 1 0 / / 7 7 0 0 - - 9 9 / / 1 1 1 1 / / 7 7 2 2 . 7 8 . . 4 4 0 0 4 2 0 0 0 0 7 5 / / 1 1 5 /5 / 6 6 9 - - 5 7 /1 /2 /7 0 1 / 71 . . . 8 3V .1 4 5 1/26/70 -- 1/25/74. . . 8.40 300 11/10/69 - 12/11/72. . 8.00 200 10/20/69 - 7/20/71. . 8.45 6/26/70 -- 2/25/74. . , 8.40 250 10/13/70 - 12/11/72. . 7.20 400 10/20/68 - 10/20/71. 6.00 Fede 8 A 8 r 7 3 S 1 a / / / / 1 e s 2 2 2 2 l c / s 5 5 7 2 5 o o N / / 5 / / n c 6 7 7 7 a / i d 9 0 0 6 0 a t a i 9 t o r i - - - - o n y - - - - - n a 8 8 2 5 — l m / / / / 1 2 2 2 2 M a 1 5 5 5 6 r / o / / / / k 2 8 7 7 7 r 5 e 0 5 t 4 5 t / g . . . . 7 a 4 . . . . g . . . . . e 7 8 8 7 7 . . . . . 0 6 0 7 9 5 5 0 5 5 2 2 3 1 3 6 4 5 8 0 5 2 0 8 0 7 6 9 4 3 1 1 8 1 / / / / / 2 1 2 / 1 1 1 1 1 5 / / / 2 0 1 0 1 0 0 1 /7 / 2 / / 0 / / 0 6 6 7 7 7 0 / / / 1 9 6 0 0 7 0 7 9 0 0 - - - - - - - - - 6 9 6 6 3 9 / / 3 / 3 / 1 / 1 / 1 1 1 1 / / 2 0 1 0 2 1 2 1 1 / / 0 / / 2 / 2 1 / 7 7 7 7 7 / / / 4 0 3 3 3 7 7 7 4 / . 3 . 3 7 4 . . 3 . . . . . . . . . . . . . . . . 4 8 7 8 7 7 5 7 8 V . . . . . . . . 7 3 3 7 3 9 8 1 5 5 0 5 4 0 0 5 0 4 2 4 3 5 2 3 3 1 3 5 5 5 0 0 5 0 4 5 0 0 0 0 0 0 0 0 6 0 0 9 9 7 6 2 8 8 1 1 / / / / / / / 0 / 2 1 2 2 2 2 2 2 / 2 0 4 0 2 0 0 2 0 / / / / / / / 3 / 6 6 6 5 7 7 7 7 / 8 9 3 6 0 0 3 0 7 2 - - - - - - - - - 9 9 2 7 7 7 1 2 / / / / / / / / 1 1 1 1 2 2 2 2 2 0 5 5 5 0 0 2 0 0 / / / / / / / / 2 / 7 7 7 7 7 7 7 7 3 2 2 2 3 2 3 3 3 / . . . . . . - 7 . 7 . . . 2 . . . . 8 . . . . . . . . . 4 7 8 7 8 8 3 5 5 M . . . . . . % K 9 9 4 3 2 7 5 5 5 5 0 0 s D Ca i 9 4 s p c / / i 3 1 o t o 0 / a u p 7 / l n e 6 0 r t 8 d a - e n t b - i o o 4 e t n n / e 1 1 s s t 0 / u / 7 1 r 5 e / 7 s 3 : 6 8 . . 0 0 0 0 2,9 2 2 0 5 0 5 0 0 Bank 2 1 1 1 s / 2 1 0 1 f / / / o 3 1 1 1 r / 0 0 3 6 / / / 2 c 7 7 7 o 0 0 0 o - p - - - e 2 r 9 6 3 / a 1 / / / t 1 1 1 0 iv 0 0 0 / e 7 / / / s 7 7 7 7 5 7 5 . . . . . . . . . . 4 7 7 6 1 . . . 5 / 3 5 2 5 8 0 2 3 1 5 9 5 0 8 0 4 2 4 2 2 1 / / / / / 0 2 2 2 2 2 / 0 0 1 0 0 2 / / / / / 0 6 6 7 7 7 / 5 6 0 0 2 7 0 - - - - - - 4 2 2 1 1 4 / / / 0 / 2 2 2 2 / / 2 1 4 0 0 2 2 / / / / 2 7 7 7 7 / / 7 5 6 5 7 4 . . . . 4 3 . . . . . . . . . . . . 4 7 4 7 8 5 1 ^ . . . ^ / 3 8 0 8 2 0 0 0 Mortgage-backed bonds: De 7 b / e 1 n /7 t 0 u r - e s: 1 /4/71 7.85 295 7 5 / / 2 2 0 /6 / 6 6 6 - - 4 7 / / 2 2 0 0 / / 7 76 8 . . . . . . . 5 5/^ K 8 6/1/70 - 6/1/71 8.13 150 8/3/70-2/1/71 7.25 391 2/20/67 - 1/22/79. . . 5.00 6/1/70 - 6/2/75 8.38 250 10/1/70 - 4/2/71 7.10 265 9/9/70- 10/2/72 7.50 400 11/2/70 - 5/3/71 6.70 339 9/29/70- 10/1/90 8.63 200 12/10/70 - 6/1/71 5.70 366 10/14/69 - 2/10/71... 8.75 400 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 • FEBRUARY 1971 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) U.S. budget Means of financing Receipt-expend- Borrowings from the public : Less: Cash and iture account monetary assets Other Period Budget means Net Budget surplus Less: Invest- of Net lend- out- or Public Plus: ments by Govt, Equals: Trea- financ- Budget ex- ing lays1 deficit debt Agency accounts Less: Total sury ing, receipts pendi- (-) securi- securi- Special borrow- operat- Other net 4 tures ties ties notes3 ing ing S i p ss e u c e ia s l Other balance 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 2-1,295 596 1,616 269 197 0 193,743 194,456 2,131 196,588 -2,845 17,198 -.1,739 9,386 676 5,397 2,151 -581 -982 Half year: 1969—Jan.-June. . '104,886 '90,863 500 '91,362 13,523 -4,309 -815 7,643 604 -1,000 -12,370 1,194 '1,590 '1,630 July-Dec.. . '90,833 '97,563 ,364 '98,927 -8,093 14,505 -429 3,935 330 9,811 '-767 '315 -2,170 1970—Jan.-June. .. r102,910 '96,893 '767 '97,661 '5,248 2,693 -1,310 5,451 346 -4,415 '2,918 -896 '1,188 July-Dec. 87,562 104,084 99 104,183 -16,621 18,240 -19 1,807 157 16,257 54 -952 -534 Month: 1969—De c '16,711 '15,226 ' — 138 '15,088 1,624 113 -84 1,938 103 -2,012 -1,099 '313 '-398 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 '16,294 '254 16,548 -3,429 3,161 21 770 97 2,314 316 -768 664 Apr 22,029 17,844 200 18,043 3,986 -4,813 -39 -285 123 -4,691 85 . 526 1,317 May 13,982 16,333 108 16,441 -2,459 3,893 -278 1,565 599 1,452 -1,008 1,258 -1,259 June 22,561 14,871 480 15,351 7,210 -169 -160 2,909 -82 -3,156 2,034 265 -1,755 July r12,609 '19,344 -17 '19,327 -6,718 5,649 -38 -233 -153 5,997 -646 -386 -312 Aug 15,172 17,429 66 17,495 -2,323 4,333 -3 1,539 76 2,716 -58 -367 -818 Sept 18,725 17,329 114 17,443 1,281 -2,223 12 -890 27 -1,347 1,497 7 1,570 Oct 11,493 17,490 150 17,640 -6,147 1,522 -17 -1,178 122 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 Dec 15,429 15,876 -326 15,550 -121 5,519 31 2,487 38 3,024 2,185 -54 -772 Selected balances Treasury operating balance Federal securities End Memo: of Less: Debt of period B F a . n R k . s ac l c T a o o n a a u d x n n ts ba G l o an ld c e Total se P c d u u e b r b i l t t i i c e s s A ec g u e r n it c i y e s S i p s G I s e n u c o v e i v a s e t l s , tm ac e c n o t O u s n t o h t f s e r S n L p o e e t c e s s s ia : 3 l E p T h q u o b e u b t y l a d a l i l l c s : s c p p o G r o N r i n o v p o s v a s w o t . t — r . e - e 6 d Fiscal year: 196 7 1,311 4,272 112 5,695 326,221 18,455 56,155 17,663 3,328 267,529 9,220 196 8 1,074 4,113 111 5,298 347,578 24,399 59,374 19,766 2,209 290,629 10,041 196 9 1,258 4,525 112 5,894 353,720 14,249 66,738 20,923 825 279,483 24,991 197 0 1,005 6,929 111 8,045 370,919 12,510 76,124 21,599 825 284,880 35,789 Calendar year 196 9 1,312 3,903 112 5,327 368,226 13,820 70,677 21,250 825 289,294 30,578 197 0 1,156 6,834 109 8,099 389,158 12,491 77,931 21,756 825 301,138 Month: 1969-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 5,424 111 6,455 380,200 12,465 75,363 21,669 825 294,808 37,811 Nov... 587 5,217 110 5,914 383,640 12,460 75,444 21,717 825 298,113 38,252 Dec.. . 1,156 6,834 109 8,099 389,158 12,491 77,931 21,756 825 301,138 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 5 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 owership 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

FEBRUARY 1971 • FEDERAL FINANCE A 41 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Budget receipts Corporation Social insurance taxes Individual income taxes income taxes and contributions Period Employment Total taxes and Excise Cus- W he it ld h - N w h i o e t l n h d - - fu R n e d - s t N ot e a t l c G e r r i e p o - t s s s fu R n e d - s co P n a t y r - ibut S i e o l n f- s1 e in U m s n u p - r l. . c O e n r i t p e h e - t t e s r 2 t N ot e a t l taxes toms t r a o x l e l s empl. Fiscal year: 196 7 149,552 50,521 18,850 7,845 61,526 34,918 946 26,047 1,776 3,659 1,867 33,349 13,719 1,901 196 8 153,671 57,301 20,951 9,527 68,726 29,897 1,232 27,680 1,544 3,346 2,052 34,622 14,079 2,038 196 9 187,784 70,182 27,258 10,191 87,249 38,338 1,660 32,521 1,715 3,328 2,353 39,918 15,222 2,319 197 0 193,743 77,416 26,236 13,240 90,412 35,037 2,208 37,190 1,942 3,465 2,700 45,298 15,705 2,430 Half year: 1 1 9 9 6 7 9 0 — — J J J u a a n n ly . . - - - J J D u u e n n c e e . 1 1 '9 0 0 0 4 2 , , , 8 8 9 3 8 1 3 6 0 3 3 3 6 8 8 , , , 4 7 6 9 4 1 7 6 9 2 2 5 1 0 , , , 7 7 4 7 6 4 1 5 3 1 9 2 , , r 7 7 4 1 5 8 5 9 l 4 4 4 8 4 6 , , , 0 3 4 8 2 7 7 5 4 2 1 1 2 9 5 , , , 8 8 1 4 5 7 4 8 9 1, ' 2 9 8 2 8 7 2 6 6 2 1 1 0 7 7 , , , 5 1 0 7 5 3 7 7 4 1 1 , , ' 8 5 1 1 8 3 1 4 1 ' 2 2 1 , , , 0 1 2 3 9 7 9 6 0 rl 1 1 , , , 1 4 2 7 1 8 4 6 2 2 2 1 5 2 9 , , , 5 3 7 5 7 4 8 4 0 ' 7 8 7 , , , 2 3 4 4 8 6 1 8 4 1 1 1 , , ,2 1 1 6 0 6 3 8 6 1 July-Dec. 87,562 37,445 5,569 565 42,449 12,744 1,467 17,768 133 1,348 1,576 20,826 8,152 1,317 Mo 1 n 96 th 9 : — De c rl 6,711 r6,412 412 r43 '6,781 5,637 '109 1,908 59 214 r2,189 rl ,398 '198 1970—Ja n 16,297 6,203 4,491 35 10,660 1,252 125 111 129 254 2,674 1,154 195 Feb 14,938 7,535 886 1,456 6,965 774 128 139 842 203 5,408 1,206 165 Mar 13,119 6,091 1,235 3,907 3,419 4,559 320 146 64 221 3,436 1,192 202 Apr 22,029 5,748 8,992 4,039 10,701 4,895 317 1,081 234 259 4,419 1,226 207 May 13,982 7,058 1,063 2,863 5,258 862 148 207 857 202 5,851 1,319 192 J J A u u u l n g y e 2 1 1 2 2 5 , , , 5 6 1 6 0 7 1 9 2 6 6 6 , , , 9 0 0 8 1 4 5 4 0 3,7 4 3 9 7 3 7 7 3 4 2 1 5 3 0 8 6 0 9 6 7 , , , 3 2 2 1 5 8 9 3 1 7 1 , , 5 0 6 7 1 6 1 7 6 2 1 1 3 8 8 4 8 2 127 5 1 8 7 8 7 0 6 2 2 2 5 7 4 5 8 9 5 3 3 , , , 1 3 7 8 6 3 5 9 0 1 1 1 , , , 3 4 3 6 3 0 7 9 9 2 2 2 0 1 2 7 8 3 S O e c p t t 1 1 8 1 , , 7 4 2 9 5 3 5 5 , , 9 6 0 6 7 7 3,6 4 2 9 3 7 5 8 5 1 9 6 , , 4 1 4 1 9 0 4 1 , , 5 0 4 8 3 9 2 4 6 2 5 0 123 1 4 0 7 6 2 2 7 8 0 0 2 2 , , 9 6 6 9 2 7 1 1 , , 2 23 7 7 2 2 23 1 1 8 Nov 14,134 7,007 216 42 7,181 711 187 374 259 4,107 1,549 207 Dec...... 15,429 5,838 422 50 6,209 4,664 179 50 265 2,545 1,346 220 Budget outlays4 Period Total t f i N e d o n n a e s - - a e l a I f n fa t i l r . s s S e p r a a e r - c c e h A c tu g u r r l- e i- so N u u r r a e r a t - c - l e s m t C r a o a e n r n m d c s - e p . d h C e m o a v u o n u e s m d l n i o n - . p g . E p m d t o a i a u n w o n d c n e - a r - w H e a e l n a fa d lt r h e e V ra e n t- s In e t s e t r - Fiscal year: 196 7 158,254 70,081 4,547 5,423 4,376 '1,821 '7,594 2,616 '5,853 '37,885 6,897 12,588 196 8 178,833 80,517 4,619 4,721 5,943 '1,655 '8,094 4,076 '6,739 '43,780 6,882 13,744 196 9 184,548 81,232 3,785 4,247 6,221 '2,081 '7,921 1,961 '6,525 '49,395 7,640 15,791 197 0 196,588 80,295 3,570 3,749 '6,201 '2,480 '9,310 '2,965 '7,289 '56,785 '8,677 18,312 1971 «'6 212,755 76,443 3,586 3,368 5,262 2,636 11,442 3,858 8,300 70,474 9,969 19,433 1972*6 229,232 77,512 4,032 3,151 5,804 4,243 10,937 4,495 8,808 76,749 10,644 19,687 Half Year: 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 July-Dec. 98,927 '40,616 1,941 1,839 5,476 1,515 4,611 1,820 3,120 26,063 4,148 8,623 1970—Jan.-June '97,661 '39,683 1,627 1,910 711 1,017 4,651 1,291 4,314 30,432 4,537 9,687 July-Dec. 104,183 38,485 1,409 1,720 4,633 1,575 5,794 1,677 3,744 32,710 4,625 9,594 Mo 1 n 96 th 9 : — De c '15,088 '6,827 145 297 385 186 655 '221 501 4,450 722 1,515 1970—Ja n 16,394 6,648 161 290 659 113 713 212 583 4,700 729 1,537 F M e a b r 1 16 4 , , 5 8 4 9 8 4 6 6 , , 1 6 9 0 9 8 2 3 9 1 8 2 2 3 9 2 9 5 -18 7 7 6 1 1 0 8 9 1 5 6 7 8 1 3 2 1 5 5 7 8 7 5 1 3 9 2 4 5 , , 5 01 1 9 0 7 8 1 0 9 1 1 1, ,6 6 1 8 4 6 Apr 18,043 6,806 336 332 107 185 967 281 642 5,996 751 1,631 May 16,441 6,516 296 285 144 21 715 99 694 5,207 806 1,563 June 15,351 6,926 225 378 -88 218 1,002 290 ,147 5,001 731 1,655 July '19,327 6,794 199 268 2,430 208 843 471 553 5,276 732 1,597 Aug 17,495 6,253 285 282 720 371 885 261 680 5,289 766 1,705 Sept 17,443 6,374 221 282 44 337 1,231 268 651 5,434 722 1,731 N O D c o e t c v 1 1 1 6 7 5 , , , 7 6 5 2 4 5 8 0 0 6 5 6 , , , 9 7 3 6 4 5 5 5 4 2 3 1 1 3 6 1 4 0 2 3 3 6 0 1 6 2 8 9 4 2 2 9 7 2 0 2 3 8 1 5 3 6 9 1,1 8 8 0 9 3 5 8 2 2 1 3 3 3 1 4 2 4 5 5 7 9 3 3 3 3 4 5 5 5 , , , 5 4 6 4 8 7 5 8 8 7 8 8 6 2 0 7 9 8 1 1 1 , , , 1 7 6 4 3 7 8 8 6 * Old-age, disability, and hospital insurance, and Railroad Retirement 5 Consists of government contributions for employee retirement and accounts. . interest received by trust funds. 2 Supplementary medical insurance premiums and Federal employee 6 Estimates presented in the Jan. 1971 Budget Document. Breakdowns do retirement contributions. not add to totals because special allowances for contingencies, Federal pay increase, and allowance for revenue sharing, totaling $800 million for 3 Deposits of earnings by Federal Reserve Banks and other miscellane- fiscal 1971 and $5,969 million for fiscal 1972, are not included. ous receipts. 4 Outlays by functional categories are published in the Monthly NOTE.—Half years may not add to fiscal year totals due to revisions in Treasury Statement (beginning April 1969). Monthly back data (beginning series which are not yet available on a monthly basis. July 1968) are published in the Treasury Bulletin of June 1969. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 42 U.S. GOVERNMENT SECURITIES • FEBRUARY 1971 GROSS PUBLIC DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues Total End of period p g u r b o l s i s c Marketable Con- Nonmarketable debt i Total Total Bills C c e a r t t e i s fi - Notes Bonds 2 b v i o b e n r le d t- s Total 3 b S o in n a g v d s - s & notes 1941—Dec. 57.9 50.5 41.6 2.0 6.0 33.6 8.9 1946—Dec. 259.1 233.1 176.6 17.0 30.0 10.1 119.5 56.5 1962—Dec. 303.5 255.8 203.0 48.3 22.7 53.7 78.4 4.0 48.8 1963—Dec. 309.3 261.6 207.6 51.5 10.9 58.7 86.4 3.2 50.7 1964—Dec. 317.9 267.5 212.5 56.5 59.0 97.0 3.0 52.0 1965—Dec. 320.9 270.3 214.6 60.2 50.2 104.2 2.8 52.9 1966—Dec. 329.3 273.0 218.0 64.7 5.9 48.3 99.2 2.7 52.3 1967—Dec. 344.7 284.0 226.5 69.9 61.4 95.2 2.6 54.9 1968—Dec. 358.0 296.0 236.8 75.0 76.5 85.3 2.5 56.7 1969—Dec. 368.2 295.2 235.9 80.6 85.4 69.9 2.4 56.9 1970—Jan.. 367.6 295.5 236.3 81.1 85.4 69.8 2.4 56.8 Feb.. 368.8 295.4 236.0 81.2 91.4 63.4 2.4 57.0 Mar. 372.0 297.9 238.2 83.7 91.4 63.1 2.4 57.3 Apr. 367.2 293.3 234.0 79.7 91.3 63.1 2.4 56.9 May 371.1 295.8 236.6 80.1 93.5 63.0 2.4 56.9 June 370.9 292.7 232.6 76.2 93.5 63.0 2.4 57.7 July. 376.6 298.5 237.8 81.4 93.5 62.9 2.4 58.3 Aug. 380.9 301.4 240.5 81.9 99.9 58.7 2.4 58.5 Sept. 378.7 300.1 239.3 80.7 99.9 58.7 2.4 58.4 Oct.. 380.2 302.9 242.2 83.7 99.8 58.7 2.4 58.3 Nov. 383.6 306.0 244.4 84.6 101.2 53.6 2.4 59.2 Dec. 389.2 309.1 247.7 87.9 101.2 53.6 2.4 59.1 1971—Jan.. 388.3 308.8 247.7 87.9 101.2 53.5 2.4 58.7 1 Includes non-interest-bearing debt (of which $628 million on Jan. 31, 1956, tax and savings notes; and before Oct. 1965, Series A investment 1971, 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 aa ee rr oo nn nn uu .. vv SS cc dd ss tt .. tt ii ,, ee ss BB FF aa .. nn RR kk .. ss TToottaall mm CC bb ee aa oo rr nn mm cc kk iiaa -- ss ll MM ss bb aa aa vv uu nn ii tt nn uu kk gg aa ss ss ll pp II cc aa nn aa oo nn ss nn mm uu cc ii ee ee rr -- ss -- rr cc OO aa oo tt tt rr ii hh pp oo ee oo nn rr -- ss gg SS ll aa oo oo tt nn cc vv 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 oo nn ee ee nn dd ii rr gg aa -- nn ll 11 ii OO mm tt nn oo tt vv ii rr hh 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—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 Dec 389.2 97.1 62.1 229.9 63.2 2.8 7.0 10.6 22.9 52.1 29.8 20.6 21.1 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

FEBRUARY 1971 • U.S. GOVERNMENT SECURITIES A 43 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value, in millions of dollars) Within 1 year Type of holder and date Total y 1 ea -5 r s y 5 e - a 1 r 0 s 1 y 0 ea -2 r 0 s 20 O y v e e a r r s Total Bills Other All holders: 1967—Dec. 31. 226,476 104,363 69,870 34,493 78,159 18,859 8,417 16,679 1968—Dec. 31. 236,812 108,611 75,012 33,599 68,260 35,130 8,396 16,415 1969—Dec. 31. 235,863 118.124 80,571 37,553 73.301 20,026 8,358 16,054 1970—Nov. 30. 244,447 120.125 84,625 35,500 82.302 22,555 8,566 10,900 Dec. 31. 247,713 123,423 87,923 35,500 82,318 22,554 8,556 10,863 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—Nov. 30 17,049 3,013 718 2,295 6,053 3,848 1,748 2,387 Dec. 31 17,092 3,005 708 2,297 6,075 3,877 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—Nov. 30. . . . 61,233 35,921 25,548 10,373 18,743 5,949 214 407 Dec. 31 62,142 36,338 25,965 10,373 19,089 6,046 229 440 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—Nov. 30 166,165 81,191 58,359 22,832 57,506 12,758 6,604 8,106 Dec. 31 168,479 84,080 61,250 22,830 57,154 12,631 6,579 8,036 Commercial banks: 1967—Dec. 31. 52,194 18,451 10,415 8,036 26,370 6,386 485 502 1968—Dec. 31. 53,174 18,894 9,040 9,854 23,157 10,035 611 477 1969—Dec. 31. 45,173 15,104 6,727 8,377 24,692 4,399 564 414 1970—Nov. 30. 48,045 16,279 7,382 8,897 26,710 4,406 378 274 Dec. 31. 50,917 19,208 10,314 8,894 26,609 4,474 367 260 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—Nov. 30... 2,727 477 122 355 1,183 335 334 397 Dec. 31.. . 2,745 525 171 354 1,168 339 329 385 Insurance companies: 1 19 9 6 6 8 7 — — D D e e c c . . 3 3 1 1 . . . . 7 6 , ,8 3 5 6 7 0 9 8 0 1 3 5 4 49 4 8 0 4 3 0 7 5 5 2 1 , , 0 8 5 9 6 2 9 72 1 1 4 1 1 , ,1 1 2 75 0 2 2, , 2 4 2 0 1 0 1969—Dec. 31.. 6,152 868 419 449 1,808 253 1,197 2,028 1970—Nov. 30. . 5,969 831 395 436 1,709 848 1,371 1,212 Dec. 31. . 6,066 893 456 437 1 ,723 849 1 ,369 1,231 Nonfinancial corporations: 1967—Dec. 31 4,936 3,966 2,897 1,069 898 61 3 9 1968—Dec. 31 5,915 4,146 2,848 1,298 1,163 568 12 27 1969—Dec. 31 5,007 3,157 2,082 1,075 1,766 63 12 1970—Nov. 30 3,323 1,667 1,251 416 1,372 262 2 21 Dec. 31 3,057 1,547 1,194 353 1,260 242 2 6 Savin 1 g 9 s 6 a 7 n — d D lo e a c. n 3 a 1 ss ociations: 4,575 1,255 718 537 1,767 811 281 461 1968—Dec. 31 4,724 1,184 680 504 1,675 ,069 346 450 1969—Dec. 31 3,851 808 269 539 1,916 357 329 441 1970—Nov. 30 3,453 645 269 376 1,970 285 256 297 Dec. 31 3,263 583 220 363 1,899 281 243 258 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—Nov. 30 11,570 5,488 4,097 1,391 2,477 813 1,193 1,600 Dec. 31 11,204 5,184 3,803 1 ,381 2,458 774 1,191 1 ,598 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—Nov. 30. 91,079 55,804 44,843 10,961 22,085 5,809 3,070 4,305 Dec. 31. 91,227 56,140 45,092 11,048 22,037 5,672 3,078 4,298 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 5,712 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 • FEBRUARY 1971 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer UUU...SSS... GGGooovvvttt... PPPeeerrriiioooddd aaagggeeennncccyyy TToottaall Dealers ar id brokers ssseeecccuuurrriiitttiiieeesss W 1 i y th ea in r y 1 ea -5 r s y 5 e - a 1 r 0 s 10 O y v e e a r rs U.S. Govt, m b C e a o r n m c k ia - s l o A th l e l r securities Other > 1969—Dec 2,551 2,162 281 55 54 1,029 98 965 460 381 1970—Jan 2,385 2,058 233 58 36 971 92 922 402 410 Feb 2,936 2,302 421 176 36 1,332 124 1,043 437 513 Mar 2,681 2,238 298 114 31 1,208 92 921 460 501 Apr 2,046 1,801 160 59 27 887 70 665 424 387 May 2,164 1,685 337 106 36 868 73 717 506 378 June 2,146 1,867 190 59 29 728 68 820 529 414 July 2,395 2,073 200 96 27 832 77 914 573 447 Aug 2,121 1,578 372 146 25 722 74 820 505 398 Sept 2,500 2,041 293 137 28 878 90 931 602 403 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 Dec 2,590 2,043 343 153 52 949 123 1,025 493 428 Week ending— 1970—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 2,511 253 135 50 926 121 1,209 692 306 1971—Jan. 6 2,878 2,501 249 96 32 1,164 77 1,129 508 303 13 3,267 2,710 375 143 39 1,385 112 1,247 523 620 20 3,613 2,962 454 143 53 1,443 140 1,380 650 751 27 4,008 2,396 1,024 546 41 1,339 175 1,654 839 777 NOTE.—The transactions data combine market purchases and sales of sales of securities under repurchase agreement, reverse repurchase (resale), U.S. Govt, securities dealers reporting to the F.R. Bank of New York. or similar contracts. Averages of daily figures based on the number of They do not include allotments of, and exchanges for, new U.S. Govt, trading days in the period. securities, redemptions of called or matured securities, or purchases or DEALER POSITIONS DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity Commercial banks U.S. PPeerriioodd m t a A i t e l u l s r i- W y i e t 1 a h r i n y 1 ea -5 r s y 5 e - a 1 r 0 s y O e 1 v a 0 e r r s a s G e g t c e o i u e n v s r c t i . y - Period sou A r l c l es Y N C o e it r w y k w E h ls e e r - e C t o io rp n o s r 1 a- o A th l e l r 1969—Dec 3,607 3,266 205 100 35 564 1969—De c 3,689 1,036 651 884 1,119 1970—Jan 2,908 2,869 -2 22 20 529 1970—Ja n 3,075 907 469 792 907 Feb 3,182 2,464 374 330 14 559 Feb 2,995 660 504 650 1,180 Mar 3,667 3,116 248 285 17 731 Mar 3,719 958 943 588 1,229 Apr 4,507 4,228 107 164 8 705 Apr 4,922 1,293 1,373 546 1,710 May. 2,668 1,886 461 306 16 654 May.... 2,898 637 830 466 964 June 2,199 1,859 111 227 2 615 June.... 2,310 422 626 421 842 July 3,267 3,102 -18 171 13 828 July 3,214 855 770 518 1,071 Aug 4,474 3,389 454 604 27 819 Aug 4,900 1,526 1,168 834 1,373 Sept 4,020 3,326 246 433 16 724 Sept 4,220 1,164 1,456 449 1,152 Oct 3,963 3,449 103 379 33 1,001 Oct 4,233 1,370 1,232 392 1,240 Nov 4,760 3,399 617 682 62 1,066 Nov 5,149 1,517 1,527 416 1,689 Dec 5,571 4,399 612 485 76 1,049 Dec 5,949 1,868 1,960 379 1,742 Week ending— Week ending— 1970—Nov. 4 5,402 4,019 502 846 34 1,154 1970—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 Dec. 2 5,177 3,864 639 588 86 1,199 Dec. 2. 5,107 1,609 1,610 324 1,564 9 5,260 4,010 659 515 76 1,124 9. 5,749 1,828 2,052 411 1,459 16 5,374 4,112 675 515 72 1,037 16. 5,808 1,816 1,735 345 1,912 23 5,726 4,580 598 472 76 1,021 23. 6,071 1,959 2,039 346 1,726 30 6,150 5,133 519 415 84 972 30. 6,292 2,011 2,090 458 1,734 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

FEBRUARY 1971 • GOVERNMENT SECURITIES A 45 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, JANUARY 31, 1971 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. Jan. 31, 1971. 1,503 June 22, 1971f 2,515 Apr. 1, 1972 11/2 34 Sept. 15, 1967-72. .21/2 1,951 Feb. 4, 1971. 3,129 June 24, 1971 1,404 May 15, 1972 4V4 5,310 Dec. 15, 1967-72. .21/2 2,567 Feb. 11, 1971. 3,105 June 30, 1971 1.702 May 15, 1972 63,4 2,037 Aug. 15, 1971 4 2,805 Feb. 18, 1971. 3,099 July 1, 1971 1,402 Oct. 1, 1972 11/2 33 Nov. 15, 1971 3% 2,760 Feb. 25, 1971. 3.303 July 8, 1971 1 ,402 Apr. 1, 1973 11/2 34 Feb. 15, 1972 4 2,344 Feb. 28, 1971., 1,700 July 15, 1971 1 ,408 May 15, 1973 73^ 5,842 Aug. 15, 1972 4 2,579 Mar. 4, 1971 . 3.304 July 22, 1971 1 ,401 Aug. 15, 1973 SVs 1,839 Aug. 15, 1973 4 3,894 M M Ma a a r r r . . . 2 1 1 2 8 1 , , , 1 1 1 9 9 9 7 7 7 1 1 1 1 . . 2 3 3 , , , 5 3 3 1 0 0 7 6 2 J J A u u u l l y y g . 3 3 2 1 1 9 , , , 1 1 1 9 9 9 7 7 7 1 1 1 1 1 1 . . , 7 7 4 0 0 0 3 4 0 O A Fe p c b t r . . . 1 1 5 1 , , , 1 1 1 9 9 9 7 7 7 3 4 4 7 1 n 1 3 / / ^ 2 2 3,14 3 3 1 4 0 N F M e o a b v y . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 7 7 7 3 4 4 4 4 4 % i i / / 8 8 4 3 3 , , , 5 3 1 8 4 2 1 5 7 Mar. 25, 1971. 3.305 Sept. 30, 1971 1,703 May 15, 1974 IVa 4,507 Nov. 15, 1974 3% 2,239 Mar. 31, 1971 . 1,702 Oct. 31, 1971 1,201 Aug. 15, 1974 55/s 10,284 May 15, 1975-85. .41/4 1,213 Apr. 1, 1971. 3,305 Nov. 30, 1971 1,201 Oct. 1, 1974 11/2 42 June 15, 1978-83..314 1,541 Apr. 8, 1971. 3,404 Dec. 31, 1971 1,201 Nov. 15, 1974 534 3,981 Feb. 15, 1980 4 2,593 Apr. 15, 1971. 3,408 Feb. 15, 1975 5,148 Nov. 15, 1980 31/2 1,904 Apr. 22, 1971. 3,403 Treasury notes Apr. 1, 1975 11/2 May 15, 1985 31/4 1,069 A Ap p r r . . 2 2 2 9 , , 1 1 9 9 7 7 1 1 . f 2 3 , ,4 2 0 6 3 1 F Fe e b b . . 1 1 5 5 , , 1 1 9 9 7 7 1 1 7 5 3 V A 8 2 2 , , 5 9 0 2 9 4 O M c a t y . 1 1 5 , , 1 19 9 7 7 5 5 6 U /2 6,76 1 0 2 A Fe u b g . . 1 1 5 5 , , 1 1 9 9 8 8 7 8 - - 9 9 2 3 . .. . 4 4 1 4 3,8 2 0 4 8 8 A M p a r y . 3 6 0 , , 1 1 9 9 7 7 1 1 . . 1 1 . , 4 7 0 0 2 0 A M p a r y . 15 1 , , 1 1 9 9 7 7 1 1 5 n V /2 4 4,26 3 5 5 M Fe a b y . 1 1 5 5 , , 1 1 9 9 7 7 6 6 6 6* V / 4 2 2 3 , , 6 7 9 3 7 9 M Fe a b y . 1 1 5 5 , , 1 19 9 9 8 0 9 -94. .4 3 i 1 / / 8 2 1 4 , , 5 7 5 1 4 9 May 13, 1971. 1,401 May 15, 1971 8 4,176 Aug. 15, 1976 71/2 4,194 Feb. 15, 1995 3 1,245 May 20, 1971. 1.403 Aug. 15, 1971 8 M 2,257 Feb. 15, 1977 8 5,163 Nov. 15, 1998 31/2 3,985 May 27, 1971. 1.400 Oct. 1, 1971 IV2 72 Aug. 15, 1977 734 2,263 J M u a n y e 3 3 1 , , 1 1 9 9 7 7 1 1 . . 1 1 .3 .7 9 0 9 1 N N o o v v . . 1 1 5 5 , , 1 1 9 9 7 7 1 1 7 5 3 3 4 /8 10 1 , , 7 7 4 3 3 4 Treasury bonds Convertible bonds June 10, 1971. 1.401 Feb. 15, 1972 4*4 2,006 Mar. 15, 1966-71. .2i/2 1,219 Investment Series B June 17, 1971. 1.400 Feb. 15, 1972 iy2 3,375 June 15, 1967-72.. 2i/2 1,235 Apr. 1, 1975-80. .2% 2,269 t Tax-anticipation series. NOTE.—Direct public issues only. Based on Daily Statement of U.S. Treasury. NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Total Use of proceeds Period amount deliv- Special ered 3 Total G o e b a n l l e i- r- R n e u v e e - HAA1 G l U o o a . v S n t . s , State di s a s t t n a r d t i . c t Other2 Total c E a d ti u o - n b R r a o id n a d g d e s s i U ti t e i s l- 4 H in o g u s s - V a a e n t id e s r ' - O p p o t u h s r e e - s r gations auth. 1962 8,845 5,582 2,681 437 145 1,419 2,600 4,825 8,732 8,568 2,963 1,114 1,668 521 125 2,177 196 3 10,538 5,855 4,180 254 249 1,620 3,636 5,281 10,496 9,151 3,029 812 2,344 598 2,396 196 4 10,847 6,417 3,585 637 208 1,628 3,812 5,407 10,069 10,201 3,392 688 2,437 727 120 2,838 196 5 11,329 7,177 3,517 464 170 2,401 3,784 5,144 11,538 10,471 3,619 900 1,965 626 50 3,311 196 6 11,405 6,804 3,955 325 312 2,590 4,110 4,695 11,303 3,738 1,476 1,880 533 3,667 196 7 14,766 8,985 5,013 477 334 2,842 4,810 7,115 14,643 4,473 1,254 2,404 645 5,867 196 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 11,838 3,252 1,432 1,734 543 4,884 1969—Nov... 886 489 358 33 5 102 360 422 885 216 168 138 47 318 Dec... 816 679 134 3 340 192 286 816 211 221 97 289 1970—Jan... 1,340 838 495 7 311 500 529 1,326 319 91 305 6 608 Feb... 1,214 901 302 12 346 264 604 1,209 406 59 238 14 490 Mar... 1,551 1,084 459 7 434 390 727 1,545 393 206 227 85 632 Apr... 1,647 1,217 416 15 303 345 1,001 1,647 473 167 292 12 703 May.. 995 675 312 8 254 311 430 986 299 30 367 11 278 June.. 1,088 652 423 12 165 377 547 1,088 528 61 150 7 343 July.. 1,338 1,050 284 4 388 225 725 1,338 265 130 137 4 801 Aug... 1,355 870 481 5 331 518 505 1,354 404 136 191 4 619 Sept... 1,728 1,194 525 9 534 530 663 1,728 486 137 234 21 849 Oct.. . 1,860 1,175 641 12 290 475 1,095 1,859 524 123 376 64 774 Nov.. 1 ,742 750 5 247 761 732 1 ,737 521 63 361 111 680 1 Only bonds sold pursuant to 1949 Housing Act, which are secured 5 Includes urban redevelopment loans. by contract requiring the Housing Assistance Administration to make annual contributions to the local authority. NOTE.—The figures in the first column differ from those shown on the 2 Municipalities, counties, townships, school districts. following page, which are based on Bond Buyer data. The principal 3 Excludes U.S. Govt, loans. Based on date of delivery to purchaser difference is in the treatment of U.S. Govt, loans. and payment to issuer, which occurs after date of sale. Investment Bankers Assn. data; par amounts of long-term issues 4 Water, sewer, and other utilities. based on date of sale unless otherwise indicated. Components may not add to totals due to rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 46 SECURITY ISSUES • FEBRUARY 1971 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues1 Noncorporate Corporate Period Bonds Stock Total U.S. U.S. State Govt.2 ag G e o n v c t y , 3 a ( n U d .S lo .) c 4 a l Others Total Total P o u ff b e l r ic e l d y P p ri l v a a c t e e d l y Preferred Common 1 1 9 9 6 6 2 3 2 3 9 5 , , 9 19 5 9 6 1 8 0 , , 5 8 9 2 0 7 1 1 , ,1 1 6 88 8 - 1 8 0 , , 5 1 5 0 8 7 9 8 1 8 5 7 1 1 0 2 , , 7 2 0 1 5 1 1 8 0 , , 9 8 6 5 9 6 4 4, , 7 4 1 4 3 0 4 6 , , 5 1 2 4 9 3 4 3 2 4 2 3 1 1, , 0 3 1 1 1 4 196 4 37,122 10,656 1,205 10,544 760 13,957 10,865 3,623 7,243 412 2,679 196 5 40,108 9,348 2,731 11,148 889 15,992 13,720 5,570 8,150 725 1,547 196 6 45,015 8,231 6,806 11,089 815 18,074 15,561 8,018 7,542 574 1,939 196 7 68,514 19,431 8,180 14,288 1,817 24,798 21,954 14,990 6,964 885 1,959 196 8 65,562 18,025 7,666 16,374 1,531 21,966 17,383 10,732 6,651 637 3,946 196 9 52,496 4,765 8,617 11,460 961 26,744 18,347 12,734 5,613 682 7,714 1969—Oct.. 5,420 440 1,782 1,254 11 1,933 1,282 969 313 20 630 Nov. 4,069 300 450 853 92 2,374 1,390 1,164 226 83 902 Dec. 4,440 380 650 812 65 2,531 1,860 1,346 514 32 640 1970—Jan.. 6,144 413 1,648 1,314 133 2,636 2,120 1,595 525 60 456 Feb.. 6,003 416 2,523 1,198 63 1,802 1,334 1,068 266 50 417 Mar. 6,799 461 1,201 1,504 94 3,539 2,385 1,914 471 90 1,064 Apr. 5,891 387 700 1,625 9 3,170 2,469 2,022 448 67 634 May, 9,548 3,701 950 974 14 3,909 3,441 3,041 399 69 399 June 6,985 819 1,693 1,058 27 3,389 2,368 1,931 436 222 436 July. 3,128 405 1,107 1,310 306 2,768 2,151 1,831 320 88 529 Aug. 5,882 3,573 915 1,318 76 2,273 1,935 1,731 205 92 246 Sept. 4,681 1,428 1,600 1,650 4 3,518 2,814 2,425 389 176 528 Oct.. 4,577 412 2,169 1,882 113 3,850 2,775 2,390 385 180 896 Gross proceeds, major groups of corporate issuers Period Manufacturing C m om is m ce e l r la c n ia e l o u a s n d Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e a l Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks 196 2 2,880 404 622 274 573 14 2,279 562 1,264 43 1,397 457 196 3 3,202 313 676 150 948 9 2,259 418 953 152 2,818 313 196 4 2,819 228 902 220 944 38 2,139 620 669 1,520 3,391 466 196 5 4,712 704 1,153 251 953 60 2,332 604 139 3,762 514 196 6 5,861 1,208 1,166 257 1,856 116 3,117 549 1,814 189 1,747 193 196 7 9,894 1,164 1,950 117 1,859 466 4,217 718 1,786 193 2,247 186 196 8 5,668 1,311 1,759 116 1,665 1,579 4,407 873 1,724 43 2,159 662 196 9 4,448 1,904 3,022 1,899 247 5,409 ,326 1,963 225 2,739 ,671 1969—Oct.. 115 144 95 202 52 16 676 69 120 225 219 Nov. 286 167 183 242 137 5 422 201 156 45 207 326 Dec. 420 181 190 193 140 6 497 103 255 22 358 166 1970—Jan.. 690 121 172 165 330 10 557 81 229 4 141 134 Feb., 314 43 65 122 163 7 417 123 216 10 160 163 Mar. 882 533 110 200 262 613 293 286 20 231 108 Apr. 616 73 283 276 154 939 170 56 6 421 176 May, 801 17 113 338 63 535 65 1,747 182 49 J J u u n ly e . , 6 8 0 9 2 6 4 3 2 6 2 1 3 2 2 4 3 1 9 6 6 2 2 1 1 1 5 7 67 1 3 5 4 1 3 2 0 4 3 1 5 4 3 3 2 3 0 3 4 5 1 1 5 9 1 1 Aug. 663 20 91 96 125 70 278 248 122 Sept. 937 56 118 228 271 3 190 443 2 266 81 Oct.. 1,018 76 289 287 138 653 448 370 34 342 230 1 Gross proceeds are derived by multiplying principal amounts or s 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

FEBRUARY 1971 • SECURITY ISSUES A 47 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers1 PPeerriioodd All securities Bonds and notes Common and preferred stocks New issues Retirements Net change New issues Retirements Net change New issues Retirements Net change 1965 1111111111155555555555,,,,,,,,,,,999999999995555555555522222222222 77777777777,,,,,,,,,,,888888888889999999999911111111111 88888888888,,,,,,,,,,,000000000006666666666611111111111 1111111111122222222222,,,,,,,,,,,777777777774444444444477777777777 44444444444,,,,,,,,,,,666666666664444444444499999999999 88888888888,,,,,,,,,,,000000000009999999999988888888888 33333333333,,,,,,,,,,,222222222220000000000055555555555 33333333333,,,,,,,,,,,222222222224444444444422222222222 -----------3333333333377777777777 1966 1111111111199999999999,,,,,,,,,,,777777777779999999999999999999999 77777777777,,,,,,,,,,,555555555554444444444411111111111 1111111111122222222222,,,,,,,,,,,222222222225555555555588888888888 1111111111155555555555,,,,,,,,,,,666666666662222222222299999999999 44444444444,,,,,,,,,,,555555555554444444444422222222222 1111111111111111111111,,,,,,,,,,,000000000008888888888888888888888 44444444444,,,,,,,,,,,111111111116666666666699999999999 33333333333,,,,,,,,,,,000000000000000000000000000000000 11111111111,,,,,,,,,,,111111111116666666666699999999999 1967 2222222222255555555555,,,,,,,,,,,999999999996666666666644444444444 77777777777,,,,,,,,,,,777777777773333333333355555555555 1111111111188888888888,,,,,,,,,,,222222222222222222222299999999999 2222222222211111111111,,,,,,,,,,,222222222229999999999999999999999 55555555555,,,,,,,,,,,333333333334444444444400000000000 1111111111155555555555,,,,,,,,,,,999999999996666666666600000000000 44444444444,,,,,,,,,,,666666666666666666666644444444444 22222222222,,,,,,,,,,,333333333339999999999977777777777 22222222222,,,,,,,,,,,222222222226666666666677777777777 1968 2222222222255555555555,,,,,,,,,,,444444444443333333333399999999999 1111111111122222222222,,,,,,,,,,,333333333337777777777777777777777 1111111111133333333333,,,,,,,,,,,000000000006666666666622222222222 1111111111199999999999,,,,,,,,,,,333333333338888888888811111111111 55555555555,,,,,,,,,,,444444444441111111111188888888888 1111111111133333333333,,,,,,,,,,,999999999996666666666622222222222 66666666666,,,,,,,,,,,000000000005555555555577777777777 66666666666,,,,,,,,,,,999999999995555555555599999999999 -----------999999999990000000000000000000000 1969 2222222222288888888888,,,,,,,,,,,888888888884444444444411111111111 1111111111100000000000,,,,,,,,,,,888888888881111111111133333333333 1111111111188888888888,,,,,,,,,,,000000000002222222222277777777777 1111111111199999999999,,,,,,,,,,,555555555552222222222233333333333 55555555555,,,,,,,,,,,777777777776666666666677777777777 1111111111133333333333,,,,,,,,,,,777777777775555555555555555555555 99999999999,,,,,,,,,,,333333333331111111111188888888888 55555555555,,,,,,,,,,,000000000004444444444455555555555 44444444444,,,,,,,,,,,222222222227777777777722222222222 1969—III 66666666666,,,,,,,,,,,555555555550000000000077777777777 11111111111,,,,,,,,,,,999999999998888888888800000000000 44444444444,,,,,,,,,,,555555555552222222222266666666666 44444444444,,,,,,,,,,,444444444449999999999999999999999 11111111111,,,,,,,,,,,333333333338888888888822222222222 33333333333,,,,,,,,,,,111111111111111111111177777777777 22222222222,,,,,,,,,,,000000000000000000000088888888888 555555555559999999999988888888888 11111111111,,,,,,,,,,,444444444441111111111100000000000 IV 77777777777,,,,,,,,,,,444444444447777777777733333333333 22222222222,,,,,,,,,,,111111111110000000000099999999999 55555555555,,,,,,,,,,,333333333336666666666644444444444 44444444444,,,,,,,,,,,777777777771111111111100000000000 11111111111,,,,,,,,,,,666666666660000000000099999999999 33333333333,,,,,,,,,,,111111111110000000000011111111111 22222222222,,,,,,,,,,,777777777776666666666633333333333 555555555550000000000000000000000 22222222222,,,,,,,,,,,222222222226666666666633333333333 1970—1 77777777777,,,,,,,,,,,222222222227777777777722222222222 22222222222,,,,,,,,,,,111111111118888888888855555555555 55555555555,,,,,,,,,,,000000000008888888888866666666666 44444444444,,,,,,,,,,,999999999998888888888877777777777 11111111111 ,,,,,,,,,,,555555555550000000000077777777777 33333333333,,,,,,,,,,,444444444448888888888800000000000 22222222222,,,,,,,,,,,222222222228888888888855555555555 666666666667777777777799999999999 11111111111 ,,,,,,,,,,,666666666660000000000066666666666 II 1111111111100000000000,,,,,,,,,,,111111111111111111111144444444444 22222222222,,,,,,,,,,,222222222222222222222277777777777 77777777777,,,,,,,,,,,888888888888888888888866666666666 77777777777,,,,,,,,,,,888888888887777777777766666666666 11111111111...........555555555554444444444455555555555 66666666666,,,,,,,,,,,333333333333333333333300000000000 22222222222,,,,,,,,,,,222222222223333333333388888888888 666666666668888888888822222222222 11111111111 ,,,,,,,,,,,555555555555555555555566666666666 Ill 99999999999,,,,,,,,,,,333333333338888888888855555555555 22222222222,,,,,,,,,,,000000000008888888888899999999999 77777777777,,,,,,,,,,,222222222229999999999977777777777 77777777777,,,,,,,,,,,555555555559999999999988888888888 11111111111...........555555555554444444444466666666666 66666666666,,,,,,,,,,,000000000005555555555511111111111 11111111111,,,,,,,,,,,777777777778888888888888888888888 555555555554444444444422222222222 11111111111,,,,,,,,,,,222222222224444444444455555555555 Type of issuer Manu- Commercial Transpor- Public Communi- Real estate Period facturing and other 2 tation 3 utility cation and financial 1 & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d t s e s Stocks 1965 222222,,,,,,666666000000666666 -570 614 -70 185 1,342 96 644 518 2,707 -10 1966 444444,,,,,,333333222222444444 32 616 -598 956 718 2,659 533 1,668 575 864 -90 1967 777777,,,,,,222222333333777777 832 1,104 282 1,158 165 3,444 652 1,716 467 1,302 -130 1968 444444,,,,,,444444111111888888 --11,,884422 2,242 821 987 -149 3,669 892 11,,557799 120 1,069 -741 1969 333333,,,,,,777777444444777777 6699 11,,007755 1,558 946 186 44,,446644 1,353 11,,883344 241 1,687 866 1969—in 111111,,,,,,000000888888777777 343 11..0011 274 136 21 889988 320 566 31 329 420 IV 266 484 181 580 97 41 1,447 467 551 87 559 605 1970—j 1,084 463 -160 415 591 17 11 ,,221144 395 546 27 204 289 II 1,334 -6 343 633 64 -24 11,,995533 583 22,,113344 10 504 361 HI 22,,116699 3399 263 326 -15 21 11,,991177 750 999911 6 691 139 1 Excludes investment companies. exclude foreign sales and include sales of securities held by affiliated com- 2 Extractive and commercial and miscellaneous 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) Sales i Re t d io e n m s p- s N al e e t s Total 2 po C si a ti s o h n 3 Other Sales i Re t d io e n m s p- s N al e e t s Total 2 po C si a t s i h o n3 1,620 511 1,109 13,242 634 12,608 1969—Dec.., 522 301 221 48,291 3,846 2,280 786 1,494 15,818 860 14,958 2,097 842 1,255 17,026 973 16,053 1970—Jan... 523 303 220 44,945 3,959 Feb.. 407 249 158 48,202 4,209 2,951 1,160 1,791 22,789 980 21,809 Mar.. 451 289 162 47,915 4,046 2,699 1,123 1,576 21,271 1,315 19,956 Apr.. 371 306 65 42,785 3,909 2,460 1,504 952 25,214 1,341 23,873 May. 304 300 4 39,824 4,042 June. 364 197 167 38,459 4,396 3,404 1,875 1,528 29,116 1,329 27,787 July.. 306 193 113 40,714 4,817 4,359 1,962 2,395 35,220 1.803 33,417 Aug.' 311 167 144 42,452 4,794 4,671 2,005 2,665 34,829 2,971 31,858 Sept.. 357 218 139 44,353 4,593 Oct.. 420 243 177 43,567 4,377 4,670 2,745 1,927 44,701 2,566 42,135 Nov.. 343 215 128 45,223 4,126 6,820 3,841 2,979 52,677 3,187 49,490 Dec.. 467 307 160 47,618 3,649 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 • FEBRUARY 1971 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1968 19691 Industry 1965 1966 1967 1968 1969 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 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 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 Dividends 6,527 6,920 6,989 7,271 7,757 1,716 1,731 1,746 2,078 1,838 1,916 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 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 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 Dividends 2,527 2,729 3,027 3,082 3,289 743 751 763 825 812 Durable goods industries (99 corps.):3 Sales 112,341 122,094 123,429 140,879 151,416 33,477 36,707 32,435 38,259 35,849 38,195 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 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 Dividends 4,000 4,191 3,964 4,189 4,469 972 981 983 1,253 1,026 1,108 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 Profits before taxes 1,710 1,916 1,967 2,227 2,425 498 563 590 576 534 581 Profits after taxes 896 1,008 1,041 1,093 1,171 255 260 285 293 261 275 Dividends 509 564 583 616 661 150 155 155 156 162 165 Chemical and allied products (20 corps.): Sales 18,158 20,007 20,561 22,1 24,494 5,436 5,697 5,782 5,893 5,845 6,230 Profits before taxes 2,891 3,073 2,731 3,117 3,258 760 807 806 744 844 875 Profits after taxes 1,630 1,737 1,579 1,618 1,773 390 419 412 398 448 473 Dividends 926 948 960 1,002 1,031 236 236 243 287 252 251 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 Profits before taxes 1,962 2,681 3,004 2,866 2,941 767 692 740 667 726 728 Profits after taxes 1,541 1,898 2,038 2,206 2,224 592 520 561 534 562 558 Dividends 737 817 1,079 1,039 1,123 253 255 258 273 282 273 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 Profits before taxes 2,931 3,277 2,487 2,921 3,052 669 915 601 735 691 828 Profits after taxes 1,689 1,903 1,506 1,750 1,912 376 550 343 482 431 504 Dividends 818 924 892 952 987 224 230 233 264 242 245 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 Profits before taxes 3,107 3,612 3,482 4,134 4,377 936 1,008 1,112 1,079 1,071 1,167 Profits after taxes 1,626 1,875 1,789 2,014 2,147 448 499 537 531 526 576 Dividends 774 912 921 992 1,128 247 248 248 249 270 271 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 Profits before taxes 6,253 5,274 3,906 5,916 5,268 1,507 1,851 640 1,918 1,663 1,542 Profits after taxes 3,294 2,877 1,999 2,903 2,604 783 847 330 943 806 750 Dividends 1,890 1,775 1,567 1,642 1,723 364 364 364 550 365 436 Public utility Railroad: Operating revenue 10,208 10,661 10,377 10,859 11,451 2,611 2,758 2,708 2,782 2,741 2,916 Profits before taxes 979 1,094 385 678 683 127 206 149 196 128 220 D Pr iv o i f d it e s n a d f s t er taxes 4 8 6 1 8 5 9 5 0 0 6 2 3 5 1 3 9 8 5 5 6 1 5 5 4 4 6 8 1 8 1 11 1 7 2 1 1 3 7 2 4 1 1 0 10 0 1 1 6 69 6 1 9 1 8 6 1 1 7 3 3 6 Electric power: Operating revenue 15,816 16,959 17,954 19,421 21,075 5,106 4,553 4,869 4,892 5,480 4,913 Profits before taxes 4,213 4,414 4,547 4,789 4,938 1,351 1,040 1,271 1,125 1,384 1,065 Profits after taxes 2,586 2,749 2,908 3,002 3,186 863 641 764 733 873 707 Dividends 1,838 1,938 2,066 2,201 2,299 539 555 543 565 580 577 Telephone: Operating revenue 11,320 12,420 13,311 14,430 16,057 3,486 3,544 3,629 3,771 3,853 3,975 Profits before taxes 3,185 3,537 3,694 3,951 4,098 971 989 990 1,001 1 ,070 1,043 Profits after taxes 1,718 1,903 1,997 1,961 2,080 525 441 493 502 540 523 Dividends 1,153 1,248 1,363 1,428 1,493 351 318 396 363 368 371 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. Series have been temporarily discontinued. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1971 • BUSINESS FINANCE A 49 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e r a f o x o f e i r s t e s c ta o I x n m e - e s P t a r a f o x t f e e i r s t s d C d e i a n v s d i h - s t U p ri r n b o d u f t i it s e s - d co c a n a t l s l i p o o u i n w t m a - l p - Quarter P b t r e a o f x o f e i r s t e s c ta o I x n m e - e s P t a r a f o x t f e e i r s t s d C d e i a n v s d i h - s t U p ri r n b o d u f t i it s e s - d co c a n t a l i s l p o o u n i w t m a - l p ances 1 ances 1 1963 59.4 26.3 33.1 16.5 16.6 31.8 1969—1. 93.0 43.5 49.5 24.1 25.5 48.5 1964 66.8 28.3 38.4 17.8 20.6 33.9 II.... 93.4 43.8 49.7 24.4 25.2 49.3 1965 77.8 31.3 46.5 19.8 26.7 36.4 III.. . 89.9 42.1 47.9 25.0 22.9 50.1 1966 84.2 34.3 49.9 20.8 29.1 39.5 IV... 88.5 41.4 47.1 25.2 21.9 51.0 1967 79.8 33.2 46.6 21.4 25.3 43.0 1970—1 ... 82.6 38.0 44.6 25.2 19.4 52.0 1968 88.7 40.6 48.2 23.3 24.9 46.5 II.... 82.0 38.1 43.9 25.1 18.8 53.0 1969 91.2 42.7 48.5 24.7 23.9 49.8 III... 84.4 38.9 45.4 25.4 20.0 54.0 1970p 82.3 37.9 44.4 25.2 19.2 53.5 I Includes depreciation, capital outlays charged to current accounts, and NOTE.—Dept. of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities NNNeeettt Notes and accts. Notes and accts. EEEnnnddd ooofff pppeeerrriiioooddd wwwooorrrkkkiiinnnggg UU..SS.. receivable payable AAccccrruueedd cccaaapppiiitttaaalll TToottaall CCaasshh ss GG eecc oo uu vv rr tt ii ,, -- II tt nn oo vv rr ee iiee nn ss -- OOtthheerr TToottaall FF iinn ee cc dd oo ee mm rraa ee ll OOtthheerr ttiieess G U o . v S t . , i Other G U o . v S t . . 1 Other ttaaxxeess 1963 163.5 351.7 46.5 20.2 3.6 156.8 107.0 17.8 188.2 2.5 130.4 16.5 38.7 1964 170.0 372.2 47.3 18.6 3.4 169.9 113.5 19.6 202.2 2.7 140.3 17.0 42.2 1965 180.7 410.2 49.9 17.0 3.9 190.2 126.9 22.3 229.6 3.1 160.4 19.1 46.9 1966 188.2 442.6 49.3 15.4 4.5 205.2 143.1 25.1 254.4 4.4 179.0 18.3 52.8 1967 198.9 470.4 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—1 214.6 523.3 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 1 Receivables from, and payables to, the U.S. Govt, exclude amounts NOTE.—Securities and Exchange Commission estimates; excludes offset against each other on corporations' books. banks, savings and loan assns., insurance companies, and investment companies. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Public utilities Period TToottaall Durable d N ur o a n b - le MMiinniinngg R ro a a i d l- Air Other Electric and G a o s t her nn CC ii oo cc mm aatt mm iioonn uu ss -- OOtthheerr11 T A T A ((SS oo .. .. RR tt AA aa .. .. ll )) 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 14.59 196 8 67.76 14.12 14.25 1.63 1.45 2.56 1.59 7.66 2.54 6.83 15.14 196 9 75.56 15.96 15.72 1.86 1.86 2.51 1.68 8.94 2.67 8.30 16.05 19702.... 80.58 15.91 16.36 1.86 1.83 2.94 1.24 10.85 2.48 10.24 16.86 1969—I.. . 16.04 3.36 3.22 .42 .38 .68 .38 1.88 .48 1.81 3.41 72.52 II. . 18.81 3.98 3.84 .48 .44 .66 .46 2.22 .77 2.00 3.97 73.94 III. 19.25 4.03 4.12 .47 .49 .53 .40 2.23 .80 2.11 4.07 77.84 IV. 21.46 4.59 4.53 .49 .55 .64 .44 2.61 .62 2.39 4.60 77.84 1970—I.. , 17.47 3.59 3.56 .45 .42 .73 .28 2.15 .39 2.14 3.76 78.22 II. . 20.33 4.08 4.07 .47 .47 .80 .31 2.59 .69 2.59 4.26 80.22 I IV II.2 2 2 0 2 . . 2 5 6 2 4 3 . . 3 8 7 7 4 4. . 6 1 1 2 . .4 4 7 6 . .4 4 9 6 . . 6 7 7 4 . .3 3 4 0 2 3 . . 7 3 9 2 . . 6 7 2 8 2.56 7. 64 4.16 8 8 1 1 . .8 7 8 2 1971— P.. 18.12 3.43 3.50 .44 .36 .50 .24 2.90 .45 6. 31 81.40 1 Includes trade, service, construction, finance, and insurance. NOTE.—Dept. of Commerce and Securities and Exchange Commission 2 Anticipated by business. estimates for corporate and noncorporate business; excludes agriculture, real estate operators, medical, legal, educational, and cultural service, and nonprofit organizations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 50 REAL ESTATE CREDIT n FEBRUARY 1971 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Farm Nonfarm ho O l t d h e e r r s 2 1- to 4-family houses4 com M m u er lt c i i f a a l m p i r ly o p a e n r d ti es 5 Mo ty r p tg e a 6 g e EEE ppp nnn eeerrr ddd iii ooo ooo ddd fff hh AA ee oo rr ll ll ss dd ll -- ttuu FF ii tt nn ii cc ii nn ii ss oo aa aa tt nn ll ii nn -- ss -- 11 a U c g i . e e S n s . - v o I i t a d n h n u d e d a i r - l s s hh ee AA oo rr ll ll ss dd ll -- tt FF uu ii tt nn ii cc nn ii ii ss oo aa aa tt nn ll ii nn -- ss -- 11 OO hh ee oo tt rr hh ll ss dd ee 33 -- rr hh 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 . 1 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 t e t — - e r n - t C v io e o n n n a - - l 1941 37.6 20.7 4.7 12.2 6.4 1.5 4.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 3.0 28.2 1945 35.5 21.0 2.4 12.1 4.8 1.3 3.4 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.3 26.5 1964 300.1 241.0 11.4 47.7 18.9 7.0 11.9 281.2 197.6 170.3 27.3 83.6 63.7 19.9 77.2 204.0 1965 325.8 264.6 12.4 48.7 21.2 7.8 13.4 304.6 212.9 184.3 28.7 91.6 72.5 19.1 81.2 223.4 1966 347.4 280.8 15.8 50.9 23.3 8.4 14.9 324.1 223.6 192.1 31.5 100.5 80.2 20.3 84.1 240.0 1967p., , 370.2 298.8 18.4 53.0 25.5 9.1 16.3 344.8 236.1 201.8 34.2 108.7 87.9 20.9 88.2 256.6 1968^, 397.5 319.9 21.7 55.8 27.5 9.7 17.8 370.0 251.2 213.1 38.1 118.7 97.1 21.6 92.8 277.2 1968—Ilf.. 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 IIIP. 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 IVP. 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—IP... 403.7 324.7 22.6 56.4 28.1 9.8 18.3 375.7 254.8 216.0 38.8 120.9 98.9 21.9 94.5 281.2 IIP.. 411.7 331.0 23.4 57.1 28.8 10.1 18.7 382.9 259.5 219.9 39.5 123.4 101.0 22.4 96.6 286.3 IIIP. 418.7 335.7 24.9 58.1 29.2 10.1 19.1 389.5 263.4 222.5 40.9 126.0 103.1 22.9 98.5 291.0 I VP. 425.3 339.1 26.8 59.4 29.5 9.9 19.6 395.9 266.8 223.6 43.2 129.0 105.5 23.5 100.2 295.7 1970—1.... 429.3 340.6 28.5 60.1 29.8 9.8 20.0 399.5 268.5 223.7 44.8 131.0 107.1 23.9 101.9 297.9 IIP.. 435.6 344.4 30.1 61.2 30.3 9.8 20.5 405.2 271.7 225.6 46.1 133.5 109.0 24.5 110033..22 330022..33 III... 442.7 349.6 31.3 61.8 30.7 98.0 20.8 412.0 275.8 228.6 47.2 113366..22 111111..22 2255..00 1 Commercial banks (including nondeposit trust companies but not 5 Derived figures; includes small amounts of farm loans held by savings trust depts.), mutual savings banks, life insurance companies, and savings and loan assns. and loan assns. 6 Data by type of mortgage on nonfarm 1- to 4-family properties alone 2 U.S. agencies include former FNMA and, beginning fourth quarter are shown on p. A-52. 1968, new GNMA as well as FHA, VA, PHA, Farmers Home Admin., and in earlier years, RFC, HOLC, and FFMC. They also include U.S. NOTE.—Based on data from Federal Deposit Insurance Corp., Federal sponsored agencies—new FNMA and Federal land banks. Other agencies Home Loan Bank Board, Institute of Life Insurance, Depts. of Agricul- (amounts small or current separate data not readily available) included ture and Commerce, Federal National Mortgage Assn., Federal Housing with "individuals and others." Admin., Public Housing Admin., Veterans Admin., and Comptroller of 3 Derived figures; includes debt held by Federal land banks and farm the Currency. debt held by Farmers Home Admin. Figures for first three quarters of each year are F.R. estimates. 4 For multifamily and total residential properties, see p. A-52. MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings 1 Mutual savings bank holdings 2 Residential Residential End of period Other Other Total non- non- FHA- Con- farm FHA- Con- farm Total in- guar- ven- in- guar- vensured anteed tional sured anteed tional 1941 4,906 3,292 1,048 566 4,812 3,884 900 28 1945 A,112 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—IV. 59,019 37,642 7,709 2,696 27,237 17,931 3,446 50,490 44,641 15,074 11,795 17,772 5,732 117 1968—1.. 60,119 38,157 7,694 2,674 27,789 18,396 3,566 51,218 45,171 15,179 11,872 18,120 5,931 116 II. 61,967 39,113 7,678 2,648 28,787 19,098 3.756 51,793 45,570 15,246 11,918 18,406 6,108 115 Ill 63,779 40,251 7,768 2,657 29,826 19,771 3.757 52,496 46,051 15,367 11,945 18,739 6,329 116 IV. 65,696 41,433 7,926 2,708 30,800 20,505 3.758 53,456 46,748 15,569 12,033 19,146 6,592 117 1969—1.. 67,146 42,302 7,953 2,711 31,638 20,950 3,894 54,178 47,305 15,678 12,097 19,530 6,756 117 II. 69,079 43,532 8,060 2.743 32,729 21,459 4,088 54,844 47,818 15,769 12,151 19.898 6,908 117 Ill 70,336 44,331 8,065 2,793 33,470 21,924 4,081 55,359 48,189 15,813 12,169 20,207 7,053 117 IV. 70,705 44,573 7,960 2,663 33,950 22,113 4,019 56,138 48,682 15,862 12,166 20,654 7,342 114 1970—1.. 70,854 44,568 2,496 34,184 22,248 4,038 56,433 48,892 15,865 12,144 20,883 7,427 114 II p 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 III 72,091 45,345 22,637 4,109 57,432 49,708 7,628 96 1 Includes loans held by nondeposit trust companies, but not bank States and possessions. First and third quarters, estimates based on special trust depts. F.R. interpolations after 1963 or beginning 1964. For earlier years, the 2 Data for 1941 and 1945, except for totals, are special F.R. estimates. basis for first- and third-quarter estimates included F.R. commercial bank call report data and data from the National Assn. of Mutual Savings NOTE.—Second and fourth quarters, Federal Deposit Insurance Corpo- 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

FEBRUARY 1971 • REAL ESTATE CREDIT A 51 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total Total in F s H ur A e - d a g n V u t A a e r e - - d Other i Total Total in F s H ur A e - d a g n V u t A a e r e - - d Other Farm 1945 976 6,637 5,860 1,394 4,466 766 196 2 7,478 6,859 1,355 469 5,035 619 46,902 43,502 10,176 6,395 26,931 3,400 196 3 9,172 8,306 1,598 678 6,030 866 50,544 46,752 10,756 6,401 29,595 3,792 196 4 10,433 9,386 1,812 674 6,900 1,047 55,152 50,848 11,484 6,403 32,961 4,304 196 5 11,137 9,988 1,738 553 7,697 1,149 60,013 55,190 12,068 6,286 36,836 4,823 196 6 10,217 9,223 1,300 467 7,456 994 64,609 59,369 12,351 6,201 40,817 5,240 196 7 8,470 7,633 757 444 6,432 837 67,516 61,947 12,161 6,122 43.664 5,569 196 8 7,925 7,153 719 346 6,088 772 69,973 64,172 11,961 5,954 46,257 5,801 196 9 7,200 6,658 602 199 5,857 542 72,031 66,257 11,690 5,669 48,898 5,774 1969—Oct., 663 47 607 25 71,569 65.766 11,777 5,744 48,245 5,803 Nov. 464 446 39 399 18 71,710 65,915 11,762 5,720 48,433 5,795 Dec. 803 774 48 718 29 72,127 66,353 11,744 5,697 48,912 5,774 1970—Jan., 599 572 34 530 27 72,340 66,621 11,696 5,660 49,265 5,719 Feb. 564 541 27 508 23 72,527 66,836 11,675 5,638 49,523 5,691 Mar. 576 546 24 510 30 72,616 66,943 11,642 5,636 49.665 5,673 Apr. 524 493 31 458 31 72,793 67,121 11,621 5,609 49,891 5,672 May 521 502 39 454 19 72,982 67,320 11,606 5,583 50,131 5,662 June 549 522 25 492 27 73,165 67,498 11,569 5,556 50,373 5,667 July. 551 531 50 476 20 73,352 67,687 11,561 5,528 50,598 5,665 Aug. 472 458 31 419 14 73,427 67.767 11,526 5,499 50,742 5,660 Sept. 520 489 31 452 31 73,540 67,875 11,486 5,467 50,922 5,665 Oct. 555 527 28 494 28 73,728 68,058 11,453 5,442 51,163 5,670 1 Include mortgage loans secured by land on which oil drilling or the end-of-Dec. figures may differ from end-of-year figures because (1) extracting operations are in process. monthly figures represent book value of ledger assets, whereas year-end figures represent annual statement asset values, and (2) data for year-end NOTE.—Institute of Life Insurance data. For loans acquired, the adjustments are more complete. Beginning 1970 monthly and year-earlier monthly figures may not add to annual totals; and for loans outstanding data are on a statement balance basis. MORTGAGE ACTIVITY OF SAVINGS AND FEDERAL HOME LOAN BANKS LOAN ASSOCIATIONS (In millions of dollars) (In millions of dollars) Advances outstanding Loans made Loans outstanding (end of period) (end of period) Period va A n d c - es R m e e p n a ts y - M d e e m po b s e it r s s ' Period h N o e m w e Home FHA- VA- Con- Total t S e h r o m r t 1 - t L er o m ng - 2 Total 1 con- pur- Total 2 in- guar- venstruc- chase sured anteed tional tion 1945 278 213 195 176 19 46 196 3 5,601 4,296 4,784 2,863 1,921 1,151 1945 1,913 181 1,358 5,376 1 1 9 9 6 6 4 5 5 5 , ,5 0 6 0 5 7 4 5 , , 3 0 3 2 5 5 5 5 , , 3 9 2 9 5 7 2 3 , , 8 0 4 7 6 4 2 2 , , 4 9 7 2 9 3 1 1 , , 1 0 9 4 9 3 196 3 25,173 7,185 10,055 90,944 4,696 6,960 79,288 196 6 3,804 2,866 6,935 5,006 1,929 1,036 1 1 1 9 9 9 6 6 6 6 4 5 2 2 1 4 4 6 , , , 9 1 9 1 9 2 3 2 4 3 6 6 , , , 6 6 0 5 3 1 3 8 3 1 1 7 0 0 , , , 8 5 8 2 3 3 8 8 0 1 1 1 0 1 1 1 4 0 , , , 3 4 3 3 2 0 3 7 6 5 5 4 , , , 1 2 8 4 6 9 5 9 4 6 6 6, , , 1 3 6 5 9 8 7 8 3 1 9 8 0 8 9 3 , , , 7 0 7 0 6 5 1 3 6 1 1 1 9 9 9 6 6 6 9 7 8 2 5 1 , , , 5 7 5 3 2 3 1 7 4 4 1 1 , , , 0 5 8 7 0 6 6 0 1 4 5 9 , , , 3 2 2 8 5 8 6 9 9 3 4 8 , , , 9 8 4 8 6 3 5 7 4 4 3 8 0 5 9 1 5 2 1 1 1 , , , 0 4 3 4 3 8 1 2 2 196 7 20,122 4,243 9,604 121,805 5,791 6,351 109,663 196 8 21,983 4,916 11,215 130,802 6,658 7,012 117,132 1969—Dec. 564 77 9,289 8,434 855 1,041 196 9 21,832 4,756 11,244 140,209 7,910 7,653 124,646 1970—Jan.. 708 145 9,852 8,744 1,108 786 1969—Dec.. 1,508 300 687 140,209 7,910 7,653 124,646 Feb. 384 299 9,937 8,717 1,220 801 Mar. 136 388 9,745 8,501 1,243 985 1970—Jan... 1,064 220 530 140,345 7,937 7,669 124,739 Apr. 393 278 9,860 7,721 2,138 1 ,108 Feb.. 1,042 223 502 140,568 8,000 7,680 124.888 May 240 92 10,008 7,031 2,997 1 ,188 Mar.. 1,262 284 585 140,766 8,092 7,677 124,997 June 299 71 10,236 7,002 3,234 1,331 Apr.. 1 ,400 325 627 141,252 8,184 7,712 125,356 July. 243 106 10,373 4,445 5,927 1,193 May . 1,586 373 741 141,975 8,325 7,761 125.889 Aug. 179 106 10,446 3,967 6,478 1,238 J Ju u n ly e . . . 2 2 , , 0 0 8 8 0 6 3 3 9 9 3 8 1 1 , , 0 0 7 1 1 7 1 14 4 3 3 , , 1 1 0 0 3 3 8 8 , , 5 5 7 7 9 9 7 7, , 8 8 6 6 2 2 1 '1 2 2 6 7 , , 6 4 6 0 2 3 S O e c p t t .. . 2 1 0 3 4 5 1 1 2 2 5 0 1 1 0 0 . , 5 5 2 4 4 0 3,477 7,047 1 1 , , 3 4 3 9 9 6 Aug.. 2,111 369 1,147 145,296 9,011 8,050 '128,234 Nov. 112 126 10.525 1,978 Sept.. 2,183 388 1,100 146,418 9,224 8,115 129,079 Dec. 224 134 10,615 2,330 Oct... 2,127 406 1,032 147,570 9,441 8,230 129,903 Nov' 1,972 355 919 148,896 9,226 8,336 130,794 Dec.' 2,451 401 964 150,560 10,205 8,525 131,830 1 Secured or unsecured loans maturing in 1 year or less. 2 Secured loans, amortized quarterly, having maturities of more than 1 year but not more than 10 years. 1 Includes loans for repairs, additions and alterations, refinancing, etc. not shown separately. NOTE.—Federal Home Loan Bank Board data. 2 Beginning with 1958, includes shares pledged against mortgage loans; beginning with 1966, includes junior liens and real estate sold on contract; and beginning with 1967, includes downward structural adjustment for change in universe. NOTE,—Federal Home Loan Bank Board data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 52 REAL ESTATE CREDIT • FEBRUARY 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 Multifamily i Governmentunderwritten CCoonn-- E pe n r d i o o d f Total F i i n c n i s a a t l i n - - h O ol t d h e e r r s Total F i i n c n i s a a t l i n - - h O ol t d h e e r r s EEnndd ooff ppeerriioodd TToottaall Total FH in A - - g V u A ar - - ttii vv oo ee nn nn aa -- ll tutions tutions sured anteed * 1 1 9 9 4 4 1 5 2 2 4 4. . 3 2 1 1 4 5 . . 9 7 9 8 . . 4 6 5 5 . . 9 7 3 3. . 5 6 2 2. . 2 2 1 1 9 96 5 3 4 1 1 8 8 2 . . 6 2 6 4 5 . . 3 9 3 4 5 . . 1 0 30. . 9 2 1 1 1 4 6. . 3 3 196 3 211.2 176.7 34.5 29.0 20.7 8.3 1964 197.6 69.2 38.3 30.9 128.3 196 4 231.1 195.4 35.7 33.6 25.1 8.5 1965 212.9 73.1 42.0 31.1 139.8 196 5 250.1 213.2 36.9 37.2 29.0 8.2 1966 223.6 76.1 44.8 31.3 147.6 1 1 9 9 6 6 7 6 3 5 2 2 6 8 4 0 . . 0 0 2 2 3 23 6 . . 7 6 4 4 0 3 . . 3 4 4 43 0 . . 9 3 3 3 1 4 . . 5 7 9 8 . . 2 8 1 19 9 6 6 7 8 p p 2 23 5 6 1 . . 1 2 7 83 9 . . 8 9 5 4 0 7 . . 6 4 3 3 2 3 . . 5 2 1 1 5 6 6 7 . . 1 4 1968* 298.6 250.8 47.8 47.3 37.7 9.6 1967—IV 236.1 79.9 47.4 32.5 156.1 1968—III. 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—I... 303.0 254.4 48.6 48.3 38.4 9.9 247,0 83.2 49.6 33.6 163.8 II. . 308.9 259.3 49.6 49.4 39.3 10.1 251 ,2 84.4 50.6 33.8 166.8 III. 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—1 254,8 85.3 51.4 33.9 169.5 259., 5 87.1 52.2 34.9 172.3 1970—I... 312.7 265.8 55.9 53.2 42.1 11.1 Ill 263.5 88.8 53.4 35.4 174.6 Hp. 326.2 268.7 57.5 54.5 43.1 11.4 IV 266.8 90.1 54.5 35.6 176.9 II IP 332.9 272.8 60.1 55.9 44.1 11.8 1970—1 268.5 91.6 55.6 36.0 177.1 271.7 92.1 56.1 36.0 179.9 i Structures of five or more units. IIP 227755..88 sta N n O di T n E g . " — t B a a b s le e d ( s o e n c o d n a d t a p r f e r c o e m d i s n a g m p e a s g o e u ). r ce J ; for "Mortgage Debt Out- 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 FHLBB, 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 PPPeeerrriiioooddd PPrroopp-- but delinquent for— LLooaannss iinn PPrroo-- eerrttyy ffoorree-- TToottaall h N o e m w e s h is E o t m i x n - e g s jjeeccttss 11 mm pprr ii ee mm oo nn vv -- tt ee ss -- 22 TToottaall 33 h N om ew e s h is o 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 1964. 8,130 1,608 4,965 895 663 2,846 1,023 1,821 1964 3.21 2.35 .55 .31 .38 1965. 8,689 1,705 5,760 591 634 2,652 876 1,774 1965 3.29 2.40 .55 .34 .40 1966. 7,320 1,729 4,366 583 641 2,600 980 1,618 1966 3.40 2.54 .54 .32 .36 1967. 7,150 1,369 4,516 642 623 3,405 1,143 2,259 1967 3.47 2.66 .54 .27 .32 1968 8,275 1,572 4,924 1,123 656 3,774 1,430 2,343 1968 3.17 2.43 .51 .23 .26 1969. 9,129 1,551 5,570 1,316 693 4,072 1,493 2,579 1969 3.22 2.43 .52 .27 .27 1969--July.. 869 140 518 127 58 356 122 234 1966—III. 3.09 2.25 .52 .32 .36 Aug.. 791 130 501 92 68 385 126 259 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—1 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 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. 943 176 351 367 48 237 98 139 IV 3.17 2.43 .51 .23 .26 June. 1,097 218 478 336 64 262 99 163 July.. 1,087 230 475 319 62 297 108 189 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 1 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. Ill 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

FEBRUARY 1971 • REAL ESTATE CREDIT A 53 GOVERNMENT NATIONAL MORTGAGE FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY ASSOCIATION ACTIVITY (In millions of dollars) (In millions of dollars) Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage holdings transactions commitments holdings transactions commitments (during (during End of period) End of period) period period FHA- VA- Made Out FHA- VA- Made Out Total su in re - d a g n u t a e r e - d ch P a u s r e - s Sales d p u er r i i o n d g st i a n n g d - Total su in re - d a g n u t a e r e - d c P ha u s r e - s Sales d p u er r i i o n d g st i a n n g d - 196 6 2,667 2,062 604 620 371 491 196 6 4,396 3,345 1,051 2,081 1,920 214 196 7 3,348 2,756 592 860 1 ,045 1,171 196 7 5,522 4,048 1,474 1,400 12 1,736 501 196 8 4,220 3,569 651 ,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 3,2.70 593 683 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., 4,965 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. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY UNDER FREE MARKET SYSTEM HOME-MORTGAGE YIELDS Implicit yield, by Mortgage amounts commitment period (In per cent) (in months) Primary market Secondary Date Accepted (conventional loans) market of auction By commitment FHA series Offered period (in months) 3 6 12-18 FHLI \B series Yield Total PPeerriioodd (effect ive rate) on FHAinsured 3 6 12-18 new New Existing h N om ew e s h lo o a m ns e In millions of dollars In per cent homes homes 1970—May 11.. 269.2 102.2 26.0 63.2 13.0 9.04 9.07 9.13 1966 6.25 6.41 6.40 6.38 18.. 300.2 136.3 32.3 86.4 17.5 9.11 9.13 9.18 1967 6.46 6.52 6.53 6.55 25.. 289.5 145.2 38.9 86.7 19.7 9.15 9.18 9.22 1968 6.97 7.03 7.12 7.21 1969 7.81 7.82 7.99 8.26 June 1.. 224.2 113.8 31.1 71.4 11.3 9.20 9.24 9.27 15.. 249.7 127.9 34.2 86.7 7.0 9.27 9.30 9.31 1970—Jan 8.34 8.29 8.55 29.. 156.3 98.9 30.6 56.5 11.8 9.32 9.33 9.34 Feb 8.41 8.41 8.55 9.29 Mar 8.47 8.43 8.55 9.20 July 13.. 286.2 113.3 24.9 72.9 15.3 9.20 9.21 9.22 Apr 8.41 8.34 8.55 9.10 27.. 323.8 150.4 37.0 91.0 22.3 9.10 9.12 9.12 May 8.45 8.34 8.55 9.11 June 8.48 8.36 8.55 9.16 Aug. 3.. 441.3 180.1 41.4 91.0 47.8 9.03 9.03 9.04 July 8.49 8.37 8.60 9.11 24.. 492.8 215.1 48.9 124.4 41.9 9.03 9.03 9.03 Aug 8.52 8.41 8.60 9.07 Sept 8.48 8.42 8.50 9.01 Sept. 8.. 384.2 200.1 45.6 117.0 37.5 9.06 9.04 9.04 Oct 8.51 8.35 8.50 8.97 24.. 207.8 195.3 40.1 121.5 33.7 9.01 9.01 9.02 Nov 8.43 8.32 8.45 8.90 Dec 8.37 8.26 8.30 8.40 Oct. 5.. 267.5 149.8 62.2 73.1 14.5 8.90 8.92 8.97 19.. 352.5 149.7 53.2 88.1 8.4 8.89 8.90 8.95 NOTE.—Annual data are averages of monthly figures. The Nov. 2.. 341.5 181.2 100.0 62.4 18.7 8.90 8.93 8.93 FHA data are based on opinion reports submitted by field offices 16.. 222.4 170.3 75.8 79.4 15.1 8.89 8.90 8.92 on prevailing local conditions as of the first of the succeeding month. Yields on FHA-insured mortgages are derived from Dec. 7.. 166.5 127.8 54.7 60.9 12.2 8.56 8.54 8.57 weighted averages of private secondary market prices for Sec. 14.. 165.1 124.7 42.1 72.1 10.5 8.51 8.43 8.47 203, 30-year mortgages with minimum downpayment and an assumed prepayment at the end of 15 years. Gaps in data are 11997700——JJaann.. 2255.... 4444..11 3355..55 9.9 2255..66 77..8822 77..9966 88..4400 due to periods of adjustment to changes in maximum permissible contract interest rates. The FHA series on average contract interest rates on conventional first mortgages in primary markets NOTE.—Implicit secondary market yields are gross—before deduction of 50are unweighted and are rounded to the nearest 5 basis points. basis- point fee paid for mortgage servicing. They reflect the average accepted bid The FHLBB effective rate series reflects fees and charges as well price for Govt.-underwritten mortgages after adjustment by Federal Reserve as contract rates (as shown in the table on conventional first- to allow for FNMA commitment fees and FNMA stock purchase and holding mortgage terms, p. A-35) and an assumed prepayment at end requirements, assuming a prepayment period of 15 years for 30-year loans. Comof 10 years mitments 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 a FEBRUARY 1971 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment EEnndd ooff ppeerriioodd TToottaall Other Repair Auto- consumer and mod- Personal Single- Charge Service Total mobile goods ernization loans Total payment accounts credit paper paper loans i loans 1939. 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941. 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945. 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1950. 21,471 14,703 6,074 4,799 1,016 2,814 6,768 1,821 3,367 1,580 1955. 38,830 28,906 13,460 7,641 1,693 6,112 9,924 3,002 4,795 2,127 19601. 56,141 42,968 17,658 11,545 3,148 10,617 13,173 4,507 5,329 3,337 1965. 90,314 71,324 28,619 18,565 3,728 20,412 18,990 7,671 6,430 4,889 1966. 97,543 77,539 30,556 20,978 3,818 22,187 20,004 7,972 6,686 5,346 1967. 102,132 80,926 30,724 22,395 3,789 24,018 21,206 8,428 6,968 5,810 1968. 113,191 89,890 34,130 24,899 3,925 26,936 23,301 9,138 7,755 6,408 1969. 122,469 98,169 36,602 27,609 4,040 29,918 24,300 9,096 8,234 6,970 1970i. 126,802 101,161 35 r490 29,949 4,110 31,612 25,641 9,484 8,850 7,307 —Dec 122,469 98,169 36,602 27,609 4,040 29,918 24,300 9,096 8,234 6,970 i—Jan 121,074 97,402 36,291 27,346 3,991 29,774 23,672 9,092 7,539 7,041 Feb 120,077 96,892 36,119 26,987 3,970 29,816 23,185 9,074 6,789 7,322 Mar 119,698 96,662 36,088 26,814 3,951 29,809 23,036 9,054 6,645 7,337 Apr 120,402 97,104 36,264 26,850 3,960 30,030 23,298 9,102 6,900 7,296 May 121,346 97,706 36,455 27,055 4,003 30,193 23,640 9,159 7,273 7,208 June 122,542 98,699 36,809 27,303 4,040 30,547 23,843 9,239 7,473 7,131 July 123,092 99,302 36,918 27,538 4,081 30,765 23,790 9,254 7,509 7,027 Aug 123,655 99,860 36,908 27,801 4,104 31,047 23,795 9,294 7,508 6,993 Sept 123,907 100,142 36,738 28,055 4,123 31,226 23,765 9,316 7,489 6,960 Oct 123,866 99,959 36,518 28,152 4,126 31,163 23,907 9,313 7,656 6,938 Nov 123,915 99,790 36,011 28,378 4,133 31,268 24,125 9,345 7,757 7,023 Dec 126,802 101,161 35,490 29,949 4,110 31,612 25,641 9,484 8,850 7.307 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 pp. 983-1003 of the BULLETIN for Dec. 1968. INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets End of period Total Com- Mis- Auto- Other Total mercial Finance Credit cellaneous mobile retail banks cos. i unions lenders 1 dealers 2 outlets 1939 4,503 3,065 1,079 1,836 132 18 1,438 123 1,315 1941 6,085 4,480 1,726 2,541 198 15 1,605 188 1,417 1945 2,462 1,776 745 910 102 19 686 28 658 1950 14,703 11,805 5,798 5,315 590 102 2,898 287 2,611 1955 28,906 24,398 10,601 11,838 1,678 281 4,508 487 4,021 1960 42,968 36,673 16,672 15,435 3,923 643 6,295 359 5,936 196 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 i229 12,433 320 12,113 196 9 98,169 84,982 40,305 31,734 11,594 1;, 349 13,187 336 12,851 197 0 101,161 87,064 41,895 31,123 12,500 1 :,546 14,097 327 13,770 1969—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 Dec.. 101,161 87,064 41,895 31,123 12,500 1,546 14,097 327 13,770 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

FEBRUARY 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) End of Aut p o a m pe o r b ile O co th n e - r m R o a e d n p e d a r i n r - Per- Auto- O c t o h n e - r R a e n p d a ir Perperiod Total sumer ization sonal End of period Total mobile sumer modern- sonal Pur- goods loans loans paper goods ization loans chased Direct paper paper loans 1939 1,079 237 178 166 135 363 1939 1,836 932 134 151 619 1941 1,726 447 338 309 161 471 1941 2,541 1,438 194 204 705 1945 745 66 143 114 110 312 1945 910 202 40 62 606 1950 5,798 1,177 1,294 1,456 834 1,037 1950 5,315 3,157 692 80 1,386 1955 10,601 3,243 2,062 2,042 1,338 1,916 1955 11,838 7,108 1,448 42 3,240 1960 16,672 5,316 2,820 2,759 2,200 3,577 1960 15,435 7,703 2,553 173 5,006 196 5 28,962 10,209 5,659 4,166 2,571 6,357 196 5 24,282 9,400 4,425 224 10,233 196 6 31,319 11,024 5,956 4,681 2,647 7,011 196 6 26,091 9,889 5,171 191 10,840 196 7 32,700 10,927 6,267 5,126 2,629 7,751 196 7 26,734 9,538 5,479 154 11,563 196 8 36,952 12,213 7,105 6,060 2,719 8,855 196 8 29,098 10,279 5,999 113 12,707 196 9 40,305 12,784 7,620 7,415 2,751 9,735 196 9 31,734 11,053 6,514 106 14,061 197 0 41,895 12,433 7,587 8,633 2,760 10,482 197 0 31,123 9,941 6,648 94 14,440 1969—Dec... 40,305 12,784 7,620 7,415 2,751 9,735 1969—Dec. 31,734 11,053 6.514 106 14,061 1970—Jan... 40,144 12,664 7,569 7,472 2,714 9,725 1970—Jan.. ,571 10,964 6.515 106 13,986 Feb... 39,990 12,585 7,533 7,474 2,691 9,707 Feb. ,538 10,908 6,523 103 14,004 Mar.. 39,956 12,552 7,538 7,476 2,678 9,712 Mar. ,433 10,876 6,489 102 13,966 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 Dec... 41,895 12,433 7,587 8,633 2,760 10,482 Dec. ,123 9,941 6,648 94 14,440 See NOTE to first table on preceding page. NOTE.—Finance companies consist of those institutions formerly classified as sales finance, consumer finance, and other finance companies. INSTALMENT CREDIT HELD BY OTHER NONINSTALMENT CREDIT FINANCIAL LENDERS (In millions of dollars) (In millions of dollars) Single- Other Repair payment Charge accounts Auto- con- and Per- loans End of period Total mobile sumer modern- sonal paper goods ization loans Total Service paper loans End of period Com- Other credit mer- finan- Retail Credit cial cial outlets cards1 1939 150 27 5 12 106 banks insti- 1941 213 47 9 11 146 tutions 1945 121 16 4 10 91 1950 692 159 40 102 391 1939. 2,719 625 162 1,414 518 1955 1,959 560 130 313 956 1941. 3,087 693 152 1,645 597 1960 4,566 1,460 297 775 2,034 1945. 3,203 674 72 1,612 845 196 5 8,289 3,036 498 933 3,822 1950. 6,768 1,576 245 3,291 76 1,580 196 6 9,314 3,410 588 980 4,336 1955. 9,924 2,635 367 4,579 216 2,127 196 7 10,056 3,707 639 1,006 4,704 1960. 13,173 3,884 623 4,893 436 3,337 196 8 11,407 4,213 727 1,093 5,374 196 9 12,943 4,809 829 1,183 6,122 1965. 18,990 6,690 981 5,724 706 4,889 197 0 14,046 5,202 1 ,256 6,690 1966. 20,004 6,946 1,026 5,812 874 5,346 1967. 21,206 7,340 1,088 5,939 1,029 5,810 1969—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 1970. 25,641 8,205 1 ,279 6,932 1,918 7,307 Feb. 12,865 4.762 822 1,176 6,105 Mar. 12,919 4,791 826 1,171 6,131 1969—Dec.. 24,300 7,900 1,196 6,650 1,584 6,970 Apr. 13,020 4,835 834 1,174 6,177 May 13,225 4,897 845 1,199 6,284 1970—Jan.. 23,672 7,887 1,205 5,932 1,607 7,041 June 13,470 4,998 863 1,211 6,398 Feb.. 23,185 7,857 1,217 5,210 1,579 7,322 July. 13,612 5,049 872 1,230 6,461 Mar. 23,036 7,843 1,211 5,062 1,583 7,337 Aug. 13,793 5,110 881 1,240 6,562 Apr.. 23,298 7,892 1,210 5,289 1,611 7,296 Sept. 13,910 5,158 890 1.246 6,616 May. 23.640 7,925 1,234 5,633 1,640 7,208 Oct.. 13,924 5,164 891 1.247 6,622 June. 23,843 8,005 1,234 5,765 1,708 7,131 Nov. 13,999 5,171 893 1,260 6,675 July. 23,790 8,005 1,249 5,727 1,782 7,027 Dec. 14,046 5,202 898 1,256 6,690 A Se u p g t . . . . 2 2 3 3 , , 7 7 6 9 5 5 8 8 , , 0 0 4 6 1 2 1 1 . .2 2 5 5 3 4 5 5, , 6 6 1 6 7 4 1 1 , . 8 8 4 7 4 2 6 6 , , 9 9 9 6 3 0 Oct.. 23,907 8,059 1,254 5,797 1,859 6,938 lan N e O ou T s E . l — en O d t e h r e s r . financial lenders consist of credit unions and miscel- D N e o c v . . . . 2 25 4 . , 6 1 4 2 1 5 8 8, , 0 2 7 0 1 5 1 1 , , 2 2 7 7 9 4 5 6, , 9 8 3 8 2 4 1 1, . 9 8 1 7 8 3 7 7 , , 0 30 2 7 3 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 • FEBRUARY 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 Period S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions 1965. 78,586 27,227 22,750 2,266 26,343 1966. 82,335 27,341 25,591 2,200 27,203 1967. 84,693 26,667 26,952 2,113 28,961 1968. 97,053 31,424 30,593 2,268 32,768 1969. 102,888 32,354 33,079 2,278 35,177 1970. 104,130 29,831 36,781 2,145 35,373 1969—Dec.. 8,344 10,096 2,472 2,479 2,838 4,004 169 149 2,865 3,464 1970—Jan.. 8,521 7,490 2,479 2,130 2,925 2,663 160 118 2,957 2,579 Feb.. 8,625 7,106 2.536 2,214 3,018 2,275 179 137 2,892 2,480 Mar.. 8,392 8,243 2,496 2,584 2,922 2,725 165 152 2,809 2,782 Apr.. 8,491 8,773 2,571 2,776 2,843 2,792 183 185 2,894 3,020 May. 9,004 8,857 2,595 2,696 3,183 3,008 180 213 3,046 2,940 June. 8,683 9,534 2,587 3,023 2,925 3,019 189 220 2,982 3,272 July. 9,065 9,497 2,685 2,952 3,124 3,141 192 220 3,064 3,184 Aug.. 8,809 8,915 2.537 2,540 3,168 3,152 173 197 2,931 3,026 Sept.. 8,849 8,580 2,621 2,402 3,071 3,097 186 194 2,971 2,887 Oct.. 8,580 8,670 2,349 2,463 3,113 3,200 182 184 2,936 2,823 Nov.. 8,414 8,271 2,127 2,006 3,113 3,147 180 176 2,994 2,942 Dec.. 8,536 10,194 2,170 2,045 3,281 4,562 177 149 2,908 3,438 Repayments 1965. 69,957 23,543 20,518 2,116 23,780 1966. 76,120 25,404 23,178 2,110 25,428 1967. 81,306 26,499 25,535 2,142 27,130 1968. 88,089 28,018 28,089 2,132 29,850 1969. 94,609 29,882 30,369 2,163 32,195 1970. 101,138 30,943 34,441 2,075 33,679 1969—Dec.. 7 929 8,405 2,499 2,527 2,552 2,618 185 185 2,693 3,075 1970—Jan.. 8 141 8,257 2,469 2,441 2,722 2,926 168 167 2,782 2,723 Feb.. 8 207 7,616 2,550 2,386 2,761 2,634 171 158 2,725 2,438 Mar.. 8 194 8,473 2,501 2,615 2,792 2,898 169 171 2,732 2,789 Apr.. 8 195 8,331 2,527 2,600 2,729 2,756 173 176 2,766 2,799 May. 8 589 8,255 2,600 2,505 2,888 2,803 174 170 2,927 2,777 June. 8 242 8,541 2,573 2,669 2,750 2,771 174 183 2,745 2,918 July. 8 622 8,894 2,752 2,843 2,874 2,906 170 179 2,826 2,966 Aug.. 8 577 8,357 2,632 2,550 2,967 2,889 175 174 2.803 2,744 Sept.. 8 490 8,298 2,599 2,572 2,913 2,843 174 175 2.804 2,708 Oct.. 8 662 8,853 2,550 2,683 3,036 3,103 179 181 2,897 2,886 Nov.. 8 716 8,440 2,577 2,513 3,082 2,921 176 169 2,881 2,837 Dec.. 8 515 8,823 2,618 2,566 2,945 2,991 175 172 2,777 3,094 Net change in credit outstanding 2 1965. 888888,,,,,,666666222222999999 333333,,,,,,666666888888444444 222222,,,,,,222222333333222222 111111555555000000 222222,,,,,,555555666666333333 1966. 666666,,,,,,222222111111555555 111111,,,,,,999999333333777777 222222,,,,,,444444111111333333 999999000000 111111,,,,,,777777777777555555 1967. 333333,,,,,,333333888888777777 111111666666888888 111111,,,,,,444444111111777777 ------222222999999 111111,,,,,,888888333333111111 1968. 888888,,,,,,999999666666444444 333333,,,,,,444444000000666666 222222,,,,,,555555000000444444 111111333333666666 222222,,,,,,999999111111888888 1969. 888888,,,,,,222222777777999999 222222,,,,,,444444777777222222 222222,,,,,,777777111111000000 111111111111555555 222222,,,,,,999999888888222222 1970. 222222,,,,,,999999999999222222 ------111111,,,,,,111111111111222222 222222,,,,,,333333444444000000 777777000000 111111,,,,,,666666999999444444 —Dec 415 1,691 -27 -48 286 1,386 -16 -36 172 389 i—Jan 380 -767 10 -311 203 -263 -8 -49 175 -144 Feb 418 -510 -14 -172 257 -359 8 -21 167 42 Mar 198 -230 -5 -31 130 -173 -4 -19 77 -7 Apr 296 442 44 176 114 36 10 9 128 221 May 415 602 -5 191 295 205 6 43 119 163 June 441 993 14 354 175 248 15 37 237 354 July 443 603 -67 109 250 235 22 41 238 218 Aug 232 558 -95 -10 201 263 -2 23 128 282 Sept 359 282 22 -170 158 254 12 19 167 179 Oct -82 -183 -201 -220 77 97 3 3 39 -63 Nov -302 -169 -450 -507 31 226 4 7 113 105 Dec 21 1,371 -448 -521 336 1,571 2 -23 131 344 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

FEBRUARY 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.1 N.S.A. S.A.1 N.S.A. Extensions 11996655 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 1970 111111100000004444444,,,,,,,111111133333330000000 33333339999999,,,,,,,111111133333336666666 22222229999999,,,,,,,666666666666662222222 11111114444444,,,,,,,666666611111119999999 22222220000000,,,,,,,777777711111113333333 111999666999———DDDeee ccc 8,344 11111110000000,,,,,,,000000099999996666666 3,179 3333333,,,,,,,333333300000002222222 2,374 3333333,,,,,,,000000000000008888888 1111111,,,,,,,111111177777770000000 1111111,,,,,,,222222233333330000000 1111111,,,,,,,666666622222221111111 2222222,,,,,,,555555555555556666666 111999777000———JJJaaa nnn 8,521 7777777,,,,,,,444444499999990000000 3,047 2222222,,,,,,,777777755555551111111 2,565 2222222,,,,,,,111111177777779999999 1111111,,,,,,,111111177777775555555 1111111,,,,,,,000000000000001111111 1111111,,,,,,,777777733333334444444 1111111,,,,,,,555555555555559999999 FFFeeebbb 8,625 7777777,,,,,,,111111100000006666666 3,167 2222222,,,,,,,777777733333335555555 2,510 2222222,,,,,,,111111122222225555555 1111111,,,,,,,111111199999998888888 1111111,,,,,,,000000033333338888888 1111111,,,,,,,777777755555550000000 1111111,,,,,,,222222200000008888888 MMMaaarrr 8,392 8888888,,,,,,,222222244444443333333 3,193 3333333,,,,,,,222222200000006666666 2,439 2222222,,,,,,,333333399999991111111 1111111,,,,,,,111111122222222222222 1111111,,,,,,,111111144444444444444 1111111,,,,,,,666666633333338888888 1111111,,,,,,,555555500000002222222 AAAppprrr 8,491 8888888,,,,,,,777777777777773333333 3,208 3333333,,,,,,,444444455555550000000 2,502 2222222,,,,,,,555555588888881111111 1111111,,,,,,,111111199999998888888 1111111,,,,,,,222222222222229999999 1111111,,,,,,,555555588888883333333 1111111,,,,,,,555555511111113333333 MMMaaayyy 9,004 8888888,,,,,,,888888855555557777777 3,291 3333333,,,,,,,333333344444441111111 2,639 2222222,,,,,,,555555500000003333333 1111111,,,,,,,222222255555552222222 1111111,,,,,,,333333300000009999999 1111111,,,,,,,888888822222222222222 1111111,,,,,,,777777700000004444444 JJJuuunnneee 8,683 9999999,,,,,,,555555533333334444444 3,262 3333333,,,,,,,666666644444443333333 2,616 2222222,,,,,,,999999911111112222222 1111111,,,,,,,222222233333333333333 1111111,,,,,,,444444400000007777777 1111111,,,,,,,555555577777772222222 1111111,,,,,,,555555577777772222222 JJJuuulllyyy 9,065 9999999,,,,,,,444444499999997777777 3,382 3333333,,,,,,,666666699999997777777 2,590 2222222,,,,,,,777777733333331111111 1111111,,,,,,,333333366666665555555 1111111,,,,,,,444444411111118888888 1111111,,,,,,,777777722222228888888 1111111,,,,,,,666666655555551111111 AAAuuuggg 8,809 8888888,,,,,,,999999911111115555555 3,308 3333333,,,,,,,333333388888885555555 2,427 2222222,,,,,,,444444411111116666666 1111111,,,,,,,222222233333335555555 1111111,,,,,,,333333311111118888888 1111111,,,,,,,888888833333339999999 1111111,,,,,,,777777799999996666666 SSSeeepppttt 8,849 8888888,,,,,,,555555588888880000000 3,417 3333333,,,,,,,333333355555552222222 2,441 2222222,,,,,,,333333300000000000000 1111111,,,,,,,222222266666665555555 1111111,,,,,,,222222211111112222222 1111111,,,,,,,777777722222226666666 1111111,,,,,,,777777711111116666666 OOOcccttt 8,580 8888888,,,,,,,666666677777770000000 3,276 3333333,,,,,,,333333300000001111111 2,371 2222222,,,,,,,333333388888887777777 1111111,,,,,,,222222222222221111111 1111111,,,,,,,111111188888887777777 1111111,,,,,,,777777711111112222222 1111111,,,,,,,777777799999995555555 NNNooovvv 8,414 8888888,,,,,,,222222277777771111111 3,159 2222222,,,,,,,888888888888885555555 2,300 2222222,,,,,,,333333344444442222222 1111111,,,,,,,111111188888884444444 1111111,,,,,,,111111155555550000000 1111111,,,,,,,777777777777771111111 1111111,,,,,,,888888899999994444444 DDDeeeccc 8,536 11111110000000,,,,,,,111111199999994444444 3,326 3333333,,,,,,,333333399999990000000 2,240 2222222,,,,,,,777777799999995555555 1111111,,,,,,,111111188888887777777 1111111,,,,,,,222222200000006666666 1111111,,,,,,,777777788888883333333 2222222,,,,,,,888888800000003333333 Repayments 111999666555 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 1970 111111100000001111111,,,,,,,111111133333338888888 33333337777777,,,,,,,999999966666661111111 22222229999999,,,,,,,888888855555558888888 11111113333333,,,,,,,555555511111116666666 11111119999999,,,,,,,888888800000003333333 1969—De c 7,929 8888888,,,,,,,444444400000005555555 2,977 3333333,,,,,,,000000044444444444444 2,339 2222222,,,,,,,666666666666664444444 1111111.......000000066666664444444 1111111,,,,,,,111111155555551111111 1111111,,,,,,,555555544444449999999 1111111,,,,,,,555555544444446666666 1970—Ja n 8,141 8888888,,,,,,,222222255555557777777 2,962 2222222,,,,,,,999999911111112222222 2,431 2222222,,,,,,,333333344444442222222 1111111,,,,,,,000000088888886666666 1111111,,,,,,,111111122222228888888 1111111,,,,,,,666666666666662222222 1111111,,,,,,,888888877777775555555 Feb 8,207 7777777,,,,,,,666666611111116666666 3,101 2222222,,,,,,,888888888888889999999 2,368 2222222,,,,,,,111111155555558888888 1111111,,,,,,,000000099999999999999 999999988888889999999 1111111,,,,,,,666666633333339999999 1111111,,,,,,,555555588888880000000 Mar 8.194 8888888,,,,,,,444444477777773333333 3,119 3333333,,,,,,,222222244444440000000 2,389 2222222,,,,,,,444444499999996666666 1111111.......000000066666665555555 1111111,,,,,,,000000099999990000000 1111111,,,,,,,666666622222221111111 1111111,,,,,,,666666644444447777777 Apr 8.195 8888888,,,,,,,333333333333331111111 3,081 3333333,,,,,,,111111166666661111111 2,415 2222222,,,,,,,444444477777777777777 1111111,,,,,,,111111111111117777777 1111111,,,,,,,111111122222228888888 1111111,,,,,,,555555588888882222222 1111111,,,,,,,555555566666665555555 May 8,589 8888888,,,,,,,222222255555555555555 3,170 3333333,,,,,,,000000077777771111111 2,574 2222222,,,,,,,444444444444445555555 1111111,,,,,,,111111177777773333333 1111111,,,,,,,111111100000004444444 1111111,,,,,,,666666677777772222222 1111111,,,,,,,666666633333335555555 June 8,242 • 8888888,,,,,,,555555544444441111111 3,041 3333333,,,,,,,111111177777779999999 2,548 2222222,,,,,,,666666644444445555555 1111111,,,,,,,000000088888887777777 1111111,,,,,,,111111166666662222222 1111111,,,,,,,555555566666666666666 1111111,,,,,,,555555555555555555555 July 8,622 8888888,,,,,,,888888899999994444444 3,264 3333333,,,,,,,333333388888888888888 2,580 2222222,,,,,,,666666611111117777777 1111111,,,,,,,111111188888884444444 1111111,,,,,,,222222277777776666666 1111111,,,,,,,555555599999994444444 1111111,,,,,,,666666611111113333333 Aug 8,577 8888888,,,,,,,333333355555557777777 3,185 3333333.......111111155555554444444 2,507 2222222,,,,,,,333333388888889999999 1111111,,,,,,,111111155555558888888 1111111,,,,,,,111111133333337777777 1111111,,,,,,,777777722222227777777 1111111,,,,,,,666666677777777777777 Sept 8,490 8888888,,,,,,,222222299999998888888 3,249 3333333,,,,,,,222222233333335555555 2,482 2222222,,,,,,,333333377777778888888 1111111,,,,,,,111111122222227777777 1111111,,,,,,,000000099999995555555 1111111,,,,,,,666666633333332222222 1111111,,,,,,,555555599999990000000 Oct 8,662 8888888,,,,,,,888888855555553333333 3,258 3333333,,,,,,,333333344444442222222 2.551 2222222,,,,,,,555555588888888888888 1111111,,,,,,,111111166666665555555 1111111,,,,,,,111111177777773333333 1111111,,,,,,,666666688888888888888 1111111,,,,,,,777777755555550000000 Nov 8,716 8888888,,,,,,,444444444444440000000 3,276 3333333.......111111155555555555555 2.552 2222222,,,,,,,555555577777770000000 1111111,,,,,,,111111133333335555555 1111111,,,,,,,000000077777775555555 1111111,,,,,,,777777755555553333333 1111111,,,,,,,666666644444440000000 Dec 8,515 8888888,,,,,,,888888822222223333333 3,262 3333333,,,,,,,222222233333335555555 2,465 2222222,,,,,,,777777755555553333333 1111111,,,,,,,111111111111113333333 1111111,,,,,,,111111155555559999999 1111111,,,,,,,666666677777775555555 1111111,,,,,,,666666677777776666666 Net change in credit outstanding 2 196 5 8,629 3,865 2,641 1,126 997 196 6 6,215 2,357 1,809 1,025 1,024 196 7 3,387 1,381 643 742 621 196 8 8,964 4,252 2,364 1,351 997 196 9 8,279 3,353 2,636 1,536 754 197 0 2,992 1 ,590 -611 1,103 910 1969—Dec.. 415 1,691 202 258 35 344 79 72 1,010 1970—Jan... 380 -767 85 -161 134 -163 89 -127 72 -316 Feb.. 418 -510 66 -154 142 -33 99 49 111 -372 Mar.. 198 -230 74 -34 50 -105 57 54 17 -145 Apr.. 296 442 127 289 87 104 81 101 1 -52 May. 415 602 121 270 65 58 79 205 150 69 June. 441 993 221 464 68 267 146 245 6 17 July. , 443 603 533 724 -405 -301 181 142 134 38 Aug.. 232 558 123 231 -80 27 77 181 112 119 Sept.. 359 282 168 117 -41 -78 138 117 94 126 Oct.. -82 -183 18 -41 -180 -201 56 14 24 45 Nov.. -302 -169 -117 -270 -252 -228 49 75 18 254 Dec.. 21 1,371 64 155 -225 42 74 47 108 1,127 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 Note 1 at bottom of p. A-54. tensions and repayments for some particular holders do not equal the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 58 INDUSTRIAL PRODUCTION: S.A. • FEBRUARY 1971 MARKET GROUPINGS (1957-59= 100) 19 p 5 r 7 o - - 59 1969 1969 1970 Grouping por- avertion age? Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.r Nov.r Dec. Total index 100.00 172.1 171.1 170.4 170.5 171.1 170.2 169.0 168.8 169.2 168.8 165.8 162.3 Final products, total 47.35 170.8 168.5 168.5 169.9 169.7 168.5 167.7 167.1 166.8 166.5 163.1 159.8 Consumer goods 32.31 162.5 160.7 161.5 162.4 162.0 163.2 163.2 162.8 163.5 163.5 160.1 157.0 Equipment, including defense. . . 15.04 188.6 185.2 183.6 186.2 186.3 179.9 177.3 176.3 173.7 173.0 169.6 165.9 Materials 52.65 174.6 173.9 172.5 171.5 171.7 171.9 170.4 171.2 171.4 171.2 168.9 164.8 Consumer goods Automotive products 3.21 173.2 160.9 155.3 154. 160.0 158.4 166. 170.3 172.8 167.5 133.1 110.1 Autos 1.82 162.8 141.6 132.9 127.6 138.4 136.1 156.0 163.0 163.8 163.3 108.5 76.5 Auto parts and allied products.... 1.39 186. 186.2 184.9 190.7 188.5 187.8 180.1 179.9 184.7 173.1 165.6 154.5 Home goods and apparel 10.00 159.3 151.0 152.3 153.6 154.5 155.0 153.0 153.2 155.4 156.4 153.4 153.9 Home goods 4.59 184.0 166.8 169.6 174. 179.4 180.0 178.4 177.7 182.5 183.7 179.0 180.2 Appliances, TV, and radios 1.81 180.2 140.1 149.0 168.6 178.1 178.9 182.6 178.8 192.3 198.6 189.9 194.3 Appliances 1.33 192.4 151.0 162.5 186.5 199.1 206.7 213.9 201.4 218.4 223.7 212.8 216.0 TV and home radios .47 145.6 109.6 111.0 118.2 119.1 100.3 94.2 115.2 118.8 127.8 125.5 133.2 Furniture and rugs 1.26 180.3 175.0 173.8 169.2 170.3 170.6 165.5 164.9 165.2 164.9 164.4 166.5 Miscellaneous home goods 1.52 191.5 191.7 190.5 186.7 188.4 189.0 184.1 186.9 185.0 181.6 178.0 174.8 Apparel, knit goods, and shoes. .. . 5.41 138.5 137.7 137.6 135.7 133.4 133. 131.4 132.4 132.4 133.2 131.7 131.6 Consumer staples 19.10 162.4 165.7 167.3 168.2 166.2 168. 168.0 166.6 166.3 166.6 168.1 166.7 Processed foods 8.43 136.6 137.0 138.7 139.5 139.6 140.2 141. 137.9 138.7 139.4 139.3 135.2 Beverages and tobacco 2.43 146.8 149.6 151.7 154.6 146.1 150.1 142.2 142.6 141.9 144.7 149.0 148.1 Drugs, soap, and toiletries 2.97 209.0 217.0 217.6 217.9 216.5 218.6 219.6 217.4 217.4 213.9 215.5 215.0 Newspapers, magazines, and books 1.47 147. 149.7 147.7 147.6 146.1 146.0 146.9 147.6 142.9 143.1 140.5 140.8 Consumer fuel and lighting. ...... 3.67 199.6 206.0 210.0 210.3 207.2 212.6 212.3 213.7 212.8 213.5 219.2 221.7 Fuel oil and gasoline 1.20 144.6 148.4 150.3 146.5 150.3 152.1 149.7 153.0 148.2 148.9 152.7 155.2 Residential utilities 2.46 226.3 234.1 239.1 241.5 235.0 242.1 242.8 243.3 244.3 245.0 251.7 254.2 Electricity 1.72 249.7 258.2 264.7 267.5 257.7 267.5 268.1 268.1 269.1 269.7 281.9 285.0 Gas .74 Equipment Business equipment 11.63 195.6 193.8 192.8 196.9 198.0 193.0 188.7 188.0 186.1 185.9 182.3 178.9 Industrial equipment 6.85 179.1 176.3 175.0 184.9 186. 182.1 175.8 175.2 174.6 173.3 170.5 169.7 Commercial equipment 2.42 220.0 223.6 223.0 222.4 225.0 223.4 220.4 220.4 218.3 214.2 210.5 207.0 Freight and passenger equipment. . 1.76 246.7 240.9 239.5 231.8 226. 215.4 216. 213.8 207.3 214.3 206.5 193.7 Farm equipment .61 136.8 135.4 138.4 130.3 134.6 130.4 127.4 128.6 126.0 133.2 133.6 128.0 Defense equipment 3.41 Materials Durable goods materials 26.73 165.5 161.8 160.1 157.9 159.1 159.6 157.5 157 158. 157.4 151.9 144.3 Consumer durable 3.43 163.9 150.9 148.7 142.3 143.0 143.6 146.0 155.4 156.0 161.3 143.6 110.9 Equipment 7.84 191.9 189.8 188.6 188.6 189.8 183.8 177.5 176.6 178.4 175.9 173.1 166.7 Construction 9.17 152.4 150.4 151.2 150.7 148.8 148.8 146.8 145.1 146.3 147.3 146.1 144.2 Metal materials n.e.c 6.29 152. 155.4 149.4 150.2 152.4 147.7 146.8 150.0 152.6 147.2 140.1 136.2 Nondurable materials 25.92 183.9 186.5 185.3 185.5 184.7 184.6 183.8 184.9 184.9 185.4 186.4 186.0 Business supplies 9.11 166.6 168.5 167.5 166.2 164.8 164.5 162.1 163.4 164.9 165.0 161.2 159.5 Containers 3.03 168.6 174.0 173.7 169.3 165.0 166.2 168.2 166.0 161.9 167.5 163.1 164.1 General business supplies 6.07 165.5 165.8 164.4 164.7 164.7 163.7 159.1 162.1 166.4 163.7 160.3 157.2 Nondurable materials n.e.c 7.40 237. 240.0 239.5 239.0 237.2 236.1 233.1 234.7 234.2 233.4 235 236.0 Business fuel and power 9.41 158.2 161.7 159.8 162.0 162.7 163.8 166.0 166.6 165.4 167.5 171.8 172.5 Mineral fuels 6.07 134.9 137.7 135.3 137. 137.4 139.1 142.0 142.4 140.2 144.4 147.5 148.0 Nonresidential utilities 2.86 216.7 222.5 222.4 225.0 226.3 226.5 228.1 228.6 229.4 227.9 235. 236.7 Electricity 2.32 220.6 227.3 227.1 230.2 231 232.0 233.8 234.3 235.0 233.0 238.7 240.8 General industrial 1.03 216.1 221.1 216.5 218. 219.4 220.6 221.8 223.9 227.2 225.4 225.8 223.1 Commercial and other 1.21 236 244. 248.5 253. 254. 254.2 256.7 255.9 254.8 252.7 263.0 268.6 Gas .54 Supplementary groups of consumer goods Automotive and home goods. 7.80 179.5 164.4 163.7 166.6 171.4 171. 173.5 172.7 178.5 177.0 160. 151.4 Apparel and staples 24.51 157.1 159.5 160.8 161.0 159.0 160.7 159.9 159.0 158. 159.2 160. 158.9 For NOTE see p. A-61. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1971 • INDUSTRIAL PRODUCTION: S.A. A 59 INDUSTRY GROUPINGS (1957-59 = 100) 1957-59 1969 1970 Grouping p p ti r o o o r n - - a a 1 v g 9 e 6 e r ? 9 - Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.r Nov.r Dec. Total index 100.00 172.8 171.1 170.4 170.5 171.1 170.2 169.0 168.8 169.2 168.8 165.8 162.3 161.5 164.0 Manufacturing, total 86.45 173.9 171.3 170.2 170.3 170.8 170.0 168.1 168.0 168.5 167.7 163.7 159.4 158.7 161.6 Durable 48.07 176.5 171.1 169.7 169.6 171.0 168.4 167.6 167.3 167.4 166.7 160.4 153.5 151.5 155.6 Nondurable 38.38 170.6 171.5 171.0 171.3 170.6 171.9 168.7 168.9 170.0 169.0 167.7 166.9 167.7 169.0 Mining 8.23 130.2 134.4 131.7 134.2 135.1 133.9 134.8 135.5 133.8 137.1 138.9 139.9 140.8 139.6 Utilities 5.32 221.2 227.9 230.1 232.7 230.3 233.8 234.9 235.4 236.3 235.8 242.8 244.8 238.7 242.0 Durable manufactures Primary and fabricated metals.... 12.32 162.5 161.1 159.2 156.5 157.8 154.7 155.2 155.6 157.1 157.1 154.2 145.6 142.0 144.0 Primary metals 6.95 149 147.7 143.1 139.2 141.9 138.9 142.6 142.7 145.2 145.6 142.6 133.9 129.0 130.7 Iron and steel 5.45 140.3 138.8 135.2 129.8 134.4 133.0 136.7 138-8 136.8 134.1 129.5 121.5 117.2 121.0 Nonferrous metals and products 1.50 181.1 181.1 174.8 177.3 183.6 175.4 174.4 169.2 172.6 169.7 172.1 161.5 161.8 160.1 Fabricated metal products 5.37 179.8 178.4 180.0 178.9 178.3 175.2 171.4 172.3 172.5 171.9 169.2 160.6 158.9 161.1 Structural metal parts 2.86 173.3 177.1 175.4 174.6 174.4 170.2 164.2 164.4 162.9 164.0 162.7 158.0 158.2 158.9 Machinery and related products. .. 27.98 188.4 180.3 178.8 180.0 182.2 178.6 177.6 178.0 177.4 176.0 167.2 158.9 157.1 162.8 Machinery 14.80 195.7 188.7 189.7 195.8 199.1 194.9 191.0 190.6 191.2 190.3 186.2 182.9 179.0 176.6 Nonelectrical machinery 8.43 194.6 196.5 195.9 195.8 196.6 191.7 187.1 185.2 185.2 183.0 180.0 176.1 172.6 171.1 Electrical machinery 6.37 197.2 178.3 181.5 195.9 202.5 199.1 196.3 197.7 199.1 199.9 194.5 191.9 187.4 183.8 Transportation equipment 10.19 174.6 163.9 159.6 154.3 156.0 153.1 157.3 159.9 158.1 156.7 139.0 122.0 122.8 142.7 Motor vehicles and parts 4.68 166.9 152.0 146.8 142.1 148.9 148.0 158.5 164.4 164.8 164.7 127.3 95.4 97.0 142.0 Aircraft and other equipment. . 5.26 177. 170.7 166.7 161.4 159.1 154.1 153.0 153.3 149.7 147.1 145.7 141.1 141.1 139.7 Instruments and related products. 1.71 194.4 197.4 194.8 194.0 193.6 195.4 191.3 187.9 187.0 183.3 181.8 181.3 181.7 179.3 Ordnance and accessories 1.28 Clay, glass, and lumber 4.72 142.5 139.9 141.1 141.2 137.5 140.3 139.2 134.1 134.7 136.9 133.8 135.0 133.3 136.5 Clay, glass, and stone products... 2.99 156.0 157.4 154.5 155.0 151.7 154.6 152.6 149.4 148.8 150.1 148.7 149.4 148.5 151.0 Lumber and products 1.73 119. 109.7 118.0 117.5 113.1 115.5 116.1 107.6 110.5 114.2 108.2 110.1 107.0 Furniture and miscellaneous 3.05 176.7 175.3 175.9 174.0 174.2 173.5 169.1 168.3 167.3 166.1 164.8 165.2 166.7 165.5 Furniture and fixtures 1.54 186.9 183.3 183.4 179.4 180.4 179.5 174.4 173.8 172.5 172.9 171.7 173.9 174.7 173.8 Miscellaneous manufactures 1.51 166.4 167.2 168.2 168.4 167.8 167.4 163.6 162.6 162.0 159.1 157.7 156.3 158.5 157.0 Nondurable manufactures Textiles, apparel, and leather 7.60 144.2 141.5 141.3 138.8 137.5 138.9 136.7 135.8 135.9 135.9 135.2 135.7 130.0 130.4 Textile mill products 2.90 154.2 150.3 152.9 151.3 150.3 151.3 147.8 145.9 145.3 146.1 145.7 146.7 145.2 144.9 Apparel products 3.59 149.2 147.9 145.8 141.7 140.1 140 8 137 7 139.0 140.9 140 7 139.3 138.7 Leather and products 1.11 101.9 98! 0 96.'9 96.9 95.*9 IOO!2 104.5 99 .'3 95 '.6 93 .'6 94.'6 97 .'2 93.1 Paper and printing 8.17 164.4 166.8 164.6 164.6 164.4 165.0 163.0 161.7 161.9 162.1 157.6 157.7 160.4 159.9 Paper and products 3.43 175.6 178.0 173.8 174.8 174.9 176.3 174.5 170.8 172.0 172.9 166.2 168.0 171.5 170.3 Printing and publishing 4.74 156.3 158.6 157.9 157.3 156.9 156.9 154.8 155.2 154.6 154.3 151.5 150.2 152.4 152.4 Newspapers 1.53 142.7 142.0 141.7 142.1 137.9 139.3 136.9 137.5 140.0 138.7 137.4 134.5 137.2 136.6 Chemicals, petroleum, and rubber.. 11.54 222.6 224.8 222.1 224.1 224.7 227.0 220.2 224.3 226.8 223.5 222.0 221.5 223.3 225.9 Chemicals and products - 7.58 239.0 241.7 240.2 242.6 242.3 244.4 241.4 243.2 243.3 239.8 240.8 240.7 242.4 244.0 Industrial chemicals 3.84 283.0 283.8 281.9 284.3 284.8 289.2 281.3 285.8 285.7 280.7 282.0 282.9 282.9 Petroleum products 1.97 143. 149.5 143.3 143.0 146.6 147.9 146.5 147.8 145.5 147.5 150.3 150.1 154.2 152.8 Rubber and plastics products 1.99 238.7 234.8 231.4 234.0 235.3 239.4 212.2 227.8 244.8 236.9 221.4 219.1 218.9 Foods, beverages, and tobacco 11.07 139.0 140.1 142.7 143.5 141.3 142.3 141.3 139.2 140.0 140.1 141.0 138.4 141.2 143.1 Foods and beverages 10.25 140.7 142.1 144.7 145.2 143.3 143.7 143.1 140.7 141.1 141.6 142.4 139.6 142.7 144.8 Food manufactures 8.64 136.7 137.4 140.2 140.4 140.0 140.1 141.0 138.3 139.5 138.8 138.7 135.7 139.4 140.1 Beverages 1.61 161.9 167.2 168.9 170.7 161.0 162.8 154.6 153.7 149.6 156.4 162.2 160.3 160.7 Tobacco products .82 117.3 115.1 117.8 122.8 116.8 125.1 117.8 120.7 126.6 121.8 122.9 124.1 121.6 Mining Coal, oil, and gas 6.80 127.4 130.3 128.3 130.2 130.5 129.8 132.3 133.3 131.0 135.1 138.2 139.2 138.6 136.9 Coal 1.16 117.7 119.3 113.1 122.3 121.5 123.0 134.2 124.3 127.5 128.5 127.9 128.1 127.3 126.1 Crude oil and natural gas 5.64 129.3 132.6 131.4 131.8 132.4 131.3 131.9 135.1 131.7 136.5 140.3 141.5 140.9 139.2 Oil and gas extraction 4.91 139.0 142.0 140.5 140.6 141.2 142.9 143.9 146.7 143.2 148.2 152.1 152.6 152.0 149.9 Crude oil 4.25 132.0 135.0 133.7 133.0 133.5 135.2 135.8 137.5 134.4 139.8 144.1 145.1 144.2 142.0 Gas and gas liquids .66 184.0 Oil and gas drilling .73 64.2 Metal, stone, and earth minerals... 1.43 143.5 153.7 148.2 153.5 156.8 153.1 146.6 146.1 146.8 146.6 142.2 143.3 151.1 152.2 Metal mining .61 142.0 152.3 155.7 158.4 165.8 162.6 151.8 150.3 150.9 152.3 144.5 145.1 162.4 161.2 Stone and earth minerals .82 144.7 154.8 142.6 149.8 150.1 146.1 142.8 143.0 143.8 142.3 140.5 142.0 142.7 145.6 Utilities Electric 4.04 233.0 240.5 243.1 246.1 242.8 247.1 248.4 248.7 249.5 248.6 257.1 259.6 251.5 Gas 1.28 174.1 For NOTE see p. A-61. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 60 INDUSTRIAL PRODUCTION: N.S.A. • FEBRUARY 1971 MARKET GROUPINGS (1957-59= 100) 1957-59 1969 1969 1970 Grouping p p ti r o o o r n - - a a v g e e r f - Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.r Nov.r Dec. Total index 100.00 172.5 169.6 168.2 171.5 172.1 170.6 169.1 172.1 163.6 169.1 170.2 166.5 Final products, total 47.35 170.8 166.2 167.1 170.5 169.9 166.9 165.8 169.9 161.8 167.1 168.8 164.7 Consumer goods 32.31 162.5 156.6 159.0 163.0 161.8 160.6 160.3 165.7 157.6 165.3 168.1 164.0 Equipment, including defense. . . 15.04 188.6 187.0 184.3 186.5 187.3 180.3 177.7 179.0 170.9 170.9 170.4 166.1 Materials 52.65 174.6 172.6 169.5 172.5 174.0 174.3 172.1 174.1 165.3 170.9 171.5 168.5 Consumer goods Automotive products 3.21 173.2 167.8 163.3 161.6 167.0 167.0 173.8 182.9 131.6 116.6 135.2 118.9 Autos 1.82 162.8 155.8 146.2 140.4 152.2 152.4 173.2 185.0 98.3 68.9 108.5 88.0 Auto parts and allied products. . . . 1.39 186.8 183.6 185.9 189.4 186.5 186.3 174.4 180.1 175.6 179.5 170.3 159.7 Home goods and apparel 10.00 159.3 143.4 147.4 158.6 158.3 157.1 154.1 156.4 143.7 154.1 156.2 162.0 Home goods 4.59 184.0 167.2 166.3 178.4 182.9 181.4 111.5 180.0 168.7 174.1 182.9 190.9 Appliances, TV, and radios 1.81 180.2 135.0 149.8 181.6 190.1 188.3 185.7 186.0 172.3 170.1 189.9 205.7 Appliances 1.33 192.4 147.5 161.6 201.9 215.7 223.0 219.8 213.0 200.6 182.8 208.3 223.0 TV and home radios .47 145.6 99.7 116.4 124.3 117.8 90.3 89.5 110.0 92.3 134.2 138.0 157.2 Furniture and rugs 1.26 180.3 181.5 170.0 167.2 168.3 165.8 159.2 162.9 157.3 168.7 169.0 175.2 Miscellaneous home goods 1.52 191.5 193.6 182.9 183.9 186.3 186.2 183.0 186.9 173.9 183.4 186.0 186.3 Apparel, knit goods, and shoes... . 5.41 138.5 123.2 131.4 141.8 137.4 136.5 134.4 136.4 122.5 137.2 133.7 137.5 Consumer staples 19.10 162.4 161.6 164.4 165.6 162.8 161.4 161.2 167.7 169.2 179.4 179.8 172.6 Processed foods 8.43 136.6 134.7 131.8 133.2 131.6 129.8 132.6 136.5 138.0 153.0 155.0 150.1 Beverages and tobacco 2.43 146.8 129.7 132.7 140.8 142.8 151.7 152.8 163.3 148.7 156.7 152.7 152.4 Drugs, soap, and toiletries 2.97 209.0 212.0 213.2 220.1 216.5 216.4 215.2 225.0 216.3 218.2 222.0 220.2 C N o ew ns s u p m ap e e r r s fu , e m l a a g n a d z i l n ig e h s t , in a g n d books 3 1 . . 6 4 7 7 1 1 4 9 7 9 . . 1 6 2 1 0 4 7 9 . . 7 4 2 1 2 4 6 6 . . 9 4 2 1 1 4 8 7 . . 4 0 2 1 0 4 9 8 . . 1 3 2 1 0 4 0 6 . .6 0 1 1 4 9 6 3 . . 5 7 2 1 0 4 3 5 . . 6 5 2 1 2 4 6 2 . . 3 9 2 1 3 4 6 4 . . 7 8 2 1 3 4 6 1 . . 2 8 2 1 1 4 1 0. . 7 1 Fuel oil and gasoline 1.20 144.6 153.5 151.5 150.0 148.7 144.3 144.8 151.3 151.0 153.3 156.2 151.2 Residential utilities 2.46 226.3 Electricity 1.72 249.7 258.2 299.9 282.2 262.9 246. 231.9 247.9 296.0 316.1 315.7 265.1 Gas .74 Equipment Business equipment 11.63 195.6 194.8 193.0 197.3 199.5 194.0 189.7 191.9 182.9 183.5 183.4 178.8 Industrial equipment 6.85 179.1 Ml.2 176.9 184.9 187.0 182. 176.0 178.7 172.9 172.8 172.0 168.7 Commercial equipment 2.42 220.0 228.5 223.2 220.8 223.0 219.2 217.8 221.1 213.9 214.2 213.7 209.1 Freight and passenger equipment. . 1.76 246.7 238.5 232.3 231.8 232.9 224.0 223.3 222.4 203.2 207.9 204.4 193.7 Farm equipment .61 136.8 132.5 141.0 143.9 150.5 140.1 134.4 135.6 114.1 110.9 131.0 127.8 Defense equipment 3.41 Materials Durable goods materials 26.73 165.5 161.8 156. 158.4 161.3 160, 159.5 162.0 153.2 156.0 154.9 147.1 Consumer durable 3.43 163.9 158.4 153.9 144.4 147.3 147.9 150.4 158.5 142.7 147.6 140.7 111.5 Equipment 7.84 191.9 192.6 190.3 190.3 191.9 185. 178.7 178.4 172.9 170.6 171.4 166.2 Construction 9.17 152.4 145.9 137.0 141.1 144.0 148. 149.6 154.1 150. 155.7 153.4 149.4 Metal materials n.e.c 6.29 152.8 148.6 145.5 151.6 156.1 153.6 154.9 154.8 138.9 142 144.3 139.5 Nondurable materials 25.92 183.9 183.7 182.5 186.9 187.1 188.5 185.1 186.6 177.8 186.2 188.6 190.5 Business supplies 9. 166.6 162.7 161.5 165.6 167.8 169.3 164.8 165.1 154.7 165.0 165.2 167.4 Containers 3.03 168.6 154.9 165.0 167.3 165.8 172.2 169.9 171.1 157.9 177.6 173.1 176.8 General business supplies 6.07 165.5 166.6 159.8 164.7 168.8 167.8 162.3 162.1 153 158.8 161.3 162.7 Nondurable materials n.e.c 7.40 237.8 237.6 235.9 243.8 241.9 245.7 236.6 238.5 226.0 231.1 235.8 241.6 Business fuel and power 9.41 158.2 161.5 160.8 162.9 162.8 162. 164.3 166.5 162.3 171.3 174.0 172.7 Mineral fuels 6.07 134.9 139.4 137.5 141.6 140.5 140.9 142.0 140.8 131.1 142.6 145.7 148.5 Nonresidential utilities 2.86 216.7 Electricity 2.32 220.6 221.2 224.7 221.1 223.6 220.7 227.3 239.0 247.1 253.4 252.9 240.4 General industrial 1.03 216. 218.9 215.4 212.6 217.0 217.7 222. 228.4 226.1 229.9 229.2 223.5 Commercial and other 1.21 236. 235.0 244. 240.4 241.0 235.1 243.1 261.0 279.0 288.1 287.2 267.5 Gas .54 Supplementary groups o! consumer goods Automotive and home goods. 7.80 179.5 167.4 165.1 171.5 176.3 175.5 176.0 181.2 153.5 150.4 163.2 161.3 Apparel and staples 24.51 157. 153.1 157. 160.3 157.2 155.9 155.3 160.8 158.9 170.0 169.6 164.9 For NOTE see p. A-61. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1971 • INDUSTRIAL PRODUCTION: N.S.A. A 61 INDUSTRY GROUPINGS (1957-59= 100) 11995577--5599 11996699 1969 1970 GGrroouuppiinngg pprroo-- aavveerr-pp ttii oo oo rr nn -- aaggee ^^ Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.r Nov.r Dec. Total index 100.00 172.8 169.6 168.2 171.5 172.1 170.6 169.1 172.1 163.6 169.1 170.2 166.5 162.8 162.3 Manufacturing, total 86.45 173.9 169.6 167.5 171.3 172.2 171.0 168.9 171.8 161.6 166.4 167.6 164.5 160.9 159.7 Durable 48.07 176.5 172.6 169.1 170.7 173.5 170.5 169.4 171.3 159.8 161.0 162.3 156.3 153.4 156.3 Nondurable 38.38 170.6 165.9 165.6 172.0 170.6 171.7 168.4 172.3 163.8 173.2 174.2 174.8 170.2 163.7 Mining 8.23 130.2 133.1 130.1 134.1 134.0 135.0 137.9 137.6 129.2 138.2 140.1 141.8 142.0 140.2 Utilities 55..3322 222211..22 Durable manufactures Primary and fabricated metals 12.32 162.5 161.8 158.3 158.1 161.4 158.7 158.3 159.9 148.0 153.9 155.1 146.7 142.8 143.8 Primary metals 6.95 149.1 144.7 143.1 145.7 150.7 147.9 149.0 147.6 131.1 137.2 137.9 132.2 127.7 126.6 Iron and steel 5.45 140.3 136.7 135.2 136.3 141.1 138.3 139.4 138.8 124.5 128.7 128.2 123.3 118.4 119.2 Nonferrous metals and products.. 1.50 181.1 173.9 171.8 180.0 185.6 183.1 183.6 179.7 155.3 168.0 173.3 164.6 161.8 153.7 Fabricated metal products 5.37 179.8 183.8 177.9 174.1 175.1 172.6 170.5 175.7 169.9 175.3 177.3 165.4 162.2 165.9 Structural metal parts 2.86 173.3 178.9 171.9 167.6 167.6 165.1 163.4 167.7 162.9 168.1 169.2 162.7 160.6 160.5 Machinery and related products 27.98 188.4 183.2 181.0 182.9 185.8 181.0 179.5 181.4 168.2 165.5 167.7 160.8 159.2 164.8 Machinery 14.80 195.7 190.2 191.3 198.8 202.1 197.3 192.1 193.6 185.3 184.5 187.0 184.2 180.2 177.9 Nonelectrical machinery 8.43 194.6 197.9 197.9 199.7 202.1 197.4 191.8 190.4 182.4 176.2 177.7 172.9 170.9 172.3 Electrical machinery 6.37 197.2 180.1 182.5 197.6 202.1 197.2 192.4 197.8 189.2 195.6 199.3 199.1 192.5 185.4 Transportation equipment 10.19 174.6 169.0 163.5 158.2 161.6 157.0 161.2 164.6 142.0 136.1 139.0 124.8 126.3 145.4 Motor vehicles and parts 4.68 166.9 159.4 154.3 148.3 155.7 155.4 167.7 176.4 134.0 123.0 128.4 100.8 102.6 144.9 Aircraft and other equipment 5.26 177.8 174.1 168.4 163.8 163.7 154.9 152.4 151.2 146.1 144.5 145.1 141.8 143.2 142.5 Instruments and related products... 1.71 194.4 199.8 192.5 191.1 194.6 192.5 189.4 189.8 185.1 184.8 183.8 183.3 183.2 181.5 Ordnance and accessories 1.28 Clay, glass, and lumber 4.72 142.5 132.5 125.6 132.5 134.1 139.9 140.7 143.3 139.9 146.9 143.2 143.0 134.8 129.2 Clay, glass, and stone products 2.99 156.0 149.1 137.5 142.9 145.8 154.0 155.0 159.7 157.0 161.8 157.2 157.6 150.0 143.0 Lumber and products 1.73 119.1 103.8 105.0 114.6 113.7 115.5 116.1 115.1 110.5 121.1 119.0 117.8 108.6 Furniture and miscellaneous 3.05 176.7 181.3 170.2 169.3 171.0 169.0 165.2 168.5 161.9 170.9 170.9 173.9 173.1 171.1 Furniture and fixtures 1.54 186.9 190.3 179.7 176.7 178.2 174.7 169.2 173.5 168.2 177.7 176.8 180.5 179.6 180.4 Miscellaneous manufactures 1.51 166.4 172.2 160.6 161.7 163.6 163.2 161.1 163.4 155.5 163.9 164.8 167.2 166.4 161.7 Nondurable manufactures Textiles, apparel, and leather 7.60 144.2 130.8 138.9 146.4 143.0 142.0 139.5 139.3 124.9 139.0 137.8 141.3 132.6 120.8 Textile mill products 2.90 154.2 145.0 152.1 155.5 154.1 154.3 151.5 147.4 135.9 146.8 148.6 151.1 149.6 139.8 Apparel products 3.59 149.2 131.6 141.4 152.3 147.1 145.7 142.5 145.3 128.2 144.9 142.1 146.3 Leather and products 1.11 101.9 91.4 96.4 103.6 100.7 98^2 98.2 98.8 86.0 99.7 96.0 99.6 91.2 Paper and printing 8.17 164.4 162.8 160.6 166.1 165.7 168.7 164.2 162.8 153.1 160.8 160.1 165.0 164.4 156.2 Paper and products 3.43 175.6 163.8 171.2 180.9 176.6 182.5 175.4 174.7 159.1 174.6 168.7 178.9 174.1 156.7 Printing and publishing 4.74 156.3 162.1 152.9 155.4 157.8 158.8 156.1 154.3 148.8 150.8 153.8 155.0 157.4 155.8 Newspapers 1.53 142.7 145.5 129.7 136.4 140.0 148.4 145.9 138.2 125.3 126.9 138.1 144.3 150.9 140.0 Chemicals, petroleum, and rubber 11.54 . 222.6 221.7 218.5 228.0 226.9 228.3 220.1 229.2 219.3 223.3 227.5 226.6 225.0 224.1 Chemicals and products 7.58 239.0 239.1 235.2 246.0 244.4 248.4 241.4 248.5 237.5 239.3 244.6 245.0 243.5 243.5 Industrial chemicals 3.84 283.0 286.6 277.7 290.0 287.6 295.0 281.3 287.2 276.0 276.5 284.8 288.5 287.1 Petroleum products 1.97 143.8 145.9 139.0 140.1 141.5 142.0 145.0 152.2 153.2 155.3 156.3 151.6 152.2 149.1 Rubber and plastics products 1.99 238.7 230.1 233.7 246.7 245.2 237.0 213.3 232.4 215.4 229.8 232.5 231.1 226.6 Foods, beverages, and tobacco 11.07 139.0 134.0 132.6 735.5 134.6 135.2 137.5 142.7 140.4 153.6 154.2 151.0 143.3 136.9 Foods and beverages 10.25 140.7 137.3 133.9 136.6 136.1 136.1 138.7 143.8 142.7 155.4 156.3 152.2 144.9 140.0 Food manufactures 8.64 136.7 135.3 132.5 134.0 132.2 130.6 133.2 136.9 138.1 152.8 154.6 150.6 144.3 138.0 Beverages 1.61 161.9 148.0 140.9 150.2 157.0 165.4 168.5 180.7 167.3 169.4 165.4 161.1 147.8 Tobacco products ..8822 111177..33 9933..77 111166..55 112222..22 115.0 112244..88 122.0 112299..11 111122..00 131.8 127.7 113355..11 112244..00 Mining Coal, oil, and gas 6.80 127.4 131.9 130.4 134.1 132.8 132.4 134.0 132.7 122.9 133.5 136.5 139.7 140.9 140.0 Coal 1.16 117.7 117.2 110.8 123.8 122.5 123.9 135.5 127.2 94.7 135.2 135.3 139.6 132.5 123.8 Crude oil and natural gas 5.64 129.3 134.9 134.5 136.3 134.9 134.2 133.7 133.8 128.8 133.2 136.8 139.7 142.6 143.4 Oil and gas extraction 4.91 139.0 144.6 143.9 145.8 144.7 144.9 143.5 144.0 139.8 144.4 148.1 150.6 152.5 152.7 Crude oil 4.25 132.0 136.3 135.7 137.0 136.2 137.4 136.5 136.1 131.7 137.0 141.2 143.6 144.2 143.4 Gas and gas liquids .66 184.0 Oil and gas drilling .73 64.2 Metal, stone, and earth minerals 1.43 143.5 139.3 128.3 133.6 139.7 146.9 156.2 161.0 159.0 160.2 157.2 152.1 147.4 141.4 Metal mining .61 142.0 137.1 137.0 142.6 147.6 151.2 167.0 169.8 161.5 164.5 163.3 155.3 151.0 145.1 Stone and earth minerals .82 144.7 140.9 121.8 126.9 133.9 143.8 148.1 154.4 157.2 157.0 152.6 149.8 144.8 138.6 Utilities Electric 4.04 233.0 223377..00 225566..77 224477..22 224400..33 223311..66 222299..22 224422..88 226688..00 228800..22 279.7 253.9 234.2 11..2288 7744..11 NOTE.—Published groupings include some series and subtotals not Industrial Production—1957-59 Base. Figures for individual series and shown separately. A description and historical data are available in subtotals (N.S.A.) are published in the monthly Business Indexes release. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 62 BUSINESS ACTIVITY; CONSTRUCTION • FEBRUARY 1971 SELECTED BUSINESS INDEXES (1957-59= 100, except as noted) Industrial production fac M tu a r n in u g - 2 Prices 4 CCCaaa--- PPPeeerrriiioooddd TToottaall M F a i j n o a r l m pr a o r d k u et c t g s roup ii MM nngg aa ss ttee-- Ma g j r o o r u i p n i d n u g s s t ry uuu ppp iiinnn ccc ttt aaa ((( ttt iii eee ppp ccc mmm iii lll nnn ooo iii eee iii zzz ttt nnn rrr fff ttt yyy aaa ))) ggg --- ... ttt sss CCC ttt rrr ccc ttt iii aaa rrr ooo ooo ooo uuu ccc nnn nnn nnn ttt ccc --- sss --- --- NNN TTT mmm rrr ppp ttt ooo eee iii ooo uuu eee lll ccc nnn mmm ttt ooo rrr nnn uuu aaa aaa aaa yyy ttt --- lll lll ——— lll --- --- ggg iii --- p m p m EE ll ee mm oo nn yy -- tt -- PP rroo aa ll yy llss -- sss TTT rrr aaa eee ooo ttt lll ttt eee aaa aaa sss iii lll lll 333 ss CC uumm oonn ee -- rr WW cc ss oo hh aa mm ll oo ee -- ll ee-- Total g s C o u o o m n d e - s r E m qu en ip t - rriiaallss Mfg. M in i g n - U it t ie il s - mmooddiittyy 1951. 81.3 78.6 77.8 78.4 83.8 81.9 91.3 56.4 94.0 63 91.1 106.1 80.2 76 90.5 96.7 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 94.0 195*. 91.3 89.9 85.0 100.5 92.6 92.7 92.9 66.8 94.2 70 95.6 111.6 93.6 83 93.2 92.7 1954. 85.8 85.7 84.3 88.9 85.9 86.3 90.2 71.8 83.5 76 93.3 101.8 85.4 82 93.6 92.9 1955. 96.6 93.9 93.3 95.0 99.0 97.3 99.2 80.2 90.0 91 96.5 105.5 94.8 89 93.3 93.2 1956. 99.9 98.1 95.5 103.7 101.6 100.2 104.8 87.9 87.7 92 99.8 106.7 100.2 92 94.7 96.2 1957. 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 . 83.6 93 100.7 104.7 101.4 97 98.0 99.0 1958. 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98.1 74.0 102 97.8 95.2 93.5 98 100.7 100.4 1959. 105.6 105.7 106.6 104.1 105.4 106.0 99.7 108.0 81.5 105 101.5 100.1 105.1 105 101.5 100.6 1960. 108.7 109.9 111.0 107.6 107.6 108.9 101.6 115.6 80.6 105 103.3 99.9 106.7 106 103.1 100.7 1961. 109.7 111.2 112.6 108.3 108.4 109.6 102.6 122.3 78.5 108 102.9 95.9 105.4 107 104.2 100.3 1962. 118.3 119.7 119.7 119.6 117.0 118.7 105.0 131.4 82.1 120 105.9 99.1 113.8 115 105.4 100.6 1963. 124.3 124.9 125.2 124.2 123.7 124.9 107.9 140.0 83.3 132 108.0 99.7 117.9 120 106.7 100.3 1964. 132.3 131.8 131.7 132.0 132.8 133.1 111.5 151.3 85.7 137 111.1 101.5 124.3 128 108.1 100.5 1965. 143.4 142.5 140.3 147.0 144.2 145.0 114.8 160.9 88.5 143 115.8 106.7 136.6 138 109.9 102.5 1966. 156.3 155.5 147.5 172.6 157.0 158.6 120.5 173.9 90.5 145 121.8 113.5 151.7 148 113.1 105.9 1967. 158.1 158.3 148.5 179.4 157.8 159.7 123.8 184.9 85.3 153 125.4 113.6 155.1 153 116.3 106.1 1968. 165.5 165.1 156.9 182.6 165.8 166.9 126.6 202.5 84.5 173 129.3 115.2 167.9 165 121.2 108.7 1969 172.8 170.8 162.5 188.6 174.6 173.9 130.2 221.2 133.8 117.3 180.8 171 127.7 113.0 1969-—Dec 171.1 168.5 160.7 185.2 173.9 171.3 134.4 227.9 5*81.7 218 134.9 116.2 185.0 172 131.1 115.1 1970-—Jan 170.4 168.5 161.5 183.6 172.5 170.2 131.7 230.1 205 135.2 115.7 183.0 173 131.8 116.0 Feb 170.5 169.9 162.4 186.2 171.5 170.3 134.2 232.7 • »79.8 215 135.4 115.0 179.9 175 132.5 116.4 Mar 171.1 169.7 162.0 186.3 171.7 170.8 135.1 230.3 208 135.6 115.2 182.2 174 133.2 116.6 Apr 170.2 168.5 163.2 179.0 171.9 170.0 133.9 233.8 203 135.5 114.2 179.3 179 134.0 116.6 May 169.0 167.7 163.2 177.3 170.4 168.1 134.8 234.9 > P78.0 170 134.9 112.6 176.7 178 134.6 116.8 June 168.8 167.1 162.8 176.3 171.2 168.0 135.5 235.4 186 134.5 112.3 178.6 178 135.2 117.0 July 169.2 166.8 163.5 173.7 171.4 168.5 133.8 236.3 180 134.4 111.9 178.1 180 135.7 117.7 S A e u p g t 1 1 6 6 5 8 . . 8 8 1 1 6 6 3 6 . . 1 5 1 1 6 6 0 3 . . 1 5 1 1 6 7 9 3 . . 6 0 1 16 7 8 1 .2 9 1 1 6 6 3 7 . . 7 7 1 13 3 7 8 . . 1 9 2 2 3 4 5 2. . 8 8 • rp16.2 2 1 1 8 2 3 1 13 3 4 4 . . 1 3 1 11 1 0 1 . . 9 1 1 1 7 7 9 8 . . 0 4 1 1 8 8 1 0 1 1 3 3 6 6 . . 6 0 1 1 1 1 7 7 . . 8 2 Oct 162.3 '159.8 157.0 165.9 '164.8 159.4 139.9 244.8 1 179 133.6 106.4 168.9 179 137.4 117.8 Nov '161.5 '159.2 '156.3 '165.4 '163.7 '158.7 '140.8 '238.7 J. v12. 3 202 133.4 '105.5 168.6 '177 137.8 117.7 Dec '164.0 '162.0 '159.9 '164.5 '166.0 161.6 '139.6 '242.0 f 205 '133.8 '107.9 '176.0 '178 138.5 117.8 11997711--—Jan.? 116655..11 163.4 116633..33 116633..77 116666..99 116622..77 114400..11 224444..00 113344..22 110077..88 117788..33 118800 111188..55 1 Employees only: excludes personnel in the Armed Forces. Capacity utilization: Based on data from Federal Reserve, McGraw- 2 Production workers only. Hill Economics Department, and Department of Commerce. 3 F.R. index based on Census Bureau figures. Construction contracts: F. W. Dodge Co. monthly index of dollar 4 Prices are not seasonally adjusted. value of total construction contracts, including residential, nonresidential, 5 Figure is for 4th quarter 1969. and heavy engineering; does not include data for Alaska and Hawaii. Employment and payrolls: Based on Bureau of Labor Statistics data; NOTE.—All series: Data are seasonally adjusted unless otherwise noted. includes data for Alaska and Hawaii beginning with 1959. Prices: Bureau of Labor Statistics data. CONSTRUCTION CONTRACTS AND PRIVATE HOUSING PERMITS (In millions of dollars, except as noted) 1969 1970 Type of ownership and type of construction 1968 1969 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Total construction 1 61,732 67,425 5,228 4,927 5,249 6,140 6,757 5,417 6,552 6,177 6,229 5,398 5,453 5,144 4,974 By type of ownership: Public 19,597 22,656 1,727 1,433 1,652 2,037 1,791 1,695 2,814 2,312 2,078 1,869 2,023 1,688 Private 1 42,135 44,769 3,501 3,495 3,597 3,864 4,966 3,722 3,738 3,865 4,151 3,529 3,430 3,286 By type of construction: Residential building * 24,838 25,219 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 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 1,317 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. 1,330 1,299 1,239 1,013 1,137 1,099 1,263 1,321 1,306 1,275 1,326 1,371 1,521 1,489 ,737 (In thousands, S.A., A.R.) i Because of improved collection procedures, data for 1-family homes NOTE.—Dollar value of construction contracts as reported by the F. W. beginning Jan. 1968 are not strictly comparable with those for earlier Dodge Co. does not include data for Alaska or Hawaii. Totals of monthly periods. To improve comparability, earlier levels may be raised by ap- data exceed annual totals because adjustments—negative—are made into proximately 3 per cent for total and private construction, in each case, accumulated monthly data after original figures have been published. and by 8 per cent for residential building. Private housing units authorized are Census Bureau series for 13,000 reporting areas with local building permit systems. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1971 • CONSTRUCTION A 63 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Nonresidential Period Total N fa o r n m - Buildings Mili- High- C v o a n ti s o e n r - Total resi- Total tary way & Other 2 dential Total In tr d i u al s - m C e o r m cia - l b i O n u t g i h s l e d r i - Other de m ve e l n o t p - 196 1 55,447 38,299 21,680 16,619 2,780 4,674 3,280 5,885 17,148 ,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 ,266 6,365 1,524 8,714 19634 63,423 44,057 26,187 17,870 2,906 4,995 3,745 6,224 19,366 ,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—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.. r90,721 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. '90,063 61,652 27,698 33,954 5,892 10,903 5,878 11,281 '28,411 830 July.. '89,204 60,795 27,134 33,661 5,915 10,027 5,932 11,787 '28,409 592 Aug.. '90,090 61,596 27,639 33,957 6,241 10,188 5,959 11,569 '28,494 845 Sept.. '90,893 62,489 28,532 33,957 5,741 10,375 5,686 12,155 '28,404 738 Oct... 91,657 63,686 29,729 33,957 5,983 10,210 5,572 12,192 '27,971 866 Nov.. 91,449 63,374 30,616 32,758 5,752 9,278 5,575 12,153 28,075 758 Dec." 93,667 65,179 32,080 33,099 5,570 9,779 5,617 12,133 28,488 758 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 Period (N.S.A.) (N.S.A.) ship- Region Type of structure ments (N.S.A.) Total N e o a r s t t h - C N e o n r t t r h a l South West fam 1 i - ly 2 f - a m to i l 4 y - f m 5 a - m o r o i e r ly - Total Private Public Total FHA VA 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 1,529 253 339 582 355 972 108 450 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 1,165 195 158 37 217 196 7 1,292 215 337 520 220 844 72 376 1,322 1,292 232 180 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—Dec.. 1,402 167 297 573 365 776 105 521 85 84 27 23 27 1970—Jan... 1,059 150 245 444 220 577 66 416 69 66 20 17 24 Feb.. 1,306 243 209 525 329 725 72 509 77 74 21 18 24 Mar.. 1.392 319 290 519 264 708 70 614 117 114 30 25 29 Apr.. 1,224 222 255 524 223 697 57 470 130 128 37 32 40 May. 1,242 190 228 566 258 728 81 433 127 125 42 37 33 June. 1.393 176 311 592 314 835 78 480 141 135 46 41 35 July.. 1,603 264 335 652 352 827 95 681 143 141 49 43 37 Aug.. 1,425 181 298 640 306 838 94 493 132 129 40 34 38 Sept.. 1.509 198 262 673 376 881 122 506 133 131 40 34 41 Oct.'. 1,583 227 331 649 376 890 87 606 143 141 46 40 41 Nov.' 1,688 260 353 737 338 930 111 647 128 126 39 34 30 Dec.? 1,987 234 377 903 473 1,204 104 679 120 118 69 63 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 • FEBRUARY 1971 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons, except as noted) Civilian labor force.. S.A. Period i p T n o s o N t p t i a u . t S u l l a t . n A i t o o i . n o n n a - l l N ab o N o t . r S i n . f A o t . r h c e e T l f a S o o b . r t A o c a e . r l Total Employed1 Unem- U (p n e e m r r m a e t c p n e e t 2 l n o t y ) - Total In c n ul o t n u a r g al r i- In ployed S.A. industries agriculture 196 5 129,236 52,058 77,178 74,455 71,088 66,726 4,361 366 4.5 196 6 131,180 52,288 78,893 75,770 72,895 68,915 3,979 875 3.8 19673 133,319 52,527 80,793 77,347 74,372 70,527 3,844 975 3.8 196 8 135,562 53,291 82,272 78,737 75,920 72,103 3,817 817 3.6 196 9 137,841 53,602 84,239 80,733 77,902 74,296 3,606 831 3.5 197 0 140,182 54,280 85.903 82,715 78,627 75,165 3,462 4.9 1970—Jan.. 139,099 54,993 85,551 82,165 78,943 75,504 3,439 3,222 3.9 Feb., 139,298 54,673 85,539 82,198 78,781 75,300 3,481 3,417 4.2 Mar. 139,497 54,489 85,918 82,600 78,969 75,436 3,533 3,631 4.4 Apr. 139,687 54,456 86,031 82,760 78,886 75,317 3.569 ,874 4.7 May 139,884 54,915 85,849 82,621 78,601 75,031 3.570 ,020 4.9 June 140,046 52,816 85,392 82,213 78,299 74,763 3,536 ,914 4.8 July. 140,259 52,304 85,865 82,711 78,574 75,066 3,508 ,137 5.0 Aug. 140,468 53,220 85.904 82,770 78,508 75,073 3.435 ,262 5.1 Sept. 140,675 55,019 86,084 82,975 78,479 75,043 3.436 ,496 5.4 Oct.. 140,886 54,631 86,379 83,300 78,691 75,398 3,293 4,609 5.5 Nov. 141,091 54,705 86,512 83,473 78,550 75,197 3,353 4,923 5.9 Dec. 141,301 55,137 86,622 83,609 78,463 75,055 3,408 5,146 6.2 1971—Jan.. 141,500 55,872 86,873 83,897 78,864 75,451 3,413 5,033 6.0 1 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Bureau of Labor Statistics. Information relating to persons 16 2 Per cent of civilian labor force. years of age and over is obtained on a sample basis. Monthly data relate 3 Beginning 1967, data not strictly comparable with previous data. to the calendar week that contains the 12th day; annual data are averages Description of changes available from Bureau of Labor Statistics. of monthly figures. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Period Total M t a u n r u in f g a c- Mining c C o o n t n s io t t r r n a u c c t - t T l i i o r c a n n u & s t p il o i p t r i u t e b a s - - Trade Finance Service G m ov e e n r t n - 196 4 58,331 17,274 634 3,050 3,951 12,160 2,957 8,709 9,596 196 5 60,815 18,062 632 3,186 4,036 12,716 3,023 9,087 10,074 196 6 63,955 19,214 627 3,275 4,151 13,245 3,100 9,551 10,792 196 7 65,857 19,447 613 3,208 4,261 13,606 3,225 10,099 11,398 196 8 67,915 19,781 606 3,285 4,310 14,084 3,382 19,623 11,845 196 9 70,274 20,169 619 3,437 4,431 14,645 3,557 11,211 12,204 SEASONALLY ADJUSTED 1970—Ja n 70,992 20,018 625 3,394 4,507 14,938 3,648 11,472 12,390 Feb 71,135 19,937 626 3,466 4,496 14,987 3,652 11,530 12,441 Mar 71,242 19,944 626 3,481 4,502 14,984 3,665 11,537 12,503 Apr 71,149 19,795 622 3,426 4,468 14,991 3,673 11,564 12,610 May 70,839 19,572 620 3,351 4,478 14,968 3,677 11,572 12,601 June 70,629 19,477 620 3,324 4,511 14,927 3,679 11,532 12,559 July 70,587 19,402 618 3,314 4,539 14,933 3,676 11,514 12,591 Aug 70,414 19,271 619 3,305 4,520 14,912 3,670 11,521 12,596 Sept 70,531 19,285 621 3,262 4,511 14,961 3,684 11,622 12,585 Oct 70,182 18,684 621 3,278 4,509 15,011 3,696 11,665 12,718 Nov 70,085 18,538 625 3,303 4,493 14,945 3,711 11,695 12,775 Dec.? 70,264 18,814 625 3,311 4,440 14,829 3,725 11,730 12,790 1971—Jan. p 70,487 18,805 620 3,226 4,480 15,013 3,737 11,792 12,814 NOT SEASONALLY ADJUSTED 1970—Ja n 69,933 19,824 611 3,048 4,435 14,707 3,604 11,254 12,450 Feb 70,029 19,770 608 3,071 4,420 14,606 3,615 11,357 12,582 Mar 70,460 19,794 610 3,161 4,443 14,700 3,639 11,433 12,680 Apr 70,758 19,627 616 3,286 4,432 14,818 3,658 11,564 12,757 May 70,780 19,432 620 3,344 4,469 14,878 3,670 11,641 12,726 June 71,385 19,627 635 3,504 4,561 14,994 3,708 11,717 12,639 July 70,602 19,325 635 3,572 4,593 14,924 3,738 11,698 12,117 Aug 70,527 19,446 636 3,606 4,574 14,869 3,732 11,648 12,016 Sept 70,922 19,512 628 3,500 4,561 14,936 3,695 11,634 12,456 Oct 70,692 18,850 622 3,471 4,527 15,038 3,689 11,677 12,818 Nov 70,644 18,645 623 3,379 4,515 15,191 3,697 11,660 12,934 Dec.p 71,196 18,839 621 3,218 4,449 15,720 3,706 11,648 12,995 1971— Jan. p 69,458 18,616 606 2,897 4,408 14,782 3,692 11,568 12,889 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

FEBRUARY 1971 • EMPLOYMENT AND EARNINGS A 65 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted1 Not seasonally adjusted1 Industry group 1970 1971 1970 1971 Jan. Nov. Dec.f Jan.® Jan. Nov. Dec.f Jan.35 14,573 13,289 13,587 13,583 14,402 13,403 13,625 13,422 8,425 7,386 7,686 7,696 8,377 7,436 7,721 7,652 Ordnance and accessories 156 118 115 111 158 119 116 113 Lumber and wood products 523 492 487 479 502 490 479 460 Furniture and fixtures 395 373 370 373 394 378 374 372 Stone, clay, and glass products 520 495 497 494 500 498 490 475 Primary metal industries 1,086 981 989 979 1,079 966 980 973 Fabricated metal products 1,100 985 1,029 1,027 1,097 998 1,039 1,024 Machinery 1,383 1,218 1,215 1,196 1,385 1,207 1,211 1,199 Electrical equipment and supplies 1,246 1,181 1,189 1,187 1,253 1,198 1,207 1,193 Transportation equipment 1,384 967 1,214 1,268 1,397 986 1,246 1,281 Instruments and related products 289 264 261 259 289 265 264 259 Miscellaneous manufacturing industries 343 312 320 323 323 331 315 303 Nondurable goods 6,148 5,903 5,901 5,887 6,025 5,967 5,904 5,770 Food and kindred products 1,226 1,194 1,194 1,188 1,159 1,222 1,183 1,124 Tobacco manufactures 67 64 62 63 67 70 68 63 Textile-mill products 878 828 831 834 868 833 832 824 Apparel and related products 1,242 1,200 1,201 1,192 1,218 1,212 1,199 1,170 Paper and allied products 558 538 537 536 553 541 540 532 Printing, publishing, and allied industries 691 675 676 671 687 679 680 667 Chemicals and allied products 619 597 596 591 612 594 592 584 Petroleum refining and related industries 119 116 117 119 115 116 115 115 [Rubber and misc. plastic products 459 419 417 424 458 425 423 423 Leather and leather products 289 272 270 269 288 275 272 268 1 Data adjusted to 1969 benchmark. NOTE.—Bureau of Labor Statistics; data cover production and related workers only (full- and part-time) who worked during, or received pay for, the pay period that includes the 12th of the month. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES Average hours worked1 Average weekly earnings1 Average hourly earnings1 (per week; S.A.) (dollars per week; N.S.A.) (dollars per hour; N.S.A.) Industry group 1970 1971 1970 1971 1970 1971 Jan. Nov. Dec.f Jan.*' Jan. Nov. Dec.f Jan.f Jan. Nov. Dec.f Jan.35 Total 40.3 39.6 39.6 39.7 131.93 134.58 138.05 137.86 3.29 3.39 3.46 3.49 Durable goods 41.0 40.0 40.0 40.3 142.04 143.56 148.67 148.80 3.49 3.58 3.68 3.72 Ordnance and accessories 40.6 40.2 40.7 40.7 144.73 151.07 154.91 155.77 3.53 3.73 3.76 3.79 Lumber and wood products 39.6 39.9 40.1 38.8 110.65 120.78 120.50 114.13 2.83 3.05 3.02 2.98 Furniture and fixtures 39.5 39.4 39.5 39.6 105.42 111.56 114.05 109.59 2.71 2.81 2.83 2.81 Stone, clay, and glass products 41.7 41.1 41.3 40.9 134.15 144.20 144.20 140.75 3.28 3.50 3.50 3.51 Primary metal industries 41.2 39.6 40.0 40.1 159.42 157.21 162.80 164.42 3.86 3.99 4.07 4.09 Fabricated metal products 41.4 40.0 40.4 40.5 141.45 142.31 149.37 148.77 3.45 3.54 3.67 3.71 Machinery 42.2 40.6 40.5 40.3 156.14 155.09 157.87 155.96 3.70 3.82 3.86 3.87 Electrical equipment and supplies 40.5 39.6 39.6 39.9 128.15 134.00 137.89 135.38 3.18 3.35 3.43 3.41 Transportation equipment 40.2 39.9 39.8 41.4 161.20 164.02 173.77 180.07 4.02 4.03 4.28 4.36 Instruments and related products 40.7 40.0 39.5 . 39.5 132.03 137.08 137.26 135.98 3.26 3.41 3.44 3.46 Miscellaneous manufacturing industries.. 39.3 38.6 38.7 38.5 108.25 112.03 113.59 111.34 2.79 2.88 2.92 2.93 Nondurable goods 39.6 38.9 39.0 39.2 117.99 123.17 124.26 123.77 3.01 3.15 3.17 3.19 Food and kindred products 41.0 40.4 40.6 40.8 124.74 131.54 133.42 133.32 3.08 3.24 3.27 3.30 Tobacco manufactures 38.3 38.4 38.7 38.8 106.39 112.81 118.20 113.48 2.86 2.93 3.00 3.01 Textile-mill products 40.4 39.6 39.7 40.4 96.80 100.80 101.45 101.20 2.42 2.52 2.53 2.53 Apparel and related products 35.6 35.4 35.3 35.2 83.07 86.38 85.89 85.26 2.36 2.44 2.44 2.45 Paper and allied products 42.8 41.6 41.5 41.9 142.04 147.55 148.33 148.16 3.35 3.53 3.54 3.57 Printing, publishing, and allied industries 38.2 37.5 37.5 37.6 143.26 150.75 153.50 150.63 3.80 4.02 4.05 4.06 Chemicals and allied products 42.0 41.3 41.2 41.1 150.12 157.29 157.32 156.26 3.60 3.79 3.80 3.83 Petroleum refining and related industries 42.5 43.0 43.7 43.4 176.40 186.62 185.76 187.89 4.21 4.33 4.31 4.39 Rubber and misc. plastic products 40.9 39.4 39.7 40.0 128.21 130.61 133.13 133.33 3.15 3.29 3.32 3.35 Leather and leather products 37.5 37.1 37.1 36.8 92.74 93.37 95.38 94.35 2.46 2.51 2.53 2.55 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 • FEBRUARY 1971 CONSUMER PRICES (1957-59=100) Housing Health and recreation PPeerriioodd iitt AA eemm llll ss FFoooodd Total Rent H ow s o h n m i e p e r - - F c a o o u n i a e l d l l t e r G a l i n e c a c i d s t - y o n F p i t a n i i u e n s o g r h r d n s a - - - AA uu pp pp aa pp kk nn aa ee dd rr ee ee pp ll TT pp tt oo rr ii aa rr oo tt nn nn aa ss -- -- Total M c ic a e a r d l e - s P c o a e n r r a e - l r R e t a i e c i n n o r a g d n e d a - - g O s i a o e c t n o r h e d v d s e - r s 1929 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 1960. 103.1 101.4 103.1 103.1 103.7 99.5 107.0 101.5 102.2 103.8 105.4 108.1 104.1 104.9 103.8 1961 . 104.2 102.6 103.9 104.4 104.4 101.6 107.9 101.4 103.0 105.0 107.3 111.3 104.6 107.2 104.6 1962 105.4 103.6 104.8 105.7 105.6 102.1 107.9 101.5 103.6 107.2 109.4 114.2 106.5 109.6 105.3 1963, 106.7 105.1 106.0 106.8 107.0 104.0 107.8 102.4 104.8 107.8 111.4 117.0 107.9 111.5 107.1 1964. 108.1 106.4 107.2 107.8 109.1 103.5 107.9 102.8 105.7 109.3 113.6 119.4 109.2 114.1 108.8 1965. 109.9 108.8 108.5 108.9 111.4 105.6 107.8 103.1 106.8 111.1 115.6 122.3 109.9 115.2 111.4 1966. 113.1 114.2 111.1 110.4 115.7 108.3 108.1 105.0 109.6 112.7 119.0 127.7 112.2 117.1 114.9 1967. 116.3 115.2 114.3 112.4 120.2 111.6 108.5 108.4 114.0 115.9 123.8 136.7 115.5 120.1 118.2 1968 121.2 119.3 119.1 115.1 127.0 115.1 109.5 113.0 120.1 119.6 130.0 145.0 120.3 125.7 123.6 1969, 127.7 125.5 126.7 118.8 139.4 117.7 111.5 117.9 127.1 124.2 136.6 155.0 126.2 130.5 129.0 1969--Dec 131.3 129.9 130.5 121.0 145.4 119.2 113.7 120.0 130.8 126.4 139.6 158.1 128.1 132.7 133.5 1970—Jan 131.8 130.7 131.1 121.3 146.8 119.7 114.1 120.1 129.3 127.3 140.1 159.0 128.5 133.1 133.9 Feb 132.5 131.5 132.2 121.8 148.5 120.6 114.6 120.8 130.0 127.3 140.7 160.1 129.0 133.2 134.3 Mar 133.2 131.6 133.6 122.3 150.9 120.8 114.8 121.6 130.6 127.1 141.4 161.6 129.6 133.6 134.8 Apr 134.0 132.0 134.4 122.6 152.1 120.9 115.7 122.0 131.1 128.9 142.3 162.8 129.8 134.4 135.6 May 134.6 132.4 135.1 123.0 153.3 121.0 115.8 122.5 131.9 129.9 142.9 163.6 130.3 135.2 136.1 June 135.2 132.7 135.6 123.4 154.4 121.2 115.3 122.8 132.2 130.6 143.7 164.7 130.2 136,1 136.7 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 Aug 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 Dec 138.5 132.8 M0.1 126.6 160.4 128.2 120.1 124.8 135.9 135.5 147.4 169.8 132.8 139.6 140.1 NOTE.—Bureau of Labor Statistics index for city wage-earners and clerical workers. WHOLESALE PRICES: SUMMARY (1957-59=100) Industrial commodities m c t A o o i m e l d l s i - - p F u r a c o r t d m s - c f f e P o a e s r n o e s o d d d e - d s s Total t T e il e t e c x s . - , H e i t d c e . s, F e u tc e . l , C ic e h a t e c l m s . , - R b e u t e c r b . , - L b e u t e c m r . , - P e a t p c e . r, M e a t l e c s t , . - e c m M a q e h n r e u i a y n d 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 m p t q r o i e a u o r n n n i t p a t s 1 - - - n c M e el o i l s u a - s - 100.7 96.9 100.0 101.3 101.5 105.2 99.6 100.2 99.9 100.4 101.8 101.3 102.9 100.1 101.4 101.7 100.3 96.0 101.6 100.8 99.7 106.2 100.7 99.1 96.1 95.9 98.8 100.7 102.9 99.5 101.8 102.0 100.6 97.7 102.7 100.8 100.6 107.4 100.2 97.5 93.3 96.5 100.0 100.0 102.9 98.8 101.8 102.4 100.3 95.7 103.3 100.7 100.5 104.2 99.8 96.3 93.8 98.6 99.2 100.1 103.1 98.1 101.3 103.3 100.5 94.3 103.1 101.2 101.2 104.6 97.1 96.7 92.5 100.6 99.0 102.8 103.8 98.5 101.5 104.1 102.5 98.4 106.7 102.5 101.8 109.2 98.9 97.4 92.9 101.1 99.9 105.7 105.0 98.0 101.7 104.8 105.9 105.6 113.0 104.7 102.1 119.7 101.3 97.8 94.8 105.6 102.6 108.3 108.2 99.1 102.6 106.8 106.1 99.7 111.7 106.3 102.1 115.8 103.6 98.4 97.0 105.4 104.0 109.5 111.8 101.0 104.3 109.2 108.8 102.2 114.2 109.0 105.8 119.5 102.5 98.2 100.2 119.4 104.9 112.4 115.4 103.9 108.2 111.7 113.0 108.5 119.8 112.7 108.0 125.8 104.6 98.3 102.1 132.0 108.2 118.9 119.0 106.1 112.8 100.7 114.7 115.1 111.7 122.6 114.6 109.2 126.5 106.1 98.8 104.5 122.5 109.5 123.8 121.9 107.2 114.5 102.7 117.0 116.0 112.5 125.1 115.1 109.5 126.6 105.6 99.1 104.7 121.6 111.1 124.9 122.5 107.5 116.5 102.9 117.4 116.4 113.7 125.2 115.5 109.4 126.7 106.4 99.5 104.6 120.2 111.8 126.1 122.8 107.9 116.9 102.9 117.5 116.6 114.3 124.9 115.8 109.5 126.8 106.3 100.0 104.4 119.5 112.1 127.0 123.1 108.1 117.3 103.2 117.8 116.6 111.3 124.9 116.2 109.3 128.5 107.5 100.4 104.2 120.1 112.5 127.8 123.4 108.3 117.8 103.1 117.8 116.8 111.0 124.1 116.6 109.3 127.9 109.1 100.6 104.2 121.0 112.3 128.7 123.7 108.3 117.9 103.2 118.2 117.0 111.3 124.8 116.7 109.3 127.3 108.6 100.5 104.1 120.2 112.2 129.1 124.1 108.6 117.9 103.3 121.0 117.7 113.1 126.6 116.9 109.2 127.1 108.9 100.9 105.6 119.6 112.5 129.0 124.7 108.8 118.1 103.2 121.4 117.2 108.2 126.1 117.1 109.5 127.1 109.6 101.1 106.3 120.2 112.3 128.8 124.8 108.9 118.5 103.3 121.5 117.8 111.8 126.2 117.4 109.6 127.3 111.0 100.9 106.0 120.4 112.4 128.7 125.3 109.0 118.7 103.6 121.9 117.8 107.5 124.9 118.3 109.4 127.9 112.6 101.4 106.1 119.2 113.0 129.0 126.0 109.2 119.1 108.2 122.0 117.7 106.7 124.8 118.3 109.2 128.4 113.7 101.6 105.7 117.9 112.8 128.0 126.5 109.6 119.5 108.5 122.2 117.8 106.8 123.6 118.7 108.8 127.9 116.9 101.6 106.0 117.1 112.6 127.4 127.2 109.9 120.0 108.9 122.3 1 For transportation equipment, Dec. 1968 = 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1971 • PRICES A 67 WHOLESALE PRICES: DETAIL (1957-59= 100) 1969 1970 1969 1970 Group Group Dec. Oct. Nov. Dec. Dec. Oct. Nov. Dec. Farm products: Pulp, paper, and allied products: Fresh and dried produce 112.4 102.4 109.4 113.1 Pulp, paper and products, excluding Grains 82.9 96.0 96.1 99.6 building paper and board 110.1 113.8 113.5 113.4 Livestock 120.2 111.8 102.3 100.6 Woodpulp 98.0 109.6 109.6 109.6 Live poultry 86.9 76.5 78.0 65.9 Wastepaper 106.7 86.8 85.6 84.7 Plant and animal fibers 65.7 64.1 63.4 62.5 Paper 117.4 123.1 123.3 123.3 Fluid milk 138.3 140.6 142.2 143.4 Paperboard 96.0 97.2 94.5 94.5 Eggs 155.8 88.2 99.3 107.3 Converted paper and paperboard.. 110.7 114.0 114.1 113.9 Hay and seeds 105.1 123.0 124.7 123.2 Building paper and board 93.9 92.7 92.7 92.2 Other farm products 113.1 117.1 120.9 119.5 Processed foods and feeds: Metals and metal products: S C C D P A V M R B u r r e e e a n e e o g v u r g f i i a r i c a e m e e d n t y e a r r t e , e a a s l a d p a s p l b g v a e n r o e l e f n d v e o d a s u g d e d t e l o f g a s t c u t r b i r e n a o l u c a y t a d b n t a i n e , k s t l f b n d s e b e e a d l r c e n e a o o y t v d n p i i i o e l l o d p r s s r i f n l o r i a s v s e o d g h e r d e u g y u c e m t c t s a t s a b t le e s r ials.... 1 1 1 1 1 1 1 1 9 8 1 2 3 1 0 2 2 1 7 6 6 7 3 1 6 5 8 2 . . . . . . . . . . 1 1 1 9 9 9 6 4 0 0 1 1 1 1 1 1 1 1 1 1 1 1 3 2 1 3 1 1 2 1 9 6 7 1 7 7 8 4 6 4 . . . . . . . . . . 1 5 8 5 9 7 6 0 4 4 1 1 1 1 1 1 1 1 1 1 3 1 2 1 2 3 2 2 2 2 3 6 9 4 9 6 4 3 2 1 . . . . . . . . . . 5 7 5 8 6 2 6 2 2 4 1 1 1 1 1 1 1 1 1 1 3 0 3 1 1 0 2 2 1 2 3 7 7 9 1 7 9 9 9 2 . . . . . . . . . . 1 5 5 6 7 9 9 3 6 0 P H I S H N M M F r t l a o e a o u e i e b a s n r n e t m c r d t a l f m i e i e l a w b n c l r n i l a i c g a r n a l d o t l r o g n e e n e u p d s e q t e t s r o a u e q s o u i e i m t u n d p s l r e i u e m u p r m t c c m s a e t t e l n s u s e t t r a n a l t l p m ro e d ta u l c t p s r oducts 1 1 1 1 1 1 1 1 9 5 2 2 1 2 2 1 1 9 0 2 0 3 4 3 3 6 . . . . . . . . . 7 1 5 8 7 6 9 0 4 1 1 1 1 1 1 1 1 1 2 0 2 4 3 2 2 2 2 9 3 0 7 3 4 5 8 1 . . . . . . . . . 1 5 7 5 5 6 6 0 4 1 1 1 1 1 1 1 1 1 2 3 0 1 2 3 2 2 4 0 9 4 9 0 4 4 4 3 . . . . . . . . . 3 6 6 7 9 3 4 0 4 1 1 1 1 1 1 1 1 1 4 2 2 0 2 3 3 2 2 1 5 3 4 9 0 0 0 4 . . . . . . . . . 1 1 5 5 6 7 6 3 0 Miscellaneous processed foods 126.4 128.6 127.6 126.7 Manufactured animal feeds 121.8 127.7 129.3 133.9 Machinery and equipment: Textile products and apparel: Agricultural machinery and equip... 136.4 139.5 141.0 142.4 Cotton products 106.1 106.7 106.9 107.6 Construction machinery and equip., 139.8 145.0 146.5 147.3 Wool products 104.3 100.9 100.9 100.0 Metalworking machinery and equip 138.0 141.9 142.0 142.5 Manmade fiber textile products 91.1 85.7 84.8 84.3 General purpose machinery and Silk yarns 191.1 193.4 190.1 191.3 equipment 124.8 131.7 132.0 132.9 Apparel 116.9 119.9 120.0 119.5 Special industry machinery and Textile housefurnishings 108.1 111.2 111.2 109.5 equipment (Jan. 1961= 100) 132.8 137.0 137.1 138.6 Miscellaneous textile products 127.8 125.4 125.2 126.8 Electrical machinery and equip 106.2 109.5 109.8 110.1 Miscellaneous machinery 121.0 124.5 125.3 126.4 Hides, skins, leather, and products: Hides and skins 108.9 97.2 102.9 96.0 Furniture and household durables: Leather 119.7 118.1 118.4 118.3 Footwear 135.0 139.0 139.0 139.1 Household furniture 123.6 126.6 126.9 127.2 Other leather products 118.5 121.0 121.1 121.0 Commercial furniture 124.1 128.7 130.2 130.5 Floor coverings 93.1 92.9 93.0 93.2 Fuels and related products, and power: Household appliances 93.6 95.5 95.7 96.0 Home electronic equipment.... 77.8 77.4 77.8 77.8 Coal 124.6 181.0 181.6 181.6 Other household durable goods 133.3 136.6 136.8 137.5 Coke 126.9 163.4 163.4 163.4 Gas fuels (Jan. 1958= 100) 131.8 143.0 142.4 143.7 Electric power (Jan. 1958= 100) 103.4 108.0 109.0 109.5 Nonmetallic mineral products: Crude petroleum 104.5 103.3 103.3 111.6 Petroleum products, refined 102.2 103.8 105.4 109.9 Flat glass 117.8 122.1 122.1 122.3 Concrete ingredients 116.7 122.7 119.5 119.3 Chemicals and allied products: Concrete products 114.2 119.8 120.1 120.7 Structural clay products excluding Industrial chemicals 97.8 98.9 98.9 98.8 refractories 118.5 122.2 122.4 122.9 Prepared paint 120.3 123.2 123.2 123.3 Refractories 120.9 125.7 132.7 132.7 Paint materials 93.4 91.0 92.6 92.7 Asphalt roofing 101.2 96.2 99.5 100.6 Drugs and pharmaceuticals 94.6 95.1 95.5 95.7 Gypsum products 104.3 99.8 98.7 97.8 Fats and oils, inedible 92.8 117.4 123.2 122.7 Glass containers 116.1 120.9 125.7 125.7 Agricultural chemicals and products.. 86.7 92.7 92.7 92.6 Other nonmetallic minerals 110.6 116.9 117.3 119.7 Plastic resins and materials 80.1 81.3 80.5 80.6 Other chemicals and products 115.1 118.4 118.5 118.6 Rubber and plastic products:1 Transportation equipment: C Ti r r u e d s e a r n u d b t b u e b r es 1 8 0 8 1 . . 1 7 1 8 0 4 7 . . 9 5 1 8 0 4 7 . . 8 5 1 8 0 5 7 . . 2 5 Mi R T a xov i t l k r ov o ri a v d iev e hi q nicv u li i ev p sj m au e nii n du t ve (J ^q a uu n ii^ . p i 1 imi 9 ve 6 ini 1 b t = .• • 1 • 0 0 • ) • 1 11 0 5 9 . . 7 0 1 1 1 2 5 0 . . 0 2 1 1 1 2 5 0 . . 3 4 1 1 1 2 5 1 . . 9 0 Miscellaneous rubber products 113.4 120.2 120.0 120.0 Plastic construction products (Dec. 1969 = 100) 100.0 95.5 94.7 95.2 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms, ammunition 112.7 117.0 116.8 116.9 Lumber 128.2 123.4 121.6 120.4 Tobacco products 124.0 132.1 132.1 132.1 Millwork 131.7 128.3 128.0 127.9 Notions 107.2 110.4 110.4 110.8 Plywood 96.9 96.3 94.3 93.3 Photographic equipment and supplies 115.3 117.3 117.5 117.5 Other wood products (Dec. 1966 = 100) 118.4 119.2 119.2 119.9 Other miscellaneous products 114.9 118.8 119.4 119.8 i Retitled to include the direct pricing of plastic construction products; incorporate (1) new weights beginning with Jan. 1967 data and (2) various continuity of the group index is not affected. classification changes. Back data not yet available for some new classi- NOTE.—Bureau of Labor Statistics indexes as revised in Mar. 1967 to fications. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 68 NATIONAL PRODUCT AND INCOME • FEBRUARY 1971 GROSS NATIONAL PRODUCT (In billions of dollars) 1969 1970 Item 1929 1933 1941 1950 1966 1967 1968 1969 1970* IV I II III IVP Gross national product 103.1 55.6 124.5 284.8 749.9 793.9 865.0 931.4 976.8 951.7 959.5 971.1 985.5 990.9 Final purchases 101.4 57.2 120.1 278.0 735.1 785.7 857.4 922.9 973.2 944.5 957.9 968.1 980.0 986.8 Personal consumption expenditures 77.2 45.8 80.6 191.0 466.3 492.1 535.8 577.5 616.8 592.6 603.1 614.4 622.1 627.6 Durable goods 9.2 3.5 9.6 30.5 70.8 73.1 84.0 90.0 89.4 90.8 89.1 91.9 91.2 85.4 Nondurable goods 37.7 22.3 42.9 98.1 206.9 215.0 230.2 245.8 264.7 252.0 258.8 262.6 265.8 271.7 Services 30.3 20.1 28.1 62.4 188.6 204.0 221.6 241.6 262.7 249.8 255.2 259.9 265.1 270.5 Gross private domestic investment 16.2 1.4 17.9 54.1 121.4 116.6 126.5 139.8 135.8 140.2 133.2 134.3 138.3 137.5 Fixed investment 14.5 3.0 13.4 47.3 106.6 108.4 118.9 131.4 132.2 133.0 131.6 131.2 132.7 133.4 Nonresidential 10.6 2.4 9.5 27.9 81.6 83.3 88.7 99.3 102.6 102.6 102.6 102.8 103.6 101.4 Structures 5.0 .9 2.9 9.2 28.5 28.0 29.6 33.8 35.1 35.1 35.7 35.3 35.0 34.6 Producers' durable equipment 5.6 1.5 6.6 18.7 53.1 55.3 59.1 65.5 67.4 67.5 66.9 67.5 68.6 66.8 Residential structures 4.0 .6 3.9 19.4 25.0 25.1 30.3 32.0 29.6 30.4 29.1 28.4 29.2 32.0 Nonfarm 3.8 .5 3.7 18.6 24.5 24.5 29.7 31.5 29.0 29.8 28.4 27.8 28.6 31.4 Change in business inventories .... 1.7 -1.6 4.5 6.8 14.8 8.2 7.6 8.5 3.6 7.2 1.6 3.1 5.5 4.1 Nonfarm 1.8 -1.4 4.0 6.0 15.0 7.5 7.5 8.0 3.0 6.5 .9 2.6 5.0 3.6 Net exports of goods and services 1.1 .4 1.3 1.8 5.3 5.2 2.5 1.9 3.6 2.6 3.5 4.1 4.2 2.7 Exports 7.0 2.4 5.9 13.8 43.4 46.2 50.6 55.5 62.3 58.8 61.1 62.8 62.8 62.6 Imports 5.9 2.0 4.6 12.0 38.1 41.0 48.1 53.6 58.7 56.2 57.6 58.7 58.6 59.9 Government purchases of goods and services.. 8.5 8.0 24.8 37.9 156.8 180.1 200.2 212.2 220.5 216.3 219.6 218.4 221.0 223.2 Federal 1.3 2.0 16.9 18.4 77.8 90.7 99.5 101.3 99.7 102.1 102.3 99.7 98.6 98.4 National defense 13.8 14.1 60.7 12.4 78.0 78.8 76.6 78.8 79.3 76.8 75.8 14.6 Other 3.1 4.3 17.1 18.4 21.5 22.6 23.1 23.3 23.0 22.9 22.9 23.8 State and local 1.2 6.0 7.9 19.5 79.0 89.4 100.7 110.8 120.8 114.2 117.4 118.7 122.4 124.8 Gross national product in constant (1958) dollars 203.6 141.5 263.7 355.3 658.1 675.2 707.2 727.1 724.3 729.2 723.8 724.9 727.4 721.3 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally see the Survey of Current Business, July 1968, July 1969, July 1970, and adjusted totals at annual rates. For back data and explanation of series, Supplement, Aug. 1966. NATIONAL INCOME (In billions of dollars) 1969 1970 1929 1933 1941 1950 1966 1967 1968 1970P Item IV II III IV* National income 86.8 40.3 104.2 241.1 620.6 653.6 712.7 769.5 801.0 785.2 791.5 797.4 806.6 Compensation of employees 51.1 29.5 64.8 154.6 435.5 467.2 514.1 564.2 599.8 582.1 592.2 596.4 603.8 606.8 Wages and salaries 50.4 29.0 62.1 146.8 394.5 423.1 464.8 509.0 540.1 525.3 534.4 537.4 543.4 545.4 Private 45.5 23.9 51.9 124.4 316.8 337.3 369.1 404.9 426.2 417.2 422.6 424.0 428.9 429.3 Military .3 .3 1.9 5.0 14.6 16.2 17.9 19.0 19.3 19.6 20.1 19.5 19.1 18.6 Government civilian 4.6 4.9 8.3 17.4 63 69.5 77.8 85.1 94.6 88.5 91.7 93.9 95.4 97.5 Supplements to wages and salaries .7 .5 2.7 7.8 41.0 44.2 49.3 55.1 59.7 56.8 57.9 59.0 60.4 61.4 Employer contributions for social insurance 2.0 4.0 20.3 21.9 24.3 27.5 29.3 28.3 28.6 29.0 29.6 29.9 Other labor income .7 3.8 20.7 22.3 24.9 27.6 30.4 28.5 29.3 30.0 30.8 31.5 Proprietors' income 15.1 5.9 17.5 37.5 61.3 62.1 64.1 66.8 67.6 67.2 67.6 67.8 67.8 67.4 Business and professional 9.0 3.3 11.1 24.0 45.2 47.3 49.1 50.5 51.4 50.6 50.6 51.2 51.7 52.0 Farm 6.2 2.6 6.4 13.5 16.1 14.8 15.0 16.4 16.2 16.6 17.0 16.5 16.1 15.3 Rental income of persons 5.4 2.0 3.5 9.4 20.0 21.1 21.3 22.0 22.7 22.3 22.5 22.6 22.7 23.0 Corporate profits and inventory valuation adjustment 10.5 -1.2 15.2 37.7 82.4 78.7 85.4 85.8 77.4 82.0 76.7 77.5 78.4 Profits before tax 10.0 1.0 17.7 42.6 84.2 79.8 88.7 91.2 82.3 88.5 82.6 82.0 84.4 Profits tax liability 1.4 .5 7.6 17.8 34.3 33.2 40.6 42.7 37.9 41.4 38.0 38.1 38.9 Profits after tax 8.6 .4 10.1 24.9 49.9 46.6 48.2 48.5 44.4 47.1 44.6 43.9 45.4 Dividends 5.8 2.0 4.4 8.8 20.8 21.4 23.3 24.7 25.2 25.2 25.2 25.1 25.4 25.1 Undistributed profits 2.8 -1.6 5.7 16.0 29.1 25.3 24.9 23.9 19.2 21.9 19.4 20.0 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -1 -3.3 -5.4 -4.9 -6.5 -5.8 -4.5 -5.9 -3.3 Net interest 4.7 4.1 3.2 2.0 21.4 24.4 27.8 30.7 33.5 31.7 32.4 33.1 33.8 34.5 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

FEBRUARY 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 1929 1933 1941 1950 1966 1967 1968 1969 1970? II III IVf Gross national product. 103.1 55.6 124.5 284.8 749.9 793.9 865.0 931.4 976.8 951.7 959.5 971.1 985.5 990.9 Less: Capital consumption allowances 7.9 7.0 8.2 18.3 63.9 68.9 74.0 78.9 84.3 80.7 82.1 83.6 85.0 86.5 Indirect business tax and nontax liability 7.0 7. 11.3 23.3 65.7 70.4 78 85.2 92.0 87.7 89.3 91.1 93.3 94.3 Business transfer payments .6 .7 .5 .8 3.0 3.1 3.3 3.5 3.6 3.5 3.6 3.6 3.6 3.7 Statistical discrepancy .7 .6 .4 1.5 -1.0 -.7 -2.4 -4.7 -2.5 -4.3 -5.4 -3.1 -1.1 Plus: Subsidies less current surplus of government enterprises -.1 .2 2.3 1.4 .7 1.0 1.7 1.2 1.6 1.5 1.8 2.0 Equals: National income. 86.8 40.3 104.2 241.1 620.6 653.6 712.7 769.5 801.0 785.2 791.5 797.4 806.6 Less: Corporate profits and inventory valuation adjustment 10.5 15.2 37.7 82.4 78.7 85.4 85.8 77.4 82.0 76.7 77.5 78.4 Contributions for social insurance .2 2 6.9 38.0 42.4 47.1 53.6 57.1 55. 56.0 58.0 Excess of wage accruals over disburse- 56.7 57.6 ments 2.5 -2.1 -.4 Plus: Government transfer payments 2.6 14.3 41. 48.7 55.7 61.6 73.9 63.4 66.3 78.4 Net interest paid by government and 75.8 75.1 consumers 2.5 1.6 2.2 7.2 22.2 23.6 26.3 29.0 31.8 30.2 31.0 31.4 32.2 32.6 Dividends 5. 2.0 4.4 8.8 20. 21.4 23.3 24.7 25.2 25.2 25.2 25.1 25.4 25.1 Business transfer payments .6 .7 .5 .8 3.0 3.1 3.3 3.5 3.6 3.5 3.6 3.6 3.7 3.6 Equals: Personal income 85.9 47.0 96.0 227.6 587.2 629.3 688.7 748.9 801.0 770.5 782.3 807.2 813.4 801.3 Less: Personal tax and nontax payments... 2.6 1.5 3.3 20.7 75.4 83.0 97.5 117.3 116.4 119.9 117.0 114.2 116.5 117.7 Equals: Disposable personal income 83.3 45.5 92.7 206.9 511.9 546.3 591.2 631.6 684.7 650.6 665.3 693.0 696.9 683.6 Less: Personal outlays 79. 46.5 81.7 193.9 479.3 506.0 550.8 593.9 634.7 609.6 620.5 640.2 646.0 Personal consumption expenditures, 77.2 45. 80.6 191.0 466.3 492.1 535.8 577.5 616.8 592.6 603.1 632.1 622.1 627.6 P C e o r n s s o u n m al e r t r i a n n te sf r e e r s t p p a a y y m m e e n n ts ts to for- 1.5 .5 .9 2.4 12.4 13.2 14.3 15.7 17.0 16.1 16.4 61 1 4 6. .4 8 17.2 17.5 eigners .3 .2 .2 .5 .6 .7 .7 .9 1.0 1.0 1.0 Equals: Personal saving. 4.2 -.9 11.0 13.1 32.5 40.4 40.4 37.6 50.0 41.1 44. 51.5 52.7 50.9 Disposable personal income in constant (1958) dollars 150.6 112.2 190.3 249.6 458.9 477.5 499.0 5115 529.7 517.8 522.9 532.0 534.2 529.8 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.p Total personal income 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 Wage and salary disbursements 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 157.5 158.9 161.6 160.8 160.0 161.3 160.0 159.2 159.5 160.1 159.6 159.5 154.3 153.6 159.5 Distributive industries 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 Service industries 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 Government 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 Other labor income 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 Proprietors' income 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 Business and professional 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 Farm 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 Rental income 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 Dividends 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 Personal interest income 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 Transfer payments 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 27.7 27.6 27.8 28.0 28.2 28.0 28.1 28.3 Nonagricultural income 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 Agriculture income 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 • FEBRUARY 1971 SUMMARY OF FUNDS RAISED AND ADVANCED IN U.S. CREDIT MARKETS (Seasonally adjusted annual rates; in billions of dollars) 1968 1969 1970 TTrraannssaaccttiioonn ccaatteeggoorryy,, oorr sseeccttoorr 11996655 11996666 11996677 1968 1969 II III IV I II III IV I II Funds raised, by type and sector TToottaall ffuunnddss rraaiisseedd 1 by nonfinancial sectors 70.4 68.5 82.6 97.4 88.2 81.8 118.0 95.5 88.9 88.8 93.4 82.2 80.0 101.3 1 2 U.S. Government 1.7 3.5 13.0 13.4 -3.6 9.3 29.3 -5.4 -5.3 -13.3 3.7 .4 3.3 17.2 2 3 Public debt securities 1.3 2.3 8.9 10.3 -1.3 4.9 24.5 -7.4 -5.7 -12.5 9.4 3.9 5.6 17.8 3 4 Budget agency issues .4 1.2 4.1 3.0 -2.4 4.4 4.9 2.0 .4 -.7 -5.7 -3.5 -2.3 -.6 4 5 All other nonfinancial sectors.. 68.7 64.9 69.6 84.1 91.9 72.5 88.7 100.9 94.2 102.0 89.7 81.8 76.7 84.1 5 6 Capital market instruments 39.1 39.9 48.0 50.5 53.6 44.2 50.5 59.0 55.0 55.0 51.7 52.9 52.7 63.1 6 7 Corporate equity shares .3 .9 2.4 -.7 4.5 -.4 -1.8 -2.0 .2 3.2 5.3 9.2 6.3 6.2 7 8 Debt capital instruments 38.8 39.0 45.7 51.2 49.1 44.6 52.3 61.1 54.7 51.7 46.4 43.6 46.4 56.9 8 9 State and local govt, sec 7.3 5.7 7.7 9.9 8.5 5.4 12.5 13.8 10.2 9.8 6.7 7.1 9.2 11.0 9 10 Corporate and fgn. bonds... 5.9 11.0 15.9 14.0 13.3 13.7 13.2 16.5 15.8 13.3 12.8 11.1 14.7 22.3 10 11 Mortgages 25.6 22.3 22.0 27.3 27.4 25.5 26.6 30.8 28.6 28.6 26.8 25.4 22.5 23.6 11 12 Home mortgages 15.4 11.4 11.6 15.2 15.7 14.6 14.6 16.6 16.4 16.6 15.6 14.3 11.4 11.8 12 13 Other residential 3.6 3.1 3.6 3.5 4.4 3.1 3.6 4.2 4.2 4.7 4.6 4.3 6.0 5.5 13 14 Commercial 4.4 5.7 4.7 6.6 5.2 5.6 6.6 8.2 5.9 5.1 4.7 5.2 5.0 4.8 14 15 Farm 2.2 2.1 2.1 2.1 2.0 2.3 1.9 1.8 2.2 2.3 2.0 1.6 .1 1.5 15 16 29.5 25.0 21.6 33.6 38.3 28.3 38.2 41.8 39.2 47.1 38.0 28.9 24.0 21.0 16 17 Bank loans n.e.c 14.2 10.3 9.6 13.4 14.2 10.9 13.5 22.5 16.4 19.5 11.5 9.7 7.8 4.5 17 18 Consumer credit 10.0 7.2 4.6 11.1 9.3 9.8 13.2 12.0 9.9 10.4 8.8 8.4 4.8 6.2 18 19 Open market paper -.3 1.0 2.1 1.6 3.3 -1.1 6.2 .2 5.1 3.9 3.2 1.2 5.0 2.2 19 20 Other 5.7 6.4 5.2 7.5 11.3 8.8 5.3 7.0 7.9 13.3 14.6 9.6 6.4 8.1 20 21 By borrowing sector— 68.7 64.9 69.6 84.1 91.9 72.5 88.7 100.9 94.2 102.0 89.7 81.8 76.7 84.1 21 22 Foreign 2.6 1.5 4.1 3.0 3.5 2.0 2.6 2.9 4.2 5.5 2.4 2.1 2.7 1.6 22 23 State and local governments 7.6 6.4 7.9 10.2 8.9 5.5 12.8 14.3 10.8 10.1 7.0 7.7 8.8 11.3 23 24 Households 28.8 23.2 19.7 31.8 31.6 29.4 33.2 34.9 32.2 34.6 31.3 28.6 24.7 22.1 24 25 Nonfinancial business 29.6 33.8 37.9 39.1 47.8 35.6 39.9 48.8 47.1 51.8 49.0 43.4 40.5 49.2 25 26 Corporate 20.5 24.9 29.4 31.0 37.8 26.6 31.1 40.7 37.6 42.3 38.0 33.4 34.2 40.3 26 27 Nonfarm noncorporate 5.8 5.5 5.0 5.2 6.4 5.8 6.0 5.8 6.2 5.8 7.3 6.5 4.5 5.1 27 28 Farm 3.3 3.5 3.5 2.9 3.6 3.2 2.8 2.2 3.2 3.8 3.7 3.5 1.8 3.8 28 Funds advanced directly in credit markets 1 Total funds raised 70.4 68.5 82.6 91.A 88.2 8811..88 111188..00 9955..55 88.9 88.8 9933..44 8822..22 8800..00 110011..33 1 Advanced directly by— 2 U.S. Government 2.8 4.9 4.6 5.2 2.6 7.1 4.8 2.9 2.3 1.6 3.7 2.8 2.7 2.8 2 3 U.S. Govt, credit agencies, net... * .3 .5 -.2 .1 -.1 -.5 -.8 -.2 -.4 -.2 .5 -.6 1.9 3 4 Funds advanced 2.2 5.1 — l 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 --..44 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 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 .9 4.5 5.0 6.8 9.1 4.1 9 10 Private nonbank finance 30.1 25.9 36.1 33.5 30.9 34.7 32.7 33.0 31.3 34.7 30.5 28.0 25.9 36.7 10 11 Savings institutions, net 13.7 7.8 16.9 14.5 10.3 15.7 14.2 12.6 15.7 13.5 6.6 5.6 5.3 15.6 11 12 Insurance 17.9 19.3 20.4 21.5 22.3 21.1 20.4 22.9 20.3 22.6 27.0 19.1 22.7 21.0 12 13 Finance n.e.c., net -1.4 -1.3 -1.3 -2.4 -1.7 -2.1 -1.9 -2.5 -4.8 -1.4 -3.0 3.2 -2.1 .2 13 14 Foreign -.3 -1.8 2.8 2.5 2.0 -2.3 3.1 9.4 -1.4 1.3 6.0 2.0 8.1 9.4 14 15 Private domestic nonfinancial.... 5.6 19.1 -2.9 13.7 39.0 13.4 4.0 6.7 44.7 21.8 52.7 36.6 38.8 20.7 15 16 Business 1.0 3.6 -.6 9.0 11.4 10.4 8.6 6.4 13.2 12.6 12.2 7.1 10.7 .9 16 17 State and local governments... 2.5 3.4 1.2 .7 7.2 -1.9 3.1 .9 6.5 4.1 4.9 13.4 1.4 2.0 17 18 Households 2.5 11.9 -1.3 5.4 18.8 9.3 -7.0 2.9 22.2 5.0 32.3 16.0 21.5 15.2 18 19 Less net security credit .3 -.2 2.2 1.4 -1.6 4.5 .7 3.6 -2.7 -.2 -3.2 -.2 -5.2 -2.7 19 Sources of funds supplied to credit markets Total borrowing by nonfinancial sectors 70.4 68.5 82.6 97.4 88.2 81.8 118.0 95.5 88.9 88.8 93.4 82.2 80.0 101.3 \ 1 Supplied directly and indirectly by pvt. domestic nonfin. sectors: 2 Total 46.3 42.8 47.7 58.1 40.4 47.7 58.0 63.3 48.8 28.8 36.5 46.0 48.4 62.9 2 3 Deposits 40.7 23.7 50.6 44.3 1.4 34.3 53.9 56.6 4.1 6.9 -16.1 9.4 9.6 42.2 3 4 Demand dep. and currency.. 8.0 4.0 11.6 11.2 5.5 15.5 11.0 15.8 -2.8 4.1 * 19.1 -3.9 -2.1 4 5 Time and svgs. accounts.... 32.7 19.7 39.1 33.1 -4.1 18.9 43.0 40.8 6.9 2.8 -16.2 -9.7 13.5 44.3 5 6 At commercial banks... 19.5 12.5 22.3 20.5 — 12.0 6.4 31.2 27.5 -6.1 -6.3 —22.1 -13.6 9.4 29.0 6 7 At savings 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 6.1 44.7 21.8 52.7 36.6 38.8 20.7 8 9 U.S. Govt, securities 2.5 8.5 -2.8 8.9 15.8 4.5 6.9 9.6 24.7 — .9 26.3 13.4 6.4 —4.2 9 10 Pvt. credit market instr 3.5 10.4 2.0 6.2 21.6 13.4 -2.2 .7 17.3 22.5 23,2 23.0 27.2 22.2 10 11 Less security debt .3 -.2 2.2 1.4 -1.6 4.5 .1 3.6 -2.1 -.2 -3.2 -.2 -5.2 -2.7 11 Other sources: 12 Foreign funds .8 .7 5.0 4.0 10.4 1.8 7.1 4.9 12.7 14.4 11.9 2.6 9.7 4.6 12 13 At banks 1.1 2.5 2.2 1.5 8.4 4.1 4.0 -4.5 14.1 13.1 5.9 .6 1.6 -4.7 13 14 Direct -.3 -1.8 2.8 2.5 2.0 -2.3 3.1 9.4 -1.4 1.3 6.0 2.0 8.1 9.4 14 15 Chg. in U.S. Govt, cash bal -1.0 -.4 1.2 -1.2 .4 -16.2 26.4 -9.6 -6.4 2.1 1.5 4.1 .5 2.5 15 16 U.S. Government loans 2.8 4.9 4.6 5.2 2.6 7.1 4.8 2.9 2.3 1.6 3.7 2.8 2.7 2.8 16 17 Pvt. insur. and pension res 15.7 16.7 18.7 18.2 18.7 17.5 19.1 19.6 16.7 18.6 22.2 17.3 18.6 16.5 17 18 Sources n.e.c 5.8 3.8 5.6 13.2 15.7 24.0 2.7 14.4 14.8 23.4 17.6 9.4 .2 12.0 18 NOTE—Annual figures for assets and liabilities 1956-69 are Digitized for FRApSlaEnRne d for publication in the BULLETIN for March. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1971 • FLOW OF FUNDS A 71 PRINCIPAL FINANCIAL TRANSACTIONS (Seasonally adjusted annual rates; in billions of dollars) 1968 1969 1970 Transaction category, or sector 1965 1966 1967 1968 1969 II III IV I II III IV I II Demand deposits and currency 1 Net incr. in banking system liability. . 7.6 2.6 14.3 10.7 6.6 .1 39.2 7.2 -10.1 7.3 3.2 24.2 -1.9 * ! 2 U.S. Government deposits -1.0 -.4 1.1 -1.3 .5 -16.2 26.3 -9.7 -6.3 2.1 1.6 4.3 .8 2.4 2 3 Money supply 8.6 3.0 13.2 12.0 6.1 16.3 12.9 16.9 -3.9 5.1 1.6 19.9 -2.7 -2.4 3 4 Domestic sectors 8.3 3.9 12.6 12.2 5.9 17.0 13.5 17.1 -4.1 5.1 .9 20.1 -3.3 -1.8 4 5 Households 7.2 3.1 11.4 6.9 3.4 8.8 15.6 13.5 -7.9 5.6 -1.5 17.3 -3.2 -.7 5 6 Nonfinancial business -1.4 -2.1 1.3 .5 3.6 -1.2 -4.3 3.8 .6 -1.7 -1.1 -4.2 -1.8 6 7 State and local governments. -.2 —. 1 -.4 1.1 2.2 1.6 -1.9 4.1 1.9 -1.8 4.6 3.9 1.8 -.3 7 8 Financial sectors .3 —. l 1.1 1.0 .4 1.6 2.6 1.3 -1.3 1.0 .8 1.0 .6 .3 8 9 Mail float 2.5 2.7 1.9 -.6 1.5 -1.5 2.4 -.6 -.3 -1.3 -1.0 1.7 .8 9 10 Rest of the world .3 -1.0 .6 -.2 .2 -.7 -.7 -.2 .2 * .7 -.2 .6 -.6 10 Time and savings accounts 1 Net increase—Total 33.1 20.2 40.8 33.0 -3.0 19.1 43.8 39.9 6.5 .6 -15.7 -3.6 17.9 42.3 1 2 At commercial banks—Total.... 20.0 13.3 23.8 20.6 -11.0 6.2 32.3 27.5 -6.8 -7.9 -21.5 -7.8 12.8 26.6 2 3 Corporate business 3.9 -.7 4.1 2.2 -7.8 -3.2 9.5 4.1 -7.2 -7.6 -10.8 -5.6 -.7 11.4 3 4 State and local governments... 2.4 1.3 2.4 3.2 -7.5 1.3 5.2 5.7 -5.4 -4.0 -10.4 -10.0 .9 8.1 4 5 Foreign .6 .8 1.4 * 1.2 -.4 1.0 -.1 -.4 -1.4 .7 6.0 3.7 -2.4 5 6 13.3 11.9 15.8 15.1 3.3 8.3 16.5 17.8 6.6 5.4 -.8 2.0 9.1 9.5 6 7 At savings institutions 13.1 7.0 17.0 12.4 8.0 12.9 11.5 12.4 13.4 8.5 5.8 4.2 5.1 15.7 7 Liabilities— 8 Savings and loan assns 8.5 3.6 10.7 7.3 4.0 7.6 7.2 6.8 8.0 4.6 3.0 .5 1.8 9.8 8 9 Mutual savings banks 3.6 2.6 5.1 4.1 2.6 4.0 3.4 4.5 3.8 2.7 1.5 2.4 1.6 4.3 9 10 Credit unions 1.0 .8 1.2 1.1 1.4 1.3 .9 1.2 1.6 1.2 1.3 1.4 1.6 1.5 10 Assets 11 Households 13.1 7.2 16.7 12.6 8.0 12.4 11.8 13.3 13.0 9.1 5.9 3.9 4.1 15.3 11 12 Cr. union deps. at S & L's... * -.2 .3 -.2 • .5 -.3 -1.0 .3 -.6 -.1 .3 1.0 .4 12 U.S. Government securities j 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 ! 2 Household savings bonds .6 .6 .9 .5 -.4 .3 .8 .7 -.5 -.4 -.7 .1 -.9 -.2 2 3 Direct excluding savings bonds... .7 1.8 8.0 9.8 -.9 4.6 23.7 -8.1 -5.2 -12.1 10.1 3.8 6.5 17.9 3 4 Budget agency issues * * .2 1.4 -.4 1.9 1.4 2.7 .8 -1.3 -.8 -.2 .7 .2 4 5 Sponsored agency issues 2.1 5.1 -.6 3.2 9.1 3.7 1.8 2.1 5.2 7.5 10.9 12.6 14.7 4.7 5 6 Loan participations .4 1.3 4.0 1.7 -1.9 2.6 3.5 -.6 -.3 .6 -4.8 -3.2 -3.0 -.7 6 7 Net acquisitions, by sector 3.8 8.7 12.6 16.7 5.5 13.1 31.2 -3.2 .1 -5.7 14.7 13.1 18.1 21.9 7 8 U.S. Government (agency sec.)... * 1.3 —. l .1 -1.3 1.6 -.1 -1.0 -1.1 -2.2 -.8 -1.0 .1 * 8 9 Sponsored credit agencies . i 1.0 * -.1 -.4 .3 -.4 -.5 -2.1 -.1 -.3 .3 2.4 -.8 9 10 Direct marketable -.2 .3 .9 -.1 -.7 .2 .1 -.2 -2.1 -.1 -.6 -.6 2.8 -.8 10 11 FHLB special issue - .3 .6 -.9 .3 .1 -.5 -.3 * * .3 .8 -.4 -.1 11 12 Federal Reserve System 3.7 3.5 4.8 3.8 4.2 6.2 7.4 -2.8 3.2 5.0 -.4 9.1 1.2 5.7 12 13 Foreign -.2 -2.4 2.1 -.5 -1.1 -4.7 .6 4.2 -6.2 -1.1 3.6 -.5 6.7 8.5 13 14 Commercial banks -2.3 -3.6 9.4 2.8 -11.2 -2.2 12.2 -3.1 -15.2 -10.7 -10.3 -8.1 1.2 9.2 14 15 Direct -3.1 -3.4 6.3 1.7 -9.4 -1.8 9.8 -4.9 -12.5 -11.3 -6.1 -7.1 .4 7.9 15 16 .8 -.2 3.2 1.1 -1.8 -.4 2.4 1.7 -2.7 .5 -4.1 -.9 .8 1.3 16 17 Nonbank finance -.1 .4 -.9 1.6 -.5 7.4 4.5 -9.7 -3.1 4.4 -3.3 —. 1 . 1 3.5 17 18 Direct 5 — .2 — 1.3 3 —2.3 6.5 3 1 — 10.0 — 5.9 2.3 — 5.9 —2.5 1 3 18 19 Agency issues .5 !5 .'3 l!3 1.8 '.9 1.4 .'3 2'.8 2!O 2!6 -.2 2.6 2*. 2 19 20 Pvt. domestic nonfin 2.5 8.5 -2.8 8.9 15.8 4.5 6.9 9.6 24.7 -.9 26.3 13.4 6.4 -4.2 20 21 Savings bonds—Households... .6 .6 .9 .5 -.4 .3 .8 .7 -.5 -.4 -.7 .1 -.9 -.2 21 22 Direct excl. savings bonds .7 3.3 -3.8 4.6 8.1 -1.9 3.1 5.8 18.3 -7.0 19.3 2.0 -1.7 -4.6 22 23 Agency issues 1.2 4.7 .2 3.8 8.1 6.1 3.1 3.1 6.9 6.5 7.7 11.3 9.0 .7 23 Private securities 1 Total net issues, by sector 16.1 18.5 27.2 24.2 27.9 20.2 24.8 29.0 27.8 28.8 26.2 28.7 31.6 41.8 1 2 State and local governments 7.3 5.7 7.7 9.9 8.5 5.4 12.5 13.8 10.2 9.8 6.7 7.1 9.2 11.0 2 3 Nonfinancial corporations 5.4 11.4 17.0 12.1 16.4 12.8 10.3 12.4 14.7 14.9 16.1 19.8 20.2 28.9 3 4 Finance companies 1.9 .8 1.0 .8 1.6 .8 .7 .9 1.4 2.2 1.4 1.3 1.3 2.3 4 5 Commercial banks .8 .1 .2 .2 .1 .7 .2 -.1 .1 .3 * —. 1 .2 * 5 6 .8 .5 1.3 1.3 1.4 .5 1.1 2.0 1.4 1.6 2.0 .5 .7 -.4 6 7 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 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 * .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 -1.7 -2.2 -1.0 -3.6 -2.6 -6.4 5.7 -4.2 -7.4 -2.0 * -1.0 .9 -2.6 14 15 Security brokers and dealers... -.1 . 1 . 1 -.9 .4 -7.4 9.0 -3.6 .3 -.9 3.4 -1.4 1.7 1.7 15 16 Investment companies, net -1.5 -2.4 -1.1 -2.8 -3.0 1.0 -3.3 -.6 -7.8 — 1.1 -3.4 .4 -.8 -4.4 16 17 Portfolio purchases 1.6 1.4 1.5 1.9 2.7 3.4 1.4 4.2 -.2 3.6 2.7 4.6 1.3 — 1.1 17 18 Net issues of own shares.... 3.1 3.7 2.6 4.7 5.6 2.4 4.7 4.9 7.6 4.7 6.1 4.2 2.1 3.3 18 19 Rest of the world -.5 .3 .6 2.2 2.0 2.1 2.1 3.6 3.9 .7 .7 2.7 .6 19 -1 Bank loans n.e.c. ! 16.6 9.0 7.5 15.7 16.4 13.6 16.2 24.9 17.3 24.3 12.2 11.7 3.2 4.5 1 2 1.4 .4 2.1 3.0 2.0 2.6 2.9 4.6 2.1 3.5 1.5 1.0 3.1 -.6 2 3 Nonfinancial business 12.3 10.1 7.7 10.6 12.5 8.3 10.8 18.7 13.9 15.5 11.4 9.2 3.9 5.5 3 4 Rest of the world .4 -.2 -.2 -.3 -.3 * -.3 -.7 .3 .5 -1.4 -.5 .8 -.4 4 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 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 72 U.S. BALANCE OF PAYMENTS • FEBRUARY 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 o! 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 --33,,997755 --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 --11,,114477 Scheduled repayments on U.S. Govt, loans 1,114 1,291 345 324 335 398 386 Nonscheduled repayments and selloffs 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 --11,,449944 -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 110033 Others -982 296 248 41 86 -45 18 4. Foreign capital flow, net, excluding change in liquid assets in the United States 8,701 4,131 311 1,635 556633 11,,332200 11,,001111 Long-term investments 6,029 3,959 428 1,276 844 583 770 Short-term claims 759 76 113 -19 17 199 255 Nonliquid claims on U.S. Govt, associated with— Military contracts -105 156 -91 229 --2222 --225566 --6633 U.S. Govt, grants and capital 2 -16 -5 * -9 -17 — 6 6 -2 -20 -1 -25 11 -20 Other nonconvertible, nonmarketable, mediumterm U.S. Govt, securities4 2,010 -41 -115 150 -242 800 7755 5 Allocation of Special Drawing Rights. 221177 217 217 6. Errors and unrecorded transactions -514 -2,841 -927 204 -182 -920 -428 Balances 5 A. Balance on liquidity basis Seasonally adjusted (Equals sum of items 1-6.)... 171 -7,012 -2,279 420 66--11,,665566 --11,,443399 --11,,223344 --663388 Less' Net seasonal adjustments 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 442200 --11,,665566 --11,,443399 --11,,223344 --663388 Plus: Seasonally adjusted change in liquid assets in the United States of— Commercial banks abroad 3,387 9,217 1,311 149 -1,865 --11,,886655 --110022 --11,,337755 Other private residents of foreign countries. . . 375 -441 -143 -131 -151 -151 192 -148 International and regional organizations other than IMF 48 --6600 1122 --6666 114411 114411 --112277 8877 Less: Change in certain nonliquid liabilities to foreign central banks and govts 2,340 -996 -517 --114422 --442211 --442211 550066 --224444 Balance B, seasonally adjusted 11,,664411 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

FEBRUARY 1971 • 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 5 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. official 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? -10 -163 84 -212 -126 -126 * Marketable U.S. Govt, bonds and notes7.., -379 -79 -9 -67 -3 -3 17 20 Deposits, short-term U.S. Govt, securities, etc -2,709 -264 2,169 -227 2,900 2,900 509 2,449 IMF (gold deposits) -3 11 —9 -9 -9 -423 Commercial banks abroad 3,387 9,217 1,554 -187 -1,685 -1,685 -187 -1,125 Other private residents of foreign countries 375 -441 -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. 4 Includes certificates sold abroad by Export-Import Bank. 5 The first column shown for 1970-1 excludes, and the second column NOTE.—Dept. of Commerce data. Minus sign indicates net payments includes, initial allocation by the IMF of $867 million of SDR's. For (debits); absence of sign indicates net receipts (credits). Details may not add to totals because of rounding. 2. MERCHANDISE EXPORTS AND IMPORTS (Seasonally adjusted; in millions of dollars) Exports i Imports 2 Export surplus PPeerriioodd 1967 1968 1969 1970r 1967 1968 1969 1970r 1967 1968 1969 1970' Month: Jan 2,639 2,814 32,094 3,297 2,317 2,687 3 2,014 3,250 322 127 80 47 Feb 2,582 2,775 3 2,313 3,627 2,216 2,592 3 2,653 3,258 366 184 -340 370 Mar 2,525 32,439 3 3,197 3,376 2,166 3 2,589 32,976 3,208 359 -150 221 167 Apr 2,608 32,855 3 3,353 3,448 2,198 32,604 3 3,173 3,247 410 251 180 200 May 2,549 2,740 33,296 3,693 2,118 2,755 3 3,276 3,362 432 -15 20 331 June 2,582 2,870 3 3,211 3,775 2,184 2,792 3 3,185 3,310 398 78 26 465 July 2,601 2,858 3,168 3,683 2,245 2,725 3,064 3,241 357 133 104 442 Aug 2,566 32,950 3,370 3,600 2,145 2,872 3,179 3,364 421 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 -105 141 179 Nov 2,671 2,972 3,365 3,463 2,396 2,883 3,212 3,462 275 89 153 1 Dec 2,677 2,977 3,238 3,518 2,493 2,908 3,006 3,320 184 70 232 197 Quarter: I 7,745 8,028 7,604 10,300 6,698 7,867 7,643 9,716 1,047 161 -39 594 II 7,739 8,465 9,860 10,915 6,500 8,151 9,635 9,918 1,240 314 225 997 Ill 7,764 9,019 9,862 10,819 6,588 8,548 9,297 10,003 1,177 471 565 816 IV 7,763 8,580 9,966 10,687 7,143 8,527 9,438 10,311 620 53 852 376 Year 4 30,934 34,063 37,332 42,662 26,812 33,226 36,043 39,963 4,122 837 1,289 2,699 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 • FEBRUARY 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) 1969 1970 Area and country 1961 1962 1963 1964 1965 1966 1967 1968 1969 III IV II III Western Europe: Austria -143 -82 -55 -100 -25 Belgium -144 -63 -40 -83 -58 France -456 — 518 -405 -884 -60i 600 325 Germany, Fed. Rep. of.. -23 -225 500 500 I I r ta e l l y a nd 100 2 - 0 1 0 -8-2 0 -6 -2 0 -2 -5 0 2 9 -7 4 6 1 16 25 Netherlands -25 -60 -35 -19 -20 Spain -156 -146 -130 -32 -180 51 Switzerland -125 102 -81 -50 -30 -50 -25 -50 United Kingdom -306 -387 329 618 150 -879 -835 Bank for Intl. Settlements. -23 200 200 Other -53 -12 -35 16 -47 il -7 Total. -754 -1,105 -399 ,299 -659 -980 -669 969 721 -27 Canada 190 200 150 50 Latin American republics: Argentina -90 -39 -1 -25 -25 -10 -5 Brazil -2 -3 -1 Colombia 7 Venezuela Other -17 -6 -40 -29 -12 Total. -109 175 32 56 17 -41 -65 -54 -15 -27 Asia: Iraq -10 -4 -42 Japan -56 Lebanon -21 -11 -95 Malaysia -34 Philippines. .. 25 20 -1 9 40 Saudi Arabia. -50 Singapore -81 Other -13 -6 -14 -14 -75 -5 223 -1 -41 Total -101 -93 -24 -44 -366 42 10 24 -39 All other -6 -1 -16 -166 3-68 -1 -2 -4 Total foreign countries. -970 -833 -392 -36 -1,322 -608 -1,031 -1,118 9571 695 -14 -73 Intl. Monetary Fund4.. 150 5-225 177 22 -3 10 -322 Grand total.... -820 -833 -392 -36 -1,547 -431 -1,009 -1,121 967; 10 695 -14 -395 * Includes purchase from Denmark of $25 million. IMF sold to the United States a total of $800 million of gold ($200 2 Includes purchase from Kuwait of $25 million. million in 1956, and $300 million in 1959 and in 1960) with the right of 3 Includes sales to Algeria of $150 million in 1967 and $50 million in repurchase; proceeds from these sales invested by IMF in U.S. Govt, 1968. securities. 4 Includes IMF gold sales to the United States, gold deposits by the 5 Payment to the IMF of $259 million increase in U.S. gold subscription IMF (see note 1 (b) to Table 4), and withdrawal of deposits. The first less gold deposits by the IMF. withdrawal, amounting to $17 million, was made in June 1968. Notes to Table 5 on opposite page: 1 Represents net IMF sales of gold to acquire U.S. dollars for use in 4 Represents the U.S. gold tranche position in the IMF (the U.S. IMF operations. Does not include transactions in gold relating to gold quota minus the holdings of dollars of the IMF), which is the amount deposit or gold investment (see Table 6). that the United States could purchase in foreign currencies automatically if needed. Under appropriate conditions, the United States could pur- 2 Positive figures represent purchases from the IMF of currencies of chase additional amounts equal to its quota. other members for equivalent amounts of dollars; negative figures repre- 5 Includes $259 million gold subscription to the IMF in June 1965 for sent repurchase of dollars, including dollars derived from charges on a U.S. quota increase, which became effective on Feb. 23, 1966. In figures purchases and from other net dollar income of the IMF. Ihe United published by the IMF from June 1965 through Jan. 1966, this gold sub- States has a commitment to repurchase within 3 to 5 years, but only to scription was included in the U.S. gold stock and excluded from the the extent that the holdings of dollars of the IMF exceed 75 per cent of reserve position. the U.S. quota. Purchases of dollars by other countries reduce the U.S. 6 Includes $30 million of special drawing rights. commitment to repurchase by an equivalent amount. NOTE.—The initial U.S. quota in the IMF was $2,750 million. The U.S. 3 Includes dollars obtained by countries other than the United States quota was increased to $4,125 million in 1959, 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

FEBRUARY 1971 • U.S. RESERVE ASSETS; POSITION IN THE IMF A 75 4. U.S. RESERVE ASSETS (In millions of dollars) E y n e d a r o f Total To G ta o l2 l d st T oc r k ea i s ury v c fo u e C r r r o t e r i n i e b g n - l n e - p R o e s s i e t r io v n e E m n o d n t o h f Total Tot G a o l 2 ld st T oc r k ea i s ury v c fo u e C c r r i r o e t e r i s n i e b g 5 n - l n e - p R I o e M s s i i n e t F r i 3 o v n e D R S r p i a g e w h ci i t a n s l 6 g 957. 24,832 22,857 22,781 1,975 958. 22,540 20,582 20,534 1,958 1970—Jan.. . 17,396 11,882 11,367 2,294 2,321 899 959. 21,504 19,507 19,456 1,997 Feb.. 17,670 11,906 11,367 2,338 2,507 919 960. 19,359 17,804 17,767 1,555 Mar.. 17,350 11,903 11,367 1,950 2,577 920 Apr.. 16,919 11,902 11,367 1,581 2,510 926 961. 18,753 16,947 16,889 116 1,690 May. 16,165 11,900 11,367 980 2,360 925 962. 17,220 16,057 15,978 99 1,064 June. 16,328 11,889 11,367 1 ,132 2,350 957 19 63. 16,843 15,596 15,513 212 1,035 July. . 16,065 11,934 11,367 716 2,454 961 964. 16,672 15,471 15,388 432 769 Aug.. 15,796 11,817 11,367 695 2,323 961 965., 15,450 413,806 413,733 781 4 863 Sept.. 15,527 11.494 11,117 1,098 1,944 991 Oct.. . 15,120 11.495 11,117 811 1,823 991 966., 14,882 13,235 13,159 1,321 326 Nov.. 14,891 11,478 11,117 640 1,812 961 967., 14,830 12,065 11,982 2,345 420 Dec.. 14,487 11,072 10,732 629 1,935 851 968., 15,710 10,892 10,367 3,528 1,290 969., , 716,964 11,859 10,367 7 2,781 2,324 1971—Jan.. . 14,699 11,040 10,732 491 1,700 1 ,468 1 Includes (a) gold sold to the United States by the International Mon- June 1965 through Jan. 1966, this gold subscription was included in the etary Fund with the right of repurchase, and (b) gold deposited by the U.S. gold stock and excluded from the reserve position. IMF to mitigate the impact on the U.S. gold stock of foreign purchases 5 For holdings of F.R. Banks only, see pp. A-12 and A-13. for the purpose of making gold subscriptions to the IMF under quota 6 Includes initial allocation by the IMF of $867 million of Special Drawincreases. For corresponding liabilities, see Table 6. ing Rights on Jan. 1, 1970, and second allocation of $717 million of 2 Includes gold in Exchange Stabilization Fund. SDR's on Jan. 1, 1971, plus net transactions in SDR's. 3 The United States has the right to purchase foreign currencies equiva- 7 Includes gain of $67 million resulting from revaluation of the German lent to its reserve position in the IMF automatically if needed. Under ap- mark in Oct. 1969, of which $13 million represents gain on mark holdings propriate conditions the United States could purchase additional amounts at time of revaluation. equal to the U.S. quota. See Table 5. 4 Reserve position includes, and gold stock excludes, $259 million gold NOTE.—See Table 23 for gold held under earmark at F.R. Banks for subscription to the IMF in June 1965 for a U.S. quota increase which foreign and international accounts. Gold under earmark is not included became effective on Feb. 23, 1966. In figures published by the IMF from in the gold stock of the United States. 5. U.S. POSITION IN THE INTERNATIONAL MONETARY FUND (In millions of dollars) Transactions affecting IMF holdings of dollars IMF holdings (during period) of dollars (end of period) U.S. transactions with IMF Transactions by other countries Period with IMF Per cent P s t u a d i b o y o n s m l o l c s f a e r r n i i s p n t - s by s g N I a o M l e l e d t F s 3 T t c f i r c o u o a i r r n e n e r s s s i e g a n 2 i n n c - - I i d M n o c F l i o n l a m n r e e s t P d u o r l c o l h a f a r s s3 e s pur R ch e- ases c T ha o n ta g l e Amount q U u o . o f S t . a 1946—1957. 2,063 600 -45 -2,670 827 775 775 28 1958—1963. 1,031 150 60 -1,666 2,740 2,315 3,090 75 1964—1966. 776 1,640 45 -723 6 1 ,744 4,834 94 1967. 20 -114 -94 4,740 92 1968. -84 20 -806 -870 3,870 75 1969. 22 19 -1,343 268 -1,034 2.836 55 1970. 1,155 6712 "iso' 25 -854 741 1,929 4,765 71 1970—Jan.. -33 36 3 2,839 55 Feb.. -262 42 -186 2,653 51 M Ap a r r . . . . -1 - 7 2 8 1 6 0 6 3 -7 6 0 7 2 2 , , 6 58 5 3 0 5 5 1 0 J M u a n y e . . 150 5 -2 7 15 1 0 0 2 2 , , 8 8 0 1 0 0 5 5 4 4 July.. 2 -139 33 -104 2,706 52 Aug.. 1 -20 150 131 2.837 55 Sept.. 6 132 10 -16 253 379 3,216 62 N O o ct v . . . . 1 1 0 2 4 9 -3 1 - -9 3 5 4 29 1 12 1 1 1 3 3 , , 3 3 4 3 8 7 6 6 5 5 Dec.. 1,155 315 -73 21 1,417 4,765 71 1971—Jan., 250 -3 -23 235 5,000 75 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. • FEBRUARY 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 ' Official institutions 3 Banks and other foreigners Non- End marketpe o r f io d Total Total p G o d s o e i l t - d i m in G e v o n e l t s d t - 2 Total i p S t l t i i o h e a e r s o r b t m r i e r l t d - e - - M b G U a a o o b r n . v S k l d e t . e s . t - c T o U a n i r b b v e . l S l a e e e . r s - t- Total i p t S l i t i o h e a e r s o r b t m r i e r l t d - e - - M b G U a a o o r b n . v k S l d e t e . s , t - Total i p S t l i t i o h e a e r s o r b t m r i e r l t d e - - - M b G U a a o o b r n . v S k l d e t . e s , t by and ury by and by and in b a U nk .S s . notes 4 b a o n n d d s in b a U nk .S s . notes 4 in b a U n . k S s . 6 notes 4 notes 195 7 i 15,825 200 200 7,917 5,724 542 195 8 1 16,845 200 200 8,665 5,950 552 195 9 19,428 500 500 10,120 9,154 966 7,618 7,077 541 1,190 530 660 (20,994 800 800 11,078 10,212 866 7,591 7,048 543 1,525 750 775 1960 8. .. \21,027 800 800 11,088 10,212 876 7,598 7,048 550 1,541 750 791 /22,853 800 800 11,830 10,940 890 8,275 7,759 516 1.948 703 1,245 1961 8. . . \22,936 800 800 11,830 10,940 890 8,357 7,841 516 1.949 704 1,245 (24,068 800 800 12,748 11,997 751 8,359 7,911 448 2,161 1,250 911 1962 8. . . (24,068 800 800 12,714 11,963 751 8,359 7,911 448 2,195 1,284 911 /26,361 800 800 14,387 12,467 1,217 703 9,214 8,863 351 1,960 808 1,152 19638.. . . \26,322 800 800 14,353 12,467 1,183 703 9,204 8,863 341 1,965 808 1,157 (28,951 800 800 15,428 13,224 1,125 1,079 11,001 10,625 376 1,722 818 904 1964 8... \29,002 800 800 15,424 13,220 1,125 1,079 11,056 10,680 376 1,722 818 904 196 5 29,115 834 34 800 15,372 13,066 1,105 1,201 11,478 11,006 472 1,431 679 752 (29,904 1,011 211 800 13,600 12,484 860 256 14,387 13,859 528 906 581 325 1966 8. . . 129,779 1,011 211 800 13,655 12,539 860 256 14,208 13,680 528 905 580 325 1967 8... , \ ( 3 3 3 3 , , 1 27 1 1 9 1 1 , , 0 0 3 3 3 3 2 2 3 3 3 3 8 80 0 0 0 1 1 5 5 , , 6 6 5 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 9. .. \ ( 3 3 3 3 , , 6 82 1 8 4 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 5 4 2 6 9 2 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 6 4 0 6 9 5 7 7 2 2 5 2 6 6 8 8 3 3 4 3 2 9 1969-Nov. 42,852 1,019 219 800 12,014 11,128 331 555 29,103 28,559 544 716 666 50 Dec. 8, io (41,776 1,019 219 800 11,992 11,054 383 555 28,106 27,577 529 659 609 50 141,876 1,019 219 800 11,992 11,054 383 555 28,205 27,676 529 660 610 50 1970-Jan.. . 42,826 1,019 219 800 12,680 11,868 383 429 28,397 27,866 531 730 680 50 Feb.. . 42,972 1,010 210 800 14,022 13,213 380 429 27,128 26,644 484 812 762 50 Mar... 42,943 1,010 210 800 14,763 13,954 380 429 26,369 25,893 476 801 751 50 Apr... 43,335 1,010 210 800 14,409 13,600 380 429 27,154 26,669 485 762 711 51 May.. 43,198 1,010 210 800 14,788 13,977 382 429 26,701 26,200 501 699 648 51 June.. 43,347 1,010 210 800 15,289 14,463 397 429 26,374 25,838 536 674 622 52 July.. 43,463 1,010 210 800 16,574 15,728 417 429 25,127 24,585 542 752 699 53 Aug... 43,963 1,010 210 800 16,593 15,747 417 429 25,524 24,962 562 836 791 45 Sept... 44,189 587 187 400 17,777 16,931 417 429 25,062 24,495 567 763 717 46 Oct... 44,203 587 187 400 18,134 17,379 326 429 24,669 24,104 565 813 768 45 Nov. 44,493 579 179 400 19,960 19,205 326 429 23,168 22,582 586 786 739 47 1 Represents liability on gold deposited by the International Monetary regular monthly reports of securities transactions (see Table 16). Data in- Fund to mitigate the impact on the U.S. gold stock of foreign purchases cluded on the second line are based on a benchmark survey as of Nov. 30, for the purpose of making gold subscriptions to the IMF under quota in- 1968, and the monthly transactions reports. For statistical convenience, creases. the new series is introduced as of Dec. 31, 1968, rather than as of the 2 U.S. Govt, obligations at cost value and funds awaiting investment survey date. obtained from proceeds of sales of gold by the IMF to the United States The difference between the two series is believed to arise from errors in to acquire income-earning assets. Upon termination of investment, the reporting during the period between the two benchmark surveys, from same quantity of gold can be reacquired by the IMF. shifts in ownership not involving purchases or sales through U.S. banks 3 Includes Bank for International Settlements and European Fund. and brokers, and from physical transfers of securities to and from abroad. 4 Derived by applying reported transactions to benchmark data; It is not possible to reconcile the two series or to revise figures for earlier breakdown of transactions by type of holder estimated for 1960-63. dates. Includes securities issued by corporations and other agencies of the U.S. io Includes $17 million increase in dollar value of foreign currency Govt, that are guaranteed by the United States. liabilities resulting from revaluation of the German mark in Oct. 1969. 5 Principally the International Bank for Reconstruction and Development and the Inter-American Development Bank. NOTE.—Based on Treasury Dept. data and on data reported to the 6 Includes difference between cost value and face value of securities in Treasury Dept. by banks and brokers in the United States. Data correspond IMF gold investment account. Liabilities data reported to the Treasury to statistics following in this section, except for minor rounding differences. include the face value of these securities, but in this table the cost value of Table excludes IMF "holdings of dollars," and holdings of U.S. Treasury the securities is included under "Gold investment." The difference, which letters of credit and non-negotiable, non-interest-bearing special United amounted to $43 million at the end of 1969, is included in this column. States notes held by other international and regional organizations. 7 Includes total foreign holdings of U.S. Govt, bonds and notes, for The liabilities figures are used by the Dept. of Commerce in the statistics which breakdown by type of holder is not available. measuring the U.S. balance of international payments on the liquidity 8 Data on the two lines shown for this date differ because of changes in basis; however, the balance of payments statistics include certain adjustreporting coverage. Figures on the first line are comparable with those ments to Treasury data prior to 1963 and some rounding differences, and shown for the preceding date; figures on the second line are comparable they may differ because revisions of Treasury data have been incorporated with those shown for the following date. at varying times. The table does not include certain nonliquid liabilities 9 Data included on the first line for holdings of marketable U.S. Govt, to foreign official institutions that enter into the calculation of the official securities are based on a July 31, 1963, benchmark survey of holdings and reserve transactions balance by the Dept. of Commerce. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1971 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 77 7. U.S. LIQUID LIABILITIES TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES, BY AREA (Amounts outstanding; in millions of dollars) End of period c f o o T u r o n e t t i a r g l i n e s E W u e r s o t p e e r n 1 Canada A re m L p e u a r b t i i l n c i a cs n Asia Africa cou O n t t h r e ie r s 2 15,646 9,872 996 1,131 3,145 249 253 / 12,548 7,009 533 1,354 3,168 259 225 \ 12,481 7,001 532 1,354 3,122 248 224 1969—Nov 12,014 46,234 446 1,417 3,104 570 243 Dec 411,992 5,860 495 1,679 3,190 546 222 1970—Jan 12,680 6,291 600 1,743 3,318 533 195 Feb 14,022 7,251 662 1,893 3,331 702 183 Mar 14,763 7,394 590 2,091 3,780 705 203 Apr 14,409 6,942 733 2,096 3,668 725 245 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 Nov.P. 19,960 13,253 637 1,641 3,639 449 341 1 Includes Bank for International Settlements and European Fund. NOTE.—Data represent short-term liabilities to the official institutions 2 Includes countries in Oceania and Eastern Europe, and Western Euro- of foreign countries, as reported by banks in the United States, and foreign pean dependencies in Latin America. official holdings of marketable and convertible nonmarketable U.S. Govt, 3 See note 9 to Table 6. securities with an original maturity of more than 1 year. 4 Includes $17 million increase in dollar value of foreign currency liabilities resulting from revaluation of the German mark in Oct. 1969. 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) To all foreigners T a o n n d o r n e m gi o o n n e a t l a r o y r g i a n n t i e z r a n t a io ti n o s n 5 a l Payable in dollars Deposits IMF Payable gold U.S. Total i Total Dem D an e d p os T its i me2 b T i c r l e U c l e s r a a . t t S s i e a u f . s i n r - d y s O l t h i e a t o r h b r m e . t 3 r - r fo e c n r i u n e c r i i - g e n s i m nv e e n s t t 4 - Total Demand Time2 b T i c r l c e l e s a r a t t s i e a f u s i n r - d y 30,505 30,276 11,577 5,775 9,173 3,751 229 800 473 67 120 178 31,717 31,081 14,387 5,484 6,797 4,413 636 800 683 68 113 394 /40,040 39,611 20.430 6,834 5,015 7,332 429 800 609 57 83 244 \40,140 39,711 20.431 6,957 5,015 7,308 429 800 610 57 83 244 41,214 40,772 20,078 6,976 5,938 7,780 442 800 680 66 102 252 41,419 40,993 18,875 7,245 6,602 8,271 426 800 762 75 115 317 41,398 40,996 17,996 7,238 7,228 8,534 402 800 751 81 131 330 41,780 41,418 18,719 7,021 7,164 8,514 362 800 711 87 128 237 41,625 41,274 18,134 7,287 7,564 8,289 351 800 648 65 132 226 41,723 41,385 18,084 7,272 8,159 7,870 338 800 622 76 119 194 41,812 41,468 17,203 7,178 9,103 7,984 344 800 699 66 131 218 42,300 41,963 17,415 7,240 9,845 7,463 337 800 791 59 137 252 42,543 42,186 17,234 7,236 10,856 6,860 357 400 717 73 135 179 42,651 42,301 17,041 7,044 11,665 6,551 350 400 768 68 144 188 42,926 42,583 15,833 6,726 13,651 6,373 343 400 739 68 139 148 41,668 41,300 15,798 5,881 14,110 5,511 368 400 815 69 155 211 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. • FEBRUARY 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 Payable Total Dema D nd e posi T ts i me2 T b c i r l c e U e l a r s a . t t s S i e a u f . s n i r - d y s O l t i h e a t o r b h r m . e t r 3 - f r o e c r n u i e n c r i i - g e n s Total Dema D nd ep osi T ts i me2 T bi c r c l U e e l a s r a . t t S s e a i u . f s n i r - d y s O t l h i e t a o r h b r m e . t r - 3 196 7 29,232 11,510 5,655 8,195 3,643 229 14,027 2,054 2,458 7,985 1,378 196 8 30,234 14,320 5,371 5,602 4,304 636 11,318 2,149 1,899 5,486 1,321 1969—Dec. 6 38,631 20.372 6,751 3,971 7,109 429 11,054 1,918 2,951 3,844 2,139 38,730 20.373 6,874 3,971 7,084 429 11,054 1,918 2,951 3,844 2,139 1970—Jan.. . 39,734 20,012 6,874 4,886 7,519 442 11,868 1,649 2,975 4,749 2,293 Feb.. 39,857 18,800 7,130 5,485 8,016 426 13,213 1,661 3,263 5,381 2,706 Mar.. 39,847 17,914 7,107 6,098 8,327 402 13,954 1,445 3,412 5,989 2,906 Apr... 40,269 18,632 6,893 6,127 8,255 362 13,600 1,295 3,372 6,035 2,750 May.. 40,177 18,069 7,155 6,538 8,064 351 13,977 1,330 3,426 6,417 2,656 June., 40,301 18,008 7,153 7,166 7,637 338 14,463 1,410 3,475 7,020 2,410 July. . 40,313 17,137 7,047 8,086 7,700 344 15,728 1,553 3,502 7,946 2,579 Aug.., 40,709 17,356 7,103 8,793 7,120 337 15,747 1,224 3,612 8,653 2,110 Sept.. 41,426 17,161 7,102 10,277 6,530 357 16,931 1,369 3,439 10,141 1,834 Oct.. . 41,483 16,972 6,900 11,077 6,184 350 17,379 1,444 3,181 10,919 1,687 Nov.f 41,787 15,764 6,587 13,103 5,988 343 19,205 1,367 2,846 12,967 1,877 Dec.?\ 40,453 15,729 5,726 13,498 5,131 368 19,287 1,627 2,556 13,354 1,602 To banks 8 To other foreigners Payable in dollars End of period Total Total Dema D nd ep osi T ts i me2 T b c i r c l e U e l a r s a . t t s S e i a u f . s n i r - d y s O l t h i e a t o r h b r m e . t 3 r - Total Dema D n e d p osit T s ime2 T b c i r l c e U e l a r s a . t t s S i e a u f . s n i r - d y s O l t i h e a t o r h b r m e . t r 3 - 196 7 15,205 11,008 7,763 1,142 129 1,973 4,120 1,693 2,054 81 292 196 8 18,916 14,299 10,374 1,273 30 2,621 4,444 1,797 2,199 86 362 1969—Dec. 6. 27,577 23,412 16,745 1.988 20 4,658 3,939 1.709 1,811 107 312 27,676 23,388 16,745 1.989 20 4,633 4,062 1.710 1,934 107 312 1970—Jan.. . 27,866 23,614 16,664 2,050 22 4,879 4,012 1,699 1,849 116 347 Feb.. . 26,644 22,529 15,473 2,077 27 4,952 3,892 1,666 1,790 78 358 Mar... 25,893 21,730 14,702 1,947 21 5,060 3,964 1,767 1,748 89 361 Apr... 26,669 22,481 15,552 1,781 19 5,129 3,974 1,785 1,740 74 375 May. . 26,200 22,011 15,029 1,951 20 5,011 3,987 1,710 1,779 102 398 June.. 25,838 21,552 14,829 1,854 26 4,844 4,096 1,770 1,824 120 383 July.. 24,585 20,448 13,921 1,763 24 4,740 3,941 1,662 1,782 116 381 Aug... 24,962 20,827 14,446 1,726 23 4,631 3,946 1,685 1,764 116 380 Sept.., 24,495 20,370 14,139 1,893 23 4,315 3,917 1,653 1,770 114 380 Oct.. . 24,104 20,024 13,921 1,957 32 4,114 3,878 1,607 1,762 127 383 Nov.*5 22,582 18,432 12,747 1,922 21 3,742 3,955 1,651 1,820 115 369 Dec. p. 21,166 16,902 12,365 1,331 14 3,192 4,044 1,737 1,839 131 338 1 Data exclude "holdings of dollars" of the International Monetary with those shown for the preceding date; figures on the second line are Fund. comparable with those shown for the following date. 2 Excludes negotiable time certificates of deposit, which are included 7 Foreign central banks and foreign central govts, and their agencies, in "Other." and Bank for International Settlements and European Fund. 3 Principally bankers' acceptances, commercial papeT, 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

FEBRUARY 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 1970 AArreeaa aanndd ccoouunnttrryy Dec. Apr. May June July Aug. Sept. Oct. Nov." Dec.p Europe: 314 279 265 265 274 287 273 263 236 118855 Belgium-Luxembourg 530 598 511 526 582 581 614 742 709 596 Denmark 153 186 165 167 189 189 195 193 187 189 120 132 141 130 134 140 137 134 139 116 1,581 1,778 1,858 1,915 2,030 2,282 2,286 2,311 2,417 2,267 Germany 1,381 2,685 2,770 3,455 4,241 4,505 5,439 5,977 7,543 7,520 207 185 185 179 198 199 204 212 198 184 Italy 627 590 647 911 902 839 909 1,104 1,162 1 ,317 Netherlands 463 459 408 382 469 631 626 800 748 762 Norway 341 272 241 216 272 309 287 315 291 324 Portugal 309 266 263 257 272 272 275 251 250 274 202 179 224 228 325 416 391 299 234 198 412 364 353 410 429 431 389 378 449 503 Switzerland 2,005 2,149 2,249 2,266 2,192 2,032 2,015 1,985 1,909 1,952 Turkey 28 27 24 25 27 28 34 34 42 46 United Kingdom 11,349 10,286 9,380 9,481 8,339 8,600 9,113 7,865 6,659 5,506 Yugoslavia 37 29 40 32 35 27 33 31 49 37 Other Western Europe1 1,553 1,736 1,762 1,491 1,548 1,139 850 747 827 588 11 6 4 18 8 7 3 13 13 15 Other Eastern Europe 50 37 40 49 53 41 46 43 48 53 Total 21,674 22,242 21,530 22,403 22,519 22,956 24,118 23,694 24,111 22,633 4,012 3,787 4,113 3,421 3,646 3,827 3,787 4,529 4,213 4,016 Latin America: Argentina 416 517 525 535 588 581 533 660055 560 553399 Brazil 425 544 518 555 544 427 398 419 353 305 Chile 400 406 447 458 444 429 325 359 327 265 261 291 308 302 275 294 282 258 244 247 Cuba 7 6 7 7 6 7 7 6 7 7 Mexico 849 990 882 859 896 915 846 780 876 820 Panama 140 146 170 168 169 170 177 174 178 162 240 220 233 242 210 208 221 213 213 225 Uruguay 111 122 121 122 113 108 107 104 108 117 Venezuela 691 704 675 682 637 651 630 643 652 741 Other Latin American republics 576 650 651 661 651 635 631 618 601 611 Bahamas and Bermuda 1,405 1,321 1,609 1,505 1,306 11,,118899 1,015 761 805 733 Netherlands Antilles and Surinam 80 99 93 95 84 8888 95 91 96 98 Other Latin America 34 47 36 39 44 40 34 39 44 42 Total 5,636 6,064' 6,274 6,231 5,967 5,740 5,300 5,069 5,064 4,911 Asia: China Mainland 36 37 41 43 41 41 41 38 35 32 Hong Kong 213 225 223 225 226 245 235 250 274 258 India 260 322 354 356 363 356 366 401 426 302 Indonesia 86 87 79 68 59 61 53 50 85 73 Israel 146 139 172 147 131 115 121 118 107 135 Japan 3,788 4,084 4,020 3,995 3,914 3,969 4,118 4,242 4,557 5,147 Korea 236 258 291 289 307 280 263 195 185 199 Philippines 201 241 264 261 264 275 242 282 279 296 196 210 226 262 260 212 228 247 260 275 Thailand 628 630 643 627 603 591 585 549 511 508 Other 606 724 679 714 745 779 768 727 680 718 Total 6,396 6,958 6,992 6,987 6,913 6,925 7,021 7,101 7,401 7,945 Africa: Congo (Kinshasa) 87 73 71 52 50 30 18 17 17 1144 Morocco 21 47 47 43 33 21 14 14 10 11 South Africa 66 58 50 45 47 49 47 53 55 83 U.A.R. (Egypt) 23 22 24 22 24 19 19 19 20 17 Other 505 694 716 683 664 685 678 567 471 395 Total 701 895 908 845 817 803 777 669 574 520 Other countries: Australia 282 290 329 383 418 428 389 390 392 389 All other 29 33 30 32 33 31 34 31 33 39 Total 311 324 359 414 451 459 423 421 425 428 Total foreign countries 38,730 40,269 40,177 40,301 40,313 40,709 41,426 41,483 41,787 40,453 International and regional: 1,257 1,268 1,219 1,189 1,245 1,325 848 881 873 975 Latin American regional 100 146 127 131 143 150 145 175 151 129 Other regional3 '. 53 97 102 102 111 116 124 113 115 111 Total 1,410 1,511 1,448 1,422 1,499 1,591 1,117 1,168 1,139 1,215 Grand total 40,140 41,780 41,625 41,723 41,812 42,300 42,543 42,651 42,926 41,668 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. • FEBRUARY 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 AArreeaa oorr ccoouunnttrryy Area or country Apr. Dec. Apr. Dec. Apr. Apr. Dec. Apr. Dec. Apr. Other Western Europe: Other Asia—Cont.: Cyprus 21 8 2 11 15 Jordan 7 3 4 17 30 Iceland 3 6 4 9 10 Kuwait 34 67 40 46 66 Ireland, Rep. of 15 24 20 38 32 Laos 4 3 4 3 4 Lebanon 97 78 82 83 82 Other Latin American republics: Malaysia 52 52 41 30 48 Bolivia 61 66 65 68 76 Pakistan 54 60 24 35 34 Costa Rica 55 51 61 52 43 Ryukyu Islands (incl. Okinawa) 26 17 20 25 Dominican Republic 60 69 59 '78 '96 Saudi Arabia 70 29 48 106 166 E E l c u S a a d lv o a r d or 6 8 4 4 6 8 6 2 6 8 2 9 7 6 6 9 7 7 9 2 S Sy in r g ia a pore 157 7 67 o 40 4 1 4 7 25 6 Guatemala 96 86 90 84 110 Vietnam 123 51 40 94 91 Haiti 17 17 18 r17 19 Honduras 31 33 37 29 29 Other Africa: Jamaica 44 42 29 '17 17 Algeria 8 6 14 13 Nicaragua 58 67 78 63 76 Ethiopia (incl. Eritrea) 23 13 15 20 33 Paraguay 14 16 18 13 17 Ghana 13 3 8 10 7 Trinidad & Tobago 9 10 8 8 11 Kenya 20 29 34 43 47 Liberia 26 25 28 23 41 Libya 45 69 68 288 430 Other Latin America: Nigeria 24 20 10 11 British West Indies 21 25 25 30 38 Southern Rhodesia 4 1 2 . 2 2 Sudan 2 5 3 3 1 Other Asia: Tanzania 27 21 23 10 18 Afghanistan 6 6 8 16 15 Tunisia 2 7 2 6 7 Burma 17 5 5 2 Uganda 10 6 9 5 7 Cambodia 3 2 2 1 1 Zambia 21 25 19 20 38 Ceylon 5 4 5 3 4 Iran 38 41 44 35 41 All other: Iraq 10 86 77 26 6 New Zealand 15 20 16 18 1 Includes Bank for International Settlements and European Fund. 3 Asian, African, and European regional organizations, except BIS and 2 Data exclude "holdings of dollars" of the International Monetary European Fund, which are included in "Europe." Fund but include IMF gold investment. 4 Represent a partial breakdown of the amounts shown in the "other" categories (except "Other Eastern Europe"). 10. LONG-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) To foreign countries Country or area To End of period reg i a n i n o t d l n . al Total O in t f i s f o t i i n c t i s u a - l Banksi fo O r e t e r h i s g e r n - A t r i g n e a n - A O m La t e h t r i e i n r c a Israel Japan Thailand O A t s h i e a r co o u t A n h t l e l r r i es 1966 1.494 506 988 913 50 234 197 140 277 133 19672 \ [ 2 2 , , 5 5 4 6 6 0 6 6 8 9 9 8 1 1 , , 8 8 5 6 8 3 1 1 , , 8 8 0 0 7 7 4 3 0 5 2 2 5 5 1 1 2 2 3 3 4 4 1 1 2 2 6 6 4 4 4 4 3 3 2 2 1 1 8 8 5 5 0 0 2 2 8 8 4 9 1968 3,166 777 2,389 2,341 40 284 257 241 658 201 651 97 1969—Dec.. . 2.495 892 1,602 1,507 55 40 64 175 41 655 70 472 124 1970—Jan... 2,344 880 1,464 1,374 55 37 25 166 6 657 47 445 120 Feb.. . 2,346 875 1,471 1,376 59 36 25 191 6 657 54 416 122 Mar.., 2,348 894 1,454 1,352 62 40 25 202 6 636 49 405 131 Apr.. . 2,277 847 1,430 1,320 64 46 25 210 6 636 49 377 127 May. . 2,220 859 1,362 1,248 64 50 25 217 6 619 28 329 138 June.. 2,135 849 1,286 1,122 116 48 25 216 6 576 28 243 192 July.. 2,051 827 1,224 1,052 118 54 25 197 7 523 28 238 206 Aug.., 1,951 835 1,116 946 120 51 25 145 7 499 22 209 209 Sept.. 1,921 859 1,062 886 119 58 25 146 7 483 11 192 198 Oct... 1,839 844 995 825 119 52 25 147 7 467 9 144 196 D No e v c. .2 ? ' . , 1 1 , , 6 7 9 3 6 2 7 8 8 0 4 9 9 9 1 2 3 3 7 6 5 9 3 9 1 1 6 18 0 5 5 4 2 1 1 3 7 1 1 3 4 8 3 7 6 4 3 1 8 7 5 1 1 2 3 4 8 2 1 3 9 7 4 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

FEBRUARY 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 Area and country Dec. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. NOV.P Dec.*3 Europe: Denmark 10 9 9 6 6 6 6 6 6 6 6 5 5 3 France 5 6 6 6 6 6 6 6 6 6 6 6 6 6 Netherlands 2 2 2 2 2 2 2 2 2 2 2 2 2 2 Norway 37 37 37 37 37 37 37 37 37 37 37 37 37 37 Sweden 5 5 5 5 5 5 5 5 5 5 5 5 5 5 Switzerland 39 42 42 46 46 46 45 45 44 47 49 49 49 49 United Kingdom 350 407 407 358 350 359 369 396 401 411 423 424 447 499 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 6 6 Total 488 538 539 491 483 492 501 529 532 545 560 559 582 632 Canada 384 272 271 270 271 271 279 286 287 294 284 191 190 192 Latin America: Latin American republics.. 2 2 2 2 2 2 2 2 2 2 2 2 2 2 Neth. Antilles & Surinam. 15 12 13 12 12 12 12 12 12 12 12 12 12 12 Other Latin America * 2 2 2 2 2 2 2 3 4 4 5 4 4 Total 17 15 17 15 15 15 15 15 16 17 17 18 18 18 Asia: Japan 9 61 61 62 62 62 61 61 61 61 61 61 61 61 Other Asia 18 18 18 18 18 18 19 19 19 19 19 19 18 38 Total 26 79 79 80 80 80 81 81 81 81 80 80 80 99 Other countries 11 7 7 7 7 7 7 22 42 42 42 42 42 42 Total foreign countries 927 912 914 864 856 865 883 933 959 979 984 891 912 983 International and regional: International 25 32 31 31 30 30 30 30 30 22 22 22 22 * Latin American regional.. 13 18 19 19 20 20 21 21 22 23 23 23 24 24 Asian regional 1 Total 39 50 50 50 50 51 51 52 53 45 45 46 46 24 Grand total 966 962 964 914 906 916 934 985 1,012 1,024 1,030 936 959 1,008 NOTE.—Data represent estimated official and private holdings of mar- year, and are based on a Nov. 30, 1968, benchmark survey of holdings and ketable U.S. Govt, securities with an original maturity of more than 1 regular monthly reports of securities transactions (see Table 16). 12. NONMARKETABLE U.S. TREASURY BONDS AND NOTES ISSUED TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES (In millions of dollars or dollar equivalent) Payable in dollars Payable in foreign currencies End of period Total g B iu e m l- C ad a a n 1 - m De a n rk - Italy 2 S d w en e- T w a a i n - T la h n a d i- Total A tr u ia s- g B iu e m l- m G a e n r y - 3 Italy e S r w la it n z d - 196 8 3,330 1,692 32 1,334 146 15 25 20 100 1,638 50 1,051 226 311 196 9 43,181 1,431 32 1,129 135 15 20 100 t 1,750 4 1,084 125 541 1970—Jan.. 2,514 1,431 32 1,129 135 15 20 100 1,083 542 541 Feb.. 2,513 1,431 32 1,129 135 15 20 100 1,083 542 541 Mar. 2,799 1,717 32 1,429 121 15 20 100 1,083 542 541 Apr. 2,897 1,814 32 1,529 118 15 20 100 1,083 542 541 May 3,096 2,013 32 1,729 117 15 20 100 1,083 542 541 June 3,511 2,428 32 2,229 32 15 20 100 1 ,083 542 541 July. 3,508 2,425 32 2,229 29 15 20 100 1,083 542 541 Aug. 3,508 2,425 32 2,229 29 15 20 100 1,083 542 541 Sept 3,508 2,425 32 2,229 29 15 20 100 1,083 542 541 Oct.. 3,567 2,484 32 2,289 28 15 20 100 1,083 542 541 Nov. 3,564 2,481 32 2,289 25 15 20 100 1,083 542 541 Dec. 3,563 2,480 32 2,289 25 15 20 100 1,083 542 541 1971—Jan. 3,563 2,480 32 2,289 25 15 20 100 1,083 542 541 1 Includes bonds issued in 1964 to the Government of Canada in connec- 3 In addition, nonmarketable U.S. Treasury notes amounting to $125 tion with transactions under the Columbia River treaty. Amounts out- million equivalent were issued to a group of German commercial banks in standing end of 1967 through Oct. 1968, $114 million; Nov. 1968 through June 1968. The revaluation of the German mark in Oct. 1969 increased Sept. 1969, $84 million; Oct. 1969 through Sept. 1970, $54 million; and the dollar value of these notes by $10 million. Oct. 1970 through latest date, $24 million. 4 Includes an increase in dollar value of $101 million resulting from 2 Bonds issued to the Government of Italy in connection with mili- revaluation of the German mark in Oct. 1969. tary purchases in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 82 INTL. CAPITAL TRANSACTIONS OF THE U.S. • FEBRUARY 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. Apr. May June July Aug. Sept. Oct. NOV.P Dec P Europe: Austria 7 3 5 6 13 7 4 5 8 6 Belgium-Luxembourg 56 69 67 64 53 52 70 68 71 50 Denmark 40 31 29 33 28 36 34 36 37 40 Finland 68 64 61 63 65 63 63 56 55 66 France 107 96 100 82 83 75 104 78 105 113 Germany 205 135 146 152 125 169 181 182 184 184 Greece 22 19 22 22 25 27 28 27 25 26 Italy 120 102 103 100 87 90 102 106 92 101 Netherlands 51 65 86 53 49 46 67 52 57 61 Norway 34 34 35 33 31 30 33 40 48 54 Portugal 8 9 13 12 12 8 10 16 13 11 Spain 70 99 96 102 52 51 59 58 54 54 Sweden 67 99 92 112 113 103 112 123 110 97 Switzerland 99 114 91 115 109 123 100 115 98 100 Turkey 19 19 31 16 17 10 6 4 4 9 United Kingdom 408 393 329 403 399 335 382 378 430 379 Yugoslavia 28 32 34 30 32 33 36 42 41 35 Other Western Europe 9 7 10 8 7 6 7 8 12 22 U.S.S.R 2 2 2 2 1 2 3 3 1 3 Other Eastern Europe 34 40 46 41 45 43 40 43 41 36 Total 1,454 1,432 1,397 1,449 1,345 1,310 1,442 1,436 1,487 1,450 Canada 826 598 765 816 729 749 805 859 865 1,061 Latin America: Argentina 309 285 280 311 306 297 305 303 306 324 Brazil 317 293 303 305 299 296 317 323 322 322 Chile 188 213 218 213 210 210 205 199 189 199 Colombia 225 254 252 249 250 256 265 267 272 284 Cuba 14 14 14 14 14 14 14 14 13 14 Mexico 803 888 899 911 901 889 900 906 934 902 Panama 68 68 67 63 68 68 83 94 84 95 Peru 161 159 162 172 156 142 132 136 141 147 Uruguay 48 55 54 52 57 53 57 54 55 63 Venezuela 240 254 264 253 248 251 266 284 284 281 Other Latin American republics 295 295 287 298 295 294 285 298 321 340 Bahamas and Bermuda 93 67 63 65 56 60 74 131 101 152 Netherlands Antilles and Surinam 14 15 15 18 16 17 18 14 15 19 Other Latin America 27 29 23 21 23 20 22 20 22 22 Total 2,802 2,890 2,901 2,946 2,900 2,867 2,943 3,043 3,058 3,163 Asia: China Mainland 1 1 1 1 1 1 1 2 1 2 Hong Kong 36 41 44 46 41 35 46 36 36 39 India 10 9 12 11 12 11 10 12 12 13 Indonesia 30 49 48 52 36 42 46 41 54 56 Israel 108 99 94 93 90 80 82 105 110 120 Japan 3,372 3,276 3,378 3,407 3,378 3,276 3,225 3,264 3,538 3,890 Korea 158 190 216 215 222 228 227 218 197 196 Philippines 215 295 278 268 269 209 215 134 129 137 Taiwan 49 59 69 79 82 81 81 82 82 95 Thailand 101 103 98 100 96 106 108 100 97 109 Other 212 164 179 184 180 165 157 160 164 157 Total 4,291 4,286 4,419 4,455 4,406 4,234 4,198 4,155 4,420 4,815 Africa: Congo (Kinshasa) 6 4 5 5 5 4 6 4 5 4 Morocco 3 5 4 4 4 6 5 6 4 6 South Africa 55 60 58 66 69 68 72 72 76 77 U.A.R. (Egypt) 11 15 17 15 15 14 13 12 10 13 Other 86 62 62 68 65 65 63 63 72 79 Total 162 146 145 158 157 157 159 157 166 180 Other countries: 59 64 Australia 53 56 62 62 63 66 60 59 16 16 All other 16 22 22 18 15 16 17 15 Total 69 78 84 80 78 82 77 75 75 80 Total foreign countries 9,604 9,429 9,711 9,903 9,614 9,399 9,624 9,725 10,071 10,748 International and regional 2 1 2 1 1 2 2 1 2 3 Grand total 9,606 9,430 9,714 9,904 ,616 9,401 9,626 9,726 10,073 10,751 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

FEBRUARY 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 Loans to— Foreign Collec- Accept- govt, se- End of period Total tions ances Deposits curities, Total Total O in f s f t i i c t i u a - l Banksi Others st o i a n u n g t d - - fo o m r f a f a o d c r e c - t. Other Total w e i i t g h n e f r o s r - a n c n o a d m n c f l e i . tions eigners paper 196 7 8,606 8,182 3,150 306 1,616 1,228 1,552 3,013 467 425 287 70 196 8 8,711 8,261 3,165 247 1,697 1,221 1,733 2,854 509 450 336 40 1969—Dec. 2 ( ( 9 9 , , 6 5 0 7 6 8 9 9, , 0 0 9 6 1 3 3 3 , , 2 2 8 7 1 8 2 2 6 6 2 2 1 1 , , 9 9 4 4 3 6 1 1 , . 0 0 7 7 3 3 1 1 , , 9 9 5 5 4 4 3 3 . , 1 2 6 0 9 2 6 65 5 6 8 5 5 1 1 6 6 3 3 5 5 2 2 8 8 4 4 1970—Jan... 9,305 8,804 3,260 257 1,986 1,018 1,970 3,019 554 502 347 77 Feb.. 9,210 8,750 3,207 265 1,914 1,029 1,992 2,987 563 461 320 62 Mar.. 9,340 8,926 3,290 294 1,922 1.074 2,083 3,044 508 415 300 45 Apr.. 9,430 8,952 3,116 335 1,734 1,047 2,153 3,223 459 478 342 70 May. 9,714 9,216 3,193 315 1,825 1,053 2,220 3,244 559 498 338 87 June. 9,904 9,437 3,316 305 1,932 1,079 2,238 3,287 595 467 314 78 July. . 9,616 9,195 3,191 256 1,873 1,063 2.244 3,234 525 421 296 61 Aug.. 9,401 8,937 2,975 178 1,711 1,087 2.245 3.170 547 463 354 50 Sept.. 9,626 9,147 3,229 186 1,936 1 ,108 2,275 3,056 586 479 366 40 Oct... 9,726 9,207 3,129 109 1,897 1,122 2,331 3,158 589 519 370 67 Nov2'. 10,073 9,518 3,132 95 1,894 1,143 2,429 3,330 627 555 354 112 Dec.f 10,751 10,100 3,040 119 1 ,709 1,212 2,415 3,966 680 651 393 90 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 Payable Total Loans to— O lo t n h g e - r c fo u r r i e r n i e g n n - U K d n i o n i m t g e - d E O u t r h o e p r e Canada Am La e t r i i n c a Japan O A t s h i e a r Official Other term cies Total institu- Banksi foreign- claims tions ers 3,925 3,638 669 323 2,645 272 15 56 720 427 1,556 180 449 3,567 3,158 528 237 2,393 394 16 68 479 428 1,375 122 617 3,250 2,806 502 209 2,096 426 18 67 411 408 1,329 568 3,187 2.736 461 212 2.063 421 29 67 403 406 1,307 90 558 3,161 2,727 476 205 2,046 402 33 63 401 416 1,298 86 546 3,226 2,796 519 211 2,067 398 31 68 419 406 1,337 87 559 3,248 2,815 508 220 2,087 401 32 74 413 420 1,363 89 546 3,232 2,822 511 211 2,100 380 30 67 426 427 1,348 89 530 3 3 , , 1 1 6 1 5 4 2 2, , 7 7 3 7 3 6 4 4 8 7 6 3 2 21 0 5 9 2 2 , , 0 0 8 4 0 4 3 3 5 6 2 2 2 2 7 9 6 6 8 7 4 3 2 9 5 6 4 4 1 1 6 7 1 1 , .3 3 2 2 8 4 1 9 0 2 0 5 51 0 7 2 3,117 2,707 458 225 2,023 382 29 63 398 411 1,312 106 515 3,141 2.737 447 244 2,046 376 28 64 395 416 1,345 108 499 3,215 2,827 518 256 2,053 358 30 66 407 409 1.329 109 582 3,197 2,809 498 247 2.064 362 26 66 387 398 1,344 113 583 3,049 2,680 488 230 1,963 343 25 69 412 312 1,301 115 548 1 Excludes central banks, which are included with "Official institutions." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 84 INTL. CAPITAL TRANSACTIONS OF THE U.S. • FEBRUARY 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 * securities 2 Foreign bonds Foreign stocks Net purchases or sales Period TToottaall II aa nn nn tt dd ll.. Foreign ccc PPP hhhaaa uuu sss rrr eee --- sss SSSaaallleeesss ccc NNN hhhaaa sss eee aaa ttt sss lll eee ppp eee sss sss uuu ooo rrr rrr --- ccc PPP hhhaaa uuu sss rrr eee --- sss SSSaaallleeesss ccc NNN hhhaaa sss eee aaa ttt sss eee lll ppp eee sss sss uuu ooo rrr rrr --- ccchhh PPP aaa uuu sss rrr eee --- sss SSSaaallleeesss ccc NNN hhh eee sss aaa ttt aaa sss lll eee eee ppp sss sss uuu ooo rrr rrr --rreeggiioonnaall 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? 46 -25 71 -39 110 11,391 9,829 1,562 1,472 2,318 -847 1,032 991 41 1969—Dec... 37 * 37 52 -15 1,181 969 212 176 195 -19 107 123 -16 1970—Jan.. . 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.. -8 * -8 * -8 1,108 989 120 168 268 -101 101 115 -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 1,177 938 239 109 255 -146 71 120 -50 NOV.P 23 1 22 * 22 754 609 145 97 87 10 65 76 -11 Dec.f. 49 -22 71 18 53 1,280 1,010 271 140 245 -105 82 82 * 1 Excludes nonmarketable U.S. Treasury bonds and notes issued to Also includes issues of new debt securities sold abroad by U.S. corporaofficial institutions of foreign countries ; see Table 12. tions organized to finance direct investments abroad. 2 Includes State and local govt, securities, and securities of U.S. Govt, NOTE.—Statistics include transactions of international and regional agencies and corporations that are not guaranteed by the United States. organizations. 17. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE STOCKS, BY COUNTRY (In millions of dollars) Period Total France m G a e n r y - N l e a t n h d e s r - Sw la it n z d e r- K U in n g i d te o d m E O u t r h o e p r e E T u o r t o a p l e Canada Am La e t r in ic a Asia Africa co O u t n h t e r r ie s r I e n g t i l o . n & al 1968 2,270 201 169 298 822 -28 130 1,592 386 151 124 2 3 12 1969 1,487 150 216 189 490 -245 295 1,094 125 136 90 7 -1 36 19703' 620 58 195 128 110 -33 24 482 -8 39 85 -1 1 22 1969—Dec 19 14 12 -13 5 9 13 40 -23 -1 1 * * 2 1970—Jan -43 1 11 -5 -24 5 -20 -31 -39 24 3 * * * F M e a b r - -4 1 1 3 -13 9 1 1 6 1 -8 6 -2 1 6 9 -3 2 2 - -1 1 9 4 -3 3 3 2 - - 2 3 5 0 -2 1 4 2 6 3 —* 1 * * 4 1 Apr 4 -8 20 -23 12 -15 5 -10 25 -18 6 * * 1 May -200 1 -2 33 -46 -102 -32 -149 -30 -26 3 -1 * 1 J Ju u l n y e 5 6 2 3 16 6 18 3 1 1 6 8 2 1 3 3 - -2 1 3 4 1 9 4 4 5 1 8 -16 8 -2 3 1 6 5 * * *1 * 1 Aug 104 7 18 16 40 20 11 113 -6 -9 4 * * 2 S O e c p t t 2 1 2 5 5 8 - - 4 3 2 3 3 6 3 1 7 3 - 4 1 9 2 3 9 2 21 6 1 8 5 5 4 2 3 6 1 2 3 0 0 2 1 2 3 — * 1 * * — 2 1 Nov.*.... 98 7 13 18 11 3 31 84 6 1 * * * 7 Dec.p , , , 213 39 27 8 39 14 11 138 41 28 4 * * 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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 l e a t n h d e s r - Sw la it n z d e r- K U in n g i d te o d m E O u t r h o e p r e E T u o r t o a p l e Canada Am La e t r i i n c a Asia Africa co O u t n h t e r r ie s I r n e t g l. i o a n n a < l 1968 1,964 195 253 39 510 522 238 1,757 68 12 * 11 117 1969 1,195 97 200 14 169 251 83 815 32 14 -11 -1 10 336 1970p 943 35 48 37 134 128 91 474 128 23 28 1 -12 302 1969—Dec 193 34 17 5 26 44 19 146 1 6 1 -1 1 38 1970—Jan 56 7 5 1 15 14 2 43 11 3 # * * Feb 92 3 8 5 14 35 -12 53 7 -4 1 * -1 37 Mar 161 4 8 19 8 30 9 78 13 10 1 * * 58 Apr 156 7 4 16 32 10 7 76 7 6 1 * * 65 May 40 3 * * 14 -14 5 9 2 2 2 * -1 26 June 13 4 -6 * 4 -12 3 -8 13 2 10 * -6 3 July 81 4 -2 -1 23 36 8 68 6 5 1 * -1 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 43 43 14 1 6 * -2 19 NOV.P .... 47 2 1 * 3 1 4 13 17 2 3 * * 13 Dec.? 58 2 7 -3 9 22 18 56 1 1 3 * 1 -3 NOTE.—Statistics include State and local govt, securities, and securities the United States. Also includes issues of new debt securities sold abroad of U.S. Govt, agencies and corporations that are not guaranteed by by U.S. corporations organized to finance direct investments abroad. 19. NET PURCHASES OR SALES BY FOREIGNERS OF 20. FOREIGN CREDIT AND DEBIT LONG-TERM FOREIGN SECURITIES, BY AREA BALANCES IN BROKERAGE ACCOUNTS (In millions of dollars) (Amounts outstanding; in millions of dollars) Total Credit Debit Period Total I a r n n e t d - l. c e f o o i u g r n n - - r E o u p - e C a a d n a - A L i m a c t a e i n r- Asia r A ic f a - c O t o r t u i h e n e s r - E pe n r d i o o d f fo b ( r a d e l u i a g e n n c e t 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 1970p -806 -257 -549 50 -476 1 -138 -6 20 453 372 Sept 468 398 1969—Dec -35 4 -39 -8 -24 10 -30 * 14 636 508 1970—Jan * -2 2 10 -11 -5 5 * 2 1969—Mar 553 393 Feb -133 -38 -95 33 -110 -5 -13 — 1 2 566 397 Mar -114 22 -136 36 -154 5 -23 -1 1 467 297 Apr -66 9 -75 17 -82 -2 -9 * 1 Dec 434 278 May 65 11 54 -1 42 3 8 * 2 June 35 5 30 1 39 3 -14 * 1 1970—Mar 368 220 July -147 -38 -109 9 -78 -23 -16 * * 334 182 Aug -147 -158 11 4 -52 56 2 * 1 291 203 Sept 3 16 -13 5 22 -30 -12 * 2 Oct -196 -91 -105 -33 -51 4 -27 * 2 Nov.f — i 3 -4 -10 15 -2 -9 — l 1 NOTE.—Data represent the money credit balances and Dec.? -105 4 -109 -22 -57 -2 -31 -1 4 money debit balances appearing on the books of reporting 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. • FEBRUARY 1971 21. LIABILITIES OF U.S. BANKS TO THEIR FOREIGN BRANCHES 22. MATURITY OF EURO-DOLLAR AND FOREIGN BRANCH HOLDINGS OF SPECIAL EXPORT-IMPORT DEPOSITS IN FOREIGN BANK SECURITIES BRANCHES OF U.S. BANKS (Amounts outstanding; in millions of dollars) (End of month; in billions of dollars) Wednesday Amount Wednesday Amount Wednesday Amount 1970 Maturity of liability 1966 1969 1970—Cont. Sept. Oct. Nov. Mar. 30 1,879 Jan. 29 8,545 Aug. 5 10,379 June 29 1,951 Feb. 26 8,822 1 2 10,373 1.41 1.47 1.30 Sept. 28 3,472 Mar. 26 9,621 1 9 10,423 Call 1.98 2.17 2.07 Dec. 28 4,036 Apr. 30 9,399 2 6 10,733 Other liabilities, maturing May 28 9,868 in following calendar June 25 13,269 Sept. 2 10,437 months after report 1967 J A u u ly g . 2 3 7 0 1 1 4 4 , , 6 4 5 3 8 4 2 1 3 9 6 1 1 1 0 0 0 , , , 2 6 3 3 3 3 8 6 3 da 1 te s : t 9 4 . . 6 2 1 5 8 5 . . 2 0 3 9 9 5 . . 0 3 7 2 Mar. 29 3,412 Sept. 24 14,349 30 r 9,663 3rd 3.44 3.99 3.23 June 28 3,166 Oct. 29 13,648 4th 2.06 1.48 1.58 Sept. 27 4,059 Nov. 26 14,574 Oct. 7 r 9,830 5 th 1.25 1.32 1.39 Dec. 27 4,241 Dec. 31 '12,805 14 r 9,589 6th 1.10 1.30 1.29 1970 21 r9,595 7th .32 .29 .34 1968 Jan. 28 13,623 28 -'9,297 9 8 t t h h . . 2 2 8 9 . . 2 3 4 0 . . 2 1 5 8 Feb. 25 13,094 Nov. 4 '9,024 10th .22 .15 .14 Mar. 25 11,942 11 r 8,892 11th .15 .14 .15 Jan. 31 4,259 Apr. 29 11,973 18 r 8,766 12th .13 .13 .21 Feb. 28 4,530 May 6 11,982 25 '8,435 Maturities of more than 1 Mar. 27 4,920 13 11,682 .48 .52 .60 Apr. 24 5,020 20 12,026 Dec. 2 ' 8,252 May 29 5,872 27 12,373 9 8,215 June 26 6,202 June 10 3 1 1 1 1 , , 9 9 8 4 7 6 2 1 3 3 6 0 '7 7 8 , , , 6 3 9 7 0 0 6 5 2 26.97 26.81 27.11 July 31 6,126 17 12,082 NOTE.—Includes interest-bearing U.S. dollar Aug. 28 7,004 24 12,220 1971 deposits and direct borrowings of all branches in Sept. 25 7,104 July 1 11,455 the Bahamas and of all other foreign branches Oct. 30 7,041 8 11,541 Jan. 6 7,438 for which such deposits and direct borrowings Nov. 27 7,170 15 11,562 1 3 7,861 amount to $50 million or more. Dec. 25 6,948 22 11,280 2 0 7,823 Details may not add to totals due to rounding. Dec. 31 (1/1/69)... 6,039 29 10,514 2 7 7,537 NOTE.—The data represent gross liabilities of reporting banks to their branches in foreign countries, plus $1,000 million of Export-Import bank securities held by foreign branches beginning Jan. 27, 1971. For back data 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 1968. 216 9,120 13,066 1969. 134 7,030 12,311 1967 1,163 852 133 128 49 621 309 1970—Jan.. 152 7,374 12,291 1968 1,638 1,219 87 272 60 979 280 Feb.. 313 8,219 12,268 Mar.. 200 9,118 12,270 1969—Nov , . . 1,715 1,252 105 280 78 1,000 411 Apr.. 204 9,154 12,272 Dec 2 f1,319 952 116 174 76 610 469 May. 128 9,754 12.239 \1,449 1,023 161 179 86 663 519 June. 168 10,888 12.240 July.. 199 11,803 12,217 1970—Jan 1,725 1,242 183 224 76 1,004 447 Aug.. 173 12,489 12,283 Feb 1,717 1,254 193 190 80 1,050 372 Sept.. 136 13,983 12,611 Mar 1,604 1,168 186 188 63 1,003 302 Oct... 142 14,458 12,617 Apr 1,484 1,061 178 180 66 904 270 Nov.. 136 16,196 12,644 May 1,534 1,043 200 182 109 879 331 Dec.. 148 16,226 12,926 June 1,586 1,105 174 194 112 813 359 July 1,491 1,043 181 193 74 787 309 1971—Jan... 129 16,206 12,958 Aug 1,361 900 164 203 94 699 297 Sept 1,500 951 183 240 126 722 382 Oct.' 1,639 985 177 318 159 679 479 1 U.S. Treasury bills, certificates of indebtedness, Nov 1,711 1,026 171 348 166 674 523 notes, and bonds; includes securities payable in foreign currencies. 1 Negotiable and other readily transferable foreign obligations payable on demand NOTE.—Excludes deposits and U.S. Govt, securities or having a contractual maturity of not more than 1 year from the date on which the h m e a ld rk e fo d r g i o n l t d e r i n s a t g i o o l n d a l h e a l n d d fo r r e g f i o o r n e a i l g n o r a g n a d n iz in at t i e o r n n s a . tio E n a a r l - obl 2 i g D a a ti t o a n o n w t a h s e i t n w cu o r l r i e n d e s b f y o r t t h h e i s f d o a re te ig d n i e f r fe . r because of changes in reporting coverage. accounts and is not included in the gold stock of the Figures on the first line are comparable in coverage with those shown for the preceding United States. date; figures on the second line are comparable with those shown for the following date. NOTE.—Data represent the liquid assets abroad of large nonbanking concerns in the United States. They are a portion of the total claims on foreigners reported by nonbanking concerns in the United States and are included in the figures shown in Table 26. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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 Dec. Mar. June Sept.*3 Dec. Mar. June Sept.P Europe: Austria 4 3 4 6 5 7 8 6 Belgium-Luxembourg 62 70 71 66 67 60 61 62 Denmark 3 3 3 3 16 16 17 16 Finland 2 1 1 1 7 8 8 13 France 135 124 156 139 122 155 176 160 Germany, Fed, Rep. of 255 203 202 181 305 195 244 258 Greece 4 3 3 3 19 19 27 28 Italy 90 83 91 75 155 169 177 172 Netherlands 90 110 116 121 58 68 75 70 Norway 4 5 5 6 17 11 13 13 Portugal 10 6 5 10 10 14 18 14 Spain 59 55 47 48 77 77 72 76 Sweden 38 29 32 35 32 27 27 25 Switzerland 127 155 167 184 44 44 37 45 Turkey 3 2 2 3 12 12 11 13 United Kingdom 457 543 641 654 1,060 1,338 1,134 1,072 Yugoslavia 1 2 1 1 18 19 15 17 Other Western Europe 21 19 21 21 12 11 12 9 Eastern Europe 1 2 3 5 22 17 20 29 Total 1 ,365 1,419 1,569 1,564 2,057 2,265 2,154 2,098 Canada 226 204 204 213 821 638 685 697 Latin America Argentina 9 11 15 10 52 53 62 61 Brazil 18 13 14 17 86 97 100 110 Chile 12 10 11 13 41 42 37 42 Colombia 7 6 5 6 29 33 37 37 Cuba * * * * 1 1 1 1 Mexico 17 24 21 28 141 139 141 154 Panama 4 8 5 5 19 19 19 18 Peru 12 10 6 6 30 34 37 29 Uruguay 5 5 5 5 7 8 6 5 Venezuela 25 23 28 24 58 69 65 72 Other L.A. republics 43 27 28 35 90 92 102 98 Bahamas and Bermuda 31 46 57 89 65 83 158 139 Neth. Antilles and Surinam 2 4 38 24 6 7 8 10 Other Latin America 4 5 6 5 17 25 20 23 Total 190 190 240 267 643 702 791 798 Asia: Hong Kong 8 7 8 9 11 13 1177 19 India 20 27 37 41 37 36 41 42 Indonesia 5 5 7 7 12 11 17 14 Israel 14 15 17 21 36 34 23 21 Japan 144 133 114 136 256 298 310 312 Korea 2 1 2 1 28 27 50 29 Philippines 9 6 7 7 38 32 33 31 Taiwan 3 4 4 9 19 23 29 27 3 3 3 4 15 15 15 13 Other Asia 27 26 28 47 119 113 126 145 Total 235 228 228 283 571 602 660 653 Africa: Congo (Kinshasa) 2 3 14 15 4 4 5 4 South Africa 14 19 19 24 30 28 35 29 U.A.R. (Egypt) 7 1 2 2 9 9 10 11 Other Africa 29 33 43 51 46 46 49 52 Total 52 56 78 90 88 86 99 95 Other countries: 61 65 70 75 61 65 85 71 All other 7 6 6 5 10 13 14 15 Total 68 71 76 81 71 78 100 86 International and regional * * * * * * 2 1 Grand total 2,136 2,169 2,394 2,498 4,253 4,372 4,490 4,429 NOTE.—Reported by exporters, importers, and industrial and commercial concerns and other nonbanking institutions in the United States. Data exclude claims held through U.S. banks, and intercompany accounts 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. • FEBRUARY 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 End of period Total P d a o y i l n l a a b r l s e cu P fo r a r r y i e e n a n i b g c l n i e e s Total P d a o y i l n l a a b r l s e b D a e n p k o s s i a ts b r w o i a th d in reporter's Other name 1966—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.. 2,394 1,824 570 4,490 3,845 297 349 Sept.p 2,498 1,940 558 4,429 3,766 357 306 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 it d e o d m E O u t r h o e p r e Canada Brazil Mexico A O L m t a e h t r i e i n r c a Japan O A t s h i e a r Africa o A th l e l r 1966—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 58 230 108 98 84 17 June 430 1,488 27 257 303 214 88 290 110 98 85 15 Sept 411 1,452 40 212 309 212 84 283 109 103 87 13 Dec ( 414 1,537 43 257 311 212 85 278 128 117 89 16 Dec.1 \ 428 1,570 43 263 322 212 91 274 128 132 89 16 1968—Mar 582 1,536 41 265 330 206 61 256 128 145 84 21 June 747 1,568 32 288 345 205 67 251 129 134 83 33 Sept 767 1,625 43 313 376 198 62 251 126 142 82 32 Dec 1,129 1,790 147 306 419 194 73 230 128 171 83 38 1969—Mar 1,285 1,872 175 342 432 194 75 222 126 191 72 43 June 1,325 1,952 168 368 447 195 76 216 142 229 72 40 Sept 1,418 1,965 167 369 465 179 70 213 143 246 71 42 Dec ( 1,725 2,215 152 433 496 172 73 388 141 249 69 42 Dec.1 ( 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 2,726 160 712 557 175 65 475 166 286 76 54 Sept.P 2,653 2,859 157 724 597 177 63 583 144 283 73 58 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

FEBRUARY 1971 • MONEY RATES A 89 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Australia 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 lg a i n u 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 r m on a e r ) k (pound) (dollar) 196 6 .48690 223.41 1111.22 3.8686 2.0067 92.811 20.946 14.475 196 7 .30545 111.25 3.8688 2.0125 92.689 20.501 14.325 196 8 .28473 111.25 3.8675 2.0026 92.801 16.678 13.362 196 9 .28492 111.10 3.8654 1.9942 92.855 16.741 13.299 197 0 26.589 111.36 3.8659 2.0139 95.802 16.774 13.334 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 4 96.273 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 1971—Jan.. 24,829 111.82 3.8665 2.0145 98.831 16.792 13.361 Period F (f r r a a n n c c e ) ( G d m e e r u a m t r s k a c ) n h y e (r In up d e ia e ) ( I p r o el u a n n d d ) ( I l t i a r l a y ) J ( a y p en a ) n M (d a o la ll y a s r i ) a M (p e e x s i o c ) o 196 6 20.352 25.007 5 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 6 19.302 7 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 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 1971—Jan.. 18.119 27.496 13.269 240.58 .16045 .27932 32.515 8.0056 Period (pou N n e d w ) Zeal ( a d n o d ll ar) N (k o r r o w n a e y ) P (e o s r c t u u d g o a ) l A ( S r o f a r u n i t c d h a ) (p S e p s a e i t n a ) S (k w r e o d n e a n ) ( e S f r w r l a a i n t n z c d - ) 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 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 1971—Jan.. 111.94 14.003 3.5000 139.81 1.4290 19.365 23.227 1 Effective Feb. 14, 1966, Australia adopted the decimal currency 6 Effective Aug. 10, 1969, the French franc was devalued from 4.94 to system. The new unit, the dollar, replaces the pound and consists of 100 5.55 francs per U.S. dollar. cents, equivalent to 10 shillings or one-half the former pound. 7 Effective Oct. 26, 1969, the new par value of the deutsche mark was 2 Effective Oct. 12, 1967, the Finnish markka was devalued from 3.2 set at 3.66 per U.S. dollar. to 4.2 markkaa per U.S. dollar. 8 Effective July 10, 1967, New Zealand adopted the decimal currency 3 A new Argentine peso, equal to 100 old pesos, was introduced on system. The new unit, the dollar, replaces the pound and consists of 100 Jan. 1, 1970. Effective June 18, 1970, the peso was devalued from 3.50 to cents, equivalent to 10 shillings or one-half the former pound. 4.00 pesos to the U.S. dollar. 4 On June 1, 1970, the Canadian Government announced that, for the NOTE.—After the devaluation of the pound sterling on Nov. 18, 1967, time being, Canada will not maintain the exchange rate of the Canadian the following countries devalued their currency in relation to the U.S. dollar within the margins required by IMF rules. dollar: Ceylon, Denmark, Ireland, New Zealand, and Spain. 5 Effective June 6, 1966, the Indian rupee was devalued from 4.76 to Averages of certified noon buying rates in New York for cable transfers. 7.5 rupees per U.S. dollar. For description of rates and back data, see "International Finance," Section 15 of Supplement to Banking and Monetary Statistics, 1962. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 90 MONEY RATES • FEBRUARY 1971 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of Jan. 31, 1970 Country 1970 1971 Per Month cent effective Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Argentina 6.0 Dec. 1957 Austria 5.0 Jan. 1970 Belgium 7.5 Sept. 1969 77..00 66..55 Brazil 20.0 July 1969 Burma 4.0 Feb. 1962 Canada 8.0 July 1969 77..55 77..00 66..55 66..00 Ceylon 5.5 May 1968 Chile 14.0 July 1969 Colombia 8.0 May 1963 Costa Rica 4.0 June 1966 Denmark 9.0 May 1969 88..00 Ecuador 8.0 Jan. 1970 El Salvador 4.0 Aug. 1964 Finland 7.0 Apr. 1962 France 8.0 Oct. 1969 77..55 77..00 66..55 Germany, Fed. Rep. of... 6.0 Sept. 1969 77..55 77..00 66..55 66..00 Ghana 5.5 Mar. 1968 Greece 6.0 July 1969 Honduras 3.0 Jan. 1962 Iceland 9.0 Jan. 1966 India 5.0 Mar. 1968 66..00 Indonesia 9.0 Aug. 1963 Iran 8.0 Aug. 1969 Ireland 8.62 Jan. 1970 88..1199 77..8811 77..1199 77..3311 Israel 6.0 Feb. 1955 Italy 4.0 Aug. 1969 55..55 Jamaica 6.0 May 1969 Japan 6.25 Sept. 1969 66..00 55..7755 Korea 26.0 June 1969 2244..00 Mexico 4.5 June 1942 Netherlands 6.0 Aug. 1969 New Zealand 7.0 Mar. 1961 Nicaragua 6.0 Apr. 1954 Norway 4.5 Sept. 1969 Pakistan 5.0 June 1965 Peru 9.5 Nov. 1959 Philippine Republic 10.0 June 1969 Portugal 2.75 Jan. 1969 33..55 South Africa 5.5 Aug. 1968 Spain 5.5 July 1969 66..55 66..2255 Sweden 7.0 July 1969 Switzerland 3.75 Sept. 1969 Taiwan 10.8 May 1969 99..88 Thailand 5.0 Oct. 1959 Tunisia 5.0 Sept. 1966 Turkey 7.5 May 1961 99..00 United Arab Rep. (Egypt) 5.0 May 1962 United Kingdom 8.0 Feb. 1969 77..55 77..00 Venezuela 5.5 June 1969 55..00 Vietnam 6.0 Aug. 1969 77..00 1188..00 NOTE.—Rates shown are mainly those at which the central bank either agricultural purposes, 7 per cent for bank acceptances for industrial discounts or makes advances against eligible commercial paper and/or purposes, and 10 per cent for advances to cover shortages in legal reserves; govt, securities for commercial banks or brokers. For countries with Honduras—Rate shown is for advances only. more than one rate applicable to such discounts or advances, the rate Indonesia—Various rates depending on type of paper, collateral, comshown is the one at which it is understood the central bank transacts modity involved, etc.; the largest proportion of its credit operations. Other rates for some Japan—Penalty rates (exceeding the basic rate shown) for borrowings of these countries follow: from the central bank in excess of an individual bank's quota; Argentina—3 and 5 per cent for certain rural and industrial paper, de- Peru—3.5, 5, and 7 per cent for small credits to agricultural or fish producpending on type of transaction; tion, import substitution industries and manufacture of exports; 8 per Brazil—8 per cent for secured paper and 4 per cent for certain agricultural cent for other agricultural, industrial and mining paper; paper; Philippines—6 per cent for financing the production, importation, and dis- Chile—17 per cent for forestry paper, preshipment loans and consumer tribution of rice and corn and 7.75 per cent for credits to enterprises enloans, 18 per cent for selective and special rediscounts, 19.5 per cent for gaged in export activities. Preferential rates are also granted on credits to cash position loans, and 23.5 per cent for construction paper beyond a rural banks; and basic rediscount period. A fluctuating rate applies to paper covering the Venezuela—2 per cent for rediscounts of certain agriculture paper, 4Vi acquisition of capital goods. per cent for advances against government bonds, and 5l/i per cent for Colombia—5 per cent for warehouse receipts covering approved lists of rediscounts of certain industrial paper and on advances against promissory products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent notes or securities of first-class Venezuelan companies. for rediscounts in excess of an individual bank's quota; Vietnam—10 per cent for export paper; treasury bonds are rediscounted Costa Rica—5 per cent for paper related to commercial transactions at a rate 4 percentage points above the rate carried by the bond; and (rate shown is for agricultural and industrial paper); there is a penalty rate of 24 per cent for banks whose loans exceed quan- Ecuador—5 per cent for special advances and for bank acceptances for titative ceilings. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1971 • MONEY RATES; ARBITRAGE A 91 OPEN MARKET RATES (Per cent per annum) Canada United Kingdom Fe G d e . r R m e a p n . y o , f Netherlands Sw la it n z d e r- Month 3 T m r b e o i a l n s ls t u , h r s y i m Da o d y n a - y e t y o 2 - 3 B a a a m c n n c o c k e n e p e s t r t , h - s ' s 3 T r m b e i a o l s l n s u t , r h y s D m a d o y a n - y t e o y - a B d ll a e o p n w o o k n a s e n i r t c s s e ' D m a o d y n a - e y t y o - 3 Tr 6 d b e 0 a i a - l y s l 9 s s u 0 , 4 r y D m a o d y n a - e y t y o - 5 3 T r m b e i a o l s l n s u t , r h y s D m a d o y a n - y t e o y - d P is r r c i a v o t a u e t n e t 1 1 9 9 6 6 8 9 — — D D e e c c . . 5 7. . 1 9 5 6 5 6 . . 3 9 1 5 7 8 . . 2 4 6 9 7 6 . .8 6 0 4 5 6 . . 9 7 9 5 5 5 . . 0 8 0 4 8 8. . 9 2 7 2 2 4 . . 7 4 5 2 4 1 . . 8 8 1 4 4 5 . . 6 5 5 5 4 5 . . 9 9 6 8 4 3 . . 2 7 1 5 1969—Dec. 7.78 7.78 7.70 6.90 6.00 10.38 5.75 8.35 6.00 7.11 4.75 1970—Jan.. 7.80 7.88 7.55 6.88 6.00 10.21 5.75 9.09 6.00 6.76 4.75 M Fe a b r . . , 7 7 . . 3 7 5 0 7 7 . . 3 8 5 1 8.60 7 7 . . 2 6 7 0 7 6 . .9 0 7 3 5 6 . . 5 0 6 0 9 9 . . 4 7 7 0 7 5. . 7 0 5 0 9 8 . . 5 4 5 8 6 6 . . 0 0 0 0 7 7 . . 0 0 5 4 r4 4 . . 9 7 4 5 Apr. 6.81 6.82 8.30 6.94 6.26 5.23 9.02 7.00 9.68 6.00 5.57 5.25 May 6.51 6.66 8.06 6.82 6.03 5.00 8.90 7.00 9.23 6.00 7.07 5.25 June 5.90 5.98 8.06 6.87 6.03 5.00 9.35 7.00 8.76 6.00 6.92 5.25 July. 5.79 6.00 8.07 6.82 6.01 5.00 8.57 6.75 8.86 6.00 6.96 5.25 Aug. 5.66 5.74 8.06 6.81 6.08 5.00 8.13 6.75 7.85 6.00 6.03 5.25 Sept. 5.44 5.51 8.06 6.82 5.84 5.00 8.13 6.75 9.15 6.00 6.31 5.25 Oct., 5.25 5.24 8.06 6.81 5.93 5.00 7.82 6.75 7.43 6.00 6.89 5.25 Nov. 4.74 4.52 8.06 6.81 5.81 5.00 7.30 6.25 8.44 5.75 4.33 5.25 Dec. 4.47 5.07 8.06 6.82 5.95 5.00 5.75 7.52 5.91 6.73 5.25 1971—Jan.. 4.59 5.25 8.06 6.79 5.84 5.00 5.60 4.46 1 Based on average yield of weekly tenders during month. 5 Monthly averages based on daily quotations. 2 Based on weekly averages of daily closing rates. NOTE.—For description and back data, see "International Finance,' 3 Rate shown is on private securities. Section 15 of Supplement to Banking and Monetary Statistics, 1962. 4 Rate in effect at end of month. ARBITRAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates Premium Date K q ( U u i a n o U n d t g j i . a . t S d t e . o t i d o o m n U S n ta it te e s d L S ( o p f n a o r v d e f o a o r d n ) P d f ( ( r o p i — + s e r o c m ) w u ) o a n i u o o u r d r n n m d t i L n ( o c f N n e a o n v d e f t o t o i r v n e ) qu A o in s t e d C anad q a A u o U d t j . a . S t . t i o o n U S n ta it te e s d C S ( a p fa n r o v a e f o a d r d a ) C d f ( ( d o a i + - s o r n ) c ) w l a o la d a o u o r i r n r n a s d t n i C n ( c a f N e a n o n v a e f t t o d i r v a e ) basis) Canada basis 1970 Sept. 2 1 1 5 4 8 1 6 6 6 6 . . . . 6 6 6 6 9 9 9 9 6 6 5 6 . . . . 3 0 7 3 5 8 4 7 . . . .6 9 3 3 5 2 4 1 - - - - 1 1 1 2 . . . . 3 3 0 5 8 8 2 4 - - - - 1 2 . . . . 7 0 0 2 7 7 6 0 5 5 5 5 . . . . 4 5 5 4 1 2 4 4 5 5 5 5 . . . . 3 2 3 2 7 7 9 9 6 6 6 5 . . . . 3 3 0 7 5 7 8 4 -1 - - - . . . . 8 4 9 0 1 5 6 0 . . . . 6 6 6 3 5 5 7 9 . . . . 3 6 2 1 1 1 0 4 Oct. 2 3 1 2 9 6 3 0 6 6 6 6 6 . . . . . 6 6 6 6 6 9 9 9 9 9 6 5 5 5 5 . . . . . 7 7 8 8 0 1 9 6 0 1 . . . . . 8 9 6 9 8 3 8 8 0 9 - - - - 1 1 - . . . . . 8 9 9 2 1 3 6 2 7 4 - - - . . . 3 . . 5 0 0 0 1 9 3 7 2 5 5 4 5 5. . . . . 4 3 9 2 4 1 5 7 2 0 5 5 5 5 4 . . . . . 2 2 2 0 8 1 7 6 8 4 5 5 5 5 6 . . . . . 7 7 8 8 0 1 9 6 0 1 - - - - - . . . . . 6 9 6 5 7 5 5 3 4 4 1 . . . . . 4 9 1 3 9 1 8 3 4 0 . . . . . 3 3 5 4 3 3 6 4 0 0 Nov. 2 2 1 6 7 0 3 6 6 6 6 . . . . 6 6 6 6 9 9 9 9 5 5 5 5 . . . . 4 1 0 4 6 0 0 4 1 1 1 1 . . . . 5 2 6 2 9 5 9 3 -1 - - - . . . . 9 8 8 1 8 9 6 8 . . . . 0 7 3 7 5 1 6 3 4 4 4 5 . . . . 3 8 6 0 5 6 0 0 4 4 4 4 . . . . 2 4 8 7 5 9 7 4 5 5 5 5 . . . . 4 1 4 0 6 0 4 0 - - - - . . . . 6 7 5 7 1 5 7 2 . . . .5 4 4 4 7 9 9 3 . . . . 2 2 0 1 6 3 4 4 Dec. 4 6 6 . . 6 6 9 9 4 4 . . 8 8 7 0 1 1 . .8 8 9 2 - - . . 7 8 1 0 1 1. .0 1 9 1 4 4 . . 4 5 6 4 4 4 . . 3 4 6 2 4 4 . . 8 8 7 0 - - . . 5 3 1 8 . . 6 6 5 1 . .2 1 3 4 2 3 IS 4 1 . ' .'.'.'.'. 6 6 6 . . . 6 6 6 9 9 9 4 4 4 . . . 6 7 8 8 8 0 2 1 1 . . . 9 8 0 1 9 1 - - -. . . 9 9 6 1 2 8 1 1 . . . 3 0 9 3 7 0 4 4 4 . . . 5 4 4 1 4 0 4 4 4 . . . 3 3 2 5 3 9 4 4 4 . . . 6 7 8 8 8 0 - - - . . . 3 4 4 3 7 9 -. . . 1 0 6 2 1 0 . . . 4 5 28 9 9 1971 Jan. 2 2 1 2 9 8 5 6 6 6 6 . . . . 6 6 6 6 9 6 6 6 4 4 4 4 . . . . 6 3 0 0 9 5 6 8 2 2 2 2 . . . . 3 5 6 0 1 8 0 0 - - - - 2 1 2 . . . . 9 7 2 5 9 2 8 2 - 1 . . . . 1 7 3 0 4 9 2 1 4 4 4 4 . . . . 5 5 6 7 5 5 5 2 4 4 4 4 . . . . 4 4 5 6 4 4 3 0 4 4 4 4 . . . . 6 3 0 0 9 5 6 8 -. . . . 2 3 5 1 5 8 2 8 -1 - - - . . . . 8 3 6 1 3 0 3 1 . . . . 4 5 4 5 5 5 5 9 NOTE.—Treasury bills: All rates are on the latest issue of 91-day bills. All series: Based on quotations reported to F.R. Bank of New York U.S. and Canadian rates are market offer rates 11 a.m. Friday; U.K. by market sources. rates are Friday opening market offer rates in London. For description of series and for back figures, see Oct. 1964 BULLETIN, Premium or discount on forward pound and on forward Canadian dollar: pp. 1241-60. For description of adjustments to U.K. and Canadian Rates per annum computed on basis of midpoint quotations (between Treasury bill rates, see notes to Table 1, p. 1257, and to Table 2, p. 1260, bid and offer) at 11 a.m. Friday in New York for both spot and forward Oct. 1964 BULLETIN. pound sterling and for both spot and forward Canadian dollars. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 92 GOLD RESERVES • FEBRUARY 1971 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti- Intl. Estimated Mone- United mated Afghan- Argen- Aus- Aus- Beltotal tary States rest of istan tina tralia tria gium Brazil Canada world i Fund world 42,305 2,312 15,596 24,395 78 208 536 1,371 150 42 817 43,015 2,179 15,471 25,365 71 226 600 1,451 92 84 1,026 243,230 31,869 13,806 27,285 66 223 700 1,558 63 84 1,151 43,185 2,652 13,235 27,300 84 224 701 1,525 45 84 1,046 41,600 2,682 12,065 26,855 84 231 701 1,480 45 84 1,015 40,905 2,288 10,892 27,725 109 257 714 1,524 45 84 863 41,015 2,310 11,859 26,845 135 263 715 1,520 45 84 872 2,413 11,882 140 263 710 1,518 45 84 870 2,435 11,906 140 268 714 1,520 45 84 879 41,205 2,512 11,903 26,790 140 269 714 1,520 45 84 879 2,514 11,902 140 268 712 1,518 45 84 879 2,529 11,900 140 269 713 1,520 45 84 880 41,170 2,544 11,889 26,735 140 270 714 1,520 45 84 880 2,547 11,934 140 269 714 1,520 45 84 880 2,652 11,817 140 269 714 1,518 45 63 880 Mi 80 2,825 11.494 ^26 j 860 140 282 714 1,530 45 63 880 2,902 11.495 140 283 714 1,528 45 63 3,224 11,478 140 283 '714 1,528 45 63 4,339 11,072 239 714 1,470 45 63 791 Gerlo C m o b - ia m De a n rk - l F a i n n d - France m F a e n d y . , Greece India Iraq l I a r n e d - Israel Italy Rep. of 62 92 61 3,175 3,843 77 247 142 98 18 60 2,343 58 92 85 3,729 4,248 77 247 141 112 19 56 2,107 35 97 84 4,706 4,410 78 281 146 110 21 56 2,404 26 108 45 5,238 4,292 120 243 130 106 23 46 2,414 31 107 45 5,234 4,228 130 243 144 115 25 46 2,400 31 114 45 3,877 4,539 140 243 158 193 79 46 2,923 26 89 45 3,547 4,079 130 243 158 193 39 46 2,956 27 89 45 3,546 4,079 130 243 158 151 39 46 2,976 27 89 45 3,544 4,079 120 243 158 151 38 46 2,978 27 89 45 3,544 4,079 120 243 158 151 38 46 2,978 2 2 7 7 8 8 9 9 4 4 5 5 3 3, , 5 5 4 4 1 4 4 4 , . 0 0 7 7 9 9 1 1 2 2 0 0 2 2 4 4 3 3 1 1 5 5 8 8 1 1 5 5 1 1 2 2 6 6 4 4 6 6 2 2. , 9 9 8 7 1 8 26 89 45 3,543 4.080 120 243 158 151 26 46 2.982 26 89 45 3,543 4,080 120 243 158 151 26 46 2.983 26 45 3,537 4.080 120 243 158 151 26 45 2,983 26 45 3,537 4.081 119 243 148 151 26 45 2,983 26 45 3,537 4,081 119 243 148 151 26 45 2,983 18 45 3,533 4,081 117 243 131 '144 16 43 2,981 17 29 3,532 3,980 243 131 144 16 43 2,887 Kuwait a L n e o b n - Libya Ma si l a a y- Mexi- N l e a t n h d e s r - N w o a r y - P s a ta k n i- Peru P p h i i n li e p s - Po g r a t l u - 48 172 139 29 1,601 31 53 57 28 497 48 183 7 169 34 1,688 31 53 67 23 523 52 182 2 158 21 1,756 31 53 67 38 576 67 193 1 109 21 1,730 18 53 65 44 643 136 193 31 166 21 1,711 18 53 20 60 699 122 288 66 165 21 1,697 24 54 20 62 856 86 288 63 169 21 1,720 25 25 876 86 288 63 169 21 1,720 27 54 25 45 882 86 288 63 170 21 1,730 27 54 26 46 882 86 288 63 170 21 1,730 27 54 40 47 890 86 288 63 170 21 1,730 27 54 40 49 890 86 288 63 171 21 1,730 27 54 40 50 890 86 288 63 171 21 1 ,730 27 54 40 50 890 86 288 63 171 21 1.750 27 54 40 53 890 86 288 63 171 21 1.751 27 54 40 54 901 86 288 63 176 21 1,801 34 54 40 56 902 86 288 63 176 21 1,801 33 54 40 59 902 86 288 63 21 1,832 23 54 40 59 902 86 48 1,787 24 54 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 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 Sweden Sw la it n z d e r- Taiwan T la h n a d i- Turkey ( U E . g A y . p R t . ) U K d n i o i n t m g e - d U gu r a u y - V zu e e n l e a - Y sl u av g i o a - S I e f n t o t t r l l e . ments 4 196 3 630 573 182 2,820 50 104 115 174 2,484 171 401 14 -279 196 4 574 616 189 2,725 55 104 104 139 2,136 171 401 17 -50 196 5 425 810 202 3,042 55 96 116 139 2,265 155 401 19 -558 196 6 637 785 203 2,842 62 92 102 93 1,940 146 401 21 -424 196 7 583 785 203 3,089 81 92 97 93 1,291 140 401 22 -624 196 8 1,243 785 225 2,624 81 92 97 93 1,474 133 403 50 -349 1969—De c 1,115 784 226 2,642 82 92 117 93 1,471 165 403 51 -480 1970—Ja n 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 11,,446699 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 1,454 165 404 52 -303 Oct 879 534 225 2,720 82 92 126 93 165 404 52 -308 Nov.... 788 553344 225 2,720 8822 92 126 116611 384 52 — 305 Dec.v. . 666666 220000 22,,773322 9922 112266 338844 5522 --228822 1 Includes reported or estimated gold holdings of international and some member countries in anticipation of increase in Fund quotas, except regional organizations, central banks and govts, of countries listed in those matched by gold mitigation deposits with the United States and this table and also of a number not shown separately here, and gold to be United Kingdom; adjustment is $270 million. distributed by the Tripartite Commission for the Restitution of Monetary 3 Excludes gold subscription payments made by some member countries Gold; excludes holdings of the U.S.S.R., other Eastern European coun- in anticipation of increase in Fund quotas: for most of these countries tries, and China Mainland. the increased quotas became effective in Feb. 1966. The figures included for the Bank for International Settlements are 4 Net gold assets of BIS, i.e., gold in bars and coins and other gold the Bank's gold assets net of gold deposit liabilities. This procedure assets minus gold deposit liabilities. avoids the overstatement of total world gold reserves since most of the gold deposited with the BIS is included in the gold reserves of individual NOTE.—For back figures and description of the data in this and the countries. following tables on gold (except production), see "Gold," Section 14 of 2 Adjusted to include gold subscription payments to the IMF made by Supplement to Banking and Monetary Statistics, 1962. GOLD PRODUCTION (In millions of dollars at $35 per fine troy ounce) Africa North and South America Asia Other WWoorrlldd PPeerriioodd pp tt rr ii oo oo dd nn uu cc ii -- A So fr u i t c h a Ghana C s ( h K o a n i s n g a - o ) U S n ta i t t e e s d C a a d n a - M ic e o x - N ra ic g a u - a Co b l i o a m - India Japan P p h i i n li e p s - t A ra u l s ia - o A th l e l r 1964 1111111,,,,,,,444444400000005555555.......0000000 1111111111111111111,,,,,,,,,,,,,,,,,,,000000000000000000011111111111111111118888888888888888888...................9999999999999999999 33333330000000.......3333333 7777777.......8888888 55555551111111.......4444444 111111111111111111113333333333333333333333333333333333333333....................00000000000000000000 7777777777777.............4444444444444 6666666.......9999999 111111111111111111222222222222222222..................888888888888888888 5555555555555555................2222222222222222 111111111111111666666666666666...............111111111111111 11111114444444.......9999999 333333333333333333333333333333...............777777777777777 66666666666666.......6666666 1965 1111111,,,,,,,444444444444440000000.......0000000 1111111111111111111,,,,,,,,,,,,,,,,,,,000000000000000000066666666666666666669999999999999999999...................4444444444444444444 22222226666666.......4444444 2222222.......3333333 55555558888888.......6666666 111111111111111111112222222222222222222255555555555555555555....................66666666666666666666 7777777777777.............6666666666666 5555555.......4444444 111111111111111111111111111111111111..................222222222222222222 4444444444444444................6666666666666666 111111111111111888888888888888...............111111111111111 11111115555555.......3333333 333333333333333000000000000000...............777777777777777 66666664444444.......8888888 1966 1111111,,,,,,,444444444444445555555.......0000000 1111111111111111111,,,,,,,,,,,,,,,,,,,000000000000000000088888888888888888880000000000000000000...................8888888888888888888 22222224444444.......0000000 5555555.......6666666 66666663333333.......1111111 111111111111111111111111111111111111111144444444444444444444....................66666666666666666666 7777777777777.............5555555555555 5555555.......2222222 999999999999999999..................888888888888888888 4444444444444444................2222222222222222 111111111111111999999999999999...............444444444444444 11111115555555.......8888888 333333333333333222222222222222...............111111111111111 66666662222222.......9999999 1967 1111111,,,,,,,444444411111110000000.......0000000 1111111111111111111,,,,,,,,,,,,,,,,,,,000000000000000000066666666666666666668888888888888888888...................7777777777777777777 22222226666666.......7777777 5555555.......4444444 55555553333333.......4444444 111111111111111111110000000000000000000033333333333333333333....................77777777777777777777 5555555555555.............8888888888888 5555555.......2222222 999999999999999999..................000000000000000000 3333333333333333................4444444444444444 222222222222222333333333333333...............777777777777777 11111117777777.......2222222 222222222222222888888888888888...............444444444444444 55555559999999.......4444444 1968 1111111,,,,,,,444444422222220000000.......0000000 1111111111111111111,,,,,,,,,,,,,,,,,,,000000000000000000088888888888888888888888888888888888888...................0000000000000000000 22222225555555.......4444444 5555555.......9999999 55555553333333.......9999999 9999999999999999999944444444444444444444....................11111111111111111111 6666666666666.............2222222222222 4444444.......9999999 888888888888888888..................444444444444444444 4444444444444444................0000000000000000 222222222222222111111111111111...............555555555555555 11111118888888.......5555555 222222222222222777777777777777...............666666666666666 66666661111111.......6666666 1969p 1111111,,,,,,,444444422222220000000.......0000000 1111111111111111111,,,,,,,,,,,,,,,,,,,000000000000000000099999999999999999990000000000000000000...................7777777777777777777 22222224444444.......8888888 6666666.......0000000 66666660000000.......1111111 8888888888888888888855555555555555555555....................22222222222222222222 6666666666666.............3333333333333 3333333.......7777777 777777777777777777..................777777777777777777 3333333333333333................4444444444444444 222222222222222333333333333333...............777777777777777 22222220000000.......0000000 222222222222222444444444444444...............555555555555555 66666663333333.......9999999 1969—Nov 99999999999999999993333333333333333333...................6666666666666666666 66666666666666666666....................88888888888888888888 .............5555555555555 ..................666666666666666666 ................3333333333333333 222222222222222...............000000000000000 222222222222222...............000000000000000 Dec 88888888888888888889999999999999999999...................5555555555555555555 77777777777777777777....................11111111111111111111 .............5555555555555 ..................444444444444444444 ................2222222222222222 222222222222222...............222222222222222 111111111111111...............999999999999999 1970—Jan 99999999999999999992222222222222222222...................8888888888888888888 77777777777777777777....................55555555555555555555 .............5555555555555 ..................555555555555555555 ................2222222222222222 222222222222222...............111111111111111 111111111111111...............777777777777777 Feb 88888888888888888888888888888888888888...................4444444444444444444 66666666666666666666....................55555555555555555555 .............6666666666666 ..................888888888888888888 ................3333333333333333 111111111111111...............999999999999999 111111111111111...............888888888888888 Mar 99999999999999999994444444444444444444...................3333333333333333333 77777777777777777777....................11111111111111111111 .............6666666666666 ..................555555555555555555 ................3333333333333333 222222222222222...............111111111111111 222222222222222...............666666666666666 Apr 99999999999999999992222222222222222222...................8888888888888888888 66666666666666666666....................66666666666666666666 .............5555555555555 ..................666666666666666666 ................3333333333333333 111111111111111...............888888888888888 111111111111111...............888888888888888 May 99999999999999999994444444444444444444...................5555555555555555555 77777777777777777777....................00000000000000000000 ..................666666666666666666 ................3333333333333333 222222222222222...............222222222222222 111111111111111...............777777777777777 June 99999999999999999996666666666666666666...................6666666666666666666 11111.....77777 77777777777777777777....................22222222222222222222 ..................666666666666666666 ................3333333333333333 222222222222222...............000000000000000 111111111111111...............777777777777777 July 99999999999999999995555555555555555555...................2222222222222222222 22222.....00000 66666666666666666666....................88888888888888888888 ..................666666666666666666 ................3333333333333333 Aug 99999999999999999996666666666666666666...................3333333333333333333 22222.....22222 66666666666666666666....................33333333333333333333 ..................777777777777777777 Sept 99999999999999999996666666666666666666...................2222222222222222222 22222.....22222 66666666666666666666....................66666666666666666666 ..................777777777777777777 Oct 99999999999999999996666666666666666666...................6666666666666666666 66666666666666666666....................99999999999999999999 Nov 66666666666666666666....................55555555555555555555 1 Estimated; excludes U.S.S.R., other Eastern European countries, China Mainland, and North Korea. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 94 FEDERAL RESERVE BANKS, 1970 • FEBRUARY 1971 EARNINGS AND EXPENSES (In Item Total Boston New York Philadelphia Cleveland Richmond Atlanta Current earnings Discounts and advances 5500,,773377,,991199 3,497,819 1122,,888833,,113344 1,548,387 2,508,266 2,086,333 2,173,989 Acceptances 44,,773300,,446655 44,,773300,,446655 UUUUUUUUUUUU............SSSSSSSSSSSS............ GGGGGGGGGGGGoooooooooooovvvvvvvvvvvvtttttttttttt,,,,,,,,,,,, sssssssssssseeeeeeeeeeeeccccccccccccuuuuuuuuuuuurrrrrrrrrrrriiiiiiiiiiiittttttttttttiiiiiiiiiiiieeeeeeeeeeeessssssssssss 33,,777711,,778888,,116644 189,039,121 995566,,226600,,994422 194,105,935 293,561,717 281,255,061 200,162,777 FFFFFFFFFFFFoooooooooooorrrrrrrrrrrreeeeeeeeeeeeiiiiiiiiiiiiggggggggggggnnnnnnnnnnnn ccccccccccccuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeennnnnnnnnnnncccccccccccciiiiiiiiiiiieeeeeeeeeeeessssssssssss 4488,,778866,,227799 2,338,626 1122,,882211,,448811 2,488,871 4,336,184 2,488,231 3,162,786 AAAAAAAAAAAAllllllllllllllllllllllll ooooooooooootttttttttttthhhhhhhhhhhheeeeeeeeeeeerrrrrrrrrrrr 11,,117755,,661177 43,001 444455,,882233 27,121 80,731 37,585 74,812 TTTTTTTTTTTToooooooooooottttttttttttaaaaaaaaaaaallllllllllll 3,877,218,444 194,918,567 987,141,845 198,170,314 300,486,898 285,867,210 205,574,364 CCCCCCCCCCCCuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeennnnnnnnnnnntttttttttttt eeeeeeeeeeeexxxxxxxxxxxxppppppppppppeeeeeeeeeeeennnnnnnnnnnnsssssssssssseeeeeeeeeeeessssssssssss SSSSSSSSSSSSaaaaaaaaaaaallllllllllllaaaaaaaaaaaarrrrrrrrrrrriiiiiiiiiiiieeeeeeeeeeeessssssssssss:::::::::::: OOOOOOOOOOOOffffffffffffffffffffffffiiiiiiiiiiiicccccccccccceeeeeeeeeeeerrrrrrrrrrrrssssssssssss 13,009,400 803,572 2,596,519 904,056 810,370 1,103,389 977,281 EEEEEEEEEEEEmmmmmmmmmmmmppppppppppppllllllllllllooooooooooooyyyyyyyyyyyyeeeeeeeeeeeeeeeeeeeeeeeessssssssssss 154,724,505 9,893,700 39,448,320 7,066,332 9,877,373 11,704,549 10,929,387 RRRRRRRRRRRReeeeeeeeeeeettttttttttttiiiiiiiiiiiirrrrrrrrrrrreeeeeeeeeeeemmmmmmmmmmmmeeeeeeeeeeeennnnnnnnnnnntttttttttttt aaaaaaaaaaaannnnnnnnnnnndddddddddddd ooooooooooootttttttttttthhhhhhhhhhhheeeeeeeeeeeerrrrrrrrrrrr bbbbbbbbbbbbeeeeeeeeeeeennnnnnnnnnnneeeeeeeeeeeeffffffffffffiiiiiiiiiiiittttttttttttssssssssssss 33,823,807 2,227,758 8,068,623 1,611,024 2,201,306 2,594,180 2,407,748 FFFFFFFFFFFFeeeeeeeeeeeeeeeeeeeeeeeessssssssssss————————————DDDDDDDDDDDDiiiiiiiiiiiirrrrrrrrrrrreeeeeeeeeeeeccccccccccccttttttttttttoooooooooooorrrrrrrrrrrrssssssssssss aaaaaaaaaaaannnnnnnnnnnndddddddddddd ooooooooooootttttttttttthhhhhhhhhhhheeeeeeeeeeeerrrrrrrrrrrrssssssssssss 2,937,394 103,181 1,186,798 96,413 118,488 96,004 349,020 TTTTTTTTTTTTrrrrrrrrrrrraaaaaaaaaaaavvvvvvvvvvvveeeeeeeeeeeelllllllllllliiiiiiiiiiiinnnnnnnnnnnngggggggggggg eeeeeeeeeeeexxxxxxxxxxxxppppppppppppeeeeeeeeeeeennnnnnnnnnnnsssssssssssseeeeeeeeeeeessssssssssss 3,918,261 238,580 581,185 132,215 257,656 326,036 405,430 PPPPPPPPPPPPoooooooooooossssssssssssttttttttttttaaaaaaaaaaaaggggggggggggeeeeeeeeeeee aaaaaaaaaaaannnnnnnnnnnndddddddddddd eeeeeeeeeeeexxxxxxxxxxxxpppppppppppprrrrrrrrrrrreeeeeeeeeeeessssssssssssssssssssssssaaaaaaaaaaaaggggggggggggeeeeeeeeeeee 34,511,561 2,220,733 3,957,278 1,340,498 3,049,454 4,251,169 3,293,859 TTTTTTTTTTTTeeeeeeeeeeeelllllllllllleeeeeeeeeeeepppppppppppphhhhhhhhhhhhoooooooooooonnnnnnnnnnnneeeeeeeeeeee aaaaaaaaaaaannnnnnnnnnnndddddddddddd tttttttttttteeeeeeeeeeeelllllllllllleeeeeeeeeeeeggggggggggggrrrrrrrrrrrraaaaaaaaaaaapppppppppppphhhhhhhhhhhh 5,245,778 248,987 1,246,080 215,582 364,184 401,623 526,278 PPPPPPPPPPPPrrrrrrrrrrrriiiiiiiiiiiinnnnnnnnnnnnttttttttttttiiiiiiiiiiiinnnnnnnnnnnngggggggggggg aaaaaaaaaaaannnnnnnnnnnndddddddddddd ssssssssssssuuuuuuuuuuuupppppppppppppppppppppppplllllllllllliiiiiiiiiiiieeeeeeeeeeeessssssssssss 13,353,491 884,976 2,519,922 681,914 876,219 1,245,691 1,113,604 IIIIIIIIIIIInnnnnnnnnnnnssssssssssssuuuuuuuuuuuurrrrrrrrrrrraaaaaaaaaaaannnnnnnnnnnncccccccccccceeeeeeeeeeee 526,355 38,243 97,763 20,175 46,634 37,551 48,619 TTTTTTTTTTTTaaaaaaaaaaaaxxxxxxxxxxxxeeeeeeeeeeeessssssssssss oooooooooooonnnnnnnnnnnn rrrrrrrrrrrreeeeeeeeeeeeaaaaaaaaaaaallllllllllll eeeeeeeeeeeessssssssssssttttttttttttaaaaaaaaaaaatttttttttttteeeeeeeeeeee 7,119,718 844,436 1,265,606 179,904 464,149 288,926 445,481 DDDDDDDDDDDDeeeeeeeeeeeepppppppppppprrrrrrrrrrrreeeeeeeeeeeecccccccccccciiiiiiiiiiiiaaaaaaaaaaaattttttttttttiiiiiiiiiiiioooooooooooonnnnnnnnnnnn ((((((((((((bbbbbbbbbbbbuuuuuuuuuuuuiiiiiiiiiiiillllllllllllddddddddddddiiiiiiiiiiiinnnnnnnnnnnnggggggggggggssssssssssss)))))))))))) 5,231,410 131,093 909,285 76,596 229,348 160,473 780,811 LLLLLLLLLLLLiiiiiiiiiiiigggggggggggghhhhhhhhhhhhtttttttttttt,,,,,,,,,,,, hhhhhhhhhhhheeeeeeeeeeeeaaaaaaaaaaaatttttttttttt,,,,,,,,,,,, ppppppppppppoooooooooooowwwwwwwwwwwweeeeeeeeeeeerrrrrrrrrrrr,,,,,,,,,,,, aaaaaaaaaaaannnnnnnnnnnndddddddddddd wwwwwwwwwwwwaaaaaaaaaaaatttttttttttteeeeeeeeeeeerrrrrrrrrrrr 2,881,022 167,135 461,405 112,295 298,610 270,106 248,055 RRRRRRRRRRRReeeeeeeeeeeeppppppppppppaaaaaaaaaaaaiiiiiiiiiiiirrrrrrrrrrrrssssssssssss aaaaaaaaaaaannnnnnnnnnnndddddddddddd aaaaaaaaaaaalllllllllllltttttttttttteeeeeeeeeeeerrrrrrrrrrrraaaaaaaaaaaattttttttttttiiiiiiiiiiiioooooooooooonnnnnnnnnnnnssssssssssss 1,569,529 73,085 276,491 53,497 103,780 142,543 87,283 690,482 206,907 349,159 12,519 38,069 6,861 4,850 FFFFFFFFFFFFuuuuuuuuuuuurrrrrrrrrrrrnnnnnnnnnnnniiiiiiiiiiiittttttttttttuuuuuuuuuuuurrrrrrrrrrrreeeeeeeeeeee aaaaaaaaaaaannnnnnnnnnnndddddddddddd eeeeeeeeeeeeqqqqqqqqqqqquuuuuuuuuuuuiiiiiiiiiiiippppppppppppmmmmmmmmmmmmeeeeeeeeeeeennnnnnnnnnnntttttttttttt:::::::::::: PPPPPPPPPPPPuuuuuuuuuuuurrrrrrrrrrrrcccccccccccchhhhhhhhhhhhaaaaaaaaaaaasssssssssssseeeeeeeeeeeessssssssssss 5,840,669 278,408 1,688,877 192,881 555,467 464,264 651,384 RRRRRRRRRRRReeeeeeeeeeeennnnnnnnnnnnttttttttttttaaaaaaaaaaaallllllllllllssssssssssss 14,802,581 879,386 1,555,029 820,513 649,923 1,631,500 1,111,279 AAAAAAAAAAAAllllllllllllllllllllllll ooooooooooootttttttttttthhhhhhhhhhhheeeeeeeeeeeerrrrrrrrrrrr 5,576,872 306,174 1,290,386 360,239 483,106 246,891 338,865 IIIIIIIIIIIInnnnnnnnnnnntttttttttttteeeeeeeeeeeerrrrrrrrrrrr------------BBBBBBBBBBBBaaaaaaaaaaaannnnnnnnnnnnkkkkkkkkkkkk eeeeeeeeeeeexxxxxxxxxxxxppppppppppppeeeeeeeeeeeennnnnnnnnnnnsssssssssssseeeeeeeeeeeessssssssssss 105,058 -1,387,427 107,623 189,167 -100,568 145,849 SSSSSSSSSSSSuuuuuuuuuuuubbbbbbbbbbbbttttttttttttoooooooooooottttttttttttaaaaaaaaaaaallllllllllll 305,761,536 19,651,412 66,111,299 13,984,276 20,613,303 24,871,188 23,865,083 FFFFFFFFFFFF............RRRRRRRRRRRR............ ccccccccccccuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeennnnnnnnnnnnccccccccccccyyyyyyyyyyyy 23,573,710 1,390,809 4,159,961 1,195,804 1,462,454 2,815,300 2,050,161 AAAAAAAAAAAAsssssssssssssssssssssssseeeeeeeeeeeessssssssssssssssssssssssmmmmmmmmmmmmeeeeeeeeeeeennnnnnnnnnnntttttttttttt ffffffffffffoooooooooooorrrrrrrrrrrr''''''''''''eeeeeeeeeeeexxxxxxxxxxxxppppppppppppeeeeeeeeeeeennnnnnnnnnnnsssssssssssseeeeeeeeeeeessssssssssss ooooooooooooffffffffffff BBBBBBBBBBBBooooooooooooaaaaaaaaaaaarrrrrrrrrrrrdddddddddddd ooooooooooooffffffffffff GGGGGGGGGGGGoooooooooooovvvvvvvvvvvveeeeeeeeeeeerrrrrrrrrrrrnnnnnnnnnnnnoooooooooooorrrrrrrrrrrrssssssssssss............ 21,227,800 1,009,500 5,614,400 1,078,100 1,896,900 1,084,700 1,377,500 TTTTTTTTTTTToooooooooooottttttttttttaaaaaaaaaaaallllllllllll 350,563,046 22,051,721 75,885,660 16,258,180 23,972,657 28,771,188 27,292,744 LLLLLLLLLLLLeeeeeeeeeeeessssssssssssssssssssssss rrrrrrrrrrrreeeeeeeeeeeeiiiiiiiiiiiimmmmmmmmmmmmbbbbbbbbbbbbuuuuuuuuuuuurrrrrrrrrrrrsssssssssssseeeeeeeeeeeemmmmmmmmmmmmeeeeeeeeeeeennnnnnnnnnnntttttttttttt ffffffffffffoooooooooooorrrrrrrrrrrr cccccccccccceeeeeeeeeeeerrrrrrrrrrrrttttttttttttaaaaaaaaaaaaiiiiiiiiiiiinnnnnnnnnnnn ffffffffffffiiiiiiiiiiiissssssssssssccccccccccccaaaaaaaaaaaallllllllllll aaaaaaaaaaaaggggggggggggeeeeeeeeeeeennnnnnnnnnnnccccccccccccyyyyyyyyyyyy aaaaaaaaaaaannnnnnnnnnnndddddddddddd ooooooooooootttttttttttthhhhhhhhhhhheeeeeeeeeeeerrrrrrrrrrrr eeeeeeeeeeeexxxxxxxxxxxxppppppppppppeeeeeeeeeeeennnnnnnnnnnnsssssssssssseeeeeeeeeeeessssssssssss 29,189,660 1,491,906 6,037,914 1,353,140 2,741,252 1,581,759 2,170,279 NNNNNNNNNNNNeeeeeeeeeeeetttttttttttt eeeeeeeeeeeexxxxxxxxxxxxppppppppppppeeeeeeeeeeeennnnnnnnnnnnsssssssssssseeeeeeeeeeeessssssssssss 321,373,386 20,559,815 69,847,746 14,905,040 21,231,405 27,189,429 25,122,465 PPPPPPPPPPPPrrrrrrrrrrrrooooooooooooffffffffffffiiiiiiiiiiiitttttttttttt aaaaaaaaaaaannnnnnnnnnnndddddddddddd lllllllllllloooooooooooossssssssssssssssssssssss CCCCCCCCCCCCuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeennnnnnnnnnnntttttttttttt nnnnnnnnnnnneeeeeeeeeeeetttttttttttt eeeeeeeeeeeeaaaaaaaaaaaarrrrrrrrrrrrnnnnnnnnnnnniiiiiiiiiiiinnnnnnnnnnnnggggggggggggssssssssssss 3,555,845,058 174,358,752 917,294,099 183,265,274 279,255,493 258,677,781 180,451,899 AAAAAAAAAAAAddddddddddddddddddddddddiiiiiiiiiiiittttttttttttiiiiiiiiiiiioooooooooooonnnnnnnnnnnnssssssssssss ttttttttttttoooooooooooo ccccccccccccuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeennnnnnnnnnnntttttttttttt nnnnnnnnnnnneeeeeeeeeeeetttttttttttt eeeeeeeeeeeeaaaaaaaaaaaarrrrrrrrrrrrnnnnnnnnnnnniiiiiiiiiiiinnnnnnnnnnnnggggggggggggssssssssssss:::::::::::: PPPPPPPPPPPPrrrrrrrrrrrrooooooooooooffffffffffffiiiiiiiiiiiittttttttttttssssssssssss oooooooooooonnnnnnnnnnnn ssssssssssssaaaaaaaaaaaalllllllllllleeeeeeeeeeeessssssssssss ooooooooooooffffffffffff UUUUUUUUUUUU............SSSSSSSSSSSS............ GGGGGGGGGGGGoooooooooooovvvvvvvvvvvvtttttttttttt,,,,,,,,,,,, sssssssssssseeeeeeeeeeeeccccccccccccuuuuuuuuuuuurrrrrrrrrrrriiiiiiiiiiiittttttttttttiiiiiiiiiiiieeeeeeeeeeeessssssssssss............ 8,260,326 414,588 2,072,992 424,448 649,168 616,332 434,020 PPPPPPPPPPPPrrrrrrrrrrrrooooooooooooffffffffffffiiiiiiiiiiiittttttttttttssssssssssss oooooooooooonnnnnnnnnnnn ffffffffffffoooooooooooorrrrrrrrrrrreeeeeeeeeeeeiiiiiiiiiiiiggggggggggggnnnnnnnnnnnn eeeeeeeeeeeexxxxxxxxxxxxcccccccccccchhhhhhhhhhhhaaaaaaaaaaaannnnnnnnnnnnggggggggggggeeeeeeeeeeee ttttttttttttrrrrrrrrrrrraaaaaaaaaaaannnnnnnnnnnnssssssssssssaaaaaaaaaaaaccccccccccccttttttttttttiiiiiiiiiiiioooooooooooonnnnnnnnnnnnssssssssssss 3,474,814 166,791 917,351 177,215 309,258 177,216 225,863 AAAAAAAAAAAAllllllllllllllllllllllll ooooooooooootttttttttttthhhhhhhhhhhheeeeeeeeeeeerrrrrrrrrrrr 274,680 34,089 20,283 11,467 18,920 73,937 592 TTTTTTTTTTTToooooooooooottttttttttttaaaaaaaaaaaallllllllllll aaaaaaaaaaaaddddddddddddddddddddddddiiiiiiiiiiiittttttttttttiiiiiiiiiiiioooooooooooonnnnnnnnnnnnssssssssssss 12,009,821 615,468 3,010,626 613,130 977,346 867,485 660,475 DDDDDDDDDDDDeeeeeeeeeeeedddddddddddduuuuuuuuuuuuccccccccccccttttttttttttiiiiiiiiiiiioooooooooooonnnnnnnnnnnnssssssssssss ffffffffffffrrrrrrrrrrrroooooooooooommmmmmmmmmmm ccccccccccccuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeennnnnnnnnnnntttttttttttt nnnnnnnnnnnneeeeeeeeeeeetttttttttttt eeeeeeeeeeeeaaaaaaaaaaaarrrrrrrrrrrrnnnnnnnnnnnniiiiiiiiiiiinnnnnnnnnnnnggggggggggggssssssssssss 567,990 53,619 93,655 14,591 121,109 58,110 25,644 NNNNNNNNNNNNeeeeeeeeeeeetttttttttttt aaaaaaaaaaaaddddddddddddddddddddddddiiiiiiiiiiiittttttttttttiiiiiiiiiiiioooooooooooonnnnnnnnnnnn ttttttttttttoooooooooooo ccccccccccccuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeennnnnnnnnnnntttttttttttt nnnnnnnnnnnneeeeeeeeeeeetttttttttttt eeeeeeeeeeeeaaaaaaaaaaaarrrrrrrrrrrrnnnnnnnnnnnniiiiiiiiiiiinnnnnnnnnnnnggggggggggggssssssssssss 11,441,829 561,849 2,916,971 598,539 856,237 809,375 634,831 NNNNNNNNNNNNeeeeeeeeeeeetttttttttttt eeeeeeeeeeeeaaaaaaaaaaaarrrrrrrrrrrrnnnnnnnnnnnniiiiiiiiiiiinnnnnnnnnnnnggggggggggggssssssssssss bbbbbbbbbbbbeeeeeeeeeeeeffffffffffffoooooooooooorrrrrrrrrrrreeeeeeeeeeee ppppppppppppaaaaaaaaaaaayyyyyyyyyyyymmmmmmmmmmmmeeeeeeeeeeeennnnnnnnnnnnttttttttttttssssssssssss ttttttttttttoooooooooooo UUUUUUUUUUUU............SSSSSSSSSSSS............ TTTTTTTTTTTTrrrrrrrrrrrreeeeeeeeeeeeaaaaaaaaaaaassssssssssssuuuuuuuuuuuurrrrrrrrrrrryyyyyyyyyyyy............ 3,567,286,887 174,920,601 920,211,071 183,863,812 280,111,730 259,487,156 181,086,729 DDDDDDDDDDDDiiiiiiiiiiiivvvvvvvvvvvviiiiiiiiiiiiddddddddddddeeeeeeeeeeeennnnnnnnnnnnddddddddddddssssssssssss ppppppppppppaaaaaaaaaaaaiiiiiiiiiiiidddddddddddd 41,136,551 1,938,260 10,953,058 2,082,392 3,666,823 2,100,487 2,706,936 PPPPPPPPPPPPaaaaaaaaaaaayyyyyyyyyyyymmmmmmmmmmmmeeeeeeeeeeeennnnnnnnnnnnttttttttttttssssssssssss ttttttttttttoooooooooooo UUUUUUUUUUUU............SSSSSSSSSSSS............ TTTTTTTTTTTTrrrrrrrrrrrreeeeeeeeeeeeaaaaaaaaaaaassssssssssssuuuuuuuuuuuurrrrrrrrrrrryyyyyyyyyyyy ((((((((((((iiiiiiiiiiiinnnnnnnnnnnntttttttttttteeeeeeeeeeeerrrrrrrrrrrreeeeeeeeeeeesssssssssssstttttttttttt oooooooooooonnnnnnnnnnnn FFFFFFFFFFFF............RRRRRRRRRRRR............ nnnnnnnnnnnnooooooooooootttttttttttteeeeeeeeeeeessssssssssss)))))))))))) 3,493,570,636 172,129,591 901,017,113 179,826,771 273,227,057 255,889,469 174,728,793 TTTTTTTTTTTTrrrrrrrrrrrraaaaaaaaaaaannnnnnnnnnnnssssssssssssffffffffffffeeeeeeeeeeeerrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeedddddddddddd ttttttttttttoooooooooooo ssssssssssssuuuuuuuuuuuurrrrrrrrrrrrpppppppppppplllllllllllluuuuuuuuuuuussssssssssss 32,579,700 852,750 8,240,900 1,954,650 3,217,850 1,497,200 3,651,000 SSSSSSSSSSSSuuuuuuuuuuuurrrrrrrrrrrrpppppppppppplllllllllllluuuuuuuuuuuussssssssssss JJJJJJJJJJJJaaaaaaaaaaaannnnnnnnnnnnuuuuuuuuuuuuaaaaaaaaaaaarrrrrrrrrrrryyyyyyyyyyyy 111111111111 669,201,100 31,924,600 176,548,750 34,017,000 59,891,800 34,203,350 43,214,800 SSSSSSSSSSSSuuuuuuuuuuuurrrrrrrrrrrrpppppppppppplllllllllllluuuuuuuuuuuussssssssssss,,,,,,,,,,,, DDDDDDDDDDDDeeeeeeeeeeeecccccccccccceeeeeeeeeeeemmmmmmmmmmmmbbbbbbbbbbbbeeeeeeeeeeeerrrrrrrrrrrr 333333333333111111111111 701,780,800 32,777,350 184,789,650 35,971,650 63,109,650 35,700,550 46,865,800 NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1971 • FEDERAL RESERVE BANKS, 1970 A 95 OF FEDERAL RESERVE BANKS dollars) Chicago St. Louis Minneapolis K C an it s y a s Dallas Fra S n a c n is co Item Current earnings 14,933,619 831,685 1,387,356 1,986,813 2,263,363 4,637,155 614,380,420 136,206,294 74,457,250 144,432,674 163,444,145 524,481,828 UUUUUUUUUUUU............SSSSSSSSSSSS............ GGGGGGGGGGGGoooooooooooovvvvvvvvvvvvtttttttttttt,,,,,,,,,,,, sssssssssssseeeeeeeeeeeeccccccccccccuuuuuuuuuuuurrrrrrrrrrrriiiiiiiiiiiittttttttttttiiiiiiiiiiiieeeeeeeeeeeessssssssssss 7,276,478 660,614 1,075,946 2,050,380 2,732,476 6,354,206 171,248 39,754 51,762 65,269 57,764 80,747 AAAAAAAAAAAAllllllllllllllllllllllll ooooooooooootttttttttttthhhhhhhhhhhheeeeeeeeeeeerrrrrrrrrrrr 636,761,765 138,738,347 76,972,314 148,535,136 168,497,748 535,553,936 TTTTTTTTTTTToooooooooooottttttttttttaaaaaaaaaaaallllllllllll CCCCCCCCCCCCuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeennnnnnnnnnnntttttttttttt eeeeeeeeeeeexxxxxxxxxxxxppppppppppppeeeeeeeeeeeennnnnnnnnnnnsssssssssssseeeeeeeeeeeessssssssssss SSSSSSSSSSSSaaaaaaaaaaaallllllllllllaaaaaaaaaaaarrrrrrrrrrrriiiiiiiiiiiieeeeeeeeeeeessssssssssss:::::::::::: 1,213,267 1,082,857 744,432 948,896 762,423 1,062,338 21,327,018 8,564,546 5,882,671 9,143,097 6,971,946 13,915,566 4,418,317 1,979,365 1,323,741 2,105,024 1,595,420 3,291,301 225,201 102,000 208,014 101,528 200,010 150,737 495,806 252,592 306,166 281,974 252,303 388,318 4,267,837 2,281,350 1,427,962 2,361,627 2,092,135 3,967,659 676,841 277,216 191,915 311,263 308,345 477,464 1,869,911 925,408 496,480 988,793 598,160 1,152,413 46,551 38,102 20,075 42,338 27,284 63,020 1,291,428 281,885 430,818 547,439 355,203 724,443 549,982 508,957 75,145 849,765 522,252 437,703 379,609 203,201 115,353 302,822 151,764 170,667 240,266 102,021 64,894 143,438 151,735 130,496 59,633 4,119 1,721 3,834 1,199 1,611 RRRRRRRRRRRReeeeeeeeeeeennnnnnnnnnnntttttttttttt FFFFFFFFFFFFuuuuuuuuuuuurrrrrrrrrrrrnnnnnnnnnnnniiiiiiiiiiiittttttttttttuuuuuuuuuuuurrrrrrrrrrrreeeeeeeeeeee aaaaaaaaaaaannnnnnnnnnnndddddddddddd eeeeeeeeeeeeqqqqqqqqqqqquuuuuuuuuuuuiiiiiiiiiiiippppppppppppmmmmmmmmmmmmeeeeeeeeeeeennnnnnnnnnnntttttttttttt:::::::::::: 602,673 371,589 204,007 233,676 225,995 371,448 2,523,251 1,075,055 735,109 1,769,173 894,162 1,158,201 1,029,624 244,622 250,565 392,570 397,075 236,755 AAAAAAAAAAAAllllllllllllllllllllllll ooooooooooootttttttttttthhhhhhhhhhhheeeeeeeeeeeerrrrrrrrrrrr 316,049 77,692 50,328 95,231 123,108 276,591 IIIIIIIIIIIInnnnnnnnnnnntttttttttttteeeeeeeeeeeerrrrrrrrrrrr------------BBBBBBBBBBBBaaaaaaaaaaaannnnnnnnnnnnkkkkkkkkkkkk eeeeeeeeeeeexxxxxxxxxxxxppppppppppppeeeeeeeeeeeennnnnnnnnnnnsssssssssssseeeeeeeeeeeessssssssssss 41,533,264 18,372,577 12,529,396 20,622,488 15,630,519 27,976,731 SSSSSSSSSSSSuuuuuuuuuuuubbbbbbbbbbbbttttttttttttoooooooooooottttttttttttaaaaaaaaaaaallllllllllll 3,955,139 869,245 415,133 1,163,297 1,165,582 2,930,825 FFFFFFFFFFFF............RRRRRRRRRRRR............ ccccccccccccuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeennnnnnnnnnnnccccccccccccyyyyyyyyyyyy 3,137,100 724,700 476,800 897,900 1,186,300 2,743,900 AAAAAAAAAAAAsssssssssssssssssssssssseeeeeeeeeeeessssssssssssssssssssssssmmmmmmmmmmmmeeeeeeeeeeeennnnnnnnnnnntttttttttttt ffffffffffffoooooooooooorrrrrrrrrrrr eeeeeeeeeeeexxxxxxxxxxxxppppppppppppeeeeeeeeeeeennnnnnnnnnnnsssssssssssseeeeeeeeeeeessssssssssss ooooooooooooffffffffffff BBBBBBBBBBBBooooooooooooaaaaaaaaaaaarrrrrrrrrrrrdddddddddddd ooooooooooooffffffffffff GGGGGGGGGGGGoooooooooooovvvvvvvvvvvveeeeeeeeeeeerrrrrrrrrrrrnnnnnnnnnnnnoooooooooooorrrrrrrrrrrrssssssssssss 48,625,503 19,966,522 13,421,329 22,683,685 17,982,401 33,651,456 TTTTTTTTTTTToooooooooooottttttttttttaaaaaaaaaaaallllllllllll LLLLLLLLLLLLeeeeeeeeeeeessssssssssssssssssssssss rrrrrrrrrrrreeeeeeeeeeeeiiiiiiiiiiiimmmmmmmmmmmmbbbbbbbbbbbbuuuuuuuuuuuurrrrrrrrrrrrsssssssssssseeeeeeeeeeeemmmmmmmmmmmmeeeeeeeeeeeennnnnnnnnnnntttttttttttt ffffffffffffoooooooooooorrrrrrrrrrrr cccccccccccceeeeeeeeeeeerrrrrrrrrrrrttttttttttttaaaaaaaaaaaaiiiiiiiiiiiinnnnnnnnnnnn ffffffffffffiiiiiiiiiiiissssssssssssccccccccccccaaaaaaaaaaaallllllllllll aaaaaaaaaaaaggggggggggggeeeeeeeeeeeennnnnnnnnnnnccccccccccccyyyyyyyyyyyy 5,319,490 1,718,143 863,575 1,941,235 1,024,944 2,946,023 43,306,013 18,248,379 12,557,754 20,742,450 16,957,457 30,705,433 PPPPPPPPPPPPrrrrrrrrrrrrooooooooooooffffffffffffiiiiiiiiiiiitttttttttttt aaaaaaaaaaaannnnnnnnnnnndddddddddddd lllllllllllloooooooooooossssssssssssssssssssssss 593,455,752 120,489,968 64,414,560 127,792,686 151,540,291 504,848,503 CCCCCCCCCCCCuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeennnnnnnnnnnntttttttttttt nnnnnnnnnnnneeeeeeeeeeeetttttttttttt eeeeeeeeeeeeaaaaaaaaaaaarrrrrrrrrrrrnnnnnnnnnnnniiiiiiiiiiiinnnnnnnnnnnnggggggggggggssssssssssss AAAAAAAAAAAAddddddddddddddddddddddddiiiiiiiiiiiittttttttttttiiiiiiiiiiiioooooooooooonnnnnnnnnnnnssssssssssss ttttttttttttoooooooooooo ccccccccccccuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeennnnnnnnnnnntttttttttttt nnnnnnnnnnnneeeeeeeeeeeetttttttttttt eeeeeeeeeeeeaaaaaaaaaaaarrrrrrrrrrrrnnnnnnnnnnnniiiiiiiiiiiinnnnnnnnnnnnggggggggggggssssssssssss:::::::::::: 1,347,366 299,178 165,029 318,647 363,538 1,155,020 514,272 118,144 76,446 145,942 194,590 451,726 17,728 5,772 8,297 47,230 18,843 17,522 1,879,367 423,094 249,772 511,819 576,971 1,624,268 27,211 7,065 3,971 12,231 27,495 123,289 1,852,156 416,029 245,801 499,588 549,475 1,500,978 595,307,909 120,905,996 64,660,361 128,292,274 152,089,766 506,349,481 6,065,780 1,406,095 929,243 1,741,861 2,304,631 5,240,985 PPPPPPPPPPPPaaaaaaaaaaaayyyyyyyyyyyymmmmmmmmmmmmeeeeeeeeeeeennnnnnnnnnnnttttttttttttssssssssssss ttttttttttttoooooooooooo UUUUUUUUUUUU............SSSSSSSSSSSS............ TTTTTTTTTTTTrrrrrrrrrrrreeeeeeeeeeeeaaaaaaaaaaaassssssssssssuuuuuuuuuuuurrrrrrrrrrrryyyyyyyyyyyy ((((((((((((iiiiiiiiiiiinnnnnnnnnnnntttttttttttteeeeeeeeeeeerrrrrrrrrrrreeeeeeeeeeeesssssssssssstttttttttttt oooooooooooonnnnnnnnnnnn FFFFFFFFFFFF............RRRRRRRRRRRR............ 582,782,779 118,297,901 62,925,367 125,073,163 147,989,985 499,682,646 6,459,350 1,202,000 805,750 1,477,250 1,795,150 1,425,850 TTTTTTTTTTTTrrrrrrrrrrrraaaaaaaaaaaannnnnnnnnnnnssssssssssssffffffffffffeeeeeeeeeeeerrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeedddddddddddd ttttttttttttoooooooooooo ssssssssssssuuuuuuuuuuuurrrrrrrrrrrrpppppppppppplllllllllllluuuuuuuuuuuussssssssssss 98,996,250 22,840,500 14,992,250 28,264,900 37,349,700 86,957,200 SSSSSSSSSSSSuuuuuuuuuuuurrrrrrrrrrrrpppppppppppplllllllllllluuuuuuuuuuuussssssssssss,,,,,,,,,,,, JJJJJJJJJJJJaaaaaaaaaaaannnnnnnnnnnnuuuuuuuuuuuuaaaaaaaaaaaarrrrrrrrrrrryyyyyyyyyyyy 111111111111 105,455,600 24,042,500 15,798,000 29,742,150 39,144,850 88,383,050 SSSSSSSSSSSSuuuuuuuuuuuurrrrrrrrrrrrpppppppppppplllllllllllluuuuuuuuuuuussssssssssss,,,,,,,,,,,, DDDDDDDDDDDDeeeeeeeeeeeecccccccccccceeeeeeeeeeeemmmmmmmmmmmmbbbbbbbbbbbbeeeeeeeeeeeerrrrrrrrrrrr 333333333333111111111111 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 96 BANKING OFFICES • FEBRUARY 1971 NUMBER OF BANKING OFFICES IN THE UNITED STATES Commercial banks 1 All Member Nonmember Type of office and type of change banks Total ti N on a- al Total Insured in N s o u n re - d Insured 1 anks (head office) Dec. 31, 1934 16,063 15,484 6,442 5,462 980 9,042 7,699 1,343 Dec. 31, 1941 14,826 14,278 6,619 5,117 1,502 7,662 6,810 852 Dec. 31, 1947 2 14,714 14,181 6,923 5,005 1,918 7,261 6,478 783 Dec. 31, 1951 14,618 14,089 6,840 4,939 1,901 7,252 6,602 650 Dec. 31, 1959 13,991 13,474 6,233 4,542 1,691 7,244 6,878 366 Dec. 31, 1960, 13,986 13,472 6,174 4,530 1,644 7,300 6,948 352 Dec. 31, 1961 13,946 13,432 6,113 4,513 1,600 7,320 6,997 323 Dec. 31, 1962 13,938 13,427 6,047 4,503 1,544 7,380 7,072 308 Dec. 31, 1963 14,078 13,569 6,108 4,615 1,493 7,461 7,177 284 Dec. 31, 1964 14,266 13,761 6,225 4,773 1,452 7,536 7,262 274 Dec. 31, 1965 14,309 13,804 6,221 4,815 1,406 7,583 7,320 263 Dec. 31, 1966. 14,274 13,770 6,150 4,779 1,351 7,620 7,385 235 Dec. 31, 1967. 14,222 13,721 6,071 4,758 1,313 7,650 7,439 211 Dec. 31, 1968.. 14,179 13,679 5,978 4,716 1,262 7,701 7,504 197 Dec. 31, 1969 14,158 13,662 5,871 4,669 1,202 7,791 7,595 196 Dec. 31, 1970.. 14,181 13,688 5,768 4,621 1,147 7,920 7,735 185 Branches, additional offices, and facilities: Dec. 31 1934.. 3,133 3,007 2,224 1,243 981 783 783 Dec. 31 1941.. 3,699 3,564 2,580 1,565 1,015 984 932 52 Dec. 31 1947 2. 4,332 4,161 3,051 1,870 1,181 1,110 1,043 67 Dec. 31 1951.. 5,383 5,153 3,837 2,370 1,467 1,316 1,275 41 Dec. 31 1959.. 10,099 9,652 7,492 4,973 2,519 2,160 2,118 42 Dec. 31 1960.. 10,969 10,483 8,133 5,509 2,624 2,350 2,303 47 Dec. 31 1961.. 11,896 11,353 8,899 6,044 2,855 2,454 2,410 44 Dec. 31 1962.. 12,932 12,345 9,649 6,640 3,009 2,696 2,646 50 Dec. 31 1963.. 14,122 13,498 10,613 7,420 3,193 2,885 2,835 50 Dec. 31 1964.. 15,275 14,601 11,457 8,156 3,301 3,144 3,094 50 Dec. 31 1965.. 16,471 15,756 12,298 8,964 3,334 3,458 3,404 54 Dec. 31 1966.. 17,665 16,908 13,129 9,611 3,518 3,779 3,717 62 Dec. 31 1967.. 18,757 17,928 13,856 10,183 3,673 4,072 4,026 46 Dec. 31 1968.. 19,911 19,013 14,553 10,985 3,568 4,460 4,414 46 Dec. 31 1969.. 21,196 20,208 14,204 11,727 3,477 5,004 4,957 47 Dec. 31 1970.. 22,727 21,643 16,191 12,536 3,655 5,452 5,404 48 Changes Jan.-Dec. 31, 1970 Banks N Su e s w p e b n a s n io k n s s 3 1 - 8 1 6 185 48 - 4 1 0 137 130 Consolidations and absorptions: B O a th n e k r s converted into branches. -1 -2 2 5 9 - - 1 2 2 3 7 - -1 68 0 - - 5 7 3 -1 -3 5 - - 5 1 9 3 - - 1 5 1 8 Voluntary liquidations * -4 Interclass changes: Nonmember to national -5 State member to national State member to nonmember... 38 National to nonmember -39 39 N N u e N t m o c b n h e i a r n n s o g u f e r b ed a n t k o s, i n D su e r c e . d 3 1, 1970. 14,18 2 1 3 13,68 2 8 6 5 - , 1 7 0 6 3 8 4, - 6 4 2 8 1 1, - 1 5 4 5 7 7,9 1 2 2 0 9 7,7 1 3 4 1 5 0 1 - - 1 1 1 1 8 1 5 Branches and additional offices: De novo 1,493 1,395 937 735 202 458 455 3 Banks converted 129 127 99 79 20 28 27 Discontinued -80 -76 -56 -34 -22 -20 -17 -3 Interclass changes: Nonmember to national 50 50 -50 Nonmember to State member 12 12 -12 State member to national 38 -38 State member to nonmember -14 -14 14 14 National to State member -15 15 National to nonmember -46 -46 46 46 Other -15 -15 1 -2 3 -16 -16 Facilities reclassified as branches. . 4 4 4 4 Net change 987 809 ' i 78 448 447 Number of branches and additional 1,531 1,435 offices, Dec. 31, 1970 16,191 12,536 3,655 5,452 5,404 22,727 21,643 Banking facilities:5 Established 3 3 3 3 Discontinued -3 -3 -2 -2 Facilities reclassified as branches -4 -4 -4 -4 Net changes -5 -4 -3 -3 Number of facilities, Dec. 31, 1970. 219 219 186 174 12 1 State member banks and insured mutual savings banks figures both 4 Exclusive of liquidations incident to succession, conversion, and include one to three member mutual savings banks, 1941 to 1962 inclusive, absorption of banks. not reflected in total commercial bank figures. State member bank figures 5 Provided at military and other Govt, establishments through arrangealso include one or two noninsured trust companies 1954 to date. ments made by the Treasury Dept. 2 Series revised as of June 30, 1947. The revision resulted in an addition of 115 banks and nine branches. NOTE.—Beginning with 1959, figures include all banks in Alaska and 3 Includes three new banks organized to succeed operating banks. Hawaii, but nonmember banks in territories and possessions are excluded. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PAR LIST • FEBRUARY 1971 A 97 NUMBER OF PAR AND NONPAR BANKING OFFICES Par Nonpar TToottaall (nonmember) F.R. district, Total Member Nonmember State, or other area Banks a B n r d a n of c f h ic e e s s Banks a B n r d a n of c f h ic e e s s Banks a B n r d a n of c f h ic e e s s Banks a B n r d a n of c f h ic e e s s a B n r d a o n f c f h ic e e s s Total, including Puerto Rico and Virgin Islands:1 Dec. 31, 1969 13,578 20,396 12,786 20,131 5,870 15,240 6,916 4,891 792 265 Dec. 31, 1970 13,600 21,848 13,099 21,670 5,768 16,227 7,331 5,443 501 178 F.R. districts, Dec. 31, 1970: Boston 376 1 ,604 376 1 ,604 231 1 ,186 145 418 New York1 476 3,470 476 3,470 352 3,064 124 406 Philadelphia 456 1,564 456 1,564 321 1,127 135 437 Cleveland 794 1,966 794 1,966 470 1,626 324 340 Richmond 733 2,996 694 2,973 361 1 ,839 333 1 ,134 39 Atlanta 1,652 1,428 1,531 1 ,360 546 920 985 440 121 Chicago 2,563 2,326 2,563 2,326 943 1,528 1,620 798 St. Louis 1,511 865 1,407 848 459 465 948 383 104 17 Minneapolis 1,365 281 1,187 226 489 131 698 95 178 55 Kansas City 1,952 284 1,952 284 807 181 1,145 103 Dallas 1,333 248 1,274 233 639 128 635 105 59 San Francisco 390 4,816 390 4,816 155 4,032 235 784 State or area, Dec. 31, 1970: Alabama 272 272 211 258 109 206 102 52 14 Alaska 11 62 11 62 5 55 6 7 Arizona 12 325 12 325 4 238 8 87 Arkansas 249 164 181 154 81 102 100 52 68 10 California 144 33,,003344 144 33,,003344 69 2,696 75 338 Colorado 227 1188 227 1188 139 15 88 3 Connecticut 58 436 58 436 30 339 28 97 Delaware 18 86 18 86 7 42 11 44 District of Columbia 14 105 14 105 12 98 2 7 Florida 495 33 495 33 224 13 271 20 Georgia 441 292 441 292 72 205 369 87 Hawaii 7 142 7 142 1 9 6 133 Idaho 24 156 24 156 13 137 11 19 Illinois 1,106 98 1,106 98 492 67 614 31 Indiana 406 633 406 633 185 403 221 230 Iowa 665 319 665 319 149 82 516 237 Kansas 601 69 601 69 203 41 398 28 Kentucky 343 328 343 328 94 196 249 132 Louisiana 231 394 137 326 59 219 78 107 94 68 Maine 39 226 39 226 25 167 14 59 Maryland 115 525 115 525 49 328 66 197 Massachusetts 1-62 744 162 744 101 586 61 158 Michigan 330 1,209 330 1,209 204 995 126 214 Minnesota 728 11 728 11 223 6 505 5 Mississippi 182 348 182 348 44 157 138 191 Missouri 668 93 668 93 169 41 499 52 Montana 139 5 139 5 90 4 49 1 Nebraska 437 41 437 41 136 25 301 16 Nevada 8 86 8 86 5 75 3 11 New Hampshire 73 63 73 63 49 54 24 9 New Jersey 215 1,015 215 1,015 162 884 53 131 New Mexico 66 129 66 129 39 78 27 51 New York 305 2,437 305 2,437 245 2,300 60 2 137 North Carolina 96 1,123 74 1 ,103 24 556 50 547 22 20 North Dakota 168 71 77 38 46 14 31 24 91 33 Ohio 516 1,300 516 1 ,300 337 1 ,090 179 210 Oklahoma 433 59 433 59 222 45 211 14 Oregon 49 336 49 336 10 251 39 85 Pennsylvania 467 1 ,726 467 1 ,726 322 1 ,289 145 437 Rhode Island 13 170 13 170 5 93 8 77 South Carolina 102 415 85 412 25 244 60 168 17 3 South Dakota 161 98 74 76 58 62 16 14 87 22 Tennessee 307 490 266 482 90 312 176 170 41 Texas 1 ,191 74 1 ,171 74 581 26 590 48 20 Utah 48 139 48 139 16 106 32 33 Vermont 42 86 42 86 26 49 16 37 Virginia 233 824 233 824 143 611 90 213 Washington 90 556 90 556 33 484 57 72 West Virginia 200 5 200 5 120 2 80 3 Wisconsin 605 271 605 271 167 85 438 186 Wyoming 70 2 70 2 54 1 16 1 Puerto Rico1 13 180 13 180 19 13 161 Virgin Islands1 6 2255 6 2255 1 2255 5 1 Puerto Rico and the Virgin Islands assigned to the New York District NOTE.—Includes all commercial banking offices in the United States, for purposes of Regulation J, "Check Clearing and Collection". Member Puerto Rico, and the Virgin Islands on which checks are drawn, including branches in Puerto Rico and all except eight in the Virgin Islands are 219 banking facilities. Number of banks and branches differs from that branches of New York City banks. Certain branches of Canadian banks in the preceding table because this table includes banks in Puerto Rico (two in Puerto Rico and one in Virgin Islands) are included above in the and the Virgin Islands but excludes banks and trust companies on which table as nonmember banks; and nonmember branches in Puerto Rico no checks are drawn. include eight branches of Canadian banks. 2 Includes 14 New York City branches of three insured nonmember Puerto Rican banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 98 INTEREST RATES, 1970 • FEBRUARY 1971 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,,, rrraaattteee333 yyeeaarr mmmooonnnttthhhsss111 mmm 333--- ooo ttt nnn ooo ttt hhh 666 sss --- 222 999000 dddaaayyysss111 n R ew at e i ss o u n e M y a ie r l k d e t n R ew at e i ss o u n e M y a ie r l k d e t k B e il t l s y ( ie m ld a ) r 5 - Other 6 iissssuueess 77 1970—Jan.. 8.78 8.14 8.64 8.98 7.914 7.87 7.863 7.78 7.50 8.22 8.14 Feb.. 8.55 8.01 8.30 8.98 7.164 7.13 7.249 7.23 7.07 7.60 7.80 Mar. 8.33 7.68 7.60 7.76 6.710 6.63 6.598 6.59 6.52 6.88 7.20 Apr. 8.06 7.26 7.54 8.10 6.480 6.50 6.568 6.61 6.54 6.96 7.49 May 8.23 7.43 8.02 7.94 7.035 6.83 7.262 7.02 7.12 7.69 7.97 June 8.21 7.55 7.78 7.60 6.742 6.67 6.907 6.86 7.07 7.50 7.86 July. 8.29 7.64 7.61 7.21 6.468 6.45 6.555 6.51 6.63 7.00 7.58 Aug. 7.90 7.48 7.20 6.61 6.412 6.41 6.526 6 56 6.55 6.92 7.56 Sept. 7.32 7.12 7.03 6.29 6.244 6.12 6.450 6.47 6.40 6.68 7.24 Oct.. 6.85 6.76 6.54 6.20 5.927 5.90 6.251 6.21 6.23 6.34 7.06 Nov. 6.30 6.16 5.79 5.60 5.288 5.28 5.422 5,42 5.39 5.52 6.37 Dec. 5.73 5.48 5.32 4.90 4.860 4.87 4.848 4.89 4.87 4.94 5.86 Week ending— 1969—Dec. 27 9.00 7.90 8.72 9.18 7.804 7.82 7.815 7„ 82 7.67 8.44 8.10 1970—Jan. 3 9.00 8.03 8.75 8.71 8.096 8.02 8.101 8.03 7.75 8.56 8.26 10 9.08 8.11 8.75 8.45 7.960 7.91 7.991 7.93 7.58 8.36 8.21 17 8.75 8.13 8.68 8.96 7.837 7.82 7.784 7. 64 7.47 8.11 8.10 24 8.70 8.16 8.63 9.30 7.789 7.83 7.663 7.70 7.43 8.13 8.04 31 8.55 8.19 8.50 9.04 7.888 7.89 7.776 7.80 7.52 8.23 8.20 Feb. 7 8.53 8.13 8.40 9.21 7.754 7.61 7.718 7.62 7.37 8.07 8.08 14 8.63 8.11 8.38 9.18 7.312 7.20 7.387 7.30 7.12 7.77 7.94 21 8.55 7.88 8.28 9.39 6.777 6.80 6.917 7.02 6.90 7.39 7.66 28 8.50 7.92 8.13 8.41 6.812 6.87 6.975 6.95 6.84 7.12 7.45 Mar. 7 8.50 7.94 7.95 8.32 6.868 6.89 6.773 6.80 6.64 6.95 7.24 14 8.50 7.89 7.80 7.71 6.876 6.76 6.729 6.68 6.55 6.91 7.15 21 8.35 7.61 7.53 7.82 6.836 6.71 6.707 6.60 6.57 6.96 7.30 28 8.03 7.41 7.19 7.45 6.262 6.16 6.183 6.26 6.32 6.70 7.08 AApprr.. 4 8.08 7.25 7.23 7.93 6.330 6.35 6.391 6.42 6.36 6.77 7.22 11 8.08 7.25 7.43 7.68 6.409 6.39 6.454 6.41 6.27 6.73 7.29 18 8.00 7.25 7.38 8.02 6.310 6.37 6.247 6.37 6.29 6.78 7.43 25 8.00 7.25 7.63 8.21 6.476 6.58 6.494 6.75 6.70 7.07 7.62 MMaayy 2 8.13 7.29 8.00 8.43 6.876 6.83 7.253 7.17 7.19 7.56 7.87 9 8.35 7.36 8.13 8.46 7.184 6.80 7.493 6.93 7.06 7.65 7.96 16 8.30 7.38 8.08 7.96 6.994 6.78 7.202 7.00 7.13 7.63 7.98 23 8.18 7.45 7.93 7.84 6.828 6.72 6.996 6.95 7.08 7.70 7.97 30 8.13 7.56 7.98 7.64 7.133 7.00 7.355 7.15 7.19 7.77 7.98 June 6 8.13 7.56 7.78 7.84 6.824 6.82 6.858 6.88 7.01 7.52 7.76 13 8.15 7.56 7.75 7.98 6.785 6.76 6.895 6.92 7.10 7.53 7.86 20 8.25 7.56 7.85 7.80 6.733 6.71 6.947 6.96 7.17 7.55 7.95 27 8.25 7.51 7.78 7.21 6.626 6.50 6.929 6.80 7.06 7.44 7.88 JJuullyy 4 8.38 7.54 7.75 7.23 6.421 6.44 6.603 6.50 6.85 7.29 7.73 11 8.35 7.54 7.75 7.34 6.642 6.61 6.656 6.66 6.77 7.14 7.60 18 8.25 7.56 7.63 7.59 6.547 6.45 6.644 6.53 6.62 6.94 7.55 25 8.35 7.75 7.58 7.16 6.385 6.34 6.442 6.41 6.55 6.90 7.56 AAuugg.. 1 8.15 7.78 7.43 6.89 6.345 6.37 6.429 6.47 6.52 6.93 7.58 8 8.00 7.60 7.33 6.93 6.413 6.46 6.496 6.59 6.61 6.97 7.61 15 8.00 7.50 7.25 6.82 6.512 6.52 6.682 6.66 6.65 7.09 7.65 22 8.00 7.50 7.20 6.64 6.527 6.42 6.587 6.52 6.49 6.95 7.59 29 7.70 7.35 7.05 6.34 6.198 6.25 6.338 6.46 6.46 6.69 7.42 SSeepptt.. 5 7.50 7.31 7.13 6.46 6.342 6.36 6.508 6.58 6.52 6.81 7.42 12 7.38 7.31 7.13 6.64 6.365 6.40 6.555 6.58 6.49 6.85 7.40 19 7.38 7.25 7.10 6.46 6.314 6.21 6.494 6.49 6.37 6.72 7.24 26 7.20 6.91 6.90 5.84 5.954 5.80 6.241 6.29 6.27 6.49 7.05 Oct. 3 7.13 6.75 6.88 6.05 5.807 5.84 6.373 6.43 6.39 6.54 7.09 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. 5 Bills quoted on bank discount rate basis. 3 Seven-day average for week ending Wednesday. 6 Certificates and selected note and bond issues. ? Selected note and bond issues. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1971 • INTEREST RATES, 1970 A 99 BOND AND STOCK YIELDS (Per cent per annum) Government bonds Corporate bonds Stocks State By selected By Dividend/ Earnings/ United and local rating group price ratio price ratio States Total (longterm) Total i 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 - 6.86 6.74 6.38 7.13 .32 7.91 8.86 8.15 8.38 8.54 7.02 3.56 6.44 6.47 6.19 6.80 .29 7.93 8.78 8.11 8.39 8.47 7.04 3.68 6.39 6.08 5.81 6.40 .18 7.84 8.63 7.98 8.33 8.34 6.97 3.60 6.53 6.50 6.24 6.87 .20 7.83 8.70 8.00 8.34 8.37 6.98 3.70 6.94 7.00 6.70 7.33 .46 8.11 8.98 8.19 8.59 8.72 7.26 4.20 6.99 7.12 6.81 7.41 .77 8.48 9.25 8.55 8.76 9.06 7.57 4.17 6.57 6.68 6.40 7.02 .85 8.44 9.40 8.61 9.11 9.01 7.62 4.20 6.75 6.27 5.96 6.65 .73 8.13 9.44 8.44 9.19 8.83 7.41 4.07 6.63 6.18 5.90 6.49 .68 8.09 9.39 8.40 9.10 8.80 7.31 3.82 6.59 6.38 6.07 6.76 .63 8.03 9.33 8.35 9.06 8.74 7.33 3.74 6.24 6.04 5.79 6.33 .65 8.05 9.38 8.37 9.06 8.77 7.30 3.72 5.97 5.49 5.21 5.80 .35 7.64 9.12 7.95 8.96 8.45 6.88 3.46 6.92 6.92 6.57 7.32 8.27 7.84 8.80 8.13 i.28 8.50 7.16 3.51 7.00 6.88 6.52 7.28 8.33 7.90 8.19 :.34 8.56 7.16 3.48 6.92 6.80 6.41 7.25 8.36 7.91 8.95 8.18 .42 8.62 6.99 3.46 6.84 6.65 6.36 7.00 8.33 7.92 8.86 8.14 .38 8.57 7.06 3.50 6.83 6.71 6.34 7.10 8.28 7.90 8.79 8.12 34 8.49 7.02 3.56 6.84 6.77 6.39 7.15 8.29 7.91 8.81 8.14 38 8.47 6.98 3.71 6.71 6.66 6.28 7.04 8.32 7.97 8.81 8.14 .42 8.51 7.02 3.73 6.48 6.51 6.26 6.85 8.31 7.97 8.79 8.14 .39 8.51 7.01 3.71 6.30 6.48 6.24 6.80 8.28 7.93 8.79 8.11 :.37 8.48 7.13 3.67 6.25 6.23 6.00 6.50 8.23 7.83 8.73 8.04 .37 8.39 7.01 3.59 6.28 6.13 5.85 6.43 8.16 7.79 8.62 7.98 .34 8.30 6.95 3.56 6.44 6.04 5.75 6.38 8.14 7.80 8.59 7.95 .29 8.29 6.93 3.62 6.51 6.11 5.84 6.42 8.20 7.88 8.65 8.00 .34 8.36 7.03 3.66 6.33 6.05 5.80 6.38 8.22 7.92 8.66 8.02 .34 8.41 6.95 3.57 6.32 6.14 5.90 6.44 8.18 7.85 8.65 7.98 .31 8.37 6.95 3.56 6.38 6.36 6.10 6.75 8.17 7.80 8.63 7.97 .29 8.35 7.01 3.61 6.46 6.49 6.25 6.85 8.18 7.82 8.67 7.99 .33 8.36 6.90 3 69 6.70 6.72 6.47 7.10 8.21 7.83 8.74 8.01 .38 8.37 6.98 3.76 6.79 6.80 6.50 7.20 8.27 7.92 8.82 8.08 .41 8.45 7.08 3.87 6.85 6.87 6.55 7.25 8.36 7.99 8.90 8.09 .53 8.60 7.16 3.98 6.83 6.99 6.70 7.35 8.44 8.09 8.95 8.16 .61 8.68 7.22 4.14 6.88 7.03 6.74 7.35 8.49 8.16 9.02 8.22 .59 8.78 7.30 4.31 7.21 7.10 6.80 7.40 8.56 8.21 9.10 8.31 .64 8.85 7.35 4.35 7.00 7.04 5.75 7.35 8.62 8.30 9.13 8.41 .63 8.90 7.42 4.03 7.09 7.15 6.85 7.45 8.70 8.42 9.18 8.52 .68 8.97 7.52 4.19 7.05 7.25 6.95 7.55 8.80 8.55 9.26 8.56 .74 9.14 7.66 4.16 6.89 7.04 6.70 7.30 8.89 8.60 9.36 8.66 9.20 7.69 4.28 6.73 6.99 6.65 7.25 8.92 8.60 9.41 8.69 8.76 9.20 7.84 4.32 6.56 6.77 6.50 7.10 8.93 8.55 9.44 8.67 9.11 9.13 7.66 4.32 6.61 6.77 6.50 7.10 8.49 9.39 8.62 9.12 9.05 7.59 4.20 6.54 6.41 6.15 6.80 8.40 9.38 8.58 9.12 8.94 7.49 4.10 6.54 6.47 6.20 6.85 .76 8.26 9.37 8.52 9.12 8.85 7.50 4.04 6.61 6.36 6.10 6.75 .73 8.17 9.41 8.47 9.15 8.81 7.44 4.09 6.76 6.40 6.10 6.80 .71 8.10 9.42 8.40 9.19 8.81 7.41 4.19 6.90 6.31 5.95 6.45 .74 8.12 9.44 8.42 9.18 8.84 7.38 4.10 6.73 6.01 5.70 6.40 .72 8.13 9.47 8.44 9.22 8.85 7.39 3.88 6.72 6.01 5.70 6.40 .72 8.13 9.45 8.43 9.17 8.82 7.39 3.89 6.75 6.26 6.00 6.55 .70 8.13 9.44 8.43 9.08 8.83 7.31 3.81 6.64 6.22 5.96 6.50 .69 8.09 9.42 8.40 9.12 8.82 7.38 3.86 6.52 6.24 5.95 6.50 .66 8.06 9.32 8.38 9.07 8.77 7.26 3.81 6.53 6.36 6.15 6.65 .63 8.05 9.29 8.36 9.04 8.75 7.19 3.75 6.51 6.36 6.15 6.65 .63 8.02 9.34 8.37 9.05 8.74 7.17 3.64 6.55 6.34 6.10 6.65 .62 8.01 9.34 8.33 9.06 8.71 7.26 3.75 6.66 6.43 6.10 6.75 .63 8.03 9.31 8.33 9.07 8.73 7.37 3.78 6.65 6.39 5.85 7.00 .64 8.07 9.34 8.36 9.06 8.77 7.50 3.78 6.49 6.26 6.00 6.60 8.09 9.38 8.39 9.08 8.81 7.37 3.72 6.39 6.14 5.95 6.40 .67 8.07 9.41 8.39 9.09 8.80 7.28 3.69 6.19 6.05 5.85 6.25 .64 8.05 9.38 8.36 9.06 8.76 7.40 3.78 5.97 5.71 5.35 6.05 .62 8.02 9.37 8.35 9.04 8.71 7.15 3.67 5.93 5.54 5.15 6.05 .51 7.85 9.27 8.19 9.00 8.61 6.99 3.53 5.89 5.42 5.15 5.70 .46 7.78 9.28 8.09 9.02 8.57 6.79 3.49 5.87 5.49 5.25 5.75 .33 7.59 9.12 7.92 8.98 8.43 6.84 3.48 6.05 5.49 5.25 5.75 .23 7.51 9.02 7.80 8.93 8.33 6.87 3.44 1 Includes bonds rated Aa and A, data for which are not shown sep- Corporate bonds: Average of daily figures. Both of these series are from arately. Because of a limited number of suitable issues, the number of Moody's Investors Service series. Stocks: Standard and Poor's Corporate cororate bonds in some groups has varied somewhat. series. Dividend/price ratios are based on Wed. figures; earnings/price. Ratios are as of end of period. Preferred stock ratio is based on eight NOTE.—Computed as follows: U.S. Govt, bonds: Averages of daily median yields for a sample of noncallable issues—12 industrial and two figures for bonds maturing or callable in 10 years or more. State and public utility; common stock ratios on the 500 stocks in the price index. local govt, bonds: General obligations only, based on Thurs. figures. Quarterly earnings are seasonally adjusted at annual rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 100 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 GRASTY CREWS, II, Adviser JOHN N. LYON, Assistant Director DIVISION OF RESEARCH AND STATISTICS JOHN T. MCCLINTOCK, Assistant Director THOMAS A. SIDMAN, Assistant Director J. CHARLES PARTEE, Director TYNAN SMITH, Assistant Director STEPHEN H. AXILROD, Associate Director LYLE E. GRAMLEY, Associate Director DIVISION OF PERSONNEL ADMINISTRATION STANLEY J. SIGEL, Adviser EDWIN J. JOHNSON, Director MURRAY S. WERNICK, Adviser JOHN J. HART, Assistant Director KENNETH B. WILLIAMS, Adviser PETER M. KEIR, Associate Adviser DIVISION OF ADMINISTRATIVE SERVICES JAMES L. PIERCE, Associate Adviser JOSEPH E. KELLEHER, Director JAMES B. ECKERT, Assistant Adviser DONALD E. ANDERSON, Assistant Director EDWARD C. ETTIN, Assistant Adviser JOHN D. SMITH, Assistant Director STEPHEN P. TAYLOR, Assistant Adviser Louis WEINER, Assistant Adviser OFFICE OF THE CONTROLLER JOSEPH S. ZEISEL, Assistant Adviser JOHN KAKALEC, Controller LEVON H. GARABEDIAN, Assistant Director §HARRY J. HALLEY, Deputy Controller DIVISION OF INTERNATIONAL FINANCE ROBERT SOLOMON, Director DIVISION OF DATA PROCESSING tRoBERT 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 |On leave of absence. ROBERT F. GEMMILL, Associate Adviser the J S O er ff v i e c s e o a f l s t o h e as S e P cr r e o t g a r r a y m . Director for Banking Structure in 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 101 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. KEN YON, 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 JOHN M. MEYER, JR., SECOND FEDERAL RESERVE DISTRICT, President A. W. CLAUSEN, TWELFTH FEDERAL RESERVE DISTRICT, Vice President MARK C. WHEELER, FIRST FEDERAL GAYLORD A. FREEMAN, SEVENTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT G. MORRIS DORRANCE, JR., THIRD FEDERAL ALLEN MORGAN, EIGHTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT JOHN S. FANGBONER, FOURTH FEDERAL T. M. REARDON, NINTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT JOSEPH W. BARR, FIFTH FEDERAL MORRIS F. MILLER, TENTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT HARRY HOOD BASSETT, SIXTH FEDERAL JOHN E. GRAY, ELEVENTH 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 102 FEDERAL RESERVE BANKS AND BRANCHES Federal Reserve Bank or branch Chairman President Vice President 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 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 John L. Fraley Jimmie R. Monhollon Atlanta ,. 30303 Edwin I. Hatch Monroe Kimbrel John C. Wilson Kyle K. Fossum Birmingham... . 35202 W. Cecil Bauer Dan L. Hendley Jacksonville,... ,.32201 Castle W. Jordan Edward C. Rainey Nashville ,...37203 Edward J. Boling Jeffrey J. Wells New Orleans,.. 70160 D. Ben Kleinpeter 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 Ronald E. Reitmeier Donald L. Henry Memphis ...,38101 C. Whitney Brown Laurence T. Britt Minneapolis ..,,55480 David M. Lilly Bruce B. Dayton M. H. Strothman, Jr. Helena ...,59601 William A. Cordingley 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 Joseph M. Ray Fredric W. Reed Houston ,77001 Geo. T. Morse, Jr. J. Lee Cook San Antonio... 78206 W. A. Belcher 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 103 FEDERAL RESERVE BOARD PUBLICATIONS Available from Publications Services, Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Where a charge is indicated, remittance should accompany request and be made payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. currency. (Stamps and coupons not accepted.) ANNUAL REPORT. SUPPLEMENT TO BANKING AND MONETARY STA- TISTICS. Sec. 1. Banks and the Monetary Sys- FEDERAL RESERVE BULLETIN. Monthly. $6.00 per tem. 1962. 35 pp. $.35. Sec. 2. Member Banks. annum or $.60 a copy in the United States and 1967. 59 pp. $.50. Sec. 5. Bank Debits. 1966. 36 its possessions, Bolivia, Canada, Chile, Colom- pp. $.35. Sec. 6. Bank Income. 1966. 29 pp. bia, Costa Rica, Cuba, Dominican Republic, $.35. Sec. 9. Federal Reserve Banks. 1965. 36 Ecuador, Guatemala, Haiti, Republic of Hon- pp. $.35. Sec. 10. Member Bank Reserves and duras, Mexico, Nicaragua, Panama, Paraguay, Related Items. 1962. 64 pp. $.50. Sec. 11. Cur- Peru, El Salvador, Uruguay, and Venezuela; 10 rency. 1963. 11 pp. $.35. Sec. 12. Money Rates or more of same issue sent to one address, $5.00 and Securities Markets. 1966. 182 pp. $.65. per annum or $.50 each. Elsewhere, $7.00 per Sec. 14. Gold. 1962. 24 pp. $.35. Sec. 15. Interannum or $.70 a copy. national Finance. 1962. 92 pp. $.65. Sec. 16 (New). Consumer Credit. 1965. 103 pp. $.65. FEDERAL RESERVE CHART BOOK ON FINANCIAL INDUSTRIAL PRODUCTION—1957-59 BASE. 1962. AND BUSINESS STATISTICS. Monthly. Annual 172 pp. $1.00 a copy; 10 or more sent to one subscription includes one issue of Historical address, $.85 each. Chart Book. $6.00 per annum or $.60 a copy in the United States and the countries listed above; BANK MERGERS & THE REGULATORY AGENCIES: 10 or more of same issue sent to one address, APPLICATION OF THE BANK MERGER ACT OF $.50 each. Elsewhere, $7.00 per annum or $.70 1960. 1964. 260 pp. $1.00 a copy; 10 or more a copy. sent to one address, $.85 each. BANKING MARKET STRUCTURE & PERFORMANCE HISTORICAL CHART BOOK. Issued annually in Sept. 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 more sent to one address, $.40 each. address, $.50 each. Elsewhere, $.70 a copy. 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 Dec. 31, 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 104 FEDERAL RESERVE BULLETIN • FEBRUARY 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. (Limited supply of mimeographed copies of full THE SECONDARY MARKET FOR NEGOTIABLE text available upon request for single copies.) CERTIFICATES OF DEPOSIT. 1968. 89 pp. THE DISCOUNT MECHANISM IN LEADING IN- MEASURES OF INDUSTRIAL PRODUCTION AND DUSTRIAL COUNTRIES SINCE WORLD WAR II. FINAL DEMAND, by Clayton Gehman and Cor- 1968. 216 pp. nelia Motheral. Ian. 1967. 57 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS A 105 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. COMMERCIAL BANK LIQUIDITY, Staff Economic IMPORTED INFLATION AND THE INTERNATIONAL Study by James Pierce. Aug. 1966. 9 pp. ADJUSTMENT PROCESS, by Ruth Logue. Dec. 1969. 147 pp. A REVISED INDEX OF MANUFACTURING CAPACITY, Staff Economic Study by Frank de Leeuw with CONSUMER SAVINGS AND THRIFT INSTITUTIONS, Frank E. Hopkins and Michael D. Sherman. by Edward C. Ettin and Barbara Negri Opper. Nov. 1966. 11 pp. June 1970. 12 pp. THE ROLE OF FINANCIAL INTERMEDIARIES IN U.S. CAPITAL MARKETS, Staff Economic Study OPTIMAL CHOICE OF MONETARY POLICY INSTRUby Daniel H. Brill with Ann P. Ulrey. Jan. MENTS IN A SIMPLE STOCHASTIC MACRO 1967. 14 pp. MODEL, by William Poole. Sept. 1970. 20 pp. REVISED SERIES ON COMMERCIAL AND INDUS- UNCERTAINTY AND STABILIZATION POLICIES FOR TRIAL LOANS BY INDUSTRY. Feb. 1967. 2 pp. A NONLINEAR MACROECONOMIC MODEL, by AUTO LOAN CHARACTERISTICS AT MAJOR SALES Franklin R. Shupp. Dec. 1970. 23 pp. FINANCE COMPANIES. Feb. 1967. 5 pp. Printed in full in the Bulletin. SURVEY OF FINANCE COMPANIES, MID-1965. Apr. 1967. 26 pp. (Reprints available as shown in following list.) BANK FINANCING OF AGRICULTURE. June 1967. 23 pp. REPRINTS EVIDENCE ON CONCENTRATION IN BANKING MARKETS AND INTEREST RATES, Staff Economic Study by Almarin Phillips. June 1967. ADJUSTMENT FOR SEASONAL VARIATION. June 11 pp. 1941.11pp. NEW BENCHMARK PRODUCTION MEASURES, 1958 SEASONAL FACTORS AFFECTING BANK RESERVES. AND 1963. June 1967. 4 pp. Feb. 1958. 12 pp. REVISED INDEXES OF MANUFACTURING CAPACITY LIQUIDITY AND PUBLIC POLICY, Staff Paper by AND CAPACITY UTILIZATION. July 1967. 3 pp. Stephen H. Axilrod. Oct. 1961. 17 pp. THE PUBLIC INFORMATION ACT—ITS EFFECT ON MEMBER BANKS. July 1967. 6 pp. SEASONALLY ADJUSTED SERIES FOR BANK CREDIT. July 1962. 6 pp. INTEREST COST EFFECTS OF COMMERCIAL BANK UNDERWRITING OF MUNICIPAL REVENUE INTEREST RATES AND MONETARY POLICY, Staff BONDS. Aug. 1967. 16 pp. Paper by Stephen H. Axilrod. Sept. 1962. 28 pp. THE FEDERAL RESERVE-MIT ECONOMETRIC MEASURES OF MEMBER BANK RESERVES. July MODEL, Staff Economic Study by Frank de 1963. 14 pp. Leeuw and Edward Gramlich. Jan. 1968. 30 pp. THE PRICE OF GOLD IS NOT THE PROBLEM. Feb. CHANGES IN BANKING STRUCTURE, 1953-62. 1968. 7 pp. Sept. 1963. 8 pp. U.S. INTERNATIONAL TRANSACTIONS: TRENDS IN REVISION OF BANK DEBITS AND DEPOSIT TURN- 1960-67. Apr. 1968. 23 pp. OVER SERIES. Mar. 1965. 4 pp. MONETARY RESTRAINT AND BORROWING AND TIME DEPOSITS IN MONETARY ANALYSIS, Staff CAPITAL SPENDING BY LARGE STATE AND Economic Study by Lyle E. Gramley and LOCAL GOVERNMENTS IN 1966. July 1968. Samuel B. Chase, Jr. Oct. 1965. 25 pp. 30 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 106 FEDERAL RESERVE BULLETIN • FEBRUARY 1971 REVISED SERIES ON BANK CREDIT. Aug. 1968. RECENT CHANGES IN STRUCTURE OF COMMER- 4 pp. CIAL BANKING. Mar. 1970. 16 pp. FEDERAL FISCAL POLICY IN THE 1960's. Sept. U.S. BALANCE OF PAYMENTS AND INVEST- 1968. 18 pp. MENT POSITION. Apr. 1970. 17 pp. HOW DOES MONETARY POLICY AFFECT THE SDR's IN FEDERAL RESERVE OPERATIONS AND ECONOMY? Staff Economic Study by Maurice STATISTICS. May 1970. 4 pp. Mann. Oct. 1968. 12 pp. CHANGES IN BANK LENDING PRACTICES, 1969. BUSINESS FINANCING BY BUSINESS FINANCE May 1970. 5 pp. 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- JULY 1970. Nov. 1970. 11 pp. REVISION OF CONSUMER CREDIT STATISTICS. Dec. 1968. 21 pp. FINANCIAL DEVELOPMENTS IN THE THIRD QUAR- TER OF 1970. Dec. 1970. 7 pp. HOUSING PRODUCTION AND FINANCE. Mar. 1969. 7 pp. REVISION OF THE MONEY STOCK. Dec. 1970. 23 pp. OUR PROBLEM OF INFLATION. June 1969. 15 pp. MEASURES OF SECURITY CREDIT. Dec. 1970. THE CHANNELS OF MONETARY POLICY, Staff Eco- 11pp. nomic Study by Frank de Leeuw and Edward Gramlich. June 1969. 20 pp. BALANCE OF PAYMENTS PROGRAM: REVISED GUIDELINES FOR BANKS AND NONBANK FINAN- REVISION OF WEEKLY SERIES FOR COMMERCIAL CIAL INSTITUTIONS. Jan. 1971. 12 pp. BANKS. Aug. 1969. 5 pp. MONETARY AGGREGATES AND MONEY MARKET EURO-DOLLARS: A CHANGING MARKET. Oct. 1969. CONDITIONS IN OPEN MARKET POLICY. Feb. 20 pp. 1971. 26 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO STATISTICAL TABLES (For list of tables published periodically, but not monthly, see page A-3.) Acceptances, bankers', 14, 33, 37, 98 Demand deposits: Agricultural loans of commercial banks, 24, 26 Adjusted, banks and the monetary system, 18 Arbitrage, 91 Adjusted, commercial banks, 15, 17, 25 Assets and liabilities (See also Foreigners, claims on, Banks, by classes, 11, 19, 25, 29 and liabilities to): Subject to reserve requirements, 17 Banks, by classes, 19, 24, 25, 26, 37 Turnover, 15 Banks and the monetary system, 18 Deposits (See also specific types of deposits): Corporate, current, 49 Accumulated at commercial banks for payment of Federal Reserve Banks, 12 personal loans, 23 Automobiles: Adjusted, and currency, 18 Consumer instalment credit, 54, 55, 56 Banks, by classes, 11, 19, 25, 29, 37 Production index, 58, 59 Euro-dollars, 86 Federal Reserve Banks, 12, 86 Bank credit proxy, 17 Postal savings, 18, 25 Bankers' balances, 25, 28 Subject to reserve requirements, 17 (See also Foreigners, claims on, and liabilities to) Discount rates (See Interest rates) Banking and monetary statistics for 1970, 98, 99 Discounts and advances by Reserve Banks, 4, 12, 13, 15 Banking offices: Dividends, corporate, 48, 49 Dollar assets, foreign, 75, 81 Changes in number, 96 Par and nonpar banking offices, number, 97 Earnings and expenses, Federal Reserve Banks, 94 Banks and the monetary system, 18 Earnings and hours, manufacturing industries, 65 Banks for cooperatives, 39 Employment, 62, 64, 65 Bonds (See also U.S. Govt, securities): Euro-dollar deposits in foreign branches of New issues, 45, 46, 47 U.S. banks, 86 Yields and prices, 34, 35, 99 Branch banks, liabilities of U.S. banks to their foreign Farm mortgage loans, 50, 51 branches, 30, 86 Federal finance: Brokerage balances, 85 Cash transactions, 40 Business expenditures on new plant and equipment, 49 Receipts and expenditures, 41 Business indexes, 62 Treasury operating balance, 40 Business loans (See Commercial and industrial loans) Federal funds, 8, 24, 26, 30, 33, 98 Federal home loan banks, 39, 51 Capacity utilization, 62 Federal Housing Administration, 50, 51, 52, 53 Capital accounts: Federal intermediate credit banks, 39 Banks, by classes, 19, 25, 30 Federal land banks, 39 Federal Reserve Banks, 12 Federal National Mortgage Assn., 39, 53 Central banks, 90, 92 Federal Reserve Banks: Certificates of deposit, 30 Condition statement, 12 Coins, circulation, 16 Earnings, expenses, and dividends, 94 Commercial and industrial loans: U.S. Govt, securities held, 4, 12, 15, 42, 43 Commercial banks, 24, 32 Federal Reserve credit, 4, 6, 12, 15 Weekly reporting banks, 26, 31 Federal Reserve notes, 12, 16, 94 Commercial banks: Federally sponsored credit agencies, 39 Assets and liabilities, 19, 24, 25, 26 Finance company paper, 33, 37, 98 Banking offices, changes in number, 96 Financial institutions, loans to, 24, 26 Consumer loans held, by type, 55 Float, 4 Deposits at, for payment of personal loans, 23 Flow of funds, 70 Loans sold outright, 32 Foreign: Number, by classes, 19 Currency operations, 12, 14, 75, 81 Real estate mortgages held, by type, 50 Deposits in U.S. banks, 5, 12, 18, 25, 29, 86 Commercial paper, 33, 37, 98 Exchange rates, 89 Condition statements (See Assets and liabilities) Trade, 73 Construction, 62, 63 Foreigners: Consumer credit: Claims on, 82, 83, 86, 87, 88 Instalment credit, 54, 55, 56, 57 Liabilities to, 30, 76, 77, 79, 80, 81, 86, 87, 88 Noninstalment credit, by holder, 55 Consumer price indexes, 62, 66 Gold: Consumption expenditures, 68, 69 Certificates, 12, 13, 16 Corporations: Earmarked, 86 Sales, profits, taxes, and dividends, 48, 49 Net purchases by U.S., 74 Security issues, 46, 47 Production, 93 Security yields and prices, 34, 35, 99 Reserves of central banks and govts., 92 Cost of living (See Consumer price indexes) Stock, 4, 18, 75 Currency and coin, 5, 10, 25 Government National Mortgage Association, 53 Currency in circulation, 5, 16, 17 Gross national product, 68, 69 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 108 FEDERAL RESERVE BULLETIN • FEBRUARY 1971 Income, national and personal, 68, 69 Real estate loans: Industrial production index, 58, 62 Banks, by classes, 24, 27, 37, 50 Instalment loans, 54, 55, 56, 57 Delinquency rates pn home mortgages, 52 Insurance companies, 38, 42, 43, 51 Mortgage yields, 53 Insured commercial banks, 21, 23, 24, 96 Type of holder and property mortgaged, 50, 51, Interbank deposits, 11, 19, 25 52, 53 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, 98 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, 99 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 Sales finance companies, loans, 54, 55, 57 Investments (See also specific types of investments): Saving: Banks, by classes, 19, 24, 27, 28, 37 Flow of funds series, 70 Commercial banks, 23 National income series, 69 Federal Reserve Banks, 12, 15 Savings and loan assns., 38, 43, 51 Life insurance companies, 38 Savings deposits (See Time deposits) Savings and loan assns., 38 Savings institutions, principal assets, 37, 38 Securities {See also U.S. Govt, securities): Labor force, 64 Federally sponsored agencies, 39 Loans (See also specific types of loans): International transactions, 84, 85 Banks, by classes, 19, 24, 26, 27, 37 New issues, 45, 46, 47 Commercial banks, 19, 23, 24, 26, 27, 31, 32 Silver coin and silver certificates, 16 Federal Reserve Banks, 4, 6, 12, 15 Special Drawing Rights, 4, 12, 13, 18, 72, 75 Insurance companies, 38, 51 State and local govts.: Insured or guaranteed by U.S., 50, 51, 52, 53 Deposits, 25, 29 Savings and loan assns., 38, 51 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, 99 Production index, 59, 62 State member banks, 21, 23, 96 Margin requirements, 10 Stock market credit, 36, 94 Member banks: Stocks: Assets and liabilities, by classes, 19, 24 New issues, 46, 47 Banking offices, changes in number, 96 Yields and prices, 34, 35, 99 Borrowings at Reserve Banks, 6, 12 Deposits, by classes, 11 Tax receipts, Federal, 41 Number, by classes, 19 Time deposits, 11, 17, 18, 19, 25, 29 Reserve position, basic, 8 Treasury Cash, Treasury currency, 4, 5, 16,18 Reserve requirements, 10 Treasury deposits, 5, 12, 40 Reserves and related items, 4, 17 Treasury operating balance, 40 Mining, production index, 59, 62 Mobile home shipments, 63 Unemployment, 64 Money rates (See Interest rates) U.S. balance of payments, 72 Money stock and related data, 17 U.S. Govt, balances: Mortgages (See Real estate loans and Residential mort- Commercial bank holdings, 25, 29 gage loans) Consolidated condition statement, 18 Mutual funds (See Investment companies) Member bank holdings, 17 Mutual savings banks, 18, 29, 37, 42, 43, 50, 96 Treasury deposits at Reserve Banks, 5, 12, 40 U.S. Govt, securities: National banks, 21, 23, 96 Bank holdings, 18, 19, 24, 27, 37, 42, 43 National income, 68, 69 Dealer transactions, positions, and financing, 44 National security expenditures, 41, 68 Federal Reserve Bank holdings, 4, 12, 15, 42, 43 Nonmember banks, 22, 23, 24, 25, 96 Foreign and international holdings, 12, 81, 84, 86 International transactions, 81, 84 Open market transactions, 14 New issues, gross proceeds, 46 Open market transactions, 14 Par and nonpar banking offices, number, 97 Outstanding, by type of security, 42, 43, 45 Payrolls, manufacturing index, 62 Ownership of, 42, 43 Personal income, 69 Yields and prices, 34, 35, 91, 99 Postal savings, 18, 25 United States notes, 16 Prices: Utilities, production index, 59, 62 Consumer and wholesale commodity, 62, 66 Security, 35 Veterans Administration, 50, 51, 52, 53 Prime rate, commercial banks, 33 Production, 58, 62 Weekly reporting banks, 26 Profits, corporate, 48, 49 Yields (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis