Federal Reserve Bulletin, 1971-05

FEDERAL RESERVE BULLETIN * * * * GO> V»r * * * * * * * MAY 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, 50 cents per copy per month, or $5.00 for 12 months. The Bulletin may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D. C. 20551, and remittance should be made payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. currency. (Stamps and coupons not accepted) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

F E D E R A L R E S E R V E BUL L E T IN NUMBER 5 □ VOLUME 57 □ MAY 1971 CONTENTS 365 Financial Developments in the First Quarter of 1971 375 Changes in Time and Savings Deposits, October 1970- January 1971 386 Statement to Congress 391 Record of Policy Actions of the Federal Open Market Committee 399 Law Department 421 Announcements 423 National Summary of Business Conditions Financial and Business Statistics A 1 Contents A 3 Guide to Tabular Presentation A 3 Statistical Releases: Reference A 4 U.S. Statistics A 72 International Statistics A 94 Board of Governors and Staff A 95 Open Market Committee and Staff; Federal Advisory Council A 96 Federal Reserve Banks and Branches A 97 Federal Reserve Board Publications A 101 Index to Statistical Tables Map of Federal Reserve System on Inside Back Cover EDITORIAL Charles Molony COMMITTEE J. Charles Partee Robert C. Holland Robert Solomon Kenneth B. Williams Elizabeth B. Sette The Federal Reserve BULLETIN is issued monthly under the direction of the staff edi­ torial 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

F i n a n c i a l D e v e l o p m e n t s in t h e F ir s t Q u a r t e r o f 1 9 7 1 This report, which was sent to the Joint Economic Committee of the U.S. Congress, highlights the important developments in financial markets during the winter and early spring. DURING the first quarter of 1971, financial market developments reflected the strong efforts by private nonfinancial sectors to re­ structure financial positions, the continued build-up in liquidity of major financial institutions, and the substantial rebound in economic activity. The large gain in nominal gross national product in the first quarter— at an estimated 13 per cent annual rate— was largely attributable to the resurgence in automobile production following the strike in the quarter earlier. Nominal GNP in the fourth quarter had increased at a 1.8 per cent annual rate. Transactions demands for cash balances increased in associa­ tion with the acceleration in economic activity. The narrowly defined money stock, Mi, rose at an 8.9 per cent annual rate fol­ lowing the 3.4 per cent rate of growth during the fourth quarter; for the two quarters together, the increase in Mi was at a 6.2 per cent annual rate. Broader measures of money that include interest-bearing deposits increased at an especially rapid pace, attributable in large measure to heavy substitution by investors of bank time deposits and nonbank savings deposits for loweryielding market instruments. Over most of the quarter interest rates in short-term markets continued the decline begun in the latter part of 1970, but since Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

366 FEDERAL RESERVE BULLETIN □ MAY 1971 late March short-term market rates have advanced substantially. The general decline of market rates was accompanied by three reductions, of Va of a percentage point each, in the discount rate— two in January and one in mid-February. Banks reduced their prime rate in several steps during the quarter, amounting to a total decline in this rate of \Vi percentage points from late December to mid-March. But reflecting the later turn­ around in short rates, major banks increased their prime rates by Va of a percentage point in late April. Downward pressure on the prime rate in the first quarter had stemmed in part from the large influx of bank depo .s and continued sluggish business loan demands. Banks ch neled the bulk of their funds into the acquisition of U.S. Ti sury, State and local government, and other securities, and ah > be­ came more active lenders in the mortgage market. In audition, some funds were used to reduce liabilities to foreign branches and to repay funds that had been raised through sales of bankrelated commercial paper. A part of the reduction in liabilities to branches reflected the transfer of funds to foreign branches in connection with the issuance of special Export-import Bank securities. These securities offerings, totaling $1.5 billion in the quarter, were designed to provide an investment outlet for BANK RESERVES AND BORROWINGS BILLIONS OF SEASONALLY ADIOSTED 32 Monthly averages of daily figures for member banks. Total and nonborrowed reserves are adjusted to exclude the effects of changes in reserve requirement percentages. Nonborrowed reserves are total reserves adjusted minus member bank borrowings from the Federal Reserve. Excess reserves are total reserves less required reserves. Latest figures, March. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS, Ql 1971 367 branch Euro-dollar funds and thereby to reduce branch incen­ tives for returning funds to the Euro-dollar market; such repay­ ments to the market were adding to dollar holdings of foreign official accounts and complicating the U.S. balance of payments problem. Total funds raised in security and mortgage markets by non­ financial borrowers increased sharply in the first quarter. State and local government bond flotations rose to a new peak as did security offerings by corporations. Yields fluctuated widely on both corporate and municipal bonds during the quarter, but on balance declined about 30 basis points from the December to March averages. In the mortgage market, net mortgage debt in­ creased at a record pace, with mortgage interest rates declining substantially further and fund inflows at nonbank thrift insti­ tutions continuing to grow at a rapid pace. MONETARY AGGREGATES Member bank reserves increased considerably in the first quarter of 1971 and supported a rapid expansion in member bank de­ posits. Both total reserves and nonborrowed reserves— those pro­ vided through sources other than member bank borrowing at the discount window— rose at an 11 per cent annual rate, faster than in the preceding quarter but well below the unusual increase in the third quarter of 1970 when the removal of Regulation Q SELECTED MONETARY AGGREGATES Percentage annual rates of change, seasonally adjusted 1970 1971 Item I II III IV I Member bank reserves -2.9 2.6 19.1 6.6 11.0 Nonborrowed....................................... -.4 4.1 24.4 9.4 11.0 Concepts of money1 Mi.......................................................... 5.9 5.8 6.1 3.4 8.9 M2...................................................................... 3.4 8.4 11.0 9.2 17.8 Ms.......................................................... 2.7 7.9 10.3 9.7 19.0 Bank credit2 Bank credit proxy adjusted................. .5 6.5 17.2 8.3 10.9 memo (change in billions of dollars, seasonally adjusted): Large CD’s............................................ .3 1.7 8.5 4.3 1. 8 1 Mi is currency plus private demand deposits adjusted. M2 is Mi plus bank time and savings deposits adjusted other than large CD’s. Mi is M2 plus deposits at mutual savings banks and savings and loan associations. 2 Total member bank deposits plus funds provided by Euro-dollar borrowings and bank-related commercial paper. Note.—Changes are calculated from the average amounts outstanding in the last month of each quarter. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

368 FEDERAL RESERVE BULLETIN □ MAY 1971 ceilings on short-maturity certificates of deposit was accompanied by a bulge in CD issues. Bank reliance on borrowing from the Federal Reserve declined somewhat further on average. Expansion in the narrowly defined money stock accelerated in the first quarter, following the slowdown in the preceding quar­ ter. The rate of growth of both currency and privately held demand deposits rose because of considerably lower interest rates than earlier and the post-strike rebound in economic activity. With growth at an 8.9 per cent annual rate in the first quarter, Mi rose at a little over a 6 per cent rate in the September through March period, which was about the same as during the first 9 months of 1970. CONCEPTS OF MONEY RATIO SCALE, BILLIONS OF DOLLARS Seasonally adjusted monthly averages. For definitions of Mv M.„ and Af.{, see footnote 1 to Selected Monetary Aggregates table. Broader concepts of money that include interest-bearing de­ posits also evidenced sharp increases in their rates of growth early in 1971. At commercial banks, time and savings deposits other than large CD’s grew very rapidly as substantial declines in market rates of interest led to an increase in the relative attrac­ tiveness of these claims. Some banks, however, reduced their interest rates on such deposits and ceased to offer longer-term certificate accounts with premium rates. Nevertheless, the rate of increase in was at a 17.8 per cent annual rate for the quarter, a record rate and well above any quarter in 1970. De­ posits at nonbank thrift institutions also rose sharply, resulting in an even stronger expansion in M?,. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS, Ql 1971 369 The unusually rapid expansion of Mi and M3 appears to have been due in large measure to one-time shifts by consumers from market instruments to higher-yielding accounts at depositary institutions. According to preliminary estimates contained in the Board’s quarterly flow of funds accounts, households sold or redeemed, net, about %\1Vi billion of credit market instruments, principally U. S. Government securities, over the quarter. In substitution, and reflecting also a continued high rate of net new personal savings, households added about $15 billion to their holdings of time and savings deposits at commercial banks and about $12 billion to deposits at nonbank institutions. BANK CREDIT-components The sizable increases in demand deposits and time and savings CHANGE, BILLIONS OF DOLLARS U.S. GOVT. SECURITIES deposits other than large CD’s did not carry through to a compa­ rable rise in the adjusted bank credit proxy— total member bank deposits plus funds derived from Euro-dollar borrowings and □ I bank-related commercial paper. Large CD’s increased $1.8 bil­ OTHER SECURITIES lion in the first quarter, less than one-half the rate in the previous quarter, as banks lowered their offering rates on CD’s to a greater extent than the decline in rates on competing financial instru­ I 1 ments. Bank interest in acquiring CD’s was restrained by the TOTAL LOANS increased availability of other deposit funds at a time when loan demands remained relatively sluggish. Moreover, growth in the adjusted credit proxy was limited by the continued repayment of nondeposit sources of funds. Repay­ _ ments of funds obtained through sales of bank-related commercial Q2 Q3 01 1970 1971 paper declined by about $0.8 billion from the average in Decem­ Seasonally adjusted. Loans adjusted for transfers between banks and their ber to the average in March. The amount of such funds outstand­ holding companies, affiliates, subsidi­ aries, or foreign branches. ing had fallen to a level of $1.7 billion in March, down from the peak of $7.8 billion late in July 1970. Borrowings of Euro-dollars by banks from their foreign branches also declined in the first quarter, averaging $3.6 billion lower in March than in Decem­ ber 1970. While the cost of Euro-dollar funds remained high relative to domestic sources of funds and accounted for some of the drop in borrowings, part of the decline was also attributable to the financing of special Export-import Bank certificates noted earlier. BANKS’ USES OF FUNDS In view of the further increase in fund availability and sluggish business demands for bank credit, banks continued to add sub­ stantial amounts of securities to their portfolios. Acquisitions of U.S. Government securities rose sharply from the quarter earlier as banks actively participated in several Treasury financings. Holdings of other securities rose by $6.5 billion, seasonally Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

370 FEDERAL RESERVE BULLETIN □ MAY 1971 BANK LOANS-major components adjusted, only slightly less than the record increase in the pre­ ceding quarter. The bulk was State and local government issues of over-1-year maturity; banks apparently continued to move into intermediate- and longer-term issues because their liquidity re­ quirements were already satisfied and the yield spread of such issues over tax warrants and bond anticipation notes widened further. Net loans extended by banks rose considerably during the quarter in contrast to the decline during the preceding quarter. Business loan growth was at a rate of only 2Vi per cent for the quarter, although this reflected a considerable improvement from the earlier drop. Sizable debt repayment from the proceeds of Ql Q2 Q3 Q4 Ql ig7n ia7L capital market financings held down growth in loans to commer­ Seasonally adjusted. Adjusted for transfers between banks and their cial and industrial firms. Moreover, borrowing over the midholding companies, affiliates, sub­ sidiaries, or foreign branches. March tax period was less than usual as corporations relied more heavily on alternative sources of funds. Real estate loans, however, reflected a strong pattern of growth. Net mortgage credit extensions about equaled the average in­ crease in the first half of 1969, when bank participation in real estate financing was at a high level. Consumer instalment lend­ ing also picked up in the first quarter, in part reflecting increased automobile financing as sales rebounded from the strike-reduced fourth quarter. Security loans rose further as dealer financing requirements were enlarged by large capital market flotations and by an increase in U.S. Government dealer positions. Banks continued to seek loans aggressively in view of their large fund inflows and comfortable liquidity positions. The rate charged prime borrowers was reduced several times during the quarter as market rates of interest were dropping, and some other lending terms and conditions were eased by banks actively attempting to generate loans. Banks reportedly extended loan commitments in volume, but the actual takedown of funds under these arrangements remained modest. NONBANK Deposit growth at nonbank thrift institutions accelerated sharply INTERMEDIARIES AND in the first quarter of 1971. Net deposit inflows rose at a season­ THE MORTGAGE MARKET ally adjusted rate of 23.2 per cent, compared with 11.5 per cent in the last quarter of 1970. Although the personal savings rate in the first 3 months of 1971 was marginally below the 1970 average, declining yields on alternative short-term investments continued to stimulate the demand for savings deposits and shares. Savings and loan associations not only stepped up their Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS, Ql 1971 371 NONBANK SAVINGS ACCOUNTS mortgage purchases and commitments, but they also acquired liquid assets at a record pace. Mutual savings banks, on the other hand, utilized somewhat more than half of their new funds inflows to acquire corporate securities. Seasonally adjusted net mortgage debt formation expanded at a record quarterly rate of $8.2 billion in the first quarter of 1971. Net expansion in both residential and other categories reached new highs, exceeding previous peak rates established about 2 years earlier. Among individual lender groups, the major impetus for the over-all expansion continued to come from the savings and loan associations. With commercial banks and other private lenders also more active, gross mortgage accumulation by the Federal National Mortgage Association tapered off further. As a Seasonally adjusted. result, FNMA reduced its mortgage holdings slightly during the quarter for the first time in nearly 4 years. NET CHANGE IN MORTGAGE DEBT OUTSTANDING In billions of dollars, seasonally adjusted quarterly data 1970 1971 Item I II III IV I« 5.1 5.9 7.1 7.6 8.2 Residential. 3.4 4.2 5.2 5.4 5.8 Other* 1.6 1.6 1.9 2.2 2.5 1 Includes commercial and other nonresidential as well as farm properties, e Partly estimated. Note.—Details may not add to totals because of rounding. FUNDS RAISED IN New issues of bonds and stocks by corporations in the first quar- SECURITIES MARKETS ter of 1971 matched the record fourth quarter of 1970. The level of new equity issues was slightly below that of the previous 3-month period, but private placement bond takedowns continued to rise in early 1971 and the March volume of public bond offer­ ings, which was 40 per cent above the previous peak month, swelled the corporate security total for the quarter. There was a marked increase in public bond issues by manufacturing and financial firms. Long-term bond issues by State and local governments in the first quarter of 1971 reached a new high, with monthly volume averaging about $2.2 billion. Commercial banks continued to add to-their holdings of municipal securities as in late 1970, and fire and casualty companies were also large purchasers, particu­ larly of longer maturities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

372 FEDERAL RESERVE BULLETIN □ MAY 1971 OFFERINGS OF NEW SECURITY ISSUES Monthly average in billions of dollars, not seasonally adjusted 1970 1971 Item I II III IV I Corporate securities— Total............................................. 2.7 3.5 2.9 4.0 4.1 Bonds....................................... 1.9 2.8 2.3 3.1 3.3 Stocks....................................... .7 .7 .6 .9 .8 State and local government bonds 1.4 1.2 1.5 2.0 2.2 The Federal budget deficit in the first quarter of 1971 was only slightly below the fourth-quarter 1970 deficit. Treasury receipts, dampened by slow economic growth in late 1970, rose at a mod­ est pace through March, and outlays resumed their upward path. The Treasury financed much of the deficit by running down its cash balances, partly because of debt ceiling limitations, and Federal net cash borrowing fell very sharply in the first quarter. For the first time in over a year, federally sponsored credit agencies repaid debt over the quarterly period. The most signifi­ cant factor was the reduced demand for funds on the part of the housing-oriented agencies. The Federal home loan banks paid down debt, on balance, and FNMA borrowing was measurably lower than in earlier quarters. FEDERAL GOVERNMENT BORROWING AND CASH BALANCE Quarterly totals in billions of dollars, not seasonally adjusted 1970 1971 Item I II III IV I Budget surplus or deficit......................... -3.5 8.7 -7.8 -8.9 -8.2 Net cash borrowings, or repayments (—) 2.0 -6.4 7.4 8.9 1.6 Other means of financing1...................... 3.1 -1.2 1.2 -.7 3.0 Change in cash balance........................... 1.6 1.1 .8 .7 -3.6 memo: Net borrowing by federally sponsored credit agencies 2................................ 3.6 1.5 1.6 1.5 -.7* 1 Checks issued less checks paid and other accrued items. 2 Includes debt of FHLBB, the Federal Home Loan Mortgage Corporation, Federal land banks, Federal intermediate credit banks, banks for cooperatives, and FNMA (including discount notes and bonds guaranteed by the Government National Mortgage Association). e Estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS, Ql 1971 373 INTEREST RATES For most of the first quarter, the steep decline in short-term rates that had begun in late 1970 continued. The March average for Treasury bill rates was about 150 basis points below the Decem­ ber average. The drop in Federal funds and commercial paper rates was of a smaller magnitude but still substantial. Commer­ cial banks lowered prime rates, in several steps, from 63A per cent late in December to 5lA per cent in mid-March. The Federal Reserve discount rate was also lowered in January and February by a total of % of a per cent. However, in late March and April money market rates began to firm and back up. The monthly averages (Interest Rates chart) obscure intramonth fluctuations, but most short-term interest rates began to move up in mid-March and by the end of April the Federal funds and Treasury bill rates had retraced about one-third of the first-quarter decline in yields. Commercial paper rates were also about 50 basis points higher at the end of April than they had been just a month earlier. Long-term interest rates reflected divergent trends in the vari­ ous sectors of the capital markets, and some of the individual series exhibited considerable volatility. The Federal Reserve Sys­ tem purchased about $1.0 billion of Treasury coupon issues INTEREST RATES PER CENT PER ANNUM Monthly averages except FHA (based on quotations for one day each month). Yields: U.S. Treasury bills, market yields on 3-month issues; prime commercial paper, dealer offering rates; FHA, weighted averages of private secondary market prices of new-home 30-year mort­ gages converted to annual yield (dashed line indicates period of adjustment of change in contractual interest rate); corporate bonds, weighted averages of new publicly offered bonds rated Aaa, Aa, and A by Moody’s Investors Service and adjusted to an Aaa basis; U.S. Govt, bonds, market yields adjusted to 20-year constant maturity by U.S. Treasury; State and local govt, bonds (20 issues, mixed quality), Bond Buyer. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

during the first quarter, in an effort to help maintain accommoda­ tive conditions in longer-term credit markets. Yields on inter­ mediate- and long-term Government bonds fell throughout most of the 3-month period, but the March average was only about one-fourth of a percentage point below the monthly average for January. Corporate interest rates underwent wide swings over the quarter, but on balance they remained below their late 1970 levels. Although interest rates in the tax-exempt market fluctuated widely over the quarter, mirroring developments in the corporate market in particular, municipal yields also declined on balance. FHA mortgage rates by March were over 100 basis points below the December average, in lagged reaction to the sharp decline of market rates in late 1970. □ Digitized for FRASER 374 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Changes in Time and Savings Deposits, October 1970-January 1971 Interest rates paid on most major forms of than long-term, and by the end of January time deposits were reduced in the 3 months some short-term rates were at the lowest ending January 31, 1971, at a number of levels since mid-1967. The prime rate commercial banks. Continuing the trend charged the largest and most creditworthy that began last fall, rates on large-denomina­ bank customers was lowered in six stages tion time deposits were lowered sharply in from IVi to 6 per cent. the October-January period at most large During the survey period, most big banks made reductions in rates paid on short­ banks which hold the bulk of these deposits. term large-denomination time deposits, At the same time offering rates on con­ which are closely competitive with other sumer-type time deposits were reduced by a money market instruments. Even so, bank number of banks. An important exception rates on these instruments remained attrac­ to the downtrend was on regular savings tive and commercial banks experienced a deposits, where few changes in rates oc­ further sizable inflow of such deposits. How­ curred. ever, growth in the last survey quarter fell Since January 31 there have been further below that in the July-October 1970 period. changes in rates. Effective April 1 many On the other hand, flows into consumer large banks reduced their rates on pass­ deposits— savings and other small-denomi­ book savings and some banks that had not nation time deposits— greatly exceeded the previously acted lowered their rates on con­ growth in the preceding quarter, as deposi­ sumer-type time deposits. Offering rates on tors in the under $100,000 category sought large-denomination time deposits continued to place funds in banks that were still offer­ to decline until about mid-March and have ing ceiling rates and to obtain these high risen somewhat since then. rates, where possible, on deposit instruments These rate declines reflect the downward with fairly long maturities. rate pressure on banks from the large drop in interest rates in all markets during most NET CHANGES IN DEPOSITS of 1970 and the early months of 1971. In the period covered by this survey,1 short­ Total time and savings deposits held by in­ term rates continued to decline much more dividuals, partnerships, and corporations (IPC) at insured commercial banks in­ Note.—Caroline H. Cagle of the Board’s Division creased by $13.3 billion, or close to 7 per of Research and Statistics prepared this article. cent, in the 3 months ending January 31, 1 Previous surveys of time and savings deposits at all member banks were conducted by the Board of 1971 (Table 1). This increase was about Governors in late 1965, in early 1966, and quarterly $2.5 billion more than the expansion in the beginning in 1967. Beginning in 1968 the quarterly surveys were expanded to provide figures for all in­ preceding quarter. sured commercial banks and were conducted jointly Consumer-type time deposits— certificates by the Board of Governors and the Federal Deposit and open account deposits in denominations Insurance Corporation. The results of earlier surveys have appeared in Bulletins for 1966-70, the most of less than $100,000— expanded by $6.9 recent being April 1971, pp. 285-97. billion, or 10 per cent, in the most recent Appendix tables for this article appear on pp. 381-85. quarter. Most of this growth was in the Digitized for FRASER 375 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

376 FEDERAL RESERVE BULLETIN □ MAY 1971 TABLE 1 TYPES OF TIME AND SAVINGS DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS HELD BY INSURED COMMERCIAL BANKS ON SURVEY DATES, APRIL 1970-JANUARY 1971 Number of issuing banks Amount (in millions of dollars) Percentage change in deposits (quarterly rate) Type of deposit 1970 1971 1970 1971 Apr. 30 July 31 Oct. 31 Jan. 31 Apr. 30 July 31 Oct. 31 Jan. 31 Apr. 30- Oct. 31, 1970- Oct. 31, 1970 Jan. 31, 1971 Total time and savings deposits. . 13,315 13,324 13,335 13,389 177,585 187,743 198,485 211,770 5.7 6.7 Savings..................................... 12,876 12,842 12,791 12,939 90,511 92,226 94,453 97,549 2.2 3.3 Time deposits in denominations of less than $100,000— total................................... 12,974 13,024 13,074 13,141 66,402 68,898 69,720 76,659 2.5 10.0 Accounts with original ma­ turity of— Less than 1 year............... 11,656 12,014 12,031 12,050 42,871 40,594 39,664 40,198 -3.8 1.3 1 up to 2 years................. 11,860 12,155 12,220 12,207 14,133 15,149 15,500 18,244 4.8 17.7 2 years or more................ 9,399 9,923 10,342 10,675 9,398 13,154 14,556 18,217 25.4 25.2 All maturities: Open accounts—Passbook or statement form1.......... 3,162 3,117 2,971 3,382 (16,320) (17,489) (17,793) (19,089) (4.5) (7.3) Time deposits in denominations of $100,000 or more............ 5,469 5,392 5,522 5,956 14,900 20,432 28,058 32,101 37.2 14.4 Negotiable CD’s.............. 2,750 2,921 2,917 3,254 8,788 13,024 18,792 22,092 46.3 17.6 Nonnegotiable CD’s and open account................ 3,206 2,976 3,048 3,272 6,112 7,407 9,266 10,009 23.2 8.0 Christmas savings and other special funds......................... 8,278 8,366 7,997 8,166 5,772 6,187 6,253 5,461 4.2 -12.7 1 Includes time deposits, open account, issued in passbook, state­ mercial banks; for Oct. 31, 1970, the data for member banks were ment, or other forms that are direct alternatives for regular savings reported by virtually all such banks and for insured nonmember accounts. banks by the same sample of these banks reporting in earlier surveys. Note.—Data were compiled jointly by the Board of Governors of Some deposit categories include a small amount of deposits out­ the Federal Reserve System and the Federal Deposit Insurance standing in a relatively few banks that no longer issue these types of de­ Corporation. For Apr. 30 and July 31, 1970, and Jan. 31, 1971, the in­ posits and are not included in the number of issuing banks. Dollar formation was reported by a probability sample of all insured com­ amounts may not add to totals because of rounding. longer maturities— 1 to 2 years and 2 of deposit (CD’s) increased by $3.3 billion, years and over— on which about nine-tenths or nearly 18 per cent, and other largeof the issuing banks were still offering the denomination time deposits grew by $740 ceiling rates of 5 Vi and 5% per cent, re­ million, or 8 per cent. These rates of increase spectively, on January 31. Deposits in these were well under half the rate in the preced­ two maturity ranges expanded by 18 per ing quarter and reflected in part the fact that cent and 25 per cent, respectively, com­ banks were less aggressive in seeking these pared with an increase of 1 per cent for deposits as their outstandings rose above maturities of less than 1 year, on which the earlier highs. rate at most banks was still at the 5 per cent Christmas savings and other special funds ceiling. Growth in regular savings accounts declined by $790 million, or 13 per cent, increased by $3.1 billion, or 3 per cent. in the 3 months ending January 31, repre­ The combined $10 billion increase in sav­ senting in large part a seasonal movement. ings and smaller denomination time deposits Christmas club accounts, which are an im­ accounted for three-fourths of the total ex­ portant part of this total, are built up to peak pansion in time and savings deposits, IPC, levels around early November and are paid in the October-January period. In the pre­ ceding quarter inflows of consumer deposits out shortly thereafter. had been less than one-third as large as in the The rate of time and savings deposit ex­ most recent period. pansion in the most recent quarter was only Holdings of large negotiable certificates slightly faster at large banks— total deposits Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN TIME AND SAVINGS DEPOSITS 377 of $100 million and over— than at smaller about three-fourths of all banks with total institutions, in contrast with the preceding deposits of $100 million and over were of­ quarter when growth at large banks had fering the ceiling rates on these maturities greatly exceeded that at the smaller banks. in contrast with nearly all smaller banks that During the October-January period, growth were paying these rates. at large banks slowed mainly in response to On the shortest maturity time deposits— the reductions in offering rates on large-de- less than 1 year— rate reductions were rel­ nomination time deposits. This slowdown atively infrequent at both large and small occurred despite some acceleration in the banks. As of the end of January, 97 per rate of growth in regular savings deposits, cent of all insured commercial banks were which many depositors found increasingly paying the ceiling rate of 5 per cent. This attractive as market yields declined relative percentage was only slightly less than it had to the AV2 per cent ceiling being paid by been 3 months earlier. virtually all large banks. Few banks made any change in the rate they would pay on regular savings deposits RATE CHANGES AND RATE STRUCTURE in the 3 months ending January 31. For the most part those that did increased the rate to Rates that banks pay on consumer-type the regulatory ceiling. Banks generally show time deposits are generally slower to respond greater reluctance to reduce the rate on sav­ to downward movements in market interest ings deposits than on time certificates since rates than those on the highly rate-sensitive savings deposits have no set maturity and large-denomination time deposits. Never­ can be withdrawn at any time, thus exposing theless, a few banks had lowered their rates an individual rate-cutting bank to the risk of below ceiling levels on consumer-type time substantial deposit loss to competing insti­ deposits in the July-October quarter of 1970 tutions if they do not join in the rate reduc­ and a somewhat larger number did so in the tion. most recent quarter. Rate reductions in the On January 31 nearly four-fifths of all in­ October-January period were principally sured commercial banks indicated that they on the longer maturities— 1 to 2 years were paying the AV2 per cent maximum on and 2 years and over— on which the ratesavings deposits. These banks held 91.3 per reducing banks had been offering the cent of all such deposits— a slightly higher ceiling rates of 5 V2 and 53A per cent, respec­ proportion than 3 months earlier. Almost all tively (Table 2). Most of the rate reduc­ large banks were offering the ceiling rate, tions were 3A or Vi percentage point, with but the proportion declined as bank size a few banks lowering the rate by only Va decreased to a low of about seven-tenths for per cent (Appendix Table 7). banks in the smallest size group (total de­ On deposits in the maturity range of 1 posits of less than $10 million)— mainly to 2 years, 91 per cent of the banks were banks in small communities. paying the ceiling rate on January 31— down from 94 per cent 3 months earlier; on Nearly nine-tenths of the banks with total deposits in the maturity class of 2 years and deposits of $100 million or more, which ac­ over, 95 per cent of the issuing banks were count for the bulk of all large negotiable offering 53A per cent on January 31— down CD’s, lowered their most common offering from 98 per cent on October 31. Reduc­ rate on these deposits between October and tions were much more common at large January. As of January 31 about threethan at small banks. As of January 31 only fourths of such banks reported that their Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

378 FEDERAL RESERVE BULLETIN □ MAY 1971 TABLE 2 TIME AND SAVINGS DEPOSITS, IPC, HELD BY INSURED COMMERCIAL BANKS ON JANUARY 31, 1971, AND OCTOBER 31, 1970, BY TYPE OF DEPOSIT, BY MOST COMMON RATE PAID ON NEW DEPOSITS IN EACH CATEGORY, AND BY SIZE OF BANK Size of bank (total deposits in Size of bank (total deposits in millions of dollars) millions of dollars) All banks All banks Group Less than 100 100 and over Less than 100 100 and over Jan. Oct. Jan. Oct. Jan. Oct. Jan. Oct. Jan. Oct. Jan. Oct. 31 31 31 31 31 31 31 31 31 31 31 31 Number of banks, or percentage distribution Amount of deposits (in millions of dollars) or percentage distribution Savings deposits: Issuing banks.......................................... 12,939 12,791 12,378 12,269 561 522 97,549 94,453 39,098 38,718 58,451 55,735 Percentage distribution by most com­ mon rate paid on new deposits: Total....................................................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 3.50 or less............................................ 7.1 8.0 7.3 8.2 2.1 2.7 2.3 2.3 4.1 3.8 1.2 1.3 3.51-4.0 0 14.9 15.7 15.3 16.0 7.0 7.3 6.4 6.7 9.0 10.0 4.6 4.4 4.01-4.5 0 78.0 76.3 77.4 75.8 90.9 90.0 91.3 91.0 86.9 86.2 94.2 94.3 Time deposits in denominations of less than $100,000: Maturities less than 1 year: Issuing banks........................................ 12,050 12,031 11,489 11,512 561 519 40,198 39,664 19,733 20,196 20,465 19,468 Percentage distribution by most com­ mon rate paid on new deposits: Total....................................................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 4.50 or less............................................ 2.7 2.0 2.5 2.0 8.0 1.7 3.2 .1 1.1 .2 5.3 O) 4.51-5.0 0 97.3 98.0 97.5 98.0 92.0 98.3 96.8 99.9 98.9 99.8 94.7 100.0 Maturities of 1 up to 2 years: Issuing banks........................................ 12,207 12,220 11,675 11,717 532 503 18,228 15,500 13,773 11,634 4,455 3,866 Percentage distribution by most com­ mon rate paid on new deposits: Total....................................................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 5.00 or less............................................ 8.8 5.9 8.2 5.8 22.7 7.2 14.0 9.5 9.7 9.8 27.3 8.8 5.01-5.2 5 7 .3 .5 .3 3.8 .8 .3 .3 .4 2.2 5.26-5.5 0 90.5 93.8 91.3 93.9 73.5 * 92. 8 85.2 90.2 90.0 89.8 70.5 91.2 Maturities of 2 years and over: Issuing banks........................................ 10,675 10,342 10,156 9,855 519 487 18,048 14,556 10,351 7,867 7,696 6,689 Percentage distribution by most com­ mon rate paid on new deposits: Total....................................................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 5.00 or less............................................ 4.0 1.6 3.3 1.5 17.8 5.5 11.8 2.3 3.1 1.5 23.3 3.2 5.01-5.2 5 .3 .2 1.9 .2 1.1 .1 .4 O) 2.1 .2 5.26-5.5 0 1.0 (,)9 .8 (‘?9 4.6 1.5 1.5 .6 .6 .5 2.8 .7 5.51-5.7 5 94.7 97.5 95.7 97.6 75.7 92.8 85.6 97.0 95.9 98.0 71.8 95.9 Time deposits in denominations of $100,000 or more: Issuing banks............................................ 5,956 5,522 5,396 5,002 560 520 32,101 28,058 5,252 4,580 26,848 23,477 Percentage distribution by most com­ mon rate paid on new deposits: Total...................................................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 4.50 or less.......................................... 5.5 .7 4.4 .8 16.2 O) 31.6 .1 6.0 .3 36.6 .1 4.51-5.0 0 15.4 4.7 13.2 5.0 37.0 1.2 33.2 1.7 15.3 5.1 36.7 1.0 5.01-5.5 0 ;................................. 9.9 2.1 9.2 2.2 16.1 1.5 12.0 .4 13.3 .8 11.7 .2 5.51-6.0 0 17.9 7.9 18.5 8.2 11.4 5.0 7.1 2.1 17.4 4.4 5.1 1.7 6.01-6.5 0 8.2 13.2 8.6 12.6 4.5 18.5 3.9 18.6 12.1 14.8 2.3 19.4 6.51-7.0 0 14.7 30.9 15.5 29.2 7.3 47.4 4.3 59.2 13.9 37.6 2.4 63.5 7.01-7.5 0 28.3 40.0 30.5 41.5 7.1 25.4 7.8 17.4 22.0 36.3 5.0 13.7 7.51 and over..................................... .1 .5 0) .5 .4 1.0 .1 .5 O) .7 .2 .4 1 Less than 0.05 per cent. the top rate in the range; for example, 4.00, 4.50, etc. On business-type Note.—The most common interest rate for each instrument or time deposits in denominations of $100,000 and over, however, some group of instruments refers to the basic stated rate per annum (before large banks have had on past surveys rates at intervals of of a per­ compounding) in effect on the survey date that was generating the centage point. Some deposit categories exclude a small amount of largest dollar volume of deposit inflows. If the posted rates were un­ deposits outstanding in a relatively few banks that no longer issue changed during the 30-day period just preceding the survey date, the these types of deposits and are not included in the number of issuing rate reported as the most common rate was the rate in effect on the banks. largest dollar volume of deposit inflows during that 30-day period. If Time deposits in denominations of $100,000 and over include ne­ the rate changed during that period, the rate reported was the rate gotiable and nonnegotiable CD’s and open accounts. Each bank was prevailing on the largest dollar volume of inflows from the time of the grouped by the most common rate paid on the largest dollar volume of last rate change to the survey date. deposits and all of the deposits of these types were included at this While rate ranges of x/a, or Vi of a percentage point are shown in this rate. Figures may not add to totals because of rounding. and other tables, the most common rate reported by most banks was Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN TIME AND SAVINGS DEPOSITS 379 most common rate on large negotiable CD’s The offering rate on these deposits on Janu­ was 5V2 per cent or less. Three months ary 31 for a majority of the big banks was earlier a majority had been paying a rate 51/2 per cent or under. Ownership of these of 6% or 7 per cent. deposits varies by bank size. Among small On other large-denomination time de­ banks almost half of the total is held by con­ posits— nonnegotiable CD’s and open ac­ sumers (nonbusinesses), whereas among count deposits— about two-thirds of the large banks the bulk is business-held. large banks reduced their most common rate Rate reductions on large-denomination in the October-January period, a smaller time deposits were far less prevalent among proportion than for large negotiable CD’s. small than large banks during the October- TABLE 3 AVERAGE OF MOST COMMON INTEREST RATES PAID ON VARIOUS CATEGORIES OF TIME AND SAVINGS DEPOSITS, IPC, AT INSURED COMMERCIAL BANKS ON JANUARY 31, 1971 Time deposits in denominations of— Savings All and Less than $100,000 $100,000 or more Bank location and size of bank time and small de­ (total deposits in millions of dollars) savings nomina­ Savings deposits tion time Maturing indeposits Total Nego­ All tiable other Less than 1 up to 2 years CD’s 1 year 2 years or more All banks: All size groups.............................. 4.85 4.79 4.44 5.24 4.98 5.42 5.63 5.18 5.25 Less than 10.............................. 5.04 5.01 4.34 5.36 4.98 5.46 5.74 6.59 6.55 10-50......................................... 4.96 4.86 4.41 5.30 5.00 5.45 5.72 6.39 6.24 50-100....................................... 4.86 4.77 4.42 5.24 4.99 5.44 5.70 5.68 5.88 100-500..................................... 4.81 4.72 4.43 5.18 4.98 5.37 5.59 5.31 5.35 500 and over............................. 4.76 4.70 4.48 5.12 4.96 5.31 5.46 4.96 4.82 Banks in— Selected large SMSA’s 1: All size groups.......................... 4.78 4.71 4.47 5.16 4.97 5.36 5.54 5.05 4.96 Less than 10.......................... 4.88 4.81 4.40 5.31 5.00 5.47 5.71 6.42 6.31 10-50..................................... 4.85 4.75 4.42 5.26 5.00 5.42 5.68 6.13 5.97 50-100................................... 4.82 4.74 4.44 5.21 4.99 5.40 5.69 5.55 5.68 100-500................................. 4.78 4.70 4.43 5.17 4.98 5.35 5.61 5.22 5.14 500 and over......................... 4.76 4.70 4.49 5.11 4.95 5.29 5.44 4.95 4.78 All other SMSA’s: All size groups.......................... 4.88 4.77 4.40 5.24 4.99 5.42 5.68 5.72 6.07 Less than 10.......................... 4.86 4.79 4.27 5.30 4.99 5.43 5.74 6.55 6.37 10-50..................................... 4.95 4.83 4.40 5.31 5.00 5.45 5.74 6.47 6.74 50-100................................... 4.94 4.80 4.43 5.26 4.99 5.48 5.73 5.86 6.17 100-500................................. 4.86 4.76 4.44 5.18 4.98 5.37 5.60 5.59 5.73 500 and over......................... 4.75 4.64 4.30 5.19 4.98 5.41 5.63 5.27 5.97 Banks outside SMSA’s: All size groups.............................. 5.01 4.95 4.39 5.33 4.99 5.46 5.72 6.36 6.22 Less than 10.............................. 5.08 5.06 4.35 5.36 4.97 5.46 5.74 6.67 6.69 10-50......................................... 5.02 4.94 4.41 5.32 5.00 5.45 5.73 6.58 6.28 50-100....................................... 4.86 4.80 4.36 5.25 4.99 5.44 5.70 5.77 5.75 100-500..................................... 4.76 4.69 4.39 5.23 5.00 5.49 5.45 5.21 6.49 500 and over............................. 5.06 4.91 4.50 5.26 5.00 5.50 5.75 7.50 5.07 1 The selected large Standard Metropolitan Statistical Areas, as defined by the Bureau of the Budget and arranged by size of population in the 1960 census, are as follows: New York City Buffalo San Bernardino-Riverside Norfolk-Portsmouth Nashville Los Angeles Houston Tampa-St. Petersburg Gary-Hammond-E. Chicago Salt Lake City Chicago Milwaukee Louisville Ft. Worth Flint Philadelphia Paterson-Clifton-Passaic Indianapolis Syracuse Wichita Detroit Seattle Dayton Hartford Ft. Lauderdale-Hollywood San Francisco-Oakland Dallas San Antonio Akron Orlando Boston Cincinnati Columbus Oklahoma City Charlotte Pittsburgh Kansas City Phoenix Y oungstown-Warren Des Moines St. Louis San Diego Albany-Schenectady-Troy Sacramento Ft. Wayne Washington, D. C. Atlanta San Jose Honolulu Baton Rouge Cleveland Miami Birmingham Omaha West Palm Beach Baltimore Denver Memphis Jacksonville Rockford Newark New Orleans Jersey City Tulsa Jackson, Miss. Minneapolis-St. Paul Portland, Ore. Rochester Richmond Note.—The average rates were calculated by weighting the most common rate reported on each type of deposit at each bank by the amount of that type of deposit outstanding. Christmas savings and other special funds, for which no rate information was collected, were excluded. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

380 FEDERAL RESERVE BULLETIN □ MAY 1971 January period. During this period less than years— down 10 and 3 basis points, respec­ two-fifths of all issuing banks with total de­ tively, from October 31. By contrast, on posits of less than $ 100 million lowered their the shortest maturities of small denomination offering rates on these deposits, and on Janu­ time deposits— less than 1 year— the aver­ ary 31 over half of these banks were paying age rate was 4.98 per cent, close to the rates of 6 Vi per cent or more. 5.00 per cent ceiling that had been paid by most banks for many months. On regular passbook savings the average rate rose 1 AVERAGE INTEREST RATES basis point to 4.44 per cent. The weighted average interest rate paid on As might be expected, in view of the all forms of time and savings deposits, IPC, heavy concentration in negotiable CD’s and at insured commercial banks on January 31, other interest-sensitive deposits at such 1971, was 4.85 per cent— down from 5.08 banks, the sharpest decline in rates during per cent 3 months earlier (Table 3). As the most recent quarter occurred at money indicated above, a major factor in the de­ market banks— total deposits of $500 cline was the sharp reduction in rates paid million and over— located in the largest on large-denomination deposits and to a Standard Metropolitan Statistical Areas lesser extent on other forms of time deposits (SMSA’s). The average rate on all forms except savings. of time and savings deposits at these banks On negotiable CD’s in denominations of was 4.76 per cent on January 31— down $100,000 or more the average rate at in­ 51 basis points from 3 months earlier. For sured commercial banks on January 31 was banks of all sizes located in SMSA’s outside 5.18 per cent and on other large-denomina­ the largest cities the average rate declined tion time deposits, 5.25 per cent. These rates only 7 basis points, while for banks outside represented declines in the October-January SMSA’s the rate increased by 4 basis period of 166 and 152 basis points, respec­ points. The slight increase in the rate at tively. banks outside SMSA’s reflects mainly the Reflecting the recent rate reductions on upward adjustment of rates in the Octobersmall-denomination time deposits in longer January period on savings and small-de­ maturities, the average interest rate paid on nomination time deposits with maturities of January 31 was 5.63 per cent on instru­ 1 to 2 years by some small banks in outlying ments with maturities of 2 years or more and areas that had been offering rates below ceiU 5.42 per cent on maturities of 1 to 2 ing levels. □ NOTES TO APPENDIX TABLES 1-6: 1 Less than $500,000. still had some deposits outstanding on the survey date. Time de­ 3 Omitted to avoid individual bank disclosure. posits, open account, exclude Christmas savings and other spe­ Note.—Data were compiled from information reported by all cial accounts. Dollar amounts may not add to totals because of member banks and by a probability sample of all insured non­ rounding. member commercial banks. The latter were expanded to pro­ In the headings of these tables under “Most common rate vide universe estimates. paid (per cent)” the rates shown are those being paid by nearly Figures exclude banks that reported no interest rate paid and all reporting banks. However, for the relatively few banks that that held no deposits on the survey dates, and they also exclude reported a rate in between those shown, the bank was included a few banks that had discontinued issuing these instruments but in the next higher rate. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN TIME AND SAVINGS DEPOSITS 381 APPENDIX TABLE 1— SAVINGS DEPOSITS Most common interest rates paid by insured commercial banks on new deposits on January 31, 1971 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 3.50 4.00 4.50 3.50 4.00 4.50 or less or less NUMBER OF BANKS MILLIONS OF DOLLARS AH banks................................................................................ 12,939 917 1,928 10,094 97,549 2,292 6,222 89,035 Size of bank (total deposits in millions of dollars): Less than 10...................................................................... 7,128 667 1.389 5,072 7,083 367 1,060 5,655 10-50................................................................................... 4,638 205 473 3,960 22,203 659 2,046 19,498 50-100................................................................................. 613 33 28 552 9,813 564 415 8,834 100-500............................................................................... 438 10 33 395 20,941 412 1,839 18,690 500 and over..................................................................... 122 2 5 115 37,510 (2) 861 36,358 Federal Reserve district: Boston................................................................................ 368 2 38 328 3,949 (2) 281 3,650 New York.......................................................................... 452 5 30 417 15,994 297 1,394 14,303 Philadelphia....................................................................... 454 32 95 327 6,285 357 748 5,181 Cleveland............................................................................ 769 72 91 606 9,586 410 488 8,689 Richmond.......................................................................... 731 8 32 691 6,616 82 131 6,403 Atlanta................................................................................ 1,619 76 289 1,254 6,993 219 889 5,885 Chicago.............................................................................. 2,530 276 410 1,844 17,589 498 1,328 15,763 St. Louis............................................................................. 1,329 85 246 998 3,215 120 296 2,798 Minneapolis....................................................................... 1,360 242 458 660 2,339 220 473 1,646 Kansas City....................................................................... 1,735 92 210 1,433 3,619 52 151 3,416 Dallas.................................................................................. 1,204 27 29 1,148 3,307 18 43 3,245 San Francisco................................................................... 388 388 18,056 18,056 APPENDIX TABLE 2—TIME DEPOSITS, IPC, IN DENOMINATIONS OF LESS THAN $100,000—MATURING IN LESS THAN 1 YEAR Most common interest rates paid by insured commercial banks on new deposits on January 31, 1971 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 4.50 4.75 5.00 4.50 4.75 5.00 or less or less NUMBER OF BANKS MILLIONS OF DOLLARS All banks.................................................................. 12,050 328 33 11,689 40,198 1,296 230 38,671 Size of bank (total deposits in millions of dollars): Less than 10......................................................................... 6,455 179 6,276 4,544 121 4,422 10-50........................................................................................ 4,424 90 20 4,314 10,780 47 23 10,710 50-100...................................................................................... 609 14 3 592 4,409 50 12 4,347 100-500................................................................................... 439 27 8 404 7,853 215 141 7,498 500 and over........................................................ 123 18 2 103 12,612 863 (2) 11,694 Federal Reserve district: Boston.................................................................. 326 8 8 310 1,319 33 23 1,263 New York............................................................ 430 39 10 381 3,485 182 47 3,256 Philadelphia......................................................... 341 33 1 307 1,981 201 (2) 1.755 Cleveland.............................................................. 703 19 684 2,841 86 2.755 Richmond............................................................ 646 36 610 2,645 53 2,592 Atlanta................................................................. 1,535 35 10 1,490 3,744 80 26 3,637 Chicago................................................................ 2,251 45 2 2,204 9,338 70 (2) 9,229 St. Louis............................................................... 1,268 48 1,220 2,501 159 2,342 Minneapolis......................................................... 1,213 3 1,210 2,386 2 2,385 Kansas City.......................................................... 1,691 47 1,644 2,155 31 2,124 Dallas................................................................... 1,283 5 1,278 2,163 55 2,108 San Francisco...................................................... 363 10 2 351 5,641 346 (2) 5,226 For notes to Appendix Tables 1-6, see page 380. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

382 FEDERAL RESERVE BULLETIN □ MAY 1971 APPENDIX TABLE 3—TIME DEPOSITS, IPC, IN DENOMINATIONS OF LESS THAN $100,000—MATURING IN 1 UP TO 2 YEARS Most common interest rates paid by insured commercial banks on new deposits on January 31, 1971 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 4.50 4.50 or 5.00 5.25 5.50 or 5.00 5.25 5.50 less less NUMBER OF BANKS MILLIONS OF DOLLARS All banks............................................................... 12,207 58 1,017 81 11,051 18,228 148 2,405 144 15,531 Size of bank (total deposits in millions of dollars): Less than 10............................................................ 6,744 26 460 6,258 6,048 1 519 5,527 10-50........................................................................ 4,334 5 399 49 3,881 6,380 4 665 19 5,692 50-100...................................................................... 598 12 52 12 522 1,345 15 130 28 1,172 100-500.................................................................... 416 9 79 18 310 2,164 22 439 65 1,637 500 and over...................................................... 115 6 27 2 80 2,291 106 650 (2) 1,502 Federal Reserve district: Boston................................................................ 208 7 9 30 162 111 2 3 102 New York.......................................................... 397 17 70 7 303 735 24 158 546 Philadelphia....................................................... 409 3 60 2 344 1,113 22 193 (2) 893 Cleveland............................................................ 706 2 144 560 1,116 (2) 233 883 Richmond.......................................................... 677 2 44 627 808 (2) 152 19 634 Atlanta................................................................ 1,455 2 196 1,238 1,726 (2) 308 35 1,383 Chicago............................................................... 2,463 23 92 2,345 4,305 240 4,057 St. Louis.............................................................. 1,368 1 117 1,249 2,185 (2) 345 (2) 1,825 Minneapolis........................................................ 1,260 78 1,182 1,761 132 1,628 Kansas City......................................................... 1,793 73 1,715 1,838 100 1,726 Dallas................................................................... 1,113 94 1,014 1,172 76 1,082 San Francisco...................................................... 358 40 312 1,357 (2) 465 771 APPENDIX TABLE 4— TIME DEPOSITS, IPC, IN DENOMINATIONS OF LESS THAN $100,000—MATURING IN 2 YEARS OR MORE Most common interest rates paid by insured commercial banks on new deposits on January 31, 1971 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 4.50 4.50 or 5.00 5.25 5.50 5.75 or 5.00 5.25 5.50 5.75 less less NUMBER OF BANKS MILLIONS OF DOLLARS All banks..................................... 10,676 58 371 31 107 10,109 18,048 163 1,959 197 274 15,455 Size of bank (total deposits in millions of dollars): Less than 10........................... 5,573 31 88 48 5,401 2,905 1 37 2 8 2,858 10-50....................................... 4,004 3 180 25 3,789 5,652 2 204 5 16 5,424 50-100..................................... 580 11 25 10 525 1,795 4 73 32 36 1,650 100-500................................... 406 6 57 20 316 2,835 22 381 63 148 2,221 500 and over........................... 113 7 21 4 78 4,861 134 1,265 95 66 3,302 Federal Reserve district: Boston..................................... 223 9 10 198 209 5 8 O) 196 New York............................... 395 15 19 350 1,337 154 108 23 22 1,030 Philadelphia............................ 329 16 309 1,656 173 78 1,406 Cleveland................................ 595 1 70 511 1,413 (2) 92 36 1,284 Richmond............................... 620 2 37 574 1,248 (2) 151 98 5 994 Atlanta.................................... 1,242 3 44 1,171 1,465 1 122 23 36 1,282 Chicago................................... 2,187 1 26 2,146 3,790 (2) 104 (2) 36 3,641 St. Louis................................. 1,137 25 4 1,107 1,495 O) 2 (2) 1,491 Minneapolis........................... 1,033 3 1,027 1,392 2 1 1,389 Kansas City........................... 1,557 18 1,502 921 29 8 4 880 Dallas..................................... 1,011 1 95 903 929 (2) 143 37 15 734 San Francisco......................... 347 1 29 311 2,194 (2) 1,025 (2) 40 1,128 For notes to Appendix Tables 1-6, see p. 380. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN TIME AND SAVINGS DEPOSITS 383 APPENDIX TABLE 5—NEGOTIABLE CD’s, IPC, IN DENOMINATIONS OF $100,000 OR MORE Most common interest rates paid by insured commercial banks on new deposits on January 31, 1971 Most common rate paid (per cent) Most common rate paid (per cent) Group Total 4.50 Total 4.50 or 5.00 5.50 6.00 6.50 7.00 7.50 Over or 5.00 5.50 6.00 6.50 7.00 7.50 Over less 7.50 less 7.50 NUMBER OF BANKS MILLIONS OF DOLLARS All banks........................................... 3,253 144 507 349 585 234 483 948 322,0926,7427,621 2,899 1,563 639 8031,785 39 Size of bank (total deposits in mil­ lions of dollars): Less than 10................................. 807 2 78 100 162 56 192 217 215 (2) 16 19 44 20 50 67 10-50.............................................. 1,783 27 233 136 329 146 247 665 1,710 48 179 166 325 285 214 493 50-100............................................ 285 34 63 54 54 19 21 39 1 839 114 179 182 180 42 40 101 (2) 100-500.......................................... 270 40 101 41 35 11 18 23 1 3,807 627 1,645 530 525 87 128 227 (2) 500 and over................................ 108 41 32 18 5 2 5 4 115,521 5,953 5,6022,003 489 (2) 371 897 (2) Federal Reserve district: Boston........................................... 159 33 21 43 5 2 28 27 1,314 876 188 89 97 (2) 40 7 New York.................................... 212 25 37 23 40 18 33 35 1 7,340 1,0223,282 1,213 485 268 98 933 (2) Philadelphia................................. 98 4 29 5 30 2 2 26 633 83 353 186 5 (2) (2) 4 Cleveland...................................... 160 10 73 7 18 6 14 32 788 600 75 60 6 2 17 28 Richmond..................................... 123 9 23 7 5 3 54 21 1 588 260 151 24 22 26 50 56 (2) Atlanta.......................................... 579 11 34 91 132 44 106 161 1,122 222 178 271 140 67 88 156 Chicago......................................... 441 17 85 57 70 26 92 93 1 2,496 686 1,287 93 236 16 60 117 (2) St. Louis........................................ 251 6 8 13 34 24 42 124 442 115 174 43 20 13 7 70 Minneapolis................................. 194 2 31 29 10 31 38 53 381 (2) 102 94 13 32 106 10 Kansas City.................................. 303 4 46 33 98 14 21 87 878 79 290 153 202 30 88 37 Dallas............................................ 538 4 67 20 130 55 35 227 2,617 389 855 412 323 146 231 262 San Francisco.............................. 195 19 53 21 13 9 18 62 3,4942,387 686 264 12 22 18 105 APPENDIX TABLE 6—NONNEGOTIABLE CD’s AND OPEN ACCOUNT DEPOSITS, IPC, IN DENOMINATIONS OF $100,000 OR MORE Most common interest rates paid by insured commercial banks on new deposits on January 31, 1971 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 4.50 4.50 or 5.00 5.50 6.00 6.50 7.00 7.50 Over or 5.00 5.50 6.00 6.50 7.00 7.50 Over less 7.50 less 7.50 NUMBER OF BANKS MILLIONS OF DOLLARS All banks..................................... 3,272 267 628 318 522 255 487 794 110,0083,3863,037 957 720 607 579 718 (2) Size of bank (total deposits in mil­ lions of dollars): Less than 10............................... 779 40 63 29 195 69 92 291 230 16 17 4 44 20 44 85 10-50............................................ 1,690 114 339 150 213 129 314 431 1,401 66 264 120 152 221 293 284 50-100.......................................... 421 44 71 90 78 40 55 43 858 70 150 208 171 45 87 127 100-500....................................... 280 39 112 36 32 14 22 24 1 1,920 324 682 300 258 94 100 156 (2) 500 and over........................... 102 30 43 13 4 3 4 5 5,6002,908 1,924 325 95 227 54 67 Federal Reserve district: Boston.................................... 148 11 47 13 13 24 33 7 229 45 106 32 19 5 19 2 New York............................... 160 33 41 9 16 27 23 11 2,949 1,177 1,288 85 47 216 84 51 Philadelphia............................. 173 46 22 34 26 12 3 30 464 125 191 58 42 23 12 14 Cleveland................................. 202 22 54 32 14 30 23 27 355 87 126 57 17 24 30 15 Richmond............................... 339 37 82 13 95 54 34 24 690 83 115 95 78 227 50 43 Atlanta..................................... 512 6 61 99 120 45 76 104 1 861 31 253 189 156 56 98 73 (2) Chicago.................................... 556 53 147 30 63 18 59 186 1,197 372 378 69 97 23 56 202 St. Louis.................................. 314 32 19 8 51 60 144 325 20 151 10 12 30 103 Minneapolis............................. 119 3 9 1 33 4 40 29 126 O) 32 (2) 19 7 48 19 Kansas City............................. 237 7 35 33 18 11 50 83 280 15 79 18 63 5 33 68 Dallas....................................... 392 1 72 22 51 28 79 139 631 (2) 103 175 127 17 97 112 San Francisco......................... 120 16 39 24 22 2 7 10 1,902 1,430 216 169 42 (2) 23 17 For notes to Appendix Tables 1-6, see p. 380. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CO 00 4* APPENDIX TABLE 7—INSURED COMMERCIAL BANKS CHANGING THE MOST COMMON RATE PAID ON NEW TIME AND SAVINGS DEPOSITS, IPC, BETWEEN OCTOBER 31, 1970, AND JANUARY 31, 1971 Time deposits in denominations of— Less than $100,000 maturing in— $100,000 or more Savings Less than 1 year 1 up to 2 years 2 years and over Negotiable CD’s All other Group Size of bank Size of bank Size of bank Size of bank Size of bank Size of bank (total deposits (total deposits (total deposits (total deposits (total deposits (total deposits in millions in millions in millions in millions in millions in millions All of dollars) All of dollars) All of dollars) All of dollars) All of dollars) All of dollars) size size size size size size groups groups groups groups groups groups 100 100 100 100 100 100 Under and Under and Under and Under and Under and Under and 100 over 100 over 100 over 100 over 100 over 100 over o m Number of issuing banks, Jan. 31, 1971................ 12,914 12,357 557 12,025 11,468 557 12,219 11,691 528 10,664 10,147 517 3,230 2,854 376 3,277 2,895 382 > PERCENTAGE DISTRIBUTION OF NUMBER OF BANKS IN GROUP * Total. C m O No change in rate, X) Oct. 30-Jan. 31, 1971... < Banks raising rate............. New most common 00 rate 1 (per cent) C 3.50 or less. 1“ 3.51-4.00. 1 m “ 4.01-4.50. 4.51-5.00. H 5.01-5.25. Z 5.26-5.50. 5.51-5.75. □ 5.76-6.00. 6.01-6.25. 6.26-6.50, > 6.51-6.75. 6.76-7.00. 7.01-7.50. 7.51-8.00. <£> 8.01-8.50. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Ba N nk ew s red m uc o i s n t g ra c t o e m 3 m .. o . n . 42.3 36.6 85.1 40.7 37.7 63.9 O rate 1 (per cent) X 3.50 or less........... .1 (2) .3 > 3.51-4.0 0 .3 (2) 2.7 .4 .3 .5 z 4.01-4.5 0 3.9 1.9 19.1 3.5 2.0 15.7 o 4.51-5.0 0 10.7 7.7 33.8 10.2 8.3 24.6 m 5.01-5.2 5 3.0 2.6 6.1 2.2 2.1 3.4 co 5.26-5.5 0 4.4 3.9 8.8 5.1 4.8 6.8 5.51-5.7 5 3.3 3.2 4.2 1.3 1.0 2.9 5.76-6.0 0 8.4 8.7 5.6 9.0 9.5 5.0 6.01-6.2 5 1.2 1.3 .5 1.2 1.3 .5 6.26-6.5 0 2.6 2.7 2.1 2.4 2.4 2.4 6.51-6.7 5 1.1 1.1 1.3 1.0 1.0 .8 6 7 . . 7 0 6 1 - - 7 7 . . 0 5 0 0 2. . 6 7 2. . 8 7 .8 4. . 4 1 4. . 7 1 1.0 m 7.51-8.0 0 8.01-8.5 0 > Z Banks introducing new in­ o strument................... 20.0 21.7 6.5 Most common rate 1 co (per cent) > 4.00 or less............... (2) .3 < 4.01-4.5 0 2.2 2.5 .3 4.51-5.0 0 5.6 5.7 4.4 5.01-5.2 5 .1 . 1 .3 o 5.26-5.5 0 1.4 1.5 .7 CO 5.51-5.7 5 1.1 1.2 5.76-6.0 0 2.5 2.9 6.01-6.2 5 . 1 . 1 .3 6.26-6.5 0 .9 1.0 "0 6.51-6.7 5 (2) .1 o 6.76-7.0 0 2.5 2.8 .3 CO 7 7. . 5 0 1 1- - 7 8 . . 5 0 0 0 3.4 3.9 —I 8.01-8.5 0 CO * Shaded areas indicate that rates shown in the stub are higher 3 Includes a relatively few banks that discontinued issuance of on October 31, 1970, with the rates reported by the same banks on than the maximum permissible rate on the various instruments. these deposits between October 31, 1970, and January 31, 1971, January 31, 1971. The table excludes banks that issued these types 1 For description of most common rate, see Note to Table 2, but still had some deposits outstanding. of deposits on October 31, but no longer issued them on January p. 378. Note.—This table was compiled by comparing rates as reported 31. Percentages may not add to totals because of rounding. 2 Less than 0.05 per cent. by the sample banks that had these types of deposits outstanding 00 00 CJ1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statement to Congress Statement by Arthur F. Burns, Chairman, corporate boards of directors should be Board of Governors of the Federal Reserve composed of men having diverse back­ System, before the Committee on Banking grounds, so that the corporations they serve and Currency, House of Representatives, may benefit from their ideas and experience. April 26, 1971. I might add that bankers, because of their broad experience, are especially qualified to I appreciate the opportunity to participate serve as directors of other corporations, and in these hearings, which seek ways to this accounts for the fact that many serve in strengthen our financial system and the this capacity. The cross-fertilization which economy that it supports. director interlocks have provided America’s We at the Federal Reserve welcome this corporations has been manifestly healthy for inquiry, and want to be as helpful as we can. business and the Nation. Public policy, as Among the variety of proposals before you, embodied in the Clayton Act, has recognized there are some which would alter established this fact. The Clayton Act was designed to patterns of doing business— not just for prohibit only those interlocks which tend to banks or other financial institutions, but also diminish or eliminate competition. Aside for business firms of all kinds, in small towns from this salutary prohibition, interlocks are as well as major financial centers. Before permitted. you act on these proposals you will need to In view of the difficulties involved in de­ know a good deal about these existing busi­ termining on a case-by-case basis when ness relationships, in order to assess the con­ banks are in competition with each other, sequences, good and bad, of changing them. Section 8 uses a simple test. Interlocks are In testifying for the Board, I am very much prohibited when the two banks are in the aware of the limits of our knowledge about same or neighboring cities and towns. In these relationships. Therefore I will not try 1935, when this test was adopted, it was to comment on all the proposals. Rather, I believed to be a workable way of confining will offer for your consideration only those the restriction on interlocks to those situa­ judgments that the Board feels reasonably tions where it is really needed to avoid anti­ confident are supported by our experience competitive consequences. Generally speak­ and understanding. ing, the test has worked well over the years. One area with which we are familiar in­ volves interlocks among banks. Section 8 of The risk of thwarting competition within the Clayton Act deals generally with inter­ a city is not confined, however, to interlocks locking relationships and specifically with involving member banks. We believe there­ interlocking bank relationships. The Board fore that the prohibition of interlocks should is responsible for enforcing Section 8 to the cover all insured commercial banks. Indeed, extent that it involves member banks of the we believe the prohibition should extend to Federal Reserve System. savings banks and savings and loan associa­ Our experience has convinced us that tions, as well as commercial banks. There is there is nothing inherently wrong about sufficient overlapping of functions among interlocking directorates. On the contrary, these institutions to support a general pre­ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank o3f 8S6t. Louis

sumption that those in the same or neighbor­ they involve banks located in the same or ing communities compete with each other. adjacent communities— with two exceptions. You may wish, as well, to consider cover­ First, we recognize that some banks com­ ing institutions whose deposits are not fed­ pete in markets that are nationwide. Nation­ erally insured. Exempting uninsured com­ wide competition for both deposits and loans mercial banks may be of minor importance, has been increasing and can be expected to since only about 200 banks accounting in increase further in the future. The Board the aggregate for less than 1 per cent of total recommends, therefore, that interlocks be deposits are uninsured. However, about a prohibited among all banks over a certain third of all mutual savings banks and a size— perhaps $1 billion in assets— regard­ fourth of all savings and loan associations less of where they are located. Admittedly, are uninsured, and they hold about 13 per there is an element of arbitrariness in this cent and 3 per cent of their respective total test, but we think that the alternative of mak­ deposits. ing detailed analyses of competition in vari­ While H.R. 5700 would exempt inter­ ous banking markets would be impractical. locks between banks that are owned by the Provision should perhaps be made for ad­ same company, it would prohibit interlocks ministrative waivers of this prohibition upon between those that are owned by the same a showing by the banks involved that they individuals— so-called “chain banking.” The operate in separate markets. And it could exemption should apply to both instances, prove useful to grant authority for changes inasmuch as interlocks cannot reduce com­ in the $ 1 billion figure by regulation. petition between banks that are already un­ Second, we suggest a variant of the geo­ der common control. Section 8 of the Clay­ graphic test for holding company banks; ton Act now exempts interlocks between two namely, interlocks should be prohibited be­ or more banks where a majority of the com­ tween a holding company or any of its sub­ sidiary banks, wherever located, and any mon stock is owned by the same persons. We other bank located in or adjacent to any believe a comparable exemption should be community served by a subsidiary bank. written into H.R. 5700. In weighing the need for the additional We also believe that the types of inter­ restrictions in Sections 2 through 10 of locking service that are now prohibited H.R. 5700, it should be borne in mind that should be re-examined. For member banks, Section 8 of the Clayton Act now prohibits Section 8 covers interlocking service as a interlocking directorates between corpora­ “director, officer, or employee,” whereas for tions engaged in interstate commerce which other corporations it applies only to service are “by virtue of their business and location as a director. It seems needlessly restrictive of operation, competitors, so that the elimi­ to cover all employees; we recommend in­ nation of competition by agreement between stead that coverage be limited to service as them would constitute a violation of any of a “director or an officer, or an employee with the antitrust laws.” It would be helpful if the management functions.” Congress made it entirely clear that this pro­ H.R. 5700 would prohibit bank interlocks vision applies to interlocks between banks without regard to the competitive relation­ and nonbank businesses. Such action would ship of the banks or their geographic loca­ provide ample protection against interlocks tion. The Board recommends, instead, re­ where the anticompetitive effects may be tention of the present geographic test— so significant. In considering further restric­ that interlocks would be barred only where tions, Congress should proceed very cau­ Digitized for FRASER 387 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

388 FEDERAL RESERVE BULLETIN □ MAY 1971 tiously so as not to inhibit banks or other The argument for the limitation is that corporations— particularly new or smaller bank trust departments hold large blocks of ones— in their search for directors of the stock in major corporations, and thus could highest caliber available. exercise influence over them. However, as Let me turn now to Sections 12 and 13 of the SEC’s Institutional Investor Study Re­ H.R. 5700, which relate to the trust depart­ port (Summary Volume, p. 124) points out, ments of insured commercial banks. the “existence of potential power on the part Section 13 prohibits a trust department of institutions to influence corporate de­ from holding stock issued by the bank itself cisions by reason of their substantial share­ or its parent holding company. In such situa­ holdings does not demonstrate that such tions, if the bank has sole voting rights there influence is in fact exercised.” If the Con­ is a risk that the stock may be voted to gress concludes, nonetheless, that a 10 per perpetuate the bank’s management in office. cent limit is needed, its potentially disruptive Where a national bank holds its own stock effects could be lessened by applying it only as sole trustee, it is not permitted under to future purchases made at the initiative of Section 5144 of the Revised Statutes to vote the trust department. that stock in an election of directors unless Section 12 of the bill would require bank the “donor or beneficiary actually directs trust departments to disclose annually a list how such shares shall be voted.” The es­ of all securities held (other than Govern­ sential purpose of the prohibition in Sec­ ment securities), indicating the name, class, tion 13 against a bank holding its own stock value, and number of each security held, the in its trust department can be better served authority of the trust department to exercise by extending the provisions of Section 5144 voting rights, and the manner in which it to insured State banks. exercised proxies. Section 13 would also prohibit a bank In other words, Section 12 would require trust department from holding more than public disclosure of all assets, debt instru­ 10 per cent of any class of stock registered ments as well as equities, small interests as under the Securities Act of 1933. The Board well as large, without regard to the bank’s doubts the wisdom of such a prohibition. role in acquiring the assets or its ability to Among other difficulties, it would deny in­ exercise voting power. Such a sweeping re­ dividuals with very substantial holdings in quirement would result in the disclosure of the stock of a corporation access to the interests that could be readily associated services of bank trust departments and with trust customers who would consider thereby practically force them to rely on such disclosure an invasion of their privacy. individual fiduciaries. This could cause seri­ As a consequence, much of this business may ous problems for individuals and families well be transferred to unregulated trustees. that need or want to rely on an institution Compilation of the vast array of statistics with a permanent life. Furthermore, if in­ required would also necessitate changes in dividual bequests naming a bank’s trust de­ procedures that could prove too costly for partment as trustee should raise that depart­ all but the biggest banks. ment’s aggregate holdings of some stocks It would appear that the objectives of above the 10 per cent limit, this bill would Section 12— public disclosure of informa­ force the trust department to sell off some of tion needed to assess the impact of bank such holdings even if it were adverse to the trust investments on securities markets and investment interests of the beneficiary to do on economic concentration— could be ac­ so. complished with a requirement confining dis­ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 389 closure to holdings where the stock is regis­ loans it makes to any of its directors, trust­ tered under the Securities Exchange Act of ees, officers, or employees, or their families. 1934, where the trustee has exclusive voting It would also prohibit the bank from extend­ rights, and where the trustee’s aggregate ing credit to any corporation in which such holdings of the stock exceed a specified persons (as a group) have as much as a amount, say, $1 million. The Board also 5 per cent stock interest. These provisions recommends that this disclosure requirement would change existing banking practices far apply to all fiduciaries, not only the bank more than is wise, particularly in small trust departments. towns. It is quite common and salutary for Section 14 of the bill would prohibit a bank to include on its board of directors banks, other thrift institutions, and insur­ individuals who have substantial interests in ance companies from accepting any equity business firms in town. These firms are likely participation in consideration of making a to do business with the bank in a number of loan. “Equity participation” is defined to in­ ways, including borrowing. To force the clude two quite different kinds of economic bank to choose between cutting off credit relationships: first, an ownership interest in to such firms and excluding their principal any property or enterprise; second, a right stockholders from its board of directors to any payment which is linked to the income could result in stagnant towns or weaker from any property or enterprise. The first banks. relationship is clearly susceptible of specu­ Still, something needs to be done to pro­ lative abuse; the second may provide a con­ vide more protection against unsound loans structive method for adjusting credit charges to insiders. One possibility would be to to changing economic conditions. As recent amend the Financial Institutions Super­ experience has demonstrated, the second visory Act of 1966 to make cease-and-desist form of financing can in fact facilitate ex­ orders more readily available to stop these tensions of credit to relatively new firms and practices when they are discovered in the real estate developers which typically lack course of bank examinations. We have in ready access to the public capital markets. mind a provision that would establish a pre­ A ban on acquiring of “ownership inter­ sumption that it is an unsafe and unsound ests” by banks is not needed, in view of the banking practice for a depositary institution prohibitions in existing law against bank to lend to insiders or enterprises controlled purchases of stock. However, banks may— by insiders an amount that in the aggregate and some do— make loans that provide for exceeds a specified percentage of the institu­ a return to the bank that varies according to tion’s capital and surplus. If a bank failed the income of the property or business fi­ to observe this rule the supervisory agency nanced. Heavy concentration in loans with could file a notice of charges, with the bank such variable-return provisions could pose bearing the burden of establishing that the a threat to bank safety. While bank examin­ loans in excess of the limit are safe and ers are mindful of this risk, the Congress may sound. deem it prudent to limit the aggregate of Section 19 of the bill would prohibit in­ loans with such provisions to a specified sured banks from paying compensation to percentage of a bank’s total assets or its brokers or others for obtaining deposits for capital and surplus. the bank. Brokered deposits at State member Section 15 of the bill would require each banks have not posed serious problems. As insured bank to report to the Federal De­ of July 31, 1970, according to a survey of posit Insurance Corporation (FDIC) all State member banks, only 30 out of 1,157 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

reporting banks held brokered deposits and tending insurance coverage as proposed by they amounted to less than 1 per cent of total H.R. 5700 would reduce the attractiveness deposits in those 30 banks. A case can be of such securities as investments for the made that brokers help to channel funds into banks, and thus tend to raise borrowing capital-poor areas. However, in view of the costs for the Federal, State, and local part that loans tied to brokered deposits have governments. played in bank failures in recent years, we Let me turn now to Mr. Gonzalez’ bill, are inclined to agree with those who con­ H.R. 3287, which would prohibit any in­ clude that the benefits of brokering are out­ sured bank from making a loan to finance weighed by the dangers, and we therefore the purchase of stock or obligations of an­ support Section 19. We recommend against other bank. A flat prohibition of this kind enactment of the criminal sanctions provided would reduce flows of capital into banking in Section 21, since we believe the civil and severely restrict ownership of banks, penalties provided in Section 19 plus other eliminating potential entry by those who remedies available are sufficient for enforce­ cannot afford to buy bank stock without a ment purposes. Moreover, Section 21 as bank loan. The Board therefore recommends drafted would seem to prohibit legitimate against enactment of H.R. 3287. Neverthe­ activities such as paying an employee for less, while H.R. 3287 is too restrictive, some bringing in new deposits, whereas Section 19 additional controls over bank loans on bank meets this problem by authorizing the FDIC stock are needed. We believe Congress to prescribe regulations, which presumably should authorize one or more of the regu­ would exempt such activities. latory agencies to prescribe regulations ap­ Sections 25 and 26 provide for full in­ plicable to all insured banks, with a view to surance of public deposits in institutions in­ ensuring that loans made to finance the sured by the FDIC and Federal Savings and purchase of bank stock meet sound banking Loan Insurance Corporation (FSLIC). The standards and are not used as devices to Board is concerned about the impact of these promote the interests of speculators or the sections on the markets for Federal and lending bank to the detriment of the pur­ municipal obligations. Banks are now chased banks. generally required to pledge collateral as In conclusion, let me say that the Board security for uninsured public deposits. A fully joins this committee in its efforts to sizable portion of the Treasury and munici­ improve the organization of finance in our pal obligations held by banks is pledged country. We can and do support numerous under these collateral requirements. For ex­ provisions of H.R. 5700. We also support ample, according to the latest survey avail­ the objectives of H.R. 3287. We believe, able (1966), over half of the Treasury however, that the legislation before this obligations held by commercial banks were committee goes beyond what is necessary pledged for this purpose; among larger to achieve the objectives that their distin­ banks the proportion was even higher. Ex­ guished authors seek to promote. □ Digitized for FRASER 390 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 Com­ mittee 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 B ulletin. The record for each meeting includes the votes on the policy deci­ sions made at the meeting as well as a resume of the basis for the decisions. The summary descriptions of economic and financial condi­ tions 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 B ulletin beginning with the July 1967 issue, and such records have continued to be published in the Board’s Annual Reports. The record for the first meeting held in 1971 was published in the B ulletin for April, pages 320-27. The record for the meeting held on February 9, 1971, follows: Digitized for FRASER 391 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

392 FEDERAL RESERVE BULLETIN □ MAY 1971 MEETING HELD ON FEBRUARY 9, 1971 1. Authority to effect transactions in System Account. Preliminary estimates of the Commerce Department indicated that in the fourth quarter of 1970 real GNP had declined at an annual rate of 3.3 per cent. The decline was attributable largely to the strike in the automobile industry that had ended in late November. In the current quarter, according to staff projections, real GNP was rising again, primarily as a consequence of the resumption of higher auto­ mobile production. Wage rates were continuing to advance at a rapid pace in most sectors of the economy, and relatively large increases had recently been recorded in some major price measures. Tentative estimates suggested that both retail sales and industrial production had advanced in January, mainly as a result of the ending of the auto strike. Nonfarm payroll employment increased moderately —also largely because of higher auto production—and the unemploy­ ment rate declined to 6.0 per cent, from the (upward revised) Decem­ ber rate of 6.2 per cent. Private housing starts had risen sharply further in December, the latest month for which data were available. Average wholesale prices increased considerably from mid-December to mid-January as a result of a substantial advance in prices of farm products and foods and a small rise in prices of industrial com­ modities. The rate of increase in the consumer price index, which had slowed in November, stepped up again in December. The staff’s GNP projections had been reassessed in light of the Federal budget estimates for the 1971 and 1972 fiscal years that were presented by the administration in January, and in light of the proba­ bility that steel users would accumulate inventories of that metal as a hedge against a possible strike in the steel industry at the end of July, when current wage contracts will expire. Although modified in some respects, the projections still suggested that real GNP would rise markedly in the first quarter in the aftermath of the automobile strike, and that the pace of the advance would slow in the second quarter. Resumption of a higher rate of automobile and truck purchases was expected to result in a sharp increase in consumer spending and some rise in business capital outlays in the first quarter, but it seemed Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 393 likely that consumer spending would increase only moderately further in the second quarter and that business capital spending would level off. An accelerated pace of business inventory investment appeared to be in prospect for the second quarter, reflecting in part a step-up in the accumulation of steel stocks. In line with the new budget esti­ mates, it was expected that defense spending would decline in both quarters, but that total Federal expenditures would rise considerably— largely because of increased transfer payments to individuals and grants to State and local governments. Outlays of State and local governments were projected to increase substantially, as were resi­ dential construction expenditures. The surplus on U.S. foreign trade in the fourth quarter of 1970 was much smaller than it had been earlier in the year. The over-all balance of payments deficit on the liquidity basis was little changed from the third-quarter level. The official settlements deficit rose sharply, however, as U.S. banks reduced their Euro-dollar borrowings further under the stimulus of wide differentials between short-term interest rates in the United States and in the Euro-dollar market. These differentials had continued wide in recent weeks, when both U.S. and Euro-dollar interest rates declined; but the spread between those rates and the still higher rates in major European national markets had become larger. Movements of funds in response to interest rate differentials had tended to strengthen most major foreign currencies relative to the dollar and had contributed to further large reserve gains by a number of central banks. Euro-dollar borrowings of U.S. banks increased seasonally in the first part of January when U.S. corporations were reversing year-end capital repatriations, but subsequently the decline in such borrowings resumed. On January 25 the Export-Import Bank sold $1 billion of special securities to foreign branches of U.S. banks and thereby helped to restrain the flow of funds to other countries. Effective January 20, the Bank of Japan lowered its discount rate from 6 to 53A per cent, and on the same day the National Bank of Denmark reduced its dis­ count rate from 9 to 8 per cent. On January 20 the Treasury announced that in its mid-February financing it would offer two new securities—a 4 Vi-year, 5% per cent note and a 7-year, 614 per cent note—in exchange for nine outstand­ ing issues, including three that would mature in mid-February or mid- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

394 FEDERAL RESERVE BULLETIN □ MAY 1971 March and three each that would mature in November 1971 and February 1972. This combination of a refunding and a prerefunding was highly successful. Of the $19.5 billion of eligible issues held by the public, about $11 billion were exchanged for the new notes; and less than 20 per cent of the issues maturing in February and March 1971 were redeemed for cash, despite the fact that the new securities offered did not include the customary short-term “anchor” issue. Although the volume of current and prospective offerings of new corporate and municipal bonds had remained very heavy in recent weeks, long- as well as short-term interest rates had fallen consid­ erably further since the January 12 meeting of the Committee. The rate declines reflected continuing reports of weakness in economic activity and other developments that tended to buttress market ex­ pectations of lower rates to come. The latter included two additional reductions in the prime lending rate of commercial banks—from 6V2 to 6V4 per cent on January 15 and then to 6 per cent on January 18; a further cut in Federal Reserve Bank discount rates, from 5V4 to 5 per cent, effective on various dates from January 19 through January 29; and the progressive easing of money market conditions that had occurred during the period. In short-term markets the rate on 3-month Treasury bills had fallen about 85 basis points in the last 4 weeks, to about 3.80 per cent on the day before this meeting. Interest rates on residential mortgages continued downward in January in both primary and secondary markets. Inflows of savings funds to nonbank thrift institutions—which had been heavy in the fourth quarter of 1970—reached extraordinarily high levels during January as the yields available on competitive market instruments declined sharply further. Commercial banks also experienced heavy inflows of consumertype time and savings deposits in January. Growth in the volume of large-denomination CD’s slowed appreciably as banks reduced their offering rates on such certificates, but the expansion in CD’s was still rapid by historical standards. The volume of business loans outstand­ ing (adjusted to include loans that had been sold to affiliates) in­ creased moderately in January after 4 months of decline, and banks added considerably further to their holdings of securities. The narrowly defined money stock—private demand deposits plus currency in circulation, or Mx—increased less on the average in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 395 January than had been expected at the time of the preceding meeting of the Committee, and considerably less than it had grown in December. However, M2—defined as plus commercial bank time deposits other than large-denomination CD’s—expanded substantially further, as did the adjusted bank credit proxy—daily-average member bank deposits, adjusted to include funds from nondeposit sources. System open market operations following the January 12 meeting of the Committee had been directed initially at achieving somewhat easier conditions in the money market. Further easing was sought later in the period, as data that became available in late January and early February offered increasing evidence that growth in Mx was falling short of Committee expectations. The effective rate on Federal funds moved irregularly lower during the period; most recently it had fluctuated around 3% per cent, compared with a range around AVi per cent shortly before the January meeting. Staff analysis suggested that both M1 and M2 would grow signifi­ cantly faster in February and March than they had in January as a consequence of the expected bulge in economic activity, and that the adjusted credit proxy would continue upward at a substantial pace. According to the analysis, if prevailing money market conditions were maintained Mx would expand at an annual rate of about 6 per cent over the first quarter as a whole.1 This rate would be roughly the same as the average for the first three quarters of 1970 and higher than the 3.4 per cent rate recorded in the fourth quarter. For M2 and the adjusted credit proxy, the analysis suggested growth over the first quarter at rates of about 15 to 16 per cent and 10 to 11 per cent, respectively. The Committee agreed that in light of the economic situation and outlook it would be desirable to accommodate further declines in long­ term interest rates at this time. Views differed, however, with respect to the appropriate objectives for conditions in the money and short­ term credit markets and for growth rates in the monetary and credit aggregates. A number of members advocated some further easing of money market conditions in an effort to achieve growth rates in Mt over coming months that would tend to compensate for the recent 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

396 FEDERAL RESERVE BULLETIN □ MAY 1971 shortfalls. Other members indicated that they would prefer to main­ tain prevailing money market conditions during coming weeks, at least in the absence of developments militating strongly in favor of further easing. Among the considerations stressed by these members were the rapid recent and prospective growth rates in monetary and credit aggregates other than and the undesirable consequences for international capital flows of further sizable declines in short-term interest rates in the United States. There also was some sentiment for placing less emphasis on short-run fluctuations in Mx in the period ahead. At the conclusion of the discussion the Committee decided that open market operations in the coming period should be directed at maintaining the prevailing conditions in the money market unless there were indications of shortfalls in Mt and M2 from the growth paths expected on that basis—in which case, money market condi­ tions were promptly to be eased somewhat further. The Committee also agreed that its objectives for interest rates would be facilitated if, to the extent feasible, needs to supply reserves were met by purchases of longer-term Treasury securities. 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 out­ put of goods and services, which declined in the fourth quarter of 1970, is rising in the current quarter primarily because of the resumption of higher automobile production. The unemployment rate remained high in January. Wage rates in most sectors are continuing to rise at a rapid pace, and recent increases in some major price measures have been relatively large. Interest rates have fallen considerably further in recent weeks despite continued heavy demands for funds in capital markets, and differentials between interest rates in the United States and those in major foreign coun­ tries have widened further. Federal Reserve discount rates were reduced by an additional one-quarter of a percentage point to 5 per cent. Bank credit increased considerably further in January, as business loan demands strengthened somewhat and banks made substantial further additions to their holdings of securities. The money stock narrowly defined grew modestly in January following a stronger December rise, but money more broadly defined ex­ panded sharply further as a result of continued rapid growth in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 397 consumer-type time and savings deposits. The over-all balance of payments deficit in the fourth quarter was about as large as in the third quarter on the liquidity basis; on the official settlements basis the deficit increased further from the very high third-quarter level as banks continued to repay Euro-dollar liabilities. More recently, the issuance of a special Export-import Bank security to foreign branches of U.S. banks helped to moderate the flow of dollars to foreign central banks. In light of the foregoing developments, it is the policy of the Federal Open Market Committee to foster financial conditions conducive to the resumption of sustainable economic growth, while encouraging an orderly reduction in the rate of in­ flation and the attainment of 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 prevailing money market conditions while accommo­ dating additional downward movements in long-term rates; provided that money market conditions shall promptly be eased somewhat further if it appears that the monetary aggregates are falling short of the growth path desired. Votes for this action: Messrs. Burns, Hayes, Brimmer, Daane, Heflin, Maisel, Mitchell, Sherrill, Swan, and Mayo. Vote against this action: Mr. Francis. Absent and not voting: Mr. Robertson. (Mr. Mayo voted as alternate for the late Mr. Hickman.) Mr. Francis dissented from this action for reasons similar to those underlying his dissents from the directives adopted at the two pre­ ceding meetings. Briefly, he favored placing less emphasis on money market conditions in implementing policy, and he thought that ex­ pansion in M1 at an annual rate of about 5 per cent would be best suited to the needs of the economy. 2. Ratification of an action with respect to continuing authority directive. The Committee ratified an action taken by members on January 22, 1971, suspending a provision of paragraph 1(A) of the continuing authority directive (the provision limiting exchanges with the Treasury Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN □ MAY 1971 of securities held in the System Open Market Account to maturing issues) to the extent of enabling the Account Manager to prerefund $4 billion of System Account holdings of the 13A per cent note of November 1971 in the current Treasury financing. This action had been taken on recommendation of the Manager, for the purpose of reducing the System’s concentrated holdings of this issue. As the Manager had indicated, more than $7.2 billion of this issue was held in the System Account, out of a total outstanding volume of about $10.7 billion. Votes for ratification of this action: Messrs. Burns, Hayes, Brimmer, Daane, Francis, Heflin, Maisel, Mitchell, Robertson, Sherrill, Swan, and Mayo. Votes against ratification of this action: None. (Mr. Mayo voted as alternate for the late Mr. Hickman.) Digitized for FRASER 398 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Statutes, regulations, interpretations, and decisions MARGIN REQUIREMENTS (Rule 15c3-l (c)(2) (A), (c)(4), and (c)(7)) (17 CFR 240.15c3-l(c) (2) (A), (c)(4), and The Board of Governors, effective April 16, (c)(7)) or the capital rules of an exchange of 1971, amended Regulation U, “Credit by Banks which the broker or dealer is a member if the for the Purpose of Purchasing or Carrying Margin members thereeof are exempt therefrom by Rule Stock”, by adding a new paragraph (m) to sec­ 15c3-l (b)(2) of the Commission (17 CFR tion 221.2. The amendment, issued pursuant to 240.15c3-l (b) (2)) or to purchase stock in a section 7 of the Securities Exchange Act of 1934, creditor which is a corporation: Provided, That permits banks to extend or maintain credit for any such credit extended after April 16, 1971, the purpose of enabling the customer to contribute shall become subject upon renewal to such addi­ capital to a broker/dealer firm whether in the tional restrictions as the Board of Governors may form of a subordinated loan, equities in the impose by regulation concerning the conditions accounts of partners or a purchase of stock in a upon which credit may be extended for the pur­ corporation or otherwise, without regard to the pose of making such loan or contribution: And initial margin requirements of sections 221.1 provided further, That (i) all of the proceeds of and 221.4 (the Supplement to Regulation U). such extension of credit are so loaned or con­ The text of the amendment reads as follows: tributed to the capital of the broker or dealer, and (ii) that the proceeds of any withdrawal of AMENDMENT TO REGULATION U such loan or contribution of capital from the Effective April 16, 1971, section 221.2 is broker or dealer by the customer or redemption amended by deleting “and” at the end of para­ of such stock shall be used to reduce or retire graphs (j) and (k), by deleting the period at said extension of credit. the end of paragraph (/) and inserting in its place ”; and ”, and by adding a new paragraph (m) as follows: OBLIGATIONS ELIGIBLE AS COLLATERAL FOR ADVANCES SECTION 221.2—EXCEPTIONS TO GENERAL RULE Effective April 29, 1971, the second paragraph of the Board’s interpretation on this subject (De­ Notwithstanding the provisions of § 221.1, a cember 1968 B ulletin page 1012, as amended bank may extend and may maintain any credit by February 1969 B ulletin page 150 and for the purpose specified in § 221.1, without re­ April 1969 B ulletin page 354) is amended gard to the limitations prescribed therein, or in by revising the introductory text and by adding § 221.3 (t), if the credit comes within any of the subparagraphs (16) and (17) as set forth below: following descriptions. “Under section 14(b) direct obligations of, and obligations fully guaranteed as to principal sjs % H5 ❖ and interest by, the United States are eligible for (m) Any credit extended to or maintained for purchase by Reserve Banks. Such obligations in­ a customer for the purpose of making a loan or clude certificates issued by the trustees of Penn contribution of capital to a broker or dealer sub­ Central Transportation Company that are fully ject to Part 220 (Regulation T) if the loan or guaranteed by the Secretary of Transportation. contribution is in conformity with the require­ Under section 14(b) direct obligations of, and ments regarding satisfactory subordination agree­ obligations fully guaranteed as to principal and ments or equities in the accounts of partners of interest by, any agency of the United States are a rule of the Securities and Exchange Commission also eligible for purchase by Reserve Banks. Fol­ 399 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

400 FEDERAL RESERVE BULLETIN □ MAY 1971 lowing are the principal agency obligations eligible Trust Company (deposits $475 million) and as collateral for advances. six banks (aggregate deposits $284 million) which it controls through its wholly-owned subsidiary % sjc ^ ❖ registered bank holding company, hold about 11 per cent of deposits held by commercial banks in (16) Federal Home Loan Mortgage Corpora­ tion notes, debentures, and guaranteed certificates Georgia and constitute the second largest banking of participation. organization in the State. (All banking data are (17) United States Postal Service obligations.” as of June 30, 1970 and reflect applications ap­ proved by the Board to date, with the exception of the application to merge Peachtree Bank and ORDER UNDER BANK MERGER ACT Trust Company, Chamblee, which was approved TRUST COMPANY OF GEORGIA, by Board Order on February 22, 1971, and con­ ATLANTA, GEORGIA summation of which was stayed by Board Order dated March 19, 1971.) In the matter of the application of Trust Trust Company operates 20 offices within the Company of Georgia, Atlanta, Georgia, for ap­ city limits of Atlanta and one office in Sandy proval of acquisition of assets and assumption of Springs, Fulton County. DeKalb Bank operates liabilities of Trust Company of Georgia Bank of its three offices in unincorporated areas of DeKalb DeKalb, Atlanta, Georgia. County, all within relatively short distances of branch offices of Applicant. Trust Company has Order Approving Application for Acquisition been affiliated with DeKalb Bank since 1954 when of Assets and Assumption of Liabilities its subsidiary, Trust Company of Georgia As­ under Bank Merger Act sociates (“Associates”) acquired 85 per cent of DeKalb Bank’s capital stock; it presently owns There has come before the Board of Governors, 89.69 per cent. Executive officers and employees pursuant to the Bank Merger Act (12 U.S.C. have been and are being furnished by Trust 1828(c)), an application by Trust Company of Company to DeKalb Bank, as well as data proc­ Georgia, Atlanta, Georgia (“Trust Company”), essing and correspondent bank services. In view a member State bank of the Federal Reserve of the affiliation, and the fact that disaffiliation System, for the Board’s prior approval of the appears unlikely, it is concluded that present and merger of that bank with Trust Company of potential competition would neither be foreclosed Georgia Bank of DeKalb, Atlanta, Georgia (“De­ by approval of the application nor encouraged Kalb Bank”), by means of the purchase of assets by its denial. and assumption of liabilities of DeKalb Bank. In light of the above, the Board concludes that As an incident to the merger, the three offices consummation of the proposal would not have of DeKalb Bank would become branches of an adverse effect on competition in any relevant Trust Company. Notice of the proposed merger, area. Considerations relating to the financial and in form approved by the Board, has been pub­ managerial resources and prospects of the banks lished as required by said Act. involved are regarded as consistent with approval. In accordance with the Act, the Board re­ Considerations relating to the convenience and quested reports on the competitive factors in­ needs of the customers served by DeKalb Bank volved from the Attorney General, the Comp­ lend some weight toward approval in that such troller of the Currency, and the Federal Deposit customers will have more convenient access to Insurance Corporation. The Board has considered banking services not presently offered by DeKalb all relevant material contained in the record in Bank. Based upon the foregoing, it is the Board’s the light of the factors set forth in the Act, in­ cluding the effect of the proposal on competition, judgment that consummation of the proposal the financial and managerial resources and pros­ would be in the public interest, and that the pects of the banks concerned, and the convenience application should be approved. and needs of the communities to be served, and It is hereby ordered, on the basis of the find­ finds that; ings summarized above, that said application be Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 401 and hereby is approved, provided that the merger By order of the Board of Governors, May 6, so approved shall not be consummated (a) before 1971. the thirtieth calendar day following the date of Voting for this action: Chairman Burns and Gov­ this Order, or (b) later than three months after ernors Maisel, Brimmer, and Sherrill. Absent and not the date of this Order, unless such period is voting: Governors Robertson, Mitchell, and Daane. extended for good cause by the Board, or by (Signed) Kenneth A. Kenyon, the Federal Reserve Bank of Atlanta pursuant to Deputy Secretary. delegated authority. [seal] Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

402 FEDERAL RESERVE BULLETIN □ MAY 1971 ORDERS UNDER SECTION 3 OF Missouri. (All banking data are as of June 30, BANK HOLDING COMPANY ACT 1970, adjusted to reflect holding company acquisi­ tions and formations approved by the Board to FIRST UNION, INCORPORATED, date.) Consummation of the proposal herein would ST. LOUIS, MISSOURI increase Applicant’s share of commercial bank deposits in the State to 7.6 per cent; Applicant’s In the matter of the application of First Union, position in relation to the other banking organiza­ Incorporated, St. Louis, Missouri, for approval of tions would remain the same. the acquisition of 80 per cent or more of the voting Bank, with deposits of $25 million, ranks 20th shares of The National Bank in North Kansas City, of the 104 banks in the Kansas City banking mar­ North Kansas City, Missouri. ket, and holds .8 per cent of the commercial bank deposits in that market. It appears that acquisition Order Approving Acquisition of Bank Stock of Bank by Applicant would not eliminate any by Bank Holding Company existing competition between Bank and any of There has come before the Board of Governors, Applicant’s present subsidiaries. Applicant’s sub­ pursuant to section 3(a)(3) of the Bank Holding sidiary closest to Bank is located 180 miles from Company Act of 1956 (12 U.S.C. 1842(a)(3)) it and, in light of the facts of record, notably the and section 222.3(a) of Federal Reserve Regu­ distances separating Bank from Applicant’s present lation Y (12 CFR 222.3(a)), an application by subsidiaries, Missouri’s restrictive branching laws, First Union, Incorporated, St. Louis, Missouri and the number of banks in the Kansas City area, (“Applicant”), a registered bank holding com­ it is not considered likely that such competition pany, for the Board’s prior approval of the acqui­ would develop in the future. Consummation of the sition of 80 per cent or more of the voting shares proposed transaction would represent the initial of The National Bank in North Kansas City, North entry into the Kansas City market by a St. Louis- Kansas City, Missouri (“Bank”). based bank holding company, and the affiliation of As required by section 3(b) of the Act, the Bank with Applicant may serve to improve Bank’s Board gave written notice of receipt of the appli­ competitive capabilities in relation to its larger cation to the Comptroller of the Currency and competitors in the Kansas City market. Conse­ requested his views and recommendation. The quently, it appears that consummation of the pro­ posed acquisition would not eliminate any mean­ Comptroller recommended approval of the ap­ plication. ingful competition nor foreclose significant poten­ tial competition, and would not have any undue Notice of receipt of the application was pub­ adverse effects on other banks in the area involved. lished in the Federal Register on February 25, 1971 (36 Federal Register 3497), providing an On the basis of the record before it, the Board opportunity for interested persons to submit com­ concludes that consummation of the proposed ac­ ments and views with respect to the proposal. A quisition would not adversely affect competition in copy of the application was forwarded to the any relevant area. The financial and managerial United States Department of Justice for its con­ resources and future prospects of Applicant, its sideration. Time for filing comments and views has subsidiaries, and Bank are regarded as consistent expired and all those received have been consid­ with approval of the application. The major bank­ ered by the Board. ing needs of the North Kansas City area appear The Board has considered the application in the to be adequately served by the present banking light of the factors set forth in section 3(c) of the institutions. Applicant proposes, however, to im­ Act, including the effect of the proposed acquisi­ prove and to expand a number of the services of­ tion on competition, the financial and managerial fered by Bank which should enable Bank to be a resources and future prospects of the Applicant more effective competitor in the Kansas City mar­ and the banks concerned, and the convenience and ket. Considerations relating to the convenience and needs of the communities to be served. Upon such needs of the area lend some weight toward ap­ consideration, the Board finds that: proval. It is the Board’s judgment that consumma­ Applicant has five subsidiary banks with aggre­ tion of the proposed acquisition would be in the gate deposits of $753 million, representing 7.4 public interest, and that the application should be per cent of the total commercial bank deposits in approved. the State, and is the third largest banking organiza­ It is hereby ordered, on the basis of the tion and third largest bank holding company in Board’s findings summarized above, that said ap­ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 403 plication be and hereby is approved, provided that cation. The Commissioner responded that he had the action so approved shall not be consummated no objection to approval of the application. (a) before the thirtieth calendar day following the Notice of receipt of the application was pub­ date of this Order or (b) later than three months lished in the Federal Register on February 27, after the date of this Order, unless such period 1971 (36 Federal Register 3854), providing an shall be extended for good cause by the Board, or opportunity for interested persons to submit com­ by the Federal Reserve Bank of St. Louis pursuant ments and views with respect to the proposal. A to delegated authority. copy of the application was forwarded to the By order of the Board of Governors, April 13, United States Department of Justice for its con­ 1971. sideration. Time for filing comments and views has expired and all those received have been con­ Voting for this action: Chairman Burns and Gov­ sidered by the Board. ernors Robertson, Daane, Maisel, and Sherrill. Ab­ The Board has considered the application in sent and not voting: Governors Mitchell and Brimmer. the light of the factors set forth in section 3(c) (Signed) Kenneth A. Kenyon, of the Act, including the effect of the proposed Deputy Secretary. acquisition on competition, the financial and mana­ [seal] gerial resources and future prospects of Applicant and the banks concerned, and the convenience and needs of the communities to be served. Upon such consideration, the Board finds that: OTTO BREMER FOUNDATION, ST. PAUL, MINNESOTA Applicant is the third largest banking organiza­ tion in Minnesota, controlling 16 banks with a total of $203 million in deposits, representing 2.5 per In the matter of the application of Otto Bremer cent of the total commercial bank deposits in the Foundation, St. Paul, Minnesota, for approval of State.1 (All banking data are as of June 30, 1970, acquisition of 5.7 per cent of the voting shares of adjusted to reflect holding company formations American Bancorporation, Inc., St. Paul, Minne­ and acquisitions approved by the Board through sota. February 28, 1971.) Holding Company controls two banks in St. Order Approving Acquisition of Bank Paul, with $179.9 million of aggregate deposits, Stock by Bank Holding Company representing about 2.2 per cent of total deposits in the State. Holding Company became a bank There has come before the Board of Governors, holding company in April 1970 after receiving pursuant to section 3(a)(3) of the Bank Holding prior approval of the Board to exchange Holding Company Act of 1956 (12 U.S.C. 1842(a)(3)) Company stock for stock of (a) Bank and (b) and section 222.3(a) of Federal Reserve Regula­ Commercial State Bank. Implementation of Hold­ tion Y (12 CFR 222.3(a)), the application of ing Company’s plan resulted in Applicant’s ac­ Otto Bremer Foundation, St. Paul, Minnesota quiring 4.3 per cent of the voting shares of Hold­ (“Applicant”), a registered bank holding com­ ing Company. pany, for the Board’s prior approval of the acqui­ In effect, Applicant’s proposal seeks an adjust­ sition of 5.7 per cent of the voting shares of ment from direct ownership of shares of Bank American Bancorporation, Inc., St. Paul, Minne­ still held by Applicant to indirect ownership sota (“Holding Company”). This acquisition will thereof through Holding Company. After the ex­ be effectuated by the exchange of Applicant’s change of Applicant’s remaining shares in Bank remaining stock interest of 7.3 per cent in Ameri­ for the shares of Holding Company, Applicant will can National Bank and Trust Company, St. Paul, control 10 per cent of the stock of Holding Com­ Minnesota (“Bank”), which is a subsidiary of pany. The Jacob Schmidt Company, a registered Holding Company, for stock of Holding Company. bank holding company, controls over 54 per cent As required by section 3(b) of the Act, the of the stock of Holding Company. On the facts Board gave written notice of receipt of the appli­ of record, it appears that consummation of the cation to the Comptroller of the Currency and to proposal herein would have no significant effect the Minnesota Commissioner of Banks, and re­ quested their views and recommendations. The 1 Applicant also controls nine banks in North Dakota with aggregate deposits of $94 million and four banks in Comptroller recommended approval of the appli­ Wisconsin with aggregate deposits of $27 million. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

404 FEDERAL RESERVE BULLETIN □ MAY 1971 on existing or potential competition and would Applicant would become a bank holding company not adversely affect competition in any relevant through the acquisition of 80 per cent or more of area. the voting shares of The First National Bank of The financial condition, management, and pros­ Montgomery; Exchange Security Bank, Birming­ pects of the institutions involved are regarded as ham; and The First National Bank of Huntsville, consistent with approval. Considerations relating all in Alabama. to the convenience and needs of the communities As required by section 3(b) of the Act, the to be served are also consistent with approval of Board gave written notice of receipt of the appli­ the application. It is the Board’s judgment that the cation to the Comptroller of the Currency and to proposed transaction would be in the public in­ the Superintendent of Banks for the State of Ala­ terest, and that the application should be approved. bama and requested their views and recommenda­ It is hereby ordered, for the reasons set forth tions. The Comptroller recommended approval; in the findings summarized above, that said appli­ the Superintendent replied that since, under the cation be and hereby is approved, provided that law, it appeared that his disapproval of the appli­ the action so approved shall not be consummated cation was necessary in order to assure a public (a) before the thirtieth calendar day following hearing, he disapproved. the date of this Order or (b) later than three Notice of receipt of the application was pub­ months after the date of this Order, unless such lished in the Federal Register on July 29, 1970 time be extended for good cause by the Board, or (35 Federal Register 12163), which provided an by the Federal Reserve Bank of Minneapolis pur­ opportunity for interested persons to submit com­ suant to delegated authority. ments and views with respect to the proposed By order of the Board of Governors, April 13, transaction. The Order for Hearing was published 1971. in the Federal Register on September 9, 1970 (35 Federal Register 14241), and all persons desiring Voting for this action: Chairman Burns and Gover­ to give testimony, present evidence or otherwise nors Robertson, Daane, Maisel, and Sherrill. Absent participate in the hearings held in Birmingham, and not voting: Governors Mitchell and Brimmer. Alabama, on September 22-29, 1970, were per­ (Signed) Kenneth A. Kenyon, mitted to do so. A copy of the application was Deputy Secretary. forwarded to the United States Department of [seal] Justice for its consideration. The time for filing comments and views has expired and all those FIRST ALABAMA BANCSHARES, INC., received, the entire record of the hearing, including BIRMINGHAM, ALABAMA the transcript, exhibits, exceptions, rulings, all briefs and memoranda filed in connection with In the matter of the application of First Ala­ the hearing, and the Recommended Decision, find­ bama Bancshares, Inc., Birmingham, Alabama, for ings of fact and conclusions of law filed by the approval of action to become a bank holding com­ Hearing Examiner have been considered by the pany through the acquisition of 80 per cent or Board. Excluded from consideration are allega­ more of the voting shares of The First National tions made by counsel in briefs filed on the Recom­ Bank of Montgomery; Exchange Security Bank, mended Decision, which allegations were not part Birmingham; and The First National Bank of of the record at the hearing, and which are not Huntsville; all in Alabama. DOCKET NO. BHCproperly subject to administrative notice by the 108 Board. It is hereby ordered, for the reasons set forth Order Appproving Action to Become in the Board’s Statement of this date, that said a Bank Holding Company application be and hereby is approved, provided that the action so approved shall not be consum­ There has come before the Board of Governors, mated.^) before the thirtieth calendar day follow­ pursuant to section 3(a)(1) of the Bank Holding Company Act of 1956 (12 U.S.C. 1842(a)(1)) ing the date of this Order or (b) later than three and section 222.3(a) of Federal Reserve Regula­ months after the date of this Order, unless such tion Y (12 CFR 222.3(a)), an application by First period is extended for good cause by the Board, or Alabama Bancshares, Inc., Birmingham, Alabama, by the Federal Reserve Bank of Atlanta pursuant for the Board’s prior approval of action whereby to delegated authority. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 405 By order of the Board of Governors, April 20, Act provides that the Board shall not approve an 1971. acquisition that would result in a monopoly or would be in furtherance of any combination or Voting for this action: Chairman Burns and Gov­ conspiracy to monopolize or to attempt to monop­ ernors Mitchell, Daane, Brimmer, and Sherrill. Voting olize the business of banking in any part of the against this action: Governors Robertson and Maisel. United States. Nor may the Board approve a (Signed) Kenneth A. Kenyon, proposed acquisition, the effect of which, in any Deputy Secretary. section of the country, may be substantially to [seal] 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 Statement anti-competitive effects of the proposed trans­ First Alabama Bancshares, Inc., Birmingham, action are clearly outweighed in the public in­ Alabama (“Bancshares”) has applied to the Board terest by the probable effect of the transaction in pursuant to section 3(a)(1) of the Bank Holding meeting the convenience and needs of the com­ Company Act of 1956 for prior approval of munities to be served. In each case, the Board is action to become a bank holding company through required to take into consideration the financial the acquisition of 80 per cent or more of the and managerial resources and future prospects of voting shares of The First National Bank of the bank holding company and the banks con­ Montgomery (“Montgomery Bank”), Exchange cerned, and the convenience and needs of the Security Bank, Birmingham (“Birmingham communities to be served. Additionally the Board Bank”), and The First National Bank of Hunts­ may not approve an application involving the ville (“Huntsville Bank”), all in Alabama. formation or expansion of a bank holding com­ Views and recommendations of supervisory pany if such action is precluded by State law. authorities. As required by section 3(b) of the Recommended decision. On January 21, 1971, Act, the Board gave written notice of receipt of the Hearing Examiner filed with the Board a the application to the Comptroller of the Cur­ recommendation that the application be denied rency and to the Superintendent of Banks for (the Recommended Decision is attached). The the State of Alabama and requested their views Examiner first considered the contention of the and recommendations. The Comptroller recom­ protesting banks that the formation of the pro­ mended approval; the Superintendent replied that, posed holding company would violate Alabama’s since under the law it appeared that his disap­ banking laws, which generally limit a bank to a proval of the application was necessary in order to single office, or to branches within a single assure a public hearing, he disapproved. county. The Examiner concluded that Alabama Public Hearing. Notice of the receipt of the law does not in and of itself prohibit the establish­ application was published in the Federal Register ment of multi-county bank holding companies in on July 29, 1970 (35 Federal Register 12163) Alabama and the Board affirms his finding and which provided an opportunity for interested conclusion in this regard: persons to submit their comments and views with The Board has held that a state’s restrictive branch respect to the proposed transaction. Thereafter, bank laws did not restrict the Board’s rights or re­ in accordance with § 3 of the Act and after the sponsibilities in considering an application to form Superintendent’s recommendation of denial, the or to expand a bank holding company in such state (see Application of Tennessee Financial Corporation, Board published in the Federal Register its Order 1969 Federal Reserve Bulletin 160-161 and cases for Hearing before L. Edward Creel, its desig­ there cited; First Arkansas Bankstock Corporation, nated Hearing Examiner (35 Federal Register Federal Reserve Bulletin, October 1970, pp. 778, 779). It is clear from this record that there is no 14241, September 9, 1970). All persons desiring statute in Alabama that prohibits the formation of a to give testimony or otherwise participate in the bank holding company. It is argued by the protestants that it has been the policy of the state to prohibit any public hearings held in Birmingham, Alabama, form of branch banking except that mentioned above; September 22-29, 1970 were permitted to do so. and although such generalization may be correct, we Five banks among the 69 that had submitted hold that Alabama law does not restrain the granting of this application, (p. 5). written views opposing the proposal requested permission to appear as parties and were granted The Examiner then considered the applicability permission to do so. of the statutory criteria set forth in § 3(c) of the Statutory considerations. Section 3(c) of the Act to the proposed transaction. On the basis of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

406 FEDERAL RESERVE BULLETIN □ MAY 1971 his findings and other facts of record, the Board the second largest banking organization in the finds that: State. Montgomery Bank, located in downtown Mont­ The Hearing Examiner concluded that the con­ gomery, the county seat of Montgomery County summation of the proposal may substantially and the capital of Alabama, is Alabama’s sixth lessen competition in Montgomery County and largest banking organization, with deposits of in Madison County (because the size of each of $173 million or 4 per cent of the deposits in the Applicant’s proposed subsidiaries is such as to State.1 It has approximately 50 per cent of the create a presumption, not rebutted on the record, branches and 50 per cent of the loans and deposits that the market power of each bank could not be in the county. increased without adversely affecting the other Birmingham Bank is located in Birmingham, banks in the market and without creating the the county seat of Jefferson County and the finan­ probability of a substantial lessening of competi­ cial center of the State, approximately 100 miles tion). With regard to Jefferson County, the north of Montgomery. It is the seventh largest Examiner concluded that the effect of the forma­ bank in the State (deposits $141 million) with tion would probably not substantially lessen com­ 12 per cent of the deposits in the county. In petition, because an increase in the economic Birmingham it competes with First National of power of Birmingham Bank would not materially Birmingham, the largest bank in the State (de­ change the competitive relationship between the posits $553 million) with 12 per cent of State banks in the county or the banking opportunities deposits, and with 48 per cent of the deposits in for the customers of the banks. Jefferson County; and competes with Birmingham Competitive considerations. While giving due Trust National Bank, the second largest bank in consideration to the findings, conclusions, and the State (deposits $298 million) which has 26 reasoning of the Hearing Examiner, the Board per cent of the deposits in the county. concludes that consummation of the proposal Huntsville Bank ($69 million deposits) is lo­ would not substantially lessen competition in any cated 100 miles north of Birmingham—it is the relevant market. On the contrary, the Board, for largest bank headquartered in Madison County the following reasons, concludes that the proposal would enhance competition in several markets in and the tenth largest bank in the State. However Alabama: the State National Bank of Alabama (deposits In Birmingham, where Birmingham Bank com­ $199 million), the third largest bank in Alabama petes with the two largest banks in the State, con­ and the only one permitted to operate in more summation of the transaction is likely to make than one county, has seven branches in the county. Applicant’s proposed subsidiary a more effective It is estimated that, in terms of deposits in these competitor for the banking business of larger branches, State National would rank second or customers and those customers needing sophisti­ third in size in the Huntsville area; however, each cated services, without materially changing the branch operates with the resources of the home competitive relationship vis-a-vis the smaller, pri­ office, and by that criterion it is the largest bank marily retail, banks in the area. For similar rea­ in the area. sons, the effect of the transaction in Huntsville The record indicates that none of the subject would likely be to increase competition between banks competes with the others to any significant Huntsville Bank and State National Bank, without extent, and that the business of each bank is significantly affecting the smaller banks in the primarily confined to the county or Standard area. Although Huntsville Bank is the largest bank Metropolitan Statistical Area in which it operates. in the county, the recommended decision does not The record further indicates that the 10 largest give sufficient weight to the competitive capabili­ banking organizations in the State control $1,981 ties of the far larger State National. million in deposits, representing 44.8 per cent of In Montgomery, although Montgomery Bank is the total deposits in the State. On consummation the largest bank in its area, there is no evidence of the proposal, Applicant’s three banks would in the record that the institution “dominates” the control $384 million in deposits, representing 8.7 market, in the sense of having the ability to estab­ per cent of Alabama deposits, and would become lish the pattern of pricing and lending practices of area banks. In fact, the Bank’s market share has 1A11 banking data are as of December 31, 1969, unless stated to the contrary. diminished over the past ten years, and the affilia­ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 407 tion of First Montgomery with Birmingham Bank priate, except in the most extreme circumstances, and First Huntsville Bank is unlikely to have to relate the statutory criteria to each application undue adverse effects on the competitive ability in the light of the competitive situation and other of the smaller, retail banks in the area. facts then existing. On that basis and after careful The Board has considered a comment filed by examination of the record and the recommenda­ the Department of Justice, in which the Depart­ tion of the Hearing Examiner, the Board con­ ment argued that the effect of the transaction cludes that consummation of the proposed trans­ would be to entrench the present highly con­ action would not result in a monopoly, or be in centrated structure in the State and might trigger furtherance of any combination, conspiracy, or other similar combinations among the dominant or attempt to monopolize the business of banking in leading banks in the State’s major banking mar­ any part of the United States and would not kets. The Department concluded that approval restrain trade, substantially lessen competition, or of the application “may, if followed by approvals tend to create a monopoly in any part of the of similar transactions combining the other leading country. banks in Alabama, have a significantly adverse Financial and managerial resources and future effect on potential competition in Alabama.” prospects. The record supports the findings of the The entrenchment argument is based on the Hearing Examiner that the banking factors are theory that approval of the present transaction consistent with approval of the application: would inhibit each bank from entering the market The financial condition of First Montgomery, First of the other de novo, or in a less anti-competitive Huntsville and Exchange Security are satisfactory, manner than through acquisition of a large com­ and, indeed, have steadily improved over the years. There is no evidence that indicates that their future petitor. However, the record discloses no sub­ prospects for stability and growth will not continue stantial evidence that each bank could or would to be excellent. Because of this record, it is believed enter these markets in any other manner. (Appli­ that present management and the managerial resources of the three banks are also excellent, and that there cant contends that an affiliation of three large is no reason to believe this condition will not continue. banks is necessary to create competition for the It would appear that in the event the application [is] approved, the new corporation would likewise have larger banks in the State, and combinations of . . . sound management and excellent financial re­ Applicant’s proposed subsidiaries with de novo sources. (page 8). or smaller existing banks could not accomplish Convenience and needs of the communities in­ this purpose). Here, as was the case in the applica­ volved. There is no evidence in the record that tion of The First National Bancorporation, Inc., there exist unserved banking needs in Mont­ Denver, Colorado, to acquire shares of The Ex­ gomery, Birmingham, or Huntsville, since each change National Bank of Colorado Springs, market is served by large, viable institutions ca­ Colorado Springs, Colorado (1971 Federal Re­ pable of furnishing a relatively complete and serve B ulletin 345, 348): “although it is nearly competitive range of services to its customers. always possible that foreclosure of a given route However, the affiliation would enable Applicant of expansion will encourage a resourceful orga­ to more effectively marshall resources within the nization to seek an alternative, the Board does not State to better serve the needs of all of the com­ in this case find the present competitive circum­ ponent markets involved. Additionally the pooling stances to be so exigent, or possible alternatives of resources and complementary skills should re­ so clearly preferable or so likely to result, as to sult in a general upgrading of services. For ex­ warrant denial of a proposal which would provide ample, Applicant intends to expand the trust immediate benefits of competition, service, and services of the two smaller banks, utilizing the economies of scale.” expertise of First Montgomery’s large trust de­ With regard to the Department’s concern that partment. While there is no clear evidence in the the Board’s approval of the present application record that the existing correspondent system is might lead to the undue concentration of bank inadequate, there are efficiencies inherent in the resources in the hands of too few banking orga­ affiliations proposed that could enable Applicant nizations, we note that Congress has placed with to more effectively serve the needs of customers of the Board the responsibility of considering the each of the banks involved. public interest with regard to every formation or Factors relating to the convenience and needs expansion of a bank holding company. Consistent of the communities concerned weigh in favor of with that obligation, the Board believes it appro­ approval of the application. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

408 FEDERAL RESERVE BULLETIN □ MAY 1971 Summary and conclusion. On the basis of all dence with the Secretary, proposed findings of the relevant facts contained in the record, and in fact and conclusions of law and supporting briefs the light of the factors set forth in section 3(c) were duly filed by the applicant and the of the Act, it is the Board’s judgment that the protestants. proposed transaction would be in the public Section 3(c) of the Act provides that the Board interest and that the application should be shall not approve— approved. (1) any acquisition or merger or consolidation under this section which would result in a monopoly, Hearing Examiner’s Recommended Decision or which would be in furtherance of any combination or conspiracy to monopolize or to attempt to monopo­ and Findings of Fact and Conclusions lize the business of banking in any part of the United of Law States, or (2) any other proposed acquisition or merger or First Alabama Bancshares, Inc. (Bancshares), consolidation under this section whose effect in any section of the country may be substantially to lessen Birmingham, Alabama, has applied to the Board competition, or to tend to create a monopoly, or which pursuant to section 3(a)(1) of the Bank Holding in any other manner would be in restraint of trade, Company Act of 1956 (the Act) for prior ap­ unless it finds that the anticompetitive effects of the proposed transaction are clearly outweighed in the proval of action to become a bank holding com­ public interest by the probable effect of the transaction pany through the acquisition of 80 per cent or in meeting the convenience and needs of the com­ munity to be served. more of the voting shares of The First National In every case, the Board shall take into considera­ Bank of Montgomery (First Montgomery) in tion the financial and managerial resources and future Montgomery County, Exchange Security Bank prospects of the company or companies and the banks concerned, and the convenience and needs of the (Exchange Security), Birmingham, and The First community to be served. National Bank of Huntsville (First Huntsville) in Madison County, all in the State of Alabama. In the “Order for Hearing” in this proceeding, Notice of the receipt of the application was the Board directed : published in the Federal Register on July 29, That the following matters will be the subject of con­ 1970 (35 Fed. Reg. 12163), which provided an sideration at said hearing, without prejudice to the opportunity for interested persons to submit their designation of additional related matters and questions upon further examination: comments and views with respect to the proposed (1) Whether the proposed acquisition would re­ transaction. sult in a monopoly, or would be in furtherance of any combination or conspiracy to monopolize or to After the notice of the receipt of the application attempt to monopolize the business of banking in any was published, which provided for comments and part of the United States; views regarding the application, opposition to the (2) Whether the effect of the proposed acquisition in any section of the country may be substantially to proposal was filed by 69 Alabama banks. lessen competition, or to tend to create a monopoly, As required by section 3(b) of the Act, the or in any other manner would be in restraint of trade, Board gave written notice of receipt of the applica­ and whether any anticompetitive effects found with respect to the proposed transaction are clearly out­ tion to the Comptroller of the Currency and to the weighed in the public interest by the probable effect Superintendent of Banks for the State of Alabama of the transaction in meeting the convenience and needs of the community to be served; and requested their views and recommendations. (3) The financial and managerial resources and The Comptroller recommended approval of the future prospects of the company and the banks con­ application, but the Superintendent recommended cerned, and the convenience and needs of the com­ munity to be served. that it be disapproved. Thereafter, on September 9, 1970, the Order The first question to be resolved was whether for Hearing was published in the Federal Register the application, if granted, would result in a (35 Fed. Reg. 14241). All persons who desired monopoly, or would be in furtherance of any to give testimony, present evidence, or otherwise combination or conspiracy to monopolize or to participate in the public hearings held in Birming­ attempt to monopolize. There was no evidence ham, Alabama, September 22-29, 1970, were that the granting of the application would result permitted to do so. Five banks that were among in a monopoly or that there had been any com­ the 69 that had opposed the proposal requested bination or conspiracy to monopolize or that permission to appear and were granted permission the granting of the application would in any way to do so. These five banks are designated herein be in furtherance of an attempt, or constitute an as the protestants. attempt, to monopolize the banking business at Following the filing of the record of the evi­ any place. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 409 One of the principal arguments raised by the of north Alabama, which includes Madison protestants at the public hearing, and now argued County, have far more relationships with Ten­ in their brief, was that the proposed formation nessee banks than they do with Alabama banks. of the holding company would be in violation of Most of the business of these banks is in their the branch banking restrictions of the State of home counties, which they consider their primary Alabama, which is a local or unit banking state. service areas, although they do have some de­ In approximately 41 of Alabama’s 67 counties, positors who reside away from their localities, and legislation permits banks located in such counties they do make loans outside their home counties. to have branches located either within the city Therefore, the geographic areas in which to ap­ limits or within the county. One bank, State praise the probable effects of competition that National Bank of Alabama (State National), would result from the granting of this application Decatur, operates branches in 12 counties by are the three counties in which the three banks virtue of a “grandfather privilege” in an Alabama are located. statute. In order for the Board to reach its decision on The Board has held that a state’s restrictive this application, it appears that we should reach branch bank laws did not restrict the Board’s a conclusion based on the effect that the holding right or responsibilities in considering an applica­ company would be expected to have in Mont­ tion to form or to expand a bank holding company gomery, Madison, and Jefferson Counties. in such state (see Application of Tennessee Finan­ cial Corporation, 1969 Federal Reserve Bulletin First Montgomery 160-161 and cases there cited; First Arkansas Bankstock Corporation, Federal Reserve Bulletin, First Montgomery has almost 50 percent of the October 1970, pp. 778, 779). It is clear from this banking business and about 50 percent of the record that there is no statute in Alabama that branches in Montgomery County; and First Mont­ prohibits the formation of a bank holding com­ gomery, together with its largest competitor, has pany. It is argued by the protestants that it has 76.2 percent of bank deposits and 80.4 percent been the policy of the state to prohibit any form of volume of loans in Montgomery County. The of branch banking except that mentioned above; size of this market share is enough to create a and although such generalization may be correct, presumption that the market power of First we hold that Alabama law does not restrain the Montgomery could not be increased without granting of this application. creating the probability of a lessening of com­ The second question to be resolved is whether petition. The only evidence offered by the appli­ the effect of the granting of the application might cant that tends to rebut this presumption is be substantially to lessen competition, or to tend evidence that all banks in Montgomery County to create a monopoly, or in any other manner have grown substantially in recent years, that a would be in restraint of trade. In answering this new bank has recently made a successful entry question the relevant geographic area of com­ into the market, and that the market share of petition must be determined. It seems clear from First Montgomery has declined slightly in recent all of the evidence in the record that the geo­ years. It is our view that these facts are insufficient graphic areas to be considered are the three to rebut the presumption, and our belief, that counties which are the home counties of these granting this application would be likely to sub­ stantially lessen competition in Montgomery banks and which are the areas of their primary County. Any increment to First Montgomery’s service. Although First Montgomery and First economic power would in all likelihood lead to Huntsville do some banking in at least two adjoin­ increasing its competitive advantages over the ing counties, Exchange Security does virtually all other banks in that county. of its banking in Jefferson County. There is no area of banking competition that First Huntsville extends throughout the State of Alabama. For instance, the evidence does not show that the In Madison County the situation is complicated Mobile, Alabama, banks have any important re­ somewhat by the presence of branches of State lationships and customers in common with banks National which is a large bank with branches as far north as Montgomery, but the record does scattered throughout a number of north Alabama show that the banks in the Tennessee Valley area counties. While this bank, as a whole, is a larger Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

410 FEDERAL RESERVE BULLETIN □ MAY 1971 bank than First Huntsville, its branches in Madi­ bank loans. There are two banks in Birmingham son County are not nearly so large. that are far larger, one has 47.5 percent of de­ For purposes of this discussion, State National’s posits and 45.6 percent of loans, and the other has deposits and loans in this county must be excluded 25.6 percent of deposits and 28.1 percent of because they are unavailable. The total deposits of loans. First Huntsville are $69 million of a county total It is our view that competition would probably (excluding State National) of $140 million. First not be substantially lessened in Jefferson County Huntsville’s loans were $41 million of a county by the formation of this holding company be­ total (excluding State National) of $75 million. cause an increase in the economic power of Although the deposits of the Madison County Exchange Security would not materially change branches of State National are unavailable, the the competitive relationship between the banks Board’s Exhibit No. 45 shows that, based upon in this county or the banking opportunities for the confidential internal records of the Board, the customers of these banks. Board’s staff estimates that State National would rank second or third in size among banks with Evidence of Benefits offices in the Huntsville Standard Metropolitan Statistical Area, which is the area of Madison The last matter answered by the hearings is and Limestone Counties. whether the probable anticompetitive effects of The banks in Limestone County are smaller so the proposed transaction would be clearly out­ that based on this estimate State National’s de­ weighed in the public interest by the probable posits in Madison County would be about $36 effect of the transaction in meeting the con­ million. (It is not clear whether this figure also venience and needs of the communities which includes State National’s deposits in its Limestone would be served. A part of this question is a County branch or branches.) determination of the financial and managerial First Huntsville is the only bank that operates resources and the future prospects of the company a trust department in Madison County. The trust and the banks concerned. department of State National is in another county The financial condition of First Montgomery, where its headquarters are located. First Hunts­ First Huntsville, and Exchange Security is satis­ ville also operates 12 of the 32 banking offices factory and, indeed, has steadily improved over in the county. First Huntsville must be considered the years. There is no evidence that indicates that to be the dominant commercial bank in Madison their future prospects for stability and growth County. will not continue to be excellent. Because of this Again, the size of this market share is enough record, it is believed that the present management to create a presumption that the market power and the managerial resources of the three banks of First Huntsville could not be increased without are also excellent and that there is no reason to resulting in a probability of a lessening of com­ believe this condition will not continue. It would petition. The only significant evidence offered by appear that in the event the application had been the applicant that tends to rebut this presumption approved, the new corporation would likewise is evidence that the county has grown tremen­ have had sound management and excellent finan­ dously in recent years and that all the banks have cial resources. increased their business substantially. There is There is no significant competition between any also evidence that there is a need in this county two of these banks for most banking services. for larger loans than the present banks can fulfill. These banks are located in different parts of the It is our view that, in Madison County also, these state. There is some competition between the facts are insufficient to rebut the presumption that three banks with regard to correspondent or the granting of this application would be likely wholesale banking and some minor competition to substantially lessen competition. for trust accounts, but it does not appear that the Board needs to reach the issue of potential com­ petition or to consider the somewhat insignificant Exchange Security competition with regard to correspondent banking Exchange Security is located in Birmingham, and trust accounts in order to decide the issues the largest city in Alabama, and its primary service involved here. area is Jefferson County. It has 12.2 percent of The trust business of First Montgomery, which bank deposits in the county and 12 percent of is a significant part of its business, deserves Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 411 special mention. Nearly one-third comes not only from highly qualified economists who had studied from outside its home county but also from out­ the application and supporting documents and side its three-county service area. It has about who reached opposite conclusions regarding the 91 percent of the trust business of the Standard effects on competition of granting the application Metropolitan Statistical Area of Montgomery and and regarding the convenience and needs of the Elmore Counties, and the book value of the assets communities and the state. They also adduced held in trust is $245 million. The trust business in evidence from a number of bankers and business­ Birmingham and Huntsville is very small in com­ men who expressed various and opposing views on parison with the trust business of First Mont­ these matters. The Board has considered this gomery. It is argued that the expertise that First evidence, along with the other evidence in the Montgomery has with regard to trusts would aid record, but it bases its conclusion upon the the other two banks to expand their trust services, market position which First Montgomery and and it could well be that this is true. The argu­ First Huntsville hold in their home counties and ment is also made that the proposed holding com­ the market structure in those counties. The forma­ pany would better utilize the capital of the three tion of the holding company would allow each of banks because of the different kinds of credit the banks to exercise greater market power than needs in the three counties, some of which are they now have. In FTC v. Procter & Gamble Co., seasonal. 386 U.S. 568, at 578, the Supreme Court said: Another of the benefits, it is contended, to be The anticompetitive effects with which this productgained by the granting of the application, would extension merger is fraught can easily be seen: (1) the be to increase the loan participation of the three substitution of the powerful acquiring firm for the banks and thereby increase their ability to grant smaller, but already dominant, firm may substantially reduce the competitive structure of the industry by larger loans than is now possible or that is now raising entry barriers and by dissuading the smaller likely. firms from aggressively competing; . . . . The ability to marshall resources and to make In United States v. Philadelphia National Bank, more and larger loans is an advantage in some 374 U.S. 321, beginning at page 362, the Supreme respects, but to the degree it is successful, it is one Court said: of the reasons why competition in the primary service areas of First Montgomery and First We noted in Brown Shoe Co., supra, at 315, that Huntsville banks would be expected to be ad­ “[t]he dominant theme pervading congressional con­ versely affected because any accretion of power sideration of the 1950 amendments [to § 7] was a fear of what was considered to be a rising tide of in these banks would tend to increase the ad­ economic concentration in the American economy.” vantages they now have. It is argued that Alabama This intense congressional concern with the trend toward concentration warrants dispensing, in certain is a capital-poor state in the sense that local cases, with elaborate proof of market structure, mar­ institutions do not and cannot supply all the ket behavior, or probable anticompetitive effects. Spe­ capital needed by its industries and by other re­ cifically, we think that a merger which produces a firm controlling an undue percentage share of the sources so that some financing comes from outside relevant market, and results in a significant increase the state; but it appears that instead of this hurting in the concentration of firms in that market, is so inherently likely to lessen competition substantially the economy, it has added the necessary capital that it must be enjoined in the absence of evidence and has resulted in benefits to the communities clearly showing that the merger is not likely to have involved and, in the long run, to the banking such anticompetitive effects. See United States v. Koppers Co., 202 F. Supp. 437 (D.C.W.D.Pa. 1962). interests in those communities. Such a test lightens the burden of proving illegality Among other benefits would be the opportunity only with respect to mergers whose size makes them to employ and retain better trained and better inherently suspect in light of Congress’ design in § 7 to prevent undue concentration. Furthermore, the educated employees, many of whom, in the past, test is fully consonant with economic theory. That have left the area because of the lack of oppor­ “[competition is likely to be greatest when there are many sellers, none of which has any significant market tunities offered by small organizations; and since share,” is common ground among most economists, this would be a much larger organization, it would and was undoubtedly a premise of congressional afford to these people the opportunity to remain in reasoning about the antimerger statute. The merger of appellees will result in a single bank’s Alabama. controlling at least 30% of the commercial banking business in the four-county Philadelphia metropolitan area. Without attempting to specify the smallest mar­ Discussion ket share which would still be considered to threaten undue concentration, we are clear that 30% presents The applicant and protestants adduced evidence that threat. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

412 FEDERAL RESERVE BULLETIN □ MAY 1971 We are persuaded that in this instance the forma­ Concurring Statement of Governor tion of the holding company through the acquisi­ Brimmer tion of the stock of two dominant banks may have adverse effects in these markets. Alabama has a substantial number of banks, but the banking structure of the State is still There is evidence that the image of bigness is a highly concentrated. While the Board’s approval competitive advantage, and this kind of evidence of the application will combine under a single is frequently cited with approval, but we are management three strong institutions, I believe persuaded more with the power of bigness than that the net effect will be an enhancement of with its image. Although the assets of the three benefits to the public resulting from the creation banks would not be merged, the new relationship of a powerful competitor to the dominant bank between the banks and the utilization of their in Alabama. Alabama is one of the least eco­ total assets would enhance the power of each; nomically developed States in the country. To the and since two of these banks are already dominant extent that an efficient banking system itself is a in their markets, our decision on this application is spur to economic development, the Board’s action based on the effect that the combination would today advances that cause. be likely to have on their markets, and we do While the matter did not enter into my con­ not reach the more speculative issues of potential sideration of the case (since it was not part of the competition and restraints upon the minor com­ official record), the approval of the application petition that presently exists between them. will have another salutary effect on the public Each of the primary market areas, Montgomery, interest: it will strike another blow against the Jefferson, and Madison Counties, is presently undesirable practice of non-par banking. served by a number of banks which provide Alabama is one of the few States that still complete banking services. The only area in which permits banks to pay checks other than at par. it can be said that the communities are not offered While two of Applicant’s proposed subsidiaries all needed services is that of the granting of pay checks at par, they absorb exchange charges loans either larger than permitted or larger than and thus encourage the continuation of non-par desired by the banks in these communities. It is banking. The two banks have agreed in writing to probably correct, as applicant contends, that more discontinue the absorption of exchange charges of the larger loans needed in Montgomery and within 90 days of approval of the application. Madison Counties would be made if the combined While this matter was not before the Board in its resources of the three banks were affiliated through consideration of the application, I think it de­ this holding company. The extent to which this sirable to note publicly this additional benefit would occur is problematical, but even assuming which will accrue to the public from approval that such large loans became a substantial part of of the application. the loans of the three banks, this fact would not outweigh the indication of probable adverse ef­ Dissenting Statement of Governors fects hereinabove set fofth. Robertson and Maisel We agree that Alabama law does not prohibit Conclusion the formation of multi-bank holding companies, and that, properly controlled, holding company Upon consideration of the whole record, the formations may contribute significantly to satis­ Board concludes that the proposed holding com­ faction of community needs, especially in unit pany may have the effect of substantially lessening banking or limited branching States. However, we competition in Montgomery and Madison Coun­ believe that the consummation of the transaction ties, Alabama, and that such anticompetitive ef­ approved by the Board today will substantially fects are not clearly outweighed in the public lessen competition without offsetting public interest by the probable effect of the transaction benefits. in meeting the convenience and needs of these two First, we agree with the hearing examiner’s con­ communities. clusion that the Montgomery and Huntsville banks are sufficiently large in relation to their competi­ (Signed) Edward Creel, tors that their inclusion in a holding company Hearing Examiner. with two other large banks is likely to increase Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 413 their competitive advantage with respect to their might be substantially to lessen competition, al­ smaller competitors. Clearly, it was the Congres­ though the banks involved did not compete sional intent in enacting the Holding Company significantly (1968 Federal Reserve B ulletin Act to preserve the possibility that both large and 925). The Board noted the Supreme Court’s small banks would compete in serving the markets conclusion (United States v. Philadelphia National in which they are located. The theory on which Bank, 374 U.S. 321, 362 (1963)) that, because the examiner recommended denial has been the question is whether a transaction may have adopted by the Board and sustained by the courts the proscribed effect on competition, the inquiry in other cases (e.g., Marine Corporation v. Board “requires not merely an appraisal of the immediate of Governors, 325 F 2d 960 (7th Cir., 1963)). impact of the [acquisition] upon competition, but Because the examiner found that this anticom­ a prediction of its impact upon competitive con­ petitive effect would not be outweighed by other ditions in the future. . . .” The Board then considerations, he did not find it necessary to stated: consider whether consummation of the proposal In making that prediction, it is essential to bear in would result in adverse effects on potential com­ mind that if a competitive structure is lost through petition. In our judgment, these considerations undue permissiveness, it cannot readily be restored. When a proposal involves the elimination of an inde­ argue as strongly, if not more strongly, for denial pendent competitor of the size and competitive force of the application. of Central Trust, the event is of such irreversible Consummation of the transaction will combine proportions that particular care is required in analyz­ ing its implications for the structure of banking mar­ in one organization the sixth, seventh, and tenth kets. Also, although each application must be judged largest banks in Alabama; it will reduce the on its own merits, sound administrative procedure requires consideration of the precedential effect of number of potential lead banks in a State in determinations made pursuant to the Act. which there are only 8 banks with deposits over While no agency is required to follow precedent $98 million; it will remove the Huntsville bank, which subsequent developments establish to be im­ provident, it should avoid establishing precedent which, though perhaps not yet a potential lead which, if consistently applied, will clearly do violence bank, could offer competition as an independent to the letter and spirit of the legislation which it has institution or as an affiliate of a less powerful the duty of impartially administering. To do other­ wise would be to confer on a particular applicant a organization; it will eliminate the possibility that competitive advantage which similarly situated appli­ each of the banks could enter the market of the cants would be deprived in the future of the oppor­ tunity to overcome, and the unwillingness of a par­ other through affiliation with smaller or newly ticular applicant to undertake less anticompetitive established institutions so as to increase com­ methods of expansion which are within its capability petition in each of the relatively concentrated does not justify such a preference. (Id. at 928.) markets. As the Board stated under similar cir­ We believe that the policy of the law and the cumstances in denying an application by First structure of the relevant markets in Alabama Empire State Corporation, Buffalo, New York favors the entry of large holding companies into (1969 Federal Reserve B ulletin 738, 740): those markets by means less inimical to competi­ tion than acquisition of substantial competitors In past decisions (e.g., Reconsideration of Applica­ tion of BT New York Corporation, 1968 Federal Re­ located therein. It is not helpful to note, as the serve Bulletin 225), the Board has indicated its con­ majority does, that there is no evidence that cern with respect to proposals which would tend to concentrate in a single organization control of leading Applicant would consider entering in other ways. banks in several of a State’s significant banking mar­ The effect of actions such as the Board’s majority kets. The basis for that concern lies in the effect which adopts today is to discourage holding companies such a proposal has in foreclosing possible alternatives which could lead to deconcentration of those markets, from even considering these possibilities. in addition to the fact that approval of such proposals The chief justification advanced by the Board’s would shortly lead to domination of all of a State’s significant banking markets by the same few banking majority is that consummation of the proposal organizations. will create additional competition to the largest banks operating in Birmingham and Huntsville, Moreover, approval of an application involving three of the 10 largest banks in Alabama would primarily for the business of large customers. appear to presage the further concentration of While we believe that increased competition at all banking resources in Alabama. In the application levels is in the public interest, we believe that this of Charter New York Corporation to acquire benefit to a small segment of the banking public shares of Central Trust Company, Rochester, the does not outweigh the far more serious actual Board concluded that the effect of that acquisition and potential disadvantages to the general public. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

414 FEDERAL RESERVE BULLETIN □ MAY 1971 This is especially true where, as here, the record Midwest Bancorporation, Inc., Kansas City, Mis­ discloses that Applicant proposes no significant souri, a registered bank holding company, for the new services to the public. Board’s prior approval of acquisition of over 80 In this connection we note the contention of per cent of the voting shares of Community State the Applicant, adopted by the Board’s majority, Bank, Kansas City, Missouri. that Applicant will be better able to marshall As required by section 3(b) of the Act, the resources, presumably to better serve the large Board gave written notice of receipt of the applica­ business organizations which Applicant contends tion to the Commissioner of Finance of the State now leave Alabama, a capital poor State, to obtain of Missouri and requested his views and recom­ financing. However, several courts have rejected mendation. The Commissioner responded that he this justification where, as here, the proposal in­ had no objection to approval of the application. volves serious adverse competitive consequences. Notice of receipt of the application was pub­ For example, the court noted in First Wisconsin lished in the Federal Register on March 4, 1971 Bankshares Corporation v. Board of Governors, (36 Federal Register 4314) which provided an 325 F 2d 946, 951 (7th Cir. 1963): opportunity for interested persons to submit com­ ments and views with respect to the proposed . . . the customers themselves are not greatly dis­ advantaged in having to go to Milwaukee, Chicago or transaction. A copy of the application was for­ New York for larger loans; hence, the slight added warded to the United States Department of convenience of obtaining the funds at home adds little Justice for its consideration. The time for filing weight under the fourth factor for approval of the application. As an added argument, Applicant suggests comments and views has expired and all those that, if more of the larger loans were made locally, received have been considered by the Board. additional deposits would remain in the community and would benefit local business. The point to con­ It is hereby ordered, for the reasons set forth sider, however, is whether these large concerns are in the Board’s Statement of this date, that said predominantly depositors or borrowers, in their bank­ application be and hereby is approved, provided ing relations. If they are predominantly credit users, the community is better off economically if the credit that the acquisition so approved shall not be is supplied from outside markets, because this means consummated (a) before the thirtieth calendar that locally generated deposit resources remain avail­ day following this Order, or (b) later than three able to other local users to a greater extent than would be the case if the large concerns were absorbing months after the date of this Order, unless such more of those resources. On the other hand, if the period is extended for good cause by the Board, concerns are primarily depositors, there are no legal restrictions which would limit the amount of their or by the Federal Reserve Bank of Kansas City deposits in an independent bank. pursuant to delegated authority. Under all the facts of this case, we believe that By order of the Board of Governors, April 20, the adverse effect which consummation of the 1971. transaction will have on competition, and the absence of substantial benefit to the public, impel Voting for this action: Chairman Burns and Gov­ denial of the application. ernors Robertson, Daane, Maisel, Brimmer and Sher­ rill. Absent and not voting: Governor Mitchell. MIDWEST BANCORPORATION, INC., (Signed) Kenneth A. Kenyon, Deputy Secretary. KANSAS CITY, MISSOURI [seal] In the matter of the application of Midwest Bancorporation, Inc., Kansas City, Missouri, for Statement approval of acquisition of over 80 per cent of the Midwest Bancorporation, Inc., Kansas City, voting shares of Community State Bank, Kansas Missouri, (“Applicant”), a registered bank hold­ City, Missouri. ing company, has applied to the Board, pursuant to section 3(a)(3) of the Bank Holding Com­ Order Approving Acquisition of Bank Stock pany Act of 1956, for prior approval of the by Bank Holding Company acquisition of over 80 per cent of the voting There has come before the Board of Governors, shares of Community State Bank, Kansas City, pursuant to section 3(a)(3) of the Bank Holding Missouri (“Bank”). Company Act of 1956 (12 U.S.C. 1842(a)(3)) Applicant had submitted an earlier application and section 222.3(a) of Federal Reserve Regula­ for approval to acquire over 80 per cent of the tion Y (12 CFR 222.3(a)), an application by voting shares of Bank which the Board denied on Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 415 November 24, 1970.1 Although the financial con­ nor be in furtherance of any combination, con­ dition of Applicant was sound, the Board found spiracy or attempt to monopolize the business of that Applicant’s plan for financing the acquisition banking in any part of the United States, and of Bank might jeopardize the financial soundness would not restrain trade, substantially lessen com­ of Applicant, its subsidiaries, and Bank. In the petition, or tend to create a monopoly in any sec­ present proposal, Applicant has offered a new tion of the country. method of financing the acquisition of Bank. Ad­ Financial and managerial resources and future ditionally, Applicant has indicated that, unlike its prospects. The present financial condition of Ap­ previous proposal, it intends to make the same plicant, its subsidiaries, and Bank are satisfactory; offer to majority and minority shareholders, a the management of each is capable; and the pros­ factor which the Board considers to weigh in the pects are favorable. public interest. In denying the earlier application, the Board Views and recommendation of supervisory au­ found that the proposed method of financing the thority. As required by section 3(b) of the Act, acquisition of Bank would adversely affect the the Board gave notice of receipt of the application financial condition and prospects of Applicant, to the Commissioner of Finance of the State of its subsidiaries, and Ban. In its Statement2 the Missouri and requested his views and recommen­ Board noted: dation. The Commissioner responded that he had Applicant, which was formed in October 1969, in­ no objection to approval of the application. tends to finance the cash purchase of Bank’s stock through a six-year loan, secured by the stock of its Statutory considerations. Section 3(c) of the two existing subsidiaries and Bank. On consummation Act provides that the Board shall not approve an of the acquisition, approximately one-half of the debt would be repaid by extraordinary dividends to be acquisition that would result in a monopoly or declared by each of the three banks. These dividends would be in furtherance of any combination or would reduce the capital level of two of the banks conspiracy to monopolize or to attempt to mo­ to approximately the minimum amount which the State Commissioner of Finance considers acceptable. nopolize the business of banking in any part of the The remaining debt—equal to 60 per cent of Appli­ United States. Nor may the Board approve a pro­ cant’s net worth—would be repaid out of the earnings of the three banks over a 4-6 year period. posed acquisition, the effect of which, in any sec­ The Board is of the view that the reduced capital tion of the country, may be substantially to lessen position of the banks and the incurrence of a high competition, or to tend to create a monopoly, or level of acquisition debt by Applicant, which would hinder its ability to meet emergency capital needs of which in any other manner would be in restraint its subsidiary banks should such need arise, weigh of trade, unless the Board finds that the anticom­ strongly against approval of the application. . . petitive effects of the proposed transaction are As is apparent, the previous proposal depended clearly outweighed in the public interest by the heavily on the use of long-term debt in order to probable effect of the transaction in meeting the finance the acquisition of Bank. convenience and needs of the communities to be Applicant’s revised plan for financing the acqui­ served. In each case, the Board is required to take sition of Bank involves the substantial use of into consideration the financial and managerial equity funds and relies less on long-term debt. resources and future prospects of the bank hold­ The previous proposal involved no equity financ­ ing company and the banks concerned, and the ing, an acquisition debt equal to 60 per cent of convenience and needs of the communities to be Applicant’s net worth, and a payout period of served. four to six years; the present proposal contem­ Competitive effect of proposed transaction. In plates substantial equity financing, a debt equal its consideration of the earlier proposal, the Board to less than 25 per cent of Applicant’s net worth, found the competitive considerations to be con­ and a payout period of 22 to 32 months. As in sistent with approval of the application. Nothing the earlier proposal, Applicant’s revised financing has occurred that has altered that previous deter­ plan involves the use of extraordinary dividends mination. Accordingly, for the reasons set forth from Applicant’s two subsidiary banks and Bank; in the Statement accompanying the Order of however, the reduced capital level of the three November 24, 1970, relating to Applicant’s orig­ banks after the payment of these dividends would inal proposal for the acquisition of Bank, the be at or above the level considered acceptable by Board concludes that consummation of the pro­ the State Commissioner. Furthermore, even though posed transaction would not result in a monopoly, the present proposal still involves acquisition debt, 1 1970 Federal Reserve Bulletin, page 948. 2 Id. at 949, 950. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

416 FEDERAL RESERVE BULLETIN □ MAY 1971 a factor which the Board has always viewed with sition of at least 80 per cent of the voting shares concern, the Board finds that in this case the Ap­ of St. Johns River Bank, Jacksonville, Florida plicant appears to be financially capable of servic­ (“Bank”). ing the substantially reduced debt; and the risks, As required by section 3(b) of the Act, the which were inherent in the previous application, Board gave written notice of receipt of the appli­ have been significantly minimized. cation to the Florida State Commissioner of Bank­ On the basis of the foregoing, the Board con­ ing and requested his views and recommendation. cludes that the present financial and managerial The Commissioner recommended approval of the resources of Applicant, its subsidiaries, and Bank application. are consistent with approval, and their prospects, Notice of receipt of the application was pub­ under Applicant’s revised financing plan, appear lished in the Federal Register on March 6, 1971 favorable. (36 Federal Register 4525), providing an oppor­ Convenience and needs of the communities tunity for interested persons to submit comments involved. The Board’s previous Statement indi­ and views with respect to the proposal. A copy of cated that the major banking needs of Bank’s the application was forwarded to the United States service area appear to be adequately served by Department of Justice for its consideration. Time the existing institutions, and Applicant is pro­ for filing comments and views has expired and all posing no new service that is not already being those received have been considered by the Board. offered by other banks in the area. The Board has considered the application in It now appears that the two nearest competitors the light of the factors set forth in section 3(c) of Bank have requested permission to move from of the Act, including the effect of the proposed the low income service area. In light of this, it acquisition on competition, the financial and appears that greater reliance probably will be managerial resources and future prospects of the placed on Bank for meeting the banking needs of Applicant and the banks concerned, and the con­ the area. Therefore, considerations relating to con­ venience and needs of the communities to be venience and needs lend weight to approval of served. Upon such consideration, the Board finds the application. that: Summary and conclusion. On the basis of all Applicant, the fifth largest banking organization relevant facts in the record, and in the light of the in Florida, controls 17 banks which hold combined factors set forth in section 3(c) of the Act, it is deposits of approximately $493 million, represent­ the Board’s judgment that the proposed transac­ ing 4.1 per cent of the total deposits held by tion would be in the public interest and that the Florida’s commercial banks. (All banking data application should be approved. are as of June 30, 1970, adjusted to reflect hold­ ing company formations and acquisitions approved FIRST AT ORLANDO CORPORATION, by the Board through March 31, 1971.) Upon ORLANDO, FLORIDA acquisition of Bank (deposits $13.3 million), Applicant would remain the fifth largest banking In the matter of the application of First at organization and its control of deposits in the State Orlando Corporation, Orlando, Florida, for ap­ would increase slightly to 4.2 per cent. proval of the acquisition of at least 80 per cent Bank, which operates one office in Jacksonville, of the voting shares of St. Johns River Bank, is the 15th largest of 29 banks and the 10th largest Jacksonville, Florida. of 13 banking organizations in Duval County with approximately 1 per cent of the deposits in the Order Approving Acquisition of Bank Stock county. Acquisition of Bank by Applicant will by Bank Holding Company mark its initial entry into the Jacksonville area, and the nearest subsidiary of Applicant is located There has come before the Board of Governors, approximately 70 miles southwest of Bank. Be­ pursuant to section 3(a)(3) of the Bank Holding cause of the distances involved, Florida law which Company Act of 1956 (12 U.S.C. 1842(a)(3)), and section 222.3(a) of Federal Reserve Regula­ prohibits branch banking, and other facts of rec­ tion Y (12 CFR 222.3(a)), the application of ord, it appears that consummation of the proposal First at Orlando Corporation, Orlando, Florida herein would not result in the elimination of any (“Applicant”), a registered bank holding com­ significant present competition nor the foreclosure pany, for the Board’s prior approval of the acqui­ of any significant potential competition between Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 417 Bank and any of Applicant’s subsidiaries. In fact, and section 222.3(a) of Federal Reserve Regula­ acquisition of Bank by Applicant may serve to tion Y (12 CFR 222.3(a)), an application by enhance competition between Applicant and three Mercantile Bankshares Corporation, Baltimore, other large holding companies which are dominant Maryland (“Applicant”), a registered bank hold­ in the Jacksonville area. ing company, for the Board’s prior approval of On the record before the Board, considerations the acquisition of 80 per cent or more of the relating to the financial condition, management, voting shares of Bank of Southern Maryland, La and prospects of Applicant, its present subsidiaries Plata, Maryland (“Bank”). and Bank are consistent with approval of the As required by section 3(b) of the Act, the application. Although banking needs of the Jack­ Board gave written notice of receipt of the appli­ sonville area appear to be adequately served, con­ cation to the Maryland Commissioner of Banking summation of the proposed acquisition would and requested his views and recommendation. The facilitate the offering of larger loans and enable Commissioner responded that he had no objection Bank to become an additional alternative source to approval of the application. for services such as trust advice, data processing, Notice of receipt of the application was pub­ and international banking. It is the Board’s judg­ lished in the Federal Register on March 16, 1971 ment that the proposed transaction would be in (36 Federal Register 5018), providing an oppor­ the public interest, and that the application should tunity for interested persons to submit comments be approved. and views with respect to the proposed transac­ It is hereby ordered, for the reasons set forth tion. A copy of the application was forwarded to above, that said application be and hereby is ap­ the United States Department of Justice for its proved, provided that the action so approved consideration. The time for filing comments and shall not be consummated (a) before the thirtieth views has expired and all those received have been calendar day following the date of this Order or considered by the Board. (b) later than three months after the date of this The Board has considered the application in the Order, unless such time shall be extended for good light of the factors set forth in section 3(c) of the cause by the Board, or by the Federal Reserve Act, including the effect of the proposed acquisi­ Bank of Atlanta pursuant to delegated authority. tion on competition, the financial and managerial By order of the Board of Governors, April 20, resources and future prospects of the Applicant 1971. and the banks concerned, and the convenience and needs of the communities to be served. Upon Voting for this action: Chairman Burns and Gover­ such consideration, the Board finds that: nors Robertson, Daane, Maisel, Brimmer, and Sherrill. Absent and not voting: Governor Mitchell. Applicant, the only multi-bank holding com­ pany and sixth largest banking organization in (Signed) Kenneth A. Kenyon, Maryland, controls three banks with aggregate Deputy Secretary. deposits of $229 million, representing 4.6 per cent [seal] of the total deposits in the State. (All banking data are as of June 30, 1970, adjusted to reflect bank MERCANTILE BANKSHARES holding company formations and acquisitions ap­ CORPORATION, proved by the Board through March 31, 1971.) BALTIMORE, MARYLAND Upon acquisition of Bank ($23 million in de­ posits), Applicant would increase its share of In the matter of the application of Mercantile deposits to 5.1 per cent. Bankshares Corporation, Baltimore, Maryland, Bank has the largest share of deposits in its for approval of acquisition of 80 per cent or more area of the four banks operating there, holding of the voting shares of Bank of Southern Mary­ 37.9 per cent of area deposits. Two branches of land, La Plata, Maryland. the largest bank in the State hold 30.6 per cent of area deposits. The third largest share of deposits Order Approving Acquisition of Bank Stock in the area, (21.1 per cent) is held by two branches by Bank Holding Company of the seventh largest bank in the State (merger There has come before the Board of Governors, consummated in 1970). The fourth largest organi­ pursuant to section 3(a)(3) of the Bank Holding zation in the State has received permission to Company Act of 1956 (12 U.S.C. 1842(a)(3)) establish a branch in the county. Clearly Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

418 FEDERAL RESERVE BULLETIN □ MAY 1971 faces substantial competition from these other FIRST BANC GROUP OF OHIO, INC., banks that are able to offer a full range of bank­ COLUMBUS, OHIO ing activities. The closest banking office of any subsidiary of Applicant to Bank is a branch office In the matter of the application of First Banc of Belair National Bank in Bowie, approximately Group of Ohio, Inc., Columbus, Ohio, for approval 33 miles north of La Plata. There appears to of acquisition of 100 per cent of the voting shares be no significant competition between Bank and (less directors’ qualifying shares) of the successor Belair National Bank or any other subsidiary of by merger to The Security Central National Bank Applicant and, based on the facts of record, sig­ of Portsmouth, Portsmouth, Ohio. nificant competition is unlikely to develop. The Board concludes that consummation of the pro­ Order Approving Acquisition of Bank Stock posed acquisition would not have significant ad­ by Bank Holding Company verse effects on competition in any relevant area. There has come before the Board of Governors, Considerations relating to the financial and pursuant to section 3(a)(3) of the Bank Holding managerial resources and future prospects, as Company Act of 1956 (12 U.S.C. 1842(a)(3)) they relate to Applicant, its subsidiaries, and Bank and section 222.3(a) of Federal Reserve Regula­ are regarded as consistent with approval of the tion Y (12 CFR 222.3(a)), the application of application. Affiliation with Applicant would pro­ First Banc Group of Ohio, Inc., Columbus, Ohio vide Bank with greater depth in management and (“Applicant”), a registered bank holding com­ would alleviate a management succession prob­ pany, for the Board’s prior approval of the acqui­ lem. Although the banking needs of the commu­ sition of 100 per cent of the voting shares (less nities in Bank’s service area presently appear to directors’ qualifying shares) of the successor by be adequately served, affiliation with Applicant merger to The Security Central National Bank of would enhance Bank’s ability to offer additional Portsmouth, Portsmouth, Ohio (“Security Bank”). services which are necessary in light of the chang­ As required by section 3(b) of the Act, the ing character of the area. Considerations relating Board gave written notice of receipt of the appli­ to the convenience and needs of the communities cation to the Comptroller of the Currency, and in Bank’s service area lend some support for ap­ requested his views and recommendation. The Comptroller recommended approval of the appli­ proval of the application. It is the Board’s judg­ cation. ment that consummation of the proposed acquisi­ Notice of receipt of the application was pub­ tion would be in the public interest, and that the lished in the Federal Register on February 4, 1971 application should be approved. (36 Federal Register 2429), providing an oppor­ It is hereby ordered, for the reasons set forth tunity for interested persons to submit comments in the findings summarized above, that said appli­ and views with respect to the proposal. A copy of cation be and hereby is approved, provided that the application was forwarded to the United States the acquisition so approved shall not be consum­ Department of Justice for its consideration. Time mated (a) before the thirtieth calendar day fol­ for filing comments and views has expired and lowing the date of this Order or (b) later than all those received have been considered by the Board. three months after the date of this Order, unless The Board has considered the application in the such period is extended for good cause by the light of the factors set forth in section 3(c) of the Board, or by the Federal Reserve Bank of Rich­ Act, including the effect of the proposed acquisi­ mond pursuant to delegated authority. tion on competition, the financial and managerial By order of the Board of Governors, April 29, resources and future prospects of the Applicant 1971. and the banks concerned, and the convenience and needs of the communities to be served. Upon such Voting for this action: Chairman Burns and Gover­ consideration, the Board finds that: nors Robertson, Daane, Maisel, and Sherrill. Absent Applicant controls eight banks with aggregate and not voting: Governors Mitchell and Brimmer. deposits of approximately $604 million, repre­ (Signed) Kenneth A. Kenyon, senting 3.0 per cent of the total commercial bank Deputy Secretary. deposits in Ohio. (All banking data are as of [seal] June 30, 1970, and reflect holding company acqui­ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 419 sitions approved through March 31, 1971.) On On the basis of the record before it, the Board the basis of deposits, Applicant is the seventh concludes that consummation of the proposed largest banking organization and the fourth largest acquisition would not have an undue adverse bank holding company in the State. Upon consum­ effect on competition in any relevant area. The mation of the proposal, Applicant would increase financial and managerial resources and future its share of State-wide deposits by .3 percentage prospects of Applicant and each of its subsidiaries point but its rank among banking organizations are regarded as satisfactory. Management of Se­ in the State would be unchanged. curity Bank apparently consists of two groups with Security Bank (deposits of $53 million) is the conflicting viewpoints. Through ownership of Se­ largest—on the basis of deposits—of the three curity Bank, Applicant proposes to establish uni­ banks in Scioto County, all of which are located fied management for the bank and to provide for in Portsmouth. (The proposed new bank into management succession. Applicant would also be which Security Bank will be merged has signifi­ able to inject new capital into the bank as it is cance only as a vehicle to accomplish the acquisi­ needed. Therefore, considerations regarding the tion of all the voting shares of Security Bank; banking factors as they relate to Security Bank hence, the proposal to acquire voting shares of weigh in support of approval of the application. the successor by merger to Security Bank is treated Applicant proposes to improve and expand exist­ as a proposal to acquire voting shares of Security ing services of Security Bank and to enable it to Bank.) Security Bank controls about 55 per cent offer international banking and other new services. of the deposits in Scioto County, which approxi­ Considerations regarding the convenience and mates the relevant market. Despite its size relative needs of the communities are consistent with ap­ to the other Portsmouth banks, it appears that proval of the application. It is the Board’s judg­ Security Bank does not dominate banking in the ment that the proposed transaction would be in area. The second largest bank in the market is an the public interest, and that the application should affiliate of the largest bank holding company in be approved. the State, and the smallest bank has demonstrated It is hereby ordered, on the basis of the that it is a viable and effective competitor, and has Board’s findings summarized above, that said ap­ rejected an offer to affiliate with Applicant. It does plication be and hereby is approved, provided that not appear likely that Applicant’s acquisition of the action so approved shall not be consummated Security Bank would have an undue adverse effect (a) before the thirtieth calendar day following on the other Portsmouth banks. the date of this Order or (b) later than three Applicant’s subsidiary bank nearest to Security months after the date of this Order, unless such Bank is located more than 80 miles north of time be extended for good cause by the Board, Portsmouth. Security Bank draws no loans or or by the Federal Reserve Bank of Cleveland pur­ deposits from the service area of that bank nor suant to delegated authority. from the service area of any other bank subsidiary By order of the Board of Governors, April 29, of Applicant. Applicant’s lead bank draws a negli­ 1971. gible amount of business from Scioto County, and none of Applicant’s other subsidiary banks draws Voting for this action: Chairman Burns and Gover­ any business at all from Scioto County. On the nors Robertson, Daane, Maisel, and Sherrill. Absent and not voting: Governors Mitchell and Brimmer. facts of record, notably the restrictions in the branch banking law of Ohio, the number of banks (Signed) K enneth A. Kenyon, intervening in the areas between Security Bank Deputy Secretary. and each of Applicant’s subsidiary banks, and the [seal] distances separating Security Bank from Appli­ cant’s present subsidiaries, there is little likelihood SOUTHWEST BANCSHARES, INC., that any of Applicant’s subsidiary banks would HOUSTON, TEXAS become competitors of Security Bank in the future. Moreover, economic conditions in Scioto County In the matter of the application of Southwest do not appear attractive for de novo entry. There­ Bancshares, Inc., Houston, Texas, for approval of fore, it appears that consummation of the proposal acquisition of more than 51 per cent of the voting would not eliminate existing competition nor fore­ shares of The Village National Bank, Houston, close significant potential competition. Texas. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

420 FEDERAL RESERVE BULLETIN □ MAY 1971 Order Approving Acquisition of Bank Stock the SMSA and Applicant is the third largest bank­ by Bank Holding Company ing organization in the market. Applicant’s acqui­ sition of a proposed new bank would have no im­ There has come before the Board of Governors, mediate effect on concentration of banking re­ pursuant to section 3(a)(3) of the Bank Holding sources. Company Act of 1956 (12 U.S.C. 1842(a)(3)), Applicant’s two closest affiliated banks are lo­ and section 222.3(a) of Federal Reserve Regula­ cated eight and nine miles from Bank’s proposed tion Y (12 CFR 222.3(a)), the application of site. There are four banks located within Bank’s Southwest Bancshares, Inc., Houston, Texas (“Ap­ proposed service area, all of them more than three plicant”), a registered bank holding company, for miles from Bank’s proposed location. No existing the Board’s prior approval of the acquisition of competition would be eliminated by consumma­ more than 51 per cent of the voting shares of The tion of the proposal, nor would significant poten­ Village National Bank, Houston, Texas (“Bank”), tial competition be foreclosed or would there be a proposed new bank. adverse effects on any competing banks. As required by section 3(b) of the Act, the The financial and managerial resources and Board gave written notice of receipt of the appli­ prospects of Applicant and the banks within its cation to the Comptroller of the Currency and group are satisfactory and consistent with ap­ requested his views and recommendation. The proval of the application. Considerations concern­ Comptroller offered no objection to approval of ing convenience and needs of the communities to the application. be served lend some weight toward approval, due Notice of receipt of the application was pub­ to the benefits to be derived from the existence of lished in the Federal Register on March 26, 1971 an additional banking facility in the community. (36 Federal Register 5754), providing an oppor­ It is the Board’s judgment that the proposed trans­ tunity for interested persons to submit comments action would be in the public interest and that the and views with respect to the proposal. A copy application should be approved. of the application was forwarded to the Depart­ It is hereby ordered, for the reasons set forth ment of Justice for its consideration. Time for in the findings summarized above, that said appli­ filing comments and views has expired and all cation be and hereby is approved, provided that the those received have been considered by the Board. acquisition so approved shall not be consummated The Board has considered the application in the (a) before the thirtieth calendar day following the light of the factors set forth in section 3(c) of the date of this Order or (b) later than three months Act, including the effect of the proposed acquisi­ after the date of this Order, and provided further tion on competition, the financial and managerial that (c) The Village National Bank shall be resources and future prospects of the Applicant opened for business not later than six months after and the banks concerned, and the convenience and the date of this Order. The periods described in needs of the communities to be served, and finds (b) and (c) hereof may be extended for good that: cause by the Board, or by the Federal Reserve Applicant directly or indirectly controls two Bank of Dallas pursuant to delegated authority. subsidiary banks and has an interest of less than By order of the Board of Governors, May 10, 25 per cent of the voting shares in six other Texas 1971. banks.1 Applicant’s two subsidiary banks control total deposits of $602 million, which constitutes Voting for this action: Chairman Burns and Gover­ 11.3 per cent of total bank deposits in the Houston nors Mitchell, Maisel, Brimmer, and Sherrill. Absent SMSA and 2.6 per cent of State deposits. The and not voting: Governors Robertson and Daane. total group of banks in which Applicant has an (Signed) Elizabeth L. Carmichael, interest controls 12.9 per cent of total deposits in Assistant Secretary. 1 All banking data are as of June 30, 1970. [seal] Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements CHANGES IN BOARD STAFF December 31, 1972. He is President of The Martha’s Vineyard National Bank, Vineyard The Board of Governors has promoted Robert Haven, Massachusetts. He succeeds Tucker H. F. Sanders to Deputy General Counsel in the David, Executive Vice President and Cashier of Legal Division, effective May 16, 1971. Mr. The Deep River National Bank, Deep River, Sanders, who joined the Board’s staff in 1963 Connecticut, who resigned as a director, effective and was appointed an Assistant General Counsel January 1, 1971. in January 1969, is a graduate of the University Edward G. Nelson was appointed by the Fed­ of Illinois and the Harvard Law School. eral Reserve Bank of Atlanta as a director of the The Board also announced two appointments, Nashville Branch, effective May 1, 1971, for effective June 1: Charles L. Hampton as Asso­ the unexpired portion of a 3-year term ending ciate Director of the Division of Data Processing, December 31, 1973. He is Executive Vice Presi­ to succeed John P. Singleton; and John P. Flaherty dent of the Commerce Union Bank in Nashville. as an Assistant Director of the Division of Super­ Kenneth L. Roberts, who had served since vision and Regulation. January 1, 1971, as a Bank-appointed director of Mr. Hampton comes to the Board from the the Nashville Branch of the Federal Reserve Aerojet General Corporation in Azusa, California. Bank of Atlanta, resigned effective April 30, He has a degree in electronic engineering from 1971, to take a position as President of the Cen­ the University of Illinois and a Master of Busi­ tral National Bank in Richmond, Virginia. He ness Economics from the Claremont Graduate had been Executive Vice President of the Com­ School. Mr. Flaherty, a graduate of Boston Uni­ merce Union Bank in Nashville. versity School of Law, has been serving as Assist­ Norman B. Houston, who had served since ant Vice President in the Bank Examination De­ January 1, 1968, as a Board-appointed director of partment of the Federal Reserve Bank of Boston. the Los Angeles Branch of the Federal Reserve Bank of San Francisco, resigned effective April APPOINTMENT OF RESERVE BANK PRESIDENT 16, 1971, to accept appointment as Deputy As­ The Board of Governors has approved the ap­ sistant Secretary for Administration of the De­ pointment by the Directors of the Federal Reserve partment of Health, Education and Welfare in Bank of Minneapolis of Bruce K. MacLaury as Washington, D.C. He had been a director of President of that Bank, to serve the remainder of and consultant to the Golden State Mutual Life a 5-year term expiring February 28, 1976. He Insurance Company in Los Angeles. succeeds the late Hugh D. Galusha, Jr. Mr. MacLaury has been Deputy Under Secre­ MARGIN REQUIREMENT ON SECURITIES tary of the Treasury for Monetary Affairs since TRANSACTIONS April 1969. Previous positions were with the The Board of Governors of the Federal Reserve Federal Reserve Bank of New York, the Federal System announced on April 27, 1971, that it will Reserve Bank of Boston, and the First National specify in regulations to be issued later this City Bank of New York. He holds degrees in year the effective date of the amendment to the economics from Princeton (B.A.) and Harvard Securities Exchange Act of 1934 contained in Title Universities (M.A., Ph.D.). III of Public Law 91-508 adopted by Congress last year. DIRECTORS OF FEDERAL RESERVE BANKS That title, upon its effective date, will place the AND BRANCHES burden of compliance with margin regulations on William M. Honey was elected on May 3 as a the borrower as well as the lender in both foreign director of the Federal Reserve Bank of Boston, and domestic securities transactions. Under the to serve the remainder of a 3-year term expiring Act, Title III is to go into effect either on May 1 421 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

or on any date after that specified by the Board in cerned, State-chartered banks in a holding com­ regulations—but in no case later than Novem­ pany may acquire shares in accordance with the ber 1, 1971. rules of the Board. Action by the Board was taken in connection ACTIVITIES OF BANK HOLDING COMPANIES with its over-all plan to implement the “Bank Holding Company Act Amendments of 1970.” The Board of Governors announced a regulatory The Board has under consideration a proposed list amendment, effective July 1, specifying the kinds of ten activities to be regarded under section of activities in which subsidiaries of bank holding 4(c) 8 of the Act as closely related to banking, companies may engage on the basis of section or managing or controlling banks, and thus per­ 4(c) 5 of the Bank Holding Company Act. missible for bank holding companies subject to That section relates to the acquisition by a Board approval in individual cases. holding company of shares eligible for investment by a national bank. Under the amendment, bank ADMISSION OF STATE BANK TO holding companies may acquire shares that are MEMBERSHIP IN FEDERAL RESERVE SYSTEM explicitly eligible for investment by a national bank under Federal statute law, such as shares of a The following bank was admitted to membership small business investment company. Banks in a in the Federal Reserve System during the period holding company are not so restricted. National April 16, 1971, through May 15, 1971: banks in a holding company may acquire shares in accordance with the rules of the Comptroller New Mexico of the Currency. So far as Federal law is con­ Albuquerque.... American Bank of Commerce 422 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication May 14 Industrial production and retail sales rose fur­ production of business equipment continued to ther in April. Nonfarm employment was essen­ be widespread and the April level was 15 per tially unchanged and the unemployment rate cent below its 1969 high. edged up. The wholesale price index increased again. Commercial bank credit was about un­ EMPLOYMENT changed and the money supply and time and sav­ Government and construction employment in­ ings deposits increased. Between mid-April and creased in April but was largely offset by de­ mid-May, yields on most securities rose. clines in durable goods manufacturing, transporta­ tion, and public utilities. The average workweek INDUSTRIAL PRODUCTION of manufacturing production workers was down Industrial production increased somewhat further slightly to 39.8 hours. The unemployment rate in April to 166.0 per cent of the 1957-59 average in April edged up to 6.1 per cent from 6.0 per from the upward revised March index of 165.5. cent in March. The April index was 0.3 per cent higher than March but 5 per cent below the July 1969 peak. RETAIL SALES Production of consumer goods and industrial ma­ The value of retail sales rose 0.5 per cent further terials increased but output of autos and business in April and was 6 per cent above a year earlier. and defense equipment declined. The April rise was centered in sales at durable Production of furniture, television sets, some goods stores as sales at nondurable goods stores appliances, and consumer staples rose in April. were virtually unchanged from March. Auto assemblies, however, were at an annual rate of 8.2 million units, down 8 per cent from WHOLESALE AND CONSUMER PRICES March. Production schedules indicate some in­ crease for May. Among materials, output of The wholesale price index, seasonally adjusted, in­ textile, chemical, and rubber products strengthened creased 0.5 per cent between March and April. in April and iron and steel rose further but Prices of industrial commodities rose 0.5 per other metal materials declined. The declines in cent as a large increase was posted for metals and metal products. Substantial price increases were also registered by textile products, non­ INDUSTRIAL PRODUCTION metallic minerals, and hides and skins. Higher 1957-59=100 prices for livestock, meats, eggs, and dairy prod­ ucts accounted for most of the 0.5 per cent rise in the index of farm and food products. The consumer price index, after seasonal ad­ justment, rose 0.2 per cent in March as in Febru­ ary. Food prices increased sharply, but service prices were unchanged as a decline in mortgage interest costs offset continued increases for other services. BANK CREDIT, DEPOSITS, AND RESERVES Commercial bank credit, adjusted for transfers of loans between banks and their affiliates, de­ 1966 1968 1970 1966 1968 1970 clined slightly in April following an average monthly increase of $5 billion during the first F.R. indexes, seasonally adjusted. Latest figures: April. 423 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

quarter. Holdings of U.S. Treasury securities the 4 weeks ending the 28th compared with net dropped sharply following substantial growth in borrowed reserves of $120 million in March. recent months. Acquisitions of municipal and Member bank borrowings declined sharply but Federal agency issues continued large but not so excess reserves also declined. large as in other recent months. Total loans de­ clined somewhat due largely to heavy repayments SECURITY MARKETS of broker and dealer loans. Business loans rose The 3-month Treasury bill was bid around 4.00 slightly. per cent in the middle of May, little changed on The money stock continued to expand and in balance from a month earlier, but yields on the April rose to an annual rate of 9.8 per cent, a little 1-year bill rose by some 50 basis points. Yields slower than in March. Over the first quarter, the on intermediate-term Government notes and bonds money stock grew at an annual rate of 8.9 per rose by around 50 to 70 basis points over the cent. Growth in time and savings deposits at com­ same period, while rates on long-term Treasury mercial banks slackened considerably in April to bonds advanced less. an annual rate of 10.7 per cent, mainly due to Yields on new corporate securities rose sig­ smaller inflows of consumer-type time and sav­ nificantly since mid-April. Seasoned corporate ings deposits, and a moderate decline in holdings and municipal securities rates also increased of large negotiable CD’s. steadily over the same period. Common stock Reserve positions turned positive in April and prices declined on balance in moderately heavy free reserves averaged about $10 million over volume. PRICES Wholesale Consumer 1967=100 1967 1969 1971 1967 1969 1971 1966 1967 1968 1969 1970 1971 Bureau of Labor Statistics. “Farm products and foods” is Discount rate, range or level for all F.R. Banks. Weekly BLS “Farm products, and processed foods and feeds.” Latest average market yields for U.S. Govt, bonds maturing in 10 figures: Consumer, March; Wholesale, April. years or more and for 90-day Treasury bills. Latest figures: week ending May 8. 424 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 interest 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 stock A 18 Bank reserves; bank credit A 19 Banks and the monetary system A 20 Commercial banks, by classes A 26 Weekly reporting banks A 31 Business loans of banks A 32 Loan sales by banks A 33 Interest rates A 35 Security markets A 36 Stock market credit A 37 Open market paper A 37 Savings institutions A 39 Federally sponsored credit agencies A 40 Federal finance A 42 U.S. Government securities A 45 Security issues A 48 Business finance A 50 Real estate credit A 54 Consumer credit Continued on next page A 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 2 FEDERAL RESERVE BULLETIN □ MAY 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 INTERNATIONAL STATISTICS: A 72 U.S. balance of payments A 73 Foreign trade A 74 U.S. gold transactions A 75 U.S. reserve assets; position in the IMF A 76 International capital transactions of the United States A 89 Foreign exchange rates A 90 Money rates in foreign countries A 91 Arbitrage on Treasury bills A 92 Gold reserves of central banks and governments A 93 Gold production A 101 INDEX TO STATISTICAL TABLES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 3 Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS e Estimated N.S.A. Monthly (or quarterly) figures not adjusted c Corrected for seasonal variation IPC Individuals, partnerships, and corporations p Preliminary SMSA Standard metropolitan statistical area r Revised A Assets rp Revised preliminary L Liabilities I, II, S Sources of funds III, IV Quarters U Uses of funds * Amounts insignificant in terms of the par­ n.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 in­ stances: (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........................................ Mar. 1971 A-71.1—A-71.9 Banks and branches, number, by class and State.......................................Apr. 1971 A-94—A-95 Semiannually Flow of funds: Banking offices: Assets and liabilities: Analysis of changes in number___ Feb. 1971 A-96 1959-70................................................Mar. 1971 A-71.10—A-71.21 On, and not on, Federal Reserve Flows: Par List, number........................... Feb. 1971 A-97 1966-70................................................Mar. 1971 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-108—A-113 Operating ratios................................Aug. 1970 A-114—A-119 Banking and monetary statistics, 1970...................................................... Feb. 1971 A-98—A-99 Stock exchange firms, detailed debit Mar. 1971 A-94—A-106 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-100 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 4 BANK RESERVES AND RELATED ITEMS □ MAY 1971 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Reserve Bank credit outstanding Treas­ Period or date U.S. Govt, securities 1 Special ury Dis­ Gold Drawing cur­ u H n e d l e d r co a u n n d ts Float 2 O F t . h R e . r Total 4 stock ce R rt i i g fi h c t a s te re o n u c t y ­ Bought repur­ ad­ assets 3 account stand­ Total out­ chase vances ing right agree­ ment Averages of daily figures 1939 Dec................................. 2,510 2,510 8 83 2,612 17,518 2,956 1941 Dec................................. 2,219 2,219 5 170 2,404 22’759 3,239 1945 Dec............................... 23,708 23,708 381 652 24,744 20’047 4,322 1950—Dec................................. 20,345 20,336 9 142 1,117 21,606 22,879 4,629 I960—Dec................................. 27,248 27,170 78 94 1,665 29,060 17,954 5,396 1965—Dec................................. 40,885 40,772 113 490 2,349 43,853 13,799 5,565 1966 Dec................................. 43,760 43,274 486 570 2,383 46,864 13,158 6.284 1967—Dec................................. 48,891 48,810 81 238 2,030 51,268 12,436 6,777 1968—Dec................................. 52,529 52,454 75 765 3,251 56,610 10,367 6,810 1969—Dec................................. 57,500 57,295 205 1,086 3,235 2,204 64,100 10,367 6,841 1970—Apr................................. 55,982 55,787 195 877 3,275 2,209 62,424 11,367 400 6,919 May............................... 57,265 57,179 86 1,066 2,985 1,708 63,087 11,367 400 6,967 June............................... 57,630 57,584 46 978 2,824 1,369 62,843 11,367 400 6,999 July................................ 58,219 58,003 216 1 ,432 2,901 1,302 63,912 11,367 400 6,994 Aug................................. 59,544 59,255 289 849 2,446 1,248 64,134 11,367 400 7,009 Sept................................. 59,903 59,625 278 607 2,832 1,216 64,619 11,300 400 7,049 Oct.................................. 59,533 59,360 173 462 2,933 1,734 64,708 11,117 400 7,069 Nov................................. 60,393 60,004 389 425 2,933 1,314 65,132 11,117 400 7,100 Dec................................. 61,688 61,310 378 321 3,570 1,032 66,708 11,105 400 7,145 1971—Jan................................... 62,068 61,941 127 370 3,636 1,216 67,363 10,732 400 7,157 Feb.................................. 62,350 62,051 299 328 2,974 1,065 66,797 10,732 400 7,188 Mar................................. 62,719 62,381 338 319 2,671 896 66,691 10,732 400 7,235 Apr.P.............................. 63,371 63,153 218 147 3,058 1,103 67,757 10,732 400 7,291 Week ending— 1971—Feb. 3........................... 61,956 61,783 173 283 2,620 1,264 66,201 10,732 400 7,172 10........................... 61,769 61,722 47 247 3,163 1,284 66,528 10,732 400 7,177 17........................... 62,936 62,161 775 561 2,632 1,166 67,401 10,732 400 7,189 24........................... 62,350 62,152 198 250 3,472 797 66,944 10,732 400 7,195 Mar. 3........................... 62,627 62,479 148 258 2,723 844 66,520 10,732 400 7,210 10........................... 62,206 62,169 37 421 2,906 829 66,414 10,732 400 7,223 17........................... 63,032 62,301 731 290 2,549 879 66,867 10,732 400 7,230 24........................... 62,510 62,423 87 333 2,853 922 66,699 10,732 400 7,242 31........................... 63,076 62,581 495 257 2,482 966 66,874 10,732 400 7,255 Apr. 7........................... 63,268 62,709 559 197 2,718 1,010 67,308 10,732 400 7,268 14........................... 63,114 62,921 193 150 2,958 1,053 67,338 10,732 400 7,284 21 p......................... 63,526 63,394 132 85 3,294 1,177 68,145 10,732 400 7,296 28 p......................... 63,476 63,424 52 177 3,264 1,152 68,144 10,732 400 7,309 End of month 1971 _Feb.................................. 62,462 6 62,462 263 2,832 832 66,443 10,732 400 7,213 Mar................................. 64,345 6 62,841 1,504 391 2,550 997 68,421 10,732 400 7,270 Apr.*1.............................. 63,721 6 63,721 81 2,860 1,169 67,887 10,732 400 7,323 Wednesday 1971—Feb. 3........................... 61,951 6 61,783 168 242 2,370 1,261 65,909 10,732 400 7,176 10........................... 60,647 6.760,647 255 2,510 1,314 64,780 10,732 400 7,177 17........................... 64,461 662,280 2,181 1,598 2,679 839 69,793 10,732 400 7,191 24........................... 61,700 6.761,700 251 3,076 804 65,883 10,732 400 7,201 Mar. 3........................... 62,767 6 62,490 277 262 2,859 867 66,846 10,732 400 7,212 10........................... 62,495 6 62,233 262 1,521 2,462 861 67,414 10,732 400 7,225 17........................... 63,054 6 62,301 753 567 2,752 921 67,442 10,732 400 7,238 24........................... 62,455 6 62,405 50 820 2,295 981 66,612 10,732 400 7,249 31........................... 64,345 6 62,841 1,504 391 2,550 997 68,421 10,732 400 7,263 Apr. iv......................... 62,216 6.762,216 177 3,823 1,026 67,342 10,732 400 7,274 14?......................... 62,904 6-762,904 216 2,747 1,085 67,036 10,732 400 7,290 21*......................... 64,015 6 63,394 621 89 3,100 1,164 68,460 10,732 400 7,297 28»......................... 64,020 6 63,659 361 716 2,935 1,197 68,956 10,732 400 7,310 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1971 □ BANK RESERVES AND RELATED ITEMS A 5 FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS— Continued (In millions of dollars) Factors absorbing reserve funds eposits, other imember bank Member bank reserves, Other reserves Period or date th F.R. Banks Other F.R. F.R. lia­ ac­ bilities F ei o g r n ­ Other 2 counts 3 ca a p n it d al3 B W F a .R n it k h . s r c C e a o n n u in c d r y s ­ Total Averages of daily figures 7, 739 248 11,473 11,473 .........................1939—Dec. 10, 1,531 292 12,812 12,812 .........................1941—Dec. 28, 1,247 493 16,027 16,027 .........................1945—Dec. 27, 920 353 739 17,391 17,391 .........................1950—Dec. 33, 250 495 1,029 16,688 2,595 19,283 .........................1960—Dec. 42, 154 231 389 18,747 3,972 22,719 .........................1965—Dec. 44, 164 429 83 19,568 4,262 23,830 .........................1966—Dec. 47, 150 451 -204 20,753 4,507 25,260 .........................1967—Dec. 50, 225 458 -1,105 22,484 4,737 27,221 .........................1968—Dec. 53, 146 458 2,192 23,071 4,960 28,031 .........................1969—Dec. 52, 166 870 2,137 23,323 4,773 28,096 .........................1970—Apr. 53, 182 845 2,215 23,105 4,805 27,910 ......................................May 54, 165 801 2.255 22,703 4,864 27,567 ......................................June 54, 191 763 2,253 23,170 4,958 28,128 .......................................July 54, 177 830 2,275 23,353 4,996 28,349 .....................................Aug. 54: 141 750 2,300 23,719 5,106 28,825 ....................................Sept. 55; 142 747 2,249 23,593 5,108 28,701 .......................................Oct. 55! 149 721 2.256 23,416 5,142 28,558 .....................................Nov. 57] 145 735 2,265 23,925 5,340 29,265 ......................................Dec. 56, 155 786 2,109 24,938 5,550 30,488 ..........................1971—Jan. 55! 153 778 2,232 24,710 5,170 29,880 ......................................Feb. 56; 139 718 2,227 24,601 5,085 29,686 ....................................Mar. 56; 148 752 2,194 *>24,824 5,082 29,906 ......................................Apr.^ Week ending— 55, 143 807 2,237 24,510 5,449 29,959 ....................1971—Feb. 3 55; 147 771 2,300 24,326 5,434 29,760 ..........................................10 55 157 759 2,097 25,073 5,129 30,202 ..........................................17 55; 155 759 2,243 25,019 4,897 29,916 ..........................................24 55 138 768 2,321 24,522 5,020 29,542 ..............................Mar. 3 56 136 732 2,379 24,011 5,393 29,404 ...........................................10 56 141 742 2,139 24,897 5,058 29,955 ..........................................17 56 121 698 2,141 24,691 4,791 29,482 ..........................................24 56; 162 694 2,198 24,817 5,123 29,940 ..........................................31 56, 148 828 2,281 24,486 5,184 29,670 ..............................Apr. 7 56; 162 727 2,208 24,381 5,244 29,625 ..........................................14 56; 141 760 2,112 25,234 4,753 29,987 ..........................................21p 56, 140 704 2,166 25,123 5,073 30,196 ..........................................28^ End of month 55 147 776 2,309 24,409 5,022 29,431 .........................1971—Feb. 56, 201 794 2,255 25,932 5,124 31,056 ....................................Mar. 56 162 730 2,246 24,788 5,292 30,080 ......................................Apr.*7 Wednesday 55 161 802 2,260 23,822 5,449 29,271 ...................1971—Feb. 3 55 129 721 2,318 21,780 5,445 27,225 ..........................................10 56 172 762 2,214 27,946 5,134 33,080 ..........................................17 55, 153 710 2,261 23,449 4,896 28.345 ..........................................24 55, 114 740 2,355 24,655 5,022 29,677 ..............................Mar. 3 56; 134 745 2,402 24,549 5,396 29,945 ..........................................10 56; 134 718 2,103 25,671 5,060 30,731 ..........................................17 56; 146 669 2,180 24,373 4,792 29,165 ..........................................24 56 201 794 2,255 25,932 5,124 31,056 ..........................................31 56, 163 1,015 2,363 24,017 5,190 29,207 ..............................Apr. 7p 57 148 755 2,081 24,095 5,250 29.345 ..................................................\Ap 56 150 715 2,137 25,059 4,753 29,812 ..........................................2\p 56 133 683 2,195 25,765 5,073 30,838 ..........................................28 p i I ions. 5 Part allowed as reserves Dec. 1, 1959—Nov. 23, 1960; all allowed 2J minor change in concept; see Feb. thereafter. Beginning with Jan. 1963, figures are estimated except for 961 weekly averages. Beginning Sept. 12, 1968, amount is based on close- 31 :her F.R. assets” and “Other F.R. of-business figures for reserve period 2 weeks previous to report date. iabi n separately; formerly, they were 6 Includes securities loaned—fully secured by U.S. Govt, securities iett< “Other F.R. accounts.” pledged with F.R. Banks. 4T :ceptances, until Aug. 21, 1959, when 7 Reflects securities sold, and scheduled to be bought back, under itinued. For holdings of acceptances matched sale/purchase transactions. ee tables on F.R. Banks on following Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 6 BANK RESERVES AND RELATED ITEMS □ MAY 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 el t d al qu R i e re ­ d1 Excess B r F i o a n a . n w R g t 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 r F i o a n a . n w g R t k s . ­ s s F er r r v e e e e ­ s T h o e t l a d l qu R ir e e ­ d i B r F i a o n . a n R w g t k s . ­ s 1939—Dec............... 11,473 6,462 5,011 3 5,008 5.623 3,012 2,611 2,611 1,141 601 540 540 1941-Dec............... 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 1.143 848 295 295 1945—Dec............... 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1950—Dec............... 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1.199 1,191 3 1960—Dec............... 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 4 -4 1963—De c 20,746 20,210 536 327 209 3,951 3,895 56 37 19 1,056 1,051 5 26 -21 1964—De c 21,609 21,198 411 243 168 4,083 4,062 21 35 -14 1,083 1,086 -3 28 -31 1965—De c 22,719 22,267 452 454 -2 4,301 4,260 41 111 -70 1.143 1,128 15 23 -8 1967—De c 25,260 24,915 345 238 107 5,052 5,034 18 40 -22 1,225 1,217 8 13 -5 1968—De c 27,22! 26,766 455 765 -310 5,157 5,057 100 230 -130 1.199 1,184 15 85 -70 1969—De c 28,031 27,774 257 1,086 -829 5.441 5,385 56 259 -203 1.285 1,267 18 27 -9 1970—Ap r 28,096 27,978 118 822 -704 5,482 5,453 29 227 -198 1,295 1,316 -21 61 -82 May............. 27,910 27,729 181 976 -795 5,307 5,302 5 176 -171 1.285 1,287 -2 23 -25 June............. 27,567 27,380 187 888 -701 5,201 5,164 37 132 -95 1,250 1,247 3 3 July.............. 28,128 27,987 141 1,358 -1,217 5,315 5,306 9 269 -260 1,290 1,293 -3 129 -132 Aug.............. 28,349 28,204 145 827 -682 5,381 5,378 3 159 -156 1,298 1,304 -6 61 -67 Sept.............. 28,825 28,553 272 607 -335 5,497 5,436 61 117 -56 1,316 1,310 6 14 -8 Oct.............. 28,701 28,447 254 462 -208 5,583 5,542 41 12 29 1,307 1,309 -2 11 -13 Nov.............. 28,558 28,438 120 425 -305 5.441 5,444 -3 60 -63 1,282 1,283 -1 11 -12 Dec.............. 29,265 28,993 272 321 -49 5.623 5,589 34 25 9 1,329 1,322 7 4 3 1971—Ja n 30,488 30,209 279 370 -91 5,976 5,917 59 40 19 1,387 1,392 -5 1 -6 Feb............... 29,880 29,679 201 328 -127 5,854 5,810 44 29 15 1,403 1,380 23 4 19 Mar.............. 29,686 29,487 199 319 -120 5,664 5,703 -39 51 -90 1,375 1.384 -9 16 -25 Apr.25......... 29,906 29,744 162 148 14 5,689 5,695 -6 15 -21 1,391 1.385 6 4 2 Week ending— 1970—Apr. 1... 27,806 27,467 339 949 -610 5,415 5,340 75 -157 1,256 1,265 -9 25 -34 8.. . 27,709 27,530 179 496 -317 5.417 5,317 100 100 1,290 1,293 -3 17 -20 15... 28,262 28,160 102 1,017 -915 5.487 5,536 -49 349 -398 1,347 1,364 -17 134 -151 22.. . 28.372 28,214 158 969 -811 5,643 5,584 59 525 -466 1.340 1,336 4 20 -16 29.. . 28,126 28,014 112 894 -782 5,375 5,394 -19 86 -105 1,271 1,279 86 -94 Oct. 7. .. 28,786 28,434 352 398 -46 5,615 5.568 47 47 1,337 1,312 25 25 14... 28,464 28,423 41 450 -409 5,550 5,563 -13 -34 1,336 1,343 -7 21 -28 21... 28,890 28,701 189 586 -397 5,682 5,666 16 -5 1,287 1,314 -27 29 -56 28... 28,447 28,256 191 433 -242 5.417 5,399 18 7 1.301 1,276 25 25 Nov. 4... 28,652 28,334 318 423 -105 5,571 5,475 96 85 1.298 1,291 7 12 -5 11... 28,725 28,443 282 445 -163 5.488 5,466 22 -47 1.298 1,319 -21 -21 18... 28,763 28.599 164 330 -166 5,588 5,558 30 30 1,308 1,301 7 7 25... 28.373 28,297 76 436 -360 5,266 5,327 -61 -150 1,231 1,237 -6 18 -24 Dec. 2.. . 28,875 28,458 417 455 -38 5,540 5,391 149 60 1,277 1,270 7 18 -11 9... 28,718 28,582 136 290 -154 5,387 5,438 -51 -51 1,312 1,303 9 9 16.. . 29,038 28,918 120 399 -279 5,671 5,634 37 -22 1.302 1,327 -25 18 -43 23.. . 29,298 29,088 210 325 -115 5,574 5,602 -28 -67 1.341 1,330 11 11 30... 29,843 29,409 434 270 164 5,843 5,693 150 150 1,362 1,332 30 30 1971—Jan. 6... 30,611 30,035 576 407 169 6,064 5,902 162 71 91 1,396 1,411 -15 -15 13. . . 30,242 30,210 32 277 -245 5,850 5,910 -60 -60 1,402 1.384 18 18 20. . . 31,029 30,937 92 472 -380 6,165 6,198 -33 -125 1,424 1,464 -40 -45 21... 30,172 29,890 282 354 -72 5,752 5,760 -34 1,373 1,335 38 38 Feb. 3. . . 29,959 29,722 237 283 -46 5,775 5,742 33 33 1,331 1,346 -15 -15 10... 29,760 29,555 205 247 -42 5,685 5,755 -70 -70 1.379 1.367 12 12 17... 30,202 29,905 297 561 -264 6,118 6,043 75 117 -42 1.367 1,388 -21 18 -39 24... 29,916 29.599 317 250 67 5,770 5,732 38 38 1,417 1,386 31 31 Mar. 3.., 29,542 29,372 170 258 5,583 5.568 15 15 1,387 1,402 -15 -15 10... 29,404 29,322 82 421 -339 5,595 5,657 -62 120 -182 1,355 1,36" -12 44 -56 17... 29,955 29,690 265 290 -25 5,853 5,830 23 46 -23 1,447 1,419 28 28 24.. 29,482 29,414 68 333 -265 5,664 5,669 -5 59 -64 1,354 1,36: -11 14 -25 31.. 29,940 29,564 376 257 119 5,847 5,714 133 133 1,390 1,379 11 14 -3 Apr. 7.. 29,670 29,393 277 197 80 5,569 5,631 -62 -62 1.367 1,351 16 16 14. . 29,625 29,417 208 150 58 5,748 5,652 96 79 1,346 1.367 -21 -21 21*. 29,987 29,851 136 85 51 5,717 5,784 -67 -67 1.379 1.384 -5 -5 28^. 30,196 30,114 82 177 -95 5,656 5,681 -25 -71 1,428 1,418 10 18 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1971 o 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 Reserves Borrow­ Period ings at Free ings at Free F.R. reserves F.R. reserves T h o e t l a d l Required i Excess Banks T h o e t l a d l Required1 Excess Banks 3,140 1,953 1,188 1,188 1,568 897 671 3 668 ..............................1939—Dec. 4,317 3,014 1,303 1 1,302 2,210 1,406 804 4 800 ..............................1941—Dec. 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 ..............................1945—Dec. 6,689 6,458 232 50 182 4,761 4,099 663 29 634 ..............................1950—Dec. 7,950 7,851 100 20 80 6,689 6,066 623 40 583 ..............................1960—Dec. 8,393 8,325 68 190 -122 7,347 6,939 408 74 334 ..............................1963—Dec. 8,735 8,713 22 125 -103 7,707 7,337 370 55 315 ..............................1964—Dec. 9,056 8,989 67 228 -161 8,219 7,889 330 92 238 ..............................1965—Dec. 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. 11,038 11,066 -28 372 -400 10,281 10,143 138 162 -24 .............................1970—Apr. 10,978 10,948 30 477 -447 10,340 10,192 148 300 -152 10,849 10,847 2 489 -487 10,267 10,122 145 267 -122 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 11,407 11,375 32 369 -337 10,605 10,432 173 107 66 11,319 11,270 49 338 -289 10,492 10,326 166 101 65 11,216 11,274 -58 301 -359 10,619 10,437 182 53 129 11,548 11,506 42 264 -222 10,765 10,576 189 28 161 11,974 11,962 12 294 -282 11,151 10,938 213 35 178 ..............................1971—Jan. 11,647 11,712 -65 268 -333 10,976 10,777 199 27 172 ..........................................Feb. 11,732 11,651 81 236 -155 10,915 10,749 166 16 150 11,749 11,788 -39 119 -158 11,077 10,877 200 10 190 ..........................................Apr.*5 Week ending— 10,914 10,822 92 400 -308 10,221 10,040 181 292 -111 .......................1970—Apr. 1 10,794 10,891 -97 301 -398 10,208 10,029 179 178 1 .................................................8 11,208 11,194 14 395 -381 10,220 10,066 154 139 15 ...............................................15 11,093 11,128 -35 306 -341 10,296 10,166 130 118 12 ...............................................22 11,069 11,072 -3 511 -514 10,411 10,269 142 211 -69 ...............................................29 11,349 11,253 96 308 -212 10,485 10,301 184 90 94 ....................................Oct. 7 11,168 11,278 -110 337 -447 10,410 10,239 171 71 100 ..............................................14 11,446 11,376 70 405 -335 10,475 10,345 130 131 -1 ..............................................21 11,183 11,203 -20 305 -325 10,546 10,378 168 117 51 11,215 11,188 27 314 -287 10,568 10,380 188 86 102 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 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 11,363 11,356 7 263 -256 10,656 10,485 171 27 144 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 11,903 125 310 -185 11,123 10,819 304 26 278 ........................1971—Jan. 6 11,912 11,996 -84 249 -333 11,078 10,920 158 28 130 ..............................................13 12,214 12,246 -32 332 -364 11,226 11,029 197 43 154 11,862 11,800 62 286 -224 11,185 10,995 190 42 148 11,766 11,759 7 253 -246 11,087 10,875 212 30 182 11,728 11,702 26 229 -203 10,968 10,731 237 18 219 ...............................................10 11,733 11,753 -20 380 -400 10,984 10,721 263 46 217 ...............................................17 11,744 11,673 71 228 -157 10,985 10,808 177 22 155 ...............................................24 11,633 11,655 -22 242 -264 10,939 10,747 192 16 176 ....................................Mar. 3 11,537 11,572 -35 244 -279 10,917 10,726 191 13 178 ...............................................10 11,774 11,724 50 231 -181 10,881 10,717 164 13 151 ..............................................17 11,567 11,613 -46 245 -291 10,897 10,767 130 15 115 ...............................................24 11,752 11,694 58 221 -163 10,951 10,777 174 22 152 ...............................................31 11,758 11,634 124 184 -60 10,976 10,777 199 13 186 ....................................Apr. 7 11,622 11,702 -80 127 -207 10,909 10,696 213 6 207 ...............................................14 11,799 11,820 -21 81 -102 11,091 10,863 228 4 224 ..............................................21 p 11,900 11,951 -51 98 -149 11,212 11,064 148 15 133 ..............................................2$p 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 open­ ing 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 □ MAY 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 ding— Excess r a o B t B w a F o n i . n r k R - g s . s F t f i b e r n u N a a d t n n n e e e d r s t r k s a ­ . l S d u e r o f p i r c lu it s r P r e e e q a s r e u v o c r g i f v r 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 a o i - o n w ta n s a l ­ s y 2 b c o b P u h a f a y u n n s i r k n e e ­ s s g t s o b S e a f a l l n l n i e k n e s s g t d L ea o t l a o e n r s s3 de f r B i r a o n o o l w g e m r s r ­ ­ s4 lo N a e n t s Total—46 banks 1971— Mar. 3..... 72 1 6,434 -6,363 50.3 9,575 3,142 2,974 6,601 168 2,439 218 2,220 10..... -20 159 7,369 -7,548 59.6 10,657 3,288 3,080 7,577 209 2,505 200 2,305 17..... 66 46 6,906 -6,885 53.0 10,003 3,097 2,892 7,111 205 1,926 200 1,727 24..... -8 67 6,732 -6,807 53.5 9,775 3,043 2,740 7,034 302 2,005 325 1,679 31..... 172 18 5,934 -5,779 45.0 8,998 3,065 2,687 6,312 378 1,879 440 1,439 Apr. 7..... 185 8,213 -8,028 63.5 11,183 2,970 2,799 8,384 171 2,811 183 2,629 14..... 93 9,940 -9,863 77.2 13,232 3,293 3,132 10,100 161 3,246 135 3,110 21..... 37 9,343 -9,307 71.8 12,759 3,417 3,186 9,573 231 2,174 255 1,919 28..... -62 6,200 -6,328 48.8 9,817 3,617 3,083 6,735 534 1,539 275 1,264 8 in New York City 1971— Mar. 3..... 65 2,365 -2,300 45.6 3,263 860 2,402 1,554 148 1,406 10..... -10 108 3,087 -3,205 62.5 3,864 776 687 3,177 1,513 135 1,378 17..... 19 46 2,737 -2,764 52.2 3,509 772 772 2,737 1,269 142 1,127 24..... 16 52 2,936 -2,973 57.8 3,548 611 612 2,936 1,316 101 1,215 31..... 147 2,713 -2,566 49.5 3,419 706 657 2,762 49 1,252 173 1,079 Apr. 7..... 11 3,566 -3,556 69.7 4,089 523 523 3,566 1,471 1,383 14..... 97 4,444 -4,365 85.1 5,000 555 555 4,444 1,545 45 1,500 21..... 38 4,752 -4,714 89.6 5,208 456 456 4,752 1,436 90 1,346 28..... -34 2,760 -2,837 55.0 3,546 786 786 2,760 986 117 869 38 outside New York City 1971—Mar. 3. 7 4,069 -4,064 53.3 6,313 2,244 2,114 4,199 130 885 71 815 10. -10 4,281 -4,343 57.6 6,794 2,512 2,393 4,400 119 992 65 926 17. 47 4,169 -4,122 53.5 6,494 2,325 2,120 4,374 205 658 58 600 24. -24 3,796 -3,834 50.6 6,227 2,431 2,129 4,098 302 689 224 465 31. 25 3,221 -3,213 42.0 5,580 2,359 2,029 3,550 330 626 267 360 Apr. 7. 174 4,647 -4,473 59.3 7,094 2,447 2,276 4,817 171 1,340 95 1,246 14. -4 5,495 -5,499 72.0 8,233 2,737 2,577 5,656 161 1,700 90 1,610 21. -1 4,591 -4,593 59.7 7,552 2,961 2,730 4,822 231 738 165 573 28. -28 3,440 -3,491 44.8 6,271 2,831 2,297 3,974 534 553 158 395 5 in City of Chicago 1971—Mar. 3. 7 1,317 -1,311 102.6 1,701 384 359 1,343 26 93 93 10. -7 44 1,340 -1,391 111.9 1,753 413 376 1,377 37 115 115 17. 16 1,426 -1,411 109.0 1,884 457 389 1,495 68 68 68 24. 1,158 -1,172 94.4 1,592 435 389 1,203 46 90 90 31. 1,060 -1,066 85.0 1,404 344 295 1,109 49 106 106 Apr. 7. 18 1,450 -1,432 116.6 1,846 396 335 1,511 61 112 112 14. -1 1,712 -1,713 138.1 2,100 387 341 1,759 46 114 114 21. -9 1,718 -1,726 137.3 2,118 400 350 1,768 50 92 9,2 28. 6 1,404 -1,416 109.6 1,756 352 310 1,446 42 99 99 33 others 1971—Mar. 3.. 1 2,752 -2,753 43.4 4.611 1,859 1,756 2,856 104 793 71 722 10.. -3 2,941 -2,952 46.9 5,040 2,099 2,017 3,023 82 877 65 812 17.. 32 2,743 -2,711 42.3 4.611 1,868 1,731 2,879 137 590 58 533 24. . -24 2,638 -2,663 42.0 4,635 1,997 1,740 2,895 257 599 224 375 31.. 17 2,161 -2,148 33.6 4,176 2,015 1,734 2,442 281 520 267 253 Apr. 7. 157 3,197 -3,040 48.2 5,248 2,051 1,941 3,307 110 1,228 95 1,134 14. -3 3,783 -3,785 59.2 6,133 2,350 2,235 3,898 115 1,587 90 1,497 21. 8 2,873 -2,867 44.5 5,434 2,561 2,380 3,054 181 646 165 481 28. -34 2,036 -2,076 31.9 4,515 2,479 1,987 2,528 492 454 158 296 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

MAY 1971 □ F.R. BANK INTEREST RATES A 9 CURRENT RATES (Per cent per annum) Advances to and discounts for member banks Advances to all others under Advances and discounts under Advances under last par. Sec. 13 3 Federal Reserve Bank Secs. 13 and 13a 1 Sec. 10(b) 2 A Ra p 1 t 9 r e . 7 1 3 o 0 n , Ef d fe a c t t e ive Pre ra v t i e ous A R p a 1 t 9 r e . 7 1 3 o 0 n , Ef d fe a c t t e ive Pre ra v t i e ous A Ra p 1 t 9 r e . 7 1 3 o 0 n , Ef d fe a c t t e ive Pre r v at io e us Boston............ m Feb. 13, 1971 51/4 Feb. 13, 1971 51/2 6Va Feb. 13, 1971 New York.... 4Y4 Feb. 19,1971 5V4 Feb. 19, 1971 5V2 6 y4 Feb.19, 1971 Philadelphia.. 4% Feb. 13, 1971 51/4 Feb. 13, 1971 51/2 6V4 Feb. 13, 1971 Cleveland 4% Feb. 13, 1971 51/4 Feb. 13, 1971 51/2 63/4 Feb. 13, 1971 Richmond 4% Feb. 13, 1971 51/4 Feb. 13, 1971 51/2 6V4 Feb. 26, 1971 Atlanta........... 43/4 Feb. 13, 1971 51/4 Feb. 13, 1971 51/2 63/4 Feb. 13, 1971 Chicago.......... 4Va Feb.13 1971 51/4 Feb. 13, 1971 51/2 6% Feb. 13, 1971 St. Louis......... 43/4 Feb. 13, 1971 51/4 Feb. 13, 1971 5V2 634 Feb. 13, 1971 Minneapolis.. 4% Feb. 13, 1971 5V4 Feb. 13, 1971 51/2 634 Feb. 13, 1971 Kansas City.. 43/4 Feb. 13,1971 5Va Feb. 13, 1971 5V2 634 Feb. 13, 1971 Dallas............. 4Va Feb. 13, 1971 51/4 Feb. 13, 1971 51/2 6V4 Feb. 13, 1971 San Francisco 4V4 Feb. 13, 1971 5V4 Feb. 13,1971 5Vi 63/4 Feb. 13,1971 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 Vl % 1957—Aug. 9 3 -31/2 3 1965—Dec. 6..................... 4 -41/2 41/2 23 31/2 31/2 13..................... 41/2 41/2 1946—Apr. 25..................... t J/2-l 1 Nov. 15 3 -3i/2 3 May 10..................... 1 1 Dec. 2 3 3 1967—Apr. 7..................... 4 -41/2 4 14..................... 4 4 1948—Jan. 12..................... 1 -Wa Wa 1958—Jan. 22 234-3 3 Nov. 20..................... 4 -41/2 41/2 19..................... Wa IVa 24 234-3 23/4 27..................... 41/2 41/2 Aug. 13..................... 114-1i/2 IVz Mar. 7 214-3 21/4 23..................... 1% 1 Vi 13 21/4-234 21/4 1968—Mar. 15..................... 41/2-5 4i/2 21 214 214 22..................... 5 5 1950—Aug. 21..................... IVz-IVa IVa Apr. 18 13/4-2i4 13/4 Apr. 19..................... 5 -51/2 51/2 25..................... Wa IVa M Au a g y . 15 9 Wa W -2 a 1 13 3, / 4 4 Aug. 2 1 6 6 . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . 5 V4 51 - / S 2 1/2 5 5 1 1 / / 2 2 1953—Jan. 16..................... Wa-2 2 Sept. 12 Wa-2 2 30..................... 51/4 51/4 23...................... 2 2 23 2 2 Dec. 18..................... 51/4-51/2 51/2 Oct. 24 2 -21/2 2 20..................... 51/2 51/2 1954—Feb. 5..................... 1Ya-2 IVa Nov. 7 21/2 21/2 15...................... IVa Wa 1969—Apr. 4..................... 51/2-6 6 Apr. 14..................... 11/2-134 IVa 1959—Mar. 6 21/2-3 3 8..................... 6 6 May 2 1 1 6. . . .. . . . . .. .. .. .. .. .. . . .. .. .. .. . . .. .. .. .. . IVi IV -I 2 Va 1 I V V 2 i May 2 1 9 6 3 3 -31/2 3 31/2 1970—Nov. 1 1 3 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 53 3 / 4 4 - - 6 6 6 53/4 1955—Apr. 14..................... I'A-IVa W2 J S u e n p e t. 1 1 1 2 , 31/ 3 2 1 - / 4 2 4 31/2 16..................... 534 534 N S A M e o u a p g v y t . . . 2 1 1 1 1 9 4 5 2 3 3 8 2 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 l 1 1 V 3 3 * / 2 2 4 4 4 W 4 1 - - - - % - - / 2 2 2 2 2 2 1 a 1 1 i 1 1 % / / 4 4 4 4 2 2 2 2 2 2 2 W W 1 1 1 3 V V / / / 2 2 a a a a 4 1 1 9 9 6 6 3 0 — — J S A J u u e u l n p y g t e . . 1 1 1 1 1 9 7 0 4 2 8 3 . . . . . , . 3 3 3 3 1 1 / / 3 3 4 2 2 1 - - - - 3 /2 4 4 3 1 1 / / 2 2 3 4 3 3 4 3 3 * 1 * / / 4 2 2 1971—J D a e n c . . 2 2 1 1 1 4 9 8 2 9 5 1 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 5 5 5 1 1 1 , / 5 / 5 5 4 2 2 1 1 - - - - - / / 5 5 5 5 4 2 5 1 3 1 1 3 / / 4 4 4 2 4 5 5 5 5 5 5 5 5 1 1 V 1 3 1 / / 4 4 4 a 2 2 1956—Apr. 13..................... 214-3 234 26. 3% 3y2 Feb. 13..................... 434-5 5 Aug. 2 2 0 4. .. .. .. . . . . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 2 2 3 3 4 4 - - 3 3 2 3 3/4 1964—Nov. 24. 3y2-4 4 19..................... 4Va 4Va 31...................... 3 3 30. 4 4 In effect Apr. 30, 1971......... 4% 4% t Preferential rate of V2 of 1 per cent for advances secured by U.S. Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug. Govt, obligations maturing in 1 year or less. The rate of 1 per cent was 24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31-Nov. 17, Dec. 28-29, continued for discounts of eligible paper and advances secured by such 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July paper or by U.S. Govt, obligations with maturities beyond 1 year. 20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3, 2.75; 1962—Mar. 20-21, 2.75; 1964—Dec. 10, 3.85; Dec. 15, 17, 22, 24, Note.—Rates under Secs. 13 and 13a (as described in table and notes 28, 30, 31, 3.875; 1965—Jan. 4-8, 3.875; 1968—Apr. 4, 5,11,15,16, 5.125; above). For data before 1946, see Banking and Monetary Statistics, 1943, Apr. 30, 5.75; May 1-3, 6, 9, 13-16, 5.75; June 7, 11-13, 19, 21, 24, 5.75; pp. 439-42 and Supplement to Section 12, p. 3. July 5, 16, 5.625; Aug. 16, 19, 5.25; 1971—Jan. 21, 27, 4.75; Feb. 1-2, The rate charged by the F.R. Bank of N.Y. on repurchase contracts 4.50; 4, 11, 4.25; 16-17, 4.00; 18-19, 3.75. Mar. 1-2, 10, 12, 15-18, 24, against U.S. Govt, obligations was the same as its discount rate except 29-31, 3.75. Apr. 1-2, 5-6, 3.75; 13, 15, 21, 28, 4.125. in the following periods (rates in percentages): 1955—May 4-6, 1.65; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 10 RESERVE AND MARGIN REQUIREMENTS □ MAY 1971 RESERVE REQUIREMENTS OF MEMBER BANKS (Per cent of deposits) Dec. 31, 1949, through July 13, 1966 Beginning July 14, 1966 Net demand Net demand Time deposits 4,5 deposits 2 deposits 2-4 (all classes of banks) Time depos­ its Reserve Country Other Effective date * (all Effective date 1 city banks banks Sav­ time deposits C re b e c s a n i e n t t r y k r v a s e l b s c R a e i n r t e v y k ­ e s C ba o tr n u y k n s ­ b cl a a o n s k s f e s s ) $ U 5 n m de il r ­ $ O 5 v m e i r l ­ $ U 5 n m de il r ­ $ O 5 v m e i r l ­ de in i p t g s o s s­ $ U 5 n m de il r ­ $ O 5 v m e i r l ­ lion lion lion lion lion lion In effect Dec. 31, 1949. 22 18 12 1966—July 14,21. 6 12 64 64 Sept. 8, 15. 1951—Jan. 11,16........ 23 19 13 Jan. 25, Feb. 1 24 20 14 1967—Mar. 2. 31/2 31/2 1953—July 9,1.......... 22 19 13 Mar. 16. 3 3 1954—June 24, 16........ 21 July 29, Aug. 1 20 18 12 1968—Jan. 11,18.... I61/2 17 12 121/2 1958—Feb. 27, Mar. 1 19Vi 171/2 11% Mar. 20, Apr. 1 19 17 11 1969—Apr. 17............. 17 171/2 12i/2 13 Apr. 17............... I8I/2 Apr. 24............... 18 I6I/2 1970—Oct. 1................. 1960—Sept. 1............... 171/2 Nov. 24............... 12 In effect Apr. 30,1971. 17 m/2 121/2 13 Dec. 1............... I6I/2 1962—July 28............... (3) Present legal Oct. 25, Nov. 1 requirement: Minimum......... 10 7 3 3 3 Maximum......... 22 14 10 10 10 1 When two dates are shown, the first applies to the change at central 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 Regula­ 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 5 Effective Jan. 5, 1967, time deposits such as Christmas and vacation deposits minus cash items in process of collection and demand balances club accounts became subject to same requirements as savings deposits. due from domestic banks. 6 See preceding columns for earliest effective date of this rate. 3 Authority of the Board of Governors to classify or reclassify cities as central reserve cities was terminated effective July 28, 1962. Note.—All required reserves were held on deposit with F.R. Banks 4 Since Oct. 16, 1969, member banks have been required under Regula­ June 21, 1917, until Dec. 1959. From Dec. 1959 to Nov. 1960, member tion M to maintain reserves against balances above a specified base due banks were allowed to count part of their currency and coin as reserves; from domestic offices to their foreign branches. Effective Jan. 7, 1971, the effective Nov. 24, 1960, they were allowed to count all as reserves. For applicable reserve percentage was increased from the original 10 per cent further details, see Board’s Annual Reports. to 20 percent. Regulation D imposes a similar reserve requirement on bor­ MARGIN REQUIREMENTS (Per cent of market value) Period For credit extended under Regulations T (brokers and dealers), U (banks), and G (others than brokers, dealers, or banks) On margin stocks On convertible bonds Beginning Ending On short sales date date (T) 1937—Nov. 1 1945--Feb. 4 40 50 1945—Feb. 5 July 4 50 50 July 5 1946--Jan. 20 75 75 1946—Jan. 21 1947--Jan. 31 100 100 1947—Feb. 1 1949--Mar. 29. 75 75 1949—Mar. 30 1951--Jan. 16 50 50 1951—Jan. 17 1953--Feb. 19, 75 75 1953—Feb. 20 1955--Jan. 3 50 50 1955—Jan. 4 Apr. 22 60 60 Apr. 23 Jan. 15 70 70 1958—Jan. 16 1958--Aug. 4 50 50 Aug. 5 Oct. 15 70 70 Oct. 16 1960—July 27 90 90 1960—July 28 1962--July 9 70 70 1962—July 10 1963-—Nov. 5 50 50 1963—Nov. 6 1968-—Mar. 10 70 70 1968—Mar. 11 June 7 70 50 70 June 8 1970—May 5 80 60 80 Effective May 6, 1970. 65 50 65 Note.—Regulations G, T, and U, prescribed in accordance with the Securities Exchange Act of 1934, limit the amount of credit to purchase and carry margin stocks that may be extended on securities as collateral by prescribing a maximum loan value, which is a specified percentage of the market value of the collateral at the time the credit is extended; margin requirements are the difference between the market value (100 per cent) and the maximum loan value. The term margin stocks is defined in the corresponding regulation. Regulation G and special margin requirements for bonds convertible into stocks were adopted by the Board of Governors effective Mar. 11, 1968. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1971 □ MAXIMUM INTEREST RATES; BANK DEPOSITS A 11 MAXIMUM INTEREST RATES PAYABLE ON TIME AND SAVINGS DEPOSITS (Per cent per annum) Rates Jan. 1, 1962—July 19, 1966 Rates beginning July 20, 1966 Effective date Effective date Type of deposit Type of deposit Jan. 1, July 17, Nov. 24, Dec. 6, July 20, Sept. 26, Apr. 19, Jan. 21, 1962 1963 1964 1965 1966 1966 1968 1970 Savings deposits: 1 Savings deposits.............. 41/2 12 months or more. . 4 4 Other time deposits:2 Less than 12 months. 31/2 31/2 Multiple maturity:3 30-89 days............ 4 4*4 90 days-1 year. .. 5 1 year to 2 years. 5 5*4 2 years and over.. 5 3/4 Single-maturity: Less than $100,000: Other time deposits: 2 30 days to 1 year.. 5 12 months or more 4 1 year to 2 years.. 5^2 5*4 6 months to 12 months 3 Vi 41/2 2 years and over. . 534 90 days to 6 months.. . 2*4 5^/2 $100,000 and over: Less than 90 days........ 1 4 30-59 days.......... ( 5i/2 (4) (30-89 days) 60-89 days......... ' 53/4 (4) 90-179 days......... 5Vz 51/2 6 634 180 days to 1 year, w 4 / 7 1 year or more. ., \ 7*4 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*4 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 m b e a A m n l k l b s er Y N o e r w k C o it f y Other C b o a u n n k t s ry Item m b e a A m n l k l b s er Y N o e r w k C o it f y Other C b o a u n n k t s ry City Chicago City Chicago Four weeks ending Feb. 24, 1971 Four weeks ending Mar. 24, 1971 Gross demand—Total... 187,458 43,725 7,886 65,509 70,338 Gross demand—Total.... 186,932 44,164 7,804 65,312 69,653 Interbank....................... 25,578 11,845 1,459 9,414 2,860 Interbank........................ 25,924 12,225 1,469 9,390 2,840 U.S. Govt....................... 7,268 1,471 381 2,792 2,624 U.S. Govt........................ 5,082 932 242 1,917 1,991 Other.............................. 154,612 30,409 6,046 53,303 64,854 155,927 31,007 6,093 54,005 64,822 Net demand 1................... 141,750 27,036 6,248 49,978 58,488 Net demand 1..................... 140,276 26,590 6,163 49,649 57,874 Time.................................... 186,456 21,860 6,518 69,152 88,926 Time..................................... 191,559 22,868 6,711 70,865 91,116 Demand balances due Demand balances due from dom. banks......... 10,859 1,185 132 2,632 6,910 from dom. banks........... 10,797 1,077 138 2,665 6,918 Currency and coin........... 5,227 443 98 1,627 3,059 Currency and coin............. 5,066 428 94 1,586 2,959 Balances with F.R. Balances with F.R. Banks.............................. 24,733 5,394 1,276 10,116 7,947 24,530 5,246 1,292 10,042 7,950 Total reserves held........... 29,960 5,837 1,374 11,743 11,006 Total reserves held............ 29,596 5,674 1,386 11,628 10,909 Required......................... 29,696 5,818 1,372 11,722 10,784 Required.......................... 29,450 5,681 1,389 11,641 10,739 264 19 2 21 222 146 -7 -3 -13 170 1 Demand deposits subject to reserve requirements are gross demand Note.—Averages of daily figures. Balances with F.R. Banks are as deposits minus cash items in process of collection and demand balances of close of business; all other items (excluding total reserves held and due from domestic banks. excess reserves) are as of opening of business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 12 FEDERAL RESERVE BANKS □ MAY 1971 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1971 1971 1970 Apr. 28 Apr. 21 Apr. 14 Apr. 7 Mar. 31 Apr. 30 Mar. 31 Apr. 30 Assets Gold certificate account.................................................... 10,475 10,464 10,464 10,464 10,464 10,475 10,464 11,045 Special Drawing Rights certificate account................. 400 400 400 400 400 400 400 400 253 254 267 265 268 264 268 198 Discounts and advances: 716 89 216 177 391 81 391 455 90 Acceptances: Bought outright............................................................... 53 53 55 53 53 56 53 57 35 39 29 47 85 85 49 Federal agency obligations—Held under repurchase 8 48 185 185 34 U.S. Govt, securities: Bought outright: Bills................................................................................ 26,259 25,994 25,504 25,013 25,638 26,321 25,638 21,274 Notes.............................................................................. 34,180 34,180 34,180 34,031 34,031 34,180 34,031 32,073 Bonds............................................................................. 3,220 3,220 3,220 3,172 3,172 3,220 3,172 2,815 Total bought outright.................................................... i 63,659 i 63,394 1,262,904 1,262,216 i 62,841 63,721 i 62,841 56,162 Held under repurchase agreements............................. 353 573 1,319 1,319 346 64,012 63,967 62,904 62,216 64,160 63,721 64,160 56,508 64,824 64,196 63,204 62,493 64,874 63,858 64,874 57,193 Cash items in process of collection................................. 11,281 12,157 11,562 11,295 9,892 9,973 9,892 10,084 Bank premises...................................................................... 136 136 136 135 134 136 134 117 Other assets: Denominated in foreign currencies............................. 34 34 34 33 33 34 33 1,101 IMF gold deposited 3.................................................... 148 159 159 159 159 148 159 210 879 835 756 699 671 851 671 811 Total assets........................................................................... 88,430 88,635 86,982 85,943 86,895 86,139 86,895 81,159 Liabilities F.R. notes.............................................................................. 49,907 50,047 50,316 50,089 49,513 49,778 49,513 46,516 Deposits: Member bank reserves................................................... 25,765 25,059 24,095 23,924 25,932 24,735 25,932 23,082 U.S. Treasurer—General account............................... 1,401 1,470 772 824 858 1,322 858 1,784 133 150 148 163 201 162 201 204 Other: 148 159 159 159 159 148 159 210 All other....................................................................... 535 563 596 856 635 582 635 615 Total deposits....................................................................... 27,982 27,401 25,770 25,926 27,785 26,949 27,785 25,895 Deferred availability cash items....................................... 8,346 9,050 8,815 7,565 7,342 7,166 7,342 6,548 Other liabilities and accrued dividends........................... 510 518 520 592 546 544 546 562 Total liabilities..................................................................... 86,745 87,016 85,421 84,172 85,186 84,437 85,186 79,521 Capital accounts Capital paid in..................................................................... 721 719 718 718 717 722 717 682 Surplus................................................................................... 702 702 702 702 702 702 702 669 Other capital accounts....................................................... 262 198 141 351 290 278 290 287 Total liabilities and capital accounts.............................. 88,430 88,635 86,982 85,943 86,895 86,139 86,895 81,159 Contingent liability on acceptances purchased for foreign correspondents................................................... 235 237 242 249 255 236 255 194 Marketable U.S. Govt, securities held in custody for foreign and international accounts4............................j 17,080 16,210 16,015 15,952 15,130 16,954 15,130 9,154 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank).. 53,446 53,549 53,430 53,166 52,996 53,453 52,996 49,233 Collateral held against notes outstanding: Gold certificate account........................... 3,250 3,250 3,250 3,220 3,220 3,250 3,220 3,327 U.S. Govt, securities.................................. 51,955 51,955 51,815 51,715 51,665 51,955 51,665 47,910 Total collateral. 55,205 55,205 55,065 54,935 54,885 55,205 54,885 51,237 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

MAY 1971 □ FEDERAL RESERVE BANKS A 13 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON APRIL 30, 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 l l a e n v d e­ m Ri o c n h d ­ At t l a an­ c C a h g i o ­ L S ou t. is 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 ­ Assets 10,475 602 2,891 640 851 885 557 1,931 465 187 457 296 713 Special Drawing Rights certif. acct---- 400 23 93 23 33 36 22 70 15 7 15 14 49 1,111 123 247 51 66 76 329 33 17 16 32 27 94 264 12 26 9 29 22 35 34 14 7 26 16 34 Discounts and advances: Secured by U.S. Govt, securities.... 17 2 3 * 2 1 1 2 6 64 64 Acceptances: Bought outright.................................. 56 56 Federal agency obligations—Held U.S. Govt, securities: Bought outright.................................. 163,721 3,113 16,197 3,290 4,880 4,727 3,201 10,396 2,310 1,272 2,427 2,965 8,943 63,858 3,113 16,255 3,290 4,880 4,730 3,201 10,462 2,311 1,273 2,429 2,965 8,949 Cash items in process of collection... 13,080 685 2,340 746 846 903 1,427 2,028 727 425 925 830 1,198 Bank premises.......................................... 136 2 8 3 16 11 17 17 13 14 18 9 8 Other assets: Denominated in foreign currencies.. 34 2 2 9 2 3 2 2 5 1 1 1 2 4 IMF gold deposited 3........................ 148 148 All other............................................... 851 55 215 44 63 66 41 133 30 17 33 39 115 Total assets.............................................. 90,357 4,617 22,232 4,808 6,787 6,731 5,631 14,713 3,593 1,947 3,936 4,198 11,164 Liabilities F.R. notes................................................. 50,889 2,856 12,158 2,940 4,118 4,551 2,516 8,916 1,962 880 1,891 1,956 6,145 Deposits: Member bank reserves....................... 24,735 951 6,783 1,109 1,639 1,271 1,664 3,730 913 615 1,111 1,442 3,507 U.S. Treasurer—General account.. 1,322 103 225 79 105 59 107 87 61 40 111 76 269 Foreign.................................................. 162 7 4 51 8 14 8 10 23 5 3 6 8 19 Other: IMF gold deposit 3........................ 148 148 All other........................................... 582 532 1 11 2 5 2 2 2 3 22 Total deposits.......................................... 26,949 1,061 7,739 1,197 1,758 1,349 1,783 3,845 981 660 1,230 1,529 3,817 Deferred availability cash items.......... 10,273 593 1,754 555 717 697 1,196 1,605 572 358 724 596 906 Other liabilities and accrued dividends 544 28 137 29 42 40 27 88 20 11 20 25 77 Total liabilities....................................... 88,655 4,538 21,788 4,721 6,635 6,637 5,522 14,454 3,535 1,909 3,865 4,106 10,945 Capital accounts Capital paid in........................................ 722 33 188 37 66 37 49 108 24 17 31 40 92 702 33 185 36 63 36 47 105 24 16 30 39 88 Other capital accounts........................... 278 13 71 14 23 21 13 46 10 5 10 13 39 Total liabilities and capital accounts.. 90,357 4,617 22,232 4,808 6,787 6,731 5,631 14,713 3,593 1,947 3,936 4,198 11,164 Contingent liability on acceptances purchased for foreign correspond­ ents......................................................... 236 11 5 63 12 21 12 16 35 8 5 10 13 30 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)..................................................... 53,453 3,030 12,922 3,040 4,305 4,710 2,748 9,230 2,050 907 1,970 2,103 6,438 Collateral held against notes out­ standing: Gold certificate account.................... 3,250 250 500 300 510 530 1,000 155 5 U.S. Govt, securities.......................... 51,955 2,840 12,600 2,900 3,900 4,250 2,900 8,450 1,980 930 2,025 2,180 7,000 Total collateral........................................ 55,205 3,090 13,100 3,200 4,410 4,780 2,900 9,450 2,135 930 2,025 2,185 7,000 1 See note 6 on p. A-5. 5 After deducting $173 million participations of other F.R. Banks. 2 After deducting $25 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 $111 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 □ MAY 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 Month Exch., c G p h r a u o s r s e ­ s s G sa r l o e s s s Re ti d o e n m s p­ c G p h 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 p h r a u o s r s e ­ s s G sa r l o e s s s m re s a d h t o e i u f m r t r s i p , ty ­ c G p h r a u o s r s e ­ s s G sa r l o e s s s m E s a h x t o i u c f r r h t i s . ty tions 1970—Mar. 2.657 2,577 119 2,657 2,577 119 154 -154 Apr. 1,124 747 1,124 747 May 2,225 835 244 2,017 835 244 17 -9,414 167 iilio6* June 2,659 1,612 641 2,449 1,612 641 23 146 July. 1,626 744 1,626 744 Aug. 1,127 106 1,127 106 -21 -129 Sept. 2.657 2,367 308 2,474 2,367 308 17 90 Oct. 245 183 134 245 183 134 Nov. 2,871 1,391 2,715 1,391 37 *6 j 362 80 -6\l\2 Dec. 3,414 2,280 2,883 2,280 5 365 1971—Jan.. 1,515 1,547 327 1,515 1,547 327 Feb. 5,832 5,153 5,347 5,153 -3,732 174 4,092 Mar. 3,142 2,523 240 2,600 2,523 240 263 Outright transactions in U.S. Govt, securities—Continued Repurchase Bankers’ agreements Federal acceptances (U.S. Govt, Net agency 5-10 years Over 10 years securities) change obliga­ Month in U.S. tions Under Net c G p h r a u o s r s e ­ s s Gross o E t s r u h x r i m c i f t h t y a s . ­ c G p h r a u o s r s e ­ s s G sa r l o e s s s o E t s r u h x r i m c i f t h t y a s . ­ c G p h r a u o s r s e ­ s s G sa ro le s s s s G e it o c ie v u s r t, ­ p ( m u a n r g e e c r t n h e r t e a s e ­ s ) ­ e r O i n g u e h t t t ­ , m r a c e g h n e p r a n e e u s t t e r e s ­ ­ , change1 1970—Mar.. 1,176 1,176 -38 -4 -43 Apr.. 3,685 3,338 723 34 6 49 811 May. 16 -1,692 953 1,299 799 -34 -15 -49 702 June. 37 905 905 407 -10 397 July.. 2,008 2,008 882 5 887 Aug.. 150 3,181 2,852 1,351 31 -4 30 1,407 Sept.. 61 16 3,906 3,861 28 50 3 21 101 Oct... 3,465 3,353 40 * -14 34 Nov.. 23 386 16 -36 3,863 4,125 1,218 -27 1 13 1,204 Dec.. 113 48 5,109 5,334 908 -61 21 -50 819 1971—Jan.. 2,298 2,298 -359 2 -357 Feb. . 189 -360 121 4,183 4,183 679 -5 673 Mar., 205 74 6,560 5,242 1,698 1,968 1 Net change in U.S. Govt, securities, Federal agency obligations, and Note.—Sales, redemptions, and negative figures reduce System holdbankers’ acceptances. ings; all other figures increase such holdings. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) E pe n r d io o d f Total P st o e u rl n in d g s s A ch u i s l 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 an D kr a o n n is e h r F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e an Jap y a e n n ese g N u la e i n l t d h d e e s r r s ­ f S r w an is c s s 1968—Dec.............. 2,061 1,444 8 3 433 165 1 1 4 3 1969—Dec.............. 1,967 1,575 1 * 199 60 125 1 3 4 1970—Jan............... 975 605 1 * 100 60 201 1 3 4 Feb.............. 1,179 215 1 * 159 801 1 3 * Mar.............. 1,169 207 1 * 157 801 1 3 * Apr.............. 1,101 199 1 * 93 805 1 3 * May............. 510 199 * * 94 205 1 * 11 June............. 690 180 * * 94 400 1 * 15 July............. 290 180 * * 95 1 * 14 Aug.............. 280 180 * * 96 1 * 3 Sept.............. 680 580 * * 96 1 * 3 Oct............... 408 306 * * 97 1 * 4 Nov.............. 265 161 * * 98 1 * 4 Dec.............. 257 154 * * 98 1 * 4 1971—Jan................ 186 80 1 * 99 1 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 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 Item 1971 1971 1970 Apr. 28 Apr. 21 Apr. 14 Apr. 7 Mar. 31 Apr. 30 Mar. 31 Apr. 30 Discounts and advances—Total....................................... 716 89 216 177 391 81 391 546 Within 15 days................................................................. 715 88 215 176 389 79 389 449 16 days to 90 days........................................................... 1 1 1 1 2 2 2 97 91 days to 1 year............................................................. Acceptances—T otal............................................................. 88 92 84 100 138 56 138 106 Within 15 days................................................................. 47 50 37 55 98 12 98 64 16 days to 90 days........................................................... 41 42 47 45 40 44 40 42 91 days to 1 year............................................................. U.S. Government securities—Total................................ 64,020 64,015 62,904 62,216 64,345 63,721 64,345 56,542 Within 15 daysi............................................................... 4,549 4,858 2,932 2,730 4,434 4,308 4,434 13,836 16 days to 90 days........................................................... 13,457 13,620 14,544 14,686 14,414 12,579 14,414 9,523 91 days to 1 year............................................................. 15,256 14,779 14,670 14,239 14,934 16,076 14,934 11,642 Over 1 year to 5 years.................................................... 23,736 23,736 23,736 23,617 23,619 23,736 23,619 13,976 Over 5 years to 10 years................................................. 6,142 6,142 6,142 6,080 6,080 6,142 6,080 6,953 Over 10 years................................................................... 880 880 880 864 864 880 864 612 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts1 Turnover of demand deposits (billions of dollars) Period S T M 2 o 3 S t 3 a A l ’s N Le .Y ad . ing S 6 M o S t A he ’s rs2 T S o N M ( t e a . x Y S l c A l . 2 . ) 3 ’s 2 SM o 2 t 2 h S 6 e A r ’s S T M 2 o 3 S t 3 a A l ’s N Le .Y ad . ing S 6 M o S t A he ’s rs2 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 1970—Mar................................. 9,842.0 4,336.7 2,291.4 5,505.3 3,213.9 70.6 145.7 72.2 50.2 41.2 Apr................................. 10,164.2 4,422.0 2,417.9 5,742.3 3,324.4 72.8 149.7 75.8 52.1 42.5 May................................ 10,015.7 4,249.4 2,460.0 5,766.4 3,306.4 73.4 150.6 78.4 53.3 43.0 June................................ 10,136.3 4,366.0 2,443.3 5,770.3 3,327.0 73.1 149.3 77.5 52.7 42.7 July................................ 10,207.8 4,324.3 2,508.2 5,883.6 3,375.3 73.1 145.3 79.4 53.6 43.1 Aug................................. 10,550.5 4,770.6 2,478.8 5,779.9 3,301.1 75.7 162.8 77.9 52.5 42.2 Sept................................. 10,552.0 4,668.1 2,502.9 5,883.9 3,381.0 75.3 161.0 77.9 53.0 42.8 Oct.................................. 10,780.2 4,899.8 2,497.4 5,880.5 3,383.0 78.1 175.9 78.4 53.4 43.2 Nov................................. 10,533.9 4,824.0 2,420.1 5,709.9 3,289.8 75.6 168.5 75.8 51.6 41.8 Dec................................. 10,896.5 5,016.1 2,480.1 5,880.3 3,400.2 77.0 170.6 76.7 52.4 42.6 1971—Jan................................... 10,710.1 4,825.9 2,475.2 5,884.2 3,409.0 76.4 168.3 77.3 52.8 42.9 Feb.................................. rll,535.4 5,477.4 2,550.4 r6,058.0 '3,507.6 82.2 191.3 80.1 54.2 43.9 Mar................................. 11,442.4 5,309.7 2,522.6 6,132.7 3,610.1 79.6 183.5 76.8 53.4 44.1 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 □ MAY 1971 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency End of period in cir­ cula­ tion 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 1958....................... 32,193 22,856 2,182 1,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959....................... 32,591 23,264 2,304 1,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 1960....................... 32,869 23,521 2,427 1,533 88 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 1961........................ 33,918 24,388 2,582 1,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 3 10 1962....................... 35,338 25,356 2,782 1,636 97 2,375 7,071 11,395 9,983 2,990 6,448 240 293 3 10 1963........................ 37,692 26,807 3,030 1,722 103 2,469 7,373 12,109 10,885 3,221 7,110 249 298 3 4 1964........................ 39,619 28,100 3,405 1,806 111 2,517 7,543 12,717 11,519 3,381 7,590 248 293 2 4 1965....................... 42,056 29,842 4,027 1,908 127 2,618 7,794 13,369 12,214 3,540 8,135 245 288 3 4 1966....................... 44,663 31,695 4,480 2,051 137 2,756 8,070 14,201 12,969 3,700 8,735 241 286 3 4 1967....................... 47,226 33,468 4,918 2,035 136 2,850 8,366 15,162 13,758 3,915 9,311 240 285 3 4 1968........................ 50,961 36,163 5,691 2,049 136 2,993 8,786 16,508 14,798 4,186 10,068 244 292 3 4 1969........................ 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—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 1971—Jan.............. 55,345 38,081 6,254 2,190 136 2,971 8,673 17,857 17,264 4,809 11,983 214 251 3 4 Feb............. 55,611 38,298 6,266 2,178 136 2,972 8,753 17,994 17,313 4,822 12,022 213 249 3 4 Mar............ 56,304 38,785 6,303 2,200 136 3,011 8,835 18,300 17,519 4,892 12,160 212 248 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 (Condensed from Circulation Statement of United States Money, issued by Treasury Department. In millions of dollars) Held in the Treasury Currency in circulation 1 Total, out­ Held by standing, As security For F.R. 1970 Kind of currency Mar. 31, against Treasury F.R. Banks 1971 gold and cash Banks and silver and Agents Mar. Feb. Mar. certificates Agents 31 28 31 Gold...................................... 10,732 (10,464) 2 268 Gold certificates.................. (10,464) 310,463 1 Federal Reserve notes 52,998 126 3,483 49,389 48,734 46,079 Treasury currency—Total. 7,270 89 267 6,914 6,876 6,623 Standard silver dollars.. 485 3 482 482 482 Fractional coin............... 6,166 78 266 5,821 ,785 5,546 United States notes 323 315 312 293 In process of retirement 297 297 298 301 Total—Mar. 31, 1971___ 5 71,000 (10.464) 483 10.463 3,751 56,304 Feb. 28, 1971......... 5 70,736 (10.464) 471 10.463 4,191 55,611 Mar. 31, 1970___ 5 67,384 (11,045) 566 11,044 3,072 52,701 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 $159 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

MAY 1971 □ MONEY STOCK A 17 MEASURES OF THE MONEY STOCK (In billions of dollars) Seasonally adjusted Not seasonally adjusted Month or week M2 Ms M2 Ms Mi (Mi plus time (M2 plus deposits Mi (Mi plus time (M2 plus deposits (Currency plus deposits at coml. at nonbank thrift (Currency plus deposits at coml. at nonbank thrift demand deposits) banks other tahn institutions)2 demand deposits) banks other than institutions)2 large time CD’s) 1 large time CD’s) 1 1967—Dec.................................. 183.1 345.6 528.5 188.6 350.1 533.3 1968—Dec.................................. 197.4 378.2 572.6 203.4 383.0 577.5 1969—Dec.................................. 203.6 387.1 588.4 209.8 392.0 593.5 1970—Apr.................................. 208.3 393.9 597.2 209.3 395.8 599.3 May................................. 209.2 396.4 600.8 205.3 393.4 597.6 June................................. 209.6 398.6 604.1 207.8 396.9 602.8 July.................................. 210.6 401.9 609.1 209.0 400.5 607.9 Aug.................................. 211.8 406.1 614.7 208.7 403.1 611.3 Sept.................................. 212.8 409.6 619.7 211.4 408.2 618.0 Oct................................... 213.0 412.1 623.9 213.0 412.3 624.0 Nov.................................. 213.5 414.5 628.2 215.3 415.4 628.6 Dec.................................. 214.6 419.0 634.6 221.1 424.1 640.0 1971—Jan................................... 214.8 423.0 642.1 221.3 428.9 648.4 Feb................................... 217.3 430.8 654.0 215.5 428.4 651.3 Mar.................................. 219.4 437.6 664.8 217.4 436.3 663.8 Apr.**............................... 221.2 442.2 673.7 222.3 444.4 676.2 Week ending— 1971—Mar 31.......................... 221.1 441.5 218.1 439.3 Apr 7.......................... 223.1 443.6 222.8 444.6 2 2 1 1 8 4 p p.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 2 2 1 2 0 9 . . . 6 4 2 4 4 44 4 4 0 3 1 . . . 5 3 2 2 2 2 2 1 2 9 3 4 . . . 5 6 2 4 4 4 4 4 4 5 6 1 . . . 5 9 2 May 5p........................ 220.8 443.1 220.2 443.3 COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Commercial banks Commercial banks U.S. Month Non­ Non­ Govt, or bank bank depos­ week De­ Time and savings thCriuftr ­ Cur­ De­ Time and savings thrift its 5 rency mand deposits institu­ rency mand deposits institu­ depos­ tions 4 depos­ tions 4 its its CD’s 3 Other Total CD’s 3 Other Total 1967—Dec...................... 40.4 142.7 21.0 162.5 183.5 183.0 41.2 147.4 20.6 161.5 182.1 183.1 5.0 1968—Dec...................... 43.4 154.0 24.0 180.8 204.8 194.4 44.3 159.1 23.6 179.6 203.2 194.6 5.0 1969—Dec...................... 46.0 157.7 11.2 183.4 194.6 201.3 46.9 162.9 11.1 182.1 193.2 201.5 5.6 1970—Apr...................... 47.1 161.2 12.9 185.6 198.5 203.3 46.6 162.6 12.8 186.5 199.3 203.5 5.3 May.................... 47.7 161.6 13.2 187.1 200.3 204.4 47.3 158.0 13.0 188.1 201.1 204.2 6.4 June.................... 47.8 161.9 13.2 189.0 202.2 205.5 47.7 160.1 13.2 189.2 202.3 205.9 6.5 July..................... 48.1 162.5 16.9 191.3 208.2 207.2 48.3 160.7 16.6 191.5 208.1 207.5 6.8 Aug..................... 48.2 163.7 19.0 194.2 213.2 208.7 48.3 160.4 19.5 194.4 214.0 208.2 7.1 Sept..................... 48.2 164.6 21.7 196.8 218.5 210.1 48.2 163.1 21.6 196.8 218.4 209.8 6.8 Oct...................... 48.5 164.5 23.2 199.1 222.2 211.9 48.5 164.5 23.2 199.3 222.5 211.7 6.1 Nov..................... 48.7 164.8 23.9 201.1 225.0 213.6 49.2 166.1 24.6 200.0 224.6 213.2 5.6 Dec...................... 48.9 165.7 . 26.0 204.4 230.4 215.6 50.0 171.1 25.8 203.0 228.7 215.9 7.1 1971—Jan....................... 49.2 165.5 27.1 208.2 235.3 219.2 49.1 172.1 27.0 207.6 234.5 219.6 6.6 Feb...................... 49.6 167.7 27.4 213.5 240.9 223.2 49.2 166.3 27.4 212.9 240.3 223.0 8.3 Mar..................... 50.0 169.4 27.8 218.3 246.1 227.2 49.5 167.8 28.0 218.9 246.9 227.5 5.4 Apr.p.................. 50.5 170.7 27.3 221.0 248.3 231.5 50.1 172.2 27.1 222.1 249.2 231.7 5.4 Week ending— Mar. 31............. 50.1 171.0 27.3 220.4 247.7 49.3 168.7 27.5 221.3 248.8 4.1 Apr. 7............. 50.4 172.7 27.4 220.5 247.9 50.3 172.5 27.3 221.8 249.1 3.3 14............. 50.6 172.1 27.5 220.6 248.1 50.4 173.8 27.2 221.9 249.2 4.0 21............. 50.5 169.8 27.0 220.8 247.9 50.0 173.5 26.7 221.9 248.7 7.1 28............. 50.6 168.6 27.4 221.3 248.7 49.6 169.8 27.2 222.4 249.6 6.5 May 5p........... 50.6 170.2 27.7 222.3 249.9 50.2 170.0 27.2 223.1 250.3 8.7 1 Includes, in addition to currency and demand deposits, savings Note.—For description of revised series and for back data, see Dec. deposits, time deposits open account, and time certificates of deposits 1970 Bulletin, pp. 887-909. other than negotiable time certificates of deposit issued in denomina­ Averages of daily figures. Money stock consists of (1) demand tions of $100,000 or more by large weekly reporting commercial banks. deposits at all commercial banks other than those due to domestic com­ 2 Includes M2, plus the average of the beginning and end of month mercial banks and the U.S. Govt., less cash items in process of col­ deposits of mutual savings banks and savings and loan shares. lection and F.R. float; (2) foreign demand balances at F.R. Banks; 3 Negotiable time certificates of deposit issued in denominations of and (3) currency outside the Treasury, F.R. Banks, and vaults of all $100,000 or more by large weekly reporting commercial banks. commercial banks. Time deposits adjusted are time deposits at all 4 Average of the beginning and end-of-month deposits of mutual commercial banks other than those due to domestic commercial savings banks and savings and loan shares. banks and the U.S. Govt. 5 At all commercial banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 18 BANK RESERVES; BANK CREDIT □ MAY 1971 AGGREGATE RESERVES AND MEMBER BANK DEPOSITS (In billions of dollars) Member bank reserves, S.A.1 Deposits subject to reserve requirements2 Total member bank deposits plus nondeposit S.A. N.S.A. items 3 Period Total Non­ Demand Demand borrowed Required Time Time Total and Total and S.A. N.S.A. savings Private U.S. savings Private U.S. Govt. Govt. 1967—De c 25.94 25.68 25.60 273.5 149.9 118.9 4.6 276.2 148.1 123.6 4.5 1968—De c 27.96 27.22 27.61 298.2 165.8 128.2 4.2 301.2 163.8 133.3 4.1 1969—De c 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—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 5.9 321.9 319.8 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 29.58 29.70 319.6 179.9 133.5 6.2 322.8 178.2 138.7 6.0 331.2 334.4 1971—Jan................ 30.23 29.80 30.03 323.9 183.2 134.1 6.7 328.2 182.8 139.7 5.6 334.1 338.3 Feb................ 30.52 30.18 30.26 329.1 187.5 135.4 6.2 328.4 187.1 134.3 7.0 337.7 337.0 Mar............... 30.75 30.40 30.53 333.2 191.7 136.7 4.8 332.2 192.3 135.4 4.5 340.2 339.2 Apr.p........... 30.82 30.65 30.61 336.6 193.3 137.9 5.3 337.3 193.6 139.0 4.6 341.7 342.3 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, Wash­ inated 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. LOANS AND INVESTMENTS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Securities Securities Period Total i,2 Loans1, 2 Total1,2 Loans1, 2 G U o . v S t . . Other 2 G U o .S vt . . 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—Mar. 25..................................................................... 400.9 277.6 50.3 73.0 399.0 274.8 51.5 72.7 Apr. 29...................................................................... 403.5 277.0 52.4 74.0 403.5 276.9 52.3 74.3 May 27...................................................................... 405.9 278.0 53.4 74.5 403.9 277.0 52.6 74.3 June 30...................................................................... 406.4 277.4 54.1 75.0 410.1 282.9 51.6 75.6 July 29...................................................................... 412.8 281.5 55.8 75.5 412.6 283.4 53.5 75.7 Aug. 26...................................................................... 418; 3 284.1 57.5 76.7 415.4 283.2 55.1 77.1 Sept. 30...................................................................... 423.7 287.3 57.6 78.8 423.3 288.0 55.8 79.5 Oct. 28^.................................................................... 424.0 286.9 56.3 80.8 423.6 285.5 57.1 81.0 Nov. 25 &.................................................................... 427.3 287.7 56.5 83.2 426.8 286.2 58.0 82.6 Dec. 31 e.................................................................... 432.5 288.9 58.0 85.6 442.4 295.5 61.2 85.7 1971—Jan. 27p.................................................................... 438.0 291.2 58.4 88.4 437.1 288.5 61.3 87.3 Feb. 24p.................................................................... 443.6 294.3 59.6 89.8 440.0 289.8 61.2 89.0 Mar. 31 p................................................................... 447.6 294.3 61.2 92.1 445.4 292.4 61.4 91.7 Apr. 28^.................................................................... 447.6 293.9 59.9 93.8 447.7 293.7 59.8 94.3 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1971 □ BANKS AND THE MONETARY SYSTEM A 19 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, c c s G S e a a t D o r t n o e t c d l i s R d f k i 1 ­ T r s c o e u r i t n u n e u a r g c y a r n t ­ ­ y s d ­ ­ Total n L e o t a 2 n - s , 3 Total U.S. s C a T a v o r n i m e n d a g l s . s ury R F s e e e d c se u e r r r v i a t e l ies Other4 r O s i e t t i c h e u s e ­ r 3 c l T n a i i a n p a e t o n i b e t i e t t — d a t i s a l l l ­ , c d u T e r a p o r n o e t d a s n i l c ts y C co m a a n a u p n i c e s n i d ­ t c t t a s . , l banks Banks 1947—Dec. 31. 22,754 4,562 160,832 43,023 107,086 81.199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,008 184,384 14,624 1967—Dec. 30. 11,982 6,784 468,943 282,040 117,064 66,752 49,112 1,200 69,839 487,709 444,043 43,670 1968—Dec. 31. 10.367 6,795 514,427 311,334 121,273 68,285 52,937 51 81,820 531,589 484,212 47,379 1969—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—Apr. 29. 11,800 6,900 523.900 326.300 111.700 55,600 56.100 85.800 542,600 476.800 65.800 May 27. 11,800 7.000 526.100 327,000 113.100 56.000 57.100 86,000 544.800 475.800 69,000 June 30. 11,767 6,986 536,845 336,860 112,475 54,742 57,714 19 87,510 555,596 487,093 68,501 July 29. 11,800 7.000 539.300 336,400 115.100 56,800 58.300 87.800 558,100 489.800 68,300 Aug. 26. 11,800 7.000 545,400 338.100 118,000 58.300 59.600 89.400 564.200 494.000 70.200 Sept. 30. 11.500 7.100 554.800 343,800 119.000 59.000 60,000 91,900 573.300 504.600 68.800 Oct. 28* 11.500 7.100 554.300 341.300 119,600 60.300 59.300 93.400 572.900 505,300 67.600 Nov. 25*. 11.500 7.100 558.900 341.300 122,400 61.200 61.100 95,200 577.500 509,900 67.600 Dec. 30*. 11.500 7.100 576.300 352,500 125.000 64.300 60.600 100 98.800 594.900 528.700 66.200 1971—Jan. 27*. 11,100 7.200 573,500 345.900 126.700 64.500 62,000 300 101,000 591.800 526,200 65.600 Feb. 24*. 11,100 7.200 577,000 346.900 126,900 64.500 61,700 700 103,200 595.300 528.600 66,700 Mar. 31* 11,100 7.300 586.100 349,700 129.700 64,700 64.200 800 106,800 604.500 538.000 66.500 Apr. 28*. 11,100 7.300 587.800 350.100 128.100 64.000 63.200 900 109,600 606.200 542.700 63.500 DETAILS OF DEPOSITS AND CURRENCY Money stock Related deposits (not seasonally adjusted) Seasonally adjusted 6 Not seasonally adjusted Time U.S. Government Date For­ Total o b r u C e a t n n u s c i k r d y ­ s e d ju m e D p s a a t o d e e n s ­ d ­ d it 7 s Total o b r C u e a t n n u s c i k r d y ­ s e d ju e m D p s a a t o d e e n s ­ d ­ d it 7 s Total b m C a e n o r k c m s ia ­ l 2 b M sa a v n u i k t n u s g a s l 8 S P t a S o e v y m s i s t n a ­ 4 g l s e n i e g t n 9 , T h c i u r o n a e r g l s a y d h s s ­ ­ s b c a a o a A v n n m i t d n k l g s . 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--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 27.. . 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. 28*.. 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. 25*. . 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. 30*. . 208,600 47.800 160,800 215,800 48.900 166.900 300,900 229,200 71,700 2,600 400 7,700 1.300 1971—Jan. 27 p.. 202.900 48.300 154.600 205.400 47.600 157.800 307.200 234.600 72,600 2.500 500 9.400 1,200 Feb. 24*.. 204.500 48.600 155.900 203.400 48,000 155,400 313,250 313.600 73.500 2.500 500 7,300 1.400 Mar.31*.. 213.500 49.400 164.100 207,600 48.900 158,700 321,100 321,800 75,100 2.500 500 4,900 900 Apr. 28*. . 206,600 49,000 157.600 206,700 48.600 158.100 323.400 247.600 75,800 2,300 500 8.400 1.400 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 lia­ accumulated 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 re­ changes 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 esti­ gross 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

A 20 COMMERCIAL BANKS □ MAY 1971 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 bilities row­ ac­ of and date Total Loans and Total3 Demand ings counts banks 1.2 U.S. capital De­ Treas­ Other2 ac­ mand Time Time1 ury counts4 U.S. Govt. Other All commercial banks: 1941—Dec. 31... 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 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 14,0'65 105,921 30,241 219 8,950 14,011 1947—Dec. 31 5. 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—Apr. 29 ... 417,170 290,550 52,330 74,290 78,410 515,650 413,780 21,600 660 6,230 185,620 199,670 23,530 40,590 13.665 May 21... 417,340 290,370 52,640 74,330 78.930 516,630 413,720 22,180 690 5,960 183,740 201,150 23,080 40,850 13.665 June 30... 423,240 296,091 51,569 75,579 85,631 529,679 432,429 26,338 898 8,076 192,999 204,118 18,546 41,708 13.671 July 29... 425,530 296,330 53,510 75,690 74.930 520,800 422,740 22,440 1,350 7,170 181,540 210,240 19,850 41,510 13.671 Aug. 26... 430,080 297,900 55.050 77,130 78,820 529,640 429,680 22,890 1,630 8,270 182,520 214,370 20,160 41,720 13,675 Sept. 30p.. 436,790 301,530 55,750 79,510 85,760 543,900 447,320 26,480 1,710 8,470 190,810 219,850 18,170 42,040 13,678 Oct. 28p.. 439,350 301,310 57.050 80,990 78,310 538,950 439,790 24,780 1.740 6,220 184,870 222,180 20,200 42,080 13,684 Nov. 25p. . 442,490 301,860 58,020 82,610 82,400 546,470 445,690 24,680 1.740 5,790 188,780 224,700 21,680 42,270 13.687 Dec. 30p.. 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 13,692 Feb. 24p.. 457,650 307,450 61,160 89,040 81,930 560,790 462,880 25,870 1,950 6,890 187,620 240,550 21,660 42,980 13,700 Mar. 31p.. 463,100 310,080 61,350 91,670 93,690 579,750 482,240 30,660 1,960 4,420 198,080 247,120 22,290 43,470 13.713 Apr. 28p.. 466,030 311,970 59,780 94,280 88,110 576,490 478,000 26,450 1,980 7,990 193,540 248,040 24,240 43,670 13.713 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—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 5,761 Feb. 24... 362,488 248,916 44,840 68,732 72,296 452,887 369,632 24,680 1,744 5,730 150,712 186,766 20,440 34,213 5,754 Mar. 31... 366,723 250,777 45,193 70,753 83,092 469,355 386,692 29,399 1,749 3,726 159,983 191,835 21,107 34,658 5.751 Apr. 28*.. 368,478 252,001 43,690 72,787 78,152 465,602 382,149 25,278 1,776 6,957 155,728 192,410 22,983 34,799 5.751 Reserve city member: New York City:7 1941—Dec. 31... 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 36 1945—Dec. 31 ... 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31... 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 1966—Dec. 31... 46,536 35,941 4,920 5,674 14,869 64,424 51,837 6,370 467 1,016 26,535 17,449 1,874 5,298 12 1967—Dec. 30... 52,141 39,059 6,027 7,055 18,797 74,609 60,407 7,238 741 1,084 31,282 20,062 1,880 5,715 12 1968—Dec. 31... 57,047 42,968 5,984 8,094 19,948 81,364 63,900 8,964 622 888 33,351 20,076 2,733 6,137 12 1969—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—Apr. 29... 58,010 45,286 i 5,091 7,633 20,778 84,145 57,536 8,927 245 968 32,116 15,280 5,756 6,290 12 May 21... 57,288 44,819 4,981 7,488 22,007 84,604 57,147 9,356 280 882 31,742 14,887 5,821 6,335 12 June 30... 57,088 44,881 4,413■ 7,795 23,0701 85,6661 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 45,2081 5,458 I 7,802: 20,982 : 84,893 58,959 9,6681 729 1,214 29,943 17,405 5,243 6,405 12 Sept. 30... 59,484 46,265 5,144 t 8,075 23,057 88,026i 64,019 12,161 719 1,355 31,072 18,712 4,184 6,439 12 Oct. 28... 59,215 45,99C I 5,337 r 7,8881 19,175 i 83,785 i 59,297 10,738! 776 6581 28,024 19,101 5,038: 6,385 12 Nov. 25 ... 59,657 45,717' 5,463 t 8,477' 20,151 85,368 ! 59,654 10,276i 814 749> 28,552: 19,263 6,224 • 6,424 12 Dec. 30... 63,437 48,359» 5,878i 9,20C1 22,916> 91,955i 66,943 12,053i 919| 924!• 32,827 20,2201 6,120> 6,442 12 1971—Jan. 27... 60,658 45,791 6,011 8,856i 21,21A t SI,431 r 64,712 11,27CI 95C > 1,985i 29,761 20,746; 4,997' 6,449 12 Feb. 24.... 60,791 46,61( ) 5.37J I 8,802( 20,392 ( 86,749 > 63,848 11,367' 919 > 879► 29,352: 21,331 5,855; 6,510 1 12 Mar. 31.... 59,912 45,45'r 5,68: 1 8,77:I 27,111 93,161 . 71,345 14,672 1 846 > 5731 33,114I- 22,14C► 5,741 6,723 12 Apr. 28..,. 60,115 45,741 5,3165 9,05$1 23,7181 89,486i 67,75C 12,261 92C) 1,39:> 30,7931 22,384!■ 6,285! 6,743 12 For notes see p. A-23. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 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— Securities Total Interbank3 Other Total Num­ lia­ Bor­ capital ber and date Cash bilities row­ ac­ of Total Loans assets 3 and Demand ings counts banks 1,2 U.S. capital Total 3 Treas­ Other ac­ De­ Time Time1 ury 2 counts4 mand U.S. Govt. Other Reserve city member (cont.): City of Chicago: 7- 8 1941—Dec. 31............. 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945 Dec. 31............. 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947 Dec. 31............. 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 1966 Dec. 31............. 11,802 8,756 1,545 1,502 2,638 14,935 12,673 1,433 25 310 6,008 4,898 484 1,199 11 1967 Dec. 30............. 12,744 9,223 1,574 1,947 2,947 16,296 13,985 1,434 21 267 6,250 6,013 383 1,346 10 1968—Dec. 31............. 14,274 10,286 1,863 2,125 3,008 18,099 14,526 1,535 21 257 6,542 6,171 682 1,433 9 1969 Dec. 31 6......... 14,365 10,771 1,564 2,030 2,802 17,927 13,264 1,677 15 175 6,770 4,626 1,290 1,517 9 1970—Apr. 29............. 14,522 10,530 1,688 2,304 2,760 18,154 12,299 1,234 41 233 5,999 4,792 2,503 1,535 9 May 27............. 14,178 10,341 1,616 2,221 2,658 17,736 12,218 1,265 41 232 5,952 4,728 2,233 1,550 9 June 30............. 14,648 10,986 1,540 2,121 2,622 18,291 13,266 1,682 16 347 6,102 5,119 1,507 1,566 9 July 29............. 14,449 10,662 1,688 2,099 2,560 18,021 12,937 1,237 54 457 5,764 5,425 1,689 1,542 9 Aug. 26............. 14,556 10,642 1,796 2,118 2,911 18,520 12,841 1,192 58 342 5,725 5,524 2,129 1,550 9 Sept. 30............. 15,058 11,151 1,746 2,161 2,788 18,849 13,764 1,595 69 380 6,017 5,703 1,959 1,562 9 Oct. 28............. 14,835 10,735 1,925 2,175 3,040 18,841 13,399 1,301 79 250 5,921 5,848 2,253 1,565 9 Nov. 25............. 15,076 10,921 1,839 2,316 2,981 19,016 13,538 1,375 79 250 5,855 5,979 2,330 1,580 9 15,810 11,387 1,984 2,439 3,133 19,997 14,433 1,435 76 243 6,626 6,053 2,230 1,586 9 1971—Jan. 27............. 15,530 10,901 2,208 2,421 2,981 19,487 14,303 1,313 79 487 6,091 6,333 1,969 1,591 9 Feb. 24............. 15,479 11,000 2,048 2,431 3,083 19,482 14,264 1,451 58 252 6,010 6,493 2,125 1,618 9 Mar. 31............. 16,056 11,345 2,179 2,532 2,695 19,609 14,665 2,074 130 168 5,598 6,695 1,961 1,635 9 Apr. 28............. 15,726 11,051 1,940 2,735 3,159 19,874 15,048 1,449 123 414 6,415 6,647 2,304 1,622 9 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 1,967 351 1945—Dec. 31............. 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31............. 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,990 11,423 1 2,844 353 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 9,471 169 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 10,032 163 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 10,684 161 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 11,464 157 1970—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 11,715 158 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 11,780 157 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 11,868 156 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 11,885 156 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 11,934 156 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 12,040 156 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 12,032 156 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 12,053 156 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 12,131 156 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 12,234 156 Feb. 24............. 131,751 92,932 14,498 24,321 26,701 164,992 133,375 9,169 686 2,262 52,063 69,195 10,014 12,321 156 Mar. 31............. 134,204 94,302 14,636 25,266 29,361 170,513 138,409 9,791 692 1,592 55,594 70,740 11,044 12,474 156 Apr. 28............. 134,119 94,416 13,830 25,873 28,581 169,509 136,752 9,688 652 3,353 53,562 69,497 11,889 12,502 156 Country member: ? •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 1,982 6,219 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 2,525 6,476 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 2,934 6,519 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 10,309 5,958 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 11,005 5,886 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 11,807 5,796 1969—Dec. 31«........... 140,715 92,147 21,278 27,291 23,928 169,078 148,007 3,152 84 1,671 67,930 75,170 1,820 12,766 5,691 1970—Apr. 29............. 140,326 92,501 20,115 27,710 20,594 165,624 143,183 2,334 86 1,746 61,519 77,498 2,303 12,988 5,649 May 27............. 140,921 92,612 20,375 27,934 20,652 166,453 143,231 2,349 86 1,855 60,730 78,211 2,670i 13,068 5,638 June 30............. 142,603 94,081 19,999 28,522 22,741 170,129 147,960 2,763 81 2,259 63,907 78,951 2,164 13,377 5,626 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 13,280 5,618 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 13,334 5,608 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 13,438 5,607 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 2,350i 13,499 5,604 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 13,572, 5,596 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; 13,647 5,589 1971—Jan. 27............. 152,818 97,686 22,513 32,619» 22,336 180,086 157,059 2,721 81 2,316 64,380i 87,561 2,178; 13,676i 5,584 Feb. 24............. 154,467 98,374 22,916 33,177' 22,119 181,664 158,145 2,693 81 2,337 63,287 89,747 2,446i 13,764 5,577 Mar. 31............. 156,551 99,673 22,695i 34,183l 23,925 186,072 162,273 2,862 81 1,393 65,677 92,260 2,361 13,8261 5,574 Apr. 28^........... 158,518 100,793 22,604• 35,121 22,694 186,733 162,599 2,736 81 2,145 64,958: 92,679 2,505 13,932: 5,574 For notes see p. A-23. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 22 COMMERCIAL BANKS □ MAY 1971 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK— Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Classification by Securities Total Interbank3 Other FRS membership Cash lia­ Bor­ Total Num­ and FDIC assets3 bilities row­ capital ber insurance Total Loans and Total3 Demand ings ac­ of 1. 2 U.S. Other capital De­ Time counts banks Treas­ 2 ac­ mand Time l ury counts4 U.S. Govt. Other Insured banks: Total: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,(5 54 1,762 41,298 15,699 10 6,844 13,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13, i 183 23,740 80,276 29,876 215 8,671 13,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,615 54 1,325 92,975 34,882 61 9,734 13,398 1963—Dec. 20.. 252,579 155,261 62,723 34,594 50,337 310,730 273,657 15,077 443 6,712 140,702 110,723 3,571 25.277 13,284 1964—Dec. 31.. 275,053 174,234 62,499 38,320 59,911 343,876 305,113 17,664 733 6,487 154,043 126,185 2,580 27,377 13,486 1965—Dec. 31.. 303,593 200,109 59,120 44,364 60,327 374,051 330,323 18,149 923 5,508 159,659 146,084 4,325 29,827 13,540 1966—Dec. 31.. 321,473 217,379 55,788 48,307 68,515 401,409 351,438 19,497 881 4,975 166,689 159,396 4,717 31,609 13,533 1967—Dec. 30.. 358,536 235,502 62,094 60,941 77,348 448,878 394,118 21,598 1,258 5,219 182,984 183,060 5,531 33,916 13,510 1968—Dec. 31.. 399,566 264,600 64,028 70,938 83,061 498,071 432,719 24,427 1,155 5,000 198,535 203,602 8,675 36,530 13,481 1969—June 306. 408,620 283,199 53,723 71,697 87,311 513,960 423,957 24,889 800 5,624 192,357 200,287 14,450 38,321 13.464 Dec. 31.. 419,746 294,638 54,399 70,709 89,090 527,598 434,138 26,858 695 5,038 207,311 194,237 18,024 39,450 13.464 1970—June 30.. 421,141 294,963 51,248 74,929 84,885 526,484 431,094 26,017 829 8,040 191,752 204,456 18,215 41,159 13,478 National member: 1941_Dec. 31.. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,'786 1,088 23,262 8,322 4 3,640 5,117 1945_Dec. 31.. 69,312 13,925 51,250 4,137 20,144 90,220 84,939 9,:229 14,013 45,473 16,224 78 4,644 5,017 1947—Dec. 31.. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,375 35 795 53,541 19,278 45 5,409 5,005 1963—Dec. 20.. 137,447 84,845 33,384 19,218 28,635 170,233 150,823 8,863 146 3,691 76,836 61,288 1,704 13,548 4,615 1964—Dec. 31.. 151,406 96,688 33,405 21,312 34,064 190,289 169,615 10,521 211 3,604 84,534 70,746 1,109 15,048 4,773 1965—Dec. 31.. 176,605 118,537 32,347 25,720 36,880 219,744 193,860 12,064 458 3,284 92,533 85,522 2,627 17,434 4,815 1966—Dec. 31.. 187,251 129,182 30,355 27,713 41,690 235,996 206,456 12,588 437 3,035 96,755 93,642 3,120 18,459 4,799 1967—Dec. 30.. 208,971 139,315 34,308 35,348 46,634 263,375 231,374 13,877 652 3,142 106,019 107,684 3,478 19,730 4,758 1968—Dec. 31.. 236,130 159,257 35,300 41,572 50,953 296,594 257,884 15,117 657 3,090 116,422 122,597 5,923 21,524 4,716 1969—June 306. 242,241 170,834 29,481 41,927 52,271 305,800 251,489 14,324 437 3,534 113,134 120,060 9,895 22,628 4,700 Dec. 31.. 247,526 177,435 29,576 40,514 54,721 313,927 256,314 16,299 361 3,049 121,719 114,885 12,279 23,248 4,668 1970—June 30.. 247,862 176,376 28,191 43,295 51,942 312,480 254,261 14,947 393 5,066 113,296 120,559 13,051 24,106 4,637 State member: 1941—Dec. 31.. 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 1 2,246 1,502 1945—Dec. 31.. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,' 411 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31.. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1963—Dec. 20.. 72,680 46,866 15,958 9,855 15,760 91,235 78,553 5,655 236 2,295 40,725 29,642 1,795 7,506 1,497 1964—Dec. 31.. 77,091 51,002 15,312 10,777 18,673 98,852 86,108 6,486 453 2,234 44,005 32,931 1,372 7,853 1,452 1965—Dec. 31.. 74,972 51,262 12,645 11,065 15,934 93,640 81,657 5,390 382 1,606 39,598 34,680 1 ,607 7,492 1,406 1966—Dec. 31.. 77,377 54,560 11,569 11,247 19,049 99,504 85,547 6,200 357 1,397 41,464 36,129 1,498 7,819 1,351 1967—Dec. 30.. 85,128 58,513 12,649 13,966 22,312 111,188 95,637 6,934 516 1,489 45,961 40,736 1,892 8,368 1,313 1968—Dec. 31.. 89,894 61,965 12,581 15,348 22,803 116,885 98,467 8,402 404 1,219 47,498 40,945 2,535 8,536 1,262 1969—June 306. 88,346 64,007 9,902 14,437 26,344 119,358 93,858 9,773 285 1,341 45,152 37,307 4,104 8,689 1,236 Dec. 31.. 90,088 65,560 10,257 14,271 24,313 119,219 94,445 9,541 248 1,065 48,030 35,560 5,116 8,800 1,201 1970—June 30.. 88,404 64,439 9,133 14,832 23,598 117,209 91,967 10,175 299 1,891 42,620 36,983 4,457 9,078 1,166 Nonmember: 1941—Dec. 31.. 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360i 6 959 6,810 1945—Dec. 31.. 14,639 2,992: 10,584 1,063 4,448 19,256i 18,119 244 1,560 10,635 5,680i 7 1,083 6,416 1947—Dec. 31.. 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 4 149 12,366 6,558 7 1,271 6,478 1963—Dec. 20.. 42,464 23,55CI 13,391 5,523 5,942: 49,275 i 44,280 559i 61 726i 23,140 19,793i 72 : 4,234 7,173 1964—Dec. 31.. 46,567 26,544! ■ 13,790 6,233 7,174■ 54,741 r 49,389 658 70 649' 25,504 22,509i 99 ' 4,488 7,262 1965—Dec. 31.. 52,028 30,31C) 14,137 7,581 7,513 60,679» 54,806 695 83 618■ 27,528 25,8821 91 4,912 7,320 1966—Dec. 31.. 56,857 33,636; 13,873 9,349 7,777r 65,921 59,434 709i 87 543i 28,471 29,625 > 99 ' 5,342 7,384 1967—Dec. 30.. 64,449 37,675> 15,146i 11,629 ' 8,403i 74,328 1 67,107 786 89 588 31,004 34,64C) 162 1 5,830 7,440 1968—Dec. 31.. 73,553 43,37*! 16,155i 14,02C1 9,305i 84,605i 76,368 908 94 691 34,615; 40,06C) 217r 6,482 7,504 1969—June 306. 78,032 48,35*I 14,341 15,333 i 8,696j 88,802 > 78,610 791 781 749> 34,070 1 42,921 451 7,004 7,528 Dec. 31.. 82,133 51,64:1 14,565i 15,925i 10,056i 94,4521 83,380 1,01 j1 85i 92AI 37,561 43,792> 629> 7,403 7,595 1970—June 30.., 84,875 54,14<) 13,924!■ 16,8021 9,3465 96,79^1 84,865 89^I 131' 1,08-1 35,837r 46,91:5 70*J 7,975 7,675 For notes see p. A-23. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1971 □ COMMERCIAL BANKS A 23 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK— Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— F C R la S a s i n n s m i s d f u e ic F r m a a D n t b i c I o e C e r n s h b i y p Total Loans T U re . S S a e . s c ­ urities a C ss a e s t h s 3 b c T a i a l l a o p i i n c a t t i i d ­ a t ­ e a l s l Total3 m D I a n e n t ­ d erba T n i k m 3 e Dema O nd ther B r i o n o w g r s ­ ­ c T a o p t i a ta l l N ba b u o n e m f k r s ­ ury counts 4 U.S. Other Govt. Noninsured nonmember: 1941—Dec. 31.. 1,457 455 761 241 763 2,283 1,872 329 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 2,251 177 185 18 1,392 478 4 325 783 1963—Dec. 20.. 1,571 745 463 362 374 2,029 1,463 190 83 832 341 93 389 285 1964—Dec. 31.. 2,312 1,355 483 474 578 3,033 2,057 273 86 1,141 534 99 406 274 1965—Dec. 31.. 2,455 1,549 418 489 572 3,200 2,113 277 85 1,121 612 147 434 263 1967—Dec. 30.. 2,638 1,735 370 533 579 3,404 2,172 285 58 1,081 733 246 457 211 1968—Dec. 31. . 2,901 1,875 429 597 691 3,789 2,519 319 56 1,366 767 224 464 197 1969—June 30 6 2,809 1,800 321 898 3,942 2,556 298 81 1,430 731 290 502 209 Dec. 31.. 2,982 2,041 310 632 895 4,198 2,570 316 41 1,559 638 336 528 197 1970—June 30.. 3,043 2,073 321 650 746 4,140 2,280 321 69 1,247 606 331 549 193 Total nonmember: 1941—Dec. 31.. 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 18 1,288 7,662 1945—Dec. 31.. 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 11 1,362 7,130 1947—Dec. 31.. 18.454 5,432 11,318 1,703 4,659 23,334 21,591 439 167 13,758 7,036 12 1,596 7,261 1963—Dec. 20.. 44,035 24,295 13,854 5,885 6,316 51,304 45,743 749 144 743 23,972 20,134 165 4,623 7,458 1964—Dec. 31.. 48,879 27,899 14,273 6,707 7,752 57,780 51,447 931 156 672 26,645 23,043 198 4,894 7,536 1965—Dec. 31.. 54,483 31,858 14,555 8,070 8,085 63,879 56,919 972 168 635 28,649 26,495 238 5,345 7,583 1967—Dec. 30.. 67,087 39,409 15,516 12,162 8,983 77,732 69,279 1,071 147 603 32,085 35,372 408 6,286 7,651 1968—Dec. 31.. 76.454 45,253 16,585 14,617 9,997 88,394 78,887 1,227 150 701 35,981 40,827 441 6,945 7,701 1969—June 30 6 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 87,145 207 1,119 37,084 47,520 1,038 8,523 7,868 1 See table (and notes) at the bottom of this page. city bank in Chicago with total deposits of $190 million was reclassified as 2 Beginning June 30, 1966, loans to farmers directly guaranteed by a country bank. CCC were reclassified as securities, and Export-import Bank portfolio fund participations were reclassified from loans to securities. This reduced Note.—Data are for all commercial banks in the United States (includ­ Total loans and increased “Other securities” by about $1 billion. Total ing Alaska and Hawaii, beginning with 1959). Commercial banks represent loans include Federal funds sold, and beginning with June 1967 securities all commercial banks, both member and nonmember; stock savings purchased under resale agreements, figures for which are included in banks; and nondeposit trust companies. “Federal funds sold, etc.,” on p. A-24. For the period June 1941-June 1962 member banks include mutual 3 Reciprocal balances excluded beginning with 1942. savings banks as follows: three before Jan. 1960; two through Dec. 1960, 4 Includes items not shown separately. See also 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 Figure takes into account the following changes beginning June 30, a small national bank in the Virgin Islands; also, member banks exclude, 1969: (1) inclusion of consolidated reports (including figures for all bank- and noninsured commercial banks include, a small member bank engaged premises subsidiaries and other significant majority-owned domestic exclusively in trust business. subsidiaries) and (2) reporting of figures for total loans and for individual Comparability of figures for classes of banks is affected somewhat by categories of securities on a gross basis—that is, before deduction of changes in F.R. membership, deposit insurance status, and the reserve valuation reserves—rather than net as previously reported. classifications of cities and individual banks, and by mergers, etc. 7 Regarding reclassification as a reserve city, see Aug. 1962 Bulletin, Data for national banks for Dec. 31, 1965, have been adjusted to make p. 993. For various changes between reserve city and country status in them comparable with State bank data. 1960-63, see note 6, p. 587, May 1964 Bulletin. Figures are partly estimated except on call dates. 8 Beginning Jan. 4, 1968, a country bank with deposits of $321 million For revisions in series before June 30, 1947, see July 1947 Bulletin, was reclassified as a reserve city bank. Beginning Feb. 29, 1968, a reserve pp. 870-71. 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............................ 1,216 1,150 1,131 945 All member—Cont. Insured...................................... 1,216 1,149 1,129 943 Other reserve city................ 332 293 304 222 National member................... 730 694 688 536 Country.................................. 605 588 571 492 State member........................... 207 187 188 178 All nonmember........................ 278 269 255 230 All member.................................. 937 881 876 714 Insured ................................... 278 268 253 229 Noninsured........................... 2 2 Note.—These hypothecated deposits are excluded from Time deposits resulted from a change in Federal Reserve regulations. See June 1966 and Loans at all commercial banks beginning with June 30, 1966, as Bulletin, p. 808. shown in the tables on pp. A-20, A-21, and A-26—A-30 (consumer instal­ These deposits have not been deducted from Time deposits and Loans ment loans), and in the table at the bottom of p. A-18. These changes for commercial banks as shown on pp. A-22 and A-23 and on pp. A-24 and A-25 (IPC only for time deposits). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 24 COMMERCIAL BANKS □ MAY 1971 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans 1 Investments b C a l n a k s s a o n f d lo T a a o n n t d s a l i f F e u e r n a d d l ­ s C m o e m r­ ­ Agri- o p s r u e 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 tu n o t c i i o a n l s Real Ot t h o er, U s .S ec . u T ri r t e i a e s s u 6 ry S a t n a d te call date i m nv e e n s t t s ­ s e o tc ld .2 , T 3 o , t 4 al a c i n i n a d ­ l c t a u u l r l - 5 - b T ro o ­ t e a s t ­ e v i d i n d i - - - Other Bills g s lo e o c c v a u t l . ­ O r s it e t i h c es u e ­ 5 r d tr u ia s l ­ k a e n r d s ot T h o ers Banks Others uals3 Total ce a r n t d ifi­ Notes Bonds rities deal­ cates ers Total: 2 1947- Dec. 31.. 116,284 38,057 18,167 1,660 1,220 115 9,393 5,723 94769,221 9,982 6,03453,205 5,276 3,729 1968—Dec. 31..402,477 6,747259,72798,357 9,7186,6254,108 2,206 13,72965,13758,3376,72464,466 58,570 12.967 1969—Dec. 31 io422,728 9,928286,750 108 443 10,3295,7394,027 2,488 15,06270,02063,2567,388 54,709 59,183 12,158 1970—June 30..424,18411,193285,843 108,36111,2333,972 3,565 2,522 14,39370,55064,1807,068 51,569 62,975 12,604 AH insured: 1941—Dec. 31.. 49,290 21,259 9,214 1,450 614 662 40 4,773 4,505 21,046 988 3,159 16,899 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,461 1.314 3,1643,606 49 4,677 2,361 1,132 88,91221,526 16,04551,342 3,873 3,258 1947—Dec. 31.. 114,274 37,583 18,012 1,610 823 1,190 114 9,266 5,654 91467,941 9,676 5,918 52,347 5,129 3,621 1968—Dec. 31. .399,566 6,526258,07497,741 9,7006,4094,063 2,145 13,621 64,80458,142,6,65564,028 58,288 12,650 1969—Dec. 31 io419,746 9,693284,945 107,68510.314 5,644 3,991 2,425 14,89069,669 63,008 7,319 54,399 58,84011,869 1970—June 30..421,141 10,867284,096 107,56711,2153,886 3,541 2,457 14,24870,25263,921 7,00951,248 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 3,0902,871 1945—Dec. 31.. 107,183 22,775 8,949 8553,133 3.378 47 3,455 1,900 1,057 78,338 19,260 14,271 44,807 3,2542,815 1947—Dec. 31.. 97,846 32,628 16,962 1,046 811 1,065 113 7,130 4,662 839 57,914 7,803 4,81545,295 4,199 3,105 1968—Dec. 31.. 326,023 5,551215,671 87,819 5,921 6,1743.379 2,012 12,79750,461 45,4046,189 47,881 48,423 ,498 1969—Dec. 31*°337,613 7,356235,63996,0956,187 5,408 3,286 2,258 14,035 53,20748,388 6,77639,833 47,2277,558 1970—June 30.. 336,266 8,267232,54895,1906,626 3,7492,920 2,228 13,45253,215 48,7296,439 37,324 50,1088,019 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 42,22225,258 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,C 553 44,32826,692 2,444 741 1,228 4,178 3,728 3,773 1,528 4,413 6,847 948 City of Chicago: 1941—Dec. 31.. 2,760 954 732 48 52 22 95 1,430 256 153 1,022 182 193 1945—Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,213 ,600 749 1,864 181 204 1947—Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 2,890 367 248 2,274 213 185 1968—Dec. 31.. 14,274 312 9,974 6,118 535 253 205 1.219 738 848 281 1,863 1,810 315 1969—Dec. 31 io 14,365 215 10,556 6,444 337 262 186 1.219 842 862 354 1,564 1,837 192 1970—June 30.. 14,648 383 10,603 6,635 379 141 152 1,154 823 942 331 1,540 1,861 261 Other reserve city: 1941—Dec. 31.. 15,347 7,105 3,456 300 114 194 4 1,527 1,508 6,467 295 751 5,421 956 820 1945—Dec. 31. . 40,108 8,514 3,661 205 427 1,503 17 1,459 855 387 29,552 8,016 5,653 15,883 1,126 916 1947—Dec. 31.. 36,040 13,449 7,088 225 170 484 15 3,147 1,969 351 20,196 2,731 1,901 15,563 1,342 1,053 1968—Dec. 31.. 119,339 2,197 81,769 34,632 1,362 ,116 1,254 588 6.005 18,939 16,9162,520 15,036 18,111 2,226 1969—Dec. 31 io121,628 3,021 88,18037,701 1,386 878 1,300 876 6.006 19,706 17,569 2,757 11,944 16,625 1,859 1970—June 30.. 121,435 3,473 86,901 37,502 1,478 5881,151 689 5,981 19,536 17,1562,82011,372 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 22422,857 3,063 2,108 17,687 2,006 1,262 1968—Dec. 31.. 135,364 2,295 81,70621,811 4,493 720 969 119 2,147 27,16424,154 1,69424.998 21,269 5,095 1969—Dec. 31 io141,286 3,318 89,401 23,7624,739 498 947 148 2,263 28,82426,362 1,858 21,278 22,5724,718 1970—June 30.. 143,095 3,858 90,71624,361 5,088 337 887 159 2,13929,12726,858 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. 3110 85,115 2,572 51,111 12,3484,141 329 741 231 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 12,8764,585 1 Beginning with June 30, 1948, figures for various loan items are 4 Breakdowns of loan, investment, and deposit classifications are not shown gross (i.e., before deduction of valuation reserves); they do not available before 1947; summary figures for 1941 and 1945 appear in the add to the total and are not entirely comparable with prior figures. Total table on pp. A-20—A-23. 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

MAY 1971 □ COMMERCIAL BANKS A 25 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits Bal­ De­ i b c C a a l n l a l k s d s a a o n te f d B s F w e R a r . i n v R e t k h e ­ . s s r C c e a o n n u i c d r n y ­ b m a w a d n e n c i o s t k e t ­ h i s s c 7 ju m p s o a d a t d s e e n i ­ ­ d t d s 8 m D e In s o t t ­ i e c r 7 ba e F n ig k o n r ­ 9 G U o .S vt . . S g l a o o t n c a v d a t t e l . c C c h o a f e e i e f n e f r r c d d i s t k ­ i ’ ­ s, IPC I b n a t n e k r­ G P U S a o o a n . s S v v d t t ­ . a . l S g 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 l n ­ i t ­ s etc. ings Total: 3 1947—Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1968—Dec. 31.... 21,230 7,195 18,910 167,145 22,501 2,245 5,010 16,876 9,684 173,341 1,211 368 19,110 184,8928,899 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 18,36039,978 1970—June 30.... 21,526 7,090 18,208 158,241 23,759 2,579 8,076 17,062 10,254 165,683 898 20217,148187,713 18,54641,708 All insured: 1941—Dec. 31... . 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.. .. 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31... . 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1968—Dec. 31.. .. 21,230 7,165 18,343 165,527 22,310 2,117 5,000 16,774 9,442 172,319 1,155 368 19,057 184,178 8,675 36,530 1969—Dec. 31 io.. 21,449 7,292 19,528 170,280 24,386 2,471 5,038 17,434 11,476 178,401 695 211 13,166 180,86018,02439,450 1970r—June 30.... 21,526 7,061 17,577 156,743 23,624 2,393 8,040 16,955 10,073 164,725 829 20217,088 187,166 18,21541,159 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 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1968—Dec. 31.... 21,230 5,634 11,279 131,491 21,483 2,036 4,309 12,851 8,592 142,476 1,061 33015,668 147,545 8,458 30,060 1969—Dec. 31 io.. 21,449 5,676 11,931 133,435 23,441 2,399 4,114 13,274 10,483 145,992 609 186 9,951 140,308 17,39532,047 1970—June 30.... 21,526 5,476 10,617 121,562 22,809 2,313 6,957 12,930 9,179 133,807 691 16813,142 144,233 17,50733,184 New York Citv: 1941— Dec.'31.... 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 ' ’i95 2,120 1947—Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1968—Dec. 31 .... 4,506 443 420 20,808 7,532 1,433 888 1,068 4,827 27,455 622 73 1,623 18,3802,733 6,137 1969—Dec. 3110.. 4,358 463 455 21,316 8,708 1,641 694 1,168 6,605 28,354 268 45 207 14,6924,405 6,301 1970—June 30.. .. 4,621 429 606 17,479 9,474 1,673 1,236 1,136 5,628 25,825 321 40 572 14,7084,057 6,374 City of Chicago: 1941—Dec. 31.... 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31.... 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947—Dec. 31.... 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 1968—Dec. 31.... 1,164 98 281 5,183 1,445 89 257 245 207 6,090 21 2 624 5,545 682 1,433 1969—Dec. 3110.. 869 123 150 5,221 1,581 96 175 268 229 6,273 15 1 216 4,409 1,290 1,517 1970—June 30.... 885 96 135 4,683 1,607 75 347 326 178 5,597 16 1 390 4,729 1,507 1,566 Other reserve city: 1941—Dec. 31___ 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31.... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31.... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1968—Dec. 31.... 8,847 1,800 2,986 43,674 9,725 456 1,884 3,835 1,947 51,667 307 168 7,378 55,271 4,239 10,684 1969—Dec. 31 io.. 9,044 1,787 3,456 44,169 10,072 590 1,575 3,934 1,928 53,062 242 86 4,609 50,4399,881 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 51,5889,779 11,868 Country: 1941—Dec. 31___ 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1 ,982 1945—Dec. 31.... 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31.... 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1968—Dec. 31.... 6,714 3,293 7,592 61,827 2,781 58 1,281 7,703 1,612 57,263 111 86 6,043 68,348 80411,807 1969—Dec. 31 io.. 7,179 3,302 7,870 62,729 3,080 72 1,671 7,905 1,721 58,304 84 54 4,920 70,768 1,820 12,766 1970—June 30.... 7,236 3,222 7,066 59,008 2,707 56 2,259 7,670 1,650 54,587 81 60 6,176 73,207 2,164 13,377 Nonmember:3 1947—Dec. 31 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1968—Dec. 31 1,560 7,631 35,654 1,018 209 701 4,205 1,092 30,865 150 38 3,442 37,347 441 6,945 1969—Dec. 31 io 1,644 8,383 38,644 1,112 222 940 4,284 1,416 33,420 126 25 3,269 41,135 965 7,931 1970—June 30 1,614 7,592 36,678 949 266 1,119 4,132 1,075 31,877 207 34 4,005 43,480 1,038 8,523 7 Beginning with 1942, excludes reciprocal bank balances. Note.—Data are for all commercial banks in the United States; member 8 Through 1960 demand deposits other than interbank and U.S. banks in U.S. possessions were included through 1968 and then excluded. Govt., less cash items in process of collection; beginning with 1961, For the period June 1941—June 1962 member banks include mutual demand deposits other than domestic commercial interbank and U.S. savings banks as follows: three before Jan. 1960, two through Dec. 1960, Govt., less cash items in process of collection. and one through June 1962. Those banks are not included in all insured or 9 For reclassification of certain deposits in 1961, see note 6, p. 589, total banks. May 1964 Bulletin. Beginning June 30, 1969, a small noninsured member bank engaged 10 Beginning June 30, 1969, reflects (1) inclusion of consolidated reports exclusively in trust business is treated as a noninsured bank and not as a (including figures for all bank-premises subsidiaries and other significant member bank. majority-owned domestic subsidiaries) and (2) reporting of figures for Comparability of figures for classes of banks is affected somewhat by total loans and for individual categories of securities on a gross basis—that changes in F.R. membership, deposit insurance status, and the reserve is, before deduction of valuation reserves. See also notes 1 and 6. classifications of cities and individual banks, and by mergers, etc. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 26 WEEKLY REPORTING BANKS □ MAY 1971 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans Federal funds sold, etc. i Other To brokers For purchasing and dealers or carrying securities Total involving— To nonbank loans finan. Wednesday and Com­ To brokers To institutions invest­ To mer­ and dealers others ments com­ To cial Agri­ Total mer­ U.S. others Total and cul­ cial Treas­ Other indus­ tural Pers. banks ury se­ trial U.S. U.S. and se­ curi­ Treas­ Other Treas­ Other sales curi­ ties ury secs. ury secs. finan. Other ties secs. secs. COS., etc. Large banks— Total 1970 Apr. 1... 238,533 7,679 6,507 785 225 162 170,290 78,743 2,017 758 3,965 101 2,367 5,992 5,650 8... 236,335 6,875 5,392 1,141 253 89 168,485 78,213 2,009 1,110 3,259 100 2,359 5,563 5,595 15... 238,478 6,812 6,063 637 90 22 170,039 79,225 2,034 890 3,548 99 2,357 5,965 5,575 22... 235,597 5,830 5,330 326 99 75 168,777 79,071 2,036 586 3,295 98 2,350 5,619 5,549 29.. . 235,615 6,197 5,791 312 31 63 168,552 78,566 2,025 .789 3,278 99 2,327 5,556 5,555 1971 3... 259,580 9,023 7,826 822 335 40 175,811 81,107 2,035 1,288 3,695 167 2.329 6,786 5,993 10. .. 258,059 7,787 6,459 907 326 95 175,211 81,230 2,028 792 3,754 138 2,345 6,593 6,010 17.. . 259,663 8,278 7,323 495 360 100 176,183 81,835 2,033 826 3,676 158 2,339 6,750 6,155 24.. . 257,950 7,440 6,538 537 291 74 175,816 81,451 2,038 876 3,516 142 2.330 6,726 6,162 31... 260,092 8,287 6,883 880 391 133 176,290 81,201 2,048 858 3,970 129 2,322 7,014 6,264 Apr. 7*.. 264,321 10,302 7,782 1,994 413 113 177,143 81,019 2,059 1,681 4,236 127 2.331 7.039 6,005 14*.. 265,107 10,715 8,458 1,597 455 205 176,995 81,162 2,081 1,100 4,195 119 2,316 7,088 6,054 21*. . 264,312 9,525 8,329 735 311 150 177,078 81,336 2,096 895 3,885 117 2,329 7,213 6,151 28*. . 260,545 8,233 7,100 773 268 92 176,634 81,160 2,089 579 3,721 129 2,313 7.040 6,257 New York City 1970 Apr. 1............. 56,015 1,256 1,201 10 28 17 43,192 25,786 12 623 2,639 740 2,080 1,714 8............. 54,526 911 849 54 8 41,963 25,621 13 804 1,989 735 1,796 1,682 15............. 55,637 919 865 7 26 21 42,569 25,886 13 654 2,249 731 2,059 1,653 22............. 54,396 959 902 15 42 41,716 25,765 13 374 2,140 723 1,846 1,627 29............. 54,754 1,578 1,555 23 41,521 25,491 13 571 2,128 720 1,840 1,607 1971 Mar. 3............. 57,412 1,467 1,395 57 15 42,975 25,734 17 1,059 2,391 615 2,176 1,459 10............. 56,197 551 456 46 49 42,390 25,746 17 614 2,480 618 1,973 1,464 17............. 56,974 1,367 1,291 61 15 42,613 25,825 17 647 2,412 617 2,094 1,478 24............. 55,849 646 610 26 10 42,334 25,716 17 695 2,247 613 2,067 1.456 31............. 56,048 390 363 2 14 11 42,419 25,591 17 601 2,702 601 2,190 1,463 Apr. 7 *........... 58,186 843 791 35 17 43,389 25,617 20 1,213 2,911 602 2,211 1,400 14*........... 57,929 1,084 50 40 100 43,078 25,555 20 879 2,857 600 2,244 1,399 21*........... 57,593 1,046 70 39 42,538 25,550 20 712 2,592 601 2,161 1.456 28*........... 56,510 1,338 1,185 118 35 41,843 25,381 20 472 2,420 599 2,090 1,453 Outside New York City 1970 Apr. 1............. 182,518 6,423 775 197 145 127,098 52,957 2,005 135 1,326 1.627 3,912 3,936 8............. 181,809 5,964 1,087 253 81 126,522 52,592 1,996 306 1,270 87 1,624 3,767 3,913 15............. 182,841 5,893 630 64 1 127,470 53,339 2,021 236 1,299 1,626 3,906 3.922 22............. 181,201 4,871 311 99 33 127,061 53,306 2,023 212 1,155 1.627 3,773 3.922 29............. 180,861 4,619 312 31 40 127,031 53,075 2,012 218 1,150 1,607 3,716 3,948 1971 Mar. 3............. 202,168 7,556 6,431 765 335 25 132,836 55,373 2,018 229 1,304 150 1.714 4,610 4,534 10............. 201,862 7,236 861 326 46 132,821 55,484 2,011 178 1,274 120 1.727 4,620 4,546 17............. 202,689 6,911 434 360 85 133,570 56,010 2,016 179 1,264 138 1,722 4,656 4,677 24............. 202,101 6,794 511 291 64 133,482 55,735 2,021 181 1,269 120 1,717 4,659 4,706 31............. 204,044 7,897 878 377 122 133,871 55,610 2,031 257 1,268 107 1,721 4,824 4,801 Apr. Ip.......... 206,135 9,459 6,991 1,959 413 96 133,754 55,402 2,039 468 1,325 107 1,729 4,828 4,605 14*.......... 207,178 9,631 7 1,547 415 105 133,917 55,607 2,061 221 1,338 98 1,716 4,844 4,655 21*.......... 206,719 8,479 7 665 311 111 134,540 55,786 2,076 183 1,293 95 1.728 5,052 4,695 28*.......... 204,035 6,895 655 268 57 134,791 55,779 2,069 107 1,301 111 1.714 4,950 4,804 For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 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 Con­ Real sumer For­ All Certif­ estate instal­ eign other Total Bills icates Do­ For­ ment govts. 2 Within 1 to After mes­ eign 1 yr. 5 yrs. 5 yrs. tic Large Banks— Total 1970 33,474 499 1,459 20,205 1,040 14,020 23,617 4,230 3,226 13,635 2,526 .........................Apr. 1 33,425 467 1,428 20,163 1,015 13,779 23,362 3,899 3,340 13,614 2,509 ........................................8 33,464 422 1,442 20,192 993 13,833 23,427 3,986 3,377 13,588 2,476 ......................................15 33,446 437 1,351 20,204 977 13,758 22,967 3,499 3,420 13,610 2,438 ......................................22 33,401 447 1,327 20,274 996 13,912 22,878 3,423 3,407 13,634 2,414 ......................................29 1971 34,401 418 1,504 21,545 760 13,783 28,222 5,949 3,032 15,207 4,034 .........................Mar. 3 34,482 427 1,507 21,499 762 13,644 28,123 5,862 3,056 15,264 3,941 ......................................10 34,477 470 1,450 21,511 757 13,746 27,709 5,467 3,045 15,193 4,004 ......................................17 34,528 483 1,395 21,538 789 13,842 27,046 4,706 3,123 15,164 4,053 ......................................24 34,554 454 1,338 21,591 783 13,764 28,060 5,676 3,141 15,186 4,057 ......................................31 34,445 583 1,451 21,586 770 13,811 28,380 6,110 3,066 15,134 4,070 .........................Apr. 7* 34,571 579 1,474 21,653 802 13,801 28,387 6,143 3,104 15,127 4,013 ......................................14* 34,648 530 1,412 21,678 786 14,002 28,075 5,854 3,125 15,151 3,945 ......................................21* 34,730 562 1,488 21,786 805 13,975 26,569 4,409 3,161 15,093 3,906 ......................................28* New York City 1970 3,372 297 830 1,639 625 2,822 4,933 1,615 393 2,633 292 .........................Apr. 1 3,381 273 778 1,637 626 2,615 4,972 1,620 427 2,632 293 ........................................8 3,400 229 801 1,641 625 2,617 5,106 1,751 446 2,617 292 ......................................15 3,392 250 730 1,651 603 2,591 4,823 1,500 439 2,607 277 ......................................22 3,373 237 719 1,644 615 2,551 4,850 1,510 453 2,620 267 ......................................29 1971 3,559 148 870 1,845 480 2,605 5,030 1,283 386 2,867 494 .........................Mar. 3 3,591 136 873 1,839 485 2,536 5,238 1,430 409 2,860 539 ......................................10 3,592 172 839 1,835 482 2,583 5,052 1,223 401 2,855 573 ......................................17 3,617 169 783 1,841 501 2,590 4,826 964 421 2,870 571 ......................................24 3,607 142 723 1,823 481 2,456 5,384 1,459 429 2,875 621 ......................................31 3,581 206 824 1,819 472 2,493 5,693 1,713 371 2,896 713 .........................Apr. 7* 3,611 184 840 1,831 502 2,535 5,525 1,567 378 2,867 713 ......................................14* 3,624 126 776 1,824 501 2,573 5,486 1,552 363 2,883 688 ......................................21* 3,628 155 830 1,820 508 2,449 5,053 1,154 368 2,885 646 ......................................28 * Outside New York City 1970 30,102 202 629 18,566 415 11,198 18,684 2,615 2,833 11,002 2,234 .........................Apr. 1 30,044 194 650 18,526 389 11,164 18,390 2,279 2,913 10,982 2,216 ........................................8 30,064 193 641 18,551 368 11,216 18,321 2,235 2,931 10,971 2,184 ......................................15 30,054 187 621 18,553 374 11,167 18,144 1,999 2,981 11,003 2,161 ......................................22 30,028 210 608 18,630 381 11,361 18,028 1,913 2,954 11,014 2,147 ......................................29 1971 30,842 270 634 19,700 280 11,178 23,192 4,666 2,646 12,340 3,540 .........................Mar. 3 30,891 291 634 19,660 277 11,108 22,885 4,432 2,647 12,404 3,402 ......................................10 30,885 298 611 19,676 275 11,163 22,657 4,244 2,644 12,338 3,431 ......................................17 30,911 314 612 19,697 288 11,252 22,220 3,742 2,702 12,294 3,482 ......................................24 30,947 312 615 19,768 302 11,308 22,676 4,217 2,712 12,311 3,436 ......................................31 30,864 377 627 19,767 298 11,318 22,687 4,397 2,695 12,238 3,357 .........................Apr. 7* 30,960 395 634 19,822 300 11,266 22,862 4,576 2,726 12,260 3,300 ......................................14* 31,024 404 636 19,854 285 11,429 22,589 4,302 2,762 12,268 3,257 ......................................21* 31,102 407 658 19,966 297 11,526 21,516 3,255 2,793 12,208 3,260 ......................................28* For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EPORTING BANKS □ MAY 1971 S AND LIABILITIES OF LARGE COMMERCIAL BANKS— Continue (In millions of dollars) Investments (cont.) Other securities Cash Obligations Other bonds, items Re­ Bal­ of State corp. stock, in serves Cur­ ances and and process with rency with political securities of F.R. and do­ liab subdivisions collec­ Banks coin mestic itie tion banks Tax Certif. war­ All of All rants 3 other partici­ others pation4 4,087 28,610 1,091 3,159 33,870 17,357 3,099 5,767 313, 4,469 28,913 1,113 3.118 32,065 14,906 4,581 4,669 306, 4,826 29,156 1,103 3,115 38,628 18,384 3,131 5,123 317, 4,870 28,981 1,054 3.118 31,456 17,977 3,228 4,502 307, 4,862 28,926 1,039 3,161 30,550 16,787 3,223 4,291 304, 6,808 33,347 1,179 5,190i 33,232 18,471 3,159 6,655 336, 7,088 33,510 1,158 5,182 30,671 18,625 3,307 6,551 332, 7,203 33,748 1,194 5,348 33,723 19,508 3,373 6,717 338, 7,041 34,035 1,214 5,358: 29,639 18,167 3,431 6,362 331, 6,898 33,831 1,193 5,533 36,286 19,482 3,327 7,488 342, 7,294 34,256 1,180 5,766i 31,817 17,959 3,158 7,101 340, 7,347 34,611 1,190 5,862 36,811 18,041 3,528 7,066 346, 7,947 34,570 1,192 5,925 34,084 18,648 3,486 6,397 342, 7,762 34,353 1,169 5,825 32,615 19,091 3,767 6,605 338, 1,212 4,551 93 7781 16,771 4,859 403 879 84. 1,269 4,547 95 769' 16,418 4,752 407 307 8i; 1,403 4,778 94 7681 19,966 4,309 417 451 85; 1,462 4,583 100 753' 15,178 4,568 406 360 so; 1,416 4,508 95 786i 15,589 3,895 415 278 so; 1,348 5,348 94 1,1501 15,357 3,786 408 1,206 83 1,518 5,292 94 1,114 15,075 5,131 428 1,211 83; 1,498 5,225 100 ‘ 1,119' 16,261 4,531 436 1,293 85; 1,329 5,444 91 1,179' 14,463 5,081 423 1,110 83; 1,326 5,181 93 1,255 18,904 5,153 412 1,904 88; 1,373 5,346 123 1,419' 14,905 4,298 414 1,204 84 1,317 5,416 127 1,382: 18,090 4,946 439 1,065 88 1,685 5,306 122 1,410i 15,896 4,994 418 1,056 85 1,598 5,167 123 1,388: 16,275 4,986 437 1,129 85 2,875 24,059 998 2,381 17,099 12,498 2,696 4,888 228 3,200 24,366 1,018 2,349' 15,647 10,154 4,174 4,362 225 3,423 24,378 1,009 2,347’ 18,662 14,075 2,714 4,672 232 3,408 24,398 954 2,365 16,278 13,409 2,822 4,142 227, 3,446 24,418 944 2,375 14,961 12,892 2,808 4,013 224 5,460 27,999 1,085 4,040I 17,875 14,685 2,751 5,449 252, 5,570 28,218 1,064 4,068! 15,596 13,494 2,879 5,340 249; 5,705 28,523 1,094 4,229' 17,462 14,977 2,937 5,424 253; 5,712 28,591 1,123 4,179' 15,176 13,086 3,008 5,252 248, 5,572 28,650 1,100 4,2781 17,382 14,329 2,915 5,584 254; 5,921 28,910 1,057 4,347r 16,912 13,661 2,744 5,897 255, 6,030 29,195 1,063 4,480► 18,721 13,095 3,089 6,001 258; 6,262 29,264 1,070 4,515 18,188 13,654 3,068 5,341 257; 6,164 29,186 1,046 4,437' 16,340 14,105 3,330 5,476 253; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 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 Do­ polit­ 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 141,130 97,061 6,850 4,119 18,952 795 900 2,387 10,066 98,229 46,205 36,534 7,566 298 7,383 .............Apr. 1 134,650 93,821 5,976 2,706 17,866 836 750 2,415 10,280 98,453 46,139 36,559 7,912 310 7,274 ...........................8 143,901 98,560 6,619 3,381 19,043 735 841 2,327 12,395 98,628 45,897 36,493 8,387 327 7,255 .........................15 134,014 94,334 6,071 3,493 17,213 608 708 2,384 9,203 99,059 45,870 36,581 8,753 328 7,239 .........................22 131,785 91,693 6,458 4,281 16,407 587 756 2,252 9,351 99,281 45,869 36,785 8,918 317 7,104 .........................29 1971 141,127 96,064 6,693 4,924 22,251 639 770 2,229 7,557 127,092 51.024 55,412 14,676 1,573 3,860 .............Mar. 3 136,351 95,189 6,264 3,065 20,814 616 742 2,360 7,301 128,155 51,546 55,972 14,656 1,579 3,824 .........................10 140,449 97,533 6,181 3,926 21,310 644 733 2,380 7,742 129,021 52.025 56,034 14,649 1.555 4,167 ..........................17 134,079 95,125 6,469 2,135 19,650 594 739 2,243 7,124 129,075 52,377 55,868 14,599 1,566 4,111 .........................24 146,456 99,265 6,957 2,876 24,704 785 804 2,271 8,794 129,175 52,973 55,544 14,485 1,532 4,080 .........................31 140,699 97,896 6,409 1,971 22,668 829 763 2,324 7,839 128,846 53,083 55,203 14,410 1,513 4,085 .............Apr. 7* 146,282 101,984 6,419 2,717 21,467 725 861 2,225 9,884 128,724 53.026 54,956 14,546 1,500 4,152 .........................14* 143,975 98,470 6,380 5,483 22,075 662 790 2,214 7,901 128,631 53,020 54,318 15,055 1.556 4.161 .........................21* 141,474 97,099 6,353 5,833 20,750 631 778 2,239 7,701 129,338 53,043 54,797 15,229 1,565 4.162 .........................28* New York City 1970 44,373 24,788 779 779 7,681 522 717 1,685 7,422 14,409 4,424 4,551 270 163 4,896 .............Apr. 1 41,841 22,666 680 640 7,219 524 579 1,718 7,815 14,419 4,411 4,570 333 168 4,834 ............................8 45,581 23,298 672 1,009 8,117 427 670 1,657 9,731 14,289 4.378 4,516 335 182 4,775 .........................15 40,534 22,938 528 586 7,014 340 535 1,740 6,853 14,205 4.378 4,474 345 183 4,720 .........................22 40,716 22,569 587 942 6,902 319 607 1,624 7,166 14,131 4.379 4,556 346 182 4,563 .........................29 1971 42,397 22,716 508 1,392 10,282 328 620 1,590 4,961 20,697 4,886 11,620 1,142 836 2,086 .............Mar. 3 40,916 22,632 483 707 9,621 309 595 1,741 20,988 4,962 11,885 1,131 821 2,060 ..........................10 42,567 23,383 549 857 9,883 342 573 1,698 21,125 5,032 11,855 1,090 784 2,235 .........................17 39,994 22,610 653 307 9,138 309 582 1,609 21,092 5,088 11,775 1,117 803 2,176 ..........................24 46,755 24,452 664 551 12,543 424 650 1,605 21,074 5,182 11,633 1,170 786 2,170 .........................31 41,319 22,556 642 284 10,126 469 592 1,682 4,968 21,049 5,218 11,566 1,174 767 2,195 .............Apr. 7* 44,392 23,695 552 628 9,807 398 687 1,562 7,063 21,233 5,235 11,664 1,203 778 2,225 .........................14* 42,552 22,739 477 1,316 10,322 349 608 1,553 5,188 21,044 5,270 11,292 1,256 848 2,268 .........................2 Ip 42,800 23,143 370 1,356 10,202 323 610 1,641 5,155 21,464 5,288 11,660 1,283 861 2,248 .........................28* Outside New York City 1970 96,757 72,273 6,071 3,340 11,271 273 183 702 2,644 83,820 41,781 31,983 7,296 135 2,487 .............Apr. I 92,809 71,155 5,296 2,066 10,647 312 171 697 2,465 84,034 41,728 31,989 7,579 142 2,440 ...........................8 98,320 75,262 5,947 2,372 10,926 308 171 670 2,664 84,339 41,519 31,977 8,052 145 2,480 .........................15 93,480 71,396 5,543 2,907 10,199 268 173 644 2,350 84,854 41,492 32,107 8,408 145 2,519 .........................22 91,069 69,124 5,871 3,339 9,505 268 149 628 2,185 85,150 41,490 32,229 8,572 135 2,541 .........................29 1971 98,730 73,348 6,185 3,532 11,969 311 150 639 2,596 106,395 46,138 43,792 13,534 737 1,774 .............Mar. 3 95,435 72,557 5,781 2,358 11,193 307 147 619 2,473 107,167 46,584 44,087 13,525 758 1,764 .........................10 97,882 74,150 5,632 3,069 11,427 302 160 682 2,460 107,896 46,993 44,179 13,559 771 1,932 .........................17 94,085 72,515 5,816 1,828 10,512 285 157 634 2,338 107,983 47,289 44,093 13,482 763 1,935 .........................24 99,701 74,813 6,293 2,325 12,161 361 154 666 2,928 108,101 47.791 43,911 13,315 746 1,910 .........................31 99,380 75,340 5,767 1,687 12,542 360 171 642 2,871 107,797 47,865 43,637 13,236 746 1,890 .............Apr. 7* 101,890 78,289 5,867 2,089 11,660 327 174 663 2,821 107,491 47.791 43,292 13,343 722 1,927 .........................14* 101,423 75,731 5,903 4,167 11,753 313 182 661 2,713 107,587 47,750 43,026 13,799 708 1,893 .........................21* 98,674 73,956 5,983 4,477 10,548 308 168 688 2,546 107,874 47,755 43,137 13,946 704 1,914 .........................28* For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 30 WEEKLY REPORTING BANKS □ MAY 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 Gross eral Other Total loans included in time liabili­ Wednesday funds liabili­ capital Total and De­ and savings deposits11 ties of pur­ F.R. ties Secur­ loans invest­ mand banks chased, Banks Others etc. 8 Loans ities (gross) ments deposits to etc. 7 ad­ (gross) ad­ Issued Issued their justed 9 ad­ justed i o Total to to foreign justed? IPC’s others bran­ ches Large Banks— Total 1970 Apr. 1...................... 18,496 422 2,485 24,622 4,041 23,654 170,963 231,527 84,189 12,212 5,504 6,708 11,748 8...................... 17,990 300 2,620 24,819 4,039 23,689 169,501 230,476 82,013 12,473 5,665 6,808 11,800 15...................... 19,105 1,332 2,493 24,646 4,038 23.653 170,366 231,993 82,849 12,749 5,763 6,986 11,525 22...................... 18,241 1,164 2,349 24,612 4.037 23,613 168,840 229,830 81,852 12,916 5,824 7,092 11,518 29...................... 18,044 680 2,476 24,911 4.037 23.654 168,511 229,377 80,547 13,022 5,936 7,086 11,944 1971 Mar. 3...................... 19,174 245 887 19,159 4.077 25,023 176,590 251,336 80,720 27,824 18,192 9,632 5,018 10...................... 17,880 1,503 829 18,741 4.078 25,112 176,112 251,173 81,801 28,179 18,573 9,606 4,807 17...................... 19,691 551 828 18,678 4,076 25,077 176,668 251,870 81,490 28,391 18,482 9,909 4,177 24...................... 18,481 795 865 19,067 4.078 25,091 176,235 250,929 82,655 28,128 18,251 9,877 4,329 31...................... 18.852 377 828 17,768 4,059 25,312 177,240 252,755 82,590 27,523 17,708 9,815 2,858 Apr. 7*.................... 21.853 168 1,038 18,179 4,054 25,431 179,080 255,956 84,243 27,315 17,484 9,831 3,260 14*.................... 23,648 212 1,047 17,171 4,047 25,364 178,673 256,070 85,287 27,237 17,435 9,802 2,317 21*.................... 23,428 78 1,004 16,346 4.044 25,300 177,744 255,453 82,333 26,741 16,712 10,029 2,253 28*.................... 20,117 688 912 16,532 4.045 25,350 177,205 252,883 82,276 27,219 17,097 10,122 2,161 New York City 1970 Apr. 1...................... 5,211 100 316 12.535 1.204 6,061 42,950 54,517 19,142 3,211 841 2,370 7,620 8...................... 4,648 14 316 12,887 1.204 6,059 41,752 53,404 17,564 3,227 869 2,358 7,715 15...................... 4,922 679 303 12,726 1.205 6,061 42,394 54,543 16,489 3,187 868 2,319 7,542 22...................... 4,890 379 305 12.536 1.206 6,032 41,523 53,244 17,756 3,159 876 2,283 7,461 29...................... 4,817 79 311 12,904 1,207 6,027 41,307 52,962 17,283 3,075 903 2,172 7,735 1971 Mar. 3...................... 4,681 8,606 1,216 6,259 42,899 55,869 15,366 8,731 6,472 2,259 3,059 10...................... 4,783 800 8,539 1,216 6,335 42,349 55,605 15,513 8,954 6,741 2,213 3,096 17...................... 5,171 320 8,254 1.219 6,343 42,517 55,511 15,566 9,018 6,663 2,355 2,550 24...................... 5,233 393 8,676 1.219 6,327 42,201 55,070 16,086 8,995 6,615 2,380 2,712 31...................... 5,337 7,686 1,200 6,411 42,304 55,543 14,757 8,820 6,381 2,439 1,646 Apr. 7*.................... 6,747 8,005 1.196 6,507 43,235 57,189 16,004 8,867 6,409 2,458 1,867 14*.................... 7,292 120 7,476 1.196 6,482 43,084 56,851 15,867 9,103 6,613 2,490 1,184 21*.................... 7,414 7,008 1,198 6,465 42,521 56,530 15,018 8,920 6,263 2,657 1,236 28*................... 5,542 295 7,272 1,200 6,436 41,841 55,170 14,967 9,334 6,623 2,711 1,409 Outside New York City 1970 Apr. 1...................... 13,285 322 2,169 12,087 2,837 17,593 128,013 177,010 65,047 9,001 4,663 4,338 4,128 8...................... 13,342 286 2,304 11,932 2,835 17,630 127,749 177,072 64,449 9,246 4,796 4,450 4,085 15...................... 14,183 653 2,190 11,920 2,833 17,592 127,972 177,450 66,360 9,562 4,895 4,667 3,983 22...................... 13,351 785 2,044 12,076 2,831 17,581 127,317 176,586 64,096 9,757 4,948 4,809 4,057 29...................... 13,227 601 2,165 12,007 2,830 17,627 127,204 176,415 63,264 9,947 5,033 4,914 4,209 1971 Mar. 3...................... 14,493 245 805 10,553 2,861 18.764 133,691 195,467 65,354 19,093 11,720 7,373 1,959 10...................... 13,097 703 747 10,202 2,862 18,777 133,763 195,568 66,288 19,225 11,832 7,393 1,711 17...................... 14,520 231 756 10,424 2,857 18,734 134,151 196,359 65,924 19,373 11,819 7,554 1,627 24...................... 13,248 402 793 10,391 2.859 18.764 134,034 195,859 66,569 19,133 11,636 7,497 1,617 31...................... 13,515 377 757 10,082 2.859 18,901 134,936 197,212 67,833 18,703 11,327 7,376 1,212 Apr. 7*.................... 15,106 168 969 10,174 2,858 18,924 135,845 198,767 68,239 18,448 11,075 7,373 1,393 14*.................... 16,356 92 982 9,695 2,851 18,882 135,589 199,219 69,420 18,134 10,822 7,312 1,133 21*.................... 16,014 78 941 9,338 2,846 18,835 135,223 198,923 67,315 17,821 10,449 7,372 1,017 28*.................... 14,575 393 855 9,260 2,845 18,914 135,364 197,713 67,309 17,885 10,474 7,411 752 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. !0A11 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

MAY 1971 o BUSINESS LOANS OF BANKS A 31 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during— Industry 1971 1971 1971 1970 1970 Apr. Apr. Apr. Apr. Mar. Apr. Mar. Feb, IV III 2nd 1st 28 21 14 7 31 half half Durable goods manufacturing: Primary metals.................................. 2,315 2,297 2,300 2,303 2,315 141 54 169 -169 149 -20 81 Machinery.......................................... 5,294 5,361 5,280 5,234 5.182 112 -168 103 -247 -595 -173 -768 271 Transportation equipment............. 2,631 2,673 2,723 2,741 2,837 -206 41 -107 -92 -69 238 169 127 Other fabricated metal products.. 2,021 2,032 2,007 1,956 1,976 45 69 56 68 -269 -75 -344 249 Other durable goods........................ 2,704 2,711 2,677 2,707 2,703 1 90 157 149 -249 51 -198 237 Nondurable goods manufacturing: Food, liquor, and tobacco............. 2,499 2,551 2,492 2,554 2,567 -68 -76 119 -537 549 -199 350 -499 Textiles, apparel, and leather......... 2,447 2,480 2,511 2,498 2,484 -37 82 214 166 -522 127 -395 376 Petroleum refining............................ 1,183 1,156 1,155 1,160 1.183 -197 -58 -343 -105 -8 -113 -79 Chemicals and rubber..................... 2,822 2,826 2,826 2,795 2,812 10 31 120 32 -22 85 63 -128 Other nondurable goods................. 1,850 1,868 1,867 1,861 1,893 -43 4 -5 -105 -214 101 -113 27 Mining, including crude petroleum and natural gas............................. 3,821 3,825 3,809 3,841 3,895 -74 -25 -108 -181 -76 -257 -577 Trade: Commodity dealers................. 1,202 1,239 1,302 1,326 1,322 -120 5 -60 -57 375 106 481 -292 Other wholesale....................... 3,776 3,777 3,773 3,752 3,711 65 81 54 10 26 52 78 54 Retail......................................... 4,260 4,274 4,294 4,291 4,207 53 135 62 162 -201 -107 -308 173 Transportation...................................... 6,072 6,071 6,144 6,145 6,286 -214 141 12 286 119 247 366 -96 Communication.................................. 1,431 1,441 1,398 1,361 1,357 74 -59 -4 49 46 -27 19 -250 Other public utilities............................ 1,997 2,031 1,964 2,006 2,021 -24 -365 13 -327 -240 -146 -386 -831 Construction.......................................... 3,654 3,704 3,666 3,625 3,583 71 117 55 r131 146 51 197 66 Services................................................... 7,427 7,390 7,328 7,296 7,198 229 -35 -74 -200 300 225 525 -147 All other domestic loans..................... 4,800 4,771 4,755 4,656 4,746 54 79 15 -180 -52 148 96 -115 Bankers’ acceptances........................... 1,454 1,449 1,501 1,541 1,527 -73 -110 130 -164 945 241 1,186 -203 Foreign commercial and industrial loans................................................ 2,535 2,464 2,487 2,475 2,549 -14 145 6 140 198 57 255 -84 Total classified loans........................... 68,195 68,391 68,259 68,124 68,354 -159 63 599 -998 -184 1,068 884 -1,640 Total commercial and industrial loans. 81,160 81,336 81,162 81,019 81,201 r424 r741 372 1,607 1,979 -1,940 See Note to table below. 4'TERM” COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during— 1971 1970 1971 1970 1970 Industry A 2 p 8 r. M 3 a 1 r. F 2 e 4 b. J 2 a 7 n. D 3 e 0 c. N 2 o 5 v. O 2 c 8 t. S 3 ep 0 t. A 2 u 6 g. 1T TI VV III jj h 2 a n l d f Durable goods manufactur­ ing: Primary metals.................... 1,622 1,630 1,564 1,544 1,527 1,535 1,548 1,677 1,474 103 -150 157 68 7 Machinery............................ 2,735 2,591 2,634 2,666 2,681 2,690 2,826 2,924 2,920 -90 -243 140 -16 -103 Transportation equipment. 1,515 1,613 1,633 1,647 1,633 1,621 1,627 1,655 1,608 -20 -22 91 -11 69 Other fabricated metal products............................ 769 733 747 750 742 801 781 807 789 -9 -65 45 3 -20 Other durable goods.......... 1,191 1,216 1,222 1,107 1,089 1,131 1,136 1,141 1,135 127 -52 9 -30 -43 Nondurable goods manufac­ turing : Food, liquor, and tobacco. 982 974 971 949 985 932 984 1,008 968 -11 -23 1 47 -22 Textiles, apparel, and leather................................ 592 617 659 674 657 703 720 751 733 -40 -94 -11 36 -105 Petroleum refining.............. 932 915 1,142 1,191 1,213 1,220 1,230 1,248 1,183 -298 -35 -18 11 -53 Chemicals and rubber........ 1,822 1,850 1,834 1,800 1,849 1,738 1,693 1,780 1,664 1 69 71 -96 140 Other nondurable goods. . 1,062 1,100 1,116 1,116 1,171 1,159 1,171 1,183 1,106 -71 -12 112 -75 100 Mining, including crude pe­ troleum and natural gas. 3,089 3,123 3,270 3,354 3,326 3,329 3,419 3,461 3,381 -203 -135 -121 -127 -256 Trade: Commodity dealers.. 81 80 79 79 79 83 73 82 82 1 -3 -6 10 -9 Other wholesale......... 813 782 754 783 756 739 727 697 704 26 59 5 -4 64 Retail........................... 1,404 1,417 1,459 1,450 1,399 1,371 1,351 1,360 1,334 18 39 52 102 91 Transportation......................... 4,757 4,867 4,763 4,731 4,564 4,453 4,443 4,417 4,347 303 147 141 -55 288 Communication....................... 426 402 398 398 415 415 386 448 487 -13 -33 40 -68 7 Other public utilities............... 991 973 1,056 1,029 1,018 1,022 1,017 1,065 1,042 -45 -47 32 -128 -15 Construction............................ 1,164 1,107 1,063 1,048 1,044 1,005 972 957 985 63 -87 46 8 189 Services...................................... 3,249 3,142 3,154 3,186 3,209 3,208 3,069 3,132 3,060 -67 77 115 22 192 All other domestic loans .... 1,223 1,268 1,319 '1,346 1,285 1,716 1,241 1,225 1,242 -17 60 -2 15 56 Foreign commercial and in­ dustrial loans................... 1,840 1,792 1,716 1,723 1,716 1,283 1,612 1,604 1,599 76 112 -16 21 96 Total loans................................ 32,259 32,192 32,553 '32,571 32,358 32,205 32,026 32,622 31,843 -166 -264 883 -267 619 1 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 □ MAY 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 1971—Jan. 6........... 2,832 1,964 868 1,929 453 1,476 13........... 2,723 1,908 815 1,902 432 1,470 20........... 2,667 1,882 785 1,903 425 1,478 27........... 2,600 1,832 768 1,908 427 1,481 Feb. 3........... 2,725 1,817 908 1,914 435 1,479 10........... 2,704 1,816 888 1,909 429 1,480 17........... 2,608 1,777 831 1,883 423 1,460 24........... 2,622 1,807 815 1,872 411 1,461 Mar. 3........... 2,610 1,713 897 1,875 412 1,463 10........... 2,562 1,701 861 1,885 417 1,468 17........... 2,472 1,636 836 1,868 421 1,447 24........... r2,416 1,614 r802 1,872 r415 rl ,457 31........... 2,560 1,556 1,004 '1,866 r415 >•1,451 Apr. 7........... 2,375 1,472 903 1,855 421 1,434 14........... 2,286 1,403 883 1,854 420 1,434 21........... 2,320 1,469 851 1,877 424 1,453 28........... 2,409 1,560 849 1,874 417 1,457 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 38.7 378.4 402.6 777.0 815.1 566.3 574.3 2,447.3 2,362.7' Number (thousands)................. 27.8 28.6 9.9 9.7 12.0 12.7 4.0 4.2 .9 .9 1.0 1.1 Center Weighted average rates (per cent per annum) 35 centers........................................ 8.07 8.50 8.89 9.15 8.79 9.07 8.34 8.75 8.09 8.46 7.74 8.25 New York City.......................... 7.74 8.24 8.67 9.07 8.60 8.95 8.12 8.59 7.83 8.24 7.59 8.12 7 other Northeast...................... 8.47 8.89 9.00 9.41 9.09 9.42 8.60 9.01 8.30 8.68 7.99 8.49 8 North Central......................... 8.05 8.47 8.71 8.90 8.72 8.99 8.36 8.79 8.26 8.46 7.78 8.27 7 Southeast................................. 8.15 8.49 8.72 8.76 8.64 8.79 8.16 8.54 7.95 8.45 7.78 8.15 8 Southwest................................ 8.08 8.53 8.85 9.08 8.53 8.84 8.26 8.59 7.99 8.48 7.69 8.33 4 West Coast.............................. 8.16 8.54 9.41 9.51 8.99 9.19 8.38 8.81 8.12 8.61 7.90 8.28 Note.—Beginning Feb. 1967 the Quarterly Survey of Interest Rates on Business Loans was revised. For description of revised series see pp. 721- 27 of the May 1967 Bulletin. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 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 5 Vi~6 1951—Jan. 8.......... 21/2 1959—May 18 41/2 1969—Jan. 7.......... 7 Oct. 17 234 Sept. 1 5 Mar. 17........ 71/2 1 1 9 9 3 3 1 0 2 31 3 /2 4- -6 5 Dec. 19.......... 3 1960—Aug. 23 4*4 June 9.......... 8*4 1 1 9 9 3 3 3 2 . 3 1 1 * 4 4 - - 4 4 1953—Apr. 27.......... 3*4 1965—Dec. 6 5 1970— S M e a p r t. . 2 2 1 5.......... m 8 193 1 4 9 — 47 (Nov.)......... n/2 1 1 9 9 5 5 4 5— — O M A c u a t g r . . . 1 1 4 7 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 3 1 1 / 4 2 1966— J A M u u n a g r e . . 2 1 1 9 0 6 5 5 6 3 !/2 4 N D N o e o c v v . . . 2 2 12 2 3.......... m 6 7 34 1967—Jan. 26- 51/2-534 1971—Jan. 6 6*4 Effective date 1956—Apr. 13.......... 334 Mar. 27 51/2 Jan. 15 6*4 Aug. 21.......... 4 Nov. 20 6 Jan. 18 , . 6 Feb. 16.......... 5% 1947—Dec. i.... l34 1957—Aug. 6.......... 41/2 1968—Apr. 19 61/2 Mar. 11 5%-5Vi 1948—Aug.i.... 2 1958—Jan. 22.......... 4 S N e o p v t. . 2 1 5 3 6 6 14 -614 M Ap a r r . . 2 1 3 9 . . 5 5V * 4 4-5 *4 Apr. 21 3Vi Dec. 2 6*4 1950—Sept. 22. 214 Sept. 11 4 Dec. 18 634 1 Date of change not available. MONEY MARKET RATES (Per cent per annum) U.S. Government secutities (taxable)4 Finance Prime CO. Prime coml. paper bankers’ Federal 3-month bills 5 6-month bills5 9- to 12-month issues Period paper placed accept­ funds 3- to 5- 4- to 6- directly, ances, rate3 year months1 m 3- o t n o t h 6 s - 2 90 days1 n R ew at e is o su n e M y a ie r l k d et n R ew at e is s o u n e M y a ie r l k d et k B e il t l s y i ( e m ld a ) r 5 ­ Other6 issues7 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—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 Feb.................. 4.47 4.37 4.09 3.72 3.773 3.69 3.806 3.78 3.84 3.80 5.31 Mar................... 4.19 4.05 3.80 3.71 3.323 3.38 3.431 3.50 3.61 3.66 4.74 Apr.................... 4.57 4.27 4.36 4.15 3.780 3.85 3.927 4.03 4.09 4.21 5.42 Week ending— 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 Feb. 6............ 4.63 4.63 4.35 4.09 4.110 4.06 4.114 4.11 4.11 4.03 5.49 13............ 4.63 4.53 4.13 3.59 3.845 3.71 3.839 3.75 3.80 3.82 5.33 20............. 4.38 4.31 4.03 4.14 3.640 3.56 3.679 3.65 3.72 3.70 5.24 27............. 4.25 4.03 3.85 3.46 3.497 3.43 3.590 3.57 3.68 3.64 5.15 Mar. 6........... 4.25 3.88 3.75 3.41 3.347 3.35 3.467 3.44 3.64 3.69 5.07 13........... 4.25 4.08 3.70 3.29 3.307 3.28 3.359 3.39 3.52 3.56 4.75 20........... 4.20 4.13 3.83 3.93 3.307 3.39 3.416 3.51 3.57 3.59 4.55 27........... 4.05 4.13 3.80 3.70 3.331 3.37 3.481 3.54 3.63 3.68 4.56 Apr. 3........... 4.23 4.08 4.00 4.02 3.521 3.61 3.695 3.72 3.70 3.89 4.85 10........... 4.28 4.13 4.13 3.98 3.703 3.78 3.754 3.85 3.79 4.02 5.08 17........... 4.58 4.28 4.38 4.20 4.039 3.96 4.140 4.09 4.10 4.16 5.37 24........... 4.70 4.34 4.45 4.27 3.770 3.81 3.960 4.02 4.14 4.19 5.59 May 1........... 4.80 4.39 4.60 4.14 3.865 3.93 4.087 4.22 4.44 4.53 5.77 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 □ MAY 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 States Total i (long­ term) Total i Aaa Baa Aaa Baa In tr d ia u l s­ R ro a a i d l­ P u u ti b li l t i y c fe P r r r e e ­ d C m o o m n ­ C m o o m n ­ 196 2 3.95 3.30 3.03 3.67 4.62 4.33 5.02 4.47 4.86 4.51 4.50 3.37 6.06 196 3 4.00 3.28 3.06 3.58 4.50 4.26 4.86 4.42 4.65 4.41 4.30 3.17 5.68 196 4 4.15 3.28 3.09 3.54 4.57 4.40 4.83 4.52 4.67 4.53 4.32 3.01 5.54 196 5 4.21 3.34 3.16 3.57 4.64 4.49 4.87 4.61 4.72 4.60 4.33 3.00 5.87 196 6 4.66 3.90 3.67 4.21 5.34 5.13 5.67 5.30 5.37 5.36 4.97 3.40 6.72 196 7 4.85 3.99 3.74 4.30 5.82 5.51 6.23 5.74 5.89 5.81 5.34 3.20 5.71 196 8 5.25 4.48 4.20 4.88 6.51 6.18 6.94 6.41 6.77 6.49 5.78 3.07 5.84 196 9 6.10 5.73 5.45 6.07 7.36 7.03 7.81 7.22 7.46 7.49 6.41 3.24 6.05 197 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 6.28 1970— 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 5.48 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 Feb............. 5.84 5.28 4.92 5.73 7.75 7.08 8.39 7.24 8.39 7.94 6.32 3.18 Mar............ 5.71 5.26 5.00 5.56 7.84 7.21 8.46 7.36 8.39 8.08 6.48 3.10 Apr............. 5.75 5.49 5.22 5.85 7.86 7.25 8.45 7.43 8.37 8.05 6.59 2.99 Week ending— 1971—Feb. 6... 5.80 5.39 5.10 5.75 7.79 7.10 8.47 7.26 8.52 7.96 6.30 3.20 13... 5.78 5.16 4.75 5.65 7.74 7.06 8.40 7.20 8.41 7.94 6.34 3.17 20... 5.83 5.24 4.85 5.75 7.72 7.07 8.34 7.22 8.32 7.93 6.24 3.15 27... 5.92 5.35 5.00 5.80 7.74 7.10 8.34 7.25 8.32 7.95 6.41 3.19 Mar. 6... 5.94 5.46 5.15 5.85 7.78 7.13 8.40 7.27 8.37 8.00 6.43 3.18 13... 5.77 5.24 4.95 5.60 7.84 7.20 8.47 7.32 8.40 8.11 6.53 3.11 20... 5.65 5.14 4.90 5.40 7.88 7.26 8.50 7.38 8.40 8.13 6.44 3.05 27... 5.54 5.18 5.00 5.40 7.86 7.25 8.47 7.42 8.38 8.07 6.46 3.10 Apr. 3. . . 5.64 5.24 5.00 5.60 7.85 7.22 8.46 7.42 8.38 8.03 6.53 3.07 10. . . 5.66 5.33 5.10 5.70 7.84 7.23 8.45 7.42 8.35 8.02 6.54 3.02 17. . . 5.73 5.45 5.20 5.80 7.85 7.24 8.45 7.42 8.38 8.03 6.54 2.98 24.. . 5.82 5.61 5.30 6.00 7.86 7.24 8.42 7.43 8.37 8.05 6.62 2.99 May. 1... 5.81 5.80 5.50 6.15 7.89 7.30 8.47 7.46 8.38 8.10 6.64 2.95 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

MAY 1971 o SECURITY MARKETS A 35 SECURITY PRICES Common stock prices Volume of Bond prices New York Stock Exchange trading in (per cent of oar) stocks Amer­ (thousands of Period Standard and Poor’s index New York Stock Exchange index ican shares) (1941_43= 10) (Dec. 31, 1965 = 50) Stoc Ex­ change ( G t l U e o o r . n m S v 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 o r n t n a s ­ ­ Utility na F n i c ­ e in to d t e a x l i NYSE AMEX 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—Apr................. 60.89 71.9 62.8 85.95 94.01 36.05 57.19 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 Feb................. 66.78 81.5 66.8 97.11 106.62 38.78 62.49 53.42 56.45 40.37 42.30 68.19 25.02 19,540 6,054 Mar................ 67.94 82.8 65.8 99.60 109.59 39.70 62.42 54.89 58.43 41.71 41.60 70.66 25.88 16,955 5,570 Apr................. 67.57 80.4 65.1 103.04 113.68 42.29 62.06 56.81 60.65 45.35 41.73 73.91 26.43 19,126 5,685 Week ending— 1971—Apr. 3........ 68.55 83.3 65.5 100.31 110.40 39.74 62.83 55.43 58.97 41.96 41.79 72.77 26.10 14,941 5,049 10. , . 68.37 82.6 65.4 101.60 111.90 41.33 62.69 56.07 59.69 43.30 41.98 73.42 26.33 18,972 5,580 17, , 67.77 81.3 65.0 103.25 113.87 42.13 62.57 56.92 60.68 45.33 42.21 73.91 26.46 20,579 5,829 24........ 66.93 80.1 64.7 103.72 114.48 42.66 61.99 57.11 61.00 46.11 41.82 73.87 26.44 18,418 5,155 May 1......... 67.06 77.8 65.2 104.34 115.35 43.65 60.85 57.51 61.65 47.50 40.97 74.55 26.59 20,556 6,282 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 com­ ponent 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 l/i hours per day, or 27 Vi hours per week. weekly data are averages of daily figures unless otherwise noted and are In recent years shorter days and/or weeks have cut total weekly trading computed as follows: U.S. Govt, bonds, derived from average market to the following number of hours: 1967—Aug. 8-20, 20; 1968—Jan. 22yields in table on preceding page on basis of an assumed 3 per Mar. 1, 20; June 30-Dec. 31, 22; 1969—Jan. 3-July 3, 20; July 7-Dec. 31cent, 20-year bond. Municipal and corporate bonds, derived from average 22.5; 1970—Jan. 2-May 1, 25. TERMS ON CONVENTIONAL FIRST MORTGAGES New homes Existing homes Period C c t ( r r e p a o a n e t c n e t r t ) ­ c F c h e ( e a p e n r s e t g ) r e & i s M (y a e tu ar r s i ) ty L p c r ( a o e p ri t n a e c i n t o r e ) / (t d h c o p o P h l r u u l a i a s c r s . r e ­ e s o ) f (t a d h m L o o l o u o la a s u r n . n s o ) t f c C t ( r r e p a o a n e t c n e t r t ) ­ c F c h e ( e a p e n r e s t g ) r e & i s M (y a e tu ar r s i ) ty L c p r ( a o e p r t i n a e i c t n o r e ) / (t d h c o o p P h l u r u l a i s a c r s . r e ­ e s o ) f (t d a h L o m o l u o l o a s a u . r n s n 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 1970—Mar.............. 8.29 1.11 25.0 71.1 35.8 25.1 8.26 .98 22.6 70.4 29.7 20.6 Apr.............. 8.24 1.02 24.8 71.3 34.9 24.5 8.19 .90 22.7 70.2 29.6 20.4 May............. 8.28 .98 25.3 71.7 35.8 25.3 8.18 .94 22.8 70.3 30.5 21.1 June............. 8.31 .99 25.1 71.3 36.3 25.6 8.19 .98 23.0 71.5 30.5 21.5 July.............. 8.32 1.01 25.1 71.5 35.3 24.9 8.21 .95 23.1 71.5 31.0 21.7 Aug.............. 8.35 .98 24.8 71.6 35.7 25.5 8.25 .89 23.1 71.7 30.4 21.4 Sept.............. 8.31 1.03 25.2 72.7 35.3 25.3 8.27 .88 22.8 71.7 29.7 21.0 Oct............... 8.33 1.05 25.1 72.4 34.6 24.8 8.20 .88 22.8 71.5 29.0 20.5 Nov.............. 8.26 .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 25.8 73.8 35.3 25.8 8.12 .85 23.3 71.9 30.7 r21.7 1971—Jan................ 8.03 .92 25.8 73.3 36.2 26.4 7.94 .82 23.5 72.5 30.7 22.0 Feb.r........... 7.74 1.00 26.2 73.9 37.0 26.2 7.67 .79 24.0 73.1 31.1 22.5 Mar.............. 7.52 0.81 25.9 73.3 35.8 25.8 7.48 .78 24.1 73.3 31.6 22.9 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 □ MAY 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 End of period B m ro a l k r e g r i s n c B u a s 2 t n o k m s ers T b o y t — al to a d b n n m e a c e b e l e t i ­ r s t s’ to c a m b f r n n r e a c e e e d l e e t r ­ i s s t ’ b t c e r r e n o b e x d k y d ­ e e i d t rs E pe n r d i o o d f Un 2 d 0 er 20-29 30 ( - p 3 e 9 r ce 4 n 0 t) -49 50-59 6 m 0 o o re r j T l u ( d i a m o s o e d t t b n i e a ­ l s t d ­ l of Unre­ dol­ 1970—Mar................. 4,520 2,370 6,890 6,353 2,441 3,912 strict­ Restricted lars) Apr.................. 4,360 2,330 6,690 5,985 2,248 3,724 ed May................. 4,160 2,290 6,450 5,433 2,222 3,211 June................: *{3 * 860} 2,290 6,150 5,281 2,009 3,272 1970—Mar.. 3.7 27.1 16.3 11.6 7.5 33.8 8,880 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 Restricted1 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 1971—Jan................... 4,000 2,300 6,300 (4) 2,452 0) June. 1.3 1.0 23.3 24.9 9.4 40.1 8,490 Feb.................. 4,090 2,330 6,420 (4) 2,743 (4) July.. 1.1 1.0 32.7 16.7 9.0 39.5 8,610 Mar................. 4,300 2,360 6,660 (4) 2,798 (4) Aug.. .7 1.1 37.8 14.3 9.2 36.9 8,580 Sept.. .6 1.1 45.5 12.0 8.9 31.9 8,900 Oct... .7 1.0 38.4 18.0 9.2 32.6 8,780 1 End-of-month data. Total amount of credit extended by member firms Nov.. 1.0 0.9 39.0 16.4 9.7 33.0 8,570 of the N.Y. Stock Exchange in margin accounts, excluding credit extended Dec.. .0 .3 47.0 13.7 9.5 29.4 8,140 on convertible bonds and other debt instruments and in special subscrip­ tion accounts. 1971—Jan. . .0 .4 55.1 12.5 8.4 23.6 8,180 2 Figures are for last Wed. of month for large commercial banks re­ Feb. . .0 .4 56.2 13.2 7.7 22.5 8,410 porting weekly and represent loans made to others than brokers or dealers Mar.. .0 .0 58.4 12.7 6.7 21.6 8,820 for the purpose of purchasing or carrying securities. Excludes loans col­ lateralized 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 ex­ tended 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 (Per cent of A t T ot a B l R de O bt K , E ex R ce S pt as noted) End of period c st r a e t d u i s t 60 o r p e m r o c r e e nt 6 L 0 e p ss e r t h c a e n n t o ( f b m a d i l o l a l l n i l o c a n e r s s ) Total Equity class (per cent) 54.0 34.7 11.2 4,340 debt 54.0 35.9 10.2 4,140 (mil­ 50.3 38.8 10.9 4,840 End of lions 49.5 39.1 11.4 4,550 period d o o f l ­ 8 m 0 o o re r 70-79 60-69 50-59 40-49 Un 4 d 0 er July........................ 4 4 7 6 . . 5 7 4 4 0 2 . . 5 6 1 10 1 . .9 7 4 4 , , 3 4 9 3 0 0 lars) 1 46.6 44.5 9.0 4,480 46.2 43.9 9.9 4,430 1970—M Ap a r r . . . . 4 4 , , 5 3 2 6 0 0 1 1 5 1 . . 3 8 2 1 0 8. . 1 3 1 14 5 . . 5 8 1 1 3 3 . . 8 4 1 1 1 1 . . 2 6 2 3 4 0 . . 0 2 4 45 8 . . 5 2 4 4 2 3 . . 3 9 1 9 0 . . 4 6 4 4 , , 0 24 3 0 0 J M un ay e. . 4 3 , , 1 8 6 6 0 0 9 8 . .3 6 1 1 5 2 . . 8 4 1 1 8 8 . . 3 8 1 1 5 4. .7 2 1 1 3 3 . . 5 5 2 3 8 1 . . 6 4 1971—Jan.......................... 4 4 9 9. . 1 2 4 4 3 4 . . 6 2 7 6 . . 2 7 4 4 , , 2 3 6 8 0 0 July.. 3,800 8.1 15.1 21.1 16.0 13.8 25.8 48.6 45.5 5.9 4,400 Aug.. 3,810 10.7 15.1 22.9 16.6 13.6 21.1 Sept.. 3,920 11.4 18.3 24.4 16.7 13.1 16.0 O N c o t v .. . . . 4 4, , 0 0 1 1 0 0 1 9 0 . . 9 4 1 14 5 . . 8 2 2 2 5 6. . 1 5 1 17 6 . . 5 9 1 1 4 4. . 1 3 1 1 8 7 . . 2 2 ma N y o b t e e .— use S d p e b c y ia c l u m sto is m ce e l r l s a n a e s o u th s e a m cc a o rg u i n n t s d e c p o o n s t i a t i n re q c u re ir d e i d t f b o a r l a a n d c d e i s t io th n a al t Dec.. 4,030 11.0 16.1 27.1 16.8 13.5 15.5 purchases. Balances may arise as transfers based on loan values of other collateral in the customer’s margin account or deposits of cash (usually 1971—J F a e n b . . . . 4 4, , 0 0 0 9 0 0 1 12 1 . . 1 4 1 19 9 . . 5 6 2 3 8 1. . 1 3 1 1 7 6 . . 1 3 1 9 0 . . 3 0 1 1 2 2 . . 8 3 sales proceeds) occur. Mar.. 4,300 11.8 20.0 33.0 16.2 7.2 11.8 i See note 1 to table above. Note.—Each customer’s equity in his collateral (market value of col­ lateral less net debit balance) is expressed as a percentage of current col­ lateral values. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 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 Heldby— Based on- Placed through Placed End of period dealers directly Accepting banks F.R. Banks Total 1m- Ex­ Total Others ports ports All r B el a a n te k d Other1 r B el a a n le k d Other2 Total Own Bills Own e F i o gn r­ U i n n i t t o ed U f n ro it 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 1,216 10,601 3,078 16,814 5,451 1,567 1,318 249 64 146 3,674 1,889 1,153 2,408 1970—Apr.. . 38,011 1,( 12,647 5,584 18,692 5,614 1,577 1,314 263 106 194 3,737 2,034 1,137 2,444 May. . 39,724 1,126 12,826 6,474 19,298 5,801 1,539 1,287 252 42 231 3,989 2,139 1,189 2,472 June.. 37,798 1,044 11,945 6,559 18,250 5,849 1,589 1,339 250 32 232 3,996 2,190 1,162 2,497 July... 36,961 986 11,048 6,834 18,093 5,973 1,599 1,324 275 37 239 4,098 2,294 1,198 2,482 Aug... 36,570 802 11,242 6,501 18,025 5,979 1,911 1,541 370 63 253 3,752 2,354 1,294 2,331 Sept... 33,958 505 12,013 4,115 17,325 5,848 1,952 1,557 395 87 235 3,574 2,396 1,285 2,167 Oct... 34,401 520 12,564 3,179 18.138 6,167 2,125 1,737 388 73 238 3,731 2,553 1,323 2,292 Nov... 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 1971—Jan... 32,295 362 13,071 1,668 17,194 6,912 2,742 2,058 684 59 270 3,841 2,589 1,555 2,768 Feb.. . 32,506 383 13,538 1,518 17,067 6,984 3,089 2,306 784 54 266 3,575 2,618 1,520 2,847 Mar.p 31,223 355 13,215 1,337 16,316 7,174 2,953 2,276 678 138 255 3,827 2,681 1,519 2,974 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 General classified by maturity End of period M ga o g r e t­ Other G U o .S vt . . S l a o t n c a d a te l C r a o a n r t d p e o­ Cash O as t s h e e ts r g li e a a t n b i n e e i d s l r i a ­ l De it p s o 2 s­ l O ia t t i b e h i s e li r ­ r c e o s a u e c n r ­ v ts e (in months) govt. other1 reserve accts. 3 or 3-6 6-9 Over Total less 9 1960................ 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 1,200 1961................. 28,902 475 6,160 677 5,040 937 640 42,829 38,277 781 3,771 1,654 1962................. 32,056 602 6,107 527 5,177 956 695 46,121 41,336 828 3,957 2,548 1963................. 36,007 607 5,863 440 5,074 912 799 49,702 44,606 943 4,153 2,549 1964................ 40,328 739 5,791 391 5,099 1,004 886 54,238 48,849 989 4,400 2,820 1965................. 44,433 862 5,485 320 5,170 1,017 944 58,232 52,443 1,124 4,665 2,697 1966................. 47,193 1,078 4,764 251 5,719 953 1,024 60,982 55,006 1,114 4,863 2,010 1967................. 50,311 1,203 4,319 219 8,183 993 1,138 66,365 60,121 1,260 4,984 742 982 799 2,523 1968................. 53,286 1,407 3,834 194 10,180 996 1,256 71,152 64,507 1,372 5,273 811 1,034 1,166 3,011 1969................. 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—Mar.. . 56,119 2,080 3,274 194 11,212 848 1,436 75,164 67,855 1,713 5,596 648 478 476 807 2,409 Apr.... 56,279 2,048 3,294 188 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 77,238 69,222 2,327 5,689 603 406 332 715 2,057 Sept.. . 57,202 2,240 3,281 197 12,222 1,001 1,459 77,602 69,817 2,087 5,698 635 334 266 691 1,926 Oct.... 57,398 2,291 3,215 207 12,243 1,035 1,465 77,855 70,093 2,051 5,712 596 338 274 666 1,875 Nov.... 57,473 2,332 3,219 205 12,378 1,112 1,483 78,202 70,361 2,111 5,730 564 315 311 662 1,852 Dec.r . 57,775 2,255 3,151 197 12,876 1,270 1,471 78,995 71,580 1,690 5,726 619 322 302 688 1,931 1971—Jan.... 58,014 2,365 3,196 206 13,457 1,129 1,564 79,930 72,441 1,739 5,750 638 322 285 705 1,950 Feb.... 58,194 2,592 3,328 222 13,919 1,270 1,575 81,100 73,366 1,926 5,809 723 352 283 790 2,148 Mar.. . 58,540 2,636 3,356 246 14,882 1,287 1,635 82,581 75,002 1,746 5,832 840 413 322 864 2,439 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-l 9. 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. loans beginning with Aug. 1967. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 38 SAVINGS INSTITUTIONS □ MAY 1971 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period a T s o s t e a ts l Total U S n ta i t t e e s d Sta lo te c a a l nd Foreign 1 Total Bonds Stocks M ga o g r e t s ­ e R st e a a te l P lo o a li n c s y a O s t s h e e ts r Statement value: 1961. 126,816 11,896 6,134 3,888 1,874 55,294 49,036 6,258 44,203 4,007 5,733 5,683 1962. 133,291 12,448 6,170 4,026 2,252 57,576 51,274 6,302 46,902 4,107 6,234 6,024 1963. 141,121 12,438 5,813 3,852 2,773 60,780 53,645 7,135 50,544 4,319 6,655 6,385 1964. 149,470 12,322 5,594 3,774 2,954 63,579 55,641 7,938 55,152 4,528 7,140 6,749 1965. 158,884 11,679 5,119 3,530 3,030 67,599 58,473 9,126 60,013 4,681 7,678 7,234 1966. 167,022 10,837 4,823 3,114 2,900 69,816 61,061 8,755 64,609 4,883 9,117 7,760 1967. 177,832 10,573 4,683 3,145 2,754 76,070 65,193 10,877 67,516 5,187 10,059 8,427 1968. 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: 1966. 167,022 10,864 4,824 3,131 2,909 68,677 61,141 7,536 64,661 4,888 9,911 8,801 1967 177,361 10,530 4,587 2,993 2,950 73,997 65,015 8,982 67,575 5,188 10,060 11,011 1968 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. 197,208 10,914 4,514 3,221 3,179 84,566 70,859 13,707 72,027 5,912 13,825 9,964 1970—Jan..................................... 197,924 10,990 4,585 3,226 3,179 85,240 71,617 13,623 72,263 5,949 14,067 9,415 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 Nov................................... 205,064 11,049 4,588 3,281 3,180 87,755 73,644 14,111 73,848 6,311 15,918 10,183 Dec................................... 206,193 10,967 4,494 3,285 3,188 88,183 73,123 15,060 74,345 6,362 16,025 10,311 1971- 208,206 11,027 4,557 3,298 3,172 90,127 74,326 15,801 74,370 6,341 16,109 10,232 l 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 assets— End of period M ga o g r e t s ­ I s i n m e t v i c e e e u n s s r t 1 t ­ ­ Cash Other2 lia T b o il t i a ti l e s S c a a v p i i n ta g l s R a d p n e i r v s d o e i d f r u i v e t n s d e ­ s m r B o o w n o e r e y ­ d 3 p L r o o i a n c n es s s 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 r s d t i o a a o d n t f d ­ 196 1 68,834 5,211 3,315 4,775 82,135 70,885 5,708 2,856 1,550 1,136 1,872 196 2 78,770 5,563 3,926 5,346 93,605 80,236 6,520 3,629 1 ,999 1,221 2,193 196 3 90,944 6,445 3,979 6,191 107,559 91,308 7,209 5,015 2,528 1,499 2,572 196 4 101,333 6,966 4,015 7,041 119,355 101,887 7,899 5,601 2,239 1,729 2,549 196 5 110,306 7,414 3,900 7,960 129,580 110,385 8,704 6,444 2,198 1,849 2,707 196 6 114,427 7,762 3,366 8,378 133,933 113,969 9,096 7,462 1,270 2,136 1,482 196 7 121,805 9,180 3,442 9,107 143,534 124,531 9,546 4,738 2,257 2,462 3,004 196 8 130,802 i 11,116 2,962 9,571 152,890 131,618 10,315 5,705 2,449 2,803 3,584 1969 5.......................... 140,347 10,893 2,439 8,620 162,299 135,670 11,239 9,728 2,455 3,207 807 2,812 1970 5—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 2,223 8,761 163,390 136,053 11,247 10,013 2,171 3,906 1,084 3,041 Apr............. 141,390 11,554 2,359 8,852 164,155 136,260 11,252 10,056 2,224 4,363 1,391 3,487 May........... 142,113 12,108 2,523 8,986 165,730 137,013 11,254 10,169 2,294 5,000 1,588 3,956 June........... 143,241 12,097 2,643 9,052 167,033 138,814 11,620 10,480 2,461 3,658 1,544 4,038 July............. 144,320 12,742 2,404 8,999 168,465 139,357 11,617 10,555 2,530 4,406 1,700 4,333 Aug............ 145,434 12,826 2,413 9,091 169,764 139,907 11,615 10,622 2,581 5,039 1,531 4,303 Sept............ 146,556 12,850 2,455 9,182 171,043 141,734 11,609 10,705 2,679 4,316 1,628 4,354 Oct.............. 147,712 13,277 2,715 9,248 172,952 142,825 11,588 10,721 2,747 5,071 1,711 4,539 Nov............ 148,896 13,340 3,155 9,356 174,747 143,928 11,592 10,691 2,838 5,698 1,628 4,633 Dec............. 150,562 13,058 3,520 9,434 176,574 146,744 12,012 10,942 3,087 3,789 1,602 4,393 1971 —Jan.............. 151,503 15,506 2,930 9,386 179,325 149,298 12,056 10,494 3,055 4,422 1,665 4,565 Feb.'......... 152,665 16,805 3,249 9,524 182,243 151,742 12,062 10,097 3,161 5,181 2,069 5,225 Mar.*......... 154,400 18,328 3,381 9,686 185,795 155,845 12,042 9,866 3,497 4,545 3,121 6,450 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

MAY 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 Federal National Mortgage Assn. Banks Federal Federal (secondary market for intermediate land Liabilities and capital operations) cooperatives credit banks banks End of period v m a b A t n e e o d r m 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 ­ t h s B n a o o n n t d e d s s M p b o d e s e e m i r ­ ts ­ C s a to p c it k al M l g o ( a A a o g n r ) e t s ­ D n t e a u ( o L b n r t e d e e ) s n s ­ c L a o ( t o o t i A p a v o ) n e e s r s ­ D t e u ( b L re e ) s n­ c L o a d ( o u A n i a s n d n ) ­ t s s D t e u ( b L re e ) s n­ M l g o ( a a A o g n r ) e t s ­ Bo (L n ) ds 196 7 4,386 2,598 127 4,060 1,432 1,395 5,348 4,919 1,506 1,253 3,411 3,214 5,609 4,904 196 8 5,259 2,375 126 4,701 1,383 1,402 6,872 6,376 1,577 1,334 3,654 3,570 6,126 5,399 196 9 9,289 1,862 124 8,422 1,041 1,478 10,541 10,511 1,732 1,473 4,275 4,116 6,714 5,949 197 0 10.614 3.864 105 10.183 2.332 1.607 15.502 15.206 2.030 1.755 4.974 4.799 7.186 6.395 1970—Mar.. 9,745 2,870 107 9,825 986 1,558 12,016 12,227 1,840 1,576 4,644 4,422 6,833 6,032 Apr.. 9,860 3,090 89 9,993 1,110 1,574 12,456 12,411 1,828 1,594 4,810 4,591 6,890 c6,113 May. 10,008 2,964 78 9,888 1 ,189 1 ,579 13,287 12,605 1,796 1,539 4,942 4,739 6,943 6,113 June. 10,236 2,844 106 9,880 1 ,333 1,586 13,659 13,165 1,749 1,509 5,097 4,879 6,995 6,179 July. 10,372 2,704 70 10,029 1,194 1,592 14,085 13,401 1,762 1,518 5,034 4,980 7,026 6,259 Aug.. 10,445 2,729 99 10,091 1,244 1,595 14,452 13,976 1,778 1.537 5,015 4,918 7,061 6.339 Sept.. 10.524 2,722 109 10.089 1,340 1.598 14,815 14,396 1,852 1.537 4,998 4,839 7,101 6.339 Oct.. 10,539 2,658 84 10.090 1,499 1 ,598 14,702 14,702 1,973 1,601 4,972 4,818 7,137 6.395 Nov.. 10.524 3,204 135 9,838 1,981 1 ,601 15,397 15,067 2,020 1,700 4,934 4,767 7,156 6.395 Dec.. 10.614 3.864 105 10.183 2.332 1.607 15.502 15.206 2.030 1.755 4.974 4.799 7.186 6.395 1971—Jan. 10,326 4,101 112 9,836 2,751 1.599 15,619 15,311 2,119 1,786 5,055 4,845 7,210 6.395 Feb.. 9,926 4,187 105 9,182 3,094 1 ,619 15,552 15,111 2,164 1.819 5,177 4,959 7,258 6.645 Mar. 15,420 15,122 2,153 1.819 5,380 5,077 7,347 6.645 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, MARCH 31, 1971 Cou­ Amount Cou­ Amount Cou­ Amount Agency, and date of issue pon (millions Agency, and date of issue pon (millions Agency, and date of issue pon (millions and maturity rate of dollars) and maturity rate of dollars) and maturity rate of dollars) Federal home loan banks1 Federal National Mortgage Federal intermediate Notes: Association—Cont. credit banks Debentures: Debentures: Bonds: 2/10/70 - 4/12/71 8.75 500 7/1/70 - 4/1/71......... 8.05 491 3/25/70 - 3/25/71 ......... 7.70 810 11/10/69 - 5/10/71. . . 8.20 400 8/3/70 - 5/3/71.......... 7.25 472 9/25/69 - 4/26/71 ......... 8^8 238 4/10/69 - 6/10/71____ 6.85 250 9/1/70-6/1/71........... 7.30 282 4/27/70 - 4/26/71 ......... 7.25 400 12/12/69 - 7/12/71 . . . 8.60 400 10/1/70 - 7/1/71 ___ 7.10 537 5/26/69 - 5/25/71 ......... 7.00 350 8/23/60 - 8/10/71 ____ 4}/8 63 11/2/70 - 8/2/71___ 6.80 584 5/25/70 - 5/25/71 ......... 8.20 500 4/10/70 - 8/10/71____ 7.38 200 12/1/70 - 9/1/71___ 5.70 412 2/25/70 - 6/25/71 ......... 8.45 650 7/10/70 - 8/10/71____ 8.05 250 1/4/71 - 10/4/71 ... . 5.30 375 7/27/70 - 7/27/71 ......... m 500 9/11/61 - 9/10/71 4 Vi 96 2/1/71 - 11/1/71......... 4.55 675 8/25/70 - 8/25/71 ......... 7.65 650 9/10/68 - 9/10/71____ 53/4 350 3/1/71 - 12/1/71......... 4.00 623 9/25/70 - 9/27/71 ......... 7.35 400 6/10/70 - 10/21/71. . . 8.45 500 3/2/70 - 3/1/73......... 8.15 203 10/27/69 - 11/26/71. . . 8.20 250 5/10/69 - 11/10/71. . . 6.85 350 9/1/70-7/2/73........... 7.75 200 11/25/69 - 2/25/72___ 8.20 200 3/10/70 - 12/10/71 6y4 500 1/4/71 - 7/1/74......... 5.95 224 6/26/70 - 2/25/72......... 8.20 300 2/10/60 - 2/10/72____ 5Vs 98 5/25/70 - 5/25/72......... 8.15 200 3/10/69 - 3/10/72____ 6V4 250 Federal land banks 9/25/70 - 11/27/72___ 7H 250 10/14/69 - 3/10/72. . . ey4 200 Bonds: 2/25/70 - 2/26/73......... 8.35 350 12/11/61 - 6/12/72. . . 43A 100 2/15/57 - 2/15/67-72 4Vs 72 10/27/70 - 8/27/73........ 7.20 450 2/10/70 - 6/12/72____ 8.70 300 2/20/70 - 4/20/71. . . 81/2 300 1/26/70 - 1/25/74......... 8.40 300 5/11/70 - 9/11/72____ 8.40 400 4/20/70 - 4/20/71 . . . 7.35 225 6/26/70 - 2/25/74......... 8.40 250 6/10/70 - 9/11/72. . .. 7.40 200 5/1/56 - 5/1/71 ......... 31/2 60 8/25/69 - 8/25/74......... 7.65 184 11/10/69 - 12/11/72. . 8.00 200 7/15/69 - 7/20/71. . . 8.15 270 11/25/69 - 11/25/74. . . 8.05 236 10/13/70 - 12/11/72. . 7.20 400 10/20/69 - 7/20/71 . . 8.45 232 1/26/71 - 2/25/75.......... 6.10 250 11/10/70 - 3/12/73. . . 7.30 450 10/20/68 - 10/20/71. 6.00 447 8/25/70 - 5/26/75____ 8.00 265 12/12/69 - 3/12/73. . . 8.30 250 8/20/68 - 2/15/72. . . 5.70 230 7/27/70 - 8/25/75......... 7.95 300 6/12/61 - 6/12/73____ 4Ya 146 2/23/71 - 4/20/72. .. . 4.45 300 12/18/70- 11/25/75. . . 6.50 350 7/10/70 - 6/12/73. . . . 8.35 350 6/22/70 - 7/20/72. . . 8.20 442 3/25/70 - 2/25/80......... 7.75 350 3/10/70 - 9/10/73____ 8.10 300 9/14/56 - 9/15/72. . . m 109 10/15/70- 10/15/80. . . . 7.80 200 12/10/70 - 12/10/73. . 5.75 500 9/22/69 - 9/15/72. . . 8.35 337 4/10/70 - 3/11/74. . .. 7.75 350 10/23/72 - 10/23/72. 5Vs 200 Federal National Mortgage 8/5/70 - 6/10/74.......... 7.90 400 7/20/70 - 1 /22/73 . . . 7.95 407 Association— 9/10/69 - 9/10/74. 7.85 250 2/20/63 - 2/20/73-78 4Vs 148 Secondary market 2/10/71 -9/10/74.......... 5.65 300 1/20/70 - 7/20/73. . . 8.45 198 operations 11/10/70 - 3/10/75. . . 7.55 300 8/20/73 - 7/20/73.... 7.95 350 Discount notes.................... 2,071 10/13/70 - 9/10/75. . . 7.50 350 4/20/70 - 10/22/73. . 7.80 300 Capital debentures: 3/11/71 - 3/10/76.......... 5.65 500 2/20/72 - 2/20/74. . . 41/2 155 9/30/68 - 10/1/73......... 6.00 250 2/13/62 - 2/10/77. 4% 198 10/20/70 - 4/22/74. . 7.30 354 4/1/70 - 4/1/75............. 8.00 200 12/10/70 - 6/10/77. . . 6.38 250 2/20/70 - 1/20/75. . . 220 1/21/71 - 6/10/81.. .. 7.25 250 4/20/65 - 4/21/75. . . 200 Mo 6 r /1 tg /7 a 0 g e- - b a 6 c /1 k / e 7 d 1 b .. o .. n ... d .. s .. : ... 8.13 150 2 3 / / 1 1 0 1/ / 7 7 1 1 - - 6 6 / / 1 1 0 0 / / 8 8 3 2. .. . . . . .. .. . . . . .. .. . 6 6 . . 7 6 5 5 2 2 0 5 0 0 2 7 5 / / / 2 2 2 0 / 1 6 / / 6 6 6 6 6 - - - 4 2 7 /2 / / 2 2 0 0 4 / / / 7 7 7 8 6 6 . . . . . . . . . . 5 5 5 3 % .0 ^ 0 1 1 1 5 5 23 0 0 9/9/70 - 10/2/72............. 7.50 400 Banks for cooperatives 2/20/67 - 1/22/79. . . 5.00 442 9 6/ / 1 2 / 9 7 / 0 7 0 - - 6 1 / 0 2 / / 1 7 / 5 9 . 0 .. . . . . . . . . . . . . . . . . . . . . . . 8 8 . . 3 6 8 3 2 20 5 0 0 De 1 b 0 e / n 1 t /7 u 0 r e - s: 4/2/71........... 7.10 270 2/23/71 -4/20/81. . . . 6.70 224 11/2/70 - 5/3/71 ........... 6.70 343 12/10/70 - 6/1/71 5.70 371 1/4/71 - 7/1/71 ............. 5.25 320 2/1/71 - 8/2/71............... 4.50 415 10/1/70 - 10/1/73. . .. 7.30 100 1 Data for changes in Oct. and Nov. 1970 not yet available. Digitized for FRNAotSe.E—RT hese securities are not guaranteed by the U.S. Govt.; see also note to table above. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 40 FEDERAL FINANCE □ MAY 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 net4 tures ties ties notes 3 ing ing S is p s 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-l,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 -12,370 1,194 1,590 1,630 July-Dee. 90,833 97,563 1,364 98,927 -8,093 14,505 -429 3,935 330 9,811 -767 315 -2,170 1970—Jan.-June 102,910 96,893 767 97,661 5,248 2,693 -1,310 5,451 346 -4,415 2,918 -896 1,188 July-Dee. 87,562 104,084 99 104,183 -16,621 18,240 -19 1,807 157 16,257 54 -952 -534 Month: 1970—Ma r '13,105 '16,273 '256 '16,528 -3,422 3,161 21 770 97 2,314 316 ' — 413 '1,012 Apr........... 22,043 17,858 200 18,057 3,986 -4,813 -39 -285 123 -4,691 85 526 1,317 May......... 13,986 16,337 108 16,445 -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......... 12,609 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 1971—Ja..............n 15,773 16,870 245 17,115 -1,341 -818 1,013 -551 86 660 1,518 654 2,854 Feb........... 15,130 16,717 -170 16,546 -1,417 2,324 -1,001 1,464 -382 240 -1,718 -193 -734 Mar.......... 13,205 18,328 318 18,646 -5,441 1,003 518 522 324 675 -3,370 57 1,453 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 nts ba G la o n ld ce Total se P c d u u e b r b i l t i t i c es s A ec g u e r n it c ie y s S i p s G I s e n u c o v e i v a s e t l s , t m ac e c n o t O u s n t o h ts f e r S n L p o e e te s c s i s a : 3 l E p T h q u b o e b u y l t l d a a i l c l s: s c p p o G r o N r i n o p v o s v s a w o . t t — . r e - e 5 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: 1970—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 38,802 1971—Jan.. 976 8,532 109 9,616 388,341 13,504 77,380 21,842 825 301,798 '38,693 Feb . 1,064 6,725 109 7,898 390,664 12,503 78,843 21,461 825 302,038 38,183 Mar., 858 3,561 109 4,528 391,668 13,021 79,366 21,784 825 302,713 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 debt of Federal home loan banks, Federal land banks, D.C. mainly by reductions in agency securities. The Federal National Mortgage Stadium Fund, FNMA (beginning Sept. 1968), FICB, and banks for Association (FNMA) was converted to private owership in Sept. 1968 and cooperatives (beginning Dec. 1968). the Federal Intermediate Credit Banks (FICB) and Banks for Coopera­ 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

MAY 1971 o FEDERAL FINANCE A 41 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Budget receipts Individual income taxes i C nc o o rp m o e r a ta ti x o e n s So a c n ia d l c in o s n u t r r a ib n u c t e i o t n a s xes Period Total W he it ld h­ N w he i o t l n h d ­ ­ fu R n e d ­ s t N ot e a t l c G e r r i e p o ­ t s s s fu R n e d ­ s c E o P r n m t a o a t y l p r x l ­ i e l b o s u y a m S t n i e o e d l n n f - s t 1 i e n U m s n u p r - l. . c O e n r i t p h e e ­ t t e s r 2 t N ot e a t l E ta x x c e is s e t C o u m s s ­ E a g s n i t f a d t te c M e r ip i e s t ­ c s . 3 taxes empl. Fiscal year: 196 7 149,552 50,521 18,850 7,845 61,526 34,918 946 26,047 1,776 3,659 1,867 33,349 13,719 1,901 2,978 2,108 196 8 153,671 57,301 20,951 9,527 68,726 29,897 1,232 27,680 1,544 3,346 2,052 34,622 14,079 2,038 3,051 2,491 196 9 187,78470,182 27,258 10,191 87,249 38,338 1,660 32,521 1,715 3,328 2,353 39,918 15,222 2,319 3,491 2,908 197 0 193,743 77,416 26,236 13,24090,412 35,037 2,208 37,190 1,942 3,465 2,70045,298 15,705 2,430 3,644 3,424 Half year: 1969—Jan.-June 104,88636,446 21,743 9,715 48,474 22,844 876 17,577 1,584 2,039 1,174 22,374 7,388 1,106 2,074 1,504 July-Dee. 90,833 38,797 5,771 481 44,087 15,179 982 17,057 131 1,270 1,282 19,740 8,241 1,263 1,496 1,809 1970—Jan.-June 102,910 38,619 20,465 12,759 46,325 19,858 1,226 20,134 1,811 2,196 1,416 25,558 7,464 1,168 2,148 1,615 July-Dee. 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 1,537 2,005 Month: 1970—Ma r r13,105 6,091 1,235 3,907 '3,430 4,559 320 3,006 146 64 221 3,436 1,192 202 322 r289 Apr.......... 22,043 5,748 8,992 4,039 10,701 4,895 317 2,847 1,081 234 259 4,419 1,226 207 599 314 May......... 13,986 7,058 1,063 2,863 5,258 862 148 4,585 207 857 202 5,851 1,319 192 348 304 June......... 22,561 6,014 3,797 458 9,353 7,517 188 3,294 127 70 278 3,769 1,367 207 328 207 July......... 12,609 6,040 477 236 6,281 1,071 234 2,745 186 255 3,185 1,439 218 293 356 Aug.......... 15,172 6,985 333 100 7,219 666 182 4,494 587 249 5,330 1 ,309 223 224 382 Sept......... 18,725 5,907 3,623 81 9,449 4,543 265 2,521 123 47 270 2,962 1,272 218 234 313 Oct........... 11,493 5,667 497 55 6,110 1,089 420 2,311 106 280 2,697 1,237 231 262 288 Nov......... 14,134 7,007 216 42 7,181 711 187 3,474 374 259 4,107 1,549 207 239 327 Dec.......... 15,429 5,838 422 50 6,209 4,664 179 2,222 ' * '9 50 265 2,545 1,346 220 285 339 1971—Ja..............n 15,773 6,339 4,280 40 10,579 1,085 558 2,178 113 165 264 2,720 1,195 199 269 286 Feb........... 15,130 7,246 654 1,407 6,493 683 310 4,835 141 721 248 5,944 1,505 175 280 361 Mar.......... 13,205 6,605 1,392 4,631 3,366 3,887 363 3,472 152 77 288 3,990 1,443 226 329 328 Budget outlays4 Period Total t f i e N o d n n e a s ­ a ­ e l a I f n fa t i l r . s s S e p r a e a r ­ c ch e A t c u g u r r l e ­ i­ N ur a a t l ­ m t C r a a e o n r n m d c s e p ­ . d h e C o m a v u o n e u s m l d n i o n . - p g . E p m d t o a i n w u a o d n n c e a ­ r ­ w H e a e l n a fa d lt r h e e V ra e n t­ s In e t s e t r­ g G e o r e v a n t l . ­ t t I g i r n o a o a t n c v r n ­ s a t s , - ­ 5 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 2,510 -3,936 196 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 2,561 -4,499 196 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 2,866 -5,117 197 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 3,336 -6,380 197 1 212,755 76,443 3,586 5,262 2,636 11,442 3,858 8,300 70,474 9,969 19,433 4,381 -7,197 1972«6.................... 229,232 77,512 4,032 5,804 4,243 10,937 4,495 76,749 10,644 19,687 4,970 -7,771 Half Year: 1969—Jan.-June. 91,362 41,408 1,878 1,293 860 3,372 928 3,764 25,202 3,975 8,183 1,542 -3,158 July-Dee.. 98,927 40,616 1,941 5,476 1,515 4,611 1,820 3,120 26,063 4,148 8,623 1,520 -2,365 1970—Jan.-June. 97,661 39,683 1,627 711 1,017 4,651 1,291 4,314 30,432 4,537 9,687 1,817 -4,015 July-Dee.. 104,183 38,485 1,409 4,633 1,575 5,794 1 ,677 3,744 32,710 4,625 9,594 1,823 -3,606 Month: 1970—Ma r 16,528 '6,597 312 325 76 '176 252 532 5,018 801 1,686 308 -242 Apr............. 18,057 6,806 336 332 107 185 967 280 642 5,996 751 1.631 272 -249 May........... 16,445 6,516 296 285 144 211 715 98 694 5,207 806 1,563 312 -401 June........... 15,351 6,926 225 378 -88 218 1,002 291 1,147 5,001 731 1,655 368 -2,503 July............ 19,327 6,794 199 268 2,430 208 843 471 553 5,276 732 1,597 190 -234 Aug............ 17,495 6,253 285 282 720 371 885 259 680 5,289 766 1,705 346 -347 Sept............ 17,443 6,374 221 282 44 337 1,231 268 651 5,434 722 1,731 396 -250 Oct............. 17,640 6,354 311 302 927 316 1,105 234 593 5,545 767 1,148 334 -296 Nov............ 16,728 5,965 234 266 422 283 898 132 534 5,488 829 1,738 264 -324 Dec............ 15,550 6,745 160 318 90 59 832 314 733 5,678 1,676 294 -2,157 1971—Ja................n 17,115 6,153 184 262 632 -409 826 373 676 5,899 768 1.631 367 -247 Feb............. 16,546 5,851 236 295 -89 234 759 217 686 5,929 797 1,695 294 -357 Mar............ 18,646 6,674 392 333 -52 230 1,000 206 912 6,139 964 1,709 399 -260 1 Old-age, disability, and hospital insurance, and Railroad Retirement 5 Consists of government contributions for employee retirement and accounts. interest received by trust funds. 2 Supplementary medical insurance premiums and Federal employee 6 Estimates presented in the Jan. 1971 Budget Document. Breakdowns do retirement contributions. not add to totals because special allowances for contingencies, Federal pay 3 Deposits of earnings by Federal Reserve Banks and other miscellane­ increase, and allowance for revenue sharing, totaling $800 million for ous receipts. fiscal 1971 and $5,969 million for fiscal 1972, are not included. 4 Outlays by functional categories are published in the Monthly Treasury Statement (beginning April 1969). Monthly back data (beginning Note.—Half years may not add to fiscal year totals due to revisions in July 1968) are published in the Treasury Bulletin of June 1969. series which are not yet available on a monthly basis. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 42 U.S. GOVERNMENT SECURITIES □ MAY 1971 GROSS PUBLIC DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues End of period p T g u r o b o t l s a i s c l Marketable Con­ N onmar ketable Special debt 1 Total Total Bills C c e a r t t e if s i­ Notes Bonds 2 b v i o b e n r le d t­ s Total 3 b S o in a n g v d s ­ s & notes 1941—Dec.. 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 7.0 1946—Dec.. 259.1 233.1 176.6 17.0 30.0 10.1 119.5 56.5 49.8 24.6 1962—Dec.. 303.5 255.8 203.0 48.3 22.7 53.7 78.4 4.0 48.8 47.5 43.4 1963—Dec.. 309.3 261.6 207.6 51.5 10.9 58.7 86.4 3.2 50.7 48.8 43.7 1964—Dec.. 317.9 267.5 212.5 56.5 59.0 97.0 3.0 52.0 49.7 46.1 1965—Dec.. 320.9 270.3 214.6 60.2 50.2 104.2 2.8 52.9 50.3 46.3 1966—Dec.. 329.3 273.0 218.0 64.7 5.9 48.3 99.2 2.7 52.3 50.8 52.0 1967—Dec.. 344.7 284.0 226.5 69.9 61.4 95.2 2.6 54.9 51.7 57.2 1968—Dec.. 358.0 296.0 236.8 75.0 76.5 85.3 2.5 56.7 52.3 59.1 1969—Dec., 368.2 295.2 235.9 80.6 85.4 69.9 2.4 56.9 52.2 71.0 1970—Apr.. 367.2 293.3 234.0 79.7 91.3 63.1 2.4 56.9 52.0 71.8 May. 371.1 295.8 236.6 80.1 93.5 63.0 2.4 56.9 52.0 73.3 June. 370.9 292.7 232.6 76.2 93.5 63.0 2.4 57.7 52.0 76.3 July.. 376.6 298.5 237.8 81.4 93.5 62.9 2.4 58.3 52.0 76.1 Aug.. 380.9 301.4 240.5 81.9 99.9 58.7 2.4 58.5 52.1 77.5 Sept.. 378.7 300.1 239.3 80.7 99.9 58.7 2.4 58.4 52.1 76.7 Oct... 380.2 302.9 242.2 83.7 99.8 58.7 2.4 58.3 52.2 75.4 Nov.. 383.6 306.0 244.4 84.6 101.2 58.6 2.4 59.2 52.4 75.6 Dec.. 389.2 309.1 247.7 87.9 101.2 58.6 2.4 59.1 52.5 78.1 1971—Jan... 388.3 308.8 247.7 87.9 101.2 58.5 2.4 58.7 52.6 77.7 Feb.. 390.7 309.8 248.1 89.3 104.3 54.5 2.4 59.3 52.8 78.9 Mar., 391.7 309.7 247.5 89.0 104.3 54.2 2.4 59.9 53.0 80.0 Apr.. 391.9 310.4 245.9 87.5 104.3 54.1 2.4 62.1 53.2 79.7 1 Includes non-interest-bearing debt (of which $627 million on Apr. 30, 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 E pe n r d i o o d f p T g d u r o e b o t b l s a i t s l c ag G t U a e r o n n u .S v c d s t . i t e . s B F a . n R k . s Total m C b e a o r n m c k ia ­ s l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m u c i e e r ­ s ­ r c O a o t t r i h p o e n o r s ­ g S l a o o t n v c a d a t t s e l . Savi I n n g d s ividu O a t ls her n F a i o t n a i r t n o e e n d i r g a ­ n l 1 i O m t n o t v i r h s e s c e s . r ­ 2 funds bonds securities 1939—Dec.................. 41.9 6.1 2.5 33.4 12.7 2.7 5.7 2.0 .4 1.9 7.5 .2 .3 1946—Dec.................. 259.1 27.4 23.4 208.3 74.5 11.8 24.9 15.3 6.3 44.2 20.0 2.1 9.3 1962—Dec.................. 303,5 53.2 30.8 219.5 67.1 6.0 11.5 18.6 20.1 47.0 19.1 15.3 14.8 1963—Dec.................. 309.3 55.3 33.6 220.5 64.2 5.6 11.2 18.7 21.1 48.2 20.0 15.9 15.6 1964—Dec.................. 317.9 58.4 37.0 222.5 63.9 5.5 11.0 18.2 21.1 49.1 20.7 16.7 16.3 1965—Dec.................. 320.9 59.7 40.8 220.5 60.7 5.3 10.3 15.8 22.9 49.7 22.4 16.7 16.7 1966—Dec.................. 329.3 65.9 44.3 219.2 57.4 4.6 9.5 14.9 24.3 50.3 24.3 14.5 19.4 1967—Dec.................. 344.7 73.1 49.1 222.4 63.8 4.1 8.6 12.2 24.1 51.2 22.8 15.8 19.9 1968—Dec.................. 358.0 76.6 52.9 228.5 66.0 3.6 8.0 14.2 24.4 51.9 23.9 14.3 22.4 1969—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—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 1971—Jan.................... 388.3 96.7 61.8 229.9 62.1 2.7 7.3 11.1 23.0 52.1 29.5 20.9 21.1 Feb................... 390.7 98.0 62.5 230.2 62.1 2.8 7.2 10.2 23.8 52.3 28.8 22.9 20.1 Mar.................. 391.7 98.8 64.2 228.7 61.2 2.8 6.8 11.0 22.6 52.5 27.5 25.4 18.9 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

MAY 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 rs y 5 e - a 1 r 0 s 1 y 0 ea -2 rs 0 20 O y v e e a r rs Total Bills Other All holders: 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—Dec. 31................................................................. 247,713 123,423 87,923 35,500 82,318 22,554 8,556 10,863 1971—Feb. 28................................................................. 248,092 115,534 89,303 26,231 86,011 27,197 8,529 10,821 Mar. 31................................................................. 247,457 114,940 88,977 25,963 86,024 27,199 8,513 10,780 U.S. Govt, agencies and trust funds: 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—Dec. 31........................................................ 17,092 3,005 708 2,297 6,075 3,877 1,748 2,387 1971—Feb. 28........................................................ 17,101 2,672 804 1,868 6,028 4,266 1,748 2,387 Mar. 31........................................................ 17,379 2,654 847 1,807 6,217 4,289 1,774 2,445 Federal Reserve Banks: 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—Dec. 31........................................................ 62,142 36,338 25,965 10,373 19,089 6,046 229 440 1971—Feb. 28........................................................ 62,462 32,441 25,800 6,641 23,356 5,875 290 500 Mar. 31........................................................ 64,160 33,416 26,709 6,707 23,699 6,178 312 555 Held by private investors: 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—Dec. 31........................................................ 168,479 84,080 61,250 22,830 57,154 12,631 6,579 8,036 1971—Feb. 28........................................................ 168,529 80,421 62,699 17,722 56,627 17,056 6,491 7,934 Mar. 31........................................................ 165,918 78,870 61,421 17,449 56,108 16,732 6,427 7,780 Commercial banks: 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—Dec. 31............................................... 50,917 19,208 10,314 8,894 26,609 4,474 367 260 1971—Feb. 28............................................... 49,051 16,100 9,373 6,727 25,890 6,483 354 224 Mar. 31............................................... 49,836 15,966 9,239 6,727 26,684 6,553 354 279 Mutual savings banks: 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—Dec. 31............................................... 2,745 525 171 354 1,168 339 329 385 1971—Feb. 28............................................... 2,818 462 205 257 1,151 487 335 383 Mar. 31............................................... 2,813 442 201 241 1,149 519 322 381 Insurance companies: 1968—Dec. 31............................................... 6,857 903 498 405 1,892 721 1,120 2,221 1969—Dec. 31............................................... 6,152 868 419 449 1,808 253 1,197 2,028 1970—Dec. 31............................................... 6,066 893 456 437 1,723 849 1,369 1,231 1971—Feb. 28............................................... 6,271 812 415 397 1,570 981 1,628 1,278 Mar. 31............................................... 5,883 784 438 346 1,568 944 1,395 1,193 Nonfinancial corporations: 1968—Dec. 31............................................... 5,915 4,146 2,848 1,298 1,163 568 12 27 1969—Dec. 31............................................... 5,007 3,157 2,082 1,075 1,766 63 12 8 1970—Dec. 31............................................... 3,057 1,547 1,194 353 1,260 242 2 6 1971—Feb. 28............................................... 2,909 1,474 1,266 208 1,210 216 3 6 Mar. 31............................................... 3,684 2,249 2,050 199 1,208 219 2 6 Savings and loan associations: 1968—Dec. 31............................................... 4,724 1,184 680 504 1,675 1,069 346 450 1969—Dec. 31............................................... 3,851 808 269 539 1,916 357 329 441 1970—Dec. 31............................................... 3,263 583 220 363 1,899 281 243 258 1971—Feb. 28............................................... 3,385 624 341 283 1,816 468 224 253 Mar. 31............................................... 3,400 717 449 268 1,750 487 216 232 State and local governments: 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—Dec. 31................................................ 11,204 5,184 3,803 1,381 2,458 774 1,191 1,598 1971—Feb. 28............................................... 12,079 6,151 5,035 1,116 2,320 923 1,164 1,520 Mar. 31............................................... 11,649 5,629 4,562 1,067 2,427 958 1,138 1,497 All others: 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—Dec. 31................................................ 91,227 56,140 45,092 11,048 22,037 5,672 3,078 4,298 1971—Feb. 28............................................... 92,016 54,798 46,064 8,734 22,670 7,498 2,783 4,270 Mar. 31............................................... 88,653 53,083 44,482 8,601 21,322 7,052 3,000 4,192 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 5,694 commercial banks, 490 mutual savings agencies and certain Govt, deposit accounts have been removed from U.S. banks, and 742 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 □ MAY 1971 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S. Govt. Period agency Total Dealers and brokers securities Within 1-5 5-10 Over Com­ All 1 year years years 10 years U se .S c . u r G it o i v es t, Other m b e a r n c k ia s l other 1970—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 1971—Jan..................................... 3,482 2,629 564 248 40 1,346 130 1,364 642 671 Feb.................................... 3,316 2,291 579 397 49 1,178 145 1,232 760 679 Mar................................... 3,072 2,122 506 388 57 1,036 143 1,204 688 567 Week ending— 1971—Mar. 3........................... 3,000 2,235 429 293 43 1,063 122 1,116 699 554 10........................... 3,466 2,248 638 507 72 1,193 173 1,444 657 675 17........................... 3,347 2,178 642 479 49 1,190 161 1,235 761 603 24........................... 2,758 1,958 399 340 62 927 124 1,050 658 666 31........................... 2,772 2,010 412 305 45 816 131 1,127 699 401 Apr. 7........................... 2,633 1,960 354 290 29 848 143 966 676 502 14........................... 2,736 1,972 449 268 48 931 161 967 677 612 21........................... 2,134 1,681 303 125 25 755 89 827 463 297 28........................... 2,062 1,691 171 169 33 638 69 723 631 654 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. Period m t a A i t e l u s l ri­ W y i e 1 t a h r in y 1 ea -5 rs 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 1970—Mar.................. 3,667 3,116 248 285 17 731 1970- 3,719 958 943 588 1,229 Apr................... 4,507 4,228 107 164 8 705 4,922 1,293 1,373 546 1,710 May.................. 2,668 1,886 461 306 16 654 2,898 637 830 466 964 June.................. 2,199 1,859 111 227 2 615 2,310 422 626 421 842 July.................. 3,267 3,102 -18 171 13 828 July............. 3,214 855 770 518 1,071 Aug................... 4,474 3,389 454 604 27 819 Aug............. 4,900 1,526 1,168 834 1,373 Sept.................. 4,020 3,326 246 433 16 724 4,220 1,164 1,456 449 1,152 Oct.................... 3,963 3,449 103 379 33 1,001 4,233 1,370 1,232 392 1,240 Nov................... 4,760 3,399 617 682 62 1,066 5,149 1,517 1,527 416 1,689 Dec................... 5,571 4,399 612 485 76 1,049 5,949 1,868 1,960 379 1,742 1971—Jan..................... 5,634 4,626 525 403 80 966 1971- 6,198 1,888 1,695 527 2,088 Feb................... 4,655 3,320 569 691 75 946 Feb............... 5,684 1,673 1,318 369 2,324 Mar................... 4,421 3,511 437 404 70 981 4,543 1,356 926 399 1,862 Week ending— Weekending— 1971—Feb. 3........... 5,777 3,912 909 852 104 1,037 1971--Feb. 3.... 7,238 2,462 1,956 568 2,252 10........... 4,781 3,162 730 798 92 970 10.... 6,769 2,164 1,916 475 2,215 17........... 4,399 3,199 449 680 70 873 17.... 5,835 1,559 1,072 328 2,876 24........... 4,165 3,100 397 615 53 927 24.... 4,315 1,064 674 377 2,201 Mar. 3........... 4,532 3,714 336 431 51 927 Mar. 3.... 4,721 1,567 1,210 240 1,704 10........... 4,487 3,626 361 443 58 820 10.... 4,839 1,599 1,287 458 1,494 17........... 4,201 3,307 389 430 75 913 17.... 4,599 1,143 784 371 2,300 24........... 3,617 2,613 539 375 89 1,076 24.... 4,111 1,297 728 415 1,670 31........... 5,300 4,357 515 362 65 1,161 31.... 4,547 1,293 803 414 2,038 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

MAY 1971 □ GOVERNMENT SECURITIES A 45 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, APRIL 30, 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 May 6, 1971. 3.406 Oct. 7, 1971. . . . 1,601 Apr. 1, 1973.... • i*4 34 Sept. 15, 1967-72..21/2 1,951 May 13, 1971. 3.404 Oct. 14, 1971. . . . 1,600 May 15, 1973.... .73/4 5,842 Dec. 15, 1967-72..21/2 2,565 May 20, 1971. 3.407 Oct. 21, 1971. .. . 1,401 Aug. 15, 1973, .. .8^ 1,839 Aug. 15, 1971 .4 2,806 May 27, 1971. 3,304 Oct. 28, 1971----- 1,401 Oct. 1, 1973 •1% 30 Nov. 15, 1971 •37/s 1,087 May 31, 1971. 1 ,701 Oct. 31, 1971.... 1,701 Feb. 15, 1974.....73/4 3,141 Feb. 15, 1972 .. 4 981 June 3, 1971. 3.300 Nov. 30, 1971.... 1,702 Apr. 1, 1974 ., .1% 34 Aug. 15, 1972 , .4 2,579 June 10, 1971. 3.301 Dec. 31, 1971.... 1,702 May 15, 1974 , .71/4 4,507 Aug. 15, 1973 .4 3,894 June 17, 1971. 3.301 Jan. 31, 1972.... 1,700 Aug. 15, 1974 . •55/s 10,284 Nov. 15, 1973.,.. •41/s 4,344 June 22, 1971f 2,515 Feb. 29, 1972.... 1,201 Oct. 1, 1974.... •1% 42 Feb. 15, 1974,... •41/s 3,126 June 24, 1971. 3,303 Mar. 31, 1972. . . . 1,200 Nov. 15, 1974 ,.. .53/4 3,981 May 15, 1974,,..• 4*4 3,579 June 30, 1971. 1.702 Apr. 30, 1972. . . . 1,200 Feb. 15, 1975 .. .534 5,148 Nov. 15, 1974 ,.. ■3% 2,238 July 1, 1971. 3.302 Apr. 1, 1975.... •1*4 8 May 15, 1975-85..41/4 1,212 July 8, 1971. 3.402 May 15, 1975.... .6 6,760 June 15, 1978-83..3% 1,537 July 15, 1971. 3.408 Aug. 15, 1975. ,, .5% 7,680 Feb. 15, 1980,... ,4 2,592 July 22, 1971. 3.402 Treasury notes Oct. 1, 1975.... ■ Wi 31 Nov. 15, 1980 ., .31/2 1,904 J J u u l l y y 2 3 9 1, , 1 1 9 97 71 1 . . 3 1 . . 4 7 0 0 1 3 M M a a y y 1 1 5 5 , , 1 1 9 9 7 7 1 1 . . . . .. . . . . . . . . . . . . . 8 5*4 4 4 , ,2 1 6 7 5 6 A Fe p b r . . 15 1, , 1 19 9 7 7 6 6 , .,.. • . 6 1 1 * / 4 4 3,739 * A M u a g y . 1 15 5 , , 1 19 9 8 8 7 5 -9 .. 2 .. .. . 4 3 * 1/ 4 4 3 1 , , 8 0 0 6 6 0 Aug. 5, 1971. 1.405 Aug. 15, 1971.........8M 2,257 May 15, 1976....•61/2 2,697 Feb. 15, 1988-93..4 247 Aug. 12, 1971. 1.400 Oct. 1, 1971.........li/2 72 Aug. 15, 1976. •71/2 4,194 May 15, 1989-94.•41/s 1,552 Aug. 19, 1971. 1.402 Nov. 15, 1971.........53/g 971 Feb. 15, 1977.,.. .8 5,163 Feb. 15, 1990 ..31/2 4,682 Aug. 26, 1971. 1.402 Nov. 15, 1971 ........734 5,832 Aug. 15, 1977........IVa 2,263 Feb. 15, 1995 ,3 1,211 Aug. 31 , 1971. 1.704 Feb. 15, 1972.........43^ 799 Feb. 15, 1978.,,, • 6*4 8,386 Nov. 15, 1998.... .31/2 3,926 Sept. 2, 1971. 1.401 Feb. 15, 1972.........7*4 2,681 Sept. 9, 1971., 1.401 Apr. 1, 1972.........11/2 34 Sept. 16, 1971. 1.401 May 15, 1972.........434 5,310 Convertiblebonds Sept. 23, 1971. 1,602 May 15, 1972.........6*4 2,037 Treasury bonds Investment Series B Sept. 30, 1971. 3.303 Oct. 1, 1972.........11/2 33 June 15, 1967-72..21/2 1,233 Apr. 1, 1975-80.• 234 2,350 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 .S v n t . s . State di s a s t n t a r d t i . ct Other2 Total c E at d i u on ­ b R r a o id n a g d d e s s i U ti t e i s l­ 4 H in o g u 5 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. 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 4,884 197 0 18,164 11,850 6,082 131 103 4,174 5,595 8,399 18,110 5,062 1,532 3,525 466 7,526 1970—Mar. . 1,555 1,088 459 434 391 731 1,549 395 208 228 85 633 Apr... 1,647 1,217 416 303 345 1,001 1,647 473 167 292 12 703 May., 996 674 315 254 311 433 987 298 30 367 11 281 June., 1,085 651 423 165 379 543 1,085 528 61 147 8 342 July. . 1,348 1,055 288 388 229 730 1,348 268 130 142 4 803 Aug. . 1,359 873 481 331 518 509 1,358 404 136 196 4 617 Sept.. 1,758 1,207 541 534 536 688 1,756 491 137 243 21 864 Oct.. . 1,924 1,184 695 290 531 1,102 1,923 532 123 380 68 821 Nov.. 1,748 892 753 247 765 736 1,743 523 63 364 12 683 Dec.., 2,190 1.270 914 571 826 793 2,176 425 327 623 121 681 1971—Jan... 2,684 1,601 960 121 577 1,131 975 2,673 503 390 426 373 980 Feb... 1,820 1,219 596 585 607 629 1,804 515 132 312 123 721 Mar.. 2,107 1,299 806 417 628 1,062 2,097 549 181 623 28 716 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 □ MAY 1971 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues1 Noncorporate Corporate Period Bonds Stock Total U.S. G U o . v S t . . an S d t a lo te c al Others Total Govt.2 agency3 (U.S.)4 Total P o u ff b e l r i e c d ly P p ri l v a a ce te d ly Preferred Common 1963...................... 35,199 10,827 1,168 10,107 887 12,211 10,856 4,713 6,143 343 1,011 1964...................... 37,122 10,656 1,205 10,544 760 13,957 10,865 3,623 7,243 412 2,679 1965...................... 40,108 9,348 2,731 11,148 889 15,992 13,720 5,570 8,150 725 1,547 1966...................... 45,015 8,231 6,806 11,089 815 18,074 15,561 8,018 7,542 574 1,939 1967...................... 68,514 19,431 8,180 14,288 1,817 24,798 21,954 14,990 6,964 885 1,959 1968...................... 65,562 18,025 7,666 16,374 1,531 21,966 17,383 10,732 6,651 637 3,946 1969...................... 52,496 4,765 8,617 11,460 961 26,744 18,347 12,734 5,613 682 7,714 1970....................... 88,664 14,831 16,180 15,160 949 38,944 30,264 25,384 4,880 1,388 7,292 1970— Feb........... 6,003 416 2,523 1,198 63 1,802 1,334 1,068 266 50 417 Mar.......... 6,799 461 1,201 1,504 94 3,539 2,385 1,914 471 90 1,064 Apr........... 5,891 387 700 1,625 9 3,170 2,469 2,022 448 67 634 May.......... 9,548 3,701 950 974 14 3,909 3,441 3,041 399 69 399 June......... 6,985 819 1,693 1,058 27 3,389 2,368 1,931 436 222 436 July........... 5,896 405 1,107 1,310 306 2,768 2,151 1,831 320 88 529 Aug........... 8,155 3,573 915 1,318 76 2,273 1,935 1,731 205 92 246 Sept.......... 8,199 1,428 1,600 1,650 4 3,518 2,814 2,425 389 176 528 Oct............ 8,353 412 2,169 1,882 113 3,777 2,694 2,390 303 180 903 Nov........... 9,040 2,414 750 1,684 10 4,182 3,283 3,001 283 124 774 Dec............ 7,651 401 924 2,245 100 3,980 3,270 2,436 834 168 541 1971—Jan............ 7,340 436 1,050 2,614 223 3,017 2,528 2,032 496 64 425 Feb............ 6,486 431 1,224 1,823 36 2,972 2,448 2,187 261 100 423 Gross proceeds, major groups of corporate issuers Period Manufacturing C m om is m ce e ll r a c n ia e l o u an s d Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e a l Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks 1963.................................................. 3,202 313 676 150 948 9 2,259 418 953 152 2,818 313 1964.................................................. 2,819 228 902 220 944 38 2,139 620 669 1,520 3,391 466 1965.................................................. 4,712 704 1,153 251 953 60 2,332 604 808 139 3,762 514 1966................................................... 5,861 1,208 1,166 257 1,856 116 3,117 549 1,814 189 1,747 193 1967................................................... 9,894 1,164 1,950 117 1,859 466 4,217 718 1,786 193 2,247 186 1968.................................................. 5,668 1,311 1,759 116 1,665 1,579 4,407 873 1,724 43 2,159 662 1969................................................... 4,448 1,904 1,888 3,022 1,899 247 5,409 1,326 1,963 225 2,739 1,671 1970.................................................. 9,191 1,322 1,949 2,545 2,188 92 8,016 3,001 5,059 83 3,861 1,636 1970—Feb........................................ 314 43 65 122 163 7 417 123 216 10 160 163 Mar....................................... 882 533 110 200 262 613 293 286 20 231 108 Apr....................................... 616 73 283 276 154 939 170 56 6 421 176 May...................................... 801 17 113 338 63 535 65 1,747 182 49 June...................................... 896 42 124 396 117 2 673 430 353 1 204 151 July....................................... 602 36 232 162 215 8 624 219 143 335 191 Aug....................................... 663 20 91 96 125 531 99 278 1 248 122 Sept....................................... 937 56 118 228 145 904 337 443 2 266 81 Oct........................................ 929 76 288 286 138 653 448 338 34 348 238 Nov....................................... 927 180 147 129 170 7 845 505 693 502 78 Dec........................................ 932 124 207 147 307 58 725 230 277 5 822 146 1971—jan......................................... 647 68 243 241 184 555 68 392 222 112 Feb........................................ 650 16 75 113 53 752 317 671 11 113 65 1 Gross proceeds are derived by multiplying principal amounts or 5 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

MAY 1971 □ SECURITY ISSUES A 47 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers1 Period All securities Bonds and notes Common and preferred stocks New issues Retirements Net change New issues Retirements Net change New issues Retirements Net change 1966......................... 19,799 7,541 12,258 15,629 4,542 11,088 4,169 3,000 1,169 1967......................... 25,964 7,735 18,229 21,299 5,340 15,960 4,664 2,397 2,267 1968......................... 25,439 12,377 13,062 19,381 5,418 13,962 6,057 6,959 -900 1969......................... 28,841 10,813 18,027 19,523 5,767 13,755 9,318 5,045 4,272 1970......................... 38,707 9,079 29,628 29,495 6,667 22,825 9,213 2,411 6,801 1969—IV................ 7,473 2,109 5,364 4,710 1,609 3,101 2,763 500 2,263 1970—1................... 7,272 2,185 5,086 4,987 1,507 3,480 2,285 679 1,606 II................. 10,114 2,227 7,886 7,876 1,545 6,330 2,238 682 1,556 Ill............... 9,385 2,089 7,297 7,598 1,546 6,051 1,788 542 1,245 IV................. 11,936 2,577 9,359 9,034 2,069 6,964 2,902 508 2,394 Type of issuer Manu­ Commercial Transpor­ Pubb'c Communi­ Real estate Period facturing and other 2 tation 3 utility cation and financial 1 & B n on o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks 1966......................... 4,324 32 616 -598 956 718 2,659 533 1,668 575 864 -90 1967......................... 7,237 832 1,104 282 1,158 165 3,444 652 1,716 467 1,302 -130 1968......................... 4,418 -1,842 2,242 821 987 -149 3,669 892 1,579 120 1,069 -741 1969......................... 3,747 69 1,075 1,558 946 186 4,464 1,353 1,834 241 1,687 866 1970......................... 6,641 870 853 1,778 1,104 36 6,861 2,917 4,806 94 2,564 1,107 1969—IV................. 266 484 181 580 97 41 1,447 467 551 87 559 605 1970—1................... 1,084 463 -160 415 591 17 1,214 395 546 27 204 289 II................. 1,334 -6 343 633 64 -24 1,953 583 2,134 10 504 361 Ill................ 2,169 39 263 326 21 -15 1,917 750 991 6 691 139 IV................ 2,054 374 407 404 428 58 1,777 1,189 1,135 51 1,165 318 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) Year Month 1 Sales 1 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 on3 Other 1958............... 1,620 511 1,109 13,242 634 12,608 1970—Mar... 451 289 162 47,915 4,046 43,869 1959............... 2,280 786 1,494 15,818 860 14,958 Apr... 371 306 65 42,785 3,909 38,876 1960............... 2,097 842 1,255 17,026 973 16,053 May.. 304 300 4 39,824 4,042 35,782 June.. 364 197 167 38,459 4,396 34,230 1961............... 2,951 1,160 1,791 22,789 980 21,809 July... 306 193 113 40,714 4,817 35,897 1962............... 2,699 1,123 1,576 21,271 1,315 19,956 Aug... 311 167 144 42,452 4,794 37,658 1963............... 2,460 1,504 952 25,214 1,341 23,873 Sept... 357 218 139 44,353 4,593 39,760 Oct.. . 420 243 177 43,567 4,377 39,190 1964............... 3,404 1,875 1,528 29,116 1,329 27,787 Nov... 343 215 128 45,223 4,126 41,097 1965............... 4,359 1,962 2,395 35,220 1.803 33,417 Dec... 467 307 160 47,618 3,649 43,969 1966............... 4,671 2,005 2,665 34,829 2,971 31,858 1971—Jan.... 487 242 245 50,251 3,663 46,588 1967............... 4,670 2,745 1,927 44,701 2,566 42,135 Feb.. . 349 322 27 51,300 3,600 47,700 1968............... 6,820 3,841 2,979 52,677 3,187 49,490 Mar... 468 425 43 53,618 3,328 50,290 1969............... 6,717 3,661 3,056 48,291 3,846 44,445 1 Includes contractual and regular single purchase sales, voluntary 3 Cash and deposits, receivables, all U.S. Govt, securities, and other and contractual accumulation plan sales, and reinvestment of invest­ short-term debt securities, less current liabilities. ment income dividends; excludes reinvestment of realized capital gains dividends. Note.—Investment Company Institute data based on reports of mem­ 2 Market value at end of period less current liabilities. bers, which comprise substantially all open-end investment companies registered with the Securities and Exchange Commission. Data reflect newly formed companies after their initial offering of securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 48 BUSINESS FINANCE □ MAY 1971 SALES, PROFITS, AND DIVIDENDS OF URGE CORPORATIONS (In millions of dollars) Industry 1968 19691 1965 1966 1967 1968 1969 I II III IV I II III IV Manufacturing Total (177 corps.): Nond D P P S u r r a i r o o v l a f e f i i i d b s t t s . s l e . e . n . a b . d . f e . t . s f g e . o . . o r . . r . . o . . e . t . d . . a . . t . . s x . . a . . e . . x . . s . . e . . i . . . n . s . . . . . . d . . . . . . . . . u . . . . . . . . . . s . . . . . . t . . . . . . r . . . . . . . i . . . . . e . . . . . . s . . . . . . . . . . . . . . . . . . . . . . . . ( . . ! . . . 7 . . . . . . 8 . . 1 2 1 7 6 2 2 7 , , , , 0 5 4 2 4 2 6 3 1 6 7 7 1 2 1 9 6 3 3 5 , , , , 9 4 3 7 2 8 0 3 C 7 7 *5 2 2 0 1 6 0 1 2 , , , , 9 8 6 3 8 9 9 6 9 8 5 4 2 2 1 2 7 5 3 5 , , , , 2 7 3 7 7 8 4 7 C 1 7 ! > I 2 2 1 4 7 5 4 3 , , , , 0 7 6 4 9 5 2 4 C 7 9 2 1 » > ’ 5 3 5 3 1 , , , , 2 6 9 7 9 3 8 1 8 3 5 6 I ! i 5 3 6 1 7 , , , , 6 7 8 7 3 0 7 3 1 9 8 2 1 1 ' 5 3 3 1 5 , , , , 0 5 7 9 3 8 4 8 C C 6 7 r > » i 6 2 3 6 0 , , , , 0 9 8 3 7 3 5 8 8 2 0 8 : : i 57 3 6 1 , , , , 6 5 8 5 1 7 3 6 2 9 8 f ! i > ! 6 3 6 1 1 , , , , 8 7 3 9 8 5 9 1 7 0 2 6 : r » i 6 5 1 3 1 , , , , 8 0 2 8 5 6 4 8 1 1 4 5 I i - 6 2 6 3 3 , , , , 5 1 3 3 1 1 1 8 7 3 9 8 corps.): 2 Dura D P P S b r r a i l o v o e le f f i g i i d s t t o s . s e . o . n . a b d . d . f e . s t . s f e . o i . . r n . . r . . . . d e t . . . . a u . . t . . x s . . a . . t . e . x r . . . . s i . . e . e . . . . . s s . . . . . . . . . . . ( . . . . 9 . . . . . . . . 9 . . . . . . . . . . . . . . c . . . . . . . . o . . . . . . . . . . r . . . . . . . . p . . . . . . . . s . . . . . . . . . . . . . ) . . . . . . . . : . 3 . 6 4 2 7 4 , , , , 7 5 8 8 8 2 4 9 6 7 6 7 7 2 9 5 3 , , , , 7 1 4 6 2 8 4 7 1 9 3 3 7 9 3 7 5 , , , , 3 0 0 9 3 2 6 7 9 7 9 9 8 9 3 5 4 , , , , 8 0 7 8 6 9 6 8 6 1 9 2 ' ; 9 1 6 2 3 0 , , , , 1 2 0 3 0 8 3 3 3 9 3 3 i i 2 2 0 1 , , , 3 1 4 7 8 2 5 4 8 7 6 3 i 2 2 1 1 , , , 4 4 0 7 1 9 2 5 1 2 5 1 : : 2 2 1 1 , , , 5 5 4 7 7 5 4 6 1 1 5 3 i 2 2 2 1 , , , 4 1 4 8 4 2 8 2 2 9 9 5 ; 2 2 1 1 , , , 5 7 4 8 2 6 9 1 4 4 2 2 ^ t 1 : 2 2 3 1 , , , 6 1 5 8 6 9 5 0 4 8 9 8 : ■ 1 2 2 3 1 , , , 6 4 5 8 4 4 2 2C 1 5 9 > » > 2 2 3 1 , , , 5 6 5 8 2 2 0 4 3 6 9 4 D P P S r r a iv o o le f f id i i s t t . e s s .. n . b a . d . f e .. t s f . e . . o . . r . . r . . . . e t . . a . .. . t . . x a . .. . e . x .. . s . . e . . . . . s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 4 7 2 4 , , , , 0 6 3 2 0 7 4 0 1 5 0 0 1 1 2 4 7 4 2 , , , , 1 8 3 0 9 3 0 9 1 4 7 4 1 1 2 3 6 1 3 , , , , 9 3 4 8 6 5 2 2 4 2 2 9 1 1 4 4 7 5 0 , , , , 1 9 5 8 8 8 1 7 9 9 0 9 ' 1 1 5 4 7 5 1 , , , , 4 9 4 2 6 8 1 9 9 9 6 0 , i 3 3 3 1 , , , 5 8 4 9 7 9 7 7 1 8 7 2 3 4 2 6 , , , 1 3 7 9 9 8 0 81 8 6 7 3 3 2 1 , , , 0 4 5 9 3 3 5 8 6 5 9 3 3 4 2 8 1 , , , , 3 4 2 2 6 9 5 5 1 3 0 9 3 2 4 1 5 , , , , 0 0 0 8 4 8 2 4 1 7 9 6 » i 3 2 4 8 1 , , , , 1 2 1 1 9 2 0 9 0 4 8 5 ' 3 1 3 1 7 , , , , 2 0 7 6 1 6 1 1 C 5 5 6 * > 3 1 1 3 9 , , , , 8 9 2 7 1 9 5 7 5 7 6 0 Selected industries: Foods and kindred products (25 corps.): Ch D P P S e r r a m iv o o le f f i i i c d i s t t a . s e s . l . n . a b .. d a f . e . t n s . f e . . o . d . r . . r . . . . e . t . . a . a . . . t l . . x l . a . . i . . e e . x . . . s d . e . . . . . . s . . . . . . . p . . . . . . . . . . r . . . . . . . . o . . . . . . . . d . . . . . . . . . . . u . . . . . . . . . c . . . . . . . . t . . . . . . . s . . . . . . . . . . . . . . . . . ( . . . . . 2 . . . . . . . . . . 0 . 1 1 6 , , 7 4 8 5 2 1 9 0 7 0 6 9 1 1 9 1 , , , 0 0 9 5 0 3 1 6 8 8 6 4 20 1 1 , , , 0 1 9 5 4 3 6 8 1 4 7 3 2 2 2 1 , , , 2 0 1 6 9 2 0 1 3 7 9 6 2 2 4 1 , , , 4 1 5 6 7 2 9 6 1 5 1 3 5,1 4 2 1 8 9 5 5 8 5 4 0 5,3 2 5 1 8 6 6 5 9 3 0 5 5,7 2 5 1 3 8 9 5 5 7 5 0 5,7 2 5 1 9 9 7 5 9 3 6 6 5,7 2 5 1 1 6 3 6 1 4 4 2 5,9 2 5 1 2 8 7 6 1 3 5 5 6,6 6 3 1 3 6 1 6 1 6 4 4 6,3 6 3 1 2 2 4 7 1 5 4 0 corps.): Pe D P P S tr r r a i o o v o l l e f f i e i d i s u t t . e s s . m . n . b a . . d f . e r . t s . f e e . o . . f . r . i . r . . n . . e . t . . i . a . n . . t . . x . a g . . . e . . x . . ( . s . e . . 1 . . . s . . . 6 . . . . . . . . . . . . . . . c . . . . . . . . o . . . . . . . . r . . . . . . . . p . . . . . . . . . . . s . . . . . . . . . . . . . ) . . . . . : . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 1 8 , , , 8 1 6 9 9 5 3 2 1 8 0 6 2 3 0 1 , , , 0 0 7 9 7 0 3 4 3 8 7 7 2 2 0 1 , , , 7 5 5 9 3 6 7 6 1 1 9 0 2 3 2 1 1 , , , , 1 6 8 0 1 1 0 0 8 7 8 2 2 3 1 4 1 , , , , 0 7 2 4 3 7 5 9 1 3 8 4 5,4 7 2 3 3 3 6 9 6 6 0 0 5,6 4 8 2 9 1 3 0 9 7 6 7 5,7 4 2 8 8 1 4 0 3 2 6 2 5,8 7 2 3 9 4 8 9 3 8 7 4 5,8 4 2 8 4 4 5 4 5 8 2 4 6,2 2 4 8 3 5 7 7 1 0 5 3 6,2 2 4 8 3 4 5 1 1 6 4 8 6,1 4 2 7 8 1 2 7 1 1 3 4 Pr D P P i S m r r a iv o o a le f f i r i i d s y t t . s s e . . n m . a b .. d f e . e . t s f . t e . o . a . r . . r . l . . . s e . t . . . a . . . . t a . x . a . . . n . e . x . . . s d . . e . . . . . . s . . . . . . p . . . . . . . . . r . . . . . . . . o . . . . . . . . . d . . . . . . . . . . . u . . . . . . . . . c . . . . . . . . t . . . . . . . s . . . . . . . . . . . . . . . . . ( . . . . . . 3 . . . . . . . . . 4 . . . . . . . . . 1 1 1 7 , , , 5 9 8 7 4 2 6 3 1 8 7 2 2 2 0 1 , , , 6 8 8 8 8 9 8 1 1 8 7 7 2 2 3 1 3 , , , , 0 0 2 0 3 7 5 0 8 9 8 4 2 2 2 4 1 , , , , 2 8 2 0 0 3 1 6 9 6 8 6 2 2 2 1 5 , , , , 9 2 1 5 4 2 2 8 1 3 4 6 5,8 2 7 5 9 5 9 6 3 0 2 7 6,0 2 6 5 1 5 9 2 3 5 2 0 6,1 2 7 5 0 5 6 4 1 8 0 0 6,2 2 6 5 1 7 6 3 3 4 7 4 6,1 2 5 7 0 8 6 2 7 2 2 6 6,6 2 5 7 1 7 5 2 3 8 0 8 6,2 2 5 7 6 8 5 5 2 4 4 0 6,6 5 2 7 0 8 5 3 5 6 7 0 corps.) : Ma D P P S c r r a i h v o o l i e f i f n d i i s t t e . e s s . r . n . y a b . d . f . e . ( t s . f 2 e . . o . . r . 4 . r . . . . e . t . c . . a . . o . . t . x . a . r . . . e . p x . . . s . . s e . . . . . . . s . ) . . . . . . . . . . : . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 6 1 , , , 9 5 6 8 3 8 4 1 1 9 8 8 2 3 8 1 , , , 2 5 9 9 5 0 7 2 3 8 7 4 2 2 6 1 , , , 4 5 5 8 8 0 3 9 6 7 2 2 3 2 0 1 , , , 9 1 7 9 2 7 5 5 1 1 0 2 3 3 1 3 , , , 0 9 6 9 5 1 7 8 2 2 7 4 7,1 2 6 3 5 2 6 7 0 4 9 6 8,4 9 2 5 2 3 1 5 7 0 5 0 7,4 2 3 6 6 3 4 0 1 1 3 3 7,1 4 2 7 3 8 6 3 3 2 4 5 7,6 2 4 6 7 3 4 9 1 1 1 2 8,6 5 2 8 1 4 0 2 2 5 4 8 8,4 4 2 7 4 3 4 1 5 8 5 7 8,9 5 2 8 4 5 4 1 3 3 2 8 Sales...................................................... 25,364 29,512 32,721 35,660 38,719 8,371 8,864 8,907 9,517 8,957 9,757 10,542 9,463 D P P r r iv o o f f id i i t t e s s n b a d f e t s f e . o . r . r . . e t .. a . t . x . a .. e x .. s . e . . . . s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 1 , , 1 6 7 0 2 7 6 7 4 3 1 , , 6 8 9 7 1 1 5 2 2 3 1 , , 4 7 9 8 8 21 9 2 4 2 , , 1 0 9 3 1 9 4 4 2 2 4 1 , , , 1 3 1 4 2 7 7 8 7 4 2 9 4 4 3 8 7 6 1,0 4 2 0 4 9 8 8 9 1,1 2 5 1 4 3 8 2 7 1,0 2 5 7 4 31 9 9 1,0 2 5 7 7 2 1 0 6 1,1 2 5 6 7 7 1 7 6 1,1 2 5 4 9 6 1 3 8 4 2 9 7 9 9 7 4 8 Automobiles and equipment (14 corps.): Sales...................................................... 42,712 43,641 42,306 50,526 52,290 12,343 13,545 9,872 14,767 13,328 13,638 11,300 14,024 Profits before taxes.......................... 6,253 5,274 3,906 5,916 5,268 1,507 1,851 640 1,918 1,663 1,542 652 1,411 Profits after taxes............................. 3,294 2,877 1,999 2,903 2,604 783 847 330 943 806 750 342 706 Dividends............................................ 1,890 1,775 1,567 1,642 1,723 364 364 364 550 365 436 366 556 Public utility Railroad: P O r p o e f r it a s t i b n e g f o r r e e v e ta n x u e e s . . . . . . 10,2 9 0 7 8 9 1 1 0, , 6 0 6 9 1 4 10,3 3 7 8 7 5 10,8 6 5 7 9 8 11,4 6 5 8 1 3 2,6 1 1 2 1 7 2,7 2 5 0 8 6 2,7 1 0 4 8 9 2,7 1 8 9 2 6 2,7 1 4 2 1 8 2,9 2 1 2 6 0 2,8 1 3 4 6 9 2,9 1 5 8 8 6 Elect D P ri r i c v o f i p i d t o e s w n a e d f r t s : e .. r . .. t . a .. x .. e .. s .. . . .. . .. . . . . 4 8 6 1 8 5 9 5 0 0 6 2 5 3 3 1 8 9 5 5 6 15 5 4 4 6 8 1 8 1 1 1 1 7 2 1 1 3 7 2 4 1 1 0 1 0 0 1 16 6 9 6 1 9 1 8 6 1 17 3 3 6 1 9 0 8 0 1 9 3 2 6 Operating revenue. . . 15,816 16,959 17,954 19,421 21,075 5,106 4,553 4,869 4,892 5,480 4,913 5,370 5,312 Profits before taxes... 4,213 4,414 4,547 4,789 4,938 1,351 1,040 1,271 1,125 1,384 1,065 1,366 1,123 Profits after taxes___ 2,586 2,749 2,908 3,002 3,186 863 641 764 733 873 707 827 779 Telep D h i o v n id e e : nds..................... 1,838 1,938 2,066 2,201 2,299 539 555 543 565 580 577 561 581 Operating revenue. . . 11,320 12,420 13,311 14,430 16,057 3,486 3,544 3,629 3,771 3,853 3,975 4,044 4,185 Profits before taxes... 3,185 3,537 3,694 3,951 4,098 971 989 990 1,001 1,070 1,043 979 1,006 Profits after taxes........ 1,718 1,903 1,997 1,961 2,080 525 441 493 502 540 523 497 520 Dividends...................... 1,153 1,248 1,363 1,428 1,493 351 318 396 363 368 371 373 381 1 Manufacturing figures reflect changes by a number of companies in profits before taxes are partly estimated by the Federal Reserve to include accounting methods and other reporting procedures. affiliated nonelectric operations. 2 Includes 17 corporations in groups not shown separately. Telephone: Data obtained from Federal Communications Commis­ 3 Includes 27 corporations in groups not shown separately. sion on revenues and profits for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long Note.—Manufacturing corporations: Data are obtained primarily from Lines and General Depts. of American Telephone and Telegraph Co.) published reports of companies. and for two affiliated telephone companies. Dividends are for the 20 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

MAY 1971 □ BUSINESS FINANCE A 49 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e r a o f x o f e i r s t e s c ta o I x n m e ­ e s P t a r a f o x t f e e i r s ts d C d e i a n v s d i h ­ s t U p ri r b n o u d fi t i t e s s d ­ co c a n a l t l s i p o o u i w n t m a ­ l p­ Quarter P b t e r a o f x o f e i r s t e s c ta o I x n m e ­ s e P t a a r f o x t f e e i r s ts d C d e i a n v s d i h ­ s t U r p i r b n o u d fi t i t e s s d ­ co c a t n a l i l s o p o u n i w t m a ­ l p ­ ances1 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 1970.............. 81.3 37.5 43.8 25.2 18.6 53.5 IV... 76.3 34.8 41.4 25.1 16.3 55.0 1 Includes depreciation, capital outlays charged to current accounts, and Note.—Dept, of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Notes and accts. Notes and accts. End of period working U.S. receivable payable Accrued capital Total Cash s G ec o u v r t i . ­ I t n o v ri e e n s ­ Other Total F in e c d o e m ra e l Other ties G U o . v S t . . 1 Other G U o . v S t . . 1 Other taxes 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 38.7 196 4 170.0 372.2 47.3 18.6 3.4 169.9 113.5 19.6 202.2 2.7 140.3 17.0 42.2 196 5 180.7 410.2 49.9 17.0 3.9 190.2 126.9 22.3 229.6 3.1 160.4 19.1 46.9 196 6 188.2 442.6 49.3 15.4 4.5 205.2 143.1 25.1 254.4 4.4 179.0 18.3 52.8 196 7 198.9 470.4 54.1 12.7 5.1 216.0 153.4 29.0 271.4 5.8 190.6 14.1 60.8 196 8 212.0 513.8 58.0 14.2 5.1 237.1 165.8 33.6 301.8 6.4 209.8 16.4 69.1 1969—11. 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 III 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 III 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 IV 217.0 572.1 56.9 9.7 4.2 268.1 194.4 38.8 355.2 6.6 244.5 15.9 88.1 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 Total Period Total Durable d N ur o a n bl ­ e Mining R ro a a i d l­ Air Other Electric and G a o s t her n C i o ca m ti m on u s ­ Other1 A (S . . R A . . ) 1964....................... 46.97 9.28 10.07 1.34 1.66 1.02 1.50 3.97 1.51 4.61 12.02 1965....................... 54.42 11.50 11.94 1.46 1.99 1.22 1.68 4.43 1.70 5.30 13.19 1966....................... 63.51 14.96 14.14 1.62 2.37 1.74 1.64 5.38 2.05 6.02 14.48 1967....................... 65.47 14.06 14.45 1.65 1.86 2.29 1.48 6.75 2.00 6.34 14.59 1968....................... 67.76 14.12 14.25 1.63 1.45 2.56 1.59 7.66 2.54 6.83 15.14 1969....................... 75.56 15.96 15.72 1.86 1.86 2.51 1.68 8.94 2.67 8.30 16.05 1970....................... 79.71 15.80 16.15 1.89 1.78 3.03 1.23 10.65 2.49 10.10 16.59 19712..................... 83.13 15.40 16.45 1.90 1.82 2.36 1.39 13.03 2.40 11.14 17.22 1969—11................ 18.81 3.98 3.84 .48 .44 .66 .46 2.22 .77 2.00 3.97 73.94 Ill............... 19.25 4.03 4.12 .47 .49 .53 .40 2.23 .80 2.11 4.07 77.84 IV............... 21.46 4.59 4.53 .49 .55 .64 .44 2.61 .62 2.39 4.60 77.84 1970—1................. 17.47 3.59 3.56 .45 .42 .73 .28 2.15 .39 2.14 3.76 78.22 II................ 20.33 4.08 4.07 .47 .47 .80 .31 2.59 .69 2.59 4.26 80.22 Ill............... 20.26 3.87 4.12 .46 .46 .74 .30 2.79 .78 2.56 4.16 81.88 IV............... 21.66 4.26 4.40 .50 .43 .76 .33 3.12 .63 2.81 4.42 78.63 1971—12............... 17.96 3.21 3.46 .44 .38 .45 .29 2.86 .41 6.47 80.55 II 2............. 20.89 3.86 4.03 .50 .53 .71 .36 3.29 .61 7.01 82.54 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 □ MAY 1971 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Farm Nonfarm ho O l t d h e e r r s2 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 t ies5 M t o y r p tg e a 6 ge E p n er d i o o d f h A e o r l l s d l ­ t F u i t n i c i n i s o a a t n l i n ­ s ­ 1 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 r i­ l s s h A e o r l l s d l ­ tu F i t n i c i n i s o a a t n l i n ­ s ­ 1 O h e o t r h l s d e 3 r ­ h A e o r l l s d l ­ 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 er ­ F w u H V n ri d A A tt e e - — r n - t C v io e o n n n a ­ ­ l 1941........... 37.6 20.7 4.7 12.2 6.4 1.5 4.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 3.0 28.2 1945 35.5 21.0 2.4 12.1 4.8 1.3 3.4 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.3 26.5 1964........... 300.1 241.0 11.4 47.7 18.9 7.0 11.9 281.2 197.6 170.3 27.3 83.6 63.7 19.9 77.2 204.0 1965 ........... 325.8 264.6 12.4 48.7 21.2 7.8 13.4 304.6 212.9 184.3 28.7 91.6 72.5 19.1 81.2 223.4 1966............ 347.4 280.8 15.8 50.9 23.3 8.4 14.9 324.1 223.6 192.1 31.5 100.5 80.2 20.3 84.1 240.0 1967........... 370.2 298.8 18.4 53.0 25.5 9.1 16.3 344.8 236.1 201.8 34.2 108.7 87.9 20.9 88.2 256.6 1968 . .. 397.5 319.9 21.7 55.8 27.5 9.7 17.8 370.0 251.2 213.1 38.1 118.7 97.1 21.6 92.8 277.2 1968—III.. 389.8 313.5 21.1 55.1 27.2 9.6 17.5 362.6 247.0 209.7 37.3 115.6 94.1 21.5 92.0 270.6 IV.. 397.5 319.9 21.7 55.8 27.5 9.7 17.8 370.0 251.2 213.1 38.1 118.7 97.1 21.6 92.8 277.2 1969—I.... 403.7 324.7 22.6 56.4 28.1 9.8 18.3 375.7 254.8 216.0 38.8 120.9 98.9 21.9 94.5 281.2 II. .. 411.7 331.0 23.4 57.1 28.8 10.1 18.7 382.9 259.5 219.9 39.5 123.4 101.0 22.4 96.6 286.3 III.. 418.7 335.7 24.9 58.1 29.2 10.1 19.1 389.5 263.4 222.5 40.9 126.0 103.1 22.9 98.5 291.0 IV.. 425.3 339.1 26.8 59.4 29.5 9.9 19.6 395.9 266.8 223.6 43.2 129.0 105.5 23.5 100.2 295.7 1970—1.... 429.4 340.8 28.6 60.0 29.8 9.8 20.0 399.6 268.5 223.8 44.7 131.0 107.1 23.9 101.9 297.9 II'.. 435.6 344.6 30.0 61.0 30.3 9.8 20.5 405.2 271.7 225.7 46.0 133.5 109.1 24.5 103.2 302.3 III'. 443.1 349.8 31.3 62.0 30.8 10.0 20.9 412.3 275.8 228.5 47.3 136.5 111.4 25.1 IV'. 451.1 356.2 32.2 62.7 31.2 10.1 21.1 419.9 279.7 231.6 48.1 140.2 114.5 25.7 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 Farm Total non­ Farm FHA- VA- Con­ farm FHA- VA- Con­ farm Total in­ guar­ ven­ Total in- guar- ven­ sured anteed tional sured anteed tional 1941.................................... 4,906 3,292 1,048 566 4,812 3,884 900 28 1945.................................... 4,772 3,395 856 521 4,208 3,387 797 24 1964.................................... 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 1965.................................... 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 1966.................................... 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 1967.................................... 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.................................... 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 1968—1............................. 60,119 38,157 7,694 2,674 27,789 18,396 3,566 51,218 45,171 15,179 11,872 18,120 5,931 116 II........................... 61,967 39,113 7,678 2,648 28,787 19,098 3,756 51,793 45,570 15,246 11,918 18,406 6,108 115 Ill.......................... 63,779 40,251 7,768 2,657 29,826 19,771 3,757 52,496 46,051 15,367 11,945 18,739 6,329 116 IV.......................... 65,696 41,433 7,926 2,708 30,800 20,505 3,758 53,456 46,748 15,569 12,033 19,146 6,592 117 1969—1............................. 67,146 42,302 7,953 2,711 31,638 20,950 3,894 54,178 47,305 15,678 12,097 19,530 6,756 117 II........................... 69,079 43,532 8,060 2,743 32,729 21,459 4,088 54,844 47,818 15,769 12,151 19,898 6,908 117 Ill.......................... 70,336 44,331 8,065 2,793 33,470 21,924 4,081 55,359 48,189 15,813 12,169 20,207 7,053 117 IV.......................... 70,705 44,573 7,960 2,663 33,950 22,113 4,019 56,138 48,682 15,862 12,166 20,654 7,342 114 1970—1............................. 70,854 44,568 7,888 2,496 34,184 22,248 4,038 '56,394 '48,874 '15,865 '12,105 '20,904 '7,413 '107 II*......................... 71,291 44,845 7,800 2,575 34,469 22,392 4,054 '56,880 '49,260 '15,931 '12,092 '21,237 '7,519 '101 Ill......................... 72,091 45,345 22,637 4,109 '57,402 '49,628 '16,017 '12,127 '21,654 '7,671 '103 IV.......................... 57,775 '49,936 '7*893 '119 1 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

MAY 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 1 Farm Total Total in F s H ur A e - d a g n V u t A a ee r - d ­ Other Farm 1945...................................................... 976 6,637 5,860 1,394 4,466 766 1962...................................................... 7,478 6,859 1,355 469 5,035 619 46,902 43,502 10,176 6,395 26,931 3,400 1963...................................................... 9,172 8,306 1,598 678 6,030 866 50,544 46,752 10,756 6,401 29,595 3,792 1964...................................................... 10,433 9,386 1,812 674 6,900 1,047 55,152 50,848 11,484 6,403 32,961 4,304 1965...................................................... 11,137 9,988 1,738 553 7,697 1,149 60,013 55,190 12,068 6,286 36,836 4,823 1966...................................................... 10,217 9,223 1,300 467 7,456 994 64,609 59,369 12,351 6,201 40,817 5,240 1967...................................................... 8,470 7,633 757 444 6,432 837 67,516 61,947 12,161 6,122 43,664 5,569 1968...................................................... 7,925 7,153 '755 346 '6,052 '722 69,973 64,172 '12,469 5,954 '45,749 5,801 1969 '.................................................... 7,531 6,943 663 220 6,108 537 72,027 66,254 12,271 5,701 48,282 5,773 1970—Jan.r....................................... 585 559 29 8 522 26 72,263 66,542 11,694 5,688 49,160 5,721 Feb.......................................... 564 541 27 6 508 23 72,527 66,836 11,675 5,638 49,523 5,691 Mar......................................... 576 546 24 12 510 30 72,616 66,943 11,642 5,636 49,665 5,673 Apr.......................................... 524 493 31 4 458 31 72,793 67,121 11,621 5,609 49,891 5,672 May......................................... 521 502 39 9 454 19 72,982 67,320 11,606 5,583 50,131 5,662 June......................................... 549 522 25 5 492 27 73,165 67,498 11,569 5,556 50,373 5,667 July......................................... 551 531 50 5 476 20 73,352 67,687 11,561 5,528 50,598 5,665 Aug.......................................... 472 458 31 8 419 14 73,427 67,767 11,526 5,499 50,742 5,660 Sept.......................................... 520 489 31 6 452 31 73,540 67,875 11,486 5,467 50,922 5,665 Oct.......................................... 555 527 28 5 494 28 73,728 68,058 11,453 5,442 51,163 5,670 Nov.......................................... 553 533 37 6 490 20 73,848 68,189 11,436 5,416 51,337 5,659 Dec.......................................... 1,143 1,099 44 8 1,047 44 74,345 68,693 11,325 5,390 51,978 5,652 1971—Jan........................................... 448 423 17 7 399 25 74,370 68,779 11,383 5,368 52,028 5,591 i Includes mortgage loans secured by land on which oil drilling or the end-of-Dec. figures may differ from end-of-year figures because (I) extracting operations are in process. monthly figures represent book value of ledger assets, whereas year-end figures represent annual statement asset values, and (2) data for year-end Note.—Institute of Life Insurance data. For loans acquired, the adjustments are more complete. Beginning 1970 monthly and year-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 om ew e Home FHA- VA- Con­ Total t S e h r o m r t­ i t L er o m ng ­ 2 Total 1 con­ pur­ Total 2 in­ guar- ven­ struc­ chase sured anteed tional tion 1945. 278 213 195 176 19 46 1963. 5,601 4,296 4,784 2,863 1,921 1,151 1945.............. 1,913 181 1,358 5,376 1964, 5,565 5,025 5,325 2,846 2,479 1,199 1965. 5,007 4,335 5,997 3,074 2,923 1,043 196 3 25,173 7,185 10,055 90,944 4,696 6,960 79,288 1966. 3,804 2,866 6,935 5,006 1,929 1,036 196 4 24,913 6,638 10,538 101,333 4,894 6,683 89,756 196 5 24,192 6,013 10,830 110,306 5,145 6,398 98,763 1967. 1,527 4,076 4,386 3,985 401 1,432 196 6 16,924 3,653 7,828 114,427 5,269 6,157 103,001 1968, 2,734 1,861 5,259 4,867 392 1,382 1969. 5,531 1,500 9,289 8,434 855 1,041 196 7 20,122 4,243 9,604 121,805 5,791 6,351 109,663 1970. 3,256 1,929 10,615 3,081 7,534 2,331 196 8 21,983 4,916 11,215 130,802 6,658 7,012 117,132 1969 '........... 21,847 4,757 11,254 140,347 7,917 7,658 124,772 1970- 136 388 9,745 8,501 1,243 985 197 0 21,387 4,150 10,239 150,562 10.195 8.507 131.860 393 278 9,860 7,721 2,138 1,108 240 92 10,008 7,031 2,997 1,188 1970—Mar.. 1,262 284 585 140 766 8,092 7,677 124,997 299 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 7,761 125,889 179 106 10,446 3,967 6,478 1,238 June. 2,086 398 1,017 143 103 8.579 7.862 126,662 204 125 10,524 3,477 7,047 1,339 July.. 2,080 393 1,071 143 103 8.579 7.862 r127,403 134 119 10,539 3,265 7,274 1,496 Aug.. 2,111 369 1,147 145 296 9,011 8,050 r128,234 112 126 10,524 3,156 7.368 1,978 Sept.. 2,183 388 1,100 146 418 9,224 8,115 129,079 224 134 10,615 3,081 7^534 2,331 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 1971- 43 331 10,326 2,924 7,403 2,750 Dec.. 2,474 416 968 150,560 10.195 8.507 131.860 Feb............... 27 428 9,926 2,697 7,230 3,093 30 266 9,690 2,814 6,876 3,423 1971—Jan.'. 1,667 307 752 151,503 10,473 8,673 132.357 Feb.' 1,887 346 818 152,665 10,810 8,766 133,089 Mar.. 2,785 520 1,137 154,400 11,168 8,920 134,312 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 □ MAY 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 G un o d v e e r r w nm rit e t n en t- Con­ E pe n r d io o d f Total F i i c n n i s a a t l i n ­ ­ h O ol t d h e 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 End of period Total Total F su H in re A ­ d - an g V t u e A a e r - d ­ i ti v o e n n a ­ l tutions tutions 1 1 1 9 9 9 4 4 6 1 5 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 1 4 4 1 . . . 3 2 2 1 1 1 7 4 5 6 . . . 9 7 7 3 9 8 4 . . .5 4 6 2 5 5 9 . . . 9 7 0 2 3 3 0 . . . 5 6 7 2 2 8. . . 3 2 2 1 1 9 96 5 3 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 8 9 8 2 7 . . . 2 6 6 6 6 4 5 9 . . . 3 9 2 3 3 4 5 8 . . . 1 3 0 3 3 0 0 . . . 9 9 2 1 1 1 1 2 4 6 8 . . . 3 3 3 1964............... 231.1 195.4 35.7 33.6 25.1 8.5 1965............................... 212.9 73.1 42.0 31.1 139.8 1 1 1 9 9 9 6 6 6 7 6 5 3 . . 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 5 6 8 0 4 0 . . . 1 0 0 2 2 2 2 3 1 3 6 3 . . . 7 6 2 4 4 3 0 6 3 . . . 3 9 4 4 4 3 0 3 7 . . . 3 9 2 2 3 3 1 9 4 . . . 5 7 0 8 9 8 . . . 8 2 2 1 19 9 6 6 8 6 p .. . . . .. .. .. . . .. . . .. .. .. . . .. . . .. .. .. . . . . .. . . . . . . .. . . .. . . . . .. . 2 2 2 3 2 5 6 3 1 . . . 1 6 2 7 7 8 6 3 9 . . . 1 9 8 4 4 5 4 7 0 . . . 8 4 6 3 3 3 1 2 3 . . . 5 3 2 1 1 1 5 6 4 6 7 7 . . . 1 6 4 1968*>............. 298.6 250.8 47.8 47.3 37.7 9.6 239.1 81.0 48.1 32.9 158.1 1968—IV....... 298.6 250.8 47.8 47.3 37.7 9.6 Ill....................... 2 2 4 4 7 3 . . 0 2 8 8 2 3 . . 1 2 4 48 9 . . 7 6 3 3 3 3 . . 6 4 1 1 6 61 3 . . 1 8 1969—1.......... 303.0 254.4 48.6 48.3 38.4 9.9 251.2 84.4 50.6 33.8 166.8 I I I V I ll . . . . . .. . . . . . . .. . . . . 3 3 31 0 1 4 8 9 . . . 1 9 0 2 2 2 6 6 5 2 9 5 . . . 3 7 0 5 5 4 1 4 9 . . . 4 6 0 5 5 4 0 2 9 . . . 2 6 4 4 4 3 1 0 9. . . 3 3 2 1 1 1 0 0 0 . . . 1 9 4 2 2 26 5 5 4 3 9 . . . 8 5 5 8 8 8 5 7 8 . . . 1 3 8 5 5 5 1 2 3 . . . 4 2 4 3 3 3 3 4 5 . . . 9 9 4 1 1 1 6 7 7 9 2 4 . . . 5 3 6 1970—1.......... 321.7 265.9 55.8 53.2 42.9 10.3 266.8 90.1 54.5 35.6 176.9 I I I I V II . _ .. _ .. _ .. 3 3 3 2 3 3 6 1 7 . . . 3 8 6 2 2 2 6 7 77 2 8 . . . 3 9 8 6 5 5 0 7 9 . . . 3 4 0 5 5 5 4 6 7 . . . 1 5 9 4 4 4 3 5 4 . . . 2 2 7 1 1 1 1 2 1 . . . 3 9 2 U III p p .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 6 7 7 8 1 5 . . . 5 7 8 9 92 1 . . 1 6 5 56 5 . . 1 6 3 36 6. . 0 0 1 1 7 7 7 9 . . 1 9 [V....................... 279.7 i Structures of five or more units. sta N nd o i t n e g .— ” t B a a b s l e e d ( s o e n c o d n a d t a p r f e ro ce m d i s n a g m p e a g so e) u . rce as for “Mortgage Debt Out­ inv 1 e sto I r n s c u lu n d d e e s r o re u p ts u t r a c n h d a i s n e g a a g m re o e u m n e t n o t. f VA vendee accounts held by private 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 Period Prop­ but delinquent for— Loans in Pro­ erty fore­ Total h N o e m w es h is o E t m i x n ­ e g s jects i m pr i e m o n v ­ t e s ­ 2 Total3 h N om ew es h i o s E t m i x n ­ e g s End of period Total 30 days 60 days o 9 r 0 m da o y r s e closure 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 1970............ 11,908 2,667 5,447 3,178 617 3,442 1,311 2,131 1966—IV___ 3.40 2.54 .54 .32 .36 1970—Jan... 807 178 433 139 58 ' 310 ' 137 *• 173 1967—1.......... 3.04 2.17 .56 .31 .38 Feb.. 643 141 361 109 32 ' 235 ' 107 ' 128 II........ 2.85 2.14 .45 .26 .34 Mar.. 780 176 406 157 42 ' 258 ' 114 ' 144 III. 3.15 2.36 .52 .27 .31 Apr.. 864 176 385 257 45 ' 233 r 97 *• 136 IV___ 3.47 2.66 .54 .27 .32 May. 943 176 351 367 48 ' 238 r 98 »■ 140 June. 1,097 218 478 336 64 ' 263 r 99 ' 164 1968—1.......... 2.84 2.11 .49 .24 .32 July.. 1,087 230 475 319 62 ' 298 r 109 r 189 II........ 2.89 2.23 .44 .22 .28 Aug.. 1,030 247 504 228 49 r 306 ' 107 r 199 Ill___ 2.93 2.23 .48 .22 .26 Sept.. 1,099 268 521 247 63 r 326 ' 110 r 216 IV___ 3.17 2.43 .51 .23 .26 Oct... 1,218 304 564 292 57 341 117 224 Nov.. 1,055 273 497 240 45 318 106 212 1969—1.......... 2.77 2.04 .49 .24 .26 Dec.. 1,286 280 472 484 50 316 109 207 2.68 2.06 .41 .21 .25 Ill.... 2.91 2.18 .47 .26 .25 IV___ 3.22 2.43 .52 .27 .27 1 Monthly figures do not reflect mortgage amendments included in annual totals. 1970—1.......... 2.96 2.14 .52 .30 .31 2 Not ordinarily secured by mortgages. II........ 2.83 2.10 .45 .28 .31 3 Includes a small amount of alteration and repair loans, not shown separ­ Ill___ 3.10 2.26 .53 .31 .25 ately; only such loans in amounts of more than $1,000 need be secured. IV....... 3.64 2.67 .61 .36 .33 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 con­ repayments 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

MAY 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 Total F su H in re A - d - a g n V u t A e a e r - d ­ c P ha u s r e ­ s Sales d p M e u r r a i i d o n e d g st O i a n n u g d t ­ Total F su H in re A ­ d - a g n V u t A e a e r - ­ d c P ha u s r e ­ s Sales d p M u er r a i i d o n e d g st O i a n n u g d t ­ 196 7 3,348 2,756 592 860 1,045 1,171 196 7 5,522 4,048 1,474 1,400 12 1,736 501 196 8 4,220 3,569 651 1,089 867 1,266 196 8 7,167 5,121 2.046 1,944 2,697 1,287 196 9 4,820 4,220 600 827 615 1,130 196 9 10,950 7,680 3,270 4,121 6,630 3,539 197 0 5.184 4.634 550 621 897 738 197 0 15.502 11.071 4.431 5,078 8,047 5,202 1970-Feb.. 4,903 4,311 592 58 24 1,057 1970-Feb.. 12,005 8,392 3,613 522 816 3,933 Mar.. 4,938 4,350 588 53 95 1,014 Mar.. 12,499 8,739 3,760 526 696 4,108 Apr.. 4,965 4,381 584 44 48 970 Apr.. 12,949 9,069 3,880 485 592 4,152 May. 5,006 4,426 580 62 92 925 May. 13,287 9,324 3,962 374 817 4,510 June. 5,033 4,458 575 58 191 992 June. 13,658 9,610 4.047 434 712 4,709 July.. 5,070 4,499 571 55 172 966 July.. 14,084 9,936 4,148 470 532 4,684 Aug.. 5,102 4,535 567 54 123 802 Aug.. 14,452 10,218 4,234 413 718 4,834 Sept.. 5,109 4,546 563 27 57 795 Sept.. 14,807 10,499 4,308 406 650 4,849 Oct... 5,132 4,573 559 46 42 775 Oct... 15,152 10,780 4,372 397 535 4,805 Nov.. 5,141 4,587 554 35 42 776 Nov.. 15,396 10,981 4,416 294 541 4,930 Dec.. 5.184 4.634 550 70 37 738 Dec.. 15.502 11.071 4.431 165 600 5,203 1971-Jan... 5,188 4,641 546 35 27 705 1971-Jan... 15,520 11,092 4,428 75 139 5,092 Feb.. 5,213 4,670 543 38 21 682 Feb.. 15,448 11,057 4,391 61 Note.—Government National Mortgage Assn. data. Data prior to Note.—Federal National Mortgage Assn. data. Data prior to Sept. Sept. 1968 relate to Special Assistance and Management and Liquidating 1968 relate to secondary market portfolio of former FNMA. Mortgage portfolios of former FNMA and include mortgages subject to participation commitments made during the period include some multifamily and non­ pool of Government Mortgage Liquidation Trust, but exclude conven­ profit hospital loan commitments in addition to 1- to 4- family loan com­ tional mortgage loans acquired by former FNMA from the RFC Mortgage mitments accepted in FNMA’s free market auction system. Co., the Defense Homes Corp., the Public Housing Admin., and Com­ munity Facilities Admin. HOME-MORTGAGE YIELDS FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY UNDER FREE MARKET SYSTEM (In per cent) Primary market Secondary Implicit yield, by (conventional loans) market Mortgage amounts commitment period (in months) FHA series FHLBB series Yield Date Accepted Period (effective rate) on FHA- of insured auction New Existing h N om ew es l h o n o a e m n w s e Offered Total pe B r y io c d o m (in m m itm on e t n h t s ) 3 6 12-18 homes homes 3 6 12-18 1967....................... 6.46 6.52 6.53 6.55 1968....................... 6.97 7.03 7.12 7.21 In millions of dollars In per cent 1969....................... 7.81 7.82 7.99 8.26 1970....................... 8.44 8.35 8.52 9.05 1970—Aug. 24.. 492.8 215.1 48.9 124.4 41.9 9.03 9.03 9.03 1970—Mar............ 8.47 8.43 8.55 9.20 Apr............. 8.41 8.34 8.55 9.10 Sept. 8.. 384.2 200.1 45.6 117.0 37.5 9.06 9.04 9.04 May........... 8.45 8.34 8.55 9.11 24.. 207.8 195.3 40.1 121.5 33.7 9.01 9.01 9.02 June........... 8.48 8.36 8.55 9.16 July............ 8.49 8.37 8.60 9.11 Oct. 5.. 267.5 149.8 62.2 73.1 14.5 8.90 8.92 8.97 Aug............ 8.52 8.41 8.60 9.07 19.. 352.5 149.7 53.2 88.1 8.4 8.89 8.90 8.95 Sept............ 8.48 8.42 8.50 9.01 Oct............. 8.51 8.35 8.50 8.97 Nov. 2.. 341.5 181.2 100.0 62.4 18.7 8.90 8.93 8.93 Nov............ 8.43 8.32 8.45 8.90 16.. 222.4 170.3 75.8 79.4 15.1 8.89 8.90 8.92 Dec. r.......... 8.38 8.26 8.30 8.40 Dec. 7.. 166.5 127.8 54.7 60.9 12.2 8.56 8.54 8.57 1971—Jan.............. 8.18 8.08 7.95 14.. 165.1 124.7 42.1 72.1 10.5 8.51 8.43 8.47 Feb............. r7.91 7.80 7.75 Mar............ 7.66 7.60 7.60 7.32 1971—Jan. 25.. 44.1 35.5 9.9 25.6 7.82 7.96 8.40 Feb. 8.. 23.4 23.3 10.6 12.7 7.67 7.67 Note.—Annual data are averages of monthly figures. The FHA data are based on opinion reports submitted by field offices Mar. 1.. 185.6 51.8 15.2 29.3 7.3 7.43 7.43 7.56 on prevailing local conditions as of the first of the succeeding 15. . 193.5 74.0 17.9 41.2 14.9 7.32 7.44 7.54 month. Yields on FHA-insured mortgages are derived from 29.. 122.5 67.0 36.7 26.3 3.9 7.32 7.45 7.55 weighted averages of private secondary market prices for Sec. 203, 30-year mortgages with minimum downpayment and an Apr. 12.. 126.9 54.6 39.8 9.4 5.4 7.32 7.45 7.53 assumed prepayment at the end of 15 years. Gaps in data are 26.. 687.2 313.9 154.0 126.6 33.4 7.43 7.54 7.57 due to periods of adjustment to changes in maximum permis­ sible 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 38are 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 yield 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. Com­ of 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 □ MAY 1971 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Other Repair Auto­ consumer and mod­ Personal Single­ Charge Service Total mobile goods ernization loans Total payment accounts credit paper paper loans 1 loans 1939. 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 . 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945. 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1950. 21,471 14,703 6,074 4,799 1,016 2,814 6,768 1,821 3,367 1,580 1955. 38,830 28,906 13,460 7,641 1,693 6,112 9,924 3,002 4,795 2,127 1960. 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 1970 126,802 101,161 35,490 29,949 4,110 31,612 25,641 9,484 8,850 7,307 1970—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 1971- 125,077 100,101 35,004 29,575 4,067 31,455 24,976 9,480 8,094 7,402 Feb............................... 123,815 99,244 34,869 28,928 4,051 31,396 24,571 9,506 7,353 7,712 Mar.............................. 123,604 99,168 35,028 28,591 4,045 31,504 24,436 9,557 7,207 7,672 1 Holdings of financial institutions; holdings of retail outlets are in- hold, family, and other personal expenditures, except real estate mortgage eluded 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 Total mobile retail banks cos. 1 unions lenders 1 dealers 2 outlets 1939. 4,503 3,065 1,079 1,836 132 18 1,438 123 1,315 1941 6,085 4,480 1,726 2,541 198 15 1,605 188 1,417 1945. 2,462 1,776 745 910 102 19 686 28 658 1950, 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 1965. 71,324 61,533 28,962 24,282 7,324 965 9,791 315 9,476 1966 77,539 66,724 31,319 26,091 8,255 1,059 10,815 277 10,538 1967 80,926 69,490 32,700 26,734 8,972 1,084 11,436 285 11,151 1968, 89,890 77,457 36,952 29,098 10,178 1,229 12,433 320 12,113 1969, 98,169 84,982 40,305 31,734 11,594 1,349 13,187 336 12,851 1970 101,161 87,064 41,895 31,123 12,500 1,546 14,097 327 13,770 1970—Mar.................................................. 96,662 84,308 39,956 31,433 11,533 1,386 12,354 331 12,023 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 99,860 87,315 41,934 31,588 12,292 1,501 12,545 337 12,208 100,142 87,471 42,051 31,510 12,409 1,501 12,671 337 12,334 99,959 87,243 42,010 31,309 12,422 1,502 12,716 335 12,381 99,790 86,820 41,740 31,081 12,438 1,561 12,970 332 12,638 101,161 87,064 41,895 31,123 12,500 1,546 14,097 327 13,770 1971- 100,101 86,308 41,611 30,791 12,353 1,553 13,793 324 13,469 Feb................................................... 99,244 85,910 41,446 30,511 12,351 1,602 13,334 323 13,011 99,168 86,015 41,563 30,326 12,509 1,617 13,153 325 12,828 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

MAY 1971 □ CONSUMER CREDIT A 55 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY FINANCE COMPANIES (In millions of dollars) (In millions of dollars) Automobile Repair paper Other and Other Repair E p n er d i o o d f Total s c u o m n e ­ r m iz o a d t e io r n n­ s P o e n r a ­ l End of period Total m A o u b to il ­ e s c u o m n e ­ r mo a d nd ern­ s P o e n r a ­ l 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 66 143 114 110 312 910 202 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 1965. 28,962 10,209 5,659 4,166 2,571 6,357 1965 24,282 9,400 4,425 224 10,233 1966. 31,319 11,024 5,956 4,681 2,647 7,011 26,091 9,889 5,171 191 10,840 1967, 32,700 10,927 6,267 5,126 2,629 7,751 1967. 26,734 9,538 5,479 154 11,563 1968 36,952 12,213 7,105 6,060 2,719 8,855 1968, 29,098 10,279 5,999 113 12,707 1969. 40,305 12,784 7,620 7,415 2,751 9,735 31,734 11,053 6,514 106 14,061 1970 41,895 12,433 7,587 8,633 2,760 10,482 1970 31,123 9,941 6,648 94 14,440 1970--Mar.. . 39,956 12,552 7,538 7,476 2,678 9,712 1970- 31,433 10,876 6,489 102 13,966 Apr---- 40,245 12,550 7,598 7,568 2,685 9,844 31,537 10,949 6,478 101 14,009 May... 40,515 12,600 7,635 7,667 2,705 9,908 31,595 10,990 6,505 99 14,001 June... 40,979 12,680 7,722 7,828 2,731 10,018 31,862 11,073 6,560 98 14,131 July... 41,703 13,002 7,759 8,078 2,755 10,109 July........................ 31,561 10,771 6,499 96 14,195 Aug.. . 41,934 12,981 7,748 8,183 2,770 10,252 Aug........................ 31,588 10,732 6,529 94 14,233 Sept.. , 42,051 12,890 7,734 8,263 2,783 10,381 31,510 10,619 6,568 94 14,229 Oct.. .. 42,010 12,824 7,730 8,286 2,785 10,385 31,309 10,465 6,594 94 14,156 Nov__ 41,740 12,628 7,654 8,299 2,779 10,380 31,081 10,226 6,548 94 14,213 Dec___ 41,895 12,433 7,587 8,633 2,760 10,482 31,123 9,941 6,648 94 14,440 1971--Jan.... 41,611 12,253 7,530 8,613 2,727 10,488 1971- 30,791 9,754 6,605 93 14,339 Feb.. . . 41,446 12,165 7,561 8,535 2,704 10,481 Feb.......................... 30,511 9,672 6,493 93 14,253 Mar___ 41,563 12,147 7,667 8,499 2,692 10,558 30,326 9,674 6,363 93 14,196 See Note to first table on preceding page. Note.—Finance companies consist of those institutions formerly clas­ sified as sales finance, consumer finance, and other finance companies. INSTALMENT CREDIT HELD BY OTHER NONINSTALMENT CREDIT FINANCIAL LENDERS (In millions of dollars) (In millions of dollars) Single­ Other Repair payment Charge accounts Auto­ con­ and Per­ loans End of period Total mobile sumer modern­ sonal paper goods ization loans 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 1965.................................... 8,289 3,036 498 933 3,822 1950................. 6,768 1,576 245 3,291 76 1,580 1966.................................... 9,314 3,410 588 980 4,336 1955................. 9,924 2,635 367 4,579 216 2,127 1967.................................... 10,056 3,707 639 1,006 4,704 1960................. 13,173 3,884 623 4,893 436 3.337 1968.................................... 11,407 4,213 727 1,093 5,374 1969.................................... 12,943 4,809 829 1,183 6,122 196 5 18,990 6,690 981 5,724 706 4,889 1970.................................... 14,046 5,202 898 1,256 6,690 196 6 20,004 6,946 1,026 5,812 874 5,346 196 7 21,206 7,340 1,088 5,939 1,029 5,810 1970—Mar........................ 12,919 4,791 826 1,171 6,131 196 8 23,301 7,975 1,163 6,450 1,305 6,408 Apr......................... 13,020 4,835 834 1,174 6,177 196 9 24,300 7,900 1,196 6,650 1,584 6,970 May....................... 13,225 4,897 845 1,199 6,284 197 0 25,641 8.205 1.279 6.932 1.918 7.307 J J S A u u e u p l n g y t e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 3 3 3 3 , , , , 7 4 6 9 9 1 7 1 3 2 0 0 4 5 5 5 , , , , 9 0 1 1 9 4 5 1 8 9 8 0 8 8 8 8 8 6 7 9 1 3 2 0 1 1 1 1 , , , , 2 2 2 2 1 4 3 4 1 6 0 0 6 6 6 6 , , , , 4 3 6 5 6 9 6 1 1 6 2 8 1970— A M M p a a r r y _ . _ . . . _ . . 2 2 2 3 3 3 , . , 2 6 0 9 3 4 8 6 0 7 7 7 , , , 9 8 8 2 4 9 5 3 2 1 1 1 , . , 2 2 2 1 3 1 1 4 0 5 5 5 , , , 2 6 0 8 3 6 3 9 2 1 1 1 , , , 6 5 6 1 8 4 1 3 0 7 7 7 , . , 2 3 2 0 3 9 8 7 6 N D O e o ct c v . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 3 4 3 , , , 9 0 9 9 4 2 9 6 4 5 5 5 , , , 1 2 1 7 0 6 1 2 4 8 8 8 9 9 9 1 3 8 1 1 1 , , , 2 2 2 5 4 6 7 6 0 6 6 6 , , , 6 6 6 7 9 2 5 2 0 J J S A u u e u n l p g y e t . . . . . . . . . . . . . . 2 2 2 2 3 3 3 3 , , , , 7 7 8 7 6 9 4 9 5 5 3 0 8 8 8 8 , . . , 0 0 0 0 4 0 0 6 1 5 5 2 1 1 1 1 . . , . 2 2 2 2 5 4 5 3 3 9 4 4 5 5 5 5 , , , , 6 7 7 6 1 6 2 6 7 5 7 4 1 1 1 1 . , , , 8 7 7 8 7 0 8 4 2 8 2 4 6 7 6 7 , , , , 1 9 0 9 3 9 6 2 1 3 7 0 1971—J F M a e n a b r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 3 3 4 , , , 9 9 1 0 5 2 6 3 6 5 5 5 , , , 2 1 1 4 1 4 3 5 8 9 8 8 0 8 8 1 8 9 1 1 1 , , , 2 2 2 6 4 5 7 0 4 6 6 6 , , , 6 6 7 2 6 5 8 2 0 D N O e o c c v t _ . _ . _ _ .. 2 2 2 5 4 3 . , , 6 1 9 4 2 0 1 5 7 8 8 8 , . , 0 2 0 7 0 5 1 5 9 1 1 1 . , . 2 2 2 7 7 5 9 4 4 5 6 5 , . , 8 9 7 3 8 9 2 4 7 1 1 1 . . , 8 9 8 7 1 5 3 8 9 7 7 6 , . , 3 0 9 2 0 3 3 7 8 1971—Jan.._.. 24,976 8,196 1,284 6,144 1,950 7,402 lan N eo o u t s e . l — en O de th rs e . r financial lenders consist of credit unions and miscel­ M Fe a b r .... 2 2 4 4, , 5 4 7 3 1 6 8 8 , . 2 20 4 5 9 1 1, , 3 3 0 0 1 8 5 5, , 3 43 1 5 6 1 1 , . 8 9 9 1 1 8 7 7 , , 7 67 1 2 2 1 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 a MAY 1971 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Other consumer Repair and Total Automobile paper goods paper modernization loans 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 1970—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 1971—Jan... 8,916 7,545 2,461 1,997 3,252 2,868 177 122 3,026 2,558 Feb.. 9,081 7,489 2,687 2,336 3,204 2,431 197 155 2,993 2,567 Mar.. 9,533 9,575 2,897 3,074 3,210 3,076 209 197 3,217 3,228 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 1970—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 1971—Jan... 8,829 8,605 2,623 2,483 3,145 3,242 175 165 2,886 2,715 Feb.. 8.979 8,346 2,636 2,471 3,212 3,078 188 171 2,943 2,626 Mar.. 9,038 9,651 2,696 2,915 3,164 3,413 196 203 2,982 3,120 Net change in credit outstanding 2 196 5 8,629 3,684 2,232 150 2,563 196 6 6,215 1,937 2,413 90 1,775 1967....... 3,387 168 1,417 -29 1,831 196 8 8,964 3,406 2,504 136 2,918 196 9 8,279 2,472 2,710 115 2,982 197 0 2,992 -1,112 2,340 70 1,694 1970—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 1971—Jan... 87 -1,060 -162 -486 107 -374 2 -43 140 -157 Feb.. 102 -857 51 -135 -8 -647 9 -16 50 -59 Mar.. 495 -76 201 159 46 -337 13 -6 235 108 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

MAY 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 Period S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. Extensions 1965. 78,586 29,528 25,192 9,436 14,430 1966. 82,335 30,073 25,406 10,362 16,494 1967. 84,693 30,850 25,496 10,911 17,436 1968. 97,053 36,332 28,836 12,850 19,035 1969. 102,888 38,533 30,854 14,245 19,256 1970. 104,130 39,136 29,662 14,619 20,713 1970—Mar.. 8,392 8,243 3,193 3,206 2,439 2,391 22 1,144 638 1,502 Apr.. 8,491 8,773 3,208 3,450 2,502 2,581 98 1,229 583 1,513 May. 9,004 8,857 3,291 3,341 2,639 2,503 252 1,309 822 1,704 June. 8,683 9,534 3,262 3,643 2,616 2,912 233 1,407 572 1,572 July.. 9,065 9,497 3,382 3,697 2,590 2,731 365 1.418 728 1,651 Aug.. 8,809 8,915 3,308 3,385 2,427 2,416 235 1,318 839 1,796 Sept.. 8,849 8,580 3,417 3,352 2,441 2,300 265 1,212 726 1,716 Oct.. 8,580 8,670 3,276 3,301 2,371 2,387 221 1,187 712 1,795 Nov.. 8,414 8,271 3,159 2.885 2,300 2,342 184 1,150 771 1,894 Dec.. 8,536 10,194 3,326 3,390 2,240 2,795 187 1,206 783 2,803 1971—Jan... 8,916 7,545 3,338 2.885 2,411 1,961 288 1,055 879 1,644 Feb.. 9,081 7,489 3,478 2,988 2,513 2,121 282 1,117 808 1,263 Mar.. 9,533 9,575 3,646 3,783 2,681 2,686 394 1.418 812 1,688 Repayments 1965. 69,957 25,663 22,551 8,310 13,433 1966. 76,120 27,716 23,597 9,337 15,470 1967. 81,306 29,469 24,853 10,169 16,815 1968. 88,089 32,080 26,472 11,499 18,038 1969. 94,609 35,180 28,218 12,709 18,502 1970. 101,138 37,961 29,858 13,516 19,803 1970—Mar.. 194 8,473 3,119 3,240 2,389 2,496 065 1,090 621 1,647 Apr.. 195 8,331 3,081 3,161 2,415 2,477 117 1,128 582 1,565 May. 589 8,255 3,170 3,071 2,574 2,445 173 1,104 672 1,635 June. 242 8,541 3,041 3,179 2,548 2,645 087 1,162 566 1,555 July.. 622 8,894 3,264 3,388 2,580 2,617 184 1,276 594 1,613 Aug.. 577 8,357 3,185 3.154 2,507 2,389 158 1,137 727 1,677 Sept.. 490 8,298 3,249 3.235 2,482 2,378 127 1,095 632 1,590 Oct.. 662 8,853 3,258 3,342 2.551 2,588 165 1,173 688 1,750 Nov.. 716 8,440 3,276 3.155 2.552 2,570 135 1,075 753 1,640 Dec.. 515 8,823 3,262 3.235 2,465 2,753 113 1 ,159 675 1,676 1971—Jan... 829 8,605 3,385 3,169 2,486 2,293 199 1,195 759 1,948 Feb.. 979 8,346 3,369 3,153 2,656 2,401 186 1,070 768 1,722 Mar.. 038 9,651 3,387 3,666 2,674 2,871 207 1,245 770 1,869 Net change in credit outstanding 2 1965. 8,629 3,865 2,641 1,126 997 1966. 6,215 2,357 1,809 1,025 1,024 1967. 3,387 1,381 643 742 621 1968. 8,964 4,252 2,364 1,351 997 1969. 8,279 3,353 2,636 1,536 754 1970. 2,992 1 ,590 -611 1,103 910 1970—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 1971—Jan... 87 -1,060 -47 -284 -75 -332 -140 120 -304 Feb.. 102 -857 109 -165 -143 -280 96 47 40 -459 Mar.. 495 -76 259 117 7 -185 187 173 42 -181 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 re­ payments 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. □ MAY 1971 MARKET GROUPINGS (1957-59= 100) 1957-59 1969 1970 1971 pro­ aver­ Grouping por­ age* tion Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.r Feb.r Mar. Total index. 100.00 172. 171.1 170.2 169.0 168.8 169.2 168.8 165.8 162.3 161.5 164.4 165.6 165.2 165.5 Final products, total.............................. 47.35 170.8 169.7 168.5 167.7 167.1 166.8 166.5 163.1 159.8 159.4 162.9 163.4 163.0 163.4 Consumer goods.......................... 32.31 162.5 162.0 163.2 163.2 162.8 163.5 163.5 160.1 157.0 157.0 162.4 164.5 164.6 166.2 Equipment, including defense 15.04 188.6 186.3 179.9 177.3 176.3 173.7 173.0 169.6 165.9 164.5 164.2 161.3 159.4 157.3 Materials.......................................... 52.65 174.6 171.7 171.9 170.4 171.2 171.4 171.2 168.9 164.8 163.8 166.0 168.0 167.8 168.0 Consumer goods Automotive products...................... 3.21 173.2 160.0 158.4 166.4 170.3 172.8 167.5 133.1 110.1 112.2 145.9 166.3 174.4 176.0 Autos........................................... 1.82 162.8 138.4 136.1 156.0 163.0 163.8 163.3 108.5 76.5 78.1 131.9 155.1 168.1 167.3 Auto parts and allied products. 1.39 186.8 188.5 187.8 180.1 179.9 184.7 173.1 165.6 154.5 157.0 164.3 181.1 182.8 187.4 Home goods and apparel.............. 10.00 159.3 154.5 155.0 153.0 153.2 155.4 156.4 153.4 153.9 150.3 150.9 151.4 150.5 153.4 Home goods............................... 4.59 184.0 179.4 180.0 178.4 177.7 182.5 183.7 179.0 180.2 180.0 174.0 176.6 175.9 180.2 Appliances, TV, and radios.. 1.81 180.2 178.1 178.9 182.6 178.8 192.3 198.6 189.9 194.3 188.1 169.1 173.9 172. 179.7 Appliances........................... 1.33 192.4 199.1 206.7 213.9 201.4 218.4 223.7 212.8 216.0 208.3 182.2 193.5 192.3 198.1 TV and home radios.......... .47 145.6 119.1 100.3 94.2 115.2 118.8 127.8 125.5 133.2 131.1 132.2 118.7 118.0 128.0 Furniture and rugs................. 1.26 180.3 170.3 170.6 165.5 164.9 165.2 164.9 164.4 166.5 169.3 170.5 171.4 172.4 174.2 Miscellaneous home goods... 1.52 191.5 188.4 189.0 184.1 186.9 185.0 181.6 178.0 174.8 179.3 182.8 184.2 182.6 185.6 Apparel, knit goods, and shoes. 5.41 138.5 133.4 133.8 131.4 132.4 132.4 133.2 131.7 131.6 125.2 131.3 130.0 129.0 Consumer staples..................................... 19.10 162.4 166.2 168.4 168.0 166.6 166.3 166.6 168.1 166.7 168.0 171.1 171.2 170.3 171.2 Processed foods................................. 8.43 136.6 139.6 140.2 141.1 137.9 138.7 139.4 139.3 135.2 138.3 141.0 141.4 138.4 140.3 Beverages and tobacco...................... 2.43 146.8 146.1 150.1 142.2 142.6 141.9 144.7 149.0 148.1 147.5 152.1 155.1 159.0 Drugs, soap, and toiletries............... 2.97 209.0 216.5 218.6 219.6 217.4 217.4 213.9 215.5 215.0 220.1 226.8 222.2 220.7 222.3 Newspapers, magazines, and books. 1.47 147.1 146.1 146.0 146.9 147.6 142.9 143.1 140.5 140. 143.2 144.7 145.5 144.9 143.0 Consumer fuel and lighting.............. 3.67 199.6 207.2 212.6 212.3 213.7 212.8 213.5 219.2 221.7 217.2 218.0 218.1 219.6 Fuel oil and gasoline..................... 1.20 144.6 150.3 152.1 149.7 153.0 148.2 148.9 152.7 155.2 154.8 155.6 153.2 153.3 156.9 Residential utilities........................ 2.46 226.3 235.0 242.1 242.8 243.3 244.3 245.0 251.7 254.2 247.6 248.5 249.7 252.0 Electricity................................... 1.72 249.7 257.7 267.5 268.1 268.1 269.1 269.7 281.9 285.0 275.1 276.0 277.1 280.0 Gas.............................................. .74 Equipment Business equipment............................. 11.63 195.6 198.0 193.0 188.7 188.0 186.1 185.9 182.3 178.9 177. 177.9 174.3 173.0 170.5 Industrial equipment..................... 6.85 179.1 186.8 182.1 175.8 175.2 174.6 173.3 170.5 169.7 167.9 166.8 164.4 162.3 160.3 Commercial equipment................. 2.42 220.0 225.0 223.4 220.4 220.4 218.3 214.2 210.5 207.0 205.7 204.3 200.7 199.3 198.3 Freight and passenger equipment. 1.76 246.7 226.1 215.4 216.8 213.8 207.3 214.3 206.5 193.7 194.6 202.3 203.6 196.4 191.1 Farm equipment............................ .61 136.8 134.6 130.4 127.4 128.6 126.0 133.2 133.6 128.0 130.8 127.0 96.7 121.9 Defense equipment............ 3.41 Materials Durable goods materials. 26.73 165.5 159.1 159.6 157.5 157.8 158.4 157.4 151.9 144.3 141.9 147.0 149.7 150.3 151.4 Consumer durable......... 3.43 163.9 143.0 143.6 146.0 155.4 156.0 161.3 143.6 110.9 111.2 139.0 151.3 153.0 150.6 Equipment...................... 7.84 191.9 189 183.8 177.5 176.6 178.4 175.9 173.1 166.7 164.1 163.6 162.9 160.9 161.2 Construction................. 9.17 152.4 148.8 148.8 146.8 145.1 146.3 147.3 146.1 144.2 140.6 142.0 148.6 148.3 149.1 Metal materials n.e.c..., 6.29 152.8 152.4 147.7 146.8 150.0 152.6 147.2 140.1 136.2 133.7 143.3 147.0 148.9 150.1 Nondurable materials.............. 25.92 183.9 184.7 184.6 183.8 184.9 184.9 185.4 186.4 186.0 186.3 185.7 187.0 185.8 185.2 Business supplies.................. 9.11 166.6 164.8 164.5 162.1 163.4 164.9 165.0 161.2 159.5 160.7 162.2 163.9 160.1 155.2 Containers......................... 3.03 168.6 165.0 166.2 168.2 166.0 161.9 167.5 163.1 164.1 164.2 166.5 174.4 166.2 153.1 General business supplies. 6.07 165.5 164.7 163.7 159.1 162.1 166.4 163.7 160.3 157.2 158.9 160.0 158.7 157.1 156.3 Nondurable materials n.e.c.. 7.40 237. 237.2 236.1 233.1 234.7 234.2 233.4 235. 236.0 238.5 235.3 238.4 238.2 240.5 Business fuel and power.......... 9.41 158.2 162.7 163.8 166.0 166.6 165.4 167.5 171. 172.5 170.1 169.3 169.1 169.4 170.8 Mineral fuels......................... 6.07 134.9 137.4 139.1 142.0 142.4 140.2 144.4 147.5 148.0 146.6 145.0 143.5 141.8 144.9 Nonresidential utilities........ 2.86 216.7 226.3 226.5 228.1 228.6 229.4 227.9 235.1 236.7 231.1 232.6 234.3 239.3 Electricity.......................... 2.32 220.6 231 232.0 233.8 234.3 235.0 233.0 238.7 240.8 233.9 235.8 237.9 243.7 General industrial........ 1.03 216.1 219.4 220.6 221.8 223.9 227.2 225.4 225.8 223.1 216.3 219.5 219.8 224.9 Commercial and other. 1.21 236.1 254.8 254.2 256.7 255.9 254.8 252.7 263.0 268.6 261.2 262.1 265.8 272.6 Gas.................................... .54 Supplementary groups of consumer goods Automotive and home goods........... 7.80 179.51 171.4 171.1 173.5 172.7 178.5 177.0 160.1 151.4 152.1 162.5 172.4 175.3 178.4 Apparel and staples........................... 24.51 157.1 159.0 160.7 159.9 159 158.8 159.2 160.1 158.9 158.6 162.3 162.1 161 For Note see p. A-61. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1971 □ INDUSTRIAL PRODUCTION: S.A. A 59 INDUSTRY GROUPINGS (1957-59 = 100) Grouping 19 p p 5 r o 7 o r - ­ ­ 59 a 1 v 9 e 6 r 9 - 1970 1971 tion age? Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan.r Feb.r Mar. Total index................................. 100.00 172.8 171.1 170.2 169.0 168.: 169.2 168. 165.8 162.3 161.5 164.4 165.6 165.2 165.5 Manufacturing, total.......................... 86.45 173.9 170.8 170.0 168.1 168.0 168.5 167.7 163.7 159.4 159.0 162.1 163.6 163.1 163.5 Durable....................................... 48.07 176.5 171.0 168.4 167.6 167.3 167.4 166.7 160.4 153.5 151.4 156 157.8 157 157.7 Nondurable................................. 38.38 170.6 170.6 171.9 168.7 168.9 170.0 169.0 167.7 166.9 168.6 169.7 170.9 169.9 170.7 Mining............................................ 8.23 130.2 135.1 133.9 134.8 135.5 133. 137.1 138.9 139.9 139.4 138. 137.9 136.3 138.7 Utilities........................................... 5.32 221.2 230.3 233 234.9 235.4 236.3 235.8 242.8 244. 238.7 240.0 241.5 245.2 242.2 Durable manufactures Primary and fabricated metals. . .. 12.32 162.5 157.8 154.7 155.2 155.6 157.1 157.1 154.2 145.6 142.1 146.1 148.7 151.0 152.6 Primary metals............................... 6.95 149.1 141.9 138.9 142.6 142.7 145.2 145.6 142.6 133.9 129.3 135.4 137.6 140.8 143.1 Iron and steel............................. 5.45 140.3 134.4 133.0 136.7 138*8 136.8 134.1 129.5 121.5 117.2 122.3 130.0 132.9 138.3 Nonferrous metals and products 1.50 181.1 183.6 175.4 174.4 169.2 172.6 169.7 172.1 161.5 162.9 177.1 171.7 173.4 174.9 Fabricated metal products............ 5.37 179.8 178.3 175.2 171.4 172.3 172.5 171.9 169.2 160.6 158.7 160.0 163.0 164.1 164.8 Structural metal parts................ 2.86 173.3 174.4 170.2 164.2 164.4 162. 164.0 162.7 158.0 158.2 158.9 163.3 165.1 168.5 Machinery and related products. .. 27.98 188.4 182.2 178.6 177.6 178.0 177.4 176.0 167.2 158.9 156 162.9 164.1 162.8 162.0 Machinery....................................... 14. ' 195.7 199.1 194.9 191.0 190.6 191.2 190.3 186.2 182.9 179.0 176.7 174.7 173.0 173.4 Nonelectrical machinery............ 8.43 194.6 196.6 191.7 187.1 185.2 185.2 183.0 180.0 176.1 172.7 170.4 166.2 165 165.0 Electrical machinery.................. 6.37 197.2 202.5 199.1 196.3 197.7 199.1 199.9 194.5 191.9 187.4 185.1 185.9 182.9 184.5 Transportation equipment............ 10.19 174.6 156.0 153.1 157.3 159.9 158.1 156.7 139.0 122.0 121.9 142 148.6 148. 146.6 Motor vehicles and parts.......... 4.68 166.9 148.9 148.0 158.5 164.4 164.8 164.7 127.3 95.4 96.9 142.0 158. 166.5 164.8 Aircraft and other equipment. . , 5.26 177.8 159.1 154.1 153.0 153.3 149.7 147.1 145.7 141.1 139.5 139.3 136.1 129.5 126.1 Instruments and related products. 1.71 194.4 193.6 195.4 191.3 187.9 187.0 183.3 181 181.3 181.7 180.5 181.4 179.5 176.2 Ordnance and accessories.............. 1.28 Clay, glass, and lumber..................... 4.72 142.5 137.5 140.3 139.2 134.1 134.7 136.9 133.8 135.0 133.3 135.4 138.7 138.4 139.1 Clay, glass, and stone products... 2.99 156.0 151.7 154.6 152.6 149.4 148 150.1 148.7 149.4 148.5 152.6 151.3 150.9 152.3 Lumber and products................... 1.73 119.1 113.1 115.5 116.1 107.6 110.5 114.2 108.2 110.1 107.0 105 117.0 116.9 Furniture and miscellaneous............. 3.05 176.7 174.2 173.5 169.1 168.3 167.3 166.1 164.8 165.2 166.7 166.1 166.3 166 168.2 Furniture and fixtures................... 1.54 186.9 180.4 179.5 174.4 173.8 172.5 172.9 171.7 173.9 174.7 174.5 174.5 173.9 175.0 Miscellaneous manufactures......... 1.51 166.4 167.8 167.4 163.6 162.6 162.0 159.1 157.7 156.3 158.5 157.5 158.0 159.1 161.2 Nondurable manufactures Textiles, apparel, and leather.......... 7.60 144.2 137.5 138.9 136.7 135.8 135.9 135.9 135.2 135.7 133.0 135.6 137.0 135.1 136.5 Textile mill products..................... 2.90 154.2 150.3 151.3 147 145.9 145.3 146.1 145.7 146.7 145.1 143.9 149.1 151.7 153.5 Apparel products........................... 3.59 149.2 140.1 140.8 137.7 139.0 140.9 140.7 139.3 138.7 135.5 141.7 140.3 138.0 Leather and products.................... 1.11 101.9 95.9 100.2 104.5 99.3 95.6 93.6 94.6 97.2 93.1 94.2 94.7 82 Paper and printing.............................. 8.17 164.4 164.4 165.0 163.0 161.7 161.9 162.1 157.6 157.7 160.5 159.7 159.9 159.9 159.5 Paper and products....................... 3.43 175.6 174.9 176.3 174.5 170.8 172.0 172.9 166.2 168.0 171.7 169.5 170.0 170.0 169.3 Printing and publishing................. 4.74 156.3 156.9 156.9 154.8 155.2 154.6 154.3 151.5 150.2 152.4 152.7 152.6 152.6 152.5 Newspapers................................ 1.53 142.7 137.9 139.3 136.9 137.5 140.0 138.7 137.4 134.5 137.2 136.6 134.9 139.3 135.5 Chemicals, petroleum, and rubber.. 11.54 222.6 224.7 227.0 220.2 224.3 226.8 223.5 222.0 221.5 224.1 225.2 225.9 224.0 225.4 Chemicals and products..............- 7.58 239.0 242.3 244.4 241.4 243.2 243.3 239 240. 240.7 243.7 243.9 245.3 243. 244.7 Industrial chemicals................... 3.84 283.0 284.8 289.2 281.3 285. 285.7 280.7 282.0 282.9 285.4 281.7 283.5 283.9 Petroleum products....................... 1.97 143.8 146.6 147.9 146.5 147.8 145.5 147.5 150.3 150.1 154.2 156.0 152.7 152.1 153.0 Rubber and plastics products....... 1.99 238.7 235.3 239.4 212.2 227.8 244.8 236.9 221.4 219.1 218.9 222.3 224.3 219.8 Foods, beverages, and tobacco........ 11.07 139.0 141.3 142.3 141.3 139.2 140.0 140.1 141.0 138.4 141.2 142.7 144.9 145.0 145.5 Foods and beverages..................... 10.25 140.7 143.3 143.7 143.1 140.7 141.1 141.6 142.4 139.6 142.7 144.4 146.7 146.5 147.0 Food manufactures.................... 8.64 136.7 140.0 140.1 141.0 138.3 139.5 138.8 138.7 135.7 139.4 140.1 140.9 141.0 141.0 Beverages.................................... 1.61 161.9 161.0 162.8 154.6 153.7 149.6 156.4 162.2 160.3 160.7 167.6 178.1 175.9 Tobacco products........................... .82 117.3 116.8 125.1 117.8 120.7 126.6 121. 122.9 124.1 121.6 121.7 121.9 125.7 Mining Coal, oil, and gas.................................. 6.80 127.4 130.5 129.8 132.3 133.3 131.0 135.1 138.2 139.2 137.1 136.2 134.8 133.2 135.7 Coal.................................................. 1.16 117.7 121.5 123.0 134.2 124.3 127.5 128.5 127.9 128.1 127.3 130.1 136.3 129.5 138.1 Crude oil and natural gas............... 5.64 129.3 132.4 131.3 131.9 135.1 131.7 136.5 140.3 141.5 139.1 137.4 134.6 134.0 135.2 Oil and gas extraction................. 4.91 139.0 141.2 142.9 143.9 146.7 143.2 148.2 152.1 152.6 151.2 148.5 145.3 144.8 146.5 Crude oil.................................. 4.25 132.0 133.5 135.2 135.8 137.5 134.4 139.8 144.1 145.1 143. 141.0 137.3 136.4 138.6 Gas and gas liquids................. .66 184.0 Oil and gas drilling...................... .73 64.2 Metal, stone, and earth minerals..., 1.43 143.5 156.8 153.1 146.6 146.1 146.8 146.6 142.2 143.3 150.1 151.4 152.5 151.0 153.0 Metal mining................................... .61 142.0 165.8 162.6 151.8 150.3 150. 152.3 144.5 145.1 160.1 159.7 160.3 160.0 160.1 Stone and earth minerals................ .82 144.7 150.1 146.1 142.8 143.0 143. 142.3 140.5 142.0 142.7 145.2 146.7 144.4 147.8 Utilities Electric............................................. 4.04 233.0 242 A 247.1 248.4 248.7 249.5 248.6 257.1 259.6 251.5 253.0 254.6 259.1 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. □ MAY 1971 MARKET GROUPINGS (1957-59= 100) Grouping 19 p p 5 r o 7 o r - ­ ­ 59 a 1 a v g 9 e e 6 r P 9 - 1970 1971 tion Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.r Feb.r Mar. Total index. 100.00 172.8 172.1 170.6 169.1 172.1 163.6 169.1 170.2 166.5 162.9 162.5 164.2 165.9 167.1 Final products, total......................... 47.35 170.8 169.9 166.9 165.8 169.9 161.8 167.1 168.8 164.7 160.2 160.0 162.7 163.4 164.0 Consumer goods.......................... 32.31 162.5 161.8 160.6 160.3 165.7 157.6 165.3 168.1 164.0 158.0 157.0 163.4 165.5 166.5 Equipment, including defense. 15.04 188.6 187.3 180.3 177.7 179.0 170.9 170.9 170.4 166.1 164 166.4 161.2 159.1 158.4 Materials............................................. 52.65 174.6 174.0 174.3 172.1 174.1 165.3 170.9 171.5 168.5 165.4 164.7 165.2 168.6 170.2 Consumer goods Automotive products...................... 3.21 173.2 167.0 167.0 173.8 182.9 131.6 116.6 135.2 118.9 117.5 148.4 174.8 183.5 184.3 Autos.................................................. 1.82 162.8 152.2 152.4 173.2 185.0 98.3 68.9 108.5 88.0 87.5 137.6 169.1 184.9 184.0 Auto parts and allied products. 1.39 186.8 186.5 186.3 174.4 180.1 175.6 179.5 170.3 159.7 157.0 162.5 182.3 181.8 184.7 Home goods and apparel.............. 10.00 159.3 158.3 157.1 154.1 156.4 143.7 154.1 156.2 162.0 154.6 142.1 149.1 155.3 158.3 Home goods.................................... 4.59 184.0 182.9 181.4 177.5 180.0 168.7 174.1 182.9 190.9 184.5 171.2 174.0 180.3 186.3 Appliances, TV, and radios. . 1.81 180.2 190.1 188.3 185.7 186.0 172.3 170.1 189.9 205.7 188.2 156.1 176.1 187.5 198.5 Appliances............................... 1.33 192.4 215.7 223.0 219.8 213.0 200.6 182.8 208.3 223.0 202.1 168.8 197.0 208.7 221.7 TV and home radios........... .47 145.6 117.8 90.3 89.5 110.0 92.3 134.2 138.0 157.2 148.9 120.3 117.4 127.7 133.0 Furniture and rugs.................... 1.26 180.3 168.3 165.8 159.2 162.9 157.3 168.7 169.0 175.2 175.6 176.8 167.6 170.3 172.1 Miscellaneous home goods... 1.52 191.5 186.3 186.2 183.0 186.9 173.9 183.4 186.0 186.3 187.6 184.6 176.8 179.9 183.6 Apparel, knit goods, and shoes. 5.41 138.5 137.4 136.5 134.4 136.4 122.5 137.2 133.7 137.5 129.3 117.5 128.1 134.2 Consumer staples..................................... 19.10 162.4 162.8 161.4 161.2 167.7 169.2 179.4 179.8 172.6 166.6 166.3 168.9 167.8 167.8 Processed foods....................................... 8.43 136.6 131.6 129.8 132.6 136.5 138.0 153.0 155.0 150.1 143.6 137.2 134.3 132.2 132.3 Beverages and tobacco......................... 2.43 146.8 142.8 151.7 152.8 163.3 148.7 156.7 152.7 152.4 139.8 131.7 138.6 144.8 Drugs, soap, and toiletries.................. 2.97 209.0 216.5 216.4 215.2 225.0 216.3 218.2 222.0 220.2 221.2 221.6 217.8 222.9 222.3 Newspapers, magazines, and books. 1.47 147.1 148.3 146.6 146.5 145.5 142.9 144.8 141.8 140.7 141.3 144.4 144.2 144.3 145.1 Consumer fuel and lighting................ 3.67 199.6 209.1 200.0 193.7 203.6 226.3 236.7 236.2 211.1 202.6 219.8 236.9 228.0 Fuel oil and gasoline......................... 1.20 144.6 148.7 144.3 144.8 151.3 151.0 153.3 156.2 151.2 153.9 160.9 157.9 156.8 Residential utilities............................ 2.46 226.3 Electricity......................................... 1.72 249.7 262.9 246.1 231.9 247.9 296.0 316.1 315.7 265.1 244.1 276.0 314.0 295.4 Gas..................................................... .74 Equipment Business equipment............................. 11.63 195.6 199.5 194.0 189.7 191.9 182.9 183.5 183.4 178.8 177.2 179.7 173.8 172.6 172.2 Industrial equipment......................... 6.85 179.1 187.0 182.1 176.0 178.7 172.9 172.8 172.0 168.7 167.9 169.3 164.7 161.5 160.5 Commercial equipment.................... 2.42 220.0 223.0 219.2 217.8 221.1 213.9 214.2 213.7 209.1 208.2 208 200.9 197.1 198.3 Freight and passenger equipment. 1.76 246.7 232.9 224.0 223.3 222.4 203.2 207.9 204.4 193.7 190.7 200.3 197.5 196.4 196.8 Farm equipment................................. .61 136.8 150.5 140.1 134.4 135.6 114.1 110.9 131.0 127.8 119.4 122.0 98.4 130.5 Defense equipment............ 3.41 Materials Durable goods materials. 26.73 165.5 161.3 160.4 159.5 162.0 153.2 156.0 154.9 147.1 143.6 146.9 146.6 150.5 153.4 Consumer durable........... 3.43 163.9 147.3 147.9 150.4 158.5 142.7 147.6 140.7 111.5 114.5 146.0 156.6 155.3 155.1 Equipment......................... 7.84 191.9 191.9 185.8 178.7 178.4 172.9 170.6 171.4 166.2 164.3 166.1 164.4 162.3 163.0 Construction..................... 9.17 152.4 144.0 148.1 149.6 154.1 150.1 155.7 153.4 149.4 142.7 137.7 134.6 138. 144.3 Metal materials n.e.c..., 6.29 152.8 156.1 153.6 154.9 154.8 138.9 142.9 144.3 139.5 134. 137.0 143.2 150.2 153.7 Nondurable materials.............. 25.92 183.9 187.1 188.5 185.1 186.6 177.8 186.2 188.6 190.5 188.0 182.9 184.4 187.3 187.6 Business supplies..................... 9.11 166.6 167.8 169.3 164.8 165.1 154.7 165.0 165.2 167.4 164.4 156.6 158.1 159.4 158.1 Containers............................. 3.03 168.6 165.8 172.2 169.9 171.1 157.9 177.6 173.1 176.8 164.2 148.2 165.7 164.2 153.9 General business supplies. 6.07 165.5 168.8 167.8 162.3 162.1 153.1 158.8 161.3 162.7 164.5 160.8 154.3 157.1 160.2 Nondurable materials n.e.c.. 7.40 237. 241.9 245.7 236.6 238.5 226.0 231.1 235.8 241.6 240.9 232.9 234.8 243.0 -245.3 Business fuel and power........... 9.41 158.2 162.8 162.1 164.3 166.5 162.3 171.3 174.0 172.7 169.2 169.1 170.1 170.4 170.8 Mineral fuels............................. 6.07 134.9 140.5 140.9 142.0 140.8 131.1 142.6 145.7 148.5 148.0 146.8 145.9 146.5 148.0 Nonresidential utilities.......... 2.86 216.7 Electricity.............................. 2.32 220.6 223 220.7 227.3 239.0 247.1 253.4 252.9 240.4 226.4 229.4 235.3 234.1 General industrial.......... 1.03 216.1 217.0 217.7 222.9 228 226.1 229.9 229.2 223.5 216.3 217.3 218.7 219.3 Commercial and other. 1.21 236.1 241.0 235.1 243.1 261.0 279.0 288.1 287.2 267.5 246.8 251.6 261.8 259.0 Gas........................................ .54 Supplementary groups of consumer goods Automotive and home goods. 7.80 179.5 176.3 175.5 176.0 181.2 153.5 150.4 163.2 161.3 156.9 161.8 174.3 181.6 185.5 Apparel and staples.................. 24.51 157.1 157.2 155.9 155.3 160. 158.9 170.0 169.6 164.9 158.4 155.5 159.9 160.4 For Note see p. A-61. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1971 □ INDUSTRIAL PRODUCTION: N.S.A. A 61 INDUSTRY GROUPINGS (1957-59= 100) Grouping 19 p p 5 r o 7 o r - ­ ­ 59 a a 1 g v 9 e e 6 * r 9 ­ 1970 1971 tion Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.r Feb.r Mar. Total index................................. 100.00 172.8 172.1 170.6 169.1 172.1 163.6 169.1 170.2 166.5 162.9 162.5 164.2 165.9 167.1 Manufacturing, total.......................... 86.45 173.9 172.2 171.0 168.9 171.8 161.6 166.4 167.6 164.5 161.2 160.0 161.4 163.8 165.4 Durable...................................... 48.07 176.5 173.5 170.5 169.4 171.3 159.8 161.0 162.3 156.3 153.3 156.7 157.2 159.0 161.0 Nondurable................................ 38.38 170.6 170.6 171.7 168.4 172.3 163.8 173.2 174.2 174.8 171.1 164.2 166.6 169.8 170.8 Mining............................................ 8.23 130.2 134.0 135.0 137.9 137.6 129.2 138.2 140.1 141.8 140.5 139.4 137.4 136.3 137.8 Utilities........................................... 5.32 221.2 Durable manufacture Primary and fabricated metals 12.32 162.5 161.4 158.7 158.3 159.9 148.0 153.9 155.1 146.7 142. 145. 148.5 152.7 156.3 Primary metals............................... 6.95 149.1 150.7 147.9 149.0 147.6 131.1 137.2 137.9 132.2 128.0 131.2 140.4 147.4 152.0 Iron and steel............................. 5.45 140.3 141.1 138.3 139.4 138.8 124.5 128.7 128.2 123.3 118.4 120.5 132.6 139.5 145.2 Nonferrous metals and products 1.50 181.1 185.6 183.1 183.6 179.7 155.3 168.0 173.3 164.6 162.9 170.0 168.8 176.0 176.8 Fabricated metal products............ 5.37 179.8 175.1 172.6 170.5 175.7 169.9 175.3 177.3 165.4 162.0 164. 159.1 159.7 161.8 Structural metal parts............... 2.86 173.3 167.6 165.1 163.4 167.7 162.9 168.1 169.2 162.7 160.6 160.5 160.0 158.5 161.9 Machinery and related products 27.98 188.4 185.8 181.0 179.5 181.4 168.2 165.5 167.7 160.8 158.9 164.6 166.1 166.4 166.3 Machinery...................................... 14.80 195.7 202.1 197.3 192.1 193.6 185.3 184.5 187.0 184.2 180.2 177.7 175.9 176.7 178.6 Nonelectrical machinery............ 8.43 194.6 202.1 197.4 191.8 190.4 182.4 176.2 177.7 172.9 171.0 171.6 167.9 170.5 172.4 Electrical machinery.................. 6.37 197.2 202.1 197.2 192.4 197.8 189.2 195.6 199.3 199.1 192.5 185.8 186.5 184.9 186.8 Transportation equipment............ 10.19 174.6 161.6 157.0 161.2 164.6 142.0 136.1 139.0 124.8 125.5 145.2 152.7 153 152.2 Motor vehicles and parts.......... 4.68 166.9 155.7 155.4 167.7 176.4 134.0 123.0 128.4 100. 102.5 144.8 166.7 174.4 172.7 Aircraft and other equipment. . , 5.26 177.8 163.7 154.9 152.4 151.2 146.1 144.5 145.1 141.8 141.6 142.1 137.5 131.4 129.8 Instruments and related products., 1.71 194.4 194.6 192.5 189.4 189.8 185.1 184.8 183.8 183.3 183.2 182.7 179.2 176.8 177.1 Ordnance and accessories............... 1.28 Clay, glass, and lumber..................... 4.72 142.5 134.1 139.9 140.7 143.3 139.9 146.9 143.2 143.0 134. 128.2 123.5 129.9 135.6 Clay, glass, and stone products..., 2.99 156.0 145.8 154.0 155.0 159.7 157.0 161.8 157.2 157.6 150.0 144.5 134.7 139.1 146.4 Lumber and products................... 1.73 119.1 113.7 115.5 116.1 115.1 110.5 121.1 119.0 117.8 108.6 100.1 104.1 114.0 Furniture and miscellaneous.............. 3.05 176.7 171.0 169.0 165.2 168.5 161.9 170.9 170.9 173.9 173.1 171.7 162.7 162.1 166.1 Furniture and fixtures.................... 1.54 186.9 178.2 174.7 169.2 173.5 168.2 177.7 176. 180.5 179.6 181.1 172.8 171.3 174.9 Miscellaneous manufactures......... 1.51 166.4 163.6 163.2 161.1 163.4 155.5 163.9 164.8 167.2 166.4 162.2 152.5 152.7 157.2 Nondurable manufactures Textiles, apparel, and leather.......... 7.60 144.2 143.0 142.0 139.5 139.3 124.9 139.0 137.8 141.3 135.6 125.4 136.0 142.2 142.5 Textile mill products..................... 2.90 154.2 154.1 154.3 151.5 147.4 135.9 146.8 148.6 151.1 149.5 138.9 148.4 155.5 157.3 Apparel products........................... 3.59 149.2 147.1 145.7 142.5 145.3 128.2 144.9 142.1 146.3 138.2 126.1 138.9 148.3 Leather and products.................... 1.11 101.9 100.7 98.2 98.2 98.8 86.0 99.7 96.0 99.6 91.2 87.9 94.2 87.9 Paper and printing.............................. 8.17 164.4 165.7 168.7 164.2 162.8 153.1 160.8 160.1 165.0 164.5 156.0 157.1 161.3 160.8 Paper and products....................... 3.43 175.6 176.6 182.5 175.4 174.7 159.1 174.6 168.7 178.9 174.3 155.9 170.0 176.0 171.0 Printing and publishing.................. 4.74 156.3 157.8 158.8 156.1 154.3 148.8 150.8 153.8 155.0 157.4 156.1 147.8 150.8 153.4 Newspapers................................ 1.53 142.7 140.0 148.4 145.9 138.2 125.3 126.9 138.1 144.3 150.9 140.0 123.4 133.7 137.5 Chemicals, petroleum, and rubber.. 11.54 222.6 226.9 228.3 220.1 229.2 219.3 223.3 227.5 226.6 225.9 222.1 222.1 226. 227.5 Chemicals and products................ 7.58 239.0 244.4 248.4 241.4 248.5 237.5 239.3 244.6 245.0 244.8 241.4 240.2 247.2 246.8 Industrial chemicals................... 3.84 283.0 287.6 295.0 281.3 287.2 276.0 276.5 284.8 288.5 289.7 284.5 279.2 289.6 Petroleum products....................... 1.97 143.8 141.5 142.0 145.0 152.2 153.2 155.3 156.3 151.6 152.2 152.3 148.1 149.1 147.6 Rubber and plastics products....... 1.99 238.7 245.2 237.0 213.3 232.4 215.4 229.8 232.5 231.1 226.6 217.9 226.5 226.4 Foods, beverages, and tobacco........ 11.07 139.0 134.6 135.2 137.5 142.7 140.4 153.6 154.2 151.0 143.3 136.7 136.7 135 138.5 Foods and beverages..................... 10.25 140.7 136.1 136.1 138.7 143. 142.7 155.4 156.3 152.2 144.9 139.7 137.3 136.6 139.7 Food manufactures................... 8.64 136.7 132.2 130.6 133.2 136.9 138.1 152.8 154.6 150.6 144.3 138.0 135.5 133.2 133.1 Beverages.................................... 1.61 161.9 157.0 165.4 168.5 180.7 167.3 169.4 165.4 161.1 147.8 148.3 148.5 154.8 Tobacco products.......................... .82 117.3 115.0 124.8 122.0 129.1 112.0 131.8 127.7 135.1 124.0 99.1 129.2 125.1 Mining Coal, oil, and gas................................ 6.80 127.4 132.8 132.4 134.0 132.7 122.9 133.5 136.5 139.7 139.2 139.2 138.5 137.2 138.1 Coal.................................................. 1.16 117.7 122.5 123.9 135.5 127.2 94.7 135.2 135.3 139.6 132.5 127. 133.6 131.1 139.2 Crude oil and natural gas............. 5.64 129.3 134.9 134.2 133.7 133.8 128.8 133.2 136.8 139.7 140.6 141.5 139.5 138.5 137.9 Oil and gas extraction............... 4.91 139.0 144.7 144.9 143.5 144.0 139.8 144.4 148.1 150.6 151.7 151.3 148.8 150.1 150.1 Crude oil................................. 4.25 132.0 136.2 137.4 136.5 136.1 131.7 137.0 141.2 143.6 143.8 142.4 139.4 140.5 141.4 Gas and gas liquids................ .66 184.0 Oil and gas drilling.................... .73 64.2 Metal stone, and earth minerals... 1.43 143.5 139.7 146.9 156.2 161.0 159.0 160.2 157.2 152.1 146.5 140.6 132.0 131.5 136.3 Metal mining................................. .61 142.0 147.6 151.2 167.0 169.8 161.5 164.5 163.3 155.3 148.9 143.7 141.1 144.0 142.5 Stone and earth minerals.............. .82 144.7 133.9 143.8 148.1 154.4 157.2 157.0 152.6 149.8 144.8 138.2 125.3 122.3 131.8 Utilities Electric............................................ 4.04 233.0 240.3 231.6 229.2 242. i 268.0 280.2 279.7 253.9 234.2 249.3 268.8 263.6 Gas.................................................. 1.28 74.1 Note.—Published groupings include some series and subtotals not Industrial Production—1957-59 Base. Figures for individual series and shown separately. A description and historical data are available in subtotals (N.S.A.) are published in the monthly Business Indexes release. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 62 BUSINESS ACTIVITY; CONSTRUCTION □ MAY 1971 SELECTED BUSINESS INDEXES (1957-59= 100, except as noted) Industrial production fac M tu a r n in u g ­ 2 Prices 4 Ca­ Nonag­ Period Total M F a in jo a r l m pr a o r d k u e c t t g s roupi M ng a s te­ Ma g j r o o r u i p n i d n u g s s try i u p n c t ( t a i i e p m c o l n e i i n z f t r t ) y g a ­ . t s C r t c t a r i o o u o c n n t c n s ­ ­ ­ T m r p t i e o u c l e m o t r u n a a y t l ­ l l — ­ ­ i p m E lo m en y ­ t ­ P ro a l y ls ­ T s r a e o l t t a e a i s l l 3 s C um on e ­ r W c s o a h m l o e l ­ e­ Total s C u o m n e ­ r E m q e u n ip t ­ rials Mfg. M in i g n­ U iti t e il s ­ = (1 9 10 6 0 7 ) m = (1 o 1 9 d 0 6 i 0 7 ty ) goods 1952..................... 84.3 84.3 79.5 94.1 84.3 85.2 90.5 61.2 91.3 93.0 106.1 84.5 79 79.5 88.6 1953..................... 91.3 89.9 85.0 100.5 92.6 92.7 92.9 66.8 94.2 95.6 111.6 93.6 83 80.1 87.4 1954..................... 85.8 85.7 84.3 88.9 85.9 86.3 90.2 71.8 83.5 93.3 101.8 85.4 82 80.5 87.6 1955..................... 96.6 93.9 93.3 95.0 99.0 97.3 99.2 80.2 90.0 96.5 105.5 94.8 89 80.2 87.8 1956 ................. 99.9 98.1 95.5 103.7 101.6 100.2 104.8 87.9 87.7 99.8 106.7 100.2 92 81.4 90.7 1957..................... 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 83.6 100.7 104.7 101.4 97 84.3 93.3 1958..................... 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98.1 74.0 97.8 95.2 93.5 98 86.6 94.6 1959..................... 105.6 105.7 106.6 104.1 105.4 106.0 99.7 108.0 81.5 101.5 100.1 105.1 105 87.3 94.8 I960 ................... 108.7 109.9 111.0 107.6 107.6 108.9 101.6 115.6 80.6 103.3 99.9 106.7 106 88.7 94.9 1961..................... 109.7 111.2 112.6 108.3 108.4 109.6 102.6 122.3 78.5 102.9 95.9 105.4 107 89.6 94.5 1962..................... 118.3 119.7 119.7 119.6 117.0 118.7 105.0 131.4 82.1 105.9 99.1 113.8 115 90.6 94.8 1963..................... 124.3 124.9 125.2 124.2 123.7 124.9 107.9 140.0 83.3 86.i 108.0 99.7 117.9 120 91.7 94.5 1964..................... 132.3 131.8 131.7 132.0 132.8 133,1 111.5 151.3 85.7 89.4 111.1 101.5 124.3 128 92.9 94.7 1965..................... 143.4 142.5 140.3 147.0 144.2 145.0 114.8 160.9 88.5 93.2 115.8 106.7 136.6 138 94.5 96.6 1966..................... 156.3 155.5 147.5 172.6 157.0 158.6 120.5 173.9 90.5 94.8 121.8 113.5 151.7 148 97.2 99.8 1967..................... 158.1 158.3 148.5 179.4 157.8 159.7 123.8 184.9 85.3 100.0 125.4 113.6 155.1 153 100.0 100.0 1968..................... 165.5 165.1 156.9 182.6 165.8 166.9 126.6 202.5 84.5 113.2 129.3 115.2 167.9 165 104.2 102.5 1969 ............... 172.8 170.8 162.5 188.6 174.6 173.9 130.2 221.2 123.7 133.8 117.3 180.8 171 109.8 106.5 1970 ................. 134.5 111.5 177.4 116.3 110.4 1970—Mar.......... 171.1 169.7 162.0 186.3 171.7 170.8 135.1 230.3 579.8 132.0 135.6 115.2 182.2 174 114.5 109.9 Apr........... 170.2 168.5 163.2 179.0 171.9 170.0 133.9 233.8 1 130.0 135.5 114.2 179.3 179 115.2 109.9 May......... 169.0 167.7 163.2 177.3 170.4 168.1 134.8 234.9 \ 78.0 110.0 134.9 112.6 176.7 178 115.7 110.1 June......... 168.8 167.1 162.8 176.3 171.2 168.0 135.5 235.4 I 120.0 134.5 112.3 178.6 178 116.3 110.3 July.......... 169.2 166.8 163.5 173.7 171.4 168.5 133.8 236.3 j 116.0 134.4 111.9 178.1 180 116.7 110.9 Aug.......... 168.8 166.5 163.5 173.0 171.2 167.7 137.1 235.8 \ 76.2 135.0 134.1 110.9 179.0 180 116.9 110.5 Sept.......... 165.8 163.1 160.1 169.6 168 9 163.7 138.9 242.8 1 118.0 134.3 111.1 178.4 181 117.5 111.0 Oct........... 162.3 159.8 157.0 165.9 164.8 159.4 139.9 244.8 1 115.0 133.6 106.4 168.8 179 118.1 111.0 Nov.......... 161.5 159.4 157.0 164.5 163.8 159.0 139.4 238.7 \ 72.4 130.0 133.4 105.5 168.5 177 118.5 110.9 164.4 162.9 162.4 164.2 166.0 162.1 138.8 240.0 J 132.0 133.9 108.1 176.8 179 119.1 111 .0 1971—Jan........... 165.6 >•163.4'164.5 161.3 *■168.0*•163.6 *•137.9 241.5 1 117.0 134.5 107.9 179.1 182 119.2 111.8 Feb........... *•165.2r163.0 r164.6 *•159.4'167.8 *•163.1 *■136.3 *•245.2 *•73.2 126.0 *•134.4 *•107.5 *■177.6 *•185 119.4 112.8 Mar.......... *•165.5 r163.4 *•166.2 157.3 168.0 *•163.5 *•138.7 *■242.2 141.0 *•134.5 *•107.2 *•178.9 *•188 119.8 113.0 Apr.*....... 166.0 163.1 166.7 155.7 169.1 163.7 139.3 245.0 134.6 107.2 178.6 189 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 first quarter 1970. 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) 1970 1971 Ty ty p p e e o o f f o c w o n n e st r r s u h c ip ti o a n nd 1968 1969 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Total construction 1......................... 61,732 67,425 6,140 6,757 5,417 6,552 6,177 6,229 5,398 5,453 5,144 4,974 4,383 4,993 6,386 By type of ownership: Public........................................ 19,597 22,656 2,037 1,791 1,695 2,814 2,312 2,078 1,869 2,023 1,937 1,688 1,464 1,578 Private 1.................................... 42,135 44,769 3,864 4,966 3,722 3,738 3,865 4,151 3,529 3,430 3,208 3,286 2,919 3,415 By type of construction: Residential building 1.............. 24,838 25,219 1,974 2,466 2,122 2,347 2,347 2,349 2,176 2,301 1,947 2,045 1,631 1,819 2,729 Nonresidential building........... 22,512 25,667 2,191 2,412 1,749 2,469 2,469 2,331 1,943 1,862 1,701 1,693 1,711 1,654 2,199 Nonbuilding............................. 14,382 16,539 1,975 1,877 1,544 1,361 1,361 1,549 1,278 1,289 1,497 1,235 1,041 1,520 1,458 Private housing units authorized. .. 1,330 1,299 1,099 1,263 1,321 1,306 1,275 1,326 1,371 1,521 1,487 1,768 1,635 *•1,563 1,618 (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

MAY 1971 □ CONSTRUCTION A 63 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Nonresidential Period Total Total d N f e r a e n o r s t m n i i ­ a ­ l Total Indus­ Bu C i o ld m in ­ gs b O u t i h l e d r ­ Other Total M ta i r l y i­ H w ig ay h­ d C v e m o a v n & t e e i s n l o e o t n r p ­ ­ Other 2 trial mercial ings 1 1962 3........... 59,667 41,798 24,292 17.506 2,842 5,144 3,631 5,889 17,869 1,266 6,365 1,524 8,714 19634........ 63,423 44,057 26,187 17,870 2,906 4,995 3,745 6,224 19,366 1,189 7,084 1,690 9,403 196 4 66,200 45,810 26,258 19,552 3,565 5,396 3,994 6,597 20,390 938 7,133 1,729 10,590 196 5 72,319 50,253 26,268 23,985 5,118 6,739 4,735 7,393 22,066 852 7,550 2,019 11,645 196 6 75,120 51,120 23,971 27,149 6,679 6,879 5,037 8,554 24,000 769 8,355 2.195 12,681 196 7 76,160 50,587 23,736 26,851 6,131 6,982 4,993 8,745 25,573 721 8,538 2.196 14,511 196 8 84,692 56,996 28,823 28,173 5,594 8,333 4,873 9,373 27,696 824 9,295 2,046 15,531 196 9 90,866 62,806 30,603 32,203 6,373 10,136 5,521 10,170 28,060 949 9,276 1,796 16,039 197 0 91,266 63,079 29.275 33,806 5,930 10,521 5,841 11,459 28,297 782 1970— Mar. 90,718 64,159 29,381 34,778 5,916 11,831 6,099 10,733 26,559 766 Apr. 90,721 63,365 29,829 33,777 6,230 10,577 5,857 11.113 27,115 746 May 89,702 62,656 29,150 33.506 5,864 10,553 5,975 11.114 27,046 868 June 90,063 61,652 27,698 33,954 5,892 10,903 5,878 11,281 28,411 830 July. 89,084 60,675 27,014 33,661 5,915 10,027 5,932 11,787 28,409 592 Aug. 89,987 61,493 27,536 33.957 6,241 10,188 5,959 11,569 28,494 845 Sept. '91,012 62,725 28,768 33.957 5,741 10,375 5,686 12,155 '28,287 738 Oct . '92,348 64,488 30,531 33.957 5,983 10,210 5,572 12,192 '27,860 866 Nov. '92,891 64,549 31,791 32,758 5,752 9,278 5,575 12,153 '28,342 701 Dec. '97,974 66,904 33.275 33,689 5,358 10,372 5.739 12,160 '31,070 768 1971—Jan.. '101,785 '69,858 '34,377 35,481 5,904 11,558 6,083 11,936 '31,927 1,016 Feb. 104,157 70,783 35,586 35,197 5,596 11,846 5.740 12,015 33,374 949 Mar. 102,656 70,528 36,513 34,015 5,284 11,184 5,432 12.115 32,128 883 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.—Census Bureau data, monthly series at seasonally adjusted private nonresidential groups. annual rates. 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 al fam 1- ily 2 fa - m to i l 4 y - f m 5 a - m o r o i e l r y - Total Private Public Total FHA VA 196 2 1,463 264 290 531 378 991 471 1,492 1,463 30 339 261 78 118 196 3 1,610 261 328 591 431 1,021 589 1,642 1,610 32 292 221 71 151 196 4 1,529 253 339 582 355 972 108 450 1,562 1,529 32 264 205 59 191 196 5 1,473 270 362 575 266 964 87 422 1,510 1,473 37 246 197 49 216 196 6 1,165 207 288 473 198 779 61 325 1,196 1,165 31 195 158 37 217 196 7 1,292 215 337 520 220 844 72 376 1,322 1,292 30 232 180 53 240 196 8 1.508 227 369 619 294 900 81 527 1,548 1,508 40 283 227 56 318 196 9 1,467 206 349 588 323 810 87 571 1,500 1,467 33 '288 '237 '51 413 197 0 1,429 217 291 611 310 811 84.7 534 1,467 1,434 33 479 418 61 401 1970—Mar... 1.392 319 290 519 264 708 70 614 117 114 3 30 25 5 29 Apr.. . 1,224 222 255 524 223 697 57 470 130 128 2 37 32 5 40 May. . 1,242 190 228 566 258 728 81 433 127 125 2 42 37 5 33 June.. 1.393 176 311 592 314 835 78 480 141 135 6 46 41 5 35 July... 1,603 264 335 652 352 827 95 681 143 141 2 49 43 6 37 Aug.. . 1,425 181 298 640 306 838 94 493 132 129 3 40 34 6 38 Sept... 1.509 198 262 673 376 881 122 506 133 131 2 40 34 6 41 Oct... 1,583 227 331 649 376 890 87 606 143 141 2 46 40 6 41 Nov... 1,693 262 355 737 339 934 111 648 128 127 1 39 34 5 30 Dec.. . 2,054 234 427 916 477 1,240 102 712 124 121 3 69 63 6 27 1971—Jan... '1,725 238 320 '724 435 '946 110 '669 '115 '111 4 37 32 5 25 Feb.. . 1,724 238 284 725 477 978 110 636 103 100 3 32 27 5 28 Mar.p, 1,918 257 427 795 439 1,028 121 769 166 164 2 40 33 7 36 Note.—Starts are Census Bureau series (including farm starts) except units under FHA, based on field office reports of first compliance inspec­ for Govt.-underwritten, which are from Federal Housing Admin, and tions. Data may not add to totals because of rounding. Veterans Admin, and represent units started, including rehabilitation Mobile home shipments are as reported by Mobile Homes Manufac­ turers Assn. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 64 EMPLOYMENT □ MAY 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 t p t i a u tu l l t a n i t o o io n n n a - l lab N o o r t f i o n r ce T l f a o o b r t c o a e r l Employed 2 Une m ra m e t p n e l t 1 o y^ (N.S.A.) (N.S.A.) (S.A.) Total Unem­ (per cent; Total In c n u o lt n u a ra g l r i­ In ployed S.A.) industries agriculture 1965.......................... 129,236 52,058 77,178 74,455 71,088 66,726 4,361 3,366 4.5 1966.......................... 131,180 52,288 78,893 75,770 72,895 68,915 3,979 2,875 3.8 19673........................ 133,319 52,527 80,793 77,347 74,372 70,527 3,844 2,975 3.8 1968.......................... 135,562 53,291 82,272 78,737 75,920 72,103 3,817 2,817 3.6 1969.......................... 137,841 53,602 84,239 80,733 77,902 74,296 3,606 2,831 3.5 1970........................... 140,182 54,280 85,903 82,715 78,627 75,165 3,462 4,088 4.9 1970—Apr................ 139,687 54,456 86,031 82,760 78,886 75,317 3,569 3,874 4.7 May............... 139,884 54,915 85,849 82,621 78,601 75,031 3,570 4,020 4.9 June............... 140,046 52,816 85,392 82,213 78,299 74,763 3,536 3,914 4.8 July................ 140,259 52,304 85,865 82,711 78,574 75,066 3,508 4,137 5.0 Aug................ 140,468 53,220 85,904 82,770 78,508 75,073 3,435 4,262 5.1 Sept................ 140,675 55,019 86,084 82,975 78,479 75,043 3,436 4,496 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 Feb................. 141,670 56,017 86,334 83,384 78,537 75,208 3,329 4,847 5.8 Mar................ 141,885 56,286 86,405 83,475 78,475 75,079 3,396 5,000 6.0 Apr................ 142,088 56,308 86,665 83,783 78,698 75,140 3,558 5,085 6.1 1 Per cent of civilian labor force. Note.—Bureau of Labor Statistics. Information relating to persons 16 2 Includes self-employed, unpaid family, and domestic service workers. 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 ri u n f g ac­ Mining c C o o n t n i s o t t r r n a u c c t ­ t T i l o i r c a n n u & s ti p l i o p ti r u e t b a s ­ ­ Trade Finance Service G m ov e e n r t n­ 1965......................................................... 60,815 18,062 632 3,186 4,036 12,716 3,023 9,087 10,074 1966......................................................... 63,955 19,214 627 3,275 4,151 13,245 3,100 9,551 10,792 1967......................................................... 65,857 19,447 613 3,208 4,261 13,606 3,225 10,099 11,398 1968......................................................... 67,915 19,781 606 3,285 4,310 14,084 3,382 10,623 11,845 1969......................................................... 70,274 20,169 619 3,437 4,431 14,645 3,557 11,211 12,204 1970.......................................................... 70,664 19,393 622 3,347 4,498 14,950 3,679 11,577 12,597 SEASONALLY ADJUSTED 1970—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............................................... 70,303 18,842 625 3,319 4,437 14,851 3,723 11,727 12,779 1971—Jan................................................ 70,652 18,807 625 3,241 4,499 15,133 3,746 11,778 12,823 Feb................................................ 70,590 18,728 623 3,198 4,521 15,141 3,745 11,785 12,849 Mar.p........................................... 70,662 18,679 622 3,258 4,517 15,142 3,753 11,807 12,884 Apr.p............................................ 70,719 18,645 621 3,307 4,481 15,143 3,779 11,791 12,952 NOT SEASONALLY ADJUSTED 1970—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............................................... 71,234 18,864 621 3,226 4,446 15,744 3,704 11,645 12,984 1971—Jan................................................ 69,622 18,622 611 2,910 4,427 14,899 3,701 11,554 12,898 Feb............................................... 69,533 18,568 606 2,833 4,444 14,757 3,708 11,608 13,009 Mar.p........................................... 69,876 18,534 606 2,958 4,458 14,822 3,727 11,701 13,070 Apr.P............................................ 70,376 18,481 615 3,171 4,445 15,003 3,764 11,791 13,106 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 bench­ the Armed Forces are excluded. mark. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1971 □ EMPLOYMENT AND EARNINGS A 65 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonallyadjusted1 Not seasonally adjusted1 Industry group 1970 1971 1970 1971 Apr. Feb. Mar.* Apr.* Apr. Feb. Mar.* Apr.* 14,389 13,543 13,502 13,503 14,240 13,404 13,380 13,358 Durable goods................................................................. 8,318 7,642 7,598 7,592 8,282 7,601 7,569 7,559 Ordnance and accessories...................................... 143 106 103 101 142 106 102 100 Lumber and wood products.................................. 504 496 496 500 494 479 483 490 Furniture and fixtures............................................ 386 370 371 372 381 368 368 368 Stone, clay, and glass products............................. 512 496 492 493 508 475 479 489 Primary metal industries........................................ 1,049 992 993 988 1,058 992 995 996 Fabricated metal products.................................... 1,079 1,013 989 1,010 1,070 1,008 982 1,002 Machinery............................................................... 1,366 1,179 1,172 1,162 1,375 1,189 1,184 1,170 Electrical equipment and supplies......................... 1,313 1,175 1,183 1,170 1,296 1,176 1,175 1,155 Transportation equipment..................................... 1,345 1,239 1,228 1,224 1,347 1,249 1,241 1,227 Instruments and related products......................... 289 258 255 256 287 257 255 254 Miscellaneous manufacturing industries............... 332 318 316 316 324 302 305 308 Nondurable goods........................................................... 6,071 5,901 5,904 5,911 5,958 5,803 5,811 5,799 Food and kindred products................................... 1,217 1,202 1,199 1,193 1,138 1,120 1,118 1,115 Tobacco manufactures........................................... 67 63 61 61 58 60 55 53 Textile-mill products.............................................. 860 830 825 829 856 824 823 826 Apparel and related products................................ 1,221 1,199 1,212 1,224 1,210 1,206 1,220 1,213 Paper and allied products...................................... 556 532 531 529 551 527 525 523 Printing, publishing, and allied industries............ 687 672 670 668 687 670 670 668 Chemicals and allied products............................... 610 593 590 589 615 590 591 593 Petroleum refining and related industries.............. 118 117 117 117 117 113 114 115 Rubber and misc. plastic products......................... 450 424 430 429 445 423 427 425 Leather and leather products................................. 285 269 268 272 281 270 268 268 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 Apr. Feb. Mar.* Apr.* Apr. Feb. Mar.* Apr.* Apr. Feb. Mar.* Apr.* 40.0 39.5 39.9 39.8 131.80 138.29 139.74 139.83 3.32 3.51 3.52 3.54 Durable goods..................................................... 40.4 40.1 40.5 40.3 141.50 149.23 151.50 151.18 3.52 3.74 3.75 3.77 Ordnance and accessories.......................... 41.1 41.7 42. 1 41.5 146.06 155.32 157.59 156.15 3.58 3.77 3.77 3.79 Lumber and wood products...................... 39.8 40.1 40.1 40.1 114.62 120.56 123.11 124.31 2.88 3.06 3.07 3.10 Furniture and fixtures................................ 39.3 39.3 39.7 39.2 105.65 109.91 112.29 110.01 2.73 2.84 2.85 2.85 41.6 41.4 41.9 41.5 139.03 144.13 147.80 148.21 3.35 3.55 3.57 3.58 Primary metal industries............................ 40.1 40.6 40.7 40.7 156.35 166.05 168.50 171.79 3.87 4.10 4.13 4.19 Fabricated metal products......................... 40.9 40.2 40.3 40.2 142.10 146.07 146.40 147.23 3.50 3.67 3.66 3.69 Machinery................................................... 41.4 40.1 40.2 40.0 155.25 156.39 159.17 157.60 3.75 3.90 3.93 3.94 Electrical equipment and supplies............. 40.0 39.2 39.8 39.8 128.30 134.85 137.76 136.72 3.24 3.44 3.47 3.47 Transportation equipment......................... 39.7 41.5 41.8 41.0 156.80 181.56 182.96 179.82 4.00 4.45 4.43 4.44 Instruments and related products.............. 40.5 39.3 39.7 39.5 132.59 135.98 137.76 137.55 3.29 3.46 3.47 3.50 Miscellaneous manufacturing industries... 39.0 37.8 38.8 38.6 108.64 111.72 113.68 113.66 2.80 2.94 2.93 2.96 Nondurable goods............................................... 39.4 38.9 39.1 39.2 118.56 123.84 124.87 125.32 3.04 3.20 3.21 3.23 Food and kindred products....................... 40.6 40.7 40.4 40.4 124.49 133.20 133.27 134.19 3.12 3.33 3.34 3.38 Tobacco manufactures............................... 38.3 36.1 37.9 38.4 110.56 107.81 114.82 121.27 2.98 3.02 3.12 3.26 Textile-mill products.................................. 40.6 40.1 40.4 40.8 96.50 101.60 102.77 101.85 2.42 2.54 2.55 2.54 35.5 34.7 35.1 35.1 83.90 86.06 87.54 86.54 2.37 2.48 2.48 2.47 Paper and allied products.......................... 42.1 41.8 41.8 42.1 140.53 148.21 149.34 150.54 3.37 3.58 3.59 3.61 Printing, publishing, and allied industries. 37.9 37.3 37.5 37.4 145.15 151.37 153.38 153.26 3.85 4.08 4.09 4.12 Chemicals and allied products................... 41.4 41.5 41.4 41.7 150.18 158.59 158.98 162.57 3.61 3.84 3.84 3.88 Petroleum refining and related industries . 41.9 43.3 42.2 42.3 179.77 189.50 187.26 195.11 4.26 4.48 4.48 4.58 Rubber and misc. plastic products............ 40.7 40.0 40.2 40.5 127.35 131.47 132.47 134.74 3.16 3.32 3.32 3.36 Leather and leather products..................... 37.4 36.6 37.4 38.1 90.02 95.20 96.09 95.09 2.48 2.58 2.59 2.57 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 □ MAY 1971 CONSUMER PRICES (1967 = 100) Housing Health and recreation Fur­ Apparel Trans­ Period it A em ll s Food Total Rent H ow o n m e e r - - F a o u n i d e l l e G a l n e a c d s ­ n i a n i n s g h d s ­ up a k n e d ep p t o i r o t n a­ Total M ic e a d l ­ s P o e n r a ­ l R a i e n n a g d d­ g O a o t n o h d d er s ship coal tricity opera­ care care recrea­ serv­ tion tion ices 1929.............................. 51.3 48.3 76.0 48.5 1933.............................. 38.8 30.6 54.1 36.9 1941.............................. 44.1 38.4 53.7 57.2 40.5 81.4 44.8 44.2 37.0 41.2 47.7 49.2 1945.............................. 53.9 50.7 59.1 58.8 48.0 79.6 61.5 47.8 42.1 55.1 62.4 56.9 1960.............................. 88.7 88.0 90.2 91.7 86.3 89.2 98.6 93.8 89.6 89.6 85.1 79.1 90.1 87.3 87.8 1961.............................. 89.6 89.1 90.9 92.9 86.9 91.0 99.4 93.7 90.4 90.6 86.7 81.4 90.6 89.3 88.5 1962.............................. 90.6 89.9 91.7 94.0 87.9 91.5 99.4 93.8 90.9 92.5 88.4 83.5 92.2 91.3 89.1 1963.............................. 91.7 91.2 92.7 95.0 89.0 93.2 99.4 94.6 91.9 93.0 90.0 85.6 93.4 92.8 90.6 1964.............................. 92.9 92.4 93.8 95.9 90.8 92.7 99.4 95.0 92.7 94.3 91.8 87.3 94.5 95.0 92.0 1965.............................. 94.5 94.4 94.9 96.9 92.7 94.6 99.4 95.3 93.7 95.9 93.4 89.5 95.2 95.9 94.2 1966.............................. 97.2 99.1 97.2 98.2 96.3 97.0 99.6 97.0 96.1 97.2 96.1 93.4 97.1 97.5 97.2 1967.............................. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1968.............................. 104.2 103.6 104.2 102.4 105.7 103.1 100.9 104.4 105.4 103.2 105.0 106.1 104.2 104.7 104.6 1969.............................. 109.8 108.9 110.8 105.7 116.0 105.6 102.8 109.0 111.5 107.2 110.3 113.4 109.3 108.7 109.1 1970—Mar.................. 114.5 114.2 116.9 108.8 125.5 108.2 105.8 112.4 114.6 109.7 114.2 118.2 112.2 111.2 114.0 Apr.................. 115.2 114.6 117.6 109.1 126.5 108.3 106.6 112.8 115.0 111.2 114.9 119.1 112.4 111.9 114.7 May................ 115.7 114.9 118.2 109.4 127.5 108.4 106.7 113.2 115.7 112.1 115.4 119.7 112.8 112.6 115.1 June................ 116.3 115.2 118.6 109.8 128.5 108.6 106.3 113.5 116.0 112.7 116.1 120.5 112.7 113.3 115.7 July................. 116.7 115.8 119.2 110.1 129.0 109.6 106.6 113.7 115.3 113.4 116.6 121.3 113.1 113.7 116.2 Aug.................. 116.9 115.9 119.9 110.5 130.0 110.1 107.3 113.9 115.4 112.7 117.2 122.0 113.7 114.2 116.8 Sept.................. 117.5 115.7 120.6 110.9 131.3 111.4 107.6 114.2 117.2 113.0 117.7 122.6 114.0 114.7 117.4 Oct................... 118.1 115.5 121.2 111.4 131.9 112.5 108.8 114.5 118.2 115.2 118.2 122.8 114.4 115.2 118.0 Nov.................. 118.5 114.9 121.9 111.8 132.5 113.9 109.9 115.1 119.0 116.0 118.7 123.4 114.5 116.0 118.3 Dec.................. 119.1 115.3 122.6 112.6 133.4 114.9 110.7 115.3 119.2 116.9 119.1 124.2 115.0 116.2 118.5 1971—Jan................... 119.2 115.5 122.7 112.9 133.4 116.7 111.5 115.4 117.6 117.5 119.8 124.9 115.3 117.3 118.9 Feb.................. 119.4 115.9 122.6 113.6 132.3 117.2 112.8 115.9 118.1 117.5 120.2 125.8 115.4 117.5 119.1 Mar.................. 119.8 117.0 122.4 113.9 131.2 117.4 113.3 116.4 118.6 117.8 120.6 126.8 115.8 117.7 119.4 Note.—Bureau of Labor Statistics index for city wage-earners and clerical workers. WHOLESALE PRICES: SUMMARY (1967 = 100) Industrial commodities Period m c t A o o ie m l d s l i ­ ­ p F u r a c o r t d m s ­ c f f e P o a e s o r n e s o d d d e ­ s d s Total t T e il t e e c x s . ­ , H e i t d c e . s, F e u tc e . l, C ic e h a t e c l m s . , ­ R b e u t e c r b . , ­ L b e u t e c m r . , ­ P e a t p c e . r, M e a t l e c s t , . ­ e c m M q a e h n r u e i a y n n d i ­ p ­ t ­ F t u e u t r r c n e . , i­ N t e m m a r o l a i e l n n l i ­ s c ­ ­ T e p m t q r o i a e u o r n n n t ip a s t ­ ­ ­ 1 n c M e e o l i l u s a ­ s ­ I960.................................. 94.9 97.2 89.5 95.3 99.5 90.8 96.1 101.8 103.1 95.3 98.1 92.4 92.0 99.0 97.2 93.0 1961.................................. 94.5 96.3 91.0 94.8 97.7 91.7 97.2 100.7 99.2 91.0 95.2 91.9 91.9 98.4 97.6 93.3 1962.................................. 94.8 98.0 91.9 94.8 98.6 92.7 96.7 99.1 96.3 91.6 96.3 91.2 92.0 97.7 97.6 93.7 1963.................................. 94.5 96.0 92.5 94.7 98.5 90.0 96.3 97.9 96.8 93.5 95.6 91.3 92.2 97.0 97.1 94.5 1964.................................. 94.7 94.6 92.3 95.2 99.2 90.3 93.7 98.3 95.5 95.4 95.4 93.8 92.8 97.4 97.3 95.2 1965.................................. 96.6 98.7 95.5 96.4 99.8 94.3 95.5 99.0 95.9 95.9 96.2 96.4 93.9 96.9 97.5 95.9 1966.................................. 99.8 105.9 101.2 98.5 100.1 103.4 97.8 99.4 97.8 100.2 98.8 98.8 96.8 98.0 98.4 97.7 1967.................................. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1968.................................. 102.5 102.5 102.2 102.5 103.7 103.2 98.9 99.8 103.4 113.3 101.1 102.6 103.2 102.8 103.7 102.2 1969.................................. 106.5 108.8 107.3 106.0 105.9 108.6 101.0 99.9 105.4 125.2 104.2 108.5 106.4 104.9 108.1 100.7 104.9 1970—Mar...................... 109.9 114.6 111.8 108.9 107.4 109.5 102.6 101.6 107.7 113.4 108.0 115.9 110.1 106.9 112.5 103.2 107.8 Aprl.................... 109.9 111.6 111.8 109.3 107.2 111.0 103.8 102.0 107.5 113.9 108.4 116.6 110.4 107.1 112.9 103.1 107.8 May.................... 110.1 111.3 111.1 109.7 107.2 110.4 105.3 102.2 107.5 114.8 108.2 117.4 110.6 107.1 113.0 103.2 108.1 June.................... 110.3 111.6 111.7 109.8 107.2 109.9 104.8 102.1 107.4 114.0 108.1 117.8 111.0 107.4 113.0 103.3 110.7 July..................... 110.9 113.4 113.3 110.0 107.1 109.8 105.1 102.5 109.0 113.5 108.4 117.7 111.5 107.6 113.2 103.2 111.1 Aug...................... 110.5 108.5 112.9 110.2 107.4 109.8 105.8 102.7 109.7 114.0 108.2 117.5 111.6 107.7 113.6 103.3 111.2 Sept...................... 111.0 112.1 113.0 110.4 107.5 109.9 107.1 102.5 109.4 114.2 108.3 117.4 112.1 107.8 113.8 103.6 111.5 Oct....................... 111.0 107.8 111.8 111.3 107.3 110.4 108.7 103.0 109.5 113.1 108.9 117.7 112.7 108.0 114.2 108.2 111.6 Nov...................... 110.9 107.0 111.7 111.3 107.1 110.9 109.7 103.3 109.1 111.9 108.7 116.8 113.1 108.4 114.6 108.5 111.8 Dec...................... 111.0 107.1 110.7 111.7 106.7 110.4 112.8 103.3 109.4 111.1 108.5 116.2 113.8 108.7 115.1 108.9 111.9 1971—Jan........................ 111.8 108.9 111.8 112.2 106.9 111.7 113.5 103.8 108.4 112.2 109.0 116.5 114.2 109.3 118.8 109.5 112.3 Feb...................... 112.8 113.9 113.3 112.5 106.7 112.4 113.0 104.2 109.1 117.5 109.3 116.4 114.6 109.7 119.0 109.7 112.6 Mar...................... 113.0 113.0 113.7 112.8 106.9 112.5 112.8 104.5 109.1 123.4 109.3 116.5 114.9 109.6 120.9 109.5 112.8 1 For transportation equipment, Dec. 1968 = 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1971 □ PRICES A 67 WHOLESALE PRICES: DETAIL (1967=100) 1970 1971 1970 1971 Group Group Apr. Feb. Mar. Apr. Apr. Feb. Mar. Apr. Farm products: Pulp, paper, and allied products: 110.9 118.3 125.3 120.8 Pulp, paper and products, excluding 95.2 111.7 108.4 106.8 building paper and board............. 108.6 109.6 109.6 109.9 123.4 118.9 114.9 116.9 Woodpulp.......................................... 107.1 112.2 112.2 112.2 101.1 100.0 100.1 99.5 Wastepaper........................................ 138.9 105.9 104.8 107.7 90.7 88.0 88.9 89.4 Paper.................................................. 110.5 112.7 113.1 114.3 115.8 117.7 118.1 119.7 Paperboard......................................... 102.1 101.3 102.5 103.0 112.6 97.6 101.2 104.4 Converted paper and paperboard... 108.2 109.4 109.0 108.8 95.1 108.6 107.6 104.8 Building paper and board................ 101.6 100.4 101.4 101.7 115.2 119.5 116.1 114.4 Processed foods and feeds: Metals and metal products: 106.4 111.1 111.5 111.5 119.0 115.2 112.9 113.3 Iron and steel..................................... 113.2 118.0 118.2 118.4 110.8 112 3 115 0 115.5 Steelmill products............................. 111.8 117.0 118.0 118.5 109.6 111.5 111.9 113.0 Nonferrous metals............................. 129.9 114.2 113.7 117.2 113.9 118.3 119.2 118.6 Metal containers............................... 111.7 115.8 115.8 123.1 Beverages and beverage materials.... 111.5 115.2 115.3 115.6 Hardware........................................... 110.0 115.5 115.5 115.6 142.4 122 6 142 1 135.9 Plumbing equipment......................... 111.5 113.2 113.2 114.9 127.9 127.6 128.8 120.4 Heating equipment........................... 109.3 114.1 114.5 114.7 116.7 147.7 152.5 125.2 Fabricated structural metal products 110.5 115.7 116.6 116.8 111.4 119.4 119.4 119.4 Miscellaneous metal products.......... 111.9 117.7 117.9 118.0 111.7 111.9 113.7 114.3 99.1 104.9 107.2 104.4 Textile products and apparel: Machinery and equipment: 105.1 107.5 107.8 108.9 Agricultural machinery and equip... 112.2 116.8 116.5 116.7 100.7 95.4 94.5 94.4 Construction machinery and equip.. 114.3 120.5 120.8 120.9 Manmade fiber textile products........ 103.9 97.4 97.6 98.6 Metalworking machinery and equip. 113.3 116.0 116.0 116.6 Apparel................................................. 110.4 112.0 112.2 112.2 General purpose machinery and Textile housefurnishings...................... 102.5 103.4 103.5 103.5 equipment....................................... 112.3 117.3 117.8 118.3 Miscellaneous textile products............ 103.1 107.3 106.7 118.7 Special industry machinery and equipment...................................... 114.5 119.4 119.3 119.7 Hides, skins, leather, and products: Electrical machinery and equip........ 105.4 109.3 109.7 109.5 Miscellaneous machinery................. 112.4 115.9 116.3 117.0 Hides and skins.................................... 113.2 105.3 105.5 121.1 Leather.................................................. 109.2 108.7 108.6 111.0 Footwear.............................................. 113.3 116.3 116.5 116.6 Other leather products......................... 105.9 107.6 107.5 107.7 Furniture and household durables: Household furniture......................... 111.2 113.9 114.0 114.1 Fuels and related products, and power: Commercial furniture....................... 112.6 118.2 118.2 118.1 C C E G l o o a e a k s c l e t f r u ic e l p s ower...................................... 1 1 1 1 0 0 4 2 1 1 4 3 ^ . . . 6 0 2 9 1 1 1 1 0 4 1 7 8 5 0 6 ! ! . . 9 0 2 1 1 1 1 1 0 4 7 11 5 6 9 . . . . 1 9 0 4 1 1 1 1 4 0 1 8 5 5 2 4 ^ ^ ! . 9 0 9 3 H O H Fl o t o o h u m o e s r r e e h c h e o o o le v l u d c e s t r e r a i o h n p n o g p i l s l c d i . a . e . d n . q . u c . u . r e . a i . s . p b . . . m . l . . e . . . . e . . . g . n . . . . o t . . . . . o . . . . . . . d . . . . . . . s . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 9 9 1 0 9 3 5 6 . . . . 1 6 2 0 1 1 1 9 0 0 1 4 7 9 0 . . . . 1 8 2 6 1 1 1 9 1 0 0 3 9 0 7 . . . . 7 2 8 0 1 1 9 9 2 0 9 3 7 0 . . . . 1 1 8 7 Crude petroleum.................................. 106.0 113.2 113.2 113.2 Petroleum products, refined................ 99.1 106.9 105.9 105.3 Nonmetallic mineral products: Chemicals and allied products: Flat glass............................................ 115.8 123.1 125.3 126.2 Industrial chemicals............................. 100.5 101.9 102.2 101.9 115.1 117.3 120.6 121.0 Prepared paint...................................... 112.4 114.5 115.1 115.9 111.2 117.6 118.5 119.4 Paint materials..................................... 101.9 103.6 103.5 103.5 Structural clay products excluding Drugs and pharmaceuticals................. 100.7 102.4 102.6 102.0 109.5 112.7 113.6 114.5 Fats and oils, inedible......................... 132.3 142.6 144.3 143.0 Refractories....................................... 119.9 126.7 126.7 126.7 Agricultural chemicals and products.. 89.2 92.6 93.9 94.1 Asphalt roofing................................. 101.2 108.8 123.6 123.6 Plastic resins and materials................. 91.1 89.8 87.3 88.2 Gypsum products.............................. 102.7 97.9 98.9 101.0 Other chemicals and products............ 107.8 111.2 111.5 111.8 Glass containers 119.6 131.9 131 5 131.5 Other nonmetallic minerals.............. 111.3 121.0 121.4 122.0 Rubber and plastic products:1 Crude rubber........................................ 102.7 99.1 99.1 99.8 Tires and tubes..................................... 105.9 107.5 107.5 107.5 Transportation equipment: Miscellaneous rubber products........... 111.3 117.0 117.2 116.3 Plastic construction products (Dec. Motor vehicles and equipment........ 106.9 114.1 113.8 114.1 1969 = 100)........................................ 98.7 95.8 95.9 95.5 R^ilroEd equipment 114.7 119.0 119.9 119.9 Unsupported plastic film and sheeting (Dec. 1970= 100).............................. 102.9 102.7 102.6 Laminated sheets, high pressure (Dec. 1970-100).............................. 99.9 99.5 101.0 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms, ammunition................................... 108.7 112.3 113.1 112.5 Lumber.................................................. 113.9 120.3 129.0 131.5 Tobacco products............................. 109.9 116.9 116.9 116.5 Millwork............................................... 116.6 115.2 116.2 118.6 Notions.............................................. 107.6 111.3 111.7 111.7 Plywood................................................ 109.0 112.8 120.2 115 6 Photographic equipment and supplies 104.5 105.6 105.8 105.8 Other wood products........................... 117.2 118.1 118.3 119.3 Other miscellaneous products.......... 106.4 111.7 111.8 112.2 1 Retitled to include the direct pricing of plastic construction products; continuity of the group index is not affected. Note.—Bureau of Labor Statistics indexes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 68 NATIONAL PRODUCT AND INCOME □ MAY 1971 GROSS NATIONAL PRODUCT (In billions of dollars) 1970 1971 Item 1929 1933 1941 1950 1966 1967 1968 1969 1970 II III IV Gross national product. 103.1 55.6 124.5 284.8 749.9 793.9 865.0 931.4 976.5 959.5 971.1 985.5 989.9 1018.4 Final purchases............. 101.4 57.2 120.1 278.0 735.1 785.7 857.4 922.9 973.1 957.9 968.1 980.0 986.31016.0 Personal consumption expenditures. 77.2 45.8 80.6 191.0 466.3 492.1 535.8 577.5 616.7 603.1 614.4 622.1 627.0 644.7 Durable goods............................. 9.2 3.5 9.6 30.5 70.8 73.1 84.0 90.0 89.4 89.1 91.9 91.2 85.3 96.1 Nondurable goods...................... 37.7 22.3 42.9 98.1 206.9 215.0 230.2 245.8 264.7 258.8 262.6 265.8 271.5 272.5 Services........................................ 30.3 20.1 28.1 62.4 188.6 204.0 221.6 241.6 262.6 255.2 259.9 265.1 270.2 276.0 Gross private domestic investment....... 16.2 1.4 17.9 54.1 121.4 116.6 126.5 139.8 135.7 133.2 134.3 138.3 137.1 142.9 Fixed investment............................... 14.5 3.0 13.4 47.3 106.6 108.4 118.9 131.4 132.3 131.6 131.2 132.7 133.5 140.5 Nonresidential................................ 10.6 2.4 9.5 27.9 81.6 83.3 88.7 99.3 102.6 102.6 102.8 103.6 101.3 105.1 Structures.................................. 5.0 .9 2.9 9.2 28.5 28.0 29.6 33.8 35.2 35.7 35.3 35.0 34.7 36.3 Producers’ durable equipment. 5.6 1.5 6.6 18.7 53.1 55.3 59.1 65.5 67.4 66.9 67.5 68.6 66.6 68.8 Residential structures................... 4.0 .6 3.9 19.4 25.0 25.1 30.3 32.0 29.7 29.1 28.4 29.2 32.2 35.4 Nonfarm.................................... 3.8 .5 3.7 18.6 24.5 24.5 29.7 31.5 29.1 28.4 27.8 28.6 31.6 34.8 Change in business inventories........ 1.7 -1.6 4.5 6 14.8 8.2 7.6 8.5 3.5 1.6 3.1 5.5 3.6 2.4 Nonfarm...................................... 1.8 -1.4 4.0 6.0 15.0 7.5 7.5 8.0 2.9 .9 2.6 5.0 3.0 2.2 Net exports of goods and services. 1.1 .4 1.3 1 5.3 5.2 2.5 1.9 3.6 3.5 4.1 4.2 2.6 2.8 Exports...................................... 7.0 2.4 5.9 13.8 43.4 46.2 50.6 55.5 62.2 61.1 62 62.8 62.0 64.1 Imports...................................... 5.9 2.0 4.6 12.0 38.1 41.0 48.1 53.6 58.6 57.6 58.7 58.6 59.3 61.3 Government purchases of goods and services. 8.5 8.0 24.8 37.9 156.8 180.1 200.2 212.2 220.5 219.6 218.4 221.0 223.2 228.0 Federal........................................................ 1.3 2.0 16.9 18.4 77.8 90.7 99.5 101.3 99.7 102.3 99.7 98.6 98.2 98.1 National defense.................................... 13.8 14.1 60.7 72.4 78.0 78.8 76.6 79.3 76.8 75 74.6 73.9 Other....................................................... 3.1 4.3 17.1 18.4 21.5 22.6 23.1 23.0 22.9 22.9 23.5 24.1 State and local............................................ 7.2 6.0 7.9 19.5 79.0 89.4 100.7 110.8 120.9 117.4 118.7 122.4 125.0 129.9 Gross national product in constant (1958) dollars......................................................... 203.6 141.5 263.7 355.3 658.1 675.2 707.2 727.1 724.1 723.8 724.9 727.4 720.3 731.6 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) 1970 1971 1929 1933 1941 1950 1966 1967 1968 1969 1970 Item I II III IV Ip National income.............................................. 86.8 40.3 104.2 241.1 620.6 653.6 712.7 769.5 800.1 791.5 797.4 806.6 804.8 Compensation of employees........................... 51.1 29.5 64.8 154.6 435 5 467.2 514.1 564.2 599.8 592.2 596.4 603.8 606.7 624.8 Wages and salaries..................................... 50.4 29.0 62.1 146.8 394.5 423.1 464.8 509.0 540.1 534.4 537.4 543.4 545.2 560.2 Private..................................................... 45.5 23.9 51.9 124.4 316.8 337.3 369.1 404.9 426.1 422.6 424.0 428.9 429.1 440.4 Military................................................... .3 .3 1.9 5.0 14.6 16.2 17.9 19.0 19.3 20.1 19.5 19.1 18.6 19.2 Government civilian............................... 4.6 4.9 8.3 17.4 63.1 69.5 77.8 85.1 94.6 91.7 93.9 95.4 97.5 100.7 Supplements to wages and salaries............. .7 .5 2.7 7.8 41.0 44.2 49.3 55.7 59.7 57.9 59.0 60.4 61.4 64.6 Employer contributions for social in­ surance ................................................ .1 .1 2.0 4.0 20.3 21.9 24.3 27.5 29.3 28.6 29.0 29.6 29.9 32.4 Other labor income................................ .6 .4 .7 3.8 20.7 22.3 24.9 27.6 30.4 29.3 30.0 30.8 31.5 32.1 Proprietors’ income........................................ 15.1 5.9 17.5 37.5 61.3 62.1 64.1 66.8 67.6 67.6 67.8 67.8 67.4 67.0 Business and professional.......................... 9.0 3.3 11.1 24.0 45.2 47.3 49.1 50.5 51.4 50.6 51.2 51.7 52.0 52.2 Farm............................................................ 6.2 2.6 6.4 13.5 16.1 14.8 15.0 16.4 16.2 17.0 16.5 16.1 15.3 14.7 Rental income of persons............................... 5.4 2.0 3.5 9.4 20.0 21.1 21.3 22.0 22.7 22.5 22.6 22.7 23.0 23.1 Corporate profits and inventory valuation adjustment................................................... 10.5 -1.2 15.2 37.7 82.4 78.7 85.4 85.8 76.5 76.7 77.5 78.4 73.3 Profits before tax....................................... 10.0 1.0 17.7 42.6 84.2 79.8 88.7 91.2 81.3 82.6 82.0 84.4 76.3 Profits tax liability.................................. 1.4 .5 7.6 17.8 34.3 33.2 40.6 42.7 37.5 38.0 38.1 38.9 34.8 Profits after tax....................................... 8.6 .4 10.1 24.9 49.9 46.6 48.2 48.5 43.8 44.6 43.9 45.4 41.4 Dividends............................................ 5.8 2.0 4.4 8.8 20.8 21.4 23.3 24.7 25.2 25.2 25.1 25.4 25.1 25.8 Undistributed profits.......................... 2.8 -1.6 5.7 16.0 29.1 25.3 24.9 23.9 18.6 19.4 18.8 20.0 16.3 Inventory valuation adjustment................ .5 -2.1 -2.5 -5.0 -1.8 -1.1 -3.3 -5.4 -4.8 -5.8 -4.5 -5.9 -3.0 -3.4 Net interest..................................................... 4.7 4.1 3.2 2.0 21.4 24.4 27.8 30.7 33.5 32.4 33.1 33.8 34.5 35.2 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

MAY 1971 □ NATIONAL PRODUCT AND INCOME A 69 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING (In billions of dollars) 1970 1971 Item 1929 1933 1941 1950 1966 1967 1968 1969 1970 I II III IV Ip Gross national product..................................... 103.1 55.6 124.5 284.8 749.9 793.9 865.0 931.4 976.5 959.5 971.1 985.5 989.9 1018.4 Less: Capital consumption allowances......... 7.9 7.0 8.2 18.3 63.9 68.9 74.0 78.9 84.3 82.1 83.6 85.0 86.5 88.4 Indirect business tax and nontax lia­ bility ................................................... 7.0 7.1 11.3 23.3 65.7 70.4 78.1 85.2 92.1 89.3 91.1 93.3 94.5 97.8 Business transfer payments.................. .6 .7 .5 .8 3.0 3.1 3.3 3.5 3.6 3.6 3.6 3.6 3.7 3.7 Statistical discrepancy........................... .7 .6 .4 1.5 -1.0 -.7 -2.4 -4.7 -1.8 -5.4 -3.1 -1.1 2.4 Plus: Subsidies less current surplus of gov­ ernment enterprises........................... -.1 .1 .2 2.3 1.4 .7 1.0 1.8 1.6 1.5 1.8 2.1 2.0 Equals: National income.................................. 86.8 40.3 104.2 241.1 620.6 653.6 712.7 769.5 800.1 791.5 797.4 806.6 804.8 Less: Corporate profits and inventory valu­ ation adjustment............................... 10.5 -1.2 15.2 37.7 82.4 78.7 85.4 85.8 76.5 76.7 77.5 78.4 73.3 Contributions for social insurance.... .2 .3 2.8 6.9 38.0 42.4 47.1 53.6 57.1 56.0 56.7 57.6 58.1 63.1 Excess of wage accruals over disburse­ ments .................................................. 2.5 -2.1 -.4 Plus: Government transfer payments........... .9 1.5 2.6 14.3 41.1 48.7 55.7 61.6 73.9 66.3 75.8 75.1 78.5 82.4 Net interest paid by government and consumers.......................................... 2.5 1.6 2.2 7.2 22.2 23.6 26.3 29.0 31.8 31.0 31.4 32.2 32.5 32.5 Dividends.............................................. 5.8 2.0 4.4 8.8 20.8 21.4 23.3 24.7 25.2 25.2 25.1 25.4 25.1 25.8 Business transfer payments.................. .6 .7 .5 .8 3.0 3.1 3.3 3.5 3.6 3.6 3.6 3.6 3.7 3.7 Equals: Personal income................................. 85.9 47.0 96.0 227.6 587.2 629.3 688.7 748.9 801.0 782.3 801.3 807.2 813.3 831.4 Less: Personal tax and nontax payments__ 2.6 1.5 3.3 20.7 75.4 83.0 97.5 117.3 116.3 117.0 117.7 114.2 116.1 116.4 Equals: Disposable personal income................ 83.3 45.5 92.7 206.9 5119 546.3 591.2 631.6 684.8 665.3 683.6 693.0 697.2 714.9 Less: Personal outlays................................... 79.1 46.5 81.7 193.9 479.3 506.0 550.8 593.9 634.6 620.5 632.1 640.2 645.5 663.6 Personal consumption expenditures. 77.2 45.8 80.6 191.0 466.3 492.1 535.8 577.5 616.7 603.1 614.4 622.1 627.0 644.7 Consumer interest payments............ 1.5 .5 .9 2.4 12.4 13.2 14.3 15.7 17.0 16.4 16.8 17.2 17.5 17.9 Personal transfer payments to for­ eigners............................................ .3 .2 .2 .5 .6 .7 .7 .8 .9 .9 1.0 1.0 .9 1.0 Equals: Personal saving................................... 4.2 -.9 11.0 13.1 32.5 40.4 40.4 37.6 50.2 44.8 51.5 52.7 51.8 51.3 Disposable personal income in constant (1958) dollars............................................................ 150.6 112.2 190.3 249.6 458.9 477.5 499.0 511.5 529.8 522.9 532.0 534.2 530.0 538.2 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) 1970 1971 Item 1969 1970 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.P Total personal income.......................... 748.9 801.0 787.6 806.0 799.7 798.2 803.3 806.4 811.9 809.9 812.6 817.5 '827.4 830.4 836.3 Wage and salary disbursements.......... 509.0 540.1 535.0 539.9 540.5 538.1 541.5 543.2 546.6 541.8 544.1 549.8 557.8 559.8 563.1 Commodity-producing industries... 197.5 201.2 203.9 202.3 200.9 201.3 202.1 202.0 201.5 196.8 196.8 202.3 203.0 202.5 203.7 Manufacturing only.......................... 157.5 158.9 161.3 160.0 159.2 159.5 160.1 159.6 159.5 154.3 153.6 158.9 160.2 159.8 160.3 Distributive industries..................... 119.8 128.4 126.7 126.0 127.2 127.9 129.1 129.7 130.2 130.6 131.4 130.5 133.4 134.2 135.3 Service industries............................. 87.7 96.6 94.6 95.1 95.5 95.7 96.8 97.3 97.9 98.8 99.8 100.4 102.2 103.1 103.7 Government..................................... 104.1 114.0 109.8 116.5 116.9 113.2 113.5 114.2 117.0 115.6 116.1 116.6 119.2 120.0 120.5 Other labor income............................. 27.6 30.4 29.6 29.8 30.0 30.3 30.6 30.8 31.1 31.3 31.5 31.7 31.9 32.1 32.3 Proprietors’ income............................. 66.8 67.6 67.9 67.9 67.8 67.7 67.8 67.8 67.8 67.6 67.3 67.1 67.1 66.8 67.0 Business and professional............... 50.5 51.4 50.7 51.0 51.3 51.5 51.6 51.7 51.8 51.9 52.0 52.1 52.2 52.1 52.3 Farm................................................. 16.4 16.2 17.2 16.9 16.5 16.2 16.2 16.1 16.0 15.7 15.3 15.0 14.9 14.7 14.7 Rental income...................................... 22.0 22.7 22.6 22.6 22.6 22.7 22.7 22.7 22.8 22.9 23.0 23.1 23.2 22.8 23.3 Dividends............................................. 24.7 25.2 25.2 25.2 25.3 24.7 25.2 25.3 25.5 25.6 25.7 24.1 25.9 25.9 25.7 Personal interest income..................... 59.7 65.2 63.7 64.2 64.5 64.8 65.3 66.0 66.8 67.0 67.1 67.1 67.5 67.7 67.9 Transfer payments............................... 65.1 77.6 71.1 84.1 76.6 77.6 78.1 78.6 79.6 81.7 81.9 82.9 '84.5 86.0 87.8 Less: Personal contributions for social insurance........................................... 26.0 27.8 27.5 27.7 27.7 27.6 27.8 28.0 28.2 28.0 28.1 28.4 30.6 30.7 30.8 Nonagricultural income........................ 726.7 778.6 764.3 783.0 777.0 775.7 780.9 784.0 789.7 787.9 791.0 796.2 '806.2 809.2 815.1 Agriculture income............................... 22.2 22.4 23.3 23.0 22.7 22.4 22.4 22.3 22.2 21.9 21.6 21.3 21.2 21.2 21.2 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 o MAY 1971 SUMMARY OF FUNDS RAISED AND ADVANCED IN U.S. CREDIT MARKETS (Seasonally adjusted annual rates; in billions of dollars) 1968 1969 19701 Transaction category, or sector 1966 1967 1968 1969 19701 IV I II III IV I II III IV Funds raised, by type and sector Total funds raised 1 by nonfinancial sectors.................. 68.5 83.5 96.9 90.4 95.4 90.7 92.5 93.6 88.4 86.8 80.9 102.9 92.2 105.7 1 2 U.S. Government............................. 3.5 13.0 13.4 -3.6 12.7 -7.0 -5.4 -9.5 -.7 1.2 2.7 16.2 12.3 19.6 2 3 Public debt securities.................... 2.3 8.9 10.3 -1.3 12.8 -8.4 -5.8 -8.8 4.9 4.9 3.2 18.2 11.6 18.4 3 4 Budget agency issues..................... 1.2 4.1 3.1 -2.4 -.1 1.4 .5 -.7 -5.6 -3.7 -.5 -2.0 .8 1.2 4 5 All other nonfinancial sectors.. 64.9 70.5 83.5 94.1 82.7 97.7 97.9 103.0 89.1 85.7 78.2 86.7 79.9 86.1 5 6 39.9 48.9 50.2 53.9 65.4 58.3 57.6 55.1 51.2 51.7 51.6 60.7 62.9 86.4 6 7 Corporate equity shares............ .9 2.4 -.7 4.8 6.6 -2.1 .3 3.6 6.0 9.2 5.9 6.0 5.4 9.1 7 8 Debt capital instruments.......... 39.0 46.6 50.9 49.1 58.8 60.4 57.3 51.5 45.2 42.5 45.6 54.7 57.5 77.3 8 9 State and local govt, sec....... 5.7 8.7 9.6 8.1 11.8 14.2 12.8 9.4 5.6 4.7 8.9 10.2 8.9 19.3 9 10 Corporate and fgn. bonds... 11.0 15.9 14.0 13.1 22.4 16.3 15.8 13.3 12.1 11.1 15.0 22.4 22.3 29.9 10 11 Mortgages.............................. 22.3 22.0 27.3 27.9 24.6 29.9 28.7 28.8 27.5 26.7 21.8 22.1 26.3 28.1 11 12 Home mortgages................... 11.4 11.6 15.2 15.7 12.7 16.1 16.5 16.6 15.7 13.9 10.8 11.1 14.3 14.6 12 13 Other residential.................... 3.1 3.6 3.5 4.8 5.6 3.9 4.2 4.7 4.8 5.6 4.6 5.4 6.2 6.3 13 14 Commercial............................. 5.7 4.7 6.6 5.5 4.5 8.0 5.9 5.1 5.3 5.8 4.8 4.2 4.1 5.0 14 15 Farm......................................... 2.1 2.1 2.1 1.9 1.7 1.9 2.2 2.3 1.8 1.5 1.5 1.4 1.7 2.2 15 16 25.0 21.6 33.3 40.2 17.3 39.4 40.3 47.9 38.0 33.9 26.6 26.0 16.9 -.3 16 17 Bank loans n.e.c........................ 10.3 9.6 13.4 15.7 .7 20.9 17.0 19.1 11.7 14.2 7.3 8.3 2.1 -14.6 17 18 Consumer credit........................ 7.2 4.6 11.1 9.3 4.3 12.1 10.2 10.8 8.9 7.5 4.9 6.1 6.1 .3 18 19 Open market paper................... 1.0 2.1 1.6 3.3 3.8 .7 4.9 4.7 2.7 1.0 4.9 2.2 .5 7.5 19 20 Other.......................................... 6.4 5.2 7.3 11.8 8.4 5.7 8.1 13.3 14.6 11.2 9.5 9.4 8.3 6.6 20 21 By borrowing sector—................... 64.9 70.5 83.5 94.1 82.7 97.7 97.9 103.0 89.1 85.7 78.2 86.7 79.9 86.1 21 22 Foreign.......................................... 1.5 4.1 3.0 3.7 2.8 2.8 4.0 6.0 2.3 2.4 2.6 1.7 2.6 4.5 22 23 State and local governments........ 6.4 8.8 9.9 8.5 12.2 14.6 13.4 9.7 5.8 5.1 9.4 10.4 9.2 19.7 23 24 Households.................................... 23.2 19.7 31.8 32.2 21.3 34.7 33.0 36.0 31.5 28.2 24.5 20.6 22.7 17.5 24 25 Nonfinancial business................... 33.8 37.9 38.8 49.7 46.3 45.6 47.4 51.3 49.4 49.9 41.6 54.1 45.4 44.4 25 26 Corporate......................................... 24.9 29.3 30.3 39.1 37.9 35.0 37.1 41.1 37.4 41.0 34.9 45.0 34.4 37.3 26 27 Nonfarm noncorporate................. 5.5 5.0 5.8 7.4 5.1 8.0 7.1 6.6 8.7 6.4 3.7 5.4 7.6 3.9 27 28 Farm.................................................. 3.5 3.5 2.7 3.2 3.3 2.6 3.3 3.6 3.3 2.5 3.0 3.7 3.3 3.2 28 Funds advanced directly in credit markets 1 Total funds raised............................. 68.5 83.5 96.9 90.4 95.4 90.7 92.5 93.6 88.4 86.8 80.9 102.9 92.2 105.7 1 Advanced directly by— 2 U.S. Government.......................... 4.9 4.6 4.9 2.5 3.3 3.1 2.5 1.7 3.7 2.3 3.9 3.3 3.2 2.6 2 3 U.S. Govt, credit agencies, net... .3 .5 -.2 .2 1.2 -.8 .4 -.8 -.1 1.5 -.7 1.5 1.2 2.9 3 4 Funds advanced......................... 5.1 -.1 3.2 9.0 8.8 2.3 4.0 7.6 10.5 14.1 13.7 6.8 7.5 7.3 4 5 Less funds raised in cr. mkt.... 4.8 -.6 3.5 8.8 7.6 3.1 3.6 8.4 10.6 12.5 14.4 5.4 6.3 4.4 5 6 Federal Reserve System................ 3.5 4.8 3.7 4.2 5.0 -4.4 4.1 4.0 -.5 9.3 1.2 5.5 7.7 5.5 6 7 Commercial banks, net................. 16.7 36.6 39.5 12.2 31.1 36.2 7.9 29.3 -.9 12.1 .9 23.9 65.3 34.4 7 8 Funds advanced........................ 16.8 36.9 39.7 16.5 29.3 36.1 8.8 33.8 4.2 18.9 10.0 28.0 53.8 25.5 8 9 Less funds raised....................... . 1 .2 .2 4.3 -1.8 -.1 .9 4.5 5.0 6.8 9.1 4.1 -11.6 -8.9 9 10 Private nonbank finance............... 25.9 34.4 34.2 30.4 37.3 38.3 31.1 39.8 26.1 24.8 25.1 41.4 39.9 42.7 10 11 Savings institutions, net............ 7.8 16.8 14.6 10.4 14.9 16.4 15.9 13.3 6.8 5.6 4.7 15.3 18.1 21.7 11 12 Insurance................................... 19.3 18.7 22.0 21.8 23.3 25.2 19.8 27.5 20.6 19.5 22.7 26.1 22.3 22.1 12 13 Finance n.e.c., net..................... -1.3 -1.1 -2.4 -1.8 -.9 -3.2 -4.6 -1.0 -1.3 -.2 -2.3 .1 -.5 -1.1 13 14 Foreign.......................................... -1.8 2.8 2.5 1.3 10.0 11.9 .2 1.0 5.1 -1.1 9.4 9.4 4.9 16.3 14 15 Private domestic nonfinancial.... 19.1 -.2 12.3 39.5 7.5 6.5 46.5 18.6 55.0 37.9 41.0 17.9 -30.1 1.3 15 16 Business..................................... 3.6 -.2 7.4 13.8 1.9 2.0 15.8 14.1 18.1 7.0 15.2 13.4 -26.9 6.1 16 17 State and local governments. .. 3.4 2.1 .4 6.1 -2.7 3.7 8.1 2.9 7.7 5.6 -1.9 -5.0 -7.9 4.1 17 18 Households................................ 11.9 * 5.8 18.0 7.0 4.1 19.8 1.5 25.9 24.9 23.9 7.4 4.4 -7.5 18 19 Less net security credit............. -.2 2.2 1.4 -1.6 -1.2 3.3 -2.7 -.2 -3.2 -.4 -3.8 -2.1 -.3 1.4 19 Sources of funds supplied to credit markets Total borrowing by nonfinancial sectors................... 68.5 83.5 96.9 90.4 95.4 90.7 92.5 93.6 88.4 86.8 80.9 102.9 92.2 105.7 1 1 Supplied directly and indirectly by pvt. domestic nonfin. sectors: 2 Total.............................................. 42.8 51.3 60.8 44.2 69.3 58.1 58.9 26.8 47.1 43.8 54.6 72.2 67.7 82.9 2 3 Deposits..................................... 23.7 51.5 48.5 4.7 61.8 51.6 12.5 8.2 -7.9 5.9 13.6 54.3 97.8 81.6 3 4 Demand dep. and currency.. 4.0 12.4 14.8 7.1 5.5 13.1 5.9 6.6 7.6 8.2 1.5 7.0 6.7 6.6 4 5 Time and svgs. accounts.... 19.7 39.1 33.7 -2.4 56.4 38.5 6.6 1.6 -15.5 -2.3 12.1 47.3 91.2 75.0 5 6 At commercial banks. . . 12.5 22.5 20.8 -10.5 39.8 23.9 -6.8 — 7.4 -21.3 -6.4 7.3 32.0 69.5 50.1 6 7 At savings instit................. 7.2 16.6 12.9 8.1 16.6 14.6 13.4 9.0 5.8 4.2 4.7 15.2 21.7 24.8 7 8 Credit mkt. instr., net............... 19.1 -.2 12.3 39.5 7.5 6.5 46.5 18.6 55.0 37.9 41.0 17.9 -30.1 1.3 8 9 U.S. Govt, securities................ 8.5 — 1.7 7.7 15.0 - 6.8 3.0 21.8 .9 23.2 14.1 6.0 -8.1 -11.7 -13.2 9 10 Pvt. credit market instr........... 11.4 7.8 13.4 26.9 14.2 15.9 27.2 23.6 29.4 27.3 38.1 23.9 -19.9 14.7 10 11 Less security debt.................. -.2 2.2 1.4 -1.6 -1.2 3.3 -2.7 -.2 -3.2 -.4 -3.8 -2.1 -.3 1.4 11 Other sources: 12 Foreign funds................................ .7 4.6 4.3 9.6 2.3 8.2 13.8 14.8 10.4 -.6 10.8 2.6 -4.5 .1 12 13 2.5 1.7 1.8 8.3 -7.8 -3.7 13.7 13.8 5.3 .5 1.3 -6.8 -9.4 -16.1 13 14 Direct......................................... -1.8 2.8 2.5 1.3 10.0 11.9 .2 1.0 5.1 -1.1 9.4 9.4 4.9 16.3 14 15 -.4 1.2 -1.1 .4 2.4 -6.8 -5.8 1.7 1.6 3.9 1.0 1.7 1.4 5.7 15 16 U.S. Government loans............... 4.9 4.6 4.9 2.5 3.3 3.1 2.5 1.7 3.7 2.3 3.9 3.3 3.2 2.6 16 17 Pvt. insur. and pension res........... 16.7 17.5 18.5 18.7 20.0 20.0 14.9 22.4 18.7 18.9 18.7 21.4 19.8 20.2 17 18 Sources n.e.c.................................. 3.8 4.3 9.5 15.0 -1.9 8.2 8.2 26.2 6.8 18.6 -8.0 1.7 4.5 -5.9 18 1 Revised figures for 1970 will be published in the June Bulletin. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1971 o FLOW OF FUNDS A 71 PRINCIPAL FINANCIAL TRANSACTIONS (Seasonally adjusted annual rates; in billions of dollars) 1968 1969 19701 Transaction category, or sector 1966 1967 1968 1969 19701 IV II III IV III IV Demand deposits and currency 1 Net incr. in banking system liability. 2.6 14.8 14.8 8.5 8.9 7.1 -1.0 10.3 11.0 13.2 5.0 8.9 8.6 13.2 2 U.S. Government deposits......... -.4 1.1 -1.2 .6 2.3 -6.9 -5.7 1.7 1.9 4.2 1.1 1.6 .8 5.6 3 Money supply............................. 3.0 13.7 16.0 7.9 6.6 14.0 4.7 8.6 9.1 9.0 3.9 7.3 7.8 7.6 4 Domestic sectors...................... 3.9 13.4 15.7 7.6 6.4 13.6 4.8 8.0 8.5 9.0 2.5 7.7 8.3 7.0 5 Households........................... 3.1 9.4 11.1 5.9 3.3 15.5 -.9 10.2 9.5 5.1 5.8 5.7 * 1.7 6 Nonfinancial business.......... .7 .8 1.8 -.8 1.1 -5.4 3.9 -5.6 -4.3 3.0 -3.3 .9 5.8 .9 7 State and local governments -.1 -1.0 .7 3.2 .9 .6 2.5 3.4 3.9 2.9 -.4 .7 .7 2.7 8 Financial sectors................. -.1 1.0 .9 .5 .9 .5 -1.1 1.4 .9 .8 1.0 .6 1.6 .4 9 Mail float............................. .3 3.2 1.2 -1.2 .1 2.6 .3 -1.3 -1.5 -2.8 -.6 -.3 .2 1.2 10 Rest of the world.................... -1.0 .3 .3 .3 .3 .4 -.1 .6 .6 1.4 -.4 -.5 .5 Time and savings accounts 1 Net increase—Total......................... 20.2 40.8 33.3 -1.6 55.4 38.0 5.9 -.2 -15.4 3.4 17.0 44.5 88.8 71.2 2 At commercial banks—Total... 13.3 23.8 20.6 -9.7 38.0 24.2 -7.6 -9.0 -21.2 -1.1 11.5 28.6 66.9 45.1 3 Corporate business................. -.7 2.9 1.9 -9.8 12.8 3.9 -14.4 -9.5 -11.0 -4.2 .5 6.1 32.3 12.2 4 State and local governments.. 1.3 2.4 3.2 -5.9 9.1 3.5 -3.7 -5.0 -10.3 -4.6 6.5 10.2 11.5 8.3 5 Foreign..................................... .8 1.2 -.3 1.0 -1.9 .2 -.5 -1.4 .4 5.7 4.3 -3.5 -3.2 -5.1 6 Households.............................. 11.9 17.1 15.7 5.2 17.9 16.5 11.3 7.1 * 2.4 .4 15.7 25.7 29.6 7 At savings institutions................ 7.0 17.0 12.8 8.1 17.3 13.9 13.5 5.7 4.5 5.5 15.9 21.8 26.1 Liabilities— 8 Savings and loan assns........ 3.6 10.6 7.5 4.1 11.2 8.1 8.0 4.8 2.9 .7 2.2 9.8 15.6 17.0 9 Mutual savings banks......... 2.6 5.1 4.2 2.6 4.5 4.5 3.8 2.7 1.5 2.2 1.6 4.4 4.7 7.3 10 Credit unions....................... .8 1.2 1.1 1.4 1.7 1.3 1.6 1.2 1.3 1.5 1.6 1.7 1.5 1.9 Assets 11 Households.......................... 7.2 16.6 12.9 8.1 16.6 14.6 13.4 9.0 5.8 4.2 4.7 15.2 21.7 24.8 11 12 Cr. union deps. at S & L’s.. -.2 .3 -.1 .7 -.7 .1 -.2 -.1 .3 .6 .2 1.3 12 U.S. Government securities 1 Total net issues.............................. 8.7 12.5 16.7 5.5 20.3 -4.2 -.5 -1.0 10.0 13.8 17.2 21.6 18.7 23.9 1 2 Household savings bonds........ .6 1.0 .4 -.4 .2 .7 -.4 -.4 -.8 .1 -.9 -.2 .5 1.3 2 3 Direct excluding savings bonds 1.8 7.9 9.9 -.9 12.7 -9.0 -5.4 -8.4 5.6 4.8 4.1 18.4 11.0 17.2 3 4 Budget agency issues................. * .1 1.5 -.4 1.2 2.6 .8 -1.3 -.8 -.2 2.1 .2 1.0 1.3 4 5 Sponsored agency issues........... 5.1 -.6 3.2 9.1 7.6 2.7 4.8 8.4 10.6 12.5 14.4 5.4 6.3 4.4 5 6 Loan participations................... 1.3 4.0 1.7 -1.9 -1.3 -1.2 -.3 .7 -4.8 -3.3 -2.6 -2.2 -.1 -.2 6 7 Net acquisitions, by sector........... 8.7 12.5 16.7 5.5 20.3 -4.2 -.5 -1.0 10.0 13.8 17.2 21.6 18.7 23.9 7 8 U.S. Government (agency sec.) 1.3 -.1 .1 -1.3 .1 -1.0 -1.1 -2.2 -.8 -1.0 .1 * * .3 8 9 Sponsored credit agencies........ 1.0 * -.1 -.2 1.5 .1 -2.0 .3 -.5 1.2 2.0 -.6 1.4 3.2 9 10 Direct marketable................. .3 .9 -.1 -.5 1.6 .1 -2.0 .3 -.8 .4 2.8 -.8 1.6 3.1 10 11 FHLB special issue............... .6 -.9 .3 -.2 * * .3 .8 -.8 .2 -.2 .1 11 12 Federal Reserve System............ 3.5 4.8 3.8 4.2 5.0 -4.3 4.0 4.2 -.4 9.2 1.1 5.4 7.8 5.6 12 13 Foreign....................................... -2.4 2.1 -.5 -1 8.4 6.8 -4.5 -1. 2.7 -3.7 8.0 8.1 4.8 12.8 13 14 Commercial banks.................... -3.6 9.3 3.4 -9.5 8.2 -4.1 -16.2 -7.2 -9.5 -5.2 .6 7.3 15.5 9.5 14 15 Direct..................................... -3.4 6.3 2.2 -9.3 5.2 -5.0 -14.4 -8.8 -7.6 -6.2 -.6 7.3 11.5 2.8 15 16 Agency issues......................... -.2 3.0 1.3 -.3 3.0 .9 -1.8 1.6 -1.9 1.0 1.3 -.1 4.0 6.7 16 17 Nonbank finance....................... .4 -1.9 2.2 -.8 3.9 -4.8 -2.4 4.8 -4.7 -.8 -.6 9.5 .9 5.8 17 18 Direct..................................... -.2 -2.2 .4 -2.4 1.9 -6.5 -4.4 2.7 -7.3 -.6 -3.2 7.3 -2.0 5.6 18 19 Agency issues......................... .5 .3 1.8 1.6 2.0 1.7 2.0 2.0 2.6 -.2 2.6 2.2 2.9 .2 19 20 Pvt. domestic nonfin................. 8.5 -1.7 7.7 15.0 -6.8 3.0 21.8 .9 23.2 14.1 6.0 -8.1 -11.7 -13.2 20 21 Savings bonds—Households. .6 1.0 .4 -.4 .2 .7 -.4 -.4 -.8 .1 -.9 -.2 .5 1.3 21 22 Direct excl. savings bonds... 3.3 -3.0 4.1 8.7 -9.4 -.1 16.1 -5.1 18.8 5.0 -3.2 -9.2 -12.5 -12.7 22 23 Agency issues......................... 4.7 .4 3.2 6.7 2.5 2.4 6.2 6.4 5.2 9.1 10.1 1.3 .3 -1.8 23 Private securities 1 Total net issues, by sector............ 18.5 28.2 23.9 27.7 43.0 29.3 30.4 28.8 25.1 26.3 31.3 41.0 39.4 60.2 1 2 State and local governments.. - 5.7 8.7 9.6 8.1 11.8 14.2 12.8 9.4 5.6 4.7 8.9 10.2 8.9 19.3 2 3 Nonfinancial corporations........ 11.4 17.0 12.1 16.4 27.9 12.2 14.7 14.9 16.1 19.8 20.2 28.9 25.7 37.0 3 4 5 C Fi o n m an m c e ; r c c i o a m l b p a a n ni k e s s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1 8 1. . 0 2 . .8 2 1. .1 6 2.1 * - 1 . . 1 0 1 . . 1 4 2. . 2 3 1.4 * - 1 . . 1 3 1. . 3 2 2.3 * 2.8 * 1.9 4 5 6 Rest of the world...................... .5 1.3 1.3 1.5 1.1 2.0 1.5 2.0 2.0 .5 .7 -.4 2.1 2.0 6 7 Net purchases............................... 18.5 28.2 23.9 27.7 43.0 29.3 30.4 28.8 25.1 26.3 31.3 41.0 39.4 60.2 7 8 Households............................... 3.2 -1.8 -1.2 2.7 9.9 3.8 3.4 -2.0 4.7 4.8 6.2 8.2 9.5 15.7 8 9 Nonfinancial corporations----- 1.0 -.2 -1.1 5.1 .4 -.9 6.7 3.1 5.5 5.0 .6 2.0 -2.4 1.2 9 10 State and local governments.. 1.1 1.9 -.4 2.6 .4 -1.8 4.9 3.0 .9 1.4 .9 1.4 -.8 .1 10 1 1 1 2 C M o u m tu m a e l r s c a i v a i l n b g a s n b k a s n .. k .. s . . . . . . . . . . . . . . . . . . .. .. . . . . . 1. . 9 3 9 2 . . 8 3 8 1 . . 9 6 . .3 6 1 1 1 . . 9 7 1 1 3 . . 5 6 1 1. . 1 6 2 1 . . 4 0 -1.1 * -1. . 7 2 5 1 . . 0 2 9 2 . . 7 0 1 1 2. . 5 2 1 3 9 . . 1 5 1 1 1 2 1 1 3 4 I F n i s n u a r n a c n e c e n . a e n .c d .. . p .. e .. n .. s .. i . o .. n .. . f .. u .. n .. d ... s . . . . - 1 2 2 . . 2 9 1 - 6 . . 9 6 - 1 3 7 . . 6 6 - 1 2 6 . . 5 8 17.5 *-1 1 0 9 . . 3 8 - 1 7 6 . . 6 3 20.5 * 1 - 5 . . 6 0 - 1 1 5 . . 7 4 1 - 7 . . 3 1 - 2 3 0 . . 6 7 1 4 3 . . 0 2 1 - 9 .1 .0 1 13 4 15 Security brokers and dealers .1 .2 -.9 .5 1.3 -9.2 .2 1.1 2.8 -2.2 .5 .6 5.5 -1.3 15 16 Investment companies, net.. -2.4 -1.1 -2.8 -3.0 -1.4 -1.2 -7*8 -1.1 -3.4 .4 -.8 -4.2 -1.6 1.1 16 17 Portfolio purchases.......... 1.4 1.5 1.9 2.7 1.8 4.3 -.2 3.6 2.7 4.6 1.3 -1.0 2.4 4.5 17 18 Net issues of own shares. 3.7 2.6 4.7 5.6 3.2 5.5 7.6 4.7 6.1 4.2 2.1 3.2 3.9 3.4 18 19 Rest of the world.................... .3 .6 2.3 2.1 1.2 3.7 3.9 .9 .7 2.9 .6 .5 2.1 1.6 19 Bank loans n.e.c. 1 Total net borrowing....... 9.0 7.5 15.7 17.8 .6 23.0 18.0 24.0 11.1 17.6 4.9 9.6 4.9 -17.0 1 2 Households............... .4 2.1 3.1 2.4 .3 4.3 2.9 4.2 .9 1.5 2.3 -1.1 .9 -.9 2 3 Nonfinancial business 10.1 7.7 10.6 13.5 .9 17.5 13.9 14.4 12.3 12.8 4.3 9.7 1.1 -11.5 3 4 5 F R i e n s a t n o c f ia t l h e se w ct o o r r l s d - - 1 . . 2 3 -2 -. . 2 1 - 2 . . 3 3 - 2 . . 2 1 - - . . 4 2 - 2 . . 9 1 . . 2 9 4. . 9 6 -1 -. . 6 5 - 3 . . 1 4 -2. . 3 6 - 1 . . 3 2 2. . 8 1 - - 2 2 . . 2 4 4 5 Digitized for FRASER http://fraser.stlouisfed.org/ See note 1 on opposite page. Federal Reserve Bank of St. Louis

A 72 U.S. BALANCE OF PAYMENTS □ MAY 1971 1. U.S. BALANCE OF PAYMENTS (In millions of dollars) 1969 1970 Item 1968 1969 1970P IV I II III IV* Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets—Seasonally adjusted Exports of goods and services—Total i 50,622 55,514 62,962 14,767 15,364 15,798 15,969 15,831 Merchandise................................................................ 33,588 36,473 42,041 9,890 10,252 10,586 10,700 10,503 Military sales.............................................................. 1,395 1,515 1,479 352 256 430 339 454 Transportation............................................................ 2,969 3,131 3,665 803 877 926 950 912 Travel........................................................................... 1,775 2,058 2,318 518 560 576 589 593 Investment income receipts, private......................... 6,922 7,906 8,706 2,083 2,259 2,066 2,170 2,211 Investment income receipts, Govt............................. 765 932 911 231 240 241 224 206 Other services.............................................................. 3,208 3,498 3,844 890 920 973 997 952 Imports of goods and services—Total........................... -48,129 -53,564 -59,291 -14,075 -14,518 -14,759 -14,969 -15,047 Merchandise................................................................ -32,964 -35,835 -39,856 -9,404 -9,729 -9,829 -9,987 -10,311 Military expenditures................................................. -4,535 -4,850 -4,837 -1,245 -1,178 -1,255 -1,210 -1,195 Transportation............................................................ -3,269 -3,608 -4,032 -967 -978 -979 -1,073 -1,001 Travel.......................................................................... -3,022 -3,390 -3,916 -840 -925 -988 -1,026 -977 Investment income payments.................................... -2,933 -4,463 -5,109 -1,247 -1,343 -1,320 -1,287 -1,160 Other services.............................................................. -1,406 -1,419 -1,540 -372 -365 -388 -386 -403 2,493 1,949 3,672 692 846 1,039 1,000 784 Remittances and pensions............................................... -1,121 -1,190 -1,387 -309 -328 -360 -364 -336 1. Balance on goods, services, remittances and pen­ sions ......................................................................... 1,372 759 2,285 383 518 679 636 448 2. U.S. Govt, grants and capital flow, net..................... -3,975 -3,828 -3,235 -870 -855 -725 -804 -852 Grants,2 loans, and net change in foreign cur­ rency holdings, and short-term claims............. -5,359 -5,032 -4,954 -1,183 -1,278 -1,237 -1,192 -1,248 Scheduled repayments on U.S. Govt, loans........ 1,114 1,291 1,475 324 335 398 386 356 Nonscheduled repayments and selloffs................. 269 -87 244 3-11 88 114 2 40 3. U.S. private capital flow, net..................................... -5,412 -5,233 -6,351 -889 -1,711 -1,944 -1,176 -1,518 Direct investments.................................................. -3,209 -3,070 -3,967 -276 -1,411 -1,434 -711 -410 Foreign securities.................................................... -1,254 -1,494 -878 -69 -133 66 -549 -261 Other long-term claims reported by— Banks................................................................... 358 330 201 35 24 61 23 93 Others.................................................................. -220 -424 -589 -249 -381 -13 -132 -63 Short-term claims reported by— Banks................................................................... -105 -871 -1,084 -371 108 -538 118 -772 Others.................................................................. -982 296 -34 41 82 -86 75 -105 4. Foreign capital flow, net, excluding change in liquid assets in the United States.................................. 8,701 4,131 3,861 1,635 585 1,317 1,064 897 Long-term investments.......................................... 6,029 3,959 3,060 1,276 788 612 867 794 Short-term claims................................................... 759 76 704 -19 93 165 211 235 Nonliquid claims on U.S. Govt, associated with— Military contracts............................................... -105 156 -583 229 -20 -254 -66 -244 U.S. Govt, grants and capital........................... 2 -16 -30 * -9 -17 -3 * Other specific transactions................................. 6 -2 -12 -1 -25 11 -20 22 Other nonconvertible, nonmarketable, mediumterm U.S. Govt, securities4............................... 2,010 -41 723 150 -242 800 75 90 5. Allocation of Special Drawing Rights....................... 867 217 217 217 216 6. Errors and unrecorded transactions........................... -514 -2,841 -1,274 162 -205 -779 -535 245 Balances A. Balance on liquidity basis 5 Seasonally adjusted (Equals sum of items 1-4+6.) 171 -7,012 -4,715 420 -1,666 -1,452 -817 -780 Less: Net seasonal adjustments......................... -624 -113 -20 822 -689 Before seasonal adjustment................................. 171 -7,012 -4,715 1,044 -1,553 -1,432 -1,639 -91 B. Balance on basis of official reserve transactions5 Balance A, seasonally adjusted.............................. 171 -7,012 -4,715 420 -1,666 -1,452 -817 -780 Plus: Seasonally adjusted change in liquid assets in the United States of— Commercial banks abroad................................. 3,387 9,217 -6,511 149 -1,862 -111 -1,396 -3,142 Other private residents of foreign countries. . . 375 -441 92 -131 -152 192 -148 200 International and regional organizations other than IMF........................................................ 48 -60 177 -66 142 -125 83 77 Less: Change in certain nonliquid liabilities to foreign central banks and govts......................... 2,340 -996 -271 -142 -420 501 -246 -106 Balance B, seasonally adjusted... 1,641 2,700 -10,686 514 -3,118 -1,997 -2,032 -3,539 Less: Net seasonal adjustments. -311 -285 72 580 -367 Before seasonal adjustment........ 1,641 2,700 -10,686 825 -2,833 -2,069 -2,612 -3,172 MEMO—Balances including SDR allocation Balance A, Seasonally adjusted6................. -1,449 -1,235 -600 -564 Balance A, Before seasonal adjustment.... -3,848 -686 -1,432 -1,639 -91 Balance B, Seasonally adjusted.................... -2,901 -1,780 -1,815 -3,323 Balance B, Before seasonal adjustment....... -9,819 -1,966 -2,069 -2,612 -3,172 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 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 1970 * IV ,i III IV * ■ Transactions by which balances were settled—Not seasonally adjusted . To settle balance on liquidity basis........................... -171 7,012 54,715 -1,044 51,553 1,432 1,639 91 Change in U.S. official reserve assets (in­ crease, —)............................................................ -880 -1,187 3,344 -154 481 1,022 801 1,040 Gold..................................................................... 1,173 -967 787 -695 -44 14 395 422 SDR’s.................................................................. 16 -53 -37 -34 140 IMF gold tranche position................................. -870 -1,034 389 -542 -253 227 406 9 Convertible currencies........................................ -1,183 814 2,152 1,083 831 818 34 469 Change in liquid liabilities to all foreign accounts.. 709 8,199 1,371 -890 1,072 410 838 -949 Foreign central banks and govts.: Convertible nonmarketable U.S. Govt. securities 7.................................................... -10 -163 -126 -212 -126 * Marketable U.S. Govt, bonds and notes7. .. -379 -79 -39 -67 -3 17 20 -73 Deposits, short-term U.S. Govt, securities, etc................................................................. -2,709 -264 8,231 -227 2,902 522 2,452 2,355 IMF (gold deposits)............................................ -3 -11 -453 -9 -423 -21 Commercial banks abroad................................. 3,387 9,217 -6,511 -187 -1,682 -196 -1 ,146 -3,487 Other private residents of foreign countries.... 375 -441 92 -131 -152 192 -148 200 International and regional organizations other than IMF......................................................... 48 -60 177 -66 142 -125 83 77 . Official reserve transactions....................................... -1,641 -2,700 510,686 -825 52,833 2,069 2,612 3,172 Change in U.S. official reserve assets (in­ crease, —).......................................................... -880 -1,187 3,344 -154 481 1 ,022 801 1,040 Change in liquid liabilities to foreign central banks and govts., and IMF (see detail above under A.)............................................................. -3,101 -517 7,613 -506 2,764 539 2,049 2,261 Change in certain nonliquid liabilities to foreign central banks and govts, of — U.S. private organizations............................. 534 -834 -806 -206 -154 -235 -233 -184 U.S. Govt......................................................... 1,806 -162 535 41 -258 743 -5 55 1 Excludes transfers under military grants. 6 Equals sum of items 1-6. 2 Excludes military grants. 7 With original maturities over 1 year. 3 Negative entry reflects repurchase of foreign obligations previously sold. Note.—Dept, of Commerce data. Minus sign indicates net payments 4 Includes certificates sold abroad by Export-import Bank. (debits); absence of sign indicates net receipts (credits). Details may not 5 Excludes initial allocation by the IMF of $867 million of SDR’s on add to totals because of rounding. Jan. 1, 1970. 2. MERCHANDISE EXPORTS AND IMPORTS (Seasonally adjusted; in millions of dollars) Exports ] Export surplus Period 1968 1969 1970 1971 1968 1969 1970 1971 1968 1969 1970 1971 Month: Jan.. 2,814 3 2,094 3,406 3,735 2,687 3 2,014 3,223 3,686 127 80 183 49 Feb.. 2,775 3 2,313 3,547 3,690 2,592 3 2,653 3,278 3,553 184 -340 269 136 Mar.. 3 2,439 3 3,197 3,376 3,815 3 2,589 3 2,976 3,218 3,569 -150 221 158 245 Apr.. 3 2,855 3 3,353 3,409 3 2,604 3 3,173 3,263 251 180 146 May. 2,740 3 3,296 3,661 2,755 3 3,276 3,338 -15 20 323 June. 2,870 3 3,211 3,730 2,792 3 3,185 3,266 78 26 465 July. . 2,858 3,168 3,699 2,725 3,064 3,255 133 104 444 Aug.. 3 2,950 3,370 3,592 2,872 3,179 3,346 78 191 246 Sept.. 3 3,211 3,323 3,553 2,951 3,054 3.428 261 269 125 Oct.. 3 2,631 3,362 3,689 2,736 3,221 3,501 -105 141 188 Nov.. 2,972 3,365 3,499 2,883 3,212 3.428 89 153 71 Dec.. 2,977 3,238 3,570 2,908 3,006 3,404 70 232 166 Quarter: I___ 8,028 7,604 10,328 11,240 7,867 7,643 9,719 10,808 161 -39 609 432 11... 8,465 9,860 10,800 8,151 9,635 9,867 314 225 933 111... 9,019 9,862 10,845 8,548 9,297 10,029 471 565 816 IV... 8,580 9,966 10,758 8,527 9,438 10,333 53 852 425 Year4.. 34,063 37,332 42,732 33,226 36,043 39,948 837 1,289 2,784 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 be­ entries 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 □ MAY 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 1962 1963 1964 1965 1966 1967 1968 1969 1970 IV III IV Western Europe: Austria............................... -143 -82 -55 -100 -25 Belgium............................... -63 -40 -83 -58 France................................. -456 -M8 -405 — 601 600 325 -129 -129 I G re e l r a m n a d n .. y .. , . . F ... e . d .. . .. . R ... e .. p .. . . . o .. f .. . . .. . . . -2 - 2 1 5 -52 50 41 0 • • "2 50 25 0 Italy.................................... 200 -209 -76 Netherlands....................... -60 -35 -19 -30 Spain................................... -146 -130 -32 -180 Switzerland........................ 102 -81 -50 -2 -30 -50 United Kingdom............... -387 329 618 150 80 -879 -835 Bank for Intl. Settlements. 200 200 Other................................. -12 -35 -49 16 -47 11 -29 -7 -1 -21 Total. -1,105 -399 -1,299 -659 -980 -669 969 -204 721 -27 -180 Canada 190 200 150 50 Latin American republics: Argentina ..................... -39 -25 -25 -28 -5 -23 Brazil.............................. -3 -23 -23 Colombia....................... 7 -1 Venezuela....................... Other.............................. -29 -80 -12 -1 -9 -66 Total. 175 32 56 -41 -65 -54 -131 -27 -4 Asia: Iraq............... -10 -42 Japan............. -119 -119 Lebanon........ -32 -95 Malaysia........ -1 -34 Philippines. .. 25 9 40 Saudi Arabia. -13 -50 Singapore -81 11 Other............. -47 -13 -14 -14 -22 -75 -9 -91 2 23 -41 Total................. -93 -24 -44 -366 42 -213 24 -197 All other....................... -1 -16 3-166 3-68 -1 -81 -1 -2 -75 Total foreign countries. -833 -392 -36 -1 ,322 -608 -1,031 -1,118 957 4-631 -14 -73 4-563 Intl. Monetary Fund5.. 6-225 177 22 -3 10 -156 -322 4142 Grand total........ -392 -36 -1,547 -431 -1,009 -1,121 967 -787 695 -14 -395 -422 1 Includes purchase from Denmark of $25 million. 5 Includes IMF gold sales to and purchases from the United States, 2 Includes purchase from Kuwait of $25 million. U.S. payment of increases in its gold subscription to IMF, gold deposits 3 Includes sales to Algeria of $150 million in 1967 and $50 million in by the IMF (see note 1 (b) to Table 4), and withdrawal of deposits. The 1968. first withdrawal, amounting to $17 million, was made in June 1968. 4 Data for IMF include the U.S. payment of $385 million increase in IMF sold to the United States a total of $800 million of gold ($200 its gold subscription to the IMF and gold sold by the IMF to the United million in 1956, and $300 million in 1959 and in 1960) with the right of States in mitigation of U.S. sales to other countries making gold payments repurchase; proceeds from these sales invested by IMF in U.S. Govt, to the IMF. The country data include U.S. gold sales to various countries securities. In Sept. 1970 IMF repurchased $400 million. in connection with the IMF quota payments. Such U.S. sales to countries 6 Payment to the IMF of $259 million increase in U.S. gold subscription and resales to the United States by the IMF total $548 million each. less gold deposits by the IMF. Notes to Table 5 on opposite page: 1 Represents net IMF sales of gold to acquire U.S. dollars for use in 4 Represents the U.S. gold tranche position in the IMF (the U.S. IMF operations. Does not include transactions in gold relating to gold quota minus the holdings of dollars of the IMF), which is the amount deposit or gold investment (see Table 6). that the United States could purchase in foreign currencies automatically if needed. Under appropriate conditions, the United States could pur­ 2 Positive figures represent purchases from the IMF of currencies of chase additional amounts equal to its quota. other members for equivalent amounts of dollars; negative figures repre­ 5 Includes $259 million gold subscription to the IMF in June 1965 for sent repurchase of dollars, including dollars derived from charges on a U.S. quota increase, which became effective on Feb. 23, 1966. In figures purchases and from other net dollar income of the IMF. The United published by the IMF from June 1965 through Jan. 1966, this gold sub­ States has a commitment to repurchase within 3 to 5 years, but only to scription was included in the U.S. gold stock and excluded from the the extent that the holdings of dollars of the IMF exceed 75 per cent of reserve position. the U.S. quota. Purchases of dollars by other countries reduce the U.S. 6 Includes $30 million of special drawing rights. commitment to repurchase by an equivalent amount. Note.—The initial U.S. quota in the IMF was $2,750 million. The U.S. 3 Includes dollars obtained by countries other than the United States quota was increased to $4,125 million in 1959, 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

MAY 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 of Total To G ta o l2 ld st T o r c e k a 1 sury v c fo e C u c r r r i o e t r e i i e n b s g n ­ l n e ­ p R I o e M s s i i e n t F i r o v 3 n e SDR’s4 E m n o d n t o h f Total To G ta o l l 2 d st T o r c e k a 1 sury v c fo e C u c r r i r o e t e r i i e n s b g n 5 ­ l n e ­ p R I o e M s s i i n e t F i r o v 3 n e SDR’s4 1958... 22,540 20,582 20,534 1 ,958 1970 1959... 21 504 19 507 19,456 1,997 Apr.. .. 16,919 11,902 11,367 1,581 2,510 926 1960... 19*359 17]804 17,767 1,555 May. .. 16,165 11,900 11,367 980 2,360 925 June.. . 16,328 11,889 11,367 1,132 2,350 957 1961. . . 18,753 16,947 16,889 116 1,690 July. . . 16,065 11,934 11,367 716 2,454 961 1962. . . 17,220 16,057 15,978 99 1,064 Aug---- 15,796 11,817 11,367 695 2,323 961 1963. . . 16,843 15,596 15,513 212 1,035 Sept__ 15,527 11,494 11,117 1,098 1,944 991 1964. . . 16,672 15,471 15,388 432 769 Oct.. . . 15,120 11,495 11,117 811 1,823 991 1965. . . 15,450 613,806 613,733 781 6 863 Nov__ 14,891 11,478 11,117 640 1,812 961 Dec.. .. 14,487 11,072 10,732 629 1,935 851 1966. . . 14,882 13,235 13,159 1,321 326 1967. . . 14,830 12,065 11,982 2,345 420 1971 1968. . . 15,710 10,892 10,367 3,528 1,290 Jan.. .. 14,699 11,040 10,732 491 1,700 1 ,468 1969. . . 716,964 11,859 10,367 7 2,781 2,324 Feb... . 14,534 11,039 10,732 327 1,700 1,468 1970. . . 14,487 11,072 10,732 629 1,935 851 Mar__ 14,342 10,963 10,732 256 1,680 1,443 Apr.. .. 14,307 10,925 10,732 257 1,682 1,443 1 Includes (a) gold sold to the United States by the International Mon­ 5 For holdings of F.R. Banks only, see pp. A-12 and A-13. etary Fund with the right of repurchase, and (b) gold deposited by the 6 Reserve position includes, and gold stock excludes, $259 million gold IMF to mitigate the impact on the U.S. gold stock of foreign purchases subscription to the IMF in June 1965 for a U.S. quota increase which for the purpose of making gold subscriptions to the IMF under quota became effective on Feb. 23, 1966. In figures published by the IMF from increases. For corresponding liabilities, see Table 6. June 1965 through Jan. 1966, this gold subscription was included in the 2 Includes gold in Exchange Stabilization Fund. U.S. gold stock and excluded from the reserve position. 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 Includes initial allocation by the IMF of $867 million of Special Draw­ Note.—See Table 23 for gold held under earmark at F.R. Banks for ing Rights on Jan. 1, 1970, and second allocation of $717 million of foreign and international accounts. Gold under earmark is not included SDR’s on Jan. 1, 1971, plus net transactions in SDR’s. 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 U.S. reserve other countries Period with IMF position P s t u a d io y b o n m s o ll c s f a e r r i n i s p n t s ­ by s g N I a o M l e l e d t s F i T t c f i r o c u o a i r r n e n e r s s i s e g a n 2 i n c n ­ ­ I i M d n o c F l o l a m n rs e et P d u o rc l o l h a f a r s s e 3 s pu d r o R c i l h n l e a a ­ r s s es c T ha o n ta g l e Amount P q e U u r o . o c S f t e . a nt p i ( e n e r n i I o d M d o ) F f 4 1946—1957. 2,063 600 -45 -2,670 827 775 775 28 1,975 1958—1963. 1,031 150 60 -1,666 2,740 2,315 3,090 75 1,035 1964—1966. 776 1,640 45 -723 6 1,744 4,834 94 5326 1967. 20 -114 -94 4,740 92 420 1968. -84 20 -806 -870 3,870 75 1,290 1969. 22 19 -1,343 268 -1,034 2.836 55 2,324 1970. 1,155 6712 ‘'iso' 25 -854 741 1,929 4.765 71 1.935 1970—Apr.. -2 66 67 2,650 51 2,510 May. 150 2,800 54 2,360 June. 5 -2 7 10 2,810 54 2,350 July.. 2 -139 33 -104 2,706 52 2,454 Aug.. 1 -20 150 131 2.837 55 2,323 Sept.. 6 132 10 -16 253 379 3,216 62 1,944 Oct.. 129 -3 -34 29 121 3,337 65 1,823 Nov.. 104 1 -95 1 11 3,348 65 1,812 Dec.. 1,155 315 -1 -73 21 1,417 4.765 71 1.935 1971—Jan.. 250 -23 11 235 5.000 75 1.700 Feb.. * 5.000 75 1.700 Mar.. 20 20 5,020 75 1,680 Apr.. 1 -2 5,018 75 1,682 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. o MAY 1971 6. U.S. LIQUID LIABILITIES TO FOREIGNERS (In millions of dollars) Liabilities to Intl. Liabilities to foreign l countries Liabilities to non­ Monetary Fund arising monetary inti, and from gold transactions regional organizations 5 Official institutions 3 Banks and other foreigners Non­ p E e o r n i f o d d Total Total p G o d s o e i l ­ t d 1 m in G e v o n e l t s d t 2 ­ Total i i p S n t b l i t i o a e h e a b r U s n r b o y t m k e i r . r l S t s d e ­ ­ . ­ M n b G o U a a o a t o b n n e . r S v l d k d s e t . e s , 4 t­ c m T b o U a a o i n u r a b b n e n v r . r l S l y a d k d e e e s . r s e ­ t t ­ ­ Total i i p S t n b l i t i o e a h e a b r U s n r b o y t m k e i r . r l S t e d s ­ ­ . ­ M n b G o U a a a o t o b n r n . e S v l k d s d e t . e s , 4 t ­ Total i i n p S t b l i t i o e a h e a U b r s n r b o y t . m k i e r S r l t e d s ­ . ­ ­ 6 M n b G o U a a o a t o b n n r . e S v l k d d s e . t e s , 4 t ­ notes 1957 715,825 200 200 7,917 5,724 542 1958 716,845 200 200 8,665 5,950 552 1959 ___ 19,428 500 500 10,120 9,154 966 7,618 7,077 541 1,190 530 660 1960 8........ \ / 2 2 1 0 0 9 2 9 7 4 8 8 0 0 0 0 8 8 0 0 0 0 1 1 1 1 , , 0 08 7 8 8 1 1 0 0 , , 2 2 1 12 2 8 8 7 6 6 6 7 7, , 5 5 9 9 1 8 7 7 , , 0 0 4 4 8 8 5 5 4 5 3 0 1 1 , * 5 5 2 4 5 1 7 7 5 5 0 0 7 7 9 7 1 5 /22,853 800 800 11,830 10,940 890 8,275 7,759 516 1,948 703 1,245 \22,936 800 800 11,830 10,940 890 8,357 7,841 516 1 *949 704 1 *245 1962 8 . . . . \ ( 2 2 4 4 , , 0 0 6 6 8 8 8 80 0 0 0 8 8 0 0 0 0 1 1 2 2 , , 7 7 4 1 8 4 1 1 1 1 , , 9 9 9 63 7 7 75 5 1 1 8 8, ,3 35 5 9 9 7 7 , , 9 9 1 1 1 1 4 4 4 4 8 8 2 2 , ,1 1 6 9 1 5 1 1 * 2 2 5 8 0 4 9 9 1 1 1 1 /26,361 800 800 14,387 12,467 1,217 703 9,214 8,863 351 1,960 808 1,152 \26,322 800 800 14,353 12,467 1,183 703 9,204 8,863 341 1,965 808 1,157 1964 8........ / \ 2 2 8 9 , , 9 0 5 0 1 2 8 8 0 0 0 0 8 8 0 0 0 0 1 1 5 5 , , 4 4 2 2 8 4 1 1 3 3, , 2 2 2 2 0 4 1 1 , , 1 1 2 2 5 5 1 1 , , 0 0 7 7 9 9 1 1 1 1 , , 0 0 0 5 1 6 1 1 0 0 , , 6 62 8 5 0 3 3 7 7 6 6 1 1 , , 7 7 2 2 2 2 8 8 1 1 8 8 9 9 0 0 4 4 1965........... 29,115 834 34 800 15,372 13,066 1,105 1,201 11,478 11,006 472 1,431 679 752 1966 8........ / [ 2 2 9 9 , , 9 1 0 79 4 1 1 , , 0 0 1 1 1 1 2 2 1 1 1 1 8 8 0 00 0 1 1 3 3 , , 6 65 0 5 0 1 12 2 , , 5 4 3 8 9 4 8 86 60 0 2 25 56 6 1 1 4 4 , , 3 2 8 0 7 8 1 1 3 3, , 8 6 5 8 9 0 5 5 2 28 8 9 90 0 5 6 5 5 8 8 1 0 3 3 2 2 5 5 1967 8........ / \ 3 3 3 3 , , 2 1 7 1 1 9 1 1 , , 0 0 3 3 3 3 2 2 3 3 3 3 8 8 0 0 0 0 1 1 5 5 , , 6 6 5 4 3 6 1 1 4 4 . , 0 0 2 3 7 4 9 9 0 0 8 8 7 7 1 1 1 1 1 1 5 5 , , 7 8 6 9 3 4 1 1 5 5 , , 3 20 3 5 6 5 5 5 5 8 8 6 6 9 7 1 7 4 4 8 7 7 3 2 2 0 0 4 4 1968 9 .... / \ 3 3 3 3 , , 8 6 2 1 8 4 1 1 , , 0 0 3 30 0 2 2 3 3 0 0 8 8 0 0 0 0 1 12 2 , , 4 5 8 4 1 8 1 1 1 1 , , 3 3 1 1 8 8 4 5 6 29 2 7 7 0 0 1 1 1 1 9 9, , 3 5 8 2 1 5 1 1 8 8 , , 9 9 1 16 6 4 6 6 0 5 9 7 72 2 5 2 6 68 8 3 3 4 3 2 9 1969f41,776 1,019 219 800 11,992 11,054 383 555 28,106 27,577 529 659 609 50 Dec. 8,1 0 \41,900 1,019 219 800 11,994 11,056 383 555 28,224 27,695 529 663 613 50 1970-Feb... 42,991 1,010 210 800 14,025 13,216 380 429 27,140 26,656 484 816 766 50 Mar... 42,972 1,010 210 800 14,767 13,958 380 429 26,390 25,914 476 805 755 50 Apr... 43,362 1,010 210 800 14,414 13,605 380 429 27,172 26,687 485 766 715 51 May.. 43,226 1,010 210 800 14,797 13,986 382 429 26,716 26,215 501 703 652 51 June. . 43,382 1,010 210 800 15,306 14,480 397 429 26,386 25,850 536 680 628 52 July... 43,513 1,010 210 800 16,602 15,756 417 429 25,143 24,601 542 758 705 53 Aug... 44,012 1,010 210 800 16,622 15,776 417 429 25,536 24,974 562 844 799 45 Sept... 44,220 587 187 400 17,778 16,932 417 429 25,092 24,525 567 763 717 46 Oct... 44,232 587 187 400 18,131 17,376 326 429 24,700 24,135 565 814 769 45 Nov... 44,493 579 179 400 19,961 19,206 326 429 23,168 22,582 586 785 738 47 Dec.. . 43,269 566 166 400 20,066 19,293 344 429 21,795 21,156 639 842 817 25 1971—Jan.. 43,785 559 159 400 20,500 19,727 344 429 21,676 20,990 686 1,050 1,026 24 Feb.25 44,132 559 159 400 22,287 21,509 349 429 20,310 19,626 684 976 935 41 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. 10 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 Develop­ ment 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 $19 million at the end of 1970, 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 adjust­ reporting 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

MAY 1971 o INTL. CAPITAL TRANSACTIONS OF THE U.S. A 77 7. U.S. LIQUID LIABILITIES TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES, BY AREA (Amounts outstanding; in millions of dollars) End of period c f o o T u r o n e t t i a r g i l n es E W u e ro st p e e r n 1 Canada A re m L pu e a b r ti i l n c ic a s n Asia Africa cou O n t t h r e ie r s 2 15,646 9,872 996 1,131 3,145 249 253 / 12,548 7,009 533 1,354 3,168 259 225 \ 12,481 7,001 532 1,354 3,122 248 224 1969—Dec.............................................................................. 411,994 5,860 495 1,681 3,190 546 222 1970—Feb.............................................................................. 14,025 7,251 662 1,896 3,331 702 183 Mar.............................................................................. 14,767 7,394 590 2,094 3,780 705 204 Apr.............................................................................. 14,414 6,942 733 2,101 3,668 725 245 May............................................................................. 14,797 7,311 762 2,066 3,632 744 282 June............................................................................. 15,306 8,064 500 2,109 3,571 710 352 July.............................................................................. 16,602 9,569 527 2,102 3,331 691 382 Aug.............................................................................. 16,622 9,674 690 1,987 3,189 692 390 Sept.............................................................................. 17,778 11,171 620 1,738 3,254 661 334 Oct............................................................................... 18,131 11,589 575 1,767 3,336 526 338 19,961 13,254 637 1,641 3,639 449 341 Dec.............................................................................. 20,066 13,046 662 1,536 4,060 407 355 1971—Jan............................................................................... 20,500 13,702 678 1,370 4,046 381 323 Feb.*........................................................................... 22,287 15,382 727 1,341 4,169 325 343 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 To nonmonetary international and regional organizations 5 Payable in dollars IMF Deposits End of period Payable gold U.S. Other Total i Deposits Tr U ea .S su . ry Other for i e n ign i m nv e e n s t t­ 4 Total b T i r ll e s a s a u n r d y s t h e o rm rt­ Total Demand Time 2 bi c l c e ls a r t t i e a f s i n ­ d s l t h i e a o r b m r . t 3 ­ re c n u c r i ­ es Demand Time2 c c e a rt t i e f s i­ liab.3 1968.............................. 31,717 31,081 14,387 5,484 6,797 4,413 636 800 683 68 113 394 108 1 Q£Q 6 /40,040 39,611 20,430 6,834 5,015 7,332 429 800 609 57 83 244 224 \40,164 39,735 20,436 6,957 5,015 7,327 429 800 613 62 83 244 223 1970—Mar................... 41,427 41,025 18,004 7,238 7,228 8,555 402 800 755 86 131 330 207 Apr.................... 41,807 41,445 18,724 7,021 7,164 8,536 362 800 715 92 128 237 258 May................... 41,653 41,302 18,139 7,287 7,564 8,312 351 800 652 70 132 226 224 June.................. 41,758 41,420 18,091 7,269 8,159 7,901 338 800 628 83 119 194 232 July................... 41,862 41,518 17,220 7,178 9,103 8,017 344 800 705 73 131 218 284 Aug................... 42,349 42,012 17,432 7,240 9,845 7,495 337 800 799 66 137 252 343 Sept................... 42,574 42,217 17,234 7,238 10,856 6,889 357 400 717 73 135 179 330 Oct.................... 42,680 42,330 17,041 7,041 11,665 6,583 350 400 769 68 144 188 368 Nov................... 42,926 42,583 15,833 6,725 13,651 6,374 343 400 738 68 137 148 385 Dec.................... 41,666 41,298 15,792 5,885 14,110 5,511 368 400 817 69 156 211 381 1971—Jan..................... 42,143 41,765 14,751 5,694 14,440 6,880 378 400 1,026 115 151 273 487 Feb.*................. 42,470 42,060 13,478 5,486 16,361 6,735 410 400 935 64 145 279 447 Mar.*............... 43,804 43,152 11,833 5,168 18,661 7,490 652 400 967 73 160 242 491 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. □ MAY 1971 8. SHORTTERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE—Continued (Amounts outstanding; in millions of dollars) To residents of foreign countries To official institutions7 Payable in dollars Payable in dollars Payable End of period Total Dema D n e d posi T ts ime2 T b c i r l c e U e l a s r a . t t s S i e a f u s . n i r ­ d y s O l t h i e a t o r h b m r e . t r 3 ­ f r o e c n r i u e n c i r i g ­ e n s Total Dema D n e d posi T ts ime2 T bi c r c l U e e l a s a r . t t s S e i a u f . s n i r ­ d y s O t l h e i t a o r h m b r e t . ­ r 3 c P u f a r o r y r e i e a n n i b g c l i n e es 1968....................... 30,234 14,320 5,371 5,602 4,304 636 11,318 2,149 1,899 5,486 1,321 463 / 38,631 20,372 6,751 3,971 7,109 429 11,054 1,918 2,951 3,844 2,139 202 \ 38,751 20,373 6,874 3,971 7,104 429 11,056 1,919 2,951 3,844 2,140 202 1970—Mar............. 39,872 17,918 7,107 6,098 8,348 402 13,958 1,448 3,412 5,989 2,907 202 Apr............. 40,292 18,632 6,893 6,127 8,278 362 13,605 1,300 3,372 6,035 2,750 148 May............ 40,201 18,069 7,155 6,538 8,088 351 13,986 1,340 3,426 6,417 2,655 148 June............ 40,330 18,008 7,150 7,166 7,668 338 14,480 1,421 3,475 7,020 2,416 148 July............. 40,357 17,147 7,047 8,086 7,733 344 15,756 1,576 3,502 7,946 2,584 148 Aug............. 40,750 17,366 7,103 8,793 7,151 337 15,776 1,249 3,612 8,653 2,114 148 Sept............. 41,457 17,161 7,103 10,277 6,560 357 16,932 1,369 3,440 10,141 1,834 148 Oct.............. 41,511 16,972 6,897 11,077 6,215 350 17,376 1,444 3,178 10,919 1,687 148 Nov............. 41,788 15,764 6,588 13,103 5,989 343 19,206 1,367 2,846 12,967 1,878 148 Dec............. 40,449 15,723 5,729 13,498 5,130 368 19,293 1,629 2,568 13,354 1,594 148 1971—Jan.............. 40,717 14,635 5,543 13,768 6,393 378 19,727 1,729 2,503 13,609 1,738 148 Feb.*.......... 41,135 13,414 5,341 15,682 6,288 410 21,509 1,646 2,440 15,507 1,766 150 Mar.*.......... 42,437 11,760 5,008 18,019 6,999 652 24,052 1,560 2,248 17,866 1,978 400 To banks 8 To other foreigners To banks Payable in dollars and other foreigners: End of period Total payable in Total Dema D n e d posi T ts ime2 T b c i r l c U e e l a s a r . t t s S e i a u f s . n i r ­ d y s O l t h i e a t o r h b m r e . t 3 r ­ Total Dema D n e d posi T ts ime2 T b c i r l c U e e l a s r a . t t s S i e a u f s . n i r ­ d y s O l t i h e a t o r h b m r e . t r 3 ­ f r o e c r n u e c r i i g ­ e n s 1968....................... 18,916 14,299 10,374 1,273 30 2,621 4,444 1,797 2,199 86 362 173 1 Q£Q 6 / 27,577 23,412 16,745 1,988 20 4,658 3,939 1,709 1,811 107 312 226 1 27,695 23,407 16,744 1,989 20 4,654 4,062 1,710 1,934 107 312 226 1970—Mar............. 25,914 21,751 14,702 1,947 21 5,081 3,964 1,767 1,748 89 361 199 Apr............. 26,687 22,499 15,547 1,781 19 5,152 3,974 1,785 1,740 74 375 214 May............ 26,215 22,025 15,020 1,951 20 5,035 3,988 1,710 1,779 102 398 202 June............ 25,850 21,564 14,817 1,851 26 4,871 4,096 1,770 1,824 120 383 190 July............. 24,601 20,434 13,909 1,733 24 4,768 3,971 1,662 1,812 116 381 196 Aug............. 24,974 20,839 14,432 1,726 23 4,658 3,946 1,685 1,764 116 380 189 24,525 20,400 14,139 1,893 23 4,345 3,917 1,653 1,770 114 380 208 Oct.............. 24,135 20,055 13,921 1,957 32 4,145 3,878 1,607 1,762 127 383 202 Nov............. 22,582 18,433 12,747 1,922 21 3,743 3,954 1,651 1,820 115 369 195 Dec............. 21,156 16,894 12,360 1,323 14 3,197 4,042 1,734 1,839 131 338 220 1971—Jan.............. 20,990 16,711 11,218 1,195 29 4,271 4,049 1,689 1,845 130 385 230 Feb.*.......... 19,626 15,255 10,044 1,025 26 4,160 4,111 1,724 1,877 148 362 260 Mar.*.......... 18,385 14,054 8,476 890 24 4,664 4,078 1,724 1,870 129 356 253 1 Data exclude “holdings of dollars” of the International Monetary with those shown for the preceding date; figures on the second line are Fund. comparable with those shown for the following date. 2 Excludes negotiable time certificates of deposit, which are included 7 Foreign central banks and foreign central govts, and their agencies, in “Other.” and Bank for International Settlements and European Fund. 3 Principally bankers’ acceptances, commercial paper, and negotiable 8 Excludes central banks, which are included in “Official institutions.” time certificates of deposit. 4 U.S. Treasury bills and certificates obtained from proceeds of sales of Note.—“Short-term” refers to obligations payable on demand or having gold by the IMF to the United States to acquire income-earning assets. an original maturity of 1 year or less. For data on long-term liabilities Upon termination of investment, the same quantity of gold can be re­ reported by banks, see Table 10. Data exclude the “holdings of dollars” acquired by the IMF. of the International Monetary Fund; these obligations to the IMF consti­ 5 Principally the International Bank for Reconstruction and Develop­ tute contingent liabilities, since they represent essentially the amount of ment and the Inter-American Development Bank. dollars available for drawings from the IMF by other member countries. Includes difference between cost value and face value of securities in Data exclude also U.S. Treasury letters of credit and non-negotiable, non- IMF gold investment account. interest-bearing special U.S. notes held by the Inter-American Develop­ 6 Data on the two lines shown for this date differ because of changes in ment Bank and the International Development Association. reporting coverage. Figures on the first line are comparable in coverage Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 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 1971 Area and country Dec. June July Aug. Sept. Oct. Nov. Dec. Jan. Fcb.p Mar.p Europe: 314 265 274 287 273 263 236 185 204 198 194 Belgium-Luxembourg.............................. 530 526 582 581 614 742 709 596 760 766 769 Denmark.................................................. 153 167 189 189 195 193 187 189 196 216 220 120 130 134 140 137 134 139 117 117 112 114 1,581 1,915 2,030 2,282 2,286 2,311 2,417 2,267 2,354 2,263 2,349 1,381 3,455 4,241 4,505 5,439 5,977 7,543 7,520 7,795 8,518 9,573 207 179 198 199 204 212 198 184 162 176 140 627 911 902 839 909 1,104 1,162 1,317 1,579 1,629 1,761 Netherlands.............................................. 463 382 469 631 626 800 748 762 584 654 739 341 216 272 309 287 315 291 324 317 313 364 309 257 272 272 275 251 250 274 299 301 319 202 228 325 416 391 299 234 198 205 210 183 412 410 429 431 389 378 449 503 519 541 577 Switzerland............................................... 2,005 2,266 2,192 2,032 2,015 1,985 1,914 1,947 1,936 2,011 2,021 28 25 27 28 34 34 37 46 53 51 32 United Kingdom..................................... 11,349 9,481 8,339 8,600 9,113 7,865 6,659 5,508 5,637 5,210 4,776 37 32 35 27 33 31 49 37 36 46 41 Other Western Europe1......................... 1,553 1,496 1,563 1,154 850 747 828 594 460 377 368 U.S.S.R..................................................... 11 18 8 7 3 13 13 15 11 9 12 Other Eastern Europe............................. 50 49 53 41 46 43 48 54 63 56 53 Total.................................................. 21,674 22,408 22,534 22,971 24,118 23,694 24,112 22,637 23,284 23,656 24,606 4,012 3,421 3,646 3,827 3,787 4,529 4,213 4,016 3,663 3,647 3,424 Latin America: Argentina.................................................. 416 535 588 581 533 605 560 539 508 517 523 425 555 544 427 398 419 353 305 344 326 291 Chile.......................................................... 400 458 444 429 325 359 327 265 256 252 258 261 302 275 294 282 258 244 247 231 215 186 Cuba......................................................... 7 7 6 7 7 6 7 7 7 8 8 849 859 896 915 846 780 876 820 828 831 824 Panama.................................................... 140 168 169 170 177 174 178 162 163 175 174 240 242 210 208 221 213 213 225 186 178 168 Uruguay.................................................... 111 122 113 108 107 104 108 117 125 125 119 Venezuela................................................ 691 682 637 651 630 643 652 735 672 695 645 576 661 651 635 631 618 604 620 617 614 609 Bahamas and Bermuda.......................... 1,405 1,505 1,306 1,189 1,015 761 806 733 799 675 632 80 95 84 88 95 91 96 98 92 95 101 Other Latin America............................... 34 39 44 40 34 39 42 39 37 38 49 5,636 6,231 5,967 5,740 5,300 5,065 5,064 4,911 4,866 4,744 4,584 Asia: China Mainland...................................... 36 43 41 41 41 38 35 33 36 36 34 Hong Kong.............................................. 213 225 226 245 235 250 274 258 305 322 295 India......................................................... 260 356 363 356 366 401 426 302 236 229 188 Indonesia.................................................. 86 68 59 61 53 50 85 73 60 65 52 Israel......................................................... 146 147 131 115 121 118 107 135 121 128 122 Japan........................................................ 3,809 4,018 3,942 3,996 4,149 4,274 4,557 5,147 5,166 5,451 6,324 Korea........................................................ 236 289 307 280 263 195 185 199 193 178 191 201 261 264 275 242 282 279 297 294 309 346 Taiwan...................................................... 196 262 260 212 228 247 260 275 292 278 288 Thailand................................................... 628 627 603 591 585 549 511 508 489 469 443 606 714 745 779 768 727 680 708 722 735 674 Total.................................................. 6,417 7,011 6,941 6,951 7,052 7,133 7,401 7,936 7,913 8,201 8,955 Africa: Congo (Kinshasa).................................... 87 52 50 30 18 17 17 14 16 13 17 21 43 33 21 14 14 10 11 7 7 8 South Africa............................................ 66 45 47 49 47 53 55 83 71 71 56 U.A.R. (Egypt)........................................ 23 22 24 19 19 19 20 17 16 18 15 Other........................................................ 505 683 664 685 678 567 471 395 469 334 278 Total.................................................. 701 845 817 803 777 669 574 521 580 443 373 Other countries: Australia................................................... 282 383 418 428 389 390 392 389 376 398 453 All other................................................... 29 32 33 31 34 31 33 39 34 46 43 Total.................................................. 311 414 451 459 423 421 425 428 410 444 495 Total foreign countries............................... 38,751 40,330 40,357 40,750 41,457 41,511 41,788 40,449 40,717 41,135 42,437 International and regional: International2........................................... 1,261 1,194 1,250 1,330 848 881 873 975 1,175 1,086 1,099 Latin American regional......................... 100 131 143 150 145 175 152 131 162 156 165 Other regional3........................................ 52 103 112 119 124 113 113 111 89 93 103 Total.................................................. 1,413 1,428 1,505 1,599 1,117 1,169 1,138 1,217 1,426 1,335 1,367 Grand total....................................... 40,164 41,758 41,862 42,349 42,574 42,680 42,926 41,666 42,143 42,470 43,804 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. □ MAY 1971 9. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES BY COUNTRY— Continued (End of period. Amounts outstanding; in millions of dollars) Supplementary data 4 1968 1969 1970 1968 1969 1970 Area or country Area or country Dec. Apr. Dec. Apr. Dec. Dec. Apr. Dec. Apr. Dec. Other Western Europe: Other Asia—Cont.: 8 2 11 15 3 4 17 30 6 4 9 10 10 Kuwait.......................................... 67 40 46 66 24 20 38 32 41 Laos.............................................. 3 4 3 4 5 Lebanon....................................... 78 82 83 82 54 Other Latin American republics: Malaysia...................................... 52 41 30 48 22 Bolivia 66 65 68 76 69 60 24 35 34 38 Costa Rica........................................ 51 61 52 43 41 Ryukyu Islands (incl. Okinawa). 17 20 25 26 T^niYittnVan RptmKliV* 69 59 78 96 99 Saudi Arabia............................... 29 48 106 166 io6 Ecuador 66 62 76 72 79 Singapore..................................... 67 40 17 25 57 Hi SalvaHnr 82 89 69 79 75 2 4 4 6 7 Guatemala 86 90 84 110 100 51 40 94 91 179 Haiti.................................................. 17 18 17 19 16 Honduras.......................................... 33 37 29 29 34 Other Africa: TamaiVa 42 29 17 17 19 8 6 14 13 17 Nicaragua 67 78 63 76 59 Ethiopia (incl. Eritrea)................ 13 15 20 33 19 Paraonav 16 18 13 17 16 3 8 10 7 8 J1 VimHqH jPr Trvl\oerrs 10 8 g 11 10 29 34 43 47 38 25 28 23 41 22 Libya............................................ 69 68 288 430 195 Other Latin America: 20 10 11 11 British West Indies........................... 25 25 30 38 33 Slnnthprn PVinHpcia 1 2 2 2 1 Sudan............................................ 5 3 3 1 1 Other Asia: 21 23 10 18 Afjghanistan...................................... 6 8 16 15 Tunisia.......................................... 7 2 6 7 7 Burma............................................... 5 5 2 5 4 Uganda........................................ 6 9 5 7 8 Cambodia......................................... 2 2 1 1 2 Zambia......................................... 25 19 20 38 10 Ceylon............................................... 4 5 3 4 4 Iran.................................................... 41 44 35 41 32 All other: Iraq................................................... 86 77 26 6 New Zealand............................... 17 20 16 18 25 1 Includes Bank for International Settlements and European Fund. 3 Asian, African, and European regional organizations, except BIS and 2 Data exclude “holdings of dollars” of the International Monetary European Fund, which are included in “Europe.” Fund but include IMF gold investment. 4 Represent a partial breakdown of the amounts shown in the “other” categories (except “Other Eastern Europe”). 10. LONG-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) To foreign countries Country or area To End of period Total reg i a n i n o t d i n . al O in t f i s o f t i n i c t i s u a ­ l Banks1 fo O r e e t r h i s g e n r ­ A t r i g n e a n­ A O L m a t e h t r i e i n c r a Israel Japan Thailand O A t s h i e a r co o u A t n h l t e l r r ies 196 7 2,560 698 1,863 1,807 40 251 234 126 443 218 502 89 196 8 3,166 777 2,389 2,341 40 284 257 241 658 201 651 97 196 9 2,490 889 1,601 1,505 55 41 64 175 41 655 70 472 124 1970—Mar.. , 2,343 891 1,452 1,351 62 40 25 202 6 636 49 403 131 Apr... 2,274 845 1,429 1,318 64 46 25 210 6 636 49 376 127 May.. 2,212 857 1,355 1,241 64 50 25 217 6 619 28 328 132 June ., 2,128 848 1,280 1,116 116 48 25 216 6 576 28 242 187 July . , 2,034 827 1,208 1,036 118 54 25 198 7 523 28 237 191 Aug.. , 1,937 839 1,097 928 118 51 25 145 7 499 22 204 194 Sept.. 1,917 863 1,054 883 119 53 25 147 7 477 11 190 197 Oct... 1,837 845 992 821 119 52 25 147 7 466 9 141 196 Nov.. 1,728 809 919 749 118 52 13 143 7 416 138 193 Dec... 1,697 788 909 695 160 54 13 138 6 385 122 236 1971—Jan... 1,570 718 852 635 157 60 13 144 6 340 107 233 Feb^. 1,456 691 765 562 153 51 13 106 6 310 100 229 Mar p 1,331 631 700 479 161 60 13 6 261 94 236 1 Excludes central banks, which are included with “Official institutions.” Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 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) 1969 1970 1971 Area and country Dec. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb.* Mar.* Europe: Denmark............................ 9 6 6 6 6 6 6 6 5 5 3 3 3 3 France................................ 6 6 6 6 6 6 6 6 6 6 6 6 7 7 Netherlands....................... 2 2 2 2 2 2 2 2 2 2 2 2 2 2 37 37 37 37 37 37 37 37 37 37 37 37 37 37 5 5 5 5 5 5 5 5 5 5 5 5 5 5 Switzerland........................ 42 46 46 45 45 44 47 49 49 49 49 48 49 48 United Kingdom............... 407 350 359 369 396 401 411 423 424 447 499 546 544 537 Other Western Europe---- 24 24 24 24 24 24 24 24 24 24 24 25 30 30 Eastern Europe................. 7 7 7 7 7 7 7 7 7 6 6 6 6 6 Total............................... 538 483 492 501 529 532 545 560 559 582 632 679 683 675 Canada................................... 272 271 271 279 286 287 294 284 191 190 192 192 191 188 Latin America: Latin American republics.. 2 2 2 2 2 2 2 2 2 2 2 2 2 2 Neth. Antilles & Surinam. 12 12 12 12 12 12 12 12 12 12 12 12 12 12 Other Latin America......... 2 2 2 2 2 3 4 4 5 4 4 4 4 4 15 15 15 15 15 16 17 17 18 18 18 18 18 17 Asia: 61 62 62 61 61 61 61 61 61 61 61 61 61 61 Other Asia......................... 18 18 18 19 19 19 19 19 19 18 38 38 38 38 Total........................... 79 80 80 81 81 81 81 80 80 80 99 99 99 99 Other countries..................... 7 7 7 7 22 42 42 42 42 42 42 42 42 42 Total foreign countries......... 912 856 865 883 933 959 979 984 891 912 983 1 ,030 1,033 1,022 International and regional: International...................... 32 30 30 30 30 30 22 22 22 22 * * 16 114 Latin American regional.. 18 20 20 21 21 22 23 23 23 24 24 25 25 26 Asian regional................... Total........................... 50 50 51 51 52 53 45 45 46 46 24 25 41 140 Grand total................ 962 906 916 934 985 1,012 1,024 1,030 936 959 1,008 1,054 1,074 1,162 Note.—Data represent estimated official and private holdings of mar- year, and are based on a Nov. 30, 1968, benchmark survey of holdings and ketable U.S. Govt, securities with an original maturity of more than 1 regular monthly reports of securities transactions (see Table 16). 12. NONMARKETABLE U.S. TREASURY BONDS AND NOTES ISSUED TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES (In millions of dollars or dollar equivalent) Payable in dollars Payable in foreign currencies End of period Total Total g B iu e m l­ C ad a a n 1 ­ m D a e r n k ­ Italy: 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 i n tz d ­ 196 8 3,330 1,692 32 1,334 146 15 25 20 100 1,638 1,051 226 311 196 9 43,181 1,431 32 1,129 135 15 20 100 4 1,750 41,084 125 541 1970—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 Feb. 3.563 2.480 32 2.289 25 15 20 100 1,083 542 541 Mar. 3.563 2.480 32 2.289 25 15 20 100 1,083 542 541 Apr. 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. □ MAY 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 1971 Area and country Dec. June July Aug. Sept. Oct. Nov. Dec. Jan. Feb.P Mar.p Europe: 7 6 13 7 4 5 8 6 4 4 5 Belgium-Luxembourg............................. 56 64 53 52 70 68 71 50 69 68 68 Denmark.................................................. 40 33 28 36 34 36 37 40 46 53 58 68 63 65 63 63 56 55 66 103 110 123 France...................................................... 107 82 83 75 104 78 105 113 95 111 97 Germany.................................................. 205 152 125 169 181 182 184 184 142 171 190 Greece...................................................... 22 22 25 27 28 27 25 26 21 22 21 120 100 87 90 102 106 92 101 92 98 102 Netherlands.............................................. 51 53 49 46 67 52 57 61 74 68 70 Norway..................................................... 34 33 31 30 33 40 48 54 61 65 62 Portugal.................................................... 8 12 12 8 10 16 13 11 12 14 15 Spain......................................................... 70 102 52 51 59 58 54 54 49 56 59 Sweden...................................................... 67 112 113 103 112 123 110 97 102 100 104 Switzerland............................................... 99 115 109 123 100 115 98 100 121 114 174 Turkey...................................................... 19 16 17 10 6 4 4 9 3 4 5 United Kingdom..................................... 408 403 403 340 386 378 430 379 410 512 454 Yugoslavia................................................ 28 30 32 33 36 42 41 35 35 31 33 Other Western Europe............................ 9 8 7 6 7 8 12 22 10 11 9 U.S.S.R..................................................... 2 2 1 2 3 3 1 3 2 2 3 Other Eastern Europe............................. 34 41 45 43 40 43 41 36 36 41 47 Total.................................................. 1,454 1,449 1,350 1,315 1,446 1,437 1,487 1,448 1,487 1,656 1,699 Canada......................................................... 826 816 730 751 806 860 865 1,061 867 861 912 Latin America: B A r r a g z e i n l. t . i . n .. a .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 1 0 7 9 3 31 0 1 5 2 3 9 0 9 6 2 2 9 9 7 6 3 3 0 1 6 6 3 3 2 0 3 3 3 32 06 2 3 3 2 2 2 4 3 3 0 2 9 6 3 3 3 2 7 0 3 3 4 6 6 0 C Co hi l l o e m ... b .. i . a .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 2 8 5 8 2 2 1 4 3 9 2 2 5 1 0 0 2 2 5 1 6 0 2 26 0 5 5 2 1 6 99 7 2 1 7 8 2 9 2 1 8 9 4 9 2 1 8 8 8 6 2 1 9 8 6 4 3 1 0 79 0 C P P M U a e u r e n r u b x u a g a i . m c u . . . . o a . . a . . . y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 1 0 6 6 4 1 1 3 8 8 4 9 1 1 6 5 7 1 1 3 2 2 4 9 1 0 6 5 5 1 1 7 8 6 4 8 1 8 6 5 4 1 9 8 3 2 4 9 1 0 5 8 3 1 7 3 0 2 4 9 1 0 9 3 5 1 6 4 6 4 4 9 1 3 4 5 8 1 1 5 4 3 4 9 1 9 0 6 1 4 5 2 3 3 7 9 1 1 8 4 5 1 3 2 2 6 3 9 1 5 9 3 5 1 1 3 1 5 3 9 1 4 0 3 8 1 1 8 9 7 3 V O e th n e e r z u L e a l t a i . n .. . A ... m ... e .. r .. i . c .. a . n .. .. r . e .. p .. u .. b .. l . i .. c . s .. . . . . . . . . . . . . . . . . . . . . . . . . . 2 29 4 5 0 2 2 5 9 3 8 2 2 9 4 5 8 2 25 9 1 4 2 2 8 6 5 7 2 2 9 8 8 4 2 32 8 1 4 2 3 8 4 1 0 2 3 7 3 6 4 2 3 7 3 5 6 2 3 4 2 3 6 Bahamas and Bermuda........................... 93 65 56 60 74 129 101 177 174 157 190 Netherlands Antilles and Surinam......... 14 18 16 17 18 14 14 19 19 14 15 Other Latin America............................... 27 21 23 20 22 20 22 22 22 21 22 Total.................................................. 2,802 2,946 2,900 2,867 2,943 3,041 3,058 3,187 3,141 3,181 3,170 Asia: China Mainland....................................... 1 1 1 1 1 2 1 2 1 1 2 Hong Kong.............................................. 36 46 41 35 46 36 36 39 40 41 49 10 11 12 11 10 12 12 13 16 13 15 Indonesia.................................................. 30 52 36 42 46 41 54 56 49 49 66 Israel......................................................... 108 93 90 80 82 105 110 120 99 130 101 Japan........................................................ 3,432 3,513 3,484 3,387 3,331 3,370 3,538 3,890 3,675 3,480 3,479 Korea........................................................ 158 215 222 228 227 218 197 196 196 194 221 Philippines................................................ 215 268 269 209 215 134 129 137 135 137 124 Taiwan...................................................... 49 79 82 81 81 82 82 95 101 113 119 Thailand................................................... 101 100 96 106 108 100 97 109 106 109 109 Other........................................................ 212 184 180 165 157 160 164 157 167 182 183 Total.................................................. 4,352 4,561 4,511 4,345 4,304 4,262 4,420 4,815 4,585 4,448 4,466 Africa: Congo (Kinshasa).................................... 6 5 5 4 6 4 5 4 7 4 6 Morocco................................................... 3 4 4 6 5 6 4 6 6 6 6 South Africa............................................ 55 66 69 68 72 72 76 77 83 84 86 U.A.R. (Egypt)........................................ 11 15 15 14 13 12 10 13 16 14 14 Other........................................................ 86 68 65 65 63 63 72 79 78 85 101 Total.................................................. 162 158 157 157 159 157 166 180 190 194 213 Other countries: Australia.................................................. 53 62 63 66 60 59 59 64 70 105 73 All other................................................... 16 18 15 16 17 15 16 16 17 19 18 Total.................................................. 69 80 78 82 77 75 75 80 87 124 91 Total foreign countries............................... 9,664 10,009 9,726 9,516 9,735 9,831 10,071 10,771 10,357 10,464 10,551 International and regional.......................... 2 1 1 2 2 1 2 3 2 2 2 Grand total...................................... 9,667 10,010 9,727 9,517 9,737 9,832 10,073 10,774 10,359 10,466 10,553 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

MAY 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) Payablein dollars Payable in foreign currencies End of period Total Total Total O in t f i s o f L t i i n c o t i s u a a ­ l ns t B o a — nks1 Others C s t t o o i i a o n u l n l n g t e d ­ s c ­ ­ f A e o o m a i c r f g n c a n a f c e d o c e e p e c r r s t s ­ t ­ . Other Total w D e i i e t g h p n o e f s r o i s t r s ­ g c F a o n u c o n o v a r r d i n m t e t , i c i e f l g s e i . s e ­ n , ­ Other paper 1968.............................. 8,711 8,261 3,165 247 1,697 1,221 1,733 2,854 509 450 336 40 73 1 Q£Q2 (9,578 9,063 3,281 262 1,946 1,073 1,954 3,169 658 518 352 84 79 }9,667 9,151 3,278 262 1,943 1,073 2,015 3,202 656 516 352 89 74 1970—Mar................... 9,414 8,999 3,290 294 1,922 1,074 2,157 3,044 508 415 300 50 65 Apr.................... 9,518 9,040 3,116 335 1,734 1,047 2,241 3,223 459 478 342 76 60 May.................. 9,806 9,308 3,193 315 1,825 1,053 2,312 3,244 559 498 338 93 66 June.................. 10,010 9,543 3,316 305 1,932 1,079 2,344 3,287 595 467 314 83 69 July................... 9,727 9,306 3,191 256 1,873 1,063 2,350 3,234 531 421 296 66 59 Aug................... 9,517 9,054 2,975 178 1,711 1,087 2,354 3,171 553 463 354 50 59 Sept................... 9,737 9,257 3,231 186 1,936 1,109 2,381 3,056 589 479 366 40 74 Oct..................... 9,832 9,317 3,129 109 1,897 1,123 2,438 3,158 593 515 366 67 83 Nov................... 10,073 9,518 3,132 95 1,894 1,143 2,429 3,330 627 555 354 112 89 Dec.................... 10,774 10,123 3,038 119 1,709 1,210 2,414 3,966 705 651 393 92 166 1971—Jan..................... 10,359 9,852 2,850 110 1,561 1,178 2,396 3,950 657 507 308 79 120 Feb.?7................. 10,466 9,931 2,937 88 1,578 1,270 2,389 3,972 633 535 334 111 90 Mar.3*................ 10,553 9,989 2,984 100 1,577 1,307 2,376 4,026 603 564 365 102 96 1 Excludes central banks which are included with “Official institutions.” with those shown for the preceding date; figures on the second line are 2 Data on the two lines shown for this date differ because of changes in comparable with those shown for the following date, reporting coverage. Figures on the first line are comparable in coverage 15. LONG-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) Type Country or area Payable in dollars E pe n r d i o o d f Total Loans to— O lo t n h g e ­ r P c fo a u r y r i e r n a i e b g n l n e ­ U K d n o in i m t g ed ­ E O u t r h o e p r e Canada A L m a e t r i i n ca Japan O A t s h i e a r co o u A t n h l t e l r r ies Official Other term cies Total institu­ Banks1 foreign­ claims tions ers 1968................. 3,567 3,158 528 237 2,393 394 16 68 479 428 1,375 122 617 479 1969................. 3,250 2,806 502 209 2,096 426 18 67 411 408 1,329 88 568 378 1970—Mar...... 3,226 2,796 519 211 2,067 398 31 68 419 406 1,337 87 559 349 Apr....... 3,248 2,815 508 220 2,087 401 32 74 413 420 1,363 89 546 343 May.... 3,232 2,822 511 211 2,100 380 30 67 426 427 1,348 89 530 345 June---- 3,165 2,776 486 209 2,080 362 27 67 425 416 1,328 92 517 319 July. 3,115 2,733 473 215 2,044 354 29 69 396 417 1,324 100 502 307 Aug....... 3,118 2,707 458 225 2,023 383 29 64 398 411 1,312 106 515 312 Sept...... 3,142 2,737 447 244 2,046 377 28 65 395 416 1,345 108 499 314 Oct........ 3,216 2,827 518 256 2,053 359 30 67 407 409 1,329 109 582 313 Nov...... 3,199 2,809 498 247 2,064 364 26 66 387 398 1,345 113 582 307 Dec....... 3,067 2,691 504 230 1,957 352 25 71 411 312 1,318 115 548 291 1971—Jan....... 2,953 2,601 485 208 1,909 327 24 70 412 278 1,272 117 523 280 Feb.p... 2,948 2,625 484 208 1,933 297 26 77 420 266 1,248 121 521 295 Mar.p... 3,032 2,725 498 221 2,006 277 30 111 423 268 1,259 125 548 298 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. □ MAY 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 1 securities 2 Foreign bonds Foreign stocks Net piirchases Dr sales Period Total I a n n t d l. Foreign c P ha u s r e ­ s Sales c N ha s e a s t e l p e s s u o r r ­ c P ha u s r e ­ s Sales c N ha s e a s t e l e p s s u o r r ­ c P ha u s r e ­ s Sales c N h e s a t a s l e e p s s u o r r ­ regional Total Official Other 1969............................. -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 11,416 9,849 1,568 1,487 2,420 -934 1,033 995 38 1971—Jan-Mar.*. . . . 154 115 39 5 34 4,175 3,757 418 418 740 -321 243 325 -82 1970—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 97 16 74 60 15 July.................. 27 1 26 20 6 783 650 133 126 263 -136 62 58 4 Aug.................. 13 -8 21 * 21 656 514 142 143 380 -237 60 45 15 Sept.................. 5 * 5 5 1,034 703 330 110 93 17 76 90 — 14 Oct................... -93 * -94 -91 -3 1,177 938 239 109 255 -146 71 120 -50 Nov.................. 23 1 22 * 22 754 609 145 97 87 10 65 76 -11 Dec.................. 49 -22 71 18 53 1,321 1,030 291 140 263 -123 83 86 -3 1971—Jan................... 46 -1 47 47 1,242 1,022 220 116 425 — 308 90 95 _5 Feb.*............... 20 17 3 5 -2 1,522 1,421 102 126 119 7 68 108 -41 Mar.*.............. 88 99 -11 -11 1,411 1,315 97 176 196 -20 85 121 -36 1 Excludes nonmarketable U.S. Treasury bonds and notes issued to Also includes issues of new debt securities sold abroad by U.S. corpora­ official institutions of foreign countries ; see Table 12. tions organized to finance direct investments abroad. 2 Includes State and local govt, securities, and securities of U.S. Govt, Note.—Statistics include transactions of international and regional agencies and corporations that are not guaranteed by the United States. organizations. 17. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE STOCKS, BY COUNTRY (In millions of dollars) Period Total France m G a e n r y ­ N la e n th d e s r­Sw la i n tz d er­ K U in n g i d te o d m E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r in ica co O u t n h t e ri r es r I e n g t i l o . n & al 196 9 1,487 150 216 189 490 -245 295 1,094 125 136 90 36 197 0 623 58 195 128 110 -33 24 482 -9 44 85 22 1971—Jan.-Mar.* 69 -62 67 25 -29 58 52 -22 18 17 1970—Ma r -41 -13 11 -26 22 -19 -33 -30 12 6 4 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 June......... 63 6 3 18 23 -23 14 41 8 -2 15 * July.......... 52 16 18 16 13 -14 9 58 -16 3 6 1 Aug.......... 104 7 18 16 40 20 11 113 -6 -9 4 2 Sept.......... 225 -4 36 37 49 29 6 154 26 20 22 2 Oct........... 158 -3 23 13 -1 32 21 85 31 30 13 -1 Nov.......... 98 7 13 18 11 3 31 84 6 1 7 Dec........... 216 39 27 39 14 11 137 40 32 3 1971—Ja..............n 130 -13 27 26 7 46 107 11 6 -3 Feb.*........ -35 -23 28 -6 -25 21 4 -34 -6 * Mar.*.... -26 -26 11 -26 -11 -9 -59 1 18 9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1971 o INTL. CAPITAL TRANSACTIONS OF THE U.S. A 85 18. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE BONDS, BY COUNTRY (In millions of dollars) Period Total France m G a e n r y ­ N la e n th d e s r­Sw la i n tz d er­ K U in n g i d te o d m E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca Asia Africa co O u t n h t e ri r es I r n e t g l. i o a n n a d l 1969..................... 1,195 97 200 14 169 251 83 815 32 14 -11 -1 10 336 1970..................... 945 35 48 37 134 118 91 464 128 23 28 1 -12 314 1971 —Jan.-Mar.35 348 15 10 2 63 56 44 189 36 3 5 * -12 128 1970—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 1 Aug.......... 38 -1 -3 * -1 -1 1 -4 21 2 * * -2 21 Sept.......... 106 1 25 * 3 -1 2 31 16 -7 1 * * 64 Oct............ 81 -1 * 1 8 -8 43 43 14 1 6 * -2 19 Nov.......... 47 2 1 * 3 1 4 13 17 2 3 * * 13 Dec........... 75 2 7 -3 9 28 18 61 1 1 3 * 1 8 1971—Jan............ 89 * -6 * 15 2 * 12 28 -4 * * * 52 Feb.P........ 137 4 3 2 16 21 39 85 -4 1 1 * -12 65 Mar.p.... 123 10 14 -1 32 32 5 92 11 6 3 * * 11 Note.—Statistics include State and local govt, securities, and securities the United States. Also includes issues of new debt securities sold abroad of U.S. Govt, agencies and corporations that are not guaranteed by by U.S. corporations organized to finance direct investments abroad. 19. NET PURCHASES OR SALES BY FOREIGNERS OF 20. FOREIGN CREDIT AND DEBIT LONG-TERM FOREIGN SECURITIES, BY AREA BALANCES IN BROKERAGE ACCOUNTS (In millions of dollars) (Amounts outstanding; in millions of dollars) Total Credit Debit Period Total I a r n n e t d ­ l. c e f o i o u g r n n ­ ­ r E o u p ­ e C a a d n a ­ A L i a m c t a i e n r­ Asia r A ic f a ­ O c t o r t i u h e n e s r ­ E pe n r d i o o d f fo b ( r a d e l u i a g e n n c t e e o r s s ) f ( o b d r a u e l e i a g n f n r c e o e r m s s ) gional tries 1966...................................... 175 128 1969.......................... -1,544 66-1,610 74-1,128 -98 -471 -6 20 1967...................................... 311 298 1970.......................... -895 -257 -639 50 -569 -9 -125 -6 20 468 398 1971—Jan.-Mar.p. . -403 -190 -214 -13 -89 -13 -102 -1 4 636 508 1970—Mar............... -114 22 -136 36 -154 5 -23 -1 1 1969—Mar........................... 553 393 Apr................ -66 9 -75 17 -82 -2 -9 * 1 566 397 May.............. 65 11 54 -1 42 3 8 * 2 467 297 June............. 30 5 25 1 39 -1 -15 * 1 434 278 July.............. -132 -38 -94 9 -78 -23 -1 * * Aug............... -222 -158 -64 4 -127 56 2 * 1 1970—Mar........................... 368 220 Sept............... 3 16 -13 5 22 -30 -12 * 2 334 182 Oct................ -196 -91 -105 -33 -51 4 -27 * 2 291 203 Nov............... -1 3 -4 -10 15 -2 -9 -1 1 Dec.P........................ 349 279 Dec............... -125 4 -129 -22 -74 -5 -31 -1 4 1971—J F a e n b . . .. p .. . . . . . . . . . . . . . . . . . . . . . . . . -3 -3 13 4 -1 - 9 4 7 -1 -3 17 0 -21 2 -8 2 2 7 -1 -9 0 - -2 2 9 9 * * 2 1 mo N n o ey t e d .— eb D it a b t a a l a r n e c p e r s e s a e p n p t e t a h r e in g m o on ne t y h e c r b e o d o i k t s b o al f a r n e c p e o s r t a i n n d g Mar.p............ -56 11 -67 6 -34 6 -44 -1 1 brokers and dealers in the United States, in accounts of foreigners with them, and in their accounts carried by foreigners. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 86 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ MAY 1971 21. LIABILITIES OF U.S. BANKS TO THEIR FOREIGN BRANCHES 22. MATURITY OF EURO DOLLAR AND FOREIGN BRANCH HOLDINGS OF SPECIAL U.S. DEPOSITS IN FOREIGN GOVT. SECURITIES BRANCHES OF U.S. BANKS (Amounts outstanding; in millions of dollars) (End of month; in billions of dollars) Wednesday Wednesday Wednesday Amount 1970 1971 Maturity of liability 1966 1970 1970—Cont. Dec. Jan.r Feb. Mar. 30......................1,879 Jan. 28................ 13,605 Dec. 2....................8,252 J S u e n p e t. 2 2 9 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 3 , , 9 4 5 7 1 2 M Fe a b r . . 2 2 5 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 3 1 , , 0 8 8 8 6 5 1 9 6 ... ............ . . . . . . . . . . 8 8 , ,2 3 1 0 5 5 Call................................... 1 1 . . 7 3 8 7 1 1 . . 5 7 1 7 2 1 . . 0 67 2 Dec. 28......................4,036 Apr. 29................ 11,944 2 3 .....7,902 Other liabilities, maturing May 27................ 12,346 3 0 .....7,676 in following calendar June 24............... 12,172 months after report 1967 July 29................ 10,469 1971 ' date: J S D M u e e n a p c r e t . . . 2 2 2 2 7 8 7 9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 3 3 4 , , , , 0 1 4 2 5 6 1 4 2 9 6 1 Aug. 2 1 1 5 6 2 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 0 0 0 0 , , , , 3 3 6 2 3 1 2 8 7 9 9 3 Jan. 2 2 1 6 . 3 . 0 7 .. ............ . . . . . . . . . . . . . . . . . . . 7 7 7 7 , , 4 , , 8 8 5 3 6 2 3 8 1 3 4 4 5 2 3 n t t r h h d d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 4 3 1 1 0 . . . . . 4 7 3 6 5 3 6 5 9 7 8 5 3 1 1 . . . . . 9 8 5 0 5 1 1 5 9 0 4 9 2 1 1 . . . . . 9 1 9 7 8 3 3 5 8 4 Sept. 2................ 10,332 Feb. 3....................7,432 6th.............................. 1.46 1.48 1.42 1968 1 9 6. .. .. .. . . . . . . .. .. .. .. . . . . .. .. .. 1 1 0 0 , , 2 5 2 2 0 5 1 1 0. 7 .. ............. . . . . . . . . . 7 6 , , 2 8 3 7 3 0 7 8 t t h h . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 6 9 . . 2 2 3 0 . . 2 21 8 J S D M u e e n a p c r e t . . . 2 3 2 2 1 6 7 5 . ( . . . . . 1 . . . . . . . / . . . . 1 . . . . . . . / . . . 6 . . . . . . . 9 . . . . . . . ) . . . . . . . . . . . . . . 7 4 6 6 , , , , 1 9 2 0 0 2 0 3 4 0 2 9 Oct. 2 3 1 7 3 0 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9 9 9 0 , , , , 8 6 5 1 3 8 6 2 0 3 9 6 Mar. 2 1 1 3 0 7 .. 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . 6 . . 6 6 5 ,5 , , , 6 3 6 1 0 6 7 6 5 5 6 Ma 1 t 1 1 u 9 0 1 2 r t t t t i h h h h ti . . . . e . . . . . . . . s . . . . . . . . . . . . o . . . . . . . . f . . . . . . . . m . . . . . . . . . . . . o . . . . . . . . r . . . . . . . . e . . . . . . . . t . . . . . . . . h . . . . . . . . a . . . . . . . . n . . . . . . . . . . . . 1 . . . . . . . . . . . . 1 1 2 2 6 0 0 4 . . . . 1 2 1 2 8 3 4 4 . . . . 2 1 1 2 9 5 7 7 21................ 9,595 24....................5,827 .53 .54 .57 1969 28................ 9,297 3 1 .....4,358 Mar. 26................. 9,621 Nov. 4................ 9,024 Apr. 7....................4,759 28.10 27.39 27.66 June 25.................. 13,269 11................ 8,892 1 4 .....5,318 Sept. 24................. 14,349 18............... 8,766 2 1 .....5,252 Dec. 31.................. 12,805 25............... 8,435 2 8 .....5,166 Note.—Includes interest-bearing U.S. dollar deposits and direct borrowings of all branches in the Bahamas and of all other foreign branches Note.—The data represent gross liabilities of reporting banks to their branches in foreign for which such deposits and direct borrowings countries and special U.S. Govt, securities held by foreign branches as follows: Export-import amount to $50 million or more. bank securities, $1,000 million, Jan. 27, 1971—Feb. 24, 1971, and $1,500 million, Mar. 3, 1971, Details may not add to totals due to rounding through latest date; and $1,508 million of Treasury Certificates Eurodollar Series beginning Apr. 14, 1971. 23. DEPOSITS, U.S. GOVT. SECURITIES, 24. SHORT-TERM LIQUID CLAIMS ON FOREIGNERS AND GOLD HELD AT F.R. BANKS FOR REPORTED BY NONBANKING CONCERNS FOREIGNERS (Amounts outstanding; in millions of dollars) (In millions of dollars) Payable in Assets in custody Payable in dollars foreign currencies End of period Deposits End of United U.S. Govt. Earmarked period Total Short­ Short­ King­ Canada securities1 gold Deposits in te v r e m st ­ Deposits in te v r e m st ­ dom ments i ments 1 1968.............. 216 9,120 13,066 1969.............. 134 7,030 12,311 1968................... 1,638 1,219 87 272 60 979 280 1970—Apr.. . 204 9,154 12,272 1 Q£Q 2 /l, 319 952 116 174 76 610 469 May. . 128 9,754 12,239 U,454 1,025 161 183 86 663 519 June.. 168 10,888 12,240 July... 199 11,803 12,217 1970— Mar 1,443 1,047 186 147 63 863 302 Aug... 173 12,489 12,283 Apr......... 1,438 1,053 178 142 66 892 270 Sept... 136 13,983 12,611 May........ 1,459 1,011 200 138 109 837 331 Oct..., 142 14,458 12,617 June........ 1,476 1,041 174 148 112 754 359 Nov... 136 16,196 12,644 July........ 1,423 1,009 181 159 74 752 309 Dec... 148 16,226 12,926 Aug......... 1,276 868 164 151 94 662 297 Sept......... 1,375 889 183 177 126 668 382 1971—Jan.... 129 16,206 12,958 Oct.......... 1,455 942 177 177 159 641 477 Feb. .. 147 18,033 12,981 Nov......... 1,488 976 171 175 166 628 524 Mar... 201 20,534 13,057 Dec.r___ 1,068 642 133 172 121 363 440 Apr... 162 22,879 13,095 1971—Jan. 1,258 842 124 180 114 511 410 Feb......... 1,350 866 152 191 141 539 481 1 U.S. Treasury bills, certificates of indebtedness, notes, and bonds; includes securities payable in foreign currencies. 1 Negotiable and other readily transferable foreign obligations payable on demand or having a contractual maturity of not more than 1 year from the date on which the hel N d o f t o e r .— in E t x e c rn lu a d ti e o s n a d l e p a o n s d i ts r e a g n io d n a U l .S or . ga G n o iz v a t, t io s n e s c . u r E iti a e r s ­ obl 2 i g D a a ti t o a n o n w a th s e i t n w c o u r l r i e n d e s b f y o r t t h h e i s f d or a e te ig d n i e f r f . er because of changes in reporting coverage. marked gold is gold held for foreign and international Figures on the first line are comparable in coverage with those shown for the preceding accounts and is not included in the gold stock of the date; figures on the second line are comparable with those shown for the following date. United States. 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

MAY 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.r Mar.r Juner Sept. Dec.* Dec.r Mar.r Juner Sept. Dec.* Europe: Austria.................................. 4 3 4 6 8 5 7 8 9 10 Belgium-Luxembourg.......... 65 72 71 66 46 59 60 58 54 47 Denmark............................... 3 3 3 3 2 16 17 17 16 17 Finland................................. 2 1 1 1 2 7 8 8 13 11 France................................... 137 127 156 141 127 122 155 176 154 150 Germany, Fed, Rep. of....... 218 193 164 166 139 219 172 174 192 209 Greece................................... 4 3 3 3 4 19 19 27 28 28 Italy....................................... 85 83 85 70 77 155 169 173 160 163 Netherlands........................... 90 110 116 121 126 64 72 72 62 62 Norway................................. 4 5 5 6 5 17 12 13 13 16 10 6 5 10 14 10 14 18 14 15 Spain..................................... 59 55 47 48 24 77 78 72 73 81 Sweden.................................. 38 29 31 35 34 32 27 27 25 40 Switzerland........................... 129 157 157 183 159 45 47 37 45 44 Turkey................................... 3 2 2 3 4 12 12 11 13 8 United Kingdom.................. 431 556 635 641 770 999 1,198 1,081 1,010 689 Yugoslavia............................ 1 2 1 1 2 18 19 15 17 17 Other Western Europe........ 21 19 21 21 11 12 11 12 9 8 Eastern Europe..................... 1 2 3 5 4 22 17 20 24 24 Total.............................. 1,304 1,428 1,509 1,532 1,556 1,909 2,111 2,020 1,932 1,639 Canada...................................... 226 204 204 213 213 819 635 683 696 762 Latin America Argentina.............................. 9 11 15 10 11 54 55 62 61 61 Brazil..................................... 18 13 14 17 19 86 97 100 107 120 Chile...................................... 10 8 9 11 11 41 42 37 42 49 Colombia.............................. 7 6 5 6 6 33 36 37 37 37 >0 * * * * 1 1 1 1 1 17 24 21 28 21 146 143 135 149 154 4 8 5 5 5 19 19 19 18 18 Peru....................................... 12 10 6 6 4 30 34 37 29 36 Uruguay................................ 5 5 5 5 4 7 8 6 5 6 Venezuela.............................. 16 13 19 14 18 58 69 65 72 71 43 27 28 35 37 90 92 102 97 99 Bahamas and Bermuda........ 31 46 57 89 144 66 84 159 139 121 Neth. Antilles and Surinam. 2 4 38 24 23 6 7 8 10 9 Other Latin America............ 4 5 6 5 6 17 25 19 23 29 Total.............................. 179 178 229 255 311 655 713 786 790 811 Asia: Hong Kong........................... 7 7 7 8 9 11 14 17 19 17 20 27 37 41 38 37 36 41 42 34 Indonesia............................... 5 5 7 7 9 12 11 17 14 21 14 15 17 21 25 36 34 23 21 23 Japan..................................... 143 132 114 135 144 255 297 311 314 322 2 1 2 1 1 28 27 50 29 42 Philippines............................. 9 6 7 7 7 40 32 33 32 30 Taiwan.................................. 3 4 4 8 9 19 23 29 27 33 Thailand............................... 3 3 3 4 4 15 15 15 13 11 Other Asia............................. 27 26 28 47 48 119 113 125 145 146 Total.............................. 233 227 227 282 294 574 602 662 657 678 Africa: Congo (Kinshasa)................ 2 3 14 15 2 4 4 5 4 3 South Africa......................... 14 19 19 24 34 30 28 35 29 30 U.A.R. (Egypt)..................... 7 1 2 2 1 9 9 10 11 9 Other Africa......................... 29 33 37 51 40 46 47 49 48 50 52 56 72 90 i 78 88 87 99 92 92 Other countries: 61 65 70 75 75 61 65 85 71 81 7 6 6 5 1 7 10 13 14 15 15 Total.............................. 68 71 76 80 82 71 78 100 86 95 International and regional. . .. * * * * * * 1 2 1 1 Grand total................... 2,063 2,166 2,317 2,453 2,535 4,117 4,227 4,350 4,253 4,079 Note.—Reported by exporters, importers, and industrial and com- Data exclude claims held through U.S. banks, and intercompany accounts mercial concerns and other nonbanking institutions in the United States. 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. □ MAY 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 a la b r l s e cu P fo r a r r y e i e n a n i b g c l n i e es Total P d a o y i l n a la b r l s e D ba e n p k o s s i a ts b r w o i a t d h Other in reporter’s name 1966—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...................... f 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.1 r................ \ 2,063 1,627 435 4,117 3,494 244 379 1970—Mar.r................... 2,166 1 687 479 4,227 3,695 219 313 June r.................. 2,317 1,801 516 4,350 3,765 234 351 Sept...................... 2,453 1,928 525 4,253 3,653 297 303 Dec.p................... 2,535 2,114 421 4,079 3,507 231 342 1 Data differ from that shown for Dec. in line above because of changes n reporting coverage. 27. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (Amounts outstanding; in millions of dollars) Claims Country or area End of period Total liabilities Total K U in n g i d te o d m E O u t r h o e p r e Canada Brazil Mexico A O L m a t e h t r i e n i r ca Japan O A t s h i e a r Africa o A th l e l r 1966—Dec......................... 329 1,256 27 198 272 203 56 212 95 93 87 13 1967—Mar........................ 454 1,324 31 232 283 203 58 210 108 98 84 17 June....................... 430 1,488 27 257 303 214 88 290 110 98 85 15 Sept........................ 411 1,452 40 212 309 212 84 283 109 103 87 13 Dec........................ ( 414 1,537 43 257 311 212 85 278 128 117 89 16 Dec.1..................... } 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......................... S lJ25 2,215 152 433 496 172 73 388 141 249 69 42 Dec.1 r................... { 2,246 2,332 152 443 537 174 77 417 142 269 75 46 1970—Mar.r..................... 2,307 2,714 159 735 549 178 74 455 158 286 71 47 Juner..................... 2,561 2,727 161 712 557 175 65 475 166 286 76 54 Sept........................ 2,746 2,856 157 720 597 177 63 584 144 283 73 58 Dec.35..................... 3,091 2,910 146 709 645 181 59 606 140 290 71 64 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

MAY 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 ) na (s A ch u i s ll t i r n ia g) B (f e r l a g n iu c m ) C (d a o n ll a a d r a ) C (ru ey p l e o e n ) D ( e k n ro m n a e r ) k ( F m i a n r l k an k d a) (pound) (dollar) 196 6 .48690 223.41 l111.22 3.8686 2.0067 92.811 20.946 14.475 31.061 196 7 .30545 111.25 3.8688 2.0125 92.689 20.501 14.325 229.553 196 8 .28473 111.25 3.8675 2.0026 92.801 16.678 13.362 23.761 196 9 .28492 111.10 3.8654 1.9942 92.855 16.741 13.299 23.774 197 0 3 26.589 111.36 3.8659 2.0139 95.802 16.774 13.334 23.742 1970—Apr. 28.500 111.84 3.8651 2.0127 93.207 16.770 13.325 23.748 May 28.500 111.73 3.8614 2.0140 93.195 16.770 13.324 23.748 June 27.241 111.45 3.8618 2.0142 496.273 16.770 13.334 23.748 July. 24.934 111.12 3.8670 2.0146 96.872 16.770 13.330 23.748 Aug. 24.936 110.99 3.8638 2.0145 97.890 16.770 13.329 23.748 Sept. 24.888 110.87 3.8684 2.0145 98.422 16.770 13.331 23.748 Oct.. 24.874 110.97 3.8698 2.0146 97.890 16.775 13.331 23.736 Nov. 24.864 111.11 3.8676 2.0147 98.014 16.792 13.336 23.722 Dec. 24.836 111.12 3.8681 2.0137 98.276 16.792 13.354 23.722 1971—Jan.. 24.829 111.82 3.8665 2.0145 98.831 16.792 13.361 23.722 Feb. 24.831 112.38 3.8651 2.0148 99.261 16.792 13.359 23.722 Mar. 24.835 112.42 3.8670 2.0145 99.367 16.792 13.368 23.722 Apr., 24.673 112.38 3.8696 2.0144 99.237 16.792 13.353 23.727 Period F (f r r a a n n c c e ) ( G D m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e) ( I p re o l u a n n d d ) ( I l t i a r l a y ) J ( a y p en an ) M (d a o la ll y a s r i ) a M (p e e x s i o c ) o ( e g N r u la e il n t d h d e ­ s r) 196 6 20.352 25.007 5 16.596 279.30 .16014 .27598 32.538 8.0056 27.630 196 7 20.323 25.084 13.255 275.04 .16022 .27613 32.519 8.0056 27.759 196 8 20.191 25.048 13.269 239.35 .16042 .27735 32.591 8.0056 27.626 196 9 9.302 7 25.491 13.230 239.01 .15940 .27903 32.623 8.0056 27.592 197 0 8.087 27.424 13.233 239.59 .15945 .27921 32.396 8.0056 27.651 1970—Apr., 8.076 27.459 13.260 240.61 .15895 .27926 32.460 8.0056 27.533 May, 8.108 27.523 13.240 240.37 .15897 .27862 32.449 8.0056 27.565 June, 8.111 27.528 13.230 239.77 .15897 .27864 32.391 8.0056 27.588 July. 8.120 27.537 13.219 239.06 .15893 .27826 32.308 8.0056 27.694 Aug. 8.109 27.537 13.212 238.77 .15928 .27915 32.287 8.0056 27.775 Sept. 8.112 27.537 13.211 238.53 .16005 .27935 32.314 8.0056 27.785 Oct.. 8.104 27.531 13.217 238.74 .16052 .27948 32.395 8.0056 27.781 Nov. 8.120 27.544 13.231 239.03 .16064 .27956 32.402 8.0056 27.793 Dec. 8.107 27.437 13.229 239.06 .16039 .27959 32.382 8.0056 27.763 1971—Jan.. 8.119 27.496 13.269 240.58 .16045 .27932 32.515 8.0056 27.820 Feb. .122 27.594 13.311 241.78 .16036 .27969 32.615 8.0056 27.814 Mar. .129 27.538 13.304 241.87 .16063 .27971 32.616 8.0056 27.816 Apr., .126 27.516 13.315 241.74 .16070 .27972 32.604 8.0056 27.776 Period (pou N n e d w ) Zeal ( a d n o d llar) 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 a fr n u i d c th a ) (p S e p s a e i t n a) S (k w ro ed n e a n ) ( e S f r w r l a a i n n tz c d ­ ) ( U p K d o n i o u i n m t n g e d d ­ ) 1966. 276.54 13.984 3.4825 139.13 1.6651 19.358 23.114 279.30 1967. 276.69 31.97 13.985 3.4784 139.09 1.6383 19.373 23.104 275.04 1968. 11.37 14.000 3.4864 139.10 1.4272 19.349 23.169 239.35 1969. 11.21 13.997 3.5013 138.90 1.4266 19.342 23.186 239.01 1970. 11.48 13.992 3.4978 139.24 1.4280 19.282 23.199 239.59 1970—Apr.. 11.96 14.001 3.5021 139.83 1.4274 19.233 23.244 240.61 May. 11.84 13.987 3.5033 139.69 1.4280 19.233 23.199 240.37 June. 11.56 13.985 3.4978 139.35 1.4288 19.266 23.171 239.77 July. . 11.23 13.951 3.4913 138.93 1.4290 19.282 23.235 239.06 Aug.. 11.10 13.998 3.4898 138.76 1.4290 19.306 23.247 238.77 Sept.. 10.98 13.994 3.4886 138.62 1.4287 19.225 23.219 238.53 Oct... 11.08 13.993 3.4893 138.74 1.4290 19.282 23.090 238.74 Nov.. 11.22 13.996 3.4924 138.91 1.4290 19.324 23.155 239.03 Dec.. 11.23 14.021 3.4919 138.93 1.4290 19.340 23.187 239.06 1971—Jan.. 11.94 14.003 3.5000 139.81 1.4290 19.365 23.227 240.58 Feb. 12.50 14.001 3.5031 140.51 1.4290 19.332 23.266 241.78 Mar., 12.54 14.010 3.5019 140.56 1.4290 19.369 23.254 241.87 Apr.. 12.50 14.028 3.5000 140.51 1.4291 19.368 23.263 241.79 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 German 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 per U.S. dollar. Effective Apr. 6, 1971, the peso was devalued to 4.06 per U.S. dollar. Note.—After the devaluation of the pound sterling on Nov. 18, 1967, 4 On June 1, 1970, the Canadian Government announced that, for the the following countries devalued their currency in relation to the U.S. time being, Canada will not maintain the exchange rate of the Canadian dollar: Ceylon, Denmark, Ireland, New Zealand, and Spain. dollar within the margins required by IMF rules. Averages of certified noon buying rates in New York for cable transfers. 5 Effective June 6, 1966, the Indian rupee was devalued from 4.76 to For description of rates and back data, see “International Finance,” 7.5 rupees per U.S. dollar. 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 □ MAY 1971 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of April 30, 1970 Rate Country 1970 1971 as of Apr. 30, Per Month 1971 cent effective May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Argentina........................ 6.0 Dec. 1957 6.0 Austria............................. 5.0 Jan. 1970 5 0 Belgium........................... 7.5 Sept. 1969 7.0 6.5 6.0 6.0 Brazil............................... 20.0 July 1969 20.0 Burma.............................. 4.0 Feb. 1962 4.0 Canada............................ 8.0 July 1969 7.5 7.0 6.5 6.0 5.25 5.25 Ceylon............................. 5.5 May 1968 5 5 Chile................................ 14.0 July 1969 14!o Colombia......................... 8.0 May 1963 8 0 Costa Rica....................... 4.0 4.0 Denmark......................... 9.0 May 1969 8.0 7.5 7.5 Ecuador........................... 8.0 Jan. 1970 8.0 El Salvador..................... 4.0 Aug. 1964 4.0 Finland............................ 7.0 Apr. 1962 7.0 France............................. 8.0 Oct. 1969 7.5 7.0 6.5 6.5 Germany, Fed. Rep. of.. 7.5 Mar. 1970 7.0 6.5 6.0 5.0 5.0 Ghana............................. 5.5 Mar. 1968 5.5 Greece............................. 6.0 July 1969 6.0 Honduras........................ 3.0 Jan. 1962 3.0 Iceland............................. 9.0 Jan. 1966 9.0 India....... 5.0 Mar. 1968 6.0 6.0 Indonesia. 6.0 May 1969 6.0 6.0 Iran......... 8.0 Aug. 1969 / . . 8 0 Ireland. .. 7.19 Apr. 1970 7.31 7! 31 Israel.... 6.0 Feb. 1955 6.0 Italy.... 5.5 Mar. 1970 5.0 5.0 Jamaica. 6.0 May 1969 5.5 5.5 Japan... 6.25 Sept. 1969 6.0 5.75 5.75 Korea... 24.0 Apr. 1970 23.0 23.0 Mexico.. 4.5 June 1942 4.5 Netherlands.., 6.0 Aug. 1969 5.5 5.5 New Zealand. 7.0 Mar. 1961 7.0 Nicaragua 6.0 Apr. 1954 6.0 Norway.......... 4.5 Sept. 1969 4.5 Pakistan........ 5.0 June 1965 5.0 Peru......................... 9.5 Nov. 1959 9.5 Philippine Republic. 10.0 June 1969 10.0 Portugal................... Apr. 1970 3.5 3.75 3.75 South Africa............ 5.5 Aug. 1968 6.5 6.5 Spain........................ 6.5 Mar. 1970 6.25 6.0 6.0 Sweden....... 7.0 July 1969 6.5 6.0 6.0 Switzerland. 3.75 Sept. 1969 3.75 Taiwan........ 10.8 May 1969 9.8 9.8 Thailand. . . 5.0 Oct. 1959 5 0 Tunisia........ 5.0 Sept. 1966 5.0 Turkey................................. 7.5 May 1961 9.0 9.0 United Arab Rep. (Egypt). 5.0 May 1962 5 0 United Kingdom................ 7.0 Apr. 1970 6.0 6.0 Venezuela........................... 5.5 June 1969 5.0 5.0 Vietnam............................... 7.0 Mar. 1970 |i8.0 18.0 Note.—Rates shown are mainly those at which the central bank either agricultural purposes, 7 per cent for bank acceptances for industrial discounts or makes advances against eligible commercial paper and/or purposes, and 10 per cent for advances to cover shortages in legal reserves; govt, securities for commercial banks or brokers. For countries with Honduras—Rate shown is for advances only. more than one rate applicable to such discounts or advances, the rate Indonesia—Various rates depending on type of paper, collateral, com­ shown 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 produc­ pending 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 en­ loans, 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, 4 Vi acquisition of capital goods. per cent for advances against government bonds, and 5 y2 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

MAY 1971 □ MONEY RATES; ARBITRAGE A 91 OPEN MARKET RATES (Per cent per annum) Canada United Kingdom France Fe G d e . r R m e a p n . y o , f Netherlands Sw la i n tz d er­ Month 3 T m r b e o i a l n s ls t u , h r s y i D m a o d y n a - e y t y o - 2 3 B a a m a c n n c o c k e n e p e s t r t h , ­ s s ’ 3 T m r b e i a o l s l n s u t , r h y s D m a d o y a n - y e to y - a B d ll e o a 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 T 6 r d b e 0 a i a y l - s l 9 s s u 0 , 4 ry D m a o d y n a - e y t y o - 5 T 3 r m b e i a o l s l n s u t , r h y s D m a d o y a n - y e to y - d P is r r i c a v o t a e u t n e t 1968—Dec............. 5.96 5.31 7.26 6.80 5.99 5.00 8.22 2.75 1.84 4.65 4.96 3.75 1969—Dec............. 7.15 6.95 8.49 7.64 6.75 5.84 8.97 4.42 4.81 5.55 5.98 4.21 1969—Dec............. 7.78 7.78 8.88 7.70 6.90 6.00 10.38 5.75 8.35 6.00 7.11 4.75 1970—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 7.46 5.75 7.52 5.91 6.73 5.25 1971—Jan.............. 4.59 5.25 8.06 6.79 5.84 5.00 6.46 5.75 7.61 5.60 4.46 5.25 Feb.............. 4.51 4.90 8.06 6.75 6.08 5.00 6.00 5.75 7.32 5.05 5.41 5.25 Mar............. 3.30 3.48 8.06 6.66 6.12 5.00 5.75 7.36 4.49 3.27 Apr............. 3.04 2.65 7.06 5.75 5.15 4.00 4.75 3.59 1.13 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,” 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 Premium Date K U in n g i d te o d m Spread d ( ( i + - sc ) ) o u o o n n r t in ( c f N e a n v e t o t iv r e Canada Spread d ( ( i + - sc ) ) o u o o n n r t in ( c f N e a n v e t o t iv r e q ( u a o U d t j . a . S t . i t o o n U S n ta i t t e e s d L ( o f n a o d v f o o r n) f p o o rw un ar d d Lon o d f on) qu A i o n t s ed q A uo U d t j . a . S t . i t o o n U S n ta i t t e e s d C ( a f n a o v a f o d r a) C f d o a o r n w l a la d a r i r a s d n Can o a f da) basis) Canada basis 1970 Nov. 6.............. 6.69 5.44 1.25 -.89 .36 5.00 4.87 5.44 -.57 .43 -.14 13.............. 6.69 5.46 1.23 -1.18 .05 4.86 4.74 5.46 -.72 .49 -.23 20.............. 6.69 5.10 1.59 -.86 .73 4.60 4.49 5.10 -.61 .57 -.04 27.............. 6.69 5.00 1.69 -.98 .71 4.35 4.25 5.00 -.75 .49 -.26 Dec. 4.............. 6.69 4.87 1.82 -.71 1.11 4.46 4.36 4.87 -.51 .65 .14 11.............. 6.69 4.80 1.89 -.80 1.09 4.54 4.42 4.80 -.38 .61 .23 18.............. 6.69 4.68 2.01 -.68 1.33 4.51 4.35 4.68 -.33 .61 .28 24.............. 6.69 4.78 1.91 -.91 1.00 4.40 4.29 4.78 -.49 .00 -.49 31.............. 6.69 4.80 1.89 -.92 .97 4.44 4.33 4.80 -.47 -.12 -.59 1971 Jan. 8.............. 6.69 4.69 2.00 -.99 1.01 4.55 4.44 4.69 -.25 -.30 -.55 15.............. 6.66 4.35 2.31 -1.52 .79 4.65 4.53 4.35 .18 -.63 -.45 22.............. 6.66 4.06 2.60 -2.28 .32 4.55 4.44 4.06 .38 -.83 -.45 29.............. 6.66 4.08 2.58 -2.72 -.14 4.72 4.60 4.08 .52 -1.11 -.59 Feb. 5............. 6.66 3.97 2.69 -2.70 -.01 4.83 4.71 3.97 .74 -1.03 -.29 11............. 6.66 3.62 3.04 -3.17 -.13 4.83 4.71 3.62 1.09 -1.05 .04 19............. 6.60 3.37 3.23 -3.57 -.34 4.58 4.47 3.37 1.10 -1.01 .09 26............. 6.60 3.33 3.27 -3.13 .14 4.03 3.94 3.33 .61 -1.09 -.48 Mar. 5.............. 6.70 3.28 3.42 -3.61 -.19 3.98 3.86 3.28 .58 -.88 -.30 12.............. 6.70 3.16 3.54 -3.34 .20 3.30 3.23 3.16 .07 -.18 -.11 19.............. 6.57 3.30 3.27 -3.20 .07 3.01 2.95 3.30 -.35 .38 .03 26.............. 6.57 3.32 3.25 -2.85 .40 3.05 2.99 3.32 -.33 .14 -.19 Apr. 2............ 5.64 3.58 2.06 -2.25 -.19 3.13 3.06 3.58 -.52 .32 -.20 9............ 5.67 3.78 1.89 -2.61 -.72 3.03 2.98 3.78 -.80 .40 -.40 16............ 5.70 3.82 1.88 -2.79 -.91 3.12 3.05 3.82 -.77 .52 -.25 23............ 5.58 3.70 1.88 -2.32 -.35 3.03 2.97 3.70 -.73 .93 .20 30............ 5.55 3.93 1.62 -2.13 -.51 3.01 2.95 3.93 -.98 .81 -.17 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 □ MAY 1971 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti­ Intl. Esti­ E pe n r d i o o d f m to a t t a e l d M ta o r n y e­ U St n a i t t e e s d r m es a t t e o d f Algeria A t r i g n e a n­ t A ra u l s ia ­ A tr u ia s­ g B iu e m l­ Brazil Burma Canada Chile world i Fund world 1964. 43.015 2,179 15,471 25,365 6 71 226 600 1,451 92 84 1,026 43 1965. 243,230 31,869 13,806 27,285 6 66 223 700 1,558 63 84 1,151 44 1966. 43,185 2.652 13,235 27,300 6 84 224 701 1,525 45 84 1,046 45 1967. 41,600 2,682 12,065 26,855 155 84 231 701 1,480 45 84 1,015 45 1968. 40,905 2,288 10,892 27,725 205 109 257 714 1,524 45 84 863 46 1969. 41.015 2,310 11,859 26,845 205 135 263 715 1.520 45 84 872 47 1970—Mar... . 41,205 2,512 11,903 26,790 205 140 269 714 1.520 45 84 879 47 Apr.. .. 2,514 11,902 205 140 268 712 1.518 45 84 879 48 May. . . 2,529 11,900 205 140 269 713 1.520 45 84 880 47 June... 41,170 2,544 11,889 26,735 205 140 270 714 1.520 45 84 880 48 July.... 2,547 11,934 205 140 269 714 1.520 45 84 880 48 Aug.. .. 2.652 11,817 205 140 269 714 1.518 45 63 47 Sept... . 41,180 2,825 11.494 26,860 205 140 282 714 1,530 45 63 47 Oct........ 2,902 11.495 205 140 283 714 1.528 45 63 880 47 Nov.... 3,224 11,478 205 140 283 714 1.528 45 63 880 47 Dec.. . . *^4i *285 4,339 11,072 ^25,875 191 140 239 714 1.470 45 63 791 47 1971—Jan... . 4,380 11,040 191 140 240 714 1.470 45 63 791 Feb---- 4,400 11,039 191 140 240 714 1,468 45 42 791 Mar.p. 4,404 10,963 140 714 1,466 42 791 Ger­ E p n er d i o o d f lo C m o b ­ ia m D a e r n k ­ l F a i n n d ­ France m F a e n d y . , Greece India Iran Iraq l I a r n e d ­ Israel Italy Japan Rep. of 1964.............................. 58 92 85 3,729 4,248 77 247 141 112 19 56 2,107 304 1965 .............................. 35 97 84 4,706 4,410 78 281 146 110 21 56 2,404 328 1966.............................. 26 108 45 5,238 4,292 120 243 130 106 23 46 2,414 329 1967.............................. 31 107 45 5,234 4,228 130 243 144 115 25 46 2,400 338 1968.............................. 31 114 45 3,877 4,539 140 243 158 193 79 46 2,923 356 1969.............................. 26 89 45 3,547 4,079 130 243 158 193 39 46 2,956 413 1970—Mar.................. 27 89 45 3,544 4,079 120 243 158 151 38 46 2,978 469 Apr.................. 27 89 45 3,544 4,079 120 243 158 151 26 46 2,978 469 May................. 27 89 45 3,541 4,079 120 243 158 151 26 46 2,981 472 June................ 26 89 45 3,543 4,080 120 243 158 151 26 46 2,982 472 July.................. 26 89 45 3,543 4,080 120 243 158 151 26 46 2,983 473 Aug.................. 26 89 45 3,537 4,080 120 243 158 151 26 45 2,983 474 Sept.................. 26 89 45 3,537 4,081 119 243 148 151 26 45 2,983 530 Oct................... 26 65 45 3,537 4,081 119 243 148 151 26 45 2,983 530 Nov.................. 18 65 45 3,533 4,081 117 243 131 144 16 43 2,981 532 Dec.................. 17 65 29 3,532 3,980 117 243 131 144 16 43 2,887 532 1971—Jan.................... 17 65 29 3,532 3,979 114 243 131 144 16 43 2,886 532 Feb................... 17 65 29 3,531 3,978 99 243 131 144 16 43 2,885 534 Mar.p.............. 16 65 29 3,527 3,977 243 131 144 16 43 2,884 539 E pe n r d i o o d f Kuwait a L n e o b n ­ Libya M s a i l a ay­ M c e o xi­ Mo co roc­ N la et n h d e s r­ N w o a r y ­ P st a a k n i­ P p h in il e ip s ­ Po g r a t l u­ A S r a a u b d i i a 1964.............................. 48 183 17 7 169 34 1,688 31 53 67 23 523 78 1965.............................. 52 182 68 2 158 21 1,756 31 53 67 38 576 73 1966.............................. 67 193 68 1 109 21 1,730 18 53 65 44 643 69 1967.............................. 136 193 68 31 166 21 1,711 18 53 20 60 699 69 1968.............................. 122 288 85 66 165 21 1,697 24 54 20 62 856 119 1969.............................. 86 288 85 63 169 21 1,720 25 54 25 45 876 119 1970—Mar.................. 86 288 85 63 170 21 1,730 27 54 40 47 890 119 Apr................... 86 288 85 63 170 21 1,730 27 54 40 49 890 119 May................ 86 288 85 63 171 21 1,730 27 54 40 50 890 119 June................ 86 288 85 63 171 21 1 ,730 27 54 40 50 890 119 July.................. 86 288 85 63 171 21 1,750 27 54 40 53 890 119 Aug.................. 86 288 85 63 171 21 1,751 27 54 40 54 901 119 Sept.................. 86 288 85 63 176 21 1,801 34 54 40 56 902 119 Oct................... 86 288 85 63 176 21 1,801 33 54 40 59 902 119 Nov.................. 86 288 85 63 176 21 1,832 23 54 40 59 902 119 Dec.................. 86 288 85 48 176 21 1,787 23 54 40 56 902 119 1971—Jan.................... 86 288 85 48 176 21 1,812 23 54 58 902 119 Feb................... 86 322 85 48 21 1,812 23 54 59 902 119 Mar.p.............. 86 332 85 1,812 23 60 902 119 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY 1971 o GOLD RESERVES AND PRODUCTION A 93 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS— Continued (In millions of dollars) Bank E pe n r d i o o d f A So fr u i t c h a Spain Sweden Sw la i n tz d er­ 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 ed ­ 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 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 -349 196 9 1,115 784 226 2,642 82 92 117 93 1,471 165 403 51 -480 1970—Mar.. 1,002 784 224 2.659 82 92 127 93 1,469 165 404 51 -507 Apr... 992 784 224 2.659 82 92 127 93 165 404 51 -519 May. . 978 784 225 2.659 82 92 127 93 165 404 51 -530 June.. 942 784 225 2.670 82 92 127 93 1,469 165 404 51 -516 July.., 954 784 225 2.670 82 92 127 93 165 404 52 -519 Aug... 920 534 225 2.720 82 92 126 93 165 404 52 -311 Sept.. 921 534 225 2.720 82 92 126 93 1,454 165 404 52 -303 Oct... 879 534 225 2.720 82 92 126 93 165 404 52 -308 Nov.., 788 534 225 2.720 82 92 126 93 161 384 52 -305 Dec.. . 666 498 200 2,732 82 92 126 85 1,349 162 384 52 -282 1971—Jan... 632 498 200 2.731 82 92 126 85 162 384 32 -173 Feb... 632 498 200 2.731 82 82 126 162 384 32 — 173 Mar.p 634 200 2,806 82 127 384 32 -73 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 World Period p t r i o o d n u c 1 ­ A So fr u ic th 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 ad an a ­ M ic e o x­ N ra i g ca u ­ a Co b l i o a m­ India Japan P p h i i n l e ip s ­ t A ra u li s a ­ o A th l e l r 1964............................. 1.405.0 1,018.9 30.3 7.8 51.4 133.0 7.4 6.9 12.8 5.2 16.1 14.9 33.7 66.6 1965............................. 1.440.0 1,069.4 26.4 2.3 58.6 125.6 7.6 5.4 11.2 4.6 18.1 15.3 30.7 64.8 1966............................. 1,445.0 1,080.8 24.0 5.6 63.1 114.6 7.5 5.2 9.8 4.2 19.4 15.8 32.1 62.9 1967............................. 1.410.0 1,068.7 26.7 5.4 53.4 103.7 5.8 5.2 9.0 3.4 23.7 17.2 28.4 59.4 1968............................. 1.420.0 1,088.0 25.4 5.9 53.9 94.1 6.2 4.9 8.4 4.0 21.5 18.5 27.6 61.6 1969P........................... 1,420.0 1,090.7 24.8 6.0 60.1 89.1 6.3 3.7 7.7 3.4 23.7 20.0 24.5 60.0 1970—Feb................... 88.4 6.5 .6 .8 .3 1.9 rl .9 Mar.................. 94.3 7.1 .6 .5 .3 2.1 2.6 Apr................... 92.8 6.6 .5 .6 .3 1.8 *•1.7 May................. 94.5 7.0 .6 .3 2.2 1.7 June................. 96.6 1.7 7.2 .6 .3 2.0 1.7 July.................. 95.2 2.0 6.8 .6 .3 1.6 Aug.................. 96.3 2.2 6.3 .7 .3 1.6 Sept.................. 96.2 2.2 6.6 .7 .3 1.6 Oct................... 96.6 6.9 .6 .3 Nov.................. 6.5 .3 Dec................... 6.8 1971—jan................... r7.0 Feb................... 6.6 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 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 A rthur L. Broida, Assistant Secretary W alter A. Althausen, Assistant Director Normand R. V. Bernard, Assistant Secretary Donald G. Barnes, Assistant Director Gordon B. Grimwood, Defense Planning Harry A. Guinter, Assistant Director Coordinator and Assistant Secretary P. D. Ring, Assistant Director *Eugene A. Leonard, Assistant Secretary Charles C. W alcutt, Assistant Director William W. Layton, Director of Equal Em­ Lloyd M. Schaeffer, Chief Federal Reserve ployment Opportunity Examiner LEGAL DIVISION DIVISION OF SUPERVISION AND REGULATION Thomas J. O’Connell, General Counsel Frederic Solomon, Director Robert F. Sanders, Deputy General Counsel JBrenton C. Leavitt, Deputy Director Lawrence F. Noble, Assistant General Counsel Frederick R. Dahl, Assistant Director Pauline B. H eller, Adviser Jack M. Egertson, Assistant Director Grasty Crews, II, Adviser Janet O. Hart, Assistant Director DIVISION OF RESEARCH AND STATISTICS John N. Lyon, Assistant Director J. Charles Partee, Director John T. McClintock, Assistant Director Stephen H. Axilrod, Associate Director Thomas A. Sidman, Assistant Director Lyle E. Gramley, Associate Director Tynan Smith, Assistant Director Stanley J. Sigel, Adviser DIVISION OF PERSONNEL ADMINISTRATION Murray S. Wernick, Adviser Kenneth B. Williams, Adviser Edwin J. Johnson, Director Peter M. Keir, Associate Adviser John J. Hart, Assistant Director James L. Pierce, Associate Adviser DIVISION OF ADMINISTRATIVE SERVICES James B. Eckert, Assistant Adviser Edward C. Ettin, Assistant Adviser Joseph E. Kelleher, Director Stephen P. Taylor, Assistant Adviser Donald E. Anderson, Assistant Director Louis Weiner, Assistant Adviser John D. Smith, Assistant Director Joseph S. Zeisel, Assistant Adviser Levon H. Garabedian, Assistant Director OFFICE OF THE CONTROLLER DIVISION OF INTERNATIONAL FINANCE John Kakalec, Controller §Harry J. Halley, Deputy Controller Robert Solomon, Director fRoBERT L. Sammons, Associate Director DIVISION OF DATA PROCESSING John E. Reynolds, Associate Director Jerold E. Slocum, 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 1. Katz, Adviser Richard S. W att, Assistant Director Bernard Norwood, Adviser Ralph C. Wood, Adviser ♦On leave from the Federal Reserve Bank of St. Louis. Ralph C. Bryant, Associate Adviser fOn leave of absence. tServes also as Program Director for Banking Structure in Robert F. Gemmill, Associate Adviser the Office of the Secretary. Digitized for FRASER Samuel Pizer, Associate Adviser §Also serves as Program Director for Management Systems. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 95 FEDERAL OPEN MARKET COMMITTEE Arthur F. Burns, Chairman Alfred Hayes, Vice Chairman Andrew F. Brimmer Monroe Kimbrel Frank E. Morris George H. Clay Sherman J. Maisel J. L. Robertson J. Dewey Daane Robert P. Mayo William W. Sherrilj George W. Mitchell Robert C. Holland, Secretary Arthur L. Broida, Deputy Secretary George Garvy, Associate Economist Normand R. V. Bernard, Assistant Secretary Lyle E. Gramley, Associate Economist Charles Molony, Assistant Secretary A. B. Hersey, Associate Economist Howard H. Hackley, General Counsel John E. Reynolds, Associate Economist David B. Hexter, Assistant General Counsel Karl A. Scheld, Associate Economist J. Charles Partee, Economist Robert Solomon, Associate Economist Stephen H. Axilrod, Associate Economist Charles T. Taylor, Associate Economist Robert W. Eisenmenger, Associate Economist Clarence W. Tow, 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 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 96 FEDERAL RESERVE BANKS AND BRANCHES Federal Reserve Bank Chairman President Vice President or branch Deputy Chairman First Vice President in charge of branch Zip code Boston...........................02106 James S. Duesenberry Frank E. Morris Louis W. Cabot Earle O. Latham New York.....................10045 Albert L. Nickerson Alfred Hayes Roswell L. Gilpatric William F. Treiber Buffalo.......................14240 Norman F. Beach A. A. Maclnnes, Jr. Philadelphia..................19101 Bayard L. England David P. Eastburn D. Robert Yamall, Jr. David C. Melnicoff Cleveland.......................44101 Albert G. Clay J. Ward Keener Walter H. MacDonald Cincinnati.................45201 Graham E. Marx Fred O. Kiel Pittsburgh.................15230 Lawrence E. Walkley Clyde E. Harrell Richmond......................23261 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..............32203 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 Al 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 97 FEDERAL RESERVE BOARD PUBLICATIONS Available from Publications Services, Division of Administrative Services, Board of Governors of the Federal Re­ serve 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. Inter­ annum or $.70 a copy. national Finance. 1962. 92 pp. $.65. Sec. 16 (New). Consumer Credit. 1965. 103 pp. $.65. FEDERAL RESERVE CHART BOOK ON FINANCIAL INDUSTRIAL PRODUCTION—1957-59 BASE. 1962. AND BUSINESS STATISTICS. Monthly. Annual 172 pp. $1.00 a copy; 10 or more sent to one subscription includes one issue of Historical address, $.85 each. Chart Book. $6.00 per annum or $.60 a copy in the United States and the countries listed above; BANK MERGERS & THE REGULATORY AGENCIES: 10 or more of same issue sent to one address, APPLICATION OF THE BANK MERGER ACT OF $.50 each. Elsewhere, $7.00 per annum or $.70 1960. 1964. 260 pp. $1.00 a copy; 10 or more a copy. sent to one address, $.85 each. BANKING MARKET STRUCTURE & PERFORMANCE HISTORICAL CHART BOOK. Issued annually in Sept. IN METROPOLITAN AREAS: A STATISTICAL Subscription to monthly chart book includes STUDY OF FACTORS AFFECTING RATES ON one issue. $.60 a copy in the United States and BANK LOANS. 1965. 73 pp. $.50 a copy; 10 or countries listed above; 10 or more sent to one 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 pro­ sent 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 98 FEDERAL RESERVE BULLETIN □ MAY 1971 BANK CREDIT-CARD AND CHECK-CREDIT PLANS. THE REDESIGNED DISCOUNT MECHANISM AND 1968. 102 pp. $1.00 a copy; 10 or more sent to THE MONEY MARKET. 1968. 29 pp. one address, $.85 each. SUMMARY OF THE ISSUES RAISED AT THE ACA­ INTEREST RATE EXPECTATIONS: TESTS ON YIELD DEMIC SEMINAR ON DISCOUNTING. 1968. SPREADS AMONG SHORT-TERM GOVERNMENT 16 pp. SECURITIES. 1968. 83 pp. $.50 a copy; 10 or more sent to one address, $.40 each. A REVIEW OF RECENT ACADEMIC LITERATURE ON THE DISCOUNT MECHANISM. 1968. 40 pp. SURVEY OF FINANCIAL CHARACTERISTICS OF CONSUMERS. 1966. 166 pp. $1.00 a copy; 10 or DISCOUNT POLICY AND BANK SUPERVISION. more sent to one address, $.85 each. 1968. 72 pp. SURVEY OF CHANGES IN FAMILY FINANCES. 1968. THE LEGITIMACY OF CENTRAL BANKS. 1969. 321 pp. $1.00 a copy; 10 or more sent to one 24 pp. address, $.85 each. SELECTIVE CREDIT CONTROL. 1969. 9 pp. REPORT OF THE JOINT TREASURY-FEDERAL RE­ SERVE STUDY OF THE U.S. GOVERNMENT SOME PROPOSALS FOR A REFORM OF THE DIS­ SECURITIES MARKET. 1969. 48 pp. $.25 a copy; COUNT WINDOW. 1969. 40 pp. 10 or more sent to one address, $.20 each. RATIONALE AND OBJECTIVES OF THE 1955 RE­ JOINT TREASURY-FEDERAL RESERVE STUDY OF VISION OF REGULATION A. 1969. 33 pp. THE GOVERNMENT SECURITIES MARKET: STAFF STUDIES—PART 1 (papers by Cooper, Bernard, AN EVALUATION OF SOME DETERMINANTS OF and Scherer). 1970. 86 pp. $.50 a copy; 10 or MEMBER BANK BORROWING. 1969. 29 pp. more sent to one address, $.40 each. ACADEMIC VIEWS ON IMPROVING THE FEDERAL (Limited supplies, in mimeographed or similar RESERVE DISCOUNT MECHANISM. 1970. form, of staff papers other than those con­ 172 pp. tained in Part 1 are available upon request for single copies. See p. 48 of main report for a CAPITAL AND CREDIT REQUIREMENTS OF AGRI­ list of such papers.) CULTURE, AND PROPOSALS TO INCREASE REAPPRAISAL OF THE FEDERAL RESERVE DIS­ AVAILABILITY OF BANK CREDIT. 1970. 160 pp. COUNT MECHANISM: FINANCIAL INSTABILITY REVISITED: THE ECO­ REPORT OF A SYSTEM COMMITTEE. 1968. 23 NOMICS OF DISASTER. 1970. 87 pp. pp. $.25 a copy; 10 or more sent to one ad­ dress, $.20 each. STAFF ECONOMIC STUDIES REPORT ON RESEARCH UNDERTAKEN IN CON­ NECTION WITH A SYSTEM STUDY. 1968. 47 Studies and papers on economic and financial sub­ pp. $.25 a copy; 10 or more sent to one jects that are of general interest in the field of address, $.20 each. economic research. Limited supply of the following papers relating to Summaries only printed in the Bulletin. the Discount Study, in mimeographed or similar (Limited supply of mimeographed copies of full form, available upon request for single copies: text available upon request for single copies.) A STUDY OF THE MARKET FOR FEDERAL FUNDS. MEASURES OF INDUSTRIAL PRODUCTION AND 1968. 47 pp. FINAL DEMAND, by Clayton Gehman and Cor­ THE SECONDARY MARKET FOR NEGOTIABLE nelia Motheral. Jan. 1967. 57 pp. CERTIFICATES OF DEPOSIT. 1968. 89 pp. THE AVAILABILITY OF MORTGAGE LENDING COM­ RESERVE ADJUSTMENTS OF THE EIGHT MAJOR MITMENTS, by Robert Moore Fisher. Dec. 1969. NEW YORK CITY BANKS DURING 1966. 1968. 36 pp. 29 pp. IMPORTED INFLATION AND THE INTERNATIONAL DISCOUNT POLICY AND OPEN MARKET OPERA­ ADJUSTMENT PROCESS, by Ruth Logue. Dec. TIONS. 1968. 23 pp. 1969. 147 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS A 99 CONSUMER SAVINGS AND THRIFT INSTITUTIONS, A REVISED INDEX OF MANUFACTURING CAPACITY, by Edward C. Ettin and Barbara Negri Opper. Staff Economic Study by Frank de Leeuw with June 1970. 12 pp. Frank E. Hopkins and Michael D. Sherman. Nov. 1966. 11 pp. OPTIMAL CHOICE OF MONETARY POLICY INSTRU­ THE ROLE OF FINANCIAL INTERMEDIARIES IN MENTS IN A SIMPLE STOCHASTIC MACRO U.S. CAPITAL MARKETS, Staff Economic Study MODEL, by William Poole. Sept. 1970. 20 pp. by Daniel H. Brill with Ann P. Ulrey. Jan. UNCERTAINTY AND STABILIZATION POLICIES FOR 1967. 14 pp. A NONLINEAR MACROECONOMIC MODEL, by REVISED SERIES ON COMMERCIAL AND INDUS­ Franklin R. Shupp. Dec. 1970. 23 pp. TRIAL LOANS BY INDUSTRY. Feb. 1967. 2 pp. OPERATING POLICIES OF BANK HOLDING COM­ AUTO LOAN CHARACTERISTICS AT MAJOR SALES PANIES—PART 1, by Robert J. Lawrence. FINANCE COMPANIES. Feb. 1967. 5 pp. Apr. 1971.82 pp. SURVEY OF FINANCE COMPANIES, MID-1965. Apr. Printed in full in the Bulletin. 1967. 26 pp. (Reprints available as shown in following list,) BANK FINANCING OF AGRICULTURE. June 1967. 23 pp. EVIDENCE ON CONCENTRATION IN BANKING REPRINTS MARKETS AND INTEREST RATES, Staff Economic Study by Almarin Phillips. June 1967. ADJUSTMENT FOR SEASONAL VARIATION. June 11 pp. 1941. 11 pp. 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. CHANGES IN BANKING STRUCTURE, 1953-62. THE PRICE OF GOLD IS NOT THE PROBLEM. Feb. Sept. 1963. 8 pp. 1968. 7 pp. REVISION OF BANK DEBITS AND DEPOSIT TURN­ U.S. INTERNATIONAL TRANSACTIONS: TRENDS IN OVER SERIES. Mar. 1965. 4 pp. 1960-67. Apr. 1968. 23 pp. TIME DEPOSITS IN MONETARY ANALYSIS, Staff MONETARY RESTRAINT AND BORROWING AND Economic Study by Lyle E. Gramley and CAPITAL SPENDING BY LARGE STATE AND Samuel B. Chase, Jr. Oct. 1965. 25 pp. LOCAL GOVERNMENTS IN 1966. July 1968. 30 pp. RESEARCH ON BANKING STRUCTURE AND PER' FORMANCE, Staff Economic Study by Tynan REVISED SERIES ON BANK CREDIT. Aug. 1968. Smith. Apr. 1966. 11 pp. 4 pp. COMMERCIAL BANK LIQUIDITY, Staff Economic FEDERAL FISCAL POLICY IN THE 1960's. Sept. Study by James Pierce. Aug. 1966. 9 pp. 1968. 18 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 100 FEDERAL RESERVE BULLETIN □ MAY 1971 HOW DOES MONETARY POLICY AFFECT THE INFLATION IN WESTERN EUROPE AND JAPAN. ECONOMY? Staff Economic Study by Maurice Oct. 1970. 13 pp. Mann. Oct. 1968. 12 pp. REVISION OF THE MONEY STOCK. Dec. 1970. BUSINESS FINANCING BY BUSINESS FINANCE 23 pp. COMPANIES. Oct. 1968. 13 pp. MEASURES OF SECURITY CREDIT. Dec. 1970. MANUFACTURING CAPACITY: A COMPARISON OF 11pp. TWO SOURCES OF INFORMATION, Staff Eco­ nomic Study by Jared J. Enzler. Nov. 1968. BALANCE OF PAYMENTS PROGRAM: REVISED 5 pp. GUIDELINES FOR BANKS AND NONBANK FINAN­ CIAL INSTITUTIONS. Jan. 1971. 12 pp. MONETARY RESTRAINT, BORROWING, AND CAP­ ITAL SPENDING BY SMALL LOCAL GOVERN­ MONETARY AGGREGATES AND MONEY MARKET MENTS AND STATE COLLEGES IN 1966. Dec. CONDITIONS IN OPEN MARKET POLICY. Feb. 1968. 30 pp. 1971. 26 pp. REVISION OF CONSUMER CREDIT STATISTICS. BANK FINANCING OF MOBILE HOMES. Mar. 1971. Dec. 1968. 21 pp. 4 pp. HOUSING PRODUCTION AND FINANCE. Mar. 1969. TREASURY AND FEDERAL RESERVE FOREIGN EX­ 7 pp. CHANGE OPERATIONS. Mar. 1971. 19 pp. OUR PROBLEM OF INFLATION. June 1969. 15 pp. RESPONSE OF STATE AND LOCAL GOVERNMENTS TO VARYING CREDIT CONDITIONS. Mar. 1971. THE CHANNELS OF MONETARY POLICY, Staff Eco- 24 pp. nomic Study by Frank de Leeuw and Edward Gramlich. June 1969. 20 pp. CHANGES IN TIME AND SAVINGS DEPOSITS, JULY- OCTOBER 1970. Apr. 1971. 13 pp. REVISION OF WEEKLY SERIES FOR COMMERCIAL BANKS. Aug. 1969. 5 pp. CHANGES IN BANK LENDING PRACTICES, 1970. EURO-DOLLARS: A CHANGING MARKET. Oct. 1969. Apr. 1971. 5 pp. 20 pp. U.S. BALANCE OF PAYMENTS AND INVESTMENT RECENT CHANGES IN STRUCTURE OF COMMER­ POSITION. Apr., 1971. 14 pp. CIAL BANKING. Mar. 1970. 16 pp. FINANCIAL DEVELOPMENTS IN THE FIRST QUAR­ SDR's IN FEDERAL RESERVE OPERATIONS AND TER OF 1971. May 1971. 10 pp. STATISTICS. May 1970. 4 pp. BANKING AND MONETARY STATISTICS, 1969. CHANGES IN TIME AND SAVINGS DEPOSITS, Selected series of banking and monetary statistics OCTOBER 1970— JANUARY 1971. May 1971. for 1969 only. Mar. and July 1970. 18 pp. 11 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 101 INDEX TO STATISTICAL TABLES (For list of tables published periodically, but not monthly, see page A-3.) Acceptances, bankers’, 14, 33, 37 Demand deposits—Continued Agricultural loans of commercial banks, 24, 26 Banks, by classes, 11, 20, 25, 29 Arbitrage, 91 Subject to reserve requirements, 18 Assets and liabilities (See also Foreigners): Turnover, 15 Banks, by classes, 20, 24, 25, 26, 37 Deposits (See also specific types of deposits): Banks and the monetary system, 19 Accumulated at commercial banks for payment of Corporate, current, 49 personal loans, 23 Federal Reserve Banks, 12 Adjusted, and currency, 19 Automobiles: Banks, by classes, 11, 20, 25, 29, 37 Consumer instalment credit, 54, 55, 56 Euro-dollars, 86 Production index, 58, 59 Federal Reserve Banks, 12, 86 Postal savings, 19, 25 Subject to reserve requirements, 18 Discount rates (See Interest rates) Bank credit proxy, 18 Discounts and advances by Reserve Banks, 4, 12, Bankers’ balances, 25, 28 13, 15 (See also Foreigners, claims on, and liabilities to) Dividends, corporate, 48, 49 Banks and the monetary system, 19 Dollar assets, foreign, 75, 81 Banks for cooperatives, 39 Bonds (See also U.S. Govt, securities) : New issues, 45, 46, 47 Earnings and hours, manufacturing industries, 65 Yields and prices, 34, 35 Employment, 62, 64, 65 Branch banks, liabilities of U.S. banks to their foreign Euro-dollar deposits in foreign branches of branches, 30, 86 U.S. banks, 86 Brokerage balances, 85 Business expenditures on new plant and equipment, 49 Business indexes, 62 Farm mortgage loans, 50, 51 Business loans (See Commercial and industrial loans) Federal finance: Cash transactions, 40 Receipts and expenditures, 41 Treasury operating balance, 40 Capacity utilization, 62 Federal funds, 8, 24, 26, 30, 33 Capital accounts: Banks, by classes, 20, 25, 30 Federal home loan banks, 39, 51 Federal Housing Administration, 50, 51, 52, 53 Federal Reserve Banks, 12 Federal intermediate credit banks, 39 Central banks, 90, 92 Federal land banks, 39 Certificates of deposit, 30 Federal National Mortgage Assn., 39, 53 Coins, circulation, 16 Federal Reserve Banks: Commercial and industrial loans: Condition statement, 12 Commercial banks, 24, 32 U.S. Govt securities held, 4, 12, 15, 42, 43 Weekly reporting banks, 26, 31 Federal Reserve credit, 4, 6, 12, 15 Commercial banks: Federal Reserve notes, 12, 16 Assets and liabilities, 20, 24, 25, 26 Consumer loans held, by type, 55 Federally sponsored credit agencies, 39 Finance company paper, 33, 37 Deposits at, for payment of personal loans, 23 Financial institutions, loans to, 24, 26 Loans sold outright, 32 Float, 4 Number, by classes, 20 Flow of funds, 70 Real estate mortgages held, by type, 50 Foreign: Commercial paper, 33, 37 Currency operations, 12, 14, 75, 81 Condition statements (See Assets and liabilities) Deposits in U.S. banks, 5, 12, 19, 25, 29, 86 Construction, 62, 63 Exchange rates, 89 Consumer credit: Trade, 73 Instalment credit, 54, 55, 56, 57 Foreigners: Noninstalment credit, by holder, 55 Claims on, 82, 83, 86, 87, 88 Consumer price indexes, 62, 66 Liabilities to, 30, 76, 77, 79, 80, 81, 86, 87, 88 Consumption expenditures, 68, 69 Corporations: Sales, profits, taxes, and dividends, 48, 49 Gold: Security issues, 46, 47 Security yields and prices, 34, 35 Certificates, 12, 13, 16 Cost of living (See Consumer price indexes) Earmarked, 86 Currency and coin, 5, 10, 25 Net purchases by U.S., 74 Currency in circulation, 5, 16, 17 Production, 93 Customer credit, stock market, 36 Reserves of central banks and govts., 92 Stock, 4, 19, 75 Government National Mortgage Association, 53 Gross national product, 68, 69 Debits to deposit accounts, 15 Debt (See specific types of debt or securities) Demand deposits: Hours and earnings, manufacturing industries, 65 Adjusted, banks and the monetary system, 19 Housing permits, 62 Adjusted, commercial banks, 15, 18, 25 Housing starts, 63 )xedni siht n i dettimo si ” A“ xiferp eht hguohtla 39-A hguorht 4-A segap ot era secnerefeR( Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

)xedni siht n i dettimo si ” A“ xiferp eht hguohtla 39-A hguorht 4-A segap ot era secnerefeR( A 102 FEDERAL RESERVE BULLETIN □ MAY 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 on home mortgages, 52 Insurance companies, 38, 42, 43, 51 Mortgage yields, 53 Insured commercial banks, 22, 23, 24 Type of holder and property mortgaged, 50, 51, Interbank deposits, 11, 20, 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 Commercial banks, 25, 28, 30 Mortgage yields, 53 Federal Reserve Banks, 12 Prime rate, commercial banks, 33 Member banks, 5, 6, 11, 18, 25 Time deposits, maximum rates, 11 U.S. reserve assets, 75 Yields, bond and stock, 34 Residential mortgage loans, 35, 50, 51, 52 International capital transactions of the U.S., 76-88 Retail credit, 54 International institutions, 74, 75, 90, 92 Retail sales, 62 Inventories, 68 Investment companies, issues and assets, 47 Sales finance companies, loans, 54, 55, 57 Investments (See also specific types of investments): Saving: Banks, by classes, 20, 24, 27, 28, 37 Flow of funds series, 70 Commercial banks, 18 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, 20, 24, 26, 27, 37 New issues, 45, 46, 47 Commercial banks, 18, 20, 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, 19, 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 Ownership of securities of, 24, 28, 37, 38 Manufacturers: Yields and prices of securities, 34, 35 Capacity utilization, 62 State member banks, 22, 23 Production index, 59, 62 Stock market credit, 36 Margin requirements, 10 Stocks: Member banks: New issues, 46, 47 Assets and liabilities, by classes, 20, 24 Yields and prices, 34, 35 Borrowings at Reserve Banks, 6, 12 Deposits, by classes, 11 Tax receipts, Federal, 41 Number, by classes, 20 Time deposits, 11, 18, 19, 20, 25, 29 Reserve position, basic, 8 Treasury cash, Treasury currency, 4, 5, 16, 19 Reserve requirements, 10 Treasury deposits, 5, 12, 40 Reserves and related items, 4, 18 Treasury operating balance, 40 Mining, production index, 59, 62 Mobile home shipments, 63 Money rates (See Interest rates) Unemployment, 64 Money stock and related data, 17, 19 U.S. balance of payments, 72 Mortgages (See Real estate loans and Residential mort­ U.S. Govt, balances: gage loans) Commercial bank holdings, 25, 29 Mutual funds (See Investment companies) Consolidated condition statement, 19 Mutual savings banks, 19, 29, 37, 42, 43, 50 Member bank holdings, 18 Treasury deposits at Reserve Banks, 5, 12, 40 U.S. Govt, securities: National banks, 22, 23 Bank holdings, 19, 20, 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, 23, 24, 25 Foreign and international holdings, 12, 81, 84, 86 International transactions, 81, 84 New issues, gross proceeds, 46 Open market transactions, 14 Open market transactions, 14 Outstanding, by type of security, 42, 43, 45 Ownership of, 42, 43 Payrolls, manufacturing index, 62 Yields and prices, 34, 35 Personal income, 69 United States notes, 16 Postal savings, 19, 25 Utilities, production index, 59, 62 Prices: Consumer and wholesale commodity, 62, 66 Veterans Administration, 50, 51, 52, 53 Security, 35 Prime rate, commercial banks, 33 Weekly reporting banks, 26 Production, 58, 62 Profits, corporate, 48, 49 Yields (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis