Federal Reserve Bulletin, 1971-09

F E D E R A L R E S E R V E BULLETIN ★ ★ ★ * * * * f * 4 L R E S ^ SEPTEMBER 1971 BOARD OF GOVERNORS □ THE FEDERAL RESERVE SYSTEM □ WASHINGTON, D.C. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A copy of the Federal Reserve Bulletin is sent to each member bank without charge; member banks desiring additional copies may secure them at a special $2.00 annual rate. The regular subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere, $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, SO cents per copy per month, or $5.00 for 12 months. The Bulletin may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D. C. 20551, and remittance should be made payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. currency. (Stamps and coupons not accepted) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

F E D E R A L RESERVE BULLETIN NUMBER 9 □ VOLUME 57 □ SEPTEMBER 1971 CONTENTS 703 Recent D evelopm ents In Consum er Instalm ent Credit 713 Staff Econom ic Studies: Sum m ary 715 Record of Policy Actions of the Federal Open M arket Com m ittee 723 Law D epartm ent 757 A nnouncem ents 759 National Sum m ary of Business Conditions Financial and B usiness Statistics A 1 Contents A 3 Guide to Tabular Presentation A 3 Statistical Releases: Reference A 4 U.S. Statistics A 74 International Statistics A 96 Board of Governors and Staff A 98 Open M arket Com m ittee and Staff; Federal Advisory Council A 99 Federal Reserve Banks and Branches A 100 Federal Reserve Board Publications A 104 Index to Statistical Tables M ap of Federal Reserve System on Inside Back Cover EDITORIAL Charles M olony COMMITTEE J. Charles Partee Robert C. Holland Robert Solom on Kenneth B. W illiams 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

Recent Developments In Consumer Instalment Credit IN THE EARLY MONTHS of 1971, short- and intermediate-term consumer credit outstanding—used to finance consumers’ ex­ penditures for goods and services— resumed the growth that had been interrupted late last year. Most of the increase has come from the instalment credit component; growth in noninstalment credit, which accounts for only a small part of the total out­ standing, was small. After beginning to rise again in December 1970, the net change in instalment credit outstanding grew more rapidly each month through April, and then after 2 months of slower growth, climbed sharply in July at the highest annual rate in 2 years. This pattern of growth resulted from a sharp rise in gross extensions in the early months of the year as automobile credit rebounded after the auto strike, in combination with an erratic drop in repayments in July. Extensions of instalment credit reached a new high in April, at a level well above those prevailing before the auto strike. From then through July, the latest month for which data are available, there was no further growth. Since April, consumer instalment credit has been extended at an annual rate of more than $116 billion; for most of the 2 years prior to the auto strike such extensions had averaged about $103 billion. Repayments of instalment debt, which— because of the com­ plex nature of their lagged relationship with extensions— usually exhibit a smoother trend than extensions, continued to increase Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

704 FEDERAL RESERVE BULLETIN □ SEPTEMBER 1971 1 Both extensions and repayments of INSTALMENT CREDIT rise sharply this year; ' BILLIONS OF DOLLARS, ANNUAL RA1 EXTENSIONS REPAYMENTS growth in OUTSTANDINGS accelerates in Q2 NET CHANGE Seasonally adjusted quarterly data at annual rates. Latest data, Q2. this year with only minor month-to-month variations until July, when such repayments showed a sizable decline. The growth in repayments through June was at about the same rate as the trend in disposable income. Delinquencies on instalment debts are generally declining this year, after having shown a modest in­ crease during 1970. BORROWING PATTERNS Much of the movement in consumer instalment credit extensions IN RECENT YEARS has originated in changes in demand for credit to finance auto purchases. Extensions of auto credit reached an annual rate of nearly $35 billion in March of this year, but did not grow further from then through July. The second-quarter rate of auto exten­ sions was 27 per cent higher than the strike-depressed rate in the fourth quarter of 1970 and exceeded previous peaks. Extensions of auto credit reached high levels in the summer of 1968, but have been generally weak during much of the period since then. Late in the summer of 1968 buying of the large inventory of current-model cars was stimulated by early an­ nouncements of higher prices for 1969 models. Even though a 10 per cent surcharge on individual income taxes had been im­ posed in mid-1968, consumers continued to spend heavily for Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER INSTALMENT CREDIT 705 EXTENSIONS by type: Auto credit recovers; advance in nonauto consumer goods quickens; growth in personal loans resumes BILLIONS OF DOLLARS, ANNUAL RATES 35 OTHER CONSUMER GOODS PERSONAL LOANS Seasonally adjusted quarterly data at annual rates. Latest data, Q2. autos, and credit extensions to finance those purchases reached then-record rates. new-car sales Much of the weakness in auto credit in 1969 and 1970 was associated with declines in the number of autos sold during those DOMESTIC-TYPE years. Sales of new domestic-type cars dropped irregularly from an annual rate of 8.6 million units in February 1969 to fewer than 5.2 million in the strike-affected closing months of 1970. The number of used cars sold also declined, but sales of imported units expanded. The drop in expenditures for cars was not quite so sharp as that in unit sales, since higher prices for specific IMPORTS models more than offset a shift of sales toward the lower-priced, small domestic cars and imports. With reductions in the propor- Quarteriy averages of monthly tion of cars sold on credit and in the proportion of the purchase .a' seasonally ad,us,ed annual price financed, extensions of auto credit declined somewhat more rates than total auto sales. Extensions of personal loans—which are used for many pur­ poses such as medical, educational, or travel expenses, the pay­ ment of taxes and insurance premiums, and debt consolidation— Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

706 FEDERAL RESERVE BULLETIN □ SEPTEMBER 1971 also rose rapidly during early 1971 to a new high annual rate of more than $41 billion in May, then decreased somewhat. During most of 1969 and 1970 such extensions had remained at an annual rate of about $35 billion. Extensions of credit for the purchase of consumer goods other than autos have behaved quite differently from those for autos and personal loans, continuing to increase rapidly in recent years with only brief interruptions. Such extensions rose from a total of $33.1 billion in 1969 to $36.8 billion in 1970, an 11 per cent increase, and by mid-1971 they had reached an annual rate of $41 billion. Within this nonautomotive category, credit cards and mobile homes have accounted for an increasing proportion of all credit extensions in recent years. This category also includes credit extended to purchase such consumer goods as apparel, home appliances, furniture, and boats. During the past 4 years the use of bank credit cards has been growing rapidly. This has reflected in large measure the adoption of card plans by banks in additional areas, a process that is now slowing down. At the end of 1967, 390 banks reported holding credit-card outstandings, with some $800 million under such plans. By December 31, 1969, the number of banks had grown to 1,207, and volume outstanding had also more than tripled. With most of the major banks already operating card plans, the number of banks starting new plans increased much less rapidly during 1970, but the dollar amounts continued to rise at only a somewhat reduced rate. According to call report data, credit outstanding on these plans at the end of 1970 amounted to $3.8 billion. Sample data indicate a continuing, though less rapid, increase so far this year. Mobile home credit has also increased greatly as purchases of these homes have advanced for several reasons— especially lower initial prices than for conventional houses and land, and earlier the limited availability of mortgage credit. Mobile homes are financed largely by intermediate-term instalment credit, typically on the basis of a 7-year maturity. A mid-1970 survey indicated that commercial banks held $2.8 billion of mobile home paper, 40 per cent of their nonautomotive consumer goods loans. Finance companies are also active in mobile home lending, and savings and loan associations are moving into it. Manufac­ turers’ shipments of mobile units increased rapidly through 1969, when they leveled at about 400,000 units. This year, however, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER INSTALMENT CREDIT 707 shipments have been rising again, even though housing starts have reached record rates. The rise in extensions of credit for purchases of mobile homes has also reflected higher prices, at­ tributable in part to larger and more elaborate units. Extensions of credit for home repair and modernization, which represent only a very small part of the total volume of instalment credit, have also increased considerably over the 1970 level. Despite the incentive for modernization created by periods of reduced residential construction, repair and modernization loans have not shown any large increases. Typically these loans run for a longer term than most other types of instalment credit, and the average loan may be larger. The combination of longer maturities and the restricted interest charges on FHA Title 1 loans is reported to have made this a relatively unattractive form of credit to many lenders. The relative rates of growth of the various components of instalment credit in 1971 have raised slightly— to approximately 36 per cent— the share that automobile credit outstanding now represents of all consumer instalment debt. Although auto credit is still the largest single component, its relative importance has been declining since the mid-1950’s, and in general it has de­ clined at an increasing rate in recent years. Five years ago auto­ mobile credit represented nearly 41 per cent of total outstandings, while in the mid-1950’s it was more than 47 per cent. The corresponding increase has occurred mainly in personal loans. They expanded from 21 per cent of total outstandings in 1956 to 32 per cent in mid-1971. A small increase has taken place in the share of nonautomotive consumer goods, mainly in the last 5 years. Bank credit-card outstandings, which are in­ cluded in the nonautomotive goods category, still account for only 3 per cent of total instalment credit outstanding. Meanwhile, the share of repair and modernization loans outstanding has been declining slowly. Such loans now represent only about 4 per cent of the total. MAJOR LENDER The major lender groups have experienced diverse trends this GROUPS year in their shares of total consumer credit extensions. Credit union extensions have continued to grow rapidly, accounting for nearly a 14 per cent share of the total in the second quarter of 1971. Extensions by retailers dropped to less than a 20 per cent share. The commercial bank share of total extensions stayed about level at 38 per cent. The remaining lenders, mainly fi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

708 FEDERAL RESERVE BULLETIN □ SEPTEMBER 1971 nance companies, also showed little over-all change this year, rising in the first quarter but dropping back to about 28 per cent in the second. Finance companies’ share of total consumer credit extensions has been falling for a number of years, stemming from their declining share of automobile financing, with commercial banks and credit unions gaining. This process accelerated in mid- 1969, when several large independent finance companies reduced purchases of auto paper to a small fraction of former levels. This abrupt contraction was brought about by the high price and restricted availability of funds in the commercial paper market in mid-1969, while finance charges on auto contracts had in­ creased much less. These finance companies found other lending activities to be more profitable— they increased their business lending, and in the consumer area they bought larger amounts of mobile home paper and increased their personal loans. SHARES OF EXTENSIONS rise at credit unions and decline at finance companies PER CEI COMMERCIAL BANKS FINANCE COMPANIES AND OTHERS RETAILERS CREDIT UNIONS Market shares based on quarterly averages of seasonally adjusted monthly data. Latest data, Q2. Consumer credit receivables have been shrinking as a per­ centage of total receivables at all finance companies, especially since the mid-1969 cutback in auto lending activity. Nevertheless consumer lending still represents the major activity, accounting for 60 per cent of total finance company receivables in mid-1971. Business receivables accounted for the balance. At commercial banks consumer loans have also declined somewhat as a propor­ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER INSTALMENT CREDIT 709 tion of total loans. However, consumer loans are a much smaller proportion of total loans at commercial banks than at finance companies. At banks, consumer loans represent only a little more than 13 per cent of the total. CHANGES IN Terms on instalment credit have shown relatively little sensitivity LENDING TERMS to changes in monetary and economic conditions during the last few years, according to the limited information available. Interest rates. While most interest rates have undergone sub­ stantial changes in the last few years, rates on consumer instal­ ment loans, as shown in very limited sample data collected by the Federal Reserve on an experimental basis from commercial banks, moved up relatively little in 1969 and have since leveled off. Whereas the bank prime rate moved up 3 percentage points between mid-1967 and mid-1969, the composite of instalment rates at the sample banks rose less than 1 point. In some in­ stances ceilings imposed by States were a factor in preventing a further rise in instalment loan rates during periods when credit was generally tight. Through June of this year, the latest month for which these data have been collected, only negligible reductions had taken place. More recently, however, a few commercial banks have announced that they were reducing interest rates on consumer loans. In late August, across-the-board reductions amounting to about 1 percentage point were posted by a major New York bank, and other reductions— somewhat larger in some instances— were made by another bank in the same area. - ■ . n i1--* .1 .■ INTEREST RATES on consumer loans change little. . .prime rate shows marked shifts Consumer rate is a composite measure of instalment loan rates from a sample of banks in selected metropolitan areas. Latest data: consumer rate, June; prime rate, July. . ffm rfonm ;■ • . Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

710 FEDERAL RESERVE BULLETIN □ SEPTEMBER 1971 The sharp narrowing of the spread between consumer and other loan rates that occurred in 1969 did not seem to reduce severely the volume of funds made available for consumer loans despite the cutback of some finance companies in the auto credit market. Downpayments. Low-downpayment new-car loans became a bit less frequent at finance companies in the second quarter of 1971; at banks the frequency of such loans remained unchanged. However, both banks and finance companies now report a smaller proportion of loans that exceed the dealer’s cost of the car than has been the case in most recent years. 5 | NEW-CAR CONTRACTS at finance companies and banks: Proportion with LOW DOWNPAYMENTS Most contracts have 3-year MATURITIES remains at low level PER CENT PER CENT Low-downpayment loans are those with dealer-cost ratios above 100 per cent. Quarterly averages of seasonally adjusted monthly data. Latest data, Q2. t Maturity. While low downpayments have become somewhat less frequent in recent years, the proportion of new-car loans being written for the normal 3-year maximum maturity has risen. After wide fluctuations at the time of and immediately following last year’s auto strike, the proportion of 31- to 36-month loans (almost all of which are for the full 36 months) increased steeply during recent months until it slightly exceeded the pre­ strike level. In addition, the first major lengthening of usual maximum contract maturities beyond 36 months may now be taking place. In a few areas banks are now granting 42- or 48-month contracts, and in one West Coast area a major finance company is testing a 42-month contract in response to moves by banks. In the mid-1950’s, after the usual maximum maturity for newcar loans was extended from 24 to 36 months, the proportion of loans written for the 36-month period began a gradual rise. This maturity stretch-out has slowed in the last few years, and as of mid-1971 roughly 80 per cent of all new-car contracts at com­ mercial banks were being written for 36 months; at finance com­ panies the proportion of such contracts was about 84 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER INSTALMENT CREDIT 711 LOAN REPAYMENT Delinquency rates on instalment loans at commercial banks PERFORMANCE started to turn down at the end of last year after the relatively small rise that had developed during the slowdown in economic activity in late 1969 and most of 1970. The proportion of loans reported delinquent 30 to 89 days was a modest 1.5 per cent in June 1971, and even at the 1970 peak it remained under 1.7 per cent. In recent years the delinquency rate at banks has aver­ aged between 1.3 and 1.5 per cent. Most lender groups are be­ lieved to have experienced a similar pattern. Delinquencies at credit unions, however, were below usual levels in July, as they have been most of this year. Unlike the situation at banks, credit union delinquencies during 1970 did not exceed those of most previous years. DELINQUENCY RATE on instalment loans at banks is below last year’s high PER CENT American Bankers Assn. data seasonally adjusted by Federal Reserve. Number of loans delinquent 30-89 days as per cent of number outstanding; bimonthly. Latest data, June. One area in which high delinquency rates are being experi­ enced is bank credit-card operations. Many banks are also reported to be experiencing high charge-off rates on card credit, sometimes due to fraud losses. These problems appear to have resulted not from the economic slowdown of 1969-70, but from the large-scale entry into a new type of credit— still a new activity for most banks, and a new source of funds for many cardholders. Personal bankruptcies, which have shown a steady rise during most of the period since World War II, have recently been follow­ ing a zigzag pattern. After rising almost 12 per cent a year be­ tween 1955 and 1967, filings for personal bankruptcies dropped more than 9 per cent in the calendar year 1968 and decreased slightly further in 1969. Filings rose rapidly again last year, but Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

they are dropping back in 1971. Consumer Credit Protection Act provisions that became effective in July 1970 limiting the proportion of wages and salaries subject to garnishment, and limiting employers’ freedom to discharge workers because of garnishment, may be contributing to a lessening in the number of bankruptcies. The proportion of total disposable income devoted to repay­ ment of instalment debt has changed only minimally in 1971. While repayments have continued to rise, income has increased equally fast. In the second quarter of 1971 repayments of this type of credit took 14.8 per cent of disposable income, no more than in 1965. This stability is in marked contrast with earlier years; until 1965 the repayment-to-income ratio had risen rapidly from less than 4 per cent at the end of World War II. □ 712 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Staff Economic Studies The research staffs of the Board of Gover­ In all cases the analyses and conclusions nors of the Federal Reserve System and of set forth are those of the authors and do not the Federal Reserve Banks undertake studies necessarily indicate concurrence by the that cover a wide range of economic and Board of Governors, by the Federal Reserve financial subjects, and other staff members Banks, or by the members of their staffs. prepare papers related to such subjects. In Single copies of the full text of each of some instances the Federal Reserve System the studies or papers summarized in the finances similar studies by members of the B ulletin are available in mimeographed academic profession. form. The list of Federal Reserve Board From time to time the results of studies publications at the back of each B u lletin that are of general interest to the economics includes a separate section entitled “Staff profession and to others are summarized— or Economic Studies” that enumerates the stud­ they may be printed in full— in this section ies for which copies are currently available of the B ulletin. in that form. S tu dy S um m ary THE USE OF INTEREST RATE POLICIES AS A STIMULUS TO ECONOMIC GROWTH Robert F. Emery— Staff, Board of Governors Prepared as a staff paper in the summer of 1971 Many less-developed countries maintain in­ countries are Taiwan (1950-53), Korea terest rate structures that are unrealistic in (1965-71), and Indonesia (1968-71). the sense that the rates are substantially be­ Vietnam’s recent experience is also discussed low the levels that would prevail under free briefly. market conditions. This study discusses The study concludes that the experience some of the main factors tending to per­ of Taiwan, Korea, and Indonesia with petuate an unrealistic structure of interest high interest rate policies demonstrates that, rates, particularly for time and savings de­ when depositors are offered rates that are posits, and indicates the substantial benefits substantially positive— that is, where the that would accrue from the establishment of nominal rate of interest on the deposit is a more realistic structure of rates. It also significantly higher than the rate of inflation presents the main arguments of the oppo­ — there is a sharp increase in the volume of nents of interest rate reform. time and savings deposits. In the case of The paper attempts to show the potential Korea, the ratio of national savings to gross benefits from interest rate reform by examin­ national product increased from 7.5 per ing three countries that have experimented cent in 1965 to 16.5 per cent in 1970. It with the use of high, but realistic, interest is therefore concluded that the introduction rates for time and savings deposits. These of a realistic interest rate policy should be 713 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

helpful both in increasing the rate of savings coming decades is likely to be that of mobi­ and in channeling a larger proportion of lizing an adequate amount of savings to savings to the organized financial institutions finance noninfiationary economic develop­ where the funds can be put to more produc­ ment, and a realistic interest rate policy tive and efficient use. One of the key prob­ would be of prime importance in helping to lems of the less-developed countries in the solve this problem. □ 714 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Record of Policy Actions of th e F ederal O pen M arket C om m ittee 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 Bulletin. 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 Bulletin beginning with the July 1967 issue, and such records have continued to be published in the Board’s Annual Reports. The records for the meetings held in 1971 through May 11 were published in the Bulletins for April, pages 320-27; May, pages 391-98; June, pages 503-11; July, pages 599-606; and August, pages 663-71. The record for the meeting held on June 8, 1971, follows: 715 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

716 FEDERAL RESERVE BULLETIN □ SEPTEMBER 1971 MEETING HELD ON JUNE 8, 1971 1. Authority to effect transactions in System Account. According to revised official estimates, real output of goods and services had increased at an annual rate of 7.1 per cent in the first quarter, somewhat more than preliminary estimates had indicated. The size of the advance was primarily a consequence of the post­ strike recovery of production in the automobile industry, and real GNP appeared to be rising at a slower pace in the second quarter. In May expansion in the labor force exceeded growth in employ­ ment, and the unemployment rate edged up further to 6.2 from 6.1 per cent in April. Industrial production, which had increased only a little in March and April, was tentatively estimated to have advanced at a somewhat faster pace in May. According to weekly figures retail sales were about unchanged in May. In April private housing starts remained close to the very high level they had reached in March. Wholesale prices of industrial commodities, which had risen at a moderate pace in the first quarter and then advanced sharply in April, increased considerably further in May. However, average prices of farm products and foods declined in May, and the over-all wholesale price index rose at a slower pace than in the first 4 months of the year. In April, as in the first quarter, the rate of advance in the consumer price index was less than earlier largely because of a decline in mortgage interest costs. Wage rates recently had continued to increase at a rapid pace. Despite the upward revision in the official estimates of GNP for the first quarter, staff projections continued to suggest that activity would expand at a relatively moderate rate over the rest of 1971. Prospects still favored further large increases in outlays by State and local governments and in expenditures on residential construction. As before, the advance in housing activity was expected to slow as the year progressed; but the projected rates of growth had been increased significantly in light of the recent strength of housing starts, the large volume of outstanding mortgage commitments, and the continued heavy flows of savings funds to nonbank thrift institutions. On the other hand, it now appeared from various kinds of evidence Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 717 that business fixed investment outlays would expand little over the second half of the year. The latest Commerce-SEC survey, taken in May, revealed that since February businesses had revised downward their planned spending on new plant and equipment in 1971; and a recent survey by the National Industrial Conference Board indicated that in the first quarter manufacturers had reduced their appropriations for new plant and equipment— the sixth such reduction in the last seven quarters. The rate of increase in consumer spending was still expected to moderate considerably in the second quarter— mainly because out­ lays on new cars were no longer rising sharply in the aftermath of the auto strike— and then to step up somewhat in the second half of the year. It was anticipated that growth in consumer spending during the second half would be sustained in part by the recently enacted increase in social security benefits, including retroactive payments scheduled for late June; by a possible military pay raise around midyear; and by some decline in the personal saving rate. The possibility of a steel strike at the end of July lent an element of uncertainty to the outlook for the rest of 1971. It appeared, however, that if the duration of any such strike were limited to 2 months or less, the effect on the average rate of growth in real GNP in the third and fourth quarters taken together would not be great. Following the small surplus of the first quarter, U.S. merchandise trade moved into deficit in April as a result of a large increase in imports and an even larger decline in exports. The deficit in the over-all balance of payments, which had been extremely heavy earlier in the year, reached enormous proportions in late April and early May as a consequence of capital outflows in response to ex­ pectations of upward revaluations in the exchange rates of the German mark and some other European currencies. Since May 9— when it was announced that the mark and the Dutch guilder would be allowed to float for the time being and that the Swiss franc and Austrian schilling were being revalued— there had been some capital flows into Japanese yen and probably also into Euro-dollars. Although the differentials between short-term interest rates in the United States and in major foreign countries had narrowed on balance in April and May, the spread between rates in the United States and those in the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

718 FEDERAL RESERVE BULLETIN □ SEPTEMBER 1971 Euro-dollar market had been widened by sharp increases in the latter in early May. In recent weeks the mark had fluctuated in a range up to 4.6 per cent above its par value, and the guilder also had traded beyond its normal margin above par. In the week before this meeting the German Federal Bank had reentered the exchange market, buying marks for dollars at rates above the previous ceiling. Interest rates on most types of domestic market securities, which had been under upward pressure since mid-March, rose sharply fur­ ther during much of May. In the third week of the month— against the background of uncertainties in foreign exchange markets, ex­ pectations of increased monetary restraint, and continuing heavy demands on capital markets— yields on Treasury and corporate bonds reached new peaks for the year and municipal bond yields held at the highs they had attained in the previous week. Subsequently, however, a rally developed in bond markets and long-term bond yields declined to or below the levels prevailing at the time of the May 11 Committee meeting. In contrast, short-term interest rates had advanced further on balance in recent weeks. For example, the market rate on 3-month Treasury bills, at about 4.45 per cent on the day before this meeting, was 60 basis points above the level of 4 weeks earlier. Interest rates on conventional new-home mortgages declined much less in April than in earlier months of the year, and there were scattered reports of advances during May. Secondary-market yields on federally insured mortgages turned up in late April and rose to a high for the year in early June. Inflows of savings funds at nonbank thrift institutions slowed in May from the exceptionally high rates that had prevailed earlier in the year, but they still were large. Inflows of consumer-type time and savings deposits at commer­ cial banks continued in May at about the same rate as in April, which was quite high by historical standards but well below the firstquarter pace. The volume of large-denomination CD’s outstanding rose in May by about as much as it had declined in April, reflecting to a large extent an increase in holdings of foreign official institutions. Banks lifted their offering rates on such CD’s during the month, and holdings of domestic depositors also increased. Business loans out­ standing (including loans that had been sold to affiliates) expanded sharply after having changed little in April. While banks continued Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 719 to add to their investments in securities other than U.S. Government issues, the rate of growth in such holdings slowed further. Total bank credit, as measured by the adjusted proxy series— daily-average member bank deposits, adjusted to include funds from nondeposit sources— increased moderately from April to May, accord­ ing to preliminary estimates. However, sharp increases were recorded for both the narrow and broader measures of the money stock— Mr (private demand deposits plus currency in circulation) and M-> (M1 plus commercial bank time deposits other than large-denomination CD’s). For all three aggregates, the advance in May was substantially greater than had been expected at the time of the previous meeting of the Committee. System open market operations had been directed at maintaining prevailing money market conditions in the period immediately follow­ ing the May 11 meeting, in light of the Treasury financing then in process and the sensitive state of conditions in capital markets. Sub­ sequently, as the atmosphere in capital markets improved and incom­ ing data indicated that the monetary aggregates were expanding sig­ nificantly faster than had been expected, operations were directed at achieving a gradual firming of money market conditions. The Federal funds rate, which had fluctuated around A-V2 per cent early in the period, later moved into a range around 4-3A per cent. In the 4 weeks ending June 2 member bank borrowings averaged about $330 million, compared with about $150 million in the preceding 4 weeks. Staff analysis suggested that, if prevailing money market conditions were maintained, would rise rapidly in June although not so rapidly as in May; and that it would expand at an annual rate of about 12 per cent over the second quarter as a whole, following the 9 per cent increase of the first quarter.1 Growth in M., and the bank credit proxy, which had been at annual rates of 18 and 11 per cent, respectively, in the first quarter, was expected to be somewhat more moderate in the second. As to the third quarter, tentative projections suggested that under prevailing money market conditions M1 would continue to grow rapidly over the quarter as a whole— at a rate of 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

720 FEDERAL RESERVE BULLETIN □ SEPTEMBER 1971 perhaps 10 or 11 per cent— but that the pace of the expansion would slow as the quarter progressed. The staff analysis also suggested that, if somewhat firmer money market conditions were attained during coming weeks, the effect on the growth rates of the aggregates in June and over the second quar­ ter as a whole would be slight. It appeared, however, that the rates of increase in the third quarter might be reduced by about 1 per­ centage point. In the Committee’s discussion considerable concern was expressed about the rapid growth of the monetary aggregates, and the members agreed that it would be desirable to seek somewhat slower growth over coming months than appeared likely to eventuate if prevailing money market conditions were maintained. At the same time, a number of members stressed the importance of moving gradually and cautiously in attaining somewhat firmer money market conditions, in order to minimize any resulting upward pressures on long-term interest rates. The Committee agreed that account should be taken of developments in capital markets in the conduct of open market operations. The following current economic policy directive was issued to the Federal Reserve Bank of New York: The information reviewed at this meeting suggests that real output of goods and services is expanding moderately in the current quarter, following the first-quarter surge that primarily reflected the resump­ tion of higher automobile production. The unemployment rate re­ mained high in May. Wage rates in most sectors are continuing to rise at a rapid pace. In the first four months of 1971 the consumer price index increased at a slower pace than earlier, in considerable part because of a decline in mortgage interest rates; the rate of advance in wholesale prices of industrial commodities, which had moderated in the first quarter, stepped up again in April and May. The money stock both narrowly and broadly defined expanded even more rapidly in May than in April but growth in the bank credit proxy remained moderate. Interest rates on most types of market securities rose sharply further during much of May, reflecting con­ tinuing uncertainties about domestic and international financial prospects; more recently rates on long-term securities have declined on balance, but mortgage rates have risen. The U.S. merchandise trade balance, which was in small surplus in the first quarter, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 721 worsened in April. The deficit in the over-all balance of payments has diminished since early May, when capital outflows were swollen by expectations of changes in foreign exchange rates, but it remains large. Differentials between short-term interest rates in the United States and in major foreign countries narrowed on balance in April and May, but differentials between rates in the United States and in the Euro-dollar market recently have widened as rates in that market moved up sharply in early May. In light of the foregoing develop­ ments, it is the policy of the Federal Open Market Committee to foster financial conditions conducive to the resumption of sustain­ able economic growth, while encouraging an orderly reduction in the rate of inflation, moderation of short-term capital outflows, and attainment of reasonable equilibrium in the country’s balance of pay­ ments. To implement this policy, the Committee seeks to moderate growth in monetary aggregates over the months ahead, taking ac­ count of developments in capital markets. System open market operations until the next meeting of the Committee shall be con­ ducted with a view to achieving bank reserve and money market conditions consistent with those objectives. Votes for this action: Messrs. Burns, Brimmer, Clay, Daane, Kimbrel, Maisel, Mayo, Mitchell, Morris, Robertson, Sherrill, and Treiber. Votes against this action: None. Absent and not voting: Mr. Hayes. (Mr. Treiber voted as his alternate.) 2. Amendment to continuing authority directive. The Committee amended paragraph 2 of its continuing authority directive to the Federal Reserve Bank of New York with respect to domestic open market operations, to increase the dollar limit on Federal Reserve Bank holdings of short-term certificates of indebted­ ness purchased directly from the Treasury from $1 billion to $2 billion. With this change, paragraph 2 read as follows: The Federal Open Market Committee authorizes and directs the Federal Reserve Bank of New York, or, if the New York Reserve Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Bank is closed, any other Federal Reserve Bank, to purchase directly from the Treasury for its own account (with discretion, in cases where it seems desirable, to issue participations to one or more Federal Reserve Banks) such amounts of special short-term cer­ tificates of indebtedness as may be necessary from time to time for the temporary accommodation of the Treasury; provided that the rate charged on such certificates shall be a rate Va of 1 per cent below the discount rate of the Federal Reserve Bank of New York at the time of such purchases, and provided further that the total amount of such certificates held at any one time by the Federal Reserve Banks shall not exceed $2 billion. Votes for this action: Messrs. Burns, Brimmer, Clay, Daane, Kimbrel, Maisel, Mayo, Mitchell, Morris, Robertson, Sherrill, and Treiber. Votes against this action: None. Absent and not voting: Mr. Hayes. (Mr. Treiber voted as his alternate.) This action was taken on recommendation of the System Account Manager, who advised that an expected sharp decline in the Treas­ ury’s cash balances in the period before the mid-June tax-payment date probably would necessitate temporary borrowing from the Sys­ tem, and that the Treasury’s needs might well exceed the existing $1 billion limit on such borrowing. It was anticipated that the $1 billion limit would be restored at the next meeting of the Committee. 722 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Statutes, regulations, interpretations, and decisions EXPORT EXPANSION FINANCE ACT OF 1971 order and statement in such cases approved by a Reserve Bank. An Act of Congress approved August 17, 1971 The Board has also reexamined its procedures (Public Law 92-126), in addition to authorizing under which holding companies may engage in an increase in Export-Import Bank activities, re­ activities that the Board has determined are closely moved export credits from limitations in connec­ related to banking and has exempted from the tion with the Voluntary Foreign Credit Restraint procedures adopted in May, subject to certain Program administered by the Board of Governors. conditions, the following: (1) operating a finance (See also Announcements, page 757.) Section 2 of company with assets of less than $10 million, (2) the Act reads as follows: engaging in activities the Board has determined are closely related to banking that are shifted from AN ACT within the structure of a bank in the holding com­ To amend the Export-Import Bank Act of 1945, pany system to the holding company or a non­ to eliminate certain export credit controls, and for banking subsidiary, and (3) engaging de novo in other purposes. all kinds of insurance agency activities the Board Be it enacted by the Senate and House of Repre­ has recently determined to be closely related to sentatives of the United States of America in Congress banking, except in cases where the holding com­ assembled, That (a) this Act may be cited as the “Export Expansion Finance Act of 1971”. pany must demonstrate that the community in which the insurance is to be sold has inadequate insurance agency facilities. To accomplish the actions described above, the Board has amended its regulations, effective as to Sec. 2. In connection with section 2 of Executive applications filed with the Reserve Banks on or Order Number 11387, dated January 1, 1968, and after September 1, 1971, as set forth below: any rule, regulation, or guideline established by the Board of Governors of the Federal Reserve System in connection with a voluntary foreign credit re­ AMENDMENTS TO REGULATION Y straint program, there shall be no limitation or Section 222.3(b) is amended and section 222.4 restraint, or suggestion that there be a limitation or restraint, on the part of any bank or financial in­ (b) is amended by adding subparagraph (3) as stitution in connection with the extension of credit set forth below: for the purpose of financing exports of the United States. SECTION 222.3—ACQUISITION OF BANK SHARES OR ASSETS BANK HOLDING COMPANIES; SIMPLIFICATION OF PROCEDURES * * * $ * In order to better discharge its supervisory re­ sponsibilities and to expedite processing of certain applications under the Bank Holding Company (b) Action on applications. Applications under Act, the Board of Governors has amended its this section are processed in accordance with the Regulation Y, “Bank Holding Companies”, Rules procedures specified in the Act and in § 262.3 of of Procedure, and Rules Regarding Delegation of the Board’s Rules of Procedure (Part 262 of this Authority. The amendments reflect the delegation Chapter). Any application for the Board’s ap­ by the Board to the Federal Reserve Banks the proval of the formation of a company that con­ bulk of its authority to approve the formation of trols only one bank shall be deemed to be ap­ one-bank holding companies. At the same time, proved 45 days after the company has been in­ the Board has dispensed with the publication of an formed by its Reserve Bank that said application 723 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

724 FEDERAL RESERVE BULLETIN □ SEPTEMBER 1971 has been accepted, unless the company is notified to the types of insurance listed in subdivisions (i), to the contrary within that time or is granted (ii), and (iii) (a) of subparagraph (a)(9) of this approval at an earlier date. section, 45 days after the holding company has in­ formed its Reserve Bank of its proposal to engage in such activity (in substantially the same form * * * ❖ * as F.R. Y-4B), unless the company is notified to the contrary within that time or is permitted to SECTION 222.4—NONBANKING consummate the transaction at an earlier date. ACTIVITIES AMENDMENTS TO * * * * * RULES OF PROCEDURE Section 262.3 (f) (1) and (4) is amended to read (b) * * * as follows: (3) Simplified procedures, (i) The procedures of subparagraphs (1) and (2) of this paragraph shall SECTION 262.3—APPLICATIONS not apply with respect to a holding company or a subsidiary thereof engaging in the following: (a) making, acquiring, or servicing loans or ^ ❖ H* other extensions of credit for personal, family, or household purposes if the commencement or expansion of such activity does not involve an (f) Bank holding company and merger applica­ acquisition of assets of $10 million or more (or tions. * * * the acquisition of shares of a company having (1) The Board issues each week a list that such assets) except that (1) no holding company identifies holding company and merger applica­ may acquire more than $50 million in assets in tions received during the preceding week. Notice any calendar year under the provisions of this of receipt of each holding company application is clause, (2) within 30 days after consummation of published in the Federal Register. such an acquisition, the holding company informs its Reserve Bank of the acquisition (in substan­ tially the same form as F.R. Y-4B), and (3) when­ 5*! ^ H5 sfc ever necessary to effectuate the purposes of the Act, the Board may require suspension or dis­ continuation of any action taken, or divestiture (4) Except with respect to actions taken pur­ of any acquisition made, on authority of this suant to delegated authority, the Board’s action on provision and may withdraw such authority with an application is embodied in an Order that in­ respect to any particular holding company; dicates the votes of members of the Board and (i) (b) engaging in activities described in § 222.4(a) states the reasons for the Board’s action or (ii) is that are shifted from a bank in the holding accompanied by a separate Statement of the rea­ company system and were engaged in by the sons for the Board’s action. Both the Order and bank either de novo or as a result of a merger any accompanying Statement are released to the transaction described in and approved by a Fed­ press. Normally, the Statement is issued at the eral supervisory agency pursuant to section 18(c) time of issuance of the Order. Where that is not of the Federal Deposit Insurance Act (12 U.S.C. practicable, the Statement is issued as promptly 1828(c)), 45 days after the holding company has as possible. Each such Order is published in the informed its Reserve Bank of its proposal to Federal Register, and each Order and Statement shift such activity (in substantially the same form are published in the Federal Reserve Bulletin. as F.R. Y-4B), unless the company is notified to the contrary within that time or is permitted to AMENDMENT TO consummate the transaction at an earlier date. RULES REGARDING DELEGATION (ii) The procedures of subparagraph (1) of this OF AUTHORITY paragraph shall not apply with respect to a hold­ ing company or a subsidiary thereof engaging Section 265.2 is amended by adding subpara­ de novo as insurance agent or broker with respect graph (f)(22) to read as follows: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 725 SECTION 265.2—SPECIFIC FUNCTIONS sonal property and equipment is under certain cir­ DELEGATED TO BOARD EMPLOYEES cumstances “closely related to banking” within AND FEDERAL RESERVE BANKS the meaning of section 4(c) (8) of the Bank Hold­ ing Company Act, as amended. The types of * * * * * leasing activities that qualify in this respect are described in section 222.4(a)(6) of Regulation Y (f) Each Federal Reserve Bank is authorized, as and are the subject of a Board interpretation at to member banks or other indicated organizations page 515, June 1971 Bulletin. The standard headquartered in its district: there adopted by the Board is somewhat less rigorous than the full-payout standard previously * * * * * employed in conditioning the Board’s consent to leasing activities of Edge corporations and their (22) Under the provisions of section 3(a)(1) subsidiaries. of the Bank Holding Company Act (12 U.S.C. The Board’s interpretation to which reference 1842), to approve the acquisition by a company of has been made states: “Permissible leasing activi­ a controlling interest in the voting shares of one ties are limited to transactions where the lease is bank, if (i) no objection to the proposed acquisi­ the functional equivalent of an extension of credit tion has been made by the bank’s supervisory au­ to the lessee”. The Board is satisfied that the pur­ thority, (ii) no significant policy issue is raised by pose of confining the leasing activities of Edge the proposal as to which the Board apparently has corporations and their subsidiaries to financing not had an opportunity to express its views, and will be adequately served if their activities are (iii) neither the holding company nor any of its governed by the standard adopted by the Board subsidiaries or affiliates is engaged in any activi­ with respect to permissible leasing activities of ties other than those specifically permissible for bank holding companies and their subsidiaries. The bank holding companies by either the Act or Part Board therefore has concluded that an Edge cor­ 222 of this chapter (Regulation Y). poration may, directly or indirectly, conduct leas­ ing operations of a type permitted by section 222.4 (a) (6) of Regulation Y. FOREIGN BANKING CORPORATIONS The Board continues to view leasing operations LEASING OF PERSONAL PROPERTY which include the maintenance of an inventory AND EQUIPMENT for future rental as not being financial in nature and hence as being outside both the purposes and A question has been raised with the Board as the powers of Edge corporations and their sub­ to the extent to which a corporation organized sidiaries. under section 25(a) of the Federal Reserve Act (an “Edge corporation”) may engage, directly or TRUTH IN LENDING indirectly, in leasing personal property and equip­ CHARGES FOR MEMBERSHIP IN OPEN ment. Pursuant to section 25(a) of the Federal END CREDIT PLAN Reserve Act, Edge corporations are organized for the purpose of engaging in international or foreign A credit card issuer charges the cardholder an banking or other international or foreign financial annual fee for membership in the credit plan and operations and are empowered, among other for issuance of a credit card for use in conjunction things, to lend money and to exercise powers in­ with the plan. The payment of the fee is required cidental thereto. Accordingly, the Board has in as a condition of membership in the plan, whether the past granted consent to such leasing activities or not the cardholder uses his card for the purpose if they are confined to financing and to this end has of obtaining credit. The question arises whether conditioned its consent in such a way as to restrict these fees are finance charges under § 226.4(a) of such activities to full-payout leases (without Regulation Z. allowance for salvage value or estimated tax bene­ Since such fees are imposed as a qualification of fits) and to prohibit the acquisition of property for membership in the plan and for the issuance of a leasing purposes prior to the signing of a lease. credit card, and not as incident to or as a condi­ In implementing a portion of the “Bank Holding tion of any specific extension of credit, they do not Company Act Amendments of 1970”, the Board fall within the definition of a “finance charge” has recently determined that the leasing of per­ under § 226.4(a) of Regulation Z. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

726 FEDERAL RESERVE BULLETIN □ SEPTEMBER 1971 ORDERS UNDER SECTION 3 OF BANK senting 3.5 per cent of total commercial bank HOLDING COMPANY ACT deposits in the State. (All banking data are as of December 31, 1970 and reflect holding company HUNTINGTON BANCSHARES formations and acquisitions approved through INCORPORATED, June 30, 1971.) Consummation of the proposal COLUMBUS, OHIO herein would increase Applicant’s share of com­ mercial bank deposits in the State by an insignif­ In the matter of the application of Huntington icant amount. Bancshares Incorporated, Columbus, Ohio, for Bank (over $14 million of deposits), with about approval of acquisition of 80 per cent or more of 11 per cent of deposits in its market, is the only the voting shares of The Woodville State Bank, bank in Woodville and the fifth largest of six banks Woodville, Ohio. located in Sandusky County (which approximates the relevant banking market). Order Approving Acquisition of Bank Stock Applicant’s two subsidiaries located closest to by Bank Holding Company Bank are respectively 18 miles northwest of Wood­ ville and 15 miles southwest of Woodville, the There has come before the Board of Governors, former in Lucas County and the latter in Wood pursuant to section 3(a)(3) of the Bank Holding County. It appears that there is no significant Company Act of 1956 (12 U.S.C. 1842(a)(3)) competition between Bank and either of these two and section 222.3(a) of Federal Reserve Regula­ banks or any of Applicant’s other subsidiary banks, tion Y (12 CFR 222.3(a)), an application by nor does it appear likely that such competition Huntington Bancshares Incorporated (“Appli­ will develop in the future in the light of the facts cant”), Columbus, Ohio, a registered bank hold­ presented, notably the distances separating Bank ing company, for the Board’s prior approval of from Applicant’s subsidiaries, the number of banks the acquisition of 80 per cent or more of the located in the intervening areas, and the restrictive voting shares of The Woodville State Bank provisions of the Ohio law on branch banking. (“Bank”), Woodville, Ohio. There appears to be little likelihood that Applicant As required by section 3(b) of the Act, the would establish a de novo office in the area served Board gave written notice of receipt of the appli­ by The Woodville State Bank. Thus, it appears that cation to the Superintendent of Banks for the State consummation of Applicant’s proposal would of Ohio, and requested his views and recommen­ neither eliminate any meaningful existing competi­ dation. The Superintendent indicated that he had tion nor foreclose significant potential competition. no objection to approval of the application. Affiliation with Applicant may enable Bank to Notice of receipt of the application was pub­ compete more aggressively with the larger banks lished in the Federal Register on June 15, 1971 in the market, and may encourage the opening (36 Federal Register 11539), providing an oppor­ of new branches in Sandusky County, which would tunity for interested persons to submit comments have a procompetitive effect. and views with respect to the proposal. A copy On the basis of the record before it, the Board of the application was forwarded to the United concludes that consummation of the proposed States Department of Justice for its consideration. acquisition would not have an adverse effect on Time for filing comments and views has expired competition in any relevant area. The financial and and all those received have been considered. managerial resources and prospects of Applicant, The Board has considered the application in the its subsidiaries, and The Woodville State Bank light of the factors set forth in section 3(c) of the are regarded as consistent with approval. Ap­ Act, including the effect of the proposed acquisi­ plicant proposes to assist Bank in developing a tion on competition, the financial and managerial branch system throughout Sandusky County, offer­ resources and future prospects of the Applicant and the banks concerned, and the convenience and ing trust services through Applicant’s lead bank needs of the communities to be served, and finds and increasing lending services by encouraging that: utilization of participation loans with Applicant’s Applicant, the third largest bank holding com­ present subsidiaries. Thus, considerations relating pany and sixth largest banking organization in to the convenience and needs of the communities Ohio, has eight subsidiary banks with aggregate involved lend some support to approval of the deposits of approximately $762 million, repre­ application. It is the Board’s judgment that the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 727 proposed transaction would be in the public inter­ ity for interested persons to submit comments and est, and that the application should be approved. views with respect to the proposal. A copy of the It is hereby ordered, on the basis of the application was forwarded to the United States Board’s findings summarized above, that said Department of Justice for its consideration. Time application be and hereby is approved, provided for filing comments and views has expired and all that the acquisition so approved shall not be con­ those received have been considered. summated (a) before the thirtieth calendar day The Board has considered the application in the following the date of this Order or (b) later than light of the factors set forth in section 3(c) of the three months after the date of this Order, unless Act, including the effect of the proposed acquisi­ such period is extended for good cause by the tion on competition, the financial and managerial Board, or by the Federal Reserve Bank of Cleve­ resources and future prospects of the Applicant land pursuant to delegated authority. and the banks concerned, and the convenience and By order of the Board of Governors, July 30, needs of the communities to be served, and finds 1971. that: Applicant, the smallest of four registered bank Voting for this action: Vice Chairman Robertson holding companies and the sixth largest banking and Governors Mitchell, Maisel, and Sherrill. Absent organization in the State, controls two banks with and not voting: Chairman Burns and Governors total deposits of approximately $116 million, rep­ Daane and Brimmer. resenting 9.2 per cent of the State’s total deposits. (Signed) Kenneth A. Kenyon, (All banking data are as of December 31, 1970 Deputy Secretary. and reflect holding company acquisitions approved [seal] through June 30, 1971.) Bank will be located in the Waterville banking UNITED BANCORP OF MAINE, market. The first and fourth largest banking or­ PORTLAND, MAINE ganizations in the State have seven offices there and control virtually all area deposits. Applicant In the matter of the application of United Ban­ is not represented in that market; its present sub­ corp of Maine, Portland, Maine, for approval of sidiary bank nearest to Bank’s site is located 49 acquisition of 51 per cent of the voting shares of miles southwest in Lewiston. Therefore, consum­ Central National Bank, Waterville, Maine, a pro­ mation of the proposal should stimulate competi­ posed new bank. tion without having an undue adverse effect on other banks in the market. The banking factors with respect to Applicant, Order Approving Acquisition of Bank Stock its subsidiaries, and Bank are consistent with ap­ by Bank Holding Company proval of the application. Bank is not expected There has come before the Board of Governors, to offer any new banking services not already pursuant to section 3(a)(3) of the Bank Holding available in the area. However, the establishment Company Act of 1956 (12 U.S.C. 1842(a)(3)) of Bank, which was initiated by a group of local and section 222.3(a) of Federal Reserve Regula­ businessmen, would provide an additional banking tion Y (12 CFR 222.3(a)), an application by alternative to residents of the Waterville area. United Bancorp of Maine, Portland, Maine (“Ap­ Thus considerations relating to convenience and plicant”), for the Board’s prior approval of the needs of the community lend some weight in favor acquisition of 51 per cent of the voting shares of of approval of the application. It is the Board’s Central National Bank, Waterville, Maine judgment that the proposed acquisition would be (“Bank”), a proposed new bank. in the public interest and that the application As required by section 3(b) of the Act, the should be approved. Board gave written notice of receipt of the applica­ It is hereby ordered, on the basis of the tion to the Comptroller of the Currency, and Board’s findings summarized above, that said ap­ requested his views and recommendation. The plication be and hereby is approved, provided that Comptroller recommended approval of the appli­ the acquisition so approved shall not be con­ cation. summated (a) before the thirtieth calendar day Notice of receipt of the application was pub­ following the date of this Order, or (b) later than lished in the Federal Register on July 7, 1971 (36 three months after the date of this Order, and Federal Register 12814), providing an opportun­ provided further that (c) Central National Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

728 FEDERAL RESERVE BULLETIN □ SEPTEMBER 1971 shall be open for business not later than six months As required by section 3(b) of the Act, the after the date of this Order. The periods described Board gave written notice of receipt of the appli­ in (b) and (c) hereof may be extended for good cation to the Comptroller of the Currency, and cause by the Board, or by the Federal Resetve requested his views and recommendation. The Bank of Boston pursuant to delegated authority. Comptroller recommended approval of the ap­ By order of the Board of Governors, August 12, plication. 1971. Notice of receipt of the application was pub­ lished in the Federal Register of June 16, 1971 Voting for this action: Chairman Burns and Gover­ (36 Federal Register 11617), providing an oppor­ nors Robertson, Mitchell, Brimmer, and Sherrill. Ab­ tunity for interested persons to submit comments sent and not voting: Governors Daane and Maisel. and views with respect to the proposal. A copy of (Signed) Kenneth A. Kenyon, the application was forwarded to the United Deputy Secretary. States Department of Justice for its consideration. [seal] Time for filing comments and views has expired and all those received have been considered. HERITAGE BANCORPORATION, The Board has considered the application in the CHERRY HILL, NEW JERSEY light of the factors set forth in section 3(c) of the Act, including the effect of the proposed ac­ In the matter of the application of Heritage quisition on competition, the financial and manag­ Bancorporation, Cherry Hill, New Jersey, for ap­ erial resources and future prospects of the Appli­ proval of action to become a bank holding com­ cant and the banks concerned, and the convenience pany through the acquisition of 100 per cent of and needs of the communities to be served, and finds that: the voting shares (less directors' qualifying shares) of (1) the successor by merger to South Jersey Upon consummation of the proposal, Applicant National Bank, Camden, New Jersey, and (2) the would become the only bank holding company successor by merger to The First National Iron headquartered in southern New Jersey and, with Bank of New Jersey, Morristown, New Jersey. control of 3.4 per cent of total commercial bank deposits in the State of New Jersey, would become the second smallest of six holding companies in Order Approving Action to Become the State.1 a Bank Holding Company South Jersey Bank (deposits of approximately There has come before the Board of Governors, $347 million), the second largest bank in the Third pursuant to section 3(a)(1) of the Bank Holding Banking District on the basis of deposits and Company Act of 1956 (12 U.S.C. 1842(a)(1)), eleventh largest in the State, serves the southern and section 222.3(a) of Federal Reserve Regula­ New Jersey market areas of Camden, Atlantic tion Y (12 CFR 222.3(a)), an application by City, Vineland and Hammonton. Iron Bank (de­ Heritage Bancorporation (“Applicant”), Cherry posits of approximately $160 million), the fif­ Hill, New Jersey, for the Board’s prior approval teenth largest bank in the First Banking District of action whereby Applicant would become a bank and the twenty-fifth largest in the State, serves holding company through the acquisition of 100 primarily Morris County. There is no present per cent of the voting shares (less directors’ quali­ significant competition between the two banks and, fying shares) of (1) the successor by merger to in view of the facts of record, notably the 66-mile South Jersey National Bank (“South Jersey distance between the two banking districts and the Bank”), Camden, New Jersey, and (2) the suc­ New Jersey law prohibiting branching across dis­ cessor by merger to The First National Iron Bank trict lines, such competition is unlikely to develop of New Jersey (“Iron Bank”), Morristown, New in the future. The Board concludes that consum­ Jersey. mation of the proposal would have no adverse The banks into which South Jersey Bank and effect on competition in any relevant area and Iron Bank are to be merged have no significance might have a procompetitive effect within the First except as a vehicle for the acquisition of the voting Banking District by enabling Iron Bank to become shares of the banks involved. Accordingly, the proposed acquisitions of the shares of the successor XA11 banking data are as of December 31, 1970 and organizations are treated as proposed acquisitions reflect holding company formations and acquisitions to of the shares of South Jersey Bank and Iron Bank. date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 729 a more effective competitor to the larger organiza­ tion Y (12 CFR 222.3(a)), the application of tions in that District. Pan American Bancshares, Inc., Miami, Florida The financial and managerial resources and (“Applicant”), a registered bank holding com­ prospects of Applicant and each of the proposed pany, for the Board’s prior approval of the ac­ subsidiaries are satisfactory and consistent with quisition of 78 per cent or more of the voting approval. There is no evidence that significant shares of Commercial National Bank of Broward banking needs of the communities to be served County, Broward County, Florida (“Commercial are not being met. However, consummation of the Bank”). proposal would enable South Jersey Bank to be­ On October 31, 1970, there was published in the come a more effective competitor of Philadelphia Federal Register (35 Federal Register 16875) an banks for commercial banking services and Iron Order of the Board approving Applicant’s acquisi­ Bank a more effective competitor of New York tion of at least 80 per cent of the voting shares banks for those services. Considerations relative of Commercial Bank. Subsequently, Applicant to the convenience and needs of the communities advised the Board that it had failed to receive to be served lend some weight toward approval. tenders of their shares from at least 80 per cent of It is the Board’s judgment that the proposed trans­ the shareholders and Applicant amended the ap­ action would be in the public interest and that the plication to seek approval to acquire 78 per cent application should be approved. of the voting shares of Commercial Bank. Notice It is hereby ordered, for the reasons sum­ of receipt of the amendment to the application was marized above, that said application be and hereby published in the Federal Register on April 1, 1971 is approved, provided that the acquisitions so (36 Federal Register 6030) providing an oppor­ approved shall not be consummated (a) before tunity for interested persons to submit comments the thirtieth calendar day following the date of this and views with respect to the proposal. Time for Order, or (b) later than three months after the filing comments and views has expired and all date of this Order, unless such period is extended those received have been considered by the Board. for good cause by the Board or by the Federal The Board has considered the application in the Reserve Bank of Philadelphia pursuant to dele­ light of the factors set forth in section 3(c) of gated authority. the Act, including the effect of the proposed ac­ By order of the Board of Governors, August quisition on competition, the financial and man­ 12, 1971. agerial resources and future prospects of the Applicant and the banks concerned, and the con­ Voting for this action: Chairman Burns and Gover­ venience and needs of the communities to be nors Mitchell, Maisel, Brimmer, and Sherrill. Absent served. Upon such consideration, the Board finds and not voting: Governors Robertson and Daane. that: (Signed) K enneth A. Kenyon, With one exception, the factors which the Board Deputy Secretary. is required to consider in connection with this [seal] application remain as considered in the Board’s approval Order dated October 23, 1970. This ex­ PAN AMERICAN BANCSHARES, INC., ception is that the original application approved by MIAMI, FLORIDA the Board contemplated an identical exchange offer of Applicant’s shares to all shareholders of In the matter of the application of Pan Ameri­ Commercial Bank and the present application can Bancshares, Inc., Miami, Florida, for approval involves a cash offer. Upon failure of Applicant’s of acquisition of 78 per cent or more of the voting tender offer to Commercial Bank shareholders, shares of Commercial National Bank of Broward parties friendly to Applicant purchased a 78 per County, Broward County, Florida. cent interest in Commercial Bank for cash. The present application contemplates Applicant’s ac­ quisition of that interest for cash and a cash offer Order Approving Acquisition of Bank Stock to the remaining shareholders. by Bank H olding Company On all holding company acquisitions, the Board There has come before the Board of Governors, has been and remains concerned with the fairness pursuant to section 3(a)(3) of the Bank Holding and equity of the offer to minority as well as Company Act of 1956 (12 U.S.C. 1842(a)(3)), majority shareholders of the bank to be acquired. and section 222.3(a) of Federal Reserve Regula­ In this case, the Board has requested and received Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

730 FEDERAL RESERVE BULLETIN □ SEPTEMBER 1971 Applicant’s full assurances that the cash offer being the Board’s prior approval of action whereby Ap­ made to the remaining shareholders is at least plicant would become a bank holding company equal to that received by each of the original ma­ through the acquisition of 66 per cent or more of jority shareholders of Commercial Bank. the voting shares of American State Bank, Killeen, The Board finds the offer to be made to be fair Texas, 82 per cent or more of the voting shares and equitable to all minority shareholders of Com­ of Citizens State Bank, Georgetown, Texas, and mercial Bank and further finds the statutory fac­ 46 per cent or more of the voting shares of First tors to be as set forth in its Order of October 23, National Bank, Lampasas, Texas. 1970. It is the Board’s judgment that the pro­ As required by section 3(b) of the Act, the posed acquisition is in the public interest and Board gave written notice of receipt of the applica­ should be approved. tion to the Comptroller of the Currency and to the It is hereby ordered, for the reasons set forth Texas Commissioner of Banking and requested in the findings summarized above and in the their views and recommendations. The Comp­ Board’s Order of October 23, 1970, that said ap­ troller and the Commissioner recommended ap­ plication be and hereby is approved, provided that proval of the application. the action so approved shall not be consummated Notice of receipt of the application was pub­ (a) before the thirtieth calendar day following the lished in the Federal Register on June 10, 1971 date of this Order, or (b) later than three months (36 Federal Register 11239), providing an op­ after the date of this Order, unless such time be portunity for interested persons to submit com­ extended for good cause by the Board, or by the ments and views with respect to the proposal. A Federal Reserve Bank of Atlanta pursuant to copy of the application was forwarded to the delegated authority. United States Department of Justice for its con­ By order of the Board of Governors, August sideration. Time for filing comments and views has 12, 1971. expired, and all those received have been con­ sidered by the Board. Voting for this action: Chairman Burns and Gover­ It is hereby ordered, for the reasons set forth nors Robertson, Maisel, and Sherrill. Absent and not in the Board’s Statement of this date, that said voting: Governors Mitchell, Daane, and Brimmer. application be and hereby is approved, provided (Signed) Kenneth A. Kenyon, that the action so approved shall not be con­ Deputy Secretary. summated (a) before the thirtieth calendar day [seal] following the date of this Order, or (b) later than three months after the date of this Order, unless such period is extended for good cause by FIRST TEXAS BANCORP, INC., the Board, or by the Federal Reserve Bank of GEORGETOWN, TEXAS Dallas pursuant to delegated authority. By order of the Board of Governors, August In the matter of the application of First Texas 12, 1971. Bancorp, Inc., Georgetown, Texas, for approval of action to become a bank holding company Voting for this action: Chairman Burns and Gover­ through the acquisition of 66 per cent or more of nors Mitchell, Maisel, Brimmer, and Sherrill. Absent the voting shares of American State Bank, Killeen, and not voting: Governors Robertson and Daane. 82 per cent or more of the voting shares of Citi­ (Signed) Kenneth A. Kenyon, zens State Bank, Georgetown, and 46 per cent or Deputy Secretary. more of the voting shares of First National Bank, [seal] Lampasas, all in Texas. Statement Order Approving Action to Become First Texas Bancorp, Inc., Georgetown, Texas a Bank Holding Company (‘Applicant”), has filed with the Board, pursuant There has come before the Board of Governors, to section 3(a) (1) of the Bank Holding Company pursuant to section 3(a)(1) of the Bank Holding Act of 1956, an application for approval of action Company Act of 1956 (12 U.S.C. 1842(a)(1)) to become a bank holding company through the and section 222.3(a) of Federal Reserve Regula­ acquisition of 66 per cent or more of the voting tion Y (12 CFR 222.3(a)), an application by shares of American State Bank, Killeen (“Killeen First Texas Bancorp, Inc., Georgetown, Texas, for Bank”), 82 per cent or more of the voting shares Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 731 of Citizens State Bank, Georgetown (“Georgetown The three banks are now under common con­ Bank”), and 46 per cent or more of the voting trol. Mr. Grogan Lord personally controls 82 per shares of First National Bank, Lampasas (“Lam­ cent of the voting shares of Georgetown Bank, pasas Bank”), all in Texas. 66 per cent of the voting shares of Killeen Bank, Views and recommendations of supervisory and 46 per cent of the voting shares of Lampasas authorities. As required by section 3(b) of the Bank, and he has organized and now controls Act, the Board gave written notice of receipt to Applicant as well. There is no significant present the Comptroller of the Currency and to the Texas competition among the three proposed subsidiary Commissioner of Banking and requested their banks, and due to their geographical separation, views and recommendations. The Comptroller and the number of intervening banks, Texas’ laws the Commissioner recommended approval of the prohibiting branching, and their common control, application. it does not appear that future competition is likely Statutory considerations. Section 3(c) of the to develop. Consummation of the proposed for­ Act provides that the Board shall not approve an mation would effect a reorganization of the three acquisition that would result in a monopoly or affiliated banks under corporate control, and it would be in furtherance of any combination or does not appear that it would adversely affect any conspiracy to monopolize or to attempt to monop­ competing banks. olize the business of banking in any part of the On the basis of the foregoing, the Board con­ United States. Nor may the Board approve a cludes that consummation of this proposal would proposed acquisition, the effect of which, in any not result in a monopoly or be in furtherance of section of the country, may be substantially to any combination, conspiracy, or attempt to monop­ lessen competition, or to tend to create a monop­ olize the business of banking in any part of the oly, or which in any other manner would be in United States, and would not restrain trade, sub­ restraint of trade, unless the Board finds that the stantially lessen competition, or tend to create a anticompetitive effects of the proposed transaction monopoly in any part of the country. are clearly outweighed in the public interest by Financial and managerial resources and future the probable effect of the transaction in meeting prospects. Applicant was recently organized for the convenience and needs of the communities to the purpose of consummating the present proposal be served. In each case, the Board is required to and has not engaged in any business activities. Its take into consideration the financial and mana­ financial condition and that of its subsidiaries are gerial resources and future prospects of the bank satisfactory, the managements of each are con­ holding company and the banks concerned, and sidered competent, and the prospects of each are the convenience and needs of the communities regarded as favorable. to be served. Considerations relating to the banking factors Competitive effects of the proposed transaction. are consistent with approval of the application. Applicant would, after completion of the proposed Convenience and needs of the communities in­ transaction, control .1 per cent of total State volved. The three proposed subsidiaries each em­ deposits. Thus, Statewide banking concentration phasize only one of the following different types of would not be significantly affected. lending: farm loans; commercial and industrial Georgetown Bank is the third largest of 12 loans; and real estate and installment loans. Ap­ banks in the Georgetown area and does not com­ plicant believes that the holding company structure pete significantly with the other proposed sub­ will permit it to provide a pool of personnel with sidiaries due to the geographical distances separat­ the diversity of expertise to assist each bank in ing the banks. Although there appears to be a lending areas not now emphasized. slight overlap in the service area of Lampasas Considerations relating to the convenience and Bank and Killeen Bank, there is no significant present competition, due to common control of needs of the areas involved lend some weight for the two banks, a distance of 31 miles and the approval, although present common control of the intervening large Fort Hood military installation. banks could permit some degree of cooperation Even treating the two banks as in the same area, among the banks. their combined deposits would represent 10.7 per Summary and conclusion. On the basis of all cent of such area deposits and as a combined the relevant facts contained in the record, and in organization it would rank fourth among 12 the light of the factors set forth in section 3(c) banking organizations. of the Act, it is the Board’s judgment that the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

732 FEDERAL RESERVE BULLETIN □ SEPTEMBER 1971 proposed transaction would be in the public in­ summated (a) before the thirtieth calendar day terest and that the application should be approved. following the date of this Order or (b) later than three months after the date of this Order. ALAMEDA BANCORPORATION, INC., By order of the Board of Governors, August 17, ALAMEDA, CALIFORNIA 1971. Voting for this action: Vice Chairman Robertson In the matter of the application of Alameda and Governors Mitchell, Maisel, and Brimmer. Absent Bancorporation, Inc., Alameda, California, for and not voting: Chairman Burns and Governors approval of action to become a bank holding com­ Daane and Sherrill. pany through the acquisition of 98 per cent or (Signed) Elizabeth L. C arm ichael, more of the voting shares of Alameda First Na­ Assistant Secretary. tional Bank, Alameda, California. [seal] Order Approving Action to Become ELLIS BANKING CORPORATION, a Bank H olding Company BRADENTON, FLORIDA There has come before the Board of Governors, In the matter of the application of Ellis Bank­ pursuant to section 3(a)(1) of the Bank Holding ing Corporation, Bradenton, Florida, for approval Company Act of 1956 (12 U.S.C. 1842(a)(1)) of action to become a bank holding company and section 222.3(a) of Federal Reserve Regula­ through the acquisition of 80 per cent or more of tion Y (12 CFR 222.3(a)), an application by the voting shares of each of the following Florida Alameda Bancorporation, Inc. (“Applicant”), banks: Sarasota Bank & Trust Co., Sarasota; First Alameda, California, for the Board’s prior ap­ National Bank of Bradenton; First National Bank proval of action whereby Applicant would become of New Port Richey; First National Bank in Tar­ a bank holding company through the acquisition pon Springs; Northeast National Bank of St. of 98 per cent or more of the voting shares of Petersburg; Ellis National Bank of Tampa; Ameri­ Alameda First National Bank (“Bank”), Alameda, can Bank of Sarasota; Springs State Bank, Tarpon California. Applicant proposes to exchange its Springs; American Security Bank, New Port shares for all the assets and liabilities of Alameda Richey; Commercial Bank of Dade City; Manasota First Corporation (“Alameda First”), Alameda, Bank, Manatee County; Bank of Jay; Bank of California, a bank holding company that owns Blountstown; Harbor State Bank, Safety Harbor; 98.8 per cent of the voting shares of Bank, to and Longboat Key Bank, Longboat Key. dissolve Alameda First, and to distribute said shares of Applicant to the shareholders of Ala­ meda First. Order Approving Action to Become a Bank Holding Company As required by section 3(b) of the Act, the Board gave written notice of receipt of the appli­ There has come before the Board of Governors, cation to the Comptroller of the Currency and pursuant to section 3(a)(1) of the Bank Holding requested his views and recommendation. The Company Act of 1956 (12 U.S.C. 1842(a)(1)) Comptroller replied that he did not object to ap­ and section 222.3(a) of Federal Reserve Regula­ proval of the application. tion Y (12 CFR 222.3(a)), an application by Notice of receipt of the application was pub­ Ellis Banking Corporation, Bradenton, Florida, lished in the Federal Register on June 23, 1971 for the Board’s prior approval of action whereby (36 Federal Register 11959), providing an oppor­ Applicant would become a bank holding com­ tunity for interested persons to submit comments pany through the acquisition of 80 per cent or and views with respect to the proposal. A copy more of the voting shares of each of the follow­ of the application was forwarded to the United ing Florida banks: Sarasota Bank & Trust Co., States Department of Justice for its consideration. Sarasota; First National Bank of Bradenton; First Time for filing comments and views has expired National Bank of New Port Richey; First National and all those received have been considered. Bank in Tarpon Springs; Northeast National Bank The proposal is a corporate reorganization that of St. Petersburg; Ellis National Bank of Tampa; raises no issues under the Bank Holding Company American Bank of Sarasota; Springs State Bank, Act. Accordingly, the application is approved on Tarpon Springs; American Security Bank, New condition that the transaction shall not be con­ Port Richey; Commercial Bank of Dade City; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 733 Manasota Bank, Manatee County; Bank of Jay; Northeast National Bank of St. Petersburg Bank of Blountstown; Harbor State Bank, Safety (“Northeast Bank”); Ellis National Bank of Harbor; and Longboat Key Bank, Longboat Key. Tampa (“Ellis Bank”); American Bank of Sara­ As required by section 3(b) of the Act, the sota (“American Bank”); Springs State Bank, Tar­ Board gave written notice of receipt of the appli­ pon Springs (“Springs State Bank”); American cation to the Comptroller of the Currency and the Security Bank, New Port Richey (“American Florida Commissioner of Banking, and requested Security Bank”); Commercial Bank of Dade their views and recommendations. Both the City (“Commercial Bank”); Manasota Bank, Comptroller and the Commissioner recommended Manatee County (“Manasota Bank”); Bank of approval of the application. Jay (“Jay Bank”); Bank of Blountstown (“Blounts­ Notice of receipt of the application was pub­ town Bank”); Harbor State Bank, Safety Harbor lished in the Federal Register on June 17, 1971 (“Harbor State Bank”); and Longboat Key Bank, (36 Federal Register 11680), providing an oppor­ Longboat Key (“Longboat Key Bank”). tunity for interested persons to submit comments Views and recommendations of supervisory and views with respect to the proposal. A copy authorities. As required by section 3(b) of the of the application was forwarded to the United Act, the Board gave written notice of receipt of the States Department of Justice for its consideration. application to the Comptroller of the Currency Time for filing comments and views has expired, and to the Florida Commissioner of Banking and and all those received have been considered by requested their views and recommendations. Both the Board. the Comptroller and the Commissioner recom­ It is hereby ordered, for the reasons set forth mended approval of the application. in the Board’s Statement of this date, that said Statutory considerations. Section 3(c) of the application be and hereby is approved, provided Act provides that the Board shall not approve an that the action so approved shall not be consum­ acquisition that would result in a monopoly or mated (a) before the thirtieth calendar day fol­ would be in furtherance of any combination or lowing the date of this Order or (b) later than conspiracy to monopolize or to attempt to mo­ three months after the date of this Order, unless nopolize the business of banking in any part of the such period is extended for good cause by the United States. Nor may the Board approve a pro­ Board, or by the Federal Reserve Bank of Atlanta posed acquisition, the effect of which, in any sec­ pursuant to delegated authority. tion of the country, may be substantially to lessen By order of the Board of Governors, August 17, competition, or to tend to create a monopoly, or 1971. which in any other manner would be in restraint of trade, unless the Board finds that the anticompeti­ Voting for this action: Vice Chairman Robertson and Governors Mitchell, Maisel, and Brimmer. Absent tive effects of the proposed transaction are clearly and not voting: Chairman Burns and Governors outweighed in the public interest by the probable Daane and Sherrill. effect of the transaction in meeting the convenience and needs of the communities to be served. In (Signed) E lizabeth L. Carm ichael, each case, the Board is required to take into con­ Assistant Secretary. sideration the financial and managerial resources [seal] and future prospects of the bank holding company and the banks concerned, and the convenience and Statement needs of the communities to be served. Ellis Banking Corporation, Bradenton, Florida Competitive effects of the proposed transaction. (“Applicant”), has filed with the Board, pursuant Applicant has remained inactive since its organi­ to section 3(a)(1) of the Bank Holding Company zation in 1967. Upon consummation of this pro­ Act of 1956, an application for approval of action posal, Applicant would become the ninth largest to become a bank holding company through the banking organization in Florida and control ap­ acquisition of 80 per cent or more of the voting proximately $351 million in deposits, represent­ shares of each of the following Florida banks: ing 2.5 per cent of commercial bank deposits in Sarasota Bank & Trust Co., Sarasota (“Sarasota the State.* Bank”); First National Bank of Bradenton (“Brad­ enton Bank”); First National Bank of New Port * All banking data are as of December 31, 1970, and Richey (“New Port Richey Bank”); First National reflect holding company acquisitions approved through Bank; in Tarpon Springs (“Tarpon Springs Bank”); July 15, 1971. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

734 FEDERAL RESERVE BULLETIN □ SEPTEMBER 1971 Sarasota Bank ($83 million in deposits), Ameri­ to join these banks in a holding company system can Bank ($16 million in deposits), Manasota is regarded as essentially a corporate reorganiza­ Bank ($9 million in deposits), and Longboat Key tion. Bank (opened March 2, 1971) control, as a group, As a result of the described affiliation, there is 34.0 per cent of the deposits in the Sarasota Bank­ no meaningful competition among these banks. ing Market. Also competing in the market are a The likelihood of termination of control of these group of three banks that control 36.6 per cent banks by the family appears remote. Since the of market deposits, a group of two banks that con­ banks already operate as a group, it seems un­ trol 17.4 per cent, and two independent banks. likely that transfer of ownership of the banks to Bradenton Bank ($58 million in deposits) con­ Applicant would have an undue adverse effect on trols 35.2 per cent of the deposits in the Bradenton other banks in the relevant markets. The rapid Banking Market. Also competing in this market growth of the areas should permit other organi­ area are a group of two banks that control zations to enter the markets, and consummation 39.6 per cent of market deposits, an independent of this proposal should not foreclose such possi­ bank seeking to become affiliated with a holding bilities. company, and another independent bank which Based upon the foregoing, the Board concludes was established early in 1971. that consummation of the proposed transaction Northeast Bank ($29 million in deposits) con­ would not result in a monopoly nor be in further­ trols 3.4 per cent of the deposits in the St. Peters­ ance of any combination, conspiracy, or attempt burg Banking Market, and ranks ninth in size to monopolize the business of banking in any area, among the 16 banking organizations located there. and would not substantially lessen competition, Ellis Bank ($17 million in deposits) controls tend to create a monopoly, nor restrain trade in 1.8 per cent of the deposits in the Tampa Banking any section of the country. Market, and ranks tenth in size among the 15 Financial and managerial resources and future banking organizations located there. prospects. Applicant would begin operations in New Port Richey Bank ($46 million in de­ satisfactory condition and with competent manage­ posits) and American Security Bank ($13 million ment; its prospects, which are largely dependent in deposits) together control 90.9 per cent of the upon those of its proposed subsidiaries, appear deposits in the New Port Richey Banking Market. favorable. Their only competitor is a 15-month old bank. Generally, the proposed subsidiaries are con­ Commercial Bank ($11 million in deposits) sidered to be in satisfactory condition, with compe­ controls 35.8 per cent of the deposits in the Dade tent managements and favorable prospects. It is City Banking Market. Its only competitor is an recognized that the majority of the banks are lo­ independent bank. cated in rapidly growing areas of the State and Jay Bank ($9 million in deposits), Blountstown that, as their markets grow, increased capital will Bank ($8 million in deposits), and Harbor State be required. Applicant has proposed a capital Bank ($6 million in deposits) are each regarded improvement program that is expected to be in­ as being the only bank in its respective market. stituted immediately following consummation of Tarpon Springs Bank ($33 million in deposits) and this proposal, and Applicant should be in position Springs State Bank ($13 million in deposits) are to raise additional capital in the future as needed. regarded as the only banks in their relevant Therefore, considerations relating to the banking market. factors lend weight to approval of the application. These 15 banks are members of the Ellis Bank­ Convenience and needs of the communities in­ ing Group. Many services for the banks are cen­ volved. Under the present affiliate relationship, trally provided from the Group’s headquarters, the banks have been adequately meeting the needs including accounting systems, audit and examina­ of their respective communities. Although no new tion services, investment advice, and personnel and services would directly result from consummation placement assistance. A majority of the shares of of this proposal, it is felt that affiliation of the each bank is owned, individually or jointly, directly banks in a holding company system may make it or indirectly, by a husband and wife. Control of easier for them to improve and expand their ser­ the banks, many of which were organized de novo vices. Therefore, considerations relating to the by these individuals, was acquired in the following convenience and needs of the communities are years: one in 1946, two in 1952, 11 in the period consistent with approval of the application. 1960-68, and one in 1971. Hence, the proposal Summary and conclusion. On the basis of all Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 735 relevant facts contained in the record, and in the tion on competition, the financial and managerial light of the factors set forth in section 3(c) of the resources and future prospects of the Applicant Act, it is the Board’s judgment that the proposed and the banks concerned, and the convenience and transaction would be in the public interest, and that needs of the communities to be served, and finds the application should be approved. that: Applicant controls five banks with approxi­ UNITED JERSEY BANKS, mately $777 million in deposits, representing HACKENSACK, NEW JERSEY 5.2 per cent of the commercial bank deposits in New Jersey. (Banking data are as of Decem­ ber 31, 1970, unless otherwise noted, and reflect In the matter of the application of United Jer­ holding company acquisitions approved through sey Banks, Hackensack, New Jersey, for approval July 31, 1971.) Upon consummation of this pro­ of acquisition of 100 per cent of the voting shares posal, Applicant’s share of State-wide deposits (less directors' qualifying shares) of the successor would be increased to 5.7 per cent, but its rank by merger to The First National Bank of Prince­ as the second largest banking organization in the ton, Princeton, New Jersey. State would remain unchanged. First National ($79 million in deposits), on the Order Approving Acquisition of Bank basis of its control of about 8 per cent of the Stock by Bank Holding Company deposits in the market (as of June 30, 1970), is There has come before the Board of Governors, the third largest of the 27 banking organizations pursuant to section 3(a)(3) of the Bank Holding in the Trenton banking market, consisting of Company Act of 1956 (12 U.S.C. 1842(a)(3)) Mercer County and surrounding towns in Pennsyl­ and section 222.3(a) of Federal Reserve Regula­ vania and New Jersey. First National operates tion Y (12 CFR 222.3(a)), an application by four offices in the County and has received United Jersey Banks, Hackensack, New Jersey, for approval to open a fifth in South Brunswick (Mid­ the Board’s prior approval of the acquisition of dlesex County). The two larger banking organiza­ 100 per cent of the voting shares (less directors’ tions control about 45 per cent of market de­ qualifying shares) of the successor by merger to posits. The First National Bank of Princeton, Princeton, There is no significant competition between New Jersey (“First National”). (First National is First National and any of Applicant’s present to be merged into a nonoperating bank that has subsidiary banks. No banking office in Applicant’s significance only as a vehicle to accomplish acqui­ system is located nearer than 34 miles to an office sition of all the shares of First National; accord­ of First National. In view of more attractive ingly, acquisition of the shares of the successor branching opportunities in or near its market, it is bank is treated as an acquisition of shares of First unlikely that First National would branch into the National.) market areas of Applicant’s subsidiary banks. Only As required by section 3(b) of the Act, the two of Applicant’s subsidiary banks are permitted Board gave written notice of receipt of the appli­ under New Jersey law to branch into First Na­ cation to the Comptroller of the Currency, and tional’s area, and the likelihood of either doing so requested his views and recommendation. The is remote. Each is a retail-oriented bank serving Comptroller recommended approval of the appli­ a limited local area, and there is little incentive cation. to branch so far from its service area. The large Notice of receipt of the application was pub­ number of participants in the Trenton banking lished in the Federal Register on July 1, 1971 (36 market and the relatively low population per bank­ Federal Register 12562), providing an opportunity ing office ratio would seem to make it unattractive for interested persons to submit comments and to Applicant to establish a de novo bank there. views with respect to the proposal. A copy of the Therefore, the Board concludes that consummation application was forwarded to the United States of the proposal would not have a significant Department of Justice for its consideration. Time adverse effect on competition in any relevant for filing comments and views has expired and all area. those received have been considered. The banking factors are generally satisfactory The Board has considered the application in the and are consistent with approval of the appli­ light of the factors set forth in section 3(c) of the cation. Applicant has recently placed a multi­ Act, including the effect of the proposed acquisi­ million dollar note issue, and it is expected that Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

736 FEDERAL RESERVE BULLETIN □ SEPTEMBER 1971 part of the proceeds would be available to meet National Bank of El Paso (“Bank”), El Paso, the capital needs of First National as they arise. Texas. Through affiliation with Applicant, First National As required by section 3(b) of the Act, the would be able to offer to residents of the area a Board gave written notice of receipt of the appli­ complete line of banking services, including data cation to the Comptroller of the Currency, and processing and international banking services. It requested his views and recommendation. The is the Board’s judgment that consummation of the Comptroller recommended approval of the appli­ proposal would be in the public interest and that cation. the application should be approved. Notice of receipt of the application was pub­ It is hereby ordered, for the reason set forth lished in the Federal Register on July 1, 1971 (36 in the findings summarized above, that said appli­ Federal Register 12562), providing an oppor­ cation be and hereby is approved, provided that tunity for interested persons to submit comments the acquisition so approved shall not be consum­ and views with respect to the proposal. A copy of mated (a) before the thirtieth calendar day fol­ the application was forwarded to the United States lowing the date of this Order or (b) later than Department of Justice for its consideration. Time three months after the date of this Order, unless for filing comments and views has expired and such period is extended for good cause by the all those received have been considered. Board, or by the Federal Reserve Bank of New The Board has considered the application in York pursuant to delegated authority. the light of the factors set forth in section 3(c) By order of the Board of Governors, August 17, of the Act, including the effect of the proposed 1971. acquisition on competition, the financial and managerial resources and future prospects of the Voting for this action: Chairman Burns and Gover­ Applicant and the banks concerned, and the con­ nors Robertson, Mitchell, Maisel, and Brimmer. Ab­ venience and needs of the communities to be sent and not voting: Governors Daane and Sherrill. served, and finds that: (Signed) E lizabeth L. C arm ichael, Applicant is a nonoperating corporation formed Assistant Secretary. for the purpose of acquiring Bank ($63.1 million [seal] deposits). (All banking data are as of December 31, 1970, and reflect holding company formations UNITED BANK SHARES, INC., and acquisitions approved through June 30, 1971.) EL PASO, TEXAS Upon consummation of the proposal, Applicant will assume Bank’s present position as the third In the matter of the application of United Bank largest banking organization in the El Paso market Shares, Inc., El Paso, Texas, for approval of action with 11.4 per cent of commercial bank deposits in to become a bank holding company through the that market. As applicant has no present operations acquisition of 100 per cent of the voting shares or subsidiaries, consummation of this proposal (less directors* qualifying shares) of the successor would eliminate neither existing nor potential by merger to Southwest National Bank of El Paso, competition nor does it appear that there would Texas. be any adverse effects on any bank in the market area. The financial and managerial resources and Order Approving A ction to Become prospects of Bank are regarded as satisfactory and a Bank H olding Company consistent with approval as would be those of There has come before the Board of Governors, Applicant upon approval. Consummation of the pursuant to section 3(a)(1) of the Bank Holding proposal would have no immediate effect on the Company Act of 1956 (12 U.S.C. 1842(a)(1)) convenience and needs of the community involved, and section 222.3(a) of Federal Reserve Regu­ but should enable Applicant to respond to the lation Y (12 CFR 222.3(a)), an application by increasing needs of the growing El Paso market by United Bank Shares, Inc. (“Applicant”), El Paso, offering new and expanded services in banking and Texas, for the Board’s prior approval of action bank-related activities. It is the Board’s judgment whereby Applicant would become a bank holding that consummation of the proposal would be in company through the acquisition of 100 per cent the public interest and that the application should of the voting shares (less directors’ qualifying be approved. shares) of the successor by merger to Southwest It is hereby ordered, on the basis of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 737 Board’s findings summarized above, that said and views with respect to the proposal. A copy application be and hereby is approved, provided of the application was forwarded to the United that the acquisition so approved shall not be States Department of Justice for its consideration. consummated (a) before the thirtieth calendar' Time for filing comments and views has expired day following the date of this Order or (b) later and all those received have been considered. than three months after the date of this Order, The Board has considered the application in the unless such period is extended for good cause by light of the factors set forth in section 3(c) of the Board or by the Federal Reserve Bank of the Act, including the effect of the proposed ac­ Dallas pursuant to delegated authority. quisition on competition, the financial and man­ By order of the Board of Governors, August 17, agerial resources and future prospects of Appli­ 1971. cant and the banks concerned, and the convenience and needs of the communities to be served, and Voting for this action: Chairman Burns and Gover­ finds that: nors Robertson, Mitchell, Maisel, and Brimmer. Ab­ Applicant has four subsidiary banks with sent and not voting: Governors Daane and Sherrill. aggregate deposits of about $42 million, repre­ (Signed) Elizabeth L. Carmichael, senting 5.2 per cent of commercial bank deposits Assistant Secretary. in Wyoming. (Banking data are as of December [seal] 31, 1970, and reflect holding company formations and acquisitions approved by the Board through WYOMING BANCORPORATION, July 31, 1971.) Approval of the acquisition of CHEYENNE, WYOMING Bank would not increase Applicant’s deposits since Bank, as stated above, is a proposed new bank. There is presently only one bank located in In the matter of the application of Wyoming Jackson, and the addition of Bank would increase Bancorporation, Cheyenne, Wyoming, for ap­ competition in the area, which is separated by proval of acquisition of 100 per cent of the voting geographical barriers and by distance from other shares (less directors' qualifying shares) of the banking alternatives. Based on the record before First National National Bank of Jackson Hole, it, the Board concludes that consummation of the Jackson, Wyoming, a proposed new bank. proposed acquisition would not adversely affect competition in any relevant area. Order Approving Acquisition of Bank Stock The financial and managerial resources and by Bank Holding Company future prospects of Applicant, its subsidiary banks, There has come before the Board of Governors, and Bank are regarded as consistent with approval. pursuant to section 3(a)(3) of the Bank Holding Considerations related to the convenience and Company Act of 1956 (12 U.S.C. 1842(a)(3)) needs of the community to be served lend weight and section 222.3(a) of Federal Reserve Regu­ in favor of approval since the establishment of lation Y (12 CFR 222.3(a)), an application by Bank provides a banking alternative for customers Wyoming Bancorporation (“Applicant”), Chey­ in the Jackson area. It is the Board’s judgment enne, Wyoming, a registered bank holding com­ that the proposed acquisition would be in the pany, for the Board’s prior approval of the ac­ public interest and that the application should be quisition of 100 per cent of the voting shares (less approved. directors’ qualifying shares) of the First National Some citizens of Jackson have written the Board Bank of Jackson Hole (“Bank”), Jackson, Wyo­ indicating their dissatisfaction that the Comptroller ming, a proposed new bank. of the Currency awarded a national bank charter As required by section 3(b) of the Act, the to Applicant rather than another competing group. Board gave written notice of receipt of the appli­ However, the Board has no authority to make any cation to the Comptroller of the Currency and redetermination of that decision. The Board has requested his views and recommendation. The dealt with this application on the basis of the Comptroller responded that he recommended ap­ statutory factors. Included in its consideration was proval of the application. the fact that the Comptroller granted a charter to Notice of receipt of the application was pub­ this Applicant after hearings were held on both lished in the Federal Register on June 17, 1971 applications for national banks in Jackson. (36 Federal Register 11681), providing an oppor­ It is hereby ordered, for the reasons set forth tunity for interested persons to submit comments above, that said application be and hereby is Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

738 FEDERAL RESERVE BULLETIN □ SEPTEMBER 1971 approved, provided that the acquisition so ap­ the application was forwarded to the United States proved shall not be consummated (a) before the Department of Justice for its consideration. Time thirtieth calendar day following the date of this for filing comments and views has expired and Order or (b) later than three months after the all those received have been considered. date of this Order, and provided further that (c) The Board has considered the application in the First National Bank of Jackson Hole shall be open light of the factors set forth in section 3(c) of the for business not later than six months after the Act, including the effect of the proposed acquisi­ date of this Order. The periods described in (b) tion on competition, the financial and managerial and (c) hereof may be extended for good cause resources and future prospects of the Applicant by the Board or by the Federal Reserve Bank of and the banks concerned, and the convenience and Kansas City pursuant to delegated authority. needs of the communities to be served, and finds By order of the Board of Governors, August 17, that: 1971. Applicant controls 17 banks with total deposits of $646 million, representing 4.6 per cent of the Voting for this action: Vice Chairman Robertson, State’s total deposits. (All banking data are as of and Governors Mitchell, Maisel, and Brimmer. Absent December 31, 1970, and reflect holding company and not voting: Chairman Burns and Governors Daane and Sherrill. formations and acquisitions approved through July 31, 1971.) Since Bank is a proposed new (Signed) Elizabeth L. Carmichael, bank, consummation of the proposal will not Assistant Secretary. increase Applicant’s share of total deposits in any [seal] market nor affect deposit concentration. Applicant presently controls 2 per cent of total ATLANTIC BANCORPORATION, deposits in the Orlando area, and its closest sub­ JACKSONVILLE, FLORIDA sidiary to the proposed site of Bank is 5Vi miles away in downtown Orlando. Since Bank will not In the matter of the application of Atlantic be organized if the application is denied, the Bancorporation, Jacksonville, Florida, for approval Board concludes that consummation of the pro­ of acquisition of 60 per cent or more of the voting posal would not have significant adverse effects shares of Westside Atlantic Bank of Orlando, on competition in any relevant area. Orlando, Florida, a proposed new bank. The financial and managerial resources and future prospects of Applicant, its subsidiaries, and Order Approving Acquisition of Bank Stock Bank are satisfactory and, therefore, consistent by Bank Holding Company with approval. Recent commercial and residential There has come before the Board of Governors, developments within Bank’s proposed service area pursuant to section 3(a)(3) of the Bank Holding indicate some need for an additional banking office Company Act of 1956 (12 U.S.C. 1842(a)(3)) in the area. Accordingly, considerations relating and section 222.3(a) of Federal Reserve Regu­ to the convenience and needs of the community lation Y (12 CFR 222.3(a)), an application by to be served lend some weight for approval. It is Atlantic Bancorporation, Jacksonville, Florida, the Board’s judgment that the proposed transaction for the Board’s prior approval of the acquisition would be in the public interest and that the appli­ of 60 per cent or more of the voting shares of cation should be approved. Westside Atlantic Bank of Orlando (“Bank”), It is hereby ordered, for the reasons set forth Orlando, Florida, a proposed new bank. above, that said application be and hereby is As required by section 3(b) of the Act, the approved, provided that the acquisition so ap­ Board gave written notice of receipt of the appli­ proved shall not be consummated (a) before the cation to the Florida Commissioner of Banking, thirtieth calendar day following the date of this and requested his views and recommendation. The Order or (b) later than three months after the Commissioner recommended approval of the ap­ date of this Order, and provided further that (c) plication. Westside Atlantic Bank of Orlando shall be open Notice of receipt of the application was pub­ for business not later than six months after the lished in the Federal Register on July 9, 1971 (36 date of this Order. The periods described in (b) Federal Register 12927), providing an oppor­ and (c) hereof may be extended for good cause tunity for interested persons to submit comments by the Board, or by the Federal Reserve Bank of and views with respect to the proposal. A copy of Atlanta pursuant to delegated authority. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 739 By order of the Board of Governors, August 19, venience and needs of the communities to be 1971. served, and finds that: Applicant has 26 subsidiary banks with aggre­ Voting for this action: Chairman Bums, and Gover­ gate deposits of approximately $785 million, nors Robertson, Mitchell, Daane, Maisel, and representing 5.6 per cent of the commercial bank Brimmer. Absent and not voting: Governor Sherrill. deposits in Florida. (Banking data are as of (Signed) Norm and Bernard, December 31, 1970, and reflect holding company Assistant Secretary. formations and acquisitions approved by the Board [seal] through July 31, 1971.) Approval of the acquisi­ tion of Mall Bank would not presently increase BARNETT BANKS OF FLORIDA, INC., Applicant’s deposits since Mall Bank, as stated JACKSONVILLE, FLORIDA above, is a proposed new bank. Although Applicant presently has one subsidiary In the matter of the application of Barnett bank, First National at Winter Park (“First Na­ Banks of Florida, Inc., Jacksonville, Florida, for tional”), located 1.4 miles from the proposed site approval of acquisition of 80 per cent or more of Mall Bank, the two institutions will service of the voting shares of Barnett Mall Bank, N. A., different customers. First National is located in Winter Park, Florida, a proposed new bank. downtown Winter Park and deals primarily with larger commercial interests while Mall Bank will be a neighborhood institution serving suburban Order Approving Acquisition of Bank Stock residential and retail business customers. More­ by Bank Holding Company over, First National has only 10 per cent of the There has come before the Board of Governors, deposits in an area where the leading organization pursuant to section 3(a)(3) of the Bank Holding has over 40 per cent of the deposits. Because of Company Act of 1956 (12 U.S.C. 1842(a)(3)) this, there seems little danger that Applicant will and section 222.3(a) of Federal Reserve Regu­ become the dominant factor in the Orlando area lation Y (12 CFR 222.3(a)), an application by even with the addition of Mall Bank. Considering Barnett Banks of Florida, Inc., (“Applicant”), the present competition existing in the area, the Jacksonville, Florida, a registered bank holding Board concludes that consummation of the pro­ company, for the Board’s prior approval of the posed acquisition would not adversely affect com­ acquisition of 80 per cent or more of the voting petition in any relevant area. shares of Barnett Mall Bank, N.A. (“Mall Bank”), The financial and managerial resources and Winter Park, Florida, a proposed new bank. future prospects of Applicant, its subsidiary banks, As required by section 3(b) of the Act, the and Mall Bank are regarded as satisfactory. The Board gave written notice of receipt of the appli­ establishment of Mall Bank would provide a more cation to the Comptroller of the Currency and convenient banking location for many customers, requested his views and recommendation. The and thus considerations related to the convenience Comptroller responded that he recommended ap­ and needs of the community lend some weight proval of the application. in favor of approval. It is the Board’s judgment Notice of receipt of the application was pub­ that the proposed acquisition would be in the lished in the Federal Register on July 3, 1971 (36 public interest and that the application should be Federal Register 12712), providing an oppor­ approved. tunity for interested persons to submit comments It is hereby ordered, on the basis of the and views with respect to the proposal. A copy of Board’s findings summarized above, that said the application was forwarded to the United States application be and hereby is approved, provided Department of Justice for its consideration. Time that the acquisition so approved shall not be for filing comments and views has expired and all consummated (a) before the thirtieth calendar day those received have been considered by the Board. following the date of this Order or (b) later than The Board has considered the application in three months after the date of this Order, and the light of the factors set forth in section 3(c) provided further that (c) Barnett Mall Bank, of the Act, including the effect of the proposed N. A., shall be open for business not later than six acquisition on competition, the financial and months after the date of this Order. The periods managerial resources and future prospects of the described in (b) and (c) hereof may be extended Applicant and the banks concerned, and the con­ for good cause by the Board or by the Federal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

740 FEDERAL RESERVE BULLETIN □ SEPTEMBER 1971 Reserve Bank of Atlanta pursuant to delegated Time for filing comments and views has expired authority. and all those received have been considered. By order of the Board of Governors, August 19, The Board has considered the application in 1971. the light of the factors set forth in section 3(c) of the Act, including the effect of the proposed ac­ Voting for this action: Chairman Burns and Gover­ quisition on competition, the financial and man­ nors Robertson, Mitchell, Daane, Maisel, and agerial resources and future prospects of the Brimmer. Absent and not voting: Governor Sherrill. Applicant and the banks concerned, and the con­ (Signed) Normand Bernard, venience and needs of the communities to be Assistant Secretary. served, and finds that: [seal] Applicant is a nonoperating corporation formed for the purpose of acquiring Bank as a sub­ THE AMERICAN BANCSHARES OF sidiary. (The proposed new bank into which MICHIGAN, INC., Bank will be merged has significance only as a KALAMAZOO, MICHIGAN vehicle to accomplish the acquisition of all of the voting shares less directors’ qualifying shares of In the matter of the application of The Amer­ Bank; hence, the proposal to acquire voting shares ican Bancshares of Michigan, Inc., Kalamazoo, of the successor by merger to Bank is treated as a Michigan, for approval of action to become a proposal to acquire voting shares of Bank.) Bank, bank holding company through the acquisition of which has deposits of $166.1 million, is the second 100 per cent of the voting shares (less directors' largest of four banking organizations in its bank­ qualifying shares) of the successor by merger to ing market, which approximates Kalamazoo The American National Bank and Trust Company County, and has approximately 32 per cent of the of Michigan, Kalamazoo, Michigan. commercial bank deposits within the county and 0.5 per cent of total deposits in the State. (All banking data are as of December 31, 1970, and Order Approving Action to Become reflect holding company formations and acquisi­ a Bank Holding Company tions approved through June 30, 1971.) There has come before the Board of Governors, Since Applicant has no present operations or pursuant to section 3(a)(1) of the Bank Holding subsidiaries and since the proposed acquisition Company Act of 1956 (12 U.S.C. 1842(a)(1)) involves only a corporate reorganization in the and section 222.3(a) of Federal Reserve Regu­ nature of a transfer of ownership of Bank from lation Y (12 CFR 222.3(a)), an application by individuals to a holding company, consummation The American Bancshares of Michigan, Inc., of the proposal would eliminate neither existing Kalamazoo, Michigan, for the Board’s prior ap­ nor potential competition and would not appear proval of action whereby Applicant would become to have any adverse effects on any other bank in a bank holding company through the acquisition the area involved. of 100 per cent of the voting shares (less directors’ The financial and managerial resources and qualifying shares) of the successor by merger to prospects of Bank are regarded as satisfactory as The American National Bank and Trust Company would be those of Applicant upon acquisition of of Michigan (“Bank”), Kalamazoo, Michigan. Bank. Consummation of the proposal would have As required by section 3(b) of the Act, the no immediate effects on the convenience and needs Board gave written notice of receipt of the appli­ of the community, although the more flexible cation to the Comptroller of the Currency, and operational structure of a holding company may requested his views and recommendation. The lead to benefits in the future. Considerations Comptroller recommended approval of the appli­ related to the convenience and needs of the com­ cation. munity as well as the financial and managerial Notice of receipt of the application was pub­ resources and prospects of Bank and Applicant lished in the Federal Register on June 16, 1971, are consistent with approval. It is the Board’s (36 Federal Register 11617), providing an oppor­ judgment that the proposed transaction would be tunity for interested persons to submit comments in the public interest, and that the application and views with respect to the proposal. A copy of should be approved. the application was forwarded to the United It is hereby ordered, on the basis of the States Department of Justice for its consideration. Board’s findings summarized above, that said Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 741 application be and hereby is approved, provided States Department of Justice for its consideration. that the acquisition so approved shall not be Time for filing comments and views has expired consummated (a) before the thirtieth calendar day and all those received have been considered. following the date of this Order or (b) later than The Board has considered the application in three months after the date of this Order, unless the light of the factors set forth in section 3(c) such period is extended for good cause by the of the Act, including the effect of the proposed Board or by the Federal Reserve Bank of Chicago acquisition on competition, the financial and man­ pursuant to delegated authority. agerial resources and future prospects of the By order of the Board of Governors, August 19, Applicant and the banks concerned, and the con­ 1971. venience and needs of the communities to be served, and finds that: Voting for this action: Chairman Burns and Gover­ Applicant controls 20 banks with aggregate nors Robertson, Mitchell, Daane, Maisel, and deposits of approximately $424 million, represent­ Brimmer. Absent and not voting: Governor Sherrill. ing 3.0 per cent of the total commercial bank (Signed) Normand Bernard, deposits in the State, and is the seventh largest Assistant Secretary. banking organization in Florida. (All banking data [seal] are as of December 31, 1970, and reflect holding company formations and acquisitions approved FIRST FLORIDA BANCORPORATION, through July 31, 1971.) Since Bank is a proposed TAMPA, FLORIDA new bank, no existing competition would be eliminated nor would concentration be increased In the matter of the application of First Florida in any relevant area. Bancorporation, Tampa, Florida, for approval of Bank will be located in a growing residential acquisition of 90 per cent or more of the voting area (estimated population: 23,000) that is north­ shares of Marine National Bank of St. Petersburg, east of downtown St. Petersburg. Bank’s location St. Petersburg, Florida, a proposed new bank. is in an area regarded as the fastest growing in greater St. Petersburg and the only area with a substantial amount of undeveloped land. Bank’s Order Approving Acquisition of Bank Stock proposed site is adjacent to one of the largest by Bank Holding Company shopping centers in the St. Petersburg area. Appli­ There has come before the Board of Governors, cant’s closest subsidiary to Bank is also located in pursuant to section 3(a)(3) of the Bank Holding the St. Petersburg banking market, about 4.8 Company Act of 1956 (12 U.S.C. 1842(a)(3)) miles southeast of Bank and, with approximately and section 222.3(a) of Federal Reserve Regu­ $22.4 million of deposits, holds 2.7 per cent of lation Y (12 CFR 222.3(a)), an application by deposits in the market. Although the service area First Florida Bancorporation (“Applicant”), of said subsidiary overlaps that of Bank, it appears Tampa, Florida, a registered bank holding com­ that the subsidiary does not derive a significant pany, for the Board’s prior approval of the ac­ portion of its business from Bank’s proposed serv­ quisition of 90 per cent or more of the voting ice area; and the service areas are separated by shares of Marine National Bank of St. Petersburg marshland and a new interstate highway. No other (“Bank”), St. Petersburg, Florida, a proposed new subsidiary of Applicant is within 19 road miles of bank. Bank. As required by section 3(b) of the Act, the Consummation of the proposal would not give Board gave written notice of receipt of the appli­ Applicant a dominant position in the market which cation to the Comptroller of the Currency, and is defined as approximated by the St. Petersburg requested his views and recommendation. The Peninsula south of Route 688. The St. Petersburg Comptroller recommended approval of the appli­ market is comprised of 19 banks including six cation. holding companies which hold, in the aggregate, Notice of receipt of the application was pub­ 45.0 per cent of deposits in that market, with lished in the Federal Register on July 9, 1971 Applicant controlling the smallest percentage of (36 Federal Register 12929), providing an oppor­ deposits (2.7 per cent). In addition to holding tunity for interested persons to submit comments companies, the relevant market is served by two and views with respect to the proposal. A copy of banking groups and eight independent banks. the application was forwarded to the United Therefore, it appears that acquisition of Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

742 FEDERAL RESERVE BULLETIN □ SEPTEMBER 1971 should enable Applicant to compete more effec­ ALAMO BANCSHARES, INC., tively with the larger banking organizations in the SAN ANTONIO, TEXAS relevant area. On the basis of the record before it, the Board In the matter of the application of Alamo concludes that consummation of the proposed Bancshares, Inc., San Antonio, Texas, for approval acquisition would not adversely affect competition of action to become a bank holding company in any relevant area. The financial condition, through the acquisition of 100 per cent of the management, and prospects of Applicant and its voting shares (less directors' qualifying shares) subsidiary banks are regarded as generally satis­ of the successor by merger to The Alamo National factory. Bank has no operating financial history. Bank of San Antonio, San Antonio, Texas. It will open with satisfactory capital, and it will be able to draw on Applicant for its management. Order Approving Action to Become Its prospects are favorable. The banking factors a Bank Holding Company are consistent with approval. Bank’s proposed loca­ tion is adjacent to a major shopping center, in an There has come before the Board of Governors, area where residents and businesses generally do pursuant to section 3(a)(1) of the Bank Holding their banking with downtown St. Petersburg banks. Company Act of 1956 (12 U.S.C. 1842(a)(1)) The proposed bank would provide services more and section 222.3(a) of Federal Reserve Regu­ conveniently to area customers, and should also lation Y (12 CFR 222.3(a)), an application by stimulate business activity in the community. Bank Alamo Bancshares, Inc., San Antonio, Texas, for will receive from Applicant technical and man­ the Board’s prior approval of action whereby agerial resources, a source for placement of excess Applicant would become a bank holding company funds in the form of loan participations, and aid through the acquisition of 100 per cent of the in raising capital as needed to support expanded voting shares (less directors’ qualifying shares) of operations. Therefore, considerations relating to the successor by merger to The Alamo National the convenience and needs of the communities to Bank of San Antonio (“Bank”), San Antonio, be served lend some weight toward approval of Texas. the application. It is the Board’s judgment that The bank into which Bank is to be merged consummation of the proposed acquisition would has no significance except as a vehicle for the be in the public interest and that the application acquisition of the voting shares of Bank. Accord­ should be approved. ingly, the proposed acquisition of the shares of the It is hereby ordered, for the reasons set forth successor organization is treated as a proposed in the findings summarized above, that said appli­ acquisition of the shares of Bank. cation be and hereby is approved, provided that As required by section 3(b) of the Act, the the action so approved shall not be consummated Board gave written notice of receipt of the appli­ (a) before the thirtieth calendar day following cation to the Comptroller of the Currency, and the date of this Order or (b) later than three requested his views and recommendation. The months after the date of this Order; and provided comptroller offered no objection to approval of further that (c) Marine National Bank of St. this application. Petersburg, St. Petersburg, Florida, shall be opened Notice of receipt of the application was pub­ for business not later than six months after the lished in the Federal Register on July 13, 1971 (36 date of this Order. Each of the periods described Federal Register 13066), providing an oppor­ in (b) and (c) above may be extended for good tunity for interested persons to submit comments cause by the Board, or by the Federal Reserve and views with respect to the proposal. A copy of Bank of Atlanta pursuant to delegated authority. the application was forwarded to the United States By order of the Board of Governors, August 23, Department of Justice for its consideration. Time 1971. for filing comments and views has expired and all those received have been considered. Voting for this action: Chairman Burns and Gover­ The Board has considered the application in the nors Mitchell, Daane, Maisel, Brimmer, and Sherrill. light of the factors set forth in section 3(c) of the Absent and not voting: Governor Robertson. Act, including the effect of the proposed acquisi­ (Signed) Elizabeth L. Carmichael, tion on competition, the financial and managerial Assistant Secretary. resources and future prospects of the Applicant [seal] and the banks concerned, and the convenience and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 743 needs of the communities to be served, and finds of the voting shares of Central Bank in Fort that: Lauderdale, Fort Lauderdale, Florida. Applicant is a nonoperating corporation formed for the purpose of acquiring Bank as a subsidiary. Order Approving Acquisition of Bank Stock Bank with approximately $169 million of deposits by Bank Holding Company holds 11 per cent of commercial bank deposits in the San Antonio market and is the third largest There has come before the Board of Governors, banking organization in that market, which is pursuant to section 3(a)(3) of the Bank Holding approximated by the San Antonio SMSA. As Company Act of 1956 (12 U.S.C. 1842(a)(3)) Applicant has no present operations or sub­ and section 222.3(a) of Federal Reserve Regu­ sidiaries, consummation of this proposal would lation Y (12 CFR 222.3(a)), an application eliminate neither existing nor potential competition by Barnett Banks of Florida, Inc. (“Applicant”), nor does it appear that there would be any adverse Jacksonville, Florida, a registered bank holding effects on any bank in the market area. company, for the Board’s prior approval of the The financial and managerial resources and acquisition of 80 per cent or more of the voting future prospects of Bank are regarded as satis­ shares of Central Bank in Fort Lauderdale factory and consistent with approval as would be (“Bank”), Fort Lauderdale, Florida. those of Applicant upon acquisition of Bank. As required by section 3(b) of the Act, the Consummation of the proposal would have no Board gave written notice of receipt of the appli­ immediate effect on the convenience and needs of cation to the Commissioner of Banking of the the community involved, but should enable Appli­ State of Florida, and requested his views and cant to respond to the increasing needs of the recommendation. The Commissioner recom­ growing San Antonio market by offering new and mended approval of the application. expanded services in banking and bank-related Notice of receipt of the application was pub­ activities. It is the Board’s judgment that con­ lished in the Federal Register on June 26, 1971 summation of the proposal would be in the public (36 Federal Register 12191), providing an oppor­ interest and that the application should be ap­ tunity for interested persons to submit comments proved. and views with respect to the proposed trans­ It is hereby ordered, on the basis of the action. A copy of the application was forwarded Board’s findings summarized above, that said to the United States Department of Justice for its application be and hereby is approved, provided consideration. The time for filing comments and that the acquisition so approved shall not be views has expired and all those received have been consummated (a) before the thirtieth calendar considered by the Board. day following the date of this Order or (b) later The Board has considered the application in the than three months after the date of this Order, light of the factors set forth in section 3(c) of the unless such period is extended for good cause by Act, including the effect of the proposed acquisi­ the Board or by the Federal Reserve Bank of tion on competition, the financial and managerial Dallas pursuant to delegated authority. resources of Applicant and the banks concerned, By order of the Board of Governors, August 26, and the convenience and needs of the communities 1971. to be served and finds that: Applicant presently controls 26 banks which Voting for this action: Governors Mitchell, Maisel, hold aggregate deposits of $785 million, represent­ Brimmer, and Sherrill. Absent and not voting: Chair­ ing 5.6 per cent of total commercial bank deposits man Burns and Governors Robertson and Daane. held by Florida’s banks, and is the State’s third (Signed) Tynan Smith, largest banking organization. (All banking data Secretary. are as of December 31, 1970, and reflect holding [seal] company formations and acquisitions approved by the Board through July 31, 1971.) Applicant’s BARNETT BANKS OF FLORIDA, INC., acquisition of Bank, with deposits of approxi­ JACKSONVILLE, FLORIDA mately $13 million, would not represent a sig­ nificant increase in Applicant’s share of total In the matter of the application of Barnett deposits in the State. Banks of Florida, Inc., Jacksonville, Florida, for The area served by Bank has an estimated approval of the acquisition of 80 per cent or more population of 152,000 and is comprised of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

744 FEDERAL RESERVE BULLETIN □ SEPTEMBER 1971 City of Fort Lauderdale and a small adjacent Voting for this action: Governors Mitchell, Maisel, Brimmer, and Sherrill. Absent and not voting: Chair­ area west of the city. Bank, as the second smallest man Burns and Governors Robertson and Daane. of the 19 area banks, controls only 1.7 per cent of the total deposits of over $751 million in the (Signed) Tynan Smith, area. Bank’s sole office is located within a few Secretary. blocks of three large banks in downtown Fort [seal] Lauderdale that have combined deposits of over $384 million, representing 51 per cent of total MERCANTILE BANKSHARES deposits in the area. No significant competition CORPORATION, exists between any of Applicant’s group of banks BALTIMORE, MARYLAND and Bank. Applicant’s subsidiary closest to Bank is located 11 miles south of Fort Lauderdale in In the matter of the application of Mercantile Hollywood, Florida. In the intervening area, there Bankshares Corporation, Baltimore, Maryland, for are six banks, an airport complex, and a large approval of acquisition of 80 per cent or more of sparsely settled region. It appears that acquisition the voting shares of The Chestertown Bank of of Bank by Applicant would not eliminate mean­ Maryland, Chestertown, Maryland. ingful existing competition, nor foreclose any significant amount of potential competition. Such Order Approving Acquisition of Bank Stock acquisition may have pro-competitive effects in by Bank Holding Company the Fort Lauderdale area by strengthening Bank’s ability to compete with the larger banking organ­ There has come before the Board of Governors, izations operating therein. pursuant to section 3(a)(3) of the Bank Holding Based upon the record, the Board concludes Company Act of 1956 (12 U.S.C. 1842(a)(3)) that consummation of the proposed acquisition and section 222.3(a) of Federal Reserve Regu­ would have no significant adverse effect on com­ lation Y (12 CFR 222.3(a)), an application by petition in any relevant area. The financial con­ Mercantile Bankshares Corporation (“Appli­ dition and management of Applicant and its cant”), Baltimore, Maryland, a registered bank present subsidiaries appear to be generally satis­ holding company, for the Board’s prior approval factory and prospects for the group seem favor­ of the acquisition of 80 per cent or more of the able. The financial condition and management of voting shares of The Chestertown Bank of Mary­ Bank are regarded as satisfactory, and Bank’s land (“Bank”), Chestertown, Maryland. future prospects should be enhanced by its affili­ As required by section 3(b) of the Act, the ation with Applicant. Applicant proposes to assist Board gave written notice of receipt of the appli­ Bank in improving its operations in lending, in­ cation to the Maryland Bank Commissioner, and vestments, and auditing, and also to furnish per­ requested his views and recommendation. The sonnel and provide Bank with additional capital. Deputy Bank Commissioner recommended ap­ Considerations relating to the convenience and proval of the application. needs of the communities to be served are con­ Notice of receipt of the application was pub­ sistent with approval of the application. It is the lished in the Federal Register on July 10, 1971 (36 Board’s judgment that consummation of the pro­ Federal Register 13004), providing an opportunity posed acquisition would be in the public interest for interested persons to submit comments and and that the application should be approved. views with respect to the proposal. A copy of the It is hereby ordered, on the basis of the application was forwarded to the United States Board’s findings summarized above, that said Department of Justice for its consideration. Time application be and hereby is approved, provided for filing comments and views has expired and that the action so approved shall not be con­ all those received have been considered. summated (a) before the thirtieth calendar day The Board has considered the application in following the date of this Order or (b) later the light of the factors set forth in section 3(c) than three months after the date of this Order, un­ of the Act, including the effect of the proposed less such time be extended for good cause by the acquisition on competition, the financial and Board, or by the Federal Reserve Bank of Atlanta managerial resources and future prospects of the pursuant to delegated authority. Applicant and the banks concerned, and the con­ By order of the Board of Governors, August 26, venience and needs of the communities to be 1971. served, and finds that: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 745 Applicant, the sixth largest banking organization marized above, that said application be and hereby in Maryland, controls four banks which hold com­ is approved, provided that the acquisition so bined deposits of approximately $266 million, approved shall not be consummated (a) before representing 4.9 per cent of the total commercial the thirtieth calendar day following the date of bank deposits held by Maryland banks. (All bank­ this Order or (b) later than three months after ing data are as of December 31, 1970, adjusted the date of this Order, unless such period is ex­ to reflect holding company formations and ac­ tended for good cause by the Board, or by the quisitions through July 31, 1971.) Upon acquisi­ Federal Reserve Bank of Richmond pursuant to tion of The Chestertown Bank of Maryland ($16 delegated authority. million deposits), Applicant would increase its By order of the Board of Governors, August 26, share of deposits in the State by only 0.3 per­ 1971. centage points, representing no significant increase in Applicant’s control of deposits in the State, or Voting for this action: Governors Mitchell, Maisel, change in its present ranking. Brimmer, and Sherrill. Absent and not voting: Chair­ man Burns and Governors Robertson and Daane. Bank operates its main office in Chestertown and a branch sixteen miles northeast in the town (Signed) Tynan Smith, of Galena, both of which are located in Kent Secretary. County. A second branch is located in the com­ [seal] munity of Church Hill, in Queen Annes County, nine miles southeast of the main office. In the THE CENTRAL BANCORPORATION, INC., northern one-half of Queen Annes County and all CINCINNATI, OHIO of Kent County (Bank’s relevant market), Bank holds the largest amount, or 28.4 per cent, of In the matter of the application of The Central deposits; however, there are seven banking organ­ Bancorporation, Inc., Cincinnati, Ohio, for ap­ izations competing in said market, including the proval of acquisition of 100 per cent of the voting largest and the fifth largest banking organizations shares (less directors' qualifying shares) of The in the State. Applicant’s subsidiary office closest to Home Banking Company, St. Marys, Ohio. Bank is located 40 miles away via a toll bridge across the Chesapeake Bay, and apparently no significant present competition exists between Bank Order Approving Acquisition of Bank Stock and this office, or any of Applicant’s other offices. by Bank Holding Company It does not appear that consummation of this There has come before the Board of Governors, proposal would foreclose significant potential com­ pursuant to section 3(a)(3) of the Bank Holding petition in the light of the facts of record, notably, Company Act of 1956 (12 U.S.C. 1842(a)(3)) the distances involved and the unlikelihood that and section 222.3(a) of Federal Reserve Regu­ Applicant would enter Bank’s market de novo. lation Y (12 CFR 222.3(a)), an application by Consummation of Applicant’s proposed acquisi­ The Central Bancorporation, Inc. (“Applicant”), tion would represent the third entry of a State-wide Cincinnati, Ohio, a registered bank holding com­ banking organization into the area, and it does not pany, for the Board’s prior approval of the ac­ appear that any of the competing banks would be quisition of 100 per cent of the voting shares adversely affected thereby. (less directors’ qualifying shares) of The Home Based upon the foregoing, and the record before Banking Company (“Bank”), St. Marys, Ohio. it, the Board concludes that consummation of the As required by section 3(b) of the Act, the proposed acquisition would not have an adverse Board gave written notice of receipt of the appli­ effect on competition in any relevant market. The cation to the Ohio Superintendent of Banks, and banking factors, as they relate to Applicant, its requested his views and recommendation. The subsidiaries, and Bank, and considerations relating Superintendent offered no objection to approval to the convenience and needs of the communities of the application. to be served, are regarded as consistent with ap­ Notice of receipt of the application was pub­ proval of the application. It is the Board’s judg­ lished in the Federal Register on July 17, 1971 ment that consummation of the proposed trans­ (36 Federal Register 13300), providing an oppor­ action would be in the public interest, and that tunity for interested persons to submit comments the application should be approved. and views with respect to the proposal. A copy of It is hereby ordered, for the reasons sum­ the application was forwarded to the United States Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

746 FEDERAL RESERVE BULLETIN □ SEPTEMBER 1971 Department of Justice for its consideration. Time quisition would not have an adverse effect on for filing comments and views has expired and all competition in any relevant market. those received have been considered. The banking factors, as they relate to Applicant, The Board has considered the application in the its subsidiaries, and Bank are satisfactory and con­ light of the factors set forth in section 3(c) of the sistent with approval of the application. Consider­ Act, including the effect of the proposed acquisi­ ations relating to the convenience and needs of tion on competition, the financial and managerial the area lend some weight toward approval. resources and future prospects of the Applicant Although the more important banking needs of the and the banks concerned, and the convenience area are being served at the present time, Appli­ and needs of the communities to be served, and cant plans to assist Bank in making more complex finds that: industrial and construction loans through par­ Applicant, the eleventh largest banking organ­ ticipations, provide trust and investment service ization and the fifth largest multi-bank holding through its lead bank, and enable Bank to offer company in the State, controls three banks which education loans and single statement banking. hold combined deposits of approximately $569.8 Applicant’s proposed improvement in Bank’s million, representing 2.6 per cent of the total various services would benefit the convenience of commercial bank deposits in the State. (All bank­ the community and better serve its needs. It is the ing data are as of December 31, 1970, and reflect Board’s judgment that consummation of the pro­ holding company formations and acquisitions ap­ posed transaction would be in the public interest, proved through July 31, 1971.) Upon acquisition and that the application should be approved. of The Home Banking Company ($22.5 million It is hereby ordered, for the reasons set forth deposits), Applicant would increase its share of above, that said application be and hereby is deposits in the State by only 0.1 percentage approved, provided that the acquisition so ap­ point, representing no significant increase in Appli­ proved shall not be consummated (a) before the cant’s control of deposits in the State, or change in thirtieth calendar day following the date of this its present ranking. Order or (b) later than three months after the Bank operates its main office in St. Marys and date of this Order, unless such period is extended for good cause by the Board, or by the Federal one branch office two miles west of the main office. Bank is the second largest of the six banks in Reserve Bank of Cleveland pursuant to delegated authority. Auglaize County (Bank’s relevant market), hold­ ing 26.5 per cent of county deposits. The largest By order of the Board of Governors, August 31, area bank holds more than 30 per cent of such 1971. deposits, and is a subsidiary of the fourth largest bank holding company in the State. Consum­ Voting for this action: Vice Chairman Robertson and Governors Daane, Maisel, and Brimmer. Absent mation of Applicant’s proposed acquisition would and not voting: Chairman Burns and Governors enable Bank to compete more effectively with the Mitchell and Sherrill. larger bank holding company subsidiary in the (Signed) Tynan Smith, area, and it does not appear that there would be Secretary. any detrimental effect on other competing banks, [seal] the three smallest of which serve one-bank towns six or more miles from St. Marys. SOUTHEAST BANKING CORPORATION, Applicant’s subsidiary office closest to Bank is MIAMI, FLORIDA located 110 miles south of St. Marys. There is no meaningful existing competition between Bank In the matter of the application of Southeast and this office, or any of Applicant’s other offices. Banking Corporation, Miami, Florida, for ap­ It also appears unlikely that consummation of this proval of acquisition of 80 per cent or more of the proposal would preclude potential competition be­ voting shares of Southeast Bank of Dadeland, Miami, Florida, a proposed new bank. cause of Ohio’s restrictive branching laws, the wide separation between Applicant’s offices and Bank, and the presence of many other banking Order Approving Acquisition of Bank Stock offices in the intervening area. Based on the fore­ by Bank Holding Company going, and the record before it, the Board con­ There has come before the Board of Governors, cludes that consummation of the proposed ac­ pursuant to section 3(a)(3) of the Bank Holding Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 747 Company Act of 1956 (12 U.S.C. 1842(a)(3)), pete principally with eight banks, the deposits of and section 222.3(a) of Federal Reserve Regu­ which range from $51 million to $10 million, and lation Y (12 CFR 222.3(a)), an application by the most distant of which is located approximately Southeast Banking Corporation (‘Applicant”), four and a half miles from Bank’s proposed site. Miami, Florida, a registered bank holding com­ Applicant’s subsidiaries closest to Bank are located pany, for the Board’s prior approval of the acquisi­ seven, nine, and 14 miles, respectively, from tion of 80 per cent or more of the voting shares Bank’s proposed site. It appears that none of of Southeast Bank of Dadeland (“Bank”), Miami, Applicant’s subsidiary banks derives a significant Florida, a proposed new bank. amount of banking business from the area to be As required by section 3(b) of the Act, the served by Bank. No existing competition would Board gave written notice of receipt of the appli­ be eliminated by consummation of this proposal cation to the Florida Commissioner of Banking, since Bank would be organized as a new institu­ and requested his views and recommendation. The tion; and it appears that Bank’s entry into the Commissioner recommended approval of the ap­ Miami area would not have a significant adverse plication. effect on potential competition or other banks Notice of receipt of the application was pub­ competing in the area, nor constitute a barrier lished in the Federal Register on July 7, 1971 (36 to entry into the area. Federal Register 12814), providing an opportunity On the basis of the record before it, the Board for interested persons to submit comments and concludes that consummation of the proposed views with respect to the proposal. A copy of the acquisition would not adversely affect competition application was forwarded to the United States in any relevant area. The financial and managerial Department of Justice for its consideration. Time resources of Applicant and its subsidiary banks are for filing comments and views has expired and all generally satisfactory and the prospects for the those received have been considered. group appear favorable. Prospects for Bank appear The Board has considered the application in the favorable since it would have capable and ex­ light of the factors set forth in section 3(c) of the perienced management and would be adequately Act, including the effect of the proposed acquisi­ capitalized. Bank would be able to provide an tion on competition, the financial and managerial additional source of full banking services for an resources and future prospects of Applicant and area which has almost doubled in population the banks concerned, and the convenience and during the last 10 years. However, there is no needs of the communities to be served, and finds evidence that existing needs of the area are not that: being served adequately. Considerations relating Applicant presently controls 13 banks with to the convenience and needs of the area to be aggregate deposits of $1,050 million, representing served lend slight support to, and are consistent 7.5 per cent of the total commercial bank deposits with, approval of the application. It is the Board’s held by Florida’s banks, and is the second largest judgment that consummation of the proposed banking organization in the State. (All banking acquisition would be in the public interest and that data are as of December 31, 1970, and reflect the application should be approved. holding company formations and acquisitions ap­ It is hereby ordered, on the basis of the proved through June 30, 1971.) Since Bank is a Board’s findings and reasons summarized above, proposed new bank, consummation of the pro­ that said application be and hereby is approved, posal will not immediately increase Applicant’s provided that the acquisition so approved shall share of total deposits in any market nor affect not be consummated (a) before the thirtieth deposit concentration. calendar day following the date of this Order or The 69 banks in the Miami banking market, (b) later than three months after the date of including those in seven bank holding company this Order; and provided further that (c) South­ systems, hold collectively over $3.2 billion in east Bank of Dadeland shall be opened for busi­ commercial bank deposits. Bank would be located ness not later than six months after the date of in the southern sector of the City of Miami and this Order. Each of the periods described in (b) would serve an unincorporated area of Dade and (c) hereof may be extended for good cause County, the major portion of the City of South by the Board, or by the Federal Reserve Bank of Miami, and a small section of the City of Coral Atlanta pursuant to delegated authority. Gables. By order of the Board of Governors, August 31, In its projected service area, Bank would com­ 1971. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

748 FEDERAL RESERVE BULLETIN □ SEPTEMBER 1971 Voting for this action: Vice Chairman Robertson shares of The Toledo Trust Co. acquired in ac­ and Governors Daane, Maisel, and Brimmer. Absent cordance with that Order. and not voting: Chairman Burns and Governors Mitchell and Sherrill. By order of the Board of Governors, August 31, 1971. (Signed) Tynan Smith, Secretary. Voting for this action: Vice Chairman Robertson [seal] and Governors Daane, Maisel, and Brimmer. Absent and not voting: Chairman Burns and Governors Mitchell and Sherrill. NORTHWEST OHIO BANCSHARES, INC., TOLEDO, OHIO (Signed) Tynan Smith, Secretary. [seal] In the matter of the application of Northwest Ohio Bancshares, Inc., Toledo, Ohio, for approval FBT CORP., of action to become a bank holding company SOUTH BEND, INDIANA through the acquisition of 80 per cent or more of the voting shares of The Toledo Trust Co., Toledo, In the matter of the application of FBT Corp., Ohio, and The First National Bank of Findlay, South Bend, Indiana, for approval of action to Findlay, Ohio. become a bank holding company through the acquisition of 100 per cent (less directors' quali­ Amended Order fying shares) of the voting shares of First Bank and Trust Company of South Bend, South Bend, There has come before the Board of Governors Indiana. a request by Northwest Ohio Bancshares, Inc., Toledo, Ohio, that the Board’s Order of September 29, 1970, published in the Federal Register of Order Approving Action to Become October 6, 1970 (35 Federal Register 15660), a Bank Holding Company approving the application of Northwest Ohio There has come before the Board of Governors, Bancshares, Inc., to become a bank holding com­ pursuant to section 3(a)(1) of the Bank Holding pany through the acquisition of 80 per cent or Company Act of 1956 (12 U.S.C. 1842(a)(1)) more of the voting shares of The Toledo Trust and section 222.3(a) of Federal Reserve Regu­ Co., Toledo, Ohio, and The First National Bank lation Y (12 CFR 222.3(a)), an application by of Findlay, Findlay, Ohio, be amended to exclude FBT Corp., South Bend, Indiana, for the Board’s any reference to the latter bank. prior approval of action whereby Applicant would The Board’s Order of September 29, 1970, was become a bank holding company through the contingent upon Applicant’s acquisition of 80 acquisition of 100 per cent (less directors’ qualify­ per cent or more of the voting shares of each bank. ing shares) of the voting shares of First Bank and Applicant has acquired more than 80 per cent Trust Company of South Bend, South Bend, of the voting shares of The Toledo Trust Co. but Indiana. was offered less than 80 per cent of the voting As required by section 3(b) of the Act, the shares of The First National Bank of Findlay, and, Board gave written notice of receipt of the appli­ under the plan of reorganization between Appli­ cation to the Indiana Director of Financial Institu­ cant and the banks, the tender offer has been tions and requested his views and recommen­ declared ineffective as to shareholders of the latter dation. The Director recommended approval of bank. Applicant now seeks to retain the shares of the application. The Toledo Trust Co. that were tendered to it. Notice of receipt of the application was pub­ It is the Board’s judgment after reconsideration lished in the Federal Register on June 23, 1971 of the factors set forth in section 3(c) of the Act, (36 Federal Register 11960), providing an oppor­ that Applicant’s request raises no significant public tunity for interested persons to submit comments interest issues and that it should be approved. and views with respect to the proposal. A copy of It is hereby ordered, that Applicant’s request the application was forwarded to the United for amendment of the Board’s September 29, 1970 States Department of Justice for its consideration. Order to exclude any reference to The First Na­ Time for filing comments and views has expired, tional Bank of Findlay be, and hereby is, granted; and all those received have been considered by the and, accordingly, that Applicant may retain the Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 749 It is hereby ordered, for the reasons set forth to be served. In each case, the Board is required in the Board’s Statement of this date, that said to take into consideration the financial and mana­ application be and hereby is approved, provided gerial resources and future prospects of the bank that the action so approved shall not be consum­ holding company and the bank concerned, and mated (a) before the thirtieth calendar day fol­ the convenience and needs of the communities to lowing the date of this Order, or (b) later than be served. three months after the date of this Order, unless Nature of the transaction. The application is such period is extended for good cause by the part of a proposed plan by which Gulf & Western Board, or by the Federal Reserve Bank of Chicago Industries, Inc., (“G & W”) and its wholly owned pursuant to delegated authority. subsidiary, Associates Corporation of North Amer­ By order of the Board of Governors, August 31, ica (“Associates”), intend to divest ownership and 1971. control of Bank and Applicant to holders of specified issues of G & W debentures including Voting for this action: Vice Chairman Robertson individuals who had previously owned Bank. Asso­ and Governors Daane, Maisel, and Brimmer. Absent ciates presently owns virtually all the shares of and not voting: Chairman Burns and Governors Mitchell and Sherrill. Applicant and Bank. In the application before the Board, Applicant seeks prior Board approval (Signed) Tynan Smith, to acquire all of the shares (less directors’ qualify­ Secretary. ing shares) of Bank from Associates in return for [seal] shares of Applicant’s common stock, $7.5 million of Applicant’s subordinated debentures, and stock Statement warrants. Associates will then distribute all in­ FBT Corp., South Bend, Indiana (“Applicant”), terests in Applicant to G & W as a dividend. has filed with the Board pursuant to section G & W then proposes to exchange these interests 3(a)(1) of the Bank Holding Company Act of for its own outstanding debentures. Many of the 1956, an application for approval of action to G & W debentures involved had been issued become a bank holding company through the ac­ earlier in exchange for shares of Associates. An quisition of 100 per cent (less directors’ qualifying apparent purpose of the entire plan is to return shares) of the voting shares of First Bank and ownership of Bank to those individuals who had Trust Company of South Bend, South Bend, owned it prior to 1964 when Associates acquired Indiana (“Bank”). Bank’s shares in exchange for its own shares. (This Views and recommendation of supervisory au­ purpose may not be entirely achieved since not thority. As required by section 3(b) of the Act, all individuals who originally received the G & W the Board gave written notice of receipt of the debentures were owners of Bank and since some application to the Indiana Director of Financial debentures may have been sold.) Institutions and requested his views and recom­ Statutory considerations. Bank with deposits of mendation. The Director recommended approval $159.8 million is the largest bank in the South of the application. Bend market area and the sixth largest banking Statutory considerations. Section 3(c) of the organization in Indiana with 1.5 per cent of the Act provides that the Board shall not approve an State’s commercial bank deposits. (All banking acquisition that would result in a monopoly or data are as of December 31, 1970.) Since this would be in furtherance of any combination or application involves only the transfer of ownership conspiracy to monopolize or to attempt to mono­ of Bank from one subsidiary of G & W to another, polize the business of banking in any part of the its approval will have no present effect on existing United States. Nor may the Board approve a or potential competition. Nevertheless, the ultimate proposed acquisition, the effect of which, in any transfer of ownership of Bank from a nonsection of the country, may be substantially to financially-oriented conglomerate weighs in favor lessen competition, or to tend to create a mono­ of approval. No adverse effects are anticipated poly, or which in any other manner would be in upon the convenience and needs of the community. restraint of trade, unless the Board finds that the Applicant has proposed to exchange its common anticompetitive effects of the proposed transaction stock, warrants and $7.5 million in 15-year sub­ are clearly outweighed in the public interest by ordinated debentures (with sinking fund pro­ the probable effect of the transaction in meeting visions) to Associates in exchange for all of the the convenience and needs of the communities outstanding stock of Bank. Together with the other Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

750 FEDERAL RESERVE BULLETIN □ SEPTEMBER 1971 steps of the proposed transaction, the net effect is and section 222.3(a) of Federal Reserve Regu­ to transfer G & W debt to Applicant. lation Y (12 CFR 222.3(a)), an application by The Board has on past occasions considered Palmer Bank Corporation, Sarasota, Florida, for significant debt to acquire banks as being an the Board’s prior approval of action whereby adverse factor; however, the amount and maturity Applicant would become a bank holding company of the debt must be considered in relation to the through the acquisition of 80 per cent or more of ability of the holding company to service and the voting shares of Palmer First National Bank retire the debt, and the likelihood that the sub­ and Trust Company of Sarasota (“Palmer First”), sidiary bank or banks will need capital. Although St. Armands Palmer Bank (“St. Armands”), and the proposed debt to equity ratio of slightly more Siesta Key Palmer Bank (“Siesta Key”), all in than 100 per cent is higher than normally pre­ Sarasota, Florida. ferred, data submitted by the Applicant indicate As required by section 3(b) of the Act, the that sufficient funds will be generated to properly Board gave written notice of receipt of the appli­ service the debt without adversely affecting the cation to the Comptroller of the Currency and the Applicant or placing an undue strain on Bank’s Florida Commissioner of Banking, and requested projected earnings. Applicant’s projections appear their views and recommendations. Both the Comp­ to be reasonable and conservative and provide for troller and the Florida Commissioner of Banking Bank’s retention of more than 40 per cent of its recommended approval of the application. after-tax earnings. Also, the debt to net equity Notice of receipt of the application was pub­ ratio does not anticipate exercise of any of the lished in the Federal Register on July 3, 1971, (36 stock warrants; exercise of the warrants will in­ Federal Register 12713), providing an oppor­ crease Applicant’s equity while reducing its debt, tunity for interested persons to submit comments and most likely the repayment period. and views with respect to the proposal. A copy of The financial history and condition as well as the application was forwarded to the United States future prospects of Bank appear to be satisfactory. Department of Justice for its consideration. Time Under the circumstances in this case, the financial for filing comments and views has expired and condition and management of Applicant and Bank all those received have been considered. appear to be consistent with approval of the appli­ The Board has considered the application in the cation. light of the factors set forth in section 3(c) of the Summary and Conclusion. On the basis of all Act, including the effect of the proposed acquisi­ of the relevant facts contained in the record, and tion on competition, the financial and managerial in the light of the factors set forth in section 3(c) resources and future prospects of the Applicant of the Act, it is the Board’s judgment that the and the banks concerned, and the convenience and proposed transaction would be in the public in­ needs of the communities to be served, and finds terest and that the application should be approved. that: Applicant was organized for the purpose of ac­ PALMER BANK CORPORATION, quiring the three proposed subsidiary banks, all of SARASOTA, FLORIDA which are affiliated under common stock owner­ ship. Upon acquisition of Palmer First (deposits In the matter of the application of Palmer Bank of $91.1 million), St. Armands (deposits of $21.2 Corporation, Sarasota, Florida, for approval of million), and Siesta Key (deposits of $3.1 mil­ action to become a bank holding company through lion), Applicant would assume the affiliated the acquisition of 80 per cent or more of the voting group’s position as the largest banking organization shares of Palmer First National Bank and Trust (deposits of $115.4 million) within the relevant Company of Sarasota, St. Armands Palmer Bank, market approximated by the city of Sarasota and and Siesta Key Palmer Bank, all in Sarasota, the surrounding areas. (Banking data are as of Florida. December 31, 1970; and reflect holding company formations and acquisitions approved through Order Approving Action to Become June 30, 1971.) Although Applicant would have a Bank Holding Company 36.5 per cent of the commercial bank deposits in There has come before the Board of Governors, its market area, there would be no increase in pursuant to section 3(a)(1) of the Bank Holding market concentration and less than 1 per cent of Company Act of 1956 (12 U.S.C. 1842(a)(1)) the total commercial bank deposits in Florida Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 751 would be held by Applicant’s proposed sub­ action to become a bank holding company through sidiaries. the acquisition of 100 per cent of the voting shares The directors and officers of Palmer First were (less directors' qualifying shares) of the successor instrumental in the formation and subsequent by merger to Central National Bank of Cleveland, operations of St. Armands which opened in 1961 Cleveland, and at least 97 per cent of the voting and Siesta Key which opened in 1969. The affili­ shares of The American Bank of Commerce, ation among the three banks appears to be strong Akron, both in Ohio. and unlikely to be broken. Consequently, there is no meaningful existing competition. It appears Order Approving Action to Become unlikely that such competition will develop in the a Bank Holding Company reasonably foreseeable future or that competing banks would be adversely affected by the holding There has come before the Board of Governors, company formation. pursuant to section 3(a)(1) of the Bank Holding The financial and managerial resources of Appli­ Company Act of 1956 (12 U.S.C. 1842(a)(1)) cant and the proposed subsidiaries are believed to and section 222.3(a) of Federal Reserve Regu­ be consistent with approval. It appears that con­ lation Y (12 CFR 222.3(a)), an application by summation of the proposal would not have any CNB Bancorporation, Wilmington, Delaware significant immediate effects on the convenience (“Applicant”), for the Board’s prior approval of and needs of the community, although the im­ action whereby Applicant would become a bank provement and expansion of services in the future holding company through the acquisition of 100 may be facilitated by the operational structure of a per cent of the voting shares (less directors’ holding company. Considerations related to the qualifying shares) of the successor by merger to convenience and needs of the community as well Central National Bank of Cleveland, Cleveland as the financial and managerial resources and pro­ (“Central Bank”), and at least 97 per cent of the spects of the proposed subsidiaries and Applicant voting shares of The American Bank of Com­ are consistent with approval. It is the Board’s merce, Akron (“American Bank”), both in Ohio. judgment that the proposed transaction would be As required by section 3(b) of the Act, the in the public interest, and that the application Board gave written notice of receipt of the appli­ should be approved. cation to the Comptroller of the Currency and the It is hereby ordered, on the basis of the Ohio Superintendent of Banks, and requested Board’s findings summarized above, that said their views and recommendations. Neither the application be and hereby is approved, provided Comptroller nor the Superintendent offered any that the acquisition so approved shall not be con­ objection to approval of the application. summated (a) before the thirtieth calendar day Notice of receipt of the application was pub­ following the date of this Order or (b) later than lished in the Federal Register on July 3, 1971 three months after the date of this Order, unless (36 Federal Register 12712), providing an oppor­ such period is extended for good cause by the tunity for interested persons to submit comments Board or by the Federal Reserve Bank of Atlanta and views with respect to the proposal. A copy of pursuant to delegated authority. the application was forwarded to the United States By order of the Board of Governors, August 31, Department of Justice for its consideration. Time 1971. for filing comments and views has expired and all those received have been considered. Voting for this action: Vice Chairman Robertson The Board has considered the application in the and Governors Daane, Maisel, and Brimmer. Absent light of the factors set forth in section 3(c) of the and not voting: Chairman Burns and Governors Mitchell and Sherrill. Act, including the effect of the proposed acquisi­ tion on competition, the financial and managerial (Signed) Tynan Smith, resources and future prospects of the Applicant Secretary. and the banks concerned, and the convenience and [seal] needs of the communities to be served, and finds that: CNB BANCORPORATION, WILMINGTON, DELAWARE Applicant is a newly organized corporation. Consummation of the proposal herein would re­ In the matter of the application of CNB Bancor­ sult in Applicant controlling $1,146 billion in poration, Wilmington, Delaware, for approval of deposits, representing 5.4 per cent of total com­ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

752 FEDERAL RESERVE BULLETIN □ SEPTEMBER 1971 mercial bank deposits in the State, and Applicant on the commercial bank expertise of Applicant would become the fourth largest banking organ­ and thus enhance its prospects in the Akron ization and the second largest multi-bank holding market. It appears that Applicant will begin oper­ company in Ohio. (All banking data are as of ations in satisfactory condition and with com­ December 31, 1970, adjusted to reflect holding petent management; its prospects, which are company formations and acquisitions approved by largely dependent upon those of its two proposed the Board through July 31, 1971.) subsidiaries, also appear favorable. The con­ Central Bank ($1 billion deposits), the fifth venience and needs of the areas served by Central largest banking organization in Ohio, has 49 Bank and American Bank are presently being met banking offices and operates throughout Cuyahoga by existing banking institutions. Applicant pro­ County. Central Bank controls 15.1 per cent of the poses to introduce several new services at Amer­ commercial bank deposits in the Cleveland bank­ ican Bank which should benefit the residents of the ing market, which is approximated by Cuyahoga, Akron area by providing an additional source of Geauga, Lake, and Lorain Counties, and, on the full service banking. It is the Board’s judgment that basis of deposits, is the third largest of the twenty- the proposed transaction is in the public interest, seven banks in that market. and that the application should be approved. American Bank ($146 million), formerly the It is hereby ordered, on the basis of the Evans Savings Association, has 17 banking offices Board’s findings summarized above, that said located primarily in the southern portion of Sum­ application be and hereby is approved, provided mit County. American Bank controls 10.6 per cent that the acquisition so approved shall not be con­ of the commercial bank deposits in the Akron summated (a) before the thirtieth calendar day banking market, which is approximated by Summit following the date of this Order or (b) later than and Portage Counties and Wadsworth, Ohio, and, three months after the date of this Order, unless on the basis of deposits, is fourth largest of the such period is extended for good cause by the fourteen banking organizations in that market. Board or by the Federal Reserve Bank of Cleve­ Central Bank and American Bank do not com­ land pursuant to delegated authority. pete with each other to any significant extent, and By order of the Board of Governors, August 31, the development of such competition in the future 1971. appears unlikely. The nearest offices of the two banks are ten miles apart, and Ohio law prohibits Voting for this action: Vice Chairman Robertson and Governors Daane, Maisel, and Brimmer. Absent either bank from branching into the county in and not voting: Chairman Bums and Governors which the other is located. Furthermore, in light Mitchell and Sherrill. of its earlier history as a savings institution, Amer­ (Signed) Tynan Smith, ican Bank has not been an aggressive competitor Secretary. to other commercial banks, limiting itself primarily [seal] to savings-mortgage loan activity. Central, on the other hand, operates as a full service banking NORTHERN MICHIGAN CORPORATION, organization, actively seeking the larger com­ ESCANABA, MICHIGAN mercial accounts available in the area. It appears that the affiliation of the two banks in a holding In the matter of the application of Northern company would not have any adverse effects on Michigan Corporation, Escanaba, Michigan, for other banks in the Cleveland or Akron markets, approval of action to become a bank holding com­ and may promote competition in the Akron area pany through the acquisition of 90 per cent or by enabling the American Bank to become a more more of the voting shares of Northern Michigan effective competitor. On the basis of the record National Bank, Escanaba, Michigan. before it, the Board concludes that consummation of the proposal would not have a significant ad­ verse effect on competition in any relevant area. Order Approving Action to Become a Bank Holding Company The financial condition of each bank appears satisfactory. Central Bank has competent manage­ There has come before the Board of Governors, ment and its prospects are favorable. American pursuant to section 3(a)(1) of the Bank Holding Bank’s management and prospects are considered Company Act of 1956 (12 U.S.C. 1842(a)(1)) satisfactory, but as a subsidiary of the holding and section 222.3(a) of Federal Reserve Regu­ company, American Bank would be able to draw lation Y (12 CFR 222.3(a)), an application by Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 753 Northern Michigan Corporation, Escanaba, Michi­ be in the public interest, and that the application gan, for the Board’s prior approval of action should be approved. whereby Applicant would become a bank holding It is hereby ordered, for the reasons set forth company through the acquisition of 90 per cent above, that said application be and hereby is or more of the voting shares of Northern Michigan approved, provided that the acquisition so ap­ National Bank (“Bank”), Escanaba, Michigan. proved shall not be consummated (a) before the As required by section 3(b) of the Act, the thirtieth calendar day following the date of this Board gave written notice of receipt of the appli­ Order or (b) later than three months after the cation to the Comptroller of the Currency, and date of this Order, unless such period is extended requested his views and recommendations. The for good cause by the Board or by the Federal Comptroller recommended approval of the appli­ Reserve Bank of Minneapolis pursuant to dele­ cation. gated authority. Notice of receipt of the application was pub­ By order of the Board of Governors, September lished in the Federal Register on July 17, 1971 2, 1971. (36 Federal Register 13299), providing an oppor­ tunity for interested persons to submit comments Voting for this action: Vice Chairman Robertson and Governors Mitchell, Maisel, Brimmer, and and views with respect to the proposal. A copy of Sherrill. Absent and not voting: Chairman Burns and the application was forwarded to the United States Governor Daane. Department of Justice for its consideration. Time (Signed) Tynan Smith, for filing comments and views has expired and all Secretary. those received have been considered. [seal] The Board has considered the application in the light of the factors set forth in section 3(c) of the MERCANTILE BANCORPORATION INC., Act, including the effect of the proposed acquisi­ ST. LOUIS, MISSOURI tion on competition, the financial and managerial resources and future prospects of the Applicant In the matter of the application of Mercantile and the bank concerned, and the convenience and Bancorporation Inc., St. Louis, Missouri, for ap­ needs of the communities to be served, and finds proval of acquisition of up to 100 per cent of the that: voting shares of Mercantile Bank and Trust Com­ Applicant is a recently-organized corporation, pany, Kansas City, Missouri. formed for the express purpose of becoming a bank holding company. Northern Michigan Na­ tional Bank (deposits of $22.4 million) is the Order Approving Acquisition of Bank Stock second largest of five banks in its market area, by Bank Holding Company which is approximated by Delta County, and There has come before the Board of Governors, controls 29.6 per cent of the deposits in its market pursuant to section 3(a)(3) of the Bank Holding and only 0.1 per cent of the total commercial bank Company Act of 1956 (12 U.S.C. 1842(a)(3)) deposits in Michigan (as of December 31, 1970). and section 222.3(a) of Federal Reserve Regu­ Inasmuch as the proposal constitutes a cor­ lation Y (12 CFR 222.3(a)), an application by porate reorganization and reflects no expansion of Mercantile Bancorporation Inc., St. Louis, the corporate interests or significant change in the Missouri, for the Board’s prior approval of the character of the banking facilities involved, con­ acquisition of up to 100 per cent of the voting summation of the proposal would not alter exist­ shares of Mercantile Bank and Trust Company ing banking competition nor significantly affect (“Bank”), Kansas City, Missouri. potential competition. The financial and mana­ As required by section 3(b) of the Act, the gerial resources and prospects of Applicant and Board gave written notice of receipt of the appli­ Bank are generally satisfactory and consistent with cation to the Missouri Commissioner of Finance, approval of the application. The convenience and and requested his views and recommendation. needs of the communities involved will not be The Commissioner found the proposed action to be immediately affected by consummation of this a very progressive step in banking. proposal, but improved services may be provided Notice of receipt of the application was pub­ in the future under the more flexible corporate lished in the Federal Register on July 9, 1971 (36 structure of the holding company system. It is Federal Register 12930), providing an oppor­ the Board’s judgment that the transaction would tunity for interested persons to submit comments Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

754 FEDERAL RESERVE BULLETIN □ SEPTEMBER 1971 and views with respect to the proposal. A copy of proved shall not be consummated (a) before the the application was forwarded to the United States thirtieth calendar day following the date of this Department of Justice for its consideration. Time Order or (b) later than three months after the date for filing comments and views has expired and of this Order, unless such period is extended for all those received have been considered. good cause by the Board, or by the Federal Re­ The Board has considered the application in the serve Bank of St. Louis pursuant to delegated light of the factors set forth in section 3(c) of the authority. Act, including the effect of the proposed acquisi­ By order of the Board of Governors, September tion on competition, the financial and managerial 2, 1971. resources and future prospects of the Applicant and the banks concerned, and the convenience and Voting for this action: Vice Chairman Robertson needs of the communities to be served, and finds and Governors Mitchell, Maisel, Brimmer, and Sherrill. Absent and not voting: Chairman Burns and that: Governor Daane. Applicant controls three banks with aggregate (Signed) Tynan Smith, deposits of $1,093.7 million, representing 9.5 Secretary. per cent of total deposits in Missouri. (All bank­ [seal] ing data are as of December 31, 1970, and reflect holding company formations and acquisitions ap­ FIRST NATIONAL CHARTER proved through July 31, 1971.) Bank ($68.6 CORPORATION, KANSAS CITY, MISSOURI million deposits) is the eighth largest banking organization in the Kansas City area with 2.1 In the matter of the application of First National per cent of area deposits. Affiliation with Applicant Charter Corporation, Kansas City, Missouri, for should enhance Bank’s ability to compete with the approval of acquisition of 80 per cent or more of larger organizations in the area, the three largest the voting shares of Citizens Bank of Belton, of which are lead banks of multi-bank holding Belton, Missouri. companies each of which has bank subsidiaries in the St. Louis area served by Applicant’s lead bank. Order Approving Acquisition of Bank Stock Competition for business accounts should be by Bank Holding Company stimulated by Applicant’s entry into the Kansas City area. Because of Missouri’s branch banking There has come before the Board of Governors, laws and the considerable distance between Bank pursuant to section 3(a)(3) of the Bank Holding and Applicant’s three subsidiaries, the closest of Company Act of 1956 (12 U.S.C. 1842(a)(3)) and which is located 180 miles from Bank, it does not section 222.3(a) of Federal Reserve Regulation Y appear that existing competition would be elim­ (12 CFR 222.3(a)), an application by First Na­ inated, or significant potential competition fore­ tional Charter Corporation, Kansas City, Missouri closed, by consummation of Applicant’s proposal. (“Applicant”), a registered bank holding com­ The financial and managerial resources of Ap­ pany, for the Board’s prior approval of the ac­ plicant, its subsidiaries, and Bank are satisfactory quisition of 80 per cent or more of the voting and, therefore, consistent with approval. The shares of Citizens Bank of Belton, Belton, Missouri future prospects of Bank would be enhanced by (“Bank”). consummation of this proposal, and this factor As required by section 3(b) of the Act, the weighs in favor of approval. Applicant plans to Board gave written notice of receipt of the applica­ initiate or expand various services for the busi­ tion to the Commissioner of Finance of the State ness customer, such as international banking serv­ of Missouri, and requested his views and recom­ ices, data processing, and leasing. Accordingly, mendation. The Commissioner responded that his considerations relating to the convenience and office had no objection to approval of the applica­ needs of the community to be served lend some tion. weight for approval. It is the Board’s judgment Notice of receipt of the application was pub­ that the proposed transaction would be in the lished in the Federal Register on July 13, 1971 public interest and that the application should be (36 Federal Register 13066), providing an op­ approved. portunity for interested persons to submit com­ It is hereby ordered, for the reasons set forth ments and views with respect to the proposal. A above, that said application be and hereby is copy of the application was forwarded to the approved, provided that the acquisition so ap­ United States Department of Justice for its con­ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 755 sideration. Time for filing comments and views the convenience and needs of the communities to has expired and all those received have been be served lend some weight in support of approval. considered. It is the Board’s judgment that consummation of The Board has considered the application in the the proposed acquisition would be in the public light of the factors set forth in section 3(c) of the interest, and that the application should be ap­ Act, including the effect of the proposed acquisi­ proved. tion on competition, the financial and managerial It is hereby ordered, for the reasons sum­ resources and future prospects of the Applicant marized above, that said application be and hereby and the banks concerned, and the convenience and is approved, provided that the acquisition so ap­ needs of the communites to be served, and finds proved shall not be consummated (a) before the that: thirtieth calender day following the date of this Applicant, the fifth largest banking organization Order or (b) later than three months after the and bank holding company in Missouri, has four date of this Order, unless such period is extended subsidiary banks with aggregate deposits of for good cause by the Board, or by the Federal Reserve Bank of Kansas City pursuant to delegated $436.9 million, representing 3.8 per cent of the total commercial bank deposits in the State. (All authority. banking data are as of December 31, 1970, By order of the Board of Governors, September adjusted to reflect holding company acquisitions 9, 1971. and formations approved by the Board to date.) Voting for this action: Chairman Burns and Consummation of the proposal herein would in­ Governors Robertson, Mitchell, Daane, Maisel, crease Applicant’s share of deposits in the State Brimmer, and Sherrill. only insignificantly, and its position in relation to (Signed) Tynan Smith, the State’s other banking organizations would re­ Secretary. main unchanged. [seal] Bank ($7.3 million deposits), located 22 miles south of Kansas City, is the larger of two banks in BARNETT BANKS OF FLORIDA, INC., Belton and the fourth largest of ten banks in Cass JACKSONVILLE, FLORIDA County, which approximates the relevant market, In the matter of the application of Barnett Banks and holds 13.3 per cent of market deposits. Ap­ of Florida, Inc., Jacksonville, Florida, for approval plicant has two subsidiary banks located 15 and 20 of acquisition of 80 per cent or more of the voting miles from Bank, but the record indicates those shares of American Bank at Ormond Beach, subsidiaries do not compete with Bank to any Ormond Beach, Florida. significant extent. Moreover, in light of Missouri’s restrictive branching law, the distances separating Applicant’s present subsidiaries and Bank, and the Order Approving Acquisition of Bank Stock by Bank Holding Company presence of numerous banking alternatives, it seems unlikely that consummation of the proposal There has come before the Board of Governors, herein would foreclose the development of any pursuant to section 3(a)(3) of the Bank Holding significant potential competition. Company Act of 1956 (12 U.S.C. 1842(a)(3)) On the basis of the record before it, the Board and section 222.3(a) of Federal Reserve Regula­ concludes that consummation of the proposed tion Y (12 CFR 222.3(a)), an application by acquisition would not adversely affect competition Barnett Banks of Florida, Inc., Jacksonville, in any relevant area. The financial and managerial Florida, a registered bank holding company, for resources and prospects of Applicant, its sub­ the Board’s prior approval of the acquisition of 80 sidiaries, and Bank are regarded as satisfactory and per cent or more of the voting shares of American consistent with approval of the application. Bank at Ormond Beach, Ormond Beach, Florida Affiliation with Applicant would enable Bank to (“Bank”). expand and to improve existing services and to As required by section 3(b) of the Act, the introduce additional services, including trust and Board gave written notice of receipt of the ap­ international services. Bank’s ability to offer new plication to the Florida Commissioner of Banking and improved services should contribute to the and requested his views and recommendation. The development of the already expanding economy Commissioner responded that he recommended of Cass County. These considerations relating to approval of the application. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Notice of receipt of the application was Beach business district and the Halifax River, published in the Federal Register on July 22, 1971 which further restricts present competition and the (36 Federal Register 13639), providing an op­ development of any future competition between portunity for interested persons to submit com­ the two. Moreover, two large holding companies ments and views with respect to the proposal. A together have over 43 per cent of the deposits in copy of the application was forwarded to the the area so that there is little danger that Applicant United States Department of Justice for its con­ will become the dominant organization in the sideration. Time for filing comments and views Daytona Beach area even with the addition of has expired and all those received have been con­ Bank. sidered. The financial and managerial resources and The Board has considered the application in the future prospects of Applicant, its subsidiary banks, light of the factors set forth in section 3(c) of and Bank are regarded as satisfactory and con­ the Act, including the effect of the proposed ac­ sistent with approval. Considerations related to quisition on competition, the financial and man­ the convenience and needs of the community are agerial resources and future prospects of the also consistent with approval. It is the Board’s Applicant and the banks concerned, and the con­ judgment that the proposed acquisition would be venience and needs of the communities to be in the public interest and that the application served, and finds that: should be approved. Applicant has 27 subsidiary banks with aggre­ It is hereby ordered, on the basis of the gate deposits of approximately $785 million, repre­ Board’s findings summarized above, that said ap­ senting 5.6 per cent of the commercial bank plication be and hereby is approved, provided that deposits in Florida. (Banking data are as of De­ the acquisition so approved shall not be con­ cember 31, 1970, and reflect holding company summated (a) before the thirtieth calendar day formations and acquisitions approved by the Board following the date of this Order or (b) later than through August 19, 1971.) Approval of the ac­ three months after the date of this Order, unless quisition of Bank would increase Applicant’s per­ such period is extended for good cause by the centage share of such deposits in Florida by less Board or by the Federal Reserve Bank of Atlanta than one tenth of one per cent. pursuant to delegated authority. Although Applicant presently has one subsidiary By order of the Board of Governors, September bank, Barnett Bank of Daytona Beach (“Daytona 10, 1971. Beach Bank”) in the Daytona Beach area, this subsidiary was not opened until January 18, 1971, and ranks as the smallest bank in the area. Bank Voting for this action: Vice Chairman Robertson and Governors Mitchell, Daane, Maisel, Brimmer, itself was opened on June 26, 1970, and ranks as and Sherrill. Absent and not voting: Chairman Burns. the next to smallest bank in the Daytona Beach area with only 1.3 per cent of area deposits. In (Signed) Tynan Smith, addition to their small size, Daytona Beach Bank Secretary. and Bank are separated by the downtown Daytona [seal] 756 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements CHANGE IN BOARD STAFF The Board noted that the Senate-House con­ ferees who worked out the final language of legis­ The Board of Governors of the Federal Reserve lation exempting export credits from the VFCR System has appointed Benjamin R. W. Knowles, made it clear that they intended to allow the Board Jr., an Assistant Director in the Division of Data time to make adjustments in the program. Their Processing, effective September 13. report to the Senate and House states: Prior to joining the Board’s staff in November The conferees recognize that a reasonable 1970, Mr. Knowles was Manager of Knowles period of time, perhaps as much as 90 days, Associates and had previously been with Interna­ will be needed for the Federal Reserve Board tional Business Machines and Wiley Systems, Inc. to work out modifications in the Voluntary He holds B.S. and M.S. degrees from the Georgia Foreign Credit Restraint Program reflecting the exemption for export credits, as well as any Institute of Technology. further changes needed to continue the program in effect for nonexport financing. The conferees DIRECTORS OF FEDERAL RESERVE BANKS intend and expect that the banks and other financial institutions which are now complying AND BRANCHES with the program will continue to do so until the necessary modifications can be accom­ Alan Pifer was appointed by the Board of Gov­ plished by the Board. ernors as a director of the Federal Reserve Bank The legislation, signed by the President, in addi­ of New York, effective October 1, 1971, to serve tion to removing export credits from the VFCR the remainder of a 3-year term expiring Decem­ program administered by the Federal Reserve as a ber 31, 1973. He is President of Carnegie Corpo­ part of the Government’s over-all balance of pay­ ration of New York in New York City. As a ments program, also authorizes an increase in Exdirector he succeeds the late Whitney M. Young, port-Import Bank activities. Jr. In explaining the steps announced by the Presi­ The Board of Governors has appointed John C. dent on August 15 to strengthen the domestic and Tune, Jr., of Nashville, Tennessee, as a director of international economic position of the United the Nashville Branch of the Federal Reserve Bank States, the White House stated that no new de­ of Atlanta for the unexpired portion of a term cision had been made with respect to the VFCR ending December 31, 1972. Mr. Tune is a partner or the other programs to restrain outflows of capi­ in the law firm of Butler, McHugh, Butler, Tune tal abroad. It added that the restraints remain in & Watts, is chairman of the Metropolitan Nashville effect and that their future disposition is under Airport Authority, and is board chairman and review. founder of John Tune Import Motors. Frank G. Smith, who had served since January OVERSEAS BRANCHES OF 1, 1966, as a Board-appointed director of the MEMBER BANKS New Orleans Branch of the Federal Reserve Bank Total assets of the overseas branches of member of Atlanta, resigned on September 3, 1971. banks increased by $11.5 billion, or 28 per cent, during 1970 to a total of $52.6 billion, the Board VOLUNTARY FOREIGN CREDIT of Governors announced on September 15, 1971, RESTRAINT PROGRAM in releasing data showing balance sheet items of overseas branches at the beginning and end of the The Board of Governors on August 18, 1971, year. The data cover the 536 overseas branches in requested commercial banks and other financial operation at the end of 1970, an increase of 77 institutions participating in the Voluntary Foreign branches during the year. Credit Restraint Program (VFCR) to continue to The Board noted that the preponderance of the comply with the existing program for the time increase in total branch assets in 1970 was again being. accounted for by the branches in Europe, parti- 757 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF OVERSEAS BRANCHES OF MEMBER BANKS, END OF YEAR, 1969 AND 1970 In millions of dollars, unless otherwise indicated United U.S. Near Kingdom Continental Bahamas Latin Far overseas areas East Total and Europe America East and trust and Item Ireland territories Africa 1969 1970 1969 1970 1969 1970 1969 1970 1969 1970 1969 1970 1969 1970 1969 1970 Assets Cash.................................. 5,806 8,934 1,178 2,826 507 1,306 267 265 146 157 59 79 41 58 8,004 13,625 Loans................................ 6,990 11,340 1,813 2,604 891 2,217 863 1,129 1,585 2,152 703 827 134 145 12,97920,414 Due from head offices and U.S. branches. 9,836 5,653 1,809 1,145 1,328 422 26 38 408 437 918 856 12 1414,337 8,565 Other................................ 2,121 3,741 1,664 2,921 267 476 428 623 1,118 1,677 124 471 78 98 5,800 10,007 Total......................... 24,75329,668 6,464 9,496 2,993 4,421 1,584 2,055 3,257 4,423 1,804 2,233 265 31541,12052,611 Liabilities Deposits: Demand....................... 1,508 1,816 791 1,082 86 115 614 684 630 769 402 380 71 85 4,102 4,931 Time.............................. 21,22323,568 3,871 5,976 2,733 3,779 344 438 1,020 1,276 1,054 1,306 173 20530,418 36,548 Due to head offices and U.S. branches......... 15 1,194 117 35 25 92 112 78 322 178 213 160 2 8 806 1,745 Other................................ 2,007 3,090 1,685 2,403 149 435 514 855 1,285 2,200 135 387 19 17 5,794 9,387 Total......................... 24,75329,668 6,464 9,496 2,993 4,421 1,584 2,055 3,257 4,423 1,804 2,233 265 31541,12052,611 Number of branches... 40 44 64 72 31 61 203 223 76 79 38 43 7 14 459 536 Note.—Data are from Board of Governors of the Federal Reserve System. cularly those in London. Deposit growth was reports covering aspects of overseas branch opera­ largely in time deposits, mainly Euro-dollars, in tions. The assets and liabilities shown in the table European and Bahamian branches. are payable in U.S. dollars as well as in currencies Amounts due from head offices and U.S. of the countries where the branches are located branches declined by 40 per cent to $8.6 billion, and in other foreign currencies. reflecting the easing of credit conditions in the United States during 1970, and represented 16 per ADMISSION OF STATE BANK cent of the total assets of the overseas branches as TO MEMBERSHIP IN against 35 per cent at the end of 1969. Loans at FEDERAL RESERVE SYSTEM overseas branches expanded by $7.4 billion, or 57 The following bank was admitted to membership per cent, during the year. in the Federal Reserve System during the period The data are derived from reports of condition August 16, 1971, through September 15, 1971: filed at the end of the year with the Comptroller of the Currency and the Federal Reserve System, Tennessee and differ in certain respects from other statistical Powell . City and County Bank of Powell 758 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication September 15 Industrial production declined in August. Non­ put of copper as some companies resumed pro­ farm employment changed little and the unem­ duction following settlements of strikes. In early ployment rate rose. Retail sales increased and September, raw steel production rose sharply. wholesale prices advanced further. Commercial bank credit increased, and growth in the money EMPLOYMENT stock and time and savings deposits slowed. Be­ tween mid-August and mid-September, yields on Nonfarm payroll employment was little changed Government and corporate securities fell. in August following 2 months of declines. Small gains in trade and State and local government INDUSTRIAL PRODUCTION were offset by further declines in manufacturing, mainly in the primary metal industries, and in Industrial production declined 0.8 per cent further construction. Average weekly hours of produc­ in August and at 105.1 per cent of the 1967 tion workers in manufacturing edged off slightly average was 6.1 per cent below the 1969 high and to 39.9 hours but were up 0.1 hour from a year 2.4 per cent above the auto strike low of last earlier. The unemployment rate increased to November. The August drop reflected largely a 6.1 per cent in August from 5.8 per cent in July sharp curtailment in steel production. reflecting a sharp increase in the civilian labor Auto assemblies, after allowance for the model force. changeover period, were about the same as the July annual rate of 8.5 million units. Production schedules for September indicate little change RETAIL SALES from the July-August rate. Output of television The value of retail sales rose about 1.5 per cent in sets, room air conditioners, and some other ap­ August, after declining 0.8 per cent in July, and pliances declined in August, but production of was 9 per cent above a year earlier, according to consumer nondurable goods was maintained. Out­ the advance report. Sales at durable goods stores put of business equipment eased off and produc­ increased 3.5 per cent from July, largely because tion of defense equipment changed little. In the of a strong boost in the sales of the automotive materials group, the sharp decline in steel pro­ group, and sales at nondurable goods stores were duction was only partially offset by a rise in outup about 1 per cent. INDUSTRIAL PRODUCTION RATIO SCALE, 1967=100 WHOLESALE AND CONSUMER PRICES MATERIALS Wholesale prices, seasonally adjusted, increased 0.7 per cent between July and August. Increases for lumber and wood products and metals and metal products accounted for most of the rise of 0.5 per cent in the industrial component. Farm and food products rose 1.4 per cent as higher prices were posted for eggs, fresh fruits and vege­ tables, fats and oils, and sugar and confectionery. Consumer prices rose 0.2 per cent, seasonally adjusted, in July, substantially less than in June or in the second quarter. Price increases were smaller for foods, reflecting less than seasonal advances for meats, fruits, and vegetables. Prices for used cars and gasoline declined. F.R. indexes, seasonally adjusted. Latest figures: August. 759 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK CREDIT, DEPOSITS, AND RESERVES Net borrowed reserves of member banks aver­ aged about $580 million over the 5 weeks end­ Commercial bank credit (adjusted for transfers of ing September 1 compared with $670 million in loans between banks and their affiliates) increased July. Excess reserves increased somewhat and $5 billion in August, or at a seasonally adjusted member bank borrowings at the Federal Reserve annual rate of 13 per cent, a more rapid advance declined slightly. than in other recent months. Loans increased sharply reflecting expansion in most major cate­ gories. Growth in business loans, in particular, SECURITY MARKETS was quite substantial. This, in part, reflected bor­ rowing by foreigners generated by the adjustments Treasury bill rates fell by about 25 to 60 basis occurring in foreign exchange rates, but domestic points on balance between mid-August and midloan demands also appear to have been stronger September, largely in reaction to the President’s in August. Holdings of both U.S. Treasury securi­ announcement on August 15 of his new economic ties and other securities declined slightly; the program. The 3-month bill was bid at around reduction in the latter category followed large 4.90 per cent in the middle of September, down increases in other recent months. from 5.15 per cent a month earlier. Yields on The money stock increased at an annual rate of U.S. Government notes and bonds declined by 2.6 per cent in August, much less rapidly than in some 20 to 50 basis points over the same period. other recent months. U.S. Government deposits Yields on new corporate securities dropped over increased sharply, however. Expansion in total 60 basis points following the wage/price freeze time and savings deposits slowed further in August and continued to fall on balance into mid-Septem­ to an annual rate of 6.1 per cent compared to an ber, while rates on seasoned securities fell 30 11.3 per cent rate in July. Sales of large negotiable basis points. Municipal security yields plunged CD’s were small and inflows of other time and over 60 basis points in the same period. savings deposits, while slightly faster than in July, Common stock prices rose sharply in heavy were moderate as compared with those of earlier volume at the beginning of the period but leveled months this year. off into mid-September. PRICES INTEREST RATES Wholesale Consumer 1967=100 PER CENT Bureau of Labor Statistics. “Farm products and foods” is BLS Discount rate, range or level for all F.R. Banks. Weekly “Farm products, and processed foods and feeds.” Latest figures: average market yields for U.S. Govt, bonds maturing in 10 Consumer, July; Wholesale, Aug. years or more and for 90-day Treasury bills. Latest figures: week ending Sept. 4. 760 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 Demand deposit ownership A 33 Loan sales by banks A 33 Open market paper A 34 Interest rates A 37 Security markets A 38 Stock market credit A 39 Savings institutions A 41 Federally sponsored credit agencies A 42 Federal finance A 44 U.S. Government securities A 47 Security issues A 50 Business finance A 52 Real estate credit A 56 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 □ SEPTEMBER 1971 U.S. STATISTICS— Continued A 60 Industrial production A 64 Business activity A 64 Construction A 66 Labor force, employment, and earnings A 68 Consumer prices A 68 Wholesale prices A 70 National product and income A 72 Flow of funds INTERNATIONAL STATISTICS: A 74 U.S. balance of payments A 75 Foreign trade A 76 U.S. gold transactions A 77 U.S. reserve assets; position in the IMF A 78 International capital transactions of the United States A 91 Foreign exchange rates A 92 Money rates in foreign countries A 93 Arbitrage on Treasury bills A 94 Gold reserves of central banks and governments A 95 Gold production A 104 INDEX TO STATISTICAL TABLES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 3 G uide to T ab u lar P re se n ta tio n 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 Aug. 1971 A-72—A-73.9 Banks and branches, number, by class and State................................... Apr. 1971 A-94—A-95 Semiannually Flow of funds: Assets and liabilities: Ba A n n k a in ly g s o is f f o ic f e c s h : anges in number___ Aug. 1971 A-96 1 19 9 7 5 0 9 - d 7 a 0 t . a ... . ( . r .. e .. v .. i .. s . e .. d ... ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M Ju a n r e . 1 1 9 9 7 7 1 1 A- A 71 -7 .1 1 0 .2 — — A A -7 - 1 7 . 1 2 . 1 3 On, and not on, Federal Reserve Aug. 1971 A-97 Flo 19 w 6 s 6 : -70............................................ Mar. 1971 A-70—A-71.9 1970 selected data (revised)......... June 1971 A-70—A-71.1 Annually Income and expenses: Bank holding companies: Federal Reserve Banks.................... Feb. 1971 A-94—A-95 List of, Dec. 31, 1970....................... June 1971 A-110 Insured commercial banks.............. June 1971 A-94—A-95 Banking offices and deposits of Member banks: Aug. 1971 A-98 Calendar year................................ June 1971 A-94—A-103 Income ratios................................. June 1971 A-104—A-109 Banking and monetary statistics, Operating ratios............................ July 1971 A-100—A-105 Feb. 1971 A-98—A-99 Mar. 1971 A-94—A-106 Stock exchange firms, detailed debit July 1971 A-96—A-99 and credit balances........................... Sept. 1970 A-94—A-95 S tatistical R eleases LIST PUBLISHED SEMIANNUALLY, WITH LATEST BULLETIN REFERENCE Issue Page Anticipated schedule of release dates for individual releases. June 1971 A-117 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 4 BANK RESERVES AND RELATED ITEMS □ SEPTEMBER 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 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 20,336 142 1,117 21,606 22,879 4,629 1960—Dec............................. 27,248 27,170 78 94 1,665 29,060 17,954 5,396 1965—De c 40,885 40,772 113 490 2,349 43,853 13,799 5,565 1966—De c 43,760 43,274 486 570 2,383 46,864 13,158 6.284 1967—De c 48,891 48,810 81 238 2,030 51,268 12,436 6,777 1968—De c 52,529 52,454 75 765 3,251 56,610 10.367 6,810 1969—De c 57,500 57,295 205 1,086 3,235 2,204 64,100 10.367 6,841 1970—.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—Ja n 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.............................. 63,371 63,153 218 148 3,047 1,103 67,747 10.732 400 7,291 May............................ 64,714 64,368 346 330 2,704 1,076 68,926 10,448 400 7,357 June............................ 64,642 64,574 68 453 2,690 979 68,834 10.332 400 7,419 July............................. 66,001 65,652 349 820 3,001 1,150 71,052 10.332 400 7,437 Aug.p.......................... 66,324 66,143 181 805 2,555 991 70,733 10,184 400 7,460 Week ending— 1971—June 2..................... 64,877 64,777 100 646 2,461 923 69,007 10.332 400 7,390 9..................... 64,432 64,432 153 2,750 911 68,310 10.332 400 7,404 16..................... 64,385 64,385 403 2,627 959 68,437 10.332 400 7,417 23..................... 64,302 64,117 185 619 2,917 1,007 68,936 10.332 400 7.429 30..................... 65.352 65,295 57 750 2,588 1,047 69,802 10.332 400 7,434 July 7..................... 65,772 65,461 311 661 2,965 1,092 70,586 10.332 400 7,431 14..................... 65,826 65,669 157 991 3,179 1,145 71,216 10.332 400 7.430 21..................... 66,435 65,694 741 1,121 3,189 1,156 71,982 10.332 400 7,440 28..................... 66,055 65,721 334 545 2,734 1,187 70,600 10.332 400 7.443 Aug. 4..................... 66,182 65,822 360 764 2,583 1,222 70,819 10.332 400 7.443 11..................... 66,158 65,872 286 593 2,517 1,257 70,585 10,246 400 7,453 18..................... 66,067 65,956 111 1,179 2,692 1,044 71,029 10.132 400 7,457 25^............. 66.353 66,353 771 2,769 726 70,673 10.132 400 7,465 End of month 1971—June........................... 65,518 6 65,518 446 2,549 1,086 69,661 10.332 400 7,420 July............................. 65,841 6 65,841 778 2,618 1,209 70,501 10.332 400 7,445 Aug.**......................... 66,937 6 66,635 302 858 2,192 786 70,880 10,132 400 7,490 Wednesday 1971—June 2..................... 64,959 6 64,809 150 37 2,609 958 68,634 10.332 400 7,396 9..................... 64,613 6 64,613 590 2,371 955 68,591 10.332 400 7,414 16..................... 63,993 6 763,993 261 2,788 984 68,088 10.332 400 7,426 23..................... 64,981 6 64,640 34i 631 2,605 1,047 69,390 10.332 400 7.434 30..................... 65,518 6 65,518 446 2,549 1,086 69,661 10.332 400 7.434 July 7..................... 65,118 6 765,118 469 2,959 1,123 69,730 10.332 400 7.430 14..................... 65,636 6 65,636 1,840 3,314 1,157 72,004 10.332 400 7.431 21..................... 66,680 6 65,704 976 1,563 2,802 1,201 72,328 10.332 400 7,441 28..................... 65,762 6 65,762 782 2,553 1,205 70,356 10.332 400 7,449 Aug. 1 4 1 p ^ . . . . .. . . . .. . . . .. . . . . . .. . . . .. . . . . 6 6 7 6 , , 2 0 1 1 6 7 6 6 6 6 5 5 , , 8 9 4 0 1 2 1,3 1 7 1 5 5 6 57 5 3 7 2 2 , , 3 4 8 2 9 8 1 1 , , 2 3 8 3 1 6 7 7 1 0 , , 6 4 4 0 1 1 1 1 0 0 . . 3 1 3 3 2 2 4 4 0 00 0 7 7 . , 4 4 5 4 7 6 18*............. 66,260 6 65,942 318 1,123 2,785 749 70,969 10.132 400 7.457 25p................... 66,406 6 66,406 1,801 2,453 772 71,484 10.132 400 7,466 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1971 □ BANK RESERVES AND RELATED ITEMS A 5 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS— Continued (In millions of dollars) Factors absorbing reserve funds Deposits, other than member bank Member bank r c C t c e u i i n i u o n l r a c r n ­ y ­ ­ T h c i u r n o a e r g l s a d y h s s ­ ­ T u re r a y s­ with r e F s F e . e i R o g r r v n . ­ e B s, a nks c O o F u t . h R n e t . r s3 c b a O F i a p l l t i . n i h i a R t t d i e ­ a e . r l s 3 B F W a . n R it k h . s re c r C s a e o e n n u i r n d c r v y ­ 5 e s Total Period or date Averages of daily figures 7,609 2,402 616 739 248 11,473 11,473 . 1939—Dec. 10,985 2,189 592 1,531 292 12,812 12,812 . 1941—Dec. 28,452 2,269 625 1,247 493 16,027 16,027 . 1945—Dec. 27,806 1,290 615 920 353 739 17,391 17,391 . 1950—Dec. 33,019 408 522 250 495 1,029 16,688 2,595 19,283 . 1960—Dec. 42,206 808 683 154 231 389 18,747 3,972 22,719 . 1965—Dec. 44,579 1,191 291 164 429 83 19,568 4,262 23,830 . 1966—Dec. 47,000 1,428 902 150 451 -204 20,753 4,507 25,260 . 1967—Dec. 50.609 756 360 225 458 -1,105 22,484 4,737 27,221 .1968—Dec. 53,591 656 1,194 146 458 2,192 23,071 4,960 28,031 .1969—Dec. 54,736 451 1,058 177 830 2,275 23,353 4,996 28,349 . 1970—Aug. 54,931 457 1,070 141 750 2,300 23,719 5,106 28,825 .............Sept. 55,063 459 1,042 142 747 2,249 23,593 5,108 28,701 .............Oct. 55,864 453 890 149 721 2,256 23,416 5,142 28,558 ...........Nov. 57,013 427 849 145 735 2,265 23,925 5,340 29,265 .............Dec. 56,192 445 1,028 155 786 2,109 24,938 5,550 30,488 .1971—Jan. 55,754 465 1,025 153 778 2,232 24,710 5,170 29,880 .............Feb. 56,123 467 783 139 718 2.227 24,601 5,085 29,686 .............Mar. 56,716 499 1,047 148 752 2,194 24,814 5,071 29,885 .............Apr. 57,155 506 1,112 173 690 2,244 25,251 5,168 30,419 .............May 57,969 491 652 155 698 2.227 24,793 5,230 30,023 .............June 58,847 471 1,546 161 714 2,251 25,231 5,316 30,547 .............July 58,906 477 1,121 181 712 2,298 25,082 5,348 30,430 ............Aug.* Week ending— 57,482 506 890 187 703 2,304 25,057 5,219 30,276 .1971—June 2 57,851 494 394 151 695 2,328 24,534 5,352 29,886 ......................... 9 58,078 494 9 150 695 2,148 25,012 5,213 30,225 .........................16 58,005 493 670 155 689 2,169 24,916 5,003 29,919 .........................23 58,011 480 1,464 166 693 2,233 24,921 5,371 30,292 .........................30 58,671 460 1,535 170 707 2,307 24,898 5,415 30,313 .July 7 59,182 460 1,778 162 721 2,264 24,811 5,443 30,254 ............14 58,955 470 1,602 166 703 2,183 26,074 4,858 30,932 ........21 58,683 488 1,383 137 708 2,236 25,142 5,481 30,623 ............28 58,691 484 1,121 174 746 2,322 25,456 5,438 30,894 . Aug. 4 59,014 475 1,157 169 726 2,406 24,737 5,593 30,330 .......11 59,112 473 1,038 176 730 ...........18 58,875 479 1,153 184 681 2,253 25,044 5,085 30,129 .......25p End of month 58,393 454 1,274 199 688 2,256 24,550 5,372 29,922 .1971—June 58,558 479 1,115 162 754 2,291 25,321 5,438 30,759 ..............July 58,881 472 987 122 669 2,361 25,409 5,339 30,748 .............Aug.* Wednesday 57,811 507 869 140 751 2,326 24,358 5,219 29,577 .1971—June 2 58,121 498 7 194 668 2,345 24,904 5,347 30,251 ....................... 9 58.183 501 7 179 704 2,125 24,547 5,201 29,748 .......................16 58,050 493 719 181 701 2,197 25,215 5,004 30,219 .......................23 58,394 466 1,274 199 688 2,256 24,550 5,372 29,922 .......................30 59.184 468 2,065 196 713 2,321 22,945 5,424 28,369 .July 7 59,230 468 2,516 163 694 2,133 24,964 5,451 30,415 ...........14 58,916 492 1,110 115 698 2,211 26,960 4,858 31,818 .......21 58,781 493 1,413 149 722 2,251 24,728 5,479 30,207 ...........28 58,930 481 733 178 724 2,393 26,381 5,456 31,837 . Aug. 4* 59,253 476 1,292 163 740 2,422 24,044 5,585 29,629 .......11* 59,133 478 1,184 166 719 2,217 25,060 5,319 30,379 .......18* 58,854 488 1,375 135 689 2,275 25,666 5,085 30,751 ...........25p 1 Includes Federal agency obligations. 5 Part allowed as reserves Dec. 1, 1959—Nov. 23, 1960; all allowed 2 Beginning with 1960 reflects a minor change in concept; see Feb. thereafter. Beginning with Jan. 1963, figures are estimated except for 1961 Bulletin, p. 164. weekly averages. Beginning Sept. 12, 1968, amount is based on close- 3 Beginning Apr. 16, 1969, “Other F.R. assets” and “Other F.R. of-business figures for reserve period 2 weeks previous to report date. liabilities and capital” are shown separately; formerly, they were 6 Includes securities loaned—fully secured by U.S. Govt, securities netted together and reported as “Other F.R. accounts.” pledged with F.R. Banks. 4 Includes industrial loans and acceptances, until Aug. 21, 1959, when 7 Reflects securities sold, and scheduled to be bought back, under industrial loan program was discontinued. For holdings of acceptances matched sale/purchase transactions. on Wed. and end-of-month dates, see tables on F.R. Banks on following pages. See also note 2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 6 BANK RESERVES AND RELATED ITEMS □ SEPTEMBER 1971 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City City of Chicago Period Reserves Bor­ Reserves Bor­ Reserves Bor­ T h o e t ld al qu R ir e e ­ d1 Excess B r F i a n o a . n R w g t k s ­ . s s F e r r r e v e ­ e e s T h o e t ld al qu R ir e e ­ d 1 Excess B r F i a n o a . n g w R t k s ­ . s se F r r r v e e e ­ e s T h o e t l a d l qu R ir e e ­ d i Excess B r F i a n o a . n R g w t k s . ­ s s F er r r v e e ­ e e 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 8 5 3 1960—Dec............... 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 4 8 -4 1963—Dec............... 20,746 20,210 536 327 209 3,951 3,895 56 37 19 1,056 1,051 5 26 -21 1964—Dec............... 21,609 21,198 411 243 168 4,083 4,062 21 35 -14 1,083 1,086 -3 28 -31 1965—Dec............... 22,719 22,267 452 454 -2 4,301 4,260 41 111 -70 1,143 1,128 15 23 -8 1967—Dec............... 25,260 24,915 345 238 107 5,052 5,034 18 40 -22 1,225 1,217 8 13 -5 1968—Dec............... 27,221 26,766 455 765 -310 5,157 5,057 100 230 -130 1,199 1,184 15 85 -70 1969—Dec............... 28,031 27,774 257 1,086 -829 5,441 5,385 56 259 -203 1,285 1,267 18 27 -9 1970—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—Jan................ 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............... 29,885 29,745 140 148 -8 5,690 5,696 -6 15 -21 1,392 1,385 7 4 3 May............. 30,419 30,107 312 330 -18 5,837 5,791 46 113 -67 1,436 1,421 15 13 2 June............. 30,023 29,892 131 453 -322 5,637 5,674 -37 90 -127 1,387 1,405 -18 21 -39 July.............. 30,547 30,385 162 820 -658 5,729 5,754 -25 86 -111 1,407 1,408 -1 28 -29 Aug.p........... 30,430 30,259 171 805 -634 5,691 5,641 50 164 -114 1,416 1,410 6 7 -1 Week ending— 1970—Aug. 5.... 28,142 27,954 188 1,010 -822 5,238 5,300 -62 147 -209 1,288 1,283 5 100 -95 12.... 28,588 28,309 279 1,174 -895 5,579 5,522 57 431 -374 1,331 1,339 -8 86 -94 19.... 28,515 28,423 92 681 -589 5,488 5,535 -47 55 -102 1,359 1,350 9 100 -91 26.... 28,177 28,039 138 660 -522 5,222 5,200 22 77 -55 1,252 1,259 -7 14 -21 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 92 -125 1,424 1,464 -40 5 -45 27.... 30,172 29,890 282 354 -72 5,752 5,760 -8 26 -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 -88 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 1,367 -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 1,365 -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 17 79 1,346 1,367 -21 -21 21___ 29,938 29,857 81 84 -3 5,728 5,784 -56 — 56 1,381 1,384 — 3 — 3 28.... 30,157 30,109 48 176 -128 5,625 5,682 -57 46 -103 1,430 1,418 12 18 -6 May 5----- 30,780 30,415 365 174 191 5,907 5,817 90 46 44 1,440 1,449 -9 -9 12.... 30,084 29,854 230 99 131 5,657 5,716 -59 39 -98 1,424 1,393 31 31 19.... 30,362 30,260 102 306 -204 5,986 5,967 19 143 -124 1,426 1,455 -29 41 -70 26.... 30,246 30,072 174 267 -93 5,768 5,781 -13 100 -113 1,435 1,416 19 18 1 June 2.... 30,276 29,991 285 646 -361 5,693 5,638 55 171 -116 1,387 1,396 -9 -9 9.... 29,886 29,813 73 153 -80 5,648 5,680 -32 46 -78 1,414 1,413 1 1 16.... 30,225 29,959 266 403 -137 5,742 5,729 13 129 -116 1,473 1,467 6 6 23.... 29,919 29,709 210 619 -409 5,648 5,607 41 103 -62 1,338 1,351 -13 77 -90 30.... 30,292 30,060 232 750 -518 5,676 5,699 -23 107 -130 1,405 1,394 11 11 July 7.... 30,313 30,036 277 661 -384 5,689 5,663 26 34 -8 1,388 1,374 14 14 14.... 30,254 30,249 5 991 -986 5,747 5,814 -67 252 -319 1,390 1,412 -22 -22 21.... 30,932 30,650 282 1,121 -839 5,911 5,856 55 65 -10 1,464 1,451 13 116 -103 28.... 30,623 30,556 67 545 -478 5,671 5,718 -47 30 -77 1,383 1,384 -1 7 -8 Aug. 4----- 30,894 30,460 434 764 -330 5,781 5,677 104 43 61 1,447 1,434 13 13 11.... 30,330 30,303 27 593 -566 5,625 5,699 -74 -74 1,419 1,431 -12 -12 18.... 30,605 30,381 224 1,179 -955 5,816 5,748 68 ’“ '342 -274 1,416 1,412 4 31 -27 25p... 30,129 30,020 109 771 -662 5,464 5,523 -59 266 -325 1,384 1,383 1 1 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PTEMBER 1971 □ BANK RESERVES AND RELATED ITEMS A 7 iRVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) banks Country banks Reserves Period Borrow­ Borrow­ ings at Free ings at Free F.R. reserves F.R. reserves Banks T h o e t ld al Required1 Excess Banks 3 1,188 1,568 897 671 3 668 ..............................1939—Dec. 4 1 1,302 2,210 1,406 804 4 800 ..............................1941—Dec. 6 96 322 4,576 3,566 1,011 46 965 ..............................1945—Dec. 6 50 182 4,761 4,099 663 29 634 ..............................1950—Dec. 7 20 80 6,689 6,066 623 40 583 ..............................1960—Dec. 8 190 -122 7,347 6,939 408 74 334 ..............................1963—Dec. 8 125 -103 7,707 7,337 370 55 315 ..............................1964—Dec. 9 228 -161 8,219 7,889 330 92 238 ..............................1965—Dec. 10 105 -55 8,901 8,634 267 80 187 ..............................1967—Dec. 10 270 -180 9,875 9,625 250 180 70 .............................1968—Dec. 10 479 -473 10,335 10,158 177 321 -144 ..............................1969—Dec. 11 424 -428 10,496 10,344 152 183 -31 .............................1970—Aug. 11 369 -337 10,605 10,432 173 107 66 11 338 -289 10,492 10,326 166 101 65 iii 301 -359 10,619 10,437 182 53 129 n; 264 -222 10,765 10,576 189 28 161 294 -282 11,151 10,938 213 35 178 ..............................1971—Jan. 11: 268 -333 10,976 10,777 199 27 172 ...........................................Feb. ni 236 -155 10,915 10,749 166 16 150 ii, 119 -154 11,049 10,875 174 10 164 ii, 136 -45 11,223 11,063 160 68 92 H, 181 -173 11,256 11,078 178 161 17 11, 441 -431 11,472 11,294 178 265 -87 ...........................................July H, 425 -445 11,461 11,325 136 209 -73 Week ending— H, 532 -466 10,474 10,295 179 231 -52 1970—Aug. 5 11, 527 -514 10,479 10,262 217 130 87 ...............................................12 H, 338 -357 10,435 10,286 149 188 -39 ...............................................19 H, 371 -397 10,568 10,419 149 198 -49 ...............................................26 12, 310 -185 11,123 10,819 304 26 278 ........................1971—Jan. 6 H, 249 -333 11,078 10,920 158 28 130 ...............................................13 12, 332 -364 11,226 11,029 197 43 154 ...............................................20 H, 286 -224 11,185 10,995 190 42 148 ...............................................27 H, 253 -246 11,087 10,875 212 30 182 11, 229 -203 10,968 10,731 237 18 219 ...............................................10 11 380 -400 10,984 10,721 263 46 217 ...............................................17 Hi 228 -157 10,985 10,808 177 22 155 ...............................................24 11 242 -264 10,939 10,747 192 16 176 ....................................Mar. 3 11 244 -279 10,917 10,726 191 13 178 ...............................................10 Hi 231 -181 10,881 10,717 164 13 151 ...............................................17 Hi 245 -291 10,897 10,767 130 15 115 ...............................................24 Hi 221 -163 10,951 10,777 174 22 152 ...............................................31 11. 184 -60 10,976 10,777 199 13 186 Hi 127 -207 10,909 10,696 213 6 207 ...............................................14 Hi 80 -99 11,022 10,863 159 4 155 ...............................................21 H, 98 -143 11,192 11,054 138 14 124 ...............................................28 12, 101 4 11,389 11,210 179 27 152 11, 42 32 11,177 10,993 184 18 166 ...............................................12 Hi 71 -137 11,145 10,967 178 51 127 ...............................................19 Hi 93 -53 11,223 11,095 128 56 72 ...............................................26 11, 317 -283 11,305 11,100 205 158 47 Hi 52 -112 11,131 10,967 164 55 109 ............................................... 9 Hi 113 -50 11,198 11,014 184 161 23 11 286 -223 11,230 11,111 119 153 -34 ...............................................23 Hi 324 -256 11,384 11,208 176 308 -132 ...............................................30 11, 372 -326 11,389 11,198 191 255 -64 ....................................July 7 Hi 498 -588 11,331 11,147 184 241 -57 ...............................................14 12 i 607 -546 11,468 11,315 153 333 -180 ...............................................21 Hi 296 -343 11,623 11,461 162 212 -50 12, 429 -308 11,572 11,376 196 292 -96 11, 375 -417 11,430 11,275 155 218 -63 ...............................................11 Hi 545 -563 11,490 11,320 170 261 -91 ...............................................18 H, 373 -337 11,457 11,326 131 132 -1 II mt is based on close-of-business fig- Total reserves held: Based on figures at close of business through Nov. ious 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. Monthly data are averages of daily Required reserves: Based on deposits as of opening of business each day. they are not averages of the 4 or 5 Borrowings at F.R. Banks: Based on closing figures. lin the month. Beginning with Jan. or weekly averages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 8 MAJOR RESERVE CITY BANKS □ SEPTEMBER 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— s E e x r r v c e e e ­ s s s 1 r a B o t B w a F o n in r . k R ­ g s . s F t f i b e r n u N d a a t n e n e e n d r r t k s s a ­ . l S d u e r o f p i r c lu it s r P r e e e q a s r o e u v c r g i f e r v . n e e d t s ch P a u s r e ­ s Sales t a w c t T r o t o a i - o t n w a 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 t g s b o S e a f l a l n l n i e n k e s g s t d L ea o t l a o e n rs s 3 de f r B i r a n o o o l g w e m r s r ­ ­ s4 lo N a e n t s Total—46 banks 1971—July 7......... 166 149 6,145 -6,128 47.9 10,668 4,523 3,818 6,850 705 1,271 425 846 14......... -39 561 7,020 -7,619 58.4 10,981 3,961 3,587 7,394 373 1,360 253 1,108 21......... 58 390 5,815 -6,148 46.5 9,975 4,160 3,497 6,478 664 1,028 368 660 28......... -2 97 4,347 -4,447 34.2 8,986 4,639 3,484 5,503 1,156 1,075 347 727 August 4......... 183 165 5,190 -5,172 39.7 9,613 4,423 3,681 5,932 742 1,201 396 805 11......... 27 47 6,302 -6,322 48.6 10,608 4,306 3,264 7,344 1,042 1,046 436 610 18......... 71 560 6,195 -6,684 51.3 10,790 4,595 3,780 7,010 816 1,305 447 858 25......... -4 326 5,646 -5,975 47.1 10,347 4,701 3,718 6,629 983 1,677 388 1,289 8 in New York City 1971 —July 7......... 45 2,601 -2,556 49.7 3,658 1,057 872 2,787 186 923 162 761 14......... -11 252 2,894 -3,157 59.7 3,649 755 755 2,894 884 71 813 21......... 27 47 2,504 -2,524 47.3 3,402 898 898 2,504 805 74 731 28. . . -20 9 1,490 -1,520 29.3 2,601 1,111 1,043 1,558 68 862 81 781 August 4......... 83 43 2,002 -1,962 38.1 3,011 1,008 990 2,020 18 971 75 896 11 4 2,872 - 2,868 55.3 3,537 665 665 2,872 846 123 723 18 61 338 2,879 -3,156 60.3 3,635 757 718 2,917 39 1,112 176 935 25........ -1 229 2,198 -2,428 48.4 3,135 937 776 2,360 161 1,298 211 1,087 38 outside New York City 1971— July 7........ 121 149 3,545 -3,572 46.8 7,010 3,466 2,947 4,063 519 349 264 85 14 -28 308 4,126 -4,462 57.4 7,332 3,206 2,832 4,500 373 476 181 295 21 30 344 3,311 -3,624 46.0 6,573 3,262 2,599 3,974 664 223 294 -71 28 , 18 88 2,857 -2,927 37.5 6,385 3,529 2,441 3,945 1,088 213 267 -54 August 4......... 100 122 3,188 -3,210 40.8 6,603 3,415 2,691 3,912 724 230 321 -91 11 23 47 3,430 -3,454 44.1 7,071 3,641 2,600 4,471 1,042 200 314 -114 18 10 222 3,316 -3,528 45.3 7,154 3,838 3,062 4,092 111 194 271 -77 25........ -3 97 3,448 -3,548 46.2 7,212 3,764 2,942 4,270 822 379 177 203 5 in City of Chicago 1971—juiy 7......... 16 1,419 -1,404 112.4 1,984 564 518 1,465 46 98 98 14......... -10 1,711 -1,720 133.9 2,232 521 499 1,734 23 84 84 21 -1 116 1,091 -1,207 91.3 1,656 565 493 1,163 72 46 46 28 49 7 1,139 -1,098 87.4 1,686 546 527 1,158 19 60 60 August 4......... -1 1,422 -1,423 108.9 1,968 545 514 1,453 31 87 87 11......... -2 1,503 -1,505 115.3 1,972 469 462 1,510 7 43 43 18 2 31 1,449 -1,478 114.9 1,886 437 435 1,451 2 35 35 25......... 5 1,443 -1,438 114.1 2,007 564 549 1,457 15 95 95 33 others 1971—July 7,, 105 149 2,125 -2,169 33.9 5,027 2,901 2,429 2,598 473 251 264 -12 14. . . -18 308 2,416 -2,742 42.3 5,100 2,685 2,334 2,766 350 392 181 211 21 31 228 2,220 -2,417 36.8 4,918 2,698 2,106 2,812 592 177 294 -117 28 -31 81 1,717 -1,829 27.9 4,700 2,983 1,913 2,787 1,069 153 267 -114 August 4......... 101 122 1,766 -1,787 27.2 4,635 2,869 2,176 2,459 693 144 321 -178 11......... 25 47 1,927 -1,949 29.9 5,099 3,173 2,138 2,962 1,035 157 314 -156 18........ 8 191 1,868 -2,050 31.5 5,269 3,401 2,627 2,642 775 159 271 -112 25......... -8 97 2,005 - 2,110 32.9 5,205 3,201 2,393 2,812 807 285 177 108 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

SEPTEMBER 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 R u a 1 g 9 te . 7 1 3 o 1 n , Ef d fe a c t t e ive Pr r e a v t io e us A R u a 19 t g e 7 . 1 3 o 1 n , Ef d fe a c t t e ive Pr r e a v t i e ous A R u a 19 g te 7 . 1 o 3 n 1, Ef d fe a c t t e ive Pre r v at io e us Boston.................................................. 5 July 19, 1971 4% 5V4 July 19, 1971 5*4 7 July 19, 1971 6V4 New York............................................ 5 July 16, 1971 4V4 51/4 July 16, 1971 5*4 7 July 16, 1971 6% Philadelphia........................................ 5 July 16, 1971 4% 51/2 July 16, 1971 5*4 7 July 16, 1971 6 34 Cleveland............................................. 5 July 23, 1971 4% 5*4 July 23, 1971 5*4 7 July 23, 1971 634 Richmond............................................ 5 July 23, 1971 4% 5*4 July 23, 1971 5*4 7 July 23, 1971 634 Atlanta................................................. 5 July 19, 1971 434 5*4 July 19, 1971 5*4 7 July 19, 1971 634 Chicago................................................ 5 July 23, 1971 4% 5*4 July 23, 1971 5*4 7 July 23, 1971 634 St. Louis.............................................. 5 July 16, 1971 4% 5*4 July 16, 1971 5*4 7 July 16, 1971 634 Minneapolis........................................ 5 July 19, 1971 4% 5*4 July 19, 1971 514 7 July 19, 1971 634 Kansas City........................................ 5 July 23, 1971 4V4 51/2 July 23, 1971 5*4 7 July 23, 1971 634 Dallas................................................... 5 July 23, 1971 4V4 51/2 July 23, 1971 5*4 7 July 23, 1971 634 San Francisco..................................... 5 July 16, 1971 4% 5*4 July 16, 1971 5*4 7 July 16, 1971 634 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 V4 *4 1957—Aug. 9. 3 -3% 3 1965—Dec. 6...................... 4 -4*4 4*4 23. 31/2 3* 13..................... 4*4 4*4 1946—Apr. 25...................... t *4-1 1 Nov. 15. 3 -3% May 10...................... 1 1 Dec. 2. 3 3 1967—Apr. 7..................... 4 -4*4 4 14...................... 4 4 1948—Jan. 12..................... 1 -1*4 1*4 1958—Jan. 22. 23/4-3 3 Nov. 20..................... 4 -4*4 4*4 19..................... 1*4 1*4 24. 2%-3 234 27..................... 41/2 41/2 1 1 9 9 5 5 0 3 — — A J A a u u n g g . . . 2 2 2 2 1 1 1 3 5 3 3 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 3 * * 2 4 1 1 4 4 * - - 3 - 4 1 1 2 4 3 * 4 4 2 2 1 1 l 1 3 * * 34 / 4 4 4 A S O A M M e p u c a p a t r g r y . t . . . . 2 2 2 1 1 1 1 9 3 4 7 5 1 2 8 3 . . . . . . . . . 2 2 2 I l m % V * * 2 4 2 4 4 1 - - * - - - 3 - 4 2 2 2 2 2 4 3 V 3 i/ 4 4 2 2 2 2 2 2 2 i I 1 V y 1 V 1 1 / 4 4 4 4 4 4 1968— D A A M p u e a c r g r . . . . 2 2 2 3 1 1 1 1 0 2 6 0 6 8 5 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 4 5 1 * * / 4 5 5 5 5 4 2 1 - - * * - - 5 / 5 5 4 4 5 2 1 * * / 4 4 2 5 5 5 5 5 5 4 5 * * * * * * * 4 4 4 4 4 4 4 1954—Feb. 5..................... 134-2 134 Nov. 7. 21/2 21/2 1969—Apr. 4...................... 51/2-6 6 15..................... 134 134 8...................... 6 6 Apr. 16..................... l 1 * *4 4 - - 1 1 3 3 4 4 1 1 3 * 4 4 1959—Mar. 1 6 6. . 2* 3 4-3 3 3 1970—Nov. 1 1 3 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 3 3 4 4 - - 6 6 5 6 34 May 21...................... 1*4 1*4 May 29. 3 -3 Vi 31/4 16...................... 534 534 1955—Apr. 14...................... 1*4-134 1*4 J S u ep n t e . 1 1 1 2. . 31/ 3 2 * - 4 4 4 31 /2 Dec. 1...................... 51/2-534 534 15...................... 1*4-134 l34 18. 4 4 4...................... 51/2-534 51/2 May 2...................... 134 134 11..................... 5*4 51/2 N S A e o u p v g t . . . 1 1 1 9 5 4 8 3 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 1 1 * 3 3 4 2 4 4 - * - - - - 2 2 2 2 4 2 1 * * * * / 4 4 2 4 4 2 2 2 2 2 l 1 * * 3 / 4 4 4 2 1960— S A Ju e u p n g t e . . 1 1 1 9 2 4 0 3 . . . . . 3 3 3 V i/ 3 3 2 4 1 - - - 3 / 4 2 4 1 /2 3 4 3 3 3 1 1 / /2 2 1971—Jan. 2 2 1 1 8 2 9 5 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 5 *4 5 5 - * - - 5 5 4 5 * * 1/ 4 4 2 5 5 5 5 5 * * * 4 4 4 23...................... 2*4 2*4 1963—July 17. 3 -3% 31/4 Feb. 1 1 9 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 3 3 4 4-5 5 434 1956—Apr. 2 1 0 3 . . . . . . . . . . . . . . . .. .. . . . . . . . . . . . . . . . . . . . . . . . . 2 2 1 3/ /2 4- - 3 3 2 2 3 3 4 4 26. 3% 3V4 July 2 1 3 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5 34-5 5 5 Aug. 24...................... 234-3 3 1964—Nov. 24. 3V4-4 4 31...................... 3 3 30. 4 4 In effect Aug. 31, 1971......... 5 5 f Preferential rate of *4 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. May 3-6, 17, 4.125, in the following periods (rates in percentages): 1955—May 4-6, 1.65; 18-20, 4.375, 26-27, 4.50; June 1. 4.50. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 10 RESERVE AND MARGIN REQUIREMENTS □ SEPTEMBER 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 5 deposits 2 deposits 2»4 (all classes of banks) Time depos­ its Reserve Country Other Effective date 1 C re e s n e t r r v a e l s R er e v ­ e Co tr u y n­ cla ( o a s l f s l es Effective date 1 city banks banks d S i e n p a g v o s ­ s­ time deposits b c a i n ty ks b c a i n ty ks banks banks) $ U 5 n m de il r ­ $ O 5 v m er il ­ $ U 5 n m de il r ­ $ O 5 v m er il ­ its $ U 5 n m de il r ­ $ O 5 v m er il ­ lion lion lion lion lion lion In effect Dec. 31, 1949. 22 18 12 1966—July 14,21. 6 16 Vi 6 12 64 6 4 Sept. 8, 15. 1951—Jan. 11, 16... 23 19 13 1953— J J a u n ly . 25 9 , , F 1 e . b .. . . 2 2 2 4 2 1 0 9 1 13 4 1967—M M a ar r . . 1 2 6 . . 3 3 Vi 3 3% 1954—June 24, 16... 21 July 29, Aug. 20 18 12 1968—Jan. 11,18.... 16Vi 17 12 12Vi 1958— M Fe a b r . . 2 2 0 7 , , A M p a r r . . ii* 1969—Apr. 17............. 17 17% 12 Vi 13 A A p p r r . . 2 1 4 7. . . . . . . . . . . . . . . . . . . . . . ii“ 16 Vi 1970—Oct. 1................. 1960—Sept. 1....... Nov. 24........... 12 In effect Aug. 31, 1971 17 17Vi 12Vi 13 Dec. 1....... 16Vi 1962—July 28............ (3) Present legal Oct. 25, Nov. requirement: M M a i x n i i m m u u m m . . . . . . . . . . . . . . . . . . . < 2 1 2 0 1 7 4 10 3 10 3 10 3 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. 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) • U 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 I960—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

SEPTEMBER 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.............. 4Vi 12 months or more.. 4 4 Other time deposits:2 Less than 12 months. 3V4 31/2 Multiple maturity:3 30-89 days............ 4 4% 90 days-1 year... 5 1 year to 2 years.. 5 5 Vi 2 years and over.. 5V4 Single-maturity: Less than $100,000: Other time deposits: 2 30 days to 1 year.. 5 12 months or more.. .. 4 1 year to 2 years.. 5 Vi 5 Vi 6 months to 12 months 3 Vi 4% 2 years and over. . 5Y4 90 days to 6 months.. . 2% $100,000 and over: Less than 90 days.......... 1 4 30-59 days............ 5Vi (4) (30-89 days) 60-89 days............ 5V4 (4) 90-179 days......... 5 Vi 6 6V4 1 1 8 y 0 e a d r a y o s r t m o 1 o r y e e . a . r . . W/a 7 m 1 Closing date for the Postal Savings System was Mar. 28, 1966. Max­ 60-89 days. Effective June 24, 1970, maximum interest rates on these imum rates on postal savings accounts coincided with those on savings maturities were suspended until further notice. deposits. 2 For exceptions with respect to certain foreign time deposits, see Note.—Maximum rates that may be paid by member banks 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% commercial banks, as established by the FDIC, have been the same as per cent on maturities of 30-59 days and 6Vi 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 All Country All Country m b e a m nk b s er Y N o e r w k C o it f y Other banks Item m b e a m n b k e s r Y N o e r w k C o it f y Other banks City Chicago City Chicago Four weeks ending June 16, 1971 Four weeks ending July 14, 1971 Gross demand—Total... 188,955 43,244 7,946 66,281 71,484 Gross demand—Total.... 194,073 44,399 8,080 68,063 73,532 Interbank....................... 25,627 12,090 1,436 9,253 2,848 Interbank........................ 26,953 12,960 1,459 9,539 2,995 U.S. Govt....................... 4,513 760 226 1,685 1,843 U.S. Govt........................ 5,700 971 233 2,261 2,237 Other.............................. 158,815 30,394 6,284 55,343 66,793 161,420 30,468 6,389 56,264 68,300 Net demand 1................... 141,690 26,164 6,230 49,873 59,424 144,723 26,537 6,199 51,042 60,944 Time.................................... 197,191 24,025 7,080 71,841 94,245 198,028 24,439 7,152 71,797 94,641 Demand balances due Demand balances due from dom. banks......... 10,845 1,053 158 2,746 6,888 from dom. banks........... 11,211 1,165 212 2,734 7,100 Currency and coin........... 5,193 426 104 1,642 3,021 5,308 433 124 1,662 3,089 Balances with F.R. Balances with F.R. Banks.............................. 24,966 5,287 1,323 10,162 8,193 24,887 5,257 1,256 10,129 8,245 Total reserves held........... 30,159 5,713 1,427 11,804 11,214 Total reserves held............ 30,195 5,690 1,380 11,791 11,334 Required......................... 29,959 5,707 1,423 11,785 11,044 30,014 5,696 1,383 11,769 11,166 Excess............................. 200 6 4 19 170 181 -6 -3 22 168 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 □ SEPTEMBER 1971 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month 1971 1971 1970 Aug. 25 Aug. 18 Aug. 11 Aug. 4 July 28 Aug. 31 July 31 Aug. 31 Assets Gold certificate account................................................... 9,875 9,875 9,875 10,075 10,075 9,875 10,075 11,045 Special Drawing Rights certificate account............... 400 400 400 400 400 400 400 400 Cash...................................................................................... 274 274 269 268 270 280 277 215 Discounts and advances: Member bank borrowings........................................... 1,801 1,123 573 657 782 858 778 538 Other................................................................................ Acceptances: Bought outright............................................................. 52 52 47 33 Held under repurchase agreements........................... 30 Federal agency obligations—Held under repurchase agreements...................................................................... 69 U.S. Govt, securities: Bought outright: Bills............................ 28,708 28,244 28,313 28,252 28,173 28,937 28,252 24,311 Certificates—Other. Notes......................... 34,513 34,513 34,354 34,354 34,354 34,513 34,354 32,600 Bonds......................... 3,185 3,185 3,235 3,235 3,235 3,185 3,235 2,707 Total bought outright....................... i 65,942 i 65,902 i 65,841 i 65,762 i 66,635 i 65,841 2 59,618 Held under repurchase agreements. 250 115 1,215 233 329 Total U.S. Govt, securities. 66,406 66,192 66,017 67,056 65,762 66,868 65,841 59,947 Total loans and securities..................... 68,259 67,435 66,637 67,971 66,598 67,902 66,674 60,579 Cash items in process of collection. . . *9,914 *11,154 *10,194 *10,300 10,264 9,174 9,244 8,238 Bank premises......................................... 146 146 146 144 144 142 144 121 Other assets: Denominated in foreign currencies. 23 23 23 23 23 23 23 280 IMF gold deposited 3....................... 144 144 144 144 148 144 144 210 All other............................................... 459 436 1,023 970 890 477 898 513 Total assets. *89,494 *89,887 *88,711 *90,295 88,812 *88,417 87,879 81,601 Liabilities F.R. notes.............................................. 51,893 52,172 52,284 51,975 51,838 51,887 51,610 47,985 Deposits: Member bank reserves................... *25,666 *25,060 *24,044 *26,381 24,728 *25,409 25,321 22,557 U.S. Treasurer—General account. 1,375 1,184 1,292 733 1 ,413 987 1 ,115 1,056 Foreign............................................... 135 166 163 178 149 122 162 173 Other: IMF gold deposit 3..................... 144 144 144 144 148 144 144 210 All other........................................ 545 575 596 580 574 525 613 540 Total deposits. *27,865 *27,129 *26,239 *28,016 27,012 *27,187 27,355 24,536 Deferred availability cash items............ 7,461 8,369 7,766 7,911 7,711 6,982 6,623 6,728 Other liabilities and accrued dividends. 585 592 585 621 542 617 557 667 Total liabilities........................................... *87,804 *88,262 *86,874 *88,523 87,103 *86,673 86,145 79,916 Capital accounts Capital paid in................................................................... 734 731 732 731 731 731 731 688 Surplus................................................................................. 702 702 702 702 702 702 702 669 Other capital accounts..................................................... 254 192 403 339 276 311 301 328 Total liabilities and capital accounts............................ *89,494 *89,887 *88,711 *90,295 ,812 *88,417 87,879 81,601 Contingent liability on acceptances purchased for foreign correspondents................................................. 247 246 245 229 228 245 228 253 Marketable U.S. Govt, securities held in custody for foreign and international accounts4........................ 20,005 19,723 18,670 18,452 18,258 20,351 18,191 12,489 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)....................... 55,150 55,184 55,088 55,117 55,087 55,161 55,095 51,183 Collateral held against notes outstanding: Gold certificate account................................................ 3,190 3,190 3,240 3,240 3,250 3,190 3,250 3,322 U.S. Govt, securities....................................................... 53,440 53,440 53,440 53,340 53,340 53,440 53,340 49,420 Total collateral..................................................................... 56,630 56,630 56,680 56,580 56,590 56,630 56,590 52,742 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

SEPTEMBER 1971 □ FEDERAL RESERVE BANKS A 13 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON AUGUST 31, 1971 (In millions of dollars) Item Total Boston Y N o e r w k P p d h h e i i l l a a ­ ­ C la le n v d e-j 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 9,875 556 2,255 576 807 912 513 1,923 402 110 412 429 980 Special Drawing Rights certif. acct.. .. 400 23 93 23 33 36 '22 70 15 7 15 14 49 F.R. notes of other banks..................... 942 105 185 61 74 80 189 38 28 38 26 28 90 280 8 25 10 23 36 34 42 17 6 27 17 35 Discounts and advances: Secured by U.S. Govt, securities.... 466 83 87 68 4 29 49 84 6 2 2 52 392 152 41 150 49 Acceptances: 52 52 Held under repurchase agreements.. 55 55 Federal agency obligations—Held 69 69 U.S. Govt, securities: Bought outright.................................. 166,635 3,103 17,135 3,441 5,145 4,794 3,313 10,943 2,431 1,352 2,634 3,027 9,317 Held under repurchase agreements.. 233 233 67,902 3,186 17,783 3,509 5,149 4,823 3,403 11,177 2,437 1,354 2,636 3,027 9,418 Cash items in process of collection... 11,969 761 1,877 704 984 961 1,208 1,995 602 468 717 711 981 Bank premises.......................................... 142 2 8 3 19 13 16 14 14 18 18 9 8 Other assets: Denominated in foreign currencies.. 23 1 2 6 1 2 1 2 3 1 1 1 1 3 IMF gold deposited 3 144 144 All other............................................... 477 42 116 27 34 34 22 74 15 9 18 22 64 Total assets............................................... 92,154 4,684 22,492 4,914 7,125 6,896 5,409 15,336 3,531 2,011 3,870 4,258 11,628 Liabilities F.R. notes................................................. 52,829 2,893 12,805 3,038 4,305 4,648 2,562 9,233 2,015 897 1,973 2,080 6,380 Deposits: Member bank reserves....................... 25,409 912 6,600 1,083 1,634 1,279 1,586 4,082 886 635 1,105 1,477 4,130 U.S. Treasurer— General account.. 987 53 334 55 84 59 91 69 65 40 72 31 34 Foreign.................................................. 122 6 4 33 6 11 6 8 18 4 3 5 7 15 Other: T1VTF crnlH H^nnQi'f 3 144 144 All other .. ... 525 1 476 2 11 3 3 1 2 4 22 Total deposits.......................................... 27,187 972 7,587 1,146 1,729 1,355 1,688 4,172 956 678 1,184 1,519 4,201 Deferred availability cash items.......... 9,777 708 1,482 608 888 752 1,018 1,566 479 384 616 539 737 Other liabilities and accrued dividends 617 30 161 31 48 45 30 99 22 14 24 27 86 Total liabilities........................................ 90,410 4,603 22,035 4,823 6,970 6,800 5,298 15,070 3,472 1,973 3,797 4,165 11,404 Capital accounts Capital paid in........................................ 731 33 191 38 67 38 49 109 25 17 31 40 93 Surplus....................................................... 702 33 185 36 63 36 47 105 24 16 30 39 88 Other capital accounts........................... 311 15 81 17 25 22 15 52 10 5 12 14 43 Total liabilities and capital accounts.. 92,154 4,684 22,492 4,914 7,125 6,896 5,409 15,336 3,531 2,011 3,870 4,258 11,628 Contingent liability on acceptances purchased for foreign correspond­ ents......................................................... 245 12 5 63 13 22 13 16 37 8 6 10 14 31 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)..................................................... 55,161 3,045 13,303 3,121 4,500 4,804 2,737 9,535 2,116 935 2,067 2,215 6,783 Collateral held against notes out­ standing: Gold certificate account.................... 3,190 200 500 300 500 530 1,000 155 5 U.S. Govt, securities.......................... 53,440 2,920 13,000 3,000 4,100 4,375 2,900 8,750 2,030 960 2,125 2,280 7,000 Total collateral........................................ 56,630 3,120 13,500 3,300 4,600 4,905 2,900 9,750 2,185 960 2,125 2,285 7,000 1 See note 6 on p. A-5. 5 After deducting $182 million participations of other F.R. Banks. 2 After deducting $17 million participations of other F.R. Banks. 3 See note 1 (b) to table at top of p. A-75. Note.—Some figures for cash items in process of collection and for 4 After deducting $89 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 □ SEPTEMBER 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 h p r a u o s r s e ­ s s G sa r l o e s s s Re t d io e n m s p­ c G h p r u a o s r s e ­ s s G sa r l o e s s s Re t d io e n m s p­ c G p h r u a o s r s e ­ s s G sa r l o e s s s m re s a d h t o e i u f r m t r s i p , ty ­ c G h p 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 r f r h ts i . ty tions 1970—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 6,362 80 -6,712 Dec. 3,414 2,280 2,883 2,280 365 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 Apr. 2,229 1,298 50 2,033 1,298 50 2 119 -2 May 1,291 248 1,163 248 464 46 -136 June 1,955 1,165 37 1,893 1,165 37 82 38 -82 July. 2,067 1,617 127 2,067 1,617 127 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 h p r u a o s r s e ­ s s G sa r l o e s s s o E t s r u h x r i m c f i h t t a y s . ­ c G h p 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 f i h t t a y s . ­ c G h p r a u o s r s e ­ s s G sa r l o e s s s s G e it c o i u e v s r t, ­ p ( m u a n r g e e c t r 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 u e s t t e r e s ­ ­ , change1 1970—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 6,561 5,242 1,698 186 85 1,968 Apr.... 62 16 5,085 6,404 -439 -186 3 -85 -707 May... 82 -327 4,076 4,076 1,043 8 48 1,099 June. 11 14 1,165 1,165 754 -1 -48 705 July.... 3,044 3,044 323 -7 316 1 Net change in U.S. Govt, securities, Federal agency obligations, and Note.—Sales, redemptions, and negative figures reduce System hold­ bankers’ acceptances. ings ; all other figures increase such holdings. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) E pe n r d i o o d f Total s P t o er u l n in d g s s A c u h s il t l r i i n a g n s B fr e a lg n i c a s n C d a o n l a la d r i s 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 l e a i t l n 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—May............. 510 199 * * 94 205 1 * 11 June............. 690 180 * * 94 400 1 * 15 July............. 290 180 * * 95 1 * 14 Aug.............. 280 180 >0 « 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 Feb............... 107 * 1 * 100 1 5 Mar.............. 34 * 1 * 27 1 5 Apr.............. 34 * 1 * 27 1 5 May............. 94 * 1 * 87 1 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1971 □ FEDERAL RESERVE BANKS; BANK DEBITS A 15 MATURITY DISTRIBUTION OF LOANS AND U.S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS (Tn millions of dollars) Wednesday End of month Item 1971 1971 1970 Aug. 25 Aug. 18 Aug. 11 Aug. 4 July 28 Aug. 31 July 31 Aug. 31 Discounts and advances—Total....................................... 1,801 1,123 574 657 781 858 778 536 Within 15 days................................................................. 1,798 1,121 558 655 777 857 774 534 16 days to 90 days........................................................... 3 2 16 2 4 1 4 2 91 days to 1 year............................................................. Acceptances—T otal............................................................. 52 52 47 98 54 107 55 63 Within 15 days................................................................. 13 14 11 60 21 67 18 42 16 days to 90 days........................................................... 39 38 36 38 33 40 37 21 91 days to 1 year.............................................................. U S Government securities—Total................................. 66,406 66,260 66,017 67,216 65,762 66,937 65,841 59,978 Within 15 days1................................................................ 4,113 4,663 4,516 5,836 4,518 2,611 3,062 2,019 16 days to 90 days........................................................... 17,434 16,916 13,567 13,421 13,326 18,904 14,173 12,644 91 days to 1 year............................................................. 15,341 15,163 17,534 17,559 17,518 15,904 18,206 13,961 Over 1 year to 5 years.................................................... 23,240 23,240 23,600 23,600 23,600 23,240 23,600 25,266 Over 5 years to 10 years................................................. 5,377 5,377 5,907 5,907 5,907 5,377 5,907 5,464 Over 10 years.................................................................... 901 901 893 893 893 901 893 624 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts1 Turnover of demand deposits (billions of dollars) Period SM T 2 o 3 S t 3 a A l ’s N Le .Y ad . ing S 6 M o S t A 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 th 2 S 6 e A r ’s SM T 2 o 3 S t 3 a A l ’s N Le .Y ad . ing S 6 M o S t A 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 th 2 S 6 e A r ’s 1970—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................................... 10,688.4 4,825.9 2,453.5 5,862.5 3,408.9 76.3 168.3 76.8 52.6 42.9 Feb.................................. 11,508.9 5,477.4 2,524.1 6,031.5 3,507.4 82.0 191.3 79.5 54.0 43.9 Mar................................. 11,425.9 5,309.7 2,505.3 6,116.2 3,610.9 79.5 183.5 76.5 53.3 44.1 Apr.................................. 11,658.7 5,356.8 2,597.1 6,301.9 3,704.8 80.5 185.6 78.7 54.4 44.7 11,119.8 4,903.9 2,573.9 6,215.9 3,642.0 76.7 171.2 77.9 53.4 43.7 June................................ '11,815.4 5,202.8 r2.765.2 r6,612.6 r3,847.4 80.1 179.3 82.4 55.8 45.4 July................................. 11,767.2 5,147.4 2,773.9 6,619.8 3,846.0 79.8 178.9 82.7 55.7 45.1 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 □ SEPTEMBER 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—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 Apr............. 56,592 38,917 6,360 2,206 136 3,001 8,826 18,388 17,675 4,917 12,294 210 246 3 4 May........... 57,403 39,509 6,410 2,245 136 3,048 8,960 18,711 17,894 4,994 12,438 210 245 3 4 June........... 58,393 40,263 6,472 2,277 136 3,099 9,137 19,144 18,130 5,075 12,596 209 243 3 4 July............. 58,558 40,238 6,493 2,260 136 3,068 9,031 19,251 18,321 5,129 12,735 208 242 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. 1971 1970 Kind of currency July 31, against Treasury F.R. Banks 1971 gold and cash Banks and silver and Agents July June July certificates Agents 31 30 31 Gold........................................................................................ 10,332 (10,075) 2 257 Gold certificates................................................................... (10,075) 10,074 Federal Reserve notes......................................................... 55,094 164 3,482 51,448 51,304 47,730 7,454 Treasury c6u5rrency—Total.............2...7..7..............7..,.1..1...1.......... 7,089 6,743 Standard silver dollars................................................... 485 3 482 482 482 Nonsilver dollars.............................................................. 8 8 Fractional coin................................................................. 6,342 54 277 6,011 5,990 5,664 United States notes......................................................... 323 1 322 321 298 In process of retirement 4.............................................. 296 296 296 300 Total—July 31, 1971......................................................... 5 72,880 (10.075) 487 10.074 3,760 58,558 June 30 1971......................................................... 5 72,247 (10.075) 454 10.074 3,326 58,393 July 31, 1970......................................................... 5 69,498 (11,045) 462 11,044 3,519 54,473 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 $144 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

SEPTEMBER 1971 □ MONEY STOCK A 17 MEASURES OF THE MONEY STOCK (In billions of dollars) Seasonally adjusted Not seasonally adjusted Month or week M2 Mz Mo Ms Mi (Mi plus time (M2 plus deposits Mx (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 than 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—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................................... 221.1 442.0 673.7 222.2 444.3 676.1 May................................. 223.9 447.3 682.4 219.7 444.3 679.1 June................................ 225.6 451.4 689.4 223.6 449.6 688.0 July.................................. 227.5 454.1 695.2 225.8 452.6 694.0 Aug.**.............................. 228.1 455.9 699.4 224.7 452.5 695.6 Week ending— j Aug. 4.......................... 226.7 454.1 225.5 453.0 11.......................... 228.6 456.3 225.8 453.4 18.......................... 228.7 456.3 225.0 i 452.7 25 p....................... 228.1 456.3 222.9 450.9 Sept. 1 v....................... 227.1 456.1 224.1 452.5 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—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...................... 50.5 170.5 27.3 221.0 248.3 231.6 50.1 172.1 27.1 222.1 249.2 231.9 5.5 May.................... 50.9 173.0 27.9 223.4 251.4 235.1 50.5 169.2 27.6 224.5 252.1 234.8 7.8 June................... 51.2 174.4 28.6 225.8 254.4 238.0 51.1 172.5 28.4 226.1 254.4 238.4 5.4 July..................... 51.7 175.8 30.1 226.6 256.8 241.1 51.9 173.8 29.5 226.9 256.4 241.4 6.8 Aug.*’................. 51.8 176.3 30.3 227.8 258.2 243.5 51.9 172.8 31.2 227.8 259.1 243.0 6.8 Week ending— Aug. 4............. 51.8 174.9 30.1 227.4 257.5 51.8 173.7 30.5 227.4 257.9 6.3 11............. 51.9 176.7 29.7 227.7 257.4 52.4 173.4 30.8 227.7 258.5 4.4 18............. 51.9 176.7 30. 3 227.6 257.9 52.2 172.8 31.4 227.6 259.0 5.8 25............. 51.7 176.5 30.5 228.2 258.7 51.7 171.2 31.6 228.0 259.6 9.3 Sept. 1*........... 51.8 175.6 30.8 228.4 259.1 51.4 172.6 31.6 228.4 260.0 8.3 1 Includes, in addition to currency and demand deposits, savings de­ Note.—For description of revised series and for back data, see Dec. 1970 posits, time deposits open account, and time certificates of deposits other Bulletin, pp. 887-909. than negotiable time certificates of deposit issued in denominations of Average of daily figures. Money stock consists of (1) demand deposits $100,000 or more by large weekly reporting commercial banks. at all commercial banks other than those due to domestic commercial 2 Includes M2, plus the average of the beginning and end of month banks and the U.S. Govt., less cash items in process of collection and F.R. deposits of mutual savings banks and savings and loan shares. float; (2) foreign demand balances at F.R. Banks; and (3) currency outside 3 Negotiable time certificates of deposit issued in denominations of the Treasury, F.R. Banks, and vaults of all commercial banks. Time de­ $100,000 or more by large weekly reporting commercial banks. posits adjusted are time deposits at all commercial banks other than those 4 Average of the beginning and end-of-month deposits of mutual savings due to domestic commercial banks and the U.S. Govt. banks and savings and loan shares. 5 At all commercial banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 18 BANK RESERVES; BANK CREDIT □ SEPTEMBER 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. items3 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—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............... 30.82 30.64 30.61 336.6 193.3 137.9 5.4 337.3 193.6 139.0 4.7 341.7 342.4 May.............. 31.25 30.96 31.00 339.7 195.5 140.0 4.2 338.4 195.8 135.9 6.7 343.8 342.5 June.............. 31.26 30.80 31.05 341.2 197.5 139.9 3.9 340.2 197.6 138.2 4.4 345.7 344.7 July............... 31.27 30.47 31.09 343.7 199.2 140.8 3.7 344.1 198.9 139.4 5.7 348.0 348.4 Aug.p........... 31.66 30.88 31.47 347.1 199.9 141.2 6.1 344.7 200.8 138.2 5.7 351.1 348.6 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 Date Total 1,2 Loans1, 2 Total i,2 Loans 1, 2 G U o . v S t . . Other 2 G U o .S vt . . Other2 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. 31 3.................................................................... 401.3 278.1 51.9 71.3 410.5 284.5 54.7 71.3 1970—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..................................................................... 424.4 287.3 56.3 80.8 424.0 285.9 57.2 81.0 Nov. 25..................................................................... 428.2 288.4 56.7 83.1 427.7 286.9 58.3 82.5 Dec. 31..................................................................... 435.1 290.5 58.5 86.0 445.1 297.2 61.7 86.1 1971—Jan. 27..................................................................... 438.9 292.0 58.7 88.2 438.0 289.3 61.5 87.1 Feb. 24..................................................................... 444.6 295.2 59.9 89.6 440.9 290.6 61.4 88.9 Mar. 31..................................................................... 448.6 295.2 61.4 92.0 446.4 293.3 61.6 91.5 Apr. 28p................................................................... 448.8 294.9 60.2 93.7 448.8 294.6 60.1 94.1 May 26^................................................................... 453.0 297.9 60.2 94.9 450.9 297.2 58.9 94.8 June 30p................................................................... 456.8 4 297.4 63.1 4 96.3 460.9 4 303.4 60.5 4 97.1 July 28*>................................................................... 460.0 300.2 62.0 97.8 460.0 302.3 59.5 98.1 Aug. 25p................................................................... 465.0 305.7 61.8 97.5 461.7 304.8 58.9 98.0 1 Adjusted to exclude interbank loans. revision, see Aug. 1969 Bulletin, pp. 642-46. 2 Beginning June 9, 1966, about $1.1 billion of balances accumulated 4 Beginning June 30,1971, Farmers Home Administration insured notes for payment of personal loans were deducted as a result of a change in totaling approximately $700 million are included in “Other securities” Federal Reserve regulations. rather than in “Loans.” Beginning June 30, 1966, CCC certificates of interest and Export- Import Bank portfolio fund participation certificates totaling an estimated Note.—For monthly data 1948-68, see Aug. 1968 Bulletin, pp. A-94 $1 billion are included in “Other securities” rather than “Loans.” —A-97. For a description of the seasonally adjusted series see the follow­ 3 Beginning June 30, 1969, data revised to include all bank-premises ing Bulletins: July 1962, pp. 797-802; July 1966, pp. 950-55; and Sept. subsidiaries and other significant majority-owned domestic subsidiaries; 1967, pp. 1511-17. earlier data include commercial banks only. Also, loans and investments Data are for last Wed. of month except for June 30 and Dec. 31; data are now reported gross, without valuation reserves deducted, rather than are partly or wholly estimated except when June 30 and Dec. 31 are call net of valuation reserves as was done previously. For a description of the dates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1971 □ BANKS AND THE MONETARY SYSTEM A 19 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total tlank credit assets, Gold Treas­ T ne o t t — al Date c c s S e a a t r D o t n e t c d i R s k f i 1 ­ r s c o e u i t u n u a n r r g n t c y ­ ­ y d­ Total Lo n a e2 n t s 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 B e e e a c s d n e u e r k r r v i a s t e l ies Other 3 O r s i e t t c h ie u e s ­ r c l a i i a n a p t n i b e i e t d t i s a 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 e c n s i d t ­ c t t a . s, l 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—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 7.100 554.500 341.400 119,700 60.400 59,300 93.400 573.100 505.500 67.600 Nov. 25. , 11.500 7.100 559,300 341.600 122,600 61.500 61,100 95,100 578,000 510,400 67.600 Dec. 31., 11,132 7,149 580,899 354,447 127,207 64,814 62,142 251 99,245 599,180 535,157 64,020 1971—Jan. 27. . 11,100 7.200 574,100 346.300 127.000 64,700 62,000 300 100,800 592,400 527,200 65.200 Feb. 24., 11,100 7.200 577.500 347.300 127.200 64,800 61,700 700 103,000 595.800 529.600 66.300 Mar. 31 ?. 11,100 7.300 586.700 350.100 129.900 65.000 64,200 800 106,600 605.100 539.100 66,000 Apr. 28?. 11,100 7.300 588.800 350.600 128.300 63.400 64,000 900 109,900 607.300 543,900 63,400 May 26?. 10.700 7.400 593.700 354.300 128.200 62.300 64,900 900 111,200 611.800 549.500 62.300 June 30?. 10.700 7.400 605.500 361.100 130,500 63,900 65,500 1,100 114,100 623.800 559.100 64,700 July 28? 10.700 7.400 603.600 358.400 129.900 63.000 65,800 1 ,100 115,400 621.800 558.100 63.600 Aug. 25?, 10.500 7,500 609.600 363,700 130.300 62.500 66,400 1,400 115,700 627,600 562,300 65.300 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 a e t n u n si c r k d y ­ s e d ju m e D p a s a t o d e e n s ­ d ­ d it 7 s Total o b r u C e a t n u n si c r k d y ­ s e d ju m e D p a s a t d o e n e s ­ ­ d d it 7 s Total b m C a e n o r k m c s ia ­ l 8 b M sa a v u n i t k n u s g a s 9 l S P t a S e o v y m s i s t n a ­ g 3 l s n e e ig t n i , o T h c i u r n o 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—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.... 201,800 47,400 154,400 202,500 47,300 155,300 292,100 221,900 70,200 2,600 500 6,600 1,300 Nov. 25.... 202,300 47,600 154,700 205,500 48,900 156,600 294,900 224,400 70,500 2,500 500 6,200 800 Dec. 31.... 209,400 47,800 161,600 219,422 49,779 169,643 302,591 230,622 71,969 3,148 431 8,409 1,156 1971--Jan. 27.... 203,300 48,300 155,000 205,900 47,600 158,300 307,600 235,000 72,600 2,500 500 9,500 1,200 Feb. 24___ 204,900 48,500 156,400 203,800 47,900 155,900 313,900 240,400 73,500 2,500 500 7,500 1,400 Mar. 31?. 214,100 49,300 164,800 208,200 48,800 159,400 322,100 247,000 75,100 2,500 500 5,000 900 Apr. 28?. .. 207,100 48,900 158,200 207,200 48,500 158,700 323,800 247,900 75,900 2,300 500 8,600 1,400 May 26?. .. 212,100 49,500 162,600 209,700 49,400 160,300 327,700 251,000 76,800 2,300 500 8,500 900 June 30?... 217,400 50,000 167,400 214,500 50,500 164,100 331,200 253,500 77,700 2,700 500 8,900 1,300 July 28?... 213,700 50,400 163,300 213,400 50,500 162,900 332,900 254,700 78,200 2,500 500 7,400 1,400 Aug. 25?.. . 214,500 50,300 164,200 212,800 50,600 162,100 335,200 256,600 78,600 2,500 500 10,000 1,400 1 Includes Special Drawing Rights certificates beginning January 1970. 8 See first paragraph of note 2. 2 Beginning with data for June 30, 1966, about $1.1 billion in “Deposits 9 Includes relatively small amounts of demand deposits. Beginning with accumulated for payment of personal loans” were excluded from “Time June 1961, also includes certain accounts previously classified as other lia­ deposits” and deducted from “Loans” at all commercial banks. These bilities. changes resulted from a change in Federal Reserve regulations. See table 10 Reclassification of deposits of foreign central banks in May 1961 re­ (and notes), Deposits Accumulated for Payment of Personal Loans, p. A-32. duced this item by $1,900 million ($1,500 million to time deposits and $400 See note 1 on p. A-23. million to demand deposits). 3 After June 30, 1967, Postal Savings System accounts were eliminated from this Statement. 4 See second paragraph of note 2. Note.—For back figures and descriptions of the consolidated condition 5 Figures for this and later dates take into account the following changes statement and the seasonally adjusted series on currency outside banks and (beginning June 30, 1969) for commercial banks: (1) inclusion of con­ demand deposits adjusted, see “Banks and the Monetary System,” Section solidated reports (including figures for all bank-premises subsidiaries and 1 of Supplement to Banking and Monetary Statistics, 1962, and Bulletins other significant majority-owned domestic subsidiaries) and (2) reporting for Jan. 1948 and Feb. 1960. Except on call dates, figures are partly esti­ of figures for total loans and for individual categories of securities on a mated and are rounded to the nearest $100 million. gross basis—that is, before deduction of valuation reserves. See also note 1. For description of substantive changes in official call reports of 6 Series began in 1946; data are available only for last Wed. of month. condition beginning June 1969, see Bulletin for August 1969, pp. 7 Other than interbank and U.S. Govt., less cash items in process of 642-46. collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 20 COMMERCIAL BANKS □ SEPTEMBER 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 l U.S. capital De­ Treas­ Other ac­ mand Time Times ury 2 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, < >82 44.,349 15,952 23 7,173 14,278 1945—Dec. 31 .. . 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,( 365 105,921 30,241 219 8,950 14,011 1947—Dec. 31 6. 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 7. 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—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. 3 0... 436,790 301,530 55,750 79,510 85,760 543,900 447,320 26,480 1,710 8,470 190,810 219,850 18,170 42,040 13,678 Oct. 28... 439,590 301,460 57,180 80,950 78,310 539,190 440,030 24,780 1.740 6,250 185,030 222,230 20,200 42,080 13,684 Nov. 25... 442,970 302,160 58,280 82,530 82,400 546,950 446,170 24,680 1.740 5,840 189,080 224,830 21,680 42,270 13,687 Dec. 31... 461,194 313,334 61,742 86,118 93,643 576,242 480,940 30,608 1,975 7,938 209,335 231,084 19,375 42,958 13,686 1971—Jan. 27... 454,250 305,600 61,520 87,130 83,860 559,200 462,730 25,360 2,030 9,250 190,810 235,280 20.500 42,730 13,692 Feb. 24... 458,040 307,740 61,430 88,870 82,450 561,810 463,950 25,850 1.990 7,060 188,180 240,870 21.500 43,050 13,700 Mar. 31 ?.. 463,500 310,380 61,620 91,500 94,350 580,930 483,470 30.640 1.990 4,520 198,860 247,460 22,130 43,530 13,713 Apr. 28*.. 466,540 312,340 60,080 94,120 88,680 577,710 479,150 26,430 2,020 8,150 194,180 248,370 24,070 43,740 13,717 May 26p.. 468,050 314,360 58,900 94,790 84,530 575,650 477,610 24,400 2,080 7,900 191,690 251,540 23,390 43,910 13,720 June 30p.. 478,700 321,170 60,450 97,080 96,620 599,040 502,510 31,260 2,250 8,370 206,600 254,030 22,770 44,410 13,728 July 28*. . 476,970 319,440 59,460 98,070 86,110 586,290 487,880 26.640 2,050 6,800 197,100 255,290 24,380 44,630 13.734 Aug. 25 480,890 324,000 58,910 97,980 85,550 589,910 489,960 26,370 2,130 9,390 194,870 257,200 24,930 44,810 13.734 Member of 1 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 19 68-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 7. 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—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. 31... 365,940 253,936 45,399 66,604 81,500 465,644 384,596 29,142 1,733 6,460 168,032 179,229 18,578 34,100 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... 368,539 252,040 43,704 72,795 78,152 465,677 382,149 25,278 1,776 6,957 155,728 192,410 22,983 34,799 5,747 May 26... 369,182 253,513 42,601 73,068 73,902 462,599 379,887 23,243 1,838 6,663 153,227 194.916 22,237 34,944 5,742 June 30p. . 377,992 259,400 43,856 74,736 85,022 483,048 401,422 29,936 2,006 6,954 165,771 196,755 21,626 35,366 5,735 July 28... 376,133 257,988 42,844 75,301 75,342 471,089 388,088 25,436 1,804 5,496 157,436 197.916 23,131 35,555 5.730 Aug. 25^.. 379,269 261,993 42,337 74,939 74,807 473,923 389,558 25,169 1,883 7,907 155,336 199,263 23,749 35,723 5.730 Reserve city member: New York City:8 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 7. 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—Aug. 26... 58,468 45,208 5,458 7,802 20,982 84,893 58,959 9,668 729 1,214 29,943 17,405 5,243 6,405 12 Sept. 30... 59,484 46,265 5,144 8,075 23,057 88,026 64,019 12,161 719 1,355 31,072 18,712 4,184 6,439 12 Oct. 28... 59,215 45,990 5,337 7,888 19,175 83,785 59,297 10,738 776 658 28,024 19,101 5,038 6,385 12 Nov. 25 ... 59,657 45,717 5,463 8,477 20,151 85,368 59,654 10,276 814 749 28,552 19,263 6,224 6,424 12 Dec. 31... 62,347 47,161 6,009 9,177 21,715 89,384 67,186 12,508 956 1,039 32,235 20,448 4,500 6,486 12 1971—Jan. 27... 60,658 45,791 6,011 8,856 21,274 87,437 64,712 11,270 950 1,985 29,761 20,746 4,997 6,449 12 Feb. 24... 60,791 46,610 5,378 8,803 20,393 86,749 63,848 11,367 919 879 29,352 21,331 5,855 6,510 12 Mar. 31... 59,912 45,457 5,683 8,772 27,111 93,161 71,345 14,672 846 573 33,114 22,140 5,741 6,723 12 Apr. 28. . . 60,115 45,741 5,316 9,058 23,718 89,486 67,750 12,261 920 1,392 30,793 22,384 6,285 6,743 12 May 26... 59,029 45,441 5,007 8,581 19,816 84,885 63,973 10,254 846 1,388 28,552 22,933 6,072 6,797 12 June 30p.. 61,198 47,344 5,112 8,742 26,320 93,430 73,937 15,311 933 1,207 32,959 23,527 4,530 6,864 12 July 28... 59,988 46,382 4,837 8,769 22,281 88,057 67,319 12,062 835 939 29,379 24,104 5,954 7,008 12 Aug. 25... 60,886 47,659 4,793 8,434 21,431 88,217 67,392 11,918 939 1,564 28,578 24,393 6,201 7,078 12 For notes see p. A-23. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 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 Class of bank lia­ Bor­ capital ber and date Cash bilities row­ ac­ of Total Loans assets3 and Demand ings counts banks l U.S. capital Total3 Treas­ Other ac­ De­ Time Time5 ury 2 counts4 mand U.S. Govt. Other Reserve city member (cont.): City of Chicago: 8,9 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 7......... 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—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 Dec. 31............. 15,745 11,214 2,105 2,427 3,074 19,892 15,041 1,930 49 282 6,663 6,117 1,851 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 1,326 123 414 6,415 6,770 2,304 1,622 9 May 26............. 15,853 11,293 1,677 2,883 3,011 19,741 14,951 1,300 143 419 6,181 6,908 2,180 1,616 9 June 30p........... 16,442 11,738 1,735 2,969 3,104 20,464 15,621 1,489 206 316 6,635 6,975 2,364 1,629 9 July 28............. 16,128 11,724 1,565 2,839 3,199 20,233 15,413 1,448 150 277 6,389 7,149 2,489 1,634 9 16,346 12,113 1,528 2,705 3,089 20,364 15,234 1,365 142 380 5,997 7,350 2,447 1,638 9 Other reserve city: 8-9 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 7......... 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—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. 31............. 133,718 96,158 14,700 22,860 31,263 171,733 140,518 11,317 592 2,547 59,328 66,734 10,391 12,221 156 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 9,036 652 3,066 53,562 70,436 11,889 12,502 156 May 26............ 134,244 95,022 13,409 25,813 28,193 169,420 137,136 9,009 714 2,671 53,519 71,223 11,325 12,561 156 June 30p........... 137,326 97,030 14,086 26,210 30,870 175,575 142,329 10,088 732 2,946 57,254 71,309 12,095 12,786 156 July 28............. 136,792 97,128 13,487 26,177 26,803 170,828 138,268 9,150 684 1,999 54,884 71,551 11,822 12,785 156 Aug. 25............. 137,513 98,538 13,132 25,843 27,341 172,142 138,865 9,111 667 3,366 54,235 71,486 12,375 12,854 156 Country member: 8.9 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. 317........... 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—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 2,350 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. 31............. 154,130 99,404 22,586 32,140 25,448 184,635 161,850 3,387 135 2,592 69,806 85,930 1,836 13,807 5,589 1971—Jan. 27............. 152,818 97,686 22,513 32,619 22,336 180,086 157,059 2,721 81 2,316 64,380 87,561 2,178 13,676 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 2,446 13,764 5,577 Mar. 31............. 156,551 99,673 22,695 34,183 23,925 186,072 162,273 2,862 81 1,393 65,677 92,260 2,361 13,826 5,574 Apr. 28............. 158,579 100,832 22,618 35,129 22,694 186,808 162,599 2,655 81 2,085 64,958 92,820 2,505 13,932 5,570 May 26............. 160,056 101,757 22,508 35,791 22,882 188,553 163,827 2,680 135 2,185 64,975 93,852 2,660 13,970 5,565 June 30p........... 163,026 103,288 22,923 36,815 24,728 193,579 169,535 3,048 135 2,485 68,923 94,944 2,637 14,087 5,558 July 28............. 163,225 102,754 22,955 37,516 23,059 191,971 167,088 2,776 135 2,281 66,784 95,112 2,866 14,128 5,553 Aug. 25p........... 164,524 103,683 22,884 37,957 22,946 193,200 168,067 2,775 135 2,597 66,526 96,034 2,726 14,153 5,553 For notes see p. A-23. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 22 COMMERCIAL BANKS □ SEPTEMBER 1971 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) 1 Loans and investments Deposits Total | assets— i 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 l U.S. Other capital De­ Time counts banks Treas­ 2 ac- | mand Time 5 ury counts4 , ! G U o .S vt . . Other Insured banks: Total: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,i654 1,762 41,298 15,699 10 6,844 13,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,!883 23,740 80,276 29,876 215 8,671 13,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,615 54 1,325 92,975 34,882 61 9,734 13,398 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 307. 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 Dec. 31.. 458,919 312,006 61,438 85,475 92,708 572,682 479,174 30,233 1,874 7,898 208,037 231,132 19,149 42,427 13,502 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..I 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 307. 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 Dec. 31.. 271,760 187,554 34,203 50,004 56,028 340,764 283,663 18,051 982 4,740 122,298 137,592 13,100 24,868 4,620 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 18,673j 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 307. 88,346 64,007 9,902 14,437 26,344 119,358 93,858 9,773 285 1,341i 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 Dec. 31.. 94,760 66,963 11,196 16,600 25,472 125,460 101,512 11,091 750 1,720 45,734 42,218 5,478 9,232 1,147 Nonmember: 1941—Dec. 31.. 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 6 959 6,810 1945—Dec. 31.. 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 7 1,083 6,416 1947—Dec. 31.. 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 4 149 12,366 6,558 7 1,271 6,478 1963—Dec. 20.. 42,464 23,550 13,391 5,523 5,942 49,275 44,280 559 61 726 23,140 19,793 72 4,234 7,173 1964—Dec. 31.. 46,567 26,544 13,790 6,233 7,174 54,747 49,389 658 70 649 25,504 22,509 99 4,488 7,262 1965—Dec. 31.. 52,028 30,310 14,137 7,581 7,513 60,679 54,806 695 83 618 27,528 25,882 91 4,912 7,320 1966—Dec. 31.. 56,857 33,636 13,873 9,349 7,777 65,921 59,434 709 87 543 28,471 29,625 99 5,342 7,384 1967—Dec. 30.. 64,449 37,675 15,146 11,629 8,403 74,328 67,107 786 89 588 31,004 34,640 162 5,830 7,440 1968—Dec. 31.. 73,553 43,378 16,155 14,020 9,305 84,605 76,368 908 94 691 34,615 40,060 217 6,482 7,504 1969—June 307. 78,032 48,358 14,341 15,333 8,696 88,802 78,610 791 78 749 34,070 42,921 451 7,004 7,528 Dec. 31.. 82,133 51,643 14,565 15,925 10,056 94,453 83,380 1,017 85 924 37,561 43,792 629 7,403 7,595 1970—June 30.. 84,875 54,149 13,924 16,802 9,346 96,794 84,865 894 137 1,083 35,837 46,913 708 7,975 7,675 Dec. 31.. 92,399 57,489 16,039 18,871 11,208 106,457 93,998 1,091 141 1,438 40,005 51,322 571 8,326 7,735 For notes see p. A-23. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 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— Classification by Securities Total Interbank3 Other FRS membership Cash lia­ Bor­ Total Num­ and FDIC assets 3 bilities row­ capital ber insurance Total Loa l ns T U re .S a . s­ Oth 2 er ca a a p n c i d t ­ al Total3 m D a e n ­ d Time Demand Tim 5 e ings co a u c n ­ ts ba o n f ks 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. 316......... 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 17 832 341 93 389 285 1964 Dec. 31........... 2,312 1,355 483 474 578 3,033 2,057 273 86 23 1,141 534 99 406 274 1965—Dec. 31........... 2,455 1,549 418 489 572 3,200 2,113 277 85 17 1,121 612 147 434 263 1967 Dec. 30........... 2,638 1,735 370 533 579 3,404 2,172 285 58 15 1,081 733 246 457 211 1968—Dec. 31........... 2,901 1,875 429 597 691 3,789 2,519 319 56 10 1,366 767 224 464 197 1969 June 30 7........ 2,809 1,800 321 688 898 3,942 2,556 298 81 15 1,430 731 290 502 209 Dcc. 31........... 2,982 2,041 310 632 895 4,198 2,570 316 41 16 1,559 638 336 528 197 1970—June 30........... 3,043 2,073 321 650 746 4,140 2,280 321 69 36 1,247 606 331 549 193 Dec. 31........... 3,079 2,132 304 642 934 4,365 2,570 375 101 40 1,298 756 226 532 184 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 21,591 439 190 167 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 7........ 80,841 50,159 14,662 16,021 9,594 92,743 81,166 1,090 160 765 35,500 43,652 741 7,506 7,737 Dec. 31........... 85,115 53,683 14,875 16,556 10,950 98,651 85,949 1,333 126 940 39,120 44,430 965 7,931 7,792 1970—June 30........... 87,919 56,222 14,245 17,452 10,092 100,934 87,145 1,215 207 1,119 37,084 47,520 1,038 8,523 7,868 Dec. 31........... 95,478 59,621 16,342 19,514 12,143 110,822 96,568 1,466 243 1,478 41,303 52,078 796 8,858 7,919 1 Beginning June 30, 1966, loans to farmers directly guaranteed by 9 Beginning Jan. 4, 1968, a country bank with deposits of $321 million CCC were reclassified as securities, and Export-Import Bank portfolio was reclassified as a reserve city bank. Beginning Feb. 29, 1968, a reserve fund participations were reclassified from loans to securities. This reduced city bank in Chicago with total deposits of $190 million was reclassified as Total loans and increased “Other securities” by about $1 billion. Total a country bank. loans include Federal funds sold, and beginning with June 1967 securities purchased under resale agreements, figures for which are included in Note.—Data are for all commercial banks in the United States (includ­ “Federal funds sold, etc.,” on p. A-24. ing Alaska and Hawaii, beginning with 1959). Commercial banks represent Beginning June 30, 1971, Farmers Home Administration notes are all commercial banks, both member and nonmember; stock savings classified as “Other securities” rather than “Loans.” As a result of this banks; and nondeposit trust companies. change, approximately $700 million was transferred to “Other securities” For the period June 1941-June 1962 member banks include mutual for the period ending June 30, 1971, for all commercial banks. savings banks as follows: three before Jan. 1960; two through Dec. 1960, See also table (and notes) at the bottom of p. A-32. and one through June 1962. Those banks are not included in insured 2 See first two paragraphs of note 1. commercial banks. 3 Reciprocal balances excluded beginning with 1942. Beginning June 30, 1969, commercial banks and member banks exclude 4 Includes items not shown separately. See also note 1. a small national bank in the Virgin Islands; also, member banks exclude, 5 See last paragraph of note 1. and noninsured commercial banks include, through June 30, 1970, a small 6 Beginning with Dec. 31,1947, the series was revised; for description, member bank engaged exclusively in trust business. see note 4, p. 587, May 1964 Bulletin. Comparability of figures for classes of banks is affected somewhat by 7 Figure takes into account the following changes beginning June 30, changes in F.R. membership, deposit insurance status, and the reserve 1969: (1) inclusion of consolidated reports (including figures for all bank- classifications of cities and individual banks, and by mergers, etc. premises subsidiaries and other significant majority-owned domestic Data for national banks for Dec. 31, 1965, have been adjusted to make subsidiaries) and (2) reporting of figures for total loans and for individual them comparable with State bank data. categories of securities on a gross basis—that is, before deduction of Figures are partly estimated except on call dates. valuation reserves—rather than net as previously reported. For revisions in series before June 30, 1947, see July 1947 Bulletin, 8 Regarding reclassification as a reserve city, see Aug. 1962 Bulletin, pp. 870-71. p. 993. For various changes between reserve city and country status in 1960-63, see note 6, p. 587, May 1964 Bulletin. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 24 COMMERCIAL BANKS □ SEPTEMBER 1971 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans i Investments b C a l n a k s s a o nd f lo T a a o n n t d a s l i f F u er e 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 s y 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 r r it e i a e s s u 6 ry S a t n a d te call date invest­ sold, Total cial cul­ es­ in- Other local Other ments etc.2 3 , 4 a i n n d ­ a tu l r 5 ­ b T r o o­ tate v d id i- - 5 Bills s g e o c v u t. ­ r s it e i c e u s ­ 5 d tr u ia s l ­ k a e n r d s ot T he o rs BanksOthers 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 1,660 830 1,220 115 9,393 5,723 94769,221 9,982 6,034 53,205 5,276 3,729 1969—Dec. 31 io422,728 9,928286,750 108443 10,3295,739 4,027 2,488 15,06270,02063,2567,388 54,709 59,183 12,158 1970—June 30.. 424,18411,193285,843 108,361 11,2333,972 3,565 2,522 14,39370,55064,1807,068 51,569 62,975 12,604 Dec. 31..461,998 16,241297,897 112,48611,1556,3323,536 2,660 15,85572,49265,8077,574 61,742 69,637 16,481 All insured: 1941—Dec. 31.. 49,290 21,259 9,214 1,450 614 662 40 4,773 4,505 21,046 988 3,159 16,899 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,461 1.314 3,1643,606 49 4,677 2,361 1,132 ~~,912 21,526 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 1969—Dec. 31™419,746 9,693284,945 107,685 10.314 5,6443,991 2,425 14,89069,669 63,008 7,319 54,399 58,84011,869 1970—June 30.. 421,141 10,867284,096 107,567 11,215 3,886 3,541 2,457 14,24870,25263,921 7,009 51,248 62,619 12,311 Dec. 31.. 458,919 15,942296,064 111,54011,1416,207 3,516 2,581 15,71372,30265,5567,50761,438 69,301 16,174 Member—Total: 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,007 15,561 3,090 871 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 83957,914 7,803 4,81545,295 4,199 3,105 1969—Dec. 31™337,613 7,356235,63996,095 6,1875,408 3,286 2,258 14,035 53,20748,388 6,776 39,833 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 Dec. 31.. 366,520 12,677241,84097,9546,538 5,963 3,028 2,345 14,688 54,60049,8296,89545,399 55,662 10,942 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 1 1 9 9 4 47 5 — — D D e e c c. . 3 3 1 1 . . . . 2 20 6 , , 3 1 9 4 3 3 7 7, , 1 3 7 3 9 4 5 3 , , 3 0 6 4 1 4 2,4 5 5 4 3 5 1,1 2 7 6 2 7 9 2 3 6 11 8 1 0 2 5 8 6 7 4 2 2 7 3 2 8 1 11 7 , , 9 5 7 7 2 4 3 1 , , 9 6 1 4 0 2 3,3 5 2 5 5 8 1 9 0 , , 7 3 7 39 2 6 6 0 3 6 8 6 6 2 0 9 4 1969—Dec. 31™ 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 Dec. 31.. 62,347 774 46,38627.189 4,174 686 1,169 3,741 3,883 3,907 1,622 6,009 7,757 1,420 City of Chicago: 1941—Dec. 31.. 2,760 954 732 48 52 22 95 1,430 256 153 1,022 182 193 1945—Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,213 1,600 749 1,864 181 204 1947—Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 2,890 367 248 2,274 213 185 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 Dec. 31.. 15,745 475 10,739 6,502 356 191 138 1,284 864 ,015 346 2,105 2,055 372 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 1969—Dec. 31™121,628 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 37,5021,478 5881,151 689 5,981 19,536 17,1562,820 11,372 17,733 1,955 Dec. 31.. 133,861 6,007 90,293 38,627 1,428 909 1,322 798 7,015 19,848 17,3223,024 14,700 19,771 3,089 Country: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 4,377 110 481 3,787 1,2221,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 1,881 707 35926.999 5,732 4,544 16,722 1,342 1,067 1947—Dec. 31.. 36,324 10,199 3,096 818 23 227 3,827 1,979 22422,857 3,063 2,108 17,687 2,006 1,262 1969—Dec. 31™141,286 3,318 89,401 23,7624,739 498 947 148 2,263 28,82426,362 1,85821,278 22,5724,718 1970—June 30.. 143,095 3,858 90,71624,361 5,088 337 887 159 2,139 29,12726,858 1,759 19.999 23,6674,855 Dec. 31.. 154,568 5,420 94,421 25,6375,052 524 828 239 2,648 30,00527,585 1,90322,586 26,079 6,062 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 1969—Dec. 31™ 85,115 2,572 51,111 12,3484,141 329 741 231 1,028 16,813 14,868 61214,875 11,956 4,600 1970—June 30.. 87,919 2,926 53,296 13,171 4,606 223 645 294 941 17,336 15,451 629 14,245 12,876 4,585 Dec. 31.. 95,478 3,564 56,058 14,5324,617 369 507 316 1,168 17,891 15,978 679 16,342 13,975 5,538 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-32. 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

SEPTEMBER 1971 □ COMMERCIAL BANKS A 25 RESERVES AND LIABILITIES BY CUSS OF BANK (In millions of dollars) Demand deposits Time deposits b c C a a l n l a l k s d s a a o n te f d s B w F e R a r . i n v R e th k e ­ . s s r C c a e o n u n i d c r n y ­ b m a w a B d n e n i a o c s t k l e t h ­ ­ i s s c 7 j p u m D o s a d a t d s e e e n i ­ ­ d t ­ d s 8 m D e I s n 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 a d t t e l . c C c h o a f e e i e f n e r r f c d d i t s k ­ i ’ ­ s, IPC I b n a t n er k ­ G P S U a o o a n . s S v v d t t ­ . a . l g S l a o o t n c a v a d t t e l . IPC 3 r B i o n o w g r s ­ ­ c C o a t a u a c p n l ­ i t ­ s 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 1969—Dec. 311°.. 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 20217,148 187,713 18,54641,708 Dec. 31.... 23,319 7,046 23,136 173,912 27,442 3,166 7,938 17,763 8,540 183,032 1,975 46323,225 208,201 19,37542,958 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 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 1970—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 Dec. 31.... 23,319 7,028 22,332 172,351 27,235 2,998 7,898 17,636 8,352 182,048 1,874 46223,150207,519 19,14942,427 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 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 Dec. 31.... 23,319 5,445 13,744 133,169 26,260 2,882 6,460 13,250 7,309 147,473 1,733 406 18,406 160,99818,57834,100 New York City: 1941—Dec. 31___ 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1947—Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1969—Dec. 311«.. 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 Dec. 31.... 4,683 436 1,308 19,770 10,283 2,225 1,039 1,171 3,286 27,779 956 71 1,464 18,9134,500 6,486 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 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 Dec. 31___ 1,148 126 160 5,120 1,853 77 282 240 210 6,213 49 568 5,549 1,851 1,586 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 1969—Dec. 31 io.. 9,044 1,787 3,456 44,169 10,072 590 1 ,575 3,934 1,928 53,062 242 86 4,609 50,439 9,881 11,464 1970—June 30.... 8,784 1,728 2,810 40,393 9,021 509 3,115 3,798 1,723 47,797 273 67 6,005 51,588 9,779 11,868 Dec. 31___ 9,710 1,748 3,731 44,093 10,805 512 2,547 3,793 2,035 53,499 592 222 8,489 58,165 10,391 12,221 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 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 Dec. 31.... 7,778 3,135 8,544 64,185 3,319 68 2,592 8,045 1,779 59,982 135 112 7,885 78,370 1,836 13,807 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 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 Dec. 31 1,602 9,392 40,743 1,182 284 1,478 4,513 1,230 35,560 243 57 4,819 47,200 796 8,858 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. A small noninsured member bank engaged exclusively in trust business 10 Beginning June 30, 1969, reflects (1) inclusion of consolidated reports is treated as a noninsured bank and not as a member bank for the period (including figures for all bank-premises subsidiaries and other significant June 30, 1969—June 30, 1970. 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 □ SEPTEMBER 1971 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans Federal funds sold, etc.] Other To brokers For pui •chasing and dealers or carryingI 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 Aug. 5............... 242,195 7,938 7,342 298 198 100 172,121 79,349 2,058 735 2,927 104 2,311 7,402 5,778 12............... 240,498 7,064 6,105 661 139 159 171,501 79,389 2,050 692 2,781 105 2,329 7,176 5,788 19............... 241,110 6,560 5,791 537 168 64 171,695 79,117 2,041 1,036 2,845 104 2,355 7,156 5,818 26............... 241,265 6,845 5,981 623 192 49 171,289 79,219 2,029 973 2,874 103 2,301 6,848 5,816 1971 July 7................. 268,748 9,077 8,061 821 60 135 182,830 82,776 2,188 992 3,722 133 2,398 7,486 7,163 14............... 265.290 7,539 6,971 443 19 106 181,866 82,505 2,172 610 3,786 132 2,420 7,092 7,071 21................. 263.290 7,046 6,547 346 14 139 181,012 82,168 2,167 546 3,554 148 2,422 7,026 6,902 28................. 264,201 8,433 7,709 569 40 115 180,593 81,812 2,161 667 3,489 152 2,421 6,827 6,886 Aug. 4?.............. 265,456 8,829 8,266 408 15 140 181,720 81,807 2,154 482 4,074 148 2,414 7,099 6,959 11?............. 264,831 8,594 8,121 386 19 68 181,677 81,634 2,150 613 3,791 149 2,405 7,192 7,027 18?.............. 266,409 8,825 8,080 506 67 172 183,621 82,522 2,138 724 3,907 118 2,411 6,793 7,123 25?.............. 266,428 8,600 7,698 679 65 158 183,877 82,577 2,135 780 3,951 119 2,434 6,619 7,012 New York City 1970 Aug. 5............... 55,645 1,205 1,197 8 42,307 25,748 14 524 1,818 15 687 2,265 1,513 12................. 54,669 781 756 25 41,848 25,756 14 425 1,739 16 689 2,194 1,501 19................. 54,711 889 856 10 23 41,836 25,447 14 788 1,780 15 687 2,140 1,482 26................. 54,716 996 986 10 41,645 25,560 14 692 1,825 15 682 2,005 1,497 1971 July 7................. 58,475 1,301 1,241 6 54 43,741 25,935 18 891 2,546 20 581 2,196 1,664 14................. 56,932 642 588 10 44 43,219 25,916 18 477 2,677 19 589 2,034 1,577 21................. 56,508 1,286 1,254 15 17 42,561 25,733 17 457 2,433 21 587 2,013 1,562 28................. 56,376 1,331 1,253 55 23 42,502 25,598 18 571 2,350 21 587 1,987 1,556 Aug. 4^............. 57,062 1,367 1,218 115 34 43,300 25,608 15 380 2,841 21 579 2,238 1,590 11?............. 56,624 1,162 1,128 31 3 43,221 25,617 16 508 2,485 20 575 2,317 1,624 18?............. 57,335 1,194 1,153 35 6 44,050 25,965 17 581 2,526 20 578 2,113 1,646 25?.............. 57,203 884 853 12 19 44,068 26,087 17 625 2,645 22 583 2,030 1,561 Outside New York City 1970 Aug. 5............... 186,550 6,733 6,145 298 198 92 129,814 53,601 2,044 211 1,109 89 1,624 5,137 4,265 12............... 185,829 6,283 5,349 661 139 134 129,653 53,633 2,036 267 1,042 89 1,640 4,982 4,287 19............... 186,399 5,671 4,935 527 168 41 129,859 53,670 2,027 248 1,065 89 1,668 5,016 4,336 26............... 186,549 5,849 4,995 623 192 39 129,644 53,659 2,015 281 1,049 88 1,619 4,843 4,319 1971 July 7............... 210,273 7,776 6,820 815 60 81 139,089 56,841 2,170 101 1,176 113 1,817 5,290 5,499 14............... 208,358 6,897 6,383 433 19 62 138,647 56,589 2,154 133 1,109 113 1,831 5,058 5,494 21............... 206,782 5,760 5,293 331 14 122 138,451 56,435 2,150 89 1,121 127 1,835 5,013 5,340 28............... 207,825 7,102 6,456 514 40 92 138,091 56,214 2,143 96 1,139 131 1,834 4,840 5,330 Aug. 4?............. 208,394 7,462 7,048 293 15 106 138,420 56,199 2,139 102 1,233 127 1,835 4,861 5,369 11?............. 208,207 7,432 6,993 355 19 65 138,456 56,017 2,134 105 1,306 129 1,830 4,875 5,403 18?............. 209,074 7,631 6,927 471 67 166 139,571 56,557 2,121 143 1,381 98 1,833 4,680 5,477 25?............. 209,225 7,716 6,845 667 65 139 139,809 56,490 2,118 155 1,306 97 1,851 4,589 5,451 For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 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 sumer For­ All Certif­ 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, 441 1,455 20,954 971 13,997 23,706 3,724 4,074 13,876 2,032 ...........................Aug. 5 33; 381 1,476 20,968 976 13,688 23,468 3,520 4,052 13,847 2,049 .......................................12 33; 430 1,426 20,999 942 13,679 24,334 3,262 3,562 14,936 2,574 ........................................19 33 402 1,417 21,045 921 13,629 24,556 3,486 3,627 14,834 2,609 ........................................26 1971 35, 598 1,931 22,596 797 14,413 27,111 4,852 3,574 15,326 3,359 ...........................July 7 35; 603 1,841 22,650 802 14,255 26,614 4,571 3,560 15,172 3,311 ........................................14 36; 607 1,814 22,635 799 14,151 25,937 4,014 3,582 15,056 3,285 ........................................21 36; 564 1,790 22,776 815 14,084 25,398 3,539 3,596 15,017 3,246 ........................................28 36, 569 1,849 22,843 802 14,310 25,183 3,425 3,556 14,929 3,273 ...........................Aug. 4*> 36; 587 1,964 22,876 810 14,112 25,031 3,294 3,593 14,882 3,262 ...........................\\p 36, 792 2,664 22,925 821 14,171 25,007 2,896 3,350 15,835 2,926 ...........................18» 36; 814 2,795 23,005 824 14,167 24,960 2,857 3,367 15,859 2,877 ........................................25*> New York City 1970 3, 227 820 1,846 599 2,803 5,202 1,407 810 2,691 294 ...........................Aug. 5 3, 189 834 1,846 609 2,589 5,146 1,320 841 2,693 292 ........................................12 3, 227 785 1,868 576 2,567 5,120 1,021 508 3,098 493 ........................................19 3, 189 778 1,859 557 2,523 5,210 1,159 512 3,066 473 ........................................26 1971 3, 179 907 1,868 529 2,724 5,323 1,497 437 2,993 396 ...........................July 7 3; 193 873 1,875 539 2,637 5,206 1,483 433 2,920 370 ........................................14 3; 204 853 1,875 544 2,467 4,814 1,124 471 2,867 352 ......................................21 3; 183 833 1,876 558 2,563 4,612 877 541 2,848 346 ........................................28 3, 195 911 1,874 554 2,681 4,378 741 522 2,774 341 ...........................Aug. 4*> 3 3 , , 2 21 7 1 8 1,3 9 8 7 3 7 1 1 , , 8 87 9 7 4 5 56 5 1 8 2 2 , , 6 6 1 35 2 4 4 , , 4 3 2 1 4 0 5 6 2 6 5 3 4 5 4 02 6 2 3 , , 8 20 0 3 0 2 3 5 45 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1 U 8» p 3, 303 1,328 1,891 55 8 2,561 4,597 645 404 3,294 254 ......................................25* Outside New York City 1970 30, 214 635 19,108 372 11,194 18,504 2,317 3,264 11,185 1,738 . Aug. 5 30, 192 642 19,122 367 11,099 18,322 2,200 3,211 11,154 1,757 .......12 30, 203 641 19,131 366 11,112 19,214 2,241 3,054 11,838 2,081 ...........19 30, 213 639 19,186 364 11,106 19,346 2,327 3,115 11,768 2,136 ...........26 1971 31, 419 1:,024 20,728 268 11,689 21,788 3,355 3,137 12,333 2,963 .July 7 32, 410 968 20,775 263 11,618 21,408 3,088 3,127 12,252 2,941 ...........14 32, 403 961 20,760 255 11,684 21,123 2,890 3,111 12,189 2,933 .......21 32, 381 957 20,900 257 11,521 20,786 2,662 3,055 12,169 2,900 ...........28 32, 374 938 20,969 248 11,629 20,805 2,684 3,034 12,155 2,932 ..........................................Aug. 4p 32, 376 987 20,999 252 11,500 20,721 2,631 3,091 12,082 2,917.....................................................11 p 32, 514 1,,281 21,031 260 11,536 20,583 2,371 2,904 12,632 2,676 .....................................................18* 32, 511 i;,467 21,114 266 11,606 20,363 2,212 2,963 12,565 2,623 .....................................................25p see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

tEPORTING BANKS □ SEPTEMBER 1971 S AND LIABILITIES OF LARGE COMMERCIAL BANKS— Continued (In millions of dollars) ! Investments (cont.) Other securities Cash Invest­ Obligations Other bonds, items Re­ Bal­ ments of State corp. stock, in serves Cur­ ances in sub­ and and process with rency with sidiar­ political securities of F.R. and do­ ies not liab subdivisions collec­ Banks coin mestic consol­ iti< tion banks idated Tax Certif. war­ All of All rants 3 other partici­ other5 pation4 4,963 29,073 1,045 3,349 28,507 17,628 2,976 4,834 711 311, 5,076 29,095 1,014 3,280 27,611 16,712 3,258 4,547 706 307 5,084 29,146 1,030 3,261 29,994 17,597 3,254 4,713 706 311; 4,983 29,132 1,039 3,421 28,889 17,738 3,379 4,856 705 310; 7,573 35,234 1,331 5,592 36,860 16,967 3,317 7,219 781 349, 7,490 34.976 1,368 5,437 32,469 18,906 3,652 5,913 781 342; 7,521 34,900 1,385 5,489 32,101 20,249 3,563 5,824 782 341 j 7,628 35,341 1,362 5,446 31,177 18,369 3,666 5,842 784 339 j 7,801 34.976 1,375 5,572 31,875 20,057 3,220 6,160 786 343, 7,675 35,098 1,353 5,403 31,516 17,972 3,486 5,562 784 339 j 7,466 34,860 1,292 5,338 30,303 18,588 3,494 5,813 786 340, 7,424 34,964 1 ,271 5,332 29,811 19,311 3,615 5,808 786 341, 1,332 4,589 922 12,320 4,548 400 561 324 78, 1,390 4,527 890 11,963 4,358 411 418 324 77, 1,397 4,479 903 14,094 4,336 410 544 324 79, 1,261 4,611 899 14,716 4,774 418 507 324 80 i 1,295 5,390 207 1,218 16,232 5,091 431 1,402 345 87, 1,229 5,275 240 1,121 13,816 5,338 442 887 345 83, 1,204 5,253 232 1,158 14,614 5,200 436 922 346 83, 1,208 5,396 213 1,114 14,951 5,160 438 972 347 83; 1,433 5,217 226 1,141 14,018 5,534 431 886 348 83, 1,373 5,284 211 1,063 14,937 4,506 436 839 349 83, 1,346 5,122 217 982 12,981 4,458 430 1,060 349 82! 1,351 5,115 207 981 14,135 5,241 426 969 349 83! 3,631 24,484 957 2,427 16,187 13,080 2,576 4,273 387 232 3.686 24,568 927 2,390 15,648 12,354 2,847 4,129 382 230 3.687 24,667 943 2,358 15,900 13,261 2,844 4,169 382 231; 3,722 24,521 945 2,522 14,173 12,964 2,961 4,349 381 230; 6,278 29,844 1,124 4,374 20,628 11,876 2,886 5,817 436 262 6,261 29,701 1,128 4,316 18,653 13,568 3,210 5,026 436 259 6,317 29,647 1,153 4.331 17,487 15,049 3,127 4,902 436 251 6,420 29,945 1.149 4.332 16,226 13,209 3,228 4,870 437 255 6,368 29,759 1.149 4,431 17,857 14,523 2,789 5,274 438 259, 6,302 29,814 1,142 4,340 16,579 13,466 3,050 4,723 435 256; 6,120 29,738 1,075 4,356 17,322 14,130 3,064 4,753 437 258; 6,073 29,849 1,064 4,351 15,676 14,070 3,189 4,839 437 257; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 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 1 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 129,812 90,747 6,305 3,789 18,591 632 839 2,104 6,805 107,579 46,367 42,371 10,805 931 6,715 ...............Aug. 5 127,122 91,204 5,978 2,791 17,778 581 799 2,228 5,763 108,241 46,362 42,596 10,998 1,051 6,843 .................12 131,738 91,275 5,586 6,185 18,436 549 779 2,202 6,726 108,719 46,365 43,269 11,107 1,077 6,487 ..........................19 130,597 90,761 5,771 5,555 17,728 510 711 2,142 7,419 109,721 46,323 43,982 11,289 1,198 6,520 ..........................26 1971 148,572 100,866 6,456 5,080 24,034 851 828 2,512 7,945 131,613 53,509 56,389 14,818 1,614 4,781 ...............July 7 141,186 100,269 6,008 3,394 20,399 715 729 2,415 7,257 132,077 53,318 56,814 14,943 1,599 4,862 ..........................14 140,676 98,061 5,804 4,905 20,530 651 713 2,402 7,610 132,341 53,308 56,900 15,018 1,613 4,971 .................21 139,727 97,292 6,150 3,899 20,831 621 759 2,368 7,807 132,954 53,145 57,210 15,260 1,588 5,200 ..........................28 1 1 3 3 9 8 , , 4 1 0 0 3 9 9 9 7 6 , , 1 1 8 1 1 3 6 6 , , 6 6 1 2 1 0 2 2 , ,3 8 3 9 3 0 2 2 1 1 , , 1 4 2 8 5 9 6 7 1 03 7 1,2 7 8 5 1 8 2 2 , ,3 29 5 8 8 7 7, , 7 4 3 0 1 4 1 13 3 2 3 , , 9 1 3 7 1 8 5 5 3 3 , , 1 1 3 1 2 2 5 5 7 7 , , 4 7 9 2 4 0 1 1 5 5 , , 0 1 6 1 5 0 1 1 , , 5 5 2 5 5 4 5 5 , , 2 1 0 4 8 4 . . . . . . .. . . . .. . . . .. . . . .. . . . A .. u . g .. . . II 4 Pp 139,163 96,208 6,212 6,001 20,167 620 946 2,461 6,548 133,494 53,069 58,096 15,060 1,586 5,173 .................18? 139,672 95,690 6,062 6,272 20,565 608 800 2,416 7,259 133,827 52,987 58,195 15,256 1,681 5,195 .................25p New York City 1970 37,290 21,402 585 882 7,432 331 682 1,508 4,468 15,916 4,354 6,197 648 517 4,070 .Aug. 5 35,713 21,402 621 563 6,956 309 656 1,592 3,614 16,058 4,346 6,177 701 581 4,129 .......12 38,817 22,026 538 1,430 7,822 287 636 1,576 4,502 16,040 4,341 6,423 716 579 3,850 ......19 39,435 22,241 500 1,166 7,775 275 574 1 ,529 5,375 16,323 4,338 6,641 738 653 3,822 ...........26 1971 43,635 22,676 496 1,328 11,420 492 681 1,738 4,804 22,431 5,278 12,108 1.403 828 2,688 .................July 7 39,024 22,422 464 706 8,786 386 563 1,724 3,973 22,634 5,236 12,305 1.404 779 2,751............................14 40,431 21,977 414 1,282 9,706 346 559 1,670 4,477 22,723 5,233 12,283 1,439 795 2,808 ............................21 40,851 22,049 406 914 9,997 322 603 1,652 4,908 23,010 5,211 12,311 1,568 779 2,953 ............................28 39,282 21,711 509 545 9,610 378 586 1,648 4,295 23,013 5,191 12,439 1,515 751 2,928 .................Aug. 4p 39,928 20,764 795 428 9,973 319 1,116 1,598 4,935 22,980 5,176 12,339 1,548 746 3,014............................Up 38,495 20,896 769 1,545 8,747 308 777 1,695 3,758 23,379 5,169 12,659 1,542 820 3,026 ............................18* 40,456 21,626 468 1,506 9,888 311 635 1,611 4,411 23,346 5,151 12,568 1,566 886 3,013............................25p Outside New York City 1970 92,522 69,345 5,720 2,907 11,159 301 157 596 2,337 91,663 42,013 36,174 10,157 414 2,645 ...............Aug. 5 91,409 69,802 5,357 2,228 10,822 272 143 636 2,149 92,183 42,016 36,419 10,297 470 2,714 ..................12 92,921 69,249 5,048 4,755 10,614 262 143 626 2,224 92,679 42,024 36,846 10,391 498 2,637 ..........................19 91,162 68,520 5,271 4,389 9,953 235 137 613 2,044 93,398 41,985 37,341 10,551 545 2,698 .................26 1971 104,937 78,190 5,960 3,752 12,614 359 147 774 3,141 109,182 48,231 44,281 13,415 786 2,093 ...............July 7 102,162 77,847 5,544 2,688 11,613 329 166 691 3,284 109,443 48,082 44,509 13,539 820 2,111 ..........................14 100,245 76,084 5,390 3,623 10,824 305 154 732 3,133 109,618 48,075 44,617 13,579 818 2,163 .................21 98,876 75,243 5,744 2,985 10,834 299 156 716 2,899 109,944 47,934 44,899 13,692 809 2,247 .................28 100,121 75,470 6,111 2,345 11,879 325 172 710 3,109 109,918 47,941 45,055 13,550 803 2,216 ...............Aug. 4 p 98,181 75,349 5,816 1,905 11,152 298 165 700 2,796 110,198 47,936 45,381 13,562 779 2,194 .................Up 100,668 75,312 5,443 4,456 11,420 312 169 766 2,790 110,115 47,900 45,437 13,518 766 2,147 .................18p 99,216 74,064 5,594 4,766 10,677 297 165 805 2,848 110,481 47,836 45,627 13,690 795 2,182 ..........................25 p For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 30 WEEKLY REPORTING BANKS □ SEPTEMBER 1971 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS— Continued (In millions of dollars) Borrowings Reserves Memoranda from— for— Large negotiable Fed­ Total time CD’s eral Other Total loans included in time Wednesday funds liabili­ capital Total and De­ and savings depositsi1 pur­ F.R. ties Secur­ ac­ loans invest­ mand chased, Banks Others etc.8 Loans ities counts (gross) ments deposits etc.7 ad­ (gross) ad­ Issued Issued justed 9 ad­ justed 1 o Total to to justed9 IPC’s others Large banks— Total 1970 Aug. 5........................ 19,254 513 1,847 23,811 4,014 24,100 172,276 234,412 78,925 18,460 9,989 8,471 10,337 12........................ 17,955 354 1,809 23,727 4.013 24,079 172,079 234,012 78,942 18,925 10,179 8,746 10,283 19........................ 16,339 725 1,668 23,953 4.014 24,029 172,034 234,889 77,123 19,397 10,744 8,653 10,319 26........................ 15,417 941 1 ,659 24,354 4.015 24,064 171,751 234,882 78,425 20,157 11,228 8,929 10,629 1971 July 7........................ 21.656 378 1,293 16,104 3,989 83 26,051 183,248 260,089 82,598 28,554 17,506 11,048 2,083 14........................ 20,823 1,697 1,063 15,443 3,988 80 26,005 181,831 257,716 84,924 29,329 18,044 11,285 1,730 21........................ 20,137 1,383 1,001 15,509 4,005 80 25,958 180,904 256,136 83,140 29,569 18,136 11,433 1,879 28........................ 20,073 643 1,002 15,002 4.012 80 25,981 180,753 255,928 83,820 30,305 18,438 11,867 1,505 Aug. 4?...................... 23,195 553 1,134 15,755 4.012 80 26,158 181,714 256,621 83,149 30,477 18,599 11,878 1,912 11?............... 21.657 455 1,120 15,017 4.012 117 26,152 181,563 256,123 83,135 30,804 18,815 11,989 1,104 18?............... 20,827 1,018 1,038 15,063 4,011 81 26,125 183,574 257,537 82,692 31,376 19,291 12,085 1,374 25?...................... 19,499 1 ,692 1 ,183 15,289 4,008 77 26,147 183,965 257,916 83,024 31 ,598 19,337 12.261 1,401 New York City 1970 Aug. 5........................ 5,569 230 12,471 I ,200 6,138 42,088 54,221 16,656 4,595 2,255 2,340 7,102 12........................ 5,094 237 12,599 1,200 6,133 41,684 53,724 16,231 4,661 2,242 2,419 7,174 19........................ 4,406 168 238 12,426 I ,203 6,132 41,642 53,628 15,471 4,777 2,491 2,286 7,097 26........................ 4,126 416 238 12,624 1 ,205 6,116 41,466 53,541 15,778 5,110 2,711 2,399 7,221 1971 July 7........................ 6,092 204 6,936 ,173 6.733 43,622 57,055 14,655 10,029 6,720 3,309 1 ,500 14........................ 5,854 790 204 6,673 ,174 6.733 43,080 56,151 15,716 10,351 7,043 3,308 1 ,264 21........................ 5,240 340 206 6,523 ,188 6,713 42,389 55,050 14,829 10,499 7,040 3,459 1,186 28........................ 5,237 65 200 6,349 ,194 6,694 42,397 54,940 14,989 10,811 7,091 3,720 1,016 Aug. 4?...................... 6,532 202 6,684 ,191 6,774 43,254 55,649 15,109 10,873 7,185 3,688 1,209 11?............... 5,913 207 6,165 ,191 6,786 43,044 55,285 14,590 10,880 7,112 3,768 759 18?...................... 5,520 100 209 6,373 ,193 6,778 43,813 55,904 15,222 11,437 7,562 3,875 977 25?...................... 4,584 1 ,025 311 6,118 ,196 6,765 43,796 56,047 14,927 11,456 7,532 3,924 720 Outside New York City 1970 Aug. 5........................ 13,685 513 1,617 11,340 2,814 17,962 130,188 180,191 62,269 13,865 7,734 6,131 3,235 12........................ 12,861 354 1,572 11,128 2,813 17,946 130,395 180,288 62,711 14,264 7,937 6,327 3,109 19........................ 11 ,933 557 1,430 11,527 2,811 17,897 130,392 181,261 61,652 14,620 8,253 6,367 3,222 26........................ 11,291 525 1 ,421 11 ,730 2,810 17,948 130,285 181 ,341 62,647 15,047 8,517 6,530 3,408 1971 July 7........................ 15,564 378 1,089 9,168 2,816 82 19,318 139,626 203,034 67,943 18,525 10,786 7,739 583 14........................ 14,969 907 859 8,770 2,814 79 19,272 138,751 201,565 69,208 18,978 11,001 7,977 466 21........................ 14,897 1,043 795 8,986 2.817 80 19,245 138,515 201,086 68,311 19,070 11,096 7,974 693 28........................ 14,836 578 802 8,653 2.818 79 19,287 138,356 200,988 68,831 19,494 11,347 8,147 489 Aug. 4?...................... 16,663 533 932 9,071 2,821 80 19,384 138,460 200,972 68,040 19,604 11,414 8,190 703 11?....... 15,744 455 913 8,852 2,821 117 19,366 138,519 200,838 68,545 19,924 11,703 8,221 345 18?...................... 15,307 918 829 8,690 2,818 81 19,347 139,761 201,633 67,470 19,939 11,729 8,210 397 25?...................... 14,915 667 872 9,171 2,812 77 19,382 140,169 201,869 68,097 20,142 11,805 8,337 681 1 Includes securities purchased under agreements to resell. 8 Includes minority interest in consolidated subsidiaries. 2 Includes official institutions and so forth. 9 Exclusive of loans and Federal funds transactions with domestic com­ 3 Includes short-term notes and bills. mercial banks. 4 Federal agencies only. 10 All demand deposits except U.S. Govt, and domestic commercial 5 Includes corporate stock. banks, less cash items in process of collection. 6 Includes U.S. Govt, and foreign bank deposits, not shown separately. 11 Certificates of deposit issued in denominations of $100,000 or more. 7 Includes securities sold under agreements to repurchase. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1971 □ BUSINESS LOANS OF BANKS A 31 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during- Industry 1971 1971 1971 1970 1971 Aug. Aug. Aug. Aug. July Aug. July June II I IV 2nd 1st 25 18 11 4 28 half half Durable goods manufacturing: Primary metals.................................... 2,132 2,137 2,141 2,184 2,201 -69 -94 -26 -20 169 -169 -20 149 Machinery............................................ 5,106 5,213 5,195 5,200 5,202 -96 -18 -84 38 -247 -595 -768 -209 Transportation equipment................ 2,629 2,641 2,655 2,666 2,643 -14 -95 111 -99 -92 -69 169 -191 Other fabricated metal products... 2,056 2,090 2,117 2,078 2,065 -9 -43 86 132 68 -269 -344 200 Other durable goods.......................... 2,815 2,819 2,812 2,834 2,831 -16 16 74 112 149 -249 -198 261 Nondurable goods manufacturing: Food, liquor, and tobacco............... 2,487 2,431 2,376 2,399 2,385 102 -19 80 -163 -537 549 350 ' -700 Textiles, apparel, and leather........... 2,711 2,724 2,685 2,660 2,646 65 47 121 115 166 -522 -395 281 Petroleum refining.............................. 1,068 1,065 1,074 1,084 1,129 -61 10 -62 -64 -343 -105 -113 -407 Chemicals and rubber....................... 2,704 2,708 2,715 2,751 2,774 -70 -82 87 44 32 -22 63 76 Other nondurable goods................... 1,865 1,864 1,868 1,851 1,851 14 -12 6 -30 -105 -214 -113 -135 Mining, including crude petroleum and natural gas.............................. 3,752 3,747 3,738 3,696 3,771 -19 154 -204 -278 -108 -181 -257 -386 Trade: Commodity dealers................... 1,198 1,159 1,119 1,129 1,158 40 10 14 -174 -57 375 481 -231 Other wholesale......................... 4,099 4,026 3,975 3,965 3,974 125 57 45 206 10 26 78 216 Retail............................................ 4,386 4,409 4,409 4,461 4,368 18 -24 -10 185 162 -201 -308 347 Transportation......................................... 5,667 5,666 5,692 5,720 5,869 -202 111 -96 -306 286 119 366 -20 Communication....................................... 1,532 1,557 1,599 1,608 1,538 -6 -3 98 184 49 46 19 233 Other public utilities.............................. 2,328 2,343 2,376 2,439 2,346 -18 140 +240 185 -327 -240 -386 -142 Construction............................................ 3,699 3,659 3,658 3,650 3,689 10 35 -116 71 131 146 197 202 Services...................................................... 7,586 7,612 7,616 7,597 7,592 -6 7 198 387 -200 300 525 187 All other domestic loans....................... 5,188 5,109 5,023 5,045 5,069 119 26 259 290 -180 -52 96 110 Bankers’ acceptances.............................. 1,555 1,524 1,070 1,076 1,043 512 -98 r —214 -390 -164 945 1,186 -554 Foreign commercial and industrial loans.................................................. 3,049 2,962 2,741 2,732 2,682 367 34 -48 106 140 198 255 246 Total classified loans.............................. 69,612 69,465 68,654 68,825 68,826 +786 >•-63 r559 531 -998 -184 884 -467 Total commercial and industrial loans. 82,577 82,522 81,634 81,807 81,812 759 r —692 961 '1,311 r — 473 372 1,979 r847 See Note to table below. “TERM” COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during— 1971 1970 1971 1970 1971 Industry Aug. July June May Apr. Mar. Feb. Jan. Dec. 11 I IV III 1st 25 28 30 26 r 28 31 24 27 30 half Durable goods manufactur- Primary metals..................... 1,478 1,535 1,587 1,667 1,622 1,630 1,564 1,544 1,527 -43 103 -150 157 60 Machinery............................ 2,504 2,514 2,539 2,594 2,735 2,591 2,634 2,666 2,681 -52 -90 -243 140 -142 Transportation equipment. 1,582 1,552 1,559 1,440 1,515 1,613 1,633 1,647 1,633 -54 -20 -22 91 -74 Other fabricated metal products............................ 804 804 815 805 769 733 747 750 742 82 -9 -65 45 73 Other durable goods........... 1,262 1,237 1,231 1,201 1,191 1,216 1,222 1,107 1,089 15 127 -52 9 142 Nondurable goods manufac­ turing: Food, liquor, and tobacco. 940 948 972 919 982 974 971 949 985 -2 -11 -23 1 -13 Textiles, apparel, and leather................................ 608 598 597 609 592 617 659 674 657 -20 -40 -94 -11 -60 Petroleum refining.............. 841 902 892 920 932 915 1,142 1,191 1,213 -23 -298 -35 -18 -321 Chemicals and rubber........ 1,815 1,828 1,824 1,726 1,822 1,850 1,834 1,800 1,849 -26 1 69 71 -25 Other nondurable goods.. 1,009 1,008 1,021 1,058 1,062 1,100 1,116 1,116 1,171 -79 -71 -12 112 -150 Mining, including crude pe­ troleum and natural gas. 3,001 3,019 2,992 3,058 3,089 3,123 3,270 3,354 3,326 -131 -203 -135 -121 -334 Trade: Commodity dealers.. 117 101 97 88 81 80 79 79 79 17 1 -3 -6 18 Other wholesale......... 839 850 842 809 813 782 754 783 756 60 26 59 5 86 Retail............................ 1,456 1,423 1,421 1,423 1,404 1,417 1,459 1,450 1,399 4 18 39 52 22 Transportation......................... 4,487 4,612 4,614 4,681 4,757 4,867 4,763 4,731 4,564 -253 303 147 141 50 Communication....................... 422 471 468 439 426 402 398 398 415 66 -13 -33 40 53 Other public utilities............... 1,180 1,141 1,095 1,038 991 973 1,056 1,029 1,018 122 -45 -47 32 77 Construction............................ 1,206 1,229 1,192 1,178 1,164 1,107 1,063 1,048 1,044 85 63 -87 46 148 Services...................................... 3,320 3,247 3,269 3,192 3,249 3,142 3,154 3,186 3,209 127 -67 77 115 60 All other domestic loans .... 1,360 1,309 1,247 1,259 1,223 1,268 1,319 1,346 1,285 -21 -17 60 -2 -38 Foreign commercial and in­ dustrial loans................... 1,950 1,908 1,892 1,882 1,840 1,792 1,716 1,723 1,716 100 76 112 -16 176 Total loans................................ 32,181 32,236 32,166 31,986 32,259 32,192 32,553 32,571 32,358 -26 -166 -264 883 -192 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 DEMAND DEPOSIT OWNERSHIP □ SEPTEMBER 1971 GROSS DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS1 (In billions of dollars) Type of holder Total Class of bank and month deposits, Financial Nonfinancial Consumer Foreign All IPC business business other All commercial banks: 1970—June....................................................................................... 16.6 85.8 49.9 1.4 9.6 163.4 Sept......................................................................................... 17.0 88.0 51.4 1.4 10.0 167.9 Dec......................................................................................... 17.3 92.7 53.6 1.3 10.3 175.1 1971—Mar........................................................................................ 18.2 86.1 54.3 1.4 10.5 170.4 June........................................................................................ 17.9 89.9 56.0 1.3 10.7 175.8 Weekly reporting banks: 1970—June....................................................................................... 12.8 53.0 21.0 1.3 5.2 93.3 July........................................................................................ 13.6 52.8 20.6 1.4 5.3 93.7 Aug......................................................................................... 12.7 52.8 20.6 1.2 4.9 92.2 Sept........................................................................................ 13.4 53.8 21.2 1.3 5.5 95.1 Oct.......................................................................................... 13.2 53.7 20.9 1.2 5.8 94.8 Nov........................................................................................ 13.6 53.9 21.1 1.2 5.4 95.2 Dec......................................................................................... 13.5 56.1 23.3 1.2 5.6 99.7 1971—Feb......................................................................................... 13.8 52.3 23.1 1.2 5.5 95.8 Mar........................................................................................ 14.1 52.4 23.9 1.3 5.7 97.3 Apr......................................................................................... 14.1 53.4 25.3 1.3 5.7 99.8 May........................................................................................ 13.7 52.9 24.1 1.2 5.5 97.4 June....................................................................................... 14.0 54.2 24.4 1.2 6.0 99.8 July?...................................................................................... 14.1 54.7 24.8 1.2 5.4 100.3 1 Including cash items in process of collection. description of the type of depositor in each category, see June 1971 Note:—Daily-average balances maintained during month as estimated Bulletin, p. 466. from reports supplied by a sample of commercial banks. For a detailed DEPOSITS ACCUMULATED FOR PAYMENT OF PERSONAL LOANS (In millions of dollars) Class of Dec. 31, Dec. 31, June 30, Dec. 31, Class of Dec. 31, Dec. 31, June 30, Dec. 31, bank 1968 1969 1970 1970 bank 1968 1969 1970 1970 All commercial.... 1,216 1,131 945 804 All member—Cont. Insured................. 1,216 1,129 943 803 Other reserve city................ 332 304 222 143 National member 730 688 536 433 Country.................................. 605 571 492 437 State member.... 207 188 178 147 All nonmember........................ 278 255 230 224 All member............. 937 876 714 580 278 253 229 223 Noninsured........................... 2 2 1 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-l8. These changes for commercial banks as shown on pp. A-22 and A-23 and on pp. A-24 and A-25 (TPC only for time deposits). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1971 □ LOAN SALES BY BANKS; OPEN MARKET PAPER A 33 LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS (Amounts outstanding; in millions of dollars) To own subsidiaries, foreign branches, holding companies, and other affiliates To all others except banks By type of loan By type of loan Total Total Commercial Commercial and All other and All other industrial industrial May 5 2,867 1,912 955 1,892 417 1,475 12 2,774 1,861 913 1,899 420 1,479 19 2,768 1,879 889 1,894 410 1,484 26 2,781 1,881 900 1.936 415 1,521 June 2 2,861 1,827 1,034 1,931 414 1.517 9 2,797 1.838 959 1.937 419 1.518 16 2,752 1,807 945 1,942 422 1,520 23 2,801 1.877 924 1,949 418 1.531 30 3,058 1,930 1,128 1,969 436 1,533 July 7 2,815 1,756 1,059 1,954 448 1,506 14 2.840 1.838 1,002 1,976 434 1,542 21 2.840 1,865 975 1,975 444 1.531 28 2,838 1,835 1,003 1,987 435 1,552 Aug. 4 2,803 1.878 925 2,037 470 1,567 11 2,884 1,964 920 2,030 450 1.580 18 2,655 1,772 883 2,049 468 1.581 25 2,764 1,829 935 2,036 460 1,576 Note.—Amounts sold under repurchase agreement are excluded. Figures include small amounts sold by banks other than large weekly reporting banks. COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING (In millions of dollars) Commercial and finance Dollar acceptances company paper Held by— Based on- Placed through Placed End of period dealers directly Accepting banks F.R. Banks Total Im- Ex­ Total Others ports ports All r B el a a n te k d Other1 r B el a a n te k d Other2 Total Own Bills Own e F i o g r n ­ U i n n i t t o ed U f n r i o t m ed other bills bought acct. corr. States States 196 4 8,361 2,223 6,138 3,385 1,671 1,301 370 94 122 1,498 667 999 1,719 196 5 9,058 1,903 7,155 3,392 1,223 1,094 129 187 144 1,837 792 974 1,626 196 6 13,279 3,089 10,190 3,603 1,198 983 215 193 191 2,022 997 829 1,778 196 7 16,535 4,901 11,634 4 1,906 1,447 459 164 156 2,090 1,086 989 2,241 196 8 20,497 7,201 13,296 4 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—June 37,798 1,044 11,945 6,559 18,250 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 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 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 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 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 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 2,694 1,960 735 57 250 4,057 2,601 1,561 2,895 1971—May 31,115 392 12,608 1,356 16,759 2,927 2,382 545 112 253 4,203 2,889 1,479 3,126 June "29,472 448 11,288 1,285 rl 6,451 r2,807 2,355 451 62 230 4,546 3,028 1,467 3,150 July. 29,746 469 11,001 1,339 16,937 2,594 2,168 426 55 228 4,577 3,118 1,388 2,948 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 34 INTEREST RATES □ SEPTEMBER 1971 PRIME RATE CHARGED BY BANKS (Per cent per annum) In effect during— Rate Effective date Rate Effective date Rate Effective date Rate 1929.................................... 5V2-6 1951—Jan. 8........... 21/2 1959—May 18........... 41/2 1969—Jan. 7 7 Oct. 17........... ?,y4 Sept. 1........... 5 Mar. 17 71/2 1 1 9 9 3 3 0 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 31 3 / 4 2 - - 5 6 Dec. 19........... 3 1960—Aug. 23........... 41/2 June Q sy2 1 1 19 9 9 3 1 3 3 4 9 3 2 — 4 . . . . 7 . . . . . . . . ( . . N . . . . . . . . o . . . . v . . . . . . ' . . I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 l I V V 14 2 z- - 4 4 1 1 1 9 9 9 5 5 5 3 4 5 — — — A O A M p u c a t r g r . . . . 2 1 1 4 7 7 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 3 3 1 1 V / 4 4 2 1 1 9 9 6 6 5 6 — — J D M A u u e a n c g r e . . . 2 1 6 9 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 5 6 1 3/ / 4 2 1970— N N D S M e o o e a p c v v r t . . . . . 0 2 2 2 1 5 3 1 2 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 m 7 6 8 3 ) / 4 4 Effective date 1956— A A u pr g . . 2 1 1 3. . . .. .. . . .. .. . . .. .. . . . 4 334 1967—J N M a o n a v r . . . 2 2 77 0 6-27... 5 5 6 1 1 / / 2 2-534 1971— J J J a a a n n n . . . 1 1 6 5 8. . . . . .. . . . . . . . . . . . . . . . 6 6 6 1 1 / 4 2 Feb. 16........... 534 1947—Dec. i................. 1V4 1957—Aug. 6........... 41/2 1968—Apr. 19 61/2 Mar. 11 . 514-51/2 Sept. 25........... 6 -61/4 Mar. 19........... 51/4 1948—Aug. i................. 2 1958—Jan. 22........... 4 Nov. 13........... 614 Apr. 23........... 514-51/2 Apr. 21........... 31/2 Dec. 2........... 61/2 May 11........... 5 Vi 1950—Sept. 22........... 21/4 Sept. 11........... 4 Dec. 18........... 634 July 6........... 51/2-6 July 7........... 6 1 Date of change not available. RATES ON 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 Center May Feb. May Feb. May Feb. May Feb. May Feb. May Feb. 1971 1971 1971 1971 1971 1971 1971 1971 1971 1971 1971 1971 Short-term 35 centers......................................... 6.00 6.58 7.47 8.05 6.94 7.49 6.37 6.91 6.04 6.64 5.76 6.35 New York City.......................... 5.66 6.26 6.85 7.76 6.66 7.20 6.13 6.57 5.82 6.35 5.56 6.18 7 other Northeast...................... 6.25 6.80 7.69 8.27 7.18 7.75 6.58 7.11 6.22 6.97 5.88 6.40 8 North Central......................... 5.95 6.65 7.08 7.76 6.69 7.28 6.25 7.82 5.97 6.57 5.78 6.54 7 Southeast.................................. 6.37 6.88 7.67 8.23 7.20 7.72 6.54 7.00 6.12 6.69 6.05 6.55 8 Southwest................................ 6.17 6.59 7.35 7.83 6.76 7.22 6.33 6.82 6.19 6.63 5.87 6.25 4 West Coast.............................. 6.12 6.63 7.84 8.38 7.14 7.77 6.43 7.16 6.10 6.77 5.91 6.32 Revolving credit 35 centers........................................ 5.74 6.34 6.62 7.51 6.53 7.06 5.90 6.70 5.83 6.43 5.71 6.30 New York City.......................... 5.74 6.25 6.33 6.65 6.77 6.88 5.83 6.54 5.66 6.27 5.73 6.24 7 other Northeast...................... 5.86 6.57 7.62 8.53 6.54 7.95 5.84 6.56 5.74 6.28 5.87 6.60 8 North Central......................... 5.82 6.48 6.65 6.53 6.30 6.67 5.73 6.49 5.79 6.57 5.82 6.46 7 Southeast.................................. 6.29 6.62 6.24 8.00 6.76 7.91 6.66 7.22 6.18 6.28 6.08 6.12 8 Southwest................................. 6.05 6.74 6.81 7.26 6.89 7.03 6.46 7.63 6.61 6.65 5.69 6.47 4 West Coast.............................. 5.66 6.31 7.11 8.24 6.42 7.15 5.85 6.66 5.80 6.41 5.61 6.25 Long-term 35 centers........................................ 6.38 6.81 7.63 8.42 7.25 7.58 6.91 7.32 6.22 6.91 6.24 6.64 New York City.......................... 6.35 6.81 5.65 7.08 6.35 6.75 6.53 6.80 6.53 6.56 6.29 6.83 7 other Northeast...................... 6.64 7.09 8.11 10.36 7.44 7.97 7.38 7.62 6.19 6.80 6.27 6.72 8 North Central......................... 6.49 6.92 7.44 7.56 7.06 7.39 6.88 7.28 6.34 7.52 6.41 6.77 7 Southeast................................. 7.67 7.22 7.07 8.37 8.13 7.62 8.41 7.59 7.00 6.50 7.25 7.00 8 Southwest................................ 6.29 6.99 8.02 6.90 6.95 7.84 6.69 8.06 6.18 6.82 6.19 6.71 4 West Coast.............................. 6.04 6.46 7.80 7.63 7.18 7.21 6.41 7.41 6.05 6.81 5.99 6.32 Note.—Beginning Feb. 1971 the Quarterly Survey of Interest Rates on Business Loans was revised. For description of revised series see pp. 468- 77 of the June 1971 Bulletin. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1971 □ INTEREST RATES A 35 MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable)4 Finance Prime CO. Prime Period p co a m pe l r . p p l a a p c e e r d b a a c n c k ep er t­ s’ F f e u d n e d r s al 3-month bills5 6-month bills5 9- to 12-month issues 4- to 6- directly, ances, rate3 3- to 5months1 m 3- o n to 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 ( ie m ld ar )5 ­ Other6 is y s e u a e r s 7 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—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 May................... 5.10 4.69 4.91 4.63 4.139 4.13 4.367 4.34 4.64 4.93 6.02 June................... 5.45 5.24 5.33 4.91 4.699 4.74 4.890 4.95 5.32 5.57 6.36 July................... 5.75 5.54 5.60 5.31 5.554 5.39 5.833 5.77 5.87 6.00 6.92 Aug................... 5.73 5.57 5.57 5.57 5.078 4.93 5.363 5.22 5.52 5.67 6.39 Week ending— 1971—May 1........... 4.80 4.39 4.60 4.14 3.865 3.93 4.087 4.22 4.44 4.53 5.77 8.......... 5.00 4.50 4.83 4.41 3.865 3.84 4.182 4.20 4.46 4.69 5.92 15........... 5.00 4.51 4.88 4.59 3.861 3.96 4.178 4.23 4.58 4.75 5.98 22.......... 5.15 4.79 4.95 4.55 4.352 4.36 4.530 4.49 4.79 5.20 6.20 29........... 5.25 4.98 5.00 4.68 4.478 4.38 4.578 4.46 4.73 5.08 5.97 June 5........... 5.38 5.13 5.00 4.82 4.344 4.28 4.508 4.52 4.78 4.99 5.92 12........... 5.38 5.13 5.18 4.77 4.510 4.58 4.720 4.79 5.13 5.37 6.22 19........... 5.48 5.19 5.43 4.89 4.989 4.94 5.200 5.16 5.43 5.76 6.54 26........... 5.50 5.39 5.50 4.96 4.953 4.86 5.133 5.06 5.56 5.74 6.46 July 3........... 5.65 5.45 5.60 5.07 5.080 5.17 5.277 5.37 5.77 6.06 6.70 10 ........ 5.75 5.48 5.63 5.18 5.467 5.40 5.614 5.53 5.65 5.96 6.70 17........... 5.75 5.56 5.50 5.13 5.376 5.38 5.483 5.52 5.61 5.70 6.64 24........... 5.75 5.56 5.63 5.46 5.546 5.45 5.724 5.73 5.77 5.85 6.82 31........... 5.75 5.58 5.63 5.38 5.554 5.39 5.833 5.77 5.87 6.00 6.92 Aug. 7........... 5.75 5.60 5.63 5.57 5.273 5.28 5.618 5.67 5.90 6.02 6.85 14,. ,, 5.83 5.68 5.63 5.59 5.372 5.24 5.770 5.66 5.92 6.06 6.81 21........... 5.78 5.58 5.55 5.59 4.921 4.71 5.202 4.89 5.24 5.41 6.05 28........... 5.63 5.46 5.53 5.48 4.747 4.69 4.860 4.87 5.19 5.39 6.06 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 36 INTEREST RATES □ SEPTEMBER 1971 BOND AND STOCK YIELDS (Per cent per annum) Government bonds Corporate bonds Stocks State By selected By Dividend/ Earnings / Period United and local rating group price ratio price ratio ( S l t o a n te g s ­ Total i term) Total i Aaa Baa Aaa Baa Indus­ Rail­ Public Pre­ Com­ Com­ trial road utility ferred mon mon 1962................................................... 3.95 3.30 3.03 3.67 4.62 4.33 5.02 4.47 4.86 4.51 4.50 3.37 6.06 1963................................................... 4.00 3.28 3.06 3.58 4.50 4.26 4.86 4.42 4.65 4.41 4.30 3.17 5.68 1964................................................... 4.15 3.28 3.09 3.54 4.57 4.40 4.83 4.52 4.67 4.53 4.32 3.01 5.54 1965................................................... 4.21 3.34 3.16 3.57 4.64 4.49 4.87 4.61 4.72 4.60 4.33 3.00 5.87 1966................................................... 4.66 3.90 3.67 4.21 5.34 5.13 5.67 5.30 5.37 5.36 4.97 3.40 6.72 1967................................................... 4.85 3.99 3.74 4.30 5.82 5.51 6.23 5.74 5.89 5.81 5.34 3.20 5.71 1968................................................... 5.25 4.48 4.20 4.88 6.51 6.18 6.94 6.41 6.77 6.49 5.78 3.07 5.84 1969................................................... 6.10 5.73 5.45 6.07 7.36 7.03 7.81 7.22 7.46 7.49 6.41 3.24 6.05 1970................................................... 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—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 5.81 1971—Jan.......................................... 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!l0 5.52 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 May....................................... 5.96 5.99 5.71 6.36 8.03 7.53 8.62 7.68 8.40 8.23 6.82 3! 04 June....................................... 5.94 5.98 5.65 6.36 8.14 7.64 8.75 7.80 8.43 8.39 6.99 3.10 July........................................ 5.91 6.12 5.75 6.58 8.14 7.64 8.76 7.85 8.46 8.34 7.03 3.13 Aug........................................ 5.78 5.84 5.56 6.21 8.12 7.59 8.76 7.80 8.48 8.30 7.04 3.18 Week ending— 1971—June 5............................... 5.79 5.83 5.50 6.20 8.15 7.69 8.71 7.80 8.40 8.41 6.98 3.07 12............................... 5.89 5.90 5.60 6.25 8.13 7.66 8.73 7.79 8.37 8.42 7.03 3.09 19............................... 6.06 5.99 5.70 6.35 8.13 7.63 8.77 7.79 8.42 8.38 6.96 3.08 26............................... 5.98 6.19 5.80 6.65 8.14 7.62 8.78 7.79 8.49 8.37 6.99 3.14 July 3................................ 5.97 6.35 5.90 7.00 8.14 7.63 8.78 7.82 8.47 8.35 7.01 3.10 10................................ 5.92 6.09 5.70 6.60 8.14 7.65 8.75 7.83 8.43 8.35 7.06 3.09 17................................ 5.82 6.09 5.70 6.60 8.14 7.64 8.77 7.84 8.43 8.34 7.07 3.12 24................................ 5.91 5.98 5.65 6.30 8.14 7.63 8.75 7.85 8.47 8.32 6.96 3.12 31................................ 5.96 6.08 5.80 6.40 8.16 7.66 8.78 7.86 8.47 8.34 7.04 3.18 Aug. 7................................ 5.93 6.13 5.85 6.45 8.21 7.69 8.85 7.89 8.53 8.41 7.10 3.28 14................................ 5.90 6.09 5.80 6.45 8.22 7.71 8.87 7.89 8.55 8.44 7.06 3.25 21................................ 5.64 5.42 5.15 5.75 8.02 7.51 8.66 7.72 8.31 8.23 6.99 3.12 28................................ 5.70 5.71 5.45 6.20 8.07 7.50 8.69 7.76 8.48 8.19 7.02 3.06 Number of issues2......................... 7 20 5 5 119 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. Notes to tables on opposite page: Security Prices: Terms on Mortgages: 1 Begins June 30, 1965, at 10.90. On that day the average price of a share i Fees and charges—related to principal mortgage amount—include of stock listed on the American Stock Exchange was $10.90. loan commissions, fees, discounts, and other charges, which provide added income to the lender and are paid by the borrower. They exclude Note.—Annual data are averages of monthly figures. Monthly and any closing costs related solely to transfer of property ownership. weekly data are averages of daily figures unless otherwise noted and are computed as follows: U.S. Govt, bonds, derived from average market Note.—Compiled by Federal Home Loan Bank Board in cooperation yields in table on preceding page on basis of an assumed 3 per with Federal Deposit Insurance Corporation. Data are weighted averages cent, 20-year bond. Municipal and corporate bonds, derived from average based on probability sample survey of characteristics of mortgages yields as computed by Standard and Poor’s Corp., on basis of a 4 per cent, originated by major institutional lender groups (including mortgage 20-year bond; Wed. closing prices. Common stocks, derived from com­ companies) for purchase of single-family homes. Data exclude loans for ponent common stock prices. Average daily volume of trading, normally refinancing, reconditioning, or modernization; construction loans to conducted 5 days per week for 5 Vi hours per day, or 27 Vi hours per week. homebuilders; and permanent loans that are coupled with construction In recent years shorter days and/or weeks have cut total weekly trading loans to owner-builders. Series beginning 1965, not strictly comparable to the following number of hours: 1967—Aug. 8-20, 20; 1968—Jan. 22- with earlier data. See also the table on Home-Mortgage Yields, p. A-55. Mar. 1, 20; June 30-Dec. 31, 22; 1969—Jan. 3-July 3, 20; July 7-Dec. 31- 22.5; 1970—Jan. 2-May 1, 25. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1971 □ SECURITY MARKETS A 37 SECURITY PRICES Common stock prices Volume of Bond prices New York Stock Exchange trading in (per cent of par) stocks Amer­ (thousands of Period Standard and Poor’s index New York Stock Exchange index ican shares) (1941-43=10) (Dec. 31, 1965 = 50) Stock Ex­ change ( G t l U e o o r . n m S v g t . ) . ­ S l a o t n c a a d te l p A C o A r o a r A t ­ e Total In tr d ia u l s­ R ro a a i d l­ P u u ti b li l t i y c Total In tr d i u al s­ T p t o r i a r o n t n a s ­ ­ Utility na F n i­ ce in to d ta e l x 1 NYSE AMEX 196 2 86.94 112.0 96.2 62.38 65.54 30.56 59.16 3,820 1,225 196 3 86.31 111.3 96.8 69.87 73.39 37.58 64.99 8.52 4,573 1,269 196 4 84.46 111.5 95.1 81.37 86.19 45.46 69.91 9.81 4,888 1.570 1 1 1 9 9 9 6 6 6 6 5 7 8 7 7 3 8 6 . . . 6 5 7 3 5 6 1 1 1 0 1 0 0 0 2 . . . 5 6 6 9 8 8 6 3 1 . . . 1 9 8 8 8 9 8 5 1 . . . 9 2 1 3 6 7 9 9 9 3 1 9 . . . 4 0 1 8 9 8 4 4 4 6 6 6 . . . 7 3 7 8 4 2 7 6 6 8 6 8 . . . 2 0 1 1 8 0 4 5 4 0 . . 1 7 6 7 4 5 3 1 . . 7 9 9 7 4 5 8 3 . . 2 51 3 4 4 4 5 . . 7 4 7 3 4 4 4 9 . . 4 8 3 2 1 1 1 2 9 4 . . . 0 6 6 5 7 7 1 6 7 0 , , , 5 1 1 3 7 4 8 3 4 2 4 2 , , , 1 7 5 5 0 2 2 8 0 196 8 72.33 93.5 76.4 98.70 107.49 48.84 66.42 55.37 58.00 50.58 44.19 65.85 27.72 12,971 6,353 196 9 64.49 79.0 68.5 97.84 107.13 45.95 62.64 54.67 57.45 46.96 42.80 70.49 28.73 11,403 5,001 197 0 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—Au g 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—Ja............n 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 May 65.72 75.6 63.7 101.64 112.41 42.05 59.20 56.00 60.21 45.48 39.70 70.89 26.03 15,157 4,157 June 65.84 74.8 63.5 99.70 109.95 41.97 59.96 55.06 59.25 44.90 38.71 70.01 25.61 13,802 3.488 July........ 66.16 74.0 63.2 99.00 109.09 42.05 60.08 54.83 58.70 44.02 39.72 70.42 25.46 12,634 3,080 Aug---- 67.33 77.5 63.4 97.24 107.26 43.55 57.51 53.73 57.62 44.83 38.17 69.41 24.84 14,574 3,473 Week ending— 1971—Aug. 7 65.91 74.4 63.2 94.54 104.09 40.53 57.82 52.22 55.81 41.46 38.29 67.11 24.41 12,481 3,009 14 66.21 75.3 63.1 94.68 104.37 40.97 57.33 52.30 55.98 42.38 37.98 66.85 24.41 10,967 2,657 21 68.59 81.0 63.6 98.77 109.00 44.32 57.93 54.63 58.63 46.06 38.48 70.75 25.16 21,058 5,141 28 68.04 79.1 63.8 100.17 110.68 47.10 57.27 55.33 59.52 48.21 38.11 71.92 25.25 15,308 3,477 For notes see opposite page. TERMS ON CONVENTIONAL FIRST MORTGAGES New homes Existing homes Period C c t ( r r e p a o a n e t n c t e r t ) ­ c F c h ( e e a p e n r e s g t r ) e & 1 s M (y a e t a u r r s i ) ty L c r p ( a o e p r n t a i e i c r t n o e ) / (t d h c o p o P h l r u u l a i a s c r s r . e ­ e s o ) f (t a d h m L o o l o u o la a s u r . n n s o t ) f c C t ( r r e p a o a n e t n c t r e ) t ­ c F c h ( e e a p n e r e s t g r ) e & * s M (y a e t a u r r s i ) ty L c r p ( e o a p r n t a e i i c r t n o e ) / (t d h c o p o P h l r u u l a i a s r c s r . ­ e e s o ) f (t d a h L o m o l u o l o a a s u . r n n s o ) t f 1964......................... 5.78 .57 24.8 74.1 23.7 17.3 5.92 .55 20.0 71.3 18.9 13.4 1965.......................... 5.74 .49 25.0 73.9 25.1 18.3 5.87 .55 21.8 72.7 21.6 15.6 1966.......................... 6.14 .71 24.7 73.0 26.6 19.2 6.30 .72 21.7 72.0 22.2 15.9 1967.......................... 6.33 .81 25.2 73.6 28.0 20.4 6.40 .76 22.5 72.7 24.1 17.4 1968......................... 6.83 .89 25.5 73.9 30.7 22.4 6.90 .83 22.7 73.0 25.6 18.5 1969......................... 7.66 .91 25.5 72.8 34.1 24.5 7.68 .88 22.7 71.5 28.3 19.9 1970......................... 8.27 1.03 25.1 71.7 35.5 25.2 8.20 .92 22.8 71.1 30.0 21 .0 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 21.7 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............... 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 .83 25.9 73.7 35.9 26.0 7.47 .77 24.1 73.5 31.7 23.0 Apr............... 7.37 .73 26.3 73.6 36.0 26.2 7.34 .75 24.2 73.6 31.8 23.1 May............. 7.36 .71 26.1 74.0 36.7 26.7 7.33 .71 24.0 73.2 32.3 23.3 June r......... 7.38 .74 26.3 73.7 37.5 27.3 7.38 .74 24.3 73.9 32.9 23.9 July.............. 7.51 .88 26.2 74.3 37.0 27.1 7.50 .73 24.2 74.4 31.8 23.3 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 38 STOCK MARKET CREDIT q SEPTEMBER 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) ma C r r g e in d it c u e s x t t o e m nd er e s d b t y o — to C m u e s r ­ s’to C m u e s r ­ s’ cr N e e d t it Adjusted d (p eb er t/ c c o en ll t a ) teral value T a o d ta ­ l End of period Brokers Banks Total a d b n n e a c e b l e t i ­ t s c a b f r n n r e a e c e d l e t e ­ i s t b te r n e b o x d k y ­ e e d rs E pe n r d i o o d f Un 2 d 0 er 20-29 30-39 40-49 50-59 6 m 0 o o re r ju ( l d i m s o e o t n b i f e l t s d ­ dol­ Unrestricted Restricted1 lars) 1970—July. 3,800 2,290 6,090 (3) 42,180 (3) Aug. 3,810 2.300 6,110 (3) 2,083 (3) Sept. 3,920 2.330 6,250 (3) 2,236 (3) 1970—July.. 1.1 1.0 32.7 16.7 9.0 39.5 8,610 Oct.. 4.010 2,270 6,280 (3) 2,163 (3) Aug.. .7 1.1 37.8 14.3 9.2 36.9 8,580 Nov. 4.010 2,320 6,332 (3) 2,197 (3) Sept.. .6 l.l 45.5 12.0 8.9 31.9 8,900 Dec. 4,030 2.330 6,360 (3) 2,286 (3) Oct... .7 1.0 38.4 18.0 9.2 32.6 8,780 Nov.. 1.0 0.9 39.0 16.4 9.7 33.0 8,570 1971—Jan.. 4,000 2.300 6,300 (3) 2,452 (3) Dec.. .0 .3 47.0 13.7 9.5 29.4 8,140 Feb.. 4,090 2.330 6,420 (3) 2,743 (3) Mar. 4,300 2,360 6,660 (3) 2,798 (3) 1971—Jan. . .0 .4 55.1 12.5 8.4 23.6 8,180 Apr.. 4,530 2.340 6,870 (3) 2,660 (3) Feb.. .0 .4 56.2 13.2 7.7 22.5 8,410 May. 4,620 2.340 6,960 (3) 2,550 (3) Mar.. .0 .5 58.4 12.7 6.7 21.6 8,820 J J u u n ly e . . 4 4 , , 7 7 9 2 0 0 2 2 , , 3 42 9 0 0 7 7 , , 1 2 1 1 0 0 ( ( 3 3 ) ) 2 2 , , 4 2 4 1 0 0 ( ( 3 3 ) ) A M p a r y .. . . . 2 0 . . 4 3 6 5 0 4 . . 6 0 1 12 7 . . 1 9 6 6. . 8 0 2 2 0 0 . . 7 9 9 8 , , 2 9 0 9 0 0 June. .3 .2 47.4 23.1 7.6 21.3 9,030 July.. .1 33.5 33.3 10.1 22.8 8,960 1 End-of-month data. Total amount of credit extended by member firms of the N.Y. Stock Exchange in margin accounts, excluding credit extended on convertible bonds and other debt instruments and in special subscrip­ 1 Debt representing more than 30 per cent but less than 35 per cent of tion accounts. collateral value is unrestricted as of May 6,1970, but is not separable from 2 Figures are for last Wed. of month for large commercial banks re­ the remainder of this category. porting weekly and represent loans made to others than brokers or dealers for the purpose of purchasing or carrying securities. Excludes loans col­ Note.—Adjusted debt is computed in accordance with requirements set lateralized by obligations of the U.S. Govt. forth in Regulation T and often differs from the same customer’s net debit 3 Series discontinued. balance mainly because of the inclusion of special miscellaneous accounts 4Change in series. in adjusted debt. Collateral in the margin accounts covered by these data Note.—Customers’ net debit and free credit balances are end-of-month now consists exclusively of stocks listed on a national securities exchange. ledger balances as reported to the New York Stock Exchange by all Unrestricted accounts are those in which adjusted debt does not exceed the member firms that carry margin accounts. They exclude balances carried loan value of collateral; accounts in all classes with higher ratios are for other member firms of national securities exchanges as well as balances restricted. of the reporting firm and of its general partners. Net debit balances are total debt owed by those customers whose combined accounts net to a 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 SPECIAL MISCELLANEOUS ACCOUNT BALANCES and free credit balances since the latter are available for the brokers’ use AT BROKERS, BY EQUITY STATUS OF ACCOUNTS until withdrawn. (Per cent of total, except as noted) EQUITY STATUS OF MARGIN ACCOUNT DEBT Equity class of accounts AT BROKERS Net in debit status Total (Per cent of total debt, except as noted) End of period credit balance status 60 per cent Less than o ( f m d i o ll l i l o a n r s s ) Total Equity class (per cent) or more 60 per cent debt E pe n r d i o o d f l l ( a d i m o r o o s n f i l ) l ­ ^ s ­ 8 m 0 o o re r 70-79 60-69 50-59 40-49 Un 4 d 0 er 1970—July........................ 4 4 4 4 7 6 6 6 . . . . 5 7 6 2 4 4 4 4 0 2 4 3 . . . . 5 6 5 9 1 1 9 9 0 1 . . . . 9 0 7 9 4 4 4 4 , , , , 3 4 4 4 8 3 9 3 0 0 0 0 45.5 43.9 10.6 4,240 48.2 42.3 9.4 4,030 1970— S A Ju e u p l g y t . . . . . . 3 3 3 , , , 8 9 8 1 2 0 0 0 0 1 1 8 0 1 . . . 1 7 4 1 1 1 5 8 5 . . . 1 1 3 2 2 21 4 2 . . . 1 9 4 1 1 16 6 6 . . . 7 6 0 1 1 1 3 3 3 . . . 1 8 6 2 2 1 1 5 6 . . . 1 8 0 1971—Jan.......................... 4 49 9 . . 1 2 4 43 4 . . 6 2 7 6 . . 2 7 4 4 , , 3 2 8 6 0 0 N D O o c e t v c . . . . . . . 4 4 4 , , , 0 0 0 1 3 1 0 0 0 1 1 9 1 0 . . . 9 4 0 1 1 1 6 4 5 . . . 1 8 2 2 2 2 6 7 5 . . . 1 1 5 1 1 1 7 6 6 . . . 5 8 9 1 1 1 4 3 4 . . . 1 5 3 1 1 1 5 8 7 . . . 5 2 2 4 4 4 4 6 6 5 8 . . . . 1 5 8 6 4 4 4 4 7 8 7 5 . . . . 1 1 8 5 5 6 5 7 . . . . 1 4 9 0 4 4 4 4 , , , , 5 4 2 4 0 0 5 0 0 0 0 0 1971—Jan. . 4,000 12.1 19.6 28.3 17.1 10.0 12.8 45.2 46.7 8.1 4,190 Feb.. 4,090 11.4 19.5 31.1 16.3 9.3 12.3 M Ap a r r. . . . 4 4 , , 5 3 3 0 0 0 1 1 1 1 . . 8 8 2 2 0 0 . . 3 0 3 3 5 3 . . 0 0 1 1 5 6 . . 0 2 6 7 . . 2 2 1 1 1 1 . . 7 8 ma N y o b t e e . u — se S d p e b c y ia c l u m sto is m ce e l r la s n a e s o u th s e a m cc a o r u g n in 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 a t l May. 4,620 10.6 15.7 36.7 18.0 7.4 11.6 purchases. Balances may arise as transfers based on loan values of other June. 4,720 9.6 14.4 34.9 20.1 8.6 12.2 collateral in the customer’s margin account or deposits of cash (usually July.. 4,790 8.3 12.2 29.1 25.2 11.0 14.1 sales proceeds) occur. 1 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

SEPTEMBER 1971 □ SAVINGS INSTITUTIONS A 39 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 a d te l C r a o a n r t d p e o­ Cash O as t s h e e t r s lia a t b i n e i d s li ­ D i e t p s o 2 s­ l O ia t t i b h e i s e li r ­ r c e o a s u e c n r ­ v ts e (in months) govt. other1 g re e s n e e r r v a e l accts. 3 or 3-6 6-9 Over Total less 9 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—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__ 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 Apr---- 58,796 2,727 3,340 278 15,519 1,254 1,656 83,570 75,824 1,882 5,863 993 445 360 1,005 2,804 May... 59,111 2,813 3,441 330 16,070 1,261 1,659 84,686 76,656 2,116 5,914 1,152 470 385 1,171 3,178 Juner . 59,546 2,696 3,409 319 16,649 1,281 1,665 85,565 77,683 1,956 5,926 1,118 517 343 1,244 3,222 July... 59,935 2,545 3,558 326 16,969 1,198 1,750 86,282 78,130 2,198 5,924 1,015 582 347 1,260 3,204 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 8, p. A-19. 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. 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 St n a 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: 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—June r............................. 200,090 10,857 4,459 3,229 3,169 84,906 72,089 12,817 73,227 6,116 15,191 9,793 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 10,053 203,922 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 Feb.................................. 209,885 11,126 4,632 3,319 3,175 91,038 74,696 16,342 74,437 6,453 16,220 10,611 Mar................................. 211,500 11,023 4,540 3,335 3,148 92,629 75,192 17,437 74,516 6,485 16,293 10,554 Apr................................. 212,698 10,946 4,454 3,375 3,117 93,756 75,604 18,152 74,536 6,535 16,370 10,555 May................................ 213,414 10,954 4,433 3,403 3,118 94,197 76,096 18,101 74,552 6,591 16,433 10,687 June................................ 214,279 10,786 4,242 3,412 3,132 95,031 76,644 18,387 74,535 6,644 16,516 10,767 1 Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and Note.—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance companies in the United States. on each item separately but are included in total, in “Other assets.” Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 40 SAVINGS INSTITUTIONS □ SEPTEMBER 1971 SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Mortgage loan Assets Liabilities commitments4 Total assets— End of period M ga o g r e t s ­ I s i n m e ti v c e e e u s n 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 o n r e e ­ d y3 Other d p M u er r a i i d o n e d g O e p u in n e t g s r d t i a o a o d n t f d ­ 196 1 68,834 5,211 3,315 4,775 82,135 70,885 5,708 2,856 1,550 1 ,136 1,872 196 2 78,770 5,563 3,926 5,346 93,605 80,236 6,520 3,629 1,999 1,221 2,193 196 3 90,944 6,445 3,979 6,191 107,559 91,308 7,209 5,015 2,528 1,499 2,572 196 4 101,333 6,966 4,015 7,041 119,355 101,887 7,899 5,601 2,239 1,729 2,549 196 5 110,306 7,414 3,900 7,960 129,580 110,385 8,704 6,444 2,198 1,849 2,707 196 6 114,427 7,762 3,366 8,378 133,933 113,969 9,096 7,462 1,270 2,136 1,482 196 7 121,805 9,180 3,442 9,107 143,534 124,531 9,546 4,738 2,257 2,462 3,004 196 8 130,802 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—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. 154,430 18,335 3,376 9,668 185,809 155,845 12,044 9,838 3,500 4,577 3,130 6,445 Apr.. 156,574 18,302 3,146 9,831 187,853 158,061 12,031 8,631 3,877 5,253 3,370 7,359 May. 158,747 18,650 3,000 10,087 190,484 160,221 12,035 7,774 4,336 6,118 3,505 8,300 June. 161,440 18,609 2,783 10,110 192,942 163,313 12.357 7,903 4,734 4,635 3,537 8,545 Julyp, 163,919 19,318 2,170 10,194 195,601 164,844 12.357 8,041 4,938 5,421 3,100 8,514 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. MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks Federal National Mortgage Assn. Banks Federal Federal (secondary market for intermediate land Assets Liabilities and capital operations) cooperatives credit banks banks End of period Ad­ Cash Mem­ Deben­ Loans Loans v m an t e o m ce ­ s I m nv e e n s t t s ­ p a o d n s e i d ­ ts B n a o o n n t d e d s s p b o d s e e i r ­ ts C s a to p c it k al M l g o a a o g n r e t s ­ n t a u o n r t e d e s s c a o t o t i p v o e e s r­ D t e u b re e s n­ co a d u n is n d ­ ts D t e u b re e s n­ M l g o a a o g n r e t s ­ Bonds bers (A) (L) (A) (L) (A) (L) (A) (L) 1967............... 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 1968............... 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 1969............... 9,289 1,862 124 8,422 1,041 1,478 10,541 10,511 1,732 1,473 4,275 4,116 6,714 5,949 1970............... 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—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. . 9,689 4,322 116 8,756 3,425 1,628 15,420 15,122 2,153 1,819 5,380 5,077 7,347 6,645 Apr... 8,269 4,235 192 7,876 2,828 1,627 15,308 15,477 2,113 1,900 5,568 5,336 7,426 6,700 May.. 7,268 4,400 96 7,419 2,379 1,620 15,242 15,142 2,056 1,830 5,729 5,468 7,502 6,640 June.. 7,241 3,718 132 7,329 2,112 1,602 15,363 14,795 2,041 1,770 5,909 5,639 7,579 6,640 July. . 7,338 3,211 85 7,297 1,699 1,600 15,674 15,638 1,997 1,726 5,905 5,712 7,650 6,884 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

IER 1971 □ FEDERALLY SPONSORED CREDIT AGENCII ISSUES OF FEDERALLY SPONSORED AGENCIES, AUGUST 31, 19} Amount Cou­ Amount (millions Agency, and date of issue pon (millions Agency, and date of issue lillioi of dollars) and maturity rate of dollars) and maturity dolla Federal National Mortgage Federal intermediate Association—Cont. credit banks Debentures—Cont: Debentures: 5/10/69 - 11/10/71.... 6.85 350 11/2/70 - 8/2/71___ 584 579 3/10/70 - 12/10/71___ 8.13 500 12/1/70 - 9/1/71 432 338 2/10/60 - 2/10/72......... 5H 98 1/4/71 _ 10/4/71.... 453 250 3/10/69 - 3/10/72......... 6% 250 2/1/71 - 11/1/71......... 696 200 10/14/69 - 3/10/72___ 6% 200 3/1/71 - 12/1/71......... 623 300 12/11/61 - 6/12/72. 4% 100 4/1/71 - 1/3/72........... 691 200 2/10/70 - 6/12/72......... 8.70 300 5/3/71 -2/1/72........... 583 400 5/11/70 - 9/11/72......... 8.40 400 6/1/71 - 3/1/72........... 436 250 6/10/70 - 9/11/72......... 7.40 200 7/1/71 -4/3/72........... 375 350 11/10/69 - 12/11/72... 8.00 200 3/2/70 - 3/1/73......... 203 400 10/13/70 - 12/11/72. . . 7.20 400 9/1/70-7/2/73........... 200 400 11/10/70 - 3/12/73. . .. 7.30 450 7/1/71 - 1/2/74........... 212 450 12/12/69 - 3/12/73. . .. 8.30 250 1/4/71 - 7/1/74......... 224 300 6/12/61 - 6/12/73......... 4% 146 250 7/10/70 - 6/12/73......... 8.35 350 Federal land banks 300 7/12/71 - 6/12/73........... 6.75 550 Bonds: 2 1 3 8 2 4 3 6 / /1 1 0 0 / / 7 7 1 0 - - 9 / 9 1 / 0 10 /7 /7 3 3 .. . . . . . . . . . . . . . . . . . . 8 6 . . 1 13 0 3 3 0 5 0 0 2 1 / 0 1 / 5 20 /5 /6 7 8 - - 2/ 1 1 0 5 / / 2 6 0 7 /7 -7 1 2 . 4 6 K .00 44 7 7 2 250 12/10/70 - 12/10/73. . . 5.75 500 8/20/68 - 2/15/72. . . 5.70 230 265 4/10/70 - 3/11/74......... 7.75 350 2/23/71 - 4/20/72. . .. 4.45 300 3 3 0 50 0 9 8 / / 1 5 0 /7 /6 0 9 - - 6 9 / / 1 1 0 0 / / 7 7 4 4 .. . . . . . . . . . . . . . . . . . 7 7 . . 8 9 5 0 4 25 0 0 0 4 6 / / 2 2 0 2 / / 7 7 1 0 - - 4 7 / / 2 2 0 0 / / 7 7 2 2 . . . . . . . 8 4% .2 0 4 4 4 37 2 200 2/10/71 -9/10/74........... 5.65 300 9/14/56 - 9/15/72. .. 3% 109 350 5/10/71 - 12/10/74......... 6.10 250 9/22/69 - 9/15/72. . . 8.35 337 200 11/10/70 - 3/10/75.... 7.55 300 10/23/72 - 10/23/72. 5J4 200 4/12/71 -6/10/75........... 5.25 500 7/20/71 - 10/23/72... 6.50 446 10/13/70 - 9/10/75. . .. 7.50 350 7/20/70 - 1/22/73. . . 7.95 407 3/11/71 - 3/10/76........... 5.65 500 2/20/63 - 2/20/73-78, 4^ 148 6/10/71 - 6/10/76........... 6.70 250 1/20/70 - 7/20/73. . . 8.45 198 7/12/71 - 12/10/76......... 7.45 300 8/20/73 - 7/20/73.... 7.95 350 1,737 2/13/62 - 2/10/77......... 4% 198 4/20/70 - 10/22/73. . 7.80 300 2 2 5 0 0 0 5 1 1 / / 2 1 2 / 0 1 1 / / 0 7 7 / 1 1 7 0 - - - 6 6 / 6 1 /1 / 0 1 0 /7 0 /8 7 /7 1 .. 7 . . . . _ . . . . _ . . . . _ . . . . . . 7 6 6 . . . 2 5 3 5 8 0 2 2 1 5 5 5 0 0 0 4 2 1 / / 0 2 2 / 0 0 2 / / 0 7 7 / 1 7 2 0 - - - 1 2 0 4 /2 / / 2 2 0 1 / 2 7 / / 7 4 7 4 4 . . . . . 4 7 5 V . . 3 3 i 0 0 3 3 1 5 0 5 4 5 0 2/10/71 - 6/10/82........... 6.65 250 2/20/70 - 1/20/75. . ., 8^ 220 2 4 5 0 0 0 4 3 / / 1 1 2 1 / / 7 7 1 1 - -6 6 / / 1 1 1 0 / / 8 8 4 3. . . . . . . . . . . . . . . . . . . . . . 6 6 . . 2 7 5 5 2 2 0 0 0 0 4 7 2 / / / 2 2 2 0 0 1 / / / 7 6 6 1 6 5 - - - 1 2 4 0 / / 2 2 /2 4 1 0 / / 7 7 /7 6 5 5 . . .. . . . . . . , 4 7 5 ^ . . 2 0 8 0 0 2 3 1 0 2 0 3 0 0 200 Ba D nk eb s e f n or tu c r o e o s p : eratives 2 7 5 / / / 2 2 2 0 0 /6 / / 6 6 6 7 6 - - - 4 7 / 1 2 / / 2 0 2 0 / 2 7 / / 7 8 7 6 . 9 .. . .. . . . . . . . 5 5 5^ . K 0 8 0 2 1 1 8 5 5 5 0 0 20 63 0 4 2 / / 1 1 /7 /7 1 1 - - 8 1 / 0 2 / / 4 7 /7 1 1 .. . . . . . 4 3 . . 5 70 0 4 3 2 4 3 2 2/23/71 -4/20/81........ 6.70 250 5/3/71 - 11/1/71... 4.45 271 96 6/1/71 - 12/1/71 . . . 5% 294 350 7/1/71 - 1/3/72. .. . 5.65 297 500 10/1/70 - 10/1/73. 7.30 100 by the U.S. Govt.; see also note to table at bottom of opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 42 FEDERAL FINANCE □ SEPTEMBER 1971 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) U.S. budget Means of financing Receipt-expend- Borrowings from the public 2 Less: Cash and iture account monetary assets Other 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 8 153,671 172,802 6,030 178,833 -25,161 21,357 5,944 3,271 2,049 -1,119 23,100 -397 1,700 3,364 196 9 187,784 183,072 1,476 184,548 3,236 6,142 633 7,364 2,089 -1,384 2-1,295 596 1,616 269 197 0 193,743 194,456 2,131 196,588 -2,845 17,198 -1,739 9,386 676 5,397 2,151 -581 -982 197133..................... 188,332 210,653 922 211,574 -23,242 27,211 -347 6,616 800 19,448 710 -979 3,526 Half year: 1969—July-Dee.. 90,833 97,563 ,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 1971—Jan.-June? 100,770 106,569 824 107,392 -6,620 8,971 -328 4,810 642 3,191 657 54 4,141 M 197 o 0 n — th J : ul y r12,654 >•19,322 -17 ••19,304 -6,650 5,649 -38 -233 -153 5,997 -646 -386 r_77 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 Apr............ 21,024 17,769 49 17,818 3,206 223 -345 221 -71 -271 4,365 527 1,957 May........... 13,190 16,882 270 17,152 -3,961 4,954 40 2,095 702 2,197 -1,973 -723 -931 June?........ 22,449 20,003 112 20.115 2,334 1,285 -553 1,059 -17 -310 1,835 -268 -458 July........... 13,198 18,507 49 18,556 -5,358 7,169 -960 1,861 122 4,226 -1,559 -690 -1,117 Selected balances Treasury operating balance Federal securities End Memo: of Less: Debt of period B F a . n R k . s l T a o n a a d x n b G ala 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 G In o v v e t s , t m ac e c n o t u s n o ts f S n L p o e e te s c s s ia : 3 l E T h q b o e u y l t a d a l l s : s c p o G o N r n o p o s v s w o . t — . r - e d accounts Special Other public private 5 issues Fiscal year: 1968.......................... 1,074 4,113 111 5,298 347,578 24,399 59,374 19,766 2,209 290,629 10,041 1969.......................... 1,258 4,525 112 5,894 353,720 14,249 66,738 20,923 825 279,483 24,991 1970........................... 1,005 6,929 111 8,045 370,919 12,510 76,124 21,599 825 284,880 35,789 1971?......................... 1,274 7,372 109 8,755 398,130 12,163 82,740 22,400 825 304,328 N.A. Calendar year: 1969.......................... 1,312 3,903 112 5,327 368,226 13,820 70,677 21,250 825 289,294 30,578 1970.......................... 1,156 6,834 109 8,099 389,158 12,491 77,931 21,756 825 301,138 Month: 1970—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 37,814 Apr................ 1,322 7,462 109 8,893 391,891 12,676 79,586 21,714 825 302,442 38,694 May.............. 874 5,938 109 6,920 396,845 12,716 81,681 22,417 825 304,638 37,275 June?............ 1,274 7,372 109 8,755 398,130 12,163 82,740 22,400 825 304,328 36,886 July............... 1,274 7,372 109 8,755 405,299 11,203 75,891 31,232 825 308,554 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 securities held by the public 5 Includes debt of Federal home loan banks, Federal land banks, R.F.K. 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

SEPTEMBER 1971 □ FEDERAL FINANCE A 43 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 tr r i a b n u c t e i o t n ax s es Period Total Em tax p e lo s y a m n e d n t Excise Cus­ E a s n ta d te M r i e s ­ c. W he i l t d 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 o p ­ s ts s fu R n e d ­ s contributions1 i e n U m s n u p - r l. . O n r t e h e ­ t er t N ot e a t l taxes toms gift ceipts 3 P ro ay ll ­ Self- ceipts2 taxes empl. Fiscal year: 196 8 153,671 57,301 20,951 9,527 68,72629,897 1,23227,680 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 1,66032,521 1,715 3,328 2,353 39,918 15,222 2,319 3,491 2,908 197 0 193,74377,41626,236 13,24090,41235,037 2,20837,190 1,942 3,465 2,70045,298 15,705 2,430 3,644 3,424 \91lv..................... 188,33276,42224,265 14,52386,164 30,341 3,535 39,751 1,948 3,686 3,20248,587 16,629 2,590 3,709 3,847 Half year: 1969—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. 102,91038,619 20,465 12,75946,325 19,858 1,226 20,134 1,811 2,196 1,41625,558 7,464 1,168 2,148 1,615 July-Dee.. 87,562 37,445 5,569 56542,449 12,744 1,467 17,768 133 1,348 1,57620,826 8,152 1,317 1,537 2,005 1971—Jan.-June2' 100,77038,977 18,696 13,95843,715 17,597 2,06921,983 1,815 2,338 1,62527,761 8,478 1,273 2,172 1,842 Month : 1970—Jul y r12,654 '6,084 477 236 '6,325 1,071 234 2,745 '185 '254 '3,183 1,439 218 '294 '359 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 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 Apr............ 21,024 5,939 7,951 4,261 9,630 4,360 345 3,294 1,085 301 290 4,970 1,351 221 589 248 May.......... 13,190 6,224 735 3,114 3,846 878 255 4,893 209 1,005 258 6,366 1,459 204 379 313 June*........ 22,449 6,622 3,684 506 9,801 6,705 236 3.311 115 69 277 3,773 1,525 249 326 306 July............. 13,198 6,221 490 191 6,519 1,163 284 2,987 205 272 3,464 1,532 227 319 258 Budget outlays4 Period Total t f i e N o d n n e a s ­ a ­ e l a I f n fa tl ir . s s S e p r a e a r ­ c c e h A t c u g u r r l e ­ i­ N ur a a t l ­ m t C r a a e o n n r m d c s e p ­ . d h e C o m a v u o n e u m s l d n i o n - . p g . E p m o d t a i w n u a o d n c n e a ­ r ­ w H e a e l n a f d a 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 a o t c n n v r ­ a t s s . - ­ 5 Fiscal year: 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 1971*..................... 211,574 77,621 2,994 3,382 5,283 2,681 11,364 3,383 8,639 70,193 9,787 19,660 3,920 -7,375 1972«6................... 229,232 77,512 4,032 3,151 5,804 4,243 10,937 4,495 76,749 10,644 19,687 4,970 -7,771 Half year: 1969—July-Dee.. 98,927 40,616 1,941 1,839 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 1,910 711 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 1,720 4,633 1,575 5,794 1,677 3,744 32,710 4,625 9,594 1,823 -3,606 1971—Jan.-Junep 107,392 39,138 1,584 1,662 648 1,119 5,554 1,707 4,891 37,486 5,163 10,063 2,141 -3,766 Month: 1970—Jul y 19,304 '6,872 199 268 2,430 '205 846 471 '466 '5,255 733 1,597 197 -235 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 5,678 808 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 Apr............ 17,818 6,337 328 252 -21 250 1,015 286 683 6,093 883 1,683 323 -294 May........... 17,152 6,043 358 274 94 255 707 230 752 5,858 877 1,667 361 -325 June*......... 20.115 8,080 86 246 84 559 1,247 395 1,182 7,568 874 1,678 397 -2,283 July............ 18,556 5,187 340 377 1,784 293 572 545 684 6,191 798 1,651 380 -240 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 $5,969 million for ous receipts. 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 44 U.S. GOVERNMENT SECURITIES □ SEPTEMBER 1971 GROSS PUBLIC DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues Total End of period p g u r b o l s i s c Marketable Con­ Nonmarketable i S ss p u e e c s ia 4 l debt i Total Total Bills C c e a r t t e if s i­ Notes Bonds 2 b v i o e b n r le t d ­ 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 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— 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 May, 396.8 313.2 245.6 89.1 102.5 54.0 2.3 65.2 53.4 81.7 June, 398.1 313.5 245.5 86.7 104.8 54.0 2.3 65.7 53.6 82.8 July. 405.3 318.9 247.6 88.9 104.8 53.9 2.3 68.9 53.8 84.7 Aug. 414.6 325.8 249.7 89.6 108.2 51.9 2.3 73.8 54.0 87.0 1 Includes non-interest-bearing debt (of which $626 million on Aug. 31, 1956, tax and savings notes; and before Oct. 1965, Series A investment 1971, was not subject to statutory debt limitation). bonds. 2 Includes Treasury bonds and minor amounts of Panama Canal and 4 Held only by U.S. Govt, agencies and trust funds and the Federal postal saving bonds. home loan banks. 3 Includes (not shown separately): depositary bonds, retirement plan bonds, foreign currency series, foreign series, and Rural Electrification Note.—Based on Daily Statement of U.S. Treasury. See also second Administration bonds; before 1954, Armed Forces leave bonds; before paragraph in Note to table below. OWNERSHIP OF PUBLIC DEBT (Par value, in billions of dollars) Held by- Held by private investors 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 e a r o n n u .S v c d s t i . t e . s B F a . n R k . s Total m C b e a o r n m c k ia ­ s l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m u c ie 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 a d t t s e l . Savi I n n g d s ividu O al t s 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 n to 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 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—July................. 376.6 94.8 58.6 223.2 54.3 2.8 7.1 12.1 24.2 51.6 31.2 15.9 23.8 Aug................. 380.9 96.4 59.9 224.6 57.3 2.9 7.2 12.0 24.2 51.7 30.6 16.5 21.9 Sept................. 378.7 95.5 60.0 223.2 56.3 2.9 7.1 10.4 24.0 51.7 31.0 17.4 22.3 Oct.................. 380.2 94.4 60.0 225.8 58.4 2.8 7.0 11.2 24.2 51.9 30.5 18.2 21.7 Nov................. 383.6 94.6 61.2 227.9 59.3 2.7 6.9 10.9 23.2 51.9 30.4 20.0 22.2 Dec................. 389.2 97.1 62.1 229.9 62.7 2.8 7.0 10.5 22.9 52.1 29.8 20.6 21.4 1971—Jan.................. 388.3 96.7 61.8 229.9 61.7 2.7 7.3 11.1 23.2 52.1 29.1 20.9 21.6 Feb.................. 390.7 98.0 62.5 230.2 61.3 2.8 7.2 10.2 24.0 52.3 28.3 22.9 21.1 Mar................. 391.7 98.8 64.2 228.7 61.8 2.8 6.8 10.7 22.8 52.5 26.9 25.4 18.9 Apr.................. 391.9 99.1 63.7 229.1 60.5 2.8 6.8 9.9 21.8 52.8 26.2 29.2 19.1 May................ 396.8 101.8 64.8 230.2 59.4 2.9 6.8 9.6 21.8 53.0 25.0 33.8 18.1 June............... 398.1 102.9 65.5 229.7 61.0 2.9 6.6 10.1 21.4 53.2 24.8 32.7 17.2 July................. 405.3 104.9 65.8 234.6 60.5 2.9 6.7 11.6 21.9 53.4 24.8 35.6 17.2 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

SEPTEMBER 1971 □ U.S. GOVERNMENT SECURITIES A 45 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value, in millions of dollars) Within 1 year Type of holder and date Total 1-5 5-10 10-20 Over years years years 20 years Total Bills Other All holders: 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—June 30............................................................... 245,473 112,772 86,677 26,095 89,074 24,503 8,455 10,670 July 31............................................................. 247,649 115,014 88,918 26,096 89,077 24,502 8,434 10,622 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—June 30....................................................... 18,092 2,852 900 1,952 6,916 4,093 1,775 2,456 July 31..................................................... 18,220 2,902 925 1 ,977 6,954 4,134 1,775 2,456 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—June 30...................................................... 65,518 35,117 27,929 7,188 23,601 5,907 323 570 July 31..................................................... 65,841 35,441 28,252 7,189 23,601 5,907 323 570 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—June 30....................................................... 161,863 74,803 57,848 16,955 58,557 14,503 6,357 7,644 July 31..................................................... 163,588 76,671 59,741 16,930 58,522 14,461 6,336 7,596 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—June 30.............................................. 47,231 13,756 6,907 6,849 27,264 5,592 363 255 July 31............................................ 46,595 13,235 6,609 6,626 27,155 5,623 336 248 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—June 30.............................................. 2,864 426 189 237 1,226 514 330 369 July 31............................................ 2,918 474 242 232 1 ,240 514 326 364 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—June 30.............................................. 5,668 595 303 292 1 ,622 924 1,382 1,146 July 31 ............................................ 5,764 767 445 322 1,629 924 1 ,324 1 ,121 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—June 30.............................................. 3,255 2,007 1,594 413 1,126 110 2 10 July 31............................................ 4,769 3,440 2,591 849 1 ,211 109 2 7 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—June 30.............................................. 3,197 613 380 233 1,656 495 203 230 July 31............................................ 3,257 667 443 224 1,678 501 191 219 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—June 30.............................................. 11,015 5,323 4,316 1,007 2,442 844 1,025 1,380 July 31............................................ 11,544 6,015 5,015 1,000 2,417 744 1 ,010 1,357 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—June 30.............................................. 88,633 52,083 44,159 7,924 23,221 6,024 3,052 4,254 July 31............................................ 88,741 52,073 44,396 7,677 23,192 6,046 3,147 4,280 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 5,672 commercial banks, 489 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 468 nonfinancial corporations and 487 savings and loan assns.; and are not available for earlier periods. (3) about 70 per cent by 502 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 46 U.S. GOVERNMENT SECURITIES □ SEPTEMBER 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 Within 1-5 5-10 Over Dealers and brokers Com­ All securities 1 year years years 10 years U s . e S c . u G rit o ie v s t, Other m b e a r n c k ia s l other 1970—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 Apr................................. 2,458 1,881 328 216 33 828 116 878 636 516 May................................ 2,322 1,695 406 192 29 837 100 742 643 480 June................................ 2,195 1,802 273 92 28 727 110 687 672 418 July................................. 2,484 2,103 280 74 28 814 131 837 702 471 Week ending— 1971—July 7......................... 2,634 2,340 205 58 32 806 97 955 775 507 14......................... 2,376 2,039 240 73 24 832 117 782 644 490 21......................... 2,244 2,016 144 54 30 700 108 740 696 413 28 r....................... 2,590 1,934 524 104 29 859 178 877 677 552 Aug. 4......................... 2,568 2,183 295 71 21 847 138 882 701 421 11......................... 2,491 1,905 517 44 26 738 130 825 797 280 18......................... 2,890 1,924 757 175 34 1,066 180 1,019 625 448 25......................... 2,174 1,604 464 85 21 799 103 750 523 411 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 ie t l u s l ri­ W y i e 1 t a h r in y 1 e - a 5 rs y 5 e - a 1 r 0 s y O e 1 v a 0 e rs r a s G e g t c e i o e u 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—July................. 3,267 3,102 -18 171 13 828 1970—July............ 3,214 855 770 518 1,071 Aug................. 4,474 3,389 454 604 27 819 Aug............ 4,900 1,526 1,168 834 1,373 Sept................. 4,020 3,326 246 433 16 724 Sept............ 4,220 1,164 1,456 449 1,152 Oct................... 3,963 3,449 103 379 33 1,001 4,233 1,370 1,232 392 1,240 Nov................. 4,760 3,399 617 682 62 1,066 Nov............ 5,149 1,517 1,527 416 1,689 Dec.................. 5,571 4,399 612 485 76 1,049 Dec............. 5,949 1,868 1,960 379 1,742 1971—Jan................... 5,634 4,626 525 403 80 966 1971—Jan.............. 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 Mar............. 4,543 1,356 926 399 1,862 Apr................. 4,870 4,019 415 416 20 1,118 Apr............. 5,700 1,759 1,415 724 1,802 May................. 2,646 2,115 189 331 11 818 May............ 3,389 1,095 475 517 1,301 June................. 2,735 2,477 116 130 12 776 June............ 3,163 1,061 523 435 1,145 July................. 3,011 3,018 -23 26 -11 771 July............. 3,516 1,151 391 721 1,254 Week ending— Week ending— 1971—June 2......... 3,026 2,669 135 209 12 877 1971—June 2... 3,144 1,120 495 502 1,028 9......... 2,894 2,585 123 165 21 800 9... 3,395 1,261 545 640 948 16......... 2,786 2,538 95 133 20 777 16... 3,415 1,179 595 456 1,186 25......... 2,287 2,064 88 121 14 795 23... 2,918 801 477 360 1,280 30......... 2,810 2,589 150 76 -5 689 30... 2,864 976 466 247 1,176 July 7......... 3,086 3,033 9 58 -14 812 July 7... 3,443 1,299 470 450 1,224 14 , . 3,203 3,175 10 31 -14 826 14... 3,691 1,294 442 620 1,336 21 3,185 3,189 15 -10 -9 783 21... 3,704 1,080 384 840 1,401 28......... 2,774 2,906 -126 3 -10 717 28... 3,349 907 306 897 1,239 Note.—The figures include all securities sold by dealers under repur­ i 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

SEPTEMBER 1971 □ GOVERNMENT SECURITIES A 47 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, AUGUST 31, 1971 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. Sept. 2, 1971. 3,503 Feb. 3, 1972............... 1,601 May 15, 1973.....734 5,844 Sept. 15, 1967-72.• 2Vi 1,951 Sept. 9, 1971. 3.502 Feb. 10, 1972............... 1,600 Aug. 15, 1973 ... -sy8 1,839 Dec. 15, 1967-72.• 2 Vi 2,560 Sept. 16, 1971. 3.502 Feb. 17, 1972............... 1,601 Oct. 1, 1973 . • 1V4 30 Nov. 15, 1971, . •37/s 1,081 Sept. 21, 19711 1,752 Feb. 24, 1972............... 1,600 Feb. 15, .73,4 3,139 Feb. 15, 1972, , ,4 980 Sept. 23, 1971. 3,805 Feb. 29, 1972................ 1,701 Apr. 1, 1974 ., .1% 34 Aug. 15, 1972 4 2,579 Sept. 30, 1971. 5.503 Mar. 31, 1972................ 1,701 May 15, .7% 4,505 Aug. 15, 1973.... .4 3,894 Oct. 7, 1971. 3.903 Apr. 30, 1972................ 1,702 Aug. 15, 1974 ... •55/g 10,284 Nov. 15, 1973. • 4V& 4,343 Oct. 14, 1971. 3.903 May 31, 1972............... 1,701 Oct. 1, 1974.... 42 Feb. 15, 1974, ,• 41/s 3,126 Oct. 21, 1971. 3,703 June 30,1972................ 1,200 Nov. 15, 1974 ,.. .534 7,212 May 15, 1974, .4V4 3,578 Oct. 28, 1971. 3,714 July 31, 1972............... 1,202 Feb. 15, 1975 ,.. .5% 5,148 Nov. 15, 1974___ .37/8 2,238 Oct. 31, 1971. 1.701 Aug. 31, 1972............... 1,200 Apr. 1, 1975 ..• IVi 8 May 15, 1975-85..41/4 1,211 Nov. 4, 1971. 3.701 May 15, 1975 ,,.6 6,760 June 15, 1978-83..3V& 1,533 Nov. 11, 1971. 3.700 Aug. 15, 1975. .5H 7,680 Feb. 15, 1980___ .4 2,590 Nov. 18, 1971. 3.702 Treasury notes Nov. 15, 1975,,,. .7 3,113 Nov. 15, 1980, , - 3 Vi 1,903 Nov. 26, 1971. 3.701 Oct. 1, 1971.........1 Vi 72 Oct. 1, 1975....• IVi 30 Aug. 15, 1981 .7 806 Nov. 30, 1971. 1.702 Nov. 15, 1971.........53/g 963 Feb. 15, 1976 ... .6*4 3,739 May 15, 1985.... .3% 1,051 Dec. 2, 1971. 1,395 Nov. 15, 1971 .........734 5,836 Apr. 1, 1976 .1% 11 Aug. 15, 1987-92..41/4 3,800 Dec. 9, 1971. 1.400 Feb. 15, 1972.........43^ 800 May 15, 1976....• 6Vi 2,697 Feb. 15, 1988-93..4 247 Dec. 16, 1971. 1.400 Feb. 15, 1972.........7Vi 2,690 Aug. 15, 1976. , ■m 4,194 May 15, 1989-94.•41/s 1,549 Dec. 23, 1971. 1,603 Apr. 1, 1972.........1 Vi 34 Feb. 15, 1977 . .8 5,163 Feb. 15, 1990.........3 Vi 4,625 Dec. 30, 1971. 1,601 May 15, 1972.........4V4 5,310 Aug. 15, 1977 , ,.734 2,264 Feb. 15, 1995, ,,3 1,166 Dec. 31, 1971 . 1.702 May 15, 1972.........63^ 2,037 Feb. 15, 1978.,,. .6% 8,388 Nov. 15, 1998.... ■ 3 Vi 3,828 Jan. 6, 1972. 1,592 Aug. 15, 1972.............5 3,452 Jan. 13, 1972. 1,601 Oct. 1, 1972.........VA 33 Jan. 20, 1972. 1,601 Nov. 15, 1972.............6 2,285 Convertiblebonds Jan. 27, 1972., 1,601 Feb. 15, 1973.........6 Vi 2,514 Treasury bonds Investment Series B Jan. 31,1972.. 1,700 Apr. 1, 1973.........1 Vi 34 June 15, 1967-72.■ 2 Vi 1,231 Apr. 1, 1975-80.,• 234 2,339 fTax-anticipation series. Note.—Direct public issues only. Based on Daily Statement of U.S. Treasury. NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Total Use of proceeds Period amount deliv­ Special ered3 Total G o e b a n l l e i­ r­ R n e u v e e­ HAA1 G l U o o a .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 o ­ n b R r a i o d n a g d d e s s i U ti t e i s l­ 4 H in o g u s s­ V a a e n i t d e s r ’ ­ O p p o t u h s r e e ­ s r gations auth. 196 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—July. .. 1,348 1,055 288 4 388 229 730 1,348 268 130 142 4 803 Aug. .. 1,359 873 481 5 331 518 509 1,358 404 136 196 4 617 Sept.. . 1,758 1,207 541 9 534 536 688 1,756 491 137 243 21 864 Oct.. .. 1,924 1,184 695 13 290 531 1,102 1,923 532 123 380 68 821 Nov.. . 1,748 892 753 5 247 765 736 1,743 523 63 364 12 683 Dec 2,190 1.270 914 6 571 826 793 2,176 425 327 623 121 681 1971—Jan.. .. 2,705 1,613 969 121 2 577 1,136 991 2,694 509 390 428 373 993 Feb.... 1,839 1,225 607 7 585 616 638 1,823 518 133 315 123 735 Mar.. . 2,144 1,311 831 1 417 648 1,078 2,130 565 183 627 28 728 Apr— 1,907 1,349 553 5 440 501 968 1,864 506 66 469 19 804 May... 2,135 1,091 837 197 10 486 1,054 585 2,127 610 447 429 214 424 June... 2,008 1,309 691 778 364 866 2,001 403 393 680 14 511 July. .. 1,928 1,307 445 ill 471 565 895 1,881 290 120 219 214 1,037 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 48 SECURITY ISSUES □ SEPTEMBER 1971 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, allissues1 Noncorporate Corporate Period Bonds Stock Total G U o . v S t . .2 a G g U e o n .S v c t . y . 3 a ( n U S d t . a S lo t . e c ) 4 al Others Total Total P o u f b fe l r ic e l d y P p ri l v a a c t e e 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 17,762 949 38,944 30,264 25,384 4,880 1,388 7,292 1970—June 6,985 819 1 ,693 1 ,058 27 3,389 2,368 1 ,931 436 222 799 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............ 7,438 436 1,050 2,614 223 3,115 2,627 2,033 594 76 413 Feb............ 6,522 431 1,224 1,823 44 3,000 2,476 2,201 275 100 424 Mar........... 11,069 517 1,300 2,104 1,073 6,075 4,782 4,135 647 311 982 Apr.r........ 7,244 467 1 1,859 177 4,042 2,623 2,116 507 537 882 May r........ 6,969 466 1,000 2,114 118 3,271 2,638 2,148 491 54 579 June.......... 10,994 2,779 1,812 1,988 40 4,375 3,042 2,283 760 104 1,228 i Gross proceeds, major groups of corporate issuers Period Manufacturing Commercial and Transportation Public utility Communication Real estate miscellaneous and financial Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks 196 3 3,202 313 676 150 948 9 2,259 418 953 152 2,818 313 196 4 2,819 228 902 220 944 38 2,139 620 669 1,520 3,391 466 196 5 4,712 704 1,153 251 953 60 2,332 604 808 139 3,762 514 196 6 5,861 1,208 1,166 257 1,856 116 3,117 549 1,814 189 1,747 193 196 7 9,894 1,164 1,950 117 1,859 466 4,217 718 1,786 193 2,247 186 196 8 5,668 1,311 1,759 116 1,665 1,579 4,407 873 1,724 43 2,159 662 196 9 4,448 1,904 1,888 3,022 1,899 247 5,409 1,326 1,963 225 2,739 1,671 197 0 9,191 1,322 1,949 2,545 2,188 •92 8,016 3,001 5,059 83 3,861 1,636 1970—June 896 42 124 396 117 673 430 353 1 204 151 July. 602 36 232 162 215 624 219 143 335 191 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 58 725 230 277 822 146 1971—Jan.. 647 69 259 239 167 608 68 391 555 112 Feb. 644 17 72 112 89 1 752 317 672 11 248 66 Mar. 2,123 294 289 186 160 1 895 557 481 52 834 204 Apr. 819 316 198 243 268 67 607 660 247 26 484 107 May 631 158 143 131 250 89 447 141 403 2 763 113 June 1,031 175 497 290 182 115 616 439 204 14 513 300 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

SEPTEMBER 1971 □ SECURITY ISSUES A 49 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 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 1971—1................... 11,849 2,015 9,833 9,399 1,776 7,623 2,450 239 2,211 Type of issuer Manu­ Commercial Transpor­ Public Communi­ Real estate Period facturing and other 2 tation 3 utility cation and financial 1 & B n o o nd te s s Stocks & B o n n o d te s s Stocks & B n o o n t d e 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 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 1971—1.................... 2,587 495 324 416 271 33 1,897 948 1,194 65 1,349 255 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 Sales 1 Re ti d o 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—July... 306 193 113 40,714 4,817 35,897 1959............... 2,280 786 1,494 15,818 860 14,958 Aug... 311 167 144 42,452 4,794 37,658 1960............... 2,097 842 1,255 17,026 973 16,053 Sept... 357 218 139 44,353 4,593 39,760 Oct.. . 420 243 177 43,567 4,377 39,190 1961............... 2,951 1,160 1,791 22,789 980 21,809 Nov... 343 215 128 45,223 4,126 41,097 1962............... 2,699 1,123 1,576 21,271 1,315 19,956 Dec... 467 307 160 47,618 3,649 43,969 1963............... 2,460 1,504 952 25,214 1,341 23,873 1971—Jan. . . 487 242 245 50,251 3,663 46,588 1964............... 3,404 1,875 1,528 29,116 1,329 27,787 Feb.. . 349 322 27 51,300 3,600 47,700 1965............... 4,359 1,962 2,395 35,220 1,803 33,417 Mar... 468 425 43 53,618 3,328 50,290 1966............... 4,671 2,005 2,665 34,829 2,971 31,858 Apr.. . 547 394 153 55,883 3,046 52,837 May.. 307 428 -121 53,610 2,607 51,003 1967............... 4,670 2,745 1,927 44,701 2,566 42,135 June.. 434 467 -33 53,560 2,830 50,730 1968............... 6,820 3,841 2,979 52,677 3,187 49,490 July... 371 444 -73 51,424 2,856 48,568 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 50 BUSINESS FINANCE □ SEPTEMBER 1971 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1968 19691 Industry 1965 1966 1967 1968 1969 III IV III IV Manufacturing Total (177 corps.): Sales................................................... 177,237 195,738201,399225,740243,449 53,633 57,732 53,987 60,388 57,613 61,392 61,061 63,383 Profits before taxes......................... 22,046 23,487 20,898 25,375 25,622 5,985 6,878 5,580 6,932 6,565 6,887 5,851 6,319 Profits after taxes............................ 12,461 13,307 12,664 13,787 14,090 3,298 3,609 3,030 3,850 3,579 3,750 3,244 3,517 Dividends......................................... 6,527 6,920 6,989 7,271 7,757 1,716 1,731 1,746 2,078 1,838 1,916 1,885 2,118 Nondurable goods industries (78 corps.):2 Sales................................................... 64,897 73,643 77,969 84,861 92,033 20,156 21,025 21,551 22,129 21,764 23,198 23,445 23,626 Profits before taxes........................ 7,846 9,181 9,039 9,866 10,333 2,387 2,492 2,545 2,442 2,524 2,664 2,641 2,504 Profits after taxes........................... 4,786 5,473 5,379 5,799 6,103 1,428 1,411 1,471 1.489 1,492 1,559 1,529 1,523 Dividends......................................... 2,527 2,729 3,027 3,082 3,289 743 751 763 825 812 808 820 849 Durable goods industries (99 corps.):3 Sales................................................... 112,341 122,094 123,429 140,879 151,416 33,477 36,707 32,435 38,259 35,849 38,195 37,616 39,756 Profits before taxes......................... 14,200 14,307 11,822 15,510 15,290 3,598 4,386 3,036 4.490 4,041 4,224 3,210 3,815 Profits after taxes............................ 7,675 7,834 6,352 7,989 7,989 1,871 2,198 1,559 2,361 2,087 2,190 1,715 1,997 Dividends.......................................... 4,000 4,191 3,964 4,189 4,469 972 981 983 1,253 1,026 1,108 1,065 1,270 Selected industries: Foods and kindred products (25 corps.): Sales................................................... 16,427 19,038 20,134 22,109 24,593 5,184 5,389 5,737 5,799 5,714 5,923 6,631 6,325 Profits before taxes......................... 1,710 1,916 1,967 2,227 2,425 498 563 590 576 534 581 666 644 Profits after taxes............................ 896 1,008 1,041 1,093 1,171 255 260 285 293 261 275 314 321 Dividends.......................................... 509 564 583 616 661 150 155 155 156 162 165 164 170 Chemical and allied products (20 corps.): Sales................................................... 18,158 20,007 20,561 22,808 24,494 5,436 5,697 5,782 5,893 5,845 6,230 6,236 6,183 Profits before taxes......................... 2,891 3,073 2,731 3,117 3,258 760 807 806 744 844 875 818 721 Profits after taxes........................... 1,630 1,737 1,579 1,618 1 *773 390 419 412 398 448 473 441 411 Dividends.......................................... 926 948 960 1,002 1,031 236 236 243 287 252 251 254 274 Petroleum refining (16 corps.): Sales................................................... 17,828 20,887 23,258 24,218 25,586 5,890 6,013 6,100 6,214 6,107 6,610 6,264 6,605 Profits before taxes......................... 1,962 2,681 3,004 2,866 2,941 767 692 740 667 726 728 750 737 Profits after taxes............................ 1,541 2,038 2,206 2,224 592 520 561 534 562 558 554 550 Dividends......................................... 737 Sl7 1,079 1,039 1,123 253 255 258 273 282 273 282 286 Primary metals and products (34 corps.): Sales................................................... 26,548 28,558 26,532 30,171 33,674 7,150 8,427 7,461 7,133 7,671 8,612 8,448 8,943 Profits before taxes......................... 2,931 3,277 2,487 2,921 3,052 669 915 601 735 691 828 715 818 Profits after taxes........................... 1,689 1,903 1,506 1,750 1,912 376 550 343 482 431 504 435 542 Dividends.......................................... 818 924 892 952 987 224 230 233 264 242 245 247 253 Machinery (24 corps.): Sales................................................... 25,364 29,512 32,721 35,660 38,719 8,371 8,864 8,907 9,517 8,957 9,757 10,542 9,463 Profits before taxes......................... 3,107 3,612 3,482 4,134 4,377 936 1,008 1,112 1,079 1,071 1,167 1,141 998 Profits after taxes........................... 1,626 1,875 1,789 2,014 2,147 448 499 537 531 526 576 568 477 Dividends.......................................... 774 912 921 992 1,128 247 248 248 249 270 271 293 294 Automobiles and equipment (14 corps.): Sales................................................... 42,712 43,641 42,306 50,526 52,290 12,343 13,545 9,872 14,767 13,328 13,638 11,300 14,024 Profits before taxes......................... 6,253 5,274 3,906 5,916 5,268 1,507 1,851 640 1,918 1,663 1,542 652 1,411 Profits after taxes............................ 3,294 2,877 1,999 2,903 2,604 783 847 330 943 806 750 342 706 Dividends.......................................... 1,890 1,775 1,567 1,642 1,723 364 364 364 550 365 436 366 556 Public utility Railroad: Operating revenue.......................... 10,208 10,661 10,377 10,859 11,451 2,611 2,758 2,708 2,782 2,741 2,916 2,836 2,958 Profits before taxes......................... 979 1,094 385 678 683 127 206 149 196 128 220 149 186 Profits after taxes............................ 815 906 319 565 461 112 174 110 169 98 173 98 92 Dividends.......................................... 468 502 538 515 488 117 132 100 166 116 136 100 136 Electric power: Operating revenue.......................... 15,816 16,959 17,954 19,421 21,075 5,106 4,553 4,869 4,892 5,480 4,913 5,370 5,312 Profits before taxes......................... 4,213 4,414 4,547 4,789 4,938 1,351 1,040 1,271 1,125 1,384 1,065 1,366 1,123 Profits after taxes............................ 2,586 2,749 2,908 3,002 3,186 863 641 764 733 873 707 827 779 Dividends.......................................... 1,838 1,938 2,066 2,201 2,299 539 555 543 565 580 577 561 581 Telephone: Operating revenue.......................... 11,320 12,420 13,311 14,430 16,057 3,486 3,544 3,629 3,771 3,853 3,975 4,044 4,185 Profits before taxes......................... 3,185 3,537 3,694 3,951 4,098 971 989 990 1,001 1,070 1,043 979 1,006 Profits after taxes........................... 1,718 1,903 1,997 1,961 2,080 525 441 493 502 540 523 497 520 Dividends......................................... 1,153 1,248 1,363 1,428 1,493 351 318 396 363 368 371 373 381 1 Manufacturing figures reflect changes by a number of companies in profits before taxes are partly estimated by the Federal Reserve to include accounting methods and other reporting procedures. affiliated nonelectric operations. 2 Includes 17 corporations in groups not shown separately. Telephone: Data obtained from Federal Communications Commis­ 3 Includes 27 corporations in groups not shown separately. sion on revenues and profits for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long Note.—Manufacturing corporations: Data are obtained primarily from Lines and General Depts. of American Telephone and Telegraph Co.) published reports of companies. and for two affiliated telephone companies. Dividends are for the 20 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

SEPTEMBER 1971 □ BUSINESS FINANCE A 51 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 r p i r b n o u d f t i i t e s s d ­ co c a n a t ll 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 ­ 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 r p i r b n o u d f t i i e t 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—IV... 80.0 37.7 42.3 24.9 17.4 53.2 1964............... 66.8 28.3 38.4 17.8 20.6 33.9 1965.............. 77.8 31.3 46.5 19.8 26.7 36.4 1970—I. ... 75.6 34.1 41.5 25.0 16.6 54.4 1966............... 84.2 34.3 49.9 20.8 29.1 39.5 II. .. 75.8 34.5 41.3 24.9 16.4 55.7 III... 78.5 35.6 42.9 25.2 17.7 56.7 1967................ 79.8 33.2 46.6 21.4 25.3 43.0 IV... 71.6 32.3 39.2 25.0 14.3 58.0 1968................ 87.6 39.9 47.8 23.6 24.2 46.8 1969................ 84.2 39.7 44.5 24.4 20.0 51.3 1971—r ... 79.1 36.2 42.9 25.6 17.3 62.6 1970................ 75.4 34.1 41.2 25.0 16.2 56.2 ji». . 82.0 37.4 44.6 25.4 19.2 64.0 i Includes depreciation, capital outlays charged to current accounts, and Note.—Dept, of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities 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 U.S. Other U.S. Other taxes Govt.1 Govt.1 1963................................ 163.5 351.7 46.5 20.2 3.6 156.8 107.0 17.8 188.2 2.5 130.4 16.5 38.7 1964................................ 170.0 372.2 47.3 18.6 3.4 169.9 113.5 19.6 202.2 2.7 140.3 17.0 42.2 1965................................ 180.7 410.2 49.9 17.0 3.9 190.2 126.9 22.3 229.6 3.1 160.4 19.1 46.9 1966................................ 188.2 442.6 49.3 15.4 4.5 205.2 143.1 25.1 254.4 4.4 179.0 18.3 52.8 1967................................. 198.9 470.4 54.1 12.7 5.1 216.0 153.4 29.0 271.4 5.8 190.6 14.1 60.8 1968................................. 212.0 513.8 58.0 14.2 5.1 237.1 165.8 33.6 301.8 6.4 209.8 16.4 69.1 1969—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 Ill....................... 214.0 567.6 53.7 9.3 4.2 270.0 191.8 38.5 353.6 6.8 243.0 15.4 88.3 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 1971—1........................... 220.4 576.9 55.8 10.1 4.2 269.8 196.8 40.1 356.5 6.1 240.3 18.6 91.4 1 Receivables from, and payables to, the U.S. Govt, exclude amounts Note.—Securities and Exchange Commission estimates; excludes offset against each other on corporations’ books. banks, savings and loan assns., insurance companies, and investment companies. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Public utilities Period Total Durable d N ur o a n b ­ le 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 T A (S o . . R t A a . . l ) 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 r................... 81.44 14.31 15.80 2.08 1.64 1.84 1.32 13.12 2.41 10.99 17.94 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—1.................... 17.68 3.11 3.58 .49 .34 .34 .28 2.70 .41 2.50 3.94 79.32 II................... 20.60 3.52 4.03 .54 .47 .60 .36 3.20 .63 2.81 4.44 81.61 Ill2 '.......... 20.55 3.60 3.86 .52 .43 .37 .34 3.38 .73 7.33 82.38 IV2............... 22.61 4.08 4.34 .54 .40 .54 .34 3.83 .64 7.90 82.42 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 52 REAL ESTATE CREDIT □ SEPTEMBER 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 e l r t c if ia a l m p il r y o p a e n r d ti es 5 M t o y rt p g e a 6 ge E pe n r d i o o d f h A e o r l l s d l ­ t F u i t i c n i n i o s a a t n l i n ­ s ­ 1 a U c g i . e e S n s . ­ v o I i a t d n h n u d e d a i r ­ l s s 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 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 o s 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 o s 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 t e te - — 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—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 IIIr. 443.4 349.9 31.7 61.7 30.8 10.0 20.8 412.5 276.0 228.5 47.5 136.5 111.4 25.1 106.8 305.4 IVr. 451.7 356.2 33.0 62.6 31.2 10.1 21.1 420.5 280.2 231.4 48.8 140.3 114.6 25.7 109.1 310.9 1971—1. 458.7 361.8 33.6 63.3 31.7 10.1 21.6 427.0 283.5 234.4 49.1 143.4 117.3 26.1 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-54. 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-54. 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—11.......................... 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'...................... 72,393 45,318 7,885 2,583 34,850 22,825 4,250 57,402 49,628 16,017 12,127 21,654 7,671 103 IV......................... 73,275 45,640 7,919 2,589 35,131 23,284 4,351 57,948 49,937 16,087 12,008 21,842 7,893 119 1971—I........................... 74,175 46,062 23,662 4,451 58,710 50,479 8,106 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

SEPTEMBER 1971 □ REAL ESTATE CREDIT A 53 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 u A re - d a g n V u t A e a e r - - d Other i Farm Total Total in F s H u A re - d a g n V u t A e a e 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 r755 346 r6,052 >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-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 Feb........................................ 449 425 17 5 407 24 74,437 68,871 11,338 5,346 52,187 5,566 Mar....................................... 623 579 33 5 541 44 74,516 68,973 11,302 5,316 52,355 5,543 Apr........................................ 578 533 18 8 507 45 74,536 68,993 11,237 5,284 52,472 5,543 491 442 24 8 410 49 74,552 68,425 11,186 5,254 51,985 5,554 1 Includes mortgage loans secured by land on which oil drilling or the end-of-Dec. figures may differ from end-of-year figures because (1) extracting operations are in process. monthly figures represent book value of ledger assets, whereas year-end figures represent annual statement asset values, and (2) data for year-end Note.—Institute of Life Insurance data. For loans acquired, the adjustments are more complete. Beginning 1970 monthly and year-earlier monthly figures may not add to annual totals; and for loans outstanding data are on a statement balance basis. MORTGAGE ACTIVITY OF SAVINGS AND FEDERAL HOME LOAN BANKS LOAN ASSOCIATIONS (In millions of dollars) (In millions of dollars) Advances outstanding Loans made Loans outstanding (end of period) (end of period) Ad­ Repay­ Members’ Period vances ments deposits Period h N o e m w e Home FHA- VA- Con­ Total t S e h rm or t 1 ­ t L e o rm ng ­ 2 Total i con­ pur­ Total 2 in- guar- ven­ struc­ chase sured anteed tional tion 1945. 278 213 195 176 19 46 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 1963............... 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 1964............... 24,913 6,638 10,538 101,333 4,894 6,683 89,756 1965............... 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 1966............... 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 1967............... 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 1968............... 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--July............. 243 106 10,373 4,445 5,927 1,193 1970............... 21,387 4,150 10,239 150,562 10,195 8,507 131,860 179 106 10,446 3,967 6,478 1,238 204 125 10,524 3,477 7,047 1,339 1970—June. . 2,086 398 1,017 143,103 8,579 7,862 126,662 134 119 10,539 3,265 7,274 1,496 July... 2,080 393 1,071 143,103 8,579 7,862 r127,403 112 126 10,524 3,156 7,368 1,978 Aug... 2,111 369 1,147 145,296 9,011 8,050 >•128,234 224 134 10,615 3,081 7,534 2,331 Sept... 2,183 388 1,100 146,418 9,224 8,115 129,079 Oct.... 2,127 406 1,032 147,570 9,441 8,230 129,903 1971- 43 331 10,326 2,924 7,403 2,750 Nov... 1,972 355 919 148,896 9,226 8,336 130,794 Feb.............. 27 428 9,926 2,697 7,230 3,093 Dec.. . 2,474 416 968 150,560 10,195 8,507 131,860 71 1,492 8,269 2,226 6,043 2,828 151 1,151 7,267 2,322 4,945 2,376 1971—Jan.... 1,667 307 752 151,503 10,473 8,673 132,357 238 264 7,241 2,397 4,844 2,111 Feb... 1,887 346 818 152,665 10,810 8,766 133,089 309 213 7,338 2,544 4,794 1,699 Mar... 2,795 521 1,143 154,430 12,123 8,922 134,320 Apr.. . 3,168 597 1,306 156,574 11,560 9,128 135,886 Mayr. 3,438 620 1,451 158,747 11,885 9,299 137,563 1 Secured or unsecured loans maturing in 1 year or less. June.. 4,301 718 2,109 161,440 12,273 9,580 139,587 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. Note.—Federal Home Loan Bank Board data. not shown separately. 2 Beginning with 1958, includes shares pledged against mortgage loans; beginning with 1966, includes junior liens and real estate sold on contract; and beginning with 1967, includes downward structural adjustment for change in universe. Note.—Federal Home Loan Bank Board data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 54 REAL ESTATE CREDIT □ SEPTEMBER 1971 MORTGAGE DEBT OUTSTANDING MORTGAGE DEBT OUTSTANDING ON ON RESIDENTIAL PROPERTIES NONFARM 1- to 4-FAMILY PROPERTIES (In billions of dollars) (In billions of dollars) All residential Multifamily i Governmentunderwritten Con­ E pe n r d io o d f Total t F u i i n c t n i i s o a a t l i n n ­ s ­ h O ol t d h e e r r s Total t F u i c i n t n i i s o a a t l i n n ­ s ­ h O ol t d h e e r r s End of period Total Total F su H in re A ­ d - a g n V u te A a e r - d - 1 ti v o e n n a ­ l 1 1 19 9 9 4 4 6 5 1 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 1 4 4 1 . . . 3 2 2 1 1 1 7 5 4 6 . . . 7 7 9 3 9 8 4 . . .5 6 4 2 5 5 9 . . . 9 7 0 2 3 3 0 . . . 5 7 6 2 2 8 . . . 3 2 2 1 1 1 9 9 9 5 6 63 4 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 8 9 8 2 7 . . . 2 6 6 6 6 4 5 9 . . . 3 9 2 3 3 4 8 5 . . . 1 3 0 3 3 0 0 . . . 9 2 9 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 * . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 25 6 8 0 4 0 . . . 1 0 0 2 2 2 2 3 1 3 6 3 . . . 7 6 2 4 4 3 0 3 6 . . . 3 4 9 4 4 3 0 3 7 . . . 3 9 2 2 3 3 1 9 4 . . . 5 7 0 9 8 8 . . . 8 2 2 1 1 1 9 9 9 6 6 6 7 8 6 * * ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 23 5 2 6 1 3 . . . 1 2 6 7 7 8 6 9 3 . . . 1 8 9 5 4 4 0 4 7 . . . 8 6 4 3 3 3 1 2 3 . . . 3 5 2 1 1 1 5 4 6 6 7 7 . . . 1 6 4 1968*.............. 298.6 250.8 47.8 47.3 37.7 9.6 1968—11........................... 243.2 82.1 48.7 33.4 161.1 1969—1........... 303.0 254.4 48.6 48.3 38.4 9.9 247.0 83.2 49.6 33.6 163.8 II......... 308.9 259.3 49.6 49.4 39.3 10.1 IV.......................... 251.2 84.4 50.6 33.8 166.8 I I V ll . _ .. _ .. _ ... 3 31 1 4 9 . . 1 0 ;2 2 6 62 5 . . 7 0 5 5 4 1 . .4 0 5 52 0 . . 2 6 4 41 0 . . 3 2 1 10 0 . . 9 4 1969— I 1 I .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 5 5 4 9 . . 8 5 8 8 5 7. . 1 3 5 5 1 2 . . 4 2 3 3 3 4 . . 9 9 1 1 6 7 9 2 . . 5 3 1970—1........... 321.7 : 265.9 55.8 53.2 42.9 10.3 263.5 88.8 53.4 35.4 174.6 II......... 326.3 268.9 57.4 54.5 43.2 11.3 IV.......................... 266.8 90.1 54.5 35.6 176.9 I I V II' ' . . . . . . . 3 3 3 3 8 2 . . 2 2 2 27 7 2 7 . . 8 2 6 5 1 9 . . 0 4 5 56 8 . . 1 0 4 4 4 5. . 8 3 1 1 2 1. . 8 2 1970— I 1 I .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 6 7 8 1 . . 5 7 9 9 2 1 . . 1 6 5 5 6 5 . . 1 6 3 3 6 6. . 0 0 1 17 7 7 9 . . 1 9 1971—I*........ 343.0 281.3 61.7 59.4 46.8 12.6 IIIr........................ 276.0 95.1 58.1 37.0 180.7 ivr........................ 280.2 97.1 59.9 37.2 182.5 i Structures of five or more units. 1971—I*........................... 283.5 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 1 Includes outstanding amount of VA vendee accounts held by private investors under repurchase agreement. Note.—For total debt outstanding, figures are FHLBB and F.R. estimates. For conventional, figures are derived. Based on data from FHLBB, Federal Housing Admin., and Veterans Admin. GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE (In millions of dollars) DELINQUENCY RATES ON HOME MORTGAGES (Per 100 mortgages held or serviced) FHA-insured VA-guaranteed Loans not in foreclosure Mortgages Mortgages but delinquent for— Loans in Period Prop­ fore­ Pro­ erty End of period closure Total h N om ew es h is o E t m i x n ­ e g s jects 1 m pr i e m o n v ­ t e s ­ 2 Total3 h N om ew es h is o E t m i x n ­ e g s Total 30 days 60 days o 9 r 0 m da o y r s e 1963................. 3.30 2.32 .60 .38 .34 1945............. 665 257 217 20 171 192 1964................. 3.21 2.35 .55 .31 .38 1964............. 8,130 1,608 4,965 895 663 2,846 1,023 1,821 1965................ 3.29 2.40 .55 .34 .40 1965............. 8,689 1,705 5,760 591 634 2,652 876 1,774 1966................. 3.40 2.54 .54 .32 .36 1966............. 7,320 1,729 4,366 583 641 2,600 980 1,618 1967:............... 3.47 2.66 .54 .27 .32 1967............. 7,150 1,369 4,516 642 623 3,405 1,143 2,259 1968................. 3.17 2.43 .51 .23 .26 1968............. 8,275 1,572 4,924 1,123 656 3,774 1,430 2,343 1969................. 3.22 2.43 .52 .27 .27 1969............. 9,129 1,551 5,570 1,316 693 4,072 1,493 2,579 1970............. 11,981 2,667 5,447 3,250 617 3,442 1,311 2,131 1966—IV___ 3.40 2.54 .54 .32 .36 1970—June. 1,097 218 478 336 64 263 99 164 1967—1........... 3.04 2.17 .56 .31 .38 July.. 1,087 230 475 319 62 298 109 189 II......... 2.85 2.14 .45 .26 .34 Aug.. 1,030 247 504 228 49 306 107 199 III.... 3.15 2.36 .52 .27 .31 Sept.. 1,099 268 521 247 63 326 110 216 IV___ 3.47 2.66 .54 .27 .32 Oct... 1,218 304 564 292 57 341 117 224 Nov.. 1,063 273 497 248 45 318 106 212 1968—1........... 2.84 2.11 .49 .24 .32 Dec.. 1,351 280 472 549 50 316 109 207 II......... 2.89 2.23 .44 .22 .28 Ill___ 2.93 2.23 .48 .22 .26 1971—Jan... r999 295 *476 187 41 297 102 195 IV___ 3.17 2.43 .51 .23 .26 Feb.. r95l 284 *450 185 32 256 90 166 Mar.. 1,097 318 *531 202 46 303 98 205 1969—1........... 2.77 2.04 .49 .24 .26 Apr.. 1,136 293 *467 330 46 350 98 252 II......... 2.68 2.06 .41 .21 .25 May. 1,203 290 504 354 55 417 111 306 Ill.... 2.91 2.18 .47 .26 .25 June. 1,372 322 629 399 21 IV.... 3.22 2.43 .52 .27 .27 2.96 2.14 .52 .30 .31 1 Monthly figures do not reflect mortgage amendments included in annual II......... 2.83 2.10 .45 .28 .31 totals. Ill___ 3.10 2.26 .53 .31 .25 2 Not ordinarily secured by mortgages. IV........ 3.64 2.67 .61 .36 .33 3 Includes a small amount of alteration and repair loans, not shown separ­ ately; only such loans in amounts of more than $1,000 need be secured. 1971—1........... 3.21 2.26 .56 .39 .40 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

SEPTEMBER 1971 □ REAL ESTATE CREDIT A 55 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 periiod) 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 u er r a i i d o n e d g st O i a n n u g d t ­ Total F su H in 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 ­ 1967............. 3,348 2,756 592 860 1,045 1,171 196 7 5,522 4,048 1,474 1,400 12 1,736 501 1968............. 4,220 3,569 651 1,089 1 867 1,266 196 8 7,167 5,121 2,046 1,944 2,697 1,287 1969............. 4,820 4,220 600 827 615 1,130 196 9 10,950 7,680 3,270 4,121 6,630 3,539 1970............. 5,184 4,634 550 621 897 738 197 0 15,502 11,071 4,431 5,078 8,047 5,203 1970-June.. 5,033 4,458 575 58 191 992 1970-July... 14,084 9,936 4,148 470 532 4,684 July... 5,070 4,499 571 55 172 966 Aug... 14,452 10,218 4,234 413 718 4,834 Aug... 5,102 4,535 567 54 123 802 Sept... 14,807 10,499 4,308 406 650 4,849 Sept... 5,109 4,546 563 27 57 795 Oct.... 15,152 10,780 4,372 397 535 4,805 Oct__ 5,132 4,573 559 46 42 775 Nov... 15,396 10,981 4,416 294 541 4,930 Nov... 5,141 4,587 554 35 42 776 Dec... 15,502 11,071 4,431 165 600 5,203 Dec... 5,184 4,634 550 70 37 738 1971-Jan.... 15,520 11,092 4,428 75 r4 139 5,092 1971-Jan___ 5,188 4,641 546 35 27 705 Feb... 15,448 11,057 4,391 61 72 80 4,865 Feb.. . 5,213 4,670 543 38 21 682 Mar... 15,420 11,012 4,408 76 46 312 4,318 Mar... 5,241 4,703 538 56 100 707 Apr... 15,308 10,933 4,375 57 104 457 4,318 Apr... 5,244 4,710 534 39 120 786 May. . 15,242 10,893 4,349 89 91 888 4,866 May. . 5,261 4,731 530 40 171 906 June.. 15,363 10,970 4,393 236 9 1,303 5,700 June.. 5,275 July .. 15,674 11,184 4,490 470 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 h l n o o e a m w ns 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—Dec. 7.. 166.5 127.8 54.7 60.9 12.2 8.56 8.54 8.57 1970—July............. 8.49 8.37 8.60 9.11 14.. 165.1 124.7 42.1 72.1 10.5 8.51 8.43 8.47 Aug.............. 8.52 8.41 8.60 9.07 Sept.............. 8.48 8.42 8.50 9.01 1971 _ jan. 25.. 44.1 35.5 9.9 25.6 7.82 7.96 8.40 Oct.............. 8.51 8.35 8.50 8.97 Nov............. 8.43 8.32 8.45 8.90 Feb. 8.. 23.4 23.3 10.6 12.7 7.67 7.67 Dec.............. 8.38 8.26 8.30 8.40 Mar. 1.. 185.6 51.8 15.2 29.3 7.3 7.43 7.43 7.56 1971—Jan............... 8.18 8.08 7.95 15.. 193.5 74.0 17.9 41.2 14.9 7.32 7.44 7.54 Feb............... 7.91 7.80 7.75 29.. 122.5 67.0 36.7 26.3 3.9 7.32 7.45 7.55 Mar.............. 7.66 7.60 7.60 7.32 Apr.............. 7.49 7.47 7.55 7.37 Apr. 12.. 126.9 54.6 39.8 9.4 5.4 7.32 7.45 7.53 May............. 7.47 7.45 7.65 7.75 26.. 687.2 313.9 154.0 126.6 33.4 7.43 7.54 7.57 June............. 7.50 7.50 7.70 7.89 July............. 7.65 7.62 May 10.. 1,168.0 236.8 145.7 71.3 19.7 7.57 7.68 7.74 24.. 785.7 151.6 44.6 84.4 22.5 7.95 7.97 8.03 Note.—Annual data are averages of monthly figures. The June 1.. 322.4 146.6 77.1 57.8 11.6 8.05 8.18 8.16 FHA data are based on opinion reports submitted by field offices 14.. 638.2 191.2 133.7 47.3 10.2 7.91 8.15 8.22 on prevailing local conditions as of the first of the succeeding 28.. 539.0 262.6 191.8 60.3 10.4 7.92 8.22 8.28 month. Yields on FHA-insured mortgages are derived from weighted averages of private secondary market prices for Sec. July 12.. 606 241.1 161.8 60.3 10.4 7.98 8.23 8.31 203, 30-year mortgages with minimum downpayment and an 28.. 686 183.4 183.3 58.2 21.1 8.07 assumed prepayment at the end of 15 years. Gaps in data are due to periods of adjustment to changes in maximum permis­ Aug. 25 . 635 153.5 7.97 sible contract interest rates. The FHA series on average contract interest rates on conventional first mortgages in primary markets Sept. 8 . 445 188.6 7.88 are unweighted and are rounded to the nearest 5 basis points. The FHLBB effective rate series reflects fees and charges as well as contract rates (as shown in the tabie on conventional first- Note.—Implicit secondary market yields are gross—before deduction of 38mortgage terms, p. A-37) and an assumed prepayment at end basis-point fee paid for mortgage servicing. They reflect the average accepted bid of 10 years yield for Govt.-underwritten mortgages after adjustment by Federal Reserve to allow for FNMA commitment fees and FNMA stock purchase and holding requirements, assuming a prepayment period of 15 years for 30-year loans. Com­ mitments for 12-18 months are for new homes only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 56 CONSUMER CREDIT □ SEPTEMBER 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 i loans 1939. 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941. 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945. 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1950. 21,471 14,703 6,074 4,799 1,016 2,814 6,768 1,821 3,367 1,580 1955. 38,830 28,906 13,460 7,641 1,693 6,112 9,924 3,002 4,795 2,127 1960. 56,141 42,968 17,658 11,545 3,148 10,617 13,173 4,507 5,329 3,337 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—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 Apr.................................. 125,047 100,028 35,496 28,682 4,077 31,773 25,019 9,676 7,689 7,654 May................................ 126,025 100,692 35,819 28,706 4,126 32,041 25,333 9,765 8,004 7,564 June................................ 127,388 101,862 36,349 28,976 4,186 32,351 25,526 9,862 8,214 7,450 July................................. 128,354 102,848 36,763 29,165 4,240 32,680 25,506 9,854 8,271 7,381 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—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 12,828 100,028 86,805 42,094 30,369 12,686 1,656 13,223 330 12,893 100,692 87,491 42,482 30,441 12,874 1,694 13,201 334 12,867 101,862 88,544 43,011 30,609 13,206 1,718 13,318 339 12,979 July....................................................... 102,848 89,458 43,509 30,906 13,296 1,747 13,390 344 13,046 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

SEPTEMBER 1971 □ CONSUMER CREDIT A 57 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY FINANCE COMPANIES (In millions of dollars) (In millions of dollars) Aut p o a m pe o r bile Other R a e n p d air Other Repair E p n e d ri o o d f Total ch P a u s r e ­ d Direct s g p c u o a o m o p n d e e ­ r s r m iz l o o a d a ti e n o r s n n­ s l P o o a e n n r a ­ s l End of period Total m A pa o u p b t e i o l r ­ e s g p c u o a o m o p n d e e ­ s r r m iz lo a o a n a d ti n d e o s r n n­ l s P o o a e n n r a ­ s l 1939................. 1,079 237 178 166 135 363 1939.................................. 1,836 932 134 151 619 1941................. 1,726 447 338 309 161 471 1941.................................. 2,541 1,438 194 204 705 1945................. 745 66 143 114 110 312 1945.................................. 910 202 40 62 606 1950................ 5,798 1,177 1,294 1,456 834 1,037 1950.................................. 5,315 3,157 692 80 1,386 1955................. 10,601 3,243 2,062 2,042 1,338 1,916 1955.................................. 11,838 7,108 1,448 42 3,240 1960................ 16,672 5,316 2,820 2,759 2,200 3,577 1960.................................. 15,435 7,703 2,553 173 5,006 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 1966.................................. 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 1969.................................. 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—July... 41,703 13,002 7,759 8,078 2,755 10,109 1970—July....................... 31,561 10,771 6,499 96 14,195 Aug.. . 41,934 12,981 7,748 8,183 2,770 10,252 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—Jan......................... 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 Apr__ 42,094 12,268 7,825 8,595 2,702 10,704 30,369 9,781 6,280 98 14,210 May... 42,482 12,361 7,942 8,676 2,729 10,774 May...................... 30,441 9,810 6,236 100 14,295 June... 43,011 12,484 8,098 8,821 2,765 10,843 30,609 9,918 6,224 101 14,366 July. .. 43,509 12,614 8,220 8,931 2,803 10,941 July....................... 30,906 10,037 6,230 101 14,538 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 Total Service paper loans End of period Com­ Other credit mer­ finan­ Retail Credit cial cial outlets cards1 1939.................................. 150 27 5 12 106 banks insti­ 1941.................................. 213 47 9 11 146 tutions 1945.................................. 121 16 4 10 91 1950.................................. 692 159 40 102 391 1939................. 2,719 625 162 1,414 518 1955.................................. 1,959 560 130 313 956 1941................. 3,087 693 152 1,645 597 1960.................................. 4,566 1,460 297 775 2,034 1945................. 3,203 674 72 1,612 845 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—July....................... 13,612 5,049 872 1,230 6,461 196 8 23,301 7,975 1,163 6,450 1,305 6,408 Aug....................... 13,793 5,110 881 1,240 6,562 196 9 24,300 7,900 1,196 6,650 1,584 6,970 Sept....................... 13,910 5,158 890 1,246 6,616 197 0 25.641 8,205 1,279 6,932 1,918 7,307 Oct........................ 13,924 5,164 891 1,247 6,622 Nov....................... 13,999 5,171 893 1,260 6,675 1970—July... 23,790 8,005 1,249 5,727 1,782 7,027 Dec........................ 14,046 5,202 898 1,256 6,690 Aug.... 23,795 8,041 1,253 5,664 1,844 6,993 Sept.... 23,765 8,062 1,254 5,617 1,872 6,960 1971—Jan......................... 13,906 5,143 888 1,247 6,628 Oct.... 23,907 8,059 1,254 5,797 1,859 6,938 Feb........................ 13,953 5,148 889 1,254 6,662 Nov__ 24,125 8,071 1,274 5,884 1,873 7,023 Mar....................... 14,126 5,215 901 1,260 6,750 Dec__ 25.641 8,205 1,279 6,932 1,918 7,307 Apr........................ 14,342 5,292 914 1,277 6,859 May...................... 14,568 5,372 927 1,297 6,972 1971—Jan.. .. 24,976 8,196 1,284 6,144 1,950 7,402 June....................... 14,924 5,510 952 1,320 7,142 Feb.... 24,571 8,205 1,301 5,435 1,918 7,712 July....................... 15,043 5,548 958 1,336 7,201 Mar.... 24,436 8,249 1,308 5,316 1,891 7,672 Apr__ 25,019 8,350 1,326 5,774 1,915 7,654 May... 25,333 8,425 1,340 6,046 1,958 7,564 lan N eo o u t s e .— len O de th rs e . r financial lenders consist of credit unions and miscel­ J Ju u l n y e . . . . . . 2 2 5 5 , , 5 5 2 0 6 6 8 8 , , 4 5 9 1 8 2 1 1 , , 3 3 5 5 6 0 6 6 , , 1 1 7 9 3 9 2 2 , ,0 0 1 9 5 8 7 7, , 3 4 8 5 1 0 i Service station and miscellaneous credit-card accounts and homeheating-oil accounts. Bank credit card accounts outstanding are included in estimates of instalment credit outstanding. See also Note to first table on preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 58 CONSUMER CREDIT □ SEPTEMBER 1971 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Total Automobile paper Ot g h o e o r d c s o p n a s p um er er mode R r e n p iz a a ir ti o a n n d l oans Personal loans 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 27,227 22,750 2,266 26,343 1966............................................ 82,335 27,341 25,591 2,200 27*203 1967............................................ 84,693 26,667 25,952 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—July................................. 9,065 9,497 2,685 2,952 3,124 3,141 192 220 3,064 3,184 8,809 8,915 2,537 2,540 3,168 3,152 173 197 2,931 3,026 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 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 Apr.................................. 9,751 10,079 2,872 3,100 3,415 3,363 205 219 3,259 3,397 May................................ 9,690 9,562 2,756 2,883 3,295 3,148 200 235 3,439 3,296 June................................ 9,715 10,667 2,838 3,301 3,433 3,538 224 263 3,220 3,565 July................................. 9,675 10,098 2,773 3,032 3,399 3,415 218 248 3,285 3,403 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—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 Apr.................................. 9,088 9,219 2,566 2,632 3,249 3,272 184 187 3,089 3,128 May................................ 9,197 8,898 2,640 2,560 3,211 3,124 188 186 3,158 3,028 June................................ 9,190 9,497 2,678 2,771 3,233 3,268 192 203 3,087 3,255 July................................. 8,914 9,112 2,565 2,618 3,203 3,226 188 194 2,958 3,074 Net change in credit outstanding 2 1965............................................ 8,629 3,684 2,232 150 2,563 1966............................................ 6,215 1,937 2,413 90 1,775 1967............................................ 3,387 168 1,417 -29 1,831 1968............................................ 8,964 3,406 2,504 136 2,918 1969............................................ 8,279 2,472 2,710 115 2,982 1970............................................ 2,992 -1,112 2,340 70 1,694 1970—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 Apr.................................. 663 860 306 468 166 91 21 32 170 269 May................................ 493 664 116 323 84 24 12 49 281 268 June................................ 525 1,170 160 530 200 270 32 60 133 310 July................................. 761 986 208 414 196 189 30 54 327 329 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

SEPTEMBER 1971 □ CONSUMER CREDIT A 59 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Other financial Total Commercial banks Finance companies lenders Retail outlets Period S.A.1 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—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 Apr.. 9,751 10,079 3,676 3,948 2,624 2,672 475 1,552 976 1,907 May. 9,690 9,562 3,600 3,671 2,798 2,655 441 1,493 851 1,743 June. 9,715 10,667 3,806 4,207 2,490 2,832 513 1,724 906 1,904 July.. 9,675 10,098 3,644 3,917 2,676 2,791 423 1,506 932 1,884 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—July.. 8,622 8,894 3,264 3,388 2.580 2,617 184 1,276 1,594 1,613 Aug.. 8,577 8,357 3,185 3.154 2,507 2,389 158 1,137 1,727 1,677 Sept.. 8,490 8,298 3,249 3.235 2,482 2,378 127 1,095 1,632 1,590 Oct.. 8,662 8,853 3,258 3,342 2.551 2,588 165 1,173 1,688 1,750 Nov.. 8,716 8,440 3,276 3.155 2.552 2,570 135 1,075 1,753 1,640 Dec.. 8,515 8,823 3,262 3.235 2,465 2,753 113 1,159 1 ,675 1,676 1971—Jan... 8,829 8,605 3,385 3,169 2,486 2,293 199 1,195 1,759 1,948 Feb.. 8,979 8,346 3,369 3,153 2,656 2,401 186 1,070 1,768 1,722 Mar.. 9,038 9,651 3,387 3,666 2,674 2,871 207 1 ,245 1 ,770 1,869 Apr.. 9,088 9,219 3,332 3,417 2.580 2,629 315 1,336 1,861 1,837 May. 9,197 8,898 3,375 3,283 2,698 2,583 323 1,267 1,801 1,765 June. 9,190 9,497 3,541 3,678 2,550 2,664 299 1,368 1,800 1,787 July.. 8,914 9,112 3,351 3,419 2,485 2,494 293 1,387 1,785 1,812 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—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 89 -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 Apr.. 663 860 344 531 44 43 160 216 115 70 May. 493 664 225 388 100 72 118 226 50 -22 June. 525 1,170 265 529 -60 168 214 356 106 117 July.. 761 986 293 498 191 297 130 119 147 72 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-56. 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 60 INDUSTRIAL PRODUCTION: S.A. □ SEPTEMBER 1971 MARKET GROUPINGS (1967= 100) 1967 1970 1971 pro­ 1970 Grouping por­ avertion ageP July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June? July' Total index...................................... 100.00 106.7 107.5 107.5 106.5 103.7 102.6 104.6 105.3 105.7 105.5 106.2 107.0 107.0 106.0 Products, total.................................... 62.21 106.0 107.1 106.5 105.2 103.6 102.6 104.2 104.6 105 104.5 105.5 105.9 105 106.1 Final products.................................. 48.95 104. 105.5 104.9 103.5 101.4 100.2 102.2 102 103.0 102.5 103.6 103.9 104.3 104.3 Consumer goods......................... 28.53 110.3 112.2 111.6 110.1 109.0 107.7 110. 112.8 112.9 112.7 114.6 115.7 115 115.8 Equipment................................... 20.42 96.2 96.2 95.5 94.2 90.8 89.8 90. 88.9 89.3 88.4 88.1 87. 88 88.3 Intermediate products................... 13.26 111.9 113.5 112.2 111.4 111.9 111.6 112.1 110.9 112.5 112.0 112.4 113.5 111.4 112.9 Materials.............................................. 37.79 107.8 108.5 109.3 109.0 104.1 102.8 105.4 106.5 106.8 107.1 107.5 108.9 108 105.8 Consumer goods Durable consumer goods.................... 7.86 104.8 111.0 110.3 102.2 97.1 95.5 102.9 108.1 110.6 111.6 112.2 117.2 115.8 115.7 Automotive products..................... 2.84 99.9 112.7 111.2 91.1 77 76.0 100.0 110.9 117.8 117.8 113.7 123.1 121.3 120.2 Autos............................................. 1.87 86.6 105.3 103.9 70.4 51.1 51.8 88.6 104.1 112.8 112.2 103.2 108.3 107.9 107.9 Auto parts and allied goods... .97 125.6 126.7 125.4 130.9 128.7 122 122 124.1 127.4 128.6 133.9 151.4 147.1 144.2 Home goods......................................... 5.02 107.6 110.3 109.9 108.6 108. 106.6 104.6 106.5 106.5 108.2 111.4 113.9 112.7 113.1 Appliances, TV, and radios......... 1.41 103.4 108.5 109.9 106.7 109. 107 104.5 104.9 102.5 107.9 116.4 120.7 116.9 115.5 Appliances and A/C................... .92 122.1 128.5 129.0 123.3 128.8 127.1 120.6 122.6 117.6 124.9 126.0 132.1 129.3 126.7 TV and home audio.................. .49 68.2 71.4 74.4 75 74.5 71 74.3 71.8 74.0 76.1 98.6 99.4 93 94.5 Carpeting and furniture............... 1.08 108.4 110.4 108.0 108.6 108. 108.6 106.3 106.4 110.1 108 110.7 111.7 113.6 116.1 Misc. home goods......................... 2.53 109.7 111.0 110.9 109 107.3 105 104.1 107.5 107.5 108.1 109.0 111.1 110.0 110.5 Nondurable consumer goods............. 20.67 112.5 112 112.1 113.0 113.5 112.3 113.8 114.6 113. 113.1 115.5 115.1 116.0 115.9 Clothing............................................ 4.32 101.2 101.5 100.9 100.5 100.0 96.3 99.1 99 97.3 96 101.0 102.6 103.3 Consumer staples........................... 16.34 115.4 115.8 115.2 116.4 117.2 116 117.7 118.5 118.1 117.4 119.4 118.5 119 119.3 Consumer foods and tobacco.. 8.37 110.6 109.3 109.9 110.6 111.9 112.5 112.8 114.0 112.6 111.8 112.7 113.2 113.5 111.5 Nonfood staples......................... 7.98 120.4 122.8 120.7 122.6 122.9 120.9 122.9 123.2 123.9 123.2 126.4 124.2 125.3 127.6 Consumer chemical products 2.64 126.1 131.5 123.8 123.4 125.8 127.7 132.5 131.8 131.8 131.6 134.0 133.2 133.2 135.0 Consumer paper products... 1.91 103.9 105.3 103.8 104 102.8 101 102.6 104.4 104.6 103.0 108.2 105.0 106.0 106.9 Consumer fuel and lighting. , 3.43 125.2 126.1 128.0 131.9 131.9 126.4 126.9 127.0 128.9 127.9 130.5 128.0 130.1 133.5 Residential utilities............ 2.25 131.3 134.0 135.9 140.7 141.2 132.2 131.9 132.0 135.2 133.2 136.4 135.1 137.0 140.8 Equipment Business equipment............................. 12.74 101 102.5 101.7 100.5 95.9 94.6 95.6 94.2 96.0 95.0 95.1 94.4 95.0 95.4 Industrial equipment..................... 6.77 98.8 99.9 97.6 98.0 94.6 93 94.0 91 93.4 92 92.4 90.9 90.9 91.6 Building and mining equip. 1.45 95.9 93.5 92.9 91.5 91 93.3 93.6 90.6 94.3 92.4 91.2 91.5 88.8 88.8 Manufacturing equipment 3.85 91.9 92.1 90.0 91.8 86.7 84.6 84.2 82.9 82.2 81.3 82.1 79.5 80.1 81.0 Power equipment........................ 1.47 119.9 126.7 122.6 120.7 118.2 118.7 119.8 115.0 121.7 121.5 120.5 120.2 121.3 122.1 Commercial, transit, farm eq*... 5.97 103.7 105.7 106.5 103.4 97.1 95.6 97 97 99.0 98.0 98.2 98.4 99.6 99.8 Commercial equipment............. 3.30 110.6 110.2 111.9 110.0 108.2 106 105.3 105.5 107.0 106.6 107.1 107.6 107.6 107.4 Transit equipment...................... 2.00 94.4 99.4 99.5 92.5 79.8 77.5 87 88.6 89.1 87.2 87.3 87.3 90 88.0 Farm equipment........................... .67 97.7 102.1 101.0 102.6 93.9 98.9 92.4 82.0 88.8 88.0 86.6 86.6 87.7 97.6 Defense and space equipment............. 7.68 87.9 86.0 85.1 83.9 82.6 81.7 81.2 80.0 78.1 77.5 76.5 76.9 76.6 76.6 Military products............................. 5.15 89.7 87.2 87.0 85.8 84.5 83.7 82.9 82.6 80.4 79.8 19 A 79.5 19.1 19.9 Intermediate products Construction products......................... 5.93 110.6 111. 111.7 110.0 111.5 110.4 112.5 111 111.9 112.6 113.4 115.5 114.2 115.7 Misc. intermediate products............... 7.34 113.0 114.9 112.5 112.8 112.1 112.4 111.9 110.8 113.1 111.4 111.6 111.9 109.2 110.6 Materials Durable goods materials....................... 20.91 103.4 105.4 106.4 105.1 96.2 93.6 99.4 101.5 101.6 101.9 102.2 104.8 103.0 98.7 Consumer durable parts................. 4.75 96.5 104.3 107.1 101.7 80.4 76.9 95.8 99.4 101.4 103.2 102.8 105.1 104.8 97.3 Equipment parts............................... 5.41 95.1 95.8 94.7 93.7 88.0 86.6 86.6 88.4 87.6 86.4 86.0 88.9 87.1 87.9 Durable materials nec..................... 10.75 110.5 110.6 111.9 112.4 107.6 104.5 107.5 109.0 108.8 109.2 110.2 112.8 110.2 104.8 Nondurable goods materials................ 13.99 112.5 111.6 111.6 112.9 113.4 113.3 112.1 111.7 112.1 112.0 112.7 112.8 114.4 113.5 Textile, paper, and chem. mat___ 8.58 113.0 113.3 112.1 113.2 112.6 112.6 111.8 111.2 111.7 111.9 113.2 113.7 115.7 114.7 Nondurable materials nec.............. 5.41 111.5 109.0 110.9 112.3 114.7 114.7 112.7 112.5 112.7 112.3 111.9 111.3 112.0 111.5 Fuel and power, industrial................. 2.89 117.0 116.9 118.6 119.7 118.2 117. 117.6 117. 118.6 121.1 121.0 119.7 121.4 119.4 Supplementary groups Home goods and clothing.................. 9.34 104.7 106.2 105.7 104.8 104.5 101 102.0 103.4 102.3 102.9 106.6 108.7 108.4 108.3 Containers.............................................. 1.82 119.5 122.8 119.9 116.8 119.1 120.6 117.4 119.2 119.6 108.1 113.5 117.8 115.5 118.1 Gross Value of Products in Market Structure (In billions oi 1963 dollars) Products, total.................. 386. 394.4 391.8 382.7 375.1 372.5 380.9 386.2 388.6 385.9 390.2 391.6 391.4 394.8 Final products............. 298.0 304.6 302.6 294.0 286.4 284.1 292.1 297.7 298.5 291A 300.4 301.3 302.8 304.9 Consumer goods___ 202.6 208.7 206.6 200.9 197.0 195.7 203.3 209.1 209.5 209.6 212.6 213.4 214.6 216.3 Equipment................ 95.5 96.2 96.1 93.2 89.5 88.3 88.7 88.7 89.2 87.9 87.9 87.6 88.3 88.8 Intermediate products. 89.0 89.9 89.4 89.1 89.1 88.9 89.0 88.4 89.9 88.5 89.3 90.2 89.9 For Note see p. A-63. * Referred to as “nonindustrial equipment” in the article published in the July 1971 Bulletin, pp. 551-76. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1971 □ INDUSTRIAL PRODUCTION: S.A. A 61 INDUSTRY GROUPINGS (1967 = 100) 1967 1970 1971 pro­ 1970 Grouping por­ aver­ tion age? July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Mayr June? July* Manufacturing.......................................... 88.55 105.2 106.9 705.5 104.8 101.4 100.2 102.4 103.3 103.9 103.2 104.4 105.7 105.3 104. Durable................................................. 52.33 101.5 103.7 103.5 100.7 95.7 93.8 97.3 98.1 98.6 98.3 99.1 100.5 100.0 99. Nondurable.......................................... 36.22 110.6 111.6 108.6 110.7 109.7 109.6 110.0 110.9 111.7 110.4 112.1 113.3 113.0 112. Mining and utilities................................ 11.45 118.0 117.0 118.4 121.1 121.9 120.6 120.1 119.3 119.9 120.2 120.6 119.0 120.1 119. Mining................................................... 6.37 109.7 106.5 108.8 110.9 112.4 113.7 112.1 111.1 110.1 111.4 110.4 108.6 109.0 106. Utilities................................................. 5.08 128.5 130.2 130.5 133.9 134.0 129.6 130.2 129.6 132.2 131.5 133.2 132.1 134.1 135. Durable manufactures 12.55 108.1 109.6 111.8 108.9 104.2 101.2 105.1 106.8 106.0 105.8 108.6 111.5 108.3 104. Primary metals.................................... 6.61 106.9 107.5 111.9 108.8 102.5 98.4 104.3 108.1 105.5 106.6 108.7 114.3 108.1 98. Iron and steel, subtotal................. 4.23 105.3 105.6 111.8 108.2 102.4 95.6 101.4 106.9 104.8 105.2 109.1 112.9 105.3 99. Fabricated metal products............... 5.94 109.4 112.2 111.8 109.0 106.3 104.5 106.2 105.4 106.6 104.9 108.5 108.5 108.5 111. Machinery and allied goods................... 32.44 97.6 100.6 99.6 96.2 89.9 88.4 92.4 93.0 93.5 93.0 92.7 93.8 94.2 94. Machinery............................................. 17.39 100.5 103.6 101.5 100.4 96.5 94.9 94.8 93.4 94.2 94.0 94.2 95.3 95.3 96. Nonelectrical machinery............... 9.17 99.6 102.0 100.4 99.8 95.6 93.2 92.4 90.1 92.3 91.1 91.4 90.9 91.6 93. Electrical machinery...................... 8.22 101.4 105.6 102.8 101.1 97.5 96.7 97.4 97.1 96.3 97.1 97.4 100.2 99.3 100. Transportation equipment............... 9.29 90.3 96.3 96.1 87.5 73.8 71.7 86.8 91.1 92.6 91.3 89.5 90.9 92.2 90, Motor vehicles and parts............. 4.56 96.9 110.8 111.3 94.6 68.6 65.4 98.5 107.7 113.0 112.2 108.4 110.2 112.7 109, Aerospace and misc. trans. eq... 4.73 83.9 82.5 81.4 81.0 78.8 78.0 75.8 75.2 72.9 71.2 71.4 72.3 72.4 71. Instruments.......................................... 2.07 110.8 110.8 110.5 108.9 107.3 106.5 104.9 106.5 105.3 105.5 106.7 108.0 108.5 107. Ordnance, private and Govt............ 3.69 95.3 92.5 93.0 91.9 90.4 89.3 88.5 87.9 85.5 85.7 85.2 86.0 86.1 86. Lumber, clay, and glass......................... 4.44 106.3 106.4 106.6 105.6 105.3 105.0 107.5 106.9 109.8 110.8 113.0 112.3 111.7 Ill, Lumber and products........................ 1.65 106.3 107.7 108.9 107.2 106.8 106.4 106.8 109.7 110.8 110.3 112.5 110.0 111.0 112, Clay, glass, and stone products----- 2.79 106.3 105.9 105.1 104.8 104.5 104.1 107.9 105.3 109.2 111.1 113.3 113.7 112.2 110, Furniture and miscellaneous.................. 2.90 108.8 109.9 110.0 109.4 108.7 105.7 104.9 105.2 107.1 105.6 109.5 109.9 110.3 112, Furniture and fixtures....................... 1.38 99.4 100.8 100.1 99.3 100.1 96.5 95.5 94.2 96.0 95.0 98.7 97.6 100.9 103, Miscellaneous manufactures............ 1.52 117.3 118.3 119.1 118.5 116.7 114.0 113.4 115.2 117.2 115.4 119.3 121.2 118.8 120, Nondurable manufactures Textiles, apparel, and leather............... 6.90 100.2 101.5 99.3 99.1 98.7 96.0 97.1 98.6 98.0 97.3 99.8 101.5 103.3 101. Textile mill products......................... 2.69 106.3 107.3 105.6 105.2 104.1 102.8 103.3 103.1 105.4 105.3 106.3 107.5 113.3 108. Apparel products................................ 3.33 97.8 99.3 97.0 96.8 96.9 93.4 94.9 97.4 94.5 94.0 97.3 99.7 98.8 Leather and products........................ .88 90.8 92.5 89.5 90.2 89.6 85.0 86.7 89.5 89.0 85.4 89.9 89.8 89.3 00 J" Paper and printing.................................. 7.92 107.8 110.0 107.9 106.7 106.1 106.4 105.0 107.1 108.1 104.6 106.9 106.9 102.4 104. Paper and products............................ 3.18 113.3 115.5 112.7 109.8 111.9 113.3 110.6 116.9 116.0 111.0 114.4 115.1 Printing and publishing..................... 4.74 104.1 106.1 104.6 104.5 102.3 101.9 101.2 100.5 102.8 100.2 101.8 101.4 101.0 101. Chemicals, petroleum, and rubber___ 11.92 118.2 119.5 117.8 119.1 117.2 117.8 118.9 118.2 120.9 120.5 122.4 124.2 125.1 125. Chemicals and products................... 7.86 120.2 122.5 119.4 121.5 120.3 119.7 121.2 119.3 121.7 121.0 123.4 123.7 126.4 127. Petroleum products............................ 1.80 112.6 111.0 112.1 112.9 113.2 116.9 118.1 117.2 117.1 116.3 115.8 112.7 114.9 116. Rubber and plastics products.......... 2.26 115.7 116.0 117.5 115.9 110.0 111.4 111.8 115.5 120.6 122.7 124.5 135.4 129.1 123. Foods and tobacco................................... 9.48 110.8 110.6 104.4 112.0 111.7 111. 9 112.5 113.9 113.1 112.2 112.9 113.6 113.7 113. Foods.................................................... 8.81 111.7 111.2 104.7 113.1 112.3 112.7 113.5 114.6 114.1 113.8 114.1 114.6 115.4 114. Tobacco products............................... .67 100.0 102.6 100.4 100.5 104.4 102.3 99.5 106.6 100.1 90.3 96.9 100.3 92.1 Mining Metal, stone, and earth minerals.......... 1.26 112.0 110.4 110.4 110.0 113.0 118.6 116.4 113.6 113.6 111.6 106.5 104.6 104.7 93. Metal mining....................................... .51 131.3 122.3 129.1 130.5 134.3 148.5 144.7 140.1 139.0 135.1 124.7 122.6 116.8 91. Stone and earth minerals................. .75 98.8 102.4 97.6 96.2 98.6 98.4 97.3 95.6 96.3 95.6 94.2 92.4 96.4 94. Coal, oil, and gas.................................... 5.11 109.2 105.5 108.6 111.3 112.3 112.6 111.0 110.6 109.3 111.4 111.4 109.6 110.1 109. Coal....................................................... .69 105.8 102.3 108.8 109.7 108.7 107.9 103.6 112.3 108.8 116.2 115.5 110.2 110.9 107. Oil and gas extraction....................... 4.42 109.7 106.2 108.7 111.5 112.9 113.4 112.3 110.3 109.3 110.6 114.3 109.6 110.0 109. Utilities Electric...................................................... 3.91 130.8 132.8 133.2 137.5 137.6 131.9 132.5 131.5 134.9 133.6 135.5 133.8 136.3 138. 1.17 121.0 121.2 121.4 121.7 121.9 122.1 122.4 123.0 123.6 124.3 1 For Note see p. A-63. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 62 INDUSTRIAL PRODUCTION: N.S.A. □ SEPTEMBER 1971 MARKET GROUPINGS (1967 = 100) 1967 1970 1971 pro­ 1970 Grouping por­ aver­ tion age p July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June? July' Total index. 100.00 106.7 103.4 107.1 109.6 106.5 103.1 102.0 103.2 106.1 106.0 106.5 107.3 109.4 101.9 Products, total.................. 62.21 106.0 104.2 107.0 109.8 107.0 102.7 100.7 101.8 104.7 104.5 105.0 105 108.7 103.3 Final products............... 48.95 104.4 102.1 104.5 107.8 104.5 100.2 98.9 101.0 103.4 103.0 102.9 102, 107.1 101.1 Consumer goods.... 28.53 110.3 107.7 112.4 116.9 113.6 107.2 105.4 110.3 113.2 112.9 113.6 113, 119.4 111.9 Equipment................. 20.42 96.2 94.3 93.5 95.0 91.9 90.4 89.8 88.1 89.6 89.1 88.0 87, 89.9 86.1 Intermediate products. 13.26 111.9 111. 116.1 117.0 116.0 111.8 107.3 104.7 109.5 110.2 112.6 113, 114.5 111.4 Materials........................... 37.79 107.8 102.2 107.3 109.2 105.8 103.7 104.1 105.4 108.3 108.4 109.0 110. 110.5 99.6 Consumer goods Durable consumer goods................. 7.86 104 96.5 96.7 107.3 103.7 98.7 100.8 107.3 113 114. 114.7 117.3 120.1 100.7 Automotive products................. 2.84 99.9 87.2 75.2 94.7 83.7 80.1 100.0 115.6 125.1 125.3 121.9 127.2 130.6 95.1 Autos........................................ 1.87 86.6 66.4 46.3 72.7 58.7 58.2 92.4 113.5 124.1 123.4 112.5 120.2 120.8 69.4 Auto parts and allied goods. .97 125.6 127.1 130.4 136.9 131.7 122.1 114.6 119.6 127.0 128.9 139.9 140.8 149.3 144.6 Home goods................................. 5.02 107.6 101.8 108.9 114.5 115.0 109.2 101.3 102.6 107.4 108.8 110.7 111.7 114.2 103.8 Appliances, TV, and radios. 1.41 103.4 98.2 99.8 113.2 123.2 110.0 90.9 102.5 108.9 113.6 116.1 117.1 117.3 102.9 Appliances and A/C......... .92 122.1 124.3 112.1 127.7 138.3 122.3 100.3 120.1 124.7 133.6 133.1 132.2 136.1 122.9 TV and home audio.......... .49 68.2 49.4 76.6 86.0 94.9 86.3 73.2 69.5 79.3 76.2 84.3 88.8 81.9 65.4 Carpeting and furniture.... 1.08 108.4 94.2 108.2 111.8 110.0 111.5 108.6 108.0 114.7 111.4 111.1 108.6 112.6 99.0 Misc. home goods................. 2.53 109.7 106.9 114.3 116.4 112.5 107.8 103.9 100.4 103.4 105.1 107.5 110.0 113.2 106.4 Nondurable consumer goods............. 20.67 112.5 112.0 118.4 120.5 117.4 110.4 107.1 111.4 113.0 112.2 113.2 112.1 119.1 116.1 Clothing............................................ 4.32 101.2 92.8 106.3 103.3 104.8 95.8 85.5 95.0 102.0 102.5 102.6 101.4 106.9 Consumer staples........................... 16.34 115.4 117.1 121.6 125.0 120.7 114.3 112.8 115.7 115.9 114.8 116.0 114.9 122.3 122.0 Consumer foods and tobacco. 8.37 110.6 109.7 115.5 120.5 118.4 111.3 106.6 108.1 108.5 108.7 110.0 110.8 116.6 112.1 Nonfood staples........................... 7.98 120.4 124.8 127.9 129.7 123.1 117.5 119.3 123.7 123.7 121.2 122.3 119.1 128.3 132.3 Consumer chemical products. 2.64 126.1 130.2 129.6 134.3 132.8 127.6 123.2 123.9 125.7 125.7 131.2 132.4 142.2 139.5 Consumer paper products___ 1.91 103.9 107.9 111.4 111.0 106.2 100.7 97.4 99.6 101.8 100.1 107.1 102.0 110.2 109.6 Consumer fuel and lighting. . 3.43 125.2 112.8 115.1 117.0 113.6 115.4 120.3 137.0 134.3 129.6 123.8 118.4 127.6 139.3 Residential utilities.............. 2.25 131.3 139.0 146.6 146.6 131.0 121.2 132.7 146.7 143.0 137.1 129.2 122.3 132.4 148.8 Equipment Business equipment....................... 12.74 101.1 100.0 99.1 101.6 97.5 95.3 94.3 92.7 96.6 96.0 95.3 94.2 98.0 92.5 Industrial equipment............... 6.77 98.8 98.3 96.3 98.9 96.6 95.0 93.2 90.8 93.9 92.8 92.4 90.3 92.6 90.2 Building and mining equip.. 1.45 95.9 91.5 87.2 93.1 93.2 97.0 95.3 89.8 93.3 90.3 91.7 90.9 91.6 86.9 Manufacturing equipment.. 3.85 91.9 90.1 89.7 91.8 88.0 85.6 83.5 81.9 84.3 82.9 82.0 79.1 81.5 79.2 Power equipment................. 1.47 119.9 126.7 122.7 123.2 122.5 117.4 116.3 115.1 119.6 120.9 120.3 119.2 122.6 122.1 Commercial, transit, farm eq.*. 5.97 103.7 102.0 102.3 104.6 98.4 95.6 95.6 94.8 99.7 99.7 98.5 98.6 104.2 95.2 Commercial equipment........... 3.30 110.6 113.0 112.7 113.5 109.2 106.3 103.4 101.8 105.3 104.7 105.3 106.0 112.4 110.1 Transit equipment................... 2.00 94.4 90.1 91.1 90.5 81.5 79.6 85.2 87.1 91.5 91.0 88.9 89.0 93.8 75.6 Farm equipment....................... .67 97.7 83.5 84.6 102.4 95.5 90.1 88.0 83.4 96.7 100.9 93.7 90.9 94.3 79.8 Defense and space equipment. 7.68 87.9 84.9 84.2 84.0 82.7 82.4 82.3 80.5 78.1 77.7 76.0 76.7 76.4 75.6 Military products................. 5.15 89.7 87.2 87.0 85.8 84.5 83.7 82.9 82.8 80.3 80.1 78.9 79.7 79.8 79.3 Intermediate products Construction products.......... 5.93 110.6 108.9 114.3 114.5 115.2 110.1 105.4 103.3 109.9 111.6 115.8 118.0 119.3 112.7 Misc. intermediate products. 7.34 113.0 114.2 117.5 119.0 116.6 113.1 108.8 105.8 109.1 109.1 110.0 110.4 110.7 110.3 Materials Durable goods materials___ 20.91 103.4 98.3 103.0 105.3 97.2 94.0 98.0 99.8 103.2 104.2 104.1 107.2 106.3 92.1 Consumer durable parts. 4.75 96.5 93.2 98.1 101.1 82.3 80.3 100.4 102.9 104.6 104.5 102.0 106.4 104.5 87.0 Equipment parts.............. 5.41 95.1 90.0 92.4 94.6 87.7 85.8 86.7 87.8 88.9 89.0 87.0 89.4 89.4 82.5 Durable materials nec... 10.75 110.5 104.7 110.4 112.5 108.6 104.2 102.7 104.4 109.8 111.8 113.7 116.6 115.6 99.2 Nondurable goods materials.......... 13.99 112.5 106.5 111.4 113.0 116.1 114.9 110.0 110.9 113.3 112.0 113.7 114.3 114.7 108.3 Textile, paper, and chem. mat.. 8.58 113.0 106.4 111.2 113.1 115.0 113.8 108.3 110.4 114.3 112.8 115.6 116.0 116.2 107.7 Nondurable materials nec........ 5.41 111.5 106.7 111.6 112.7 117.8 116.6 112.7 111.6 111.6 110.8 110.8 111.6 112.4 109.2 Fuel and power, industrial.......... 2.89 117.0 109.5 119.0 118.7 118.6 119.0 119.5 119.9 120.5 121.9 121.4 119.5 120.4 111.6 Supplementary groups Home goods and clothing. 9.34 104.7 97.6 107.7 109.3 110.3 103.0 94.0 99.1 104.9 105.9 106.9 106.9 110.8 99.2 Containers............................. 1.82 119.5 117.4 124.0 121.9 125.9 119.5 108.6 112.6 119.2 108.1 113.8 119.6 119.1 112.9 For Note see p. A-63. * Referred to as “Nonindustrial equipment” in the article published in the July 1971 Bulletin, pp. 551-76. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1971 □ INDUSTRIAL PRODUCTION: N.S.A. A 63 INDUSTRY GROUPINGS (1967 = 100) 1967 1970 1971 pro­ 1970 Grouping por­ aver­ tion age? July Aug. Sept. Qct. Nov. Dec. Jan. Feb. Mar. Apr. Mayr June? Manufacturing, total............................... 88.55 105.2 101.6 104.9 107.6 104.7 101.2 99.7 100.9 104.3 104.4 105.0 106.0 107.9 99.5 Durable................................................. 52.33 101.5 91.4 99.3 102.2 97.6 94.6 95.9 96.8 100.2 100.6 100.4 101.7 102.5 92.6 Nondurable.......................................... 36.22 110.6 107.6 113.1 115.3 115.0 110.7 105.2 106.8 110.2 109.8 111.7 112.1 115.6 109.4 Mining and utilities................................ 11.45 118.0 118.2 123.6 124.1 120.7 117.5 119.5 120.6 119.7 119.4 117.9 117.0 120.6 120.7 Mining................................................... 6.37 109.7 104.7 110.7 111.6 113.4 113.2 1.12.0 108.7 108.6 109.7 110.4 110.9 110.9 103.6 Utilities. ............................................. 5.08 128.5 135.1 139.9 139.8 129.8 123.0 128.9 135.6 133.7 131.5 127.3 124.6 132.8 142.3 Durable manufactures Primary and fabricated metals............. 12.55 108.1 100.8 107.1 108.1 104.4 101.3 102.2 105.7 110.0 111. 0 112.0 114.6 111.1 96.0 Primary metals.................................... 6.61 106.9 96.2 105.4 105.4 100.7 97.1 99.0 106.6 111.6 115.2 115.8 119.8 112.5 88.0 Iron and steel, subtotal................. 4.23 105.3 96.4 105.4 103.1 98.7 94.2 96.4 105.2 110.7 114.3 117.1 119.1 109.0 90.7 Fabricated metal products............... 5.94 109.4 106.9 109.0 111.1 108.6 106.0 105.8 104.7 108.2 106.3 107.7 108.8 109.5 104.9 Machinery and allied goods................... 32.44 97.6 94.6 93.6 97.8 91.9 89.3 91.9 92.8 95.1 94.9 93.4 94.4 96.4 88.0 Machinery............................................ 17.39 100.5 98.3 98.4 102.7 98.8 95.4 92.6 92.4 96.0 95.8 94.9 94.8 91.0 91.5 Nonelectrical machinery............... 9.17 99.6 98.6 96.7 100.5 95.8 93.3 90.4 88.9 94.3 93.6 92.5 91.4 94.2 90.3 Electrical machinery...................... 8 22 101.4 98.0 100.2 105.2 102.2 97.7 95.0 96.3 97.8 98.3 97.5 98.6 100.2 92.9 Transportation equipment............... 9.29 90.3 85.1 80.9 87.7 75.6 73.8 88.9 93.1 95.4 94.6 91.6 94.2 96.1 77.8 Motor vehicles and parts............. 4.56 96.9 89.4 81.6 94.2 71.8 69.5 102.0 112.9 118.9 117.7 112.0 116.9 120.5 85.7 Aerospace and misc. trans. eq. .. 4.73 83.9 81.0 80.2 81.5 79.2 77.9 76.3 74.1 72.8 72.3 72.0 72.4 72.6 70.2 Instruments.......................................... 2.07 110.8 110.8 112.8 113.3 110.4 107.0 104.8 103.4 102.2 103.7 103.4 106.9 110.8 107.9 Ordnance, private and Govt.......... 3.69 95.3 91.8 91.9 91.5 89.8 89.4 88.9 88.4 86.3 86.2 85.2 86.2 86.5 85.6 Lumber, clay, and glass......................... 4.44 106.3 105.8 112.0 110.8 110.5 105.0 100.9 97.7 104.5 108.7 113.2 114.5 117.3 110.3 Lumber and products........................ 1.65 106.3 104.7 113.3 112.5 110.8 104.1 91.0 98.8 110.6 112.1 114.5 112.5 117.5 109.0 Clay, glass, and stone products----- 2.79 106.3 106.5 111.2 109.8 110.4 105.6 103.2 97.0 100.9 106.7 112.5 115.7 117.2 111.0 Furniture and miscellaneous.................. 2.90 108.8 100.7 110.7 113.2 112.0 109.5 105.7 102.3 107.4 106.6 108.7 107.6 111.2 102.7 Furniture and fixtures....................... 1.38 99.4 87.6 98.5 100.3 100.4 99.4 98.4 96.2 100.7 98.5 98.6 95.8 99.3 89.7 Miscellaneous manufactures............ 1.52 117.3 112.6 121.8 124.9 122.5 118.8 112.3 107.9 113.6 114.0 117.9 118.4 122.1 114.4 Nondurable manufactures Textiles, apparel and leather................. 6.90 100.2 90.7 103.7 101.6 102.9 96.5 87.3 95.7 101.8 101.7 101.6 101.3 105.5 91.1 Textile mill products......................... 2.69 106.3 95.8 109.5 107.6 107.6 103.5 93.5 102.0 107.6 108.2 108.5 110.4 114.1 96.4 Apparel products................................ 3.33 97.8 89.4 101.5 99.6 101.5 93.7 83.5 92.3 99.4 99.4 99.3 97.4 102.6 Leather and products........................ .88 90.8 80.2 94.4 90.6 93.8 85.6 82.6 88.8 92.7 90.4 88.8 87.9 89.8 ’ *75.5 Paper and printing.................................. 7.92 107.8 106.7 111.4 111.8 111.8 108.0 99.5 101.3 105.4 103.2 107.4 106.8 104.9 100.9 Paper and products............................ 3.18 113.3 105.7 112.5 109.5 117.7 114.2 102.3 115.5 118.9 113.6 117.8 116.2 Printing and publishing..................... 4.74 104.1 107.3 110.6 113.3 107.8 103.8 97.6 91.7 96.4 96.2 100.4 100.5 103.1 102.6 Chemicals, petroleum, and rubber........ 11.92 118.2 117.1 118.4 122.4 120.4 118.7 117.1 114.7 119.4 119.7 122.2 123.2 128.4 122.5 Chemicals and products................... 7.86 120.2 119.9 120.4 124.7 122.7 120.2 118.7 115.1 118.9 119.5 124.3 125.3 130.7 124.9 Petroleum products............................ 1.80 112.6 115.0 117.0 118.1 115.2 116.1 116.3 112.4 113.5 112.0 110.9 111.7 119.0 120.2 Rubber and plastics products.......... 2.26 115.7 108.9 112.8 118.0 116.5 115.4 112.0 115.3 125.8 126.4 124.0 125.0 127.7 116.0 Foods and tobacco................................... 9.48 110.8 108.7 114.7 119.3 119.7 113.1 107.9 109.5 108.8 108.8 109.6 110.5 115.9 111.6 Foods.................................................... 8.81 111.7 110.0 115.2 120.3 120.3 113.9 109.8 109.7 109.2 110.2 110.9 111.4 117.2 113.8 Tobacco products............................... .67 100.0 91.5 108.0 106.7 112.4 103.1 83.5 106.4 103.0 90.5 92.7 99.3 98.5 Mining Metal, stone, and earth minerals.......... 1.26 112.0 118.0 118.9 117.0 117.2 111.0 105.5 97.7 98.7 101.0 107.2 116.9 118.0 99.1 Metal mining....................................... .51 131.3 139.7 144.0 141.2 135.2 124.7 116.9 115.0 118.3 117.9 126.1 145.7 147.1 104.3 Stone and earth minerals................. .75 98.8 103.2 101.9 100.5 104.9 101.7 97.7 86.0 85.3 89.5 94.4 97.4 98.3 95.6 Coal, oil, and gas.................................... 5.11 109.2 101.4 108.7 110.3 112.5 113.8 113.6 111.4 111.0 111.8 111.2 109.4 109.2 104.7 Coal....................................................... .69 105.8 78.8 115.9 112.6 116.2 110.3 103.0 111.1 109.1 114.7 117.6 112.4 111.6 82.7 Oil and gas extraction....................... 4.42 109.7 105.0 107.6 109.9 111.9 114.4 115.2 111.4 111.3 111.3 114.1 108.9 108.8 108.2 Utilities Electric...................................................... 3.91 130.8 139.3 145.5 145.2 132.2 123.2 130.8 139.3 136.7 133.6 128.0 124.2 134.6 Gas.............................................................| 1.17 121.0 121.2 121.4 121.7 121.9 122.1 122.4 123.0 123.6 124.3 Note.—Published groupings include some series and subtotals not a later date. Figures for individual series and subtotals are published in shown separately. A description and historical data will be available at the monthly Business Indexes release. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 64 BUSINESS ACTIVITY; CONSTRUCTION □ 1971 SELECTED BUSINESS INDEXES (1967= 100, except as noted) Industrial production Manu­ Prices * facturing 2 In­ Ca­ Market dustry pacity Con­ N ri o c n u a l­ g­ utiliza­ Period Total Total Final C p o r P n o r ­ d o i d ic u t c s ts m In ed te ia r­ te M ria a l t s e­ f M a i c a n t n g u u r­ ­ i ( n 1 5 t 1 i 9 9 m 0 o 5 0 = n f 7 ) g - . t s r c t t a r i o o c u n t n c s ­ ­ T m p t e o u e l m o t r n a a y t ­ 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 e a a i s l l 3 s C um on e ­ r m W c s o o a h d m l o e i l t ­ e y ­ Total sumer Equip­ prod­ goods ment ucts 1952....................... 91.3 74.1 93.4 54.5 52 79.5 88.6 1953....................... 94.2 76.3 98.2 60.3 54 80.1 87.4 1954....................... 51.9 51.8 50.8 53.3 47.9 55.1 52.0 51.5 83.5 74.4 89.6 55.1 54 80.5 87.6 1955....................... 58.5 56.6 54.9 59.5 48.9 62.6 61.5 58.2 90.0 76.9 92.9 61.1 59 80.2 87.8 1956....................... 61.1 59.7 58.2 61.7 53.7 65.3 63.1 60.5 87.7 79.6 93.9 64.6 61 81.4 90.7 1957....................... 61.9 61.1 59.9 63.2 55.9 65.3 63.1 61.2 83.6 80.3 92.2 65.4 64 84.3 93.3 1958....................... 57.9 58.6 57.1 62.6 50.0 63.9 56.8 56.9 74.0 78.0 83.9 60.3 64 86.6 94.6 1959....................... 64.8 64.4 62.7 68.7 54.9 70.5 65.5 64.1 81.5 81.0 88.1 67.8 69 87.3 94.8 1960....................... 66.2 66.2 64.8 71.3 56.4 71.0 66.4 65.4 80.6 82.4 88.0 68.8 70 88.7 94.9 1961....................... 66.7 66.9 65.3 72.8 55.6 72.4 66.4 65.6 78.5 82.0 84.5 68.0 70 89.6 94.5 1962....................... 72.2 72.1 70.8 77.7 61.9 76.9 72.4 71.4 82.1 84.4 87.3 73.3 75 90.6 94.8 1963....................... 76.5 76.2 74.9 82.0 65.6 81.1 77.0 75.8 83.3 86.1 86.1 87.8 76.0 79 91.7 94.5 1964....................... 81.7 81.2 79.6 86.8 70.1 87.3 82.6 81.2 85.7 89.4 88.6 89.3 80.1 83 92.9 94.7 1965....................... 89.2 88.1 86.8 93.0 78.7 93.0 91.0 89.1 88.5 93.2 92.3 93.9 88.1 91 94.5 96.6 1966....................... 97.9 96.8 96.1 98.6 93.0 99.2 99.8 98.3 90.5 94.8 97.1 99.9 97.8 97 97.2 99.8 1967....................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 85.3 100.0 100.0 100.0 100.0 100 100.0 100.0 1968....................... 105.7 105.8 105.8 106.6 104.7 105.7 105.7 105.7 84.6 113.2 103.1 101.4 108.3 108 104.2 102.5 1969....................... 110.7 109.7 109.0 111.1 106.1 112.0 112.4 110.5 83.7 123.7 106.7 103.2 116.6 112 109.8 106.5 1970....................... 106.7 106.0 104.4 110.3 96.1 111.9 107.8 105.2 76.6 107.3 98.1 114.2 116 116.3 110.4 1970—July........... 107.5 107.1 105.5 112.2 96.2 113.5 108.5 106.9 1 116.0 107.2 98.4 115.6 118 116.7 110.9 Aug........... 107.5 106.5 104.9 111.6 95.5 112.2 109.3 105.5 76.2 135.0 107.0 97.7 114.6 118 116.9 110.5 Sept........... 106.5 105.2 103.5 110.1 94.2 111.4 109.0 104.8 118.0 107.0 97.6 114.4 118 117.5 111.0 Oct............ 103.7 103.6 101.4 109.0 90.8 111.9 104.1 101.4 115.0 106.4 93.7 108.7 117 118.1 111.0 Nov........... 102.6 102.6 100.2 107.7 89.8 111.6 102.8 100.2 72.4 130.0 106.3 92.8 108.1 116 118.5 110.9 Dec............ 104.6 104.2 102.2 110.8 90.3 112.1 105.4 102.4 132.0 106.8 94.9 112.4 117 119.1 111.0 1971—Jan............. 105.3 104.6 102.9 112.8 88.9 110.9 106.5 103.3 117.0 107.0 94.7 114.9 119 119.2 111.8 Feb............ 105.7 105.0 103.0 112.9 89.3 112.5 106.8 103.9 '73.1 126.0 106.9 94.4 115.0 121 119.4 112.8 Mar........... 105.5 104.5 102.5 112.7 88.4 112.0 107.1 103.2 141.0 107.0 94.0 114.7 123 119.8 113.0 Apr............ 106.2 105.5 103.6 114.6 88.1 112.4 107.5 104.4 161.0 107.2 94.4 115.4 126 120.2 113.3 May.......... 107.0 105.9 103.9 115.7 87.8 113.5 108.9 105.7 ^73.2 141.0 107.5 94.8 117.6 125 120.8 113.8 June.......... 107.0 105.9 104.3 115.9 88.1 111.4 108.7 105.3 147.0 107.3 94.3 117.7 127 121.5 114.3 July........... 106.0 106.1 104.3 115.8 88.3 112.9 105.8 104.7 151.0 107.2 94.0 116.6 126 121.8 114.6 Aug.p.... 105.1 105.7 104.1 115.5 88.2 111.3 104.2 103.4 107.1 93.9 117.7 128 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, and heavy engineering; does not include data for Alaska and Hawaii. Note.—All series: Data are seasonally adjusted unless otherwise noted. Employment and payrolls: Based on Bureau of Labor Statistics data; 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 Type of ownership and 1968 1969 type of construction July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Total construction 1........................... 61,732 67,425 6,177 6,229 5,398 5,453 5,144 4,974 4,383 4,993 6,386 7,743 7,555 8,077 7,670 By type of ownership; Public............................................ 19,597 22,656 2,312 2,078 1,869 2,023 1,937 1,688 1,464 1,578 1,722 2,074 2,065 2,795 Private 1....................................... 42,135 44,769 3,865 4,151 3,529 3,430 3,208 3,286 2,919 3,415 4,663 5,669 5,489 5,489 By type of construction: Residential building 1............... 24,838 25,219 2,347 2,349 2,176 2,301 1,947 2,045 1,631 1,819 2,729 3,168 3,310 3,485 3,357 Nonresidential building............ 22,512 25,667 2,469 2,331 1,943 1,862 1,701 1,693 1,711 1,654 2,199 2,080 '2,264 2,800 2,621 Nonbuilding................................ 14,382 16,539 1,361 1,549 1,278 1,289 1,497 1,235 1,041 1,520 1,458 2,495 1,981 1,792 1,691 Private housing units authorized... 1,330 1,299 1,275 1,326 1,371 1,521 1,487 1,768 1,635 '1,563 1,627 1,638 1,927 1,849 2,072 (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

SEPTEMBER 1971 □ CONSTRUCTION A 65 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 il o d 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—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.. 92,336 64,476 30,519 33.957 5,983 10,210 5,572 12,192 27,860 866 Nov. 92,927 64,585 31,827 32,758 5,752 9,278 5,575 12,153 28,342 701 Dec. 99,194 66,984 33,355 33,629 5,358 10,372 5.739 12,160 32,210 768 1971—Jan.. 99,749 69,651 34,170 35,481 5,904 11,558 6,083 11,936 30,098 1,016 Feb.. 102,024 70,311 35,114 35,197 5,596 11,846 5.740 12,015 31,713 924 Mar. 102,159 72,116 36,842 35,274 5,244 12,169 5,637 12,224 30,043 882 Apr. 103,852 74,211 38,057 36,154 5,472 12.214 6,098 12,370 29,641 882 May 103,896 74,251 38,926 35,325 5,182 12.214 5,920 12,009 29,645 875 June 104,821 75,568 38,973 36,595 4,614 13,532 6,496 11,953 29,253 822 July. 104,130 74,296 39,306 34,990 4,422 12,367 6,052 12,149 29,834 966 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 - m 5- o r o e r - Total Private Public Total FHA family 196 2 1,463 264 290 531 378 991 471 1,492 1,463 339 261 78 118 196 3 1,610 261 328 591 431 1,021 589 1,642 1,610 292 221 71 151 196 4 1,529 253 339 582 355 972 108 450 1,562 1,529 264 205 59 191 196 5 1,473 270 362 575 266 964 87 422 1,510 1,473 246 197 49 216 196 6 1,165 207 288 473 198 779 61 325 1,196 1,165 195 158 37 217 196 7 1,292 215 337 520 220 844 72 376 1,322 1,292 232 180 53 240 196 8 1.508 227 369 619 294 900 81 527 1,548 1,508 283 227 56 318 196 9 1,467 206 349 588 323 810 87 571 1,500 1,467 r288 *•237 '51 413 197 0 1,434 218 294 612 310 813 85 536 1,467 1,434 479 418 61 401 1970—July. 1,603 264 335 652 352 827 95 681 143 141 49 43 6 37 Aug. 1,425 181 298 640 306 838 94 493 132 129 40 34 6 38 Sept. 1.509 198 262 673 376 881 122 506 133 131 40 34 6 41 Oct.. 1,583 227 331 649 376 890 87 606 143 141 46 40 6 41 Nov. 1,693 262 355 737 339 934 111 648 128 127 39 34 5 30 Dec. 2,054 234 427 916 477 1,240 102 712 124 121 69 63 6 27 1971—Jan.. 1,725 238 320 724 435 946 110 669 115 111 37 32 5 25 Feb. 1,754 238 292 745 479 985 110 659 105 102 32 27 5 28 Mar. 1,959 257 442 803 457 1,048 121 790 169 168 40 33 7 36 Apr. 1,912 233 457 814 408 1,098 109 705 204 201 53 45 8 43 May 1,975 271 362 855 487 1,124 111 740 204 199 49 41 8 41 June 1,995 231 389 868 507 1,174 120 701 196 193 55 46 9 47 July. 2,218 315 447 877 579 1,177 132 909 197 194 51 42 9 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 66 EMPLOYMENT □ SEPTEMBER 1971 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons, except as noted) Civilian labor force (S.A.) Period i p T n o ( s o N t p t i a u . t S u l l t a . n A i t o o i . o n n ) n a - l la ( b N N o . o r S t . f A i o n r . ) ce T ( l f S a o o b . r A t c o a e r . l ) Total Total E In m c n u p o l l t n o u a y ra g e l r d i 2 ­ In U pl n o e y m ed ­ U (p n e m e r S a r m . e A t c n e p e . t l 1 ) n o t y ; ­ 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—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 May................. 142,285 56,331 87,028 84,178 78,961 75,503 3,458 5,217 6.2 June................. 142,482 54,698 85,948 83,132 78,443 75,149 3,294 4,689 5.6 July................. 142,685 53,877 86,626 83,829 78,941 75,574 3,367 4,888 5.8 Aug.................. 142,886 54,433 87,087 84,312 79,197 75,782 3,415 5,115 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 li o 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 1969r............................................................. 70,284 20,167 619 3,435 4,429 14,639 3,564 11,229 12,202 1970'............................................................. 70,616 19,369 622 3.345 4,504 14,922 3,690 11,630 12,535 SEASONALLY adjusted 1970—Aug.r............................................... 70,445 19,258 620 3,302 4,523 14,907 3,683 11,632 12,520 Sept.r............................................... 70,480 19,235 620 3,274 4,518 14,931 3,698 11,666 12,538 Oct.r................................................. 70,082 18,669 621 3,284 4,517 14,946 3,706 11,722 12,617 Nov.r............................................... 69,985 18,517 624 3,294 4,506 14,902 3,721 11,750 12,671 Dec.r................................................ 70,313 18,796 623 3,302 4,450 14,952 3,731 11,776 12,683 1971—Jan.r................................................. 70,454 18,747 625 3,271 4,507 15,039 3,746 11,800 12,719 Feb.r................................................. 70,391 18,684 622 3,198 4,526 15,059 3,749 11,809 12,744 Mar.r............................................... 70,480 18,609 622 3,264 4,520 15,074 3,758 11,841 12,792 Apr.r................................................. 70,599 18,639 623 3,282 4,505 15,107 3,769 11,843 12,831 Mayr................................................ 70,769 18,702 622 3,275 4,518 15,148 3,788 11,858 12,858 June................................................... 70,657 18,608 619 3,255 4,500 15,135 3,807 11,895 12,838 July*................................................. 70,566 18,530 599 3,228 4,477 15,150 3,805 11,903 12,874 Aug.*................................................ 70,552 18,501 610 3,213 4,453 15,183 3,803 11,895 12,894 NOT SEASONALLY ADJUSTED 1970—Aug.r................................................ 70,452 19,419 636 3,599 4,582 14,838 3,742 11,679 11,957 Sept.r............................................... 70,841 19,481 627 3,497 4,568 14,902 3,705 11,689 12,372 Oct.r................................................. 70,604 18,813 622 3,471 4,531 15,002 3,699 11,745 12,721 Nov.r............................................... 70,562 18,603 623 3,383 4,520 15,154 3,706 11,738 12,835 Dec.r................................................ 71,151 18,823 621 3,233 4,454 15,706 3,712 11,717 12,885 1971— Jan.r................................................. 69,527 18,579 611 2,921 4,435 14,862 3,709 11,611 12,799 Feb. *■................................................. 69,450 18,532 606 2,846 4,454 14,721 3,715 11,667 12,909 Mar.r............................................... 69,782 18,488 608 2,967 4,466 14,789 3,735 11,758 12,971 Apr.r................................................ 70,309 18,482 617 3,164 4,469 14,974 3,758 11,867 12,978 Mayr................................................ 70,738 18,554 622 3,265 4,500 15,071 3,780 11,953 12,993 June.................................................. 71,355 18,746 634 3,414 4,549 15,192 3,837 12,050 12,933 July*................................................. 70,479 18,440 615 3,480 4,535 15,124 3,866 12,022 12,397 Aug.*............................................... 70,583 18,717 626 3,502 4,511 15,112 3,864 11,943 12,308 Note.—Bureau of Labor Statistics; data include all full- and part- persons, domestic servants, unpaid family workers, and members of time employees who worked during, or received pay for, the pay pe- the Armed Forces are excluded. riod that includes the 12th of the month. Proprietors, self-employed Beginning with 1969, series has been adjusted to Mar. 1970 bench­ mark. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1971 □ EMPLOYMENT AND EARNINGS A 67 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonallyadjusted1 Not seasonally adjusted1 Industry group 1970 1971 1970 1971 Aug. June July? Aug.? Aug. June July? Aug.? 13,972 13,496 13,445 13,429 14,083 13,611 13,320 13,602 Durable goods....................................................................... 8,026 7,627 7,600 7,578 7,961 7,713 7,518 7,578 Ordnance and accessories.......................................... 126 95 94 97 125 95 93 96 Lumber and wood products...................................... 486 495 501 503 503 514 517 520 Furniture and fixtures................................................ 374 378 380 381 377 378 371 384 Stone, clay, and glass products................................ 503 499 494 497 518 511 506 512 Primary metal industries............................................ 1,037 996 967 936 1,041 1,019 978 940 Fabricated metal products........................................ 1,055 1,013 1,020 1,019 1,052 1,023 1,003 1,016 Machinery..................................................................... 1,300 1,152 1,156 1,159 1,286 1,164 1,151 1,146 Electrical equipment and supplies........................... 1,266 1,179 1,169 1,167 1,269 1,175 1,154 1,171 Transportation equipment........................................ 1,280 1,246 1,245 1,240 1,181 1,258 1,181 1,202 Instruments and related products........................... 273 256 257 259 273 256 255 260 Miscellaneous manufacturing industries................ 326 318 317 320 336 320 309 331 Nondurable goods................................................................. 5.946 5,869 5,845 5,851 6,122 5,898 5,802 6,024 Food and kindred products...................................... 1,191 1,178 1,187 1,192 1,316 1,170 1,212 1,318 Tobacco manufactures............................................... 69 64 57 56 78 56 50 63 Textile-mill products................................................... 850 838 842 84! 855 850 831 846 Apparel and related products................................... 1,195 1,188 1,171 1,168 1.209 1,201 1,127 1,182 Paper and allied products.......................................... 538 520 515 519 i 545 ; 528 516 525 Printing, publishing, and allied industries............. 677 ' 667 662 i 665 676 666 i 659 j 664 Chemicals and allied products................................. 599 ! 585 582 577 604 ! 589 i 584 582 Petroleum refining and related industries............... 115 115 115 115 120 119 120 119 Rubber and misc. plastic products........................... 440 449 452 450 443 450 445 453 Leather and leather products................................... 272 265 262 268 276 269 258 272 1 Data adjusted to 1970 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 Aug. June July? Aug.? Aug. June July? Aug.? Aug. June July? Aug.? 39.8 40.0 40.0 39.9 134.13 143.51 142.09 142.44 3.37 3.57 3.57 3.57 40.2 40.6 40.4 40.3 143.92 155.04 151.58 153.14 3.58 3.80 3.78 3.80 Ordnance and accessories............................. 40.4 41.6 41.9 42.4 145.93 160.93 160.66 165.42 3.63 3.85 3.89 3.92 Lumber and wood products........................ 39.7 40.4 40.3 40.5 122.00 129.65 127.43 130.15 3.05 3.17 3.17 3.19 Furniture and fixtures................................... 39.0 39.9 40.1 40.6 111.00 116.29 115.53 121.25 2.81 2.90 2.91 2.95 Stone, clay, and glass products................... 41.0 42.0 41.8 41.8 142.35 155.24 155.82 157.78 3.43 3.67 3.71 3.73 Primary metal industries.............................. 40.4 41.0 40.5 39.7 160.79 173.87 169.71 170.71 3.98 4.21 4.18 4.30 Fabricated metal products........................... 40.6 40.6 40.7 40.4 144.89 153.38 150.32 151.07 3.56 3.75 3.73 3.73 Machinery........................................................ 40.9 40.7 40.7 41.0 152.31 162.39 161.20 163.22 3.77 3.99 4.00 4.03 Electrical equipment and supplies.............. 39.7 39.9 40.0 39.8 131.41 139.95 138.65 140.49 3.31 3.49 3.51 3.53 Transportation equipment........................... 40.6 41.4 39.6 40.2 164.00 183.85 173.01 174.24 4.10 4.43 4.38 4.40 Instruments and related products.........i.. 40.0 39.7 39.9 40.3 134.52 140.10 140.58 142.36 3.38 3.52 3.55 3.55 Miscellaneous manufacturing industries... 38.6 38.7 39.2 39.3 108.85 114.46 113.48 115.54 2.82 2.95 2.94 2.94 Nondurable goods................................................... 39.1 39.3 39.2 39.3 121.04 128.44 128.90 129.17 3.08 3.26 3.28 3.27 Food and kindred products......................... 40.6 40.4 40.4 40.5 128.96 136.89 136.89 136.35 3.13 3.38 3.38 3.35 Tobacco manufactures.................................. 37.4 36.2 37.0 37.3 104.81 121.44 121.11 119.19 2.78 3.30 3.30 3.17 Textile-mill products...................................... 39.8 40.8 40.3 40.5 97.36 104.96 102.66 104.75 2.44 2.56 2.56 2.58 Apparel and related products..................... 35.2 35.4 35.8 35.8 85.20 87.69 88.43 89.89 2.40 2.47 2.47 2.49 Paper and allied products............................ 41.8 42.3 42.4 42.4 146.23 155.24 156.88 158.10 3.49 3.67 3.70 3.72 Printing, publishing, and allied industries. 37.6 37.7 37.6 37.4 149.31 158.34 157.92 157.92 3.95 4.20 4.20 4.20 Chemicals and allied products..................... 41.4 41.7 41.4 41.6 153.68 164.30 164.37 164.36 3.73 3.94 3.98 3.97 Petroleum refining and related industries . 44.0 42.3 42.4 43.1 184.46 195.11 196.88 195.43 4.27 4.58 4.60 4.62 Rubber and misc. plastic products............. 40.3 40.7 40.3 40.2 130.82 137.57 137.94 138.57 3.23 3.38 3.44 3.43 Leather and leather products....................... 36.9 37.5 37.8 38.0 91.51 98.30 98.81 97.66 2.48 2.58 2.58 2.57 i Data adjusted to 1970 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 68 PRICES □ SEPTEMBER 1971 CONSUMER PRICES (1967 = 100) Housing Health and recreation Fur­ Apparel Trans­ Period it A em ll s Food Total Rent H ow s o h m n ip e e r - - F c a o o u n i a e d l l l t e r G a i l n c e a i c d s t ­ y o n i p a n i n e s g h d r s a ­ ­ up a k n e d ep p t o io rt n a­ Total M c ic a e a r d e l ­ s c P o a e n r r a e ­ l r R e a i c e n n r a g d e d a ­ ­ g O s a o e t n o r h v d d e ­ s r 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............................ 116.3 114.9 118.9 110.1 128.5 110.1 107.3 113.4 116.1 112.7 116.2 120.6 113.2 113.4 116.0 1970—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 Apr................. 120.2 117.8 122.5 114.4 130.9 117.3 113.9 117.0 119.1 118.1 121.2 127.5 116.3 118.4 119.7 May............... 120.8 118.2 123.2 114.7 131.6 117.2 114.4 118.1 120.2 118.8 121.6 128.1 116.5 118.9 119.9 June............... 121.5 119.2 124.0 115.2 133.0 117.4 114.6 118.7 120.1 119.6 122.1 128.6 116.8 119.3 120.3 July................. 121.8 119.8 124.5 115.4 133.5 117.5 114.7 118.9 119.3 119.5 122.6 129.3 117.1 119.6 121.2 Note.—Bureau of Labor Statistics index for city wage-earners and clerical workers. WHOLESALE PRICES: SUMMARY (1967 = 100) Industrial commodities Pro­ Period m c t A o i o e m l d s l i ­ ­ p F u r a c o r t d m s ­ | c f f e o a e s n o e s 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 et u e c r b . , ­ L b e u e tc m r . , ­ P e a t p c e . r, i M e a t l e c s t , . - e c M a q e h n r u i a y n d i ­ p ­ ­ F t e u u t r r c e n . , i­ N t e m m a r o l a i l e n n l i ­ s c ­ ­ T e m p t q r o i a e o u r n n n i t p a s t1 ­ ­ ­ n c M e e o l i l u s a ­ s ­ ment 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 r.............................. 106.5 109.1 107.3 106.0 106.0 108.9 100.9 99.9 105.3 125.3 104.0 108.5 106.5 104.9 107.7 100.8 105.2 1970................................ 110.4 111.0 112.0 110.0 107.2 110.1 105.9 102.2 108.6 113.7 108.2 116.7 111.4 107.5 113.3 104.5 109.9 1970—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 Apr..................... 113.3 113.0 113.5 113.3 107.5 114.0 113.0 104.5 109.0 124.6 109.6 117.8 115.0 109.7 121.6 109.7 112.7 May................... 113.8 114.0 114.5 113.7 107.8 114.4 114.2 104.3 108.7 124.9 109.9 118.5 115.3 109.9 121.8 109.8 112.5 June................... 114.3 116.0 114.9 113.9 108.5 114.2 114.4 104.4 108.7 126.1 110.2 118.5 115.5 109.8 122.2 110.0 112.6 July.................... 114.6 113.4 116.0 114.5 109.2 114.2 114.4 104.4 109.7 130.6 110.5 119.4 115.7 110.0 123.3 110.3 112.8 Aug.................... 114.9 113.2 115.4 115.1 109.7 114.4 114.8 104.3 109.8 134.6 110.6 121.1 116.1 110.2 124.2 110.5 113.0 1 For transportation equipment, Dec. 1968 = 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1971 □ PRICES A 69 WHOLESALE PRICES: DETAIL (1967=100) 1970 1971 1970 1971 Group Group Aug. June July Aug. Aug. June July Aug. Farm products: 1 Pulp, paper, and allied products: 98.0 136.1 109.3 115.9 Pulp, paper and products, excluding 96.7 109.4 102.5 92.8 building paper and board.............. 108.5 110.5 110.8 110.8 117.3 118.9 121.3 121.3 Woodpulp.............................................. 111.8 112.4 112.4 112.4 94.6 108.1 121.1 100.8 Wastepaper............................................ 118.6 112.3 111.8 112.8 91.8 92.3 92.6 93.4 Paper....................................................... 111.4 114.3 114.6 114.7 114.4 119.1 119.5 119.3 Paperboard............................................ 100.5 102.8 102.8 102.8 106.3 98.0 89.4 110.1 Converted paper and paperboard... 107.9 109.8 110 1 110.1 101.0 109.9 114.4 114.3 Building paper and board.................. 101 .3 103.2 103.6 104.3 118.8 113.7 113.3 113.9 Processed foods and feeds: Metals and metal products: I 108.0 111.5 111.5 111.4 116.7 116.7 119.6 117.7 Iron and steel........................................ 116. 1 120.3 121.9 125.3 Dairy products......................................... 111.7 116 1 116.2 115.4 Steelmill products................................ 116.0 121.1 123.4 128.1 111.6 115 4 115.9 116.2 Nonferrous metals............................... 125.0 116.4 116.9 117.1 Sugar and confectionery........................ 117.2 119.0 119.4 120.5 Metal containers.................................. 112.7 123.0 123.0 124.2 Beverages and beverage materials.... 113.7 115.7 115.9 116.1 Hardware............................................... 111.7 115.8 116.7 117.7 142.1 123.9 135.7 144.0 Plumbing equipment........................... 112.9 116.8 117.9 118.3 122.5 127.2 136.7 147.5 Heating equipment.............................. 111.5 115.2 115.9 116.8 116.5 131.6 135.5 140.7 Fabricated structural metal products 113.4 117.9 118.2 119.6 112.3 118.5 122.8 124.6 Miscellaneous metal products........... 115.5 118.7 119.3 119.8 114.2 113.9 113.8 113.8 104.6 107.4 106.9 104.7 Textile products and apparel: Machinery and equipment: 105.6 110.9 111.9 112.5 Agricultural machinery and equip... 112.4 116.9 117.4 117.5 99.1 93.4 92.6 92.7 Construction machinery and equip.. 114.9 121.2 121.6 121.9 Manmade fiber textile products......... 101.7 101.4 101.9 103.1 Metalworking machinery and equip. 114.3 117.9 117.7 !118.1 Apparel...................................................... 111.4 112.3 113.3 113.6 General purpose machinery and 104.2 104.5 104.8 104.8 equipment.......................................... 114.5 119.3 119.8 120.3 Miscellaneous textile products............. 108.9 118.7 119.9 117.2 Special industry machinery and equipment.......................................... 116.0 120.9 121.6 ! 121.6 Hides, skins, leather, and products: Electrical machinery and equip......... 106.9 109.4 109.5 ! 109.9 Miscellaneous machinery............... 112.7 117.2 117.3 ; 118.0 Hides and skins........................................ 98.5 114.0 114.0 114.6 Leather...................................................... 107.8 114.4 114.4 114.4 Footwear................................................... 112.9 116.8 116.8 117.1 Other leather products........................... 106.9 108.2 108.2 j 108.2 Furniture and household durables: ; Fuels and related products, and power: C H o o m us m eh e o rc ld ia l f u f r u n rn it i u t r u e r . e .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 2 5 . . 1 6 1 11 1 8 5 . . 1 2 1 1 1 1 8 5 . . 1 3 ; 1 1 1 1 5 8 . . 5 2 C C E G l o o a e k a s c l e t f r u ic e ls power.......................................... 1 1 1 1 2 0 0 5 5 2 4 2 . . . . 9 6 8 8 1 1 1 1 0 5 8 1 0 7 2 3 . . . . 5 5 5 0 1 1 1 11 5 0 8 3 0 7 2 . . . . 5 5 7 9 1 1 1 1 5 0 8 1 0 7 2 5 . . . . 5 3 2 9 H O H Fl o t o o h m u o e s r r e e h c h e o o o le v l u d c e s t e r r a i h o n p o n 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 6 5 . . . . 1 5 2 4 1 1 9 9 0 2 7 3 0 8 . . . . 1 1 6 4 1 1 9 9 0 2 3 8 7 1 . . . . 9 2 6 0 1 1 9 9 2 0 4 7 2 7 . . . . 1 6 0 4 Crude petroleum...................................... 104.8 113.2 113.2 113.2 Petroleum products, refined................. 100.9 107.4 107.2 107.3 Nonmetallic mineral products: i Chemicals and allied products: Industrial chemicals................................ 101.2 102.2 102.4 102.4 Flat glass................................................ 1 1 1 1 6 5 . . 4 6 1 1 2 2 2 1 . . 5 5 1 1 2 2 3 2. . 5 3 1 12 2 4 4. . 3 0 D P P r a r e i u n p g t a s r m e a d n a t d p e a r p i i h a n a l t s r . . . m . . . . . . a . . . . c . . . . e . . . . u . . . . . . t . . i . . c . . . . a . . . . l . . . . s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 0 1 0 1 2 0 . . . 6 8 4 1 1 9 0 1 9 2 5 . . . 4 3 9 1 1 9 0 1 9 2 5 . . . 8 9 6 1 1 9 0 1 9 5 2 . . . 8 9 7 Str T u f^ c fV t s u i ral clay products excluding 1 1 0 1 9 2 . . 9 8 1 1 2 1 0 4 . . 1 5 1 1 2 1 1 4 . . 5 5 1 1 1 22 4 . . 8 9 P A O F l a g t a h t r s s e i t c i r a c u n c l r h d t e u e s r o m i a n i l l i s s c c , a a h i l n e s n d m e a d n i m c i d b a a l l p t s e e r . r a . o . i . n a d .. d l . u s . . . c . p . . . t . r . . s . . o . . . . . . d . . . . . . . . u . . . . . . . c . . . . . . . t . . . . s . . . . . . . . . . . 1 1 9 8 3 0 0 8 7 9 . . . . 6 8 4 4 1 1 9 8 1 3 4 8 2 2 . . . . 1 1 5 0 1 1 9 8 3 1 3 8 2 0 . . . . 5 4 6 8 1 1 9 8 3 1 1 9 4 2 . . . . 0 0 2 4 R G A G e l s y a p f p s r h s s a u a c c l m t t o o n r r p o t i a e r o o i s f n . d i . e n . u . r . g s . c . . . t . . . s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 9 0 1 1 9 9 1 9 . . . . 6 7 8 6 1 1 1 13 3 2 0 1 6 0 4 . . . . 5 9 7 0 1 1 1 1 1 3 2 3 1 6 2 1 . . . . 5 9 7 2 1 1 1 1 3 3 2 1 1 4 6 1 . . . . 5 9 3 2 Other nonmetallic minerals............... 112.4 124.8 125.6 125.7 Rubber and plastic products:1 Crude rubber............................................ 100.6 99.4 98.8 99.6 Tires and tubes........................................ 112.0 107.5 111.2 111.4 Transportation equipment: Miscellaneous rubber products............ 115.6 117.0 118.7 119.3 Plastic construction products (Dec. Motor vehicles and equipment......... 107.1 114.4 114.7 114.9 1969 = 100)............................................ 97.0 93.6 94.0 94.1 RailfH/iH pnninmpnt 115.2 120.8 121.5 1122.5 Unsupported plastic film and sheeting (Dec 1970— 100) 101.9 100.6 100.1 Laminated sheets, high pressure (Dec 1970 100) ..................... 99.2 99.7 98.6 Miscellaneous products * Lumber and wood products: Toys, sporting goods, small arms, ammunition....................................... 109.8 112.6 112.6 112.6 Lumber....................................................... 113.5 134.4 142.5 146.7 Tobacco products................................ 116.7 116.5 116.6 116.8 Millwork................................................... 116.8 122.2 122.8 123.8 Notions................................................... 108.4 111.7 111.7 111.7 Plywood..................................................... 111.0 110.2 111.7 120.5 Photographic equipment and supplies 105.4 106.0 106.2 106.3 Other wood products.............................. 117.3 119.1 119.0 118.9 Other miscellaneous products........... 109.4 111.9 112.4 112.9 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 70 NATIONAL PRODUCT AND INCOME □ SEPTEMBER 1971 GROSS NATIONAL PRODUCT (In billions of dollars) i 1970 1971 Item 1929 1933 1941 1950 l 1966 1967 1968 1969 1970 II HI IV I II? Gross national product........................................ 103.1 55.6 124.5 284.8 749.9 793.9 864.2 929.1 974.1| 968.5 983.5 988.41.020.8 1.041.3 101.4 57.2 120.1 278.0 735.1 785.7 857.1| 921.7| 971.3 966.5 978.4 984.71,017.6 1,035.6 Personal consumption expenditures................... 77.2 45.8 80.6 191.0 466.3 492.1 536.2 579.6 615.8 613.8 620.9 624.7 644.6 660.9 Durable goods.................................................. 9.2 3.5 9.6 30.5 70.8 73.1 84.0 89.9 88.6 90.7 90.4 84.9 97.6 100.8 Nondurable goods............................................ 37.7 22.3 42.9 98.1 206.9 215.0 230.8 247.6 264.7 262.9 265.5 270.9! 272.0 279.8 Services............................................................... 30.3 20.1 28.1 62.4 188.6 204.0 221.3 242.1 262.5 260.2 265.0 268.9 275.0 280.4 Gross private domestic investment..................... 16.2 1.4 17.9 54.1 121.4 116.6 126.0 137.8 135.3 134.1 138.6 137.3! 143.8 152.4 14.5 3.0 13.4 47.3 106.6 108.4 118.9 130.4 132.5 132.1 133.5 133.6i 140.6 146.7 10.6 2.4 9.5 27.9 81.6 83.3 88.8 98.6 102.1 102.1 104.8 100.8; 104.3 107.0 Structures.................................................. 5.0 .9 2.9 9.2 28.5 28.0 30.3 34.5 36.8 36.6 37.3 37.1 37.9 38.2 Producers’ durable equipment.............. 5.6 1.5 6.6 18.7 53.1 55.3 58.5 64.1 65.4 65.6 67.5 63.7 66.3 68.8 Residential structures.................................. 4.0 .6 3.9 19.4 25.0 25.1 30.1 31.8 30.4 29.9 28.7 32.8! 36.4 39.7 Nonfarm.................................................... 3.8 .5 3.7 18.6 24.5 24.5 29.5 31.2 29.7 29.3 28.1 32.2 35.7 39.1 Change in business inventories..................... 1.7 -1.6 4.5 6.8 14.8 8.2 7.1 7.4 2.8 2.1 5.1 3.7 3.2 5.7 Nonfarm......................................................... 1.8 -1.4 4.0 6.0 15.0 7.5 6.9 7.3 2.5 1.8 4.7 3.3i 3.0 5.2 Net exports of goods and services..................... 1.1 .4 1.3 1.8 5.3 5.2 2.5 2.0 3.6 4.2 4.0 2.71 42 -2.2 Exports............................................................... 7.0 2.4 5.9 13.8 43.4 46.2 50.6 55.6 62.9 63.2 63.7 63.2| 66.1 64.2 Imports............................................................... 5.9 2.0 4.6 12.0 38.1 41.0 48.1 53.6j 59.3 59.0 59.7 60.5 61.9 66.4 Government purchases of goods and services.. 8.5 8.0 24.8 37.9 156.8 180.1 199.6 209.7 219.4 216.5 220.1 223.7j 228.2 230.2 Federal................................................................ 1.3 2.0 16.9 18.4 77.8 90.7 98.8 99.2 97.2 96.8 96.1 95.9| 96.7 95.7 National defense.......................................... 13.8 14.1 60.7 72.4 78.3 78.4 75.4 75.1 74.2 73.2 73.0 71.8 Other............................................................... 3.1 4.3 17.1 18.4 20.5 20.7 21 9 21.6 21.9 22.7 23.7 23.9 State and local.................................................. 7.2 6.0 7.9 19.5 79.0 89.4 100.8 110.6 122.2 119.7 124.0 127.9 131.5 134.5 1 i Gross national product in constant (1958) dollars................................................................. 203.6 141.5 263.7 355.3 658.1 675.2 706.6 724.7| 720.0 721.1 723.3 715.9 729.7 737.0 Note.—Dept, of Commerce estimates. Quarterly data are seasonally see the Survey of Current Business, July 1968, July 1969, July 1970, July adjusted totals at annual rates. For back data and explanation of series, 1971, and Supplement, Aug. 1966. NATIONAL INCOME (In billions of dollars) 1970 1971 1929 1933 1941 1950 1966 1967 1968 1969 1970 Item II III IV lr II? National income.................................................... 86.8 40.3 104.2 241.1 620.6 653.6 711.1 763.7 795.9 793.4 802.2 802.1 828.3 843.2 Compensation of employees................................ 51.1 29.5 64.8 154.6 435.5 467.2 514.6 565.5 601.9 598.5 606.5 609.3 627.9 639.5 Wages and salaries........................................... 50.4 29.0 62.1 146.8 394.5 423.1 464.9 509.6 541.4 538.5 545.2 547.2 562.3 572.4 45.5 23.9 51.9 124.4 316.8 337.3 369.2 405.5 426.6 424.4 429.4 429.9 441.2 449.8 Military........................................................... .3 .3 1.9 5.0 14.6 16.2 17.9 19.0 19.4 19.5 19.2 18.6 19.2 18.6 Government civilian.................................... 4.6 4.9 8.3 17.4 63.1 69.5 77.8 85.1 95.5 94.5 96.6 98.6 101.8 104.0 Supplements to wages and salaries................ .7 .5 2.7 7.8 41.0 44.2 49.7 56.0 60.5 60.0 61.3 62.1 65.7 67.1 Employer contributions for social in­ surance ....................................................... .1 .1 2.0 4.0 20.3 21.9 24.3 27.8 29.6 29.5 30.1 30.1 33.1 33.7 .6 .4 .7 3.8 20.7 22.3 25.4 28.2 30.8 30.4 31.2 32.0 32.6 33.4 Proprietors’ income............................................... 15.1 5.9 17.5 37.5 61.3 62.1 64.2 67.0 66.9 67.6 66.0 65.9 66.0 66.7 Business and professional.............................. 9.0 3.3 11.1 24.0 45.2 47.3 49.5 50.3 51.0 51.0 51.4 51.5 51.2 51.5 Farm.................................................................... 6.2 2.6 6.4 13.5 16.1 14.8 14.7 16.8 15.8 16.6 14.5 14.4 14.8 15.2 Rental income of persons.................................... 5.4 2.0 3.5 9.4 20.0 21.1 21.2 22.6 23.3 23.2 23.4 23.7 23.8 24.2 Corporate profits and inventory valuation adjustment.......................................................... 10.5 -1.2 15.2 37.7 82.4 78.7 84.3 78.6 70.8 71.5 73.0 69.0 75.5 77.0 Profits before tax............................................. 10.0 1.0 17.7 42.6 84.2 79.8 87.6 84.2 75.4 75.8 78.5 71.6 79.1 82.0 Profits tax liability........................................ 1.4 .5 7.6 17.8 34.3 33.2 39.9 39.7 34.1 34.5 35.6 32.3 36.2 37.4 8.6 .4 10.1 24.9 49.9 46.6 47.8 44.5 41.2 41.3 42.9 39.2 42.9 44.6 Dividends................................................... 5.8 2.0 4.4 8.8 20.8 21.4 23.6 24.4 25.0 24.9 25.2 25.0 25.6 25.4 Undistributed profits.............................. 2.8 -1.6 5.7 16.0 29.1 25.3 24.2 20.0 16.2 16.4 17.7 14.3 17.3 19.2 Inventory valuation adjustment.................... .5 -2.1 -2.5 -5.0 -1.8 -1.1 -3.3 -5.5 -4.5 -4.2 -5.5 -2.6 -3.5 -5.1 Net interest............................................................. 4.7 4.1 3.2 2.0 21.4 24.4 26.9 29.9 33.0 32.6 33.4 34.2 35.0 35.8 Note.—Dept, of Commerce estimates. Quarterly data are seasonally ad justed totals at annual rates. See also Note to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1971 □ NATIONAL PRODUCT AND INCOME A 71 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 II III IV lr II* Gross national product........................................ 103.1 55.6 124.5 284.8 749.9 793.9 864.2 929.1 974.1 968.5 983.5 988.41,020.8 1,041.3 Less: Capital consumption allowances.......... 7.9 7.0 8.2 18.3 63.9 68.9 74.5 81.1 87.6 86.9 88.2 89.8 95.6 97.3 Indirect business tax and nontax lia­ bility....................................................... 7.0 7.1 11.3 23.3 65.7 70.4 78.6 85.7 92.9 91.9 94.2 95.8 99.3 101.7 Business transfer payments................... .6 .7 .5 .8 3.0 3.1 3.4 3.7 3.9 3.9 4.0 4.1 4.2 4.2 Statistical discrepancy............................. .7 .6 .4 1.5 -1.0 -.7 -2.7 -4.1 -4.5 -5.8 -3.2 -1.6 -4.9 -4.4 Plus: Subsidies less current surplus of gov­ ernment enterprises.............................. -.1 .1 .2 2.3 1.4 .7 1.1 1.7 1.8 1.9 1.7 1.6 .7 86.8 40.3 104.2 241.1 620.6 653.6 711.1 763.7 795.9 793.4 802.2 802.1 828.3 843.2 Less: Corporate profits and inventory valu­ ation adjustment.................................. 10.5 -1.2 15.2 37.7 82.4 78.7 84.3 78.6 70.8 71.5 73.0 69.01 75.5 77.0 Contributions for social insurance.... .2 .3 2.8 6.9 38.0 42.4 47.1 54.0 57.6 57.4 58.4 58.5 63.9 65.0 Excess of wage accruals over disburse­ ments. .................................................... ...........I -2.1 -.4 i Plus: Government transfer payments............ .9 1.5 2.6 14.3 41.1 48.7 56.1 62.2! 75.6 77.3 77.2 80.71 83.7 92.2 Net interest paid by government and I consumers............................................. 2.5 1.6 2.2 7.2 22.2 23.6 26.1 29.0 31.7 31.1 32.2 32.4 32.0 31.7 Dividends................................................... 5.8 2.0 4.4 8.8 20.8 21.4 23.6 24.41 25.0 24.9 25.2 25.0! 25.6 25.4 .6 .7 .5 .8 3.0 3.1 3.4 3.7: 3.9 3.9 4.0 4.1 4.2 4.2 Equals: Personal income.................................... 85.9 47.0 96.0 227.6 587.2 629.3 688.9 750.3 803.6 803.8 809.8 816.7 834.3 854.8 Less: Personal tax and nontax payments___ 2.6 1.5 3.3 20.7 75.4 83.0 97.9 116.2 115.9 118.0 113.5 115.2 112.7 114.0 Equals: Disposable personal income................. 83.3 45.5 92.7 206.9 511.9 546.3 591.0 634.2 687.8 685.7 696.2 701.5 721.6 740.8 Less: Personal outlays....................................... 79.1 46.5 81.7 193.9 479.3 506.0 551.2 596.3 633.7 631.5 638.9 643.0 663.2 679.9 Personal consumption expenditures. 77.2 45.8 80.6 191.0 466.3 492.1 536.2 579.6! 615.8! 613.8 620.9 624.7 644.6 660.9 Consumer interest payments............. 1.5 .5 .9 2.4 12.4 13.2 14.3 15.8 16.9j 16.8 17.1 17.4 17.7 17.9 Personal transfer payments to for- .3 .2 .2 .5 .6 .7 .8 .9 •9 1.0 .9 .9 .9 1.0 Equals: Personal saving....................................... 4.2 -.9 11.0 13.1 32.5 40.4 39.8 37.9 54.1 54.2 57.4 58.5| 58.4 60.9 Disposable personal income in constant (1958) i dollars.................................................................. 150.6 112.2 190.3 249.6 458.9 477.5 499.0 513.5 531.5 533.0 536.0 532.5' 542.7 551.8 ! Note.—Dept, of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also Note to table opposite. PERSONAL INCOME (In billions of dollars) 1970 1971 r Item 1969 1970 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July* Total personal income............................ 750.3 803.6 805.3 809.0 814.9 813.6 815.7 820.9 830.0 833.2 839.7 844.4 850.0 870.1 859.1 Wage and salary disbursements........... 509.6 541.4 543.0 545.1 548.7 544.2 545.9 551.5 559.2 561.5 566.1 569.0 573.3 574.8 574.7 Commodity-producing industries. . 197.4 200.7 201.4 201.6 201.3 196.6 196.6 202.1 202.8 202.5 204.3 205.4 207.1 207.5 205.8 Manufacturing only........................ 157.6 158.3 159.4 158.9 159.0 153.8 153.2 158.4 159.4 159.2 160.2 160.6 162.0 162.4 161.3 Distributive industries....................... 120.0 129.1 130.1 130.8 131.3 131.9 132.2 131.4 134.2 135.4 136.8 137.6 138.7 138.6 139.3 Service industries................................ 88.1 96.7 96.8 97.2 97.8 98.8 99.8 100.4 101.9 102.4 103.3 103.9 105.0 105.7 106.0 Government........................................ 104.1 114.8 114.7 115.5 118.3 116.8 117.3 117.7 120.3 121.2 121.6 122.1 122.6 123.0 123.6 Other labor income................................ 28.2 30.8 30.9 31.2 31.4 31.7 32.0 32.2 32.4 32.6 32.8 33.1 33.4 33.7 33.9 Proprietors’ income................................ 67.1 66.8 66.6 66.0 65.3 65.7 65.9 66.1 65.9 65.9 66.2 66.5 66.7 66.9 67.7 Business and professional................. 50.3 51.0 51.4 51.4 51.4 51.5 51.4 51.5 51.2 51.1 51.3 51.4 51.5 51.6 51.7 Farm...................................................... 16.8 15.8 15.2 14.6 13.9 14.2 14.5 14.6 14.7 14.8 14.9 15.1 15.2 15.3 16.0 Rental income......................................... 22.6 23.3 23.3 23.4 23.5 23.5 23.7 23.8 23.9 23.5 24.0 24.1 24.2 24.3 24.4 Dividends................................................. 24.4 25.0 25.1 25.2 25.4 25.4 25.5 23.9 25.6 25.7 25.5 25.5 25.6 25.2 25.6 Personal interest income....................... 58.8 64.7 64.9 65.6 66.3 66.5 66.7 66.8 66.9 67.0 67.0 67.3 67.5 67.5 67.7 Transfer payments.................................. 65.9 79.6 79.9 80.8 82.9 84.7 84.5 85.1 86.8 87.8 89.1 89.8 90.5 109.0 96.4 Less: Personal contributions for social insurance.......................................... 26.3 28.0 28.2 28.3 28.5 28.2 28.3 28.6 30.7 30.8 31.1 31.1 31.3 31.4 31.4 Nonagricultural income.......................... 727.7 781.4 784.3 788.1 794.2 792.5 795.0 800.5 808.7 811.6 818.0 822.5 827.9 848.0 836.3 Agricultural income................................ 22.6 22.2 21.0 20.9 20.7 21.1 20.7 20.4 21.3 21.5 21.7 21.9 22.1 22.1 22.8 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 72 FLOW OF FUNDS □ SEPTEMBER 1971 SUMMARY OF FUNDS RAISED AND ADVANCED IN U.S. CREDIT MARKETS (Seasonally adjusted annual rates; in billions of dollars) 1969 1970 1971 Transaction category, or sector 1966 1967 1968 1969 1970 I II III IV I II III IV I Funds raised, by type and sector Total funds raised 1 by nonfinancial sectors.................... 68.5 83.5 96.9 90.4 97.5 92.5 93.6 88.4 86.8 81.4 103.7 94.6 110.6 112.6 1 2 U.S. Government................................ 3.5 13.0 13.4 -3.6 12.8 -5.4 -9.5 -.7 1.2 3.0 16.0 12.2 20.0 -1.6 2 3 Public debt securities...................... 2.3 8.9 10.3 -1.3 12.9 -5.8 -8.8 4.9 4.9 3.5 18.1 11.4 18.5 1.4 3 4 Budget agency issues....................... 1.2 4.1 3.1 -2.4 -.1 .5 -.7 -5.6 -3.7 -.5 -2.0 .8 1.5 -2.9 4 5 All other nonfinancial sectors.. 64.9 70.5 83.5 94.1 84.7 97.9 103.0 89.1 85.7 78.3 87.7 82.4 90.6 114.2 5 6 Corporate equity shares................. .9 2.4 -.7 4.8 6.8 .3 3.6 6.0 9.2 5.9 6.0 5.4 9.9 9.1 6 7 Debt instruments............................. 64.0 68.1 84.2 89.3 77.9 97.6 99.5 83.2 76.4 72.4 81.7 77.1 80.7 105.0 7 8 Debt capital instruments........... 39.0 46.6 50.9 49.1 58.8 57.3 51.5 45.2 42.5 45.6 54.6 60.0 74.7 83.7 8 9 State and local govt. secs.... 5.7 8.7 9.6 8.1 11.8 12.8 9.4 5.6 4.7 8.9 10.2 8.9 19.3 25.6 9 10 Corporate and fgn. bonds... 11.0 15.9 14.0 13.1 21.1 15.8 13.3 12.1 11.1 15.0 22.4 22.2 24.8 27.5 10 11 Mortgages................................. 22.3 22.0 27.3 27.9 25.8 28.7 28.8 27.5 26.7 21.7 22.0 28.9 30.7 30.6 11 12 Home mortgages................. 11.4 11.6 15.2 15.7 12.8 16.5 16.6 15.7 13.9 10.7 11.1 15.2 14.2 14.6 12 13 Other residential.................. 3.1 3.6 3.5 4.8 5.9 4.2 4.7 4.8 5.6 4.6 5.4 6.5 6.9 6.3 13 14 Commercial........................... 5.7 4.7 6.6 5.5 5.4 5.9 5.1 5.3 5.8 4.8 4.2 5.2 7.5 7.7 14 15 Farm...................................... 2.1 2.1 2.1 1.9 1.8 2.2 2.3 1.8 1.5 1.5 1.4 2.1 2.1 2.0 15 16 Other private credit..................... 25.0 21.6 33.3 40.2 19.2 40.3 47.9 38.0 33.9 26.7 21.0 17.0 6.0 21.4 16 17 Bank loans n.e.c....................... 10.3 9.6 13.4 15.7 2.7 17.0 19.1 11.7 14.2 7.6 9.0 1.9 -7.6 4.3 17 18 Consumer credit...................... 7.2 4.6 11.1 9.3 4.3 10.2 10.8 8.9 7.5 4.8 6.1 6.2 .2 4.0 18 19 Open market paper................. 1.0 2.1 1.6 3.3 3.8 4.9 4.7 2.7 1.0 5.0 2.2 .5 7.5 2.9 19 20 Other.......................................... 6.4 5.2 7.3 11.8 8.4 8.1 13.3 14.6 11.2 9.4 9.8 8.4 5.9 10.1 20 21 By borrowing sector—.................. 64.9 70.5 83.5 94.1 84.7 97.9 103.0 89.1 85.7 78.3 87.7 82.4 90.6 114.2 21 22 Foreign............................................... 1.5 4.1 3.0 3.7 2.6 4.0 6.0 2.3 2.4 2.6 1.7 2.2 4.0 5.0 22 23 State and local governments......... 6.4 8.8 9.9 8.5 12.2 13.4 9.7 5.8 5.1 9.4 10.4 9.7 19.5 26.0 23 24 Households........................................ 23.2 19.7 31.8 32.2 21.6 33.0 36.0 31.5 28.2 22.8 21.5 24.8 17.2 22.7 24 25 Nonfinancial business..................... 33.8 37.9 38.8 49.7 48.3 47.4 51.3 49.4 49.9 43.4 54.2 45.7 50.0 60.5 25 26 Corporate...................................... 24.9 29.3 30.3 39.1 38.8 37.1 41.1 37.4 41.0 36.9 45.2 33.6 39.2 47.1 26 27 Nonfarm noncorporate................ 5.5 5.0 5.8 7.4 6.3 7.1 6.6 8.7 6.4 3.5 5.2 8.7 7.7 8.7 27 28 Farm............................................... 3.5 3.5 2.7 3.2 3.2 3.3 3.6 3.3 2.5 3.0 3.8 3.3 3.1 4.7 28 Funds advanced directly in credit markets 1 Total funds raised................................ 68.5 83.5 96.9 90.4 97.5 92.5 93.6 88.4 86.8 81.4 103.7 94.6 110.6 112.6 1 Advanced directly by— 2 U.S. Government............................ 4.9 4.6 4.9 2.5 3.2 2.5 1.7 3.7 2.3 3.9 3.6 3.5 1.8 4.3 2 3 U.S. Govt, credit agencies, net... .3 .5 -.2 .2 1.2 .4 -.8 -.1 1.5 -.7 1.6 .9 3.0 2.1 3 4 Funds advanced........................... 5.1 -.1 3.2 9.0 9.9 4.0 7.6 10.5 14.1 13.7 7.1 8.7 10.1 .3 4 5 Less funds raised in cr. mkt___ 4.8 -.6 3.5 8.8 8.7 3.6 8.4 10.6 12.5 14.4 5.5 7.8 7.0 -1.8 5 6 Federal Reserve System................. 3.5 4.8 3.7 4.2 5.0 4.1 4.0 -.5 9.3 1.2 5.5 7.7 5.5 16.1 6 7 Commercial banks, net.................. 16.7 36.6 39.5 12.2 31.3 7.9 29.3 -.9 12.1 1.0 23.3 63.6 37.3 40.4 7 8 Funds advanced........................... 16.8 36.9 39.7 16.5 29.5 8.8 33.8 4.2 18.9 10.1 27.4 52.1 28.4 39.1 8 9 Less funds raised......................... .1 .2 .2 4.3 -1.8 .9 4.5 5.0 6.8 9. 1 4.1 -11.6 -8.9 -1.3 9 10 Private nonbank finance................ 25.9 34.4 34.2 30.1 38.9 30.9 39.6 25.6 24.4 25.3 42.4 42.0 45.8 70.3 10 11 Savings institutions, net............. 7.8 16.8 14.6 10.4 14.7 15.9 13.3 6.8 5.6 4.7 15.3 18.0 20.7 45.5 11 12 Insurance....................................... 19.3 18.7 22.0 21.8 24.9 19.8 27.5 20.6 19.5 23.2 27.1 24.1 25.3 28.8 12 13 Finance n.e.c., net....................... -1.3 -1.1 -2.5 -2.1 -.7 -4.8 -1.2 -1.8 -.7 -2.6 * * -.3 -3.9 13 14 Foreign............................................... -1.8 2.8 2.5 1.3 10.9 .2 1.0 5.1 -1.1 9.4 9.5 4.9 19.6 27.3 14 15 Private domestic nonfinancial___ 19.1 -.2 12.3 39.8 7.1 46.6 18.9 55.5 38.4 41.2 17.9 -27.9 -2.5 -47.9 15 16 Business......................................... 3.6 -.2 7.4 13.8 -1.0 15.8 14.1 18.1 7.0 15.1 12.3 -28.5 -2.9 .8 16 17 State and local governments... 3.4 2.1 .4 6.1 -3.8 8.1 2.9 7.7 5.6 -2.5 -5.3 -7.8 .4 1.9 17 18 Households................................... 11.9 * 5.8 18.3 10.6 19.9 1.7 26.4 25.3 24.8 8.8 8.1 .5 -49.8 18 19 Less net security credit............... -.2 2.2 1.4 -1.6 -1.4 -2.7 -.2 -3.2 -.4 -3.8 -2.1 -.2 .6 .9 19 Sources of funds supplied to credit markets Total borrowing by nonfinancial sectors..................... 68.5 83.5 96.9 90.4 97.5 92.5 93.6 88.4 86.8 81.4 103.7 94.6 110.6 112.6 1 1 Supplied directly and indirectly by pvt. domestic nonfin. sectors: 2 Total................................................... 42.8 51.3 60.8 44.5 68.2 59.1 27.0 47.6 44.3 55.1 72.0 69.2 76.6 76.7 2 3 Deposits........................................ 23.7 51.5 48.5 4.7 61.1 12.5 8.2 -7.9 5.9 13.9 54.1 97.1 79.2 124.6 3 4 Demand dep. and currency.. 4.0 12.4 14.8 7.1 6.1 5.9 6.6 7.6 8.2 2.0 7.0 7.3 8.3 15.4 4 5 Time and svgs. accounts.... 19.7 39.1 33.7 -2.4 54.9 6.6 1.6 -15.5 -2.3 11.9 47.1 89.9 70.8 109.2 5 6 At commercial banks. . . 12.5 22.5 20.8 -10.5 38.4 -6.8 — 7.4 — 21.3 -6.4 7.4 31.9 68.2 46.3 58.7 6 7 At savings instit................ 7.2 16.6 12.9 8.1 16.5 13.4 9.0 5.8 4.2 4.4 15.2 21.7 24.5 50.5 7 8 Credit mkt. instr., net................. 19.1 -.2 12.3 39.8 7.1 46.6 18.9 55.5 38.4 41.2 17.9 -21.9 -2.5 -41.9 8 9 U.S. Govt, securities............... 8.5 -1.7 7.7 15.0 -6.9 21.8 .9 23.2 14.1 6.5 -8.0 -6.8 — 19.2 -50.1 9 10 Pvt. credit market instr........... 11.4 7.8 13.4 27.0 15.2 27.2 23.6 29.6 27.5 37.6 23.9 -22.1 21.5 15.0 10 11 Corporate equities................... -1.0 -4.1 -7.4 -3.8 -2.6 -5.2 -5.9 -.6 -3.7 -6.7 -.1 .7 -4.3 -12.0 11 12 Less security debt................... -.2 2.2 1.4 -1.6 -1.4 -2.1 -.2 -3.2 -.4 -3.8 -2.1 -.2 .6 .9 12 Other sources: 13 Foreign funds................................... .1 4.6 4.3 9.6 2.4 13.8 14.8 10.4 -.6 10.8 2.7 -4.5 .7 10.5 13 14 At banks........................................ 2.5 1.7 1.8 8.3 -8.4 13.7 13.8 5.3 .5 1.3 -6.8 -9.4 -18.9 -16.8 14 15 Direct............................................. -1.8 2.8 2.5 1.3 10.9 .2 1.0 5.1 -1.1 9.4 9.5 4.9 19.6 27.3 15 16 Chg. in U.S. Govt, cash bal.......... -.4 1.2 -1.1 .4 2.6 -5.8 1.7 1.6 3.9 1.0 2.1 1.4 6.1 -18.7 16 17 U.S. Government loans................. 4.9 4.6 4.9 2.5 3.2 2.5 1.7 3.7 2.3 3.9 3.6 3.5 1.8 4.3 17 18 Pvt. insur. and pension res............ 16.7 17.5 18.5 18.7 21.0 14.9 22.4 18.7 18.9 18.7 22.7 19.8 22.8 25.5 18 19 Sources n.e.c..................................... 3.8 4.3 9.5 14.7 .1 8.1 26.0 6.4 18.1 -8.1 .7 5.3 2.5 14.3 19 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1971 □ FLOW OF FUNDS A 73 PRINCIPAL FINANCIAL TRANSACTIONS (Seasonally adjusted annual rates; in billions of dollars) 1969 1970 1971 Transaction category, or sector 1966 1967 1968 1969 1970 II III IV II III IV Demand deposits and currency 1 Net incr. in banking system liability 2.6 14.8 14 8.5 10.1 -1.0 10.3 11.0 13.2 5.1 9.8 8.9 16.9 -.9 2 U.S. Government deposits........ -.4 1.1 -1 .6 2.5 -5.7 1.7 1.9 4.2 1.1 2.0 .7 6.0 19.1 3 Money supply.............................. 3.0 13.7 16. 7.9 7.7 4.7 8.6 9.1 9.0 4.0 7.8 8.2 10.8 18.2 4 Domestic sectors..................... 3.9 13.4 15 7.6 7.4 4.8 8.0 8.5 9.0 2.6 8.2 8.6 10.3 18.4 5 Households........................... 3.1 9.4 11 5.9 4.7 -.9 10.2 9.5 5.1 5.4 7.4 5.0 1.0 5.8 6 Nonfinancial business........ .7 .8 1 -.8 -.9 3.9 -5.6 -4.3 3.0 -2.3 -2.7 .7 .9 .4 7 State and local governments. -.1 -1.0 3.2 1.2 2.5 3.4 3.9 2.9 -.3 1.0 1.1 3.1 3.6 8 Financial sectors............... -.1 1.0 .5 1.3 -1.1 1.4 .9 .8 .5 1.2 1.4 2.0 2.9 9 Mail float............................ .3 3.2 -1.2 1.1 .3 -1.3 -1.5 -2.8 -.7 1.3 .5 3.3 5.6 10 Rest of the world.................. -1.0 .3 .3 .3 -.1 .6 .6 1.4 -.4 -.5 .5 -.1 Time and savings accounts 1 Net increase—Total....................... 20.2 40.8 33.3 -1.6 53.9 5.9 -.2 -15.4 3.4 16.8 44.3 87.5 67.1 110.2 2 At commercial banks—Total 13.3 23.8 20.6 -9.7 36.7 -7.6 -9.0 -21.2 -1.1 11.6 28.5 65.6 41.3 57.8 3 Corporate business..................... -.7 2.9 1.9 -9.8 12.8 -14.4 -9.5 -11.0 -4.2 .5 6.1 32.3 12.2 3.0 4 State and local governments... 1.3 2.4 3.2 -5.9 9.9 -3.7 -5.0 -10.3 -4.6 6.4 10.3 13.4 9.6 4.9 5 Foreign.......................................... .8 1.2 -.3 1.0 -1.9 -.5 -1.4 .4 5.7 4.3 -3.5 -3.2 -5.1 -1.2 6 Households................................... 11.9 17.1 15.7 5.2 15.8 11.3 7.1 * 2.4 .5 15.5 22.5 24.5 50.7 7 At savings institutions................... 7.0 17.0 12.8 8.1 17.2 13.5 5.7 4.5 5.2 15.8 21.9 25.8 52.3 Liabilities— 8 Savings and loan assns........... 3.6 10.6 7.5 4.1 11.1 8.0 4 2.9 .7 2.0 9.8 15.6 16.9 36.8 8 9 Mutual savings banks............ 2.6 5.1 4.2 2.6 4.4 3.8 2.7 1.5 2.2 1.6 4.4 4.7 7.0 12.4 9 10 Credit unions............................ 1.2 1.1 1.4 1.7 1.6 1.2 1.3 1.5 1.6 1.7 1.5 1.9 3.1 10 Assets— 11 Households............................... 7.2 16.6 12.9 8.1 16.5 13.4 9.0 5.8 4.2 4.4 15.2 21.7 24.5 50.5 12 Cr. union deps. at S & L’s... -.2 .3 -.1 .7 .1 -.2 -.1 .3 .6 .2 1.3 1.8 U.S. Government securities 1 Total net issues..................................... 8.7 21.6 -.5 -1.0 10.0 13.8 17.5 21.6 20.1 27.0 -3.3 1 2 Household savings bonds.............. .6 .3 -.4 -.4 -.8 .1 -.9 -.2 .5 1.7 1.9 2 3 Direct excluding savings bonds... 1.8 12.6 -5.4 -8.4 5.6 4.8 4.4 18.3 10.9 16.8 -.6 3 4 Budget agency issues....................... * 1.3 -1.3 -.8 -.2 2.1 .2 1.0 1.7 .8 4 5 Sponsored agency issues................ 5.1 8.7 8.4 10.6 12.5 14.4 5.5 7.8 7.0 -1.8 5 6 Loan participations......................... 1.3 -1.3 -.3 .7 -4. -3.3 -2.6 -2.2 -.1 -.2 -3.6 6 7 Net acquisitions, by sector................. 8.7 21.6 -.5 -1.0 10.0 13.8 17.5 21.6 20.1 27.0 -3.3 7 8 U.S. Government (agency sec.)... 1.3 -.1 -1.1 -2.2 -.8 -1.0 .1 * .1 -.6 8 9 Sponsored credit agencies............. 1.0 1.7 -2.0 .3 -.5 1.2 2.0 —. 5 1.0 4.4 -1.9 9 10 Direct marketable....................... .3 1.9 -2.0 .3 -.8 .4 2.8 —. 8 1.2 4.3 -3.9 10 11 FHLB special issue...............».. .6 -.2 * * .3 .8 -.8 .2 -.2 .1 2.0 11 12 Federal Reserve System................. 3.5 5.0 4.0 4.2 -.4 9.2 1.1 5.4 7.9 5.6 15.7 12 13 Foreign............................................... -2.4 9.1 -4.5 -1.8 2.7 -3.7 8.0 8.2 4.7 15.5 26.1 13 14 Commercial banks.......................... -3.6 9.0 -16.2 -7.2 -9.5 -5.2 .5 6.8 11.0 17.6 3.5 14 15 Direct............................................. -3.4 5.8 -14.4 -8.8 -7.6 -6.2 -.7 6.8 8.9 8.0 3.2 15 16 Agency issues............................... -.2 3.2 -1.8 1.6 -1.9 1.0 1.3 * 2.1 9.6 .3 16 17 Nonbank finance............................. .4 3.7 -2.4 4 -4.7 -.8 -.7 9.8 2.2 3.7 3.3 17 18 Direct............................................. -.2 1.5 -4.4 2.7 -7.3 -.6 -3.2 7.6 -.7 2.5 -7.8 18 19 Agency issues............................... .5 2.2 2.0 2.0 2.6 -.2 2.6 2.2 2.9 1.2 11.1 19 20 Pvt. domestic nonfin....................... 8.5 -6.9 21.8 .9 23.2 14.1 6.5 -8.0 -6.8 -19.2 -50.1 20 21 Savings bonds—Households... .6 .3 -.4 -.4 -.8 .1 -.9 -.2 .5 1.7 1.9 21 22 Direct excl. savings bonds......... 3.3 -10.5 16.1 -5.1 18.8 5.0 -2.7 -9.2 -10.8 -19.2 -35.9 22 23 Agency issues............................... 4.7 3.4 6.2 6.4 5.2 9.1 10.1 1.4 3.5 -1.7 -16.1 23 Private securities 1 Total net issues, by sector.................. 18.5 28.2 23.9 27.7 42.3 30.4 28.8 25.1 26.3 31.3 41.0 39.3 57.7 67.7 1 2 State and local governments........ 5.7 8.7 9.6 8.1 11.8 12.8 9.4 5.6 4.7 8.9 10.2 8.9 19.3 25.6 2 3 Nonfinancial corporations............. 11.4 17.0 12.1 16.4 27.0 14.7 14.9 16.1 19.8 20.2 28.9 25.7 33.4 35.2 3 4 Finance companies......................... .8 1.0 .8 1.6 2.5 1.4 2.2 1.4 1.3 1.3 2.3 2.8 3.8 4.1 4 5 Commercial banks.......................... .1 .2 .2 • 11 • 11 • 11 .3 * -.1 .2 * * * 1.4 5 6 Rest of the world............................ .5 1.3 1.3 1.5 .9 1.5 2.0 2.0 .5 .7 -.4 2.0 1.3 1.4 6 7 Net purchases........................................ 18.5 28.2 23.9 27.7 42.3 30.4 28.8 25.1 26.3 31.3 41.0 39.3 57.7 67.7 7 8 Households........................................ 3.2 -1.8 -1.2 3.0 8.1 3.5 -1.8 5.2 5.3 6.9 9.8 2.5 13.3 -.8 8 9 Nonfinancial corporations............. 1.0 -.2 -1.1 5.1 1.4 6.7 3.1 5.5 5.0 .6 2.0 1.6 1.2 6.1 9 10 State and local governments........ 1.1 1.9 -.4 2.6 .2 4.9 3.0 .9 1.4 .4 .7 -.8 .6 1.9 10 11 Commercial banks.......................... 1.9 9.8 8.9 .3 10.8 1.6 2.4 -1.1 -1.7 5.0 8.9 14.5 14.7 21.4 11 12 Mutual savings banks..................... .3 2.3 1.6 .6 1.7 1.1 1.0 * .2 1.2 2.0 1.2 2.5 8.3 12 13 Insurance and pension funds........ 12.9 16.6 17.6 16.8 18.7 16.3 20.5 15.0 15.4 17.0 20.6 13.9 23.2 26.2 13 14 Finance n.e.c..................................... -2.2 -.9 -3.6 -2.8 .1 -7.7 -.2 -1.1 -2.2 -.3 -3.5 4.3 -.1 3.7 14 15 Security brokers and dealers... .1 .2 -.9 .2 .7 .2 .9 2.3 -2.6 * .2 5.2 -2.7 1.8 15 16 Investment companies, net........ -2.4 -1.1 -2.8 -3.0 -.6 -7.9 -1.2 -3.4 .3 -.3 -3.7 -1.0 2.5 1.9 16 17 Portfolio purchases................. 1.4 1.5 1.9 2.7 1.8 -.2 3.6 2.7 4.6 1.3 -1.0 2.4 4.5 2.1 17 18 Net issues of own shares.... 3.7 2.6 4.7 5.7 2.4 7.7 4.8 6.1 4.2 1.6 2.7 3.4 2.1 .2 18 19 Rest of the world............................ .3 .6 2.3 2.1 1.4 3.9 .9 .7 2.9 .6 .5 2.1 2.3 .9 19 Bank loans n.e.c. 1 Total net borrowing........ 9.0 7.5 15.7 17.8 2.1 18.0 24.0 11.1 17.6 5.2 10.3 5.0 -11.8 10.5 1 2 Households.................. .4 2.1 3.1 2.4 .8 2.91 4.2 .9 1.5 2.3 -1.1 1.2 1.0 3.5 2 3 Nonfinancial business, 10.1 7.7 10.6 13.5 2.3 13.9 14.4 12.3 12.8 4.6 10.4 .9 -6.7 .4 3 4 Rest of the world -.2 -.2 -.3 -.2 -.4 .2 .6 -1.5 -.1 .6 -.3 -.2 -1.9 .5 4 Digitized for FRA5SERFi nancial sectors........ -1.3 -2.1 2.3 2.1 -.5 .9 4.9 -.6 3.4 -2.3 1.2 3.0 -4.1 6.2 5 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 74 U.S. BALANCE OF PAYMENTS □ SEPTEMBER 1971 1. U.S. BALANCE OF PAYMENTS (In millions of dollars) 1970 1971 Line Credits -f; debits — 1968 1969 1970 I II III IV I * Summary—Seasonally adjusted 1 Merchandise trade balance 1........................................................ 624 660 2,110 513 751 704 142 272 2 Exports...................................................................................... 33,588 36,490 41,980 10,241 10,582 10,696 10,461 11,032 3 Imports...................................................................................... -32,964 -35,830 -39,870 -9,728 -9,831 -9,992 -10,319 -10,760 4 Military transactions, net.............................................................. -3,140 -3,341 -3,371 -908 -808 -884 -770 -677 5 Travel and transportation, net..................................................... -1,558 -1,780 -1,979 -448 -500 -553 -478 -484 6 Investment income, net 2............................................................... 6,220 5,975 6,242 1,577 1,469 1,571 1,626 1,727 7 U.S. direct investments abroad............................................ 6,519 7,340 7,906 2,039 1,905 1,973 1,988 1,984 8 Other U.S. investments abroad............................................ 2,714 3,199 3,503 886 886 882 851 861 9 Foreign investments in the United States......................... -3,013 -4,564 -5,167 -1,348 -1,322 -1,284 -1,213 -1,118 10 Other services, net........................................................................... 344 497 588 147 133 157 150 213 11 2,489 2,011 3,592 881 1,045 995 670 1,051 12 Remittances, pensions and other transfers................................ -1,168 -1,266 -1,410 -338 -362 -359 -351 -351 13 Balance on goods, services and remittances........................................ 1,321 745 2,182 543 683 636 319 700 14 U.S. Government grants (excluding military)........................... -1,707 -1,644 -1,739 -418 -391 -444 -485 -432 15 -386 -899 444 125 292 192 -166 268 16 U.S. Government capital flows excluding nonscheduled repayments, net 4......................................................................... -2,538 -2,106 -1,837 -511 -480 -396 -450 -603 17 Nonscheduled repayments of U.S. Government assets........... 269 -87 244 88 114 2 40 4 18 U.S. Government nonliquid liabilities to other than foreign i official reserve agencies.............................................................. 107 263 -436 -30 -224 82! -263 -88 19 Long-term private capital flows, net........................................... 1,198 -50 -1,453 -969 -272 -2201 7 -997 20 U.S. direct investments abroad............................................ -3,209 -3,254 -4,445 -1,358 -1,257 -897 -934 -1,357 21 Foreign direct investments in the United States.............. 319 832 969 486 105 218 160 50 22 -1,226 -1,494 -942 -210 93 -488 -337 -362 23 4,389 3,112 2,190 304 374 720 792 628 24 Other, reported by U.S. banks............................................ 430 477 199 31 68 44 56 -114 25 Other, reported by U.S. nonbanking concerns................. 495 277 576 -222 345 183 270 158 26 Balance on current account and long-term capital 4.......................... -1,349 -2,879 -3,038 -1,297 -570 -340 -832 -1,416 27 Nonliquid short-term private capital flows, net....................... 231 -602 -548 -107 -164 -121 -156 -100 28 Claims reported by U.S. banks............................................ -44 -658 -1,015 -162 -268 -189 -396 -85 29 Claims reported by U.S. nonbanking concerns............... -484 -35 -363 -108 -47 -56 -152 -15 30 Liabilities reported by U.S. nonbanking concerns.......... 759 91 830 163 151 124 392 31 Allocations of special drawing rights (SDR)............................ 867 217 217 217 216 180 32 Errors and omissions, net............................................................. -493 -2,603 -1,132 -62 -430 -433 -207 -1,268 33 -1,610 -6,084 -3,852 -1,250 -945 -679 -977 -2,604 34 Liquid private capital flows, net................................................... 3,251 8,786 -5,969 -1,615 -457 -1,398 -2,499 -2,919 35 Liquid claims............................................................................ -559 124 273 257 -81 -15 112 -232 36 Reported by U.S. banks................................................ -61 -209 -119 140 -127 -53 -79 -72 37 Reported by U.S. nonbanking concerns................... -498 333 392 117 46 38 191 -160 38 Liquid liabilities....................................................................... 3,810 8,662 -6,242 -1,872 -376 -1,383 -2,611 -2,687 39 To foreign commercial banks...................................... 3,387 9,166 -6,507 -1,863 -441 -1,315 -2,888 -3,025 40 To international and regional organizations............ 48 -63 179 142 -124 82 -79 268 41 375 -441 86 -151 189 -150 198 70 42 Official reserve transactions balance..................................................... 1,641 2,702 -9,821 -2,865 -1,402 -2,077 -3,476 -5,523 Financed by changes in: 43 Nonliquid liabilities to foreign official reserve agencies reported by U.S. Government.................................................. 1,806 -162 535 -266 735 -12 77 -8 44 Nonliquid liabilities to foreign official agencies reported by U.S. banks............................................................................... 534 -836 -810 -154 -235 -233 -188 -216 45 Liquid liabilities to foreign official agencies............................. -3,101 -517 7,619 3,021 97 1,738 2,763 5,065 46 -880 -1,187 2,477 264 805 584 824 682 47 Gold........................................................................................... 1,173 -967 787 -44 14 395 422 109 48 SDR........................................................................................... -851 -270 -254 -251 -76 -55 49 -1,183 814 2,152 831 818 34 469 373 50 -870 -1,034 389 -253 227 406 9 255 Memoranda: 51 Transfers under military grant programs, (excluded from lines 2, 4, and 14)....................................................................... 804 756 613 137 191 116 169 191 52 Reinvested earnings of foreign incorporated affiliates of U.S. firms (excluded from lines 7 and 20)............................ 2,175 2,532 (5) (5) (5) (5) (5) (5) 53 Reinvested earnings of U.S. incorporated affiliates of 488 431 (5) (5) (5) (5) (5) (5) For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1971 □ U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE A 75 1. U.S. BALANCE OF PAYMENTS-Continued (In millions of dollars) 1970 1971 Credits + , debits — 1968 1969 1970 I II III IV IV Balances excluding allocations of SDR’s-—Seasonally adjusted Net liquidity balance...................................... -1,610 -6,084 -4,719 -1,467 -1,162 -896 -1,193 -2,784 Official reserve transactions balance........... 1,641 2,702 -10,688 -3,082 -1,619 -2,294 -3,692 -5,703 Balances not seasonally adjusted Balance on goods and services (line 11).......................................... 2,489 2,011 3,592 1,234 1,300 -291 1,349 1,419 Balance on goods, services and remittances (line 13)................... 1,321 745 2,182 913 925 -657 1,002 1,085 Balance on current account (line 15)................................................ -386 -899 444 465 487 -1,060 552 624 Balance on current account and long-term capital 4 (line 26)... -1,349 -2,879 -3,038 -1,310 -899 -1,535 706 -1,366 Balances including allocations of SDR’s: Net liquidity (line 33)................................................................... -1,610 -6,084 -3,852 -505 -1,783 -1,456 -107 -1,921 Official reserve transactions (line 42)....................................... 1,641 2,702 -9,821 -1,965 -2,069 -2,612 -3,174 -4,686 Balances excluding allocations of SDR’s: Net liquidity.................................................................................. -1,610 -6,084 -4,719 -1,372 -1,783 -1,456 -107 -2,638 Official reserve transactions........................................................ 1,641 2,702 -10,688 -2,832 -2,069 -2,612 -3,174 -5,403 1 Adjusted to balance of payments basis; excludes transfers under 3 Equal to net exports of goods and services in national income and military grants, exports under U.S. military agency sales contracts and product accounts of the United States. imports of U.S. military agencies. 4 Includes some short-term U.S. Govt, assets. 2 Includes fees and royalties from U.S. direct investments abroad or 5 Not available. from foreign direct investments in the United States. Note.—Data are from U.S. Department of Commerce, Office of Busi­ ness Economics. Details may not add to totals because of rounding. 2. MERCHANDISE EXPORTS AND IMPORTS (Seasonally adjusted; in millions of dollars) Imports 2 Export surplus Period 1968 1969 1970 1971 1968 1969 1970 1971 1968 1969 1970 1971 Month: Jan... 2,814 3 2,161 3,406 3,735 2,687 32,002 3,223 3,686 127 159 183 49 Feb... 2,775 32,266 3,547 3,690 2,592 32,672 3,278 3,553 184 -406 269 136 Mar... 3 2,439 3 3,188 3,376 3,815 3 2,589 32,982 3,218 3,569 -150 206 158 245 Apr... 3 2,855 3 3,318 3,409 *•3,522 3 2,604 3 3,183 3,263 3,758 251 135 146 -236 May.. 2,740 33,268 3,661 3,783 2,755 33,257 3,338 3,988 -15 11 323 -205 June.. 2,870 33,179 3,730 3,661 2,792 3 3,152 3,266 4,023 78 27 465 -363 July.. 2,858 3,182 3,699 3,495 2,725 3,074 3,255 3,799 133 108 444 -304 Aug... 3 2,950 3,366 3,592 2,872 3,163 3,346 78 203 246 Sept... 3 3,211 3.341 3,553 2,951 3.078 3.428 261 263 125 Oct... 3 2,631 3.342 3,689 2,736 3,192 3,501 -105 150 188 Nov... 2,972 3,398 3,499 2,883 3,180 3.428 89 218 71 Dec... 2,977 3,280 3,570 2,908 3.078 3,404 70 202 166 Quarter: I 8,028 7,615 10,328 11,240 7,867 7,655 9,719 10,808 161 -40 609 432 I I 8,465 9,765 10,800 10,966 8,151 9,591 9,867 11,769 314 174 933 -803 III.... 9,019 9,889 10,845 8,548 9,315 10,029 471 574 816 IV.... 8,580 10,020 10,758 8,527 9,450 10,333 53 570 425 Year4... 34,063 37,332 42,662 33,226 36,043 39,963 837 1,289 2,699 1 Exports of domestic and foreign merchandise; excludes Dept, of 3 Significantly affected by strikes. Defense shipments of grant-aid military equipment and supplies under 4 Sum of unadjusted figures. Mutual Security Program. 2 General imports including imports for immediate consumption plus Note.—Bureau of the Census data. Details may not add to totals be­ entries into bonded warehouses. cause of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 76 U.S. GOLD TRANSACTIONS □ SEPTEMBER 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) 1970 1971 Area and country 1962 1963 1964 1965 1966 1967 1968 1969 1970 III IV Western Europe: Austria.................................. -143 -82 -55 -100 -25 Belgium................................. -63 -40 -83 -58 -110 France.................................... -456 -M8 -405 -884 -6oi 600 325 -129 -129 -282 Germany, Fed. Rep. of. . , -225 500 Ireland................................... -1 -2 -2 -52 41 Italy........................................ 200 -80 -85 -209 -76 Netherlands......................... -60 -35 -19 -30 Spain...................................... -146 -130 -32 -180 Switzerland.......................... 102 -81 -50 -2 -30 -50 -25 -50 United Kingdom................. -387 '329 618 150 80 -879 -835 Bank for Intl. Settlements. 200 Other...................................... -12 -35 -49 16 -47 11 -29 -21 15 -6 Total. -1,105 -399 -1,299 -659 -980 -669 969 -204 -1 -180 -85 -448 Canada ................................ 190 200 150 50 Latin American republics : Argentina ....................... -25 -28 -23 Brazil................................. 25 -23 -23 Colombia.......................... 29 -1 Venezuela......................... -25 Other.................................. -11 -13 -40 -29 -80 -9 -66 -4 Total. 175 32 56 17 -65 -54 -131 -4 Asia: Iraq................. -42 Japan.............. -119 -119 Lebanon......... -32 -95 Malaysia......... -1 -34 -10 Philippines. .. 25 9 40 -4 -1 Saudi Arabia. -50 Singapore -81 Other............... -47 -14 -14 -75 "2- 9I -41 21 Total................... -86 -44 -366 42 -213 -39 -197 -15 10 All other......................... -22 3-166 3-68 -1 -81 -2 -4 -75 -1 -4 Total foreign countries. -833 -392 -36 -1 ,322 -608 -1,031 -1,118 957 4-631 -14 -73 -563 -102 -445 Intl. Monetary Fund5.. 6-225 177 22 -3 10 -156 -322 4142 -7 -II Grand total -833 -36 -1,547 -431 -1,009 -1,121 967 -787 -14 -395 -422 -109 -457 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 SI7 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

SEPTEMBER 1971 □ U.S. RESERVE ASSETS; POSITION IN THE IMF A 77 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 u C c r r r i o t e r e i i n e b s g n ­ l n e ­ p R I o e M s s i i n e t F r io v 3 n e SDR’s4 E m n o d n t o h f Total To G ta o l2 ld st T o r c e k a 1 sury v c fo u e c C r r i r e o e t r i s i n e b g 5 n ­ l n e ­ p R I o e M s s i i n e t F r io 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 Aug.... 15,796 11,817 11,367 695 2,323 961 1960.. . 19*359 17*804 17*, 767 1,555 Sept.... 15,527 11,494 11,117 1,098 1,944 991 Oct.. . . 15,120 11,495 11,117 811 1,823 991 1961 . . . 18,753 16,947 16,889 116 1,690 Nov__ 14,891 11,478 11,117 640 1 ,812 961 1962... 17,220 16,057 15,978 99 1,064 Dec.. .. 14,487 11,072 10,732 629 1,935 851 1963... 16,843 15,596 15,513 212 1,035 1964.. . 16,672 15,471 15,388 432 769 1971 1965... 15,450 613,806 613,733 781 6 863 Jan.. .. 14,699 11,040 10,732 491 1 ,700 1 ,468 Feb.... 14,534 11,039 10,732 327 1,700 1,468 1966... 14,882 13,235 13,159 1 ,321 326 Mar__ 14,342 10,963 10,732 256 1,680 1,443 1967... 14,830 12,065 11,982 2,345 420 Apr.. .. 14,307 10,925 10,732 257 1,682 1,443 1968. . . 15,710 10,892 10,367 3,528 1 ,290 May. .. 13,811 10,568 10,332 318 1,678 1,247 1969. . . 716,964 11 ,859 10,367 7 2,781 2,324 June. . . 13,504 10,507 10,332 322 1,428 1,247 1970. . . 14,487 11,072 10,732 629 1,935 851 July___ 13,283 10,453 10,332 250 1,433 1,147 Aug---- 12,128 10,209 10,132 248 574 1,097 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. U.S. transactions with IMF Transactions by reserve other countries position Period with IMF Per cent in IMF P su a b ym s o c f e r n ip t ­ s s g N a o l e l e d t s T t f i r o o a r n n e s i s g a i n n c ­ I i M nc F o m n e et Purc o h f a ses pur R ch e a ­ ses c T ha o n ta g l e Amount q U u o . o S f t . a p ( e e r n i d od o ) f 4 t d io o n ll s a r i s n by IMF 1 c c u i r e r s e n 2 ­ dollars dollars 3 dollars 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—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.. -3 1 -2 5,018 75 1,682 May. -2 -1 7 4 5,022 75 1,678 June. 250 -1 1 250 5,272 79 1,428 July.. -5 -5 5,267 79 1,433 Aug.. 862 -3 859 6,126 91 574 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 78 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ SEPTEMBER 1971 6. U.S. LIQUID LIABILITIES TO FOREIGNERS (In millions of dollars) Liabilities to Intl. Liabilities to foreigr 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 t n b l i t i o e a h e a b U r s n r b o y t m k e i r . r S l t s e d ­ ­ . ­ 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 u n r a b b e n n r v . r l S a l y d d k e e e s . s r e - t t ­ ­ Total i i p S n t b l i t i o e a h e a b r U s n r b o y t m k i e r . r l S t e s d ­ ­ . ­ M n b G o U a a o a t o b n r n . e S v l k d d s e t . e s , 4 t ­ Total i i n p S t b l i t i o e a h e U a b r s n r b o y t . m k S e i r r l t s e d . ­ ­ ­ 6 M n b G o U a a o a t o b n r n . e S v l k d d s e t . e s , t 4 ­ notes 1957............. 715,825 200 200 1,911 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 0 1 , , 9 0 9 27 4 8 8 0 00 0 8 8 0 0 0 0 1 1 1 1 , , 0 0 7 8 8 8 1 1 0 0 , , 2 2 1 1 2 2 8 8 6 7 6 6 7 7 , , 5 5 9 9 1 8 7 7, , 0 0 4 4 8 8 5 5 5 43 0 1 1 , , 5 5 4 2 1 5 7 75 50 0 7 7 9 7 1 5 1961 8......... 1 /2 2 2 2 , , 8 9 5 3 3 6 8 8 0 0 0 0 8 8 0 00 0 1 11 1, , 8 83 3 0 0 1 1 0 0 , , 9 9 4 4 0 0 8 8 9 9 0 0 8 8, , 2 3 7 5 5 7 7 7 , , 8 7 4 5 1 9 5 5 1 1 6 6 1 1 , , 9 9 4 4 8 9 7 7 0 0 3 4 1 1 * 2 2 4 4 5 5 1962 8......... \ / 2 2 4 4 , , 0 06 68 8 8 8 0 0 0 0 8 8 0 0 0 0 1 12 2 , , 7 7 4 1 8 4 1 1 1 1 , , 9 9 6 9 3 7 7 7 5 51 1 8 8 , ,3 3 5 5 9 9 7 7 , , 9 91 1 1 1 4 4 4 4 8 8 2 2, , 1 1 6 9 1 5 1 1 , , 2 2 5 8 0 4 9 9 1 1 1 1 1 O/Cl R /26,361 800 800 14,387 12,467 1,217 703 9,214 8,863 351 1,960 808 1,152 126,322 800 800 14,353 12,467 1,183 703 9,204 8,863 341 1,965 808 1,157 /28,951 800 800 15,428 13,224 1,125 1,079 11,001 10,625 376 1,722 818 904 \29,002 800 800 15,424 13,220 1,125 1,079 11,056 10,680 376 1 ,722 818 904 1965............. 29,115 834 34 800 15,372 13,066 1,105 1,201 11,478 11,006 472 1,431 679 752 1 8 /29,904 1,011 211 800 13,600 12,484 860 256 14,387 13,859 528 906 581 325 \29,779 1,011 211 800 13,655 12,539 860 256 14,208 13,680 528 905 580 325 1 Q£*7 ft /33,271 1,033 233 800 15,653 14,034 908 711 15,894 15,336 558 691 487 204 \33,119 1,033 233 800 15,646 14.027 908 711 15,763 15,205 558 677 473 204 1 0£Q ft J33,828 1,030 230 800 12,548 11,318 529 701 19,525 18,916 609 725 683 42 \33,614 1,030 230 800 12,481 11,318 462 701 19,381 18,916 465 722 683 39 1969 Hu -r encn. ft 0y / 1 4 4 1 1 , , 7 8 3 5 5 9 1 1 , , 0 0 1 1 9 9 2 2 1 19 9 8 80 0 0 0 1 1 1 1 , , 9 9 5 5 5 7 1 1 1 1, , 0 0 5 5 6 4 3 3 4 4 6 6 5 5 5 55 5 2 2 8 8 , , 1 2 0 2 2 0 2 2 7 7 , , 6 5 9 7 5 7 5 5 2 2 5 5 6 6 5 6 9 3 6 6 1 0 3 9 5 5 0 0 1970-Juner. 43,342 1,010 210 800 15,269 14,480 360 429 26,383 25,847 536 680 629 51 July r . 43,471 1,010 210 800 16,565 15,756 380 429 25,138 24,597 541 758 705 53 Aug.r. 43,971 1,010 210 800 16,585 15,776 380 429 25,533 24,971 562 843 798 45 Sept.r. 44,178 587 187 400 17,741 16,932 380 429 25,088 24,521 567 762 717 45 Oct.r. 44,228 587 187 400 18,106 17,387 290 429 24,721 24,154 567 814 768 46 Nov.r. 44,467 579 179 400 19,941 19,223 289 429 23,160 22,570 590 787 741 46 uec.rj* f0t / 1 4 4 3 3 , , 2 1 6 7 4 3 5 56 6 6 6 1 16 66 6 4 4 0 0 0 0 2 2 0 0 , , 0 0 4 3 1 0 1 19 9, , 3 30 0 6 6 2 3 9 0 5 6 4 42 29 9 2 21 1 , , 8 7 1 3 2 0 2 21 1 , , 1 16 6 5 5 5 6 6 4 5 7 8 8 4 45 7 8 82 21 1 2 2 4 6 1971-Jan.r. 43,639 559 159 400 20,472 19,756 287 429 21,548 20,936 612 1,060 1,035 25 Feb.'. 44,003 559 159 400 22,270 21,549 292 429 20,188 19,579 609 986 944 42 Mar.r. 45,443 559 159 400 24,820 24,099 292 429 18,946 18,348 598 1,118 977 141 Apr... 47,620 548 148 400 27,236 26,515 292 429 18,563 17,960 603 1,273 1,132 141 May.. 51,748 548 148 400 32,057 31,313 292 452 17,828 17,258 570 1,315 1,174 141 June**. 51,318 548 148 400 30,602 26,771 379 3,452 18,876 18,303 573 1,292 1,149 143 1 Represents liability on gold deposited by the International Monetary the securities is included under “Gold investment.” The difference, which Fund to mitigate the impact on the U.S. gold stock of foreign purchases amounted to $19 million at the end of 1970, is included in this column. for the purpose of making gold subscriptions to the IMF under quota in­ 7 Includes total foreign holdings of U.S. Govt, bonds and notes, for creases. which breakdown by type of holder is not available. 2 U.S. Govt, obligations at cost value and funds awaiting investment 8 Data on the two lines shown for this date differ because of changes in obtained from proceeds of sales of gold by the IMF to the United States reporting coverage. Figures on the first line are comparable with those to acquire income-earning assets. Upon termination of investment, the shown for the preceding date; figures on the second line are comparable same quantity of gold can be reacquired by the IMF. with those shown for the following date. 3 Includes Bank for International Settlements and European Fund. 9 Includes $17 million increase in dollar value of foreign currency 4 Derived by applying reported transactions to benchmark data; liabilities resulting from revaluation of the German mark in Oct. 1969. breakdown of transactions by type of holder estimated for 1960-63. Includes securities issued by corporations and other agencies of the U.S. Note.—Based on Treasury Dept, data and on data reported to the Govt, that are guaranteed by the United States. Treasury Dept, by banks and brokers in the United States. Data correspond 5 Principally the International Bank for Reconstruction and Develop­ to statistics following in this section, except for minor rounding differences. ment and the Inter-American Development Bank. Table excludes IMF “holdings of dollars,” and holdings of U.S. Treasury 6 Includes difference between cost value and face value of securities in letters of credit and non-negotiable, non-interest-bearing special United IMF gold investment account. Liabilities data reported to the Treasury States notes held by other international and regional organizations. include the face value of these securities, but in this table the cost value of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1971 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 79 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 a e b r ti i l n c ic a s n Asia Africa cou O n t t h ri e e r s 2 1967................................................................................................. 15,646 9,872 996 1,131 3,145 249 253 19683.............................................................................................. J 12,548 7,009 533 1,354 3,168 259 225 \ 12,481 7,001 532 1,354 3,122 248 224 1969 «■.............................................................................................. <11,957 5,823 495 1,681 3,190 546 222 1970—Juner................................................................................. 15,269 8,028 500 2,109 3,571 710 351 July r.................................................................................. 16,565 9,533 527 2,102 3,331 691 381 Aug.r.................................................................................. 16,585 9,638 690 1,987 3,189 692 389 Sept.r.................................................................................. 17,741 11,135 620 1,738 3,254 661 333 Oct.r.................................................................................. 18,106 11,564 575 1,767 3,336 526 338 Nov.r................................................................................. 19,941 13,231 637 1,646 3,639 449 339 Dec.r 3.............................................................................. /20,04l 13,021 662 1,536 4,060 407 355 \20,030 13,016 662 1,536 4,054 407 355 1971—Jan.r................................................................................... 20,472 13,680 678 1,370 4,040 381 323 Feb.r.................................................................................. 22,270 15,374 727 1,338 4,163 325 343 Mar.r.................................................................................. 24,820 17,151 801 1,216 4,998 242 412 Apr.r.................................................................................. 27,236 19,119 818 1,228 5,285 257 529 May.................................................................................... 32,057 22,720 865 1,178 6,396 286 612 June*.................................................................................. 30,602 20,679 843 1,231 6,886 271 692 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 8 to Table 6. securities with an original maturity of more than 1 year. 4 Includes $17 million increase in dollar value of foreign currency a bilities 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 Total1 Total Dem D an e d pos T it i s me 2 b T i c r l c U e l e s a r a . t t S s i e a f u . s i n r ­ d y s O l t i h e a t o r h b m r e . t 3 r ­ P f r o e a c n y r i u e n c a r i i b g ­ e l n s e i m n g v o e e l n s d t t 4 ­ Total Demand Time2 b T i c l r c e l U e s a r a . t t S s i e a f u . s i n r ­ d y s l O t i h e a t r o h b m r e . t 3 r ­ 1968................................ 31,717 31,081 14,387 5,484 6,797 4,413 636 800 683 68 113 394 108 19696 (40,040 39,611 20,430 6,834 5,015 7,332 429 800 609 57 83 244 224 140,164 39,735 20,436 6,967 5,015 7,317 429 800 613 62 83 244 223 1970—July..................... 41,858 41,514 17,220 7,187 9,103 8,004 344 800 705 73 131 218 284 Aug..................... 42,345 42,008 17,432 7,249 9,845 7,482 337 800 798 66 137 252 343 Sept..................... 42,570 42,213 17,234 7,248 10,856 6,875 357 400 717 73 135 179 330 Oct....................... 42,709 42,359 17,041 7,082 11,665 6,571 350 400 768 68 144 188 368 Nov.r................. 42,934 42,591 15,833 6,725 13,662 6,371 343 400 741 68 140 148 385 Dec.r.................. 41,692 41,324 15,745 5,944 14,123 5,512 368 400 821 69 159 211 381 1971—Jan.r................... 42,127 41,749 14,732 5,694 14,453 6,870 378 400 1,035 115 155 273 492 Feb. >•.................. 42,472 42,062 13,455 5,483 16,390 6,734 410 400 944 64 149 279 452 Mar.r................. 43,824 43,172 11,803 5,163 18,703 7,503 652 400 977 73 165 242 496 Apr.r.................. 46,007 45,370 10,409 4,955 22,356 7,650 637 400 1,132 63 201 206 662 May.................... 50,145 49,526 9,938 4,899 26,961 7,728 619 400 1,174 51 218 209 695 June*.................. 46,623 45,963 10,820 4,968 22,759 7,416 660 400 1,149 63 219 164 703 July*................... 46,140 45,488 10,248 4,948 23,250 7,042 652 400 1,229 79 212 170 768 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. □ SEPTEMBER 1971 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE—Continued (Amounts outstanding; in millions of dollars) To residents of foreign countries To official institutions7 Payable in dollars Payable in dollars Payable End of period Total Dema D nd eposi T ts ime2 T b c i r l c e U e l a r s a . t t s S i e a u f . s n i r ­ d y s O l t i h e a t o r h b m r e . t r 3 ­ f r o e c r n u i e n c r i i g ­ e n s Total Dema D n e d posi T ts ime2 T bi c r c l U e e l a s r a . t t S s e a i u . f s n i r ­ d y s O t l h i e t a o r h r b m e t . r ­ 3 c P u f r a o r y r e i a e n n i b g c l n i 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 1969 6....................... \ 38,751 20,373 6,884 3,971 7,094 429 11,056 1,919 2,951 3,844 2,140 202 1970—July.............. 40,353 17,147 7,056 8,086 7,720 344 15,756 1,576 3,502 7,946 2,584 148 Aug.............. 40,747 17,366 7,112 8,793 7,138 337 15,776 1,249 3,612 8,653 2,114 148 Sept.............. 41,453 17,161 7,113 10,277 6,545 357 16,932 1,369 3,440 10,141 1,834 148 Oct............... 41,541 16,972 6,938 11,077 6,204 350 17,387 1,444 3,178 10,930 1,687 148 Nov.r.......... 41,793 15,764 6,585 13,114 5,986 343 19,223 1,367 2,851 12,980 1 ,877 148 Dec.............. 40,471 15,676 5,785 13,511 5,131 368 19,306 1 ,629 2,568 13,367 1 ,594 148 1971—Jan............... 40,692 14,617 5,539 13,781 6,378 378 19,756 1 ,729 2,503 13,638 1,738 148 Feb............... 41,128 13,391 5,334 15,711 6,283 410 21,549 1,646 2,437 15,550 1,766 150 Mar.............. 42,447 11,730 4,997 18,061 7,007 652 24,099 1 ,560 2,243 17,916 1,980 400 Apr.............. 44,475 10,346 4,754 21,750 6,987 637 26,515 1,612 2,204 20,119 2,180 400 May............. 48,571 9,887 4,681 26,352 7,032 619 31 ,313 1 ,611 2,203 24,702 2,377 8 420 June?........... 45,074 10,757 4,749 22,195 6,713 660 26,771 1,437 2,263 20,097 2,554 420 July?;............ 44,511 10,169 4,736 22,680 6,273 652 26,859 1 ,469 2,308 19,605 3,057 420 To banks9 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 e U e l a s r a . t t s S e i a u f s . n i r ­ d y s O l t h i e a t o r h b m r e . t r 3 ­ Total Dema D n e d posits T b c i r c l e U e l a r s a . t t S s e i a u f . s n i r ­ d y s O l t i h e a t o r h b m r e . t r 3 ­ f r o e c r n u e c r ig i ­ e n s 196 8 18,916 14,299 10,374 1,273 30 2,621 4,444 1,797 2,199 86 362 173 1969 6......... 2 27 7 , , 6 5 9 7 5 7 2 23 3 , , 4 41 0 2 7 1 1 6 6 , , 7 7 4 4 5 4 1 1 , , 9 9 8 9 8 9 2 2 0 0 4 4 , , 6 6 5 4 8 4 4 3 , , 0 93 6 9 2 1 1 . . 7 7 0 1 9 0 1 1 , , 8 9 1 3 1 4 1 1 0 0 7 7 3 3 1 1 2 2 2 2 2 2 6 6 1970—July.. 24,597 20,434 13,909 1,742 24 4,759 3,967 1,662 1,812 116 377 196 Aug.. 24,971 20,839 14,432 1,735 23 4,648 3,943 1,685 1,764 116 376 189 Sept.. 24,521 20,400 14,139 1,903 23 4,335 3,913 1,653 1,770 114 376 208 Oct.. 24,154 20,044 13,921 1,964 21 4,139 3,908 1 ,607 1,796 127 378 202 Nov.. 22,570 18,428 12,747 1,917 19 3,744 3,947 1 ,651 1,817 115 364 195 Dec.. 21,165 16,910 12,360 1,335 14 3,202 4,035 1,687 1,883 131 333 220 1971—Jan.. . 20,936 16,661 11,199 1,194 13 4,255 4.045 1 ,689 1,841 130 385 230 Feb.. 19,579 15,211 10,021 1,025 12 4,155 4,108 1 ,724 I ,873 148 362 260 Mar.. 18,348 14,015 8,447 889 10 4,670 4,080 1 ,724 1,865 135 356 253 Apr.. 17,960 13,591 6,933 660 1,516 4,482 4,131 1,801 1,890 116 324 238 May. 17,258 13,013 6,542 593 1,518 4,359 4.046 1,734 1,885 131 296 199 June^ 18,303 14,106 7,567 653 2,011 3,875 3,957 1 ,753 1,833 86 285 240 July». 17,652 13,522 7,001 603 2,979 2,939 3,898 1 ,700 1,825 96 277 232 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 Increase in valuation resulting from revaluation of Swiss franc. time certificates of deposit. 9 Excludes central banks, which are included in “Official institutions.” 4 U.S. Treasury bills and certificates obtained from proceeds of sales of gold by the IMF to the United States to acquire income-earning assets. Note.—“Short-term” refers to obligations payable on demand or having Upon termination of investment, the same quantity of gold can be re­ an original maturity of 1 year or less. For data on long-term liabilities acquired by the IMF. reported by banks, see Table 10. Data exclude the “holdings of dollars” 5 Principally the International Bank for Reconstruction and Develop­ of the International Monetary Fund; these obligations to the IMF consti­ ment and the Inter-American Development Bank. tute contingent liabilities, since they represent essentially the amount of Includes difference between cost value and face value of securities in dollars available for drawings from the IMF by other member countries. IMF gold investment account. Data exclude also U.S. Treasury letters of credit and non-negotiable, non- 6 Data on the two lines shown for this date differ because of changes in interest-bearing special U.S. notes held by the Inter-American Develop­ reporting coverage. Figures on the first line are comparable in coverage ment Bank and the International Development Association. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1971 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 81 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. Oct. Nov.r Dec.r Jan.r Feb. r Mar.r Apr.r May June^ JulyP Europe: Austria........................................................... 314 263 236 185 204 198 194 191 185 203 274 Belgium-Luxembourg................................. 530 742 709 596 760 766 769 779 903 774 780 Denmark....................................................... 153 193 187 189 196 216 220 219 148 175 201 Finland.......................................................... 120 134 139 117 117 112 114 115 107 110 131 France............................................................ 1,581 2,311 2,417 2,267 2,354 2,263 2,344 2,297 2,275 2,467 3,241 Germany....................................................... 1,381 5,977 7,543 7,520 7,795 8,518 9,568 10,316 12,471 7,266 5,444 Greece........................................................... 207 212 198 184 162 176 140 145 146 152 159 Italy................................................................ 627 1,104 1,173 1,330 1,592 1,658 1,805 1,903 1,823 1,750 1,767 Netherlands.................................................. 463 800 748 762 584 654 741 620 661 609 462 Norway.......................................................... 341 315 291 324 317 313 364 403 465 506 574 Portugal......................................................... 309 251 250 274 299 307 319 298 280 270 272 Spain.............................................................. 202 299 234 198 205 203 184 201 231 200 207 Sweden........................................................... 412 378 449 503 519 541 577 631 625 681 718 Switzerland................................................... 2,005 1,985 1,914 1,947 1,936 2,011 2,028 2,144 2,310 2,092 1,914 Turkey........................................................... 28 34 37 46 53 51 32 25 43 21 27 United Kingdom......................................... 11,349 7,865 6,659 5,508 5,637 5,210 4,778 5,086 5,158 6,111 6,075 Yugoslavia.................................................... 37 31 49 37 36 46 41 33 38 33 40 Other Western Europe1............................ 1,553 747 828 594 460 377 368 339 807 1,012 1,428 U.S.S.R.......................................................... 11 13 13 15 11 9 12 22 9 9 10 Other Eastern Europe................................ 50 43 48 54 63 56 53 45 50 66 60 Total....................................................... 21,674 23,694 24,123 22,650 23,297 23,685 24,651 25,812 28,737 24,509 23,786 Canada............................................................... 4,012 4,529 4,215 4,018 3,647 3,626 3,402 3,255 3,136 3,290 3,254 Latin America: Argentina....................................................... 416 605 560 539 508 517 522 506 504 447 501 Brazil............................................................. 425 415 353 305 344 326 291 301 284 313 415 Chile............................................................... 400 359 327 265 256 252 258 259 256 257 235 Colombia....................................................... 261 258 244 247 231 215 186 191 169 183 178 Cuba............................................................... 7 6 7 7 7 8 8 7 7 6 7 Mexico........................................................... 849 814 876 820 828 829 824 861 797 790 705 Panama......................................................... 140 169 173 158 163 177 173 185 173 175 150 Peru................................................................ 240 213 213 225 186 178 168 181 190 200 162 Uruguay......................................................... 111 104 108 117 125 125 119 120 112 116 116 Venezuela...................................................... 691 643 652 735 672 693 642 684 729 786 782 576 619 604 620 617 614 609 601 582 582 623 Bahamas and Bermuda.............................. 1,405 761 806 745 779 666 622 980 940 959 1,050 Netherlands Antilles and Surinam.......... 80 91 96 98 92 95 101 105 105 101 97 Other Latin America.................................. 34 37 42 39 37 38 49 48 56 46 46 Total....................................................... 5,636 5,095 5,060 4,918 4,846 4,732 4,571 5,031 4,905 4,960 5,066 Asia: China Mainland.......................................... 36 38 35 33 36 36 34 34 33 35 35 Hong Kong................................................... 213 250 274 258 305 322 298 281 313 305 301 India............................................................... 260 401 426 302 236 229 188 211 245 255 221 Indonesia....................................................... 86 50 85 73 60 65 52 73 60 71 68 Israel............................................................... 146 118 107 135 121 128 122 155 125 132 129 Japan............................................................. 3,809 4,274 4,557 5,150 5,169 5,452 6,325 6,815 8,190 8,665 8,671 Korea............................................................. 236 195 185 199 193 178 191 184 193 204 187 Philippines..................................................... 201 282 276 294 290 305 340 347 349 330 342 Taiwan........................................................... 196 247 260 275 292 278 288 296 293 291 300 Thailand........................................................ 628 549 511 508 489 469 443 381 306 281 237 Other.............................................................. 606 728 680 708 722 735 674 601 585 558 622 Total....................................................... 6,417 7,134 7,398 7,935 7,912 8,197 8,954 9,375 10,693 11,127 11,113 Africa: Congo (Kinshasa)........................................ 87 17 17 14 16 13 17 19 15 16 19 Morocco........................................................ 21 14 10 11 7 7 8 9 9 9 7 South Africa................................................. 66 53 55 83 71 71 56 74 64 61 71 U.A.R. (Egypt)............................................ 23 19 20 17 16 18 15 15 14 15 19 Other.............................................................. 505 566 471 395 469 334 278 268 291 285 299 Total....................................................... 701 668 573 521 580 443 373 384 392 385 415 Other countries: Australia........................................................ 282 390 392 389 376 398 455 576 668 757 830 All other........................................................ 29 31 33 39 34 46 43 41 40 46 47 Total....................................................... 311 421 425 428 410 444 497 617 708 803 877 Total foreign countries.................................. 38,751 41,541 41,793 40,471 40,692 41,128 42,447 44,475 48,571 45,074 44,511 International and regional: International2............................................... 1,261 881 873 975 1,175 1,086 1,100 1,219 1,250 1,214 1,230 Latin American regional............................ 100 175 152 131 167 161 170 175 186 195 230 Other regional............................................ 52 112 116 115 93 98 107 138 138 140 169 Total....................................................... 1,413 1,168 1,141 1,221 1,435 1,344 1,377 1,532 1,574 1,549 1,629 Grand total........................................... 40,164 42,709 42,934 41,692 42,127 42,472 43,824 46,007 50,145 46,623 46,140 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 82 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ SEPTEMBER 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 1969 1970 1971 1969 1970 1971 Area or country Area or country Apr. Dec. Apr. Dec. Apr. Apr. Dec. Apr. Dec. Apr. Other Western Europe: Other Asia—Cont.: 2 11 15 10 7 4 17 30 14 3 4 9 10 10 10 Kuwait.............................................. 40 46 66 54 36 20 38 32 41 29 4 3 4 5 2 82 83 82 54 60 Other Latin American republics: Malaysia.......................................... 41 30 48 22 29 Prvlivifi 65 68 76 69 59 24 35 34 38 27 Costa Rica............................................ 61 52 43 41 43 Ryukyu Islands (incl. Okinawa). 20 25 26 18 (5) 59 78 96 99 90 Saudi Arabia.................................. 48 106 166 106 41 FrnaHnr 62 76 72 79 72 Singapore........................................ 40 17 25 57 43 jpl QalvflHr^r 89 69 79 75 80 4 4 6 7 3 (3 U 3, t C 111 3,13 90 84 110 100 97 40 94 91 179 161 Haiti....................................................... 18 17 19 16 19 Honduras.............................................. 37 29 29 34 44 Other Africa: Ta m a 29 17 17 19 19 6 14 13 17 13 NiCclFclgUcl 78 63 76 59 47 Ethiopia (incl. Eritrea)................. 15 20 33 19 12 Pa ra onav 18 13 17 16 15 8 10 7 8 6 I rmiHaH JPr r| cto g 8 11 10 14 34 43 47 38 13 28 23 41 22 21 68 288 430 195 91 Ot B he ri r t i L sh a t W in e A st m In er d i i c e a s : ............................. 25 30 38 33 38 N ^In ig n e tl r i i P a f . n .. .. P .. . l . i . n .. r . l . p .. c .. i . a ........................... 1 2 0 11 2 11 2 17 1 (5 2 ) Sudan................................................ 3 3 1 1 1 Other Asia: Tanzania.......................................... 23 10 18 9 10 Afghanistan.......................................... 8 16 15 26 15 Tunisia.............................................. 2 6 7 7 6 Burma.................................................... 5 2 5 4 3 Uganda............................................ 9 5 7 8 5 Cambodia............................................. 2 1 1 2 2 Zambia............................................. 19 20 38 10 (5) Ceylon................................................... 5 3 4 4 4 Iran......................................................... 44 35 41 32 50 All other: Iraq......................................................... 77 26 6 11 (5) New Zealand.................................. 20 16 18 25 22 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”). 5 Not available. 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 Total O in t f i s f o 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 t l e r l i r es 1967................................. 2,560 698 1,863 1,807 15 40 251 234 126 443 218 502 89 1968................................. 3,166 777 2,389 2,341 8 40 284 257 241 658 201 651 97 1969................................. 2,490 889 1,601 1,505 55 41 64 175 41 655 70 472 124 1970—July..................... 2,033 826 1,208 1,036 118 54 25 198 7 523 28 237 191 Aug..................... 1,936 838 1,097 928 118 51 25 145 7 499 22 204 194 Sept..................... 1,916 862 1,054 883 119 53 25 147 7 477 11 190 197 Oct...................... 1,835 844 991 820 119 52 25 147 7 466 9 140 196 Nov..................... 1,733 814 919 749 118 52 13 143 7 416 8 138 193 Dec...................... 1,696 787 909 695 160 54 13 138 6 385 8 122 236 1971—Jan.r................... 1,564 712 852 635 157 60 13 144 6 340 8 108 233 Feb.r.................. 1,461 686 775 571 154 51 13 109 6 316 1 100 230 Marr................... 1,340 627 713 492 161 60 13 91 6 261 1 95 246 Apr.r.................. 1,186 582 605 406 142 57 13 92 7 186 1 84 220 May.................... 1,146 559 587 391 139 57 13 94 8 182 1 81 208 June^.................. 1,140 577 564 331 184 48 13 87 8 129 1 78 247 July*5................... 1,032 524 507 273 184 51 13 88 8 83 1 80 234 1 Excludes central banks, which are included with “Official institutions.” Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1971 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 83 11. ESTIMATED FOREIGN HOLDINGS OF MARKETABLE U.S. GOVERNMENT BONDS AND NOTES (End of period; in millions of dollars) 1969 1970 1971 Dec.r Aug.r Sept.r Oct.r Nov.r Dec.1 Dec.2 Jan.r Feb.r Mar.r Apr.r May June*> July** Europe: Belgium-Luxembourg......... * * 1 1 1 5 7 6 6 6 6 6 6 6 Norway................................. 7 7 7 7 7 7 * * * * * * * * Switzerland........................... 42 47 49 49 49 49 34 33 34 34 31 30 29 29 United Kingdom................. 407 414 427 428 451 503 472 520 518 510 519 485 490 495 Other Western Europe. . . . 37 34 34 33 33 30 27 20 24 24 24 24 24 24 Eastern Europe................... 7 7 7 7 6 6 6 6 6 6 6 6 6 6 Total............................. 500 510 525 524 547 600 547 586 589 582 587 552 556 562 Canada...................................... 269 291 282 192 191 193 178 178 177 174 174 175 175 175 Latin America: Latin American republics.. 2 2 2 2 2 2 2 2 2 1 1 1 1 1 Other Latin America......... 13 15 15 15 15 15 6 6 6 6 6 6 6 6 Total............................. 15 17 17 18 18 18 8 8 8 7 7 7 7 7 Asia: India...................................... 20 20 20 20 20 20 20 20 20 Japan...................................... 61 61 61 61 61 61 56 56 55 55 55 55 142 395 Other Asia............................ 18 19 19 19 18 18 10 10 10 10 10 10 10 10 Total.............................. 79 81 80 80 80 99 85 85 85 85 85 85 172 425 Africa........................................ 7 42 42 42 42 42 43 43 43 43 43 43 43 43 All other.................................... * * * * * * * * * * * * * * Total foreign countries.......... 871 942 947 857 879 953 860 899 901 890 895 862 952 1,211 International and regional: International........................ 32 22 22 22 22 * 2 17 115 115 115 115 115 Latin American regional. . 18 23 23 23 24 24 24 25 25 26 26 27 27 28 Total............................. 50 45 45 46 46 24 26 25 42 141 141 142 142 143 Grand total................. 921 987 992 903 925 977 886 923 943 1,031 1,036 1,003 1,095 1,354 1 Based on Nov. 30, 1968, benchmark survey. ketable U.S. Govt, securities with an original maturity of more than 1 2 Based on Jan. 31, 1971, benchmark survey. year, and are based on benchmark surveys of holdings and regular monthly reports of securities transactions (see Table 16). Note.—Data represent estimated official and private holdings of mar- 12. NONMARKETABLE U.S. TREASURY BONDS AND NOTES ISSUED TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES (In millions of dollars or dollar equivalent) Payable in dollars Payable in foreign currencies End of period Total g B iu e m l­ C ad a a n 1 ­ m D a e r n k ­ m G a e n r y ­ Italy2 Korea S d w en e­ T w a a i n ­ T la h n a d i­ Total A tr u ia s­ m G a e n r y ­ 3 Italy e S r w la i n tz d ­ 196 8 3,330 1,692 1,334 20 146 25 20 100 1,638 1,051 226 311 196 9 43,181 1,431 1,129 135 20 100 4 1,750 4 1,084 125 541 1970—Aug. 3.508 2.425 2.229 29 20 100 1.083 542 541 Sept, 3.508 2.425 2.229 29 20 100 1.083 542 541 Oct.. 3,567 2,484 2.289 28 20 100 1.083 542 541 Nov. 3,564 2,481 2.289 25 20 100 1.083 542 541 Dec. 3.563 2.480 2.289 25 20 100 1.083 542 541 1971—Jan., 3.563 2.480 2.289 25 20 100 1.083 542 541 Feb. 3.563 2.480 2.289 25 20 100 1.083 542 541 Mar. 3.563 2.480 2.289 25 20 100 1.083 542 541 Apr. 3.563 2.480 2.289 25 20 100 1.083 542 541 May 53,592 2.480 2.289 25 20 100 51,111 542 5 569 June 6.592 5.480 2.289 3.000 25 20 100 1,111 542 569 July. 8.592 7.480 2.289 5.000 25 20 100 1,111 542 569 Aug. 8,924 7,479 2.289 5.000 23 20 100 1 ,444 542 902 1 Includes bonds issued in 1964 to the Government of Canada in connec­ June 1968. The revaluation of the German mark in Oct. 1969 increased tion with transactions under the Columbia River treaty. Amounts out­ the dollar value of these notes by $10 million. standing end of 1967 through Oct. 1968, $114 million; Nov. 1968 through 4 Includes an increase in dollar value of $84 million resulting from Sept. 1969, $84 million; Oct. 1969 through Sept. 1970, $54 million; and revaluation of the German mark in Oct. 1969. Oct. 1970 through latest date, $24 million. 5 Increase in valuation resulted from redemption of outstanding Swiss 2 Bonds issued to the Government of Italy in connection with mili­ franc securities at old exchange rate and reissue of securities at new ex­ tary purchases in the United States. change rate with same maturity dates, at time of revaluation of Swiss 3 In addition, nonmarketable U.S. Treasury notes amounting to $125 franc. The new issues include some certificates of indebtedness issued to million equivalent were issued to a group of German commercial banks in replace notes which were within a year of maturity. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 84 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ SEPTEMBER 1971 13. SHORTTERM 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. Oct. Nov. Dec. Jan. Feb. Mar. Apr May Junep July? Europe: Austria........................................................... 7 5 8 6 4 4 5 17 6 5 5 Belgium-Luxembourg................................ 56 68 71 50 69 68 68 57 73 58 48 Denmark....................................................... 40 36 37 40 46 53 58 54 54 51 46 Finland.......................................................... 68 56 55 66 103 110 123 128 137 132 129 France............................................................ 107 78 105 113 95 111 98 102 123 108 124 Germany....................................................... 205 182 184 184 142 171 190 211 356 250 233 Greece............................................................ 22 27 25 26 21 22 21 22 24 22 21 Italy................................................................ 120 106 92 101 92 98 102 108 131 120 133 Netherlands................................................... 51 52 57 61 74 68 70 76 85 87 84 Norway.......................................................... 34 40 48 54 61 65 62 54 64 67 61 Portugal......................................................... 8 16 13 11 12 14 15 15 20 18 13 Spain.............................................................. 70 58 54 52 49 56 59 65 70 61 64 67 123 110 97 102 100 104 124 129 135 138 Switzerland................................................... 99 115 98 100 121 114 174 130 163 148 162 Turkey........................................................... 19 4 4 9 3 4 5 8 30 14 11 United Kingdom......................................... 408 378 430 379 410 513 456 580 808 532 475 Yugoslavia.................................................... 28 42 41 35 35 31 33 33 36 37 38 Other Western Europe............................... 9 8 12 13 10 11 9 12 15 17 18 U.S.S.R.......................................................... 2 3 1 3 2 2 3 3 2 2 2 Other Eastern Europe................................ 34 43 41 45 36 41 47 51 50 44 48 Total....................................................... 1,454 1,437 1,487 1,448 1,487 1,657 1,701 1,849 2,377 1,909 1,853 Canada............................................................... 826 897 917 1,084 914 941 1,018 972 1,021 1,003 980 Latin America: Argentina....................................................... 309 303 306 324 326 337 346 317 318 312 334 Brazil.............................................................. 317 323 322 322 309 320 360 387 382 396 410 Chile............................................................... 188 199 189 199 186 184 179 165 158 155 157 Colombia....................................................... 225 267 272 284 288 296 300 303 294 299 315 Cuba............................................................... 14 14 13 13 13 13 13 13 13 13 13 Mexico........................................................... 803 906 934 904 912 951 908 893 883 876 943 Panama.......................................................... 68 94 84 95 82 105 100 105 104 109 99 Peru................................................................ 161 136 141 147 143 135 131 150 153 156 173 Uruguay......................................................... 48 54 55 63 56 51 49 53 51 44 44 Venezuela...................................................... 240 284 284 281 276 275 243 242 230 227 254 Other Latin American republics.............. 295 298 321 340 334 336 326 329 311 312 309 Bahamas and Bermuda.............................. 93 133 105 179 178 157 200 190 239 211 269 Netherlands Antilles and Surinam.......... 14 14 14 19 19 14 15 21 20 19 18 Other Latin America.................................. 27 20 22 22 22 21 22 22 22 27 32 Total...................................................... 2,802 3,045 3,062 3,191 3,145 3,193 3,193 3,189 3,177 3,155 3,370 It Asia: China Mainland.......................................... 1 2 1 2 1 1 2 1 1 1 1 Hong Kong................................................... 36 36 36 39 40 41 49 60 56 60 69 India............................................................... 10 12 12 13 16 13 15 21 20 19 18 Indonesia....................................................... 30 41 54 56 49 49 66 48 34 30 63 Israel............................................................... 108 105 110 120 99 130 97 110 112 117 123 Japan.............................................................. 3,432 3,370 3,538 3,890 3,675 3,480 3,482 3,356 3,606 3,501 3,217 Korea............................................................. 158 218 197 196 196 194 221 243 231 274 252 Philippines..................................................... 215 134 129 137 135 137 124 128 115 125 126 Taiwan........................................................... 49 82 82 95 101 113 119 117 127 130 127 Thailand........................................................ 101 100 97 109 106 109 109 118 114 116 123 Other.............................................................. 212 160 164 157 167 182 183 187 211 200 203 Total....................................................... 4,352 4,262 4,420 4,815 4,585 4,448 4,466 4,389 4,627 4,572 4,322 Africa: Congo (Kinshasa)........................................ 6 4 5 4 7 4 6 5 6 7 18 Morocco........................................................ 3 6 4 6 6 6 6 5 6 5 6 South Africa................................................. 55 72 76 77 83 84 86 93 103 96 128 U.A.R. (Egypt)............................................ 11 12 10 13 16 14 14 17 16 14 12 Other.............................................................. 86 63 72 79 78 85 101 103 104 110 108 Total....................................................... 162 157 166 180 190 194 213 223 235 232 272 Other countries: Australia....................................................... 53 59 59 64 70 105 73 73 81 97 105 All other........................................................ 16 15 16 16 17 19 18 18 17 17 21 Total...................................................... 69 75 75 80 87 124 91 91 98 114 126 Total foreign countries.................................. 9,664 9,872 10,127 10,798 10,408 10,557 10,681 10,713 11,535 10,986 10,922 International and regional............................ 2 1 2 3 2 2 2 2 2 4 3 Grand total.......................................... 9,667 9,873 10,129 10,801 10,410 10,559 10,683 10,714 11,537 10,989 10,925 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

SEPTEMBER 1971 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 85 14. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars Payable in foreign currencies End of period Total Total Total O in f s f L t i i c t o i u a a ­ l ns t B o a — nks1 Others C s t t o o i a o l u n l n t e d ­ s c ­ ­ f A o o m a c r f n c a a f c e d o c e p c e r s t ­ 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 u c o n o v r r d i m t e t , i i e f g l s i . s e ­ n , ­ Other tions ing eigners nance 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 j9,667 9,151 3,278 262 1,943 1,073 2,015 3,202 656 516 352 89 74 1970—July..................... 9,727 9,306 3,191 256 1,873 1,063 2,350 3,234 531 421 296 66 59 Aug..................... 9,521 9,058 2,975 178 1,711 1,087 2,354 3,171 557 463 354 50 59 Sept..................... 9,741 9,261 3,231 186 1,936 1,109 2,381 3,056 593 479 366 40 74 Oct....................... 9,873 9,358 3,129 109 1,897 1,123 2,438 3,158 634 515 366 67 83 Nov..................... 10,129 9,574 3,132 95 1,894 1,143 2,429 3,330 683 555 354 112 89 Dec...................... 10,801 10,150 3,038 119 1,709 1,210 2,414 3,966 732 651 393 92 166 1971—Jan....................... 10,410 9,903 2,850 110 1,561 1,178 2,396 3,950 708 506 308 79 120 Feb...................... 10,559 10,024 2,937 88 1,578 1,270 2,389 3,972 726 535 334 111 90 Mar..................... 10,683 10,119 2,996 100 1,589 1,307 2,376 4,026 721 564 365 102 96 Apr...................... 10,714 10,181 3,091 107 1,731 1,253 2,320 4,086 684 534 339 92 103 May.................... 11,537 10,901 3,367 150 1,916 1,300 2,349 4,117 1,069 636 449 78 109 JuneP................... 10,989 10,428 3,388 145 1,956 1,287 2,418 3,935 686 562 371 102 89 July**................... 10,925 10,388 3,580 200 2,035 1,345 2,361 3,633 815 536 380 68 89 1 Excludes central banks which are included with “Official institutions.” with those shown for the preceding date; figures on the second line are 2 Data on the two lines shown for this date differ because of changes in comparable with those shown for the following date, reporting coverage. Figures on the first line are comparable in coverage 15. LONG-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) Type Country or area Payable in dollars End of Payable period Total Loans to— O lo t n h g e ­ r c fo u r r i e r n i e g n n ­ U K d n i o n i m t g 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—July.... 3,127 2,745 486 215 2,044 354 29 69 396 417 1,337 100 502 307 Aug........ 3,131 2,719 470 225 2,023 383 29 64 398 411 1,324 106 515 312 Sept....... 3,155 2,750 460 244 2,046 377 28 65 395 416 1,357 108 499 314 Oct........ 3,229 2,839 531 256 2,053 359 30 67 407 409 1,342 109 582 312 Nov....... 3,216 2,825 515 247 2,064 364 26 66 387 398 1,362 113 583 307 Dec........ 3,067 2,691 504 230 1,957 352 25 71 411 312 1,318 115 548 292 1971—Jan........ 2,953 2,601 485 r205 '1,911 327 24 70 412 278 1,272 117 523 280 Feb........ 2,948 2,634 484 r206 '1,944 289 26 77 420 266 1,248 121 521 295 Mar.... 3,035 2,729 501 r218 '2,010 277 30 111 424 268 1,261 125 548 '298 Apr........ 3,072 2,768 504 218 2,046 271 33 117 439 275 1,262 120 554 305 May___ 3,237 2,926 523 244 2,160 279 32 107 498 277 1,254 208 548 345 Junep... 3,209 2,906 475 235 2,196 277 26 112 519 266 1,219 225 514 355 July**. .. 3,267 2,972 489 253 2,230 275 20 119 530 266 1,248 219 515 371 1 Excludes central banks, which are included with “Official institutions.” Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 86 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ SEPTEMBER 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 purchases or 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 l e e p 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 N ch e s a t a s l e e p s s u o r r ­ regional Total Official Other 1969r............................. -45 11 -56 -115 59 15,476 12,795 2,681 1,552 2,581 -1,029 1,519 2,037 -517 1970r.............................. 56 -25 82 -41 123 11,426 9,844 1,582 1,490 2,441 -951 1,033 997 37 1971—Jan.-Julyp........ 468 117 351 338 13 8,753 8,297 456 941 1,544 -603 655 898 -244 1970—July................... 27 1 26 20 6 783 649 134 126 263 -136 62 58 4 Aug............ 13 -8 21 * 21 656 514 142 143 380 -237 60 45 15 Sept.................... 5 * 5 5 1,034 703 331 110 93 17 76 90 -14 Oct.r................. -89 * -90 -91 1 1,187 938 249 109 257 -148 71 120 -50 Nov.................... 23 1 22 * 22 754 609 145 97 87 10 65 76 -11 Dec.r................. 52 -22 74 17 57 1,321 1,030 291 140 277 -137 83 87 -4 1971—jan. r................. 37 -1 38 -8 46 1,242 1,022 220 116 419 -302 90 95 -5 Feb..................... 20 17 3 5 -2 1,516 1,411 105 126 107 19 68 108 -41 Mar.................... 88 99 -11 -11 1,411 1,314 97 176 190 -14 85 121 -36 Apr.r................. 5 * 5 * 4 1,383 1,408 -25 174 234 -60 117 179 -63 May................... -33 1 -33 -33 1,163 1,126 37 118 218 -100 94 120 -26 Junep................. 91 * 91 87 4 999 1,013 -14 121 239 -118 98 130 -32 JulyP................. 260 1 351 253 6 1,038 1,002 36 109 137 -28 102 144 -42 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 Asia 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 0 626 58 195 128 110 -33 24 482 -9 47 85 22 1971—Jan.-July?1 67 — 3C 54 73 10 42 -81 27 39 -I 42 1970—Jul y 52 16 18 16 13 -14 9 58 -16 3 6 1 1 Aug......... 104 7 18 16 40 20 11 113 -6 -9 4 2 Sept......... 225 -4 36 37 49 29 6 154 26 20 22 2 Oct........... 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 14 26 7 46 107 11 6 -1 Feb.......... -32 -23 28 9 -6 -23 21 7 -34 -5 Mar......... -26 -26 11 2 -27 -11 -8 -59 1 18 6 Apr.......... -1 8 -10 8 -4 -18 -8 -24 -7 14 6 May........ 10 9 * 13 10 -6 -3 24 -17 -4 -1 7 June».... -11 3 3 12 9 -19 -24 -17 -11 -4 14 July*___ -4 12 -6 15 -10 6 -13 4 -24 2 -2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1971 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 87 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....................... 956 35 48 37 134 118 91 464 128 25 28 1 -12 324 1971—Jan.-July 2> 389 14 33 3 67 97 43 256 35 16 -5 * -16 102 1970—July........... 82 4 -2 -1 23 36 8 68 6 6 1 * _ j 1 Aug............ 38 -1 -3 * -1 -1 1 -4 21 2 * * — 2 21 Sept........... 106 1 25 * 3 -1 2 31 16 -6 1 * * 64 Oct............. 91 -1 * 1 8 -8 43 43 14 1 6 * _2 29 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............ 137 4 3 2 16 21 39 85 -4 1 1 * -12 65 Mar........... 123 10 14 -1 32 32 5 92 11 6 3 * * 11 Apr............ -23 3 -3 * 7 7 5 19 -2 4 -6 * * -39 May.......... 27 -1 27 * -5 19 -6 33 * 3 -1 * -2 -6 June27......... -3 -1 -1 * -1 -4 * -7 11 2 -3 * -2 -3 July2*......... 40 -2 -1 1 3 20 1 22 -10 3 * * * 24 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 pe ­ 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 1967.......................................... 311 298 1969r.......................... -1,547 66-1,613 74-1,128 -98 -474 -6 20 1968.......................................... 636 508 1970r.......................... -914 -254 -660 50 -584 -11 -129 -6 20 1969—Mar.............................. 553 393 1971—Jan.-July2’... -847 -212 -635 -70 -245 10 -359 5 24 566 397 467 297 1970—July................ -132 -38 -94 9 -78 -23 -1 * * 434 278 Aug................ -222 -158 -64 4 -127 56 2 * 1 Sept................ 3 16 -13 5 22 -30 -12 * 2 368 220 Oct.r.............. -198 -91 -107 -33 -51 3 -28 * 2 334 182 Nov................ -1 3 -4 -10 15 -2 -9 -1 1 291 203 Dec.r............. -141 4 -145 -22 -90 -5 -31 -1 4 349 279 1971—Jan.'............... -307 -197 -111 2 -85 -1 -29 * 2 511 314 Feb................. -21 -4 -17 -21 27 4 -29 * 1 419 300 Mar................ -50 11 -61 6 -34 11 -44 -1 1 Apr.r............. -122 -46 -77 -34 29 5 -79 * 1 May............... -126 4 -130 -4 -62 -13 -52 * 2 Note.—Data represent the money credit balances and June23............. -150 13 -163 -3 -111 5 -72 6 14 money debit balances appearing on the books of reporting July2*............... -70 -76 -16 -8 -2 -53 * 2 brokers and dealers in the United States, in accounts of 7 foreigners with them, and in their accounts carried by foreigners. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 88 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ SEPTEMBER 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) Liabili­ Liabili­ Liab. Liabili­ Liab. 1971 Wednesday ties1 Wednesday ties1 plus Wednesday ties1 plus Maturity of sec.2 sec.2 liability Apr.r May r June 1966 1970 1971—Cont. Overnight............................ 1.52 1.47 1.85 Mar. 30.... 1,879 Jan. 28. 13,605 Mar. 3. 5,016 6,516 Call....................................... 2.31 1.88 1.67 June 29.... 1,951 Feb. 25. 13,086 10. 4,806 6,306 Other liabilities, maturing Sept. 28.... 3,472 Mar. 25. 11,885 17. 4,180 5,680 in following calendar Dec. 28.... 4,036 Apr. 29. 11,944 24. 4,338 5,838 months after report May 27. 12,346 31. 2,858 4,358 J M un ar e . 2 2 1 9 8 9 . . 6 . . 7 . . . . 3 3 , , 4 1 1 6 2 6 J J A S O u u e u c l n p t y g e . t . . 2 2 2 2 3 8 6 0 4 9 . . . . . 1 1 1 9 9 0 0 2 , , , , , 6 2 6 1 4 9 6 2 6 7 7 3 9 2 9 Apr. 2 2 1 7 8 1 4 . . . . 2 2 2 3 , , , , 1 3 2 2 5 1 4 5 8 9 0 4 4 5 5 5 , , , , 7 3 1 2 5 1 6 5 9 8 6 2 2 4 5 3 n t t r h h d d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 8 5 1 1 . . . . . 1 0 0 7 4 9 3 0 6 0 9 5 3 1 1 . . . . 3 2 0 5 6 3 7 0 7 7 1 4 3 1 1 1 . . . . . 3 4 7 7 1 1 8 9 6 0 Sept. 27... . 4,059 Nov. 25. 8,435 May 5. 2,004 5,012 6th................................. 1.52 1.67 1.92 Dec. 27.... 4,241 12. 1,598 4,606 7th................................. .32 .43 .34 Dec. 2. 8,252 19. 1,628 4,636 8th................................. . 38 . 30 .25 9. 8,215 26. 1,579 4,587 9th................................. .27 .24 . 30 1968 16. 8,305 10th................................. .23 .29 . 37 23. 7,902 June 2. 1,877 4,885 11th................................. .28 .37 .25 J S M u e n a p r e t . . 2 2 27 5 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 6 7 , , , 1 2 9 0 0 2 2 4 0 197 3 1 0. 7,676 2 3 1 9 3 0 6 . . . . 2 2 1 1 . . , , 3 3 9 4 2 2 3 9 3 3 8 9 4 5 5 4 . . , , 3 3 5 9 3 3 0 4 1 1 7 6 M y at 1 e u 2 a r t r i h t .. i . . e . . . . s . . . . . . o . . . . . f . . . . . m . . . . . . o . . . . . r . . . e . . . . . . t . . . h . . . . . a . . . . n . . . . . . . 1 . . . . . . 7 3 3 2 . . 7 2 2 4 . .7 22 0 Dec. 31 (1/1/69) 6,039 Jan. 6. 7,424 2 1 0 3 . . 7 7 , , 8 8 6 2 3 3 July 1 7 4 . . 2 1 , , 1 7 8 2 3 9 4 5, , 1 7 9 7 1 6 28.27 28.44 30.33 1969 27. 6,536 7,536 21. 1,879 4,926 28. 1,505 4,655 Note.—Includes interest-bearing U.S. dollar Mar. 26.... 9,621 Feb. 3. 6,432 7,432 Aug. 4. 1,912 5,062 deposits and direct borrowings of all branches in June 25.... 13,269 10. 6,233 7,233 11 . 1,104 4,290 the Bahamas and of all other foreign branches Sept. 24---- 14,349 17. 5,872 6,872 18. 1 ,382 4,568 for which such deposits and direct borrowings Dec. 31.... 12,805 24. 5,666 6,666 25. 1,409 4,079 amount to $50 million or more. Details may not add to totals due to rounding. 1 Represents gross liabilities of reporting banks to their branches in foreign countries. 2 Includes U.S. Treasury Certificates Eurodollar Series and special Export-Import Bank securities held by foreign branches. Beginning July 28, 1971 all of the securities held are U.S. Treasury Certificates Eurodollar Series. 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 FOREIGN OFFICIAL ACCOUNT (Amounts outstanding; in millions of dollars) (In millions of dollars) Payable in Assets ini 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 term Deposits term dom invest­ invest­ ments1 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—Aug... 173 12,489 12,283 I Q£Q ? /1,319 952 116 174 76 610 469 Sept... 136 13,983 12,611 U ,454 1,025 161 183 86 663 519 Oct.... 142 14,458 12,617 Nov... 136 16,196 12,644 1970—June 1,533 1,098 174 148 112 810 359 Dec.. . 148 16,226 12,926 July r___ 1,481 1,067 181 159 74 809 309 Aug. r.... 1,335 926 164 151 94 708 297 1971—Jan.... 129 16,206 12,958 Sept.r---- 1,434 948 183 177 126 713 382 Feb... 147 18,033 12,981 Oct.r. .. . 1,477 964 177 177 159 686 440 Mar... 201 20,534 13,057 Nov.r.... 1,485 973 171 175 166 664 472 Apr... 162 22,879 13,095 Dec.r----- 1,095 667 133 173 121 372 417 May. . 208 28,126 13,447 June.. 199 26,544 13,509 1971—Jan.r. 1,252 835 124 177 116 520 363 July... 162 28,574 13,559 Feb.r.... 1,312 827 152 190 144 548 401 Aug... 122 35,914 13,821 Mar.r___ 1,450 983 147 175 145 706 377 Apr.r.... 1,468 967 163 200 138 687 390 Mayr.... 1,532 930 147 293 161 622 424 1 Marketable U.S. Treasury bills, certificates of in­ June......... 1,457 931 170 234 122 634 361 debtedness, notes, and bonds and nonmarketable U.S. Treasury securities payable in dollars and 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 it s 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 th th e i s f o d r 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 Tables 25 and 26. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1971 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 89 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 1970 1971 1970 1971 Mar.r Juner Sept.r Dec.r Mar.*9 Mar.r Juner Sept.r Dec.r Mar.p Europe: Austria...................................... 3 4 6 8 11 7 8 9 10 10 Belgium-Luxembourg........... 75 74 66 46 47 60 58 54 47 49 Denmark.................................. 3 3 3 2 9 17 17 16 17 16 Finland..................................... 1 1 1 2 2 8 8 13 11 8 France...................................... 126 156 141 126 112 155 176 154 150 159 Germany, Fed. Rep. of........ 193 164 166 139 122 172 174 192 209 191 Greece...................................... 3 3 3 4 4 19 27 28 28 34 Italy........................................... 82 84 69 ; 77 71 169 173 161 163 175 Netherlands............................. 110 116 124 | 128 115 72 72 ! 62 62 65 Norway.................................... 5 5 6 5 4 12 13 13 16 15 Portugal.................................... 6 5 10 13 14 14 18 14 15 13 Spain......................................... 55 47 48 j 24 27 78 72 73 81 93 Sweden...................................... 29 31 35 i 34 28 27 27 25 40 53 Switzerland.............................. 159 159 185 1 159 122 47 37 45 47 38 Turkey...................................... 2 2 3 4 3 12 11 13 8 17 United Kingdom................... 570 648 644 i 792 694 1,198 1,137 1,055 698 1,020 Yugoslavia.............................. 2 1 1 2 1 19 15 17 17 16 Other Western Europe......... 19 21 21 11 1 11 12 9 9 12 Eastern Europe....................... 2 3 5 4 4 17 20 24 24 16 Total................................. 1,445 1,526 1,538 1,578 1,392 2,111 2,076 1,977 1,652 1,997 Canada......................................... 206 205 215 1 215 199 643 691 ! 703 751 709 Latin America: Argentina................................. 10 15 10 11 14 55 62 i 6i 61 65 Brazil........................................ 13 14 17 19 15 97 100 107 120 105 Chile.......................................... 8 9 11 11 13 42 37 1 42 48 40 Colombia................................. 6 5 6 6 6 36 37 : 37 37 36 Cuba.......................................... * * * * * 1 1 1 1 1 Mexico...................................... 24 21 i 28 22 20 148 140 149 156 143 Panama.................................... 8 5 5 5 6 19 19 18 18 21 Peru........................................... 10 6 6 4 4 34 37 29 36 35 Uruguay................................... 5 5 5 4 4 8 6 : 5 6 7 Venezuela................................. 13 19 14 18 17 68 63 70 68 70 Other L.A. republics............. 27 28 35 37 29 92 102 97 100 96 Bahamas and Bermuda........ 46 58 89 144 130 84 160 153 160 210 Neth. Antilles and Surinam. 4 38 24 23 5 7 8 10 9 8 Other Latin America............. 5 6 5 6 5 25 19 ! 23 | 29 21 Total................................. 179 229 255 i 310 268 717 790 801 848 858 Asia: Hong Kong.............................. 7 7 1 8 9 8 14 17 ; 19 17 19 India.......................................... 27 37 41 38 25 36 41 42 34 39 Indonesia.................................. 5 7 7 ! 9 5 11 17 14 21 20 15 17 21 24 28 34 23 21 23 24 Japan........................................ 132 113 135 144 165 297 311 314 323 348 Korea........................................ 1 2 ; 1 1 11 27 50 29 42 48 Philippines............................... 6 7 ; 7 7 7 32 33 , 32 30 30 Taiwan...................................... 4 4 8 9 10 23 29 27 33 32 Thailand.................................. 3 3 j 4 4 4 15 15 ! 13 11 12 Other Asia............................... 26 28 47 : 50 59 113 125 | 145 145 155 Total................................. 227 227 281 ; 296 323 602 662 657 678 727 Africa: Congo (Kinshasa).................. 3 14 15 i 2 2 4 5 4 3 5 19 19 24 ! 34 31 28 35 29 30 32 U.A.R. (Egypt)....................... 1 2 i 2 1 2 9 10 j 11 9 10 Other Africa............................ 33 37 51 ; 41 19 47 49 48 50 53 Total................................. 56 72 90 78 54 87 99 92 92 100 Other countries: i Australia.................................. 64 69 74 : 75 81 64 84 | 70 80 86 All other.................................. 6 6 5 ! 7 8 13 14 15 15 13 Total................................. 70 74 79 82 89 77 100 84 94 99 International and regional. . .. * * * * * 1 2 1 1 3 Grand total..................... 2,184 2,334 2,459 2,560 2,325 4,238 4,417 4,316 4,117 4,492 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 90 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ SEPTEMBER 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 1967—Mar....................... 1,148 864 285 2,689 2,245 192 252 June....................... 1,203 916 287 2,585 2,110 199 275 Sept........................ 1,353 1,029 324 2,555 2,116 192 246 Dec........................ ( 1,371 1,027 343 2,946 2,529 201 216 Dec.1..................... \ 1,386 1,039 347 3,011 2,599 203 209 1968—Mar........................ 1,358 991 367 3,369 2,936 211 222 June....................... 1,473 1,056 417 3,855 3,415 210 229 Sept........................ 1,678 1,271 407 3,907 3,292 422 193 Dec......................... 1,608 1,225 382 3,783 3,173 368 241 1969—Mar........................ 1,576 1,185 391 4,014 3,329 358 327 June....................... 1,613 1,263 350 4,023 3,316 429 278 Sept.. . .................. 1,797 1,450 346 3,874 3,222 386 267 Dec......................... ( 1,786 1,399 387 3,710 3,124 221 365 Dec.1 '.................. \ 2,081 1,648 433 4,124 3,495 244 385 1970—Mar.r..................... 2,184 1,707 478 4,238 3,699 219 320 Juner..................... 2,334 1,821 513 4,417 3,825 234 358 Sept.r..................... 2,459 1,933 526 4,316 3,710 301 306 Dec.r..................... 2,560 2,127 432 4,117 3,534 234 349 1971—Mar........................ 2,325 1,908 417 4,492 3,885 230 377 1 Data differ from that shown for Dec. in line above because of changes in reporting coverage. 27. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (Amounts outstanding; in millions of dollars) Claims Country or area 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 i n c r a Japan O A t s h i e a r Africa o A th l e l r 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........................... ( 1,725 2,215 152 433 496 172 73 388 141 249 69 42 Dec.1 r.................... \ 2,246 2,330 152 442 537 174 77 415 142 269 75 46 1970—Mar.r...................... 2,307 2,711 159 735 549 178 74 453 158 286 71 47 Juner....................... 2,561 2,724 161 712 557 175 65 472 166 286 76 54 Sept. r....................... 2,746 2,853 157 720 597 177 63 582 144 283 73 58 Dec........................... '3,080 2,907 146 708 645 181 60 603 140 290 71 64 1971—Mar........................... 3,130 2,940 154 688 646 179 63 600 161 299 78 72 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

SEPTEMBER 1971 □ MONEY RATES A 91 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Australia Period Argentina Austria Belgium Canada Ceylon Denmark Finland (peso) (schilling) (franc) (dollar) (rupee) (krone) (markka) (pound) (dollar) 196 7 .30545 111.25 3.8688 2.0125 92.689 20.501 14.325 129.553 196 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 2 26.589 111.36 3.8659 2.0139 95.802 16.774 13.334 23.742 1970—Aug.. 24.936 110.99 3.8638 2.0145 3 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 May.. 24.156 112.42 43.9676 2.0164 99.138 16.792 13.334 23.735 June.. 23.602 112.43 4.0021 2.0109 97.913 16.792 13.342 23.735 July. . 22.642 112.42 4.0040 2.0133 97.912 16.792 13.334 23.735 Aug... 20.757 113.17 4.0264 2.0351 98.670 16.792 13.435 23.735 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 e a n n ) 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 i e l n t d h d e ­ s r) 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 9 519.302 6 25.491 13.230 239.01 .15940 .27903 32.623 8.0056 27.592 197 0 18.087 27.424 13.233 239.59 .15945 .27921 32.396 8.0056 27.651 1970—Aug. 18.109 27.537 13.212 238.77 .15928 .27915 32.287 8.0056 27.775 Sept. 18.112 27.537 13.211 238.53 .16005 .27935 32.314 8.0056 27.785 Oct.. 18.104 27.531 13.217 238.74 .16052 .27948 32.395 8.0056 27.781 Nov. 18.120 27.544 13.231 239.03 .16064 .27956 32.402 8.0056 27.793 Dec. 18.107 27.437 13.229 239.06 .16039 .27959 32.382 8.0056 27.763 1971—Jan.. 18.119 27.496 13.269 240.58 .16045 .27932 32.515 8.0056 27.820 Feb. 18.122 27.594 13.311 241.78 .16036 .27969 32.615 8.0056 27.814 Mar. 18.129 27.538 13.304 241.87 .16063 .27971 32.616 8.0056 27.816 Apr., 18.126 27.516 13.315 241.74 .16070 .27972 32.604 8.0056 27.776 May, 18.094 7 28.144 13.330 241.87 .16059 .27979 32.642 8.0056 7 28.135 June, 18.092 28.474 13.346 241.87 .16009 .27979 32.720 8.0056 28.065 July. 18.136 28.728 13.347 241.85 .16048 .27980 32.733 8.0056 28.097 Aug. 18.130 29.277 13.345 243.46 .16157 .28113 32.737 8.0056 28.693 New Zealand South Switz­ United (pound) (dollar) 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 (ra fr n i d ca ) (p S e p s a e i t n a) S (k w ro ed n e a n ) ( e f r r l a a n n c d ) (p K d o i o u n m n g d ­ ) 1967., 276.69 8 131.97 13.985 3.4784 139.09 1.6383 19.373 23.104 275.04 1968., 111.37 14.000 3.4864 139.10 1.4272 19.349 23.169 239.35 1969. 111.21 13.997 3.5013 138.90 1.4266 19.342 23.186 239.01 1970. 111.48 13.992 3.4978 139.24 1.4280 19.282 23.199 239.59 1970—Aug.. 111.10 13.998 3.4898 138.76 1.4290 19.306 23.247 238.77 Sept.. 110.98 13.994 3.4886 138.62 1.4287 19.225 23.219 238.53 Oct.. 111.08 13.993 3.4893 138.74 1.4290 19.282 23.090 238.74 Nov.. 111.22 13.996 3.4924 138.91 1.4290 19.324 23.155 239.03 Dec.. 111.23 14.021 3.4919 138.93 1.4290 19.340 23.187 239.06 1971—Jan.. .. 111.94 14.003 3.5000 139.81 1.4290 19.365 23.227 240.58 Feb... 112.50 14.001 3.5031 140.51 1.4290 19.332 23.266 241.78 Mar.. . 112.54 14.010 3.5019 140.56 1.4290 19.369 23.254 241.87 Apr.... 112.50 14.028 3.5000 140.51 1.4291 19.368 23.263 241.79 May... 112.54 13.556 3.5013 140.56 1.4291 19.357 9 24.253 241.87 June... 112.55 14.062 3.5027 140.57 1.4290 19.370 24.409 241.87 July. .. 112.53 14.073 3.5016 140.55 1.4292 19.371 24.423 241.85 Aug---- 113.28 14.244 3.5289 141.46 1.4335 19.502 24.813 243.46 1 Effective Oct. 12, 1967, the Finnish markka was devalued from 3.2 8 Effective July 10, 1967, New Zealand adopted the decimal currency to 4.2 markkaa per U.S. dollar. system. The new unit, the dollar, replaces the pound and consists of 100 2 A new Argentine peso, equal to 100 old pesos, was introduced on cents, equivalent to 10 shillings or one-half the former pound. Jan. 1, 1970. In six steps the peso was devalued to 5.0 per U.S. dollar 9 Effective May 10, 1971, the Swiss franc was revalued to 4.08 per effective Aug. 25, 1971. U.S. dollar. 3 On June 1, 1970, the Canadian Government announced that, for the time being, Canada will not maintain the exchange rate of the Canadian Note.—After the devaluation of the pound sterling on Nov. 18, 1967, dollar within the margins required by IMF rules. the following countries devalued their currency in relation to the U.S. 4 Effective May 9, 1971, the Austrian schilling was revalued to 24.75 dollar: Ceylon, Denmark, Ireland, New Zealand, and Spain. per U.S. dollar. Effective Aug. 16, 1971, the U.S. dollar convertibility to gold was sus­ 5 Effective Aug. 10, 1969, the French franc was devalued from 4.94 to pended ; as from that day foreign central banks did not have to support 5.55 francs per U.S. dollar. the dollar rate in order to keep it within IMF limits. 6 Effective Oct. 26, 1969, the new par value of the German mark was Averages of certified noon buying rates in New York for cable transfers. set at 3.66 per U.S. dollar. For description of rates and back data, see “International Finance,” 7 Effective May 10, 1971, the German mark and Netherlands guilder Section 15 of Supplement to Banking and Monetary Statistics, 1962. have been floated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 92 MONEY RATES □ SEPTEMBER 1971 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of Aug. 31, 1970 Rate Country 1970 1971 as of Aug. 31, Per Month 1971 cent effective Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. 6.0 Dec. 1957 6.0 5.0 Jan. 1970 5.0 7.5 Sept. 1969 7.0 6.5 6.0 6.0 20.0 July 1969 20.0 4.0 Feb. 1962 4.0 7.0 June 1970 6.5 6.0 5.25 5.25 5.5 May 1968 5.5 Chile.......................................... 14.0 July 1969 14.0 Colombia................................. 8.0 May 1963 8.0 Costa Rica............................... 4.0 4.0 9.0 May 1969 8.0 7.5 7.5 8.0 Jan. 1970 8.0 4.0 Aug. 1964 4.0 7.0 Apr. 1962 8.50 8.50 7.5 Aug. 1970 7.0 6.5 6.75 6.75 7.0 July 1970 6.5 6.0 5.0 5.0 ...................................... 5.5 Mar. 1968 Ghana 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...................................... 7.31 May 1970 7.31 Israel......................................... 6.0 Feb. 1955 6.0 Italy.......................................... 5.5 Mar. 1970 5.0 5.0 6.0JamaMicaay. ..1..9..6..9.. ......................... 5.5 5.5 Japan........................................ 6.25 Sept. 1969 6.0 5.75 5.5 5.25 5.25 Korea........................................ 24.0 Apr. 1970 23.0 20.0 20.0 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 .......................................... 9.5 Nov. 1959 Peru 9.5 Philippine Republic............... 10.0 June 1969 10.0 Portugal................................... 3.5 Apr. 1970 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 T aiwan...................................... 10.8 May 1969 9.8 9.25 9.25 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 18.0 18.0 Note.—Rates shown are mainly those at which the central bank either Ecuador—5 per cent for special advances and for bank acceptances for discounts or makes advances against eligible commercial paper and/or agricultural purposes, 7 per cent for bank acceptances for industrial govt, securities for commercial banks or brokers. For countries with purposes, and 10 per cent for advances to cover shortages in legal reserves; more than one rate applicable to such discounts or advances, the rate Honduras—Rate shown is for advances only. shown is the one at which it is understood the central bank transacts Indonesia—Various rates depending on type of paper, collateral, com­ the largest proportion of its credit operations. Other rates for some modity involved, etc.; of these countries follow: Japan—Penalty rates (exceeding the basic rate shown) for borrowings Argentina—3 and 5 per cent for certain rural and industrial paper, de­ from the central bank in excess of an individual bank’s quota; pending on type of transaction; Peru—3.5, 5, and 7 per cent for small credits to agricultural or fish produc­ Brazil—8 per cent for secured paper and 4 per cent for certain agricultural tion, import substitution industries and manufacture of exports; 8 per paper; cent for other agricultural, industrial and mining paper; Chile—1 per cent for loans to consumer cooperatives and to handicraft Philippines—6 per cent for financing the production, importation, and dis­ and small- and medium-sized industries; 6 per cent for industrial trans­ tribution of rice and corn and 7.75 per cent for credits to enterprises en­ formation loans; 8 per cent for preshipment loans, agricultural paper gaged in export activities. Preferential rates are also granted on credits to and loans to firms following prescribed policies; 17 per cent for construc­ rural banks; and tion paper beyond a basic rediscount period, personal loans, special Venezuela—2 per cent for rediscounts of certain agriculture paper, 4Vi rediscounts, and cash position loans; and 18 per cent for selective redis­ per cent for advances against government bonds, and 5 Vi per cent for counts. A fluctuating rate applies to paper covering the acquisition of rediscounts of certain industrial paper and on advances against promissory capital goods. notes or securities of first-class Venezuelan companies. Colombia—5 per cent for warehouse receipts covering approved lists of Vietnam—10 per cent for export paper; treasury bonds are rediscounted products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent at a rate 4 percentage points above the rate carried by the bond; and for rediscounts in excess of an individual bank’s quota; there is a penalty rate of 24 per cent for banks whose loans exceed quan­ Costa Rica—5 per cent for paper related to commercial transactions titative ceilings. (rate shown is for agricultural and industrial paper); Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1971 □ MONEY RATES; ARBITRAGE A 93 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 l s s t u , h r s y i m Da o d y n a - y e t y o 2 - 3 B a m a c n c o k e n p e t r t h - s s ’ 3 T m r b e i a o ll s n s u t , h ry s D m a d o y a n - y e to y - a B d ll e o a p n w o k a s e n i r t c s s e ’ D m a o d y n a - e y t y o - 3 Tr 0r d KD e nU a 1 a i y 1l - s l1 7o c s u S Un , 4 ry D m a o d y n a - e y t y o - 5 3 T m r b e i o a ll s n s u t , h ry 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—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 5.77 5.75 7.36 4.49 3.27 5.25 Apr............... 3.04 2.65 7.06 5.75 5.15 4.00 5.53 4.75 4.23 3.59 1.13 5.25 May............. 3.06 2.76 7.06 5.65 5.36 4.00 5.84 4.75 2.31 3.88 1.84 5.25 June............. 3.15 3.01 6.74 5.60 4.71 4.00 4.25 6.95 4.39 2.91 5.25 July.............. 3.58 3.64 6.42 5.57 5.00 4.00 4.25 6.33 2.69 4.03 5.25 Aug.............. 3.88 3.94 5.99 5.75 5.05 4.00 1 Based on average yield of weekly tenders during month. 5 Monthly averages based on daily quotations. 2 Based on weekly averages of daily closing rates. Note.—For description and back data, see “International Finance,’ 3 Rate shown is on private securities. Section 15 of Supplement to Banking and Monetary Statistics, 1962. 4 Rate in effect at end of month. ARBITRAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates Premium Premium Date q K ( u U i a o n U d n t g j . a i . S d t t e o i . t d o o m n U S n ta i t t e e s d L S ( o f p n a o r v d e f o o ad r n) d f ( ( p o i + - s o r c w ) u ) o n a u o o r d n n r d t i L n ( o c f N n e a o n d v e f t o o t iv r n e ) qu A i o n t s ed Cana q d u A a o U d t j . a . S ti . t o o n U S n ta i t t e e s d C S ( a f p n a o r v a e f d o ad a r ) C d f ( d ( o a i + - s o n r c ) w l a ) l o d a a o u o r i r n n a s r d n t i C n ( c a f N e a n o n v a e f t o d t iv r a e ) basis) Canada basis 1971 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 May 7............... 5.55 3.74 1.81 -1.14 .67 3.15 3.08 3.74 -.66 1.67 .61 14............... 5.52 3.98 1.54 -1.11 .43 3.05 2.99 3.98 -.99 1.31 .32 21............... 5.52 4.28 1.24 -1.17 .07 2.95 2.89 4.28 -1.39 1.21 -.18 28............... 5.66 4.26 1.40 -.91 .49 3.03 2.97 4.26 -1.29 1.17 -.12 June 4............... 5.52 4.18 1.34 -1.06 .28 3.05 2.99 4.18 -1.19 1.30 .11 11............... 5.53 4.56 .97 -1.16 -.19 3.06 3.00 4.56 -1.56 1.27 -.29 18............... 5.53 4.81 .72 -.92 -.20 3.09 3.02 4.81 -1.79 1.56 -.23 25............... 5.53 4.76 .77 -.87 -.10 3.19 3.12 4.76 -1.64 1.56 -.08 July 2............... 5.53 5.14 .39 -.80 -.41 3.40 3.33 5.14 -1.81 1.10 -.71 9............... 5.50 5.33 .17 -.58 -.41 3.55 3.47 5.33 -1.86 1.27 -.59 16............... 5.56 5.37 .19 -.37 -.18 3.56 3.48 5.37 -1.89 1.39 -.50 23............... 5.56 5.28 .28 -.96 -.68 3.53 3.45 5.28 -1.83 1.28 -.55 30............... 5.56 5.20 .36 -.63 .27 3.70 3.62 5.20 -1.58 1.35 -.23 Aug. 6............... 5.53 5.23 .30 -.48 -.18 3.92 3.83 5.23 -1.40 1.22 -.18 13............... 5.63 5.10 .53 .40 .93 4.88 3.92 5.10 -1.18 1.34 .16 20............... 5.73 4.49 1.24 -.24 1.00 3.84 3.75 4.49 -.74 1.13 .39 27............... 5.70 4.55 1.15 .91 2.06 3.79 3.70 4.55 -.85 1.13 .28 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 94 GOLD RESERVES □ SEPTEMBER 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 world1 Fund world 1964. 43.015 2,179 15,471 25,365 6 71 226 600 1,451 92 1,026 43 1965. 243,230 31,869 13,806 27,285 6 66 223 700 1,558 63 1,151 44 1966. 43,185 2.652 13,235 27,300 6 84 224 701 1,525 45 1,046 45 1967. 41,600 2,682 12,065 26,855 155 84 231 701 1,480 45 1,015 45 1968. 40,905 2,288 10,892 27,725 205 109 257 714 1,524 45 863 46 1969. 41.015 2,310 11,859 26,845 205 135 263 715 1.520 45 872 47 1970—July., 2,547 11,934 205 140 269 714 1.520 45 880 48 Aug.. 2.652 11,817 205 140 269 714 1,518 45 880 47 Sept.. 41,180 2,825 11.494 26,860 205 140 282 714 1,530 45 880 47 Oct.. 2,902 11.495 205 140 283 714 1.528 45 880 47 Nov.. 3,224 11,478 205 140 283 714 1.528 45 880 47 Dec.. r41,275 4,339 11,072 '25,865 191 140 239 714 1.470 45 791 47 1971—Jan... 4,380 11,040 191 140 240 714 1.470 45 791 47 Feb... 4,400 11,039 191 140 240 714 1,468 45 791 47 Mar.. 41,240 4,404 10,963 25,875 191 140 239 714 1,466 45 791 47 Apr... 4,338 10,925 191 140 253 728 1,502 46 791 47 May.. 4,448 10,568 191 140 254 747 1,592 46 792 47 June., "HI ',255 4,523 10,507 i>26,225 191 140 254 747 1,584 46 792 47 July^. 4,479 10,453 192 753 1 ,600 46 792 Ger­ E pe n r d io 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 Iraq l I a r n e d ­ Israel Italy Japan Rep. of 196 4 58 92 85 3,729 4,248 77 247 141 112 19 2,107 304 196 5 35 97 84 4,706 4,410 78 281 146 110 21 2,404 328 1966....... 26 108 45 5,238 4,292 120 243 130 106 23 2,414 329 196 7 31 107 45 5,234 4,228 130 243 144 115 25 2,400 338 196 8 31 114 45 3,877 4,539 140 243 158 193 79 2,923 356 196 9 26 89 45 3,547 4.079 130 243 158 193 39 2,956 413 1970—July.. 26 89 45 3,543 4.080 120 243 158 151 26 2.983 473 Aug.. 26 89 45 3.537 4.080 120 243 158 151 26 2.983 474 Sept.. 26 89 45 3.537 4.081 119 243 148 151 26 2.983 530 Oct.. 26 64 45 3.537 4.081 119 243 148 151 26 2.983 530 Nov.. 18 64 45 3,533 4.081 117 243 131 144 16 2,981 532 Dec.. 17 64 29 3.532 3,980 117 243 131 144 16 2,887 532 1971—Jan... 17 64 29 3.532 3,979 114 243 131 144 16 2,886 532 Feb.. 17 64 29 3,531 3,978 99 243 131 144 16 2,885 534 Mar.. 16 64 29 3.527 3,977 99 243 131 144 16 2.884 539 Apr.. 16 64 29 3.527 4,029 99 243 131 143 16 2.884 636 May. 16 64 29 3.523 4,035 99 243 130 143 16 2.884 641 June. 16 64 29 3.523 4,046 99 243 131 143 16 2.884 641 July** 16 64 29 3.523 4,077 131 143 16 2.884 670 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 Mexi- Moroc- N la e n th d e s r- N w o ay r­ P s a ta k n i­ Peru P p h i i n l e ip s ­ Po g r a t l u­ A S r a a u b d i i a 196 4 48 183 17 169 34 1,688 31 53 67 23 523 78 196 5 52 182 68 158 21 1,756 31 53 67 38 576 73 196 6 67 193 68 109 21 1,730 18 53 65 44 643 69 196 7 136 193 68 166 21 1,711 18 53 20 60 699 69 196 8 122 288 85 165 21 1,697 24 54 20 62 856 119 196 9 86 288 85 169 21 1,720 25- 54 25 45 876 119 1970—July.. 86 288 85 171 21 1.750 27 54 40 53 890 119 Aug.. 86 288 85 171 21 1.751 27 54 40 54 901 119 Sept.. 86 288 85 176 21 1,801 34 54 40 56 902 119 Oct.. 86 288 85 176 21 1,801 33 54 40 59 902 119 Nov.. 86 288 85 176 21 1,832 23 54 40 59 902 119 Dec.. 86 288 85 176 21 1,787 23 54 40 56 902 119 1971—Jan.. 86 288 85 176 21 1,812 23 54 40 58 902 119 Feb.. 86 322 85 176 21 1,812 23 54 40 59 902 119 Mar., 86 322 85 176 21 1,812 23 54 40 60 902 119 Apr.. 86 322 85 182 21 1,863 31 54 40 61 902 119 May. 87 322 85 21 1.867 32 54 40 62 902 119 June. 87 322 85 21 1.867 32 55 40 63 902 119 JulyP 87 322 85 1,888 34 55 64 895 119 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1971 □ GOLD RESERVES AND PRODUCTION A 95 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) Bank E pe n r d io 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 n it 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 1964................................. 574 616 189 2,725 55 104 104 139 2,136 171 401 17 -50 1965................................ 425 810 202 3,042 55 96 116 139 2,265 155 401 19 -558 1966................................. 637 785 203 2,842 62 92 102 93 1,940 146 401 21 -424 1967................................ 583 785 203 3,089 81 92 97 93 1,291 140 401 22 -624 1968................................ 1,243 785 225 2,624 81 92 97 93 1,474 133 403 50 -349 1969................................. 1,115 784 226 2,642 82 92 117 93 1,471 165 403 51 -480 1970—July..................... 954 784 225 2,670 82 92 127 93 1,469 165 404 52 -519 Aug..................... 920 534 225 2,720 82 92 126 93 1,457 165 404 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 1,454 165 404 52 -308 Nov..................... 788 534 225 2,720 82 92 126 93 1,354 161 384 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 1,246 162 384 32 -173 Feb...................... 632 498 200 2,731 82 82 126 85 1,224 162 384 32 -173 Mar..................... 634 498 200 2,806 82 82 127 85 1,123 162 384 32 -73 Apr...................... 630 498 200 2,806 84 81 127 85 1,022 152 389 52 13 May.................... 630 498 200 2,807 82 81 127 85 905 152 389 52 118 June..................... 551 498 200 2,857 82 81 127 85 804 151 389 52 213 July7*................... 481 200 2,909 82 81 127 391 52 225 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 St n a i t t e e s d C a a d n a ­ M ic e o x­ N ra i g ca u ­ a Co b lo ia m< India Japan P p h in il e ip s ­ t A ra u l s ia ­ o A th l e l r 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 1969.. 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 1970p. 1,128.0 24.8 6.2 81.8 6.7 7.1 3.7 24.8 21.1 21.6 1970—June. 96.6 1.7 7.2 .6 .3 2.0 1.7 July. 95.2 2.0 6.8 .6 .3 2.3 1.6 Aug.. 96.3 2.2 6.3 .7 .3 1.9 1.6 Sept.. 96.2 2.2 6.6 .7 .3 1.9 1.6 Oct.. 96.6 6.9 .6 .3 2.3 1.7 Nov.. 94.4 6.5 .6 .3 1.7 Dec.. 89.7 6.8 .5 .3 2.0 1971—Jan.. 91.3 7.0 .4 1.7 Feb.. 89.6 6.6 .6 1.6 Mar.. 94.3 6.7 .5 Apr.. 91.9 6.5 .5 May. 91.5 6.7 .5 June. 91.3 6.7 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 96 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM A rthur F. Burns, Chairman J. L. Robertson, Vice Chairman George W. M itchell J. Dewey Daane Sherman J. M aisel Andrew F. Brimmer W illiam W. Sherrill Robert C. Holland, Executive Director 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 EXECUTIVE DIRECTOR DIVISION OF RESEARCH AND STATISTICS Robert C. Holland, Executive Director J. Charles Partee, Director Gordon B. Grim wood, Assistant Director and Stephen H. Axilrod, Associate Director Program Director for Contingency Planning Samuel B. Chase, Associate Director Harry J. Halley, Program Director for Man­ Lyle E. Gramley, Associate Director agement Systems Stanley J. Sigel, Adviser William W. Layton, Director of Equal Em­ Murray S. Wernick, Adviser ployment Opportunity Kenneth B. Williams, Adviser Brenton C. Leavitt, Program Director for James B. Eckert, Associate Adviser Banking Structure Peter M. Keir, Associate Adviser James L. Pierce, Associate Adviser Edward C. Ettin, Assistant Adviser OFFICE OF THE SECRETARY Stephen P. Taylor, Assistant Adviser Louis Weiner, Assistant Adviser Tynan Smith, Secretary Joseph S. Zeisel, Assistant Adviser Kenneth A. Kenyon, Deputy Secretary Levon H. Garabedian, Assistant Director Murray Altmann, Assistant Secretary Normand R. V. Bernard, Assistant Secretary Arthur L. Broida, Assistant Secretary DIVISION OF INTERNATIONAL FINANCE Elizabeth L. Carmichael, Assistant Secretary Robert Solomon, Director John E. Reynolds, Associate Director Robert L. Sammons, Associate Director John F. L. Ghiardi, Adviser LEGAL DIVISION A. B. Hersey, Adviser Thomas J. O’Connell, General Counsel Reed J. Irvine, Adviser Robert F. Sanders, Deputy General Counsel Samuel I. Katz, Adviser Grasty Crews, II, Adviser Bernard Norwood, Adviser Pauline B. Heller, Adviser Ralph C. Wood, Adviser Ralph C. Bryant, Associate Adviser Robert F. Gemmill, Associate Adviser DIVISION OF FEDERAL RESERVE BANK Samuel Pizer, Associate Adviser OPERATIONS James A. McIntosh, Director DIVISION OF SUPERVISION AND REGULATION John N. Kiley, Jr., Associate Director Frederic Solomon, Director Walter A. Althausen, Assistant Director Brenton C. Leavitt, Deputy Director Donald G. Barnes, Assistant Director Frederick R. Dahl, Assistant Director Harry A. Guinter, Assistant Director Jack M. Egertson, Assistant Director P. D. Ring, Assistant Director John P. Flaherty, Assistant Director James L. Vining, Assistant Director Janet O. Hart, Assistant Director Charles C. Walcutt, Assistant Director John N. Lyon, Assistant Director Lloyd M. Schaeffer, Chief Federal Reserve John T. McClintock, Assistant Director Examiner Thomas A. Sidman, Assistant Director Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 97 BOARD OF GOVERNORS Continued DIVISION OF PERSONNEL ADMINISTRATION OFFICE OF THE CONTROLLER Edwin J. Johnson, Director John Kakalec, Controller John J. Hart, Assistant Director Harry J. Halley, Deputy Controller DIVISION OF DATA PROCESSING Jerold E. Slocum, Director Charles L. Hampton, Associate Director Glenn L. Cummins, Assistant Director DIVISION OF ADMINISTRATIVE SERVICES Benjamin R. W. Knowles, Jr., Joseph E. Kelleher, Director Assistant Director Donald E. Anderson, Assistant Director Henry W. Meetze, Assistant Director John D. Smith, Assistant Director Richard S. Watt, Assistant Director Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 98 FEDERAL OPEN MARKET COMMITTEE A rthur F. Burns, Chairman A lfred Hayes, Vice Chairman Andrew F. Brimmer Monroe Kimbrel Frank E. Morris George H. Clay Sherman J. M aisel J. L. Robertson J. Dewey Daane Robert P. Mayo W illiam W. Sherrill George W. M itchell Robert C. H olland, Secretary A rthur L. Broida, Deputy Secretary George Garvy, Associate Economist Normand R. V. Bernard, Assistant Secretary Lyle E. Gram ley, Associate Economist Charles M olony, Assistant Secretary A. B. Hersey, Associate Economist Howard H. H ackley, General Counsel John E. Reynolds, Associate Economist David B. H exter, Assistant General Counsel K arl A. Scheld, Associate Economist J. Charles Partee, Economist Robert Solom on, Associate Economist Stephen H. Axilrod, Associate Economist Charles T. Taylor, Associate Economist Robert W. Eisenm enger, Associate Economist C larence W. Tow, Associate Economist A lan R. Holm es, 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, tw elfth 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 99 FEDERAL RESERVE BANKS AND BRANCHES Federal Reserve Bank, branch, or facility Chairman President Vice President Zip code Deputy Chairman First Vice President in charge of branch Boston............................02106 James S. Duesenberry Frank E. Morris Louis W. Cabot Earle O. Latham New York.....................10045 Albert L. Nickerson Alfred Hayes Roswell L. Gilpatric William F. Treiber Buffalo.......................14240 Norman F. Beach A. A. Maclnnes, Jr. Philadelphia..................19101 Bayard L. England David P. Eastburn D. Robert Yarnall, Jr. David C. Melnicoff Cleveland.......................44101 Albert G. Clay Willis J. Winn J. Ward Keener Walter H. MacDonald Cincinnati.................45201 Graham E. Marx Fred O. Kiel Pittsburgh........... 15230 Lawrence E. Walkley James H. Campbell 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 Culpeper Communications Center...................22701 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 Miami Office...........33101 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 Eugene A. Leonard 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 K. MacLaury 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 George C. Rankin Oklahoma City........73125 C. W. Flint, Jr. Howard W. Pritz Omaha.......................68102 Henry Y. Kleinkauf 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.............78295 W. A. Belcher Carl H. Moore San Francisco...............94120 O. Meredith Wilson Eliot J. Swan S. Alfred Halgren A. B. Merritt Los Angeles..............90051 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 100 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 address, $.50 each. Elsewhere, $.70 a copy. more sent to one address, $.40 each. THE PERFORMANCE OF BANK HOLDING COM­ THE FEDERAL RESERVE ACT, as amended through PANIES. 1967. 29 pp. $.25 a copy; 10 or more Nov. 5, 1966, with an appendix containing 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 June 30, 1971. $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 101 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 A REVIEW OF RECENT ACADEMIC LITERATURE more sent to one address, $.40 each. ON THE DISCOUNT MECHANISM. 1968. 40 pp. SURVEY OF FINANCIAL CHARACTERISTICS OF DISCOUNT POLICY AND BANK SUPERVISION. CONSUMERS. 1966. 166 pp. $1.00 a copy; 10 or 1968. 72 pp. more sent to one address, $.85 each. THE LEGITIMACY OF CENTRAL BANKS. 1969. SURVEY OF CHANGES IN FAMILY FINANCES. 1968. 24 pp. 321 pp. $1.00 a copy; 10 or more sent to one SELECTIVE CREDIT CONTROL 1969. 9 pp. address, $.85 each. SOME PROPOSALS FOR A REFORM OF THE DIS­ REPORT OF THE JOINT TREASURY-FEDERAL RE­ COUNT WINDOW. 1969. 40 pp. SERVE STUDY OF THE U.S. GOVERNMENT SECURITIES MARKET. 1969. 48 pp. $.25 a copy; AN EVALUATION OF SOME DETERMINANTS OF 10 or more sent to one address, $.20 each. MEMBER BANK BORROWING. 1969. 29 pp. JOINT TREASURY-FEDERAL RESERVE STUDY OF ACADEMIC VIEWS ON IMPROVING THE FEDERAL THE GOVERNMENT SECURITIES MARKET: STAFF RESERVE DISCOUNT MECHANISM. 1970. STUDIES— PART 1 (papers by Cooper, Bernard, 172 pp. and Scherer). 1970. 86 pp. $.50 a copy; 10 or CAPITAL AND CREDIT REQUIREMENTS OF AGRI­ more sent to one address, $.40 each. CULTURE, AND PROPOSALS TO INCREASE AVAILABILITY OF BANK CREDIT. 1970. 160 pp. (Limited supplies, in mimeographed or similar form, of staff papers other than those con­ FINANCIAL INSTABILITY REVISITED: THE ECO­ tained in Part 1 are available upon request for NOMICS OF DISASTER. 1970. 87 pp. single copies. See p. 48 of main report for a list of such papers.) STAFF ECONOMIC STUDIES OPEN MARKET POLICIES AND OPERATING PRO­ Studies and papers on economic and financial sub­ CEDURES—STAFF STUDIES (papers by Axilrod, jects that are of general interest in the field of Davis, Andersen, Kareken et al., Pierce, Fried­ economic research. man, and Poole). 1971. 218 pp. $2.00 a copy; Summaries only printed in the Bulletin. 10 or more sent to one address, $1.75 each. (Limited supply of mimeographed copies of full REAPPRAISAL OF THE FEDERAL RESERVE DIS­ text available upon request for single copies.) COUNT MECHANISM, vol. 1 (papers by Steer­ MEASURES OF INDUSTRIAL PRODUCTION AND ing Committee, Shull, Anderson, and Garvy). FINAL DEMAND, by Clayton Gehman and Cor­ 1971. 276 pp. $3.00 a copy; 10 or more sent nelia Motheral. Jan. 1967. 57 pp. to one address, $2.50 each. OPTIMAL CHOICE OF MONETARY POLICY INSTRU­ Limited supply of the following papers relating to MENTS IN A SIMPLE STOCHASTIC MACRO the Discount Study, in mimeographed or similar MODEL, by William Poole. Sept. 1970. 20 pp. form, available upon request for single copies: UNCERTAINTY AND STABILIZATION POLICIES FOR A STUDY OF THE MARKET FOR FEDERAL FUNDS. A NONLINEAR MACROECONOMIC MODEL, by 1968. 47 pp. Franklin R. Shupp. Dec. 1970. 23 pp. THE SECONDARY MARKET FOR NEGOTIABLE OPERATING POLICIES OF BANK HOLDING COM­ CERTIFICATES OF DEPOSIT. 1968. 89 pp. PANIES— PART 1, by Robert J. Lawrence. Apr. 1971.82 pp. RESERVE ADJUSTMENTS OF THE EIGHT MAJOR NEW YORK CITY BANKS DURING 1966. 1968. THE RELATIVE IMPORTANCE OF MONETARY AND 29 pp. FISCAL VARIABLES IN DETERMINING PRICE DISCOUNT POLICY AND OPEN MARKET OPERA­ LEVEL MOVEMENTS: A NOTE, by Peter S. Rose TIONS. 1968. 23 pp. and Lacy H. Hunt II. June 1971. 7 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 102 FEDERAL RESERVE BULLETIN □ SEPTEMBER 1971 ESTIMATION OF THE INVESTMENT AND PRICE THE ROLE OF FINANCIAL INTERMEDIARIES IN EQUATIONS OF A MACROECONOMETRIC MODEL, U.S. CAPITAL MARKETS, Staff Economic Study by Robert J. Shiller. June 1971. 65 pp. by Daniel H. Brill with Ann P. Ulrey. Jan. 1967. 14 pp. ADJUSTMENT AND DISEQUILIBRIUM COSTS AND THE ESTIMATED BRAIN ARD—TOBIN MODEL, REVISED SERIES ON COMMERCIAL AND INDUS­ by Joseph Bisignano. July 1971. 108 pp. TRIAL LOANS BY INDUSTRY. Feb. 1967. 2 pp. A TEST OF THE “EXPECTATIONS HYPOTHESIS" AUTO LOAN CHARACTERISTICS AT MAJOR SALES USING DIRECTLY OBSERVED WAGE AND PRICE FINANCE COMPANIES. Feb. 1967. 5 pp. EXPECTATIONS, by Stephen J. Turnovsky and Michael L. Wachter. Aug. 1971. 25 pp. SURVEY OF FINANCE COMPANIES, MID-1965. Apr. 1967. 26 pp. MORTGAGE REPAYMENTS AS A SOURCE OF LOANABLE FUNDS, by Robert Moore Fisher. EVIDENCE ON CONCENTRATION IN BANKING Aug. 1971. 43 pp. MARKETS AND INTEREST RATES, Staff Eco­ THE USE OF INTEREST RATE POLICIES AS A nomic Study by Almarin Phillips. June 1967. STIMULUS TO ECONOMIC GROWTH, by Robert 11 pp. F. Emery. Sept. 1971. 37 pp. NEW BENCHMARK PRODUCTION MEASURES, 1958 Printed in full in the Bulletin. AND 1963. June 1967. 4 pp. (Reprints available as shown in following list.) REVISED INDEXES OF MANUFACTURING CAPACITY AND CAPACITY UTILIZATION. July 1967. 3 pp. REPRINTS THE PUBLIC INFORMATION ACT— ITS EFFECT ON ADJUSTMENT FOR SEASONAL VARIATION. June MEMBER BANKS. July 1967. 6 pp. 1941. 11 pp. INTEREST COST EFFECTS OF COMMERCIAL BANK SEASONAL FACTORS AFFECTING BANK RESERVES. UNDERWRITING OF MUNICIPAL REVENUE Feb. 1958. 12 pp. BONDS. Aug. 1967. 16 pp. LIQUIDITY AND PUBLIC POLICY, Staff Paper by Stephen H. Axilrod. Oct. 1961. 17 pp. THE FEDERAL RESERVE-MIT ECONOMETRIC MODEL, Staff Economic Study by Frank de SEASONALLY ADJUSTED SERIES FOR BANK Leeuw and Edward Gramlich. Jan. 1968. 30 pp. CREDIT. July 1962. 6 pp. INTEREST RATES AND MONETARY POLICY, Staff THE PRICE OF GOLD IS NOT THE PROBLEM. Feb. Paper by Stephen H. Axilrod. Sept. 1962. 28 pp. 1968. 7 pp. MEASURES OF MEMBER BANK RESERVES. July U.S. INTERNATIONAL TRANSACTIONS: TRENDS IN 1963. 14 pp. 1960-67. Apr. 1968. 23 pp. CHANGES IN BANKING STRUCTURE, 1953-62. MONETARY RESTRAINT AND BORROWING AND Sept. 1963. 8 pp. CAPITAL SPENDING BY LARGE STATE AND REVISION OF BANK DEBITS AND DEPOSIT TURN- LOCAL GOVERNMENTS IN 1966. July 1968. OVER SERIES. Mar. 1965. 4 pp. 30 pp. TIME DEPOSITS IN MONETARY ANALYSIS, Staff REVISED SERIES ON BANK CREDIT. Aug. 1968. Economic Study by Lyle E. Gramley and 4 pp. Samuel B. Chase, Jr. Oct. 1965. 25 pp. RESEARCH ON BANKING STRUCTURE AND PER­ FEDERAL FISCAL POLICY IN THE 1960's. Sept. FORMANCE, Staff Economic Study by Tynan 1968. 18 pp. Smith. Apr. 1966. 11 pp. BUSINESS FINANCING BY BUSINESS FINANCE COMMERCIAL BANK LIQUIDITY, Staff Economic COMPANIES. Oct. 1968. 13 pp. Study by James Pierce. Aug. 1966. 9 pp. A REVISED INDEX OF MANUFACTURING CAPACITY, MANUFACTURING CAPACITY: A COMPARISON OF Staff Economic Study by Frank de Leeuw with TWO SOURCES OF INFORMATION, Staff Eco­ Frank E. Hopkins and Michael D. Sherman. nomic Study by Jared J. Enzler. Nov. 1968. Nov. 1966. 11 pp. 5 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS A 103 MONETARY RESTRAINT, BORROWING, AND CAP­ BANK FINANCING OF MOBILE HOMES. Mar. 1971. ITAL SPENDING BY SMALL LOCAL GOVERN­ 4 pp. MENTS AND STATE COLLEGES IN 1966. Dec. TREASURY AND FEDERAL RESERVE FOREIGN EX­ 1968. 30 pp. CHANGE OPERATIONS. Mar. 1971. 19 pp. REVISION OF CONSUMER CREDIT STATISTICS. Dec. 1968. 21 pp. RESPONSE OF STATE AND LOCAL GOVERNMENTS TO VARYING CREDIT CONDITIONS. Mar. 1971. HOUSING PRODUCTION AND FINANCE. Mar. 1969. 24 pp. 7 pp. CHANGES IN BANK LENDING PRACTICES, 1970. OUR PROBLEM OF INFLATION. June 1969. 15 pp. Apr. 1971. 5 pp. THE CHANNELS OF MONETARY POLICY, Staff Eco­ nomic Study by Frank de Leeuw and Edward U.S. BALANCE OF PAYMENTS AND INVESTMENT Gramlich. June 1969. 20 pp. POSITION. Apr., 1971. 14 pp. REVISION OF WEEKLY SERIES FOR COMMERCIAL INTEREST RATES, CREDIT FLOWS, AND MON­ BANKS. Aug. 1969. 5 pp. ETARY AGGREGATES SINCE 1964. June 1971. 16 pp. EURO-DOLLARS: A CHANGING MARKET. Oct. 1969. 20 pp. TWO KEY ISSUES OF MONETARY POLICY. June RECENT CHANGES IN STRUCTURE OF COMMER­ 1971.4pp. CIAL BANKING. Mar. 1970. 16 pp. SURVEY OF DEMAND DEPOSIT OWNERSHIP. June SDR’s IN FEDERAL RESERVE OPERATIONS AND 1971. 12 pp. STATISTICS. May 1970. 4 pp. BANK RATES ON BUSINESS LOANS— REVISED INFLATION IN WESTERN EUROPE AND JAPAN. SERIES. June 1971. 10 pp. Oct. 1970. 13 pp. REVISION OF THE MONEY STOCK. Dec. 1970. INDUSTRIAL PRODUCTION— REVISED AND NEW 23 pp. MEASURES. July 1971. 26 pp. MEASURES OF SECURITY CREDIT. Dec. 1970. CHANGES IN TIME AND SAVINGS DEPOSITS, 11 pp. JANUARY—APRIL 1971, July 1971. 13 pp. BALANCE OF PAYMENTS PROGRAM: REVISED GUIDELINES FOR BANKS AND NONBANK FINAN­ BANKING AND MONETARY STATISTICS, 1970. CIAL INSTITUTIONS. Jan. 1971. 12 pp. Selected series of banking and monetary statistics for 1970 only. Feb., Mar., and July 1971. 19 pp. MONETARY AGGREGATES AND MONEY MARKET CONDITIONS IN OPEN MARKET POLICY. Feb. FINANCIAL DEVELOPMENTS IN THE SECOND 1971.26 pp. QUARTER OF 1971. August 1971. 10 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

)xedni siht n i dettimo si” A“ xiferp eht hguohtla 59-A hguorht 4-A segap o t era secnerefeR( A 104 INDEX TO STATISTICAL TABLES (For list of tables published periodically, but not monthly, see page A-3.) Acceptances, bankers’, 14, 33, 35 Deposits (See also specific types of deposits): Agricultural loans of commercial banks, 24, 26 Accumulated at commercial banks for payment of Arbitrage, 93 personal loans, 32 Assets and liabilities (See also Foreigners): Adjusted, and currency, 19 Banks, by classes, 20, 24, 25, 26, 39 Banks, by classes, 11, 20, 25, 29, 39 Banks and the monetary system, 19 Euro-dollars, 88 Corporate, current, 51 Federal Reserve Banks, 12, 88 Federal Reserve Banks, 12 Postal savings, 19, 25 Automobiles: Subject to reserve requirements, 18 Consumer instalment credit, 56, 57, 58 Discount rates (See Interest rates) Production index, 60, 61 Discounts and advances by Reserve Banks, 4, 12, 13, 15 Bank credit proxy, 18 Dividends, corporate, 50, 51 Bankers’ balances, 25, 28 Dollar assets, foreign, 77, 83 (See also Foreigners, claims on, and liabilities to) Banks and the monetary system, 19 Earnings and hours, manufacturing industries, 67 Banks for cooperatives, 40 Employment, 64, 66, 67 Bonds (See also U.S. Govt, securities): Euro-dollar deposits in foreign branches of New issues, 47, 48, 49 U.S. banks, 88 Yields and prices, 36, 37 Branch banks, liabilities of U.S. banks to their foreign branches, 30, 88 Farm mortgage loans, 52, 53 Brokerage balances, 87 Federal finance: Business expenditures on new plant and equipment, 51 Cash transactions, 42 Business indexes, 64 Receipts and expenditures, 43 Business loans (See Commercial and industrial loans) Treasury operating balance, 42 Federal funds, 8, 24, 26, 30, 35 Capacity utilization, 64 Federal home loan banks, 40, 41, 53 Capital accounts: Federal Housing Administration, 52, 53, 54, 55 Banks, by classes, 20, 25, 30 Federal intermediate credit banks, 40, 41 Federal Reserve Banks, 12 Federal land banks, 40, 41 Central banks, 92, 94 Federal National Mortgage Assn., 40, 41, 55 Certificates of deposit, 30 Federal Reserve Banks: Coins, circulation, 16 Condition statement, 12 Commercial and industrial loans: U.S. Govt, securities held, 4, 12, 15, 44, 45 Commercial banks, 24, 33 Federal Reserve credit, 4, 6, 12, 15 Weekly reporting banks, 26, 31 Federal Reserve notes, 12, 16 Commercial banks: Federally sponsored credit agencies, 40, 41 Assets and liabilities, 20, 24, 25, 26 Finance companies: Consumer loans held, by type, 57 Loans, 26, 56, 57, 59 Deposits at, for payment of personal loans, 32 Paper, 33, 35 Loans sold outright, 33 Financial institutions, loans to, 24, 26 Number, by classes, 20 Float, 4 Real estate mortgages held, by type, 52 Flow of funds, 72 Commercial paper, 33, 35 Foreign: Condition statements (See Assets and liabilities) Currency operations, 12, 14, 77, 83 Construction, 64, 65 Deposits in U.S. banks, 5, 12, 19, 25, 29, 88 Consumer credit: Exchange rates, 91 Instalment credit, 56, 57, 58, 59 Trade, 75 Noninstalment credit, by holder, 57 Foreigners: Consumer price indexes, 64, 68 Claims on, 84, 85, 88, 89, 90 Consumption expenditures, 70, 71 Liabilities to, 30, 78, 79, 81, 82, 83, 88, 89, 90 Corporations: Sales, profits, taxes, and dividends, 50, 51 Security issues, 48, 49 Gold: Security yields and prices, 36, 37 Certificates, 12, 13, 16 Cost of living (See Consumer price indexes) Earmarked, 88 Currency and coin, 5, 10, 25 Net purchases by U.S., 76 Currency in circulation, 5, 16, 17 Production, 95 Customer credit, stock market, 38 Reserves of central banks and govts., 94 Stock, 4, 19, 77 Government National Mortgage Association, 55 Debits to deposit accounts, 15 Gross national product, 70, 71 Debt (See specific types of debt or securities) Demand deposits: Adjusted, banks and the monetary system, 19 Hours and earnings, manufacturing industries, 67 Adjusted, commercial banks, 15, 18, 25 Housing permits, 64 Banks, by classes, 11, 20, 25, 29, 39 Housing starts, 65 Ownership by individuals, partnerships, and corporations, 32 Subject to reserve requirements, 18 Income, national and personal, 70, 71 Turnover, 15 Industrial production index, 60-63, 64 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 105 Instalment loans, 56, 57, 58, 59 Real estate loans: Insurance companies, 39, 44, 45, 53 Banks, by classes, 24, 27, 39, 52 Insured commercial banks, 22, 24, 32 Delinquency rates on home mortgages, 54 Interbank deposits, 11, 20, 25 Mortgage yields, 55 Interest rates: Type of holder and property mortgaged, 52, 53, Business loans by banks, 34 54, 55 Federal Reserve Banks, 9 Reserve position, basic, member banks, 8 Foreign countries, 92, 93 Reserve requirements, member banks, 10 Money market rates, 35 Reserves: Mortgage yields, 55 Central banks and govts., 94 Prime rate, commercial banks, 34 Commercial banks, 25, 28, 30 Time and savings deposits, maximum rates, 11 Federal Reserve Banks, 12 Yields, bond and stock, 36 Member banks, 5, 6, 11, 18, 25 International capital transactions of the U.S., 78-90 U.S. reserve assets, 77 International institutions, 76, 77, 92, 94 Residential mortgage loans, 37, 52, 53, 54 Inventories, 70 Retail credit, 56 Investment companies, issues and assets, 49 Retail sales, 64 Investments (See also specific types of investments): Banks, by classes, 20, 24, 27, 28, 39 Commercial banks, 18 Saving: Federal Reserve Banks, 12, 15 Flow of funds series, 72 Life insurance companies, 39 National income series, 71 Savings and loan assns., 40 Savings and loan assns., 40, 45, 53 Savings deposits (See Time deposits) Savings institutions, principal assets, 39, 40 Securities (See also U.S. Govt, securities): Labor force, 66 Federally sponsored agencies, 40, 41 Loans (See also specific types of loans): International transactions, 86, 87 Banks, by classes, 20, 24, 26, 27, 39 New issues, 47, 48, 49 Commercial banks, 18, 20, 24, 26, 27, 31, 33, 34 Silver coin and silver certificates, 16 Federal Reserve Banks, 4, 6, 12, 15 Special Drawing Rights, 4, 12, 13, 19, 74, 77 Insurance companies, 39, 53 State and local govts.: Insured or guaranteed by U.S., 52, 53, 54, 55 Deposits, 25, 29 Savings and loan assns., 40, 53 Holdings of U.S. Govt, securities, 44, 45 New security issues, 47, 48 Ownership of securities of, 24, 28, 39 Manufacturers: Yields and prices of securities, 36, 37 Capacity utilization, 64 State member banks, 22, 32 Production index, 61, 64 Stock market credit, 38 Margin requirements, 10 Stocks: Member banks: New issues, 48, 49 Assets and liabilities, by classes, 20, 24 Yields and prices, 36, 37 Borrowings at Reserve Banks, 6, 12 Deposits, by classes, 11 Tax receipts, Federal, 43 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, 42 Reserves and related items, 4, 18 Mining, production index, 61, 64 Treasury operating balance, 42 Mobile home shipments, 65 Money rates (See Interest rates) Unemployment, 66 Money stock and related data, 17, 19 U.S. balance of payments, 74 Mortgages (See Real estate loans and Residential U.S. Govt, balances: mortgage loans) Commercial bank holdings, 25, 29 Mutual funds (See Investment companies) Consolidated condition statement, 19 Mutual savings banks, 19, 29, 39, 44, 45, 52 Member bank holdings, 18 Treasury deposits at Reserve Banks, 5, 12, 42 U.S. Govt, securities: National banks, 22, 32 Bank holdings, 19, 20, 24, 27, 39, 44, 45 National income, 70, 71 Dealer transactions, positions, and financing, 46 National security expenditures, 43, 70 Federal Reserve Bank holdings, 4, 12, 15, 44, 45 Nonmember banks, 22, 24, 25, 32 Foreign and international holdings, 12, 83, 86, 88 International transactions, 83, 86 New issues, gross proceeds, 48 Open market transactions, 14 Open market transactions, 14 Outstanding, by type of security, 44, 45, 47 Ownership of, 44, 45 Yields and prices, 36, 37 Payrolls, manufacturing index, 64 United States notes, 16 Personal income, 71 Utilities, production index, 61, 63, 64 Postal savings, 19, 25 Prices: Veterans Administration, 52, 53, 54, 55 Consumer and wholesale commodity, 64, 68 Security, 37 Weekly reporting banks, 26 Prime rate, commercial banks, 34 Production, 60-63, 64 Profits, corporate, 50, 51 Yields (See Interest rates) )xedni siht n i dettimo si” A“ xiferp eht hguohtla 59-A hguorht 4-A segap o t era secnerefeR( Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES Minneapolis^ CKtcagoj Oma/ta* Kansas City^ 'cLrb#*/ \2 Oklahoma. CiUf S‘7“'y./ Attanta Dallas Jiauston Miami ‘Dram byH.W. (jatv'm, Cart ☆ (O THE FEDERAL RESERVE SYSTEM g) * ALASKA HAWAII Legend Boundaries of Federal Reserve Districts -----Boundaries of Federal Reserve Branch Territories o Board of Governors of the Federal Reserve System ® Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER http://fraser.stlouisfed.org/ • Federal Reserve Bank Facilities Federal Reserve Bank of St. Louis