Federal Reserve Bulletin, 1971-11
FEDERAL RESERVE BULLETIN . * * * * * * * 4 * * J. ^ NOVEMBER 1971 BOARD OF GOVERNORS • THE FEDERAL RESERVE SYSTEM • WASHINGTON, D.C. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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FEDERAL RESERVE BULLETIN NUMBER 11 • VOLUME 57 • NOVEMBER 1971 CONTENTS 871 Financial Developments in the Third Quarter of 1971 880 Revision of the Money Stock 895 Changes in Time and Savings Deposits, April-July 1971 906 Balance of Payments—Revised Guidelines for Banks and Nonbank Financial Institutions 917 Statement to Congress 925 Record of Policy Actions of the Federal Open Market Committee 931 Law Department 953 Announcements 955 National Summary of Business Conditions Financial and Business Statistics A 1 Contents A 3 Guide to Tabular Presentation A 3 Statistical Releases: Reference A 4 U.S. Statistics A 74 International Statistics A 96 Board of Governors and Staff A 98 Open Market Committee and Staff; Federal Advisory Council A 99 Federal Reserve Banks and Branches A 100 Federal Reserve Board Publications A 104 Index to Statistical Tables Map of Federal Reserve System on Inside Back Cover EDITORIAL Charles Molony J. Charles Partee COMMITTEE Robert C. Holland Robert Solomon Kenneth B. Williams Elizabeth B. Sette The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed except in official statements and signed articles. Direction for the art work is provided by Mack Rowe. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Financial Developments in the Third Quarter of 1971 This report, which was sent to the Joint Economic Committee of the U.S. Congress, highlights the important developments in financial markets during the summer and early fall. THE MAJOR SHIFT in the domestic and international economic policies of the United States, announced by the President on August 15, was the dominant factor influencing financial market developments during the third quarter. Before then, interest rates had continued the persistent updrift evident since early spring. But with the President's announcement, rates turned down and declined substantially on balance over the rest of the quarter. Demands for funds in bond markets by private borrowers slackened appreciably during the quarter, and the large Federal deficit—which many had expected would exert substantial upward pressure on domestic interest rates—was financed rather smoothly. The key factor contributing to interest rate declines, however, was the marked change in market expectations triggered by the President's new economic program. Expectations of inflation, and hence the inflationary premium on interest rates, appear to have been reduced by the temporary freeze on wages and prices and by the indication that a program of strong continuing controls would follow. At the same time, the very rapid expansion of monetary aggregates in spring and early summer was followed by a period of markedly slower growth, accompanied by an easing of money market conditions. Over the third quarter as a whole, the narrowly defined money stock (M ) grew at a quite moderate 3.0 per cent annual rate, x substantially less than the rapid 11 per cent rate experienced in the second quarter. [Data for the money stock and other monetary aggre- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
872 FEDERAL RESERVE BULLETIN • NOVEMBER 1971 BANK RESERVES AND BORROWINGS ^ " " " T l L n O N ^ n O L n R r T S s O N^ Monthly averages of daily figures for member banks. Total and nonborrowed reserves &t6 adjusted to exclude the effects of changes in reserve requirement percentages. Nonborrowed Reserves are total reserves adjusted minus member bank borrowings from the Federal Reserve, fexcess reserves are total reserves less required reserves. Latest figures, September. gates have recently been revised (see pages 881-93). These revisions are not reflected in the data shown in Table 1 and discussed in the text. Differences between changes based on revised data and changes shown in this report are generally quite small.] While growth in other measures of the money stock also slowed relative to the second quarter, the degree of slackening was less pronounced than for M . And growth in the adjusted bank credit proxy—which 2 had expanded much less than any measure of the money stock during the second quarter—accelerated to a 9.1 per cent annual growth rate in the third. MONETARY After a sharp further rise during July, M showed only a slight inx AGGREGATES crease in August and then declined moderately in September. Some reduction of money stock growth had been expected, in view of the sizable general interest rate advance that had occurred in late winter and spring and the further firming of money market conditions that developed during June and July—including a rise in the federal Reserve discount rate from 4% per cent to 5 per cent. However, the extent and speed of the cutback in M were greater than might x normally have been anticipated. It seems likely that the sharp slowing of M growth in August was in large part attributable to the heavy 1 outflow erf dollars into foreign exchange markets. Weakness continued in September, however, after the outflow was severely cut Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FINANCIAL DEVELOPMENTS, Q3 1971 873 back. This was apparently related to a reduction in demands for money balances in response to greater confidence and expectation of declining interest rates resulting from the President's new economic program. With the third-quarter slowdown, growth in M over the x second and third quarters combined was at an annual rate of 7 per cent, as compared to the rate of about 6 per cent in the preceding 6-month period. Slower third-quarter growth in other measures of the money stock reflected—in addition to the tapering off of M —smaller inflows x of consumer-type time and savings deposits. This deceleration of savings inflows from the active pace of earlier months was apparently attributable largely to the rise in rates on competing market investments. Reduced growth of thrift deposits was much more severe at commercial banks than at savings and loan associations and mutual savings banks, although even the latter experienced some deceleration. The more favorable experience of the nonbank institutions is undoubtedly a reflection of the higher rates they are allowed to pay their depositors as well as the fact that fewer such institutions had reduced deposit rates earlier in the year. In contrast to consumer-type accounts, growth of total time and savings deposits at commercial banks showed only a slight tendency to weaken in the third quarter. This was because sales of large CD's expanded substantially over the period. The bulk of this growth occurred after the mid-August announcement of the President, reflecting the combined effects of an increase in CD rates late in CONCEPTS OF MONEY TfflTsBfrE^lLuBN^nOUAS Seasonally adjusted monthly averages. For definitions of Mlt M2, and Af;J, see footnote 1 to Changes in Selected Monetary Aggregates table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
874 FEDERAL RESERVE BULLETIN • NOVEMBER 1971 CHANGES IN SELECTED MONETARY AGGREGATES Percentage annual rates of change, seasonally adjusted 1970 1971 IItteemm III IV I II III Member bank reserves: Total 19.1 6.6 11.0 6.6 10.4 Nonborrowed 24.4 9.4 11.0 5.3 10.8 Concepts of money:1 My 6.1 33..44 88..99 11.3 3.0 M 11.0 9.2 17.8 12.6 4.5 2 M 10.3 9.7 19.0 14.8 7.4 3 Bank credit:2 Bank credit proxy adjusted 17.2 8.3 10.9 6.5 9.1 MEMO (change in billions of dollars, seasonally adjusted) Large CD's 8.5 4.3 1.8 .8 3.8 rMi is currency plus private demand deposits adjusted. A/2 is M, plus bank time and savings deposits adjusted other than large CD's. 2 M To 3 t a is l M me 2 m p b lu e s r d b e a p n o k s i d t e s p a o t s m its u t p u lu al s s fu av n i d n s g p s r b o a v n id k e s d a n b d y E sa u v r i o n - g d s o l a l n ar d b lo o a r n ro a w s i s n o g c s ia a t n io d n s b . a nk-related commercial paper. NOTE—Changes are calculated from the average amounts outstanding in the last month of each quarter. the month and a reduction of rates on competing money market instruments. Bank efforts to attract CD funds were apparently partly in anticipation of seasonal maturities over the September tax date. But heavy loan demands, particularly during the period of large dollar outflows, and the dropoff in other types of deposits added to the need for CD's. By the end of the quarter, however, banks began to shade their CD offering rates somewhat to bring them info better alignment with other short-term market rates. The thirdquarter pick-up in the growth of the adjusted bank credit : proxy was partly a reflection of the strong upsurge in CD sales. In addition heavy investments by foreign central banks in special Treasury issues added substantially to the level of U.S. Government deposits at banks, more than offsetting the reduced growth in other deposits. While Euro-dollar liabilities of major banks also showed net declines for the quarter, they turned up again near the end of the period when Euro-dollar rates dropped sharply. COMMERCIAL BANK The growth of bank credit during the third quarter featured a sharp USES OF FUNDS expansion^™ loans. Bank investments remained essentially unchanged as a sharp decline in holdings of U.S. Treasury securities nearly offset a substantial increase in other security foldings (mainly issues of State and local governments and Federal agencies). Expansion in loan categories occurred across the board, with loans to consumers, real estate loans, and particularly business loans responsible for a large share of the over-all increase. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FINANCIAL DEVELOPMENTS, Q3 1971 875 BANK CREDIT-COMPONENTS mm, rows hp dollars BANK LOANS-MAJOR COMPONENTS 8 CHANGE, BILLIONS OF DOLLARS Seasonally adjusted. Loans adjusted Seasonally adjusted. Business loans for transfers between banks and their adjusted for transfers between banks holding companies, affiliates, sub- and their holding companies, affilisidiaries, or foreign branches. ates, subsidiaries, or foreign branches. Much of the quarterly expansion in business loans was attributable to borrowing undertaken in conjunction with the adjustment in foreign exchange rates that followed the President's decision to stop selling gold. Aside from this development, business loan demands appear to have remained quite moderate as inventory investment was small, partly reflecting a liquidation of steel stocks, and capital spending continued at a sluggish pace. At the same time, internal flows of funds to businesses improved further and the capital markets were tapped for additional long-term funds. NONBANK Deposit growth at nonbank depositary institutions slowed further INTERMEDIARIES AND during the third quarter to an annual rate of about 13 per cent. THE MORTGAGE Nevertheless, this inflow was large compared to any other period MARKET jf f 1971. a further rise in yields on market except the first ha 0 securities, which lasted through mid-August, apparently halted the switching from market securities to depositary claims during the first half of the quarter and perhaps diverted some funds from the thrift institutions. While the drop in market yields that followed the announcement of the administration's new economic policy enhanced the attractiveness of deposit claims, it also may have affected consumer behavior with respect to price expectations and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
876 FEDERAL RESERVE BULLETIN • NOVEMBER 1971 spending plkns. The net impact of these divergent influences was not NONBANK SAVINGS ACCOUNTS — ANNUAL BATE OF CHANCE. PEB KITc lear by the quarter-end. Net mortgage debt formation continued to rise in the third quarter of 1971, reaching a record seasonally adjusted quarterly rate of $13.6 billion. Although both the residential and nonresidential sectors achieved new highs, exceeding the peaks established in the preceding quarter, the major portion of the quarterly expansion was again concentrated in the residential component. The large quarterly increase in residential mortgage debt formation reflected the continued strength in the pace of housing activity through the third quarter. As in the first half of 1971, savings and loan associations and commercial bbnks continued to be the dominant mortgage lenders. 1970 1971 Mutual savings bank acquisitions of mortgages also rose, and for the first quarterly period this year these institutions acquired more mortgages than corporate bonds. In addition, the Federal National Mortgage Association, which had reduced its gross mortgage holdings in the two previous quarters, purchased a large quantity of residential loans. NEt CHANGE IN MOfttGAGE DE0t OUTSTANDING In billions of dollars, seasonally adjusted quarterly data 107(1 1971 IItteemm 111 IV I II IIIe Total 1A 9.1 11.9 13.6 Residential s.i 4.6 6.5 9.1 10.6 Other1 1.8 2.3 1.6 2.8 3.0 1 Includes commercial and other nonresidential as well as farm properties. ePartly estimated. MOTE—Details may not add to totals because of bounding. flotations of total corporate securities declined in the third quarter FUNDS RAISED IN SECURITY MARKETS from the unusually high rate in the preceding quarter. All of the decline was attributable to a considerable drop in public offerings of new corporate bonds. Such offerings, at a quarterly issuance rate of $6.4 billion, were about $3.5 billion below the record rate in the first quarter of 1971. In part, the decline was a reflection of usual seasonal forces. But more important was the further moderation in offerings by large industrial firms in association with the substantial improvement in corporate financial positions—accomplished through earlier balance sheet restructuring. Takedowns of privately placed corporate debt are estimated to have risen during the quarter, however, with insurance companies continuing to increase their support of this market. And new cor- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FINANCIAL DEVELOPMENTS, Q3 1971 877 OFFERINGS OF NEW SECURITY ISSUES Quarterly totals in billions of dollars, not seasonally adjusted 1970 1971 IItteemm III IV I II me Corporate securities—Total 8.6 11.9 12.2 11.7 10.6 Bonds 6.9 9.2 9.9 8.3 6.4 Stocks 1.7 2.7 2.3 3.4 4.2 State and local government bonds 4.5 5.9 6.7 6.1 5.9 e Estimated. porate stock offerings also accelerated, bolstered by a sizable offering by a firm in the communications industry. Public utilities in general issued a large volume of equities, as they had in preceding quarters. To some extent, the pick-up in equity funds raised by utilities probably reflects the pressures from higher than desired debt/equity ratios. State and local government bond offerings in the third quarter— at a quarterly rate of $5.9 billion—were down only slightly from the previous quarter. The sharp decline in tax-exempt yields in the latter part of the quarter induced some issuers to market bonds that had been deferred earlier. It appears, however, that much of the pent-up demand for funds by governmental units may have already been satisfied, particularly in the first quarter of 1971 when declines in interest rates brought forth an appreciably larger volume of borrowings that had been previously postponed. FEDERAL GOVERNMENT BORROWING AND CASH BALANCE Quarterly totals in billions of dollars, not seasonally adjusted 1970 1971 IItteemm III IV I II III Budget surplus or deficit -7.7 -8.9 -8.2 1.6 -7.8 New cash borrowings, or repayments (—) 7.4 8.9 1.6 1.6 9.1 Other means of financing1 1.1 - .7 2.9 1.1 - .1 Change in cash balance .8 - .7 -3.6 4.3 1.2 MEMO: Net borrowings by federally sponsored credit agencies2 . 1.6 1.5 -1.0 - .9 1.7 'Checks issued less checks paid and other accrued items. 2Includes debt of Federal home loan banks, the Federal Home Loan Mortgage Corporation, Federal land banks, Federal intermediate credit banks, banks for cooperatives, and FNMA (including discount notes and bonds guaranteed by the Government National Mortgage Association). In the Federal Government sector, the budget swung into sizable deficit in the third quarter. Expenditures rose a little more than 2 per cent from the quarter earlier while tax receipts declined sharply, partly for seasonal reasons. Although Treasury borrowing from the public rose to slightly over $9 billion—nearly $2 billion more than Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
878 FEDERAL RESERVE BULLETIN • NOVEMBER 1971 in the comparable quarter of 1970—the bulk of Treasury needs were met through sales of special issues to foreign central banks. In fact, because of the unexpectedly large availability of funds from this source, net borrowing exceeded immediate financing requirements. As a result, the Treasury cash balance at the end of September was significantly higher than the already advanced level prevailing at the end of June. INTEREST RATES Until the middle of the third quarter, most short- and long-term interest rates continued the uptrend begun in the preceding quarter. With the monetary aggregates still growing at a rapid pace and bank reserve positions under pressure, the Federal funds rate in early August was more than Vi percentage point above the level prevailing late in June. At the same time, commercial banks increased their borrowings at the discount window. In response to the upward movements in short-term interest rates, the discount rate was increased by V* percentage point in July to a level of 5.00 per cent. Investor concern about these developments—along with large demands on securities markets by the Federal Government, corporations, and State and local governmental units—and uncertainties surrounding foreign exchange developments generated further upward pressure on long-term rates. With the announcement of the administration's new economic program in mid-August, however, interest rates in long-term markets declined substantially. Market participants apparently adjusted downward their future price expectations and also reversed earlier views that monetary policy would be tightened. Interest rates on new issues of high-grade corporate bonds in September averaged about 50 basis points below the average rate in July, while yields on tax-exempt bonds dropped about 70 basis points over the same period. Mortgage interest rates edged down only slightly in September—and on a selective basis—reflecting the sluggishness in this rate and continuing strong demands for mortgage credit. Interest rate declines on short-term instruments other than Treasury bills were much smaller than those on most long-term debt instruments. While the 3-month Treasury bill rate declined about 60 basis points from early in August to the end of September in association with the strong foreign demand for bills, it was not until late September and early October that other short-term interest rates also began to fall. Following these latter declines and given their relatively sluggish business loan demands, commercial banks reduced the prime .irate on business loans by lA percentage point to 5lA per cent. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FINANCIAL DEVELOPMENTS, Q3 1971 879 INTEREST RATES PER CENT PER ANNUM I M 1969 1970 1971 1969 1970 1971 Monthly averages except FHA (based on quotations for one day each month). Yields: U.S. Treasury bills, market yields on 3-month issues; prime commercial paper, dealer offering rates; FHA, weighted averages of private secondary market prices of new-home 30-year mortgages converted to annual yield (dashed line indicates period of adjustment of change in contractual interest rate); corporate bonds, weighted averages of new publicly offered bonds rated Aaa, Aa, and A by Moody's Investors Service and adjusted to an Aaa basis; U.S. Govt, bonds, market yields adjusted to 20-year constant maturity by U.S. Treasury; State and local govt, bonds (20 issues, mixed quality), Bond Buyer. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Revisbn of the Money Stock Three measures of the money stock, pub- the money stock and for major components of lished regularly by the Board of Gover- these series are presented in the tables on nors, have been revised.1 The revision reflects pages 884-93. Related data on large certifcorrections to the latest benchmark levels icates of deposit (CP's), total time and savings available for nonmember banks and changes deposits, and U.S. Government demand dein seasonal adjustment factors. Such changes posits also are shown on a revised basis. The are incorporated in the series annually. Re- tables cover the period beginning with visions required in the monthly average levels January 1964, the first date for which the were relatively small. The principal changes M 2 and Af 3 series are available.2 were in weekly seasonal adjustments for the The effects of these changes on growth demand deposit component of the money rates by quarters and half years, shown in stock. These adjustments resulted in a con- Table 1, have been minor. According to the siderable damping of the wide intramonthly revisions, M\ shows slightly less growth in fluctuations exhibited by this series since the first half of the year than formerly, with mid-1968. a compensating increase in the second half. Revised data for the three measures of Second-quarter growth rates in M x have been lowered—the reduction in 1971 was about 1 percentage point—while for the other three *The three series are M (currency plus demand dex posits); M (MI plus time deposits other than large quarters small upward revisions have been 2 CD's at commercial banks); and M (M plus deposits 3 2 made. There was little net revision in the at mutual savings banks and shares in savings and loan associations). These series are published monthly in the rates of growth over the first 10 months of BULLETIN, p. A-17, and on the Board's weekly H.6 1971. Mi increased at an annual rate of 7.0 press release. per cent, and M at a rate of 11.4 per cent. NOTE.—The revised series were prepared by Edward 2 R. Fry, Darwin Beck, and Mary F. Weaver of the Banking Section of the Board's Division of Research and 2For the M series, data back to 1947 appear in the x Statistics. December 1970 BULLETIN, pp. 895-909. TABLE 1 CHANGES IN MONEY STOCK M, M2 M3 Period Old Revised Old Revised Old Revised series series series series series series 1969 3.1 3.2 2.4 2.3 2.8 2.8 1st H 5.1 4.9 5.1 5.0 5.2 5.0 2nd H 1.2 1.5 -0.4 -0.4 0.4 0.5 1970 5.4 5.4 8.2 8.1 7.9 7.8 1st H 5.9 5.6 5.9 5.8 5.3 5.1 2nd H 4.8 5.2 10.2 10.1 10.2 10.2 1971—lOmos 6.8 7.0 11.3 11.4 13.6 13.6 QI 8.9 9.1 17.8 18.1 19.0 19.0 QII 11.3 10.6 12.6 12.4 14.8 14.5 QIII 3.0 3.4 4.5 4.3 7.4 7.5 Oct -2.6 -0.5 4.7 6.3 7.5 8.6 880 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF THE MONEY STOCK 881 BENCHMARK CORRECTIONS member bank demand deposits. On the other hand, Af and Af were lowered about $600 Because nonmember bank data are not avail- 2 3 million, as downward adjustments to new able on a current basis, \\ js necessary to benchmarks for nonmember bank time deestimate nonmember components of the posits more than offset the increase in M . money stock in the current monthly and week- x Thus, benchmark corrections raised current ly series. These estimates—based on moveestimates of Af by less than 04 per cent ments in country bank data initially—ore x and lowered Mi by about 0.1 per centadjusted annually to agree with data reported by nonmember banks as of the end of June CHANGES IN SEASONAL FACTORS and December. Benchmark corrections incorporated in this revision are based on data Seasonally adjusted aggregates for the money reported for December 31, \ 970, and June stopk ore derived by summing major com- 30, 1971. Adjustments to these benchmarks ponents, which are seasonally adjusted sepraised the level of Af x about $150 miJJiw? arately. The currency and demand deposit reflecting mainly upward revisions in non- components of Afj are adjusted for both the TABLE 2 CHANGES IN SEASONAL FACTORS FOR PEMANP DEPOSIT COMPONENT QF M^ In per cent 1971 factors J 971 factors Period m\ Period Old Revised since ow Revised series series Change ser|es series Change Month; Wee J* ending- January 104.0 103.8 -0.2 June 3 98-0 98.5 +0.5 February 99.2 994 -04 -0-8 9 98-9 98-5 -0.4 March 99.1 99-0 -04 -04 if::::::: 99* 100-3 +0-6 April 100.9 100.9 98-0 +04 May 97.* 97-9 +04 +0.3 3Q m -0.3 June 98.9 99.Q +04 +0-7 July 98.9 99.0 +04 +0-4 July 98-9 99.9 + 1.0 August 98.0 984 +04 +03 99-3 99-3 +04 September 99.J 99-3 +Q4 -04 988 +0-1 October 100.0 99.9 -04 -0-4 m -0.4 November 100.8 100 « -04 Pecember 103.3 103-3 Aug. 4 • 99.3 98.8 -0.5 98-4 +0.3 Week ending— m 98-3 +0-4 Jan. 6 106.7 107.0 +0.3 + 1.6 1 97-0 97-3 +0-3 13 105.0 105.3 +0.3 +0-9 20 103.9 103-8 -04 Sept. 98.3 98.3 27 102.0 1014 -0-9 =8 98-6 98.8 +0-2 Feb. 3 . 101.8 101.0 -0.9 -M II 1 9 0 9 0 . 4 2 1 9 0 9 0- .2 4 10 . 1004 99.9 -0.3 -1-4 39 9$-4 98.4 V • 994 993 +0.2 -0.7 24 . 97.3 97.3 -0-3 Oct. 6 • 99.7 100.0 +0.3 13 • 99.9 99.6 -0.3 Mar. 3 . 99.3 99.2 -04 -0-3 20 . 100.1 100.0 "04 10 . 99.2 98-9 -0-3 -0-3 37-. 99.$ 99.4 M • 99.^ 99-3 -01 -04 24 . 98.1 98-4 "04 +1. J^ov, 3 . 101-3 101-3 3J • 98-7 m 1Q. 100.6 100-6 -0-1 U: 101-3 101-3 Apr. 7 . 99.9 10|.4 + 1.8 1000 100-0 14 . lOJ.O 101-9 +0.8 21 . 102.; 101.7 -o.f -0-7 Pec. \ 101-4 101-4 28 . 100.7 994 -1-* IS: 101-7 15 • 103.7 May 5 . 99.9 98.7 -14 II 103.4 103.5 +04 12 . 98.5 98.2 -0.3 103-9 103.6 -0-3 \9 . 97.1 97-6 +0.5 +0-3 26 . 96.J 97-Q +0.7 +0.9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
882 FEDERAL RESERVE BULLETIN • NOVEMBER 1971 monthly and weekly series. Two time de- Table 3 illustrates this shifting pattern of posit components of M —member and non- intramonthly fluctuations during both Janu- 2 member time deposits other than large CD's— ary and April, the 2 months for which weekly are adjusted separately. In addition, deposits seasonal factors have changed most. Inat mutual savings banks and shares in sav- creases in the unadjusted deposit figures in ings and loan associations are each adjusted the first week of these months have become as an additional component of M . considerably larger over the years, and greater 3 Revisions caused by changes in monthly declines at the end of the month have tended to seasonal factors were minor, with factors offset these increases. Weekly seasonal facfor both currency and demand deposits be- tors, which had lagged behind these sharp ing reduced slightly in the early part of the intramonthly shifts, have been revised to year and increased slightly in the spring and exclude these repetitive fluctuations. summer months. The largest change affecting Mi was in the January seasonal factor for TABLE 3 demand deposits, which was reduced by 0.2 RANGE OF WEEKLY CHANGES IN DEMAND DEPOSIT COMPONENT OF M— SELECTED PERIODS of a percentage point. Seasonal changes for Changes in billions of dollars, without seasonal adjustment nonbank thrift institutions followed a quarterly pattern similar to that for demand deposits, Month and 1959-63 1964-67 1968-71 week while the pattern of the small changes in time January: deposit factors was more mixed from month 1st 0 to 2.0 1.8 to 3.5 3.5 to 5.5 2nd -1.0 to 0.2 -1.8 to -0.3 -2.9 to -0.5 to month. 3rd -0.1 to 0.7 -0.7 to -0.3 -2.4 to 0.1 4th -1.2 to •- 0.1 -2.9 to •- 0.6 -5.0 to •- 3.5 The principal effect of the revisions in April: seasonal factors was to smooth the weekly 1st -0.3 to 0.6 0.5 to 2.2 1.5 to 4.0 series for the demand deposit component of 2nd -0.3 to 1.6 0.5 to 2.2 0.7 to 3.6 3rd 1.0 to 2.0 1.5 to 2.8 1.5 to 4.1 the money stock. Table 2, which appears on 4th -0.8 to 1.0 -2.4 to 1.3 -4.0 to --0.5 page 881, shows weekly and monthly changes in seasonal factors for the demand deposit In most months, the weekly factors have component of M for the year 1971. Com- been increased in the early part of the month, x parisons with seasonal factors in 1965 also are with offsetting reductions toward the monthprovided, indicating the degree of shift in the end. However, there are some exceptions to seasonal patterns over the longer run. (Weekly this pattern. Most weekly seasonal factors in periods in 1965 ended on the same dates as in March have been revised downward, re- 1971.) Changes in weekly factors were much flecting the declining importance of this month larger than those for the monthly series, in corporate tax remittances. June has inespecially in the first half of the year. These creased in importance as a tax-payment changes also generally continued previous month. The shifting of corporate tax retrends of adjustment. mittances to a pay-as-you-go basis has tended For several years now the intramonthly to reduce the importance of early weeks in fluctuations in these deposits have been shift- February, May, August, and November. ing, reflecting in part changes in remittance These months formerly were major taxschedules for payment of tax liabilities to the remittance months for corporate liabilities Treasury. Also, increasing fluctuations in the on employee withholding taxes. Because of early part of the year appear to be related to changes in remittance schedules the pattern repatriation of funds from abroad and the of these remittances has been spread more subsequent reinvestment of these funds. evenly over the calendar year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF THE MONEY STOCK 883 The revised weekly seasonal factors for has been in the past. However, observations 1971 and the period ahead are based mainly for individual weeks should be viewed with on weekly data for 1968-71 in order to re- caution in evaluating and assessing current flect the most recent shifts in intramonthly trends, for possible further shifts in intrapatterns in demand deposits. If the weekly monthly patterns—such as those that have series continues to move consistently with occurred over the past 10 years—would rethe pattern of the past 4 years, the seasonally sult, initially, in wide variations in the weekly adjusted series will be less volatile than it series. • (For back figures, see tables on pages 884-93.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MONEY STOCK-SEASONALLY ADJUSTED In billions of dollars (for footnotes see page 889) Over-all measures Components and related items MMMiii NNNNoooonnnnbbbbaaaannnnkkkk YYY mmm eeeaaa ooo rrr nnn aaa ttt nnn hhh ddd (((CCCuuu MMM rrrrrr lll eee nnncccyyy ((( ttt MMM iiimmm lll eee ppp ddd lll eee uuu --- sss (((AAAfff*** MMM 222 333 ppp llluuusss Cur- Deposits at commercial banks iiiinnnn tttthhhh sssstttt rrrr iiii iiii tttt ffff uuuu tttt ---pppllluuusss pppooosssiiitttsss aaattt nnnooonnnbbbaaannnkkk rreennccyy Time and savings ttttiiiioooonnnnssss 5555 dddeeemmmaaannnddd cccooommmlll... bbbaaannnkkksss ttthhhrrriiifffttt iiinnn--- Demand dddeeepppooosssiiitttsss 111))) ooottthhheeerrr ttthhhaaannn ssstttiiitttuuutttiiiooonnnsss 333))) lllaaarrrgggeee CCCDDD'''sss 222))) CD's 4 Other Total 1964—January 154.1 257.0 392.5 32.6 121.5 10.5 102.9 113.4 135.6 February 154.5 258.2 395.0 32.8 121.8 10.8 103.7 114.5 136.7 March 155.0 259.4 397.2 32.9 122.0 11.0 104.5 115.4 137.8 April 155.2 260.2 399.2 33.1 122.1 11.3 105.0 116.3 139.0 May 155.9 261.8 402.1 33.3 122.7 11.7 105.8 117.6 140.3 June 156.4 263.3 404.8 33.5 122.9 11.9 106.9 118.8 141.6 July 157.5 265.1 408.0 33.6 124.0 12.1 107.6 119.6 142.9 August 158.4 266.8 411.1 33.8 124.6 12.1 108.5 120.6 144.3 September 159.1 268.7 414.3 33.9 125.2 12.3 109.6 122.0 145.6 October 159.7 270.3 417.1 34.0 125.7 12.9 110.6 123.5 146.8 November 160.3 272.2 420.2 34.2 126.1 13.1 111.9 125.0 148.0 December 160.5 273.8 422.9 34.2 126.3 13.3 113.3 126.6 149.2 1965—January 160.9 275.7 425.9 34.4 126.5 13.9 114.8 128.7 150.2 February 161.2 277.9 429.2 34.6 126.7 14.1 116.7 130.7 151.2 March 161.7 279.7 431.8 34.7 127.1 14.3 117.9 132.2 152.2 April 162.0 280.8 433.9 34.7 127.3 14.7 118.8 133.5 153.1 May 162.2 281.9 435.9 34.9 127.3 15.2 119.7 134.8 154.0 June 163.1 283.9 439.0 35.0 128.0 15.6 120.8 136.4 155.0 July 163.7 285.9 441.9 35.2 128.5 15.7 122.2 137.8 156.0 August 164,2 287.8 444.8 35.5 128.7 16.0 123.6 139.6 157.0 September 165.2 290.3 448.4 35.7 129.5 16.3 125.1 141.4 158.1 October 166.4 293.2 452.4 36.0 130.4 16.8 126.9 143.6 159.2 November 166.9 295.5 455.7 36.1 130.8 16.7 128.6 145.2 160.2 December 168.0 298.1 459.4 36.3 131.7 16.7 130.1 146.8 161.3 1966—January 169.2 300.4 462.5 36.6 132.6 16.6 131.2 147.8 162.1 February 169.7 301.8 464.7 36.7 133.0 16.6 132.0 148.6 162.9 March 170.5 303.4 466.9 36.9 133.6 16.9 132.9 149.8 163.5 April 171.7 306.1 469.8 37.1 134.6 17.5 134.4 151.9 163.7 May 171.5 307.4 471.3 37.3 134.2 17.8 135.9 153.6 163.9 June 171.7 308.1 472.4 37.4 134.3 17.9 136.4 154.3 164.3 July 171.0 308.8 473.3 37.6 133.4 18.2 137.8 156.0 164.5 August 171.1 309.9 474.6 37.8 133.3 17.9 138.8 156.7 164.7 September 171.9 311.7 477.0 37.9 134.0 17.5 139.9 157.3 165.3 October 171.4 312.2 477.9 38.0 133.4 16.3 140.8 157.1 165.7 November 171.2 312.5 478.9 38.2 133.1 15.5 141.3 156.8 166.4 December 171.7 314.0 481.3 38.3 133.4 15.9 142.2 158.1 167.4 1967—January 171.4 315.4 484.0 38.5 132.9 17.3 144.1 161.4 168.6 173.2 319.0 488.8 38.7 134.5 18.4 145.8 164.2 169.8 March 174.8 322.0 493.0 38.9 135.9 19.0 147.2 166.2 171.0 April 174.1 323.7 496.2 39.0 135.1 18.9 149.6 168.5 172.5 May 175.8 327.5 501.6 39.1 136.7 18.9 151.7 170.6 174.2 June 177.3 331.1 506.7 39.3 138.0 19.4 153.8 173.2 175.7 July 178.7 334.3 511.5 39.4 139.3 19.6 155.6 175.2 177.2 August 179.8 337.0 515.7 39.5 140.3 20.0 157.2 177.2 178.7 September 180.9 339.7 519.6 39.7 141.1 20.2 158.8 179.0 179.9 October 181.7 342.0 523.1 39.9 !41.7 20.1 160.3 180.4 181.1 182.4 343.9 526.0 40.0 142.3 20.4 161.5 181.9 182.2 December 183.1 345.7 528.8 40.4 142.7 20.8 162.6 183.4 183.1 1968—January 183.9 347.6 531.5 40.6 143.4 20.7 163.7 184.4 - 183.9 February 184.9 350.1 534.9 40.7 144.1 20.8 165.3 186.1 184.8 March 185.9 352.5 538.2 41.1 144.8 20.6 166.6 187.1 185.7 April 186.6 354.3 540.8 41.3 145.3 20.1 167.6 187.7 186.6 May 188.5 357.0 544.5 41.6 147.0 19.9 168.5 188.4 187.4 June 190.1 359.5 547.9 41.9 148.3 19.8 169.4 189.2 188.4 July 191.4 361.9 551.2 42.0 149.3 21.0 170.6 191.6 189.3 August 192.5 365.0 555.2 42.3 150.2 21.7 172.4 194.2 190.2 September 193.4 367.9 559.1 42.7 150.8 22.1 174.5 196.6 191.2 October 194.3 370.7 563.1 42.8 151.5 22.8 176.4 199.3 192.4 196.0 374.7 568.2 43.2 152.9 23.0 178.6 201.7 193.5 December 197.4 378.0 572.6 43.4 154.0 23.6 180.6 204.2 194.6 1969—January 198.4 380.4 576.0 43.6 154.8 21.5 182.0 203.5 195.6 February 199.5 382.3 578.9 43.9 155.7 20.2 182.8 203.0 196.6 March 200.3 383.7 581.2 44.1 156.2 18.9 183.4 202.4 197.5 April 201.0 385.1 583.2 44.2 156.8 18.4 184.1 202.5 198.1 May 201.4 385.9 584.7 44.5 156.9 17.7 184.5 202.2 198.6 June 202.2 387.5 586.8 44.7 157.4 16.2 185.3 201.5 199.3 July 202.9 387.0 586.7 44.9 158.0 14.2 184.1 198.4 199.6 August 202.4 385.2 585.1 45.2 157.2 12.6 182.8 195.4 199.9 September 202.7 385.5 585.9 45.3 157.4 11 8 182.8 194 5 200.4 October 222222222222222000000000000000333333333333333...............222222222222222 333333333333333888888888888888666666666666666...............000000000000000 555555555555555888888888888888666666666666666...............777777777777777 444444444444444555555555555555...............666666666666666 111111111111111555555555555555111111111111111...............666666666666666 11111111111111LLLLLLLLLLLLLL33333333333333 111111111111118888888888888822222222222222..............77777777777777 111111111111111999999999999999444444444444444...............111111111111111 222222222222222000000000000000000000000000000...............888888888888888 November 222222222222222000000000000000333333333333333...............555555555555555 333333333333333888888888888888666666666666666...............666666666666666 555555555555555888888888888888777777777777777...............777777777777777 444444444444444555555555555555...............999999999999999 111111111111111555555555555555777777777777777...............666666666666666 1111111111111100000000000000..............99999999999999 111111111111118888888888888833333333333333..............11111111111111 111111111111111999999999999999444444444444444...............000000000000000 222222222222222000000000000000111111111111111...............111111111111111 December 222222222222222000000000000000333333333333333...............777777777777777 333333333333333888888888888888666666666666666...............888888888888888 555555555555555888888888888888888888888888888...............444444444444444 444444444444444666666666666666...............000000000000000 111111111111111555555555555555777777777777777...............777777777777777 1111111111111111111111111111..............00000000000000 111111111111118888888888888833333333333333..............22222222222222 111111111111111999999999999999444444444444444...............111111111111111 222222222222222000000000000000111111111111111...............555555555555555 1970—January 222222222222222000000000000000555555555555555...............555555555555555 333333333333333888888888888888888888888888888...............555555555555555 555555555555555888888888888888999999999999999...............999999999999999 444444444444444666666666666666...............222222222222222 111111111111111555555555555555999999999999999...............333333333333333 1111111111111100000000000000..............44444444444444 111111111111118888888888888833333333333333..............00000000000000 111111111111111999999999999999333333333333333...............444444444444444 222222222222222000000000000000111111111111111...............444444444444444 February 222222222222222000000000000000444444444444444...............777777777777777 333333333333333888888888888888777777777777777...............444444444444444 555555555555555888888888888888888888888888888...............777777777777777 444444444444444666666666666666...............444444444444444 111111111111111555555555555555888888888888888...............333333333333333 1111111111111100000000000000..............77777777777777 111111111111118888888888888822222222222222..............77777777777777 111111111111111999999999999999333333333333333...............444444444444444 222222222222222000000000000000111111111111111...............333333333333333 March 222222222222222000000000000000666666666666666...............777777777777777 333333333333333999999999999999000000000000000...............444444444444444 555555555555555999999999999999222222222222222...............444444444444444 444444444444444666666666666666...............777777777777777 111111111111111666666666666666000000000000000...............000000000000000 1111111111111111111111111111..............55555555555555 111111111111118888888888888833333333333333..............77777777777777 111111111111111999999999999999555555555555555...............222222222222222 222222222222222000000000000000222222222222222...............000000000000000 April 222222222222222000000000000000888888888888888...............333333333333333 333333333333333999999999999999333333333333333...............999999999999999 555555555555555999999999999999777777777777777...............000000000000000 444444444444444777777777777777...............111111111111111 111111111111111666666666666666111111111111111...............222222222222222 1111111111111133333333333333..............11111111111111 111111111111118888888888888855555555555555..............66666666666666 111111111111111999999999999999888888888888888...............777777777777777 222222222222222000000000000000333333333333333...............111111111111111 May 222222222222222000000000000000999999999999999...............000000000000000 333333333333333999999999999999666666666666666...............222222222222222 666666666666666000000000000000000000000000000...............444444444444444 444444444444444777777777777777...............666666666666666 111111111111111666666666666666111111111111111...............444444444444444 1111111111111133333333333333..............44444444444444 111111111111118888888888888877777777777777..............22222222222222 222222222222222000000000000000000000000000000...............666666666666666 222222222222222000000000000000444444444444444...............222222222222222 June 222222222222222000000000000000999999999999999...............444444444444444 333333333333333999999999999999888888888888888...............111111111111111 666666666666666000000000000000333333333333333...............444444444444444 444444444444444777777777777777...............777777777777777 111111111111111666666666666666111111111111111...............777777777777777 1111111111111133333333333333..............66666666666666 111111111111118888888888888888888888888888..............77777777777777 222222222222222000000000000000222222222222222...............333333333333333 222222222222222000000000000000555555555555555...............333333333333333 July 222222222222222111111111111111000000000000000...............333333333333333 444444444444444000000000000000111111111111111...............777777777777777 666666666666666000000000000000888888888888888...............777777777777777 444444444444444888888888888888...............000000000000000 111111111111111666666666666666222222222222222...............444444444444444 1111111111111177777777777777..............00000000000000 111111111111119999999999999911111111111111..............44444444444444 222222222222222000000000000000888888888888888...............444444444444444 222222222222222000000000000000777777777777777...............000000000000000 August 222222222222222111111111111111111111111111111...............666666666666666 444444444444444000000000000000555555555555555...............666666666666666 666666666666666111111111111111444444444444444...............222222222222222 444444444444444888888888888888...............111111111111111 111111111111111666666666666666333333333333333...............555555555555555 1111111111111199999999999999..............33333333333333 111111111111119999999999999933333333333333..............99999999999999 222222222222222111111111111111333333333333333...............222222222222222 222222222222222000000000000000888888888888888...............666666666666666 September 222222222222222111111111111111222222222222222...............888888888888888 444444444444444000000000000000999999999999999...............222222222222222 666666666666666111111111111111999999999999999...............333333333333333 444444444444444888888888888888...............333333333333333 111111111111111666666666666666444444444444444...............555555555555555 2222222222222211111111111111..............33333333333333 111111111111119999999999999966666666666666..............44444444444444 222222222222222111111111111111777777777777777...............777777777777777 222222222222222111111111111111000000000000000...............111111111111111 October 222222222222222111111111111111333333333333333...............111111111111111 444444444444444111111111111111222222222222222...............000000000000000 666666666666666222222222222222444444444444444...............000000000000000 444444444444444888888888888888...............555555555555555 111111111111111666666666666666444444444444444...............666666666666666 2222222222222222222222222222..............66666666666666 111111111111119999999999999988888888888888..............99999999999999 222222222222222222222222222222111111111111111...............555555555555555 222222222222222111111111111111222222222222222...............000000000000000 November 222222222222222111111111111111333333333333333...............666666666666666 444444444444444111111111111111444444444444444...............333333333333333 666666666666666222222222222222888888888888888...............111111111111111 444444444444444888888888888888...............777777777777777 111111111111111666666666666666444444444444444...............999999999999999 2222222222222233333333333333..............66666666666666 222222222222220000000000000000000000000000..............66666666666666 222222222222222222222222222222444444444444444...............222222222222222 222222222222222111111111111111333333333333333...............888888888888888 December 222222222222222111111111111111444444444444444...............888888888888888 444444444444444111111111111111888888888888888...............222222222222222 666666666666666333333333333333444444444444444...............111111111111111 444444444444444999999999999999...............000000000000000 111111111111111666666666666666555555555555555...............888888888888888 25.5 203.4 222222222222222222222222222222888888888888888...............999999999999999 222222222222222111111111111111555555555555555...............999999999999999 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MONEY STOCK—NOT SEASONALLY ADJUSTED 885 In billions of dollars (for footnotes see page 889) Over-all measures Components and related items AAA///222 NNNNoooonnnnbbbbaaaannnnkkkk UUUU....SSSS.... YYYYeeeeaaaarrrr aaaannnndddd MMMiii (((MMMiii pppllluuusss MMMsss Deposits at commercial banks tttthhhhrrrriiiifffftttt GGGGoooovvvvtttt,,,, mmmmoooonnnntttthhhh (((CCCuuurrrrrreeennncccyyy tttiiimmmeee dddeee--- (((MMM222 pppllluuusss CCCuuurrr--- iiiinnnnssssttttiiiittttuuuu---- ddddeeeeppppoooossss---pppllluuusss pppooosssiiitttsss aaattt nnnooonnnbbbaaannnkkk rrreeennncccyyy Time and savings ttttiiiioooonnnnssss 5555 iiiittttssss 6666 dddeeemmmaaannnddd cccooommmlll... bbbaaannnkkksss ttthhhrrriiifffttt iiinnn--- DDeemmaanndd dddeeepppooosssiiitttsss !!!))) ooottthhheeerrr ttthhhaaannn ssstttiiitttuuutttiiiooonnnsss 333))) lllaaarrrgggeee CCCDDD'''sss 222))) CD's 4 Other Total 1964—January 158.4 261.1 397.2 32.4 125.9 10.3 102.8 113.0 136.0 4.1 February 154.3 258.1 395.0 32.3 122.0 10.8 103.7 114.5 137.0 4.8 March 153.6 258.4 396.6 32.6 120.9 10.9 104.8 115.7 138.2 6.0 April 155.7 261.0 400.3 32.8 122.9 11.4 105.3 116.7 139.2 4.2 May 153.0 259.1 399.2 33.1 120.0 12.0 106.1 118.0 140.1 6.8 June 154.2 261.3 403.1 33.4 120.8 12.0 107.1 119.1 141.8 7.6 July 156.0 263.7 406.8 33.7 122.3 12.3 107.7 120.0 143.1 6.9 August 156.0 264.6 408.4 33.9 122.1 12.5 108.6 121.1 143.8 6.3 September 158.1 267.9 413.0 33.9 124.2 12.3 109.7 122.0 145.2 6.5 October 160.1 270.9 417.3 34.1 126.0 12.6 110.8 123.4 146.4 5.5 November 161.8 273.0 420.5 34.6 127.3 13.0 111.1 124.1 147.5 5.8 December 165.3 277.6 426.9 35.0 130.3 12.9 112.3 125.2 149.3 5.5 1965—January 165.7 280.3 431.1 34.4 131.3 13.7 114.7 128.3 150.7 4.2 February 160.8 277.5 428.9 34.2 126.5 14.1 116.7 130.8 151.4 5.7 March 160.3 278.6 431.2 34.4 125.9 14.3 118.3 132.7 152.6 6.6 April 162.9 282.0 435.4 34.5 128.4 14.8 119.2 134.0 153.4 5.5 May 158.9 278.9 432.7 34.6 124.2 15.4 120.0 135.4 153.8 9.5 June 160.8 281.8 437.2 34.9 125.9 15.6 121.0 136.6 155.3 9.1 July 162.1 284.4 440.7 35.4 126.7 15.9 122.4 138.3 156.3 9.0 August 161.5 285.3 441.9 35.5 126.0 16.5 123.8 140.2 156.5 7.3 September 164.3 289.5 447.1 35.7 128.6 16.2 125.2 141.4 157.7 5.5 October 166.8 293.9 452.7 36.0 130.8 16.5 127.0 143.5 158.8 5.0 November 168.5 296.2 455.9 36.5 131.9 16.6 127.7 144.3 159.7 4.1 December 173.1 302.1 463.5 37.1 136.0 16.2 129.0 145.2 161.4 4.6 1966—January 174.2 305.2 467.8 36.5 137.6 16.3 131.0 147.4 162.6 3.8 February 168.8 300.9 463.9 36.4 132.5 16.7 132.1 148.7 163.0 5.1 March 168.9 302.3 466.3 36.5 132.4 17.0 133.4 150.4 164.0 4.5 April 172.6 307.5 471.5 36.8 135.8 17.6 134.8 152.4 164.0 3.0 May 168.0 304.3 468.0 37.0 131.0 17.9 136.3 154.2 163.7 7.1 June 170.0 306.6 471.3 37.3 132.7 17.8 136.6 154.4 164.7 6.1 July 169.3 307.3 472.0 37.8 131.5 18.3 137.9 156.2 164.7 8.0 August 168.4 307.4 471.6 37.8 130.5 18.4 139.0 157.4 164.2 5.1 September 170.9 310.9 475.8 37.9 133.1 17.4 140.0 157.4 164.8 4.3 October 171.7 312.6 478.0 38.1 133.6 16.2 141.0 157.1 165.4 4.8 November 172.7 313.2 479.1 38.5 134.1 15.6 140.5 156.1 165.9 3.7 December 176.9 318.2 485.7 39.1 137.8 15.6 141.3 156.9 167.5 3.4 1967—January 176.4 320.0 489.0 38.5 137.9 17.2 143.6 160.8 169.0 4.2 February 171.8 317.4 487.2 38.3 133.4 18.5 145.6 164.1 169.8 5.1 March 173.1 320.9 492.3 38.5 134.6 19.1 147.8 166.9 171.4 4.9 April 174.9 325.0 497.8 38.6 136.3 18.8 150.1 168.9 172.9 4.8 May 172.4 324.5 498.5 38.8 133.5 18.8 152.1 170.9 174.0 6.6 June 175.7 329.6 505.7 39.2 136.5 19.2 153.9 173.1 176.1 4.0 July 177.2 332.9 510.4 39.6 137.6 19.5 155.7 175.3 177.5 5.7 August 177.2 334.7 512.9 39.6 137.7 20.5 157.4 177.9 178.2 4.3 September 179.8 338.7 518.3 39.7 140.0 20.2 158.9 179.1 179.6 5.0 October 182.0 342.5 523.3 40.0 142.0 20.1 160.5 180.6 180.8 6.3 November 183.9 344.5 526.1 40.4 143.4 20.8 160.6 181.4 181.6 5.3 December 188.6 350.1 533.3 41.2 147.4 20.6 161.5 182.1 183.1 5.0 1968—January 189.3 352.5 536.7 40.5 148.8 20.7 163.2 183.9 184.3 5.0 F M e a b r r c u h a ry 1 18 8 4 3 . . 1 3 3 35 4 1 8 . . 3 3 5 5 3 3 3 7 . . 0 4 4 4 0 0 . . 3 7 1 1 4 4 3 3 . . 0 4 2 2 0 0 . . 9 7 1 1 6 6 5 7 . . 1 2 1 1 8 8 7 5 . . 9 9 1 1 8 8 4 6 . . 7 2 6 7. . 2 7 A M p a r y i l 1 18 8 7 5 . . 6 0 3 35 5 5 4 . . 9 2 5 5 4 4 1 2 . . 5 9 4 4 1 1. . 3 0 1 1 4 4 3 6 . . 7 6 1 19 9 . . 9 6 1 1 6 68 9 . . 3 2 1 18 8 8 8 . . 2 7 1 1 8 8 6 7 . . 9 3 4 6 . . 3 5 June 188.5 358.1 547.0 41.8 146.6 19.3 169.6 189.0 188.9 5.6 July 190.1 360.7 550.3 42.3 147.8 20.7 170.6 191.3 189.6 5.8 August 189.8 362.5 552.2 42.5 147.3 22.2 172.7 194.9 189.7 5.6 September 192.2 366.8 557.6 42.7 149.6 22.2 174.6 196.7 190.9 6.1 October 194.3 371.0 563.0 42.8 151.5 23.0 176.7 199.7 192.0 6.3 November 197.7 375.3 568.2 43.6 154.1 23.8 177.6 201.4 192.9 4.5 December 203.4 383.0 577.5 44.3 159.1 23.6 179.6 203.2 194.6 5.0 1969—January 204.2 385.5 581.4 43.5 160.7 21.6 181.3 202.9 195.8 4.9 February 197.8 380.2 576.6 43.4 154.4 20.2 182.4 202.6 196.4 6.9 March 198.3 382.5 580.3 43.7 154.6 19.0 184.1 203.2 197.9 4.8 April 202.0 386.9 585.4 43.8 158.2 18.1 184.9 203.0 198.5 5.4 May 197.7 382.9 581.6 44.2 153.5 17.2 185.3 202.5 198.7 9.2 June 200.5 386.2 586.0 44.7 155.8 15.7 185.6 201.3 199.8 6.0 July 201.5 385.7 585.8 45.2 156.4 13.9 184.2 198.1 200.1 5.6 August 199.6 382.7 582.2 45.4 154.3 12.9 183.1 196.0 199.5 4.3 September 201.4 384.4 584.5 45.3 156.1 11.9 183.0 194.9 200.1 5.3 October 203.2 386.1 586.5 45.6 157.6 11.5 182.8 194.4 200.5 4.2 November 205.3 387.3 587.7 46.4 158.9 11.4 182.0 193.4 200.4 5.2 December 209.8 392.0 593.5 46.9 162.9 11.1 182.1 193.2 201.5 5.6 1970—January 211.4 393.6 595.2 46.1 165.4 10.5 182.1 192.7 201.6 4.8 February 202.8 385.1 586.1 45.9 156.8 10.6 182.3 193.0 201.0 7.1 March 204.7 389.1 591.4 46.3 158.4 11.5 184.4 195.9 202.4 6.9 April 209.3 395.8 599.3 46.6 162.6 12.8 186.5 199.3 203.5 5.3 May 205.3 393.4 597.6 47.3 158.0 13.0 188.1 201.1 204.2 6.4 June 207.8 396.9 602.8 47.7 160.1 13.2 189.2 202.3 205.9 6.5 July 209.0 400.5 607.9 48.3 160.7 16.6 191.5 208.0 207.5 6.8 August 208.7 403.0 611.2 48.3 160.4 19.5 194.3 213.8 208.2 7.1 September 211.4 407.9 617.7 48.2 163.2 21.6 196.5 218.1 209.8 6.9 October 213.1 411.9 623.6 48.5 164.6 23.2 198.8 222.0 211.7 6.2 November 215.4 414.9 628.1 49.2 166.3 24.6 199.5 224.1 213.2 5.7 December 221.2 423.5 639.4 50.0 171.3 25.8 202.3 228.1 215.9 7.3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
00 MONEY STOCK-SEASONALLY ADJUSTED 00 CD In billions of dollars (for footnotes see page 889) Over-all measures Components and related items Over-all measures Components and related items Y a e n a d r Mi (M M i 2p lus Deposits at commercial banks Y a e n a d r Mi (M M i i p lus Deposits at commercial banks e w n dd e d aa e i tt k n ee - g dd (C ee d pp e u p oo m r l ss r u a ii e tt s n n ss d c ** y )) t b im t a t h a i n e m a t k n C e c s o D l d o a m ' e t r s h p l g . e e . 2 r ) C r c e u y n r - - m DD a ee n -- d CD's T 4 im e a OO n tt d hh ee s rr a ving TT s oo ttaall e w n d e d a e t i k n e - g dd (C ee d pp u e p oo m r l ss r u a ii e tt s n n ss d c ** y )) t b i t m t a h a i n m t a e k n c e C s o l d D o a m e t r ' h p s l g . e . e 2 r ) C r c e u y n r - - m D a e n - d CD's T 4 im e a O n t d h e s r a ving TT s oo ttaall 964—Jan. 2 1 8 1 2 5 . . . . . . . . 1 1 1 1 5 5 5 5 4 4 3 4 . . . . 1 1 8 0 2 2 2 2 5 5 5 5 7 6 6 7 . . . . 1 6 2 0 3 3 3 32 2 2 2 . . . . 6 5 6 4 1 1 1 1 2 2 2 2 1 1 1 1 . . . . 5 5 5 4 1 1 1 10 0 0 0 . . . . 5 3 4 4 1 1 1 1 0 0 0 0 2 2 2 3 . . . . 9 4 6 0 1 1 1 1 1 1 1 1 3 2 3 3 . . . . 1 6 4 4 1966—Jan. 2 1 1 5 6 2 9 . . . . . . . . . . . . . . . . 1 1 1 16 6 6 6 8 8 9 9 . . . . 8 9 3 0 2 3 3 3 9 0 0 0 9 0 0 0 . . . . 7 7 2 0 3 3 3 36 6 6 6 . . . . 5 6 5 5 1 1 1 1 3 3 3 3 2 2 2 2 . . . . 8 3 5 4 1 1 1 1 6 6 6 6 . . . . 7 5 6 6 1 1 1 1 3 3 3 3 1 1 0 1 . . . . 1 1 9 3 1 1 1 14 4 4 4 7 7 7 8 . . . . 6 7 7 0 29.... 154.3 257.3 32.7 121.6 10.6 103.0 113.6 Feb. 2.... 169.5 301.0 36.7 132.8 16.5 131.5 148.1 Feb. 1 1 5 2 9 . . . . . . . . 1 1 1 5 5 5 4 4 4 . . . 6 4 4 2 2 2 5 5 5 7 8 7 . . . 8 5 5 3 3 32 2 2 . . . 8 7 7 1 1 1 2 2 2 1 1 1 . . . 8 7 7 1 1 1 0 0 0 . . . 8 8 8 1 1 1 0 0 0 3 3 3 . . . 1 9 3 1 1 1 1 1 1 4 3 4 . . . 1 9 7 2 1 9 3 6 . . . . . . . . . . . . 1 1 16 6 6 9 9 9 . . . 8 9 6 3 3 3 0 0 0 1 2 2 . . . 2 0 2 3 3 3 6 6 6 . . . 7 7 7 1 1 1 3 3 3 3 2 3 . . . 1 9 0 1 1 1 6 6 6 . . . 5 6 6 1 1 1 3 3 3 1 2 2 . . . 6 4 2 1 1 14 4 4 8 8 8 . . . 1 9 7 26.... 154.6 258.6 32.8 121.8 10.8 104.0 114.8 2.... 170.0 302.5 36.8 133.2 16.7 132.5 149.2 Mar. 2 1 1 8 1 5 4 . . . . . . . . 1 1 1 1 5 5 5 5 4 5 4 4 . . . . 9 0 7 7 2 2 2 2 5 5 5 5 9 9 9 9 . . . . 6 4 0 0 3 3 3 3 2 2 2 3 . . . . 8 9 8 0 1 1 1 1 2 2 2 2 2 1 1 2 . . . . 1 9 9 0 1 1 1 1 1 0 0 1 . . . . 8 9 0 0 1 1 1 1 0 0 0 0 4 4 4 4 . . . . 5 5 3 2 1 1 1 1 1 1 1 1 5 5 5 5 . . . . 1 5 5 2 2 3 1 9 3 0 6 . . . . . . . . . . . . . . . . 1 1 1 1 7 7 7 7 0 0 0 0 . . . . 1 9 5 3 3 3 3 3 0 0 0 0 2 3 4 3 . . . . 8 2 4 0 3 3 3 3 6 6 7 7 . . . . 9 9 0 0 1 1 1 1 3 3 3 33 3 3 3 . . . . 9 6 4 2 1 1 1 1 7 6 6 6 . . . . 8 9 3 6 1 1 1 1 3 3 3 3 3 2 2 3 . . . . 1 9 7 0 1 1 1 1 4 4 4 5 9 9 9 0 . . . . 8 5 6 4 Apr. 2 1 2 8 5 1 . . . . . . . . . . . . 1 1 1 1 5 5 5 5 5 5 5 5 . . . . 1 3 2 0 2 2 2 2 6 5 5 6 0 9 9 0 . . . . 3 8 8 2 3 3 3 3 3 3 3 3 . . . . 1 2 0 0 1 1 1 1 2 2 2 2 2 2 2 2 . . . . 1 1 1 0 1 1 1 1 1 0 1 1 . . . . 1 9 4 2 1 1 1 1 0 0 0 0 4 4 5 5 . . . . 8 7 0 0 1 1 1 1 1 1 1 1 5 6 6 5 . . . . 9 4 6 2 Apr. 2 2 1 6 1 0 3 . . . . . . . . . . . . . . . . 1 1 1 1 7 7 7 7 1 1 1 2 . . . . 1 5 7 0 3 3 3 3 0 0 0 0 7 5 4 6 . . . . 1 5 7 2 3 3 3 3 7 7 7 7 . . . . 1 1 1 0 1 1 1 1 3 3 3 3 4 4 4 4 . . . . 1 9 4 6 1 1 1 1 7 7 7 7 . . . . 3 4 6 6 1 1 1 1 3 3 3 3 5 3 4 4 . . . . 1 6 5 0 1 1 1 1 5 5 5 5 2 0 2 1 . . . . 1 9 7 4 29.... 155.3 260.6 33.2 122.1 11.5 105.3 116.8 May 4.... 171.9 307.2 37.2 134.6 17.6 135.3 153.0 May 2 1 6 3 0 .... 1 1 15 5 5 6 6 5 . . . 1 0 7 2 2 2 6 6 6 1 1 1 . . . 1 9 7 3 3 3 3 3 3 . . . 3 3 2 1 1 12 2 2 2 2 2 . . . 8 5 7 1 1 11 1 1 . . . 8 6 5 1 1 10 0 0 5 5 5 . . . 9 7 4 1 1 1 1 1 1 7 7 7 . . . 3 6 0 2 1 1 5 8 1 . . . . . . . . . . . . 1 1 17 7 7 1 1 1 . . . 8 5 6 3 3 3 0 0 0 7 7 7 . . . 7 4 4 3 3 3 7 7 7 . . . 3 2 2 1 1 1 3 3 3 4 4 4 . . . 3 3 6 1 1 1 7 7 7 . . . 8 8 7 1 1 1 3 3 3 5 5 6 . . . 9 6 2 1 1 1 5 5 5 3 3 4 . . . 3 7 0 21.... 156.1 262.3 33.3 122.8 11.8 106.1 118.0 171.6 308.2 37.3 134.2 17.8 136.6 154.4 June 2 1 1 3 7 4 0 . . . . . . . . 1 1 1 1 5 5 5 5 6 6 6 6 . . . . 3 4 3 2 2 2 2 2 6 6 6 6 3 2 2 3 . . . . 5 8 5 2 3 3 3 33 3 3 3 . . . . 5 4 4 4 1 1 1 1 2 2 2 2 2 2 3 2 . . . . 9 9 8 0 1 1 1 1 2 1 1 1 . . . . 9 9 9 0 1 1 1 1 0 0 0 0 7 6 6 6 . . . . 1 9 3 6 1 1 1 11 1 1 1 9 8 8 8 . . . . 1 8 5 2 2 2 1 8 9 2 5 . . . . . . . . . . . . . . . . 1 1 1 1 7 7 7 7 1 1 2 1 . . . . 5 3 6 6 3 3 3 3 0 0 0 0 7 7 8 8 . . . . 8 7 5 4 3 3 3 3 7 7 7 7 . . . . 5 5 4 4 1 1 1 1 3 3 3 3 4 4 4 4 . . . . 9 0 2 2 1 1 1 17 7 7 8 . . . . 8 9 5 4 1 1 1 1 3 3 3 3 6 6 6 6 . . . . 1 8 3 2 1 1 1 1 5 5 5 5 4 3 4 4 . . . . 7 6 6 0 JJuullyy 2 1 88 2 5 11 . . .. . . .. . . .. . . .. 1 1 1 1 5 5 5 5 7 6 7 7 . . . . 4 7 7 0 2 2 2 2 6 6 6 6 4 5 4 4 . . . . 9 3 2 0 3 3 3 3 3 3 3 3 . . . . 5 5 6 6 1 1 1 1 2 2 2 2 4 3 3 3 . . . . 1 8 5 2 1 1 1 1 2 1 2 2 . . . . 1 1 9 0 1 1 1 1 0 0 0 0 7 7 7 7 . . . . 5 6 2 2 1 1 1 1 1 1 1 1 9 9 9 9 . . . . 5 7 3 2 July 2 2 1 1 6 0 3 . . . . . . . . . . . . 1 1 1 17 7 7 7 1 0 0 1 . . . . 1 9 9 0 3 3 3 3 0 0 0 0 8 9 8 8 . . . . 1 1 8 3 3 3 3 3 7 7 7 7 . . . . 6 6 6 5 1 1 1 1 3 3 3 3 3 3 3 3 . . . . 3 4 4 2 1 1 1 1 8 8 8 8 . . . . 1 3 4 0 1 1 1 1 3 3 3 3 7 7 7 8 . . . . 9 3 0 2 1 1 1 1 5 5 5 5 6 5 6 5. . . . 7 0 4 2 29.... 157.8 265.6 33.6 124.2 12.1 107.8 119.9 Aug. 3.... 170.9 309.1 37.7 133.2 17.9 138.3 156.2 Aug. 2 1 1 6 5 2 9 . . . . . . . . . . . . . . . . 1 1 1 1 5 5 5 5 8 8 8 8 . . . . 3 6 4 0 2 2 2 2 6 6 6 6 6 6 6 7 . . . . 1 9 5 3 3 3 3 3 3 3 3 3 . . . . 7 7 7 7 1 1 1 12 2 2 2 4 4 4 4 . . . . 8 7 6 3 1 1 1 1 2 2 2 2 . . . . 1 1 2 0 1 1 1 1 0 0 0 0 8 8 8 8 . . . . 1 7 5 2 1 1 1 1 2 2 2 2 0 0 0 0 . . . . 1 9 6 2 2 3 1 1 4 1 0 7 . . . . . . . . . . . . . . . . 1 1 1 17 7 7 7 0 1 1 1 . . . . 9 4 0 2 3 3 3 3 1 0 0 1 0 9 0 9 . . . . 8 4 3 6 3 3 3 3 7 7 7 7 . . . . 8 8 8 7 1 1 1 1 3 3 3 3 3 3 3 3 . . . . 5 1 5 2 1 1 1 1 7 7 7 8 . . . . 8 9 7 0 1 1 1 1 3 3 3 3 9 9 8 8 . . . . 1 4 7 4 1 1 1 1 5 5 5 5 6 7 6 6 . . . . 9 2 7 3 Sept. 2 1 2 9 3 6 . . . . . . . . 1 1 1 1 5 5 5 5 9 8 8 8 . . . . 1 9 7 7 2 2 2 2 6 6 6 6 7 8 8 8 . . . . 7 8 7 0 3 3 3 3 3 3 3 3 . . . . 8 8 9 7 1 1 1 1 2 2 2 2 5 4 5 5 . . . . 1 9 0 2 1 1 1 1 2 2 2 2 . . . . 3 4 4 2 1 1 1 1 0 0 0 0 9 9 9 9 . . . . 8 3 7 0 1 1 1 12 2 2 2 2 1 1 2 . . . . 1 7 2 0 Sept. 2 2 1 7 8 1 4 . . . . . . . . . . . . 1 1 1 17 7 7 7 1 2 2 2 . . . . 8 0 0 0 3 3 3 3 1 1 1 1 2 1 1 1 . . . . 3 9 7 2 3 3 3 3 7 7 7 7 . . . . 9 9 9 9 1 1 1 1 3 3 3 3 4 4 4 4 . . . . 1 1 1 0 1 1 1 1 7 7 7 7 . . . . 8 1 5 7 1 1 1 1 3 4 3 3 9 0 9 9 . . . . 9 3 7 4 1 1 1 15 5 5 5 7 7 7 7 . . . . 1 5 4 4 30.... 159.5 269.3 34.0 125.4 12.4 109.9 122.3 Oct. 5 171.7 312.3 37.9 133.8 16.9 140.5 157.4 Oct. 2 1 1 7 4 . . . . . . . . . . . . 1 1 1 5 5 5 9 9 9 . . . 7 6 5 2 2 2 6 7 7 9 0 0 . . . 8 2 2 3 3 3 3 4 4 . . . 9 0 0 1 1 1 2 2 2 5 5 5 . . . 6 7 6 1 1 1 2 2 2 . . . 8 9 6 1 1 11 1 1 0 0 0 . . . 5 6 2 1 1 1 2 2 2 3 2 3 . . . 9 3 5 2 1 1 6 9 2 . . . . . . . . . . . . 1 1 1 7 7 7 1 1 1 . . . 3 5 6 3 3 31 1 1 2 2 2 . . . 1 5 0 3 3 3 8 8 8 . . . 0 0 0 1 1 1 3 3 3 3 3 3 . . . 3 6 5 1 1 16 6 6 . . . 8 0 2 1 1 1 4 4 4 1 0 0 . . . 1 7 6 1 1 1 5 5 5 7 6 7 . . . 3 7 4 28.... 159.9 270.8 34.1 125.8 13i 1 110.9 124.0 2.... 171.0 311.9 38.0 133.0 15.8 140.8 156.6 Digitized for FRASER N ov. 2 1 1 4 5 1 8 . . . . . . . . . . . . . . . . 1 1 1 1 6 6 6 6 0 0 0 0 . . . . 3 2 0 4 2 2 2 2 7 7 7 7 1 1 2 2 . . . . 8 4 6 2 3 3 3 3 4 4 4 4 . . . . 1 1 1 1 1 1 1 12 2 2 2 6 5 6 6 . . . . 3 9 2 2 1 1 1 13 3 3 3 . . . . 1 2 0 2 1 1 1 1 1 1 1 1 1 1 2 1 . . . . 9 6 2 4 1 1 1 1 2 2 2 2 4 5 5 4 . . . . 1 8 3 4 2 3 1 9 3 0 6 . . . . . . . . . . . . . . . . 1 1 1 1 7 7 7 7 1 1 1 1 . . . . 1 1 2 2 3 3 3 3 1 1 1 1 2 2 2 2 . . . . 9 8 0 4 3 3 3 38 8 8 8 . . . . 1 2 2 2 1 1 1 1 3 3 3 3 2 2 3 3 . . . . 9 9 0 0 1 1 1 1 5 5 5 5 . . . . 4 4 4 6 1 1 1 1 4 4 4 4 1 1 1 1 . . . . 6 7 4 0 1 1 1 1 5 5 5 5 7 6 6 6 . . . . 1 8 9 6 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Dec. 2.... 160.5 273.0 34.2 126.3 13.1 112.3 123.6 9.... 160.5 273.3 34.2 126.3 13.3 112.7 126.0 171.6 313.3 38.2 133.4 15.5 141.8 16.... 160.5 273.8 34.3 126.3 13.2 113.3 126.5 171.8 313.7 38.3 133.5 15.7 142.0 23.... 160.5 274.0 34.3 126.2 13.2 113.5 126.7 172.1 314.3 38.4 133.7 15.9 142.2 30.... 160.5 274.2 34.3 126.2 13.5 113.7 127.2 171.7 314.6 38.4 133.3 16.1 142.9 1965—Jan. 1 6 3 . . . . . . . . 1 1 6 6 0 0 . . 8 8 2 2 7 7 4 5 . . 9 2 3 3 4 4 . . 3 4 1 1 2 2 6 6 . . 5 4 1 1 3 4 . . 6 0 1 1 1 1 4 4 . . 1 5 1 1 2 2 7 8. . 5 7 1 1 7 7 1 1 . . 5 4 3 3 1 1 5 5 . . 1 3 3 3 8 8 . . 5 5 1 13 3 2 3 . . 9 0 1 16 6 . . 8 6 1 1 4 4 3 3. . 9 6 20.... 160.9 275.6 34.4 126.5 14.1 114.7 128.8 171.3 315.2 38.5 132.8 17.2 143.9 21.... 161.0 276.3 34.5 126.6 14.1 115.2 129.3 171.6 315.7 38.5 133.1 17.8 144.1 Feb. 3.... 161.2 276.7 34.5 126.7 14.1 115.6 129.6 171.9 316.5 38.6 133.3 18.1 144.6 10.... 161.1 277.3 34.5 126.6 14.0 116.1 130.1 172.4 317.2 38.6 133.7 18.4 144.8 17.... 161.2 278.2 34.6 126.7 14.0 116.9 131.0 173.1 318.8 38.7 134.4 18.4 145.7 24.... 161.4 278.5 34.6 126.8 14.1 117.2 131.3 173.6 319.9 38.8 134.9 18.4 146.3 Mar. 1 3 0 . . . . . . . . 1 1 6 6 1 1 . . 5 5 2 2 7 78 9 . . 9 2 3 34 4 . . 6 6 1 12 2 6 6 . . 9 9 1 14 4 . . 4 2 1 11 1 7 7 . . 7 4 1 1 3 3 1 2 . . 6 0 1 17 7 4 4 . . 4 0 3 32 2 1 0 . . 1 5 3 3 8 8 . . 8 8 1 13 3 5 5 . . 6 2 1 1 8 8 . . 4 8 1 1 4 4 6 6 . . 5 7 17.... 161.7 279.7 34.6 127.1 14.3 117.9 132.2 174.7 321.8 38.9 135.9 18.9 147.0 24.... 161.6 279.7 34.7 126.9 14.4 118.1 132.5 174.9 322.2 38.9 136.0 19.1 147.3 31.... 161.8 280.2 34.7 127.1 14.2 118.4 132.7 174.8 322.6 39.0 135.8 19.1 147.8 Apr. 7.... 162.0 280.6 34.8 127.2 14.4 118.6 133.1 174.6 323.1 39.0 135.7 19.1 148.5 2 1 1 4 . . . . . . . . 1 16 6 2 2 . . 1 0 2 2 8 8 0 0 . . 8 9 3 3 4 4 . . 8 8 1 1 2 2 7 7 . . 3 3 1 1 4 4 . . 6 8 1 1 1 1 8 8 . . 8 8 1 1 3 3 3 3 . . 4 6 1 17 7 3 4 . . 9 2 3 32 2 3 3 . . 9 4 3 3 9 9 . . 0 0 1 1 3 3 4 5 . . 9 2 1 1 9 8 . . 1 8 1 14 4 9 9 . . 9 2 28.... 162.0 281.0 34.8 127.2 15.0 119.0 134.0 174.0 324.2 39.0 134.9 18.7 150.2 May 5.... 162.1 281.3 34.8 127.3 15.0 119.3 134.3 174.4 325.0 39.1 135.4 18.8 150.6 1 1 2 9 . . . . . . . . 1 1 6 6 2 2 . . 1 2 2 28 8 1 1 . . 9 5 3 3 4 4 . . 8 9 1 1 2 2 7 7 . . 3 3 1 15 5 . . 1 2 1 1 1 1 9 9 . . 4 7 1 13 3 4 4 . . 9 5 1 1 7 75 5 . . 1 9 3 32 2 7 6 . . 5 2 3 3 9 9 . . 1 1 1 13 3 6 6 . . 7 0 1 1 8 8 . . 8 8 1 1 5 5 1 1 . . 2 6 26.... 162.3 282.3 34.9 127.4 15.2 120.0 135.1 176.2 328.2 39.1 137.1 19.0 152.0 176.5 329.1 39.2 137.4 19.1 152.6 June 2.... 162.7 282.9 35.0 127.7 15.2 120.3 135.5 9.... 162.9 283.3 35.0 127.9 15.4 120.4 135.8 176.9 329.8 39.3 137.7 19.3 152.9 16.... 162.9 283.8 35.0 127.9 15.4 120.9 136.3 177.2 330.6 39.3 137.9 19.6 153.4 23.... 163.1 284.0 35.1 128.0 15.7 120.9 136.7 177.5 331.5 39.3 138.2 19.4 154.0 30.... 163.3 284.6 35.1 128.2 15.7 121.3 137.0 177.9 332.3 39.4 138.5 19.5 154.4 July 7.... 163.5 285.1 35.1 128.3 15.6 121.7 137.2 178.1 333.2 39.3 138.8 19.3 155.1 14.... 163.7 285.8 35.2 128.5 15.5 122.1 137.6 178.5 333.7 39.3 139.2 19.6 155.2 21.... 163.7 285.9 35.3 128.5 15.7 122.2 137.9 178.8 334.4 39.3 139.5 19.6 155.6 28.... 163.9 286.2 35.3 128.6 15.8 122.4 138.2 179.0 335.0 39.4 139.7 19.6 156.0 Aug. 4.... 163.9 286.9 35.3 128.6 15.8 123.0 138.8 179.2 335.4 39.4 139.8 19.8 156.2 11.... 164.1 287.3 35.4 128.7 15.8 123.2 139.1 179.4 336.2 39.5 139.9 19.9 156.8 18.... 164.3 287.9 35.4 128.9 15.9 123.6 139.5 179.7 337.0 39.5 140.2 19.8 157.2 25.... 164.3 288.2 35.4 128.9 16.1 123.8 139.9 1 18 8 0 0 . . 2 0 3 3 3 3 7 7 . . 3 9 3 3 9 9 . . 6 6 1 1 4 4 0 0 . . 4 6 2 2 0 0 . .2 0 1 1 5 5 7 7 . . 3 7 1.... 164.5 288.7 35.5 129.0 16.2 124.2 140.5 8.... 164.7 289.2 35.5 129.1 16.4 124.6 141.0 180.5 338.8 39.7 140.8 20.3 158.3 15.... 165.0 290.4 35.6 129.4 16.0 125.4 141.4 180.8 339.4 39.7 141.1 20.4 158.6 22.... 165.4 290.4 35.7 129.6 16.3 125.1 141.3 181.0 339.9 39.8 141.3 20.1 158.8 29.... 165.7 291.1 35.8 129.9 16.4 125.4 141.9 181.2 340.5 39.8 141.4 20.0 159.3 Oct. 6.... 166.1 291.9 35.9 130.2 16.8 125.9 142.7 181.4 340.8 39.8 141.5 20.0 159.5 13.... 166.3 293.0 35.9 130.3 16.7 126.7 143.4 181.6 341.5 39.9 141.7 20.1 159.9 2 2 0 7 . . . . . . . . 1 1 6 66 6 . . 5 6 2 29 9 3 3 . . 9 2 3 3 6 5. . 9 0 1 1 3 3 0 0 . . 5 6 1 16 6 . . 8 9 1 1 2 2 6 7 . . 8 4 1 1 4 4 3 4 . . 7 2 1 1 8 8 1 1 . . 7 8 3 3 4 4 2 2 . . 3 0 4 3 0 9 . . 0 9 1 1 4 4 1 1 . . 8 8 2 20 0. . 1 1 1 1 6 6 0 0 . . 3 5 Nov. 1 3 0 . . . . . . . . 1 1 6 6 6 6 . . 7 6 2 2 9 9 5 4 . . 0 5 3 3 6 6 . . 0 0 1 13 3 0 0 . . 8 7 1 1 6 6 . . 6 6 1 1 2 2 7 8 . . 8 2 1 14 4 4 4 . . 9 4 1 1 8 8 1 2 . . 9 1 3 3 4 4 2 3 . . 8 3 4 4 0 0 . . 0 0 1 14 4 2 2 . . 1 0 2 2 0 0 . . 1 1 1 1 6 6 0 1 . . 9 2 17.... 166.8 295.3 36.1 130.7 16.6 128.5 145.1 182.2 343.6 40.0 142.2 20.3 161.5 24.... 167.0 295.9 36.1 130.9 16.7 128.8 145.6 1 1 8 8 2 2 . . 5 4 3 3 4 4 3 4 . . 9 5 4 4 0 0 . . 1 2 1 14 4 2 2 . . 3 2 2 2 0 0 . . 5 6 1 1 6 6 1 2 . . 5 0 2 2 1 8 2 9 1 5 . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 6 6 6 6 6 8 7 8 7 8 . . . . . 3 3 5 4 0 2 2 2 2 29 9 9 9 9 8 6 8 7 8 . . . . . 8 5 5 0 2 3 3 3 3 3 6 6 6 6 6 . . . . . 3 3 4 4 2 1 1 1 1 1 3 3 3 3 3 1 2 1 1 1 . . . . . 1 1 1 9 6 1 1 1 1 1 6 6 6 6 6 . . . . . 8 8 9 7 4 1 1 1 1 1 3 3 2 2 3 0 0 9 9 0 . . . . . 3 3 6 2 2 1 1 1 1 1 4 4 4 4 4 6 6 6 7 6 . . . . . 9 4 7 2 0 1 1 1 1 8 8 8 8 3 2 2 3 . . . . 1 9 7 3 3 3 3 3 4 4 4 4 5 4 5 6 . . . . 1 9 7 2 4 4 4 4 0 0 0 0 . . . . 3 5 4 2 1 1 1 1 4 4 4 4 2 2 2 2 . . . . 8 5 6 7 2 2 2 2 0 1 0 0 . . . . 9 8 2 6 1 1 1 1 6 6 6 6 2 2 2 2 . . . . 8 1 2 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
00 MONEY STOCK—SEASONALLY ADJUSTED—Continued 00 00 In billions of dollars (for footnotes see page 889) Over-all measures Components and related items Over-all measures Components and related items wweeeekk YY dd aa -- aa ee nn ee aa tt nn dd ee rr dd iinngg ddd (((CCC eee ddd ppp eee uuu ppp MMM ooo mmm rrr lll sss rrr uuu aaa iii iii eee ttt sss nnn nnn sss ddd ccc !!! yyy ))) ttt bbb iii ttt mmm ttt aaa ((( hhh aaa iii MMM nnn mmm aaa ttt eee kkk nnn MMM iii ccc eee CCC sss ooo lll iii ppp ddd DDD ooo aaa mmm lll eee ttt rrr uuu ''' hhh ppp lll ggg sss ... sss eee ... eee 222 rrr ))) C r c e u y n r - - m D a D e n - e d p osi C ts D a ' t s T c 4 i o m m e m O a e n t r d h c e i s a r a l v b in a g n T s k o s t al wweeeekk YY dd aa -- aa nn ee ee tt aa nn dd ee rr dd iinngg ddd (((CCC eee ddd ppp eee uuu ppp ooo MMM mmm rrr lll sss rrr uuu aaa iii iii eee ttt sss nnn sss nnn ddd ccc !!! yyy ))) ttt bbb iii ttt mmm aaa ttt ((( hhh aaa iii MMM nnn mmm aaa ttt eee kkk nnn MMM iii ccc eee CCC sss ooo lll iii ppp ddd DDD ooo aaa mmm lll eee ttt rrr ''' uuu hhh ppp lll sss ggg ... sss eee ... eee 222 rrr ))) C r c e u y n r - - m D a D e n - e d p osi C ts D a ' t s T c 4 i o m m e m a O e n t r d h c e i s a r a l v b in a g n T s k o s t al 1968—Jan. 2 3 1 1 4 1 7 0 3 . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 8 8 8 8 8 3 4 3 4 3 . . . . . 9 3 4 0 6 3 3 3 3 3 4 4 4 4 4 6 8 7 7 7 . . . . . 8 5 5 4 2 4 4 4 4 4 0 0 0 0 0 . . . . . 6 5 5 6 6 1 1 1 1 1 4 4 4 4 4 3 2 3 3 3 . . . . . 1 9 6 3 4 2 2 2 2 2 0 0 0 0 0 . . . . . 8 8 6 7 7 1 1 1 1 1 6 6 6 6 6 4 3 3 3 3 . . . . . 1 5 6 6 4 1 1 1 1 1 8 8 8 8 8 4 4 4 4 4 . . . . . 9 3 3 4 0 1969—Dec. 2 3 1 1 4 1 0 7 3 . . . . . . . . . . . . . . . . . . . . 2 2 2 2 2 0 0 0 0 0 3 3 3 3 4 . . . . . 1 6 4 4 4 3 3 3 3 3 8 8 8 8 8 6 7 6 6 6 . . . . . 9 8 6 3 2 4 4 4 4 4 6 6 6 6 6 . . . . . 1 1 0 0 0 1 1 1 1 1 5 5 5 5 5 7 7 8 7 7 . . . . . 6 3 3 4 0 1 1 1 1 1 0 0 1 0 1 . . . . . 1 8 9 9 0 1 1 1 1 1 8 8 8 8 8 3 3 2 3 3 . . . . . 8 3 3 5 2 1 1 1 1 1 9 9 9 9 9 4 3 4 4 4 . . . . . 1 9 2 2 4 Feb. 2 2 1 7 8 1 4 . . . . . . . . . . . . 1 1 1 1 8 8 8 8 4 4 5 5 . . . . 9 5 3 0 3 3 3 3 4 5 5 4 9 1 0 9 . . . . 8 2 6 0 4 4 4 4 0 0 0 0 . . . . 8 8 9 7 1 1 1 1 4 4 4 4 3 4 4 4 . . . . 8 1 5 2 2 2 2 2 0 0 0 1 . . . . 8 7 6 0 1 1 1 1 6 6 6 6 4 5 5 4 . . . . 9 9 5 5 1 1 1 1 8 8 8 8 5 6 5 6 . . . . 1 9 6 4 1970—Jan. 2 2 1 1 8 4 7 . . . . . . . . . . . . . . . . 2 2 2 2 0 0 0 0 5 5 5 5 . . . . 8 8 5 0 3 3 3 3 8 8 8 8 8 8 8 8 . . . . 5 8 6 4 4 4 4 4 6 6 6 6 . . . . 1 1 3 3 1 1 1 1 5 5 5 5 8 9 9 9 . . . . 9 5 6 5 1 1 1 1 0 0 0 0 . . . . 7 3 4 3 1 1 1 1 8 8 8 8 3 3 3 2 . . . . 1 5 0 6 1 1 1 1 9 9 9 9 3 4 2 3 . . . . 5 3 9 3 Mar. 2 2 1 6 0 7 3 . . . . . . . . . . . . 1 1 1 1 8 8 8 8 6 5 5 5 . . . . 1 9 7 6 3 3 3 3 5 5 5 5 3 1 2 2 . . . . 1 7 5 0 4 4 4 4 0 1 1 1 . . . . 1 1 9 0 1 1 1 1 4 4 4 4 4 4 4 5 . . . . 9 7 7 0 2 2 2 2 0 0 0 0 . . . . 8 8 4 4 1 1 1 1 6 6 6 6 6 6 6 6 . . . . 3 9 6 2 1 1 1 1 8 8 8 8 6 7 7 7 . . . . 9 3 0 0 Feb. 2 1 1 5 4 8 1 . . . . . . . . . . . . . . . . 2 2 2 2 0 0 0 0 4 4 4 5 . . . . 9 5 4 2 3 3 3 3 8 8 8 8 7 7 6 8 . . . . 1 9 3 2 4 4 4 46 6 6 6 . . . . 6 4 4 4 1 1 1 1 5 5 5 5 8 8 8 8 . . . . 1 6 0 7 1 1 1 1 0 0 0 0 . . . . 5 7 3 9 1 1 1 1 8 8 8 8 2 2 2 3 . . . . 4 5 6 0 1 1 1 1 9 9 9 9 2 3 3 3 . . . . 9 7 3 0 Apr. 2 1 1 4 3 0 7 . . . . . . . . . . . . . . . . 1 1 1 1 8 8 8 8 6 6 6 6 . . . . 8 3 6 3 3 3 3 3 5 5 5 5 3 4 3 4 . . . . 8 6 6 4 4 4 4 4 1 1 1 1 . . . . 3 3 2 2 1 1 1 1 4 4 4 4 5 5 5 5 . . . . 1 1 3 5 2 2 2 1 0 0 0 9 . . . . 0 2 2 9 1 1 1 1 6 6 6 6 7 7 8 7 . . . . 3 6 0 4 1 1 1 1 8 8 8 8 7 7 7 7 . . . . 8 5 6 6 Mar. 2 1 1 5 4 1 8 . . . . . . . . . . . . . . . . 2 2 2 2 0 0 0 0 7 5 6 6 . . . . 1 9 3 4 3 3 3 39 8 8 8 1 9 9 9 . . . . 1 8 7 0 4 4 4 4 6 6 6 6. . . . 8 6 7 7 1 1 1 1 5 5 5 6 9 9 9 0 . . . . 8 3 3 6 1 1 1 1 1 1 1 1 . . . . 8 4 0 0 1 1 1 1 8 8 8 8 3 3 3 3 . . . . 9 3 5 2 1 1 1 1 9 9 9 9 4 4 4 5 . . . . 1 8 3 7 May 2 2 1 8 1 9 2 5 . . . . . . . . . . . . . . . . 1 1 1 1 1 8 8 8 8 8 9 7 8 7 9 . . . . . 3 6 3 0 0 3 3 3 3 3 5 5 5 5 5 6 7 7 5 4 . . . . . 8 9 6 0 2 4 4 4 4 4 1 1 1 1 1 . . . . . 5 5 7 6 4 1 1 1 1 1 4 4 4 4 4 6 5 6 7 7 . . . . . 8 6 3 6 2 2 2 1 1 1 0 0 9 9 9 . . . . . 1 0 8 9 9 1 1 1 1 1 6 6 6 6 6 8 8 8 8 8 . . . . . 1 5 7 6 0 1 1 1 1 1 8 8 8 8 8 8 8 8 8 8 . . . . . 5 5 4 0 2 Apr. 2 2 1 8 2 9 5 1 . . . . . . . . . . . . . . . . . . . . 2 2 2 2 2 0 0 0 0 0 8 7 8 7 8 . . . . . 1 8 5 7 4 3 3 3 3 3 9 9 9 9 9 3 3 4 2 4 . . . . . 1 8 3 4 2 4 4 4 4 4 6 7 6 7 7 . . . . . 1 9 9 4 2 1 1 1 1 1 6 6 6 6 6 0 1 0 1 1 . . . . . 8 1 9 0 2 1 1 1 1 1 3 2 2 3 3 . . . . . 3 6 4 4 2 1 1 1 1 1 8 8 8 8 8 5 4 5 5 6 . . . . . 1 8 7 4 3 1 1 1 1 1 9 9 9 9 9 9 7 8 8 9 . . . . . 1 0 3 7 0 June 2 1 1 5 6 2 9 . . . . . . . . . . . . 1 1 1 1 9 9 8 8 0 9 0 9 . . . . 1 8 5 6 3 3 3 3 5 6 5 5 0 9 9 8 . . . . 3 5 6 0 4 4 4 4 1 1 1 1 . . . . 8 8 9 9 1 1 1 1 4 4 4 4 7 8 8 8 . . . . 8 5 0 2 1 1 1 1 9 9 9 9 . . . . 9 7 7 7 1 1 1 1 6 6 6 6 9 9 9 9 . . . . 4 4 2 0 1 1 1 1 8 8 8 8 9 8 9 8 . . . . 1 9 3 7 May 2 2 1 6 0 7 3 . . . . . . . . . . . . 2 2 2 2 0 0 0 0 9 8 9 9 . . . . 9 9 3 0 3 3 3 3 9 9 9 9 5 6 6 6 . . . . 7 4 6 6 4 4 4 4 7 7 7 7 . . . . 5 6 6 6 1 1 1 1 6 6 6 6 2 1 1 1 . . . . 5 7 4 3 1 1 1 1 3 3 3 3 . . . . 5 5 5 4 1 1 1 1 8 8 8 8 6 6 7 7 . . . . 8 5 3 7 2 2 2 2 0 0 0 0 0 1 0 0 . . . . 1 8 2 0 July 2 1 1 4 7 0 3 . . . . . . . . . . . . . . . . 1 1 1 1 9 9 9 9 1 0 1 1 . . . . 1 8 3 6 3 3 3 3 6 6 6 6 1 1 2 0 . . . . 7 3 2 7 4 4 4 4 2 1 2 2 . . . . 1 9 0 0 1 1 1 1 4 4 4 4 9 8 9 9 . . . . 1 9 3 5 2 2 2 21 1 0 0 . . . . 1 5 4 2 1 1 1 1 6 7 7 7 9 0 0 0 . . . . 9 6 4 2 1 1 1 1 9 9 9 9 0 2 1 0 . . . . 1 1 5 6 June 2 1 1 4 0 3 7 . . . . . . . . . . . . . . . . 2 2 2 2 0 0 0 0 9 9 9 9 . . . . 1 5 3 4 3 3 3 3 9 9 9 9 7 8 7 8 . . . . 7 6 0 2 4 4 4 4 7 7 7 7 . . . . 8 8 7 7 1 1 1 1 6 6 6 6 1 1 1 1 . . . . 7 6 4 6 1 1 1 1 3 3 3 3 . . . . 5 4 3 2 1 1 1 1 8 8 8 8 7 8 8 9 . . . . 9 7 4 2 2 2 2 2 0 0 0 0 1 1 1 2 . . . . 3 9 6 7 Aug. 2 2 3 1 7 8 1 1 4 . . . . . . . . . . . . . . . . 1 1 1 1 1 9 9 9 9 9 2 1 3 2 2 . . . . . 8 6 5 0 2 3 3 3 3 3 6 6 6 6 6 6 3 4 5 3 . . . . . 1 1 6 6 2 4 4 4 4 4 2 2 2 2 2 . . . . . 1 3 5 4 2 1 1 1 1 1 5 5 5 4 5 0 0 0 9 0 . . . . . 1 5 2 7 0 2 2 2 2 21 1 1 1 1 . . . . . 8 7 7 3 6 1 1 1 1 1 7 7 7 7 7 2 3 1 2 1 . . . . . 1 3 6 2 4 1 1 1 1 1 9 9 9 9 9 3 3 4 4 2 . . . . . 1 8 9 3 6 July 2 2 1 8 9 2 5 1 . . . . . . . . . . . . . . . . . . . . 2 2 2 2 2 1 1 0 1 1 0 1 9 0 0 . . . . . 5 3 8 2 4 4 4 4 4 3 0 0 0 0 9 2 2 0 2 9 . . . . . 8 4 6 2 2 4 4 4 4 4 7 8 9 8 8 . . . . . 9 0 0 0 0 1 1 1 1 1 6 6 6 6 6 1 2 2 2 2 . . . . . 9 5 3 5 2 1 1 1 1 1 5 6 4 7 8 . . . . . 8 5 6 4 2 1 1 1 1 1 9 9 9 8 9 1 1 0 2 9 . . . . . 1 8 3 4 4 2 2 2 2 2 0 0 1 0 0 9 0 4 7 6 . . . . . 1 5 6 0 2 Sept. 2 1 5 8 4 ! . . ! . . . ! . . ! . 1 1 1 1 9 9 9 9 3 3 3 3 . . . . 1 4 0 2 3 3 3 3 6 6 6 6 7 7 8 6 . . . . 3 9 4 4 4 4 4 4 2 2 2 2 . . . . 6 5 6 6 1 1 1 15 5 5 5 0 0 0 0 . . . . 8 6 5 4 2 2 2 2 1 2 2 1 . . . . 8 3 9 0 1 1 1 1 7 7 7 7 3 4 5 4 . . . . 8 1 0 4 1 1 1 1 9 9 9 9 6 5 7 6 . . . . 4 6 2 0 Aug. 2 1 1 5 6 2 9 . . . . . . . . . . . . 2 2 2 2 1 1 1 1 1 1 2 1 . . . . 1 9 2 2 4 4 4 4 0 0 0 0 6 4 5 4 . . . . 8 3 7 2 4 4 4 4 8 8 8 8 . . . . 1 1 1 0 1 1 1 1 6 6 6 6 3 3 3 4 . . . . 1 7 2 0 1 1 1 1 8 8 9 9 . . . . 8 6 7 0 1 1 1 1 9 9 9 9 3 3 3 4 . . . . 1 8 6 2 2 2 2 2 1 1 1 1 2 1 3 2 . . . . 9 7 9 4 Oct. 2 3 1 9 3 2 0 6 . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 9 9 9 9 9 4 3 4 4 4 . . . . . 9 8 2 0 0 3 3 3 3 3 7 7 6 7 7 0 8 2 0 0 . . . . . 8 9 2 2 0 4 4 4 4 4 2 2 2 2 2 . . . . . 8 8 9 7 7 1 1 1 1 1 5 5 5 5 5 1 1 1 1 2 . . . . . 1 3 4 2 0 2 2 2 2 2 2 2 2 3 2 . . . . . 9 9 6 0 5 1 1 1 1 1 7 7 7 7 7 6 5 6 7 6 . . . . . 1 1 8 3 0 2 1 1 1 1 0 9 9 9 9 0 9 8 8 7 . . . . . 5 2 7 9 6 Sept. 2 3 1 9 2 3 0 6 . . . . . . . . . . . . 2 2 2 2 2 1 1 1 1 1 2 2 2 2 2 . . . . . 8 8 8 5 4 4 4 4 4 4 0 1 0 0 0 9 0 8 7 8 . . . . . 3 9 5 3 2 4 4 4 4 4 8 8 8 8 8 . . . . . 3 2 3 3 2 1 1 1 1 1 6 6 6 6 6 4 4 4 4 4 . . . . . 5 5 3 4 2 2 2 2 2 2 0 1 1 0 1 . . . . . 7 7 7 3 0 1 1 1 1 1 9 9 9 9 9 6 4 5 6 7 . . . . . 1 8 8 7 4 2 2 2 2 2 1 1 1 1 1 7 6 5 8 9 . . . . . 1 4 2 5 2 Nov. 2 2 1 6 0 7 3 . . . . . . . . . . . . 1 1 1 1 9 9 9 9 5 6 5 6 . . . . 5 7 6 0 3 3 3 3 7 7 7 7 5 3 3 4 . . . . 9 9 3 7 4 4 4 4 3 3 3 3 . . . . 1 3 2 0 1 1 1 1 5 5 5 5 2 2 2 3 . . . . 8 5 5 4 2 2 2 2 2 2 3 2 . . . . 8 9 7 4 1 1 1 1 7 7 7 7 7 8 8 9 . . . . 8 3 7 2 2 2 2 2 0 0 0 0 1 2 0 1 . . . . 5 6 7 0 Oct. 2 2 1 1 8 7 4 . . . . . . . . . . . . . . . . 2 2 2 2 1 1 1 1 3 3 3 3 . . . . 3 4 4 2 4 4 4 4 1 1 1 1 1 2 2 1 . . . . 8 6 7 4 4 4 4 4 8 8 8 8 . . . . 5 5 4 6 1 1 1 16 6 6 6 4 4 4 5 . . . . 8 8 9 0 2 2 2 2 2 2 2 2 . . . . 9 3 6 7 1 1 1 1 9 9 9 9 8 8 9 9 . . . . 1 6 3 2 2 2 2 2 2 2 2 2 2 0 1 2 . . . . 1 4 2 0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Dec. 4... 197.0 376.6 43.3 153.7 23.7 179.6 4.... 213.5 412.9 48.6 164.9 22.9 199.5 222.4 11... 197.3 377.2 43.4 153.9 23.7 179.9 11.... 213.3 413.2 48.6 164.7 23.3 199.8 223.1 18... 197.6 378.3 43.5 154.2 23.5 180.7 18.... 213.7 414.5 48.7 165.0 23.4 200.8 224.2 25... 197.8 378.7 43.5 154.3 23.2 180.9 25.... 213.9 415.2 48.6 165.3 24.0 201.3 225.3 1969—Jan. 1... 197.8 379.2 43.5 154.3 22.9 181.5 2.... 214.0 415.9 48.6 165.4 24.2 201.9 226.1 9... 197.9 380.1 43.5 154.5 22.6 182.2 9.... 214.4 416.6 48.9 165.5 25.0 202.2 227.2 15... 198.2 380.5 43.5 154.7 21.7 182.3 16.... 215.0 417.9 49.0 166.0 25.5 202.9 228.3 22... 198.3 380.0 43.6 154.7 21.1 181.6 23.... 214.7 418.8 49.0 165.6 25.8 204.1 229.9 29... 197.5 380.5 43.7 153.8 20.8 181.9 30.... 214.9 419.8 49.2 165.7 26.1 204.9 230.9 Feb. 5... 198.3 380.9 43.8 154.5 20.6 182.0 1971—Jan. 6.... 215.1 421.7 49.2 165.9 26.1 206.6 232.7 12... 198.9 381.5 43.8 155.1 20.5 182.1 13.... 215.2 422.2 49.3 165.9 26.7 207.0 233.7 19... 199.7 382.8 43.9 155.8 20.2 183.1 20.... 215.3 422.8 49.3 166.0 26.9 207.5 234.4 26... 199.8 383.2 43.9 155.9 19.9 183.3 27.... 215.5 424.1 49.3 166.2 26.7 208.6 235.3 Mar. 5... 200.0 383.3 43.9 156.1 19.4 183.4 Feb. 3.... 216.1 425.8 49.4 166.7 27.0 209.7 236.7 12... 199.8 383.3 44.1 155.9 19.2 183.2 10.... 216.8 427.7 49.6 167.3 27.4 210.9 238.3 19... 200.0 383.7 44.1 156.0 18.8 183.4 17.... 218.1 431.2 49.9 168.1 27.4 213.2 240.6 26... 200.4 384.0 44.2 156.2 18.7 183.6 24.... 218.2 432.2 49.6 168.6 27.6 214.0 241.7 Apr. 2... 200.7 384.5 44.2 156.4 18.6 183.9 Mar. 3.... 218.8 434.0 49.8 169.0 27.8 215.1 243.0 9... 200.4 384.5 44.2 156.2 18.6 184.1 10.... 219.2 435.2 49.9 169.2 27.9 216.1 244.0 16... 200.9 384.9 44.2 156.7 18.4 184.0 17.... 219.5 436.3 50.0 169.5 28.5 216.7 245.2 23... 200.9 385.0 44.2 156.6 18.4 184.1 24.... 219.8 438.0 50.0 169.8 28.2 218.2 246.4 30... 200.9 385.2 44.3 156.6 18.0 184.3 31.... 220.2 439.4 50.1 170.1 27.7 219.2 246.8 May 7... 201.1 385.3 44.3 156.8 18.0 184.2 Apr. 7.... 220.7 440.6 50.4 170.3 27.7 219.9 247.6 14... 201.4 385.8 44.4 157.1 17.9 184.4 14.... 221.1 441.2 50.5 170.6 27.9 220.1 248.0 21... 201.6 386.0 44.4 157.1 17.6 184.5 21.... 221.2 441.5 50.5 170.7 27.6 220.3 247.8 28... 202.0 386.8 44.6 157.5 17.3 184.7 28.... 221.9 442.7 50.6 171.3 28.1 220.8 248.8 June 4... 201.2 386.3 44.7 156.5 17.0 185.1 May 5.... 222.8 444.2 50.6 172.2 28.2 221.4 249.6 11... 202.1 387.5 44.7 157.4 16.5 185.4 12.... 223.8 446.1 50.8 173.0 28.3 222.3 250.5 18... 202.2 387.7 44.7 157.5 16.2 185.4 19.... 223.9 446.8 50.8 173.1 28.6 222.9 251.4 25... 202.4 387.8 44.8 157.5 15.8 185.4 26.... 224.4 447.8 50.8 173.6 28.9 223.4 252.3 July 2... 202.5 387.8 44.8 157.7 15.3 184.3 June 2.... 224.8 448.9 50.9 173.9 28.8 224.1 252.9 9... 202.7 387.5 44.9 157.8 14.9 184.8 9.... 225.0 449.4 51.0 174.0 29.4 224.4 253.7 16... 202.8 387.2 44.9 157.9 14.3 184.4 16.... 225.3 450.3 51.1 174.2 29.0 225.0 254.1 23... 202.8 386.7 45.0 157.9 14.0 183.8 23.... 225.7 450.7 51.2 174.5 29.7 225.0 254.7 30... 202.9 386.3 45.1 157.8 13.6 183.5 30.... 226.1 452.0 51.3 174.7 29.6 225.9 255.5 Aug. 6... 202.8 385.9 45.1 157.7 13.2 183.1 July 7.... 226.8 452.9 51.5 175.4 29.9 226.1 256.0 13... 202.6 385.4 45.1 157.5 12.9 182.8 14.... 227.4 453.0 51.6 175.7 30.6 225.7 256.2 20... 202.7 385.3 45.1 157.5 12.6 182.7 21.... 227.6 453.5 51.7 175.9 30.4 225.9 256.3 27... 202.7 385.4 45.2 157.5 12.3 182.6 28.... 227.8 453.8 51.6 176.2 30.8 226.0 256.7 Sept. 3... 202.7 385.4 45.4 157.4 12.0 182.7 Aug. 4.... 227.8 454.1 51.7 176.1 30.7 226.3 257.0 10... 202.6 385.3 45.2 157.4 11.8 182.7 11.... 228.2 454.4 51.7 176.5 30.5 226.3 256.8 17... 202.7 385.4 45.3 157.4 11.8 182.6 18.... 228.1 454.3 51.7 176.4 30.9 226.2 257.1 24... 202.8 385.7 45.4 157.4 11.7 182.9 25.... 228.1 454.6 51.8 176.3 31.0 226.5 257.6 Oct. 1... 202.9 386.1 45.4 157.5 11.6 183.1 J 227.9 454.8 51.8 176.1 31.0 227.0 258.0 8... 203.0 385.9 45.4 157.5 11.5 182.9 227.7 455.3 52.0 175.7 31.0 227.6 258.6 15... 203.2 385.9 45.7 157.5 11.4 182.7 15.... 227.4 455.1 52.0 175.4 31.1 227.7 258.8 22... 203.3 386.0 45.7 157.5 11.2 182.7 22.... 227.2 455.2 52.0 175.1 31.8 228.1 259.9 29... 203.2 385.8 45.7 157.5 11.3 182.5 29.... 227.1 455.7 52.0 175.2 32.5 228.5 261.1 Nov. 5... 203.4 386.2 45.7 157.6 11.1 182.8 12... 204.0 386.7 45.8 158.1 11.0 182.7 19... 203.7 386.7 45.9 157.8 11.0 183.1 26... 203.6 387.0 46.0 157.6 10.8 183.5 1 Includes (1) demand deposits at all commercial banks other than those due to domestic com- 3 Includes A/2 plus the average of the beginning- and end-of-month deposits of mutual savings mercial banks and the U.S. Government, less cash items in the process of collection and Federal banks and shares of savings and loan associations. Reserve float; (2) foreign demand balances at Federal Reserve Banks; (3) currency outside Treasury, 4 Negotiable time CD's issued in denominations of $100,000 or more by large weekly reporting Federal Reserve Banks, and vaults of all commercial banks. banks. 2 Includes—in addition to currency and demand deposits—savings deposits, time deposits open 5 Average of beginning- and end-of-month deposits at mutual savings banks and shares of account, and time certificates of deposit (CD's) other than negotiable time CD's issued in de- savings and loan associations. nominations of $100,000 or more by large weekly reporting commercial banks. Excludes time 6 At all commercial banks. deposits of the U.S. Govt, and of domestic commercial banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MONEY STOCK—NOT SEASONALLY ADJUSTED In billions of dollars (for footnotes see page 889) Over-all measures Components and related items Over-all measures Components and related items e w Y n d a e d n e a e i a t d k n e r - g d ( e C d p e u p o m M r l s I r u a i e t s n s n d c ! y ) t b i t m a t ( h a i M n m e a t k n M i C c e s o l i D p d o a m l t e r ' u h s l g p . s e e . 2 r ) C r c e u y n r - - m D a D e n - e d p osi C ts D a 's t T c 4 i o m m e m a O e n t r d h c e i s a r a l v b in a g n T s k o s t al d G U i e t o p . s S v o . « t s , - d ((CC e dd p ee uu pp o mm MM rr ll s II rr uu aa i ee t ss nn nn s dd cc * yy ) t bb i t m aa tt (( h aa ii MM nn mm e a tt kk n MM ii cc ee C ss 22 oo l pp D dd oo a mm ll ee tt r ' uu hh s ll pp g .. ss ee e .. * rr ) C r c e u y n r - - m D a D e n - e d p osi C ts D a ' t s T c 4 i o m m e m O a e n t r d h c e i s a r a l v b in an g T s k o s t al d G U i e t o p . s S v o . 6 t s . - 1964 1 1 1 1 5 5 5 5 8 9 9 9 . . . . 7 5 3 0 2 2 2 2 6 6 6 6 1 1 1 1 . . . . 6 8 3 6 3 3 3 3 2 2 2 2 . . . . 5 9 8 6 1 1 1 1 2 2 2 2 6 6 6 6 . . . . 5 7 2 4 1 1 1 9 0 0 0 . . . . 8 1 3 1 1 1 1 1 0 0 0 0 2 2 2 1 . . . . 9 7 8 2 1 1 1 1 1 1 1 1 1 2 3 2 . . . . 5 9 2 3 6 4 6 3 . . . . 5 1 2 4 1 1 1 1 7 7 7 7 2 6 5 4 . . . . 1 7 4 4 3 3 3 3 0 0 0 0 7 5 3 6 . . . . 1 5 4 0 3 3 3 3 6 6 6 6 . . . . 9 5 9 2 1 1 1 1 3 3 3 3 8 9 7 6 . . . . 5 9 9 0 1 1 1 1 6 6 6 6 . . . . 1 6 3 2 1 1 1 1 3 3 3 3 1 0 0 1 . . . . 1 6 3 4 1 1 1 1 4 4 4 4 6 6 7 7 . . . . 5 8 9 4 5 2 3 3 . . . . 5 3 8 8 156.7 259.8 32.1 124.7 10.5 103.1 113.6 2.8 172.1 303.8 36.1 136.0 16.5 131.7 148.2 4.3 1 1 1 5 5 5 3 6 6 . . . 8 7 0 2 2 2 5 5 5 7 9 9 . . . 6 6 9 3 3 3 2 2 2 . . . 5 3 2 1 1 1 2 2 2 3 1 4 . . . 5 4 4 1 1 1 0 0 0 . . . 7 8 8 1 1 10 0 0 3 3 3 . . . 8 6 2 1 1 1 1 1 1 3 4 4 . . . 9 6 4 5 3 3 . . . 2 5 6 1 1 1 6 7 6 9 1 6 . . . 6 2 0 2 3 3 9 0 0 8 1 2 . . . 7 3 8 3 3 3 6 6 6 . . . 3 6 4 1 1 1 3 3 2 4 9 3 . . . 5 7 2 1 1 1 6 6 6 . . . 7 7 6 1 1 1 3 3 3 1 2 2 . . . 7 3 2 1 1 1 4 4 4 8 8 9 . . . 7 3 0 4 4 6 . . . 5 3 3 152.1 256.1 32.2 119.9 10.9 104.0 114.8 5.9 167.5 300.0 36.2 131.3 16.8 132.5 149.3 5.6 1 1 1 15 5 5 5 2 3 5 3 . . . . 5 7 0 0 2 2 2 2 5 5 5 6 7 8 7 0 . . . . 4 2 3 0 3 3 3 3 2 2 2 2 . . . . 7 6 8 3 1 1 1 1 1 2 2 2 9 2 0 1 . . . . 9 7 3 0 1 1 1 1 1 1 0 0 . . . . 0 9 8 1 1 1 1 1 0 0 0 0 4 4 5 4 . . . . 5 9 3 0 1 1 1 1 1 1 1 1 5 5 5 5 . . . . 5 9 8 2 5 7 4 4 . . . . 7 5 6 6 1 1 1 1 6 6 7 6 8 7 0 9 . . . . 5 7 5 0 3 3 3 3 0 0 0 0 4 2 1 1 . . . . 1 5 3 4 3 3 3 3 6 6 6 6 . . . . 6 6 8 4 1 1 1 1 3 3 3 3 3 1 2 1 . . . . 7 9 3 4 1 1 1 1 6 6 7 7 . . . . 9 6 4 0 1 1 1 1 3 3 3 3 3 2 3 3 . . . . 5 9 7 6 1 1 1 15 5 4 5 1 9 0 0 . . . . 1 9 2 4 4 5 2 5 . . . . 1 5 7 6 1 1 1 1 5 5 5 5 3 7 6 4 . . . . 1 3 2 3 2 2 2 2 6 5 6 5 1 2 9 8 . . . . 5 5 6 4 3 3 3 3 2 2 2 3 . . . . 8 9 5 0 1 1 1 1 2 2 2 2 4 0 3 1 . . . . 5 3 4 6 1 1 1 1 1 1 0 1 . . . . 5 9 2 2 1 1 1 10 0 0 0 5 5 5 5 . . . . 1 3 4 2 1 1 1 1 1 1 1 1 6 6 6 6 . . . . 2 6 6 4 7 5 2 5 . . . . 8 3 0 9 1 1 1 1 7 7 7 7 2 2 0 5 . . . . 6 9 0 0 3 3 3 3 0 0 0 0 8 9 7 4 . . . . 1 7 3 3 3 3 3 36 6 6 7 . . . . 5 7 8 2 1 1 1 1 3 3 3 3 5 6 3 8 . . . . 4 4 2 2 1 1 1 1 7 7 7 7 . . . . 5 7 6 4 1 1 1 1 3 3 3 3 4 5 4 4 . . . . 7 8 2 2 1 1 1 1 5 5 5 5 1 2 2 2 . . . . 7 9 3 2 4 2 2 1 . . . . 7 7 8 4 155.4 260.9 32.5 122.9 11.7 105.5 117.1 2.9 171.4 307.1 36.7 134.6 17.6 135.7 153.3 5.9 1 1 1 5 5 5 2 5 4 . . . 1 1 1 2 2 2 5 6 6 8 0 0 . . . 1 7 0 3 3 3 3 3 3 . . . 1 0 0 1 1 1 1 2 2 9 2 0 . . . 1 1 9 1 1 11 2 1 . . . 8 0 6 1 1 1 0 0 0 5 5 6 . . . 9 7 0 1 1 11 1 1 8 7 7 . . . 3 8 1 5 6 7 . . . 5 4 0 1 1 1 6 6 6 5 9 7 . . . 8 9 9 3 3 3 0 0 0 4 5 2 . . . 1 9 2 3 3 36 7 7 . . . 9 2 0 1 1 1 3 2 3 0 8 2. . . 7 9 9 1 1 1 7 8 8 . . . 8 0 0 1 1 1 3 3 3 6 6 6 . . . 0 2 4 1 1 1 5 5 5 4 4 3 . . . 1 5 7 7 7 6 . . . 7 7 4 151.2 257.5 32.9 118.3 12.2 106.3 118.4 7.5 166.7 303.6 37.0 129.7 18.0 136.9 154.9 7.2 1 1 1 1 5 5 5 5 4 3 3 5 . . . . 1 1 7 9 2 2 2 26 6 6 5 1 0 3 9 . . . . 1 6 2 6 3 3 3 3 3 3 3 3 . . . . 3 6 2 4 1 1 1 1 2 1 2 2 0 2 9 0 . . . . 5 9 8 2 1 1 1 1 2 2 2 1 . . . .9 2 2 0 1 1 1 10 0 0 0 7 6 6 7 . . . . 1 8 3 6 1 1 1 1 1 1 1 1 8 9 9 9 . . . . 1 1 2 8 7 6 6 8 . . . . 1 2 8 1 1 1 1 1 6 7 7 6 9 1 2 8 . . . . 1 1 2 0 3 3 3 3 0 0 0 0 6 8 7 4 . . . . 1 5 8 2 3 3 3 37 7 7 7 . . . . 1 5 4 4 1 1 1 1 3 3 3 3 3 1 4 0 . . . . 7 6 9 9 1 1 1 1 8 7 8 7 . . . . 6 3 0 4 1 1 1 1 3 3 3 3 7 6 6 6 . . . . 1 7 3 2 1 1 1 1 5 5 5 5 4 5 4 3 . . . . 1 1 5 9 9 5 5 3 . . . . 8 1 7 2 1 1 1 1 5 5 5 5 3 6 5 6 . . . . 6 3 2 3 2 2 2 26 6 6 6 4 3 0 2 . . . . 1 9 9 6 3 3 3 3 3 3 3 4 . . . . 8 9 3 0 1 1 1 1 2 2 2 2 1 2 2 0 . . . . 1 6 4 4 1 1 1 1 2 2 2 2 . . . . 4 2 1 0 1 1 1 1 0 0 0 0 7 7 7 7 . . . . 8 3 6 4 1 1 1 1 1 2 1 1 0 9 9 9 . . . . 9 6 3 2 1 9 5 8 0 . . . . 5 4 1 0 1 1 1 16 6 6 7 8 9 9 0 . . . . 1 7 3 0 3 3 3 3 0 0 0 0 7 6 7 6 . . . . 1 8 8 6 3 3 3 3 7 7 7 8 . . . . 8 9 6 0 1 1 1 1 3 3 3 3 2 1 2 0 . . . . 1 3 6 0 1 1 1 1 8 8 8 8 . . . . 2 3 3 4 1 1 1 1 3 3 3 3 8 7 7 8 . . . . 1 1 5 4 1 1 1 1 5 5 5 5 5 6 5 6 . . . . 7 9 3 4 1 6 7 8 0 . . . . 7 9 0 7 156.1 264.0 33.5 122.6 12.5 108.0 120.4 4.6 170.0 308.5 37.6 132.4 18.3 138.5 156.8 5.8 1 1 1 1 5 5 5 5 7 4 7 5 . . . . 2 6 0 4 2 2 2 2 6 6 6 6 4 5 5 3 . . . . 1 4 4 4 3 3 3 3 3 3 3 4 . . . . 7 9 7 0 1 1 1 1 2 2 2 2 3 1 2 0 . . . . 5 6 9 9 1 1 1 1 2 2 2 2 . . . . 5 5 4 6 1 1 1 1 0 0 0 0 8 8 8 8 . . . . 8 2 6 4 1 1 1 1 2 2 2 2 1 0 0 1 . . . . 1 9 6 4 5 5 7 6 . . . . 8 4 2 8 1 1 1 1 6 6 6 6 8 8 8 7 . . . . 1 8 6 0 3 3 3 30 0 0 0 7 7 7 6 . . . . 7 7 2 4 3 3 3 3 8 7 7 8 . . . . 1 5 8 0 1 1 1 1 3 3 3 2 0 0 0 9 . . . . 5 5 8 2 1 1 1 1 8 8 8 8 . . . . 6 3 2 4 1 1 1 1 3 3 3 3 8 8 9 9 . . . . 9 6 6 3 1 1 1 1 5 5 5 5 7 7 7 7 . . . . 7 5 8 0 4 4 5 5. . . . 1 7 3 9 1 1 1 1 5 5 5 5 9 6 7 8 . . . . 8 2 4 4 2 2 2 2 6 6 6 6 5 6 9 8 . . . . 8 9 3 0 3 3 3 3 3 4 3 4 . . . . 6 3 8 0 1 1 1 1 2 2 2 2 3 5 2 4 . . . . 1 9 6 6 1 1 1 1 2 2 2 2 . . . . 6 6 0 2 1 1 1 1 0 0 1 0 9 0 9 9 . . . . 1 1 4 6 1 1 1 1 2 2 2 2 2 1 1 1 . . . . 8 1 7 9 5 5 4 7. . . . 5 9 6 0 1 1 1 1 6 7 6 7 3 9 9 1 . . . . 5 3 9 4 3 3 3 3 0 1 1 0 9 3 1 9 . . . . 5 4 4 6 3 3 3 38 7 7 8 . . . . 1 9 6 2 1 1 1 1 3 3 3 3 1 1 5 3 . . . . 7 7 6 4 1 1 1 1 7 8 7 7 . . . . 7 0 2 0 1 1 1 1 3 3 3 4 9 9 9 0 . . . . 5 9 9 3 1 1 1 1 5 5 5 5 7 7 7 7 . . . . 1 6 6 3 4 6 3 3 . . . . 6 1 2 0 157.0 267.0 33.6 123.5 12.3 110.0 122.2 9.1 171.4 312.1 37.9 133.5 16.7 140.7 157.4 6.6 1 1 1 5 6 6 0 8 0 . . . 9 3 1 2 2 2 6 7 7 1 9 0 . . . 1 3 8 3 3 3 4 4 4 . . . 1 1 2 1 1 1 2 2 2 4 5 6 . . . 8 9 2 1 1 1 2 2 2 . . . 5 4 6 1 1 1 1 1 1 0 0 0 . . . 7 8 4 1 1 1 2 2 2 2 3 3 . . . 3 4 8 5 8 4 . . . 5 5 2 1 1 1 7 7 7 1 1 1 . . . 1 6 9 3 3 3 1 1 1 3 2 2 . . . 3 4 0 3 3 3 8 7 8 . . . 1 9 3 1 1 1 3 3 3 3 3 3 . . . 8 3 3 1 1 15 6 6 . . . 9 6 0 1 1 1 4 4 4 0 0 1 . . . 7 9 4 1 1 15 5 5 6 7 7 . . . 8 3 4 4 5 3 . . . 5 1 4 D ht i t g p i : t / iz /f e ra d s f e o r r . s F tl R o A ui S sf E e R d. org/ 1 1 1 1 1 6 6 6 6 6 0 1 2 0 2 . . . . . 5 9 3 8 3 2 2 2 2 2 7 7 7 7 7 3 1 3 1 3 . . . . . 1 4 9 3 3 3 3 3 3 3 3 4 4 4 4 . . . . . 1 9 6 6 6 1 1 1 1 1 2 2 2 2 2 6 7 7 7 6 . . . . . 9 6 7 6 2 1 1 1 1 1 2 2 3 3 3 . . . . . 8 9 1 1 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 . . . . . 1 1 0 0 2 1 1 1 1 1 2 2 2 2 2 4 4 3 4 4 . . . . . 1 1 8 0 2 4 5 4 5 6 . . . . . 1 1 5 3 9 1 1 1 1 1 7 7 7 7 7 3 2 2 2 2 . . . . . 1 7 1 6 3 3 3 3 3 3 1 1 1 1 1 3 3 3 2 2 . . . . . 7 7 7 3 4 3 3 3 3 3 7 8 8 8 8 . . . . . 5 8 6 6 6 1 1 1 1 1 3 3 3 3 3 4 4 4 3 3 . . . . . 1 5 7 9 4 1 1 1 1 1 5 5 5 5 5 . . . . . 5 5 7 7 6 1 1 1 1 1 4 4 4 4 4 0 0 1 0 0 . . . . . 7 6 0 4 4 1 1 1 1 1 5 5 5 5 5 6 6 5 5 6 . . . . . 5 7 9 9 2 4 4 3 3 3 . . . . . 5 1 6 5 2 Federal Reserve Bank of St. Louis
Dec. 2.. 162.3 273.7 34.7 127.6 13.0 111.4 124.4 7.1 Dec. 7. 174.3 315.0 39.0 135.4 15.5 140.7 156.2 3.4 9.. 163.4 275.0 35.0 128.4 13.1 111.7 124.7 5.5 14. 175.7 316.8 39.1 136.6 15.4 141.1 156.5 2.2 16.. 166.2 278.7 34.9 131.3 12.7 112.5 125.1 3.6 179.9 321.1 39.1 140.8 15.5 141.2 156.6 2.3 23.. 166.3 278.8 35.0 131.3 12.7 112.5 125.3 5.7 28. 176.8 318.7 39.4 137.4 15.7 141.9 157.6 5.2 30.. 165.5 278.3 35.1 130.4 12.9 112.8 125.7 6.6 1967 1965 Jan. 4. 179.8 322.7 38.9 140.9 16.0 142.8 158.8 5.0 Jan. 2 1 0 3 6 . . . . . . 1 1 1 6 6 6 8 5 6 . . . 1 8 4 2 2 2 8 8 8 0 0 1 . . . 5 5 8 3 3 3 4 4 4 . . . 6 2 8 1 1 1 3 3 3 1 1 3 . . . 8 6 3 1 1 1 3 3 3 . . . 1 8 6 1 1 1 1 1 1 4 4 3 . . . 1 7 6 1 1 12 2 2 8 6 7 . . . 5 7 7 2 6 4 . . . 9 4 0 2 1 1 5 1 8 . . . 1 1 1 7 7 7 7 4 8 . . . 5 3 2 3 3 3 1 2 2 8 1 1 . . . 1 3 0 3 3 3 8 8 8 . . . 1 5 9 1 1 1 3 3 3 9 6 9 . . . 0 2 2 1 1 1 6 7 7 . . . 5 9 0 1 1 14 4 4 3 3 3 . . . 1 5 8 1 1 1 6 6 5 0 1 9 . . . 5 7 6 4 4 2 . . . 5 7 4 27.. 163.7 279.0 34.0 129.7 14.0 115.3 129.3 3.8 Feb. 1 173.6 318.2 37.9 135.7 18.1 144.5 162.7 4.6 Feb. 1 1 0 7 3 . . . . . . 1 1 1 6 6 6 2 3 0 . . . 7 6 9 2 2 2 7 7 7 7 9 9 . . . 7 5 0 3 3 34 4 4 . . . 2 4 0 1 1 12 2 2 6 9 8 . . . 7 7 2 1 1 14 3 4 . . . 1 9 0 1 1 1 1 1 1 6 6 5 . . . 8 4 8 1 1 1 3 2 3 0 9 0 . . . 9 7 4 4 4 5 . . . 7 6 2 2 1 2 8 5 . . . 1 1 17 7 7 0 2 3 . . . 6 2 4 3 3 3 1 1 1 6 7 8 . . . 7 6 2 3 3 3 8 8 8 . . . 5 5 3 1 1 1 3 3 3 4 3 2 . . . 7 9 3 1 1 1 8 8 8 . . . 5 5 6 1 1 1 4 4 4 5 4 6 . . . 5 8 0 1 1 1 6 6 6 4 3 4 . . . 5 3 0 5 4 5 . . . 7 3 0 24.. 157.9 275.0 34.1 123.8 14.2 117.1 131.3 7.1 Mar. 1. 170.5 316.8 38.1 132.4 18.5 146.4 164.9 5.3 Mar. 2 1 1 4 0 7 3 . . . . . . . . 1 1 1 1 5 6 6 6 9 2 0 0 . . . . 1 2 3 4 2 2 2 2 7 8 7 7 7 0 7 8 . . . . 5 7 7 2 3 3 3 3 4 4 4 4 . . . . 1 4 6 4 1 1 1 1 2 2 2 2 4 7 5 6 . . . . 8 8 9 2 1 1 1 1 4 4 4 4 . . . . 5 4 2 3 1 1 1 1 1 1 1 1 8 8 7 7 . . . . 5 8 4 4 1 1 1 1 3 3 3 3 2 2 1 2 . . . . 7 8 6 3 5 4 6 8 . . . . 6 2 6 2 2 2 1 2 8 9 5 . . . . , . . 1 1 1 1 7 7 7 7 2 4 3 1 . . . . 1 8 5 8 3 3 3 3 2 2 2 1 0 2 1 8 . . . . 5 4 9 6 3 3 3 3 8 8 8 8 . . . . 6 7 4 6 1 1 1 1 3 3 3 3 3 3 4 6 . . . . 1 6 9 2 1 1 1 1 9 9 8 9 . . . . 1 9 0 3 1 1 1 1 4 4 4 4 7 6 8 8 . . . . 8 8 0 4 1 1 1 1 6 6 6 6 7 7 6 5 . . . . 1 7 7 8 4 6 5 3 . . . . 2 8 3 0 31.. 115599..11 278.0 34.1 124.9 14.3 118.9 133.3 8.4 Apr. 5., 174.3 323.4 38.5 135.8 19.2 149.1 168.3 4.9 Apr. 7.. 161.4 280.4 34.7 126.7 14.5 119.0 133.6 7.1 12.. 175.2 324.9 38.9 136.4 19.1 149.6 168.8 3.9 14.. 163.4 282.6 34.7 128.7 14.7 119.2 133.9 4.6 19.. 176.6 326.8 38.7 137.9 18.6 150.2 168.9 3.6 21.. 165.0 284.0 34.6 130.4 14.8 119.0 133.9 4.4 26.. 174.0 324.5 38.4 135.6 18.6 150.5 169.1 6.0 28.. 162.3 281.5 34.1 128.2 15.1 119.2 134.3 5.7 May 3 173.9 324.9 38.5 135.4 18.6 151.0 169.6 6.7 May 5.. 161.6 281.2 34.4 127.2 15.1 119.6 134.7 8.4 10. . 172.6 324.3 39.1 133.6 18.6 151.6 170.2 7.9 12.. 160.1 279.9 34.8 125.3 15.3 119.8 135.1 8.3 173.1 325.2 38.9 134.2 18.7 152.1 170.8 6.7 2 1 6 9 . . . . 1 1 5 5 7 6 . . 8 9 2 2 7 7 7 7 . . 1 8 3 34 4 . . 5 6 1 12 2 2 3 . . 5 2 1 15 5 . . 5 4 1 12 2 0 0 . . 2 0 1 1 3 3 5 5 . . 7 4 1 1 0 0 . . 1 6 1 1 7 7 0 2 . . 6 2 3 3 2 2 5 3 . . 1 0 3 3 8 8 . . 7 8 1 1 3 3 3 1 . . 5 9 1 1 9 9 . . 1 0 1 1 5 5 2 2 . . 9 4 1 17 7 1 2 . . 3 0 5 6. . 6 0 June 2.. 158.8 279.5 34.8 124.1 15.4 120.6 136.1 9.5 June 174.6 327.7 39.2 135.3 19.3 153.2 172.5 3.4 9.. 160.1 280.8 35.1 125.0 15.7 120.7 136.4 7.9 14.. 176.3 330.0 39.4 136.9 19.3 153.8 173.1 2.3 16.. 162.5 283.7 35.0 127.5 15.4 121.3 136.7 7.0 21.. 177.7 331.8 39.3 138.5 19.0 154.1 173.0 4.8 23.. 161.4 282.4 34.9 126.5 15.6 121.0 136.6 10.0 174.2 328.5 39.0 135.2 19.2 154.3 173.4 5.2 30.. 115599..66 228800..99 34.7 124.9 15.7 121.3 137.0 11.3 July 5. . 177.1 332.5 39.5 137.6 19.0 155.3 174.3 5.1 July 7.. 161.6 283.5 35.6 125.9 15.6 121.9 137.5 11.8 12. . 177.3 332.4 39.8 137.5 19.4 155.1 174.5 4.7 14.. 162.5 284.8 35.5 127.0 15.7 122.3 137.9 9.1 19. . 177.6 333.4 39.5 138.1 19.5 155.8 175.3 6.1 21.. 162.2 284.6 35.4 126.8 16.0 122.4 138.4 8.2 26.. 176.1 332.2 39.3 136.8 19.7 156.1 175.8 6.6 28. . 161.7 284.3 35.2 126.5 16.2 122.6 138.8 7.5 Aug. 2 178.2 334.6 39.2 139.0 20.1 156.4 176.5 5.4 Aug. 4.. 163.2 286.3 35.3 127.9 16.2 123.1 139.3 7.3 9. . 177.6 334.6 39.9 137.7 20.3 157.0 177.3 5.5 2 1 1 5 1 8 . . . . . . 1 1 1 5 6 6 2 9 1 . . . 5 9 4 2 2 28 8 8 5 3 5 . . . 1 9 9 3 3 3 5 5 5 . . . 7 6 4 1 1 1 2 2 2 4 6 5 . . . 5 7 8 1 1 1 6 6 6 . . . 6 4 4 1 1 1 2 2 2 3 3 4 . . . 8 4 0 1 1 1 4 3 4 0 9 0 . . . 5 8 2 7 6 8 . . . 5 6 0 2 3 1 3 0 6 . . . . 1 1 1 7 7 7 6 8 6 . . . 7 0 0 3 3 3 3 3 3 3 4 5 . . . 5 5 4 3 3 3 9 9 9 . . . 7 6 3 1 1 1 3 3 3 7 8 6 . . . 3 3 4 2 2 2 0 0 0 . . . 7 3 6 1 1 1 5 5 5 7 7 7 . . . 5 5 9 1 1 1 7 7 7 8 7 8 . . . 1 8 6 4 3 3 . . . 5 8 2 Sept. 8 1 . . . . 1 16 6 1 2 . . 5 7 2 28 8 5 7 . . 9 4 3 35 6 . . 2 0 1 1 2 2 6 6 . . 3 8 1 1 6 6 . . 7 6 1 12 2 4 4 . . 7 4 1 1 4 4 1 1 . . 0 4 6 5. . 5 9 SSeepptt.. 1 1 7 8 8 0 . . 8 3 3 3 3 3 9 7 . . 1 1 3 3 9 9 . . 9 9 1 1 3 4 8 0 . . 8 4 2 2 0 0 . . 6 4 1 1 5 5 8 8 . . 8 4 1 1 7 7 9 9 . . 2 0 4 3 . . 3 3 15.. 165.3 291.0 35.7 129.7 15.9 125.7 141.5 2.9 180.9 339.8 39.7 141.1 19.9 159.0 178.9 4.7 22.. 165.9 290.8 35.6 130.2 16.1 125.0 141.0 5.7 178.6 337.9 39.5 139.2 19.9 159.3 179.2 6.9 29.. 163.4 288.8 35.5 127.9 16.3 125.4 141.7 7.6 Oct. 4 . 181.0 340.8 39.6 141.4 20.0 159.8 179.8 6.1 Oct. 6.. 165.5 291.5 35.9 129.5 16.5 126.0 142.5 6.2 11 . 182.0 342.1 40.2 141.7 20.1 160.1 180.2 5.3 13.. 166.5 293.3 36.2 130.2 16.4 126.9 143.3 4.1 18. . 182.5 343.1 40.1 142.4 20.0 160.6 180.6 6.7 20.. 167.1 294.2 36.1 131.0 16.5 127.1 143.6 5.7 25. . 181.2 341.8 39.9 141.3 20.1 160.6 180.7 7.0 27.. 167.1 294.6 35.9 131.3 16.5 127.5 144.0 4.8 Nov. 1 183.0 343.9 39.7 143.3 20.2 160.9 181.2 6.3 Nov. 3.. 168.8 296.6 36.0 132.8 16.4 127.8 144.2 4.3 8. . 184.1 344.9 40.4 143.7 20.4 160.8 181.2 5.7 10.. 168.9 296.6 36.5 132.4 16.5 127.7 144.3 3.1 15. , 184.4 345.1 40.4 143.9 20.6 160.7 181.4 4.2 17.. 168.9 296.6 36.5 132.4 16.5 127.7 144.2 3.3 22 183.4 343.7 40.6 142.8 20.9 160.3 181.2 5.9 24.. 167.7 295.3 36.6 131.1 16.7 127.6 144.4 4.2 29.. 183.4 343.9 40.6 142.8 21.1 160.6 181.7 5.2 Dec. 1.. 168.4 296.4 36.6 131.8 16.6 128.0 144.6 5.7 Dec. 6. . 186.4 347.2 40.9 145.5 21.1 160.8 181.9 4.8 1 8 5 . . . . 1 1 7 7 0 2 . . 5 9 2 3 9 0 8 2 . . 8 2 3 3 7 7 . . 1 0 1 13 3 5 3 . . 9 4 1 1 6 5 . . 7 9 1 1 2 2 8 9 . . 3 3 1 1 4 4 5 5 . . 0 2 4 2 . . 8 6 2 1 0 3 . . 1 1 8 8 6 9 . . 9 3 3 3 5 4 0 8 . . 9 0 4 4 1 1 . . 2 2 1 14 4 8 5 . . 1 7 2 21 0 . . 1 4 1 16 6 1 1 . . 1 6 1 1 8 8 2 2 . . 0 2 4 3 . . 7 2 22.. 174.8 303.8 37.2 137.6 16.1 129.0 145.1 4.5 27. 189.1 350.9 41.7 147.4 20.3 161.8 182.1 7.1 29.. 173.9 303.2 37.2 136.7 16.3 129.3 145.5 6.0 00 VO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MONEY STOCK-NOT SEASONALLY ADJUSTED—Continued 00 In billions of dollars (for footnotes see page 889) ro Over-all measures Components and related items Over-all measures Components and related items (C de u p m M r l r u a i e s n n d cy b t a ( a i n M m t k M i e c s o i d p o m e l t u h p l. s e . r C re u n r - - D D e- eposits at T c i o m m e m a e n r d c i s a a l v b in an gs k s d G U i e t o p s . v S o 6 t . s , - e w Y n d a e e n d a e a t d i k n r e - g (C d u e p m r M l r u a e i s n n c d y b t a ( a i M n m t k M e i c s o i p d o m l e t u h p l. s e . r C re u n r - - D D e- eposits at T c i o m m e m a e n r d c i s a a l v b in an gs k s d G U i e t o p s . S v o 6 t . s , deposits !) than large cy mand deposits !) than large cy mand time CD's 2) CD's 4 Other Total time CD's 2) CD's 4 Other Total 1969 1 1 1 1 1 9 8 9 8 9 1 5 3 7 1 . . . . . 1 6 2 3 2 3 3 3 3 3 5 5 5 5 4 5 3 4 9 0 . . . . . 9 9 6 2 4 4 4 4 4 3 0 0 0 1 9 . . . . . 9 6 3 0 9 1 1 1 1 1 5 5 5 4 4 2 0 0 5 6 . . . . . 5 3 3 7 9 2 2 2 2 2 0 0 0 0 0 . . . . . 5 7 1 9 9 1 1 1 1 1 6 6 6 6 6 3 2 2 3 3 . . . . . 1 6 6 9 2 1 1 1 1 1 8 8 8 8 8 3 2 3 4 4 . . . . . 1 7 1 8 9 Dec. 2 1 3 1 3 4 0 1 7 . . . . . 2 2 2 2 2 0 0 1 0 1 7 0 7 9 3 . . . . . 1 0 2 2 2 3 3 3 3 3 8 8 9 9 9 8 9 2 1 5 . . . . . 9 2 4 8 2 4 4 4 4 4 6 6 7 6 7 . . . . . 8 7 8 0 3 1 1 1 1 1 6 6 6 6 6 0 0 3 1 6 . . . . . 2 3 9 3 4 1 1 1 1 1 1 1 0 . . . .9 1 2 2 1 1 1 1 1 8 8 8 8 8 2 2 1 2 1 . . . . . 5 9 9 1 2 1 1 1 1 19 9 9 9 9 3 3 3 3 3 . . . . . 1 1 2 2 4 4 5 7 6 5 . . . . . 4 4 0 3 0 186.2 350.6 40.4 145.8 20.7 164.4 185.1 1970 1 1 1 8 8 8 0 2 3 . . . 5 9 6 3 3 3 4 4 4 7 8 6 . . . 7 8 2 4 4 4 0 0 0 . . . 1 5 3 1 1 1 4 4 4 3 2 0 . . . 4 6 2 2 2 2 0 0 1. . . 1 8 9 1 1 1 6 6 6 4 5 5 . . . 9 6 2 1 1 1 8 8 8 5 6 6. . . 1 7 7 Jan. 2 1 1 4 7 . . . 2 2 2 1 1 1 6 1 4 . . . 5 5 0 3 3 3 9 9 9 9 3 6 . . . 1 5 3 4 4 4 6 6 6 . . . 6 2 0 1 1 16 6 6 5 7 9 . . . 5 7 9 1 1 1 0 0 0 . . . 5 6 8 1 1 1 8 8 8 2 2 2 . . .3 6 0 1 1 1 9 9 9 2 2 3 . . . 9 4 4 4 4 3 . . . 8 2 3 183.6 349.7 40.5 143.1 21.0 166.1 187.1 28. 206.2 387.9 45.5 160.6 10.5 181.7 192.2 6.1 1 1 1 8 8 8 3 4 4 . . . 4 6 2 3 3 3 5 5 5 1 2 1 . . . 1 0 0 4 4 4 0 0 0 . . . 5 7 8 1 1 14 4 4 2 3 3 . . . 8 9 4 2 2 2 1 0 0 . . . 5 6 0 1 1 1 6 6 6 6 7 7 . . . 9 6 4 1 1 1 8 8 8 7 7 8 . . . 9 9 2 Feb. 1 1 4 1 8 . . . 2 2 20 0 0 6 3 2 . . . 1 7 7 3 3 3 8 8 8 7 6 5 . . . 9 6 0 4 4 4 5 6 6 . . . 8 2 0 1 1 1 5 5 6 7 6 0 . . . 5 7 3 1 1 1 0 0 0 . . . 5 6 3 1 1 1 8 8 8 2 1 1 . . . 9 3 8 1 1 1 9 9 9 2 3 2 . . . 1 0 4 6 6 6 . . . 8 9 6 185.2 353.3 40.7 144.5 20.3 168.2 188.5 25. 199.8 382.5 45.7 154.1 10.9 182.7 193.6 8.0 1 1 1 8 8 9 6 7 0 . . . 7 7 8 3 3 3 5 5 5 4 5 9 . . . 7 9 4 4 4 4 0 1 1 . . . 8 2 4 1 1 1 4 4 4 9 6 5 . . . 5 9 4 2 1 1 0 9 9 . . . 2 5 8 1 1 1 6 6 6 8 8 8 . . . 6 2 0 1 1 1 8 8 8 8 7 8 . . . 7 1 4 Mar. 1 11 8 4 . . . 2 2 2 0 0 0 4 4 4 . . . 9 3 0 3 3 38 8 8 8 9 7 . . . 1 2 2 4 4 4 6 6 6 . . . 5 0 4 1 1 15 5 5 8 7 8 . . . 5 8 0 1 1 1 1 1 1 . . . 0 4 2 1 1 1 8 8 8 4 3 3 . . . 8 3 2 1 1 1 9 9 9 4 5 4 . . . 9 7 2 6 6 6 . . . 9 5 3 186.0 354.6 40.6 145.4 19.7 168.6 188.3 25. 203.1 387.8 46.2 156.9 11.8 184.6 196.5 7.7 1 1 1 1 8 8 8 8 3 5 4 5 . . . . 9 9 2 3 3 3 3 3 5 5 5 5 3 3 4 4 . . . . 5 6 2 6 4 4 4 4 1 1 1 1 . . . . 1 3 4 4 1 1 1 1 4 4 4 4 3 4 2 3 . . . . 1 5 6 9 1 1 1 1 9 9 9 9 . . . . 5 5 5 7 1 1 1 1 6 6 6 6 9 9 9 8 . . . . 3 3 7 3 1 1 1 1 8 8 8 8 8 8 8 8 . . . . 9 8 8 4 Apr. 2 1 2 8 5 1 . . . . 2 2 2 2 1 0 1 0 1 9 0 7 . . . . 2 7 0 2 3 3 3 3 9 9 9 9 2 6 7 6 . . . . 7 6 4 0 4 4 4 4 6 6 6 6 . . . . 6 8 9 3 1 1 1 1 6 6 6 6 2 0 4 3 . . . . 9 9 4 4 1 1 1 1 2 2 2 2 . . . . 5 9 8 2 1 1 1 1 8 8 8 8 6 5 6 6 . . . . 6 3 2 6 1 1 1 1 9 9 9 9 9 8 7 9 . . . . 5 8 8 0 7 5 6 3 . . . . 0 6 2 6 187.7 357.2 41.7 146.0 19.5 169.5 189.0 29. 206.3 393.3 46.4 159.8 13.0 187.1 200.1 5.5 1 1 1 8 8 88 7 9 . . . 3 2 0 3 3 35 5 5 6 7 9 . . . 7 7 0 4 4 4 1 2 1 . . . 8 6 0 1 1 1 4 4 4 5 7 6 . . . 7 3 0 1 1 1 9 9 9 . . . 5 3 0 1 1 1 6 6 6 9 9 9 . . . 8 6 4 1 1 1 8 8 8 8 9 8 . . . 1 6 8 May 2 1 0 6 3 . . . 2 2 2 0 0 0 5 7 5 . . . 7 2 0 3 3 39 9 9 3 3 4 . . . 1 5 6 4 4 4 7 7 7. . . 3 4 2 1 1 15 5 6 7 8 0 . . . 8 4 0 1 1 1 3 3 3 . . . 1 0 0 1 1 18 8 8 8 7 7 . . . 7 1 4 2 2 2 0 0 0 1 0 0 . . . 2 7 4 7 5 6 . . . 1 3 3 191.0 361.1 41.9 149.1 19.5 170.0 189.6 27. 203.5 391.9 47.0 156.4 13.0 188.5 201.5 7.4 1 1 1 1 8 8 9 8 8 9 1 9 . . . . 5 5 8 9 3 3 3 3 5 6 6 6 9 1 1 0 . . . . 1 9 2 0 4 4 4 4 2 2 2 1 . . . . 1 8 9 3 1 1 1 1 4 4 4 4 7 7 9 6 . . . . 9 2 2 4 2 2 2 1 1 1 0 9 . . . . 5 3 6 9 1 1 1 1 7 7 7 7 0 0 0 1 . . . . 1 6 4 4 1 1 1 1 9 9 9 9 1 2 1 0 . . . . 9 9 0 0 June 2 1 1 4 0 7 3 . . . . 2 2 2 2 0 0 0 1 7 7 5 0 . . . . 1 5 3 0 3 3 3 3 9 9 9 9 5 9 6 4 . . . . 8 6 2 4 4 4 4 4 7 7 7 8 . . . . 8 6 6 0 1 1 1 1 5 5 5 6 9 9 7 2 . . . . 5 5 8 2 1 1 1 1 2 3 3 3 . . . . 8 0 0 0 1 1 1 1 8 8 8 8 8 9 9 9 . . . . 1 1 3 8 2 2 2 2 0 0 0 0 1 2 2 2 . . . . 7 0 1 0 4 9 5 5 . . . . 3 2 0 2 1 1 1 1 9 9 8 8 1 0 8 9 . . . . 1 1 7 0 3 3 3 3 6 6 6 6 2 1 2 2 . . . . 1 9 5 8 4 4 4 4 2 2 2 2 . . . . 5 7 6 3 1 1 1 1 4 4 4 4 7 6 8 6 . . . . 5 5 6 4 2 2 2 2 2 2 2 1 . . . . 3 3 2 9 1 1 1 1 7 7 7 7 1 2 3 2 . . . . 7 9 4 4 1 1 1 1 9 9 9 9 5 5 4 3 . . . . 1 5 7 6 July 2 1 2 8 5 1 . . . . 2 2 2 2 1 1 0 0 0 0 7 8 . . . . 5 3 7 3 4 4 3 3 0 0 9 9 0 1 9 7 . . . . 6 8 5 8 4 4 4 4 7 8 8 8 . . . . 5 9 2 4 1 1 1 1 5 6 6 6 9 0 1 2 . . . . 5 8 4 2 1 1 1 1 4 6 6 5 . . . . 1 9 2 0 1 1 1 1 9 8 9 9 1 9 1 0 . . . . 1 5 8 4 2 2 2 2 0 0 0 0 7 5 3 8 . . . . 1 7 7 7 7 6 6 6 . . . . 9 9 2 0 191.0 365.0 42.6 148.4 22.2 173.9 196.1 29. 207.3 399.6 47.7 159.6 17.9 192.3 210.2 7.8 1 1 1 9 9 9 2 0 2 . . . 9 7 2 3 3 3 6 6 6 4 6 7 . . . 9 9 4 4 4 4 2 2 3 . . . 7 3 0 1 1 14 4 5 7 9 0 . . . 9 8 2 2 2 2 2 1 2 . . . 3 8 2 1 1 1 7 7 7 4 4 4 . . . 7 6 2 1 1 1 9 9 9 7 6 6. . . 3 0 4 Aug. 1 1 2 9 5 . . . 2 2 20 0 0 9 9 9 . . . 1 5 2 4 4 4 0 0 0 3 2 3 . . . 1 9 4 4 4 4 8 8 8 . . . 6 3 4 1 1 1 6 6 6 0 1 0 . . .8 5 2 1 1 1 8 8 9 . . . 9 5 4 1 1 19 9 9 4 3 4 . . . 2 4 0 2 2 2 1 1 1 1 3 3 . . . 6 0 8 5 6 6 . . . 8 9 3 193.4 368.7 42.4 151.0 22.6 175.3 197.9 26. 207.3 401.8 48.0 159.3 20.2 194.5 214.7 9.0 1 1 1 1 9 9 9 9 5 4 3 4 . . . . 7 3 2 0 3 3 3 3 7 7 7 7 1 0 0 2 . . . . 7 3 2 0 4 4 4 4 2 3 2 2 . . . . 1 5 8 9 1 1 1 1 5 5 5 5 1 2 0 0 . . . . 9 7 8 4 2 2 2 2 3 3 2 3 . . . . 1 7 2 3 1 1 1 1 7 7 7 7 7 6 7 6 . . . . 1 4 4 2 2 2 1 1 0 0 9 9 0 9 8 0 . . . . 5 7 9 2 Sept. 2 1 9 3 2 6 . . . . 2 2 2 2 1 1 1 1 0 1 0 4 . . . . 1 0 0 2 4 4 4 4 0 0 1 0 5 6 0 7 . . . . 1 7 4 0 4 4 4 4 8 7 8 8 . . . . 9 9 3 0 1 1 1 1 6 6 6 6 2 2 2 5 . . . . 1 6 2 0 2 2 2 2 1 1 0 2 . . . . 1 7 0 1 1 1 1 1 9 9 9 9 5 6 5 6 . . . . 1 5 9 4 2 2 2 21 1 1 1 8 7 5 6 . . . . 6 5 9 9 7 4 6 8 . . . . 0 7 2 4 198.0 375.5 43.3 154.8 23.4 177.5 200.9 30. 210.3 407.8 47.7 162.5 22.2 197.5 219.8 8.5 D ht i t g p i : t / iz /f e ra d s f e o r r . s F tl R o A ui S sf E e R d. org/ 1 1 1 9 9 9 6 7 7 . . . 6 4 4 3 3 37 7 7 5 4 4 . . . 1 9 2 4 4 4 3 3 3 . . . 5 6 6 1 1 1 5 5 5 3 3 2 . . . 9 9 9 2 2 2 3 4 3 . . . 4 6 3 1 1 1 7 7 7 7 7 7 . . . 5 7 6 2 2 2 0 0 0 1 1 2 . . . 0 0 1 Oct. 2 2 1 1 8 4 7 . . . . 2 2 2 2 1 1 1 1 3 1 3 3 . . . . 7 4 3 4 4 4 4 4 1 1 1 1 2 0 1 1 . . . . 6 6 9 9 4 4 4 48 8 8 8 . . . . 1 5 7 6 1 1 1 1 6 6 6 6 5 3 4 4 . . . . 1 9 3 6 2 2 2 23 2 3 3 . . . . 5 7 3 2 1 1 1 1 9 9 9 9 8 9 8 9 . . . . 1 1 6 2 2 2 2 2 2 2 2 2 2 1 2 0 . . . . 8 5 7 8 7 7 5 5 . . . . 1 6 0 0 Federal Reserve Bank of St. Louis
DDeecc.. 4 200.4 378.6 44.1 156.3 24.3 178.2 202.6 3.5 Nov. 4 215.4 414.7 48.5 166.9 23.6 199.3 222.9 6.1 11 201.3 380.2 44.4 157.0 24.3 178.9 203.2 3.4 11 214.8 414.0 49.3 165.5 24.3 199.1 223.4 5.0 18 203.7 383.6 44.3 159.4 23.5 179.8 203.4 4.8 18 216.4 415.8 49.2 167.2 24.5 199.5 223.9 5.0 25 203.6 383.4 44.7 158.9 23.5 179.8 203.3 7.1 25 214.1 413.6 49.1 164.9 25.2 199.5 224.7 6.8 1969 Dec. 2 217.51 417.7 49.3 168.2 25.1 200.2 225.3 5.9 9 218.5 419.3 50.0 168.4 25.7 200.9 226.6 6.4 JJaann.. ! 207.6 388.2 43.9 163.7 22.8 180.6 203.5 5.4 16 222.4 424.5 49.8 172.6 25.6 202.0 227.6 5.1 8 208.3 389.2 44.1 164.2 22.4 180.9 203.3 4.5 23 221.5 424.3 50.2 171.3 25.9 202.9 228.8 9.4 15 206.1 387.6 43.6 162.6 21.8 181.4 203.2 2.8 30.. .. 222.1 425.5 50.1 172.0 26.1 203.4 229.5 8.5 22 203.3 384.6 43.4 159.9 21.3 181.4 202.7 4.6 29 199.2 380.8 42.9 156.3 21.0 181.6 202.6 7.0 1971 FFeebb.. 5 200.2 381.9 43.3 156.9 20.6 181.8 202.4 7.6 Jan. 6. . . , 227.3 432.6 49.8 177.5 26.2 205.3 231.5 7.2 12 198.2 380.4 43.6 154.6 20.5 182.1 202.6 7.3 13. . 224.0 429.5 49.4 174.6 27.0 205.6 232.6 4.9 19 197.8 380.2 43.4 154.4 20.1 182.4 202.6 6.8 20. . . 221.3 428.1 49.0 172.3 27.3 206.8 234.1 5.1 26 195.5 378.3 43.1 152.4 20.0 182.8 202.8 6.7 21.. . 216.6 424.8 48.5 168.0 27.2 208.2 235.4 8.3 Mar. 5 198.2 381.5 43.5 154.7 19.6 183.2 202.8 5.3 Feb. 3. . , . 217.2 426.6 48.8 168.4 27.0 209.5 236.5 9.8 12 198.3 382.0 43.8 154.5 19.4 183.7 203.1 4.2 10 216.4 427.2 49.3 167.1 27.4 210.7 238.2 8.8 19 199.0 383.3 43.8 155.2 18.8 184.3 203.1 4.6 17 216.4 428.5 49.4 167.0 27.2 212.1 239.3 8.2 26 197.1 381.4 43.5 153.5 18.8 184.3 203.1 5.9 24.. . 212.9 426.1 48.8 164.0 27.5 213.3 240.8 8.1 AApprr.. 2 199.7 384.6 43.7 156.0 18.6 185.0 203.6 3.7 Mar. 3 . 216.8 431.8 49.2 167.7 27.8 214.9 242.7 7.5 9 201.6 386.6 44.4 157.3 18.5 185.0 203.5 3.8 10 217.1 433.5 49.8 167.4 28.2 216.4 244.6 7.3 16 204.8 389.9 43.9 160.9 18.0 185.1 203.1 3.4 17 218.0 435.9 49.7 168.4 28.4 217.9 246.3 5.6 23 202.0 386.5 43.7 158.3 18.0 184.6 202.6 6.7 24.. . 216.5 435.7 49.5 167.1 28.1 219.1 247.2 5.5 30 199.4 384.3 43.4 156.0 17.6 184.9 202.5 8.0 31 218.2 438.8 49.3 168.9 27.5 220.5 248.1 4.1 MMaayy 7 198.2 383.2 44.1 154.1 17.5 184.9 202.4 10.2 AApprr.. 7 222.9 444.0 50.3 172.6 27.3 221.1 248.4 3.3 14. . 198.1 383.2 44.2 153.9 17.4 185.1 202.5 10.2 14. . 224.3 445.5 50.4 173.9 27.2 221.2 248.5 4.1 21 197.3 382.6 44.1 153.2 17.1 185.3 202.4 9.3 21 . . 223.6 444.8 50.0 173.6 26.7 221.2 248.0 7.2 28.. .. 196.9 382.3 43.9 152.9 17.0 185.4 202.4 8.3 28 219.4 441.1 49.6 169.8 27.2 221.7 248.9 6.5 June 4 . . 199.3 385.0 44.7 154.6 16.6 185.7 202.3 5.7 MMaayy 5 220.1 442.6 50.2 169.9 27.1 222.5 249.6 8.8 11 200.8 386.5 44.9 155.8 16.3 185.8 202.0 4.3 12 220.6 444.0 50.7 169.9 27.2 223.4 250.6 8.2 18.. .. 201.7 387.4 44.7 156.9 15.6 185.7 201.3 5.7 19. . 219.4 443.2 50.5 168.9 27.6 223.8 251.4 8.2 25 198.9 384.3 44.5 154.4 15.3 185.4 200.7 8.4 218.6 442.9 50.2 168.4 28.1 224.3 252.4 7.2 JJuullyy 2.. .. 202.0 387.4 44.8 157.2 14.7 185.5 200.2 5.8 June 2 222.0 447.1 50.7 171.3 28.0 225.1 253.1 6.3 9 202.4 387.2 45.8 156.6 14.4 184.8 199.2 5.7 9 222.7 447.7 51.3 171.4 28.8 225.0 253.8 3.8 16. . . 202.6 387.0 45.2 157.4 13.9 184.4 198.3 3.2 16 225.6 451.4 51.1 174.5 27.9 225.8 253.6 4.4 23.. .. 200.1 384.0 45.1 155.0 13.7 183.9 197.6 7.0 23.. .. 222.2 447.3 51.0 171.2 28.5 225.1 253.6 6.8 30.. .. 200.3 383.9 44.7 155.6 13.5 183.6 197.1 6.4 30.. .. 224.1 449.8 50.9 173.2 28.5 225.7 254.2 6.5 AAuugg.. 6 201.4 384.7 45.4 156.0 13.3 183.3 196.6 5.3 JJuullyy 7. . . . 227.4 453.5 52.4 175.2 28.6 226.1 254.7 7.2 13. 200.4 383.5 45.5 154.9 13.1 183.2 196.3 4.0 14 226.5 452.2 52.1 174.5 29.3 225.7 255.0 6.7 20.. .. 199.4 382.5 45.3 154.1 12.8 183.0 195.9 3.4 21 . . 225.9 451.8 51.9 174.0 29.6 226.0 255.5 6.8 27. . 197.8 380.8 45.1 152.8 12.6 183.0 195.6 4.8 28 224.2 450.3 51.4 172.8 30.3 226.1 256.4 6.6 SSeepptt.. 3 200.8 383.9 45.4 155.4 12.3 183.0 195.3 3.5 AAuugg.. 4 , , , 225.7 452.3 51.8 174.0 30.5 226.5 257.0 6.2 10.. .. 201.9 384.9 45.6 156.4 12.1 183.0 195.1 3.4 11 226.0 452.7 52.3 173.7 30.8 226.7 257.6 4.3 17.. .. 203.5 386.4 45.3 158.2 11.8 182.9 194.8 4.5 18 . .. 225.3 452.0 52.1 173.2 31.4 226.7 258.0 5.8 24.. .. 199.3 382.2 45.1 154.2 11.7 182.9 194.6 7.5 25 223.2 450.2 51.7 171.5 31.6 226.9 258.6 9.3 Oct. 1 201.1 384.2 45.0 156.1 11.7 183.2 194.9 6.8 SSeepptt.. j 224.5 451.8 51.4 173.1 31.6 228.4 260.0 8.3 8.. .. 203.2 386.3 45.8 157.4 11.7 183.1 194.7 4.9 8 , . . 226.2 453.9 52.5 173.6 31.9 228.8 260.7 6.6 15.. .. 204.1 387.0 45.8 158.3 11.6 182.9 194.4 2.7 15. . 228.2 456.3 52.1 176.1 31.4 229.2 260.6 6.3 22 203.1 385.9 45.7 157.4 11.4 182.8 194.2 4.2 22, . 225.6 453.5 51.8 173.7 32.1 229.1 261.2 8.0 29.. .. 202.2 384.7 45.3 156.9 11.5 182.6 194.1 4.5 29 223.7 452.3 51.3 172.4 33.0 229.7 262.7 8.9 Nov. 5 205.6 388.1 45.9 159.7 11.5 182.5 194.0 5.5 12 205.4 387.4 46.4 158.9 11.5 182.0 193.5 4.9 19.. .. 205.8 387.6 46.3 159.5 11.4 181.8 193.2 4.3 26.. .. 203.8 385.6 46.3 157.5 11.3 181.8 193.2 5.5 00 <£> 00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Changes in Time and Savings Deposits, April-July 1971 Interest rates paid on most major forms of time creases, however, and average rates in most deposits—except regular savings—were in- areas rose. creased at a sizable number of commercial Despite the increases in interest rates on banks in the 3 months ending July 31, 1971. most forms of such deposits, growth in total Accompanying the increases that occurred in time and savings deposits of commercial other money market rates, offering rates on banks slowed in the 3 months ending July 31 large-denomination time certificates of de- from the spectacular pace set in the preceding posit ($100,000 and over) moved upward 9 months. The moderation in growth occurred in the April-July period. In the consumer in the consumer deposit area, where ratedeposit area, many of the banks that had sensitive small depositors found bank rates on lowered their offering rates on small CD's small-denomination time deposits relatively and open account time deposits in the January- less attractive than they had earlier in the April period raised them again to the ceiling year. This reflected the fact that a number of levels in the most recent quarter. While the larger banks had lowered their rates before rates paid on regular savings accounts were April 30 on savings and consumer-type time about the same at most banks at the end of deposits and did not raise these rates until late July as they had been 3 months earlier, a in the most recent quarter (on consumer-type number of the larger banks that had lowered time deposits) and not until after the end of their savings deposit rate by Vi percentage the quarter (on savings deposits). Since market point in April announced in the press their rates were rising during this period, inflows intention of raising this rate back to the ceil- into consumer-type deposits were influenced ing as of August 1. by the narrower spread between bank and As in earlier survey periods1 when the trend market rates. This was in contrast to the of offering rates was upward, rate decreases latter half of 1970 and the early months of were reported in the recent quarter by a small 1971 when a decline in market yields had led percentage of banks, particularly smaller to an increase in the relative attractiveness of banks, for each major category of deposits. bank offering rates and consumers had shifted Rate increases generally outweighted the de- into commercial bank time deposits a sizable amount of funds previously invested directly NOTE.—Caroline H. Cagle of the Board's Division in high-yielding market instruments. of Research and Statistics prepared this article. As yields on market instruments rose during Previous surveys of time and savings deposits at all member banks were conducted by the Board of the April-July period, banks bid more aggres- Governors in late 1965, in early 1966, and quarterly sively for large-denomination time deposits. beginning in 1967. Beginning in 1968 the surveys were expanded to provide figures for all insured commercial Most of the larger banks made a substantial banks and were conducted jointly by the Board of Govincrease in their offering rates on negotiable ernors and the Federal Deposit Insurance Corporation. The results of earlier surveys have appeared in BUL- CD's in denominations of $100,000 or more, LETINS for 1966-71, the most recent being July 1971, which are money market instruments, and pp. 579-91. most also raised the rate on other large-denom- Appendix tables for this article appear on pp. 901-05. ination time deposits. Holdings of these types 895 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
896 FEDERAL RESERVE BULLETIN • NOVEMBER 1971 of deposits rose substantially in the 3 months in the 3 months ending April 30. Holdings of ending July 31. small-denomination CD's and open account deposits rose by $2.1 billion (2.6 per cent); this was well under half the rate of expansion NET CHANGES IN DEPOSITS in the January-April quarter. With depositors Time and savings deposits held by individuals, searching for the highest yield available, partnerships, and corporations (IPC) at insured growth was most rapid in small-denominacommercial banks increased about $6.8 bil- tion time deposits with maturities of 2 years lion, or 3 per cent, in the 3 months ending or more, on which most banks were paying July 31, 1971 (Table 1). This was only two- the maximum rate of 5% per cent on July 31. thirds as much as that for the preceding Expansion in these deposits was about $1.3 quarter and about half the record-breaking in- billion (6.5 per cent), less than 1 percentage crease of $13.3 billion in the 3 months ending point below the growth rate in the January- January 31, 1971. Nevertheless, the 3 per cent April period. Holdings of the shorter-maturigrowth over the quarter compares favorably ty, lower-yielding time deposits increased by only $866 million, or 1.4 per cent. with the average quarterly increase of about 2 per cent since the first quarter of 1968. Large-denomination time deposits, which Consumer-type deposits accounted for had declined in the preceding quarter when most of the slowdown in time deposit growth. offering rates had declined during most of the Expansion of savings deposits amounted to period, rose by $2.7 billion (8.9 per cent) in $1.7 billion (1.6 per cent) compared with a the 3 months ending July 31. Most of the exrecord-breaking increase of nearly 7 per cent pansion was in large negotiable CD's. Interest TABLE 1 TYPES OF TIME AND SAVINGS DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS HELD BY INSURED COMMERCIAL BANKS ON SURVEY DATES, OCTOBER 1970-JULY 1971 Number of issuing banks Amount (in millions of dollars) PPeerrcceennttaaggee cchhaannggee iinn ddeeppoossiittss ((qquuaarrtteerrllyy rraattee)) TTTyyypppeee ooofff dddeeepppooosssiiittt 1970 1971 1970 1971 Oct. 31 Jan. 31 Apr. 30 July 31 Oct. 31 Jan. 31 Apr. 30 July 31 Jan. 31— Apr. 30— Apr. 30, 1971 July 31, 1971 Total time and savings deposits 13,335 13,389 13,413 13,438 198,485 211,770 222,255 229,062 5.0 3.1 Savings 12,791 12,939 12,960 12,958 94,453 97,549 104,249 105,940 6.9 1.6 Time deposits in denominations of less than $100,000—Total.. 1133,,007744 1133,,114411 1133,,114422 13,128 6699,,772200 7766,,665599 8811,,229977 8833,,442277 6.1 2.6 Accounts with original maturity of— Less than 1 year 12,031 12,050 12,157 12,242 39,664 40,198 42,863 43,646 6.6 1.8 1 up to 2 years 12,220 12,207 12,305 12,224 15,500 18,244 18,893 18,976 3.6 .4 2 years or more 10,342 10,675 10,350 10,521 14,556 18,217 19,541 20,804 7.3 6.5 All maturities: Open accounts— Passbook or statement form 1 2,971 3,382 3,225 3,233 (17,793) (19,089) (21,258) (22,068) (11.4) (3.8) Time deposits in denominations of $100,000 or more 5,522 5,956 5,838 5,816 28,058 32,101 30,744 33,490 -4.2 8.9 Negotiable CD's 22,,991177 33,,225544 33,,008877 33,,006677 1188,,779922 2222,,009922 21,418 23,525 -3.1 9.8 Nonnegotiable CD's and open account 3,048 3,272 3,397 3,388 9,266 10,009 9,325 9,965 -6.8 6.9 Christmas savings and other special funds 7,997 8,166 8,274 8,324 6,253 5,461 5,964 6,205 9.2 4.0 1 Includes time deposits, open account, issued in passbook, state- mercial banks; for October 31, 1970, the data for member banks ment, or other forms that are direct alternatives for regular savings were reported by virtually all such banks and for insured nonmember accounts. Most of these are believed to be in accounts totaling less banks by the same sample of these banks reporting in earlier than $100,000. surveys. NOTE.—Data were compiled jointly by the Board of Governors of Some deposit categories include a small amount of deposits outthe Federal Reserve System and the Federal Deposit Insurance standing in a relatively few banks that no longer issue these types of Corporation. For January 31, April 30, and July 31, 1971, the in- deposits and are not included in the number of issuing banks. Dollar formation was reported by a probability sample of all insured com- amounts may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CHANGES IN TIME AND SAVINGS DEPOSITS 897 rates on new deposits of this type were raised cent on maturities of 2 years and over. Three by an average of nearly 1 percentage point months earlier these proportions had been in this period. much lower: three-fourths of the banks of Time deposits in special fund accounts this size were offering to pay depositors the also rose—by $241 million, or 4 per cent— maximum rate for maturities of less than 1 in the most recent quarter, reflecting in large year and only about half of the banks were part a seasonal movement. Christmas Club paying the highest permissible rates for maturiaccounts are an important part of this total, ties of 1 to 2 years and of 2 years and over. and these are usually built up over the spring, Interest rates on consumer-type time desummer, and fall and paid out in late October posits generally respond less rapidly at small and early November. than at large banks to changes in other market Both small and large banks experienced an interest rates. This was evident in the last expansion in their holdings of time and savings two surveys. While most small banks condeposits in the most recent quarter. Neverthe- tinued to offer ceiling rates on consumerless, the types of deposits that accounted for type time deposits during the 6 months endthe growth, and the growth rates, were differ- ing July 31, a sizable number of large banks ent for the two groups. At small banks (total lowered their rates on these deposits in the deposits of less than $100 million) the rate of quarter ending April 30 and then adjusted growth of total time and savings deposits was them back to the ceiling level over the next 3 nearly twice as rapid as for large banks. More- months. As of July 31 about nine-tenths of over, nearly all of the expansion at small banks all small banks were paying the maximum was in savings and consumer-type time de- permissible rate on small-denomination time posits, which rose about five times as fast at deposits in the various maturity categories; small as at large banks. Expanded holdings of this proportion has changed relatively little large-denomination deposits accounted for in recent surveys. the bulk of the increase at large banks. These On regular savings deposits about threedevelopments are related in part to changes in fourths of all insured commercial banks offering rates at the two bank size groups, as holding about two-thirds of all savings deindicated below. posits were paying the 4% per cent maximum rate on July 31. This was about the same as 3 months earlier. Nevertheless, in both the RATE CHANGES AND RATE STRUCTURE July and the April surveys—there was Most of the rate changes on consumer-type a sharp difference between large and small time deposits in the most recent quarter were banks in the proportion of savings deat large banks. Many banks with total deposits posits in banks paying depositors the ceiling of $100 million or more that had lowered rate. Because many of the largest banks, their offering rates on small CD's and open which together hold a substantial proportion account deposits in the January-April period of all savings deposits, had lowered their moved them back to the ceiling level between offering rate on these deposits from 4% to 4 April and July (Table 2). As of July 31, 1971, per cent between January and April—and nearly 95 per cent of the issuing banks with had kept the rate at this level for the next 3 total deposits of $100 million or more were months—less than three-fifths of the savings offering to pay 5 per cent on small-denomina- deposits in banks of this size were in banks tion consumer-type time deposits with maturi- that were paying depositors 4M> per cent on ties of less than 1 year, and about four-fifths July 31. Since relatively few small banks of such banks were offering a rate of 5% per had lowered the savings rate, the comparable cent on maturities of 1 to 2 years and 5% per proportion of such regular savings deposits in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
898 FEDERAL RESERVE BULLETIN • NOVEMBER 1971 TABLE 2 TIME AND SAVINGS DEPOSITS, IPC, HELD BY INSURED COMMERCIAL BANKS ON APRIL 30 AND JULY 31, 1971, BY TYPE OF DEPOSIT, BY MOST COMMON RATE PAID ON NEW DEPOSITS IN EACH CATEGORY, AND BY SIZE OF BANK Size of bank (total deposits in Size of bank (total deposits in millions of dollars) millions of dollars) AAllll bbaannkkss AAllll bbaannkkss GGGGrrrroooouuuupppp Less than 100 100 and over Less than 100 100 and over July Apr. July Apr. July Apr. July Apr. July Apr. July Apr. 31 30 31 30 31 30 31 30 31 30 31 30 Number of banks, or percentage distribution Amounts of deposits (in millions of dollars) or percentage distribution Savings deposits: Issuing banks 12,958 12,960 12,362 12,382 596 578 105,940 104,249 41,580 40,708 64,361 63,541 Percentage distribution by most common rate paid on new deposits : Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 3.50 or less 7.0 7.8 7.2 8.1 2.7 2.4 2.2 2.2 3.9 4.1 1.2 .9 3.51-4.00 17.7 17.9 17.6 17.6 20.8 23.0 30.1 30.2 13.4 13.0 40.9 41.2 4.01-4.50 75.3 74.3 75.2 74.3 76.5 74.6 67.7 67.6 82.7 82.9 57.9 57.9 Time deposits in denominations of less than $100,000: Maturities less than 1 year: Issuing banks 12,242 12,157 11,648 11,582 594 575 43,646 42,830 20,419 20,225 23,228 22,606 Percentage distribution by most common rate paid on new deposits: Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 4.50 or less 4.5 6.7 4.5 5.9 5.6 23.3 4.8 15.8 3.1 5.9 6.3 24.8 4.51-5.00 95.5 93.3 95.5 94.1 94.4 76.7 95.2 84.2 96.9 94.1 93.7 75.2 Maturities of 1 up to 2 years: Issuing banks 12,224 12,305 11,647 11,765 577 540 18,949 18,583 14,490 14,369 4,459 4,213 Percentage distribution by most common rate paid on new deposits: Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 4.50 or less .5 1.9 .4 1.5 1.7 8.3 .5 2.3 .1 .7 1.7 7.7 4.51-5.00 9.3 17.2 9.2 16.4 11.5 36.7 11.2 24.0 11.3 18.5 10.9 43.0 5.01-5.25 1.5 1.5 1.4 1.3 4.5 5.2 1.4 2.4 .9 1.4 3.1 5.7 5.26-5.50 88.7 79.4 89.0 80.8 82.3 49.8 86.9 71.3 87.7 79.4 84.3 43.6 Maturities of 2 years and over: Issuing banks 10,521 10,350 9,970 9,852 551 498 20,259 18,622 11,737 10,952 8,522 7,670 Percentage distribution by most common rate paid on new deposits: Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 4.50 or less .4 1.5 .4 1.4 2.4 4.3 .5 1.1 .2 1.0 .9 1.6 4.51-5.00 3.4 7.6 3.1 6.6 7.6 26.5 3.8 18.9 2.5 8.0 5.4 34.3 5.01-5.25 .4 1.5 .3 1.4 .9 4.6 .1 2.4 .1 1.8 .2 3.2 5.26-5.50 4.3 5.0 4.3 4.9 4.5 6.6 4.0 4.5 3.2 5.0 5.2 3.8 5.51-5.75 91.5 84.4 91.9 85.7 84.6 58.0 91.6 73.1 94.0 84.2 88.3 57.1 Negotiable CD's in denominations of $100,000 or more:2 Issuing banks 3,067 3,087 2,674 2,705 393 382 23,525 21,387 2,529 2,976 2200,,999966 1188,,441111 Percentage distribution by most common rate paid on new deposits: Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 110000..00 110000..00 110000..00 4.50 or less 4.3 20.1 4.2 15.6 5.5 50.9 1.1 56.9 2.5 14.8 .9 63.6 4.51-5.00 14.7 23.5 15.1 22.1 12.2 34.0 5.0 29.6 9.8 26.5 4.4 30.1 5.01-5.50 28.0 13.6 25.1 14.7 47.8 6.0 43.9 5.7 26.8 16.2 45.9 4.0 5.51-6.00 31.6 15.4 31.9 16.8 29.3 5.5 44.1 3.2 43.8 16.6 44.2 1.1 6.01-6.50 7.8 5.2 8.6 5.8 2.1 1.0 2.3 1.2 9.2 6.1 1.5 .4 6.51-7.00 5.3 8.4 5.8 9.5 2.1 .5 3.0 2.5 3.0 14.4 3.0 .6 7.01-7.50 8.2 13.8 9.2 15.5 1.0 2.1 .6 .9 4.9 5.4 .1 .2 7 51 and over j ..11 (1) 00)) 1 Less than 0.05 per cent. 2 For similar information on nonnegotiable CD's and open account deposits in denominations of $100,000 or more on July 31, see Appendix Table 6. For Note, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CHANGES IN TIME AND SAVINGS DEPOSITS 899 banks paying the ceiling rate was higher— AVERAGE INTEREST RATES four-fifths. The weighted average interest rate paid by Negotiable CD's in denominations of insured commercial banks on all forms of $100,000 and over, issued mainly to corpora- time and savings deposits, IPC, rose to 4.86 tions, are offered in volume principally by per cent on July 31, 1971—16 basis points large banks. Nearly four-fifths of the large above the comparable rate 3 months earlier banks raised their most common offering rate (see Table 3 on page 900). This was due in on these deposits in the 3 months ending July large part to a rise in the rate paid on nego- 31. The bulk of these rate increases were to tiable CD's and other time deposits in de- 5V2 or 5% per cent. As of July 31, nine-tenths nominations of $100,000 and over. of all large negotiable CD's outstanding at On large negotiable CD's the average rate banks with total deposits of $100 million rose to 5.61 per cent on July 31—89 basis or more were in banks that reported their points above the rate on April 30. On other most common rate on new deposits to be large-denomination time deposits the rate between 5 and 6 per cent; 3 months earlier was below that on negotiable CD's—5.52 per nearly two-thirds of such deposits had been cent—up 57 basis points from April 30. in banks with a rate of 4Vi per cent or less. In the consumer deposit area average Holders of large-denomination nonnegoti- rates showed much smaller changes than on able CD's and open account deposits, about large-denomination instruments. For example, a third of which are consumers, are generally the rate on regular savings deposits was 4.32 less rate-sensitive than the corporations that per cent—unchanged from 3 months earlier. account for most of the large negotiable CD's. On all other small-denomination time de- Only about three-fifths of the large banks that posits the increase was most rapid on maturiissue most of these deposits raised their most ties of 2 years and over. Here the average rate common rate in the April-July quarter. As rose to 5.69 per cent on July 31—14 basis of the end of July rates on these deposits at points above the rate on the previous survey. most big banks fell between 5 and 6 per cent. This compares with an increase of 9 basis Small banks hold relatively little in the points to 5.43 per cent for maturities of 1 to way of large-denomination time deposits (only 2 years and an increase of 6 basis points to about one-seventh of the total). To obtain 4.96 per cent for maturities of less than 1 these deposits many small banks offer a higher year. rate than large banks. For example, among On all forms of time and savings deposits issuing banks with total deposits of less than combined, the average rate paid was higher $100 million, half of the banks had a rate of for small banks (total deposits of less than 6 per cent or more on large negotiable CD's $100 million) than for large banks. Since and a somewhat smaller percentage of the many of these small banks are located in total had a rate as high as this on other large- towns outside standard metropolitan statistical denomination deposits. This compares with areas (SMSA's), the average rate on all time about one-third of the larger banks that were and savings deposits was higher for banks paying a rate as high as 6 per cent. outside SMSA's than for banks in SMSA's. • NOTE TO TABLE 2: NOTE.—The most common interest rate for each instrument or While rate ranges of % or Vi of a percentage point are shown in group of instruments refers to the basic stated rate per annum (before this and other tables, the most common rate reported by most banks compounding) in effect on the survey date that was generating the was the top rate in the range; for example, 4.00,4.50, etc. On businesslargest dollar volume of deposit inflows. If the posted rates were un- type time deposits in denominations of $100,000 and over, however, changed during the 30-day period just preceding the survey date, some large banks have had rates at intervals of H of a percentage the rate reported as the most common rate was the rate in effect on point. Some deposit categories exclude a small amount of deposits the largest dollar volume of deposit inflows during that 30-day period. outstanding in a relatively few banks that no longer issue these types If the rate changed during that period, the rate reported was the rate of deposits and are not included in the number of issuing banks. prevailing on the largest dollar volume of inflows from the time of Figures may not add to totals because of rounding. the last rate change to the survey date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
900 FEDERAL RESERVE BULLETIN • NOVEMBER 1971 TABLE 3 AVERAGE OF MOST COMMON INTEREST RATES PAID ON VARIOUS CATEGORIES OF TIME AND SAVINGS DEPOSITS, IPC, AT INSURED COMMERCIAL BANKS ON JULY 31, 1971 Per cent per annum Time deposits in denominations of— Less than $100,000 $100,000 or more All Savings Bank location and size of bank time and and (total deposits in millions of dollars) savings small de- Savings Maturing inddeeppoossiittss nomination time Total Nego- All deposits Less 1 up to 2 years tiable other than 2 years or more CD's 1 year All banks: All size groups 4.86 4.73 4.32 5.25 4.96 5.43 5.69 5.61 5.52 Less than 10 5.02 5.00 4.31 5.35 4.99 5.44 5.72 5.89 5.60 10-50 4.90 4.86 4.40 5.30 4.95 5.45 5.72 5.84 5.46 50-100 4.85 4.77 4.38 5.26 4.99 5.39 5.71 5.63 5.88 100-500 4.78 4.68 4.35 5.20 4.97 5.40 5.65 5.55 5.48 500 and over 4.83 4.56 4.24 5.16 4.94 5.42 5.67 5.60 5.48 Banks in— Selected large SMSA's 1 : All size groups 4.82 4.62 4.30 5.19 4.95 5.41 5.68 5.60 5.49 Less than 10 4.84 4.80 4.37 5.30 4.97 5.44 5.70 5.75 5.58 10-50 4.80 4.74 4.41 5.26 4.98 5.43 5.69 5.82 5.59 50-100 4.78 4.71 4.40 5.23 4.99 5.38 5.72 5.71 5.58 100-500 4.78 4.67 4.36 5.20 4.97 5.39 5.69 5.55 5.46 500 and over 4.84 4.56 4.25 5.16 4.94 5.42 5.66 5.60 5.48 All other SMSA's: All size groups 4.81 4.73 4.32 5.24 4.98 5.42 5.68 5.64 5.68 Less than 10 4.79 4.75 4.23 5.26 4.95 5.38 5.63 5.61 5.80 10-50 4.87 4.82 4.37 5.32 5.00 5.47 5.73 6.08 5.66 50-100 4.92 4.80 4.38 5.27 5.00 5.43 5.72 5.59 6.17 100-500 4.78 4.69 4.33 5.18 4.97 5.39 5.61 5.58 5.50 500 and over 4.68 4.58 4.18 5.23 5.00 5.42 5.73 5.59 5.36 Banks outside SMSA's: All size groups 4.97 4.93 4.37 5.32 4.96 5.44 5.72 5.78 5.53 Less than 10 5.07 5.05 4.32 5.36 5.00 5.44 5.73 6.03 5.54 10-50 4.96 4.92 4.40 5.30 4.93 5.45 5.73 5.80 5.29 50-100 4.90 4.82 4.36 5.27 4.99 5.35 5.69 5.55 5.90 100-500 4.74 4.68 4.36 5.22 4.99 5.45 5.53 5.54 5.62 500 and over 5.01 4.90 4.50 5.27 5.00 5.50 5.75 6.75 5.20 1 The selected large Standard Metropolitan Statistical Areas, as defined by the Bureau of the Budget and arranged by size of population in the 1970 census, are as follows: New York City Minneapolis-St. Paul San Jose Albany-Schenectady-Troy Richmond Los Angeles-Long Beach Seattle-Everett New Orleans Akron Jacksonville Chicago Milwaukee Tampa-St. Petersburg Hartford Flint Philadelphia Atlanta Portland Norfolk-Portsmouth Tulsa Detroit Cincinnati Phoenix Syracuse Orlando San Francisco-Oakland Paterson-Clifton-Passaic Columbus Gary-Hammond-E. Chicago Charlotte Washington, D. C. Dallas Rochester Oklahoma City Wichita Boston Buffalo San Antonio Honolulu West Palm Beach Pittsburgh San Diego Dayton Ft. Lauderdale-Hollywood Dm Moines St. Louis Miami Louisville Jersey City Ft. Wayne Baltimore Kansas City Sacramento Salt Lake City Baton Rouge Cleveland Denver Memphis Omaha Rockford Houston San Bernadino-Riverside Ft. Worth Nashville-Davidson Jackson, Miss. Newark Indianapolis Birmingham Youngstown-Warren NOTE.—The average rates were calculated by weighting the most common rate reported on each type of deposit at each bank by the amount of that type of deposit outstanding. Christmas savings and other special funds, for which no rate information was collected, were excluded. NOTES TO APPENDIX TABLES 1-6: 1 Less than $500,000. some deposits outstanding on the survey date. Time deposits, open 2 Omitted to avoid individual bank disclosure. account, exclude Christmas savings and other special accounts. Dollar NOTE.—Data were compiled from information reported by a prob- amounts may not add to totals because of rounding. ability sample of all insured commercial banks expanded to provide In the headings of these tables under "Most common rate paid universe estimates. (per cent)" the rates shown are those being paid by nearly all report- Figures exclude banks that reported no interest rate paid and that ing banks. However, for the relatively few banks that reported a held no deposits on the survey dates, and they also exclude a few rate in between those shown, the bank was included in the next higher banks that had discontinued issuing these instruments but still had rate. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CHANGES IN TIME AND SAVINGS DEPOSITS 901 APPENDIX TABLE 1-SAVINGS DEPOSITS Most common interest rates paid by insured commercial banks on new deposits on July 31, 1971 Most common rate paid (per cent) Most common rate paid (per cent) GGrroouupp Total Total 3.50 4.00 4.50 3.50 4.00 4.50 or less or less NUMBER OF BANKS MILLIONS OF DOLLARS All banks 12,958 908 2,296 9,754 105,940 2,358 31,907 71,676 Size of bank (total deposits in millions of dollars): Less than 10 6,784 647 1,528 4,609 6,506 344 1,325 4,837 10-50 4,888 213 575 4,100 23,770 664 2,964 20,142 50-100 690 33 68 589 11,303 596 1,294 9,414 100-500 462 13 84 365 22,419 447 5,476 16,494 500 and over 134 2 41 91 41,942 (2) 20,848 20,788 Federal Reserve district: Boston 364 3 39 322 4,348 60 1,023 3,266 New York 451 8 50 393 17,297 324 2,925 14,048 448 35 147 266 6,786 310 2,219 4,257 Cleveland 763 72 122 569 10,124 431 3,055 6,637 Richmond 731 8 104 619 7,265 84 1,013 6,167 Atlanta 1,634 50 350 1,234 7,763 203 1,430 6,129 2,537 273 416 1,848 19,120 512 4,495 14,113 St. Louis. 1,332 87 260 985 3,578 132 532 2,913 1,363 252 460 651 2,683 231 618 1,834 Kansas City 1,740 91 229 1,420 4,028 52 125 3,852 Dallas 1,211 29 64 1,118 3,548 15 114 3,418 San Francisco 338844 5555 332299 1199,,440000 1144,,336600 55,,004411 APPENDIX TABLE 2—TIME DEPOSITS, IPC, IN DENOMINATIONS OF LESS THAN $100,000—MATURING IN LESS THAN 1 YEAR Most common interest rates paid by insured commercial banks on new deposits on July 31, 1971 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 4.50 4.75 5.00 4.50 4.75 5.00 or less or less NUMBER OF BANKS MILLIONS OF DOLLARS All banks 12,242 552 11,651 43,646 2,113 1,330 Size of bank (total deposits in millions of dollars): Less than 10 6,427 201 6,226 4,462 57 10-50 4,535 291 25 4,219 11,070 501 41 50-100 686 27 2 657 4,886 80 % 100-500 460 28 8 424 8,546 355 500 and over 134 5 4 125 14,682 1,120 1,170 Federal Reserve district: Boston 310 14 296 1,434 19 New York 445 52 388 4,042 89 Philadelphia 300 13 287 2,311 18 Cleveland 658 23 635 2,907 59 Richmond. 624 46 577 2,698 50 Atlanta 1,597 186 1,403 4,059 486 Chicago 2,388 62 19 2,307 10,122 1,131 524 St. Louis 1,232 9 1,223 2,626 11 Minneapolis 1,239 50 1,189 2,414 152 Kansas City 1,796 38 1,758 2,414 2 Dallas 1,294 55 1,239 2,250 60 San Francisco 359 4 349 6,367 35 746 For notes to Appendix Tables 1-6, see p. 900. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
902 FEDERAL RESERVE BULLETIN • NOVEMBER 1971 APPENDIX TABLE 3—TIME DEPOSITS, IPC, IN DENOMINATIONS OF LESS THAN $100,000—MATURING IN 1 UP TO 2 YEARS Most common interest rates paid by insured commercial banks on new deposits on July 31, 1971 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 4.50 4.50 or 5.00 5.25 5.50 or 5.00 5.25 5.50 less less NUMBER OF BANKS MILLIONS OF DOLLARS All banks 12,224 64 1,133 187 10,840 18,949 Size of bank (total deposits in millions of dollars) Less than 10 6,370 15 528 67 5,760 5,721 10-50 4,597 36 442 57 4,062 7,231 50-100 680 3 97 37 543 1,538 100-500 448 6 51 23 368 2,198 500 and over 129 4 15 3 107 2,262 Federal Reserve district: Boston 215 18 2 195 New York 393 62 34 288 Philadelphia 417 76 2 338 Cleveland 706 3 161 8 534 Richmond 680 13 68 13 586 Atlanta 1,427 26 224 75 1,102 C St h . i L ca o g u o i s 2 1 , , 4 4 1 2 8 7 4 1 1 14 5 8 4 118 2 1 , , 2 2 4 7 2 7 4 2 , ,8 2 3 4 1 5 Minneapolis 1,189 53 1,136 1,726 Kansas City 1,805 60 3 1,739 1,991 Dallas 1,191 94 30 1,065 1,268 San Francisco 356 15 1 338 1,306 APPENDIX TABLE 4—TIME DEPOSITS, IPC, IN DENOMINATIONS OF LESS THAN $100,000—MATURING IN 2 YEARS OR MORE Most common interest rates paid by insured commercial banks on new deposits on July 31, 1971 Most common rate paid (per cent) Most common rate paid (per cent) GGrroouupp TToottaall TToottaall 4.50 4.50 or 5.00 5.25 5.50 5.75 or 5.00 5.25 5.50 5.75 less less NUMBER OF BANKS MILLIONS OF DOLLARS All banks 10,521 52 352 39 453 20,259 93 761 26 Size of bank (total deposits in millions of dollar*): Less than 10 5,221 27 108 26 235 4,825 2,893 60 10-50 4,104 10 162 6 131 3,795 6,387 167 50-100 645 2 39 2 63 539 2,456 (2) 71 (2) 100-500 427 10 28 5 19 365 3,255 177 18 500 and over 124 3 15 5 101 5,267 286 Federal Reserve district: Boston 221 8 6 207 270 New York 391 31 20 2 11 327 1.472 33 142 (2) Philadelphia 346 1 10 9 326 1,407 (2) 102 Cleveland 590 1 44 2 60 483 1,660 52 (2) R At ic la h n m ta o nd 1,1 6 6 2 9 6 8 7 6 3 6 7 2 2 6 1 8 4 1,0 5 2 6 6 5 1 1 . , 4 7 7 5 3 3 11 1 4 2 9 8 ((?> Chicago 2,150 1 48 6 65 2,030 4,481 (2) 143 St. Louis 1,100 11 75 1,024 1,445 (2) Minneapolis 982 50 932 1,487 Kansas City 1,534 13 30 1,491 1,144 4 Dallas 1,067 100 25 55 887 1,162 116 San Francisco 345 3 5 10 327 2,505 18 17 For notes to Appendix Tables 1-6, see p. 900. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CHANGES IN TIME AND SAVINGS DEPOSITS 903 APPENDIX TABLE 5—NEGOTIABLE CD's, IPC, IN DENOMINATIONS OF $100,000 OR MORE Most common interest rates paid by insured commercial banks on new deposits on July 31, 1971 Most common rate paid (per cent) Most common rate paid (per cent) Group Total 4.00 7.50 Total 4.00 7.50 or 4.50 5.00 5.50 6.00 6.50 7.00 and or 4.50 5.00 5.50 6.00 6.50 7.00 and less over less over NUMBER OF BANKS MILLIONS OF DOLLARS All banks 3,067 64 69 450 859 971 239 162 253 23,525 71 176 1,167 10,324 10,382 546 709 150 Size of bank (total deposits in mil- Le l s i s o n th s a o n f 1 d 0 o llars): 713 1 23 100 151 197 92 73 76 218 (2) 2 31 41 109 10 11 13 5 1 0 0 - - 1 5 0 0 0 1,6 3 5 0 8 3 5 2 6 23 7 24 6 0 3 4 1 1 0 5 5 5 7 8 2 5 1 3 0 4 5 7 1 1 0 16 1 3 0 1,5 7 3 7 9 3 (23 ) 2 9 8 1 8 3 5 3 3 3 2 0 9 8 2 7 5 4 6 3 1 5 6 9 3 2 3 9 6 9 1 3 9 5 1 0 0 0 0 a 5 n 00 d over 2 1 7 1 4 9 4 1 1 5 1 3 1 5 2 1 5 3 7 1 3 7 9 8 3 5 2 6 4 1 3 7 , , 1 8 4 5 2 4 (23 ) 0 9 6 1 5 2 6 5 6 7 2 8 1 , , 1 4 6 7 8 8 8 1 , , 1 0 8 9 4 0 21 9 8 5 (27 ) 6 24 Fe P B N de h o e r i w s l a t a l o d Y n R e o l e p r s k h er ia v e district: 1 1 1 1 4 8 3 7 0 1 1 4 1 1 4 2 1 0 1 4 4 6 7 1 7 1 4 4 2 7 5 8 2 1 22 25 2 6 9 1 , , 2 3 7 4 0 9 3 4 5 (( ( 22 2 )) ) ( ( 2 2 2 ) ) 7 1 2 2 8 9 3 5 3,3 4 3 4 4 4 8 9 8 5,6 3 7 3 6 7 5 3 4 ( ( (2 2 2) ) ) 9 ( O2) 1 ) 7 C R A l i t e c la v h n e m l t a a o n n d d 5 1 4 9 4 1 2 3 2 1 1 23 6 2 2 6 9 7 3 1 3 3 1 4 6 5 1 2 3 9 3 4 8 4 4 4 3 4 4 2 6 1 4 1 3 2 7 1,1 6 8 1 6 1 4 1 8 ( ( (( 2 2 22 > ) )) (2 1 ) 4 2 13 1 7 0 6 2 5 3 5 2 8 8 1 5 4 2 3 1 3 1 7 8 5 9 7 4 3 1 ( ( 2 2 3 ) ) 5 (2 4 ) 0 5 C S M t h . i n i L c n a o e g u a o i p s o lis 2 4 1 8 1 4 8 4 3 "2 2 9 9 1 1 7 1 4 3 1 9 0 6 11 3 5 8 6 6 1 8 3 3 8 3 2 69 1 4 2 1 1 1 7 2 3 6 3 2 2,4 4 3 1 6 4 4 9 9 ""6 3 5 ( 2 25 ) ) 5 8 6 7 4 9 0 1,8 1 1 3 0 8 3 0 9 2 29 3 7 9 6 9 (2 9 ) 4 1 1 6 5 0 (22 1 ) 0 0 Kansas City 329 2 100 81 112 5 4 25 688 (2) 93 195 289 18 34 3 Dallas 492 7 67 128 183 64 5 38 2,273 3 268 975 881 73 41 32 San Francisco 118855 4 1144 7766 4488 6 3 3344 33,,339977 119955 11,,772244 885544 9922 552277 4 APPENDIX TABLE 6—NONNEGOTIABLE CD's AND OPEN ACCOUNT DEPOSITS, IPC, IN DENOMINATIONS OF $100,000 OR MORE Most common interest rates paid by insured commercial banks on new deposits on July 31, 1971 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 4.00 7.50 4.00 7.50 or 4.50 5.00 5.50 6.00 6.50 7.00 and or 4.50 5.00 5.50 6.00 6.50 7.00 and less over less over NUMBER OF BANKS MILLIONS OF DOLLARS All banks 3,388 111 168 809 807 870 109 162 352 9,940 91 193 1,920 3,734 3,278 407 148 169 Size of bank (total deposits in millions of dollars): Less than 10 744 23 26 196 90 209 4 56 140 221 7 2 93 21 59 O) 13 25 10-50 1,749 65 104 407 460 418 47 58 190 1,172 30 52 345 387 221 26 36 75 5 5 1 0 0 0 0 - 0 1 - a 0 5 n 0 0 d 0 over 4 3 1 6 2 0 1 8 6 1 8 4 1 1 1 7 6 5 9 2 8 6 9 1 1 9 3 2 4 7 6 1 9 2 2 3 4 6 45 6 7 41 7 1 2 2 8 2 5 1 , , , 0 4 0 2 5 7 3 2 2 (23 1 ) 8 2 4 7 1 6 6 7 9 3 1 8 8 0 9 8 5 2,4 6 1 5 7 9 8 6 3 1,7 7 5 0 6 2 8 3 8 21 9 7 1 3 6 7 1 9 9 ( ( 2 26 ) ) 4 Fe P B d N e h o e r i s w l a t a l o d Y n R e o l e p r s k h er ia v e district: 1 1 1 7 5 5 1 6 0 1 4 3 1 7 8 1 4 6 2 5 4 5 4 7 6 6 2 0 3 3 5 7 6 1 2 5 8 10 1 16 1 3,0 4 2 0 0 1 0 6 3 (2 1 ) 3 3 ( 1 2 2 3 ) 8 5 67 3 5 8 5 7 1,6 2 7 5 6 9 3 9 5 8 4 3 9 4 8 (25 ) 5 1 (2) 7 (2) 6 C R l i e c v h e m la o n n d d 2 3 6 0 0 2 2 2 2 2 7 8 9 3 9 8 8 7 1 8 1 2 0 5 9 6 3 25 3 2 1 0 6 7 3 3 8 0 7 ( ( 2 2 ) ) 43 5 1 10 2 5 0 1 1 8 8 3 0 30 6 2 0 66 7 15 1 1 4 3 Atlanta 501 10 14 170 110 78 12 5 102 804 6 21 213 184 322 33 6 20 Chicago 544 31 SO 113 127 128 29 15 51 1,221 26 37 172 514 259 176 7 31 St. Louis 391 46 30 49 48 102 13 94 49 339 14 3 60 104 92 16 23 25 Minneapolis 95 15 24 29 4 1 22 72 12 4 48 2 (2) 5 K D Sa a a n l n l s a F a s r s a C nc it i y sc o 2 4 1 1 8 2 6 2 0 1 1 3 1 3 5 1 1 0 0 2 8 5 8 2 1 1 1 5 1 5 3 6 2 1 4 2 1 2 1 9 8 1 6 4 9 2 1,7 6 2 7 9 9 7 5 6 ( ( 2 2 ) ) 7 3 1 1 3 1 4 8 5 3 1 1 3 2 0 0 9 5 1,1 2 1 0 9 1 8 9 6 (21 ) 3 8 (28 ) 2 3 (2 6 ) 2 3 For notes to Appendix Tables 1-6, see p. 900. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CO o APPEND^TABLE 7—JNSU^RED^COMMERCjAL BANKS CHANGING THE MOST COMMON RATE PAID ON NEW TIME AND SAVINGS DEPOSITS, r Time deposits in denominations of— Less than $100,000 maturing in— $100,000 or more Savings Less than 1 year 1 up to 2 years 2 years and over Negotiable CD's All other Group Size of bank Size of bank Size of bank Size of bank Size of bank Size of bank (total deposits (total deposits (total deposits (total deposits (total deposits (total deposits in millions in millions in millions In minions in millions in millions All of dollars) All of dollars) All of dollars) All of dollars) All of dollars) All of dollars) size size size size size groups groups groups groups groups 100 100 100 100 100 100 Under and Under and Under and Under and Under and Under and 100 over 100 over 100 over 100 over 100 over 100 over Number of issuing banks, July 31, 1971 12,881 12,292 589 12,191 11,604 587 12,178 11,607 571 10,483 9,938 545 3,056 2,669 387 3,335 2,907 428 PERCENTAGE DISTRIBUTION OF NUMBER OF BANKS IN GROUP * Total No change in rate, Apr. 30-July 31, 1971.. Banks raising rate New most common rate 1 (per cent) 3.50 or less 3.51-4.00 4.01-4.50 4.51-5.00 5.01-5.25 5.26-5.50 5.51-5.75 5.76-6.00 6.01-6.25 6.26-6.50 6.51-6.75 6.76-7.00 7.01-7.50 7.51-8.00 8.01-8.50 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Ba N nk ew s red m u o ci s n t g r c a o te m mon 2.1 2.1 2.8 111111222222......222222 11113333....2222 5.4 1111..77 1122..55 66..88 rate 1 (per cent) 4 4 3 3 5 . . . . . 0 5 5 0 5 0 1 1 1 1 - - - - o 4 5 4 5 r . . . . 2 5 0 0 le 5 0 0 0 s s 1 . . . . 1 1 5 4 1 . . . . 1 1 5 4 1 . . . 2 9 6 111111 . . . . . . . . . . . . . . . . . . ...... 1 8 8 1 8 8 1 8 8 1 8 8 1 8 8 1 8 8 666666 1111 . . . . . . . . . . . . .... 1 9 9 1 9 9 1 9 9 1 9 9 6666 1.3 22.. . . . . . . 33 7 3 7 7 3 7 22.. .. . . . . 44 99 3 8 3 8 11 .. ..44 55 '' 5.26-5.50 ......444444 ....3333 1.0 11..33 11..33 11..22 5.51-5.75 111111......777777 1111....8888 .8 11..88 11..99 11..22 5.76-6.00 2222....0000 1.0 11..11 11..11 11..44 6.01-6.25 222222......888888 3333....1111 .3 22..33 22..55 ..99 6.26-6.50 ......333333 ....3333 6.51-6.75 ......444444 ....4444 ....3333 ..55 ..66 6.76-7.00 ((((((222222)))))) ....3333 7.01-7.50 111111......555555 11..77 ....3333 ...444 ...555 7.51-8.00 ...222 ...222 8.01-8.50 Banks introducing new instrument Most common rate 11111111112222222222..........2222222222 11111111113333333333..........8888888888 1.8 111111666666......111111 111111777777......333333 777...222 (per cent) 4.00 or less 4.01-4.50 ..........9999999999 1111111111..........0000000000 .3 ......555555 ......444444 111...222 4.51-5.00 ((((((((((2222222222)))))))))) ..........1111111111 ......888888 ......999999 ...555 5.01-5.25 4444444444..........1111111111 4444444444..........7777777777 444444......555555 444444......888888 222...666 5.26-5.50 ..........1111111111 ..33 ......111111 ......111111 5.51-5.75 1111111111..........5555555555 ..88 333333......111111 333333......333333 11..66 5.76-6.00, ..........2222222222 ..........2222222222 ..55 ......111111 ......111111 ..22 6.01-6.25 2222222222..........8888888888 3333333333..........2222222222 444444......000000 444444......444444 ..99 6 6 . . 2 5 6 1 - - 6 6 . . 5 7 0 5 , ((((((((((??????????..........3333333333 ((((((222222)))))) ((((((222222)))))) 6 7 . . 7 0 6 1 - - 7 7 . . 0 5 0 0 , 1111111111 ((((((((((2222222222>>>>>>>>>>..........8888888888 ((((((((((2222222222>>>>>>>>>>..........9999999999 ...888 ...999 ..22 7.51-8.00 ..........5555555555 ..........6666666666 222...111 222...444 8.01-8.50 t p h . a * I 8 n 9 F S 9 t o h h . r a e d d e m e d s a c a x r r i i m p ea t u i s o m n in d p o i e f c r a m m te o i s s t s t h i b a c l t o e m r r a m a te t o e s n s o h n r o a w t t e h n , e s in e v e a t r h N io e O u s T s t u E i b n t s o a t r r T e u a m h b i e l g e n h t e 2 s r , , b on y N 2 t A O h L p e T e r s E s i s a l . — m t 3 h 0 T p a , l h n e 1 i s 9 0 b 7 t . a 0 a 1 n 5 b , k l w p e s i e w t t r h h a c a s t e t h c n h e o t a . m r d a p t t i e h l s e e d s r e e b p y t o y c r p o t e e m s d p o b a f y r d i n e th p g e o r s a s i a t t s e m s o e a u s b t s r a t e n a p n k o d s r i t n o e n g d J c d e u e n l p y t o a s g 3 it e 1 s s , o 1 m 9 n a 7 y 1 A . n p T o r h i t l e a 3 d t 0 a d , b b l t e o u t e t x o n c t o a lu ls l d o e b n s e g c b e a r a u n s i k s e s s u o t e f h d a r o t t h u is e n s m d u i e n o d g n . t h J e u s ly e t 3 y 1 p . e P s e o r- f Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BALANCE OF PAYMENTS PROGRAM Revised Guidelines For Banks and Nonbank Financial Institutions Revisions in the Voluntary Foreign Credit Re- —2 per cent of its total assets as of Decemstraint (VFCR) guidelines to carry out legisla- ber 31, 1970. tion exempting export credits from the program 3. The ceiling for nonexport financing of were announced on November 11, 1971, by each nonbank financial institution will be the the Board of Governors of the Federal Re- higher of the following: serve System. —Its ceiling as of September 30, 1971, The revisions include a new formula for minus export credits subject to the ceiling as of calculating VFCR ceilings and a number of that date; or technical changes in the guidelines. The re- —85 per cent of its ceiling as of September vised ceilings also are intended to reduce in- 30, 1971. equities among banks attributable to differing Governor Andrew F. Brimmer, who adhistorical positions and to the exemption now ministers the program on delegated authority accorded to export credits. from the Board, said that the General Ceiling Members of the Senate-House Conference available to more than 180 VFCR reporting Committee who worked out the final language banks amounted to $9.9 billion as of Septemof the exemption legislation, enacted last ber 30. Under the new formula, the reporting August 17, said in their report that as many banks will have authority to extend nonexport as 90 days might be required for the Board credits totaling about $9.7 billion. Export to work out modifications reflecting the exemp- credits under the General Ceiling amounted tion "as well as any further changes needed to approximately $1.2 billion at the end of to continue the program in effect for nonex- September, and about $405 million was outport financing." Subsequently, the Board of standing under a special Export Term-Loan Governors on August 18 requested financial Ceiling. Thus, roughly $1.6 billion of export institutions participating in the program to credits were eliminated from the VFCR recontinue to comply with the old guidelines straints. for the time being. The Board said that the formula adopted is Principal features of the guideline revisions, designed to minimize existing or potential inwhich are effective immediately, are: equities among banks cooperating in the pro- 1. Export credit to foreigners by banks and gram by permitting each bank to adopt the nonbank financial institutions is exempt from ceiling that it finds most advantageous in its restraint under the guidelines. particular circumstance. If there had been a 2. The ceiling for nonexport financing of single ceiling that reduced a bank's lending each VFCR reporting bank will be the highest authorization by the amount of its export of the following: credits, a participating bank with substantial 1 —85 per cent of its General Ceiling as of export financing would have experienced a September 30, 1971; sharp reduction in its over-all ceiling while —Its General Ceiling as of September 30, a competitor which did little export financing 1971, minus any export credits subject to this to foreigners w^uld have experienced only a ceiling as of that date; or slight reduction in its ceiling. Digitized for FRASER9 06 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
The guidelines specify that the export A bank is requested not to hold claims on credit exemption is not to be used by banks to foreigners or other foreign assets in excess of repurchase from their foreign branches export its ceiling. loans that financed goods already shipped 2. Calculation of Ceilings when the exemption came into force. A bank will have a ceiling which will be The Board also announced these technical the greatest of the following: changes in the program: a. 85 per cent of its General Ceiling, as of 1. The subceiling on short-term bank September 30, 1971, under the Federal Reclaims on residents of developed countries serve foreign credit restraint guidelines then of continental Western Europe is eliminated. in effect (hereinafter, 4'the previous guide- 2. U.S. agencies and branches of foreign lines"); banks, already requested to act in accordance b. its General Ceiling, as of September 30, with the spirit of the guidelines, are asked to 1971, minus export credit outstanding therereport monthly on their foreign lending posiunder on that date (but see paragraph 3); or tions. c. 2 per cent of its total assets, as of Decem- 3. The exemption for long-term credits to ber 31, 1970. developing countries in the nonbank program 3. Banks Previously with Ceilings is amended to prevent its use for the financing A bank that had a ceiling under the previous of oil tankers for oil companies established guidelines may automatically have a ceiling in industrial countries. Several oil companies under the present guidelines in accordance through their subsidiaries in developing counwith subparagraph 2a or c. A bank proposing tries purchase or charter large oil tankers to calculate a ceiling under subparagraph 2b which have been constructed in foreign shipshould have verifiable information to disyards. The Board considered that activity of tinguish between its total export credits, as this type was not to be specially treated under defined in Section IV-3, that were subject on provisions developed to help satisfy the credit September 30, 1971, to its General Ceiling needs of developing countries. and its other foreign assets and should give The guidelines are printed below. Copies notice to the Federal Reserve Bank in the diswill be made available to financial institutions trict in which it is located that it is adopting through the Federal Reserve Banks in their a ceiling calculated under that subparagraph. districts. 4. Banks Previously without Ceilings I. Genera! Purpose A bank that did not have a ceiling under the previous guidelines may adopt a ceiling equal In order to help to strengthen the U.S. balance to 2 per cent of its total assets, as of December of payments, U.S. financial institutions are 31, 1970. The purpose of making a ceiling asked to restrain their foreign credit and investavailable to a bank that did not have one is to ments, except credit that finances U.S. exenable the bank to engage directly in foreign ports. Within these restraints, they are asked financing. Therefore, the ceiling should not to give priority to meeting the credit needs of be used to purchase from other U.S. financial developing countries. institutions loans that the latter have already II. Banks extended to foreigners. Before adopting a ceiling under this sub- A. CEILINGS FOR NONEXPORT FINANCING paragraph, a bank should consult with the 1. Basic Restraint on Nonexport Financ- Federal Reserve Bank in the district in which ing it is located to apprise itself of the guidelines Digitized for FRASER 907 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
908 FEDERAL RESERVE BULLETIN • NOVEMBER 1971 and reporting requirements and to notify the b. DOMESTIC SUBSIDIARIES. A do- Federal Reserve Bank of the amount of its mestically chartered subsidiary (for example, ceiling. a so-called Delaware subsidiary) of an Edge Act Corporation or of an Agreement Corpora- 5. Term Loans to Western Europe Banks are requested not to grant to resi- tion may count the outstanding amount of its dents of the developed countries of continental borrowings from foreigners as offsets to its Western Europe loans of a maturity of over 1 claims on foreigners and to its other foreign year. assets, provided those borrowings are of an original maturity of 3 years or more. Such 6. Sales of Foreign Assets borrowings would include debentures, promisa. SALES WITHOUT RECOURSE. Banks sory notes, or other debt obligations of the are requested not to sell foreign assets that are domestic subsidiary to a foreigner. The amount subject to the guideline ceilings, without reof the offset at any time would be equal to the course, to a U.S. resident other than a financial amount of the outstandings after deducting institution participating in the Federal Reserve (i) any repayments of principal and (ii) in the foreign credit restraint program or other than case of convertible debt issues, any convera direct investor subject to the Foreign Disions. This offsetting principle may be used rect Investment Program administered by the to reduce the value of foreign assets of the Department of Commerce. subsidiary in computing the value of foreign b. SALES WITH RECOURSE. A bank assets to be consolidated for reporting purthat sells a foreign asset that is subject to its poses with those of the parent institution; any ceiling, with recourse, to a U.S. resident excess of outstanding borrowings of the subshould continue to report that asset under its sidiary over foreign assets of the subsidiary ceiling, unless the U.S. resident is a financial may not be used to reduce the reportable institution participating in the Federal Revalue of foreign assets of the parent institution. serve foreign credit restraint program or is 8. Total Assets a direct investor subject to the Foreign Direct For the purpose of calculating the ceiling, Investment Program administered by the Detotal assets are those shown in the Official partment of Commerce. Report of Condition submitted to the relevant 7. Foreign Borrowings supervisory agency as of December 31, 1970. In principle, the restraints under these guidelines are imposed on gross foreign assets, B. EXCLUSIONS including gross claims on foreigners. However, certain liabilities to foreigners may be 1. Export Credits counted as offsets to foreign assets, provided a. BASIC EXEMPTION. Export credits, that the liabilities arise from borrowings abroad defined in Part IV-3, are exempted from rethat substitute for direct investment capital straint under these guidelines. These include outflow from the United States. Such offsetting credits of the type previously subject to Genmay be done in the manner described below. eral and Export Term-Loan Ceilings. Banks a. BANKS AND EDGE ACT, AND should maintain adequate information and AGREEMENT, CORPORATIONS. A bank, otherwise take all reasonable measures to an "Edge Act" Corporation, or an "Agree- provide assurance that credits meet the definiment" Corporation may not count its borrow- tion before treating them as exempted. ings from, or its other liabilities to, foreigners b. ACQUISITION OF PREVIOUS FORas offsets to its claims on foreigners and EIGN EXPORT CREDITS. The purpose of other foreign assets. the exemption for export credits is to ensure Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISED GUIDELINES 909 that, as of the date of issuance of these re- sidiaries at any level, except where those vised guidelines, no restraint is applied to the subsidiaries are covered by other U.S. capital granting of credit that will finance U.S. ex- restraint programs as noted in subparagraph ports. A bank should report under its ceiling 3b. any outstanding loan that it purchases or re- 2. Edge Act and Agreement Corporations purchases from a foreigner, including its own a. POLICY OF LIMITING AGGREGATE branch, if that loan financed U.S. exports CEILINGS. It is intended that the establishshipped (or financed U.S. services performed ment of new Edge Act Corporations or abroad) prior to November 11, 1971. Agreement Corporations not result in the 2. Canada expansion of aggregate ceilings under these The extension of credit to residents of Can- guidelines. ada or other acquisition of Canadian assets is b. ONE-BANK-OWNED CORPORAexempted from restraint under these guide- TIONS. An Edge Act or Agreement Corporalines. tion that is owned by one bank and that, under 3. Securities of Certain International In- the previous guidelines, had a ceiling separate stitutions from that of its parent bank may continue to All direct obligations of international in- have a ceiling separate from that of its parent stitutions of which the United States is a or may combine its ceiling with that of its member are exempted from a bank's ceiling. parent. i) The ceiling to which it would be en- C. BANKS OVER CEILINGS titled if it did not combine would be calculated Banks are expected to observe their ceilings as under Section A-2 for the corporation as throughout the monthly reporting periods. a separate entity. Banks are not expected routinely to sell for- ii) An Edge Act or Agreement Corporation eign assets immediately prior to the reporting that is owned by one bank and that was estabdate or otherwise engage in "window- lished after March 3, 1965, should share the dressing" activities. ceiling of its parent bank. A bank whose foreign assets are in excess of c. MULTIBANK-OWNED CORPORAits ceiling or otherwise conflict with these re- TIONS. straints and which does not show improve- i) Separate Ceilings. An Edge Act or ment will be expected periodically to dis- Agreement Corporation that is owned by cuss with the Federal Reserve Bank in its dis- more than one bank or by a multibank holdtrict the steps it has taken and that it proposes ing company will have a ceiling separate to take to bring the amount of its foreign assets from that of its parent and from those of the into conformity with these guidelines. banks in its parent holding company. The corporation's ceiling is to be determined in D. APPLICABILITY TO BANKS AND BANKaccordance with Section A-2 and, as ap- RELATED FINANCIAL INSTITUTIONS propriate, A-3 or A-4. 1. General ii) Transfer of Parent's Ceiling. To ac- The guidelines are applicable to all U.S. quire or to increase a ceiling, such an Edge banks (exclusive of trust departments of com- Act or Agreement Corporation may receive mercial banks, which should follow the guide- from one or more of its parent banks (including lines for nonbank financial institutions in Part banks of its parent holding company) a III), to their domestically chartered subsid- share of the ceilings of the parent or parents. iaries at any level, and to bank holding com- Once transferred to the corporation, the ceilpanies and their domestically chartered sub- ing should not be transferred in whole or in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
910 FEDERAL RESERVE BULLETIN • NOVEMBER 1971 part back to the parent or parents, except to Corporation) of a bank holding company may meet unforeseen and overriding developments. elect to consolidate its ceiling with that of If any such exceptional need for retransfer one or more of the holding company's other should arise, the corporation and its parent bank subsidiaries that had ceilings under the or parents should consult in advance with the previous guidelines. Such election should Federal Reserve Banks in their respective be made known to the respective Federal districts. Reserve Bank. d. DOMESTIC SUBSIDIARIES OF 4. Foreign Branches and Foreign Sub- EDGE ACT AND AGREEMENT CORsidiaries of U.S. Banks and Banking Institu- PORATIONS. The foreign assets of domestions. tically chartered subsidiaries of Edge Act a. The guidelines are not intended to reand Agreement Corporations (net of foreign strict the extension of foreign credit by foreign borrowings offset under Section A-7 b, above) branches, or foreign subsidiaries, of (i) U.S. should be consolidated with the foreign assets banks, (ii) Edge Act Corporations, or (iii) of the parent corporation for the purposes of Agreement Corporations, except as the result the guidelines. of the restraints on banks, and on Edge and Agreement Corporations (and their domestic 3. Bank Holding Companies subsidiaries), with respect to foreign credit a. HOLDING COMPANIES AS BANKS. to, or foreign investment in, such foreign A bank holding company is to be treated as a branches or foreign subsidiaries. bank for the purpose of these guidelines. b. Claims of a bank's, or banking institub. HOLDING COMPANIES WITH ONE tion's, domestic offices on its foreign branches BANK. A holding company with one bank, and foreign subsidiaries (including permanent which bank subsidiary has a ceiling under capital invested in, as well as balances due these guidelines, together with that bank from, such foreign branches and foreign subsidiary and any nonbank subsidiary subsidiaries) represent foreign assets subshould report on a consolidated basis. How- ject to the guidelines. ever, the ceiling is to be ^calculated on the basis of the ceiling of the bank subsidiary. E. CONFORMITY WITH OBJECTIVES OF Furthermore, to minimize changes from GUIDELINES earlier established procedures, any nonbank 1. Department of Commerce Program and subsidiary that was reporting prior to Decem- Nonbank Financial Institution Guidelines ber 1, 1969, to the Department of Commerce Banks should avoid making loans that would under the Foreign Direct Investment Prodirectly or indirectly enable borrowers to use gram or to a Federal Reserve Bank under the funds abroad in a manner inconsistent with nonbank financial institution part of the guidethe Department of Commerce Foreign Direct lines should not report under these bank guide- Investment Program or with the guidelines lines. for nonbank financial institutions. c. HOLDING COMPANIES WITH MORE THAN ONE BANK. A multibank 2. Substitute Loans holding company should share the ceiling of Banks should not extend to U.S. resident one or more of its banks. subsidiaries, or branches, of foreign comd. CONSOLIDATION OF CEILINGS OF panies loans that otherwise might have been BANK SUBSIDIARIES OF HOLDING made by the banks to the foreign parent or COMPANIES. A bank subsidiary (including other affiliate of the company or that normally a bank, Edge Act Corporation, or Agreement would have been obtained abroad. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISED GUIDELINES 911 3. Management of Liquid Assets U.S. nonbank financial institutions, includ- A bank should not hold its own funds abroad ing: trust companies, trust departments of comin liquid form for short-term investment pur- mercial banks; mutual savings banks; insurposes, whether such investments are pay- ance companies; investment companies; fiable in foreign currencies or in U.S. dollars. nance companies; employee retirement and This is not intended to preclude its maintain- pension funds; college endowment funds; ing necessary working balances held with its charitable foundations; U.S. branches of own foreign branches or with foreign cor- foreign insurance companies and of other respondents. foreign nonbank financial corporations; and 4. Transactions for Customers holding companies (other than bank holding While recognizing that it must follow a companies) whose domestic assets consist customer's instruction, a bank should dis- primarily of the stock of operating nonbank courage customers from placing liquid funds financial institutions. Investment underwritoutside the United States. A bank should not ing firms, securities brokers and dealers, and place with a customer foreign obligations that, investment counseling firms also are covered in the absence of the guidelines, it would with respect to foreign financial assets held have acquired or held for its own account. for their own account and are requested to inform their customers of the program in those 5. U.S. Branches and Agencies of Foreign cases where it appears applicable. Banks Branches and agencies of foreign banks Businesses whose principal activity is the located in the United States are requested to leasing of property and equipment, and act in accordance with the spirit of these guide- which are not owned or controlled by a finanlines and, as they may be requested from cial institution, are not defined as financial time to time, to consult with the Federal Re- institutions. Real estate investment trusts serve Bank in the district in which they are whose assets consist primarily of real property located. also are not covered by these guidelines. B. CEILING AND PRIORITIES F. REPORTING 1. Ceiling Each U.S. bank, and each U.S. agency Each institution is requested to limit its and branch of a foreign bank, that on a reaggregate holdings of foreign assets covered porting date had $500,000 or more in foreign by the program to no more than its ceiling assets (whether or not subject to restraint under as described in Section C, except for special the guidelines) should file a Monthly Report on situations discussed in Section J, below. Foreign Assets (for U.S. Banks or for U.S. 2. Liquid Foreign Balances Agencies and Branches of Foreign Banks, Institutions generally are expected to hold as appropriate) with the Federal Reserve no foreign deposits or foreign money market Bank in the district in which the institution is instruments, except such minimum working located within 15 days after the end of the balances abroad as are needed for the efficient reporting period. (Forms are available at the conduct of its foreign business activities. Federal Reserve Banks.) 3. Developing Countries III. Nonbank Financial Institutions Among the foreign assets that are subject to the guideline ceiling ("covered" assets), A. APPLICABILITY TO FINANCIAL INSTITU- institutions are asked to give priority to credits TIONS which directly benefit the economies of devel- This part of the guidelines applies to all oping countries. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
912 FEDERAL RESERVE BULLETIN • NOVEMBER 1971 4. Western Europe ings") as of September 30, 1971, under the Institutions are requested not to increase the guidelines then in effect ("the previous guidetotal of their investments in the developed lines") minus any export credits subject to countries of continental Western Europe be- restraint under the guidelines as of that date; yond the amount held on December 31, 1968. or Reductions through amortizations, maturities, b. 85 per cent of its ceiling ("adjusted base or sales may be offset by new acquisitions in date holdings") as of September 30, 1971. these countries. However, institutions are 2. Minus equity securities of companies expected to refrain from offsetting proceeds established in developed countries (except of sales to other Americans by new acquisi- Canada) that are included in Section C-l but tions from foreigners. had been sold to American investors after 5. Conformity with Objectives of Guide- September 30, 1971. lines 3. Plus, or minus, the difference between Institutions may invest in noncovered forsales proceeds and "carrying" value of eign assets generally as desired. However, covered equities sold after September 30, they are requested to refrain from making 1971, to other than American investors or in any nonexport loans or investments, nonother than U.S. markets. On each reporting covered as well as covered, that appear to be date, "carrying" value should be the value inconsistent with other aspects of the U.S. reflected in the institution's report (on Form balance of payments program. Among these FR 393R-68) for December 31, 1967, in the are the following: case of equities held on that date, and it a. Noncovered credits under this program should be cost in the case of equities purthat substitute directly for loans that commer- chased after that date. cial banks would have made in the absence of that part of the program applicable to them. D. COVERED ASSETS—SUBJECT TO b. Noncovered credits to developing coun- CEILING try subsidiaries of U.S. corporations that Foreign financial assets subject to the ceiling would not have been permitted under the De- (covered assets) include investments of the partment of Commerce Foreign Direct Investfollowing types (but see exclusions in Section ment Program if made by the U.S. parent E): directly. 1. Liquid funds in all foreign countries. c. Credits to U.S. borrowers that would This category comprises foreign bank deposits, enable them to make foreign loans and investincluding deposits in foreign branches of U.S. ments inconsistent with the Foreign Direct banks, and liquid money market claims on Investment Program. foreign obligors, generally defined to include d. Credits to U. S. subsidiaries and branches marketable negotiable instruments maturing of foreign companies that otherwise would in one year or less. have been made to the foreign parent or that would substitute for funds normally obtained 2. All other claims on foreign obligors from foreign sources. written, at date of acquisition, to mature in 10 years or less. This category includes bonds, notes, mortgages, loans, and other credits. C. CALCULATION OF CEILING 3. Net financial investment in foreign The ceiling for each nonbank financial inbranches, subsidiaries, and affiliates located stitution will be: in developed countries other than Canada. 1. The greater of: Such financial investment includes payments a. its ceiling ("adjusted base date hold- into equity and other capital accounts of, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISED GUIDELINES 913 net loans and advances to, any foreign business 2. All financial assets in, or claims on in which the U.S. institution has an owner- residents of, Canada. ship interest of 10 per cent or more. Excluded 3. All direct obligations of international inare earnings of such a foreign business if they stitutions of which the United States is a are directly retained in its capital accounts. member. 4. Long-term credits entered into after 4. Long-term investments in all developing November 11, 1971, to finance the construc- countries (except as noted in Section D-4), tion or operation of foreign-built vessels unless including direct investment in subsidiaries the financing involves a corresponding transfer and affiliates, credit instruments of the types of capital by a direct investor under the and maturity described in Section D-4, and Foreign Direct Investment Program. Included all equity securities issued by firms estabin this category are bonds, notes, mortgages, lished in these countries. loans, leases, and other credits. A credit is 5. Equity securities of firms in developed long-term if at least 10 per cent of the amount countries other than Canada that have been to be repaid to the lender is scheduled, at acquired in U.S. markets from American inthe time of acquisition, to be repaid after 10 vestors. (See Section D-6.) years. 6. Foreign assets of types subject to ceiling 5. Long-term credits of foreign obligors but acquired after December 31, 1967, as established in developed countries other than "free delivery" items—that is, acquired as Canada. (Long-term credits are as defined in gifts or, in the case of trust companies or paragraph 4.) trust departments of commercial banks, de- 6. Equity securities (including American posited with the institution in new accounts. Depositary Receipts) of foreign corporations established in developed countries other than Canada, except those acquired after F. CREDITS TO CERTAIN U.S. CORPORA- September 30, 1965, in U.S. markets from TIONS American investors. Exclusion from ceiling 1. Any loan or investment acquired by a normally will be indicated if, in acquiring an nonbank financial institution after June 30, equity security that otherwise would be 1968, that involves the advance of funds to a covered, the purchasing institution receives domestic corporation which is simply a financa certificate of prior American ownership or ing conduit (commonly known as a "Delabrokerage confirmation thereof. Securities ware subsidiary") and which in turn will acquired from a broker who purchased them transmit the funds to a foreign business is a from a foreigner in anticipation of early reforeign asset if one or more foreigners own a sale are not deemed to be acquisitions from a majority of the domestic corporation. The prior American investor. amounts of such foreign loans or investments should be classified according to the country E. NONCOVERED ASSETS—EXCLUSIONS where the funds are actually to be used, The following foreign financial assets are not according to the residence of the owners excluded from the guideline ceiling: of the domestic corporation. 1. Export credits, as defined in Part IV-3. 2. If U.S. residents, other than the lending Institutions should maintain adequate in- institution, hold a majority ownership interest formation and otherwise take all reasonable in the domestic corporation, no part of a loan measures to provide assurance that credits or of an investment in such a corporation is meet the definition before treating them as to be regarded as a foreign asset of the instiexempted. tution. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
914 FEDERAL RESERVE BULLETIN • NOVEMBER 1971 G. LEASING OF PHYSICAL GOODS borrowed abroad for investment in the same The foreign leasing activities of firms that country or in countries that are subject to the engage primarily in the leasing of physical same or more liberal guideline restraint. Thus, assets (e.g., computers, real property, ships, funds borrowed in the developed countries of aircraft) and that are not owned or controlled continental Western Europe may be used to by a U.S. financial institution are not subject finance investments in these countries and to these guidelines. However, such activities elsewhere, and funds borrowed in other develare subject to these guidelines when they are oped countries (except Canada) may be used to undertaken by nonbank financial institutions. finance investment in covered foreign assets anywhere but in the developed countries of H. INVESTMENT IN CERTAIN FOREIGN IN- continental Western Europe. Any institution SURANCE VENTURES desiring to offset foreign borrowing against Net investment in foreign insurance ven- foreign investment, however, should discuss tures should be reported wherever possible. its plans with the Federal Reserve Bank before If the net investment cannot be segregated, entering into such an arrangement. the U.S. insurance company may exclude 2. An institution with a guideline ceiling from its foreign assets (1) investments within of less than $500,000 may hold covered assets the foreign country involved in amounts up up to this amount if its investments are conto 110 per cent of reserves accumulated on sistent with guideline restraints other than its insurance sold to residents of that country, or ceiling, namely, those with respect to liquid (2) (if it is larger than 110 per cent of the refunds, to credits to the developed countries serves) the minimum deposit of cash or securiof continental Western Europe, and concernties required as a condition of doing insurance ing possible conflict with program objectives, business within that country. as noted in Section B-2,4, and 5. The institution is expected to file an initial I. REPORTING REQUIREMENT statement of its holdings with its Federal Re- Each nonbank financial institution holding, serve Bank and thereafter to file a statement on any quarterly reporting date, covered aswith the Bank within 20 days after the end of sets of $500,000 or more, or total foreign any calendar quarter when its total holdings of financial assets of $5 million or more, should covered foreign assets have changed by as file a statistical report covering its total holdmuch as $100,000 since its previous report ings on that date with the Federal Reserve even though its total holdings remain below Bank of the Federal Reserve district in which the minimum reporting levels stipulated in the its principal office is located. The reports are guidelines. due within 20 days following the close of each calendar quarter, and forms may be obtained IV. Definitions from the Federal Reserve Bank. (See also Section J-2.) The following definitions apply to both the bank and nonbank financial institution parts J. COVERED ASSETS IN EXCESS OF CEIL- of the guidelines. ING 1. "Claims on foreigners" are claims on 1. In view of the balance of payments ob- foreigners held for an institution's own acjectives of the program, covered investments count. For banks, they include: foreign longof nonbank financial institutions may be per- term securities; deferred payment letters of mitted to exceed the guideline ceiling to the credit described in Treasury Department Supextent that the funds for such investment are plemental Reporting Instruction No. 1, Treas- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISED GUIDELINES 915 ury Foreign Exchange Reports, Banking consequence, itself acquires debt obligations Forms, dated May 10, 1968; participations of obligors resident outside the United States. purchased in loans to foreigners; loans to Therefore, credit extended by a U.S. finanfinancial conduits incorporated in the United cial institution to a foreign buyer of U.S. ex- States, 50 per cent or more owned by foreign- ports directly or through a foreign financial ers; and foreign assets sold, with recourse, to institution may be an export credit. Also, an U.S. residents other than financial institutions export credit may be extended through purparticipating in the Federal Reserve foreign chase of documented loan paper. credit restraint program or other than direct The cost of freight in connection with exinvestors subject to the controls administered portation, the cost of transport insurance in by the Department of Commerce. They also connection with exportation, and the cost of include foreign customers' liability for ac- export credit guarantees and export credit inceptances executed, whether or not the ac- surance borne by the foreign buyer or the cepted drafts are held by the accepting bank. foreign financial institution may be included "Claims on foreigners" exclude: contingent in the cost of export for the purpose of deterclaims; unutilized credits; claims held for ac- mining the amount of credit that is to be concount of customers; and acceptances executed sidered export credit. by other U.S. banks. U.S. goods are goods grown, produced, or manufactured in the United States. 2. 4 'Foreigners'' include: individuals, part- U.S. services performed abroad should be nerships, and corporations domiciled outside services performed outside the United States the United States, irrespective of citizenship, by U.S. domiciled or U.S. incorporated comexcept their agencies or branches located panies or by U.S. nationals temporarily resiwithin the United States; branches, subsidident abroad. aries, and affiliates of U.S. banks and other A particular credit should be regarded as U.S. corporations that are located in foreign an export credit only if 85 per cent or more of countries, and any government of a foreign its total amount finances U.S. exports. Howcountry or official agency thereof and any ever, a single credit agreement exclusively official international or regional institution for services may be broken down to exclude created by intergovernmental agreement, irrenon-U.S. services. The export credit may spective of location. thereby be identified as that portion of credit 3. "Export Credit" means any claim on a financing the performance of services by U.S. foreigner for the demonstrable financing (a) firms and U.S. nationals, as well as financing of the export of U.S. goods or (b) of the the purchase (or lease) of U.S. goods incidental performance abroad of U.S. services. (Items to the performance of those services. (a) and (b) are hereinafter referred to as "ex- A participation in export credits should be ports.") To be demonstrable, the financing regarded as export credit of the financial must relate to a specific, individual, identifiable institution purchasing the participation. Howexport for which shipping documents or other ever, a participation in a pool of loans would documents evidencing the export are ob- not be considered export credit by the intainable. stitution purchasing the participation. Export credit may be direct or indirect. A credit that is of substantially longer matu- Direct credit is a credit that results in the direct rity than is customary in international export acquisition of a debt obligation of a foreign financing practice for the type of transaction obligor. An indirect credit is a credit extended in question should not be regarded as an exto a foreign financial institution which, in port credit. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
4. "Developing countries" are all foreign rea, Latvia, Lithuania, Outer Mongolia, Pocountries other than: Abu Dhabi, Australia, land (including any area under its provisional Austria, the Bahamas, Bahrain, Belgium, administration), Romania, Tibet, Union of Bermuda, Canada, Denmark, France, Ger- Soviet Socialist Republics and the Kurile many (Federal Republic), Hong Kong, Iran, Islands, Southern Sakhalin, and areas in East Iraq, Ireland, Italy, Japan, Kuwait, Kuwait- Prussia that are under the provisional ad- Saudi Arabia Neutral Zone, Libya, Liech- ministration of the Union of Soviet Socialist tenstein, Luxembourg, Monaco, Nether- Republics, and Communist-controlled Vietlands, New Zealand, Norway, Portugal, nam. Qatar, Republic of South Africa, San Marino, 5. "Developed countries of continental Saudi Arabia, Spain, Sweden, Switzerland, Western Europe" are: Austria, Belgium, and the United Kingdom; and other than: Denmark, France, Federal Republic of Ger- Albania, Bulgaria, the People's Republic of many, Italy, Liechtenstein, Luxembourg, China, Cuba, Czechoslovakia, East Germany, Monaco, Netherlands, Norway, Portugal, San Estonia, Hungary, Communist-controlled Ko- Marino, Spain, Sweden, and Switzerland. • 916 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Statement to Congress Statement by Arthur F. Burns, Chairman, tion. Under those conditions, we can ex- Board of Governors of the Federal Reserve pect business and consumer spending to System, before the Committee on Banking continue to increase; we can expect wage and Currency, House of Representatives, demands to moderate; and we can expect November 1, 7977. further reduction of the inflation premium built into interest rates. I appreciate the opportunity to participate in Before turning to the mission of the Comyour discussion of H.R. 11309. This bill, be- mittee on Interest and Dividends and its relasides extending the Economic Stabilization tionship to Phase II, I should like to make a Act, brings interest rates and dividends few broad observations on the economic under its umbrella of potential controls. I setting which launched our Nation on its therefore appear before you in my capacity stabilization policy of mid-August. as Chairman of the new Committee on Interest and Dividends. NEED FOR THE FREEZE Let me say, at the outset, that the most Over the past 2 years, strong cost and price urgent economic task facing our Nation pressures had persisted in the face of rather is to make a success of the stabilization pro- sluggish demand for goods and services, a gram initiated by the President on August 15. high rate of excess plant capacity, and more The current price and wage freeze is a major extensive unemployment than the American step in breaking the hold of inflation on our people will long accept. In part, the cost country. The freeze must be followed by pressures stemmed from efforts by workers effective restraints on the upward movement and their trade unions to compensate for the of wages and prices, so that a solid foundation eroding impact of past price increases on may be laid for the early restoration of their real earnings. But they also reflected the general price stability under free market efforts of labor to anticipate future price inconditions. creases. Both labor and management came This high objective will require unre- to expect that inflation would persist, and served, continuing support of business, that it might become our way of life. In this labor, and the population as a whole. It environment, labor typically demanded large will require the support of sound fiscal and wage increases, and business firms typically monetary measures. And it will entail the met these demands in the belief that higher extension and amendment of the Economic costs could be passed on in the form of Stabilization Act to assure continuity of the higher prices. new policy. As the pace of inflation quickened, ex- As Phase II of the wage and price policy pectations of continuing inflation began to gets under way, one of our major assets dominate economic decision-making. Beis the wide public acceptance of Phase I. tween mid-1970 and mid-1971, average If this early success is sustained, which I hourly compensation of workers in the priconsider likely, confidence will grow that vate economy rose from 7 to 8 per cent. full prosperity can be attained without infla- Major collective bargaining contracts nego- 917 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
918 FEDERAL RESERVE BULLETIN • NOVEMBER 1971 dated over the same period called for first- circumstances. The money supply was growyear increases averaging 11 per cent, ing rapidly. Banks and other financial inwhile increases over the life of the contracts stitutions were amply supplied with funds. —without considering future advances under The deficit in the Federal budget was already cost-of-living escalators—were to average large and still increasing. The liquidity of over 8 per cent per year. business firms was largely restored. In this Wage increases of this magnitude out- situation, additional stimulative efforts would stripped productivity gains by a wide margin, have run the serious risk of augmenting inand made price advances inevitable. Even flationary fears, thereby threatening more so, profit margins shrank, and during 1970 hesitation by business and consumers, still reached the lowest level experienced in the higher long-term interest rates, higher prices, post-World-War II-period. The declining and further deterioration of the balance of trend in profits, of course, intensified pres- payments. sure on business firms to raise their prices. In this state of our national economy, The wage-price spiral that had developed more and more thoughtful citizens became threatened our economic recovery, which convinced that an incomes policy was temrested much too heavily on residential porarily needed to speed the transition from building. Businessmen showed little enthusi- rapid inflation to general price stability. asm for new capital investment. Consumers Properly executed, such a policy could were likewise cautious in their buying and change the psychological climate, help to permitted their savings to mount. Moreover, rein in the wage-price spiral, squeeze some foreign producers had become more success- of the inflation premium out of interest ful, both here and abroad, in competing rates, and improve the state of confidence against domestically produced goods. In sufficiently to lead consumers and business consequence, our balance of trade swung into firms to spend more freely out of the ina virtually unprecedented deficit, and this come, savings, and credit available to them. too affected adversely our domestic produc- Thus the Nation was in a mood to respond tion and employment. favorably when President Nixon announced Inflationary expectations were also tending his new wage-price policy, as a part of a to retard declines in long-term interest comprehensive plan for orderly economic rates. The easing of monetary policy that be- growth, embracing also taxes, expenditures, gan in early 1970 led to a very sharp de- and our international trade and payments cline in short-term interest rates. For exam- balances. ple, the 3-month Treasury bill rate dropped from 8 per cent to about 3 XA per cent by PERIOD OF THE FREEZE March 1971, its most recent low. Over It is, of course, too early to speak with cerroughly the same period, yields on high- tainty about the degree to which the new grade new corporate bond issues declined economic program has changed the economic from 8% per cent to only around 7 per cent. climate. But the available information sug- The unusually wide spread that developed gests that during the period of the freeze between long and short interest rates reflected it has been working in the right direction. in large part the inflation premium that buy- The freeze appears to have effectively ers of long-term securities demanded and halted the spiral of prices and wages. borrowers were willing to pay. Average hourly earnings in the private sec- Monetary and fiscal policies, meanwhile, tor of the economy leveled off in September. had gone about as far as was prudent in the Wholesale prices actually declined. And the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATEMENT TO CONGRESS 919 consumer price index, which moderated to The actual outcome will depend crucially an annual rate of rise of 2Vi per cent, would on the practical wisdom of the new Pay probably have shown even greater improve- Board and Price Commission. They will ment with more precise measurement tech- be subject to many pressures for wage and niques. price adjustments on equity grounds, for The new mood of confidence in our Na- reasons of catch-up or comparability. These tion's ability to control inflation has also may be particularly intense in the period led to reductions in interest rates. Since immediately following the outright freeze. mid-August long-term market interest rates Still, over the longer run, as the wage-price have come down % to 1 percentage point, program of Phase II takes hold, it is essential while short-term market rates have de- to our Nation's future that over-all wage and clined about Vi to % of a percentage point. price adjustments be contained within the In the meantime, signs of improvement reasonable limits set by the President and his in economic activity have been gradually Cost of Living Council. gaining. Figures for September show a good expansion in retail sales, with automobile THE FUTURE OF INTEREST RATES sales particularly strong. Industrial produc- Let me turn now more directly to the subject tion rose. And employment increased sharply, of interest rates and the role of the Committee with gains widespread among various in- on Interest and Dividends. Since inflation dustries. Contracts for commercial and has exercised a significant influence on industrial construction spurted. However, interest rates in recent years, it seems clear orders for business capital equipment have that the future of interest rates will depend thus far remained sluggish. heavily on the success of the wage and price program. If telling progress is made in POST-FREEZE PERIOD curbing advances in the price level, as can Once the economic recovery gathers momen- be reasonably expected, the inflation premium tum, we can expect the Nation's unemploy- built into the interest rate structure over the ment problem to be substantially alleviated. past few years will be appreciably reduced. To assure this outcome, we must maintain and However, this premium will not be eliminated extend the psychological and real benefits immediately; the inflationary attitudes that gained during the past 2 or 3 months. developed over the past half-dozen years The period of the freeze will soon be will retreat only gradually as success in the followed by a more flexible program of wage struggle against inflation is demonstrated. and price restraints. The objective of policy As I noted earlier, we have already exis to bring the rate of increase in the general perienced some reduction of interest rates price level down to 2-3 per cent by the end in consequence of the initial reaction of of 1972. This would represent a cutting in borrowers and lenders to the new economic half of the recent inflation rate, and would program. Further declines in the months be a major accomplishment. ahead are probable if wage and price pres- This objective must not be compromised. sures are visibly curbed. Once businessmen If we succeed, our economy will be once come to believe that interest rates are not again on a path leading to noninflationary destined to move ever higher in the future, growth, and we may therefore look forward long-term credit demands from corporations— to a bright economic future. If, however, we which have been very large in the past year fail, our economy will suffer grievously—not and a half—are likely to abate. When key only next year but also in later years. market interest rates—such as corporate bond Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
920 FEDERAL RESERVE BULLETIN • NOVEMBER 1971 yields—continue to decline, the downward notes have run to over 20 per cent in Argenpressure exerted on the rate structure can be tina and over 40 per cent in Brazil during the expected to work through to other, less past few years. volatile areas, such as the rates charged by The new economic policy, as I have lenders on mortgage and consumer loans. already explained, is capable of releasing pow- We have to recognize, however, that as the erful psychological forces that will tend to pace of economic recovery accelerates, new drive interest rates to lower levels. The outdemand pressures on interest rates will be look for interest rates over the next year or generated. As one looks across the history of so nevertheless remains uncertain. We canbusiness cycles, it is clear that interest rate not be sure how quickly or to what extent the movements have accompanied fluctuations inflation premium on interest rates will be in aggregate economic activity. Although the reduced. If economic recovery gains momenmovements of interest rates and economic tum and the Phase II program succeeds activity have not corresponded exactly in in holding down wage and price increases, either timing or amplitude, it is reasonable opposite forces will be at work in the money to expect that economic expansion will— and capital markets. On the one hand, the sooner or later—begin to generate credit demand for credit on the part of the private demands in excess of supply, just as eco- sector will be larger, thereby tending to raise nomic contraction in time dampens the de- interest rates. On the other hand, inflationary mand for credit relative to the available expectations will become weaker, thereby supply. tending to lower interest rates. We are mov- The interest rate fluctuations that corre- ing into a period for which there is no hisspond to such demand/supply imbalances torical precedent, and little basis for gauging serve an essential economic purpose. For exactly how credit markets will adapt to the example, when the demand for goods and new circumstances. services races ahead of existing supplies, increases in interest rates help to limit the ROLE OF THE COMMITTEE ON INTEREST expansion of credit and thus check the up- AND DIVIDENDS ward pressure on product and labor markets. The Committee on Interest and Dividends In a period of strong economic activity, will need to tread cautiously in these circumif all the credit desired were supplied at stances. It cannot ignore market conditions, unchanged interest rates, the over-all demand for it would then run the risk of thwarting the for goods and services would inevitably ex- overriding national objective of economic ceed the Nation's capacity to produce. In such recovery and sustained noninflationary conditions, inflation could perhaps be sup- growth. At the same time, the Committee can pressed for a time by rigid economic con- and should undertake surveillance of interest trols; but—if history over the centuries is any rates, particularly those that most directly guide—I doubt if anything in the world could affect the American family, in order to deterprevent the eventual riot of inflation. Nor mine if they are unduly sticky—that is to would we control interest rates in the end. say, by way of example, whether they are Once it became clear that inflation was adjusting appropriately to whatever declines footloose, higher and higher premiums occur in the more flexible and competitive would be attached to the interest rates on market interest rates. which investors insisted and which borrow- In evaluating the role of the Committee, ers were willing to pay. It is no accident that it should be recognized that credit markets interest rates on 6-month business promissory are among the most competitive in our en- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATEMENT TO CONGRESS 921 tire economy. Large financial institutions are, To illustrate these differences, we need of course, a fact of modern economic life; only recall the substantial decline in interest but no single institution, or small group of rates, particularly short-term rates, that octhem, is capable of dominating the market curred from early 1970 to mid-1971. During for credit, partly because there are so many this period, wholesale prices, consumer of both the large and small institutions. prices, and wage rates continued to rise Moreover, the money and capital markets sharply, despite substantial unemployment and in the various parts of our country are closely sluggish demand for the products of industry. connected. In this age of the automobile Clearly, interest rates responded with promptand telephone, most borrowers can readily ness and vigor to basic market conditions. move from one financial institution in their This cannot be said of wages or most product vicinity to another, or—in the case of large, prices. nationally known borrowers—from virtually However, it is important to recognize any bank or insurance company in the that not all credit markets are equally com- Nation to any other or from any of these in- petitive or responsive, and that some types stitutions to the open market. In turn, many of interest rates move sluggishly. These rates financial institutions can shift their lending are often termed "administered rates" or from one market to another, depending on "conventional rates," but they are not adthe rate of return available to them. The same ministered in the sense of being determined is true of savers. by a small group that is insensitive to the sur- The result is that the level of interest rates is rounding financial environment. Rather, they highly responsive to changes in the under- are rates for which a continuous, impersonal lying demand/supply conditions for credit. The process of bidding in the open market, such structure of interest rates is also responsive. as characterizes U.S. Government securities When interest rates in one part of the market and corporate bonds, does not exist. decline, interest rates in other parts of the The so-called administered rates—for exmarket generally follow along, although ample, on residential mortgages, for consizable variations in interest rate spreads sumer credit, and on loans to businesses and are not uncommon. farmers—generally fluctuate over a narrower The price flexibility that is so characteris- range than market rates. These sluggish rates tic of financial markets is rarely found in involve such factors as longer-term customer product markets and practically never oc- relationships or substantial costs of adminiscurs in labor markets. These latter markets are tration. Hence, they also generally lag besubject to all sorts of rigidities. Competi- hind the market; that is, they may not move tion is less pervasive. Some of our indus- until it seems clear that market rates tries are dominated by a few large firms. have established a new trend and are not Large segments of the labor market are just going through an erratic or episodic fenced off from effective competition by fluctuation. trade unions or governmental regulation. It is at this point that the new Committee Even in the absence of unions, employee can make its contribution. The main role of demands derive support from the imprac- the Committee, as I see it, should be to speed ticability, in most cases, of assembling a sub- up the adjustment of traditionally sluggish stitute labor force. Most product and labor interest rates to movements in market rates. markets are thus less sensitive than is the This may be especially important in the year world of finance to changes in underlying ahead, when we expect a further reduction demand and supply conditions. in the inflation premium on interest rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
922 FEDERAL RESERVE BULLETIN • NOVEMBER 1971 When and as rates in the open market move the Committee does not intend to try to hold downward, administered rates should move particular rates at levels that are not commore and with shorter lags than in the past. petitive. If, in the face of accelerating credit For the present, the Committee intends to demands, an attempt were made to keep some concentrate on those interest rates that most interest rates down through the use of rate directly affect the American family, including ceilings, lenders would tend to withdraw residential mortgage and consumer credit from the affected markets. They would rates. But it is not unmindful of other areas place their funds in other activities where of sluggishness, and will therefore watch the returns that could be earned were not the behavior of rates charged by a variety controlled, including the equity markets. of institutions to a broad range of customers. Or they would send their money abroad. In recent years, some of the6 'administered" Or some individuals, trust funds, and so or "conventional" interest rates have tended forth would lend their funds directly to borrowto show greater flexibility. For example, the ers within their reach, by-passing the financial prime loan rate charged by banks was reduced institutions and the organized security markets 11 times between March 1970 and March that play such a major role in our economy by 1971, declining from SV2 to 5XA per cent. It mobilizing capital for the use of all borrowers, subsequently rose moderately, and most small and large alike. recently, as you know, has again declined. Let us never forget that while a legislature Major banks have been relying increasingly may impose an interest ceiling, it has no way on the money market as a source of funds, of compelling the owner of investable funds and interest rate changes in the money market to lend them out to anyone. Indeed, the threat consequently have a greater influence on posed by ceilings might in itself be sufficient key bank lending rates. Moreover, the busi- to keep lenders from committing resources ness customers of commercial banks have to areas that may eventually become subject become more and more aware of the open to rigid ceilings. market as a source of funds; this, too, has Of course, some banks or other financial increased the flexibility of bank lending institutions could be expected, whether berates. Recently, a few banks have indicated cause of custom or legal restriction, to conthat they intend to tie the prime rate to tinue lending in markets subject to interest one or another of the open market rates. ceilings that are below the free market Mortgage rates are also becoming more level. But the supply of credit to such sensitive to competitive conditions. The markets would then be reduced, so that the still periodic auctions by the Federal National active lenders would be forced to ration their Mortgage Association provide a means by short supplies of credit by some means other which lenders can gauge more promptly the than interest rates. In such a situation, they extent to which supply and demand pres- could also be expected to use various nonsures in the broad capital market are affect- rate devices—such as compensating balances, ing the mortgage market. And the informa- cash payments similar to points on a morttion on interest rates that will be gathered gage, special fees, or equity kickers—that by the Committee on Interest and Dividends, would serve to enhance the return on their once it is disseminated throughout the coun- money. The result would surely be an erosion try, should likewise help to increase the sen- of freely functioning credit markets as we now sitivity of a wide variety of sticky rates to know them, and the substitution of less effiunderlyong conditions. cient, less equitable, processes of allocating In evaluating interest rate developments, the supplies of credit that remained avail- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATEMENT TO CONGRESS 923 able. Arbitrary attempts to control interest every reason to believe that banks and rates, either in selected areas or for the other lenders will cooperate in our proeconomy as a whole, must be rejected as gram on a voluntary basis, just as business inefficient, inequitable and, in the end, un- corporations have fully accepted on a volunworkable for all concerned. tary basis the need to hold dividend pay- True, some interest rates are now legally ments unchanged during the period of the prevented from moving in ways that accord freeze. with underlying demand and supply condi- Nevertheless, the legislation before you tions. Interest rate or usury ceilings apply, does provide standby authority to control for example, to rates on consumer and con- interest rates and dividends in the unlikely ventional mortgage loans in most States, to event that the voluntary program proves rates on State and local securities in some unsuccessful. The authority is comparable to jurisdictions, and to rates on federally under- that already granted the President with respect written mortgages. In the past such ceilings to prices, rents, wages, and salaries. "Stabilihave limited the flow of credit to these areas zation" of interest rates in the legislative in periods of rising market interest rates; context refers, of course, to the regulation of they represent a type of impediment that it particular interest rates. It does not relate to would be well to avoid in the future. general fiscal and monetary policies, which The legislation before your committee must continue to play a vital independent role empowers the President "to stabilize inter- in our economic stabilization efforts. est rates and dividends at levels consonant I need add only a word here about diviwith orderly economic growth." This lan- dends, which represent a less troublesome guage has the great advantage—should problem than interest rates in the context of a mandatory controls be required—of not im- wage-price program. In general, the Complying fixed ceilings; instead, it recog- mittee believes that increases in dividends nizes that interest rate levels must be ap- during the Phase II period should be limited propriate to orderly economic growth, and in such fashion that expansion of dividend thus leaves room for essential flexibility. income will be equitably related to increases in Let me hasten to add that the President's the income of wage earners. Some exceptions Executive Order, dated October 15, directs may, of course, be necessary to facilitate the the Committee to undertake a voluntary raising of capital for expansion, particularly program; that is, to "formulate and execute by small businesses. The details of the a program for obtaining voluntary restraints voluntary program with respect to dividends on interest rates and dividends." I am con- have not yet been worked out. Meanwhile, the fident that this objective can be achieved Committee has asked that dividends be mainwithout resorting to mandatory controls. tained at levels that accord with the guide- Since August 15, indeed over the past year lines of the Cost of Living Council. and a half, interest rate developments have been generally salutary. However, not all CONCLUDING COMMENTS interest rates have responded fully to market As I have said earlier, success in reducing developments, and some have hardly moved the inflation premium built into interest rates at all. The Committee will seek to encourage will depend, ultimately, on the strength of downward adjustment of these rates, and it our national will. It will depend on our ability would certainly frown upon any premature to restrain the growth in average wage upward move of rates that had previously rates to a pace that is appropriately related been sluggish in moving down. There is to national productivity gains. It also will Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
depend on reasonable price restraints. The full has become so prone to inflation, and why support and cooperation of business, labor, the fires of inflation, once started, are so and the general public will be required in difficult to extinguish. Has the structure of our order to reach the objective of cutting the economy changed so as to impart an ininflation rate in half by the end of 1972. creasing bias toward inflation? Are business It is highly important to bear in mind that or labor groups abusing their economic the whole program of restraint on wages power to a larger degree than they did 10, and prices represents a temporary effort 20, or 30 years ago? If so, to what degree aimed at speeding the return to noninflation- are our laws or regulations responsible for ary conditions in a free economy. This goal such abuses? Why did the normal growth of requires that we conduct fiscal and monetary productivity come to a virtual halt toward policies so as to avoid setting in motion the end of the 1960's? How can our govforces that would lead to excessive aggregate ernmental training programs, on which vast demand on our resources and trigger still sums are being expended, be made more another round of inflation. Only if all of the effective? What contribution can local producpolicy instruments available to the Govern- tivity councils make to improvements in inment are working in harmony can the present dustrial efficiency? How can the advantages anti-inflation policy succeed. Only then will of computerized job banks be effectively interest rates move down to the more normal harnessed? These are a few of the queslevels that we would all like to see. tions that we need to ask and try to resolve Finally, let me say that it would be wise to in order to help assure that the controls of use the opportunity granted us by Phase II Phase II, once dismantled, will not be to ponder dispassionately why our economy needed again in our lifetime. • Digitized for FRASER9 24 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Record of Policy Actions of the Federal Open Market Committee Records of policy actions taken by the Federal Open Market Committee at each meeting, in the form in which they will appear in the Board's Annual Report, are released approximately 90 days following the date of the meeting and are subsequently published in the Federal Reserve BULLETIN. The record for each meeting includes the votes on the policy decisions made at the meeting as well as a resume of the basis for the decisions. The summary descriptions of economic and financial conditions are based on the information that was available to the Committee at the time of the meeting, rather than on data as they may have been revised since then. Policy directives of the Federal Open Market Committee are issued to the Federal Reserve Bank of New York—the Bank selected by the Committee to execute transactions for the System Open Market Account. Records of policy actions have been published regularly in the BULLETIN beginning with the July 1967 issue, and such records have continued to be published in the Board's Annual Reports. The records for the meetings held in 1971 through June 29 were published in the BULLETINS for April, pages 320-27; May, pages 391-98; June, pages 503-11; July, pages 599-606; August, pages 663-71; September, pages 715-22; and October, pages 820-27. The record for the meeting held on July 27, 1971, follows: 925 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
926 FEDERAL RESERVE BULLETIN • NOVEMBER 1971 MEETING HELD ON JULY 27, 1971 Authority to effect transactions in System Account. Preliminary estimates of the Commerce Department indicated that real output of goods and services had increased at an annual rate of 3.6 per cent in the second quarter, after having risen sharply—at a rate now estimated at 8.0 per cent—in the first quarter when automobile production and sales were recovering from the strike of late 1970. Growth in real GNP was expected to continue at a moderate pace during the remainder of 1971. Retail sales increased considerably in June from April and May levels that had been revised upward, and sales in the second quarter as a whole were appreciably higher than in the first quarter. Industrial production continued to rise moderately in June, but payroll employment declined in both manufacturing and other nonfarm sectors. A reported drop in the unemployment rate to 5.6 from 6.2 per cent in May appeared to be attributable in large part to technical measurement problems. The volume of private housing starts was again very high in June. Wholesale prices of industrial commodities and consumer prices rose substantially further in June. Over the second quarter as a whole both price measures increased appreciably faster than they had earlier in the year. Wage rates continued to advance rapidly. Staff projections suggested that growth in real GNP would slow a little from the second to the third quarter, and then step up in the final quarter of the year. Although it was assumed that there would not be a strike in the steel industry when wage contracts expired at the end of July, it appeared likely that efforts of steel users and producers to work off excess stocks accumulated earlier against the threat of a strike would temporarily depress the rate of over-all inventory investment in the third quarter. Projections of gains in consumer spending for both the third and the fourth quarters had been raised somewhat as a result of the recent vigor in retail sales, even though it was now believed that the military pay increase—previously assumed to take effect around midyear—was not likely to occur until early October. The latest projections, like those of 4 weeks earlier, sug- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RECORD OF POLICY ACTIONS OF FOMC 927 gested that the rise in residential construction outlays would slow as the year progressed but would remain sizable; that State and local government expenditures would expand at a substantial rate, and that business fixed investment outlays would increase little in the second half of the year. The deficit in the U.S. balance of payments was again extraordinarily large in the second quarter. The merchandise trade balance, which had been in small surplus in the first quarter, moved into substantial deficit in the second quarter as exports declined and the earlier uptrend in imports accelerated sharply. Outflows of capital remained heavy. Relative to those of the first quarter, the second-quarter outflows were occasioned less by interest rate differentials and more by expectations of shifts in exchange rates. In July foreign exchange markets experienced renewed tensions, and the dollar weakened against most major foreign currencies. The German mark rose to a new high 5.6 per cent above parity. On July 21 the Treasury announced the terms on which it would refund securities maturing in mid-August, including $4.1 billion held by the public. Holders of the maturing obligations were offered the choice of a 51-month, 7 per cent note priced to yield 7.06 per cent and a 10-year, 7 per cent bond priced to yield 7.11 per cent. The bond, which was the first long-term security to be issued since the Treasury received legislative authority to sell a limited number of bonds at interest rates above the 4V4 per cent ceiling, was also offered to individuals for cash subscription in amounts up to $10,000. Short-term interest rates generally had risen further since the Committee meeting of June 29. For example, the market rate on 3-month Treasury bills, at 5.45 per cent on the day before this meeting, was 50 basis points above its level 4 weeks earlier. The rate advances reflected additional heavy sales of Treasury bills by foreign official accounts early in the period, the emergence of firmer money market conditions after mid-July, and investor expectations of large-scale offerings of short-term securities by the Treasury during the rest of the year. Against the background of rising short-term market rates, most major commercial banks increased their prime lending rate from 5 Vi to 6 per cent in early July. Federal Reserve discount rates were raised V* of a percentage point, to 5 per cent, at four Reserve Banks on July 16 and at the other Banks during the following week. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
928 FEDERAL RESERVE BULLETIN • NOVEMBER 1971 Yields on long-term market securities had changed little on balance in recent weeks, after having increased substantially during the second quarter. The volume of public offerings of new corporate bonds declined in July, and it appeared that offerings in August would remain below the high rates of the first half of 1971. Also, bond flotations by State and local governments seemed to be moderating somewhat. Contract interest rates on conventional new-home mortgages and secondary-market yields on federally insured mortgages rose somewhat further in June. Inflows of consumer-type savings funds at nonbank thrift institutions continued rapid in June, but over the second quarter as a whole such inflows—although strong—were below the exceptionally high rate of the first quarter. At commercial banks also, inflows of consumer-type time and savings deposits had moderated from the first to the second quarter. These inflows appeared to be slowing sharply further in July. However, expansion in total time and savings deposits at commercial banks was still relatively large in July, as a result of a substantial further increase in the volume of large-denomination CD's outstanding. Growth in the narrow measure of the money stock (private demand deposits plus currency in circulation, or M ) increased in the second x quarter to an annual rate of about 11.5 per cent from 9 per cent in the first quarter.1 Growth in the broader measure of money (Mi plus commercial bank time deposits other than large-denomination CD's, or M ) also was rapid in the second quarter—at an annual rate of 2 about 12.5 per cent—but it was appreciably below the 18 per cent rate reached in the first quarter, reflecting the less rapid inflows of consumer-type time and savings deposits. Expansion in the adjusted bank credit proxy (daily-average member bank deposits, adjusted to include funds from nondeposit sources) moderated to a 6.5 per cent annual rate in the second quarter from 11 per cent in the first. According to partial data for July, M and the adjusted proxy series 1 were continuing to expand at approximately their rates in the second quarter. Growth in M , however, was slowing further. 2 Following the June 29 meeting of the Committee, when data becoming available for late June suggested that the rise in the monetary 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
RECORD OF POLICY ACTIONS OF FOMC 929 aggregates might be moderating, System open market operations had been directed at maintaining money market conditions similar to those prevailing shortly before that meeting. Later, however, data for early July revealed that the aggregates—particularly Mi—were again rising strongly, and somewhat firmer money market conditions were sought. The effective rate on Federal funds, which had fluctuated around 5Vs per cent in late June and early July, moved up to the neighborhood of 5Vi per cent after mid-July. With the Federal funds rate well above the discount rate, member bank borrowings rose substantially during the period; for the 4 weeks ending July 21, borrowings averaged about $885 million compared with about $455 million in the preceding 4 weeks. Staff analysis suggested that if prevailing money market conditions were maintained, M and M would expand at annual rates of about 1 2 9 and 8 per cent, respectively, over the third quarter as a whole, and at substantially lower rates over the final 3 months of the year. On the other hand, expansion in bank credit was expected to step up temporarily in the third quarter, reflecting in part anticipated bank purchases of new securities to be offered by the Treasury. According to the analysis, if somewhat firmer money market conditions were attained in coming weeks, the expected rates of growth in the monetary and credit aggregates would be reduced slightly in the third quarter and more significantly in the fourth. The Committee decided that the achievement of more moderate growth in the monetary aggregates over the months ahead remained the appropriate objective of System open market operations. At the same time, it was noted that operations during the period until the next meeting would be influenced by even-keel considerations related to the current Treasury financing. Also, as at other recent meetings, the members agreed that account should be taken of developments in capital markets in the conduct of operations. In these circumstances, the Committee decided that the Manager should be given more than the usual amount of discretion to make operating decisions in light of actual market developments during the coming period. The following current economic policy directive was issued to the Federal Reserve Bank of New York: The information reviewed at this meeting suggests that moderate expansion in real output of goods and services is continuing Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
and that unemployment remains substantial. Wage rates in most sectors are continuing to rise at a rapid pace. The rate of advance in both consumer prices and wholesale prices of industrial commodities has stepped up again recently after moderating earlier in the year. In the second quarter inflows of consumer-type time and savings funds at banks and nonbank thrift institutions were large, but below the unusually rapid first-quarter pace. Growth in bank credit and the broadly defined money stock slowed in the second quarter, but the rate of expansion in the narrowly defined money stock increased. In July, according to partial data, it appears that both bank credit and the narrowly defined money stock are growing at rates close to those of the second quarter, but that expansion in broadly defined money is slowing. While interest rates on most types of long-term market securities have changed relatively little on balance in recent weeks, short-term interest rates have risen further. In mid-July Federal Reserve discount rates were increased by onequarter of a percentage point to 5 per cent. The deficit in the U.S. balance of payments remained extraordinarily large in the second quarter, mainly reflecting capital outflows related to expectations of shifts in foreign exchange rates and the development of a substantial deficit in the merchandise trade balance. In light of the foregoing developments, it is the policy of the Federal Open Market Committee to foster financial conditions conducive to sustainable 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 payments. To implement this policy, taking account of the current Treasury financing and of developments in capital markets, the Committee seeks to achieve more moderate growth in monetary aggregates over the months ahead. System open market operations until the next meeting of the Committee shall be conducted with a view to achieving bank reserve and money market conditions consistent with those objectives. Votes for this action: Messrs. Burns, Hayes, Brimmer, Clay, Daane, Kimbrel, Maisel, Mayo, Mitchell, Morris, Robertson, and Sherrill. Votes against this action: None. 930 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Law Department Statutes, regulations, interpretations, and decisions the cost of any such examination shall be assessed BANK HOLDING COMPANIES against and paid by such bank holding company. The Board of Governors has amended Regula- As far as possible the Board will use reports of tion Y, 4'Bank Holding Companies", extensively examinations made by the Comptroller of the during 1971, to implement the provisions of the Currency, the Federal Deposit Insurance Corpora- Bank Holding Company Act Amendments of 1970, tion, or the appropriate State bank supervisory auand is in the process of printing the amended regulathority. tion in its entirety. Copies of the newly printed Regulation Y are expected to be available to the FOREIGN BANK HOLDING COMPANIES public on or about December 1, 1971. Requests for the regulation should be directed to Publications The Board of Governors has amended Regula- Services, Board of Governors of* the Federal Re- tion Y, "Bank Holding Companies", effective Deserve System, Washington, D.C. 20551. cember 1, 1971, to exempt foreign bank holding In connection with the printing of the amended companies from the prohibitions of section 4 of the regulation the Board of Governors redesignated Bank Holding Company Act with respect to cer- Regulation Y, "Bank Holding Companies", as tain of their nonbanking activities and interests in Part 225 of the Code of Federal Regulations rather the United States. Section 225.4 (formerly section than Part 222, effective December 1, 1971. At the 222.4) is amended by adding a new paragraph (g) same time, sections 222.5, 222.6, and 222.7 as set forth below: were combined and redesignated as section 225.5 and amended to read as set forth below: AMENDMENT TO REGULATION Y Effective December 1, 1971, section 225.4 AMENDMENT TO REGULATION Y is amended by adding paragraph (g) as follows: Effective December 1, 1971, sections 222.1 through 222.4 are redesignated as sections 225.1 SECTION 225.4—NONBANKING ACTIVITIES through 225.4, and sections 222.5, 222.6, and * sfc si« sj< Sf! 222.7 are combined and redesignated as section (g) Foreign bank holding companies. (1) As 225.5 and amended to read as follows: used in this paragraph: (i) "revenues" means gross income and "consolidated" means consolidated SECTION 225.5—ADMINISTRATION in accordance with generally accepted accounting (a) Effective date of registration. The date of principles in the United States consistently applied; registration of a bank holding company shall be (ii) "foreign country" means any foreign nation or the date on which its registration statement is filed colony, dependency, or possession thereof; and with the Federal Reserve Bank. (iii) "foreign bank holding company" means a (b) Reports and examinations. Each bank bank holding company, organized under the laws holding company shall furnish to the Board in a of a foreign country, more than half of whose form prescribed by the Board a report of the com- consolidated assets are located, or consolidated pany's operations for the fiscal year in which it revenues derived, outside the United States. becomes a bank holding company, and for each (2) A foreign bank holding company may: fiscal year thereafter until it ceases to be a bank (i) engage in direct activities of any kind outholding company. Each such annual report shall side the United States; be filed with the Federal Reserve Bank. Each (ii) engage in direct activities in the United bank holding company shall furnish to the Board States that are incidental to its activities outside additional information at such times as the Board the United States; may require. The Board may examine any bank (iii) own or control voting shares of any comholding company or any of its subsidiaries and pany that is not engaged, directly or indirectly, in 931 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
932 FEDERAL RESERVE BULLETIN • NOVEMBER 1971 any activities in the United States except as shall company, either because the obtaining thereof be incidental to the international or foreign busi- would involve unreasonable effort or expense ness of such company; or because it rests peculiarly within the knowledge (iv) with the consent of the Board, own or con- of a company that is not controlled by the bank trol voting shares of any company principally en- holding company, the information need not be gaged in the United States in financing or facilitat- provided, but the bank holding company shall ing transactions in international or foreign com- (i) give such information on the subject as it posmerce; sesses or can acquire without unreasonable effort (v) own or control voting shares of any com- or expense together with the sources thereof, pany, organized under the laws of a foreign and (ii) include a statement either showing that country, that is engaged, directly or indirectly, in unreasonable effort or expense would be involved any activities in the United States if (a) such or indicating that the company whose shares were company is not a subsidiary of such bank holding acquired is not controlled by the bank holding company, (b) more than half of such company's company and stating the result of a request made consolidated assets and revenues are located and to such company for information. No such request derived outside the United States, and (c) such need be made, however, to any foreign governcompany does not engage, directly or indirectly, ment, or an agency or instrumentality thereof, if, in the business of underwriting, selling, or dis- in the opinion of the bank holding company, such tributing securities in the United States; and request would be harmful to existing relation- (vi) own or control voting shares of any com- ships . pany in a fiduciary capacity under circumstances (5) If, in the Board's judgment, a company is a which would entitle such shareholding to an exemp- substantial competitor in any line of commerce in tion under section 4(c)(4) of the Act if the shares the United States, an exemption under this parawere held or acquired by a bank. graph with respect to ownership or control of Nothing in this subparagraph shall authorize a such company's voting shares may not be prediforeign bank holding company to own or control cated on the unavailability of information to estabmore than 5 per cent of any class of voting shares lish whether or not such company's activities in of any other bank holding company or company the United States are consistent with such an accepting deposits or similar credit balances in exemption. In the absence of available informathe United States, except in a fiduciary capacity tion, it will be presumed that such a company's or with prior approval of the Board. activities do not justify an exemption under this (3) A foreign bank holding company that is of paragraph for the holding of its shares by a the opinion that other activities or investments foreign bank holding company. A company will may, in particular circumstances, meet the condi- be deemed to be a substantial competitor in any tions for an exemption under section 4(c)(9) of the line of commerce in the United States if its products Act may apply to the Board for such a determina- or services are nationally advertised or distributed tion by submitting to the Reserve Bank of the in this country or if they are widely advertised or district in which its banking operations in the distributed in a regional market in which a United States are principally conducted a letter set- banking subsidiary, branch or agency of the ting forth the basis for that opinion. foreign bank holding company is located. If unable (4) A foreign bank holding company shall in- to obtain sufficient information to establish whether form the Board, through such Reserve Bank within or not an exemption is available, a foreign bank 30 days after the close of each quarter, of all holding company should seek prior approval of shares of companies engaged, directly or indirect- the Board before investing in any company that ly, in activities in the United States that were might be a substantial competitor in any line of acquired during such quarter under the authority of commerce in the United States. this paragraph. Such information shall (unless previously furnished) include a brief description of INTERPRETATION OF REGULATION Y the nature and scope* of each such company's business in the United States. Information re- FOREIGN BANK HOLDING COMPANIES quired need be given only insofar as it is known or reasonably available to a foreign bank holding Effective December 1, 1971, the Board of company. If any required information is unknown Governors has added a new section 225.4(g) to and not reasonably available to the bank holding Regulation Y implementing its authority under Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 933 section 4(c)(9) of the Bank Holding Company shares so acquired are disposed of within a rea- Act. The Board's views on some questions that sonable time. have arisen in connection with the meaning A foreign bank holding company does not "inof terms used in section 225.4(g) are set forth be- directly" own voting shares by reason of the ownerlow. ship or control of such voting shares by any com- The term 4'activities" refers to nonbanking pany in which it has a noncontroiling interest. A activities and does not include the banking foreign bank holding company may, however, activities that foreign banks conduct in the "indirectly" control such voting shares if its non- United States through branches or agencies li- controlling interest in such company is accomcensed under the banking laws of any State of panied by other arrangements that, in the Board's the United States or the District of Columbia. judgment, result in control of such shares by the A company (including a bank holding com- bank holding company. The Board has made one pany) will not be deemed to be engaged in "activi- exception to this general approach. A foreign ties" in the United States merely because it ex- bank holding company will be considered to inports (or imports) products to (or from) the directly own or control voting shares of a bank if United States, or furnishes services or finances that bank holding company acquires more than goods or services in the United States, from loca- 5 per cent of any class of voting shares of another tions outside the United States. A company is bank holding company. A bank holding comengaged in "activities" in the United States if it pany may make such an acquisition only with owns, leases, maintains, operates, or controls prior approval of the Board. any of the following types of facilities in the A company is "indirectly" engaged in activities United States: in the United States if any of its subsidiaries (whether or not incorporated under the laws of (i) a factory, this country) is engaged in such activities. A (ii) a wholesale distributor or purchasing agencompany is not "indirectly" engaged in activities cy, in the United States by reason of a noncontrolling (iii) a distribution center, interest in a company engaged in such activities. (iv) a retail sales or service outlet, Under the foregoing rules, a foreign bank hold- (v) a network of franchised dealers, ing company may have a noncontrolling interest (vi) a financing agency, or in a foreign company that has a United States (vii) similar facility for the manufacture, dissubsidiary (but is not engaged in the securities tribution, purchasing, furnishing, or financing of business in the United States) if more than half goods or services locally in the United States. of the foreign company's consolidated assets and A company will not be considered to be engaged revenues are located and derived outside the United in "activities" in the United States if its products States. For the purpose of such determination, are sold to independent importers, or are distrib- the assets and revenues of the United States subuted through independent warehouses, that are sidiary would be counted among the consolidated not controlled or franchised by it. assets and revenues of the foreign company to the In the Board's opinion, section 4(a)(1) of the extent required or permitted by generally accepted Bank Holding Company Act applies to ownership accounting principles in the United States. The or control of shares of stock as an investment and foreign bank holding company would not, howdoes not apply to ownership or control of shares of ever, be permitted to "indirectly" control voting stock in the capacity of an underwriter or dealer shares of the said United States subsidiary, as in securities. Underwriting or dealing in shares of might be the case if there are other arrangements stock are nonbanking activities prohibited to bank accompanying its noncontrolling interest in the holding companies by section 4(a)(2) of the Act, foreign parent company that, in the Board's judgunless otherwise exempted. Under section 225.4(g) ment, result in control of such shares by the bank of Regulation Y, foreign bank holding companies holding company. are exempt from the prohibitions of section 4 of CHECK COLLECTION the Act with respect to their activities outside the United States; thus foreign bank holding com- The Board of Governors has amended footnote panies may underwrite or deal in shares of stock 1 in section 210.2 of Regulation J, "Collection (including shares of United States issuers) to be of Checks and other Items by Federal Reserve distributed outside the United States, provided that Banks," to designate American Samoa as being Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
934 FEDERAL RESERVE BULLETIN • NOVEMBER 1971 in or of the Twelfth Federal Reserve District for By order of the Board of Governors, October check collection purposes. The footnote, as 26, 1971. amended, reads as follows: Voting for this action: Chairman Burns and Governors 1 For the purposes of this Part, the Virgin Islands and Puerto Mitchell, Daane, and Sherrill. Absent and not voting: Governors Rico shall be deemed to be in or of the Second Federal Reserve Robertson, Maisel, and Brimmer. District; and Guam and American Samoa shall be deemed to be in or of the Twelfth Federal Reserve District. (Signed) TYNAN SMITH, Secretary of the Board. ORDERS UNDER BANK MERGER ACT [SEAL] NORTRUST BANK, CHICAGO, ILLINOIS THE PERRY COUNTY BANK, NEW LEXINGTON, OHIO In the matter of the application of Nortrust Bank, Chicago, Illinois, for approval of merger In the matter of the application of The Perry with The Northern Trust Company, Chicago, County Bank, New Lexington, Ohio, for approval Illinois. to merge with The Peoples Bank, Thornville, Ohio. ORDER APPROVING APPLICATION FOR MERGER ORDER APPROVING APPLICATION FOR MERGER OF BANKS UNDER BANK MERGER ACT OF BANKS UNDER BANK MERGER ACT There has come before the Board of Governors, There has come before the Board of Governors, pursuant to the Bank Merger Act (12 U.S.C. pursuant to the Bank Merger Act (12 U.S.C. 1828(c)), an application by Nortrust Bank, a 1828(c)), an application by The Perry County proposed member State bank of the Federal Re- Bank (''Applicant"), New Lexington (pop. 4,877), serve System, for the Board's prior approval of Ohio, a member State bank of the Federal Reserve the merger of that bank with The Northern Trust System, for the Board's prior approval of the Company, Chicago, Illinois, under the charter merger of that bank with The Peoples Bank, of the former and the name of the latter. Notice of Thornville (pop. 679), Ohio ("Thornville Bank"), the proposed merger, in form approved by the under the charter and title of Applicant. As an Board, has been published as required by said incident to the merger the sole office of Thorn- Act. ville Bank would become a branch of the result- In accordance with the Act, the Board reing bank. Notice of the proposed merger, in form quested reports on competitive factors involved approved by the Board, has been published purfrom the Attorney General, the Comptroller of the suant to said Act. Currency, and the Federal Deposit Insurance Cor- In accordance with the Act, the Board requested poration. The Board has considered all relevant reports on the competitive factors involved from material contained in the record in the light of the the Attorney General, the Comptroller of the Curfactors set forth in the Act, including the effect of rency, and the Federal Deposit Insurance Corporathe proposal on competition, the financial and tion. The Board has considered all relevant mamanagerial resources and prospects of the banks terial contained in the record in the light of the concerned, and the convenience and needs of the factors set forth in the Act, including the effect of communities to be served. the proposal on competition, the financial and IT IS HEREBY ORDERED, On the basis of the managerial resources and prospects of the banks record, that said application be and hereby is apconcerned, and the convenience and needs of the proved for the reasons summarized in the Board's communities to be served, and finds that: Order1 of this date relating to the application of Applicant, a subsidiary of BancOhio Corpora- Nortrust Corporation to become a bank holding tion, Columbus, Ohio ("BancOhio"), is a unit company, provided that said merger shall not bank with deposits of $8.2 million. (All banking be consummated (a) before the thirtieth calendar data are as of December 31, 1970, adjusted to day following the date of this Order or (b) later than reflect holding company formations and acquisithree months after the date of this Order, unless tions approved by the Board through September such period is extended for good cause by the 30, 1971.) BancOhio is the second largest bank- Board or by the Federal Reserve Bank of Chicago ing organization in Ohio with 28 subsidiary banks pursuant to delegated authority. holding aggregate deposits in excess of $1.5 bil- ^eep. 934. lion, representing 7.2 per cent of State commercial Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 935 bank deposits. Thornville Bank, with deposits of by BancOhio since April, 1970. Prior to seeking $5.0 million, is located 18 miles northwest of management assistance from BancOhio, Thorn- Applicant. Although Applicant and Thorn ville ville Bank had had severe management problems Bank are both located in Perry County, there is which had left bank in a weakened financial conlittle existing competition between them because dition. The bank's condition improved only with they serve essentially separate banking markets. BancOhio's assistance. Since Ohio law permits However, within a radius of 10 miles from only county-wide branching, merger with a bank Thorn ville Bank, there are three branches of outside Perry County is not feasible. Because of BancOhio subsidiaries which compete to some the relatively small size of all other banks located extent with Thornville Bank. They are the Buck- within Perry County, a merger with any of these eye Lake office of The First National Bank of banks would not appear to be the solution to Newark (located 6 miles northwest of Thorn- Thornville Bank's management problems. Acville), and the Pleasantville and Baltimore offices of quisition by a holding company other than Banc- The Hocking Valley National Bank of Lancaster Ohio might alleviate Thornville Bank's manage- (located within Fairfield County, 8 miles south- ment problems, but other holding companies in west and 10 miles west of Thornville, respective- the area contacted by Thornville Bank expressed no interest in acquiring the bank. iy)- Thornville Bank is located at the periphery of In the light of Thornville Bank's prior difficulty the Newark banking market, the relevant market, in securing a chief executive officer on its own, which is approximated by Licking County and there is no assurance that capable management the extreme northwestern section of Perry County. can be attracted to the bank in the absence of ap- The First National Bank of Newark, with six ofproval of the proposed transaction. Consequently, fices, all located in Licking County, and total dethe Board has concluded that the financial and posits of $44.6 million, has the second largest managerial factors lend substantial weight for apshare (23.7 per cent) of commercial bank deposits proval. Since approval of the proposed transaction within the relevant market. Thornville Bank has appears the only method whereby the continued 2.7 per cent of market deposits; approval of the existence of banking facilities in Thornville can application will increase BancOhio's share of marbe assured, the convenience and needs of the ket deposits to 26.3 per cent and it would remain community outweigh the adverse competitive conthe second largest banking organization in the sequences of this proposed merger. Based upon market. the foregoing, it is the Board's judgment that BancOhio subsidiaries hold at least 20 per cent consummation of the proposal would be in the of commercial bank deposits in areas contiguous public interest and that the application should be to the relevant market in Fairfield County, in approved. Muskingum County, and in Perry County. In addition, BancOhio subsidiaries hold approximately IT IS HEREBY ORDERED, On the basis of the 42 per cent of commercial bank deposits in an findings summarized above, that said application eight county area surrounding Columbus, Ohio, be and hereby is approved, provided that the action and may be considered the dominant banking or- so approved shall not be consummated (a) before ganization in central Ohio. Because of the in- the thirtieth calendar day following the date of creased concentration within the relevant market this Order or (b) later than three months after the and the substantial shares held by BancOhio sub- date of this Order, unless such period is extended sidiaries in nearby markets, the Board concludes for good cause by the Board, or by the Federal that the proposed merger would have an adverse Reserve Bank of Cleveland pursuant to delegated authority. effect on competition. However, the Board is required to consider whether other aspects of By order of the Board of Governors, November the instant proposal are such that approval would 4,1971. be in the public interest despite the adverse competitive finding. Voting for this action: Vice Chairman Robertson and Governors Mitchell, Daane, Maisel, and Brimmer. Absent and not The Thornville Bank has serious management voting: Chairman Burns and Governor Sherrill. problems. Despite efforts to recruit successor (Signed) TYNAN SMITH, management, Thornville Bank has been without a Secretary of the Board. chief executive officer of its own since early 1970. It has relied on management assistance provided [SEAL] Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
936 FEDERAL RESERVE BULLETIN • NOVEMBER 1971 THE CONNECTICUT BANK AND TRUST Trust Company, Bristol, Connecticut ("North COMPANY, HARTFORD, CONNECTICUT Side Bank"). The banks would be merged under In the matter of the application of The Connecti- the charter and name of CBT, which is a member cut Bank and Trust Company, Hartford, Connecti- of the Federal Reserve System. As an incident to cut,, for approval to merge with The North Side the merger, the three offices of North Side Bank Bank and Trust Company, Bristol, Connecticut. would become offices of CBT. Competitive effect of the proposed transaction. ORDER APPROVING APPLICATION FOR MERGER CBT ($1 billion in deposits) is one of Connecticut's OF BANKS UNDER BANK MERGER ACT two largest commercial banks. North Side Bank On November 5, 1970, the Board of Governors ($12 million in deposits) is comparatively modest in issued an Order denying the application of The size. Although CBT's operations are centered Connecticut Bank and Trust Company for prior in the Hartford SMS A, it derives about $1.4 approval of a merger with The North Side Bank million in deposits and $4.3 million in loans from and Trust Company pursuant to the Bank Merger the Bristol-Plymouth SMS A, where North Side Act (12 U.S.C. 1828(c)), and, incident thereto, Bank's operations are primarily located. Of this for approval under section 9 of the Federal Re- $1.4 million in deposits, $1.07 million are in deserve Act (12 U.S.C. 321) of the establishment mand deposits, half of which are in 3 large comof branches. 1970 Federal Reserve Bulletin 826. mercial accounts and the remainder are in 300 other On June 25, 1971, the Board granted a request accounts; $176,000 are in 353 savings accounts, for reconsideration filed with the Board by the and $172,000 are in 29 time deposits. Of the $4.3 Connecticut Bank and Trust Company. The remillion in loans which CBT derives from the quest for reconsideration, which was filed pur- Bristol-Plymouth area, $3.1 million are in loans suant to section 262.3(f)(6) of the Board's Rules which exceed North Side Bank's lending limit. of Procedure (12 CFR 262.2(f)(6)), was granted At the request of the Board, the Federal Reserve because the request presented relevant facts (con- Bank of Boston conducted a survey of Bristol, cerning the relevant market in which the banks Connecticut, to determine whether Bristol is beoperate) that, for good cause shown, were not coming a part of the same banking market as the previously presented to the Board, and reconsidera- Hartford SMS A. To obtain information on banktion otherwise appeared appropriate. ing habits of different types of customers, three IT IS HEREBY ORDERED, For the reasons set groups were sampled—households, businesses, forth in the accompanying Statement, that the and professionals; businesses were subdivided Order of November 5, 1970, be and hereby is into "large" and "small." Less than 10 per cent vacated, and of the households surveyed had their major IT IS FURTHER ORDERED, That the application checking account in the Hartford SMS A, and 4.7 be and hereby is approved, provided that the per cent had this account in Hartford itself. Of merger so approved shall not be consummated (a) this sample, 5.3 per cent had their major savings before the thirtieth calendar day following the date account in the Hartford SMS A, and 3.2 per cent of this Order or (b) later than three months after had this in Hartford itself. Among professionals the date of this Order, unless such period is exworking in Bristol, only 5.4 per cent had a checktended for good cause by the Board, or by the ing account in the Hartford SMS A. Among small Federal Reserve Bank of Boston pursuant to delebusinesses in Bristol, only 4.8 per cent had their gated authority. major banking relationship in the Hartford SMS A. By order of the Board of Governors, November Although large businesses had somewhat more 4,1971. banking relationships within the Hartford SMS A, Voting for this action: Chairman Burns and Governors nonetheless, only 25 per cent indicated they used Mitchell, Daane, and Sherrill. Voting against this action: Governors Robertson, Maisel, and Brimmer. a Hartford SMSA bank for their primary source (Signed) TYNAN SMITH, of banking services. Thus, the survey results [SEAL] Secretary of the Board. suggest that Bristol is not integrated into the banking market approximated by the Hartford SMSA. STATEMENT The Board has considered that Connecticut The Connecticut Bank and Trust Company, law presently prohibits the establishment of Hartford, Connecticut, ("CBT") has applied, de novo offices in Bristol because it is the location pursuant to the Bank Merger Act (12 U.S.C. of the home office of North Side Bank. The 1828(c)) for the Board's prior approval of the effect of the present proposal in eliminating merger of that bank and The North Side Bank and "home office protection" in Bristol would be to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 937 open up that city to competition from other Con- that Bristol should be considered a part of the necticut banks. The Colonial Bank and Trust Hartford area or that it is being rapidly integrated Company, Waterbury ($225 million in deposits) into the Hartford area. Evidence from the survey has an application pending for a de novo branch in does suggest, however, that there already is con- Bristol which is contingent upon approval of this siderable economic integration between the two application. Thus, consummation of the present areas. The data show that over 20 per cent of proposal would serve to stimulate competition in Bristol residents commute to work in the Hartford Bristol. Indeed, since Bristol is on the fringes of SMS A. In addition, large Bristol businesses do a the Hartford SMS A, the intensification of com- substantial amount of business with Hartford banks. petition among banks in Bristol may even serve to The degree of integration between the two areas stimulate competition among banks in the highly seems to warrant the conclusion that the large Hartconcentrated Hartford area, where the two largest ford banks (including CBT) have considerable combanks now control 85 per cent of area deposits. petitive influence in the Bristol area. Accordingly The Board has considered whether "home of- a merger between large banks in Hartford and fice protection" might be eliminated by alternative Bristol appears to be against the public interest and means. Although North Side Bank has received should be denied. expressions of interest in a merger from other Even if Bristol is considered a separate market, banks from time to time, all of these banks were however, there still remain important competiin adjacent markets. In any case, North Side Bank tive considerations. Bristol is—at least—adjacent has not received a firm offer for a merger, and this to the Hartford market, and some competition transaction does not present such anticompetitive exists at present between North Side Bank and effects as to require that it be evaluated by measur- CBT. Of even greater significance is the extremely ing it against hypothetical transactions. high concentration in the Hartford area, where the The Board is of the view that consummation of two largest banks control 85 per cent of area dethe present proposal would not have anticompeti- posits. Concentration of banking resources of tive effects, and indeed, elimination of "home this magnitude would seem to justify strong measoffice protection" would have a procompetitive ures to foster additional competition for the two effect. large Hartford banks. If a bank other than the two Financial and managerial resources and future large Hartford banks were permitted to merge prospects. The financial condition, management with North Side Bank (and several banks have and future prospects of CBT and North Side Bank indicated interest in such a merger), an effective are satisfactory regardless of whether the proposed competitor would be given a sizeable position in a merger is consummated. Consequently, these con- market adjacent to Hartford. (Although North siderations are consistent with approval. Side Bank has not received a firm offer for Convenience and needs of the communities to merger, denial of this application would encourbe served. The banking needs of the Bristol area age it to solicit merger offers of a more definite are being adequately served by the banking or- character from banks with whom it could merge in ganizations located therein and in nearby communi- a less anticompetitive transaction.) From that ties. The convenience and needs factors are con- position it is likely that more effective competisistent with, but lend no weight toward, approval tion would be offered to the Hartford banks, and of the proposal. with a strong base in Bristol, limited expansion Summary and conclusion. On the basis of all into the Hartford area itself would be a reasonable relevant facts contained in the record, and in expectation. Approval of the merger, on the other light of the factors set forth in the Bank Merger hand, would further insulate the Hartford banks Act (12 U.S.C. 1828(c)), it is the Board's judg- from any significant increase in competition from ment that the proposed transaction would be in the the adjacent areas. public interest and should be approved. Although the merger would have the benefit of opening Bristol to de novo branching, this pro- DISSENTING STATEMENT OF GOVERNORS competitive effect also would be achieved by ROBERTSON, MAISEL, AND BRIMMER merger with any of the other banks that have ex- We believe that consummation of the present pressed interest in merging with North Side Bank. proposal would have adverse competitive effects, Because of the absence of countervailing beneand that the application should be denied. fits to offset the serious anticompetitive con- The results of the survey conducted by the sequences of the merger, we would deny the ap- Federal Reserve Bank of Boston do not confirm plication. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
938 FEDERAL RESERVE BULLETIN • NOVEMBER 1971 ORDERS UNDER SECTION 3 OF BANK HOLDING through September 30, 1971.) Consummation of COMPANY ACT the proposal would add less than one half of one per cent to Applicant's percentage share of such FIRST AT ORLANDO CORPORATION, deposits and would not change its relative posi- ORLANDO, FLORIDA tion among the State's banking organizations. Bank (deposits of $50 million) is the third In the matter of the application of First at largest of 14 banks in the Clearwater area con- Orlando Corporation, Orlando, Florida, for trolling about 12 per cent of area deposits. Appliapproval of acquisition of 90 per cent or more cant's closest banking subsidiary to Bank is of the voting shares of the First National Bank located 25 miles southeast of Bank in Tampa and Trust Company of Dunedin, Dunedin, with several intervening banks between this sub- Florida. sidiary and Bank and there is no present competition between Bank and this or any other of Appli- ORDER APPROVING ACQUISITION OF BANK STOCK cant's subsidiaries. Additionally, the distances BY BANK HOLDING COMPANY involved and the natural barrier formed by Tampa Bay make it unlikely that any such com- There has come before the Board of Governors, petition will develop in the future. Bank's larger pursuant to section 3(a)(3) of the Bank Holding competitors are each over two and one half times Company Act of 1956 (12 U.S.C. 1842(a)(3)) Bank's size. Consummation of the proposed and section 222.3(a) of Federal Reserve Regulaacquisition would not adversely effect competition tion Y (12 CFR 222.3(a)), an application by in any relevant area and would not have an First at Orlando Corporation, Orlando, Florida, adverse effect on any competing bank. for the Board's prior approval of the acquisition The financial and managerial resources and of 90 per cent or more of the voting shares of the future prospects of Applicant, its subsidiary banks, First National Bank and Trust Company of and Bank are regarded as satisfactory. Considera- Dunedin, Dunedin, Florida ("Bank"). tions relating to the banking factors lend some As required by section 3(b) of the Act, the Board weight for approval in that affiliation with Applicant gave written notice of receipt of the application would give Bank continuity of management. Conto the Comptroller of the Currency and requested siderations related to the convenience and needs of his views and recommendation. The Comptroller the community lend weight for approval since recommended approval of the application. Bank, through Applicant's assistance, will be Notice of receipt of the application was pubable to provide a broader and more sophisticated lished in the Federal Register on August 12, 1971 range of services for the numerous light indus- (36 Federal Register 15074), providing an opportries developing in the Clearwater area. It is the tunity for interested persons to submit comments Board's judgment that the proposed transaction and views with respect to the proposal. A copy of is in the public interest and 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. record, that said application be and hereby is Time for filing comments and views has expired approved for the reasons summarized above, proand all those received have been considered. vided that the action so approved shall not be The Board has considered the application in the consummated (a) before the thirtieth calendar day light of the factors set forth in section 3(c) of the following the date of this Order or (b) later than Act, including the effect of the proposed acquisithree months after the date of this Order, unless tion on competition, the financial and managerial such period is extended for good cause by the resources and future prospects of the Applicant Board or by the Federal Reserve Bank of Atlanta and the banks concerned, and the convenience and pursuant to delegated authority. needs of the communities to be served, and finds By order of the Board of Governors, October that: 18,1971. Applicant, the fifth largest bank holding company in the State, controls 18 banks with aggregate Voting for this action: Vice Chairman Robertson and Govdeposits of approximately $574 million, repre- ernors Mitchell, Maisel, Brimmer, and Sherrill. Absent and not senting 4.1 per cent of the deposits held by voting: Chairman Burns and Governor Daane. commercial banks in Florida. (Banking data are as (Signed) TYNAN SMITH, of December 31, 1970, and reflect holding company Secretary of the Board. formations and acquisitions approved by the Board [SEAL] Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 939 FLORIDA NATIONAL BANKS OF 1970, and reflect holding company formations and FLORIDA, INC. acquisitions approved by the Board through Sep- JACKSONVILLE, FLORIDA tember 28, 1971.) Consummation of the proposal herein would increase Applicant's share of commercial bank deposits in the State by an insignifi-» In the matter of the application of Florida cant amount. National Banks of Florida, Inc., Jacksonville, Brevard Bank ($9 million of deposits) oper- Florida, for approval of acquisition of 80 per cent ates one banking office located approximately or more of the voting shares of Brevard National five miles south of downtown Titusville, Florida. Bank, Titusville, Florida. It is the sixth largest of eight banking organizations in northern Brevard County (which approximates the relevant banking market) and controls ORDER APPROVING ACQUISITION OF BANK 7.3 per cent of commercial bank deposits in this STOCK BY BANK HOLDING COMPANY area. The two largest banks in northern Brevard County are subsidiaries of multi-bank holding com- There has come before the Board of Goverpanies and control approximately 43 per cent of nors, pursuant to section 3(a)(3) of the Bank commercial bank deposits in the market. Holding Company Act of 1956 (12 U.S.C. 1842(a)(3)) and section 222.3(a) of Federal Re- Applicant's subsidiary closest to Brevard Bank serve Regulation Y (12 CFR 222.3(a)), an appli- is located 35 miles west in Orlando, Florida. No cation by Florida National Banks of Florida, Inc., competition exists between Brevard Bank and Jacksonville, Florida, a registered bank holding this or any other of Applicant's subsidiary banks. company, for the Board's prior approval of the Additionally, it does not appear likely that such acquisition of 80 per cent or more of the voting competition will develop in the future in light of shares of Brevard National Bank, Titusville, facts presented, notably the distances separating Florida ("Brevard Bank"). Brevard Bank from Applicant's subsidiaries, the As required by section 3(b) of the Act, the Board number of banks in the intervening area and the gave written notice of receipt of the application restrictive provisions of the Florida law on branch to the Comptroller of the Currency, and requested banking. In view of the present static economic his views and recommendation. The Comptroller condition in the Titusville area there appears to be recommended approval of the application. little likelihood that Applicant would establish a Notice of receipt of the application was pub- de novo office in the area served by the Brevard lished in the Federal Register on August 26, 1971 Bank. Thus, it appears that consummation of (36 Federal Register 16964), providing an oppor- Applicant's proposal would neither eliminate any tunity for interested persons to submit com- meaningful existing nor foreclose significant ments and views with respect to the proposal. A potential competition. Affiliation with Applicant copy of the application was forwarded to the may enable Brevard Bank to compete more ag- United States Department of Justice for its con- gressively with the larger banking organizations in sideration. Time for filing comments and views the market. On the basis of the record before it, has expired and all those received have been con- the Board concludes that consummation of the sidered. proposed acquisition would not have an adverse The Board has considered the application in the effect on competition in any relevant area. light of the factors set forth in section 3(c) of the The financial and managerial resources and Act, including the effect of the proposed acquisi- prospects of Applicant, its subsidiaries and Bretion on competition, the financial and managerial vard Bank are regarded as consistent with apresources and future prospects of the Applicant proval. Applicant proposes to draw upon its techand the banks concerned, and the convenience and nical and managerial resource strength to assist needs of the communities to be served, and finds Brevard Bank in obtaining a nfcw executive officer that: to fill that presently vacant position and to make Applicant, the second largest banking organiza- available to Brevard Bank Applicant's extensive tion in the State of Florida, controls thirty banks trust, auditing, investment management and adlocated throughout the State with aggregate de- vertising services. Thus, considerations relating posits of approximately $1.1 billion, representing to the convenience and needs of the communi- 7.6 per cent of total commercial bank deposits in ties involved lend support to approval of the applithe State. (All banking data are as of December 31, cation. It is the Board's judgment that the proposed Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
940 FEDERAL RESERVE BULLETIN • NOVEMBER 1971 transaction would be in the public interest, and Notice of receipt of the application was pubthat the application should be approved.1 lished in the Federal Register on July 9, 1971 (36 IT IS HEREBY ORDERED, On the basis of the Federal Register 12930), providing an opportunity record, that said application be and hereby is for interested persons to submit comments and approved for the reasons summarized above, pro- views with respect to the proposal. A copy of the vided that the action so approved shall not be application was forwarded to the United States consummated (a) before the thirtieth calendar day Department of Justice for its consideration. Time following the date of this Order or (b) later than for filing comments and views has expired and all three months after the date of this Order, unless those received have been considered. such period is extended for good cause by the IT IS HEREBY ORDERED, On the basis of the Board, or by the Federal Reserve Bank of Atlanta record, that said application be and hereby is pursuant to delegated authority. approved for the reasons set forth in the Board's By order of the Board of Governors, October 18, Statement of this date, provided that the action so 1971. approved shall not be consummated (a) before the thirtieth calendar day following the date of this Voting for this action: Vice Chairman Robertson and Gov- Order or (b) later than three months after the date ernors Mitchell, Maisel, Brimmer, and Sherrill. Absent and not voting: Chairman Burns and Governor Daane. of this Order, unless such period is extended for good cause by the Board, or by the Federal Re- (Signed) TYNAN SMITH, serve Bank of Cleveland pursuant to delegated Secretary of the Board. authority. [SEAL] By order of the Board of Governors, October 18, 1971. HUNTINGTON BANCSHARES Voting for this action: Vice Chairman Robertson and INCORPORATED, Governors Mitchell, Daane, Maisel, Brimmer, and Sherrill. COLUMBUS, OHIO Absent and not voting: Chairman Burns. (Signed) TYNAN SMITH, In the matter of the application of Huntington Secretary of the Board. Bancshares Incorporated, Columbus, Ohio, for [SEAL] approval of acquisition of 80 per cent or more of the voting shares of The Portage National Bank, STATEMENT Kent, Ohio. Huntington Bancshares Incorporated, Columbus, Ohio, a registered bank holding company, has applied to the Board of Governors, pursuant ORDER APPROVING ACQUISITION OF BANK STOCK to section 3(a)(3) of the Bank Holding Com- BY BANK HOLDING COMPANY pany Act of 1956 (12 U.S.C. 1842(a)(3)), for There has come before the Board of Governors, prior approval of the acquisition of 80 per cent or pursuant to section 3(a)(3) of the Bank Holding more of the voting shares of The Portage National Company Act of 1956 (12 U.S.C. 1842(a)(3)) and Bank, Kent, Ohio ("Bank"). section 222.3(a) of Federal Reserve Regulation Y Views and recommendation of the supervisory (12 CFR 222.3(a)), an application by Huntington authority. As required by section 3(b) of the Act, Bancshares Incorporated, Columbus, Ohio, for the Board notified the Comptroller of the Curthe Board's prior approval of the acquisition of rency of receipt of the application and requested 80 per cent or more of the voting shares of The his views and recommendation thereon. The Portage National Bank, Kent, Ohio. Comptroller recommended approval of the ap- As required by section 3(b) of the Act, the Board plication. gave written notice of receipt of the application Statutory considerations. Section 3(c) of the to the Comptroller of the Currency and requested Act provides that the Board shall not approve his views and recommendation. The Comptroller an acquisition that would result in a monopoly or recommended approval of the application. would be in furtherance of any combination or conspiracy to monopolize the business of banking in any part of the United States. Nor may the Board Applicant's banks were controlled by the duPont Trust which was required by the 1966 amendments to the Act to divest approve a proposed acquisition the effect of which, either its banking or its nonbanking assets by July 1, 1971. The Board has under review the Trust's contention that it is not a bank in any section of the country, may be substanholding company with respect to banks controlled by Appli- tially to lesson competition, or to tend to create a cant. Approval of this application is not intended to reflect acquiescence by the Board in the Trust's contention. monopoly, or which in any manner would be in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 941 restraint of trade, unless the Board finds that the trench the leading position of Bank, and tend to anticompetitive effects of the proposed transaction reduce the likelihood of entry by statewide bankare clearly outweighed in the public interest by the ing organizations into the market. It suggests that probable effect of the transaction in meeting the competition could be better served if Applicant convenience and needs of the communities to be entered de novo or through acquisition of a smaller served. In each case, the Board is required to competitor. take into consideration the financial and manage- The Department's arguments are premised on rial resources and future prospects of the bank its view of Kent and Portage County as the relevant holding company and the banks concerned, and markets. The Board has concluded, however, that the convenience and needs of the communities the relevant area in which to assess competitive to be served. effects is the Akron market, which is approximated Competitive effect of proposed transaction. by Portage and Summit Counties and the City of Applicant controls nine banks with aggregate Wadsworth. deposits approximating $776.2 million and is the The Board's conclusion is premised on the desixth largest banking organization in Ohio. gree of economic interdependence between Port- Consummation of the proposed acquisition of Bank age County and Summit County. Both Counties (deposits of $63.1 million) would increase Appli- are dominated by the City of Akron which extends cant's share of commercial bank deposits in the to within 2 miles of the Portage County line. State from 3.6 per cent to 3.9 per cent and would Although Portage County is becoming increasnot change its present ranking. All banking data ingly industrialized, leading employers in the are as of December 31, 1970, and reflect holding region are located in Akron. According to the company formations and acquisitions approved by Ohio Bureau of Employment Services, over forty the Board through July 31, 1971.) per cent of the employed residents in Portage Bank operates a main office and two branches County travel to work in nearby counties; more in Kent, Portage County, and has received ap- than 60 per cent of these commute to Summit proval to open a third. It also operates three other County. Sixty-two per cent of those registering in smaller branches in Portage County and one in recent months at the Kent office of the Ohio State Summit County. Kent has a population of over Bureau of Employment Services were Portage 28,000 and is located approximately eleven miles County residents last employed in Summit northeast of Akron. Although Bank is the largest County. bank in Portage County, it is the sixth largest of Likewise, the communication patterns within 14 banks competing in the Akron market, which is the Akron SMSA support the conclusion that approximated by Portage and Summit Counties Portage County is substantially integrated with and the City of Wadsworth. Akron. The Telephone Company has recently The office of Applicant's subsidiary closest to readjusted its rate structure (at the request of Kent an office of Bank is located 65 miles away in Ash- City residents) so that a call from Kent to Akron land, Ohio. These two offices are separated by is a local call. Moreover, Akron's only major three countries and 107 banking offices. Only an newspaper, the Akron Beacon Journal, is exinsubstantial amount of existing competition tensively circulated throughout Portage County, would be foreclosed by consummation of the reaching 87 per cent of the households in Kent proposed acquisition. Based on these facts, Ohio and 50 per cent of all households in Portage branching laws, and other facts of record, sub- County. Portage County is served by all Akron stantial future competition is unlikely to develop television stations and numerous Akron radio between Applicant's subsidiaries and bank. stations. Presumably, Akron and Portage County The Board has considered a comment from the banks advertise extensively through these media. Department of Justice that consummation of the With the absence of all major department stores proposal would have an adverse effect on compe- from Portage County, the regional and large tition. The Department argues that the relevant shopping centers within the metropolitan area of markets are Kent and Portage County, that these Akron serve as major retail centers for the markets are highly concentrated, that Applicant entire area of Summit and Portage Counties. Two is one of the most likely entrants into those of the largest department store chains in Akron markets considering its size and its pattern of maintain regular delivery schedules into Portage acquisitions, and that approval will eliminate County. Applicant as a significant potential entrant, en- In the absence of significant existing competition Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
942 FEDERAL RESERVE BULLETIN • NOVEMBER 1971 between applicant's subsidiaries and Bank (which of Citizens National Bank of Orlando, Orlando, competition, if it existed, would suggest the Florida. existence of submarkets) and based on the existence of interdependence between Portage and ORDER APPROVING ACQUISITION OF BANK STOCK Summit Counties, the Board concludes that the BY BANK HOLDING COMPANY relevant geographic market in which to judge There has come before the Board of Governors the effects of the proposed acquisitions upon comof the Federal Reserve System an amendment to petition is approximated by the Akron market. In an application filed pursuant to section 3(a)(3) of that market, Bank holds 4.7 per cent of deposits the Bank Holding Company Act of 1956 (12 U. S.C. and the five largest banks hold 82.5 per cent. The 1842(a)(3)), by Pan American Bancshares, Inc., effect of the proposed acquisition would be pro- Miami, Florida ("Applicant"), a registered bank competitive in that it would increase Bank's comholding company, for the Board's prior approval petitive capabilities as compared to its five larger of the acquisition of at least 80 per cent of the competitors. voting shares of Citizens National Bank of Orlando, Based on the foregoing, the Board concludes that Orlando, Florida. consummation of Applicant's proposal would not This application was approved by Order of result in a monopoly or be in furtherance of any the Board dated June 25, 1970 (1970 Federal combination, conspiracy, or attempt to monopolize the business of banking in any area and would Reserve BULLETIN 590). The proposal as amended is for Applicant to acquire 51 per cent of the outnot restrain trade, substantially lessen competition, standing voting shares of Bank at an exchange or tend to create a monopoly in any section of ratio of 1.25 shares of Applicant to 1 share of the country. Bank and to make the identical exchange offer to Financial and managerial resources and future the remaining shareholders of Bank as soon as prospects. The financial and managerial resuch offer can be registered with the Securities sources and future prospects of Applicant, its and Exchange Commission. subsidiaries, and Bank are considered satisfactory The Board has determined that the circumstances and consistent with approval. ^ found to favor approval of the original proposal Convenience and needs of the communities incontinue under the amended proposal and, as volved. Affiliation with Applicant should enable viewed in the light of the statutory factors, to Bank to offer expanded and improved services, weigh favorably toward approval. The banking as well as enabling Bank to solicit and accomfactors now strongly support such approval. It is modate larger commercial borrowers through parthe Board's judgment that the proposed transticipation lending arrangements, to engage in action is in the public interest and that the Board's international banking activities, to activate its trust Order earlier issued in this matter should be services, and to develop FHA and VA mortgage amended to allow consummation of the proposal. lending procedures. A genuine need for such Accordingly, services exists in the area. Applicant has in the past demonstrated its willingness and ability to IT IS HEREBY ORDERED, That the Board's Order of June 25, 1970, is amended to approve aid in the establishment of such services at several Applicant's amended proposal and to extend of its present subsidiaries. These considerations for no more than three months from the date of lend some weight in support of approval of the this Order the time within which the transaction application. may be consummated, provided, that such period Summary and conclusion. On the basis of all : may be further extended for good cause by the relevant facts contained in the record, and in Board, or by the Federal Reserve Bank of Atlanta the light of the factors set forth in section 3(c) pursuant to delegated authority. of the Act, it is the Board's judgment that the transaction would be in the public interest, and By order of the Board of Governors, October the application should be approved. 18, 1971. PAN AMERICAN BANCSHARES, INC. Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Maisel, Brimmer, and Sherrill. Absent MIAMI, FLORIDA and not voting: Governor Daane. In the matter of the application of Pan American (Signed) TYNAN SMITH, Bancshares, Inc., Miami, Florida, for approval Secretary of the Board. of acquisition of 80 per cent of the voting shares [SEAL] Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 943 THE TERREBONNE CORPORATION, Applicant and the bank concerned, and the con- HOUMA, LOUISIANA venience and needs of the communities to be served, and finds that: In the matter of the application of The Terre- Applicant is a newly organized corporation. bonne Corporation, Houma, Louisiana, for ap- Upon consummation of this proposal, Applicant proval of action to become a bank holding company will control $62.95 million in deposits, representthrough acquisition of 100 per cent of the voting ing 1 per cent of total commercial deposits in shares of Terrebonne Bank and Trust Company, Louisiana. (Banking data are as of December 31, Houma, Louisiana, the successor by merger to 1970, unless otherwise noted.) Bank of Terrebonne and Trust Company, Houma, Bank ($62.95 million in deposits) operates Louisiana. in the Houma banking market and has eight offices located therein. It controls 26.7 per cent ORDER APPROVING ACTION TO BECOME A BANK (as of August 31, 1971) of the commercial de- HOLDING COMPANY posits in the relevant market, which is approxi- There has come before the Board of Governors, mated by Terrebonne Parish and the cities of pursuant to section 3(a)(1) of the Bank Holding Thibodaux and Raceland in Lafourche Parish. Company Act of 1956 (12 U.S.C. 1842 (a)(1)) On the basis of deposits, Bank is the largest of seven and section 222.3(a) of Federal Reserve Regula- banking organizations in that market. tion Y (12 CFR 222.3(a)), an application by The Applicant was recently organized for the pur- Terrebonne Corporation, Houma, Louisiana, for pose of consummating this proposal and has no the Board's prior approval of action whereby present operations or subsidiaries. Therefore, Applicant would become a bank holding company consummation of this proposal would eliminate through the acquisition of 100 per cent of the neither existing or potential competition, nor does voting shares of Terrebonne Bank and Trust Com- it appear that there would be any adverse effects pany, Houma, Louisiana, the successor by merger on any bank in the market. Applicant's financial to Bank of Terrebonne and Trust Company, condition and future prospects are dependent on Houma, Louisiana ("Bank"). those of Bank. The financial and managerial re- The bank into which Bank is to be merged has sources and future prospects of Bank are satisno significance except as a vehicle for the acquisi- factory and consistent with approval of this aption of the voting shares of Bank. Accordingly, plication. Although consummation of the prothe proposed acquisition of the shares of the posal would not have any immediate effects on the successor organization is treated as a proposed convenience and needs of the community, conacquisition of shares of Bank. siderations related to these factors are consistent As required by section 3(b) of the Act, the with approval. It is the Board's judgment that Board gave written notice of receipt of the applica- consummation of the proposal would be in the tion to the Louisiana State Bank Commissioner public interest and that the application should be and requested his views and recommendation. approved. The Commissioner offered no objection to ap- IT IS HEREBY ORDERED, On the basis of the proval of the application. record, that said application be and hereby is ap- Notice of receipt of the application was pub- proved, for the reasons summarized above, prolished in the Federal Register on August 31, vided that the action so approved shall not be 1971 (36 Federal Register 17466), providing an consummated (a) before the thirtieth calendar day opportunity for interested persons to submit com- following the date of this Order or (b) later than ments and views with respect to the proposal. A three months after the date of this Order, unless copy of the application was forwarded to the such period is extended for good cause by the United States Department of Justice for its con- Board, or by the Federal Reserve Bank of Atlanta sideration. Time for filing comments and views pursuant to delegated authority. has expired and all those received have been con- By order of the Board of Governors, October 21, sidered. 1971. The Board has considered the application in Voting for this action: Chairman Burns and Governors the light of the factors set forth in section 3(c) Mitchell, Maisel, Brimmer, and Sherrill. Absent and not voting: Governors Robertson and Daane. of the Act, including the effect of the proposed acquisition on competition, the financial and (Signed) TYNAN SMITH, managerial resources and future prospects of the r SEAI i Secretary of the Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
944 FEDERAL RESERVE BULLETIN • NOVEMBER 1971 FIRST NATIONAL CITY CORPORATION, tions through September 30, 1971.) Since Bank NEW YORK, NEW YORK is a proposed new bank, consummation of the proposal will not increase deposit concentration In the matter of the application of First Nain any market. tional City Corporation, New York, New York, Bank, which will not be opened if the applicafor approval of acquisition of 100 per cent of the tion is denied, would serve primarily the Babylonvoting shares (less directors' qualifying shares) Islip banking market. The closest banking office of Citibank, N.A., Town of Is lip, North Bay of Applicant's bank, which is prohibited from Shore, Suffolk County, New York, a proposed branching into Suffolk County, is located 11.5 new bank. miles west of Bank in the adjoining Nassau County market and, there are many banking of- ORDER APPROVING ACQUISITION OF BANK STOCK fices in the intervening area. Consummation of BY BANK HOLDING COMPANY the proposed transaction would have neither There has come before the Board of Governors, adverse effects on existing or potential compursuant to section 3(a)(3) of the Bank Holding petition in any relevant area nor have adverse Company Act of 1956 (12 U.S.C. 1842(a)(3)) effects on any competing banks. and section 222.3(a) of Federal Reserve Regula- The financial and managerial resources and tion Y (12 CFR 222.3(a)), an application by First future prospects of Applicant and Bank are satis- National City Corporation, New York, New York, factory, and consistent with approval. Applicant for the Board's prior approval of the acquisition proposes that Bank will provide the community of 100 per cent of the voting shares (less directors' with a full range of commercial banking services qualifying shares) of Citibank, N.A., Town of and offer somewhat lower rates on installment Islip, North Bay Shore, Suffolk County, New and mortgage loans than area banks presently York ("Bank"), a proposed new bank. offer. Accordingly, considerations relating to the As required by section 3(b) of the Act, the convenience and needs of the community to be Board gave written notice of receipt of the ap- served lend some weight for approval. It is the plication to the Comptroller of the Currency and Board's judgment that the proposed transaction requested his views and recommendation. The would be in the public interest and that the ap- Comptroller recommended approval of the ap- plication should be approved. plication. IT IS HEREBY ORDERED, On the basis of the Notice of receipt of the application was pub- record, that said application be and hereby is lished in the Federal Register on August 25, 1971 approved for the reasons summarized above, (36 Federal Register 16715), providing an op- provided that the action so approved shall not be portunity for interested persons to submit com- consummated (a) before the thirtieth calendar ments and views with respect to the proposal. A day following the date of this Order or (b) later than copy of the application was forwarded to the three months after the date of this Order, and United States Department of Justice for its con- provided further that (c) Citibank, N.A., Town sideration. Time for filing comments and views of Islip, North Bay Shore, Suffolk County, New has expired and all those received have been con- York, shall be open for business not later than sidered. six months after the date of this Order. The The Board has considered the application in the periods prescribed in (b) and (c) hereof may be light of the factors set forth in section 3(c) of the extended for good cause by the Board, or by the Act, including the effect of the proposed acquisi- Federal Reserve Bank of New York pursuant to tion on competition, the financial and managerial delegated authority; and resources and future prospects of the Applicant IT IS FURTHER ORDERED, That upon the conand the bank concerned, and the convenience summation of the proposed transaction, Applicant and needs of the communities to be served, and shall not retain or acquire any nonbank shares or finds that: engage in any nonbanking activities to a greater Applicant, the second largest banking organiza- extent or for a longer period than would apply in tion in New York, controls one bank with total the case of a bank holding company which bedomestic deposits of $12,412 billion, representing came such on the date of such consummation, 14.1 per cent of the State's total deposits. (All except to the extent otherwise permitted in any banking data are as of December 31, 1970, adjusted regulation of the Board hereafter adopted specifito reflect holding company formations and acquisi- cally relating to the effect of the acquisition of an Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 945 additional bank on the status of nonbank shares consideration. Time for filing comments and views and activities of a one-bank holding company has expired and all those received have been conformed prior to 1971, or unless the Board fails to sidered. adopt any such regulation before the expiration The Board has considered the applications in of two years after the consummation of the pro- the light of the factors set forth in section 3(c) posed acquisition. of the Act, including the effect of the proposed By order of the Board of Governors, October acquisitions on competition, the financial and 21, 1971. managerial resources and future prospects of the Applicant and the banks concerned, and the con- Voting for this action: Chairman Burns and Governors Mitchell, venience and needs of the communities to be Maisel, and Brimmer. Absent and not voting: Governors Robertson, Daane, and Sherrill. served, and finds that: (Signed) TYNAN SMITH, Applicant, with six subsidiary banks holding Secretary of the Board. aggregate deposits of $856 million, is the second [SEAL] largest banking organization in New Jersey with 5.7 per cent of the commercial bank deposits in UNITED JERSEY BANKS, the State. (All banking data are as of December HACKENSACK, NEW JERSEY 31, 1970 and reflect holding company formations and acquisitions approved through August In the matter of the applications of United 31, 1971.) The three proposed subsidiaries, Jersey Banks, Hackensack, New Jersey, for ap- Peoples Carlstadt, Peoples Montvale, and Peoples proval of acquisition of 100 per cent of the voting Ridgewood, with deposits of $4.7 million, shares of Peoples Bank of South Bergen County, $4.0 million, and $1.0 million, respectively, Carlstadt, Peoples Bank of Montvale, Montvale, and Applicant's lead bank, Peoples Trust of New and Peoples Bank of Ridgewood, Ridgewood, all Jersey, Hackensack, New Jersey ("Peoples in New Jersey. Trust") with deposits of $652 million, are all located in the Paterson banking market which is ORDER APPROVING ACQUISITION OF BANK STOCK approximated by Passaic and Bergen Counties. BY BANK HOLDING COMPANY Applicant presently ranks as the largest banking There have come before the Board of Governors, organization in the market with control of 18.8 pursuant to section 3(a)(3) of the Bank Holding per cent of deposits. Acquisition of the proposed Company Act of 1956 (12 U.S.C. 1842(a)(3)) subsidiaries would increase control by only 0.1 and section 222.3(a) of Federal Reserve Regula- per cent of market deposits. Although the separate tion Y (12 CFR 222.3(a)), applications by United and distinct service areas of the proposed sub- Jersey Banks, Hackensack, New Jersey, for the sidiaries are within the service area of Peoples Board's prior approval of the acquisition of 100 Trust, there is no real existing competition bepercent of the voting shares of Peoples Bank of tween them because the three banks were spon- South Bergen County, Carlstadt ("Peoples Carl- sored by principals of Peoples Trust and have been stadt"), Peoples Bank of Montvale, Montvale affiliated with Peoples Trust or Applicant since ("Peoples Montvale"), and Peoples Bank of their formation. On the same basis and because Ridgewood, Ridgewood ("Peoples Ridgewood"), the likelihood of disaffiliation appears to be reall in New Jersey. mote, significant potential competition does not As required by section 3(b) of the Act, the appear to be foreclosed by approval of the ap- Board gave written notice of receipt of the ap- plications. Nevertheless, unconditional approval plications to the New Jersey Commissioner of of these applications would appear to have an Banking and requested his views and recom- adverse competitive impact in that home office mendation. The Commissioner recommended protection could be perpetuated in two of the approval of the applications. three communities, Carlstadt and Montvale, both Notice of receipt of the applications was pub- of which are growing rapidly and should be atlished in the Federal Register on August 19, 1971 tractive for future branch entry. Charter restric- (36 Federal Register 16146, 16147), providing tions imposed by the New Jersey Commissioner an opportunity for interested persons to submit of Banking prohibit merger by the three banks for comments and views with respect to the pro- a period of five years from their respective dates posal. Copies of the applications were forwarded of charter. These restrictions will expire in 1973 to the United States Department of Justice for its and 1974. However, possible anticompetitive Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
946 FEDERAL RESERVE BULLETIN • NOVEMBER 1971 effects of approval could be eliminated if home NORTRUST CORPORATION, office protection were not perpetuated. Con- CHICAGO, ILLINOIS sequently, approval of the applications is con- In the matter of the application of Nortrust ditioned upon Applicant filing merger applica- Corporation, Chicago, Illinois, for approval of tions and, subject to supervisory approval, mergaction to become a bank holding company through ing the three banks with Peoples Trust within the acquisition of 100 per cent of the voting five years of the date of this Order so as to remove shares (less directors' qualifying shares) of the or aid in removing home office protection from successor by merger to The Northern Trust Comthe respective communities unless, within such pany, Chicago, Illinois. five-year period, there is a change in New Jersey law which would accomplish the same result. On that basis and after consideration of the record, ORDER APPROVING ACTION TO BECOME A BANK the Board concludes that no significant adverse HOLDING COMPANY competitive effects are likely to result from ap- There has come before the Board of Governors, proval of the applications. pursuant to section 3(a)(1) of the Bank Holding The financial and managerial resources and Company Act of 1956 (12 U.S.C. 1842(a)(1)) future prospects of Applicant, its subsidiaries, and and section 222.3(a) of Federal Reserve Regulathe proposed subsidiaries appear to be satisfactory. tion Y (12 CFR 222.3(a)), an application by Although approval of the applications is not ex- Nortrust Corporation, Chicago, Illinois, for the pected to result in any significant new services, Board's prior approval of action whereby Apconsiderations related to convenience and needs plicant would become a bank holding company of the communities involved as well as to financial through the acquisition of 100 per cent of the votand managerial resources are consistent with ing shares (less directors' qualifying shares) of approval. the successor by merger to The Northern Trust IT IS HEREBY ORDERED, On the basis of the Company, Chicago, Illinois ("Bank"). record, that said applications be and hereby are The bank into which Bank is to be merged has approved for the reasons summarized above, no significance except as a means of acquiring provided that the action so approved shall not be the voting shares of Bank. Accordingly, the proconsummated (a) before the thirtieth calendar posed acquisition of the shares of the successor day following the date of this Order or (b) later organization is treated herein as the proposed than three months after the date of this Order, un- acquisition of the share of Bank. less such period is extended for good cause by the As required by section 3(b) of the Act, the Board or by the Federal Reserve Bank of New Board gave written notice of receipt of the ap- York pursuant to delegated authority, and plication to the Commissioner of Banks and Trust Companies for the State of Illinois and IT IS FURTHER ORDERED, That Applicant shall requested his views and recommendation. The file merger applications and, subject to supervisory Commissioner recommended approval of the apapproval, merge the three banks with Peoples plication. Trust of New Jersey, Hackensack, New Jersey, Notice of receipt of the application was pubwithin five years of the date of this Order so as to lished in the Federal Register on September 30, remove or aid in removing home office protection 1971 (36 Federal Register 19195), providing an from the respective communities unless, within opportunity for interested persons to submit comsuch five-year period, there is a change in New ments and views with respect to the proposal. Jersey law which would accomplish the same A copy of the application was forwarded to the result. United States Department of Justice for its con- By order of the Board of Governors, October sideration. Time for filing comments and views has 26, 1971. expired and all those received have been con- Voting for this action: Chairman Burns and Governors sidered. Mitchell, Daane, and Sherrill. Absent and not voting: Gover- The Board has considered the application in the nors Robertson, Maisel, and Brimmer. light of the factors set forth in section 3(c) of the (Signed) TYNAN SMITH, Act, including the effect of the proposed acquisi- Secretary of the Board. tion on competition, the financial and managerial 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 947 needs of the communities to be served, and through the acquisition of 89.75 per cent of finds that: the voting shares of The Security National Bank Applicant is a newly organized corporation and Trust Company of Duncan, Duncan, Oklaformed for the purpose of becoming a bank hold- homa. ing company. Bank, with deposits of $1.4 billion as of December 31, 1970, is the fourth ORDER APPROVING ACTION TO BECOME A BANK largest bank in the City of Chicago and the State HOLDING COMPANY of Illinois. Inasmuch as the proposal constitutes a corporate There has come before the Board of Governors, reorganization and reflects no expansion of cor- pursuant to section 3(a)(1) of the Bank Holding porate interests or significant change in the Company Act of 1956 (12 U.S.C. 1842(a)(1)) character of the banking facilities involved, con- and section 222.3(a) of Federal Reserve Regulasummation of the proposal would eliminate neither tion Y (12 CFR 222.3(a)), an application by existing nor potential competition, nor does it Security Corporation, Duncan, Oklahoma, for the' appear that there would be any adverse effects Board's prior approval of action whereby Applicant on any bank in the area. would become a bank holding company through The financial and managerial resources and the acquisition of 89.75 per cent of the voting prospects of Applicant and Bank are regarded as shares of The Security National Bank and Trust generally satisfactory and consistent with ap- Company of Duncan, Duncan, Oklahoma proval of the application. The convenience and ("Bank"). needs of the communities involved would not be As required by section 3(b) of the Act, the immediately affected by consummation of this Board gave written notice of receipt of the approposal but improved services may be pro- plication to the Comptroller of the Currency and vided in the future under the more flexible cor- requested his views and recommendation. The porate structure of the holding company. It is Comptroller offered no objection to approval the Board's judgment that the transaction would of the application. be in the public interest, and that the application Notice of receipt of the application was pubshould be approved. lished in the Federal Register on August 3, 1971 IT IS HEREBY ORDERED, On the basis of the (36 Federal Register 14285), providing an oprecord, that said application be and hereby is portunity for interested persons to submit comapproved for the reasons summarized above, ments and views with respect to the proposal, provided that the action so approved shall not A copy of the application was forwarded to the be consummated (a) before the thirtieth calendar United States Department of Justice for its conday following the date of this Order or (b) later sideration. Time for filing comments and views than three months after the date of this Order, has expired and all those received have been conunless such period is extended for good cause by sidered. the Board or by the Federal Reserve Bank of The Board has considered the application in the Chicago pursuant to delegated authority. light of the factors set forth in section 3(c) of the By order of the Board of Governors, October Act, including the effect of the proposed acquisi- 26, 1971. tion on competition, the financial and managerial resources and future prospects of the Applicant Voting for this action: Chairman Burns and Governors and the banks concerned and the convenience Mitchell, Daane, and Sherrill. Absent and not voting: Governors Robertson, Maisel, and Brimmer. and needs of the communities to be served, and (Signed) TYNAN SMITH, finds that: Secretary of the Board. Applicant is a newly-organized corporation formed for the purpose of acquiring Bank as a [SEAL] subsidiary. Bank ($38 million in deposits) is the largest of seven banks operating in the Stephens banking market, which is approximated by SECURITY CORPORATION, Stephens County. Bank controls 47.1 per cent of DUNCAN, OKLAHOMA the commercial bank deposits in that market. In the matter of the application of Security (Banking data are as of December 31, 1970.) Corporation, Duncan, Oklahoma, for approval The proposal is part of a plan by which the of action to become a bank holding company Halliburton Employees Benefit Fund, an organi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
948 FEDERAL RESERVE BULLETIN • NOVEMBER 1971 zation that became a bank holding company as a PAN AMERICAN BANCSHARES, INC., result of the 1970 amendments to the Bank Hold- MIAMI, FLORIDA ing Company Act, plans to divest its interest in In the matter of the application of Pan American Bank. As Applicant has no present operations Bancshares, Inc., Miami, Florida, for approval or subsidiaries, consummation of the proposal of acquisition of at least 80 per cent of the voting herein would neither alter existing banking comshares of Citizens Bank and Trust Company in petition nor is it likely to have an adverse effect on Sarasota, Sarasota, Florida potential competition or on other banks in the market. Applicant's management has been drawn pri- ORDER APPROVING ACQUISITION OF BANK STOCK marily from directors and officers of Bank. The BY BANK HOLDING COMPANY financial and managerial resources and prospects There has come before the Board of Governors, of Bank are considered to be good. It is noted pursuant to section 3(a)(3) of the Bank Holding that the purchase of Bank is proposed to be ef- Company Act of 1956 (12 U.S.C. 1842(a)(3)) fected in part through a loan. On a number of and section 222.3(a) of Federal Reserve Regulaoccasions, the Board has expressed concern tion Y (12 CFR 222.3(a)), an application by Pan with acquisition debt. In the circumstances of this American Bancshares, Inc., Miami, Florida proposal, notably Applicant's plans for an early ("Applicant"), for the Board's prior approval of and significant reduction of the debt through the sale the acquisition of at least 80 per cent of the votto the public of an issue of common stock and ing shares of Citizens Bank and Trust Company in Applicant's resources for servicing its debt Sarasota, Sarasota, Florida ("Bank"). without impairing Bank's financial condition, As required by section 3(b) of the Act, the the Board concludes that the loan involved does Board gave written notice of receipt of the apnot require denial of this application. Although plication to the Florida Commissioner of Banking consummation of the proposal would not have and requested his views and recommendation. any immediate effects on the convenience and The Commissioner recommended approval. needs of the community, the expansion of bank- Notice of receipt of the application was pubrelated services in the future may be facilitated lished in the Federal Register on August 17, 1971 by the operational structure of a holding company, (36 Federal Register 15690) providing an opand Applicant apparently has future plans for such portunity for interested persons to submit comexpansion. Considerations related to these fac- ments and views with respect to the proposal. tors are regarded as consistent with approval. A copy of the application was forwarded to the It is the Board's judgment that the proposed United States Department of Justice for its contransaction is in the public interest, and that the sideration. Time for filing comments and views application should be approved. has expired and all those received have been con- IT IS HEREBY ORDERED, On the basis of the sidered. record, that said application be and hereby is The Board has considered the application in approved for the reasons summarized above, the light of the factors set forth in section 3(c) of provided that the action so approved shall not the Act, including the effect of the proposed be consummated (a) before the thirtieth calendar acquisition on competition, the financial and day following the date of this Order or (b) later managerial resources and future prospects of the than three months after the date of this Order, Applicant and the banks concerned, and the conunless such period is extended for good cause venience and needs of the communities to be by the Board or by the Federal Reserve Bank of served, and finds that: Kansas City pursuant to delegated authority. Applicant has six subsidiary banks which con- By order of the Board of Governors, October trol $248.9 million in deposits, representing 1.8 29, 1971. per cent of total deposits in the State. Upon acquisition of Bank (deposits $29.4 million) and Voting for this action: Governors Mitchell, Daane, Brimmer, the acquisition of Pan American Bank of Miami and Sherrill. Absent and not voting: Chairman Burns and Beach approved by the Board today, Applicant Governors Robertson and Maisel. would control eight subsidiary banks with ag- (Signed) TYNAN SMITH, gregate deposits of $278.3 million. (All banking Secretary of the Board. data are as of December 31, 1970, adjusted to [SEAL] reflect holding company acquisitions and forma- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 949 tions to date.) Bank, which is the next to the ORDER APPROVING ACQUISITION OF BANK STOCK smallest of five banking organizations in the BY BANK HOLDING COMPANY Sarasota banking market, is located approximately There has come before the Board of Governors, 220 miles from Applicant's closest subsidiary pursuant to section 3(a)(3) of the Bank Holding bank and there is no existing competition between Company Act of 1956 (12 U.S.C. 1842(a)(3)) it and any of Applicant's other subsidiary banks. and section 222.3(a) of Federal Reserve Regula- Based upon the facts of record, consummation tion Y (12 CFR 222.3(a)), an application by of the proposal would have no adverse effects on Pan American Bancshares, Inc., Miami, Florida, potential competition and would not have any for the Board's prior approval of the acquisition adverse effects on any competing bank. In fact, of at least 80 per cent of the voting shares of consummation of the proposal would have a Pan American Bank of Miami Beach, Miami procompetitive effect by enabling Bank to com- Beach, Florida, a proposed new bank ("Bank"). pete more effectively with the larger banking groups in the county. As required by section 3(b) of the Act, the There is no evidence that significant banking Board gave written notice of receipt of the apneeds of the community are going unserved, how- plication to the Florida Commissioner of Bankever, consummation of the proposal would ing and requested his views and recommendation. facilitate the Bank's ability to participate larger The Commissioner recommended approval. loans and make available to its customers the Notice of receipt of the application was pubinternational banking facilities of Applicant's lished in the Federal Register on August 17, 1971 lead bank. Considerations relating to the con- (36 Federal Register 15690), providing an opvenience and needs of the communities to be potunity for interested persons to submit comserved thus lend some weight toward approval. ments and views with respect to the proposal. Applicant proposes to strengthen Bank's manage- A copy of the application was forwarded to the ment significantly and considerations relating to United States Department of Justice for its conthe banking factors, therefore, lend some weight sideration. Time for filing comments and views toward approval. It is the Board's judgment that has expired and all those received have been conthe proposed transaction is in the public interest sidered. and should be approved. The Board has considered the application in the light of the factors set forth in section 3(c) of IT IS HEREBY ORDERED, On the basis of the the Act, including the effect of the proposed record, that said application be and hereby is acquisition on competition, the financial and approved for the reasons summarized above, promanagerial resources and future prospects of the vided that the action so approved shall not be Applicant and the banks concerned, and the conconsummated (a) before the thirtieth calendar venience and needs of the communities to be day following the date of this Order or (b) later served, and finds that: than three months after the date of this Order, unless such period is extended for good cause by Applicant controls seven subsidiary banks the Board, or by the Federal Reserve Bank of with aggregate deposits of $278.3 million, repre- Atlanta pursuant to delegated authority. senting 2 per cent of bank deposits in Florida. By order of the Board of Governors, October (Banking data are as of December 31, 1970, and 29, 1971. reflect holding company formations and acquisitions to date, including the acquisition of Citizens Voting for this action: Chairman Burns and Governors Bank of Sarasota, also approved by the Board Mitchell, Daane, Brimmer, and Sherrill. Absent and not voting: Governors Robertson and Maisel. today.) Approval of the acquisition of Bank would not increase the percentage of deposits (Signed) TYNAN SMITH, controlled by Applicant since Bank, as stated Secretary of the Board. above, is a proposed new bank. [SEAL] All of Applicant's existing subsidiaries are located within 25 miles of Bank, and the closet, In the matter of the application of Pan American Applicant's lead bank, Pan American Bank of Bancshares, Inc., Miami, Florida, for approval Miami, is only six miles from Bank. However, of acquisition of at least 80 per cent of the voting the intervening area is heavily populated and shares of Pan American Bank of Miami Beach, contains several highly competitive banks, and Miami Beach, Florida, a proposed new bank. Applicant does not dominate the area. Consum- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
950 FEDERAL RESERVE BULLETIN • NOVEMBER 1971 mation of the proposal would eliminate no exist- tion Y (12 CFR 222.3(a)), an application by Banks ing competition nor have any adverse effects on of Iowa, Inc., Cedar Rapids, Iowa, a registered any competing banks. bank holding company, for the Board's prior The financial and managerial resources and approval of the acquisition of 80 per cent or more future prospects of Applicant, its subsidiary banks, of the voting shares of Valley Bank and Trust and Bank are regarded as satisfactory. Bank's Company, Des Moines, Iowa ("Bank"). location in a shopping center-apartment complex As required by section 3(b) of the Act, the will provide a convenient source of banking Board gave written notice of receipt of the apservices; considerations relating to the con- plication to the Iowa Department of Banking venience and needs of the communities to be and requested its views and recommendation. served lend some weight toward approval. It The Superintendent of Banking of the State of is the Board's judgment that the proposed trans- Iowa recommended approval of the application. action is in the public interest and should be ap- Notice of receipt of the application was pubproved. lished in the Federal Register on July 17, 1971 IT IS HEREBY ORDERED, On the basis of the (36 Federal Register 13299), providing an oprecord, that said application be and hereby is portunity for interested persons to submit comapproved for the reasons summarized above, ments and views with respect to the proposal. provided that the action so approved shall not A copy of the application was forwarded to the be consummated (a) before the thirtieth calendar United States Department of Justice for its conday following the date of this Order or (b) later sideration. Time for filing comments and views than three months after the date of this Order, has expired and all those received have been conand provided further that (c) Pan American Bank sidered. of Miami Beach shall be open for business not The Board has considered the application in later than six months after the date of this Order. the light of the factors set forth in section 3(c) of The periods described in (b) and (c) hereof may the Act, including the effect of the proposed acquisibe extended for good cause by the Board, or by tion on competition, the financial and managerial the Federal Reserve Bank of Atlanta pursuant to resources and future prospects of the Applicant delegated authority. and the banks concerned, and the convenience By order of the Board of Governors, October and needs of the communities to be served, and 29, 1971. finds that: Applicant is a multi-bank holding company Voting for this action: Chairman Burns and Governors Mitchell, Daane, Brimmer, and Sherrill. Absent and not with deposits of approximately $205 million, voting: Governors Robertson and Maisel. representing 3.1 per cent of the total commercial (Signed) TYNAN SMITH, bank deposits in the State, and is the fourth Secretary of the Board. largest banking organization in Iowa. The inclusion of Applicant's affiliated bank in Cedar [SEAL] Rapids would increase Applicant's combined deposits to 3.3 per cent of total commercial bank deposits in the State. (All banking data are as of BANKS OF IOWA, INC., December 31, 1970, and reflect holding company CEDAR RAPIDS, IOWA formations and acquisitions approved through In the matter of the application of Banks of September 30, 1971.) Applicant's acquisition of Iowa, Inc., Cedar Rapids, Iowa, for approval of Valley Bank, with deposits of close to $51 milacquisition of 80 per cent or more of the voting lion, would increase Applicant's share of deposits in the State of 0.8 percentage point. shares of Valley Bank and Trust Company, Des Moines, Iowa. Valley Bank operates one office and a parking lot branch, located in the city of Des Moines, Iowa, and primarily serves the Des Moines ORDER APPROVING ACQUISITION OF BANK STOCK metropolitan area. Applicant states that Bank BY BANK HOLDING COMPANY essentially confines its business to serving the There has come before the Board of Governors, commercial and industrial segments of the compursuant to section 3(a)(3) of the Bank Holding munity and does not actively solicit consumer Company Act of 1956 (12 U.S.C. 1842(a)(3)) deposits and loans. As an independent bank with and section 222.3(a) of Federal Reserve Regula- smaller lending capabilities than its principal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 951 competitors, Bank, it appears, has not been able greater amounts of funds for residential real to compete effectively with the larger banks. estate mortgage loans and consumer installment Valley Bank is the fifth largest banking organiza- credit. Considerations relating to the convenience tion and the fourth largest of 20 banks in the and needs of the communities to be served lend Des Moines SMS A with 5.4 per cent of total some weight toward approval of the application. market deposits. The three largest banking organ- Considerations relating to financial and manaizations in Des Moines are subsidiaries of the gerial resources and prospects as they relate to State's first, second and fifth largest bank hold- Applicant, its subsidiaries and Bank, are reing companies, respectively controlling 32.3, garded as satisfactory, except that Bank has not 24.1 and 14.6 per cent of deposits in the market. provided adequate successor management for its Applicant has recently received Board ap- key officers who are advanced in years. Appliproval to acquire Union Bank and Trust Com- cant's capabilities for finding competent and expany, which upon consummation would become perienced officers for Bank as needed lend some Applicant's subsidiary located closest to Valley weight in favor of approval. It is the Board's Bank, approximately 87 miles southeast of Des judgment that consummation of the proposed Moines. It appears that no significant competition acquisition would be in the public interest and that exists between Valley Bank and any of Applicant's the application should be approved. subsidiaries. On the facts of record, notably, the IT IS HEREBY ORDERED, On the basis of the distances involved, the large number of banks in record, that said application be and hereby is the intervening areas, and the State's restrictive approved for the reasons summarized above, probranching law, there appears to be little likelihood vided that the action so approved shall not be conthat such competition would develop in the summated (a) before the thirtieth calendar day future. The fact that its principal officers have following the date of this Order or (b) later than either reached or are reaching retirement age and three months after the date of this Order, unless that adequate management continuity presents such period is extended for good cause by the a problem suggest that it is unlikely that Bank Board or by the Federal Reserve Bank of Chicago would form a holding company. pursuant to delegated authority. On the basis of the record before it, the Board By order of the Board of Governors, October 29, concludes that consummation of the proposed 1971. acquisition would not adversely affect competi- Voting for this action: Chairman Burns and Governors tion in any relevant area. Applicant plans to Robertson, Maisel, and Sherrill. Absent and not voting: Govhave Bank offer a more sophisticated array of ernors Mitchell, Daane and Brimmer. commercial and industrial services. In addition, (Signed) TYNAN SMITH, Applicant intends to expand Bank's consumer Secretary of the Board, services to include solicitation of consumer and savings deposit accounts, and to make available [SEAL] Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Announcements I APPOINTMENT OF DIRECTOR rectors of the Federal Reserve Banks of Richmond, Edward A. Sloan was appointed by the Board of Chicago, and Kansas City, effective November Governors as a director of the Los Angeles 12; by Atlanta, effective November 15; and by Branch of the Federal Reserve Bank of San Fran- New York, effective November 19. cisco, effective November 15, 1971, to serve the The change was made in recognition of reducremainder of a 3-year term expiring December tions that have taken place in other short-term 31, 1973. He is president of Sloan Dry Cleaners, interest rates and is intended to bring the dis- Inc., in Los Angeles. As a director he succeeds count rate—which is the rate charged member Norman B. Houston, who resigned upon being banks for borrowing from their district Reserve appointed Deputy Assistant Secretary for Admin- Banks—into better alignment with short-term istration of the U.S. Department of Health, Edu- rates generally. cation, and Welfare. PUBLICATION OF DATA ON "DEMAND DEPOSIT RESIGNATION OF DIRECTOR OWNERSHIP" William D. Eberle, who had served since Sep- Monthly estimates of ownership of gross demand tember 10, 1970, as a Class B director of the deposits of individuals, partnerships, and cor- Federal Reserve Bank of New York, resigned on porations at weekly reporting banks in the United November 9, 1971, to accept appointment as States and quarterly estimates (last month of President Nixon's Special Representative for each quarter) of such deposits at all commercial Trade Negotiations. Mr. Eberle had been chair- banks are now being published regularly in the man of the Board of American-Standard Inc. in Board's G.ll press release, "Demand Deposit New York City. Ownership." Similar data are available in the BULLETIN, page A-32. CHANGE IN DISCOUNT RATE The Board of Governors of the Federal Reserve System on November 10, 1971, approved actions ADMISSION OF STATE BANK TO MEMBERSHIP IN THE FEDERAL RESERVE by the directors of the Federal Reserve Banks of SYSTEM Boston, Philadelphia, Cleveland, St. Louis, Min- The following bank was admitted to membership in neapolis, Dallas, and San Francisco, reducing the Federal Reserve System during the period the discount rate of those Banks from 5 per cent to October 16, 1971, through November 15, 1971: 4% per cent, effective November 11. Subsequent- Montana ly, the Board approved similar actions by the di- Ashland Cheyenne Western Bank Digitized for FRASER 953 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
National Summary of Business Conditions Released for publication November 16 Industrial production rose 0.2 per cent further in new high—home goods output advanced follow- October. Nonfarm payroll employment was un- ing a decline in September while production of changed but the unemployment rate declined autos was maintained at the level of the preceding again. Wholesale prices were up very slightly with month. However, output of defense equipment industrial prices declining. Commercial bank continued to decline and production of some noncredit and time and savings deposits increased durable materials was also lower. but the money stock declined. Between mid- October and mid-November, yields in security EMPLOYMENT markets fell further. The unemployment rate declined in October to 5.8 per cent, from 6.0 per cent in September. INDUSTRIAL PRODUCTION Gains in employment continued strong in the Industrial production rose slightly further in service industries and State and local govern- October to 106.3 (1967 = 100) following subment. Manufacturing employment rose very slightstantial upward revisions in the preliminary ly following a sharp increase in the previous August and estimated September figures to 105.3 month. In mining and transportation employment and 106.1, respectively. The revisions were declined because of strikes. The average workweek centered in business and defense equipment and of manufacturing production workers also inin materials industries where later data becoming creased slightly to 39.7 hours. available indicated upward changes. The October gains in output were fairly wide- RETAIL SALES spread among major industries but were, to a con- The value of retail sales in October increased less siderable extent, offset in the total index by a dethan 0.5 per cent and was 11.5 per cent above a cline in coal production because of strikes. The year earlier, according to the advance report. Sales October total index was 3.6 per cent above last at nondurable goods stores rose 1.0 per cent in November's auto strike low point but 5 per cent October but sales at durable goods stores debelow the 1969 high. clined about 1.0 per cent. Unit sales of new Production of steel, copper, and industrial and domestic autos rose further and were at an annual commercial equipment rose further in October. rate of about 10.5 million units. In early Output of consumer goods increased a little to a November, auto sales were maintained at the October level. INDUSTRIAL PRODUCTION RATIO SCALE, 1967=100 WHOLESALE AND CONSUMER PRICES 120 Wholesale prices, seasonally adjusted, increased 0.1 per cent between September and October. Industrial commodities dropped 0.3 per cent as fuels, lumber and wood products, metals, and passenger cars declined. But farm and food products increased 1.4 per cent reflecting higher prices for fresh fruits and vegetables, livestock, and meats. Consumer prices rose 0.2 per cent, seasonally adjusted, in September as sharp declines for raw foods offset in part substantial increases for certain processed foods, apparel, and college tuition. Food prices fell and prices for nonfood 1967 1969 1971 1967 1969 1971 commodities, seasonally adjusted, and for services F.R. indexes, seasonally adjusted. Latest figures: October. rose less than in August. Digitized for FRASER 955 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BANK CREDIT, DEPOSITS AND RESERVES slowly than in September, but expansion in other Commercial bank credit, including transfers of time and savings deposits rose more rapidly. loans from banks to their affiliates, increased in Net borrowed reserves of member banks October at an annual rate of about 10 per cent. This averaged about $250 million over the 4 weeks increase, which about matched that of the third ending October 27, compared with $310 million quarter, was mainly attributable to a further in September, as member bank borrowings at sharp rise in total loans. Banks also continued to Federal Reserve Banks declined somewhat more acquire municipal and Federal agency securi- than excess reserves. ties in large volume, but holdings of Government securities declined substantially, partly because SECURITY MARKETS bank participation in the Treasury's October Treasury bill yields continued to decline in late financing operation was smaller than usual. The October and early November. The 3-month bill rise in total loans was broadly based, with growth was bid at around 4.15 per cent in mid-November, in real estate loans and consumer loans continuing down from about 4.45 per cent a month earlier. at a strong clip. The rate of advance in business Yields on most U.S. Government notes and loans, however, moderated significantly. bonds were around 5 basis points higher to 10 The narrowly defined money stock declined at basis points lower over the same period. an annual rate of about 3 per cent in October, New and seasoned corporate security yields following a similar decline in September. How- declined steadily from mid-October through early ever, growth in total time and savings deposits November and rates on municipal securities were was quite substantial, matching the 16 per cent at a low for the year. growth rate of September. Holdings of large ne- Common stock prices declined on balance on gotiable CD's continued to rise, although more average volume. PRICES INTEREST RATES TREASURY BILLS I LONG-TERM GOVERNMENT SECURITIES 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 average market yields for U.S. Govt, bonds maturing in 10 figures: Consumer, Sept.; Wholesale, Oct. years or more and for 90-day Treasury bills. Latest figures: week ending Nov. 6. Digitized for FRASER 956 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 1 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
88 FEDERAL RESERVE BULLETIN • NOVEMBER 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 Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS e Estimated N.S.A. Monthly (or quarterly) figures not adjusted c Corrected for seasonal variation IIPPCC Individuals, partnerships, and corporations P Preliminary SSMMSSAA Standard metropolitan statistical area r Revised A Assets rP Revised preliminary L Liabilities s Sources of funds I, II, III, IV Quarters U* Uses of funds Amounts insignificant in terms of the parn.e.c. Not elsewhere classified ticular unit (e.£., 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) a also include not fully guaranteed issues) as well as direct negative figure, or (3) an outflow. obligations of the Treasury. "State and local govt.** also A heavy vertical ruje is used in the following in- includes municipalities, special districts, and other politistances: (1) to the right (to the left) of a total when the cal subdivisions. components shown to the right (left) of it add to that In some of the tables details do not add to totals because total (totals separated by ordinary rules include more of rounding. components than those shown), (2) to the right (to the The footnotes labeled NOTE (which always appear left) of items that are not part of a balance sheet, (3) to the last) provide (1) the source or sources of data that do left of memorandum items. not originate in the System; (2) notice when figures are "U.S. Govt, securities** may include guaranteed estimates; and (3) information on other characteristics issues of U.S. Govt, agencies (the flow of funds figures of the data. TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Page Annually—Continued Issue Page Flow of funds. Oct. 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 ki a n ly g s o is ff i o c f e s ch : anges in number Aug. 1971 A A " yo 1 1 9 9 7 5 0 9 d -7 a 0 ta (re vised) 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 -7 1 1 .2 .3 1 On P , ar a n L d is t n , o nu t m o b n e , r Federal Reserve Aug. 1971 A1 g7 9 6 6 Flo - w 7 s 0 : 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: group banks, Dec. 31,1970 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 1970 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 Statistical Releases LIST PUBLISHED SEMIANNUALLY, WITH LATEST BULLETIN REFERENCE Issue Page Anticipated schedule of release dates for individua lreleases June 1971 A-117 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 4 BANK RESERVES AND RELATED ITEMS • NOVEMBER 1971 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Reserve Bank credit outstanding Period or date U.S. Govt, securities 1 Special Dis- Gold Drawing Held counts Other stock Rights under and Float 2 F.R. Total 4 certificate Bought repur- ad- assets 3 account out- chase vances right agreement Averages of daily figures 1939—Dec 2,510 2,510 83 2,612 17,518 1941—Dec 2,219 2,219 5 170 2,404 22,759 1945—Dec 23,708 23,708 381 652 24,744 20,047 1950—Dec 20,345 20,336 142 1,117 21,606 22,879 I960—Dec 27,248 27,170 78 94 1,665 29,060 17,954 1965—De c 40,885 40,772 113 490 2,349 43,853 13,799 1966—De c 43,760 43,274 486 570 2,383 46,864 13,158 1967—De c 48,891 48,810 81 238 2,030 51,268 12,436 1968—De c 52,529 52,454 75 765 3,251 56,610 10,367 1969—De c 57,500 57,295 205 1,086 3,235 2,204 64,100 10,367 1970—Oc t 59,533 59,360 173 462 2,933 1,734 64,708 117 400 Nov 60,393 60,004 389 425 2,933 1,314 65,132 117 400 Dec 61,688 61,310 378 321 3,570 1,032 66,708 105 400 1971—Ja n 62,068 61,941 127 370 3,636 1,216 67,363 10,732 400 Feb 62,350 62,051 299 328 2,974 1,065 66,797 10,732 400 Mar 62,719 62,381 338 319 2,671 896 66,691 10,732 400 Apr 63,371 63,153 218 148 3,047 1,103 67,747 10,732 400 May 64,714 64,368 346 330 2,704 1,076 68,926 10,448 400 June 64,642 64,574 68 453 2,690 979 68,834 10,332 400 July 66,001 65,652 349 820 3,001 1,150 71,052 10,332 400 Aug 66.324 66,143 181 804 2,572 991 70,749 10,184 400 Sept 67,106 66.794 312 501 2,974 900 71,568 10,132 400 Oct.? 67,690 67,488 202 360 3,105 1,105 72,332 10,132 400 Week ending— 1971—Aug. 4 66,182 65,822 360 764 2,583 1,222 70,819 10,332 400 11 66,158 65,872 286 593 2,517 1,257 70,585 10,246 400 18 66,067 65,956 111 1,179 2,692 1,044 71,029 10,132 400 25 66,353 66,353 771 2,711 726 70,615 10,132 400 Sept. 1 66,779 66,635 144 706 2,433 776 70,766 10,132 400 8 67,156 66,726 430 765 2,594 817 71,439 10,132 400 15 67,082 66,596 486 457 2,920 894 71,455 10,132 400 22 66,687 66,687 329 3,602 923 71,591 10,132 400 29 67,393 67,071 322 424 2,863 963 71,730 10,132 400 Oct. 6 68,079 67,657 422 309 2,720 1,007 72,205 10,132 400 13 67,748 67,662 86 449 2,803 1,071 72,136 10,132 400 20* 67,810 67,496 314 332 3,649 1,113 72,989 10,132 400 21 v 67,334 67,257 77 414 3,097 1,160 72,060 10,132 400 End of month 1971—Aug, 66,937 6 66,635 858 2,250 786 70,938 10,132 400 Sept 67,627 6 67,627 198 3,139 1,001 72,016 10,132 400 Oct.*7 67,301 6 67,301 211 3,586 1,208 72,358 10,132 400 Wednesday 1971—Aug. 4 67,216 6 65,841 1,375 655 2,479 1,281 71,729 10,332 400 11 66,017 6 65,902 115 573 2,386 1,336 70,359 10,132 400 18 66,260 6 65,942 318 1,123 2,814 749 70,998 10,132 400 25 66,406 6 66,406 1,803 2,454 772 71,487 10,132 400 Sept. 1 67,337 6 66,635 702 2,258 828 71,549 10,132 400 8 67,483 6 66,741 742 339 2,596 857 71,410 10,132 400 15 65,726 6-765,726 350 3,164 948 70,238 10,132 400 2 2 66,587 6 66,587 941 3,077 961 71,614 10,132 400 29 67,661 6 67,386 275 381 2,527 995 71,655 10,132 400 Oct. 6f 68,015 6 67,662 353 190 2,736 1,046 72,075 10,132 400 13 p 68,264 6 67,662 602 1,033 2,539 1,109 73,073 10,132 400 20 p 66,688 6-766,688 496 3,047 1,170 71,452 10,132 400 27 p 67,886 6 67,352 534 2,043 2,606 1,201 73,822 10,132 400 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER 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 i n u o n l r a c r n - y - - T h c i r u n o a e r l g s a d y h s s - - Tr u e 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 Other 2 c O o F u t . h n R e t . s r 3 c b a O F i p a l l t i . n i i h a R t t d i a e - e . r l s 3 F W .R ith . re r C s a e e n n u r c d r v y - e s Total Period or date Banks coin5 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. 55,063 459 1,042 142 747 2,249 23,593 5,108 28,701 1970—Oct. 55,864 453 890 149 721 2,256 23,416 5,142 28,558 Nov. 57,013 427 145 735 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 25,098 5,357 30,455 Aug. 59,012 466 1,621 151 712 2,296 25,365 5,437 30,802 Sept. 59,185 464 2,100 152 736 2,327 25,446 5,405 30,851 Oct.? Week ending— 58,691 484 1,121 174 746 2,322 25,456 5,438 30,894 1971—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 2,190 25,298 5,307 30.605 18 58,875 479 1,153 184 681 2,253 24,986 5,125 30,111 25 58,711 473 1,213 194 691 2,324 25,167 5,352 30,519 Sept. 1 59,063 464 1,318 165 711 2,402 25,341 5,514 30,855 8 59,354 458 1,388 139 708 2,226 25,236 5,615 30,851 15 58,992 470 1,760 150 704 2,234 25,345 5,015 30,360 22 58,685 473 2,009 146 718 2,299 25,473 5,600 31,073 29 58,825 466 2,148 183 765 2,398 25,483 5,510 30,993 Oct. 6 59,316 459 2,093 134 763 2,379 25,050 5,652 30,702 13 59,347 460 2,117 145 730 2,252 26,018 5,143 31,161 20? 59,174 456 2,183 156 711 2,281 25,191 5,233 30,424 27? End of month 58,890 452 987 122 669 2,361 25,467 5,354 30,821 1971—Aug. 58,757 453 2,102 166 777 2,374 25,424 5,508 30,932 Sept. 59,178 496 1,876 135 733 2,337 25,697 5,525 31,222 Oct.? Wednesday 58,930 481 733 178 724 2,393 26,469 ,438 31,907 1971—Aug. 4 59,253 476 1,292 163 740 2,422 24,002 ,591 29,593 11 59,133 478 1.184 166 719 2,217 25,089 ,307 30,396 18 58,854 488 1,375 135 689 2,275 25,669 ,125 30,794 25 58,920 471 1,194 142 682 2,374 25,788 5,354 31,142 Sept. 1 59,498 466 1.185 152 733 2,427 24,994 5,517 30,511 8 59,332 465 1,386 139 767 2,210 23,999 5,614 29,613 15 58,940 480 1,939 146 690 2,251 25,239 5,017 30,256 22 58,832 475 2,021 166 712 2,317 25,211 5,600 30,811 29 59,178 469 1,988 165 719 2,419 25,189 5,541 30,730 Oct. 6? 59,584 464 2,141 146 736 2,233 25,845 5,655 31,500 13? 59,335 466 2,148 129 701 2,245 24,516 5,143 29,659 20? 59,402 462 1,709 156 2,305 27,193 5,233 32,426 27? 1 Includes Federal Agency issues held under repurchase agreements as on Wed. and end-of-month dates, see tables on F.R. Banks on following of Dec. 1, 1966 and Federal Agency issues bought outright as of Sept. 29, pages. See also note 2. 1971. 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 closes 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 6 BANK RESERVES AND RELATED ITEMS • NOVEMBER 1971 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City City of Chicago PPPeeerrriiioooddd Reserves BBoorr-- Reserves Bor- Reserves BBoorr-- T h o e t l a d l qu R ir e e - d^ Excess BB rr FF ii aa oo nn aa .. nn gg ww RR tt kk ss .. -- ss ss FF ee rr rr rr ee vv ee ee -- ee ss T h o e t l a d l qu R ir e e - d! B r F in a o a . n g w R t k s . - s Free T h o e t l a d l qu R ir e e - d 1 Excess BB r F r F ii aa nn oo .. aa nn gg RR ww tt kk ss .. -- ss ss FF ee rr rr rr ee vv ee ee -- ee ss 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—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 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 -11 1,407 1,408 — J 28 -29 Aug.. 30,455 30,257 198 804 -606 5,693 5,640 53 164 -111 1,417 1,410 7 7 Sept. 30,802 30,596 206 501 -295 5,683 5,674 9 38 -29 1,417 1,423 -6 4 -10 Oct.f 30,851 30,656 195 360 -165 5,679 5,667 12 67 -55 1,425 1,409 16 15 1 Week ending— 1970—Oct. 7.... 28,786 28,434 352 398 -46 5,615 5,568 47 47 1,337 1,312 25 25 14.... 28,464 28,423 41 450 -409 5,550 5,563 -13 21 -34 1,336 1,343 -7 21 -28 21.... 28,890 28,701 189 586 -397 5,682 5,666 16 21 -5 1,287 1,314 -27 29 -56 28.... 28,447 28,256 191 433 -242 5,417 5,399 18 11 7 1,301 1,276 25 25 1971—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 AApprr.. 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 MMaayy 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 i 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 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 1,405 1,394 11 11 JJuullyy 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 l 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 AAuugg.. 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 i 1,419 . 1,431 -12 -12 18.... 30,605 30,381 224 1,179 -955 5,816 5,748 68 342 -274 ; i,4i6 1,412 4 31 -27 25.... 30,111 30,020 91 771 -680 5,456 5,522 -66 267 -333 i 1,387 1,383 4 4 SSeepptt.. 1 30,519 30,195 324 706 -382 5,679 5,561 118 116 1 1,398 1,399 -1 1 -2 30,855 30,650 205 765 -560 5,719 5,759 -40 I 1,428 1,423 5 4 1 15.... 30,851 30,604 247 457 -210 5,762 5,690 72 ! 1,441 1,448 -7 3 -10 22.... 30,360 30,421 -61 329 -390 5,469 5,578 -109 ! 1,410 1,413 -3 9 -12 29.... 31,073 30,730 343 424 -81 5,825 5,689 136 > 1,410 1,412 -2 -2 Oct. 6.... 30,993 30,779 214 309 -95 5,644 5,671 -27 29 ; 1,441 1,422 19 19 13.... 30,702 30,653 49 449 -400 5,668 5,693 -25 100 : 1,413 1,432 -19 7 -26 20P. .. 31,161 30,857 304 332 -28 5,813 5,818 -5 35 1 1,430 1,422 8 4 4 27*... 30,424 30,380 44 414 -370 5,506 5,508 -2 133 : 1,354 1,365 -11 54 -65 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER 1971 • BANK RESERVES AND RELATED ITEMS A 7 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Country banks Reserves Borrow- BBoorrrrooww-- Period ings at Free iinnggss aatt FFrreeee F.R. reserves FF..RR.. rreesseerrvveess T h o e t ld al Required Banks T h o e t ld al Required1 Excess BBaannkkss 3,140 1,953 1,188 1,188 1,568 897 671 3 668 ....1939—Dec. 4,317 3,014 1,303 1 1,302 2,210 1,406 804 4 800 ...1941—Dec. 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 , ...1945—Dec. 6,689 6,458 232 50 182 4,761 4,099 663 29 634 , ...1950—Dec. 7,950 7,851 100 20 6,689 6,066 623 40 583 , ...1960—Dec. 8,393 8,325 68 190 -122 7,347 6,939 408 74 334 , ...1963—Dec. 8,735 8,713 22 125 -103 7,707 7,337 370 55 315 ,...1964—Dec. 9,056 8,989 67 228 -161 8,219 7,889 330 92 238 , ...1965—Dec. 10,081 10,031 50 105 -55 8,901 8,634 267 80 187 ,...1967—Dec. 10,990 10,900 90 270 -180 9,875 9,625 250 180 70 ,...1968—Dec. 10,970 10,964 6 479 -473 10,335 10,158 177 321 -144 ,... 1969—Dec. 11,319 11,270 49 338 -289 10,492 10,326 166 101 65 1970—Oct. 11,216 11,274 -58 301 -359 10,619 10,437 182 53 129 Nov. 11,548 11,506 42 264 -222 10,765 10,576 189 28 161 Dec. 11,974 11,962 12 294 -282 11,151 10,938 213 35 178 ....1971—Jan. 11,647 11,712 -65 268 -333 10,976 10,777 199 27 172 Feb. 11,732 11,651 81 236 -155 10,915 10,749 166 16 150 Mar. 11,754 11,789 -35 119 -154 11,049 10,875 174 10 164 Apr. 11,923 11,832 91 136 -45 11,223 11,063 160 68 92 May 11,743 11,735 8 181 -173 11,256 11,078 178 161 17 June 11,939 11,929 10 441 -431 11,472 11,294 178 265 -87 July 11,871 11,883 -12 425 -437 11,474 11,324 150 208 -58 Aug. 12,115 12,077 38 318 -280 11,587 11,422 165 141 24 Sept. 12,067 12,053 14 163 -149 11,681 11,528 153 115 38 Oct.3* Week ending— 11,349 11,253 96 308 -212 10,485 10,301 184 90 94 ,1970—Oct. 7 11,168 11,278 -110 337 -447 10,410 10,239 171 71 100 14 11,446 11,376 70 405 -335 10,475 10,345 130 131 -1 21 11,183 11,203 -20 305 -325 10,546 10,378 168 117 51 28 11,633 11,655 -22 242 -264 10,939 10,747 192 16 176 1971— Mar. 3 11,537 11,572 -35 244 -279 10,917 10,726 191 13 178 10 11,774 11,724 50 231 -181 10,881 10,717 164 13 151 17 11,567 11,613 -46 245 -291 10,897 10,767 130 15 115 24 11,752 11,694 58 221 -163 10,951 10,777 174 22 152 31 11,758 11,634 124 184 -60 10,976 10,777 199 13 186 Apr. 7 1 1 1 15 ,8 6 0 2 7 2 1 1 1 1 , , 8 7 2 0 6 2 - - 1 80 9 1 8 2 0 7 -2 -9 0 9 7 1 1 1 0 , ,9 0 0 2 9 2 1 1 0 0 , , 8 6 6 9 3 6 2 1 1 5 3 9 6 4 2 1 0 5 7 5 2 1 1 4 11,910 11,955 -45 98 -143 11,192 11,054 138 14 124 28 12,044 11,939 105 101 4 11,389 11,210 179 27 152 May 5 11,826 11.752 74 42 32 11,177 10,993 184 18 166 12 11,805 11,871 -66 71 -137 11,145 10,967 178 51 127 19 11,820 11,780 40 93 -53 11,223 11,095 128 56 72 26 11,891 11,857 34 317 -283 11,305 11,100 205 158 47 June 2 11,693 11.753 -60 52 -112 11,131 10,967 164 55 109 9 11,812 11,749 63 113 -50 11,198 11,014 184 161 23 16 11,703 11,640 63 286 -223 11,230 11,111 119 153 -34 23 11,827 11,759 68 324 -256 11,384 11,208 176 308 -132 30 11,847 11,801 46 372 -326 11,389 11,198 191 255 -64 July 7 11,786 11,876 -90 498 -588 11,331 11,147 184 241 -57 14 12,089 12,028 61 607 -546 11,468 11,315 153 333 -180 21 11,946 11,993 -47 296 -343 11,623 11,461 162 212 -50 28 12,094 11,973 121 429 -308 11,572 11,376 196 292 -96 Aug. 4 11,856 11,898 -42 375 -417 11,430 11,275 155 218 -63 11 11,883 11,901 -18 545 -563 11,490 11,320 170 261 -91 18 11,798 11,788 10 372 -362 11,470 11,327 143 132 11 25 11,935 11,896 39 404 -365 11,507 11,339 168 185 -17 Sept. 1 12,182 12,138 44 588 -544 11,526 11,330 196 173 23 8 12,140 12,098 42 324 -282 11,508 11,368 140 130 10 15 11,937 12,013 -76 146 -222 11,544 11,417 127 88 39 22 12,135 12,080 55 231 -176 11,703 11,549 154 157 -3 29 12,165 12,117 48 118 -70 11,743 11,569 174 162 12 Oct. 6 12,011 12,092 -81 234 -315 11,610 11,436 174 108 66 13 12,230 12,106 124 195 -71 11,689 11,511 178 98 80 20? 11,897 11,935 -38 129 -167 11,666 11,572 94 98 -4 27 P 1 Beginning Sept. 12, 1968, amount is based on close-of-business fig- Total reserves held: Based on figures at close of business through Nov. ures for reserve period 2 weeks previous to report date. 1959; thereafter on closing figures for balances with F.R. Banks and opening figures for allowable cash; see also note 3 to preceding table. NOTE.—Averages of daily figures. Monthly data are averages of daily Required reserves: Based on deposits as of opening of business each day. figures within the calendar month; they are not averages of the 4 or 5 Borrowings at F.R. Banks: Based on closing figures. weeks ending on Wed. that fall within the month. Beginning with Jan. 1964, reserves are estimated except for weekly averages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 8 MAJOR RESERVE CITY BANKS • NOVEMBER 1971 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars, except as noted) Basic reserve position Interbank Federal funds transactions U R .S e . la G t o ed vt , t r s a e n cu sa ri c t t i i e o s n d s e w al i e t r h s Gross transactions Net transactions Reporting banks week a e n n d d ing— s E e x r r v c e e e - s s s 1 r a B o t B w a o F n i r n . k R - g s s . F t f i b e r n u N d a a t n e n e e n d t r r k s s a - . l S d u e r o f p i r c l u it s r P r e e e q a s r o e u v c r f i g r e v . e n e d s t c P ha u s r e - s Sales t a w 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 h u f a a y u n n s i r k n e e - s t s g s o b S e f a a l l n n l i e n k e s g s t d L ea o t l a o e n r s s 3 de f r B i a r n o o o l w g e r m s r - - s 4 lo N a e n t s Total—46 banks 1971—Sept. 1. 146 151 6,110 -6,114 47.8 10,329 4,219 3,584 6,745 635 1,593 355 1,238 8. 74 286 7,711 -7,923 60.2 11,763 4,052 3,456 8,307 596 1,867 349 1,518 15. 126 97 8,258 -8,230 62.9 12,323 4,065 3,666 8,657 398 2,174 339 1,835 22. -20 134 8,066 -8,220 63.8 12,397 4,331 4,003 8,394 328 1,876 292 1,587 29. 135 37 6,113 -6,016 46.2 10,537 4,424 3,635 6,902 789 1,504 291 1,213 Oct. 6. 144 34 6,192 -6,082 46.6 10,616 4,424 3,839 6,777 585 1,764 427 1,337 13. -28 214 7,666 -7,908 60.4 12,236 4,570 4,020 8,217 551 1,770 512 1,258 20. 34 112 6,583 -6,661 50.4 10,782 4,199 3,577 7,205 622 1,722 406 1,317 27. 133 205 6,018 -6,091 47.8 10,219 4,201 3,630 6,590 572 1,789 382 1,407 8 in New York City 1971—Sept. 1. 107 99 2,529 -2,521 49.9 3,213 683 683 2,529 1,108 176 932 8. 25 3,897 -3,871 74.0 4,415 518 518 3,897 1,198 194 1,004 15. 78 3,768 -3,691 71.4 4,390 622 621 3,768 1,272 192 1,080 22. -26 3,436 -3,549 70.2 4,219 782 783 3,436 1,078 141 937 29. 97 2,656 -2,559 49.5 3,312 657 657 2,656 961 94 867 Oct. 6. 53 29 1,977 -1,953 37.9 2,897 920 920 1,977 1,095 118 977 13. -1 100 3,078 -3,180 61.4 3,794 716 716 3,078 1,188 118 1,069 20. 31 2,331 -2,362 44.6 3,377 ,047 983 2,395 1,259 110 1,149 27. 158 128 2,166 -2,136 42.7 3,042 877 829 2,213 1,482 125 1,357 38 outside New York City 1971—Sept. 1.... 40 52 3,581 -3,593 46.4 7,116 3,536 2,900 4,216 635 485 179 306 8. .. . 49 286 3,815 -4,052 51.1 7,349 3,534 2,938 4,410 596 669 155 514 15.... 48 97 4,490 -4,540 57.3 7,933 3,443 3,045 4,889 398 901 147 755 22.... 7 49 4,629 -4,672 59.8 8,178 3,549 3,220 4,958 328 801 151 651 29 38 37 3,458 -3,457 44.0 7,225 3,768 2,979 4,247 789 542 197 346 Oct. 6 91 5 4,215 -4,129 52.3 7,719 3,504 2,919 4,800 585 669 310 359 13.... -27 113 4,588 -4,728 59.7 8,443 3,855 3,304 5,139 551 583 394 189 20.... 34 81 4,252 -4,298 54.3 7,405 3,153 2,594 4,810 559 463 296 168 27. . . . -25 77 3,853 -3,955 51.1 7,177 3,325 2,800 4,377 524 307 257 50 5 in City of Chicago 1971—Sept. 1.... 1,280 -1,274 99.9 1,861 581 559 1,302 93 93 8. . .. 1,291 -1,282 99.0 1,905 615 594 1,311 52 52 15.... 1,343 -1,345 101.9 1,892 549 549 1,343 128 128 22.... 1,206 -1,221 95.0 1,833 627 613 1,220 14 86 86 29.... 806 -810 63.0 1,471 665 665 806 93 93 Oct. 6. . . . 1,145 -1,130 87.1 1,731 586 586 1,145 94 94 13. ... 1,474 -1,485 113.9 1,992 517 517 1,474 88 88 20.... 1,213 -1,215 93.6 1,693 480 480 1,213 96 96 27.... 1,361 -1,424 114.6 1,818 457 457 1,361 65 65 33 others 1971—Sept. 1.... 52 2,301 -2,319 35.8 5,256 2,955 2,341 2,914 613 392 179 213 8. . .. 286 2,524 -2,770 41.7 5,443 2,919 2,344 3,100 576 617 155 462 15.... 97 3,147 -3,194 48.4 6,041 2,894 2,496 3,545 398 774 147 627 22.... 39 3,424 -3,450 52.8 6,345 2,922 2,608 3,738 314 715 151 565 29.... 37 2,651 -2,646 40.2 5,754 3,103 2,314 3,441 789 449 197 253 Oct. 6. . . . 5 3,070 -3,000 45.5 5,989 2,918 2,333 3,655 585 575 310 265 13.... 106 3,114 -3,243 49.0 6,451 3,337 2,787 3,664 551 495 394 101 20.... 77 3,039 -3,084 46.6 5,712 2,673 2,114 3,597 559 367 296 72 27.... 23 2,491 -2,531 39.0 5,359 2,868 2,344 3,015 524 242 257 -15 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
NOVEMBER 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 Sees. 13 and 13a i Sec. 10(b) 2 O R c a 1 t 9 t . e 7 3 1 o 1 n , Ef d fe a c t t e i ve Pr r e a v t io e us R O a 1 c 9 t t e . 7 3 1 o 1 n , Ef d fe a c t t e i ve Pr r e a v t io e us R O a 1 c 9 t t . e 7 1 3 o 1 n , Ef d fe a c t t e i ve Pre r v at io e u s Boston July 19, 1971 4V4 5Vi July 19, 1971 5*4 July 19, 1971 63^ P C N h l e e w i v la e Y d la e o n l r d p k h ia.. J J J u u u l l l y y y 2 1 1 3 6 6 , , , 1 1 1 9 9 9 7 7 7 1 1 1 4 4 4 V V V4 a a 5 5 51 1 % / / 2 2 J J J u u u l l l y y y 2 1 1 3 6 6 , , , 1 1 1 9 9 9 7 7 7 1 1 1 5 5 5 1 V V /4 4 4 J J J u u u l l l y y y 2 1 1 3 6 6 , , , 1 1 1 9 9 9 7 7 7 1 1 1 6 6 6 3 3 3 4 4 4 A R t ic la h n m ta o nd J J u u l l y y 2 1 3 9 , , 1 1 9 9 7 7 1 1 4 4 % Va 5 51 V /2 i J J u u l l y y 2 1 3 9 , , 1 1 9 9 7 7 1 1 5 51 V /4 4 J J u u l l y y 2 1 3 9 , , 1 1 9 9 7 7 1 1 6 63 3 / / 4 4 Chicago July 23, 1971 4 y4 51/2 July 23, 1971 514 July 23, 1971 634 St. Louis July 16, 1971 4V4 51/2 July 16, 1971 51/4 July 16, 1971 634 Minneapolis.. July 19, 1971 4VA 51/2 July 19, 1971 5V4 July 19, 1971 634 Kansas City.. July 23, 1971 4Va 5Vi July 23, 1971 5V4 July 23, 1971 634 Dallas July 23, 1971 4Va 51/2 July 23, 1971 5V4 July 23, 1971 63/4 San Francisco July 16, 1971 4Va 51/2 July 16, 1971 51/4 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 Vi 1957—Aug. 9 3 -31/2 3 1965—Dec. 6 4 -41/2 41/2 23 31/2 31/2 13 41/2 41/2 1946—Apr. 25 t Vi-I Nov. 15 3 -31/2 3 May 10 Dec. 2 3 3 1967—Apr. 7 4 -41/2 4 14 4 4 1948—Jan. 12 1 -1V4 1*4 1958—Jan. 22 234-3 3 Nov. 20 4 -41/2 41/2 1 9 1V4 1*4 24 234-3 234 27 41/2 41/2 Aug. 2 1 3 3 11/ W 4- i 1 1/2 Wi Mar. 1 7 3 2 21 1 / 4 4- - 2 3 3 /4 2 21 1 / 4 4 1968—Mar. 2 1 2 5 41/ 5 2 -5 4 5 1 /2 1950—Aug. 2 2 5 1 11/ 1 2 3 - 4 1 34 1 l3 3 4 4 A M p a r y . 2 1 1 9 8 13 2 4 1 1 - 34 2 4 1 4 2 1 1 1 3 3 4 4 4 A A p u r g . . 2 1 1 6 6 9 5 51 4 51 - - 5 5 /2 1 1 / / 2 2 5 5 5 1 1 1 / / / 2 2 2 1953—Jan. 2 1 3 6 l34 2 - 2 2 2 S A e u p g t . . 1 2 1 5 3 2 l l 3 3 4 4 2 - - 2 2 2 2 1 34 Dec. 2 1 3 0 8 0 514 5 5 - 1 1 5 / 4 2 1 /2 5 5 5 1 1 1 / / / 4 2 2 1954—Feb. 1 5 5 l34 l - 3 2 4 l 1 3 3 4 4 N O o ct v . . 2 7 4 2 21 -2 /2 1 /2 2 2 1 /2 1969—Apr. 4 8 51/ 6 2 -6 6 6 A M p a r y . 2 1 1 1 4 6 n 11 / /2 1 2 - * - i 1 4 34 3 4 W 1 11 3 i / 4 2 1959— M Ma a r y . 2 1 9 6 6 2 3 1 / 3 2 - - 3 3 1 /2 3 3 31 /2 1970—Nov. 1 1 1 3 6 1 5 53 3 / 5 4 4 3 - - 6 4 6 5 5 6 3 3 4 4 1955—A M p a r y . 1 1 2 5 4 1IV1/ i 22 3 - 4 -I1 V344 l 1 W 3 3 4 2 4 J S u ep n t e . 1 1 1 1 8 2 31 4 / 3 2 1 - / 4 2 4 4 31 / . 2 Dec. 1 4 1 1 5 51 1 / / 5 2 2 1 - - / 5 5 2 3 3 4 4 5 5 5 1 1 3 / / 4 2 2 A S N e u o p v g t . . . 1 1 1 5 9 4 2 8 3 2 2 2 1 1 1 3 3 4 2 4 4 - 1 - - - - 2 2 2 2 2 4 1 1 1 1 1 / 4 4 4 4 2 2 2 2 2 2 l3 1 1 1 4 / / 4 2 4 1960— S J A u e u p n g t e . . 1 1 1 9 0 2 4 3 , , , , , 3 3 3 1 y / 3 3 2 2 1 - - - 3 4 / 4 2 1 /2 4 3 3 3 3 1 1 / / 2 2 1971—Jan. 2 2 1 1 2 9 5 9 8 .. 5 5 5 1 4 5 5 - 1 - - 5 5 5 4 1 1 1 / 4 4 2 5 5 5 5 5 1 1 1 / 4 4 4 23 21/2 21/2 1963—July 17. 3 -31/2 31/2 Feb. 1 1 9 3 4 4 3 3 4 4 -5 5 43 4 1956—Apr. 13 2i/2-3 234 26. 31/2 31/2 July 16 434-5 5 2 0 234-3 23/4 23 5 5 Aug. 24 234-3 3 1964—Nov. 24. 31/2-4 4 31 3 3 30. 4 4 In effect Oct. 31, 1971 5 5 f Preferential rate of 1/2 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 Sees. 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. 31. 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 • NOVEMBER 1971 RESERVE REQUIREMENTS OF MEMBER BANKS (Per cent of deposits) Dec. 31, 1949, through July 13, 1966 Beginning July 14, 1966 Net demand Net demand Time deposits 4,5 deposits 2 deposits 2>4 (all classes of banks) TTTiiimmmeee dddeeepppooosss--iiitttsss Reserve Country Other EEEffffffeeeccctttiiivvveee dddaaattteee 111 (((aaallllll EEEffffffeeeccctttiiivvveee dddaaattteee 111 city banks banks SSaavv-- time deposits CC rr bb ee ee cc ss aa nn ii ee nn tt tt rr yy rr kk vv aa ss ee ll bb ss cc RR aa ee ii rr nn tt ee vv yy kk -- ee ss CC bbaa oo ttrr nn uu yy kk nn ss -- c b c b c b lll aaa aaa ooo nnn sss fff kkk sss eee sss sss ))) $ U 5 n m de i r l- $ O 5 v m er il - $ U 5 n m de i r l- $ O 5 v m er il - dd ii ee nn ii pp tt gg ss oo ss ss -- $ U 5 n m de i r l- $ O 5 v m er il lion lion lion lion lion lion IInn eeffffeecctt DDeecc.. 3311,, 11994499 222222222222222222222222 1111188888 1111122222 555 1966—July 14, 21 6 I6I/2 6 12 64 64 555 Sept. 8 15 666 11995511——JJaann.. 1111,,1166 222222222222333333333333 1111199999 1111133333 666 JJaann.. 2255,, FFeebb.. 11........ 222222222222444444444444 2222200000 1111144444 11996677——MMaarr.. 22 3333311111/////22222 3333311111/////22222 11995533——JJuullyy 99,,11 222222222222222222222222 1111199999 1111133333 Mar. 16 33333 33333 1954—June 24, 16 222222222222111111111111 55 JJJJuuuullllyyyy 22229999,,,, AAAAuuuugggg.... 1111 222222222222000000000000 11118888 11112222 11996688——JJaann.. 1111,,1188 IIIII66666IIIII/////22222 1111177777 1111122222 111112222211111/////22222 1111999955558888————FFFFeeeebbbb.... 22227777,,,, MMMMaaaarrrr.... 1111................ 111111111111999999999999111111111111////////////222222222222 111177771111////2222 HHHHiiii////2222 MMMMaaaarrrr.... 22220000,,,, AAAApppprrrr.... 1111................ 111111111111999999999999 11117777 11111111 11996699——AApprr.. 1177 1111177777 111117777711111/////22222 111112222211111/////22222 1111133333 AAAApppprrrr.... 11117777 IIIIIIIIIIII888888888888IIIIIIIIIIII////////////222222222222 Apr. 24 111111111111888888888888 II6611//22 11997700——OOcctt.. 11 55555 I960—Sept. 1 111111111111777777777777111111111111////////////222222222222 Nov. 24 1122 IIInnn eeeffffffeeecccttt OOOcccttt... 333111,,, 111999777111...... 111777 111777111///222 111222111///222 111333 333 333 55555 Dec 1 III666III///222 1962—July 28 (((333))) PPPrrreeessseeennnttt llleeegggaaalll Oct. 25, Nov. 1 4444 rrreeeqqquuuiiirrreeemmmeeennnttt::: MMMiiinnniiimmmuuummm 1111100000 77777 33333 33333 33333 Maximum 2222222222 1111144444 1111100000 1111100000 1111100000 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 Regulabanks. For changes prior to 1950 see Board's Annual Reports. tions D and M and appropriate supplements and amendments thereto. 2 Demand deposits subject to reserve requirements are gross demand 5 Effective Jan. 5, 1967, time deposits such as Christmas and vacation deposits minus cash items in process of collection and demand balances club accounts became subject to same requirements as savings deposits. due from domestic banks. 6 See preceding columns for earliest effective date of this rate. 3 Authority of the Board of Governors to classify or reclassify cities as central reserve cities was terminated effective July 28, 1962. NOTE.—All required reserves were held on deposit with F.R. Banks 4 Since Oct. 16, 1969, member banks have been required under Regula- June 21, 1917, until Dec. 1959. From Dec. 1959 to Nov. 1960, member tion M to maintain reserves against balances above a specified base due banks were allowed to count part of their currency and coin as reserves; from domestic offices to their foreign branches. Effective Jan. 7, 1971, the effective Nov. 24, 1960, they were allowed to count all as reserves. For applicable reserve percentage was increased from the original 10 per cent further details, see Board's Annual Reports. to 20 per cent. Regulation D imposes a similar reserve requirement on bor- MARGIN REQUIREMENTS (Per cent of market value) For credit extended under Regulations T (brokers and dealers), U (banks), and G (others than brokers, dealers, or banks) On margin stocks On convertible bonds Beginning Ending On short sales date date (T) 1937--Nov. 1 1945—Feb. 4 40 50 1945--Feb. 5 July 4 50 50 July 5 1946—Jan. 20 75 75 1946--Jan. 21 1947—Jan. 31 100 100 1947--Feb. 1 1949—Mar. 29. 75 75 1949--Mar. 30 1951—Jan. 16 50 50 1951--Jan. 17 1953—Feb. 19. 75 75 1953--Feb. 20 1955—Jan. 3 50 50 1955--Jan. 4 Apr. 22 60 60 Apr. 23 1958—Jan. 15 70 70 1958--Jan. 16 Aug. 4 50 50 Aug. 5 Oct. 15 70 70 Oct. 16 1960—July 27 90 90 1960—July 28 1962—July 9 70 70 1962--July 10 1963—Nov. 5 50 50 1963-—Nov. 6 1968—Mar. 10 70 70 1968-—Mar. 11 June 7 70 50 70 June 8 1 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
NOVEMBER 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 Sav 1 i 2 n g m s o d n e t p h o s s o it r s : m 1 ore.. 4 4 O Sa t v h i e n r g t s i m de e p d os e i p ts o sits:2 41/2 Less than 12 months. 3Vi 31/2 Multiple maturity:3 30-89 days 4 41/2 90 days-1 year... 5 1 year to 2 years.. 5% 2 years and over., 5V4 Single-maturity: 5 Less than $100,000: Other time deposits: 2 30 days to 1 year.. 5 12 months or more. . ., 4 1 year to 2 years.. 51/2 9 6 0 m d o a n y t s h t s o t o 6 m 12 o m nt o h n s t . h . s . 2 3 1 y / 2 2 41/2 5*4 $1 2 0 0 y , e 0 a 0 r 0 s a a n n d d o o v v e e r r . : . 51/2 53/4 Less than 90 days 1 4 30-59 days 5Vi (4) (30-89 days) 60-89 days 5V4 (4) 90-179 days 5Vi 6 63/4 180 days to 1 year. 7 1 year or more. .. 51/2 Wa 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 6 V4 per cent on maturities of those in effect for member banks. DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks Reserve city banks Item mm bb ee aa AA mm nn ll bb kk ll ee ss rr Y N o e r w k C o i f t y Other C b o a u n n k t s r y Item mm bb ee aa AA mm nn ll bb kk ll ee ss rr Y N o e r w k C o i f t y Other C b o a u n n k t s r y* City Chicago City Chicago Four weeks ending Sept. 8, 1971 Four weeks ending Oct. 6, 1971 Gross demand—Total. 189,702 41,675 7,769 67,368 72,890 Gross demand—Total.. 194,776 44,058 7,905 68,510 74,304 Interbank 25,780 12,176 1,442 9,292 2,871 Interbank 26,809 12,916 1,430 9,509 2,954 U.S. Govt 6,374 1,181 298 2,611 2,285 U.S. Govt 6,369 1,106 323 2,489 2,451 Other 157,548 28,319 6,029 55,466 67,735 Other 161,599 30,036 6,152 56,512 68,900 Net demand 1 144,360 25,624 6,161 51,573 61,002 Net demand 1 145,778 26,061 6,114 51,696 61,908 Time 201,446 25,298 7,565 72,263 96,319 Time 203,354 25,201 7,794 73,183 97,175 Demand balances due Demand balances due from domestic banks 10,526 1,101 114 2,496 6,817 from domestic banks. 11,120 1,205 2,745 6,980 Currency and coin.... 5,325 440 107 1,651 3,126 Currency and coin 5,435 433 111 1,719 3,173 Balances with F.R. Balances with F.R. Banks 25,198 5,228 1,300 10,299 8,372 Banks 25,384 5,242 1,315 10,375 8,452 Total reserves held.... 30,523 5,668 1,407 11,950 11,498 Total reserves held 30,819 5,675 1,426 12,094 11,625 Required 30,312 5,648 1,404 11,931 11,329 Required 30,634 5,657 1,424 12,077 11,476 Excess 211 20 3 19 169 Excess 185 18 2 17 149 1 Demand deposits subject to reserve requirements are gross demand NOTE.—Averages of daily figures, close of business, deposits minus cash items in process of collection and demand balances due from domestic banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 12 FEDERAL RESERVE BANKS • NOVEMBER 1971 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month IIIttteeemmm 1971 1971 1970 Oct. 27 Oct. 20 Oct. 13 Oct. 6 Sept. 29 Oct. 31 Sept. 30 Oct. 31 Assets Gold certificate account 9,875 9,875 9,875 9,875 9,875 9,875 9,875 10,819 Special Drawing Rights certificate account 400 400 400 400 400 400 400 400 306 311 304 309 305 318 310 225 Discounts and advances: Member bank borrowings 2,043 496 1,033 190 381 211 198 428 Other Acceptances : Bought outright 55551111 51 55553333 55553333 55550000 52 51 3366 33335555 77775555 33335555 44441111 3377 Federal agency obligations: 99996666 9966 99996666 99996666 66661111 9966 6611 33332222 99998888 33335555 33338888 8888 U.S. Govt, securities: Bought outright: Bills 22229999,,,,222277774444 28,610 22229999,,,,555588884444 22229999,,,,555588884444 22229999,,,,333344443333 29,223 29,584 2244,,003388 Certificates—Other NNootteess 34,719 34,7i9 34,719 34,719 34,719 34,719 34,719 32,758 3,263 3,263 3,263 3,263 3,263 3,263 3,263 2,732 TToottaall bboouugghhtt oouuttrriigghhtt 11 6677,,225566 266,592 ii 6677,,556666 11 6677,,556666 ii 6677,,332255 i 67,205 i 67,566 ii 5599,,552288 HHeelldd uunnddeerr rreeppuurrcchhaassee aaggrreeeemmeennttss 550022 550044 331188 223377 448877 TTTTTTTTToooooooootttttttttaaaaaaaaalllllllll UUUUUUUUU.........SSSSSSSSS......... GGGGGGGGGooooooooovvvvvvvvvttttttttt,,,,,,,,, ssssssssseeeeeeeeecccccccccuuuuuuuuurrrrrrrrriiiiiiiiitttttttttiiiiiiiiieeeeeeeeesssssssss 67,758 66,592 68,070 67,884 67,562 67,205 67,566 60,015 TTTTTTTTToooooooootttttttttaaaaaaaaalllllllll llllllllloooooooooaaaaaaaaannnnnnnnnsssssssss aaaaaaaaannnnnnnnnddddddddd ssssssssseeeeeeeeecccccccccuuuuuuuuurrrrrrrrriiiiiiiiitttttttttiiiiiiiiieeeeeeeeesssssssss 70,015 67,235 69,425 68,293 68,133 67,564 67,876 60,604 CCCCCCCCCaaaaaaaaassssssssshhhhhhhhh iiiiiiiiittttttttteeeeeeeeemmmmmmmmmsssssssss iiiiiiiiinnnnnnnnn ppppppppprrrrrrrrroooooooooccccccccceeeeeeeeessssssssssssssssss ooooooooofffffffff cccccccccooooooooolllllllllllllllllleeeeeeeeeccccccccctttttttttiiiiiiiiiooooooooonnnnnnnnn 211,200 212,118 211,439 211,102 10,441 211,261 9,877 9,120 150 149 150 149 148 150 148 125 OOOOOOOOOttttttttthhhhhhhhheeeeeeeeerrrrrrrrr aaaaaaaaasssssssssssssssssseeeeeeeeetttttttttsssssssss::::::::: DDDDDDDDDeeeeeeeeennnnnnnnnooooooooommmmmmmmmiiiiiiiiinnnnnnnnnaaaaaaaaattttttttteeeeeeeeeddddddddd iiiiiiiiinnnnnnnnn fffffffffooooooooorrrrrrrrreeeeeeeeeiiiiiiiiigggggggggnnnnnnnnn cccccccccuuuuuuuuurrrrrrrrrrrrrrrrrreeeeeeeeennnnnnnnnccccccccciiiiiiiiieeeeeeeeesssssssss 26 37 23 23 23 30 23 408 IIIIIIIIIMMMMMMMMMFFFFFFFFF gggggggggooooooooolllllllllddddddddd dddddddddeeeeeeeeepppppppppooooooooosssssssssiiiiiiiiittttttttteeeeeeeeeddddddddd 333333333 144 144 144 144 144 144 144 187 AAAAAAAAAllllllllllllllllll ooooooooottttttttthhhhhhhhheeeeeeeeerrrrrrrrr 881 840 792 730 680 884 686 871 p92,997 291,109 292,552 291,025 90,149 290,626 89,339 82,759 LLLLLLLLLiiiiiiiiiaaaaaaaaabbbbbbbbbiiiiiiiiillllllllliiiiiiiiitttttttttiiiiiiiiieeeeeeeeesssssssss FFFFFFFFF.........RRRRRRRRR......... nnnnnnnnnooooooooottttttttteeeeeeeeesssssssss 52,352 52,299 52,551 52,179 51,808 52,173 51,758 48,311 DDDDDDDDDeeeeeeeeepppppppppooooooooosssssssssiiiiiiiiitttttttttsssssssss::::::::: MMMMMMMMMeeeeeeeeemmmmmmmmmbbbbbbbbbeeeeeeeeerrrrrrrrr bbbbbbbbbaaaaaaaaannnnnnnnnkkkkkkkkk rrrrrrrrreeeeeeeeessssssssseeeeeeeeerrrrrrrrrvvvvvvvvveeeeeeeeesssssssss 227,193 224,516 225,845 225,189 25,211 225,697 25,424 24,206 UUUUUUUUU.........SSSSSSSSS......... TTTTTTTTTrrrrrrrrreeeeeeeeeaaaaaaaaasssssssssuuuuuuuuurrrrrrrrreeeeeeeeerrrrrrrrr—————————GGGGGGGGGeeeeeeeeennnnnnnnneeeeeeeeerrrrrrrrraaaaaaaaalllllllll aaaaaaaaaccccccccccccccccccooooooooouuuuuuuuunnnnnnnnnttttttttt 1,709 2,148 2,141 1,988 2,021 1,876 2,102 920 156 129 146 165 166 135 166 142 OOOOOOOOOttttttttthhhhhhhhheeeeeeeeerrrrrrrrr::::::::: IIIIIIIIIMMMMMMMMMFFFFFFFFF gggggggggooooooooolllllllllddddddddd dddddddddeeeeeeeeepppppppppooooooooosssssssssiiiiiiiiittttttttt 333333333 144 144 144 144 144 144 144 187 AAAAAAAAAllllllllllllllllll ooooooooottttttttthhhhhhhhheeeeeeeeerrrrrrrrr 544 557 592 575 568 589 633 552 TTTTTTTTToooooooootttttttttaaaaaaaaalllllllll dddddddddeeeeeeeeepppppppppooooooooosssssssssiiiiiiiiitttttttttsssssssss *29,746 f27,494 228,868 228,061 28,110 228,441 28,469 26,007 DDDDDDDDDeeeeeeeeefffffffffeeeeeeeeerrrrrrrrrrrrrrrrrreeeeeeeeeddddddddd aaaaaaaaavvvvvvvvvaaaaaaaaaiiiiiiiiilllllllllaaaaaaaaabbbbbbbbbiiiiiiiiillllllllliiiiiiiiitttttttttyyyyyyyyy cccccccccaaaaaaaaassssssssshhhhhhhhh iiiiiiiiittttttttteeeeeeeeemmmmmmmmmsssssssss 8,594 9,071 8,900 8,366 7,914 7,675 6,738 6,164 OOOOOOOOOttttttttthhhhhhhhheeeeeeeeerrrrrrrrr llllllllliiiiiiiiiaaaaaaaaabbbbbbbbbiiiiiiiiillllllllliiiiiiiiitttttttttiiiiiiiiieeeeeeeeesssssssss aaaaaaaaannnnnnnnnddddddddd aaaaaaaaaccccccccccccccccccrrrrrrrrruuuuuuuuueeeeeeeeeddddddddd dddddddddiiiiiiiiivvvvvvvvviiiiiiiiidddddddddeeeeeeeeennnnnnnnndddddddddsssssssss 583 588 641 616 582 574 627 592 p91,275 289,452 290,960 289,222 88,414 288,863 87,592 81,074 CCCCCCCCCaaaaaaaaapppppppppiiiiiiiiitttttttttaaaaaaaaalllllllll aaaaaaaaaccccccccccccccccccooooooooouuuuuuuuunnnnnnnnntttttttttsssssssss CCCCCCCCCaaaaaaaaapppppppppiiiiiiiiitttttttttaaaaaaaaalllllllll pppppppppaaaaaaaaaiiiiiiiiiddddddddd iiiiiiiiinnnnnnnnn 735 736 733 733 734 736 734 690 702 702 702 702 702 702 702 669 OOOOOOOOOttttttttthhhhhhhhheeeeeeeeerrrrrrrrr cccccccccaaaaaaaaapppppppppiiiiiiiiitttttttttaaaaaaaaalllllllll aaaaaaaaaccccccccccccccccccooooooooouuuuuuuuunnnnnnnnntttttttttsssssssss 285 219 157 368 299 325 311 326 TTTTTTTTToooooooootttttttttaaaaaaaaalllllllll llllllllliiiiiiiiiaaaaaaaaabbbbbbbbbiiiiiiiiillllllllliiiiiiiiitttttttttiiiiiiiiieeeeeeeeesssssssss aaaaaaaaannnnnnnnnddddddddd cccccccccaaaaaaaaapppppppppiiiiiiiiitttttttttaaaaaaaaalllllllll aaaaaaaaaccccccccccccccccccooooooooouuuuuuuuunnnnnnnnntttttttttsssssssss P92,997 291,109 292,552 291,025 90,149 290,626 89,339 82,759 CCCCCCCCCooooooooonnnnnnnnntttttttttiiiiiiiiinnnnnnnnngggggggggeeeeeeeeennnnnnnnnttttttttt llllllllliiiiiiiiiaaaaaaaaabbbbbbbbbiiiiiiiiillllllllliiiiiiiiitttttttttyyyyyyyyy ooooooooonnnnnnnnn aaaaaaaaacccccccccccccccccceeeeeeeeeppppppppptttttttttaaaaaaaaannnnnnnnnccccccccceeeeeeeeesssssssss pppppppppuuuuuuuuurrrrrrrrrccccccccchhhhhhhhhaaaaaaaaassssssssseeeeeeeeeddddddddd fffffffffooooooooorrrrrrrrr 258 251 252 258 260 261 259 238 MMMMMMMMMaaaaaaaaarrrrrrrrrkkkkkkkkkeeeeeeeeetttttttttaaaaaaaaabbbbbbbbbllllllllleeeeeeeee UUUUUUUUU.........SSSSSSSSS......... GGGGGGGGGooooooooovvvvvvvvvttttttttt,,,,,,,,, ssssssssseeeeeeeeecccccccccuuuuuuuuurrrrrrrrriiiiiiiiitttttttttiiiiiiiiieeeeeeeeesssssssss hhhhhhhhheeeeeeeeelllllllllddddddddd iiiiiiiiinnnnnnnnn cccccccccuuuuuuuuussssssssstttttttttooooooooodddddddddyyyyyyyyy fffffffffooooooooorrrrrrrrr fffffffffooooooooorrrrrrrrreeeeeeeeeiiiiiiiiigggggggggnnnnnnnnn aaaaaaaaannnnnnnnnddddddddd iiiiiiiiinnnnnnnnnttttttttteeeeeeeeerrrrrrrrrnnnnnnnnnaaaaaaaaatttttttttiiiiiiiiiooooooooonnnnnnnnnaaaaaaaaalllllllll aaaaaaaaaccccccccccccccccccooooooooouuuuuuuuunnnnnnnnntttttttttsssssssss 22,678 22,377 22,230 21,840 21,323 22,796 21,406 9,941 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank) 53,388 55,381 55,279 55,139 55,212 55,466 55,154 51,652 Collateral held against notes outstanding: 3,145 3,145 3,145 3,145 3,145 3,145 3,145 3,300 53,480 53,480 53,480 53,480 53,480 53,480 53,480 49,755 U.S. Govt, securities 56,625 56,625 56,625 56,625 56,625 56,625 56,625 53,055 Total collateral 1 See note 6 on p. A-5. 3 See note 1 (b) at top of p. A-75. 2 See note 7 on p. A-5. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER 1971 • FEDERAL RESERVE BANKS A 13 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON OCTOBER 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 - m Ri o c n h d - At t l a a n- c C a h g i o - L S ou t. i s M ap i o n l n is e - K C s a a it n s y - Dallas F c S i r s a a c n n o - AAsssseettss GGoolldd cceerrttiiffiiccaattee aaccccoouunntt 9999,,,,888877775555 553333 33,,000066 691 881166 888000666 444999000 11,,882277 116622 23 222666666 331188 937 SSppeecciiaall DDrraawwiinngg RRiigghhttss cceerrttiiff.. aacccctt 444400000000 2233 9933 23 3333 333666 222222 7700 1155 7 111555 1144 49 FF..RR.. nnootteess ooff ootthheerr bbaannkkss 999944448888 113333 114433 50 6655 777444 111888333 4477 2244 35 333999 3377 118 OOtthheerr ccaasshh 333311118888 1111 3311 10 3300 444000 444222 3399 1199 7 222888 1199 42 DDiissccoouunnttss aanndd aaddvvaanncceess:: SSeeccuurreedd bbyy UU..SS.. GGoovvtt,, sseeccuurriittiieess........ 111177778888 66 2200 55 444 444333 8811 22 111333 44 OOtthheerr 33333333 111222 222000 111 Acceptances: 55552222 5522 Federal agency obligations: Bought outright 96 24 5 7 7 5 16 4 2 4 4 13 Held under repurchase agreements.. U.S. Govt, securities: Bought outright 167,205 3,223 17,179 3,506 5,161 4,922 3,475 10,895 2,644 1,302 2,670 3,139 9,089 TToottaall llooaannss aanndd sseeccuurriittiieess 6677,,556644 3,234 1177,,227755 3,511 5,173 4,945 3,543 10,992 2,650 1,304 2,688 3,147 9,102 CCaasshh iitteemmss iinn pprroocceessss ooff ccoolllleeccttiioonn...... 1144,,994433 847 22,,442266 771 1,004 1,071 1,617 2,425 762 710 972 970 1,368 BBaannkk pprreemmiisseess 115500 2 88 3 22 13 16 17 14 20 18 9 8 OOtthheerr aasssseettss:: DDeennoommiinnaatteedd iinn ffoorreeiiggnn ccuurrrreenncciieess.... 3300 22 1122 1 2 2 4 1 1 3 114444 114444 AAAllllll ooottthhheeerrr 888844 65 222200 45 65 63 44 131 32 18 44 40 117 TTToootttaaalll aaasssssseeetttsss 95,256 4,849 23,358 5,105 7,210 7,049 5,959 15,552 3,679 2,125 4,071 4,555 11,744 LLLiiiaaabbbiiillliiitttiiieeesss FFF...RRR... nnnooottteeesss 555333,,,111222111 2,854 111222,,,999666111 3,072 4,342 4,692 2,594 9,278 2,028 890 1,989 2,078 6,343 DDDeeepppooosssiiitttsss::: MMMeeemmmbbbeeerrr bbbaaannnkkk rrreeessseeerrrvvveeesss 222555,,,666999777 1,042 666,,,777111000 1,245 1,743 1,326 1,692 3,807 918 634 1,142 1,510 3,928 UUU...SSS... TTTrrreeeaaasssuuurrreeerrr———GGGeeennneeerrraaalll aaaccccccooouuunnnttt...... 111,,,888777666 90 777555999 80 93 90 94 199 59 70 92 146 104 111333555 6 444 333999 7 12 7 9 20 4 3 5 7 16 OOOttthhheeerrr::: A IIIMMM ll FFF o t ggg h ooo e lll r ddd dddeeepppooosssiiittt 333 555 111 888 444 999 444 11 555 111 222 444 444 444 33 1144 22 44 11 22 22 3366 TTTTToooootttttaaaaalllll dddddeeeeepppppooooosssssiiiiitttttsssss 28,441 1,139 8,176 1,335 1,848 1,437 1,797 4,030 982 707 1,241 1,665 4,084 DDDDDeeeeefffffeeeeerrrrrrrrrreeeeeddddd aaaaavvvvvaaaaaiiiiilllllaaaaabbbbbiiiiillllliiiiitttttyyyyy cccccaaaaassssshhhhh iiiiittttteeeeemmmmmsssss 11,357 747 1,615 578 819 780 1,423 1,885 586 477 744 691 1,012 574 28 146 29 44 42 31 93 23 12 23 26 77 OOOOOttttthhhhheeeeerrrrr llllliiiiiaaaaabbbbbiiiiillllliiiiitttttiiiiieeeeesssss aaaaannnnnddddd aaaaaccccccccccrrrrruuuuueeeeeddddd dddddiiiiivvvvviiiiidddddeeeeennnnndddddsssss 93,493 4,768 22,898 5,014 7,053 6,951 5,845 15,286 3,619 2,086 3,997 4,460 11,516 TTTTToooootttttaaaaalllll llllliiiiiaaaaabbbbbiiiiillllliiiiitttttiiiiieeeeesssss CCCCCaaaaapppppiiiiitttttaaaaalllll aaaaaccccccccccooooouuuuunnnnntttttsssss 736 34 192 38 67 38 50 109 25 17 31 41 94 CCCCCaaaaapppppiiiiitttttaaaaalllll pppppaaaaaiiiiiddddd iiiiinnnnn 702 33 185 36 63 36 47 105 24 16 30 39 88 325 14 83 17 27 24 17 52 11 6 13 15 46 OOOOOttttthhhhheeeeerrrrr cccccaaaaapppppiiiiitttttaaaaalllll aaaaaccccccccccooooouuuuunnnnntttttsssss 95,256 4,849 23,358 5,105 7,210 7,049 5,959 15,552 3,679 2,125 4,071 4,555 11,744 TTTTToooootttttaaaaalllll llllliiiiiaaaaabbbbbiiiiillllliiiiitttttiiiiieeeeesssss aaaaannnnnddddd cccccaaaaapppppiiiiitttttaaaaalllll aaaaaccccccccccooooouuuuunnnnntttttsssss.......... CCCCCooooonnnnntttttiiiiinnnnngggggeeeeennnnnttttt llllliiiiiaaaaabbbbbiiiiillllliiiiitttttyyyyy ooooonnnnn aaaaacccccccccceeeeeppppptttttaaaaannnnnccccceeeeesssss pppppuuuuurrrrrccccchhhhhaaaaassssseeeeeddddd fffffooooorrrrr fffffooooorrrrreeeeeiiiiigggggnnnnn cccccooooorrrrrrrrrreeeeessssspppppooooonnnnnddddd----eeeeennnnntttttsssss 261 12 5 71 13 23 13 17 39 9 6 11 14 33 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank) 5555,,446666 33,,004466 1133,,442211 33,,113388 44,,551100 44,,883355 2,796 99,,556655 22,,112222 925 2,062 22,,223333 6,813 Collateral held against notes outstanding: Gold certificate account 33,,114455 220000 550000 330000 550000 448855 11,,000000 115555 55 UU..SS.. GGoovvtt,, sseeccuurriittiieess 5533,,448800 22,,992200 1133,,000000 33,,000000 44,,110000 44,,441155 2,900 88,,775500 22,,003300 960 2,125 22,,228800 7,000 TToottaall ccoollllaatteerraall 56,625 3,120 13,500 3,300 4,600 4,900 2,900 9,750 2,185 960 2,125 2,285 7,000 1 See note 6 on p. A-5. 5 After deducting $190 million participations of other F.R. Banks. 2 After deducting $18 million participations of other F.R. Banks. 3 See note 1 (b) to table at top of p. A-77. NOTE.—Some figures for cash items in process of collection and for 4 After deducting $96 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 • NOVEMBER 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 MMMooonnnttthhh Exch., c G p h r u a o s r s e - s s G sa r l o e s s s Re t d io e n m s p- c G p h r u a o s r s e - s s G sa r l o e s s s Re t d io e n m s p- c G p h r u a o s r s e - s s G sa r l o e s s s m re s a d h t o e i u f r m t r s i p t , y - c G h p r u a o s r s e - s s G sa r l o e s s s m E s a h x t o u i c r f r h t i s . t y tions 1970—Sept 22222222222222,,,,,,,,,,,,,,666666666666665555555555555577777777777777 22222222222222,,,,,,,,,,,,,,333333333333336666666666666677777777777777 333000888 22222222222222,,,,,,,,,,,,,,444444444444447777777777777744444444444444 22222222222222,,,,,,,,,,,,,,333333333333336666666666666677777777777777 333000888 1177 9900 Oct 222222222222224444444444444455555555555555 111111111111118888888888888833333333333333 111333444 222222222222224444444444444455555555555555 111111111111118888888888888833333333333333 111333444 Nov 22222222222222,,,,,,,,,,,,,,888888888888887777777777777711111111111111 11111111111111,,,,,,,,,,,,,,333333333333339999999999999911111111111111 22222222222222,,,,,,,,,,,,,,777777777777771111111111111155555555555555 11111111111111,,,,,,,,,,,,,,333333333333339999999999999911111111111111 333777 66,,336622 888000 --66,,771122 Dec 33333333333333,,,,,,,,,,,,,,444444444444441111111111111144444444444444 22222222222222,,,,,,,,,,,,,,222222222222228888888888888800000000000000 22222222222222,,,,,,,,,,,,,,888888888888888888888888888833333333333333 22222222222222,,,,,,,,,,,,,,222222222222228888888888888800000000000000 555 333666555 1971—Jan 11111111111111,,,,,,,,,,,,,,555555555555551111111111111155555555555555 11111111111111,,,,,,,,,,,,,,555555555555554444444444444477777777777777 332277 11111111111111,,,,,,,,,,,,,,555555555555551111111111111155555555555555 11111111111111,,,,,,,,,,,,,,555555555555554444444444444477777777777777 332277 Feb 55555555555555,,,,,,,,,,,,,,888888888888883333333333333322222222222222 55555555555555,,,,,,,,,,,,,,111111111111115555555555555533333333333333 55555555555555,,,,,,,,,,,,,,333333333333334444444444444477777777777777 55555555555555,,,,,,,,,,,,,,111111111111115555555555555533333333333333 --33,,773322 111111777777444444 44,,009922 Mar 33333333333333,,,,,,,,,,,,,,111111111111114444444444444422222222222222 22222222222222,,,,,,,,,,,,,,555555555555552222222222222233333333333333 222222444444000000 22222222222222,,,,,,,,,,,,,,666666666666660000000000000000000000000000 22222222222222,,,,,,,,,,,,,,555555555555552222222222222233333333333333 222444000 222222666666333333 Apr 22222222222222,,,,,,,,,,,,,,222222222222222222222222222299999999999999 11111111111111,,,,,,,,,,,,,,222222222222229999999999999988888888888888 555555000000 22222222222222,,,,,,,,,,,,,,000000000000003333333333333333333333333333 11111111111111,,,,,,,,,,,,,,222222222222229999999999999988888888888888 555000 2222 111111111111999999 ----2222 May 11111111111111,,,,,,,,,,,,,,222222222222229999999999999911111111111111 222222222222224444444444444488888888888888 11111111111111,,,,,,,,,,,,,,111111111111116666666666666633333333333333 222222222222224444444444444488888888888888 444466664444 444444666666 ----111133336666 June 11111111111111,,,,,,,,,,,,,,999999999999995555555555555555555555555555 11111111111111,,,,,,,,,,,,,,111111111111116666666666666655555555555555 333333777777******'''''' 11111111111111,,,,,,,,,,,,,,888888888888889999999999999933333333333333 11111111111111,,,,,,,,,,,,,,111111111111116666666666666655555555555555 333777 88882222 333333888888 ----88882222 July 22222222222222,,,,,,,,,,,,,,000000000000006666666666666677777777777777 11111111111111,,,,,,,,,,,,,,666666666666661111111111111177777777777777 111111222222777777 22222222222222,,,,,,,,,,,,,,000000000000006666666666666677777777777777 11111111111111,,,,,,,,,,,,,,666666666666661111111111111177777777777777 111222777 Aug 11111111111111,,,,,,,,,,,,,,888888888888881111111111111188888888888888 11111111111111,,,,,,,,,,,,,,000000000000002222222222222244444444444444 11111111111111,,,,,,,,,,,,,,777777777777770000000000000099999999999999 11111111111111,,,,,,,,,,,,,,000000000000002222222222222244444444444444 999999iii 888444 ---444444444 Sept 22222222222222,,,,,,,,,,,,,,111111111111110000000000000022222222222222 11111111111111,,,,,,,,,,,,,,000000000000008888888888888888888888888888 8833 11111111111111,,,,,,,,,,,,,,888888888888881111111111111188888888888888 11111111111111,,,,,,,,,,,,,,000000000000008888888888888888888888888888 8833 4466 111000444 111888999 ---111000444 Outright transactions in U.S. Govt, securities—Continued Repurchase Bankers' agreements Federal agency acceptances (U.S. Govt, Net obligations (net) 5-10 years Over 10 years securities) change in U.S. Under Govt, repurc G h p r u a o s r s e - s s G sa r l o e s s s o E t s r u h x r i m c f it h t a y s . - c G h p r u a o s r s e - s s G sa r l o e s s s o E t s r u h x r m i c i f t h t a y s . - c G h p r u a o s r s e - s s G sa r l o e s s s se it c i u es r - r O ig u h t- t R a m c g e h e r p a n e u s e t e r s - - r O i n g u e h t t t - , m a c g h n e r a n e e s t t e e s - , 61 16 3,906 3,861 28 50 21 3,465 3,353 40 -14 23 386 16 -36 3,863 4,125 1,218 -27 1 13 113 48 5,109 5,334 908 -61 21 -50 2,298 2,298 -359 189 -360 121 4.183 4,183 679 205 74 6,561 5,242 1,698 186 85 62 16 5,085 6,404 -439 -186 -85 82 -327 4,076 4,076 1,043 48 11 14 1,165 1,165 754 -1 -48 3,044 3,044 323 -7 16 -547* 2.184 1,951 1,027 69 -3 '55* 34 14 3,697 3,930 698 61 -69 -55 i Net change in U.S. Govt, securities, Federal agency obligations, and NOTE.—Sales, redemptions, and negative figures reduce System holdbankers' acceptances. ings; all other figures increase such holdings. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) E pe n r d i o o d f Total P st o e u rl n in d g s s A c u h s il t l r i i n a g n s B fr e a lg n i c a s n C d a o n l a la d r i s a n D kr a o n n is e h r F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e a n Jap y a e n n e se g N u l e a i t l n h d d e e s r r s - 1968—Dec 2,061 1,444 433 165 1 1969—Dec 1,967 1,575 199 60 125 1970—July 290 180 95 Aug 280 180 96 Sept 680 580 96 Oct 408 306 97 Nov 265 161 98 Dec 257 154 98 1971—Jan 186 80 99 Feb 107 * 100 Mar 34 * 27 Apr 34 * 27 May 94 * 87 June 96 * 87 July 23 * 12 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER 1971 • FEDERAL RESERVE BANKS; BANK DEBITS A 15 MATURITY DISTRIBUTION OF LOANS AND U.S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month IIIttteeemmm 1971 1971 1970 Oct. 27 Oct. 20 Oct. 13 Oct. 6 Sept. 29 Oct. 31 Sept. 30 Oct. 31 Discounts and advances—Total 2,043 496 1,033 190 382 211 198 427 Within 15 days. 2,040 492 1,031 189 380 210 196 426 3 4 2 1 2 1 2 1 91 days to 1 year Acceptances—Total 86 51 128 88 91 52 51 73 Within 15 days.- 48 11 84 48 53 12 11 45 16 days to 90 days 38 40 44 40 38 40 40 28 91 days to 1 year U.S. Government securities—Total2 6677,,775588 66,592 6688,,007700 6677,,888844 6677,,556622 67,205 67,566 6600,,001155 Within 15 days* 55,,005555 3,552 44,,224466 44,,116600 44,,449988 6,218 2,575 33,,773311 16 days to 90 days 1177,,222299 17,407 1188,,111100 1188,,002299 1177,,551166 14,849 17,517 1111,,005555 91 days to 1 year 1155,,882222 15,981 1166,,006622 1166,,004433 1155,,889966 16,486 17,822 1133,,770099 Over 1 year to 5 years 2233,,332255 23,325 2233,,332255 2233,,332255 2233,,332255 23,325 23,325 2255,,335566 Over 5 years to 10 years 55,,441111 5,411 55,,441111 55,,441111 55,,441111 5,411 5,411 55,,552244 Over 10 years 991166 916 991166 991166 991166 916 916 664400 Federal agency obligations—Total 112288 96 119944 113311 9999 96 61 8888 Within 15 days1 3322 9988 3355 3388 8888 16 days to 90 days 91 days to 1 year 5555511111 5555511111 5555511111 5555511111 444000 5555511111 444000 Over 1 year to 5 years 2222200000 2222200000 2222200000 2222200000 222111 2222200000 222111 Over 5 years to 10 years 1111188888 1111188888 1111188888 1111188888 1111188888 Over 10 years 77777 77777 77777 77777 77777 1 Holdings under repurchase agreements are classified as maturing 2 Excludes Federal agency obligations held under repurchase agreement, within 15 days in accordance with maximum maturity of the agreements. Total holdings of such obligations (outright and under repurchase agreement) are shown below. BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts1 Turnover of demand deposits (billions of dollars) Period SM T 2 o 3 S t 3 A a l ' s N Le .Y a . d ing S 6 M o S t A h ' e s r s2 T S o N M ( t e a . x S Y l c A . l 2 ) . ' 3 s 2 SM o 2 th 2 S 6 e A r ' s SM T 2 o 3 S t 3 A a l ' s N Le .Y a . d ing S 6 M o S t A h ' e s r s2 T S o N M ( t e a . x S Y l c A . l 2 ) . ' 3 s 2 SM o 2 th 2 S 6 e A r ' s 1970—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 May 11,119.2 4.903.9 2,573.9 6,215.3 3.641.4 76.6 171.2 77.9 53.4 43.7 June 11,815.7 5.202.8 2.765.2 6,612.9 3,847.7 80.1 179.3 82.4 55.8 45.3 July. '11,770.0 5,147.4 2,773.9 '6,622.6 '3,848.8 79.8 178.9 82.7 55.8 '45.2 Aug. '12,369.5 5.704.9 2,795.7 '6,664.7 '3,869.0 83.7 198.7 83.4 56.0 '45.3 Sept. 12.311.6 5,613.7 2.815.3 6,697.9 3.882.5 83.0 191.7 84.0 56.3 45.4 1 Excludes interbank and U.S. Govt, demand deposit accounts. For description of series, see Mar. 1965 BULLETIN, p. 390. 2 Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and The data shown here differ from those shown in the Mar. 1965 BULLETIN Los Angeles-Long Beach. because they have been revised, as described in the Mar. 1967 BULLETIN, p. 389. NOTE.—Total SMSA's includes some cities and counties not designated as SMSA's. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 16 U.S. CURRENCY • NOVEMBER 1971 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency End of period in circulation 1 Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1.404 1.048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 195 8 32,193 22,856 2,182 1,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 195 9 32.591 23,264 2,304 1,511 85 2,216 6.672 10,476 9,326 2,803 5,913 261 341 3 5 196 0 32,869 23,521 2,427 1,533 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 196 1 33,918 24,388 2,582 1,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 3 10 196 2 35,338 25,356 2,782 1,636 97 2,375 7,071 11,395 9,983 2,990 6,448 240 293 3 10 196 3 37,692 26,807 3,030 1,722 103 2,469 7,373 12,109 10,885 3,221 7,110 249 298 3 4 196 4 39,619 28,100 3.405 1,806 111 2,517 7,543 12,717 11,519 3,381 7,590 248 293 2 4 196 5 42,056 29,842 4,027 1,908 127 2,618 7,794 13,369 12,214 3,540 8,135 245 288 3 4 196 6 44,663 31,695 4,480 2,051 137 2,756 8,070 14,201 12,969 3,700 8,735 241 286 3 4 196 7 47,226 33,468 4,918 2,035 136 2,850 8,366 15,162 13,758 3,915 9,311 240 285 3 4 196 8 50,961 36,163 5,691 2.049 136 2,993 8,786 16,508 14,798 4,186 10,068 244 292 3 4 196 9 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—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 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 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 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 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 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 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 Aug. 58,904 40,442 6,537 2,267 136 3,058 9,045 19,398 18,462 5,162 12,845 207 241 2 Sept. 58,797 40,284 6,556 2,273 135 3,053 8,987 19,279 18,514 5,155 12,906 206 240 2 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 TTToootttaaalll,,, ooouuuttt--- HHHeeelllddd bbbyyy ssstttaaannndddiiinnnggg,,, AAss sseeccuurriittyy FFoorr FFF...RRR... 1971 1970 Kind of currency SSSeeepppttt... 333000,,, aaggaaiinnsstt TTrreeaassuurryy FF..RR.. BBBaaannnkkksss 111999777111 ggoolldd aanndd ccaasshh BBaannkkss aaannnddd ssiillvveerr aanndd AAAgggeeennntttsss Sept. Aug. Sept. cceerrttiiffiiccaatteess AAggeennttss 30 31 30 Gold 1111100000,,,,,111113333322222 ((99,,887755)) 22 225577 Gold certificates (((((99999,,,,,888887777755555))))) 33 99,,887744 iiii Federal Reserve notes 5555555555,,,,,111115555555555 111333333 3333,,,,333399998888 555111,,,666222555 555111,,,777555000 444888,,,000000333 Treasury currency—Total. . 77777,,,,,555555555555555 777444 333300009999 777,,,111777222 777,,,111555444 666,,,777999222 Standard silver dollars... 444444888888555555 33333 448822 448822 448822 Nonsilver dollars 555555111111 1111111111 444000 Fractional coin 666666,,,,,,444444000000111111 5555588888 222666888 6666,,,,000077774444 6666,,,,000055555555 5555,,,,777711111111 United States notes 333333222222333333 11111 333322221111 333322222222 333300000000 In process of retirement4 222222999999555555 222299995555 222299995555 222299999999 Total—Sept. 30, 1971 5555 77772222,,,,888844443333 ((((9999,,,,888877775555)))) 444466663333 9999,,,,888877774444 3333,,,,777700008888 5588,,779977 Aug. 31, 1971 5555 77772222,,,,888800002222 ((((9999,,,,888877775555)))) 444466668888 9999,,,,888877774444 3333,,,,555555556666 5588,,990044 Sept. 30, 1970 5555 66669999,,,,666666662222 ((((11110000,,,,888811119999)))) 444444447777 11110000,,,,888811118888 3333,,,,666600003333 5544,,779955 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
NOVEMBER 1971 • MONEY STOCK A 17 MEASURES OF THE MONEY STOCK (In billions of dollars) Seasonally adjusted Not seasonally adjusted r Month or week MO Mz Mi Mz Mi (Mi plus time (M2 plus deposits Mi (ML 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 183.1 345.7 528.8 188.6 350.1 533.3 1968—Dec 197.4 378.0 572.6 203.4 383.0 577.5 1969—Dec 203.7 386.8 588.4 209.8 392.0 593.5 1970—Oct 213.1 412.0 624.0 213.1 411.9 623.6 Nov 213.6 414.3 628.1 215.4 414.9 628.1 Dec 214.8 418.2 634.1 221.2 423.5 639.4 1971—Jan 215.3 423.1 642.5 221.4 428.3 647.9 Feb 217.7 430.4 653.7 215.6 427.8 650.8 Mar 219.7 437.1 664.2 217.5 435.7 663.2 Apr 221.2 441.5 672.9 222.3 443.7 675.6 May 223.8 446.6 681.5 219.9 443.7 678.6 June 225.5 450.6 688.3 223.7 449.1 687.5 July 227.4 453.4 694.2 226.0 451.9 693.3 Aug 228.0 454.5 697.9 224.9 451.3 694.4 Sept 227.4 455.4 701.2 226.0 454.1 699.5 Oct. p 227.3 457.8 706.3 227.1 457.6 705.8 Week ending— 1971—Oct. 6 226.9 456.5 227.0 456.7 13 227.2 457.0 226.9 456.7 20 227.0 457.0 227.0 457.7 27 227.7 458.8 226.3 457.3 Nov. 3 222277..11 445588..66 222299..11 446600..44 COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS (In billions of dollars) Seasonally adjusted r Not seasonally adjusted r Commercial banks Commercial banks UUUU....SSSS.... MMMMoooonnnntttthhhh NNNooonnn--- NNNooonnn--- GGGGoooovvvvtttt,,,, oooorrrr bbbaaannnkkk bbbaaannnkkk ddddeeeeppppoooossss---wwwweeeeeeeekkkk CCCuuurrr--- DDee-- Time and savings ttthhhrrriiifffttt CCCuuurrr--- DDee-- Time and savings ttthhhrrriiifffttt iiiittttssss 5555 rrreeennncccyyy mmaanndd deposits iiinnnssstttiiitttuuu--- rrreeennncccyyy mmaanndd deposits iiinnnssstttiiitttuuu--ddeeppooss-- tttiiiooonnnsss 444 ddeeppooss-- tttiiiooonnnsss 444 iittss iittss CD's 3 Other Total CD's 3 Other Total 1967—Dec 40.4 142.7 20.8 162.6 183.4 183.1 41.2 147.4 20.6 161.5 182.1 183.1 5.0 1968—Dec 43.4 154.0 23.6 180.6 204.2 194.6 44.3 159.1 23.6 179.6 203.2 194.6 5.0 1969—Dec 46.0 157.7 11.0 183.2 194.1 201.5 46.9 162.9 11.1 182.1 193.2 201.5 5.6 1970—Oct 48.5 164.6 22.6 198.9 221.5 212.0 48.5 164.6 23.2 198.8 222.0 211.7 6.2 Nov 48.7 164.9 23.6 200.6 224.2 213.9 49.2 166.3 24.6 199.5 224.1 213.2 5.7 Dec 49.0 165.8 25.5 203.4 228.9 215.9 50.0 171.3 25.8 202.3 228.0 215.9 7.3 1971—Jan 49.3 166.0 26.6 207.8 234.4 219.4 49.1 172.3 27.0 206.9 233.8 219.6 6.8 Feb 49.7 168.0 27.5 212.7 240.2 223.3 49.1 166.5 27.4 212.2 239.6 223.0 8.4 Mar 50.0 169.7 28.1 217.4 245.4 227.1 49.5 168.0 28.0 218.2 246.2 227.5 5.5 Apr 50.5 170.7 27.8 220.3 248.1 231.4 50.1 172.3 27.1 221.4 248.5 231.9 5.5 May 50.8 173.0 28.5 222.8 251.3 234.9 50.5 169.4 27.6 223.8 251.4 234.8 7.8 June 51.1 174.5 29.4 225.0 254.4 237.7 51.0 172.7 28.4 225.4 253.8 238.4 5.3 July 51.6 175.8 30.4 225.9 256.4 240.9 51.9 174.1 29.5 226.0 255.5 241.4 6.8 Aug 51.7 176.3 30.8 226.5 257.3 243.4 51.9 173.0 31.2 226.9 258.1 243.0 6.8 Sept 51.9 175.5 31.6 228.0 259.6 245.7 51.9 174.1 32.1 228.1 260.3 245.4 7.5 Oct 52.2 175.1 32.7 230.5 263.2 248.5 52.2 174.9 33.6 230.5 264.1 248.2 5.2 Week ending— 1971—Oct. 6 52.0 174.9 32.7 229.6 262.3 52.2 174.9 33.3 229.6 263.0 7.1 13 5555522222.....11111 111117777755555.....00000 3333322222.....99999 222222222299999.....88888 222226666622222.....77777 5555522222.....55555 111117777744444.....33333 3333333333.....99999 222222222299999.....99999 222226666633333.....88888 44444.....11111 20 5555522222.....11111 111117777744444.....99999 3333322222.....99999 222223333300000.....77777 222226666633333.....66666 5555522222.....11111 111117777744444.....99999 3333333333.....77777 222223333366666.....66666 222226666644444.....44444 44444.....11111 27 5555511111.....33333 111117777755555.....44444 3333322222.....77777 222223333311111.....22222 222226666633333.....99999 5555511111.....99999 111117777744444.....33333 3333333333.....77777 222223333311111.....11111 222226666644444.....77777 55555.....88888 Nov. 3 5555522222.....11111 111117777755555.....00000 3333322222.....11111 222223333311111.....55555 222226666633333.....66666 5555522222.....00000 111117777777777.....11111 3333333333.....22222 222223333311111.....44444 222226666644444.....66666 55555.....44444 1 Includes, in addition to currency and demand deposits, savings de- NOTE.—For description of revised series and for back data, see pp. 880posits, time deposits open account, and time certificates of deposits other 93 of this BULLETIN. 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 Mi, 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 • NOVEMBER 1971 AGGREGATE RESERVES AND MEMBER BANK DEPOSITS (In billions of dollars) Member bank reserves, S.A.1 Deposits subject to reserve requirements2 TToottaall mmeemmbbeerr bbaannkk ddeeppoossiittss pplluuss nnoonnddeeppoossiitt S.A. N.S.A. iitteemmss 33 PPPPeeeerrrriiiioooodddd TTToootttaaalll NNNooonnn--- Demand Demand bbbooorrrrrrooowwweeeddd RRReeeqqquuuiiirrreeeddd TTiimmee TTiimmee TToottaall aanndd TToottaall aanndd SS..AA.. NN..SS..AA.. ssaavviinnggss Private U.S. ssaavviinnggss Private U.S. Govt. Govt. 1967—Dec 2255..9944 2255..6688 2255..6600 227733..55 114499..99 111188..99 44..66 227766..22 114488..11 112233..66 44..55 1968—Dec 2277..9966 2277..2222 2277..6611 229988..22 116655..88 112288..22 44..22 330011..22 116633..88 113333..33 44..11 1969—Dec 27.93 26.81 27.71 285.8 151.5 129.4 4.9 288.6 149.7 134.4 4.6 305.7 308.6 1970—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 29.23 314.1 175.7 132.3 6.1 312.8 174.9 133.4 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 31.65 30.87 31.47 347.1 199.9 141.1 6.1 344.6 200.8 138.1 5.8 351.0 348.6 Sept 32.07 31.63 31.91 349.6 202.9 140.3 6.3 348.2 202.7 139.2 6.3 353.6 352.2 OctJ> 31.64 31.29 31.46 349.9 205.6 139.8 4.5 350.2 205.9 140.1 4.3 354.7 355.1 1 Averages of daily figures. Data reflect percentages of reserve require- 3 Total member bank deposits subject to reserve requirements, plus ments made effective Apr. 17, 1969. Required reserves are based on Euro-dollar borrowings, bank-related commercial paper, and certain average deposits with a 2-week lag. other nondeposit items. This series for deposits is referred to as "the 2 Averages of daily figures. Deposits subject to reserve requirements in- adjusted bank credit proxy." clude total time and savings deposits and net demand deposits as defined by Regulation D. Private demand deposits include all demand deposits ex- NOTE.—Due to changes in Regulations M and D, required reserves cept those due to the U.S. Govt., less cash items in process of collection include increases of approximately $400 million since Oct. 16, 1969. and demand balances due from domestic commercial banks. Effective June Back data may be obtained from the Banking Section, Division of Research 9, 1966, balances accumulated for repayment of personal loans were elim- and Statistics, Board of Governors of the Federal Reserve System, Washinated from time deposits for reserve purposes. Jan. 1969 data are not ington, D.C. 20551. comparable with earlier data due to the withdrawal from the System on Jan. 2, 1969, of a large member bank. LOANS AND INVESTMENTS (In billions of dollars) Seasonally adjusted Not seasonally adjusted DDDaaattteee Securities Securities TToottaall ii,,22 LLooaannss11,, 22 TToottaall 11,,22 LLooaannss11,, 22 G U o . v S t . . Other 2 G U o . v S t . . 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—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. 28 449.2 295.4 60.2 93.7 449.3 295.1 60.0 94.2 May 26 453.9 298.9 60.0 95.0 451.8 298.2 58.8 94.9 June 30 458.7 299.2 62.9 96.6 462.8 305.2 60.3 97.4 July 28 461.3 301.7 61.8 97.9 461.2 303.8 59.3 98.2 Aug. 25 466.5 307.4 61.6 97.6 463.2 306.5 58.7 98.1 Sept. 29*> 470.1 310.4 60.7 99.0 469.4 310.8 58.7 99.9 Oct. 27p 473.9 313.7 59.2 101.0 473.4 312.0 60.0 101.3 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 note: 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-9< $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; dat« are now reported gross, without valuation reserves deducted, rather than are partly or wholly estimated except when June 30 and Dec. 31 are cal 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
NOVEMBER 1971 • BANKS AND THE MONETARY SYSTEM A 19 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, Date c c s G S e a a t r D o t n o e t c d l R i s d k f i i - T r s o c e t r u i u n u a n e r r g n a t c y - - y s d - - Total Lo n a 2 e 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 u ry R F se e e c d se u e r r r v a it e l i es Other3 O r se i t t c h ie u e s - r c l T a n i i a n p a e t o n i b t e i t e t — d t a i s a l l - l , c d u T e r a p o r n o e t d a s n i l c t s y c C o m a a n a u n p i e c n s d i t - c t t a . s , l banks Banks 1947—Dec. 31.. 22,754 4,562 160,832 43,023 107,086 81.199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30.. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,008 184,384 14,624 1967—Dec. 30.. 11,982 6,784 468,943 282,040 117,064 66,752 49,112 1,200 69,839 487,709 444,043 43,670 1968—Dec. 31. . 10,367 6,795 514,427 311,334 121,273 68,285 52,937 51 81,820 531,589 484,212 47,379 1969—Dec. 315. 10,367 6,849 532,663 335,127 115,129 57,952 57,154 23 82,407 549,879 485,545 64,337 1970—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 7,300 589,300 351,100 128,300 63,400 64,000 900 110,000 607,800 544,300 63,400 May 26. . 10,700 7,400 594,700 355.300 128,100 62.200 64,900 900 111,300 612,800 550,400 62,300 June 30. . 10,732 7,420 608,204 363.301 130,479 63,565 65,518 1,396 114,424 626,356 560,032 66,324 July 28.. 10,700 7,400 605,300 360,100 129,700 62,800 65,800 1,100 115,400 623,400 559,500 64,000 Aug. 25. . 10,500 7,500 611,300 365,700 130,000 62,200 66,400 1,400 115,600 629,300 563,500 65,800 Sept. 29? 10,500 7,500 617,000 368,100 131,300 62,200 67,600 1,600 117,500 635,000 567,500 67,600 Oct. 21p 10,500 7,600 623,100 370,200 133,800 63,500 67,800 2,500 '19,100 641,200 571,000 70,200 DETAILS OF DEPOSITS AND CURRENCY Money stock Related deposits (not seasonally adjusted) Seasonally adjusted ( Not seasonally adjusted Time U.S. Government Total o b r u C a e t n u n s c i r k d y - s e d j m u e D p a s a t d o e e n s - - d d it 7 s Total o b r u C e a t n u n s c i r k d y - s e d j m e u 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 - 8 l 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 F e i o g t r n 1 - , 0 T h c i u r n o a e r l g s a d y h s s - - s b c a a o a A v n m n i t d n k l g . s s B F a A . n R t k . s 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—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. . 207,200 48,900 158,300 207,400 48,500 158,800 324,200 248,300 75,900 2,300 500 8,600 1,400 May 26.. 212,400 49,500 162,900 209,900 49,400 160,500 328,400 251,700 76,800 2,300 500 8,500 900 June 30. . 217,900 50,000 167,900 215,010 50,491 164,519 331,873 253,651 78,222 2,482 454 8,939 1,274 July 28.. 213,900 50,400 163,500 213,700 50,500 163,200 334,000 255,800 78,200 2,500 500 7,400 1,400 Aug. 25.. 214,700 50,300 164,400 213,000 50,600 162,300 336,300 257,700 78,600 2,500 500 10,000 1,400 Sept. 29?. 213,800 50,400 163,400 212,400 50,500 161,900 340,700 261,400 79,400 2,400 500 9,500 2,000 Oct. 27». . 215,400 51,000 164,400 216,300 50,900 165,400 343,600 263,600 80,000 2,500 500 6,500 1,700 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 liadeposits" and deducted from "Loans" at all commercial banks. These bilities. changes resulted from a change in Federal Reserve regulations. See table !0 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 footnote 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 estiof 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 Aug. 1969, pp. 642-46. 7 Other than interbank and U.S. Govt., less cash items in process of collection. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 20 COMMERCIAL BANKS • NOVEMBER 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 AH commercial banks: 1941—Dec. 31... 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10, >82 44. 1349 15,952 23 7,173 14,278 1945—Dec. 31 .. . 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14, () 65 105 ,921 30,241 219 8,950 14,011 1947—Dec. 31 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-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... 467,030 312,840 60,030 94,160 88,680 578,200 479,640 26,430 2,020 8,150 194,310 248,730 24,070 43,740 13,717 May 26... 469,010 315,380 58,770 94,860 84,530 576,610 478,570 24,400 2,080 7,900 191,930 252,260 23,390 43,910 13,720 June 30... 480,524 322,886 60,254 97,383 96,141 599,429 503,018 31,313 2,207 8,412 206,918 254,168 22,547 45,311 13,729 July 28... 478,300 320,870 59,280 98,150 85,880 587,470 489,140 26,650 2,030 6,790 197,310 256,360 24,050 44,800 13,734 Aug. 25. .. 482,230 325,450 58,720 98,060 85,300 591,080 491,180 26,380 2,110 9,390 195,020 258,280 24,620 44,980 13,739 Sept. 29*. . 489,640 331,000 58,740 99,900 88,180 602,070 497,530 27,050 2,500 8,920 197,180 261,880 26,850 45,110 13,754 Oct. 27 v. . 491,270 329,910 60,020 101,340 95,590 610,880 505,960 28,950 2,610 5,940 204,350 264,110 27,240 45,530 13,754 Member of F.R. System: 1941—Dec. 31 ... 43,521 18,021 19,539 5,961 23,113 68,121 61,717 10,385 140 1,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31 ... 107,183 22,775 78,338 6,070 29,845 138,304 129,670 13,576 64 22,179 69,640 24,210 208 7,589 6,884 1947—Dec. 31... 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,353 50 1,176 80,609 28,340 54 8,464 6,923 1966—Dec. 31... 263,687 182,802 41,924 38,960 60,738 334,559 291,063 18,788 794 4,432 138,218 128,831 4,618 26,278 6,150 1967—Dec. 30... 293,120 196,849 46,956 49,315 68,946 373,584 326,033 20,811 1,169 4,631 151,980 147,442 5,370 28,098 6,071 1968—Dec. 31 .. . 325,086 220,285 47,881 56,920 73,756 412,541 355,414 23,519 1,061 4,309 163,920 162,605 8,458 30,060 5,978 1969—Dec. 31 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—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 30... 378,233 259,530 44,038 74,665 84,743 482.225 400,973 29,965 1,980 6,984 165,827 196,218 21,700 35,822 5,736 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 Sept. 29'. . 385,391 266,575 42,369 76,447 77,361 483,064 394,598 25,829 2,274 7,369 157,000 202,126 25,843 35,827 5,724 Oct. 27v.. 386,028 264,847 43,586 77,595 83,963 490,047 401,167 27,616 2,385 4,840 162,600 203,726 26,203 36,179 5,724 Reserve city member: New York City:» 1941—Dec. 31 ... 1122,,889966 44,,007722 77,,226655 11,,555599 6,637 1199,,886622 1177,,993322 44,,220022 6 866 1122,,005511 807 11,,664488 3366 1945—Dec. 31 .. . 2266,,114433 77,,333344 1177,,557744 11,,223355 6,439 3322,,888877 3300,,112211 44,,664400 17 6,940 1177,,228877 1,236 195 22,,112200 3377 1947—Dec. 31 ... 2200,,339933 77,,117799 1111,,997722 11,,224422 7,261 2277,,998822 2255,,221166 44,,445533 12 267 1199,,004400 1,445 30 22,,225599 3377 1966—Dec. 31 .. . 46,536 35,941 4,920 5,674 14,869 64,424 51,837 6,370 467 1,016 26,535 17,449 1,874 5,298 12 1967—Dec. 30... 52,141 39,059 6,027 7,055 18,797 74,609 60,407 7,238 741 1,084 31,282 20,062 1,880 5,715 12 1968—Dec. 31 .. . 57,047 42,968 5,984 8,094 19,948 81,364 63,900 8,964 622 888 33,351 20,076 2,733 6,137 12 1969—Dec. 31 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—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 30... 61,059 47,243 5,116 8,700 26,200 92,767 73,710 15,221 937 1,199 32,816 23,536 4,531 6,860 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 Sept. 29... 61,997 48,700 4,713 8,584 23,254 90,982 68,633 12,471 1,013 1,283 29,229 24,637 6,818 7,061 12 Oct. 27... 61,734 47,971 5,088 8,675 24,405 91,671 68,923 13,005 1,086 710 29,561 24,561 6,748 7,207 12 For notes see p. A-23. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER 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 Total Class of bank lia- Bor- capital and date Cash bilities row- ac- Total Loans assets 3 and Demand ings counts U.S. capital Total3 Treas- Other ac- De- Time Times ury counts4 mand U.S. Govt. Other Reserve city member (cont.) City of Chicago: ».9 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 1945—Dec. 31 5,931 I,333 4,213 385 1,489 7,459 7,046 1.312 ,552 3,462 719 1947—Dec. 31 5,! 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 1966—Dec. 31... 11,802 8,756 1,545 1,502 2,638 14,935 12,673 1.433 25 310 6,008 4,898 484 1967—Dec. 30... 12.744 9,223 1,574 1,947 2,947 16,296 13,985 1.434 21 267 6,250 6,013 383 1968—Dec. 31... 14,274 10,286 1,863 2,125 3,008 18,099 14,526 1,535 21 257 6,542 6,171 682 1969—Dec. 31 14,365 10,771 1.564 2,030 2,802 17,927 13,264 1,677 15 175 6,770 4,626 1,290 1970—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 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 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 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 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 Mar. 31. 16,056 II,345 2,179 2,532 2,695 19,609 14,665 2,074 130 168 5,598 6,695 1,961 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 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 June 30. 16,477 11,777 1,736 2,964 3,080 20,477 15,636 1,489 85 317 6,648 7,097 2,359 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 Aug. 25. 16,346 12,113 1,528 2,705 3,089 20,364 15,234 1,365 142 380 5,997 7,350 2,447 Sept. 29. 16,704 12,273 1,671 2,760 2,756 20,438 15,571 1,339 191 374 6,028 7,639 1,952 Oct. 27. 16,526 11,938 1,732 2,856 3,576 21,049 15,933 1,553 228 240 6,386 7,526 2,462 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 1945—Dec. 31 40,108 8,514 29,552 •2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 1947—Dec. 31 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,990 11,423 1 1966—Dec. 31... 95,831 69,464 13,040 13,326 24,228 123,863 108,804 8,593 233 1,633 49,004 49,341 1,952 1967—Dec. 30... 105.724 73,571 14,667 17,487 26,867 136,626 120,485 9,374 310 1,715 53,288 55,798 2,555 1968—Dec. 31... 119,006 83,634 15,036 20,337 28.136 151,957 132,305 10,181 307 1,884 57,449 62,484 4,239 1969—Dec. 31 121,324 90,896 11,944 18,484 29,954 157.512 126,232 10,663 242 1,575 58,923 54,829 9,881 1970—Oct. 28.. 126,646 91,973 13,299 21,374 25,157 158,316 127,238 9,032 599 2,138 51,709 63,760 9,380 Nov. 25.. 126,943 91.301 13,789 21,853 26,774 160,182 129,249 9,213 561 1,977 52,625 64,873 9,711 Dec. 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 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 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 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 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 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 June 30.. 137,326 97,061 14,552 25,713 30,901 175,607 142,776 10,166 735 2,954 57,622 71,299 12,153 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 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 Sept. 29. . 140,060 100,339 13,121 26,600 27,832 175,407 140,334 9,237 846 2,982 54,557 72,712 13,927 Oct. 27.. 139,515 98,621 13,810 27,084 30,995 177,945 143,113 10,006 847 1,963 56,832 73,465 13,732 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 1945—Dec. 31.. 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 17 5,465 24,235 12,494 11 1947—Dec. 31.. 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,056 17 432 28,378 14.560 23 1966—Dec. 31 .. 109,518 68,641 22,419 18,458 19,004 131,338 117,749 2,392 69 1,474 56,672 57,144 308 1967—Dec. 30.. 122,511 74,995 24,689 22,826 20,334 146,052 131,156 2,766 96 1,564 61,161 65,569 552 1968—Dec. 31 .. 134,759 83,397 24,998 26,364 22,664 161,122 144,682 2,839 111 1,281 66,578 73,873 804 1969—Dec. 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 1970—Oct. 28.., 147,728 95,679 21,311 30,738 21,606 174,556 151,062 2,572 81 2,123 62,818 83,468 2,350 Nov. 25.. 149,070 96,503 21,570 30,997 22,516 176,920 153,125 2,652 81 1,879 64,353 84,160 2,273 Dec. 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 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 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 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 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 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 June 30.. 163,371 103,449 22,634 37,289 24,563 193,374 168,852 3,087 224 2,512 68,742 94,286 2,656 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 Aug. 25.. 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 Sept. 29.. 166,630 105,263 22,864 38,503 23,519 196,237 170.060 2,782 224 2,730 67,186 97,138 3,146 Oct. 27^. 168,253 106,317 22.956 38,980 24,987 199,382 173,198 3,052 224 1,927 69,821 98,174 3,261 For notes see p. A-23. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 22 COMMERCIAL BANKS • NOVEMBER 1971 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Classification by Securities Total Interbank 3 Other FRS membership Cash lia- Bor- Total Numand FDIC assets 3 bilities row- capital ber insurance Total and Total 3 Demand ings of U.S. Other capital De- Time banks Treas- ac- mand Time ury counts4 U.S. Other Govt. Insured banks: Total: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,298 15,699 10 6,844 13,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544| 147,775 13,883 23,740 80,276 29,876 215 8,671 13,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,615| 54 1,325 92,975 34,882 61 9,734 13,398 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 18,149j 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 Dec. 31.. 419,746 294,638 54,399 70,709 89,090 527,598 434,138 26,858 695 5,038 207,311 194,237 18,024 39,450 1970—June 30.. 421,141 294,963 51,248 74,929 84,885 526,484 431,094 26,017 829 8,040 191,752 204,456 18,215 41,159 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 1971—June 30.. 478,302 321,575 59,991 96,735; 95,181 595,819 501,283 30,953 2,166 8,391 205,736' 254,036 22,297 44,816 National member: 1941 —Dec. 31.. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 4 3,640 1945—Dec. 31.. 69,312 13,925 51,250 4,137I 20,144 90,220 84,939 9,229 14,013 45,473! 16,224 78 4,644 1947—Dec. 31.. 65,280 21,428j 38,674 5,178 22,024 88,182 82,023 3,375; 35 795 53,541j 19,278 45 5,409 1963—Dec. 20.. 137,447 84,845 33,384 19,218' 28,635 170,233 150,823 8,863! 146 3,691 76,836 61,288 1,704 13,548 1964—Dec. 31.. 151,406 96,688 33,405 21,312 34,064 190,289 169,615 10,5211 211 3,604 84,534 70,746 1,109 15,048 1965—Dec. 31.. 176,605 118,537 32,347 25,720 36,880 219,744 193,860 12,064 458 3,284 92,533| 85,522 2,627 17,434 I 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 52,271 105,800 251,489 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 3? 3,927 256,314 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 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 1971—June 30.. 281,830 192,339 33,759 55,732 57,244 352,807 294,025 16,575; 1,441 5,118 121,096 149,795 15,629 25,999 State member: 1941—Dec. 31.. 15,950 6,295| 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 1 2,246 1945—Dec. 31.. 37,871 8,850 27,089 1,933! 9,731 48,084 44,730 4,411 8,166 24,168 7,986 130 2,945 1947—Dec. 31.. 32,566 11,200! 19,240 2,125| 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1963—Dec. 20.. 72,680 46,866^ 15,958 9,855* 15,760 91,235 78,553 5,655! 236 2,295 40,725 29,642 1,795 7,506 1964—Dec. 31.. 77,091 51,002 15,312 10,777 18,673 98,852 86,108 6,486 453 2,234 44,005 32,931 1,372 7,853 1965—Dec. 31.. 74,972 51,262 12,645 11,065 15,934 93,640 81,657 5,390! 382 1,606 39,598 34,680 1,607 7,492 1966—Dec. 31., 77,377 54,560 11,569 11,247 19,049 99,504 85,547 6,200; 357 1,397 41,464 36,129 1,498 7,819 1967—Dec. 30.. 85,128 58,513 12,649 13,966 22.312 111,188 95,637 6,934 516 1,489 45,961 40,736 1,892 8,368 1968—Dec. 31. 89,894 61,965 12,581 15,348 22,803 116,885 98,467 8,402 404 1,219 47,498 40,945 2,535 8,536 1969—June 307. 88,346 64,007 9,902 14,437 26,344 119,358 93,858 9,773 285 1,341 45,152 37,307 4,104 8,689 Dec. 31. 90,088 65,560 10,257 14,271 24.313 119,219 94,445 9,541 248 1,065 48,030 35,560 5,116 8,800 1970—June 30. 88,404 64,439 9,133 14,832 23,598 117,209 91,967 10,175 299 1,891 42,620 36,983 4,457 9,078 Dec. 31. 94,760 66,963 11,196 16,600j 25,472 125,460 101,512 11,091 750 1,720 45,734 42,218 5,478 9,232 1971—June 30. 96,939 67,726 10,279 18,934 27,499 129,955 107,484 13,389 539 1,865 44,731 46,959 6,071 9,823 Nonmember: 1941—Dec. 31. 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 959 1945—Dec. 31. 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635; 5,680 1,083 1947—Dec. 31. 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 4 149 12,366| 6,558 1,271 1963—Dec. 20. 42,464 23,550 13,391 5,523 5,942 49,275 44,280 559 61 726 23,140 19,793 72 4,234 1964—Dec. 31. 46,567 26,544 13,790 6,233 7,174 54,747 49,389 658 70 649 25,504 22,509 99 4,488 1965—Dec. 31. 52,028 30,310 14,137 7,581 7,513 60,679 54,806 695 83 618 27,528 25,882 91 4,912 1966—Dec. 31. 56,857 33,636 13,873 9,349 7,777 65,921 59,434 709 87 543 28,471 29,625 99 5,342 1967—Dec. 30. 64,449 37,675 15,146 11,629 8,403 74,328 67,107 786 89 588 31.004 34,640 162 5,830 1968—Dec. 31. 73,553 43,378 16,155 14,020 9,305 84,605 76,368 908 94 691 34,615 40,060 217 6,482 1969—June 307, 78,032 48,358 14,341 15,333 8,696 88,802 IW> 791 78 749 34,070 42,921 451 7,004 Dec. 31. 82,133 51,643 14,565 15,925 10,056 94,453 1,017 85 924 37,561 43,792 629 7,403 1970—June 30. 84,875 54,149 13,924 16,802 9,346 96,794 84,865 894; 137 1,083 35,837 46,913 708 7,975 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 1971—June 30. 99,532 61,509 15,953 22,070 10,439 113,058 99,774 989! 186 1,409 39,908 57,283 597 8,993 For notes see p. A-23. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER 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 TTToootttaaalll aaasssssseeetttsss——— FFF CCC RRR lllaaa SSS aaa iii sss nnn nnn sss mmm iii sss ddd fff uuu iii eee ccc rrr FFF mmm aaa aaa DDD ttt nnn bbb iii ccc eee ooo IIICCC eee rrr nnn sss hhh bbb iii yyy ppp TToottaall LLooaa ll nnss T U re . S S a e s . c - urit O ie t s h er aaa CCC ssssss aaa eee sss ttt hhh sss 333 ccc bbb TTT aaa iii aaa lll aaa lll ppp ooo iii nnn iii aaa ccc ttt ttt iii ddd iii --- ttt aaa --- eee aaa lll sss lll TToottaall33 m D I a n e n - t d e rba T nk im 3 e Den na O nd th er Time rrr BBB iii ooo nnn ooo www ggg rrr sss --- --- c c c c c c TTT aaa ooo aaa ppp ooo uuu ccc ttt iii nnn --- ttt aaa ttt aaa lll sss lll N b N b N baaa bbb uuu ooo nnn eee mmm fff rrr kkk sss --ury 2 cccooouuunnntttsss 444 U.S. 5 Govt. Other Noninsured nonmember: 1941 Dec. 31 1,457 455 761 241 763 2,283 11,,887722 3: 19 1 \ 91 253 13 329 852 1945—Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 4 279 714 1947—Dec. 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 1971—June 30 2,968 2,057 263 648 960 4,356 2,480 360 41 20 1,182 877 250 495 182 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 1971—June 30 102,500 63,566 16,216 22,718 11,398 117,414 102,254 1,348 227 1,429 41,091 58,160 847 9,489 7,993 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 • NOVEMBER 1971 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans 1 Investments Class of lo T a o n ta s l i F er e a d l - Com- o p s r u e r c c c F u a h r r o a r i r t y s i i i e n n s g g in f s in ti a T tu n o c t i i o a n l s Other, U s .S ec . u T r r it e i a e s s u 6 r y State b c a a n ll k d a a n te d i m n a v e n e n d s t t s - f s e u o t n c ld . d 2 , s T 3 o . t 4 a l m a c i i n n e a d r - l - A c t a u u g l r r l 5 - - i - b T r o o - R t e a e s t a - e l v i d t i n o d i - - - Other Bills s g l a o e o n c c v a u d t l - , r O s i e t t i h c e u e s r - 5 d tr u ia s- l k an er d s ot T h o e rs Banks Others uals3 Total ce a r n t d if i- Notes Bonds rities deal- cates ers Total: 2 1947—Dec. 31.. 116,284 38,057 18,167 ,660 830 1,220 115 9,393 5,723 947 69,221 9,982 6,034 53,205 5,276 3,729 1969—Dec. 311 0422,728 9,928 286,750 108,443 10,329 5,739 4,027 2,488 15,062 70,020 63,256 7,388 54,709 59,183 12,158 1970—Dec. 31.. 461,998 16,241 297,897 112,486 11,155 6,332 3,536 2,660 15,855 72,492 65,807 7,574 61,742 69,637 16,481 1971—June 30 481,270 15,663 307,969 114,362 12,226 5,634 3,493 2,844 16,958 75,777 69,149 7,527 60,254 77,994 19,389 All insured: 1941—Dec. 31.. 49,290 21,259 9,214 ,450 614 662 40 4,773 4,505 21,046 3,159 16,899 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,461 ,314 3,164 3,606 49 4,677 2,361 1,132 912 21,526 16,045 51,342 3,873 3,258 1947—Dec. 31.. 114,274 37,583 18,012 1,610 823 1,190 114 9,266 5,654 914 67,941 9,676 5,918 52,347 5,129 3,621 1969—Dec. 31 104: 19,746 9,693284,945 107,685 10,314 5,644 3,991 2,425 14,890 69,669 63,008 7,319 54,399 58,840 11,869 1970—Dec. 31.. 458,919 15,942296,064 111,540 11,141 6,207 3,516 2,581 15,713 72,302 65,556 7,507 61,438 69,301 16,174 1971—June 30 478,302 15,381 306,194 113,411 12,211 5,555 3,480 2,718 16,825 75,615 68,942 7,437 59,991 77,687 19,048 Member—Total: 1941—Dec. 31. 43,521 18,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,007 15,561 3,090 2,871 1945—Dec. 31.. 107,183 22,775 8,949 855 ,133 3,378 47 3,455 1,900 1,057 78,338 19,260 14,271 44,807 3,254 2,815 1947—Dec. 31.. 97,846 32,628 16,962 ,046 811 1,065 113 7,130 4,662 839 57,914 7,803 4,815 45,295 4,199 3,105 1969—Dec. 31 io 337,613 7,356 235,639 96,095 6,187 5,408 3,286 2,258 14,035 53,207 48,388 6.776 39,833 47,227 7,558 1970—Dec. 31 366,520 12,677 241,840 97,954 6,538 5,963 3,028 2,345 14,688 54,600 49,829 6,895 45,399 55,662 10,942 1971—June 30. 378,769 12,026 248,040 98,573 7,094 5,333 3,024 2,496 15,770 56,934 52,037 6.777 44,038 61,963 12,702 New York City: 1941—Dec. 31.. 12,896 4,072 2,807 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945—Dec. 31 26,143 7,334 3,044 2,453 1,172 26 80 287 272 17,574 3,910 3,325 10,339 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 267 93 111 564 238 11,972 1,642 558 9,772 638 604 1969—Dec. 31 io 60,333 802 47,503 28,189 3,695 776 1,047 4,547 3,835 3,595 1,807 5,048 6,192 788 1970—Dec. 31. 62,347 774 46,386 27,189 4,174 686 1,169 3,741 3,883 3,907 1,622 6,009 7,757 1,420 1971—June 30 61,059 996 46,247 26,948 3,822 637 1,106 4,210 4,202 3,916 1,385 5,116 7,298 1,401 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—Dec. 31.. 15,745 475 10,739 6,502 356 191 138 1,284 864 1,015 346 2,105 2,055 372 1971—June 30. 16,477 612 11,164 6,515 373 245 218 1,465 861 1,078 367 1,736 2,580 384 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 88,180 37,701 1,386 878 1,300 876 6,006 19,706 17,569 2,757 11,944 16,625 1,859 1970—Dec. 31. 133,861 6,007 90,293 38,627 1,428 909 1,322 798 7,015 19,848 17,322 3,024 14,700 19,771 3,089 1971—June 30 137,451 5,010 92,176 38,189 1,601 786 1,419 893 7,517 20,722 17,929 3,120 14,552 22,409 3,304 Country: 1941—Dec. 31. 12,518 5,890 1,676 659 20 183 1,823 1,528 4,377 110 481 3,787 1,222 1,028 1945—Dec. 31. 35,002 5,596 1,484 648 42 471 1,881 707 359 26,999 5,732 4,544 16,722 1,342 1,067 1947—Dec. 31. 36,324 10,199 3,096 818 23 227 3,827 1,979 224 22,857 3,063 2,108 17,687 2,006 1,262 1969—Dec. 311 141,286 3,318 89,401 23,762 4,739 498 947 148 2,263 28,824 26,362 1,858 21,278 22,572 4,718 1970—Dec. 31. 154,568 5,420 94,421 25,637 5,052 524 828 239 2,648 30,005 27,585 1,903 22,586 26,079 6,062 1971—June 30 163,782 5,407 98,452 26,922 5,433 352 723 279 2,577 31,148 29,113 1,905 22,634 29,675 7,614 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. 311 85,115 2,572 51,111 12,348 4,141 329 741 231 1,028 16,813 14,868 612 14,875 11,956 4,600 1970—Dec. 31. 95,478 3,564 56,058 14,532 4,617 369 507 316 1,168 17,891 15,978 679 16,342 13,975 5,538 1971—June 30 102,500 3,638 59,929 15,789 5,131 301 468 348 1,187 18,843 17,112 749 16,216 16,031 6,687 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." <> 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
NOVEMBER 1971 • COMMERCIAL BANKS A 25 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits bb cc CC aa aa nn ll ll aa ll kk ss dd ss aa aa oo nn ttee ff dd ss BB w F w F ee RR aa rr .. ii nn RR ee vv tthh -- kk ee .. ss ss r C c a e o n n u i d c r n y - b m a w a B d n e n i a o c s t k l - t e h - i s s c 7 j p u m D s o a d a t d s e e e n i - - - d t d s 8 m D e I s o n t - t i e c r 7 b a e F n ig o k n r - 9 G U o .S vt . . S g S g ll aa oo oo tt nn cc aa vv aa dd tt tt ee ll .. c C c h o a f e e i e f n e r r f c d d s t i k - i ' - s, IPC I b n a t n er k - GG PP UU SS ii aa nn oo oo aa nn .. ss gg SS vv vv dd tt ss -- tt .. aa ,, ll S g S g ll aa oo oo tt nn cc aa vv aa dd tt tt ee ll .. 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. 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. 31 io.. 21,449 7,320 20,314 172,079 24,553 2,620 5,054 17,558 11,899 179,413 735 211 13,221 181,443 18,360 39,978 1970—Dec. 31.... 23,319 7,046 23,136 173,912 27,442 3,166 7,938 17,763 8,540 183,032 1,975 463 23,225 208,201 19,375 42,958 1971—June 30... 24,066 7,634 21,546 168,263 28,699 2,614 8,412 17,276 11,949 177,692 2,207 517 26,221 228,176 22,547 45,311 All insured: 1941—Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31. . .. 15,810 1,829 11,075 74,722 12,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31... . 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1969—Dec. 31 io.. 21,449 7,292 19,528 170,280 24,386 2,471 5,038 17,434 11,476 178,401 695 211 13,166 180,860 18,024 39,450 1970—Dec. 31... . 23,319 7,028 22,332 172,351 27,235 2,998 7,898 17,636 8,352 182,048 1,874 462 23,150 207,519 19,149 42,427 1971—June 30... 24,066 7,610 20,748 168,860 28,519 2,434 8,392 17,185 11,736 176,815 2,166 517 26,132 227,387 22,297 44,816 Member—Total: 1941—Dec. 31.. .. 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1969—Dec. 31 io.. 21,449 5,676 11,931 133,435 23,441 2,399 4,114 13,274 10,483 145,992 609 186 9,951 140,308 17.395 32,047 1970—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 18,406 160,998 18,578 34,100 1971—June 30... 24,066 5,870 12,971 127,670 27,605 2,360 6,983 12,953 10,654 142,220 1,980 462 20,534 175,757 21,700 35,822 New York Citv: 1941—Dec. 31 55,,110055 93 141 1100,,776611 3,595 607 866 319 450 1111,,228822 6 29 778 11,,664488 1945—Dec. 31.... 44,,001155 111 78 1155,,006655 3,535 1,105 6,940 237 1,338 1155,,771122 17 10 20 1,206 195 22,,112200 1947—Dec. 31.... 44,,663399 151 70 1166,,665533 3,236 1,217 267 290 1,105 1177,,664466 12 12 14 1,418 30 22,,225599 1969—Dec. 31io.. 4,358 463 455 21,316 8,708 1,641 694 1,168 6,605 28,354 268 45 207 14,692 4,405 6,301 1970—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 18,913 4,500 6,486 1971—June 30... 4,716 466 1,193 15,264 13,504 1,717 1,199 789 6,032 25,994 937 68 1,896 21,572 4,531 6,860 City of Chicago: 1941 _Dec. 31 1,021 43 298 22,,221155 1111,,,,000022227777 8 127 233 34 222,,,111555222 476 288 1945—Dec. 31 942 36 200 33,,115533 1111,,,,222299992222 20 11,,555522 237 66 333,,,111666000 719 377 1947—Dec. 31 11,,007700 30 175 333,,,777333777 1111,,,,111199996666 21 7722 285 63 333,,,888555333 2 9 902 426 1969—Dec. 31 io.. 886699 123 150 555,,,222222111 1111,,,,555588881111 96 175 268 229 66,,227733 15 1 216 4,409 11,,229900 1,517 1970—Dec. 31 11,,114488 126 160 555,,,111222000 1111,,,,888855553333 77 282 240 210 66,,221133 49 568 5,549 11,,885511 1,586 1971—June 30... 991 126 247 555,,,000444444 1,439 51 318 352 211 66,,008844 85 3 741 6,353 22,,335599 1,636 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. 311".. 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—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 1971—June 30... 10,394 1,822 4,069 43,872 9,631 535 2,954 3,716 2,455 51,451 735 249 8,863 62,312 12,153 12,826 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. 31io.. 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—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 1971—June 30... 7,964 3,455 7,461 63,490 3,031 56 2,513 8,095 1,956 58,691 223 143 9,033 85,521 2,656 14,499 Nonmember:3 1947—Dec. 31 544 333,,,999444777 1111133333,,,,,555559999955555 385 55 167 1,295 180 1122,,228844 190 6 172 6,858 12 11111,,,,,555559999966666 1969—Dec. 31 io 1,644 888,,,333888333 3333388888,,,,,666664444444444 1,112 222 940 4444,,,,222288884444 1,416 3333,,442200 126 25 33,,226699 41,135 996655 77777,,,,,999993333311111 1970—Dec. 31 1,602 999,,,333999222 4444400000,,,,,777774444433333 111,,,111888222 284 1,478 4444,,,,555511113333 1,230 35,560 243 57 44,,881199 47,200 779966 88888,,,,,888885555588888 1971—june 30 11,,776655 88,,557766 4444400000,,,,,555559999933333 111,,,000999444 225544 11,,442299 4444,,,,333322223333 11,,229955 3355,,447722 222277 5555 55,,668888 5522,,441199 884477 99999,,,,,444448888899999 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 • NOVEMBER 1971 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans Federal funds sold, etc.1 Other To brokers For purchasing and dealers or carrying securities Total involving— To nonbank loans finanical Wednesday and Com- To brokers To institutions invest- To mer- and dealers others ments com- To cial Agri- Total mer- U.S. others Total and culcial Treas- Other indus- tural Pers. banks ury se- trial U.S. U.S. and se- curi- Treas- Other Treas- Other sales curi- ties ury sees. ury sees. finan. ties sees. sees. cos., etc. Large banks— Total 1970 Oct. 7 247,222 7,421 6,039 985 273 124 174,457 80,839 2,007 938 3,213 101 2,293 1 4 246,378 7,062 6,122 601 266 73 174,178 80,751 2,018 615 3,100 102 2,276 21 246,900 6,343 5,470 568 203 102 173,837 80,549 2,024 591 3,283 102 2,286 28 246,386 7,177 5,835 1,042 200 100 172,890 79,968 2,016 846 3,217 103 2,270 1971 Sept. 1 268,905 9,419 8,435 708 120 156 185,236 82,951 2,130 665 4,493 136 2,421 8 268,925 9,664 8,629 861 38 136 184,761 82,925 2,111 661 4,207 124 2,414 1 5 274,553 11,585 9,542 1,798 64 181 187,156 83,854 2,115 1,096 4,567 174 2.428 22 270,699 9,461 8,225 1,036 63 137 186,049 83,874 2,107 822 4,296 144 2.429 29 271,275 9,830 8,942 698 61 129 186,258 83,733 2,106 708 4,475 128 2,432 Oct. 6* 271,327 9,484 8,415 803 78 188 186,046 83,249 2,151 677 4,519 130 2,426 13* 272,418 9,989 9,238 487 95 169 186,711 83,300 2,162 596 4,453 131 2,408 20* 270,910 9,363 7,676 1,271 80 336 185,819 83,126 2,170 819 4,551 129 2,404 21p 270,696 7,409 6,613 514 66 216 186,059 83,070 2,180 644 4,601 129 2,414 New York City 1970 Oct. 7 56,278 1,020 955 43,139 26,401 768 2,028 669 1 4 56,014 1,204 1,121 42,928 26,394 463 1,928 658 21 55,884 1,194 1,119 42,545 26,178 424 2,062 651 28 55,301 983 917 42,281 25,905 619 2,112 647 1971 Sept. 1 58,317 1,217 1,208 44,799 26,304 555 3,071 579 8 58,031 1,261 1,236 44,551 26,335 558 2,856 581 1 5 59,908 1,297 1,252 45,750 26,685 927 3,078 595 22 58,503 1,212 1,146 13 44,879 26,612 656 2,911 592 29 58,333 1,172 1,127 44,855 26,433 560 3,037 594 Oct. 6p 58,053 1,055 1,011 44,580 26,203 549 3,024 582 13* 58,706 1,728 1,636 44,851 26,109 498 3,023 575 20* 57,898 1,397 1,270 44,183 25,947 648 3,075 573 27* 58,053 952 906 44,306 25,889 567 3,171 575 Outside New York City 1970 Oct. 7. 190,944 6,401 5,084 985 231 101 131,318 54,438 1,992 170 1,185 87 1,624 14. 190,364 5,858 5,001 591 217 49 131,250 54,357 2,002 152 1,172 1,618 21. 191,016 5,149 4,351 506 203 89 131,292 54,371 2,005 167 1,221 1,635 28. 191,085 6,194 4,918 997 200 79 130,609 54,063 1,998 227 1,105 1,623 1971 Sept. 210,588 8,202 7,227 704 120 151 140,437 56,647 2,113 110 1,422 114 1,842 210,894 8,403 7,393 856 38 116 140,210 56,590 2,092 103 1,351 102 1,833 15. 214,645 10,288 8,290 1,772 64 162 141,406 57,169 2,094 169 1,489 151 1,833 22. 212,196 8,249 7,079 996 50 124 141,170 57,262 2,087 166 1,385 121 1.837 29. 212,942 8,658 7,815 665 61 117 141,403 57,300 2,092 148 1,438 102 1.838 Oct. 6*. 213,274 8,429 7,404 780 78 167 141,466 57,046 2,136 128 1,495 104 1,844 13*. 213,712 8,261 7,602 414 95 150 141,860 57,191 2,145 98 1,430 103 1,833 20*. 213,012 7,966 6,406 1,232 248 141,636 57,179 2,153 171 1,476 99 1,831 27*. 212,643 6,457 5,707 488 196 141,753 57,181 2,160 77 1,430 100 1.839 For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER 1971 • WEEKLY REPORTING BANKS A 27 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Loans (cont.) Investments Other (cont.) U.S. Treasury securities To commercial Notes and bonds banks maturing— Wednesday Consumer For- All Certifinstal- eign other 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 398 1,507 21,272 924 13,819 24,705 4,225 3,553 14,585 2,342 Oct. 7 438 1,507 21,293 934 13,969 24,387 3,920 3,596 14,532 2,339 14 397 1,616 21,291 898 13,715 25,857 5,260 3,715 14,556 2,326 .21 406 1,580 21,353 884 13,609 25,593 4,873 3,773 14,631 2,316 28 1971 877 2,508 23,095 812 14,455 24,934 2,812 3,387 16,014 2,721 Sept. 1 900 2,603 23,103 808 14,404 25,085 2,586 3,422 16,024 3,053 8 877 2,629 23,155 832 14,397 25,278 2,810 3,694 15,698 3,076 15 857 2,657 23,186 838 14,258 25,217 2,762 3,766 15,619 3,070 22 894 2,592 23,288 809 14,354 25,080 2,680 3,825 15,470 3,105 29 840 2,579 23,341 779 14,549 24,984 2,613 3,954 15,374 3,043 Oct. 6*> 851 2,584 23,380 786 14,698 24,981 2,537 4,080 15,307 3,057 132 815 2,430 23,418 775 14,521 25,176 2,827 4,036 15,393 2,920 202 862 2,467 23,467 818 14,658 26,187 2,847 4,055 16,445 2,840 272 New York City 1970 185 844 1,824 565 2,570 4,855 1,197 502 2,781 375 Oct. 7 204 850 1,831 571 2,759 4,669 1,002 514 2,771 382 14 1 1 6 8 5 2 9 93 5 7 9 1 1, , 8 8 4 3 9 0 5 54 5 1 0 2 2 , , 5 5 8 3 7 0 4 5 , , 9 0 9 0 6 0 1 1, , 3 3 5 0 6 4 5 4 4 5 9 6 2 2, , 8 7 4 5 1 1 3 34 9 7 2 2 2 8 1 1971 377 1,090 1,896 540 2,685 4.540 596 405 3,294 245 Sept. 1 390 1,149 1,899 534 2,708 4,555 517 440 3,263 335 8 390 1,184 1,910 537 2,701 4,694 650 483 3,217 344 15 380 1,206 1,909 534 2,623 4,538 559 473 3,162 344 22 412 1,167 1,906 534 2,655 4,486 547 500 3,094 345 29 391 1,154 1,914 527 2,765 4,356 327 613 3,098 318 Oct. 62 398 1,205 1,922 528 2,839 4,340 319 634 3,060 327 132 365 1,125 1,922 517 2,684 4.541 494 667 3,036 344 202 352 1,161 1,922 555 2,769 4,877 562 681 3,312 322 272 Outside New York City 1970 213 663 19,448 359 11,249 19,850 3,028 3,051 11.804 1,967 Oct. 7 234 657 19,462 363 11,210 19,718 2,918 3,082 11,761 1,957 14 232 657 19,461 348 11,128 20,861 3,956 3,166 11.805 1,934 21 224 643 19,504 343 11,079 20,593 3,517 3,317 11,790 1,969 28 1971 500 1,418 21,199 272 11,770 20,394 2,216 2,982 12,720 2,476 Sept. 1 510 1,454 21,204 274 11,696 20,530 2,069 2,982 12,761 2,718 8 487 1,445 21,245 295 11,696 20,584 2,160 3,211 12,481 2,732 15 477 1,451 21,277 304 11,635 20,679 2,203 3,293 12,457 2,726 22 482 1,425 21,382 275 11,699 20,594 2,133 3,325 12,376 2,760 29 449 1,425 21,427 252 11,784 20,628 2,286 3,341 12,276 2,725 Oct. 62 453 1,379 21,458 258 11,859 20,641 2,218 3,446 12,247 2,730 132 450 1.305 21,496 258 11,837 20,635 2,333 3,369 12,357 2,576 202 510 1.306 21,545 263 11,889 21,310 2,285 3,374 13,133 2,518 272 For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 28 WEEKLY REPORTING BANKS • NOVEMBER 1971 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Investments (cont.) Other securities Cash IInnvveesstt-- Obligations Other bonds, items Re- BBaall-- mmeennttss of State corp. stock, in serves Cur- aanncceess iinn ssuubb-- Wednesday and and process with rency wwiitthh ssiiddiiaarr-- Other political securities of F.R. and ddoo-- iieess nnoott assets Total subdivisions collec- Banks coin mmeessttiicc ccoonnssooll-tion bbaannkkss iiddaatteedd Tax Certif. war- All of All rants 3 other partici- others pation4 Large banks— Total 1970 Oct. 7 40,639 5,865 30,174 1,033 3,567 29,430 17,672 3,157 5,649 704 13,991 1 4 40,751 5,759 30,149 1,054 3,789 32,724 18,444 3,419 6,127 705 13,732 21 40,863 5,754 30,312 1,036 3,761 30,861 18,214 3,434 5,685 706 13,881 28 40,726 5,712 30,211 1,024 3,779 27,148 17,029 3,535 6,060 714 13,990 1971 Sept. 1 49,316 7,650 35,028 1,297 5,341 33,541 19,386 3,482 6,462 791 15,959 8 49,415 7,949 34,867 1,286 5,313 31,971 19,085 3,525 6,667 791 15,811 1 5 50,534 8,380 35,302 1,351 5,501 36,268 17,805 3,608 6,909 794 15,717 22 49,972 8,065 35,150 1,323 5,434 33,213 18,468 3,641 5,992 796 15,630 29 50,107 8,091 35,246 1,327 5,443 32,231 18,741 3,704 6,229 799 15,781 Oct. 6? 50,813 8,369 35,703 1,327 5,414 33,254 18,741 3,329 7,045 802 15,702 13P 50,737 8,424 35,441 1,344 5,528 35,609 19,749 3,690 7,033 803 15,465 20? 50,552 8,187 35,390 1,362 5,613 34,209 18,040 3,644 6,765 813 15,399 51,041 8,311 35,673 1,408 5,649 35,312 20,826 3,778 6,517 814 15,429 27 p New York City 1970 Oct. 7. 7,264 1,686 4,681 63 834 13,225 4,395 419 1,045 333 4,841 14. 7,213 1,616 4,664 59 874 14,905 5,102 443 1,225 334 4,659 21. 7,149 1,558 4,669 54 868 14,831 4,187 417 907 334 4,889 28. 7,037 1,521 4,601 45 870 12,220 4,684 434 1,334 334 4,898 1971 Sept. 1.. 7,761 1,406 5,098 227 1,030 15,942 4,799 422 1,098 350 5,500 8.. 7,664 1,420 5,021 221 1,002 13,897 4,934 429 1,199 350 5,387 15.. 8,167 1,792 5,133 219 1,023 16,530 4,841 437 1,490 350 5,358 22.. 7,874 1,438 5,206 217 1,013 15,874 4,044 422 1,010 352 5,352 29.. 7,820 1,401 5,178 216 1,025 15,788 5,449 440 891 352 5,301 Oct. 6 p. 8,062 1,424 5,421 234 983 15,170 4,899 419 1,078 353 5,223 2 1 0 3 p . P .. 7 7 , , 7 7 8 7 7 7 1 1 , , 4 3 0 5 6 0 5 5 , , 2 2 5 4 9 2 2 1 0 9 2 5 9 9 2 8 7 3 1 15 5 , , 8 9 9 2 5 8 5 4 , , 1 7 5 4 3 2 4 4 6 2 1 9 1,1 9 0 7 8 2 3 36 5 1 2 5 5 , , 0 11 7 8 6 21P. 7,918 1,444 5,304 214 956 16,283 5,605 451 1,105 362 5,115 Outside New York City 1970 Oct. 7. 33,375 4,179 25,493 970 2,733 16,205 13,277 2,738 4,604 371 9,150 14. 33,538 4,143 25,485 995 2,915 17,819 13,342 2,976 4,902 371 9,073 21. 33,714 4,196 25,643 982 2,893 16,030 14,027 3,017 4,778 372 8,992 28. 33,689 4,191 25,610 979 2,909 14,928 12,345 3,101 4,726 380 9,092 1971 Sept. 1. 41,555 6,244 29,930 1,070 4,311 17,599 14,587 3,060 5,364 441 10,459 41,751 6,529 29,846 1,065 4,311 18,074 14,151 3,096 5,468 441 10,424 15., 42,367 6,588 30,169 1,132 4,478 19,738 12,964 3,171 5,419 444 10,359 22. 42,098 6,627 29,944 1,106 4,421 17,339 14,424 3,219 4,982 444 10,278 42,287 6,690 30,068 1,111 4,418 16,443 13,292 3,264 5,338 447 10,480 Oct. 6 p. 42,751 6,945 30,282 1,093 4,431 18,084 13,842 2,910 5,967 449 10,479 13 p. 42,950 7,018 30,182 1,149 4,601 19,681 14,596 3,229 6,061 451 10,389 20*\ 42,775 6,837 30,148 1,160 4,630 18,314 13,298 3,215 5,657 452 10,281 21 P. 43,123 6,867 30,369 1,194 4,693 19,029 15,221 3,327 5,412 452 10,316 For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER 1971 • WEEKLY REPORTING BANKS A 29 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Deposits Demand Time and savings Domestic interbank Foreign IPC States States Wednesday and Certi- and Dopolit- fied polit- mes- For- Total IPC ical U.S. and Total 6 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 133,533 92,320 6,256 4,089 20,352 737 778 2,213 6,788 114,21 46,893 48,030 11,71 1,301 5,803 Oct. 7 136,186 96,384 5,803 2,601 20,401 692 796 2,167 7,342 114,565 46,935 48,599 11,594 1,330 5,626 14 134,488 92,920 5,716 5,035 19,777 607 773 2,192 7,468 114,678 47,025 48,781 11,619 1,299 5,492 21 131,032 92,377 5,925 3,722 19,381 623 765 2,119 6,120 114,820 47,014 49,086 11,615 1,268 5,391 28 1971 145,012 99,579 6,601 4,838 21,937 604 831 2,543 8,079 134,070 52,970 58,430 15,282 1,710 5,173 Sept. 1 141,702 97,861 6,377 4,242 22,289 661 805 2,399 7,068 134,361 53,039 58,575 15,256 1,735 5,234 8 149,396 103,312 6,518 4,928 22,540 606 881 2,449 8,162 133,81' 53,008 58,101 15,183 1,815 5,201 15 142,345 97,637 6,262 5,145 21,851 559 746 2,374 7,771 134,798 53,099 58,663 15,325 1,893 5,323 22 141,160 96,323 6,368 5,647 21,202 641 762 2,416 7,801 136,161 53,313 59,747 15,412 1,986 5,249 29 142,194 97,645 6,570 3,C 23,317 824 781 2,330 7,639 136,739 53,486 59,994 15,507 2,081 5,226 Oct. 6* 143,537 100,806 5,864 2,460 22,847 745 849 2,340 7,626 137,207 53,498 60,434 15,481 2,113 5,230 13* 141,925 99,170 5,970 2,815 22,863 666 795 2,305 7,341 137,167 53,583 60,261 15,608 2,116 5,158 20* 144,435 100,482 6,112 3,551 22,731 725 829 2,432 7,573 137,160 53,605 60,305 15,571 5,142 27* New York City 1970 39,186 21,668 686 900 8,897 422 630 1,562 4,421 17.864 4,393 8,404 869 653 3,381 Oct. 7 40,534 23,030 422 493 8,983 388 641 1,566 5,011 17,935 4,393 8,617 833 695 3,228 14 40,184 21,717 494 969 9,242 314 625 1,564 5,259 17.865 4,397 8,596 846 685 3,183 21 37,944 21,675 381 635 8,843 302 619 1,503 3,986 18,025 4,397 8,772 835 704 3,(67 28 1971 42,707 23,423 534 1,050 10,296 320 685 1,762 4,637 23,183 5,133 12,584 1,488 845 2,971 Sept. 1 39,728 21,418 840 805 10,125 353 637 1,603 3,947 23,091 5.138 12,505 1,456 822 3,010 8 44,072 23,735 907 1,127 10,611 301 731 1,634 5,026 22,584 5,129 11,975 1,487 850 2,983 15 41,577 21,877 590 1,156 10,681 288 597 1,608 4,780 22,941 5.139 12,183 1,516 899 3,049 22 41,429 21,549 730 1,243 10,385 353 637 1,629 4,903 23,613 5,152 12,838 1,538 958 3,012 29 40,959 21,510 776 625 11.012 470 619 1,542 4,405 23,669 5,159 12,845 1,538 1,016 2,993 Oct. 6* 40,597 21,817 407 420 10,771 413 695 1,568 4,506 24,044 5,154 13,149 1,620 1.031 2,973 13* 40,937 22,171 417 572 10,879 347 645 1,531 4,375 23,737 5,161 12,848 1,662 1,019 2,932 20* 41,585 22,271 366 694 10,895 365 663 1,616 4,715 23,603 5,171 12,727 1,683 1.032 2,875 27* Outside New York City 1970 94,347 70,652 5,570 3,189 11,455 315 148 651 2,367 96,347 42,500 39,626 10,842 648 2,422 Oct. 7 95,652 73,354 5,381 2,108 11,418 304 155 601 2,331 96,630 42,542 39,982 10,761 635 2,398 14 94,304 71,203 5.222 4,066 10,535 293 148 628 2,209 96,813 42,628 40,185 10,773 614 2,309 21 93,088 70,702 5; 544 3,087 10,538 321 146 616 2,134 96,795 42,617 40,314 10,780 564 2,224 28 1971 102,305 76,156 6,067 3,788 11,641 284 146 781 3,442 110,887 47,837 45,846 13,794 865 2,202 Sept. 1 101,974 76,443 5,537 3,437 12,164 308 168 796 3,121 111,270 47,901 46,070 13,800 913 2,224 8 105,324 79,577 5,611 3,801 11,929 305 150 815 3,136 111,227 47,879 46,126 13,696 965 2,218 15 100,768 75,760 5,672 3,989 11,170 271 149 766 2,991 111,857 47,960 46,480 13,809 994 2,274 22 99,731 74,774 5,638 4,404 10,817 288 125 787 2,898 112,548 48,161 46,909 13,874 1,028 2,237 29 101,235 76,135 5,794 2,463 12,305 354 162 788 3,234 113,070 48,327 47,149 13,969 1,065 2,233 Oct. 6* 102,940 78,989 5,457 2,040 12,076 332 154 772 3,120 113,163 48,344 47,285 13,861 1,082 2,257 13* 100,988 76,999 5,553 2,243 11,984 319 150 774 2,966 113,430 48,422 47,413 13,946 1,097 2,226 20* 102,850 78,210 5,746 2,857 11,837 360 166 816 2,858 113,557 48,434 47,578 2,267 27* For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 30 WEEKLY REPORTING BANKS • NOVEMBER 1971 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Borrowings Reserves Memoranda from— for— Large negotiable Fed- Total time CD's Gross eral Other Total loans included in time liabili- Wednesday funds liabili- capital Total and De- and savings deposits11 ties of pur- F.R. ties Secur- loans invest- mand banks chased, Banks Others etc. 8 Loans ities (gross) ments deposits to etc. 7 ad- (gross) ad- Issued Issued their justed 9 ad- justed io Total to to foreign justed 9 IPC's others branches Large banks— Total 1970 Oct. 7 16,963 254 1,505 22,972 4,004 24,305 175,441 240,785 79,662 22,706 14,016 8,690 1 4 17,757 845 1,466 22,386 4,020 24,227 174,680 239,818 80,460 23,151 14,593 8,558 21 16,477 1,218 1,438 23,112 4,017 24,176 174,313 241,033 78,815 23,248 14,692 8,556 28 16,206 341 1,373 22,792 4,024 24,197 173,826 240,145 80,781 23,546 14,951 8,595 1971 Sept. 1 22,042 829 1,153 15,039 4.001 26,304 185,343 259,593 84,696 31,644 19,423 12,221 8 23,520 273 1,084 15,488 4.003 26,267 184,896 259,396 83,200 31,903 19,695 12,208 1 5 24,744 286 1,126 15,979 4.002 26,235 188,322 264,134 85,660 31,385 19,200 12,185 22 22,774 820 1,093 16,355 3,990 26,175 186,428 261,617 82,136 32,149 19,707 12,442 29 22,989 209 1,112 16,808 4.004 26,228 186,252 261,439 82,080 33,037 20,653 12,384 Oct. 62 23,356 125 1,108 16,086 4.002 26,501 186,275 262,072 82,535 33,331 20,778 12,553 132 25,181 939 1,037 16,321 4.003 26,453 186,611 262,329 82,621 33,911 21,282 12,629 202 22,230 428 1,051 16,496 3,998 26,396 186,691 262,419 82,038 33,700 21,090 12,610 272 21,642 ,906 1,050 16,581 4.004 26,505 185,993 263,221 82,841 33,677 21,138 12,539 New York City 1970 Oct. 7 4,247 193 11,711 1,191 6,144 43,019 55,138 16,164 6,164 3,891 2,273 1 4 4,930 150 191 11,617 1,203 6,122 42,807 54,689 16,153 6,387 4,184 2,203 21 4,090 115 190 11,695 1,205 6,105 42,455 54,600 15,142 6,371 4,157 2,214 28 4,283 75 190 11,395 1,209 6,084 42,165 54,202 16,246 6,584 4,326 2,258 1971 Sept. 1 5,830 280 260 6,158 1.195 6,815 44,431 56,732 15,419 11,258 7,436 3,822 8 6,872 209 6,335 1.196 6,796 44,186 56,405 14,901 11,238 7,435 3,803 1 5 7,327 2 208 6,745 1,194 6,782 45,405 58,266 15,804 10,790 6,996 3,794 22 5,698 400 257 6,729 1,196 6,759 44,565 56,977 13,866 11,078 7,188 3,890 29 6,228 289 7,052 1,194 6,749 44,488 56.794 14,013 11,639 7,743 3,896 Oct. 62 5,677 209 6,637 1.187 6,857 44,233 56,651 14,152 11,699 7,738 3,961 13*> 6,658 245 236 6,853 1.188 6,827 44,545 56,672 13,478 12,126 8,121 4,005 202 5,287 217 234 7,161 1,184 6,794 43,945 56,263 13,591 11,852 7,872 3,980 272 5,163 933 213 7,399 1,186 6,892 44,000 56.795 13,713 11,730 7,788 3,942 Outside New York City 1970 Oct. 7. 12,716 254 1,312 11,261 2,813 18,161 132,422 185,647 63,498 16,542 10,125 6,417 14. 12,827 695 1,275 10,769 2,817 18,105 131,873 185,129 64,307 16,764 10,409 6,355 21. 12,387 1,103 1,248 11,417 2,812 18,071 131,858 186,433 63,673 16,877 10,535 6,342 28. 11,923 266 1,183 11,397 2,815 18,113 131,661 185,943 64,535 16,962 10,625 6,337 Sept. 1 . 16,212 549 893 8,881 2,806 19,489 140,912 202,861 69,277 20,386 11,987 8,399 8. 16,648 273 875 9,153 2.807 19,471 140,710 202,991 68,299 20,665 12,260 8,405 15. 17,417 284 918 9,234 2.808 19,453 142,917 205,: 69,856 20,595 12,204 8,391 22. 17,076 420 836 9,626 2,794 19,416 141,863 204,640 68,270 21,071 12,519 8,552 29. 16,761 209 823 9,756 2,810 19,479 141,764 204,645 68,067 21,398 12,910 8,488 Oct. 62. 17,679 125 899 9,449 2,815 19,644 142,042 205,421 68,383 21,632 13,040 8,592 132. 18,523 694 801 9,468 2,815 19,626 142,066 205,657 69,143 21,785 13,161 8,624 202. 16,943 211 817 9,335 2,814 19,602 142,746 206,156 68,447 21,848 13,218 8,630 272. 16,479 973 837 9,182 2,818 19,613 141,993 206,426 69,127 21,947 13,350 8,597 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. 1° 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
NOVEMBER 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 Oct. Oct. Oct. Oct. Sept. 2nd 1st 27 20 13 6 29 r Oct. Sept. Aug. half half Durable goods manufacturing: Primary metals 2,160 2,164 2,184 2,171 2,172 -12 40 -69 -123 -120 169 -20 149 Machinery 4,730 4,818 4,844 4,859 4,982 -252 -124 -96 -238 38 -247 -768 -209 Transportation equipment 2,697 2,684 2,749 2,766 2,763 -66 134 -14 25 -99 -92 169 -191 Other fabricated metal products.., 1,882 1,899 1,965 1,983 1,976 -94 -80 -9 -132 132 68 -344 200 Other durable goods 2,737 2,791 2,855 2,836 2.824 -87 -16 9 112 149 -198 261 Nondurable goods manufacturing: Food, liquor, and tobacco 2,726 2,740 2,690 2,703 2,694 32 207 102 290 -163 -537 350 -700 Textiles, apparel, and leather 2,476 2,517 2,584 2,593 2,567 -91 -144 65 -32 115 166 -395 281 Petroleum refining 1,156 1,168 1,120 1,131 1,119 37 51 -61 -64 -343 -113 -407 Chemicals and rubber 2,516 2,499 2,566 2,553 2,693 -177 -11 -70 -163 44 32 63 76 Other nondurable goods 1,867 1,873 1,897 1,892 1,920 -53 55 14 57 -30 -105 -113 -135 Mining, including crude petroleum and natural gas 3,859 3,845 3,836 3,845 3.825 34 73 -19 208 -278 -108 -257 -386 Trade: Commodity dealers 1,353 1,314 1,235 1,207 1,217 136 19 40 69 -174 -57 481 -231 Other wholesale 4,353 4,331 4,328 4,323 4,304 49 205 125 387 206 10 78 216 Retail 4,591 4,526 4,479 4,491 4,464 127 78 18 72 185 162 -308 347 Transportation 5,597 5,618 5,655 5,672 5,732 -135 65 -202 -248 -306 286 366 -20 Communication , 1,365 1,387 1,432 1,465 1,564 -199 32 -6 23 184 49 19 233 Other public utilities 2,644 2,575 2,521 2,561 2,553 91 225 -18 347 185 -327 -386 -142 Construction 3,780 3,786 3,761 3,733 3,742 38 43 10 88 71 131 197 202 Services 7,596 7,588 7,541 7,521 7,604 -8 18 -6 19 387 -200 525 187 All other domestic loans 5,389 5,341 5,426 5,364 5,352 37 164 119 309 290 -180 96 110 Bankers' acceptances 1,660 1,714 1,732 1,708 1,599 61 44 512 458 -390 -164 1,186 -554 Foreign commercial and industrial loans 2,953 2,977 2,970 2,973 2,975 -22 -74 367 327 106 140 255 246 Total classified loans 70,087 70,155 70,370 70,350 70,641 -554 1,029 786 1,752 531 -998 884 -467 Total commercial and industrial loans. 83,070 83,126 83,300 83,249 83,733 -663 ,145 759 1,212 ,320 -473 ,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 1971 1970 1971 IInndduussttrryy Oct. Sept. Aug. July June May Apr. Mar. Feb. 1st 27 29 25 28 30 26 28 31 24 III II I IV half Durable goods manufacturing: Primary metals 1,496 1,525 1,482 1,535 1,587 1,667 1,622 1,630 1,564 -62 -43 103 -150 60 Machinery 2,478 2,481 2,507 2,514 2,539 2,594 2,735 2,591 2,634 -58 -52 -90 -243 -142 Transportation equipment. 1,626 1,689 11,,558822 1,552 1,559 1,440 1,515 1,613 1,633 130 -54 -20 -22 -74 Other fabricated metal products 744 776 807 804 815 805 769 733 747 -39 82 -9 -65 73 Other durable goods 1,203 1,213 1,266 11,,223377 11,,223311 11,,220011 1,191 11,,221166 1,222 -18 15 127 -52 142 Nondurable goods manufacturing : Food, liquor, and tobacco. 975 988 941 948 972 919 982 974 971 16 -2 — 11 -23 -13 Textiles, apparel, and leather 585 607 610 598 597 609 592 617 659 10 -20 -40 -94 -60 Petroleum refining 900 857 841 902 892 920 932 915 1,142 -35 -23 -298 -35 -321 Chemicals and rubber 1,661 1,792 1,815 1,828 1,824 1,726 1,822 1,850 1,834 -32 -26 1 69 -25 Other nondurable goods. . 11,,004488 1,018 11,,000066 1,008 11,,002211 1,058 11,,006622 1,100 1,116 -3 -79 -71 -12 -150 Mining, including crude petroleum and natural gas. 3,023 2,936 3,002 3,019 2,992 3,058 3,089 3,123 3,270 -56 -131 -203 -135 -334 Trade: Commodity dealers.. 116 109 117 101 97 88 81 80 79 12 17 1 -3 18 Other wholesale 868 852 839 850 842 809 813 782 754 10 60 26 59 86 Retail 1,482 1,477 1,456 1,423 1,421 1,423 1,404 1,417 1,459 56 4 18 39 22 Transportation 4,461 4,588 4,488 4,612 4,614 4,681 4,757 4,867 4,763 -26 -253 303 147 50 Communication 418 420 422 471 468 439 426 402 398 -48 66 -13 -33 53 Other public utilities 1,304 1,273 1,181 1,141 1,095 1,038 991 973 1,056 178 122 -45 -47 77 Construction 1,245 1,197 1,208 1,229 1,192 1,178 1,164 1,107 1,063 5 85 63 -87 148 Services 3,408 3,357 3,320 3,247 3,269 3,192 3,249 3,142 3,154 88 127 -67 77 60 All other domestic loans .... 1,388 11,,338888 1,360 11,,330099 1,247 11,,225599 1,223 1,268 1,319 141 -21 -17 60 -38 Foreign commercial and industrial loans 11,,994400 11,,889922 11,,995500 11,,990088 11,,889922 11,,888822 11,,884400 11,,779922 11,,771166 110000 7766 111122 117766 Total loans 32,369 32,435 32,200 32,236 32,166 31,986 32,259 32,192 32,553 269 -26 -166 -264 -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 • NOVEMBER 1971 GROSS DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS1 (In billions of dollars) Type of holder TToottaall CCllaassss ooff bbaannkk aanndd mmoonntthh ddeeppoossiittss,, Financial Nonfinancial Consumer Foreign All IIPPCC business business other All commercial banks: 1970—June r 17.1 85.3 49.0 1.6 9.6 162.5 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.r 18.3 86.1 54.1 1.4 10.4 170.3 17.9 89.9 56.0 1.3 10.7 175.8 Sept.P 17.7 91.7 57.5 1.3 9.7 177.8 Weekly reporting banks: 1970—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—Jan 13.9 54.4 24.1 1.2 5.6 99.3 Feb.' 13.9 52.2 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 Aug 13.3 53.5 24.3 1.2 5.0 97.3 Sept.f 13.9 54.3 24.6 1.2 5.6 99.5 1 Including cash items in process of collection. from reports supplied by a sample of commercial banks. For a detailed description of the type of depositor in each category, see June 1971 NOTE:—Daily-average balances maintained during month as estimated BULLETIN, p. 466. DEPOSITS ACCUMULATED FOR PAYMENT OF PERSONAL LOANS (In millions of dollars) Class of Dec. 31, Dec. 31, Dec. 31, June 30, Class of Dec. 31, Dec. 31, Dec. 31, June 30, bank 1968 1969 1970 1971 bank 1968 1969 1970 1971 All commercial.... ,216 1,131 804 746 All member—Cont. Insured ,216 1,129 803 745 Other reserve city. 332 304 143 125 National member 730 688 433 407 Co-untry 605 571 437 411 State member 207 188 147 129 All nonmember. 278 255 224 210 All member 937 876 580 536 Insured 278 253 223 209 Noninsured 2 1 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-18. These changes for commercial banks as shown on pp. A-22 and A-23 and on pp. A-24 and A-25 (IPC only for time deposits). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER 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 1971—July 7. 2,815 r 1,794 r 1,021 1,954 448 1,507 14. 2.840 1,838 1,002 1,977 434 1,542 21. 2.841 1,865 976 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 1,568 2,884 1,965 920 2,030 450 1,580 18! 2,655 1,772 883 2,045 468 1,577 25. 2,764 1,829 936 2,033 460 1,573 Sept. 1. 2,998 1,849 1,149 2,017 436 1,581 8. 2,822 1,823 999 2,026 438 1,588 15. 2,818 1,819 999 2,020 425 1,595 22. 2,906 1,836 1,071 2,037 417 1,620 29. 2,960 1,896 1,064 2,036 421 1,615 Oct. 6. 2,884 1,799 1,085 2,017 409 1,608 13. 2,879 1,801 1,077 2,010 402 1,608 20. 2,904 1,832 1,072 2,016 393 1,624 27. 2,928 1,804 1,124 2,011 393 1,618 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 Other i r B el a a n te k d Other2 Own Bills Own e F i o g r n - U i n n i t t o e d U f n r i o t m ed other bills bought acct. States States 196 4 8,361 2,223 6,138 3,385 1,671 1,301 370 94 122 1,498 667 999 1,719 196 5 9,058 1,903 7,155 3,392 1,223 1,094 129 187 144 1,837 792 974 1,626 196 6 13,279 3,089 10,190 3,603 1,198 983 215 193 191 2,022 997 829 1,778 196 7 16,535 4,901 11,634 4,317 1,906 1,447 459 164 156 2,090 1,086 989 2,241 196 8 20,497 7,201 13,296 4,428 1,544 1,344 200 58 109 2,717 1,423 952 2,053 196 9 31,709 1,216 10,601 3,078 16,814 5,451 1,567 1,318 249 64 146 3,674 1,153 2,408 1970—Sept. 33,958 505 12,013 4,115 17,325 5,848 1.952 1,557 395 87 235 3.574 2,396 1,285 2,167 Oct.. 34,401 520 12,564 3,179 18,138 6,167 2,125 1,737 388 73 238 3,731 2,553 1,323 2,292 Nov. 33,966 526 12,775 2,600 18,065 6,267 2,368 1,875 493 87 243 3,569 2,490 1,388 2.390 Dec., 31,765 409 12,262 1,940 17,154 7,058 2,694 1,960 735 57 250 4,057 2,601 1,561 2,895 1971—Jan.. 32,295 362 13,071 1,668 17,194 6,912 2,742 2,058 684 59 270 3,841 2,589 1,555 2,768 Feb., 32,506 383 13,538 1,518 17,067 6,984 3,089 2,306 784 54 266 3.575 2,618 1,520 2,847 Mar. 31,223 355 13,215 1.337 16,316 7,174 2.953 2,276 678 138 255 3,827 2,681 1,519 2,974 Apr. 31,367 431 13,058 1,363 16,515 7,301 2,893 2,320 573 56 236 4,116 2,748 1,510 3,043 May 31,115 392 12,608 1,356 16,759 7,494 2,927 2,382 545 112 253 4,203 2,889 1,479 3,126 June -"29,472 448 11,288 1,285 r16,451 r7,645 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 7,454 2,594 2,168 426 55 228 4,577 3,118 1,388 2,948 Aug. 30,057 454 11,494 1.338 16,771 8,377 2,612 2,131 481 107 245 5,413 3,405 1,505 3,467 Sept. 29,946 395 11,909 1,505 16,137 8,148 2,803 2,227 575 51 259 5,036 3,286 1,470 3.391 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 • NOVEMBER 1971 PRIME RATE CHARGED BY BANKS (Per cent per annum) In effect during— Rate Effective date Rate Effective date Rate Effective date Rate 192 9 5%-6 1953—Apr. 27. . 31/4 1965—Dec. 6... 5 1970—Mar. 25, 8 Sept. 21 m 1 1 1 1 9 9 9 9 3 3 3 3 0 2 3 1 2 3 3 1 1 3 * * / ^ 4 4 2 - - - - 5 4 4 6 1 1 9 9 5 5 4 5 — — M O Au c a t g r . . . 1 1 4 7 4 . . . . . . 3 3 3 1 1 / / 4 2 1966—M J A u u a n g r e . . 2 1 1 9 0 6 . . . . . . . . . 5 5 6 1 3 / 4 2 D N e o c v . . 2 2 1 3 2 2 7 6 7 V M 4 1967—Jan. 26-27 51/2-534 1971—Jan. 6 6 Vi 193 1 4 9 — 47 (Nov.) Wi 1956—A A p u r g . . 2 1 1 3 . . . 4 3 V4 N M o a v r . . 2 2 0 7 . . . . . . 5 6 1 /2 1 1 8 5 , , 6 6 V 4 1957—Aug. 6. . 4Vi 1968—Apr. 19... 61/2 M Fe a b r . . 1 1 6 1 5 5 3 % /4 - 5V4 Effective date Sept. 25... 6 -614 19 51/4 1958—Jan. 22. . 4 Nov. 13... 6V4 Apr. 23 Apr. 21 . 31/2 Dec. 2.. . 61/2 May 11 5% 1947—Dec.i... 113344 Sept. 11 4 18... 634 July 6 5V4-6 1948—Aug. i... 2 1959—May 18. . 4^2 1969—Jan. 7... 7 Oct. 20 7 6 5 M 1950—Sept. 22 21/4 Sept. 1 . . 5 J M u a n r e . 17 9 . . . . . . 7 8 1 % /2 Nov. 4 1 5 5 V V s 4- - 5 5 6 V A B 1951—Jan. 8 2V4 1960—Aug. 23, , 4»/2 Oct. 17 23/4 Dec. 19 3 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 Aug. May Aug. May Aug. May Aug. May Aug. May Aug. May 1971 1971 1971 1971 1971 1971 1971 1971 1971 1971 1971 1971 Short-term 35 centers 6.50 6.00 7.70 7.47 7.28 6.94 6.88 6.37 6.57 6.04 6.27 5.76 New York City 6.25 5.66 7.49 6.85 7.01 6.66 6.64 6.13 6.37 5.82 6.17 5.56 7 other Northeast 6.75 6.25 7.88 7.69 7.52 7.18 7.07 6.58 6.81 6.22 6.42 5.88 8 North Central 6.45 5.95 7.37 7.08 7.17 6.69 6.83 6.25 6.45 5.97 6.27 5.78 7 Southeast 6.73 6.37 7.75 7.67 7.36 7.20 6.86 6.54 6.62 6.12 6.46 6.05 8 Southwest 6.60 6.17 7.62 7.35 7.06 6.76 6.79 6.33 6.74 6.19 6.31 5.87 4 West Coast 6.56 6.12 8.06 7.84 7.44 7.14 7.11 6.43 6.55 6.10 6.31 5.91 Revolving credit 35 centers 6.31 5.74 7.28 6.62 7.03 6.53 6.50 5.90 6.40 5.83 6.28 5.71 New York City 6.31 5.74 6.74 6.33 6.73 6.77 6.33 5.83 6.28 5.66 6.30 5.73 7 other Northeast 6.64 5.86 8.02 7.62 7.66 6.54 6.65 5.84 6.86 5.74 6.58 5.87 8 North Central 6.37 5.82 7.57 6.65 7.13 6.30 6.46 5.73 6.61 5.79 6.30 5.82 7 Southeast 6.20 6.29 6.52 6.24 6.48 6.76 6.26 6.66 6.09 6.18 6.14 6.08 8 Southwest 6.91 6.05 7.76 6.81 6.86 6.89 7.25 6.46 6.71 6.61 6.86 5.69 4 West Coast 6.20 5.66 8.06 7.11 7.13 6.42 6.40 5.85 6.18 5.80 6.17 5.61 Long-term 35 centers 6.75 6.38 7.59 7.63 7.46 7.25 7.05 6.91 7.03 6.22 6.60 6.24 New York City 6.35 6.35 6.18 5.65 6.80 6.35 6.60 6.53 6.65 6.53 6.26 6.29 7 other Northeast 6.87 6.64 8.37 8.11 7.47 7.44 7.30 7.38 6.67 6.19 6.59 6.27 8 North Central 6.99 6.49 7.03 7.44 7.73 7.06 6.84 6.88 6.82 6.34 7.00 6.41 7 Southeast 7.52 7.67 7.35 7.07 7.61 8.13 8.53 8.41 7.27 7.00 7.00 7.25 8 Southwest 7.33 6.29 7.48 8.02 7.48 6.95 7.46 6.69 8.02 6.18 6.68 6.19 4 West Coast 6.52 6.04 7.72 7.80 7.39 7.18 7.03 6.41 6.60 6.05 6.45 5.99 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
NOVEMBER 1971 a INTEREST RATES A 35 MONEY MARKET RATES (Per cent per annum) FFFiiinnnaaannnccceee U.S. Government securities (taxable)4 PPPrrriiimmmeee CCCOOO... PPPrrriiimmmeee PPPeeerrriiioooddd 444 ppp ccc --- ooo aaa ttt mmm ppp ooo eee lll 666 rrr ... --- ddd ppp ppp iiirrr lll aaa aaa eee ppp ccc ccc eee eee tttlll rrr ddd yyy ,,, bbb aaa aaa aaa ccc nnn nnn ccc ccc kkk eee eee ppp eee sss rrr ttt ,,, sss --- ''' FFF fff rrr eee uuu aaa ddd nnn ttt eee eee ddd rrr 333 sss aaa lll 3-month bills 5 6-month bills s 9- to 12-month issues 33-- ttoo 55-mmmooonnnttthhhsss111 mmm 333 ooo --- nnn tttooo ttthhh 666 sss --- 222 999000 dddaaayyysss111 n R ew at e is o su n e M y a ie r l k d e t n R ew at e is s o u n e M y a ie r l k d e t k B e il t l s y i ( e m ld a ) r - 5 Other 6 iiss yy ss ee uu aa ee rr ss 77 1963 3.55 3.40 3.36 3.18 3.157 3.16 3.253 3.25 3.30 3.28 3.72 1964 3.97 3.83 3.77 3.50 3.549 3.54 3.686 3.68 3.74 3.76 4.06 1965 4.38 4.27 4.22 4.07 3.954 3.95 4.055 4.05 4.06 4.09 4.22 1966 5.55 5.42 5.36 5.11 4.881 4.85 5.082 5.06 5.07 5.17 5.16 1967 5.10 4.89 4.75 4.22 4.321 4.30 4.630 4.61 4.71 4.84 5.07 1968 5.90 5.69 5.75 5.66 5.339 5.33 5.470 5.48 5.45 5.62 5.59 1969 7.83 7.16 7.61 8.22 6.677 6.64 6.853 6.84 6.77 7.06 6.85 1970 7.72 7.23 7.31 7.17 6.458 6.42 6.562 6.55 6.53 6.90 7.37 1970—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 5.405 5.39 5.586 5.62 5.73 5.89 6.77 Aug 5.73 5.57 5.57 5.57 5.078 4.93 5.363 5.22 5.52 5.67 6.39 Sept 5.75 5.44 5.49 5.55 4.668 4.69 4.934 4.97 5.20 5.31 5.96 Oct 5.54 5.30 5.05 5.20 4.489 4.46 4.626 4.60 4.75 4.74 5.68 Week ending— 1971—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 Sept. 4 5.70 5.44 5.50 5.59 4.549 4.47 4.771 4.79 5.13 5.20 5.89 11 5.75 5.44 5.50 5.73 4.538 4.62 4.846 4.92 5.17 5.23 5.94 18 5.75 5.44 5.50 5.59 4.834 4.79 5.085 5.02 5.22 5.35 6.00 25 5.75 5.45 5.50 5.46 4.743 4.74 4.993 5.04 5.26 5.41 6.01 Oct. 2 5.75 5.44 5.40 5.43 4.676 4.65 4.973 4.95 5.17 5.26 5.91 9 5.75 5.44 5.23 5.32 4.534 4.51 4.743 4.72 5.00 4.91 5.84 16 5.63 5.39 5.03 5.29 4.486 4.45 4.595 4.58 4.73 4.73 5.68 23 5.45 5.24 4.98 5.14 4.494 4.47 4.635 4.56 4.67 4.70 5.62 30 5.25 5.06 4.88 5.11 4.443 4.36 4.530 4.47 4.49 4.51 5.53 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 • NOVEMBER 1971 BOND AND STOCK YIELDS (Per cent per annum) Government bonds Corporate bonds Stocks State By selected By Dividend/ Earnings / Period United and local rating group price ratio price ratio States Total i (longterm) Total i Aaa Baa Baa In tr d i u al s - R ro a a i d l- P u u ti b li l t i y c fe P r r r e e - d C m o o m n - C m o o m n - 1962 3.95 3.30 3.03 3.67 4.62 4.33 5.02 4.47 4.86 4.51 4.50 3.37 6.06 1963 4.00 3.28 3.06 3.58 4.50 4.26 4.86 4.42 4.65 4.41 4.30 3.17 5.68 1964 4.15 3.28 3.09 3.54 4.57 4.40 4.83 4.52 4.67 4.53 4.32 3.01 5.54 1965 4.21 3.34 3.16 3.57 4.64 4.49 4.87 4.61 4.72 4.60 4.33 3.00 5.87 1966 4.66 3.90 3.67 4.21 5.34 5.13 5.67 5.30 5.37 5.36 4.97 3.40 6.72 1967 4.85 3.99 3.74 4.30 5.82 5.51 6.23 5.74 5.89 5.81 5.34 3.20 5.71 1968 5.25 4.48 4.20 4.88 6.51 6.18 6.94 6.41 6.77 6.49 5.78 3.07 5.84 1969 6.10 5.73 5.45 6.07 7.36 7.03 7.81 7.22 7.46 7.49 6.41 3.24 6.05 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—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 3.10 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 5.78 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 Sept 5.56 5.45 5.09 5.86 7.97 7.44 8.59 7.64 8.39 8.12 6.90 3.09 Oct 5.46 5.05 4.75 5.38 7.88 7.39 8.48 7.58 8.25 8.04 6.75 3.16 Week ending— 1971—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 8.88 7.89 8.55 8.44 7.06 3.25 21 5.64 5.42 5.15 5.75 8.02 7.49 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 Sept. 4 5.58 5.59 5.30 6.10 8.03 7.45 8.65 7.67 8.54 8.15 6.94 3.10 11 5.51 5.40 5.00 5.80 7.97 7.42 8.62 7.62 8.45 8.11 6.87 3.03 18 5.59 5.50 5.10 5.90 7.97 7.44 8.63 7.64 8.39 8.13 6.87 3.07 25 5.59 5.51 5.15 5.90 7.96 7.44 8.57 7.65 8.32 8.12 6.85 3.11 Oct. 2 5.52 5.25 4.90 5.60 7.95 7.46 8.52 7.64 8.32 8.10 6.95 3.13 9 5.47 5.15 4.80 5.50 7.93 7.44 8.49 7.62 8.32 8.05 6.81 3.07 16 5.44 4.98 4.65 5.30 7.90 7.42 8.48 7.61 8.26 8.04 6.75 3.09 23 5.47 4.95 4.65 5.25 7.87 7.37 8.47 7.56 8.21 8.03 6.70 3.20 30 5.43 5.13 4.90 5.45 7.82 7.31 8.44 7.51 8.18 8.00 6.74 3.26 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: i 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 21 Vz 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
NOVEMBER 1971 • SECURITY MARKETS A 37 SECURITY PRICES Common stock prices VVVooollluuummmeee ooofff BBBooonnnddd ppprrriiiccceeesss New York Stock Exchange tttrrraaadddiiinnnggg iiinnn (((pppeeerrr ccceeennnttt ooofff pppaaarrr))) ssstttoooccckkksss AAAmmmeeerrr--- (((ttthhhooouuusssaaannndddsss ooofff PPPPeeeerrrriiiioooodddd Standard and Poor's index New York Stock Exchange index iiicccaaannn ssshhhaaarrreeesss))) (1941_43=10) (Dec. 31, 1965 = 50) SSStttoooccckkk EEExxx--ccchhhaaannngggeee ( G l U o o . n 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 i u al s - R ro a a i d l- P u u ti b li l t i y c To^al In tr d i u al s - T p t o r i a r o n t n a s - - Utility na F n i- ce iiinnn tttooo ddd ttt eee aaa xxx lll 111 NYSE AMEX term) 1962 8888866666.....9999944444 111111111122222.....00000 9999966666.....22222 6666622222.....3333388888 6666655555.....5555544444 3333300000.....5555566666 5555599999.....1111166666 33333,,,,,888882222200000 11111,,,,,222222222255555 1963 8888866666.....3333311111 111111111111111.....33333 9999966666.....88888 6666699999.....8888877777 7777733333.....3333399999 3333377777.....5555588888 6666644444.....9999999999 8888....55552222 44444,,,,,555557777733333 11111,,,,,222226666699999 1964 8888844444.....4444466666 111111111111111.....55555 9999955555.....11111 8888811111.....3333377777 8888866666.....1111199999 4444455555.....4444466666 6666699999.....9999911111 9999....88881111 44444,,,,,888888888888888 11111,,,,,555557777700000 1965 8888833333.....7777766666 111111111100000.....66666 9999933333.....99999 8888888888.....1111177777 9999933333.....4444488888 4444466666.....7777788888 7777766666.....0000088888 11112222....00005555 66666,,,,,111117777744444 22222,,,,,111112222200000 196 6 7777788888.....6666633333 111110000022222.....66666 8888866666.....11111 8888855555.....2222266666 9999911111.....0000099999 4444466666.....3333344444 6666688888.....2222211111 44.16 43.79 48.23 44.77 44.43 11114444....66667777 77777,,,,,555553333388888 22222,,,,,777775555522222 196 7 7777766666.....5555555555 111110000000000.....55555 8888811111.....88888 9999911111.....9999933333 9999999999.....1111188888 4444466666.....7777722222 6666688888.....1111100000 50.77 51.97 53.51 45.43 49.82 11119999....66667777 1111100000,,,,,111114444433333 44444,,,,,555550000088888 196 8 7777722222.....3333333333 9999933333.....55555 7777766666.....44444 9999988888.....7777700000 111110000077777.....4444499999 4444488888.....8888844444 6666666666.....4444422222 55.37 58.00 50.58 44.19 65.85 22227777....77772222 1111122222,,,,,999997777711111 66666,,,,,333335555533333 196 9 6666644444.....4444499999 7777799999.....00000 6666688888.....55555 9999977777.....8888844444 111110000077777.....1111133333 4444455555.....9999955555 6666622222.....6666644444 54.67 57.45 46.96 42.80 70.49 22228888....77773333 1111111111,,,,,444440000033333 55555,,,,,000000000011111 197 0 6666600000.....5555522222 7777722222.....33333 6666611111.....66666 8888833333.....2222222222 9999911111.....2222299999 3333322222.....1111133333 5555544444.....4444488888 45.72 48.03 32.14 37.24 54.64 22222222....55559999 1111100000,,,,,555553333322222 33333,,,,,333337777766666 1970—Oc t 6666600000.....4444444444 7777711111.....99999 6666611111.....33333 8888844444.....3333377777 9999922222.....8888855555 3333311111.....7777733333 5555533333.....3333377777 46.06 48.87 32.38 36.01 59.04 22222222....33339999 1111111111,,,,,888888888877777 33333,,,,,111113333355555 Nov 6666633333.....2222277777 7777755555.....11111 6666611111.....99999 8888844444.....2222288888 9999922222.....5555588888 3333300000.....8888800000 5555544444.....8888866666 45.84 48.54 31.23 36.71 57.40 22221111....77773333 1111111111,,,,,555551111199999 22222,,,,,666667777777777 Dec 6666655555.....6666633333 7777799999.....88888 6666644444.....77777 9999900000.....0000055555 9999988888.....7777722222 3333322222.....9999955555 5555599999.....9999966666 49.00 51.68 33.70 39.93 61.95 22222222....11119999 1111155555,,,,,222224444411111 44444,,,,,333333333300000 1971—Ja n 6666666666.....1111100000 7777799999.....99999 6666666666.....55555 9999933333.....4444499999 111110000022222.....2222222222 3333366666.....6666644444 6666633333.....4444433333 51.29 53.72 37.76 42.52 66.41 22223333....55556666 1111177777,,,,,444442222299999 44444,,,,,444449999933333 Feb 6666666666.....7777788888 8888811111.....55555 6666666666.....88888 9999977777.....1111111111 111110000066666.....6666622222 3333388888.....7777788888 6666622222.....4444499999 53.42 56.45 40.37 42.30 68.19 22225555....00002222 1111199999,,,,,555554444400000 66666,,,,,000005555544444 Mar 6666677777.....9999944444 8888822222.....88888 6666655555.....88888 9999999999.....6666600000 111110000099999.....5555599999 3333399999.....7777700000 6666622222.....4444422222 54.89 58.43 41.71 41.60 70.66 22225555....88888888 1111166666,,,,,999995555555555 55555,,,,,555557777700000 Apr 6666677777.....5555577777 8888800000.....44444 6666655555.....11111 111110000033333.....0000044444 111111111133333.....6666688888 4444422222.....2222299999 6666622222.....0000066666 56.81 60.65 45.35 41.73 73.91 22226666....44443333 1111199999,,,,,111112222266666 55555,,,,,666668888855555 May 6666655555.....7777722222 7777755555.....66666 6666633333.....77777 111110000011111.....6666644444 111111111122222.....4444411111 4444422222.....0000055555 5555599999.....2222200000 56.00 60.21 45.48 39.70 70.89 22226666....00003333 1111155555,,,,,111115555577777 44444,,,,,111115555577777 June 6666655555.....8888844444 7777744444.....88888 6666633333.....55555 9999999999.....7777722222 111111111100000.....2222266666 4444422222.....1111122222 5555577777.....9999900000 55.06 59.25 44.90 38.71 70.01 22225555....66661111 1111133333,,,,,888880000022222 33333.....444448888888888 July 6666666666.....1111166666 7777744444.....00000 6666633333.....22222 9999999999.....0000000000 111110000099999.....0000099999 4444422222.....0000055555 6666600000.....0000088888 54.83 58.70 44.02 39.72 70.42 22225555....44446666 1111122222,,,,,666663333344444 33333,,,,,000008888800000 Aug 6666677777.....3333333333 7777777777.....55555 6666633333.....44444 9999977777.....2222244444 111110000077777.....2222266666 4444433333.....5555555555 5555577777.....5555511111 53.73 57.62 44.83 38.17 69.41 22224444....88884444 1111144444,,,,,555557777744444 33333,,,,,444447777733333 Sept 6666699999.....3333355555 8888811111.....77777 6666644444.....22222 9999999999.....4444400000 111110000099999.....8888855555 4444477777.....1111188888 5555566666.....4444488888 54.95 59.13 48.09 37.53 72.14 22225555....44447777 1111122222,,,,,000003333388888 33333,,,,,222225555599999 Oct 7777700000.....3333333333 8888844444.....77777 6666655555.....22222 9999977777.....2222299999 111110000077777.....2222288888 4444444444.....5555588888 5555577777.....4444411111 53.76 57.52 47.02 37.93 71.24 22225555....22224444 1111133333,,,,,333334444400000 33333,,,,,666662222222222 Week ending— 1971—Oct. 2 6666699999.....7777700000 8888822222.....77777 6666644444.....33333 9999988888.....1111133333 111110000088888.....5555500000 4444455555.....8888833333 5555555555.....6666655555 54.22 58.37 46.99 37.04 71.08 22225555....33338888 1111111111,,,,,333339999933333 33333,,,,,111110000000000 9 7777700000.....1111177777 8888833333.....33333 6666644444.....77777 9999999999.....5555500000 111110000099999.....8888888888 4444466666.....5555500000 5555577777.....3333377777 54.98 58.99 48.10 38.20 72.42 22225555....66664444 1111144444,,,,,888884444444444 44444,,,,,000007777777777 16 7777700000.....5555533333 8888855555.....33333 6666655555.....33333 9999988888.....7777744444 111110000088888.....8888844444 4444455555.....5555588888 5555588888.....4444411111 54.59 58.38 48.17 38.52 72.26 22225555....55556666 1111122222,,,,,333333333377777 33333,,,,,777777777733333 23 7777700000.....1111155555 8888855555.....66666 6666655555.....33333 9999966666.....2222222222 111110000066666.....0000022222 4444444444.....5555588888 5555577777.....5555577777 53.18 56.82 46.22 37.80 70.61 22225555....00006666 1111133333,,,,,888887777733333 33333,,,,,444449999966666 30 7777700000.....6666600000 8888844444.....66666 6666655555.....55555 9999944444.....3333366666 111110000033333.....9999977777 4444422222.....3333344444 5555566666.....5555555555 52.14 55.63 45.49 37.28 69.61 22224444....66664444 1111122222,,,,,222229999944444 33333,,,,,000006666600000 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 t g r ) & e i s M (y a e t a u r r s it ) y L c r p ( o e a p r n a t i e c i n r t o e ) / (t d h c o p o P h l r u u l a i a s 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 i s M (y a e t a u r r s i ) t y L c p r ( o e p a r n a t e ic i t r n o e ) / (t d h c o p o P h l r u u l a i a s r c s r . - e e s o ) f (t d a h L m o o l u o l o a a s u . r n n s o ) t f 1964. 5.78 .57 24.8 74.1 23.7 17.3 5.92 .55 20.0 71.3 18.9 13.4 1965 5.74 .49 25.0 73.9 25.1 18.3 5.87 .55 21.8 72.7 21.6 15.6 1966, 6.14 .71 24.7 73.0 26.6 19.2 6.30 .72 21.7 72.0 22.2 15.9 1967 6.33 .81 25.2 73.6 28.0 20.4 6.40 .76 22.5 72.7 24.1 17.4 1968 6.83 .89 25.5 73.9 30.7 22.4 6.90 .83 22.7 73.0 25.6 18.5 1969. 7.66 .91 25.5 72.8 34.1 24.5 7.68 .88 22.7 71 .5 28.3 19.9 1970. 8.27 1.03 25.1 71.7 35.5 25.2 8.20 .92 22.8 71.1 30.0 21.0 1970--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 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 .90 26.3 74.5 36.8 27.1 7.50 .75 24.2 74.5 31.6 23.2 Aug 7.60 .84 26.2 r73.9 36.5 26.5 r7.58 '.76 r24.5 '"74.2 31.9 r23.5 Sept 7.66 .97 25.9 75.1 35.3 26.1 7.63 .78 22.6 74.5 30.8 22.6 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 38 STOCK MARKET CREDIT • NOVEMBER 1971 STOCK MARKET CREDIT REGULATORY STATUS OF MARGIN ACCOUNT DEBT AT BROKERS (In millions of dollars) (Per cent of total adjusted debt, except as noted) End of period B m ro a C k r e r g r e in d s it c B u e a s x t n t o e k m n s d er e s d T b t o y o t — al to a d C b m n n e a u c e b e l s e t i - r - t s s ' to c a C m b f r n n r e a u c e e e d l s e t r e - i - s s t ' b t c e r r N n e o b e x d k e y d - t e e i d r t s EEE pppeee nnn rrr ddd iii ooo ooo ddd fff Un 2 d 0 er 2 A 0- d 2 j 9 u sted 3 0 d ( - p e 3 b e 9 r t / c c o e l 4 n l 0 a t) t - e 4 r 9 a l v 5 a 0 lu -5 e 9 6 m 0 o r o e r jjj TTT lll ((( uuu ddd iii aaa mmm ooo ooo sss ooo eee ddd ttt ttt bbb nnn fff iii eee aaa --- lll ttt sss ddd --- lll dddooolll--- Unrestricted Restricted i lllaaarrrsss))) 1970—Sept. 3,920 2,330 6,250 (3) 2,236 (3) Oct., 4,010 2,270 6,280 (3) 2,163 (3) Nov. 4,010 2,320 6,332 (3) 2,197 (3) 1970—Sept.. .6 1.1 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 June, 4,720 2,390 7,110 (3) 2,440 (3) Apr.. .2 .4 60.6 12.1 6.0 20.7 9,200 July. 4,790 2,420 7,210 (3) 2,210 (3) May. .0 .3 54.0 17.9 6.8 20.9 8,990 Aug. 4,850 2,430 7,280 (3) 2,200 (3) June. .3 .2 47.4 23.1 7.6 21.3 9,030 Sept. 4,930 2,430 7,360 (3) 2,100 (3) July.. . 1 .2 33.5 33.3 10.1 22.8 8,960 Aug.. .0 .3 48.2 21.8 8.3 21.2 9,070 Sept.. .2 0.3 44.1 24.5 9.5 21.5 9,090 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- t he 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 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 (millions or more 60 per cent of dollars) TToottaall Equity class (per cent) ddeebbtt ((mmiill-- EEnndd ooff lliioonnss 1970—Sept. 46.6 44.5 9.0 4,480 ppeerriioodd dd oo oo ff ll -- 8 m 0 o r o e r 70-79 60-69 50-59 40-49 Un 4 d 0 e r N O o ct v . . . 4 4 5 6 . . 5 2 4 43 3 . . 9 9 1 9 0 . . 9 6 4 4, , 2 4 4 3 0 0 llaarrss))!! Dec. 48.2 42.3 9.4 4,030 1971—Jan.. 49.2 43.6 7.2 4,260 1970— N S O D e o c e p t v c t . . . . . . . . . 4 4 4 3 , , , , 0 0 0 9 1 3 1 2 0 0 0 0 1 1 1 9 1 1 0 . . . . 9 4 0 4 1 1 1 16 8 4 5 . . . . 1 3 8 2 2 2 2 2 4 7 6 5 . . . . 1 1 5 4 1 1 1 1 6 7 6 6 . . . . 7 5 8 9 1 1 1 1 3 4 3 4 . . . . 1 1 5 3 1 1 1 1 8 6 5 7 . . . . 5 2 0 2 F A J M M u e p a a b n r r y . e . . , 4 4 4 4 4 6 9 5 6 8 . . . . . 5 1 1 8 6 4 4 4 4 4 7 8 5 7 4 . . . . . 1 1 5 8 2 5 6 7 6 5 . . . . . 1 4 0 9 7 4 4 4 4 4 , , , , , 4 5 2 3 4 0 0 5 8 0 0 0 0 0 0 1971—J F M a e n a b . r . .. . . 4 4 4 , , , 0 0 3 0 9 0 0 0 0 1 1 1 2 1 1 . . . 1 8 4 2 1 1 0 9 9 . . . 6 0 5 2 3 3 8 1 3 . . . 3 1 0 1 1 1 7 6 6 . . . 1 3 2 1 9 7 0 . . . 3 2 0 1 1 1 2 1 2 . . . 8 8 3 J S A u e u p ly g t . . . 4 4 4 5 4 4 . . . 2 6 2 4 4 4 7 6 8 . . . 7 0 0 7 8 . . 4 1 4 4 4 , , , 1 1 2 6 9 3 0 0 0 Apr.. 4,530 11.8 20.3 35.0 15.0 6.2 11.7 May. 4,620 10.6 15.7 36.7 18.0 7.4 11.6 June. 4,720 9.6 14.4 34.9 20.1 8.6 12.2 NOTE.—Special miscellaneous accounts contain credit balances that July.. 4,790 8.3 12.2 29.1 25.2 11.0 14.1 may be used by customers as the margin deposit required for additional Aug.. 4,850 9.3 14.4 35.4 19.6 8.9 12.6 purchases. Balances may arise as transfers based on loan values of other Sept.. 4,930 8.7 13.1 34.3 20.7 9.9 13.3 collateral in the customer's margin account or deposits of cash (usually sales proceeds) occur. i See note 1 to table above. NOTE.—Each customer's equity in his collateral (market value of collateral less net debit balance) is expressed as a percentage of current collateral values. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER 1971 • SAVINGS INSTITUTIONS A 39 MUTUAL SAVINGS BANKS (In millions of dollars) Loans Securities TTToootttaaalll MMoorrttggaaggee llooaann aaasssssseeetttsss——— ccoommmmiittmmeennttss 33 EEEnnnddd ooofff pppeeerrriiioooddd MM ggaa oo gg rr ee tt -- OOtthheerr GG UU oo .. vv SS.. tt .. gg SS ll aa oo oo tt nn cc aa vv dd aa tt tt ee ll .. oo CC tt rr aa oo hh aa nn rr ee tt dd pp ee rr oo 11 -- CCCaaassshhh aaa OOO sss ttt sss hhh eee eee ttt rrr sss ggg lll rrr iii TTT eee eee aaa aaa ttt sss nnn ooo bbb iii nnn eee eee eee ttt iii rrr ddd sss rrr aaa lll vvv iii aaa lll --- eee lll DDDeee iiittt ppp sss ooo 222 sss--- lll OOO iiiaaa ttt ttt iii bbb hhh eee iii sss eee lll iii rrr --- GGG rrr ccc eee ooo eee aaa sss nnn uuu eee ccc eee nnn rrr --- rrr vvv ttt aaa sss eee lll ccllaassssii (( ff ii ii nn ee dd mm bb oo yy nn tt mm hh aa ss)) tt uurriittyy aaacccccctttsss... 3 or 3-6 6-9 Over Total less 9 1963 3333366666,,,,,000000000077777 666660000077777 55555,,,,,888886666633333 444444444400000 55555,,,,,000007777744444 999991111122222 777779999999999 4444499999,,,,,777770000022222 4444444444,,,,,666660000066666 999994444433333 44444,,,,,111115555533333 22222,,,,,555554444499999 1964 4444400000,,,,,333332222288888 777773333399999 55555,,,,,777779999911111 333339999911111 55555,,,,,000009999999999 11111,,,,,000000000044444 888888888866666 5555544444,,,,,222223333388888 4444488888,,,,,888884444499999 999998888899999 44444,,,,,444440000000000 22222,,,,,888882222200000 1965 4444444444,,,,,444443333333333 888886666622222 55555,,,,,444448888855555 333332222200000 55555,,,,,111117777700000 11111,,,,,000001111177777 999994444444444 5555588888,,,,,222223333322222 5555522222,,,,,444444444433333 11111,,,,,111112222244444 44444,,,,,666666666655555 22222,,,,,666669999977777 1966 4444477777.....111119999933333 11111,,,,,000007777788888 44444,,,,,777776666644444 222225555511111 55555,,,,,777771111199999 999995555533333 11111,,,,,000002222244444 6666600000,,,,,999998888822222 5555555555,,,,,000000000066666 11111,,,,,111111111144444 44444,,,,,888886666633333 22222,,,,,000001111100000 196 7 5555500000,,,,,333331111111111 11111,,,,,222220000033333 44444,,,,,333331111199999 222221111199999 88888,,,,,111118888833333 999999999933333 11111,,,,,111113333388888 6666666666,,,,,333336666655555 6666600000,,,,,111112222211111 11111,,,,,222226666600000 44444,,,,,999998888844444 742 c> 82 799 22222,,,,,555552222233333 196 8 5555533333,,,,,222228888866666 11111,,,,,444440000077777 33333,,,,,888883333344444 111119999944444 1111100000,,,,,111118888800000 999999999966666 11111,,,,,222225555566666 7777711111,,,,,111115555522222 6666644444,,,,,555550000077777 11111,,,,,333337777722222 55555,,,,,222227777733333 811 M )34 1,166 33333,,,,,000001111111111 196 9 5555555555,,,,,777778888811111 11111,,,,,888882222244444 33333,,,,,222229999966666 222220000000000 1111100000,,,,,888882222244444 999991111122222 11111,,,,,333330000077777 7777744444,,,,,111114444444444 6666677777,,,,,000002222266666 11111,,,,,555558888888888 55555,,,,,555553333300000 584 485 452 946 22222,,,,,444446666677777 1970—Sept... 5555577777,,,,,222220000022222 22222,,,,,222224444400000 33333,,,,,222228888811111 111119999977777 1111122222,,,,,222222222222222 11111,,,,,000000000011111 11111,,,,,444445555599999 7777777777,,,,,666660000022222 6666699999,,,,,888881111177777 22222,,,,,000008888877777 55555,,,,,666669999988888 635 334 266 691 11111,,,,,999992222266666 Oct 5555577777,,,,,333339999988888 22222,,,,,222229999911111 33333,,,,,222221111155555 222220000077777 1111122222,,,,,222224444433333 11111,,,,,000003333355555 11111,,,,,444446666655555 7777777777,,,,,888885555555555 7777700000,,,,,000009999933333 22222,,,,,000005555511111 55555,,,,,777771111122222 596 338 274 666 11111,,,,,888887777755555 Nov.... 5555577777,,,,,444447777733333 22222,,,,,333333333322222 33333,,,,,222221111199999 222220000055555 1111122222,,,,,333337777788888 11111,,,,,111111111122222 11111,,,,,444448888833333 7777788888,,,,,222220000022222 7777700000,,,,,333336666611111 22222,,,,,111111111111111 55555,,,,,777773333300000 564 315 311 662 11111,,,,,888885555522222 Dec.... 5555577777,,,,,777777777755555 22222,,,,,222225555555555 33333,,,,,111115555511111 111119999977777 1111122222,,,,,888887777766666 11111,,,,,222227777700000 11111,,,,,444447777711111 7777788888,,,,,999999999955555 7777711111,,,,,555558888800000 11111,,,,,666669999900000 55555,,,,,777772222266666 619 322 302 688 11111,,,,,999993333311111 1971—Jan.... 5555588888,,,,,000001111144444 22222,,,,,333336666655555 33333,,,,,111119999966666 222220000066666 1111133333,,,,,444445555577777 11111,,,,,111112222299999 11111,,,,,555556666644444 7777799999,,,,,999993333300000 7777722222,,,,,444444444411111 11111,,,,,777773333399999 55555,,,,,777775555500000 638 322 285 705 11111,,,,,999995555500000 Feb.... 5555588888.....111119999944444 22222,,,,,555559999922222 33333,,,,,333332222288888 222222222222222 1111133333,,,,,999991111199999 11111,,,,,222227777700000 11111,,,,,555557777755555 8888811111,,,,,111110000000000 7777733333,,,,,333336666666666 11111,,,,,999992222266666 55555,,,,,888880000099999 723 352 283 790 22222,,,,,111114444488888 Mar.. . 5555588888,,,,,555554444400000 22222,,,,,666663333366666 33333,,,,,333335555566666 222224444466666 1111144444,,,,,888888888822222 11111,,,,,222228888877777 11111,,,,,666663333355555 8888822222,,,,,555558888811111 7777755555,,,,,000000000022222 11111,,,,,777774444466666 55555,,,,,888883333322222 840 413 322 864 22222,,,,,444443333399999 Apr.... 5555588888,,,,,777779999966666 22222,,,,,777772222277777 33333,,,,,333334444400000 222227777788888 1111155555,,,,,555551111199999 11111,,,,,222225555544444 11111,,,,,666665555566666 8888833333,,,,,555557777700000 7777755555,,,,,888882222244444 11111,,,,,888888888822222 55555,,,,,888886666633333 993 445 360 1,005 22222,,,,,888880000044444 May... 5555599999,,,,,111111111111111 22222,,,,,888881111133333 33333,,,,,444444444411111 333333333300000 1111166666,,,,,000007777700000 11111,,,,,222226666611111 11111,,,,,666665555599999 8888844444,,,,,666668888866666 7777766666,,,,,666665555566666 22222,,,,,111111111166666 55555,,,,,999991111144444 1,152 470 385 1,171 33333,,,,,111117777788888 June. . 5555599999,,,,,555554444466666 22222,,,,,666669999966666 33333,,,,,444440000099999 333331111199999 1111166666,,,,,666664444499999 11111,,,,,222228888811111 11111,,,,,666666666655555 8888855555,,,,,555556666655555 7777777777,,,,,666668888833333 11111,,,,,999995555566666 55555,,,,,999992222266666 1,118 517 343 1,244 33333,,,,,222222222222222 July... 5555599999,,,,,999993333355555 22222,,,,,555554444455555 33333,,,,,555555555588888 333332222266666 1111166666,,,,,999996666699999 11111,,,,,111119999988888 11111,,,,,777775555500000 8888866666,,,,,222228888822222 7777788888,,,,,111113333300000 22222,,,,,111119999988888 55555,,,,,999992222244444 1,015 582 347 1,260 33333,,,,,222220000044444 Aug. .. 6666600000,,,,,333335555500000 22222,,,,,666668888855555 33333,,,,,555551111177777 333333333388888 1111177777,,,,,111115555599999 11111,,,,,111115555511111 11111,,,,,666669999922222 8888866666,,,,,888889999922222 7777788888,,,,,444443333377777 22222,,,,,444442222233333 66666,,,,,000003333311111 978 557 374 1,246 33333,,,,,111115555555555 Sept.. . 6666600000,,,,,666662222222222 22222,,,,,777778888822222 33333,,,,,444446666677777 333333333399999 1111177777,,,,,222228888822222 11111,,,,,111117777777777 11111,,,,,777774444422222 8888877777,,,,,444441111100000 7777799999,,,,,222223333366666 22222,,,,,111112222299999 66666,,,,,000004444455555 1,086 509 422 1,196 33333,,,,,222221111133333 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 t l s Total U S n ta i t t e e s d Sta lo te c a a l n d Foreign 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 Statement value 196 3 141,121 12,438 5,813 3,852 2,773 60,780 53,645 7,135 50,544 4,319 6,655 196 4 149,470 12,322 5,594 3,774 2,954 63,579 55,641 7,938 55,152 4,528 7,140 196 5 158,884 11,679 5,119 3,530 3,030 67,599 58,473 9,126 60,013 4,681 7,678 196 6 167,022 10,837 4,823 3,114 2,900 69,816 61,061 8,755 64,609 4,883 9,117 196 7 177,832 10,573 4,683 3,145 2,754 76,070 65,193 10,877 67,516 5,187 10,059 196 8 188,636 10,509 4,456 3,194 2,859 82,127 68,897 13,230 69,973 5,571 11,306 Book value: 196 6 167,022 10,864 4,824 3,131 2,909 68,677 61,141 7,536 64,661 4,888 9,911 196 7 177,361 10,530 4.587 2,993 2,950 73,997 65,015 8,982 67,575 5,188 10,060 196 8 187,695 10,483 4,365 3,036 3,082 79,403 68,575 10,828 70,071 5,573 11,284 196 9 197,208 10,914 4,514 3,221 3.179 84,566 70,859 13,707 72,027 5,912 13,825 1970—Aug.r. 202,498 11,170 4,717 3,261 3,192 86,151 72,707 13,444 73,465 6,180 15,541 Sept.r. 203,807 11,098 4,635 3,272 3,191 87,046 73,108 13,938 73.582 6,208 15,703 Oct.. . 203,922 11,029 4,565 3,277 3.187 87,099 73,389 13,710 73,728 6,255 15,813 Nov... 205,064 11,049 4.588 3,281 3.180 87.755 73,644 14,111 73,848 6,311 15,918 Dec... 206,193 10,967 4,494 3,285 3.188 88,183 73,123 15,060 74,345 6,362 16,025 1971—Jan.... 208,206 11,027 4,557 3,298 3,172 90,127 74,326 15,801 74,370 6,341 16,109 Feb... 209,885 11,126 4,632 3,319 3,175 91,038 74,696 16,342 74,437 6,453 16,220 Mar... 211,500 11,023 4,540 3,335 3.148 92,629 75,192 17,437 74,516 6,485 16,293 Apr... 212,698 10,946 4,454 3,375 3.117 93.756 75,604 18,152 74,536 6,535 16,370 May.. 213,414 10,954 4,433 3,403 3.118 94,197 76,096 18,101 74,552 6,591 16,433 June.. 214,279 10,786 4,242 3,412 3,132 95,031 76,644 18,387 74,535 6,644 16,516 July... 215,284 11,031 4,466 3,430 3,135 95,683 77,333 18,350 74.583 6,729 16,590 Aug... 216,436 11,076 4,475 3,452 3.149 96,429 77,581 18,848 74,707 6,749 16,679 Sept... 217,489 11,000 4,345 3,484 3,171 97,199 78,121 19,078 74,799 6,811 16,782 i Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and NOTE.—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance companies in the United States. on each item separately but are included in total, in "Other assets." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 40 SAVINGS INSTITUTIONS • NOVEMBER 1971 SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Mortgage loan Liabilities commitments4 Total assets— M ga o g r e t s - I s i n m e t v i c e e e u s n s r 1 t t - - Cash Other2 lia T b o il t i a t l i es S c a a v p i i n ta g l s R a d p n e i r v s d o e i d f r u i v e t n d s e - s m r B o o w n o e r e y - d 3 Loans Other d p M u er r a i i d o n e d g 68,834 5,211 3,315 4,775 82,135 70,885 5,708 2,856 1,550 1,136 78,770 5,563 3,926 5,346 93,605 80,236 6,520 3,629 1,999 1 ,221 90,944 6,445 3,979 6,191 107,559 91,308 7,209 5,015 2,528 1,499 101,333 6,966 4,015 7,041 119,355 101,887 7,899 5,601 2,239 1,729 110,306 7,414 3,900 7,960 129,580 110,385 8,704 6,444 2,198 1,849 114,427 7,762 3,366 8,378 133,933 113,969 9,096 7,462 1,270 2,136 1 1 2 3 1 0 , , 8 8 0 0 5 2 i 1 9 1 ,1 ,1 8 1 0 6 3 2 , , 4 9 4 6 2 2 9 9 , , 1 57 0 1 7 1 1 4 5 3 2 , , 5 8 3 9 4 0 1 1 2 3 4 1 , , 5 6 3 1 1 8 1 9 0 , , 5 3 4 1 6 5 4 5 , , 7 7 3 0 8 5 2 2 , , 2 4 5 4 7 9 2 2 , , 4 8 6 0 2 3 140,347 10,893 2,439 8,620 162,299 135,670 11,239 9,728 2,455 3,207 807 146,556 12,850 2,455 9,182 171,043 141,734 11,609 10,705 2,679 4,316 1 ,628 147,712 13,277 2,715 9,248 172,952 142,825 11,588 10,721 2,747 5,071 1,711 148,896 13,340 3,155 9,356 174,747 143,928 11,592 10,691 2,838 5,698 1,628 150,562 13,058 3,520 9,434 176,574 146,744 12,012 10,942 3,087 3,789 1,602 151,503 15,506 2,930 9,386 179,325 149,298 12,056 10,494 3,055 4,422 1,665 152,665 16,805 3,249 9,524 182,243 151,742 12,062 10,097 3,161 5,181 2,069 154,430 18,335 3,376 9,668 185,809 155,845 12,044 9,838 3,500 4,577 3,130 156,574 18,302 3,146 9,831 187,853 158,061 12,031 8,631 3,877 5,253 3,370 158,747 18,650 3,000 10,087 190,484 160,221 12,035 7,774 4,336 6,118 3,505 161,440 18,609 2,783 10,110 192,942 163,313 12.357 7,903 4,734 4,635 3,537 163,951 19,319 2,153 10,192 195,615 164,864 12.358 8,039 4,953 5,401 3,144 166,342 19,010 2,091 10,420 197,863 165,973 12,350 8,231 5,032 6,277 2,880 168,430 18,732 2,068 10,591 199,821 168,642 12,360 8,417 4,983 5,419 2,600 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 v m a b A t n e e o d m r c - s e - s I m nv e e n s t t s - p C a o d a n s e s i d - h t s B n a o o n n t d e d s s M po b d e s e e m i r - t s - C s a to p c it k a l M l g o ( a A o a g n r ) e t s - D n t e a u ( o b L n r t e d e e ) n s s - c L a o ( t o o t i A p a o v ) e n e s r s - D t e u ( b L r e e ) s n - c L o a d ( o u A n i a s n d ) n - t s s D t e u ( b L r e e ) s n - M l g o ( a o A a g r n ) e t s - B ( o L n ) d s 4,386 2,598 127 4,060 1,432 1 ,395 5,348 4,919 1,506 1,253 3,411 3,214 5,609 4,904 5,259 2,375 126 4,701 1,383 1,402 6,872 6,376 1,577 1,334 3,654 3,570 6,126 5,399 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 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 . 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 . 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 . 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 . 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 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 . 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 . 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 . 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 . 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 . 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 . 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 . 7,513 2,744 86 7,218 1,532 1,603 16,204 15,260 1,942 1,791 5,866 5,742 7,709 6,884 . 7,637 2,584 117 7,190 1,522 1,600 16,732 16,241 1,942 1,791 5,841 5.713 7,767 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
NOVEMBER 1971 • FEDERALLY SPONSORED CREDIT AGENCIES A 41 OUTSTANDING ISSUES OF FEDERALLY SPONSORED AGENCIES, SEPTEMBER 30, 1971 Cou- Amount Cou- Amount Cou- Agency, and date of issue pon (millions Agency, and date of issue pon (millions Agency, and date of issue pon and maturity rate of dollars) and maturity rate of dollars) and maturity rate Federal home loan banks Federal National Mortgage Federal intermediate Bonds: Association—Cont. credit banks 10/27/69 - 11/26/71 8.20 250 Debentures—Cont: Debentures: 6 1 / 1 2 / 6 2 / 5 7 / 0 6 9 - - 2/ 2 2 / 5 2 / 5 7 / 2 7 . 2 . . 8 8 . . 2 2 0 0 2 3 0 0 0 0 2 3 / /1 1 0 0 / / 6 6 9 0 - - 2 3 / / 1 1 0 0 / / 7 7 2 2 6 5V % s 2 9 5 8 0 7 8 / / 1 2 / / 7 7 1 1 - - 2 1 /1 /3 / / 7 7 2 2 5 6 . K 65 5 7 9 9 / / / / 2 2 2 2 7 7 5 5 / / / / 7 7 7 7 1 1 0 0 - - - - 8 1 5 1 / 1 / 1 2 2 / / 2 5 5 2 7 / / 7 7 7 / / 7 2 2 7 2 . . 2 . . . . . . 6 8 7 5 . % H M 15 2 4 2 3 0 0 5 1 0 0 0 0 5 2 1 1 / / 0 2 1 1 / / 1 0 1 1 4 / 1 /7 7 / / 0 6 0 6 1 9 - - - - 9 6 / / 6 3 1 1 / / 1 2 1 1 / / 2 0 7 7 / / 2 2 7 7 2 2 . . . .. 4 6 8 8 . . M % 7 4 0 0 2 4 3 1 0 0 0 0 0 0 0 0 2 1 3 1 / / 0 / 1 1 4 / / / 1 / 7 7 7 / 1 1 1 7 0 - - - - 1 1 2 1 1 1 / / 0 1 1 0 / / / / 7 7 4 1 1 1 / / 7 7 3 1 . .. . .. . 7 5 4 4 . . . . 5 3 3 0 5 0 0 0 2/25/70 - 2/26/73 . . 8.35 350 6/10/70 - 9/11/72 7.40 200 4/1/71 - 1/3/72 3.85 5/23/71 - 2/26/73... 5.70 400 11/10/69 - 12/11/72. . . 8.00 200 5/3/71 -2/1/72 4.60 3/25/71 - 5/25/73... 4.20 400 10/13/70 - 12/11/72. . . 7.20 400 6/1/71 - 3/1/72 5.70 1 1 / 0 2 / 6 2 / 7 70 /7 - 0 -8 1 / / 2 25 7 / / 7 7 4 3 . .. . 8 7 . . 4 2 0 0 4 3 5 0 0 0 1 1 1 2 / / 1 1 0 2/ / 6 7 9 0 - - 3 3 / / 1 1 2 2 / / 7 7 3 3 7 8 . . 3 3 0 0 4 2 5 5 0 0 7 8 / / 1 2 / / 7 7 1 1 - - 4 5 /3 /1 / / 7 7 2 2 5 6 . % 85 6/26/70 - 2/25/74. . 8.40 250 6/12/61 - 6/12/73 41/4 146 9/1/72 - 6/1/72 5.55 6/25/71 -5/25/74.. . 6.35 300 7/10/70 - 6/12/73 8.35 350 3/2/70 - 3/1/73 8.15 8/25/69 - 8/25/74.. 7.65 184 7/12/71 -6/12/73 6.75 550 9/1/70-7/2/73 7.75 8/27/71 - 2/25/74. . . 7.10 250 3/10/70 - 9/10/73 8.10 300 7/1/71 - 1/2/74 6.85 11/25/69 - 11/25/74 8.05 232 6/10/71 -9/10/73 6.13 350 1/4/71 - 7/1/74 5.95 1/26/71 - 2/25/75... 6.10 250 12/10/70 - 12/10/73. . . 5.75 500 Fe M D C de a i o 9 9 6 6 4 7 8 8 3 r s 1 A S 1 p r c / / a / / / / / / / 2 e 0 i s 2 3 2 1 2 2 1 t 2 9 o l t c o s / g / 5 7 0 7 / 5 / 5 a u o / 1 o p 1 N 7 7 a / / / / l / / 7 n n c 8 7 7 e 6 0 7 0 7 5 7 g a 0 i r d 1 1 t 8 0 / d 0 0 e / a t a - 7 7 a - - i - e t n o t b 0 r i - b 0 - - - - - i 1 o o n - y o a - 2 5 6 4 e 0 t n a n c n / / 8 2 5 / / e 1 / — l 1 2 1 1 s k m 2 2 2 s t / / / 0 1 / / 2 0 u 2 2 e / M 5 5 / 7 7 a 7 / d 5 / 1 6 r 5 5 5 2 / / 1 r 2 / e / / / o 7 7 k 5 7 5 7 7 8 s b r 5 / e 6 3 7 : / 5 0 t 7 8 o t . g . . . . 5 0 n . . a . . . . . . . d g s e : 6 7 7 8 6 7 6 8 7 8 . . . . . . . . . . 3 9 7 5 8 9 0 5 0 0 8 5 5 0 0 5 0 0 0 0 ,7 4 2 2 2 2 2 2 2 3 3 3 9 0 5 5 0 5 6 0 0 5 0 5 9 0 0 0 0 5 0 0 0 0 0 0 9 9 4 9 5 7 2 9 2 6 8 4 2 5 4 1 3 1 8 3 1 1 / / / / / / / / / / / / / / / / / 2 / / 0 1 1 1 1 1 1 1 1 1 1 1 1 2 1 1 1 1 1 1 5 / / / 2 0 0 0 2 1 0 0 2 1 0 0 0 0 0 1 3 1 0 / 1 1 7 / / / / / / / / / / / / / / / / / 0 / 3 0 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 6 6 7 0 / / / 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 2 0 7 7 7 0 0 0 - - - - - - - - - - - - - - - - - - - 9 6 6 9 6 6 9 - - - 6 6 3 1 6 1 1 / / / / 1 / / / 9 2 6 3 1 1 / 1 1 1 / 1 1 / 2 2 / 2 2 1 1 / 6 / 9 1 / / 1 3 0 0 2 / 1 0 0 / 0 / / 1 1 1 1 0 0 / 0 / 1 1 1 1 / 0 / / 1 / / 1 0 / / 0 0 / 1 1 / / / 0 0 0 0 / 8 7 7 7 7 8 7 8 7 8 0 0 / / / / 0 7 / / / / 1 7 7 6 7 7 5 4 8 7 4 3 6 2 / / 7 7 7 / 7 4 4 7 7 1 7 4 7 3 6 4 4 7 5 5 6 7 4 7 6 7 7 5 7 5 6 6 6 7 6 7 7 6 7 6 6 5 1 . . . . . . . . . . . . . . . . . . . . . 2 7 2 8 3 4 7 2 6 2 6 5 5 1 9 5 / 7 8 4 6 1 5 5 5 2 8 8 5 5 5 5 5 5 5 0 5 0 0 0 5 5 5 0 2 2 2 2 2 2 4 2 4 5 5 3 2 2 3 5 3 3 3 1 3 1 5 0 0 5 5 0 5 0 5 0 5 5 0 5 5 9 0 0 5 5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 8 0 0 0 0 0 0 Fe B de o 4 4 9 9 4 2 6 7 7 2 8 2 2 8 4 r 2 1 1 1 1 n a / / / / / / / / / / / / / / / / 0 / 0 0 2 2 2 2 1 d 2 2 2 2 2 2 2 2 2 1 2 2 l / / / 0 0 0 2 0 4 0 0 3 0 0 0 2 0 5 0 2 s 2 0 2 l : / / / / / / / / / / / / / / / / a 0 0 / 3 7 7 7 6 6 7 6 6 5 7 7 5 7 7 7 7 7 n / / / 1 1 1 5 9 1 8 3 6 3 0 7 0 0 0 2 0 6 7 7 d 8 0 2 - - - - - - - - - - - - - - - - - b 4 - - - a 4 1 / 1 9 4 9 7 2 2 7 7 1 1 1 2 2 n / 2 0 0 4 / / / 2 / / / / / 0 / / / k 1 1 / 2 1 1 1 2 2 2 0 2 2 2 1 / / / 0 / 2 s 0 0 2 2 1 2 5 5 5 0 0 0 2 0 0 0 / 5 / 2 / / 7 1 / 2 7 / / 3 / / / / 2 / / / / 2 2 / 7 7 7 7 7 7 7 7 7 6 2 7 7 / / / / 2 3 0 5 7 2 7 2 5 2 7 2 3 4 7 3 . 7 3 3 / . / . . . . . . . . 3 4 4 - 2 7 - 7 . . . . . 7 . . 7 . . . 2 . . . . . 1 . . . . . . . . 2 8 . . . . . . . . . . . . . . . . . . 4 4 7 4 5 4 8 8 7 8 7 6 4 6 7 3 5 V . . . . . . . . . . . . H ^ % K 9 9 4 3 3 4 8 2 0 5 3 7 i 5 5 5 0 5 5 0 0 0 0 0 0 9/29/70- 10/1/90 8.63 200 7/20/71 - 10/20/75... 7.20 2/21/66 - 2/24/76... 5.00 Banks for cooperatives 7/20/66 - 7/20/76... 5H Debentures: Debentures: 5/2/66 - 4/20/78.... 6/10/70 - 10/21/71. 8.45 500 4/1/71 - 10/4/71.. 3.70 348 2/20/67 - 1/22/79. . . 5.00 5/10/69 - 11/10/71. 6.85 350 5/3/71 - 11/1/71.. 4.45 279 2/23/71 -4/20/81.... 6.70 3/10/70 - 12/10/71. 8.13 500 6/1/71 - 12/1/71. . 5V4 299 NOTE.—These securities are not guaranteed 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 • NOVEMBER 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 notes3 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 1971* 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-Dec.. 90,833 97,563 ,364 98,927 -8,093 14,505 -429 3,935 330 9,811 -767 315 -2,170 1970—Jan.-June. 102,910 96,893 767 97,661 5,248 2,693 -1,310 5,451 346 -4,415 2,918 -896 1,188 July-Dec.. 87,562 104,084 99 104,183 -16,621 18,240 -19 1,807 157 16,257 54 -952 -534 1971—Jan.-June* 100,770 106,569 824 107,392 -6,620 8,971 -328 4,810 642 3,191 657 54 4,141 Month: 1970—Sep t 18,725 17,329 114 r17,445 1,281 -2,223 r14 r —891 n\ -1,328 1,497 -187 rl,359 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 Aug 15,652 19,276 306 19,582 -3,930 9,293 20 2,309 150 6,854 2,337 -819 -1,407 Sept 19,710 18,265 -69 18,196 + 1,513 -2,324 -503 -1,019 +194 -2,003 470 281 1,239 Selected balances Treasury operating balance Federal securities End Memo: pe o ri f o d B F a . n R k . s ac l c T a o o n a a u d x n n ts b G ala o n ld c e se P c d u u e b r b i l t t i i c e s s A ec g u e r n it c i y es Sp G I e n c o v i v a e t l s L , t m e a s c e s c n : o t u s n o t f s S n L p o e e t c s e s i s a : 3 l E p T h u q b o e b u y t l l d a a i l l c s : s D c p p o G e r o N r b i n o v p o t s v a s w o . t t o — r e . f - e 5 d issues Other Fiscal year: 196 8 1,074 4,113 111 5,298 347,578 24,399 59,374 19,766 2,209 290,629 10,041 196 9 1,258 4,525 112 5,894 353,720 14,249 66,738 20,923 825 279,483 24,991 197 0 1,005 6,929 111 8,045 370,919 12,510 76,124 21,599 825 284,880 35,789 1971* 1,274 7,372 109 8,755 398,130 12,163 82,740 22,400 825 304,328 Calendar year: 196 9 1,312 3,903 112 5,327 368,226 13,820 70,677 21,250 825 289,294 30,578 197 0 1,156 6,834 109 8,099 389,158 12,491 77,931 21,756 825 301,138 Month: 1970—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 r113 8,755 405,299 11,203 84,601 22,522 825 308,554 37,985 Aug... 987 8,408 113 9,508 414,962 11,223 86,910 22,672 825 315,408 Sept... 2,102 7,763 113 9,978 412,268 10,720 85,904 22,853 825 313,406 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 cooperatives in Dec. 1968. NOTE.—Half years may not add to fiscal year totals due to revisions in 3 Represents non-interest-bearing public debt securities issued to the series which are not yet available on a monthly basis. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER 1971 • FEDERAL FINANCE A 43 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Budget receipts Individual income taxes i C n o co rp m o e r a ta ti x o e n s So a c n ia d l c in o s n u t r r a ib n u ce ti o t n ax s es Period Employment Total W he it ld h - N w h i o e t l n h d - - fu R n e d - s t N ot e a t l c G e r r i e p o - t s s s fu R n e d - s co P r n t a o a t y l r x l - i e b s u e a t S m n i e o d l p n f- l s . 1 i e n U m s n u p - r l. . c O e n r i t p e h e - t t e s r 2 t N ot e a t l E ta x x c e is s e t C o u m s- s E a g s n i t f d a t t e c M e r ip i e s - t c s . * taxes Fiscal year: 196 8 153,671 57,301 20,951 9,527 68,726 29,897 1,232 27,680 1,544 3,346 2,052 34,622 14,079 2,038 3,051 2,491 196 9 187,784 70,182 27,258 10,191 87,249 38,338 1,660 32,521 1,715 3,328 2,353 39,918 15,222 2,319 3,491 2,908 197 0 193,743 77,416 26,236 13,240 90,412 35,037 2,208 37,190 1,942 3,465 2,700 45,298 15,705 2,430 3,644 3,424 19712 188,332 76,422 24,265 14,523 86,164 30,341 3,535 39,751 1,948 3,686 3,202 48,587 16,629 2,590 3,709 3,847 Half year: 1969—July-Dec.. 90,833 38,797 5,771 481 44,087 15,179 982 17,057 131 1,270 ,282 19,740 8,241 ,263 1,496 1,809 1970—Jan.-June. 102,910 38,619 20,465 12,759 46,325 19,858 1,226 20,134 1,811 2,196 ,416 25,558 7,464 ,168 2,148 1,615 July-Dec.. 87,562 37,445 5,569 565 42,449 12,744 1,467 17,768 133 1,348 ,576 20,826 8,152 ,317 1,537 2,005 1971—Jan.-June? 100,770 38,977 18,696 13,958 43,715 17,597 2,069 21,983 1,815 2,338 ,625 27,761 8,478 ,273 2,172 1,842 Month: 1970—Sep t 18,725 5,907 3,623 81 9,449 4,543 265 2,521 123 47 270 2,962 1,272 218 234 r315 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 ,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 Aug 15,652 6,706 306 91 6,920 688 236 5,049 660 287 5,996 1,482 244 311 245 Sept 19,710 5,513 3,755 76 9,192 4,505 198 3,299 152 60 273 3,784 1,490 363 263 312 Budget outlays4 Period Total t f i e N d o n n e a s - - a e l a I f n fa t i l r . s s S e p r a e a r - c c e h A t c u g u r r l- e i- so N u u r r a e r a t - c - l e s m t C r a o a e n r n m d c s - e p . d h e C o m a v u o n e u s m l d n i o n . - p g . E p m t d o a i n a w u o n d n c e - a r - w H e a e l n a fa d lt r h e e V ra e n t- s In e t s e t r - g G e o r e v a n t l - . t t I g i r n o a o a t c n v n r - s t a s . 5 - - Fiscal year: 1968 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 1969 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 1970 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 19712 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 1972e6 229,232 77,512 4,032 3,151 5,804 4,243 10,937 4,495 8,808 76,749 10,644 19,687 4,970 -7,771 Half year: 1969—July-Dec 98*927 40,616 1,941 1,839 5,476 1,515 4,611 1,820 3,120 26,063 4,148 8,623 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-Dec 104,183 38,485 1,409 1,720 4,633 1,575 5,794 1,677 3,744 32,710 4,625 9,594 1,823 -3,606 1971—Jan.-June2 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—Sept 17,445 r6,362 221 282 44 r332 rl,236 268 651 5,434 722 rl,732 r402 -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—Jan 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 June2 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 Aug 19,582 5,595 308 291 963 432 1,643 291 661 6,385 892 1,668 533 386 Sept 18,196 5,979 303 273 336 344 947 292 924 6,169 758 1,800 287 -246 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 • NOVEMBER 1971 GROSS PUBLIC DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues End of period p d T g u e r o b b o t t l s a i s l c 1 Total Total Bills Ma C c r e a k r t e t e i t s f a i b - le Bonds 2 b C v i o e b o n r l n e d t- - s T N o o ta n l m 3 a rk b e S t o i a n a n b g v d l s - s e i S s p su e e c s i a 4 l & notes 1941—Dec. 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 7.0 1946—Dec. 259.1 233.1 176.6 17.0 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—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 Sept. 412.3 324.5 249.9 88.6 109.5 51.8 2.3 72.2 54.2 86.0 Oct.. 411.9 325.8 252.2 89.0 111.5 51.8 2.3 71.3 54.4 84.3 1 Includes non-interest-bearing debt (of which $625 million on Oct. 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 savings 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 t i s l c ag G t U a e r o n n u . v S c d s t . i t , e s B F a . n R k . s Total m C b e a o r n m c k ia - s l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m u c i e e r - s - r c O a o t t r i h p o e o n r - s g S l a o o t n v c a d a t t s e l . Savi I n n g d s i v idu O a t ls h er n F a i o t n a i r t o n e e n d i r g a - n l 1 i O m t n o t v i r h s e s c e s . r - 2 funds bonds securities 1939—Dec 41.9 6.1 2.5 33.4 12.7 2.7 5.7 2.0 .4 1.9 7.5 .2 .3 1946—Dec 259.1 27.4 23.4 208.3 74.5 11.8 24.9 15.3 6.3 44.2 20.0 2.1 9.3 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—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 35.4 17.3 Aug 414.6 107.3 66.9 240.4 59.5 2.8 6.7 10.9 21.1 53.6 24.5 42.7 18.6 Sept 412.3 106.5 67.6 238.2 60.0 2.8 6.5 10.0 21.0 53.7 24.1 42.4 17.7 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, deposit NOTE.—Reported data for F.R. Banks and U.S. Govt, agencies and accounts. trust funds; Treasury estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER 1971 • U.S. GOVERNMENT SECURITIES A 45 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value, in millions of dollars) Within 1 year 1-5 5-10 10-20 Over Type of holder and date TToottaall 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—Aug. 31. 249,654 116,664 89,601 27,063 92,866 21,115 8,420 10,590 Sept. 30. 249,931 117,662 88,644 29,018 90,915 22,397 8,404 10,553 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—Aug. 31 18,338 3,114 892 2,222 7,465 3,528 1,775 2,456 Sept. 30 18,532 3,149 862 2,287 7,533 3,620 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—Aug. 31.... 66,868 37,314 29,131 8,183 23,257 5,395 325 576 Sept. 30 67,566 37,914 29,584 8,330 23,325 5,411 332 584 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—Aug. 31 164,448 76,236 59,578 16,658 62,144 12,192 6,320 7,558 Sept. 30 163,833 76,599 58,198 18,401 60,057 13,366 6,297 7,513 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—Aug. 31. 45,835 11,923 5,469 6,454 28,860 4,460 343 249 Sept. 30. 46,414 13,021 5,677 7,344 27,915 4,883 348 247 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—Aug. 31... 2,835 435 198 237 1,283 442 316 358 Sept. 30... 2,760 394 162 232 1,264 449 303 350 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—Aug. 31.. 5,773 727 458 269 1,665 898 1,379 1,105 Sept. 30. . 5,619 593 257 336 1,616 915 1,379 1,116 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—Aug. 31 4,079 2,739 2,416 323 1,219 105 6 11 Sept. 30 3,226 2,035 1,328 707 1,107 65 5 14 Savings a/id 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—Aug. 31 3,189 694 399 295 1,620 483 179 212 Sept. 30 3,131 692 365 327 1,582 480 174 203 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—Aug. 31 10,609 5,362 4,280 1,082 2,306 694 962 1,285 Sept. 30 10,489 5,232 4,133 1,099 2,318 703 960 1,276 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—Aug. 31. 92,128 54,356 46,358 7,998 25,191 5,110 3,135 4,338 Sept. 30. 92,194 54,632 46,276 8,356 24,255 5,871 3,128 4,307 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 5,673 commercial banks, 488 mutual savings agencies and certain Govt, deposit accounts have been removed from U.S. banks, and 740 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 • NOVEMBER 1971 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer UUU...SSS... GGGooovvvttt,,, PPPeeerrriiioooddd aaagggeeennncccyyy TToottaall Dealers ar id brokers ssseeecccuuurrriiitttiiieeesss W 1 i y t e h a in r y 1 ea -5 r s y 5 e - a 1 r 0 s 10 O y v e e a r rs U s . e S c . u r G it o i v es t , Other m b C e a o r n m c k ia - s l o A th l e l r 1970—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 Aug 2,482 1,848 512 97 25 859 129 855 640 462 Sept 2,115 1,598 271 219 26 759 99 725 532 482 Week ending— 11997711——SSeepptt.. 11 2,387 1,828 396 137 26 897 103 786 601 697 88 2,132 1,479 314 302 37 712 99 758 563 445 15 1,791 1,261 286 218 27 605 141 635 410 342 22 2,023 1,663 199 144 17 789 72 675 487 556 29 2,206 1,767 245 170 24 797 89 724 597 498 Oct. 6 2,894 2,166 390 304 34 1,142 102 999 652 689 13 2,643 2,039 327 249 28 937 101 869 736 723 20 2,297 1,587 496 191 23 834 108 808 547 521 27 2,218 1,609 422 153 34 771 92 789 567 772 NOTE.—The transactions data combine market purchases and sales of sales of securities under repurchase agreement, reverse repurchase (resale), U.S. Govt, securities dealers reporting to the F.R. Bank of New York. or similar contracts. Averages of daily figures based on the number of They do not include allotments of, and exchanges for, new U.S. Govt, trading days in the period. securities, redemptions of called or matured securities, or purchases or DEALER POSITIONS DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity Commercial banks UU..SS.. PPeerriioodd m t a A i t e l u l s r i- W y i e t 1 a h r i n y 1 ea -5 r s y 5 e - a 1 r 0 s y O e 1 v a 0 e r r s aa ss GG ee gg tt cc ee oo ii uu ee nn vv ss rr cc tt ii ,, yy -- Period sou A r l c l es Y N C o e it r w y k w E h ls e e r - e C t o i r o p n o s r 1 a- ot A h l e l r 1970—Sept 4,020 3,326 246 433 16 724 1970—Sep t 4,220 1,164 1,456 449 1,152 Oct 3,963 3,449 103 379 33 1,001 Oct 4,233 1,370 1,232 392 1,240 Nov 4,760 3,399 617 682 62 1,066 Nov 5,149 1,517 1,527 416 1,689 Dec 5,571 4,399 612 485 76 1,049 Dec 5,949 1,868 1,960 379 1,742 1971—Jan 5,634 4,626 525 403 80 966 1971—Ja n 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 A Se u p g t 2 3 , , 8 8 9 5 7 6 2 3 , , 4 0 7 8 3 9 3 3 5 4 5 4 3 7 7 0 7 3 1 6 1 9 6 2 9 6 8 S A e u p g t 4 3 , , 1 07 4 1 6 1,0 8 4 9 9 4 8 3 5 9 6 0 881211 1,4 9 3 6 0 7 Week ending— Week ending— 11997711——AAuugg.. 44 2,537 2,470 -20 89 -2 679 18 2 2 , , 5 6 6 5 0 2 2 2 , , 2 2 5 0 3 4 2 3 5 7 1 2 6 5 4 9 -7 1 7 5 6 8 1 7 0 1971—Aug. 1 4 1 . . 2 3 , , 9 2 6 3 7 4 9 7 9 9 7 0 2 3 9 0 0 7 8 8 8 39 1 1 1 , ,0 0 4 5 9 0 25 3,152 2,536 513 75 28 715 18. 2,647 875 206 753 813 25. 3,102 927 462 828 885 SSeepptt.. 11 3,667 3,039 499 112 18 930 88 3,985 3,097 433 423 31 946 Sept. 3,573 1.015 685 828 1,044 15 4,061 3,218 388 419 37 856 8. 4,016 1.016 806 860 1,333 2 2 2 9 3 3 , , 7 71 5 7 3 2 3 , , 9 1 8 0 3 8 2 3 9 0 3 5 3 3 1 9 5 1 3 3 8 7 9 9 5 2 2 9 2 1 2 5. . 4 4 , , 3 5 3 2 3 0 1 1 , , 1 03 9 1 5 9 9 4 1 2 4 9 8 0 7 9 2 1 1, ,7 2 0 8 3 6 29. 3,810 947 781 638 1,445 NOTE.—The figures include all securities sold by dealers under repurchase contracts regardless of the maturity date of the contract, unless the 1 All business corporations, except commercial banks and insurance contract is matched by a reverse repurchase (resale) agreement or delayed companies. delivery sale with the same maturity and involving the same amount of securities. Included in the repurchase contracts are some that more NOTE.—Averages of daily figures based on the number of calendar days clearly represent investments by the holders of the securities rather than in the period. Both bank and nonbank dealers are included. See also dealer trading positions. NOTE to the table on the left. 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
NOVEMBER 1971 • GOVERNMENT SECURITIES A 47 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, OCTOBER 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 Tre O a c s t u . ry 3 1 b , i lls 1 971 1,701 Tr M ea a su r. r y 3 1 b , il 1 ls 9 — 72 C ont. 1,701 Tr O ea c s t u . ry 1 no , t 1 es 9 — 73 C o , n . t. AVi 30 Tr D ea e s c u . ry 1 5 b , o n 1 d 9 s 6 — 7 C -7 o 2 n . t. . 21/2 2,558 Nov. 4, 1971 3,701 Apr. 6,1972 1,599 Feb. 115, 1974,.., .7y4 3,139 Nov. 15, 1971 , .3% 1,081 Nov. 11, 1971 3.700 Apr. 13,1972 1,601 Apr. 1974.... AVi 34 Feb. 15, 1972..., .4 980 Nov. 18, 1971 3,704 Apr. 20,1972 1,601 May 15, 1974,.., • IVA 4,505 Aug. 15, 1972, ., .4 2,579 Nov. 26, 1971 3.701 Apr. 27,1972 1,601 Aug. 1155,, 1974 .. .55/8 10,284 Aug. 15, 1973, , ,4 3,894 Nov. 30, 1971 1.702 Apr. 30, 1972 1,702 Oct. 1974.,. • IVi 42 Nov. 15, 1973.,.. •41/8 4,342 Dec. 2, 1971 3,695 May 31, 1972 1,701 Nov. 15', .53/4 7,212 Feb. 15, 1974 •41/8 3,126 Dec. 9, 1971. 3,704 June 30, 1972 1,701 Feb. 15, 1975 , .534 555,,,111444888 May 15, 1974.,.. .41/4 3,578 Dec. 16, 1971. 3,700 July 31, 1972 1,202 Feb. 115,, 1975... •5Vs 222,,,000444444 Nov. 15, 1974 , •37/8 2,238 Dec. 23, 1971, 3,904 Aug. 31, 1972 1,200 Apr. • 1% 888 May 15, 1975-85. .41/4 1,211 Dec. 30, 1971 , 3,902 Sept. 30, 1972 1,201 May 15, 1975 ... .6 6,760 June 15, 1978-83. 1,530 Dec. 31, 1971 1,702 Aug. 15, 1975.,., .514 7,679 Feb. 15, 1980 .4 2,589 J J a a n n . . 1 6 3 , , 1 1 9 9 7 72 2 , , 3 3 , , 8 9 9 0 2 2 Tr N ea o s v u . r y 1 5 n , ot 1 e 9 s 71 5 Vs 967 N O o ct v . . 115,, 1 1 9 9 7 7 5 5 . . . . . . . . A 7 V 2 3,11 3 4 0 N Au ov g . . 1 1 5 5 , , 1 1 9 9 8 8 1 0 . ., . . . , . . .3 7 1 /2 1,9 8 0 0 3 6 J J a a n n . . 2 2 7 0 , , 1 1 9 9 7 7 2 2 , , 3 3 . .9 9 0 0 3 2 N Fe o b v . . 1 1 5 5 , , 1 1 9 9 7 7 1 2 4 iy y 4 4 5,8 8 3 0 6 0 F A e p b r . . 15 1 , 1 19 9 7 7 6 6 . ,. , . . . • 6 1 W /4 i 3,73 2 9 7 A M u a g y . 1 1 5 5 , , 1 1 9 9 8 8 7 5 - . 9 . 2 .. . . . 4 3 V 1/ 4 4 3 1 , , 7 0 9 4 8 6 Jan. 31, 1972. 1.700 Feb. 15, 1972 71/2 2,690 May 15^ 1976 ... .61/2 2,697 Feb. 15, 1988-93. .4 246 F F e e b b . . 10 3 , , 1 1 9 97 7 2 2 1 1 , ,6 60 0 1 0 A M p a r y . 1 1 5 , , 1 1 9 9 7 7 2 2 1 4 1 V /2 4 5,31 3 0 4 A O u ct g . . 151, , 1 19 9 7 7 6 6 . . . . . . , . • .7 W 1/ 2 2 4,194 2 M Fe a b y . 1 1 5 5 , , 1 1 9 9 8 9 9 0 - . 9 . 4 .. . . . 3 4 1 1/ / 8 2 4 1 , , 5 5 9 4 8 6 Feb. 17, 1972 1,600 May 15, 1972 6^/4 2,037 Nov. 15, 1976 ,. •• 66XX 1,283 Feb. 15, 1995,,.. ,3 1,138 Feb. 24, 1972 1,600 Aug. 15, 1972 5 3,452 Feb. 15, 1977 ,. ..88 5,163 Nov. 15, 1998.,.. ..3311//22 3,783 Feb. 29, 1972. 1.701 Oct. 1, 1972 11/2 33 Aug. 15, 1977 , , 2,264 Mar. 2, 1972. 1,600 Nov. 15, 1972 6 2,285 Feb. 15, 1978.... ..6611//44 8,389 Mar. 9, 1972. 1,602 Feb. 15, 1973 6% 2,514 Mar. 16, 1972. 1,601 Apr. 1, 1973 IVi 34 Treasury bonds Convertible bonds M M a a r r . . 2 3 3 0 , , 1 1 9 9 7 7 2 2 . . 1 1 , , 6 6 0 0 0 0 M Au a g y . 1 1 5 5 , , 1 1 9 9 7 7 3 3 7 8 % H 5 1 , , 8 8 4 3 4 9 J S u ep ne t. 1 1 5 5 , , 1 1 9 9 6 6 7 7 - - 7 7 2 2 . . . .2 21 % /2 1 1 , , 9 2 5 3 1 0 I A n p v r e . s tm1en,t 1 S 9 e 7 r 5 ie -8 s 0 B . .2V4 2,321 NOTE.—Direct public issues only. Based on Daily Statement of U.S. Treasury. NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Total Use of proceeds Period amount deliv- Special ered 3 Total G o e b a n l l e i- r- R n e u v e e - HAAl G l U o o a . v S n t . s , State di s a s t t n a r d t i . c t Other2 Total c E a d ti u o - n b R r a o id n a d g d e s s i U ti t e i s l- 4 H in o g u s s - V a e a n t id e s r ' - O p p o t u h s r e e - s r gations auth. 1 1 9 9 6 6 4 3 1 1 0 0 , , 5 8 3 4 8 7 5 6 , , 8 4 5 1 5 7 4 3 , , 1 58 8 5 0 2 6 5 3 4 7 2 2 4 0 9 8 1 1 , ,6 6 2 2 8 0 3 3 , , 6 8 3 1 6 2 5 5 , , 2 4 8 0 1 7 1 1 0 0 , , 4 06 9 9 6 1 9 0 , , 1 2 5 0 1 1 3 3 , , 0 3 2 9 9 2 8 68 1 8 2 2 2 , ,4 3 3 4 7 4 5 72 9 7 8 120 2 2, , 8 3 3 9 8 6 196 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—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... '2,706 1,613 '970 121 2 577 '1,137 991 '2,695 509 390 428 373 993 F M e a b r . . .. '2 1 , , 1 8 5 3 6 9 1 1, , 3 2 1 2 5 '8 6 4 0 4 7 71 4 5 1 8 7 5 '6 6 6 1 1 6 1,0 6 7 3 8 8 '2 1 , , 1 8 4 2 2 3 '5 5 7 1 7 8 1 1 3 8 3 3 6 3 2 1 7 5 1 2 2 8 3 7 72 3 8 5 Apr... '1,920 1,349 '566 5 440 '510 '971 '1,877 '516 66 469 19 '807 May' 2,140 1,092 842 197 10 486 1,067 587 2,132 610 448 432 214 426 June' 2,035 1,326 702 8 779 365 891 2,026 409 394 687 14 522 July '. 1,964 1,315 473 5 471 588 904 1,917 292 120 244 219 1,040 Aug.' 1,892 1,140 743 9 459 729 702 1,883 352 158 372 159 841 Sept. . 2,061 1,306 493 '258 3 683 693 684 2,016 454 65 444 267 786 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 • NOVEMBER 1971 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues1 Noncorporate Corporate PPPeeerrriiioooddd Bonds Stock TTToootttaaalll GG UU oo .. vv SS tt .. .. 22 aa GG gg UU ee oo nn .. vv SS cc tt .. yy .. 33 aa (( nn UU SS dd tt .. aa SS lloo tt .. ee cc )) 44 aa ll OOtthheerrss TToottaall Total P o u ff b e l r ic e l d y P p ri l v a a c t e e d l y Preferred Common 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—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 7,244 467 1 1,859 177 4,042 2,623 2,116 507 537 882 May 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 July 9,230 1,153 2,046 1,951 17 4,064 1,868 1,331 537 1,527 669 Aug 9,232 3,228 1,500 1,850 234 2,421 1,746 1,439 307 270 405 Gross proceeds, major groups of corporate issuers Period Manufacturing C m om is m ce e l r la c n ia e l o u a s n d Transportation Public utility Communication a R nd e a f l i n e a st n a c t i e a l 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 ,671 197 0 9,191 1,322 1,949 2,545 2,188 92 8,016 3,001 5,059 83 3,861 ,636 1970—Aug. 663 20 91 96 125 531 99 278 1 248 122 Sept. 937 56 118 228 145 904 337 443 2 266 81 N O o c v t. . . 9 9 2 2 9 7 17860 2 1 8 4 8 7 2 1 8 2 6 9 1 1 3 7 8 0 7 6 84 5 5 3 5 4 0 4 5 8 6 3 9 3 3 8 34 5 3 0 4 2 8 2 7 3 8 8 Dec. 932 124 207 147 307 58 725 230 277 822 146 1971— F M Ja e a n b r . . . . 2,1 6 6 2 4 4 3 7 4 2 6 9 1 9 4 7 2 2 5 8 7 9 9 2 2 1 1 3 1 8 9 2 6 1 1 8 6 6 9 7 0 1 1 6 7 8 0 9 5 8 5 2 3 5 1 6 5 7 8 7 4 3 6 8 9 7 1 1 2 5 1 2 1 2 5 8 4 5 3 8 5 4 2 1 6 0 1 4 6 2 Apr., 819 316 198 243 268 67 607 660 247 26 484 107 May, 631 15& 143 131 250 89 447 141 403 2 763 113 June 1,031 175 497 290 182 115 616 439 204 14 513 300 July. 329 200 144 188 137 62 509 212 232 1,390 517 143 Aug. 250 211 68 174 85 2 687 162 357 299 126 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
NOVEMBER 1971 • SECURITY ISSUES A 49 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers1 All securities Bonds and notes Common and preferred stocks New issues Retirements Net change New issues Retirements Net change New issues Retirements Net change 19,799 7,541 12,258 15,629 4,542 11,088 4,169 3,000 1,169 25,964 7,735 18,229 21,299 5,340 15,960 4,664 2,397 2,267 25,439 12,377 13,062 19,381 5,418 13,962 6,057 6,959 -900 28,841 10,813 18,027 19,523 5,767 13,755 9,318 5,045 4,272 38,707 9,079 29,628 29,495 6,667 22,825 9,213 2,411 6,801 10,114 2,227 7,886 7,876 1.545 6,330 2,238 682 1,556 9,385 2,089 7,297 7,598 1.546 6,051 1,788 542 1,245 11,936 2,577 9,359 9,034 2,069 6,964 2,902 508 2,394 11,241 2,015 9,226 8,765 1,776 6,989 2,476 239 2,237 13,294 2,979 10,315 8,974 2,681 6,294 4,320 299 4,021 Type of issuer Manu- Commercial Transpor- Public Communi- Real estate facturing and other 2 tation 3 utility cation and financial 1 & B o n n o d te s s Stocks & B o n n o d t s e s Stocks & B n on o d te s s Stocks & B o n n o d t s e s Stocks & B o n n o d t s e s Stocks & B o n n o d t s e s Stocks 4,324 32 616 -598 956 718 2,659 533 1,668 575 864 -90 7,237 832 1,104 282 1,158 165 3,444 652 1,716 467 1,302 -130 4,418 -1,842 2,242 821 987 -149 3,669 892 1,579 120 1,069 -741 3,747 69 1,075 1,558 946 186 4,464 1,353 1,834 241 1,687 866 6,641 870 853 1,778 1,104 36 6,861 2,917 4,806 94 2,564 1,107 1,334 -6 343 633 64 -24 1,953 583 2.134 10 504 361 2,169 39 263 326 21 -15 1,917 750 991 6 691 139 2,054 374 407 404 428 58 1,777 1,189 1.135 51 1,165 318 2,076 520 201 416 271 33 1,897 948 1,194 66 1,349 255 2,296 954 446 768 461 374 1,347 1,261 919 38 825 626 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 i Redemp- Net Total 2 Cash Other Sales i Redemp- Net Total 2 Cash Other tions sales position 3 tions sales position 3 1958 1,620 511 1,109 13,242 634 12,608 1970—Sept... 357 218 139 44,353 4,593 39,760 1959 2,280 786 1,494 15,818 860 14,958 Oct.. . 420 243 177 43,567 4,377 39,190 1960 2,097 842 1,255 17,026 973 16,053 Nov... 343 215 128 45,223 4,126 41,097 Dec... 467 307 160 47,618 3,649 43,969 1961 2,951 1,160 1,791 22,789 980 21,809 1962 2,699 1,123 1,576 21,271 1,315 19,956 1971—Jan. . . 487 242 245 50,251 3,663 46,588 1963 2,460 1,504 952 25,214 1,341 23,873 Feb.. . 349 322 27 51,300 3,600 47,700 Mar... 468 425 43 53,618 3,328 50,290 1964 3,404 1,875 1,528 29,116 1,329 27,787 Apr... 547 394 153 55,883 3,046 52,837 1965 4,359 1,962 2,395 35,220 1.803 33,417 May.. 307 428 -121 53,610 2,607 51,003 1966 4,671 2,005 2,665 34,829 2,971 31,858 June.. 434 467 -33 53,560 2,830 50,730 July... 371 444 -73 51,424 2,856 48,568 1967 4,670 2,745 1,927 44,701 2,566 42,135 Aug... 432 394 38 53,798 3,016 50,782 1968 6,820 3,841 2,979 52,677 3,187 49,490 SSeepptt...... 304 471 -167 53,291 2,511 50,780 1969 6,717 3,661 3,056 48,291 3,846 44,445 1 Includes contractual and regular single purchase sales, voluntary and 3 Cash and deposits, receivables, all U.S. Govt, securities, and other contractual accumulation plan sales, and reinvestment of investment in- short-term debt securities, less current liabilities. come dividends; excludes reinvestment of realized capital gains dividends. 2 Market value at end of period less current liabilities. NOTE.—Investment Company Institute data based on reports of members, 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 • NOVEMBER 1971 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1968 19691 Industry 1965 1966 1967 1968 1969 III IV Manufacturing Total (177 corps.): Sales 177,237 195,738 201,399 225,740 243,449 53,633 57,732 53,987 60,388 57,613 61,392 61,061 Profits before taxes 22,046 23,487 20, f 25,375 25,622 5,985 6,878 5,580 6,932 6,565 6,887 5,851 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 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 Nondurable goods industries (78 corps.):2 Sales 64,897 73,643 77,969 84,861 92,033 20,156 21,025 21,551 22,129 21,764 23,198 Profits before taxes 7,846 9,181 9,039 9,866 10,333 2,387 2,492 2,545 2,442 2,524 2,664 Profits after taxes 4,786 5,473 5,379 5,799 6,103 1,428 1,411 1,471 1.489 1,492 1,559 Dividends 2,527 2,729 3,027 3,082 3,289 743 751 763 825 812 808 Durable goods industries (99 corps.):3 Sales 112,341 122,094 123,429 140,879 151,416 33,477 36,707 32,435 38,259 35,849 38,195 Profits before taxes 14,200 14,307 11,822 15,510 15,290 3,598 4,386 3,036 4.490 4,041 4,224 Profits after taxes 7,675 7,834 6,352 7,989 7,989 1,871 2,198 1,559 2,361 2,087 2,190 Dividends 4,000 4,191 3,964 4,189 4,469 972 981 983 1,253 1,026 1,108 Selected industries: Foods and kindred products (25 corps.): Sales 16,427 19,038 20,134 22,1:9 24,593 5,184 5,389 5,737 5,799 5,714 5,923 Profits before taxes 1,710 1,916 1,967 2,227 2,425 498 563 590 576 534 581 P D r iv of id it e s n a d f s t er taxes 8 5 9 0 6 9 1,0 5 0 6 8 4 1,0 5 4 8 1 3 1,0 6 9 1 3 6 1,1 6 7 6 1 1 2 1 5 5 5 0 2 1 6 5 0 5 2 1 8 5 5 5 2 1 9 5 3 6 2 1 6 6 1 2 2 1 7 6 5 5 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 Profits before taxes 2,891 3,073 2,731 3,117 3,258 760 807 806 744 844 875 Profits after taxes 1,630 1,737 1,579 1,618 1,773 390 419 412 398 448 473 Dividends 926 948 960 1,002 1,031 236 236 243 287 252 251 Petroleum refining (16 corps.): Sales 17,828 20,887 23,258 24,218 25,586 5,890 6,013 6,100 6,214 6,107 6,610 Profits before taxes 1,962 2,681 3,004 2,866 2,941 767 692 740 667 726 728 Profits after taxes 1,541 1,898 2,038 2,206 2,224 592 520 561 534 562 558 Dividends 737 817 1,079 1,039 1,123 253 255 258 273 282 273 Primary metals and products (34 corps.): Sales 26,548 28,558 26,532 30,171 33,674 7,150 8,427 7,461 7,133 7,671 8,612 Profits before taxes 2,931 3,277 2,487 2,921 3,052 669 915 601 735 691 828 Profits after taxes 1,689 1,903 1,506 1,750 1,912 376 550 343 482 431 504 Dividends 818 924 892 952 987 224 230 233 264 242 245 Machinery (24 corps.): Sales 25,364 29,512 32,721 35,660 38,719 8,371 8,864 8,907 9,517 8,957 9,757 Profits before taxes 3,107 3,612 3,482 4,134 4,377 936 1,008 1,112 1,079 1,071 1,167 Profits after taxes 1,626 1,875 1,789 2,014 2,147 448 499 537 531 526 576 Dividends 774 912 921 992 1,128 247 248 248 249 270 271 Automobiles and equipment (14 corps.): Sales 42,712 43,641 42,306 50,526 52,290 12,343 13,545 9,872 14,767 13,328 13,638 Profits before taxes 6,253 5,274 3,906 5,916 5,268 1,507 1,851 640 1,918 1 ,663 1,542 Profits after taxes 3,294 2,877 1,999 2,903 2,604 783 847 330 943 806 750 Dividends 1,890 1,775 1,567 1,642 1,723 364 364 364 550 365 436 Public utility Railroad: Operating revenue. . 10,208 10,661 10,377 10,859 11,451 2,611 2,758 2,708 2,782 2,741 2,916 Profits before taxes. 979 1,094 385 678 683 127 206 149 196 128 220 D Pr iv o i f d it e s n a d f s t er taxes. . 4 8 6 1 8 5 9 5 0 0 6 2 3 53 1 8 9 5 5 6 1 5 5 4 4 6 8 1 8 1 11 1 7 2 1 1 3 7 2 4 110100 116696 1 9 1 8 6 1 1 7 3 3 6 Electric power: Operating revenue. . 15,816 16,959 17,954 19,421 21,075 5,106 4,553 4,869 4,892 5,480 4,913 Profits before taxes. 4,213 4,414 4,547 4,789 4,938 1,351 1,040 1,271 1,125 1,384 1,065 Profits after taxes.., 2,586 2,749 2,908 3,002 3,186 863 641 764 733 873 707 Dividends 1,838 1,938 2,066 2,201 2,299 539 555 543 565 580 577 Telephone: Operating revenue., 11,320 12,420 13,311 14,430 16,057 3,486 3,544 3,629 3,771 3,853 3,975 Profits before taxes. 3,185 3,537 3,694 3,951 4,098 971 989 990 1,001 1,070 1,043 Profits after taxes... 1,718 1,903 1,997 1,961 2,080 525 441 493 502 540 523 Dividends 1,153 1,248 1,363 1,428 1,493 351 318 396 363 368 371 1 Manufacturing figures reflect changes by a number of companies in profits before taxes are partly estimated by the Federal Reserve to include accounting methods and other reporting procedures. affiliated nonelectric operations. 2 Includes 17 corporations in groups not shown separately. Telephone: Data obtained from Federal Communications Commis- 3 Includes 27 corporations in groups not shown separately. sion on revenues and profits for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long NOTE.—Manufacturing corporations: Data are obtained primarily from Lines and General Depts. of American Telephone and Telegraph Co.) published reports of companies. and for two affiliated telephone companies. Dividends are for the 20 Railroad: Interstate Commerce Commission data for Class I line- operating subsidiaries and the two affiliates. haul railroads. All series: Profits before taxes are income after all charges and before Electric power: Federal Power Commission data for Class A and B Federal income taxes and dividends. electric utilities, except that quarterly figures on operating revenue and Back data available from the Division of Research and Statistics. Series have been temporarily discontinued. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER 1971 • BUSINESS FINANCE A 51 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t r e a o f x o f e i r s t e s c ta o In x m e - e s P t a r a f o x t f e e i r s t s d C d e i a n v s d i h - s t U p ri r n b o d u f t i it e s s - d co c a n a t l s p l i o u o i n t w m a - l p - Quarter P b t r e a o f x o f e i r s t e s c ta o I x n m e - e s P t a r a f o x t f e e i r s t s d C d e i a n v s d i h - s t U p ri r n b o d u f i t i s t e s - d co c a n t a l i s p l o o u n it w 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 1177..44 5533..22 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—1.... 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—1 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 II. . . 83.3 37.4 46.0 25.4 20.5 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 r e ie n s - Other Total F in e c d o e m ra e l Other ties G U ov .S t . , i Other G U o . v S t . , i Other taxes 1963.... 163.5 351.7 46.5 20.2 3.6 156.8 107.0 17.8 188.2 2.5 130.4 16.5 38.7 196 4 170.0 372.2 47.3 18.6 3.4 169.9 113.5 19.6 202.2 2.7 140.3 17.0 42.2 196 5 180.7 410.2 49.9 17.0 3.9 190.2 126.9 22.3 229.6 3.1 160.4 19.1 46.9 196 6 188.2 442.6 49.3 15.4 4.5 205.2 143.1 25.1 254.4 4.4 179.0 18.3 52.8 196 7 198.9 470.4 54.1 12.7 5.1 216.0 153.4 29.0 271.4 5.8 190.6 14.1 60.8 196 8 212.0 513.8 58.0 14.2 5.1 237.1 165.8 33.6 301.8 6.4 209.8 16.4 69.1 1969.... 213.2 555.9 54.9 12.7 4.8 261.0 184.8 37.8 342.7 7.3 238.1 16.6 80.6 1970—1.. 213.3 561.0 52.9 12.5 4.7 264.5 188.0 38.5 347.7 7.2 238.4 18.0 84.2 II. 213.6 566.3 52.5 10.7 4.4 268.7 190.2 39.9 352.7 7.0 244.1 14.6 87.1 III 214.0 567.6 53.7 9.3 4.2 270.0 191.8 38.5 353.6 6.8 243.0 15.4 88.3 IV 217.0 572.1 56.9 9.7 4.2 268.1 194.4 38.8 355.2 6.6 244.5 15.9 88.1 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 II. 226.3 582.6 58.6 10.3 3.9 273.2 197.4 39.3 356.3 5.3 241.2 16.8 93.0 i Receivables from, and payables to, the U.S. Govt, exclude amounts NOTE.—Securities and Exchange Commission estimates; excludes offset against each other on corporations' books. banks, savings and loan assns., insurance companies, and investment companies. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Public utilities PPeerriioodd TToottaall Durable d N ur o a n b - le MMiinniinngg R ro a a i d l- Air Other Electric and G a o s t her nn CC ii oo cc mm aatt mm iioonn uu ss -- OOtthheerr11 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 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 Ill 2 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 • NOVEMBER 1971 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Farm Nonfarm ho O l t d h e e r r s 2 1- to 4-family houses4 com M m u er lt c i i f a a l m p il r y o p a e n r d t ies5 Mo ty r p tg e a 6 g e EEE pppeee nnn rrr ddd iii ooo ooo ddd fff hh AA ee oo rr ll ll ss dd ll -- ttuu FF ii tt nn ii cc ii nn ii ss oo aa aa tt nn ll ii nn -- ss -- 11 a U c g i . e e S n s . - v o I i t a d n h n u d e d a i r - l s s hh A e A e oo rr ll ll ss dd ll -- ttuu FF ii tt nn ii cc ii nn ii ss oo aa aa tt nn ll ii nn -- ss -- 11 OO hh ee oo tt rr hh ll ss dd ee 33 -- rr hh AA ee oo rr ll ll ss dd ll -- Total tu F i t n i i n s o a t n i n - s . 1 O h e o t r h ld s e - r Total tu F i t n i i n s o a t n i n - s . 1 O h e o t r h l s d e r - F w u H V n ri d A A t e t - — e r n - t C v io e o n n n a - - l 1941 37.6 20.7 4.7 12.2 6.4 1.5 4.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 3.0 28.2 1945 35.5 21.0 2.4 12.1 4.8 1.3 3.4 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.3 26.5 1964 300.1 241.0 11.4 47.7 18.9 7.0 11.9 281.2 197.6 170.3 27.3 83.6 63.7 19.9 77.2 204.0 1965 325.8 264.6 12.4 48.7 21.2 7.8 13.4 304.6 212.9 184.3 28.7 91.6 72.5 19.1 81.2 223.4 1966 347.4 280.8 15.8 50.9 23.3 8.4 14.9 324.1 223.6 192.1 31.5 100.5 80.2 20.3 84.1 240.0 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 1969—I.... 403.7 324.7 22.6 56.4 28.1 9.8 18.3 375.7 254.8 216.0 38.8 120.9 98.9 21.9 94.5 281.2 II. .. 411.7 331.0 23.4 57.1 28.8 10.1 18.7 382.9 259.5 219.9 39.5 123.4 101.0 22.4 96.6 286.3 III.. 418.7 335.7 24.9 58.1 29.2 10.1 19.1 389.5 263.4 222.5 40.9 126.0 103.1 22.9 98.5 291.0 IV.. 425.3 339.1 26.8 59.4 29.5 9.9 19.6 395.9 266.8 223.6 43.2 129.0 105.5 23.5 100.2 295.7 1970—1.... 429.4 340.8 28.6 60.0 29.8 9.8 20.0 399.6 268.5 223.8 44.7 131.0 107.1 23.9 101.9 297.9 II'.. 435.6 344.6 30.0 61.0 30.3 9.8 20.5 405.2 271.7 225.7 46.0 133.5 109.1 24.5 103.2 302.3 III'. 443.4 349.9 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 IV'. 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—Jr. , . 458.9 362.1 33.6 63.3 31.8 10.1 21.7 427.2 283.6 234.5 49.4 143.6 117.5 26.1 IIII...... 447711..22 337722..33 3355..22 6633..77 3311..99 99..77 2222..22 443399..33 229900..88 224400..77 4499..55 114488..55 112211..99 2266..66 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 : Residential Residential End of period Other Other Total non- Farm Total non- Farm FHA- Con- farm VA- Con- farm Total in- guar- ven- Total guar- vensured 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 24 196 4 43,976 28,933 7,315 2.742 18,876 12,405 2,638 40,556 36,487 12,287 11,121 13,079 4,016 53 196 5 49,675 32,387 7,702 2,688 21,997 14,377 2,911 44,617 40,096 13,791 11,408 14.897 4,469 52 196 6 54,380 34,876 7,544 2,599 24,733 16,366 3,138 47,337 42,242 14,500 11,471 16,272 5,041 53 196 7 59,019 37,642 7,709 2,696 27,237 17,931 3,446 50,490 44,641 15,074 11,795 17,772 5,732 117 196 8 65,696 41,433 7,926 2,708 30,800 20,505 3,758 53,456 46,748 15,569 12,033 19,146 6,592 117 1968—III. 63,779 40,251 7,768 2,657 29,826 19,771 3.757 52,496 46,051 15,367 11,945 18,739 6,329 116 IV. 65,696 41,433 7,926 2,708 30,800 20,505 3.758 53,456 46,748 15,569 12,033 19,146 6,592 117 1969—1.. 67,146 42,302 7,953 2,711 31,638 20,950 3,894 54,178 47,305 15,678 12,097 19,530 6,756 117 II. 69,079 43,532 8,060 2.743 32,729 21,459 4,088 54,844 47,818 15,769 12,151 19.898 6,908 117 III. 70,336 44,331 8,065 2,793 33,470 21,924 4,081 55,359 48,189 15,813 12,169 20,207 7,053 117 IV. 70,705 44,573 7,960 2,663 33,950 22,113 4,019 56,138 48,682 15,862 12,166 20,654 7,342 114 1970—1.. 70,854 44,568 7,888 2,496 34,184 22,248 4,038 56,394 48,874 15,865 12,105 20,904 7,413 107 HP 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 III 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—1'. 74,424 46,343 7,971 2,595 35,777 23,595 4,486 58,680 50,553 16,157 12,010 22,386 8,014 113 II. 76,639 48,163 8,146 2,636 37,381 24,477 3,999 59,643 51,362 16,281 12,011 23,069 8,174 107 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
NOVEMBER 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 PPPeeerrriiioooddd TToottaall Total in F s H ur A e - d a g n V u t A a e r e - - d Other i FFaarrmm TToottaall Total in F s H ur A e - d a g n V u t A a e r e - - d Other FFaarrmm IQ4S 976 6,637 5,860 1,394 44,,446666 766 1963. 9,172 8,306 1,598 678 6,030 866 50,544 46,752 10,756 6,401 2299,,559955 3,792 1964. 10,433 9,386 1,812 674 6,900 1,047 55,152 50,848 11,484 6,403 32,961 4,304 1965. 11,137 9,988 1,738 553 7,697 1,149 60,013 55,190 12,068 6,286 36,836 4,823 1966. 10,217 9,223 1,300 467 7,456 994 64,609 59,369 12,351 6,201 40,817 5,240 1967. 8,470 7,633 757 444 6,432 837 67,516 61,947 12,161 6,122 43,664 5,569 1968. 7,925 7,153 755 346 6,052 722 69,973 64,172 12,469 5,954 45,749 5,801 1969. 7,531 6,943 663 220 6,108 537 72,027 66,254 12,271 5,701 48,282 5,773 1970. 7,127 6,763 401 82 6,280 314 74,345 68,693 11,325 5,390 51,978 5,652 1970—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 Sep t 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- 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 May 491 442 24 8 410 49 74,552 68,425 11,186 5,254 51,985 5,554 537 494 29 9 456 42 74,535 68,973 11,123 5,219 52,631 5,562 July 590 551 20 8 523 39 74,583 69,017 11,048 5,180 52,789 5,566 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 r o m r t 1 - t L er o m ng - 2 Total ] con- pur- Total 2 in- guar- venst t r io u n c - chase sured anteed tional 1945 278 213 195 176 19 46 196 3 5,601 4,296 4,784 2,863 1,921 1,151 1945 1,913 181 1,358 5,376 1 1 9 9 6 6 4 5 5 5 , , 5 0 6 0 5 7 5 4 , , 0 3 2 3 5 5 5 5 , , 3 9 2 9 5 7 2 3 , , 8 0 4 7 6 4 2 2 , , 4 9 7 2 9 3 1 1 , , 0 19 4 9 3 196 3 25,173 7,185 10,055 90,944 4,696 6,960 79,288 196 6 3,804 2,866 6,935 5,006 1,929 1,036 1 1 1 9 9 9 6 6 6 4 6 5 2 2 1 4 4 6 , , , 9 1 9 1 9 2 3 2 4 6 6 3 , , , 6 0 6 3 1 5 8 3 3 1 1 7 0 0 , , , 8 5 8 2 3 3 8 8 0 1 1 1 0 1 1 1 4 0 , , , 3 4 3 3 2 0 3 7 6 4 5 5 , , , 1 2 8 4 6 9 5 9 4 6 6 6 , , , 3 6 1 9 5 8 8 7 3 1 8 9 0 8 9 3 , , , 7 7 00 6 5 1 3 6 1 1 1 9 9 9 6 6 6 9 7 8 2 5 1 , , , 5 7 5 3 2 3 1 7 4 4 1 1 , , , 0 5 8 7 6 0 6 0 1 4 5 9 , , , 2 3 2 5 8 8 9 6 9 3 4 8 , , , 9 8 4 8 6 3 5 7 4 4 3 8 0 9 5 1 2 5 1 1 1 , , , 0 4 3 4 3 8 1 2 2 196 7 20,122 4,243 9,604 121,805 5,791 6,351 109,663 197 0 3,256 1,929 10,615 3,081 7,534 2,331 1 1 1 9 9 9 6 6 7 9 0 8 2 2 2 1 1 1 , , , 9 8 3 8 4 8 3 7 7 4 4 4 , , , 9 7 1 1 5 5 6 7 0 1 1 1 1 0 1 , , , 2 2 2 1 3 5 5 9 4 1 1 1 3 4 5 0 0 0 , , , 8 3 5 4 0 6 7 2 2 1 7 6 0 , , , 9 6 1 5 1 9 8 7 5 7 7 8 , , , 6 0 5 5 1 0 8 2 7 1 1 1 1 3 2 7 1 4 , , , 1 8 7 3 6 7 2 0 2 1970—S N O e o c p t v t . . . . 2 1 1 0 3 1 4 4 2 1 1 1 2 1 2 5 9 6 1 1 1 0 0 0 , , , 5 5 5 3 2 2 9 4 4 3 3 3 , , , 4 1 2 7 5 6 7 6 5 7 7 7 , , , 0 3 2 4 6 7 7 8 4 1 1 1 , , , 9 4 3 7 9 3 8 6 9 1970—Aug.. 2,111 369 1,147 145,296 9,011 8,050 '128,234 Dec. 224 134 10,615 3,081 7,534 2,331 N D O Se e o c p c t v t . . . . . . . . . 2 2 2 1 , , , , 1 1 4 9 2 8 7 7 7 3 4 2 4 4 3 3 0 1 5 8 6 6 5 8 1 1, , 0 1 9 9 3 0 6 1 2 0 8 9 1 1 1 1 4 4 4 5 8 6 7 0 , , , , 8 4 5 5 9 1 7 6 6 8 0 0 1 9 9 9 0 , , , , 4 2 2 1 4 2 2 9 1 6 4 5 8 8 8 8 , , , ,1 3 5 2 1 3 0 3 5 6 7 0 1 1 1 1 2 3 2 3 9 0 9 1 , , , , 9 0 7 8 0 7 6 9 3 9 0 4 1971— A J F M a e p a n b r y . . . . 1 4 2 7 5 3 7 1 1 1 1, , 1 4 4 3 5 9 2 3 1 2 8 1 1 9 7 8 0 , , , , 2 9 2 3 6 2 6 2 7 6 9 6 2 2 2 2 , , , , 6 3 9 2 9 2 2 2 7 2 4 6 4 7 7 6 , , , , 9 4 0 2 4 0 4 3 5 3 3 0 2 2 2 3 , , , , 3 8 0 7 7 2 9 5 6 8 3 0 1971— M A F Ja e p a n b r r . . . . . . . . . 2 3 1 1 , , , , 1 7 8 6 6 9 8 6 8 5 7 7 5 3 3 5 2 0 9 4 1 7 7 6 1 1, , 3 1 7 8 0 4 1 5 6 3 8 2 1 1 1 1 5 5 5 5 1 4 2 6 , , , , 5 6 4 5 0 6 3 7 3 5 0 4 1 1 1 1 2 0 1 0 , , , , 1 4 5 8 2 7 6 1 3 3 0 0 9 8 8 8 , , , , 1 7 9 6 2 6 7 2 8 6 3 2 1 1 1 1 3 3 3 3 3 2 5 4 , , , , 0 3 8 3 8 5 8 2 9 7 6 0 J J S A u u e u n p l g y e t . . . 2 3 3 3 3 2 0 5 8 7 9 8 2 2 2 1 6 0 1 8 4 3 3 3 7 7 7 7 , , , , 2 3 6 5 4 3 3 1 1 8 7 4 2 2 2 2 , , , , 3 8 5 8 9 4 4 1 7 4 4 2 4 4 4 4 , , , , 8 7 7 7 9 4 0 9 3 4 2 4 ' 2 1 1 1 , , , , 1 6 5 5 1 9 2 2 1 6 8 2 May. 3,438 620 1,451 158,747 11,885 9,299 137,563 June. 4,301 718 2,109 161,440 12,273 9,580 139,587 J A u u ly g . ' . . 4 4 , , 1 1 5 1 1 1 6 64 8 1 6 2 2 , , 0 2 8 2 7 5 1 1 6 6 3 6 , , 9 3 5 4 1 2 1 1 2 2 , , 5 8 9 5 2 2 1 9 0 , , 7 0 8 3 4 4 1 1 4 4 1 3 , , 5 4 7 5 5 6 2 1 S S e e c c u u r r e e d d l o o r a u n n s, s e a c m ur o e r d t iz lo ed a n q s u m ar a t t e u r r l i y n , g h i a n v i 1 n g y ea m r a o tu r r l i e ti s e s s . of more than 1 year but not more than 10 years. 1 Includes loans for repairs, additions and alterations, refinancing, etc. NOTE.—Federal Home Loan Bank Board data. not shown separately. 2 Beginning with 1958, includes shares pledged against mortgage loans; beginning with 1966, includes junior liens and real estate sold on contract; and beginning with 1967, includes downward structural adjustment for change in universe. NOTE—Federal Home Loan Bank Board data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 54 REAL ESTATE CREDIT • NOVEMBER 1971 MORTGAGE DEBT OUTSTANDING MORTGAGE DEBT OUTSTANDING ON ON RESIDENTIAL PROPERTIES NONFARM 1- to 4-FAMILY PROPERTIES (In billions of dollars) (In billions of dollars) All residential Multifamily i G un o d v e e r r w nm rit e t n e t n - CCoonn-- Total t F u i i n c t n i s i a a o t l i n n - - s h O ol t d h e e r r s Total t F u i i n c t n i s i a a o t l i n n - - s h O ol t d h e e r r s EEnndd ooff ppeerriioodd TToottaall Total F su H in r A e - d - an g V u te A a e r - d - i ttii vv oo ee nn nn aa -- ll 2 2 2 1 4 4 1 . . . 3 2 2 1 1 1 7 5 4 6 . . . 7 7 9 3 9 8 4 . . . 6 4 5 2 5 5 9 . . . 9 7 0 2 3 3 0. . . 7 5 6 2 2 8 . . . 3 2 2 1 1 1 9 9 9 6 5 6 3 4 4 1 1 1 8 9 8 2 7 . . . 6 2 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 3 231.1 195.4 35.7 33.6 25.1 8.5 1965 212.9 73.1 42.0 31.1 139.8 2 2 2 5 6 8 0 4 0 . . . 1 0 0 2 2 2 . 1 3 2 3 6 3 . . . 2 6 7 4 4 3 0 6 3 . . . 3 9 4 4 4 3 0 3 7 . . . 3 9 2 2 3 3 9 1 4 . . . 5 0 7 9 8 8. . . 8 2 2 1 1 1 9 9 9 6 6 6 6 8 7 * * 2 2 2 3 2 5 6 3 1 . . . 1 6 2 7 7 8 6 9 3 . . . 1 8 9 4 4 5 4 0 7 . . . 8 6 4 3 3 3 2 1 3 . . . 5 3 2 1 1 1 5 4 6 6 7 7 . . . 1 6 4 298.6 250.8 47.8 47.3 37.7 9.6 1969—1 254.8 85.3 51.4 33.9 169.5 1969—I IV II 3 31 1 4 9 . . 1 0 2 2 6 62 5 . . 7 0 5 5 4 1 . . 0 4 5 5 2 0 . . 2 6 4 41 0 . . 3 2 1 10 0 . . 9 4 Ill 2 2 2 6 5 6 3 9 6 . . . 5 5 8 9 8 8 0 7 8 . . . 1 1 8 5 5 5 4 3 2 . . . 5 4 2 3 3 3 4 5 5 . . . 9 6 4 1 1 1 7 7 7 6 4 2. . . 3 9 6 3 3 3 3 2 3 2 3 6 2 1 8 . . . . 3 7 2 2 2 2 2 2 7 6 6 7 2 8 5 7 . . . . 8 9 9 2 5 5 6 5 5 9 1 7 . . . . 8 4 0 4 5 5 5 5 6 8 4 3 . . . . 1 0 5 2 4 4 4 4 4 5 3 2 . . . . 8 3 9 2 1 1 1 1 1 2 1 0 . . . . 3 8 3 2 I IV II r 2 2 2 2 6 7 7 8 8 1 6 0 . . . . 5 7 0 2 9 9 9 9 2 1 5 7 . . . . 1 6 1 2 5 5 5 5 6 5 8 9 . . . . 1 6 1 9 3 3 3 3 6 6 7 7 . . . . 0 0 0 3 1 1 1 1 7 7 8 8 7 9 2 0 . . . . 1 9 5 7 3 3 4 53 3 . . 1 3 2 2 8 9 1 0 . .1 6 6 6 1 3 . . 7 0 5 62 9 . . 3 7 4 4 9 7. . 2 4 1 12 2 . . 9 5 1971— I 1 I r 2 2299 8 00 3 .. . 88 6 1 Structures of five or more units. 1 Includes outstanding amount of VA vendee accounts held by private NOTE.—Based on data from same source as for "Mortgage Debt Out- investors under repurchase agreement. standing" table (second preceding page). 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 DELINQUENCY RATES ON HOME MORTGAGES LOANS MADE (Per 100 mortgages held or serviced) (In millions of dollars) Loans not in foreclosure FHA-insured VA-guaranteed but delinquent for— LLooaannss iinn ffoorree-- EEnndd ooff ppeerriioodd cclloossuurree Mortgages Mortgages Total 30 days 60 days 90 days PPPeeerrriiioooddd PPrroopp-- or more PPrroo-- eerrttyy TToottaall h N o e m w e s h is E o t m i x n - e g s jjeeccttss 11 mm pprr ii ee mm oo nn vv -- tt ee ss -- 22 TToottaall 33 h N om ew e s h is o E t m i x n - e g s 1 1 9 9 6 6 3 4 3 3. . 2 3 1 0 2 2. . 3 3 5 2 . .5 6 5 0 . .3 3 1 8 . .3 3 8 4 1965 3.29 2.40 .55 .34 .40 1945 665 257 217 20 171 192 1966 3.40 2.54 .54 .32 .36 1964 8,130 1,608 4,965 895 663 2,846 1,023 1,821 1 1 9 9 6 6 7 8 3 3 . . 4 1 7 7 2 2 . . 6 4 6 3 . .5 5 1 4 . . 2 2 7 3 . . 3 2 2 6 1965 8,689 1,705 5,760 591 634 2,652 876 1,774 1969 3.22 2.43 .52 .27 .27 1 1 1 1 1 9 9 9 9 9 6 6 6 7 6 8 7 9 0 6 1 7 9 7 8 1 , , , , , 1 2 1 3 9 7 5 2 2 8 5 0 9 0 1 2 1 1 1 1 , , , , , 6 5 7 3 5 6 5 2 6 7 7 1 9 9 2 5 4 4 4 5 , , , , , 5 3 5 4 9 7 6 1 4 2 0 6 6 7 4 3 1 1 , , , 1 2 3 5 6 2 5 1 8 4 3 0 6 3 2 6 6 6 6 6 4 1 5 2 9 1 7 6 3 3 2 4 3 3 3 , , , , , 6 4 0 4 7 0 0 7 4 7 5 0 2 2 4 1 1 1 1 , , , , 3 1 4 4 9 1 4 9 3 8 1 3 3 0 0 2 2 2 2 1 , , , , , 1 3 2 5 6 3 4 5 1 7 1 3 9 8 9 1967—1 I I I I V l l .... 2 3 3 3 . . . . 8 1 4 0 5 5 7 4 2 2 2 2 . . . . 1 6 1 3 7 6 4 6 . . . . 4 5 5 5 5 2 6 4 . . . . 3 2 2 2 1 7 7 6 . . . . 3 3 3 3 1 8 2 4 1970— S N O A e o u c p t v g t . . . . . . . . . 1 1 1 1 , , , , 0 0 2 0 9 1 6 3 9 8 3 0 2 2 2 3 4 6 7 0 7 8 3 4 4 5 5 5 2 9 0 6 1 7 4 4 2 2 2 2 4 2 4 9 8 8 7 2 4 4 6 5 9 5 3 7 3 3 3 3 1 0 4 2 8 6 1 6 1 1 1 1 0 0 1 1 7 6 7 0 2 2 2 1 1 2 1 9 6 4 2 9 I I I I V I I . 2 2 2 3 . . . . 9 8 8 1 3 9 4 7 2 2 2 2 . . . . 1 2 2 4 1 3 3 3 . . . . 4 5 4 4 8 1 9 4 . . . .2 2 2 2 3 2 2 4 . . . . 3 2 2 2 2 8 6 6 Dec.. 1,351 280 472 549 50 316 109 207 1969—1 2.77 2.04 .49 .24 .26 1971— F M Ja e a n b r . . . . . . . 1,0 9 9 9 9 5 7 9 1 2 2 3 9 8 1 5 4 8 4 4 5 7 5 3 6 0 1 2 1 1 0 8 8 2 5 7 4 4 3 1 6 2 2 2 3 9 5 0 7 6 3 1 9 9 0 0 8 2 2 1 1 0 9 6 5 5 6 I I V l l.... 2 2 3 . . . 9 6 2 1 8 2 2 2 2 . . . 1 4 0 8 3 6 . . .4 4 5 1 7 2 . . . 2 2 2 7 6 1 . . . 2 2 2 5 7 5 A J M u p a n r y e . . . . 1 1 1 , , , 1 2 3 3 0 7 6 3 2 2 2 3 9 9 2 0 3 2 4 6 5 6 2 0 7 9 4 3 3 3 9 5 3 9 4 0 4 2 5 6 1 5 4 3 1 5 7 0 1 9 1 8 1 2 3 5 0 2 6 1970—1 I I 2 2. . 9 8 6 3 2 2 . . 1 1 4 0 . .4 5 5 2 . . 3 2 0 8 . . 3 3 1 1 JJJuuulllyyy...... 111,,,333444000 333333888 666444666 333000444 555333 Ill.... 3.10 2.26 .53 .31 .25 AAAuuuggg...... 111,,,333999333 444000777 777111000 222111666 666000 3.64 2.67 .61 .36 .33 3.21 2.26 .56 .39 .40 1 Monthly figures do not reflect mortgage amendments included in annual 3.27 2.36 .53 .38 .38 totals. 2 Not ordinarily secured by mortgages. 3 Includes a small amount of alteration and repair loans, not shown separ- NOTE.—Mortgage Bankers Association of America data from ately; only such loans in amounts of more than $1,000 need be secured. reports on 1- to 4-family FHA-insured, VA-guaranteed, and conventional mortgages held by more than 400 respondents, including NOTE.—Federal Housing Admin, and Veterans Admin, data. FHA-insured mortgage bankers (chiefly), commercial banks, savings banks, and loans represent gross amount of insurance written; VA-guaranteed loans, savings and loan associations. gross amounts of loans closed. Figures do not take into account principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER 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 period) period period Total F su H in r A e - d - a g n V u t A a e r e - - 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 V n u t A a e r e - - d c P ha u s r e - s Sales d p M u er r a i i d o n e d g st O i a n n u g d t - 196 7 3,348 2,756 592 860 1,045 1,171 1967. 5,522 4,048 1,474 1,400 12 1,736 501 196 8 4,220 3,569 651 ,089 867 1,266 1968. 7,167 5,121 2,046 1,944 2,697 1,287 196 9 4,820 4,220 600 827 615 1,130 1969. 10,950 7,680 3,270 4,121 6,630 3,539 197 0 5,184 4,634 550 621 897 738 1970. 15,502 11,071 4,431 5,078 8,047 5,203 1970-July. 5,070 4,499 571 55 172 966 1970-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 4 139 5,092 1971-J F A M a e p r a b r u r . . . . , . 5 5 5 5 , , , , 2 2 2 1 4 1 8 4 1 3 8 4 4 4 4 4 , , , , 6 6 7 7 4 0 7 1 1 3 0 0 5 5 5 5 3 3 4 4 8 4 6 3 5 3 3 3 6 8 5 9 1 1 2 2 2 0 1 7 0 0 7 7 6 7 8 0 0 8 6 5 7 2 A M F M e p a a b r r y , 1 1 1 1 5 5 5 5 , , , , 4 3 2 4 0 4 4 2 8 8 2 0 rl 1 1 1 0 0 1 1 , , , , 9 8 0 0 9 3 6 1 3 3 1 2 4 4 4 4 , , , , 3 3 3 4 9 4 7 0 1 9 5 8 rr r6 5 7 9 8 0 6 1 r1r0 4 7 9 5 6 2 2 r8 4 r 7 5 83 1 7 0 3 ' '4 4 4 , , , ' 3 8 3 9 8 6 8 2 1 5 0 0 May. 5,261 4,731 530 40 171 906 June 15,363 10,970 4,393 '239 '10 '1,294 '5,750 June. 5,275 4,751 524 43 43 424 1,247 July. 15,674 11,184 4,490 407 '576 '5,709 July. 5,282 4,761 520 25 487 1,586 Aug. 16,304 11,662 4,642 659 1,219 5,146 NOTE.—Government National Mortgage Assn. data. Data prior to NOTE.—Federal National Mortgage Assn. data. Data prior to Sept. Sept. 1968 relate to Special Assistance and Management and Liquidating 1968 relate to secondary market portfolio of former FNMA. Mortgage portfolios of former FNMA and include mortgages subject to participation commitments made during the period include some multifamily and nonpool of Government Mortgage Liquidation Trust, but exclude conven- profit hospital loan commitments in addition to 1 - to 4- family loan comtional mortgage loans acquired by former FNMA from the RFC Mortgage mitments accepted in FNMA's free market auction system, and through Co., the Defense Homes Corp., the Public Housing Admin., and Com- the FNMA-GNMA Tandem Plan (Program 18). 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 e s l h o n o a e m w ns e Offered Total pe B r y i o c d o m (in m m itm on e t n h t s ) 3-4 12-18 homes homes 3-4 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—Sept.. 8.48 8.42 8.50 9.01 1971--Mar. 1.. 185.6 51.8 15.2 29.3 7.3 7.43 7.43 7.56 Oct.. 8.51 8.35 8.50 8.97 15.. 193.5 74.0 17.9 41.2 14.9 7.32 7.44 7.54 Nov.. 8.43 8.32 8.45 8.90 29.. 122.5 67.0 36.7 26.3 3.9 7.32 7.45 7.55 Dec.. 8.38 8.26 8.30 8.40 Apr. 12.. 126.9 54.6 39.8 9.4 5.4 7.32 7.45 7.53 1971—Jan.., 8.18 8.08 7.95 26.. 687.2 313.9 154.0 126.6 33.4 7.43 7.54 7.57 Feb.. 7.91 7.80 7.75 Mar.. 7.66 7.60 7.60 7.32 May 10.. ,168.0 236.8 145.7 71.3 19.7 7.57 7.68 7.74 Apr.. 7.49 7.47 7.55 7.37 24.. 785.7 151.6 44.6 84.4 22.5 7.95 7.97 8.03 May. 7.47 7.45 7.65 7.75 June. 7.50 7.50 7.70 7.89 June 1.. 322.4 146.6 77.1 57.8 11.6 8.05 8.18 8.16 July. 7.66 7.63 7.80 7.97 14.. 638.2 191.2 133.7 47.3 10.2 7.91 8.15 8.22 Aug.. '7.74 7.71 7.85 7.92 28.. 539.0 262.6 191.8 60.3 10.4 7.92 8.22 8.28 Sept.. 7.82 7.76 7.85 7.84 July 12.. 606.0 241.1 161.8 60.3 10.4 7.98 8.23 8.31 28.. 686.2 183.4 183.3 58.2 21.1 8.07 NOTE.—Annual data are averages of monthly figures. The FHA data are based on opinion reports submitted by field offices Aug. 25 . 634.6 153.5 153.5 7.97 on prevailing local conditions as of the first of the succeeding month. Yields on FHA-insured mortgages are derived from Sept. 8.. 445.2 188.6 188.6 7.88 weighted averages of private secondary market prices for Sec. 20.. 437.5 193.0 193.0 7.86 203, 30-year mortgages with minimum downpayment and an assumed prepayment at the end of 15 years. Gaps in data are Oct. 4.. 365.1 194.8 194.8 7.85 due to periods of adjustment to changes in maximum permis- 18.. 219.8 103.6 103.6 7.83 sible contract interest rates. The FHA series on average contract interest rates on conventional first mortgages in primary markets are unweighted and are rounded to the nearest 5 basis points. NOTE.—Implicit secondary market yields are gross—before deduction of 38- The FHLBB effective rate series reflects fees and charges as well basis-point fee paid for mortgage servicing. They reflect the average accepted bid as contract rates (as shown in the table on conventional first- yield for Govt.-underwritten mortgages after adjustment by Federal Reserve mortgage terms, p. A-37) and an assumed prepayment at end to allow for FNMA commitment fees and FNMA stock purchase and holding of 10 years requirements, assuming a prepayment period of 15 years for 30-year loans. Commitments for 12-18 months are for new homes only. Beginning Oct. 18, 1971, the maturity on new short-term commitments was extended from 3 to 4 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 56 CONSUMER CREDIT • NOVEMBER 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 2,719 787 1,414 518 1 19 9 4 4 1 5 9 5 , ,6 1 6 7 5 2 2 6 , ,0 4 8 6 5 2 2,4 4 5 5 8 5 1,9 8 2 1 9 6 3 1 7 8 6 2 1 1, , 0 3 0 2 9 2 3 3 , ,0 2 8 0 7 3 7 8 4 4 6 5 1 1 , ,6 6 4 1 5 2 5 8 9 4 7 5 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 3,337 196 5 90,314 71,324 28,619 18,565 3,728 20,412 18,990 7,671 6,430 4,889 196 6 97,543 77,539 30,556 20,978 3,818 22,187 20,004 7,972 6,686 5,346 196 7 102,132 80,926 30,724 22,395 3,789 24,018 21,206 8,428 6,968 5,810 196 8 113,191 89,890 34,130 24,899 3,925 26,936 23,301 9,138 7,755 6,408 196 9 122,469 98,169 36,602 27,609 4,040 29,918 24,300 9,096 8,234 6,970 197 0 126,802 101,161 35,490 29,949 4,110 31,612 25,641 9,484 8,850 7,307 1970—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—Jan.. 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 Aug. 129,704 104,060 37,154 29,477 4,295 33,134 25,644 9,997 8,305 7,342 Sept. 130,644 104,973 37,383 29,840 4,330 33,420 25,671 10,061 8,305 7,305 1 Holdings of financial institutions; holdings of retail outlets are in- hold, family, and other personal expenditures, except real estate mortgage cluded in "other consumer goods paper." loans. For back figures and description of the data, see "Consumer Credit," Section 16 (New) of Supplement to Banking and, Monetary Statistics, 1965, NOTE.—Consumer credit estimates cover loans to individuals for house- and pp. 983-1003 of the BULLETIN for Dec. 1968. INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets End of period Total Com- Mis- Auto- Other Total mercial Finance Credit cellaneous Total mobile retail banks cos. 1 unions lenders i dealers 2 outlets 1939.. 4,503 3,065 1,079 1,836 132 18 1,438 123 1,315 1 1 9 9 4 4 1 5 . . . . 6 2 , , 0 4 8 6 5 2 4 1 , , 4 7 8 76 0 1,7 7 2 4 6 5 2,5 9 4 1 1 0 119082 1 1 5 9 1,6 6 0 8 5 6 1 2 8 8 8 1,4 6 1 5 7 8 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 I960.. 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—Sept.. 100,142 87,471 42,051 31.510 12,409 1.501 12,671 337 12,334 Oct.. 99,959 87,243 42.010 31,309 12,422 1.502 12,716 335 12,381 Nov.. 99,790 86,820 41,740 31,081 12,438 1,561 12,970 332 12,638 Dec.. 101,161 87,064 41,895 31,123 12,500 1,546 14,097 327 13,770 1971—Jan... 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 Mar.. 99,168 86,015 41,563 30,326 12,509 1,617 13,153 325 12,828 Apr.. 100,028 86,805 42,094 30,369 12,686 1,656 13,223 330 12,893 May. 100,692 87.491 42,482 30,441 12,874 1,694 13,201 334 12,867 June. 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 Aug.. 104,060 90,536 44,112 31,098 13,570 1,756 13,524 347 13,177 Sept.. 104,973 91,279 44,603 31,133 13,780 1,763 13,694 349 13,345 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
NOVEMBER 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) E p n e d ri o o d f Total ch P a A u s r u e - d t p o a m pe o r b ile s g p O c u o a o t m p o h n d e e e - r r s r m i R z l o o a e a d a p n t e i n d a o r s i n n r - s l P o o a e n r n a - s l End of period Total m A pa o u p b t e o il r - e s O g p c u o a t o m o p h n d e e e - r s r r m i R l z o o a e a a d n p ti n d e a o r s i n r n - s l P o o a e n r n 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 5,006 196 5 28,962 10,209 5,659 4,166 2,571 6,357 196 5 24,282 9,400 4,425 224 10,233 196 6 31,319 11,024 5,956 4,681 2,647 7,011 196 6 26,091 9,889 5,171 191 10,840 196 7 32,700 10,927 6,267 5,126 2,629 7,751 196 7 26,734 9,538 5,479 154 11,563 196 8 36,952 12,213 7,105 6,060 2,719 8,855 196 8 29,098 10,279 5,999 113 12,707 196 9 40,305 12,784 7,620 7,415 2,751 9,735 196 9 31,734 11,053 6,514 106 14,061 197 0 41,895 12,433 7,587 8,633 2,760 10,482 197 0 31,123 9,941 6,648 94 14,440 1970—Sept.. . 42,051 12,890 7,734 8,263 2,783 10,381 1970—Sept. 31.510 10,619 6,568 94 14,229 Oct 42.010 12,824 7,730 8,286 2,785 10,385 Oct.. 31,309 10,465 6,594 94 14,156 Nov.... 41,740 12,628 7,654 8,299 2,779 10,380 Nov. 31,081 10,226 6,548 94 14,213 Dec.... 41,895 12,433 7,587 8,633 2,760 10,482 Dec. 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 Mar. 30,326 9,674 6,363 93 14,196 Apr 42,094 12,268 7,825 8,595 2,702 10,704 Apr.. 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 June, 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 Aug. .. 44,112 12,753 8,318 9,074 2,838 11,129 Aug. 31,098 10,077 6,249 103 14,669 Sept... 44,603 12,831 8,380 9,235 2,860 11,297 Sept. 31,133 10,077 6,268 104 14,684 See NOTE to first table on preceding page. NOTE.—Finance companies consist of those institutions formerly classified as sales finance, consumer finance, and other finance companies. INSTALMENT CREDIT HELD BY OTHER NONINSTALMENT CREDIT FINANCIAL LENDERS (In millions of dollars) (In millions of dollars) Single- Other Repair payment Charge accounts Auto- con- and Per- loans EEnndd ooff ppeerriioodd Total mobile sumer modern- sonal paper goods ization loans Total Service paper loans End of period Com- Other credit mer- finan- Retail Credit cial cial outlets cards1 1939 150 27 5 12 106 banks insti- 1941 213 47 9 11 146 tutions 1945 121 16 4 10 91 1 1 9 9 5 5 5 0 1,9 6 5 9 9 2 5 1 6 5 0 9 1 4 3 0 0 3 1 1 0 3 2 9 3 5 9 6 1 1 1 9 9 4 3 1 9 2 3 , , 7 0 1 8 9 7 6 6 9 2 3 5 1 15 6 2 2 1 1 , , 6 4 4 1 5 4 5 5 9 1 7 8 1960 4,566 1,460 297 775 2,034 1945 3,203 674 72 1,612 845 1 1 1 9 9 9 6 6 6 5 7 6 1 9 8 0 , , , 3 2 0 8 1 5 9 4 6 3 3 3 , , , 0 7 4 3 0 1 6 7 0 4 5 6 9 8 3 8 8 9 1,0 9 9 0 3 8 6 3 0 4 4 3 , , , 3 7 8 3 2 0 6 2 4 1 1 1 9 9 9 5 5 6 5 0 0 . 1 6 9 3 , , , 7 9 1 6 2 7 8 4 3 2 3 1 , , , 6 5 8 3 7 8 5 6 4 2 6 3 4 2 6 5 3 7 4 4 3 , , ,2 5 8 9 7 9 1 9 3 2 4 7 1 3 6 6 6 2 3 1 , , , 1 3 5 2 3 8 7 7 0 1968 11,407 4,213 727 1,093 5,374 1 1 9 9 6 7 9 0 1 1 2 4 , , 9 0 4 4 3 6 5 4 , , 2 8 0 0 2 9 8 8 2 9 9 8 1 1 , , 1 2 8 5 3 6 6 6 , , 1 6 2 9 2 0 1 1 1 9 9 9 6 6 6 7 6 5 2 2 1 1 0 8 , , , 0 2 9 0 0 9 4 6 0 6 7 6 , , , 3 6 9 4 4 9 0 6 0 1 1, , 0 0 9 8 2 8 8 1 6 5 5 5 , , , 9 8 7 3 1 2 9 2 4 1,0 7 8 2 0 7 9 6 4 5 4 5 , , , 3 8 8 4 8 1 6 9 0 1970—S N O e o c p t v t 1 1 1 3 3 3 , , , 9 9 9 9 1 2 9 0 4 5 5 5 , , , 1 1 1 7 5 6 1 8 4 8 8 8 9 9 9 1 0 3 1 1 1 , , , 2 2 2 4 4 6 6 7 0 6 6 6 , , , 6 6 6 1 7 2 6 5 2 1 1 19 9 9 7 6 6 9 0 8 2 2 2 3 5 4 , , , 3 6 3 0 4 0 1 1 0 7 7 8 , , , 9 2 9 7 0 0 5 5 0 1 1 1 , , , 2 1 1 7 9 6 9 6 3 6 6 6, , , 9 4 6 3 5 5 2 0 0 1 1 1 , , , 3 9 5 0 1 8 5 8 4 6 6 7 , , , 4 3 9 0 0 7 8 7 0 Dec 14,046 5,202 898 1,256 6,690 1970—Sept.... 23,765 8,062 1,254 5,617 1.872 6,960 1971—J F M a e n a b r 1 1 1 3 4 3 , , , 9 1 9 0 2 5 6 6 3 5 5 5 , , , 2 1 1 1 4 4 5 8 3 9 8 8 0 8 8 1 8 9 1 1 1 , , , 2 2 2 4 6 5 7 0 4 6 6 6 , , , 6 7 6 2 6 5 8 2 0 D N O e o ct c v . . . . . . . . 2 2 2 5 4 3 , , , 6 1 9 4 2 0 1 5 7 8 8 8 , , , 0 2 0 7 0 5 1 5 9 1 1 1 , , , 2 2 2 7 7 5 9 4 4 5 5 6 , , , 8 7 9 9 8 3 7 4 2 1 1 1 , . , 9 8 8 1 7 5 8 3 9 7 7 6 , , , 3 0 9 0 3 2 7 8 3 A J J A M S u u e p u a n l p r g y y e t 1 1 1 1 1 1 5 4 4 4 5 5 , , , , , , 5 0 3 5 9 3 6 4 4 4 2 2 8 3 3 2 6 4 5 5 5 5 5 5 , , , , , , 5 5 2 6 3 7 4 1 9 5 7 4 8 0 2 9 2 6 9 9 9 9 9 9 5 5 9 2 7 1 8 2 2 7 7 4 1 1 1 1 1 1 , , , , , , 3 2 3 3 2 3 3 7 6 5 9 2 6 7 6 4 7 0 7 6 7 6 7 7 , , , , , , 2 4 8 3 1 9 0 3 3 4 5 7 1 9 6 2 9 2 1971— M J M A F J u a p e a a n n r b r y . e . . . . . . . . . . . . . 2 2 2 2 2 2 5 5 5 4 4 4 , , , , , , 5 3 5 0 4 9 7 3 2 1 3 7 1 3 6 9 6 6 8 8 8 8 8 8 , , , , , , 5 4 2 3 2 1 1 2 4 0 9 5 2 5 9 6 5 0 1 1 1 1 1 1 , , , , , , 3 3 3 3 3 2 0 2 0 5 4 8 1 6 8 0 0 4 6 5 5 6 6 5 , , , , , , 1 3 0 7 4 1 9 1 4 3 7 4 9 6 6 5 4 4 2 1 1 1 1 1 , , , , , , 0 8 9 9 9 9 1 9 5 1 1 5 5 1 8 5 8 0 7 7 7 7 7 7 , , , , , , 4 5 6 6 4 7 5 6 7 5 0 1 0 4 2 4 2 2 July... 25,506 8,498 1,356 6,173 2,098 7,381 NOTE.—Other financial lenders consist of credit unions and miscel- Aug. .. 25,644 8,633 1,364 6,120 2,185 7,342 laneous lenders. Sept.. . 25,671 8,694 1,367 6,101 2,204 7,305 1 Service station and miscellaneous credit-card accounts and homeheating-oil accounts. Bank credit card accounts outstanding are included in estimates of instalment credit outstanding. See also NOTE to first table on preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 58 CONSUMER CREDIT • NOVEMBER 1971 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Other consumer Repair and Total Automobile paper goods paper modernization loans Personal loans PPeerriioodd S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions 11996655 77777778888888,,,,,,,555555588888886666666 22222227777777,,,,,,,222222222222227777777 22222222222222,,,,,,,777777755555550000000 2222222,,,,,,,222222266666666666666 22222226666666,,,,,,,333333344444443333333 1966 88888882222222,,,,,,,333333333333335555555 22222227777777,,,,,,,333333344444441111111 22222225555555,,,,,,,555555599999991111111 2222222,,,,,,,222222200000000000000 22222227777777,,,,,,,222222200000003333333 1967 88888884444444,,,,,,,666666699999993333333 22222226666666,,,,,,,666666666666667777777 22222226666666,,,,,,,999999955555552222222 2222222,,,,,,,111111111111113333333 22222228888888,,,,,,,999999966666661111111 1968 99999997777777,,,,,,,000000055555553333333 33333331111111,,,,,,,444444422222224444444 33333330000000,,,,,,,555555599999993333333 2222222,,,,,,,222222266666668888888 33333332222222,,,,,,,777777766666668888888 1969 111111100000002222222,,,,,,,888888888888888888888 33333332222222,,,,,,,333333355555554444444 33333333333333,,,,,,,000000077777779999999 2222222,,,,,,,222222277777778888888 33333335555555,,,,,,,111111177777777777777 1970 111111100000004444444,,,,,,,111111133333330000000 22222229999999,,,,,,,888888833333331111111 33333336666666,,,,,,,777777788888881111111 2222222,,,,,,,111111144444445555555 33333335555555,,,,,,,333333377777773333333 111999777000———SSSeeeppp ttt 8,849 8888888,,,,,,,555555588888880000000 2,621 2222222,,,,,,,444444400000002222222 3,071 3333333,,,,,,,000000099999997777777 186 111111199999994444444 2,971 2222222,,,,,,,888888888888887777777 8,580 8888888,,,,,,,666666677777770000000 2,349 2222222,,,,,,,444444466666663333333 3,113 3333333,,,,,,,222222200000000000000 182 111111188888884444444 2,936 2222222,,,,,,,888888822222223333333 OOOcccttt 8,414 8888888,,,,,,,222222277777771111111 2,127 2222222,,,,,,,000000000000006666666 3,113 3333333.......111111144444447777777 180 111111177777776666666 2,994 2222222,,,,,,,999999944444442222222 8,536 11111110000000,,,,,,,111111199999994444444 2,170 2222222,,,,,,,000000044444445555555 3,281 4444444,,,,,,,555555566666662222222 177 111111144444449999999 2,908 3333333,,,,,,,444444433333338888888 DDDeeeccc 8,916 7777777,,,,,,,555555544444445555555 2,461 1111111,,,,,,,999999999999997777777 3,252 2222222,,,,,,,888888866666668888888 177 111111122222222222222 3,026 2222222,,,,,,,555555555555558888888 111999777111———JJJFFFaaaeee nnnbbb 9,081 7777777,,,,,,,444444488888889999999 2,687 2222222,,,,,,,333333333333336666666 3,204 2222222,,,,,,,444444433333331111111 197 111111155555555555555 2,993 2222222,,,,,,,555555566666667777777 MMMaaarrr 9,533 9999999,,,,,,,555555577777775555555 2,897 3333333,,,,,,,000000077777774444444 3,210 3333333,,,,,,,000000077777776666666 209 111111199999997777777 3,217 3333333,,,,,,,222222222222228888888 9,751 11111110000000,,,,,,,000000077777779999999 2,872 3333333,,,,,,,111111100000000000000 3,415 3333333,,,,,,,333333366666663333333 205 222222211111119999999 3,259 3333333,,,,,,,333333399999997777777 MMMaaayyy 9,690 9999999,,,,,,,555555566666662222222 2,756 2222222,,,,,,,888888888888883333333 3,295 3333333.......111111144444448888888 200 222222233333335555555 3,439 3333333,,,,,,,222222299999996666666 JJJuuunnneee 9,715 11111110000000,,,,,,,666666666666667777777 2,838 3333333,,,,,,,333333300000001111111 3,433 3333333,,,,,,,555555533333338888888 224 222222266666663333333 3,220 3333333,,,,,,,555555566666665555555 JJJuuulllyyy 9,675 11111110000000,,,,,,,000000099999998888888 2,773 3333333,,,,,,,000000033333332222222 3,399 3333333,,,,,,,444444411111115555555 218 222222244444448888888 3,285 3333333,,,,,,,444444400000003333333 AAAuuuggg 10,049 11111110000000,,,,,,,333333300000000000000 3,004 3333333,,,,,,,000000066666666666666 3,465 3333333,,,,,,,444444466666665555555 222 222222255555553333333 3,358 3333333,,,,,,,555555511111116666666 SSSeeepppttt 10,156 9999999,,,,,,,888888844444449999999 3,147 2222222,,,,,,,999999922222227777777 3,462 3333333,,,,,,,444444455555554444444 227 222222233333337777777 3,320 3333333,,,,,,,222222233333331111111 Repayments 111999666555 66666669999999,,,,,,,999999955555557777777 22222223333333,,,,,,,555555544444443333333 22222220000000,,,,,,,555555511111118888888 2222222,,,,,,,111111111111116666666 22222223333333,,,,,,,777777788888880000000 1966 77777776666666,,,,,,,111111122222220000000 22222225555555,,,,,,,444444400000004444444 22222223333333,,,,,,,111111177777778888888 2222222,,,,,,,111111111111110000000 22222225555555,,,,,,,444444422222228888888 1967 88888881111111,,,,,,,333333300000006666666 22222226666666,,,,,,,444444499999999999999 22222225555555,,,,,,,555555533333335555555 2222222,,,,,,,111111144444442222222 22222227777777,,,,,,,111111133333330000000 1968 88888888888888,,,,,,,000000088888889999999 22222228888888,,,,,,,000000011111118888888 22222228888888,,,,,,,000000088888889999999 2222222,,,,,,,111111133333332222222 22222229999999,,,,,,,888888855555550000000 1969 99999994444444,,,,,,,666666600000009999999 22222229999999,,,,,,,888888888888882222222 33333330000000,,,,,,,333333366666669999999 2222222,,,,,,,111111166666663333333 33333332222222,,,,,,,111111199999995555555 1970 111111100000001111111,,,,,,,111111133333338888888 33333330000000,,,,,,,999999944444443333333 33333334444444,,,,,,,444444444444441111111 2222222,,,,,,,000000077777775555555 33333333333333,,,,,,,666666677777779999999 111999777000———SSSeeeppp ttt 8,490 8888888,,,,,,,222222299999998888888 2,599 2222222,,,,,,,555555577777772222222 2,913 2222222,,,,,,,888888844444443333333 174 111111177777775555555 2,804 2222222,,,,,,,777777700000008888888 OOOcccttt 8,662 8888888,,,,,,,888888855555553333333 ....... 2,550 2222222,,,,,,,666666688888883333333 3,036 3333333,,,,,,,111111100000003333333 179 111111188888881111111 2,897 2222222,,,,,,,888888888888886666666 NNNooovvv 8,716 8888888,,,,,,,444444444444440000000 2,577 2222222,,,,,,,555555511111113333333 3,082 2222222,,,,,,,999999922222221111111 176 111111166666669999999 2,881 2222222,,,,,,,888888833333337777777 DDDeeeccc 8,515 8888888,,,,,,,888888822222223333333 2,618 2222222,,,,,,,555555566666666666666 2,945 2222222,,,,,,,999999999999991111111 175 111111177777772222222 2,777 3333333,,,,,,,000000099999994444444 111999777111———JJJaaa nnn 8,829 8888888,,,,,,,666666600000005555555 2,623 2222222,,,,,,,444444488888883333333 3,145 3333333,,,,,,,222222244444442222222 175 111111166666665555555 2,886 2222222,,,,,,,777777711111115555555 FFFeeebbb 8,979 8888888,,,,,,,333333344444446666666 2,636 2222222,,,,,,,444444477777771111111 3,212 3333333,,,,,,,000000077777778888888 188 111111177777771111111 2,943 2222222,,,,,,,666666622222226666666 MMMaaarrr 9,038 9999999,,,,,,,666666655555551111111 2.696 2222222,,,,,,,999999911111115555555 3,164 3333333,,,,,,,444444411111113333333 196 222222200000003333333 2,982 3333333,,,,,,,111111122222220000000 AAAppprrr 9,088 9999999,,,,,,,222222211111119999999 2,566 2222222,,,,,,,666666633333332222222 3,249 3333333,,,,,,,222222277777772222222 184 111111188888887777777 3,089 3333333,,,,,,,111111122222228888888 MMMaaayyy 9,197 8888888,,,,,,,888888899999998888888 2,640 2222222,,,,,,,555555566666660000000 3,211 3333333,,,,,,,111111122222224444444 188 111111188888886666666 3,158 3333333,,,,,,,000000022222228888888 JJJuuunnneee 9,190 9999999,,,,,,,444444499999997777777 2,678 2222222,,,,,,,777777777777771111111 3,233 3333333,,,,,,,222222266666668888888 192 222222200000003333333 3,087 3333333,,,,,,,222222255555555555555 JJJuuulllyyy 8,914 9999999,,,,,,,111111111111112222222 2,565 2222222,,,,,,,666666611111118888888 3,203 3333333,,,,,,,222222222222226666666 188 111111199999994444444 2,958 3333333,,,,,,,000000077777774444444 AAAuuuggg 9,222 9999999,,,,,,,000000088888888888888 2.697 2222222,,,,,,,666666677777775555555 3,262 3333333,,,,,,,111111155555553333333 196 111111199999998888888 3,067 3333333,,,,,,,000000066666662222222 SSSeeepppttt 9,157 8888888,,,,,,,999999933333336666666 2,732 2222222,,,,,,,666666699999998888888 3,172 3333333,,,,,,,000000099999991111111 199 222222200000002222222 3,054 2222222,,,,,,,999999944444445555555 Net change in credit outstanding 2 111999666555 8888888,,,,,,,666666622222229999999 3333333,,,,,,,666666688888884444444 2222222,,,,,,,222222233333332222222 111111155555550000000 2222222,,,,,,,555555566666663333333 1966 6666666,,,,,,,222222211111115555555 1111111,,,,,,,999999933333337777777 2222222,,,,,,,444444411111113333333 99999990000000 1111111,,,,,,,777777777777775555555 1967 3333333,,,,,,,333333388888887777777 111111166666668888888 1111111,,,,,,,444444411111117777777 -------22222229999999 1111111,,,,,,,888888833333331111111 1968 8888888,,,,,,,999999966666664444444 3333333,,,,,,,444444400000006666666 2222222,,,,,,,555555500000004444444 111111133333336666666 2222222,,,,,,,999999911111118888888 1969 8888888,,,,,,,222222277777779999999 2222222,,,,,,,444444477777772222222 2222222,,,,,,,777777711111110000000 111111111111115555555 2222222,,,,,,,999999988888882222222 1970 2222222,,,,,,,999999999999992222222 -------1111111,,,,,,,111111111111112222222 2222222,,,,,,,333333344444440000000 77777770000000 1111111,,,,,,,666666699999994444444 1970—Sep t 359 222222288888882222222 22 -------111111177777770000000 158 222222255555554444444 12 11111119999999 167 111111177777779999999 Oct -82 -------111111188888883333333 -201 -------222222222222220000000 77 99999997777777 3 3333333 39 -------66666663333333 Nov. -302 -------111111166666669999999 -450 -------555555500000007777777 31 222222222222226666666 4 7777777 113 111111100000005555555 Dec 21 1111111,,,,,,,333333377777771111111 -448 -------555555522222221111111 336 1111111,,,,,,,555555577777771111111 2 -------22222223333333 131 333333344444444444444 1971—Ja n 87 -------1111111,,,,,,,000000066666660000000 -162 -------444444488888886666666 107 -------333333377777774444444 2 -------44444443333333 140 -------111111155555557777777 Feb 102 -------888888855555557777777 51 -------111111133333335555555 -8 -------666666644444447777777 9 -------11111116666666 50 -------55555559999999 Mar 495 -------77777776666666 201 111111155555559999999 46 -------333333333333337777777 13 -------6666666 235 111111100000008888888 Apr 663 888888866666660000000 306 444444466666668888888 166 99999991111111 21 33333332222222 170 222222266666669999999 May 493 666666666666664444444 116 333333322222223333333 84 22222224444444 12 44444449999999 281 222222266666668888888 June 525 1111111,,,,,,,111111177777770000000 160 555555533333330000000 200 222222277777770000000 32 66666660000000 133 333333311111110000000 July 761 999999988888886666666 208 444444411111114444444 196 111111188888889999999 30 55555554444444 327 333333322222229999999 Aug 827 1111111,,,,,,,222222211111112222222 307 333333399999991111111 203 333333311111112222222 26 55555555555555 291 444444455555554444444 Sept 999 999999911111113333333 415 222222222222229999999 290 333333366666663333333 28 33333335555555 266 222222288888886666666 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
NOVEMBER 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 PPeerriioodd S.A.i N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.i N.S.A. S.A.i N.S.A. Extensions 11996655 77777778888888,,,,,,,555555588888886666666 22222229999999,,,,,,,555555522222228888888 22222225555555,,,,,,,111111199999992222222 9999999,,,,,,,444444433333336666666 11111114444444,,,,,,,444444433333330000000 1966 88888882222222,,,,,,,333333333333335555555 33333330000000,,,,,,,000000077777773333333 22222225555555,,,,,,,444444400000006666666 11111110000000,,,,,,,333333366666662222222 11111116666666,,,,,,,444444499999994444444 1967 88888884444444,,,,,,,666666699999993333333 33333330000000,,,,,,,888888855555550000000 22222225555555,,,,,,,444444499999996666666 11111110000000,,,,,,,999999911111111111111 11111117777777,,,,,,,444444433333336666666 1968 99999997777777,,,,,,,000000055555553333333 33333336666666,,,,,,,333333333333332222222 22222228888888,,,,,,,888888833333336666666 11111112222222,,,,,,,888888855555550000000 11111119999999,,,,,,,000000033333335555555 1969 111111100000002222222,,,,,,,888888888888888888888 33333338888888,,,,,,,555555533333333333333 33333330000000,,,,,,,888888855555554444444 11111114444444,,,,,,,222222244444445555555 11111119999999,,,,,,,222222255555556666666 1970 111111100000004444444,,,,,,,111111133333330000000 33333339999999,,,,,,,111111133333336666666 22222229999999,,,,,,,666666666666662222222 11111114444444,,,,,,,666666611111119999999 22222220000000,,,,,,,777777711111113333333 111999777000———SSSeeeppp ttt 8,849 8888888,,,,,,,555555588888880000000 3,417 3333333,,,,,,,333333355555552222222 2,441 2222222,,,,,,,333333300000000000000 1,265 1111111,,,,,,,222222211111112222222 1111111,,,,,,,777777722222226666666 1111111,,,,,,,777777711111116666666 OOOcccttt 8,580 8888888,,,,,,,666666677777770000000 3,276 3333333,,,,,,,333333300000001111111 2,371 2222222,,,,,,,333333388888887777777 1,221 1111111,,,,,,,111111188888887777777 1111111,,,,,,,777777711111112222222 1111111,,,,,,,777777799999995555555 NNNooovvv 8,414 8888888,,,,,,,222222277777771111111 3,159 2222222,,,,,,,888888888888885555555 2,300 2222222,,,,,,,333333344444442222222 1,184 1111111,,,,,,,111111155555550000000 1111111,,,,,,,777777777777771111111 1111111,,,,,,,888888899999994444444 DDDeeeccc 8,536 11111110000000,,,,,,,111111199999994444444 3,326 3333333,,,,,,,333333399999990000000 2,240 2222222,,,,,,,777777799999995555555 1,187 1111111,,,,,,,222222200000006666666 1111111,,,,,,,777777788888883333333 2222222,,,,,,,888888800000003333333 111999777111———JJJaaa nnn 8,916 7777777,,,,,,,555555544444445555555 3,338 2222222,,,,,,,888888888888885555555 2,411 1111111,,,,,,,999999966666661111111 1,288 1111111,,,,,,,000000055555555555555 1111111,,,,,,,888888877777779999999 1111111,,,,,,,666666644444444444444 FFFeeebbb 9,081 7777777,,,,,,,444444488888889999999 3,478 2222222,,,,,,,999999988888888888888 2,513 2222222,,,,,,,111111122222221111111 1,282 1111111,,,,,,,111111111111117777777 1111111,,,,,,,888888800000008888888 1111111,,,,,,,222222266666663333333 MMMaaarrr 9,533 9999999,,,,,,,555555577777775555555 3,646 3333333,,,,,,,777777788888883333333 2,681 2222222,,,,,,,666666688888886666666 1,394 1111111,,,,,,,444444411111118888888 1111111,,,,,,,888888811111112222222 1111111,,,,,,,666666688888888888888 AAAppprrr 9,751 11111110000000,,,,,,,000000077777779999999 3,676 3333333,,,,,,,999999944444448888888 2,624 2222222,,,,,,,666666677777772222222 1,475 1111111,,,,,,,555555555555552222222 1111111,,,,,,,999999977777776666666 1111111,,,,,,,999999900000007777777 MMMaaayyy 9,690 9999999,,,,,,,555555566666662222222 3,600 3333333,,,,,,,666666677777771111111 2,798 2222222,,,,,,,666666655555555555555 1,441 1111111,,,,,,,444444499999993333333 1111111,,,,,,,888888855555551111111 1111111,,,,,,,777777744444443333333 JJJuuunnneee 9,715 11111110000000,,,,,,,666666666666667777777 3,806 4444444,,,,,,,222222200000007777777 2,490 2222222,,,,,,,888888833333332222222 1,513 1111111,,,,,,,777777722222224444444 1111111,,,,,,,999999900000006666666 1111111,,,,,,,999999900000004444444 JJJuuulllyyy 9,675 11111110000000,,,,,,,000000099999998888888 3,644 3333333,,,,,,,999999911111117777777 2,676 2222222,,,,,,,777777799999991111111 1,423 1111111,,,,,,,555555500000006666666 1111111,,,,,,,999999933333332222222 1111111,,,,,,,888888888888884444444 AAAuuuggg 10,049 11111110000000,,,,,,,333333300000000000000 3,919 4444444,,,,,,,000000066666662222222 2,699 2222222,,,,,,,777777722222229999999 1,452 1111111,,,,,,,555555588888882222222 1111111,,,,,,,999999977777779999999 1111111,,,,,,,999999922222227777777 SSSeeepppttt 10,156 9999999,,,,,,,888888844444449999999 3,989 3333333,,,,,,,999999933333332222222 2,718 2222222,,,,,,,555555544444449999999 1,488 1111111,,,,,,,444444433333339999999 1111111,,,,,,,999999966666661111111 1111111,,,,,,,999999922222229999999 Repayments 111999666555 66666669999999,,,,,,,999999955555557777777 22222225555555,,,,,,,666666666666663333333 22222222222222,,,,,,,555555555555551111111 8888888,,,,,,,333333311111110000000 11111113333333,,,,,,,444444433333333333333 1966 77777776666666,,,,,,,111111122222220000000 22222227777777,,,,,,,777777711111116666666 22222223333333,,,,,,,555555599999997777777 9999999,,,,,,,333333333333337777777 11111115555555,,,,,,,444444477777770000000 1967 88888881111111,,,,,,,333333300000006666666 22222229999999,,,,,,,444444466666669999999 22222224444444,,,,,,,888888855555553333333 11111110000000,,,,,,,111111166666669999999 11111116666666,,,,,,,888888811111115555555 1968 88888888888888,,,,,,,000000088888889999999 33333332222222,,,,,,,000000088888880000000 22222226666666,,,,,,,444444477777772222222 11111111111111,,,,,,,444444499999999999999 11111118888888,,,,,,,000000033333338888888 1969 99999994444444,,,,,,,666666600000009999999 33333335555555,,,,,,,111111188888880000000 22222228888888,,,,,,,222222211111118888888 11111112222222,,,,,,,777777700000009999999 11111118888888,,,,,,,555555500000002222222 1970 111111100000001111111,,,,,,,111111133333338888888 33333337777777,,,,,,,999999966666661111111 22222229999999,,,,,,,888888855555558888888 11111113333333,,,,,,,555555511111116666666 11111119999999,,,,,,,888888800000003333333 111999777000———SSSeeeppp ttt 8,490 8888888,,,,,,,222222299999998888888 3,249 3333333,,,,,,,222222233333335555555 2,482 2222222,,,,,,,333333377777778888888 1,127 1111111,,,,,,,000000099999995555555 1,632 1111111,,,,,,,555555599999990000000 OOOcccttt 8,662 8888888,,,,,,,888888855555553333333 3,258 3333333,,,,,,,333333344444442222222 2.551 2222222,,,,,,,555555588888888888888 1,165 1111111,,,,,,,111111177777773333333 1,688 1111111,,,,,,,777777755555550000000 NNNooovvv 8,716 8888888,,,,,,,444444444444440000000 3,276 3333333,,,,,,,111111155555555555555 2.552 2222222,,,,,,,555555577777770000000 1,135 1111111,,,,,,,000000077777775555555 1,753 1111111,,,,,,,666666644444440000000 DDDeeeccc 8,515 8888888,,,,,,,888888822222223333333 3,262 3333333,,,,,,,222222233333335555555 2,465 2222222,,,,,,,777777755555553333333 1,113 1111111,,,,,,,111111155555559999999 1,675 1111111,,,,,,,666666677777776666666 111999777111———JJJaaa nnn 8,829 8888888,,,,,,,666666600000005555555 3,385 3333333,,,,,,,111111166666669999999 2,486 2222222,,,,,,,222222299999993333333 1,199 1111111,,,,,,,111111199999995555555 1,759 1111111,,,,,,,999999944444448888888 FFFeeebbb 8,979 8888888,,,,,,,333333344444446666666 3,369 3333333,,,,,,,111111155555553333333 2,656 2222222,,,,,,,444444400000001111111 1,186 1111111,,,,,,,000000077777770000000 1,768 1111111,,,,,,,777777722222222222222 MMMaaarrr 9,038 9999999,,,,,,,666666655555551111111 3,387 3333333,,,,,,,666666666666666666666 2,674 2222222,,,,,,,888888877777771111111 1,207 1111111,,,,,,,222222244444445555555 1,770 1111111,,,,,,,888888866666669999999 AAAppprrr 9,088 9999999,,,,,,,222222211111119999999 3,332 3333333,,,,,,,444444411111117777777 2,580 2222222,,,,,,,666666622222229999999 1,315 1111111,,,,,,,333333333333336666666 1,861 1111111,,,,,,,888888833333337777777 MMMaaayyy 9,197 8888888,,,,,,,888888899999998888888 3,375 3333333,,,,,,,222222288888883333333 2,698 2222222,,,,,,,555555588888883333333 1,323 1111111,,,,,,,222222266666667777777 1,801 1111111,,,,,,,777777766666665555555 JJJuuunnneee 9,190 9999999,,,,,,,444444499999997777777 3,541 3333333,,,,,,,666666677777778888888 2,550 2222222,,,,,,,666666666666664444444 1,299 1111111,,,,,,,333333366666668888888 1,800 1111111,,,,,,,777777788888887777777 JJJuuulllyyy 8,914 9999999,,,,,,,111111111111112222222 3,351 3333333,,,,,,,444444411111119999999 2,485 2222222,,,,,,,444444499999994444444 1,293 1111111,,,,,,,333333388888887777777 1,785 1111111,,,,,,,888888811111112222222 AAAuuuggg 9,222 9999999,,,,,,,000000088888888888888 3,456 3333333,,,,,,,444444455555559999999 2,590 2222222,,,,,,,555555533333337777777 1,288 1111111,,,,,,,222222299999999999999 1,888 1111111,,,,,,,777777799999993333333 SSSeeepppttt 9,157 8888888,,,,,,,999999933333336666666 3,460 3333333,,,,,,,444444444444441111111 2,614 2222222,,,,,,,555555511111114444444 1,266 1111111,,,,,,,222222222222222222222 1,817 1111111,,,,,,,777777755555559999999 Net change in credit outstanding 2 111999666555 8888888,,,,,,,666666622222229999999 3333333,,,,,,,888888866666665555555 2222222,,,,,,,666666644444441111111 1111111,,,,,,,111111122222226666666 999999999999997777777 1966 6666666,,,,,,,222222211111115555555 2222222,,,,,,,333333355555557777777 1111111,,,,,,,888888800000009999999 1111111,,,,,,,000000022222225555555 1111111,,,,,,,000000022222224444444 1967 3333333,,,,,,,333333388888887777777 1111111,,,,,,,333333388888881111111 666666644444443333333 777777744444442222222 666666622222221111111 1968 8888888,,,,,,,999999966666664444444 4444444,,,,,,,222222255555552222222 2222222,,,,,,,333333366666664444444 1111111,,,,,,,333333355555551111111 999999999999997777777 1969 8888888,,,,,,,222222277777779999999 3333333,,,,,,,333333355555553333333 2222222,,,,,,,666666633333336666666 1111111,,,,,,,555555533333336666666 777777755555554444444 1970 2222222,,,,,,,999999999999992222222 1111111,,,,,,,555555599999990000000 -------666666611111111111111 1111111,,,,,,,111111100000003333333 999999911111110000000 1970—Sep t 359 222222288888882222222 168 111111111111117777777 -41 -------77777778888888 138 111111111111117777777 94 111111122222226666666 Oct -82 -------111111188888883333333 18 -------44444441111111 -180 -------222222200000001111111 56 11111114444444 24 44444445555555 Nov -302 -------111111166666669999999 -117 -------222222277777770000000 -252 -------222222222222228888888 49 77777775555555 18 222222255555554444444 Dec 21 1111111,,,,,,,333333377777771111111 64 111111155555555555555 -225 44444442222222 74 44444447777777 108 1111111,,,,,,,111111122222227777777 1971—Ja n 87 -------1111111,,,,,,,000000066666660000000 -47 -------222222288888884444444 -75 -------333333333333332222222 89 -------111111144444440000000 120 -------333333300000004444444 Feb 102 -------888888855555557777777 109 -------111111166666665555555 -143 -------222222288888880000000 96 44444447777777 40 -------444444455555559999999 Mar 495 -------77777776666666 259 111111111111117777777 7 -------111111188888885555555 187 111111177777773333333 42 -------111111188888881111111 Apr 663 888888866666660000000 344 555555533333331111111 44 44444443333333 160 222222211111116666666 115 77777770000000 May 493 666666666666664444444 225 333333388888888888888 100 77777772222222 118 222222222222226666666 50 -------22222222222222 June 525 1111111,,,,,,,111111177777770000000 265 555555522222229999999 -60 111111166666668888888 214 333333355555556666666 106 111111111111117777777 July 761 999999988888886666666 293 444444499999998888888 191 222222299999997777777 130 111111111111119999999 147 77777772222222 Aug 827 1111111,,,,,,,222222211111112222222 463 666666600000003333333 109 111111199999992222222 164 222222288888883333333 91 111111133333334444444 Sept 999 999999911111113333333 529 444444499999991111111 104 33333335555555 222 222222211111117777777 144 111111177777770000000 1 Includes adjustments for differences in trading days. changes in their outstanding credit. Such transfers do not affect total 2 Net changes in credit outstanding are equal to extensions less re- instalment credit extended, repaid, or outstanding. payments, except in certain months when data for extensions and repayments have been adjusted to eliminate duplication resulting from NOTE.—"Other financial lenders" include credit unions and miscellaneous large transfers of paper. In those months the differences between ex- lenders. See also NOTE to preceding table and Note 1 at bottom of p. A-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. • NOVEMBER 1971 MARKET GROUPINGS (1967 = 100) 1967 1970 1971 pro- 1970 Grouping por- avertion Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.2* Total index 100.00 106.7 106.5 103.7 102.6 104.6 105.3 105.7 105.5 106.2 107.0 107.2 106. Products, total 62.21 106.0 105.2 103.6 102.6 104.2 104.6 105.0 104.5 105.5 105.9 106.1 106.8 Final products 48.95 104.4 103.5 101. 100.2 102.2 102.9 103.0 102.5 103.6 103.9 104.5 104.9 Consumer goods 28.53 110.3 110.1 109.0 107.7 110.8 112.8 112.9 112.7 114.6 115.7 116.1 116.0 Equipment 20.42 96.2 94.2 90.8 89.8 90.3 88.9 89.3 88.4 88.1 87.8 88.2 89.3 Intermediate products 13.26 111.9 111.4 111.9 111.6 112.1 110.9 112.5 112.0 112.4 113.5 112.4 113.8 Materials 37.79 107.8 109.0 104.1 102.8 105.4 106.5 106.8 107.1 107.5 108.9 109.0 105.3 Consumer goods Durable consumer goods 7.86 104.8 102.2 97.1 95.5 102.9 108.1 110.6 111.6 112.2 117.2 116.1 115.8 Automotive products 2.84 99.9 91.1 77.6 76.0 100.0 110.9 117.8 117.8 113.7 123.1 121.2 120.1 Autos 1.87 86.6 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 .97 125.6 130.9 128.7 122.3 122.2 124.1 127.4 128.6 133.9 151.4 146 143.6 Home goods 5.02 107.6 108.6 108.3 106.6 104.6 106.5 106.5 108.2 111.4 113.9 113.3 113.5 Appliances, TV, and radios 1.41 103.4 106.7 109.8 107.6 104.5 104.9 102.5 107.9 116.4 120.7 116.9 115.0 Appliances and A/C .92 122.1 123.3 128.8 127. 120.6 122.6 117.6 124.9 126.0 132. 129.3 126.0 TV and home audio .49 68.2 75.4 74.5 71.3 74.3 71.8 74.0 76.1 98.6 99.4 93.9 94.5 Carpeting and furniture 1.08 108.4 108.6 108.8 108.6 106.3 106.4 110.1 108.3 110.7 111.7 113.6 114.8 Misc. home goods 2.53 109.7 109.7 107.3 105.3 104.1 107.5 107.5 108.1 109.0 111.1 111.2 112.0 Nondurable consumer goods 20.67 112.5 113.0 113.5 112.3 113.8 114.6 113. 113.1 115.5 115.1 116.1 116.1 Clothing 4.32 101.2 100.5 100.0 96.3 99.1 99.7 97.3 96.9 101.0 102.6 101.9 102.4 Consumer staples 16.34 115.4 116.4 117.2 116.6 117.7 118.5 118.1 117.4 119.4 118.5 119.9 119.8 Consumer foods and tobacco.. 8.37 110.6 110.6 111.9 112.5 112.8 114.0 112.6 111.8 112.7 113.2 113.5 112.0 Nonfood staples 7.98 120.4 122.6 122.9 120.9 122.9 123.2 123.9 123.2 126.4 124.2 126.5 128.0 Consumer chemical products 2.64 126. 123.4 125.8 127.7 132.5 131.8 131.8 131.6 134.0 133.2 130.9 133.1 Consumer paper products... 1.91 103.9 104.5 102.8 101.4 102.6 104.4 104.6 103.0 108.2 105.0 109.9 106.9 Consumer fuel and lighting. , 3.43 125.2 131.9 131.9 126.4 126.9 127.0 128.9 127.9 130.5 128.0 132.5 135.9 Residential utilities 2.25 131.3 140.7 141.2 132.2 131.9 132.0 135.2 133.2 136.4 135 140.6 145.1 Equipment Business equipment 12.74 101.1 100.5 95.9 94.6 95.6 94.2 96.0 95.0 95.1 94.4 95.0 96.3 Industrial equipment 6.77 98.8 98.0 94.6 93.9 94.0 91.5 93.4 92.4 92.4 90.9 90.9 91.8 Building and mining equip.. . . 1.45 95.9 91.5 91.7 93.3 93.6 90.6 94.3 92.4 91.2 91.5 88.8 88.9 Manufacturing equipment.... 3.85 91.9 91.8 86.7 84.6 84.2 82.9 82.2 81.3 82.1 79.5 80.1 81.1 Power equipment 1.47 119.9 120.7 118.2 118.7 119.8 115.0 121.7 121.5 120.5 120.2 121.3 122.7 Commercial, transit, farm eq*.. . 5.97 103.7 103.4 97.1 95.6 97.9 97.2 99.0 98.0 98.2 98.4 99.6 101.5 Commercial equipment 3.30 110.6 110.0 108.2 106.0 105.3 105.5 107.0 106.6 107.1 107.6 107.6 109.9 Transit equipment 2.00 94.4 92.5 79.8 77.5 87.4 88.6 89.1 87.2 87.3 87.3 90.5 88.4 Farm equipment .67 97.7 102.6 93.9 98.9 92.4 82.0 88.0 86.6 86.6 87.7 99.9 Defense and space equipment 7.68 87.9 83.9 82.6 81.7 81.2 80.0 78.1 77.5 76.5 76.9 77.1 77.7 5.15 89.7 85.8 84.5 83.7 82.9 82.6 80.4 79.8 79.1 79.5 80.5 81.4 Military products Intermediate products 5.93 110. 110.0 111.5 110.4 112.5 111.1 111.9 112.6 113.4 115.5 113.5 115.3 Construction products 7.34 113.0 112.8 112.1 112.4 111.9 110.8 113.1 111.4 111.6 111.9 111.6 112.7 Misc. intermediate products Materials 20.91 103.4 105.1 96.2 93.6 99.4 101.5 101.6 101.9 102.2 104.8 103.0 98.7 4.75 96.5 101.7 80.4 76.9 95.8 99.4 101.4 103.2 102. 105. 104.8 98.8 Durable goods materials 5.41 95.1 93.7 88.0 86.6 86.6 88.4 87.6 86.4 86.0 88.9 87.1 87.0 Consumer durable parts 10.75 110.5 112.4 107.6 104.5 107.5 109.0 108.8 109.2 110.2 112.8 110.2 104.6 Equipment parts Durable materials nec 13.99 112.5 112.9 113.4 113.3 112.1 111.7 112.1 112.0 112.7 112 115.5 112.3 Nondurable goods materials 8.58 113.0 113.2 112.6 112.6 111.8 111.2 111.7 111.9 113.2 113.7 117.5 113.4 Textile, paper, and chem. mat... 5.41 111.5 112.3 114.7 114.7 112.7 112.5 112.7 112.3 111.9 111.3 112.0 110.5 Nondurable materials n.e.c 2.89 117.0 119.7 118.2 117.8 117.6 117.8 118.6 121.1 121.0 119.7 121.1 119.7 Fuel and power, industrial Supplementary groups Home goods and clothing 9.34 104.7 104.8 104.5 101. 102.0 103.4 102.3 102.9 106.6 108.7 108.0 108.3 Containers 1.82 119.5 116.8 119.1 120.6 117.4 119.2 119.6 108. 113.5 117.8 115.5 118.2 Gross value of products in market structure (In billions of 1963 dollars) Products, total 386, 382.7 375 372.5 380.9 386.2 388.6 385.9 390.2 391.6 392.6 395.2 Final products 298.0 294.0 286.4 284.1 292.1 297.7 298.5 291A 300.4 301.3 303.2 304.6 Consumer goods 202.6 200.9 197.0 195.7 203.3 209.1 209.5 209.6 212.6 213.4 214.8 216.4 Equipment 95.5 93.2 89.5 88.3 88.7 88.7 89.2 87.9 87.9 87.6 88.5 88. Intermediate products. 89.0 89.1 89.1 88.9 89.0 88.4 89.9 88.5 89.3 90.2 89 90.8 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
NOVEMBER 1971 • INDUSTRIAL PRODUCTION: S.A. A 61 INDUSTRY GROUPINGS (1967 = 100) 11996677 1970 1971 pprroo-- 11997700 GGrroouuppiinngg ppoorr-- aavveerr-ttiioonn aaggee**>> Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.? Manufacturing 88.55 105.2 104.8 101.4 100.2 102.4 103.3 103.9 103.2 104.4 105.7 105.6 104.9 103.6 104.0 Durable 52.33 101.5 100.7 95.7 93.8 97.3 98.1 98.6 98.3 99.1 100.5 100.1 99.4 96.6 97.5 Nondurable 36.22 110.6 110.7 109.7 109.6 110.0 110.9 111.7 110.4 112.1 113.3 113.7 113.0 113.5 113.5 Mining and utilities 11.45 118.0 121.1 121.9 120.6 120.1 119.3 119.9 120.2 120.6 119.0 120.7 120.3 119.7 121.4 Mining 6.37 109.7 110.9 112.4 113.7 112.1 111.1 110.1 111.4 110.4 108.6 108.9 105.7 106.0 106.3 Utilities 5.08 128.5 133.9 134.0 129.6 130.2 129.6 132.2 131.5 133.2 132.1 135.6 138.7 136.9 140.5 Durable manufactures Primary and fabricated metals 12.55 108.1 108.9 104.2 101.2 105.1 106.8 106.0 105.8 108.6 111.5 108.3 104.2 92.6 96.3 Primary metals 6.61 106.9 108.8 102.5 98.4 104.3 108.1 105.5 106.6 108.7 114.3 108.1 98.2 78.8 88.2 Iron and steel, subtotal 4.23 105.3 108.2 102.4 95.6 101.4 106.9 104.8 105.2 109.1 112.9 105.3 99.0 66.2 80.0 Fabricated metal products 5.94 109.4 109.0 106.3 104.5 106.2 105.4 106.6 104.9 108.5 108.5 108.5, 110.8 108.0 105.2 Machinery and allied goods 32.44 97.6 96.2 89.9 88.4 92.4 93.0 93.5 93.0 92.7 93.8 94.4 94.7 94.9 95.1 Machinery 17.39 100.5 100.4 96.5 94.9 94.8 93.4 94.2 94.0 94.2 95.3 95.2 97.A 96.0 96.7 Nonelectrical machinery 9.17 99.6 99.8 95.6 93.2 92.4 90.1 92.3 91.1 91.4 90.9 91.6 94.9 94.7 95.9 Electrical machinery 8.22 101.4 101.1 97.5 96.7 97.4 97.1 96.3 97.1 97.4 100.2 99.2 100.2 97.4 97.5 Transportation equipment 9.29 90.3 87.5 73.8 71.7 86.8 91.1 92.6 91.3 89.5 90.9 91.7 88.5 91.7 91.1 Motor vehicles and parts 4.56 96.9 94.6 68.6 65.4 98.5 107.7 113.0 112.2 108.4 110.2 111.7 106.7 112.8 114.1 Aerospace and misc. trans, eq... 4.73 83.9 81.0 78.8 78.0 75.8 75.2 72.9 71.2 71.4 72.3 72.4 71.0 71.5 70.0 Instruments 2.07 110.8 108.9 107.3 106.5 104.9 106.5 105.3 105.5 106.7 108.0 108.5 110.9 109.1 109.6 Ordnance, private and Govt 3.69 95.3 91.9 90.4 89.3 88.5 87.9 85.5 85.7 85.2 86.0 88.8 88.8 90.0 89.9 Lumber, clay, and glass 4.44 106.3 105.6 105.3 105.0 107.5 106.9 109.8 110.8 113.0 112.3 111.0 111.2 110.4 110.0 Lumber and products 1.65 106.3 107.2 106.8 106.4 106.8 109.7 110.8 110.3 112.5 110.0 111.0 115.4 113.1 113.2 Clay, glass, and stone products 2.79 106.3 104.8 104.5 104.1 107.9 105.3 109.2 111.1 113.3 113.7 111.1 108.7 108.8 108.1 2.90 108.8 109.4 108.7 105.7 104.9 105.2 107.1 105.6 109.5 109.9 111.3 113.5 112.4 110.5 Furniture and fixtures 1.38 99.4 99.3 100.1 96.5 95.5 94.2 96.0 95.0 98.7 97.6 100.9 99.9 99.6 98.7 Miscellaneous manufactures 1.52 117.3 118.5 116.7 114.0 113.4 115.2 117.2 115.4 119.3 121.2 120.7 126.1 124.0 121.3 Nondurable manufactures Textiles, apparel, and leather 6.90 100.2 99.1 98.7 96.0 97.1 98.6 98.0 97.3 99.8 101.5 102.4 100.2 99.8 100.9 Textile mill products 2.69 106.3 105.2 104.1 102.8 103.3 103.1 105.4 105.3 106.3 107.5 109.1 108.5 109.0 109.5 Apparel products 33..3333 97.8 96.8 96.9 93.4 94.9 97.4 94.5 94.0 97.3 99.7 97.1 97.0 96.6 Leather and products ..8888 90.8 90.2 89.6 85.0 86.7 89.5 89.0 85.4 89.9 89.8 89.3 86.7 84.1 87.6 Paper and printing 7.92 107.8 106.7 106.1 106.4 105.0 107.1 108.1 104.6 106.9 106.9 106.0 106.8 108.2 108.3 Paper and products 3.18 113.3 109.8 111.9 113.3 110.6 116.9 116.0 111.0 114.4 115.1 113.4 115.5 117.8 116.8 Printing and publishing 4.74 104.1 104.5 102.3 101.9 101.2 100.5 102.8 100.2 101.8 101.4 101.0 101.0 101.7 102.6 Chemicals, petroleum, and rubber.... 11.92 118.2 119.1 117.2 117.8 118.9 118.2 120.9 120.5 122.4 124.2 125.3 124.0 125.3 124.8 Chemicals and products 7.86 120.2 121.5 120.3 119.7 121.2 119.3 121.7 121.0 123.4 123.7 126.8 125.0 126.7 127.0 Petroleum products 1.80 112.6 112.9 113.2 116.9 118.1 117.2 117.1 116.3 115.8 112.7 115.0 114.8 115.0 114.1 Rubber and plastics products 2.26 115.7 115.9 110.0 111.4 111.8 115.5 120.6 122.7 124.5 127.2 129.1 128.0 129.0 125.1 Foods and tobacco 9.48 110.8 112.0 111.7 111.9 112.5 113.9 113.1 1J2.2 112.9 113.6 113.7 113.8 113.1 113.0 Foods 8.81 111.7 113.1 112.3 112.7 113.5 114.6 114.1 113.8 114.1 114.6 115.4 115.2 114.1 114.0 Tobacco products ..6677 110000..00 110000..55 110044..44 110022..33 9999..55 110066..66 110000..11 9900..33 9966..99 110000..33 9922..11 9966..66 9988..22 Mining Metal, stone, and earth minerals 1.26 112.0 110.0 113.0 118.6 116.4 113.6 113.6 111.6 106.5 104.6 104.9 91.6 93.9 95.5 Metal mining .51 131.3 130.5 134.3 148.5 144.7 140.1 139.0 135.1 124.7 122.6 117.3 93.5 100.7 108.0 Stone and earth minerals .75 98.8 96.2 98.6 98.4 97.3 95.6 96.3 95.6 94.2 92.4 96.4 90.2 89.2 87.0 Coal, oil, and gas 5.11 109.2 111.3 112.3 112.6 111.0 110.6 109.3 111.4 111.4 109.6 109.9 109.2 109.0 109.0 Coal .69 105.8 109.7 108.7 107.9 103.6 112.3 108.8 116.2 115.5 110.2 109.4 109.4 109.4 109.5 Oil and gas extraction 4.42 109.7 111.5 112.9 113.4 112.3 110.3 109.3 110.6 114.3 109.6 110.0 109.2 108.9 108.9 Utilities Electric 3.91 130.8 137.5 137.6 131.9 132.5 131.5 134.9 133.6 135.5 133.8 138.3 142.0 139.7 144.0 Gas * 11..1177 112211..00 112211..77 112211..99 112222..11 112222..44 112233..00 112233..66 112244..33 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. • NOVEMBER 1971 MARKET GROUPINGS (1967 = 100) 11996677 1970 1971 pprroo-- 11997700 GGrroouuppiinngg ppoorr-- aavveerr-ttiioonn aaggee?? Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.? Total index 100.00 106.7 109.6 106.5 103.1 102.0 103.2 106.1 106.0 106.5 107.3 109.7 102.1 105.3 109.3 Products, total 62.21 106.0 109.8 107.0 102.7 100.7 101.8 104.7 104.5 105.0 105.1 109.0 103.9 107.6 111.8 Final products 48.95 104.4 107.8 104.5 100.2 98.9 101.0 103.4 103.0 102.9 102.7 107.2 101.6 105.7 110.2 Consumer goods 28.53 110.3 116.9 113.6 107.2 105.4 110.3 113.2 112.9 113.6 113.5 119.3 111.9 118.4 123.5 Equipment 20.42 96.2 95.0 91.9 90.4 89.8 88.1 89.6 89.1 88.0 87.6 90.4 87.1 87.9 91.5 Intermediate products 13.26 111.9 117.0 116.0 111.8 107.3 104.7 109.5 110.2 112.6 113.8 115.5 112.4 114.8 117.8 Materials 37.79 107.8 109.2 105.8 103.7 104.1 105.4 108.3 108.4 109.0 110.8 110.9 99,2 101.6 105.4 Consumer goods Durable consumer goods 7.86 104.8 107.3 103.7 98.7 100.8 107.3 113.8 114.8 114.7 117.3 120.5 101.9 108.6 120.4 Automotive products 2.84 99.9 94.7 83.7 80.1 100.0 115.6 125.1 125.3 121.9 127.2 130.5 94.9 102.0 127.9 Autos 1.87 86.6 72.7 58.7 58.2 92.4 113.5 124.1 123.4 112.5 120.2 120.8 69.4 76.5 112.0 Auto parts and allied goods .97 125.6 136.9 131.7 122.1 114.6 119.6 127.0 128.9 139.9 140.8 149.0 144.0 151.0 158.6 Home goods 5.02 107.6 114.5 115.0 109.2 101.3 102.6 107.4 108.8 110.7 111.7 114.9 105.8 112.4 116.1 Appliances, TV, and radios 1.41 103.4 113.2 123.2 110.0 90.9 102.5 108.9 113.6 116.1 117.1 117.3 102.5 104.1 113.4 Appliances and A/C .92 122.1 127.7 138.3 122.3 100.3 120.1 124.7 133.6 133.1 132.2 136.1 122.3 114.4 128.0 TV and home audio .49 68.2 86.0 94.9 86.3 73.2 69.5 79.3 76.2 84.3 88.8 81.9 65.4 84.8 86.2 Carpeting and furniture 1.08 108.4 111.8 110.0 111.5 108.6 108.0 114.7 111.4 111.1 108.6 112.6 97.9 114.9 116.3 Misc. home goods 2.53 109.7 116.4 112.5 107.8 103.9 100.4 103.4 105.1 107.5 110.0 114.4 111.0 116.0 117.5 Nondurable consumer goods 20.67 112.5 120.5 117.4 110.4 107.1 111.4 113.0 112.2 113.2 112.1 118.8 115.7 122.1 124.7 Clothing 4.32 101.2 103.3 104.8 95.8 85.5 95.0 102.0 102.5 102.6 101.4 105.5 93.6 106.0 Consumer staples 16.34 115.4 125.0 120.7 114.3 112.8 115.7 115.9 114.8 116.0 114.9 122.3 121.6 126.4 "\29.9 Consumer foods and tobacco 8.37 110.6 120.5 118.4 111.3 106.6 108.1 108.5 108.7 110.0 110.8 116.6 112.6 118.6 122.6 Nonfood staples 7.98 120.4 129.7 123.1 117.5 119.3 123.7 123.7 121.2 122.3 119.1 128.3 131.2 134.5 137.7 Consumer chemical products.. 2.64 126.1 134.3 132.8 127.6 123.2 123.9 125.7 125.7 131.2 132.4 142.2 131.8 139.4 144.4 Consumer paper products 1.91 103.9 111.0 106.2 100.7 97.4 99.6 101.8 100.1 107.1 102.0 110.2 109.6 113.9 116.2 Consumer fuel and lighting. .. 3.43 125.2 117.0 113.6 115.4 120.3 137.0 134.3 129.6 123.8 118.4 127.6 142.7 142.2 144.6 Residential utilities 2.25 131.3 146.6 131.0 121.2 132.7 146.7 143.0 137.1 129.2 122.3 132.4 154.4 153.2 158.0 Equipment Business equipment 12.74 101.1 101.6 97.5 95.3 94.3 92.7 96.6 96.0 95.3 94.2 98.0 93.3 94.4 99.8 Industrial equipment 6.77 98.8 98.9 96.6 95.0 93.2 90.8 93.9 92.8 92.4 90.3 92.6 90.4 90.9 94.9 Building and mining equip 1.45 95.9 93.1 93.2 97.0 95.3 89.8 93.3 90.3 91.7 90.9 91.6 87.0 90.5 97.6 Manufacturing equipment 3.85 91.9 91.8 88.0 85.6 83.5 81.9 84.3 82.9 82.0 79.1 81.5 79.3 80.0 83.6 Power equipment 1.47 119.9 123.2 122.5 117.4 116.3 115.1 119.6 120.9 120.3 119.2 122.6 122.7 119.8 121.9 Commercial, transit, farm eq.*.... 5.97 103.7 104.6 98.4 95.6 95.6 94.8 99.7 99.7 98.5 98.6 104.2 96.6 98.3 105.3 Commercial equipment 3.30 110.6 113.5 109.2 106.3 103.4 101.8 105.3 104.7 105.3 106.0 112.4 112.6 110.7 115.1 Transit equipment 2.00 94.4 90.5 81.5 79.6 85.2 87.1 91.5 91.0 88.9 89.0 93.8 75.1 82.6 92.3 Farm equipment .67 97.7 102.4 95.5 90.1 88.0 83.4 96.7 100.9 93.7 90.9 94.3 81.7 83.8 96.1 Defense and space equipment 7.68 87.9 84.0 82.7 82.4 82.3 80.5 78.1 77.7 76.0 76.7 77.8 76.7 77.1 77.7 Military products 5.15 89.7 85.8 84.5 83.7 82.9 82.8 80.3 80.1 78.9 79.7 81.8 80.8 81.6 81.9 Intermediate products 5.93 110.6 114.5 115.2 110.1 105.4 103.3 109.9 111.6 115.8 118.0 118.6 112.3 111.9 115.4 Misc. intermediate products 7.34 113.0 119.0 116.6 113.1 108.8 105.8 109.1 109.1 110.0 110.4 113.0 112.4 117.1 119.8 Materials Durable goods materials 20.91 103.4 105.3 97.2 94.0 98.0 99.8 103.2 104.2 104.1 107.2 106.3 92.1 91.3 98.0 Consumer durable parts 4.75 96.5 101.1 82.3 80.3 100.4 102.9 104.6 104.5 102.0 106.4 104.5 88.3 92.0 99.2 Equipment parts 5.41 95.1 94.6 87.7 85.8 86.7 87.8 88.9 89.0 87.0 89.4 89.4 81.7 80.2 86.9 Durable materials n.e.c 10.75 110.5 112.5 108.6 104.2 102.7 104.4 109.8 111.8 113.7 116.6 115.6 99.1 96.5 103.1 Nondurable goods materials 13.99 112.5 113.0 116.1 114.9 110.0 110.9 113.3 112.0 113.7 114.3 115.8 107.2 113.7 113.7 Textile, paper, and chem. mat 8.58 113.0 113.1 115.0 113.8 108.3 110.4 114.3 112.8 115.6 116.0 118.0 106.5 116.0 117.0 Nondurable materials n.e.c 5.41 111.5 112.7 117.8 116.6 112.7 111.6 111.6 110.8 110.8 111.6 112.4 108.2 110.0 108.5 Fuel and power, industrial 2.89 117.0 118.7 118.6 119.0 119.5 119.9 120.5 121.9 121.4 119.5 120.4 111.4 117.8 117.5 Supplementary groups Home goods and clothing 9.34 104.7 109.3 110.3 103.0 94.0 99.1 104.9 105.9 106.9 106.9 110.6 100.2 109.4 110.9 Containers 1.82 , 119.5 121.9 125.9 119.5 108.6 112.6 119.2 108.1 113.8 119.6 119.1 113.0 120.1 119.2 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
NOVEMBER 1971 • INDUSTRIAL PRODUCTION: N.S.A. A 63 INDUSTRY GROUPINGS (1967 = 100) 11996677 1970 1971 pprroo-- 11997700 GGrroouuppiinngg ppoorr-- aavveerr-ttiioonn aaggee**33 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.2* Manufacturing, total 88.55 105.2 107.6 104.7 101.2 99.7 100.9 104.3 104.4 105.0 106.0 108.3 99.7 102.9 107.2 Durable 52.33 101.5 102.2 97.6 94.6 95.9 96.8 100.2 100.6 100.4 101.7 102.7 93.2 93.5 99.1 36.22 110.6 115.3 115.0 110.7 105.2 106.8 110.2 109.8 111.7 112.1 116.3 109.2 116.6 118.7 Mining and utilities 11.45 118.0 124.1 120.7 117.5 119.5 120.6 119.7 119.4 117.9 117.0 120.7 121.9 123.9 124.9 6.37 109.7 111.6 113.4 113.2 112.0 108.7 108.6 109.7 110.4 110.9 111.0 103.0 107.2 106.7 Utilities 5.08 128.5 139.8 129.8 123.0 128.9 135.6 133.7 131.5 127.3 124.6 132.8 145.7 144.9 147.9 Durable manufactures Primary and fabricated metals 12.55 108.1 108.1 104.4 101.3 102.2 105.7 110.0 111.0 112.0 114.6 111.1 95.8 88.8 95.9 Primary metals 6.61 106.9 105.4 100.7 97.1 99.0 106.6 111.6 115.2 115.8 119.8 112.6 87.9 74.1 85.7 Iron and steel, subtotal 4.23 105.3 103.1 98.7 94.2 96.4 105.2 110.7 114.3 117.1 119.1 109.0 90.4 62.4 76.2 Fabricated metal products 5.94 109.4 111.1 108.6 106.0 105.8 104.7 108.2 106.3 107.7 108.8 109.5 104.7 105.3 107.2 Machinery and allied goods 32.44 97.6 97.8 91.9 89.3 91.9 92.8 95.1 94.9 93.4 94.4 96.7 88.8 90.5 96.8 Machinery 17.39 100.5 102.7 98.8 95.4 92.6 92.4 96.0 95.8 94.9 94.8 97.0 92.2 93.0 99.0 Nonelectrical machinery 9.17 99.6 100.5 95.8 93.3 90.4 88.9 94.3 93.6 92.5 91.4 94.2 91.8 91.2 96.6 Electrical machinery 8 22 101.4 105.2 102.2 97.7 95.0 96.3 97.8 98.3 97.5 98.6 100.2 92.6 94.9 101.7 Transportation equipment 9.29 90.3 87.7 75.6 73.8 88.9 93.1 95.4 94.6 91.6 94.2 96.1 77.8 81.7 91.7 Motor vehicles and parts 4.56 96.9 94.2 71.8 69.5 102.0 112.9 118.9 117.7 112.0 116.9 120.5 86.1 93.5 113.8 Aerospace and misc. trans, eq. .. 4.73 83.9 81.5 79.2 77.9 76.3 74.1 72.8 72.3 72.0 72.4 72.6 69.7 70.4 70.4 Instruments 2.07 110.8 113.3 110.4 107.0 104.8 103.4 102.2 103.7 103.4 106.9 110.8 110.9 111.4 114.0 Ordnance, private and Govt 3.69 95.3 91.5 89.8 89.4 88.9 88.4 86.3 86.2 85.2 86.2 89.2 88.1 88.9 89.5 Lumber, clay, and glass 4.44 106.3 110.8 110.5 105.0 100.9 97.7 104.5 108.7 113.2 114.5 116.6 110.4 116.0 115.3 Lumber and products 1.65 106.3 112.5 110.8 104.1 97.0 98.8 110.6 112.1 114.5 112.5 117.5 112.2 117.6 118.7 Clay, glass, and stone products 2.79 106.3 109.8 110.4 105.6 103.2 97.0 100.9 106.7 112.5 115.7 116.1 109.4 115.1 113.3 Furniture and miscellaneous 2.90 108.8 113.2 112.0 109.5 105.7 102.3 107.4 106.6 108.7 107.6 112.3 104.2 113.1 114.4 Furniture and fixtures 1.38 99.4 100.3 100.4 99.4 98.4 96.2 100.7 98.5 98.6 95.8 99.3 86.8 98.0 99.7 Miscellaneous manufactures 1.52 117.3 124.9 122.5 118.8 112.3 107.9 113.6 114.0 117.9 118.4 124.1 120.0 126.9 127.8 Nondurable manufactures Textiles, apparel, and leather 6.90 100.2 101.6 102.9 96.5 87.3 95.7 101.8 101.7 101.6 101.3 104.6 90.8 104.6 103.9 Textile mill products 2.69 106.3 107.6 107.6 103.5 93.5 102.0 107.6 108.2 108.5 110.4 114.0 96.9 114.3 113.5 Apparel products 33..3333 97.8 99.6 101.5 93.7 83.5 92.3 99.4 99.4 9999..33 97.4 100.8 89.9 101.0 Leather and products ..8888 90.8 90.6 93.8 85.6 82.6 88.8 92.7 90.4 8888..88 87.9 89.8 75.2 88.7 88.0 Paper and printing 7.92 107.8 111.8 111.8 108.0 99.5 101.3 105.4 103.2 107.4 106.8 108.5 103.5 111.6 113.3 Paper and products 3.18 113.3 109.5 117.7 114.2 102.3 115.5 118.9 113.6 117.8 116.2 116.6 105.7 117.6 116.4 Printing and publishing 4.74 104.1 113.3 107.8 103.8 97.6 91.7 96.4 96.2 100.4 100.5 103.1 102.1 107.5 111.2 Chemicals, petroleum, and rubber 11.92 118.2 122.4 120.4 118.7 117.1 114.7 119.4 119.7 122.2 123.2 128.6 121.6 125.8 128.6 Chemicals and products 7.86 120.2 124.7 122.7 120.2 118.7 115.1 118.9 119.5 124.3 125.3 131.1 124.2 127.7 131.0 Petroleum products 1.80 112.6 118.1 115.2 116.1 116.3 112.4 113.5 112.0 110.9 111.7 119.1 118.9 120.1 119.4 Rubber and plastics products 2.26 115.7 118.0 116.5 115.4 112.0 115.3 125.8 126.4 124.0 125.0 127.7 114.8 123.8 127.4 Foods and tobacco 9.48 110.8 119.3 119.7 113.1 107.9 109.5 108.8 108.8 109.6 110.5 115.9 112.0 117.8 121.5 Foods 8.81 111.7 120.3 120.3 113.9 109.8 109.7 109.2 110.2 110.9 111.4 117.2 114.0 118.7 122.7 Tobacco products ..6677 110000..00 110066..77 111122..44 110033..11 8833..55 110066..44 110033..00 9900..55 9922..77 9999..33 9988..55 8866..22 110055..77 Mining Metal, stone, and earth minerals 1.26 112.0 117.0 117.2 111.0 105.5 97.7 98.7 101.0 107.2 116.9 118.3 97.3 100.9 101.4 .51 131.3 141.2 135.2 124.7 116.9 115.0 118.3 117.9 126.1 145.7 147.7 106.8 112.3 116.9 Stone and earth minerals .75 98.8 100.5 104.9 101.7 97.7 86.0 85.3 89.5 94.4 97.4 98.3 90.9 93.1 90.9 Co C al o , a o l il, and gas 5. . 1 6 1 9 1 1 0 0 9 5 . . 2 8 1 1 1 1 0 2 . . 3 6 1 1 1 1 2 6 . . 5 2 1 1 1 1 3 0 . . 8 3 1 1 1 0 3 3 .6 .0 1 1 1 1 1 1 .4 .1 1 1 1 0 1 9 . . 0 1 1 1 1 1 1 4 . . 8 7 1 1 1 1 1 7 . . 2 6 1 1 0 1 9 2 .4 .4 1 1 0 1 9 1 .2 .6 10 8 4 2 . . 4 7 1 1 0 1 8 6 . . 8 5 1 1 0 1 8 2 .0 .3 4.42 109.7 109.9 111.9 114.4 115.2 111.4 111.3 111.3 114.1 108.9 108.8 107.8 107.6 107.3 Utilities Electric 3.91 130.8 145.2 132.2 123.2 130.8 139.3 136.7 133.6 128.0 124.2 134.6 151.3 150.0 153.7 Gas 11..1177 112211..00 112211..77 112211..99 112222..11 112222..44 112233..00 112233..66 112244..33 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 • NOVEMBER 1971 SELECTED BUSINESS INDEXES (1967= 100, except as noted) Industrial production Manu- Prices 4 facturing ^ In- Ca- Market dustry pacity Nonagutiliza- Con- ricul- Products tion struc- tural Total PPeerriioodd TToottaall Total Final C p o r n o - ducts m I e n d te ia r- te M ri a a t ls e - f M a i c a n t n u g u r - - i o = n ( u 1 m t 9 1 p 6 0 f u 7 g 0 t . ) tr c t a o io c n n t - s T m p e o e l m t o n a y t - l — - i p m E l e o m n y - t - P ro a l y ls - s r a e l t e a s il 3 s C um on e - r m W c s o o h a d m l o e i l - t e y - Total sumer Equip- prodgoods ment ucts 1952 92.8 74.1 93.4 54.5 52 79.5 88.6 1953 95.5 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 84.1 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 88.2 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 84.5 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 75.1 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 81.4 81.0 88.1 67.8 69 87.3 94.8 1 I9 9 6 6 0 1 , . 6 6 6 6 . . 7 2 6 6 6 6 . . 9 2 6 6 4 5 . . 8 3 7 7 1 2. . 8 3 5 5 5 6 . . 6 4 7 7 2 1 . . 4 0 6 66 6 . . 4 4 6 6 5 5 . . 6 4 8 7 0 7 . .6 1 '8 8 2 2. . 4 1 8 8 8 4 . . 0 5 6 6 8 8 . . 8 0 7 7 0 0 8 8 8 9 . . 7 6 9 94 4 . . 5 9 1962. 72.2 72.1 70.8 77.7 61.9 76.9 72.4 71.4 81.4 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 83.0 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 85.5 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 89.0 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 91.9 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 87.9 100.0 100.0 100.0 100.0 100 100.0 100.0 1968, 105.7 105.8 105.8 106.6 104.7 105.7 105.7 105.7 87.7 113.2 103.1 101.4 108.3 108 104.2 102.5 1969, 110.7 109.7 109.0 111.1 106.1 112.0 112.4 110.5 86.5 123.7 106.7 103.2 116.6 112 109.8 106.5 1970. 106.7 106.0 104.4 110.3 96.1 111.9 107.8 105.2 78.1 107.3 98.1 114.2 116 116.3 110.4 1970—S O e c p t t 1 10 0 6 3 . . 5 7 1 1 0 0 3 5 . . 6 2 1 10 0 3 1 . . 5 4 1 11 0 0 9 . . 1 0 9 90 4 . . 8 2 1 1 1 1 1 1 . . 9 4 1 1 0 0 4 9 . . 1 0 1 1 0 0 4 1 . . 8 4 1 1 1 1 8 5 . .0 0 1 1 0 0 6 7 . . 4 0 9 9 3 7 . . 7 6 1 10 1 8 4 . . 7 4 1 1 1 1 8 7 1 1 1 1 8 7 . .5 1 1 1 1 1 1 1 . . 0 0 Nov 102.6 102.6 100.2 107.7 89.8 111.6 102.8 100.2 74.0 130.0 106.3 92.8 108.1 '115 118.5 110.9 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 '114.8 119 119.2 111.8 Feb 105.7 105.0 103.0 112.9 89.3 112.5 106.8 103.9 74.5 126.0 106.9 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 75.1 141.0 107.5 94.8 117.6 125 120.8 113.8 June 107.2 106.1 104.5 116.1 88.2 112.4 109.0 105.6 147.0 107.3 94.3 117.7 127 121.5 114.3 July 106.1 106.8 104.9 116.0 89.3 113.8 105.3 104.9 151.0 107.1 93.9 116.8 126 121.8 114.6 Aug 105.3 106.4 105.1 116.1 89.8 110.9 103.3 103.6 '73.4 153.0 107.1 '93.5 '116.5 128 122.2 114.9 Sept 106.1 106.7 105.4 116.3 90.1 111.5 105.1 104.0 156.0 r107.7 94.5 '117.2 129 122.4 114.5 Oct.f 106.3 106.9 105.4 116.5 89.9 112.5 105.3 104.9 107.7 94.5 117.8 130 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 TTyyppee ooff oowwnneerrsshhiipp aanndd ttyyppee ooff ccoonnssttrruuccttiioonn 11996699 11997700 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Total construction 1 66667777,,,,444422225555 66667777,,,,000099997777 5555,,,,333399998888 5555,,,,444455553333 5555,,,,111144444444 4444,,,,999977774444 4444,,,,333388883333 4444,,,,999999993333 6666,,,,333388886666 7777,,,,777744443333 7777,,,,555555555555 8888,,,,000077777777 7777,,,,666677770000 7777,,,,777711112222 7,689 By type of ownership: Public 22222222,,,,666655556666 22223333,,,,333366662222 1111,,,,888866669999 2222,,,,000022223333 1111,,,,999933337777 1111,,,,666688888888 1111,,,,444466664444 1111,,,,555577778888 1111,,,,777722222222 2222,,,,000077774444 2222,,,,000066665555 2222,,,,777799995555 2222,,,,666688883333 2222,,,,222299999999 2,010 Private * 44444444,,,,777766669999 44445555,,,,000055558888 3333,,,,555522229999 3333,,,,444433330000 3333,,,,222200008888 3333,,,,222288886666 2222,,,,999911119999 3333,,,,444411115555 4444,,,,666666663333 5555,,,,666666669999 5555,,,,444488889999 5555,,,,444488889999 4444,,,,999988887777 5555,,,,444411113333 4,804 By type of construction: Residential building 1 22225555,,,,222211119999 22224444,,,,999911110000 2222,,,,111177776666 2222,,,,333300001111 1111,,,,999944447777 2222,,,,000044445555 1111,,,,666633331111 1111,,,,888811119999 2222,,,,777722229999 3333,,,,111166668888 3333,,,,333311110000 3333,,,,444488885555 3333,,,,333355557777 3333,,,,222255555555 Nonresidential building 22225555,,,,666666667777 22224444,,,,111188880000 1111,,,,999944443333 1111,,,,888866662222 1111,,,,777700001111 1111,,,,666699993333 1111,,,,777711111111 1111,,,,666655554444 2222,,,,111199999999 2222,,,,000088880000 ''''2222,,,,222266664444 2222,,,,888800000000 2222,,,,666622221111 2222,,,,111122220000 Nonbuilding 11116666,,,,555533339999 11118888,,,,444488889999 1111,,,,222277778888 1111,,,,222288889999 1111,,,,444499997777 1111,,,,222233335555 1111,,,,000044441111 1111,,,,555522220000 1111,,,,444455558888 2222,,,,444499995555 1111,,,,999988881111 1111,,,,777799992222 1111,,,,666699991111 2222,,,,333333337777 Private housing units authorized... 1111,,,,222299999999 1111,,,,333322224444 1111,,,,333377771111 1111,,,,555522221111 1111,,,,444488887777 1111,,,,777766668888 1111,,,,666633335555 ''''1111,,,,555566663333 1111,,,,666622227777 1111,,,,666633338888 1111,,,,999922227777 1111,,,,888844449999 ''''2222,,,,000055552222 ''''2222,,,,000000006666 1,967 (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
NOVEMBER 1971 • CONSTRUCTION A 65 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Nonresidential Period Total Buildings Total d R en e t s i i a - l Total M ta i r l y i- H w ig ay h - Other 2 Total Indus- Com- Other Other trial mercial b in u g i s l d 1 - 1962 3 r... 59,965 42,096 25,150 19,443 2,842 5,144 3,631 052 17,869 1,266 6,365 1963 4 r... 64,563 45,206 27,874 21,735 2,906 4,995 3,745 376 19,357 1,179 7,084 1964 r 67,413 47,030 28,010 21,786 3,565 5,396 3,994 727 20,383 910 7,133 1965 ' 73,412 51,350 27,934 21,714 5,118 6,739 4,735 491 22,062 830 7,550 1966 r 76,002 51,995 25,715 19,352 6,679 6,879 5,037 517 24.007 727 8,405 1967 ' 77,503 51,967 25,568 18,985 6,131 6,982 4,993 8,356 25,536 695 8,591 1968 ' 86,626 59,021 30,565 24,030 6,021 7,761 4,382 9,719 27,605 808 9,321 1969 r 93,347 65,384 33,200 25,941 6,783 9,401 4,971 10,288 27,963 879 9,252 1970 ' 94,265 66,147 31,748 24,156 6,538 9,754 5,125 12,036 28,118 719 9,986 1970—Sept. 94,241 66,406 31,222 35,184 6,449 9,542 5,000 14,193 27,835 740 10,111 Oct.r 96,401 67,846 32,891 34,955 6,406 9,313 5,013 14,223 28,555 709 10,453 Nov.r 98,285 69,248 34,096 35,152 6,282 9,348 4,983 14,539 29,037 733 9,772 Dec.r 102,628 10,729 35,104 35,625 6,088 10,001 5,205 14,241 31,899 683 11,776 1971—Jan.r, 100,645 70,637 35,629 35,008 6,169 10,262 5,334 13,243 30.008 856 Feb.r 102,340 70,743 36,509 34,234 6,258 10,106 5,009 12,861 31,597 812 Mar.1 103,027 72,961 37,678 35,283 6,072 10,734 5,099 13,378 30,066 863 Apr.r 105,755 76,143 39,469 36,674 6,110 11,262 5,355 13,947 29,612 824 May 107,459 77,748 41,368 36,380 5,766 11,038 5,289 14,287 29,711 848 June' 109,462 80,193 42,578 37,615 5,508 17,795 5,815 14,497 29,269 865 July. 10,905 81,432 43,589 37,843 5,428 12,690 5,499 14,226 29,473 1,142 Aug.' 112,953 83,120 44,820 38,300 4,852 13,069 5,482 14,897 29,833 894 Sept.. 111,856 82,659 45,634 37,025 4,512 11,744 5,883 14,886 29,197 810 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.) GGoovveerrnnmmeenntt MMMooobbbiiillleee PPrriivvaattee aanndd ppuubblliicc uunnddeerrwwrriitttteenn hhhooommmeee Period ((NN..SS..AA..)) ((NN..SS..AA..)) ssshhhiiippp--- Region Type of structure mmmeeennntttsss (((NNN...SSS...AAA...))) Total N e o a r s t t h - C N e o n r t t r h a l South West family 2 f - a m to i l 4 y - f m 5 a - m o r o i e l r y - Total Private Public Total FHA VA 196 2 1,463 264 290 531 378 991 4'7 1 1,492 1,463 30 339 261 78 118 196 3 1,610 261 328 591 431 1,021 589 1,642 1,610 32 292 221 71 151 196 4 1,529 253 339 582 355 972 108 450 1,562 1,529 32 264 205 59 191 196 5 1,473 270 362 575 266 964 87 422 1,510 1,473 37 246 197 49 216 196 6 1,165 207 288 473 198 779 61 325 1,196 1,165 31 195 158 37 217 196 7 1,292 215 337 520 220 844 72 376 1,322 1,292 30 232 180 53 240 196 8 1.508 227 369 619 294 900 81 527 1,548 1,508 40 283 227 56 318 196 9 1,467 206 349 588 323 810 87 571 1,500 1,467 33 288 237 51 413 197 0 1,434 218 294 612 310 813 85 536 1,467 1,434 33 479 418 61 401 1970—Sept. 1.509 198 262 673 376 881 122 506 133 131 2 40 34 6 41 Oct.. 1,583 227 331 649 376 890 87 606 143 141 2 46 40 6 41 Nov. 1,693 262 355 737 339 934 111 648 128 127 1 39 34 5 30 Dec.. 2,054 234 427 916 477 1,240 102 712 124 121 3 69 63 6 27 1971—Jan.. 1,725 238 320 724 435 946 110 669 115 111 4 37 32 5 25 Feb.. 1,754 238 292 745 479 985 110 659 105 102 3 32 27 5 28 Mar. 1,959 257 442 803 457 1,048 121 790 169 168 1 40 33 7 36 Apr.. 1,912 233 457 814 408 1,098 109 705 204 201 3 53 45 8 43 May. 1,975 271 362 855 487 1,124 111 740 204 199 5 49 41 8 41 June. 2,000 231 393 868 508 1,177 120 703 197 194 3 55 46 9 47 July 2,229 303 401 879 586 1,187 137 905 196 194 3 52 43 9 45 Aug. 2,235 269 508 982 476 1,208 145 882 203 202 2 55 46 9 49 Sept. 958 219 404 858 477 1,182 145 631 172 170 2 57 48 9 NOTE.—Starts are Census Bureau series (including farm starts) except units under FHA, based on field office reports of first compliance inspecfor 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 Manufacturers Assn. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 66 EMPLOYMENT • NOVEMBER 1971 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons, except as noted) Civilian labor force (S.A.) Period ii pp TT nn oo (( ss oo NN tt pp tt ii aa uu .. tt SS uu ll ll aa .. tt nn AA ii tt oo oo ii .. nn oo )) nn nn aa -- ll la ( b N N o . r o S t . f A i o n r . ) c e TT (( ll ff aa SS oo oo bb .. rr tt AA oo cc aa ee rr .. ll )) Total Total E In m c u n p l o t l n u o a r y a g e l r d i 1 - In U pl n o e y m ed - U (p n e e m r S r m a . e A t c p n e e . 2 t l ) 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 3.8 196 8 135,562 53,291 82,272 78,737 75,920 72,103 3,817 2,817 3.6 196 9 137,841 53,602 84,239 80,733 77,902 74,296 3,606 2,831 3.5 197 0 140,182 54,280 85,903 82,715 78,627 75,165 3,462 4,088 4.9 1970—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 Sept.. 143,104 56,220 87,347 84,598 79,525 76,169 3,356 5,073 6.0 Oct.. 143,321 55,968 87,500 84,783 79,845 76,476 3,369 4,938 5.8 1 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Bureau of Labor Statistics. Information relating to persons 16 2 Per cent of civilian labor force. years of age and over is obtained on a sample basis. Monthly data relate 3 Beginning 1967, data not strictly comparable with previous data. to the calendar week that contains the 12th day; annual data are averages Description of changes available from Bureau of Labor Statistics. of monthly figures. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Contract Transporta- Period Total M t a u n r u in f g a c- Mining con t s io tr n u c- t l i i o c n u & til i p ti u e b s - Trade Finance Service G m ov e e n r t n - 196 5 60,815 18,062 632 3,186 4,036 12,716 3,023 9,087 10,074 196 6 63,955 19,214 627 3,275 4,151 13,245 3,100 9,551 10,792 196 7 65,857 19,447 613 3,208 4,261 13,606 3,225 10,099 11,398 196 8 67,915 19,781 606 3,285 4,310 14,084 3,382 10,623 11,845 196 9 70,284 20,167 619 3,435 4,429 14,639 3,564 11,229 12,202 197 0 70,616 19,369 622 3,345 4,504 14,922 3,690 11,630 12,535 SEASONALLY ADJUSTED 1970—Oc t 70,082 18,669 621 3,284 4.517 14,946 3,706 11,722 12,617 Nov 69,985 18,517 624 3,294 4.506 14,902 3,721 11,750 12,671 Dec 70,313 18,796 623 3,302 4,450 14,952 3,731 11,776 12,683 1971—Ja n 70,454 18,747 625 3,271 4.507 15,039 3,746 11,800 12,719 Feb 70,391 18,684 622 3,198 4,526 15,059 3,749 11,809 12,744 Mar 70,480 18,609 622 3,264 4,520 15,074 3,758 11,841 12,792 Apr 70,599 18,639 623 3,282 4,505 15,107 3,769 11,843 12,831 May 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 70,531 18,533 597 3,228 4,476 15,158 3,806 11,921 12,812 Aug 70,529 18,457 609 3,219 4,428 15,223 3,804 11,946 12,843 Sept.? 70,907 18,619 614 3,244 4,456 15,266 3,819 11,986 12,903 Oct.? 70,901 18,631 521 3,259 4,431 15,271 3,826 12,018 12,944 NOT SEASONALLY ADJUSTED 1970—Sep t 70,841 19.481 627 3,497 4,568 14,902 3.705 11,689 12,372 Oct 70,604 18,813 622 3,471 4,531 15,002 3,699 11,745 12,721 Nov 70,562 18,603 623 3,383 4,520 15,154 3.706 11,738 12,835 Dec 71,151 18,823 621 3,233 4,454 15,706 3,712 11,717 12,885 1971—Ja n 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 69,782 18,488 608 2,967 4,466 14,789 3,735 11,758 12,971 Apr 70,309 18.482 617 3,164 4,469 14,974 3,758 11,867 12,978 May 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 70,452 18,448 613 3,480 4,534 15,132 3,867 12,040 12,338 Aug 70,542 18,651 625 3,509 4,486 15,151 3,865 11,994 12,261 Sept.? 71,234 18,840 621 3,465 4,505 15,235 3,827 12,010 12,731 Oct.? 71,432 18,782 522 3,445 4,444 15,328 3,818 12,042 13,051 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 benchmark. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER 1971 • EMPLOYMENT AND EARNINGS A 67 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted1 Not seasonally adjusted1 IIInnnddduuussstttrrryyy gggrrrooouuuppp 1970 1971 1970 1971 Oct. Aug. Sept.? Oct.* Oct. Aug. Sept.? Oct.* 13,406 13,371 13,525 13,515 13,550 13,524 13,744 13,671 Durable goods 7,510 7,534 7,636 7,649 7,548 7,514 7,697 7,699 Ordnance and accessories 118 94 93 92 118 93 94 92 Lumber and wood products 486 503 508 512 490 521 519 516 Furniture and fixtures 373 375 383 387 379 378 386 393 Stone, clay, and glass products 501 497 502 505 507 513 514 511 Primary metal industries 1,015 901 925 938 991 905 918 917 Fabricated metal products 999 1,016 1,025 1,018 1,008 1,013 1,033 1,027 Machinery 1,245 1,159 1,174 1,178 1,231 1,146 1,169 1,165 Electrical equipment and supplies 1,223 1,167 1,188 1,186 1,230 1,171 1,203 1,193 Transportation equipment 965 1,248 1,257 1,253 989 1,188 1,265 1,285 Instruments and related products 266 256 261 261 266 257 261 261 Miscellaneous manufacturing industries 319 318 320 319 339 329 335 339 5,896 5,837 5,889 5,866 6,002 6,010 6,047 5,972 Food and kindred products 1,179 1,179 1,193 1,165 1,256 1,302 1,314 1,242 Tobacco manufactures 66 56 58 56 78 64 70 67 Textile-mill products 844 841 842 844 846 846 846 846 Apparel and related products 1,185 1,180 1,188 1,192 1,198 1,195 1,201 1,205 Paper and allied products 534 520 531 528 533 527 534 527 Printing, publishing, and allied industries 676 658 660 663 678 656 660 665 Chemicals and allied products 597 577 582 580 595 582 581 577 Petroleum refining and related industries 114 115 116 116 115 120 119 117 Rubber and misc. plastic products 432 447 458 459 435 450 462 463 Leather and leather products 269 264 261 263 268 268 260 263 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 Oct. Aug. Sept.27 Oct.? Oct. Aug. Sept.* Oct.* Oct. Aug. Sept.* Oct.* Total 39.4 39.8 39.6 39.7 133.45 141.69 143.64 143.24 3.37 3.56 3.60 3.59 Durable goods 39.9 40.0 39.8 40.2 142.76 151.60 153.18 154.33 3.56 3.79 3.82 3.82 40.2 41.9 41.4 41.4 147.53 161.80 162.24 162.29 3.67 3.88 3.90 3.92 Lumber and wood products 39.3 40.2 40.1 40.7 120.38 129.20 129.68 131.61 3.04 3.19 3.21 3.21 Furniture and fixtures 39.2 39.9 39.4 39.6 111.71 118.78 118.00 117.68 2.80 2.94 2.95 2.92 Stone, clay, and glass products 41.0 41.8 41.4 42.0 143.31 157.78 156.71 158.63 3.47 3.73 3.74 3.75 Primary metal industries 39.9 38.8 39.7 40.1 157.61 166.45 171.90 170.31 3.99 4.29 4.33 4.29 Fabricated metal products 40.2 40.2 39.4 40.2 142.61 151.13 150.80 152.71 3.53 3.75 3.77 3.78 Machinery 40.4 40.8 40.7 40.8 153.92 162.01 165.24 165.24 3.81 4.02 4.05 4.05 EElleeccttrriiccaall eeqquuiippmmeenntt aanndd ssuupppplliieess 39.7 40.0 39.6 40.2 132.47 140.00 140.80 142.21 3.32 3.50 3.52 3.52 TTrraannssppoorrttaattiioonn eeqquuiippmmeenntt 39.9 39.9 38.9 39.7 161.60 171.74 173.80 177.28 4.00 4.37 4.40 4.41 Instruments and related products 39.8 39.8 39.7 39.8 136.40 140.58 142.80 142.80 3.41 3.55 3.57 3.57 Miscellaneous manufacturing industries... 38.4 39.2 38.8 39.0 110.30 115.64 115.44 116.62 2.85 2.95 2.96 2.96 Nondurable goods 38.9 39.3 39.1 39.2 122.07 129.17 130.75 129.30 3.13 3.27 3.31 3.29 T Fo ob od a c a c n o d m k a i n n u d f r a e c d t u p r r e o s d ucts 4 3 0 8 . . 5 0 4 3 0 7 . . 5 1 4 3 0 6 . . 7 5 4 3 0 5 . . 0 2 112191..1511 1 1 1 3 9 5 . . 3 9 1 4 1 1 1 3 4 8 . . 6 5 1 1 1 1 1 3 0 5 . . 2 1 3 4 2 3 . . 8 1 2 9 3 3 . . 1 3 9 4 3 3 . .3 0 7 4 3 3 . .3 0 7 2 Textile-mill products 39.6 40.7 40.3 41.0 99.50 104.86 104.90 106.71 2.50 2.59 2.57 2.59 Apparel and related products 35.0 35.7 35.4 35.7 84.46 90.00 89.82 89.36 2.42 2.50 2.53 2.51 Paper and allied products 41.6 42.4 41.9 41.8 147.07 158.53 158.67 157.03 3.51 3.73 3.76 3.73 Printing, publishing, and allied industries. 37.4 37.5 37.4 37.4 150.38 159.47 160.98 159.00 4.01 4.23 4.27 4.24 Chemicals and allied products 41.3 41.5 42.2 41.2 155.70 164.79 170.07 165.21 3.77 3.99 4.03 4.01 Petroleum refining and related industries . 43.1 43.4 42.8 41.6 187.06 195.53 198.56 194.79 4.32 4.59 4.65 4.66 Rubber and misc. plastic products 39.6 40.1 40.1 40.5 129.28 139.04 141.29 140.76 3.24 3.45 3.48 3.45 Leather and leather products 37.0 37.6 37.4 37.9 92.00 97.38 96.57 99.15 2.50 2.59 2.61 2.63 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 • NOVEMBER 1971 CONSUMER PRICES (1967 = 100) Housing Health and recreation Fur- AAppppaarreell TTrraannss-- PPeerriioodd iitt AA eemm llll ss FFoooodd Total Rent H ow s o h n m ip e e r - - F c a o o u n i a l d e l l t e r G a l i n e c a i c d s t - y o n p i a n i e n s g r h d s a - - uupp aa kk nn ee dd ee pp pp tt oo ii rr oo tt nn aa -- Total M c i a c e a r d e l - s c P o a e n r r a e - l r R e a i e c n n r a g d e d a - - g O s a o e t n o r h d v d e - r s tion tion ices 1929 5555511111.....33333 4444488888.....33333 7777766666.....00000 4444488888.....55555 1933 3333388888.....88888 3333300000.....66666 5555544444.....11111 3333366666.....99999 1941 4444444444.....11111 3333388888.....44444 555333...777 5555577777.....22222 444000...555 888111...444 4444444444.....88888 444444...222 333777...000 444111...222 444777...777 444999...222 1945 5555533333.....99999 5555500000.....77777 555999...111 5555588888.....88888 444888...000 777999...666 6666611111.....55555 444777...888 444222...111 555555...111 666222...444 555666...999 196 0 8888888888.....77777 8888888888.....00000 999000...222 9999911111.....77777 86.3 888999...222 999888...666 93.8 8888899999.....66666 888999...666 85.1 777999...111 999000...111 888777...333 888777...888 196 1 8888899999.....66666 8888899999.....11111 999000...999 9999922222.....99999 86.9 999111...000 999999...444 93.7 9999900000.....44444 999000...666 86.7 888111...444 999000...666 888999...333 888888...555 196 2 9999900000.....66666 8888899999.....99999 999111...777 9999944444.....00000 87.9 999111...555 999999...444 93.8 9999900000.....99999 999222...555 88.4 888333...555 999222...222 999111...333 888999...111 196 3 9999911111.....77777 9999911111.....22222 999222...777 9999955555.....00000 89.0 999333...222 999999...444 94.6 9999911111.....99999 999333...000 90.0 888555...666 999333...444 999222...888 999000...666 196 4 9999922222.....99999 9999922222.....44444 999333...888 9999955555.....99999 90.8 999222...777 999999...444 95.0 9999922222.....77777 999444...333 91.8 888777...333 999444...555 999555...000 999222...000 196 5 9999944444.....55555 9999944444.....44444 999444...999 9999966666.....99999 92.7 999444...666 999999...444 95.3 9999933333.....77777 999555...999 93.4 888999...555 999555...222 999555...999 999444...222 196 6 9999977777.....22222 9999999999.....11111 999777...222 9999988888.....22222 96.3 999777...000 999999...666 97.0 9999966666.....11111 999777...222 96.1 999333...444 999777...111 999777...555 999777...222 196 7 111110000000000.....00000 111110000000000.....00000 111000000...000 111110000000000.....00000 100.0 111000000...000 111000000...000 100.0 111110000000000.....00000 111000000...000 100.0 111000000...000 111000000...000 111000000...000 111000000...000 196 8 111110000044444.....22222 111110000033333.....66666 111000444...222 111110000022222.....44444 105.7 111000333...111 111000000...999 104.4 111110000055555.....44444 111000333...222 105.0 111000666...111 111000444...222 111000444...777 111000444...666 196 9 111110000099999.....88888 111110000088888.....99999 111111000...888 111110000055555.....77777 116.0 111000555...666 111000222...888 109.0 111111111111111.....55555 111000777...222 110.3 111111333...444 111000999...333 111000888...777 111000999...111 197 0 111111111166666.....33333 111111111144444.....99999 111111888...999 111111111100000.....11111 128.5 111111000...111 111000777...333 113.4 111111111166666.....11111 111111222...777 116.2 111222000...666 111111333...222 111111333...444 111111666...000 1970—Sep t 111111111177777.....55555 111111111155555.....77777 111222000...666 111111111100000.....99999 131.3 111111111...444 111000777...666 114.2 111111111177777.....22222 111111333...000 117.7 111222222...666 111111444...000 111111444...777 111111777...444 Oct 111111111188888.....11111 111111111155555.....55555 111222111...222 111111111111111.....44444 131.9 111111222...555 111000888...888 114.5 111111111188888.....22222 111111555...222 118.2 111222222...888 111111444...444 111111555...222 111111888...000 Nov 111111111188888.....55555 111111111144444.....99999 111222111...999 111111111111111.....88888 132.5 111111333...999 111000999...999 115.1 111111111199999.....00000 111111666...000 118.7 111222333...444 111111444...555 111111666...000 111111888...333 Dec 111111111199999.....11111 111111111155555.....33333 111222222...666 111111111122222.....66666 133.4 111111444...999 111111000...777 115.3 111111111199999.....22222 111111666...999 119.1 111222444...222 111111555...000 111111666...222 111111888...555 1971—Ja n 111111111199999.....22222 111111111155555.....55555 111222222...777 111111111122222.....99999 133.4 111111666...777 111111111...555 115.4 111111111177777.....66666 111111777...555 119.8 111222444...999 111111555...333 111111777...333 111111888...999 Feb 111111111199999.....44444 111111111155555.....99999 111222222...666 111111111133333.....66666 132.3 111111777...222 111111222...888 115.9 111111111188888.....11111 111111777...555 120.2 111222555...888 111111555...444 111111777...555 111111999...111 Mar 111111111199999.....88888 111111111177777.....00000 111222222...444 111111111133333.....99999 131.2 111111777...444 111111333...333 116.4 111111111188888.....66666 111111777...888 120.6 111222666...888 111111555...888 111111777...777 111111999...444 Apr 111112222200000.....22222 111111111177777.....88888 111222222...555 111111111144444.....44444 130.9 111111777...333 111111333...999 117.0 111111111199999.....11111 111111888...111 121.2 111222777...555 111111666...333 111111888...444 111111999...777 May 111112222200000.....88888 111111111188888.....22222 111222333...222 111111111144444.....77777 131.6 111111777...222 111111444...444 118.1 111112222200000.....22222 111111888...888 121.6 111222888...111 111111666...555 111111888...999 111111999...999 June 111112222211111.....55555 111111111199999.....22222 111222444...000 111111111155555.....22222 133.0 111111777...444 111111444...666 118.7 111112222200000.....11111 111111999...666 122.1 111222888...666 111111666...888 111111999...333 111222000...333 July 111112222211111.....88888 111111111199999.....88888 111222444...555 111111111155555.....44444 133.5 111111777...555 111111444...777 118.9 111111111199999.....33333 111111999...555 122.6 111222999...333 111111777...111 111111999...666 111222111...222 Aug 111112222222222.....22222 111112222200000.....00000 111222555...111 111111111155555.....88888 134.4 111111777...888 111111555...777 119.1 111111111199999.....00000 111222000...111 123.1 111333000...000 111111777...555 111111999...777 111222111...888 Sept 111112222222222.....44444 111111111199999.....11111 111222555...555 111111111166666.....11111 135.1 111111777...888 111111555...777 119.4 111112222200000.....66666 111111999...888 123.6 111333000...444 111111777...666 111222000...555 111222222...444 NOTE.—Bureau of Labor Statistics index for city wage-earners and clerical workers. WHOLESALE PRICES: SUMMARY (1967 = 100) Industrial commodities m c t A o o ie m l d s l i - - p F u r a c o r t d m s - c f f e P a o e s n r e o s o d d d e - s d s Total t T e il t e e c x s . - , H e i t d c e . s, F e u tc e . l , C ic e h a t e c l m s . , - R b e u t e c r b . , - L b e u t e c m r . , - P e a t p c e . r, M e a t l e c s t , . - e c m M a q e h n e r u i a y n n d i - p t - - F t u e u t r r c n e . , i - N t e m m a r o l i a e l n n l i - s - c - T e p m t q r o i e u a o r n n n i t p a t s 1 - - - n c M e e l o i l s u a - - s 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 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 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 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 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 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 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 97.7 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 102.5 102.5 102.2 102.5 103.7 103.2 98.9 99.8 103.4 113.3 101.1 102.6 103.2 102.8 103.7 102.2 106.5 109.1 107.3 106.0 106.0 108.9 100.9 99.9 105.3 125.3 104.0 108.5 106.5 104.9 107.7 100.8 105.2 110.4 111.0 112.0 110.0 107.2 110.1 105.9 102.2 108.6 113.7 108.2 116.7 111.4 107.5 113.3 104.5 109.9 111.0 107.8 111.8 111.3 107.3 110.4 108.7 103.0 109.5 113.1 108.9 117.7 112.7 108.0 114.2 108.2 111.6 110.9 107.0 111.7 111.3 107.1 110.9 109.7 103.3 109.1 111.9 108.7 116.8 113.1 108.4 114.6 108.5 111.8 111.0 107.1 110.7 111.7 106.7 110.4 112.8 103.3 109.4 111.1 108.5 116.2 113.8 108.7 115.1 108.9 111.9 111.8 108.9 111.8 112.2 106.9 111.7 113.5 103.8 108.4 112.2 109.0 116.5 114.2 109.3 118.8 109.5 112.3 112.8 113.9 113.3 112.5 106.7 112.4 113.0 104.2 109.1 117.5 109.3 116.4 114.6 109.7 119.0 109.7 112.6 113.0 113.0 113.7 112.8 106.9 112.5 112.8 104.5 109.1 123.4 109.3 116.5 114.9 109.6 120.9 109.5 112.8 113.3 113.0 113.5 113.3 107.5 114.0 113.0 104.5 109.0 124.6 109.6 117.8 115.0 109.7 121.6 109.7 112.7 113.8 114.0 114.5 113.7 107.8 114.4 114.2 104.3 108.7 124.9 109.9 118.5 115.3 109.9 121.8 109.8 112.5 114.3 116.0 114.9 113.9 108.5 114.2 114.4 104.4 108.7 126.1 110.2 118.5 115.5 109.8 122.2 110.0 112.6 114.6 113.4 116.0 114.5 109.2 114.2 114.4 104.4 109.7 130.6 110.5 119.4 115.7 110.0 123.3 110.3 112.8 114.9 113.2 115.4 115.1 109.7 114.4 114.8 104.3 109.8 134.6 110.6 121.1 116.1 110.2 124.2 110.5 113.0 114.5 110.5 114.6 115.0 109.7 114.7 115.3 104.3 109.7 134.3 110.6 121.1 116.0 110.2 124.2 109.6 113.0 114.4 111.3 114.1 115.0 109.6 114.7 114.8 104.2 109.5 131.8 110.6 121.0 116.0 110.2 124.1 110.7 113.0 1 For transportation equipment, Dec. 1968 = 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER 1971 • PRICES A 69 WHOLESALE PRICES: DETAIL (1967=100) 1971 1970 Group Group Oct. Aug. Sept. Oct. Aug. Sept. Oct, Farm products: Pulp, paper, and allied products: Fresh and dried produce. 100.8 115.9 103.6 115.8 Pulp, paper and products, excluding Grains 104.1 92.8 89.0 88.3 building paper and board 109.2 110.8 L Li i v v e e s p to o c u k l try 1 9 1 3 0 . . 4 6 1 10 2 0 1 . .3 8 . 1 1 1 0 9 2 . . 1 8 1 9 2 3 0 . . 5 9 W Wa o s o t d e p p u ap lp e r 111111..81 1 11 1 2 2 . .4 8 Plant and animal fibers. . 88.9 93.4 95.2 96.3 Paper 111.9 114.7 Fluid milk 115.3 119.3 119.2 119.2 Paperboard 102.3 102.8 Eggs 104.6 110.1 107.8 92.4 Converted paper and paperboard.. 108.7 110.1 Hay and seeds 106.6 114.3 108.9 107.9 Building paper and board 100.9 104.3 Other farm products 117.6 113.9 115.6 115.4 Processed foods and feeds: Metals and metal products: Cereal and bakery products 109.9 111.4 111.3 111.3 Meat, poultry, and fish 110.9 117.7 117.5 116.9 Iron and steel 117.4 125.3 D Pr a o ir c y e s p se r d o d f u ru ct i s ts and vegetables 111121..01 1 11 1 6 5 . .4 2 1 11 1 5 5 . . 7 4 1 1 1 1 5 6 . . 3 4 S N t o e n el f m er i r ll o u p s r o m du et c a ts ls 1 1 1 2 6 2 . . 6 0 1 11 2 7 8 . . 1 1 Sugar and confectionery 118.6 120.5 119.8 118.7 Metal containers 115.9 124.2 Beverages and beverage materials. 114.5 116.1 116.0 116.4 Hardware 112.8 117.7 Animal fats and oils 141.2 144.0 136.5 132.1 Plumbing equipment 113.1 118.3 Crude vegetable oils 131.1 147.5 135.6 128.9 Heating equipment 112.8 116.8 Refined vegetable oils 123.9 140.7 134.6 127.9 Fabricated structural metal products 114.1 119.6 Vegetable oil end products 115.2 124.6 123.3 122.8 Miscellaneous metal products 117.2 119.8 Miscellaneous processed foods 114.2 113.8 113.0 112.7 Manufactured animal feeds 104.2 104.7 101.3 98.7 Textile products and apparel: Machinery and equipment: Cotton products 106.0 112.5 112.2 112.2 Agricultural machinery and equip... 114.0 117.5 Wool products 97.7 92.7 92.5 92.4 Construction machinery and equip.. 117.7 121.9 Manmade fiber textile products. 99.1 103.1 103.1 102.5 Metalworking machinery and equip, 114.6 118.1 Apparel 112.3 113.6 113.8 113.8 General purpose machinery and Textile housefurnishings 104.9 104.8 104.1 104.1 equipment 115.9 120.3 Miscellaneous textile products... 106.5 117.2 119.8 120.8 Special industry machinery and equipment 117.4 121.6 Hides, skins, leather, and products: Electrical machinery and equip 107.6 109.9 Miscellaneous machinery 113.9 118.0 Hides and skins 103.2 114.6 117.7 117.2 Leather 107.1 114.4 113.4 113.4 O Fo th o e t r w e le a a r t her products. 1 1 0 1 6 3 . . 8 8 1 1 0 1 8 7 . .1 2 1 1 0 17 9 . . 1 0 1 1 0 17 9 . . 1 0 Furniture and household durables: Household furniture 112.1 115.5 Fuels and related products, and power: Commercial furniture 115.8 118.2 E C C G l o o a e a s k c l e t f r u ic e l p s ower 1 1 1 1 0 4 7 0 5 7 5 7 . . . . 9 0 2 2 1 1 1 1 8 5 1 0 2 0 5 7 . . . . 9 5 3 2 1 1 1 1 8 0 1 5 2 0 8 6 . . . . 9 5 4 4 1 1 1 1 0 8 1 5 8 2 6 0 . . . . 9 3 5 8 H H O Fl t o o o h u m o e s r r e e h c h e o o o le v l u d c e s t r e r i a h o n p n o g p l s i d c l i a e d n q u c u r e i s a p b m le e n g t o ods. . . 1 1 9 9 0 1 9 3 5 6 . . . . 7 4 9 9 1 1 9 9 2 0 7 4 2 7 . . . . 6 0 1 4 Crude petroleum 104.8 113.2 113.2 113.2 Petroleum products, refined. 101.6 107.3 107.3 106.3 Nonmetallic mineral products: Chemicals and allied products: Flat glass 116.4 124.3 Industrial chemicals 101.5 102.4 102.4 102.4 Concrete ingredients 115.9 124.0 Prepared paint 112.7 115.9 115.9 115.9 Concrete products 113.7 122.8 Paint materials 100.1 99.8 99.7 99.7 Structural clay products excluding Drugs and pharmaceuticals 101.2 102.7 102.6 102.6 refractories 110.7 114.9 Fats and oils, inedible 144.4 134.2 132.9 129.0 Refractories 119.7 126.9 Agricultural chemicals and products.. 89.5 92.0 92.0 90.4 Asphalt roofing 102.3 131.2 Plastic resins and materials 91.3 89.0 89.5 89.9 Gypsum products 97.1 114.3 Other chemicals and products 109.3 112.4 112.4 112.5 Glass containers 119.6 131.5 Other nonmetallic minerals 114.6 125.7 Rubber and plastic products:1 Crude rubber 99.6 99.6 99.3 99.0 Tires and tubes 112.0 111.4 110.8 110.8 Transportation equipment: Miscellaneous rubber products 117.0 119.3 119.8 119.2 Plastic construction products (Dec. Motor vehicles and equipment. 112.5 114.9 1969 = 100) 95.5 94.1 94.7 94.6 Railroad equipment 116.0 122.5 Unsupported plastic film and sheeting (Dec. 1970=100) 100.1 100.0 100.0 Laminated sheets, high pressure (Dec. 1970=100) 98.6 98.6 98.2 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms, ammunition 110.6 112.6 Lumber 113.8 146.7 146.8 142.7 Tobacco products 117.0 116.8 Millwork 114.3 123.8 123.7 123.7 Notions 109.0 111.7 Plywood 108.0 120.5 119.1 116.2 Photographic equipment and supplies 105.5 106.3 Other wood products. 117.1 118.9 118.9 118.8 Other miscellaneous products 109.9 112.9 i 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 • NOVEMBER 1971 GROSS NATIONAL PRODUCT (In billions of dollars) 1970 1971 Item 1929 1933 1941 1950 1966 1967 1968 1969 1970 III IV Gross national product. 103.1 55.6 124.5 284.8 749.9 793.9 864.2 929.1 974.1 983.5 988.41,020.81,043.1 Final purchases 101 57.2 120.1 278.0 735.1 785.7 857.1 921.7 971.3 978. 984.7 1,017.67,057.4 Personal consumption expenditures. 77.2 45.8 80.6 191.0 466.3 492.1 536.2 579.6 615.8 620.9 624.7 644.6 Durable goods 9.2 3.5 9.6 30.5 70 73.1 84.0 89.9 88.6 90.4 84.9 97.6 Nondurable goods 37.7 22.3 42.9 98.1 206.9 215.0 230. 247.6 264.7 265.5 270.9 272.0 Services 30.3 20.1 28 62.4 188.6 204.0 221.3 242. 262.5 265.0 268.9 275.0 Gross private domestic investment 16.2 1.4 17.9 54.1 121.4 116.6 126.0 137.8 135.3 138.6 137.3 143.8' Fixed investment 14.5 3.0 13.4 47.3 106.6 108.4 118.9 130.4 132.5 133.5 133.6 140.6\ No S n t r r e u si c d t e u n r t e ia s l 10 5 . . 6 0 2. . 4 9 9 2 . . 5 9 27 9 . . 9 2 8 2 1 8 .6 . 8 2 3 8 . . 3 0 8 3 8 0 . . 8 3 9 3 8 4 . . 6 5 10 3 2 6 . . 1 10 3 4 7 . . 8 3 10 3 0 7 . . 8 1 10 3 4 7 . . 3 9 , Producers' durable equipment. 5.6 1.5 6.6 18.7 53. 55.3 58 64.1 65.4 67.5 63.7 66.3 Residential structures 4.0 .6 3.9 19.4 25.0 25.1 30.1 31.8 30.4 28.7 32.8 36.4 Chan N g o e n i f n a r b m us iness inventories 3 1 . . 8 7 -1. . 6 5 4 3 . . 5 7 168. 6 2 1 4 4. . 5 2 8 4 . . 2 5 29 7 . . 3 7 1 . . 4 2 2 2 9 . . 7 28 5. . 1 3 3 2 . . 7 2 35 3 . . 7 2 Nonfarm 1. -1.4 4.0 6.0 15.0 7.5 6.9 7.3 2.5 4.7 3.3 3.0j Net exports of goods and services. 1.1 .4 1.3 1.8 5.3 5.2 2.5 2.0 3.6 4.0 2.7 4.2 I E m xp p o o r r t t s s 7 5 . . 0 9 2 2. . 0 4 4 5. 9 1 1 3 2 . . 0 4 3 3 8 . . 4 4 6 1 . . 2 0 4 5 8 0 . . 1 6 5 5 5 3 . . 6 6 5 6 9 2 . . 3 9 6 5 3 9 . . 7 7 6 6 3 0. . 5 2 6 61 6 . . 9 1 Government purchases of goods and services. 8.5 8.0 24.8 37.9 156.8 180.1 199.6 209.7 219.4 220.1 223.7 228.2 Federal 1.3 2.0 16.9 18.4 77. 90.7 98.8 99.2 97.2 96 95.9 96.7 National defense 13. 14.1 60.7 72.4 78.3 78.4 75.4 74.2 73.2 73.0 Other 3. 4.3 17. 18.4 20.5 20.7 21.9 21.9 22.7 23.7; State and local 7.2 6.0 7. 19.5 79.0 89.4 100.8 110.6 122.2 124.0 127.9 131.5| Gross national product in constant (1958) dollars 203.6 141.5 263.7 355.3 658.1 675.2 706.6 724.7 720.0 723.3 715.9 729.7i 738.4 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 11992299 11993333 11994411 11995500 11996666 11996677 11996688 11996699 11997700 Item III IV I II III? National income 86.8 40.3 104.2 241.1 620.6 653.6 711.1 763.7 795.9 802.2 802.1 828.3 844.5 Compensation of employees. 51.1 29.5 64.8 154.6 435.5 467,2 514.6 565.5 601.9 606.5 609.3 627.9 639.5 647.5 Wages and salaries.... 50.4 29.0 62.1 146.8 394.5 423.1 464.9 509.6 541.4 545.2 547.2 562.3 572.4 578.8 Private 45.5 23.9 51.9 124.4 316.8 337.3 369.2 405.5 426.6 429.4 429.9 441.2 449.8 453.9 Military .3 .3 1.9 5.0 14.6 16.2 17.9 19.0 19.4 19.2 18.6 19.2 18.6 18.0 Government civilian. 4.6 4.9 8.3 17.4 63.1 69.5 77.8 85.1 95.5 96.6 98.6 101.8 104.0 106.9 Supplements to wages and salaries .7 .5 2.7 7.8 41.0 44.2 49.7 56.0 60.5 61.3 62.1 65.7 67.1 68.7 Employer contributions for social insurance .1 .1 2.0 4.0 20.3 21.9 24.3 27.8 29.6 30.1 30.1 33.1 33.7 34.6 Other labor income '.6 .4 .7 3.8 20.7 22.3 25.4 28.2 30.8 31.2 32.0 32.6 33.4 34.1 Proprietors' income 15.1 5.9 17.5 37.5 61.3 62.1 64.2 67.0 66.9 66.0 65.9 66.0 66.7 68.8 Business and professional. 9.0 3.3 11.1 24.0 45.2 47.3 49.5 50.3 51.0 51.4 51.5 51.2 51.5 51.8 Farm 6.2 2.6 6.4 13.5 16.1 14.8 14.7 16.8 15.8 14.5 14.4 14.8 15.2 17.0 Rental income of persons 5.4 2.0 3.5 9.4 20.0 21.1 21.2 22.6 23.3 23.4 23.7 23.8 24.2 24.5 Corporate profits and inventory valuation adjustment 10.5 -1.2 15.2 37.7 82.4 78.7 84.3 78.6 70.8 73.0 69.0 75.5 78.3 Profits before tax 10.0 1.0 17.7 42.6 84.2 79.8 87.6 84.2 75.4 78.5 71.6 79.1 83.3 Profits tax liability 1.4 .5 7.6 17.8 34.3 33.2 39.9 39.7 34.1 35.6 32.3 36.2 37.4 Profits after tax 8.6 .4 10.1 24.9 49.9 46.6 47.8 44.5 41.2 42.9 39.2 42.9 46.0 Dividends 5.8 2.0 4.4 8.8 20.8 21.4 23.6 24.4 25.0 25.2 25.0 25.6 25.4 25.7 Undistributed profits. 2.8 -1.6 5.7 16.0 29.1 25.3 24.2 20.0 16.2 17.7 14.3 17.3 20.5 Inventory valuation adjustment. .5 -2.1 -2.5 -5.0 -1.8 -1.1 -3.3 -5.5 -4.5 -5.5 —2.6 -3.5 -5.1 -6.5 Net interest 4.7 4.1 3.2 2.0 21.4 24.4 26.9 29.9 33.0 33.4 34.2 35.0 35.8 36.4 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
NOVEMBER 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 1929 1933 1950 1966 1967 1968 1969 1970 III IV III* Gross national product. 103.1 55.6 124.5 284.8 749.9 793.9 864.2 929.1 974.1 983.5 988.41,020.8 1,043.1 1,059.0 Less: Capital consumption allowances 7.9 7.0 8.2 18.3 63.9 68.9 74.5 81.1 87.6 88.2 89.8 95.6 97.3 99.5 Indirect business tax and nontax liability 7.0 7.1 11.3 23.3 65.7 70.4 78.6 85.7 92.9 94.2 95.8 99.3 101.7 105.3 Business transfer payments .6 .7 .5 .8 3.0 3 3.4 3.7 3.9 4.0 4.1 4.2 4.2 4.3 Statistical discrepancy .7 .6 .4 1.5 -1.0 -.7 -2.7 -4.1 -4.5 -3.2 -1.6 -4.9 -4.0 Plus: Subsidies less current surplus of government enterprises -.1 .1 .2 2.3 1.4 .7 1. 1.7 1.9 1.7 1.6 .7 1.2 Equals: National income 86.8 40.3 104.2 241.1 620.6 653.6 711.1 763.7 795.9 802.2 802.1 828.3 844.5 Less: Corporate profits and inventory valuation adjustment 10.5 -1.2 15.2 37.7 82.4 78.7 84.3 78.6 70 73.0 69.0 75.5 78.3 Contributions for social insurance .2 .3 2. 6.9 38.0 42.4 47. 54.0 57.6 58.4 58.5 63.9 65.0 66.2 Excess of wage accruals over disbursements -.4 Plus: Government transfer payments 1.5 2.6 14.3 41. 48.7 56.1 62.2 75.6 77.2 80.7 83.7 92.2 92.6 Net interest paid by government and consumers 2.5 1.6 2.2 7.2 22.2 23.6 26.1 29.0 31.7 32.2 32.4 32.0 31.7 32.2 Dividends 5. 2.0 4.4 8.8 20.8 21.4 23.6 24.4 25.0 25.2 25.0 25.6 25.4 25.7 Business transfer payments .6 .7 .5 .8 3.0 3.1 3.4 3.7 3.9 4.0 4.1 4.2 4.2 4.3 Equals: Personal income 85.9 47.0 96.0 227.6 587.2 629.3 688.9 750.3 803.6 809.8 816.7 834.3 854.8 865.9 Less: Personal tax and nontax payments. 2.6 1.5 3.3 20.7 75.4 83.0 97.9 116.2 115.9 113.5 115.2 112.7 114.0 116.7 Equals: Disposable personal income 83.3 45.5 92.7 206.9 511.9 546.3 591.0 634.2 687.8 696.2 701.5 721.6 740.8 749.2 Less: Personal outlays 79.1 46.5 81.7 193.9 479.3 506.0 551.2 596.3 633.7 638.9 643.0 663.2 679.9 691.2 Personal consumption expenditures. 77.2 45. 80.6 191.0 466.3 492.1 536.2 579.6 615. 620.9 624.7 644.6 660.9 672.1 Consumer interest payments 1.5 .5 .9 2.4 12.4 13.2 14.3 15 16.9 17.1 17.4 17.7 17.9 18.0 Personal transfer payments to foreigners .3 .2 .2 .5 .6 .7 .9 .9 .9 .9 .9 1.0 1.0 Equals: Personal saving. 4.2 -.9 11.0 13.1 32.5 40.4 39.8 37.9 54.1 57.4 58.5 58.4 60.9 58.0 Disposable personal income in constant (1958) dollars 150.6 112.2 190.3 249.6 458.9 477.5 499.0 513.5 531.5 536.0 532.5 542.7 551.8 553.6 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 IItteemm 11996699 11997700 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.* Total personal income 750.3 803.6 814.9 813.6 815.7 820.9 830.0 833.2 839.7 844.4 850.0 870.1 859.2 867.6 870.8 Wage and salary disbursements 509.6 541.4 548.7 544.2 545.9 551.5 559.2 561.5 566.1 569.0 573.3 574.8 574.7 580.9 580.9 Commodity-producing industries. . 197.4 200.7 201.3 196.6 196.6 202.1 202.8 202.5 204.3 205.4 207.1 207.5 206.2 206.5 208.0 Manufacturing only 157.6 158.3 159.0 153.8 153.2 158.4 159.4 159.2 160.2 160.6 162.0 162.4 161.4 161.4 162.4 Distributive industries 120.0 129.1 131.3 131.9 132.2 131.4 134.2 135.4 136.8 137.6 138.7 138.6 138.6 140.5 140.7 Service industries 88.1 96.7 97.8 98.8 99.8 100.4 101.9 102.4 103.3 103.9 105.0 105.7 106.3 107.4 107.5 Government 104.1 114.8 118.3 116.8 117.3 117.7 120.3 121.2 121.6 122.1 122.6 123.0 123.6 126.6 124.7 Other labor income 28.2 30.8 31.4 31.7 32.0 32.2 32.4 32.6 32.8 33.1 33.4 33.7 33.9 34.1 34.3 Proprietors' income 67.1 66.8 65.3 65.7 65.9 66.1 65.9 65.9 66.2 66.5 66.7 66.9 67.8 68.8 69.8 Business and professional 50.3 51.0 51.4 51.5 51.4 51.5 51.2 51.1 51.3 51.4 51.5 51.6 51.7 51.8 51.9 Farm 16.8 15.8 13.9 14.2 14.5 14.6 14.7 14.8 14.9 15.1 15.2 15.3 16.1 17.0 17.9 Rental income 22.6 23.3 23.5 23.5 23.7 23.8 23.9 23.5 24.0 24.1 24.2 24.3 24.4 24.5 24.5 Dividends 24.4 25.0 25.4 25.4 25.5 23.9 25.6 25.7 25.5 25.5 25.6 25.2 25.6 25.7 25.7 Personal interest income 58.8 64.7 66.3 66.5 66.7 66.8 66.9 67.0 67.0 67.3 67.5 67.5 68.1 68.7 69.2 Transfer payments 65.9 79.6 82.9 84.7 84.5 85.1 86.8 87.8 89.1 89.8 90.5 109.0 96.2 96.5 98.0 Less: Personal contributions for social insurance 26.3 28.0 28.5 28.2 28.3 28.6 30.7 30.8 31.1 31.1 31.3 31.4 31.5 31.7 31.7 Nonagricultural income 727.7 781.4 794.2 792.5 795.0 800.5 808.7 811.6 818.0 822.5 827.9 848.0 836.4 843.9 846.1 Agricultural income 22.6 22.2 20.7 21.1 20.7 20.4 21.3 21.5 21.7 21.9 22.1 22.1 22.9 23.7 24.7 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 • NOVEMBER 1971 SUMMARY OF FUNDS RAISED AND ADVANCED IN U.S. CREDIT MARKETS (Seasonally adjusted annual rates; in billions of dollars) 1969 1970 1971 TTrraannssaaccttiioonn ccaatteeggoorryy,, oorr sseeccttoorr 1966 1967 1968 1969 1970 II III IV I II III IV I II Funds raised, by type and sector Total funds raised 1 1 by nonfinancial sectors 68.5 83.5 96.9 90.4 97.5 93.6 88.4 86.8 81.4 103.7 94.6 110.6 112.5 175.7 7, U.S. Government 3.5 13.0 13.4 -3.6 12.8 -9.5 -.7 1.2 3.0 16.0 12.2 20.0 -1.6 47.7 2 T Public debt securities 2.3 8.9 10.3 -1.3 12.9 -8.8 4.9 4.9 3.5 18.1 11.4 18.5 1.4 48.0 3 4 Budget agency issues 1.2 4.1 3.1 -2.4 -.1 -.7 -5.6 -3.7 -.5 -2.0 .8 1.5 -2.9 -.2 4 5 All other nonfinancial sectors.. 64.9 70.5 83.5 94.1 84.7 103.0 89.1 85.7 78.3 87.7 82.4 90.6 114.0 128.0 5 6 Corporate equity shares .9 2.4 -.7 4.8 6.8 3.6 6.0 9.2 5.9 6.0 5.4 9.9 9.2 16.9 6 7 Debt instruments 64.0 68.1 84.2 89.3 77.9 99.5 83.2 76.4 72.4 81.7 77.1 80.7 104.8 111.1 7 8 Debt capital instruments 39.0 46.6 50.9 49.1 58.8 51.5 45.2 42.5 45.6 54.6 60.0 74.7 82.4 84.5 8 9 State and local govt, sees 5.7 8.7 9.6 8.1 11.8 9.4 5.6 4.7 8.9 10.2 8.9 19.3 25.6 16.3 9 10 Corporate and fgn. bonds... 11.0 15.9 14.0 13.1 21.1 13.3 12.1 11.1 15.0 22.4 22.2 24.8 25.0 23.2 10 11 Mortgages 22.3 22.0 27.3 27.9 25.8 28.8 27.5 26.7 21.7 22.0 28.9 30.7 31.8 45.0 11 12 Home mortgages 11.4 11.6 15.2 15.7 12.8 16.6 15.7 13.9 10.7 11.1 15.2 14.2 15.0 24.7 12 13 Other residential 3.1 3.6 3.5 4.8 5.9 4.7 4.8 5.6 4.6 5.4 6.5 6.9 7.3 10.2 13 14 Commercial 5.7 4.7 6.6 5.5 5.4 5.1 5.3 5.8 4.8 4.2 5.2 7.5 7.3 9.0 14 15 Farm 2.1 2.1 2.1 1.9 1.8 2.3 1.8 1.5 1.5 1.4 2.1 2.1 2.2 1.2 15 16 25.0 21.6 33.3 40.2 19.2 47.9 38.0 33.9 26.7 27.0 17.0 6.0 22.4 26.6 16 17 Bank loans n.e.c 10.3 9.6 13.4 15.7 2.7 19.1 11.7 14.2 7.6 9.0 1.9 -7.6 4.5 12.9 17 18 Consumer credit 7.2 4.6 11.1 9.3 4.3 10.8 8.9 7.5 4.8 6.1 6.2 .2 4.0 9.0 18 19 Open market paper 1.0 2.1 1.6 3.3 3.8 4.7 2.7 1.0 5.0 2.2 .5 7.5 2.9 -3.8 19 20 Other 6.4 5.2 7.3 11.8 8.4 13.3 14.6 11.2 9.4 9.8 8.4 5.9 10.9 8.4 20 21 By borrowing sector 64.9 70.5 83.5 94.1 84.7 103.0 89.1 85.7 78.3 87.7 82.4 90.6 114.0 128.0 21 22 Foreign 1.5 4.1 3.0 3.7 2.6 6.0 2.3 2.4 2.6 1.7 2.2 4.0 5.0 6.4 22 23 State and local governments 6.4 8.8 9.9 8.5 12.2 9.7 5.8 5.1 9.4 10.4 9.7 19.5 26.0 16.5 23 24 Households 23.2 19.7 31.8 32.2 21.6 36.0 31.5 28.2 22.8 21.5 24.8 17.2 23.7 39.0 24 25 Nonfinancial business 33.8 37.9 38.8 49.7 48.3 51.3 49.4 49.9 43.4 54.2 45.7 50.0 59.4 66.1 25 26 24.9 29.3 30.3 39.1 38.8 41.1 37.4 41.0 36.9 45.2 33.6 39.2 46.6 52.1 26 27 Nonfarm noncorporate 5.5 5.0 5.8 7.4 6.3 6.6 8.7 6.4 3.5 5.2 8.7 7.7 8.2 9.8 27 28 Farm 3.5 3.5 2.7 3.2 3.2 3.6 3.3 2.5 3.0 3.8 3.3 3.1 4.6 4.3 28 Funds advanced directly in credit markets Total funds raised 68.5 83.5 96.9 90.4 97.5 93.6 88.4 86.8 81.4 103.7 94.6 110.6 112.5 175.7 1 Advanced directly by— 2 U.S. Government 4.9 4.6 4.9 2.5 3.2 1.7 3.7 2.3 3.9 3.6 3.5 1.8 4.3 4.4 2 3 U.S. Govt, credit agencies, net. .3 .5 -.2 .2 1.2 -.8 — 1 1.5 -.7 1.6 .9 3.0 2.1 -6.4 3 4 Funds advanced 5.1 -.1 3.2 9.0 9.9 7.6 10.5 14.1 13.7 7.1 8.7 10.1 .3 -5.7 4 5 Less funds raised in cr. mkt.. 4.8 -.6 3.5 8.8 8.7 8.4 10.6 12.5 14.4 5.5 7.8 7.0 -1.8 .7 5 6 Federal Reserve System 3.5 4.8 3.7 4.2 5.0 4.0 -.5 9.3 1.2 5.5 7.7 5.5 16.1 1.9 6 7 Commercial banks, net 16.7 36.6 39.5 12.2 31.3 29.3 -.9 12.1 1.0 23.3 63.6 37.3 39.3 59.6 7 8 Funds advanced 16.8 36.9 39.7 16.5 29.5 33.8 4.2 18.9 10.1 27.4 52.1 28.4 36.7 59.8 8 9 Less funds raised • 1 .2 .2 4.3 -1.8 4.5 5.0 6.8 9.1 4.1 -11.6 -8.9 -2.6 .2 9 10 Private nonbank finance 25.9 34.4 34.2 30.1 38.9 39.6 25.6 24.4 25.3 42.4 42.0 45.8 71.0 82.5 10 11 Savings institutions, net 7.8 16.8 14.6 10.4 14.7 13.3 6.8 5.6 4.7 15.3 18.0 20.7 45.4 50.0 11 12 Insurance 19.3 18.7 22.0 21.8 24.9 27.5 20.6 19.5 23.2 27.1 24.1 25.3 29.5 34.5 12 13 Finance n.e.c., net -1.3 -1.1 -2.5 -2.1 -.7 -1.2 -1.8 -.7 -2.6 * * -.3 -3.9 -1.9 13 14 Foreign -1.8 2.8 2.5 1.3 10.9 1.0 5.1 -1.1 9.4 9.5 4.9 19.6 27.3 30.5 14 15 Private domestic nonfinancial.. 19.1 -.2 12.3 39.8 7.1 18.9 55.5 38.4 41.2 17.9 -27.9 -2.5 -47.7 3.1 15 16 Business 3.6 -.2 7.4 13.8 -1.0 14.1 18.1 7.0 15.1 12.3 -28.5 -2.9 1.2 6.5 16 17 State and local governments. 3.4 2.1 .4 6.1 -3.8 2.9 7.7 5.6 -2.5 -5.3 -7.8 .4 1.8 3.0 17 18 Households 11.9 * 5.8 18.3 10.6 1.7 26.4 25.3 24.8 8.8 8.1 .5 -51.1 -1.4 18 19 Less: Net security credit -.2 2.2 1.4 -1.6 -1.4 -.2 -3.2 -.4 -3.8 -2.1 -.2 .6 -.5 5.0 19 Sources of funds supplied to credit markets Total borrowing 1 by nonfinancial sectors 68.5 83.5 96.9 90.4 97.5 93.6 88.4 86.8 81.4 103.7 94.6 110.6 112.5 175.7 1 Supplied directly and indirectly by pvt. domestic nonfin. sectors: 2 Total 42.8 51.3 60.8 44.5 68.2 27.0 47.6 44.3 55.1 72.0 69.2 76.6 80.6 93.3 2 3 Deposits 23.7 51.5 48.5 4.7 61.1 8.2 -7.9 5.9 13.9 54.1 97.1 79.2 128.2 90.2 3 4 Demand dep. and currency.. 4.0 12.4 14.8 7.1 6.1 6.6 7.6 8.2 2.0 7.0 7.3 8.3 16.5 21.5 4 5 Time and svgs. accounts.... 19.7 39.1 33.7 -2.4 54.9 1.6 -15.5 -2.3 11.9 47.1 89.9 70.8 111.7 68.7 5 6 At commercial banks... 12.5 22.5 20.8 -10.5 38.4 -7.4 -21.3 -6.4 7.4 31.9 68.2 46.3 61.2 26.9 6 7 At savings instit 7.2 16.6 12.9 8.1 16.5 9.0 5.8 4.2 4.4 15.2 21.7 24.5 50.5 41.8 7 8 Credit market instr., net 19.1 -.2 12.3 39.8 7.1 18.9 55.5 38.4 41.2 17.9 -27.9 -2.5 -47.7 3.1 8 9 U.S. Govt, securities 8.5 -1.7 7.7 15.0 -6.9 .9 23.2 14.1 6.5 -8.0 -6.8 -19.2 -50.1 1.8 9 10 Pvt. credit market instr 11.4 7.8 13.4 27.0 15.2 23.6 29.6 27.5 37.6 23.9 -22.1 21.5 14.7 9.4 10 11 Corporate equities -1.0 -4.1 -7.4 -3.8 -2.6 -5.9 -.6 -3.7 -6.7 -.1 .7 -4.3 -12.8 -3.1 11 12 Less security debt -.2 2.2 1.4 -1.6 -1.4 -.2 -3.2 -.4 -3.8 -2.1 -.2 .6 -.5 5.0 12 Other sources: 13 .7 4.6 4.3 9.6 2.4 14.8 10.4 -.6 10.8 2.7 -4.5 .7 9.7 27.6 13 14 2.5 1.7 1.8 8.3 -8.4 13.8 5.3 .5 1.3 -6.8 -9.4 -18.9 -17.5 -3.0 14 15 Direct -1.8 2.8 2.5 1.3 10.9 1.0 5.1 -1.1 9.4 9.5 4.9 19.6 27.3 30.5 15 16 Chg. in U.S. Govt, cash balance. -.4 1.2 -1.1 .4 2.6 1.7 1.6 3.9 1.0 2.1 1.4 6.1 -18.7 17.0 16 17 U.S. Government loans 4.9 4.6 4.9 2.5 3.2 1.7 3.7 2.3 3.9 3.6 3.5 1.8 4.3 4.4 17 18 Pvt. insur. and pension res 16.7 17.5 18.5 18.7 21.0 22.4 18.7 18.9 18.7 22.7 19.8 22.8 25.3 24.3 18 19 Sources n.e.c 3.8 4.3 9.5 14.7 .1 26.0 6.4 18.1 -8.1 .7 5.3 2.5 11.2 9.1 19 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER 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 I II III IV I II Demand deposits and currency 1 Net incr. in banking system liability. . 2.6 14.8 14.8 8.5 10.1 10.3 11.0 13.2 5.1 9.8 8.9 16.9 -.9 38.0 1 2 U.S. Government deposits -.4 1.1 -1.2 .6 2.5 1.7 1.9 4.2 1.1 2.0 .7 6.0 -19.1 16.9 2 3 Money supply 3.0 13.7 16.0 7.9 7.7 8.6 9.1 9.0 4.0 7.8 8.2 10.8 18.2 21.1 3 4 Domestic sectors 3.9 13.4 15.7 7.6 7.4 8.0 8.5 9.0 2.6 8.2 8.6 10.3 18.4 21.2 4 5 Households 3.1 9.4 11.1 5.9 4.7 10.2 9.5 5.1 5.4 7.4 5.0 1.0 10.8 15.6 5 6 Nonfinancial business .7 .8 1.8 -.8 -.9 -5.6 -4.3 3.0 -2.3 -2.7 .7 .9 .4 4.9 6 7 State and local governments. -.1 -1.0 .7 3.2 1.2 3.4 3.9 2.9 -.3 1.0 1.1 3.1 -.3 -2.3 7 8 Financial sectors —. 1 1.0 .9 .5 1.3 1.4 .9 .8 .5 1.2 1.4 2.0 1.9 -.3 8 9 Mail float .3 3.2 1.2 -1.2 1.1 -1.3 -1.5 -2.8 -.7 1.3 .5 3.3 5.6 3.3 9 10 Rest of the world -1.0 .3 .3 .3 .3 .6 .6 1 * 1.4 -.4 -.5 .5 -.1 -.2 10 Time and savings accounts 1 Net increase—Total 20.2 40.8 33.3 -1.6 53.9 -.2 -15.4 3.4 16.8 44.3 87.5 67.1 112.9 73.3 1 2 At commercial banks—Total.... 13.3 23.8 20.6 -9.7 36.7 -9.0 -21.2 -1.1 11.6 28.5 65.6 41.3 60.6 30.0 2 3 Corporate business -.7 2.9 1.9 -9.8 12.8 -9.5 -11.0 -4.2 .5 6.1 32.3 12.2 3.0 -1.5 3 4 State and local governments... 1.3 2.4 3.2 -5.9 9.9 -5.0 -10.3 -4.6 6.4 10.3 13.4 9.6 10.8 2.4 4 5 Foreign .8 1.2 -.3 1.0 -1.9 -1.4 .4 5.7 4.3 -3.5 -3.2 -5.1 -1.2 2.6 5 6 Households 11.9 17.1 15.7 5.2 15.8 7.1 * 2.4 .5 15.5 22.5 24.5 47.4 26.0 6 7 At savings institutions 7.0 17.0 12.8 8.1 17.2 8.8 5.7 4.5 5.2 15.8 21.9 25.8 52.3 43.3 7 Liabilities— 8 Savings and loan assns 3.6 10.6 7.5 4.1 11.1 4.8 2.9 .7 2.0 9.8 15.6 16.9 36.8 28.6 8 9 Mutual savings banks 2.6 5.1 4.2 2.6 4.4 2.7 1.5 2.2 1.6 4.4 4.7 7.0 12.4 11.6 9 10 Credit unions .8 1.2 1.1 1.4 1.7 1.2 1.3 1.5 1.6 1.7 1.5 1.9 3.1 3.1 10 Assets— 11 Households 7.2 16.6 12.9 8.1 16.5 9.0 5.8 4.2 4.4 15.2 21.7 24.5 50.5 41.8 11 12 Cr. union deps. at S & L's... -.2 .3 -.1 * .7 -.2 .3 .8 .6 .2 1.3 1.8 1.5 12 "-1 U.S. Government securities 1 8.7 12.5 16.7 5.5 21.6 -1.0 10.0 13.8 17.5 21.6 20.1 27.0 -3.3 48.5 1 2 Household savings bonds .6 1.0 .4 -.4 .3 -.4 -.8 .1 -.9 -.2 .5 1.7 1.9 2.7 2 3 Direct excluding savings bonds... 1.8 7.9 9.9 -.9 12.6 -8.4 5.6 4.8 4.4 18.3 10.9 16.8 -.6 45.2 3 4 Budget agency issues * .1 1.5 -.4 1.3 -1.3 -.8 -.2 2.1 .2 1.0 1.7 .8 .4 4 5 Sponsored agency issues 5.1 -.6 3.2 9.1 8.7 8.4 10.6 12.5 14.4 5.5 7.8 7.0 -1.8 .7 5 6 Loan participations 1.3 4.0 1.7 -1.9 -1.3 .7 -4.8 -3.3 -2.6 -2.2 -.1 -.2 -3.6 -.5 6 7 Net acquisitions, by sector 8.7 12.5 16.7 5.5 21.6 -1.0 10.0 13.8 17.5 21.6 20.1 27.0 -3.3 48.5 7 8 U.S. Government (agency sec.)... 1.3 —. 1 .1 -1.3 -.1 -2.2 -.8 -1.0 .1 • .1 -.6 * 8 9 Sponsored credit agencies 1.0 * -.1 -.2 1.7 .3 -.5 1.2 2.0 -.5 1.0 4.4 ' -i!9 -2.7 9 10 Direct marketable .3 .9 -.1 -.5 1.9 .3 -.8 .4 2.8 -.8 1.2 4.3 -3.9 -.2 10 11 FHLB special issue. .6 — .9 .3 - .2 * .3 .8 - .8 .2 -.2 .1 2.0 -2.6 11 12 Federal Reserve System 3.5 4.8 3.8 4.2 5.0 4.2 -.4 9.2 1.1 5.4 7.9 5.6 15.7 2.2 12 13 Foreign -2.4 2.1 -.5 -1.8 9.1 -1.8 2.7 -3.7 8.0 8.2 4.7 15.5 26.1 28.8 13 14 Commercial banks -3.6 9.3 3.4 -9.5 9.0 -7.2 -9.5 -5.2 .5 6.8 11.0 17.6 2.8 15.6 14 15 Direct -3.4 6.3 2.2 -9.3 5.8 -8.8 -7.6 -6.2 -.7 6.8 8.9 8.0 -.6 12.2 15 16 Agency issues -.2 3.0 1.3 -.3 3.2 1.6 -1.9 1.0 1.3 * 2.1 9.6 3.4 3.4 16 17 .4 -1.9 2.2 -.8 3.7 4.8 -4.7 -.8 -.7 9.8 2.2 3.7 4.0 2.8 17 18 Direct -.2 -2.2 .4 -2.4 1.5 2.7 -7.3 -.6 -3.2 7.6 -.7 2.5 -7.4 2.5 18 19 Agency issues .5 .3 1.8 1.6 2.2 2.0 2.6 -.2 2.6 2.2 2.9 1.2 11.4 .2 19 20 Pvt. domestic nonfinancial 8.5 -1.7 7.7 15.0 -6.9 .9 23.2 14.1 6.5 -8.0 -6.8 -19.2 -50.1 1.8 20 21 Savings bonds—Households... .6 1.0 .4 -.4 .3 -.4 -.8 .1 -.9 -.2 .5 1.7 1.9 2.7 21 22 Direct excl. savings bonds 3.3 -3.0 4.1 8.7 -10.5 -5.1 18.8 5.0 -2.7 -9.2 -10.8 -19.2 -32.5 2.2 22 23 Agency issues 4.7 .4 3.2 6.7 3.4 6.4 5.2 9.1 10.1 1.4 3.5 -1.7 -19.5 -3.1 23 Private securities 1 Total net issues, by sector 18.5 28.2 23.9 27.7 42.3 28.8 25.1 26.3 31.3 41.0 39.3 57.7 65.3 58.9 1 2 State and local governments 5.7 8.7 9.6 8.1 11.8 9.4 5.6 4.7 8.9 10.2 8.9 19.3 25.6 16.3 2 3 Nonfinancial corporations 11.4 17.0 12.1 16.4 27.0 14.9 16.1 19.8 20.2 28.9 25.7 33.4 32.8 38.5 3 4 .8 1.0 .8 1.6 2.5 2.2 1.4 1.3 1.3 2.3 2.8 3.8 5.5 2.5 4 5 .1 .2 .2 1 .1 .3 * — 1 .2 * * * * * 5 6 Rest of the world .5 1.3 1.3 1.5 .9 2.0 2.0 .5 .7 -.4 2.0 1.3 1.4 1.6 6 7 Net purchases. 18.5 28.2 23.9 27.7 42.3 28.8 25.1 26.3 31.3 41.0 39.3 57.7 65.3 58.9 7 8 Households 3.2 -1.8 -1.2 3.0 8.1 -1.8 5.2 5.3 6.9 9.8 2.5 13.3 -3.3 3.3 8 9 Non financial corporations 1.0 -.2 -1.1 5.1 1.4 3.1 5.5 5.0 .6 2.0 1.6 1.2 6.1 3.4 9 10 Stat e and local governments 1.1 1.9 -.4 2.6 .2 3.0 .9 1.4 .4 .7 -.8 .6 2.8 2.7 10 11 Co mmercial banks 1.9 9.8 8.9 .3 10.8 2.4 -1.1 -1.7 5.0 8.9 14.5 14.7 19.4 14.9 11 12 M utual savings banks .3 2.3 1.6 .6 1.7 1.0 * .2 1.2 2.0 1.2 2.5 8.3 6.7 12 13 Insurance and pension funds 12.9 16.6 17.6 16.8 18.7 20.5 15.0 15.4 17.0 20.6 13.9 23.2 26.7 34.0 13 14 Finance n.e.c -2.2 -.9 -3.6 -2.8 1 -.2 — 1.1 -2.2 -.3 -3.5 4.3 -.1 4.3 -5.9 14 15 Security brokers and dealers... 1 .2 -.9 .2 .7 .9 2.3 -2.6 * .2 5.2 -2.7 2.4 -6.6 15 16 Investment companies, net -2.4 -1.1 -2.8 -3.0 -.6 -1.2 -3.4 .3 -.3 -3.7 -1.0 2.5 1.9 .6 16 17 Portfolio purchases 1.4 1.5 1.9 2.7 1.8 3.6 2.7 4.6 1.3 -1.0 2.4 4.5 2.1 .4 17 18 Net issues of own shares.... 3.7 2.6 4.7 5.7 2.4 4.8 6.1 4.2 1.6 2.7 3.4 2.1 .2 -.2 18 19 Rest of the world .3 .6 2.3 2.1 1.4 .9 .7 2.9 .6 .5 2.1 2.3 .9 -.2 19 Bank loans n.e.c. 1 Total net borrowing 9.0 7.5 15.7 17.8 2.1 24.0 11.1 17.6 5.2 10.3 5.0 -11.8 10.2 15.1 1 2 Households .4 2.1 3.1 2.4 .8 4.2 .9 1.5 2.3 -1.1 1.2 1.0 3.4 4.7 2 3 Nonfinancial business 10.1 7.7 10.6 13.5 2.3 14.4 12.3 12.8 4.6 10.4 .9 -6.7 .6 5.9 3 4 Rest of the world -.2 -.2 -.3 -.2 -.4 .6 -1.5 — 1 .6 -.3 -.2 -1.9 .5 2.3 4 5 Financial sectors -1.3 -2.1 2.3 2.1 -.5 4.9 -.6 3.4 -2.3 1.2 3.0 -4.1 5.7 2.2 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 74 U.S. BALANCE OF PAYMENTS • NOVEMBER 1971 1. U.S. BALANCE OF PAYMENTS (In millions of dollars) 1970 1971 LLiinnee CCrreeddiittss--}}--;; ddeebbiittss —— 11996699 11997700 I II III IV I HP Summary—Seaspnally adjusted 1 Merchandise trade balance 1 660 2,110 513 751 704 142 269 -1,040 2 Exports 36,490 41,980 10,241 10,582 10,696 10,461 11,030 10,716 3 Imports -35,830 -39,870 -9,728 -9,831 -9,992 -10,319 -10,761 -11,756 4 Military transactions, net -3,341 -3,371 -908 -808 -884 -770 -667 -677 5 Travel and transportation, net -1,780 -1,979 -448 -500 -553 -478 -427 -632 6 Investment income, net 2 5,975 6,242 1,577 1,469 1,571 1,626 1,760 2,155 7 U.S. direct investments abroad 7,340 7,906 2,039 1,905 1,973 1,988 2,033 2,419 8 Other U.S. investments abroad 3,199 3,503 886 886 882 851 864 820 9 Foreign investments in the United States -4,564 -5,167 -1,348 -1,322 -1,284 -1,213 -1,137 -1,084 10 Other services, net 497 588 147 133 157 150 212 172 11 Balance on goods and services 3 2,011 3,592 881 1,045 995 670 1,147 -22 12 Remittances, pensions, and other transfers -1,266 -1,410 -338 -362 -359 -351 -342 -357 13 Balance on goods, services, and remittances 745 2,182 543 683 636 319 805 -379 14 U.S. Government grants (excluding military) -1,644 -1,739 -418 -391 -444 -485 -428 -485 15 Balance on current account -899 444 125 292 192 -166 377 -864 16 U.S. Government capital flows excluding nonscheduled repayments, net 4 -2,106 -1,837 -511 -480 -396 -450 -602 -711 17 Nonscheduled repayments of U.S. Government assets -87 244 88 114 2 40 4 102 18 U.S. Government nonliquid liabilities to other than foreign official reserve agencies 263 -436 -30 -224 82 -263 -82 -22 19 Long-term private capital flows, net -50 -1,453 -969 -272 -220 7 -1,003 -1,646 20 U.S. direct investments abroad -3,254 -4,445 -1,358 -1,257 -897 -934 -1,370 -1,315 21 Foreign direct investments in the United States 832 969 486 105 218 160 92 -24 22 Foreign securities -1,494 -942 -210 93 -488 -337 -353 -396 23 U.S. securities other than Treasury issues 3,112 2,190 304 374 720 792 559 206 24 Other, reported by U.S. banks 477 199 31 68 44 56 -121 -213 25 Other, reported by U.S. nonbanking concerns 277 576 -222 345 183 270 190 96 26 Balance on current account and long-term capital 4 -2,879 -3,038 -1,297 -570 -340 -832 -1,306 -3,141 27 Nonliquid short-term private capital flows, net -602 -545 -115 -140 -115 -175 -396 -454 28 Claims reported by U.S. banks -658 -1,015 -162 -268 -189 -396 -85 -143 29 Claims reported by U.S. nonbanking concerns -35 -360 -116 -23 -50 -171 -125 -66 30 Liabilities reported by U.S. nonbanking concerns 91 830 163 151 124 392 -186 -245 31 Allocations of special drawing rights (SDR's) 867 217 217 217 216 180 179 32 Errors and omissions, net -2,603 -1,104 -59 -375 -437 -233 -1,026 -2,335 33 Net liquidity balance -6,084 -3,821 -1,254 -868 -675 -1,024 -2,548 -5,751 34 Liquid private capital flows, net 8,786 -6,000 -1,610 -536 -1,400 -2,454 -2,990 45 35 Liquid claims 124 242 262 -160 -17 157 -297 104 36 Reported by U.S. banks -209 -119 140 -127 -53 -79 -72 38 37 Reported by U.S. nonbanking concerns 333 361 122 -33 36 236 -225 66 38 Liquid liabilities 8,662 -6,242 -1,872 -376 -1,383 -2,611 -2,693 -59 39 To foreign commercial banks 9,166 -6,507 -1,863 -441 -1,315 -2,888 -3,042 -85 40 To international and regional organizations -63 179 142 -124 82 79 271 174 41 To other foreigners -441 86 -151 189 -150 198 78 -148 42 Official reserve transactions balance 2,702 -9,821 --22,,886644 --11,,440044 --22,,007755 --33,,447788 -5 ,538 --55,,770066 Financed by changes in— 43 Nonliquid liabilities to foreign official reserve agencies reported by U.S. Government -162 535 -266 735 -12 77 -8 -8 44 Nonliquid liabilities to foreign official agencies reported by U.S. banks -836 -810 -154 -235 -233 -188 -203 -161 45 Liquid liabilities to foreign official agencies -517 7,619 3,020 99 1,736 2,765 5,067 5,216 46 U.S. official reserve assets, net -1,187 2,477 264 805 584 824 682 659 47 Gold -967 787 -44 14 395 422 109 456 48 SDR's -851 -270 -254 -251 — 76 -55 17 49 Convertible currencies 814 2,152 831 818 34 469 373 -66 50 Gold tranche position in IMF -1,034 389 -253 227 406 9 255 252 Memoranda: 51 Transfers under military grant programs, (excluded from lines 2, 4, and 14) 756 613 137 191 116 169 191 162 52 Re U in . v S e . s f t i e r d m s e ( a e r x n c i l n u g d s e d o f f r f o o m re l i i g n n e s in 7 c a o n r d p o 2 r 0 a ) t ed affiliates of 2,532 (5) (5) ((55)) ((55)) ((55)) ((55)) ((55)) 53 Re f i o n r v e e i s g t n e d f irm ea s r n (e i x n c g l s u d o ed f f U ro . m S. li i n n e c s o 9 r p a o n r d a t 2 ed 1) affiliates of 431 (5) (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
NOVEMBER 1971 • U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE A 75 1. U.S. BALANCE OF PAYMENTS-Continued (In millions of dollars) 1970 1971 CCrreeddiittss ++,, ddeebbiittss —— 11996699 11997700 I II III IV I HP Balances excluding allocations of SDR's—Seasonally adjusted -6,084 -4,688 -1,471 -1,085 -892 -1,240 -2,728 -5,930 2,702 -10,688 -3,081 -1,621 -2,292 -3,694 -5,718 -5,885 Balances not seasonally adjusted Balance on goods and services (line 11) 2,011 3,592 1,234 1,300 -291 1,349 1,490 173 Balance on goods, services, and remittances (line 13) 745 2,182 913 925 -657 1,002 1,165 -197 Balance on current account (line 15) -899 444 465 487 -1,060 552 709 -729 Balance on current account and long-term capital 4 (line 26)... -2,879 -3,038 -1,310 -899 -1,535 706 -1,280 -3,525 Balances including allocations of SDR's: Net liquidity (line 33) -6,084 -3,821 -510 -1,704 -1,454 -152 -1,887 -6,572 Official reserve transactions (line 42) 2,702 -9,821 -1,965 -2,069 -2,612 -3,174 -4,723 -6,444 Balances excluding allocations of SDR's: Net liquidity -6,084 -4,688 -1,377 -1,704 -1,454 -152 -2,604 -6,572 Official reserve transactions 2,702 -10,688 -2,832 -2,069 -2,612 -3,174 -5,440 -6,444 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 Business Economics. Details may not add to totals because of rounding. 2. MERCHANDISE EXPORTS AND IMPORTS (Seasonally adjusted; in millions of dollars) Exports i Imports 2 Export surplus PPeerriioodd 1968 1969 1970 1971 1968 1969 r 1970 1971 1968 1969 1970 1971 Month: Jan 222222,,,,,,888888111111444444 333333222222,,,,,,111111666666111111 333333,,,,,,444444000000666666 3,735 222222,,,,,,666666888888777777 333333 222222,,,,,,000000000000222222 333333,,,,,,222222222222333333 3,686 111111222222777777 111111555555999999 111111888888333333 49 Feb 222222,,,,,,777777777777555555 333333 222222,,,,,,222222666666666666 333333,,,,,,555555444444777777 3,690 222222,,,,,,555555999999222222 333333 222222,,,,,,666666777777222222 333333,,,,,,222222777777888888 3,553 111111888888444444 ------444444000000666666 222222666666999999 136 Mar 333333 222222,,,,,,444444333333999999 333333333333,,,,,,111111888888888888 333333,,,,,,333333777777666666 3,815 333333 222222,,,,,,555555888888999999 333333 222222,,,,,,999999888888222222 333333,,,,,,222222111111888888 3,569 ------111111555555000000 222222000000666666 111111555555888888 245 Apr 333333 222222,,,,,,888888555555555555 333333333333,,,,,,333333111111888888 333333,,,,,,444444000000999999 3,522 333333 222222,,,,,,666666000000444444 333333333333,,,,,,111111888888333333 333333,,,,,,222222666666333333 3,758 222222555555111111 111111333333555555 111111444444666666 -236 May 222222,,,,,,777777444444000000 333333 333333,,,,,,222222666666888888 333333,,,,,,666666666666111111 3,783 222222,,,,,,777777555555555555 333333 333333,,,,,,222222555555777777 333333,,,,,,333333333333888888 3,988 ------111111555555 111111111111 333333222222333333 -205 June 222222,,,,,,888888777777000000 333333333333,,,,,,111111777777999999 333333,,,,,,777777333333000000 3,661 222222,,,,,,777777999999222222 333333333333,,,,,,111111555555222222 333333,,,,,,222222666666666666 4,023 777777888888 222222777777 444444666666555555 -363 July 222222,,,,,,888888555555888888 333333,,,,,,111111888888222222 333333,,,,,,666666999999999999 3,495 222222,,,,,,777777222222555555 333333,,,,,,000000777777444444 333333,,,,,,222222555555555555 3,799 111111333333333333 111111000000888888 444444444444444444 -304 Aug 333333 222222,,,,,,999999555555000000 333333,,,,,,333333666666666666 333333,,,,,,555555999999222222 3,678 222222,,,,,,888888777777222222 333333,,,,,,111111666666333333 333333,,,,,,333333444444666666 3,937 777777888888 222222000000333333 222222444444666666 -260 Sept 333333 333333,,,,,,222222111111111111 333333......333333444444111111 333333,,,,,,555555555555333333 4,511 222222,,,,,,999999555555111111 333333,,,,,,000000777777888888 333333,,,,,,444444222222888888 4,245 222222666666111111 222222666666333333 111111222222555555 265 Oct 333333 222222,,,,,,666666333333111111 333333......333333444444222222 333333,,,,,,666666888888999999 222222,,,,,,777777333333666666 333333,,,,,,111111999999222222 333333,,,,,,555555000000111111 ------111111000000555555 111111555555000000 111111888888888888 Nov 222222,,,,,,999999777777222222 333333,,,,,,333333999999888888 333333,,,,,,444444999999999999 222222,,,,,,888888888888333333 333333,,,,,,111111888888000000 333333,,,,,,444444222222888888 888888999999 222222111111888888 777777111111 Dec 222222,,,,,,999999777777777777 333333,,,,,,222222888888000000 333333,,,,,,555555777777000000 222222,,,,,,999999000000888888 333333,,,,,,000000777777888888 333333,,,,,,444444000000444444 777777000000 222222000000222222 111111666666666666 Quarter: I 888888,,,,,,000000222222888888 777777,,,,,,666666111111555555 111111000000,,,,,,333333222222888888 11,240 777777,,,,,,888888666666777777 777777,,,,,,666666555555555555 999999,,,,,,777777111111999999 10,809 111111666666111111 ------444444000000 666666000000999999 431 I I 888888,,,,,,444444666666555555 999999,,,,,,777777666666555555 111111000000,,,,,,888888000000000000 10,966 888888,,,,,,111111555555111111 999999,,,,,,555555999999111111 999999,,,,,,888888666666777777 11,769 333333111111444444 111111777777444444 999999333333333333 -803 II I 999999,,,,,,000000111111999999 999999,,,,,,888888888888999999 111111000000,,,,,,888888444444555555 11,683 888888,,,,,,555555444444888888 999999,,,,,,333333111111555555 111111000000,,,,,,000000222222999999 11,981 444444777777111111 555555777777444444 888888111111666666 -298 I V 888888,,,,,,555555888888000000 111111000000,,,,,,000000222222000000 111111000000,,,,,,777777555555888888 888888,,,,,,555555222222777777 999999,,,,,,444444555555000000 111111000000,,,,,,333333333333333333 555555333333 555555777777000000 444444222222555555 Year4 333333444444,,,,,,000000666666333333 333333777777,,,,,,333333333333222222 444444222222,,,,,,666666666666222222 333333333333,,,,,,222222222222666666 333333666666,,,,,,000000444444333333 333333999999,,,,,,999999666666333333 888888333333777777 111111,,,,,,222222888888999999 222222,,,,,,666666999999999999 1 Exports of domestic and foreign merchandise; excludes Dept. of 3 Significantly affected by strikes. Defense shipments of grant-aid military equipment and supplies under 4 Sum of unadjusted figures. Mutual Security Program. 2 General imports including imports for immediate consumption plus NOTE.—Bureau of the Census data. Details may not add to totals beentries into bonded warehouses. cause of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 76 U.S. GOLD TRANSACTIONS • NOVEMBER 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 AArreeaa aanndd ccoouunnttrryy 11996622 11996633 11996644 11996655 11996666 11996677 11996688 11996699 11997700 II III IV I II Western Europe: ----111144443333 ----88882222 -----------5555555555555555555555 ----111100000000 --2255 44 ----66663333 -----------4444444444400000000000 ----88883333 ---555888 ---111111000 ----444455556666 ————555511118888 -----------444444444440000000000055555555555 ----888888884444 --660011 666000000 333332222255555 --112299 --112299 ---222888222 -----------222222222222222222222255555555555 555550000000000 -----------11111111111 -------2222222 ---222 ---222 ----55552222 4444411111 22 Italy 222222222220000000000000000000000 -------88888880000000 ---666000 ---888555 ----222200009999 -----7777766666 -----------6666666666600000000000 -------33333335555555 ----11119999 ----55550000 ----22220000 --3300 --2255 ----111144446666 ————111133330000 -----------3333333333322222222222 -------111111188888880000000 55551111 55551111 111100002222 -----------8888888888811111111111 -------55555550000000 ---222 ---333000 ---555000 --2255 ----55550000 ----55550000 --7755 --5500 ----333388887777 """"""""333322229999 666666666661111111111188888888888 111111155555550000000 888000 ---888777999 ---888333555 222000000 Other --1122 11 --66 --3355 --4499 1166 --4477 111111 --2299 --11 --88 --2211 1155 --66 TToottaall ------111111,,,,,,111111000000555555 --339999 --8888 --11,,229999 ------666666555555999999 -----999998888800000 -----666666666699999 996699 --220044 --2277 --118800 --8855 --444488 --11 Canada 111111999999000000 222222000000000000 111115555500000 5555500000 Latin American republics: Argentina 888888555555 ---333000 ------333333999999 -----2222255555***** --2255 ----22228888 ---222333 Brazil 555555777777 777222 555444 2222255555 ------333333 -----11111 ----22223333 ---222333 Colombia 333333888888 111000 2222299999 777777 ** ----1111 Venezuela -----2222255555 Other --55 --1111 --99 -----1111133333 --66 1111 --4400 --2299 --8800 --99 --44 --6666 ** --44 TToottaall 117755 3322 5566 111777 -----4444411111 999 ---666555 --5544 --113311 --99 --44 --111111 ** --44 Asia: Iraq ---111000 -----44444 ---222111 ---444222 Japan -----5555566666 --111199 --111199 Lebanon -----3333322222 --1111 -----1111111111 --11 -------99999995555555 --3355 Malaysia -----11111 -------33333334444444 ---111000 Philippines 2255 2200 ** --11 9999999 4400 --44 ** 33 --88 --11 Saudi Arabia -----1111133333 -------55555550000000 Singapore -------88888881111111 111111 Other --4477 --1133 --66 --1144 --1144 --2222 -------77777775555555 ---999 22--9911 --11 --4411 --7711 2211 2211 TToottaall ---999333 111222 333 ---222444 ---888666 ---444444 ---333666666 444222 ---222111333 ---111 ---333999 ---111999777 ---111555 111000 All other ---333666 ---777 ---111666 ---222222 333---111666666 333---666888 ---888111 ---222 ---444 ---777555 ---444 TToottaall ffoorreeiiggnn ccoouunnttrriieess -833 -392 -36 --11,,332222 --660088 --11,,003311 --11,,111188 995577 44 —— 663311 -14 --7733 44 ——556633 --110022 --444455 IInnttll.. MMoonneettaarryy FFuunndd^^ 66--222255 117777 2222 --33 1100 ——115566 --332222 44114422 --77 Grand total -833 -392 -36 --11,,554477 --443311 --11,,000099 --11,,112211 996677 —— 778877 -14 --339955 --442222 --110099 --445577 1 Includes purchase from Denmark of $25 million. 5 Includes IMF gold sales to and purchases from the United States, 2 Includes purchase from Kuwait of $25 million. U.S. payment of increases in its gold subscription to IMF, gold deposits 3 Includes sales to Algeria of $150 million in 1967 and $50 million in by the IMF (see note 1 (b) to Table 4), and withdrawal of deposits. The 1968. first withdrawal, amounting to $17 million, was made in June 1968. 4 Data for IMF include the U.S. payment of $385 million increase in IMF sold to the United States a total of $800 million of gold ($200 its gold subscription to the IMF and gold sold by the IMF to the United million in 1956, and $300 million in 1959 and in 1960) with the right of States in mitigation of U.S. sales to other countries making gold payments repurchase; proceeds from these sales invested by IMF in U.S. Govt, to the IMF. The country data include U.S. gold sales to various countries securities. In Sept. 1970 IMF repurchased $400 million. in connection with the IMF quota payments. Such U.S. sales to countries 6 Payment to the IMF of $259 million increase in U.S. gold subscription and resales to the United States by the IMF total $548 million each. less gold deposits by the IMF. Notes to Table 5 on opposite page: 1 Represents net IMF sales of gold to acquire U.S. dollars for use in 4 Represents the U.S. gold tranche position in the IMF (the U.S. IMF operations. Does not include transactions in gold relating to gold quota minus the holdings of dollars of the IMF), which is the amount deposit or gold investment (see Table 6). that the United States could purchase in foreign currencies automatically if needed. Under appropriate conditions, the United States could pur- 2 Positive figures represent purchases from the IMF of currencies of chase additional amounts equal to its quota. other members for equivalent amounts of dollars; negative figures repre- 5 Includes $259 million gold subscription to the IMF in June 1965 for sent repurchase of dollars, including dollars derived from charges on a U.S. quota increase, which became effective on Feb. 23, 1966. In figures purchases and from other net dollar income of the IMF. The United published by the IMF from June 1965 through Jan. 1966, this gold sub- States has a commitment to repurchase within 3 to 5 years, but only to scription was included in the U.S. gold stock and excluded from the the extent that the holdings of dollars of the IMF exceed 75 per cent of reserve position. the U.S. quota. Purchases of dollars by other countries reduce the U.S. 6 Includes $30 million of special drawing rights. commitment to repurchase by an equivalent amount. NOTE—The initial U.S. quota in the IMF was $2,750 million. The U.S. 3 Includes dollars obtained by countries other than the United States quota was increased to $4,125 million in 1959, to $5,160 million in Feb. from sales of gold to the IMF. 1966, and to $6,700 million in Dec. 1970. Under the Articles of Agreement, subscription payments equal to the quota have been made 25 per cent in gold and 75 per cent in dollars. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER 1971 • U.S. RESERVE ASSETS; POSITION IN THE IMF A 77 4. U.S. RESERVE ASSETS (In millions of dollars) EE yy nn ee dd aa rr oo ff Total To G ta o l2 l d st T oc r k ea i s ury v c fo u e C c r r r o i t e r e i n i e s b g - n l n e - p R o e s s i e t r io v n e SDR's4 E m n o d n t o h f Total Gold st T oc r k ea i s ury v c fo u e C c r r r i o t e e r i n i s e b g 5 - n l n e - p R I o e M s s i i n e t F r io 3 v n e 1958... 22,540 20,582 20,534 ,958 1970 1959.. . 21,504 19,507 19,456 ,997 Oct... 15,120 11,495 11,117 811 1,823 1960... 19,359 17,804 17,767 ,555 Nov... 14,891 11,478 11,117 640 1,812 Dec... 14,487 11,072 10,732 629 1,935 1961. .. 18,753 16,947 16,889 116 ,690 1962... 17,220 16,057 15,978 99 ,064 1971 1963... 16,843 15,596 15,513 212 ,035 Jan.. . 14,699 11,040 10,732 491 1,700 1964... 16,672 15,471 15,388 432 769 Feb... 14,534 11,039 10,732 327 1,700 1965... 15,450 613,806 613,733 781 863 Mar... 14,342 10,963 10,732 256 1,680 Apr.. . 14,307 10,925 10,732 257 1,682 1966... 14,882 13,235 13,159 1,321 326 May.. 13,811 10,568 10,332 318 1,678 1967... 14,830 12,065 11,982 2,345 420 June.. 13,504 10,507 10,332 322 1,428 1968... 15,710 10,892 10,367 3,528 ,290 July... 13,283 10,453 10,332 250 1,433 1969.. . 7 16,964 11,859 10,367 72,781 ,324 Aug... 12,128 10,209 10,132 248 574 1970... 14,487 11,072 10,732 629 ,935 851 Sept... 12,131 10,207 10,132 250 577 Oct.. . 12,146 10,207 10,132 259 580 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 IIMMFF hhoollddiinnggss (during period) ooff ddoollllaarrss ((eenndd ooff ppeerriioodd)) UU..SS.. ttrraannssaaccttiioonnss wwiitthh IIMMFF TTT ooo rrr ttthhh aaannn eeerrr sss aaa ccc ccc ooo ttt uuu iiiooo nnn nnn ttt sss rrr iiieee bbb sss yyy rrrrreeeee UUUUU ssssseeeee .....SSSSS rrrrrvvvvv ..... eeeee PPPPPeeeeerrrrriiiiioooooddddd PP ss tt uu aa dd ii bb oo yy oo ss nn mm oo llll cc ff ss aa ee rr rr nn ii ii ss nn pp tt -- ss bbyy ss gg NN II aa oo MM ll ee ll ee dd tt FF ss ii TT tt cc ff ii rr cc oo uu oo aa ii rr rr nn ee nn ee rr ss ss ii ss ee gg aa nn 22 ii nn nn cc -- -- II ii dd MM nn oo cc FF ll ii oo nn ll aa mm nn rr ee ee ss tt P d u o r l c o l h a f r a www s s iii e 3 ttt s hhh III p MMM u d FFF r o R c l i h n l e a - a r s s e s cccc TTTT hhhhaaaa oooo nnnn ttttaaaa gggg llll eeee AAAmmmooouuunnnttt PPP qqq eee UUU rrr uuu ooo ... ooo fff ccc SSS ttt eee ... aaa nnn ttt ppppp ppppp ((((( iiiii eeeee nnnnn eeeee ooooo rrrrr nnnnn sssss iiiii ddddd IIIII iiiii ooooo ttttt MMMMM ddddd iiiiiooooo ooooo ))))) FFFFF nnnnn fffff 44444 1946—1957 2222,,,,000066663333 666000000 ---------------------444444444444444444444555555555555555555555 ------------222222222222,,,,,,,,,,,,666666666666777777777777000000000000 888822227777 777777777777777777777777555555555555 777777777777777777777777777777777777777777555555555555555555555 222222222222222222222888888888888888888888 111111111111111111111,,,,,,,,,,,,,,,,,,,,,999999999999999999999777777777777777777777555555555555555555555 1958—1963 1111,,,,000033331111 111555000 666666666666666666666000000000000000000000 ------------111111111111,,,,,,,,,,,,666666666666666666666666666666666666 2222,,,,777744440000 222222222222,,,,,,,,,,,,333333333333111111111111555555555555 333333333333333333333,,,,,,,,,,,,,,,,,,,,,000000000000000000000999999999999999999999000000000000000000000 777777777777777777777555555555555555555555 111111111111111111111,,,,,,,,,,,,,,,,,,,,,000000000000000000000333333333333333333333555555555555555555555 1964—1966 777777776666 11,,664400 444444444444444444444555555555555555555555 ------------777777777777222222222222333333333333 6666 111111111111,,,,,,,,,,,,777777777777444444444444444444444444 444444444444444444444,,,,,,,,,,,,,,,,,,,,,888888888888888888888333333333333333333333444444444444444444444 999999999999999999999444444444444444444444 555555555555555555555333333333333333333333222222222222222222222666666666666666666666 1967 222222222222222222222000000000000000000000 ------------111111111111111111111111444444444444 ------------999999999999444444444444 444444444444444444444,,,,,,,,,,,,,,,,,,,,,777777777777777777777444444444444444444444000000000000000000000 999999999999999999999222222222222222222222 444444444444444444444222222222222222222222000000000000000000000 1968 --8844 222222222222222222222000000000000000000000 ------------888888888888000000000000666666666666 ------------888888888888777777777777000000000000 333333333333333333333,,,,,,,,,,,,,,,,,,,,,888888888888888888888777777777777777777777000000000000000000000 777777777777777777777555555555555555555555 111111111111111111111,,,,,,,,,,,,,,,,,,,,,222222222222222222222999999999999999999999000000000000000000000 1969 222222222222 111111111111111111111999999999999999999999 ------------111111111111,,,,,,,,,,,,333333333333444444444444333333333333 222222222222666666666666888888888888 ------------111111111111,,,,,,,,,,,,000000000000333333333333444444444444 222222222222222222222,,,,,,,,,,,,,,,,,,,,,888888888888888888888333333333333333333333666666666666666666666 555555555555555555555555555555555555555555 222222222222222222222,,,,,,,,,,,,,,,,,,,,,333333333333333333333222222222222222222222444444444444444444444 1970 11,,115555 666666777777111111222222 115500 222222222222222222222555555555555555555555 ------------888888888888555555555555444444444444 777777777777444444444444111111111111 111111111111,,,,,,,,,,,,999999999999222222222222999999999999 444444444444444444444,,,,,,,,,,,,,,,,,,,,,777777777777777777777666666666666666666666555555555555555555555 777777777777777777777111111111111111111111 111111111111111111111,,,,,,,,,,,,,,,,,,,,,999999999999999999999333333333333333333333555555555555555555555 1970—Oct 111111222222999999 ---------------------333333333333333333333 ------------333333333333444444444444 222222222222999999999999 111111111111222222222222111111111111 333333333333333333333,,,,,,,,,,,,,,,,,,,,,333333333333333333333333333333333333333333777777777777777777777 666666666666666666666555555555555555555555 111111111111111111111,,,,,,,,,,,,,,,,,,,,,888888888888888888888222222222222222222222333333333333333333333 Nov 111111000000444444 111111111111111111111 ------------999999999999555555555555 111111111111111111111111 333333333333333333333,,,,,,,,,,,,,,,,,,,,,333333333333333333333444444444444444444444888888888888888888888 666666666666666666666555555555555555555555 111111111111111111111,,,,,,,,,,,,,,,,,,,,,888888888888888888888111111111111111111111222222222222222222222 Dec 11,,115555 333333111111555555 ------------777777777777333333333333 222222222222111111111111 111111111111,,,,,,,,,,,,444444444444111111111111777777777777 444444444444444444444,,,,,,,,,,,,,,,,,,,,,777777777777777777777666666666666666666666555555555555555555555 777777777777777777777111111111111111111111 111111111111111111111,,,,,,,,,,,,,,,,,,,,,999999999999999999999333333333333333333333555555555555555555555 1971—Jan 225500 ---------------------333333333333333333333 ********************* ------------222222222222333333333333 111111111111111111111111************ 222222222222333333333333555555555555 555555555555555555555,,,,,,,,,,,,,,,,,,,,,000000000000000000000000000000000000000000000000000000000000000 777777777777777777777555555555555555555555 111111111111111111111 ,,,,,,,,,,,,,,,,,,,,,777777777777777777777000000000000000000000000000000000000000000 Feb ** 555555555555555555555,,,,,,,,,,,,,,,,,,,,,000000000000000000000000000000000000000000000000000000000000000 777777777777777777777555555555555555555555 111111111111111111111,,,,,,,,,,,,,,,,,,,,,777777777777777777777000000000000000000000000000000000000000000 Mar ********************* 222222222222000000000000 222222222000000000 555555555555555555555,,,,,,,,,,,,,,,,,,,,,000000000000000000000222222222222222222222000000000000000000000 777777777777777777777555555555555555555555 111111111111111111111,,,,,,,,,,,,,,,,,,,,,666666666666666666666888888888888888888888000000000000000000000 Apr ---------------------333333333333333333333 ---------222222222 555555555555555555555,,,,,,,,,,,,,,,,,,,,,000000000000000000000111111111111111111111888888888888888888888 777777777777777777777555555555555555555555 111111111111111111111,,,,,,,,,,,,,,,,,,,,,666666666666666666666888888888888888888888222222222222222222222 May ---------------------222222222222222222222 777777777777 444444444 555555555555555555555,,,,,,,,,,,,,,,,,,,,,000000000000000000000222222222222222222222222222222222222222222 777777777777777777777555555555555555555555 111111111111111111111,,,,,,,,,,,,,,,,,,,,,666666666666666666666777777777777777777777888888888888888888888 June 225500 ---------------------111111111111111111111 --11 111111111111 222222222555555555000000000 555555555555555555555,,,,,,,,,,,,,,,,,,,,,222222222222222222222777777777777777777777222222222222222222222 777777777777777777777999999999999999999999 111111111111111111111,,,,,,,,,,,,,,,,,,,,,444444444444444444444222222222222222222222888888888888888888888 July ---------------------555555555555555555555 ---------555555555 555555555555555555555,,,,,,,,,,,,,,,,,,,,,222222222222222222222666666666666666666666777777777777777777777 777777777777777777777999999999999999999999 111111111111111111111,,,,,,,,,,,,,,,,,,,,,444444444444444444444333333333333333333333333333333333333333333 Aug 886622 ---------------------333333333333333333333 888888888555555555999999999 666666666666666666666,,,,,,,,,,,,,,,,,,,,,111111111111111111111222222222222222222222666666666666666666666 999999999999999999999111111111111111111111 555555555555555555555777777777777777777777444444444444444444444 Sept ---------------------333333333333333333333 ---------333333333 666666666666666666666,,,,,,,,,,,,,,,,,,,,,111111111111111111111222222222222222222222333333333333333333333 999999999999999999999111111111111111111111 555555555555555555555777777777777777777777777777777777777777777 Oct ---------------------333333333333333333333 ---------333333333 666666666666666666666,,,,,,,,,,,,,,,,,,,,,111111111111111111111222222222222222222222000000000000000000000 999999999999999999999111111111111111111111 555555555555555555555888888888888888888888000000000000000000000 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. • NOVEMBER 1971 6. U.S. LIQUID LIABILITIES TO FOREIGNERS (In millions of dollars) Liabilities to Intl. Liabilities to foreign countries Liabilities to non- Monetary Fund arising monetary intl. and from gold transactions regional organizations ' Official institutions 3 Banks and other foreigners Non- 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 p S t l t i i o h e a e r s o r b t m r i e r l t d e - - - M b G U a a o o b r n . v S k l d e t . e s , t - c m T o U a n i r a b b e v . r l S a l e k e e . s r e - t t - - i p S t l t i i o h e a e r s o r b t m r i e r l t d - e - - M b G U a a o o b r n . v S k l d e t . e s , t - Total i p S t l t i i o h e e a r s o r b t m r i e r l t d - e - by and ury by and by in b a U nk .S s . notes 4 b a o n n d d s in b a U nk .S s . notes 4 in b a U n . k S s . 6 notes 7 15,825 200 200 7,917 5,724 542 716,845 200 200 8,665 5,950 552 19,428 500 500 10,120 9,154 966 7,618 7,077 541 1,190 530 J20,994 800 800 11,078 10,212 866 7,591 7,048 543 1,525 750 \21,027 800 800 11,088 10,212 876 7,598 7,048 550 1,541 750 /22,853 800 800 11,830 10,940 890 8,275 7,759 516 1.948 703 [22,936 800 800 11,830 10,940 890 8,357 7,841 516 1.949 704 /24,068 800 800 12,748 11,997 751 8,359 7,911 448 2,161 1,250 \24,068 800 800 12,714 11,963 751 8,359 7,911 448 2,195 1,284 (26,361 800 800 14,387 12,467 1,217 703 9,214 8,863 351 1,960 808 126,322 800 800 14,353 12,467 1,183 703 9,204 8,863 341 1,965 808 /28,951 800 800 15,428 13,224 1,125 1,079 11,001 10,625 376 1,722 818 t29,002 800 800 15,424 13,220 1,125 1,079 11,056 10,680 376 1,722 818 29,115 834 34 800 15,372 13,066 1,105 1,201 11,478 11,006 472 1,431 679 / \2 2 9 9 , , 7 9 7 0 9 4 1 1, , 0 0 1 1 1 1 2 2 1 1 1 1 8 8 0 0 0 0 1 1 3 3, , 6 6 5 0 5 0 1 1 2 2, , 5 4 3 8 9 4 8 8 6 6 0 0 2 2 5 5 6 6 1 1 1 4 , , 3 2 8 0 7 8 1 1 3 3 , , 6 85 8 9 0 5 5 2 2 8 8 9 90 0 5 6 5 5 8 8 1 0 /33,271 1,033 233 800 15,653 14,034 908 711 15,894 15,336 558 691 487 \33,119 1,033 233 800 15,646 14.027 908 711 15,763 15,205 558 677 473 (33,828 1,030 230 800 12,548 11,318 529 701 19,525 18,916 609 725 683 \33,614 1,030 230 800 12,481 11,318 462 701 19,381 18,916 465 722 683 (41,735 1,019 219 800 11,955 11,054 346 9 555 28,102 27,577 525 659 609 \41,859 1,019 219 800 11,957 11,056 346 9 555 28,220 27,695 525 663 613 43,971 1,010 210 800 16,585 15,776 380 429 25,533 24,971 562 843 798 44,178 587 187 400 17,741 16,932 380 429 25,088 24,521 567 762 717 44,228 587 187 400 18,106 17,387 290 429 24,721 24,154 567 814 768 44,467 579 179 400 19,941 19,223 289 429 23,160 22,570 590 787 741 /43,264 566 166 400 20,041 19,306 306 429 21,812 21,165 647 845 821 143,258 566 166 400 20,057 19,333 295 429 21,788 21,223 565 847 821 43,672 559 159 400 20,490 19,774 287 429 21,562 20,950 612 1,061 1,036 44,076 559 159 400 22,321 21,600 292 429 20,210 19,601 609 986 944 45,491 559 159 400 24,840 24,119 292 429 18,973 18,375 598 1,119 978 47,663 548 148 400 27,252 26,531 292 429 18,589 17,986 603 1,274 1,133 51,809 548 148 400 32,091 31,347 292 452 17,853 17,283 570 1,317 1,176 51,377 548 148 400 30,640 26,809 379 3,452 18,890 18,316 574 1,299 1,157 53,289 544 144 400 32,953 26,869 632 5,452 18,402 17,822 580 1,390 1,247 59,909 544 144 400 40,672 34,017 870 5,785 17,196 16,653 543 1,497 1,343 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 holdirigs 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 * 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
NOVEMBER 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 l i n e s E W u e r s o t p e e r n 1 Canada A re m L p e u a r t b i i l n c i a c n s Asia Africa cou O n t t h r e ie r s 2 1967.. 15,646 9,872 996 1,131 3,145 249 253 12,548 7,009 533 1,354 3,168 259 225 19683, 12,481 7,001 532 1,354 3,122 248 224 1969., <11,957 5,823 495 1,681 3,190 546 222 Aug... 16,585 9,638 690 1,987 3,189 692 389 Sept... 17,741 11,135 620 1,738 3,254 661 333 Oct.. . 18,106 11,564 575 1,767 3,336 526 338 Nov.. , 19,941 13,231 637 1,646 3,639 449 339 J20,041 13,021 662 1,536 4,060 407 355 Dec. 3 \20,057 13,016 662 1,562 4,054 407 356 1971—JJ an.. . 20,490 13,680 678 1,388 4,040 381 323 Feb.. . 22,321 15,374 727 1,388 4,163 325 344 Mar... 24,840 17,151 801 1,236 4,998 242 412 Apr.. . 27,252 19,119 818 1,244 5,285 257 529 May.. 32,091 22,720 865 1,212 6,396 286 612 June.. 30,640 20,676 843 1,262 6,895 271 693 July. . 32,953 22,447 921 1,286 7,253 285 761 Aug.f. 40,672 25,460 1,185 1,348 11,546 312 821 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 abilities resulting from revaluation of the German mark in Oct. 1969. 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) To nonmonetary international To all foreigners and regional organizations 5 Payable in dollars IMF Deposits Payable gold U.S. in invest- Treasury Total i Total Dem D an e d p os T its i me2 b T i c r l c e U l e s r a a . t t S s i e f a u s i n - r d y s O l t h i e a t o r h b r m e . t 3 r - f r o e c r n u e c r i i - g e n s ment4 Total Demand Time2 bi c l c e ls a r t t i e a f s i n - d 31,717 31,081 14,387 5,484 6,797 4,413 636 800 683 68 113 394 (40,040 39,611 20,430 6,834 5,015 7,332 429 800 609 57 83 244 140,164 39,735 20,436 6,967 5,015 7,317 429 800 613 62 83 244 42,570 42,213 17,234 7,248 10,856 6,875 357 400 717 73 135 179 42,709 42,359 17,041 7,082 11,665 6,571 350 400 768 68 144 188 42,934 42,591 15,833 6,725 13,662 6,371 343 400 741 68 140 148 /41,692 41,324 15,745 5,944 14,123 5,512 368 400 821 69 159 211 141,777 41,409 15,785 5,989 14,123 5,512 368 400 821 69 159 211 42,160 41,782 14,757 5,701 14,453 6,871 378 400 1,036 115 155 273 42,545 42,135 13,514 5,496 16,390 6,735 410 400 944 64 149 279 43,872 43,220 11,845 5,169 18,703 7,503 652 400 978 73 166 242 46,050 45,413 10,447 4,962 22,356 7,648 637 400 1,133 63 202 206 50,206 49,587 9,990 4,908 26,961 7,728 619 400 1,176 51 220 209 46,682 46,022 10,854 4,958 22,763 7,447 660 400 1,157 60 221 164 46,338 45,686 10,262 4,957 23,439 7,028 652 400 1,247 79 224 170 52,413 51,763 9,284 5,026 30,198 7,255 650 400 1,343 61 202 269 52,871 52,474 10,589 5,064 29,772 7,049 397 400 1,324 92 212 146 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. • NOVEMBER 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 ep osi T ts i me2 T b c i r l c e U e l a r s a . t t s S i e a u f . s n i r - d y s O l t i h e a t o r h b r m e . t 3 r - f r o e c r n u i e n c r i i - g e n s Total Dema D nd ep osi T ts i me2 T bi c r c l U e e l a s r a . t t S s e a i u . f s n i r - d y s O t l h i e a t o r h b r m e t .3 - r cu P f r a o r y r e i a e n n i b g c l n i e e s 196 8 30,234 14,320 5,371 5,602 4,304 636 11,318 2,149 1,899 5,486 1,321 463 1969 6 3 3 8 8 , , 7 6 5 3 1 1 2 20 0 . . 3 3 7 7 3 2 6 6, , 7 8 5 8 1 4 3 3 , , 9 9 7 7 1 1 7 7 , , 1 0 0 9 9 4 4 4 2 2 9 9 1 1 1 1 . , 0 0 5 5 6 4 1 1 . . 9 9 1 1 9 8 2 2 , , 9 95 5 1 1 3 3 , , 8 8 4 4 4 4 2 2 . .1 1 3 4 9 0 2 2 0 0 2 2 1970—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.., 41,793 15,764 6,585 13,114 5.986 343 19,223 1,367 2,851 12,980 1,877 148 Dec. 6 / \ 4 4 0 0 , , 4 5 7 5 1 6 1 1 5 5 , , 6 7 7 1 6 6 5 5 , , 7 8 8 3 5 0 1 1 3 3 , , 5 5 1 1 1 1 5 5 , , 1 1 3 3 1 0 3 3 6 6 8 8 1 1 9 9 , , 3 3 0 3 6 3 1 1 , , 6 6 2 5 9 2 2 2, , 5 5 7 6 1 8 1 1 3 3 , , 3 3 6 6 7 7 1 1 . . 5 5 9 9 4 5 1 1 4 4 8 8 1971—Jan... 40,724 14,641 5,546 13,781 6,378 378 19,774 1,743 2,507 13,638 1,738 148 Feb.. . 41,201 13,450 5,347 15,711 6,283 410 21,600 1,688 2,446 15,550 1,766 150 Mar... 42,494 11,772 5,003 18,061 7,007 652 24,119 1,579 2,244 17,916 1,980 400 Apr.. . 44,517 10,383 4,760 21,750 6.987 637 26,531 1,628 2,205 20,119 2,179 400 May. . 48,630 9,939 4,688 26,352 7,032 619 31,347 1,643 2,205 24,702 2,377 420 June.. 45,125 10,794 4,737 22,199 6,735 660 26,809 1,462 2,252 20,097 2,577 420 July.., 44,691 10,183 4,733 22,869 6,254 652 26,869 1,469 2,308 19,605 3,067 420 Aug.*5. 50,670 9,223 4,824 29,529 6,443 650 34,017 1,264 2,372 26,674 3,286 421 Sept.?. 51,147 10,497 4,852 29,226 6,175 397 35.057 1,447 2,380 27,855 3,217 158 To banks9 To other foreigners To banks Payable in dollars and other . foreigners: End of period Total payable in Total Dema D nd e posi T ts i me2 T b c i r c l e U e l a r s a . t t s S e i a u f s . n i r - d y s O l t i h e a t o r h b r m e . t 3 r - Total Dema D nd ep osi 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 r m e . t 3 r - f r o e c r u n e r c i - i g 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 2 7 7 , , 6 5 9 7 5 7 2 2 3 3, , 4 4 0 1 7 2 1 1 6 6, , 7 7 4 4 5 4 1 1 , , 9 98 9 8 9 2 2 0 0 4 4 , , 6 6 5 4 8 4 4 3 , ,9 0 3 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—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. 6 / \2 2 1 1 , , 2 1 2 6 3 5 1 16 6 , , 9 9 5 1 7 0 1 12 2 , , 3 3 7 6 6 0 1 1 , , 3 3 6 3 5 5 1 1 4 4 3 3 , , 2 2 0 0 2 2 4 4 . , 0 0 4 3 6 5 1 1 . . 6 6 8 8 8 7 1 1 , , 8 8 9 8 5 3 1 1 3 3 1 1 3 3 3 3 3 4 2 2 2 2 0 0 1971—Jan... 20,950 16,673 11,210 1,196 13 4,255 4.047 1,689 1,843 130 385 230 Feb.. . 19,601 15,229 10,036 1,027 12 4,155 4,112 1,727 1,875 148 362 260 Mar.. 18,375 14,036 8,467 889 10 4,670 4,086 1,726 1,870 135 356 253 Apr.. , 17,986 13,611 6,950 663 1,516 4,482 4,137 1,805 1,892 116 324 238 May. , 17,283 13,032 6,559 595 1,518 4,359 4,052 1,737 1,888 131 296 199 June. 18,316 14,110 7,571 649 2,016 3,874 3,966 1,760 1,835 86 285 240 July.. 17,822 13,696 7,018 600 3,168 2,910 3,894 1,696 1,825 96 277 232 Aug.? 16,653 12,584 6,275 665 2,769 2,876 3,839 1,684 1,787 87 280 230 Sept.? 16,090 12,208 7,473 762 1,286 2,687 3,643 1,577 1,711 85 271 239 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 constiment 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 Developreporting 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
NOVEMBER 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) 1970 1971 AArreeaa aanndd ccoouunnttrryy Dec. Jan. Feb. Mar. Apr. May June July Aug.* Sept.* Europe: Austria 185 204 198 194 191 185 203 274 244 244 Belgium-Luxembourg 597 761 767 770 780 903 761 781 916 901 Denmark 189 196 216 220 219 148 175 201 164 173 Finland 117 117 112 114 115 107 110 131 116 116 France 2,267 2,354 2,263 2,344 2,297 2,275 2,467 3,242 3,663 3,301 Germany 7,520 7,795 8,518 9,570 10,318 12,471 7,267 5,446 5,082 5,321 Greece 184 162 176 140 145 146 152 159 160 179 Italy 1,330 1,592 1,658 1,805 1,903 1,823 1,750 1,777 2,032 2,286 Netherlands 762 584 654 741 620 661 609 461 283 302 Norway 324 317 313 364 403 465 506 574 649 655 Portugal 274 299 307 319 298 280 270 271 295 314 Spain 198 205 203 184 201 232 200 208 204 185 Sweden 503 519 541 577 631 625 681 718 723 729 Switzerland 1,948 1,936 2,012 2,029 2,145 2,312 2,093 1,914 3,355 3,267 Turkey 46 53 51 32 25 43 21 27 26 27 United Kingdom 5,509 5,638 5,211 4,779 5,087 5,160 6,125 6,214 6,129 6,367 Yugoslavia 37 36 46 41 33 38 33 39 31 41 Other Western Europe1 594 460 377 368 339 807 1,012 1,417 1,517 11,,443366 15 11 9 12 22 9 9 10 10 1111 54 63 56 53 45 50 66 61 45 61 Total 22,653 23,300 23,689 24,656 25,817 28,741 24,511 23,926 25,644 25,917 4,056 3,647 3,626 3,402 3,256 3,136 3,292 3,250 3,316 3,472 Latin America: 539 508 517 522 507 505 447 501 499 419 Brazil 346 372 392 330 334 334 360 428 418 358 Chile 266 256 253 258 260 256 257 235 252 247 Colombia 247 231 215 186 191 169 183 178 168 178 Cuba 7 7 8 8 7 7 6 7 7 6 821 829 830 825 863 799 790 705 728 671 Panama 158 164 178 174 186 173 166 147 149 130 Peru 225 186 178 168 181 190 200 162 146 162 118 125 125 119 121 112 116 116 127 117 735 672 693 642 684 729 786 782 787 805 Other Latin American republics 620 617 614 609 601 582 582 624 623 603 Bahamas and Bermuda 745 779 666 622 980 940 960 1,074 885 661 Netherlands Antilles and Surinam 98 92 95 101 105 105 101 97 101 87 Other Latin America 39 37 38 49 48 56 46 46 49 37 Total 4,963 4,875 4,801 4,613 5,068 4,959 5,001 5,100 4,940 4,483 Asia: China Mainland 33 36 36 34 34 33 35 35 34 34 Hong Kong 258 305 322 298 281 313 306 301 316 293 India 302 236 229 188 211 245 255 222 193 153 Indonesia 73 60 65 52 73 60 71 67 59 57 Israel 135 121 128 122 155 125 132 128 115 108 Japan 5,150 5,169 5,452 6,325 6,815 8,192 8,670 8,691 13,136 13,792 Korea 199 193 178 191 184 193 204 187 185 195 Philippines 294 290 305 340 347 349 330 333 328 322 Taiwan 275 292 278 288 296 293 291 300 281 268 Thailand 508 489 469 443 381 306 281 237 177 144 Other 708 722 735 674 601 585 558 622 542 561 Total 7,935 7,912 8,197 8,954 9,375 10,694 11,132 11,123 15,366 15,927 Africa: Congo (Kinshasa) 14 16 13 1177 19 15 16 19 44 27 Morocco 11 7 7 8 9 9 9 7 10 11 South Africa 83 71 71 56 74 64 61 71 74 81 U.A.R. (Egypt) 17 16 18 15 15 14 15 19 13 25 Other 395 469 334 278 268 291 285 299 303 319 Total 521 580 443 373 384 392 385 415 444 463 Other countries: Australia 389 376 398 455 576 668 757 830 914 852 All other 39 34 46 43 41 40 46 47 46 34 Total 428 410 444 497 617 708 803 877 960 886 Total foreign countries 40,556 40,724 41,201 42,494 44,517 48,630 45,125 44,691 50,670 51,147 International and regional: International2 975 1,175 1,086 1,100 1,219 1,250 1,214 1,242 1,342 1,309 Latin American regional 131 167 161 171 176 188 203 237 262 278 Other regional3 115 94 98 107 138 138 140 168 139 137 Total 1,221 1,436 1,344 1,378 1,533 1,576 1,557 1,647 1,743 1,724 Grand total 41,777 42,160 42,545 43,872 46,050 50,206 46,682 46,338 52,413 52,871 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. • NOVEMBER 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 Area or country Area or country Apr. Dec. Apr. Dec. Apr. Apr. Dec. Apr. Dec, Other Western Europe: Other Asia—Cont.: Cyprus 2 11 15 10 7 Jordan 4 17 30 Iceland 4 9 10 10 10 Kuwait 40 46 66 Ireland, Rep. of 20 38 32 41 29 Laos 4 3 4 Lebanon 82 83 82 Other Latin American republics: Malaysia 41 30 48 Bolivia 65 68 76 69 59 Pakistan 24 35 34 C D o o s m ta i n R ic i a c n a Republic 5 6 9 1 7 5 8 2 9 4 6 3 9 4 9 1 4 9 3 0 R Sa y u u d k i y A u r I a s b la ia n ds (incl. Okinawa) 2 48 0 1 2 0 5 6 1 2 6 6 6 Ecuador 62 76 72 79 72 Singapore 40 17 25 El Salvador 89 69 79 75 80 Syria 4 4 6 Guatemala 90 84 110 100 97 Vietnam 40 94 91 Haiti 18 17 19 16 19 Honduras 37 29 29 34 44 Other Africa: Jamaica 29 17 17 19 19 Algeria 6 14 13 Nicaragua 78 63 76 59 47 Ethiopia (incl. Eritrea) 15 20 33 Paraguay 18 13 17 16 15 Ghana 8 10 7 Trinidad & Tobago 8 8 11 10 14 Kenya 34 43 47 Liberia 28 23 41 Libya 68 288 430 Other Latin America: Nigeria 10 11 British West Indies 25 30 38 33 38 Southern Rhodesia 2 2 2 Sudan 3 3 1 Other Asia: Tanzania 23 10 18 Afghanistan 8 16 15 26 15 Tunisia 2 6 7 Burma 5 2 5 4 3 Uganda 9 5 7 Cambodia 2 2 2 Zambia 19 20 38 Ceylon 5 3 4 4 4 Iran 44 35 41 32 50 All other: Iraq 77 26 6 11 (5) New Zealand 20 16 1 Includes Bank for International Settlements and European Fund. 4 Represent a partial breakdown of the amounts shown in the "other" 2 Data exclude "holdings of dollars" of the International Monetary categories (except "Other Eastern Europe"). Fund but include IMF gold investment. 5 Not available. 3 Asian, African, and European regional organizations, except BIS and European Fund, which are included in "Europe." 10. LONG-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) To foreign countries Country or area TToo EEnndd ooff ppeerriioodd TToottaall rreegg ii aa nn ii nn oo tt dd ll nn .. aall Total O in t f i s f o t i i n c t i s u a - l Banks1 fo O r e t e r h i s g e r n - A t r i g n e a n - A O m La t e h t r i e i n r c a Israel Japan Thailand O A t s h i e a r co o u t A n h l t e l r r i 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—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 1,698 789 909 695 160 54 13 138 6 385 8 122 236 1971—Jan 1,566 714 852 635 157 60 13 144 6 340 8 108 233 Feb 1,463 688 775 571 154 51 13 109 6 316 1 100 230 Mar 1,344 631 713 492 161 60 13 91 6 261 1 95 246 Apr 1,190 586 605 406 142 57 13 92 7 186 1 84 220 May 1,149 562 587 391 139 57 13 94 8 182 1 81 208 June 1,144 580 564 332 184 49 13 87 8 129 1 79 247 July 1,008 501 507 273 184 51 13 88 8 83 1 80 234 Aug.f 889 480 409 171 185 53 13 66 8 12 1 91 218 Sept.f 872 473 399 160 184 55 15 60 8 12 1 89 214 1 Excludes central banks, which are included with "Official institutions." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER 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. Oct. Nov. Dec.1 Dec.2 Jan. Feb. Mar. Apr. May June July Aug.? Sept.? Europe: Belgium-Luxembourg * 1 1 5 7 6 6 6 6 6 6 6 6 6 Norway 7 7 7 7 * * * * * * * * * * Switzerland 42 49 49 49 34 33 34 34 31 30 29 29 29 29 United Kingdom 407 428 451 503 472 520 518 510 519 485 490 496 460 432 Other Western Europe 37 33 33 30 27 20 24 25 25 25 25 25 25 49 Eastern Europe 7 7 6 6 6 6 6 6 6 6 6 6 6 5 Total 500 524 547 600 547 586 589 582 587 552 557 562 525 521 Canada 269 192 191 193 178 178 177 174 174 175 175 175 176 176 Latin America: Latin American republics.. 2 2 2 2 2 2 2 1 1 1 1 1 1 1 Other Latin America 13 15 15 15 6 6 6 6 6 6 6 6 6 6 Total 15 18 18 18 8 8 8 7 7 7 7 7 7 7 Asia: India 20 20 20 20 20 20 20 20 20 20 20 Japan 61 61 61 61 56 56 55 55 55 55 142 395 633 755 Other Asia 18 19 18 18 10 10 10 10 10 10 10 10 10 10 Total 79 80 80 99 85 85 85 85 85 85 172 425 663 784 Africa 7 42 42 42 43 43 43 43 43 43 43 43 43 43 All other * * * * * * * * * * * * * * Total foreign countries 871 857 879 953 860 899 901 890 895 862 953 1,212 1,413 1,531 International and regional: International 32 22 22 * 2 17 115 115 115 115 115 126 126 Latin American regional.. 18 23 24 24 24 25 25 26 26 27 27 28 28 29 Total 50 46 46 24 26 25 42 141 141 142 142 143 154 155 Grand total 921 903 925 977 886 923 943 1,031 1,036 1,003 1,095 1,355 1,567 1,685 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 EEnndd ooff ppeerriioodd TToottaall Total g B iu e m l- C ad a a n 1 - m De a n rk - 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 it n z d - 1968 33333333333333333,,,,,,,,,,,,,,,,,333333333333333333333333333333333300000000000000000 11111111111111111,,,,,,,,,,,,,,,,,666666666666666669999999999999999922222222222222222 3333333333333333322222222222222222 11111111111111111,,,,,,,,,,,,,,,,,333333333333333333333333333333333344444444444444444 2200 111111111111111114444444444444444466666666666666666 1111111111111111155555555555555555 2255 2222222222222222200000000000000000 111111111111111110000000000000000000000000000000000 11111111111111111,,,,,,,,,,,,,,,,,666666666666666663333333333333333388888888888888888 5500 11111111111111111,,,,,,,,,,,,,,,,,000000000000000005555555555555555511111111111111111 222222666 333333333333333331111111111111111111111111111111111 1969 4444444444444444433333333333333333,,,,,,,,,,,,,,,,,111111111111111118888888888888888811111111111111111 11111111111111111,,,,,,,,,,,,,,,,,444444444444444443333333333333333311111111111111111 3333333333333333322222222222222222 11111111111111111,,,,,,,,,,,,,,,,,111111111111111112222222222222222299999999999999999 111111111111111113333333333333333355555555555555555 1111111111111111155555555555555555 2222222222222222200000000000000000 111111111111111110000000000000000000000000000000000 4444444444444444411111111111111111,,,,,,,,,,,,,,,,,777777777777777775555555555555555500000000000000000 4444444444444444411111111111111111,,,,,,,,,,,,,,,,,000000000000000008888888888888888844444444444444444 111222555 555555555555555554444444444444444411111111111111111 1970—Sept 33333333333333333,,,,,,,,,,,,,,,,,555555555555555550000000000000000088888888888888888 22222222222222222,,,,,,,,,,,,,,,,,444444444444444442222222222222222255555555555555555 3333333333333333322222222222222222 22222222222222222,,,,,,,,,,,,,,,,,222222222222222222222222222222222299999999999999999 2222222222222222299999999999999999 1111111111111111155555555555555555 2222222222222222200000000000000000 111111111111111110000000000000000000000000000000000 11111111111111111,,,,,,,,,,,,,,,,,000000000000000008888888888888888833333333333333333 555555555555555554444444444444444422222222222222222 555555555555555554444444444444444411111111111111111 Oct 33333333333333333,,,,,,,,,,,,,,,,,555555555555555556666666666666666677777777777777777 22222222222222222,,,,,,,,,,,,,,,,,444444444444444448888888888888888844444444444444444 3333333333333333322222222222222222 22222222222222222,,,,,,,,,,,,,,,,,222222222222222228888888888888888899999999999999999 2222222222222222288888888888888888 1111111111111111155555555555555555 2222222222222222200000000000000000 111111111111111110000000000000000000000000000000000 11111111111111111,,,,,,,,,,,,,,,,,000000000000000008888888888888888833333333333333333 555555555555555554444444444444444422222222222222222 555555555555555554444444444444444411111111111111111 Nov 33333333333333333,,,,,,,,,,,,,,,,,555555555555555556666666666666666644444444444444444 22222222222222222,,,,,,,,,,,,,,,,,444444444444444448888888888888888811111111111111111 3333333333333333322222222222222222 22222222222222222,,,,,,,,,,,,,,,,,222222222222222228888888888888888899999999999999999 2222222222222222255555555555555555 1111111111111111155555555555555555 2222222222222222200000000000000000 111111111111111110000000000000000000000000000000000 11111111111111111,,,,,,,,,,,,,,,,,000000000000000008888888888888888833333333333333333 555555555555555554444444444444444422222222222222222 555555555555555554444444444444444411111111111111111 Dec 33333333333333333,,,,,,,,,,,,,,,,,555555555555555556666666666666666633333333333333333 22222222222222222,,,,,,,,,,,,,,,,,444444444444444448888888888888888800000000000000000 3333333333333333322222222222222222 22222222222222222,,,,,,,,,,,,,,,,,222222222222222228888888888888888899999999999999999 2222222222222222255555555555555555 1111111111111111155555555555555555 2222222222222222200000000000000000 111111111111111110000000000000000000000000000000000 11111111111111111,,,,,,,,,,,,,,,,,000000000000000008888888888888888833333333333333333 555555555555555554444444444444444422222222222222222 555555555555555554444444444444444411111111111111111 1971— Jan 33333333333333333,,,,,,,,,,,,,,,,,555555555555555556666666666666666633333333333333333 22222222222222222,,,,,,,,,,,,,,,,,444444444444444448888888888888888800000000000000000 3333333333333333322222222222222222 22222222222222222,,,,,,,,,,,,,,,,,222222222222222228888888888888888899999999999999999 2222222222222222255555555555555555 1111111111111111155555555555555555 2222222222222222200000000000000000 111111111111111110000000000000000000000000000000000 11111111111111111,,,,,,,,,,,,,,,,,000000000000000008888888888888888833333333333333333 555555555555555554444444444444444422222222222222222 555555555555555554444444444444444411111111111111111 Feb 33333333333333333,,,,,,,,,,,,,,,,,555555555555555556666666666666666633333333333333333 22222222222222222,,,,,,,,,,,,,,,,,444444444444444448888888888888888800000000000000000 3333333333333333322222222222222222 22222222222222222,,,,,,,,,,,,,,,,,222222222222222228888888888888888899999999999999999 2222222222222222255555555555555555 1111111111111111155555555555555555 2222222222222222200000000000000000 111111111111111110000000000000000000000000000000000 11111111111111111,,,,,,,,,,,,,,,,,000000000000000008888888888888888833333333333333333 555555555555555554444444444444444422222222222222222 555555555555555554444444444444444411111111111111111 Mar 33333333333333333,,,,,,,,,,,,,,,,,555555555555555556666666666666666633333333333333333 22222222222222222,,,,,,,,,,,,,,,,,444444444444444448888888888888888800000000000000000 3333333333333333322222222222222222 22222222222222222,,,,,,,,,,,,,,,,,222222222222222228888888888888888899999999999999999 2222222222222222255555555555555555 1111111111111111155555555555555555 2222222222222222200000000000000000 111111111111111110000000000000000000000000000000000 11111111111111111,,,,,,,,,,,,,,,,,000000000000000008888888888888888833333333333333333 555555555555555554444444444444444422222222222222222 555555555555555554444444444444444411111111111111111 Apr 33333333333333333,,,,,,,,,,,,,,,,,555555555555555556666666666666666633333333333333333 22222222222222222,,,,,,,,,,,,,,,,,444444444444444448888888888888888800000000000000000 3333333333333333322222222222222222 22222222222222222,,,,,,,,,,,,,,,,,222222222222222228888888888888888899999999999999999 2222222222222222255555555555555555 1111111111111111155555555555555555 2222222222222222200000000000000000 111111111111111110000000000000000000000000000000000 11111111111111111,,,,,,,,,,,,,,,,,000000000000000008888888888888888833333333333333333 555555555555555554444444444444444422222222222222222 555555555555555554444444444444444411111111111111111 May 5555555555555555533333333333333333,,,,,,,,,,,,,,,,,555555555555555559999999999999999922222222222222222 22222222222222222,,,,,,,,,,,,,,,,,444444444444444448888888888888888800000000000000000 3333333333333333322222222222222222 22222222222222222,,,,,,,,,,,,,,,,,222222222222222228888888888888888899999999999999999 2222222222222222255555555555555555 1111111111111111155555555555555555 2222222222222222200000000000000000 111111111111111110000000000000000000000000000000000 5555555555555555511111111111111111,,,,,,,,,,,,,,,,,111111111111111111111111111111111111111111111111111 555555555555555554444444444444444422222222222222222 ®®®®®®®®®®®®®®®®®555555555555555556666666666666666699999999999999999 June 66666666666666666,,,,,,,,,,,,,,,,,555555555555555559999999999999999922222222222222222 55555555555555555,,,,,,,,,,,,,,,,,444444444444444448888888888888888800000000000000000 3333333333333333322222222222222222 22222222222222222,,,,,,,,,,,,,,,,,222222222222222228888888888888888899999999999999999 333333,,,,,,000000000000000000 2222222222222222255555555555555555 1111111111111111155555555555555555 2222222222222222200000000000000000 111111111111111110000000000000000000000000000000000 11111111111111111,,,,,,,,,,,,,,,,,111111111111111111111111111111111111111111111111111 555555555555555554444444444444444422222222222222222 555555555555555556666666666666666699999999999999999 July 88888888888888888,,,,,,,,,,,,,,,,,555555555555555559999999999999999922222222222222222 77777777777777777,,,,,,,,,,,,,,,,,444444444444444448888888888888888800000000000000000 3333333333333333322222222222222222 22222222222222222,,,,,,,,,,,,,,,,,222222222222222228888888888888888899999999999999999 555555,,,,,,000000000000000000 2222222222222222255555555555555555 1111111111111111155555555555555555 2222222222222222200000000000000000 111111111111111110000000000000000000000000000000000 11111111111111111,,,,,,,,,,,,,,,,,111111111111111111111111111111111111111111111111111 555555555555555554444444444444444422222222222222222 555555555555555556666666666666666699999999999999999 Aug 88888888888888888,,,,,,,,,,,,,,,,,999999999999999992222222222222222244444444444444444 77777777777777777,,,,,,,,,,,,,,,,,444444444444444447777777777777777799999999999999999 3333333333333333322222222222222222 22222222222222222,,,,,,,,,,,,,,,,,222222222222222228888888888888888899999999999999999 555555,,,,,,000000000000000000 2222222222222222233333333333333333 1111111111111111155555555555555555 2222222222222222200000000000000000 111111111111111110000000000000000000000000000000000 11111111111111111,,,,,,,,,,,,,,,,,444444444444444444444444444444444444444444444444444 555555555555555554444444444444444422222222222222222 999999999999999990000000000000000022222222222222222 Sept 99999999999999999,,,,,,,,,,,,,,,,,111111111111111119999999999999999933333333333333333 77777777777777777,,,,,,,,,,,,,,,,,444444444444444447777777777777777799999999999999999 3333333333333333322222222222222222 22222222222222222,,,,,,,,,,,,,,,,,222222222222222228888888888888888899999999999999999 555555,,,,,,000000000000000000 2222222222222222233333333333333333 1111111111111111155555555555555555 2222222222222222200000000000000000 111111111111111110000000000000000000000000000000000 11111111111111111,,,,,,,,,,,,,,,,,777777777777777771111111111111111144444444444444444 555555555555555554444444444444444422222222222222222 11111111111111111,,,,,,,,,,,,,,,,,111111111111111117777777777777777722222222222222222 Oct 99999999999999999,,,,,,,,,,,,,,,,,111111111111111119999999999999999955555555555555555 77777777777777777,,,,,,,,,,,,,,,,,444444444444444447777777777777777799999999999999999 3333333333333333322222222222222222 22222222222222222,,,,,,,,,,,,,,,,,222222222222222228888888888888888899999999999999999 555555,,,,,,000000000000000000 2222222222222222233333333333333333 1111111111111111155555555555555555 2222222222222222200000000000000000 111111111111111110000000000000000000000000000000000 11111111111111111,,,,,,,,,,,,,,,,,777777777777777771111111111111111166666666666666666 555555555555555554444444444444444422222222222222222 11111111111111111,,,,,,,,,,,,,,,,,111111111111111117777777777777777744444444444444444 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 extary 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. • NOVEMBER 1971 13. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (End of period. Amounts outstanding; in millions of dollars) 1970 1971 AArreeaa aanndd ccoouunnttrryy Dec. Jan. Feb. Mar. Apr. May June July Aug.? Sept.? Europe: Austria 6 4 4 5 17 6 5 5 8 5 Belgium-Luxembourg 50 69 68 68 57 73 58 48 95 60 Denmark 40 46 53 58 54 54 51 46 47 47 Finland 66 103 110 123 128 137 133 129 117 114 France 113 95 111 98 102 123 106 124 155 148 Germany 186 142 175 190 214 357 250 230 256 250 Greece 26 21 22 21 22 24 22 21 22 21 Italy 101 92 98 102 108 131 120 133 140 130 Netherlands 61 74 68 70 76 85 87 84 92 82 Norway 54 61 65 62 54 64 67 61 71 68 Portugal 11 12 14 15 15 20 18 13 11 12 Spain 52 49 56 59 65 70 61 64 66 64 Sweden 97 102 100 104 124 129 135 138 117 116 Switzerland 100 122 114 174 137 163 148 162 253 145 Turkey 9 3 4 5 8 30 14 11 26 20 United Kingdom 381 410 513 456 580 808 536 480 785 459 Yugoslavia 35 35 31 33 33 36 37 38 37 29 Other Western Europe 13 10 11 9 12 15 17 18 16 15 U.S.S.R 3 2 2 3 3 2 2 2 2 2 Other Eastern Europe 45 36 41 47 51 50 44 48 37 39 Total 1,451 1,489 1,661 1,701 1,859 2,377 1,913 1,855 2,353 1,826 Canada 1,084 914 942 1,018 972 1,021 1,003 980 994 1,126 Latin America: Argentina 326 331 341 349 321 322 316 334 329 336 Brazil 325 310 322 368 399 401 429 422 442 416 C Ch ol i o le m bia 2 2 8 0 4 0 2 1 8 8 8 7 2 1 9 8 6 4 3 1 0 8 0 0 3 1 0 6 3 5 2 1 9 5 4 8 2 1 9 5 9 5 3 1 1 5 5 7 3 1 3 5 5 2 3 1 5 4 3 5 Cuba 13 13 13 13 13 13 13 13 13 13 P M a e n x a i m co a 90 9 9 5 91 8 7 2 9 1 5 0 5 5 9 1 1 0 2 0 8 1 9 0 8 5 8 1 8 0 6 4 8 1 7 0 9 9 9 9 4 9 3 9 1 7 1 7 3 9 1 0 0 8 2 Peru 147 143 135 131 150 153 156 173 169 190 Uruguay 63 56 51 49 53 52 43 44 41 31 Venezuela 281 276 275 243 242 230 228 237 249 242 Other Latin American republics 342 335 336 327 330 311 314 309 303 318 Bahamas and Bermuda 179 178 157 200 190 239 212 263 252 253 Netherlands Antilles and Surinam 19 19 14 15 21 20 19 18 15 17 Other Latin America 22 22 21 22 22 22 27 31 36 27 Total 3,203 3,157 3,204 3,209 3,211 3,205 3,198 3,359 3,425 3,352 Asia: China Mainland 2 1 1 2 1 1 1 1 1 1 Hong Kong 39 40 41 49 60 56 60 69 71 78 India 13 16 13 15 21 20 19 18 18 20 Indonesia 56 49 49 66 48 34 30 63 60 57 Israel 120 99 130 97 110 112 117 123 116 126 Japan 3,890 3,675 3,480 3,482 3,356 3,606 3,501 3,220 4,078 4,041 iCorea 196 196 194 221 243 231 259 252 252 217 Philippines 137 135 137 124 128 115 125 126 119 110 Taiwan 95 101 113 119 117 127 130 127 123 113 Thailand 109 106 109 109 118 114 116 123 127 147 Other 157 167 182 183 187 211 200 203 239 248 Total 4,815 4,585 4,448 4,466 4,389 4,627 4,557 4,325 5,204 5,158 Africa: Congo (Kinshasa) 4 7 4 6 5 6 6 18 22 21 Morocco 6 6 6 6 5 6 5 6 8 5 South Africa 77 83 84 86 93 103 97 128 132 140 U.A.R. (Egypt) 13 16 14 14 17 16 14 12 11 14 Other 79 78 85 101 103 104 110 108 110 108 Total 180 190 194 213 223 235 232 272 284 287 Other countries: Australia 64 70 105 73 73 81 94 105 118 134 All other 16 17 19 18 18 17 20 21 22 23 Total 80 87 124 91 91 98 114 126 140 157 Total foreign countries 10,812 10,422 10,573 10,697 10,745 11,564 11,017 10,917 12,400 11,906 International and regional 3 2 2 2 2 2 3 3 2 3 Grand total 10,815 10,424 10,575 10,699 10,747 11,565 11,020 10,919 12,401 11,909 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
NOVEMBER 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 t f i s f o t i i n c t i u s a - l Banks i Others C s t t o o i i a o n u l n l n g t e d - s c - - f A e o o a m i c r f g n c a n f a c e o d e c e p r r c e s t - s t - . Other Total w D e i i e t g h p n o e f s o r i s r t s - g c F a o u n c o n v o r a r d i t m n e t , i c i f e s l g e i . e s - n , - Other paper 1968 8,711 8,261 3,165 247 1,697 1,221 1,733 2,854 509 450 336 40 73 19692 I ( 9 9 , , 5 6 7 6 8 7 9 9 , , 1 0 5 6 1 3 3 3 , , 2 2 8 7 1 8 2 26 6 2 2 1 1 , , 9 9 4 4 3 6 1 1 , , 0 0 7 7 3 3 2 1 , , 0 9 1 5 5 4 3 3 , ,1 2 6 0 9 2 6 6 5 5 8 6 5 5 1 1 8 6 3 3 5 5 2 2 8 8 4 9 7 7 9 4 1970—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.. 10,815 10,165 3,049 119 1,720 1,210 2,414 3,968 733 651 393 92 166 1971—Jan... 10,424 9,917 2,864 110 1,574 1,180 2,396 3,950 708 506 308 79 120 Feb... 10,575 10,039 2,952 88 1,592 1,272 2,389 3,973 726 535 334 111 90 Mar.. 10,699 10,136 3,005 100 1,597 1,309 2,376 4,033 721 564 365 102 96 Apr.. 10,747 10,213 3,113 107 1,753 1,253 2,320 4,097 684 534 339 92 103 May. , 11,565 10,930 3,377 150 1,926 1,301 2,349 4,135 ,069 636 449 78 109 June. 11,020 10,455 3,406 147 1,968 1,291 2,378 3,959 712 565 374 102 89 July. . 10,919 10,380 3,570 200 2,052 1,318 2,364 3,637 810 539 382 62 94 Aug.? 12,401 11,768 4,298 191 2,680 1,427 2,357 4,121 993 633 497 46 90 Sept.35 11,909 11,228 3,855 187 2,259 1,409 2,371 4,040 961 682 481 104 97 1 Excludes central banks which are included with "Official institutions." with those shown for the preceding date; figures on the second line are 2 Data on the two lines shown for this date differ because of changes in comparable with those shown for the following date. reporting coverage. Figures on the first line are comparable in coverage 15. LONG-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) Type Country or area Payable in dollars E p n er d i o o d f Total Loans to— O lo t n h g e - r P c fo u a r y r i e n r a i e b g n l n e - U K d n i o n i m t g e - d E O u t r h o e p r e Canada Am La e t r i i n c a Japan O A t s h i e a r co o u A t n h l t e l r r i es Official Other term cies Total institu- Banksi foreign- claims tions ers 196 8 3,567 3,158 528 237 2,393 394 68 479 428 1,375 122 617 479 196 9 3,250 2,806 502 209 2,096 426 67 411 408 1.329 568 378 1970—Sept... 3,155 2,750 460 244 2,046 377 65 395 416 1,357 108 499 314 Oct.. . 3,229 2,839 531 256 2,053 359 67 407 409 1.342 109 582 312 Nov... 3,216 2,825 515 247 2,064 364 66 387 398 1,362 113 583 307 Dec... 3,075 2,698 504 236 1,958 352 71 411 312 1,325 115 548 292 1971—Jan.. . 2,962 2,610 485 213 1,913 327 70 412 278 1,281 117 523 280 Feb... 2,957 2,643 484 213 1,946 289 77 420 266 1,257 121 521 295 Mar. . 3,045 2,738 501 226 2,012 277 111 424 268 1,271 125 548 298 Apr... 3,084 2,779 504 227 2,048 271 117 439 275 1,273 120 554 305 May.. 3,248 2,936 523 251 2,163 279 107 498 277 1,264 208 548 345 June.. 3,219 2,916 475 242 2,199 277 112 519 266 1,229 225 514 355 July. . 3,279 2,986 489 253 2,244 273 118 530 266 1,263 219 515 370 Aug.** 3,386 3,091 513 265 2,313 267 120 546 259 1.330 221 539 370 Sept.23 3,430 3,121 513 270 2,339 280 126 570 264 1.343 225 536 365 i 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. • NOVEMBER 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 i securities 2 Foreign bonds Foreign stocks Net purchases or sales Period Total I a n n t d l. Foreign ch P a u s r e - s Sales c N h s a e a t s l e p e s s u o r r - c P ha u s r e - s Sales c N ha e sa t s e l p e s s u o r r - ch P a u s r e - s Sales c N h e s a t a s l e e p s s u o r r regional Total Official Other 196 9 -45 -56 -115 59 15,476 12,795 2,681 1,552 2,581 -1,029 1,519 2,037 -517 56 82 -41 123 11,426 9,844 1,582 1,490 2,441 -951 1,033 997 37 197 0 799 129 670 721 -50 10,933 10,109 824 1,180 1,989 -809 1,096 -200 1971—Jan.-Sept. 1970—S O e c p t t -8 2 9 3 5 1 -9 2 0 2 5 -91* 22 5 1 1 1, , 1 0 7 8 3 5 7 4 4 9 7 6 3 0 0 8 9 3 2 3 1 4 3 4 9 1 5 1 1 1 9 0 0 7 9 25 9 8 7 3 7 -14 1 1 8 7 0 7 7 6 6 1 5 1 9 7 2 0 6 0 - - -1 1 5 1 4 0 Nov 52 -22 74 17 57 1,321 1,030 291 140 277 -137 83 87 -4 Dec 1971—Ja n 37 -1 38 46 1,242 1,022 220 116 419 -302 90 95 -5 Feb 20 17 3 -2 1,516 1,411 105 126 107 19 68 108 -41 Mar 88 99 -11 1,411 1,314 97 176 190 -14 85 121 -36 Apr 5 5 4 1,383 1,408 -25 174 234 -60 117 179 -63 May -33 -33 -33 1,163 1,126 37 118 218 -100 94 120 -26 J J u u n ly e 2 9 6 2 0 2 9 5 1 9 25 8 3 7 4 6 1 1 , , 0 0 3 0 8 4 1 1 , , 0 0 1 0 9 2 -1 3 5 6 1 1 0 2 9 1 2 1 3 3 9 7 -1 -2 1 8 8 1 9 0 8 2 1 1 3 4 0 4 - - 4 3 2 2 Aug.*.... 212 202 238 -36 1,152 1,013 139 110 306 -196 124 102 22 Sept.*. . . 118 117 145 -28 1,023 793 230 129 138 -10 118 96 22 1 Excludes nonmarketable U.S. Treasury bonds and notes issued to Also includes issues of new debt securities sold abroad by U.S. corporaofficial institutions of foreign countries; see Table 12. tions organized to finance direct investments abroad. 2 Includes State and local govt, securities, and securities of U.S. Govt, NOTE.—Statistics include transactions of international and regional agencies and corporations that are not guaranteed by the United States. organizations. 17. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE STOCKS, BY COUNTRY (In millions of dollars) Period Total France m G a e n r y - N l e a t n h d e s r -Sw la it n z d e r- K U in n g i d te o d m E O u t r h o e p r e E T u o r t o a p l e Canada A L m a e t r in ic a Asia Africa co O u t n h t e r r ie s r I e n g t i l o . n & al 1969 1,487 150 216 189 490 -245 295 1,094 125 136 90 7 36 1970 626 58 195 128 110 -33 24 482 -9 47 85 -1 1 22 1971—Jan.-Sept.* 301 4 93 120 61 -86 20 212 -60 48 59 * -1 44 1970—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 _ J * -1 Nov 98 7 13 18 11 3 31 84 6 1 * • * 7 Dec 216 39 27 8 39 14 11 137 40 32 4 * * 3 1971—Jan 130 -13 27 14 26 7 46 107 11 6 -3 * j 11 Feb -32 -23 28 9 -6 -23 21 7 -34 -5 * * * * Mar -26 -26 11 2 -27 -11 -8 -59 1 18 9 * * 6 Apr -1 8 -10 8 -4 -18 -8 -24 -7 14 11 * _ l 6 May 10 9 * 13 10 -6 -3 24 -17 -4 1 — J * 7 June -11 3 3 12 9 -19 -24 -17 -11 -4 7 * * 14 July -4 12 -6 15 -10 6 -13 4 -24 2 15 * * -2 Aug.? 79 10 7 38 24 -33 -7 38 11 13 16 1 * * Sept.* 155 24 33 9 38 11 17 132 10 7 4 « * 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER 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 l e a t n h d e s r - Sw la it n z d e r- K U in n g i d te o d m E O u t r h o e p r e E T u o r t o a p l e Canada Am La e t r i i n c a Asia Africa co O u t n h t e r r ie s I r n e t g l. i o a n n a d l 1969 1,195 97 200 14 169 251 83 815 32 14 -11 10 336 1970 956 35 48 37 134 118 91 464 128 25 28 1 -12 324 1971—Jan.-Sept. f 523 11 31 2 68 216 38 365 51 21 -5 * -16 106 1970—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 June -4 -1 -1 * -2 -4 * -8 11 2 -3 * -2 -3 July 40 -2 -1 1 3 20 1 22 -10 3 * * * 24 Aug.f 60 -3 -1 -1 * 49 -3 42 * 1 1 * * 17 Sept.P 75 * -1 * 2 69 -2 68 16 5 * * * -14 NOTE.—Statistics include State and local govt, securities, and securities the United States. Also includes issues of new debt securities sold abroad of U.S. Govt, agencies and corporations that are not guaranteed by by U.S. corporations organized to finance direct investments abroad. 19. NET PURCHASES OR SALES BY FOREIGNERS OF 20. FOREIGN CREDIT AND DEBIT LONG-TERM FOREIGN SECURITIES, BY AREA BALANCES IN BROKERAGE ACCOUNTS (In millions of dollars) (Amounts outstanding; in millions of dollars) Total Credit Debit Period Total I a r n n e t d - l. c e f o i o u g r n n - - r E o u p - e C a a d n a - A L i m a c t a e i n r- Asia r A ic f a - c O t o r t u i h e n e s r - E p n er d i o o d f fo b ( r a d e l u i a g e n n c e t e o r s s ) f ( o b d r a u e l e i a g n f n r c e o e r m s s ) gional tries 1967 311 298 196 9 -1,547 66 -1,613 74 -1,128 -98 -474 20 1968 636 508 197 0 -914 -254 -660 50 -584 -11 -129 20 1969—Mar 553 393 -1,008 -358 -651 -46 -274 3 -365 26 566 397 1971—Jan.-Sept 467 297 3 16 -13 5 22 -30 -12 434 278 1970—Sep t -198 -91 -107 -33 -51 3 -28 Oct 3 -4 -10 15 -2 -9 368 220 Nov -141 4 -145 -22 -90 -5 -31 334 182 Dec -1 291 203 1971—Ja n -307 -197 -111 2 -85 -29 349 279 Feb -21 -4 -17 -21 27 4 -29 Mar -50 11 -61 6 -34 11 -44 1 511 314 Apr -122 -46 -77 -34 29 5 -79 419 300 May -126 4 -130 -4 -62 -13 -52 2 June.... -150 13 -163 -3 -111 5 -72 14 J S A u e u l p y g t . . 2 * * ... -1 -7 7 1 0 4 2 -152 6 7 - -2 7 2 6 6 -1 2 6 3 - — - 2 8 3 7 - - 1 2 0 3 - - 5 1 3 4 8 2 1 b m r o o N n k O e e y T r s E d e . a — b n i d D t a b d t a e a l a a l r n e e r c p s e r s e i n a s e p t n p h t e e a th r U i e n n g m it e o o d n n e t S y h t e a c t b r e e o s d , o i k t in s b o a a f c l a c r n o ep c u e o n s r t s t a i n n o g d f 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. • NOVEMBER 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 GOVERNMENT 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 June July Aug. 1966 1970 1971—Cont. J M u a n r e . 2 3 9 0 .... 1 1, , 9 8 5 7 1 9 J M F a e a n b r . . . 2 2 2 5 5 8 . . . 1 1 1 3 1 3 , , , 6 8 0 0 8 8 5 5 6 May 1 5 2 . .. .. . 2 1 , , 0 5 0 9 4 8 5 4 , , 0 6 1 0 2 6 O Ca th ll e r liabilities, maturing 1 1 . . 6 8 7 5 1 1 . . 5 6 1 0 1 1 . . 7 6 1 1 Sept. 28 3,472 Apr. 29. 11,944 19... 1,628 4,636 in following calendar Dec. 28.... 4,036 May 27. 12,346 26... 1,579 4,587 months after report J M S D u e e a p n c r t e . . . 2 2 2 2 1 8 7 7 9 9 . . 6 . . 7 . . . . 4 4 3 3 , , , , 2 0 4 1 4 5 6 1 1 9 6 2 J N D J O A S u u e e o u c p n l t c v y g 1 . e t . . . 9 . 7 2 3 2 2 2 2 3 1 5 0 8 6 4 0 9 . . . . . . . 1 1 1 9 9 7 8 0 2 0 , , , , , , , 2 6 6 4 6 1 4 9 3 7 6 2 6 7 7 5 6 3 9 9 2 J J u u l n y e 2 2 3 1 1 9 1 4 3 0 7 6 2 . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 1 1 1 1 1 , , , , , , , , 1 3 3 8 7 8 9 4 8 2 2 7 7 2 3 9 3 3 9 7 9 3 8 9 4 4 4 4 5 5 4 5 , , , , , , , , 1 3 3 8 9 7 5 9 9 3 3 8 0 7 2 4 1 1 1 5 7 6 6 6 da 2 6 7 4 5 t 1 e t n t t t s h h h h : t d 1 4 3 1 1 1 1 . . . . . . . . 3 4 7 7 9 2 3 1 1 6 8 9 2 5 4 0 4 2 2 5 8 1 . . . . . . . . 1 4 4 1 2 8 3 2 5 3 7 0 2 9 1 7 9 2 2 5 3 1 . . . . . . . . 2 2 0 9 4 6 3 4 5 9 3 3 4 3 1 2 Jan. 27. 6,536 7,536 28. .. 1,505 4,655 9th .30 .40 .34 10th .37 .28 .23 1968 Feb. 3. 6,432 7,432 Aug. 4. .. 1,912 5,062 .25 .23 .38 10. 6,233 7,233 11. .. 1,104 4,290 12th .22 .37 .19 Mar. 27 4,920 17. 5,872 6,872 18... 1,382 4,568 Maturities of more than 1 June 26 6,202 24. 5,666 6,666 25... 1,409 4,079 .70 .76 .77 Sept. 25 7,104 Dec. 31 (1/1/69) 6,039 Mar. 3. 5,016 6,516 Sept. 1... 1,236 3,406 10. 4,806 6,306 8... 1,242 3,412 Total 30.33 29.99 30.53 17. 4,180 5,680 15 r.. 1,703 3,357 1969 24. 4,338 5,838 22 . 2,151 3,805 31. 2,858 4,358 29... 2,477 3,580 NOTE.—Includes interest-bearing U.S. dollar J S D M u e e a p n c r e t . . . 2 2 2 3 5 4 6 1 . . . .. . . . 1 1 1 9 3 2 4 , , , , 6 2 8 3 2 0 6 4 1 5 9 9 Apr. 2 2 1 7 8 4 1 . . . . 2 2 3 2 , , , , 2 2 3 1 5 4 5 1 9 4 8 0 4 5 5 5 , , , , 7 3 2 1 5 1 6 5 9 8 6 2 Oct. 2 2 1 6 0 7 3 . . . . . . . . . . . . 2 2 2 2 , , , , 5 2 9 7 8 0 2 2 8 8 4 4 2 3 3 3 , , , , 9 3 2 1 0 2 7 4 8 7 6 0 t d f a h o m e r e p D o o e w B u s t n a i h a t t h i s i c l a s t h a o m n m a s d $ a u s 5 y d c 0 h a i n r m n e o d d c i t l t e l a p o i b o d f o o n d s r a i t r o l t l s o o r w o t a m t o i n h n t o d a e g r r l s e s d . o f i d r o f u e r a e c e l t i l t g o b n b r r o a b o r n u r r c o a n h w n d e c i i s n n h g g e in s . s 1 Represents gross liabilities of reporting banks to their branches in foreign countries. 2 For period Jan. 27, 1971 through Oct. 20, 1971, 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 Payable in dollars foreign currencies Assets in custody End of EEnndd ooff UUnniitteedd period Deposits ppeerriioodd TToottaall Short- Short- KKiinngg-- CCaannaaddaa U se . c S u . r G iti o e v s t 1 . Ear g m o a ld r ked Deposits in te v r e m st - Deposits in te v r e m st - ddoomm ments 1 ments 1 1968 216 9,120 13,066 1969 134 7,030 12,311 1968 1,638 1,219 87 272 60 979 280 1970—Oct.... 142 14,458 12,617 1 Q£Q 2 \ f l l , , 4 3 5 1 4 9 1,0 9 2 5 5 2 1 16 1 1 6 1 18 7 3 4 7 8 6 6 6 6 1 6 0 3 4 51 6 9 9 Nov... 136 16,196 12,644 Dec... 148 16,226 12,926 1970—Aug 1,335 926 164 151 94 708 297 Sept 1,434 948 183 177 126 713 382 1971—Jan.... 129 16,206 12,958 Oct 1,477 964 177 177 159 686 440 Feb. .. 147 18,033 12,981 Nov 1,485 973 171 175 166 664 472 Mar... 201 20,534 13,057 Dec 1,095 667 133 173 121 372 417 Apr... 162 22,879 13,095 May.. 208 28,126 13,447 1971—Jan 1,252 835 124 177 116 520 363 June.. 199 26,544 13,509 Feb 1,312 827 152 190 144 548 401 July... 162 28,574 13,559 Mar 1,450 983 147 175 145 706 377 Aug... 122 35,914 13,821 Apr 1,468 967 163 200 138 687 390 Sept... 166 36,921 13,819 May 1,532 930 147 293 161 622 424 Oct.. . 135 38,207 13,819 June 1,462 931 170 240 122 634 367 July 1,475 955 180 238 101 579 393 1 Marketable U.S. Treasury bills, certificates of in- Aug 1,666 1,106 191 241 128 645 488 debtedness, notes, and bonds and nonmarketable U.S. Treasury securities payable in dollars and in foreign 1 Negotiable and other readily transferable foreign obligations payable on demand currencies. or having a contractual maturity of not more than 1 year from the date on which the obligation was incurred by the foreigner. NOTE.—Excludes deposits and U.S. Govt, securities 2 Data on the two lines for this date differ because of changes in reporting coverage. held for international and regional organizations. Ear- Figures on the first line are comparable in coverage with those shown for the preceding marked gold is gold held for foreign and international date; figures on the second line are comparable with those shown for the following date. accounts and is not included in the gold stock of the 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
NOVEMBER 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 June Sept. Dec. Mar. June? June Sept. Dec. Mar. June? Europe: Austria 4 6 8 11 12 8 9 10 10 10 Belgium-Luxembourg 74 66 46 47 58 58 54 47 49 60 Denmark 3 3 2 9 3 17 16 17 16 17 Finland 1 1 2 2 2 8 13 11 8 15 France 156 141 126 112 117 176 154 150 159 181 Germany, Fed, Rep. of 164 166 139 122 105 174 192 209 191 228 Greece 3 3 4 4 5 27 28 28 34 27 Italy 84 69 77 71 69 173 161 163 175 172 Netherlands 116 124 128 115 102 72 62 62 65 74 Norway 5 6 5 4 5 13 13 16 15 14 Portugal 5 10 13 14 18 18 14 15 13 20 Spain 47 48 24 27 35 72 73 81 93 91 Sweden 31 35 34 28 31 27 25 40 53 40 Switzerland 159 185 159 122 85 37 45 47 38 62 Turkey 2 3 4 3 5 11 13 8 17 9 United Kingdom 648 644 792 704 646 1,137 1,055 698 1,020 961 Yugoslavia 1 1 2 1 1 15 17 17 16 16 Other Western Europe 21 21 11 1 2 12 9 9 12 11 Eastern Europe 3 5 4 4 3 20 24 24 16 16 Total 1,526 1,538 1,578 1,403 1,302 2,076 1,977 1,652 1,997 2,026 Canada 205 215 215 201 185 691 703 751 715 704 Latin America: Argentina 15 10 11 14 17 62 61 61 65 66 Brazil 14 17 19 15 17 100 107 120 105 118 Chile 9 11 11 13 8 37 42 48 40 44 Colombia 5 6 6 6 6 37 37 37 36 31 Cuba * * * * * 1 1 1 1 1 Mexico 21 28 22 20 20 140 149 156 143 151 Panama 5 5 5 6 6 19 18 18 21 17 Peru 6 6 4 4 4 37 29 36 35 36 Uruguay 5 5 4 4 4 6 5 6 7 6 Venezuela 19 14 18 17 17 63 70 68 70 70 Other L.A. republics 28 35 37 29 29 102 97 100 96 96 Bahamas and Bermuda 58 89 144 158 152 160 153 160 210 263 Neth. Antilles and Surinam. 38 24 23 5 7 8 10 9 8 9 Other Latin America 6 5 6 5 6 19 23 29 21 25 Total 229 255 310 296 293 790 801 848 858 934 Asia: Hong Kong 7 8 9 8 8 17 19 17 19 25 India 37 41 38 25 22 41 42 34 39 39 Indonesia 7 7 9 5 6 17 14 21 20 21 Israel 17 21 24 28 19 23 21 23 24 26 Japan 113 135 144 165 158 311 314 323 348 371 Korea 2 1 1 11 10 50 29 42 48 53 Philippines 7 7 7 7 7 33 32 30 31 56 Taiwan 4 8 9 10 11 29 27 33 32 37 Thailand 3 4 4 4 3 15 13 11 12 13 Other Asia 28 47 50 59 122 125 145 145 155 159 Total 227 281 296 322 366 662 657 678 728 801 Africa: Congo (Kinshasa) 14 15 2 2 2 5 4 3 5 6 South Africa 19 24 34 31 45 35 29 30 32 38 U.A.R. (Egypt) 2 2 1 2 1 10 11 9 10 9 Other Africa 37 51 41 19 33 49 48 50 53 67 Total 72 90 78 54 82 99 92 92 100 120 Other countries: Australia 69 74 75 81 81 84 70 80 86 83 All other 6 5 7 8 8 14 15 15 13 17 Total 74 79 82 89 89 98 84 94 99 99 International and regional * * * * * 2 1 1 3 4 Grand total 2,334 2,459 2,560 2,365 2,317 4,417 4,316 4,117 4,499 4,687 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. • NOVEMBER 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 PP dd aa oo yy ll iinn ll aa aa bb rr ll ss ee ccuu PP ff rr oo aa rr rr yy ii ee ee nn aa nn ii bb gg cc ll nn ii ee ee ss Total PP dd aa oo yy ii ll nn ll aa aa bb rr ll ss ee D b i a n e n p r k o e s s p i a o ts b r t r w e o r i a ' t s d h Other name 1967—June.., 1,203 916 287 2,585 2,110 199 275 Sept.. . 1,353 1,029 324 2,555 2,116 192 246 Dec... S 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.. 2,184 1,707 478 4,238 3,699 219 320 June. 2,334 1,821 513 4,417 3,825 234 358 Sept.. 2,459 1,933 526 4,316 3,710 301 306 Dec.. 2,560 2,127 432 4,117 3,534 234 349 1971--Mar... 2,365 1,946 419 4,499 3,890 232 377 June*. 2,317 1,927 391 4,687 4,030 302 356 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 it d e o d m E O u t r h o e p r e Canada Brazil Mexico A O L m a t e h t r i e i n r c a Japan O A t s h i e a r Africa o A th ll e r 1967—June. , 430 1,488 27 257 303 214 290 110 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— J M u a n r e . . . . , 1 1, , 3 2 2 8 5 5 1 1 , , 8 9 7 5 2 2 1 1 7 6 5 8 3 3 4 6 2 8 4 44 3 7 2 1 19 9 5 4 7 7 5 6 2 2 2 1 2 6 1 1 2 4 6 2 2 1 2 9 9 1 7 7 2 2 4 4 3 0 Sept.. 1,418 1,965 167 369 465 179 70 213 143 246 71 42 Dec... 1,725 2,215 152 433 496 172 73 388 141 249 69 42 Dec.1 2,246 2,330 152 442 537 174 77 415 142 269 75 46 1970—Mar.. 2,307 2,711 159 735 549 178 74 453 158 286 71 47 June. 2,561 2,724 161 712 557 175 65 472 166 286 76 54 Sept.. 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.. 3,154 2,945 154 687 652 179 63 600 161 299 78 72 June* 3,137 2,955 151 692 656 177 64 615 138 310 76 75 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
NOVEMBER 1971 • MONEY RATES A 91 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Australia Argentina Austria Belgium Canada Ceylon Denmark Finland Period (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—Oct.. 24.874 111101..1971 3.8698 2.0146 97.890 16.775 13.331 23.736 Nov. 24.864 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 23.722 111.82 1971—Jan.. 24.829 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 4 3.9676 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 Sept. 19.919 114.78 4.0844 2.0921 98.717 16.839 13.672 23.830 Oct. 19.923 115.76 4.1261 2.1353 99.537 16.820 13.768 23.800 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 r o el u a n n d d ) ( I l t i a r l a y ) J ( a y p en a ) n M (d a o la ll y a s r i ) a M (p e e x s i o c ) o ( e g N r u l e i a l t n d h d e - r s ) 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 5 19.302 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—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 728.135 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 Sept. 18.112 29.794 13.401 246.94 .16292 .29583 33.354 8.0056 29.308 Oct.. 18.073 30.065 13.349 249.06 .16332 .30202 33.573 8.0056 29.772 Period (pou N n e d w ) Zeal ( a d n o d ll ar) N (k o r r o w n a e y ) P (e o s r c t u u d g o a ) l A ( S r o f a r u n i t c d h a ) (p S e p s a e i t n a ) S (k w r e o d n e a n ) ( e S f r w r l a a i n t n z c d - ) ( U p K d o n i o u n i m t n g e d - d ) 1967.. 276.69 8131.97 13.985 3.4784 139.09 1.6383 19.373 23.104 275.04 1968., 111.37 14.000 3.4864 139.10 1.4272 19.349 23.169 239.35 1969., 111.21 13.997 3.5013 138.90 1.4266 19.342 23.186 239.01 1970., 111.48 13.992 3.4978 139.24 1.4280 19.282 23.199 239.59 1970—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 Sept.. 114.95 14.494 3.5970 140.88 1.4415 19.732 25.118 246.94 Oct.. 115.88 14.599 3.6275 140.43 101.4457 19.914 25.157 249.06 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. Since Apr. 6, 1971, the official exchange rate is set daily by 9 Effective May 10, 1971, the Swiss franc was revalued to 4.08 per the Government of Argentina. U.S. dollar. 3 On June 1, 1970, the Canadian Government announced that, for the 10 Effective Oct. 20, 1971, the Spanish peseta was revalued to 68.455 time being, Canada will not maintain the exchange rate of the Canadian per U.S. dollar. dollar within the margins required by IMF rules. 4 Effective May 9, 1971, the Austrian schilling was revalued to 24.75 NOTE.—After the devaluation of the pound sterling on Nov. 18, 1967, per U.S. dollar. the following countries devalued their currency in relation to the U.S. 5 Effective Aug. 10, 1969, the French franc was devalued from 4.94 to dollar: Ceylon, Denmark, Ireland, New Zealand, and Spain. 5.55 francs per U.S. dollar. Effective Aug. 16, 1971, the U.S. dollar convertibility to gold was sus- 6 Effective Oct. 26, 1969, the new par value of the German mark was pended; as from that day foreign central banks did not have to support set at 3.66 per U.S. dollar. the dollar rate in order to keep it within IMF limits. 7 Effective May 10,1971, the German mark and Netherlands guilder Averages of certified noon buying rates in New York for cable transfers. have been floated. For description of rates and back data, see "International Finance," Section 15 of Supplement to Banking and Monetary Statistics, 1962. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 92 MONEY RATES • NOVEMBER 1971 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of Oct. 31, 1970 Rate Country 1970 1971 as of Oct. 31, Per Month 1971 cent effective Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct, Argentina 6.0 Dec. 1957 6.0 5.0 Jan. 1970 5.0 Belgium 7.0 Oct. 1970 6.5 6.0 5.5 5.5 Brazil 20.0 July 1969 20.0 Burma 4.0 Feb. 1962 4.0 Canada 6.5 Sept. 1970 6.0 5.25 4.75 Ceylon 5.5 May 1968 5.5 Chile 14.0 July 1969 14.0 Colombia 8.0 May 1963 8.0 Costa Rica 4.0 June 1966 4.0 Denmark 9.0 May 1969 8.0 7.5 7.5 Ecuador 8.0 Jan. 1970 8.0 El Salvador 4.0 Aug. 1964 4.0 Finland 7.0 Apr. 1962 8.50 8.50 France 7.0 Oct. 1970 6.5 6.75 6.5 6.5 Germany, Fed. Rep. of.... . 7.0 July 1970 6.5 6.0 5.0 4.5 4.5 Ghana 5.5 Mar. 1968 5.5 Greece 6.0 July 1969 6.0 Honduras 3.0 Jan. 1962 3.0 Iceland 9.0 Jan. 1966 9.0 India 5.0 Mar. 1968 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 4.5 Jamaica 6.0 May 1969 5.5 5.5 Japan 6.0 Oct. 1970 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 5.0 7.0 Mar. 1961 7.0 Nicaragua 6.0 Apr. 1954 6.0 Norway 4.5 Sept. 1969 4.5 Pakistan 5.0 June 1965 5.0 Peru 9.5 Nov. 1959 9.5 Philippine Republic 10.0 June 1969 10.0 Portugal 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 5.0 5.0 7.0 July 1969 6.5 6.0 5.5 3.75 Sept. 1969 3.75 Taiwan 10.8 May 1969 9.25 9.25 Thailand 5.0 Oct. 1959 5.0 5.0 Sept. 1966 5.0 Turkey 9.0 Sept. 1970 9.0 United Arab Rep. (Egypt). . 5.0 May 1962 5.0 United Kingdom 7.0 Apr. 1970 6.0 5.0 5.0 Venezuela 5.0 Oct. 1970 5.0 Vietnam 18.0 Sept. 1970 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, comthe 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 disand 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 enformation 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, 4V£ rediscounts, and cash position loans; and 18 per cent for selective redis- per cent for advances against government bonds, and SYz 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
NOVEMBER 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 it n z d e r- MMoonntthh 3 T m r b e o i a l n s ls t u , h r s y i D m a o d y n a - y e t y o 2 - 3 m P b b r o a i i l n n m ls k t , e h s3 3 T r m b e i a o l s l n s u t , r h y s D m a d o y a n - y e t o y - C d b r l e e a a p a t n o e r k s i s n s i 4 t ' g D m a o d y n a - e y t y o s - Tr 6 d b e 0 a i a - y l s l 9 s s u 0 , 6 r y m Da o d y n a - e y t y o 7 - 3 T r m b e i a o l s l n s u t , r h y s D m a d o y a n - y t e o y - d P is r r c i a v o t a u e t n e t 196 8 555...999666 555...333111 777...222666 666...888000 555...999999 555...000000 8.22 2.75 11..8844 444...666555 444...999666 33..7755 196 9 777...111555 666...999555 888...444999 777...666444 666...777555 555...888444 8.97 4.42 44..8811 555...555555 555...999888 44..2211 1970—Oc t 555...222555 555...222444 888...000666 666...888111 555...999333 555...000000 7.82 6.75 77..4433 666...000000 666...888999 55..2255 Nov 444...777444 444...555222 888...000666 666...888111 555...888111 555...000000 7.30 6.25 88..4444 555...777555 444...333333 55..2255 Dec 444...444777 555...000777 888...000666 666...888222 555...999555 555...000000 7.46 5.75 77..5522 555...999111 666...777333 55..2255 1971—Ja n 444...555999 555...222555 888...000666 666...777999 555...888444 555...000000 6.46 5.75 77..6611 555...666000 444...444666 55..2255 Feb 444...555111 444...999000 888...000666 666...777555 666...000888 555...000000 6.00 5.75 77..3322 555...000555 555...444111 55..2255 Mar 333...333000 333...444888 888...000666 666...666666 666...111222 555...000000 5.77 5.75 77..3366 444...444999 333...222777 55..2255 Apr 333...000444 222...666555 777...000666 555...777555 555...111555 444...000000 5.53 4.75 44..2233 333...555999 111...111333 55..2255 May 333...000666 222...777666 777...000666 555...666555 555...333666 444...000000 5.84 4.75 22..3311 333...888888 111...888444 55..2255 June 333...111555 333...000111 666...777444 555...666000 444...777111 444...000000 6.45 4.25 66..9955 444...333999 222...999111 55..2255 July 333...555888 333...666444 666...444222 555...555777 555...000000 444...000000 5.62 4.25 66..3333 444...000333 222...666999 55..2255 Aug 333...888888 333...999444 555...999999 555...777555 555...000555 444...000000 5.69 4.25 66..1188 444...222444 555...555333 55..2255 Sept 333...999333 444...111666 333 555...444222 444...888333 444...333999 444 333...000000 77..0011 444...333444 333...888000 55..2255 Oct 333...777999 444...111666 888 444...999000 444...666333 444...222999 222...888888 444...444777 555...333555 1 Based on average yield of weekly tenders during month. 5 Rate shown is on private securities. 2 Based on weekly averages of daily closing rates. 6 Rate in effect at end of month. 3 Data for 1968 through Sept. 1971 are for bankers' acceptances, 3 7 Monthly averages based on daily quotations. months. 8 Bill rates in table are buying rates for prime paper. 4 Data for 1968 through Sept. 1971 are for bankers' allowance on NOTE.—For description and back data, see "International Finance," deposits. Section 15 of Supplement to Banking and Monetary Statistics, 1962. ARBITRAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates DDDaaattteee q K ( u U i a b n o U n d a t g j i . s a . t d S i t e s . o i t d ) o o m n U S n ta it t e e d s L S ( o f p n a o r v d e f o a o r d n ) PP dd ff (( (( pp rr oo ii —— ++ ss ee rr oo cc mm ww uu )) oo )) oo aa nn ii uu oo uu rr rr dd nn nn mm dd tt ii LL nn (( oo cc ff NN nn ee aa oo nn vv dd ee ff tt tt oo oo ii rr vv nn ee )) C q a u A n i o n s a t e d d C a an a q d A u a b o U d a t j . a s . S t i . s i t o o n U S n ta it t e e d s C S ( a f p a n r o v a e f o d a r d a ) CC PP dd ff (( (( dd oo rr aa ii —— ++ ss ee oo rr nn cc )) mm ww ll aa )) oo ll aa dd aa ii oo uu oo uu rr ii rr rr nn nn aa ss mm dd tt nn ii CC nn (( cc aa ff NN ee aa nn oo nn vv aa ee ff tt tt oo dd ii rr vv aa ee )) 1971 MMaayy 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 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 5.53 4.76 .77 -.87 -.10 3.19 3.12 4.76 -1.64 1.56 -.08 JJuullyy 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 AAuugg.. 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 1..0930 4.01 3.92 5.10 -1.18 1.34 .16 20 5.73 4.49 1.24 -.24 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 SSeepptt.. 3 4.89 4.42 .47 1.71 2.18 3.89 3.80 4.42 -.62 1.22 .60 10 4.72 4.59 .16 1.47 1.63 3.79 3.70 4.59 -.89 1.26 .37 17 4.72 4.68 .04 1.64 1.68 3.88 3.77 4.68 -.91 1.14 .23 24 4.77 4.67 .10 3.30 3.40 3.99 3.90 4.67 -.77 1.05 .28 Oct. 1 4.77 4.52 .25 1.88 2.13 4.05 3.95 4.52 -.57 .75 .18 8 4.73 4.45 .28 1.97 2.25 4.00 3.81 4.45 -.54 .42 -.12 15 4.63 4.35 .28 1.93 2.21 3.92 3.83 4.35 -.52 .26 -.26 22 5.53 4.38 1.15 .44 1.59 3.71 3.63 4.38 -.75 .04 -.71 29 4.53 4.30 .23 -.66 -.43 3.47 3.39 4.30 -.91 .04 -.87 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 • NOVEMBER 1971 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti- Intl. Estim 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 i - a A tr u i s a - g B iu e m l- Brazil Burma Canada world i Fund world 43,015 2,179 15,471 25,365 6 71 226 600 1,451 92 84 1,026 243,230 31,869 13,806 27,285 6 66 223 700 1,558 63 84 1,151 43,185 2,652 13,235 27,300 6 84 224 701 1,525 45 84 1,046 41,600 2,682 12,065 26,855 155 84 231 701 1,480 45 84 1,015 40,905 2,288 10,892 27,725 205 109 257 714 1,524 45 84 863 41,015 2,310 11,859 26,845 205 135 263 715 1,520 45 84 872 41,180 2,825 11.494 26,860 205 140 282 714 1,530 45 63 880 2,902 11.495 205 140 283 714 1,528 45 63 880 3,224 11,478 205 140 283 714 1,528 45 63 880 41,275 4,339 11,072 25,865 191 140 239 714 1,470 45 63 791 4,380 11,040 191 140 240 714 1,470 45 63 791 4,400 11,039 191 140 240 714 1,468 45 42 791 41,240 4,404 10,963 25,875 191 140 239 714 1,466 45 42 791 4,338 10,925 191 140 253 728 1,502 46 42 791 ' *>4^255' 4 4 , , 4 5 4 2 8 3 1 1 0 0 , ,5 5 6 0 8 7 p26,225 1 19 9 1 1 1 1 4 4 0 0 2 2 5 5 4 4 7 74 4 7 7 1 1 , , 5 5 9 8 2 4 4 4 6 6 2 2 2 2 7 7 9 9 2 2 4,479 10,453 192 140 259 746 1,600 46 22 792 4,695 10,209 192 140 259 752 1,584 46 22 792 4,722 10,207 192 259 722 1,572 46 792 Gerlo C m o b - ia m De a n rk - l F a i n n d - France m F a e n d y . , Greece India Iraq l I a r n e d - Israel Italy Rep. of 58 92 3,729 4,248 77 247 141 112 19 56 2,107 2 3 6 5 1 9 0 7 8 4 5, , 2 7 3 0 8 6 4 4 , , 4 2 1 9 0 2 1 7 2 8 0 2 2 4 8 3 1 1 13 4 0 6 1 1 1 06 0 2 23 1 5 4 6 6 2 2 , , 4 4 1 0 4 4 31 107 5,234 4,228 130 243 144 115 25 46 2,400 31 114 3,877 4,539 140 243 158 193 79 46 2,923 26 89 3,547 4,079 130 243 158 193 39 46 2,956 26 89 3,537 4,081 119 243 148 151 26 45 2,983 26 64 3,537 4,081 119 243 148 151 26 45 2,983 18 64 3,533 4,081 117 243 131 144 16 43 2,981 17 64 3,532 3,980 117 243 131 144 16 43 2,887 17 64 3,532 3,979 114 243 131 144 16 43 2,886 17 64 3,531 3,978 99 243 131 144 16 43 2,885 16 64 3,527 3,977 99 243 131 144 16 43 2,884 16 64 3,527 4,029 99 243 131 143 16 43 2,884 16 64 3,523 4,035 99 243 130 143 16 43 2,884 16 64 3,523 4,046 99 243 131 143 16 43 2,884 16 64 3,523 4,077 99 243 131 143 16 43 2,884 14 64 3,523 4.076 99 243 131 143 16 43 2,884 14 64 3,523 4.077 98 243 131 143 16 43 2,884 Kuwait a L n e o b n - Libya Ma si l a a y- M c e o x i- N l e a t n h d e s r - N w o a r y - P s a ta k n i- Peru P p h i i n li e p s - Po g r a t l u - 48 183 169 1,688 53 67 23 523 52 182 158 1,756 53 67 38 576 1 6 3 7 6 1 1 9 9 3 3 110696 1 1, , 7 7 1 3 1 0 5 5 3 3 6 2 5 0 4 6 4 0 6 6 4 9 3 9 122 288 165 1,697 54 20 62 856 86 288 169 1,720 54 25 45 876 86 288 176 1,801 54 40 56 902 86 288 176 1,801 54 40 59 902 86 288 176 1,832 54 40 59 902 86 288 176 1,787 54 40 56 902 86 288 176 1,812 54 40 58 902 86 322 176 1,812 54 40 59 902 86 322 176 1,812 54 40 60 902 86 322 182 1,863 54 40 61 902 87 322 182 1,867 54 40 62 902 87 322 1,867 55 40 63 902 87 322 1,888 55 64 895 87 322 1,889 55 65 907 87 322 1,889 55 66 911 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NOVEMBER 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 i o o d f A So fr u i t c h a Spain Sweden Sw la it n z d e r- Taiwan T la h n a d i- Turkey ( U E . g A y . p R t . ) U K d n i o i n t m g ed - U gu r a u y - V zu e e n l e a - Y sl u av g i o a - S I e f n t o t t r l l e . ments 4 196 4 574 616 189 2,725 55 104 104 139 2,136 171 401 17 -50 196 5 425 810 202 3,042 55 96 116 139 2,265 155 401 19 -558 196 6 637 785 203 2,842 62 92 102 93 1,940 146 401 21 -424 196 7 583 785 203 3,089 81 92 97 93 1,291 140 401 22 -624 196 8 1,243 785 225 2,624 81 92 97 93 1,474 133 403 50 -349 196 9 1,115 784 226 2,642 82 92 117 93 1,471 165 403 51 -480 1970—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— F Ja e n b . . . . . . 6 6 3 3 2 2 4 4 9 9 8 8 2 2 0 0 0 0 2 2 , , 7 7 3 3 1 1 8 8 2 2 9 8 2 2 1 1 2 2 6 6 8 8 5 5 1 1 , , 2 2 4 2 6 4 1 1 6 62 2 3 3 8 8 4 4 3 3 2 2 - - 1 1 7 7 3 3 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 July.. 481 200 2,909 82 81 127 85 148 391 52 225 Aug.. 486 200 2,909 81 81 127 85 148 391 52 210 Sept» 475 200 2,909 81 82 127 85 361 215 1 Includes reported or estimated gold holdings of international and some member countries in anticipation of increase in Fund quotas, except regional organizations, central banks and govts, of countries listed in those matched by gold mitigation deposits with the United States and this table and also of a number not shown separately here, and gold to be United Kingdom; adjustment is $270 million. distributed by the Tripartite Commission for the Restitution of Monetary 3 Excludes gold subscription payments made by some member countries Gold; excludes holdings of the U.S.S.R., other Eastern European coun- in anticipation of increase in Fund quotas: for most of these countries tries, and China Mainland. the increased quotas became effective in Feb. 1966. The figures included for the Bank for International Settlements are 4 Net gold assets of BIS, i.e., gold in bars and coins and other gold the Bank's gold assets net of gold deposit liabilities. This procedure assets minus gold deposit liabilities. avoids the overstatement of total world gold reserves since most of the gold deposited with the BIS is included in the gold reserves of individual NOTE.—For back figures and description of the data in this and the countries. following tables on gold (except production), see "Gold," Section 14 of 2 Adjusted to include gold subscription payments to the IMF made by Supplement to Banking and Monetary Statistics, 1962. GOLD PRODUCTION (In millions of dollars at $35 per fine troy ounce) Africa North and South America Asia Other WWoorrlldd PPeerriioodd pp tt rr ii oo oo dd nn uu cc ii -- A So fr u i t c h a Ghana C s ( h K o a n i s n g a - o ) U St n a i t t e e s d C a a d n a - M ic e o x - N ra ic g a u - a Co b l i o a m - India Japan P p h i i n li e p s - t A ra u l s ia - o A th l e l r 1965 111111,,,,,,444444444444000000......000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000006666666666666666666699999999999999999999....................44444444444444444444 222222222666666666.........444444444 2222222.......3333333 555555888888......666666 111111111111111111112222222222222222222255555555555555555555....................66666666666666666666 7777777.......6666666 555555......444444 111111111111111111111111111111111111..................222222222222222222 444444444444............666666666666 11111111118888888888..........1111111111 11111115555555.......3333333 333333333333333000000000000000...............777777777777777 666666444444......888888 1966 111111,,,,,,444444444444555555......000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000008888888888888888888800000000000000000000....................88888888888888888888 222222222444444444.........000000000 5555555.......6666666 666666333333......111111 111111111111111111111111111111111111111144444444444444444444....................66666666666666666666 7777777.......5555555 555555......222222 999999999999999999..................888888888888888888 444444444444............222222222222 11111111119999999999..........4444444444 11111115555555.......8888888 333333333333333222222222222222...............111111111111111 666666222222......999999 1967 111111,,,,,,444444111111000000......000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000006666666666666666666688888888888888888888....................77777777777777777777 222222222666666666.........777777777 5555555.......4444444 555555333333......444444 111111111111111111110000000000000000000033333333333333333333....................77777777777777777777 5555555.......8888888 555555......222222 999999999999999999..................000000000000000000 333333333333............444444444444 22222222223333333333..........7777777777 11111117777777.......2222222 222222222222222888888888888888...............444444444444444 555555999999......444444 1968 111111,,,,,,444444222222000000......000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000008888888888888888888888888888888888888888....................00000000000000000000 222222222555555555.........444444444 5555555.......9999999 555555333333......999999 9999999999999999999944444444444444444444....................11111111111111111111 6666666.......2222222 444444......999999 888888888888888888..................444444444444444444 444444444444............000000000000 22222222221111111111..........5555555555 11111118888888.......5555555 222222222222222777777777777777...............666666666666666 666666111111......666666 1969 111111,,,,,,444444222222000000......000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000009999999999999999999900000000000000000000....................77777777777777777777 222222222444444444.........888888888 6666666.......0000000 666666000000......111111 8888888888888888888899999999999999999999....................11111111111111111111 6666666.......3333333 333333......777777 777777777777777777..................777777777777777777 333333333333............444444444444 22222222223333333333..........7777777777 22222220000000.......0000000 222222222222222444444444444444...............555555555555555 666666000000......000000 1970" 11111111111111111111,,,,,,,,,,,,,,,,,,,,111111111111111111112222222222222222222288888888888888888888....................00000000000000000000 222222222444444444.........888888888 6666666.......2222222 8888888888888888888811111111111111111111....................88888888888888888888 6666666.......7777777 777777777777777777..................111111111111111111 333333333333............777777777777 22222222224444444444..........8888888888 22222221111111.......1111111 222222222222222333333333333333...............000000000000000 1970—Aug 9999999999999999999966666666666666666666....................33333333333333333333 222222222.........222222222 66666666666666666666....................33333333333333333333 ..................777777777777777777 ............333333333333 1111111111..........9999999999 111111111111111...............666666666666666 Sept 9999999999999999999966666666666666666666....................22222222222222222222 222222222.........222222222 66666666666666666666....................66666666666666666666 ..................777777777777777777 ............333333333333 1111111111..........9999999999 111111111111111...............666666666666666 Oct 9999999999999999999966666666666666666666....................66666666666666666666 66666666666666666666....................99999999999999999999 ..................666666666666666666 ............333333333333 2222222222..........3333333333 111111111111111...............777777777777777 Nov 9999999999999999999944444444444444444444....................44444444444444444444 66666666666666666666....................55555555555555555555 ..................666666666666666666 ............333333333333 111111111111111...............777777777777777 Dec 8888888888888888888899999999999999999999....................77777777777777777777 66666666666666666666....................88888888888888888888 ..................555555555555555555 ............333333333333 222222222222222...............000000000000000 1971—Jan 9999999999999999999911111111111111111111....................33333333333333333333 77777777777777777777....................00000000000000000000 ..................444444444444444444 ............444444444444 111111111111111...............777777777777777 Feb 8888888888888888888899999999999999999999....................66666666666666666666 66666666666666666666....................66666666666666666666 ..................666666666666666666 ...444 1 111111111111111...............666666666666666 Mar 9999999999999999999944444444444444444444....................33333333333333333333 66666666666666666666....................77777777777777777777 ..................555555555555555555 ...444 222222222222222...............333333333333333 Apr 9999999999999999999911111111111111111111....................99999999999999999999 66666666666666666666....................55555555555555555555 ..................555555555555555555 May 9999999999999999999911111111111111111111....................55555555555555555555 66666666666666666666....................77777777777777777777 ..................555555555555555555 June rrrrrrrrrrrrrrrrrrrr9999999999999999999922222222222222222222....................00000000000000000000 66666666666666666666....................77777777777777777777 ..................111111111111111111 July 9999999999999999999933333333333333333333....................44444444444444444444 55555555555555555555....................88888888888888888888 Aug 9999999999999999999922222222222222222222....................33333333333333333333 66666666666666666666....................33333333333333333333 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 ARTHUR F. BURNS, Chairman J. L. ROBERTSON, Vice Chairman GEORGE W. MITCHELL J. DEWEY DAANE SHERMAN J. MAISEL ANDREW F. BRIMMER WILLIAM W. SHERRILL ROBERT C. HOLLAND, 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 EDWIN J. JOHNSON, Assistant to the Board FRANK O'BRIEN, JR. , Special Assistant to the Board JOSEPH R. COYNE, 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 DAVID C. MELNICOFF, Deputy Executive Direc- STEPHEN H. AXILROD, Associate Director tor SAMUEL B. CHASE, Associate Director GORDON B. GRIMWOOD, Assistant Director and LYLE E. GRAMLEY, Associate Director Program Director for Contingency Planning STANLEY J. SIGEL, Adviser HARRY J. HALLEY, Program Director for Man- MURRAY S. WERNICK, Adviser agement Systems KENNETH B. WILLIAMS, Adviser WILLIAM W. LAYTON, Director of Equal Em- JAMES B. ECKERT, Associate Adviser ployment Opportunity PETER M. KEIR, Associate Adviser BRENTON C. LEAVITT, Program Director for JAMES L. PIERCE, Associate Adviser Banking Structure EDWARD C. ETTIN, Assistant Adviser STEPHEN P. TAYLOR, Assistant Adviser Louis WEINER, Assistant Adviser OFFICE OF THE SECRETARY JOSEPH S. ZEISEL, Assistant Adviser TYNAN SMITH, Secretary LEVON H. GARABEDIAN, Assistant Director KENNETH A. KEN YON, Deputy Secretary MURRAY ALTMANN, Assistant Secretary DIVISION OF INTERNATIONAL FINANCE NORMAND R. V. BERNARD, Assistant Secretary ROBERT SOLOMON, Director ARTHUR L. BROIDA, Assistant Secretary JOHN E. REYNOLDS, Associate Director ELIZABETH L. CARMICHAEL, Assistant Secre- ROBERT L. SAMMONS, Associate Director tary JOHN F. L. GHIARDI, Adviser A. B. HERSEY, Adviser LEGAL DIVISION REED J. IRVINE, Adviser SAMUEL I. KATZ, Adviser THOMAS J. O'CONNELL, General Counsel BERNARD NORWOOD, Adviser ROBERT F. SANDERS, Deputy General Counsel RALPH C. WOOD, Adviser PAULINE B. HELLER, Adviser RALPH C. BRYANT, Associate Adviser ROBERT F. GEMMILL, Associate Adviser DIVISION OF FEDERAL RESERVE BANK SAMUEL PIZER, Associate Adviser OPERATIONS DIVISION OF SUPERVISION AND REGULATION JAMES A. MCINTOSH, Director 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 RONALD G. BURKE, 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 DIVISION OF ADMINISTRATIVE SERVICES GLENN L. CUMMINS, Assistant Director 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 ARTHUR F. BURNS, Chairman ALFRED HAYES, Vice Chairman ANDREW F. BRIMMER MONROE KIMBREL FRANK E. MORRIS GEORGE H. CLAY SHERMAN J. MAISEL J. L. ROBERTSON J. DEWEY DAANE ROBERT P. MAYO WILLIAM W. SHERRILL GEORGE W. MITCHELL ROBERT C. HOLLAND, Secretary ARTHUR L. BROIDA, Deputy Secretary GEORGE GARVY, Associate Economist NORMANDR. V. BERNARD, Assistant Secretary LYLE E. GRAMLEY, Assocate Economist CHARLES MOLONY, Assistant Secretary A. B. HERSEY, Associate Economist HOWARD H. HACKLEY, General Counsel JOHN E. REYNOLDS, Associate Economist DAVID B. HEXTER, Assistant General Counsel KARL A. SCHELD, Associate Economist J. CHARLES PARTEE, Economist ROBERT SOLOMON, Associate Economist STEPHEN H. AXILROD, Associate Economist CHARLES T. TAYLOR, Associate Economist ROBERT W. EISENMENGER, Associate Economist CLARENCE W. TOW, Associate Economist ALAN R. HOLMES, Manager, System Open Market Account CHARLES A. COOMBS, Special Manager, System Open Market Account FEDERAL ADVISORY COUNCIL JOHN M. MEYER, JR., SECOND FEDERAL RESERVE DISTRICT, President A. W. CLAUSEN, TWELFTH FEDERAL RESERVE DISTRICT, Vice President MARK C. WHEELER, FIRST FEDERAL GAYLORD FREEMAN, SEVENTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT G. MORRIS DORRANCE, JR., THIRD FEDERAL ALLEN MORGAN, EIGHTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT JOHN S. FANGBONER, FOURTH FEDERAL T. M. REARDON,. NINTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT JOSEPH W. BARR, FIFTH FEDERAL MORRIS F. MILLER, TENTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT HARRY HOOD BASSETT, SIXTH FEDERAL JOHN E. GRAY, ELEVENTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Assistant Secretary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 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. Mark H. Willes 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. WaJkley 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 A1 Pollard John F. Breen Louisville 40201 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. Boy sen 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 Frederic 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. Lei and At wood 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 Reserve System, Washington, D.C. 20551. Where a charge is indicated, remittance should accompany request and be made payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. currency. (Stamps and coupons not accepted.) ANNUAL REPORT. 1967. 59 pp. $.50. Sec. 5. Bank Debits. 1966. 36 pp. $.35. Sec. 6. Bank Income. 1966. 29 pp. $.35. FEDERAL RESERVE BULLETIN. Monthly. $6.00 Sec. 9. Federal Reserve Banks. 1965. 36 pp. $.35. per annum or $.60 a copy in the United States and its Sec. 10. Member Bank Reserves and Related Items. possessions, Bolivia, Canada, Chile, Colombia, 1962. 64 pp. $.50. Sec. 11. Currency. 1963. 11 pp. Costa Rica, Cuba, Dominican Republic, Ecuador, $.35. Sec. 12. Money Rates and Securities Markets. Guatemala, Haiti, Republic of Honduras, Mexico, 1966. 182 pp. $.65. Sec. 14. Gold. 1962. 24 pp. Nicaragua, Panama, Paraguay, Peru, El Salvador, $.35. Sec. 15. International Finance. 1962. 92 pp. Uruguay, and Venezuela; 10 or more of same issue $.65. Sec. 16 (New). Consumer Credit. 1965. 103 sent to one address, $5.00 per annum or $.50 each. pp. $.65. Elsewhere, $7.00 per annum or $.70 a copy. INDUSTRIAL PRODUCTION—1957-59 BASE. FEDERAL RESERVE CHART BOOK ON FINAN- 1962. 172 pp. $1.00 a copy; 10 or more sent to one CIAL AND BUSINESS STATISTICS. Monthly. address, $.85 each. Annual subscription includes one issue of Historical Chart Book. $6.00 per annum or $.60 a copy in the BANK MERGERS & THE REGULATORY AGEN- United States and the countries listed above; 10 or CIES: APPLICATION OF THE BANK MERGER more of same issue sent to one address, $.50 each. ACT OF 1960. 1964. 260 pp. $1.00 a copy; 10 or more sent to one address, $.85 each. Elsewhere, $7.00 per annum or $.70 a copy. BANKING MARKET STRUCTURE & PERFORM- HISTORICAL CHART BOOK. Issued annually in ANCE IN METROPOLITAN AREAS: A STATIS- Sept. Subscription to monthly chart book includes TICAL STUDY OF FACTORS AFFECTING one issue. $.60 a copy in the United States and coun- RATES ON BANK LOANS. 1965. 73 pp. $.50 a tries listed above; 10 or more sent to one address, copy; 10 or more sent to one address, $.40 each. $.50 each. Elsewhere, $.70 a copy. THE PERFORMANCE OF BANK HOLDING COM- THE FEDERAL RESERVE ACT, as amended through PANIES. 1967. 29 pp. $.25 a copy; 10 or more sent Nov. 5, 1966, with an appendix containing proto 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 or more REGULATIONS OF THE BOARD OF GOVER- sent to one address, $.85 each. NORS OF THE FEDERAL RESERVE SYSTEM. MERCHANT AND DEALER CREDIT IN AGRI- PUBLISHED INTERPRETATIONS OFTHE BOARD CULTURE. 1966. 109 pp. $1.00 a copy; 10 or more OF GOVERNORS, as of June 30, 1971. $2.50. sent to one address, $.85 each. FLOW OF FUNDS IN THE UNITED STATES, 1939- THE FEDERAL FUNDS MARKET. 1959. Ill pp. 53. 1955. 390 pp. $2.75. $1.00 a copy; 10 or more sent to one address. $.85 each. FLOW OF FUNDS ACCOUNTS, 1945-1968. March TRADING IN FEDERAL FUNDS. 1965. 116 pp. 1970. 138 pp. $1.00 per copy; 10 or more sent to one $1.00 a copy; 10 or more sent to one address, $.85 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 sent 1960-JULY 1964. 1966. 65 pp. $.50 a copy; 10 or to one address, $.85 each. more sent to one address, $.40 each. SUPPLEMENT TO BANKING AND MONETARY BANK CREDIT-CARD AND CHECK-CREDIT STATISTICS. Sec. 1. Banks and the Monetary Sys- PLANS. 1968. 102 pp. $1.00 a copy; 10 or more tem. 1962. 35 pp. $.35. Sec. 2. Member Banks. sent to one address, $.85 each. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 101 INTEREST RATE EXPECTATIONS: TESTS ON ACADEMIC VIEWS ON IMPROVING THE FED- YIELD SPREADS AMONG SHORT-TERM GOV- ERAL RESERVE DISCOUNT MECHANISM. ERNMENT SECURITIES. 1968. 83 pp. $.50 a copy; 1970. 172 pp. 10 or more sent to one address, $.40 each. CAPITAL AND CREDIT REQUIREMENTS OF SURVEY OF FINANCIAL CHARACTERISTICS AGRICULTURE, AND PROPOSALS TO IN- OF CONSUMERS. 1966. 166 pp. $1.00 a copy; 10 CREASE AVAILABILITY OF BANK CREDIT. or more sent to one address, $.85 each. 1970. 160 pp. SURVEY OF CHANGES IN FAMILY FINANCES. FINANCIAL INSTABILITY REVISITED: THE 1968. 321 pp. $1.00 a copy; 10 or more sent to one ECONOMICS OF DISASTER. 1970. 87 pp. address, $.85 each. REPORT OF THE JOINT TREASURY-FEDERAL STAFF ECONOMIC STUDIES RESERVE STUDY OF THE U.S. GOVERNMENT SECURITIES MARKET. 1969. 48 pp. $.25 a copy; Studies and papers on economic and financial subjects 10 or more sent to one address, $.20 each. that are of general interest in the field of economic research. JOINT TREASURY-FEDERAL RESERVE STUDY OFTHE GOVERNMENT SECURITIES MARKET: STAFF STUDIES—PART 1 (papers by Cooper, Summaries only printed in the Bulletin. Bernard, and Scherer). 1970. 86 pp. $.50 a copy; 10 or more sent to one address, $.40 each. (Limited supply of mimeographed copies of full text available upon request for single copies.) (Limited supplies, in mimeographed or similar form, of staff papers other than those contained in MEASURES OF INDUSTRIAL PRODUCTION AND Part 1 are available upon request for single copies. FINAL DEMAND, by Clayton Gehman and Cor- See p. 48 of main report for a list of such papers.) nelia Motheral. Jan. 1967. 57 pp. OPEN MARKET POLICIES AND OPERATING OPTIMAL CHOICE OF MONETARY POLICY IN- PROCEDURES—STAFF STUDIES (papers by STRUMENTS IN A SIMPLE STOCHASTIC Axilrod, Davis, Andersen, Kareken et ai, Pierce, MACRO MODEL, by William Poole. Sept. 1970. Friedman, and Poole). 1971. 218 pp. $2.00 a copy; 20 pp. 10 or more sent to one address, $1.75 each. UNCERTAINTY AND STABILIZATION POLICIES REAPPRAISAL OFTHE FEDERAL RESERVE DIS- FOR A NONLINEAR MACROECONOMIC MOD- COUNT MECHANISM, vol. 1 (papers by Steering EL, by Franklin R. Shupp. Dec. 1970. 23 pp. Committee, Shull, Anderson, and Garvy). 1971. 276 pp. $3.00 a copy; 10 or more sent to one address, OPERATING POLICIES OF BANK HOLDING $2.50 each. COMPANIES—PART 1, by Robert J. Lawrence. Apr. 1971. 82 pp. Limited supply of the following papers relating to the THE RELATIVE IMPORTANCE OF MONETARY Discount Study, in mimeographed or similar form, AND FISCAL VARIABLES IN DETERMINING available upon request for single copies: PRICE LEVEL MOVEMENTS: A NOTE, by Peter S. Rose and Lacy H. Hunt II. June 1971. 7 pp. THE SECONDARY MARKET FOR NEGOTIABLE CERTIFICATES OF DEPOSIT. 1968. 89 pp. ESTIMATION OF THE INVESTMENT AND PRICE EQUATIONS OF A MACROECONOMETRIC RESERVE ADJUSTMENTS OF THE EIGHT MODEL, by Robert J. Shiller. June 1971. 65 pp. MAJOR NEW YORK CITY BANKS DURING 1966. 1968. 29 pp. ADJUSTMENT AND DISEQUILIBRIUM COSTS AND THE ESTIMATED BRAINARD—TOBIN THE REDESIGNED DISCOUNT MECHANISM MODEL, by Joseph Bisignano. July 1971. 108 pp. AND THE MONEY MARKET. 1968. 29 pp. A TEST OF THE "EXPECTATIONS HYPOTHESIS" SUMMARY OF THE ISSUES RAISED AT THE USING DIRECTLY OBSERVED WAGE AND ACADEMIC SEMINAR ON DISCOUNTING. PRICE EXPECTATIONS, by Stephen J. Turnovsky 1968. 16 pp. and Michael L. Wachter. Aug. 1971. 25 pp. DISCOUNT POLICY AND BANK SUPERVI- MORTGAGE REPAYMENTS AS A SOURCE OF SION. 1968. 72 pp. LOANABLE FUNDS, by Robert Moore Fisher. THE LEGITIMACY OF CENTRAL BANKS. 1969. Aug. 1971. 43 pp. 24 pp. THE USE OF INTEREST RATE POLICIES AS A SOME PROPOSALS FOR A REFORM OF THE STIMULUS TO ECONOMIC GROWTH, by Robert DISCOUNT WINDOW. 1969. 40 pp. F. Emery. Sept. 1971. 37 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 102 FEDERAL RESERVE BULLETIN •. NOVEMBER 1971 Printed in full in the Bulletin. NEW BENCHMARK PRODUCTION MEASURES, (Reprints available as shown in following list.) 1958 AND 1963. June 1967. 4 pp. REPRINTS THE PUBLIC INFORMATION ACT—ITS EFFECT ADJUSTMENT FOR SEASONAL VARIATION. June ON MEMBER BANKS. July 1967. 6 pp. 1941. 11 pp. INTEREST COST EFFECTS OF COMMERCIAL SEASONAL FACTORS AFFECTING BANK RE- BANK UNDERWRITING OF MUNICIPAL REV- SERVES. Feb. 1958. 12 pp. ENUE BONDS. Aug. 1967. 16 pp. LIQUIDITY AND PUBLIC POLICY, Staff Paper by THE FEDERAL RESERVE-MIT ECONOMETRIC Stephen H. Axilrod. Oct. 1961. 17 pp. MODEL, Staff Economic Study by Frank de Leeuw and Edward Gramlich. Jan. 1968. 30 pp. SEASONALLY ADJUSTED SERIES FOR BANK CREDIT. July 1962. 6 pp. THE PRICE OF GOLD IS NOT THE PROBLEM. Feb. 1968. 7 pp. INTEREST RATES AND MONETARY POLICY, Staff Paper by Stephen H. Axilrod. Sept. 1962. U.S. INTERNATIONAL TRANSACTIONS: TRENDS 28 pp. IN 1960-67. Apr. 1968. 23 pp. MEASURES OF MEMBER BANK RESERVES. MONETARY RESTRAINT AND BORROWING July 1963. 14 pp. AND CAPITAL SPENDING BY LARGE STATE AND LOCAL GOVERNMENTS IN 1966. July CHANGES IN BANKING STRUCTURE, 1953-62. 1968. 30 pp. Sept. 1963. 8 pp. REVISED SERIES ON BANK CREDIT. Aug. 1968. REVISION OF BANK DEBITS AND DEPOSIT 4 pp. TURNOVER SERIES. Mar. 1965. 4 pp. TIME DEPOSITS IN MONETARY ANALYSIS, FEDERAL FISCAL POLICY IN THE 1960's. Sept. Staff Economic Study by Lyle E. Gramley and 1968. 18 pp. Samuel B. Chase, Jr. Oct. 1965. 25 pp. BUSINESS FINANCING BY BUSINESS FINANCE RESEARCH ON BANKING STRUCTURE AND COMPANIES. Oct. 1968. 13 pp. PERFORMANCE, Staff Economic Study by Tynan Smith. Apr. 1966. 11 pp. MANUFACTURING CAPACITY: A COMPARISON OF TWO SOURCES OF INFORMATION, Staff COMMERCIAL BANK LIQUIDITY, Staff Economic Economic Study by Jared J. Enzler. Nov. 1968. Study by James Pierce. Aug. 1966. 9 pp. 5 pp. A REVISED INDEX OF MANUFACTURING CA- MONETARY RESTRAINT, BORROWING, AND PACITY, Staff Economic Study by Frank de Leeuw CAPITAL SPENDING BY SMALL LOCAL GOVwith Frank E. Hopkins and Michael D. Sherman. Nov. ERNMENTS AND STATE COLLEGES IN 1966. 1966. 11 pp. Dec. 1968. 30 pp. THE ROLE OF FINANCIAL INTERMEDIARIES IN REVISION OF CONSUMER CREDIT STATISTICS. U.S. CAPITAL MARKETS, Staff Economic Study Dec. 1968. 21 pp. by Daniel H. Brill with Ann P. Ulrey. Jan. 1967. 14 pp. HOUSING PRODUCTION AND FINANCE. Mar. 1969. 7 pp. REVISED SERIES ON COMMERCIAL AND IN- DUSTRIAL LOANS BY INDUSTRY. Feb. 1967. OUR PROBLEM OF INFLATION. June 1969. 15 pp. 2 pp. THE CHANNELS OF MONETARY POLICY, Staff AUTO LOAN CHARACTERISTICS AT MAJOR Economic Study by Frank de Leeuw and Edward SALES FINANCE COMPANIES. Feb. 1967. 5 pp. Gramlich. June 1969. 20 pp. SURVEY OF FINANCE COMPANIES, MID-1965. Apr. 1967. 26 pp. REVISION OF WEEKLY SERIES FOR COMMER- CIAL BANKS. Aug. 1969. 5 pp. EVIDENCE ON CONCENTRATION IN BANKING MARKETS AND INTEREST RATES, Staff Eco- EURO-DOLLARS: A CHANGING MARKET. Oct. nomic Study by Almarin Phillips. June 1967. 11 pp. 1969. 20 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BOARD PUBLICATIONS A 103 RECENT CHANGES IN STRUCTURE OF COM- SURVEY OF DEMAND DEPOSIT OWNERSHIP. MERCIAL BANKING. Mar. 1970. 16 pp. June 1971. 12 pp. SDR's IN FEDERAL RESERVE OPERATIONS BANK RATES ON BUSINESS LOANS—REVISED AND STATISTICS. May 1970. 4 pp. SERIES. June 1971. 10 pp. INFLATION IN WESTERN EUROPE AND JAPAN. INDUSTRIAL PRODUCTION—REVISED AND Oct. 1970. 13 pp. NEW MEASURES. July 1971. 26 pp. MEASURES OF SECURITY CREDIT. Dec. 1970. 11 pp. BANKING AND MONETARY STATISTICS, 1970. Selected series of banking and monetary statistics MONETARY AGGREGATES AND MONEY MAR- for 1970 only. Feb., Mar., and July 1971. 19 pp. KET CONDITIONS IN OPEN MARKET POLICY. Feb. 1971.26 pp. TREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS. Oct. 1971. 32 pp. BANK FINANCING OF MOBILE HOMES. Mar. 1971. 4 pp. REVISED MEASURES OF MANUFACTURING RESPONSE OF STATE AND LOCAL GOVERN- CAPACITY UTILIZATION. Oct. 1971. 3 pp. MENTS TO VARYING CREDIT CONDITIONS. Mar. 1971. 24 pp. CHANGES IN TIME AND SAVINGS DEPOSITS, CHANGES IN BANK LENDING PRACTICES, 1970. APRIL—JULY 1971. Nov. 1971. 11 pp. Apr. 1971. 5 pp. FINANCIAL DEVELOPMENTS IN THE THIRD U.S. BALANCE OF PAYMENTS AND INVEST- QUARTER OF 1971. Nov. 1971. 9 pp. MENT POSITION. Apr. 1971. 14 pp. REVISION OF THE MONEY STOCK. Nov. 1971. INTEREST RATES, CREDIT FLOWS, AND MON- 14 pp. ETARY AGGREGATES SINCE 1964. June 1971. 16 pp. BALANCE OF PAYMENTS PROGRAM: REVISED TWO KEY ISSUES OF MONETARY POLICY. June GUIDELINES FOR BANKS AND NONBANK 1971. 4 pp. FINANCIAL INSTITUTIONS. Nov. 1971. 11 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 104 FEDERAL RESERVE BULLETIN •. NOVEMBER 1971 INDEX TO STATISTICAL TABLES (For list of tables published periodically, but not monthly, see page A-3.) Acceptances, bankers', 14, 33, 35 Demand deposits—Continued Agricultural loans of commercial banks, 24, 26 Subject to reserve requirements, 18 Arbitrage, 93 Turnover, 15 Assets and liabilities (See also Foreigners): Deposits (See also specific types of deposits): Banks, by classes, 20, 24, 25, 26, 39 Accumulated at commercial banks for payment of personal Banks and the monetary system, 19 loans, 32 Corporate, current, 51 Adjusted, and currency, 19 Federal Reserve Banks, 12 Banks, by classes, 11, 20, 25, 29, 39 Automobiles: Euro-dollars, 88 Consumer instalment credit, 56, 57, 58 Federal Reserve Banks, 12, 88 Production index, 60, 61 Postal savings, 19, 25 Subject to reserve requirements, 18 Bank credit proxy, 18 Discount rates (See Interest rates) Bankers' balances, 25, 28 Discounts and advances by Reserve Banks, 4, 12, 13, 15 (See also Foreigners, claims on, and liabilities to) Dividends, corporate, 50, 51 Banks and the monetary system, 19 Dollar assets, foreign, 77,83 Banks for cooperatives, 40 Bonds (See also U.S. Govt, securities): New issues, 47, 48, 49 Earnings and hours, manufacturing industries, 67 Yields and prices, 36, 37 Employment, 64, 66, 67 Branch banks, liabilities of U.S. banks to their foreign branches, Euro-dollar deposits in foreign branches of U.S. banks, 88 30, 88 Brokerage balances, 87 Farm mortgage loans, 52, 53 Business expenditures on new plant and equipment, 51 Federal agency obligations, 12, 13, 14, 15 Business indexes, 64 Federal finance: Business loans (See Commercial and industrial loans) Cash transactions, 42 Receipts and expenditures, 43 Capacity utilization, 64 Treasury operating balance, 42 Capital accounts: Federal funds, 8, 24, 26, 30, 35 Banks, by classes, 20, 25, 30 Federal home loan banks, 40, 41, 53 Federal Reserve Banks, 12 Federal Housing Administration, 52, 53, 54, 55 Central banks, 92, 94 Federal intermediate credit banks, 40, 41 Certificates of deposit, 30 Federal land banks, 40, 41 Coins, circulation, 16 Federal National Mortgage Assn., 40, 41, 55 Commercial and industrial loans: Federal Reserve Banks: Commercial banks, 24, 33 Condition statement, 12 Weekly reporting banks, 26, 31 U.S. Govt, securities held, 4, 12, 15, 44, 45 Commercial banks: Federal Reserve credit, 4, 6, 12, 15 Assets and liabilities, 20, 24, 25, 26 Federal Reserve notes, 12, 16 Consumer loans held, by type, 57 Federally sponsored credit agencies, 40, 41 Deposits at, for payment of personal loans, 32 Finance companies: Loans sold outright, 33 Loans, 26, 56, 57,59 Number, by classes, 20 Paper, 33, 35 Real estate mortgages held, by type, 52 Financial institutions, loans to, 24, 26 Commercial paper, 33, 35 Float, 4 Condition statements (See Assets and liabilities) Flow of funds, 72 Construction, 64, 65 Foreign: Consumer credit: Currency operations, 12, 14, 77, 83 Instalment credit, 56, 57, 58, 59 Deposits in U.S. banks, 5, 12, 19, 25, 29, 88 Noninstalment credit, by holder, 57 Exchange rates, 91 Consumer price indexes, 64, 68 Trade, 75 Consumption expenditures, 70, 71 Foreigners: Corporations: Claims on, 84, 85, 88, 89, 90 Sales, profits, taxes, and dividends, 50, 51 Liabilities to, 30, 78, 79, 81, 82, 83, 88, 89, 90 Security issues, 48, 49 Security yields and prices, 36, 37 Gold: Cost of living (See Consumer price indexes) Certificates, 12, 13, 16 Currency and coin, 5, 10, 25 Earmarked, 88 Currency in circulation, 5, 16, 17 Net purchases by U.S., 76 Customer credit, stock market, 38 Production, 95 Debits to deposit accounts, 15 Reserves of central banks and govts., 94 Debt (See specific types of debt or securities) Stock, 4, 19, 77 Demand deposits: Government National Mortgage Association, 55 Adjusted, banks and the monetary system, 19 Gross national product, 70, 71 Adjusted, commercial banks, 15,18,25 Banks, by classes, 11, 20, 25, 29, 39 Hours and earnings, manufacturing industries, 67 Ownership by individuals, partnerships, and Housing permits, 64 corporations, 32 Housing starts, 65 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Income, national and personal, 70, 71 Real estate loans: Industrial production index, 60-63, 64 Banks, by classes, 24, 27, 39, 52 Instalment loans, 56, 57, 58, 59 Delinquency rates on home mortgages, 54 Insurance companies, 39, 44, 45, 53 Mortgage yields, 55 Insured commercial banks, 22,24, 32 Type of holder and property mortgaged, 52, 53, 54, 55 Interbank deposits, 11, 20, 25 Reserve position, basic, member banks, 8 Interest rates: Reserve requirements, member banks, 10 Business loans by banks, 34 Reserves: Federal Reserve Banks, 9 Central banks and govts., 94 Foreign countries, 92, 93 Commercial banks, 25, 28, 30 Money market rates, 35 Federal Reserve Banks, 12 Mortgage yields, 55 Member banks, 5, 6, 11, 18, 25 Prime rate, commercial banks, 34 U.S. reserve assets, 77 Time and savings deposits, maximum rates, 11 Residential mortgage loans, 37, 52, 53, 54 Yields, bond and stock, 36 Retail credit, 56 International capital transactions of the U.S., 78-90 Retail sales, 64 International institutions, 76, 77, 92, 94 Inventories, 70 Saving: Investment companies, issues and assets, 49 Flow of funds series, 72 Investments (See also specific types of investments): National income series, 71 Banks, by classes, 20, 24, 27, 28, 39 Savings and loan assns., 40,45,53 Commercial banks, 18 Savings deposits (See Time deposits) Federal Reserve Banks, 12,15 Savings institutions, principal assets, 39, 40 Life insurance companies, 39 Securities (See also U.S. Govt, securities): Savings and loan assns., 40 Federally sponsored agencies, 40, 41 International transactions, 86, 87 Labor force, 66 New issues, 47, 48, 49 Loans (See also specific types of loans): Silver coin and silver certificates, 16 Banks, by classes, 20, 24, 26, 27, 39 Special Drawing Rights, 4, 12,13, 19, 74, 77 Commercial banks, 18, 20, 24, 26, 27, 31, 33, 34 State and local govts.: Federal Reserve Banks, 4, 6, 12, 15 Deposits, 25, 29 Insurance companies, 39, 53 Holdings of U.S. Govt, securities, 44, 45 Insured or guaranteed by U.S., 52, 53,54,55 New security issues, 47, 48 Savings and loan assns., 40, 53 Ownership of securities of, 24,28,39 Yields arid prices of securities, 36,37 Manufacturers: State member banks, 22, 32 Capacity utilization, 64 Stock market credit, 38 Production index, 61,64 Stocks: Margin requirements, 10 New issues, 48, 49 Member banks: Yields and prices, 36, 37 Assets and liabilities, by classes, 20, 24 Borrowings at Reserve Banks, 6, 12 Tax receipts, Federal, 43 Deposits, by classes, 11 Time deposits, 11, 18, 19, 20, 25, 29 Number, by classes, 20 Treasury cash, Treasury currency, 4, 5, 16, 19 Reserve position, basic, 8 Treasury deposits, 5, 12, 42 Reserve requirements, 10 Treasury operating balance, 42 Reserves and related items, 4, 18 Mining, production index, 61, 64 Unemployment, 66 Mobile home shipments, 65 U.S. balance of payments, 74 Money rates (See Interest rates) U.S. Govt, balances: Money stock and related data, 17,19 Commercial bank holdings, 25, 29 Mortgages (See Real estate loans and Residential mortgage Consolidated condition statement, 19 loans) Member bank holdings, 18 Mutual funds (See Investment companies) Treasury deposits at Reserve Banks, 5, 12, 42 Mutual savings banks, 19, 29, 39, 44, 45, 52 U.S. Govt, securities: Bank holdings, 19, 20, 24, 27, 39, 44, 45 Dealer transactions, positions, and financing, 46 National banks, 22, 32 Federal Reserve Bank holdings, 4, 12, 15, 44,45 National income, 70, 71 Foreign and international holdings, 12, 83, 86, 88 National security expenditures, 43, 70 International transactions, 83, 86 Nonmember banks, 22, 24, 25, 32 New issues, gross proceeds, 48 Open market transactions, 14 Open market transactions, 14 Outstanding, by type of security, 44, 45, 47 Payrolls, manufacturing index, 64 Ownership of, 44, 45 Personal income, 71 Yields and prices, 36, 37 Postal savings, 19, 25 United States notes, 16 Prices: Utilities, production index, 61, 63, 64 Consumer and wholesale commodity, 64, 68 Veterans Administration, 52, 53, 54, 55 Security, 37 Prime rate, commercial banks, 34 Weekly reporting banks, 26 Production, 60-63, 64 Profits, corporate, 50, 51 Yields (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Cite this document
Federal Reserve (1971, October 31). Federal Reserve Bulletin, 1971-11. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_197111
@misc{wtfs_bulletin_197111,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1971-11},
year = {1971},
month = {Oct},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_197111},
note = {Retrieved via When the Fed Speaks corpus}
}