Federal Reserve Bulletin, 1971-12
FEDERAL RESERVE BULLETIN DECEMBER 1971 BOARD OF GOVERNORS • THE FEDERAL RESERVE SYSTEM • WASHINGTON, D.C. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A copy of the Federal Reserve Bulletin is sent to each member bank without charge; member banks desiring additional copies may secure them at a special $2.00 annual rate. The regular subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere, $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. The Bulletin may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D. C. 20551, and remittance should be made payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. currency. (Stamps and coupons not accepted) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN NUMBER 12 • VOLUME 57 • DECEMBER 1971 CONTENTS 957 Prices in 1971 971 Revision of Bank Credit Series 977 Planned and Actual Long-Term Borrowing by State and Local Governments 989 Record of Policy Actions of the Federal Open Market Committee 1000 Law Department 1043 Announcements 1048 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 107 Index to Statistical Tables A 109 Index to Volume 57 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
Prices in 1971 ALTHOUGH THE RECOVERY in economic activity had been moderate, price increases continued at a high rate this year prior to the announcement of the President's wage and price stabilization program. Rising costs were a major source of inflationary pressure, as wage increases continued to outstrip gains in productivity. Moreover, inflationary expectations were affecting both wage negotiations and price decisions. Nevertheless, after the very high rates of price advance around the end of last year, the rate of increase had moderated in several sectors. Under Phase I of the stabilization program prices were frozen for the period mid-August through mid-November. The freeze was very inclusive, and it dramatically reduced the rate at which prices were increasing. Wholesale prices, which had been rising rapidly this year, declined slightly between mid-August and mid- November, and the rate of rise in consumer prices slowed notably in September and October. Before Phase I ended on November 13 the President had established a Price Commission—with seven public members—and a Pay Board—with five representatives each from labor, management, and the public—to devise and administer programs to continue the stabilization effort after the freeze. On November 11, the Price Commission announced the over-all target of Phase II to be "holding average price increases throughout the economy to a rate of no more than 2.5 per cent per year." This objective was based on the Pay Board's goal of reducing the rate of increase in wages to 5.5 per cent per year and on an assumption that productivity would rise at the rate of about 3 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
958 FEDERAL RESERVE BULLETIN • DECEMBER 1971 Thus far the Pay Board has been concerned mainly with wage increases called for by contracts ratified before Phase II began. The most important of these was the contract between the coal producers and the United Mine Workers, which called for a substantial first-year increase of 16 per cent in wages and benefits. This increase was authorized by the Pay Board because the wage agreement pre-dated the announcement of the Pay Board's guidelines. However, the Board now has pending some difficult decisions concerning more recent contracts that stipulate wage raises larger than 5.5 per cent. For example, a settlement in the aerospace industry involves a wage boost of about 12 per cent in the first year. Some deferred increases, particularly in the construction industry, are also larger than the guideline amount. The guidelines for pricing issued by the Price Commission generally allow cost increases to be passed on. However, it is stipulated that costs must include allowance for productivity increases and that profit margins should be no higher than in the base period—the average of two of the last three fiscal years. Total profits are free to rise within this constraint in response to an increase in volume of output or sales. Only about 1,500 of the largest firms—those with annual revenues of $100 million or more—are required to notify, and obtain the approval of, the Price Commission before raising prices. Smaller firms are free to raise prices within the guidelines although mediumsize firms must file quarterly reports on profits, costs, and prices. In the case of wholesalers and retailers average mark-ups must be no larger than in the base period, and retailers are required to post freeze-period prices. By mid-December applications for increases had been filed by more than half of the large firms required to give pre-notification of a price rise, and the Price Commission has made a number of important determinations affecting farm machinery, automobiles and trucks, tin-plate, other steel products, coal, and chemicals. Priority has been given to firms with increases in labor costs resulting from contracts signed before the end of the freeze. For these firms the Commission has attempted to render decisions within 72 hours, but the need for additional cost, profit, or price data has delayed some decisions. Implementation of the increases granted is being delayed in some cases until the applications of competing firms have been acted upon. Moreover, the smallest increase on a given product granted to any major firm within an industry may determine the market price. According to announcements made before the freeze, automobile Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICES IN 1971 959 producers had tentatively planned to raise prices on 1972 models this fall by 4 to 5 per cent, largely owing to last December's wage boost of more than 6 per cent for auto workers. However, the Phase II price rise may average not much more than 2.5 per cent. Although two major producers have been authorized to put larger increases into effect, competition is likely to restrict the rise to the smallest figure authorized. The recent repeal of the manufacturers excise tax, retroactive to August, will more than offset the retail price increases associated with manufacturers' higher prices. Following a 3-year wage settlement on August 1, steel producers raised prices of some products and announced that further increases averaging about 8 per cent on the remaining ones would take place later. Although these increases were forestalled by the freeze, the Price Commission recently awarded a major producer a price rise—on all products—that averaged 3.6 per cent. The producer subsequently announced an increase of about 7.7 per cent on tin mill products and sheet and strip—products that account for close to half of its output. Similar increases are being extended to other producers, and prices may be raised further next August. In awarding price increases to coal producers, the Commission required the companies to absorb the difference between a 5.5 per cent wage increase—plus a payment into the United Mine Workers' welfare fund of 4 per cent—and the 16 per cent increase in wages for mine workers that had been approved by the Pay Board. The Price Commission stated that in the future it will generally require firms to absorb labor cost increases in excess of the target of 5.5 per cent. The administration expected that during the early stages of Phase II both wage and price increases would average higher than the longer-term goals. The price increases allowed by 137 decisions handed down by mid-December, when weighted by sales, have averaged about 3 per cent. However, the proportion of total sales represented by these decisions is too small to evaluate the effect on the over-all rate of price change. Moreover, some of the approved increases may not be put into effect. THE ECONOMIC Although the economy has been recovering since the trough of SETTING the recession in November 1970, real growth has remained slower than usual for a recovery period. True, the upturn in the first quarter of 1971 was brisk, but this reflected in large part the resumption of full-scale auto production following a major strike in the fall of 1970. The gain in real gross national product moderated during the second quarter despite a high rate of inventory building of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
960 FEDERAL RESERVE BULLETIN • DECEMBER 1971 steel in anticipation of a strike. In the third quarter growth in RATIO SCALE, 1967=100 real GNP slowed further, reflecting in part a sharp decline in steel production as efforts were made to reduce inventories following a labor agreement reached in August without a strike. Before the freeze, gains in employment had been modest and average hours of work had changed little. Nevertheless, disposable income had risen as money wages and social security benefits increased and per capita real income, which had failed to improve in 1970, began to move up. After the new economic program— including the proposed elimination of the 7 per cent excise tax on autos—was announced in mid-August, there was a sharp rise Constant dollars = 1958 prices. GNP: in the demand rf or automob . i les. Retail sales in general rose more commerce Dept. data; latest figures, Q3. Industrial production: FR data; . . latest figures, October preliminary rapidly in the final quarter of the year, and the economy as a whole and November estimated. Seasonally . . . . .. adjusted. assumed a firmer tone. Nevertheless, capacity utilization in manufacturing remained relatively low and in November the unemployment rate for the civilian labor force was still 6 per cent. Collective bargaining settlements before the freeze had provided for wage increases that were roughly comparable in size with those in 1970. In the manufacturing, transportation, and construction industries a number of long-term contracts had expired, and in many instances large first-year wage increases had been granted, in part to compensate workers for price increases in the previous 2 years. Hourly earnings in most organized sectors rose even faster than during the comparable period in 1970. But in the less wellorganized sectors, such as trade and services, gains were somewhat slower. On balance, employee compensation, which includes fringe benefits as well as wages and salaries, rose a little faster in the first half of 1971 than in 1970. However, the rise in output per manhour in the private nonfarm economy, although modest for a recovery year, was much larger than in 1969 and 1970. As a result, the increase in unit labor costs was substantially reduced. TABLE I INCREASES IN LABOR COSTS Change from previous period, per cent Private nonfarm economy Output Compensation Unit Period per manhour per manhour labor costs 1968 2.9 7.3 4.3 1969 - .1 6.9 7.1 1970 .7 7.0 6.3 1971--Q1 3.7 7.4 3.6 Q2 3.7 7.8 3.9 Q3 3.2 6.9 3.7 SOURCE.—Dept. of Labor. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICES IN 1971 961 The slower rise in labor costs and a higher volume of output have contributed to a moderate rebound in profits this year. In the first three quarters profits before taxes, including the inventory valuation adjustment, were 8 per cent above the same period in 1970, and the rise would have been larger except that the figures reflect a liberalization of accounting rules regarding depreciation allowances. Nevertheless, profit margins improved very little over 1970 and remained depressed compared with the first half of the 1960's and with 1968, the last full year before the economic slowdown. Less than 11 per cent of the value of output of nonfinancial corporations flowed to profits, including inventory valuation, in both 1970 and the pre-freeze period of 1971, compared with about 15 per cent in the early 1960's and 1968. The drop reflects to some extent an increase in labor's share of the value of output, but the proportion absorbed by taxes, interest, and capital consumption allowances has increased more. TABLE 2 TRENDS IN PROFITS AND COSTS1 Percentage shares 1971 IItteemm 11996600--6644 11996688 11996699 11997700 aavveerraaggee HI Q3» Total cost or value 100.0 100.0 100.0 100.0 100.0 100.0 Profits before tax2 ... 15.1 14.7 12.4 10.3 310.5 310.2 Ca a p l i l t o al w a c n o c n e s s u mption 9.4 9.6 9.9 10.5 311.1 331111..33 Other costs 75.5 75.7 77.8 79.2 78.4 78.5 Labor 64.4 64.2 65.8 66.7 65.7 65.4 Interest 1.3 2.2 2.6 2.9 2.9 3.0 Taxes 9.8 9.3 9.4 9.7 9.8 10.1 \ddendum: Profits plus consumption allowances 24.5 24.3 22.2 20.8 332211..66 332211..55 ""Preliminary. 1 Nonfinancial corporations only. 2Includes inventory valuation adjustment. 3Profits in 1971 will be revised up, and consumption allowances will be reduced accordingly, to reflect recent legislation regarding depreciation allowances. SOURCE.—Dept. of Commerce. THE PROFILE In the first quarter of 1971, prices in the private economy—as OF THE INFLATION measured by a fixed-weight index of price changes in the gross private product—rose at a seasonally adjusted annual rate of 5.5 per cent, a peak somewhat above that in the final quarter of 1970 and considerably above that in the preceding quarters of that year. The increase in the second quarter of 1971 was only moderately lower, but in the third quarter the rate of rise dropped to 4.1 per cent—the smallest quarterly increase since mid-1968. The high rate of price increase early this year and the reduction in the rate in the third quarter may be traced in large part to prices of farm products, which rose in the first half of this year Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
962 FEDERAL RESERVE BULLETIN • DECEMBER 1971 1 | PRICE INCREASES have moderated recently CHANGE FROM PREVIOUS QUARTER, PER CEI GROSS PRIVATE NONDURABLES CONSUMER DURABLES SERVICES PRODUCERS' DURABLE PRODUCT LESS FOOD EQUIPMENT 5 mil Inl M 0 1970 1971 1970 1971 1970 1971 1970 1971 1970 1971 1967 expenditure weights. Seasonally adjusted Commerce Dept. data at annual rates. Consumer nondurable goods excluding food: FR estimate. Latest figures, Q3. but reversed themselves rather sharply in July. (Similarly, the rising phase of the farm price cycle had increased the rate of inflation in mid-1969, which rate had crested just below that in the first quarter of 1971.) By contrast, declines in prices of farm products offset some of the rise in nonfarm prices in the final quarter of 1970 when such prices rose at accelerated rates. A spurt in prices of durable goods in that quarter reflected in part a large price increase for new-model automobiles. This surge in automobile prices—which reflected a catch-up on cost increases over the preceding year as well as the post-strike wage settlement—carried over into retail prices in the first quarter of 1971. But in the second and third quarters of 1971 prices of both consumer and producer durable goods rose more slowly, and the rise in costs of services was less rapid. These improvements were partially offset by sharp increases in food prices in the second quarter, but in the third quarter crop prices fell sharply in response to prospects of a bumper harvest, and food costs increased only a little. A somewhat different picture of price trends this year is indicated by the implicit deflator for the gross private product, the slackening in which reflects only in part price trends. The deflator has currentvalue weights, and hence is much affected by changes in the composition of output in the private sector. These have moved in a direction that reduces the apparent rapidity of price changes since the final quarter of last year. By contrast, the fixed-weight index for the gross private product reflects more nearly developments in prices alone. Before the freeze it appeared likely that price increases among commodities that normally post most or all of their annual changes late in the year would cause prices to accelerate in the fourth quarter. These commodities include apparel, automobiles and trucks, and some types of machinery. Large price increases for 1972 model automobiles and trucks had been tentatively an- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICES IN 1971 963 nounced prior to the freeze. Price increases covering a high percentage of steel products had also been announced for October 1 and December 1. WHOLESALE PRICES Prices at wholesale rose at much faster rates in the first half of 1971 than they had during the previous year. While the acceleration reflected in part rising prices of farm products and foods, which had declined appreciably in 1970, prices of industrial commodities also accelerated. In the third quarter of 1971 farm prices turned down, but industrial price increases remained large through mid- August. In fact, in the 6 months ending in August, a resumption of a fast gain in prices of materials caused seasonally adjusted industrial prices to accelerate to an annual rate of almost 6 per cent, exceeding the rise for any other 6-month period since early 1956. The freeze covered most of the commodities included in the wholesale index. However, prices of imported commodities were free to change in response to world market conditions—although cost increases arising from higher import prices could not be passed on to prices of fabricated products. Most imported commodities were subject to the surcharge—a maximum of 10 per cent on the import price—which could be passed on to processors or consumers cent for cent. In addition, raw agricultural products, including eggs and raw fruits and vegetables, were exempted from control. Finally, producers of commodities that had a higher price on May 25, 1970, had the option of using this as a maximum price FOOD PRICES have fluctuated widely this year RATIO SCALE, 1967= 100 120 110 105 1969 1971 Dept. of Labor data for retail and wholesale prices; latest figures: retail October, wholesale November. Dept. of Agriculture data for farm value of market basket foods; latest figure, October. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
964 FEDERAL RESERVE BULLETIN • DECEMBER 1971 rather than the price prevailing in the 30 days immediately prior to the freeze. Thus, even during the freeze there was room for price fluctuation. During the freeze period from mid-August to mid-November, there was a slight decline in wholesale prices. Prices of farm and food products fell about seasonally, and industrial commodity prices declined about 0.2 per cent without seasonal adjustment and 0.3 per cent when so adjusted. The freeze prevented many prices from rising and was largely responsible for the drop in industrial prices. Nevertheless, the failure of demand for industrial products to improve substantially this fall was also quite important. Nonferrous metals, the most important group of commodities free to move up on the basis of the alternative pricing date, continued to decline. In addition, there were declines between August and November in a number of products that had previously been rising. For example, there was a drop in prices of machinery and equipment in September—the first since June 1967—and a further decline in November. Lumber and plywood prices, after rising for 8 months, dropped between September and November. Prices of domestic automobiles, though subject to the freeze, rose in October—apparently reflecting smaller rebates to dealers on the 1972 models than had been allowed on 1971 models—and prices of imported cars also increased. However, passenger car and truck prices dropped on a seasonally adjusted basis over the period September to November. It may be noted that, even during inflationary periods, a large number of commodity groups decline in price each month. For example, in the first half of this year, about one-half of 231 product classes regularly tabulated by the Bureau of Labor Statistics rose in a typical month but at the same time almost 20 per cent declined. In the last 3 months, the number of increases was cut by more than one-half; but in addition the number of declines was unusually large. Developments in industrial prices. The decline in domestic business activity and an easing in the supply-demand situation abroad slowed the rise in prices of materials appreciably in the second half of 1970 and during the early months of this year. However, there was a resurgence of price increases prior to the freeze. Among durable materials, prices of steel mill products were raised several times as inventories were built up. Prices of lumber and plywood and other construction materials, which had changed little in 1970, increased rapidly early in the year in response to an acceleration in homebuilding. Cotton textile prices, which had Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICES IN 1971 965 3 | Most INDUSTRIAL PRICES have declined since August RATIO SCALE, 1967=100 CRUDE MATERIALS PRODUCERS' FINISHED 7 GOODS X CONSUMER NONFOODS ERMEDIATE MATERIALS 1969 Dept. of Labor data; latest figures, November. Livestock and and animal fibers, oilseeds, and leaf tobacco. Intermediate products and crops and products derived by FR. Seasonally materials include supplies and components but exclude interadjusted except sensitive industrial materials, livestock and mediate materials for food manufacturing and manufactured products, and crops and products. Crude materials are for fur- animal feeds. ther processing and exclude crude foodstuffs, feedstufFs, plant started to rise in the latter part of 1970, have maintained an almost continuous climb, and synthetic fiber textiles reversed a downward trend that had lasted since mid-1969. The cost of coal and electric power, which had added so much to the inflation last year, continued to rise in 1971, but prices of important petroleum products have declined. Sensitive industrial materials and nonferrous metals prices fluctuated at reduced levels. The accelerated pace of the advance in prices of materials was not reflected in prices of finished goods prior to the freeze; in fact, for both producer and consumer nonfood finished goods the rise in wholesale prices moderated. But this slowing reflected in part customary marketing patterns. The rise in prices of finished goods in recent years has tended to be concentrated in the final quarter of the year; in 1970 more than half of the total rise in prices of finished durable goods occurred in the fourth quarter. Fuels and power. Following last year's sharp climb, prices of fuels and power rose at a rate of about 3 per cent this year before the freeze. For electric power, prices increased at a rate of about 9 per cent, and prices of coal rose 6 per cent to a level more than 80 per cent above that in 1967. On the other hand, prices of petroleum products, including gasoline and fuel oils, have declined over the year. Prices of heavy fuel oils weakened more than seasonally at midyear, reflecting reduced prices abroad and a cut in tanker rates; a further decline has occurred this fall. The increase in natural gas prices this year has been small, but the Federal Power Commission has issued regulations allowing natural gas Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
966 FEDERAL RESERVE BULLETIN • DECEMBER 1971 prices to rise more rapidly in the future in order to stimulate exploration and development. Textile products and apparel. Cotton textile prices increased substantially this year before the freeze, after several years of relative stability. Cotton stocks have been reduced by several poor crops, forcing prices up in the spring. Increases for synthetic fiber textiles reversed a generally declining trend since mid-1969. Prices of wool products, on the other hand, have continued to decline this year as production of fiber has continued high and demands have been reduced. Apparel prices increased less this year than in 1970 or in the preceding 2 years. Construction materials. One of the sectors with especially sharp increases in prices this year has been construction. Rising prices of materials were responsible only in part; major settlements in the first 6 months of 1971 resulted in wage rate increases averaging 13.5 per cent. The Construction Industry Stabilization Board, which began its operations in May, was able to reduce the size of wage settlements somewhat, but wages in this industry continued to gain at a faster pace than in the rest of the economy. The rise in housing starts from 1.4 million units in 1970 to around 2 million this year was the major cause of the turnaround in prices of materials. Prices of construction materials rose about 9 per cent through November, in contrast to only a slight increase in 1970. Lumber and plywood prices, which had dropped in both 1969 and 1970, rose sharply. In November 1971, despite some recent declines these prices were more than 20 per cent above a year earlier and about one-third above their level in 1967. 4 | MOST PRICES rose sharply before the freeze RATIO SCALE, 1967=100 1969 1971 1969 1971 1969 1971 Dept. of Labor data; latest figures, November. Series for lumber and wood products and other construction materials derived from Dept. of Labor data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICES IN 1971 967 Metals and metal products. Prices of metals and metal products increased at a much faster rate prior to the freeze than in 1970. This was the result almost entirely of sharp increases for a broad range of steel mill and fabricated products, since prices of nonferrous metals—which had declined earlier this year—had by August recovered to a level only slightly above that of December 1970. In 1970, boosts in prices of steel products had averaged about 6 per cent, but through August of this year increases were close to 10 per cent. In August following a wage settlement, major steel companies announced that price increases averaging about 8 per cent would become effective in the second half of this year. The first step of the increase, involving about one-half of all steel products, took place in early August, but the second step, scheduled for October 1, was forestalled by the wage-price freeze. However, late in the year major producers announced price increases of 7 to 8 per cent on products not increased since August. Prices of nonferrous metals have fluctuated around a declining trend this year. Continuing the downward course of the latter part of 1970, domestically produced copper declined in price early in 1971 but rose again in March, in large part as a result of rising housing starts and inventory building in anticipation of a strike. Prices of imported copper ingots, which also declined through most of 1970 and into 1971, strengthened prior to the wage contract settlement, but have since softened, forcing major U.S. producers to cut prices. List prices of aluminum ingots have remained unchanged this year, but large discounts have been reported. Only lead and zinc prices are higher now than they were in late 1970. Developments in farm and food prices. Wholesale prices of farm products began to rise again in the first half of 1971, with livestock, meats, and fresh produce leading the way. Livestock prices had fallen sharply in the fall of 1970 in response to a large increase in hog marketings. At the same time that pork supplies were increasing (and prices declining) last year, however, grain prices were beginning a sharp uptrend, as supplies were cut by a poor corn crop. Prices of beef recovered in the first half of this year, but depressed hog prices coupled with the high level of feed prices lessened returns to producers, who therefore cut production of hogs for marketing this fall and winter to levels below those of a year earlier. The resulting reduction in pork supplies, in conjunc- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
968 FEDERAL RESERVE BULLETIN • DECEMBER 1971 tion with an increase in demand for beef, is sustaining meat prices at a very high level. Declines in other important commodity prices since midyear have reduced prices of farm products about seasonally. Owing to good growing conditions, blight-resistant seed, and increased acreage, the corn crop reached record levels this year. Prices of feed crops have dropped since June, and prices of eggs and of fresh produce were also lower in November. Wholesale prices of food products for consumer use dipped much less sharply than prices at the farm level in the fall of 1970, and this year they have risen appreciably. In November, average prices of consumer foods were up about 3.3 per cent from a year earlier. Meats and produce increased the most, but prices of almost all major commodities except eggs were higher. CONSUMER PRICES This year the consumer price index (CPI) has been rising somewhat more slowly than in 1969 and 1970. However, the slackening of the rise—as well as the large variation among quarters this year—is attributable mainly to changes in mortgage costs related to homeownership and in food prices. Apart from these, the rise in consumer prices moderated little until the third quarter of this year. CONSUMER PRICE INDEX CHAN6E FROM PREVIOUS PERIOD, >ER CENT Mortgage costs, which depend on both the level of mortgage 8 interest rates and the costs of new and used homes, leveled off in 1970 and declined in the early months of this year. Had it not been for this reversal, it is estimated that the CPI would have continued to increase in the first half of this year at about the same annual rate—about 5 per cent—as in the second half of 1970. The slower rate of increase in the index in the third quarter reflected in large part a leveling in food costs, as well as the freeze in September. In the first half of this year, despite offsetting movements, there was a slowing of the rise in prices of nonfood commodities. Gasoline Dept. of Labor seasonally adjusted data; latest figures, Q3. prices declined markedly, but in August these regained a level above that in January. In addition, the rise in prices of apparel, houses, and household durable goods moderated over that in 1970. On the other hand, after an extraordinary increase last fall and winter, new-car prices rose further on a seasonally adjusted basis in the prefreeze period. Prices of used cars fluctuated widely, but in September, both new and used cars were about 6 per cent above levels a year earlier. After rising at the rate of about 7 per cent annually in the latter half of 1970, the increase in service costs slowed abruptly in the first quarter of this year to a rate of about 3 per cent. The drop was due entirely to a reversal in mortgage interest rates as Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICES IN 1971 969 5 | Price increases have moderated for important CONSUMER ITEMS RATIO SCALE, 1967=100 Dept. of Labor data; latest figures, October. Apparel, new cars, and household durables seasonally adjusted. these rates are reflected in the CPI; except for this, the cost of services accelerated in the first quarter. But in the second and third quarters, the advance in services slackened—with reduced increases for such important components as rent, household utilities, medical care, and public transportation. In addition to prices of raw foods and imported commodities, the freeze exempted from control certain items—for instance, mortgage interest rates and certain taxes—that affect mainly the service component of the CPI. The August CPI was relatively unaffected by the freeze, since many of the prices had been collected —and others may have increased—before August 15. Even in September and October, the effect of the freeze on the CPI was limited in large part because some price changes are recorded in the index with a lag. Prices of foods are collected monthly in all cities. In the five largest Standard Metropolitan Statistical Areas, prices of most nonfood items and services are also collected monthly; in smaller cities, however, the prices of these items are collected in three sets of sample cities. Each sample set is priced every 3 months. A few items—such as rents, property taxes, and college tuition—are priced even less frequently. Therefore, the September index reflects in part price changes since June, and the October index includes changes since July. Despite the fact that a significant part of the price rise following the freeze may have reflected increases that occurred before the freeze, the advance in the seasonally adjusted CPI slowed sharply in September and October. In September a sharp decline in exempted food items reduced the over-all advance. Even aside from this drop, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
970 FEDERAL RESERVE BULLETIN • DECEMBER 1971 however, the rise in the index would have moderated from the 4.7 per cent average rate of increase between March and August. In October changes in the exempted items were offsetting and the freeze had a greater impact. The ceiling on new-car prices, which prevented a substantial rise, was especially important in the reduced rate of over-all price increase, particularly on a seasonally adjusted basis. Prices of new cars usually are raised in October, reflecting smaller concessions by dealers on new-model cars as compared with the models of the preceding year, and in recent years, increases in manufacturers' list prices. As a result of the stabilization program, retail prices for 1972 models dropped on a seasonally adjusted basis. The repeal of the auto excise tax, retroactive to August, will reduce retail prices of new cars by about 5 per cent. The levels of the CPI for August and subsequent months will be reduced to reflect rebates to consumers. The most important commodity price rise in the 2 months following the freeze was the greater-than-seasonal advance in apparel with the introduction of the new fall lines. Services rose less rapidly in September than in the third quarter—despite a sharp increase in college tuition—and slackened somewhat further in October. But in the main the October slackening reflected a technical downward adjustment affecting the cost of medical services over the preceding year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Revision of Bank Credit Series The seasonally adjusted series on com- the adjustments associated with these mercial bank credit and its major com- two changes increased over the years, the ponents have been revised to reflect effects on percentage rates of growth were changes in both coverage and seasonal minimal. factors. The changes made in coverage The accompanying table shows a comwere in the loan component, and seasonal parison of percentage annual rates of factors were revised for both loans and growth for the period 1969-71. Recent investments. over-all growth patterns were not altered The revised series for loans includes to a significant degree by the revision; loans made to foreign commercial banks; relatively slow expansion in bank credit previously such loans had been excluded in the second half of 1969 was followed from the monthly bank credit series. In by substantial expansion as credit readdition, the loan series, which has in- straint eased in 1970. In general, howcluded valuation reserves since June 1969, ever, growth rates in total bank credit and has been revised to include such reserves in each of the component series were inback to the beginning of 1959. The re- creased slightly in the first half of the year vised data are shown in the table on pages on the revised basis and reduced slightly 974 and 975.1 That table also includes in the second half because of changes in a new series for "loans plus loans sold seasonal factors. outright to bank affiliates" for the period With coverage broadened to include beginning with May 1969. loans to foreign commercial banks, the only loans now excluded from "loans EFFECTS OF REVISION adjusted" are those to other domestic com- The principal effect of the revisions was mercial banks. This treatment of domestic to raise the levels of loans and total bank interbank loans in the bank credit series credit beginning with 1959. A major disis similar to that accorded interbank decontinuity was removed from these two posit liabilities in the money stock series. series by the addition of vajuation re- Loans to foreign banks—practically all serves for the period prior to June 1969,2 of which are held by large commercial and for both series the levels were raised banks—increased from about $400 milfrom 1959 to date by the addition qf loans lion in early 1959 to about $1.7 billion by to foreign banks. While the amounts of the end of 1964; consequently, the growth rates for both loans and total bank credit Monthly data for the period 1948-58 are available in the Augpst 1968 BULLETIN. However, the data published were raised slightly in this period. Subthere are net of valuation reserves, and they exclude loans sequently, the outstanding amounts of such to foreign banks. 2 The series now breaks in 1959, because adjustments loans fluctuated within a narrow range for valuation reserves and for foreign loans were not through 1970. In 1971 loans to foreign carried back. The amounts involved were $2.0 billion and $0.4 billion, respectively, at the beginning of 1959. banks doubled from nearly $1.5 billion NOTE.—T}ie revised series were prepared by Edward in March to more than $3.0 billion in R. Fry and Mary F. Weaver of the Banking Section of the August. The bulk of this increase oc- Board's Division of Research and Statistics. 971 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
972 FEDERAL RESERVE BULLETIN • DECEMBER 1971 INCREASES IN COMMERCIAL BANK LOANS AND INVESTMENTS Seasonally adjusted annual rate, in per cent TToottaall Securities bbaannkk ccrreeddiitt LLooaannss aaddjjuusstteedd U.S. Government Other Old Revised Old Revised Old Revised Old Revised PPPeeerrriiioooddd series series series series series series series series 19691 3.1 2.9 8.4 8.2 -15.7 -15.7 1st H.1 4.1 5.1 9.9 10.5 -17.2 -13.7 1.4 1.7 2nd H 2.0 .7 6.6 5.5 -15.6 -19.0 -1.4 -1.7 1970 8.4 8.4 4.5 4.5 12.7 1.2.6 20.6 20.6 1st H 2.5 3.1 - .5 .1 8.5 9.3 10.4 10.7 2nd H 14.1 13.5 9.4 8.9 16.3 15.2 29.3 29.1 1971—11 mos.2 10.5 10.6 9.6 9.5 1.9 1.7 19.2 20.4 Ql 12.4 12.5 6.5 6.2 19.8 21.4 27.9 27.9 QII2 9.0 10.3 6.4 7.0 9.8 11.1 17.0 20.5 QUI 9.9 9.8 15.0 15.0 -14.0 -18.5 9.9 12.0 Oct.-Nov 8.6 7.6 9.3 8.6 -11.9 -10.0 18.2 15.1 1 Rates calculated from data adjusted to eliminate discontinuities: both revised and old series, to include data for domestic subsidiaries; old, to include valuation reserves. 2Rates calcuated from data adjusted to eliminate effects of transfer of Farmers' Home Administration insured notes from "Loans" to "Other securities." curred in August as adjustments in foreign estimated amount of adjustment for reexchange rates led to sharp increases in serves on loans increased gradually from foreign borrowing. However, changes in $2.0 billion in 1959 to $5.3 billion as of seasonal factors for the bank loan series June 1969. Inclusion of valuation reserves offset the effects of this increase in loans in June 1969 raised the level of bank into foreign banks in the third quarter and vestments in securities by $0.2 billion. the rapid expansion rate for total loans However, back data on such reserves was unchanged on balance. Since August, are not available, and no adjustments loans to foreign banks have declined have been made in the investments series about $300 million. to remove this small discontinuity. The adjustment of loans to a gross basis prior to mid-1969 makes data for the earlier BANK LOANS PLUS LOANS SOLD TO AFFILIATES period consistent with current reporting procedures, which were adopted by the A new, supplementary series on "bank three Federal banking supervisory agen- loans plus loans sold outright to affiliates" cies in 1969: Beginning with the June is included in the table on page 975. 1969 call report, loans and securities have Transfers of loans to affiliates increased been reported on a gross basis—that is, sharply in 1969 and early 1970 in rewithout deduction of valuation reserves. sponse to restraints on bank credit ex- Previous call report procedures had called pansion.2 Over this period the new comfor reporting both of these items net of bined series reflects more accurately the valuation reserves, and call report bench- total volume of lending by commercial marks for the bank credit series were banks, inasmuch as loans initiated by the constructed on this basis. banks and then transferred to their affiliates For purposes of this revision, reserves were removed from the banks' books and, on loans prior to June 1969 were esti- 2Weekly data for loans sold to banks' own submated on the basis of data reported weekly sidiaries, foreign branches, holding companies, and by large commercial banks and data re- other affiliates are published regularly, as shown on p. A-33 of this BULLETIN. The banks have reported such ported semiannually by other banks. The data since May 1969. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF BANK CREDIT SERIES 973 consequently, were not reported in the after taking these transferred loans into usual condition statements. account, bank lending was maintained at a The accompanying chart shows that considerably higher level in late 1969 and early 1970. The combined series—bank loans plus transfers—increased at a 5 per GROSS LOANS ADJUSTED cent annual rate during the year ending BILLIONS OF DOLLARS June 1970, compared with only 2.8 per cent for the loans that banks continued to hold in their portfolios. During this period domestic affiliates typically raised funds in the commercial paper market, and foreign branches tapped the Euro-dollar market—channeling these funds to the banks by purchasing the banks' loan assets. In the second half of 1970, however, as banks reduced their use of commercial paper and Euro-dollar funds, they repurchased more loans than they sold. Consequently, bank balance sheet figures somewhat overstated the volume of bank * Loans sold outright by commercial banks to their lending, and the series on loans plus loans own subsidiaries, foreign branches, holding companies, and other affiliates. sold provided a more accurate measure Seasonally adjusted monthly data. Gross loans are of bank lending in that period. • adjusted to exclude loans to domestic commercial banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
974 FEDERAL RESERVE BULLETIN • DECEMBER 1971 GROSS LOANS AND INVESTMENTS AT COMMERCIAL BANKS, 1959-70 In billions of dollars Seasonally adjusted Not seasonally adjusted Month i Securities Securities Total 2 Loans 2,3 Total 2 Loans 2,3 U.S. Govt. Other 3 U.S. Govt. 1959—Jan.. 186.4 99.3 66.6 20.6 186.2 98.3 67.5 Feb.. 185.6 99.5 65.5 20.6 184.3 98.3 65.5 Mar.. 184.6 100.6 63.5 20.5 183.6 99.8 63.2 Apr.. 186.2 101.9 63.5 20.8 186.2 101.7 63.6 May. 187.3 103.4 63.2 20.7 186.3 103.0 62.6 June. 187.1 104.1 62.4 20.6 186.5 105.1 60.9 July.. 188.2 106.3 61.2 20.6 188.1 106.4 61.1 Aug.. 189.0 107.8 60.7 20.6 188.6 107.8 60.3 Sept.. 188.7 108.4 59.6 20.6 188.9 108.9 59.2 Oct... 188.3 109.1 58.6 20.6 189.2 109.0 59.6 Nov.. 188.3 109.9 57.9 20.5 188.7 109.9 58.5 Dec.. 188.7 110.5 57.7 20.5 192.3 112.8 58.9 1960—Jan... 188.8 111.5 56.9 20.4 188.6 111101..40 58.0 Feb.. 188.4 112.2 55.9 20.2 187.3 56.2 Mar.. 189.1 112.9 56.2 20.1 186.4 112.1 54.2 Apr.. 189.6 113.8 55.9 19.9 189.2 113.3 55.8 May. 189.9 114.2 55.9 19.8 188.9 113.9 55.1 June. 190.2 114.6 55.8 19.8 189.6 115.6 54.2 July.. 191.6 114.9 56.7 20.0 191.5 114.8 56.7 Aug.. 192.5 115.4 57.0 20.0 191.9 115.3 56.6 Sept.. 194.0 115.9 58.0 20.0 194.3 116.4 57.7 Oct... 195.8 116.1 59.4 20.3 196.7 115.9 60.4 Nov.. 196.0 116.1 59.3 20.5 196.8 116.3 60.2 Dec.. 197.4 116.7 59.8 20.8 201.5 119.6 61.0 1961—Jan... 198.9 117.1 60.7 21.1 198.8 116.0 61.9 Feb.. 220011..01 118.7 61.0 21.4 200.1 117.5 61.3 A M p a r r . . . . 201.1 1 1 1 1 8 8 . . 5 3 6 61 1 . .2 0 2 2 1 1 . . 6 6 2 1 0 9 0 8 . . 4 7 1 11 1 7 7 . . 9 3 6 5 0 9 . . 7 7 May. 203.2 119.0 62.3 21.9 202.1 118.8 61.5 June. 204.3 118.9 63.3 22.0 203.9 120.0 61.8 July.. 206.2 119.5 64.4 22.2 206.3 119.3 64.7 Aug.. 207.3 119.8 64. £ 22.6 205.9 119.2 64.2 Sept.. 209.8 120.5 66.3 23.1 210.5 121.1 66.1 Oct... 210.2 121.6 65.5 23.1 211.2 121.4 66.6 Nov.. 211.4 122.5 65.3 23.6 212.1 122.5 66.2 Dec.. 212.8 123.6 65.3 23.9 217.7 127.2 66.6 1962—Jan... 214.4 124.2 66.0 24.3 214.2 122.9 67.2 Feb.. 215.4 125.2 65.6 24.6 214.9 124.4 66.0 Mar.. 217.3 126.9 65.1 25.3 215.7 125.9 64.4 Apr.. 218.9 128.1 64.9 25.9 218.2 127.4 64.7 May. 220.4 128.7 65.4 26.2 218.6 128.2 64.4 June. 221.8 129.8 65.1 26.9 222.7 131.2 64.4 Jiily. . 222.5 130.2 65.0 27.4 221.3 129.6 64.2 Aug.. 224.7 131.6 65.4 27.8 222.5 130.8 63.9 Sept.. 225.7 133.3 64.4 28.0 226.4 134.0 64.3 Oct... 227.6 134.4 64.6 28.6 229.1 134.9 65.6 Nov.. 229.4 135.7 64.7 29.1 230.1 135.7 65.6 Dec. 4 231.2 137.3 64.7 29.2 237.0 141.3 66.4 1963—Jan... 232.9 138.3 64.9 29.8 232.4 136.7 66.2 Feb.. 234.6 139.6 64.9 30.2 233.7 138.5 65.3 Mar.. 235.7 140.6 64.4 30.7 235.1 139.6 64.8 Apr.. 236.8 141.2 64.4 31.2 235.7 140.4 64.0 May. 238.8 142.8 64.1 31.9 236.9 142.2 63.0 June. 241.0 144.8 63.9 32.3 242.9 146.9 63.5 July.. 242.6 145.9 63.9 32.8 241.5 146.1 62.5 Aug.. 243.3 147.2 62.7 33.4 240.9 146.3 60.9 Sept.. 244.8 148.9 62.0 33.9 245.8 149.8 61.8 Oct... 246.2 150.5 61.3 34.4 246.3 149.9 62.0 Nov.. 248.2 152.5 61.3 34.4 248.9 152.5 62.3 Dec.4 250.2 153.6 61.7 35.0 256.5 158.0 63.4 1964—Jan... 250.9 155.3 60.6 35.0 250.3 153.6 62.1 Feb.. 252.8 156.7 60.8 35.3 251.3 154.7 61.5 Mar.. 253.8 157.9 60.3 35.6 254.0 157.0 61.5 Apr.. 255.8 115691..62 60.5 35.7 254.8 158.9 60.1 May. 257.5 60.4 35.9 255.7 160.9 59.1 June. 259.6 163.1 60.3 36.2 261.9 166.2 59.3 July.. 260.6 164.5 59.7 36.4 258.8 164.0 58.3 Aug.. 263.4 1(55.8 60.8 36.8 260.7 164.8 58.8 Sept.. 266.6 167.7 61.4 37.5 266.9 168.4 60.7 Oct... 267.1 168.6 60.6 37.9 267.1 167.7 61.4 Nov.. 270.3 170.3 61.5 38.5 271.0 170.2 62.7 Dec.. 272.4 172.9 60.8 38.7 279.2 177.4 63.0 1 Data are for last Wednesday of the month and are partly estimated 3 Beginning June 30, 1966, CCC certificates of interest and Exportexcept for June 30 and Dec. 31 call dates. Data for June 29, 1968, are Import Bank portfolio fund participation certificates totaling an esestimates. timated $1 billion are included in "Other" securities rather than in 2 Adjusted to exclude domestic commercial interbank loans. Be- loans. ginning June 9, 1966, about $1.1 billion of balances accumulated for 4 Data are estimates for Dec. 31. payment of personal loans were deducted as a result of a change in Federal Reserve regulations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
REVISION OF BANK CREDIT SERIES 975 GROSS LOANS AND INVESTMENTS AT COMMERCIAL BANKS, 1959-70—Continued In billions of dollars Seasonally adjusted Not seasonally adjusted Loans 2 plus loans sold to bank affiliates 5 Securities Securities TToottaall 22 LLooaannss 22''33 Total 2 LLooaannss 22,,33 U.S. Othei- 3 U.S. Other S.A. Govt. Govt. 275.1 175.9 59.7 39.5 274.4 173.8 61.5 39.1 278.0 178.2 59.8 40.0 276.0 175.8 60.5 39.7 278.8 180.2 58.0 40.5 279.2 179.9 59.0 40.3 282.9 182.8 58.9 41.2 281.3 181.6 58.3 4l .4 284.3 184.4 58.6 41.3 282.5 184.2 57.2 41.1 286.7 186.5 58.3 41.9 289.3 190.2 56.9 42.2 289.0 188.5 58.1 42.4 286.5 187.7 56.3 42.6 290.5 190.0 57.4 43.1 288.5 189.6 55.5 43.4 292.1 191.7 56.8 43.5 292.1 192.3 55.9 43.9 295.6 194.2 57.6 43.9 295.5 192.9 58.5 44.1 297.0 195.5 57.4 44.2 191.1 195.1 58.8 43.8 300.1 198.2 57.1 44.8 307.6 203.2 59.5 44.9 303.3 200.3 58.0 45.0 302.4 198.4 59.6 44.4 304.2 202.2 56.5 45.5 301.6 199.2 57.3 45.1 304.5 203.8 54.9 45.8 303.8 203.0 55.4 45.4 307.7 206.0 55.5 46.2 307.1 205.2 55.5 46.5 309.7 207.8 54.7 47.2 307.8 207.1 53.6 47.1 313.1 209.4 55.3 48.4 315.9 213.6 53.5 48.8 313.7 210.3 54.9 48.5 312.6 211.2 52.7 48.6 314.6 211.0 55.5 48.0 313.1 211.0 53.7 48.4 315.0 211.8 54.6 48.6 314.6 212.2 53.6 48.8 314.1 212.8 53.0 48.4 313.8 211.6 53.6 48.7 314.2 212.9 52.9 48.4 314.8 212.5 54.4 47.9 316.1 213.9 53.5 48.7 324.0 219.0 56.2 48.8 320.6 216.4 54.2 49.9 319.8 214.4 56.0 49.4 323.3 216.5 55.7 51.1 320.4 213.1 56.6 50.7 327.0 217.8 56.8 52.3 325.9 216.1 57 J 52.0 328.8 218.7 56.5 53.6 328.3 2i8.2 56.2 54.0 330.9 219.1 57.0 54.8 329.4 218.9 55. & 54.7 332.7 220.3 56.2 56.2 335.3 224.4 54.2 56.7 338.3 222.3 59.5 56.6 337.7 223.9 57.1 56.7 342.7 224.0 61.3 57.3 340.1 223.2 59.1 57.8 345.1 226.2 60.9 58.0 344.7 226.3 60.1 58.3 347.6 121.1 61.7 58.8 347.6 126.2 62.4 59.0 350.0 228.5 61.2 60.3 350.0 227.4 62.9 59.8 352.0 231.3 59.3 61.4 360.8 236.8 152.5 61.5 355.8 233.5 60.2 62.2 356.3 232.3 62! 2 61.7 359.3 234.4 62.2 62.7 356.6 231.3 63.2 62.2 360.0 235.4 61.4 63.2 357.4 233.0 61.2 63.1 361.0 237.3 60.3 63.4 360.5 236.8 59.8 63.8 363.8 238.5 61.7 63.6 361.3 237.5 60.3 63.5 364.8 240.4 60.5 63.9 367.7 244.8 58.6 64.4 371.0 244.2 62.3 64.5 371.9 246.8 60.5 64.6 376.4 247.4 63.3 65.7 373.8 246.3 61.5 66.0 381.2 250.4 63.4 67.4 380.6 250.5 62.5 67.6 386.0 253.2 64.0 68.8 385.4 251.8 64.8 68.8 387.8 256.8 61.0 70.0 387.6 255.3 62.8 69.5 390.6 258.2 61.0 71.4 400.4 264.4 64.5 71.5 392.5 260.4 60.9 71.2 391.4 257.7 63.2 70.5 393.4 263.1 58.9 71.5 390.4 260.1 59.5 70.9 395.4 265.3 58.6 71.4 392.3 262.3 58.5 71.4 398.5 268.3 58.4 71.8 398.3 268.0 58.0 72.3 399.8 271.0 56.8 72.0 397.1 269.9 55.4 71.8 272.5 271.4 400.6 271.9 56.9 71.8 403.2 276.8 54.0 72.4 274.0 278.9 399.5 271.6 56.8 71.1 399.4 273.5 54.7 71.3 274.4 276.3 398.9 272.1 56.1 70.6 396.2 271.0 54.3 70.9 275.4 274.3 398.6 273.6 54.1 70.9 398.0 273.6 53.2 71.2 277.4 277.4 399.5 275.6 53.6 70.4 398.7 273.9 54.4 70.4 280.3 278.7 402.3 277.8 53.2 71.3 402.0 276.1 55.1 70.9 282.6 280.9 402.1 279.4 51.5 71.2 412.1 286.1 54.7 71.3 283.3 290.0 400.3 278.5 50.5 71.3 399.1 275.6 53.0 70.6 284.5 281.5 400.4 278.3 50.7 71.4 397.2 275.0 51.4 70.8 284.8 281.5 403.9 279.6 51.6 72.6 400.5 276.3 51.5 72.7 286.5 283.1 405.9 279.3 52.8 73.8 404.8 278.2 52.3 74.3 286.5 285.3 407.7 279.1 54.1 74.5 405.3 278.4 52.6 74.3 287.2 286.4 408.4 279.5 53.9 75.0 411.7 284.5 51.6 75.6 287.6 292.6 414.3 283.2 55.6 75.5 414.1 284.9 53.5 75.7 291.4 293.1 419.5 285.7 56.9 76.9 416.8 284.7 55.1 77.1 293.7 292.7 424.3 288.4 56.8 79.2 424.7 289.5 55.8 79.5 293.6 294.7 426.2 289.1 56.3 80.8 425.6 287.5 57.2 81.0 293.5 291.8 429.3 290.0 56.3 83.0 429.3 288.4 58.3 82.5 293.8 292.3 435.9 292.0 58.0 85.9 446.8 299.0 61.7 86.1 294.9 301.9 For notes 1-4, see preceding page. investments are now reported gross, without valuation reserves de- 5 Loans sold outright by commercial banks to own subsidiaries, ducted, rather than net of valuation reserves as was done previously. foreign branches, holding companies, and other affiliates. See p. A-33. For a description of the revision, see Aug. 1969 BULLETIN, pp. 642-46. 6 Beginning June 30, 1969, data revised to include all bank-premises Data shown in this table beginning January 1959 have been revised subsidiaries and other significant majority-owned domestic subsid- to include valuation reserves. iaries; earlier data include commercial banks only. Also, loans and NOTE.—For revised data for 1971, see p. A-18. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Planned and Actual Long-Term Borrowing by State and Local Governments During fiscal 1971 State and local govern- ities.2 Subsequently, a subsample of rements, stimulated by relatively favorable spondents who deviated from their anticipamarket conditions, issued a record volume of tions was asked to provide reasons for the long-term municipal securities to meet their deviation. Where borrowing was below accumulated and growing capital require- planned levels, respondents were also asked to ments. Altogether, the $23.1 billion of long- indicate the impact such shortfalls had upon term borrowing by this sector was in sharp capital spending plans or, alternatively, the contrast to the $13.3 billion borrowed in financial expedients relied upon to maintain fiscal year 1970 when, because of the record capital outlays as planned.3 levels of interest rates and the existence of This article chronicles the borrowing exceilings on borrowing rates, financing was well perience of State and local governments for below planned levels. fiscal 1971. After a review of the events The sensitivity of State and local govern- that helped to shape the nature of this market ments to changes in credit market condi- during that year, the results of the survey are tions and the subsequent effect that credit presented. Particular emphasis is given to a policy may have upon capital expenditures detailed analysis of (1) interest-rate-induced of these governments have spurred interest borrowing that was either above or below in the cyclical experiences of this sector. To planned levels, (2) the related impacts on gather information on the behavior of the spending, and (3) the use of financial alternamarket for tax-exempt securities and as- tives to support planned capital spending. sociated spending impacts, the Federal Reserve, in conjunction with the U.S. Bureau 2This sample contains 4,368 units: all State governments and agencies, all large local units, and a stratified of the Census, has conducted quarterly sample of smaller local governments, agencies, and surveys of anticipations and realizations of authorities. Data provided by the Investment Bankers Association allow indentification of those units that borrowing by State and local governments borrowed without having indicated previous plans. since 1969.1 The surveys have always had excellent response. Response rates for the anticipations surveys were 87 and By means of the survey, universe estimates 78 per cent in June 1970 and December 1970. Nonof the quarterly pattern of long-term borrow- respondents generally did not borrow during the quarters that followed, and therefore the anticipations estimates ing expectations were projected, ex ante, are believed to be rather complete. The four from reports of a stratified sample of State follow-up realizations surveys as of September and and local governments, agencies, and author- December 1970 and March and June 1971 had response rates of 80, 79, 90, and 81 per cent. In each of these surveys, however, 95 to 98 per cent of the borrowing NOTE.—Paul Schneiderman of the Board's Division accomplished during the survey quarter was accounted of Research and Statistics prepared this article. Both the for. No attempt is made to analyze the probable behavior article and the surveys themselves have benefited from of nonrespondents. the efforts of many individuals at the Federal Reserve, 3The terms "shortfalls" and "setbacks" are used inthe U.S. Bureau of the Census, and the Investment terchangeably to indicate the amount of long-term bor- Bankers Association. rowing postponed or canceled by State and local governments. Throughout this article the terms "govern- *For a report on the experience for fiscal year 1970 ment" and "units" refer to State and local governments. see J. E. Petersen, "Response of State and Local All dates are calendar unless otherwise noted. "Long- Governments to Varying Credit Conditions," Federal term borrowing" refers to debt with original maturity Reserve BULLETIN (Mar. 1971). of more than 1 year. 977 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
978 FEDERAL RESERVE BULLETIN • DECEMBER 1971 MUNICIPAL MARKET DEVELOPMENTS bank fund availability was constrained and loan demand was relatively stronger, particu- As in other security markets, interest rates on larly in the second half of 1969. tax-exempt obligations dropped sharply in Of the two other major investor groups that fiscal 1971 from the historic highs reached hold long-term municipals, fire and casualty induring the preceding fiscal year. In view of surance companies increased their holdings the reduced cost of credit and strong demands of tax-exempts whereas individuals were net for funds, State and local governments liquidators. Casualty companies had favorfloated long-term debt at a record pace. The able underwriting experience and because of increase in net long-term obligations of these their high marginal tax brackets were atgovernments (Table 1) totaled about $12.5 tracted to municipals, even at the low yields billion in fiscal 1971. This rise in outstandobtainable in fiscal 1971. These insurance ing debt contrasts with the net increase of companies added more than $1.2 billion of $4.4 billion for fiscal 1970 when higher both long- and short-term maturities to their yields prevailed and interest rate ceilings inportfolios. Individuals, on the other hand, hibited borrowing. reduced their holdings of State and local ob- TABLE 1 ligations by $2.1 billion during fiscal 1971, NET CHANGE IN INVESTMENT IN STATE AND LOCAL apparently in response to changed rate rela- OBLIGATIONS tionships and perhaps also to shifting asset Fiscal 1971 and 1970 In billions of dollars preferences related to demands for liquidity Investor group 1971 1970 and to revised income tax regulations. Commercial banks 14.7 2.7 Throughout fiscal 1971, interest rate move- Individuals1 -2.1 -.1 Fire and casualty insurance companies 1.2 1.2 ments and leve^ no longer influenced State Other nonbank financial institutions .3 -.3 Nonfinancial corporations 23.1 23.4 and local governments to postpone or State and local governments .3 .4 cancel their planned long-term borrowing. Total 1177..55 77..33 Municipal yields, after having reached an his- MEMO: Short-term 5.0 3.0 toric high of 7.12 per cent in the last week Long-term 12.5 4.4 of May 1970, dropped to 6.75 per cent by July NOTE—Details may not add to totals because of rounding. Data are flow of funds totals of unadjusted quarterly net changes. 1970 and, more dramatically, fell to a low of 1 Includes households, partnerships, and eleemosynary institutions. 5 per cent by mid-March 1971. In spite of a 2 Short-term acquisitions represent a substantial portion of these net additions. - MUNICIPAL BOND YIELDS: Bond Buyer Commercial banks financed most of the in- 1 20-bond index crease in State and local borrowing during PER CENT fiscal 1971, and thereby added $14.7 billion in short- and long-term municipal debt to their portfolios.4 Bank activity in municipals reflected the sluggishness in demand for commercial loans and the considerably increased flows of deposits into these institutions during most of fiscal 1971. This contrasts with the $2.7 billion absorbed during fiscal 1970 when 4 Separate totals for net additions of short- and longterm municipals by each investor group are not available for fiscal 1970 and 1971. However, the bulk of shortterm debt has been traditionally held by commercial banks and nonfinancial corporations. Bond Buyer Index (20 issues); first-Thursday-of-the-monthdata. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATE AND LOCAL BORROWING 979 TABLE 2 ANTICIPATED AND ACTUAL LONG-TERM BORROWING BY STATE AND LOCAL GOVERNMENTS Fiscal year 1971 In billions of dollars Local govt. Borrowing All State City or Special School types govt Total County town district district Anticipated1 23.80 8.34 15.46 1.79 6.77 2.56 4.34 Net shortfall2 74 (1.31) 2.05 .08 .96 .04 .97 Actual 23.06 9.65 13.41 1.71 5.81 2.52 3.37 Ratio: actual/planned 97 1.16 .87 .96 .86 .98 .78 'Based upon anticipations surveys. 2Based upon realizations surveys, the net borrowing shortfall accounts for borrowing below planned levels offset by borrowing above originally planned levels. Parentheses indicate borrowing above plans. rate reversal during the last quarter of fiscal realized borrowing plans for 1970-71. Voters, 1971, tax-exempt yields remained consider- according to the Investment Bankers Associaably below the highs in the previous fiscal tion, defeated 40 per cent of the $8.9 billion year (Chart 1). of proposed borrowing authorizations during fiscal 1971. A sizable number of issues were SURVEY RESULTS also being postponed as of June 30, 1971, State and local governments planned to float an apparently to await Internal Revenue Servestimated $23.8 billion5 in long-term debt in ice guidelines on and approval of the taxfiscal 1971 (Table 2). The increase in exempt status of industrial aid pollution control planned borrowing over th£ approximately bonds.6 In addition, there was the question $18 billion scheduled for fiscal 1970 reflects of the constitutionality of a two-thirds manot only a natural growth in demand for debt- jority required for a bond authorization vote financed capital projects, but also a desire by in some jurisdictions. governments to reinstate debt plans abandoned Despite these various legal and technical in fiscal 1970 when these units could not problems, substantially improved market enter the capital markets because of the high conditions—lower costs and increased availrates of interest coupled with interest cost ability of credit—in fiscal 1971, compared ceilings. Results of the follow-up realizations with fiscal 1970, caused net borrowing shortsurveys indicate that some units, either un- falls of only $0.7 billion, one-third of which able or unwilling to realize their plans fully, was interest rate related. Whereas the reexperienced shortfalls of $5.8 billion from spondents to the survey noted that reaction anticipated borrowing levels. Other govern- to and expectations about interest rate bemental units, however, borrowed $5.1 bil- havior accounted for $1.1 billion of the longlion above reported goals. term borrowing setbacks, changes in and Problems in obtaining proper authoriza- levels of yields influenced other units to tions, as well as other legal and administrative borrow $0.8 billion above original anticipadelays, accounted for $3.3 billion of the un- 5 The anticipation surveys were made at the end of 6The interest payments on industrial aid bonds are June and of December 1970, and were adjusted quarterly exempt from Federal income taxes under two alternative for units responding to the realizations questionnaires. sets of conditions: (1) regardless of the cost of the The totals shown here for borrowing plans have been project, bond issues for such financing total less than adjusted to eliminate double counting. For instance, a $1 million; or (2) the project cost is under $5 million, postponed borrowing plan is counted only once no mat- and bond issues do not exceed that amount. However, ter how often postponed and rescheduled. the guidelines for such bonds are under review. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
980 FEDERAL RESERVE BULLETIN • DECEMBER 1971 TABLE 3 LONG-TERM BORROWING BEHAVIOR INDUCED BY BEHAVIOR OF INTEREST RATES Fiscal year 1971 In billions of dollars 1970 1971 BBoorrrroowwiinngg FFiissccaall FFiissccaall 11997700 11997711 Q3 Q4 Q1 Q2 Gross shortfalls in borrowing initiated as reported quarterly 7.37 1.84 .60 .45 .45 .34 Sales of offerings postponed in earlier quarters 2.21 .70 t .11 .34 .25 Actual gross shortfall in borrowing ... 5.16 1.14 .60 .34 .11 .09 Borrowing above plans * .78 .08 .34 .15 .21 Net shortfalls from or accelerations above borrowing plans 5.16 .36 .52 ... (.04) (.12) * Less than $10 million. t This amount is not carried forward from previous fiscal years and is treated as having a zero value. tions. This result was markedly more favor- LONG-TERM BORROWING of STATE and able than the $5.2 billion of net borrowing LOCAL GOVERNMENTS setbacks experienced in fiscal 1970 when credit conditions were less favorable. In spite of a generally receptive market, borrowing difficulties experienced by the State and local sector during fiscal year 1971 led to cancellations and postponements of an estimated $1.2 billion of capital projects. About one-sixth of these were reinstated during the year. Many governments elected to proceed with their planned capital outlays by utilizing other means of financing; when longterm borrowing deficiencies would have 1965 1966 1967 1968 1969 1970 1971 affected capital outlays, governments relied most heavily upon short-term borrowing— If fiscal year 1970 was the year when pro- $2.03 billion—and use of liquid assets—$0.78 posed borrowing was rationed out of the billion—as alternative sources of funds. market, 1971 was indeed the year for fulfilling those pent-up borrowing needs. Chart 2 indi- EFFECTS OF INTEREST RATES ON cates the steady growth in borrowing volume BORROWING AND SPENDING from fiscal 1965 to 1969. The rather strenuous Responses to the survey show that through- burst above the trend during the past fiscal out most of fiscal year 1971—in contrast with year reflected the need to recover the postfiscal year 1970—interest rate movements and poned borrowing of 1969-70, coupled with levels no longer caused State and local normal and regular requirements of governgovernments to postpone or cancel their ments to fund capital projects by means of planned long-term borrowing (Table 3). The long-term financing. survey indicated, in fact, that the State and local sector was willing and able to place 7It should be recalled that the survey revealed $5.8 billion of shortfalls below borrowing plans of $23.8 an amount equal to 97 per cent of its billion by some units. Other units were responsible for planned borrowings.7 borrowing $5.1 billion above reported plans. Altogether, the net shortfall in borrowings amounted to only 7For note see opposite column. $0.7 billion. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATE AND LOCAL BORROWING 981 TABLE 4 LONG-TERM BORROWING SHORTFALLS INDUCED BY INTEREST RATES Fiscal year 1971 In millions of dollars Local govt. All State City or Special School Reason types govt. Total County town district district Interest rate ceiling 160 160 26 65 7 62 Interest rates: Too high 428 77 351 76 104 84 87 Expected to fall 554 187 367 47 52 158 110 Total 1,142 264 878 149 221 249 259 To help clarify the role played by interest Expectations about the behavior of interest rates in the decisions of State and local rates had a strong effect upon the realizations governments to effect borrowing plans, the of borrowing plans. Although interest rates earlier survey questionnaire was revised turned downward, some units chose to post- (see Appendix).8 Respondents who reported pone borrowing in the expectation of still interest-rate-motivated shortfalls from antici- further declines. On the other hand, as shown pations were asked whether interest rate in Table 5, when interest rates started up ceilings were a barrier, whether rates were too again, additional debt offerings were brought high even though below ceilings, or whether to market by units that—recalling the exrates were expected to fall. The responses are perience of the previous year—believed shown in Table 4. Whereas it was felt that yields would rise even further. interest rate ceilings had played an important State and local governments reported that role in the $5.2 billion of interest-rate- interest rates provided the motivation behind induced setbacks in borrowing during fiscal the nearly $600 million of borrowing short- 1970, the effect in fiscal 1971 was minimal; falls these governments had during the third such ceilings accounted for only 14 per cent quarter of 1970. More than 65 per cent of of the $1.1 billion of interest-rate-induced these setbacks occurred because units felt setbacks, partly because many ceilings had interest rates were too high. Another 18 per been raised or removed since fiscal 1970. cent of the interest-rate-induced shortfalls represented the action of governments that 8The original format of the questionnaire allowed had postponed borrowing in anticipation of a respondents only one interest rate option. An example further decline in interest rates. of this older format can be seen in Appendix B to the report in the March 1971 BULLETIN, pp. 227-30. In the fourth quarter, State and local govern- TABLE 5 STATE AND LOCAL LONG-TERM BORROWING ABOVE REPORTED PLANS Fiscal year 1971 In millions of dollars Local govt. RReeaassoonn AAllll SSttaattee City Special School ttyyppeess ggoovvtt.. Total County or town district district Authorized sooner than expected 822 199 623 105 225 113 180 Interest rates expected to rise 235 108 127 31 46 22 28 Interest rates declined 546 200 346 33 138 97 78 Project plans ready early ... 462 141 321 37 177 68 39 Project more costly than expected 270 108 162 22 40 66 34 No reason given, and other 983 193 790 229 191 202 168 Total 3,318 949 2,369 457 817 568 527 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
982 FEDERAL RESERVE BULLETIN • DECEMBER 1971 ments had $533 million in interest-rate- TABLE 6 induced borrowing shortfalls. Half of these ALTERNATIVE MEANS OF FINANCING LONG-TERM abandonments were sustained by units that BORROWING SHORTFALLS felt interest rates would decline still further. Fiscal year 1971 Less than 2Vi per cent of the shortfall re- Shortfalls sulted from interest cost ceilings. By the end All Interest-rate-induced of the first quarter of 1971, 84 per cent of the Millions of Millions of $451 million of postponements and cancella- MMMeeeaaannnsss dollars Per cent dollars Per cent tions of borrowing for interest rate reasons Short-term borrowing 2,032 56.3 910 74.0 were accounted for by governments that, Use of liquid assets... 784 21.7 266 21.6 Postpone other cash despite the record drop in yields over the past outlays 342 9.5 22 1.8 9 months, were awaiting even lower yields. Other 449 12.5 32 2.6 Total 3,607 100.0 1,230 100.0 The decline of interest rates over the first NOTE—Delays in projects to be financed equaled $3.06 billion. 9 months of fiscal year 1971 influenced governments to bring to market at least $570 financial expedients to maintain expenditures. million more in long-term municipal securi- Contributing to the willingness to try alternaties than reportedly had been planned—83 tive measures were (1) a feeling that market per cent in response to the decline of rates conditions would not deteriorate and might and the remainder undertaken in anticipation improve, (2) the fact that short-term borrowof higher yields. When yields on municipal ing costs were relatively low, and (3) the fact bonds rose during the second quarter of 1971, that ceilings on interest costs were no longer about $345 million of long-term borrowing an- a restraining factor. Where the long-term ticipations went unrealized. The bulk of such borrowing was postponed because of delays setbacks were sustained by units that reasoned in the projects themselves, no financial althat rates were too high at the time or that ternatives were sought. Such delays in rates would soon fall back to earlier levels. projects totaled $3.1 billion in fiscal 1971. Units borrowed $140 million above plans The use of short-term borrowing as a during the second quarter of 1971 because they temporary financing device in fiscal year 1971, expected an increase in tax-exempt yields. although only one-third as large as in the pre- Although actual shortfalls owing to in- ceding year, was nevertheless quite notable. terest rates were about one-fifth of those re- Units most often turned to short-term borrowported a year earlier, postponed and can- ing because of its lower cost and its general celed borrowing during fiscal year 1971 availability, whereas funds from other sources probably were not so plentiful. As in fiscal resulted in the postponement or cancellation 1970, when high interest rates forced a cutof only $150 million of capital projects—10 per cent of the amount for the previous year.9 back in long-term funding below plans, shortterm borrowing was relied upon to maintain Most capital projects were undertaken as capital expenditures in nearly three-fourths planned even though long-term financing was of the cases in fiscal 1971. Altogether such not realized on schedule. With the expectaborrowings amounted to $910 million. Units tion that long-term funding would eventureported plans to fund 92 per cent of this total ally be accomplished, many units that were in the near future. As indicated in Table 6, facing borrowing setbacks turned to other some other units drew down $266 million of their liquid assets instead of borrowing to 9The reduction of capital spending was of only finance projects affected by interest rate condimarginal significance. State and local governments tions. undertook $29.6 billion of such spending in fiscal 1970. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATE AND LOCAL BORROWING 983 APPENDIX: Questionnaire Forms ANNUAL 1971 Q.M.R. No. 41-R2519; Approval Expires December 31, 1973 Data supplied by FORM BN-5 U.S. DEPARTMENT OF COMMERCE Name SURVEY OF BOND ANTICIPATIONS Title In correspondence pertaining to this report, please refer to this number # Agency Official address (Number and street, city, State, ZIP code) Telephone (Please correct any error in name and address including ZIP code) Area code Number Extension TO: Bureau of the Census, Governments Division Washington, D.C. 20233 Dear Sir: At the request of the Federal Reserve Board, the Bureau of the Census is conducting a survey of long-term borrowing anticipated for one year ahead. The rapidly growing importance in the capital markets of bonds issued by State and local governments makes the forecasting of their credit demands of major interest to the Board. The data will be used to develop national estimates of long-term borrowing plans. Please complete the form on the reverse side and return the addressed copy to us at your earliest possible convenience. The duplicate copy is for your files. An official envelope, which requires no postage, is enclosed for your reply. Your cooperation and participation in this survey are greatly appreciated. Sincerely, / R J /v GEORGE H. BROWN Director Bureau of the Census 2 Enclosures Please complete form on reverse side Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
984 FEDERAL RESERVE BULLETIN • DECEMBER 1971 1. Please indicate below the amounts of long-term borrowing that your government plans for the next four quarters, beginning with the first quarter of calendar 1971. In providing us with your plans in the table below, please keep in mind the following: a. Long-term debt consists of the par value of debt and the same issue will be offered in subsequent payable MORE THAN ONE YEAR after the date of quarters, this information will be picked up by a issue, and includes both funding and refunding followup quarterly survey. obligations. e. On the first line, indicate those borrowing plans b. DO NOT include any bond issues sold prior to the for which all necessary authorizations have already periods indicated. been obtained. c. Borrowing plans should be placed in a specific f. On the second line, indicate the amount of bonds quarter on the basis of your present anticipation of expected to be issued in each quarter for which ISSUE DATE and NOT on the basis of the date of required authorizations have not yet been received approval, authorization, or election results. (such as referendum approvals). d. Make entries only for the first quarter in which a g. Enter a zero for any period in which no borrowing bond issue is planned for sale. If plans are revised is anticipated. Thousands of dollars SSttaattuuss ooff bboorrrroowwiinngg ppllaannss Jan.-March Apri l-June July-Sept. Oct.-Dec. 1971 1971 1971 1971 222... BBBooorrrrrrooowwwiiinnnggg aaalllrrreeeaaadddyyy aaauuuttthhhooorrriiizzzeeeddd 333... BBBooorrrrrrooowwwiiinnnggg nnnooottt yyyeeettt aaauuuttthhhooorrriiizzzeeeddd 444... TTTOOOTTTAAALLL ••• 5. Please list below the anticipated bond sales that comprise the amounts in the table above. The sum of these amounts should equal the total shown in line 4 of the table. Line Title of bond issue or functional category Amount of issue No. (Education, roads, etc.) (Thousands) 1 2 3 4 5 6 7 8 9 10 11 12 FORM BN-S (9-21-70) USCOMM-DC Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATE AND LOCAL BORROWING 985 FOURTH QUARTER 1970 O.M.B. No. 41-R2487; Approval Expires December 31, 1973 Potq supplied by FORM BN-4 U.S. DEPARTMENT OF COMMERCE (9-9-70) BUREAU OF THE CENSUS Name QUARTERLY SURVEY OF BOND REALIZATIONS Title In correspondence pertaining to this report, please refer to this numbeiy^ Agency Official address (Number and street, city, State, ZIP code) Te lepho Area code Number Extension TO: Bureau of the Census, Governments Division Washington, D.C. 20233 Dear Sir: In a survey of anticipated long-term borrowing which the Bureau of the Census is conducting for the Federal Reserve Board, you indicated that it was the intention of your government or agency to issue bonds in the October—December quarter of 1970. We are now conducting a followup survey to determine the extent to which your borrowing plans were realized and the impact of any changes in those plans on your agency's expenditures and future long-term financing plans. Please complete this form and return the addressed copy to us at your earliest possible convenience. The duplicate copy is for your files. An official envelope, which requires no postage, is enclosed for your reply. Your cooperation and participation in this survey are greatly appreciated. Sincerely, GEORGE H. BROWN Director Bureau of the Census 2 Enclosures Please complete form on reverse side Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
986 FEDERAL RESERVE BULLETIN • DECEMBER 1971 1. In response to a recent questionnaire your unit reported that it planned to borrow long-term in the October—December quarter of 1970; this amount (in thousands) is shown in the right portion of the address label. Please enter the amount that your unit actually borrowed long-term during that quarter: $ _ (If your actual borrowing was within 10% of the sum of your planned authorized and not authorized borrowing, skip to question 4. If less than planned, go to question 2. If more than planned, skip to question 3.) 2. If your unit borrowed less than the sum of the authorized and not yet authorized amount, and if the deficiency was greater than 1 0% of the total amount planned for the October—December quarter: a. Which of the following reasons explain best why d. If you answered NO to question 2b, check which of the it did so? following means are being used to maintain the level of your expenditure program. (Please check appropriate box(es)) (1) • Short-term borrowing (one year or less) (1) • Authorization was not obtained (2) •) Use of liquid assets, including existing (including referendum defeated) bond funds (2) • Other administrative or legal delays (3) •] Reductions or postponements of other cash (3) • Interest rates exceeded legal ceiling outlays (4) • Interest rates judged too high even (4) • Money not needed immediately for construction though below legal ceilings payments (5) [• Interest rates expected to decline (5) • Other means — Please state briefly (6) [3! Construction costs became too high (7) • Federal or State grants or loans were not available (8) • Other reasons — Please state briefly e. At this time, do you plan to borrow long-term in the future to make up the short-fall from your October- December quarter borrowing plans? b. Has the shortfall in either previously authorized or • Yes • No unauthorized borrowing from that originally intended for the October—December quarter led to any reduc- {1) If YES, please be sure to include these amounts tion in current (or will it lead to any reduction in in question 4. prospective) capital outlays or contracts? (2) If NO, do you: • Ye • No (a) QNow plan to cancel or postpone the project over the next four quarters? c. If you answered YES to question 2b, what is the (b) • Have other plans — Please state briefly approximate amount of such reductions or postponements in contract awards or other capital outlays? Please skip to item 4 3. If your unit borrowed more than the sum of the authorized and not yet authorized amount, and if the excess was greater than 10% of the total amount planned for the October-December quarter, which of the following reasons describes best why it did so? (Please check the appropriate box(es)) (1) • Authorization made sooner than originally (5) • Cost of project higher than originally planned expected (6) • Other reasons — Please state briefly (2) • Sold issue in advance of quarter planned because interest rates were expected to rise later (3) • Sold issue in advance of quarter planned because interest rates declined in the October—December quarter (4) • Project plans were ready ahead of time Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
STATE AND LOCAL BORROWING 987 4. FOR ALL RESPONDENTS: Taking into consideration short-falls and accelerations, please enter below the amounts of long-term borrowing that your unit plans for the next four quarters beginning with the first quarter of calendar 1971. Please keep in mind the following: a. Long-term debt consists of the par value of debt and the same issue will be offered in subsequent payable MORE THAN ONE YEAR after the date of quarters, this information will be picked up by a issue, and includes both funding and refunding followup survey. obligations. e. On the first line, indicate those borrowing plans b. DO NOT include any bond issues sold prior to for which all necessary authorizations have already the periods indicated. been obtained. c. Borrowing plans should be placed in a specific f. On the second line, indicate the amount of bonds quarter on the basis of your present anticipation of expected to be issued in each quarter for which ISSUE DATE and NOT on the basis of the date of required authorizations have not yet been received approval, authorization, or election results. (such as referendum approvals). d. Make entries only for the first quarter in which a g. Enter a zero for any period in which no borrowing bond issue is planned for sale. If plans are revised is anticipated. Thousands of dollars SSttaattuuss ooff bboorrrroowwiinngg ppllaannss Jan.-March April-June July-Sept. Oct. —Dec. 1971 1971 1971 1971 555... BBBooorrrrrrooowwwiiinnnggg aaalllrrreeeaaadddyyy aaauuuttthhhooorrriiizzzeeeddd 666... BBBooorrrrrrooowwwiiinnnggg nnnooottt yyyeeettt aaauuuttthhhooorrriiizzzeeeddd 777... TTTOOOTTTAAALLL ••• 8. List below the anticipated bond sales that comprise the amounts in the table above. The sum of these amounts should equal the total shown in line 7 of the table. Amount of Line Title of bond issue or functional category issue No. (Education, roads, etc,) (Thousands) 1 2 3 4 5 6 7 8 9 10 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Record of Policy Actions of the Federal Open Market Committee Records of policy actions taken by the Federal Open Market Committee at each meeting, in the form in which they will appear in the Board's Annual Report, are released approximately 90 days following the date of the meeting and are subsequently published in the Federal Reserve BULLETIN. The record for each meeting includes the votes on the policy decisions made at the meeting as well as a resume of the basis for the decisions. The summary descriptions of economic and financial conditions are based on the information that was available to the Committee at the time of the meeting, rather than on data as they may have been revised since then. Policy directives of the Federal Open Market Committee are issued to the Federal Reserve Bank of New York—the Bank selected by the Committee to execute transactions for the System Open Market Account. Records of policy actions have been published regularly in the BULLETIN beginning with the July 1967 issue, and such records have continued to be published in the Board's Annual Reports. The records for the meetings held in 1971 through July 27 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; October, pages 820-27; and November, pages 925-30. The record for the meeting held on August 24, 1971, follows: 989 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
990 FEDERAL RESERVE BULLETIN • DECEMBER 1971 MEETING HELD ON AUGUST 24, 1971 1. Authority to effect transactions in System Account. Real output of goods and services, which had increased at an annual rate of 4 per cent in the second quarter, apparently was expanding at a somewhat slower pace in the third quarter, mainly because steel users and producers were working down excess stocks following the August 1 agreement on a new labor contract in the steel industry. Expectations of faster growth in real GNP during the rest of 1971 were enhanced when the President announced a new economic program on August 15. In addition to a number of fiscal proposals, the program included a 90-day freeze on prices and wages, a temporary surcharge of 10 per cent on dutiable imports, and suspension of full convertibility of dollars into gold and other reserve assets for settlement of international transactions. Industrial production dropped in July, reflecting mainly reductions in output of steel and some other industrial materials. Nonfarm payroll employment declined substantially further, and the unemployment rate rose to 5.8 per cent; in June the unemployment rate had fallen 0.6 percentage point to 5.6 per cent, but that decline apparently was attributable in part to technical measurement problems. Retail sales, which had increased considerably in June, declined in July to about the average monthly level in the second quarter. The volume of private housing starts advanced sharply further. The rise in consumer prices slowed in July from the rapid pace of the second quarter, but the increase in wholesale prices of industrial commodities accelerated. Over the 6 months through July wholesale industrial prices had risen more than in any comparable period since 1956. Major labor contract settlements of recent months continued to provide for large increases in wage rates. According to a tentative staff reappraisal of the outlook for the rest of 1971 in light of the new economic program, growth in real GNP would moderate less in the third quarter and speed up considerably more in the fourth quarter than had been anticipated earlier. Also, the rate of advance in prices was now expected to slow significantly. As a consequence of the changed outlook for prices, the projected increases in current-dollar GNP for both quarters had been reduced somewhat. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RECORD OF POLICY ACTIONS OF FOMC 991 It now appeared that the real volume of consumer purchases would rise more than had seemed likely earlier, as a result of the stimulus to automobile sales of the proposed elimination—retroactive to August 15—of the Federal excise tax on autos and the more general stimulus provided by improved consumer confidence. It was expected that business inventory investment would decline in the third quarter—not only because stocks of steel would be worked down but also because part of any step-up in final sales probably would be met initially out of inventories—and that such investment would rebound in the fourth quarter. The growth in Federal outlays projected for both quarters had been reduced, reflecting the various economy measures included in the new program and the assumption that the military pay increase, previously assumed to take effect in early October, would be deferred until the beginning of 1972. The projections for other key sectors of activity had been changed relatively little. Thus, it was still anticipated that the rise in residential construction expenditures would slow as the year progressed but would remain sizable, and that State and local government outlays would expand at a substantial rate. Also, the projections continued to suggest little change in capital outlays by business in the third and fourth quarters, on the assumption that the proposed investment tax credit would not significantly increase outlays before 1972. The deficit in the U.S. balance of payments, which had been extremely large in the first and second quarters, increased sharply further after midyear mainly because of an acceleration of capital outflows in anticipation of shifts in exchange rates. In the first half of August the deficit reached massive proportions. Following the mid-August suspension of dollar convertibility, all major European central banks discontinued operations in their foreign exchange markets. These markets were reopened on August 23 under diverse arrangements, including a continuation of floating rates for the German mark and the Dutch guilder; suspension of the upper intervention limit for the British pound; and a dual exchange rate system, separating commercial from other transactions, for the French franc. On the day of this meeting rates of exchange between these currencies and the dollar were all somewhat above the previous upper intervention limits, at least for certain types of transactions. In contrast to the European markets, the Japanese exchange market Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
992 FEDERAL RESERVE BULLETIN • DECEMBER 1971 had remained open throughout the period, and the Bank of Japan had purchased a large amount of dollars in preventing the yen from moving above its upper intervention limit. Japanese exchange controls were tightened further during the period. In the Treasury's mid-August refunding, $2.7 billion of the $4.1 billion of maturing securities held by the public were exchanged for the new issues—$251 million for the 10-year bonds and the remainder for the 51-month notes. Cash subscriptions for the bond by individuals, which were permitted in amounts up to $10,000, totaled $192 million. On August 5, to cover the attrition in the refunding and to raise additional cash, the Treasury auctioned $2.5 billion of 18-month, 6V2 per cent notes at an average yield of 6.54 per cent. In July business credit demands at banks and in the commercial paper market remained moderate and the volume of new corporate bond issues declined to the lowest level in 16 months. The volume of corporate bond offerings in prospect for August and September also was appreciably below the monthly average in the first half of the year. Bond flotations by State and local governments, while still large, appeared to be moderating slightly. Despite the easing of such credit demands, interest rates on most types of market securities had remained steady or had increased somewhat further in the interval between the July 27 meeting of the Committee and the President's announcement of the new economic program. Among the contributing factors were the continuation of rapid advances in prices and costs, the further firming of money market conditions that occurred during the period, and the uncertainties generated by developments in international financial markets. Following the announcement of the new economic program, interest rates on long-term market securities declined sharply, reflecting the improved prospects for more effective control of inflation and of the balance of payments problem. For the most part, rate declines on short-term securities were much less pronounced. However, Treasury bill yields—which, in an exception to the general trend, had been moving down earlier as a result of heavy demands from foreign official accounts—fell considerably further. For example, on the day before this meeting the market rate on 3-month bills was 4.75 per cent, 40 basis points lower than on August 13 and 75 basis points lower than on the day before the July 27 meeting. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RECORD OF POLICY ACTIONS OF FOMC 993 Contract interest rates on conventional new-home mortgages and secondary market yields on federally insured mortgages rose somewhat further in July. Inflows of savings funds to nonbank thrift institutions were again large. At commercial banks, inflows of consumer-type time and savings deposits slowed markedly in July. The volume of large-denomination CD's outstanding increased substantially further, however, and growth in total time and savings deposits remained relatively large. Although business loans rose considerably, the expansion was only a little greater than the contraction that had occurred in June and it appeared to reflect irregular and seasonal influences rather than a significant strengthening in underlying demands. Holdings by banks of U.S. Government securities declined sharply, but their holdings of other securities increased substantially. The narrow measure of the money supply (private demand deposits plus currency in circulation, or M ) continued to grow rapidly in July, x at an annual rate only slightly below the 11.5 per cent pace of the second quarter.1 The broader measure of money (Mi plus commercial bank time deposits other than large-denomination CD's, or M ) mod- 2 erated from the 12.5 per cent second-quarter rate as a result of the marked slowing of inflows of consumer-type time and savings deposits. Total bank credit, as measured by the adjusted credit proxy—dailyaverage member bank deposits, adjusted to include funds from nondeposit sources—increased slightly faster than in the second quarter, when it had expanded at a rate of 6.5 per cent. System open market operations in the period immediately following the July 27 meeting had been directed at maintaining prevailing money market conditions, against the background of the Treasury financing then in process. Later, as incoming data indicated that the monetary aggregates—in particular Mi—were continuing to grow at a rapid pace, slightly firmer money market conditions were sought. For the period as a whole the average Federal funds rate was somewhat higher than 5V2 per cent, compared with 5Va per cent in the previous periods between meetings. Member bank borrowings, which had 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
994 FEDERAL RESERVE BULLETIN • DECEMBER 1971 increased substantially in the preceding period, declined somewhat; in the 4 weeks ending August 18, borrowings averaged $770 million compared with $880 million in the preceding 4 weeks. Staff analysis suggested that the new economic program, along with other forces—including lagged reactions to earlier increases in shortterm interest rates—should tend to produce lower rates of growth in the monetary aggregates over the rest of the year. The new program was expected to reduce transactions demands for money insofar as it led to a smaller rise in prices and thus to slower growth in currentdollar GNP; and to reduce desired money holdings generally insofar as it allayed uncertainties about the economic and financial outlook and moderated expectations of continuing inflation and further firming of money market conditions. It was noted, however, that because of the difficulties of assessing the precise impact of such forces, any projections of the monetary aggregates at this time were subject to larger-than-usual margins of error. According to tentative staff projections, if prevailing money market conditions were maintained growth in M would moderate x somewhat in August and September and would slow substantially further in the fourth quarter. Growth in M , which was projected to 2 remain near the July pace during the rest of the third quarter, appeared likely to moderate less than M in the fourth quarter because x banks were expected to be reasonably successful in competing for consumer-type time and savings deposits. The rate of growth in the bank credit proxy over the latter half of the year was projected to remain somewhat above that of the second quarter, in part because prospects favored some strengthening of the demands for bank credit and, therefore, more aggressive solicitation of funds by banks through sales of large-denomination CD's. It was noted in the Committee's discussion that, while the new economic program had profoundly affected the economic atmosphere and outlook, the ultimate consequences for business activity and prices— and therefore the implications for monetary policy over the longer run—could not yet be assessed with assurance. Accordingly, it was suggested that any marked change in the stance of policy would be premature. Some members placed particular stress on the risk that an overt easing of money market conditions at this time, against the background of the recent rapid growth in M could rekindle inflationary u Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RECORD OF POLICY ACTIONS OF FOMC 995 expectations and thus nullify the favorable impact that the announcement of the new program had had on confidence. The Committee agreed that open market operations should continue to be directed at achieving growth rates in the monetary aggregates over the months ahead well below the rapid rates recorded in recent months. The following current economic policy directive was issued to the Federal Reserve Bank of New York: The information reviewed at this meeting indicates that real output of goods and services has been expanding moderately, that unemployment has remained substantial, and that prices and wages have been rising rapidly on average in recent months. However, the economic program announced by the President on August 15 enhances prospects for higher rates of growth in real economic activity, increased job opportunities, and curtailed inflationary pressures. In July inflows of consumer-type time and savings funds slowed markedly at banks, but inflows to nonbank thrift institutions continued large. Growth in the narrowly defined money stock remained rapid in July, but growth in broadly defined money slowed and bank credit continued to expand at about the second-quarter pace. Interest rates on most types of market securities declined sharply in the days following the announcement of the new program. The deficit in the U.S. balance of payments reached extraordinarily large proportions in early August, mainly reflecting an acceleration of capital outflows related to expectations of shifts in foreign exchange rates. Following the suspension of convertibility of the dollar into gold and other reserve assets, major European central banks discontinued foreign exchange market operations for a week. When most of the European markets were reopened on August 23 these central banks pursued diverse exchange rate policies, but all allowed at least some types of market transactions to take place at rates of exchange for their currencies relative to the dollar above previous upper intervention limits. In light of the foregoing developments, it is the policy of the Federal Open Market Committee to foster financial conditions consistent with the aims of the new governmental program, including sustainable real economic growth and increased employment, abatement of inflationary pressures, and attainment of reasonable equilibrium in the country's balance of payments. To implement this policy, the Committee seeks to achieve more moderate growth in monetary and credit aggregates over the months Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
996 FEDERAL RESERVE BULLETIN • DECEMBER 1971 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 that objective. Votes for this action: Messrs. Burns, Hayes, Brimmer, Clay, Daane, Kimbrel, Maisel, Mayo, Mitchell, Morris, Robertson, and Sherrill. Votes against this action: None. 2. Amendment to continuing authority directive. At this meeting the Committee amended paragraph 1(a) of its continuing authority directive to the Federal Reserve Bank of New York with respect to domestic open market operations to authorize outright operations in securities issued by Federal agencies. With this amendment, the first part of the directive read as follows: 1. The Federal Open Market Committee authorizes and directs the Federal Reserve Bank of New York, to the extent necessary to carry out the most recent current economic policy directive adopted at a meeting of the Committee: (a) To buy or sell U.S. Government securities and securities that are direct obligations of, or fully guaranteed as to principal and interest by, any agency of the United States in the open market, from or to securities dealers and foreign and international accounts maintained at the Federal Reserve Bank of New York, on a cash, regular, or deferred delivery basis, for the System Open Market Account at market prices and, for such Account, to exchange maturing U.S. Government and Federal agency securities with the Treasury or the individual agencies or to allow them to mature without replacement; provided that the aggregate amount of U.S. Government and Federal agency securities held in such Account at the close of business on the day of a meeting of the Committee at which action is taken with respect to a current economic policy directive shall not be increased or decreased by more than $2.0 billion during the period commencing with the opening of business on the day following such meeting and ending with the close of business on the day of the next such meeting. Votes for this action: Messrs. Burns, Hayes, Brimmer, Clay, Daane, Kimbrel, Maisel, Mayo, Mitchell, Morris, Robertson, and Sherrill. Votes against this action: None. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RECORD OF POLICY ACTIONS OF FOMC 997 This action, which was taken under legislation enacted in September 1966, was for the purpose of widening the base of System open market operations and at the same time adding breadth to the market for agency securities. In November 1966 the Committee had authorized repurchase agreements in agency issues, and on a number of subsequent occasions it had considered the desirability of also authorizing outright transactions. The decision to do so at this time was taken against the background of the substantial growth in the market for agency issues in recent years, and the consequent reduction of the risk that System purchases or sales could dominate the market. The Committee also approved certain initial guidelines for the conduct of open market operations in agency issues, with the understanding that they would be subject to review and revision as experience was gained. These initial guidelines were as follows: 1. System open market operations in Federal agency issues are an integral part of total System open market operations designed to influence bank reserves, money market conditions, and monetary aggregates. 2. System open market operations in Federal agency issues are not designed to support individual sectors of the market or to channel funds into issues of particular agencies. 3. As an initial objective, the System would aim at building up a modest portfolio of agency issues, with the amount and timing dependent on the ability to make net acquisitions without undue market effects. 4. System holdings of maturing agency issues will be allowed to run off at maturity, at least initially. 5. Purchases will be limited to fully taxable issues for which there is an active secondary market. Purchases will also be limited to issues outstanding in amounts of $300 million or over in cases where the obligations have a maturity of 5 years or less at the time of purchase, and to issues outstanding in amounts of $200 million or over in cases where the securities have a maturity of more than 5 years at the time of purchase. 6. System holdings of any one issue at any one time will not exceed 10 per cent of the amount of the issue outstanding. There will be no specific limit on aggregate holdings of the issues of any one agency. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
998 FEDERAL RESERVE BULLETIN • DECEMBER 1971 7. No new issue will be purchased in the secondary market until at least 2 weeks after the issue date. 8. All outright purchases, sales and holdings of agency issues will be for the System Open Market Account. 3. Amendment to authorization for System foreign currency operations. The Committee ratified actions taken by members on August 9 and 11, 1971, to increase the System's swap arrangements with the National Bank of Belgium from $500 million to $600 million and with the Swiss National Bank from $600 million to $1 billion, and to make corresponding amendments to paragraph 2 of the authorization for System foreign currency operations. As a result of these actions, which were effective August 12, 1971, paragraph 2 of the authorization read as follows: 2. The Federal Open Market Committee directs the Federal Reserve Bank of New York to maintain reciprocal currency arrangements ("swap" arrangements) for System Open Market Account for periods up to a maximum of 12 months with the following foreign banks, which are among those designated by the Board of Governors of the Federal Reserve System under Section 214.5 of Regulation N, Relations with Foreign Banks and Bankers, and with the approval of the Committee to renew such arrangements on maturity: Amount of arrangement (millions of Foreign bank dollars equivalent) Austrian National Bank 200 National Bank of Belgium 600 Bank of Canada 1,000 National Bank of Denmark 200 Bank of England 2,000 Bank of France 1,000 German Federal Bank 1,000 Bank of Italy 1,250 Bank of Japan 1,000 Bank of Mexico 130 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
RECORD OF POLICY ACTIONS OF FOMC 999 Amount of arrangement (millions of Foreign bank dollars equivalent) Netherlands Bank 300 Bank of Norway 200 Bank of Sweden 250 Swiss National Bank 1,000 Bank for International Settlements: Dollars against Swiss francs 600 Dollars against authorized European currencies other than Swiss francs 1,000 Votes for ratification of these actions: Messrs. Burns, Hayes, Brimmer, Clay, Daane, Kimbrel, Maisel, Mayo, Mitchell, Morris, Robertson, and Sherrill. Votes against ratification of these actions: None. These actions had been recommended by the Special Manager after consultation with the Treasury Department. The Special Manager had advised that the swap line increases in question should prove helpful in avoiding further immediate drains on U.S. reserve assets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Law Department Statutes, regulations, interpretations, and decisions SECURITY CREDIT TRANSACTIONS: as provided in § 220.3(c) and paragraphs (b) and MAXIMUM LOAN VALUE OF STOCKS (c) of this section, 45 per cent of the current market value of such securities. The Board of Governors has amended the Supplements to Regulation G, "Securities Credit by Persons Other than Banks, Brokers, or Dealers"; (d) Margin required for short sales. The Regulation T, "Credit by Brokers and Dealers"; amount to be included in the adjusted debit balance and Regulation U, "Credit by Banks for the Purof a general account, pursuant to § 220.3(d)(3), pose of Purchasing or Carrying Margin Stocks", as margin required for short sales of securities effective December 6, 1971. The amendments (other than exempted securities) shall be 55 per lowered the margin requirement from 65 to 55 per cent of the current market value of each security. cent for credit extended by brokers, dealers, banks, and other lenders to finance purchase of % sfc stocks. No change was made in the 50 per cent SUPPLEMENT TO REGULATION U margin requirement for purchasing or carrying convertible bonds or in the 70 per cent retention re- Effective December 6, 1971, section 221.4(a) quirement applicable to undermargined accounts. (the Supplement to Regulation U) is amended The text of the amendments to the Supplements to read as follows: reads as follows: SECTION 221.4—SUPPLEMENT SUPPLEMENT TO REGULATION G (a) Maximum loan value of stocks. For the purpose of § 221.1, the maximum loan value of Effective December 6, 1971, section 207.5(a) any stock, whether or not registered on a national (the Supplement to Regulation G) is amended to securities exchange, shall be 45 per cent of its read as follows: current market value, as determined by any rea- SECTION 207.5—SUPPLEMENT sonable method. (a) Maximum loan value of margin securities. * * * * * For the purpose of § 207.1, the maximum loan value of any margin security, except convertible TRUTH IN LENDING securities subject to § 207.1(d), shall be 45 percent The Board of Governors has amended Regulaof its current market value, as determined by any tion Z, "Truth in Lending", effective December reasonable method. 31, 1971, to permit creditors to ignore any variance in terms which occurs as a result of leap year so as to facilitate the use of preprinted disclosures with- SUPPLEMENT TO REGULATION T out the need for preparation of new forms solely as a result of leap year. The text of the amendment Effective December 6, 1971, section 220.8(a)(1) reads as follows: and (d) (the Supplement to Regulation T) is amended to read as follows: AMENDMENT TO REGULATION Z SECTION 220.8—SUPPLEMENT Effective December 31, 1971, paragraph (1) is added to section 226.6 as follows: (a) Maximum loan value for general accounts. The maximum loan value of securities in a general SECTION 226.6—GENERAL DISCLOSURES account subject to § 220.3 shall be: ^ -Jfc sfc ^ (1) of a registered non-equity security held in the account on March 11, 1968, and continuously (1) Leap year. Any variance in the amount of thereafter, and of a margin equity security (except any finance charge, payment, percentage rate, or 1000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
other term required under this Part to be disclosed, ORDER APPROVING APPLICATION FOR MERGER OF or stated in any advertisement, which occurs by BANKS UNDER BANK MERGER ACT reason of the addition of February 29 in each leap There has come before the Board of Governors, year, may be disregarded, and such term may be pursuant to the Bank Merger Act (12 U.S.C. disclosed or stated without regard to such variance. 1828(c)), an application by The Huron County INTERPRETATION OF REGULATION M Banking Company, Norwalk, Ohio ("Norwalk Bank"), a member State bank of the Federal Re- CREDIT EXTENDED BY FOREIGN serve System, for the Board's prior approval of BRANCHES OF MEMBER BANKS TO the merger of that bank with The Savings and Loan DOMESTIC SUBSIDIARIES OF EDGE Banking Company, New London, Ohio ("New ACT CORPORATIONS. London Bank"), under the charter and name of The Board of Governors recently considered the Huron Bank. As an incident to the merger the applicability of § 213.7 of Regulation M to credit present office of New London Bank would become extended by a foreign branch of a member bank to a branch of Norwalk Bank. Notice of the proposed a domestically-chartered financing subsidiary of merger, in form approved by the Board, has been the member bank's subsidiary Edge Act corpora- published as required by said Act. tion.1 The financing subsidiary proposed to use the In accordance with the Act, the Board requested credit to make loans and investments abroad. reports on competitive factors involved from the Such loans would not be to United States residents; Attorney General, the Comptroller of the Currency, such investments would not involve the acquisi- and the Federal Deposit Insurance Corporation. The tion of assets from the member bank (other than Board has considered all relevant material conassets described in clause (2) of footnote 7 to tained in the record in the light of the factors set § 213.7). forth in the Act, including the effect of the pro- Section 213.7 is designed to affect the flow of posal on competition, the financial and managerial foreign funds into the domestic banking system. resources and prospects of the banks concerned, Section 213.7(b)(2) exempts from reserve require- and the convenience and needs of the communities ments credit extended to enable the borrower to to be served, and finds that: comply with requirements of the Office of Foreign Norwalk Bank, with deposits of $32 million, and Direct Investments, Department of Commerce. two banking offices, is located in Huron County The justification for that exemption is that the and operates in the Sandusky banking market borrowing does not directly affect the availability which consists of all of Erie County and the of credit for use in the United States. northern portion of Huron County. Norwalk Bank Consistent with the purpose of § 213.7 and the is the fourth largest of 13 banks headquartered in exemption for credits under the OFDI program, the Sandusky banking market, holding 11.1 per the Board concluded that a foreign branch of a cent of the deposits in that market. (All banking member bank need not maintain reserves against data are as of December 31, 1970.) New London credit extended to a domestically-chartered fi- Bank, with deposits of $9 million, operates its sole nancing subsidiary of any of the member bank's office in New London. New London Bank, although Edge Act corporations on any portion of the credit located in Huron County, operates in a separate that is used by the financing subsidiary to make banking market consisting of New London and its loans and investments abroad of the type proimmediate surroundings. The nearest offices of posed. Norwalk Bank to New London Bank are 17 miles distant from one another. Although there are no ORDER UNDER BANK MERGER ACT banking offices in the territory between New Lon- THE HURON COUNTY BANKING COMPANY, don and Norwalk, there are offices of other banks NOR WALK, OHIO which provide alternative banking services to In the matter of the application of The Huron residents of New London and which are located County Banking Company, Norwalk, Ohio, for closer to New London Bank than is Norwalk Bank. approval of merger with The Savings and Loan There is no substantial existing competition be- Banking Company, New London, Ohio. tween New London Bank and Norwalk Bank. Although Norwalk Bank could branch de novo into the New London banking market, substantial Corporation organized under section 25(a) of the Federal Reserve Act (12 U.S.C. 611-631). potential competition would not be foreclosed by 1001 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1002 FEDERAL RESERVE BULLETIN • DECEMBER 1971 consummation of this proposal because of the summation of the proposal would be in the pubsmall size of New London Bank and because of lic interest and that the application should be apthe rural nature and modest growth prospects of proved. the New London area which make branching into IT IS HEREBY ORDERED, On the basis of the that market by Norwalk Bank unlikely. Consumma- record, that said application be and hereby is aption of the proposed transaction would not result proved for the reasons summarized above, proin a substantial increase in concentration levels in vided that the action so approved shall not be any relevant area. Based upon all the facts re- consummated (a) before the thirtieth calendar day vealed in the record, the Board concludes that following the date of this Order or (b) later than the merger would not have an adverse effect on three months after the date of this Order, unless competition in any relevant area. such period is extended for good cause by the The financial and managerial resources and Board or by the Federal Reserve Bank of Cleveland future prospects of the merging banks and the pursuant to delegated authority. resulting bank are satisfactory and consistent with By order of the Board of Governors, November approval of the application. Considerations relat- 9,1971. ing to the convenience and needs of the community Voting for this action: Chairman Burns and Governors lend some weight toward approval since the merger Mitchell, Daane, Maisel, Brimmer, and Sherrill. Absent and would increase the lending limit of New London not voting: Governor Robertson. Bank. New London Bank would, as a result, be (Signed) TYNAN SMITH, able to serve more adequately the credit needs of Secretary of the Board. the New London community. Based upon the foregoing, it is the Board's judgment that con- [SEAL] Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1003 ORDERS UNDER SECTION 3 OF BANK HOLDING STATEMENT COMPANY ACT The Grand Banks Corporation, Milwaukee, Wis- THE GRAND BANKS CORPORATION, consin ("Applicant"), has filed with the Board, MILWAUKEE, WISCONSIN pursuant to section 3(a)(1) of the Bank Holding Company Act of 1956 (12 U.S.C. 1842(a)(1)), In the matter of the application of The Grand an application for approval of action to become a Banks Corporation, Milwaukee, Wisconsin, for bank holding company through the acquisition of approval of action to become a bank holding com- 80 per cent or more of the voting shares of Bank pany through the acquisition of 80 per cent or of North Lake, North Lake, Wisconsin ("Bank"). more of the voting shares of Bank of North Lake, Views and recommendation of supervisory North Lake, Wisconsin. authority. As required by section 3(b) of the Act, the Board notified the Wisconsin Commissioner of Banking of receipt of the application and re- ORDER DENYING ACTION TO BECOME quested his views and recommendation thereon. A BANK HOLDING COMPANY The Deputy Commissioner recommended approval of the application. There has come before the Board of Governors, Statutory considerations. Section 3(c) of the Act pursuant to section 3(a)(1) of the Bank Holding provides that the Board shall not approve an ac- Company Act of 1956 (12 U.S.C. 1842(a)(1)) and quisition that would result in a monopoly or section 222.3(a) of Federal Reserve Regulation would be in furtherance of any combination or Y (12 CFR 222.3(a)), an application by The Grand conspiracy to monopolize or to attempt to monop- Banks Corporation, Milwaukee, Wisconsin, for olize the business of banking in any part of the the Board's prior approval of action whereby Ap- United States. Nor may the Board approve a proplicant would become a bank holding company posed acquisition the effect of which, in any secthrough the acquisition of 80 per cent or more of tion of the country, may be substantially to lessen the voting shares of Bank of North Lake, North competition, or to tend to create a monopoly, or Lake, Wisconsin ("Bank"). which in any other manner would be in restraint of As required by section 3(b) of the Act, the Board trade, unless the Board finds that the anticompetigave written notice of receipt of the application to tive effects of the proposed transaction are clearly the Wisconsin Commissioner of Banking and reoutweighed in the public interest by the probable quested his views and recommendation. The Deeffect of the transaction in meeting the convenience puty Commissioner recommended approval of the and needs of the communities to be served. In each application. case, the Board is required to take into considera- Notice of receipt of the application was pubtion the financial and managerial resources and fulished in the Federal Register on July 17, 1971 ture prospects of the bank holding company and (36 Federal Register 13300), providing an opportuthe banks concerned, and the convenience and nity for interested persons to submit comments needs of the communities to be served. and views with respect to the proposal. A copy of the application was forwarded to the United States Competitive effect of proposed transaction. Ap- Department of Justice for its consideration. Time plicant is a newly-formed organization and has no for filing comments and views has expired and all operating history. Upon acquisition of Bank ($4.2 those received have been considered by the million of deposits), Applicant would control Board. about .004 per cent of the commercial bank de- IT IS HEREBY ORDERED, On the basis of the posits in the State. (All banking data are as of record, that said application be and hereby is denied December 31, 1970.) As the proposed transaction for the reasons set forth in the Board's Statement represents a transfer of individuals' ownership of of this date. Bank into a presently nonoperating holding company, consummation would not eliminate any By order of the Board of Governors, November 4, 1971. existing or potential competition and would not result in any increase in the concentration of bank- Voting for this action: Vice Chairman Robertson and Gov- ing resources in any relevant area. ernors Mitchell, Brimmer, and Sherrill. Voting against this action: Governors Daane and Maisel. Absent and not voting: Financial and managerial resources and future Chairman Burns. prospects. Bank is presently in satisfactory finan- (Signed) TYNAN SMITH, cial condition with adequate capital and capable Secretary of the Board. operating management. Its location in a rapidly [SEAL] growing resort community about 30 miles west of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1004 FEDERAL RESERVE BULLETIN • DECEMBER 1971 Milwaukee should insure favorable growth. How- On the basis of the foregoing, the Board conever, because of the proposed method of financing cludes that although considerations relating to the the acquisition of Bank, the financial condition and present financial and managerial resources of Approspects of Applicant and Bank would be adverse- plicant and Bank are consistent with approval, ly affected by consummation of the proposed trans- the effects of Applicant's plan for financing the action. purchase of Bank weigh heavily against approval. Applicant, upon consummation of the proposed Convenience and needs of the communities acquisition, would incur acquisition debt of involved. The banking needs of the residents of $213,000 which would result in a debt-to-equity Bank's service area appear to be adequately served ratio of 71 per cent. Applicant proposes to repay at the present time by the existing institutions. the debt with interest in six consecutive annual Therefore, benefits to be derived from coninstallments. Applicant estimates that discontinua- summation of the subject proposal would result tion of large salary withdrawals added to projected only from the added flexibility of a holding comdividends of Bank will be sufficient to meet its debt pany structure. obligations. However, any benefits to be derived The weakened financial condition contemplated from the elimination of this major expense item by Applicant's proposal would hinder Bank in would be more than outweighed by the withdrawals meeting the already recognized need for a new in dividends for debt service. Based upon Bank's bank building and in providing additional capital past and potential earnings and assuming a 10 to support anticipated growth. per cent rate of earnings growth, Applicant These considerations weigh against approval of would need dividends from Bank ranging from the application on the basis of the financial armore than 70 per cent of Bank's net income in rangements contemplated by Applicant. the first year to approximately 50 per cent in the Summary and conclusion. On the basis of all sixth year. The effect of approval of the applica- the relevant facts contained in the record, the tion would be to replace Bank's present ownership Board concludes that the acquisition debt involved with a holding company which would continue in the proposal presents adverse circumstances the drain on Bank's income, and thereby appear bearing on the financial condition and prospects to place an undue burden on Bank's resources. of Applicant and Bank. Accordingly, the Board Applicant's initial capitalization of $300,000 in- concludes that consummation of the proposal would cludes $180,000 of called outstanding stock sub- not be in the public interest, and that the application scriptions held by the proposed owners of Ap- should be denied. plicant's stock. This capital had been pledged to meet capital needs of Bank and to provide funds DISSENTING STATEMENT OF GOVERNOR MAISEL for a major remodeling of Bank's building. By The present application represents a restructurnow acquiring this capital, Applicant is reduc- ing whereby ownership of the bank would be ing its flexibility in providing for Bank's future transferred from individuals to a corporation. Debt needs in attempting to somewhat lessen the strain incurred by the individuals for the purchase of on Bank's future earnings. the bank's stock would also be transferred to the The Board is of the view that the reduced capi- corporation. tal resources of Bank and the high level of acquisi- Approval of the application would increase the tion debt by Applicant, which would hinder its ability of the new owners of the bank to service ability to meet any emergency capital needs of the debt incurred for its purchase: First, Applicant Bank should such need arise, weigh strongly would owe less than is presently owed by the against approval of the application. These con- owners of the bank and second, tax benefits imsiderations, it should be clear, in no way reflect plicit in the corporate ownership of bank would adversely on the financial soundness of Bank at enable Applicant to more easily service its debt the present time. On the contrary Bank's financial obligations than could the individual owners of condition is presently sound, although continuation the bank. of the practice of extracting management fees for The application raises no competitive considerathe purpose of servicing the debt incurred to acquire tions and convenience and needs factors are largethe bank might affect that condition. Board ap- ly neutral. The important effect of approval proval of the instant proposal, however, would in of the application would be to improve the financial effect give tacit consent to continued extraction situation. Therefore, I would approve the applicaof earnings at potentially undesirable levels. tion. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1005 FIRST SECURITY NATIONAL the banks concerned, and the convenience and CORPORATION, BEAUMONT, TEXAS needs of the communities to be served, and finds that: In the matter of the applications of First Security Applicant, a one bank holding company by virtue National Corporation, Beaumont, Texas, for apof its ownership of First Security National Bank proval of acquisition of (1) 37.5 per cent of the ("First Bank"), Beaumont, Texas ($138.8 milvoting shares of Gateway National Bank of Beaulion of deposits) is the largest banking organization mont; (2) 56.95 per cent or more of the voting in the Beaumont banking market controlling apshares of Sour Lake State Bank, Sour Lake; (3) 51 proximately 24.4 per cent of deposits in that area per cent or more of the voting shares of Peoples and .5 per cent of the commercial bank deposits State Bank of Kountze, Kountze; (4) 24 per cent in the State. (All banking data are as of December of the voting shares of The Village State Bank, 31, 1970 and reflect holding company formations Beaumont, all of Texas. and acquisitions approved through September 30, 1971.) Consummation of Applicant's proposals ORDER APPROVING ACQUISITION OF BANK STOCK will increase its share of the Beaumont banking BY BANK HOLDING COMPANY market by approximately 3 per cent to 27.4 per cent of commercial bank deposits in the area and will There has come before the Board of Governors, have no meaningful effect on concentration of bank pursuant to section 3(a)(3) of the Bank Holding resources in the State. Company Act of 1956 (12 U.S.C. 1842(a)(3)) and Applicant proposes to restructure its existing section 222.3(a) of Federal Reserve Regulation Y multi-corporate organization by means of a merger (12 CFR 222.3(a)), applications by First Security with its affiliate, First Beaumont and, as an incident National Corporation, Beaumont, Texas, for the to the merger, to acquire the voting shares of Gate- Board's prior approval of the acquisition through way, Sour Lake, Peoples and Village banks presmerger with its affiliate First Beaumont Corporation ently held by First Beaumont.1 In addition, Appli- ("First Beaumont") of (1) 37.5 per cent of the cant proposes to acquire additional shares of Sour voting shares of Gateway National Bank of Beau- Lake and Peoples Bank held by two corporations mont ("Gateway"); (2) 56.95 per cent or more of organized by Applicant's management in 1967 and the voting shares of Sour Lake State Bank, Sour 1968 to hold stock of the respective banks and will Lake ("Sour Lake"); (3) 51 per cent or more of make an equal offer to remaining shareholders of the voting shares of Peoples State Bank of Kountze those banks. The stock of Applicant and its affiliate ("Peoples Bank"); (4) 24 per cent of the voting First Beaumont is "stapled" and the two corporashares of The Village State Bank, Beaumont, tions have identical stockholders, officers and di- ("Village Bank"), all of Texas. rectors. Since the stock of these banks is held by As required by section 3(b) of the Act, the Board Applicant's "stapled" affiliate and two associated gave written notice of receipt of the applications to corporations, the Board views acquisition of stock the Comptroller of the Currency and the Texas owned by the affiliate as neither an expansion of Commissioner of Banking and requested their the group nor an increase in the banking resources views and recommendations. Both recommended controlled by Applicant. approval of the applications. Gateway Bank ($9.7 million in deposits), fif- Notices of receipt of the applications were pubteenth largest of nineteen banks in the Beaumont lished in the Federal Register on July 23, 1971 (36 banking market, located approximately 3 miles Federal Register 13709) and August 3, 1971 (36 west of First Bank, was organized in 1959 by Federal Register 14283), providing an opportunity individuals associated with First Bank and has been for interested persons to submit comments and continuously associated with that bank through views with respect to the proposals. Copies of the First Beaumont since that time. applications were forwarded to the United States Village Bank ($7.3 million in deposits), seven- Department of Justice for its consideration. Time teenth largest of nineteen banks in the Beaumont for filing comments and views has expired and all banking market, located approximately 4.5 miles those received have been considered. northwest of First Bank, was organized in 1960 by The Board has considered the applications in the individuals associated with that bank. These banks light of the factors set forth in section 3(c) of the Act, including the effect of the proposed acquisitions on competition, the financial and managerial Applicant plans to dispose of First Beaumont's present interest in Lamar State Bank, Beaumont, Texas, soon after conresources and future prospects of the Applicant and summation of the present proposal. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1006 FEDERAL RESERVE BULLETIN • DECEMBER 1971 have operated on a cooperative basis through First vided that the acquisitions so approved shall not Beaumont since 1960. be consummated (a) before the thirtieth calendar Sour Lake Bank ($5 million in deposits), the day following the date of this Order or (b) later than third largest of four banks in Harden County, con- three months after the date of this Order, unless trolling approximately 20 per cent of area deposits, such period is extended for good cause by the is located 19 miles west of First Bank. A majority Board, or by the Federal Reserve Bank of Dallas of the voting shares of Sour Lake Bank was ac- pursuant to delegated authority. quired in 1967 by First Beaumont and a corporation IT IS FURTHER ORDERED, That upon the consumorganized by persons associated with First Bank mation of the proposed transaction, Applicant shall for the purpose of holding shares in the bank. not retain or acquire any nonbank shares or engage Peoples Bank ($3.2 million in deposits), smallest in any nonbanking activities to a greater extent or of four banks in Harden County, is located 25 miles for a longer period than would apply in the case northwest of First Bank and controls approximately of a bank holding company which became such 12.6 per cent of commercial bank deposits in that on the date of such consummation, except to the area. A majority of the voting shares of Peoples extent otherwise permitted in any regulation of the Bank was acquired in 1968 by First Beaumont and Board hereafter adopted specifically relating to the a corporation organized by persons associated with effect of the acquisition of an additional bank on First Bank for the purpose of holding shares in the the status of nonbank shares and activities of a one bank. bank holding company formed prior to 1971, or Although some service overlap exists among unless the Board fails to adopt any such regulation Applicant's present banking subsidiary and the four before the expiration of two years after the conproposed subsidiary banks, it appears that insofar summation of the proposed acquisition. as Gateway Bank and Village Bank, the proposed By order of the Board of Governors, November transaction is essentially a corporate reorganization 4,1971. of established interests and relationships. Insofar Voting for this action: Governors Mitchell, Daane, Maisel, as Sour Lake Bank and Peoples Bank, since the Brimmer, and Sherrill. Absent and not voting: Chairman Burns and Governor Robertson. banks are small and there appears to be little likelihood of discontinuance of the present relationship, (Signed) TYNAN SMITH, Secretary of the Board. no meaningful existing or potential competition [SEAL] would be eliminated or foreclosed by consummation of Applicant's proposed acquisitions. FIRST NATIONAL CHARTER CORPORATION On the basis of the record before it, the Board KANSAS CITY, MISSOURI concludes that consummation of Applicant's proposals would not have significant adverse effects In the matter of the application of First National on competition in any relevant area. Considerations Charter Corporation, Kansas City, Missouri, relating to financial and managerial resources and for approval of acquisition of 80 per cent or more prospects as they relate to Applicant, First Bank of the voting shares of The North Side Bank, and the four proposed subsidiary banks are con- Jennings, Missouri. sistent with approval of the applications. Although Applicant proposes no significant changes in serv- ORDER APPROVING ACQUISITION OF BANK ices to the public as a result of the proposed acquisi- STOCK BY BANK HOLDING COMPANY tions, the convenience and needs of the communities involved should benefit from the improved There has come before the Board of Governors, economies and efficiencies of operation expected pursuant to section 3(a)(3) of the Bank Holding to result from the proposed restructuring of Appli- Company Act of 1956 (12 U.S.C. 1842(a)(3)) cant into a coordinated multi-bank holding com- and section 222.3(a) of Federal Reserve Regulapany organization. Convenience and needs con- tion Y (12 CFR 222.3(a)), an application by First siderations are therefore consistent with approval. National Charter Corporation, Kansas City, Mis- It is the Board's judgment that the proposed trans- souri, for the Board's prior approval of the acactions would be in the public interest and that the quisition of 80 per cent or more of the voting applications should be approved. shares of The North Side Bank, Jennings, Missouri IT IS HEREBY ORDERED, On the basis of the ("Bank"). record, that said applications be and hereby are As required by section 3(b) of the Act, the approved for the reasons summarized above, pro- Board gave written notice of receipt of the applica- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1007 tion to the Commissioner of Finance for the State siderations relating to the convenience and needs of Missouri, and requested his views and recom- of the communities to be served lend weight in mendation. The Commissioner responded that his support of approval since affiliation with Applicant office had no objection to approval of the applica- would enable Bank to expand its mortgage lendtion. ing and trust services. It is the Board's judgment Notice of receipt of the application was published that the proposed transaction would be in the in the Federal Register on September 8, 1971 public interest, and that the application should (36 Federal Register 18035), providing an opportu- be approved. nity for interested persons to submit comments IT IS HEREBY ORDERED, On the basis of the and views with respect to the proposal. A copy of record, that said application be and hereby is the application was forwarded to the United States approved for the reasons summarized above, pro- Department of Justice for its consideration. Time vided that the action so approved shall not be for filing comments and views has expired and all consummated (a) before the thirtieth calendar day those received have been considered. following the date of this Order or (b) later than The Board has considered the application in the three months after the date of this Order, unless light of the factors set forth in section 3(c) of the such period is extended for good cause by the Act, including the effect of the proposed acquisi- Board, or by the Federal Reserve Bank of Kansas tion on competition, the financial and managerial City pursuant to delegated authority. resources and future prospects of the Applicant By order of the Board of Governors, November and the banks concerned, and the convenience 4,1971. and needs of the communities to be served, and Voting for this action: Governors Mitchell, Daane, Maisel, finds that: Brimmer, and Sherrill. Absent and not voting: Chairman Burns Applicant has five subsidiary banks with total and Governor Robertson. deposits of $444.2 million, representing 3.9 per (Signed) TYNAN SMITH, cent of the total commercial bank deposits in the Secretary of the Board. State, and is the fifth largest banking organiza- [SEAL] tion and bank holding company in Missouri. (All banking data are as of December 31, 1970, adjusted to reflect holding company formations and FIRST VIRGINIA BANKSHARES acquisitions approved by the Board through Sep- CORPORATION, tember 30, 1971.) ARLINGTON, VIRGINIA Bank (deposits $31.6 million), located ap- In the matter of the application of First Virginia proximately eight miles northwest of downtown Bankshares Corporation, Arlington, Virginia, for St. Louis, is the second largest of three banks in approval of acquisition of 100 per cent of the Jennings, and the fifth largest of the eleven banks voting shares of the successor by merger to The within its service area, which is approximated Bank of Westmoreland, Colonial Beach, Virginia. by the surrounding 30 square mile area. Applicant's closest subsidiary (deposits ($36.5 million) is ORDER APPROVING ACQUISITION OF BANK located about seventeen miles southwest of Bank, STOCK BY BANK HOLDING COMPANY and neither it nor any other of Applicant's subsidiaries compete with Bank to any significant There has come before the Board of Governors, extent. Nor does it appear likely that such com- pursuant to section 3(a)(3) of the Bank Holding petition would develop in the future in light of Company Act of 1956 (12 U.S.C. 1842(a)(3)) the presence of numerous alternative banking and section 222.3(a) of Federal Reserve Regulasources, the distances separating Applicant's tion Y (12 CFR 222.3(a)), an application by First subsidiaries from Bank, and Missouri's restrictive Virginia Bankshares Corporation, Arlington, Virbranching law. On the basis of the record before ginia, a registered bank holding company, for the it, the Board concludes that consummation of the Board's prior approval of the acquisition of 100 proposed acquisition would not adversely affect per cent of the voting shares of the successor by competition in any relevant area. merger to The Bank of Westmoreland, Colonial Considerations relating to the financial and Beach, Virginia ("Bank"). The bank into which managerial resources as they relate to Applicant, Bank is to be merged has no significance except its subsidiaries, and Bank are regarded as con- as a means of acquiring all of the shares of Bank. sistent with approval of the application. Con- Accordingly, the proposed acquisition of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1008 FEDERAL RESERVE BULLETIN • DECEMBER 1971 shares of the successor organization is treated any of Applicant's other offices. It also appears herein as the proposed acquisition of the shares unlikely that consummation of this proposal would of Bank. preclude potential competition because of Vir- As required by section 3(b) of the Act, the ginia's restrictive branching laws, the wide separa- Board gave written notice of receipt of the ap- tion between Applicant's offices and Bank, and plication to the Virginia Commissioner of Bank- the low population-to-bank ratio in Bank's service ing, and requested his views and recommenda- area. Based on the foregoing, and the record before tion. The Commissioner recommended approval. it, the Board concludes that consummation of the Notice of receipt of the application was pub- proposed acquisition would not have an adverse lished in the Federal Register on September 8, effect on competition in any relevant market. 1971 (36 Federal Register 18035), providing The banking factors, as they relate to Applicant, an opportunity for interested persons to submit its subsidiaries, and Bank are satisfactory and concomments and views with respect to the proposal. sistent with approval of the application. Con- A copy of the application was forwarded to the siderations relating to the convenience and needs United States Department of Justice for its con- of the area lend some weight toward approval. sideration. Time for filing comments and views has The major banking needs of the area are being expired and all those received have been con- served at the present time; however, as a result of sidered. its affiliation with Applicant, Bank would be able The Board has considered the application in the to offer expanded and improved services, includlight of the factors set forth in section 3(c) of the ing auditing, trust and data processing services, and Act, including the effect of the proposed acquisi- greater mortgage lending capability. It is the tion on competition, the financial and managerial Board's judgment that the proposed transaction resources and future prospects of the Applicant is in the public interest and should be approved. and the banks concerned, and the convenience IT IS HEREBY ORDERED, On the basis of the and needs of the communities to be served, and record, that said application be and hereby is finds that: approved for the reasons summarized above, pro- Applicant, the sixth largest banking organiza- vided that the action so approved shall not be tion in Virginia, controls 16 banks with deposits consummated (a) before the thirtieth calendar day of $478.5 million, representing 6.0 per cent of following the date of this Order or (b) later than total commercial bank deposits in the State. (All three months after the date of this Order, unless banking data are as of December 31, 1970, and such period is extended for good cause by the reflect holding company formations and acquisi- Board, or by the Federal Reserve Bank of Richtions approved through September 30, 1971.) mond pursuant to delegated authority. The acquisition of Bank ($21.5 million deposits), By order of the Board of Governors, November would increase Applicant's share of deposits in the 4,1971. State by only 0.3 percentage points, represent- Voting for this action: Governors Mitchell, Daane, Maisel, ing no significant increase in Applicant's control Brimmer, and Sherrill. Absent and not voting: Chairman of deposits in the State, or change in its present Burns and Governor Robertson. ranking. (Signed) TYNAN SMITH, Bank, with five offices, is the largest of five Secretary of the Board. organizations operating in its service area, which [SEAL] is approximated by King George, Westmoreland and Northumberland Counties, where it holds In the matter of the application of First Vir- 47.4 per cent of area deposits. Bank does not ginia Bankshares Corporation, Arlington, Virappear to exert a dominant competitive influence ginia, for approval of acquisition of 100 per cent in the area, and its share of area deposits has of the voting shares (less directors' qualifying actually declined slightly in recent years. Due to shares) of the First Commerical Bank, Orange, the distances separating each of Bank's offices Virginia, a proposed new bank. within this three-county area, Bank's head office and each branch have developed distinct service areas of their own. The closest office of any of Ap- ORDER APPROVING ACQUISITION OF BANK STOCK plicant's subsidiary banks is located 35 miles from BY BANK HOLDING COMPANY the King George branch of Bank. No present There has come before the Board of Governors, competition exists between Bank and this office, or pursuant to section 3(a)(3) of the Bank Holding Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1009 Company Act of 1956 (12 U.S.C. 1842(a)(3)) tion of the proposal would represent the entry of a and section 222.3(a) of Federal Reserve Regulation third large banking organization in the area, and Y (12 CFR 222.3(a)), an application by First should stimulate competition without having an Virginia Bankshares Corporation, Arlington, Vir- undue adverse effect on other banks in the market. ginia, a registered bank holding company, for The financial and managerial resources of Apthe Board's prior approval of the acquisition of plicant and its subsidiary banks are generally 100 per cent of the voting shares (less directors' satisfactory and the prospects for the group apqualifying shares) of First Commercial Bank, pear favorable. Bank has no operating financial Orange, Virginia ("Bank"), a proposed new history. It will open with satisfactory capital, bank. and it will be able to draw on Applicant for its man- As required by section 3(b) of the Act, the agement. Its prospects are favorable. The banking Board gave written notice of receipt of the ap- factors are consistent with approval. Although plication to the Virginia Commissioner of Bank- there is no evidence that existing needs of the ing, and requested his views and recommenda- area are not being served adequately, the proposed tion. The Commissioner recommended approval. location of Bank, one block from the heart of Notice of receipt of the application was pub- Orange's business district, is expected to serve lished in the Federal Register on September 8, the convenience of the area businesses and resi- 1971 (36 Federal Register 18036), providing an dents. Further, the establishment of Bank would opportunity for interested persons to submit com- provide an additional banking alternative to resiments and views with respect to the proposal. A dents of the Orange area. Thus, considerations copy of the application was forwarded to the relating to convenience and needs of the community United States Department of Justice for its con- lend some weight in favor of approval of the apsideration. Time for filing comments and views plication. It is the Board's judgment that consumhas expired and all those received have been con- mation of the proposed acquisition would be in sidered . the public interest and that the application should The Board has considered the application in the be approved. light of the factors set forth in section 3(c) of the IT IS HEREBY ORDERED, On the basis of the Act, including the effect of the proposed ac- record, that said application be and hereby is quisition on competition, the financial and man- approved for the reasons summarized above, agerial resources and future prospects of the Ap- provided that the action so approved shall not be plicant and the banks concerned, and the conven- consummated (a) before the thirtieth calendar ience and needs of the communities to be served, day following the date of this Order or (b) later and finds that: than three months after the date of this Order; Applicant presently controls 16 banks with ag- and provided further that (c) First Commercial gregate deposits of approximately $478.5 million, Bank shall be opened for business not later than representing 6 per cent of the total commercial six months after the date of this Order. Each of bank deposits in the State, and is the sixth largest the periods described in (b) and (c) hereof may be banking organization in Virginia. (All banking extended for good cause by the Board, or by the data are as of December 31, 1970, and reflect Federal Reserve Bank of Richmond pursuant holding company formations and acquisitions to delegated authority. approved through September 30, 1971.) Since By order of the Board of Governors, November Bank is a proposed new bank, no existing com- 4, 1971. petition would be eliminated nor would concen- Voting for this action: Governors Mitchell, Daane, Maisel, tration be increased in any relevant area. Brimmer, and Sherrill. Absent and not voting: Chairman Bank will be located in the town of Orange, the Burns and Governor Robertson. county seat of Orange County. The largest and (Signed) TYNAN SMITH, twelfth largest banks in the State have six of- Secretary of the Board. fices in Orange County and control virtually all [SEAL area deposits. Applicant's closest subsidiary to Bank is located 30 miles southwest, on the out- SHOREBANK, INC., skirts of Charlottesville in Albemarle County. It QUINCY, MASSACHUSETTS appears that none of Applicant's subsidiary banks derives a significant amount of banking business In the matter of the application of Shorebank, from the area to be served by Bank. Consumma- Inc., Quincy, Massachusetts, for approval of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1010 FEDERAL RESERVE BULLETIN • DECEMBER 1971 acquisition of 80 per cent or more of the voting cant's emergence as a significant competitor on shares of Attleboro Trust Company, Attleboro, the State-wide level with the larger Boston-based Massachusetts. organizations; the 5 largest such organizations control 63.8 per cent of the State's total deposits. ORDER APPROVING ACQUISITION OF BANK STOCK Although Applicant's lead bank has two branches BY BANK HOLDING COMPANY within 9 miles of an office of Bank, the competitive overlap is not considered significant, and There has come before the Board of Governors, intervening banking alternatives are present. pursuant to section 3(a)(3) of the Bank Holding Thus, little existing competition would be elimi- Company Act of 1956 (12 U.S.C. 1842(a)(3)) nated by consummation of the proposal. In view and section 222.3(a) of Federal Reserve Regulation of the number of intervening banks, Massachusetts' Y (12 CFR 222.3(a)), an application by Shorerestrictions on branches, and other facts of record, bank, Inc., Quincy, Massachusetts, for the it appears unlikely that significant potential com- Board's prior approval of the acquisition of 80 petition would be eliminated. per cent or more of the voting shares of Attleboro Trust Company, Attleboro, Massachusetts Applicant plans to assist Bank in offering ("Bank"). specialized services such as leasing, international banking, and trust services. Therefore, considera- As required by section 3(b) of the Act, the Board tions relating to the convenience and needs of the gave written notice of receipt of the application community to be served lends some support for to the Massachusetts Commissioner of Banks and approval. requested his views and recommendation. The Commissioner offered no objection to approval The financial and managerial resources and fuof the application. ture prospects of Applicant, of Applicant's lead bank, and of Bank are satisfactory and consistent Notice of receipt of the application was pubwith approval. It is the Board's judgment that the lished in the Federal Register on September 8, proposed acquisition would be in the public 1971 (36 Federal Register 18037), providing an interest and that the application should be apopportunity for interested persons to submit comproved. ments and views with respect to the proposal. A copy of the application was forwarded to the IT IS HEREBY ORDERED, On the basis of the United States Department of Justice for its conrecord, that said application be and hereby is sideration. Time for filing comments and views approved for the reasons summarized above, has expired and all those received have been conprovided that the action so approved shall not sidered. be consummated (a) before the thirtieth calendar The Board has considered the application in day following the date of this Order or (b) later the light of the factors set forth in section 3(c) of than three months after the date of this Order, unless the Act, including the effect of the proposed acsuch period is extended for good cause by the quisition on competition, the financial and man- Board, or by the Federal Reserve Bank of Boston agerial resources and future prospects of the Ap- pursuant to delegated authority. plicant and the banks concerned, and the convenience and needs of the communities to be served, IT IS FURTHER ORDERED, That upon the conand finds that: summation of the proposed transaction, Appli- Applicant controls South Shore National Bank, cant shall not retain or acquire any nonbank Quincy, Massachusetts ($167.1 million in de- shares or engage in any nonbanking activities to posits) and, thus, is the ninth largest banking or- a greater extent or for a longer period than would ganization in Massachusetts, controlling 1.5 per apply in the case of a bank holding company which cent of the State's total deposits. Bank ($23.9 became such on the date of such consummation, million in deposits) is the fourth largest of 17 except to the extent otherwise permitted in any banking organizations in the Attleboro area (ap- regulation of the Board hereafter adopted specificalproximated by the 12 townships in Massachusetts ly relating to the effect of the acquisition of an adnortheast of Providence, Rhode Island). Affiliation ditional bank on the status of nonbank shares and with Applicant should enhance Bank's ability to activities of a one bank holding company formed compete with the larger organizations in the area, prior to 1971, or unless the Board fails to adopt the two largest of which control over 55 per cent any such regulation before the expiration of two of area deposits. At the same time, consumma- years after the consummation of the proposed tion of the proposal would contribute to Appli- acquisition. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1011 By order of the Board of Governors, November communities to be served. Upon such considera- 4,1971. tion, the Board finds that: Applicant, the third largest bank holding com- Voting for this action: Governors Mitchell, Daane, Maisel, Brimmer, and Sherrill. Absent and not voting: Chairman pany and third largest banking organization in Burns and Governor Robertson. Missouri, controls 19 banks with aggregate de- (Signed) TYNAN SMITH, posits of $880.8 million, representing 7.7 per cent Secretary of the Board. of the total commercial bank deposits in the State. [SEAL] (All banking data are as of December 31, 1970, adjusted to reflect bank holding company formations and acquisitions approved by the Board COMMERCE BANCSHARES, INC., through August 31, 1971.) Upon consumma- KANSAS CITY, MISSOURI tion of the proposal herein, Applicant's share of deposits in the State would increase only slightly, In the matter of the application of Commerce and its position relative to the State's other bank- Bancshares, Inc., Kansas City, Missouri, for aping organizations would remain unchanged. proval of acquisition of more than 80 per cent of Bank ($12.3 million deposits), one of the the voting shares of Blue Hills Bank of Commerce, smaller banks in the Kansas City banking market, Kansas City, Missouri. is the eighth largest of eleven banks in its primary service area, which is approximated by a 25 square ORDER APPROVING ACQUISITION OF BANK STOCK mile area just south of downtown Kansas City. BY BANK HOLDING COMPANY Applicant's lead bank, Commerce Bank of Kan- There has come before the Board of Governors, sas City, is located downtown six and a half miles pursuant to section 3(a)(3) of the Bank Holding from Bank, and its service area fully encompasses Company Act of 1956 (12 U.S.C. 1842(a)(3)) that of Bank. Such factors would usually indicate and section 222.3(a) of Federal Reserve Regulation that competitive considerations would weigh for Y (12 CFR 222.3(a)), an application by Com- denial of the application; however, other facts in merce Bancshares, Inc., Kansas City, Missouri, a the record provide evidence that there is no meanregistered bank holding company, for the Board's ingful competition between Bank and any of Apprior approval of the acquisition of more than 80 plicant's subsidiary banks. Shareholders of Apper cent of the voting shares of Blue Hills Bank of plicant control approximately 78 per cent of Commerce, Kansas City, Missouri ("Bank"). Bank's stock. This close relationship has existed As required by section 3(b) of the Act, the since Bank's inception, and it appears that the rela- Board gave written notice of receipt of the applica- tionship would continue to exist regardless of the tion to the Commissioner of Finance of the State Board's action on the present application. Adof Missouri and requested his views and recom- ditionally, Bank, which has experienced slow mendation. The Commissioner indicated that his growth during the last several years, has not been office had no objection to approval of the applica- an effective competitor to the other area banks due tion. to its small size. On the basis of the foregoing, Notice of receipt of the application was pub- the Board concludes that consummation of the lished in the Federal Register on August 12, 1971 proposed acquisition would not adversely affect (36 Federal Register 15074), providing an opportu- competition in any relevant area. nity for interested persons to submit comments Considerations relating to financial and manand views with respect to the proposed transac- agerial resources and propects as they relate to tion. A copy of the application was forwarded to Applicant and its subsidiaries are satisfactory the United States Department of Justice for its and consistent with approval of the application consideration. The time for filing comments and and lend some weight toward approval as they views has expired and all those received have relate to Bank, since Applicant would be able been considered by the Board. to solve Bank's management succession problem The Board has considered the application in the by providing it with greater management depth. light of the factors set forth in section 3(c) of the Although the major banking needs of Bank's Act, including the effect of the proposed acquisi- service area are being met by existing institutions, tion on competition, the financial and managerial a portion of that area has experienced economic resources of the Applicant and the banks con- decline, and Applicant intends to assist Bank in cerned, and the convenience and needs of the offering a full range of banking services, includ- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1012 FEDERAL RESERVE BULLETIN • DECEMBER 1971 ing urban and business development services, in the acquisition of the voting shares of Bank. Acan attempt to revitalize the area. Thus, considera- cordingly, the proposed acquisition of the shares tions relating to the convenience and needs lend of the successor organization is treated herein as additional weight toward approval. It is the the proposed acquisition of the shares of Bank. Board's judgment that the proposed transaction As required by section 3(b) of the Act, the would be in the public interest, and that the ap- Board gave written notice of receipt of the applicaplication should be approved. tion to the Superintendent of Banks of the State IT IS HEREBY ORDERED, On the basis of the of Tennessee and requested his views and recomrecord, that said application be and hereby is mendation. The Superintendent offered no obapproved for the reasons summarized above, jection to consummation of the proposal. provided that the action so approved shall not be Notice of receipt of the application was pubconsummated (a) before the thirtieth calendar lished in the Federal Register on September 11, day following the date of this Order or (b) later 1971 (36 Federal Register 18347), providing an than three months after the date of this Order, un- opportunity for interested persons to submit comless such period is extended for good cause by the ments and views with respect to the proposal. A Board, or by the Federal Reserve Bank of Kansas copy of the application was forwarded to the Uni- City pursuant to delegated authority. ted States Department of Justice for its considera- By order of the Board of Governors, November tion. Time for filing comments and views has 9,1971. expired and all those received have been considered . Voting for this action: Chairman Burns and Governors The Board has considered the application in the Mitchell, Daane, Maisel, Brimmer, and Sherrill. Absent and not voting: Governor Robertson. light of the factors set forth in section 3(c) of the Act, including the effect of the proposed acquisi- (Signed) TYNAN SMITH, tion on competition, the financial and managerial Secretary of the Board. resources and future prospects of Applicant and the [SEAL] banks concerned, and the convenience and needs of the communities to be served, and finds that: FIRST NATIONAL HOLDING CORPORATION, Applicant, the largest bank holding company MEMPHIS, TENNESSEE and second largest banking organization in Ten- In the matter of the application of First Na- nessee, has one subsidiary bank with $738.7 tional Holding Corporation,1 Memphis, Tennes- million in deposits, representing approximately 9.9 see, for approval of acquisition of 100 per cent of per cent of the total commercial bank deposits in the voting shares of the successor by merger to The the State. (All banking data are as of December Banking & Trust Company, Jonesboro, Tennessee 31, 1970, adjusted to reflect holding company formations and acquisitions approved by the ORDER APPROVING ACQUISITION OF BANK STOCK Board through September 30, 1971.) Consumma- BY BANK HOLDING COMPANY tion of the proposal herein would increase Applicant's share of deposits to 10.2 per cent and There has come before the Board of Governors, would make Applicant the largest banking orpursuant to section 3(a)(3) of the Bank Holding ganization, measured by both total deposits and Company Act of 1956 (12 U.S.C. 1842(a)(3)) banking offices, in the State. and section 222.3(a) of Federal Reserve Regulation Bank ($24.5 million deposits), with 18.1 per Y (12 CFR 222.3(a)), an application by First cent of the deposits held by commercial banks National Holding Corporation,1 Memphis, Tennes- in the Jonesboro banking market, approximated see, a bank holding company, for the Board's by Washington County, ranks third among the four prior approval of the acquisition of 100 per cent banking organizations in that market. The disof the voting shares of the successor by merger to tance of approximately 500 miles that separates The Banking & Trust Company, Jonesboro, Bank and Applicant's only subsidiary bank has pre- Tennessee ("Bank"). cluded the existence of significant competition The bank into which Bank is to be merged between the two institutions, and the State's restrichas no significance except as a means to facilitate tive branching law effectively prohibits the development of future competition between Bank 1 During consideration of this application, the Board has been and Applicant's present subsidiary. Consummaformally apprised that Applicant has changed its name to First Tennessee National Corporation. tion of the proposal would have a procompetitive Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1013 effect by enhancing Bank's ability to compete adopt any such regulation before the expiration of with the two larger banks competing in the two years after the consummation of the proposed Jonesboro banking market both of which are sub- acquisition. sidiaries of multi-bank holding companies and By order of the Board of Governors, November which together hold more than 80 per cent of the 9,1971. total deposits held by commercial banks in the Voting for this action: Chairman Burns and Governors market. Based upon the foregoing, the Board Mitchell, Daane, Maisel, Brimmer, and Sherrill. Absent and concludes that consummation of the proposal not voting: Governor Robertson. would not have an adverse effect on competi- (Signed) TYNAN SMITH, Secretary of the Board. tion in any relevant area. The financial and managerial resources and fu- [SEAL] ture prospects of Applicant and its subsidiary FIRST AT ORLANDO CORPORATION, bank are satisfactory and are consistent with ap- ORLANDO, FLORIDA proval. Considerations relating to the financial and managerial resources and future prospects of Bank In the matter of the application of First at Orlend weight in support of approval, since Ap- lando Corporation, Orlando, Florida, for applicant intends to strengthen Bank's less than satis- proval of acquisition of 90 per cent or more of the factory capital position. Although all major local voting shares of National Bank Gulf Gate, banking needs are presently being served in the Sarasota, Florida. Jonesboro banking market, considerations relating to the convenience and needs of the communi- ORDER APPROVING ACQUISITION OF BANK STOCK ties to be served lend some weight toward ap- BY BANK HOLDING COMPANY proval. Bank's competitive ability should be There has come before the Board of Governors, strengthened by consummation of this proposal. pursuant to section 3(a)(3) of the Bank Holding Furthermore, Applicant plans to expand Bank's Company Act of 1956 (12 U.S.C. 1842(a)(3)) trust services and to add international and data and section 222.3(a) of Federal Reserve Regulation processing services to those services presently Y (12 CFR 222.3(a)), an application by First at Oroffered by Bank. lando Corporation, Orlando, Florida, for the It is the Board's judgment that the proposed Board's prior approval of the acquisition of 90 transaction would be in the public interest, and per cent or more of the voting shares of National that the application should be approved. Bank Gulf Gate, Sarasota, Florida. IT IS HEREBY ORDERED, On the basis of the As required by section 3(b) of the Act, the record, that said application be and hereby is ap- Board gave written notice of receipt of the applicaproved for the reasons summarized above, tion to the Comptroller of the Currency, and reprovided that the action so approved shall not be quested his views and recommendation. The consummated (a) before the thirtieth calendar day Comptroller recommended approval of the apfollowing the date of this Order or (b) later than plication. three months after the date of this Order, unless Notice of receipt of the application was pubsuch period is extended for good cause by the lished in the Federal Register on August 28, Board or by the Federal Reserve Bank of St. 1971 (36 Federal Register 17384), providing an Louis pursuant to delegated authority. opportunity for interested persons to submit com- IT IS FURTHER ORDERED, That upon the con- ments and views with respect to the proposal. A summation of the proposed transaction, Applicant copy of the application was forwarded to the shall not retain or acquire any nonbank shares United States Department of Justice for its conor engage in any nonbanking activities to a greater sideration. Time for filing comments and views extent or for a longer period than would apply in has expired, and all those received have been conthe case of a bank holding company which be- sidered by the Board. came such on the date of such consummation, IT IS HEREBY ORDERED, For the reasons set except to the extent otherwise permitted in any forth in the Board's Statement of this date, that regulation of the Board hereafter adopted specifical- said application be and hereby is approved, ly relating to the effect of the acquisition of an provided that the acquisition so approved shall additional bank on the status of nonbank shares not be consummated (a) before the thirtieth calenand activities of a one-bank holding company dar day following the date of this Order or (b) formed prior to 1971, or unless the Board fails to later than three months after the date of this Order, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1014 FEDERAL RESERVE BULLETIN • DECEMBER 1971 unless such period is extended for good cause by STATEMENT the Board or by the Federal Reserve Bank of At- First at Orlando Corporation, Orlando, Florida lanta pursuant to delegated authority. ("Applicant"), a bank holding company, has ap- By order of the Board of Governors, November plied to the Board of Governors, pursuant to sec- 9,1971. tion 3(a)(3) of the Bank Holding Company Act of Voting for this action: Chairman Burns and Governors 1956 (12 U.S.C. 1842(a)(3)), for prior approval Mitchell, Maisel, Brimmer and Sherrill. Absent and not voting: of the acquisition of 90 per cent or more of the Governors Robertson and Daane. voting shares of National Bank of Sarasota (Signed) TYNAN SMITH, ("Sarasota Bank"), and National Bank Gulf Gate Secretary of the Board. ("Gulf Bank"), both located in Sarasota, Florida. [SEAL] Views and recommendation of supervisory au- In the matter of the application of First at Or- thority. As required by section 3(b) of the Act, lando Corporation, Orlando, Florida, for ap- the Board notified the Comptroller of the Currency proval of acquisition of 90 per cent or more of of receipt of the applications and requested his the voting shares of National Bank of Sarasota, views and recommendations. The Comptroller rec- Sarasota, Florida. ommended approval of the applications. Statutory considerations. Section 3(c) of the ORDER DENYING ACQUISITION OF BANK STOCK Act provides that the Board shall not approve BY BANK HOLDING COMPANY an acquisition that would result in a monopoly or There has come before the Board of Governors, would be in furtherance of any combination or pursuant to section 3(a)(3) of the Bank Holding conspiracy to monopolize or to attempt to monop- Company Act of 1956 (12 U.S.C. 1842(a)(3)) olize the business of banking in any part of the and section 222.3(a) of Federal Reserve Regulation United States. Nor may the Board approve a pro- Y (12 CFR 222.3(a)), an application by First at posed acquisition the effect of which, in any Orlando Corporation, Orlando, Florida, for the section of the country, may be substantially to Board's prior approval of the acquisition of 90 lessen competition, or to tend to create a monopper cent or more of the voting shares of National oly, or which in any other manner would be in Bank of Sarasota, Sarasota, Florida. restraint of trade, unless the Board finds that the As required by section 3(b) of the Act, the Board anticompetitive effects of the proposed transactions gave written notice of receipt of the application to are clearly outweighed in the public interest by the Comptroller of the Currency, and requested his the probable effect of the transactions in meeting views and recommendation. The Comptroller the convenience and needs of the communities recommended approval of the application. to be served. In each case, the Board is required Notice of receipt of the application was published to take into consideration the financial and manin the Federal Register on August 28, 1971 (36 agerial resources and future prospects of the Federal Register 17384), providing an opportu- bank holding company and the banks concerned, nity for interested persons to submit comments and and the convenience and needs of the communities views with respect to the proposal. A copy of the to be served. application was forwarded to the United States De- Competitive effect of proposed transactions. partment of Justice for its consideration. Time for Applicant, the fifth largest banking organization filing comments and views has expired, and all in Florida, controls 19 banks with approximately those received have been considered by the $574 million1 in deposits representing 4.1 per cent Board. of commercial bank deposits in the State. Sarasota Is IS HEREBY ORDERED, For the reasons set Bank has deposits of $36.7 million; Gulf Bank forth in the Board's Statement of this date, that controls deposits of $18.2 million. Applicant's said application be and hereby is denied. acquisition of both Gulf Bank and Sarasota Bank By order of the Board of Governors, November would increased its share of deposits in Florida by 9,1971. .4 per cent and would not change its ranking. Voting for this action: Chairman Burns and Governors Sarasota Bank and Gulf Bank operate in the Mitchell, Maisel, Brimmer, and Sherrill. Absent and not voting: Sarasota market which is approximated by the Governors Robertson and Daane. (Signed) TYNAN SMITH, Secretary of the Board. 1 All banking data are as of December 31, 1970, and reflect holding company formations and acquisitions approved by the [SEAL] Board through September 30, 1971. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1015 city of Sarasota and portions of Manatee County. plicant, are favorable. These considerations, There are 12 banks in the market in which Gulf while consistent with approval of the applications, Bank is sixth largest, and Sarasota Bank is the provide no significant weight in support of such third largest. Gulf Bank was organized by the action. owners of Sarasota Bank in 1963 and the two Convenience and needs of the communities inhave common stock ownership. The two banks volved. The Sarasota market area is presently well control approximately 17 per cent of the deposits served by existing banking organizations. Howin the Sarasota market. ever, the initial entry by Applicant as a Statewide The closest office of Applicant to either pro- holding company could possibly improve quality posed subsidiary is located 45 miles north of Sara- of services through introduction of new auditing sota in Tampa, Florida. No existing competition techniques and increased management depth. would be eliminated and, due to Florida law re- Moreover, the decrease in concentration resulting garding branching and the aforesaid distance, from disaffiliation of Sarasota Bank and Gulf approval of the application is unlikely to fore- Bank should increase the competitive vigor of close potential competition between the proposed the Sarasota market and thus provide better subsidiaries and Applicant's existing banks. service for banking customers. These considera- On the other hand, Applicant's acquisition of tions lend weight for approval of the acquisition both banks or of Sarasota Bank alone would have of Gulf Bank but argue against approval of both serious adverse effects on potential competition applications. resulting from the prospect of Applicant's de Summary and conclusion. On the basis of all novo entry into their market area. Sarasota is relevant facts contained in the record, and in the relatively attractive for de novo entry (based on light of the factors set forth in section 3(c) of the population growth and population per banking Act, it is the Board's judgment that the application office), the market is relatively concentrated (the to acquire Gulf Bank is in the public interest and two largest organizations control 71 per cent of should be approved while the application to acdeposits), and Applicant, considering its history quire Sarasota Bank is not in the public interest of expansion, may be considered a likely entrant and should be denied. into the market. However, acquisition of only Gujf Bank would break up the existing relation- AMERICAN HOLDING CORPORATION OF ship between Sarasota Bank and Gulf Bank and NEW JERSEY, decrease concentration in Sarasota which would PRINCETON, NEW JERSEY have a beneficial effect on competition. At the same time, Sarasota Bank, the older and stronger In the matter of the application of American of the two banks, would remain a viable, independ- Holding Corporation of New Jersey, Princeton, ent competitor. Based on the foregoing, the Board New Jersey, for approval to become a bank holdconcludes that, whereas Applicant's acquisition ing company through the acquisition of 100 per of both banks or the Sarasota Bank would have cent of the voting shares (less directors' qualifying serious competitive consequences in foreclosing shares) of the successor by merger to American potential competition, Applicant's acquisition of National Bank & Trust, Montclair, New Jersey, the Gulf Bank presents no similar impediment to and 100 per cent of the voting shares of Princeapproval of that application.2 ton Bank and Trust Company, Princeton, New Jersey. Financial and managerial resources and future prospects. The financial condition of Applicant and its subsidiary banks is satisfactory, their man- ORDER APPROVING ACTION TO BECOME agement is capable, and prospects of the group are A BANK HOLDING COMPANY favorable. The financial condition and manage- There has come before the Board of Governors, ment of Sarasota Bank and Gulf Bank are genpursuant to section 3(a)(1) of the Bank Holding erally satisfactory, and their prospects, whether Company Act of 1956 (12 U.S.C. 1842(a)(1)) operating individually or as a subsidiary of Apand section 222.3(a) of Federal Reserve Regulation Y (12 CFR 222.3(a)), an application by American 2 After the Board reached a decision on these two applica- Holding Corporation of New Jersey, Princeton, tions but before the issuance of its Orders and Statement, the Department of Justice expressed its views in a letter dated New Jersey, for the Board's prior approval of ac- October 26, 1971. The letter is not part of the record in this tion to become a bank holding company through case, and it raised no new issues that had not been discussed by the Board in its action on the applications. the acquisition of 100 per cent of the voting shares Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1016 FEDERAL RESERVE BULLETIN • DECEMBER 1971 (less directors' qualifying shares) of the successor Princeton Bank ($77.5 million deposits), headby merger to American National Bank & Trust, quartered in the Second Banking District, has Montclair, New Jersey ("American Bank"), eight banking offices, and operates in the Trenton and 100 per cent of the voting shares of Princeton banking market. Princeton Bank controls 7.7 per Bank and Trust Company, Princeton, New Jersey cent of commercial bank deposits and is the fourth ("Princeton Bank"). largest bank in the Trenton banking market, which As required by section 3(b) of the Act, the is approximated by Mercer County, plus the com- Board gave written notice of receipt of the applica- munities adjacent to Mercer County located in tion to the Comptroller of the Currency and the Hunterdon, Somerset, Middlesex, Monmouth and Commissioner of Banking of the State of New Burlington Counties in New Jersey and Bucks Jersey. The Comptroller offered no objection to County in Pennsylvania. (Banking data concernapproval of the application and the Commissioner ing market control and size are as of June 30, recommended approval. 1971.) Notice of receipt of the application was pub- American Bank and Princeton Bank do not lished in the Federal Register on September 18, compete with each other to any significant extent, 1971 (36 Federal Register 18686), providing an and the development of such competition in the opportunity for interested persons to submit com- future appears unlikely. The nearest offices of the ments and views with respect to the proposal. A two banks are twenty-eight miles apart, and New copy of the application was forwarded to the Uni- Jersey law prohibits either bank from branching ted States Department of Justice for its considera- or merging across Banking District lines. It aption. Time for filing comments and views has ex- pears that the affiliation of the two banks in a pired and all those received have been considered. holding company would not have any adverse The Board has considered the application in the effects on other banks in the Newark or Princeton light of the factors set forth in section 3(c) of the markets, and may promote competition in the Act, including the effect of the proposed acquisi- Princeton market by enabling Princeton Bank to tion on competition, the financial and managerial become a more effective competitor. On the basis resources and future prospects of the Applicant and of the record before it, the Board concludes the banks concerned, and the convenience and that consummation of the proposal would not have needs of the communities to be served, and finds an adverse effect on competition in any relevant that: area. Applicant is a newly organized corporation. The financial and managerial resources of each Consummation of this proposal herein would re- bank appears satisfactory. It appears that Apsult in Applicant controlling $418.9 million in plicant would begin operations in satisfactory deposits, representing 2.8 per cent of total commer- condition and with competent management. Apcial bank deposits in the State, and Applicant plicant's future prospects, which are largely dewould become the ninth largest banking organiza- pendent upon those of its two subsidiaries, tion and the seventh largest bank holding com- also appear favorable. Although there is no evipany in New Jersey. (Unless otherwise noted, all dence that the existing banking needs of the combanking data are as of December 31, 1970, ad- munities involved are not being met, affiliation of justed to reflect holding company formations and Princeton Bank in the holding company would enacquisitions approved by the Board through Sep- able it to increase its lending limit and offer a wider tember 30, 1971.) range of specialized banking services. These con- American Bank ($341.4 million deposits), the siderations relative to the convenience and needs twelfth largest bank in New Jersey, has 32 bank- of the communities to be served lend some weight ing offices and operates throughout the First toward approval. It is the Board's judgment that Banking District. American Bank operates primari- the proposed transaction is in the public interest ly in the Newark banking market, which is ap- and should be approved. proximated by Essex County, a small part of IT IS HEREBY ORDERED, On the basis of the Hudson County, most of Union County and the record, that said application be and hereby is eastern half of Morris County. American Bank approved for the reasons summarized above, controls 7.5 per cent of commercial bank deposits, provided that the action so approved shall not be and is the fourth largest bank in that market. consummated (a) before the thirtieth calendar (Banking data concerning market control and size day following the date of this Order or (b) later are as of June 30, 1971.) than three months after the date of this Order, un- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1017 less such period is extended for good cause by plicant and the banks concerned, and the conthe Board or by the Federal Reserve Bank of venience and needs of the communities to be New York pursuant to delegated authority. served, and finds that: By order of the Board of Governors, November Applicant, the tenth largest bank holding com- 9,1971. pany and banking organization in the State, controls six banks with aggregate deposits of approxi- Voting for this action: Chairman Burns and Governors Mitchell, Daane, Maisel, Brimmer, and Sherrill. Absent and mately $323 million, representing 2.3 per cent of not voting: Governor Robertson. the deposits held by commercial banks in Florida. (Signed) TYNAN SMITH, (Banking data are as of December 31, 1970, and Secretary of the Board. reflect holding company formations and acquisitions approved by the Board through September [SEAL] 30, 1971.) Consummation of the proposal would add less than one half of one per cent to Appli- EXCHANGE BANCORPORATION, INC., cant's percentage share of such deposits and TAMPA, FLORIDA would not change its relative position among the State's banking organizations. In the matter of the application of Exchange Bank (deposits of $5.9 million) is the smallest Bancorporation, Inc., Tampa, Florida, for apof three banks in the Osceola County area conproval of acquisition of 51 per cent or more of trolling about 20.7 per cent of area deposits and the voting shares of Bank of Osceola, Kissimmee, is the only independent banking organization Florida. there. Applicant's closest banking subsidiary to Bank is located about 24 miles south of Bank and ORDER APPROVING ACQUISITION OF BANK STOCK has deposits of less than $10 million. There is BY BANK HOLDING COMPANY little existing competition between this subsidiary There has come before the Board of Governors, and Bank and considering the small size of both pursuant to section 3(a)(3) of the Bank Holding and the intervening distance, there is little prob- Company Act of 1956 (12 U.S.C. 1842(a)(3)) ability of substantial competition developing beand section 222.3(a) of Federal Reserve Regula- tween the two. Bank's affiliation with Applicant tion Y (12 CFR 222.3(a)), an application by Ex- offers the prospect of increased competition in change Bancorporation, Inc., Tampa, Florida, the Osceola County area, since Bank should be for the Board's prior approval of the acquisition able to compete more vigorously with the two of 51 per cent or more of the voting shares of larger banks there, both of which are members Bank of Osceola, Kissimmee, Florida ("Bank"). of bank holding companies that are larger than As required by section 3(b) of the Act, the Applicant. Consummation of the proposed acquisi- Board gave written notice of receipt of the ap- tion would not adversely affect competition in plication to the Florida Commissioner of Banking any relevant area and would not have an adverse and requested his views and recommendation. effect on any competing bank. The Commissioner recommended approval of the The financial and managerial resources and application. future prospects of Applicant and its subsidiary Notice of receipt of the application was pub- banks are regarded as generally satisfactory. Conlished in the Federal Register on September 10, siderations relating to the banking factors lend 1971 (36 Federal Register 18262), providing an weight for approval in that affiliation with Apopportunity for interested persons to submit com- plicant would give Bank greater experience and ments and views with respect to the proposal. depth of management. Considerations related to A copy of the application was forwarded to the the convenience and needs of the community United States Department of Justice for its con- lend some weight for approval since Bank, sideration. Time for filing comments and views through Applicant's assistance, will be able to has expired and all those received have been provide a broader and more sophisticated range considered. of services such as larger loans resulting from The Board has considered the application in the expanded demand developing from the openthe light of the factors set forth in section 3(c) of ing of Walt Disney World, in neighboring Orange the Act, including the effect of the proposed ac- County. It is the Board's judgment that the proquisition on competition, the financial and man- posed transaction is in the public interest and agerial resources and future prospects of the Ap- should be approved. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1018 FEDERAL RESERVE BULLETIN • DECEMBER 1971 IT IS HEREBY ORDERED, On the basis of the sideration. Time for filing comments and views record, that said application be and hereby is has expired and all those received have been approved for the reasons summarized above, considered. provided that the action so approved shall not The Board has considered the application in be consummated (a) before the thirtieth calendar the light of the factors set forth in section 3(c) day following the date of this Order or (b) later of the Act, including the effect of the proposed than three months after the date of this Order, acquisition on competition, the financial and unless such period is extended for good cause managerial resources and future prospects of the by the Board, or by the Federal Reserve Bank Applicant and the banks concerned, and the conof Atlanta pursuant to delegated authority. venience and needs of the communities to be By order of the Board of Governors, November served, and finds that: 9, 1971. Applicant has five subsidiary banks with aggregate deposits of approximately $128 million, Voting for this action: Chairman Burns and Governors Mitchell, Daane, Maisel, Brimmer, and Sherrill. Absent and representing 0.9 per cent of the commercial bank not voting: Governor Robertson. deposits in Florida. (Banking data are as of De- (Signed) TYNAN SMITH, cember 31, 1970, and reflect holding company Secretary of the Board. formations and acquisitions approved by the Board through September 30, 1971.) Approval [SEAL] of the acquisition of Bank would increase Applicant's percentage share of such deposits in FIRST BANCSHARES OF FLORIDA, INC., Florida by less than one tenth of one per cent. BOCA RATON, FLORIDA Bank (deposits of $12.9 million) is the third largest of five banks in Martin County, which is In the matter of the application of First Bancapproximately 120 miles north of Miami, with shares of Florida, Inc., Boca Raton, Florida, for about 17.8 per cent of deposits in the County. prior approval of the acquisition of 80 per cent Applicant's closest subsidiary to Bank is some or more of the voting shares of Jensen Beach thirty miles to the south and there is little existing Bank, Jensen Beach, Florida. competition between the two. Due to the presence of several intervening banks and the Florida ORDER APPROVING ACQUISITION OF BANK STOCK branching laws, there appears to be little likeli- BY BANK HOLDING COMPANY hood of substantial competition developing be- There has come before the Board of Governors, tween Bank and this subsidiary. Considering these pursuant to section 3(a)(3) of the Bank Holding factors and others of record, the Board concludes Company Act of 1956 (12 U.S.C. 1842(a)(3)) that consummation of the proposed acquisition and section 222.3(a) of Federal Reserve Regula- would not adversely affect competition in any tion Y (12 CFR 222.3(a)), an application by First relevant area. Bancshares of Florida, Inc., Boca Raton, Florida, The financial and managerial resources and for the Board's prior approval of the acquisition prospects of Applicant, its subsidiary banks and of 80 per cent or more of the voting shares of Bank are regarded as satisfactory. However, Jensen Beach Bank, Jensen Beach, Florida Bank's President plans to retire shortly and Ap- ("Bank"). plicant's acquisition of Bank will provide for con- As required by section 3(b) of the Act, the tinuity of management so that these considera- Board gave written notice of receipt of the ap- tions lend some weight for approval of the application to the Florida Commissioner of Banking plication. Considerations related to the convenand requested his views and recommendation. ience and needs of the community lend weight The Commissioner responded that he recom- for approval of the application in that Applicant mended approval of the application. will be able to provide trust services and in- Notice of receipt of the application was pub- creased mortgage financing. Both of these types of lished in the Federal Register on September 18, services are in increasing demand in Martin County. 1971 (36 Federal Register 18687), providing an It is the Board's judgment that the proposed acopportunity for interested persons to submit com- quisition would be in the public interest and that ments and views with respect to the proposal. the application should be approved. A copy of the application was forwarded to the IT IS HEREBY ORDERED, On the basis of the United States Department of Justice for its con- record, that said application be and hereby is Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1019 approved for the reasons summarized above, The Board has considered the application in the provided that the action so approved shall not light of the factors set forth in section 3(c) of the be consummated (a) before the thirtieth calendar Act, including the effect of the proposed acquisiday following the date of this Order or (b) later tion on competition, the financial and managerial than three months after the date of this Order, resources and future prospects of the Applicant unless such period is extended for good cause by and the banks concerned, and the convenience the Board, or by the Federal Reserve Bank of and needs of the communities to be served, and Atlanta pursuant to delegated authority. finds that: By order of the Board of Governors, November Applicant controls 2 banks with deposits of 9,1971. $191 million. Bank ($18 million in deposits) is Voting for this action: Chairman Burns and Governors the second largest of 8 banks in the Falmouth Mitchell, Daane, Maisel, Brimmer and Sherrill. Absent and area (approximated by the towns of Falmouth, not voting: Governor Robertson. Bourne, Sandwich, Mashpee, and Barnstable), (Signed) TYNAN SMITH, controlling 24.7 per cent of area deposits. (All Secretary of the Board. banking data are as of December 31, 1970, and [SEAL] reflect a holding company acquisition approved November 4, 1971.1) Over 50 miles and numerous SHOREBANK, INC., intervening banks separate the closest offices of QUINCY, MASSACHUSETTS Applicant's present subsidiaries and Bank; consequently, no significant existing competition In the matter of the application of Shorebank, would be eliminated. Consummation of this pro- Inc., Quincy, Massachusetts, for approval of ac- posal would foreclose the possibility of Applicant quisition of 80 per cent or more of the voting entering the area de novo or through acquisition shares of The Falmouth National Bank, Fal- of one of the smaller banks in the area. De novo mouth, Massachusetts. entry, however, is unlikely because the area's population to banking office ratio is considerably ORDER APPROVING ACQUISITION OF BANK STOCK less than that of the State. The potential competi- BY BANK HOLDING COMPANY tion that would be eliminated by consummation There has come before the Board of Governors, of this proposal is not considered significant and pursuant to section 3(a)(3) of the Bank Holding is offset by the benefits attributable to the forma- Company Act of 1956 (12 U.S.C. 1842(a)(3)) tion of a holding company better able to compete and section 222.3(a) of Federal Reserve Regula- with the larger Boston-based holding companies. tion Y (12 CFR 222.3(a)), an application by The financial and managerial resources and Shorebank, Inc., Quincy, Massachusetts, for future prospects of Applicant, Applicant's present the Board's prior approval of the acquisition of subsidiaries, and Bank are generally satisfactory 80 per cent or more of the voting shares of The and consistent with approval. Applicant plans to Falmouth National Bank, Falmouth, Massachu- expand the services now offered by Bank to insetts ("Bank"). clude leasing, international banking services, air- As required by section 3(b) of the Act, the craft financing, accounts receivable financing, Board gave written notice of receipt of the applica- and electronic data processing services. Theretion to the Comptroller of the Currency and re- fore, considerations relating to the convenience quested his views and recommendation. The and needs of the community to be served lend Comptroller offered no objection to approval of some weight in favor of approval. It is the Board's the application. judgment that the proposed transaction is in the Notice of receipt of the application was pub- public interest and that the application should lished in the Federal Register on September 14, be approved. 1971 (36 Federal Register 18440), providing an IT IS HEREBY ORDERED, On the basis of the opportunity for interested persons to submit com- record, that said application be and hereby is apments and views with respect to the proposal. A proved for the reasons summarized above, procopy of the application was forwarded to the vided that the action so approved shall not be United States Department of Justice for its con- consummated (a) before the thirtieth calendar sideration. Time for filing comments and views has day following the date of this Order or (b) later expired and all those received have been con- 1 Banking data relating to banks in the Falmouth area are sidered. as of June 30, 1970. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1020 FEDERAL RESERVE BULLETIN • DECEMBER 1971 than three months after the date of this Order, Board gave written notice of receipt of the applicaunless such period is extended for good cause by tion to the Comptroller of the Currency and rethe Board, or by the Federal Reserve Bank of quested his views and recommendation. The Boston pursuant to delegated authority. Comptroller recommended approval of the ap- IT IS FURTHER ORDERED, That upon the consum- plication. mation of the proposed transaction, Applicant Notice of receipt of the application was pubshall not retain or acquire any nonbank shares or lished in the Federal Register on September 14, engage in any nonbanking activities to a greater 1971 (36 Federal Register 18439), providing an extent or for a longer period than would apply opportunity for interested persons to submit comin the case of a bank holding company which ments and views with respect to the proposal. A became such on the date of such consummation, copy of the application was forwarded to the United except to the extent otherwise permitted in any States Department of Justice for its consideration. regulation of the Board hereafter adopted specifi- Time for filing comments and views has expired cally relating to the effect of the acquisition of and all those received have been considered. an additional bank on the status of nonbank shares The Board has considered the application in and activities of a one bank holding company the light of the factors set forth in section 3(c) formed prior to 1971, or unless the Board fails of the Act, including the effect of the proposed to adopt any such regulation before the expira- acquisition on competition, the financial and tion of two years after the consummation of the managerial resources and future prospects of the proposed acquisition. Applicant and the banks concerned, and the con- By order of the Board of Governors, November venience and needs of the communities to be 9, 1971. served, and finds that: Applicant controls three banks with aggregate Voting for this action: Chairman Burns and Governors deposits of $544 million, representing 29.6 per Mitchell, Daane, Maisel, Brimmer, and Sherrill. Absent and not voting: Governor Robertson. cent of the total commercial bank deposits in (Signed) TYNAN SMITH, the State, and is the largest banking organization Secretary of the Board. in Utah.1 (All banking data are as of December 31, 1970, unless otherwise noted, and reflect [SEAL] holding company formations and acquisitions ap- FIRST SECURITY CORPORATION, proved through September 30, 1971.) Since SALT LAKE CITY, UTAH Bank is a proposed new bank, no existing competition would be eliminated nor would concen- In the matter of the application of First Security tration be increased in any relevant area. Corporation, Salt Lake City, Utah, for approval Bank would be located in Bountiful, 12 miles of acquisition of 100 per cent of the voting shares north of Salt Lake City, and would be the fifth (less directors' qualifying shares) of First Security bank operating in that area. Bank would be com- Bank of Bountiful (N.A.), Bountiful, Utah, a peting in the Salt Lake City banking market, proposed new bank. where Applicant with 23.9 per cent of market deposits2 is the largest of 15 banking organizations. Applicant's two closest subsidiaries to Bank have ORDER APPROVING ACQUISITION OF BANK STOCK offices fifteen miles south of Bank, in downtown BY BANK HOLDING CCOMPANY Salt Lake City. There has come before the Board of Governors, Applicant's status as the largest banking orpursuant to section 3(a)(3) of the Bank Holding ganization in the relevant market could present a Company Act of 1956 (12 U.S.C. 1842(a)(3)) competitive problem if it dominated the market and section 222.3(a) of Federal Reserve Regula- and was establishing banks before a need for tion Y (12 CFR 222.3(a)), an application by First them existed. Cf., Application of First Wisconsin Bankshares Corporation, 1968 Federal Reserve Security Corporation, Salt Lake City, Utah, for the Board's prior approval of the acquisition of BULLETIN 1024. However, two of the four offices 100 per cent of the voting shares (less directors' Additionally, Applicant controls an Idaho bank ($388 qualifying shares) of First Security Bank of Bountimillion in deposits) and a Wyoming bank ($10 million in deful (N.A.), Bountiful, Utah ("Bank"), a pro- posits). These banks were owned by Applicant at the time of posed new bank. enactment of the Holding Company Act and were "grandfathered". As required by section 3(b) of the Act, the 2 Market data are as of June 30, 1970. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1021 in Bank's proposed service area are branches cent or more of the voting shares of Nashville City of the second and third largest banks in the bank- Bank and Trust Co., Nashville, Tennessee. ing market, each of which controls approximately 22 per cent of market deposits.2 In addition, Ap- ORDER APPROVING ACQUISITION OF BANK plicant presently derives only an insignificant por- STOCK BY BANK HOLDING COMPANY tion of its business from Bank's proposed service There has come before the Board of Governors, area. Accordingly, consummation would not pursuant to section 3(a)(3) of the Bank Holding appear to adversely alter the competitive situation Company Act of 1956 (12 U.S.C. 1842(a)(3)) and in the market. section 222.3(a) of Federal Reserve Regulation Y The financial and managerial resources and the (12 CFR 222.3(a)), an application by United future prospects of Applicant and its subsidiary Tennessee Bancshares Corporation, Memphis, banks are generally satisfactory. Prospects for Tennessee, a bank holding company, for the Bank appear favorable since it would have capable Board's prior approval of the acquisition of 80 per and experienced management and would be ad- cent or more of the voting shares of Nashville equately capitalized. Bank would be able to pro- City Bank and Trust Co., Nashville, Tennessee vide an additional source of full banking services ("Bank"). in an area which has experienced rapid popula- As required by section 3(b) of the Act, the Board tion growth during the last two decades. Con- gave written notice of receipt of the application to siderations relating to the convenience and needs the Superintendent of Banks of the State of Tenof the area to be served lend slight support to, nessee and requested his views and recommendaand are consistent with, approval of the applica- tion. The Superintendent offered no objection to tion. It is the Board's judgment that consumma- consummation of the proposal. tion of the proposed acquisition would be in the Notice of receipt of the application was pubpublic interest and that the application should be lished in the Federal Register on September 14, approved. 1971 (36 Federal Register 18440), providing an IT IS HEREBY ORDERED, On the basis of the opportunity for interested persons to submit comrecord, that said application be and hereby is ap- ments and views with respect to the proposal. proved for the reasons summarized above, pro- A copy of the application was forwarded to the vided that the action so approved shall not be con- United States Department of Justice for its consummated (a) before the thirtieth calendar day sideration. Time for filing comments and views following the date of this Order or (b) later than has expired and all those received have been conthree months after the date of this Order; and sidered. provided further that (c) First Security Bank of The Board has considered the application in the Bountiful (N.A.) shall be opened for business light of the factors set forth in section 3(c) of the not later than six months after the date of this Act, including the effect of the proposed acquisi- Order. Each of the periods described in (b) and tion on competition, the financial and managerial (c) hereof may be extended for good cause by resources and future prospects of the Applicant and the Board, or by the Federal Reserve Bank of the banks concerned, and the convenience and San Francisco pursuant to delegated authority. needs of the communities to be served, and finds By order of the Board of Governors, November that: 9, 1971. Applicant, the fourth largest bank holding com- Voting for this action: Chairman Burns and Governors pany and seventh largest banking organization in Mitchell, Daane, Maisel, Brimmer, and Sherrill. Absent and Tennessee, has three subsidiary banks controlling not voting: Governor Robertson. $317.4 million in deposits, representing approxi- (Signed) TYNAN SMITH, mately 4.3 per cent of the total commercial bank Secretary of the Board deposits in the State. (All banking data are as of [SEAL] December 31, 1970, adjusted to reflect holding company formations and acquisitions approved by UNITED TENNESSEE BANCSHARES the Board through September 30, 1971.) Con- CORPORATION, MEMPHIS, TENNESSEE summation of the proposal herein would increase the percentage of total State deposits controlled by In the matter of the application of United Applicant to 5.0 per cent and would make applicant Tennessee Bancshares Corporation, Memphis, the State's sixth largest banking organization. Tennessee, for approval of acquisition of 80 per Bank ($55.9 million deposits), controlling 4.1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1022 FEDERAL RESERVE BULLETIN • DECEMBER 1971 per cent of the commercial bank deposits in the FIRST VIRGINIA BANKSHARES Davidson County banking market, ranks fourth of CORPORATION, ARLINGTON, VIRGINIA the seven banks in that market. Bank's three larger competitors together hold approximately 94 per In the matter of the application of First Virginia cent of deposits in the market. Applicant's closest Bankshares Corporation, Arlington, Virginia, for subsidiary bank is more than 200 miles from Bank. approval of acquisition of 100 per cent of the voting Due to this distance, as well as Tennessee's restric- shares of the successor by merger to Bank of Surry tive branching law, consummation of this pro- County, Inc., Surry, Virginia. posal would foreclose neither existing nor potential competition between Bank and any banking sub- ORDER APPROVING ACQUISITION OF BANK sidiary of Applicant. As a result of its affiliation STOCK BY BANK HOLDING COMPANY with Applicant, Bank should be able to compete There has come before the Board of Governors, more effectively with the larger banks in the conpursuant to section 3(a)(3) of the Bank Holding centrated Davidson County banking market. Based Company Act of 1956 (12 U.S.C. 1842(a)(3)) and upon the foregoing, the Board concludes that consection 222.3(a) of Federal Reserve Regulation Y summation of the proposal would not have an (12 CFR 222.3(a)), an application by First Virginia adverse effect on competition in any relevant area. Bankshares Corporation, Arlington, Virginia, a The financial and managerial resources and registered bank holding company, for the Board's future prospects of Applicant, its subsidiaries, and prior approval of the acquisition of 100 per cent Bank are considered generally satisfactory and con- of the voting shares of the successor by merger to sistent with approval. Considerations relating to the Bank of Surry County, Inc., Surry, Virginia convenience and needs of the communities to be ("Bank"). The bank into which Bank is to be served lend weight in support of approval. Al- merged has no significance except as a means of though the convenience and needs of the area are acquiring all of the shares of Bank. Accordingly, not, to any significant extent, going unserved, the proposed acquisition of the shares of the succonsummation of this proposal will strengthen cessor organization is treated herein as the pro- Bank's competitive position in the Banking mar- posed acquisition of the shares of Bank. ket and enable Bank to offer new and expanded As required by section 3(b) of the Act, the Board services in the areas of industrial development, gave written notice of receipt of the application business management, and trust services. Furtherto the Virginia Commissioner of Banking and remore, access to Applicant's specialized computer quested his views and recommendation. The Comfacilities should provide greater efficiency to Bank's missioner offered no objection to consummation operations, further enhancing its competitive of the proposal. posture in a concentrated banking market. It is the Notice of receipt of the application was pub- Board's judgment that the proposed transaction lished in the Federal Register on September 21, would be in the public interest, and that the applica- 1971 (36 Federal Register 18760), providing an tion should be approved. opportunity for interested persons to submit com- IT IS HEREBY ORDERED, On the basis of the ments and views with respect to the proposal. A record, that said application be and hereby is ap- copy of the application was forwarded to the United proved for the reasons summarized above, pro- States Department of Justice for its consideration. vided that the action so approved shall not be con- Time for filing comments and views has expired summated (a) before the thirtieth calendar day and all those received have been considered. following the date of this Order or (b) later than The Board has considered the application in the three months after the date of this Order, unless light of the factors set forth in section 3(c) of the such period is extended for good cause by the Board Act, including the effect of the proposed acquisior by the Federal Reserve Bank of Atlanta pur- tion on competition, the financial and managerial suant to delegated authority. resources and future prospects of Applicant and the By order of the Board of Governors, November banks concerned, and the convenience and needs of 9, 1971. the communities to be served, and finds that: Voting for this action: Chairman Burns and Governors Mit- Applicant, the sixth largest banking organizachell, Daane, Maisel, Brimmer, and Sherrill. Absent and not tion in Virginia, controls 16 banks with aggrevoting: Governor Robertson. (Signed) TYNAN SMITH, gate deposits of $478.5 million, representing 6.0 Secretary of the Board. per cent of total commercial bank deposits in the [SEAL] State. (All banking data are as of December 31, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1023 1970, and reflect holding company formations Board's judgment that consummation of the proand acquisition approved through September 30, posed transaction would be in the public interest, 1971.) The acquisition of Bank ($5.3 million and that the application should be approved. deposits) would increase Applicant's share of IT IS HEREBY ORDERED, On the basis of the deposits in the State by only .07 percentage point, record, that said application be and hereby is representing no significant increase in Applicant's approved for the reasons summarized above, procontrol of deposits in the State, or change in Appli- vided that the action so approved shall not be concant's present ranking. In separate applications summated (a) before the thirtieth calendar day filed concurrently with the instant matter, Appli- following the date of this Order or (b) later than cant proposes to acquire 100 per cent of the voting three months after the date of this Order, unless shares of the successor by merger to The Bank such period is extended for good cause by the of Westmoreland, Colonial Beach, Virginia, and Board or by the Federal Reserve Bank of Richto organize de novo First Commercial Bank, mond pursuant to delegated authority. Orange, Virginia. Affiliation of both banks in addi- By order of the Board of Governors, Novemtion to the one proposed here would increase ber 9, 1971. Applicant's share of the total commercial bank Voting for this action: Chairman Burns and Governors Mitdeposits in Virginia to 6.4 per cent and would not, chell, Daane, Maisel, Brimmer, and Sherrill. Absent and not therefore, have any significant effect on the con- voting: Governor Robertson. (Signed) TYNAN SMITH, centration of banking resources in the State or on Secretary of the Board. Applicant's Statewide competitive position. [SEAL] Bank operates its sole office in the town of Surry, and is the only banking institution located in Surry County. Bank's major competition comes from banks located in the adjacent counties of Sussex, Southampton and Isle of Wight. The office of any of Applicant's subsidiary banks closest to Bank is MID AMERICA BANCORPORATION, INC., located 34 miles southeast of Bank. No present ST. PAUL, MINNESOTA competition of any significance exists between In the matter of the application of Mid America Bank and this office, or any of Applicant's other Bancorporation, Inc., St. Paul, Minnesota, for offices. On the facts of record, notably Virginia's approval of acquisition of 100 per cent of the restrictive branching laws and the distances bevoting shares (less directors' qualifying shares) tween offices of Applicant's subsidiaries and Bank, of The First National Bank of Hutchinson, it appears unlikely that consummation of the sub- Hutchinson, Minnesota. ject proposal would preclude potential competition. Further, the steady decline in population which Surry County has experienced over the past decade ORDER APPROVING ACQUISITION OF BANK STOCK BY BANK HOLDING COMPANY suggests that de novo entry by Applicant is not warranted. Based on the foregoing, and the record There has come before the Board of Governors, before it, the Board concludes that consummation pursuant to section 3(a)(3) of the Bank Holding of the proposed acquisition would not have an ad- Company Act of 1956 (12 U.S.C. 1842(a)(3)) verse effect on competition in any relevant market. and section 222.3(a) of Federal Reserve Regula- The financial and managerial resources and pros- tion Y (12 CFR 222.3(a)), an application by Mid pects of Applicant, its subsidiaries, and Bank are America Bancorporation, Inc., St. Paul, Minregarded as satisfactory and consistent with nesota, a registered bank holding company, for the approval of the application. As a result of affilia- Board's prior approval of the acquisition of 100 tion with Applicant, Bank would be in a position per cent of the voting shares (less directors' qualifyto offer trust and other banking services it is now ing shares) of The First National Bank of Hutchinunable to provide. Moreover, Applicant will be son ("Bank"), Hutchinson, Minnesota. able to provide Bank with administrative and tech- As required by section 3(b) of the Act, the nical support in such areas as personnel, auditing, Board gave written notice of receipt of the applicadata processing, investments, and mortgage bank- tion to the Comptroller of the Currency and reing. Considerations relating to the convenience quested his views and recommendation. The Board and needs factors, therefore, lend some weight in also gave notice to the Commissioner of Banks support of approval of the application. It is the of the State of Minnesota. The Comptroller Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1024 FEDERAL RESERVE BULLETIN • DECEMBER 1971 recommended approval of the application. The lending capability of Bank through particpation Commissioner advised that he had no objection arrangements with other subsidiaries of Applicant, to the proposed acquisition. and would enable Bank to benefit from certain Notice of receipt of the application was pub- internal efficiencies resulting from a holding comlished in the Federal Register on September 14, pany structure. Considerations relating to the con- 1971 (36 Federal Register 18439), providing an venience and needs of the communitites to be opportunity for interested persons to submit com- served are consistent with approval. ments and views with respect to the proposal. A Considerations relating to financial and mancopy of the application was forwarded to the agerial resources and future prospects as they United States Department of Justice for its con- relate to Applicant, its subsidiaries and Bank, are sideration. Time for filing comments and views has regarded as satisfactory. Applicant's stated intenexpired and all those received have been con- tion to contribute additional capital funds to Bank, sidered. as well as management expertise lend weight to- The Board has considered the application in the ward approval of the application. It is the Board's light of the factors set forth in section 3(c) of the judgment that consummation of the proposed ac- Act, including the effect of the proposed acquisi- quisition would be in the public interest and that tion on competition, the financial and managerial the application should be approved. resources and future prospects of the Applicant IT IS HEREBY ORDERED, On the basis of the and the banks concerned, and the convenience record, that said application be and hereby is apand needs of the communities to be served, and proved for the reasons summarized above, profinds that: vided that the action so approved shall not be con- Applicant controls four banks with aggregate summated (a) before the thirtieth calendar day deposits of approximately $35 million, represent- following the date of this Order or (b) later than ing .4 per cent of the total commercial bank de- three months after the date of this Order, unless posits in the State, and is the sixth largest bank such period is extended for good cause by the holding company in Minnesota.1 (All banking data Board or by the Federal Reserve Bank of Minare as of December 31, 1970, and reflect holding neapolis pursuant to delegated authority. company formations and acquisitions approved By order of the Board of Governors, November through September 30, 1971.) Applicant's acquisi- 11, 1971. tion of Bank ($11 million in deposits) would increase Applicant's share of deposits in the State Voting for this action: Governors Daane, Maisel, Brimmer, and Sherrill. Absent and not voting: Chairman Burns and Govby 0.1 percentage point. Bank is the smaller of the ernors Robertson and Mitchell. two banks located in the City of Hutchinson, is (Signed) TYNAN SMITH, the second largest of nine independent banks in Secretary of the Board. McLeod County, the relevant market, and holds 16.4 per cent of deposits in the market. Applicant's [SEAL] subsidiary located closest to Bank is approximately STS CORPORATION, 70 miles distant; and it appears that approval of BILLINGS, MONTANA this application would eliminate no existing com- In the matter of the application of STS Corporapetition. On the facts of record, notably, the distion, Billings, Montana, for approval of action to tances involved, the number of banks in the inbecome a bank holding company through the tervening areas between Bank and Applicant's acquisition of 98.68 per cent of the voting shares subsidiaries and Minnesota's prohibitive branching of Security Trust and Savings Bank, Billings, law, there appears to be little likelihood that Montana. significant competition between Bank and Applicant would develop in the future. On the basis of the record before it, the Board concludes that ORDER APPROVING ACTION TO BECOME consummation of the proposed acquisition would A BANK HOLDING COMPANY not adversely affect competition in any relevant There has come before the Board of Governors, area. pursuant to section 3(a)(1) of the Bank Holding Affiliation with Applicant would increase the Company Act of 1956 (12 U.S.C. 1842(a)(1)) and section 222.3(a) of Federal Reserve Regulation Y Applicant has received Board approval for the acquisition (12 CFR 222.3(a)), an application by STS Corof a proposed new bank in Mendota Heights, Minnesota. Consummation has not taken place. poration, Billings, Montana, for the Board's Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1025 prior approval of action whereby Applicant would be assumed by Applicant will be relatively high, become a bank holding company through the it appears that Applicant can satisfactorily service acquisition of 98.68 per cent of the voting shares the debt without placing an undue strain on the of Security Trust and Savings Bank ("Bank"), resources of Bank. It appears further that con- Billings, Montana. summation of the proposal would have no imme- As required by section 3(b) of the Act, the Board diate effect on the convenience and needs of the gave written notice of receipt of the application to community, which appear to be adequately served the Montana Superintendent of Banks and re- at this time; however, considerations under this quested his views and recommendation. The aspect of the proposal are consistent with approval Superintendent recommended that favorable con- of the application. It is the Board's judgment that sideration be given to the application. the transaction would be in the public interest, and Notice of receipt of the application was published that the application should be approved. in the Federal Register on August 28, 1971 (36 IT IS HEREBY ORDERED, On the basis of the Federal Register 17385), providing an oppor- record, that said application be and hereby is tunity for interested persons to submit comments approved for the reasons summarized above, and views with respect to the proposal. A copy of provided that the action so approved shall not be the 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 The Board has considered the application in the Board, or by the Federal Reserve Bank of Minnelight of the factors set forth in section 3(c) of the apolis pursuant to delegated authority. Act, including the effect of the proposed acquisi- By order of the Board of Governors, November tion on competition, the financial and managerial 15,1971. resources and future prospects of Applicant and the banks concerned, and the convenience and needs Voting for this action: Governors Mitchell, Daane, Brimmer, and Sherrill. Absent and not voting: Chairman Burns and Govof the communities to be served, and finds that: ernors Robertson and Maisel. Applicant, a nonoperating corporation, was (Signed) TYNAN SMITH, formed for the express purpose of acquiring Bank Secretary of the Board. ($99 million deposits). (All banking data are as of December 31, 1970.) The Scott family presently [SEAL] owns 98.72 per cent of the outstanding shares of THE CENTRAL BANCORPORATION, INC., stock of Bank, which, except for directors' quali- CINCINNATI, OHIO fying shares to be held by Homer A. Scott, Appli- In the matter of the application of The Central cant will acquire through the proposed exchange. Bancorporation, Inc., Cincinnati, Ohio, for ap- The remaining shares of stock of Bank are held proval of acquisition of 100 per cent of the voting by persons who have decided to retain their stock. shares (less directors' qualifying shares) of the The purpose of the proposed transaction is to successor by merger to The Canal Winchester effect a corporate reorganization, and all share- Bank, Canal Winchester, Ohio. holders of Bank were included in the exchange offer. Since Applicant has no present operations ORDER APPROVING ACQUISITION OF BANK or subsidiaries, it appears that consummation of STOCK BY BANK HOLDING COMPANY the proposal would neither eliminate existing competition, significantly affect potential compe- There has come before the Board of Governors, tition nor have an adverse effect on other area pursuant to section 3(a)(3) of the Bank Holding banks. Company Act of 1956 (12 U.S.C. 1842(a)(3)) The financial and managerial resources and fu- and section 222.3(a) of Federal Reserve Regulature prospects of Bank are satisfactory and consis- tion Y (12 CFR 222.3(a)), an application by The tent with approval of the application. Applicant Central Bancorporation, Inc., Cincinnati, Ohio, was recently organized and its financial condi- a registered bank holding company, for the tion, management, and future prospects, which Board's prior approval of the acquisition of 100 are dependent on those of Bank, appear to be satis- per cent of the voting shares (less directors' factory and also are consistent with approval of qualifying shares) of the successor by merger to the application. Although the acquisition debt to The Canal Winchester Bank ("Bank"), Canal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1026 FEDERAL RESERVE BULLETIN • DECEMBER 1971 Winchester, Ohio. The bank into which Bank The Columbus banking market, which inis to be mefged has no significance except as a cludes Franklin County and portions of Pickmeans of acquiring all of the shares of Bank. Ac- away, Madison, Fairfield, and Licking Counties, cordingly, the proposed acquisition of the shares is regarded as a relevant banking market within of the successor organization is treated herein as which the competitive effects of the instant the proposed acquisition of the shares of Bank. proposal may be evaluated. It appears that the As required by section 3(b) of the Act, the Board banks in the Columbus banking market are ingave written notice of receipt of the application to fluenced by rate structures at several Columbus the Ohio Superintendent of Banks and requested based banks. Canal Winchester (population his views and recommendation. The Superintend- 2,412) is eight miles southeast of Columbus, ent offered no objection to the proposed acquisition. the State capital and largest city in Franklin Notice of receipt of the application was pub- County. A modern network of highways links lished in the Federal Register on September 21, Franklin County with all of the surrounding 1971 (36 Federal Register 18760), providing an counties, enabling a substantial portion of the opportunity for interested persons to submit residents of these counties to commute to work comments and views with respect to the proposal. and shop in the Columbus area. Television pro- A copy of the application was forwarded to the grams and newspapers from Columbus circulate United States Department of Justice for its throughout the neighboring counties. consideration. Time for filing comments and views Applicant's subsidiary office closest to Bank has expired and all those received have been con- is located 45 miles east of Canal Winchester, and sidered. apparently no significant present competition ex- The Board has considered the application in the ists between Bank and this office, or any of light of the factors set forth in section 3(c) of the Applicant's other offices. Under Ohio's restric- Act, including the effect of the proposed acqui- tive branching laws, none of the subsidiaries of sition on competition, the financial and mana- Applicant may branch into either Franklin or gerial resources and future prospects of the Ap- Fairfield County. Similarly, Bank may not branch plicant and the banks concerned, and the con- beyond Franklin and Fairfield Counties. Because of venience and needs of the communities to be Bank's small size, and the facts before the served, and finds that: Board, it seems evident that Bank is not in a Applicant, the ninth largest banking organiza- position to lead the formation of a holding tion in Ohio, controls four banks which hold company. On the facts of record, it appears that combined deposits of approximately $592 mil- consummation of the proposed acquisition would lion, representing 2.7 per cent of the total com- not foreclose significant potential competition. mercial bank deposits in the State. (All bank- The Columbus banking market is highly coning data are as of December 31, 1970, and centrated. Three banking organizations, reprereflect holding company formations and acqui- senting the second, sixth, and seventh largest sitions approved through September 30, 1971.) banking organizations in the State, control in the Upon acquisition of Bank ($11 million deposits), aggregate 95.5 per cent of deposits in the area. Applicant would increase its share of deposits Bank is the fifth largest of 15 banking organizain the State by only .05 percentage point, repre- tions in the Columbus market, but holds only 0.6 senting no significant increase in Applicant's per cent of deposits in the area. Consummation control of deposits in the State, or change in its of the proposed transaction would represent the present ranking. initial entry by an out-of-area based holding com- Bank operates its main office in the village of pany into the Columbus market, and would en- Canal Winchester and one branch office on the able Bank to compete more effectively with the Lockbourne Air Force Base, 10 miles southwest of Columbus area offices of the above-mentioned the main office. Both offices are located in Frank- three large bank holding companies, without having lin County. However, the corporate limits of Canal an adverse effect on other competing banks. Winchester extend beyond Franklin County and The financial condition and management of Apinclude a small part of Fairfield County to the plicant and its subsidiaries are regarded as satiseast. The service area of Bank extends ap- factory and the prospects of each seem favorable. proximately 12 miles around Canal Winchester Applicant has made a commitment to supply a to include parts of Franklin, Fairfield, and minimum of $500,000 equity capital to Bank if Pickaway Counties. the proposed acquisition is made, and to furnish Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1027 experienced management for the Bank. Such ORDER APPROVING ACQUISITION OF BANK STOCK improvements for Bank are desirable and Ap- BY BANK HOLDING COMPANY plicant's commitments along these lines weigh There has come before the Board of Governors, strongly in favor of approval of the application. pursuant to section 3(a)(3) of the Bank Holding Prospects of Bank, as a member of Applicant's Company Act of 1956 (12 U.S.C. 1842(a)(3)) system, would be favorable. and section 222.3(a) of Federal Reserve Regula- Considerations relating to the convenience and tion Y (12 CFR 222.3(a)), an application by needs of the area lend additional weight toward ap- First National Charter Corporation, Kansas City, proval. Although the more important banking Missouri, for the Board's prior approval of the needs of the area are being served at the present acquisition of 80 per cent or more of the voting time, affiliation with Applicant should enable shares of Bank of Overland, Overland, Missouri. Bank to meet the competition of the banks now As required by section 3(b) of the Act, the dominating the area. In this connection, Applicant Board gave written notice of receipt of the applicastates that it intends to assist Bank in setting up tion to the Commissioner of Finance for the State five new branches in the next three to five years. of Missouri, and requested his views and recom- Further, Applicant advises of plans to expand mendation. The Commissioner responded that his Bank's services through increased mortgage, com- office had no objection to approval of the applicamercial and industrial lending, and to assist Bank tion. in providing trust services. Such new and im- Notice of receipt of the application was pubproved services would enable Bank better to serve lished in the Federal Register on September 16, the expanding needs of the rapidly growing Colum- 1971 (36 Federal Register 18539), providing an bus metropolitan area. It is the Board's judgment opportunity for interested persons to submit comthat consummation of the proposed transaction ments and views with respect to the proposal. A would be in the public interest, and that the copy of the application was forwarded to the application should be approved. United States Department of Justice for its con- IT IS HEREBY ORDERED, On the basis of the sideration. Time for filing comments and views record, that said application be and hereby is ap- has expired and all those received have been proved for the reasons summarized above, provided considered. that the action so approved shall not be consum- The Board has considered the application in the mated (a) before the thirtieth calendar day follow- light of the factors set forth in section 3(c) of ing the date of this Order or (b) later than three the Act, including the effect of the proposed months after the date of this Order, unless such acquisition on competition, the financial and manperiod is extended for good cause by the Board, or agerial resources and future prospects of the Apby the Federal Reserve Bank of Cleveland pur- plicant and the banks concerned, and the consuant to delegated authority. venience and needs of the communities to be By order of the Board of Governors, November served, and finds that: 15,1971. Applicant has six subsidiary banks with total deposits of $475.8 million, which represents 4.2 Voting for this action: Chairman Burns and Governors Mitchell, Daane, Maisel, Brimmer, and Sherrill. Absent and per cent of the total commercial bank deposits in not voting: Governor Robertson. the State, and is the fifth largest banking organiza- (Signed) TYNAN SMITH, tion and bank holding company in Missouri. (All Secretary of the Board. banking data are as of December 31, 1970, ad- [SEAL] justed to reflect holding company formations and acquisitions approved by the Board to date.) Bank, with deposits of $22.6 million, is the FIRST NATIONAL CHARTER fifty-ninth largest of the 105 banks competing CORPORATION, in the St. Louis banking market, which is ap- KANSAS CITY, MISSOURI proximated by St. Louis County, the City of St. Louis, portions of Jefferson and St. Charles In the matter of the application of First Na- counties in Missouri, and portions of Madison tional Charter Corporation, Kansas City, Mis- and St. Clair counties in Illinois. Applicant resouri, for approval of acquisition of 80 per cent ceived Board approval on November 4, 1971, or more of the voting shares of Bank of Overland, to acquire voting shares in a bank, The North Overland, Missouri. Side Bank of Jennings, which is located ap- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1028 FEDERAL RESERVE BULLETIN • DECEMBER 1971 proximately eleven miles east of Bank, but the voting shares (less directors' qualifying shares) record discloses that there is no meaningful com- of Chase Manhattan Bank of Long Island (N.A.), petition between -that approved subsidiary and Melville, Suffolk County, New York, a pro- Bank because of a close relationship based on posed new bank. common ownership and common directors which has existed for over 20 years. Moreover, Ap- ORDER APPROVING ACQUISITION OF BANK STOCK plicant's other subsidiaries do not compete with BY BANK HOLDING COMPANY Bank to any significant extent and, in light of There has come before the Board of Governors, Missouri's restrictive branching law, the number pursuant to section 3(a)(3) of the Bank Holding of available banking alternatives, and the dis- Company Act of 1956 (12 U.S.C. 1842(a)(3)) tances separating Applicant's subsidiaries from and section 222.3(a) of Federal Reserve Regula- Bank, the development of any such competition tion Y (12 CFR 222.3(a)), an application by The appears remote. On the basis of the record before Chase Manhattan Corporation, New York, New it, the Board concludes that consummation of the York, for the Board's prior approval of the acquisiproposed acquisition would not have significant tion of 100 per cent of the voting shares (less adverse effects on competition in any relevant directors' qualifying shares) of Chase Manhatarea. tan Bank of Long Island (N.A.), Melville, Suffolk The financial and managerial resources and County, New York ("Bank"), a proposed new prospects of Applicant, its subsidiaries, and Bank bank. are regarded as consistent with approval of the application. Applicant proposes to assist Bank in As required by section 3(b) of the Act, the expanding business services, developing a trust Board gave written notice of receipt of the apdepartment, and providing data processing serv- plication to the Comptroller of the Currency and ices. These considerations relating to convenience requested his views and recommendation. The and needs of the community lend weight in support Comptroller offered no objection to approval of of approval of the application. It is the Board's the application. judgment that consummation of the proposed Notice of receipt of the application was pubacquisition would be in the public interest, and lished in the Federal Register on September 1, that the application should be approved. 1971 (36 Federal Register 17532), providing an opportunity for interested persons to submit com- IT IS HEREBY ORDERED, On the basis of the ments and views with respect to the proposal.1 A record, that said application be and hereby is copy of the application was forwarded to the approved for the reasons summarized above, pro- United States Department of Justice for its convided that the action so approved shall not be sideration. Time for filing comments and views has consummated (a) before the thirtieth calendar expired and all those received have been conday following the date of this Order or (b) later sidered. than three months after the date of this Order, The Board has considered the application in unless such period is extended for good cause by the light of the factors set forth in section 3(c) the Board, or by the Federal Reserve Bank of Kansas City pursuant to delegated authority. of the Act, including the effect of the proposed By order of the Board of Governors, November acquisition on competition, the financial and managerial resources and future prospects of the Ap- 15, 1971. plicant and the banks concerned, and the con- Voting for this action: Chairman Burns and Governors venience and needs of the communities to be Mitchell, Daane, Maisel, Brimmer, and Sherrill. Absent and served, and finds that: not voting: Governor Robertson. (Signed) TYNAN SMITH, Applicant requested confidential treatment for the informa- Secretary of the Board. tion submitted in response to Exhibits C-3, C-4, and E-l in its application. Pursuant to Board Order (36 Federal Register [SEAL] 19195), a public oral proceeding was held on October 15, 1971. The information involved falls within the fourth and eighth exemptions of the Public Information Act (5 THE CHASE MANHATTAN CORPORATION, U.S.C. 552). While the Act does not require confidential NEW YORK, NEW YORK treatment, applying the test set forth in the Board's Rules Regarding Availability of Information, § 261.4, the Board has In the matter of the application of The Chase determined on the record of the proceeding that any public interest in disclosure of this information for the purposes of Manhattan Corporation, New York, New York, comment on the instant application is outweighed by the pofor approval of acquisition of 100 per cent of the tential competitive harm to Applicant. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1029 Applicant, the largest banking organization in came such on the date of such consummation, ex- New York, has one subsidiary bank controlling cept to the extent otherwise permitted in any regulatotal domestic deposits of $14.3 billion, represent- tion of the Board hereafter adopted specificially ing 16.3 per cent of the State's total deposits. relating to the effect of the acquisition of an (All banking data are as of December 31, 1970, additional bank on the status of nonbank shares adjusted to reflect holding company formations and activities of a one-bank holding company and acquisitions through September 30, 1971.) formed prior to 1971, or unless the Board fails to Bank, which will not be opened if the application adopt any such regulation before the expiration is denied, would serve primarily the Babylon- of two years after the consummation of the pro- Islip banking market into which Applicant's sub- posed acquisition. sidiary bank cannot branch. The closest banking By order of the Board of Governors, November office of Applicant's bank is located 5.5 miles 15, 1971. west of Bank in the adjoining Nassau County banking market, and there are many banking Voting for this action: Chairman Burns and Governors Mitchell, Daane, Maisel, Brimmer, and Sherrill. Absent and offices in the intervening area. Consummation of not voting: Governor Robertson. the proposed transaction would have no adverse (Signed) TYNAN SMITH, effects on existing or potential competition in Secretary of the Board. any relevant area and would have no adverse [SEAL] effects on any competing bank. The financial and managerial resources and fu- FIRST CITY BANCORPORATION OF TEXAS, ture prospects of Applicant and Bank are satis- INC., HOUSTON, TEXAS factory, and consistent with approval. Although In the matter of the application of First City there is no evidence that the existing banking Bancorporation of Texas, Inc., Houston, Texas, needs of the communities involved are not being for approval of acquisition of 52 per cent or more met, Applicant proposes that Bank will provide of the voting shares of Humble State Bank, the community with an alternative source of spe- Humble, Texas. cialized banking services. Accordingly, considerations relating to the convenience and needs of the community to be served lend slight weight ORDER APPROVING ACQUISITION OF BANK STOCK toward approval. It is the Board's judgment that BY BANK HOLDING COMPANY the proposed transaction would be in the public There has come before the Board of Governors, interest and that the proposed application should be pursuant to section 3(a)(3) of the Bank Holding approved. Company Act of 1956 (12 U.S.C. 1842(a) (3)) and IT IS HEREBY ORDERED, On the basis of the section 222.3(a) of Federal Reserve Regulation Y record, that said application be and hereby is ap- (12 CFR 222.3(a)), an application by First City proved for the reasons summarized above, pro- Bancorporation of Texas, Inc., Houston, Texas, vided that the action so approved shall not be con- for the Board's prior approval of the acquisition summated (a) before the thirtieth calendar day fol- of 52 per cent or more of the voting shares of lowing the date of this Order or (b) later than three Humble State Bank, Humble, Texas ("Bank"). months after the date of this Order, and provided As required by section 3(b) of the Act, the further that (c) Chase Manhattan Bank of Long Board gave written notice of receipt of the applica- Island (N.A.), Melville, Suffolk County, New tion to the Texas Commissioner of Banking and York, shall be open for business not later than six requested his views and recommendation. The months after the date of this Order. The periods Commissioner recommended approval of the apprescribed in (b) and (c) hereof may be extended plication. for good cause by the Board, or by the Federal Notice of receipt of the application was published Reserve Bank of New York pursuant to delegated in the Federal Register on August 13, 1971 (36 authority; and Federal Register 15141), providing an opportunity IT IS FURTHER ORDERED, That upon the con- for interested persons to submit comments and summation of the proposed transaction, Applicant views with respect to the proposal. A copy of the shall not retain or acquire any nonbank shares or application was forwarded to the United States engage in any nonbanking activities to a greater Department of Justice for its consideration. Time extent or for a longer period than would apply in for filing comments and views has expired and the case of a bank holding company which be- all those received have been considered. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1030 FEDERAL RESERVE BULLETIN • DECEMBER 1971 The Board has considered the application in the rapidly, and Bank has experienced rapid deposit light of the factors set forth in section 3(c) of the growth. The construction of the Houston Inter- Act, including the effect of the proposed acquisi- continental Airport 3 miles west of Humble aption on competition, the financial and managerial parently has led several national and international resources and future prospects of the Applicant firms to locate nearby. Affiliation with Applicant and the banks concerned, and the convenience should enable Bank to obtain additional capital and needs of the communities to be served, and funds and additional qualified personnel which finds that: are needed to meet the needs of its developing Applicant controls five banks with aggregate community. Considerations relating to the condeposits of approximately $1,142 million, repre- venience and needs of the community to be senting 4.3 per cent of total commercial bank de- served lend some weight for approval. It is the posits in Texas. (All banking data are as of Board's judgment that consummation of the December 31, 1970, and reflect holding company proposed transaction would be in the public interest formations and acquisitions approved by the and that the application should be approved. Board through August 31, 1971.) Applicant's IT IS HEREBY ORDERED, On the basis of the acquisition of Bank (about $12 million in de- record, that said application be and hereby is posits) would not represent a significant increase approved for the reasons summarized above, proin Applicant's share of total deposits in the State. vided that the action so approved shall not be Applicant controls three banks in the Houston consummated (a) before the thirtieth calendar SMS A, with deposits aggregating about $1,128 day following the date of this Order or (b) later million or 18.5 per cent of commercial bank than three months after the date of this Order, unless deposits in the area. Bank ranks 74th among the such period is extended for good cause by the 140 banks in the Houston SMS A, the relevant Board or by the Federal Reserve Bank of Dallas banking market, and holds 0.2 per cent of the pursuant to delegated authority. commercial bank deposits in the market. The By order of the Board of Governors, November service area of Bank is considered to be Humble 18, 1971.1 and the surrounding area. Although a small amount of the deposits of First City National Bank Voting for this action: Chairman Burns and Governors Mitchell, Daane, Maisel, Brimmer, and Sherrill. Absent and ("FCNB"), Applicant's lead bank, derives from not voting: Governor Robertson. the service area of Bank, FCNB (about $1 billion (Signed) TYNAN SMITH, in deposits) is primarily a large wholesale bank [SEAL] Secretary of the Board. (68.5 per cent of whose deposits are in accounts each of which exceeds $100,000), while Bank is FIRST TENNESSEE NATIONAL CORPORAa small retail-oriented institution serving a sub- TION, MEMPHIS, TENNESSEE urban community. There appears to be no significant existing competition between Bank and any In the matter of the application of First Tennesof Applicant's present subsidiaries; and on the see National Corporation (formerly named First facts of record, notably, the geographical separa- National Holding Corporation), Memphis, Tention of Bank from each of Applicant's subsidiaries, nessee, for approval of acquisition of 100 per cent the number of banks in the intervening areas, of the voting shares of the successor by merger to ; Texas' laws prohibiting branching, and the dif- Whites Creek Bank and Trust Company, Whites ferences in the types of business of FCNB and Creek, Tennessee. of Bank, it appears that significant future competition is not likely to develop. On the basis of ORDER APPROVING ACQUISITION OF BANK STOCK the record before it, the Board concludes that BY BANK HOLDING COMPANY consummation of the proposed acquisition would not adversely affect competition in any relevant There has come before the Board of Governors, area nor have an adverse effect on any competing pursuant to section 3(a)(3) of the Bank Holding bank. Company Act of 1956 (12 U.S.C. 1842(a)(3)) and section 222.3(a) of Federal Reserve Regulation Y The financial and managerial resources and fu- (12 CFR 222.3(a)), an application by First Nature prospects of Applicant, its present subsidiaries, tional Tennessee Corporation (formerly named and Bank are regarded as satisfactory and con- First National Holding Corporation), Memphis, sistent with approval. The community served by Bank has grown ^he vote on this case was taken November 15, 1971. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1031 Tennessee, a bank holding company, for the bank is 200 miles from Bank and there exists no Board's prior approval of the acquisition of 100 significant competition between the two instituper cent of the voting shares of the successor by tions. Because of the State's restrictive branching merger to Whites Creek Bank and Trust Company, law and other facts of record, substantial competi- Whites Creek, Tennessee ("Bank"). tion between Applicant and Bank is unlikely to The bank into which Bank is to be merged has develop. Consummation of the proposal would no significance except as a means to facilitate the have a procompetitive effect by enhancing Bank's acquisition of the voting shares of Bank. Accord- ability to compete with the three largest banks ingly, the proposed acquisition of the shares of the competing in the Nashville banking market, which successor organization is treated herein as the together hold approximately 94 per cent of the proposed acquisition of the shares of Bank. total deposits held by commercial banks in the area. As required by section 3(b) of the Act, the Board Based upon the foregoing, the Board concludes gave written notice of receipt of the application to that consummation of the proposal would not the Superintendent of Banks of the State of Ten- have an adverse effect on competition in any relenessee and requested his views and recommenda- vant area. tion. The Superintendent offered no objection to The financial and managerial resources and consummation of the proposal. future prospects of Applicant, its subsidiary bank Notice of receipt of the application was published and Bank are satisfactory and consistent with in the Federal Register on September 24, 1971 approval. Although all major local banking needs (36 Federal Register 18980), providing an oppor- are presently being served in the Nashville banktunity for interested persons to submit comments ing market, considerations relating to the conand views with respect to the proposal. A copy of venience and needs of the communities to be the application was forwarded to the United States served lend some weight toward approval. Bank's Department of Justice for its consideration. Time competitive ability should be strengthened by for filing comments and views has expired and all consummation of this proposal. Furthermore, those received have been considered. Applicant plans to expand Bank's trust services The Board has considered the application in and to add international and automated customer the light of the factors set forth in section 3(c) services to those services presently offered by of the Act, including the effect of the proposed Bank. acquisition on competition, the financial and man- It is the Board's judgment that the proposed agerial resources and future prospects of Appli- transaction would be in the public interest, and cant and the banks concerned, and the convenience that the application should be approved. and needs of the communities to be served, and IT IS HEREBY ORDERED, On the basis of the finds that: record, that said application be and hereby is Applicant, the largest bank holding company approved for the reasons summarized above, proand second largest banking organization in Ten- vided that the action so approved shall not be connessee, has one subsidiary bank1 with $738.7 summated (a) before the thirtieth calendar day million in deposits, representing approximately 9.9 following the date of this Order or (b) later than per cent of the total commercial bank deposits in three months after the date of this Order, unless the State. (All banking data are as of December 31, such period is extended for good cause by the 1970, adjusted to reflect holding company forma- Board, or by the Federal Reserve Bank of St. tions and acquisitions approved by the Board Louis pursuant to delegated authority. through September 30, 1971.) Consummation IT IS FURTHER ORDERED, That upon the conof the proposal herein would increase Applicant's summation of the proposed transaction, Applishare of deposits in the State to 10.0 per cent and cant shall not retain or acquire any nonbank shares would make Applicant the largest banking organi- or engage in any nonbanking activities to a zation in the State measured by both total deposits greater extent or for a longer period than would and banking offices. apply in the case of a bank holding company which Bank ($5.5 million deposits) is the seventh became such on the date of such consummation, largest of seven banking organizations located in except to the extent otherwise permitted in any the Nashville area. Applicant's present subsidiary regulation of the Board hereafter adopted specifi- ^he Board of Governors, on November 9, 1971, approved cally relating to the effect of the acquisition of an Applicant's acquisition of a second subsidiary bank, The Bank- additional bank on the status of nonbank shares and ing & Trust Company, Jonesboro, Tennessee (deposits $24.5 activities of a one-bank holding company formed million). That bank is located 300 miles east of Nashville. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1032 FEDERAL RESERVE BULLETIN • DECEMBER 1971 prior to 1971, or unless the Board fails to adopt resources and future prospects of the Applicant any such regulation before the expiration of two and the banks concerned, and the convenience years after the consummation of the proposed and needs of the communities to be served, and acquisition. finds that: By order of the Board of Governors, November Applicant controls four banks with deposits of 18,1971. $1,162 million, accounting for 10.1 per cent of the State's total deposits. (All banking data are Voting for this action: Chairman Burns and Governors Robas of December 31, 1970, and reflect holding ertson, Daane, and Maisel. Absent and not voting: Governors Mitchell, Brimmer, and Sherrill. company formations and acquisitions approved to (Signed) TYNAN SMITH, date.) Bank ($8.6 million in deposits) ranks 80th tSEALl Secretary of the Board. of 102 banks in the Kansas City market and is the smallest of five banks within its primary service area. Applicant's closest subsidiary, the Mercan- MERCANTILE BANCORPORATION INC., tile Bank and Trust Company, Kansas City, Mis- ST. LOUIS, MISSOURI souri, is located approximately 13 miles from Bank and is the 8th largest bank in the Kansas In the matter of the application of Mercantile City area, controlling 2.1 per cent of deposits in Bancorp oration Inc., St. Louis, Missouri, for the area's commercial banks. The Mercantile approval of acquisition of up to 100 per cent of Bank and Trust Company ($68.6 million in dethe voting shares of Red Bridge Bank, Kansas posits) is a relatively large bank in the downtown City, Missouri. area, while Bank is a small bank serving a suburban community. No significant competition exists be- ORDER APPROVING ACQUISITION OF BANK STOCK tween Bank and the Mercantile Bank and Trust BY BANK HOLDING COMPANY Company, and in view of the number of inter- There has come before the Board of Governors, vening banks, Missouri's restrictive branching pursuant to section 3(a)(3) of the Bank Holding law, and other facts of record, it appears unlikely Company Act of 1956 (12 U.S.C. 1842(a)(3)) and that such competition would develop. Consumsection 222.3(a) of Federal Reserve Regulation Y mation of the proposal would therefore have no (12 CFR 222.3(a)), an application by Mercantile adverse effects on existing or potential competi- Bancorporation Inc., St. Louis, Missouri, ("Ap- tion. plicant"), for the Board's prior approval of the The financial and managerial resources and acquisition of up to 100 per cent of the voting future prospects of Applicant, its subsidiaries, and shares of Red Bridge Bank, Kansas City, Mis- Bank are satisfactory and consistent with approval. souri ("Bank"). Applicant plans to enable Bank to expand loan As required by section 3(b) of the Act, the and retail depository services and to initiate trust, Board gave written notice of receipt of the applica- bond, and investment services to the extent necestion to the Missouri Commissioner of Finance sary to meet the growing needs of its economically and requested his views and recommendation. developing community. Accordingly, considera- The Commissioner offered no objection to approval tions relating to the convenience and needs of the of the application. communities to be served lend some weight to- Notice of receipt of the application was pub- ward approval. It is the Board's judgment that lished in the Federal Register on September 23, the proposed transaction would be in the public 1971 (36 Federal Register 18910), providing an interest and that the application should be apopportunity for interested persons to submit com- proved. ments and views with respect to the proposal. A IT IS HEREBY ORDERED, On the basis of the copy of the application was forwarded to the record, that said application be and hereby is United States Department of Justice for its con- approved for the reasons summarized above, sideration. Time for filing comments and views provided that the action so approved shall not be has expired and all those received have been consummated (a) before the thirtieth calendar day considered. following the date of this Order or (b) later than The Board has considered the application in the three months after the date of this Order, unless light of the factors set forth in section 3(c) of the such period is extended for good cause by the Act, including the effect of the proposed acquisi- Board or by the Federal Reserve Bank of St. Louis tion on competition, the financial and managerial pursuant to delegated authority. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1033 By order of the Board of Governors, November The Board has considered the application in the 18,1971. light of the factors set forth in section 3(c) of the Act, including the effect of the proposed acquisi- Voting for this action: Chairman Burns and Governors tion on competition, the financial and managerial Robertson, Daane, and Maisel. Absent and not voting: Governors Mitchell, Brimmer, and Sherrill. resources and future prospects of the Applicant (Signed) TYNAN SMITH, and the banks concerned, and the convenience Secretary of the Board. and needs of the communities to be served, and finds that: [SEAL] Applicant, the fourth largest banking organization in Virginia, controls 15 banks which hold VIRGINIA COMMONWEALTH combined deposits of approximately $674.5 mil- BANKSHARES, INC., lion, representing 8.4 per cent of the total com- RICHMOND, VIRGINIA mercial bank deposits held by Virginia banks. (All banking data are as of December 31, 1970, In the matter of the application of Virginia Comadjusted to reflect holding company formations monwealth Bankshares, Inc., Richmond, Virginia, and acquisitions through September 30, 1971.) for approval of acquisition of 100 per cent of the The acquisition of Bank ($13.6 million deposits) voting shares of the successor by merger to Bank would increase Applicant's share of deposits in of Warren, Front Royal, Virginia. the State by only 0.2 percentage point, representing no significant increase in Applicant's control ORDER APPROVING ACQUISITION OF BANK STOCK of deposits in the State, or change in its present BY BANK HOLDING COMPANY ranking. In a separate application filed concur- There has come before the Board of Governors, rently with the instant matter, Applicant proposes pursuant to section 3(a)(3) of the Bank Holding to acquire the successor by merger to the Bank Company Act of 1956 (12 U.S.C. 1842(a)(3)) of Whaleyville, Incorporated, Whaleyville, Virand section 222.3(a) of Federal Reserve Regula- ginia. Affiliation of both banks would increase tion Y (12 CFR 222.3(a)), an application by Vir- Applicant's share of the total commercial bank ginia Commonwealth Bankshares, Inc., Rich- deposits in Virginia to 8.6 per cent and would not, mond, Virginia, a registered bank holding com- therefore, have any significant effect on the conpany, for the Board's prior approval of the acquisi- centration of banking resources in Virginia or on tion of 100 per cent of the voting shares of the Applicant's Statewide competitive position. successor by merger to Bank of Warren ("Bank"), Bank operates its main office and a single Front Royal, Virginia. The bank into which Bank branch in the town of Front Royal. Deposits in is to be merged has no significance except as a Warren County (Bank's relevant market) are almeans of acquiring all of the shares of Bank. Ac- most equally divided between Bank and a competcordingly, the proposed acquisition of the shares ing bank which operates three branch offices in of the successor organization is treated herein as Front Royal. However, the competing bank, headthe proposed acquisition of the shares of Bank. quartered in Winchester, 16 miles north of Front As required by section 3(b) of the Act, the Royal, has total deposits five times greater than Board gave written notice of receipt of the ap- that of Bank. Thus, the proposed affiliation of plication to the Virginia Commissioner of Bank- Bank with Applicant could serve to enhance coming and requested his views and recommenda- petition in Warren County in view of the present tion. The Commissioner recommended approval of disparity in the competitive strength of the two the application. institutions. Notice of receipt of the application was pub- Applicant's subsidiary office closest to Bank is lished in the Federal Register on September 22, located 37 miles east of Front Royal, and ap- 1971 (36 Federal Register 18817), providing an parently no significant present competition exists opportunity for interested persons to submit com- between Bank and this office, or any of Applicant's ments and views with respect to the proposal. A other offices. It appears that consummation of this copy of the application was forwarded to the proposal would not foreclose significant potential United States Department of Justice for its con- competition in the light of the facts of record, sideration. Time for filing comments and views notably, the distances involved, the restrictive has expired and all those received have been branching laws in the State of Virginia, and the considered. unlikelihood that Applicant would enter Bank's Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1034 FEDERAL RESERVE BULLETIN • DECEMBER 1971 market de novo. Based on the foregoing, and the pursuant to section 3(a)(3) of the Bank Holding record before it, the Board concludes that con- Company Act of 1956 (12 U.S.C. 1842(a)(3)) summation of the proposed acquisition would not and section 222.3(a) of Federal Reserve Regulahave an adverse effect on competition in any tion Y (12 CFR 222.3(a)), an application by Virrelevant market. ginia Commonwealth Bankshares, Inc., Rich- Considerations related to financial condition, mond, Virginia, a registered bank holding commanagement, and prospects, as they relate to pany, for the Board's prior approval of the acquisi- Applicant, its subsidiaries, and Bank are regarded tion of 100 per cent of the voting shares of the as satisfactory and consistent with approval of successor by merger to Bank of Whaleyville, the application. It is noted that Applicant has Incorporated ("Bank"), Whajeyville, Virginia. made a public offering of common stock. Con- The bank into which Bank is to be merged has no siderations relating to the convenience and needs significance except as a means of acquiring all of of the area lend some weight toward approval. the shares of Bank. Accordingly, the proposed Although the more important banking needs of the acquisition of the shares of the successor organizaarea are being served at the present time, Ap- tion is treated herein as the proposed acquisition plicant plans to assist Bank to strengthen its retail of the shares of Bank. business as well as to add other services to create As required by section 3(b) of the Act, the a full-service bank. Operating economies of scale Board gave written notice of receipt of the apand access to the specialized talents of the holding plication to the Virginia Commissioner of Bankcompany are regarded as likely to benefit Bank ing and requested his views and recommendation. and facilitate its serving the needs of the com- The Commissioner recommended approval of the munity. It is the Board's judgment that consumma- application. tion of the proposed transaction would be in the Notice of receipt of the application was pubpublic interest, and that the application should lished in the Federal Register on September 22, be approved. 1971 (36 Federal Register 18817), providing an IT IS HEREBY ORDERED, On the basis of the opportunity for interested persons to submit comrecord, that said application be and hereby is ap- ments and views with respect to the proposal. proved for the reasons summarized above, pro- A copy of the application was forwarded to the vided that the action so approved shall not be United States Department of Justice for its conconsummated (a) before the thirtieth calendar day sideration. Time for filing comments and views following the date of this Order or (b) later than has expired and all those received have been conthree months after the date of this Order, unless sidered. such period is extended for good cause by the The Board has considered the application in Board or by the Federal Reserve Bank of Rich- the light of the factors set forth in section 3(c) mond pursuant to delegated authority. of the Act, including the effect of the proposed By order of the Board of Governors, November acquisition on competition, the financial and man- 18, 1971. agerial resources and future prospects of Applicant and the banks concerned, and the convenience Voting for this action: Chairman Burns and Governors and needs of the communities to be served, and Robertson, Daane, and Maisel. Absent and not voting: Govfinds that: ernors Mitchell, Brimmer, and Sherrill. (Signed) TYNAN SMITH, Applicant, the fourth largest banking organiza- Secretary of the Board. tion in Virginia, controls 15 banks which hold combined deposits of approximately $674.5 million, [SEAL] representing 8.4 per cent of the total commercial In the matter of the application of Virginia Com- bank deposits held by Virginia banks. (All bankmonwealth Bankshares, Inc., Richmond, Vir- ing data are as of December 31, 1970, adjusted to ginia, for approval of acquisition of 100 per cent reflect holding company formations and acquisiof the voting shares of the successor by merger tions through September 30, 1971.) The acquisito Bank of Whaleyville, Incorporated, Whaley- tion of Bank ($4.2 million deposits), would inville, Virginia. crease Applicant's share of commercial bank deposits in the State by an insignificant amount. In ORDER APPROVING ACQUISITION OF BANK STOCK a separate application filed concurrently with the BY BANK HOLDING COMPANY instant matter, Applicant proposes to acquire the There has come before the Board of Governors, successor by merger to the Bank of Warren, Front Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1035 Royal, Virginia. Affiliation of both banks would summated (a) before the thirtieth calendar day increase Applicant's share of the total commercial following the date of this Order or (b) later than bank deposits in Virginia to 8.6 per cent and would three months after the date of this Order, unless not, therefore, have any significant effect on the such period is extended for good cause by the concentration of banking resources in Virginia or Board or by the Federal Reserve Bank of Richon Applicant's Statewide competitive position. mond pursuant to delegated authority. Bank operates its single office in the Town of By order of the Board of Governors, November Whaleyville (population 332), and serves the sur- 18, 1971. rounding rural area within a radius of about 10 Voting for this action: Chairman Burns and Governors miles. With but 5.9 per cent of total deposits in Robertson, Daane, and Maisel. Absent and not voting: Govthe Whaleyville banking market (approximated ernors Mitchell, Brimmer, and Sherrill. by the southern part of Nansemond County in- (Signed) TYNAN SMITH, cluding the independent City of Suffolk), Bank is Secretary of the Board. the smallest of five banking organizations in the area. Competing in this market are two bank [SEAL] holding companies and the State's second largest bank. Applicant's subsidiary office closest to BANCOHIO CORPORATION, Bank is located 30 miles northeast of Whaley- COLUMBUS, OHIO ville and separated by the intervening City of Suffolk. Apparently no significant present com- In the matter of the application of BancOhio petition exists between Bank and this office, or Corporation, Columbus, Ohio, for approval of any of Applicant's other offices. It also appears acquisition of at least 80 per cent of the voting unlikely that consummation of this proposal shares of The Niles Bank Company, Niles, Ohio. would foreclose potential competition in the light of the facts of record, notably, Virginia's restrictive ORDER APPROVING ACQUISITION OF BANK STOCK branching laws and the unlikelihood that Ap- BY BANK HOLDING COMPANY plicant would establish a de novo bank in a community of the size Bank serves. Based on the fore- There has come before the Board of Governors, going, and the record before it, the Board con- pursuant to section 3(a)(3) of the Bank Holding cludes that consummation of the proposed transac- Company Act of 1956 (12 U.S.C. 1842(a)(3)) tion would not have an adverse effect on com- and section 222.3(a) of Federal Reserve Regulapetition in any relevant market. tion Y (12 CFR 222.3(a)), an application by Considerations relating to financial condition, BancOhio Corporation, Columbus, Ohio, for the management and prospects, as they relate to Ap- Board's prior approval of the acquisition of at plicant, its subsidiaries, and Bank are regarded least 80 per cent of the voting shares of The Niles as satisfactory and consistent with approval of the Bank Company ("Bank"), Niles, Ohio. application. The major banking needs of the area As required by section 3(b) of the Act, the are presently being met by the existing institutions; Board gave written notice of receipt of the aphowever, as a result of its affiliation with Ap- plication to the Ohio Superintendent of Banks plicant, Bank would be able to offer expanded and requested his views and recommendation. and improved services. Further, Applicant states The Superintendent offered no objection to apthat it intends to augment the capital of Bank proval of the application. to enable it to establish branches. Affiliation with Notice of receipt of the application was pub- Applicant should enable Bank to improve the lished in the Federal Register on September 28, quality and scope of its services and to become 1971 (36 Federal Register 19099), providing an a more viable competitor to the other banks in opportunity for interested persons to submit comthe area. It is the Board's judgment that consum- ments and views with respect to the proposal. A mation of the proposed transaction would be in copy of the application was forwarded to the the public interest, and that the application should United States Department of Justice for its conbe approved. sideration. Time for filing comments and views IT IS HEREBY ORDERED, On the basis of the has expired and all those recived have been conrecord, that said application be and hereby is ap- sidered. proved for the reasons summarized above, pro- The Board has considered the application in vided that the action so approved shall not be con- the light of the factors set forth in section 3(c) of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1036 FEDERAL RESERVE BULLETIN • DECEMBER 1971 the Act, including the effect of the proposed ac- cant would also provide Bank with expertise quisition on competition, the financial and man- which would permit Bank to offer directly FHA agerial resources and future prospects of the Ap- and VA insured loans and which would permit plicant and the banks concerned, and the con- Bank to expand other services such as floor planvenience and needs of the communities to be ning financing. Consequently, considerations reserved, and finds that: lated to the convenience and needs factor lend Applicant, the largest bank holding company some weight toward approval. It is the Board's and second largest banking organization in Ohio, judgment that the proposed transaction would be has 28 subsidiary banks controlling deposits in in the public interest and that the application should excess of $1.6 billion, representing approximately be approved. 7.2 per cent of the total commercial bank de- IT IS HEREBY ORDERED, On the basis of the posits in the State. (All banking data are as of record, that said application be and hereby is June 30, 1971, and reflect holding company forma- approved for the reasons summarized above, protions and acquisitions approved by the Board vided that the action so approved shall not be through October 31, 1971.) Consummation of the consummated (a) before the thirtieth calendar day proposal herein would increase the percentage following the date of this Order or (b) later than of total State deposits controlled by Applicant three months after the date of this Order, unless slightly to 7.3 per cent and Applicant would re- such period is extended for good cause by the main the State's second largest banking organiza- Board or by the Federal Reserve Bank of Clevetion. land pursuant to delegated authority. Bank with $24.6 million deposits controls 2.8 By order of the Board of Governors, November per cent of deposits in the Youngstown-Warren 22, 1971. SMSA which approximates the relevant market within which the competitive aspects of the pro- Voting for this action: Chairman Burns and Governors Robertson, Mitchell, Daane, and Maisel. Absent and not voting: posal are to be considered. Bank is the ninth Governors Brimmer and Sherrill. largest of fourteen banking organizations in the (Signed) TYNAN SMITH, market; the five largest banks in the market each Secretary of the Board. have deposits in excess of $100 million. Applicant's closest subsidiary to Bank is located [SEAL] about 30 miles away from the Mineral Ridge branch of Bank. There is, therefore, no existing ASSOCIATED BANK CORPORATION, competition between Applicant and Bank. Ohio's DES MOINES, IOWA county-wide branching restrictions (Applicant neither has subsidiaries within Bank's home In the matter of the application of Associated county nor in counties contiguous thereto) and Bank Corporation, Des Moines, Iowa, for apother facts of record make it unlikely that future proval of action to become a bank holding comcompetition will develop between them. Conpany through acquisition of 55 per cent or more summation of this proposal would thus foreclose of the voting shares of Iowa Trust & Savings neither existing nor potential competition between Bank, Estherville, Iowa. Bank and any banking subsidiary of Applicant. Affiliation with Applicant is likely to enable Bank ORDER APPROVING ACTION TO BECOME to compete more effectively in the market while A BANK HOLDING COMPANY not having a detrimental effect on the smaller wellestablished banks within the market. Accordingly, There has come before the Board of Governors, the Board concludes that consummation of the pursuant to section 3(a)(1) of the Bank Holding proposal would not have an adverse effect on Company Act of 1956 (12 U.S.C. 1842(a)(1)) competition in any relevant area. and section 222.3(a) of Federal Reserve Regula- The financial and managerial resources and pros- tion Y (12 CFR 222.3(a)), an application by Aspects of Applicant, its subsidiaries, and Bank are sociated Bank Corporation, Des Moines, Iowa, satisfactory and consistent with approval of the for the Board's prior approval of action whereby application. As a result of affiliation with Applicant, Applicant would become a bank holding company international banking services and fiduciary through the acquisition of 55 per cent or more of services would be made available to Bank's cus- the voting shares of Iowa Trust & Savings Bank, tomers through lead bank of Applicant. Appli- Estherville, Iowa ("Bank"). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1037 As required by section 3(b) of the Act, the vided that the action so approved shall not be con- Board gave written notice of receipt of the ap- summated (a) before the thirtieth calendar day plication to the Iowa Superintendent of Banking following the date of this Order or (b) later than and requested his views and recommendation. three months after the date of this Order, unless The Superintendent recommended approval of the such period is extended for good cause by the application. Board or by the Federal Reserve Bank of Chicago Notice of receipt of the application was pub- pursuant to delegated authority. lished in the Federal Register on August 21, 1971 By order of the Board of Governors, November (36 Federal Register 16536), providing an op- 30, 1971.1 portunity for interested persons to submit comments and views with respect to the proposal. A Voting for this action: Chairman Burns and Governors Mitchell, Daane, Maisel, Brimmer, and Sherrill. Absent and copy of the application was forwarded to the not voting: Governor Robertson. United States Department of Justice for its con- (Signed) TYNAN SMITH, sideration. Time for filing comments and views [SEAL] Secretary of the Board. has expired and all those received have been considered. The Board has considered the application in ORDERS UNDER SECTION 4(c)(8) OF the light of the factors set forth in section 3(c) of BANK HOLDING COMPANY ACT the Act, including the effect of the proposed ac- THE CITIZENS AND SOUTHERN quisition on competition, the financial and man- NATIONAL BANK AND THE CITIZENS agerial resources and future prospects of the Ap- AND SOUTHERN HOLDING COMPANY, plicant and the banks concerned, and the con- SAVANNAH, GEORGIA venience and needs of the communities to be served, and finds that: In the matter of the applications of The Citizens Applicant is a recently organized corporation. and Southern National Bank and The Citizens and Upon consummation of this proposal, Applicant Southern Holding Company, Savannah, Georgia, will control $14.3 million in deposits, represent- for a determination under section 4(c)(8) of the ing .2 per cent of total commercial deposits in Bank Holding Company Act of 1956 relating to Iowa. (All banking data are as of December 31, the planned activities of their nonbanking sub- 1970.) Bank, the second largest of three banks in sidiary, The Citizens & Southern Credit Service the Emmet County banking market, controls 40.6 Corporation. per cent of the commercial deposits in that market. ORDER MAKING DETERMINATION Applicant was recently organized for the purpose REGARDING PLANNED ACTIVITIES of consummating this proposal and has no present OF NONBANKING SUBSIDIARY operations or subsidiaries. Therefore, consumma- UNDER BANK HOLDING COMPANY tion of this proposal would eliminate neither exist- ACT. DOCKET NO. BHC-99 ing nor potential competition, nor does it appear that there would be any adverse effects on any Applicants, The Citizens and Southern National bank in the market. Bank and The Citizens and Southern Holding Com- Applicant's financial condition and future pros- pany, Savannah, Georgia, both holding companies pects are dependent on those of Bank. The finan- within the meaning of §2(a) of the Bank Holding cial and managerial resources and future prospects Company Act of 1956 (12 U.S.C. §1841(a)), have of Bank are generally satisfactory and consistent filed a request for a determination by the Board of with approval of the application. Although con- Governors that the activities planned to be undersummation of the proposal would not have any taken by their nonbank subsidiary, The Citizens & immediate effects on the convenience and needs of Southern Credit Service Corporation, are of the the community, considerations related to these kind described in §4(c)(8) of the Act (12 U.S.C. factors are consistent with approval. It is the § 1843(c)(8)). Board's judgment that consummation of the pro- The applications were filed prior to the passage posal would be in the public interest and that the of the Bank Holding Company Act Amendments of application should be approved. 1970. In accordance with the requirements of the IT IS HEREBY ORDERED, On the basis of the Act prior to the passage of the 1970 Amendments, record, that said application be and hereby is ap- a hearing was held in this matter on November 20, proved for the reasons summarized above, pro- JThe vote on this case was taken November 15, 1971. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1038 FEDERAL RESERVE BULLETIN • DECEMBER 1971 1969, pursuant to an Order of the Board of Gov- By order of the General Counsel of the Board of ernors, before a hearing examiner selected by the Governors, October 14, 1971, acting on behalf of Civil Service Commission pursuant to section 3344 the Board pursuant to delegated authority (12 CFR of Title 5 of the United States Code. The record section 265.2(b)(2)). made at said hearing has been duly filed with the (Signed) TYNAN SMITH, Board. Inasmuch as section 4(c)(8) of the Act, as tSEAL] Secretary of the Board. amended, is controlling with respect to the issues to be determined in this matter, on April 29, 1971, HEARING EXAMINER'S RECOMMENDED the Board issued a Notice of Opportunity for Hear- DECISION1 ing in this matter pursuant to section 4(c)(8), as The Applicants propose to expand their activities amended. No request for hearing was received. under a "pool-reserve plan" to include corre- On June 9, 1971, therefore, the Board of Governors spondent banks. Currently, such activities are issued an Order referring this matter to Hearing limited to subsidiary banks. The plan is described Examiner La Macchia for his recommended decias "a method of pooling of loss reserves with sion pursuant to section 4(c)(8), as amended. On respect to term loans to small businesses and the August 10, 1971, Hearing Examiner La Macchia establishment of uniform credit standards with refiled his Recommended Decision, a copy of which spect thereto, thus permitting banks * * * to adopt is annexed hereto, wherein he recommended that a uniform and liberal credit policy in extending the Board make the requested determination subcredit and eliminating the usual method of exject to certain conditions. The time for filing exchanging participations between these banks." ceptions to the Recommended Decision has ex- (Application, p. 4) The question presented for pired. No exception has been filed to the Recomdetermination by the Board is whether the promended Decision of the Hearing Examiner. The posed activities under the plan can be said to be findings of fact, conclusions of law, and recom- "so closely related to banking or managing or mendations of the Hearing Examiner are adopted, controlling banks as to be a proper incident and, on the basis of the entire record, thereto." 2 IT IS HEREBY ORDERED, That the activities pro- Based upon a consideration of the complete posed to be undertaken by The Citizens & Southern record, the Applicants are entitled to a favorable Credit Service Corporation are determined to be so determination under section 4(c)(8) of the Act, as closely related to banking or managing or control- amended. Findings of fact and conclusions of ling banks as to be a proper incident thereto. Said law follow: Order is entered on the conditions that The Citizens & Southern Credit Service Corporation shall FINDINGS OF FACT amend its charter so as to authorize it to perform 1. The Citizens and Southern Holding Comits functions and make its services available to pany (the "Holding Company") and The Citizens banks, but not to lenders other than banks and and Southern National Bank (the "National Bank") amend its proposed contracts with correspondent are both bank holding companies under section 2(a) banks so as to provide that any correspondent bank of the Bank Holding Company Act of 1956, as may terminate its contract with The Citizens & amended (12 U.S.C. §1841(a)) (the "Act"). (Tr. Southern Credit Service Corporation respecting 8-9) The National Bank owns all of the stock of the future transactions upon 90-day prior written notice, and on the further condition that The }This decision is submitted pursuant to the Board's Order For Citizens & Southern Credit Service Corporation Recommended Decision of Hearing Examiner dated June 9, shall be subject to the same limitations with 1971, which recites, among other things, that the Hearing Examiner previously designated and before whom the record respect to the ownership of any collateral acquired in this matter was made has become unavailable; that section in the course of the conduct of its proposed 4(c)(8) of the Bank Holding Company Act of 1956 (12 U.S.C. activities as are its parents The Citizens and 1843(c)(8) was substantively amended on December 31, 1970, by the passage of the Bank Holding Company Act Amendments Southern National Bank and The Citizens and of 1970 (Public Law 91-607, 84 Stat. 1760); that section Southern Holding Company, Provided, however, 4(c)(8), as amended, is controlling with respect to the issues to That Applicants shall not proceed in reliance upon be determined in this matter; that on April 29, 1971, the Board issued a Notice of Opportunity for Hearing pursuant to section the terms of this Order for 10 days from the date 4(c)(8), as amended; and that no request for hearing was rehereof and thereafter shall conduct their operations ceived within the time prescribed. in conformity with the requirements of section 2Section 4(c)(8) of the Bank Holding Company Act of 1956, as amended by the Bank Holding Company Act Amendments 222.4(c) of Regulation Y (12 CFR 222.4(c)). of 1970. 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LAW DEPARTMENT 1039 Holding Company. (Application 1). The banking 7. Automatic approved loans are small business subsidiaries of the Holding Company within the loans in the principal amount not exceeding meaning of the Act are: the Citizens and Southern $25,000 where (a) the total liability of the borrower Bank of Albany, the Citizens and Southern DeKalb to all participating banks does not exceed $25,000 Bank, the Citizens and Southern Bank of Dublin, principal amount after the loan is made, (b) where the Citizens and Southern Bank of East Point, the the business conducted by the borrower has been Citizens and Southern Emory Bank, the Citizens in operation at least two full years, (c) where the and Southern Bank of LaGrange, the Citizens and operation for the prior fiscal year has resulted in a Southern Newnan Bank, and Citizens and Southern profit after provision for all applicable taxes, (d) Bank of Thomaston (the "Subsidiaries") (Exh. where after the prior year's operations the assets of "H"). the business exceeded the liabilities, (e) where the 2. The Holding Company owns all of the stock loan is not a renewal or rework of current debt of the Citizens and Southern Credit Service owed to the lending bank, and (f) where the Corporation ("CSC"). (Application 1). CSC is loan is repayable in nearly equal installments over a corporation incorporated under the laws of the a period not in excess of five years. (Exh. "D" State of Georgia on September 13, 1968. (Exh. §1.5; Tr. 55-57) "C"). Since October 15, 1968, CSC has been per- 8. With respect to all non-automatic loans, parforming certain services for the National Bank and ticipation in the Plan is conditioned on specific the Subsidiaries pursuant to sections 4(c)(1)(C) and acceptance of each such loan by CSC. Applica- 4(c)(1)(D) of the Act. tion for participation is submitted to CSC on the (Tr. 37, et seq.) form represented by Exhibit F-l (Exh. "F" rep- 3. All of the officers, directors and employees resents an application form formerly used by of CSC are officers or employees of the National CSC). (Tr. 44-45). In addition to the application, Bank or the Holding Company. (Stipulation) the submitting bank must send to CSC copies or 4. The only office of CSC is located at 35 Broad originals of the following: Street, N.W., Atlanta, Georgia, in the office build- (a) Financial statements on all involved coming in which the principal Atlanta branch office of panies for at least one year and three years if the National Bank is located. (Stipulation) possible. 5. The activities of CSC consist of the operation (b) Current personal statements on principals of a pooled-reserve plan (the "Plan") as well as and endorsers. incidental consulting and educational services in- (c) Current Dun & Bradstreet reports on all incidental to the up-dating, promotion and develop- volved companies. ment of the small business loan activities of the (d) One to two year projections of income state- National Bank and the Subsidiaries. CSC has en- ments and balance sheets of the borrowing comtered into a written contract with each bank for pany. which it is performing services, which contract (e) Credit and character reports on principals is in the form of Exhibit "D". The Plan operates and endorsers. in accordance with the contract. (Tr. 37-67) In (f) Term loan agreement if used. establishing the pooled reserve, CSC makes (g) A memo commenting on any unfavorable certain investments, including common stock. answers to the Term Loan Checklist (Exh. "E") (Tr. 37-38) that are significant to an evaluation of the loan 6. The principal amount of each loan covered request. (Exh. "F-l"; Tr. 41). by the Plan varies from $5,000 ($2,500 prior to 9. The participating bank pays CSC a fee in February 11, 1969) to not in excess of $100,000, connection with each participating loan in the with a limit on the total liability of any one borrow- amount of 1% per annum of the original principal er to the National Bank and the Subsidiaries of amount of the loan over the original term of the $250,000. Participating banks must submit all their loan. All such fees are paid in full at the time the "small business loans" as defined in section 1.1 of loan is submitted to CSC. (Exh. "D", §2.3; Tr. Exhibit "D" for participations. Eligibility for par- 46). ticipation depends upon certain standards being 10. When a participating loan is eligible for met. Small business loans are divided into two charge-off in accordance with the lending bank's categories, "automatic approved loans", as de- standard policy for charge-off on any loan or fined in section 1.5 of Exhibit "D", and "non- when the loan has been classified as "loss" by any automatic loans". (Tr. 37-67) bank supervisory or regulatory authority or by any Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1040 FEDERAL RESERVE BULLETIN • DECEMBER 1971 committee of the Board of Directors of the lending which they carry an account to participate in making bank or of the officers of the lending bank, CSC will loans (Tr. 99), and it is a common banking practice purchase said loan from the lending bank for the in Georgia for larger banks to arrange for the amount of the unpaid principal balance due at the purchase and sale of participations in loans made time of acquisition after any proceeds generated by small, local banks; this activity is a part of by the sale of collateral have been deducted. correspondent banking as presently conducted in (Exh. "D", §3.1) CSC does have the option to Georgia (Exh. L, Tr. 158ff). Check clearing and purchase the loan with the collateral unsold. investment assistance are other services provided (Exh. D. sec. 3.2) The loans are purchased without to correspondent banks (Tr. 144, 145). recourse against the selling bank, which has no 16. The extension of the activities of CSC to further liability, other than to continue local collec- Correspondents would inure to the benefit of the tion services as payments may be received (Exh. National Bank and the Subsidiaries by strengthen- D. sec. 2.5). ing the correspondent banking relationships be- 11. Applicants propose, if this Application is ap- tween them and their Correspondents. The availproved, to make available through CSC the Plan ability of the services of CSC to the Correspondand incidental education and consulting services ents would enable them better to meet the credit to correspondent banks of the National Bank and needs of their local customers, thus assisting of the Subsidiaries (the "Correspondents"), the Correspondents in their competition for local which Correspondents are not "subsidiaries" loans and deposits. (Tr. 119-123, 132-135) within the meaning of the Act of either the Na- 17. By applying the ratio of small business loans tional Bank or the Holding Company. (Application to deposits, for the applicants' subsidiaries out- §9; Tr. 119-123) side the Atlanta area, to the deposits of 213 se- 12. At the present time the Correspondents, lected correspondent banks, the Applicants estimost of which are small banks, are very reluctant mate that the correspondents have a potential to make small business loans. This is partly due to small business loan volume of over $40 million, the lack of training and education of the bank per- and project that CSC might cover up to $10 milsonnel in the techniques and procedures of small lion of these loans over the next five years. This business lending. This is also due to the fact that would be about one-third of CSC's expected total many small business loans involve risks which volume. (Tr. 114-116, 124-126, 139-142) banks with small loss reserves are not willing to 18. In addition to the Plan, CSC in cooperatake. (Tr. 132-135) tion with the National Bank furnishes incidental 13. The Plan will allow these banks to spread educational and promotional services to participatthe risks on such loans and the incidental educa- ing banks, such as seminars in the local communitional, promotional and consulting services af- ties attended by local bankers and their customers forded by CSC will help upgrade the small business and individual advising and consulting with regard lending techniques and procedures of these banks. to particular small business loans. (Tr. 126-128) (Tr. 100-102) 19. The activities of CSC are viewed by the 14. The experience of the Subsidiaries, which Georgia insurance authorities as those of a salvage have participated in the Plan since October 15, and liquidation company, not doing an insurance 1968, shows that the availability of the services of business (TR.. 151). CSC to small banks allows such banks to make 20. The proposed agreement to be entered into small business loans to their local customers which between CSC and the Applicants' correspondent would not have been made without the CSC banks does not provide any termination privilege activities. (Tr. 81-89) to the correspondent bank (Exh. D, §4). 15. A part of the business of banking as con- 21. The increases in both quantity and quality ducted by the National Bank and the Sub- of small business loans by small participating sidiaries is the creation, promotion and main- banks, resulting from the Plan, will benefit the tenance of correspondent banking relationships. public by providing greater convenience to the (Tr. 120-123; Exh. "L") A bank that carries an public by affording the customers of such banks account or maintains a balance with another bank better opportunities to obtain financing in their is known as a "correspondent bank" (Tr. 99, 144). local communities. Such increases will also bene- The Applicants consider as "correspondents" fit the public by increasing competition, since the those banks that have a close working relation- ability of the small banks to compete with larger ship with the C & S National Bank (Tr. 116). banks will be increased. (Tr. 81, 83, 87, 93, 96, Correspondent banks may request the bank with 101-102) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1041 22. The resulting increases in loans by the small In amendments to Regulation Y, section participating banks will help them to increase 222.4(a), effective June 15 and July 1, 1971, the their deposits, thus adding to their overall economic Board has set forth eight types of activities which strength and helping to avoid undue concentra- it deems closely related to banking. The activities tion of resources in larger banks. (Tr. 82, 83, 88) of Service would not fall squarely within any of 23. The improved expertise and small business the categories, or any combination of the eight. lending techniques of the small participating banks However, the listing of the categories does not will benefit the public by helping to avoid unsound preclude the existence of other activities which banking practices which might result from the mak- might be shown to meet the test of section 4(c)(8). ing of small business loans by inexperienced and The record shows that the expanded services of untrained lending officers. (Tr. 87) Service would be offered only to correspondent 24. The Plan will also help prohibit unsound banks of the Citizens and Southern National Bank banking practices by affording advance review by and subsidiaries of the Citizens and Southern CSC of potential small business loans, where re- Holding Company; that numerous services will be quested by the local banks, thus giving the local offered by Service to correspondent banks parbanks the benefit of the expertise and experience ticipating in the program to better enable them of CSC in making particular credit judgments, and to make small business loans; that the existence thereby reducing the chances of making unsound of a "pooled reserve" will make it more feasible loans. (Tr. 82, 89) for smaller banks to extend credit to small busi- 25. The improved procedures and expertise ness; and that the "pooled reserve" has many of developed by the participating banks will make the same practical effects as a loan participation their lending officers more efficient, and benefit among banks, a practice now common among the public by promoting gains in efficiency. (Tr. Georgia banks. These activities relate to financing 87) small business and providing a kind of credit in- 26. The educational seminars to which custom- surance on small business loans made by participaters of the local banks are invited will benefit the ing correspondent banks. These factors provide public by improving the financial and administra- sufficient basis for a determination that the activitive know-how of the local businessmen, thus ties of Service are "closely related to banking." helping them to improve their businesses, result- Applicants have shown that it can reasonably ing in increased competition among the local busi- be expected that the increased ability of participatness community and helping to avoid undue con- ing correspondent banks to knowledgeably extend centration of resources due to small business small business credit will benefit small business failures. (Tr. 87) concerns in cities in which the banks are located, 27. Extension of the Plan as sought by Ap- thus indirectly benefiting the economics of those plicants will not result in any decrease in com- cities. Applicants have also shown that the inpetition or in any unfair competition, since other creased ability of local banks to more effectively large banks will likely follow in a general pattern engage in this business can reasonably be exby affording similar services for their correspondent pected to provide many small businesses a more banks, if the CSC Plan proves successful. (Tr. convenient source of credit, and may enhance 123, 153) the effectiveness of local banks in competing with 28. The Plan will promote greater competition banks in larger cities to meet the credit needs of between the local participating banks and their small businesses. There is no evidence in the local competitors by causing the competitors to record that the activities of Service will result improve their small business lending techniques. in an undue concentration of resources, decreased (Tr. 153) or unfair competition, conflicts of interest, or unsound banking practices. These factors provide DISCUSSION Under section 4(c)(8) of the Bank Holding sufficient basis for a determination that the activi- Company Act of 1956, as amended by the Bank ties of Service are a "proper incident" to banking. Holding Company Act Amendments of 1970, the Board may approve this application if it finds the CONCLUSIONS OF LAW activities of Service are 4'so closely related to 1. The present and proposed activities of CSC banking or managing or controlling banks as to be are so closely related to banking or managing or a proper incident thereto." The expanded activi- controlling banks as to be a proper incident thereties in which Service proposes to engage meet to. these conditions. 2. The performance of the present and proposed Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
activities by CSC can reasonably be expected to manner that is inconsistent with limitations the produce benefits to the public that outweigh pos- Board has established pursuant to § 4(c)(8) of the sible adverse effects. Act (§ 222.4(c) of Regulation Y). The foregoing conclusions are made conditional- It appears that Guaranty Industrial Bank does ly upon the Applicants doing the following: (a) not accept demand deposits and engages solely amending the charter of CSC so as to authorize in the activities described in § 222.4(a)(2) of it to perform its functions and make its services Regulation Y. Accordingly, the activities of Guaravailable to any banks, but not to*lenders other anty are closely related to banking. than banks; and (b) amending its proposed con- Guaranty has assets of approximately $1 miltract with correspondent banks so as to provide lion; it serves a portion of Laramie County. Zions that the correspondent banks may terminate the presently operates four industrial banks in Coloagreement with respect to future transactions rado, one of which (with assets of $373,000) is upon 90 days prior written notice thereof to CSC. located 15 miles south of Loveland in Fort Collins on the periphery of Laramie County. Numerous other financial institutions compete with Guaranty RECOMMENDATIONS for savings deposits; 13 small loan companies, Subject to the condition specified in the preincluding three in Loveland, and a number of ceding paragraph, it is recommended that the Board credit unions compete with Guaranty for loans. of Governors of the Federal Reserve System: (1) It is anticipated that, following consummation enter an order determining the issues in this proof the proposal, Zions would augment Guaranty's ceeding in accordance with the above Findings of capital structure, which will enable Guaranty to Fact and Conclusions of Law, and (2) grant the expand on a sound basis and allow it to make request of The Citizens and Southern Holding larger loans to individual borrowers. Affiliation Company for an order pursuant to section 4(c)(8) with Zions would also provide Guaranty with of the Bank Holding Company Act of 1956, as access to improved marketing and auditing servamended by the Bank Holding Company Act ices. As a result, Guaranty should be in a posi- Amendments of 1970. tion better to serve its customers and to provide (Signed) PHILIP J. LAMACCHIA, more effective competition in its market area. Hearing Examiner There is no significant competition between Zions' existing subsidiaries and Guaranty. Because of the large number of competing institu- ZIONS UTAH BANCORPORATION, tions within Laramie County, consummation of the SALT LAKE CITY, UTAH proposal would only minimally decrease competition. There is no evidence in the record in- ORDER APPROVING ACQUISITION dicating that consummation of the proposed trans- OF INDUSTRIAL BANK action would result in any undue concentration Zions Utah Bancorporation, Salt Lake City, of resources, unfair competition, conflicts of in- Utah, a bank holding company within the mean- terests, unsound banking practices, or other ading of the Bank Holding Company Act of 1956, verse effects on the public interest. Based upon the foregoing and other consideraas amended, has applied for the Board's approval tions reflected in the record, the Board has deterunder § 4(c)(8) of the Act and § 222.4(b)(2) of the mined that the balance of the public interest fac- Board's Regulation Y to acquire all of the voting tors the Board is required to consider under shares of Guaranty Industrial Bank, Loveland, § 4(c)(8) is favorable. Accordingly, the proposed Colorado. Notice of the application, affording activity is a proper incident to banking or managing opportunity for interested persons to submit comor controlling banks within, the meaning of that ments and views, has been duly published. The section. The application is approved, but the transtime for filing comments and views has expired action shall not be consummated until 10 days and all received have been considered. from the date hereof. The operation by a bank holding company of an industrial bank is an activity that the Board By order of the General Counsel of the Board, has determined is closely related to banking if con- November 19, 1971, acting on behalf of the Board ducted in the manner authorized by State law, so pursuant to delegated authority (12 CFR 265.2 long as the institution does not both accept de- (b)(2)). mand deposits and make commercial loans and the (Signed) TYNAN SMITH, activities of the institution are not conducted in a [SEAL] Secretary of the Board. 1042 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Announcements RESIGNATION OF MR. SHERRILL AS A The White House MEMBER OF THE BOARD OF GOVERNORS December 10, 1971. Dear Mr. Sherrill: Mr. William W. Sherrill, who had been a Member of the Board since May 1, 1967, resigned effective Your letter of November 15 has come to my at the close of business on November 15, 1971. attention, and as you have requested, I accept At the time of his appointment as a Member of your resignation as a Member of the Board of the Board of Governors, Mr. Sherrill was a mem- Governors of the Federal Reserve System, effecber of the Board of Directors of the Federal De- tive November 15, 1971. posit Insurance Corporation. Before his service Your distinguished service in government, with the Federal Government in Washington, he first as Director of the Federal Deposit Insurance had served in various official capacities with the Corporation and then for four years as a Member City of Houston, Texas, and as President of the of the Board, has justly earned you the gratitude Homestead Bank of Houston and Executive Vice and admiration of every American. You have dis- President of the Jamaica Corporation. charged your exacting responsibilities with great Mr. Sherrill's letter of resignation and the Presi- skill and dedication, and I have especially valued dent's letter of acceptance follow: your important contributions and support during the past few months in our efforts to revitalize the nation's economy. November 15, 1971. As you return to private life, you may be certain that I am pleased to join with your many friends and colleagues here in extending my warm wishes My dear Mr. President: for continued success and happiness in the years I respectfully submit my resignation as a Mem- ahead. ber of the Board of Governors of the Federal Reserve System. It has been a privilege to serve in Sincerely, this position, and my decision to leave has been Richard Nixon reached after careful consideration and with much APPOINTMENT OF DIRECTORS reluctance. Fred Adams, Jr., was appointed by the Board of It has been a genuine pleasure serving with Dr. Governors as a director of the New Orleans Arthur Burns and my other colleagues, all men Branch of the Federal Reserve Bank of Atlanta, of unusual competence, and I shall miss their effective October 27, 1971, for the remainder of association. Dr. Burns' appointment as Chairman a 3-year term expiring December 31, 1971, and of the Federal Reserve Board will be marked, I for a new 3-year term beginning January 1, 1972. believe, as one of the best appointments made President of Cal-Maine Foods, Inc., in Jackson, by any President. Mississippi, he succeeds Frank G. Smith, former May I say that your courageous leadership in vice president of Mississippi Power & Light Commoving the nation toward economic stability has pany in Jackson, who resigned. been a source of inspiration to me, Mr. President. The Board of Governors also appointed John As a private citizen, I hope to provide you con- E. Sheehan, of Louisville, Kentucky, as a director tinuing support as you carry the heavy burdens of of the Louisville Branch of the Federal Reserve your office. You may be sure that government Bank of St. Louis for the remainder of a term that service has made me recognize more clearly than expires December 31, 1971. Mr. Sheehan, who most citizens how very much we all depend upon is chairman of the board of Cohart Refractories you. Company, succeeds the late Dr. Ronald E. Reit- Faithfully yours, meier. Director John G. Beam was elected chair- William W. Sherrill man of the Louisville Branch for the rest of 1971. 1043 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1044 FEDERAL RESERVE BULLETIN • DECEMBER 1971 ELECTION OF CLASS A AND CLASS B DIRECTORS The Federal Reserve Banks have announced the results of the annual elections by their member banks of Class A and Class B directors as shown below. The directors have been elected to serve for three years, beginning January 1, 1972: Boston Class A MARK C. WHEELER, Chairman of the Board and President, New England Merchants National Bank of Boston, Massachusetts. Mr. Wheeler succeeds John Simmen, Chairman of the Board and Chief Executive Officer, Industrial National Bank of Rhode Island, Providence. Class B W. GORDON ROBERTSON, General Trustee, Bangor Punta Corporation, Bangor, Maine. (Re-elected) New York Class A NORMAN BRASSLER, Chairman of the Board and Chief Executive Officer, New Jersey Bank N. A., Clifton, New Jersey. Mr. Brassier succeeds Charles E. Treman, Jr., President, Tompkins County Trust Company, Ithaca, New York. Class B FRANK R. MILLIKEN, President and Chief Executive Officer, Kennecott Copper Corporation, New York, New York. Mr. Milliken succeeds Milton C. Mumford, Chairman of the Board, Lever Brothers Company, New York, New York. Philadelphia Class A JAMES H. DAWSON, President and Chairman of the Board, Bank of Delaware, Wilmington. Mr. Dawson succeeds Harold F. Still, Jr., President, Central Penn National Bank, Philadelphia, Pennsylvania. Class B C. GRAHAM BERWIND, JR., President and Chief Executive Officer, Berwind Corporation, Philadelphia, Pennsylvania. (Re-elected) Cleveland Class A A. BRUCE BOWDEN, Vice Chairman of the Board, Mellon National Bank and Trust Company, Pittsburgh, Pennsylvania. Mr. Bowden succeeds George F. Karch, Chairman of the Board and Chief Executive Officer, The Cleveland Trust Company, Cleveland, Ohio. Class B DONALD E. NOBLE, President and Chief Executive Officer, Rubbermaid Incorporated, Wooster, Ohio. Mr. Noble succeeds J. William Henderson, Henderson & Associates, Columbus, Ohio. Richmond Class A EDWARD N. EVANS, President, The Farmers and Merchants National Bank, Cambridge, Maryland. Mr. Evans succeeds Douglas D. Monroe, Jr., President, Chesapeake National Bank, Kilmarnock, Virginia. Class B HENRY C. HOFHEIMER, II, Member of the Executive Committee, Lone Star Industries, Inc., Norfolk, Virginia. Mr. Hofheimer succeeds Charles D. Lyon of Hagerstown, Maryland. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ANNOUNCEMENTS 1045 Atlanta Class A JACK P. KEITH, President, First National Bank of West Point, Georgia. Mr. Keith succeeds John W. Gay, President, The First National Bank of Scottsboro, Alabama. Class B OWEN COOPER, President, Mississippi Chemical Corporation and Coastal Chemical Corporation, Yazoo City, Mississippi. (Re-elected) Chicago Class A FLOYD F. WHITMORE, President, The Okey-Vernon National Bank, Corning, Iowa. (Re-elected) Class B JOHN T. HACKETT, Treasurer and Vice President (Finance), Cummins Engine Company, Columbus, Indiana. Mr. Hackett succeeds Joseph O. Waymire of Indianapolis, Indiana. St. Louis Class A EDWIN S. JONES, Chairman and Chief Executive Officer, First National Bank in St. Louis, Missouri. Mr. Jones succeeds James P. Hickok, Director, First National Bank in St. Louis, Missouri. Class B JAMES S. TUHOLSKI, President, Mead Johnson and Company, Evansville, Indiana. Mr. Tuholski succeeds Sherwood J. Smith, Chairman of the Board and President, D/P Computer Services, Inc., Evansville, Indiana. Minneapolis Class A ROY H. JOHNSON, President, First National Bank of Negaunee, Michigan. Mr. Johnson succeeds Gustav A. Dahlen, President, First National Bank of Iron wood, Michigan. Class B JOHN H. BAILEY, President, The Cretex Companies, Inc., Elk River, Minnesota. (Re-elected) Kansas City Class A JOHN A. O'LEARY, Chairman of the Board, The Peoples State Bank, Luray, Kansas. (Re-elected) Class B FRANK C. LOVE, President, Kerr-McGee Corporation, Oklahoma City, Oklahoma. Mr. Love succeeds Stanley Learned, Consultant, Phillips Petroleum Company, Bartlesville, Oklahoma. Dallas Class A A. W. RITER, JR., President, The Peoples National Bank of Tyler, Texas. (Re-elected) Class B HUGH F. STEEN, President, El Paso Natural Gas Company, El Paso, Texas. (Re-elected) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1046 FEDERAL RESERVE BULLETIN • DECEMBER 1971 San Francisco Class A CARL E. SCHROEDER , President, First National Bank of Orange County, Orange, California. Mr. Schroeder succeeds Ralph V. Arnold, Chairman of the Board and Chief Executive Officer, First National Bank and Trust Company, Ontario, California. Class B CHARLES R. DAHL, President and Chief Executive Officer, Crown Zellerbach Corporation, San Francisco, California. Mr. Dahl succeeds Herbert D. Armstrong, Treasurer, Standard Oil Company of California, San Francisco, California. CHANGE IN DISCOUNT RATE must be retained in the account if its equity does not match the new margin requirement. The Board of Governors on December 10, 1971, In line with the new margin requirement, the approved actions by the directors of the Federal required deposit on short sales was also lowered Reserve Banks of Boston, St. Louis, Kansas City, from 65 to 55 per cent, effective December 6. and San Francisco, reducing the discount rate of Federal Reserve margin requirements set the those banks from 43A per cent to AV2 per cent, minimum down payment that must be made to effective December 13. Subsequently, the Board purchase margin securities. Under a 55 per cent approved similar actions by the directors of the margin requirement, a purchaser is required to pay Federal Reserve Banks of New York, Phila- 55 per cent of the purchase price and may obtain delphia, Cleveland, and Chicago, effective Decredit for the remaining 45 per cent. cember 17. The action was taken in recognition of the pre- DEMAND DEPOSIT OWNERSHIP DATA vailing levels of market interest rates and to assist the progress of economic expansion. Announcement was made in the November BULLETIN of plans to issue each month a release containing monthly and quarterly estimates on CHANGE IN MARGIN REQUIREMENTS "Demand Deposit Ownership." It was contem- The Board of Governors on December 3, 1971, plated that the release for late November, for lowered its margin requirement for purchasing or example, would carry figures for October, whereas carrying stocks from 65 to 55 per cent, effective the November BULLETIN would carry figures only December 6. through September. In making the change, the Board cited the In view of the reporting schedules of banks and moderate level of outstanding stock market credit the need for additional amounts of data on which and the absence of indications of the excessive use to base the estimates, a decision has been made of such credit. Margin credit extended by brokers to release the deposit ownership data only in the totaled about $5 billion at the end of October commonthly BULLETIN. pared with the peak of about $6.5 billion reached during June 1968. At large banks, loans for the NEW PUBLICATIONS purpose of purchasing or carrying securities currently amount to about $2.5 billion. Joint Treasury—Federal Reserve Study of the U.S. This action covers new extensions of credit by Government Securities Market: Staff Studies— brokers and dealers (Regulation T) and loans by Part 2 is available for distribution. It consists of the banks and other lenders (Regulations U and G, following three papers: "Financial and Economic respectively) for the purpose of purchasing or Environment of the 1960's in Relation to the U.S. carrying stocks registered on a national stock Government Securities Market" by Edward C. exchange or named in the Board's over-the- Ettin; "Federal Agency Debt and Its Secondary counter margin list. Market" by Janice Peskin; and "Market Per- No change was made in the 50 per cent margin formance as Reflected in Aggregative Indicators" requirement for purchasing or carrying convertible by Louise Ahearn and Janice Peskin. bonds or in the 70 per cent4 'retention requirement" The second of three volumes on the Reapplicable to undermargined accounts. This latter appraisal of the Federal Reserve Discount Mechrequirement specifies the portion of the proceeds anism is also available for distribution. Volume 2 of a sale of securities from a margin account that consists of the following: "The Legitimacy of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ANNOUNCEMENTS 1047 Central Banks" by Kenneth E. Boulding; "Selec- District to the Kansas City District, effective tive Credit Control" by Lester V. Chandler; "A January 24, 1972. Review of Recent Academic Literature on the This will be the first change in Federal Reserve Discount Mechanism" by David M. Jones; district boundaries since April 15, 1926, when two "Summary of Issues Raised at the Academic counties in New Mexico were transferred from the Seminar on Discounting" by Priscilla Ormsby; Dallas District to the Kansas City District. "Some Proposals for a Reform of the Discount The Western Missouri area affected by the Window" by Franco Modigliani; "An Evaluation transfer is economically aligned with metropolitan of Some Determinants of Member Bank Borrow- Kansas City. The transfer would result in shorter ing" by Leslie M. Alperstein; "Toward a Seasonal distances for check and cash delivery routes. Borrowing Privilege: A Study of Intra-year Fund Banks in the 24-county area are located from 25 to Flows at Commercial Banks" by Emanuel 140 miles from Kansas City compared with 165 Melichar; and "Capital and Credit Requirements to 290 miles from St. Louis. of Agriculture, and Proposals to Increase Avail- Counties affected by the transfer are Benton, ability of Bank Credit" by Emanuel Melichar and Caldwell, Carroll, Cedar, Chariton, Cooper, Raymond J. Doll. Daviess, Grundy, Harrison, Henry, Hickory, Copies may be obtained from Publications Howard, Johnson, Lafayette, Linn, Livingston, Services, Division of Administrative Services, Mercer, Morgan, Pettis, Putnam, Ray, St. Clair, Board of Governors of the Federal Reserve System, Saline, and Sullivan. Washington, D.C. 20551. The price of the Government securities study is $1.00 per copy; in quantities of 10 or more sent to one address, 85 ADMISSION OF STATE BANKS TO cents each. The price of the discount study is $3.00 MEMBERSHIP IN THE FEDERAL RESERVE per copy; in quantities of 10 or more sent to one SYSTEM address, $2.50 each. The following banks were admitted to membership in the Federal Reserve System during the period CHANGE IN FEDERAL RESERVE November 16, 1971, through December 15, 1971: DISTRICT BOUNDARIES Mississippi The Board of Governors has announced its ap- Fox worth Fox worth Bank proval of the transfer of 24 counties in Western Missouri Missouri from the St. Louis Federal Reserve Jackson Jackson Exchange Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
National Summary of Business Conditions Released for publication December 15 Industrial production increased in November. increased in November. The partial recovery in Employment also increased, but not as rapidly as coal output following the strike settlement acthe civilian labor force, and the unemployment counted for 0.2 per cent of the increase in the total rate rose. Wholesale prices were up somewhat index. Production of most other materials, howwith industrial prices unchanged. Commercial ever, changed little. bank credit and time and savings deposits in- EMPLOYMENT creased and the money stock rose slightly. Be- Unemployment rose to 6.0 per cent in November tween mid-November and mid-December, market from 5.8 per cent in October with employment ininterest rates changed little on balance, with bill creasing less than the labor force. Nonfarm payroll rates lower and government bond rates somewhat employment increased moderately in November higher. and in manufacturing the gains were small. The INDUSTRIAL PRODUCTION average workweek of manufacturing production Industrial production advanced 0.8 per cent in workers rose 0.3 to 40.1 hours and was 0.5 hour November, following no change in October. The above a year earlier. November index at 107.0 per cent (1967= 100) RETAIL SALES was 4.3 per cent above the low a year earlier. The value of retail sales in November increased There were gains in output of consumer goods, more than 1.5 per cent following a decline in Octobusiness equipment, and materials, but defense ber, according to the advance report. Sales at equipment output continued to decline. durable goods stores rose 2 per cent and sales at Among consumer goods, production of furninondurable goods stores increased 1.5 per cent. ture, some appliances, and nondurable goods con- Unit sales of new domestic autos declined 7 per tinued to advance. Auto assemblies were at an cent from the advanced October rate and were at annual rate of 8.6 million units compared with an an annual rate of 9.5 million units. 8.5 million rate in September and October. Business equipment output rose in November fol- WHOLESALE AND CONSUMER PRICES lowing a decline in October and since May busi- Wholesale prices, seasonally adjusted, increased ness equipment output has increased by 4 per cent. 0.1 per cent between October and November. Off- Production of construction products and steel also setting changes among several commodity groups left the index of industrial commodities unchanged, INDUSTRIAL PRODUCTION but seasonally adjusted increases in prices of RATIO SCALE. 1967=100 grains, livestock, meats, and fresh and dried fruits MATERIALS and vegetables served to increase farm and food products by 0.3 per cent. ^w^/pR0DUCTS, TOTAL 100 Consumer prices rose 0.1 per cent, after seasonal adjustment, in October. Seasonally adjusted food prices were unchanged and those of other commodities fell 0.1 per cent. The increase in service costs slowed markedly to 0.2 per cent. BANK CREDIT, DEPOSITS, AND RESERVES Commercial bank credit, adjusted for transfers of loans between banks and their affiliates, increased moderately further in November but at a somewhat slower pace than in other recent months. Total loans expanded more slowly reflecting declines in business and security loans, but real estate and F.R. indexes, seasonally adjusted. Latest figures: November. 1048 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
consumer loans continued to grow rapidly. Bank ber. Excess reserves increased but member bank acquisitions of securities were at a faster pace than borrowings remained about unchanged. in the July-October period, but holdings of issues SECURITY MARKETS other than U.S. Governments increased less rapidly. Treasury bill rates were about 20 basis points The narrowly-defined money stock increased lower to 10 basis points higher between midat an annual rate of less than 1 per cent in Novem- November and mid-December, with the increases ber—the same as the revised October pace. On on the longer issues reflecting the large new supply balance, the money stock increased only slightly of tax anticipation bills. The 3-month issue was between July and November. Total time and bid at about 3.95 per cent in mid-December, savings deposits rose at an annual rate of about compared with around 4.15 per cent a month 10 per cent in November, considerably below earlier. Yields on U.S. Government notes and the October pace but little different from the third- bonds rose somewhat over the same period. quarter expansion. In November, large negotiable New corporate bond yields declined on balance CD's declined but growth in other time and savings from mid-November to mid-December, while deposits continued strong. yields on seasoned corporate securities and munici- Net borrowed reserves of member banks aver- pal securities rose moderately. aged about $105 million over the 5 weeks ending Common stock prices increased steadily, on December 1, compared with $245 million in Octo- average-to-heavy volume in the same period. PRICES INTEREST RATES ALL COMMODITIES TREASURY BILLS ALL ITEMS LESS FOOD/ 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, Oct.; Wholesale, Nov. years or more and for 90-day Treasury bills. Latest figures: week ending Dec. 4. 1049 Digitized for FRASER 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
96 FEDERAL RESERVE BULLETIN • DECEMBER 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 107 INDEX TO STATISTICAL TABLES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 3 Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS e Estimated N.S.A. Monthly (or quarterly) figures not adjusted c Corrected for seasonal variation IPC Individuals, partnerships, and corporations p Preliminary SMSA Standard metropolitan statistical area r Revised A Assets rp Revised preliminary L Liabilities I, II, S Sources of funds U Uses of funds III, IV Quarters * Amounts insignificant in terms of the parn.e.c. Not elsewhere classified ticular unit (e.g., less than 500,000 when A.R. Annual rate the unit is millions) S A. Monthly (or quarterly) figures adjusted for (1) Zero, (2) no figure to be expected, or seasonal variation (3) figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) 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 rule 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.< Banks and branches, number, by class and State Apr. 1971 A-94—A-95 Semiannually Flow of funds: Assets and liabilities: Banking offices: 1959-70 Mar. 1971 A-71.10—A-71.21 Analysis of changes in number Aug. 1971 A-96 1970 data (revised) June 1971 A-71.2—A-71.3 On, and not on, Federal Reserve Flows: Par List, number Aug. 1971 A-97 1966-70 Mar. 1971 A-70—A-71.9 1970 selected data (revised) June 1971 A-70—A-71.1 Annually Income and expenses: Bank holding companies: Federal Reserve Banks Feb. 1971 A-94—A-95 List of, Dec. 31, 1970 June 1971 A-110 Insured commercial banks June 1971 A-94—A-95 Banking offices and deposits of Member banks: 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 individual releases. Dec. 1971 A-103 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 4 BANK RESERVES AND RELATED ITEMS • DECEMBER 1971 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Reserve Bank credit outstanding Period or date U.S. Govt, securities 1 Special u H n e d l e d r co D a u n i n s d - t s Float 2 O F t . h R e . r Total * s G to o c ld k c D e R r r t a i i g w f h ic i t n a s g te Bought repur- ad- assets 3 Total out- chase vances right agreement Averages of daily figures 1939—Dec 2,510 2,510 83 2,612 17,518 1941—Dec 2,219 2,219 5 170 2,404 22,759 1945—Dec 23,708 23,708 381 652 24,744 20,047 1950—Dec 20,345 20,336 142 1,117 21,606 22,879 1960—Dec 27,248 27,170 78 94 1,665 29,060 17,954 1965—De c 40,885 40,772 113 490 2,349 43,853 13,799 1966—De c 43,760 43,274 486 570 2,383 46,864 13,158 1967—De c 48,891 48,810 81 238 2,030 51,268 12,436 1968—De c 52,529 52,454 75 765 3,251 56,610 10,367 1969—De c 57,500 57,295 205 1,086 3,235 204 64,100 10,367 1970—No v 60,393 60,004 389 425 2,933 314 65,132 11,117 400 Dec 61,688 61,310 378 321 3,570 032 66,708 11,105 400 1971—Ja n 62,068 61,941 127 370 3,636 216 67,363 10,732 400 Feb 62,350 62,051 299 328 2,974 065 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 3,047 103 67,747 10,732 400 May 64,714 64,368 346 330 2,704 076 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 3,001 150 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 3,122 105 72,349 10,132 400 Nov.f 68,052 67,655 397 406 3,119 013 72,683 10,132 400 Week ending— 1971—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 3,585 1,113 72,925 10,132 400 27 67,334 67,257 77 413 3,091 1,160 72,053 10,132 400 Nov. 3 67,390 67,276 114 216 3,262 1,207 72,132 10,132 400 10 67,307 67,155 152 122 3,105 1,240 71,847 10,132 400 17 67,828 67,414 414 287 3,268 1,061 72,535 10,132 400 24^ 68,400 67,867 533 539 3,248 796 73,090 10,132 400 End of month 1971—Sept 67,627 6 67,627 198 3,139 1,001 72,016 10,132 400 Oct 67,301 6 67,301 212 3,585 1,208 72,358 10,132 400 Nov.f 68,157 "768,157 146 2,643 841 71,845 10,132 400 Wednesday 1971—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 22 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. 6 68,015 6 67,662 353 192 2,779 1,046 72,120 10,132 400 13 68,264 6 67,662 602 1,033 2,577 1,109 73,111 10,132 400 20 66,688 6-766,688 495 3,067 1,170 71,471 10,132 400 27 67,886 6 67,352 534 2,043 2,728 1,201 73,944 10,132 400 Nov. 3^ 68,026 6 67,226 800 252 2,732 1,241 72,342 10,132 400 10*> 66,944 6-766,944 196 2,855 1,289 71,341 10,132 400 17* 68,541 6 67,605 936 390 3,453 801 73,318 10,132 400 24^ 69,862 6 68,159 1,703 2,394 2,902 825 76,185 10,132 400 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1971 • BANK RESERVES AND RELATED ITEMS A 5 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued (In millions of dollars) Factors absorbing reserve funds Deposits, other than member bank Member bank reserves, Other reserves Period or date Treas- with F.R. Banks Other F.R. ury F.R. liacash ac- bilities h i o n l g d s - Tr u e r a y s - F ei o g r n - Other 2 counts3 ca a p n it d a l 3 B F W a . n R it k h . s c r C a e o n n u in d c r s y - Total Averages of daily figures 2,402 616 739 248 11,473 11,473 1939—Dec. 2,189 592 1,531 292 12,812 12,812 1941—Dec. 2,269 625 1,247 493 16,027 16,027 1945—Dec. 1,290 615 920 353 739 17,391 17,391 1950—Dec. 408 522 250 495 1,029 16,688 2,595 19,283 1960—Dec. 808 683 154 231 389 18,747 3,972 22,719 1965—Dec. 1,191 291 164 429 83 19,568 4,262 23,830 1966—Dec. 1,428 902 150 451 -204 20,753 4,507 25,260 1967—Dec. 756 360 225 458 -1,105 22,484 4,737 27,221 1968—Dec. 656 1,194 146 458 2,192 23,071 4,960 28,031 1969—Dec. 453 890 149 721 2,256 23,416 5,142 28,558 1970—Nov. 427 849 145 735 2,265 23,925 5,340 29,265 Dec. 445 1,028 155 786 2,109 24,938 5,550 30,488 1971—Jan. 465 1,025 153 778 2,232 24,710 5,170 29,880 Feb. 467 783 139 718 2,227 24,601 5,085 29,686 Mar. 499 1,047 148 752 2,194 24,814 5,071 29,885 Apr. 506 1,112 173 690 2,244 25,251 5,168 30,419 May 491 652 155 698 2,227 24,793 5,230 30,023 June 471 1,546 161 714 2,251 25,231 5,316 30,547 July 477 1,121 181 712 2,298 25,098 5,357 30,455 Aug. 466 1,621 151 712 2,296 25,365 5,437 30,802 Sept. 464 2,100 152 736 2,327 25,463 5,397 30,860 Oct. 470 1,723 133 714 2,320 25,489 5,461 30,950 Nov.^ Week ending— 473 1,213 194 691 2,324 25,167 5,352 30,519 1971—Sept. 1 464 1,318 165 711 2,402 25,341 5,514 30,855 8 458 1,388 139 708 2,226 25,236 5,615 30,851 15 470 1,760 150 704 2,234 25,345 5,015 30,360 22 473 2,009 146 718 2,299 25,473 5,600 31,073 29 466 2,148 183 765 2,398 25,483 5,510 30,993 Oct. 6 459 2,093 134 763 2,379 25,050 5,652 30,702 13 460 2,117 145 730 2,252 25,954 5,117 31,071 20 456 2,183 156 711 2,281 25,184 5,240 30,424 27 483 1,795 134 726 2,355 25,412 5,549 30,961 Nov. 3 479 1,598 119 710 2,422 25,014 5,566 30,580 10 465 1,582 123 725 2,244 25,577 5,595 31,172 17 464 1,927 123 686 2,265 25,625 5,134 30,759 24p End of month 453 2,102 166 777 2,374 25,424 5,508 30,932 1971—Sept. 477 1,876 135 733 2,337 25,697 5,548 31,245 Oct. 460 1 ,996 177 697 2,351 23,718 5,472 29,190 NovJJ Wednesday 471 1,194 142 682 2,374 25,788 5,354 31,142 1971—Sept. 1 466 1,185 152 733 2,427 24,994 5,517 30,511 8 465 1,386 139 767 2,210 23,999 5,614 29,613 15 480 1,939 146 690 2,251 25,239 5,017 30,256 22 475 2,021 166 712 2,317 25,211 5,600 30,811 29 469 1,988 165 719 2,419 25,234 5,508 30,742 Oct. 6 464 2,141 146 736 2,233 25,883 5,655 31,538 13 466 2,148 129 701 2,245 24,535 5,117 29,652 20 462 1,709 156 688 2,305 27,315 5,239 32,554 27 493 1,687 124 740 2,403 25,434 5,525 30,959 Nov. 3 p 473 1,411 137 714 2,443 24,323 5,573 29,896 10*> 472 1,532 145 705 2,226 26,250 5,637 31,887 \1p 467 1,435 126 698 2,303 28,858 5,134 33,992 24 p 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 • DECEMBER 1971 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City City of Chicago Period Reserves Bor- ]R eserves Bor- Reserves Bor- T h o e t ld al qu R ir e e - d! Excess B r F i a o n a . n w R g t k s - . s s F e r r r e v e - e e s T h o e t ld al qu R ir e e - d 1 Excess B r F i a n o a . n w g R t k s - . s se F r r r v e e - e e s T h o e t l a d l qu R i e r - ed i Excess B r F i a n o . a n R w g t k s . - s 1939—Dec 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 2,611 1,141 601 540 1941—Dec 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 1,143 848 295 1945—Dec 16,027 14,536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 1950—Dec 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 1,191 1960—Dec 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 4 1963—De c 20,746 20,210 536 327 209 3,951 3,895 56 37 19 1,056 1,051 5 1964—De c 21,609 21,198 411 243 168 4,083 4,062 21 35 -14 1,083 1,086 -3 1965—De c 22,719 22,267 452 454 -2 4,301 4,260 41 111 -70 1,143 1,128 15 1967—De c 25,260 24,915 345 238 107 5,052 5,034 18 40 -22 1,225 1,217 8 1968—De c 27,221 26,766 455 765 -310 5,157 5,057 100 230 -130 1,199 1,184 15 1969—De c 28,031 27,774 257 1,086 -829 5,441 5,385 56 259 -203 1,285 1,267 18 1970—No v 28,558 28,438 120 425 -305 5,441 5,444 -3 60 -63 1,282 1,283 Dec 29,265 28,993 272 321 -49 5,623 5,589 34 25 9 1,329 1,322 1971—Ja n 30,488 30,209 279 370 -91 5,976 5,917 59 40 19 1,387 1,392 -5 Feb 29,880 29,679 201 328 -127 5,854 5,810 44 29 15 1,403 1,380 23 Mar 29,686 29,487 199 319 -120 5,664 5,703 -39 51 -90 1,375 1.384 -9 Apr 29,885 29,745 140 148 -8 5,690 5,696 -6 15 -21 1,392 1.385 7 May 30,419 30,107 312 330 -18 5,837 5,791 46 113 -67 1,436 1,421 15 J Ju u l n y e 3 3 0 0 , , 0 5 2 4 3 7 2 3 9 0 , , 8 3 9 8 2 5 1 1 3 6 1 2 4 8 5 2 3 0 - - 3 65 2 8 2 5 5 , , 6 7 3 2 7 9 5 5 , , 6 7 7 5 4 4 - - 3 2 7 5 9 8 0 6 - - 1 11 2 1 7 1 1 , . 3 4 8 0 7 7 1 1 , , 4 4 0 0 5 8 -1-81 Aug 30,455 30,257 198 804 -606 5,693 5,640 53 164 -111 1,417 1,410 7 Sept 30,802 30,596 206 501 -295 5,683 5,674 9 38 -29 1,417 1,423 -6 Oct 30,860 30,653 207 360 -153 5,678 5,667 11 67 -56 1,425 1,408 17 Nov.f 30,950 30,693 257 406 -149 5,642 5,608 34 106 -72 1.408 1,401 7 Week ending— 1970—Nov. 4... 28,652 28,334 318 423 -105 5,571 5,475 96 11 85 1,298 1,291 7 1118..... . 2 2 8 8 , , 7 7 2 6 5 3 2 2 8 8 , , 4 5 4 9 3 9 2 1 8 6 2 4 4 3 4 3 5 0 - - 1 1 6 6 3 6 5 5 , , 4 5 8 8 8 8 5 5 , , 5 4 5 6 8 6 2 3 2 0 69 -4 3 7 0 1 1, , 3 2 0 9 8 8 1 1 , ,3 3 0 1 1 9 -21 7 25. . . 28,373 28,297 76 436 -360 5,266 5,327 -61 89 -150 1,231 1,237 -6 1971—Apr. 7... 29,670 29,393 277 197 80 5,569 5,631 -62 -62 1,367 1,351 16 14... 29,625 29,417 208 150 58 5,748 5,652 96 17 79 1,346 1,367 -21 21... 29,938 29,857 81 84 -3 5,728 5,784 -56 -56 1,381 1,384 -3 28... 30,157 30,109 48 176 -128 5,625 5,682 -57 46 -103 1,430 1,418 12 May 5... 30,780 30,415 365 174 191 5,907 5,817 90 46 44 1.440 1,449 -9 1 2 1 2 9 6 . . . . . . . . . 3 3 3 0 0 0 , , , 3 2 0 6 4 8 2 6 4 2 3 3 9 0 0 , , , 8 2 0 5 6 7 4 0 2 2 1 1 3 0 7 0 4 2 3 2 9 6 0 9 7 6 -2 - 1 9 0 3 3 4 1 5 5 5 , , , 6 9 7 5 8 6 7 6 8 5 5 5 , , , 9 7 78 6 1 1 6 7 - - 5 1 1 9 3 9 1 1 4 3 0 3 9 0 - - 1 1 -9 1 2 8 3 4 1 1 1 , , , 4 4 4 2 3 2 6 5 4 1 1 1 , . , 4 3 4 5 9 1 5 3 6 -2 3 1 9 1 9 June 2... 30,276 29,991 285 646 -361 5,693 5,638 55 171 -116 1.387 1,396 -9 9.. . 29,886 29,813 73 153 -80 5,648 5,680 -32 46 -78 1,414 1,413 1 16.. . 30,225 29,959 266 403 -137 5,742 5,729 13 129 -116 1,473 1,467 6 23.. . 29,919 29,709 210 619 -409 5,648 5,607 41 103 -62 1,338 1,351 -13 30.. . 30,292 30,060 232 750 -518 5,676 5,699 -23 107 -130 1,405 1.394 11 July 7.. . 30,313 30,036 277 661 -384 5,689 5,663 26 34 -8 1.388 1,374 14 2 1 1 4. . . . . . 3 3 0 0 , , 2 9 5 3 4 2 3 3 0 0 , , 2 6 4 5 9 0 282 5 1,1 9 2 9 1 1 - - 9 8 8 3 6 9 5 5 , ,9 7 1 4 1 7 5 5 , , 8 8 1 5 4 6 -6 5 7 5 25 6 2 5 -3 -1 1 0 9 1 1 , , 3 4 9 6 0 4 1 1 , ,4 4 5 1 1 2 -22 1 3 28... 30,623 30,556 67 545 -478 5,671 5,718 -47 30 -77 1,383 1,384 Aug. 4.. 30,894 30,460 434 764 -330 5,781 5,677 104 43 61 1,447 1,434 11.. 30,330 30,303 27 593 -566 5,625 5,699 -74 -74 1,419 1.431 18.. 30,605 30,381 224 1,179 -955 5,816 5,748 68 342 -274 1,416 1.412 25.. 30,111 30,020 91 771 -680 5,456 5,522 -66 267 -333 1,387 1,383 Sept. 1.. 30,519 30,195 324 706 -382 5,679 5,561 118 116 2 1,398 1.399 8.. 30,855 30,650 205 765 -560 5,719 5,759 -40 -40 1.428 1,423 5 15.. 30,851 30,604 247 457 -210 5,762 5,690 72 72 1.441 1,448 -7 22.. 30,360 30,421 -61 329 -390 5,469 5,578 -109 86 -195 1,410 1.413 -3 29.. 31,073 30,730 343 424 -81 5,825 5,689 136 36 100 1,410 1,412 -2 Oct. 6.. 30,993 30,779 214 309 -95 5,644 5,671 -27 29 -56 1,441 1,422 19 13.. 30,702 30,653 49 449 -400 5,668 5,693 -25 100 -125 1,413 1.432 -19 20.. 31,071 30,861 210 332 -122 5,808 5,818 -10 35 -45 1.429 1,421 27.. 30,424 30,373 51 413 -362 5,513 5,508 5 133 -128 1,353 1,364 Nov. 3.. 30,961 30,565 396 216 180 5,681 5,626 55 55 1,435 1.400 35 10.. 30,580 30,570 10 122 -112 5,589 5,597 -8 21 -29 1,376 1,406 -30 17.. 31,172 30,984 188 287 -99 5,705 5,761 -56 64 -120 1,447 1.433 14 24 p. 30,759 30,564 195 539 -344 5,586 5,520 66 150 -84 1,365 1,374 -9 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 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 Reserves Period BBoorrrrooww-- BBoorrrrooww-iinnggss aatt FFrreeee iinnggss aatt FFrreeee FF..RR.. rreesseerrvveess FF..RR.. rreesseerrvveess T h o e t ld al Required * Excess BBaannkkss T h o e t ld a l 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 80 6,689 6,066 623 40 583 .... 1960—Dec. 8,393 8,325 68 190 -122 7,347 6,939 408 74 334 . ...1963— Dec. 8,735 8,713 22 125 -103 7,707 7,337 370 55 315 ....1964—Dec. 9,056 8,989 67 228 -161 8,219 7,889 330 92 238 ....1965—Dec. 10,081 10,031 50 105 -55 8,901 8,634 267 80 187 ....1967—Dec. 10,990 10,900 90 270 -180 9,875 9,625 250 180 70 ....1968—Dec. 10,970 10,964 6 479 -473 10,335 10,158 177 321 -144 ....1969—Dec. 11,216 11,274 -58 301 -359 10,619 10,437 182 53 129 ....1970—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. 12,069 12,050 19 163 -144 11,688 11,528 160 115 45 Oct. 12,123 12,040 83 176 -93 11,777 11,644 133 102 31 Nov." Week ending— 11,215 11,188 27 314 -287 10,568 10,380 188 86 102 1970—Nov. 4 11,383 11,326 57 311 -254 10,556 10,332 224 65 159 11 11,313 11,343 -30 296 -326 10,554 10,397 157 34 123 18 11,215 11,206 9 288 -279 10,661 10,527 134 41 93 25 11,758 11,634 124 184 -60 10,976 10,777 199 13 186 .1971—Apr. 7 11,622 11,702 -80 127 -207 10,909 10,696 213 6 207 14 11,807 11,826 -19 80 -99 11,022 10,863 159 4 155 21 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 12,183 12,110 73 194 -121 11,651 11,512 139 99 40 20 11,876 11,933 -57 129 -186 11,682 11,568 114 97 17 27 12,073 11,976 97 105 -8 11,772 11,563 209 111 98 Nov. 3 11,967 12,050 -83 47 -130 11,648 11,517 131 54 77 10 12,172 12,139 33 174 -141 11,848 11,651 197 49 148 17 11,992 11,971 21 203 -182 11,816 11,699 117 139 -22 24» 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 • DECEMBER 1971 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars, except as noted) Basic reserve position Interbank Federal funds transactions Related transactions with U.S. Govt, securities dealers Net- Gross transactions Net transactions Reporting banks and Total Borweek ending— 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 f i b e n u N d a t n e n e e d t r r k s - a l S d u e r o f p r ic lu it s r P r e e e q a s r u e o 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 tr o t a i - o n w n s a - s y 2 b c b o P h u f a a y u n n i s r k n e e - s t g s s o b S e f a l a 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 i a r n o o l w g e m s r - s 4 lo N a e n t s trans. Total—46 banks 1971—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 -7,907 60.4 12,236 4,570 4,020 8,217 551 1,770 512 1,258 2 27 0 . . c— '3 1 5 8 2 1 0 1 5 2 6 6 , ,0 5 1 83 8 - -6 6 , , 2 6 4 6 1 0 c4 5 9 0 . . 0 4 1 1 0 0 , , 2 7 1 8 9 2 4 4, , 2 1 0 9 1 9 3 3 , , 5 6 7 3 7 0 6 7 , ,2 5 0 9 5 0 6 5 2 7 2 2 1 1 , , 7 7 8 2 9 2 4 3 0 8 6 2 1 1 , , 3 4 1 0 7 7 Nov. 3. 151 6,897 -6,747 52.2 11,243 4,346 3,989 7,255 357 2,127 247 1,879 10. -23 21 8,502 -8,547 65.7 12,732 4,230 3,640 9,092 589 2,385 366 2,019 17. -33 186 7,518 -7,737 58.7 12,160 4,641 3,895 8,264 746 1,811 404 1,407 24. 64 269 6,010 -6,215 48.8 10,557 4,547 3,808 6,749 739 1,640 381 1,259 8 in New York City 1971—Oct. 6. 53 29 1,977 -1,953 37.9 2,897 920 920 1,977 1,095 118 977 13. 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 1,047 983 2,395 64 1,259 110 1,149 27. 128 2,166 -2,287 r45.8 3,042 877 829 2,213 48 1,482 125 1,357 Nov. 3. 63 2,702 -2,639 51.6 3,697 995 995 2,702 1,718 83 1,635 10. 39 21 4,179 -4,161 81.9 4,699 520 519 4,179 1,862 96 1,766 17. -37 64 3,465 -3,566 68.0 4,050 585 585 3,465 1,529 92 1,437 24. 40 131 2,321 -2,412 48.3 3,114 793 793 2,321 1,337 95 1,242 38 outside New York City 1971—Oct. 6.... 91 4,215 -4,129 52.3 7,719 3,504 2,919 4,800 585 669 310 359 2 1 0 3 . . . . . . . . r —r 3265 4 4 , ,5 2 8 5 8 2 - -4 4 , , 2 7 9 2 8 7 5 5 4 9 . . 3 7 8 7 , , 4 4 4 0 3 5 3 3 , , 1 8 5 5 3 5 2 3 , , 5 3 9 0 4 4 4 5 , , 8 1 1 3 0 9 5 5 5 5 1 9 4 5 6 8 3 3 2 3 9 9 6 4 1 1 8 6 9 8 21.... c —24 3,853 -3,954 51.1 7,177 3,325 2,800 4,377 524 307 257. 50 Nov. 3.... 4,196 -4,108 52.6 7,546 3,350 2,993 4,553 357 408 164 244 10.... 4,323 -4,385 55.4 8,033 3,710 3,121 4,912 589 523 269 253 17.... 122 4,054 -4,172 52.6 8,109 4,056 3,310 4,799 746 283 312 -30 24.... 138 3,689 -3,803 49.1 7,443 3,754 3,016 4,427 739 302 286 16 5 in City of Chicago 1971—Oct. 6.... 1,145 -1,130 87.1 1,731 586 586 1,145 94 94 13.. . . 7 1,474 -1,485 113.9 1,992 517 517 1,474 O 8 O 8 o8o8 20.... 4 1,213 -1,214 93.6 1,693 480 480 1,213 96 96 27.... 54 1,361 -1,424 114.6 1,818 457 457 1,361 65 65 Nov. 3. .. . 24 1,552 -1,528 119.5 2,036 484 484 1,552 97 91 10.... -12 1,519 -1,531 119.5 2,065 546 526 1,539 181 181 17.... 1,384 -1,376 105.2 2,003 619 607 1,396 87 87 24.... 952 -995 79.7 1,663 711 674 989 114 114 33 others 1971—Oct. 6.... 76 5 3,070 -3,000 45.5 5,989 2,918 2,333 3,655 585 575 310 265 13. .. . -23 106 3,114 -3,243 49.0 6,451 3,337 2,787 3,664 551 495 394 101 20.... 33 77 3,039 -3,084 46.6 5,712 2,673 2,114 3,597 559 367 296 72 21.... -16 23 2,491 -2,531 39.0 5,359 2,868 2,344 3,015 524 242 257 -15 Nov. 3 63 2,644 -2,581 39.5 5,510 2,867 2,510 3,001 357 312 164 148 10.... -50 2,804 -2,854 43.0 5,968 3,164 2,595 3,373 569 342 269 73 17.... -4 122 2,670 -2,795 42.2 6,107 3,437 2,703 3,403 734 196 312 -117 24.... 20 92 2,737 -2,809 43.2 5,780 3,043 2,341 3,439 702 188 286 -98 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
DECEMBER 1971 • F.R. BANK INTEREST RATES A 9 CURRENT RATES (Per cent per annum) Loans to member banks Loans to all others under Under Sees. 13 and 13a 1 Under Sec. 10(b)2 last par. Sec. 133 Federal Reserve Bank N R o a 1 v t 9 e . 7 1 o 3 n 0, Ef d fe a c t t e i ve Pr r e a v t i e o us N R o a 1 v t 9 e . 7 1 3 o 0 n , Ef d fe a c t t e i ve Pr r e a v t i e o us N R o a 1 v t 9 e . 7 1 o 3 n 0, Ef d fe a c t t e i ve Pre r v at io e us N P C R C A B h o l h t e i e l c w i s i a v l c h t a n e o a m Y d l t n g a a e o o o n l r n d p k d h . i . a . .. . 4 4 4 4 4 4 4 3 y y % % % % 4 44 N N N N N N N o o o o o o o v v v v v v v . . . . . . . 1 1 1 1 1 1 1 1 9 1 1 2 5 2 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 7 7 7 7 7 7 7 1 1 1 1 1 1 1 5 5 5 5 5 5 5 1 1 1 1 1 1 » / / / / / / / 4 4 4 4 4 4 4 N N N N N N N o o o o o o o v v v v v v v . . . . . . . 1 1 1 1 1 1 1 9 1 5 2 1 1 2 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 7 7 7 7 7 7 7 1 1 1 1 1 1 1 5 5 5 5 5 5 5 1 1 1 1 1 V !/ / / / / / i 2 2 2 2 2 2 6 6 6 6 6 6 6 3 V Y V V V V / 4 a 4 4 A 4 4 N N N N N N N o o o o o o o v v v v v v v . . . . . . . 1 1 1 1 1 1 1 2 1 1 2 9 5 1 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 7 7 7 7 7 7 7 1 1 1 1 1 1 1 St. Louis 4% Nov. 11, 1971 51/4 Nov. 11, 1971 51/2 6V4 Nov. 11, 1971 S K D M a a a i n l n n l s a n F a s e r s a a p n C o c i i l t s i y c s o . . . . 44 4 43 3 3 y / 4 4 4 4 N N N N o o o o v v v v . . . . 1 1 1 1 1 1 2 1 , , , , 1 1 1 1 9 9 9 9 7 7 7 7 1 1 1 1 5 5 5 5 * 1 1 1 7 / / / 4 4 4 4 N N N N o o o o v v v v . . . . 1 1 1 1 1 2 1 1 , , , , 1 1 1 1 9 9 9 9 7 7 7 7 1 1 1 1 5 5 5 5 1 1 1 % / / / 2 2 2 6 6 6 ey V % %4 4 N N N N o o o o v v v v . . . . 1 1 1 1 1 1 2 1 , , , , 1 1 1 1 9 9 9 9 7 7 7 7 1 1 1 1 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, 1954 11 VVii iiVVii 1959—Mar. 6 21/2-3 3 1969—Apr. 4. 5^2-6 16 3 3 6 1955—Apr. 14 IV2-IV4 Wi May 29 3 -31/2 31/2 M Au a g y . 1 2 4 5 5 1 1 li 3 3 /2 1 4 4 - 3 - - 1 / 2 2 4 3 1 1 4 4 4 2 1 l 1 3 3 % 4 / 4 J S u ep n t e . 1 1 1 1 2 8 31/ 4 3 2 1 - / 4 2 4 4 3 1 /2 1970—Nov. 1 1 3 6 1 . . . 5 53 3 5 / 4 4 3 - - / 6 6 4 6 5 5 3 3 4 4 S N e o p v t . . 2 1 1 1 3 8 9 2 3 . . . . . . . . . . . . . . . 2 2 2 i 4 2 2 - 1 1 - - 2 / 4 2 2 2 i 1 1 / 4 2 4 2 2 2 2 2 1 1 1 1 / / / 4 4 2 2 1960—J S A u e u p n g t e . . 1 1 1 9 2 4 0 3 3 3 3 1 1 / / 3 3 2 2 1 - - - 3 / 4 4 2 1 /2 4 3 3 3 3 1 1 / / 2 2 Dec. 1 4 1 1 . 5 5 V i/ 5 2 21 ~ - / 5 5 2 V 3 44 5 5 51 3 % / 4 2 1956— A Ap u r g . . 2 2 1 4 0 3 2 2 2 1 3 3 / 4 4 2 - - - 3 3 3 3 2 2 3 3 / 4 4 1963—July 2 1 6 7 3 31 -3 /2 1 /2 3 3 1 1 / / 2 2 -Jan. 1 1 9 5 8 . 5 5 1 5 4 1 - - 5 5 4 1 1 / 4 2 5 5 51 1 1 / 4 4 4 31 3 3 1964—Nov. 24 31/2-4 4 22 5 -514 5 30 4 4 29 5 5 1957—Aug. 9 3 -31/2 3 Feb. 13 434-5 5 2 3 31/2 31/2 1965—Dec. 6 4 -41/2 41/2 19 434 434 D N e o c v . . 1 2 5 3 3 -31/2 3 3 13 41/2 41/2 July 16. 434-5 5 1967—Apr. 7 4 -41/2 4 23. 5 5 1958—Jan. 2 2 2 4 2 23 3 / 4 4 - - 3 3 3 2 34 Nov. 2 1 0 4 4 4 -41/2 4 41 /2 Nov. 1 1 1 9 443344- 5 453 4 Mar. 7 214-3 214 27 41/2 41/2 13 214-234 21/4 21 21/4 21/4 1968—Mar. 15 41/2-5 41/2 In effect Nov. 30, 1971. 434 434 Apr. 18 134-214 134 22 5 5 May 9 134 13/4 Apr. 19 5 -51/2 51/2 Aug. 15 134-2 134 26 51/2 51/2 Sept. 12 134-2 2 Aug. 16 51/4-51/2 51/2 23 2 2 30 514 514 Oct. 24 2 -21/2 2 Dec. 18 514-51/2 51/2 Nov. 7 21/2 21/2 20 51/2 51/2 NOTE.—Rates under Sees. 13 and 13a (as described in table and notes Apr. 3-4, 2.50; June 29, 2.75; July 20, 31, Aug. 1-3, 2.50; Sept. 28-29, above). For data before 1955, see Banking and Monetary Statistics, 1943, 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3, 2.75; 1962—Mar. 20-21, 2.75; 1964— pp. 439-42 and Supplement to Section 12, p. 31. Dec. 10, 3.85; Dec. 15, 17, 22,24, 28, 30, 31, 3.875; 1965—Jan. 4-8,3.875; The rate charged by the F.R. Bank of N.Y. on repurchase contracts 1968—Apr. 4, 5, 11, 15, 16, 5.125; Apr. 30, 5.75; May 1-3, 6, 9, 13-16, against U.S. Govt, obligations was the same as its rate on loans to member 5.75; June 7, 11-13, 19, 21, 24, 5.75; July 5, 16, 5.625; Aug. 16, 19, 5.25; banks under Sees. 13 and 13a, except in the following periods (rates in 1971—Jan. 21, 27, 4.75; Feb. 1-2, 4.50; 4, 11, 4.25; 16-17, 4.00; 18-19, percentages): 1955—May 4-6, 1.65; Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 3.75. Mar. 1-2, 10, 12, 15-18, 24, 29-31, 3.75. Apr. 1-2, 5-6, 3.75; 13, 15, 8, 2.15; Nov. 10, 2.375; 1956—Aug. 24-29, 2.75; 1957—Aug. 22, 3.50; 21, 28, 4.125. May 3-6, 17, 4.125; 18-20, 4.375; 26-27, 4.50; June 1, 1960—Oct. 31-Nov. 17, Dec. 28-29, 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; 4.50; Nov. 15-18,4.75. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 10 RESERVE AND MARGIN REQUIREMENTS • DECEMBER 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 CC rr bb ee ee cc ss aa nn ii ee nn tt tt rr yy rr kk vv aa ss ee ll bb ss cc RR aa ee ii rr nn tt ee vv yy kk -- ee ss CC bbaa oo ttrr nn uu yy kk nn ss -- bbb ccclll aaa aaa ((( ooo nnn aaa sss fff lll kkk sss lll eee sss sss ))) EEEffffffeeeccctttiiivvveee dddaaattteee 111 $ U 5 n c m d it e i y r l - ba $ n 5 O k v m s e r il - $ U 5 n m de b i r l- a nk $ s 5 O v m er il - dd SS ee iinn ii pp aa tt gg ss vv oo ss -- ss -- $ U 5 t n i m m d e e i r l- dep $5 O o s v m i e ts r i llion lion lion lion lion lion IIInnn eeeffffffeeecccttt DDDeeeccc... 333111,,, 111999444999 22222222222222222222 11118888 11112222 55 1966—July 14,21 6 16i/2 6 12 64 64 55 Sept. 8, 15 66 111999555111———JJJaaannn... 111111,,, 111666 22222222223333333333 11119999 11113333 66 JJJaaannn... 222555,,, FFFeeebbb... 111 22222222224444444444 22220000 11114444 1967—Mar. 2 3333%%%% 33331111////2222 111999555333———JJJuuulllyyy 999,,,111 22222222222222222222 11119999 11113333 Mar. 16 3333 3333 1954—June 24, 16 22222222221111111111 55 JJJuuulllyyy 222999,,, AAAuuuggg... 111 22222222220000000000 111888 111222 11996688——JJaann.. 1111 1188 IIII6666IIII////2222 11117777 11112222 111122221111////2222 111999555888———FFFeeebbb... 222777,,, MMMaaarrr... 111............ 111111111199999999991111111111//////////2222222222 111777111///222 111111%%% MMMaaarrr... 222000,,, AAAppprrr... 111............ 11111111119999999999 111777 111111 1969—Apr. 17 11117777 11117777iiii////2222 11112222iiii////2222 11113333 AAAppprrr... 111777 IIIIIIIIII8888888888IIIIIIIIII//////////2222222222 Apr. 24 11111111118888888888 II66II//22 11997700 OOcctt.. 11 55555 I960—Sept. 1 111111111177777777771111111111//////////2222222222 Nov. 24 1122 IIInnn eeeffffffeeecccttt NNNooovvv... 333000,,, 111999777111... 111777 111777111///222 111222111///222 111333 333 333 55555 Dec 1 III666III///222 1962—July 28 (((333))) PPPrrreeessseeennnttt llleeegggaaalll Oct. 25, Nov. 1 44 rrreeeqqquuuiiirrreeemmmeeennnttt::: MMMiiinnniiimmmuuummm 111000 777 333 333 333 MMMaaaxxxiiimmmuuummm 222222 111444 111000 111000 111000 1 When two dates are shown, the first applies to the change at central rowings above a specified base from foreign banks by domestic offices reserve or reserve city banks and the second to the change at country of a member bank. For details concerning these requirements, see 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) Period For credit extended under Regulations T (brokers and dealers), U (banks), and G (others than brokers, dealers, or banks) On margin stocks On convertible bonds Beginning Ending On short sales date date ((TT)) T U G T U G s 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 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
DECEMBER 1971 • MAXIMUM INTEREST RATES; BANK DEPOSITS A 11 MAXIMUM INTEREST RATES PAYABLE ON TIME AND SAVINGS DEPOSITS (Per cent per annum) Rates Jan. 1, 1962—July 19, 1966 Rates beginning July 20, 1966 Effective date Effective date Type of deposit Type of deposit Jan. 1, July 17, Nov. 24, Dec. 6, July 20, Sept. 26, Apr. 19, Jan. 21, 1962 1963 1964 1965 1966 1966 1968 1970 Savings deposits: 1 Savings deposits 41/2 12 months or more. . 4 4 Other time deposits:2 Less than 12 months. 31/z 3!/2 Mult 3 ip 0 l - e 8 9 m d a a t y u s r ity:3 4 4 5 1 /2 90 days-1 year... 1 year to 2 years., 5 51/2 2 years and over.. 5y 4 Single-maturity: Less than $100,000: Other time deposits: 2 30 days to 1 year.. 5 12 months or more.. 4 1 year to 2 years.. 51/2 5531//42 9 6 L 0 e m ( s d 3 s o a 0 t n y - h s t 8 a h 9 n t s o d t 9 o 6 a 0 y m 1 d s 2 ) a o y n m s t o h n s t .. h s . 2 31 ^ / 2 2 4 4 1/2 5Vi $1 9 3 2 6 0 0 0 0 0 y - - , - e 0 1 5 8 a 0 9 9 7 r 0 9 s d d a a d a a n n y y a d d s s y s o o v v e e r r . : . 5^2 51/2 5 5 6 1 ^ / 2 4 6 ( ( 3 4 4 ) ) 4 180 days to 1 year. ky 7 1 year or more. .. 4 71/2 1 Closing date for the Postal Savings System was Mar. 28, 1966. Max- 60-89 days. Effective June 24, 1970, maximum interest rates on these imum rates on postal savings accounts coincided with those on savings maturities were suspended until further notice. deposits. 2 For exceptions with respect to certain foreign time deposits, see NOTE.—Maximum rates that may be paid by member banks are estab- BULLETINS for Oct. 1962, p. 1279; Aug. 1965, p. 1084; and Feb. 1968, lished by the Board of Governors under provisions of Regulation Q; p. 167. however, a member bank may not pay a rate in excess of the maximum 3 Multiple-maturity time deposits include deposits that are automati- rate payable by State banks or trust companies on like deposits under cally renewable at maturity without action by the depositor and deposits the laws of the State in which the member bank is located. Beginning that are payable after written notice of withdrawal. Feb. 1, 1936, maximum rates that may be paid by nonmember insured 4 The rates in effect beginning Jan. 21 through June 23, 1970, were 6^4 commercial banks, as established by the FDIC, have been the same as per cent on maturities of 30-59 days and 6 Vi per cent on maturities of those in effect for member banks. DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks Reserve city banks Item m b e a A m n ll b k s e r Y N o e r w k C o i f t y Other C b o a u n n k t s r y Item mm bb ee aa AA mm nn llll bb kk ss ee rr Y N o e r w k C o i f t y Other C b o a u n n k t s r y City Chicago City Chicago Four weeks ending Oct. 6, 1971 Four weeks ending Nov. 3, 1971 Gross demand—Total. 194,776 44,058 7,905 68,510 74,304 Gross demand—Total.. 195,315 44,321 7,853 68,235 74,906 Interbank 26,809 12,916 1,430 9,509 2,954 Interbank 27,881 13,555 1,458 9,793 3,075 U.S. Govt 6,369 1,106 323 2,489 2.451 U.S. Govt 4,020 552 166 1,520 1,782 Other 161,599 30,036 6,152 56,512 68,900 Other 163,415 30,214 6,230 56,922 70,049 Net demand 1 145,778 26,061 6,114 51,696 61,908 Net demand 1 144,356 25,338 6,003 51,028 61,987 Time 203,354 25,201 7,794 73,183 97,175 Time 206,090 25,795 7,775 74,195 98,325 Demand balances due Demand balances due from domestic banks 11,120 1,205 190 2,745 6,980 from domestic banks. 11,145 1,157 199 2,634 7,157 Currency and coin.... 5,435 433 111 1,719 3,173 Currency and coin 5,390 435 104 1,698 3,154 Balances with F.R. Balances with F.R. Banks 25,384 5,242 1,315 10,375 8.452 Banks 25,400 5,233 1,304 10,338 8,525 Total reserves held.... 30,819 5,675 1,426 12,094 11,625 Total reserves held 30,790 5,668 1,408 12,036 11,679 Required 30,634 5,657 1,424 12,077 11,476 Required 30,613 5,661 1,404 12,028 11,520 Excess 185 18 2 17 149 Excess 177 7 4 8 159 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 • DECEMBER 1971 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month IIIttteeemmm 1971 1971 1970 Nov. 24 Nov. 17 Nov. 10 Nov. 3 Oct. 27 Nov. 30 Oct. 31 Nov. 30 Assets Gold certificate account 9,875 9,875 9,875 9,875 9,875 9,875 9,875 10,827 Special Drawing Rights certificate account 400 400 400 400 400 400 400 400 266 263 268 282 306 258 318 219 Discounts and advances: Member bank borrowings 2,394 390 196 252 2,043 146 212 300 Other Acceptances: Bought outright 55556666 55551111 57 55551111 55551111 58 52 3377 Held under repurchase agreements 111144446666 88882222 44440000 33335555 5500 Federal agency obligations: Bought outright 111177779999 111177779999 117799 99996666 99996666 334400 9966 Held under repurchase agreements 111199996666 111100004444 99994444 33332222 6611 U.S. Govt, securities: Bought outright: Bills 22229999,,,,444488886666 22229999,,,,111199996666 28,783 22229999,,,,111144448888 22229999,,,,222277774444 29,081 29,223 2255,,336622 Certificates—Other NNootteess 35,261 35,032 34,719 34,719 34,719 35,466 34,719 32,864 BBoonnddss 3,233 3,198 3,263 3,263 3,263 3,270 3,263 2,782 TToottaall bboouugghhtt oouuttrriigghhtt ii 6677,,998800 ii 6677,,442266 1-266,765 ii 6677,,113300 ii 6677,,225566 67,817 i 67,205 22 6611,,000088 HHeelldd uunnddeerr rreeppuurrcchhaassee aaggrreeeemmeennttss 11,,550077 883322 770066 550022 222255 TTTTTTTTToooooooootttttttttaaaaaaaaalllllllll UUUUUUUUU.........SSSSSSSSS......... GGGGGGGGGooooooooovvvvvvvvvttttttttt,,,,,,,,, ssssssssseeeeeeeeecccccccccuuuuuuuuurrrrrrrrriiiiiiiiitttttttttiiiiiiiiieeeeeeeeesssssssss 69,487 68,258 66,765 67,836 67,758 67,817 67,205 61,233 TTTTTTTTToooooooootttttttttaaaaaaaaalllllllll llllllllloooooooooaaaaaaaaannnnnnnnnsssssssss aaaaaaaaannnnnnnnnddddddddd ssssssssseeeeeeeeecccccccccuuuuuuuuurrrrrrrrriiiiiiiiitttttttttiiiiiiiiieeeeeeeeesssssssss 72,458 69,064 67,197 68,369 70,015 68,361 67,565 61,681 CCCCCCCCCaaaaaaaaassssssssshhhhhhhhh iiiiiiiiittttttttteeeeeeeeemmmmmmmmmsssssssss iiiiiiiiinnnnnnnnn ppppppppprrrrrrrrroooooooooccccccccceeeeeeeeessssssssssssssssss ooooooooofffffffff cccccccccooooooooolllllllllllllllllleeeeeeeeeccccccccctttttttttiiiiiiiiiooooooooonnnnnnnnn "I1,163 "13,024 "10,869 "11,800 11,322 "10,235 11,260 9,869 148 148 148 149 150 148 150 127 OOOOOOOOOttttttttthhhhhhhhheeeeeeeeerrrrrrrrr aaaaaaaaasssssssssssssssssseeeeeeeeetttttttttsssssssss::::::::: DDDDDDDDDeeeeeeeeennnnnnnnnooooooooommmmmmmmmiiiiiiiiinnnnnnnnnaaaaaaaaattttttttteeeeeeeeeddddddddd iiiiiiiiinnnnnnnnn fffffffffooooooooorrrrrrrrreeeeeeeeeiiiiiiiiigggggggggnnnnnnnnn cccccccccuuuuuuuuurrrrrrrrrrrrrrrrrreeeeeeeeennnnnnnnnccccccccciiiiiiiiieeeeeeeeesssssssss 15 18 28 27 26 15 30 265 IIIIIIIIIMMMMMMMMMFFFFFFFFF gggggggggooooooooolllllllllddddddddd dddddddddeeeeeeeeepppppppppooooooooosssssssssiiiiiiiiittttttttteeeeeeeeeddddddddd 333333333 144 144 144 144 144 144 144 179 AAAAAAAAAllllllllllllllllll ooooooooottttttttthhhhhhhhheeeeeeeeerrrrrrrrr 518 491 969 921 881 534 884 357 TTTTTTTTToooooooootttttttttaaaaaaaaalllllllll aaaaaaaaasssssssssssssssssseeeeeeeeetttttttttsssssssss "94,987 "93,427 "89,898 "91,967 93,119 "89,970 90,626 83,924 LLLLLLLLLiiiiiiiiiaaaaaaaaabbbbbbbbbiiiiiiiiillllllllliiiiiiiiitttttttttiiiiiiiiieeeeeeeeesssssssss FFFFFFFFF.........RRRRRRRRR......... nnnnnnnnnooooooooottttttttteeeeeeeeesssssssss 53,306 52,998 52,856 52,511 52,352 53,439 52,173 49,636 DDDDDDDDDeeeeeeeeepppppppppooooooooosssssssssiiiiiiiiitttttttttsssssssss::::::::: MMMMMMMMMeeeeeeeeemmmmmmmmmbbbbbbbbbeeeeeeeeerrrrrrrrr bbbbbbbbbaaaaaaaaannnnnnnnnkkkkkkkkk rrrrrrrrreeeeeeeeessssssssseeeeeeeeerrrrrrrrrvvvvvvvvveeeeeeeeesssssssss "28,858 "26,250 "24,323 "25,434 27,315 "23,718 25,697 22,689 UUUUUUUUU.........SSSSSSSSS......... TTTTTTTTTrrrrrrrrreeeeeeeeeaaaaaaaaasssssssssuuuuuuuuurrrrrrrrreeeeeeeeerrrrrrrrr—————————GGGGGGGGGeeeeeeeeennnnnnnnneeeeeeeeerrrrrrrrraaaaaaaaalllllllll aaaaaaaaaccccccccccccccccccooooooooouuuuuuuuunnnnnnnnnttttttttt 1,435 1,532 1,411 1,687 1,709 1,994 1,876 587 FFFFFFFFFooooooooorrrrrrrrreeeeeeeeeiiiiiiiiigggggggggnnnnnnnnn 126 145 137 124 156 177 135 136 OOOOOOOOOttttttttthhhhhhhhheeeeeeeeerrrrrrrrr::::::::: IIIIIIIIIMMMMMMMMMFFFFFFFFF gggggggggooooooooolllllllllddddddddd dddddddddeeeeeeeeepppppppppooooooooosssssssssiiiiiiiiittttttttt 333333333 144 144 144 144 144 144 144 179 AAAAAAAAAllllllllllllllllll ooooooooottttttttthhhhhhhhheeeeeeeeerrrrrrrrr 554 561 570 596 544 555 589 513 "31,117 p28,632 "26,585 "27,985 29,868 "26,588 28,441 24,104 DDDDDDDDDeeeeeeeeefffffffffeeeeeeeeerrrrrrrrrrrrrrrrrreeeeeeeeeddddddddd aaaaaaaaavvvvvvvvvaaaaaaaaaiiiiiiiiilllllllllaaaaaaaaabbbbbbbbbiiiiiiiiillllllllliiiiiiiiitttttttttyyyyyyyyy cccccccccaaaaaaaaassssssssshhhhhhhhh iiiiiiiiittttttttteeeeeeeeemmmmmmmmmsssssssss 8,261 9,571 8,014 9,068 8,594 7,592 7,675 7,882 612 597 590 614 583 606 574 624 OOOOOOOOOttttttttthhhhhhhhheeeeeeeeerrrrrrrrr llllllllliiiiiiiiiaaaaaaaaabbbbbbbbbiiiiiiiiillllllllliiiiiiiiitttttttttiiiiiiiiieeeeeeeeesssssssss aaaaaaaaannnnnnnnnddddddddd aaaaaaaaaccccccccccccccccccrrrrrrrrruuuuuuuuueeeeeeeeeddddddddd dddddddddiiiiiiiiivvvvvvvvviiiiiiiiidddddddddeeeeeeeeennnnnnnnndddddddddsssssssss "93,296 "91,798 "88,045 "90,178 91,397 "88,225 88,863 82,246 TTTTTTTTToooooooootttttttttaaaaaaaaalllllllll llllllllliiiiiiiiiaaaaaaaaabbbbbbbbbiiiiiiiiillllllllliiiiiiiiitttttttttiiiiiiiiieeeeeeeeesssssssss CCCCCCCCCaaaaaaaaapppppppppiiiiiiiiitttttttttaaaaaaaaalllllllll aaaaaaaaaccccccccccccccccccooooooooouuuuuuuuunnnnnnnnntttttttttsssssssss 736 736 735 736 735 735 736 693 CCCCCCCCCaaaaaaaaapppppppppiiiiiiiiitttttttttaaaaaaaaalllllllll pppppppppaaaaaaaaaiiiiiiiiiddddddddd iiiiiiiiinnnnnnnnn 702 702 702 702 702 702 702 669 253 191 416 351 285 308 325 316 OOOOOOOOOttttttttthhhhhhhhheeeeeeeeerrrrrrrrr cccccccccaaaaaaaaapppppppppiiiiiiiiitttttttttaaaaaaaaalllllllll aaaaaaaaaccccccccccccccccccooooooooouuuuuuuuunnnnnnnnntttttttttsssssssss "94,987 "93,427 "89,898 "91,967 93,119 "89,970 90,626 83,924 TTTTTTTTToooooooootttttttttaaaaaaaaalllllllll llllllllliiiiiiiiiaaaaaaaaabbbbbbbbbiiiiiiiiillllllllliiiiiiiiitttttttttiiiiiiiiieeeeeeeeesssssssss aaaaaaaaannnnnnnnnddddddddd cccccccccaaaaaaaaapppppppppiiiiiiiiitttttttttaaaaaaaaalllllllll aaaaaaaaaccccccccccccccccccooooooooouuuuuuuuunnnnnnnnntttttttttsssssssss CCCCCCCCCooooooooonnnnnnnnntttttttttiiiiiiiiinnnnnnnnngggggggggeeeeeeeeennnnnnnnnttttttttt llllllllliiiiiiiiiaaaaaaaaabbbbbbbbbiiiiiiiiillllllllliiiiiiiiitttttttttyyyyyyyyy ooooooooonnnnnnnnn aaaaaaaaacccccccccccccccccceeeeeeeeeppppppppptttttttttaaaaaaaaannnnnnnnnccccccccceeeeeeeeesssssssss pppppppppuuuuuuuuurrrrrrrrrccccccccchhhhhhhhhaaaaaaaaassssssssseeeeeeeeeddddddddd fffffffffooooooooorrrrrrrrr fffffffffooooooooorrrrrrrrreeeeeeeeeiiiiiiiiigggggggggnnnnnnnnn cccccccccooooooooorrrrrrrrrrrrrrrrrreeeeeeeeessssssssspppppppppooooooooonnnnnnnnndddddddddeeeeeeeeennnnnnnnntttttttttsssssssss 241 246 257 262 258 258 261 243 MMMMMMMMMaaaaaaaaarrrrrrrrrkkkkkkkkkeeeeeeeeetttttttttaaaaaaaaabbbbbbbbbllllllllleeeeeeeee UUUUUUUUU.........SSSSSSSSS......... GGGGGGGGGooooooooovvvvvvvvvttttttttt,,,,,,,,, ssssssssseeeeeeeeecccccccccuuuuuuuuurrrrrrrrriiiiiiiiitttttttttiiiiiiiiieeeeeeeeesssssssss hhhhhhhhheeeeeeeeelllllllllddddddddd iiiiiiiiinnnnnnnnn cccccccccuuuuuuuuussssssssstttttttttooooooooodddddddddyyyyyyyyy fffffffffooooooooorrrrrrrrr fffffffffooooooooorrrrrrrrreeeeeeeeeiiiiiiiiigggggggggnnnnnnnnn aaaaaaaaannnnnnnnnddddddddd iiiiiiiiinnnnnnnnnttttttttteeeeeeeeerrrrrrrrrnnnnnnnnnaaaaaaaaatttttttttiiiiiiiiiooooooooonnnnnnnnnaaaaaaaaalllllllll aaaaaaaaaccccccccccccccccccooooooooouuuuuuuuunnnnnnnnntttttttttsssssssss 23,877 23,579 23,417 22,942 22,678 24,409 22,796 10,817 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank) 56,139 55,832 55,614 55,454 53,388 56,286 55,466 52,555 Collateral held against notes outstanding: Gold certificate account 3,045 3,145 3,145 3,145 3,145 2,745 3,145 3,330 U.S. Govt, securities 54,580 53,830 53,680 53,680 53,480 54,580 53,480 50,580 Total collateral 57,625 56,975 56,825 56,825 56,625 57,325 56,625 53,910 1 See note 6 on p. A-5. 3 See note 1 (b) at top of p. A-77. 2 See note 7 on p. A-5. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1971 • FEDERAL RESERVE BANKS A 13 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON NOVEMBER 30, 1971 (In millions of dollars) Item Total Boston Y N o e r w k P p d h h e i i l l a - a - C l l a e n v d e - m Ri o c n h d - At t l a a n- c C a h g i o - Lo S u t. is M ap i o n l n is e - K C s a i a t n s y - Dallas F c S i r s a a c n n o - AAsssseettss GGoolldd cceerrttiiffiiccaattee aaccccoouunntt 9999,,,,888877775555 339966 33,,774466 881155 745 993300 666655 779999 336666 116655 444555777 8822 709 SSppeecciiaall DDrraawwiinngg RRiigghhttss cceerrttiiff.. aacccctt........ 444400000000 2233 9933 2233 33 3366 2222 7700 1155 77 111555 1144 49 FF..RR.. nnootteess ooff ootthheerr bbaannkkss 777744447777 110011 111188 5566 27 5544 117766 3322 1199 2255 333222 3300 77 OOtthheerr ccaasshh 222255558888 77 2200 88 28 3366 3355 2288 1166 88 222666 1144 32 DDiissccoouunnttss aanndd aaddvvaanncceess:: ** SSeeccuurreedd bbyy UU..SS.. GGoovvtt,, sseeccuurriittiieess 111144442222 66 2211 44 1100 8822 33 33 111000 33 OOtthheerr 4444 444 Acceptances: 55558888 5588 Federal agency obligations: Bought outright 340 17 81 18 27 25 17 57 13 6 14 16 49 U.S. Govt, securities: Bought outright 1 -267,8 1 7 3,342 16,217 3,622 5,358 4,926 3,469 11,291 2,543 1,265 2,713 3,236 9,835 TToottaall llooaannss aanndd sseeccuurriittiieess 6688,,336611 3,365 1166,,337777 3,640 5,385 4,955 3,496 11,430 2,559 1,274 2,741 3,255 9,884 CCaasshh iitteemmss iinn pprroocceessss ooff ccoolllleeccttiioonn...... 1133,,221166 769 22,,442288 724 955 982 1,316 2,142 711 561 758 772 1,098 BBaannkk pprreemmiisseess 114488 2 88 3 23 13 16 17 14 18 17 9 8 OOtthheerr aasssseettss :: DDeennoommiinnaatteedd iinn ffoorreeiiggnn ccuurrrreenncciieess.... 1155 33 44 1 1 1 1 2 1 2 114444 114444 AAAllllll ooottthhheeerrr 553344 47 112299 29 40 37 26 80 19 I3 19 24 71 TTToootttaaalll aaasssssseeetttsss 93,698 4,711 23,067 5,299 7,237 7,044 5,753 14,600 3,719 2,071 4,066 4,201 11,930 LLLiiiaaabbbiiillliiitttiiieeesss FFF...RRR... nnnooottteeesss 555444,,,111888666 2,906 111333,,,222888000 3,173 4,431 4,751 2,697 9,447 2,076 895 2,018 2,093 6,419 DDDeeepppooosssiiitttsss::: MMMeeemmmbbbeeerrr bbbaaannnkkk rrreeessseeerrrvvveeesss 222333,,,777111888 784 666,,,444555555 1,176 1,534 1,260 1,576 2,879 882 644 1,131 1,312 4,085 UUU...SSS... TTTrrreeeaaasssuuurrreeerrr———GGGeeennneeerrraaalll aaaccccccooouuunnnttt...... 111,,,999999444 147 222777555 223 227 107 123 180 118 79 175 89 251 FFFooorrreeeiiigggnnn 111777777 6 555 888222 7 12 7 9 19 4 3 5 7 16 OOOttthhheeerrr::: IIIMMMFFF gggooolllddd dddeeepppooosssiiittt 444 111444444 111444444 All other 555555555 11 444999888 33 1122 33 44 11 11 22 22 2288 TTTTToooootttttaaaaalllll dddddeeeeepppppooooosssssiiiiitttttsssss 26,588 938 7,454 1,409 1,773 1,386 1,711 3,082 1,005 727 1,313 1,410 4,380 DDDDDeeeeefffffeeeeerrrrrrrrrreeeeeddddd aaaaavvvvvaaaaaiiiiilllllaaaaabbbbbiiiiillllliiiiitttttyyyyy cccccaaaaassssshhhhh iiiiittttteeeeemmmmmsssss 10,573 756 1,731 596 829 767 1,201 1,706 555 398 640 576 818 606 31 146 31 48 43 31 101 22 13 26 28 86 OOOOOttttthhhhheeeeerrrrr llllliiiiiaaaaabbbbbiiiiillllliiiiitttttiiiiieeeeesssss aaaaannnnnddddd aaaaaccccccccccrrrrruuuuueeeeeddddd dddddiiiiivvvvviiiiidddddeeeeennnnndddddsssss 91,953 4,631 22,611 5,209 7,081 6,947 5,640 14,336 3,658 2,033 3,997 4,107 11,703 TTTTToooootttttaaaaalllll llllliiiiiaaaaabbbbbiiiiillllliiiiitttttiiiiieeeeesssss CCCCCaaaaapppppiiiiitttttaaaaalllll aaaaaccccccccccooooouuuuunnnnntttttsssss 735 33 192 38 67 38 50 109 25 17 31 41 94 CSCSCSCSCSuuuuuaaaaarrrrrppppppppppiiiiitttttllllluuuuuaaaaalllllsssss pppppaaaaaiiiiiddddd iiiiinnnnn 702 33 185 36 63 36 47 105 24 16 30 39 88 OOOOOttttthhhhheeeeerrrrr cccccaaaaapppppiiiiitttttaaaaalllll aaaaaccccccccccooooouuuuunnnnntttttsssss 308 14 79 16 26 23 16 50 12 5 8 14 45 TTTTToooootttttaaaaalllll llllliiiiiaaaaabbbbbiiiiillllliiiiitttttiiiiieeeeesssss aaaaannnnnddddd cccccaaaaapppppiiiiitttttaaaaalllll aaaaaccccccccccooooouuuuunnnnntttttsssss.......... 93,698 4,711 23,067 5,299 7,237 7,044 5,753 14,600 3,719 2,071 4,066 4,201 11,930 CCCCCooooonnnnntttttiiiiinnnnngggggeeeeennnnnttttt llllliiiiiaaaaabbbbbiiiiillllliiiiitttttyyyyy ooooonnnnn aaaaacccccccccceeeeeppppptttttaaaaannnnnccccceeeeesssss pppppuuuuurrrrrccccchhhhhaaaaassssseeeeeddddd fffffooooorrrrr fffffooooorrrrreeeeeiiiiigggggnnnnn cccccooooorrrrrrrrrreeeeessssspppppooooonnnnnddddd----- 258 12 6 68 13 23 13 17 39 9 6 11 15 32 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank) 5566,,228866 33,,005500 1133,,772200 33,,226699 44,,557777 44,,886622 2,898 99,,771111 22,,117766 930 2,077 22,,223333 6,783 Collateral held against notes outstanding: Gold certificate account 22,,774455 220000 550000 330000 440000 448855 770000 115555 55 UU..SS.. GGoovvtt,, sseeccuurriittiieess 5544,,558800 22,,992200 1133,,440000 33,,115500 44,,330000 44,,441155 2,950 99,,000000 22,,008800 960 2,125 22,,228800 7,000 TToottaall ccoollllaatteerraall 57,325 3,120 13,900 3,450 4,700 4,900 2,950 9,700 2,235 960 2,125 2,285 7,000 1 See note 6 on p. A-5. 5 After deducting $95 million participations of other F.R. Banks. 2 See note 7 on p. A-5. 6 After deducting $190 million participations of other F.R. Banks. 3 After deducting $11 million participations of other F.R. Banks. 4 See note 1 (b) to table at top of p. A-77. NOTE.—Some figures for cash items in process of collection and for member bank reserves are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 14 OPEN MARKET ACCOUNT • DECEMBER 1971 TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT (In millions of dollars) Outright transactions in U.S. Govt, securities, by maturity Total Treasury bills Others within 1 year 1-5 years Month Exch., c G p h r u a o s r s e - s s G sa r l o e s s s Re t d io e n m s p- c G h p r u a o s r s e - s s G sa r l o e s s s Re t d io e n m s p- c G h p r u a o s r s e - s s G sa r l o e s s s m re s a h d t o i e u f r m r t s i p , t y - c G h p r u a o s r s - e s s G sa r l o e s s s m E s a h x t o u i c r f r h t i s . t y tions 1970—Oct., 245 183 134 245 183 134 Nov. 2,871 1,391 2,715 1,391 37 6,362 80 -6,712 Dec. 3,414 2,280 2,883 2,280 5 365 1971—Jan.. 1,515 1,547 327 1,515 1,547 327 Feb. 5,832 5,153 5,347 5,153 -3,732 174 4,092 Mar. 3,142 2,523 240 2,600 2,523 240 263 Apr. 2,229 1,298 50 2,033 1,298 50 2 119 -2 May 1,291 248 1,163 248 464 46 -136 June 1,955 1,165 37 1,893 1,165 37 82 38 -82 July. 2,067 1,617 127 2,067 1,617 127 Aug. 1,818 1,024 1,709 1,024 991 84 -444 Sept. 2,102 1,088 83 1,818 1,088 83 104 189 -104 Oct.. 772 1,133 772 1,133 Outright transactions in U.S. Govt, securities—Continued RRReeepppuuurrrccchhhaaassseee BBaannkkeerrss'' aaagggrrreeeeeemmmeeennntttsss FFFeeedddeeerrraaalll aaagggeeennncccyyy aacccceeppttaanncceess (((UUU...SSS... GGGooovvvttt,,, NNNNeeeetttt ooobbbllliiigggaaatttiiiooonnnsss (((nnneeettt))) 55--1100 yyeeaarrss OOvveerr 1100 yyeeaarrss ssseeecccuuurrriiitttiiieeesss))) cccchhhhaaaannnnggggeeee MMMMoooonnnntttthhhh iiiinnnn UUUU....SSSS.... UUnnddeerr NNNNeeeetttt c G h p r u a o s r s - e s s G sa r l o e s s s o E t s r u h x r i m c i f 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 o E t s r u h x r i m 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 ssss GGGG eeee iiiitttt cccc oooo iiii uuuu vvvv eeeessss rrrr tttt ,,,, ---- 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 - - rr OO ii nn gg uu ee hh tt tt tt -- ,, mm rr aa cc ee gg hh nn ee pp rr aa nn ee uu ee tt ss tt ee rr ee ss -- -- ,, cccchhhhaaaannnnggggeeee1111 1970—Oct 33333333333333,,,,,,,,,,,,,,444444444444446666666666666655555555555555 33333333333333,,,,,,,,,,,,,,333333333333335555555555555533333333333333 4444444444444400000000000000 8888 ************** ----11114444 3333333333333344444444444444 NNNooovvv...... 222333 338866 111666 --3366 33333333333333,,,,,,,,,,,,,,888888888888886666666666666633333333333333 44444444444444,,,,,,,,,,,,,,111111111111112222222222222255555555555555 11111111111111,,,,,,,,,,,,,,222222222222221111111111111188888888888888 ----22227777 11111111111111 11113333 11111111111111,,,,,,,,,,,,,,222222222222220000000000000044444444444444 DDDeeeccc...... 111111333 444888 55555555555555,,,,,,,,,,,,,,111111111111110000000000000099999999999999 55555555555555,,,,,,,,,,,,,,333333333333333333333333333344444444444444 999999999999990000000000000088888888888888 ----66661111 2222222222222211111111111111 ----55550000 888888888888881111111111111199999999999999 111999777111 JJJ FFFFFF aaa eeeeee nnn bbbbbb ...... ...... 111111888888999999 --336600 iiiiiiiiiiii 44444444444444 22222222222222 .............. ,,,,,,,,,,,,,, 11111111111111 22222222222222 88888888888888 99999999999999 33333333333333 88888888888888 44444444444444 22222222222222 ,,,,,,,,,,,,,, ,,,,,,,,,,,,,, 11111111111111 22222222222222 88888888888888 99999999999999 33333333333333 88888888888888 --------------33333333333333 66666666666666 55555555555555 77777777777777 99999999999999 99999999999999 --------------55555555555555 22222222222222 ************** --------------33333333333333 66666666666666 55555555555555 77777777777777 77777777777777 33333333333333 MMMMMMaaaaaarrrrrr............ 222222000000555555 77774444 66666666666666,,,,,,,,,,,,,,555555555555556666666666666611111111111111 55555555555555,,,,,,,,,,,,,,222222222222224444444444444422222222222222 11111111111111,,,,,,,,,,,,,,666666666666669999999999999988888888888888 111888666 8888855555 11111111111111,,,,,,,,,,,,,,999999999999996666666666666688888888888888 AAAAAApppppprrrrrr...... ...... 666666222222 11116666 55555555555555,,,,,,,,,,,,,,000000000000008888888888888855555555555555 66666666666666,,,,,,,,,,,,,,444444444444440000000000000044444444444444 --------------444444444444443333333333333399999999999999 ———111888666 33333333333333 -----8888855555 --------------777777777777770000000000000077777777777777 MMMMMMaaaaaayyyyyy...... 888888222222 --332277 44444444444444,,,,,,,,,,,,,,000000000000007777777777777766666666666666 44444444444444,,,,,,,,,,,,,,000000000000007777777777777766666666666666 11111111111111,,,,,,,,,,,,,,000000000000004444444444444433333333333333 88888888888888 4444488888 11111111111111,,,,,,,,,,,,,,000000000000009999999999999999999999999999 JJJJJJuuuuuunnnnnneeeeee ...... 111111111111 1144 11111111111111,,,,,,,,,,,,,,111111111111116666666666666655555555555555 11111111111111,,,,,,,,,,,,,,111111111111116666666666666655555555555555 777777777777775555555555555544444444444444 --------------11111111111111 -----4444488888 777777777777770000000000000055555555555555 JJJJJJuuuuuullllllyyyyyy 33333333333333,,,,,,,,,,,,,,000000000000004444444444444444444444444444 33333333333333,,,,,,,,,,,,,,000000000000004444444444444444444444444444 333333333333332222222222222233333333333333 --------------77777777777777 333333333333331111111111111166666666666666 AAAuuuggg...... 111666 --554477 888 22222222222222..............111111111111118888888888888844444444444444 11111111111111,,,,,,,,,,,,,,999999999999995555555555555511111111111111 11111111111111,,,,,,,,,,,,,,000000000000002222222222222277777777777777 666999 --------------33333333333333 555555 11111111111111,,,,,,,,,,,,,,111111111111114444444444444488888888888888 SSSeeepppttt...... 333444 111444 33333333333333,,,,,,,,,,,,,,666666666666669999999999999977777777777777 33333333333333,,,,,,,,,,,,,,999999999999993333333333333300000000000000 666666666666669999999999999988888888888888 666111 ---666999 --------------11111111111111 ---555555 666666666666663333333333333344444444444444 OOOcccttt 22222222222222,,,,,,,,,,,,,,666666666666661111111111111166666666666666 22222222222222,,,,,,,,,,,,,,666666666666661111111111111166666666666666 --------------333333333333336666666666666611111111111111 333555 11111111111111 --------------333333333333332222222222222266666666666666 1 Net change in U.S. Govt, securities, Federal agency obligations, and NOTE.—Sales, redemptions, and negative figures reduce System holdbankers' acceptances. ings; all other figures increase such holdings. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) E pe n r d i o o d f Total s P t o er u l n in d g s s A c u h s il t l r i i n a g n s B fr e a lg n i c a s n C d a o n l a la d r i s 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 ese g N u l e a i t l n h d d e e s r r s - f S r w an is c s s 1968—Dec 2,061 1,444 433 165 1 1969—Dec 1,967 1,575 199 60 125 1970—Aug 280 180 96 Sept 680 580 96 Oct 408 306 97 Nov 265 161 98 Dec 257 154 98 1971—J F a e n b 1 1 8 0 6 7 80 * 1 9 0 9 0 Mar 34 * 27 Apr 34 * 27 May 94 * 87 June 96 * 87 July 23 * 12 Aug 23 * 12 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 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 Nov. 24 Nov. 17 Nov. 10 Nov. 3 Oct. 27 Nov. 30 Oct. 31 Nov. 30 Discounts and advances—Total 22,,339944 339900 196 225522 22,,004433 114466 221111 330000 Within 15 days 22,,339900 338866 196 224499 22,,004400 114433 221100 229988 16 days to 90 days 44 44 33 33 33 11 22 91 days to 1 year Acceptances—Total 202 133 57 91 86 58 52 87 Within 15 days 160 104 30 67 48 12 56 16 days to 90 days 42 29 27 24 38 47 40 31 91 days to 1 year U.S. Government securities—Total2 66666669999999,,,,,,,444444488888887777777 66666668888888,,,,,,,222222255555558888888 66,765 6677,,883366 6677,,775588 67,817 67,205 6611,,223333 Within 15 days 1 5555555,,,,,,,777777755555557777777 5555555,,,,,,,444444422222220000000 6,132 88,,443388 55,,005555 1,811 6,218 11,,998844 16 days to 90 days 11111114444444,,,,,,,555555555555551111111 11111114444444,,,,,,,222222211111119999999 15,202 1144,,006688 1177,,222299 15,966 14,849 1122,,551111 91 days to 1 year 11111115555555,,,,,,,444444477777775555555 11111115555555,,,,,,,111111177777775555555 15,779 1155,,667788 1155,,882222 16,111 16,486 2211,,446600 Over 1 year to 5 years 22222225555555,,,,,,,111111100000007777777 22222224444444,,,,,,,999999922222220000000 23,325 2233,,332255 2233,,332255 25,209 23,325 1188,,772244 Over 5 years to 10 years 7777777,,,,,,,444444488888889999999 7777777,,,,,,,444444433333332222222 5,411 55,,441111 55,,441111 7,597 5,411 55,,993333 Over 10 years 1111111,,,,,,,111111100000008888888 1111111,,,,,,,000000099999992222222 916 991166 991166 1,123 916 662211 Federal agency obligations—Total 333333377777775555555 222222288888883333333 179 119900 112288 340 96 6611 Within 15 days1 111111199999996666666 111111100000004444444 9944 3322 6611 16 days to 90 days 1111111 1111111 111111 222222444444 91 days to 1 year 77777774444444 77777774444444 777777444444 5555511111 5555511111 111111222222111111 5555511111 Over 1 year to 5 years 66666668888888 66666668888888 666666888888 2222200000 2222200000 111111222222666666 2222200000 Over 5 years to 10 years 22222222222222 22222222222222 222222222222 1111188888 1111188888 444444666666 1111188888 Over 10 years 11111114444444 11111114444444 111111444444 77777 77777 222222333333 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) PPPeeerrriiioooddd SSMM TT 22 oo SS 33 tt 33 AA aa ll '' ss •• N Le .Y ad . ing S 6 M o S t A h ' e s r s2 TT SS oo NN MM (( tt ee aa .. xx SS YY ll cc AA .. ll 22 )) .. '' 33 ss 22 SSMM oo 22 tthh SS 2266 ee AA rr '' ss SSMM TT 22 oo SS 33 tt 33 AA aa ll '' ss L N e .Y ad . ing S 6 M o S t A h ' e s r s2 TT SS oo NN MM (( tt ee aa .. xx SS YY ll cc AA .. ll 22 )) .. '' 33 ss 22 SSMM oo 22 tt SS hh 2266 ee AA rr '' ss 1970—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 >"12,310.5 5,613.7 2,815.3 r6,696.8 r3,881.4 83.0 191.7 84.0 56.3 45.4 Oct 12,265.3 5,776.2 2,710.9 6,489.1 3,778.3 83.2 201.5 81.1 54.7 44.3 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 • DECEMBER 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—Oct.. 55,021 38,192 6,213 2,181 136 2,975 8,761 17,926 16,829 4,694 11,656 217 255 3 4 Nov. 56,381 39,284 6,251 2,242 136 3,068 9,090 18,497 17,097 4,781 11,839 216 254 3 4 Dec. 57,093 39,639 6,281 2,310 136 3,161 9,170 18,581 17,454 4,896 12,084 215 252 3 4 1971—Jan.. 55,345 38,081 6,254 2,190 136 2.971 8.673 17,857 17,264 4,809 11,983 214 251 3 4 Feb. 55,611 38,298 6,266 2,178 136 2.972 8,753 17,994 17,313 4,822 12,022 213 249 3 4 Mar. 56,304 38,785 6,303 2,200 136 3,011 8,835 18,300 17,519 4,892 12,160 212 248 3 4 Apr. 56.592 38,917 6,360 2,206 136 3,001 8,826 18,388 17,675 4,917 12,294 210 246 3 4 May 57,403 39,509 6,410 2,245 136 3,048 8,960 18,711 17,894 4,994 12,438 210 245 3 4 June 58,393 40,263 6,472 2,277 136 3,099 9,137 19,144 18,130 5,075 12,596 209 243 3 4 July. 58,558 40,238 6,493 2,260 136 3,068 9,031 19,251 18,321 5,129 12,735 208 242 3 4 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 4 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 4 Oct.. 59,216 40,559 6,589 2,302 135 3,071 9,054 19,408 18,657 5,183 13,024 205 239 2 4 i Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin. overstated because they include small amounts of paper currency held by the Treasury and the F.R. Banks for which a denominational break- NOTE.—Condensed from Statement of United States Currency and down is not available. Coin, issued by the Treasury. 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 KKKiiinnnddd ooofff cccuuurrrrrreeennncccyyy OOOcccttt... 333111,,, aaggaaiinnsstt TTrreeaassuurryy FF..RR.. BBBaaannnkkksss 111999777111 ggoolldd aanndd ccaasshh BBaannkkss aaannnddd ssiillvveerr aanndd AAAgggeeennntttsss Oct. Sept. Oct. cceerrttiiffiiccaatteess AAggeennttss 31 30 31 Gold 1111100000,,,,,111113333322222 ((99,,887755)) 22 225577 Gold certificates (((((99999,,,,,888887777755555))))) 33 99,,887744 1111 Federal Reserve notes 5555555555,,,,,444446666644444 111666000 3333,,,,222299993333 555222,,,000111111 555111,,,666222555 444888,,,222000777 Treasury currency—Total 77777,,,,,555559999955555 777000 333311119999 777,,,222000555 777,,,111777222 666,,,888111444 SSttaannddaarrdd ssiillvveerr ddoollllaarrss 444444888888555555 33333 448822 448822 448822 Nonsilver dollars 666666999999 1111100000 555999 Fractional coin 666666,,,,,,444444222222333333 5555566666 222666000 6666,,,,111100007777 6666,,,,000077774444 5555,,,,777733331111 United States notes 333333222222333333 11111 333322221111 333322221111 333300003333 In process of retirement4 222222999999555555 222299995555 222299995555 222299999999 TToottaall——OOcctt.. 3311,, 11997711 5555 77773333,,,,111199992222 ((((9999,,,,888877775555)))) 444488887777 9999,,,,888877774444 3333,,,,666611114444 5599,,221166 Sept. 30 1971 5555 77772222,,,,888844443333 ((((9999,,,,888877775555)))) 444466663333 9999,,,,888877774444 3333,,,,777700008888 5588,,779977 Oct. 31, 1970 5555 66669999,,,,888877772222 ((((11110000,,,,888811119999)))) 444466662222 11110000,,,,888811118888 3333,,,,555577771111 5555,,002211 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
DECEMBER 1971 • MONEY STOCK A 17 MEASURES OF THE MONEY STOCK (In billions of dollars) Seasonally adjusted r Not seasonally adjusted r Month or week Mi Ms M2 Ms Mi (Mi plus time (M2 plus deposits Mi (Mi plus time (M2 plus deposits (Currency plus deposits at coml. at nonbank thrift (Currency plus deposits at coml. at nonbank thrift demand deposits) banks other 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—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 221.2 441.5 672.9 222.3 443.7 675.6 223.8 446.6 681.5 219.9 443.7 678.6 June 225.5 450.6 688.6 223.7 449.1 687.5 July 221A 453.4 694.5 226.0 452.0 693.3 Aug 228.0 454.5 698.0 224.9 451.7 694.8 Sept 227.6 455.6 701.4 226.2 454.3 699.8 Oct 227.7 458.3 706.7 227.5 458.0 706.3 Nov.f 227.7 460.8 711.5 229.7 461.4 711.5 Week ending— 1971 _Nov. 3 227.8 459.4 229.8 461.2 10 227.1 459.4 228.9 460.3 17 227.5 460.6 230.1 461.6 24 227.7 461.7 228.3 460. 3 Dec. lp 222277..77 446622..11 223300..77 446633..22 COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS (In billions of dollars) Seasonally adjusted Not seasonally adjusted 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—Nov 48.7 164.9 23.6 200.6 224.2 213.8 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 25.8 202.3 228.1 215.9 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 29.4 225.0 254.4 238.0 51.0 172.7 28.4 225.4 253.8 238.4 5.3 July 51.6 175.8 30.4 225.9 256.4 241.1 51.9 174.1 29.5 226.0 255.5 241.3 6.8 Aug 51.7 176.3 30.8 226.5 257.3 243.6 51.9 173.0 31.2 226.9 258.1 243.1 6.8 Sept 51.9 175.7 31.6 228.0 259.6 245.8 51.9 174.3 32.1 228.1 260.3 245.5 7.5 Oct 52.2 175.5 32.7 230.6 263.3 248.4 52.2 175.3 33.6 230.6 264.1 248.3 5.3 Nov.f 52.2 175.5 32.2 233.1 265.3 250.7 52.7 176.9 33.7 231.7 265.5 250.3 3.9 Week ending— 1971 Nov 3 52.1 175.7 32.1 231.5 263.6 52.0 177.8 33.2 231.4 264.6 55..44 10 5555522222.....33333 111117777744444.....99999 3333311111.....88888 222223333322222.....22222 222226666644444.....11111 5555522222.....99999 111117777755555.....99999 3333333333.....44444 222223333311111.....44444 222226666644444.....88888 44444.....00000 17 5555522222.....22222 111117777755555.....33333 3333322222.....11111 222223333333333.....11111 222226666655555.....22222 5555522222.....88888 111117777777777.....44444 3333333333.....77777 222223333311111.....55555 222226666655555.....22222 33333.....44444 24 5555522222.....22222 111117777755555.....55555 3333322222.....33333 222223333344444.....00000 222226666666666.....33333 5555522222.....88888 111117777755555.....55555 3333344444.....11111 222223333322222.....00000 222226666666666.....00000 44444.....00000 Dec lp 5555522222.....22222 111117777755555.....55555 3333322222.....66666 222223333344444.....44444 222226666677777.....11111 5555522222.....88888 111117777777777.....99999 3333333333.....99999 222223333322222.....55555 222226666666666.....55555 33333.....77777 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 the November 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 • DECEMBER 1971 AGGREGATE RESERVES AND MEMBER BANK DEPOSITS (In billions of dollars) Member bank reserves, S.A.1 Deposits subject to reserve requirements2 Total member bank deposits plus nondeposit S.A. N.S.A. items 3 Non- Demand Demand borrowed Required Time Time Total and Total and S.A. savings Private U.S. savings Private U.S. Govt. Govt. 25.94 25.68 25.60 273.5 149.9 118.9 4.6 276.2 148.1 123.6 4.5 27.96 27.22 27.61 298.2 165.8 128.2 4.2 301.2 163.8 133.3 4.1 27.93 26.81 27.71 285.8 151.5 129.4 4.9 288.6 149.7 134.4 4.6 305.7 29.47 29.03 29.23 314.1 175.7 132.3 6.1 312.8 174.9 133.4 4.6 326.7 29.93 29.58 29.70 319.6 179.9 133.5 6.2 322.8 178.2 138.7 6.0 331.2 30.23 29.80 30.03 323.9 183.2 134.1 6.7 328.2 182.8 139.7 5.6 334.1 30.52 30.18 30.26 329.1 187.5 135.4 6.2 328.4 187.1 134.3 7.0 337.7 30.75 30.40 30.53 333.2 191.7 136.7 4.8 332.2 192.3 135.4 4.5 340.2 30.82 30.64 30.61 336.6 193.3 137.9 5.4 337.3 193.6 139.0 4.7 341.7 31.25 30.96 31.00 339.7 195.5 140.0 4.2 338.4 195.8 135.9 6.7 343.8 31.26 30.80 31.05 341.2 197.5 139.9 3.9 340.2 197.6 138.2 4.4 345.7 31.27 30.47 31.09 343.7 199.2 140.8 3.7 344.1 198.9 139.4 5.7 348.0 31.65 30.87 31.47 347.1 199.9 141.1 6.1 344.6 200.8 138.1 5.8 351.0 32.07 31.63 31.91 349.6 202.9 140.3 6.3 348.2 202.7 139.2 6.3 353.6 31.64 31.29 31.46 349.8 205.6 139.6 4.6 350.2 205.9 139.9 4.3 354.7 31.85 31.44 31.60 353.2 207.1 140.5 5.6 351.7 206.8 141.7 3.2 358.5 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. GROSS LOANS MI D INVESTMENTS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Loans1 plus loans sold to bank affiliates 3 Securities Securities Total i,2 Loans1, 2 Total 1,2 Loans1,2 U.S. U.S. Other2 Govt. Govt. 1965—Dec. 31. 300.1 198.2 57.1 44.8 307.6 203.2 59.5 44.9 1966—Dec. 31. 316.1 213.9 53.5 48.7 324.0 219.0 56.2 48.8 1967—Dec. 30. 352.0 231.3 59.3 61.4 360.8 236.8 62.5 61.5 1968—Dec. 31. 390.6 258.2 61.0 71.4 400.4 264.4 64.5 71.5 1969-—Dec. 31 4 402.1 279.4 51.5 71.2 412.1 286.1 54.7 71.3 1970-—Oct. 28. . 426.2 289.1 56.3 80.8 425.6 287.5 57.2 81.0 293.5 Nov. 25. . 429.3 290.0 56.3 83.0 429.3 288.4 58.3 82.5 293.8 Dec. 31 435.9 292.0 58.0 85.9 446.8 299.0 61.7 86.1 294.9 1971-—Jan. 27. . 440.7 293.7 58.9 88.1 439.5 290.9 61.5 87.1 296.6 Feb. 24. . 446.1 295.7 60.8 89.6 442.4 292.1 61.4 88.9 298.6 Mar. 31. . 449.5 296.5 61.1 91.9 447.7 294.6 61.6 91.5 299.3 Apr. 28. . 452.5 298.2 60.7 93.5 450.9 296.7 60.0 94.2 300.9 May 26. . 456.1 300.7 60.4 95.1 453.6 300.0 58.8 94.9 303.5 June 30. , 461.1 5 301.7 62.8 5 96.6 464.8 5 307.1 60.3 5 97.4 5 304.8 July 28. . 463.7 304.1 61.6 98.0 463.0 305.6 59.3 98.2 307.0 Aug. 25.. 468.4 310.0 60.6 97.8 466.1 309.3 58.7 98.1 312.8 Sept. 29 P 472.4 312.7 60.2 99.5 472.0 313.4 58.7 99.9 315.7 Oct. 21P 476.5 316.4 59.1 101.0 475.8 314.5 60.0 101.3 319.3 Nov. 24P 478.4 317.5 58.9 102.0 478.5 316.0 61.1 101.4 320.3 1 Adjusted to exclude domestic commercial interbank loans. net of valuation reserves as was done previously. For a description of the 2 Beginning June 9, 1966, about $1.1 billion of balances accumulated revision, see Aug. 1969 BULLETIN, pp. 642-46. Data shown in this table for payment of personal loans were deducted as a result of a change in beginning January 1959 have been revised to include valuation reserves. Federal Reserve regulations. 5 Beginning June 30, 1971, Farmers Home Administration insured notes Beginning June 30,1966, CCC certificates of interest and Export-Import totaling approximately $700 million are included in "Other securities" Bank portfolio fund participation certificates totaling an estimated rather than in "Loans." $1 billion are included in "Other securities" rather than "Loans." NOTE.—Series revised. For monthly data 1959-70, see Dec. 1971 BULLE- 3 Includes ioans sold outright by commercial banks to own subsidiaries, TIN, pp. 974-75. For monthly data, 1948-58, see Aug. 1968 BULLETIN, foreign branches, holding companies, and other affiliates. pp. A-94-A-97. For a description of the seasonally adjusted series see 4 Beginning June 30, 1969, data revised to include ail bank-premises the following Bulletins: July 1962, pp. 797-802; July 1966, pp. 950-55; subsidiaries and other significant majority-owned domestic subsidiaries; Sept. 1967, pp. 1511-17; and Dec. 1971, pp. 971-73. Data are for last Wed. earlier data include commercial banks only. Also, loans and investments of month except for June 30 and Dec. 31; data are partly or wholly estiare now reported gross, without valuation reserves deducted, rather than mated except when June 30 and Dec. 31 are call dates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1971 • BANKS AND THE MONETARY SYSTEM A 19 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, c c s G S e a a t r o D t o n e t c d l R i s d k f 1 i - T r s c o e r u t i u n u a n e r r g a t n c y - - s y d - - Total Lo n a e n t s Total U.S. s C b a T a a v o r n n i m e n d k a g l s s . s u ry R F s B e e e a c d s n u e e r r k r v i a s t e l i es Other 3 O r se i t t c h i 4 e u e s - r c T l n a i i a n a p t o e n i b e i t e t t d t a i s - a l l - l , d T e a p o n o t d a si l t s C c m o a a n a u p n i c e n s i d - t c t t a . s , l 1947—Dec. 31. 22,754 4,562 160,832 43,023 107,086 81.199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,008 184,384 14,624 1967—Dec. 30. 11,982 6,784 468,943 282,040 117,064 66,752 49,112 1,200 69,839 487,709 444,043 43,670 1968—Dec. 31., 10,367 6,795 514,427 311,334 121,273 68,285 52,937 51 81,820 531,589 484,212 47,379 1969—Dec. 315 10,367 6,849 532,663 335,127 115,129 57,952 57,154 23 82,407 549,879 485,545 64,337 1970—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. 29v 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. 21v 10,500 7,600 621,500 368,800 133,700 63,400 67,800 2,500 119,000 639,600 570,800 68,800 Nov. 24f, 10,500 7,600 625,000 369,300 136,700 64,600 69,500 2,500 119,100 643,100 574,100 69,000 DETAILS OF DEPOSITS AND CURRENCY Money stock Related deposits (not seasonally adjusted) Seasonally adjusted 6 Not seasonally adjusted Time U.S. Government Date Total o b r u C a e t n u n s c i r k d y - s e d ju m e D p a s a t d o e e n s - - d d i t 7 s o b r u C a e t u n n s r c i k d - y s e d ju m e D p a s a t o d e e n s - - d d i t 7 s Total b m C a e n o r k m c s ia - 8 l b sa a v n i k n s g s 9 S P t a S e o v y m s i t s n a - 3 g l s n e F e i o g t r n - i , o T h c i u r n o a e r l g s a y d h s s - - s b c a a o a A v n n m i t d n k l s g . s B F a A . n R t k . s 1947—Dec. 31.. 110,500 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1,682 ,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 ,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 ,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—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 ,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. 29p. 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. 21 p. 215,400 51,000 164,400 216,300 50,900 165,400 343,400 263,600 79,800 2,500 500 6,500 1,700 Nov. 24p. 215,800 51,100 164,700 219,200 52,500 166,700 345,700 265,500 80,200 2,600 500 4,700 1,400 1 Includes Special Drawing Rights certificates beginning January 1970. 8 See first paragraph of note 2. 2 Beginning with data for June 30, 1966, about $1.1 billion in "Deposits 9 Includes relatively small amounts of demand deposits. Beginning with accumulated for payment of personal loans" were excluded from "Time June 1961, also includes certain accounts previously classified as other liadeposits" and deducted from "Loans" at all commercial banks. These bilities. changes resulted from a change in Federal Reserve regulations. See table 10 Reclassification of deposits of foreign central banks in May 1961 re- (and notes), Deposits Accumulated for Payment of Personal Loans, p. A-32. duced this item by $1,900 million ($1,500 million to time deposits and $400 See 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 • DECEMBER 1971 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) 1 Loans and investments Deposits Total assets— Securities Total Interbank 3 Other TToottaall Num- Cash lia- Bor- ccaappiittaall ber Class of bank assets3 bilities row- aacc-- of and date Total Loans and Total3 Demand ings ccoouunnttss banks l U.S. capital De- Treas- Other ac- mand Time Time5 ury 2 counts4 U.S. Govt. Other All commercial banks: 1941—Dec. 31 ... 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,? >82 44 ,349 15,952 23 7,173 14,278 1945—Dec. 31... 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14, (3 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—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 13,753 Oct. 27".. 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 13,768 Nov. 24".. 495,590 333,070 61,140 101,380 95,350 614,600 504,870 28,270 2,600 4,200 203,780 266,020 30,870 45,710 13,768 Member of i 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—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. 21... 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 5.725 Nov. 24".. 389,502 267,321 44,630 77,551 83,791 493,030 399,720 26,960 2,372 3,317 161,930 205,141 29,782 36,303 5,725 Reserve city member: New York City:** 1941—Dec. 31 ... 1122,,889966 44,,007722 77,,226655 11,,555599 66,,663377 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 66,,443399 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 77,,226611 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—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 Nov. 24... 61,776 47,626 5,582 8,568 23,026 90.162 67,792 12,988 1,196 392 28,785 24,431 6,954 7,257 12 For notes see p. A-23. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1971 • COMMERCIAL BANKS A 21 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank3 Other Class of bank lia- Borand date Cash bilities row- Total Loans assets 3 and Demand ings U.S. capital Total 3 Treas- Other ac- De- Time Times ury counts4 mand U.S. Govt. Other Reserve city member (cont.) City of Chicago: 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1.312 ,552 3,462 719 1947—Dec. 31 5,r~" 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 7 14,365 10,771 1.564 2,030 2,802 17,927 13,264 1,677 15 175 6,770 4,626 1,290 1970—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 11,345 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 N O o ct v . . 2 2 4 7 1 1 6 6 , , 6 5 5 2 1 6 1 1 1 1 , , 9 9 4 3 5 8 1 1 , , 7 7 3 8 2 0 2 2 , , 9 85 2 6 6 3 3 , , 5 8 7 5 6 6 2 2 1 1 , , 0 3 4 3 9 3 1 1 5 5 , , 3 9 6 3 4 3 1 1, , 4 5 3 5 1 3 2 2 2 1 8 9 2 1 4 0 0 2 6 6 , , 0 3 9 8 7 6 7 7, , 5 5 1 2 5 6 2 2, , 7 4 1 6 2 2 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,! 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 7 121,324 90,896 11,944 18,484 29,954 157.512 126,232 10,663 242 1,575 58,923 54,829 9,881 1970—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 Nov. 24 141,455 100,318 14,203 26,934 32,051 180,991 142,862 9,556 733 1,264 57,093 74,216 16,698 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—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 A M p a r y . 2 2 6 8 1 1 6 5 0 8 , ,5 0 7 5 9 6 1 1 0 0 1 0 , , 7 8 5 3 7 2 2 2 2 2 , ,6 5 1 08 8 3 3 5 5 , , 7 1 9 2 1 9 2 2 2 2 , , 8 6 8 9 2 4 1 1 8 8 8 6 , ,8 5 0 53 8 1 1 6 6 3 2 , , 8 5 2 9 7 9 2 2 , ,6 6 5 8 5 0 13 8 5 1 2 2, , 1 0 8 8 5 5 6 6 4 4 , , 9 9 5 7 8 5 9 9 3 2 , , 8 8 5 2 2 0 2 2 , ,6 5 6 05 0 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 Nov. 24*> 169,620 107,432 23,065 39,123 24,858 200,544 173,702 2,985 224 1,559 69,955 98,979 3,418 For notes see p. A-23. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 22 COMMERCIAL BANKS • DECEMBER 1971 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) | Loans and investments Deposits j Total i assets— Classification by Securities Total Interbank 3 Other FRS membership Cash lia- Bor- Total Numand FDIC assets 3 bilities row- capital bbeerr insurance Total Loans and Total 3 Demand ings ac- ooff l U.S. Other capital De- Time counts bbaannkkss Treas- 2 ac- mand Time 5 ury counts4 U.S. Other Govt. Insured banks: j 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 18,149 923 5,508 159,659 146,084 4,325 29,827 13,540 1966—Dec. 31.. 321,473 217,379 55,788 48,307 68,515 401,409 351,438 19,497 881 4,975 166,689 159,396 4,717 31,609 13,533 1967—Dec. 30.. 358,536 235,502 62,094 60,941 77,348 448,878 394,118 21,598 1,258 5,219 182,984 183,060 5,531 33,916 13,510 1968—Dec. 31.. 399,566 264,600 64,028 70,938 83,061 498,071 432,719 24,427 1,155 5,000 198,535 203,602 8,675 36,530 13,481 1969—June 30?. 408,620 283,199 53,723 71,697 87,311 513,960 423,957 24,889 800 5,624 192,357 200,287 14,450 38,321 13,464 Dec. 31.. 419,746 294,638 54,399 70,709 89,090 527,598 434,138 26,858 695 5,038 207,311 194,237 18,024 39,450 13,464 1970—June 30.. 421,141 294,963 51,248 74,929 84,885 526,484 431,094 26,017 829 8,040 191,752 204,456 18,215 41,159 13,478 Dec. 31.. 458,919 312,006 61,438 85,475 92,708 572,682 479,174 30,233 1,874 7,898 208,037 231,132 19,149 42,427 13,502 1971—June 30.. 478,302 321,575 59,991 96,735 95,181 595,819 501,283 30,953j 2,166 8,391 205,736 254,036 22,297 44,816 13,547 National member: 1941—Dec. 31.. 27,571 11,725 12,039 3,806! 14,977 43,433 39,458 6,' 786 1,088 23,262 8,322 4 3,640 5,117 1945—Dec. 31.. 69,312 13,925 51,250 4,137 20,144 90,220 84,939 9,: 229 14,013 45,473 16,224 78 4,644 5,017 1947—Dec. 31.. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,375 35 795 53,541 19,278 45 5,409 5,005 1963—Dec. 20.. 137,447 84,845 33,384 19,2181 28,635 170,233 150,823 8,863 146 3,691 76.836 61,288 1,704 13,548 4,615 1964—Dec. 31.. 151,406 96,688 33,405 21,312 34,064 190,289 169,615 10,521 211 3,604 84,534 70,746 1,109 15,048 4,773 1965—Dec. 31.. 176,605 118,537 32,347 25,720 36,880 219,744 193,860 12,064 458 3,284 92,533 85,522 2,627 17,434 4,815 1966—Dec. 31.. 187,251 129,182 30,355 27,713 41,690 235,996 206,456 12,588 437 3,035 96,755 93,642 3,120 18,459 4,799 1967—Dec. 30.. 208,971 139,315 34,308 35,348 46,634 263,375 231,374 13,877 652 3,142 106,019 107,684 3,478 19,730 4,758 1968—Dec. 31.. 236,130 159,257 35,300 41,572 50,953 296,594 257,884 15,117 657 3,090 116,422 122,597 5,923 21,524 4,716 1969—June 30?. 242,241 170,834 29,481 41,927 52,271 305,800 251,489 14,324 437 3,534 113,134 120,060 9,895 22,628 4,700 Dec. 31.. 247,526 177,435 29,576 40,514 54,721 313,927 256,314 16,299 361 3,049 121,719 114,885 12,279 23,248 4,668 1970—June 30.. 247,862 176,376 28,191 43,295 51,942 312,480 254,261 14,947 393 5,066 113,296 120,559 13,051 24,106 4,637 Dec. 31.. 271,760 187,554 34,203 50,004 56,028 340,764 283,663 18,051 982 4,740 122,298 137,592 13,100 24,868 4,620 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 4,598 State member: 1941—Dec. 31.. 15,950 6,295 7,500 2,155! 8,145 24,688 22,259 3,' 739 62 li 13,874 4,025 1 2,246 1,502 1945—Dec. 31.. 37,871 8,850 27,089 1,933| 9,731 48,084 44,730 4,-411 8,1661 24,168 7,986 130 2,945 1,867 1947—Dec. 31.. 32,566 11,200 19,240 2,125. 10,822 43,879 40,505 3,9781 15 381 27,068 9,062 9 3,055 1,918 1963—Dec. 20.. 72,680 46,866 15,958 9,855 15,760 91,235 78,553 5,655 236 2,295 40,725 29,642 1,795 7,506 1,497 1964—Dec. 31.. 77,091 51,002 15,312 10,777 18,673 98,852 86,108 6,486 453 2,234 44,005 32,931 1,372 7,853 1,452 1965—Dec. 31.. 74,972 51,262 12,645 11,065 15,934 93,640 81,657 5,390 i 382 1,606 39,598 I 34,680 1 ,607 7,492 1,406 1966—Dec. 31.. 77,377 54,560 11,569 11,247 19,049 99,504 85,547 6,200 i 357 1,397 41,464 36,129 1,498 7,819 1,351 1967—Dec. 30.. 85,128 58,513 12,649 13,966 22,312 111,188 ; 95,637 6,934 i 516 1,489 45,961 40,736 1,892 8,368 1,313 1968—Dec. 31.. 89,894 61,965 12,581 15,348 22,803 116,885 98,467 8,402 404 1,219 47,498 40,945 2,535 8,536 1,262 1969—June 30 7. 88,346 64,007 9,902 14,437 26,344 119,358 93,858 9,773 285 1,341 45,152 37,307 4,104 8,689 1,236 Dec. 31.. 90,088 65,560 10,257 14,271 24,313 119,219 94,445 9,541 248 1,065 48,030 35,560 5,116 8,800 1,201 1970—June 30.. 88,404 64,439 9,133 14,832 23,598 117,209 91,967 10,175 299 1,891 42,620 36,983 4,457 9,078 1,166 Dec. 31.. 94,760 66,963 11,196 16,600 25,472 125,460 , 101,512 11,091 750 1,720 45,734 42,218 5,478 9,232 1,147 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 1,138 Nonmember: 1941—Dec. 31.. 5,776 3,241 1,509 1,025 i 2,668 8,708 7,702 129 53 4,162 3,360 6 959 6,810 1945—Dec. 31.. 14,639 2,992 , 10,584 1,063 4,448 19,256 18,119 244 1,560 i 10,635 5,680 7 1,083 6,416 1947—Dec. 31.. 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 4 149 12,366 6,558 7 1,271 6,478 1963— Dec. 20.. 42,464 23,550 i 13,391 5,523 5,942 , 49,275 44,280 559! 61 726 i 23,140 i 19,793 72 4,234 7,173 1964—Dec. 31.. 46,567 26,544 • 13,790 • 6,233 7,174 54,747 49,389 658! 70 i 6491 25,504 • 22,509 99 4,488 7,262 1965—Dec. 31.. 52,028 30,310 i 14,137 ' 7,581 7,513 60,679 54,806 695 83 618 27,528 : 25,882 91 4,912 , 7,320 1966—Dec. 31.. 56,857 33,636 i 13,873 9,349 7,777 ' 65,921 59,434 7091 87 543 i 28,471 29,625 i 99 5,342 : 7,384 1967—Dec. 30.. 64,449 37,675 : 15,146i 11,629 8,403 i 74,328 67,107 786 89 588 ! 31,004I - 34,64C• 162: 5,830l 7,440 1968—Dec. 31.. 73,553 43,378 ! 16,155; 14,020i 9,305 ! 84,605; 76,368 908 94 691 34,615 i 40,06C 1 217' 6,482: 7,504 1969—June 307. 78,032 48,358 : 14,341 15,333 8,696 i 88,802 : 78,610 791! 78 i 749» 34,07C) 42,921 451 7,004 t 7,528 Dec. 31.. 82,133 51,643 1 14,565i 15,925 ; 10,056> 94,453 i 83,380 1,017 85 i 9241 37,561 43,792 I 629> 7,403 ! 7,595 1970—June 30.. 84,875 54,149 > 13,924 !• 16,802: 9,346i 96,794 t 84,865 89-41 137r 1,08: \ 35,83' ' 46,9121 7081 7,975i 7,675 Dec. 31.. 92,399 57,489 ' 16,039» 18,871 11,208 1 106,457r 93,998 1,091 141 1,438 I 40,00! > 51,32: > 571l 8,32( i 7,735 1971—June 30.. 99,532 61,509 » 15,953 1 22,070 1 10,439I 113,058 ; 99,774 98S > 18<> 1,40S ) 39,90S I 57,282 $ 59'1 8,99;\ 7,811 For notes see p. A-23. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1971 • COMMERCIAL BANKS A 23 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Classification by Securities Total Interbank 3 Other FRS membership Cash lia- Bor- Total Numand FDIC assets3 bilities row- capital ber insurance Total Loans T U re .S a . s - Other ca a a p n c i d - ta l Total3 m D a e n - d Time Demand Time ings co a u c n - ts ba o n f ks ury counts 4 U.S. Govt. Other Noninsured nonmember: 1941—Dec. 31. 1,457 455 761 241 763 2,283 1,872 329 1,291 253 13 329 852 1945—Dec. 31. 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 4 279 714 1947—Dec. 316 2,009 474 1,280 255 576 2,643 2,251 177 185 18 '1 ,392 478 4 325 783 1963—Dec. 20.. 1,571 745 463 362 374 2,029 1,463 190 83 832 341 93 389 285 1964—Dec. 31.. 2,312 1,355 483 474 578 3,033 2,057 273 86 1,141 534 99 406 274 1965—Dec. 31.. 2,455 1,549 418 489 572 3,200 2,113 277 85 1,121 612 147 434 263 1967—Dec. 30.. 2,638 1,735 370 533 579 3,404 2,172 285 58 1,081 733 246 457 211 1968—Dec. 31.. 2,901 1,875 429 597 691 3,789 2,519 319 56 1,366 767 224 464 197 1969—June 30 7. 2,809 1,800 321 898 3,942 2,556 298 81 1,430 731 290 502 209 Dcc. 31.. 2,982 2,041 310 632 895 4,198 2,570 316 41 1,559 638 336 528 197 1970—June 30. 3,043 2,073 321 650 746 4,140 2,280 321 69 1,247 606 331 549 193 Dec. 31. 3,079 2,132 304 642 934 4,365 2,570 375 101 1,298 756 226 532 184 1971—June 30. 2,968 2,057 263 648 960 4,356 2,480 360 1,182 250 182 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 • DECEMBER 1971 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans 1 Investments b C a l n a k s s a o n f d lo T a a o n n t d s a l i f F e u r e n a d d l - s C m o e m r- - Agri- o p s r u e r c c c F u a h r r o a r i r t y s i i i e n n s g g in f s in ti a T t n u o c ti i o al n s Real Ot t h o e r, U s .S e . c u T r r it e i a e s s u 6 r y S a t n a d te call date invest- sold, Total cial cul- es- in- Other local Other ments etc. 2 3.4 and tur- To tate di- 5 govt, secuin- al 5 bro- vid- Bills secu- rities 5 d tr u ia s- l k a e n r d s ot T h o e rs Banks Others uals3 Total ce a r n t d if i- Notes Bonds rities deal- cates ers Total: 2 1947—Dec. 31.. 116,284 38,057 18,167 1,660 830 ,220 115 9,393 5,723 947 69,221 9,982 6,034 53,205 5,276 3,729 1969—Dec. 31 io 422,728 9,928 286,750 108,443 10,329 5,739 4.027 2,488 15,062 70,020 63,256 7,388 54,709 59,183 12,158 1970—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 1,450 614 662 40 4,773 4,505 21,046 988 3,159 16,899 3,651 3,333 1945—Dec. 31. . 121,809 25,765 9,461 I,314 3,164 3,606 49 4,677 2,361 1,132 88,912 21,526 16,045 51,342 3,873 3,258 1947—Dec. 31.. 114,274 37,583 18,012 1,610 823 1,190 114 9,266 5,654 914 67,941 9,676 5,918 52,347 5,129 3,621 1969—Dec. 311 0419,746 9,693 284,945 107,685 10,314 5,644 3,991 2,425 14,890 69,669 63,008 7,319 54,399 58,840 11,869 1970—Dec. 31.. 458,919 15,942 296,064 111,540 II,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 3,133 3,378 47 3,455 1,900 1,057 78,338 19,260 14,271 44,807 3,254 2,815 1947—Dec. 31.. 97,846 32,628 16,962 1,046 811 1,065 113 7,130 4,662 839 57,914 7,803 4,815 45,295 4,199 3,105 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: 1 1 9 9 4 4 1 5 — — D D e e c c . . 3 3 1 1 . . . . 5 2 , , 9 7 3 6 1 0 1,3 9 3 5 3 4 7 7 6 3 0 2 21 48 1 23 5 3 2 2 3 2 6 51 9 5 40 4 1 , , 2 4 1 3 3 0 1,6 2 0 56 0 7 1 4 5 9 3 1 1, , 8 0 6 2 4 2 1 18 8 1 2 2 1 0 9 4 3 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 2,586 384 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 io 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 ' ,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 2 1,823 1,528 4,377 110 481 3,787 1,222 1,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 4 1,881 707 359 26,999 5,732 4,544 16,722 1,342 1,P67 1947—Dec. 31.. 36,324 10,199 3,096 818 23 227 5 3,827 1,979 224 22,857 3,063 2,108 17,687 2,006 1,262 1969—Dec. 31 io 141,286 3,318 89,401 23,762 4,739 498 947 148 2,263 28,824 26,362 1,858 21,278 22,572 4,718 1970—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 No 1 n 9 m 4 e 7 m — b D er e : c . 31. 18,454 5,432 1,205 614 20 156 2,266 1,061 109 11,318 2,179 1,219 7,920 1,073 625 1969—Dec. 31 io 85,115 2,572 51,111 12,348 4,141 329 741 231 1 ,0281 6,813 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 6,6$7 1 Beginning with June 30, 1948, figures for various loan items are 4 Breakdowns of loan, investment, and deposit classifications are not shown gross (i.e., before deduction of valuation reserves); they do not available before 1947; summary figures for 1941 and 1945 appear in the add to the total and are not entirely comparable with prior figures. Total table on pp. A-20—A-23. loans continue to be shown net. See also note 10. 5 Beginning with June 30, 1966, loans to farmers directly guaranteed 2 Includes securities purchased under resale agreements. Prior to June 30, by CCC were reclassified as "Other Securities," and Export-Import Bank 1967, they were included in loans—for the most part in loans to "Banks." portfolio fund participations were reclassified from loans to "Other Prior to Dec. 1965, Federal funds sold were included with "Total" loans securities." This increased "Other securities" by about $1 billion. and loans to "Banks." 6 Beginning with Dec. 31, 1965, components shown at par rather than 3 See table (and notes), Deposits Accumulated for Payment of Personal at book value; they do not add to the total (shown at book value) and are Loans, p. A-32. not entirely comparable with prior figures. See also note 10. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1971 • COMMERCIAL BANKS A 25 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits b c C a a l n l a l k s d s a a o n te f d B s F w e R a r . i n e R v t - h k e . s s r C c a e o n u n i d r c n - y b m a a w B d n e n i a o s c t k - t l h e - i s s c 7 ju p m D a s o d a t d s e e e n i - - - d t d s 8 m D e I s o n t - t i e c r 7 ba e F n ig k o n r - 9 G U o . v S t . . gg SS ll aa oo oo tt nn cc aa vv dd aa 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 i t k - ' i - s, IPC I b n a t n e k r- GG PP U S U S aa oo oo aa nn .. ss vv SS vv dd tt -- .. tt aa ,, ll S g S g ll aa oo oo tt nn cc aa vv dd aa 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. iinnggss 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. 3110. 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... 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.. 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... 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... 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... 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. 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... 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.. 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... 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... 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. 3110. 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... 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.. 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 City: 1941—Dec. 31... 5,105 93 141 1100,,776611 33,,559955 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31... 4,015 111 78 1155,,006655 33,,553355 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1947—Dec. 31... 151 70 1166,,665533 33,,223366 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1969—Dec. 31 io. 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.. 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 2,215 11,,002277 8 127 233 34 2,152 476 288 1945—Dec. 31... 942 36 200 33,,115533 11,,229922 20 11,,555522 237 66 3333,,,,111166660000 719 377 1947—Dec. 31... 1,070 30 175 33,,773377 11,,119966 21 7722 285 63 3333,,,,888855553333 2 9 902 426 1969—Dec. 31 io. 869 112233 150 5,221 11,,558811 96 175 268 229 6666,,,,222277773333 15 1 216 4,409 11,,229900 11,,551177 1970—Dec. 31... 1,148 112266 160 5,120 11,,885533 77 282 240 210 6666,,,,222211113333 49 568 5,549 11,,885511 11,,558866 1971—June 30.. 991 112266 247 5,044 1,439 51 318 352 211 6666,,,,000088884444 85 .3 741 6,353 22,,335599 11,,663366 Other reserve city: 1941—Dec. 31... 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1969—Dec. 31 io. 9,044 1,787 3,456 44,169 10,072 590 1,575 3,934 1,928 53,062 242 86 4,609 50,439 9,881 11,464 1970—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 2 <525 1947—Dec. 31... 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1969—Dec. 31 io. 7,179 3,302 7,870 62,729 3,080 72 1,671 7,905 1,721 58,304 84 54 4,920 70,768 1,820 12,766 1970—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 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1969—Dec. 31io. 1,644 8,383 38,644 1,112 222 940 4,284 1,416 33,420 126 25 3,269 41,135 965 7,931 1970—Dec. 31... 1,602 9,392 40,743 1,182 284 1,478 4,513 1,230 35,560 243 57 4,819 47,200 796 8,858 1971—June 30.. 1,765 8,576 40,593 1,094 254 1,429 4,323 1,295 35,472 227 55 5,688 52,419 847 9,489 7 Beginning with 1942, excludes reciprocal bank balances. NOTE.—Data are for all commercial banks in the United States; member * 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 !0 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 Jurie 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 • DECEMBER 1971 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans Federal funds sold, etc.1 Other To brokers For purchasing 1 and dealers or carrying securities Total involving— To nonbank loans financial Wednesday and Com- To brokers To institutions invest- To mer- and dealers others ments com- To cial Agri- Total mer- U.S. others Total and culcial Treas- Other indus- tural banks ury se- trial U.S. U.S. se- curi- Treas- Other Treas- Other curi- ties ury sees. ury sees. ties sees. sees. Large banks— Total 1970 250,436 9,401 7,470 1,477 285 169 174,221 80,117 2,016 1,021 3,438 102 2,291 Nov. 4 250,338 9,092 7,026 1,716 254 96 173,946 80,235 2,008 1,200 3,462 100 2,275 11 249,871 8,258 6,740 1,134 255 129 173,164 79,981 2,000 771 3,502 100 2,273 18 247,828 6,763 5,820 574 270 99 172,776 79,913 2,003 739 3,379 102 2,317 25 1971 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 27 270,696 7,409 6,613 514 66 216 186,059 83,070 2,180 644 4,601 129 2,414 Nov. 1 3 0 * * 2 2 7 7 5 5 , , 8 4 4 5 3 2 1 1 0 0 , , 4 6 5 0 7 4 9 9, , 2 4 9 1 8 0 9 6 8 9 2 5 1 1 2 0 1 6 2 2 3 1 1 8 1 18 8 6 7 , , 8 4 7 4 5 7 8 8 3 3 , , 1 0 6 0 1 5 2 2 , , 2 1 0 9 1 1 1 1, , 2 1 7 8 5 1 4 4 , ,8 8 0 2 7 0 1 1 3 3 5 2 2 2 , , 3 3 6 8 4 7 17® 274,815 9,347 8,681 397 74 195 186,796 82,926 2,212 729 4,815 138 2,377 24* 272,897 8,153 7,739 271 90 53 186,602 82,639 2,193 585 4,854 132 2,390 New York City 1970 Nov. 4 56,780 1,647 1,589 41 17 42,898 25,896 17 786 2,192 641 11 55,934 561 491 45 25 42,875 25,948 17 1,005 2,210 638 18 56,340 1,184 1,052 85 10 37 42,455 25,851 16 622 2,251 635 25 55,918 997 922 25 50 42,140 25,818 16 584 2,205 634 1971 Oct. 6 58,053 1,055 1,011 23 21 44,580 26,203 15 549 3,024 582 13 58,706 1,728 1,636 73 19 44,851 26,109 17 498 3,023 575 20 57,898 1,397 1,270 39 88 44,183 25,947 17 648 3,075 573 27 58,053 952 906 26 20 44,306 25,889 20 567 3,171 575 Nov. 3* 60,037 1,438 1,390 30 18 45,283 25,927 25 1,049 3,296 576 10* 59,273 1,020 949 40 31 44,954 25,839 24 1,111 3,310 565 17* 59,057 1,242 1,161 19 62 44,382 25,828 26 611 3,216 564 24* 58,103 834 778 24 32 44,183 25,630 25 498 3,327 567 Outside New York City 1970 Nov. 4 193,656 7,754 5,881 1,436 285 152 131,323 54,221 1,999 235 1,246 1,650 11 194,404 8,531 6,535 1,671 254 71 131,071 54,287 1,991 195 1,252 1.637 18 193,531 7,074 5,688 1,049 245 92 130,709 54,130 1,984 149 1,251 1.638 25 191,910 5,766 4,898 549 270 49 130,636 54,095 1,987 155 1,174 1,683 1971 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 80 248 141,636 57,179 2,153 171 1,476 99 1,831 27 212,643 6,457 5,707 488 66 196 141,753 57,181 2,160 77 1,430 100 1,839 Nov. 3* 215,806 9,019 8,020 665 121 213 142,164 57,234 2,166 132 1,511 98 1,811 10* 216,179 9,584 8,349 942 106 187 141,921 57,166 2,177 164 1,510 92 1,799 17* 215,758 8,105 7,520 378 74 133 142,414 57,098 2,186 118 1,599 94 1,813 24* 214,794 7,319 6,961 247 90 21 142,419 57,009 2,168 87 1,527 90 1,823 For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 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 Notes and bonds maturing— Wednesday Consumer For- All Certifinstal- eign other Total Bills icates ment govts. 2 Within 1 to After 1 yr. 5 yrs. 5 yrs. Large banks— Total 1970 428 1,551 21,358 904 13,903 25,710 4,925 4,053 14,383 2,349 Nov. 4 367 1,558 21,324 917 13,739 25,533 4,719 4,034 14,436 2,344 11 4 4 1 1 0 0 1 1 , , 5 5 9 1 0 4 2 2 1 1 , , 3 3 4 5 8 8 9 8 1 8 7 7 1 1 3 3 , , 5 8 1 3 2 6 2 2 6 6 , , 2 5 1 06 * 4 4, , 2 4 7 7 6 4 3 3, , 7 7 3 3 4 2 1 1 5 5 , , 5 4 0 0 5 9 2 2 , ,7 7 9 9 5 2 2 1 5 8 1971 840 2,579 23,341 779 14,549 24,984 2,613 3,954 15,373 3,044 Oct. 6 851 2,584 23,380 786 14,698 24,981 2,537 4,080 15,306 3,058 13 815 2,430 23,418 775 14,521 25,176 2,827 4,036 15,392 2,921 20 862 2,467 23,467 818 14,658 26,187 2,847 4,055 16,445 2,840 27 852 2,325 23,505 757 14,812 26,476 2,912 4,307 16,357 2,900 Nov. 3* 830 2,416 23,569 771 14,483 26,421 2,847 4,318 16,383 2,873 10* 822 2,481 23,577 793 14,746 27,547 2,791 3,398 17,008 4,350 17* 844 2,570 23,646 809 14,654 27,285 2,622 3,410 16,876 4,377 24* New York City 1970 193 918 1,856 551 2.672 5,087 1,456 580 2,725 326 Nov. 4 154 933 1,855 566 2,549 5,027 1,364 594 2,742 327 11 162 893 1,896 561 2.673 5,092 1,090 336 3,164 502 18 182 952 1,886 538 2,416 5,174 1 ,108 378 3,159 529 25 1971 391 1,154 1,914 527 4,356 327 613 3,098 318 Oct. 6 398 1,205 1,922 528 4,340 319 634 3,060 327 13 365 1,125 1,922 517 4,541 494 667 3,036 344 20 352 1,161 1,922 555 4,877 562 681 3,312 322 27 363 1,055 1,917 500 2,91 5,274 636 1,030 3,228 380 Nov. 3 * 356 1,157 1,917 510 2,686 5,255 646 1,043 3,215 351 10* 336 1,134 1,919 529 2,754 5,498 657 625 3,293 923 17* 334 1 ,221 1,925 540 2,671 5,296 504 616 3,250 926 24* Outside New York City 1970 235 633 19,502 353 11,231 20,623 3,469 3,473 11,658 2,023 .Nov. 213 625 19,469 351 11,190 20,506 3,355 3,440 11,694 2,017 248 621 19,452 356 11,163 21,414 3,384 3,396 12,341 2,293 228 638 19,472 349 11,096 21,037 3,168 3,356 12,250 2,263 1971 449 1,425 21,427 252 11,784 20,628 2,286 3,341 12,275 2,726 .Oct. 6 453 1,379 21,458 258 11,859 20,641 2,218 3,446 12,246 2,731 .13 450 1.305 21,496 258 11,837 20,635 2,333 3,369 12,356 2,577 .20 510 1.306 21,545 263 11,889 21,310 2,285 3,374 13,133 2,518 ,27 489 1,270 21,588 257 11,901 21,202 2,276 3,277 13,129 2,520 . .Nov. 3* 474 1,259 21,652 261 11,797 21,166 2,201 3,275 13,168 2,522 . 10* 486 1,347 21,658 264 11,992 22,049 2,134 2,773 13,715 3,427 . 17* 510 1,349 21,721 269 11,983 21,989 2,118 2,794 13,626 3,451 24* For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 28 WEEKLY REPORTING BANKS • DECEMBER 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 41,104 5,936 30,174 1,108 3,886 34,682 16,787 3,163 6,467 715 14,498 Nov. 4 41,767 5,904 30,636 1,109 4,118 28,248 15,415 3,332 6,196 716 14,074 11 41,943 5,895 30,812 1,150 4,086 31,112 17,695 3,450 6,023 716 13,929 18 42,078 5,859 30,817 1,161 4,241 29,467 17,857 3,294 5,721 716 14,218 25 1971 Oct. 6 50,813 8,369 35,703 1,327 5,414 33,254 18,741 3,329 7,045 802 15,702 13 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 27 51,041 8,311 35,673 1,408 5,649 35,312 20,826 3,778 6,517 814 15,429 Nov. 3* 51,463 8,598 35,857 1,397 5,611 40,042 18,946 3,481 7,396 817 15,656 1170** 5 5 1 1 , , 1 5 2 5 5 2 8 8 , , 0 3 1 7 5 5 3 3 5 5 , , 7 8 6 4 6 3 1 1 , , 4 4 6 6 9 2 5 5 , , 8 8 7 7 5 2 3 3 1 1 , , 5 3 9 7 8 0 1 1 7 9, , 6 9 8 2 1 5 3 3 , , 6 5 0 3 1 2 6 7 , , 8 0 7 5 6 0 8 8 1 1 9 7 1 1 5 5 , , 4 0 8 9 8 9 24* 50,857 7,836 35,681 1,459 5,881 33,578 22,132 3,508 7,280 819 15,119 New York City 1970 Nov. 4 7,148 1,640 4,550 69 889 16,175 4,507 422 1,316 335 5,119 11 7,471 1,634 4,725 59 1,053 12,300 4,375 427 1,226 335 4,926 18 7,609 1,679 4,839 121 970 13,302 4,726 413 1,109 337 4,942 25 7,607 1,629 4,779 123 1,076 13,185 4,821 391 1,161 337 5,126 1971 Oct. 6 8,062 1,424 5,421 234 983 15,170 4,899 419 1,078 353 5,223 13 7,787 1,406 5,259 195 927 15,928 5,153 461 972 352 5,076 20 7,777 1,350 5,242 202 983 15,895 4,742 429 1,108 361 5,118 27 7,918 1,444 5,304 214 956 16,283 5,605 451 1,105 362 5,115 Nov. 3* 8,042 1,436 5,401 212 993 19,805 4,972 434 1,414 363 5,064 10* 8,044 1,347 5,406 219 1,072 14,128 4,830 445 1,344 363 4,991 17* 7,935 1,346 5,315 242 1,032 12,245 4,578 434 1,035 364 4,937 24* 7,790 1,296 5,204 249 1,041 15,006 5,413 416 1,461 364 4,904 Outside New York City 1970 Nov. 4 33,956 4,296 25,624 1,039 2,997 18,507 12,280 2,741 5,151 380 9,379 11 34,296 4,270 25,911 1,050 3,065 15,948 11,040 2,905 4,970 381 9,148 18 34,334 4,216 25,973 1,029 3,116 17,810 12,969 3,037 4,914 379 8,987 25 34,471 4,230 26,038 1,038 3,165 16,282 13,036 2,903 4,560 379 9,092 1971 Oct. 6 42,751 6,945 30,282 1,093 4,431 18,084 13,842 2,910 5,967 449 10,479 13 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 27 43,123 6,867 30,369 1,194 4,693 19,029 15,221 3,327 5,412 452 10,314 Nov. 3* 43,421 7,162 30,456 1,185 4,618 20,237 13,974 3,047 5,982 454 10,592 10* 43,508 7,028 30,437 1,243 4,800 17,242 13,095 3,087 5,532 454 10,497 17* 43,190 6,669 30,451 1,227 4,843 19,353 15,103 3,167 6,105 455 10,162 24* 43,067 6,540 30,477 1,210 4,840 18,572 16,719 3,092 5,819 455 10,215 For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1971 • WEEKLY REPORTING BANKS A 29 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Deposits Demand Time and savings Domestic interbank Foreign IPC States States Wednesday and Certi- and Dopolit- fied polit- mes- For- Total IPC ical U.S. and Total6 ical tic eign sub- Govt. Com- Mutual Com- offi- sub- inter- govts. 2 divi- mer- sav- Govts., mer- cers' Sav- Other divi- bank sions cial ings etc. 2 cial checks ings sions banks Large banks— Total 1970 138,818 95,085 7,002 3,057 22,251 759 789 2,192 7,683 114,797 47,122 49,222 11,498 1,216 5,297 Nov. 4 130,044 91,807 6,167 2,090 20,279 679 823 2,182 6,017 115,389 47,187 49,598 11,655 1,255 5,234 11 134,757 94,541 6,659 4,012 19,672 583 743 2,402 6,145 115,640 47,291 49,813 11,667 1,277 5,121 18 132,521 93,761 6,390 3,569 19,1"" 537 757 2,216 6,103 116,431 47,335 50,431 11,755 1,312 5,088 25 1971 1 14 4 3 2 , , 5 1 3 9 7 4 1 9 0 7 0 , , 6 8 4 0 5 6 5 6 , , 8 5 6 7 4 0 2 3 , , 4 08 6 8 0 2 2 2 3 , , 8 3 4 1 7 7 7 8 4 2 5 4 7 8 8 4 1 9 2 2 , , 3 3 4 3 0 0 7 7 , , 6 6 2 3 6 9 i 1 3 3 7 6 , , 2 7 0 3 7 9 5 5 3 3 , , 4 4 9 8 8 6 5 60 9 , , 4 9 3 9 4 4 1 15 5 , , 4 5 8 0 1 7 2 2, ,0 1 8 13 1 5 5 , , 2 2 2 3 6 0 Oct. 1 6 3 141,925 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 2,098 5,142 27 150,019 101,223 7,205 2,811 25,320 832 788 2,448 9,392 136,746 53,691 60.138 15,347 1,956 5,176 Nov. 3" 138,824 98,508 6,538 1,622 21,513 683 720 2,326 6,914 136,956 53,805 60.139 15,393 1,969 5,212 10" 140,199 100,098 6,387 2,362 21,270 625 748 2,491 6,218 137,429 53,948 60,410 15,404 2,028 5,201 17" 141,592 99,654 6,374 2,231 22,117 579 716 2,596 7,325 137,977 54,010 60,901 15,425 2,085 5,126 24" New York City 1970 42,423 23,100 854 523 10,154 352 645 1,600 5,195 18,001 4,411 8,804 863 699 3,079 . Nov. 4 36,955 21,280 428 316 8,681 347 679 1,578 3,646 18,099 4,428 8,949 867 718 2,992 11 38,661 22,503 799 814 8,189 294 587 1,786 3,689 18,072 4,451 9,002 848 732 2,893 18 38,058 22,221 520 710 8,325 268 618 1,598 3,798 18,199 4,455 9,178 829 741 2,846 25 1971 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 45,895 23,230 634 460 12,852 387 649 1,641 6,042 23,269 5,189 12,390 1,704 999 2,871 .Nov. 3" 39,034 22,042 476 232 10,070 345 582 1,585 3,702 23,361 5,218 12,393 1,695 1,025 2,915 10" 37,399 21,677 453 381 9,186 328 599 1,740 3,035 23,592 5,252 12,575 1,673 1,086 2,891 17" 40,520 22,393 439 376 10,727 303 580 1,853 3,849 23,680 5,265 12,652 1,665 1,140 2,836 24" Outside New York City 1970 96,395 71,985 6,148 2,534 12,097 407 144 592 2 j488 96,796 42,711 40,418 10,635 517 2,218 . Nov. 4 93,089 70,527 5,739 1,774 11,598 332 144 604 2/371 97,290 42,759 40,649 10,788 537 2,242 11 96,096 72,038 5,860 3,198 11,483 2$9 156 616 2,456 97,568 42,840 40,811 10,819 545 2,228 18 94,463 71,540 5,870 2,859 10,863 269 139 618 2,305 98,232 42,880 41,253 10,926 571 2,242 25 1971 101,235 76,135 794 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 78,989 457 2,040 12,076 332 154 772 3,120 113,163 48,344 47,285 13,861 1,082 2,257 13 100,988 76,999 553 2,243 11,984 319 150 774 2,966 113,430 48,422 47,413 13,946 1,097 2,226 20 102,850 78,211 746 2,857 11,836 360 166 816 2,858 113,557 48,434 47,578 13,888 1.066 2,267 27 104,124 77,993 6,571 2,351 12,468 445 139 807 3,350 113,477 48,502 47,748 13,643 957 2j305 .Nov. 3" 99,790 76,466 6,062 1,390 11,443 338 138 741 3,212 113,595 48,587 47,746 13,698 944 2,297 10" 102,800 78,421 5.934 1,981 12,084 297 149 751 3,183 113,837 48,696 47,835 13,731 942 2,310 17" 101,072 77,261 5.935 1,855 11,390 276 136 743 3,476 114,297 48,745 48,249 13,760 945 2,290 24" For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 30 WEEKLY REPORTING BANKS • DECEMBER 1971 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Borrowings Reserves Memoranda from— for— Large negotiable Fed- Total time CD's eral Other Total loans included in time Wednesday funds liabili- capital Total and De- and savings deposits1 pur- F.R. ties Secur- loans invest- mand chased, Banks Others etc. 8 Loans ities (gross) ments deposits etc.7 ad- (gross) ad- Issued justed^ ad- justed i o Total to justed 9 IPC's Large banks— Total 1970 Nov. 4 19,940 530 1,415 22,764 4,026 24.382 175,724 242,538 78,828 23,611 15,124 11 19,758 521 1,411 22,712 4,025 24.383 175,645 242,945 79,427 24,297 15,629 18 19,657 287 1,387 22,657 4,017 24,319 174,272 242,721 79,961 24,493 15,717 25 17,004 ,098 1,363 22,304 4,017 24,287 173,309 241,598 80,297 25,201 16,223 1971 Oct. 6 23,356 125 1,108 16,086 4.002 26,501 186,275 262,072 82,535 33,342 20,778 13 25,181 939 1,037 16,321 4.003 26,453 186,611 262,329 82,621 33,921 21,282 20 22,230 428 1,051 16,496 3,998 26,396 186,691 262,419 82,038 33,711 21,090 27 21,642 1,906 1,050 16,581 4.004 26,505 185,993 263,221 82,841 33,677 21,138 Nov. 3p 27,002 179 1,120 16,350 4.011 26,664 187,642 265,581 81,846 33,241 20,791 10*> 26,992 168 1,042 16,678 4,026 26,705 187,351 265,324 84,319 33,413 20,901 17* 25,816 333 1,083 17,116 4,019 26,591 186,640 265,312 84,969 33,668 21,195 24* 24,941 2,236 1,019 16,914 4.012 26,567 186,172 264,314 83,666 34,060 21,535 New York City 1970 Nov. 4 5,236 75 190 11,369 1,208 6,152 42,763 54,998 15,571 6,625 4,339 11 5,275 240 193 11,396 1,207 6,158 42,791 55,289 15,658 6,788 4,458 18 5,828 194 11,053 1.207 6,154 42,425 55,126 16,356 6,788 4,478 25 5,177 184 11,383 1.208 6,125 42,033 54,814 15,838 6,966 4,641 1971 Oct. 6 5,677 209 6,637 1.187 6,857 44,233 56,651 14,152 11,699 7,738 13 6,658 245 236 6,853 1.188 6,827 44,545 56,672 13,478 12,126 8,121 20 5,287 217 234 7,161 1,184 6,794 43,945 56,263 13,591 11,852 7,872 27 5,163 933 213 7,399 1,186 6,892 44,000 56,795 13,713 11,730 7,788 Nov. 7,716 219 6,860 1,188 6,942 44,968 58,284 12,778 11,341 7,406 10 P 7,463 150 204 7,036 1,188 6,938 44,669 57,968 14,604 11,372 7,429 2 1 4 7 * P 6 5 , , 1 5 0 8 3 7 8 1 4 9 5 5 2 1 0 9 0 8 6 7 , , 7 0 3 4 4 5 1 1 , ,1 1 8 90 6 6 6 , , 9 9 2 1 8 5 4 4 4 3 , , 1 9 2 0 7 5 5 5 6 7 , , 9 5 9 6 1 0 1 14 5 , , 4 5 1 8 1 7 1 11 1 , , 6 5 3 6 8 9 7 7, , 6 6 6 3 5 2 Outside New York City 1970 Nov. 4 14,704 455 1,255 11,395 2,818 18,230 132,961 187,540 63,257 16,986 i0,785 1 1 14,483 281 1,218 11,316 2,818 18,225 132,854 187,656 63,769 17,509 11,171 1 8 13,829 287 1,193 11,604 2,810 18,165 131,847 187,595 63,605 17,705 11,239 25 11,827 493 1,179 10,921 2,809 18,162 131,276 186,784 64,459 18,235 11,582 1971 Oct. 6 17,679 125 899 9,449 2,815 19,644 142,042 205,421 68,383 21,643 13,040 13 18,523 694 801 9,468 2,815 19,626 142,066 205,657 69,143 21,795 13,161 20 16,943 211 817 9,335 2,814 19,602 142,746 206,156 68,447 21,859 13,218 27 16,479 973 837 9,182 2,818 19,613 141,993 206,426 69,128 21,947 13,350 Nov. 3* 19,286 179 901 9,490 2,823 19,722 142,674 207,297 69,068 21,900 13,385 10® 19,529 18 838 9,642 2,838 19,767 142,682 207,356 69,715 22,041 13,472 HP 19,713 138 885 10,071 2,829 19,663 142,513 207,752 69,382 22,099 13,563 24 P 19,354 ,391 819 10,180 2,826 19,652 142,267 207,323 69,255 22,422 13,870 1 Includes securities purchased under agreements to resell. 8 Includes minority interest in consolidated subsidiaries. 2 Includes official institutions and so forth. 9 Exclusive of loans and Federal funds transactions with domestic com- 3 Includes short-term notes and bills. mercial banks. 4 Federal agencies only. 10 All demand deposits except U.S. Govt, and domestic commercial 5 Includes corporate stock. banks, less cash items in process of collection. 6 Includes U.S. Govt, and foreign bank deposits, not shown separately. 11 Certificates of deposit issued in denominations of $100,000 or more. i Includes securities sold under agreements to repurchase. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 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 Nov. Nov. Nov. Nov. Oct. Nov. Oct. SSeepptt.. 2nd 1st 24 17 10 3 27 r III II I half half Durable goods manufacturing: Primary metals 2,056 2,177 2,195 2,205 2,160 -104 -12 40 -123 r 20 169 -20 149 Machinery 4,440 4,570 4,662 4,685 4,730 -290 -252 -124 -238 -38 -247 -768 -209 Transportation equipment 2,653 2,624 2,655 2,691 2,697 -44 -66 134 25 -99 -92 169 -191 Other fabricated metal products. .. 1,719 1,761 1,813 1,855 1,882 -163 -94 -80 -132 132 68 -344 200 Other durable goods 22,,662277 22,,664411 22,,771122 2,722 22,,773377 -110 -87 9 9 112 149 -198 261 Nondurable goods manufacturing: Food, liquor, and tobacco 2,837 2,761 2,677 2,740 2,726 111 32 207 290 -163 -537 350 -700 Textiles, apparel, and leather 2,436 2,483 2,476 2,473 2,476 -40 -91 -144 -32 115 166 -395 281 Petroleum refining 1,083 1,092 1,096 1,100 1,156 — 73 37 51 — 64 — 343 — 113 — 407 Chemicals and rubber 2,349 2,389 2,429 2,440 2,516 -167 -177 -11 -163 44 32 63 76 Other nondurable goods 11,,779966 11,,880033 1,838 1,872 11,,886677 -71 -53 55 57 -30 -105 -113 -135 Mining, including crude petroleum and natural gas 3,791 3,791 3,722 3,732 3,859 -68 34 73 208 -278 -108 -257 -386 Trade: Commodity dealers 1,512 1,496 1,440 1,390 1,353 159 136 19 69 -174 -57 481 -231 Other wholesale 4,312 4,343 4,345 4,339 4,353 -41 49 205 387 206 10 78 216 Retail 4,621 4,526 4,571 4,614 4,591 30 127 78 72 185 162 -308 347 Transportation 5,677 5,617 5,628 5,587 5,597 80 -135 65 -248 -306 286 366 -20 Communication 1,366 1,375 1,402 1,442 1,365 1 -199 32 23 184 49 19 233 Other public utilities 2,685 2,707 2,776 2,774 2,644 41 91 225 347 185 -327 -386 -142 Construction 3,774 3,812 3,815 3,828 3,780 -6 38 43 88 71 131 197 202 Services 7,653 7,680 7,636 7,607 7,596 57 -8 18 19 387 -200 525 187 All other domestic loans 5,419 5,399 5,401 5,354 5,389 30 37 164 309 290 -180 96 110 Bankers' acceptances 11,,881111 1,869 1,736 1,723 11,,666600 151 61 44 458 -390 -164 11,,118866 -554 Foreign commercial and industrial loans 2,983 2,949 2,934 2,928 2,953 30 -22 -74 327 106 140 255 246 Total classified loans 69,600 69,865 69,959 70,101 70,087 -487 -554 1,029 1,752 531 -998 ' 883 -467 Total commercial and industrial loans. 82,623 82,926 83,005j 83,161 83,070 -447 -663 1,145 1,212 1,320 -473 1,979 r847 See NOTE to table below. "TERM" COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during— 1971 1971 1970 1971 IInndduussttrryy Nov. Oct. Sept. Aug. July June May Apr. Mar. 1st 24 27 29 25 28 30 26 28 31 III II I IV half Durable goods manufactur- Primary metals 1,406 1,496 1,525 1,482 1,535 1,587 1,667 1,622 1,630 -62 -43 103 -150 60 Machinery 2,397 2,478 2,481 2,507 2,514 2,539 2,594 2,735 2,591 -58 -52 -90 -243 -142 Transportation equipment. 1,592 1,626 1,689 1,582 1,552 1,559 1,440 1,515 1,613 130 -54 -20 -22 -74 Other fabricated metal products 709 744 776 807 804 815 805 769 733 -39 82 -9 -65 73 Other durable goods 1,162 11,,220033 11,,221133 11,,226666 11,,223377 1,231 1,201 1,191 11,,221166 -18 15 127 -52 142 Nondurable goods manufacturing : Food, liquor, and tobacco. 1,012 975 988 941 948 972 919 982 974 16 -2 -11 -23 -13 Textiles, apparel, and leather 577 585 607 610 598 597 609 592 617 10 -20 -40 -94 -60 Petroleum refining 867 900 857 841 902 892 920 932 915 -35 -23 -298 -35 -321 Chemicals and rubber 1,534 1,661 1,792 1,815 1,828 1,824 1,726 1,822 1,850 -32 -26 1 69 -25 Other nondurable goods. . 1,018 1,048 1,018 11,,000066 11,,000088 1,021 1,058 1,062 1,100 -3 -79 -71 -12 -150 Mining, including crude petroleum and natural gas. 2,998 3,023 2,936 3,002 3,019 2,992 33,,005588 3,089 3,123 -56 -131 -203 -135 -334 Trade: Commodity dealers.. 104 116 109 117 101 97 8888 81 80 12 17 1 -3 18 Other wholesale 865 868 852 839 850 842 809 813 782 10 60 26 59 86 Retail 1,433 1,482 1,477 1,456 1,423 1,421 1,423 1,404 1,417 56 4 18 39 22 Transportation 4,467 4,461 4,588 4,488 4,612 4,614 4,681 4,757 4,867 -26 -253 303 147 50 Communication 427 418 420 422 471 468 439 426 402 -48 66 -13 -33 53 Other public utilities 1,293 1,304 1,273 1,181 1,141 1,095 1,038 991 973 178 122 -45 -47 77 Construction 1,255 1,245 1,197 1,208 1,229 1,192 1,178 1,164 1,107 5 85 63 r 87 148 Services 3,448 3,408 3,357 3,320 3,247 3,269 3,192 3,249 3,142 88 127 -67 77 60 All other domestic loans .... 1,413 1,388 11,,338888 1,360 11,,330099 1,247 1,259 11,,222233 1,268 141 -21 -17 60 -38 Foreign commercial and industrial loans 11,,995566 11,,994400 11,,889922 11,,995500 11,,990088 11,,889922 11,,888822 11,,884400 11,,779922 110000 7766 111122 117766 Total loans 31,933 32,369 32,435 32,200 32,236 32,166 31,986 32,259 32,192 269 -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 • DECEMBER 1971 GROSS DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS1 (In billions of dollars) Type of holder TToottaall CCllaassss ooff bbaannkk,, aanndd qquuaarrtteerr oorr mmoonntthh ddeeppoossiittss,, Financial Nonfinancial Consumer Foreign All IIPPCC business business other All commercial banks: i 1970—June 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 18.3 86.1 54.1 1.4 10.4 170.3 June 17.9 89.9 56.0 1.3 10.7 175.8 Sept 17.8 91.7 57.4 1.2 9.7 177.9 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 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 13.7 52.9 24.1 1.2 5.5 97.4 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 13.5 53.4 24.1 1.2 5.1 97.2 Sept 13.9 54.3 24.6 1.2 5.6 99.6 Oct.* 14.0 55.2 24.6 1.1 5.4 100.4 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.... 1,216 1,131 804 746 All member—Cont. Insured 1,216 1,129 803 745 Other reserve city. 332 304 143 125 National member 730 688 433 407 Country 605 571 437 411 State member.... 207 188 147 129 All nonmember 278 255 224 210 All member 937 876 580 536 I N n o s n u i r n ed s ured 278 253 2 2231 209 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
DECEMBER 1971 • LOAN SALES BY BANKS; OPEN MARKET PAPER A 33 LOANS SOLD OUTRIGHT BY COMMERCIAL BANKS (Amounts outstaiiding; in millions of dollars) To own subsidiaries, foreign branches, holding companies, and other affiliates To all others except banks Date By type of loan By type of loan Total Total Commercial Commercial and All other and All other industrial industrial 1971—Aug. 4. 2,803 1,878 925 2,037 470 1,568 11. 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 Nov. 3. 2.880 1,695 1,185 2,014 393 1,622 10. 2,866 1,710 1,157 2,017 391 1,626 17. 2,809 1,740 1,069 2,042 412 1,630 24. 2,845 1,757 2,048 398 1,649 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 Im- Ex- Total ports ports All r B el a a n te k d Other i re B l a a n te k d Other2 Total Own Bills Own e F i o g r n - U i n n i t t o e d U f n r i o t m ed other bills bought acct. corr. States States 196 4 8,361 2,223 6,138 3,385 1,671 1,301 370 94 122 1.498 667 999 1,719 196 5 9,058 1,903 7,155 3,392 1,223 1,094 129 187 144 1,837 792 974 1,626 196 6 13,279 3,089 10,190 3,603 1,198 983 215 193 191 2,022 997 829 1,778 196 7 16,535 4,901 11,634 4,317 1,906 1,447 459 164 156 2,090 1,086 989 2,241 196 8 20,497 7,201 13,296 4,428 1,544 1,344 200 58 109 2,717 1,423 952 2,053 196 9 31,709 1,216 10,601 3,078 16,814 5,451 1,567 1,318 249 64 146 3,674 1,889 1,153 2,408 1970—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 i ,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 16,451 7,645 2,807 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 Oct.. 31,205 454 11,897 1,527 17,327 7,811 3,000 2,350 650 52 261 4.499 3,148 1,366 3,296 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 • DECEMBER 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 51/2-6 1953—Apr. 27. , 31/4 1966-—Mar. 10 51/2 1971—Jan. 6 , 6% 193 0 31/2-6 1954—Mar. 17. . 3 J A u u n g e . 2 1 9 6 . 5 6 y 4 1 1 8 5 . , . 6 6 1 /4 1 1 9 9 3 3 2 1 2 31 % /4 - - 5 4 1955—Aug. 4. . 31/4 1967-—Jan. 26-27... 51/2-534 M Fe a b r . . 1 11 6 , , 5 5 1 % 4- 514 193 3 lVz-4 Oct. 14. . 3Vz Mar. 27 51/2 19 51/4 1934— 1956—Apr. 13. 3V 4 Nov. 20 6 A M p a r y . 2 1 3 1 5 5 1 1 / ,4 2 -5 1/2 1947 (Nov.) l Vi Aug. 21. . 4 1968-— S A e p p r t . . 2 1 5 9 6 6 1 /2 -61/4 July 6 7 5 6 1/2-6 Effective date 1957—Aug. 6. . 41/2 D N e o c v . . 1 2 3 6 6 1 V / 2 4 O N c o t v . . 20 1 , , , 5 5 V y4 4 -5y 8 1947—Dec. i. .. iiyy44 1958— S J A a e p n p r . t . . 2 2 1 1 1 2 . . 4 4 3 1/2 1969— M Ja a n. r . 1 18 7 7 . . 7 7 ey 1 4 / 2 2 2 2 9 4 , , , 5 5 5 5 1 1 3% / 4 / 2 8 - - 5 5 - 1 5 / % i/ 2 2 1948—Aug. i... 2 1959— S M e a p y t . 18 1 . , . 41/2 June 9. 8V2 Dec. 6, , 514-53/8- 1950—Sept. 22 21/4 5 1970—Mar. 25. 51/2 11996600——AAuugg.. 23 41/2 Sept. 21. 1V2 1951—Jan. 8 21/2 Nov. 12. 114 Oct. 17 2% 1965—Dec. 6. . 23. 7 Dec. 19 3 5 Dec. 22. 6V4 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 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
DECEMBER 1971 • INTEREST RATES A 35 MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable)4 FFFiiinnnaaannnccceee PPPrrriiimmmeee CCCOOO... PPPrrriiimmmeee PPPeeerrriiioooddd mmm 444 ppp ccc --- ooo ooo aaa nnn tttooo mmm ppp ttt eee hhh lll 666 rrr ... sss --- 111 mmm ddd 333 ppp iii ppp --- ooo rrr lll aaa eee aaa nnn ttt ppp ooo ccc ccc ttt ttt eee eee hhh lll 666 rrr ddd yyy sss --- 222 ,,, 999 bbb aaa 000 aaa aaa ccc nnn nnn ccc ddd ccc kkk eee aaa eee eee ppp yyy sss rrr ttt ,,, sss --- sss iii ''' FFF fff rrr eee uuu aaa ddd nnn ttt eee eee ddd rrr 333 sss aaa lll n R ew at 3 e i - s m o s n u o e n th b M i y ll a i s e r 5 k ld e t n R ew a t 6 e i - s m o su n o e n th b M i y l a l i s e r 5 l k d e t k B 9 e i - t l l t s y o i ( e 1 m l 2 d a - ) r m 5 - onth O t i h ss e u r 6 es 33 iiss -- yy ss tt ee uu oo aa ee rr ss 55 77 -- 1963 3.55 3.40 3.36 3.18 3.157 3.16 3.253 3.25 3.30 3.28 3.72 1964 3.97 3.83 3.77 3.50 3.549 3.54 3.686 3.68 3.74 3.76 4.06 1965 4.38 4.27 4.22 4.07 3.954 3.95 4.055 4.05 4.06 4.09 4.22 1966 5.55 5.42 5.36 5.11 4.881 4.85 5.082 5.06 5.07 5.17 5.16 1967 5.10 4.89 4.75 4.22 4.321 4.30 4.630 4.61 4.71 4.84 5.07 1968 5.90 5.69 5.75 5.66 5.339 5.33 5.470 5.48 5.45 5.62 5.59 1969 7.83 7.16 7.61 8.22 6.677 6.64 6.853 6.84 6.77 7.06 6.85 1970 7.72 7.23 7.31 7.17 6.458 6.42 6.562 6.55 6.53 6.90 7.37 1970—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 Nov 4.92 4.81 4.78 4.91 4.191 4.22 4.338 4.38 4.49 4.50 5.50 Week ending— 1971—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 Nov. 6 5.03 4.97 4.78 5.16 4.233 4.18 4.346 4.34 4.41 4.37 5.41 13 4.88 4.88 4.75 4.93 4.174 4.18 4.340 4.37 4.47 4.40 5.47 20 4.93 4.80 4.75 4.88 4.122 4.15 4.255 4.31 4.42 4.46 5.47 27 4.88 4.66 4.81 4.86 4.236 4.33 4.411 4.49 4.61 4.69 5.63 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 • DECEMBER 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 Aaa Baa Indus- Rail- Public Pre- Com- Comtrial road utility ferred mon mon 196 2 3.95 3.30 3.03 3.67 4.62 4.33 5.02 4.47 4.86 4.51 4.50 3.37 6.06 196 3 4.00 3.28 3.06 3.58 4.50 4.26 4.86 4.42 4.65 4.41 4.30 3.17 5.68 196 4 4.15 3.28 3.09 3.54 4.57 4.40 4.83 4.52 4.67 4.53 4.32 3.01 5.54 196 5 4.21 3.34 3.16 3.57 4.64 4.49 4.87 4.61 4.72 4.60 4.33 3.00 5.87 196 6 4.66 3.90 3.67 4.21 5.34 5.13 5.67 5.30 5.37 5.36 4.97 3.40 6.72 196 7 4.85 3.99 3.74 4.30 5.82 5.51 6.23 5.74 5.89 5.81 5.34 3.20 5.71 196 8 5.25 4.48 4.20 4.88 6.51 6.18 6.94 6.41 6.77 6.49 5.78 3.07 5.84 196 9 6.10 5.73 5.45 6.07 7.36 7.03 7.81 7.22 7.46 7.49 6.41 3.24 6.05 197 0 6.59 6.42 6.12 6.75 8.51 8.04 9.11 8.26 8.77 8.68 7.22 3.83 6.28 1970—No v 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—Ja n 5.91 5.34 5.08 5.65 8.04 7.36 8.74 8.57 8.70 8.17 6.53 3.32 Feb 5.84 5.28 4.92 5.73 7.75 7.08 8.39 7.24 8.39 7.94 6.32 3.18 Mar 5.71 5.26 5.00 5.56 7.84 7.21 8.46 7.36 8.39 8.08 6.48 3.10 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 ' r5.74 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 Nov 5.44 5.20 4.94 5.53 7.77 7.26 8.38 7.46 8.13 7.96 6.78 3.31 Week ending— 1971—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 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 Nov. 6... 5.33 4.98 4.75 5.25 7.78 7.25 8.43 7.46 8.15 7.97 6.76 3.24 13. .. 5.37 5.15 4.90 5.45 7.77 7.24 8.37 7.43 8.13 7.96 6.66 3.29 20... 5.46 5.25 4.95 5.65 7.77 7.27 8.36 7.46 8.10 7.95 6.83 3.31 21... 5.56 5.41 5.15 5.75 7.78 7.28 8.39 7.48 8.11 7.94 6.85 3.39 Number of issues2 119 30 40 29 40 14 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 tw o 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 excjude loans for ponent common stock prices. Average daily volume of trading, normally refinancing, reconditioning, or modernization; construction loans to conducted 5 days per week for 5 Vi hours per day, or 27 Vi hours per week. homebuilders; and permanent loans that are coupled witfr 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
DECEMBER 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 1 New York Stock Exchange index iiicccaaannn ssshhhaaarrreeesss))) (1941-43=10) (Dec. 31, 1965=50) SSStttoooccckkk EEExxx--i ccchhhaaannngggeee ( G t l U e o o r . n m v S g t . ) , - S l a o t n c a d a te l p A C o A o ra r A - te Total In tr d i u al s - R ro a a i d l- P u u ti b li l t i y c Total In tr d i u al s - T p t o r i a r o n t n a s - - Utility na F n i- ce iiinnn tttooo ddd ttt eee aaa xxx lll 111 NYSE AMEX i i 1111999966662222 88886666....99994444 111111112222....0000 99996666....2222 66662222....33338888 66665555....55554444 33330000....55556666 55559999....11116666 1 ! 3333,,,,888822220000 1111,,,,222222225555 1111999966663333 88886666....33331111 111111111111....3333 99996666....8888 66669999....88887777 77773333....33339999 33337777....55558888 66664444....99999999 888...555222 4444,,,,555577773333 1111,,,,222266669999 1111999966664444.... 88884444....44446666 111111111111....5555 99995555....1111 88881111....33337777 88886666....11119999 44445555....44446666 66669999....99991111 999...888111 4444,,,,888888888888 1111,,,,555577770000 1111999966665555 88883333....77776666 111111110000....6666 99993333....9999 88888888....11117777 99993333....44448888 44446666....77778888 77776666....00008888 111222...000555 6666,,,,111177774444 2222,,,,111122220000 1966 78.63 102.6 86.1 85.26 91.09 46.34 68.21 44.16 43.79 48.23 44.77 44.43 14.67 7,538 2,752 1967. 76.55 100.5 81.8 91.93 99.18 46.72 68.10 50.77 51.97 53.51 45.43 49.82 19.67 10,143 4,508 1968. 72.33 93.5 76.4 98.70 107.49 48.84 66.42 55.37 58.00 50.58 44.19 65.85 27.72 12,971 6,353 1969. 64.49 79.0 68.5 97.84 107.13 45.95 62.64 54.67 57.45 46.96 42.80 70.49 28.73 11,403 5,001 1970. 60.52 72.3 61.6 83.22 91.29 32.13 54.48 45.72 48.03 32.14 37.24 54.64 22.59 10,532 3,376 1970—Nov 63.27 75.1 61.9 84.28 92.58 30.80 54.86 45.84 48.54 31.23 36.71 57.40 21.73 11,519 2,677 Dec 65.63 79.8 64.7 90.05 98.72 32.95 59.96 49.00 51.68 33.70 39.93 61.95 22.19 15,241 4,330 1971--Jan 66.10 79.9 66.5 93.49 102.22 36.64 63.43 51.29 53.72 37.76 42.52 66.41 23.56 17,429 4,493 Feb 66.78 81.5 66.8 97.11 106.62 38.78 62.49 53.42 56.45 40.37 42.30 68.19 25.02 19,540 6,054 Mar 67.94 82.8 65.8 99.60 109.59 39.70 62.42 54.89 58.43 41.71 41.60 70.66 25.88 16,955 5,570 Apr 67.57 80.4 65.1 103.04 113.68 42.29 62.06 56.81 60.65 45.35 41.73 73.91 26.43 19,126 5,685 May 65.72 75.6 63.7 101.64 112.41 42.05 59.20 56.00 60.21 45.48 39.70 70.89 26.03 15,157 4,157 June 65.84 74.8 63.5 99.72 110.26 42.12 57.90 55.06 59.25 44.90 38.71 70.01 25.61 13,802 3.488 July 66.16 74.0 63.2 99.00 109.09 42.05 60.08 54.83 58.70 44.02 39.72 70.42 25.46 12,634 3,080 Aug 67.33 77.4 r 63.4 97.24 107.26 43.55 57.51 53.73 57.62 44.83 38.17 69.41 24.84 14,574 3,473 Sept 69.35 81.7 64.2 99.40 109.85 47.18 56.48 54.95 59.13 48.09 37.53 72.14 25.47 12,038 3,259 Oct 70.33 84.7 65.2 97.29 107.28 44.58 57.41 53.76 57.52 47.02 37.93 71.24 25.24 13,340 3,622 Nov 70.47 81.6 65.6 92.78 102.21 41.19 55.86 51.1? 54.50 44.29 36.87 68.98 24.10 13,163 3,234 Week ending— 1971--Nov. 6 71.60 85.9 66.4 94.03 103.60 42.21 55.46 51.92 55.37 45.12 37.17 69.67 24.51 13,088 3,312 13 71.16 84.8 66.8 93.30 102.72 42.38 56.33 51.52 54.83 45.03 37.17 69.58 24.30 12,362 2,810 20 70.30 83.4 66.2 92.33 101.53 41.24 55.88 50.84 54.07 44.02 36.89 68.80 23.99 12,192 3,035 27 69.34 82.4 66.2 90.81 100.08 38.97 54.81 49.95 53.19 42.42 36.25 67.15 23.49 12,736 3,420 For notes see opposite page. TERMS ON CONVENTIONAL FIRST MORTGAGES New homes Existing homes PPeerriioodd c C t ( r r e p a o a n e t n c e t r t - ) c F c h e ( e a p e n r s e t g r ) e & 1 s M (y a e tu ar r s i ) t y L c r p ( a o e p r t i n a e i c n r t o e ) / (t d h c o p o P h l r u u l 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 . n r n s t o ) f c C t ( r r e p a o a n e t n c e r t t - ) c F c h e ( e a p e n r s e t g r ) e & 1 s M (y a e tu ar r s i ) t y L c p r ( o a e p r t n i a e i c r t n o e ) / (t d h c o p o P h l r u u l a i a s c r s . - r e e s o ) f (t d a h L o m o l o u o l s a a u . n r 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 2Q.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. Q 21.0 1970--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 fc.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 73.9 36.5 26.5 7.58 .76 24.5 74.2 31.9 23.5 Sept.r 7.67 .97 25.8 75.3 35.1 25.9 7.63 .79 24.2 74.5 30.7 22.5 Oct 7.67 .96 26.5 75.6 35.1 26.3 7.62 .78 24.2 74.6 31.4 23.0 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 38 STOCK MARKET CREDIT • DECEMBER 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 g re r i s n d it c B u e s a x t n t o e k m n s d e e rs d T b t o o y t a - l to a d C b m n n e a u c e b e l s t e - i r - s t s 1 to c a C m b f r n n r e a u c e e e d l s t e e - r i - s s t ' b t c e r r N e n o b e x d k y e d - t e e i d t r s EEE pppeee nnnddd rrriii ooo ooo ddd fff Un 2 d 0 er 2 A 0- d 2 j 9 u sted 3 0 d ( - e p 3 b e 9 t r / c c o e l 4 n l 0 a t) t - e 4 r 9 a l v 5 al 0 u - e 5 9 6 m 0 o r o e r jjj TTT ( l ( l ( l uuu ddd iii aaa mmm ooo sss eee ooo ooo ddd ttt ttt fff bbb iii nnn --- eee aaa lll ttt sss ddd --- lll dddooolll--- Unrestricted Restricted i lllaaarrrsss))) 1970—Oct. 4,010 2,270 6,280 (3) 2,163 (3) D N e o c v . , 4 4, , 0 0 3 1 0 0 2 2, , 3 3 3 2 0 0 6 6 , , 3 3 6 3 0 2 ( ( 3 3 ) ) 2 2 , , 1 28 9 6 7 ( (33 ) ) 1970—Oct... .7 1.0 38.4 18.0 9.2 32.6 8,780 Nov.. 1.0 .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) A M p a r r . . , 4 4, , 5 3 3 0 0 0 2 2 , , 3 3 4 6 0 0 6 6 , , 8 6 7 6 0 0 ( (33 ) ) 2 2 , , 6 7 6 9 0 8 ( ( 3 3 ) ) 1971— F Ja e n b . . . . . . 0 0 . . 4 4 5 5 5 6 . . 1 2 1 1 2 3 . . 5 2 8 7. . 7 4 2 2 3 2 . . 6 5 8 8 , , 1 4 8 1 0 0 May, 4,620 2,340 6,960 (3) 2,550 (3) Mar.. .0 .5 58.4 12.7 6.7 21.6 8,820 J Ju u n ly e . , 4 4 , , 7 7 9 2 0 0 2 2, , 4 3 2 9 0 0 7 7 , , 1 2 1 1 0 0 ((33)) 2 2, ,4 2 4 1 0 0 ((33)) A M p a r y . . . . . 2 0 . . 4 3 6 5 0 4 . . 6 0 1 1 2 7 . . 1 9 6 6. . 8 0 2 2 0 0 . . 7 9 9 8 , , 2 9 0 9 0 0 Aug. 4,850 2,430 7,280 (3) 2,200 (3) June. .3 2 47.4 23.1 7.6 21.3 9,030 S O e c p t t . . . 4 4 , , 9 9 3 5 0 0 2 2 , , 4 4 1 3 0 0 7 7, , 3 3 6 6 0 0 ( (33 ) ) 2 2 , ,1 1 0 60 0 ( ( 3 3 ) ) J A u u l g y . . . . . . 1 0 .3 4 3 8 3 . . 2 5 2 3 1 3 . . 8 3 1 8 0 . . 3 1 2 2 1 2 . . 2 8 9 8 , , 0 9 7 6 0 0 '.2 Sept.. .2 .3 44.1 24.5 9.5 21.5 9,090 Oct... .2 30.0 33.6 11.2 24.8 9,010 1 End-of-month data. Total amount of credit extended by member firms -1 of the N.Y. Stock Exchange in margin accounts, excluding credit extended on convertible bonds and other debt instruments and in special subscrip- i Debt representing more than 30 per cent but less than 35 per cent of tion accounts. collateral value is unrestricted as of May 6,1970, but is not separable from 2 Figures are for last Wed. of month for large commercial banks re- the remainder of this category. porting weekly and represent loans made to others than brokers or dealers for the purpose of purchasing or carrying securities. Excludes loans col- NOTE.—Adjusted debt is computed in accordance with requirements set lateralized by obligations of the U.S. Govt. forth in Regulation T and often differs from the same customer's net debit 3 Series discontinued. balance mainly because of the inclusion of special miscellaneous accounts in adjusted debt. Collateral in the margin accounts covered by these data NOTE.—Customers' net debit and free credit balances are end-of-month now consists exclusively of stocks listed on a national securities exchange. ledger balances as reported to the New York Stock Exchange by all Unrestricted accounts are those in which adjusted debt does not exceed the member firms that carry margin accounts. They exclude balances carried loan value of collateral; accounts in all classes with higher ratios are for other member firms of national securities exchanges as well as balances restricted. of the reporting firm and of its general partners. Net debit balances are total debt owed by those customers whose combined accounts net to a debit. Free credit balances are in accounts of customers with no unfulfilled commitments to the broker and are subject to withdrawal on demand. Net credit extended by brokers is the difference between customers' net debit SPECIAL MISCELLANEOUS ACCOUNT BALANCES and free credit balances since the latter are available for the brokers' use AT BROKERS, BY EQUITY STATUS OF ACCOUNTS until withdrawn. (Per cent of total, except as noted) EQUITY STATUS OF MARGIN ACCOUNT DEBT Equity class of accounts AT BROKERS Net in debit status Total (Per cent of total debt, except as noted) End of period credit balance status 60 per cent Less than o ( f m d il o l l i l o a n r s s ) or more 60 per cent TToottaall Equity class (per cent) ddeebbtt EE ppee nndd rrii oo oo dd ff ll (( dd ii mm oo oo oo ff ii nn ll ll -- ss -- 8 m 0 o r o e r 70-79 60-69 50-59 40-49 Un 4 d 0 er 1970— D N O e o c c t v . . . . , 4 4 4 5 6 8 . . . 5 2 2 4 4 4 3 2 3 . . . 9 3 9 1 9 9 0 . . . 9 4 6 4 4 4 , , , 2 0 4 4 3 3 0 0 0 llaarrss))!! 1971—Jan.. 49.2 43.6 7.2 4,260 Feb., 49.1 44.2 6.7 4,380 1970— N D O o e ct v c . . . . . . . 4 4 4 , , , 0 0 0 1 3 1 0 0 0 1 1 9 0 1 . . . 9 4 0 1 1 1 4 6 5 . . . 1 8 2 2 2 2 6 7 5 . . . 1 1 5 1 1 1 7 6 6 . . . 5 8 9 1 1 1 4 4 3 . . . 1 5 3 1 1 1 5 8 7 . . . 5 2 2 A J M M u p a a n r y r e . . , 4 4 4 4 5 6 6 8 . . . . 1 8 5 6 4 4 4 4 8 7 5 7 . . . . 1 1 5 8 5 6 5 7 . . . . 1 4 9 0 4 4 4 4 , , , , 5 2 4 4 0 0 5 0 0 0 0 0 1971—Jan. . 4,000 12.1 19.6 28.3 17.1 10.0 12.8 July. 45.2 46.7 8.1 4,190 Feb. . 4,090 11.4 19.5 31.1 16.3 9.3 12.3 Aug. 44.6 48.0 7.4 4,230 M Ap a r r . . . . 4 4 , , 5 3 3 0 0 0 1 11 1 . . 8 8 2 2 0 0 . . 3 0 3 3 5 3 . . 0 0 1 1 5 6 . . 0 2 6 7 . . 2 2 1 1 1 1 . . 7 8 S O e c p t t . . . 4 4 5 4 . . 5 2 4 45 7 . . 2 0 9 8 . . 3 8 4 4 , , 0 1 6 6 0 0 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 July.. 4,790 8.3 12.2 29.1 25.2 11.0 14.1 NOTE.—Special miscellaneous accounts contain credit balances that Aug.. 4,850 9.3 14.4 35.4 19.6 8.9 12.6 may be used by customers as the margin deposit required for additional Sept.. 4,930 8.7 13.1 34.3 20.7 9.9 13.3 purchases. Balances may arise as transfers based on loan values of other Oct... 4,950 7.5 10.9 28.7 24.4 12.1 16.3 collateral in the customer's margin account or deposits of cash (usually sales proceeds) occur. 1 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
DECEMBER 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 tt ee dd ee pp rr oo 11 -- CCCaaassshhh OOO aaasss ttt sss hhh eee eee ttt rrr sss ggg lll rrr iii eee TTT eee aaa aaa ttt sss nnn ooo bbb iii nnn eee eee eee ttt iii ddd rrr sss lll aaa rrr vvv iii lll aaa --- 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 sss aaa nnn uuu eee ccc eee nnn rrr --- rrr vvv tttsss aaa 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 )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—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 Oct 6666611111,,,,,000003333366666 22222,,,,,888884444400000 33333,,,,,333338888822222 333334444433333 1111177777,,,,,222229999922222 11111,,,,,222225555500000 11111,,,,,777771111122222 8888877777.....888885555566666 7777799999,,,,,666664444488888 22222,,,,,111115555500000 66666,,,,,000005555599999 1,125 415 484 1,230 33333,,,,,222225555533333 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 Total Mort- Real Policy assets 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 gages estate loans 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—Ja n 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 9.7,199 78,121 19,078 74,799 6,811 16,782 1 Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and NOTE.—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance companies in the United States. on each item separately but are included in total, in "Other assets." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 40 SAVINGS INSTITUTIONS • DECEMBER 1971 SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Mortgage loan Liabilities commitments 4 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 t 1 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 d v s o e i f d r u i v e t n s d e - s m ro B o w n o e r e - y d 3 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 2,136 121,805 9,180 3,442 9,107 143,534 124,531 9,546 4,738 2,257 2,462 130,802 i 11,116 2,962 9,571 152,890 131,618 10,315 5,705 2,449 2,803 140,347 10,893 2,439 8,620 162,299 135,670 11,239 9,728 2,455 3,207 807 147,712 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 2,880 168,464 18,701 2,070 10,582 199,817 168,643 12,360 8,417 5,004 5,393 2,639 170,456 19,080 2,175 10,733 202,444 170,235 12,353 8,459 5,008 6,389 2,509 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 n t e e o d c m r - s e - s I m nv e e n s ts t- p C a o d a n s e s d i - h t s B n a o o n n t d e d s s M po b d e s e e m i r - t s - C s a t p o i c t k a l M l g o ( a A o a g r n ) e t s - D n t e a u ( o b L n r t d e e ) e s s n - c L a o t ( o o i t A o v a p ) n e e s s r - D t e u ( b L re e ) s n - c L o a d ( o u A n i a s n d ) n - t s s D t e u ( b L re e ) s n - 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 . 10,539 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 . 7,640 2,740 99 7,390 1,450 1,603 17,202 16,984 2,030 1,745 5,763 5,680 7,826 7,063 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
DECEMBER 1971 • FEDERALLY SPONSORED CREDIT AGENCIES A 41 OUTSTANDING ISSUES OF FEDERALLY SPONSORED AGENCIES, OCTOBER 31, 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: 11/25/69 - 2/25/72. . 8.20 200 3/10/69 - 3/10/72 250 2/1/71 - 11/1/71. 4.55 6/26/70 -• 2/25/72. . . 8.20 300 10/14/69 - 3/10/72. . .. 6% 200 3/1/71 - 12/1/71. 4.00 5 7 / /2 2 7 5 / / 7 7 1 0 - -• 8 5 / / 2 2 5 5 / / 7 7 2 2. . . . . . . 6 8 1 . / 1 4 5 2 40 0 0 0 2 1 / 2 1 / 0 1 / 1 7 / 0 6 1 - - 6/ 6 1 / 2 1 / 2 7 / 2 7 2. 8.70 3 1 0 0 0 0 4 5 / / 1 3 / / 7 7 1 1 - - 2 1 / / 1 3 / / 7 7 2 2 . . . . 4 3 . . 6 8 0 5 9/25/70 -• 11/27/72. . m 250 5/11/70 - 9/11/72 8.40 400 6/1/71 -3/1/72.. 5.70 9 2 / / 2 2 7 5 / / 7 7 1 0 - -• 1 2 1 / / 2 2 6 7 / / 7 7 3 2 . . . . . . 8 5H .3 5 3 3 1 5 0 0 6 1 / 1 1 / 0 10 /7 / 0 6 9 - - 9/ 1 1 2 1 / / 1 7 1 2 / 72. . . 8 7 . . 0 4 0 0 2 2 0 0 0 0 7 8 / / 1 2 / / 7 7 1 1 - - 4 5 / / 3 1 / /7 7 2 2 . .. . 5 6 . % 85 5/23/71 -2/26/73 5.70 400 10/13/70 - 12/11/72. . . 7.20 400 9/1/72 - 6/1/72. . 5.55 3/25/71 -5/25/73... . 4.20 400 11/10/70 - 3/12/73. . .. 7.30 450 3/2/70 - 3/1/73. 8.15 1 1 / 0 2 / 6 2 / 7 7 / 0 7 0- - -8 1 / / 2 2 7 5 / / 7 74 3 . . . . . . 8 7 . . 4 2 0 0 4 3 5 0 0 0 6 1 / 2 1 / 2 1 / 2 6 / 1 6 9 - - 6/ 3 1 / 2 1 / 2 7 / 3 7 3 4 8 1 .3 4 0 2 1 5 4 0 6 9 1 / 0 1 /4 / / 7 7 0 1 - 7 - /2 7 / / 7 3 3 /7 . 2 . 7 5 . . 7 5 5 5 6/26/70 - 2/25/74. . . 8.40 250 7/10/70 - 6/12/73 8.35 350 7/1/71 - 1/2/74.. 6.85 8/27/71 -2/25/74.... 7.10 250 7/12/71 - 6/12/73 6.75 550 1/4/71 - 7/1/74. 5.95 6/25/71 -5/25/74.... 6.35 300 3/10/70 - 9/10/73 8.10 300 8/25/69 - 8/25/74. . . 7.65 183 6/10/71 -9/10/73 6.13 350 11/25/69 - 11/25/74. 8.05 232 12/10/70 - 12/10/73. . . 5.75 500 1/26/71 -2/25/75.... 6.10 250 8/10/71 - 12/10/73 7.15 500 8/25/70 - 5/26/75. . . 8.00 265 4/10/70 - 3/11/74 7.75 350 7/27/70 - 8/25/75. . . 7.95 300 8/5/70 - 6/10/74 7.90 400 12/18/70 -- 11/25/75.. 6.50 350 9/10/69 - 9/10/74 7.85 250 6 8 / / 2 2 5 7 / / 7 7 1 1 - - 5 2 / / 2 2 5 5 / / 7 7 7 6 . . . . . .. . 6 m . 95 2 2 0 50 0 5 2 / / 1 1 0 0 / / 7 7 1 1 - - 9 1 /1 2/ 0 1 / 0 7 / 4 7 4 6 5 . . 1 65 0 2 3 5 0 0 0 Federal land banks 3 1 / 0 2 / 5 1 / 5 7 / 0 7 0 - - 2 1 / 0 2 / 5 1 / 5 8 / 0 8 . 0 . . . . 7 7 . . 8 7 0 5 2 3 0 5 0 0 9 1 / 1 1 / 0 1 / 0 7 / 1 7 0 - - 1 2 3 /1 /1 0 0 /7 /7 4 5 7 6 . . 5 4 5 5 4 3 5 0 0 0 Bo 2 n / d 15 s: / 57 - 2/15/67-72 4K Fe M D C de a i o 9 9 9 A 4 r S s 1 p r / a / / c / e 0 i s 3 t 3 1 9 l o c o t g s / 0 0 a / 2 o / p o u N a 7 / l / 7 7 n c e 7 n g 6 0 a / i 0 r d 1 t 8 d e 7 a t a - a - i e - 1 t n t o - b r i b - i 1 o o n y o a e 4 0 - t 1 n a n c e n / 1 / 0 l — s k 1 2 s m t 0 / 1 / e u / 1 M / 7 7 a d 1 1 r / 5 2 r / e 9 / o 2 k 7 s 6 b r 7 : 3 e o t / t g 8 n a 1 d g . s e : 7 4 6 8 6 . . . . . 5 3 0 0 6 0 8 0 0 0 1 4 2 2 2 2 , 0 8 5 5 0 0 0 0 9 0 0 0 2 9 4 2 3 9 5 1 2 7 1 4 6 1 3 1 1 / / / / / / / / / 0 / / 2 / 0 0 1 1 1 1 1 1 2 1 1 1 1 1 / / / / 2 1 0 0 1 0 0 1 2 3 0 2 1 1 1 1 / / / / / / / 2 / / / / 0 / 2 3 7 7 7 7 7 7 7 7 7 6 7 7 / / / 1 / 1 1 1 1 1 1 7 1 1 2 1 1 7 7 7 1 0 1 0 - - - - - - - - - - - - 6 9 9 - - - - 6 6 6 / / 6 6 1 3 / 2 6 1 / 1 / / 1 / / 2 / 1 1 1 / / 6 1 1 9 1 1 3 1 0 2 / 1 1 0 0 0 / 0 0 1 0 2 / / / / / 1 0 0 / 1 / 1 / / / 0 / / 8 8 7 8 8 7 0 / 7 7 / 7 1 0 0 / 1 4 7 8 3 2 7 7 6 5 6 / 7 1 / / 1 7 7 7 6 7 / 7 7 5 5 8 . . . . . . . . . . . 6 6 6 6 7 6 7 4 7 6 6 5 7 5 6 6 1 . . . . . . . . . . . . . . . 2 7 6 2 7 2 8 5 3 4 / 2 6 7 5 3 5 5 5 2 5 5 5 8 0 8 5 5 5 0 0 5 2 2 2 2 2 2 3 5 2 3 5 6 3 3 1 1 0 0 5 5 5 0 5 0 0 5 5 9 0 5 0 0 0 0 0 0 0 0 0 0 0 0 0 8 0 0 0 0 4 4 2 2 9 9 7 7 8 1 4 1 6 8 2 1 1 / / / / 0 / / / / / 0 / / / / / 0 2 2 2 2 2 2 2 2 2 1 2 2 2 2 / / / 0 2 0 0 0 0 0 2 2 0 0 4 0 0 3 2 2 / 1 / / / / / 0 / / / / / / / / 3 7 7 7 6 7 7 7 6 7 7 5 6 7 7 / / / 1 1 2 7 3 0 3 1 9 0 0 6 8 7 1 0 7 1 0 2 • - • • - - - • - -- - - - - - - - - - - - - - - - 1 4 4 1 7 2 7 9 7 1 1 2 2 9 0 / / 0 4 7 / / / / 2 0 / / / 2 / / 1 / 2 2 1 2 2 2 1 2 / / / 2 0 / 1 0 0 2 0 2 2 0 5 2 2 0 0 5 0 1 / 5 / / / 2 7 3 7 / 2 / / / / / / 2 7 / 7 7 7 7 7 / 7 7 / 7 / 2 7 / / 3 3 2 7 7 7 4 7 3 7 2 2 3 2 . 3 4 / . . 4 4 . . 2 . 3 . - 2 . 7 . . . . . . 7 . . . . . . . . . . 2 . . . 8 . . . . . . . . . . . . . . . . . . . 5 4 7 4 8 7 7 7 5 8 6 4 4 8 3 5 5 1 . 1 . . . . . . . . . . . K K K 3 9 8 3 / 9 8 4 5 3 2 4 7 4 2 0 5 5 0 5 0 5 0 5 0 5 0 6/1/70 - 6/2/75 8.38 250 2/20/70 -- 1/20/75. . . 9/29/70- 10/1/90 8.63 200 Banks for cooperatives 4/20/65 -- 4/21/75. Debentures: 7/20/71 - 10/20/75... 7.20 5/3/71 - 11/1/71... 4.45 279 2/21/66 -- 2/24/76 5.00 6/1/71 - 12/1/71 .. . SVA 304 7/20/66 -• 7/20/76 5M Debentures: 7/1/71 - 1/3/72... . 5.65 303 10/27/71 - 10/20/77. . 6.35 5/10/69 - 11/10/71. 6.85 350 8/2/71 -2/1/72... . 474 5/2/66 - 4/20/78 5Vs 2 3 / / 1 1 0 0 / / 6 7 0 0 - - 2 1 / 2 1 / 0 1 / 0 7 / 2 7 . 1 . . 8 5 . M 13 5 9 0 8 0 1 1 0 0 / / 4 1 / / 7 7 1 0 - - 4 1 / 0 3 / / 1 7 / 2 7 . 3 . . 7 53 .3 / 0 s 2 1 8 0 5 0 2 2/ / 2 2 3 0 / / 7 6 1 7 - - • 4 1 /2 / 0 2 / 2 8 / 1 7 9. . ., 5 6. . 7 0 0 0 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 • DECEMBER 1971 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) U.S. budget Means of financing Receipt-expend- Borrowings from the public : Less: Cash and iture account monetary assets Other Period Budget means Net Budget surplus Less: Invest- of Net lend- out- or Public Plus: ments by Govt, Equals: Trea- financ- Budget ex- ing lays1 deficit debt Agency accounts Less: Total sury ing, receipts pendi- (-) securi- securi- Special borrow- operat- Other net4 tures ties ties notes 3 ing ing S i p ss 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 -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 -982 197 1 188,392 210,318 1,107 211,425 -23,033 27,211 -347 6,616 800 19,448 710 -979 3,586 Half year: 1969—July-Dec.. . 90,833 97,563 1,364 98,927 -8,093 14,505 -429 3,935 330 9,811 -767 315 -2,170 1970—Jan.-June. .. 102,910 96,893 767 97,661 5,248 2,693 -1,310 5,451 346 -4,415 ,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. .. 100,830 106,234 1,008 107,242 -6,412 8,971 -328 4,810 642 3,191 657 54 4,120 Month : 1970—Oc t rl1,491 r17,504 150 r17,654 -6,163 1,522 r —19 -1,178 r142 r2,539 -2,383 -220 rl,023 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 22,508 19,669 297 19,965 +2,543 1,285 -553 1,059 -17 -310 1,835 -268 -478 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 O Se c p t t 1 1 2 9 , , 4 7 6 1 2 0 1 1 8 8 , , 6 2 7 6 7 5 - 1 6 1 9 5 1 1 8 8 , , 7 1 9 9 1 6 + - 6 1 ,6 ,5 3 1 0 3 -2 - , 3 3 3 2 4 4 -50 5 3 0 - - 1 1 , , 0 6 1 9 9 0 + 1 - 9 1 4 -2 1 , , 0 4 0 0 3 7 -3,3 4 1 7 8 0 -2 2 9 8 0 1 1 1, , 3 2 1 3 4 9 Selected balances Treasury operating balance Federal securities End Memo : pe o ri f od B F a . n R k . s ac l c T a o o n a a u d x n n ts ba G l o an ld c e se P c d u u e b r b i l t t i c ie s s A ec g u e r n it c i y e s Sp G I e n c o v i v a e t l s , L t e m a s c e s c : n o ts u n o t f s S n L p o e e t s c e s s i a : 3 l E p T h q u o b e u b y t l a l d a i l l c s : s D c p p o G e r o N r i b n o v p t o s v a s w o o t t .— e . r 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 35,789 197 1 1,274 7,372 109 8,755 398,130 12,163 82,740 22,400 825 304,328 36,886 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—Oc t 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—Ja n 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 7,372 113 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 37,116 Sept 2,102 7,763 113 9,978 412,268 10,720 85,904 22,853 825 313,406 37,380 Oct 1,876 4,667 113 6,655 411,934 10,770 84,213 22,853 825 314,812 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
DECEMBER 1971 • FEDERAL FINANCE A 43 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Budget receipts Corporation Social insurance taxes Individual income taxes income taxes and contributions Period Total W he it ld h - N w he i o t l n h d - - fu R n e d - s t N ot e a t l c G e r r i e o p - s ts s fu R n e d - s c E o P m n t a a y t p x r - i l e b o s u y a t m i n o e d n n s t 1 i e n U m s n u p - r l. . c O e n r i t e p h e - t t e s r 2 t N ot e a t l E ta x x c e i s s e t C o u m s s - E a g s n i t f d a t te c M e r i i e p s - t c s . 3 roll Selftaxes empl. 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 3,424 197 1 188,392 76,490 24,262 14,522 86,230 30,320 3,535 39,751 1,948 3,673 3,206 48,578 16,614 2,591 3,735 3,858 Half year: 1969—July-Dec. 90,833 38,797 5,771 481 44,087 15,179 982 17,057 131 1,270 1,282 19,740 8,241 1,263 1,496 1,809 1970—Jan.-June 102,910 38,619 20,465 12,759 46,325 19,858 1,226 20,134 1,811 2,196 1,416 25,558 7,464 1,168 2,148 1,615 July-Dec.. 87,562 37,445 5,569 565 42,449 12,744 1,467 17,768 133 1,348 1,576 20,826 8,152 1,317 1,537 2,005 1971—Jan.-June 100,830 39,045 18,693 13,957 43,781 17,576 2,068 21,983 1,815 2,325 1,630 27,752 8,462 1,274 2,198 1,853 Month: 1970—Oc t "11,491 r5,659 497 55 r6,102 1,089 420 2,311 106 r281 r2,698 1,237 231 262 r292 Nov 14,134 7,007 216 42 7,181 711 187 3,474 374 259 4,107 1,549 207 239 327 Dec 15,429 5,838 422 50 6,209 4,664 179 2,222 50 265 2,545 1,346 220 285 339 1971—Ja n 15,773 6,339 4,280 40 10,579 1,085 558 2,178 113 165 264 2,720 1,195 199 269 286 Feb 15,130 7,246 654 1,407 6,493 683 310 4,835 141 721 248 5,944 1,505 175 280 361 Mar 13,205 6,605 1,392 4,631 3,366 3,887 363 3,472 152 77 288 3,990 1,443 226 329 328 Apr 21,024 5,939 7,951 4,261 9,630 4,360 345 3,294 1,085 301 290 4,970 1,351 221 589 248 May 13,190 6,224 735 3,114 3,846 878 255 4,893 209 1,005 258 6,366 1,459 204 379 313 Juner 22,508 6,690 3,681 505 9,867 6,684 236 3,311 115 57 279 3,764 1,510 250 352 318 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 6,920 236 5,049 660 287 5,996 1,482 244 311 245 Sept 19,710 5,513 3,755 76 9,192 198 3,299 152 60 273 3,784 1,490 363 263 312 Oct 12,462 5,941 396 55 6,282 375 2,592 116 274 2,983 1,412 334 391 324 Budget outlays4 Period Total t f i e N d o n e n a s - - a e l a I f n fa tl i . r s s S e p r a e a r - c c e h A t c u g u r r l e - i - so N u u r r a e r a - c t l - es m t C r a a o e n n r m d c s - e p . d h e C o m a v u o n e u s m d l n i o n . - p g . E p m d o t a i u n a w o d n c n e - a r - w H e a e l n a f d l a t r h e e V ra e n t- s In e t s e t r- g G e o r e v a n l t - . t t I g i r n o a o a t c n n v r - s a s t . - - 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 1971 211,425 77,663 3,093 3,381 5,097 2,676 11,282 3,382 8,649 70,213 9,787 19,608 3,970 -7,376 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.-June 107,242 39,178 1,684 1,661 464 1,101 5,488 1,705 4,905 37,503 5,162 10,014 2,147 -3,770 Month: 1970—Oct 17,654 r6,379 311 302 927 '314 11,,110055 234 593 5,545 767 rl,142 r325 r —292 Nov 16,728 5,965 234 266 422 283 889988 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 June 19,965 8,122 185 245 -101 560 1,162 394 1,191 7,588 874 1,626 403 -2,284 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 Oct 18,791 6,106 303 266 1,134 309 1,030 272 501 6,499 833 1,418 396 -276 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 a DECEMBER 1971 GROSS PUBLIC DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues End of period p T g u r o b o t l s a i s l c Marketable Con- Nonmarketable Special debt i Total v i e b r le t- Sav- Total Bills C c e a r t t e if s i - Notes Bonds 2 bonds Total 3 bo in n g d s s & notes 1941—Dec. 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 1946—Dec. 259.1 233.1 176.6 17.0 30.0 10.1 119.5 56.5 49.8 1965—Dec. 320.9 270.3 214.6 60.2 50.2 104.2 2.8 52.9 50.3 1966—Dec. 329.3 273.0 218.0 64.7 5.9 48.3 99.2 2.7 52.3 50.8 1967—Dec. 344.7 284.0 226.5 69.9 61.4 95.2 2.6 54.9 51.7 1968—Dec. 358.0 296.0 236.8 75.0 76.5 85.3 2.5 56.7 52.3 1969—Dec. 368.2 295.2 235.9 80.6 85.4 69.9 2.4 56.9 52.2 1970—Nov. 383.6 306.0 244.4 84.6 101.2 58.6 2.4 59.2 52.4 Dec. 389.2 309.1 247.7 87.9 101.2 58.6 2.4 59.1 52.5 1971—Jan.. 388.3 308.8 247.7 87.9 101.2 58.5 2.4 58.7 52.6 Feb.. 390.7 309.8 248.1 89.3 104.3 54.5 2.4 59.3 52.8 Mar. 391.7 309.7 247.5 89.0 104.3 54.2 2.4 59.9 53.0 Apr., 391.9 310.4 245.9 87.5 104.3 54.1 2.4 62.1 53.2 May, 396.8 313.2 245.6 89.1 102.5 54.0 2.3 65.2 53.4 June, 398.1 313.5 245.5 86.7 104.8 54.0 2.3 65.7 53.6 July. 405.3 318.9 247.6 88.9 104.8 53.9 2.3 68.9 53.8 Aug. 414.6 325.8 249.7 89.6 108.2 51.9 2.3 73.8 54.0 Sept. 412.3 324.5 249.9 88.6 109.5 51.8 2.3 72.2 54.2 Oct.. 411.9 325.8 252.2 89.0 111.5 51.8 2.3 71.3 54.4 Nov. 414.6 328.4 254.5 89.8 114.0 50.7 2.3 71.6 54.7 1 Includes non-interest-bearing debt (of which $625 million on Nov. 30, 1956, tax and savings notes; and before Oct. 1965, Series A investment 1971, was not subject to statutory debt limitation). bonds. 2 Includes Treasury bonds and minor amounts of Panama Canal and 4 Held only by U.S. Govt, agencies and trust funds and the Federal postal 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 EEE pppeee nnn rrr ddd iii ooo ooo ddd fff ppp TTT ggg ddd uuu rrr ooo eee bbb ooo ttt bbb lll sss aaa ttt iii sss lll ccc aagg GG tt UU ee aa rr oo nn nn uu .. vv SS dd cc sstt tt .. ii ,, ee ss BB FF aa .. nn RR kk .. ss TToottaall mm CC bb ee aa oo rr nn cc mm kk ii -- aa ss ll ss MM bb aa aa vv uu nn ii tt nn uu kk gg ss aa ss ll pp II cc aa nn aa oo nn nn ss mm cc uu ii ee ee rr -- ss -- rr cc OO aa oo tt tt rr ii hh pp oo ee oo nn rr -- ss gg SS ll aa oo oo tt nn vv cc aa dd aa tt ttee ss ll .. Savi I n n g d s i vidu O al t s h er nn FF aa ii oo tt nn aa ii rr oo nn tt ee ee dd nn ii rr gg aa -- nn ll 11 ii OO mm tt nn oo tt vv ii rr hh ss ee ss cc ee ss .. rr -- 22 ffuunnddss bonds securities 1939—Dec 41.9 6.1 2.5 33.4 12.7 2.7 5.7 2.0 .4 1.9 7.5 .2 .3 1946—Dec 259.1 27.4 23.4 208.3 74.5 11.8 24.9 15.3 6.3 44.2 20.0 2.1 9.3 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—Oct 380.2 94.4 60.0 225.8 58.4 2.8 7.0 11.2 r24.4 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 '23.4 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 r23.1 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 Oct 411.9 104.7 67.2 240.0 60.9 2.8 6.5 11.1 20.8 53.9 23.7 42.8 17.4 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
DECEMBER 1971 • U.S. GOVERNMENT SECURITIES A 45 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value, in millions of dollars) Within 1 year Type of holder and date TToottaall y 1 ea -5 r s y 5 e - a 1 r 0 s 1 y 0 ea -2 rs 0 Total Bills Other All holders: 1968—Dec. 31 236,812 108,611 75,012 33,599 68,260 35,130 8,396 1969—Dec. 31 235,863 118,124 80,571 37,553 73,301 20,026 8,358 1970—Dec. 31 247,713 123,423 87,923 35,500 82,318 22,554 8,556 1971—Sept. 30 249,931 117,662 88,644 29,018 90,915 22,397 8,404 Oct. 31 252,240 118,007 89,028 28,979 92,941 22,397 8,385 U.S. Govt, agencies and trust funds: 1968—Dec. 31 15,402 2,438 1,034 1,404 4,503 2,964 2,060 1969—Dec. 31 16,295 2,321 812 1,509 6,006 2,472 2,059 1970—Dec. 31 17,092 3,005 708 2,297 6,075 3,877 1,748 1971—Sept. 30 18,532 3,149 862 2,287 7,533 3,620 1,775 Oct. 31 18,411 2,907 848 2,059 7,621 3,640 1,788 Federal Reserve Banks: 1968—Dec. 31 52,937 28,503 18,756 9,747 12,880 10,943 203 1969—Dec. 31 57,154 36,023 22,265 13,758 12,810 7,642 224 1970—Dec. 31 62,142 36,338 25,965 10,373 19,089 6,046 229 1971—Sept. 30 67,566 37,914 29,584 8,330 23,325 5,411 332 Oct. 31 67,205 37,553 29,223 8,330 23,325 5,411 332 Held by private investors: 1968—Dec. 31 168,473 77,670 55,222 22,448 50,877 21,223 6,133 1969—Dec. 31 162,414 79,780 57,494 22,286 54,485 9,912 6,075 1970—Dec. 31 168,479 84,080 61,250 22,830 57,154 12,631 6,579 1971—Sept. 30 163,833 76,599 58,198 18,401 60,057 13,366 6,297 Oct. 31 .':.. 166,624 77,547 58,957 18,590 61,995 13,346 6,265 Commercial banks: 1968—Dec. 31 53,174 18,894 9,040 9,854 23,157 10,035 611 1969—Dec. 31 45,173 15,104 6,727 8,377 24,692 4,399 564 1970—Dec. 31 50,917 19,208 10,314 8,894 26,609 4,474 367 1971—Sept. 30 46,414 13,021 5,677 7,344 27,915 4,883 348 Oct. 31 47,326 12,935 5,466 7,469 28,967 4,837 348 Mutual savings banks: 1968—Dec. 31 3,524 696 334 362 1,117 709 229 1969—Dec. 31 2,931 501 149 352 1,251 263 203 1970—Dec. 31 2,745 525 171 354 1,168 339 329 1971—Sept. 30 2,760 394 162 232 1,264 449 303 Oct. 31 2,752 376 161 215 1,278 447 301 Insurance companies: 1968—Dec. 31 6,857 903 498 405 1,892 721 1,120 1969—Dec. 31 6,152 868 419 449 1,808 253 1,197 1970—Dec. 31 6,066 893 456 437 1 ,723 849 1,369 1971—Sept. 30 5,619 593 257 336 1,616 915 1,379 Oct. 31 5,624 614 277 337 1,612 915 1,363 Nonfinancial corporations: 1968—Dec. 31 5,915 4,146 2,848 1,298 1,163 568 12 1969—Dec. 31. 5,007 3,157 2,082 1,075 1,766 63 12 1970—Dec. 31 3,057 1,547 1,194 353 1,260 242 2 1971—Sept. 30 3,226 2,035 1,328 707 1,107 65 5 Oct. 31 4,272 2,822 1,913 909 1,256 162 5 Savings and loan associations: 1968—Dec. 31 4,724 1,184 680 504 1,675 1,069 346 1969—Dec. 31 3,851 808 269 539 1,916 357 329 1970—Dec. 31 3,263 583 220 363 1,899 281 243 1971—Sept. 30 3,131 692 365 327 1,582 480 174 Oct. 31 3,126 721 378 343 1,568 469 171 State and local governments: 1968—Dec. 31 13,426 5,323 4,231 1,092 2,347 805 1,404 1969—Dec. 31 13,909 6,416 5,200 1,216 2,853 524 1,225 1970—Dec. 31 11,204 5,184 3,803 1,381 2,458 774 1,191 1971—Sept. 30 10,489 5,232 4,133 1,099 2,318 703 960 Oct. 31 10,318 5,156 4,106 1,050 2,254 679 956 AH others: 1968—Dec. 31 80,853 46,524 37,591 8,933 19,526 7,316 2,411 1969—Dec. 31 85,391 52,926 42,648 10,278 20,199 4,053 2,545 1970—Dec. 31 91,227 56,140 45,092 11,048 22,037 5,672 3,078 1971—Sept. 30 92,194 54,632 46,276 8,356 24,255 5,871 3,128 Oct. 31 93,206 54,923 46,656 8,267 25,060 5,837 3,121 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 5,670 commercial banks, 487 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 466 nonfinancial corporations and 487 savings and loan assns.; and are not available for earlier periods. (3) about 70 per cent by 501 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 • DECEMBER 1971 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S. Govt. Total Dealers and brokers W 1 i y th e i a n r y 1 ea -5 r s y 5 e - a 1 r 0 s 10 O y v e er a rs U.S. Govt, m b C e a o r n c m k i - s a l o A th ll e r securities 1970—Oc t 2,768 2,266 284 190 28 1,018 109 1,094 547 Nov 3,418 2,430 601 338 50 1,330 172 1,278 638 Dec 2,590 2,043 343 153 52 949 123 1,025 493 1971—Ja n 3,482 2,629 564 248 40 1,346 130 1,364 642 Feb 3,316 2,291 579 397 49 1,178 145 1,232 760 Mar 3,072 2,122 506 388 57 1,036 143 1,204 688 Apr 2,458 1,881 328 216 33 828 116 878 636 May.... 2,322 1,695 406 192 29 837 100 742 643 June 2,195 1,802 273 92 28 727 110 687 672 July 2,484 2,103 280 74 28 814 131 837 702 Aug 2,482 1,848 512 97 25 859 129 855 640 Sept 2,115 1,598 271 219 26 759 99 725 532 Oct 2,646 1,905 438 268 36 988 117 906 634 Week ending— 1971—Oct. 6. 2,894 2,166 390 304 34 1,142 102 999 652 13. 2,643 2,039 327 249 28 937 101 869 736 20. 2,297 1,587 496 191 23 834 108 808 547 27. 2,218 1,609 422 153 34 771 92 789 567 Nov. 3. 4,258 2,615 654 866 122 1,561 239 1,610 849 10. 2,446 1,459 512 377 98 838 138 858 613 17. 2,485 1,295 668 451 70 856 161 882 586 24. 2,137 1,339 426 319 53 689 142 637 669 NOTE.—The transactions data combine market purchases and sales of sales of securities under repurchase agreement, reverse repurchase (resale), U.S. Govt, securities dealers reporting to the F.R. Bank of New York. or similar contracts. Averages of daily figures based on the number of They do not include allotments of, and exchanges for, new U.S. Govt, trading days in the period. securities, redemptions of called or matured securities, or purchases or DEALER POSITIONS DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity Commercial banks U.S. y 1 e - a 5 r s y 5 e - a 1 r 0 s y O e 1 v a 0 e r r s a s G e g t c e o ie u n v s r c t i , y - Period sou A r l c l es Y N C o i e t w r y k w E h ls e e r - e C t o i r o p n o s r 1 a- 103 379 1,001 1970—Oct.... 4,233 1,370 1,232 392 617 682 1,066 Nov... 5,149 1,517 1,527 416 612 485 1,049 Dec.. . 5,949 1,868 1,960 379 525 403 966 1971—Jan. .. 6,198 1,888 1,695 527 569 691 75 946 Feb.... 5,684 1,673 1,318 369 437 404 70 981 Mar.. . 4,543 1,356 926 399 415 416 20 1,118 Apr... 5,700 1,759 1,415 724 189 331 11 818 May... 3,389 1,095 475 517 116 130 12 776 June... 3,163 1,061 523 435 -23 26 -11 771 July... 3,516 1,151 391 721 344 70 11 698 Aug.. . 3,071 894 390 821 355 377 36 926 Sept.. . 4,146 1,049 856 811 394 310 37 903 Oct.... 4,511 1,188 704 921 Week ending- 3,667 3,039 499 112 18 930 3,985 3,097 433 423 31 946 1971—Sept. 1. .. 3,573 1.015 685 828 4,061 3,218 388 419 37 856 4,016 1.016 806 860 3,717 2,983 305 391 38 929 15. 4,520 1,031 914 872 3,753 3,108 293 315 37 952 22. 4,333 1,195 942 909 29. 3,810 947 781 638 6 3,631 2,906 304 369 51 925 13 3,944 3,262 313 319 50 805 Oct. 6. 3,784 870 800 538 20 4,136 3,359 427 317 34 809 13. 4,173 1,110 839 792 27 5,080 4,239 476 341 25 1,045 20. 4,210 958 502 847 27. 5,154 1,497 623 ,313 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
DECEMBER 1971 • GOVERNMENT SECURITIES A 47 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, NOVEMBER 30, 1971 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—1C ont. Dec. 2, 1971 ,695 May 4,1972 1,602 Feb. 15, 1974 7y4 3,139 Dec. 15 1967 -72. .2l/i 2,556 Dec. 9, 1971 704 May 11, 1972 1,601 Apr. 1, 1974 11/2 34 Feb. 15 1972 ...A 980 Dec. 16, 1971 700 May 18, 1972 1,602 May 15, 1974 iy4 4,505 Aug. 15 1972 1,454 D D D Ja e e e n c c c . . . . 3 3 2 6 0 1 3 , , , , 1 1 1 1 9 9 9 9 7 7 7 7 1 1 1 2 ; , , 9 8 7 9 0 9 0 0 2 2 4 2 J J M M u u l a a n y y y e 2 3 3 3 5 1 1 0 , , , , 1 1 1 1 9 9 9 9 7 7 7 7 2 2 2 2 1 1 1 1 , , , , 7 7 7 6 0 0 0 0 1 3 1 0 N O F A e c o u b t g v . . . . 1 1 1 5 5 5 1 , , , , 1 1 1 1 9 9 9 9 7 7 7 7 5 4 4 4 5 5 5 1 1 y y Y / 4 4 2 s 1 5 7 0 , , , 1 2 2 4 1 8 4 8 2 4 2 N A M Fe o u a b g v y . . . 1 1 1 1 5 5 5 5 1 1 1 1 9 9 9 9 7 7 7 7 3 4 4 3 . . . . . . . . . . . . . . . 4 4 4 .4 1 1 1 / / 4 g s 4 3 3 3 , , , , 3 8 5 1 4 7 2 9 2 7 6 4 Jan. 13, 1972. ,902 Aug. 31, 1972 1,700 Feb. 15, 1975 5% 2,045 Nov. 15 1974 ....37/s 2,238 Jan. 20, 1972, ,902 Sept. 30, 1972 1,201 Apr. 1, 1975 11/2 8 May 15 1975-•85.. 414 1,210 Jan. 27, 1972, ,903 Oct. 31, 1972 1,200 May 15, 1975 6 6,760 June 15 1978; -83..3i4 1,527 Jan. 31, 1972. ,700 Nov. 30, 1972 1,201 Aug. 15, 1975 5Vs 7,679 Feb. 15 1980 2,588 Feb. 3, 1972 ,903 Oct. 1, 1975 11/2 30 Nov. 15 1980 ....31/2 1,903 Feb. 10, 1972 ,900 Treasury notes Nov. 15, 1975 7 3,114 Aug. 15 1981 7 806 Feb. 17, 1972 ,901 Feb. 15, 1972 4% 800 Feb. 15, 1976 6% 3,739 May 15 1985 ....31/4 1,044 M F F e e a b b r . . . 2 2 2 9 4 , , , 1 1 1 9 9 9 7 7 7 2 2 2 . . , , 6 9 7 0 0 0 1 1 0 A F M e p a b r y . . 1 1 1 5 5 , , , 1 1 1 9 9 9 7 7 7 2 2 2 7 4 li i % / / 2 2 2 3 , , 6 6 9 7 3 0 6 4 A A M u p a g r y . . 1 1 5 5 1 , , , 1 1 1 9 9 9 7 7 7 6 6 6 7 1 6 1 1 i / / / 2 2 2 4 2 , , 1 69 9 2 7 4 7 N A Fe u o b g v . . . 1 1 1 5 5 5 1 1 1 9 9 9 8 8 8 6 7 8 - - 9 9 .. 2 3 . . . . .4 6 .4 1 i / / 4 8 3 1 , ,2 7 2 1 9 4 6 5 6 M M a a r r . . 1 9 6 , , 1 1 9 9 7 7 2 2 . . 6 6 0 02 1 A M u a g y . 1 1 5 5 , , 1 1 9 9 7 7 2 2 6 y 5 4 2 1 , , 5 3 7 7 2 7 N O o ct v . . 1 1 5 , , 1 1 9 9 7 7 6 6 1 6 1 H /2 1,283 2 M Fe a b y . 1 1 5 5 1 1 9 9 8 9 9 0 - 9 .. 4 .. . 3 . 4 1 1 / / 2 8 4 1 , , 5 5 6 4 8 5 Mar. 23, 1972. 600 Oct. 1, 1972 I1/2 33 Feb. 15, 1977 8 5,163 Feb. 15 1995 1,126 Mar. 30, 1972. 600 Nov. 15, 1972 6 2,285 Aug. 15, 1977 7 y4 2,264 Nov. 15 1998, ....31/2 3,742 Mar. 31, 1972. 701 Feb. 15, 1973 6i/2 2,514 Feb. 15, 1978 6% 8,389 Apr. 6,1972. 599 Feb. 15, 1973 4% 4,268 Nov. 15, 1978 6 8,209 Apr. 13,1972. 601 Apr. 1, 1973 li/2 34 Apr. 20,1972. 601 May 15, 1973 7 y4 5,844 Treasury bonds Convertible bonds Apr. 27, 1972. 601 Aug. 15, 1973 8H 1,839 June 15, 1967-72. .21/2 1,229 Investment Series B Apr. 30, 1972. 702 Oct. 1, 1973 11/2 30 Sept. 15, 1967-72. .21/2 1,951 Apr. 1, 1975-80.. 2 y4 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 ered3 Total G o e b a n l l e i- r- R n e u v e e - HAA1 G l U o o a . v S n t . s , State di s a s t n t a r d t i . c t Other2 Total c E a d ti u o - n b R r a i o d n a g d d e s s i U ti t e i s l- 4 H i o ng u s s - V a a e n i t d e s ' r - O p p o t u h s r e e - s r gations auth. 196 3 10,538 5,855 4,180 254 249 1,620 3,636 5,281 10,496 9,151 3,029 812 2,344 598 2,396 196 4 10,847 6,417 3,585 637 208 1,628 3,812 5,407 10,069 10,201 3,392 688 2,437 727 120 2,838 196 5 11,329 7,177 3,517 464 170 2,401 3,784 5,144 11,538 10,471 3,619 900 1,965 626 50 3,311 196 6 11,405 6,804 3,955 325 312 2,590 4,110 4,695 11,303 3,738 1,476 1,880 533 3,667 196 7 14,766 8,985 5,013 477 334 2,842 4,810 7,115 14,643 4,473 1,254 2,404 645 5,867 196 8 16,596 9.269 6,517 528 282 2,774 5,946 7,884 16,489 4,820 1,526 2,833 787 6,523 196 9 11,881 7,725 3,556 402 197 3,359 3,596 4,926 11,838 3,252 1,432 1,734 543 4,884 197 0 18,164 11,850 6,082 131 103 4,174 5,595 8,399 18,110 5,062 1,532 3,525 466 7,526 1970—Oct.. . 1,924 1,184 695 32 13 290 531 1 102 1,923 532 123 380 821 Nov.. 1,748 892 753 99 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 r970 121 2 577 rl, 137 991 r2,695 509 390 428 373 993 Feb... 1,839 1,225 607 7 585 616 638 1,823 518 133 315 123 735 Mar.. 2,156 1,311 r844 417 r661 1,078 r2,142 r577 183 627 28 728 Apr... 1,920 1,349 r566 5 440 r510 r971 n, 877 r516 66 469 19 r807 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 "\7\ 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 Oct.. . 1,696 822 871 3 341 828 526 1,594 276 209 340 96 672 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 • DECEMBER 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 aagg GG UU ee oo nn .. vv SS cc tt .. yy .. 33 aa (( nn UU SS dd tt ..SS aa lloo tt .. ee )) cc 44 aa ll OOtthheerrss TToottaall Total P o u f b fe li r c 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—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 9,316 1,153 2,049 1,951 17 4,147 1,951 1,331 619 1,527 669 Aug.r. . .. 9,346 3,228 1,500 1,850 237 2,532 1,844 1,428 416 270 418 Sept 9,445 1,698 1,774 2,044 161 3,768 2,573 1,966 607 165 1,031 Gross proceeds, major groups of corporate issuers Period Manufacturing C m om is m ce e l r l c a i n a e l ou a s n d Transportation Public utility Communication a R nd e a f l in e a s n ta 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 1,671 197 0 9,191 1,322 1,949 2,545 2,188 92 8,016 3,001 5,059 83 3,861 1,636 1970—Sept. 937 56 118 228 145 904 337 443 2 266 81 Oct.. 929 76 288 286 138 653 448 338 34 348 238 Nov. 927 180 147 129 170 7 845 505 693 502 78 Dec. 932 124 207 147 307 58 725 230 277 822 146 1971— F M Ja e a n b r . . . . 2,1 6 6 2 4 4 3 4 7 29 6 1 4 9 7 2 2 8 5 7 9 9 2 2 1 1 3 8 1 9 2 6 1 1 8 6 6 9 7 0 1 1 8 6 7 0 9 5 8 5 2 5 3 5 1 6 7 7 8 4 6 3 8 9 7 1 1 2 5 1 2 1 2 8 5 4 3 5 8 4 5 2 1 0 6 1 4 6 2 Apr. 819 316 198 243 268 67 607 660 247 26 484 107 May 631 158 143 131 250 89 447 141 403 2 763 113 June 1,031 175 497 290 182 115 616 439 204 14 513 300 Julyf 383 200 159 188 157 62 520 212 232 ,390 500 144 Aug. 262 212 76 175 76 12 687 162 359 385 126 Sept. 991 154 123 295 120 29 578 492 235 46 525 179 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
DECEMBER 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 t s e s Stocks & B o n n o d t s e s Stocks & B o n n 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—Oct.. . 420 243 177 43,567 4,377 39,190 1959 2,280 786 1,494 15,818 860 14,958 Nov... 343 215 128 45,223 4,126 41,097 1960 2,097 842 1,255 17,026 973 16,053 Dec... 467 307 160 47,618 3,649 43,969 1961 2,951 1,160 1,791 22,789 980 21,809 1971— Jan. . . 487 242 245 50,251 3,663 46,588 1962 2,699 1,123 1,576 21,271 1,315 19,956 Feb.. . 349 322 27 51,300 3,600 47,700 1963 2,460 1,504 952 25,214 1,341 23,873 Mar... 468 425 43 53,618 3,328 50,290 Apr... 547 394 153 55,883 3,046 52,837 1964 3,404 1,875 1,528 29,116 1,329 27,787 May.. 307 428 -121 53,610 2,607 51,003 1965 4,359 1,962 2,395 35,220 1.803 33,417 June.. 434 467 -33 53,560 2,830 50,730 11996666 4,671 2,005 2,665 34,829 2,971 31,858 July... 371 444 -73 51,424 2,856 48,568 Aug... 432 394 38 53,798 3,016 50,782 1967 4,670 2,745 1,927 44,701 2,566 42,135 Sept... 304 471 -167 53,291 2,511 50,780 1968 6,820 3,841 2,979 52,677 3,187 49,490 Oct.. . 596 419 177 51,160 2,885 48,275 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 • DECEMBER 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 Profits before taxes 22,046 23,487 20,898 25,375 25,622 5,985 6,878 5,580 6,932 6,565 6,887 Profits after taxes 12,461 13,307 12,664 13,787 14,090 3,298 3,609 3,030 3,850 3,579 3,750 Dividends 6,527 6,920 6,989 7,271 7,757 1,716 1,731 1,746 2,078 1,838 1,916 Nondurable goods industries (78 corps.):2 Sales 64,897 73,643 77,969 84,861 92,033 20,156 21,025 21,551 22,129 21,764 23,198 Profits before taxes 7,846 9,181 9,039 9,866 10,333 2,387 2,492 2,545 2,442 2,524 2,664 Profits after taxes 4,786 5,473 5,379 5,799 6,103 1,428 1,411 1,471 1.489 1,492 1,559 Dividends 2,527 2,729 3,027 3,082 3,289 743 751 763 825 812 Durable goods industries (99 corps.):3 Sales 112,341 122,094 123,429 140,879 151,416 33,477 36,707 32,435 38,259 35,849 38,195 Profits before taxes 14,200 14,307 11,822 15,510 15,290 3,598 4,386 3,036 4.490 4,041 4,224 Profits after taxes 7,675 7,834 6,352 7,989 7,989 1,871 2,198 1,559 2,361 2,087 2,190 Dividends 4,000 4,191 3,964 4,189 4,469 972 981 983 1,253 1,026 1,108 Selected industries: Foods and kindred products (25 corps.): Sales 16,427 19,038 20,134 22,109 24,593 5,184 5,389 5,737 5,799 5,714 5,923 Profits before taxes 1,710 1,916 1,967 2,227 2,425 498 563 590 576 534 581 Profits after taxes 896 1,008 1,041 1,093 1,171 255 260 285 293 261 275 Dividends 509 564 583 616 661 150 155 155 156 162 165 Chemical and allied products (20 corps.): Sales 18,158 20,007 20,561 22,808 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 i o v f i i d t e s n a d f s t er taxes. . 4 8 6 1 8 5 9 5 0 0 6 2 3 5 1 3 9 8 5 5 6 1 5 5 4 4 6 8 1 8 1 11 1 7 2 1 13 7 2 4 1 1 1 0 0 0 1 1 6 69 6 1 9 1 8 6 1 13 7 6 3 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
DECEMBER 1971 • BUSINESS FINANCE A 51 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e r a o f x o f e i r s t e s c ta o I x n m - e e s P t a r a f o x t f e e i r s t s d C d e i a n v s d i h - s t U r p i r n b o d u f t i i e s ts - d co c a n a l t s l i p o o u i n w t m a - l p - Quarter P b t e r a o f x o f e i r s t e s c ta o I x n m - e e s P t a r a f o x t f e e i r s t s d C d e i a n v s d i h - s t U r p i r n b o d u f i t i s e ts - d co c a t n 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 1970—I. ... 75.6 34.1 41.5 25.0 16.6 54.4 1964 66.8 28.3 38.4 17.8 20.6 33.9 II. .. 75.8 34.5 41.3 24.9 16.4 55.7 1965 77.8 31.3 46.5 19.8 26.7 36.4 III... 78.5 35.6 42.9 25.2 17.7 56.7 1966 84.2 34.3 49.9 20.8 29.1 39.5 IV... 71.6 32.3 39.2 25.0 14.3 58.0 1967 79.8 33.2 46.6 21.4 25.3 43.0 1971—1. 79.1 36.2 42.9 25.6 17.3 62.6 1968 87.6 39.9 47.8 23.6 24.2 46.8 II. . . 83.3 37.4 46.0 25.4 20.5 64.0 1969 84.2 39.7 44.5 24.4 20.0 51.3 III*.. 83.6 37.9 45.8 25.7 20.1 65.5 1970 75.4 34.1 41.2 25.0 16.2 56.2 1 Includes depreciation, capital outlays charged to current accounts, and NOTE.—Dept. of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities NNNeeettt Notes and accts. Notes and accts. EEEnnnddd ooofff pppeeerrriiioooddd wwwooorrrkkkiiinnnggg UU..SS.. receivable payable AAccccrruueedd cccaaapppiiitttaaalll TToottaall CCaasshh ss GG eecc oo uu vv rr tt ii ,, -- II tt nn oo vv rrii ee ee nn ss -- OOtthheerr TToottaall FF iinn ee cc dd oo ee mm rraa ee ll OOtthheerr ttiieess G U o . v S t . . 1 Other G U o . v S t . . 1 Other ttaaxxeess 1963 163.5 351.7 46.5 20.2 3.6 156.8 107.0 17.8 188.2 2.5 130.4 16.5 38.7 1964 170.0 372.2 47.3 18.6 3.4 169.9 113.5 19.6 202.2 2.7 140.3 17.0 42.2 1965 180.7 410.2 49.9 17.0 3.9 190.2 126.9 22.3 229.6 3.1 160.4 19.1 46.9 1966 188.2 442.6 49.3 15.4 4.5 205.2 143.1 25.1 254.4 4.4 179.0 18.3 52.8 1967 198.9 470.4 54.1 12.7 5.1 216.0 153.4 29.0 271.4 5.8 190.6 14.1 60.8 1968 212.0 513.8 58.0 14.2 5.1 237.1 165.8 33.6 301.8 6.4 209.8 16.4 69.1 1969 213.2 555.9 54.9 12.7 4.8 261.0 184.8 37.8 342.7 7.3 238.1 16.6 80.6 1970—1 213.3 561.0 52.9 12.5 4.7 264.5 188.0 38.5 347.7 7.2 238.4 18.0 84.2 II 213.6 566.3 52.5 10.7 4.4 268.7 190.2 39.9 352.7 7.0 244.1 14.6 87.1 Ill 214.0 567.6 53.7 9.3 4.2 270.0 191.8 38.5 353.6 6.8 243.0 15.4 88.3 IV 217.0 572.1 56.9 9.7 4.2 268.1 194.4 38.8 355.2 6.6 244.5 15.9 88.1 1971—1 220.4 576.9 55.8 10.1 4.2 269.8 196.8 40.1 356.5 6.1 240.3 18.6 91.4 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 Period TToottaall Durable d N ur o a n b - le MMiinniinngg R ro a a i d l- Air Other Electric and Ga o s t her nn CC ii oo cc mm aatt mm iioo uu nn -- ss OOtthheerr11 TT AA ((SS oo .. .. RR tt AA aa .. ll .. )) 196 4 46.97 9.28 10.07 1.34 1.66 1.02 1.50 3.97 1.51 4.61 12.02 196 5 54.42 11.50 11.94 1.46 1.99 1.22 1.68 4.43 1.70 5.30 13.19 196 6 63.51 14.96 14.14 1.62 2.37 1.74 1.64 5.38 2.05 6.02 14.48 196 7 65.47 14.06 14.45 1.65 1.86 2.29 1.48 6.75 2.00 6.34 14.59 196 8 67.76 14.12 14.25 1.63 1.45 2.56 1.59 7.66 2.54 6.83 15.14 196 9 75.56 15.96 15.72 1.86 1.86 2.51 1.68 8.94 2.67 8.30 16.05 197 0 79.71 15.80 16.15 1.89 1.78 3.03 1.23 10.65 2.49 10.10 16.59 1971 2 r... 81.47 14.29 15.92 2.13 1.67 1.87 1.37 12.80 2.40 10.89 18.11 1970—III. 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 III. 20.14 3.40 3.91 .55 .42 .39 .37 3.35 .71 2.62 4.42 80.75 IV2 23.04 4.26 4.40 .56 .45 .54 .36 3.54 .65 8.28 84.02 1972—P. . 19.48 3.50 3.38 .50 .50 .57 .33 3.05 .43 7.24 87.14 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 • DECEMBER 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 e l r t c i i f a a l m p il r y o p a e n r d t ies5 Mo ty r p tg e a 6 g e EEE pppeee nnnddd rrr iiiooo ooo ddd fff hh AA oo eerr ll ll ss dd ll -- tt FF uu ii tt ii nn cc ii nn ii ss oo aa aa tt nn ll ii nn -- ss -- 11 a U c g i . e e S n s . - v o I i t a d n h n u d e d a i r - l s s hh ee oo AA rr ll ll ss dd ll -- ttuu FF ii tt ii nn 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 33 ee -- rr hh AA ee oo rr ll ll ss dd ll -- Total tu F i t i n i n s o a t n i n - s . 1 O h e o th r l s d e - r Total tu F i t i n 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 24.5 103.2 302.4 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 25.1 106.8 305.5 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—Ir... 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 26.1 111.0 316.2 II... 471.2 372.3 35.2 63.7 31.9 9.7 22.2 439.3 290.8 240.7 49.5 148.5 121.9 26.6 112.4 326.9 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 ] Mutual savings bank holdings 2 Residential Residential End of period Other Other Total non- Farm Total non- Farm FHA- Con- farm FHA- Con- farm Total in- guar- ven- Total in- 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 Ill 70,336 44,331 8,065 2,793 33,470 21,924 4,081 55,359 48,189 15,813 12,169 20,207 7,053 117 IV. 70,705 44,573 7,960 2,663 33,950 22,113 4,019 56,138 48,682 15,862 12,166 20,654 7,342 114 1970—1.. 70,854 44,568 2,496 34,184 22,248 4,038 56,394 48,874 15,865 12,105 20,904 7,413 107 II. 71,291 44,845 7,800 2,575 34,469 22,392 4,054 56,880 49,260 15,931 12,092 21,237 7,519 101 Ill 72,393 45,318 7,885 2,583 34,850 22,825 4,250 57,402 49,628 16,017 12,127 21,654 7,671 103 IV. 73,275 45,640 7,919 2,589 35,131 23,284 4,351 57,948 49,937 16,087 12,008 21,842 7,893 119 1971—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
DECEMBER 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 u A re - d a g n V u t A e a e r - - d Other i FFaarrmm TToottaall Total in F s H u A re - d a g n V u t A a ee r - - d Other FFaarrmm 1945 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 Aug 472 458 31 8 419 14 73,427 67,767 11,526 5,499 50,742 5,660 Sept 520 489 31 6 452 31 73,540 67,875 11,486 5,467 50,922 5,665 Oct 555 527 28 5 494 28 73,728 68,058 11,453 5,442 51,163 5,670 Nov 553 533 37 6 490 20 73,848 68,189 11,436 5,416 51,337 5,659 Dec 1,143 1,099 44 8 1,047 44 74,345 68,693 11,325 5,390 51,978 5,652 1971 Jan 448 423 17 7 399 25 74,370 68,779 11,383 5,368 52,028 5,591 Feb 449 425 17 5 407 24 74,437 68,871 11,338 5,346 52,187 5,566 Mar 623 579 33 5 541 44 74,516 68,973 11,302 5,316 52,355 5,543 Apr 578 533 18 8 507 45 74,536 68,993 11,237 5,284 52,472 5,543 May 491 442 24 8 410 49 74,552 68,425 11,186 5,254 51,985 5,554 June 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 Aug 735 684 23 8 601 51 58,024 52,438 10,975 5,142 52,438 5,586 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) Period va A n d c - es R m e e p n a ts y - M d e ep m o b s e it r s s ' Period h N o e m w e Home FHA- VA- Con- Total t S e h rm or t- 1 t L e o rm n g- 2 Total i con- pur- Total 2 in- guar- venstruc- chase sured anteed tional tion 1945 278 213 195 176 19 46 196 3 5,601 4,296 4,784 2,863 1,921 1,151 1945 1,913 181 1,358 5,376 196 4 5,565 5,025 5,325 2,846 2,479 1,199 196 5 5,007 4,335 5,997 3,074 2,923 1,043 196 3 25,173 7,185 10,055 90,944 4,696 6,960 79,288 196 6 3,804 2,866 6,935 5,006 1,929 1,036 196 4 24,913 6,638 10,538 101,333 4,894 6,683 89,756 196 5 24,192 6,013 10,830 110,306 5,145 6,398 98,763 196 7 1,527 4,076 4,386 3,985 401 1,432 196 6 16,924 3,653 7,828 114,427 5,269 6,157 103,001 196 8 2,734 1 ,861 5,259 4,867 392 1,382 196 9 5,531 1,500 9,289 8,434 855 1,041 196 7 20,122 4,243 9,604 121,805 5,791 6,351 109,663 197 0 3,256 1,929 10,615 3,081 7,534 2,331 196 8 21,983 4,916 11,215 130,802 6,658 7,012 117,132 196 9 21,847 4,757 11,254 140,347 7,917 7,658 124,772 1970—Oct.. 134 119 10,539 3,265 7,274 1,496 197 0 21,387 4,150 10,239 150,562 10,195 8,507 131,860 Nov.. 112 126 10,524 3,156 7,368 1,978 Dec.. 224 134 10,615 3,081 7,534 2,331 1970—Sept.. 2,183 388 1,100 146,418 9,224 8,115 129,079 Oct... 2,127 406 1,032 147,570 9,441 8,230 129,903 1971—Jan.. 43 331 10,326 2,924 7,403 2,750 Nov.. 1,972 355 919 148,896 9,226 8,336 130,794 Feb.. 27 428 9,926 2,697 7,230 3,093 Dec.. 2,474 416 968 150,560 10,195 8,507 131,860 Apr.. 71 1,492 8,269 2,226 6,043 2,828 May. 151 1,151 7,267 2,322 4,945 2,376 1971—Jan... 1,667 307 752 151,503 10,473 8,673 132,357 June. 238 264 7,241 2,397 4,844 2,111 F M e a b r . . . . 2 1 , , 7 8 9 8 5 7 5 3 2 4 1 6 1,1 8 4 1 3 8 1 1 5 5 4 2, , 6 4 6 3 5 0 1 1 2 0 , ,8 1 1 23 0 8 8 , ,7 9 6 2 6 2 1 1 3 3 4 3, , 0 3 8 2 9 0 J A u u l g y. . . 3 3 5 0 8 9 2 1 1 8 3 3 7 7 , , 5 33 1 8 4 2 2 , ,8 5 1 44 2 4 4, , 7 7 0 9 2 4 1 1 , , 6 5 9 2 6 8 A M p a r y . . . 3 3 , , 1 4 6 3 8 8 5 6 9 2 7 0 1 1 , , 3 4 0 5 6 1 1 1 5 5 6 8 , , 5 7 7 4 4 7 1 1 1 1 , , 5 8 6 8 0 5 9 9 , , 1 2 2 9 8 9 1 1 3 3 5 7 , , 8 5 8 6 6 3 S O e c p t t . . . 3 3 0 2 6 7 2 3 0 0 3 3 7 7 , , 6 6 4 3 0 7 2 2, , 8 8 7 4 4 4 4 4 , , 7 7 6 9 6 3 1 1 , , 4 5 5 2 0 2 June. 4,301 718 2,109 161,440 12,273 9,580 139,587 J S A u e u p l g y t . . . . . 4 4 3 , , , 1 1 6 1 5 7 1 1 2 6 6 6 2 4 8 8 1 6 2 2 1 , , , 2 0 9 2 5 8 5 1 7 1 1 1 6 6 6 8 3 6 , , , 9 4 3 5 4 6 1 2 4 1 1 1 3 2 2 , , , 1 8 5 3 5 9 0 2 2 1 1 9 0 0 , , , 7 2 0 8 3 3 4 2 4 1 1 1 4 4 4 3 5 1 , , , 4 5 1 7 5 0 5 6 2 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 ns q u m ar a t t e u r r l i y n , g h i a n v i 1 n g y e m ar a 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 • DECEMBER 1971 MORTGAGE DEBT OUTSTANDING MORTGAGE DEBT OUTSTANDING ON ON RESIDENTIAL PROPERTIES NONFARM 1- to 4-FAMILY PROPERTIES (In billions of dollars) (In billions of dollars) All residential Multifamily i Governmentunderwritten CCoonn-- Finan- Finan- EEnndd ooff ppeerriioodd TToottaall vveenn-- Total in ci s a t l i - h O ol t d h e er r s Total i c n i s a t l i - h O ol t d h e er r s Total FH in A - - g V u A ar - - ttiioonnaall tutions tutions sured anteed i 2 2 2 1 4 4 1 . . . 3 2 2 1 1 1 7 4 5 6 . . . 9 7 7 3 9 8 4 . . . 6 4 5 2 5 9 5 . . . 9 0 7 2 3 3 0. . . 7 6 5 2 2 8 . . . 3 2 2 1 1 1 9 9 9 6 6 5 4 3 4 1 1 1 8 9 8 2 7 . . . 6 2 6 6 6 4 5 9 . . . 3 9 2 3 3 4 5 8 . . . 1 0 3 3 30 0 . . . 9 9 2 1 1 1 1 2 6 8 4 . . . 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 2 3 1 3 6 3 . . . 7 2 6 4 4 3 0 3 6 . . . 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 9 8 4 4 5 4 7 0 . . . 8 4 6 3 3 3 1 2 3 . . . 3 5 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 33.9 169.5 314.1 262.7 51.4 50.6 40.2 10.4 II 259.5 87.1 52.2 34.9 172.3 319.0 265.0 54.0 52.2 41.3 10.9 I IV ll 2 2 6 6 3 6 . . 5 8 9 8 0 8 . . 1 8 5 54 3 . . 5 4 3 3 5 5 . . 4 6 1 1 7 7 4 6. . 9 6 1970—1 I I I I V I I 3 3 3 3 3 2 3 2 8 6 2 1 . . . . 2 3 2 7 2 2 2 2 7 6 7 6 2 8 7 5 . . . . 8 9 2 9 5 6 5 5 5 1 7 9 . . . . 8 0 4 4 5 5 5 5 8 6 4 3 . . . . 1 0 5 2 4 4 4 4 4 5 3 2 . . . . 8 3 9 2 1 1 1 1 2 1 1 0 . . . . 3 3 8 2 1970—1 I IV ll 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 5 6 9 8 . . . . 6 1 9 1 3 3 3 3 6 6 7 7 . . . . 0 0 3 0 1 1 1 1 7 7 8 8 7 9 2 0 . . . . 1 9 5 7 3 3 4 5 3 3 . . 3 1 2 29 8 0 1 . . 1 6 6 6 1 3 . . 7 0 5 62 9 . . 3 7 4 4 9 7 . . 4 2 1 1 2 2 . . 9 5 1971—1 II 2 29 8 0 3 . . 8 6 9 9 8 8 . . 3 4 6 62 1 . . 8 0 3 3 5 7 . . 6 3 1 19 8 2 5 . . 4 3 i 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 but delinquent for— LLooaannss iinn FHA-insured VA-guaranteed ffoorree-- EEnndd ooff ppeerriioodd cclloossuurree Mortgages Mortgages Total 30 days 60 days o 9 r 0 m da o y r s e Prop- Pro- erty Total h N o e m w e s h is o E t m i x n - e g s jects 1 m pr i e m o n v - t e s - 2 Total3 h N om ew e s h i o s E t m i x n - e g s 1964 3 3. . 2 3 1 0 2 2 . . 3 3 5 2 . .5 6 5 0 . .3 3 1 8 . . 3 3 4 8 1965 3.29 2.40 .55 .34 .40 8,1 6 3 6 0 5 1,6 2 0 57 8 4,9 2 6 1 5 7 8 2 9 0 5 6 1 6 7 3 1 2,8 1 4 9 6 2 1,023 1,821 1 1 1 9 9 9 6 6 6 6 7 8 3 3 3 . . . 4 4 1 7 0 7 2 2 2 . . . 5 6 4 4 6 3 . . . 5 5 5 4 4 1 . . . 2 3 2 7 2 3 . . . 3 3 2 6 2 6 8,689 1,705 5,760 591 634 2,652 876 1,774 1969 3.22 2.43 .52 .27 .27 7 7 , , 3 1 2 5 0 0 1 1 , , 7 3 2 6 9 9 4 4 , , 3 5 6 1 6 6 5 6 8 4 3 2 6 64 2 1 3 2 3, ,6 40 0 5 0 1,1 9 4 8 3 0 2 1 , , 2 6 5 1 9 8 1967—1 II 2 3 . . 8 0 5 4 2 2 . . 1 1 7 4 . . 5 4 6 5 . . 3 2 1 6 . . 3 3 8 4 8,275 1,572 4,924 1,123 656 3,774 1,430 2,343 Ill 3.15 2.36 .52 .27 .31 9,129 1,551 5,570 1,316 693 4,072 1,493 2,579 IV 3.47 2.66 .54 .27 .32 11,981 2,667 5,447 3,250 617 3,442 1,311 2,131 1968—1 2.84 2.11 .49 .24 .32 1 1 , ,2 0 1 99 8 2 3 6 0 8 4 5 5 2 6 1 4 2 2 4 9 7 2 6 5 3 7 3 3 4 2 1 6 1 1 1 1 7 0 2 2 2 1 4 6 I II I I. ... 2 2 . . 9 8 3 9 2 2 . . 2 2 3 3 . . 4 4 8 4 . . 2 2 2 2 . . 2 2 6 8 1,063 273 497 248 45 318 106 212 IV 3.17 2.43 .51 .23 .26 1,351 280 472 549 50 316 109 207 1969t—I 2.77 2.04 .49 .24 .26 999 295 476 187 41 297 102 195 II, , 2.68 2.06 .41 .21 .25 951 284 450 185 32 256 90 166 III.... 2.91 2.18 .47 .26 .25 1,097 318 531 202 46 303 98 205 IV 3.22 2.43 .52 .27 .27 1,136 293 467 330 46 350 98 252 1,203 290 504 354 55 417 111 306 1970—1 2.96 2.14 .52 .30 .31 1,372 322 629 399 21 II 2.83 2.10 .45 .28 .31 1 1 1 , , , 2 3 3 4 4 9 2 0 3 4 3 3 0 3 2 7 8 0 6 5 7 4 4 1 3 6 0 2 2 3 1 9 0 0 6 4 6 8 5 0 9 3 577 146 431 I I V ll 3 3 . . 6 1 4 0 2 2. . 2 6 6 7 . . 6 5 1 3 . .3 3 1 6 . . 2 3 5 3 1971—1 3.21 2.26 .56 .39 .40 1 Monthly figures do not reflect mortgage amendments included in annual II 3.27 2.36 .53 .38 .38 totals. 2 3 N In o c t l u o d r e d s i n a a r s i m ly a s ll e c a u m re o d u n b t y o m f o a r l t t g er a a g t e i s o . n and repair loans, not shown separ- rep N o O rt T s E o .— n M 1- o r t t o g ag 4 e - fam Ba il n y k e F rs H A A -i s n s s o u c r ia e t d i , o n V A of - gu A a m ra e n r t i e c e a d, da a t n a d f c r o o n m ately; only such loans in amounts of more than $1,000 need be secured. ventional mortgages held by more than 400 respondents, including mortgage bankers (chiefly), commercial banks, savings banks, and NOTE.—Federal Housing Admin, and Veterans Admin, data. FHA-insured savings and loan associations. loans represent gross amount of insurance written; VA-guaranteed loans, 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
DECEMBER 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 e a e r - - d c P ha u s r- es Sales d p M u er r a i i d o n e d g st O i a n n u g t d - 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- es Sales d p M u er r a i i d o n e d g st O i a n n u g t d - 196 7 3,348 2,756 592 860 1,045 1,171 196 7 5,522 4,048 1,474 1,400 12 1,736 501 196 8 4,220 3,569 651 1,089 867 1,266 196 8 7,167 5,121 2,046 1,944 2,697 1,287 196 9 4,820 4,220 600 827 615 1,130 196 9 10,950 7,680 3,270 4,121 6,630 3,539 197 0 5,184 4,634 550 621 897 738 197 0 15,502 11,071 4,431 5,078 8,047 5,203 1970-Aug.. 5,102 4,535 567 54 123 802 1970-Aug.. 14,452 10,218 4,234 413 718 4,834 Sept.. 5,109 4,546 563 27 57 795 Sept.. 14,807 10,499 4,308 406 650 4,849 Oct... 5,132 4,573 559 46 42 775 Oct... 15,152 10,780 4,372 397 535 4,805 Nov.. 5,141 4,587 554 35 42 776 Nov.. 15,396 10,981 4,416 294 541 4,930 Dec.. 5,184 4,634 550 70 37 738 Dec.. 15,502 11,071 4,431 165 600 5,203 1971-Jan... 5,188 4,641 546 35 27 705 1971-Jan... 15,520 11,092 4,428 75 4 139 5,092 F M e a b r . . . . 5 5 , , 2 2 4 1 1 3 4 4 , , 6 70 7 3 0 5 5 3 4 8 3 5 3 6 8 1 2 0 1 0 7 6 0 8 7 2 M Fe a b r . . . . 1 1 5 5 , , 4 4 4 2 8 0 1 1 1 1 , , 0 0 1 6 2 1 4 4 , , 4 3 0 9 8 1 7 6 6 0 4 7 6 2 8 3 0 3 4 4 . , 3 8 8 6 0 5 Apr.. 5,244 4,710 534 39 120 786 Apr.. 15,308 10,933 4,375 58 105 457 4.381 May. 5,261 4,731 530 40 171 906 May. 15,242 10,893 4,349 91 92 871 920 June. 5,275 4,751 524 43 43 424 1,247 June. 15,363 10,970 4,393 239 10 1,294 5,750 July.. 5,282 4,761 520 25 25 487 1,586 July.. 15,674 11,184 4,490 407 576 5,709 Aug.. 5,279 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 FNM A 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 FNM A 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 FNM A-GN MA Tandem Plan (Program 18). munity Facilities Admin. FEDERAL NATIONAL MORTGAGE ASSOCIATION HOME-MORTGAGE YIELDS ACTIVITY UNDER FREE MARKET SYSTEM (In per cent) Implicit yield, by Primary market Secondary Mortgage amounts commitment period (conventional loans) market (in months) FHA series Date Accepted FHLBB series Yield of Period (effective rate) on FHA- auction insured By commitment New h n o e m w e Total period (in months) 3-4 12-18 New Existing homes loans homes homes 3-4 196 7 6.46 6.52 6.53 6.55 In millions of dollars In per cent 196 8 6.97 7.03 7.12 7.21 196 9 7.81 7.82 7.99 8.26 197 0 8.44 8.35 8.52 9.05 1971—Apr. 12.. 126.9 54.6 39.8 9.4 5.4 7.32 7.45 7.53 1970—Oct. 8.51 8.35 8.50 8.97 26.. 687.2 313.9 154.0 126.6 33.4 7.43 7.54 7.57 Nov. 8.43 8.32 8.45 8.90 Dec. 8.38 8.26 8.30 8.40 May 10.. 1,168.0 236.8 145.7 71.3 19.7 7.57 7.68 7.74 24.. 785.7 151.6 44.6 84.4 22.5 7.95 7.97 8.03 1971—Jan.. 8.18 8.08 7.95 Feb.. 7.91 7.80 7.75 June 1.. 322.4 146.6 77.1 57.8 11.6 8.05 8.18 8.16 Mar. 7.66 7.60 7.60 7.32 14.. 638.2 191.2 133.7 47.3 10.2 7.91 8.15 8.22 Apr. 7.49 7.47 7.55 7.37 28.. 539.0 262.6 191.8 60.3 10.4 7.92 8.22 8.28 May 7.47 7.45 7.65 7.75 June 7.50 7.50 7.70 7.89 July 12.. 606.0 241.1 161.8 60.3 10.4 7.98 8.31 July. 7.66 7.63 7.80 7.97 28.. 686.2 183.4 183.3 58.2 21.1 8.07 Aug. 7.74 7.71 7.85 7.92 Sept. r7.83 7.76 7.85 7.84 Aug. 25 . 634.6 153.5 153.5 7.97 Oct., 7.83 7.75 7.80 7.75 Sept. 8.. 445.2 188.6 188.6 7.88 20.. 437.5 193.0 193.0 7.86 NOTE.—Annual data are averages of monthly figures. The FHA data are based on opinion reports submitted by field offices Oct. 4.. 365.1 194.8 194.8 7.85 on prevailing local conditions as of the first of the succeeding 18.. 219.8 103.6 103.6 7.83 month. Yields on FHA-insured mortgages are derived from weighted averages of private secondary market prices for Sec. Nov. 1 . 126.0 56.4 56.4 7.77 203, 30-year mortgages with minimum downpayment and an 15 . 145.2 102.0 102.0 7.70 assumed prepayment at the end of 15 years. Gaps in data are 29 . 210.6 101.1 101.1 7.66 due to periods of adjustment to changes in maximum permissible contract interest rates. The FHA series on average contract interest rates on conventional first mortgages in primary markets NOTE.—Implicit secondary market yields are gross—before deduction of 38are unweighted and are rounded to the nearest 5 basis points. basis-point fee paid for mortgage servicing. They reflect the average accepted bid The FHLBB effective rate series reflects fees and charges as well yield for Govt.-underwritten mortgages after adjustment by Federal Reserve as contract rates (as shown in the table on conventional first- to allow for FNMA commitment fees and FNMA stock purchase and holding mortgage terms, p. A-37) and an assumed prepayment at end requirements, assuming a prepayment period of 15 years for 30-year loans. Comof 10 years mitments for 12-18 months are for new homes only. 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 • DECEMBER 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 5 9 , , 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 , , 3 0 2 0 2 9 3 3 , , 0 2 8 0 7 3 7 8 4 4 6 5 1 1 , ,6 6 1 45 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—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 Oct.. 131,606 105,763 37,759 30,072 4,357 33,575 25,843 10,097 8,435 7,311 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 mercial Finance Credit cellaneous Total mobile retail banks cos. 1 unions lenders 1 dealers 2 outlets 1939 4,503 3,065 1,079 1,836 132 18 1,438 123 1,315 1941 6,085 4,480 1,726 2,541 198 15 1,605 188 1,417 1945 2,462 1,776 745 910 102 19 686 28 658 1950 14,703 11,805 5,798 5,315 590 102 2,898 287 2,611 1955 28,906 24,398 10,601 11,838 1,678 281 4,508 487 4,021 1960 42,968 36,673 16,672 15,435 3,923 643 6,295 359 5,936 196 5 71,324 61,533 28,962 24,282 7,324 965 9,791 315 9,476 196 6 77,539 66,724 31,319 26,091 8,255 1,059 10,815 277 10,538 196 7 80,926 69.490 32,700 26,734 8,972 1,084 11,436 285 11,151 196 8 89,890 77.457 36,952 29,098 10,178 1,229 12,433 320 12,113 196 9 98,169 84,982 40,305 31,734 11,594 1,349 13,187 336 12,851 197 0 101,161 87,064 41,895 31,123 12,500 1,546 14,097 327 13,770 1970—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 1-3,793 324 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 Oct.. 105,763 91,943 44,947 31,331 13.875 1,790 13,820 354 13,466 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
DECEMBER 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 r io o d f ch P a A u s r u e - d t p o a m pe o r D b i i l r e e ct s g O p c u o a t o m p o h n d e e e - r r s r m i R z l o o a e a d n a p t e i d n a o r s i n n r - s l P o o e a n r n a - s l End of period m A pa o u p b t e i o l 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 z l o o a e a d n a p ti d e n a o r s i n r n - s l P o o e a 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—Oct.. 42.010 12,824 7,730 8,286 2,785 10,385 1970—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 Oct... 44,947 12,932 8,509 9,301 2,874 11,331 Oct.. 31,331 10,177 6,306 105 14,743 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 g p o ap od er s i l z o a a ti n o s n loans End of period Total Com- Other S c e r r e v d i i c t e mer- finan- Retail Credit cial cial outlets cards1 1939 150 27 5 12 106 banks insti- 1941 213 47 9 11 146 tutions 1945 121 16 4 10 91 1950 692 159 40 102 391 1939 2,719 625 162 1,414 518 1 1 9 9 5 6 5 0 4 1 , , 5 95 6 9 6 1,4 5 6 6 0 0 2 1 9 3 7 0 7 3 7 1 5 3 2,0 9 3 5 4 6 1 1 9 94 4 1 5 3 3 , , 0 2 8 0 7 3 6 6 9 7 3 4 1 7 5 2 2 1 1 , , 6 6 4 1 5 2 5 8 9 4 7 5 1 1 1 9 9 9 6 6 6 7 6 5 1 9 8 0 , , , 3 2 0 1 5 8 4 6 9 3 3 3, , , 7 4 0 0 1 3 7 0 6 4 5 63 9 8 9 8 8 1,0 9 9 0 8 3 6 0 3 4 4 3 , , , 3 7 8 3 0 2 6 4 2 1 1 |9 9 9 5 6 5 5 0 0 1 9 6 3 , , , 9 7 1 6 2 7 8 4 3 , , , 6 8 5 3 7 8 5 6 4 2 6 3 4 2 6 5 3 7 4 4 3 , , , 2 8 5 9 9 7 1 3 9 4 2 3 7 1 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 4 5 , , 8 2 0 0 9 2 8 8 2 9 9 8 1 1, , 2 1 5 8 6 3 6 6 , , 1 6 2 9 2 0 1 1 1 9 9 9 6 6 6 5 7 6 2 2 1 1 0 8 , , , 2 0 9 0 0 9 4 6 0 6 7 6 , , , 9 3 6 4 4 9 6 0 0 1 1, ,0 0 9 2 8 8 8 1 6 5 5 5 , , , 8 9 7 1 3 2 2 9 4 1,0 7 8 2 0 7 9 6 4 5 5 4 , , , 3 8 8 4 1 8 6 0 9 1970— N D O e o c c t v 1 1 1 3 3 4 , , , 9 9 0 9 4 2 9 6 4 5 5 5 , , , 1 1 2 7 6 0 1 4 2 8 8 8 9 9 9 1 8 3 1 1 1 , , , 2 2 2 4 6 5 7 0 6 6 6 6 , , , 6 6 6 7 2 9 5 2 0 1 1 1 9 9 9 6 7 6 9 8 0 2 2 2 3 4 5 , , , 3 6 3 0 4 0 1 1 0 7 7 8 , , , 9 9 2 7 0 0 5 5 0 1 1 1 , , , 1 2 1 7 9 6 9 6 3 6 6 6 , , , 6 9 4 3 5 5 2 0 0 1 1 1 , , , 3 9 5 0 1 8 5 8 4 6 6 7 , , , 3 9 4 0 7 0 7 0 8 1971—Jan 13,906 5,143 888 1,247 6,628 1970—Oct.. .. 23,907 8,059 1,254 5,797 1,859 6,938 F M e a b r 1 14 3 , , 1 9 2 5 6 3 5 5, , 2 1 1 4 5 8 9 8 0 8 1 9 1 1 , , 2 2 6 5 0 4 6 6 , , 7 66 5 2 0 D N e o c v . . . . . . . . 2 2 5 4 , , 6 1 4 2 1 5 8 8 , ,0 2 7 0 1 5 1 1, , 2 2 7 7 9 4 5 6, , 9 8 3 8 2 4 1 1, , 9 8 1 7 8 3 7 7, , 3 0 0 2 7 3 A J J A M O S u u e p u c a l n p t r y g y e t 1 1 1 1 1 1 1 4 4 4 5 5 5 5 , , , , , , , 5 3 9 0 3 6 5 6 4 2 2 4 6 4 8 2 4 6 3 5 3 5 5 5 5 5 5 5 , , , , , , , 2 5 5 3 6 7 7 9 1 4 5 7 4 8 0 2 8 9 2 6 7 9 9 9 9 9 9 9 9 1 5 5 9 2 7 9 4 2 8 2 7 7 1 1 1 1 1 1 1 , , , , , , , 3 3 3 3 2 3 2 7 6 3 7 5 2 9 8 6 6 7 4 0 7 7 7 7 7 6 6 7 , , , , , , , 2 5 4 1 3 8 9 0 0 3 4 3 5 7 1 1 9 2 6 9 2 1971-- M J J M A F J u u a e p a a l n n r b y r y . e . . . . . . . . . . . . . . . . . . . . 2 2 2 2 2 2 2 5 5 5 5 4 4 4 , , , , , , , 5 5 3 0 5 4 9 3 2 0 1 7 3 7 3 6 6 9 1 6 6 8 8 8 8 8 8 8 , , , , , , , 4 4 5 2 2 3 1 1 9 2 4 9 0 5 2 8 5 9 6 5 0 1 1 1 1 1 1 1 , , , , , , , 3 3 3 3 3 3 2 5 0 4 5 0 2 8 6 1 0 0 8 6 4 6 6 6 6 5 5 5 , , , , , , , 1 1 0 3 4 7 1 9 7 4 1 3 7 4 9 3 6 6 5 4 4 2 2 1 1 1 1 1 , , , , , , , 0 0 9 8 9 9 9 1 9 5 9 1 1 5 5 8 8 1 5 8 0 7 7 7 7 7 7 7 , , , , , , , 3 4 5 6 6 7 4 8 5 6 5 1 7 0 1 0 4 4 2 2 2 Aug. .. 25,644 8,633 1,364 6,120 2,185 7,342 lan N e O ou T s E l .— en O de th rs e . r financial lenders consist of credit unions and miscel- O Se c p t. t . . . . . . 2 2 5 5 , ,6 8 7 4 1 3 8 8 , , 7 6 2 9 2 4 1 1 , , 3 3 7 6 5 7 6 6 , , 2 1 6 0 9 1 2 2 , , 1 2 6 04 6 7 7 , , 3 3 1 0 1 5 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 • DECEMBER 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 1970—Oc t 8,580 8888888,,,,,,,666666677777770000000 2,349 2222222,,,,,,,444444466666663333333 3,113 3333333,,,,,,,222222200000000000000 182 111111188888884444444 2,936 2222222,,,,,,,888888822222223333333 Nov 8,414 8888888,,,,,,,222222277777771111111 2,127 2222222,,,,,,,000000000000006666666 3,113 3333333.......111111144444447777777 180 111111177777776666666 2,994 2222222,,,,,,,999999944444442222222 Dec 8,536 11111110000000,,,,,,,111111199999994444444 2,170 2222222,,,,,,,000000044444445555555 3,281 4444444,,,,,,,555555566666662222222 177 111111144444449999999 2,908 3333333,,,,,,,444444433333338888888 1971—Ja n 8,916 7777777,,,,,,,555555544444445555555 2,461 1111111,,,,,,,999999999999997777777 3,252 2222222,,,,,,,888888866666668888888 177 111111122222222222222 3,026 2222222,,,,,,,555555555555558888888 Feb 9,081 7777777,,,,,,,444444488888889999999 2,687 2222222,,,,,,,333333333333336666666 3,204 2222222,,,,,,,444444433333331111111 197 111111155555555555555 2,993 2222222,,,,,,,555555566666667777777 Mar 9,533 9999999,,,,,,,555555577777775555555 2,897 3333333,,,,,,,000000077777774444444 3,210 3333333,,,,,,,000000077777776666666 209 111111199999997777777 3,217 3333333,,,,,,,222222222222228888888 Apr 9,751 11111110000000,,,,,,,000000077777779999999 2,872 3333333,,,,,,,111111100000000000000 3,415 3333333,,,,,,,333333366666663333333 205 222222211111119999999 3,259 3333333,,,,,,,333333399999997777777 May 9,690 9999999,,,,,,,555555566666662222222 2,756 2222222,,,,,,,888888888888883333333 3,295 3333333.......111111144444448888888 200 222222233333335555555 3,439 3333333,,,,,,,222222299999996666666 June 9,715 11111110000000,,,,,,,666666666666667777777 2,838 3333333,,,,,,,333333300000001111111 3,433 3333333,,,,,,,555555533333338888888 224 222222266666663333333 3,220 3333333,,,,,,,555555566666665555555 July 9,675 11111110000000,,,,,,,000000099999998888888 2,773 3333333,,,,,,,000000033333332222222 3,399 3333333,,,,,,,444444411111115555555 218 222222244444448888888 3,285 3333333,,,,,,,444444400000003333333 Aug 10,049 11111110000000,,,,,,,333333300000000000000 3,004 3333333,,,,,,,000000066666666666666 3,465 3333333,,,,,,,444444466666665555555 222 222222255555553333333 3,358 3333333,,,,,,,555555511111116666666 Sept 10,156 9999999,,,,,,,888888844444449999999 3,147 2222222,,,,,,,999999922222227777777 3,462 3333333,,,,,,,444444455555554444444 227 222222233333337777777 3,320 3333333,,,,,,,222222233333331111111 Oct 10,031 9999999,,,,,,,777777799999997777777 2,992 3333333,,,,,,,000000033333337777777 3,467 3333333,,,,,,,444444422222223333333 229 222222222222225555555 3,343 3333333,,,,,,,111111111111112222222 Repayments 1965. 69,957 23,543 20,518 2,116 23,780 1966. 76,120 25,404 23,178 2,110 25,428 1967. 81,306 26,499 25,535 2,142 27,130 1968. 88,089 28,018 28,089 2,132 29,850 1969. 94,609 29,882 30,369 2,163 32,195 1970. 101,138 30,943 34,441 2,075 33,679 1970—Oct.. 8,662 8,853 2,550 2,683 3,036 3,103 179 181 2,897 2,886 Nov.. 8,716 8,440 2,577 2,513 3,082 2,921 176 169 2,881 2,837 Dec.. 8,515 8,823 2,618 2,566 2,945 2,991 175 172 2,777 3,094 1971—Jan... 8,829 8,605 2,623 2,483 3,145 3,242 175 165 2,886 2,715 Feb.. 8,979 8,346 2,636 2,471 3,212 3,078 188 171 2,943 2,626 Mar.. 9,038 9,651 2.696 2,915 3,164 3,413 196 203 2,982 3,120 A M p a r y . . . 9 9 , , 0 19 8 7 8 9 8 , , 2 8 1 9 9 8 2 2 , , 5 6 6 4 6 0 2 2 , , 6 5 3 6 2 0 3 3, , 2 2 1 4 1 9 3 3 , , 2 1 7 24 2 1 18 84 8 118876 3 3, , 1 0 5 8 8 9 3 3 , , 1 0 2 2 8 8 June. 9,190 9,497 2,678 2,771 3,233 3,268 192 203 3,087 3,255 July.. 8,914 9,112 2,565 2,618 3,203 3,226 188 194 2,958 3,074 Aug.. 9,222 9,088 2.697 2,675 3,262 3,153 196 198 3,067 3,062 Sept.. 9,157 8,936 2,732 2,698 3,172 3,091 199 202 3,054 2,945 Oct... 9,107 9,007 2,634 2,661 3,219 3,191 197 198 3,057 2,957 Net change in credit outstanding 2 1965. 8,629 3,684 2,232 150 2,563 1 1 9 9 6 6 6 7 . . 6 3 , , 2 3 1 8 5 7 1,913678 2 1 , , 4 4 1 1 3 7 -2 9 9 0 1 1, , 8 7 3 7 1 5 1968. 8,964 3,406 2,504 136 2,918 1969. 8,279 2,472 2,710 115 2,982 1970. 2,992 -1,112 2,340 70 1,694 1970—Oct.. -82 -183 -201 -220 77 97 3 39 -63 Nov.. -302 -169 -450 -507 31 226 7 113 105 Dec.. 21 1,371 -448 -521 336 1,571 -23 131 344 1971—Jan... 87 -1,060 -162 -486 107 -374 -43 140 -157 Feb.. 102 -857 51 -135 -8 -647 -16 50 -59 Mar.. 495 -76 201 159 46 -337 13 -6 235 108 Apr.. 663 860 306 468 166 91 21 32 170 269 May. 493 664 116 323 84 24 12 49 281 268 June. 525 1,170 160 530 200 270 32 60 133 310 July.. 761 986 208 414 196 189 30 54 327 329 Aug.. 827 1,212 307 391 203 312 26 55 291 454 Sept.. 999 913 415 229 290 363 28 35 266 286 Oct.. 924 790 358 376 248 232 32 27 286 155 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
DECEMBER 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.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions 11996655 77777778888888,,,,,,,555555588888886666666 22222229999999,,,,,,,555555522222228888888 22222225555555,,,,,,,111111199999992222222 9999999,,,,,,,444444433333336666666 11111114444444,,,,,,,444444433333330000000 1966 88888882222222,,,,,,,333333333333335555555 33333330000000,,,,,,,000000077777773333333 22222225555555,,,,,,,444444400000006666666 11111110000000,,,,,,,333333366666662222222 11111116666666,,,,,,,444444499999994444444 1967 88888884444444,,,,,,,666666699999993333333 33333330000000,,,,,,,888888855555550000000 22222225555555,,,,,,,444444499999996666666 11111110000000,,,,,,,999999911111111111111 11111117777777,,,,,,,444444433333336666666 1968 99999997777777,,,,,,,000000055555553333333 33333336666666,,,,,,,333333333333332222222 22222228888888,,,,,,,888888833333336666666 11111112222222,,,,,,,888888855555550000000 11111119999999,,,,,,,000000033333335555555 1969 111111100000002222222,,,,,,,888888888888888888888 33333338888888,,,,,,,555555533333333333333 33333330000000,,,,,,,888888855555554444444 11111114444444,,,,,,,222222244444445555555 11111119999999,,,,,,,222222255555556666666 1970 111111100000004444444,,,,,,,111111133333330000000 33333339999999,,,,,,,111111133333336666666 22222229999999,,,,,,,666666666666662222222 11111114444444,,,,,,,666666611111119999999 22222220000000,,,,,,,777777711111113333333 111999777000———OOOccc ttt 8,580 8888888,,,,,,,666666677777770000000 3,276 3333333,,,,,,,333333300000001111111 2,371 2222222,,,,,,,333333388888887777777 1,221 1111111,,,,,,,111111188888887777777 1,712 1111111,,,,,,,777777799999995555555 NNNooovvv 8,414 8888888,,,,,,,222222277777771111111 3,159 2222222,,,,,,,888888888888885555555 2,300 2222222,,,,,,,333333344444442222222 1,184 1111111,,,,,,,111111155555550000000 1,771 1111111,,,,,,,888888899999994444444 DDDeeeccc 8,536 11111110000000,,,,,,,111111199999994444444 3,326 3333333,,,,,,,333333399999990000000 2,240 2222222,,,,,,,777777799999995555555 1,187 1111111,,,,,,,222222200000006666666 1,783 2222222,,,,,,,888888800000003333333 111999777111———JJJaaa nnn 8,916 7777777,,,,,,,555555544444445555555 3,338 2222222,,,,,,,888888888888885555555 2,411 1111111,,,,,,,999999966666661111111 1,288 1111111,,,,,,,000000055555555555555 1,879 1111111,,,,,,,666666644444444444444 FFFeeebbb 9,081 7777777,,,,,,,444444488888889999999 3,478 2222222,,,,,,,999999988888888888888 2,513 2222222,,,,,,,111111122222221111111 1,282 1111111,,,,,,,111111111111117777777 1,808 1111111,,,,,,,222222266666663333333 MMMaaarrr 9,533 9999999,,,,,,,555555577777775555555 3,646 3333333,,,,,,,777777788888883333333 2,681 2222222,,,,,,,666666688888886666666 1,394 1111111,,,,,,,444444411111118888888 1,812 1111111,,,,,,,666666688888888888888 AAAppprrr 9,751 11111110000000,,,,,,,000000077777779999999 3,676 3333333,,,,,,,999999944444448888888 2,624 2222222,,,,,,,666666677777772222222 1,475 1111111,,,,,,,555555555555552222222 1,976 1111111,,,,,,,999999900000007777777 MMMaaayyy 9,690 9999999,,,,,,,555555566666662222222 3,600 3333333,,,,,,,666666677777771111111 2,798 2222222,,,,,,,666666655555555555555 1,441 1111111,,,,,,,444444499999993333333 1,851 1111111,,,,,,,777777744444443333333 JJJuuunnneee 9,715 11111110000000,,,,,,,666666666666667777777 3,806 4444444,,,,,,,222222200000007777777 2,490 2222222,,,,,,,888888833333332222222 1,513 1111111,,,,,,,777777722222224444444 1,906 1111111,,,,,,,999999900000004444444 JJJuuulllyyy 9,675 11111110000000,,,,,,,000000099999998888888 3,644 3333333,,,,,,,999999911111117777777 2,676 2222222,,,,,,,777777799999991111111 1,423 1111111,,,,,,,555555500000006666666 1,932 1111111,,,,,,,888888888888884444444 AAAuuuggg 10,049 11111110000000,,,,,,,333333300000000000000 3,919 4444444,,,,,,,000000066666662222222 2,699 2222222,,,,,,,777777722222229999999 1,452 1111111,,,,,,,555555588888882222222 1,979 1111111,,,,,,,999999922222227777777 SSSeeepppttt 10,156 9999999,,,,,,,888888844444449999999 3,989 3333333,,,,,,,999999933333332222222 2,718 2222222,,,,,,,555555544444449999999 1,488 1111111,,,,,,,444444433333339999999 1,961 1111111,,,,,,,999999922222229999999 OOOcccttt 10,031 9999999,,,,,,,777777799999997777777 3,832 3333333,,,,,,,777777755555552222222 2,733 2222222,,,,,,,666666655555555555555 1,490 1111111,,,,,,,444444411111114444444 1,976 1111111,,,,,,,999999977777776666666 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———OOOccc ttt 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 OOOcccttt 9,107 9999999,,,,,,,000000000000007777777 3,439 3333333,,,,,,,444444400000008888888 2,495 2222222,,,,,,,444444455555557777777 1,319 1111111,,,,,,,222222299999992222222 1,854 1111111,,,,,,,888888855555550000000 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—Oc t -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 Oct 924 777777799999990000000 393 333333344444444444444 238 111111199999998888888 171 111111122222222222222 122 111111122222226666666 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. • DECEMBER 1971 MARKET GROUPINGS (1967 = 100) 1967 1970 1971 pro- 1970 Grouping por- avertion Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.*> Total index 100.00 106.7 103.7 102.6 104.6 105.3 105.7 105.5 106.2 107.0 107.2 106. 105.3 Products, total 62.21 106.0 103.6 102.6 104.2 104.6 105.0 104.5 105.5 105.9 106.1 106.8 106.2 Final products 48.95 104.4 101.4 100.2 102.2 102.9 103.0 102.5 103.6 103.9 104.5 104.9 105.0 Consumer goods 28.53 110.3 109.0 107.7 110. 112.8 112.9 112.7 114.6 115.7 116.1 116.0 116.0 Equipment 20.42 96.2 90.8 89.8 90.3 88.9 89.3 88.4 88.1 87.8 88.2 89.3 89.6 Intermediate products 13.26 111.9 111.9 111.6 112.1 110.9 112.5 112.0 112.4 113.5 112.4 113.8 110.7 Materials 37.79 107.8 104.1 102.8 105.4 106.5 106.8 107.1 107.5 108.9 109.0 105.3 104.0 Consumer goods Durable consumer goods 7.86 104.8 97.1 95.5 102.9 108.1 110.6 111.6 112.2 117.2 116.1 115.8 115.8 Automotive products 2.84 99.9 77.6 76.0 100.0 110.9 117.8 117 113.7 123.1 121.2 120 121.1 Autos 1.87 86.6 51. 51.8 88.6 104.1 112.8 112.2 103.2 108.3 107.9 107.9 108.5 Auto parts and allied goods... , .97 125.6 128.7 122.3 122.2 124.1 127.4 128.6 133.9 151.4 146 143.6 145.2 Home goods 5.02 107.6 108.3 106.6 104.6 106.5 106.5 108.2 111.4 113.9 113.3 113.5 112.9 Appliances, TV, and radios 1.41 103.4 109. 107.6 104.5 104.9 102.5 107.9 116.4 120.7 116.9 115.0 112.1 Appliances and A/C .92 122. 128.8 127.1 120.6 122.6 117.6 124.9 126.0 132.1 129.3 126.0 128.0 TV and home audio .49 68.2 74.5 71.3 74.3 71.8 74.0 76.1 98.6 99.4 93.9 94.5 ,82.4 Carpeting and furniture 1.08 108.4 108. 108.6 106.3 106.4 110 108.3 110.7 111.7 113.6 114.8 114.7 Misc. home goods 2.53 109.7 107.3 105.3 104.1 107.5 107.5 108. 109.0 111 111.2 112.0 112.5 Nondurable consumer goods 20.67 112.5 113.5 112.3 113.8 114.6 113 113.1 115.5 115.1 116.1 116.1 116.1 Clothing 4.32 101.2 100.0 96.3 99.1 99.7 97.3 96.9 101.0 102.6 101.9 102.4 100.3 Consumer staples 16.34 115.4 117.2 116.6 117.7 118.5 118.1 117.4 119.4 118.5 119.9 119.8 120.2 Consumer foods and tobacco.. 8.37 110.6 111.9 112.5 112 114.0 112.6 111 112.7 113.2 113.5 112.0 112.6 Nonfood staples 7.98 120.4 122.9 120.9 122.9 123.2 123.9 123.2 126.4 124.2 126.5 128.0 128.4 Consumer chemical products 2.64 126.1 125.8 127.7 132.5 131.8 131.8 131.6 134.0 133.2 130.9 133.1 133.1 Consumer paper products... 1.91 103.9 102.8 101.4 102.6 104.4 104.6 103.0 108.2 105.0 109.9 106.9 106.2 Consumer fuel and lighting. 3.43 125.2 131.9 126.4 126.9 127.0 128.9 127.9 130.5 128.0 132.5 135.9 137.2 Residential utilities 2.25 131.3 141.2 132.2 131.9 132.0 135.2 133.2 136.4 135. 140.6 145.1 146.2 Equipment Business equipment 12.74 101.1 95.9 94.6 95.6 94.2 96.0 95.0 95.1 94.4 95.0 96.3 96.8 Industrial equipment 6.77 98.8 94.6 93.9 94.0 91.5 93.4 92.4 92.4 90.9 90.9 91.8 92.0 Building and mining equip.. . . 1.45 95.9 91.7 93.3 93.6 90.6 94.3 92.4 91.2 91.5 88.8 88.9 96.4 Manufacturing equipment.... 3.85 91.9 86.7 84.6 84.2 82.9 82.2 81.3 82.1 79.5 80.1 81.1 79.9 Power equipment 1.47 119.9 118.2 118.7 119.8 115.0 121.7 121.5 120.5 120.2 121.3 122.7 119.7 Commercial, transit, farm eq*.. . 5.97 103.7 97.1 95.6 97.9 97.2 99.0 98.0 98.2 98.4 99.6 101.5 102.2 Commercial equipment 3.30 110.6 108.2 106.0 105.3 105.5 107.0 106.6 107.1 107.6 107.6 109.9 109.9 Transit equipment 2.00 94.4 79.8 77.5 87.4 88.6 89.1 87.2 87.3 87.3 90.5 88.4 90.2 Farm equipment .67 97.7 93.9 98.9 92.4 82.0 88.8 88.0 86.6 86.6 87.7 99.9 100.0 Defense and space equipment 7.68 87.9 82.6 81.7 81.2 80.0 78.1 77.5 76.5 76.9 77.1 77.7 77.9 5.15 89.7 84.5 83.7 82.9 82.6 80.4 79.8 79 79.5 80.5 81.4 82.2 Military products Intermediate products 5.93 110.6 111.5 110.4 112.5 111.1 111.9 112.6 113.4 115.5 113.5 115.3 109.4 Construction products 7.34 113.0 112.1 112.4 111.9 110.8 113. 111.4 111.6 111.9 111.6 112.7 111.7 Misc. intermediate products Materials 20.91 103.4 96.2 93.6 99.4 101.5 101.6 101.9 102.2 104.8 103.0 98.7 94.9 4.75 96.5 80.4 76.9 95.8 99.4 101.4 103.2 102 105.1 104.8 98.8 100.4 Durable goods materials 5.41 95.1 88.0 86.6 86.6 88.4 87.6 86.4 86.0 88.9 87.1 87.0 82. Consumer durable parts 10.75 110.5 107.6 104.5 107.5 109.0 108.8 109.2 110.2 112.8 110.2 104.6 99.0 Equipment parts Durable materials nec 13.99 112.5 113.4 113.3 112.1 111.7 112.1 112.0 112.7 112.8 115.5 112.3 114.8 Nondurable goods materials 8.58 113.0 112.6 112.6 111.8 111.2 111.7 111.9 113.2 113.7 117.5 113.4 117. Textile, paper, and chem. mat 5.41 111.5 114.7 114.7 112.7 112.5 112.7 112.3 111.9 111.3 112.0 110.5 109.9 Nondurable materials n.e.c 2.89 117.0 118.2 117.8 117.6 117.8 118.6 121.1 121.0 119.7 121.1 119.7 117.2 Fuel and power, industrial Supplementary groups Home goods and clothing 9.34 104.7 104.5 101.8 102.0 103.4 102.3 102.9 106.6 108.7 108.0 108.3 107.1 Containers 1.82 119.5 119. 120.6 117.4 119.2 119.6 108.1 113.5 117 115.5 118.2 117.2 Gross value of products in market structure (In billions of 1963 dollars) Products, total 386.8 375.1 372.5 380.9 386.2 388.6 385.9 390.2 391.6 392.6 395.2 393.0 Final products 298.0 286.4 284.1 292.1 297.7 298.5 297.4 300.4 301.3 303.2 304.6 305.4 Consumer goods 202.6 197.0 195.7 203.3 209.1 209.5 209.6 212.6 213.4 214.8 216.4 215.5 Equipment 95.5 89.5 88.3 88.7 88.7 89.2 87.9 87.9 87.6 88.5 88.1 90.1 Intermediate products. 89.0 89. 88.9 89.0 88.4 89.9 88.5 89.3 90.2 89.6 90.8 87.7 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
DECEMBER 1971 • INDUSTRIAL PRODUCTION: S.A. A 61 INDUSTRY GROUPINGS (1967 = 100) 11996677 1970 1971 pprroo-- 11997700 GGrroouuppiinngg ppoorr-- aavveerr-ttiioonn aaggeeff Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.? Manufacturing 88.55 105.2 101.4 100.1 ? 102.4t 103.5R 103.9> 103.2> 104.4t 105.7 r 105.6» 104 S » 103.6 > 104.5' 105.0 Durable 52.33 101.5 95.1 93.8 1 97.3 ! 98.1 98.6 I 98.3I 99.1 100.5 ; IOO.I 99.4 [ 96.6> 98.2 \ 99.3 Mi M N ni o i n n n g i d n u a g n r a d b u le t ilities 3 1 6 6 1 . . . 3 2 4 7 2 5 1 1 1 1 0 1 8 9 0 . . . C 7 6 1 1 1 1 0 2 2 9 1 . . . < - 9 / 1 1 1 2 0 1 0 9 3 . . . 6 6 7 • i 1 1 1 1 2 1 2 0 0 . . . C 1 1 1 1 11 1 1 0 1 9 . . . 9 1 3 t > 1 1 1 1 1 1 0 9 1 . . . 1 9 7 » R 1 1 1 1 1 2 1 0 0 . . . 4 2 4 t 1 » . 1 1 1 1 2 1 0 0 2 . . 6 4 .1 • i 1 1 1 1 1 0 3 8 9 . . 3 . 6 » 1 I C 1 1 1 0 1 2 8 3 0 . . . 7 9 7 R 1 ' 1 1 11 0 2 3 5 0 . . . C 7 3i 1 1 1 1 0 2 1 6 0 3 . . . C 5 8 1 I 1 1 1 0 2 1 6 0 3 . . . 0 3 6 I i 1 1 1 9 1 5 6 3 . . . 4 8 3 Utilities 5.08 128.5 134.C 129.6 > 130.2 129.6 > 132.2 » 131.5 133.2 : 132.1 135.6 > 138.7 ' 137.0I 138.4 • 138.8 Durable manufactures Primary and fabricated metals 12.55 108.1 104.2 101.2 105.1 106.8 ' 106.C' 105.8' 108.6 111.5 108.3 ' 104.2» 93.8' 98.6 101.0 Pri I m ro a n r y a n m d e s ta te ls e l, subtotal 4 6 . .6 2 3 1 1 0 0 5 6 . . 3 9 1 1 0 0 2 2 . . 4 5 9 9 5 8 . . 6 < 1 10 0 4 1 . . 3 4 1 10 0 8 6 . . 1 9 1 1 0 0 4 5 . . 8 5 : 1 1 0 0 6 5 . . 6 2 • 1 1 0 0 9 8 . . 1 7 1 1 1 1 4 2 . . 3 9 1 10 0 8 5 . . 1 3 9 9 9 8 . . 0 2 i 8 6 1 6 . . 0 2 - 8 9 1 2 . . 0 3 9 8 6 8 . . 3 5 Fabricated metal products 5.94 109.4 106.3 104.5 106.2 105.4 106.6 . 104.9 108.5 108.5 108.5 110.8 108.0 > 105.7 106.3 Machinery and allied goods 32.44 97.6 89.9 88.4 92.4 93.0 93.5 93.0 92.7 93.8 94.4 94.7 94.5 95.1 95.8 Machinery 17.39 100.5 96.5 94.9 94.8 93.4 94.2 94.0 94.2 95.3 95.2 97.4 95.6 96.0 97.0 Nonelectrical machinery 9.17 99.6 95.6 93.2 92.4 90.1 92.3 91.1 91.4 90.9 91.6 94.9 94.1 94.5 95.6 Electrical machinery 8.22 101.4 97.5 96.7 97.4 97.1 96.3 97.1 97.4 100.2 99.2 100.2 97.3 97.8 98.7 Transportation equipment 9.29 90.3 73.8 71.7 86.8 91.1 92.6 91.3 89.5 90.9 91.7 88.5 91.1 91.7 92.2 Motor vehicles and parts 4.56 96.9 68.6 65.4 98.5 107.7 113.0 112.2 108.4 110.2 111.7 106.7 111.6 111.8 112.8 Aerospace and misc. trans, eq... 4.73 83.9 78.8 78.0 75.8 75.2 72.9 71.2 71.4 72.3 72.4 71.0 71.5 72.4 72.4 Instruments 2.07 110.8 107.3 106.5 104.9 106.5 105.3 105.5 106.7 108.0 108.5 110.9 109.1 110.5 110.5 Ordnance, private and Govt 3.69 95.3 90.4 89.3 88.5 87.9 85.5 85.7 85.2 86.0 88.8 88.8 90.0 90.2 90.1 Lumber, clay, and glass 4.44 106.3 105.3 105.0 107.5 106.9 109.8 110.8 113.0 112.3 111.0 111.2 110.4 111.1 111.2 Lumber and products 1.65 106.3 106.8 106.4 106.8 109.7 110.8 110.3 112.5 110.0 111.0 115.4 113.1 113.9 114.3 Clay, glass, and stone products 2.79 106.3 104.5 104.1 107.9 105.3 109.2 111.1 113.3 113.7 111.1 108.7 108.8 109.4 109.5 Furniture and miscellaneous 2.90 108.8 108.7 105.7 104.9 105.2 107.1 105.6 109.5 109.9 111.3 113.5 111.3 112.4 112.6 Furniture and fixtures 1.38 99.4 100.1 96.5 95.5 94.2 96.0 95.0 98.7 97.6 100.9 99.9 99.6 101.0 Miscellaneous manufactures 1.52 117.3 116.7 114.0 113.4 115.2 117.2 115.4 119.3 121.2 120.7 126.1 122.0 122.9 122.4 Nondurable manufactures Textiles, apparel, and leather 6.90 100.2 98.7 96.0 97.1 98.6 98.0 97.3 99.8 101.5 102.4 100.2 100.1 102.9 103.0 Textile mill products 2.69 106.3 104.1 102.8 103.3 103.1 105.4 105.3 106.3 107.5 109.1 108.5 110.5 111.0 110.0 Apparel products 3.33 97.8 96.9 93.4 94.9 97.4 94.5 94.0 97.3 99.7 97.1 97.0 96.0 100.3 Leather and products .88 90.8 89.6 85.0 86.7 89.5 89.0 85.4 89.9 89.8 89.3 86.7 84.1 87.6 ' 86^2 Paper and printing 7.92 107.8 106.1 106.4 105.0 107.1 108.1 104.6 106.9 106.9 106.0 106.8 108.2 105.8 107.7 Paper and products 3.18 113.3 111.9 113.3 110.6 116.9 116.0 111.0 114.4 115.1 113.4 115.5 117.8 110.2 112.4 Printing and publishing 4.74 104.1 102.3 101.9 101.2 100.5 102.8 100.2 101.8 101.4 101.0 101.0 101.7 102.9 104.6 Chemicals, petroleum, and rubber.... 11.92 118.2 117.2 117.8 118.9 118.2 120.9 120.5 122.4 124.2 125.3 124.0 126.2 127.1 124.7 Chemicals and products 7.86 120.2 120.3 119.7 121.2 119.3 121.7 121.0 123.4 123.7 126.8 125.0 127.6 129.5 127.2 Petroleum products 1.80 112.6 113.2 116.9 118.1 117.2 117.1 116.3 115.8 112.7 115.0 114.8 115.8 113.7 114.0 Rubber and plastics products 2.26 115.7 110.0 111.4 111.8 115.5 120.6 122.7 124.5 127.2 129.1 128.0 129.9 129.1 124.6 Foods and tobacco 9.48 110.8 111.7 111.9 112.5 113.9 113.1 112.2 112.9 113.6 113.7 113.8 112.8 111.1 111.1 Foods 8.81 111.7 112.3 112.7 113.5 114.6 114.1 113.8 114.1 114.6 115.4 115.2 114.0 112.0 112.0 Tobacco products ..6677 110000..00 110044..44 110022..33 9999..55 110066..66 110000..11 9900..33 9966..99 110000..33 9922..11 9966..66 9988..22 110000..33 Mining Metal, stone, and earth minerals 1.26 112.0 113.0 118.6 116.4 113.6 113.6 111.6 106.5 104.6 104.9 91.6 96.8 98.0 102.0 Metal mining .51 131.3 134.3 148.5 144.7 140.1 139.0 135.1 124.7 122.6 117.3 93.5 104.8 109.7 117.9 Stone and earth minerals .75 98.8 98.6 98.4 97.3 95.6 96.3 95.6 94.2 92.4 96.4 90.2 91.4 90.0 91.2 Coal, oil, and gas 5.11 109.2 112.3 112.6 111.0 110.6 109.3 111.4 111.4 109.6 109.9 109.2 108.9 108.0 95.6 Coal .69 105.8 108.7 107.9 103.6 112.3 108.8 116.2 115.5 110.2 109.4 109.4 109.4 109.7 28.5 Oil and gas extraction 4.42 109.7 112.9 113.4 112.3 110.3 109.3 110.6 114.3 109.6 110.0 109.2 108.8 107.7 106.2 Utilities Electric 3.91 130.8 137.6 131.9 132.5 131.5 134.9 133.6 135.5 133.8 138.3 142.0 139.7 141.5 141.6 Gas 11..1177 112211..00 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. • DECEMBER 1971 MARKET GROUPINGS (1967 = 100) 11996677 1970 1971 pprroo-- 11997700 GGrroouuppiinngg ppoorr-- aavveerr-ttiioonn aaggee**>> Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.f Total index 100.00 106.7 106.5 103.1 102.0 103.2 106.1 106.0 106.5 107.3 109.7 102.1 105.5 109.8 109.1 Products, total 62.21 106.0 107.0 102.7 100.7 101.8 104.7 104.5 105.0 105.1 109.0 103.9 107.5 111.5 110.3 Final products 48.95 104.4 104.5 100.2 98.9 101.0 103.4 103.0 102.9 102.7 107.2 101.6 105.6 110.1 108.8 Consumer goods 28.53 110.3 113.6 107.2 105.4 110.3 113.2 112.9 113.6 113.5 119.3 111.9 118.4 123.2 121.5 Equipment 20.42 96.2 91.9 90.4 89.8 88.1 89.6 89.1 88.0 87.6 90.4 87.1 87.6 91.7 91.0 Intermediate products 13.26 111.9 116.0 111.8 107.3 104.7 109.5 110.2 112.6 113.8 115.5 112.4 114.5 116.7 116.0 Materials 37.79 107.8 105.8 103.7 104.1 105.4 108.3 108.4 109.0 110.8 110.9 99.2 102.3 107.0 107.0 Consumer goods Durable consumer goods 7.86 104.8 103.7 98.7 100.8 107.3 113.8 114.8 114.7 117.3 120.5 101.9 108.6 121.3 124.8 Automotive products 2.84 99.9 83.7 80.1 100.0 115.6 125.1 125.3 121.9 127.2 130.5 94.9 102.0 128.6 135.3 Autos 1.87 86.6 58.7 58.2 92.4 113.5 124.1 123.4 112.5 120.2 120.8 69.4 76.5 112.0 124.0 Auto parts and allied goods .97 125.6 131.7 122.1 114.6 119.6 127.0 128.9 139.9 140.8 149.0 144.0 151.0 160.5 157.1 Home goods 5.02 107.6 115.0 109.2 101.3 102.6 107.4 108.8 110.7 111.7 114.9 105.8 112.4 117.2 118.8 Appliances, TV, and radios 1.41 103.4 123.2 110.0 90.9 102.5 108.9 113.6 116.1 117.1 117.3 102.5 104.1 113.4 123.4 Appliances and A/C .92 122.1 138.3 122.3 100.3 120.1 124.7 133.6 133.1 132.2 136.1 122.3 114.4 128.0 139.9 TV and home audio .49 68.2 94.9 86.3 73.2 69.5 79.3 76.2 84.3 88.8 81.9 65.4 84.8 86.2 92.5 Carpeting and furniture 1.08 108.4 110.0 111.5 108.6 108.0 114.7 111.4 111.1 108.6 112.6 97.9 114.9 117.8 115.3 Misc. home goods 2.53 109.7 112.5 107.8 103.9 100.4 103.4 105.1 107.5 110.0 114.4 111.0 116.0 119.1 117.7 Nondurable consumer goods 20.67 112.5 117.4 110.4 107.1 111.4 113.0 112.2 113.2 112.1 118.8 115.7 122.1 123.9 120.2 Clothing 4.32 101.2 104.8 95.8 85.5 95.0 102.0 102.5 102.6 101.4 105.5 93.6 105.6 107.5 Consumer staples 16.34 115.4 120.7 114.3 112.8 115.7 115.9 114.8 116.0 114.9 122.3 121.6 126.5 128.2 122.9 Consumer foods and tobacco.... 8.37 110.6 118.4 111.3 106.6 108.1 108.5 108.7 110.0 110.8 116.6 112.6 118.6 120.2 117.6 Nonfood staples 7.98 120.4 123.1 117.5 119.3 123.7 123.7 121.2 122.3 119.1 128.3 131.2 134.7 136.5 128.4 Consumer chemical products.. 2.64 126.1 132.8 127.6 123.2 123.9 125.7 125.7 131.2 132.4 142.2 131.8 139.4 145.2 138.2 Consumer paper products 1.91 103.9 106.2 100.7 97.4 99.6 101.8 100.1 107.1 102.0 110.2 109.6 113.9 116.0 113.4 Consumer fuel and lighting. . . 3.43 125.2 113.6 115.4 120.3 137.0 134.3 129.6 123.8 118.4 127.6 142.7 142.6 141.2 129.1 Residential utilities 2.25 131.3 131.0 121.2 132.7 146.7 143.0 137.1 129.2 122.3 132.4 154.4 153.2 153.0 136.6 Equipment Business equipment 12.74 101.1 97.5 95.3 94.3 92.7 96.6 96.0 95.3 94.2 98.0 93.3 93.9 100.0 99.3 Industrial equipment 6.77 98.8 96.6 95.0 93.2 90.8 93.9 92.8 92.4 90.3 92.6 90.4 90.1 94.1 93.4 Building and mining equip 1.45 95.9 93.2 97.0 95.3 89.8 93.3 90.3 91.7 90.9 91.6 87.0 90.5 98.2 96.8 Manufacturing equipment 3.85 91.9 88.0 85.6 83.5 81.9 84.3 82.9 82.0 79.1 81.5 79.3 78.5 81.8 80.3 Power equipment 1.47 119.9 122.5 117.4 116.3 115.1 119.6 120.9 120.3 119.2 122.6 122.7 119.8 122.0 124.4 Commercial, transit, farm eq.* . ... 5.97 103.7 98.4 95.6 95.6 94.8 99.7 99.7 98.5 98.6 104.2 96.6 98.3 106.6 106.0 Commercial equipment 3.30 110.6 109.2 106.3 103.4 101.8 105.3 104.7 105.3 106.0 112.4 112.6 110.7 115.8 113.1 Transit equipment 2.00 94.4 81.5 79.6 85.2 87.1 91.5 91.0 88.9 89.0 93.8 75.1 82.6 92.3 95.1 Farm equipment .67 97.7 95.5 90.1 88.0 83.4 96.7 100.9 93.7 90.9 94.3 81.7 83.8 103.7 103.1 Defense and space equipment 7.68 87.9 82.7 82.4 82.3 80.5 78.1 77.7 76.0 76.7 77.8 76.7 77.1 77.8 77.3 Military products 5.15 89.7 84.5 83.7 82.9 82.8 80.3 80.1 78.9 79.7 81.8 80.8 81.6 82.2 81.8 Intermediate products Construction products 5.93 110.6 115.2 110.1 105.4 103.3 109.9 111.6 115.8 118.0 118.6 112.3 111.9 116.0 115.4 Misc. intermediate products 7.34 113.0 116.6 113.1 108.8 105.8 109.1 109.1 110.0 110.4 113.0 112.4 116.6 117.3 116.5 Materials Durable goods materials 20.91 103.4 97.2 94.0 98.0 99.8 103.2 104.2 104.1 107.2 106.3 92.1 92.0 100.4 101.9 Consumer durable parts 4.75 96.5 82.3 80.3 100.4 102.9 104.6 104.5 102.0 106.4 104.5 88.3 92.0 100.1 103.5 Equipment parts 5.41 95.1 87.7 85.8 86.7 87.8 88.9 89.0 87.0 89.4 89.4 81.7 80.1 86.9 86.7 Durable materials n.e.c 10.75 110.5 108.6 104.2 102.7 104.4 109.8 111.8 113.7 116.6 115.6 99.1 98.0 107.3 108.8 Nondurable goods materials 13.99 112.5 116.1 114.9 110.0 110.9 113.3 112.0 113.7 114.3 115.8 107.2 114.5 114.5 116.7 Textile, paper, and chem. mat 8.58 113.0 115.0 113.8 108.3 110.4 114.3 112.8 115.6 116.0 118.0 106.5 116.9 118.4 121.1 Nondurable materials n.e.c 5.41 111.5 117.8 116.6 112.7 111.6 111.6 110.8 110.8 111.6 112.4 108.2 110.6 108.3 109.7 Fuel and power, industrial 2.89 117.0 118.6 119.0 119.5 119.9 120.5 121.9 121.4 119.5 120.4 111.4 117.7 118.3 91A Supplementary groups Home goods and clothing 9.34 104.7 110.3 103.0 94.0 99.1 104.9 105.9 106.9 106.9 110.6 100.2 109.3 112.7 114.8 Containers 1.82 119.5 125.9 119.5 108.6 112.6 119.2 108.1 113.8 119.6 119.1 113.0 121.2 119.5 120.7 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
DECEMBER 1971 • INDUSTRIAL PRODUCTION: N.S.A. A 63 INDUSTRY GROUPINGS (1967 = 100) 1967 1970 1971 pro- 1970 Grouping por- avertion age* Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.* Manufacturing, total 88.55 105.2 104.7 101.2 99.7 100.9 104.3 104.4 105.0 106.0 108.3 99.7 103.1 N D o u n ra d b u l r e a ble 5 3 2 6 . .2 3 2 3 1 1 1 01 0 . . 5 6 1 9 1 7 5 . . 6 0 1 9 1 4 0 . . 6 7 1 9 0 5 5 .9 .2 1 9 0 6 6 . . 8 8 1 1 0 1 0 0 . . 2 2 1 10 0 9 0 . . 6 1 1 0 1 0 1 . . 4 7 1 11 01 2 .7 1 1 0 1 2 6 . . 7 3 1 9 0 3 9 . . 2 2 1 9 1 3 6 . . 6 8 Mining and utilities 11.45 118.0 120.7 117.5 119.5 120.6 119.7 119.4 117.9 117.0 120.7 121.9 124.2 Mining 6.37 109.7 113.4 113.2 112.0 108.7 108.6 109.7 110.4 110.9 111.0 103.0 107.7 Utilities 5.08 128.5 129. 123.0 128.9 135.6 133 131.5 127.3 124.6 132. 145.7 144.9 Durable manufactures Primary and fabricated metals.... 12.55 108.1 104.4 101.3 102.2 105.7 110.0 111.0 112.0 114.6 111.1 95 90.0 Primary metals 6.61 106.9 100.7 97.1 99.0 106.6 111 115.2 115. 119.8 112.6 87.9 76.2 Iron and steel, subtotal 4.23 105.3 98.7 94.2 96.4 105.2 110.7 114.3 117.1 119.1 109.0 90.4 62.4 Fabricated metal products 5.94 109.4 108.6 106.0 105 104.7 108 106.3 107.7 108.8 109.5 104.7 105.3 Machinery and allied goods 32.44 97.6 91.9 89.3 91.9 92 95.1 94.9 93.4 94. 96.7 90.3 Machinery 17.39 100.5 98.8 95.4 92.6 92.4 96.0 95. 94.9 94.8 97.0 92.2 92.6 Nonelectrical machinery 9.17 99.6 95.8 93.3 90.4 88.9 94.3 93.6 92.5 91.4 94.2 91 90.6 Electrical machinery 8 22 101.4 102.2 97.7 95.0 96.3 97.8 98.3 97.5 98.6 100.2 92.6 94.9 Transportation equipment 9.29 90.3 75.6 73. 88.9 93.1 95.4 94.6 91.6 94.2 96.1 77.8 81.7 Motor vehicles and parts.... 4.56 96.9 71.8 69.5 102.0 112.9 118.9 117.7 112.0 116.9 120.5 86.1 93.5 Aerospace and misc. trans, eq, 4.73 83.9 79.2 77.9 76.3 74. 72.8 72.3 72.0 72.4 72.6 69.7 70.4 Instruments 2.07 110.8 110.4 107.0 104.8 103.4 102.2 103.7 103.4 106.9 110 110.9 111.4 Ordnance, private and Govt.... 3.69 95.3 89.8 89.4 88.9 88.4 86.3 86.2 85.2 86.2 89.2 88.1 88.9 Lumber, clay, and glass . 4.44 106.3 110.5 105.0 100.9 97.7 104.5 108.7 113.2 114.5 116.6 110.4 116.0 Lumber and products 1.65 106.3 110. 104. 97.0 98. 110.6 112 114.5 112.5 117.5 112.2 117.6 Clay, glass, and stone products. 2.79 106.3 110.4 105.6 103.2 97.0 100.9 106.7 112.5 115.7 116.1 109.4 115.1 Furniture and miscellaneous 2.90 108.8 112.0 109.5 105.7 102.3 107.4 106.6 108.7 107.6 112.3 104.2 112.0 Furniture and fixtures 1.38 99.4 100.4 99.4 98.4 96.2 100.7 98.5 98.6 95. 99.3 86. 98.0 Miscellaneous manufactures 1.52 117.3 122.5 118.8 112.3 107.9 113.6 114.0 117.9 118.4 124.1 120.0 124.8 Nondurable manufactures Textiles, apparel, and leather 6.90 100.2 102.9 96.5 87.3 95.7 101.8 101.7 101.6 101.3 104.6 104.4 Textile mill products 2.69 106.3 107.6 103.5 93.5 102.0 107.6 108.2 108.5 110.4 114.0 96.9 114.5 Apparel products 3.33 97.8 101.5 93.7 83.5 92.3 99.4 99.4 99.3 97.4 100 89.9 100.4 Leather and products 90.8 93.8 85.6 82.6 88. 92.7 90.4 87.9 89.8 75.2 88.7 Paper and printing 7.92 107.8 111.8 108.0 99.5 101.3 105. 103.2 107.4 106.8 108.5 103.5 111.6 Paper and products 3.18 113.3 117.7 114.2 102.3 115.5 118.9 113.6 117.8 116.2 116.6 105.7 117.6 Printing and publishing 4.74 104.1 107.8 103. 97.6 91.7 96.4 96.2 100.4 100.5 103.1 102.1 107.5 Chemicals, petroleum, and rubber... 11.92 118.2 120.4 118.7 117.1 114.7 119.4 119.7 122.2 123.2 128.6 121.6 126.7 Chemicals and products 7.86 120.2 122.7 120.2 118.7 115 118.9 119.5 124.3 125.3 131.1 124.2 128.6 Petroleum products 1. 112.6 115.2 116.1 116.3 112.4 113.5 112.0 110.9 111.7 119.1 118.9 120.9 Rubber and plastics products 2.26 115.7 116.5 115.4 112.0 115.3 125.8 126.4 124.0 125.0 127.7 114.8 124.7 Foods and tobacco 9.48 110.8 119.7 113.1 107.9 109.5 108.8 108.8 109.6 110.5 115.9 112.0 117.7 Foods 8.81 111.7 120.3 113.9 109.8 109.7 109.2 110.2 110.9 111.4 117.2 114.0 118.6 Tobacco products .67 100.0 112.4 103.1 83.5 106.4 103.0 90.5 92.7 99.3 98.5 86.2 105.7 Mining Metal, stone, and earth minerals.... 1.26 112.0 117.2 111.0 105.5 97.7 98.7 101.0 107.2 116.9 118.3 97.3 104.1 Metal mining .51 131.3 135.2 124.7 116.9 115.0 118.3 117.9 126.1 145.7 147.7 106.8 116.9 Stone and earth minerals .75 98.8 104.9 101.7 97.7 86.0 85.3 89.5 94.4 97.4 98.3 90.9 95.4 Coal, oil, and gas 5.11 109.2 112.5 113.8 113.6 111.4 111.0 111.8 111.2 109.4 109.2 104.4 108.6 Coal .69 105.8 116.2 110.3 103.0 111. 109.1 114.7 117.6 112.4 111.6 82.7 116.5 Oil and gas extraction 4.42 109.7 111.9 114.4 115.2 111.4 111.3 111.3 114.1 108.9 108.8 107.8 107.4 Utilities Electric 3.91 130.8 132.2 123.2 130.8 139.3 136.7 133.6 128.0 124.2 134.6 151.3 150.0 Gas 1.17 121.0 121.9 122.1 122.4 123.0 123.6 124.3 NOTE.—Published groupings include some series and subtotals not a later date. Figures for individual series and subtotals are published in shown separately. A description and historical data will be available at the monthly Business Indexes release. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 64 BUSINESS ACTIVITY; CONSTRUCTION • DECEMBER 1971 SELECTED BUSINESS INDEXES (1967= 100, except as noted) Industrial production Prices 4 In- Ca- Market dustry pacity Nonagutiliza- Con- ricul- Products tion struc- tural TToottaall Period Total 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 g u u r - - i o = n ( u 1 m 1 t 9 p 0 6 f u 7 0 g t ) . tr c t a i o c o n n t - s T m p o e e l m t o n a y t - l — - 5 ss rr aa ee ll tt ee aa ss ii ll 33 s C u o m n 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 52 79.5 88.6 1953. 95.5 76.3 54 80.1 87.4 1954. 51.9 51. 50.8 53.3 47.9 55.1 52.0 51.5 84.1 74.4 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 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 61 81.4 90.7 1957. 61.9 61 59.9 63.2 55.9 65.3 63.1 61.2 84.5 80.3 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 64 86.6 94.6 1959. 64. 64.4 62.7 68.7 54.9 70.5 65.5 64.1 81.4 81.0 69 87.3 94.8 1960. 66.2 66.2 64.8 71.3 56.4 71.0 66.4 65.4 80.1 82.4 70 88.7 94.9 1961. 66.7 66.9 65.3 72.8 55.6 72.4 66.4 65.6 77.6 '82.1 70 89.6 94.5 1962. 72.2 72.1 70.8 77.7 61.9 76.9 72.4 71.4 81.4 84.4 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 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 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 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 97 97.2 99.8 1967. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 87.9 100.0 100.0 100 100.0 100.0 1968. 105.7 105.8 105.8 106.6 104.7 105.7 105.7 105.7 87.7 113.2 103.1 108 104.2 102.5 1969. 110.7 109.7 109.0 111.1 106.1 112.0 112.4 110.5 86.5 123.7 106.7 112 109.8 106.5 1970. 106.7 106.0 104.4 110.3 96.1 111.9 107.8 105.2 78.1 107.3 116 116.3 110.4 1970—Oct.. 103.7 103.6 101.4 109.0 90.8 111.9 104.1 101.4 115.0 106.4 117 118.1 111.0 Nov.. 102.6 102.6 100.2 107.7 89.8 111.6 102.8 100.2 74.0 130.0 106.3 115 118.5 110.9 Dec.. 104.6 104.2 102.2 110.8 90.3 112.1 105.4 102.4 132.0 106.8 117 119.1 111.0 1971— Jan... . 105.3 104.6 102.9 112.8 88.9 110.9 106.5 103.3 117.0 107.0 119 119.2 111.8 Feb.... 105.7 105.0 103.0 112.9 89.3 112.5 106.8 103.9 74.5 126.0 106.9 121 119.4 112.8 Mar.. . 105.5 104.5 102.5 112.7 88.4 112.0 107.1 103.2 141.0 107.0 123 119.8 113.0 Apr 106.2 105.5 103.6 114.6 88.1 112.4 107.5 104.4 161.0 107.2 126 120.2 113.3 May... 107.0 105.9 103.9 115.7 87.8 113.5 108.9 105.7 75.1 141.0 107.5 125 120.8 113.8 June... 107.2 106 104.5 116.1 88.2 112.4 109.0 105.6 147.0 107.3 127 121.5 114.3 July.. . 106.1 106.8 104.9 116.0 89.3 113.8 105.3 104.9 151.0 107.1 126 121.8 114.6 A Se u p g t . . . . . . 1 1 0 0 6 5 . .3 2 1 1 0 0 6 6 . .4 2 1 1 0 0 5 5 . . 0 0 1 11 1 6 5 . .7 0 9 8 0 9 . . 2 6 1 1 1 1 1 0 . . 2 7 1 1 0 0 4 6. . 2 0 1 1 0 0 4 3 . . 5 6 r73.6 1 1 5 5 3 6 . . 0 0 1 1 0 0 7 7 . . 1 6 r1 1 3 2 0 8 1 12 2 2 2 . . 4 2 1 1 4 14 4 . . 9 5 Oct.. . . 106.2 106.5 105.1 116.2 89.8 111.9 105.5 105.0 137.0 107.6 r129 122.6 114.4 Nov.f. 107.0 107.5 105.8 117.1 90.0 113.3 105.9 105.6 107.7 113300 1 Employees only: excludes personnel in the Armed Forces. Capacity utilization: Based on data from Federal Reserve, McGraw- 2 Production workers only. Hill Economics Department, and Department of Commerce. 3 F.R. index based on Census Bureau figures. Construction contracts: F. W. Dodge Co. monthly index of dollar 4 Prices are not seasonally adjusted. value of total construction contracts, including residential, nonresidential, and heavy engineering; does not include data for Alaska and Hawaii. NOTE.—All series: Data are seasonally adjusted unless otherwise noted. Employment and payrolls: Based on Bureau of Labor Statistics data; includes data for Alaska and Hawaii beginning with 1959. Prices: Bureau of Labor Statistics data. CONSTRUCTION CONTRACTS AND PRIVATE HOUSING PERMITS (In millions of dollars, except as noted) 1970 1971 Type of ownership and 1969 1970 type of construction Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct Total construction 1 67,425 67,097 5,453 5,144 4,974 4,383 4,993 6,386 7,743 7,555 8,077 7,670 7,712 6,814 6,568 By type of ownership: Public 22,656 23,362 2,023 1,937 1,688 1,464 1,578 1,722 2,074 2,065 2,795 2,683 2,299 2,010 1,837 Private 1 44,769 45,058 3,430 3,208 3,286 2,919 3,415 4,663 5,669 5,489 5,489 4,987 5,413 4,804 4,731 By type of construction: Residential building 1 25,219 24,910 2,301 1,947 2,045 1,631 1,819 2,729 3,168 3,310 3,485 3,357 3,255 3,196 Nonresidential building 25,667 24,180 1,862 1,701 1,693 1,711 1,654 2,199 2,080 '2,264 2,800 2,621 2,120 2,246 Nonbuilding 16,539 18,489 1,289 1,497 1,235 1,041 1,520 1,458 2,495 1,981 1,792 1,691 2,337 1,371 Private housing units authorized. 1,299 1,324 1,521 1,487 1,768 1,635 P1,563 1,627 1,638 1,927 1,849 r2,052 r2,006 1,900 2,215 (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
DECEMBER 1971 • CONSTRUCTION A 65 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Nonresidential Conser- Period Total Total d R en es ti i a - l Total Indus- Bu C il o d m in - gs Other Other Total M ta i r l y i- H w ig ay h - d v e m a v t & e e i l n o o t n p - Other 2 trial mercial b in u g i s l d 1 - 1962 3 . ... 59,965 42,096 25,150 19,443 2,842 5,144 3,631 5,052 17,869 1,266 6,365 1963 4 . ... 64,563 45,206 27,874 21,735 2,906 4,995 3,745 5,376 19,357 1,179 7,084 1964 67,413 47,030 28,010 21,786 3,565 5,396 3,994 5,727 20,383 910 7,133 1965 73,412 51,350 27,934 21,714 5,118 6,739 4,735 6,491 22,062 830 7,550 1966 76,002 51,995 25,715 19,352 6,679 6,879 5,037 7,517 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 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 3i,748 24,156 6,538 9,754 5,125 12,036 28,118 719 9,986 1970—Oct.. 96,401 67,846 32,891 34,955 6,406 9,313 5,013 14,223 28,555 709 10,453 1,959 Nov. 98,285 69,248 34,096 35,152 6,282 9,348 4,983 14,539 29,037 733 9,772 2,043 Dec.. 102,628 110,729 35,104 35,625 6,088 10,001 5,205 14,241 31,899 683 11,776 2,075 1971—Jan.. 100,645 70,637 35,629 35,008 6,169 10,262 5,334 13,243 30.008 856 1,620 Feb.. 102,340 70,743 36,509 34,234 6,258 10,106 5,009 12,861 31,597 812 1,566 Mar. 103,027 72,961 37,678 35,283 6,072 10,734 5,099 13,378 30,066 863 1,676 Apr.. 105,755 76,143 39,469 36,674 6,110 11,262 5,355 13,947 29,612 824 1,756 May 107,459 77,748 41,368 36,380 5,766 11,038 5,289 14,287 29,711 848 1,702 June. 109,462 80,193 42,578 37,615 5,508 17,795 5,815 14,497 29,269 865 1,614 July. 110,905 81,432 43,589 37,843 5,428 12,690 5,499 14,226 29,473 1,142 2,150 Aug. 113,321 83,482 45,182 38,300 4,852 13,069 5,482 14,897 29,839 900 1,609 Sept. 111,197 82,624 45,921 36,703 4,597 11,702 5,591 14,813 28,573 786 1,570 Oct.. 112,304 83,227 45,996 37,231 4,918 11,339 5,538 15,436 29,077 878 1,460 1 Includes religious, educational, hospital, institutional, and other build- 4 Beginning 1963, reflects inclusion of new series under "Public" (for ings. State and local govt, activity only). 2 Sewer and water, formerly shown separately, now included in "Other." 3 Beginning July 1962, reflects inclusion of new series affecting most NOTE.—Census Bureau data, monthly series at seasonally adjusted private nonresidential groups. annual rates. NEW HOUSING UNITS (In thousands) Units started Private (S.A., A.R.) Government Mobile Private and public underwritten home Period (N.S.A.) (N.S.A.) ship- Region Type of structure ments _ (N.S.A.) Total N e o a r s t t h - C N e o n r t t r h a l South West fam 1 i - ly 2 f - a m to il 4 y - f m 5 a - m o r o i e l r y - Total Private Public Total FHA VA 196 2 1,463 264 290 531 378 991 471 1,492 1,463 339 261 78 118 196 3 1,610 261 328 591 431 1,021 589 1,642 1,610 292 221 71 151 196 4 1,529 253 339 582 355 972 108 450 1,562 1,529 264 205 59 191 196 5 1,473 270 362 575 266 964 87 422 1,510 1,473 246 197 49 216 196 6 1,165 207 288 473 198 779 61 325 1,196 1,165 195 158 37 217 196 7 1,292 215 337 520 220 844 72 376 1,322 1,292 232 180 53 240 196 8 1,508 227 369 619 294 900 81 527 1,548 1,508 283 227 56 318 196 9 1,467 206 349 588 323 810 87 571 1,500 1,467 288 237 51 413 197 0 1,434 218 294 612 310 813 85 536 1,467 1,434 479 418 61 401 1970—Oct.. 1,583 227 331 649 376 890 87 606 143 141 46 40 6 41 Nov. 1,693 262 355 737 339 934 111 648 128 127 39 34 5 30 Dec. 2,054 234 427 916 477 1,240 102 712 124 121 69 63 6 27 1971—Jan.. 1,725 238 320 724 435 946 110 669 115 111 37 32 5 25 Feb. 1,754 238 292 745 479 985 110 659 105 102 32 27 5 28 Mar. 1,959 257 442 803 457 1,048 121 790 169 168 40 33 7 36 Apr., 1,912 233 457 814 408 1,098 109 705 204 201 53 45 8 43 May, 1,975 271 362 855 487 1,124 111 740 204 199 49 41 8 41 June, 2,000 231 393 868 508 1,177 120 703 197 194 55 46 9 47 July 2,229 303 401 879 586 1,187 137 905 196 194 52 43 9 45 Aug. 2,258 274 518 986 480 1,212 145 901 203 205 55 46 9 50 Sept. 1,948 218 408 855 467 1,175 154 619 172 170 57 50 9 53 Oct.. 2,050 236 451 906 457 1,152 106 792 184 182 39 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 • DECEMBER 1971 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons, except as noted) Civilian labor force (S.A.) i p T n o s o t p t i a u t l u l a t n i t o o io n n n a - l lab N or o t f i o n r ce T l f a o o b r t c o a e r l Employed1 Une m ra m e t p n e2 t l oy- (N.S.A.) (N.S.A.) (S.A.) Total Total In cu n l o t n u a r g al r i- In U pl n o e y m ed - (pe S r .A ce .) n t; industries agriculture 196 5 129,236 52,058 77,178 74,455 71,088 66,726 4,361 3,366 4.5 196 6 131,180 52,288 78,893 75,770 72,895 68,915 3,979 2,875 3.8 1967 3 133,319 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—Nov. 141,091 54,705 86,512 83,473 78,550 75,197 3,353 923 5.9 Dec. 141,301 55,137 86,622 83,609 78,463 75,055 3,408 146 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 Nov. 143,517 55,802 87,868 85,172 80,022 76,629 3,393 5,150 6.0 1 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Bureau of Labor Statistics. Information relating to persons 16 2 Per cent of civilian labor force. years of age and over is obtained on a sample basis. Monthly data relate 3 Beginning 1967, data not strictly comparable with previous data. to the calendar week that contains the 12th day; annual data are averages Description of changes available from Bureau of Labor Statistics. of monthly figures. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Period M t a u n r u in f g a c- Mining c C o o n t n i s o t t r n r a u c c t - t T l i i r o c a n n u & s ti p l o i p t r i u t e b a s - - Trade Finance Service G m ov e e n r t n- 196 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—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 _j an 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 70,853 18,616 616 3,250 4,460 15,273 3,821 11,962 12,855 Oct.? 70,831 18,552 519 3,289 4,442 15,264 3,833 12,008 12,924 Nov.25 70,915 18,591 515 3,301 4,445 15,211 3,854 12,049 12,949 NOT SEASONALLY ADJUSTED 1970—No v 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 71,184 18,840 623 3,471 4,509 15,242 3,829 11,986 12,684 Oct.P 71,365 18,704 520 3,477 4.455 15,321 3,825 12,032 13,031 Nov.2' 71,517 18,685 514 3,390 4,458 15,469 3,839 12,037 13,125 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
DECEMBER 1971 • EMPLOYMENT AND EARNINGS A 67 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted1 Not seasonally adjusted * IIInnnddduuussstttrrryyy gggrrrooouuuppp 1970 1971 1970 1971 Nov. Sept. Oct.?3 NOV.P Nov. Sept. Oct.v No V.P 13,279 13,515 13,459 13,506 13,374 13,738 13,612 13,608 Durable goods 7,384 7,630 7,600 7,623 7,425 7,695 7,649 7,669 Ordnance and accessories 114 94 93 91 116 94 93 92 Lumber and wood products 485 509 514 517 482 520 519 515 Furniture and fixtures 373 383 385 390 378 386 390 395 Stone, clay, and glass products 496 502 505 511 499 513 511 514 Primary metal industries 984 926 930 931 973 919 909 919 Fabricated metal products 981 1,026 1,021 1,014 993 1,034 1,030 1,026 Machinery 1,229 1,175 1,171 1,181 1,213 1,171 1,158 1,166 Electrical equipment and supplies 1,183 1,185 1,190 1,192 1,198 1,199 1,197 1,207 Transportation equipment 961 1,251 1,214 1,219 976 1,264 1,244 1,238 Instruments and related products 263 260 261 260 264 260 261 261 315 319 316 317 333 335 337 336 Nondurable goods 5,895 5,885 5,859 5,883 5,949 6,043 5,963 5,939 Food and kindred products 1,186 1,185 1,154 1,172 1,211 1,306 1,230 1,197 Tobacco manufactures 67 58 56 57 73 70 67 62 Textile-mill products 841 842 845 849 845 847 847 854 Apparel and related products 1,189 1,189 1,193 1,201 1,198 1,202 1,206 1,210 Paper and allied products 535 533 531 531 538 535 530 534 Printing, publishing, and allied industries 674 661 664 658 678 661 666 662 Chemicals and allied products 592 582 580 580 589 581 578 577 Petroleum refining and related industries 115 116 116 116 115 119 117 116 Rubber and misc. plastic products 430 458 460 460 434 462 463 465 Leather and leather products 266 261 260 259 268 260 259 262 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 Nov. Sept. Oct.p Nov.? Nov. Sept. Oct.y No v.p Nov. Sept. Oct.f Nov.^ Total 39.6 39.5 39.8 40.1 134.58 143.28 144.00 144.72 3.39 3.60 3.60 3.60 Durable goods 40.0 39.7 40.3 40.7 143.16 153.20 154.71 156.26 3.57 3 83 3.82 3.83 Ordnance and accessories 40.4 41.7 41.7 41.5 151.07 163.41 163.05 162.66 3.73 3.90 3.91 3.91 Lumber and wood products 39.8 40.1 40.6 40.7 120.78 129.68 130.88 129.20 3.05 3.21 3.20 3.19 Furniture and fixtures 39.3 39 4 39.6 39.9 111.56 118.00 117.68 118.08 2.81 2.95 2.92 2.93 Stone, clay, and glass products 41.1 41.4 41.8 42.1 143.85 157.13 157.03 156.61 3.50 3.75 3.73 3.72 Primary metal industries 39.6 39.5 40.1 39.8 156.81 171.83 172.70 173.05 3.98 4.35 4.35 4.37 Fabricated metal products 40.1 39.3 40.2 40.5 142.66 150.42 152.31 153.03 3.54 3.77 3.77 3.76 Machinery 40.6 40.5 40.7 41.2 155.09 164.02 164.43 166.04 3.82 4.04 4.04 4.03 Electrical equipment and supplies 39.7 39.6 40.0 40.1 133.60 140.80 141.50 141.80 3.34 3.52 3.52 4.51 Transportation equipment 40.0 38.5 40.5 41.0 162.81 172.82 182.45 185.54 4.01 4.42 4.45 4.46 Instruments and related products 39.9 39.7 39.8 40.4 137.48 142.80 142.40 143.67 3.42 3.57 3.56 3.53 Miscellaneous manufacturing industries... 38.5 38.7 38.9 39.2 111.64 115.14 116.33 116.82 2.87 2.96 2.96 2.95 Nondurable goods 39.0 39.1 39.2 39.4 123.17 130.75 129.30 129.96 3.15 3.31 3.29 3.29 Food and kindred products 40.4 40.5 39.9 39.9 131.54 138.24 135.20 135.60 3.24 3.38 3.38 3.39 Tobacco manufactures 38.4 36.6 35.5 35.2 112.81 114.53 111.87 106.25 2.93 3.03 3.04 3.01 Textile-mill products 39.7 40.4 40.8 41.0 100.80 104.75 106.19 107.38 2.52 2.58 2.59 2.60 Apparel and related products 35.3 35.4 36.0 36.3 86.02 89.82 90.47 92.09 2.43 2.53 2.52 2.53 Paper and allied products 41.7 41.9 42.0 42.3 147.55 159.08 157.78 157.73 3.53 3.77 3.73 3.72 Printing, publishing, and allied industries. 37.5 37.4 37.4 37.8 150.75 161.36 159.75 161.03 4.02 4.28 4.26 4.26 Chemicals and allied products 41.3 42.1 41.4 41.6 157.29 169.66 165.60 167.62 3.79 4.03 4.00 4.01 Petroleum refining and related industries . 42.8 42.9 42.2 41.8 187.05 199.45 197.16 194.50 4.34 4.66 4.65 4.62 Rubber and misc. plastic products 39.5 40.0 40.3 40.4 130.61 140.94 140.48 140.07 3.29 3.48 3.46 3.45 Leather and leather products 37.1 37.3 37.8 38.1 93.37 96.68 98.89 100.08 2.51 2.62 2.63 2.62 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 • DECEMBER 1971 CONSUMER PRICES (1967 = 100) Housing Health and recreation 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 d e l l l t e r G a i l n c e a d i c s t - y o n F i t p a n i i u e n s o g d r r h n s - a - - AA uupp pp aa kk pp nn ee aa dd ee rr pp eell TT pp tt oo rr ii aa rr oo nn tt nn aa ss -- -- Total M c ic a e a r d e l - s c P o a e n r r a e - l r R e t a i c e i n n o r a g d n e d a - - g O s i a o e c t n o r h e d v s d e - r s 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—Oc t 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 HHH888...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 Oct 111112222222222.....66666 111111111188888.....99999 111222555...999 111111111166666.....44444 135.7 111111777...888 111111555...777 119.5 111112222211111.....66666 111222000...666 123.5 111222999...666 111111777...999 111222000...555 111222222...666 NOTE.—Bureau of Labor Statistics index for city wage-earners and clerical workers. WHOLESALE PRICES: SUMMARY (1967 = 100) Industrial commodities PPrroo-- PPeerriioodd mm cc tt AA oo oo iiee mm ll dd ll ss ii -- -- pp FF uu rr aa cc oo rr tt mm dd ss -- cc ff ff ee oo aa ee ss nn oo ee ss dd dd dd ee ss dd ss Total T t e il e t e c x s . - , H e i t d c e . s, F e u t e c. l , C ic e h a t e c l m . s , - R b e u e tc r b . , - L b e u e t m c 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 d n n 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 a u o r n n n t i a p s t1 - - - n c M e e o l i l s u a - s - 1960 999999999444444444.........999999999 999999999777777777.........222222222 888888888999999999.........555555555 999999999555555555.........333333333 999999999999999999.........555555555 999999999000000000.........888888888 999999999666666666.........111111111 111111111000000000111111111.........888888888 111111111000000000333333333.........111111111 999999999555555555.........333333333 999999999888888888.........111111111 999999999222222222.........444444444 999999999222222222.........000000000 999999999999999999.........000000000 999999999777777777.........222222222 999999999333333333.........000000000 1961 999999999444444444.........555555555 999999999666666666.........333333333 999999999111111111.........000000000 999999999444444444.........888888888 999999999777777777.........777777777 999999999111111111.........777777777 999999999777777777.........222222222 111111111000000000000000000.........777777777 999999999999999999.........222222222 999999999111111111.........000000000 999999999555555555.........222222222 999999999111111111.........999999999 999999999111111111.........999999999 999999999888888888.........444444444 999999999777777777.........666666666 999999999333333333.........333333333 1962 999999999444444444.........888888888 999999999888888888.........000000000 999999999111111111.........999999999 999999999444444444.........888888888 999999999888888888.........666666666 999999999222222222.........777777777 999999999666666666.........777777777 999999999999999999.........111111111 999999999666666666.........333333333 999999999111111111.........666666666 999999999666666666.........333333333 999999999111111111.........222222222 999999999222222222.........000000000 999999999777777777.........777777777 999999999777777777.........666666666 999999999333333333.........777777777 1963 999999999444444444.........555555555 999999999666666666.........000000000 999999999222222222.........555555555 999999999444444444.........777777777 999999999888888888.........555555555 999999999000000000.........000000000 999999999666666666.........333333333 999999999777777777.........999999999 999999999666666666.........888888888 999999999333333333.........555555555 999999999555555555.........666666666 999999999111111111.........333333333 999999999222222222.........222222222 999999999777777777.........000000000 999999999777777777.........111111111 999999999444444444.........555555555 1964 999999999444444444.........777777777 999999999444444444.........666666666 999999999222222222.........333333333 999999999555555555.........222222222 999999999999999999.........222222222 999999999000000000.........333333333 999999999333333333.........777777777 999999999888888888.........333333333 999999999555555555.........555555555 999999999555555555.........444444444 999999999555555555.........444444444 999999999333333333.........888888888 999999999222222222.........888888888 999999999777777777.........444444444 999999999777777777.........333333333 999999999555555555.........222222222 1965 999999999666666666.........666666666 999999999888888888.........777777777 999999999555555555.........555555555 999999999666666666.........444444444 999999999999999999.........888888888 999999999444444444.........333333333 999999999555555555.........555555555 999999999999999999.........000000000 999999999555555555.........999999999 999999999555555555.........999999999 999999999666666666.........222222222 999999999666666666.........444444444 999999999333333333.........999999999 999999999666666666.........999999999 999999999777777777.........555555555 999999999555555555.........999999999 1966 999999999999999999.........888888888 111111111000000000555555555.........999999999 111111111000000000111111111.........222222222 999999999888888888.........555555555 111111111000000000000000000.........111111111 111111111000000000333333333.........444444444 999999999777777777.........888888888 999999999999999999.........444444444 999999999777777777.........888888888 111111111000000000000000000.........222222222 999999999888888888.........888888888 999999999888888888.........888888888 999999999666666666.........888888888 999999999888888888.........000000000 999999999888888888.........444444444 999999999777777777.........777777777 11Q9667R 111111111 111111111 000000000 000000000 222222222 000000000 ......... ......... 555555555 000000000 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1000000000 000000000 222222222 000000000 ......... ......... 555555555 000000000 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1000000000 000000000 222222222 000000000 ......... ......... 222222222 000000000 111111111 111111111 000000000 000000000 222222222 000000000 ......... ......... 555555555 000000000 111111111 111111111 000000000 000000000 333333333 000000000 ......... ......... 777777777 000000000 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1000000000 000000000 333333333 000000000 ......... ......... 222222222 000000000 111111111 999999999 000000000 888888888 000000000 ......... ......... 999999999 000000000 111111111 999999999 000000000 999999999 000000000 ......... ......... 888888888 000000000 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1000000000 000000000 333333333 000000000 ......... ......... 444444444 000000000 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1111111111 000000000 333333333 000000000 ......... ......... 333333333 000000000 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1000000000 000000000 111111111 000000000 ......... ......... 111111111 000000000 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1000000000 000000000 222222222 000000000 ......... ......... 666666666 000000000 111111111 111111111 000000000 000000000 333333333 000000000 ......... ......... 222222222 000000000 111111111 111111111 000000000 000000000 222222222 000000000 ......... ......... 888888888 000000000 111111111 111111111 000000000 000000000 333333333 000000000 ......... ......... 777777777 000000000 111111111 111111111 000000000 000000000 222222222 000000000 ......... ......... 222222222 000000000 1969. 106.5 109.1 107.3 106.0 106.0 108.9 100.9 99.9 105.3 125.3 104.0 108.5 106.5 104.9 107.7 100.8 105.2 1970. 110.4 111.0 112.0 110.0 107.2 110.1 105.9 102.2 108.6 113.7 108.2 116.7 111.4 107.5 113.3 104.5 109.9 1970--Nov 110.9 107.0 111.7 111.3 107.1 110.9 109.7 103.3 109.1 111.9 108.7 116.8 113.1 108.4 114.6 108.5 111.8 Dec 111.0 107.1 110.7 111.7 106.7 110.4 112.8 103.3 109.4 111.1 108.5 116.2 113.8 108.7 115.1 108.9 111.9 1971--Jan 111.8 108.9 111.8 112.2 106.9 111.7 113.5 103.8 108.4 112.2 109.0 116.5 114.2 109.3 118.8 109.5 112.3 Feb 112.8 113.9 113.3 112.5 106.7 112.4 113.0 104.2 109.1 117.5 109.3 116.4 114.6 109.7 119.0 109.7 112.6 Mar 113.0 113.0 113.7 112.8 106.9 112.5 112.8 104.5 109.1 123.4 109.3 116.5 114.9 109.6 120.9 109.5 112.8 Apr 113.3 113.0 113.5 113.3 107.5 114.0 113.0 104.5 109.0 124.6 109.6 117.8 115.0 109.7 121.6 109.7 112.7 May 113.8 114.0 114.5 113.7 107.8 114.4 114.2 104.3 108.7 124.9 109.9 118.5 115.3 109.9 121.8 109.8 112.5 June 114.3 116.0 114.9 113.9 108.5 114.2 114.4 104.4 108.7 126.1 110.2 118.5 115.5 109.8 122.2 110.0 112.6 July 114.6 113.4 116.0 114.5 109.2 114.2 114.4 104.4 109.7 130.6 110.5 119.4 115.7 110.0 123.3 110.3 112.8 Aug 114.9 113.2 115.4 115.1 109.7 114.4 114.8 104.3 109.8 134.6 110.6 121.1 116.1 110.2 124.2 110.5 113.0 Sept 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 Oct 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 Nov 114.5 112.2 114.4 114.9 109.8 115.1 114.7 103.8 109.5 131.3 110.6 120.9 115.9 110.2 124.0 110.8 113.1 1 For transportation equipment, Dec. 1968 = 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1971 • PRICES A 69 WHOLESALE PRICES: DETAIL (1967= 100) 1970 1970 1971 Group Group Sept. Oct. i Nov. Sept. Oct. Nov. Farm products: Pulp, paper, and allied products: Fresh and dried produce. 107.7 103.6 115.8 127.1 Pulp, paper and products, excluding Grains 104.2 89.0 88.3 87.8 building paper and board 108.9 110.8 110.9 Livestock 101.2 119.1 120.9 121.0 Woodpulp 111.8 111.5 111.5 Live poultry 95.2 102.8 93.5 92.3 Wastepaper 109.6 114.5 117.2 Plant and animal fibers. . 87.9 95.2 96.3 97.3 Paper 112.1 114.7 114.7 Fluid milk 116.7 119.2 119.2 118.8 Paperboard 99.5 102.8 102.9 Eggs 117.8 107.8 92.4 88.5 Converted paper and paperboard.. 108.8 110.2 110.1 Hay and seeds 108.1 108.9 107.9 1 1 0 1 9 1 . . 0 8 Building paper and board 100.9 104.5 104.6 Other farm products 121.4 115.6 115.4 Processed foods and feeds: Metals and metal products: Cereal and bakery products 110.6 111.3 111.3 111.5 Meat, poultry, and fish 108.8 117.5 116.9 117.1 Iron and steel 116.5 125.6 125.5 Dairy products. 112.2 115.4 116.4 116.3 Steelmill products 116.5 128.2 128.1 Processed fruits and vegetables 111.6 115.7 115.3 115.4 Nonferrous metals 119.4 116.5 116.3 Sugar and confectionery 118.1 119.8 118.7 119.1 Metal containers 115.8 124.2 124.2 Beverages and beverage materials. 114.7 116.0 116.4 116.6 Hardware 114.5 117.7 117.7 Animal fats and oils 148.9 136.5 132.1 130.1 Plumbing equipment 112.6 118.3 118.3 Crude vegetable oils 141.2 135.6 128.9 128.6 Heating equipment 112.8 116.7 116.3 Refined vegetable oils 133.9 134.6 127.9 130.4 Fabricated structural metal products 113.9 120.3 120.3 Vegetable oil end products 119.0 123.3 122.8 122.8- Miscellaneous metal products 117.6 119.9 119.7 Miscellaneous processed foods 113.3 113.0 112.7 113.0 Manufactured animal feeds 105.6 101.3 98.7 100.3 Textile products and apparel: Machinery and equipment: Cotton products 106.2 112.2 112.2 112.5 Agricultural machinery and equip... 115.2 117.5 117.5 Wool products 97.7 92.5 92.4 92.3 Construction machinery and equip.. 118.9 121.8 121.8 Manmade fiber textile products. 98.0 103.1 102.5 103.2 Metalworking machinery and equip 114.7 118.0 118.1 T A M e p i x s p t c a i e l r e l e l l a h n o e u o s u e s f u t r e n x i t s il h e i n p g r s o ducts. .. 1 1 1 0 0 1 4 6 2 . . . 9 4 4 1 1 1 0 1 1 4 9 3 . . . 1 8 8 1 1 1 0 1 2 4 3 0 . . . 1 8 8 1 1 1 0 2 1 4 1 3 . . . 1 2 8 S G p e e e e n q q c e i u u r a i i a l p p l m m i e p e n n n u d t t r u . p s o tr s y e m m a a c c h h i i n n e e r r y y a a n n d d 1 1 1 1 7 6 . . 5 2 1 12 2 1 0 . . 7 2 1 1 2 2 2 0 . .2 0 Hides, skins, leather, and products: Electrical piachinery and equip 107.9 109.7 109.6 Miscellaneous machinery 114.6 117.8 117.8 Hides and skins 109.2 117.7 117.2 123.1 Leather 107.3 113.4 113.4 113.5 Footwear 113.8 117.1 117.1 | 117.1 Furniture and household durables: Other leather products. 106.9 109.0 109.0 ! 109.1 Fuels and related products, and power: C H o o m us m eh er o c ld i al f u f r u n r i n t i u t r u e r e 1 1 1 1 2 7 . . 4 2 1 1 1 1 8 5 . .6 2 1 11 1 8 5 . .6 2 E C C G l o o a e s a k c l e t f r u ic e ls p ower 1 1 1 1 0 4 0 7 8 5 6 5 . . . . 2 5 9 8 1 1 1 1 0 5 8 1 0 2 8 6 . . . . 5 9 4 4 1 1 1 1 5 0 8 1 0 8 2 6 . . . . 5 8 9 3 i ! | 1 1 1 1 1 5 8 0 6 0 2 8 . . . . 5 9 8 2 H H O Fl t o o o h u m o e s r r e e c h 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 s i l c l d i a e d n q u c u r e i a s p b m le e n g t o ods. . . 1 1 9 9 0 1 4 9 6 7 . . . . 2 5 0 1 1 1 9 9 2 0 3 7 2 7 . . . . 8 6 1 6 1 1 9 9 2 0 3 7 1 7 . . . . 8 6 9 5 Crude petroleum 104.8 113.2 113.2 I 113.2 Petroleum products, refined. 103.1 107.3 106.3 j 106.2 Nonmetallic mineral products: Chemicals and allied products: Flat glass 116.4 124.3 124.3 Industrial chemicals 101.5 102.4 102.4 101.7 Concrete ingredients 112.8 124.1 124.1 Prepared paint 112.7 115.9 115.9 115.9 Concrete products 113.9 122.6 122.6 Paint materials 101.9 99.7 99.7 99.7 Structural clay products excluding Drugs and pharmaceuticals 101.6 102.6 102.6 102.4 refractories 110.9 114.9 114.9 Fats and oils, inedible 151.5 132.9 129.0 125.3 Refractories 126.4 126.9 127.1 Agricultural chemicals and products. 89.5 92.0 90.4 90.3 Asphalt roofing 105.9 131.2 131.2 Plastic resins and materials 90.4 89.5 89.9 89.2 Gypsum products 96.0 114.5 113.6 Other chemicals and products 109.4 112.4 112.5 112.5 Glass containers 124.3 131.5 131.5 Rubber and plastic products:1 Other nonmetallic minerals 115.0 125.7 125.7 Crude rubber 99.5 99.3 99.0 98.5 Tires and tubes 112.0 110.8 110.8 110.8 Transportation equipment: Miscellaneous rubber products 116.8 119.8 119.2 119.2 Plastic construction products (Dec. Motor vehicles and equipment. 112.8 113.8 115.2 ' 115.3 1969 = 100) 94.7 94.6 94.1 Railroad equipment 116.2 122.5 122.5 ! 122.5 Unsupported plastic film and sheeting (Dec. 1970=100)... 100.0 100.0 100.1 Laminated sheets, high pressure (Dec. 1970=100) 98.6 98.2 98.0 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms, ! ammunition 110.4 112.6 112.6 Lumber 112.2 146.8 142.7 141.9 Tobacco products 117.0 116.8 116.8 Millwoirk 114.1 123.7 123.7 123.7 Notions 109.0 111.7 111.7 Plywood 105.7 119.1 116.2 115.9 Photographic equipment and supplies 105.7 106.3 106.3 Other wood products. 117.1 118.9 118.8 119.5 Other miscellaneous products 110.5 112.9 112.9 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 • DECEMBER 1971 GROSS NATIONAL PRODUCT (In billions of dollars) 1970 1971 1929 1933 1941 1950 1966 1967 1968 I 1969 1970 III IV I II III Gross national product. 103.1 55.6 124.5 284.8 749.9 793.9 864.2; 929.1 974.1 983.5 988.41,020.81,043.1 1060.8 Final purchases 101.4 57.2 120.1 278.0 735.1 785.7 857. r 921.7 971.3 978. 984.7 1,017.6 7,037.4 1059.7 Personal consumption expenditures. 77.2 45.8 80.6 191.0 466.3 492.1 536.2| 579.6 615.8 620.9 624.7 644.6 660.9 672.5 Durable goods 9.2 3.5 9.6 30.5 70.8 73.1 84.0 89.9 88.6 90.4 84.9 97.6 100.8 104.7 Nondurable goods 37.7 22.3 42.9 98.1 206.9 215.0 230. 247.6 264.7 265.5 270.9 272.0 279. 282.0 Services 30.3 20.1 28.1 62.4 188.6 204.0 221.3 242 262.5 265.0 268.9 275. Oj 280.4 285.7 Gross private domestic investment 16.2 1.4 17.9 54.1 121.4 116.6 126.0 137.8 135.3 138.6 137.3 143.8 152.4 153.6 Fixed investment 14.5 3.0 13.4 47.3 106.6 108.4 118.9 130.4\ 132.5 133.5 133.6\ 140.6 146.7 152.5 Nonresidential 10.6 2.4 9.5 27.9 81.6 83.3 88.8 98.6 102.1 104.8 100.8\ 104.3 107.0 109.3 Structures 5.0 .9 2.9 9.2 28.5 28.0 30.3 34.5 36.8 37.3 37.1 37.9| 38.2 39.1 Producers' durable equipment. 5.6 1.5 6.6 18.7 53.1 55.3: 58.5 64.1 65.4 67.5 63.7 66.3 68.8 70.1 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 39.7 43.3 Chan N ge o n in f a b rm us iness inventories 3 1 . . 8 7 -1.6 .5 4 3 . . 5 7 1 6 8 . . 8 6 2 1 4 4 . . 5 8 2 8 4. . 5 2 29 7 . . 5 1 3 7 1 . . 4 2 2 2 9 . . 8 7 28 5 . . 3 3 2 . . 7 2 35 3 . . 7 2 ! 3 5 9. . 7 42 1 . . 7 1 Nonfarm 1.8 -1.4 4.0 6.0 15.0 7.5; 6.9 7.3 2.5 4.7 3.3 3.0 5.2 .3 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 -.5 .5 Exports 7.0 2.4 5.9 13.8 43.4 46.2 50.6 55.6! 62.9 63.7 63.2 66.1 66.4 68.9 Imports 5.9 2.0 4.6 12.0 38.1 41.0 48.1 53.6 59.3 59.7 60.5 61.9 66.9 68.4 Government purchases of goods and services. 8.5 8.0 24.8 37.9 156.8 180.1 199.6| 209.7 219.4 220.1 223.7 228.2 230.2 234.2 Federal 1.3 2.0 16.9 18.4 77.8 90.7 98.8 99.2 97.2 96.1 95.9 96. 7 j 95.7 97.4 National defense 13.8 14.1 60.7 12 A 78.3 78.4 75.4! 74.2 73.2 73.0 71.8 70.8 Other 3.1 4.3 17.1 18.4 20.5 20.7 21.9| 21.9 22.7 23.7j 23.9 26.6 State and local 7.2 7.9 19.5 79.0 89.4 100.8 110.6 122.2 124.0 127.9 131.5 134.5 136.8 Gross national product in constant (1958) dollars 203.6 141.5 263.7 355.3 658.1 675.2 706.6 724.7 720.0 723.3 715.9 729.7, 738.4 745.5 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 1929 1933 1941 1950 1966 1967 1968 1969 1970 Item III IV 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 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 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 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 Military .3 .3 1.9 5.0 14.6 16.2 17.9 19.0 19.4 19.2 18.6 19.2 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 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 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 Other labor income .6 .4 .7 3.8 20.7 22.3 25.4 28.2 30.8 31.2 32.0 32.6 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 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 Farm 6.2 2.6 6.4 13.5 16. 14.8 14.7 16.8 15 14.5 14.4 14.! 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 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 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 Profits tax liability 1.4 .5 7.6 17.8 34.3 33.2 39.9 39.7 34 35.6 32.3 36.2 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 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 Undistributed profits 2.8 -1.6 5.7 16.0 29. 25.3 24.2 20.0 16.2 17.7 14.3 17.3 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -1. -1.1 -3.3 -5.5 -4.5 -5.5 -2.6 -3.5 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 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also NOTE to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1971 a 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 1941 1950 1966 1967 1968 1969 1970 II III Gross national product. 103.1 55.6 124.5 284.8 749.9 793.9 864.2 929.1 974.1 983.5 988.411,020.8 1,043.1 1060.8 Less: Capital consumption allowances 7.9 7.0 8.2 18.3 63.9 68.9 74.5 81. 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 99.3 101.7 105.6 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 -2.4 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 Equals: National income 86.8 40.3 104.2 241.1 620.6 653.6 711.1 763.7 795.9 802.2 802.1 828.3 844.5 854.6 Less: 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 77.2 Contributions for social insurance... .2 .3 2.8 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 48.7 56.1 62.2 75.6 77.2 80.7 83.7 92.2 92.5 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 32.4 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 3.4 3.7 4.0 4.1 4.2 4.2 4.3 3.9 Equals: Personal income 85.9 47.0 96.0 227.6 587.2 629.3 688.9 750.3 809.8 816.7 834.3 854.8 866.1 803.6 Less: Personal tax and nontax payments... 2.6 1.5 3.3 20.7 75.4 83.0 97.9 116.2 113.5 115.2 112.7 114.0 116.9 115.9 Equals: Disposable personal income 83.3 45.5 92.7 206.9 511.9 546.3 591.0 634.2 696.2 701.5 721.6 740.8 749.2 687.8 Less: Personal outlays 79.1 46.5 81.7 193.9 479.3 506.0 551.2 596.3 633.7 638.9 643.0 663.2 679.9 691.5 Personal consumption expenditures 77.2 45. 80.6 191.0 466.3 492.1 536.2 579.6 615. 620.9 624.7 644.6 660.9 672.5 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 57.7 Disposable personal income in constant (1958) dollars 150.6 112.2 190.3 249.6 458.9 477.5 499.0 513.5 531.5 536.0 532.5 542.7 551.8 553.2 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also NOTE to table opposite. PERSONAL INCOME (In billions of dollars) 1970 1971 IItteemm 11996699 11997700 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.? Total personal income 750.3 803.6 813.6 815.7 820.9 830.0 833.2 839.7 844.4 850.0 870.1 859.2 867.6 871.5 872.3 Wage and salary disbursements 509.6 541.4 544.2 545.9 551.5 559.2 561.5 566.1 569.0 573.3 574.8 574.7 580.9 581.4 582.7 Commodity-producing industries. . 197.4 200.7 196.6 196.6 202.1 202.8 202.5 204.3 205.4 207.1 207.5 206.2 206.5 207.9 208.6 Manufacturing only 157.6 158.3 153.8 153.2 158.4 159.4 159.2 160.2 160.6 162.0 162.4 161.4 161.4 162.4 163.6 Distributive industries 120.0 129.1 131.9 132.2 131.4 134.2 135.4 136.8 137.6 138.7 138.6 138.6 140.5 141.0 141.1 Service industries 88.1 96.7 98.8 99.8 100.4 101.9 102.4 103.3 103.9 105.0 105.7 106.3 107.4 107.7 108.1 Government 104.1 114.8 116.8 117.3 117.7 120.3 121.2 121.6 122.1 122.6 123.0 123.6 126.6 124.7 124.9 Other labor income 28.2 30.8 31.7 32.0 32.2 32.4 32.6 32.8 33.1 33.4 33.7 33.9 34.1 34.3 34.4 Proprietors' income 67.1 66.8 65.7 65.9 66.1 65.9 65.9 66.2 66.5 66.7 66.9 67.8 68.8 69.7 69.6 Business and professional 50.3 51.0 51.5 51.4 51.5 51.2 51.1 51.3 51.4 51.5 51.6 51.7 51.8 51.9 52.0 Farm 16.8 15.8 14.2 14.5 14.6 14.7 14.8 14.9 15.1 15.2 15.3 16.1 17.0 17.8 17.6 Rental income 22.6 23.3 23.5 23.7 23.8 23.9 23.5 24.0 24.1 24.2 24.3 24.4 24.5 24.5 24.5 Dividends 24.4 25.0 25.4 25.5 23.9 25.6 25.7 25.5 25.5 25.6 25.2 25.6 25.7 25.7 25.7 Personal interest income 58.8 64.7 66.5 66.7 66.8 66.9 67.0 67.0 67.3 67.5 67.5 68.1 68.7 69.5 69.5 Transfer payments 65.9 79.6 84.7 84.5 85.1 86.8 87.8 89.1 89.8 90.5 109.0 96.2 96.5 97.9 97.5 Less: Personal contributions for social insurance 26.3 28.0 28.2 28.3 28.6 30.7 30.8 31.1 31.1 31.3 31.4 31.5 31.7 31.7 31.8 Nonagricultural income 727.7 781.4 792.5 795.0 800.5 808.7 811.6 818.0 822.5 827.9 848.0 836.4 843.9 846.9 847.9 Agricultural income 22.6 22.2 21.1 20.7 20.4 21.3 21.5 21.7 21.9 22.1 22.1 22.9 23.7 24.6 24.4 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 • DECEMBER 1971 SUMMARY OF FUNDS RAISED AND ADVANCED IN U.S. CREDIT MARKETS (Seasonally adjusted annual rates; in billions of dollars) 1969 1970 1971 Transaction category, or sector 1966 1967 1968 1969 1970 II III IV I II III IV 1 II Funds raised, by type and sector Total funds raised 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 2 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 3 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 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 Corporate 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 44..66 4.9 2.5 3.2 1.7 3.7 2.3 3.9 3.6 33..55 1.8 44..33 44..44 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 institutions. .. 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 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 Foreign funds .7 4.6 4.3 9.6 2.4 14.8 10.4 -.6 10.8 2.7 -4.5 .7 9.7 21.6 13 14 At banks 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 reserves.. 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
DECEMBER 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 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 ! 2 U.S. Government deposits -.4 1.1 -1.2 .6 2.5 1.7 1.9 4.2 1.1 2.0 i .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 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 * 1.4 -.4 -.5 .5 -.1 -.2 10 1 Time and savings accounts J 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 .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 -.1 .3 .8 .6 .2 1.3 1.8 1.5 12 U.S. Government securities ! Total net issues 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 Nonbank finance .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 . l -.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 Finance companies .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 Commercial banks .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 Nonfinancial 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 State 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 Commercial 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 Mutual 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 — l 4.3 -5.9 14 15 Security brokers and dealers... . 1 .2 -.9 .2 .7 .9 2.3 -2.6 * .2 5.2 -2.1 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 — i .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 • DECEMBER 1971 1. U.S. BALANCE OF PAYMENTS (In millions of dollars) 1970 1971 LLiinnee CCrreeddiittssddeebbiittss —— 11996699 11997700 IIP I II III IV I Summary—Seasonally 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 22,,003399 1,905 1,973 1,988 2,033 2,419 8 Other U.S. investments abroad 3,199 3,503 888866 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 35 124 242 262 -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 -63 179 142 -124 82 79 271 174 41 -441 86 -151 189 -150 198 78 -148 42 2,702 -9,821 -2,864 -1,404 -2,075 -3,478 -5,538 -5,706 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 661133 113377 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 in lu g d s ed o f f r f o o m r e l i i g n n e s i 7 n c a o n r d p o 2 r 0 a ) ted affiliates of 2,532 ((55)) ((55)) ((55)) (5) (5) (5) (5) 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. lin in e c s o 9 r p a o n r d a t 2 e 1 d ) affiliates of 443311 ((55)) ((55)) ((55)) ((55)) (5) (5) (5) For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 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 II v Balances excluding allocations of SDR's—Seasonally adjusted Net liquidity balance -6,084 -4,688 -1,471 -1,085 -892 -1,240 -2,728 -5,930 Official reserve transactions balance 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 1 Imports 2 Export surplus PPeerriioodd 1968 1969 1970 1971 1968 1969 r 1970 1971 1968 1969 1970 1971 Month: Jan 22222,,,,,888881111144444 3333322222,,,,,111116666611111 33333,,,,,444440000066666 3,735 22222,,,,,666668888877777 33333 22222,,,,,000000000022222 33333,,,,,222222222233333 3,686 111112222277777 111115555599999 111118888833333 49 Feb 22222,,,,,777777777755555 33333 22222,,,,,222226666666666 33333,,,,,555554444477777 3,690 22222,,,,,555559999922222 33333 22222,,,,,666667777722222 33333,,,,,222227777788888 3,553 111118888844444 -----444440000066666 222226666699999 136 Mar 33333 22222,,,,,444443333399999 3333333333,,,,,111118888888888 33333,,,,,333337777766666 3,815 33333 22222,,,,,555558888899999 33333 22222,,,,,999998888822222 33333,,,,,222221111188888 3,569 -----111115555500000 222220000066666 111115555588888 245 Apr 33333 22222,,,,,888885555555555 3333333333,,,,,333331111188888 33333,,,,,444440000099999 3,522 33333 22222,,,,,666660000044444 3333333333,,,,,111118888833333 33333,,,,,222226666633333 3,758 222225555511111 111113333355555 111114444466666 -236 May 22222,,,,,777774444400000 33333 33333,,,,,222226666688888 33333,,,,,666666666611111 3,783 22222,,,,,777775555555555 33333 33333,,,,,222225555577777 33333,,,,,333333333388888 3,988 -----1111155555 1111111111 333332222233333 -205 June 22222,,,,,888887777700000 33333 33333,,,,,111117777799999 33333,,,,,777773333300000 3,661 22222,,,,,777779999922222 3333333333,,,,,111115555522222 33333,,,,,222226666666666 4,023 7777788888 2222277777 444446666655555 -363 July 22222,,,,,888885555588888 33333,,,,,111118888822222 33333,,,,,666669999999999 3,495 22222,,,,,777772222255555 33333,,,,,000007777744444 33333,,,,,222225555555555 3,799 111113333333333 111110000088888 444444444444444 -304 A S O e u c p t g t 3 3 3 3 3 3 3 3 3 3 33333 22222 22222 33333 ,,,,, ,,,,, ,,,,, 99999 66666 22222 55555 33333 11111 00000 11111 11111 33333 3 3 3 3 3 3 3 3 3 3 ..... ,,,,, ..... 33333 33333 33333 44444 66666 44444 11111 66666 22222 33333 3 3 3 3 3 3 3 3 3 3 ,,,,, ,,,,, ,,,,, 55555 66666 55555 88888 55555 99999 99999 33333 22222 4 2 3 , , , 5 7 6 1 1 7 1 0 8 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 ,,,,, ,,,,, ,,,,, 99999 77777 88888 55555 33333 77777 11111 66666 22222 33333 3 3 3 3 3 3 3 3 3 3 ,,,,, ,,,,, ,,,,, 11111 00000 11111 77777 99999 66666 88888 22222 33333 3 3 3 3 3 3 3 3 3 3 33333 ,,,,, ,,,,, ,,,,, 55555 44444 33333 00000 22222 44444 11111 88888 66666 4 3 3 , , , 2 5 9 4 3 3 5 1 7 -----11111 22222 00000 66666 77777 55555 11111 88888 22222 22222 11111 66666 00000 55555 33333 33333 00000 22222 11111 11111 44444 22222 88888 66666 55555 88888 - - 8 2 2 2 6 6 1 0 5 Nov 22222,,,,,999997777722222 33333,,,,,333339999988888 33333,,,,,444449999999999 22222,,,,,888888888833333 33333,,,,,111118888800000 33333,,,,,444442222288888 8888899999 222221111188888 7777711111 Dec 22222,,,,,999997777777777 33333,,,,,222228888800000 33333,,,,,555557777700000 22222,,,,,999990000088888 33333,,,,,000007777788888 33333,,,,,444440000044444 7777700000 222220000022222 111116666666666 Quarter: I 88888,,,,,000002222288888 77777,,,,,666661111155555 1111100000,,,,,333332222288888 11,240 77777,,,,,888886666677777 77777,,,,,666665555555555 99999,,,,,777771111199999 10,809 111116666611111 -----4444400000 666660000099999 431 I I 88888,,,,,444446666655555 99999,,,,,777776666655555 1111100000,,,,,888880000000000 10,966 88888,,,,,111115555511111 99999,,,,,555559999911111 99999,,,,,888886666677777 11,769 333331111144444 111117777744444 999993333333333 -803 II I 99999,,,,,000001111199999 99999,,,,,888888888899999 1111100000,,,,,888884444455555 11,683 88888,,,,,555554444488888 99999,,,,,333331111155555 1111100000,,,,,000002222299999 11,981 444447777711111 555557777744444 888881111166666 -298 I V 88888,,,,,555558888800000 1111100000,,,,,000002222200000 1111100000,,,,,777775555588888 88888,,,,,555552222277777 99999,,,,,444445555500000 1111100000,,,,,333333333333333 5555533333 555557777700000 444442222255555 Year4 3333344444,,,,,000006666633333 3333377777,,,,,333333333322222 4444422222,,,,,666666666622222 3333333333,,,,,222222222266666 3333366666,,,,,000004444433333 3333399999,,,,,999996666633333 888883333377777 11111,,,,,222228888899999 22222,,,,,666669999999999 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 • DECEMBER 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 III IV I II III Western Europe: ----111144443333 --8822 -----------5555555555555555555555 ----111100000000 --2255 44 ----66663333 -----------4444444444400000000000 ----88883333 ---555888 ---111111000 ----444455556666 --551188 -----------444444444440000000000055555555555 ----888888884444 --660011 666000000 333332222255555 --112299 --112299 ---222888222 --119911 -----------222222222222222222222255555555555 555550000000000 -------2222222 ---222 ---222 ----55552222 4444411111 22 Italy 222222222220000000000000000000000 -------88888880000000 ---666000 ---888555 ----222200009999 -----7777766666 -----------6666666666600000000000 -------33333335555555 ----11119999 ----55550000 ----22220000 --3300 --2255 ----111144446666 --113300 -----------3333333333322222222222 -------111111188888880000000 55551111 55551111 111100002222 -----------8888888888811111111111 -------55555550000000 ---222 ---333000 ---555000 --2255 ----55550000 ----55550000 --7755 --5500 --5500 ----333388887777 332299 666666666661111111111188888888888 111111155555550000000 888000 ---888777999 ---888333555 222000000 Other --1122 11 --66 --3355 --4499 1166 --4477 111111 --2299 --88 --2211 1155 --66 --2222 TToottaall ------111111,,,,,,111111000000555555 --339999 --8888 --11,,229999 ------666666555555999999 -----999998888800000 -----666666666699999 996699 --220044 --2277 --118800 --8855 --444488 --226633 Canada 111111999999000000 222222000000000000 111115555500000 5555500000 Latin American republics: Argentina 888888555555 ---333000 ------333333999999 -----11111 -----2222255555 ***** --2255 ----22228888 ---222333 Brazil 555555777777 777222 555444 2222255555 ------333333 ----22223333 ---222333 Colombia 333333888888 111000 2222299999 777777 ** Venezuela -----2222255555 Other --55 --1111 --99 -----1111133333 --66 1111 --4400 --2299 --8800 --44 --6666 ** --44 ** TToottaall 117755 3322 5566 111777 -----4444411111 999 ---666555 --5544 --113311 --44 --111111 ** --44 ** Asia: Iraq ---111000 -----44444 ---222111 ---444222 Japan -----5555566666 --111199 --111199 Lebanon -----3333322222 --1111 -----1111111111 --11 -------99999995555555 --3355 Malaysia -----11111 -------33333334444444 ---111000 P S h au il d i i p p A in ra es b ia -----1111133333 2255 2200 ** --11 -------55555550000000 9999999 4400 --44 33 --88 --11 ---111 --11 Singapore -------88888881111111 111111 ---333000 Other --4477 --1133 --66 --1144 --1144 --2222 -------77777775555555 ---999 22 ——9911 --4411 --7711 2211 2211 ---111 TToottaall ---999333 111222 333 ---222444 ---888666 ---444444 ---333666666 444222 ---222111333 ---333999 ---111999777 ---111555 111000 ---333222 *** All other ---111 ---333666 ---777 ---111666 ---222222 333---111666666 333---666888 ---111 ---888111 ---444 ---777555 ---444 TToottaall ffoorreeiiggnn ccoouunnttrriieess --883333 --339922 --3366 ----1111,,,,333322222222 ----666600008888 ----1111,,,,000033331111 ----1111,,,,111111118888 999955557777 4444 ———— 666633331111 ----77773333 4444 ————555566663333 ----111100002222 ----444444445555 ----222299996666 Intl. Monetary Fund 5 6666----222222225555 111177777777 22222222 ----3333 11110000 ———— 111155556666 ----333322222222 4444111144442222 ----7777 ----11111111 ----4444 Grand total --883333 --339922 --3366 ----1111,,,,555544447777 ----444433331111 ----1111,,,,000000009999 ----1111,,,,111122221111 999966667777 ———— 777788887777 ----333399995555 ----444422222222 ----111100009999 ----444455557777 ----333300000000 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
DECEMBER 1971 • U.S. RESERVE ASSETS; POSITION IN THE IMF A 77 4. U.S. RESERVE ASSETS (In millions of dollars) Tot G a o l2 l d st T oc r k e a i s ury v c fo e u C c r r r o i t e r e i n e i s b g - n l n e - p R I o e M s s i i n e t F i r 3 o v n e SDR's E m n o d n t o h f To G ta o l2 l d st T o r c e k a 1 s ury v c fo e u C c r r i r o t e e r i n e i s b g 5 - n l n e - p R I o e M s s i i n e t F r i 3 o v n e 22,540 20,582 20,534 1,958 1970 21,504 19,507 19,456 1,997 Nov 14,891 11,478 11,117 640 1,812 19,359 17,804 17,767 1,555 Dec 14,487 11,072 10,732 629 1,935 18,753 16,947 16,889 116 1,690 1971 17,220 16,057 15,978 99 1,064 Jan.. .-. 14,699 11,040 10,732 491 1,700 16,843 15,596 15,513 212 1,035 Feb... . 14,534 11,039 10,732 327 1,700 16,672 15,471 15,388 432 769 Mar 14,342 10,963 10,732 256 1,680 15,450 613,806 613,733 781 6 863 Apr.. . . 14,307 10,925 10,732 257 1,682 May. .. 13,811 10,568 10,332 318 1,678 14,882 13,235 13,159 1 ,321 326 June. . . 13,504 10,507 10,332 322 1,428 14,830 12,065 11,982 2,345 420 July.... 13,283 10,453 10,332 250 1,433 15,710 10,892 10,367 3,528 1,290 Aug 12,128 10,209 10,132 248 574 7 16,964 11,859 10,367 72,781 2,324 Sept.... 12,131 10,207 10,132 250 577 14,487 11,072 10,732 629 1,935 851 Oct 12,146 10,207 10,132 259 580 Nov... . 12,131 10,206 10,132 243 582 1 Includes (a) gold sold to the United States by the International Mon- 5 For holdings of F.R. Banks only, see pp. A-12 and A-13. etary Fund with the right of repurchase, and (b) gold deposited by the 6 Reserve position includes, and gold stock excludes, $259 million gold IMF to mitigate the impact on the U.S. gold stock of foreign purchases subscription to the IMF in June 1965 for a U.S. quota increase which for the purpose of making gold subscriptions to the IMF under quota became effective on Feb. 23, 1966. In figures published by the IMF from increases. For corresponding liabilities, see Table 6. June 1965 through Jan. 1966, this gold subscription was included in the 2 Includes gold in Exchange Stabilization Fund. U.S. gold stock and excluded from the reserve position. 3 The United States has the right to purchase foreign currencies equiva- 7 Includes gain of $67 million resulting from revaluation of the German lent to its reserve position in the IMF automatically if needed. Under ap- mark in Oct. 1969, of which $13 million represents gain on mark holdings propriate conditions the United States could purchase additional amounts at time of revaluation. equal to the U.S. quota. See Table 5. 4 Includes initial allocation by the IMF of $867 million of Special Draw- NOTE.—See Table 23 for gold held under earmark at F.R. Banks for ing Rights on Jan. 1, 1970, and second allocation of $717 million of foreign and international accounts. Gold under earmark is not included SDR's on Jan. 1, 1971, plus net transactions in SDR's. in the gold stock of the United States. 5. U.S. POSITION IN THE INTERNATIONAL MONETARY FUND (In millions of dollars) Transactions affecting IMF holdings of dollars IMF holdings (during period) of dollars (end of period) U.S. transactions with IMF Transactions by other countries Period with IMF Per cent P s t u a d i y b o o s m n l o l c s f a e r r i n i s n p t - s by s g I N a o M l e l e t d F s i T t c f i r c o u o a i r r n e n e r s s s e i g a n 2 i n c n - - I i d M n o c F l i o n la m n rs e e t P d u o r l c o l h a f a r s s3 e s pu d r o R c l h l e a a - r s s e s c T h o an ta g l e Amount q U u o . o f S t . a 1946—1957. 2,063 600 -45 -2,670 827 775 775 28 1958—1963. 1,031 150 60 -1,666 2,740 2,315 3,090 75 1964—1966. 776 1,640 45 -723 6 1,744 4,834 94 1967. 20 -114 -94 4,740 92 1968. -84 20 -806 -870 3,870 75 1969. 22 19 -1,343 268 -1,034 2,836 55 1970. 1,155 6712 iso 25 -854 741 1,929 4,765 71 1970—Nov.. 104 -95 11 3,348 65 Dec.. " I" 155 * 315 -73 21 1,417 4,765 71 1971—Jan.. -23 1*1 235 5,000 75 Feb.. 5,000 75 Mar.. 20 20 5,020 75 Apr.. -3 -2 5,018 75 J M u a n y e . . 250 --21 7 1 250 4 5 5 , , 0 2 2 7 2 2 7 7 5 9 July.. -5 -5 5,267 79 Aug.. 862 -3 859 6,126 91 Sept.. -3 -3 6,123 91 Oct... -3 -3 6,120 91 Nov.. -2 -2 6,118 91 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. • DECEMBER 1971 6. U.S. LIQUID LIABILITIES TO FOREIGNERS (In millions of dollars) Liabilities to Intl. Liabilities to foreign countries Liabilities to non- Monetary Fund arising monetary intl. and from gold transactions regional organizations 5 Official institutions 3 Banks and other foreigners Nonpe E o r n i f d o d Total p G o d s o e i l - t d 1 m in G e v o n e l t s d t 2 - Total i i p n S b t l i t i o a h e e a b r s n U o b r y t m k r i e . r l t s S d e - - - . M n b G o U a a a o t o b n r n . e v S l k d s d e t . e s , 4 t - c m T b o U a a o n i r u a b b e n v n r r . l y S a l d k e e d e s . e r s - t t - - Total i i p S n t b l i t i o h e a e a b r s U n o b r y t m k r i e . r l t s d S e - - - . M n b G o U a a a o t o b r n n . e k v S l d s d e e t . s , t 4 - Total i i n p S t b l i t i o h e a e U a b r s n o b r y t . m k r i e S r l t d s e - . - - 6 M n b G o U a a a o t o b r n n . e k v l S d s d e e t . s , t 4 notes 1957 715,825 200 200 7,917 5,724 542 1958 iii 111666,,,888444555 200 200 8,665 5,950 552 1959 111999,,,444222888 500 500 10,12,0 9,154 966 7,077 541 1,190 530 660 1960 8 . . . . 111 (((222 222 000 111 ,,, ,,,000 999 222 999 777 444 8 80 00 0 8 8 0 0 0 0 1 1 1 1 , ,0 0 8 78 8 1 10 0 , , 2 2 1 1 2 2 8 8 6 7 6 6 7 7 , , 5 5 9 9 1 8 7 7, , 0 0 4 4 8 8 5 5 5 4 0 3 1 1 , , 5 5 4 2 1 5 7 7 5 5 0 0 7 7 9 7 1 5 1961 8 1 (2 2 2 2 , , 8 9 5 3 3 6 8 8 0 0 0 0 8 8 0 00 0 1 1 1 1 , , 8 8 3 3 0 0 1 1 0 0 , , 9 9 4 4 0 0 8 8 9 9 0 0 8 8, , 3 2 5 7 7 5 7 7 , ,8 7 4 5 1 9 5 5 1 1 6 6 1 1 . . 9 9 4 4 9 8 7 7 0 0 3 4 1 1 , , 2 2 4 4 5 5 1962 8 \ ( 2 2 4 4 , , 0 0 6 6 8 8 8 8 0 0 0 0 8 8 0 0 0 0 1 1 2 2 , , 7 7 4 1 8 4 1 11 1 , , 9 9 6 9 3 7 7 7 5 5 1 1 8 8 , , 3 3 5 5 9 9 7 7 , , 9 9 1 1 1 1 4 4 4 4 8 8 2 2 , ,1 19 6 5 1 1 1 , , 2 2 5 8 0 4 9 91 1 1 1 19638 //2266,,336611 800 800 14,387 12,467 1,217 703 9,214 8,863 351 1,960 808 1,152 112266,,332222 800 800 14,353 12,467 1,183 703 9,204 8,863 341 1,965 808 1,157 1964 8 \ ( 2 2 9 8 , , 0 9 0 5 2 1 8 8 0 0 0 0 8 8 0 0 0 0 1 1 5 5 , , 4 4 2 2 8 4 1 13 3 , , 2 2 2 2 0 4 1 1 , , 1 1 2 2 5 5 1 1 , , 0 0 7 7 9 9 1 11 1 , ,0 0 5 0 6 1 1 1 0 0 , ,6 62 8 5 0 3 3 7 7 6 6 1 1 , , 7 72 2 2 2 8 8 1 1 8 8 9 9 0 0 4 4 1965 2299,,111155 834 34 800 13,066 1,201 11,478 11,006 472 1,431 752 1966 8 \\ (( 22 22 99 99 ,, ,, 77 99 77 00 99 44 1 1 , , 0 0 1 1 1 1 2 2 1 1 1 1 8 8 0 00 0 1 13 3 , , 6 6 5 0 5 0 1 12 2 , , 5 4 3 8 9 4 8 86 60 0 2 2 5 5 6 6 1 1 4 4 , , 2 38 0 7 8 1 1 3 3 , ,8 6 5 8 9 0 5 5 2 2 8 8 9 90 0 5 6 5 5 8 8 1 0 3 3 2 2 5 5 1967 8 \ ( 3 3 3 3 , , 1 2 1 7 9 1 1 1 , , 0 0 3 3 3 3 2 2 3 3 3 3 8 8 0 0 0 0 1 1 5 5 , , 6 6 5 4 3 6 1 1 4 4. , 0 0 2 3 7 4 9 9 0 0 8 8 7 7 1 1 1 1 1 15 5 , , 7 8 6 9 3 4 1 15 5 , , 2 3 0 3 5 6 5 5 5 5 8 8 6 6 9 7 1 7 4 4 8 7 7 3 2 2 0 0 4 4 1968 8 \ ( 3 3 3 3 , , 6 8 1 2 4 8 1 1 , , 0 0 3 3 0 0 2 2 3 3 0 0 8 8 0 00 0 1 1 2 2 , ,4 5 8 4 1 8 1 11 1 , , 3 3 1 1 8 8 4 5 6 2 2 9 7 7 0 0 1 1 1 1 9 9, , 3 5 8 2 1 5 1 1 8 8 , , 9 9 1 1 6 6 4 6 6 0 5 9 7 7 2 2 5 2 6 6 8 8 3 3 4 3 2 9 1969- Dec.8 r (41,735 1,019 219 800 11,955 11,054 346 9 555 28,102 27,577 525 659 609 50 \41,894 1,019 219 800 11,978 11,077 346 9 555 28,234 27,709 525 663 613 50 1970-Sept.r. 44,201 587 187 400 17,768 16,959 380 429 25,083 24,516 567 763 718 45 Oct.r. 44,261 587 187 400 18,141 17,422 290 429 24,719 24,152 567 814 768 46 D N e o c v . . 8 r. r 1 ( 4 4 4 4 3 3 , , , 5 2 2 0 9 3 9 1 8 5 5 5 6 7 6 6 9 6 1 1 1 6 7 6 9 6 6 4 4 4 0 0 0 0 0 0 2 2 1 0 0 9 , , , 0 0 9 6 5 5 8 7 7 1 1 1 9 9 9 , , , 2 3 3 3 3 3 9 3 3 2 2 3 8 9 0 9 5 6 4 4 4 2 2 2 9 9 9 2 2 2 1 3 1 , , , 7 1 8 6 8 1 8 6 3 2 2 2 2 1 1 , , , 5 2 1 0 9 6 3 6 6 5 5 6 6 9 4 5 0 7 7 8 8 8 4 4 7 4 7 7 8 8 4 2 2 1 0 1 4 2 2 6 4 6 1971-Jan.r. 43,660 559 159 400 20,490 19,774 287 429 21,543 20,931 612 1,068 1,043 25 Feb. 44,065 559 159 400 22,321 21,600 292 429 20,192 19,583 609 993 951 42 Mar.r. 45,481 559 159 400 24,841 24,120 292 429 18,955 18,357 598 1,126 985 141 Apr.r. 47,663 548 148 400 27,253 26,532 292 429 18,573 17,970 603 1,289 1,148 141 Mayr. 51,815 548 148 400 32,091 31,347 292 452 17,838 17,269 569 1,338 1,196 142 Juner. 51,393 548 148 400 30,640 26,809 379 3,452 18,881 18,308 573 1,324 1,181 143 July. 53,288 544 144 400 32,953 26,869 632 5,452 18,401 17,822 579 1,390 1,247 143 Aug... 59,909 544 144 400 40,672 34,017 870 5,785 17,196 16,653 543 1,497 1,343 154 Sept.P 60,754 544 144 400 42,126 35,057 1,015 6,054 16,605 16,090 515 1,479 1,324 155 1 Represents liability on gold deposited by the International Monetary the securities is included under "Gold investment." The difference, which Fund to mitigate the impact on the U.S. gold stock of foreign purchases amounted to $19 million at the end of 1970, is included in this column. for the purpose of making gold subscriptions to the IMF under quota in- 7 Includes total foreign holdings of U.S. Govt, bonds and notes, for creases. which breakdown by type of holder is not available. 2 U.S. Govt, obligations at cost value and funds awaiting investment 8 Data on the two lines shown for this date differ because of changes in obtained from proceeds of sales of gold by the IMF to the United States reporting coverage. Figures on the first line are comparable with those to acquire income-earning assets. Upon termination of investment, the shown for the preceding date; figures on the second line are comparable same quantity of gold can be reacquired by the IMF. with those shown for the following date. 3 Includes Bank for International Settlements and European Fund. 9 Includes $17 million increase in dollar value of foreign currency 4 Derived by applying reported transactions to benchmark data; liabilities resulting from revaluation of the German mark in Oct. 1969. breakdown of transactions by type of holder estimated for 1960-63. Includes securities issued by corporations and other agencies of the U.S. NOTE.—Based on Treasury Dept. data and on data reported to the Govt, that are guaranteed by the United States. Treasury Dept. by banks and brokers in the United States. Data correspond 5 Principally the International Bank for Reconstruction and Develop- to statistics following in this section, except for minor rounding differences. ment and the Inter-American Development Bank. Table excludes IMF "holdings of dollars," and holdings of U.S. Treasury 6 Includes difference between cost value and face value of securities in letters of credit and non-negotiable, non-interest-bearing special United IMF gold investment account. Liabilities data reported to the Treasury States notes held by other international and regional organizations. include the face value of these securities, but in this table the cost value of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 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 ro st p e e r n i Canada A re m L pu e a b r ti i l n c i c a s n Asia Africa cou O n t t h ri e e r s 2 15,646 9,872 996 1,131 3,145 249 253 1199668833 / 12,548 7,009 533 1,354 3,168 259 225 \ 12,481 7,001 532 1,354 3,122 248 224 11996699 33 rr / 1 4 11 1 , 1 9 ,9 55 7 8 5 5 , , 8 8 2 2 3 3 4 49 9 5 5 1 1 , , 7 67 0 9 2 3 3 , , 1 1 9 9 0 0 5 5 4 4 6 6 2 2 2 2 2 2 1970—Sept.r 17,768 11,135 620 1,765 3,254 661 333 Oct.r 18,141 11,564 575 1,802 3,336 526 338 Nov. r 19,957 13,231 637 1,661 3,639 449 340 DDeecc.. 33rr / \ 2 2 0 0 , , 0 0 6 5 8 7 1 1 3 3 , , 0 0 2 1 1 6 6 6 6 6 2 2 1 1 , , 5 5 6 6 2 2 4 4, , 0 0 5 6 4 0 4 4 0 0 7 7 3 3 5 5 6 6 1971—Jan 20,490 13,680 678 1,388 4,040 381 323 Feb.' 22,321 15,374 727 1,389 4,163 325 343 Mar.r 24,841 17,151 801 1,236 4,998 242 413 Apr.r 27,253 19,119 818 1,244 5,285 257 530 May r 32,091 22,720 865 1,213 6,396 286 611 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 40,672 25,460 1,185 1,348 11,546 312 821 Sept.p 42,126 26,015 1,173 1,232 12,632 296 778 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 labilities resulting from revaluation of the German mark in Oct. 1969. 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) To all foreigners To nonmonetary international and regional organizations 5 Payable in dollars IMF Deposits Payable gold U.S 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 a r a . t t S s i e a f u . s i n r - y d s O l t h i e a t o r h b r m e . t 3 r - r fo e c n r i u e n c r i i - g e n s i m nv e e n s t t 4 - Total b T i c r l c e l e s a r a t t i s e f a u s i n - ry d 31,717 31,081 14,387 5,484 6,797 4,413 636 800 683 68 113 (40,040 39,611 20,430 6,834 5,015 7,332 429 800 609 57 83 \40,199 39,770 20,460 6,959 5,015 7,336 429 800 613 62 83 42,742 42,392 17,087 7,060 11,665 6,580 350 400 768 68 144 42,976 42,633 15,876 6,704 13,662 6,391 343 400 741 68 140 /41,719 41,351 15,785 5,924 14,123 5,519 368 400 820 69 159 \41,757 41,389 15,785 5,961 14,123 5,518 368 400 821 69 159 42,148 41,770 14,758 5,673 14,453 6,886 378 400 1,043 115 155 42,534 42,124 13,516 5,474 16,390 6,744 410 400 951 64 149 43,862 43,210 11,846 5,159 18,703 7,502 652 400 985 73 166 46,050 45,413 10,447 4,953 22,356 7,657 637 400 1,148 62 202 50,212 49,593 9,991 4,901 26,961 7,740 619 400 1,196 49 221 46,698 46,038 10,855 4,969 22,763 7,451 660 400 1,181 60 232 46,338 45,686 10,262 4,957 23,439 7,028 652 400 1,247 79 224 52,413 51,763 9,284 5,026 30,198 7,255 650 400 1,343 61 202 52,871 52,474 10,589 5,064 29,772 7,049 397 400 1,324 92 212 54,036 53,658 11,848 5,189 29,758 6,863 378 400 1,265 78 174 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. • DECEMBER 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 Dema D nd e posi T ts i me2 T b c i r l c e e U l a s r a . t t s S i e a f u s . i n r - d y s O l t i h e a t o r h b m r e . t 3 r - f r o e c n r u i e n c r i i - g e n s Total Dema D nd e posits T bi c r l c U e e l a s a r . t t s S e i a u . f s n i r - d y s O t l h i e t a o r h b m r e t . - 3 r c P u f r a o r y r e i e a n n i b c g l i n 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 r 38,631 20,372 6,751 3,971 7,109 429 11,054 1,918 2,951 3,844 2,139 202 38,786 20,397 6,876 3,971 7,113 429 11,077 1,930 2,942 3,844 2,159 202 1970—Oct.''. 41,574 17,018 6,916 11,077 6,212 350 17,422 1,474 3,166 10,930 1,704 148 Nov.r. 41,835 15,807 6,564 13,114 6,006 343 19,239 1,374 2,840 12,980 1,897 148 Dec. 6 / \ 4 4 0 0 , , 4 5 9 3 9 6 1 1 5 5 , , 7 7 1 1 6 6 5 5 , , 7 8 4 0 5 2 1 1 3 3 , , 5 5 1 1 1 1 5 5 , , 1 1 3 3 8 8 3 3 6 6 8 8 1 1 9 9 , , 3 3 3 3 3 3 1 1 , , 6 6 5 5 2 2 2 2 , , 5 5 5 5 4 4 1 1 3 3 , , 3 3 6 6 7 7 1 1 , , 6 6 1 1 2 2 1 1 4 4 8 8 1971— Jan.. 40,705 14,643 5,518 13,781 6,386 378 19,774 1,743 2,490 13,638 1,755 148 Feb. r. 41,183 13,452 5,325 15,711 6,285 410 21,600 1,688 2,434 15,550 1,778 150 Mar.r. 42,477 11,773 4,993 18,061 6,998 652 24,120 1,579 2,244 17,916 1,981 400 Apr.r. 44,502 10,385 4,751 21,750 978 637 26,532 1,628 2,205 20,119 2,180 400 Mayr. 48,616 9,941 4,680 26,352 024 619 31,347 1,643 2,205 24,702 2,377 8 420 Juner. 45,117 10,795 4,737 22,199 726 660 26,809 1,462 2,252 20,097 2,578 420 July... 44,691 10,183 4,733 22,869 254 652 26,869 1,469 2,308 19,605 3,067 420 Aug.. . 50,670 9,223 4,824 29,529 443 650 34,017 1,264 2,372 26,674 3,286 421 Sept. P. 51,147 10,497 4,852 29,226 175 397 35,057 1,447 2,380 27,855 3,217 158 Oct P. 52,371 11,770 5,014 29,190 018 378 36,054 1,230 2,471 28,982 2,213 158 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 bi c r l c e U e l a s r a . t t s S e i a u f s . n i r - d y s O l t i h e a t o h r b m r . e t 3 r - Total Dema D nd e posi T ts ime2 T bi c r l c U e e l a s r a . t t s S i e a u f s . n i r - d y s O l t i h e a t o r h b m r e . t 3 r - foreign 196 8 18,916 14,299 10,374 1,273 30 2,621 4,444 1,797 2,199 86 362 173 1969 6r 2 2 7 7 , , 7 5 0 7 9 7 2 23 3 , , 4 4 1 1 9 2 1 16 6 , , 7 7 5 4 6 5 1 1, , 9 9 9 8 9 8 2 2 0 0 4 4 , ,6 6 5 4 8 4 4 3 , , 0 9 6 3 4 9 1 1 , , 7 7 1 0 1 9 1 1, ,8 93 1 5 1 1 1 0 0 7 7 3 3 1 1 2 2 2 2 2 2 6 6 1970—Oct.'". 24,152 20,048 13,936 1,952 21 4,139 3,902 1,608 1,798 127 369 202 Nov.r. 22,596 18,451 12,781 1,906 19 3,745 3,950 1,653 1,819 115 364 195 Dec. 6 / \ 2 2 1 1 , , 1 2 6 03 6 1 1 6 6 , , 9 9 4 1 5 7 1 1 2 2 , , 3 37 7 6 6 1 1 , , 3 3 2 5 6 4 1 1 4 4 3 3 , , 2 2 0 0 2 2 4 4, , 0 0 3 2 8 9 1 1 , , 6 6 8 8 8 8 1 1, ,8 8 8 95 6 1 1 3 3 1 1 3 3 2 2 5 5 2 2 2 2 0 0 1971—Jan.r., 20,931 16,663 11,210 1,185 13 4,255 4,038 1,689 1,843 130 376 230 Feb.'". 19,583 15,220 10,037 1,016 12 4,155 4,103 1,727 1,875 148 353 260 Mar.r. 18,357 14,027 8,468 879 10 4,670 4,077 1,726 1,870 135 347 253 Apr.r. 17,970 13,604 6,952 654 1,516 4,482 4,128 1,805 1,892 116 315 238 May r. 17,269 13,029 6,561 590 1,518 4,359 4,041 1,737 1,885 131 287 199 June r. 18,308 14,111 7,572 649 2,016 3,874 3,957 1,760 1,835 86 276 240 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 Oct.35. 16,317 12,356 8,829 883 120 2,523 3,741 1,711 1,659 89 283 220 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
DECEMBER 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.r Feb.r Mar.r Apr.r May r Juner July Aug. Sept.* Oct.* Europe: Austria 185 198 194 191 185 203 274 244 244 254 Belgium-Luxembourg 597 767 770 780 903 761 781 916 901 876 Denmark 189 216 220 219 148 175 201 164 173 171 Finland 117 112 114 115 107 110 131 116 116 136 France 2,267 2,263 2,344 2,297 2,275 2,467 3,242 3,663 3,301 2,842 Germany 7,520 8,518 9,570 10,318 12,472 7,268 5,446 5,082 5,321 5,606 Greece 184 176 140 145 146 152 159 160 179 184 Italy 1,330 1,658 1,805 1,903 1,833 1,760 1,777 2,032 2,286 2,231 Netherlands 762 654 741 620 661 609 461 283 302 316 Norway 324 313 364 403 465 506 574 649 655 658 Portugal 274 307 319 298 280 270 271 295 314 307 Spain 198 203 184 201 232 200 208 204 185 202 Sweden 503 541 577 631 625 681 718 723 729 729 Switzerland 1,948 2,012 2,029 2,145 2,312 2,093 1,914 3,355 3,267 3,306 Turkey 46 51 32 25 43 21 27 26 27 48 United Kingdom 5,509 5,211 4,779 5,087 5,162 6,126 6,214 6,129 6,367 7,339 Yugoslavia 37 46 41 33 38 33 39 31 41 34 Other Western Europe1 594 377 368 339 795 1,000 1 ,417 1,517 1,436 1,404 U.S.S.R 15 9 12 22 9 9 10 10 11 12 Other Eastern Europe 54 56 53 45 50 66 61 45 61 56 Total 22,653 23,690 24,656 25,817 28,742 24,511 23,926 25,644 25,917 26,709 Canada 4,056 3,626 3,402 3,256 3,136 3,292 3,250 3,316 3,472 3,801 Latin America: Argentina 539 517 522 507 505 447 501 499 419 415 Brazil 346 392 331 336 335 361 428 418 358 360 Chile 266 253 258 260 256 257 235 252 247 211 Colombia 247 215 186 191 169 183 178 168 178 181 Cuba 7 8 8 7 7 6 7 7 6 6 Mexico 821 830 826 863 800 790 705 728 671 679 Panama 147 167 164 177 165 166 147 149 130 150 Peru 225 178 168 181 190 200 162 146 162 163 Uruguay 118 125 119 121 112 116 116 127 117 116 Venezuela 735 693 642 684 729 786 782 787 805 906 Other Latin American republics 620 614 609 601 582 582 624 623 603 608 Bahamas and Bermuda 745 666 622 980 940 960 1,074 885 661 346 Netherlands Antilles and Surinam 98 95 101 105 105 101 97 101 87 94 Other Latin America 39 38 49 48 56 46 46 49 37 43 Total 4,952 4,792 4,605 5,062 4,953 5,002 5,100 4,940 4,483 4,276 Asia: China Mainland 33 36 34 34 33 35 35 34 34 34 Hong Kong 258 322 298 281 313 306 301 316 293 316 India 302 229 188 211 245 255 222 193 153 154 Indonesia 73 65 52 73 60 71 67 59 57 69 Israel 135 128 122 155 125 132 128 115 108 130 Japan 5,150 5,452 6,325 6,815 8,192 8,673 8,691 13,136 13,792 14,015 Korea 199 178 191 184 193 201 187 185 195 190 Philippines 285 296 331 338 340 321 333 328 322 294 Taiwan 275 278 288 296 293 291 300 281 268 294 Thailand 508 469 443 381 306 281 237 177 144 131 Other 708 735 674 601 585 558 622 542 561 621 Total 7,926 8,188 8,945 9,366 10,685 11,123 11,123 15,366 15,927 16,247 Africa: Congo (Kinshasa) 14 13 17 19 15 16 19 44 27 16 Morocco 11 7 8 9 9 9 7 10 11 8 South Africa 83 71 56 74 64 61 71 74 81 74 U.A.R. (Egypt) 17 18 15 15 14 15 19 13 25 16 Other 395 334 278 268 291 285 299 303 319 330 Total 521 443 373 384 392 385 415 444 463 445 Other countries: Australia. 389 398 455 576 668 757 830 914 852 854 All other 39 46 43 41 40 46 47 46 34 39 Total 428 444 497 617 708 803 877 960 886 893 Total foreign countries 40,536 41,183 42,477 44,502 48,616 45,117 44,691 50,670 51,147 52,371 International and regional: International2 975 1,087 1,101 1,225 1,256 1,230 1,242 1,342 1,309 1,267 Latin American regional 131 167 177 185 201 210 237 262 278 263 Other regional 115 97 107 138 139 141 168 139 137 135 Total 1,221 1,351 1,385 1,548 1,596 1,581 1,647 1,743 1,724 1,665 Grand total 41,757 42,534 43,862 46,050 50,212 46,698 46,338 52,413 52,871 54,036 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. • DECEMBER 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. Apr. 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 ic a a n Republic 5 6 9 1 5 7 2 8 4 9 3 6 4 9 1 9 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 11 10 14 Kenya 34 43 47 Liberia 28 23 41 Libya 68 288 430 Other Latin America: Nigeria 10 11 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 16 15 26 15 Tunisia 2 6 7 Burma 5 2 5 4 3 Uganda 9 5 7 Cambodia 2 1 1 2 2 Zambia 19 20 38 Ceylon 5 3 4 4 4 Iran 44 35 41 32 50 All other: Iraq 77 26 6 (5) New Zealand 20 16 18 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 To End of period intl. reg a i n o d n al Total O in t f i s f o t i i n c t s i u a - l Banksi fo O r e t e r h i s e g r n - A t r i g n e a n - A O L m a 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 A t n h l t e l r r i es 196 7 2,560 698 1,863 1,807 15 40 251 234 126 443 218 502 89 196 8 3,166 777 2,389 2,341 8 40 284 257 241 658 201 651 97 196 9 2,490 889 1,601 1,505 55 41 64 175 41 655 70 472 124 1970—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 6 385 122 236 1971—Jan. 1,562 713 849 637 157 54 13 139 6 341 109 233 Feb.r. 1,464 687 777 573 154 51 13 109 6 317 101 230 Mar.r, 1,344 630 714 493 161 60 13 91 6 262 95 246 Apr.r. 1,181 577 605 406 142 57 13 92 7 186 84 220 Mayr. 1,136 548 588 392 139 57 13 94 182 82 208 Juner. 1,122 557 566 333 184 49 13 87 129 79 247 July.. 1,008 501 507 273 184 51 13 88 83 80 234 S A e u p g t. . P . 8 8 7 8 2 9 4 4 7 8 3 0 4 3 0 9 9 9 1 1 7 6 1 0 1 1 8 8 5 4 5 5 3 5 1 1 3 5 6 66 0 1 1 2 2 9 8 1 9 2 2 1 1 4 8 Oct.^. 926 493 433 158 218 57 15 12 92 222 1 Excludes central banks, which are included with "Official institutions." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 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. Nov. Dec.1 Dec.2 Jan. Feb. Mar. Apr.r Mayr Juner Julyr Aug. Sept.*3 Oct.*1 Eu B ro e p lg e i : um-Luxembourg 1 5 Norway 7 7 7 Switzerland 42 49 49 34 33 34 34 31 30 29 29 29 29 29 United Kingdom 407 451 503 472 520 518 510 519 485 490 496 460 432 427 Other Western Europe.... 37 33 30 27 20 24 25 25 25 25 25 25 49 71 Eastern Europe 7 6 6 6 6 6 6 6 6 6 6 6 5 5 Total. 500 547 600 547 586 589 582 587 552 557 562 525 521 538 Canada 269 191 193 178 178 177 174 173 175 174 175 175 175 175 Latin America: Latin American republics.. Other Latin America Total. 18 18 Asia: India 20 20 20 20 20 20 20 20 20 20 Japan 61 61 56 56 55 55 142 395 633 755 1,009 Other Asia. 18 18 10 10 10 10 10 10 10 10 10 Total 80 99 172 425 663 784 1,038 Africa 42 42 43 43 43 43 25 * All other Total foreign countries. 871 879 953 860 899 901 890 895 861 952 ,211 1,413 1,530 1,782 International and regional : International 22 2 17 115 115 115 115 126 126 126 Latin American regional. . 24 24 24 25 26 26 27 28 28 29 29 Total 50 46 24 25 42 141 141 142 142 143 154 155 155 Grand total. 921 925 977 923 943 1,031 1,036 ,003 1,095 1,354 1,567 1,685 ,937 1 Based on Nov. 30, 1968, benchmark survey. ketable U.S. Govt, securities with an original maturity of more than 1 2 Based on Jan. 31, 1971, benchmark survey. year, and are based on benchmark surveys of holdings and regular monthly reports of securities transactions (see Table 16). NOTE.—Data represent estimated official and private holdings of mar- 12. NONMARKETABLE U.S. TREASURY BONDS AND NOTES ISSUED TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES (In millions of dollars or dollar equivalent) Payable in dollars Payable in foreign currencies End of period Total g B iu e m l- C ad a a n 1 - m D a en rk - m G a e n r y - Italy 2 Korea S d w en e - T w a a i n - T la h n a d i- A tr u ia s - m G a e n r y - 3 Italy e S r w la it n z d - 1 1 9 9 6 6 9 8 4 3 3, , 1 3 8 3 1 0 1 1 , , 4 6 3 9 1 2 3 3 2 2 1 1, , 1 3 2 3 9 4 20 1 13 4 5 6 25 2 2 0 0 1 1 0 0 0 0 4 1 1 , , 6 7 3 5 8 0 50 4 1 1 , , 0 0 5 8 1 4 2 1 2 2 6 5 5 3 4 1 1 1 1970—Oct.. 3,567 2,484 32 2,289 28 20 100 1,083 542 541 Nov. 3,564 2,481 32 2,289 25 20 100 1,083 542 541 Dec. 3,563 2,480 32 2,289 25 20 100 1,083 542 541 1971— Jan.. 3,563 2,480 32 2,289 25 20 100 1,083 542 541 Feb., 3,563 2,480 32 2,289 25 20 100 1,083 542 541 J M M J A u u p a a l n r y y r e . . . , 5 6 8 3 3 3, , , , , 5 5 5 5 5 9 9 9 6 6 2 2 2 3 3 7 2 5 2 2 , , , , , 4 4 4 4 4 8 8 8 8 8 0 0 0 0 0 3 3 3 3 3 2 2 2 2 2 2 2 2 2 2 , , , , , 2 2 2 2 2 8 8 8 8 8 9 9 9 9 9 5 3 , ,0 0 0 0 0 0 2 2 2 2 2 5 5 5 5 5 2 2 2 2 2 0 0 0 0 0 1 1 1 11 0 0 0 000 0 0 0 0 5 1 1 1 1 1 , , , , , 1 1 1 0 0 1 1 1 8 8 1 1 1 3 3 5 5 5 5 5 4 4 4 4 4 2 2 2 2 2 5 5 5 5 5 5 6 6 4 4 6 9 9 1 1 9 A S O N e u c o p t g v t . . . . . 9 9 9 8 , , , , 2 1 1 9 7 9 9 2 1 5 3 4 7 7 7 7 , , , , 5 4 4 4 5 7 7 7 4 9 9 9 3 3 3 3 2 2 2 2 2 2 2 2 , , , , 3 2 2 2 6 8 8 8 5 9 9 9 5 5 5 5 , , , , 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 3 3 3 2 2 2 2 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 1 1 1 1 , , , , 7 7 7 4 1 1 1 4 6 6 4 4 5 5 5 5 4 4 4 4 2 2 2 2 1 1 1 , , , 1 1 1 9 7 7 7 0 2 4 4 2 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 Oct. 1971, $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. • DECEMBER 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.r Feb.r Mar.r Apr.r May r Juner July Aug. Sept.* Oct.* Europe: 6 4 5 17 6 5 5 8 5 ! 4 Belgium-Luxembourg 50 68 68 57 73 58 48 95 60 ! 53 Denmark 40 53 58 54 54 51 46 47 47 i 50 Finland 66 110 123 128 139 133 129 117 114 113 France 113 111 98 102 120 106 124 155 148 132 Germany 186 176 190 214 358 250 230 256 250 197 Greece 26 22 21 22 24 22 21 22 21 24 Italy 101 98 102 108 131 120 133 140 130 114 Netherlands 61 68 70 76 85 87 84 92 82 70 Norway 54 65 62 54 64 67 61 71 68 66 Portugal 11 14 15 15 20 18 13 11 12 10 Spain 52 56 59 65 70 61 64 66 64 60 Sweden 97 100 104 124 129 135 138 117 116 114 Switzerland 100 114 174 137 163 148 162 253 145 136 Turkey 9 4 5 8 30 14 11 26 20 4 United Kingdom 379 513 456 580 808 536 480 785 459 493 Yugoslavia 35 31 33 33 36 37 38 37 29 27 Other Western Europe 13 11 9 12 15 17 18 16 15 17 3 2 3 3 2 2 2 2 2 4 Other Eastern Europe 45 41 47 51 50 44 48 37 39 33 Total 1,449 1,662 1,701 1,859 2,379 1,913 1,855 2,353 1,826 1,722 1,085 942 1,018 972 1,021 1,003 980 994 1,126 1,165 Latin America: Argentina 326 341 349 321 322 316 334 329 336 325 Brazil 325 322 369 400 403 430 422 442 416 425 Chile 200 184 180 165 158 155 157 151 145 138 Colombia 284 296 300 303 294 299 315 335 353 353 Cuba 13 13 13 13 13 13 13 13 13 13 Mexico 909 955 912 898 886 879 943 977 908 817 Panama 95 105 100 105 104 109 99 113 102 100 Peru 147 135 131 150 153 156 173 169 190 198 Uruguay 63 51 49 53 52 43 44 41 31 32 Venezuela 283 277 245 243 232 230 239 249 242 251 Other Latin American republics 342 336 327 330 313 314 309 303 318 326 Bahamas and Bermuda 179 157 200 190 239 212 261 252 253 239 Netherlands Antilles and Surinam 19 14 15 21 20 19 18 15 17 21 Other Latin America 22 21 22 22 22 27 31 36 27 32 Total 3,204 3,207 3,212 3,214 3,210 3,201 3,359 3,423 3,352 3,270 Asia: China Mainland 2 1 2 1 1 1 1 1 1 1 Hong Kong 39 41 49 60 56 60 69 71 78 77 India 13 13 15 21 20 19 18 18 20 22 Indonesia 56 49 66 48 34 30 63 60 57 38 120 130 97 110 112 117 123 116 126 107 Japan 3,890 3,480 3,482 3,358 3,607 3,502 3,222 4,078 4,041 3,737 Korea 178 177 206 228 231 259 252 252 217 286 Philippines 137 137 124 128 115 125 126 119 110 111 Taiwan 95 113 119 117 127 130 127 123 113 105 Thailand 109 109 109 118 114 116 123 127 147 145 Other 157 182 183 187 211 200 203 239 248 235 Total 4,797 4,431 4,451 4,376 4,629 4,559 4,326 5,204 5,158 4,864 Africa: Congo (Kinshasa) 4 4 6 5 6 6 18 22 21 22 Morocco 6 6 6 5 6 5 6 8 5 5 South Africa 77 84 86 93 103 97 128 132 140 141 U.A.R. (Egypt) 13 14 14 17 16 14 12 11 14 11 Other 79 85 101 103 104 110 108 110 108 104 Total 180 194 213 223 235 232 272 284 287 283 Other countries: Australia 64 105 73 73 81 94 105 118 134 140 All other 16 19 18 18 17 20 21 22 23 22 Total 80 124 91 91 98 114 126 140 157 162 10,796 10,559 10,685 10,735 11,571 11,022 10,918 12,398 11,906 11,466 3 2 2 2 2 3 3 2 3 3 10,799 10,561 10,687 10,736 11,572 11,024 10,921 12,400 11,909 11,469 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
DECEMBER 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 TToottaall Total Total O in t f i s f o L t i i n c o t s i u a a - l n s t B o a — nk s i Others C s t t o o i i a o n u l n l g n t e - d s c - - f A e o o a m i f r c g n c a a n f c e d o c e e p e c r r s - t s t - . Other Total w D e i i e t g h p n o e f s r o i s t r s - gg cc FF aa oo n p n p uu cc oo nn vv rr oo aa aa rr dd ii nn tt pp mm ee tt ,, ii ii cc ee ff ee ll ss gg ee rr ii .. ee ss -- nn ,, -- Other 8,711 8,261 3,165 247 1,697 1,221 1,733 2,854 509 450 336 40 73 /9,578 9,063 3,281 262 1,946 1,073 1,954 3,169 658 518 352 84 79 )9,667 9,151 3,278 262 1,943 1,073 2,015 3,202 656 516 352 89 74 9,873 9,358 3,129 109 1,897 1,123 2,438 3,158 634 515 366 67 83 10,129 9,574 3,132 95 1,894 1,143 2,429 3,330 683 555 354 112 89 10,799 10,148 3,051 119 1,720 1,212 2,389 3,968 740 651 393 92 166 10,409 9,903 2,867 110 1,575 1,182 2.363 3,950 724 506 308 79 120 10,561 10,026 2,955 88 1 ,594 1 ,273 2,353 3,973 745 535 334 111 90 10,687 10,124 3,008 100 1,598 1,311 2,335 4,033 747 564 365 102 96 10,736 10,203 3,116 107 1,754 1,255 2,279 4,098 710 534 339 92 103 11,572 10,937 3,383 156 1,929 1,299 2,349 4,136 1,069 636 449 78 109 11,024 10,459 3,409 147 1,969 1,292 2,378 3,960 712 565 374 102 89 10,921 10,382 3,570 200 2,052 1 ,318 2.364 3,638 810 539 382 62 94 12,400 11,767 4,296 191 2,680 1,425 2,357 4,121 992 633 497 46 90 11,909 11,228 3,855 187 2,259 1,409 2,371 4,040 961 682 481 104 97 11,469 10,785 3,628 136 2,159 1,333 2,309 3,873 976 683 473 111 100 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 EEEEnnnndddd ooooffff PPPaaayyyaaabbbllleee ppppeeeerrrriiiioooodddd TTTToooottttaaaallll Loans to— OO lloo tt nn hh gg ee -- rr ccc fffooo uuu rrr rrr iii eee rrr nnn eee iii ggg nnn nnn --- UUU KKK ddd nnn iii ooo iii nnn mmm ttt ggg eee --- ddd EEE OOO uuu ttt rrr hhh ooo eee ppp rrr eee CCCaaannnaaadddaaa AAA LLL mmm aaa eee ttt rrr iii iii nnn ccc aaa JJJaaapppaaannn OOO AAA ttt sss hhh iii eee aaa rrr cccooo ooo uuu AAA ttt nnn hhh lll ttt eee lll rrr rrr iii eeesss Official Other tteerrmm ccciiieeesss Total institu- Banksi foreign- ccllaaiimmss tions ers 1968 3,567 3,158 528 237 2,393 394 16 68 479 428 1,375 122 617 479 1969 3,250 2,806 502 209 2,096 426 18 67 411 408 1,329 88 568 378 1970—Oct .... 3,229 2,839 531 256 2,053 359 30 67 407 409 1,342 109 582 312 Nov 3,216 2,825 515 247 2,064 364 26 66 387 398 1,362 113 583 307 Dec , , . 3,075 2,698 504 236 1,958 352 25 71 411 312 1,325 115 548 292 1971— Jan.. . 2,962 2,615 485 213 1,917 323 24 70 412 278 1,281 117 523 280 Feb 2,957 2,643 484 213 1,946 289 26 77 420 266 1,257 121 521 295 Mar.r .. 3,044 2,737 501 226 2,011 277 30 111 424 268 1,271 125 548 297 Apr.r... 3,082 2,778 504 227 2,047 271 33 117 439 275 1,273 120 554 304 Mayr... 3,246 2,935 523 251 2,161 279 32 107 498 277 1,264 208 548 343 Juner... 3,218 2,915 475 242 2,197 277 26 112 519 266 1,229 225 514 353 July. .. 3,279 2,986 489 253 2,244 273 20 118 530 266 1,263 219 515 370 Aug.. .. 3,387 3,084 513 265 2,305 276 28 120 546 259 1,331 221 539 371 Sept.f. . 3,430 3,121 513 270 2,339 280 28 126 570 264 1,343 225 536 365 Oct.*... 3,465 3,154 533 258 2,363 285 26 127 580 261 1,308 240 551 397 1 Excludes central banks, which are included with "Official institutions." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 86 INTL. CAPITAL TRANSACTIONS OF THE U.S. • DECEMBER 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 cc PP hhaa uu ss rr ee -- ss SSaalleess cc NN hhaa ss ee aa tt ss ll ee ee pp ss ss uu oo rr-- rr cc PP hhaa uu ss rr-- eess SSaalleess cc NN hhaa ss eett aa ss ee llee pp ss ss uu oo rr-- rr cchh PP aa uu ss rr ee -- ss SSaalleess N c N chh ee ss aa tt aa ss ll ee ee ss pp ss uu oo rr rr -regional Total Official Other 1969 r -45 n -56 -115 59 15,483 12,795 2,688 1,552 2,581 -1,029 1,519 2,037 -517 56 -25 82 -41 123 11,426 9,844 1,582 1,490 2,441 -951 1,033 997 37 197 0 1,051 129 922 978 -56 11,888 11,070 817 1,346 2,250 -904 1,052 1,204 -152 1971—Jan.-Oct.^ -89 * -90 -91 1 1,187 938 249 109 257 -148 71 120 -50 1970—NOco tv 23 1 22 * 22 754 609 145 97 87 10 65 76 -11 Dec 52 -22 74 17 57 1,321 1,030 291 140 277 -137 83 87 -4 1971—Jan. r 37 38 -8 46 1,242 1,022 220 116 424 -307 90 95 -5 Feb.r 19 17 2 5 -3 1,516 1,411 105 126 107 19 68 111 -44 Mar 88 99 -11 -11 1,411 1,314 97 176 190 -14 85 121 -36 Apr.r 5 * 5 * 4 1,383 1,412 -29 174 234 -60 117 179 -63 May -33 1 -33 -33 1,163 1,126 37 118 218 -100 94 120 -26 June 92 * 91 87 4 1,004 1,019 -15 121 239 -118 98 130 -32 July r 260 1 259 253 6 1,038 1,002 36 112 137 -26 102 144 -42 Aug 212 11 202 238 -36 1,152 1,013 139 110 306 -196 124 102 22 S O e c p t. t * .f5 2 1 5 1 2 8 * 1 2 1 5 1 2 7 2 1 5 4 7 5 - - 2 5 8 1,0 9 2 5 3 5 7 9 9 5 3 8 2 -3 3 0 1 12 6 9 4 2 1 5 3 6 8 - -9 1 2 0 1 1 5 1 5 8 1 9 0 6 4 2 5 2 1 t 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 it d e 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 i es 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 -1 36 1970 626 58 195 128 110 -33 24 482 -9 47 85 -1 1 22 1971—Jan.-Oct.^ 253 12 90 121 64 -116 20 192 -79 27 64 * -2 51 1970—Oct 158 -3 23 13 -1 32 21 85 31 30 13 * -1 Nov 98 7 13 18 11 3 31 84 6 1 * * * 7 Dec 216 39 27 8 39 14 11 137 40 32 4 * * 3 1971—Jan 130 -13 27 14 26 7 46 107 11 6 -3 * -1 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.r -5 8 -10 8 -4 -18 -8 -24 -7 11 11 * -1 6 May 10 9 * 13 10 -6 -3 24 -17 -4 1 — 1 * 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.2' 155 24 33 9 38 11 17 132 10 7 4 * * 2 Oct.p , , -44 8 -3 2 3 -30 * -20 -18 -17 5 * -I 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 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 ro ta p l e A L m a e t r i i n c a Asia Africa co O u t n h t e r r i es I r n e t g l. i o a n n al d 1969r 1,202 200 176 251 822 32 10 336 1970 956 48 134 118 464 128 -12 324 1971—Jan.-Oct.f 564 239 -16 73 1970— D NOc e o c vt 9 4 7 1 7 5 9 3 28 1 4 6 1 3 1 3 1 1 7 4 I -2 2 1 9 3 1971— F Ja e n b 1 8 3 9 7 -6 3 1 1 5 6 21 2 39 8 1 5 2 -4 2 8 1 -12 5 6 2 5 Mar 123 14 32 32 5 92 11 3 11 A J J A M u u u p l n a g y r y e - - 2 4 4 6 2 3 0 0 7 - -3 2 1 7 - - 2 5 * 7 3 -4 4 2 1 9 0 9 7 - -6 3 5 * 1 -8 4 2 3 1 2 2 3 9 -1 -2 0 1 1 * * - --6 3 1 - - 2 2 - - - 3 6 3 2 1 9 4 7 S O e c p t t . . P 2' 7 4 5 1 53 2 6 2 9 4 -2 2 6 8 8 4 16 - -3 1 3 4 NOTE.—Statistics include State and local govt, securities, and securities the United States. Also includes issues of new debt securities sold abroad of U.S. Govt, agencies and corporations that are not guaranteed by by U.S. corporations organized to finance direct investments abroad. 19. NET PURCHASES OR SALES BY FOREIGNERS OF 20. FOREIGN CREDIT AND DEBIT LONG-TERM FOREIGN SECURITIES, BY AREA BALANCES IN BROKERAGE ACCOUNTS (In millions of dollars) (Amounts outstanding; in millions of dollars) Total Credit Debit Period Total I a r n n e t d - l. c e f o i o u g r n n - - r E o u p - e C a a d n a - A L i a m c t a e i n r - Asia r A ic f a - O c t o r t i u h e n e s r - E pe nd r io o d f fo b ( r a d e l u i a g e n n c t e e o r s s ) f ( o b d r a u e l e i a g n f n c r e o e r s m s ) gional tries 1968 636 508 1969 -1,547 66 -1,613 74 -1,128 -98 -474 -6 20 1970 -914 -254 -660 50 -584 -11 -129 -6 20 1969—Mar 553 393 566 397 1971—Jan.-Oct.p. .. -1,055 -325 -730 -26 -386 -10 -342 6 28 467 297 434 278 1970—Oct -198 -91 -107 -33 -51 3 -28 * 2 Nov -1 3 -4 -10 15 -2 -9 — 1 1 368 220 Dec -141 4 -145 -22 -90 -5 -31 -1 4 2 3 9 3 1 4 2 1 0 8 3 2 1971—Jan.r -312 -197 -116 2 -90 -29 * 2 349 279 Feb.r -24 -4 -20 -24 27 4 -29 * 1 Mar -50 11 -61 6 -34 11 -44 -1 1 511 314 Apr -122 -46 -77 -34 29 5 -79 * 1 419 300 May -126 4 -130 -4 -62 -13 -52 * 2 Sept.f 332 320 June -150 13 -163 -3 -111 5 -72 6 14 July -67 7 -74 -16 -6 -2 -53 * 2 Aug -174 -152 -22 23 -23 -10 -14 1 1 NOTE.—Data represent the money credit balances and Sept.P 12 6 6 1 -7 3 8 * 1 money debit balances appearing on the books of reporting Oct.f -41 32 -74 22 -108 -13 23 1 2 brokers and dealers in the United States, in accounts of foreigners with them, and in their accounts carried by foreigners. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 88 INTL. CAPITAL TRANSACTIONS OF THE U.S. • DECEMBER 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 July Aug. Sept. 1966 1970 1971—Cont. Jan. 28. 13,605 1.51 1.61 2.38 Mar. 30.... 1,879 Feb. 25. 13,086 June 2. .. 1,877 4,885 Call 1.60 1.71 1.43 J S D u e e n p c e t . . 2 2 2 9 8 8 . . . . . . . . 4 3 1 , , , 0 4 9 3 5 7 6 1 2 J A M M u p a a n r y e r . . 2 2 2 2 7 4 5 9 . . . . 1 1 1 1 2 2 1 1 , , , , 1 3 8 9 7 4 8 4 2 6 5 4 2 3 1 9 3 0 6 . . . . . . . . . . . . 2 2 1 1 , , , , 3 3 4 9 2 2 9 3 3 3 9 8 4 5 5 4 , , , , 3 3 5 9 3 3 0 4 1 1 7 6 Ot d i m h n a e o r t n e f l : o t i a h l s b l o il w it a i i n e f g t s , e r m ca a l r t e e u n p r d i o n a r g t r J D M S u e e a n p c e r t . . . 2 2 2 2 8 1 9 7 7 9 . . . 6 . . . 7 . . . . . . 4 4 3 3 , , , , 2 0 1 4 4 5 6 1 1 9 6 2 J N D A S O u e e c o u l p y t c g v 1 . t . . . . 9 7 2 2 2 2 3 3 1 5 6 8 0 9 0 . . . . . . 1 1 9 9 7 8 0 0 , , , , , , 2 6 6 4 4 6 9 3 7 6 6 2 7 5 6 3 9 9 J A u u ly g . 2 2 1 1 1 4 8 1 1 4 8 7 . . . . . . . . . . . . . . . . . . . . . 2 1 1 1 1 1 1 , , , , , , , 1 3 5 1 9 7 8 8 0 8 0 1 2 7 3 5 2 4 2 9 9 5 4 4 4 4 4 5 , , , , , , , 5 1 6 0 2 7 9 9 6 5 6 7 2 9 1 8 5 2 6 6 0 7 5 6 4 2 8 3 1 t t t s n t r t h h h h h d t d 4 2 2 5 8 1 . . . . . . . . 1 2 1 4 8 4 3 2 5 2 0 3 9 7 1 7 2 2 9 5 3 1 . . . . . . . . 0 2 4 2 9 6 3 4 3 5 4 9 3 3 1 2 4 2 9 5 1 1 . . . . . . . . 3 5 2 0 4 3 4 7 9 5 7 3 9 4 4 7 Jan. 27. 6,536 7,536 25. .. 1,409 4,079 9th .40 .34 .33 J S M u e a n p e r t . . 2 2 2 6 7 5 1 968 7 4 6 , , , 1 2 9 0 0 2 4 2 0 M Fe a b r . . 2 2 1 1 4 4 3 0 7 . . . . . 4 4 4 5 5 , , , , , 3 8 1 0 6 3 0 1 8 6 8 6 6 0 6 5 5 6 6 6 , , , , , 8 6 6 5 3 3 8 6 1 0 8 0 6 6 6 Sept. 2 2 1 2 8 9 5 1 . . . . . . . . . . . . . . . 2 2 1 1 1 , , , , , 4 1 2 2 7 5 7 4 0 3 1 7 2 3 6 3 3 3 3 3 , , , , , 3 8 4 5 4 5 0 1 8 0 7 5 2 0 6 Mat 1 1 1 u 0 1 2 r t t t i h h h t ies of more than 1 . . . . 2 7 2 3 8 6 3 7 . . . . 3 1 2 7 8 9 3 7 . . . . 7 3 2 2 4 8 2 0 Dec. 31 (1/1/69) 6,039 31. 2,858 4,358 Apr. 1 7 4 . . 2 3 , , 3 25 1 9 0 4 5 , , 7 3 5 1 9 8 Oct. 1 6 3 . . . .. . 2 2, , 7 2 2 2 4 4 3 3, , 2 3 7 2 6 7 29.99 30.53 30.96 1969 21. 2,244 5,252 20... 2,588 3,140 28. 2,158 5,166 27 r. . 2,915 2,915 NOTE.—Includes interest-bearing U.S. dollar Mar. 26 9,621 May 5. 2,004 5,012 Nov. 3... 2,443 2,443 deposits and direct borrowings of all branches in June 25 13,269 12. 1,598 4,606 10. . . 2,964 2,964 the Bahamas and of all other foreign branches Sept. 24 14,349 19. 1,628 4,636 17. .. 3,363 3,363 for which such deposits and direct borrowings Dec. 31 12,805 26. 1,579 4,587 24. .. 3,156 3,156 amount to $50 million or more. Details may not add to totals due to rounding. 1 Represents gross liabilities of reporting banks to their branches in foreign countries. 2 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—Nov... 136 16,196 12,644 i n^fti / \ 1 1 , , 3 4 1 5 9 4 1,0 9 2 5 5 2 1 16 1 1 6 1 1 7 8 4 3 7 8 6 6 6 66 1 3 0 4 51 6 9 9 Dec.. . 148 16,226 12,926 1970—Sept. 1,434 930 201 177 126 713 382 1971— Jan.... 129 16,206 12,958 Oct.r. .. . 1,477 938 203 177 159 686 440 Feb. .. 147 18,033 12,981 Nov.r 1,485 955 189 175 166 664 472 Mar... 201 20,534 13,057 Dec.r 1,095 651 150 173 121 372 417 Apr... 162 22,879 13,095 May. . 208 28,126 13,447 1971—Jan.r. 1,252 815 144 177 116 520 363 June.. 199 26,544 13,509 Feb.'.... 1,312 805 173 190 144 548 401 July... 162 28,574 13,559 Mar.r 1,450 965 165 175 145 706 377 Aug... 122 35,914 13,821 Apr.r 1,468 952 178 200 138 687 390 Sept... 166 36,921 13,819 Mayr.... 1,532 917 160 293 161 622 424 Oct.. . 135 38,207 13,819 June r.... 1,462 918 183 240 122 634 367 Nov. . 177 39,980 13,820 July. ... 1,475 938 197 238 101 579 393 Aug.r 1,666 1,089 208 241 128 645 488 1 Marketable U.S. Treasury bills, certificates of in- Sept 1,549 961 204 278 107 514 481 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
DECEMBER 1971 • INTL. CAPITAL TRANSACTIONS OF THE U.S. A 89 25. SHORT-TERM LIABILITIES TO ANP 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 Juner Sept. r Dec.r Mar. Junef June Sept. Dec. Mar. June2' 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 1 16 17 16 17 Finland 1 1 2 2 2 8 13 11 8 15 France 156 141 126 112 117 176 1 154 150 159 181 Germany, Fed, Rep. of 164 166 139 122 105 174 1 192 209 191 228 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 1 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 1 45 47 38 62 Turkey 2 3 4 3 5 11 13 '8 17 9 United Kingdom 666 661 819 704 646 1,137 1,055 698 1,020 961 Yugoslavia 1 1 2 1 I 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 1,544 1,556 1,605 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 i 19 15 17 100 i 107 120 105 118 C C C h u o i l b l o a e m bia 9 5 • 1 6 * 1 i 1 6 * 1 1 6 * 3 6 8 * 3 3 7 7 1 1 i ! 4 3 2 7 1 4 3 8 7 1 4 3 0 6 1 4 3 4 1 1 P P M e a e r n u x a i m co a 21 6 5 28 6 5 I i 22 4 5 20 4 6 20 4 6 1 3 4 1 7 0 9 ; | 1 2 4 1 9 9 8 1 3 5 1 6 6 8 1 2 3 4 1 5 3 15 3 1 1 6 7 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 63 94 154 158 152 160 1 153 160 210 263 Neth. Antilles and Surinam. 38 24 23 5 7 8 10 ; 9 8 9 Other Latin America 6 5 6 5 6 19 : 23 1 29 21 25 Total 234 i 260 320 296 293 790 801 848 858 934 Asia: I I H n n o d d n o ia g n e K si o a ng 37 7 7 1 41 7 8 J 1 38 9 9 25 8 5 22 6 8 4 1 1 1 7 7 ; 4 1 1 2 4 9 2 3 1 1 4 7 2 3 1 0 9 9 2 2 3 1 5 9 Israel 17 21 ! 24 28 19 23 ,' 21 23 24 26 J K a o p r a e n a 11 2 3 135 1 I ! 144 1 16 1 5 1 15 1 8 0 3 5 1 0 1 1 | 3 2 1 9 4 3 4 2 2 3 3 4 4 8 8 3 5 7 3 1 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 j 50 59 122 125 j 145 145 155 159 Total 227 281 ! 296 322 366 662 657 678 728 801 Africa: S C o o u n t g h o A (K fr i i n c s a h asa) 1 1 4 9 2 1 4 5 i ; 34 2 31 2 45 2 35 5 : 29 4 30 3 32 5 38 6 U.A.R. (Egypt) 2 i 2 1 2 1 10 j 11 9 10 9 Other Africa 37 | 51 i 41 19 33 49 1 48 50 53 67 Total 72 I 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 2,356 2,482 2,597 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. • DECEMBER 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 PPaayyaabbllee Pay in a ble PPaayyaabbllee Total ddooll iinn llaa rrss cu f r o r r e e n i c g i n e s Total ddooll iinn llaa rrss D b i a n e n p k r o e s s p i o t a s r b t r w e o r i a ' t s h d Other name 1,203 916 287 2,585 2,110 199 275 1,353 1,029 324 2,555 2,116 192 246 ! 1,371 1,027 343 2,946 2,529 201 216 { 1,386 1,039 347 3,011 2,599 203 209 nL J»*© 00 >U OOOO 991 367 3,369 2,936 211 222 1,056 417 3,855 3,415 210 229 1,271 407 3,907 3,292 422 193 1,225 382 3,783 3,173 368 241 1,576 1 ,185 391 4,014 3,329 358 327 1,613 1,263 350 4,023 3,316 429 278 1,797 1,450 346 3,874 3,222 386 267 ( 1,786 1,399 387 3,710 3,124 221 365 { 2,090 1,654 436 4,124 3,495 244 385 2,202 1,724 478 4,238 3,699 219 320 2,356 1,843 513 4,417 3,825 234 358 2,482 1,955 526 4,316 3,710 301 306 2,597 2,165 432 4,117 3,534 234 349 2,365 1,946 419 4,499 3,890 232 377 2,317 1,927 391 4,687 4,030 302 356 1 Data on the two lines shown for this date differ preceding date; figures on the second line are compabecause of changes in reporting coverage. Figures on rable with those shown for the following date. the first line are comparable with those shown for the 27. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (Amounts outstanding; in millions of dollars) Claims Country or area EEEnnnddd ooofff pppeeerrriiioooddd TTToootttaaalll llliiiaaabbbiiillliiitttiiieeesss TToottaall K U in n g it d e o d m E O u t r h o e p r e Canada Brazil Mexico A O L m t a e h t r i e i n r c a Japan O A t s h i e a r Africa o A th ll e r 1967—June 430 1,488 27 257 303 214 88 290 110 98 85 15 S D _e e p c t .1 . \ ( 4 4 4 1 2 1 1 8 4 1 1 1 , , , 4 5 5 5 3 7 2 7 0 4 4 4 0 3 3 2 2 2 1 6 5 2 3 7 3 3 3 0 1 2 9 1 2 2 2 2 1 1 1 2 2 2 8 8 9 5 4 1 2 2 2 8 7 7 3 8 4 1 1 1 0 2 2 9 8 8 1 1 1 0 3 1 3 2 7 8 8 8 7 9 9 1 1 1 3 6 6 1968—Mar 582 1 ,536 41 265 330 206 61 256 128 145 84 21 June 747 1,568 32 288 345 205 67 251 129 134 83 33 Sept 767 1,625 43 313 376 198 62 251 126 142 82 32 Dec 1,129 1,790 147 306 419 194 73 230 128 171 83 38 1969—Mar 1,285 1,872 175 342 432 194 75 222 126 191 72 43 June 1,325 1,952 168 368 447 195 76 216 142 229 72 40 Sept 1,418 1,965 167 369 465 179 70 213 143 246 71 42 De 1 r S { 2 i. , 7 3 2 0 5 0 2 2 , ,2 3 1 3 5 5 1 1 5 5 2 2 4 4 3 4 3 2 4 54 9 2 6 1 1 7 7 2 4 7 7 3 7 4 3 1 8 5 8 1 1 4 4 1 2 2 2 6 4 9 9 7 6 5 9 4 4 2 6 1970—Mar.r 2,353 2,716 159 735 554 178 74 453 158 286 71 47 Juner 2,585 2,729 161 712 571 175 65 472 166 286 76 54 Sept.r 2,768 2,858 157 720 601 177 63 582 144 283 73 58 Dec.r 3,087 2,912 146 708 650 181 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 on the two lines shown for this date differ because of changes shown for the preceding date; figures on the second line are comparable in reporting coverage. Figures on the first line are comparable with those with those shown for the following date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1971 • MONEY RATES A 91 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Australia Period Ar ( g p e e n so ti ) n a (s A ch u i s l t l r in ia g ) B ( e fr l a g n iu c m ) C (d a o n l a la d r a ) ( C r e u y p l e o e n ) D ( e k n ro m n a e r ) k ( F m i a n r l k an k d a ) (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 0 226.589 111.36 3.8659 2.0139 95.802 16.774 13.334 23.742 1970—Nov. 24.864 111.11 3.8676 2.0147 98.014 16.792 13.336 23.722 Dec. 24.836 111.12 3.8681 2.0137 98.276 16.792 13.354 23.722 1971—Jan.. 24.829 111.82 3.8665 2.0145 98.831 16.792 13.361 23.722 Feb. 24.831 112.38 3.8651 2.0148 99.261 16.792 13.359 23.722 Mar. 24.835 112.42 3.8670 2.0145 99.367 16.792 13.368 23.722 Apr. 24.673 112.38 3.8696 2.0144 99.237 16.792 13.353 23.727 May, 24.156 112.42 43.9676 2.0164 99.138 16.792 13.334 23.735 June, 23.602 112.43 4.0021 2.0109 97.913 16.792 13.342 23.735 July. 22.642 112.42 4.0040 2.0133 97.912 16.792 13.334 23.735 Aug. 20.757 113.17 4.0264 2.0351 98.670 16.792 13.435 23.735 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 Nov. 19.925 115.89 4.1280 2.1572 99.607 16.806 13.773 23.773 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 an ) M (d a o la ll y a s r i ) a M (p e e x s i o c ) o ( e g N r u l e i a l t n d h d e - s r ) 1967. 20.323 25.084 13.255 275.04 .16022 .27613 32.519 8.0056 27.759 1968. 20.191 25.048 13.269 239.35 .16042 .27735 32.591 8.0056 27.626 1969. 5 19.302 6 25.491 13.230 239.01 .15940 .27903 32.623 8.0056 27.592 1970 18.087 27.424 13.233 239.59 .15945 .27921 32.396 8.0056 27.651 1970- 18.120 27.544 13.231 239.03 .16064 .27956 32.402 8.0056 27.793 18.107 27.437 13.229 239.06 .16039 .27959 32.382 8.0056 27.763 1971- 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 18.129 27.538 13.304 241.87 .16063 .27971 32.616 8.0056 27.816 18.126 27.516 13.315 241.74 .16070 .27972 32.604 8.0056 27.776 18.094 728.144 13.330 241.87 .16059 .27979 32.642 8.0056 7 28.135 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 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 18.073 30.065 13.349 249.06 .16332 .30202 33.573 8.0056 29.772 18.096 30.005 13.353 249.33 .16324 .30418 33.627 8.0056 30.006 Period (po N un e d w ) Zeal ( a d n o d l lar) 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 d c 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 5131.97 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—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 Nov.. 116.01 14.578 3.6342 140.40 1.4533 19.989 25.104 249.33 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 • DECEMBER 1971 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Nov. 30, 1970 RRRaaattteee CCCooouuunnntttrrryyy 11997700 11997711 aaasss ooofff NNNooovvv... 333000,,, PPeerr MMoonntthh 111999777111 cceenntt eeffffeeccttiivvee Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. 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((EEggyypptt)).. .. 55555555555555555555555555555555555555555555555555..................................................00000000000000000000000000000000000000000000000000 MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaayyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy 11111111111111111111111111111111111111111111111111999999999999999999999999999999999999999999999999996666666666666666666666666666666666666666666666666622222222222222222222222222222222222222222222222222 55555555555555555555555555555555555555555555555555..................................................00000000000000000000000000000000000000000000000000 UUnniitteedd KKiinnggddoomm 77777777777777777777777777777777777777777777777777..................................................00000000000000000000000000000000000000000000000000 AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAApppppppppppppppppppppppppppppppppppppppppppppppppprrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr.................................................. 11111111111111111111111111111111111111111111111111999999999999999999999999999999999999999999999999997777777777777777777777777777777777777777777777777700000000000000000000000000000000000000000000000000 66..00 55..00 55555555555555555555555555555555555555555555555555..................................................00000000000000000000000000000000000000000000000000 Venezuela 55555555555555555555555555555555555555555555555555..................................................00000000000000000000000000000000000000000000000000 OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOcccccccccccccccccccccccccccccccccccccccccccccccccctttttttttttttttttttttttttttttttttttttttttttttttttt.................................................. 11111111111111111111111111111111111111111111111111999999999999999999999999999999999999999999999999997777777777777777777777777777777777777777777777777700000000000000000000000000000000000000000000000000 55555555555555555555555555555555555555555555555555..................................................00000000000000000000000000000000000000000000000000 Vietnam 1111111111111111111111111111111111111111111111111188888888888888888888888888888888888888888888888888..................................................00000000000000000000000000000000000000000000000000 SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeepppppppppppppppppppppppppppppppppppppppppppppppppptttttttttttttttttttttttttttttttttttttttttttttttttt.................................................. 11111111111111111111111111111111111111111111111111999999999999999999999999999999999999999999999999997777777777777777777777777777777777777777777777777700000000000000000000000000000000000000000000000000 1111111111111111111111111111111111111111111111111188888888888888888888888888888888888888888888888888..................................................00000000000000000000000000000000000000000000000000 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, 4l/i rediscounts, and cash position loans; and 18 per cent for selective redis- per cent for advances against government bonds, and 5Vi 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
DECEMBER 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 l D m a o d y n a - y e t y o - z 3 m P b b r i o a 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 y o - C d b r l e a e a p a t n o e r k s s i s 4 n it ' g D m a o d y n a - e y t y o 5 - Tr 6 d b e 0 a i a - l y s l 9 s s u 0 6 , r y D m a 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 e t y o - d P i r s r i c a v o t a e u te n t 196 8 5555....99996666 5555....33331111 7777....22226666 6666....88880000 5555....99999999 5555....00000000 8.22 222...777555 111...888444 444...666555 444...999666 333...777555 196 9 7777....11115555 6666....99995555 8888....44449999 7777....66664444 6666....77775555 5555....88884444 8.97 444...444222 444...888111 555...555555 555...999888 444...222111 1970—No v 4444....77774444 4444....55552222 8888....00006666 6666....88881111 5555....88881111 5555....00000000 7.30 666...222555 888...444444 555...777555 444...333333 555...222555 Dec 4444....44447777 5555....00007777 8888....00006666 6666....88882222 5555....99995555 5555....00000000 7.46 555...777555 777...555222 555...999111 666...777333 555...222555 1971—Ja n 4444....55559999 5555....22225555 8888....00006666 6666....77779999 5555....88884444 5555....00000000 6.46 555...777555 777...666111 555...666000 444...444666 555...222555 Feb 4444....55551111 4444....99990000 8888....00006666 6666....77775555 6666....00008888 5555....00000000 6.00 555...777555 777...333222 555...000555 555...444111 555...222555 Mar 3333....33330000 3333....44448888 8888....00006666 6666....66666666 6666....11112222 5555....00000000 5.77 555...777555 777...333666 444...444999 333...222777 555...222555 Apr :. 3333....00004444 2222....66665555 7777....00006666 5555....77775555 5555....11115555 4444....00000000 5.53 444...777555 444...222333 333...555999 111...111333 555...222555 May 3333....00006666 2222....77776666 7777....00006666 5555....66665555 5555....33336666 4444....00000000 5.84 444...777555 222...333111 333...888888 111...888444 555...222555 June 3333....11115555 3333....00001111 6666....77774444 5555....66660000 4444....77771111 4444....00000000 6.45 444...222555 666...999555 444...333999 222...999111 555...222555 July 3333....55558888 3333....66664444 6666....44442222 5555....55557777 5555....00000000 4444....00000000 5.62 444...222555 666...333333 444...000333 222...666999 555...222555 Aug 3333....88888888 3333....99994444 5555....99999999 5555....77775555 5555....00005555 4444....00000000 5.69 444...222555 666...111888 444...222444 555...555333 555...222555 Sept 3333....99993333 4444....11116666 3333 5555....44442222 4444....88883333 4444....33339999 4444 3333....00000000 444...222555 777...000111 444...333444 333...888000 555...222555 Oct 3333....77779999 4444....11116666 8888 4444....99990000 4444....66663333 4444....22229999 2222....88888888 333...777555 777...555000 444...444777 555...333555 555...222555 Nov. .... 3333....33331111 3333....66660000 4444....77774444 4444....44448888 3333....77775555 2222....77770000 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 SEASURY BILLS (Per cent annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates PPrreemmiiuumm PPrreemmiiuumm DDDaaattteee United dd (( ii ++ sscc )) oouu oorr nn tt iinncc NN eenn ee tt tt iivvee Cai lada dd (( ii ++ sscc )) oo oo uu rr nntt iinncc NN eenn ee tt tt iivvee Kingdom Spread (( ——)) oonn ((ffaavvoorr Spread (( ——)) oonn ((ffaavvoorr q ( u b a o U d a t s j . a . S i t s . i t ) o o n U S n ta i t t e e s d L ( o f n a o d v f o or n ) ff pp oo oo rrww uunn aa dd rrdd LLoonn oo dd ff oonn)) qu A o in s t ed qu A o U d t j . a . S t . i t o o n U S n ta i t t e e s d C ( a f n a o a v f d or a ) CC ff dd aa oo oo nn rr ll ww aa ll dd aa aa ii rr rr ss aa dd nn CCaann oo aa ff ddaa)) Canada basis 1971 June 4 5.52 4.18 1.34 -1.06 .28 3.05 2.99 4.18 -1.19 1.30 .11 11 5.53 4.56 .97 -1.16 -.19 3.06 3.00 4.56 -1.56 1.27 -.29 18 5.53 4.81 .72 -.92 -.20 3.09 3.02 4.81 -1.79 1.56 -.23 25 5.53 4.76 .77 -.87 -.10 3.19 3.12 4.76 -1.64 1.56 -.08 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 2 1 0 3 5 5 . . 6 7 3 3 4 5 . . 4 1 9 0 1. . 2 5 4 3 -. . 2 4 4 0 1..0930 3 3 . . 9 8 8 4 3 3 . . 7 9 5 2 4 5 . . 4 1 9 0 - - 1 . . 7 1 4 8 1 1 . . 1 3 3 4 . . 3 1 9 6 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 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 4.53 4.30 .23 -.66 -.43 3.47 3.39 4.30 -.91 .04 -.87 Nov. 5 4.51 4.06 .45 .26 .71 3.35 3.28 4.06 -.78 .12 -.66 12 4.51 4.11 .40 .48 .88 3.31 3.24 4.11 -.87 .24 -.63 19 4.49 4.06 .43 1.09 1.52 3.33 3.26 4.06 -.80 .44 -.36 26 4.47 4.36 .11 2.13 2.24 3.30 3.23 4.36 -1.19 .60 -.59 NOTE.—Treasury bills: All rates are on the latest issue of 91-day bills. All series: Based on quotations reported to F.R. Bank of New York U.S. and Canadian rates are market offer rates 11 a.m. Friday; U.K. by market sources. rates are Friday opening market offer rates in London. For description of series and for back figures, see Oct. 1964 BULLETIN, Premium or discount on forward pound and on forward Canadian dollar: pp. 1241-60. For description of adjustments to U.K. and Canadian Rates per annum computed on basis of midpoint quotations (between Treasury bill rates, see notes to Table 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 • DECEMBER 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 ia - A tr u ia s- 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 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 4,448 10,568 191 140 254 747 1,592 46 22 792 41,250 4,523 10,507 26,220 191 140 254 747 1,584 46 22 792 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 p26,2S0 192 140 259 722 1,572 46 22 792 4,724 10,207 192 259 722 1,564 46 22 792 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 . , India Iraq l I a r n e d - Israel Italy Rep. of 58 92 85 3,729 4,248 77 247 141 112 2,107 35 97 84 4,706 4,410 78 281 146 110 2,404 26 108 45 5,238 4,292 120 243 130 106 2,414 31 107 45 5,234 4,228 130 243 144 115 2,400 31 114 45 3,877 4,539 140 243 158 193 2,923 26 89 45 3,547 4,079 130 243 158 193 2,956 26 64 45 3,537 4,081 119 243 148 151 2,983 18 64 45 3,533 4,081 117 243 131 144 2,981 17 64 29 3,532 3,980 117 243 131 144 2,887 17 64 29 3,532 3,979 114 243 131 144 2,886 17 64 29 3,531 3,978 99 243 131 144 2,885 16 64 29 3,527 3,977 99 243 131 144 2,884 16 64 29 3,527 4,029 99 243 131 143 2,884 16 64 29 3,523 4,035 99 243 130 143 2,884 16 64 29 3,523 4,046 99 243 131 143 2,884 16 64 29 3,523 4,077 99 243 131 143 2,884 14 64 49 3,523 4.076 99 243 131 143 2,8r' 14 64 49 3,523 4.077 98 243 131 143 2,884 14 64 49 3,523 4,077 98 143 2,884 Kuwait a L n e o b n - Libya Ma si l a a y- Mexi- Moroc- N l e a t n h d e s r - N w o ay r- P s a ta k n i- P p h i i n l e ip s - Po g r a t l u - 48 183 17 7 169 34 ,688 31 53 67 23 523 52 182 68 2 158 21 ,756 31 53 67 38 576 67 193 68 1 109 21 ,730 18 53 65 44 643 136 193 68 31 166 21 ,711 18 53 20 60 699 122 288 85 66 165 21 ,697 24 54 20 62 856 86 288 85 63 169 21 ,720 25 54 25 45 876 86 288 85 63 176 21 ,801 33 54 40 59 902 86 288 85 63 176 21 ,832 23 54 40 59 902 86 288 85 48 176 21 ,787 23 54 40 56 902 86 288 85 48 176 21 ,812 23 54 40 58 902 86 322 85 48 176 21 ,812 23 54 40 59 902 86 322 85 48 176 21 ,812 23 54 40 60 902 86 322 85 48 182 21 ,863 31 54 40 61 902 8 8 7 7 3 3 2 2 2 2 8 8 5 5 5 5 8 3 1 1 8 82 2 2 2 1 1 , , 8 8 6 6 7 7 3 3 2 2 5 5 4 5 4 4 0 0 6 6 3 2 9 9 0 0 2 2 87 322 85 58 184 21 ,888 34 55 40 64 895 87 322 85 58 21 ,889 34 55 40 65 907 87 322 85 58 21 ,889 34 55 66 911 87 85 58 ,889 34 55 67 911 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DECEMBER 1971 • GOLD RESERVES AND PRODUCTION A 95 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) Bank E pe nd ri 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 m t g e - d U gu r a u y - V zu e e n l e a - Y sl u a g vi o a - S I e f n t o t t r l l . e ments 4 1964 574 616 189 2,725 55 104 104 139 2,136 171 401 17 -50 1965 425 810 202 3,042 55 96 116 139 2,265 155 401 19 -558 1966 637 785 203 2,842 62 92 102 93 1,940 146 401 21 -424 1967 583 785 203 3,089 81 92 97 93 1,291 140 401 22 -624 1968 1,243 785 225 2,624 81 92 97 93 1,474 133 403 50 -349 1969 1,115 784 226 2,642 82 92 117 93 1,471 165 403 51 -480 1970—Oct 879 534 225 2,720 82 92 126 93 1,454 165 404 52 -308 Nov 788 534 225 2,720 82 92 126 93 1,354 161 384 52 -305 Dec 666 498 200 2,732 82 92 126 85 1,349 162 384 52 -282 1971—Jan 632 498 200 2,731 82 92 126 85 1,246 162 384 32 -173 Feb 632 498 200 2,731 82 82 126 85 1,224 162 384 32 -173 Mar 634 498 200 2,806 82 82 127 85 1,123 162 384 32 -73 Apr 630 498 200 2,806 84 81 127 85 1,022 152 389 52 13 May 630 498 200 2,807 82 81 127 85 905 152 389 52 118 June 551 498 200 2,857 82 81 127 85 804 151 389 52 213 July 481 498 200 2,909 82 81 127 85 804 148 391 52 225 Aug 486 498 200 2,909 81 81 127 85 778 148 391 52 210 Sept 475 498 200 2,909 81 82 127 85 778 148 r391 52 215 Oct.2' 446600 220000 22,,990099 8822 112277 114488 339911 5522 222277 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 pprroodduucc-ttiioonn ii A So fr u i t c h a Ghana C s ( h K o a n i s n g a - o ) U S n ta i t t e e s d C a a d n a - M ic e o x - N ra ic g a u - a Co b l i o a m- India Japan P p h i i n l e ip s - t A ra u l s ia - o A th l e l r 1965 1111111,,,,,,,444444444444440000000.......0000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000006666666666666666666699999999999999999999....................44444444444444444444 2222222266666666........44444444 2222222.......3333333 55555558888888.......6666666 111111111111111111112222222222222222222255555555555555555555....................66666666666666666666 7777777.......6666666 5555555.......4444444 11111111111111111111111111111111111111...................2222222222222222222 44444444444444..............66666666666666 111111111888888888.........111111111 11111115555555.......3333333 3333333333333300000000000000..............77777777777777 66666664444444.......8888888 1966 1111111,,,,,,,444444444444445555555.......0000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000008888888888888888888800000000000000000000....................88888888888888888888 2222222244444444........00000000 5555555.......6666666 66666663333333.......1111111 111111111111111111111111111111111111111144444444444444444444....................66666666666666666666 7777777.......5555555 5555555.......2222222 9999999999999999999...................8888888888888888888 44444444444444..............22222222222222 111111111999999999.........444444444 11111115555555.......8888888 3333333333333322222222222222..............11111111111111 66666662222222.......9999999 1967 1111111,,,,,,,444444411111110000000.......0000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000006666666666666666666688888888888888888888....................77777777777777777777 2222222266666666........77777777 5555555.......4444444 55555553333333.......4444444 111111111111111111110000000000000000000033333333333333333333....................77777777777777777777 5555555.......8888888 5555555.......2222222 9999999999999999999...................0000000000000000000 33333333333333..............44444444444444 222222222333333333.........777777777 11111117777777.......2222222 2222222222222288888888888888..............44444444444444 55555559999999.......4444444 1968 1111111,,,,,,,444444422222220000000.......0000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000008888888888888888888888888888888888888888....................00000000000000000000 2222222255555555........44444444 5555555.......9999999 55555553333333.......9999999 9999999999999999999944444444444444444444....................11111111111111111111 6666666.......2222222 4444444.......9999999 8888888888888888888...................4444444444444444444 44444444444444..............00000000000000 222222222111111111.........555555555 11111118888888.......5555555 2222222222222277777777777777..............66666666666666 66666661111111.......6666666 1969 1111111,,,,,,,444444422222220000000.......0000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,000000000000000000009999999999999999999900000000000000000000....................77777777777777777777 2222222244444444........88888888 6666666.......0000000 66666660000000.......1111111 8888888888888888888899999999999999999999....................11111111111111111111 6666666.......3333333 3333333.......7777777 7777777777777777777...................7777777777777777777 33333333333333..............44444444444444 222222222333333333.........777777777 22222220000000.......0000000 2222222222222244444444444444..............55555555555555 66666660000000.......0000000 \970p 1111111,,,,,,,444444455555550000000.......0000000 11111111111111111111,,,,,,,,,,,,,,,,,,,,111111111111111111112222222222222222222288888888888888888888....................00000000000000000000 2222222244444444........88888888 6666666.......2222222 66666663333333.......5555555 8888888888888888888811111111111111111111....................88888888888888888888 6666666.......9999999 3333333.......8888888 7777777777777777777...................1111111111111111111 33333333333333..............77777777777777 222222222444444444.........888888888 22222221111111.......1111111 2222222222222211111111111111..............77777777777777 55555556666666.......6666666 1970—Sep t 9999999999999999999966666666666666666666....................22222222222222222222 22222222........22222222 66666666666666666666....................66666666666666666666 ...................7777777777777777777 ..............33333333333333 111111111.........999999999 11111111111111..............66666666666666 Oct 9999999999999999999966666666666666666666....................66666666666666666666 66666666666666666666....................99999999999999999999 ...................6666666666666666666 ..............33333333333333 222222222.........333333333 11111111111111..............77777777777777 Nov 9999999999999999999944444444444444444444....................44444444444444444444 66666666666666666666....................55555555555555555555 ...................6666666666666666666 ..............33333333333333 11111111111111..............77777777777777 Dec 8888888888888888888899999999999999999999....................77777777777777777777 66666666666666666666....................88888888888888888888 ...................5555555555555555555 ..............33333333333333 22222222222222..............00000000000000 1971—Jan 9999999999999999999911111111111111111111....................33333333333333333333 77777777777777777777....................00000000000000000000 ...................4444444444444444444 ..............44444444444444 11111111111111..............77777777777777 Feb 8888888888888888888899999999999999999999....................66666666666666666666 66666666666666666666....................66666666666666666666 ...................6666666666666666666 ..............44444444444444 11111111111111..............66666666666666 Mar 9999999999999999999944444444444444444444....................33333333333333333333 66666666666666666666....................77777777777777777777 ...................5555555555555555555 ..............44444444444444 22222222222222..............33333333333333 Apr 9999999999999999999911111111111111111111....................99999999999999999999 66666666666666666666....................55555555555555555555 ...................5555555555555555555 May 9999999999999999999911111111111111111111....................55555555555555555555 66666666666666666666....................77777777777777777777 ...................5555555555555555555 June 9999999999999999999922222222222222222222....................00000000000000000000 66666666666666666666....................77777777777777777777 July 9999999999999999999933333333333333333333....................44444444444444444444 55555555555555555555....................88888888888888888888 lllllllllllllllllll'''''''''''''''''''...................lllllllllllllllllll Aug 9999999999999999999922222222222222222222....................33333333333333333333 66666666666666666666....................33333333333333333333 ...................6666666666666666666 Sept 9999999999999999999911111111111111111111....................33333333333333333333 66666666666666666666....................11111111111111111111 i 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 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 STEPHEN H. AXILROD, Associate Director Director 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. KENYON, Deputy Secretary MURRAY ALTMANN, Assistant Secretary DIVISION OF INTERNATIONAL FINANCE NORM AND R. V. BERNARD, Assistant Secretary ROBERT SOLOMON, Director ARTHUR L. BROIDA, Assistant Secretary JOHN E. REYNOLDS, Associate Director ELIZABETH L. CARMICHAEL, Assistant ROBERT L. SAMMONS, Associate Director Secretary JOHN F. L. GHIARDI, Adviser A. B. HERSEY, Adviser LEGAL DIVISION REED J. IRVINE, Adviser THOMAS J. O'CONNELL, General Counsel SAMUEL I. KATZ, Adviser ROBERT F. SANDERS, Deputy General Counsel BERNARD NORWOOD, Adviser PAULINE B. HELLER, Adviser RALPH C. WOOD, Adviser RALPH C. BRYANT, Associate Adviser ROBERT F. GEMMILL, Associate Adviser DIVISION OF FEDERAL RESERVE BANK SAMUEL PIZER, Associate Adviser OPERATIONS JAMES A. MCINTOSH, Director DIVISION OF SUPERVISION AND REGULATION JOHN N. KILEY, JR. , Associate Director FREDERIC SOLOMON, Director WALTER A. ALTHAUSEN, Assistant Director BRENTON C. LEAVITT, Deputy Director DONALD G. BARNES, Assistant Director FREDERICK R. DAHL, Assistant Director HARRY A. GUINTER, Assistant Director JACK M. EGERTSON, Assistant Director P. D. RING, Assistant Director JOHN P. FLAHERTY, Assistant Director JAMES L. VINING, Assistant Director JANET O. HART, Assistant Director CHARLES C. WALCUTT, Assistant Director JOHN N. LYON, Assistant Director LLOYD M. SCHAEFFER, Chief Federal Reserve JOHN T. MCCLINTOCK, Assistant Director Examiner THOMAS A. SIDMAN, Assistant Director Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 97 BOARD OF GOVERNORS Continued DIVISION OF PERSONNEL ADMINISTRATION OFFICE OF THE CONTROLLER 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 GLENN L. CUMMINS, Assistant Director DIVISION OF ADMINISTRATIVE SERVICES BENJAMIN R. W. KNOWLES, JR., JOSEPH E. KELLEHER, Director Assistant Director DONALD E. ANDERSON, Assistant Director HENRY W. MEETZE, Assistant Director JOHN D. SMITH, Assistant Director RICHARD S. WATT, Assistant Director Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 98 FEDERAL OPEN MARKET COMMITTEE ARTHUR F. BURNS, Chairman ALFRED HAYES, Vice Chairman ANDREW F. BRIMMER MONROE KIMBREL GEORGE W. MITCHELL GEORGE H. CLAY SHERMAN J. MAISEL FRANK E. MORRIS J. DEWEY DAANE ROBERT P. MAYO J. L. ROBERTSON ROBERT C. HOLLAND, Secretary ARTHUR L. BROIDA, Deputy Secretary GEORGE GARVY, Associate Economist NORMANDR. V. BERNARD, Assistant Secretary LYLE E. GRAM LEY, Associate Economist CHARLES MOLONY, Assistant Secretary A. B. HERSEY, Associate Economist HOWARD H. HACKLEY, General Counsel JOHN E. REYNOLDS, Associate Economist DAVID B. HEXTER, Assistant General Counsel KARL A. SCHELD, Associate Economist J. CHARLES PARTEE, Economist ROBERT SOLOMON, Associate Economist STEPHEN H. AXILROD, Associate Economist CHARLES T. TAYLOR, Associate Economist ROBERT W. EISENMENGER, Associate Economist CLARENCE W. TOW, Associate Economist ALAN R. HOLMES, Manager, System Open Market Account CHARLES A. COOMBS, Special Manager, System Open Market Account FEDERAL ADVISORY COUNCIL JOHN M. MEYER, JR., SECOND FEDERAL RESERVE DISTRICT, President A. W. CLAUSEN, TWELFTH FEDERAL RESERVE DISTRICT, Vice President MARK C. WHEELER, FIRST FEDERAL GAYLORD FREEMAN, SEVENTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT G. MORRIS DORRANCE, JR., THIRD FEDERAL ALLEN MORGAN, EIGHTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT JOHN S. FANGBONER, FOURTH FEDERAL T. M. REARDON, NINTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT JOSEPH W. BARR, FIFTH FEDERAL MORRIS F. MILLER, TENTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT HARRY HOOD BASSETT, SIXTH FEDERAL JOHN E. GRAY, ELEVENTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Assistant Secretary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 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. Walkley James H. Campbell Richmond 23261 Wilson H. Elkins Aubrey N. Heflin Robert W. Lawson, Jr. Robert P. Black Baltimore 21203 Arnold J. Kleff, Jr. H. Lee Boatwright, III Charlotte 28201 John L. Fraley Jimmie R. Monhollon Culpeper Communications Center 22701 Atlanta 30303 Edwin I. Hatch Monroe Kimbrel John C. Wilson Kyle K. Fossum Birmingham 35202 W. Cecil Bauer Dan L. Hendley Jacksonville 32203 Castle W. Jordan Edward C. Rainey Nashville 37203 Edward J. Boling Jeffrey J. Wells New Orleans 70160 D. Ben Kleinpeter Arthur H. Kantner Miami Office 33101 Chicago 60690 Emerson G. Higdon Robert P. Mayo William H. Franklin Ernest T. Baughman Detroit 48231 Peter B. Clark Daniel M. Doyle St. Louis 63166 Frederic M. Peirce Darryl R. Francis Sam Cooper Eugene A. Leonard Little Rock 72203 A1 Pollard John F. Breen Louisville 40201 John G. Beam 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 Atwood Paul W. Cavan Portland 97208 Frank Anderson William M. Brown Salt Lake City 84110 Roy den 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 Sec. 12. Money Rates and Securities Markets. 1966. 182 pp. $.65. Sec. J4. Gold. 1962. 24 pp. $.35. FEDERAL RESERVE BULLETIN. Monthly. $6.00 Sec. 15. International Finance. 1962. 92 pp. $.65. per annum or $.60 a copy in the United States and Spc. 16 (New). Consumer Credit. 1965. 103 pp. $.65. its possessions, Bolivia, Canada, Chile, Colombia, INDUSTRIAL PRODUCTION—1957-59 BASE. Costa Rica, Cuba, Dominican Republic, Ecuador, 1962. 172 pp. $1.00 a copy; 10 or more sent to one ad- Guatemala, Haiti, Republic of Honduras, Mexico, dress, $.85 each. Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela; 10 or more of same BANK MERGERS & THE REGULATORY AGENissue sent to one address, $5.00 per annum or $.50 CIES: APPLICATION OF THE BANK MERGER each. Elsewhere, $7.00 per annum or $.70 a copy. ACT OF 1960. 1964. 260 pp. $1.00 a copy; 10 or more sent to one address, $.85 each. FEDERAL RESERVE CHART BOOK ON FI- NANCIAL AND BUSINESS STATISTICS. Month- BANKING MARKET STRUCTURE & PERFORMly. Annual subscription includes one issue of His- ANCE IN METROPOLITAN AREAS: A STATIStorical Chart Book. $6.00 per annum or $.60 a copy TICAL STUDY OF FACTORS AFFECTING in the United States and the countries listed above; RATES ON BANK LOANS. 1965. 73 pp. $.50 a 10 or more of same issue sent to one address, $.50 copy; 10 or more sent to one address, $.40 each. each. Elsewhere, $7.00 per annum or $.70 a copy. THE PERFORMANCE OF BANK HOLDING COM- HISTORICAL CHART BOOK. Issued annually in PANIES. 1967. 29 pp. $.25 a copy; 10 or more sent Sept. Subscription to monthly chart book includes to one address, $.20 each. one issue. $.60 a copy in the United States and countries listed above; 10 or more sent to one ad- FARM DEBT. Data from the 1960 Sample Survey of dress, $.50 each. Elsewhere, $.70 a copy. Agriculture. 1964. 221 pp. $1.00 a copy; 10 or more sent to one address, $.85 each. THE FEDERAL RESERVE ACT, as amended through Nov. 5, 1966, with an appendix containing pro- MERCHANT AND DEALER CREDIT IN AGRICULvisions of certain other statutes affecting the Federal TURE. 1966. 109 pp. $1.00 a copy; 10 or more sent Reserve System. 353 pp. $1.25. to one address, $.85 each. REGULATIONS OF THE BOARD OF GOVER- THE FEDERAL FUNDS MARKET. 1959. Ill pp. NORS OF THE FEDERAL RESERVE SYSTEM. $1.00 a copy; 10 or more sent to one address, $.85 each. PUBLISHED INTERPRETATIONS OFTHE BOARD OF GOVERNORS, as of Dec. 31, 1970. $2.50. TRADING IN FEDERAL FUNDS. 1965. 116 pp. $1.00 a copy; 10 or more sent to one address, $.85 FLOW OF FUNDS IN THE UNITED STATES, each. 1939-53. 1955. 390 pp. $2.75. U.S. TREASURY ADVANCE REFUNDING, JUNE FLOW OF FUNDS ACCOUNTS, 1945-1968. March 1960-JULY 1964. 1966. 65 pp. $.50 a copy; 10 or 1970. 138 pp. $1.00 per copy; 10 or more sent to one more sent to one address, $.40 each. address, $.85 each. DEBITS AND CLEARING STATISTICS AND THEIR BANK CREDIT-CARD AND CHECK-CREDIT USE. 1959. 144 pp. $1.00 a copy; 10 or more sent PLANS. 1968. 102 pp. $1.00 a copy; 10 or more sent to one address, $.85 each. to one address, $.85 each. SUPPLEMENT TO BANKING AND MONETARY INTEREST RATE EXPECTATIONS: TESTS ON STATISTICS. Sec. 1. Banks and the Monetary Sys- YIELD SPREADS AMONG SHORT-TERM GOVtem. 1962. 35 pp. $.35. Sec. 2. Member Banks. 1967. ERNMENT SECURITIES. 1968. 83 pp. $.50 a 59 pp. $.50. Sec. 5. Bank Debits. 1966. 36 pp. $.35. copy; 10 or more sent to one address, $.40 each. Sec. 6. Bank Income. 1966. 29 pp. $.35. Sec. 9. Federal Reserve Banks. 1965. 36 pp. $.35. Sec. 10. SURVEY OF FINANCIAL CHARACTERISTICS OF Member Bank Reserves and Related Items. 1962. CONSUMERS. 1966. 166 pp. $1.00 a copy; 10 or 64 pp. $.50. Sec. 11. Currency. 1963. 11 pp. $.35. more sent to one address, $.85 each. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 101 SURVEY OF CHANGES IN FAMILY FINANCES. MEASURES OF INDUSTRIAL PRODUCTION AND 1968. 321 pp. $1.00 a copy; 10 or more sent to one FINAL DEMAND, by Clayton Gehman and Coraddress, $.85 each. nelia Motheral. Jan. 1967.57 pp. REPORT OF THE JOINT TREASURY-FEDERAL OPTIMAL CHOICE OF MONETARY POLICY IN- RESERVE STUDY OF THE U.S. GOVERNMENT STRUMENTS IN A SIMPLE STOCHASTIC SECURITIES MARKET. 1969. 48 pp. $.25 a copy; MACRO MODEL, by William Poole. Sept. 1970. 20 10 or more sent to one address, $.20. pp. JOINT TREASURY-FEDERAL RESERVE STUDY UNCERTAINTY AND STABILIZATION POLICIES OFTHE GOVERNMENTSECURITIES MARKET: FOR A NONLINEAR MACROECONOMIC STAFF STUDIES—PART 1 (papers by Cooper, MODEL, by Franklin R. Shupp. Dec. 1970. 23 pp. Bernard, and Scherer). 1970. 86 pp. $.50 a copy; 10 OPERATING POLICIES OF BANK HOLDING or more sent to one address, $.40 each. PART 2 COMPANIES—PART 1, by Robert J. Lawrence. (papers by Ettin, Peskin, and Ahearn and Peskin). Apr. 1971,82 pp. 1971. 153 pp. $1.00 a copy; 10 or more sent to one address, $.85 each. THE RELATIVE IMPORTANCE OF MONETARY AND FISCAL VARIABLES IN DETERMINING (Limited supplies, in mimeographed or similar PRICE LEVEL MOVEMENTS: A NOTE, by Peter form, of staff papers other than those contained in S. Rose and Lacy H. Hunt II. June 1971. 7 pp. Parts 1 and 2 are available upon request for single copies. See p. 48 of main report for a list of such ESTIMATION OF THE INVESTMENT AND PRICE papers) EQUATIONS OF A MACROECONOMETRIC OPEN MARKET POLICIES AND OPERATING MODEL, by Robert J. Shiller. June 1971. 65 pp. PROCEDURES—STAFF STUDIES (papers by Axilrod, Davis, Andersen, Kareken et al., Pierce, ADJUSTMENT AND DISEQUILIBRIUM COSTS Friedman, and Poole). 1971. 218 pp. $2.00 a copy; AND THE ESTIMATED BRAINARD—TOBIN 10 or more sent to one address, $ 1.75 each. MODEL, by Joseph Bisignano. July 1971. 108 pp. A TEST OF THE "EXPECTATIONS HYPOTHESIS" REAPPRAISAL OF THE FEDERAL RESERVE USING DIRECTLY OBSERVED WAGE AND DISCOUNT MECHANISM, Vol. 1 (papers by PRICE EXPECTATIONS, by Stephen J. Turnovsky Steering Committee, Shull, Anderson, and Garvy). and Michael L. Wachter. Aug. 1971. 25 pp. 1971. 276 pp. Vol. 2 (papers by Boulding, Chandler, Jones, Ormsby, Modigliani, Alper- MORTGAGE REPAYMENTS AS A SOURCE OF stein, Melichar, and Melichar and Doll). 1971. LOANABLE FUNDS, by Robert Moore Fisher. 173 pp. $3.00 a copy; 10 or more sent to one Aug. 1971. 43 pp. address, $2.50 each. THE USE OF INTEREST RATE POLICIES AS A Limited supply of the following papers relating to STIMULUS TO ECONOMIC GROWTH, by Robert the Discount Study, in mimeographed or similar form, F. Emery. Sept. 1971. 37 pp. available upon request for single copies: Printed in full in the Bulletin. RESERVE ADJUSTMENTS OF THE EIGHT MA- (Reprints available as shown in following list.) JOR NEW YORK CITY BANKS DURING 1966. 1968.29pp. DISCOUNT POLICY AND BANK SUPERVI- SION. 1968.72pp. REPRINTS ACADEMIC VIEWS ON IMPROVING THE FED- ADJUSTMENT FOR SEASONAL VARIATION. June ERAL RESERVE DISCOUNT MECHANISM. 1941. 11 pp. 1970.172 pp. SEASONAL FACTORS AFFECTING BANK RE- SERVES. Feb. 1958. 12 pp. STAFF ECONOMIC STUDIES Studies and papers on economic and financial subjects LIQUIDITY AND PUBLIC POLICY, Staff Paper by that are of general interest in the field of economic Stephen H. Axilrod. Oct. 1961. 17 pp. research. SEASONALLY ADJUSTED SERIES FOR BANK Summaries only printed in the Bulletin. CREDIT. July 1962. 6 pp. (Limited supply of mimeographed copies of full text INTEREST RATES AND MONETARY POLICY, available upon request for single copies.) Staff Paper by Stephen Axilrod. Sept. 1962. 28 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 102 FEDERAL RESERVE BULLETIN • DECEMBER 1971 MEASURES OF MEMBER BANK RESERVES. FEDERAL FISCAL POLICY IN THE 1960's. Sept. July 1963. 14 pp. 1968. 18 pp. CHANGES IN BANKING STRUCTURE, 1953-62. BUSINESS FINANCING BY BUSINESS FINANCE Sept. 1963. 8 pp. COMPANIES. Oct. 1968. 13 pp. REVISION OF BANK DEBITS AND DEPOSIT MANUFACTURING CAPACITY: A COMPARISON TURNOVER SERIES. Mar. 1965. 4 pp. OF TWO SOURCES OF INFORMATION, Staff Economic Study by Jared J. Enzler. Nov. 1968. 5 pp. TIME DEPOSITS IN MONETARY ANALYSIS, Staff Economic Study by Lyle E. Gramley and Samuel B. MONETARY RESTRAINT, BORROWING, AND Chase, Jr. Oct. 1965. 25 pp. CAPITAL SPENDING BY SMALL LOCAL GOV- ERNMENTS AND STATE COLLEGES IN 1966. RESEARCH ON BANKING STRUCTURE AND Dec. 1968. 30 pp. PERFORMANCE, Staff Economic Study by Tynan Smith. Apr. 1966. 11 pp. REVISION OF CONSUMER CREDIT STATISTICS. Dec. 1968. 21 pp. COMMERCIAL BANK LIQUIDITY, Staff Economic Study by James Pierce. Aug. 1966. 9 pp. HOUSING PRODUCTION AND FINANCE. Mar. 1969. 7 pp. A REVISED INDEX OF MANUFACTURING CA- PACITY, Staff Economic Study by Frank de Leeuw OUR PROBLEM OF INFLATION. June 1969. 15 pp. with Frank E. Hopkins and Michael D. Sherman. THE CHANNELS OF MONETARY POLICY, Staff Nov. 1966. 11 pp. Economic Study by Frank de Leeuw and Edward THE ROLE OF FINANCIAL INTERMEDIARIES IN Gramlich. June 1969. 20 pp. U.S. CAPITAL MARKETS, Staff Economic Study REVISION OF WEEKLY SERIES FOR COMMERby Daniel H. Brill with Ann P. Ulrey. Jan. 1967. CIAL BANKS. Aug. 1969. 5 pp. 14 pp. EURO-DOLLARS: A CHANGING MARKET. Oct. REVISED SERIES ON COMMERCIAL AND IN- 1969. 20 pp. DUSTRIAL LOANS BY INDUSTRY. Feb. 1967. 2 pp. RECENT CHANGES IN STRUCTURE OF COM- MERCIAL BANKING. Mar. 1970. 16 pp. AUTO LOAN CHARACTERISTICS AT MAJOR SALES FINANCE COMPANIES. Feb. 1967. 5 pp. SDR's IN FEDERAL RESERVE OPERATIONS SURVEY OF FINANCE COMPANIES, MID-1965. AND STATISTICS. May 1970. 4 pp. Apr. 1967. 26 pp. INFLATION IN WESTERN EUROPE AND JAPAN. EVIDENCE ON CONCENTRATION IN BANKING Oct. 1970. 13 pp. MARKETS AND INTEREST RATES, Staff Economic Study by Almarin Phillips. June 1967. 11 pp. MEASURES OF SECURITY CREDIT. Dec. 1970. 11pp. NEW BENCHMARK PRODUCTION MEASURES, 1958 AND 1963. June 1967. 4 pp. MONETARY AGGREGATES AND MONEY MAR- KET CONDITIONS IN OPEN MARKET POLICY. THE PUBLIC INFORMATION ACT—ITS EFFECT Feb. 1971. 26 pp. ON MEMBER BANKS. July 1967. 6 pp. BANK FINANCING OFMOBILE HOMES.Mar. 1971. INTEREST COST EFFECTS OF COMMERCIAL 4 pp. BANK UNDERWRITING OF MUNICIPAL REVE- NUE BONDS. Aug. 1967. 16 pp. RESPONSE OF STATE AND LOCAL GOVERN- MENTS TO VARYING CREDIT CONDITIONS. THE FEDERAL RESERVE-MIT ECONOMETRIC Mar. 1971.24 pp. MODEL, Staff Economic Study by Frank de Leeuw and Edward Gramlich. Jan. 1968. 30 pp. CHANGES IN BANK LENDING PRACTICES, 1970. Apr. 1971. 5 pp. U.S. INTERNATIONAL TRANSACTIONS: TRENDS IN 1960-67. Apr. 1968. 23 pp. U.S. BALANCE OF PAYMENTS AND INVEST- MENT POSITION. Apr. 1971. 14 pp. MONETARY RESTRAINT AND BORROWING AND CAPITAL SPENDING BY LARGE STATE AND INTEREST RATES, CREDIT FLOWS, AND MONE- LOCAL GOVERNMENTS IN 1966. July 1968. TARY AGGREGATES SINCE 1964. June 1971. 30 pp. 16 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BOARD PUBLICATIONS A 103 TWO KEY ISSUES OF MONETARY POLICY. June CHANGES IN TIME AND SAVINGS DEPOSITS, 1971. 4 pp. APRIL-JULY 1971. Nov. 1971. 11pp. SURVEY OF DEMAND DEPOSIT OWNERSHIP. FINANCIAL DEVELOPMENTS IN THE THIRD June 1971. 12 pp. QUARTER OF 1971. Nov. 1971.9 pp. BANK RATES ON BUSINESS LOANS—REVISED REVISION OF THE MONEY STOCK. Nov. 1971. SERIES. June 1971. 10 pp. 14 pp. INDUSTRIAL PRODUCTION—REVISED AND BALANCE OF PAYMENTS PROGRAM: REVISED NEW MEASURES. July 1971. 26 pp. GUIDELINES FOR BANKS AND NONBANK FINANCIAL INSTITUTIONS. Nov. 1971. 11pp. BANKING AND MONETARY STATISTICS, 1970. Selected series of banking and monetary statistics for REVISED SERIES ON BANK CREDIT. Dec. 1971. 1970 only. Feb., Mar., and July 1971. 19pp. 5 pp. TREASURY AND FEDERAL RESERVE FOREIGN PLANNED AND ACTUAL LONG-TERM BORROW- EXCHANGE OPERATIONS. Oct. 1971. 32 pp. ING BY STATE & LOCAL GOVERNMENTS. Dec. 1971. 11 pp. REVISED MEASURES OF MANUFACTURING CAPACITY UTILIZATION. Oct. 1971. 3 pp. ANTICIPATED SCHEDULE OF RELEASE DATES FOR PUBLIC PERIODIC RELEASES1—BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Approximate Date or period to which Weekly releases release day data refer Aggregate Reserves and Member Bank Deposits (H.3) Tuesday Week ended previous Wednesday Applications and Reports Received, or Acted on, by the Board Tuesday Week ended previous (H.2) Saturday Assets and Liabilities of All Commercial Banks in the United States Wednesday Wednesday, 2 weeks earlier (H.8) Changes in State Bank Membership (K.3) Tuesday Week ended previous Saturday Commercial and Industrial Loans Outstanding, by Industry (H. 12)2 Wednesday Wednesday, 1 week earlier Condition Report of Large Commercial Banks in New York and Thursday Previous Wednesday Chicago (H.4.3) Condition Report of Large Commercial Banks and Domestic Wednesday Wednesday, 1 week earlier Subsidiaries (H.4.2)3 Deposits, Reserves, and Borrowings of Member Banks (H.7) Wednesday Week ended 3 Wednesdays earlier Factors Affecting Bank Reserves and Condition Statement of Thursday Week ended previous Federal Reserve Banks (H.4.1) Wednesday Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 104 FEDERAL RESERVE BULLETIN • DECEMBER 1971 Approximate Date or period to which Weekly releases (cont.) release day data refer Money Stock Measures (H.6) Thursday Week ended Wednesday of previous week Reserve Positions of Major Reserve City Banks (H.5) Friday Week ended Wednesday of previous week Selected Interest and Exchange Rates for Major Countries and the Thursday Week ended previous United States (H.13) Saturday Weekly Foreign Exchange Rates (H. 10) Monday Week ended previous Friday Weekly Summary of Banking and Credit Measures (H.9) Thursday Week ended previous Wednesday; and week ended Wednesday of previous week Weekly U.S. Government Security Yields and Prices (H. 15) Monday Week ended previous Saturday Semimonthly releases Research Library—Recent Acquisitions (J.2) 1st and 16th Period since last release of month Monthly releases Assets and Liabilities of All Member Banks by Districts (G.7.1) 14th of month Last Wednesday of previous month Automobile Loans by Major Finance Companies (G.25) 7th working 2nd month previous day of month Automobile Instalment Credit Developments (G.26) 6th working 2nd month previous day of month Bank Debits, Deposits, and Deposit Turnover (G.6) 25th of month Previous month Business Indexes (G.12.3) 15th of month Previous month (Industrial Production Indexes also available annually, see p. A-106) Commercial and Industrial Term Loans Outstanding by Industry 2nd Wednes- Last Wednesday of previous (H. 12b) Available only as attachment to weekly H.12 release day of month month 3rd working Consumer Credit (G.19) day of month 2nd month previous 4th working Consumer Instalment Credit at Commercial Banks (G.18) day of month 2nd month previous 5th working Finance Companies (G.20) day of month 2nd month previous Interdistrict Settlement Fund (G.15) 15th of month Previous month Index Numbers of Wholesale prices (G.8) 20th of month Previous month Maturity Distribution of Euro-Dollar Deposits in Foreign Branches 1st of month Last day of 3rd month preof U.S. Banks (G.17) vious Maturity Distribution of Outstanding Negotiable Time Certificates 24th of month Last Wednesday of previous of Deposit (G.9) month Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BOARD PUBLICATIONS A 105 Monthly releases (cont.) Approximate Date or period to which release day data refer Monthly Foreign Exchange Rates (G.5) 1 st of month Previous month National Summary of Business Conditions (G.12.2) 15th of month Previous month Open Market Money Rates and Bond Prices (G. 13) 6th of month Previous month State Member Banks of Federal Reserve System and Nonmember 1st week of Previous month Banks that Maintain Clearing Accounts with Federal Reserve month Banks (G.4) 1st week of End of previous year (Also annual) February Last week of Release date Summary of Equity Security Transactions (G. 16) month 4th of month Previous month U.S. Government Security Yields and Prices (G. 14) Quarterly releases Bank Rates on Short-Term Business Loans (E.2) 18th of March, 1st 15 days of February, June, Sep- May, August, November tember, December Capacity Utilization in Manufacturing (E.5) 21st of Janu- Previous quarter ary, April, July, October Flow of funds: 15th of Feb- Previous quarter Seasonally adjusted and unadjusted (Z. 1) ruary, May, Seasonally adjusted only (Z. la) August, and November Volume and Composition of Individuals' Saving (flow of funds series) (E.8) Sales, Profits, and Dividends of Large Corporations (E.6)4 10th of April, 2nd quarter previous June, September, December Semiannual releases Approximate Date or period to which release day data refer Assets and Liabilities of All Commercial Banks, by Class of Bank May and No- End of previous December (E.3.4) vember and June List of OTC Margin Stocks (E.7) June 30, De- Release date cember 31 (Also monthly revisions) Last week of Period since last release month Assets, Liabilities, and Capital Accounts of Commercial and May and No- End of Previous December Mutual Savings Banks—Reports of Call (Joint Release of Fed- vember and June eral Deposit Insurance Corp., Board of Governors of Federal Reserve System, and Office of Comptroller of the Currency. Published and distributed by FDIQ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 106 FEDERAL RESERVE BULLETIN • DECEMBER 1971 Annual releases Approximate Date or period to which release date data refer Bank Debits to Demand Deposit Accounts Except Interbank and March 25 Previous year U.S. Government Accounts (C.5) End of Month Demand Deposits Except Interbank and U.S. March 25 Previous year Government Accounts (C.5a) Federal Reserve Par List (G.3) Early Novem- Previous September 30 ber (Also monthly supplements) 5th of month Period since last release Industrial production Indexes (Available upon request, after being announced) November Previous year Member Bank Income (C.4) End of May Previous year Release dates are those anticipated or usually met. However, it should be noted that for some releases there is normally a certain variability because of reporting or processing procedures. Moreover, for all series unusual circumstances may, from time to time, result in a release date being later than anticipated. 2Contains monthly H. 12b release on second Wednesday of month. 3Contains revised H.4.3 data. 4Publication temporarily suspended. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO STATISTICAL TABLES (For list of tables published periodically, but not monthly, see page A-3.) Acceptances, bankers', 14, 33, 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, 9, 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 Reserves of central banks and govts., 94 Debits to deposit accounts, 15 Stock, 4, 19, 77 Debt (See specific types of debt or securities) Government National Mortgage Association, 55 Demand deposits: Gross national product, 70, 71 Adjusted, banks and the monetary system, 19 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
A 108 FEDERAL RESERVE BULLETIN • DECEMBER 1971 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 and 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
INDEX TO VOLUME 57 GUIDE TO PAGE REFERENCES IN MONTHLY ISSUES Other ("A" pages) Other ["A" pages) Text Text etc. Index to etc. Index to Issue total Total tables Issue total Total tables January .. 1- 78 1-102 101-102 July 551-638 1-114 113-114 February 79-166 1-108 107-108 August 639-702 1-108 107-108 March ... 167-268 1-115 114-115 September 703-760 1-105 104-105 April 269-364 1-104 103-104 October 761-870 1-105 104-105 May 365-424 1-102 101-102 November 871-956 1-105 104-105 June 425-550 1-122 121-122 December 957-1050 1-118 107-108 (References to "A" pages in this index are to such pages in the December issue.) Pages Pages Adams, Fred, Jr., director, New Orleans Branch, appoint- Articles—Continued ment 1043 U.S. balance of payments and investment position 269 Alameda Bancorporation, Inc., Order under Bank Hold- Associated Bank Corporation, Order under Bank Holding ing Company Act 732 Company Act 1036 Alamo Bancshares, Inc., Order under Bank Holding Atlantic Bancorporation, Order under Bank Holding Company Act 742 Company Act 689, 738 Althausen, Walter A., Assistant Director, Division of Federal Reserve Bank Operations, appointment 265 Baird, John W., Class C director, Chicago, appointment 69 Altmann, Murray, Assistant Secretary of the Board, ap- Balance of payments (See U.S. balance of payments) pointment 627 BancOhio Corporation, Orders under Bank Holding Com- Ameribanc, Inc., Order under Bank Holding Company pany Act 50, 340, 1035 Act 42 Bank holding companies (See also Bank Holding Com- American Bancorporation, Inc., Order under Bank Holding pany Act): Company Act 847 Delegation of authority to Reserve Banks regarding: American Bancshares, Incorporated, Order under Bank Applications under sections 4(c)(8) and 4(c)( 12) 515 Holding Company Act 521 One-bank holding company formations 723 American Bancshares of Michigan, Inc., Order under Interlocking relationships, proposed legislation, state- Bank Holding Company Act 740 ment of Chairman Burns 386 American Bankshares Corporation, Order under Bank One-bank holding companies, registration statements Holding Company Act 344 and extension for filing 265, 627 American Holding Corporation of New Jersey, Order Regulation Y: under Bank Holding Company Act 1015 Amendments 329, 422, 512, 607, 674, 723, 832, yil Anderson, William B., director, Buffalo Branch, ap- Interpretations 514, 932 pointment 71 Rules of Procedure, amendments 723 Andrews, Dan B., director, Nashville Branch, appoint- Rules Regarding Delegation of Authority, amendment 72 ments 515, 723 Annual Report, 1970, Board of Governors 547 Tie-ins and conditional transactions, statutory provi- Articles: sions 32 Bank credit series, revision 971 Bank Holding Company Act: Bank financing of mobile homes 179 Amendments of 1970: Bank lending practices, 1970, changes 298 Implementation of Board's regulatory authority Business loans, survey of bank rates on—Revised under (See Bank holding companies) series 468 Text of Title I...... 29 Consumer instalment credit, recent developments 703 Tie-ins and conditional transactions, statutory pro- Corporate financing in 1970 1 visions 32 Credit supply in the first half of 1971 761 Orders issued under: Demand deposit ownership, survey 456 Alameda Bancorporation, Inc 732 Financial developments, quarterly reports to Congress: Alamo Bancshares, Inc 742 Q-4, 1970 183 Ameribanc, Inc 42 Q-l, Q-2, and Q-3, 1971 365, 639, 871 American Bancorporation, Inc 847 Industrial production—Revised and new measures 551 American B ancshares, Incorporated 521 Interest rates, credit flows, and monetary aggregates American Bancshares of Michigan, Inc 740 since 1964 425 American Bankshares Corporation 344 Manufacturing capacity utilization, revised measures ... 779 American Holding Corporation of New Jersey 1015 Member bank income, 1970 445 Associated Bank Corporation 1036 Monetary aggregates and money market conditions in Atlantic Bancorporation 689, 738 open market policy 79 BancOhio Corporation 50, 340, 1035 Money stock, revision 880 Bank Shares Incorporated 681 Mortgage, construction, and real estate markets 167 Bankers Trust New York Corporation 258 Prices in 1971 957 Banks of Iowa, Inc ..849, 950 State and local governments: Barclays Bank D.C.O., London, Englandi 45 Long-term borrowing 977 Barclays Bank Limited, London, England 44 Response to varying credit conditions 209 Barnett Banks of Florida, Inc. .144, 529, 739, 743, 755 Time and savings deposits, surveys ...285, 375, 579, 895 Boatmen's Bancshares, Inc 39, 838 Treasury and Federal Reserve foreign exchange opera- C. B. Investment Corporation 142 tions, reports 189, 783 CNB Bancorporation 751 A 109 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 110 FEDERAL RESERVE BULLETIN • DECEMBER 1971 Pages Pages Bank Holding Company Act—Continued Bank Holding Company Act—Continued Orders issued under—Continued Orders issued under—Continued Central and State National Corporation of Alabama 860 Nortrust Corporation 946 Central Bancompany 617 Otto Bremer Company and Otto Bremer Foundation... 53 Central Bancorporation, Inc 540, 745, 1025 Otto Bremer Foundation 403 Charter New York Corporation 610 Palmer Bank Corporation 750 Chase Manhattan Corporation 1028 Pan American Bancshares, Inc. .51, 729, 942, 948, 949 Citizens and Southern National Bank and Citizens and Peoples Mid-Illinois Corporation 840 Southern Holding Company 1037 Plaza Bancshares, Inc 853 Colorado CNB Bankshares, Inc 359 STS Corporation 1024 Commerce Bancshares, Inc 146, 524, 695, 1011 Security Corporation 947 Consolidated Bankshares of Florida, Inc 136 Security Financial Services, Inc 544 Continental Bancor, Inc 676 Security New York State Corporation 133, 856 Depositors Corporation 36 Shorebank, Inc 1009, 1019 Ellis Banking Corporation 732 Society Corporation 52, 336 Empire Shares Corporation 854 Southeast Bancorporation, Inc 38, 41 Exchange Bancorporation, Inc 339, 1017 Southeast Banking Corporation 611, 746, 841 FBTCorp 748 Southern Bankshares, Inc 138 Fidelity American Bankshares, Inc 844, 846, 851 Southwest Bancshares, Inc 419, 526 First Alabama Bancshares, Inc 404 Suncook Bank 694 First American National Corporation 542 T G Bancshares Co 678, 843 First & Merchants Corporation 691 Terrebonne Corporation 943 First Arkansas Bankstock Corporation 256, 623 Tennessee National Bancshares, Inc 145 First at Orlando Texas Commerce Bancshares, Inc 539 Corporation 259, 416, 612, 938, 1013, 1014 Toronto-Dominion Bank, Toronto, Ontario, Canada.. 534 First Banc Group of Ohio, Inc 254, 338, 418 United Bancorp of Maine 727 First Bancorp, Inc 679 United Bank Corporation of New York 696 First Bancshares of Florida, Inc 625, 1018 United Bank Shares, Inc 736 First City Bancorporation of Texas, Inc 1029 United Bankshares, Inc 619 First Commercial Banks Inc 680 United Carolina Bancshares Corporaion 855 First Community Bancorporation 253 United Jersey Banks 735, 945 First Financial Corporation 620, 621 United Midwest Equity, Inc 690 First Florida Bancorporation ...256, 361, 535, 537, 741 United Tennessee Bancshares, Corporation 1021 First Holding Company, Inc 139, 618 United Virginia Bankshares Incorporated 677 First Massachusetts Financial Corporation 337 Valley Bancorporation 341, 530 First National Bancorporation, Inc 47, 345, 613 Virginia Commonwealth Bankshares, First National Charter Corporation.. 37, 754, 1006, 1027 Inc 335, 609, 1033, 1034 First National City Corporation 944 Wyoming Bancorporation 737 First National Holding Corporation 1012, 1030 Zions Utah Bancorporation 1042 First Sebanco, Inc 687 Bank lending practices, 1970, changes, article 298 First Security Corporation 1020 Bank Merger Act: First Security National Corporation 1005 Orders issued under: First Tennessee National Corporation 1012, 1030 Chemical Bank and Trust Company, Midland, First Texas Bancorp, Inc 730 Mich 128, 129 First Union, Citizens Bank and Trust Company, Clare, Mich 129 Incorporated 252, 257, 260, 402, 523, 531 Citizens Central Bank, Arcade, N.Y 836 First Virginia Bankshares Commercial Trust Company of New Jersey, Jersey Corporation 251, 683, 1007, 1008, 1022 City, N.J 516 Florida National Banks of Florida, Inc 939 Connecticut Bank and Trust Company, Hartford, Fourth National Corporation 622 Conn 936 Galbank, Inc., and United States National Banc- Farmers Savings and Trust Company, Mansfield, shares, Inc 848 Ohio 331 Grand Banks Corporation 1003 Huron County Banking Company, Norwalk, Ohio... 1001 Great Lakes Holding Company 545 Manaport Bank, Manassas, Va 332 Hamilton Bancshares, Inc 693 Nortrust Bank, Chicago, 111 934 Heritage Bancorporation 728 Perry County Bank, New Lexington, Ohio 934 Huntington Bancshares Incorporated 726, 940 Trust Company of Georgia, Atlanta, Marine Corporation 261 Ga 248, 249, 333, 400, 517 Marshall & Ilsley Bank Stock Corporation 334 Union Bank, Los Angeles, Calif 247, 330 Mercantile Bancorporation Inc 140, 753, 1032 Western Greenbrier Bank, Rainelle, W. Va 834 Merrill Bankshares Company 262, 417, 744 Bank Shares Incorporated, Order under Bank Holding Mid America Bancorporation, Inc 858, 1023 Company Act 681 Midland Investment Corporation 842 Bankers Trust New York Corporation, Order under Bank Midlantic Banks Inc 684 Holding Company Act 258 Mid-Ohio Banc-Shares, Inc 608 Banks of Iowa, Inc., Orders under Bank Holding Company Midwest Bancorporation, Inc 414 Act 849, 950 Midwest Bancorporation (of Ohio), Inc 839 Barclays Bank D.C.O., London, England, Order under Missouri Bancshares, Incorporated 143, 538, 542 Bank Holding Company Act 45 NJN Bancorporation 535 New Mexico Bancorporation, Inc 134 Barclays Bank Limited, London, England, Order under Northern Michigan Corporation 752 Bank Holding Company Act 44 Northern Virginia Bankshares Incorporated 358, 859 Barnes, Donald G., Assistant Director, Division of Northwest Ohio Bancshares, Inc., amended Order ... 748 Federal Reserve Bank Operations, appointment 265 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 57 A 111 Pages Barnett Banks of Florida, Inc., Orders under Bank Hold- Bowden, A. Bruce, Class A director, Cleveland, elecing Company Act 144, 529, 739, 743, 755 tion 1044 Beam, John G., Chairman of Board of Louisville Branch, Branch banks: election 1043 Federal Reserve: Beck, Darwin, article 880 Directors (See Directors, Federal Reserve branch Berwind, C. Graham, Jr., Class B director, Philadelphia, banks) election 866, 1044 Territory of Denver Branch, extension 547 Board of Governors: Vice Presidents in charge of A-99 Annual Report, 1970 547 Foreign: Bank holding companies, Board orders and rules (See Assets and liabilities of overseas branches of mem- Bank holding companies) ber banks 757 Delegation of certain authority to General Counsel of the Credit extended by member bank branches to domestic Board, amendment of rules 675 subsidiaries of Edge Act corporations, interpreta- Econometric model of U.S. economy, joint research tion 1001 project with academic community 76 Euro-dollar borrowings by member banks, reserves Members: against, amendment of Regulation M 75, 121, 328 Sherrill, William W., resignation 1043 Brassier, Norman, Class A director, New York, elec- Statements to Congress (See Statements to Congress) tion 1044 Members and officers A-96 Breckenridge, John H., director, Salt Lake City Branch, Publications (See Publications) appointment 70 Regulations (See Regulations) Brimmer, Andrew F.: Staff changes: Foreign credit restraint program, statements 486, 494 Althausen, Walter A., Assistant Director, Division of Reserve requirements, supplemental, against member Federal Reserve Bank Operations, appointment... 265 bank assets, statement 307 Altmann, Murray, Assistant Secretary of the Board, Brown, Malcolm C., director, Jacksonville Branch, apappointment 627 pointment 72 Barnes, Donald G., Assistant Director, Division of Burke, Ronald G., Director, Division of Personnel Ad- Federal Reserve Bank Operations, appointment 265 ministration, appointment 866 Burke, Ronald G., Director, Division of Personnel Burns, Arthur F.: Administration, appointment 866 Economic Stabilization Act, proposed extension, state- Chase, Samuel B., Jr., Associate Director, Division ment as Chairman of Committee on Interest and of Research and Statistics, appointment 627 Dividends 917 Crews, Grasty, II, Adviser, Legal Division, appoint- Economy, state of our national economy and conduct of ment 163 monetary policy, statements 233, 240, 655 Eckert, James B., Associate Adviser, Division of Federal agency obligations, statement 817 Research and Statistics, appointment 546 Financial system, proposed legislation to strengthen, Ettin, Edward C., Assistant Adviser, Division of statement 386 Research and Statistics, appointment 75 Loans, emergency, to business firms, Govt, guarantees Farrell, John R., Director, Division of Federal Re- of, statements 491, 653 serve Bank Operations, retirement 75 Monetary policy, two key issues, remarks at the Flaherty, John P., Assistant Director, Division of International Banking Conference 452 Supervision and Regulations, appointment 421 Rate ceilings on deposits or share accounts, flexible Guinter, Harry A., Assistant Director, Division of authority for Federal supervisory agencies to set Federal Reserve Bank Operations, appointment ... 265 maximum, and other provisions of S. 1201, statement 303 Halley, Harry J., Deputy Controller and Program U.S. balance of payments, statement 478, 592 Director for Management Systems, appointment... 75 Business conditions, national summary 77, 164, 267, Hampton, Charles L., Associate Director, Division 363, 423, 548, 637, 700, 759, 868, 955, 1048 of Data Processing, appointment 421 Business loans, survey of bank rates, article 468 Holland, Robert C., Executive Director of the Butler, Broadus N., director, New Orleans Branch, ap- Board, appointment 698 appointment 69 Johnson, Edwin J., Assistant to the Board, appointment 866 Knowles, Benjamin R. W., Jr., Assistant Director, Division of Data Processing, appointment 757 C. B. Investment Corporation, Order under Bank Hold- Lay ton, William W., Director of Equal Employment ing Company Act 142 Opportunity, appointment 265 CNB Bancorporation, Order under Bank Holding Com- Mcintosh, James A., Director, Division of Federal pany Act 751 Reserve Bank Operations, appointment 75 Cabot, Louis W., Deputy Chairman, Boston, appointment. 68 Melnicoff, David C., Deputy Executive Director of Cagle, CarolineH., articles 285, 375, 445, 579, 895 the Board, appointment 866 Capacity utilization, manufacturing, article 779 Pierce, James L., Associate Adviser, Division of Central and State National Corporation of Alabama, Order Research and Statistics, appointment 75 under Bank Holding Company Act 860 Rippey, John S., Special Assistant to the Board, ap- Central Bancompany, Order under Bank Holding Company pointment 75 Act 617 Sanders, Robert F., Deputy General Counsel, ap- Central Bancorporation, Inc., Orders under Bank Holding pointment 421 Company Act 540, 745, 1025 Smith, Tynan, Secretary of the Board, appoint- Chairmen and Deputy Chairmen of Federal Reserve ment 698 Banks 64, A-99 Vining, James L., Assistant Director, Division of Charter New York Corporation, Order under Bank Hold- Federal Reserve Bank Operations, appointment.... 698 ing Company Act 610 Boatmen's Bancshares, Inc., Orders under Bank Hold- Chase Manhattan Corporation, Order under Bank Holding Company Act 39, 838 ing Company Act 1028 Bonds, partial delayed issue contracts covering non- Chase, Samuel B., Jr., Associate Director, Division of convertible bonds, interpretation 127 Research and Statistics, appointment 627 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 112 FEDERAL RESERVE BULLETIN • DECEMBER 1971 Pages Pages Checks: DeBell, Charles W., director, Charlotte Branch, appoint- Clearing, statement of Federal Reserve policy on elec- ment 68 tronic transfer communications network, and its Depositors Corporation, Order under Bank Holding Comopening 546, 698 pany Act 36 Collection, amendment of Regulation J 933 Deposits: Chemical Bank and Trust Company, Midland, Mich., Demand deposit ownership, survey, and publication of Orders under Bank Merger Act 128, 129 regular data on 456, 953, 1046 Christensen, Paul W., Jr., director, Cincinnati Branch, Time and savings deposits: appointment 71 Computation and advertising of interest, amendment Citizens and Southern National Bank and Citizens and and interpretation, Regulation Q 34 Southern Holding Company, Order under Bank Hold- Maximum interest rates, flexible authority for ing Company Act 1037 supervisory agencies to set, statement and exten- Citizens Bank and Trust Company, Clare, Mich., Order sions of law 303, 328, 512 under Bank Merger Act 129 Surveys 285, 375, 579, 895 Citizens Central Bank, Arcade, N.Y., Order under Bank Directors, Federal Reserve Banks: Merger Act 836 Chairmen and Federal Reserve Agents 64, A-99 Coleman, John R., Class C director, Philadelphia, appoint- Class A and B, elections 421, 866, 1044 ment 68 Class C, appointments 65, 757 Colorado CNB Bankshares, Inc., Order under Bank Hold- Death 265 ing Company Act 359 Deputy Chairmen 64, A-99 Commerce Bancshares, Inc., Orders under Bank Hold- List 149 ing Company Act 146, 524, 695, 1011 Resignations 75, 163, 866, 953 Commercial Trust Company of New Jersey, Jersey City, Directors, Federal Reserve branch banks: N.J., Order under Bank Merger Act 516 Appointments 66, 71, 421, 757, 953, 1043 Communications network, statement of Federal Reserve Chairman of Louisville Branch, election 1043 policy on, and its opening 546, 698 Death 866 Connecticut Bank and Trust Company, Hartford, Conn., List 149 Order under Bank Merger Act 936 Resignations 421, 698, 757, 1043 Consolidated Bankshares of Florida, Inc., Order under Discount mechanism of Federal Reserve, reappraisal, B ank Holding Company Act 136 volumes 1 and 2 699, 1046 Construction, article 167 Discount rates at Federal Reserve Banks: Consumer instalment credit, recent, article 703 Increases 627, 698 Reductions 75, 163, 953, 1046 Continental Bancor, Inc., Order under Bank Holding Company Act 676 Dividends: Federal Reserve Banks 75 Coombs, Charles A., reports on Treasury and Federal Member banks 447, 448, 450, 451 Reserve foreign exchange operations 189, 783 Cooper, Sam, Deputy Chairman, St. Louis, appointment 69 Corporate financing in 1970, article 1 Costanza, Angelo A., director, Buffalo Branch, appoint- Earnings and expenses: ment 71 Federal Reserve Banks 75 Credit (See also Loans): Member banks, article 445 Bank credit series, revision, article 971 Eberle, William D., Class B director, New York, resigna- Bank financing of mobile homes, article 179 tion 953 Consumer instalment credit, article 703 Eckert, James B., Associate Adviser, Division of Research Controls, selective, standby authority for, statement of and Statistics, appointment 546 Chairman Burns on proposed amendment of Credit Econometric model of U.S. economy, joint Board-aca- Control Act of 1969 303 demic community research project 76 Export, statements of Vice Chairman Robertson and Edmonson, Nathan, article 779 Governor Brimmer on H.R. 8181, law, and Board Ellis Banking Corporation, Order under Bank Holding statement 482, 486, 723, 757 Company Act 732 Extended by foreign branches of member banks to Empire Shares Corporation, Order under Bank Holddomestic subsidiaries of Edge Act corporations, in- ing Company Act 854 terpretation 1001 England, Bayard L., Chairman and Federal Reserve Agent, Fair Credit Reporting Act, information on 547 Philadelphia, designation 68 Federally sponsored programs in rural areas, statement Ettin, Edward C., Assistant Adviser, Division of Research of Governor Mitchell 815 and Statistics, appointment 75 Interest rates, credit flows, and monetary aggregates Euro-dollar borrowings, reserves against, by member since 1964, article 425 banks, amendment of Regulation M 75, 121, 328 Restraint programs, voluntary, proposal to make law Evans, Edward N., Class A director, Richmond, election .. 1044 permanent, statement of Chairman Burns 303 Exchange Bancorporation, Inc., Order under Bank Hold- State and local governments, articles 209, 977 ing Company Act..., 339, 1017 Stock market credit (See Stock market credit) Export credit (See Credit) Supply in the first half of 1971, article 761 Export-Import Bank, budgetary status, statement of Vice Truth in lending (See Truth in lending) Chairman Robertson 482 Crews, Grasty, II, Adviser, Legal Division, appointment. 163 Dahl, Charles R., Class B director, San Francisco, election 1046 FBT Corp., Order under Bank Holding Company Act... 748 David, Tucker H., Class A director, Boston, resignation 75 Farmers Savings and Trust Company, Mansfield, Ohio, Dawson, James H., Class A director, Philadelphia, elec- Order under Bank Merger Act 331 tion 1044 Farrell, John R., Director, Division of Federal Reserve Dayton, Bruce B., Class C director and Deputy Chairman, Bank Operations, retirement 75 Minneapolis, appointment 69 Federal Advisory Council A-98 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 57 A 113 Pages Pages Federal agency obligations: First & Merchants Corporation, Order under Bank Hold- Outright purchase and sale by Federal Open Market ing Company Act 691 Committee, announcement 866 First Arkansas Bankstock Corporation, Orders under Bank Statement of Chairman Burns 817 Holding Company Act 256, 623 Federal Open Market Committee: First at Orlando Corporation, Orders under Bank Holding Federal agency obligations 817, 866 Company Act 259, 416, 612, 938, 1013, 1014 Foreign exchange operations, reports 189, 783 First Banc Group of Ohio, Inc., Orders under Bank Hold- Members and staff A-98 ing Company Act 254, 338, 418 Monetary aggregates and money market conditions in First Bancorp, Inc., Order under Bank Holding Company open market policy, article 79 Act 679 First Bancshares of Florida, Inc., Orders under Bank Hold- Open Market Policies and Operating Procedures— Staff ing Company Act 625, 1018 Studies 699 Policy actions 21, 105, 320, 391, 503, First City Bancorporation of Texas, Inc., Order under Bank 599, 663, 715, 820, 925, 989 Holding Company Act 1029 Reciprocal currency arrangements 698 First Commercial Banks Inc., Order under Bank Holding Company Act 680 Federal Reserve Act: First Community Bancorporation, Order under Bank Hold- Section 14(b): ing Company Act 253 Authority of Reserve Banks to purchase Govt, obliga- First Financial Corporation, Orders under Bank Holding tions directly from U.S., extension 672 Company Act 620, 621 Section 24: First Florida Bancorporation, Orders under Bank Holding Housing and urban development loans by national Company Act 256, 361, 535, 537, 741 banks, amendment 121 First Holding Company, Inc., Orders under Bank Holding Section 25(a): Company Act 139, 618 Leasing of personal property and equipment by ' 'Edge First Massachusetts Financial Corporation, Order under corporation," interpretation 725 Bank Holding Company Act 337 Federal Reserve and Treasury reports: First National Bancorporation, Inc., Orders under Bank Foreign exchange operations 189, 783 Holding Company Act 47, 345, 613 Study of U. S. Govt. securities market, Part 2 1046 First National Charter Corporation, Orders under Bank Federal Reserve Banks: Holding Company Act 37, 754, 1006, 1027 Advances by, obligations eligible as collateral, amend- First National City Corporation, Order under Bank Holding ment of interpretation 399 Company Act 944 Authority to purchase Govt, obligations directly from First National Holding Corporation, Order under Bank U.S., extension 672 Holding Company Act 1012, 1030 Branches (See Branch banks) First Sebanco, Inc., Order under Bank Holding Company Chairmen and Deputy Chairmen 64, A-99 Act 687 Check clearing and collection (See Checks) First Security Corporation, Order under Bank Holding Delegation by Board of certain authority to 515, 723 Company Act 1020 Directors (See Directors) First Security National Corporation, Order under Bank Discount rates (See Discount rates) Holding Company Act 1005 Earnings and expenses 75 First Tennessee National Corporation, Order under Bank Presidents and First Vice Presidents: Holding Company Act 1012, 1030 Galusha, Hugh D., Jr., President, Minneapolis, death 163 First Texas Bancorp, Inc., Order under Bank Holding Com- Leonard, Eugene A., First Vice President, St. Louis, pany Act 730 appointment 546 First Union, Incorporated, Orders under Bank Holding List A-99 Company Act 252, 257, 260, 402, 523, 531 MacLaury, Bruce K., President, Minneapolis, ap- First Virginia Bankshares Corporation, Orders under Bank pointment 421 Holding Company Act.. 251, 683, 1007, 1008, 1022 Winn, Willis J., President, Cleveland, appointment 546 Fisher, Roy., director, Nashville Branch, resignation 698 Federal Reserve discount mechanism, reappraisal, volumes Flaherty, John P., Assistant Director, Division of Superland 2 699, 1046 vision and Regulation, appointment 421 Federal Reserve districts, changes in boundaries, St. Flanagan, T. A., Jr., director, New Orleans Branch, ap- Louis to Kansas City 1047 pointment 72 Federal Reserve notes, interest paid to Treasury 75 Florida National Banks of Florida, Inc., Order under Bank Federal Reserve System: Holding Company Act 939 Admissions of State banks to membership .... 163, 266, 422, Foreign bank holding companies 931, 932 636, 758, 867, 953, 1047 Foreign banking corporations, leasing of personal property Electronic transfer communications network, state- and equipment, interpretation 725 ment of policy on, and its opening 546, 698 Foreign branches of U.S. banks 75, 121, 328, 757 Foreign credit restraint program (See Foreign credit Foreign credit restraint program: restraint program) Effects on U. S. export financing and exports 76 Foreign exchange operations 189, 698, 783 Exemption of export credit granted to foreigners by U.S. Fidelity American Bankshares, Inc., Orders under banks or other financial institutions, statement and Bank Holding Company Act 844, 846, 851 law 486, 723, 757 Financial developments, quarterly reports to Guidelines, revised, for banks and nonbank financial Congress 183, 365, 639, 871 institutions 9, 906 Financing: Report on, statement of Governor Brimmer 494 Bank, of mobile homes, article 179 Survey of foreign lending under 265 Corporate, in 1970, article 1 Foreign exchange operations: First Alabama Bancshares, Inc., Order under Bank Hold- Reciprocal currency arrangements 698 ing Company Act 404 Treasury and Federal Reserve operations, reports 189, 783 First American National Corporation, Order under Bank Fourth National Corporation, Order under Bank Holding Holding Company Act 542 Company Act 622 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 114 FEDERAL RESERVE BULLETIN • DECEMBER 1971 Pages Pages Fry, Edward R., articles. .468, 880, 971 Interpretations: Advances by Reserve Banks, obligations eligible as Galbank, Inc., and United States National Bancshares, collateral, amendment 399 Inc., Order under B ank Holding Company Act 848 Bank holding companies, activities closely related to Galusha, Hugh D., Jr., President, Federal Reserve Bank of banking 514, 607 Minneapolis, death 163 Capital stock and surplus, undivided profits as 330 Gilliand, Merle E., director, Pittsburgh Branch, appoint- Credit extended by foreign branches of member banks to ment 71 domestic subsidiaries of Edge Act corporations 1001 Gilpatric, Roswell L., Deputy Chairman, New York, ap- Foreign bank holding companies 932 pointment 68 Foreign banking corporations, leasing 725 Grand Banks Corporation, Order under Bank Holding Interest on time and savings deposits, payment and com- Company Act 1003 putation 34 Great Lakes Holding Company, Order under Bank Holding Partial delayed issue contracts covering nonconvertible Company Act 545 bonds 127 Guidelines for banks and nonbank financial institutions, Truth in lending, RegulationZ 675, 725 foreign credit restraint program 9, 906 Guinter, Harry A., Assistant Director, Division of Federal Jackson, Harold E., director, Louisville Branch, appoint- Reserve Bank Operations, appointment 265 ment 73 Johnson, Edwin J., Assistant to the Board, appointment.... 866 Hackett, John T., Class B director, Chicago, election 1045 Johnson, Roy H., Class A director, Minneapolis, election.. 1045 Hall, Robert E., director, Cincinnati Branch, appoint- Jones, Charles F., Chairman and Federal Reserve Agent, ment 71 Dallas, designation 70 Halley, Harry J., Deputy Controller and Program Director Jones, EdwinS., Class A director, St. Louis, election 1045 for Management Systems, appointment 75 Jones, Hugh C., director, Oklahoma City Branch, appoint- Hamilton Bancshares, Inc., Order under Bank Holding ment 73 Company Act 693 Hampton, Charles L., Associate Director, Division of Data Keith, Jack P., Class A director, Atlanta, election 1045 Processing, appointment 421 Kirby, Robert E., director, Pittsburgh Branch, appoint- Hart, Russ B., Class C director, Minneapolis, appoint- ment ^ 68 ment 70 Knowles, Benjamin R. W., Jr., Assistant Director, Divi- Hartnack, Carl E., director, Los Angeles, appointment... 74 sion of Data Processing, appointment 757 Heritage Bancorporation, Order under Bank Holding Com- Kunkel, E. Lowry, director, Helena Branch, appointment 73 pany Act 728 Hinman, Dale R., director, Denver Branch, appointment... 73 Lawrence, John, Class C director, Dallas, appointment... 70 Hoffman, Philip G., Deputy Chairman, Dallas, appoint- Lay ton, William W., Director of Equal Employment ment 70 Opportunity, appointment 265 Hofheimer, Henry C., II, Class B director, Richmond, Legislation: election 1044 Bank Holding Company Act, Amendments of 1970 Holland, Robert C., Executive Director of the Board, (See Bank holding companies for implementation)... 29 appointment 698 Credit controls, selective, standby authority for, state- Honey, William M., Class A director, Boston, appoint- ment on proposed amendment of Credit Control Act ment 421 of 1969 303 Houston, Norman B., director, Los Angeles Branch, resig- Credit restraint programs, voluntary, statement on pronation 421 posal to make law permanent 303 Howard, John R., director, Portland Branch, appointment. 70 Economic Stabilization Act, statements concerning Howell, A. Clewis, director, Jacksonville Branch, appoint- proposed extension with changes 303, 917 ment 72 Emergency Loan Guarantee Act, statements, law 491, Huntington Bancshares Incorporated, Orders under Bank 653, 672 Holding Company Act 726, 940 Export Expansion Finance Act of 1971, statements on Huron County Banking Company, Norwalk, Ohio, Order H.R. 8181, law, and Board announcement 482, under Bank Merger Act 1001 486, 723, 757 Fair Credit Reporting Act, information on 547 Income and expenses (See Earnings and expenses) Financial Institutions Supervisory Act 121 Industrial production, article 551 Govt, obligations, authority of Reserve Banks to pur- Insured commercial banks, proposed legislation, statement chase directly from U.S., extension 672 of Chairman Burns 386 Housing and Urban Development Act of 1970 121 Interest on deposits (See also Interest rates): Rate ceilings on deposits or share accounts, flexible Computation and advertising, on time and savings de- authority for Federal supervisory agencies to set posits, amendment of Regulation Q and interpretation 34 maximum, statement and extensions of law 303, 328, 512 Maximum permissible rates or dividends, flexiblea u- Reserves, supplemental, against member bank assets, thority for supervisory agencies to set, statement of statements on proposed law 303, 307 Chairman Burns and extensions of law...303, 328, 512 Securities Exchange Act of 1934, amendment and Interest rates (See also Interest on deposits): adoption of new regulation governing borrowers in Bank rates on business loans, article 468 securities credit transactions 421, 828 Discount rates at Federal Reserve Banks: Securities Investor Protection Corporation 34 Increases 627, 698 Tender offers with respect to securities of member Reductions 75, 163, 953, 1046 State banks, Public Law 91-567 and amendment of Since 1964, article 425 Regulation F 33, 126 Interlocking bank relationships, proposed legislation, Uniform Relocation Assistance and Real Property Acquistatement of Chairman Burns 386 sition Policies Act of 1970 121 International monetary system, statement of Chairman Leonard, Eugene A., First Vice President, Federal Reserve Burns 478 Bank of St. Louis, appointment 546 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 57 A 115 Pages Pages Lilly, David M., Chairman and Federal Reserve Agent, Midwest Bancorporation (of Ohio), Inc., Order under Minneapolis, designation 69 Bank Holding Company Act 839 Loans (See also Credit): Milliken, Frank R., Class B director, New York, election... 1044 Advances by Reserve Banks 399 Missouri Bancshares, Incorporated, Orders under Bank Bank financingo f mobile homes, article 179 Holding Company Act 143, 538, 542 Bank lending practices, 1970, article 298 Mitchell, George W., federally sponsored credit programs Emergency, to business firms, Govt, guarantees of, in rural areas, statement 815 statements of Chairman Burns, and law 491, 653, 672 Mobile homes, bank financing, article 179 Housing and urban development loans, law 121 Monetary policy, two key issues, remarks of Chairman Survey of foreign lending 265 Burns 452 Long, James W., director, Nashville Branch, appoint- Money stock, revision 880 ment 69 Mortgage markets (See Real estate) Love, Frank C., Class B director, Kansas City, election 1045 NJN Bancorporation, Order under Bank Holding Company Act 535 McGee, Klein, director, Houston Branch, appointment.... 73 National banks: Mcintosh, James A., Director, Division of Federal Re- Credit extended by foreign branches of member banks serve B ank Operations, appointment 75 to domestic subsidiaries of Edge Act corporations, MacLaury, Bruce K., President, Federal Reserve Bank of interpretation 1001 Minneapolis, appointment 421 Euro-dollar borrowings, reserves against 75, 121, 328 Malone, Wallace D., Jr., director, Birmingham Branch, Housing and urban development loans, law 121 appointment 72 National summary of business conditions 77, 164, 267, Manaport Bank, Manassas, Va., Order under Bank Merger 363, 423, 548, 637, 700, 759, 868, 955, 1048 Act 332 Nelson, Edward G., director, Nashville Branch, appoint- Manufacturing capacity utilization, article 779 ment 421 Margin requirements: New Mexico Bancorporation, Inc., Order under Bank Exemption of certain credit extended to a broker or Holding Company Act 134 dealer, amendment Regulations G and U.. .328, 399, 607 Noble, Donald E., Class B director, Cleveland, election ... 1044 Over-the-counter margin stocks, list, changes 163, 628, 699 Northern Michigan Corporation, Order under Bank Hold- Partial delayed issue contracts covering nonconvert- ing Company Act 752 ible bonds, interpretation 127 Northern Virginia Bankshares Incorporated, Orders under Securities credit transactions, rules governing borrow- Bank Holding Company Act 358, 859 ers, adoption of Regulation X 421, 828 Northwest Ohio Bancshares, Inc., amended Order under Stocks, reduction in requirements, amendment of Bank Holding Company Act 748 Regulations G, T, and U 1000, 1046 Nortrust Bank, Chicago, 111., Order under Bank Merger Marine Corporation, Order under Bank Holding Company Act 934 Act 261 Nortrust Corporation, Order under Bank Holding Company Marshall & Ilsley Bank Stock Corporation, Order under Act 946 Bank Holding Company Act 334 Mathews, David, director, Birmingham Branch, appoint- Otto Bremer Company and Otto Bremer Foundation, ment 69 Order under Bank Holding Company Act 53 Mathews, Irving A., director, San Antonio Branch, ap- Otto Bremer Foundation, Order under Bank Holding pointment 70 Company Act 403 Melnicoff, David C., Deputy Executive Director of the Over-the-counter securities (See Stock market credit) Board, appointment 866 Member banks (See also National banks): Palmer Bank Corporation, Order under Bank Holding Branches (See Branch banks) Company Act 750 Capital stock and surplus, undivided profits as, inter- Pan American Bancshares, Inc., Orders under Bank Holdpretation 330 ing Company Act 51, 729, 942, 948, 949 Euro-dollar borrowings, reserves against 75, 121, 328 Peck, J. Stevenson, director, Baltimore Branch, appoint- Income and expenses, 1970, article 445 ment 71 Legislation, proposed, statement of Chairman Burns ... 386 Penner, Robert I., director, Helena Branch, appointment... 73 Reserve requirements 75, 121, 303, 307, 328 Peoples Mid-Illinois Corporation, Order under Bank Hold- State member banks (See State member banks) ing Company Act 840 Mercantile Bancorporation Inc., Orders under Bank Hold- Perry County Bank, New Lexington, Ohio, Order under ing Company Act 140, 753, 1032 Bank Merger Act 934 Mercantile Bankshares Corporation, Orders under Bank Person, Robert T., Class C director, Kansas City, appoint- Holding Company Act 417, 744 ment 70 Merrigan, Lawrence A., director, New Orleans Branch, Petersen, John E., article 209 appointment 72 Pierce, James L., Associate Adviser, Division of Research Merrill Bankshares Company, Order under Bank Hold- and Statistics, appointment 75 ing Company Act 262 Pifer, Alan, Class C director, New York, appointment 757 Merry, Ellis B., director, Detroit Branch, appointment 72 Plaza Bancshares, Inc., Order under Bank Holding Com- Mid America Bancorporation, Inc., Orders under Bank pany Act 853 Holding Company Act 858, 1023 Policy actions, Federal Open Market Committee.21, 105, 320, Midland Investment Corporation, Order under Bank Hold- 391, 503, 599, 663, 715, 820, 925, 989 ing Company Act 842 Presidents of Federal Reserve Banks: Midlantic Banks Inc., Order under Bank Holding Com- Galusha, Hugh D., Jr., Minneapolis, death 163 pany Act 684 MacLaury, Bruce K., Minneapolis, appointment 421 Mid-Ohio Banc-Shares, Inc., Order under Bank Holding Winn, Willis J., Cleveland, appointment 546 Company Act 608 Prices in 1971, article 957 Midwest Bancorporation, Inc., Order under Bank Hold- Profits, undivided, as capital stock and surplus, interpretaing Company Act 414 tion 330 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 116 FEDERAL RESERVE BULLETIN • DECEMBER 1971 Pages Pages Publications in 1971, Board of Governors: Regulations, Board of Governors—Continued Annual Report, 1970 547 Y, Bank Holding Companies—Continued ''Demand Deposit Ownership,'' regular data on ... 953, 1046 Interests in nonbanking activities—Continued Fair Credit Reporting Act, questions and answers on, Acquisitions under section 4(c)(8), amendment 329 prepared jointly by Comptroller of the Currency, Activities closely related to banking, amendments FDIC, FHLBB, and Federal Reserve 547 and interpretation 422, 512, 514, 674 Joint Treasury-Federal Reserve Study of the U.S. Activities of companies in which national banks Government Securities Market: Staff Studies— may invest, amendment 512 Part 2 1046 De novo entry, amendment 512 Mortgage commitment data 547 Exemptions from procedures, amendment 723 Open Market Policies and Operating Procedures—Staff Foreign activities of domestic holding companies, Studies 699 amendment 832 Reappraisal of the Federal Reserve Discount Mecha- Foreign bank holding companies, amendment and nism, volumes 1 and 2 699, 1046 interpretation 931, 932 One-bank holding company formations, amendment Real estate (See also Housing): regarding procedures 723 Housing and Urban Development Act of 1970 121 Z, Truth in Lending: Mortgage, construction, and real estate markets, article 167 Amendments 122, 246, 833, 1000 Mortgage commitment data, publication of 547 Interpretations 675, 725 Uniform Relocation Assistance and Real Property Reil, Katharyne, P., article 179 Acquisition Policies Act of 1970 121 Reitmeier, Ronald E., director, Louisville Branch, death... 866 Reciprocal currency arrangements 698 Remmel, Roland R., director, Little Rock Branch, appoint- Record of policy actions o fFederal Open Market Commit- ment 69 tee 21, 105, 320, 391, 503, 599, 663,715, 820,925,989 Reserve requirements, member banks (See Reserves) Regulations, Board of Governors: Reserves, member banks: Delegation of authority and Rules of Procedure, amend- Euro-dollar borrowings, amendment of Regulation ments regarding 515, 675, 723, 834 M 75, 121, 328 F, Securities of Member State Banks: Supplemental, against assets, statements of Chairman Tender offers and other stock acquisitions, legisla- Burns and Governor Brimmer on proposed law... 303, 307 tion and amendment 33, 126 Rippey, John S., Special Assistant to the Board, appoint- G, Securities Credit by Persons Other Than Banks, ment 75 Brokers, or Dealers: Roberts, Kenneth L., director, Nashville Branch, appoint- Exemption of certain credit extended to a broker or ment and resignation 72, 421 dealer from margin requirements, amendment 328 Robertson, J. L., credit for export of U.S. goods, and Stocks, reduction in margin requirements, amend- budgetary status of the Export-Import Bank, statement... 482 ment 1000, 1046 Rowe, William S., director, Cincinnati Branch, appoint- J, Collection of Checks and other Items by Federal ment 71 Reserve Banks: Designation of American Samoa as in the Twelfth Reserve District for check collection purposes, amendment 933 M, Foreign Activities of National Banks: STS Corporation, Order under Bank Holding Company Credit extended by foreign branches of member Act 1024 banks to domestic subsidiaries of Edge Act corpora- Sanders, Robert F., Deputy General Counsel, appointtions, interpretation 1001 ment 421 Euro-dollar borrowings, reserves against, amend- Schneiderman, Paul, article 977 ments 75, 121, 328 Schroeder, Carl E., Class A director, San Francisco, Q, Interest on Deposits: election 1046 Computation and advertising of, on time and savings Schwartz, Herbert M., director, El Paso Branch, appointdeposits, amendment and interpretation 34 ment 70 T, Credit by Brokers and Dealers: Securities (See also U.S. Govt, securities): Partial delayed issue contracts covering nonconvert- Eligible as collateral for advances by Reserve Banks 399 ible bonds, interpretation 127 Federal agency obligations 817, 866 Stocks, reduction in margin requirements, amend- Member State banks, tender offers with respect to securiment 1000, 1046 ties of, legislation and amendment of Regulation U, Credit by Banks for the Purpose of Purchasing or F 33, 126 Carrying Margin Stocks: Stocks and bonds (See Stock market credit) Exemption from margin requirements of certain credit Securities Investor Protection Corporation 34 extended to a broker or dealer, amendments 328, Security Corporation, Order under Bank Holding Com- 399, 607 pany Act 947 Stocks, reduction in margin requirements, amend- Security Financial Services, Inc., Order under Bank Holdment 1000, 1046 ing Company Act 544 X, Rules Governing Borrowers Who Obtain Securities Security New York State Corporation, Orders under Bank Holding Company Act 133, 856 Credit: Servoss, Frank L., director, Portland Branch, appointment 74 Adoption 828 Sheehan, John E., director, Louisville Branch, appoint- Y, Bank Holding Companies: ment 1043 Control of bank or company: Clarification regarding irrevocable declaration, Sherrill, William W., member of Board of Governors, amendment 607 resignation 1043 Presumptions regarding, amendment 832 Shorebank, Inc., Orders under Bank Holding Company Editorial changes, amendments 931 Act 1009, 1019 Interests in nonbanking activities: Sloan, Edward A., director, Los Angeles Branch, appoint- Acquisitions of going concerns, amendment 512 ment 953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX TO VOLUME 57 A 117 Pages Pages Smith, Frank G., director, New Orleans Branch, resigna- T G Bancshares Co., Orders under Bank Holding Comtion 757 pany Act 678, 843 Smith, Herbert J., director, Louisville Branch, appoint- Tables (See list at bottom of p. A-3 for tables published ment 73 periodically; see guide at top of p. A-109 for index to Smith, Tynan, Secretary of the Board, appointment 698 tables published monthly) Society Corporation, Orders under Bank Holding Com- Taylor, C. Logan, director, Birmingham Branch, appointpany Act 52, 336 ment 72 Southeast Bancorporation, Inc., Orders under Bank Hold- Tender offers with respect to securities of member State ing Company Act 38, 41 banks, legislation and amendment of Regulation F... 3 3, 126 Southeast Banking Corporation, Orders under Bank Hold- Tennessee National Bancshares, Inc., Order under Bank ing Company Act 611, 746, 841 Holding Company Act 145 Southern Bankshares, Inc., Order under Bank Holding Terrebonne Corporation, Order under Bank Holding Company Act 138 Company Act 943 Southwest Bancshares, Inc., Orders under Bank Holding Territories of districts and branches: Company Act 419, 526 Denver Branch, extension 547 Staff economic studies, summaries 283, 441, 442, St. Louis to Kansas City, changes in boundaries 1047 577, 649, 650, 713 Texas Commerce Bancshares, Inc., Order under Bank State and local governments, articles 209, 977 Holding Company Act 539 v State member banks: Thouron, Henry A., director, Philadelphia, resignation 163 Admissions to membership in Federal Reserve Sys- Toronto-Dominion Bank, Toronto, Ontario, Canada, tem 163, 266, 422, 636, 758, 867, 953, 1047 Order under Bank Holding Company Act 534 Legislation, proposed, statement of Chairman Burns 386 Treasury and Federal Reserve reports: Mergers (See Bank Merger Act) Foreign exchange operations 189, 783 Securities, legislation and amendment of Regulation Study of U.S. Govt, securities market, Part 2 1046 F 33, 126 Trust Company of Georgia, Atlanta, Ga., Orders under Statements to Congress: Bank Merger Act 248, 249, 333, 400, 517 Credit controls, selective, standby authority for, pro- Truth in lending: posed amendment of Credit Control Act of 1969 303 Regulation Z: Credit restraint programs, voluntary, proposal to make Amendments 122, 246, 833, 1000 law permanent 303 Interpretations 675, 725 Economic Stabilization Act, proposed extension with Tuholski, James S., Class B director, St. Louis, election... 1045 changes 303, 917 Tune, John C., Jr., director, Nashville Branch, appoint- Economy, state of our national economy and conduct of ment 757 monetary policy 233, 240, 655 Union Bank, Los Angeles, Calif., Orders under Bank Exports: Merger Act 247, 330 Exclusion from Voluntary Foreign Credit Restraint United Bancorp of Maine, Order under Bank Holding program, proposed 486 Company Act 727 Export-Import Bank, budgetary status 482 United Bank Corporation of New York, Order under Bank Federal Reserve credit for, proposed 482 Holding Company Act 696 Federal agency obligations, Federal Reserve trans- United Bank Shares, Inc., Order under Bank Holding actions in, and outright purchases and sales 817 Company Act 736 Federally sponsored credit programs in rural areas 815 United Bankshares, Inc., Order under Bank Holding Com- Financial developments, quarterly reports to Congress: pany Act 619 Q-4, 1970 183 United Carolina Bancshares Corporation, Order under Q-l, Q-2, and Q-3, 1971 365, 639, 871 Bank Holding Company Act 855 Financial system, proposed legislation 386 United Jersey Banks, Orders under Bank Holding Com- Foreign credit restraint program 486, 494 pany Act 735, 945 Loans, emergency, to business firms, Govt, guaran- United Midwest Equity, Inc., Order under Bank Holding tees 491, 653 Company Act 690 Rate ceilings on deposits or share accounts, flexible United Tennessee Bancshares Corporation, Order under authority for Federal supervisory agencies to set Bank Holding Company Act 1021 maximum, proposal to make law permanent 303 United Virginia Bankshares Incorporated, Order under Reserves, supplemental, against member bank assets, Bank Holding Company Act 677 proposed law 303, 307 U.S. balance of payments: U.S. balance of payments 478, 592 Euro-dollar borrowings of member banks, reserves Staver, LeRoy B., director, Portland Branch, appointment 74 against, amendment of Regulation M 75, 121, 328 Stock market credit: Foreign credit restraint program (See Foreign credit Exemption of certain credit extended to a broker or restraint program) dealer from margin requirements, amendment of Investment position and, article 269 RegulationsGandU 328, 399, 607 Statements of Chairman Burns 478, 592 Over-the-counter margin stocks, list and changes 163, U.S. Govt, securities: 628, 699 Authority of Reserve Banks to purchase directly from Partial delayed issue contracts covering nonconvertible U.S., extension of law 672 bonds, interpretation 127 Study of U. S. Govt. securities market, Part 2 1046 Securities credit transactions, margin requirements on Valley Bancorporation, Orders under Bank Holding borrowers, adoption of Regulation X 421, 828 Company Act 341, 530 Stocks, reduction in margin requirements, amendment Vining, James L., Assistant Director, Division of Federal of Regulations G, T, and U 1000, 1046 Reserve Bank Operations, appointment 698 Stroube, William H., director, Louisville Branch, ap- Virginia Commonwealth Bankshares, Inc., Orders under pointment 69 Bank Holding Company Act 335, 609, 1033, 1034 Suncook Bank, Order under Bank Holding Company Act... 694 Vough, Clair F., director, Cincinnati Branch, appointment 68 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
A 118 FEDERAL RESERVE BULLETIN • DECEMBER 1971 Pages Pages Wagstaff, Robert W., Chairman and Federal Reserve Yarnall, D. Robert, Jr., Deputy Chairman, Philadelphia, Agent, Kansas City, designation 70 appointment 68 Warren, Rupert, director, Buffalo Branch, appointment... 68 Young, Harry M., Jr., Class C director, St. Louis, ap- Weaver, Mary F., articles 468, 880, 971 pointment 69 Western Greenbrier Bank, Rainelle, W. Va., Order under Young, Whitney M., Jr., Class C director, New York, Bank Merger Act 834 appointment, and death 68, 265 Wheeler, Mark C., Class A director, Boston, election 1044 Winn, Willis J., President, Federal Reserve Bank of Cleveland, appointment 546 Wyoming Bancorporation, Order under Bank Holding Zions Utah Bancorporation, Order under Bank Hold- Company Act 737 ing Company Act 1042 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Cite this document
Federal Reserve (1971, November 30). Federal Reserve Bulletin, 1971-12. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_197112
@misc{wtfs_bulletin_197112,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1971-12},
year = {1971},
month = {Nov},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_197112},
note = {Retrieved via When the Fed Speaks corpus}
}